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BUSINESS WITH PERSONALITY
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Voters inflict
huge defeat
on Merkel
GERMAN leader Angela Merkel suf-
fered a crushing defeat in local elec-
tions yesterday, after voters voiced
their opposition to the Greek bailout
at a time of austerity at home.
In a shock blow to Merkels efforts
to keep the Eurozone intact, the
Social Democrats (SDP) received 38.8
per cent of votes in North Rhine-
Westphalia and the Greens 12.2 per
cent, enough to form an anti-Merkel,
anti-austerity coalition.
Her Christian Democrats (CDU)
gained just 25.8 per cent of the vote,
according to initial estimates, down
sharply from 35 per cent in 2012 and
the partys worst performance in the
state since the Second World War.
That is despite German unemploy-
ment falling to just 5.6 per cent
under Merkel compared to a
Eurozone average of 10.9 per cent.
Merkel is due to meet incoming
French President Francois Hollande
tomorrow, when the two will try to
find common ground between her
fiscal discipline and his demands for
more state spending.
French Socialists yesterday stepped
up their anti-Merkel rhetoric, with
spokesman Benoit Hamon saying:
She cannot be the sole decider of
Europes fate based on German inter-
ests... We did not vote for a President
of the EU named Mrs Merkel.
A defeat on this scale could weaken
Merkels negotiating position
domestically, too, as she needs the
support of rival parties to pass the
fiscal compact that aims to promote
budget responsibility across the
Eurozone.
And she faces a national election
battle in 18 months time, mid-way
through her now unpopular domes-
tic austerity programme.
The king of Wall Street Jamie Dimon was forced into an embarrassing mea culpa yesterday
IN AN extraordinary mea culpa, JP
Morgan chief executive Jamie
Dimon said yesterday that he had
been dead wrong to deny rumours
that the bank could lose billions on
a botched hedging strategy, a scan-
dal that is likely to force several of
the banks senior executives to quit.
I was dead wrong, said Dimon in
an interview with NBC when asked
why he had previously called reports
of the banks bets a tempest in a
teapot. I obviously didnt know
because I would never have said
that. One of the reasons it became
public was because we wanted to say
we told you something completely
wrong four weeks ago.
But Dimon is not sure whether
the bank broke any laws or US regu-
lations. When asked, he said: So
weve had audit, legal, risk, compli-
ance, some of our best people look-
ing over that. We know we were
sloppy. We know we were stupid. We
know there was bad judgment. We
dont know if any of thats true yet.
Dimon is under fire for having
presided over a strategy that some
say turned JP Morgans treasury,
where it hedges risk, into a propri-
etary trading (prop trading) desk,
where a bank bets with its own
money and surplus client deposits
for profit.
The bank was forced to come
clean over a $2bn (or $800m post-
tax) loss on the divisions portfolio
last week, as Dimon put it.
Reports last night suggested that
two senior executives Ina Drew
and Achilles Macris as well as a
trader in the banks chief invest-
ment office were preparing to leave
their jobs over the loss.
It is not clear if Bruno Iksil, the
trader known as the London
Whale who placed the massive
bets, is among the casualties.
In his TV interview, Dimon also
admitted that he had ignored warn-
ings that something could be going
seriously wrong in the banks chief
investment office, saying the prob-
lem had been brewing for a while.
Regarding press reports that JP
Morgan was suffering large losses in
its CIO portfolio, he said: That par-
ticular red flag, we made a mistake,
people got very defensive and start-
ed justifying everything we did. And
you know, the better thing in life is
to say maybe we made a mistake,
lets dig deep.
The losses come at a disastrous
time for US banks lobbying against a
harsh implementation of the Dodd-
www.cityam.com FREE
Frank Act, a new financial frame-
work that is currently being trans-
lated into technical regulations by
several agencies.
Dimon has been one of the most
outspoken critics of parts of the leg-
islation, in particular the Volcker
rule, which places strict limits on
prop trading the bets banks can
make with surplus liquidity.
Dimon admitted the banks loss
had absolutely given critics new
ammunition, but added: We have
supported 70 per cent or so of Dodd-
Frank.
DRAMA REIGNS AS MAN CITY PIP UNITED TO TITLE
BY TIM WALLACE
FTSE 100 5,575.52 +31.57 DOW t12,820.60 -34.44 NASDAQ2,933.82 +0.18 /$ 1.61 unc / t1.24 -0.01 /$ 1.30 +0.01
BLUES IN THE PINK
ISSUE 1,631 MONDAY 14 MAY 2012
CITY SLICKERS
TURN GASTRO
See Page 34 & 35
MORE: Page 7

Certified Distribution
02/04/2012 till 29/04/2012 is 100,668
SEE PAGE 31
JP Morgan chief executive admits major failings connected to $2bn trading loss
BY JULIET SAMUEL
DIMON: I WAS
DEAD WRONG
See Page 24
ALLISTER HEATH Page 2

Alistair Brownlee
Triathlete, 2011
World ITU No.1
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you get up.

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doubt you should note that London Capital Group Ltd and not Saxo
Capital Markets UK Ltd will be the counterparty to any spread trading
undertaken by you.

SaxoMT4 is provided by FT World Limited, an investment rm authorised


by the Cyprus Securities and Exchange Commission. Saxo Capital Markets
UK Limited acts as an introducer to FT World Limited. You should note
that the protections afforded under the Financial Services and Markets
Act 2000 and the Financial Services Compensation Scheme in the UK shall
not apply to the products and services provided by FT World Limited.
Saxo Capital Markets UK Limited is authorised and regulated by the
Financial Services Authority.

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IN BRIEF
London property searches soar
Financial and political turmoil in
southern Europe caused a surge of
interest in London property last month
with buyers from Greece and Spain
showing strongly among investors
seeking a safe haven for their money.
The number of Greeks searching for
homes costing more than 1.5m on the
website of property agent Savills
jumped 39 per cent in April compared
with the average of the preceding six
months, the company said. The
number of Spanish buyers grew by 14
per cent in April compared with the
same six-month period and Knight
Frank registered a 21 per cent jump.
Searches from Portugal last month
were 153 per cent up on April 2011
while Italian traffic jumped 46 per
cent, Knight Frank said.
Vauxhall nears Ellesmere deal
Carmaker Vauxhall looks close to
agreeing a deal with union leaders
that could safeguard jobs at Ellesmere
Port. Parent company General Motors
has only promised to keep the
Cheshire site open until 2014 and its
future has been in doubt since GM
revealed its European arm lost 355m
in 2011. But talks between Vauxhall
and Unite union are likely to conclude
in the next fortnight, offering hope to
the factorys 2,100 permanent staff. A
deal would likely involve workers
agreeing by ballot to changes in
working conditions to improve
efficiency and production. Workers
hope any deal would pave the way for
GM to award a contract for the site to
produce new model Astras from 2015.
City jobs market growing
as recovery gathers pace
THE NUMBER of newly available
financial services jobs jumped to
its highest level in six months in
April, recruitment industry data
showed today, as the sector contin-
ued to recover from last autumns
crunch in financial markets.
New City placements rose 19 per
cent on the month, from 2,797 to
3,339 according to Morgan
McKinleys latest employment
monitor.
The time taken to fill place pro-
fessionals in new jobs fell from 67
days in March to 47 days, while
the average salary for those who
secured new jobs was up two per
cent on the month to 51,347.
Meanwhile private sector firms
across the country are increasing-
ly positive on the immediate jobs
outlook, with 65 per cent of
employers planning to hire staff
in the second quarter compared
with 25 per cent planning on
making redundancies in the
three-month period, according to
a new report from the Chartered
Institute of Personnel and
Development (CIPD).
In the finance, insurance and
real estate sectors 74 per cent of
firms plan to boost their work-
force, while 77 per cent plan to do
so in the voluntary and not-for-
Canary Wharf claims high ground on
City
Canary Wharf will finally come of age over
the next two months when the UKs
new financial centre overtakes the
traditional City of London as the biggest
employer of bankers in Europe. According
to Financial Times research, the transfer
of 8,000 jobs by US bank JPMorgan from
various sites around the Square Mile to
the groups new European headquarters
at 25 Bank Street will finally tip the
balance of power.
Dreyfus to tap capital markets
Louis Dreyfus Commodities, one of the
worlds biggest food trading houses,
plans to tap the capital markets for the
first time in its 160-year history, as it
embarks on a $7bn spending programme
that will include a string of acquisitions.
Bank bond issuance slumps to
lowest in seven years
Global bank bond issunce has fallen to its
lowest in seven years, underscoring the
impact the Eurozone crisis and tougher
regulatory environment are having on the
way banks operate.
Keep hoping, says Cable as he
sounds euro alarm
A massive economic impact awaits
Britain should the eurozone fail to contain
the turmoil sweeping the Continent, Vince
Cable warned yesterday.
Royal Mail sweetens sell-off with a
1bn property dowry
Royal Mail is planning to hit the property
jackpot with residential developments in
London worth more than 1bn but only
likely to be realised after it is sold off.
Former civil servant Sir John Elvidge
in Edinburgh Airport role
The world's largest infrastructure fund,
Global Infrastructure Partners (GIP) has
appointed Sir John Elvidge, a devolutionist
ex-civil servant, to head up its first Scottish
investment, Edinburgh Airport.
Back us, dont bash us, business
leaders warn Cameron
Britains business leaders will warn David
Cameron that the governments attitude to
business must change.
Chinese car dealer plans $433m IPO
Chinese motor-vehicle dealer China
Yongda Automobiles Services Holdings
Ltd plans to raise up to $433m in an initial
public offering ahead of its listing in Hong
Kong on 30 May, sources said yesterday.
Japan's Inpex to boost energy
exploration
Inpex plans to double its investment in
energy exploration to 300bn (2.3bn)
over the next five years to meet Japans
rising demand for fossil fuel in the
aftermath of last years nuclear accident.
WHAT THE OTHER PAPERS SAY THIS MORNING
Greek politicians failed again last
night to form a new government,
increasing the likelihood of fresh
elections next month.
President Karolos Papoulias
hosted a meeting of the three
largest parties leaders but could
not build a deal between pro-
bailout PASOK and New
Democracy, and anti-bailout Syriza.
The two pro-rescue parties did
offer to renegotiate parts of the
deal with the EU, but failed to give
enough guarantees to Syriza leader
Alexis Tsipras.
They are not asking for
agreement, they are asking us to be
their partners in crime and we will
not be their accomplices, said
Tsipras, whose party has gained in
the polls since the election eight
days ago.
Papoulias also met the smaller
parties including the Democratic
Left who would be prepared to
form a coalition with PASOK and
New Democracy, but refuse to join
unless Syriza also takes part.
Despite the impasse at the
meeting we had with the president,
I hold on to some limited optimism
that a government can be formed,
said PASOK leader Evangelos
Venizelos.
The moment of truth has come.
We either form a government or we
go to elections.
Greek elections
loom as talks
collapse again
Hiring intentions are rising among financial services, insurance and real estate firms
4
NEWS
BY TIM WALLACE
BY TIM WALLACE
To contact the newsdesk email news@cityam.com
C
URRENCIES are social
constructs. They are only worth
something because everybody
else believes them to be worth
something. That was partly true even
of traditional, commodity backed
currencies you cant eat gold but it
is undoubtedly the case of todays
paper money. We accept notes and
coins or digital claims to them in
return for selling our labour or assets.
We know that we will be able to
exchange our fiat money for goods,
services and assets at any time of our
choosing.
But if something were to go wrong
a banking crisis that meant cash
machines suddenly stopped working,
for example then suddenly trust
would be broken. We would all realise
we are holding useless pieces of paper
and panic. We would go from being
a financially sophisticated society to
EDITORS
LETTER
ALLISTER HEATH
Grexit will happen much more quickly than politicians think
MONDAY 14 MAY 2012
one governed by barter and the law of
the jungle. Gold and silver would
once again emerge as valid means of
exchange and stores of value but only
for those clever enough to have
stocked up on precious metals.
There are parallels as well as differ-
ences between this and what is hap-
pening in the Eurozone. Membership
of the single currency has always
been partly about self-fulfilling expec-
tations. If everybody thinks a country
is bound to stay in, then companies
continue to buy its assets and citizens
continue to keep their cash in domes-
tic bank accounts all of which
makes the economy in question more
likely to remain a member. But when
the sceptics reach a critical mass
and even central bankers begin to pre-
dict a country might leave, as hap-
pened with Greece over the weekend
the chances of a departure start to
rise uncontrollably.
We are moving ever closer to such a
tipping point. If and when opinion
shifts decisively towards assuming
the necessity of a Grexit, as it is
increasingly becoming known, a
departure will happen much more
quickly than anybody is currently pre-
dicting. The chain of events is clear.
The slow, invisible run on Greek
banks whereby billions of euros
have been shifted abroad or converted
into property or gold over the past
handout is entirely used up, however
it is easy to work out that no more
EU money would mean that the gov-
ernment would no longer be able to
keep paying public sector wages and
benefits, and that it would default on
its national debt. The only way to pre-
vent a complete run would be to
freeze all bank accounts, impose capi-
tal controls (in breach of EU rules)
and for the government to attempt to
buy yet more time by issuing IOUs.
That wont work, so it will quit the
euro and that means all Greek
banks losing their ECB liquidity and
going bust. Why would anybody wait
for any of this? As soon as it becomes
apparent that the game is up, Greece
will be forced out of the euro. It could
all happen very quickly indeed.
couple of years will suddenly
explode into the open. From one day
to the next, ordinary Greeks will
camp outside banks waiting to get
hold of the fresh supplies of ban-
knotes delivered every morning.
Nobody will transact with Greek
banks. Global companies will shut or
write off their Greek operations, and
move out all their euros from local
subsidiaries.
The last remaining question is
whether the negotiations to form a
new government succeed or
whether Greece ends up with fresh
elections and a rabidly anti-austerity
government. If the latter, as looks
increasingly certain, there is no way
that the European authorities will
feel able to extend yet more bailout
funds to Greece when its current
batch runs out in July.
Nobody will wait until Greeces last
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profit industries.
However, there is some cause for
concern as the number of employ-
ers looking to move jobs offshore
rose from six per cent in the
autumn to eight per cent now, as
productivity fails to grow.
And despite the growth in jobs in
financial services, the number of
new roles is still 48 per cent below
April 2011s level, with Morgan
McKinley warning that continued
growth in the sector is not guaran-
teed.
To see the highest number of new
jobs available since October 2011 is
of course a positive sign, said the
firms Andrew Evans.
The relatively recent period of sta-
bility in the financial markets over
the last few weeks has likely con-
tributed to employers feeling more
confident to release business criti-
cal roles to the market.
However there is still potential
for increased instability once again
judging by current issues in the
Eurozone arising as investors digest
results of the elections in France
and Greece.
The new jobs website for London professionals
CITYAMCAREERS.com
G
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A THAI food firm has emerged as the
latest suitor in the 2.5bn battle for
the frozen foods group behind Birds
Eye.
Charoen Pokphand Foods,
Thailands largest agribusiness firm,
is preparing a bid for Iglo, which has
been put up for sale by buyout firm
Permira.
The first deadline for bids was on
Thursday when offers came in from
Bain Capital, BC Partners, Blackstone
and PAI Partners, bankers said.
Clayton Dubilier & Rice, the US
firm which counts Sir Terry Leahy as
an adviser, was also thought to have
submitted one, while Iglo has also
attracted interest from trade buyers.
CP Foods is part of the Charoen
Pokphand Group conglomerate,
which has interests ranging from
retail to plastics and property.
Last week CP Foods said it is look-
ing at several acquisitions and it is
likely to clinch one or two deals in
food processing this year.
It is likely to be interested in Iglo
because of the major growth oppor-
tunities in East Asia, where poultry,
fish and vegetables the core prod-
ucts made by Iglo feature heavily in
the diet of most people.
Any deal would add to the number
of British food names being taken
Thai food giant
mulls 2.5bn
Birds Eye offer
BY PETER EDWARDS
into Asian ownership. Earlier this
month Chinas state-owned Bright
Foods bought a 60 per cent stake in
Weetabix in a 1.2bn deal.
Iglo, which has nearly 2,500 staff,
operates in 11 countries and trades as
Birds Eye in Britain and Ireland.
It is likely to fetch eight to nine
times its 325.8m earnings before
interest, taxation, depreciation and
amortisation, which would make it
the largest western European buyout
since industrial group Tomkins
2.9bn acquisition in July 2010 by a
Canadian consortium.
Permira has looked to exit Iglo and
decided it would fetch more through
a sale than a float. It is being advised
by William Mansfield of Credit
Suisse.
Second round bids for Europes
largest frozen food group are expect-
ed in June, banking sources added.
Permira bought Iglo from Unilever
in 2006 for 1.73bn, backed by
around 1.5bn of leveraged loans, and
later bought the remaining part of
Unilevers European frozen food busi-
ness, Findus Italy, in 2010 for 805m,
backed by 500m of leveraged loans.
Debt has since been reduced to
1.4bn as of the end of 2011, the com-
pany said.
A spokesman for Iglo declined to
comment and Permira and CP Foods
could not be reached.
Yahoo looks for its fifth chief in
five years after Thompson quits
YAHOOS chief executive Scott
Thompson is stepping down after a
shareholder drew attention to a
fake computer science college
degree on his company biography.
The embattled internet firm will
now begin the hunt for
Thompsons replacement, and its
fifth leader in as many years.
Meanwhile, global media head
Ross Levinson will act as interim
chief executive with immediate
effect, the firm said in a statement
BY HARRY BANKS last night.
Yahoo has said that Thompson,
the former president of eBay
division PayPal, did not have a
computer science degree from
Stonehill College, despite what was
stated in his official company
biography and in regulatory filings
with the US Securities and
Exchange Commission.
The error was flagged up by
Daniel Loeb, the chief executive of
activist hedge fund Third Point,
one of Yahoos biggest outside
shareholders, who subsequently
pressured the firm to oust
Thompson.
Last week Patti Hart, the board
member who led the firms last
search for a new chief and
approved Thompsons appointment
in January, said she would not
stand for reelection following the
controversy.
Yahoo is in the midst of trying to
revive revenue growth and its
popularity with consumers, facing
fierce competition from Google,
Facebook and other online
companies. Scott Thompson lasted less than five months in the top job at Yahoo
SPAINS banks will put aside at
least 10bn (8bn) to absorb new
losses on a legacy of toxic real
estate loans, three of the
countrys largest lenders have
said.
Santander, CaixaBank and
Bankia, which is set to be
nationalised, all said yesterday
that they will make provisions
worth billions in response to
tougher requirements unveiled by
BY JULIET SAMUEL Spains government on Friday.
Santander will put aside 2.7bn,
the bank said, in addition to the
2.3bn it has already earmarked
to take losses. It said the move
would not affect its capital
cushion.
CaixaBank said it will save
2.1bn for losses, while Bankia is
making the largest provision at
4.7bn. The new rules on
provisioning for losses are meant
to shore up confidence in the
countrys banks.
MONDAY 14 MAY 2012
5
NEWS
cityam.com
Three Spanish banks put aside
billions for new property losses
US REGULATORS must design new
rules in order to make it impossible
for banks like JP Morgan to suffer
huge losses of the kind revealed last
week, according to one of the archi-
tects of Americas flagship financial
reform law.
Barney Frank, who co-authored
the Dodd-Frank financial reform act,
told ABC yesterday: I hope that the
final rule will prevent this... The
Volcker Rule is still being formulat-
ed.
The Volcker rule, named after for-
mer Federal Reserve chairman Paul
Volcker, will prevent large banks
from making big bets with their own
capital or surplus deposits. But the
details of the rule including how it
will distinguish investing from hedg-
ing are still being drawn up by US
agencies.
JP Morgan chief executive Jamie
Dimon has been the most outspoken
critic of the new law, famously say-
ing that Volcker does not under-
stand capital markets.
Lawmaker calls
on USA to ban
Dimons trades
BY JULIET SAMUEL
But he admitted yesterday that the
banks sloppy risk management
had given ammunition to his critics.
The bank revealed last week that it
lost $2bn in a failed hedging strategy,
which was said to involve issuing so
many credit default swaps on an
index of US companies that it started
to distort the market and could not
find enough buyers to unwind the
position.
Dimon said the bets are not yet
fully unwound and the losses could
be volatile by a billion dollars. But he
said that getting out of the trades too
quickly could worsen the situation.
I
TS only 74 days to go now before
the start of the London 2012
Olympics and organisers are
clambering over themselves to
tell us how it will be the cleanest
games yet. Drugs cheats will have
nowhere to run, masking agents will
be unmasked and only the truly
virtuous will get to the winners
podium. Ill take that with a pinch of
salt. In fact, the same pinch of salt I
take when investment banks tell me
they are no longer prop trading.
Last week we heard that JP Morgan
had a hiccup with its Chief
Investment Office hedging activities.
A hedging operation carried out by
someone called the Parisian
Porpoise, London Wall Walrus or
Politicians will draw the wrong
lesson from JP Morgans losses
J
AMIE Dimons straight talking
came back to bite him last week
when he was forced to admit that
rumours of huge bets JP Morgan
had made using its treasury were a
little more than a tempest in a
teapot, as he had called them.
Dimons critics have been quick to
use the incident to call for a tough
interpretation of the USs new laws.
But far from showing the need for a
beefed up Volcker Rule, it shows the
need to make sure that banks that
do screw up, as Dimon put it, can
be wound up without a bailout.
Of course, this $2bn loss $800m
post-tax is nowhere near sinking
the bank. One analyst even asked
some such name landed JPM with an
embarrassing $2bn loss. Gosh, poor
chap. I guess that means hell now
have to give back a big chunk of the
handsome sums he has been earning
at JPM for carrying out these activi-
ties?
Back on planet Earth, I find it hard
to understand how anybody can gen-
erate that kind of money merely by
hedging risk positions. Hedges on
client positions can usually be offset
by the creation of a synthetic posi-
tion which negates your absolute
exposure to near zero.
In fact, if JPM had really wanted to
hedge position risk, couldnt it have
just gone into the market and closed
the position? Or in this instance did
JPM become the market, take on the
rest of the market and make a huge
positional bet that has badly mis-
fired?
Once again the poor old chaps in
risk management will be wondering
what on earth their role is at invest-
ment banks. Time and time again, it
seems that these highly paid middle
office staff ping over their e-mails to
heads of investment banking and
group boards saying there could be a
problem with Position X taken by
Prop Team Y (sorry, make that Delta
Hedging Team Y) only to be told to go
back to their dark cave and crunch
some more numbers but not make
too much of a fuss. Or at least that is
the impression one gets from the
outside.
As for what happens next, the
ammo given to the regulators and
politicians on both sides of the
Atlantic is now more like gold dust.
And yet, Im more interested in how
JPM actually extricates itself from
this position if it is actually still
open and live. Surely those nice
hedge fund chaps on the other side
of JPMs $2bn loss will say enough is
enough, you can get out now? Thats
just as likely as me lining up against
Usain Bolt in the 100 metres final.
Maybe we should just treat the
investment banks in the same way as
some realists have suggested we treat
drugs cheats that is, let them all
take drugs and see how fast they can
run. Its going to happen anyway, so
why bother to fight it?
The answer of course is that while
in athletics we may get a sub-nine
seconds 100 metre time, with the
banks the losses wouldnt be $2bn, or
even $200bn. It could be far, far
worse for all of us.
Steve Sedgwick is an anchor for
Squawkbox Europe, CNBC
BOTTOM
LINE
JULIET SAMUEL
CNBC
COMMENT
STEVE SEDGWICK
43
JPMorgan Chase & Co
11 May 7May 8May 9May 10May
39
38
37
40
41
42
$
36.96
11May
MONDAY 14 MAY 2012
7
NEWS
cityam.com
Dimon why he had bothered to
disclose it. The markets reaction
had more to do with the banks
injured credibility than its profits,
which totalled $19bn last year.
But a sense of scale wont stop
the political manoeuvring and, in
that sense, this could prove to be
one hell of an expensive teapot.
This hedging hiccup could lead to even tougher rules
MONDAY 14 MAY 2012
8
NEWS
cityam.com
THEFORUM
cityam.com/forum

JOIN THE DEBATE PAGES 26-27
VOICE OF THE CITY
City panel says Greece looks
increasingly likely to exit euro
G
REECES exit from the euro is
looking increasingly likely,
according to the
overwhelming majority of our
readers panel.
Eighty-six per cent of our panel-
lists, who have been specially recruit-
ed to represent Londons financiers
and business people, said they
thought Greeces exit from the euro
was either very or somewhat likely.
Just fourteen per cent thought the
troubled country was likely to stay
inside the single currency.
The panellists were surveyed last
week, before yesterdays attempts to
form a new Greek government.
When we asked panellists whether
Greece would leave the euro back in
June 2011, 71 per cent said it would
against 21 per cent who thought not,
suggesting sentiment toward the
country has turned more bearish.
Meanwhile, the vast majority of
panellists said the election of social-
ist Franois Hollande as French
President would threaten stability in
the Eurozone. Three quarters of pan-
ellists clearly disagree with the argu-
ment that Hollande will be far less
radical than his election campaign
suggested, and said his presence in
the lyse Palace would threaten sta-
bility in the Eurozone in some way.
Just six per cent thought Hollande
would boost stability in the single
currency bloc while 18 per cent said
his election would have no effect.
But Hollandes eye-catching pledge
to tax those earning over 1m at 75
per cent could be good news for
Londons prime property market, our
panellists said. Sixty-eight per cent
said they thought French million-
aires would likely move to London to
avoid the tax, against 29 per cent
who thought such an exodus was
unlikely.
And over half of panellists (57 per
cent) rejected calls for less austerity,
arguing that market reforms not
more government spending was
the way to boost growth in the
Eurozone. Just five per cent said
more government spending alone
would boost growth.
However, almost a third (28 per
cent) of panellists appear to think
that more government spending
combined with market reforms is
the best way to boost growth in the
Eurozone, an unusually high reading
for a panel that is normally vehe-
mently against high state spending.
BY DAVID CROW
Apply to join today at WWW.CITYAM.COM/PANEL
PoliticsHome.com PoliticsHome.com In association with
%
2 18
53 22
1
How will Franois Hollande's
victory afect Eurozone stability?
What will boost growth in Europe market reforms or more government spending?
More government spending 5%
Market reforms 57%
Both government spending
and market reforms 28%
None of the above 10%
Dont know 0%
4
Signicantly boost Eurozone stability
Somewhat boost Eurozone stability
No efect on Eurozone stability
Somewhat threaten Eurozone stability
Signicantly threaten Eurozone stability
Don't know
%
%
21
38
25
12
4
2
3
Will French millionaires move to
London to avoid a new 75% tax rate?
How likely is it that Greece will
leave the euro this year?
Very likely
Somewhat likely
Somewhat unlikely
Very unlikely
Don't know
Very likely
Somewhat likely
Somewhat unlikely
Very unlikely
Don't know
47
48
leader said: With a flat Eurozone but
economies in the rest of the world able
to expand, Britain has to reorientate
itself in that direction.
He claimed UK exports increased by
50bn in 2011, and argued that the
reforms implemented by the coalition
government will be seen in the 2020s
as being as important to this country
as the trade union reforms and privati-
sations were of the 1980s.
But despite Hagues mention of cut-
ting corporation tax to historic low
levels, Labour shadow business secre-
tary Chuka Umunna remained unim-
pressed with the governments
attempts to build business in the UK.
Umunna called Hague out of
touch, claiming that he and other
ministers have ignored criticisms from
business leaders who say that the
government has lost the plot.
The Labour MP said: His com-
ments are typical of an out of touch
government that refuses to listen
and refuses to take responsibility
for its own economic policy fail-
ures.
Umunna called David Cameron,
George Osborne and William
Hague the biggest roadblocks to
the active government involvement
that businesses want.
G
E
T
T
Y
THE SPAT between Conservative and
Labour politicians over the state of
British business intensified yesterday
when Chuka Umunna took on
William Hague.
Foreign secretary William Hague
reproached critics of last weeks
Queens Speech who say it did not go
far enough in its measures to boost
UK business.
I think they should be getting on
with the task of creating more of
those jobs and more of those
exports, rather than com-
plaining about it, Hague said
during an interview with the
Telegraph.
He continued: Theres only
one growth strategy
work hard! And do
more with less, thats
the 21st century.
Hague said his
calls go further than
the infamous get
on your bike and
look for work com-
ment attributed to
Lord Norman
Tebbit: Its more
than that, its get
on the plane, go and
sell things overseas.
The one-time Tory
MPs Hague and
Umunna battle
over business
BY LAUREN DAVIDSON
Hammond: gay marriage and
Lords reform are low priorities
DEFENCE secretary Philip Hammond
has said House of Lords reform and
proposals to legalise gay marriage
are not priorities because the
government must focus on policies
that matter.
He told the BBCs Andrew Marr
show: Legislation on the House of
Lords is in the Queens Speech. It
will be introduced, and it will
proceed. The question will be to
what extent the government should
be prepared to clear the decks of
BY JENNY FORSYTH
everything else in order to possibly
deal with a lengthy and very
complex war of attrition over this
particular piece of legislation.
On the subject of gay marriage,
which is supported by Prime
Minister David Cameron but
opposed by families minister Tim
Loughton, Hammond said the
potential change was clearly not
the number one priority.
If you stop people in the street
and ask them what their concerns
are, theyll talk to you about jobs
and economic growth, theyll talk to
you about the level of the wages
theyre earning, wanting to see real
growth in wages again. Theyll talk
about rising prices, theyll talk
about crime, theyll talk about
immigration, Hammond said.
But I think the government has
got to show over the next couple of
years that it is focused on the things
that matter to the people in this
country.
The government backed off from
introducing a bill for same-sex
marriages in the Queens Speech,
but outlined plans to replace
appointed peers with a largely
elected second chamber. Defence secretary Philip Hammond says legalising gay marriage is not a priority
William Hague told British
businesses to get on the plane
SIX people have been charged after
an Occupy protest that sprang up
near the Bank of England.
Four people were charged with
public order offences and two with
obstructing a police officer and are
due to appear in court next
Monday, City of London Police said.
The demonstration attracted
around 300 people and lasted for
much of Saturday.
Charges after protesters set up
camp outside Bank of England
BY PETER EDWARDS Occupy said it was targeting
Goldman Sachs, Merrill Lynch,
Royal Bank of Scotland and
Santander. Activists later pitched
tents outside the Royal Exchange on
a global day of action which also
featured rallies in Moscow, New
York, Athens and Madrid.
Protesters in London carried
banners bearing slogans such as
Love, breathe, hope Occupy and
Bank of England is the St Pauls of
Money.
MONDAY 14 MAY 2012
9
NEWS
cityam.com
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TOP City rainmaker Simon Borrows
is set to be named this week as chief
executive of 3i, Britains oldest pri-
vate equity firm.
Borrows, who joined as chief
investment officer last summer, will
take over from Michael Queen, who
in March announced his intention
to step down.
The promotion of Borrows will sur-
prise few in the City. His initial
appointment in July was seen as a
coup for 3i, which has been criti-
cised for not adopting a sufficiently
aggressive strategy.
Borrows, a law graduate who has
worked at a series of City banks, was
chosen after the board considered a
shortlist of four, including some
external candidates.
He has a longstanding knowledge
of 3i, having advised on the firms
initial public offering in 1994.
Queen handed in his notice after
resisting pressure for a share buy-
back. He was criticised for the poor
performance of the group, which
posted a total negative return of
523m for the six months to 30
September 2011.
Analysts said fresh blood could
be good for the group, which owns
stakes in architecture firm Foster +
Partners and lingerie chain Agent
Provocateur, but acknowledged that
Borrows set to
reign at 3i after
Queen leaves
BY PETER EDWARDS
Queen had used his three years at
the top to tackle 3is high debt bur-
den, shake up the structuring of deal
terms and push the move to a broad-
er asset management model.
Shares in 3i have lost around a
third of their value over the past year
and closed at 189.9p on Friday, giving
it a market value of 1.84bn.
The decline has ignited talk of a
takeover approach from either
another private equity firm or a large
pension or sovereign wealth fund or
even an attempt at a management
buyout.
A bid for 3i from a large pension
fund could give a fund more direct
access to private equity and provide
an instant network across Europe
and Asia, with deal teams plugged
into governments, banks and local
companies.
Yesterday 3i declined to comment
and Borrows could not be reached.
Simon Borrows could be appointed to the top job at private equity firm 3i within days
IN BRIEF
Time running out for LightSquared
nUS tech start-up LightSquared could
file for bankruptcy if it fails to make a
deal with creditors today. Owner and
hedge fund manager Philip Falcone
needs to reach an agreement before the
close of business in New York to avoid
default on a $1.6bn loan. LightSquareds
future was thrown into doubt in
February when US regulators said it
would revoke its permission to build a
high-speed wireless network as tests
found risks of interference with GPS
equipment. That decision sent shares in
London-listed joint venture partner
Inmarsat sprawling.
Correction
n In our edition dated 11 May, we
quoted Andrew Haslam in our City
Views feature entitled "Do you have any
sympathy for public sector strikers?".
We misrepresented his views and
apologise for doing so. A more accurate
version of Mr Haslams views is as
follows: It isnt helpful. I cant say I
would not strike in the same position.
The strike appears to me to provide a
funnel for people to express their
general discontent with what has gone
wrong. The government needs to
explain why it is doing what it is doing
better.
195.00
192.50
190.00
187.50
185.00
182.50
3i Group PLC
11 May 8May 4May 9May 10May
p
189.90
11May
PROFILE: SIMON BORROWS
MONDAY 14 MAY 2012
11
NEWS
cityam.com
SIMON Borrows was widely tipped
to be the next chief executive of 3i
when he joined the London-listed
private equity firm in October last
year.
Analysts at Numis said he would
play a role in the future strategy
of the company after he was
lured from Greenhill & Co while
Oriel Securities flagged him up as
a man able to take on senior
management roles going
forward.
Sir Adrian Montague, chairman
of 3i, did not go that far but
hailed Borrows as someone who
would bring a a broad range of
financial and investment
experience and transactional
capability.
His appointment was seen as
strengthening the senior
dealmaking team after a 2010
reshuffle which saw the departure
of its long-time head of buyouts
Jonathan Russell.
Borrows previously spent 13
years at Greenhill, where he
founded the European arm and
became co-president of the group
on its flotation on the New York
Stock Exchange in 2004 and co-
chief executive in 2007.
He was credited with turning
Greenhill from a small American
investment bank to a major force
in advising on European deals,
including the sale of EMI to Terra
Firma in 2007.
Borrows work at Greenhill
helped him to amass a significant
personal fortune and he is worth
around 149m, according to
newly-published The Sunday
Times Rich List, which ranked him
at number 515.
In a long City career Borrows
has also advised some of Britains
biggest companies, including G4S,
Tesco, business media group
Informa, car dealer Inchcape and
National Express.
He has contributed heavily to
Britains National Theatre, where
he sits on an advisory board, and
his recent donations have been
estimated at 4m.
A graduate of London University
and London Business School,
Borrows is also a non-executive
director of Inchcape and British
Land, the property developer once
run by banker Stephen Hester.
AVON said last night it is consider-
ing Cotys $10.7bn (6.66bn)
takeover bid and expects to respond
to the smaller firms advances with-
in a week.
Coty last week raised its offer from
an earlier $10bn bid and gave Avon a
deadline of the close of business
today to enter into talks or it would
withdraw its offer.
In a letter to the board, disclosed
by Avon on Thursday, Coty raised its
bid for Avon to $24.75 per share
from $23.25, and revealed for the
first time that Warren Buffetts
Berkshire Hathaway would provide
some financing.
Coty, maker of Stetson aftershave
and Beyonc fragrances, in April
made its intentions toward Avon
public for the first time at $23.25
per share. Avon is nearly three times
Cotys size in revenue. Cotys initial
bid in March was $22.25 per share.
Avon had rejected all prior offers
from Coty, saying the companys
value could rise under a new chief
executive rather than as part of
Coty.
Avons board did not reject the lat-
est offer outright and said in a state-
ment it would consider Cotys latest
BY HARRY BANKS
bid in due course.
A number of shareholders have
previously said Cotys bid was insuf-
ficient but wanted Avon to at least
talk with Coty.
Avon, the worlds largest direct sell-
er of cosmetics, last month named
former Johnson & Johnson executive
Sheri McCoy as its new leader. In
addition to declining sales at home
and a loss of sales representatives,
Avon faces a US probe into overseas
bribery allegations.
Last week, Avon reported weak
first-quarter results, including a
sharp drop in profits. Avon has said
it will conduct a thorough business
review this year.
Avon shares on Friday closed at
$20.19, or 18 per cent less than
Cotys latest offer.
Banking lobby group urges EU
to vote against cap on bonuses
A CONSORTIUM of banks have
appealed to the European
Parliament to vote against new
rules that would curb their annual
bonuses to the same level as their
annual salary, in a move they warn
would damage their businesses.
The Association for Financial
Markets in Europe (AFME), an
industry group representing banks
across the continent, has written
to some Members of the European
Parliament (MEPs) this weekend
urging them not to support a
BY KASMIRA JEFFORD
resolution that would impose a
fixed one-to-one ratio between a
bankers salary and bonus.
The proposal is part of a long list
of amendments to the Capital
Requirements Directive (CRD), set
to be voted on today by the
European parliaments economics
and monetary affairs committee.
The letter, sent to MEPs on Friday
and signed by AFME chief executive
Simon Lewis, argues that rather
than cutting overall compensation,
the amendment is likely to backfire
as banks raise basic salaries.
The letter said: A legislated
ratio of fixed to variable
remuneration runs a real risk of re-
introducing fragility to the
European banking system. Such a
requirement is likely to result in
increased fixed remuneration, as a
result of banks need to compete for
talent in a global industry. A bank
with higher fixed costs is much
more likely to suffer dangerous
losses when revenues drop.
Last month, City A.M reported
that AFME had consulted with
lawyers Clifford Chance over suing
the EU if Brussels imposed such
restrictions.
Avon is the worlds largest direct seller of cosmetics
22.00
Avon Products Inc
11 May 7May 8May 9May 10May
20.00
19.50
20.50
21.00
21.50
$
20.19
11May
NEW bank Aldermore is set to grow
after raising 36m of new capital.
Private equity firm Centerbridge
Partners has acquired Tier 2 bonds
issued by Aldermore, a homeowner
and small business specialist set up
by buyout house AnaCap and
Morgan Stanley.
Aldermore chief executive Phillip
Monks said: The new funds provide
us with the opportunity to do even
Boost for new bank Aldermore
as it clinches 36m fundraising
BY PETER EDWARDS more to champion Britains small
businesses. Our strong capital
position also enables us to look at a
number of new product and service
launches to further meet the needs
of our customers.
Last year Aldermore won a 62m
equity investment from funds
managed by Goldman Sachs Asset
Management, Honeywell Capital
Management and the Ohio Public
Employees Retirement System, as
well as AnaCap.
MONDAY 14 MAY 2012
12
NEWS
cityam.com
Avon considers
Cotys $10.7bn
sweetened bid
A BID for Invensys could be nearing
following reports this weekend that
interest in the signal and control
maker has escalated in recent
weeks.
Siemens, General Electric, ABB
and Emerson are all said to have
approached Invensys in the past few
weeks, although no official offer
has been tabled, following years of
interested parties circling the FTSE
250 company.
These four companies in particu-
lar have been repeatedly linked to
Invensys over the last two years,
with traders speculating in autumn
2010 that an offer could come in at
up to 400p per share.
But the engineering group was
thought unlikely to put itself on the
auction block before offloading its
4.2bn pension scheme.
Invensys, which makes control
and signalling equipment for rail-
ways, was on track to ditch the poi-
son pill last summer but the plan
was curtailed when costs escalated
to 1.7bn.
However, speculation about a pos-
sible takeover has been ongoing.
The British company currently has
Bidders said to
be closing in on
Invensys deal
BY LAUREN DAVIDSON
a market cap of 1.65bn, at a share
price of 203p, but it is expected a bid-
ding war could push the price past
the 2bn mark.
Invensys publishes its full year
results this Thursday, following a
profit warning in January that fore-
cast a 60m cut in operating profits.
The announcement, which
Invensys put down to problems with
product installation in China and a
delay in some of its smaller con-
tracts, sent the groups shares down
by 19 per cent.
But Invensys stock has been oscil-
lating within a 50p range over the
last six months amid ongoing
takeover speculation and soon
regained.
Invensys declined to comment.
The Man from Del Monte plans
a 500m resources cash shell
A SOUTH African businessman
dubbed the Man from Del Monte
wants to create a stock market cash
shell to buy resources or consumer
goods companies.
Vivian Imerman is leading the
investment team for acquisition
vehicle Sacoven.
The firm intends to target oil,
mining or consumer goods firms
worth between 200m and 500m,
according to documents filed with
the stock exchange.
It would also consider smaller
BY PETER EDWARDS
firms or a deal to take a stake of less
than 100 per cent providing it has
sufficient influence to enable it to
implement its strategic plans.
It expects to raise 3m initially
through a listing on the Alternative
Investment Market and then more
cash once a target has been
identified and the terms of a deal
agreed.
Sacoven has appointed Liberum
Capital, the independent broking
house, as an adviser.
In recent years Nat Rothschild has
also created two listed companies
through stock market cash shells.
Imerman is not listed as a
director of Sacoven but will lead an
investment team of eight people.
He was dubbed The Man From
Del Monte after he sold his stake in
the fruit company for 396m, as
well as banking a fortune on the
sale of whisky giant Whyte &
Mackay. His high profile status was
bolstered when he married Lisa
Tchenguiz, sister of entrepreneurs
Vincent and Robert, although the
couple later divorced
acrimoniously.
Nobody from Sacoven could be
contacted yesterday.
Thomas Cook said its second-half results depend heavily on last-minute bookings
225
220
215
210
205
200
195
Invensys PLC
11 May 8May 4May 9May 10May
p
202.50
11May
TOUR operator Thomas Cooks
board has issued a dire warning to
shareholders: support our cost
cutting plans or send the firm into
administration.
The company said in a circular
that some of the debt lifelines it
secured earlier this month will
only become effective once
investors approve plans to sell and
lease back planes and dispose of
other operations.
If shareholders revolt, Thomas
Cook warned that its lenders
Thomas Cook warns it could go
bust if investors dont back deal
BY MARION DAKERS could declare the firm in default,
with no guarantee that a further
rescue plan could be agreed.
Thomas Cook said it is required
by lenders to secure plane sales
worth at least 175m by 30 June.
The firm has agreed a
conditional deal to sell 19 of its
aircraft plus its Spanish hotels
arm HCV for a total of 238.8m.
Shareholders will be asked to
vote on the planned disposals at a
meeting on 29 May.
The firm added that trading is
tough, with its second-half results
dependent on late bookings.
MONDAY 14 MAY 2012
13
NEWS
cityam.com
G
E
T
T
Y
RANK Group has agreed to buy a
string of casinos from rival firm Gala
Coral just six weeks after walking
away from initial negotiations.
The 205m cash deal will mean
Rank becomes Great Britains largest
casino operator, with its 35-strong
Grosvenor brand enhanced by an
additional 23 venues from Gala.
The discussions were publicised in
January, but in March Rank ended
talks over the then-250m buyout
saying it was not in the best interest
of its shareholders.
At the time, Gala said its casinos
had not been on the market, claim-
ing Rank had made an unsolicited
approach.
But the two gaming companies
have now settled on a price that will
see Ranks Grosvenor brand extend
into a further 11 cities with the help
of a 175m bank facility.
Rank boss Ian Burke said: This
acquisition will deliver a steep
change in Ranks earnings by capital-
ising on our proven record of opera-
tional excellence in the British
casino sector.
He added that the deal, which
includes licences to build three fur-
ther casinos, will be earnings
enhancing in the first full year of
ownership.
Rank to be UKs
top casino firm
after Gala deal
BY LAUREN DAVIDSON
The agreement is set to complete in
September, subject to approval from
Ranks shareholders. But the gaming
firm said it had an irrevocable under-
taking to back the deal from Rank
Assets Limited, a subsidiary of
Malaysian Hong Leong that holds 74.5
per cent of the stock.
Gala Coral, which will receive
182.5m on completion of the deal
followed by 22.5m in instalments
over the next three years, said it has
not taken a final decision on the use
of proceeds, although it expects to
reduce the groups leverage.
Its chief executive Carl Leaver said:
The transaction will crystallise sig-
nificant value for our shareholders
and debt investors.
Private equity-owned Gala Coral
underwent a major debt restructur-
ing in 2010 and had 1.3bn of net
debt at the end of fiscal 2011.
Rank Group hired Evercore Partners to
guide it through its negotiations with Gala
Coral, with Edward Banks heading the
team.
Banks, senior managing director of
Evercores corporate advisory division, has
under his belt five years as a City lawyer at
Slaughter and May and a position on JP
Morgan Cazenoves mergers and acquisi-
tions team.
The Oxford graduate is no stranger to
Ranks business, having taken Malaysian
Guoco Group through its 500m purchase
of a majority share in the gambling com-
pany last year.
Banks also advised Santander on its $16bn
acquisition of Abbey National in 2004, O2
on its 18bn takeover by Telefonica in
2005 and Virgin Mobile on its $412.5m
public offering five years ago.
More recently, the Evercore managing
director took UTC through its $2bn acqui-
sition of security services Chubb.
Chris Treneman at Investec is Ranks cor-
porate broker. The former barrister spent
20 years at Dresdner Kleinwort before
moving to Investec three year ago, follow-
ing Dresdners takeover by Commerzbank.
Deutsche Bank is advising Gala Coral
through the deal with Rank Group.
ADVISERS RANKS ACQUISITION OF GALA CORAL CASINOS
EDWARD BANKS
EVERCORE PARTNERS
BBAs Angela Knight to become
chief of trade body Energy UK
ANGELA Knight, current boss of the
British Bankers Association, has
been appointed the next chief
executive of trade body Energy UK.
The move sees Knight, who takes
the helm at the end of July, revert to
her background in the energy
sector.
She is perhaps better known for
her financial work, including her
current position as chief executive
of the BBA and her time in politics
as economic secretary to the
Treasury and parliamentary private
BY LAUREN DAVIDSON
secretary to then-chancellor Kenneth
Clarke.
But prior to this, chemistry
graduate Knight set up and managed
Cook & Knight, a specialist heat
treatment engineering company.
Knight also served as private
parliamentary secretary to former
industry minister Sir Tim Sainsbury,
and plans to combine her knowledge
of both the financial and industrial
sectors in her new job.
She said in a statement: Like
financial services, energy plays a
vital role in the social and economic
fabric of our society and we need
new and established companies in
the sector to thrive and prosper in
the UKs competitive market,
creating jobs and serving their
customers well.
She added her aims will include
delivering investor confidence in the
UK and working to improve the
industrys reputation.
Energy UK, the sectors trade body
which represents about 70
companies in the industry, was
formed in April from the merger of
three smaller representatives.
Knight will take over from acting
chief executive David Porter. Angela Knight has been appointed chief executive of trady body Energy UK
118
117
116
115
114
113
112
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Rank Group PLC
11 May 8May 4May 9May 10May
p
116.70
11May
MONDAY 14 MAY 2012
14
NEWS
cityam.com
G
E
T
T
Y
Roaring success for animal art
WHOEVER said not to mix business
with pleasure needs to take a leaf
out of Jamie Polks book.
Polk left the City behind him
when Jupiter Asset Management,
his former employer, was taken over
by Commerzbank. But that was by
no means the end of Polks business
career.
Paralysed from the chest down
following an accident in 2000, Polk
launched the Animal Art Fair
which, now in its third year, comes
to the South Bank this weekend.
The Animal Art Fair charges
artists for a stall but cuts out the
commission galleries take, which
can be up to 50 per cent.
This could be where the art
market has gone in ten years, Polk
tells The Capitalist.
The fair caters to everyones
tastes and everyones budgets, and
this year is partnering with the
Angus Lawson Memorial Trust, a
charity set up by Deutsche Bank
managing director Nick Lawson and
his wife Kara following the death of
their two-year-old son in 2006.
Polk says: Artists and City
workers are almost polar opposites
in the way they view life. But theres
no point in working unless you
really love working.
And The Capitalist has no doubt its
readers will flock to the fair to pick
up the latest in animal-based art.
For half-price tickets (4), enter AAF241
at www.animalartfair.com by
LANDMARK CITY SITE CATCHES CARNIVAL FEVER
Got A Story? Email
thecapitalist@cityam.com
15
cityam.com
cityam.com/the-capitalist
THECAPITALIST
MONDAY 14 MAY 2012
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The grounds of the Citys Honourable Artillery company the armys oldest regiment
will play host to more than 1,000 masked revellers on 9 June for the Midsummer
Masquerade charity ball in aid of two charities, the Christchurch Earthquake Recovery
Fund and Changing Faces. For tickets, visit www.midsummermasquerade.com
Riedel the wine glass company invites
you to a special tasting hosted by
Maximilian Riedel, 11th Generation
master glassmaker
Fri 25th May & Sat 26th May at
Vinopolis, Stoney Street, London
(next to Borough Market)
Friday tickets from 55 per person (group)
with 100 of glasses to take home
Saturday tickets from 34 per person
(group) with 65 of glasses to take home
For details & tickets visit
www.riedel.co.uk
A FRESH WAVE of upheaval against
excessive executive pay is set to sweep
boardrooms this week as industrial
group Cookson and online gambling
giant 888 Holdings brace themselves
for substantial shareholder revolts.
Both firms are likely to be hit with a
significant vote against their remu-
neration reports at their annual gen-
eral meetings this week, despite steps
taken to appease shareholders.
Jeff Harris, the chairman of
Cookson, wrote to investors last week
in a letter seen by City A.M, urging
them to support all resolutions at
Thursdays meeting.
This came after the Association of
Cookson and
888 braced for
investor revolt
BY KASMIRA JEFFORD
British Insurers issued a rare red-top
alert against Cookson and 888 its
strongest warning of a breach in gover-
nance.
The investor body criticised meas-
ures used to determine a long-term
bonus that awarded 20m in shares to
its top three executives, including 7m
for chief executive Nick Salmon.
Meanwhile, 888 consulted with its
shareholders in an attempt to quell a
revolt at its meeting on Friday over a
generous payout to former chief execu-
tive Gigi Levy, including a discre-
tionary bonus of $500,000.
Banking giant HSBC has also begun
meeting with investors to defuse a
potential revolt against the size of
Stuart Gullivers pay package.
Former 888 chief exec Gigi Levy is in line for a $500,000 bonus
MONDAY 14 MAY 2012
16
NEWS
cityam.com
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City A.M. is measuring the relative Olympic
media buzz around the London 2012 Olympic
and Paralympic Games partners, week by
week. The leaderboard, right, reflects their
ranking over the past week, in this case from
Wednesday 25 April to Wednesday 10 May.
Samsung is top of our
rankings again, with
the news that its Galaxy
S III is the official
London 2012 phone.
But, the biggest brand
winner over the past two weeks is BMW. The
automaker unveiled the 4,000 vehicle fleet it
is supplying to the Games. The story
generated additional interest because 240 of
these cars will be electric or hybrid. As official
automotive partner to the Olympic and
Paralympic Games, BMW is supplying 160
units of the 1 Series ActiveE small family car
and 40 of the even smaller Mini E, with
another 40 units of the 5 Series Active Hybrid.
Green vehicles and sustainability seem to be
popular, and the news set Twitter ablaze with
retweets. The company got a big lift out of
that story across all media types.
OLYMPIC MEDIA BUZZ
LONDON 2012 PARTNERS
Brand Position change
Samsung 1
McDonald's 1
Coca-Cola 1
Visa 4
BMW 5
Cisco 3
Adidas -1
DOW -7
Panasonic 2
BP -3
TOP TEN PARTNERS BY MENTIONS
%
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72
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1
Blogs
National News
Topicals
Twitter
Other
BMW OLYMPIC
MENTIONS BY
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BORIS Johnson has boosted Londons
conference industry, forcing the capi-
tal up the international rankings and
putting the city on a path to becom-
ing the worlds top location for profes-
sional gatherings, an industry body
declared today.
London hosted 115 conferences last
year, according to the International
Congress and Convention
Association (ICCA), putting it
at number seven in the
world.
That represents a stark
contrast from 19th place
just four years ago,
when the poor
state of the
i n d u s t r y
p r o mp t e d
Boris Johnson
to order an
i nvesti ga-
tion into
b us i ne s s
tourism.
T h e
expansion
London thrives
as conference
sector takes off
BY TIM WALLACE
of the ExCel conference centre has
enabled the city to host larger events,
the ICCA reported, while the develop-
ment of research facilities near Kings
Cross has boosted Londons appeal to
the medical and life sciences sector,
and the growth of tech city
increased the number of IT events.
The ICCA believes an improved sys-
tem coordinating hotels and venues
adds to the citys appeal, and praised
the efforts of Heathrows Terminal
Five in catering to the needs of large
groups of business travellers.
In an effort to capitalise on the
Olympics, the ICCA hopes to attract
more sports conferences in the com-
ing years as part of a push to make
London the worlds number one
conference venue a title cur-
rently held by Vienna, which
hosted 181 events last year.
The Olympics is also credit-
ed with improving hotels
and transport links across
London.
Boris Johnson wanted to
attract more conferences
MONDAY 14 MAY 2012
18
NEWS
cityam.com
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London: 115 conferences hosted in 2011 #7
Amsterdam: 114 #8
Berlin: 147 #4
Vienna: 181 #1
Istanbul: 113 #9
Paris: 174 #2
Barcelona: 150 #3
Madrid: 130 #6
Beijing: 111 #10
Singapore: 142 #5
London has stormed up the global conference rankings
THE VALUE of prime property in
the worlds major cities dropped in
the first three months of 2012,
industry figures revealed today
the first time prices have fallen
since 2009.
Knight Franks prime global
cities index registered a 0.4 per
cent fall, led by Tel Avivs 6.6 per
cent drop, Kievs fall of 6.4 per cent
and Manhattans 4.3 per cent
decline.
However Londons top property
prices rose 2.7 per cent in the
quarter, Dubais four per cent and
Jakartas 3.3 per cent.
Quarterly price growth averaged
only 0.6 per cent in 2011, and the
first three months of 2012 brought
little new momentum, said Knight
Franks Kate Everett Allen. The
Eurozones debt debacle remained
at the forefront of the global
economic agenda, several critical
elections were on the horizon, in
Russia, France and Greece, and
Asias highly-effective cooling
measures showed no sign of being
relaxed.
Over the 12 months to March,
Nairobi was the strongest
performer, with prices rising 24.2
per cent.
Jakartas prices rose 14.3 per cent
in the year, Miamis 13.9 per cent
and Londons 11.3 per cent.
Moscow and Singapores housing
markets are expected to join them
with rapid price growth through
the remainder of the year.
Britain avoids
global prime
property slip
BY TIM WALLACE
G
E
T
T
Y
ECONOMIC growth slowed across the
UK in April, according to survey data
out today, though London continued
to expand strongly.
The capitals solid growth pushed
up employment, Lloyds and Markits
purchasing managers index (PMI)
revealed, though the rate of jobs
growth stayed low in the rest of the
country.
London firms registered a PMI of
54.2 in April, down from 58.2 in
March but still firmly above the no
change level of 50.
New orders rose in London for the
20th consecutive month as demand
begins to pick up, leading to the first
rise in jobs for six months.
For England as a whole the PMI
slowed from 55.3 to 52.6, with the
West Midlands in the top spot, down
from 60 to 56.3, and the north east
still the only region reporting falling
output, with a PMI of 48.7, an
improvement on Marchs score of
48.1.
Strong manufacturing output
boosted employment in Yorkshire
and Humber, while the sector also
drove growth in the south west.
Indeed, private sector employment
Private sector
keeps growing
across England
BY TIM WALLACE
rose in seven of the nine English
regions, though the overall fall in
growth means the improvement in
jobs was only marginal.
Despite this short-term set back,
there are some positive figures for
firms to take into the summer
months, not least the continued
upturn in new business receipts and
the general resilience of private sector
labour market conditions, said Lloyds
TSBs John Maltby.
The latest data also showed signs of
a moderation in cost pressures
throughout the English regions,
which will give businesses extra
breathing space in their efforts to
improve efficiency, while also sup-
porting investment and job creation
in the long term.
Londons priciest properties are getting still more expensive
Londons economy outpaced the UKs
1997
35
40
45
50
55
60
65 PMI
50=nochange
All UK
2000 2003 2006 2009
London
BRITAINS management
consultants made as much money
in 2011 as they did in the peak
years before the financial crisis,
industry data showed today.
The industrys fee income grew
by just under five per cent in 2011
and the number of fee-earning
consultants increased by 10 per
cent according to a report from
the Management Consultancies
Association (MCA), which
estimates the industry is now
worth 9bn.
Fees from the private sector
rose 14 per cent in the year, up
from 12 per cent in 2010, as the
industry shifts away from public
sector work.
The manufacturing sector
Recovery in consultancies as
fee income hits pre-crisis high
BY TIM WALLACE
helped bolster the rise with a 21
per cent jump in fees.
The ratio of private sector to
public sector income now stands
at 80 to 20, the MCA said, with
more private growth expected in
coming years.
While most private sector
clients are not confident enough
to undertake major projects, they
are often developing their
capacities, processes and systems
so they are ready for an upturn
when it materialises, said the
MCAs Alan Leaman.
The UK consulting industry is
both resilient and agile. It looks
likely that the increased spending
on consultancy services in 2011
by the private sector was an early
sign of some improvement in
wider economic prospects.
MONDAY 14 MAY 2012
19
NEWS
cityam.com
TUC: Only workers reps can
rein in excessive bosses pay
MOVES to give shareholders
binding votes over executive pay
do not go far enough, the Trades
Union Congress (TUC) claimed
today.
The labour body believes that
workers should sit on
remuneration committees in
order to introduce a touch of the
real world to the process of
setting top pay.
Growing shareholder anger at
poor business performance has
seen pay reports voted down at
firms including Aviva and
Pendragon this year, with chief
executives like Avivas Andrew
Moss stepping down as a result.
The TUC welcomed last weeks
proposals in the Queens Speech to
make votes on pay binding, rather
than merely advisory, boosting
shareholder power over executives.
However, the TUC dismissed this
as insufficient, arguing that in the
nine years since shareholders were
granted advisory pay votes only 21
of thousands of reports have been
voted down.
As a result, it wants to raise the
bar so that pay reports can only be
passed with the backing of 75 per
cent of shareholders, thus giving
rebellions added bite.
BY TIM WALLACE
Persistent price rises dragging
down UK consumer spending
INFLATION has stopped falling,
remaining at an uncomfortably
high level in April, a business
index published today showed.
Consumers are still being hit
hard by soaring prices and
stagnant wages, which
undermines spending and so hits
economic growth, according to
the output and optimism indices
published by BDO.
The groups inflation index
dropped just 0.1 points in April to
102.9, well above the trend level of
100, which represents average
annual price rises of 2.7 per cent.
That indicates inflation is
unlikely to fall to the Bank of
Englands two per cent target by
the end of the year while earnings
continue to grow at just 1.6 per
cent per year.
As a result consumers will
remain squeezed for much longer
than officials estimated just a few
months ago.
Given the public sector
austerity measures required to
reduce deficits, policy makers
across the globe have reached for
unconventional monetary policy
tools to encourage growth, said
BDO partner Peter Hemington.
However, the UK has shown
stubbornly high inflation and our
findings suggest that business
people predict inflation will
continue above target
potentially a self fulfilling
prophecy.
Business confidence has been
hit hard by the ongoing loss of
consumption, BDO claimed in its
research.
Its optimism index, which
forecasts business performance
two quarters ahead, fell from 96.7
in March to 96.2 in April, firmly
below its trend level of 100.
The output index, which points
to business conditions in one
months time, rose 0.1 points to
95.8, just into positive territory
but also well below the 100 trend
level mark.
BY TIM WALLACE
BIG FOUR accountancy firm Deloitte
has joined the digital revolution and
will today launch a new division to
cater for clients seeking tech advice.
Deloitte Digital, a practice of over
800 employees globally with 100 staff
based in the UK, will provide
strategy, creative and
implementation advice across the
areas of mobile, web, social and
digital content solutions.
The practice will begin working
out of 11 studios across the US, UK,
Australia and India, including the
mobile agency Ubermind acquired
by Deloitte earlier this year, but the
firm said it planned to expand
aggressively over the coming year.
The move sees Deloitte consolidate
its existing operations, which
already serve major corporate clients
including John Lewis and Transport
for London.
Winners and losers will be
determined in the digital revolution.
Every one of our clients is impacted
regardless of industry and region,
commented Sam Roddick, head of
EMEA at Deloitte Digital.
John Lewis commercial director
Andrea ODonnell said: Our service
historically has been delivered in
shops. However, because of changes
in the way customers are spending
their time and money, our service is
increasingly enabled through
technology and delivered digitally.
Deloitte offers
tech advice in
new digi-arm
BY LAUREN DAVIDSON
G
E
T
T
Y
ALLY Financials Residential Capital
unit is nearing a bankruptcy filing,
sources familiar with the situation
said yesterday, in a move that could
help the US taxpayer-owned car
lender shed its troubled mortgage
business but also spur drawn-out
legal fights.
The board of ResCap was set to
meet late yesterday and a pre-
arranged bankruptcy filing, where
Ally has the support of some credi-
tors for its plan but not all, is expect-
ed to follow soon after, sources said.
Ally, the former lending arm of
General Motors, has been besieged in
the past few years by losses in its
Residential Capital mortgage unit,
which was once a major subprime
lender and profit engine.
Under the new plan, Fortress
Investment Group is expected to
make an opening bid of more than
$2bn (1.24bn), including debt, to
buy certain ResCap assets, while Ally
would buy the rest, in a bid to turn
all ResCap assets into cash.
Barclays on its own is arranging a
$1.45bn debtor-in-possession financ-
Ally Financials
ResCap is filing
for bankruptcy
BY HARRY BANKS
ing for operations during the bank-
ruptcy, sources have said. A big chunk
of that facility is expected to be sold
to investors by the time it is
announced.
Ally spokeswoman Gina Proia and
Fortress spokesman Gordon Runte
declined to comment. Barclays was
not immediately available for a com-
ment, but had earlier declined to
comment on the DIP loan.
A bankruptcy of ResCap would clear
the path for Ally, formerly known as
GMAC, to focus on its main auto lend-
ing business and to put together a
plan to pay back US taxpayers.
The US Treasury injected $17bn into
the lender during the financial crisis
and now owns nearly 74 per cent of
the company. Ally owes the govern-
ment about $12bn, counting divi-
dend payments by the lender and sale
of some securities by the Treasury.
The filing would come as pressure
increases on Ally to repay that money
and problems at ResCap become
increasingly unmanageable, sources
have said. The Obama administration
is trying to show recoveries from cri-
sis-era bailouts before the presiden-
tial election in November.
EDINBURGH enjoyed a surge in tourist spend over the past year, thanks to international
shoppers flocking to the Scottish capital, particularly from China, Russia and Brazil. Tax-
free shopping specialist Global Blue said tourist spending soared by 75 per cent in the
twelve months to March, thanks in part to increased investment in the city centre.
OVERSEAS BIG SPENDERS LURED TO EDINBURGH
MONDAY 14 MAY 2012
20
NEWS
cityam.com
MONDAY 14 MAY 2012
21
WALL STREET WEEK AHEAD
Rule Financial
Pauline Parker has joined the
provider of business and IT
services to investment banks as
head of its application managed
services division. She joins Rule
Financial from Temenos, the
banking software solutions firm,
where she served as a business
consultant. Parker has also
previously held the posts of
Midas solutions director at Misys Banking Solutions and
director of securities finance at SunGuard.
Helios Towers Africa
The telecoms towers company has appointed Kevin Koch as
chief operating officer. He joins from Millicom International
Cellular, the international mobile operator, where he has
worked in a number of senior roles, including chief
executive, Senegal and chief operating officer, Mauritius.
PRUPIM
The real estate fund management arm of M&G Investments,
itself the investment arm of Prudential, has appointed Scott
Girard to its UK board. Girard is chief executive and chief
investment officer of PRUPIMs Asian business and has
worked for the firm since 2006. His appointment to the
board reflects the growing importance of Asian real estate
to the company.
Quilter
The investment manager has announced that Scott Peebles
is joining its investment team in a newly created role.
Peebles has 26 years of experience in the Scottish financial
services sector, and most recently served as a private client
adviser with Close Asset Management.
Tertiary Minerals
Richard Clemmey has been appointed to the board as
operations director of the diversified mineral explorer. He
will be primarily responsible for Tertiarys Scandinavian
projects. Clemmey has been working as project manager
since he joined the firm in 2011.
Michelmores
The regional law firm, based in London, has appointed two
new board members. Nigel Hall joins as a non-executive
director. He was group financial director to the Arcadia
Group and has previously served as non-executive director
at Unite Group and Pinewood Shepperton. Colette Stevens
is promoted to the board as human resources director. She
joined Michelmores four years ago from Deloitte.
Stormharbour
The global markets and financial advisory firm has made
13 senior appointments. Its key hires include Per Mario
Floden and Darron Weinstein as co-heads of its real
estate group. Shehreyar Hameed has also joined as
managing director of Stormharbours Middle East and
North Africa business.
WHOS SWITCHING JOBS Edited by Tom Welsh
+44 (0)20 7092 0053
morganmckinley.com
SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT
Market awaits
more revolts
from investors
T
HIS week will see a string of
stormy annual meetings, which
will be closely watched for signs
that the shareholder spring is
taking hold. The market is also due
to digest some key earnings reports
on Thursday and Facebooks long-
awaited US float on Friday.
However, today looks set to be rela-
tively quiet on the corporate front,
with an interim management state-
ment from Travis Perkins, interim
results from miner Lonmin and a
trading update from Serco.
Tomorrow, F&C Asset Management
is expected to reveal the results of its
strategic review, including plans for
its retail business following an
attempt to refocus on institutional
clients.
G4S will release first quarter results,
while Babcock is set to reveal full year
figures. The Bank of England, mean-
while, will release its trade deficit fig-
ures for March.
Economic releases will be at the
forefront on Wednesday, as the Bank
of England releases its quarterly infla-
tion report and official unemploy-
ment statistics for the three months
to the end of April are out.
And gaming group 888 is on course
for a tempestuous AGM, after two
investor bodies issued warnings to
shareholders over executive pay plans.
There are also a string of results in
the financial sector: ICAP is due to
report its full year results, Close
Brothers releases an interim manage-
ment statement and Thomson
Reuters holds its annual meeting.
Xchanging will also update its
shareholders on its turnaround plans.
SSE is expected to reveal how much
delaying price rises hit its bottom
line, while Greggs will face its share-
holders over the cost of the coalitions
pasty tax plans. Oil explorer BG
Group and financier Arbuthnot also
have shareholder meetings scheduled.
Thursday is jam-packed with earn-
ings reports, from oil firms Vedanta,
Premier and Cairn, telecoms group
TalkTalk and pub chain Marstons.
Struggling media group Johnston
Press could give more details of its
cost-cutting plans in an interim state-
ment, while National Grid, Aviva and
Invensys will also update the market.
Cookson is on course for fireworks
at its AGM over its executive pay, and
Lloyds is also holdings its meeting.
Facebook is set to price its shares
ahead of a float on the Nasdaq on
Friday. The week is capped off by
results from Mitchells & Butlers and
the London Stock Exchange.
M
ORE volatility could be in store
for US stocks this week as
investors grapple with less
certainty about the US
economic outlook and a new blow to
the financial sector after JP Morgan
Chases trading loss.
Europe is expected to keep investors
jumpy as well, with inconclusive
results from the recent Greek election
and the country's future appearing
more worrisome.
The US economic picture appears
cloudy these days, with some data
showing a more positive trend and
other reports showing the opposite. An
index of consumer sentiment rose to
its highest in a more than four years,
but Aprils US jobs report showed
another monthly decline in hiring.
This week brings minutes from the
last Federal Reserve meeting, which
investors will look to for more guid-
ance on whether the central bank
plans to give additional help to the US
economy.
Stocks closed lower for a second
straight week on Friday after a week of
choppy trading. Strategists say that is
likely to be the case again in days to
come.
Expect more volatility. Were still
seeing this natural risk aversion. We
expect any source of bad news to trig-
ger a sell-off, but we're still not in a
red-alert area, said Omar Aguilar,
chief investment officer of equities for
Charles Schwab.
The good economy in the US is lead-
ing the way, with the Federal Reserve
being very accommodating.
News that JP Morgan Chase, the
largest US bank by assets, lost billions
of dollar on bad trades raised new wor-
ries that the financial sector was not
on the mend. The KBW bank index fell
1.2 per cent on Friday.
The S&P financial index has lost
ground since rallying 21.5 per cent in
the first quarter. The index is still up
13.6 per cent since the start of the
year.
Wall Street will on Wednesday scruti-
nise the minutes from the Feds late
April meeting.
At that 24-25 April meeting, the
FOMC repeated its expectation that
interest rates would not rise until late
2014 at the earliest, and it took no
action on monetary policy.
But Federal Reserve chairman Ben
Bernanke spurred stock market gains
when he told reporters on 25 April
that we remain entirely prepared to
take additional balance-sheet actions
as necessary to achieve our objectives.
Those tools remained very much on
the table and we would not hesitate to
use them, should the economy require
that additional support.
More focus may be on the Fed and
economic data this week, with the
first-quarter US earnings period nearly
done. Ninety per cent of S&P 500 com-
panies have already reported results.
Major retailers set to report earnings
this week include Home Depot, a Dow
component, and JC Penney, both
tomorrow; Limited Brands, parent of
Victorias Secret, and discount chain
Target on Wednesday; Wal-Mart
Stores, the worlds largest retailer and
a Dow component, is set to report
earnings on Thursday before the open-
ing bell.
The weeks mostly closely watched
economic indicators will include the
US Consumer Price Index and retail
sales, both for April, due tomorrow,
followed by April housing starts and
industrial output and capacity utilisa-
tion, all on Wednesday.
In Europe, problems with the Greek
elections have raised the risk of it exit-
ing the Eurozone.
I think earnings and valuations are
still very compelling. Unfortunately,
what were looking at on earnings and
valuations is going to be overshadowed
by the fact that weve got these global
issues we're dealing with: Greece and
France and their elections, and debt
issues and the possible breakup of the
euro, said Evan Nowack, managing
director at HighTowers Leventhal
Group.
Wall Street eyes latest Fed report
and fallout from JP Morgan trade
BESTof theBROKERS
Daily Mail and General Trust PLC
p
420.00
417.50
415.00
412.50
410.00
407.50
405.00
402.50
4May 8May 9May 10May 11May
416.30
11 May
DAILY MAIL & GENERAL TRUST
Peel Hunt has upgraded the media group from sell to hold and
has raised its target price slightly, from 409p to 412p. The broker
thinks DMGT could raise cash by selling or floating its Risk
Management Solutions business, which it values at between 518m
and 605m. While Peel Hunt still has concerns over the firms local
newspaper business Northcliffe, it thinks a sale is still possible.
FTSE
8May 9May 10May 11 May 4May
5,800
5,750
5,700
5,650
5,600
5,550
5,500
5,575.52
11May
DASHBOARD CITY
CITY MOVES
To appear in CITYMOVES please email your career updates and pictures to citymoves@cityam.com
LONDON
REPORT
in association with
YOUR ONE-STOP SHOP FOR JOB MOVES,
BROKER VIEWS AND MARKET REPORTS
cityam.com
AstraZeneca PLC
p
2,760
2,740
2,720
2,700
2,680
4May 8May 9May 10May 11May
2,708.00
11 May
ASTRAZENECA
UBS rates the pharma group buy and has raised its target price by 1
to 35. The broker has also added the firm to its key calls list as it
thinks recent management changes could prompt a new direction that
could unleash value for shareholders. UBS believes the firm could
expand globally by buying up low-cost medicines, and by acquiring
assets that protect its Crestor drug from profit erosion from generic
rivals. It also looks at the possibility that the firm is sold in its entirety.
Royal Bank of Scotland Group PLC
p
25.50
25.00
24.50
24.00
23.50
23.00
22.50
4May 8May 9May 10May 11May
22.96
11 May
ROYAL BANK OF SCOTLAND
Deutsche Bank rates the part-nationalised lender hold and has
lowered its target price from 30p to 28p, despite forecast-beating
results last week. The broker is concerned that RBSs Irish business
continues to suffer, with increasing charges from property loans
eating into group earnings. However, Deutsche is impressed by the
banks speedy deleveraging, which could provide some support for
its net interest margins.
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MONDAY 14 MAY 2012
23
MARKETS
cityam.com
LON GD ONCE FIX AM ..................................1580.75 -9.25
SILVERLDN FIX AM.........................................28.99 -0.24
MAPLE LEAF 1 OZ.............................................31.36 0.08
LON PLATINUM AM......................................1467.00 -29.00
LON PALLADIUM AM ....................................602.00 -13.00
ALUMINIUM CASH......................................2003.00 16.50
COPPER CASH.............................................8195.00 107.00
LEAD CASH.................................................2062.50 27.00
NICKEL CASH.............................................17130.00 105.00
TIN CASH.................................................20640.00 -185.00
ZINC CASH...................................................1943.50 8.50
BRENT SPOT INDEX........................................113.06 0.78
SOYA ...........................................................1452.25 24.50
COCOA........................................................2390.00 26.00
COFFEE..........................................................178.50 3.35
KRUG...........................................................1651.50 -8.20
WHEAT ..........................................................172.63 0.38
AIR LIQUIDE......................................................95.05 0.74 102.30 80.90
ALLIANZ ............................................................80.17 0.22 102.45 56.16
ANHEUS-BUSCHINBEV....................................56.05 0.60 57.51 33.85
ARCELORMITTAL ................................................12.56 -0.15 25.40 10.47
AXA ....................................................................9.73 -0.18 15.94 7.88
BANCO SANTANDER ...........................................4.87 -0.05 7.65 4.49
BASF SE ............................................................58.76 0.55 69.80 42.19
BAYER...............................................................53.05 0.56 59.23 35.36
BBVA ..................................................................5.24 -0.07 8.06 4.82
BMW.................................................................67.60 1.36 73.95 43.49
BNP PARIBAS....................................................28.67 -0.38 54.98 22.72
CARREFOUR......................................................14.36 -0.18 27.35 13.82
CRH PLC.............................................................14.53 0.09 16.93 10.28
DAIMLER...........................................................39.23 0.87 53.95 29.02
DANONE.............................................................53.13 1.47 54.96 41.92
DEUTSCHE BANK ................................................31.17 -0.07 43.50 20.79
DEUTSCHE BOERSE...........................................45.08 -0.35 57.68 35.65
DEUTSCHE TELEKOM...........................................8.90 0.10 11.33 7.88
E.ON..................................................................15.83 0.13 21.72 12.50
ENEL...................................................................2.50 0.02 4.82 2.34
ENI ....................................................................16.90 0.32 18.72 11.83
FRANCE TELECOM..............................................10.44 -0.12 15.96 9.86
GDF SUEZ ..........................................................17.00 -0.02 26.60 16.64
GENERALI ASS. ...................................................9.48 -0.10 15.98 9.19
IBERDROLA..........................................................3.51 -0.02 5.88 3.37
INDITEX............................................................68.68 0.94 74.73 52.20
ING GROEP CVA ..................................................5.22 -0.05 9.07 4.21
INTESA SANPAOLO ..............................................1.07 -0.02 2.03 0.85
KON.PHILIPS ELECTR.........................................14.80 0.13 20.75 12.01
L'OREAL.............................................................91.75 2.13 94.80 68.83
LVMH...............................................................123.35 0.95 136.80 94.16
MUNICHRE .....................................................105.60 0.00 118.35 77.80
NOKIA.................................................................2.52 0.05 6.15 2.34
REPSOL YPF ......................................................14.04 -0.17 24.35 12.98
RWE...................................................................31.81 0.14 44.09 21.15
SAINT-GOBAIN...................................................31.21 -0.02 47.34 26.07
SANOFI .............................................................56.08 0.42 59.56 42.85
SAP...................................................................48.87 0.86 54.85 32.88
SCHNEIDER ELECTRIC .......................................44.00 0.49 58.85 35.00
SIEMENS...........................................................68.27 0.56 96.90 62.13
SOCIETE GENERALE.............................................17.21 -0.30 43.48 14.32
TELECOM ITALIA..................................................0.83 -0.01 1.03 0.70
TELEFONICA ........................................................11.17 -0.15 17.14 10.57
TOTAL.................................................................35.14 -0.02 42.97 29.40
UNIBAIL-RODAMCO SE .....................................136.15 0.65 162.95 123.30
UNICREDIT...........................................................2.81 -0.03 11.24 2.20
UNILEVER CVA...................................................26.17 0.49 27.16 20.96
VINCI..................................................................35.17 0.07 45.23 28.46
VIVENDI.............................................................12.78 -0.27 19.14 12.02
VOLKSWAGEN VORZ ........................................137.40 3.00 152.20 86.40
Price Chg High Low
EU SHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . . . . . . . . 5575.52 31.57 0.57
FTSE 250 INDEX. . . . . . . . . . . . . . . . 11016.41 73.01 0.67
FTSE UK ALL SHARE . . . . . . . . . . . . 2897.79 16.29 0.57
FTSE AIM ALL SH. . . . . . . . . . . . . . . . 742.85 -1.18 -0.16
DOWJONES INDUS 30 . . . . . . . . . 12820.60 -34.44 -0.27
S&P 500. . . . . . . . . . . . . . . . . . . . . . 1353.39 -4.60 -0.34
NASDAQ COMPOSITE. . . . . . . . . . . . 2933.82 0.18 0.01
FTSEUROFIRST 300 . . . . . . . . . . . . . 1022.52 3.47 0.34
NIKKEI 225. . . . . . . . . . . . . . . . . . . . 8953.31 -56.34 -0.63
DAX 30 PERFORMANCE. . . . . . . . . . 6579.93 61.93 0.95
CAC 40. . . . . . . . . . . . . . . . . . . . . . . 3129.77 -0.40 -0.01
SHANGHAI SE INDEX . . . . . . . . . . . 2394.98 -15.25 -0.63
HANG SENG . . . . . . . . . . . . . . . . . 19964.63 -262.65 -1.30
S&P/ASX 20 INDEX . . . . . . . . . . . . . 2575.70 -6.40 -0.25
ASX ALL ORDINARIES. . . . . . . . . . . 4342.70 -11.10 -0.25
BOVESPA SAO PAOLO . . . . . . . . . . 59445.21 -256.84 -0.43
ISEQ OVERALL INDEX . . . . . . . . . . . . 3157.65 21.67 0.69
STRAITS TIMES. . . . . . . . . . . . . . . . . 2912.39 -19.59 -0.67
IGBM . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00 0.00 0.00
SWISS MARKET INDEX . . . . . . . . . . 5954.88 28.28 0.48
Price Chg %chg
3M....................................................................86.73 -0.40 98.19 68.63
ABBOTT LABS...................................................62.04 -0.18 63.20 46.29
ALCOA................................................................9.06 -0.04 17.62 8.45
ALTRIA GROUP..................................................31.79 0.06 32.62 23.20
AM INTL GRP.....................................................31.75 -0.39 35.05 19.18
AMAZON.COM.................................................227.68 0.99 246.71 166.97
AMERICAN EXPRESS ........................................59.64 0.22 61.42 41.30
APPLE .............................................................566.71 -3.81 644.00 310.50
AT&T .................................................................33.59 0.46 33.92 27.29
BANK OF AMERICA .............................................7.55 -0.15 12.43 4.92
BOEING CO........................................................73.56 -0.24 80.42 56.01
CATERPILLAR ...................................................95.50 0.06 116.95 67.54
CHEVRON .......................................................102.69 -0.67 112.28 86.68
CISCO SYSTEMS..................................................16.51 -0.31 21.30 13.30
CITIGROUP........................................................29.35 -1.30 44.53 21.40
COCA-COLA .......................................................77.47 0.06 77.82 63.34
COMCAST CLASS A............................................29.38 -0.25 30.88 19.19
CONOCOPHILLIPS..............................................53.50 -0.72 80.13 52.13
CVS/CAREMARK ...............................................45.32 -0.65 46.22 31.30
DU PONT(EI) DE NMR........................................51.57 -0.45 57.50 37.10
EXXON MOBIL....................................................83.10 0.26 87.94 63.47
GENERAL ELECTRIC............................................19.01 -0.08 21.00 14.02
GOOGLE A ......................................................605.23 -8.43 670.25 473.02
HEWLETT PACKARD...........................................23.15 -0.36 41.74 19.92
HOME DEPOT....................................................50.34 -0.28 52.88 28.13
IBM..................................................................201.17 0.57 210.69 157.13
INTEL CORP.......................................................27.63 0.39 29.27 19.16
J.P.MORGAN CHASE..........................................36.96 -3.78 46.49 27.85
JOHNSON & JOHNSON.....................................64.34 -0.23 68.05 55.76
KRAFT FOODS A ...............................................39.04 -0.02 39.99 24.30
MC DONALD'S CORP..........................................91.90 0.03 102.22 79.11
MERCK AND CO. NEW.......................................38.03 -0.36 39.50 29.47
MICROSOFT ........................................................31.16 0.42 32.95 23.65
OCCID. PETROLEUM...........................................83.76 -1.26 109.08 66.36
ORACLE CORP...................................................27.00 -0.02 35.92 24.72
PEPSICO...........................................................66.80 0.01 71.89 58.50
PFIZER..............................................................22.65 -0.18 23.30 16.63
PHILIP MORRIS INTL..........................................86.15 -0.01 91.05 60.45
PROCTER AND GAMBLE....................................63.68 -0.46 67.95 56.57
QUALCOMM INC.................................................61.86 -0.62 68.87 45.98
SCHLUMBERGER ..............................................68.80 -0.64 95.53 54.79
TRAVELERS CIES...............................................64.62 -0.02 65.27 45.97
UNITED TECHNOLOGIE........................................77.18 -0.11 91.83 66.87
UNITEDHEALTH GROUP....................................55.20 -0.09 59.71 41.27
US BANCORP DELAWRE ....................................32.21 0.30 32.98 20.10
VERIZON COMMS ...............................................41.16 0.61 41.43 32.28
VISA CL A .........................................................117.92 -0.25 125.35 73.11
WAL-MART STORES..........................................59.42 0.23 62.63 48.31
WALT DISNEY CO..............................................45.56 0.28 45.80 28.19
WELLS FARGO & CO...........................................33.31 0.12 34.59 22.58
COMMODITIES CREDIT & RATES
BoE IR Overnight.........................................0.500 0.00
BoE IR 7 days..............................................0.500 0.00
BoE IR 1 month...........................................0.500 0.00
BoE IR 3 months.........................................0.500 0.00
BoE IR 6 months ........................................0.500 0.00
LIBOR Euro - overnight................................0.253 0.00
LIBOR Euro - 12 months................................1.262 0.00
LIBOR USD - overnight.................................0.149 0.00
LIBOR USD - 12 months ................................1.055 0.00
Halifax mortgage rate ................................3.990 -0.02
Euro Base Rate.............................................1.500 0.00
Finance house base rate..............................1.500 0.00
US Fed funds ...............................................0.250 0.00
US long bond yield ......................................3.010 -0.06
European repo rate......................................0.134 0.00
Euro Euribor .................................................0.317 0.00
The vix index................................................19.89 1.06
The baltic dry index....................................1138.0 -8.00
Markit iBoxx...............................................244.67 -0.45
Markit iTraxx...............................................158.45 1.66
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
US SHARES
BAE Systems . . . . . . . . .279.3 1.0 340.8 248.1
Chemring Group . . . . . .338.2 1.9 677.0 316.9
Cobham . . . . . . . . . . . .220.3 4.5 239.5 165.9
Meggitt . . . . . . . . . . . . .397.5 7.0 413.5 304.9
QinetiQ Group . . . . . . . .145.3 -1.7 159.3 101.5
Rolls-Royce Holdi . . . . .842.0 2.5 859.0 557.5
Senior . . . . . . . . . . . . . . .211.3 3.0 213.0 135.6
Ultra Electronics . . . . .1650.0 17.0 1780.0 1305.0
GKN . . . . . . . . . . . . . . . .192.8 4.2 245.0 157.0
Barclays . . . . . . . . . . . .202.8 -6.0 278.1 138.9
HSBC Holdings . . . . . . .554.2 -2.3 648.0 463.5
Lloyds Banking Gr . . . . . .31.1 -0.1 55.0 21.8
Royal Bank of Sco . . . . . .23.0 -0.1 42.9 17.3
Standard Chartere . . . .1368.0 -9.0 1672.0 1169.5
AG Barr . . . . . . . . . . . . .1125.0 8.0 1395.0 1031.0
Britvic . . . . . . . . . . . . . .365.6 6.0 444.0 289.9
Diageo . . . . . . . . . . . . .1563.5 28.5 1614.5 1112.0
SABMiller . . . . . . . . . . .2526.0 44.5 2660.0 1979.0
AZ Electronic Mat . . . . .300.0 0.0 338.1 206.1
Croda Internation . . . .2149.0 16.0 2282.0 1597.0
Elementis . . . . . . . . . . .201.2 5.8 208.1 107.5
Johnson Matthey . . . .2270.0 27.0 2408.0 1523.0
Victrex . . . . . . . . . . . . .1366.0 31.0 1590.0 1025.0
Yule Catto & Co . . . . . . .224.1 6.1 253.0 148.0
/$ 1.2921 0.0010
/ 0.8041 0.0025
/ 103.27 0.0310
/ 1.2436 0.0038
/$ 1.6069 0.0069
/ 128.42 0.4335
FTSE 100
5575.52
31.57
FTSE 250
11016.41
73.01
FTSE ALL SHARE
2897.79
16.29
DOW
12820.60
34.44
NASDAQ
2933.82
0.18
S&P500
1353.39
4.60
Brown (N.) Group . . . . .238.0 0.0 299.3 222.4
Carpetright . . . . . . . . . .625.5 7.5 741.0 375.0
Debenhams . . . . . . . . . .80.8 3.9 85.5 51.2
Dignity . . . . . . . . . . . . .855.0 11.0 866.0 727.0
Dixons Retail . . . . . . . . . .17.0 -1.2 19.9 9.4
DunelmGroup . . . . . . . .514.0 6.0 533.0 389.0
Halfords Group . . . . . . .283.1 6.8 405.9 268.6
Home Retail Group . . . . .81.3 2.9 227.6 72.5
Inchcape . . . . . . . . . . . .358.6 4.5 425.4 268.1
JD Sports Fashion . . . . .766.0 -15.5 1030.0 570.0
Kesa Electricals . . . . . . . . .57.1 1.1 151.4 52.1
Kingsher . . . . . . . . . . .289.8 4.0 313.8 217.0
Marks & Spencer G . . . .360.0 12.1 402.2 301.8
Next . . . . . . . . . . . . . .3000.0 47.0 3060.0 2153.0
Sports Direct Int . . . . . .310.0 7.0 315.6 190.0
WHSmith . . . . . . . . . . .531.5 1.5 559.0 451.6
Smith & Nephew . . . . .606.5 -6.5 694.0 521.0
Synergy Health . . . . . . .812.0 8.5 981.0 793.5
Barratt Developme . . . .130.2 3.8 151.5 67.5
Bellway . . . . . . . . . . . . .733.5 4.5 859.5 540.5
Berkeley Group Ho . . .1245.0 24.0 1414.0 1025.0
Bovis Homes Group . . .464.7 8.5 518.5 326.5
Persimmon . . . . . . . . . .594.5 4.5 706.5 374.0
Balfour Beatty . . . . . . . .268.1 -1.8 330.4 214.6
CRH . . . . . . . . . . . . . . . .1164.0 4.0 1618.5 1053.0
Galliford Try . . . . . . . . .620.0 11.5 653.0 383.8
Kier Group . . . . . . . . . .1173.0 17.0 1489.0 1095.0
Drax Group . . . . . . . . . . .571.5 5.0 581.5 444.5
SSE . . . . . . . . . . . . . . . .1343.0 22.0 1423.0 1193.0
Domino Printing S . . . .576.0 4.0 701.5 434.3
Halma . . . . . . . . . . . . . .396.1 5.1 429.6 306.3
Laird . . . . . . . . . . . . . . . .187.3 0.5 222.0 128.5
Morgan Crucible C . . . . .289.7 4.0 360.0 224.0
Oxford Instrument . . . .1171.0 6.0 1285.0 714.0
Renishaw . . . . . . . . . .1390.0 26.0 1886.0 800.0
Spectris . . . . . . . . . . . .1796.0 12.0 1902.0 1039.0
Aberforth Smaller . . . .625.0 10.0 714.0 494.0
Alliance Trust . . . . . . . . .351.0 2.5 392.7 310.2
Bankers Inv Trust . . . . .408.8 2.1 433.8 346.5
BH Global Ltd. GB . . . . .1185.0 0.0 1212.0 1085.0
BH Global Ltd. US . . . . . . .11.9 0.1 12.2 10.6
BH Macro Ltd. EUR . . . . . .19.7 0.1 20.2 16.6
BH Macro Ltd. GBP . . .2055.0 3.0 2078.0 1703.0
BH Macro Ltd. USD . . . . . .19.6 0.2 20.2 16.6
BlackRock World M . . .606.0 -4.5 782.0 574.5
BlueCrest AllBlue . . . . . .162.5 0.6 175.5 160.5
British Assets Tr . . . . . . .120.5 0.6 138.0 109.0
British Empire Se . . . . . .411.2 1.2 533.0 404.0
Caledonia Investm . . .1365.0 23.0 1780.0 1336.0
City of London In . . . . .288.9 2.8 306.9 257.0
Dexion Absolute L . . . . .137.5 0.5 148.4 130.0
Edinburgh Dragon . . . .231.8 -1.0 253.1 201.4
Edinburgh Inv Tru . . . .483.0 4.0 504.0 422.5
Electra Private E . . . . .1700.0 11.0 1745.0 1287.0
Fidelity China Sp . . . . . . .77.6 -0.2 108.2 70.0
Fidelity European . . . .1044.0 5.0 1280.0 912.0
Foreign and Colon . . . .298.0 1.4 327.9 261.5
Herald Inv Trust . . . . . .499.9 5.0 545.5 419.0
HICL Infrastructu . . . . . .119.5 -0.1 123.6 112.7
John Laing Infras . . . . .106.9 0.6 110.6 103.8
JPMorgan American . .902.0 8.5 965.5 721.5
JPMorgan Asian In . . . .185.0 1.4 243.9 170.1
JPMorgan Emerging . . .527.5 2.5 610.5 480.1
JPMorgan Indian I . . . .320.0 -0.6 437.0 313.1
JPMorgan Russian . . . .498.0 -4.0 689.0 415.1
LawDebenture Cor . . . .373.0 2.5 398.7 323.0
Mercantile Invest . . . . .983.0 13.0 1102.0 823.0
Merchants Trust . . . . . .368.5 5.1 431.8 341.5
Monks Inv Trust . . . . . . .326.7 3.7 357.4 298.1
Murray Income Tru . . . .639.5 4.5 674.0 568.0
Murray Internatio . . . . .941.5 9.5 1012.0 818.5
NB Global Floatin . . . . . .99.9 0.1 103.0 92.5
Perpetual Income . . . .263.2 1.4 276.0 236.5
Personal Assets T . . .33850.0 350.0 35350.031750.0
Polar Capital Tec . . . . . .376.7 0.2 404.0 299.5
RIT Capital Partn . . . . . .1141.0 31.0 1360.0 1096.0
Scottish Inv Trus . . . . . .459.0 2.6 524.0 417.0
Scottish Mortgage . . . . .671.0 9.5 781.0 565.0
SVG Capital . . . . . . . . . .267.6 6.6 295.5 165.1
Temple Bar Inv Tr . . . . .909.0 13.0 970.0 791.0
Templeton Emergin . . .543.0 -2.0 678.5 497.0
TRProperty Inv T . . . . . .151.2 4.5 206.1 136.2
TRProperty Inv T . . . . . .65.0 1.7 94.0 59.8
Witan Inv Trust . . . . . . .461.5 3.0 533.0 401.5
3i Group . . . . . . . . . . . . .189.9 1.2 294.1 166.9
3i Infrastructure . . . . . . .124.6 0.6 128.0 115.6
Aberdeen Asset Ma . . . .261.0 -1.9 283.8 167.8
Ashmore Group . . . . . . .356.1 -4.2 420.0 306.4
Brewin Dolphin Ho . . . .157.9 0.2 177.0 113.7
Camellia . . . . . . . . . . .9800.0 -50.0 10950.0 8800.0
Charles Taylor Co . . . . . .145.0 -3.0 160.0 115.6
City of London Gr . . . . . .72.0 0.0 87.0 61.3
City of London In . . . . . .367.3 4.3 440.0 304.3
Close Brothers Gr . . . . .709.0 3.5 812.0 590.0
F&C Asset Managem . . .65.9 -0.6 81.7 56.1
Hargreaves Lansdo . . .509.5 -6.5 640.0 402.5
Helphire Group . . . . . . . . .1.5 0.0 4.8 1.4
Henderson Group . . . . .106.0 1.2 163.7 95.1
Highway Capital . . . . . . .14.5 0.0 21.0 8.0
ICAP . . . . . . . . . . . . . . . .349.6 2.5 498.8 311.6
IG Group Holdings . . . .455.5 5.2 502.5 393.6
Intermediate Capi . . . .246.5 0.6 345.0 197.9
International Per . . . . . .241.0 -0.3 388.8 148.5
International Pub . . . . . .117.9 -0.1 121.7 112.7
Investec . . . . . . . . . . . .344.6 -0.2 522.0 318.4
IP Group . . . . . . . . . . . . .141.5 -1.5 151.0 36.0
Jupiter Fund Mana . . . . .211.0 1.0 296.4 184.9
Liontrust Asset M . . . . .106.0 -1.0 125.0 57.9
LMS Capital . . . . . . . . . . .60.0 0.0 64.8 54.0
London Finance & . . . . .19.5 0.0 23.5 18.0
London Stock Exch . . .1028.0 -6.0 1093.0 756.5
Lonrho . . . . . . . . . . . . . . .10.0 0.1 19.8 8.9
Man Group . . . . . . . . . . . .87.9 2.0 259.6 82.5
Paragon Group Of . . . .170.5 4.8 206.1 134.6
Provident Financi . . . .1166.0 1.0 1204.0 915.0
Rathbone Brothers . . .1245.0 -1.0 1351.0 977.0
Record . . . . . . . . . . . . . . .18.1 0.0 35.5 9.8
RSM Tenon Group . . . . . . .6.0 -0.2 31.5 5.6
Schroders . . . . . . . . . . .1322.0 8.0 1702.0 1183.0
Schroders (Non-Vo . . .1065.0 13.0 1397.0 970.0
Tullett Prebon . . . . . . . .302.2 -6.4 393.0 262.3
Walker Crips Grou . . . . . .45.5 0.0 51.5 40.0
BT Group . . . . . . . . . . . .209.7 -1.8 232.1 161.0
Cable & Wireless . . . . . . .31.4 0.1 48.9 30.1
Cable & Wireless . . . . . .34.5 0.3 55.0 14.2
COLT Group SA . . . . . . . .114.0 -2.9 149.5 84.1
KCOM Group . . . . . . . . . . .71.5 2.5 84.0 62.0
TalkTalk Telecom . . . . . .132.8 3.6 150.0 118.9
TelecomPlus . . . . . . . . .703.0 8.0 802.0 472.0
Booker Group . . . . . . . . .77.4 1.7 85.3 63.6
Greggs . . . . . . . . . . . . . .487.0 -0.7 558.0 445.0
Morrison (Wm) Sup . . .281.0 4.6 328.0 274.8
Ocado Group . . . . . . . . .118.0 0.0 228.2 52.9
Sainsbury (J) . . . . . . . . .315.4 6.0 362.8 263.5
Tesco . . . . . . . . . . . . . . .323.8 3.6 420.1 310.5
Associated Britis . . . . .1228.0 32.0 1242.0 977.0
Cranswick . . . . . . . . . . .818.0 4.0 841.0 588.5
Dairy Crest Group . . . . .308.0 -1.0 408.0 290.4
Devro . . . . . . . . . . . . . . .293.7 3.7 332.2 232.0
Tate & Lyle . . . . . . . . . . .701.5 8.0 720.5 544.5
Unilever . . . . . . . . . . . .2102.0 38.0 2189.0 1892.0
Mondi . . . . . . . . . . . . . .536.5 6.5 664.0 413.5
Centrica . . . . . . . . . . . . .317.4 7.2 330.3 278.8
International Pow . . . . .419.0 1.3 419.0 279.4
National Grid . . . . . . . .682.5 12.5 684.0 569.0
Pennon Group . . . . . . .746.0 13.5 751.0 623.5
Severn Trent . . . . . . . .1693.0 51.0 1720.0 1375.0
United Utilities . . . . . .642.0 12.0 644.1 560.0
Cookson Group . . . . . . .658.0 -6.0 747.5 395.8
Rexam. . . . . . . . . . . . . .403.7 3.3 438.0 299.8
RPC Group . . . . . . . . . . .359.6 7.2 393.2 300.5
Smith (DS) . . . . . . . . . . .154.0 0.4 183.7 113.3
Smiths Group . . . . . . .1045.0 11.0 1250.0 869.5
Price Chg High Low
Reckitt Benckiser . . . .3450.0 10.0 3660.0 3100.0
Redrow . . . . . . . . . . . . .124.0 2.8 126.0 90.2
Taylor Wimpey . . . . . . . .46.4 0.4 52.8 28.7
Bodycote . . . . . . . . . . .406.6 8.7 437.1 225.6
Fenner . . . . . . . . . . . . . .423.7 -1.1 483.7 280.0
IMI . . . . . . . . . . . . . . . . .920.0 -2.0 1119.0 636.5
Melrose . . . . . . . . . . . . .420.0 3.5 441.6 268.0
Northgate . . . . . . . . . . .202.0 8.7 338.0 190.0
Rotork . . . . . . . . . . . . .2080.0 -5.0 2260.0 1501.0
Spirax-Sarco Engi . . . .2175.0 1.0 2334.0 1649.0
Weir Group . . . . . . . . .1553.0 -7.0 2236.0 1375.0
Evraz . . . . . . . . . . . . . . .337.4 -9.6 460.5 315.0
Ferrexpo . . . . . . . . . . . .252.8 -8.7 495.3 238.7
Talvivaara Mining . . . . .165.8 1.8 488.2 157.0
BBA Aviation . . . . . . . .200.0 -0.6 223.4 156.0
Stobart Group Ltd . . . . .121.6 3.1 149.5 112.0
Admiral Group . . . . . . .1145.0 -3.0 1754.0 787.0
Amlin . . . . . . . . . . . . . . .323.8 1.7 426.4 270.6
Beazley . . . . . . . . . . . . .142.9 1.5 151.8 109.6
Catlin Group Ltd. . . . . . .421.5 2.9 449.0 337.0
Hiscox Ltd. . . . . . . . . . . .382.2 1.1 424.7 340.5
ITV . . . . . . . . . . . . . . . . . .84.2 1.8 89.9 51.7
Johnston Press . . . . . . . . .6.1 0.1 8.0 4.1
MecomGroup . . . . . . . .152.0 -2.3 283.5 134.5
Moneysupermarket. . . .126.5 0.5 135.9 93.4
Pearson . . . . . . . . . . . .1167.0 4.0 1255.0 1038.0
PerformGroup . . . . . . .310.0 10.0 318.1 150.0
Reed Elsevier . . . . . . . .508.5 -2.5 578.0 461.3
Rightmove . . . . . . . . .1498.0 -1.0 1600.0 1036.0
STV Group . . . . . . . . . . .106.5 -3.5 160.0 76.3
Tarsus Group . . . . . . . . .154.5 -0.5 165.0 119.5
Trinity Mirror . . . . . . . . . .34.0 0.3 54.3 30.3
UBM . . . . . . . . . . . . . . . .572.5 2.0 641.5 416.0
UTVMedia . . . . . . . . . . .138.5 3.5 159.5 92.5
Wilmington Group . . . . .95.0 0.0 150.0 78.5
WPP . . . . . . . . . . . . . . .823.0 10.0 880.0 578.0
Yell Group . . . . . . . . . . . . .3.5 0.0 11.0 3.3
African Barrick G . . . . . .348.9 0.3 616.5 339.3
Anglo American . . . . .2187.0 1.0 3181.0 2124.0
Anglo Pacic Gro . . . . .290.3 7.5 340.0 237.9
Antofagasta . . . . . . . .1040.0 -7.0 1491.0 900.5
Aquarius Platinum . . . .108.4 -0.8 343.0 105.6
Avocet Mining . . . . . . . .154.4 -0.1 286.8 149.7
BHP Billiton . . . . . . . . .1864.0 -7.5 2521.5 1667.0
Bumi . . . . . . . . . . . . . . .421.2 -41.4 1158.0 421.2
Centamin (DI) . . . . . . . . .65.5 1.4 141.5 60.7
Jardine Lloyd Tho . . . . .694.0 -0.5 764.5 576.0
Lancashire Holdin . . . . .757.5 -3.0 825.0 620.0
RSA Insurance Gro . . . . .103.7 0.2 138.6 99.6
Aviva . . . . . . . . . . . . . . .301.6 -1.2 446.3 275.3
Legal & General G . . . . . .113.5 0.1 135.0 89.8
Old Mutual . . . . . . . . . . .152.4 2.7 188.1 112.1
Phoenix Group Hol . . . .489.3 -0.7 688.0 451.1
Prudential . . . . . . . . . . .726.0 4.0 797.5 509.0
Resolution Ltd. . . . . . . .213.7 1.0 316.1 210.4
St James's Place . . . . . .322.0 -2.5 376.0 294.0
Standard Life . . . . . . . . .213.6 2.5 250.7 172.0
4Imprint Group . . . . . .290.0 0.0 312.5 200.0
Aegis Group . . . . . . . . . .169.2 3.1 187.4 115.7
Bloomsbury Publis . . . .110.0 1.0 135.5 91.3
British Sky Broad . . . . .693.5 1.5 850.0 618.5
Centaur Media . . . . . . . .34.5 0.0 56.3 30.5
Chime Communicati . . .168.0 -1.3 298.5 163.0
Creston . . . . . . . . . . . . . .68.0 1.0 121.0 47.0
Daily Mail and Ge . . . . .416.3 3.9 505.5 343.4
Euromoney Institu . . . .765.0 8.5 828.0 522.5
Future . . . . . . . . . . . . . . . .11.3 0.0 19.0 8.3
Haynes Publishing . . . .190.0 0.0 255.0 190.0
Huntsworth . . . . . . . . . .44.0 -1.3 76.3 32.3
Informa . . . . . . . . . . . . .402.6 3.0 451.0 313.9
ITE Group . . . . . . . . . . . .217.2 5.1 254.9 157.7
Eurasian Natural . . . . . .516.5 -20.5 855.5 506.5
Fresnillo . . . . . . . . . . . .1417.0 0.0 2150.0 1302.0
GemDiamonds Ltd. . . .240.8 1.2 310.6 179.8
Glencore Internat . . . . .386.1 -10.4 531.1 348.0
Hochschild Mining . . . . .431.3 -2.9 549.5 365.9
Kazakhmys . . . . . . . . . .764.0 -12.0 1405.0 730.0
Kenmare Resources . . . .47.0 0.5 61.5 31.0
Lonmin . . . . . . . . . . . . .900.5 -47.5 1600.0 896.0
NewWorld Resourc . . .360.9 -1.9 1060.0 338.4
Petra Diamonds Lt . . . .143.4 -6.6 188.2 97.0
Petropavlovsk . . . . . . . .431.0 -5.2 913.0 414.6
Polymetal Interna . . . .805.5 -11.0 1175.0 767.5
Randgold Resource . . .4851.0 18.0 7565.0 4580.0
Rio Tinto . . . . . . . . . . .3142.0 -7.5 4595.0 2712.5
Vedanta Resources . . .1089.0 -29.0 2169.0 928.0
Xstrata . . . . . . . . . . . . .1052.0 -36.0 1425.5 764.0
Inmarsat . . . . . . . . . . . .447.2 -11.0 618.5 389.3
Vodafone Group . . . . . .172.0 0.8 182.7 155.1
Genesis Emerging . . . .494.5 -0.5 543.5 424.0
Afren . . . . . . . . . . . . . . . .121.5 1.4 171.0 73.6
BG Group . . . . . . . . . . .1336.5 3.0 1547.0 1144.0
BP . . . . . . . . . . . . . . . . . .415.1 4.6 504.6 363.2
Cairn Energy . . . . . . . . .310.2 -4.1 501.4 291.9
EnQuest . . . . . . . . . . . . .125.5 -0.6 135.2 85.7
Essar Energy . . . . . . . . .131.9 2.3 455.9 101.6
Exillon Energy . . . . . . . . .117.2 -1.9 455.0 114.0
Heritage Oil . . . . . . . . . .133.5 -2.2 262.1 127.8
Ophir Energy . . . . . . . .536.0 3.5 586.0 184.5
Premier Oil . . . . . . . . . .345.3 -0.1 485.0 310.0
Royal Dutch Shell . . . .2067.0 16.5 2402.0 1883.5
Royal Dutch Shell . . . .2132.0 9.5 2489.0 1890.5
Ruspetro . . . . . . . . . . . .168.0 1.8 230.0 125.0
Salamander Energy . . . .171.9 -1.1 235.8 148.0
Soco Internationa . . . . .266.9 -0.1 397.5 262.5
TullowOil . . . . . . . . . . .1463.0 -13.0 1601.0 945.5
Amec . . . . . . . . . . . . . .1036.0 -1.0 1187.0 740.5
Hunting . . . . . . . . . . . . .816.5 13.5 968.0 530.0
Kentz Corporation . . . .400.8 1.7 508.0 375.0
Lamprell . . . . . . . . . . . . .312.1 0.2 395.2 220.7
Petrofac Ltd. . . . . . . . .1595.0 -23.0 1772.0 1108.0
Wood Group (John) . . .772.5 -3.5 798.0 469.9
Burberry Group . . . . . .1467.0 26.0 1600.0 1092.0
PZ Cussons . . . . . . . . . . .340.1 13.0 387.9 285.0
Supergroup . . . . . . . . . .330.6 -2.4 1219.0 307.0
AstraZeneca . . . . . . . .2708.0 30.5 3194.0 2543.5
BTG . . . . . . . . . . . . . . . . .372.7 3.6 387.7 236.8
Genus . . . . . . . . . . . . .1309.0 23.0 1457.0 853.5
GlaxoSmithKline . . . . .1424.5 18.5 1497.0 1205.0
Hikma Pharmaceuti . . .635.5 13.5 869.0 555.5
Shire Plc . . . . . . . . . . .2048.0 58.0 2300.0 1818.0
Capital & Countie . . . . . .197.5 1.4 203.7 158.1
Daejan Holdings . . . . .3100.0 0.0 3300.0 2282.0
F&C Commercial Pr . . . .103.7 0.7 107.9 92.6
Grainger . . . . . . . . . . . . .98.2 1.2 133.2 77.3
London & Stamford . . . .110.0 0.5 140.0 103.9
Savills . . . . . . . . . . . . . .342.0 5.0 427.1 256.2
UK Commercial Pro . . . . .71.9 0.6 85.5 65.1
Big Yellow Group . . . . .300.0 2.0 344.4 218.0
British Land Co . . . . . . .506.0 14.1 629.5 444.0
Capital Shopping . . . . .319.4 5.9 408.6 288.7
Derwent London . . . . .1784.0 42.0 1880.0 1400.0
Great Portland Es . . . . .374.7 7.7 445.0 312.9
Hammerson . . . . . . . . .429.8 13.3 490.9 345.2
Hansteen Holdings . . . . .72.3 0.7 89.5 68.0
Land Securities G . . . . . .751.0 16.5 885.0 612.0
SEGRO . . . . . . . . . . . . . .221.0 4.9 326.1 195.0
Shaftesbury . . . . . . . . .526.0 11.5 539.0 441.2
Aveva Group . . . . . . . .1600.0 1.0 1799.0 1298.0
Computacenter . . . . . . .395.1 8.1 490.0 324.7
Fidessa Group . . . . . . .1523.0 23.0 2109.0 1444.0
Invensys . . . . . . . . . . . .202.5 2.5 333.9 180.9
Logica . . . . . . . . . . . . . . .74.0 0.1 144.8 59.0
Micro Focus Inter . . . . .468.9 9.8 476.7 242.9
Misys . . . . . . . . . . . . . . .347.0 -1.7 420.2 214.9
Sage Group . . . . . . . . . .261.7 -4.3 312.4 231.7
SDL . . . . . . . . . . . . . . . .700.0 22.5 756.0 586.0
Telecity Group . . . . . . .800.5 34.5 816.0 450.5
Aggreko . . . . . . . . . . .2203.0 32.0 2316.0 1522.0
Ashtead Group . . . . . . .233.4 5.7 271.1 99.4
Atkins (WS) . . . . . . . . .690.0 12.5 820.0 490.2
Babcock Internati . . . . .793.5 -12.5 851.0 570.5
Berendsen . . . . . . . . . .482.9 6.8 568.0 402.7
Bunzl . . . . . . . . . . . . . .1022.0 19.0 1063.0 676.5
Cape . . . . . . . . . . . . . . . .361.0 7.6 591.5 295.0
Capita . . . . . . . . . . . . . . .651.5 -3.0 767.0 611.5
Carillion . . . . . . . . . . . . .292.2 -4.8 403.2 264.6
De La Rue . . . . . . . . . . .992.5 9.0 1001.0 730.0
Diploma . . . . . . . . . . . .458.6 9.4 460.5 284.0
Electrocomponents . . .220.5 2.9 294.9 182.2
Experian . . . . . . . . . . . .928.5 18.5 998.0 665.0
Filtrona PLC . . . . . . . . . .468.7 9.2 484.5 296.3
G4S . . . . . . . . . . . . . . . . .267.2 0.8 292.1 219.9
Hays . . . . . . . . . . . . . . . .79.7 -0.3 116.0 58.9
Homeserve . . . . . . . . . .248.4 3.1 531.5 214.7
Howden Joinery Gr . . . .119.7 2.1 130.8 93.1
Interserve . . . . . . . . . . .283.0 2.1 341.3 270.1
Intertek Group . . . . . .2472.0 32.0 2605.0 1744.0
Michael Page Inte . . . . .375.7 0.3 552.5 323.0
Mitie Group . . . . . . . . . .288.9 3.2 296.7 208.0
PayPoint . . . . . . . . . . . .638.0 -10.0 670.0 451.0
Premier Farnell . . . . . . .194.0 -1.0 301.0 144.5
Regus . . . . . . . . . . . . . . .99.4 0.6 117.5 64.0
Rentokil Initial . . . . . . . .83.5 0.6 100.9 58.2
RPS Group . . . . . . . . . . .214.3 -0.3 253.0 156.6
Serco Group . . . . . . . . .550.5 1.0 597.5 458.0
Shanks Group . . . . . . . . .88.7 1.5 130.9 87.0
SIG . . . . . . . . . . . . . . . . . .99.3 1.8 153.5 77.0
Travis Perkins . . . . . . . .992.0 12.0 1125.0 715.0
Wolseley . . . . . . . . . . .2284.0 38.0 2558.0 1404.0
ARM Holdings . . . . . . . .507.0 -0.5 645.0 464.0
CSR . . . . . . . . . . . . . . . .224.0 1.2 377.5 154.1
Imagination Techn . . . .616.5 -15.5 717.0 296.9
Spirent Communica . . .164.2 1.7 174.0 105.8
British American . . . . .3135.0 43.0 3248.5 2592.0
Imperial Tobacco . . . .2543.0 46.0 2591.0 1974.0
Betfair Group . . . . . . . .790.0 0.0 901.0 567.0
Bwin.party Digita . . . . .145.5 1.5 174.0 100.6
Carnival . . . . . . . . . . .2002.0 40.0 2642.0 1742.0
Compass Group . . . . . .642.5 7.5 671.0 512.5
Domino's Pizza UK . . . .433.7 4.9 526.0 377.0
easyJet . . . . . . . . . . . . .534.0 11.5 536.5 302.5
FirstGroup . . . . . . . . . . . .210.1 3.4 370.2 190.0
Go-Ahead Group . . . . .1145.0 12.0 1598.0 1094.0
Greene King . . . . . . . . .494.5 -3.1 527.5 410.0
InterContinental . . . . .1505.0 19.0 1532.0 955.0
International Con . . . . .165.4 2.4 258.7 132.0
Ladbrokes . . . . . . . . . . .172.9 1.1 181.4 114.0
Marston's . . . . . . . . . . . .98.0 0.6 112.0 84.6
Millennium& Copt . . . .491.4 -2.4 532.5 371.2
Mitchells & Butle . . . . . .259.0 5.3 336.8 215.6
National Express . . . . .215.6 2.7 270.2 201.6
Rank Group . . . . . . . . . .116.7 1.4 153.7 109.5
Restaurant Group . . . . . .277.1 3.4 314.6 254.9
Spirit Pub Compan . . . . .54.5 -0.3 62.8 35.3
Stagecoach Group . . . .245.4 -1.3 287.4 220.0
TUI Travel . . . . . . . . . . . .185.4 1.2 250.0 136.7
Wetherspoon (J.D. . . . .379.9 2.1 468.2 375.3
Whitbread . . . . . . . . . .1938.0 14.0 2006.0 1409.0
WilliamHill . . . . . . . . . .270.0 5.6 281.7 183.3
Abcam. . . . . . . . . . . . . .380.5 1.5 460.0 320.0
Advanced Medical . . . . .72.0 1.5 95.0 64.8
Albemarle & Bond . . . .313.3 3.3 400.1 303.5
Amerisur Resource . . . . .24.3 -0.5 29.0 9.5
Andes Energia . . . . . . . .39.4 -0.1 82.8 17.5
Andor Technology . . . .550.0 18.5 685.0 471.8
Archipelago Resou . . . . .59.0 1.0 79.0 55.4
ASOS . . . . . . . . . . . . . .1606.0 36.0 2468.0 1142.0
Aurelian Oil & Ga . . . . . . .19.8 -0.3 71.0 16.0
Avanti Communicat . . .328.0 15.5 436.5 241.3
Blinkx . . . . . . . . . . . . . . .49.3 1.8 158.0 41.3
Borders & Souther . . . . .80.0 0.8 131.0 43.5
BowLeven . . . . . . . . . . . .74.8 -1.0 342.3 62.0
Brooks Macdonald . . .1340.0 0.0 1372.5 940.0
Cluf Gold . . . . . . . . . . . .73.5 -1.8 112.8 66.5
Cove Energy . . . . . . . . .224.0 1.5 242.0 61.0
Daisy Group . . . . . . . . . .105.5 -1.8 127.0 95.0
EMIS Group . . . . . . . . . .545.0 -10.0 583.0 397.5
Faroe Petroleum . . . . . .167.3 2.0 177.8 130.0
Gulfsands Petrole . . . . .115.0 2.5 275.5 105.5
GWPharmaceutical . . . .86.8 0.3 130.0 78.5
H&T Group . . . . . . . . . . .303.0 -2.0 395.0 286.0
Hargreaves Servic . . . .1200.0 55.0 1264.0 855.0
Healthcare Locums . . . . . .3.0 0.0 3.4 2.8
ImpellamGroup . . . . . .362.5 0.0 382.6 225.0
Iomart Group . . . . . . . . .129.3 0.8 151.0 86.1
James Halstead . . . . . . .515.0 -20.0 546.0 410.3
London Mining . . . . . . .268.3 -2.0 405.0 257.5
Lupus Capital . . . . . . . .130.0 -1.5 140.0 86.0
M. P. Evans Group . . . . .495.0 -10.0 525.0 371.0
Majestic Wine . . . . . . . .460.0 1.0 510.0 315.0
May Gurney Integr . . . .240.0 1.0 302.0 230.0
Monitise . . . . . . . . . . . . . .33.5 -0.8 40.0 25.5
Mulberry Group . . . . .2298.0 -12.0 2472.0 1290.0
Nanoco Group . . . . . . . .65.0 1.0 89.0 38.0
Nautical Petroleu . . . . .300.0 -3.3 379.0 223.5
Nichols . . . . . . . . . . . . .708.3 5.8 732.0 505.0
Numis Corporation . . . . .90.9 -0.1 119.6 72.0
Pan African Resou . . . . . .15.3 -0.3 18.3 9.5
Patagonia Gold . . . . . . . .25.8 -1.3 70.0 22.3
Prezzo . . . . . . . . . . . . . . .68.0 0.0 71.5 53.5
Rockhopper Explor . . . .314.0 -1.5 393.5 141.0
RWS Holdings . . . . . . . .498.1 -1.9 560.0 389.0
Secure Trust Bank . . . .1060.0 0.0 1077.5 755.0
Sirius Minerals . . . . . . . . .17.0 0.8 32.0 6.4
Songbird Estates . . . . . .114.0 0.0 160.3 103.0
Valiant Petroleum . . . .522.0 -1.5 628.5 400.0
Young & Co's Brew . . . .618.5 2.0 712.0 580.0
Debenhams . . . . . . . . . . . . . . . . .80.8 5.0
Telecity Group . . . . . . . . . . . . . .800.5 4.5
Northgate . . . . . . . . . . . . . . . . . .202.0 4.5
PZ Cussons . . . . . . . . . . . . . . . . .340.1 4.0
Home Retail Group . . . . . . . . . . . .81.3 3.7
KCOM Group . . . . . . . . . . . . . . . . . .71.5 3.6
Marks & Spencer Gr . . . . . . . . . .360.0 3.5
PerformGroup . . . . . . . . . . . . . .310.0 3.3
SDL . . . . . . . . . . . . . . . . . . . . . . .700.0 3.3
Hammerson . . . . . . . . . . . . . . . .429.8 3.2
Bumi . . . . . . . . . . . . . . . . . . . . . .421.2 -9.0
Dixons Retail . . . . . . . . . . . . . . . .17.0 -6.8
Lonmin . . . . . . . . . . . . . . . . . . . .900.5 -5.0
Petra Diamonds Ltd . . . . . . . . . .143.4 -4.4
Eurasian Natural R . . . . . . . . . . .516.5 -3.8
Ferrexpo . . . . . . . . . . . . . . . . . . .252.8 -3.3
Xstrata . . . . . . . . . . . . . . . . . . . .1052.0 -3.3
Barclays . . . . . . . . . . . . . . . . . . .202.8 -2.9
Evraz . . . . . . . . . . . . . . . . . . . . . .337.4 -2.8
Glencore Internati . . . . . . . . . . . .386.1 -2.6
Risers FaIIers
MAIN CHANGES UK 350
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
Price Chg High Low Price Chg High Low
GILTS
http://corporate.webfg.com
mailto:
globaltechsales@webfg.com
Tsy 9.000 12 . . . . . .102.70 0.67 110.0 100.8
Tsy 5.250 12 . . . . . . .100.31 -0.05 104.8 100.2
Tsy 2.500 13 . . . . . .283.52 -0.03 287.7 282.8
Tsy 4.500 13 . . . . . . .103.33 -0.04 106.4 103.3
Tsy 8.000 13 . . . . . . .110.40 -0.06 116.3 110.4
Tsy 5.000 14 . . . . . . .110.56 0.01 112.9 110.4
Tsy 8.000 15 . . . . . . .126.17 0.04 129.2 125.6
Tsy 4.750 15 . . . . . . .113.70 0.06 115.4 111.0
Tsy 4.000 16 . . . . . . .113.42 0.15 114.7 108.0
Tsy 2.500 16 . . . . . .345.74 0.30 345.8 324.8
Tsy 1.250 17 . . . . . . . .116.41 0.31 117.1 110.0
Tsy 8.750 17 . . . . . . .139.51 -0.20 141.9 135.6
Tsy 12.000 17 . . . . . .118.24 0.00 127.9 117.0
Tsy 5.000 18 . . . . . . .121.59 0.14 122.5 113.5
Tsy 4.500 19 . . . . . .120.36 0.12 120.9 109.6
Tsy 3.750 19 . . . . . . .115.62 0.15 116.0 103.8
Tsy 4.750 20 . . . . . . .123.21 0.14 123.7 111.1
Tsy 2.500 20 . . . . . .370.10 0.51 370.1 331.8
Tsy 8.000 21 . . . . . . .152.23 0.10 155.1 139.3
Tsy 1.875 22 . . . . . . .129.01 0.62 129.2 114.9
Tsy 4.000 22 . . . . . . .118.14 0.17 118.7 103.4
Tsy 2.500 24 . . . . . . .335.18 0.72 335.3 289.4
Tsy 5.000 25 . . . . . .129.70 0.19 130.6 111.5
Tsy 1.250 27 . . . . . . .124.88 0.83 127.0 107.6
Tsy 4.250 27 . . . . . .120.75 0.17 122.7 101.7
Tsy 6.000 28 . . . . . .145.22 0.15 148.0 123.7
Tsy 4.125 30 . . . . . . . .317.21 0.84 322.8 272.0
Tsy 4.750 30 . . . . . . .127.14 0.22 130.5 107.3
Tsy 4.250 32 . . . . . . .119.29 0.22 123.1 100.3
Tsy 4.250 36 . . . . . . .118.82 0.16 123.9 99.6
Tsy 4.750 38 . . . . . . .128.16 0.11 134.2 107.9
Tsy 4.500 42 . . . . . . .124.11 0.03 130.8 104.1
% %
AUTOMOBILES & PARTS
AEROSPACE & DEFENCE
BANKS
BEVERAGES
CHEMICALS
CONSTRUCTION & MATERIALS
ELECTRICITY
ELECTRONIC & ELECTRICAL EQ.
EQUITY INVESTMENT INSTRUM.
FINANCIAL SERVICES
FIXEDLINE TELECOMS
FOOD & DRUG RETAILERS
FOOD PRODUCERS
FORESTRY & PAPER
GAS, WATER &MULTIUTILITIES
GENERAL INDUSTRIALS
GENERAL RETAILERS
HEALTH CARE EQUIPMETN & S.
HHOLD GDS & HOME CONSTR.
INDUSTRIAL ENGINEERING
INDUSTRIAL TRANSPORTATION
NON LIFE INSURANCE
LIFE INSURANCE
MEDIA
MINING
MOBILE TELECOMS
NON EQUITY INVESTM. COMM.
OIL & GAS PRODUCERS
OIL EQUIPMENT & SERVICES
PERSONAL GOODS
PHARMACEUTICALS & BIOTECH
REAL ESTATE INVEST. & SERV.
REAL ESTATE INVEST. TRUSTS
SOFTWARE & COMPUTER SERV.
SUPPORT SERVICES
TECHNOLOGY HARDW. &EQUIP.
TOBACCO
TRAVEL & LEISURE
AIM 50
In association with
I
AM inspired by new products
and ways of doing things what
is called disruption and this
led me to meeting Nigel Coole,
an inventor. Think back
Richard, to when you were a
teenager fumbling around on a
date and got lucky enough to undo
a bra. Do you remember the
struggle and embarrassment with
the clip? Vague memories of a
tangled mess came to mind, and I
knew what he meant. Well, its not
just a problem for the boys, he
added. Women who wear them
can struggle too. On top of that, the
hook and eye is ugly, lumpy under
clothes, and an expensive
component for manufacturers.
Problems in a global market?
Nigel had piqued my interest.
Great. But whats the solution? A
new type of bra hook, which is
simpler, cheaper and prettier. He
laid out two small pieces of metal
on the table. They fitted together
like cupping your hands and
linking them. These clips are
really easy to undo, and as long as
there is tension pulling them apart,
they stay locked. Really? Nigel
showed me a video of a female
gymnast doing leaps and bounds
wearing track pants and the bra.
The bra stayed on. I peppered Nigel
with questions. Sales? Orders?
Joint ventures? No, no, nothing.
What about patents? Yes, Ive
applied. Anything similar out
there? No.
So it was basically a good
invention with no commercial
progress. I thought I could add
value, and I agreed to put up seed
money and expertise in return for
half of the business.
Like singers on X Factor,
inventors have to be careful: no one
likes to tell them theyre no good.
Friends, families and fools will
usually say thats great, so Ive
learnt to look for dispassionate
opinions of industry people, and
their opinion means more if they
spend some money.
So, the first thing I did was
organise as many meetings with
industry as possible, here and in
Europe. The verbal response was
overwhelming. This could be the
biggest thing since Wonder Bra
one expert said. We were asked to
do wash and wear trials and these
were successful. Some said plastic
would be best, others metal. We got
to the point of negotiation.
Everyone wanted exclusivity for up
to a year. That was fine by me; in
fact, they could have exclusivity for
nothing. In my mind, they would
be doing us a favour by getting our
product known and used.
Then things stalled. The next step
would be to tool up to produce
high quality samples,
and everyone wanted us
to do it, which made no
sense. But why? Youre
better at that, I said. The
wholesalers wanted orders from
retailers first, and the retailers
wanted to see samples before
ordering. Chicken and egg over a
relatively small cost. So often I
sense a resistance by the big players
to change, to risk, to disruption.
We havent given up. I respect
the industry for its opinion, but
maybe not its innovation.
Since the mid-1990s Richard Farleigh has
operated as a business angel, backing
more early-stage companies than anyone
else in the United Kingdom.
www.farleigh.com
Cookery school Latelier des Chefs has found that 31.3 per cent of City workers dream of a fresh
start in a career that revolves around food. Here are some who have leapt into the frying pan
Ex-slickers cooking up a storm
A
LTHOUGH not famed for its native
cuisine, London has profited from
its openness to outside culinary
influences, allowing the capital to
punch above its weight. Food is
big business the hospitality industry
employs around 2.5m people in the UK. But
times change. If London wants to keep up it
must embrace innovation including of the
kind that drives into town in a truck.
Food trucks have taken US cities by storm.
According to David Webber, founder and
president of the NYC Food Truck Association
and author of The Food Truck Handbook,
the number of branded food trucks across
America has grown by more than seven
times since 2009, and is expected to double
again by 2014.
He thinks the rise of the food truck in the
publics imagination is driven by a number
of factors:
n The economic downturn which made
capital more scarce and the low start-up
costs of a food truck more tempting.
nThe relatively rapid improvement in the
overall quality and variety of food now
served on trucks.
nDevelopments in social media, which
makes it easier to track trucks over space
and time.
London has the demand and already boasts
some quality food truck businesses. But
there are supply-side blockages. Rob Atthill
of Ca Phe VN, a Vietnamese coffee and tea
specialists says one of the problems is that
the street markets are owned, run and
regulated by local councils popular
markets are full, with waiting lists of two or
three years or more. Nicola Smith of
Healthy Yummies and Mark Jankel of Street
Kitchen agree that getting a regular pitch
can be tough. London could and should be
at the leading edge of this food revolution.
But for this to happen, councils first need to
grant more space to trade and allow more
private markets. Keep on trucking.
Twitter: Philip_Salter
ENTREPRENEURS
Lets get this food
truck on the road
INNOVATION
DIARY
PHILIP SALTER
MONDAY 14 MAY 2012
cityam.com
Poncho 8 GNOSH Hello Fresh
FOUNDERS
Nick Troen (formerly a consultant at
KPMG); Frank Yeung (formerly a trader at
Goldman Sachs); Nick Birkett (formerly
an investment analyst at BlackRock).
BUSINESS
The first Poncho 8 in Spitalfields opened
in September 2009 with the aim of being
the first of a fast-casual Mexican chain.
www.poncho8.com
WHY DID YOU LEAVE THE CORPORATE WORLD?
Nick Troen: Being in my early 20s and
having no children, mortgage or any
dependents, it was easier to accept the
long hours with little to no pay that
could be expected from starting a
restaurant business in a recession. Also,
Ive always had a desire to create and
build something working in
finance and accounting was a
very useful background to the
numbers side of the business
but Id wake up every morning
thinking Ive got to do something
more creative. Of course there
are moments when Id
much rather be in a
nice office, but then
the freedom, leaving
your stamp on the
world, and hopefully
at a latter stage the
financial rewards of
course more than make
up for it.
FOUNDER
Charlotte Knight
(formerly head of
marketing and
finance segment for
Cisco Europe).
BUSINESS
GNOSH is a range of gourmet dips in
five flavours. Its the brainchild of
Charlotte Knight, a mother of two, and
former marketing leader from the
banking and IT sector. Formerly from
New Zealand, Charlotte spotted a gap in
the UK market for non-hummus
flavours, seeking inspiration from the
dips back down under. gnosh.co.uk
WHY DID YOU LEAVE THE CORPORATE WORLD?
I had always wanted to be my own boss
and create a business from the ground
up, but it took me a while to get over
the fear of giving up the security of a
salary and to figure out what venture I
wanted to pursue. I took some personal
leave in 2010, giving me the space to
think through my options. I realised I
could fulfil my dream by marrying my
two biggest passions: food and
business. Ive always loved food,
spending any spare time
trawling markets, food fairs and
exploring new speciality brands
or cooking up a feast at home.
Ive learnt more on my
journey with GNOSH than
in my 16-year corporate
career. But my existing
experience ensured that I
was able to accelerate the
development of the brand
from just an idea to an on-
shelf product. I greatly value
the experience and
confidence those years in the
City gave me, but Im just a
lot happier now that Im
finally doing my own thing.
FOUNDERS
Pit Karbe (analyst at Morgan Stanley and
equity analyst at Lord Rothschilds RIT Capital
Partners); Patrick Drake (lawyer at Goldman
Sachs and Clifford Chance).
BUSINESS
Hello Fresh is a gourmet grocery and recipe
delivery service. It aims to make good quality,
home cooked food convenient to everyone,
with pre-measured fresh ingredients and
photo illustrated recipes.
www.hellofresh.co.uk
WHY DID YOU LEAVE THE CORPORATE WORLD?
Pit Karbe: My career change came about by
accident. I previously had a solid job working
in the City as an investment manager.
However, I had a minor injury and had
to take some time off to recuperate
from the concussion. The break
from work prompted me to think
about my career goals. I realised
that I wanted to create
something that really
mattered, so I decided to
take the plunge and
follow my passion for
entrepreneurship. I was
introduced to the start-
up community and was
constantly speaking to
other entrepreneurs
and investors, which is
when I began to formulate
the idea for Hello Fresh.
of a SERIAL
ENTREPRENEUR
RICHARD FARLEIGH
CONFESSIONS
24
The ongoing challenge of untangling the business of bra straps
A
S newly-elected policy
chairman of the City of
London Corporation, it is my
duty to help nurture a
business environment that
supports the UK financial services
industry, stimulates jobs and growth
and maintains Londons status as the
worlds pre-eminent global financial
centre.
But the duties of the policy
chairman do not stop there. During
my term, I want help to put the City
at the heart of London, and London
at the heart of the City, to ensure
that Londoners have access to
opportunities in all spheres of their
lives. It is important that we stay
true to the primary meaning of the
word corporation; to the uniting of
W
HEN so many problems
bestride borders, the need
for international
cooperation has never
been greater. Cooperation
demands leadership, however. Only
leaders have the leverage to
coordinate multinational responses
to transnational problems. They have
the wealth and power to persuade
other governments to take actions
they wouldnt otherwise take. They
pick up the bills that others cant
afford and provide services no one
else will pay for. Leaders set an
agenda and drive it forward.
This is why its so unfortunate that
todays world is without leadership.
In the US, a war-weary public
laments high unemployment and
mounting debt. In Europe, a debt
crisis undermines confidence in the
future of the single currency and the
broader European idea. In Japan, last
years earthquake, tsunami, and
nuclear meltdown have added to the
long-term damage of two decades of
political and economic malaise.
Not long ago, the US, Europe and
cityam.com/forum
Who will lead? No
one. For the next few
years well be living
with a G-Zero order.
In association with
THEFORUM
Twitter: @cityamforum on the web: cityam.com/forum or by email: theforum@cityam.com
Agree? Disagree? Got a sharp comment?
The Forumwants you to join the debate.
Top responses will be reprinted in The Forum.

26
MONDAY 14 MAY 2012
IAN BREMMER
We are in a world without leaders:
The G-Zero will soon replace the G7
Japan were the worlds powerhouses.
With Canada, they made up the G7
Group of industrialised democracies.
Four years after the financial crisis,
their elected leaders are increasingly
less willing and able to pursue
ambitious foreign policies.
But China, India, Brazil, Turkey
and the Gulf Arabs arent ready to
take up the slack. They face complex
challenges that demand too many
resources and too much time, energy
and money for them to accept major
new burdens abroad.
China must pass enormous tests in
coming years to remain stable. Its
leadership knows it must build a
modern, middle-class country with a
21st-century social safety net, reduce
its reliance on exports by fuelling
domestic demand for Chinese-made
products, transfer huge amounts of
wealth from state-owned companies
to Chinese consumers, manage
environmental fallout from growth,
and absorb and redirect rising public
demand for change to preserve the
ruling partys political control. Just
as in other emerging countries,
emergence will be a full-time job.
If not the West or the rest, who
will lead? The answer is no one. The
US and Europe have overcome
adversity before and are equipped
over the long run to do it again. But
for the next few years, well be living
with a G-Zero order, a world in
which, for the first time since World
War II, there is no power or alliance
of powers that can provide consistent
and predictable leadership.
This period of transition will
generate new sources of conflict,
make them more difficult to
manage, and produce forms of crisis
that appear suddenly and from
unexpected directions.
The two regions most likely to
generate conflict are the Middle East
and Asia. In the first, the influence
of cost-conscious and risk-averse
foreigners is already diminishing.
Political earthquakes rumbled across
North Africa and the Middle East in
2011, but only in Libya did NATO
actively intervene, and only from
high altitude and after appeals from
other Arab governments. This retreat
will produce intense competition for
leadership among Saudi Arabia, Iran,
Turkey and perhaps Egypt, all of
which have differing visions of an
ideal balance of force and influence.
Asia may prove even more volatile.
Competition for resources and local
influence will bring Asias most
powerful states into conflict. From
North Korea to Pakistan, the region
has too many potential flashpoints
and will prove too large and complex
for a single country to dominate.
Adding to the risks, many of Chinas
neighbours are at once trying to
deepen commercial ties with Beijing
and security ties with Washington
an unsustainable balance if America
and China come to conflict.
Beyond these traditional sources
of conflict, a world without leaders
will complicate the ability of policy
makers to expand opportunity,
tackle climate change, and feed
growing populations. Its effects will
have implications for politics,
business, information,
communication, security, food, air
and water. It will be felt in every
region.
For governments, companies and
investors, this will be an era in which
resilience and adaptability matter at
least as much as size and strength.
Ian Bremmer is the president of Eurasia
Group and author of Every Nation for
Itself: Winners and Losers in a G-Zero
World (Portfolio Penguin).
people under one body.
The Corporation serves thousands
of Londoners on a daily basis, and we
always strive to do more.
Raising the aspirations and
achievements of Londons students
is a priority of mine. Having served
as a governor on the board of the Sir
John Cass Red Coat School in
Stepney for four years, I have first-
hand policy experience in the
education sector and wish to find
ways to support young people and
those from disadvantaged
backgrounds. The Corporation has a
history of supporting education,
sponsoring three City Academies in
inner London Boroughs, as well as
running a primary school and
supporting three independent
schools.
A lot of laudable work is being
done through initiatives like Heart
of the City, which enables companies
to develop their corporate social
responsibility programmes, free,
through collaborative projects. The
City Corporations own City Action
service matches volunteers from City
businesses with charities, schools
and social enterprises in inner
London. This has created jobs, and
has reaped great benefits for
thousands of children in
surrounding boroughs, who have
received learning support from City
volunteers.
This work is reinforced by the City
Corporations charity, the City
Bridge Trust, which grants more
than 15m annually to fund projects
run by charities in London.
Enhancing the capacity of wider
London communities, through
regeneration initiatives and
corporate responsibility
programmes, is a key priority for the
City Corporation and goes hand-in-
hand with supporting the
competitiveness of London as a
leading global financial and
business centre.
As well as supporting Londoners
through grant-making, regeneration
and our various corporate social
responsibility initiatives, the
Corporation maintains a whole host
of open spaces and cultural services
for all to enjoy. Home to the
Barbican Centre, Europes largest
performing arts centre and
residence of the London Symphony
Orchestra, we are also guardians of
north Londons beloved Hampstead
Heath two examples of the diverse
range of high-quality services and
institutions that enhance the lives of
Londoners every day.
Mark Boleat is policy chairman at the
City of London Corporation.
CITY
MATTERS
MARK BOLEAT
The Citys prosperity rests on the strength of Londons local communities
27
Initiative needed
[Re: Coalition behaving as if we were in
normal economic times, Thursday]
This is a highly pertinent and accurate
analysis. The governments done
absolutely nothing to tackle the burden of
privately-held debt and nothing to
redirect money spent on consumption to
be spent on vital infrastructure. The
coalition has undertaken no root-and-
branch overhaul of the civil service (our
bureaucracys whole philosophy is wrong,
its not just full of incompetents who can
be sacked and replaced). The entire,
interconnected problem all seems to be
deeper than politics and politicians can
cope with. Its so obvious to anyone in
business, it's embarrassing.
Tony Parks
Lessons from a Kiwi
[Re: A Bank of Britain is the best way to
build a Big Society, Wednesday]
New Zealands KiwiBank uses precisely
the model suggested and applauded with
such gusto by Nick Stevens. Its a first-rate
money loser like most socialist enterprises
and there are no good reasons to mimic its
failures in Britain, for whatever reasons. A
few others have started banks here in the
UK in recent times. If you have a good idea
and think youd be better than these
banking competitors, please approach
private investors and convince them to
fund it. Or stump up the money yourself.
But please keep your hands off the money
I pay in taxes. Government is big enough
as it is.
Andrew Bates
T
HE internet gives banks
innovative ways of providing
services to customers. But it
also brings new dangers.
Online giants like PayPal,
Facebook and Amazon are leading
the way on customer experience.
Could they go further, and take on
banks directly?
Facebook has already moved into
the world of virtual currency.
Facebook Credits, costing 10 cents
each, can be exchanged for game
points or gifts. Warner Brothers
has even offered the chance to
watch Harry Potter and Batman
films for 30 Facebook credits.
Credits are an attractive business
proposition for Facebook.
Participating merchants receive 70
per cent of the amount spent on
their products; the other 30 per
cent goes to Facebook, in a similar
economic model to Apples iTunes
store. But Facebooks credits, and
the fact that it takes payments for
them in over 40 currencies, with
exchange rates adjusted daily,
suggests something more
determined than mere fad.
eMarketer predicts that Facebook
made $470m (291.5m) in revenue
from credits in 2011, about 11 per
cent of its total business. Inevitably,
some market watchers wonder
how long it will be before Facebook
starts holding deposits and acting
like a bank. With 800m existing
customers providing potentially
huge economies of scale, Facebook
could, in theory, provide some of
the best deals on the planet.
Gartner predicts one of the
social networks, likely Facebook,
will be active in financial services
by 2014. Social networks, after all,
have access to vast amounts of
customer information, already
willingly provided by their users.
There cant be many banks who
TOP TWEETS
Tim Leunig: should we not question why so
much wealth is concentrated in one city of
the UK?
@niallriddell
This is how it should be. Shareholders
cutting pay, not fiat from the government.
Capitalism works.
@SriramaTanniru
Think its time we stopped the charade.
Spain will need a mega bailout. 15bn wont
make a dent.
@Brenda_Kelly
JP Morgan shows us just how much were at
risk from banks that are too big to fail.
@jimbonner
Should the legalisation of gay marriage be
a significant priority for this government?
YES
In his speech to the Conservative Party conference in 2011, the
Prime Minister stated that Conservatives believe in the ties that
bind us; that society is stronger when we make vows to each
other and support each other. This is a position that Stonewall
enthusiastically endorses. At a time when the government seeks
to support families in Britain, this modest measure will be warmly
welcomed by the 3.7m lesbian, gay and bisexual people and their
families right across the country.
We hope that, at a time when trust in politicians is at historically
low levels, this doesnt turn into another tuition fees issue
announced with much hoopla in the run-up to an important
election and then abandoned. Stonewall will fight to push both
coalition parties to deliver on their promise to implement this
measure by 2015.
Ruth Hunt is director of public affairs at Stonewall.
Ruth Hunt
NO
Tom Welsh
Very few reforms arent seen as essential, pressing or overdue. It's
the business of good government to weigh the justice of each case,
consider its merits, and determine whether and when reform is
worthwhile pursuing. Because governments, certainly this one, only
have a limited supply of time, energy and political capital. They are
creaking, disunited beasts, held together by a messy combination of
career ambition, common principle and electoral calculation. They
work best when single-mindedly pursuing an objective that all
members can unite around in the present case this should purely
be about restarting a stalled economy. Gay marriage is inevitable,
and wonderfully so, for changes in attitudes have eroded centuries
of mistrust. But the coalition must refocus on a far more pressing
priority building a framework for reviving our moribund economy.
Everything else needs to wait a little.
Tom Welsh is financial features writer at City A.M.
RAPIDresponses
would turn down an early warning
of when their customers have a
baby, change jobs, marry or
divorce. What insurance company
wouldnt want to know when their
customers start contemplating a
house move or a new car purchase?
So, while advertising remains
Facebooks primary source of
revenue, banking could feasibly be
a highly alluring and lucrative
second stream.
What about other technology
giants like Apple? A company with
so many brand loyalists is unlikely
to sit back and watch all this
happen. It has already filed a
patent for a new iWallet service,
which will give users control over
all their financial accounts and
enable them to make credit card
transactions via their phones. In
fact, there is strong evidence to
suggest that Apple customers
would like the tech giant to shake
up the banking industry in the
same way it transformed the music
industry with iTunes. A survey of
more than 5,000 consumers in the
US and UK, released just a couple
of months ago, indicated more
than 40 per cent of current Apple
customers would consider using
the company as a bank. Overall,
one in ten respondents indicated
they would consider leaving their
current bank for Apple.
Couldnt ever happen? I
wouldnt bank on it.
Iain Regan is global head of sales and
client services for Firstsource Solutions.
MONDAY 14 MAY 2012
IAIN REGAN
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A Facebook bank
is far more likely
than you imagine
MAN AGE 35 PRICE WOMAN AGE 35 PRICE JOINT LIFE (Payable on 1st death) PRICE
(monthly) (monthly) MAN 35/WOMAN 32 (monthly)
MAN AGE 45 PRICE WOMAN AGE 45 PRICE JOINT LIFE (Payable on 1st death) PRICE
(monthly) (monthly) MAN 45/WOMAN 42 (monthly)
Aviva 11.67 Aviva 9.51 Aviva 16.63
LV= 12.23 LV= 10.01 LV= 17.54
Ageas 12.59 Legal & General 10.05 Legal & General 17.97
Aviva 23.82 Aviva 20.51 Aviva 35.85
Legal & General 26.17 LV= 21.34 Legal & General 38.90
LV= 26.42 Ageas 21.62 LV= 38.96
LIFE INSURANCE TOP BUYS 200,000 FOR 20 YEARS
MONDAY 14 MAY 2012
28
cityam.com
PERSONAL FINANCE WEALTHMANAGEMENT
A
PART from taxes, there is
nothing as certain as the grim
reapers eventual scalp. Its a
depressing fact to contemplate
on a Monday morning, but it must be
faced at some time as its a vital
consideration for anyone with
dependants.
Ben Smaje, managing director at
Kennedy Black Wealth Management
says the first thing you should assess
is your need. In short, if you have
dependants or obligations be that
debts or other commitments like
school fees life assurance is a must.
Smaje says the second thing you
should assess is how much cover you
need. He acknowledges that it may
sound a little macabre but you need
to think through the implications of
your death in detail and work out
what lump sum or income would be
needed to support your loved ones.
He is adamant: Dont try to scrimp
on cover. Remember its going to be a
very traumatic time for them.
Jason Witcombe, director at Evolve
Financial Planners, explains: Many
employers will offer four times salary
as standard, but this could be wholly
inadequate if you were the sole bread-
winner with three children at private
school. He thinks you should try to
visualise what sort of financial posi-
tion you want your family to be left
with in the event of your death and
work backwards from that.
However, you should also contem-
plate the opposite. Most people think
about what happens if a breadwinner
becomes ill or dies, says Ian Dyall,
advice policy manager at Towry, but
not what happens if a stay-at-home
spouse dies or becomes ill, which
impacts the breadwinners ability to
earn due to taking on more roles.
Insurance is
not for life
shop around
DONT SHARE AND BE DISLOYAL
Peter Chadborn, director and adviser
at Plan Money, says couples with chil-
dren should consider two separate
single life policies, as theyre often
better than a joint policy. This is
because if couples separate its some-
times not possible to split the policy
with some insurers, while if tragedy
strikes and both die, only one policy
will pay out.
Loyalty doesnt pay. Its particular-
ly good to shop around this year,
ahead of potential changes to insur-
ance pricing, says Simon Stanney,
director of general insurance at
TotallyMoney.com. He thinks prices
may rise this year: a European Court
of Justice (ECJ) directive bars insurers
from basing prices on gender.
Closing a loophole used by the
insurance industry towards an exist-
ing ECJ directive, the derogation
from the general rule of unisex pre-
miums and benefits will become
invalid with effect from 21 December
2012 outlawing gender-based pre-
miums. Stanney also thinks changes
to UK tax regulations may force
insurers to pass on additional costs
to consumers.
Knowing that your loved ones will
be provided for in the event of a
catastrophe should be a weight off
your mind. And thinking about the
end need not necessarily be a gloomy
process. Tenzin Gyatso, better known
as the Dalai Lama, contemplates his
own physical demise every single day
and he seems to be a happy chap.
Although the chances are His
Holiness doesnt go as far as to visu-
alise paying taxes every day tran-
scendence from that particular
Damoclean sword would be nothing
short of nirvana.
The City of London Investment Trust
Henderson Global Investors is the name under which Henderson Global Investors Limited (reg. no. 906355), Henderson Fund Management Limited
(reg. no. 2607112), Henderson Investment Funds Limited (reg. no. 2678531), Henderson Investment Management Limited (reg. no. 1795354), Henderson
Alternative Investment Advisor Limited (reg. no. 962757), Henderson Equity Partners Limited (reg. no.2606646), (each incorporated and registered in England
and Wales with registered office at 201 Bishopsgate, London EC2M 3AE), Gartmore Investment Limited (reg. no. 1508030), Gartmore Fund Managers Limited
(reg. no. 1137353), (each incorporated and registered in England and Wales with registered office 201 Bishopsgate, London, EC2M 3AE) are authorised and
regulated by the Financial Services Authority to provide investment products and services.
CACTY-01
www.henderson.com
The City of London Investment Trust bases its long-term
strategy predominantly on larger UK companies with
strong balance sheets, good cash flow, and positive
growth potential. It has a considered approach to
capital growth over the long-term and a strong focus
on growing dividends year on year. If youre investing
for the long term or thinking about investing for children
or grandchildren you may wish to consider an
investment which also takes a long term view.
This approach has enabled the Trust to increase its
dividend every year for the last 45 years. In addition,
a substantial revenue reserve has been built up,
which helps deliver a measure of predictability of
future income.
The facts youll want to know
45 consecutive years of rising dividends with
a current yield of 4.67% (Source: Morningstar as
at 30 March 2012).
Eligible for purchase within a stocks and shares
ISA, with a current tax year limit of 10,680.
Managed for 20 years by Job Curtis and winner
of the 2010 Investment Week Most Consistent
Long Term Performer award.
Please remember that past performance is not a guide
to future performance. The value of an investment and
the income from it can fall as well as rise as a result of
market fluctuations and you may not get back the
amount originally invested. Tax assumptions and reliefs
depend upon an investors particular circumstances and
may change if those circumstances or the law change.
The trust invests 80% of its shares in UK listed
companies. When a trust is a specialist country-specific
or geographic regional fund, the investment carries
greater risk than a more internationally diversified
portfolio. The investor needs to be aware of exchange
rates. Not all the investments in this portfolio are made
in Sterling, so exchange rates could affect the value of
and income from your investment.
I want to invest for
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Managers information pack
2011/12 2010/11 2009/10 2008/09 2007/08
Share Price (Total Return) 6.7% 16.1% 48.3% -28.2% -8.1%
Net Asset Value (Total Return) 6.5% 10.8% 51.6% -31.9% -10.8%
Annual Growth to 30 March 2012
Source: Morningstar as at 30 March 2012
Stop putting it off being covered in the
event of death is vital, writes Philip Salter
An unexamined death is not worth having
G
E
T
T
Y
Moneysupermarket.com
29
M
y friend Jo and I did not feel
we were en route anywhere
nice one recent Friday
morning. We were on an
EasyJet flight to Alicante,
surrounded by stags roaring for more
Stella and Jack Daniels.
Once in Alicante, a people carrier
drove us through a parched land-
scape that looked a little worse for
wear, marred by the building ambi-
tions of better times half finished or
run-down houses, lonely car dealer-
ships. The roads were impeccable,
built for cavalcades of British holiday-
makers. Benidorm reared up below
us, a hideous nowhere-land of yellow
tower blocks.
High above Benidorm, off a quiet
motorway roundabout, was our desti-
nation: the enormous Barcelo Asia
Gardens, one of several Barcelo out-
posts in the Spanish-speaking world.
Barcelo had not initially seemed
like our sort of place a massive
Asian-themed resort plonked in the
middle of a rocky hillside outside
Benidorm. Wed gone because a
friend had recommended it: trust
me, youll enjoy it and because we
were ready to go anywhere to escape
the dire weather in the UK.
Barcelo is strange and massive. Once
through the security-manned gates,
you are deposited at an entranceway
thats more suited to an airport in
scale than a hotel, and ushered into a
space so big and airy it could just as
well be outside, continuing endlessly.
The resort is made up of dozens of
red pointy huts and houses. Its
somewhere between Africa and
Jordan, rather than Thailand, which
is the main theme of the place.
Finding your way around is very con-
fusing, but getting lost is surprisingly
pleasant. First of all, its mid April
and the sun in blazing, the air fra-
grant with joyous botany. Second, the
gardens part of the resorts name is
no joke: flora and botany are wedged
absolutely everywhere, a yucca burst-
ing into your path here, a cascade of
bourgainvillea there. There are ponds
every few paces and the chirrup of
frogs and birds is constant. Its really
rather amazing.
The rooms are very nice indeed, too.
Ours had a spacious living room with
furniture that would have seemed
right in a Marthas Vineyard cottage
(nothing Asian here, weirdly) and a
lovely comfortable four-poster bed.
Both rooms let out onto a generous
balcony, with a sofa, table and chairs
anda view of Benidorm which, from
this high-up vantage, looked dramat-
ic, rather than awful.
We were a little surprised there was
no spa menu in our room we were
told you have to discuss the treat-
ments in person in the spa itself, but
when we went down to do so, we
were given a paper A4 list to peruse
with limited options. Most odd.
The treatments we had, though,
were powerful and properly Asian
Thai, to be precise, with Thai thera-
pists and a Thai massage that left me
just as almost-bruised and limbered
up as those Ive had in Bangkok. The
treatments arent cheap but they are
excellent value. The spa was surpris-
ingly simple: one small steam room
and a spacious, lovely half indoor,
half outdoor pool with a gorgeous ter-
race. We were told only people who
have had a treatment can use the
facilities, which is a shame.
But there is no shortage of excellent
sunbathing spots. There are two main
pool areas, and smaller, warmer ones
tucked beside the paths among the
shrubbery. A range of infinity pools
on different levels entice with deep
green tiles; everywhere are flowers
and lawns and, in some cases, a sea
view. We sipped many a Diet Coke in
such environs.
Food was good. Not spa-like in the
way that one might imagine in Asia
but lunch on the terrace is a well-
made selection of salads and fish,
while dinner in any of the numerous
restaurants is pricey but tasty. We had
a Thai dinner one evening and after a
greasy start settled into some wonder-
ful lobster curry. At the fine dining
restaurant we were well served and
had great wine though compared to
fine dining in London, its not quite
up to scratch.
We left tanned and relaxed, having
slept well, supped greedily on fish,
and drunk lots of cava, putting the
world to rights over unbelievably
long sunsets. A weekend here is
above all expectations the perfect
way for anyone to relax. Even if they
dont like the thought of Alicante.
From 242 (384 during August) includ-
ing breakfast based on two sharing.
www.asiagardens.co.uk
By Zoe Strimpel
High flyers hoping for a stress-busting
break should look no further than
Lucknam Park, says Steve Dinneen
I
ve been lucky enough to wake up
to some spectacular sights: the
glacial, serene Lake Lucerne in
Switzerland; the endless, pulsing
cityscape of Tokyo; the stark, rugged
mountains of Aspen. On the right
morning, though, few things can
beat the understated grandeur of the
rolling English countryside. The view
from the window of the Cornflower
suite at Lucknam Park on a damp
April day is the ideal way to
experience it.
As I was enjoying the scenery, my
body politely reminded me it was
6.30am on my weekend off and won-
dered what the hell I was doing out of
bed and staring out of the window, no
matter how pretty the view might be.
Thankfully, before things escalated
into a full blown argument, a waiter
appeared with a steaming pot of cof-
fee and some freshly baked muffins. If
there is a better way to prepare for the
day ahead, Im not sure what it is. Of
course, this preparation was helped
along by the knowledge my day
would largely involve lounging in a
spa, playing board games in the draw-
ing room or, if I was feeling particular-
ly adventurous, taking a walk in the
countryside.
For City workers looking for a relax-
ing weekend, Lucknam Park has an
excellent selling point: it feels like its
in the middle of nowhere. There is no
nagging feeling that you should take
a walk into town to explore: it will
cost you 25 for a cab into Bath, the
nearest town, and youd probably
Opulence and elegance in rural England
rather you hadnt bothered. Instead,
you can while away the hours soaking
up the tranquil atmosphere. There are
42 rooms in total but, at three quarters
full during my visit, it felt like far less.
Lucknam Park is a master of under-
stated luxury. The building itself is a
converted 17th Century stately
home, which manages to be both
imposing and cosy. An open fire
crackles in the library and grand
portraits look down from the walls
of the drawing room.
The Michelin starred Park restaurant
with a strict jacket and tie dress code
is the kind of opulent hall you can
imagine Jay Gatsby entertaining in,
casting wistful glances across the
lawns in the hope of catching Daisys
eye. Executive chef Hywel Jones pro-
duces exquisite creations from locally
sourced produce; the gourmet tasting
menu at a not inexpensive 90 a
head is a sea of British staples; had-
dock, venison, duck, served with sea-
sonal greens and excellently matched
wine. The Brasserie is the more infor-
mal option, overlooking a terrace
through floor to ceiling windows, serv-
ing posh fish and chips and the like.
The biggest draw, though, is the spa,
which consists of a pool, Japanese salt
steam room, sauna, tepidarium and an
amethyst room, which seemed to me
to be a tiled cell with a purple rock
glued to the ceiling but is probably
imbued with incredible healing ener-
gies if youre inclined to believe in that
kind of thing. Best of all is the
hydrotherapy pool, heated to scorch-
ing and featuring an outdoor area
where you can watch the clouds roll by
and feel the rain on your face as your
tension drifts away with the steam.
At 520 a night for a deluxe twin
room, or 725 for a standard suite,
Lucknam Park is hardly cheap: but
what else would you expect from one
of the finest spas in the country?
Lucknam Park manages to be both imposing and cosy (top), the spa (below left) is to die for and the dining room (below right) is stunning
One of the swimming pools at Barcelo Asia Gardens.
MONDAY 14 MAY 2012
LIFE&STYLE
cityam.com
TRAVEL
Lucknam Park Hotel & Spa, Bath is
offering a summer special of four nights
for the price of three, available
throughout the week from now until 30
September.
Room rates start from 330 and suites
from 725 per room per night and are
inclusive of full English breakfast and
use of the spa facilities.
Children under 12 stay on a
complimentary bed and breakfast basis,
when sharing a deluxe room or above
with two adults.
Visit lucknampark.co.uk for more details.
Strange but good: a
slice of Asia in Alicante
T
he last time I came to central
America was 15 years ago on
my gap year. Bed for the night
tended to be a hammock, or
mosquito-infested beach shack if we
were pushing the boat out. Clothes
were stuffed in a backpack, made
heavier by my inspired first day
purchase of a 5kg granite pestle and
mortar that came with for two
months, and still to this day
remains untouched. Montezuma
took his revenge on every street
corner, as did the bandits of
Guatemala who held us up with
AK47s and machetes on the road
between Belize and Tikal. The trip
ended with me running away from
my travel companion in the dead of
night, trying to hitchhike as far
north as possible, before catching a
cranky bus to Mazatlan, a sorry
place full of drunken Floridian
sailors, weeping into their mezcal
and telling their tales of woe and
patrimony battles.
Flash forward to 2012 and
things are looking up. Our hotel,
Condesa DF, located in the hip
neighbourhood of Condesa in
Mexico City, has home-made gra-
nola to die for, a sushi bar on the
roof and a fashion shoot taking
place inside not the Mexico I left
all those years ago. Dinner our first
night is a spectacular tasting menu
at Pujol the hottest seat in town
that put many Michelin-starred
places I have tried to shame.
I have come with my hus-
band on a whistle stop two-
week tour how much could
we pack into a fortnight? A
lot, as it turned out. We
would start on the Pacific
coast of Mexico, weave our
way through the bottom to
Guatemala, through to Belize
and up to the Yucatan penin-
sula in Mexico.
Our first stop is Puerto
Escondido. Here we find a love-
ly small hotel, Flor de Maria.
Rooms are simple, but with a
huge roof terrace and a stones
throw from the beach, it is a
perfect rest stop for a few days.
Known for its surf, mornings are
spent checking out the talent
including a three-year-old boy
who puts many of the others to
shame with his junior moves. The
surf beach is dangerous to swim in,
so we stick to the one outside our
hotel, which is also part of village
life. Here we watch the boats come
in, and everyone crowds around to
haggle over the shiny daily catch.
After three days, we feel the pres-
sures of London ease, aided by regu-
lar visits to the terrace of hotel
Santa Fe, our pit stop for the best
ceviche in town.
Next stop is Oaxaca in the heart of
Chiapas, a short flight from Puerto
Escondido. Home is a chic posada,
Milagros, a lovely family-run place
with a gorgeous terrace. This is a
beautiful city: roads are lined with
brightly coloured colonial houses;
the town square zocalo is abuzz
with families; men sit reading their
daily newspaper, and I get the best
shoe polish I have ever had, for a
princely $2. Although the taco
stands in the market are quite
tempting, they are not enough to
lure me away from the new gour-
met restaurants that have cropped
up over the past few years here,
making this the new gastro capital
of the south. We feast on venison
mole, a salad that arrives actually
smoking, and black bean soup with
exploding cheesy balls in the mid-
dle, courtesy of the talents garnered
by chef Jose Manuel Banos
Rodriguez during his stint at El
Bulli. Other culinary highlights are
Los Danzantes for unbelievable beef
tacos.
After many an ethnic disaster, I
am wary of buying too many woven
or kitsch local delights, knowing
that once at home it looks like you
havent quite escaped the clutches
of the gap year. However, I cannot
resist the brightly coloured tin
pieces in the shape of skeletons,
cacti and hearts: perfect for adding
some gaiety to the Christmas tree.
A slightly roundabout two flights
takes us via Mexico City to
Villahermosa in Tabasco. A two-hour
drive later and we are in the ruins of
the Mayan city Palenque, which is
blissfully empty. We stay in a lovely
lodge, Quinta Cha Nab Nal, built in
the pre-Hispanic style, with large
airy suites. Its Italian owner is a
Mayan scholar, who gives us a wel-
come tutorial over drinks. Dinner is
delicious, except for a scary looking
garfish, which has its head and huge
jaw with sharp gnashers intact.
Definitely on
the prehistoric end of
supper offerings.
From here our real adventuring
begins: a six-hour taxi ride through
the jungle of Chiapas to Tikal in
Guatemala. For the next four nights
we were staying at two of Francis
Ford Coppolas three lodges and the
first stop is La Lancha. Arriving
there after our stunning but long
and bumpy ride is almost the high-
light of the whole trip: stumbling
from the car onto a terrace flooded
with light, overlooking the clear
waters of Lake Peten Itza, birds and
butterflies flitting in and out of the
lush jungle canopy. It is utterly
divine. Built on many different lev-
els, rooms are individual villas with
terraces and hammocks. There are
no TVs, the phone is in the form of a
huge conch shell which you speak
into: the on button summons the
reception. We laze by the pool, swim
in the beautiful waters of the lake
and dinner is washed down with
some excellent wines from
A Mexican adventure in
Coppola s
Napa estates.
The following day is a visit to the
Mayan ruins of Tikal, one of the
greatest sights in the world. Not
only are these some of the tallest
pyramids, but despite being one of
the countrys main tourist attrac-
tions, it is only partially excavated
due to massive costs involved, so
everywhere beneath your feet lies
unearthed history. We have an excel-
lent guide organised through the
lodge and as we weave through the
jungle paths to out of the way ruins,
and through the old town squares,
he brings to life this ancient culture
for us.
Our next stop is into Belize to one
of Coppolas two lodges there
Blancaneaux his old family home.
Here is where Hollywood stars come
to stay and recuperate in comfort-
able wooden villas hidden within
the chirping forest and bathe in a
warm pools overlooking bubbling
rapids. We go on a guided nature
walk, where we miss a jaguar by a
hairs breadth, and startle a highly
poisonous coral snake; brightly
coloured Morpho and Julia butter-
flies flit past; king vultures circle
above. We spy some stately stygian
owls resting on a tree. For nature
lovers, it is absolute heaven. On the
way back a sombre procession in
horse and cart turned out to be
members of a local Mennonite sect,
complete with straw hats, braces
and plaid dresses. I am told they
relocated from Europe in the 1960s
and now lead a quiet, electricity-free
life. We are reminded that cameras
are unwelcome, but still, it is hard
not to stare at the antiquated scene.
Then it is half a days overland trav-
el back to the east coast of Mexico.
We end our journey with three
nights in the divine Escencia, a luxu-
rious resort located on the stunning
Caribbean waters. Here we furtively
hide our filthy trainers, still soaking
and mud caked from our Belize hike.
Lodges are chic and white, salad-y
lunches are taken overlooking the
pool, washed down with an ice-cold
Modelo Especial. This is where jungle
gear does not cut it, so out come the
kaftans and bejewelled flip-flops. The
beach has little huts serviced by
white-clad staff, who, while we are
there, spend most of their time
attending to some NY party boys let-
ting off steam for the weekend. For
me, a book and a stare into the mid-
dle distance over the gentle waves is
enough. The only thing marring my
peace is the realisation that we have
to go home soon.
Above: Mexico City. Right: the Hotel Escencia. Left: Porto Escondido
Delicious food, gorgeous landscape and
chic hotels utterly beguile Jemima Sissons
MONDAY 14 MAY 2012
30
cityam.com
We end our journey with three nights at the
divine Escencia, a luxurious resort on the stunning
Caribbean waters. Jungle gear does not cut it here

LIFE&STYLE TRAVEL
high style
Above: the hip
Condesa DF hotel in
Mexico City.
Left: a famous
church in Oaxaca.
MONDAY 14 MAY 2012
31
- Sweetings -
A
mid the Prets, Pods and Itsus
of Mansion House, Sweetings
stands apart in a private
glow of its own, its large
windows offering views of starched
white tablecloths, fresh seafood piled
on plates ripe for selection and wine
glasses full of cold white wine. Though
its one of the Citys oldest restaurants
its been in operation on the present
site since 1889 Sweetings is more of
a hidden gem than a hotspot, attracting
a smartly suited City crowd who would
rather it stayed that way. What makes
it so special? For a start, Sweetings
does things its own way: it doesnt take
reservations, and its only open between
11:30 and 3pm, Monday to Friday. Staff
are known for their loyalty most of
them are long-standing employees who
wouldnt work anywhere else, and know
the equally loyal clientele well. The
maitred, Angelo Rojo, famously greets
his regulars by name Sweetings
is more like a friendly club than a
restaurant. Its a spot of history and a
dollop of nostalgia for those who miss
or merely fancy the idea of the old
Square Mile of bowler hats and punchy
Chablis lunches.
Like the rest of the place, the food
has preserved its original character,
but works beautifully even today St
John chef Fergus Henderson has put
Sweetings among his top picks in
London for seafood. The menu offers
stolidly old-fashioned English classics,
done just right. Think oysters, potted
shrimp, followed by fsh of the day fried
or poached chips and peas are the
sides; nothing fancy. Its said parents
used to take their kids to Sweetings
before dropping them off at boarding
school certainly, puddings like
crumble, spotted dick and steamed
puddings are reminiscent of the high
spots in a schoolboys diet and hit the
spot to this day, whatever your age.
Why a 19th century seafood instituation is still the citys no.1
Each day this month City A.M., in partnership with Brewin Dolphin,
will celebrate a great idea that has become iconic to London.
Although these ideas may have evolved over the years, what they
represent remains the same. Tomorrow is Floris.
twitter.com/brewindolphin







































- Sweetings -
A
Pods and Itsus mid the Prets,
y seafood institua Why a 19th centur













- Sweetings -
Pods and Itsus is more like a friendly club than a
tion is still the afood instituaat













- Sweetings -
is more like a friendly club than a
.1 s no tion is still the city













A
Sweetings of Mansion House,
stands apart in a private
its large glow of its own,
windows offering views of starched
fresh seafood piled white tablecloths,
on plates ripe for selection and wine
glasses full of cold white wine.
s oldest restaurants s one of the City it
s been in operation on the present it
site since 1889 Sweetings is more of
a hidden gem than a hotspot,
a smartly suited City crowd who would













Sweetings
stands apart in a private
its large
windows offering views of starched
fresh seafood piled
on plates ripe for selection and wine
Though glasses full of cold white wine.
s oldest restaurants
s been in operation on the present
site since 1889 Sweetings is more of
attracting
a smartly suited City crowd who would
s a spot of histor It restaurant.
dollop of nostalgia for those who miss
or merely fancy the idea of the old
Square Mile of bowler hats and punchy
Chablis lunches.
Like the rest of the place,
ved its original character has preser
but works beautifully even today St
John chef Fergus Henderson has put
Sweetings among his top picks in
The menu offers London for seafood.
stolidly old-fashioned English classics,













y and a s a spot of histor
dollop of nostalgia for those who miss
or merely fancy the idea of the old
Square Mile of bowler hats and punchy
the food Like the rest of the place,
, ved its original character
but works beautifully even today St
John chef Fergus Henderson has put
Sweetings among his top picks in
The menu offers
stolidly old-fashioned English classics,













a smartly suited City crowd who would
What makes . rather it stayed that way
Sweetings it so special? For a start,
it doesnt take does things its own way:
s only open between and it vations, reser
Monday to Friday 11:30 and 3pm,
are known for their loyalty most of
them are long-standing employees who
wouldnt work anywhere else,
the equally loyal clientele well.
famously greets Angelo Rojo, maitred,
his regulars by name Sweetings













a smartly suited City crowd who would
What makes
Sweetings
it doesnt take
s only open between
Staff . Monday to Friday
are known for their loyalty most of
them are long-standing employees who
and know
The the equally loyal clientele well.
famously greets
his regulars by name Sweetings
stolidly old-fashioned English classics,
Think oysters, done just right.
followed by fsh of the day fried shrimp,
or poached chips and peas are the
s said parents It . sides; nothing fancy
used to take their kids to Sweetings
before dropping them off at boarding
puddings like , school certainly
spotted dick and steamed crumble,
puddings are reminiscent of the high
s diet and hit the spots in a schoolboy
whatever your age. , spot to this day













stolidly old-fashioned English classics,
potted Think oysters,
followed by fsh of the day fried
or poached chips and peas are the
s said parents
used to take their kids to Sweetings
before dropping them off at boarding
puddings like
spotted dick and steamed
puddings are reminiscent of the high
s diet and hit the
whatever your age.













his regulars by name Sweetings













his regulars by name Sweetings , spot to this day













whatever your age.




















































Each day this month City
will celebrate a great idea that has become iconic to London.
Although these ideas may have evolved over the years,
represent remains the same.
twitter













in partnership with Brewin Dolphin, A.M., Each day this month City
will celebrate a great idea that has become iconic to London.
what they Although these ideas may have evolved over the years,
omorrow is Floris. TTo represent remains the same.
ewindolphin .com/br witter r.













in partnership with Brewin Dolphin,
will celebrate a great idea that has become iconic to London.
what they







































WHERE TO EAT
Oaxaca
Pitiona: here ex El Bulli chef Jose Manuel Banos
Rodriguez rustles up delights such as venison mole and
a delicious black bean soup with stringy cheese. They
take their Mexcal very seriously here. www.pitiona.com
Los Danzantes: a cool open space with a sister
restaurant in Mexico City - amazing beef tacos.
www.losdanzantes.com
MEXICO CITY
Izote: veteran chef Patricia Quintana serves up
incredible takes on regional dishes. The ceviche with
Mezcal is surprisingly good, as are the chipolte prawn
tacos. www.izote.com.mx
Pujol: one of the first fine dining restaurants serving
Mexican food, this is Michelin standard in taste and
presentation. Fish or meat tasting menus available to
be paired with Mexican wines, or Mezcals and beer. A
blow out treat. www.pujol.com.mx
Azul Condesa and Azul Historica: be-seen spots for the
in-crowd, with yummy well-presented takes on
regional dishes. The best cochinita pibil (Yucutan pork
dish) I had, despite trying many in the Yucutan itself.
Condesa is a lovely spot for lunch, with its little leafy
courtyard. www.azulcondesa.com
Dulce Patria: beautifully presented food from Martha
Ortiz at the chic new boutique hotel Alcobas.
www.dulcepatriamexico.com
For accommodation: Use Mr and Mrs Smith
(www.mrandmrssmith.com) to help book some of the
hotels Jemima stayed in and for other ideas.
cityam.com
I
n a scentscape dominated by
blockbuster fashion brands, the
ancient perfumer Floris is a
veritable oasis. Settled snugly in
Jermyn Street since 1730, the shop
was set up by one Juan Famenias
Floris, who arrived from Menorca
to seek his fortune. Originally a
comb-maker (the first of many
royal warrants in 1830 made Floris
the official smooth-pointed comb
makers to King George IV), the
likes of Mary Shelley, author of
Frankenstein, swore by Floriss hair
tools.
Floris became the choice scent
for the great and the good from
the dukes and royals of the 18th
and 19th centuries, to Florence
Nightingale, right through to Ian
Flemings James Bond, who always
wore Floris No. 89. A long history
of bespoke perfumes made from
secret recipes is still locked away in
the Floris library but many, once
created for the likes of Russias
Grand Duke Orloff in 1890, later
became iconic scents you can still
buy. Orloffs own brew became
Special No. 127. Still attracting a
highly discerning crowd, fans like
to keep Floris under wraps their
little secret but with the return
of bespoke perfumeries, and a
burgeoning global obsession with
all things London, demand for the
three-centuries old perfumer of
Jermyn Street is only getting
stronger.
Floris still offers a bespoke
perfume service a 90 minute
consultation with the in-house
perfumer at the shop alongside
its established collections, which
still feature old formulations
including Limes, Rose Geranium
and Stephanotis. And given its
long-standing relationship with
the crown, the house has released
a special Diamond Jubilee scent,
based on the original recipe for the
scent made to celebrate the birth
of Princess Elizabeth in 1926.
Shelagh Foyle, Floris's perfumer,
has opted to use the original rose-
base in Royal Arms, the new scent.
Rose is the queen of flowers - how
fitting.
- FLORIS -
WHY THIS PERFUMERY SMELLS AS SWEET AFTER MORE THAN 200 YEARS
For the next month City A.M. and Brewin Dolphin will be shining a spotlight
on a series of City Treasures as we celebrate some of the great places and
institutions around us. Many of them are established with a long
and interesting heritage yet they still exude their core values
based on service and excellence.
Tomorrow is Sweetings.
www.brewin.co.uk
The perfume created for the Queens Diamond Jubilee (centre), which will sell for 15,000
G
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TV & GAMES
cityam.com
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BBC1
SKY SPORTS 1
7pmTBA 7.30pmLive Football
League 10pmHold the Back Page
11pmPremier League Review
12amSPL Round-Up 12.30am
Football League 2amSPL Round-
Up 2.30amSports Unlimited
3.30amWatersports World
4.30amMax Power 5.30am-6am
FIFA Futbol Mundial
SKY SPORTS 2
6pmLive Masters Tennis 10pm
Thrillseekers 10.30pmTBA 11pm
Elite League Speedway 1amPGA
Tour Golf 2amWonderful World of
Golf 3.30am-4.30amPGA Tour
Classic
SKY SPORTS 3
7pmBritish Miler 7.30pmLive
Elite League Speedway 9.30pm
NASCAR 10.30pmThinking Tackle
11.30pmBritish Miler 12amWWE:
Late Night Afterburn 1amWWE:
NXT 2amLive WWE: Late Night
Raw4.15am-5.15amNASCAR
BRITISH EUROSPORT
6.15pmWorld Superbikes 7.45pm
Eurogoals 8.15pmCycling: Giro
dItalia 9.15pmCycling 10.15pm
Live Cycling 11.45pm-12.30am
Cycling: Giro dItalia
ESPN
6.30pmPress Pass 2012 7.30pm
ESPN Game of the Week 8pm
Premiership Rugby Union 9.30pm
French Top 14 Rugby Union 10pm
Premier League Review11pm
ESPN Kicks: Scottish Premier
League 11.15pmESPN Kicks: Serie
A 11.30pmPress Pass 2012 12am
Serie A Review12.30amThe
Ultimate Fighter 1.30am
Premiership Rugby Union 3am
French Top 14 Rugby Union 3.30am
Euroleague Basketball
5.45am-6amESPN Kicks: Serie A
SKY LIVING
7pmCriminal Minds 8pmThe Love
Machine 9pmSteps: On the Road
Again 10pmLadyboys 11pmBones
12amSteps: On the Road Again
1amLadyboys 1.50amMaury
2.40amMedium3.30amBones
4.20amCriminal Minds
5.10am-6amJerry Springer
BBC THREE
7pmThe Voice UK 8.30pmThe
Voice UK Results 9pmThe 16 Year
Old Killer: Cyntoias Story 10pm
EastEnders 10.30pmSnog, Marry,
Avoid? 11pmFamily Guy 11.45pm
American Dad! 12.30amThe 16
Year Old Killer: Cyntoias Story
1.25amSnog, Marry, Avoid?
1.55amBritain Unzipped 2.55am
Dont Blame the Dog 3.50amLip
Service 4.50am-5.20amSnog,
Marry, Avoid?
E4
7pmHollyoaks 7.30pmHow I Met
Your Mother 8pmMy Name Is Earl
9pmOne Tree Hill. Dans life hangs
in the balance. 10pmMade in
Chelsea 11pmThe Inbetweeners
11.35pmThe IT Crowd 12.05am
The Big Bang Theory 1amScrubs
1.30amHow I Met Your Mother
1.55amRude Tube 2.50am
Accidentally on Purpose 3.10am
Rules of Engagement 3.30am
Desperate Housewives 4.15am
90210 5am-6amGreek
HISTORY
7pmStorage Wars 7.30pmPawn
Stars 8pmStorage Wars 9pm
Pawn Stars 9.30pmAmerican
Restoration 10pmAmerican
Pickers 12amPawn Stars 12.30am
American Restoration 1am
American Pickers 3amIce Road
Truckers 4amHeir Hunters
5am-6amAncient Discoveries
DISCOVERY
7pmBear Grylls: Born Survivor
8pmAuction Hunters 9pm
Dealers. Items assessed include a
signed print by Henry Moore. 10pm
Sons of Guns 11pmWorlds
Toughest Expeditions with James
Cracknell 12amBear Grylls: Born
Survivor 1amDealers 2amSons
of Guns 3amDeadliest Catch
3.50amIce Pilots 4.40am
Wheeler Dealers 5.30am-6am
Destroyed in Seconds
DISCOVERY HOME &
HEALTH
7pmSay Yes to the Dress 8pmI
Didnt Know I Was Pregnant 9pm
Untold Stories of the ER 10pm
Hospital Sydney 11pmFat Hospital
12amUntold Stories of the ER 1am
Hospital Sydney 2amFat Hospital
3amSay Yes to the Dress 4amA
Baby Story 5am-6amBirth Stories
SKY1
8pmRoad Wars 9pmA League of
Their Own. With Jermain Defoe,
Zoe Ball and John Bishop. 10pm
Spartacus: Blood and Sand
11.15pmFringe 12.15amRoad
Wars 1.15amAirline USA 2.10am
Brit Cops: Frontline Crime UK 3am
Big Trouble in Thailand 3.50am
Body Language Secrets 4.40am
Real Filth Fighters 5.05am-6am
Dont Forget the Lyrics
BBC2 ITV1 CHANNEL4 CHANNEL5
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6pmBBC News 6.30pmBBC
London News 7pmThe One
Show7.30pmBang Goes the
Theory: BBC News
8pmEastEnders
8.30pmThe Truth About
Tax Panorama
9pmCHOICE Chatsworth
10pmBBC News 10.25pm
Regional News 10.35pmA
Question of Sport 11.05pmThe
Graham Norton Show11.50pm
FILMDan in Real Life 2007.
1.25amWeatherview1.30amSign
Zone: Our Food 2.30amSign Zone:
Super Smart Animals 3.30amSign
Zone: Antiques Road Trip 4.15am
Sign Zone: Great British Railway
Journeys 4.45am-6amBBC News
6pmEggheads
6.30pmAntiques Road Trip:
Searching for treasures in
Aberfeldy, Perth and Kinross.
7.30pmGreat British Menu
8pmInside Facebook:
Zuckerbergs $100 Billion
Gamble
9pmCHOICE The 70s
10pmSounds of the 70s 2
Guilty Pleasures Love Will
Keep Us Together
10.30pmNewsnight: Weather
11.20pmThis World: Michael
Portillos Great Euro Crisis
12.20amBBC News
4am-6amBBC Learning Zone
6pmLondon Tonight
6.30pmITV News
7pmEmmerdale
7.30pmCoronation Street
8pmThe Dales
8.30pmCoronation Street
9pmCHOICE 56 Up
10pmITV News at Ten
10.30pmLondon News
10.35pmFILMThe
Interpreter 2004.
12.55amJackpot247; ITV
News Headlines
3amChampions League Weekly. A
look ahead to the final. 3.25amITV
Nightscreen 4.35am-5.30amThe
Jeremy Kyle Show
6pmThe Simpsons
6.30pmHollyoaks
7pmChannel 4 News
7.55pm4thought.tv
8pmWatching the Detectives:
Channel 4 Dispatches
9pmThe Secret Millionaire
10pmRamsays Kitchen
Nightmares USA
11pm8 Out of 10 Cats Uncut
11.50pm Random Acts
11.55pmFILMRoad, Movie:
Premiere. Comedy drama, starring
Abhay Deol. 2009. 1.40amFILM
Peggy Sue Got Married 1986.
3.25amF2.8 3.45amSt Elsewhere
4.35amSmallville 5.15am-6.10am
Deal or No Deal
6pmHome and Away
6.30pm5 News at 6.30
7pmWorlds Scariest Weather:
5 News Update
8pmThe Gadget Show: World
Tour: 5 News at 9
9pmRobsons Extreme Fishing
Challenge
10pmThe Walking Dead
11.25pmFILMQuarantine:
Premiere. Horror remake, with
Jennifer Carpenter. 2008.
1.05amSuperCasino 3.55am
House Doctor 4.20am
HouseBusters 4.45am
HouseBusters 5.10amWildlife SOS
5.35am-6amWildlife SOS
Fill the grid so that each
block adds up to the total
in the box above or to the
left of it.
You can only use the
digits1-9 and you must not
use the same digit twice in
a block. The same digit may
occur more than once in a
row or column, but it must
be in a separate block.
COFFEE BREAK
Using only the letters in the Wordwheel, you have
ten minutes to nd as many words as possible,
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters
or more, all must contain the central letter and
letters can only be used once in every word. There
is at least one nine-letter word in the wheel.
Place the numbers from 1 to 9 in each empty cell so that
each row, each column and each 3x3 block contains all the
numbers from 1 to 9 to solve this tricky Sudoku puzzle.
Copyright Puzzle Press Ltd, www.puzzlepress.co.uk
KAKURO
QUICK CROSSWORD
LAST ISSUES
SOLUTIONS
KAKURO
WORDWHEEL
SUDOKU
SUDOKU
QUICK CROSSWORD
WORDWHEEL
1 2 3 4 5 6
7 8
9 10 11
12 13 14 15
16 17 18
19 20
10 15
27 26
8 17
11 16
34 16
13 23
13 15
35 12
19 15
14 12
16 25
28
23
17
38
5
10
8
11
6
28
7
22
29
13
30
3
10
4
37
13
21
29
ACROSS DOWN
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C R O P B A L L A D
L A L I D
A U N T G A T E A U
S I A M
S E C O N D G U E S S
I O O G N
C O B B L E S T O N E
P A E A
D E B R I S M A R K
R H I P E
C A V I T Y T I E R
8 9 5 1 2
6 1 3 2 4 7 9 1
7 5 6 9 8 5 7 2
8 6 1 9 6 8 4
9 7 4 6 1 3
9 5 2 8 6 4 7
7 5 9 2 3 8
3 4 2 1 8 1 7
9 8 6 3 5 7 5 9
8 7 9 1 3 4 2 5
9 3 1 9 4
4
4
4
4
4
4
4
4
4
The nine-letter word was
OUTSPREAD
1 Loose-tting
garment (5)
4 Plants often found in arid
regions of the world (5)
7 Ancient jar usedto
hold oil or wine (7)
8 Train drivers
compartment (3)
9 Special way of doing
something (5)
11 Fine net used
for veils (5)
12 River which ows
through Paris (5)
14 Modied leaf of
a plant (5)
16 The night before (3)
17 Unexceptional (7)
19 Ofering of a tenth
part of some personal
income (5)
20 Grasslike marsh plant (5)
1 Show
appreciation (5)
2 Small sharp
bite (3)
3 Utter a hoarse
sound, like
a frog (5)
4 Map (5)
5 Tube-shaped
structure of the
inner ear (7)
6 Sufuse with
colour (5)
10 Sustenance (7)
12 Inhaled the
odour of (5)
13 Circumvent (5)
14 Consecrate (5)
15 In that place (5)
18 Also (3)
T
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BBC1 BBC2 ITV1 CHANNEL4 CHANNEL5
MONDAY 14 MAY 2012
CHATSWORTH
BBC1, 9PM
New series. A year in the life of
Chatsworth House in Derbyshire.
Heather Redmond starts work as head
guide in charge of a 60-strong team.
THE 70S
BBC2, 9PM
Dominic Sandbrook examines the final
three years of the decade, focusing on
the violence that plagued concrete
housing estates. Last in the series.
56 UP
ITV1, 9PM
New series. The landmark
documentary returns with an update
on the participants whose lives have
been chronicled since the age of seven.
TVPICK
SPANISH GRAND PRIX
Results
1. P Maldonado (Williams) 1h39m09s
2. F Alonso (Ferrari) 1:39:12
3. K Raikkonen (Lotus) 1:39:13
4. R Grosjean (Lotus) 1:39:23
Standings
1. S Vettel (Red Bull) 61 points
2. F Alonso (Ferrari) 61 points
3. L Hamilton (McClaren) 53 points
4. K Raikkonen (Lotus) 49 points
HARLEQUINS director of rugby
Conor OShea admits his troops will
have to learn to cope better under
pressure after they overcame a nervy
start to book their place in the Aviva
Premiership final.
The table toppers needed a try
from Joe Marler five minutes from
time to edge past Northampton 25-
23 in Saturdays semi-final at the
Stoop. Quins will now meet Leicester
in the Twickenham showpiece on 26
May and OShea knows they must
rediscover the form that took them
to the top of the league to win their
first ever final.
He said: I think the tension got
the better of us in a lot of ways. We
had so much territory and
possession, and it looked like the
game could be gone. I think the
supporters and players deserve this.
We want to make sure we do
ourselves justice in the final now.
Leicester reached an eighth
successive final by beating Saracens
24-15, leaving the defending
champions boss Mark McCall
bemoaning a missed opportunity.
Leicester are a top-class side, and
while we had some opportunities,
we did not take them, said McCall.
Aviva is the proud title sponsor of
Premiership Rugby. Tickets for the Aviva
Premiership Final at Twickenham on 26
May are available with a free rugby shirt
at www.premiershiprugby.com/freeshirt
OShea warns
nervy Quins as
final beckons
G
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WILLIAMS first win in Formula One
since 2004 was tainted yesterday after
an horrific petrol fire at the Spanish
Grand Prix left dozens of people
requiring treatment.
A superb drive by Pastor Maldonado
ended in his first ever victory at this
level, yet soon after the celebrations a
fuel explosion ripped through the
Williams garage and also affected the
adjacent pits. Governing body the FIA
said 31 people were treated.
Four team personnel were injured
in the incident and subsequently
taken to the medical centre, Williams
said in a statement. Three are now
receiving treatment at local hospitals
for their injuries, while the fourth has
been released.
Caterham said three of the teams
staff had suffered respiratory prob-
lems while a fourth was treated for a
minor hand injury. Force India also
said that a member of its team had
been treated for smoke inhalation, yet
tweeted: Our guy is OK on the whole.
Maldonado continued his heroics by
carrying his young cousin away from
the flames. He had earlier held off
pressure from Ferraris Fernando
Alonso to top the podium. Lotuss
Kimi Raikkonen was restricted to
third, despite setting several fastest lap
Inferno mars Williams
first win for eight years
times towards the end of the race.
McClarens Lewis Hamilton finished
one place ahead of team-mate and
compatriot Jenson Button, having
clawed his way up from the back of
the grid. Hamilton started in last place
after McClaren were punished for run-
ning out of fuel during qualifying.
We did a good job to come all the
way from the back, we battled
through and conserving the tyres was
tough, Hamilton said. It was like
being back in the karting days.
Hamilton is third in the drivers
championship, eight points off leader
Sebastian Vettel who came in sixth.
BY ADAM JOHNSON
BY JULIAN HARRIS
SPORT
33
MONDAY 14 MAY 2012
cityam.com
Book your place today amongst 81,601 true rugby fans to celebrate the
pinnacle of the domestic season the biggest club rugby nal in the world.
Share the colour, the passion, and the excitement of rugby at its very best.
0844 847 2492 Or visit ticketmaster.co.uk
Results
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Williams is investigating the cause of the fire, believed to have been triggered by petrol
IN BRIEF
Federer wins Madrid Open
TENNIS: Roger Federer fought back
from a set down to beat Tomas
Berdych and win the Madrid Open 3-6
7-5 7-5. It was a tough tournament
and a brutal draw, said Federer, who
replaces Rafael Nadal as world
number two.
Rangers buyout finally agreed
FOOTBALL: Former Sheffield United
chief executive Charles Green has
agreed a deal to buy Rangers. This is
a great club with a tremendous
history, said Green, whose 8.5m bid
is being backed by a global
consortium.
RELIEVED QPR manager Mark
Hughes refused to condemn cap-
tain Joey Barton for earning a red
card that threatened to derail his
teams bid to avoid relegation from
the Premier League.
Boltons failure to hold onto a
lead at Stoke saved QPR, despite
Rangers shipping two goals in a fre-
netic finale at Manchester Citys
coronation, who finished one point
above the bottom three.
Even Bartons latest aberration
an elbow on Carlos Tevez, followed
Drama reigns as City snatch
by a cynical knee on Sergio Aguero
and an escort off the pitch, which
leaves his facing a long ban and
casts doubts on his future in west
London could not condemn QPR,
and Hughes preferred to focus on
the positives.
I understand there will be a lot
of comment about Joeys behav-
iour, said Hughes.
I would rather concentrate on
what we did. I havent seen Joey and
I havent seen the incident but peo-
ple were saying he had to go. It did-
nt cost us though.
Hughes said victory for QPR
MANCHESTER City manager
Roberto Mancini caught his breath
long enough to salute a crazy
season after his team snatched
their first top-flight title since 1968
on goal difference in the most
dizzying climax of the Premier
Leagues vivid 20-year history.
Stoppage-time goals from Sergio
Aguero and Edin Dzeko wrenched
the trophy from the clutches of
Manchester United after 10-man
QPR appeared to have sprung a huge
final-day upset and handed the
advantage back to Citys neighbours
and fiercest rivals.
United ensured perhaps the
leagues most dramatic season
enjoyed a fitting finale by winning
at Sunderland, Wayne Rooney
scoring, and forcing City
to summon a colossal
push as the title that
was theirs to lose very
nearly slipped from
their grasp.
A late defeat did
nothing to
dampen QPRs
joy at survival,
guaranteed
by Boltons
draw at
Stoke, and
their relief
was exceeded
only by the
maelstrom of
emotions
engulfing City and
Mancini upon
taking the next
step in the super-rich clubs quest for
world domination.
It was incredible, said the
Italian. I dont think Ive ever seen a
finale like this. We didnt deserve to
lose, we had a lot of chances and we
deserved to win the game and
championship. Its been a crazy
season and a crazy last minute.
Uniteds players made their way
off the pitch thinking they were
champions only for news of Agueros
most decisive of winners to leach
into the Stadium of Light as some
were still catching their breath.
It is a cruel way to have the title
ripped away, said United manager
Sir Alex Ferguson. Everybody
expected City to win, but they did it
against 10 men for half an hour and
with five extra minutes to help
them. I congratulate City. Anybody
who wins it deserves it.
A visit from QPR, dreadful away,
looked the perfect fixture for City,
virtually invincible at home, but
Rangers survival fight added an
element of unpredictability and the
hosts looked riddled with angst.
Even when they took the lead,
through full-back Pablo Zabaletas
near-post drive, it was a fraught,
heart-in-mouth moment, goalkeeper
Paddy Kenny parrying but the ball
looping over him and just under the
crossbar in the 39th minute.
Those nerves crystallised three
minutes into the second half when
Joleon Lescott misjudged a backward
header and played in QPR striker
Djibril Cisse, who gleefully lashed a
volley low past Joe Hart.
Even Joey Bartons red card, for an
off-the-ball elbow on Carlos Tevez,
followed by a kick at Sergio
Aguero, could not halt Rangers,
who silenced City when Jamie
Mackie dived to head the
visitors into the lead.
Defeat, and Rooneys 20th-minute
close-range header in the north-east,
looked to have denied City, even
when substitute Dzeko headed an
equaliser, but, with seconds left,
Aguero burrowed into the penalty
area and conjured the final flourish
of an enthralling, firecracker season.
Agueros winner caps rollercoaster day as
United pipped by rivals on goal difference
YORKSHIRE batsman Jonny Bairstow
is poised to win his first Test cap this
week after being called up for
Englands first match against West
Indies at Lords on Thursday.
Bairstow, 22, has played a handful
of one-day and Twenty20
internationals, and scored a half-
century for England Lions against
the tourists last week.
Durham fast-bowler Graham
Onions is recalled and is one of five
seamers in the 13-man squad.
Bairstow set
for Test debut
BY FRANK DALLERES
MONDAY 14 MAY 2012
34
SPORT
cityam.com/sport
BY FRANK DALLERES
CHELSEA boss Roberto di Matteo is
pushing his key defenders to
overcome injury for the Champions
League final on Saturday, after they
yesterday ended their domestic
Di Matteo pushing Cahill and
Luiz to be fit for Munich finale
season with a win over Blackburn.
The Blues took the lead after half
an hour when Romelu Lukaku
crossed and John Terry headed
home from close range. A second
soon followed as Raul Meireles
drilled a shot low in from 20 yards.
A second-half Yakubu effort
threatened the win, but Chelsea
stayed on top and now hope that
David Luiz and Gary Cahill will
make the big final against Bayern
Munich. They are getting better
day by day and were going to try
and push them, Di Matteo said.
BY JULIAN HARRIS
United players, like Phil Jones, heard of
Citys winner as they left the pitch
MANCHESTER CITY.....................3
QUEENS PARK RANGERS ...........2
PREMIER LEAGUE
SUNDERLAND............................0
MANCHESTER UNITED ................1
STOKE CITY ................................2
BOLTON WANDERERS................2
BY FRANK DALLERES
Hughes:Bartonhasnt
Manchester City celebrate their first top-flight title in 44 years after two late goals secured victory
TIMELINE
3:02 Emmanuel Adebayor puts Spurs
ahead against Fulham, lifting them over
former club Arsenal and into third in the
battle for Champions League spots
3:04 Yossi Benayoun returns the Gunners
to third by taking lead at West Brom
3:11 Shane Long brings Arsenal back down
to earth with an equaliser for West Brom
at the Hawthorns
3:13 Stoke lead through Jonathan Walters
against Bolton, for whom defeat would
mean relegation but save QPR
3:15 The Gunners slip two points behind
Spurs as Graham Dorrans gives West
Broma surprise 2-1 lead
3:16 Newcastles hopes of snatching a top
four place wilt as Stephen Pienaar gives
Everton an early lead
3:20 First blood to Manchester United as
Wayne Rooney nods them ahead at
Sunderland and into rst place
3:27 Nikica Jelavic doubles Evertons lead
and ushers Newcastle into Europa League
3:20 Lifeline for Arsenal as Andre Santos
equalises but they still trail arch-rivals
Tottenhamin the table
3:39 Pablo Zabaletas shot squirms past
Paddy Kenny to put Manchester City back
on top of the table and tweak QPR nerves
3:44 Bolton hit two in ve minutes
through Mark Davies and Kevin Davies to
lead 2-1 and push QPR into the bottom
three with 45 minutes remaining
4:03 Shock as Djibril Cisse levels for QPR,
making them safe and knocking City off
top spot
4:09 Arsenal creep back into third and
knock Spurs back to fourth as Laurent
Koscielny pounces on a Marton Fulop goal-
keeping howler to put them 3-2 up
4:10 Joey Barton goes rogue at the Etihad:
elbowing Carlos Tevez to earn a red card,
then kneeing Sergio Aguero before being
marched off. QPR down to 10 men with 35
minutes left
4:16 Jermain Defoe puts Spurs 2-0 in
front, meaning Arsenal must hang on or
lose third place
4:21 Against all odds QPR go 2-1 up at
City, Jamie Mackies header leaving them
with a mountain to climb to wrestle title
back from United
4:22 John Heitinga puts the nal nail in
Newcastles Champions League cofn,
although Tony Hibberts own goal soon
cancels it out; 3-1 Everton
4:30 Walters second for Stoke makes it 2-
2, meaning Bolton will need another to
pull off the great escape
4:47 Substitute Edin Dzeko gives City the
faintest of hope as he heads an equaliser
in the second minute of stoppage time;
surely too little too late
4:49 Aguero thumps the winner past
Kenny as City snatch victory and their
rst title for 44 years in the most dra-
matic fashion. Boltons draw means QPR
still survive as news lters through to
shell-shocked United players leaving the
eld at Sunderland
A dramatic nish to rank alongside Istanbul 05,
Barcelona 99, perhaps even Aneld 89. Here is
how a tortuous afternoon unfolded
CHELSEA.....................................2
BLACKBURN ROVERS..................1
PREMIER LEAGUE
AT STAMFORD BRIDGE
35
G
E
T
T
Y
G
E
T
T
Y
title at death
would have constituted the great-
est Premier League performance in
history and noted his team had
touched the well of apprehension
City had accumulated.
The former City manager said his
successor Roberto Mancini would
concede they had been lucky and
vowed Rangers would never have to
scrap for survival again under his
tenure. The club wasnt ready for
the Premier League but we are mov-
ing very quickly, said Hughes, who
was appointed in January. There is
no way we will be in this situation
again in my time here.
Pastor Maldonado won the Spanish Grand
Prix yet a fire ruined Williams celebrations
cityam.com
MONDAY 14 MAY 2012
ARSENAL manager Arsene Wenger
hopes the lure of Champions League
football will be enough to keep
captain Robin van Persie after their
nervy victory at West Brom secured
third place in the Premier League.
Goals from Andre Santos and
Laurent Koscielny sealed the crucial
win and third place to spoil Roy
Hodgsons last game with West
Brom, before he begins the England
job, after the home side had led with
just 15 minutes gone.
Anything less than three points
would have been insufficient for
Wengers side after rivals Tottenham,
who finished fourth, just a point
behind Arsenal, beat Fulham 2-0 in
their pursuit of the top three.
Despite also reaching the top four,
Spurs may yet miss out on
Champions League qualification if
Chelsea win the final in Munich,
Germany, on 19 May, which manager
Harry Redknapp will attend.
Will Champions League football
help to keep Van Persie?, said
Wenger. It makes it easier to attract
good players and keep them. The
intention is to speak with him
before he leaves for the Dutch
camp [for Euro 2012].
Whether Spurs and
England midfielder Scott
Parker can reach the
same tournament is
equally uncertain,
after Redknapp
admitted his
fitness is
dependent
upon the
outcome of an
injection on his
injured Achilles.
He said: Hes [Parker] going to have
an injection and theyre hoping it
could clear up. If it doesnt then he
wouldnt be fit [for Euro 2012].
Yossi Benayouns fourth-minute
goal, tapped into an empty net after
Martin Fulops hesitancy, had given
Arsenal a great start but failed to
settle their inevitable nerves. Just
eight minutes had passed when
Shane Long equalised, albeit from an
offside position, after going on-one-
on with goalkeeper Wojciech
Sczczesny. Three minutes after
that Graham Dorrans put West
Brom in front with a finish from
the edge of the area, though Santos
equalised with a low drilled effort
just before the half-hour mark,
before Koscielny capitalised on
another Fulop error at
a corner to score a
54th-minute winner.
Spurs win, in contrast, was
the result of far less uncertainty.
They led after just 90 seconds when
on-loan striker Emanuel Adebayor
who Redknapp hopes to keep
latched onto Rafael van der Vaarts
through-ball to calmly place the ball
past Mark Schwarzer, and the result
was secure when, after dominating
possession, substitute Jermain Defoe
pounced on Aaron Lennons
deflected cross in the 63rd minute to
finish into the bottom left corner.
Vying with Spurs for fourth were
Newcastle, though defeat away to
Everton left them four points behind
and in fifth place, from where they
will enter next seasons Europa
League. Goals from Steven Pienaar,
Nikica Jelavic and John Heitinga
meant a late own goal from Tony
Hibbert was little more than a
consolation for Newcastles efforts.
West Brom goalkeeper Ben Foster,
meanwhile, has rejected Hodgsons
plea to return from international
retirement to be part of Englands
squad, to be named Wednesday, for
the European Championship.
Jermain Defoe replaced Rafael van der
Vaart and scored Tottenhams winner
Photography: Simon Procter
Millinery: Stephen Jones
Attire: Antonio Berardi
royalascothospitality.co.uk
0844 411 5081
WEST BROMWICH ALBION.........2
ARSENAL....................................3
PREMIER LEAGUE
TOTTENHAM HOTSPUR ..............2
FULHAM.....................................0
EVERTON....................................3
NEWCASTLE................................1
BY DECLAN WARRINGTON
ruined day
Arsenal win secures third place
to leave Spurs sweating on final
on a day of non-stop drama at the Etihad Stadium
Laurent Koscielny capitalised on Martin Fulops error to secure third place for Arsenal
Man City 38 28 5 5 93 29 89
Man Utd 38 28 5 5 89 33 89
Arsenal 38 21 7 10 74 49 70
Tottenham 38 20 9 9 66 41 69
Newcastle 38 19 8 11 56 51 65
Chelsea 38 18 10 10 65 46 64
Everton 38 15 11 12 50 40 56
Liverpool 38 14 10 14 47 40 52
Fulham 38 14 10 14 48 51 52
West Brom 38 13 8 17 45 52 47
Swansea 38 12 11 15 44 51 47
Norwich 38 12 11 15 52 66 47
Sunderland 38 11 12 15 45 46 45
Stoke 38 11 12 15 36 53 45
Wigan 38 11 10 17 42 62 43
Aston Villa 38 7 17 14 37 53 38
QPR 38 10 7 21 43 66 37
Bolton 38 10 6 22 46 77 36
Blackburn 38 8 7 23 48 78 31
Wolves 38 5 10 23 40 82 25
FINAL TABLE
TEAM PLD W D L F A PTS
AT WHITE HART LANE
Spanish Grand Prix: Page 33
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