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A LEADING City lawyer and adviser has
warned that European chiefs are gear-
ing up to take a hard line on financial
fair play (FFP) rules.
The warning comes days after
Premier League champions
Manchester City announced a 97.9m
loss for 2011-12, raising fears they
could breach governing body
Uefas regulations.
Uefas FFP rules allow clubs
to make a maximum 45m
(36.6m) loss between 2011
and 2013 or risk exclusion
from European competitions
starting with the 2014-15 sea-
son.
Doubts have been
raised over Uefa pres-
ident Michel
Platinis prepared-
ness to actually
ban teams, given
www.cityam.com FREE
their financial resources and ability to
seek legal redress, but Slaughter and
Mays Nigel Boardman believes clubs
should be wary.
Everything we have seen and heard
thus far suggests that Uefa will contin-
ue to pursue the rigorous enforcement
of financial fair play, Boardman, who
has advised several Premier League
and Football League clubs, writes in
todays City A.M.
Uefa is bolstering its legal depart-
ment and making friends in high
places at the European Commission in
order to pave the way for successful
enforcement of the break-even require-
ment from 2013/14. Uefa has displayed
a level of commitment to the cause
which does not bode well for clubs
intending to push boundaries.
City could escape a ban even
if they exceed Uefas thresh-
old by arguing that they
have displayed a positive
trend by cutting their loss-
es from 197.5m in 2010-
11.
But there is pressure on
Uefa to heavily scrutinise
Abu Dhabi-backed Citys
record-break-
ing 400m
s p o ns o r -
ship deal
with the king-
doms carrier
Etihad Airways.
Was their
deal at arms
length or a
phoney deal? That needs to be looked
at, Boardman said.
From the outside its hard to
answer those questions. They are
trending in the right direction and are
likely to be treated with leniency.
City appear the most at-risk of
Englands top flight, with Manchester
United, Chelsea, Arsenal and
Tottenham all recording a profit in
their latest accounts.
Premier League clubs have held
talks about implementing their own
version of FFP, although there remains
some disagreement over what meas-
ures to apply.
Chelsea, Arsenal and Manchester
United are all broadly in favour of
financial fair play, whereas Fulhams
Mohammed Al Fayed is widely
believed to be an opponent.
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FTSE 100 M5,921.76 -7.85 DOW M13,135.01 -35.71 NASDAQM2,971.33 -20.83 /$ 1.62 +0.01 / 1.23 unc /$ 1.32 +0.01
NORTHERN EXPOSURE
WIGGINS WINS
SPORTS GONG
See Page 26
See Pages 22-23
NIGEL BOARDMAN: Page 12-13

Certified Distribution
29/10/12 till 25/11/12 is 129,356
SPOTLIGHT ON
financial fair play in
FOOTBALL
THE WHITE House said yesterday
it would not accept an offer from
the Republicans to hike taxes on
the richest in exchange for
spending cuts, as the United States
lurches towards a string of
automatic austerity measures and
tax rises known as the fiscal cliff.
John Boehner, who leads
Republicans in the House of
Representatives, offered in a
phone call to the President to vote
for higher taxes on those earning
more than $1m (618,500) a year,
in exchange for reforms that lead
to lower federal spending in
future. This appeared to be a U-
turn on the Republicans pledge
never to raise income taxes.
Barack Obamas administration
wants to let taxes rise on earnings
above $250,000 a year, but renew
the Bush-era tax cuts for those
earning less.
This offer came as part of
desperate discussions between the
two parties to stop the worlds
biggest economy going over the
fiscal cliff in the new year, which
many economists think will push
the country back into recession.
BY BEN SOUTHWOOD
ISSUE 1,783 MONDAY 17 DECEMBER 2012
Slaughter and Mays Nigel Boardman warns football clubs they face problems if they overspend
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Manchester Citys
Sergio Aguero cost
the club around 35m
CITY LAWYER WARNS
TOP FOOTBALL CLUBS
Obama rejects
Boehner offer
IN BRIEF
Merkel defends austere Eurozone
nGerman Chancellor Angela Merkel
criticised her centre-left opposition
for blocking her governments efforts
to cut income taxes by 6bn (4.9bn),
telling a German newspaper those
parties will have to explain that to
voters in next years election. Merkel,
seen as the main proponent for
austerity in the Eurozone, told the
Financial Times today that the
currency bloc must work very hard
to remain competitive.
IMF head lifts growth outlook
nAdvanced economies should grow a
bit faster than expected next year, the
International Monetary Funds
managing director said yesterday.
Christine Lagarde said advanced
economies would grow 1.6 per cent in
2013. That is higher than the IMFs last
official outlook from October that said
expansion for advanced economies hit
by a fiscal crisis would be 1.5 per cent.
Hollande hit in by-elections
n Frances opposition conservative
party won three by-elections
yesterday despite its own internal
problems, in the latest sign of trouble
for Socialist President Francois
Hollande. The UMP won a hat-trick of
by-elections, including a seat
previously held by the ruling Socialist
party. These elections constitute a
setback for the government which has
reacted so badly to the crisis and the
risk of recession and promised too
much to the French people, said
Francois Fillon, who was Prime
Minister under Nicolas Sarkozy.
Depardieu blasts French PM for
calling Belgium move pathetic
FRENCH ACTOR Gerard Depardieu
yesterday launched a blistering
verbal assault on French Prime
Minister Jean-Marc Ayrault for
calling his decision to move to
Belgium pathetic.
Pathetic, you said pathetic? How
pathetic is that? Depardieu wrote
in an open letter. I am leaving
because you believe that success,
creation, talent, anything different
must be sanctioned, the Cyrano de
Bergerac star said. He claimed he
had paid a total of 145m in taxes
since he started work at 14, as a
printer.
BY BEN SOUTHWOOD
Depardieu recently bought a
house in the Belgian border village
of Nechin, where 27 per cent of
residents are French nationals, after
President Francois Hollandes
socialist government passed a welter
of eye-watering tax increases.
But a succession of political
figures have attacked his decision,
including Prime Minister Ayrault
and Culture Minister Aurelie
Filipetti, who pointed out that
public money is lavished on the
French film industry, and labelled
the popular and trenchant public
figure a deserter.
When we abandon the ship and
desert in the middle of an economic
war, then you dont come back and
give morality lessons, she told a
French TV channel.
Despite the tax hikes, wealthy UK
citizens are considering moving to
France, according to data from
Lloyds TSB this morning. Some 22
per cent of millionaires would
consider leaving the UK in the next
two years, Lloyds said.
And across the whole sample
including people worth over
250,000 a fifth cited France as the
country they would most like to
move to. But this was likely down to
the weather, the data suggested,
with 63 per cent saying poor UK
weather was a key reason to move.
KPMG UK profits decline
as growth disappoints
BIG four auditor KPMG witnessed a
13 per cent slump in profits last
year after budgeting for a surge in
economic growth that failed to
materialise, results out today show.
The professional services firm was
forced to slash 275 senior jobs over
the summer to shore up its bottom
line, after it became apparent its
forecast for the year and subsequent
levels of staffing were too opti-
mistic.
Profits for its UK business, which
employs more than 10,000 people,
dropped 54m to 349m on the
back of higher one-off costs despite
an increase in revenues across the
majority of its divisions.
Senior partner Simon Collins told
City A.M.: We budgeted for heavier
growth than we got and that was
mainly predicated on encouraging
economic sentiment.
We got off to a good start to the
year, but we budgeted for double
the growth, and in truth we held
our nerve too long.
Despite revenue growth across all
of its divisions apart from tax
where revenues fell three per cent
the firm cut the hundreds of roles
at senior management and director
level after investing too heavily in
the early part of the year.
We could have done more stuff to
Insurers warn regulators on reforms
Insurers are conducting a war of words
with regulators trying to prevent a repeat
of AIGs collapse, as the industry makes a
last-ditch effort to avoid capital
surcharges.
US banks call for easing of Basel III
US banks are making a last-minute push
to ease new global liquidity requirements,
arguing that they would need to come up
with an additional $800bn in easy-to-sell
assets under the proposed standards. The
banks argue that they have increased
their holdings of liquid assets by
$700bn or about half the $1.5 trillion
shortfall identified at the end of 2010.
Staff to own 10 per cent of Royal Mail
The coalition is pressing ahead with plans
for Royal Mails 150,000 staff to own at
least 10 per cent of the business as it
accelerates preparations to privatise the
state-owned postal operator. Michael
Fallon, the Conservative business
minister, is weighing options such as a
John Lewis-style trust or individual
shareholdings for employees as part of
the sell-off, scheduled for 2013-14.
Cath Kidston takes on counterfeiters
The quirky British accessories group Cath
Kidston has set its sights on cracking the
vast China market after first fighting a
battle with the countrys notorious
counterfeiters. Its designs will arrive in its
first two stores in Shanghai next month.
By George! Retail middle squeezed
The rapid growth of cut-price fashion has
been underscored by Asda and Primark,
which have surpassed Debenhams by
taking a larger share of the market.
Goring in the red after 3m refurb
The Goring, the hotel chosen by the
Duchess of Cambridge to spend her last
night as a single woman, has slumped to a
1.3m loss. The Belgravia establishment,
also a favourite of Lady Thatcher, slipped
into the red after spending over 3m on
refurbishments last year.
BP seeks to change Iraq oil contract
BP is looking to change the terms of its
contract with the Iraq government for the
Rumaila oilfield, as it seeks to scale back
its production target.
United Continental pilots agree pact
Pilots at United Continental Holdings have
ratified a labour agreement covering the
crews brought together by the 2010
merger of United Airlines and Continental
Airlines.
Twitter hosts holiday shopping deals
Twitter is taking centre stage in retailers
holiday strategies this year, in a shift from
the supporting role that the social-media
platform once played during the end-of-
year shopping season.
SKY is set to bring Premier
League football to its nascent
Now TV streaming service in the
coming weeks, raising the
possibility of offering pay-per-
view games.
The broadcaster quietly began
testing Sky Sports on the service
last week, inviting customers to
trial it ahead of a new year
launch.
Now TV has been active since
July, but until now has only
shown movies. However, Sky has
recently ramped up marketing
for the offering, which allows
customers to stream video via a
number of devices, including
iPads, smartphones and the Xbox
at a cost of 15 a month, after a
discounted introductory period.
A pay-per-view option was
offered on launch and recently
withdrawn, although Sky has said
it will re-introduce it next year.
A Sky spokesman said sports
will be offered on Now TV early
in the new year, but did not
comment on pricing.
The service would have much
of the sports content that Sky
offers via satellite TV, and would
increase its potential customer
base in the face of increasing
competition from BT, which is
launching a sports channel next
summer.
Sky to bolster
Now TV with
Premier League
KPMG senior partner Simon Collins replaced outgoing John Griffith-Jones
Gerard Depardieu will move to a Belgian town where 27 per cent of residents are French
2
NEWS
BY JAMES TITCOMB
BY MICHAEL BOW
To contact the newsdesk email news@cityam.com
MONDAY 17 DECEMBER 2012
improve profitability but we did it too
late, Collins said. We mirror the
economy a little because weve got
such a wide range of clients. Were
forecasting growth again but with
more realistic growth forecasts, and
we have a better cost base now,
The results show overall pay for part-
ners at the business dropped to
reflect the overall drop in profitabili-
ty, with profits per partner down 17
per cent from 696,000 to 580,000.
The highest paid partner was for-
mer senior partner John Griffith-
Jones, who retired at the end of
August and is soon to be installed at
the Financial Services Authoritys
replacement the Financial Conduct
Authority.
His total profit share was 3.1m.
Partner numbers remained relative-
ly stable ticking up slightly from 579
to 602 over the year.
The firm which alongside PwC,
Deloitte and Ernst & Young makes up
the Big Four snapped up IT advisory
firm Xantus this year and is also due
to open a new office in Londons Tech
City early next year to target high
growth tech start-up firms.
The new jobs website for London professionals
CITYAMCAREERS.com
WHAT THE OTHER PAPERS SAY THIS MORNING
THE government should call a
referendum on the EU before 2015,
Boris Johnson said yesterday, adding
that an exit from Europe would not
be the end of the world.
Speaking yesterday to BBC 1s The
Andrew Marr Show, the London
mayor said it would be fantastic
to speed up the timetable and
schedule a referendum before the
next general election.
I cant see them doing it before
2015, but all is apparently going to
be revealed in a speech that is
forthcoming, he said.
Prime Minister David Cameron is
due to deliver a landmark speech in
the coming weeks about the UKs
place in the EU.
Johnson considered a potential
rival to David Cameron for the Tory
leadership said that the UK should
be prepared to walk away from
Brussels if it could not negotiate a
new relationship, although he
stressed that it was not his
preferred option.
Dont forget that 15 years ago
the entire CBI, British industry, the
City, everybody was prophesying
that there would be gigantic
mutant rats with gooseberry eyes
swarming out of the gutters in the
sewer to gnaw the last emaciated
faces of the remaining British
bankers because we didnt go into
the euro, Johnson added.
Boris Johnson
urges EU vote
before 2015
BY CATHY ADAMS
OFCOM is this week expected to
reveal the bidders for an auction of
4G spectrum, in the next step of a
process that could earn the Treasury
far more than originally expected.
George Osborne pencilled in a sum
of 3.5bn in his Autumn Statement,
but recent auctions in other coun-
tries have beaten forecasts, as the
increasing appetite for mobile data
has become apparent.
Dutch authorities
revealed over the week-
end that the country
raised 3.8bn (3bn) in
its own 4G auction, a
sum many times more
than forecast, while a
recent Irish sale also beat
expectations.
Buying a slice of the
4G airwaves will
allow networks to
offer mobile inter-
net speeds up to
10 times as fast as
3G. With recent
Ofcom figures
4G bidders to be
outed as hopes
rise for windfall
BY JAMES TITCOMB
showing that UK smartphone users
are the worlds most data-hungry,
operators could be more eager than
ever to get their hands on spectrum.
A bigger windfall will come as a
boost to Osborne, who has only been
able to reduce the budget deficit this
year by relying on the proceeds of the
upcoming auction.
The Dutch auction showed there is
more value to the spectrum and the
reason is more demand, Brian
Potterill, a director in PwCs telecoms
strategy team, told City A.M. We had
an estimate of between 2bn and
4bn but I think were now looking at
the high end of that. The auction is
designed to extract value.
Applications opened for Januarys
auction last week, and Ofcom chief
Ed Richards is expected to reveal
candidates at the end of the
week. They will include
EE, O2, Vodafone and
Three, although BT has
also expressed an inter-
est in some spectrum.
Ofcom boss Ed Richards
will reveal the bidders
THE DOOR to unlimited Japanese
monetary stimulus was nudged
further open yesterday as Shinzo
Abes Liberal Democratic Party
(LDP) re-took parliament in a
landslide.
The right-leaning LDP took
almost 300 out of 480 seats in the
lower house, according to exit
polls, which means it can exert a
two-thirds majority with ally New
Komeito, and force legislation
through the upper house, held by
the Democratic Party of Japan.
Abe, a former Prime Minister,
has run a campaign centred on
Abe opens door to radical policy
with landslide Japanese victory
BY BEN SOUTHWOOD jolting the worlds third-biggest
economy out of its 20-year
stagnation, through massive
monetary policy to boost inflation
up to target.
Whats first and foremost is to
achieve an economic recovery and
pull Japan out of deflation, he
said on live television.
The LDP leader is also known for
his hawkish foreign policy, and has
promised to take a more forthright
stance on territory disputes with
neighbour and rival China.
The LDP enjoyed almost 50 years
of unbroken rule up until 2009 and
Abe has already served as Japanese
leader between 2006 and 2007.
MONDAY 17 DECEMBER 2012
3
NEWS
cityam.com
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Shinzo Abes Liberal Democratic Party has won the Japanese election convincingly
NEWLY-appointed Bank of England
governor Mark Carney has topped
a survey grading the performance
of the worlds cental bankers over
the past 12 months.
Canadian Carney, a former
Goldman Sachs director, scored 81
out of a possible 100, with 68 per
cent giving him an A or B grade,
according to the Wall Street
Journals latest economic
forecasting survey.
The Bank of Englands
incumbent governor Sir Mervyn
King scored 71, with only 41 per
cent of respondents grading him A-
B, while European Central Bank
chief Mario Draghi won a
respectable 75 points. Carney will
replace Sir Mervyn on 1 July.
New BoE boss
Carney named
best banker
BY CATHY ADAMS
THE EUROPEAN Union and
Singapore agreed to terms of a free-
trade deal yestrday, a move that
should further open the Asian
countrys markets for financial
services and make it easier for
carmakers to export there.
We have finalised the
negotiations, and Im very pleased
with the result, said EU trade
commissioner Karel De Gucht.
The EU executive, member states
and the European Parliament need
to sign off for the agreement to
come into force.
Though EU countries have
sometimes rejected such deals for
political reasons, this is unlikely to
happen with Singapore.
Singapore and
Europe agree
free trade deal
BY CITY A.M. REPORTER
BUSINESS secretary Vince Cable will
today unveil new intellectual
property proposals in a bid to
encourage innovation.
The Liberal Democrat MP will put
forward a range of changes to how
the Intellectual Property Office
(IPO) operates. These will include a
superfast system for awarding
patents and a crackdown on
intellectual property crime.
Our creativity, our openness to
and talent for innovation, is a key
pillar of our return to robust
growth. So it is right we work to
create the environment in which
creative, innovative businesses of all
shapes and sizes flourish, Cable
will say this morning in London.
A vital part of getting this is
making sure that the intellectual
property landscape encourages and
cements success and growth. The
new vision for how we support
businesses and consumers is central
to achieving this.
Cable will refer to the plans as a
step change in the way the IPO
operates, moving from simply
granting intellectual property
rights to encouraging innovation.
The move is likely to boost the
growing technology businesses
clustered in east London, as well as
bringing patented drugs onto the
market more quickly.
Cable reveals
new patent
system plans
BY JAMES TITCOMB
Facebook IPO made me uneasy, says Prince Alwaleed
INFLUENTIAL Saudi investor Prince
Alwaleed bin Talal has revealed that
he was uneasy about Facebooks
initial public offering (IPO), saying
the company was not a strong
candidate for growth.
The billionaire declined to invest
in Mark Zuckerbergs company
when it floated in May at $38 a
share, a price which fell to below
half that this summer before
recovering in the last few weeks.
BY JAMES TITCOMB
Prince Alwaleed, who is an early
investor in Twitter, and owns a
large stake in Rupert Murdochs
News Corp, told Middle East
magazine Arabian Business: [The
company] was priced at an extremely
high side at $38.
When we invest in a company we
like to get good returns for our
shareholders. [With Facebook], I did
not feel comfortable from the
beginning.
His comments are in line with
many who have said that Facebook
was overpriced when it went public,
with unrealistic expectations for
future growth.
But the Prince
said he sees
Facebook
rival
Twitter as
having the
opportunity to be a very sound
investment. His company, Kingdom
Holding, bought a $300m (186m)
stake in the company last year.
We entered Twitter when it was a
growth company, Prince Alwaleed
said. We entered at the right time.
We will get our return on
investment.
Twitter, which now has more
than 500m members, is tipped
for an IPO in the coming years.
Future Archbishop of Canterbury Justin Welby sits on the banking standards commission
The business secretary will speak today
Facebook Inc
14Dec 10Dec 11 Dec 12Dec 13Dec
27.75
28.00
28.25
27.00
27.25
27.50
28.50
28.75 $
26.81
14Dec
Prince Alwaleed bin Talal bought a
$300m stake in Twitter last year
A HEAVYWEIGHT parliamentary
committee on banking standards
will this week unveil a hardline
stance on proposals to ring-fence
the retail banking operations of
high street banks from their
investment banking activities.
The commission on banking
standards comprised of big
Parliamentary banking standards commission
to unveil a tough stance on bank ring-fencing
BY MICHAEL BOW
hitters including former chancellor
Lord Lawson, the future
Archbishop of Canterbury
Reverend Justin Welby and
Treasury committee chair Andrew
Tyrie MP is expected to raise the
spectre of a law requiring banks to
split their retail and investment
banking operations. The committee
is due to deliver its long-awaited
report into the Banking Reform
bill, which proposes a ring fence
based on recommendations from
Sir John Vickers, on Friday.
It is understood the commission
could take a harder stance and
recommend laying down a law to
separate the activities of
investment banks and retail banks
to be drawn upon in future, if the
ring fencing proposals fail to
reduce risk.
MONDAY 17 DECEMBER 2012
5
NEWS
cityam.com
COMMODITY trading giant Trafigura
is mulling plans to join its Swiss-based
rival Glencore and float part of its
business on the London Stock
Exchange.
Trafigura, a top three oil trader and
the second biggest metals trader
behind Glencore, yesterday said it was
still weighing up an initial public
offering of its oil subsidiary Puma
Energy to bring new investment into
the firm.
Puma Energys chief executive
Pierre Eladari has made no secret of
his desire to tap public markets and
last year said the firm wanted to be in
place to list by the end of 2012.
We want to be ready a year from
now, he said in September 2011.
Yesterday Puma Energy, which is
65 per cent owned by Trafigura,
said a listing, which bankers
believe could raise up to 3bn,
was on the cards for the future
but had no urgent plans to move
for a float.
As we have stated previously,
an IPO could be one of various
options at some point in the
future, it said in an emailed state-
Commodity trading
giant Trafigura mulls
London float of Puma
BY MICHAEL BOW
ment yesterday.
It added that the firm was well
funded by its existing sharehold-
ers and had no immediate
needs to go public.
Trafigura originally rose to public
prominence in 2009 after taking
out a super-injunction to ban pub-
lication of details surrounding the
alleged dumping of toxic waste in
the Ivory Coast.
The Geneva-based firm loosened
its grip on Puma Energy, which
deals in oil storage and has a raft of
petrol stations in the developing
world, after selling a 20 per cent
stake to the subsidiary of Angolas
state backed oil company Sonangol
Holding last year.
It is under-
stood the
business is
l ook-
ing to cut its holding in Puma
Energy below the 50 per cent
mark, by drawing private investors
to invest in the company. The other
15 per cent is owned by the part-
ners at the business.
One headwind for Trafigura and
Puma Energy will be the dire state
of the European IPO markets, with
volumes this year a third of what
they were in 2011, according to
Bloomberg data.
Despite the dismal state of the
market, the firms key rivals have
been successful in tapping
investors for fresh funding.
Trafiguras Swiss neighbour
Glencore floated in London last
year and pushed on by undertak-
ing a mega merger with miner
Xstrata this year.
Its other main rival, energy trad-
er Vitol, sold a 50 per cent stake to a
company owned by Malaysias
national oil business
Petronas.
IN BRIEF
Eni pledges cash for Libyan oil
n Italian oil and gas company Eni
will invest $8bn (4.9bn) in the next
10 years to develop its activities in
Libya, the group said yesterday
The investment plan was presented
by Eni chief executive Paolo Scaroni
to Libyan Prime Minister Ali Zidan
yesterday in Tripol.
Argentina nears IMF deadline
n Argentina has until today to tell
the International Monetary Fund
how it plans to produce more
reliable data on its growth and
inflation, or risk being thrown out of
the G20. IMF head Christine Lagarde
in September gave Argentina three
months to put it statistical house in
order, though no immediate action is
expected if the country misses the
deadline.
MPs to grill Laidlaw over trains
n Sam Laidlaw will appear before
MPs tomorrow to discuss his report
into the botched West Coast Main
Line franchise competition. Laidlaw,
the chief executive of Centrica and a
non-executive at the Department for
Transport, earlier this month
published a stinging paper on how
poor leadership, overwork and
flawed sums led to the collapse of
the process. However, some MPs
have flagged up inconsistencies in
his report.
US MOURNS CONNECTICUT SCHOOL SHOOTING VICTIMS
Tributes poured in
over the weekend
for the 26
slaughtered in a
primary school in
Newtown,
Connecticut, on
Friday. US
President Barack
Obama visted the
town yesterday, as
some senior US
politicians called
for stricter gun
control laws.
Twenty children
and six women
died in the
rampage on Sandy
Hook school by
gunman Adam
Lanza, who then
turned the weapon
on himself.
Puma Energy delivers
oil around the world
WEAK FLOAT
MARKET Page 10
n n
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MONDAY 17 DECEMBER 2012
RESEARCH in Motion (RIM), the
Canadian company that makes
BlackBerry smartphones, is expected
to reveal another round of losses this
Thursday, as it gears up for a make-
or-break product launch in January.
Consensus forecasts put RIMs
third-quarter losses at $182m
(112.6m) as it continues to lose
market share to the likes of Apple.
Despite this, however, investors
have become increasingly
optimistic. Shares have doubled in
recent weeks over good signs about
the next generation of handsets.
RIM losses set
to continue
BY JAMES TITCOMB
CANADA-based First Quantum
Minerals yesterday upped its offer for
rival mining firm Inmet in a deal
worth C$5.1bn (3.2bn).
First Quantum, which has assets
in Africa, Australia, South America
and Europe, is offering C$72 in a
mixture of cash and shares for each
Inmet share, which it says represents
a 65 per cent premium to Inmets
underlying share price on 23
November.
Last month, Inmet rejected a
C$4.86bn proposal from Toronto,
London and Lusaka-listed First
Quantum, saying it was not in the
best interests of shareholders.
The increased offer values Toronto-
based Inmet, which is building the
Cobre Panama mine in Central
America, at C$5.1bn.
The Cobre Panama mine, an
undeveloped copper project, is a key
draw for First Quantum, which wants
to gain control of it.
Chief executive and chairman
Philip Pascall said yesterday that First
Quantum had received a number of
approaches from key Inmet
shareholders regarding the potential
tie-up.
The miner added that the
combined group would establish itself
as a top five copper producer within
five years, with substantial free cash
flow generation.
IN BRIEF
Gruma buys back stake from ADM
n Mexican corn flour processor Gruma
has purchased a 23.2 per cent stake of
its own stock that was previously held
by US agribusiness giant Archer Daniels
Midland, part of a $450m deal Gruma
announced in a statement yesterday.
In addition to the Gruma stake, the firm
bought minority stakes in its units
Azteca Milling, Molinera de Mexico and
Gruma Venezuela.
Vivalis and Intercell set to merge
n Frances Vivalis is set to buy Intercell
in a deal valuing the Austrian vaccine
maker at around 133m (108m), and
creating an enlarged player in the
European biotech industry. Both
companies are loss-making and the tie-
up, billed as a merger of equals, will
allow for cost savings of 5m-6m a
year, the companies said yesterday. The
combined group will be called Valneva.
Former Italian Prime Minister Berlusconi with his new wife-to-be
Berlusconi set to
wed 27-year-old
First Quantum sweetens bid
for Inmet with 3.2bn offer
ERSTWHILE Italian politician
Silvio Berlusconi has announced
his engagement to his 27-year-old
girlfriend, Francesca Pascale.
The former premier, known for
his anti-euro rhetoric, is eyeing up
a return to Italian politics ahead
of general elections expected in
February.
Mario Monti said last weekend
that he would stand down as
Italian Prime Minister once the
2013 budget was passed.
It has been just over a year since
Berlusconi, now aged 76, was
forced from office at the height of
the financial crisis.
MONDAY 17 DECEMBER 2012
7
NEWS
cityam.com
The new
jobs website
for London
professionals
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BY CATHY ADAMS
BY CATHY ADAMS
APOLLO Global Management, the
American investment firm with
almost 70bn of assets under
management, is plotting to take
control of HMV after buying a
chunk of the retailers debts.
The vulture fund has snapped up
more than 20m of the struggling
companys senior debt from Allied
Irish Banks, over 10 per cent of
HMVs outstanding loans,
according to reports this weekend.
The move comes after HMV
announced last week that it was
likely to breach its banking
agreements in January.
Chief executive Trevor Moore said
the group was in constructive
discussions with its eight lending
banks. However, by buying up debt,
Apollo could tip the balance in
talks by taking control of HMV if it
is unable to make its debt
payments.
Apollo, HMV and Allied Irish
declined to comment.
American fund
sets sights on
troubled HMV
BY KASMIRA JEFFORD
THE owners of Comet are set to recov-
er 50m from the collapse of the elec-
tricals chain while taxpayers are
expected to fork out around 50m in
unpaid tax and redundancy costs.
A report by administrator Deloitte
due to be published today is expected
to show that Hailey Acquisitions
Limited (HAL), Comets parent compa-
ny, is entitled to the sum as the
groups main secured creditor.
HAL was the vehicle set up by
Opcapita, the buyout firm run by for-
mer banker Henry Jackson, to buy
Comet from its previous owner Kesa
Electricals now known as Darty in
November 2011.
The vehicle, which was backed
by US and UK investors, was
owed 145m at the time of
Comets administration on 2
November, meaning it is likely
to have lost 95m.
Some 42m will also be make
available to suppliers who had
goods on credit with the firm
at the time of its collapse.
However, unsecured
creditors stand to get
BY KASMIRA JEFFORD
nothing. A document filed at
Companies House on Friday shows
this includes HMRC, which is owed
26.2m in VAT and payroll taxes.
On top of that, the government is
likely to have to cover the 24m redun-
dancy payments owed to staff after
insufficient funds were raised during
the administration process.
Deloittes report into the demise of
Comet will reveal the retailer racked
up 160m losses. The chain made a
loss of 32m in the year to 30 April
2011 which widened to 95m in 2012.
In the five months to 30 September it
lost 31m.
The report will say that while Comet
managed to cut costs, sales declined
rapidly. After creditors pulled the
plug on insurance, working capital
became too large to cope with.
The report comes after Deloitte
announced on Friday that all
stores would shut by 18
December.
JOHN Lewis was the bearer of festive tidings yesterday as the group posted a second week of
record trading. Sales at its 39 stores and online outlet reached 147.8m in the week to
Saturday, up 11.1 per cent on last year. West End firms today voted to keep representative
body New West End Company for five more years, guaranteeing the area a 25m investment.
JOHN LEWIS DECKS ITS HALLS WITH SHOPPERS
Henry Jackson, Opcapita
founder and chief exec
MONDAY 17 DECEMBER 2012
8
NEWS
cityam.com
BOW LANE LONDON
GOLF
GOLF CLOTHING
RUGBY
OFF CHEAPSIDE, NEAR BANK TUBE STATION
DEBATE: Page 17

Taxpayers face
50m bill from
Comet failure
HMV Group PLC
14Dec 10Dec 11 Dec 12Dec 13Dec
2.50
3.00
3.50
4.00
4.50 p
2.37
14Dec
THE DRAWN-OUT negotiations over
William Hills joint takeover of
Sportingbet are set to come to an end
this week, with a formal offer finally to
be lodged.
With a deadline of 5pm tomorrow
approaching, William Hill and bid part-
ner GVC Holdings are putting the fin-
ishing touches to a deal valuing
Sportingbet at 485m, sources close to
the situation confirmed.
This figure, announced by
Sportingbet two weeks ago, is less than
the 530m originally earmarked, which
was revised downwards after a poor set
of quarterly results from the company.
The deal comes after months of back
and forth between the parties. William
Hill and GVCs interest was first
unveiled in September, and deadlines
William Hill set
to finally make
Sportingbet bid
BY JAMES TITCOMB
for formal offers have been repeatedly
extended. The acquisition will see the
online bookie carved up, with William
Hill taking Sportingbets lucrative
Australian operations and GVC taking
most of the rest. Citi is William Hills
lead financial adviser, and Lazard is han-
dling Sportingbet.
The parties declined to comment.
Carlsberg doesnt do minimum
prices, says groups chief exec
CARLSBERG doesnt do cut-price
offers for its alcoholic products
but even if it did it certainly would
not agree with current proposals
being considered by the UK
government.
Carlsberg boss Jorgen Buhl
Rasmussen has spoken out against
proposals to combat the binge-
drinking culture of the UK.
The plans could see a minimum
price-per-unit of 45p or 50p being
introduced, which equates to
around a 70p hike in the price of a
BY CALLY SQUIRES
bottle of supermarket wine, and
adds around 2 to a bottle of gin.
Buhl Rasmussen criticised the
rationale of the proposals: The
issue is people abusing alcohol and
they dont stop buying because you
have a minimum price of 45p.
He added: One or two units do
not do any harm if you drink
responsibly. Sometimes having a
few more, if its only once in a
while, shouldnt be a problem
because sometimes I think we
should all be allowed to have a bit
of fun.
Buhl Rasmussen suggested
education and information as the
best way to tackle abuse. He also
pointed out that prices were
already comparatively high in the
UK due to taxes on beer, making it
a less profitable market.
Heineken has also opposed the
minimum price.
A 50p-per-unit pricing floor in
Scotland is currently being tested
in the European courts, with
doubts as to whether it would be
in line with free market principles.
A decision on the Scottish case is
unlikely to be made for at least
another six months.
Sportingbet PLC
14Dec 10Dec 11 Dec 12Dec 13Dec
48.50
48.75
48.25
49.00
49.25
49.50
49.75 p
48.75
14Dec
MONDAY 17 DECEMBER 2012
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NEWS
cityam.com
THE VALUE of initial public offerings
(IPOs) in London this year has fallen
by more than 75 per cent, according
to figures from financial data
provider Dealogic.
Over the past 12 months, there has
been $4.4bn (2.7bn) worth of deals,
compared to $17.9bn during 2011.
In numerical terms, there have
been seven IPOs in London in 2012,
compared to 14 over the previous
year.
The lower total IPO value this year
reflected the dearth of blockbuster
listings such as that of commodities
trading giant Glencore in London in
May 2011, which raised $10bn.
In sharp contrast, the US clocked
up $47bn worth of deals this year on
London float
values plunge
in a slow year
BY CATHY ADAMS
the NYSE and the Nasdaq, up slightly
on last years tally, which came in at
$41.1bn. The number of deals was
broadly flat year on year.
The numbers were boosted by the
mega-listing of social networking site
Facebook on the Nasdaq in May,
which at $16bn was one of the biggest
floats in US history.
Globally, total offerings fell sharply
with total IPO deal values across the
top 10 exchanges coming in at
$120.6bn, down from $168.5bn over
2011, according to Dealogic.
Last week, Kazakh mobile telecoms
operator Kcell listed in London, rais-
ing $525m for its parent company
TeliaSonera. Insurer Direct Line and
Alisher Usmanovs Megafon have also
tapped the London market for fund-
ing this year.
Private equity dealmakers are
rushing toward sterling safety
UK private equity buyout values
shot up by nearly a quarter last year
as dealmakers keen to do business
in Europe headed towards the safe
haven status of the UKs sterling
currency, a study out today reveals.
Buyout activity across the UK
increased 23 per cent to reach
15.7bn for 2012, the data shows,
with the rise in volumes led by a
surge in the size of deals being
done through the UK. Buyout
numbers as a percentage of UK
mergers and acquisitions (M&A)
BY MICHAEL BOW
rose to 45 per cent in the first nine
months of this year, compared to 33
per cent in 2011.
Average deal size shot up to 84m
from 68m in 2011, despite the
number of deals staying flat, at 189
versus 187 last year.
The data is published by the
Centre for Management Buyout
Research backed by professional
services firm Ernst & Young and
private equity house Equistone
Partners Europe.
E&Y private equity leader Sachin
Date said: Private equity funds are
growing increasingly worried about
how the Eurozone crisis will play
out and as a result the UK has
benefited and held up well
compared to Europe.
The rise was led by a series of
mega buyouts this year, including
the 1.4bn management buyout of
Iceland Foods and the 1.2bn
buyout of Misys.
The study also reveals the
number of private equity exits
plunged last year, from 162 to 134,
as dealmakers continue to hold
onto their portfolio companies
despite pressure from investors to
have their money returned.
Ukip, the Eurosceptic party lead by Nigel Farage, has scored a record poll rating and
overtaken the Liberal Democrats in three surveys over the weekend.
The Survation poll for the Mail on Sunday, the ComRes poll for The Independent on Sunday
and The Sunday Mirror and the Opinium poll for The Observer all gave Ukip a rating of 14
per cent. Labour scored 38 or 39 per cent, and the Lib Dems eight or nine per cent.
UKIP JUMPS TO THIRD PLACE IN POPULARITY
BRITISH companies may have to
stop offering final-salary linked
pensions because of the cost of
applying proposed European rules,
an industry lobby group said.
The proposed regime would
force firms to find an extra 300bn
to strengthen their pension pots,
the National Association of Pension
Funds (NAPF) said in a report out
today, arguing this expense would
threaten jobs and investment as
Pensions group warns new EU
rules may force schemes to shut
BY CITY A.M. REPORTER employers look for alternative ways
to fund their capital requirements.
The European Unions proposed
changes would require pension
funds to make sure they have
enough cash to cover the
retirement incomes of its
employees if a company went bust.
Final-salary linked pension
schemes, which promise staff a
pension based on their salaries, are
already struggling to generate
returns due to weak stock markets
and low interest rates.
MONDAY 17 DECEMBER 2012
10
NEWS
cityam.com
R
EADERS may remember The
Capitalist reported not so long
ago on Jannick Malling, the
young founder of online
trading platform Tradable, who
picked up a gong for Most Innovative
Financial Company at the Forex
Magnates Summit last month.
It seems that good news travels
fast word of Malling and
Tradables award success
had spread across the
ocean in less than 20
hours.
On the day of the Forex
ceremony, Mallingpitched
a partnership idea to
Citigroup, which
would allow bro-
kers on the
Tradable plat-
form to trade
with Citi on the
Citi deal gossip
trades too fast
for Tradable
CitiFX TradeStream.
The Capitalist hears that Citi loved
the concept and the deal was signed
straight away in London.
However to the embarrassment of
one board member, news of the
agreement hadnt reached the
Tradable team out in New York.
The following evening Henrik
Werdelin, a board member of
Tradable, was at a cocktail party in
New York and by chance ended up
talking to a Citi employee, who was
waxing lyrical about a deal the firm
had just signed with an innovative
new platform.
It took a good ten minutes of chit
chat before the pair clicked that
the deal was actually with
Werdelins own firm.
THIS evening sees the launch of
Michael Crawshaws thriller novel
To Make A Killing, at the London
Capital Club.
Crawshaw has previously
worked as head of European
research at Citigroup and head of
research at Schroders. However he
has penned his debut Cit-lit to
raise money for Joanna Lumley-
backed charity Hands Together.
The prime suspect in the mass
killings is Mickey, a trader who
worked his way up from post-room
to boardroom.
Mickey needs his bonus to sort
out his messed-up private life, and
will fight against the odds to keep
it. But he could be the next to die,
the books blurb declares.
MONDAY 17 DECEMBER 2012
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Michael Crawshaws To Make A Killing is a crime thriller based in the City
11
cityam.com
Christmas is meant to be a time
for sharing, and a survey released
by YouGov today has polled Britains
workforce on that very subject. Happily
the study concluded that Londoners are
most likely to share over the festive
period, compared to any other region.
Apparently the most favoured items to
dish out are sweets and gossip, which
The Capitalist can not argue with. In
other festive surveys, old favourite
Travelodge has its own Christmas
survey out on the annual office party.
The study reports 36 per cent of
employees plan to get drunk at their
office bash, a figure that has surely
been grossly understated. But the more
shocking finding was that 15 per cent of
men said they would be fake tanning
especially for the occasion. Lets hope
they dont do both at the same time.
The Capitalist is courted by many
who would like it to publicise their
charitable works, and given there is so
much competition to get into its pages,
those seeking publicity go to ever
greater lengths. Some even grow
outrageous moustaches in the name of
fame and philanthropy. However a press
officer from Deloitte has taken a curious
approach, describing a client in an email
as an infectious person. His name is
Mick Jackson, founder of the Micro-Tyco
project through which Deloitte has
raised 50,000 for charity WildHearts.
When The Capitalist offered its wishes of
swift recovery for all involved, it was
assured his infection was only related to
enthusiasm for the project. What a relief.
cityam.com/the-capitalist
THECAPITALIST
EDITED BY CALLY SQUIRES
Got A Story? Email
thecapitalist@cityam.com
City scribbler aims to make a
killing with thriller for charity
Founder of Tradable,
Jannick Malling
MONDAY 17 DECEMBER 2012
12
NEWS
SPOTLIGHT ON
financial fair play in
FOOTBALL
F
OR those who aspire to be the
next Sir Alex Ferguson, the
Premier Leagues fantasy football
game offers the chance to build
your own squad on a budget of 100m.
Each fantasy manager has equally
sized pockets, so the playing field is
level. Thus, competition is fierce.
Compare Premier League reality,
where the elite maintain their posi-
tion by snapping up the top players,
paying record-breaking transfer fees
and high wages. Teams have become
an accessory for wealthy individuals
such as Roman Abramovichs Chelsea
and Sheikh Mansour bin Zayed Al
Nahyans Manchester City. For these
men money is no object in 2011
Manchester City announced a record
197m loss, bankrolled by the Sheikhs
cash injection of 800m over three
years. This loss eclipsed Chelseas
141m in 2005 under Abramovich.
Uefas Club Licensing and Financial
Fair Play Regulations (FFPRs) were
designed to prevent clubs gaining an
advantage by trading at a loss.
Ultimately, a club may be refused a
licence to compete in European com-
petition if it fails to comply.
The basic rule of financial fair play is
that a club applying for a Uefa licence
must at least break even based on its
audited accounts taken on aggregate
over the previous three seasons. The
requirement will come into force for
the 2013/14 season (though, exception-
ally, for this season only the previous
two seasons accounts will be assessed).
Any expenditure on stadium and
training ground development, a clubs
youth development programme or
any community project is excluded
from the accounts. This is consistent
with one of the key drivers behind the
FFPRs, which is to encourage responsi-
ble spending with a view to long-term
benefit. Expenses and revenues from
non-footballing operations, corpora-
tion tax and non-monetary items (e.g.
revaluations or depreciation of fixed
assets) are also excluded. However, any
dividend payments to shareholders
must be included as an expense.
The FFPRs also allow for a degree of
acceptable deviation from the break-
even requirement. This can be either a
deficit of up to 5m (4m) or, if covered
by an equity injection, up to 45m.
This will be reduced to 30m as of the
2015/16 season, and to some as yet
undetermined lower figure from
2018/19. Where a clubs accounts show
a deficit which exceeds the acceptable
deviation, it can use any surplus from
the two seasons before the period
towards the break-even calculation.
Clubs may also take advantage of
provisions which state that a club
which falls foul of the break-even
requirement should not be sanctioned
if the club is reporting a positive trend
in its over the monitoring period, and
it can show that the aggregate deficit
is only due to losses sustained during
the 2011/12 season, which in turn are
due to expenses incurred in connec-
tion with contracts with players
signed prior to June 2010.
One potential loophole that Uefa has
sealed off is the manipulation of a
clubs accounts through related party
transactions. Under the FFPRs, these
transactions must be included in the
break-even calculation at fair value,
regardless of what was actually paid.
As of June 2011, club accounts which
are submitted for assessment as part of
a licensing application will also be test-
ed against four indicators of financial
health. Licensors may refer a club for
further investigation if there is a ques-
tion mark over whether the club is a
going concern, its net liabilities have
deteriorated in comparison with the
previous year, its accounts for that year
do not break-even when taken in isola-
tion, or if it has overdue payables
towards other clubs, employees or
social/tax authorities. If a club fails to
satisfy any indicator then it may be
required to present more detailed
information, including budgeted
future financial information. Uefa
may also request further information
if employee costs (e.g. wages) exceed 70
per cent of revenue, or its net debt
exceeds 100 per cent of revenue.
Finally, new licensing criteria with a
greater emphasis on financial health
have been in force since June 2010.
These assess a clubs credibility across
five categories sporting, infrastruc-
ture, personnel, legal and financial.
However, the question has been
asked how sharp are the teeth of
these rules? The drafting of the FFPRs
saw Uefa make significant concessions
to the European Club Association. This
has caused some to query whether
Uefa is prepared and able to enforce
the rules should push come to shove.
When it comes to preparedness, it
appears that even in their tempered
state the FFPRs have sent clubs a mes-
sage. In November Chelsea announced
that it was in the black for the first
time under Abramovichs ownership,
claiming profits of 1.4m the winds
of change have started to blow.
Chelseas financial turnaround should
ease concerns that over the next few
years Uefa will be faced with a situa-
tion where it must either refuse to
licence some of Europes top clubs, or
let its own rules fall by the wayside.
In the event that such a predicament
does arise, Uefa has clearly stated that
it is committed to the need to improve
standards and to the active enforce-
ment of its licensing system, ranging
from warnings to disqualification
from future competitions.
The independent Club Financial
Control Panel is responsible for moni-
toring clubs compliance with the
FFPRs and can make referrals to Uefas
independent disciplinary bodies in the
event of a breach. All of the evidence
thus far gives little cause to doubt the
enforceability of the rules. In
September the Panel announced that
23 clubs involved in 2012/13 Uefa com-
petitions have had the payment of
their prize money temporarily with-
held pending further investigation
into overdue payables. Of the 591 clubs
which applied for a licence for the
2011/12 season, 101 had their applica-
tions rejected for failing to meet the
fair play criteria. And Uefa president
Michel Platini has said that he intends
to take a similarly hard line in respect
of exclusions for failing to meet the
break-even requirement, arguably the
most stringent criterion of all.
One possible threat to Uefas good
intentions is a legal challenge to the
FFPRs on the grounds that they are
anti-competitive. Over the summer,
Why football cannot
All of the evidence
thus far gives little cause to
doubt the enforceability of
the rules... Uefa president
Michel Platini intends to
take a hard line in respect
of exclusions for failing to
meet the break-
even requirement

MONDAY 17 DECEMBER 2012

13
NEWS
cityam.com
unconfirmed rumours suggested that
Manchester City were exploring the
potential for making a complaint, the
substance of which might be that the
FFPRs breached EU competition laws
prohibiting rules which restrict or dis-
tort of competition, specifically by lim-
iting investment (i.e. by club owners).
In order for such a claim to succeed,
a club would have to show that by lim-
iting investment in this way the FFPRs
will favour larger clubs with strong
revenue streams, so entrenching the
status quo. Uefa, of course, would
argue that the rules do not have this
effect at all. To the extent that any anti-
competitive effect is made out, Uefa
would argue that the rules benefit
from the statutory exemption for
restrictions, which are ultimately pro-
competitive. Arguable pro-competitive
benefits include ensuring the integrity
of competitions, promoting good gov-
ernance, safeguarding the financial
stability of clubs and leagues, and
encouraging investment. To fall with-
in the exemption, Uefa would need to
show that the FFPRs are indispensable
to attaining these objectives.
A challenge on these grounds has
not yet been made, and it is looking
increasingly unlikely that one will be.
On 21 March Platini and European
Commission vice-president Joaqun
Almunia issued a joint statement on
the matter of financial fair play.
Even if the Commission initiates an
investigation into the FFPRs, this will
not be an immediately practical solu-
tion for disgruntled clubs. The time-
frame for such an investigation would
mean that any resulting change to the
rules would not come quickly enough
to allow participation in a season for
which a licence has been refused.
Despite the not-insignificant degree
of initial resistance to the FFPRs, this
November saw a meeting of Premier
League clubs to discuss proposals to
introduce a domestic version of the
rules. Disagreement has resulted in a
second meeting being scheduled for
February 2013, and no firm proposals
in the meantime. Fulhams chairman,
Mohammed al Fayed, is one of the
most vocal opponents, and has hinted
at mounting a challenge based on EU
rules against restraint of trade.
Perhaps we are more likely to see a
legal challenge to the concept of finan-
cial fair play in respect of the nascent
domestic proposals they are signifi-
cantly more vulnerable in their early
stages than the Uefa rules, which
openly enjoy the support of the
European Commission.
The heat has largely been taken out
of the debate, with the majority of
clubs and national league associations
accepting that financial fair play is
here to stay. There are some who
would be willing to call Uefas bluff on
the exclusion of top clubs from its
competitions for failing to meet the
break-even requirement Premier
League chief executive Richard
Scudamore has told the BBC that
Uefa is too sensible, and its not in its
interests to do so. However, Uefa has
given firm signals that it intends to
take a strong stance once the break-
even requirement bites in 2013/14.
Barring a successful legal challenge,
the only other option open to clubs
wishing to dodge the rules is to refrain
from applying for a Uefa licence alto-
gether. One concern which has been
raised is the possibility of creating a
dual system, with clubs having to
choose between competing in Uefas
tournaments or in the domestic com-
petitions which still allow members to
strengthen their squads through
unfair financial investment. A club
which hitherto has performed well in
both may find that the financial
restrictions imposed by Uefa hamper
its ability to compete in national com-
petitions against sides which are not
subject to Uefa regulations. For the
2011/12 season, Chelsea took home a
59.9m payout after beating Bayern
Munich in the Champions League
final. This is a fair amount less than
the 60.6m prize that Premier League
champions Manchester City received
from the leagues central funds.
However, this will not be such a potent
issue if domestic leagues adopt their
own version of the FFPRs.
Uefas objectives are, among others,
to improve the financial capability of
clubs, to introduce more discipline
into club finances, to encourage clubs
to operate on the basis of their own
revenues and to protect the long-term
viability of European club football. By
enshrining these objectives in the
FFPRs themselves, Uefa has put itself
in a position where the rules simply
must be enforced in order for the
whole exercise not to be a visible fail-
ure. Everything we have seen and
heard thus far suggests that Uefa will
continue to pursue the rules rigorous
enforcement. Even as sanctions are
issued and investigations undertaken
in respect of those aspects of the FFPRs
already in force, Uefa is bolstering its
legal department and making friends
in high places at the European
Commission to pave the way for suc-
cessful enforcement of the break-even
requirement from 2013/14. Uefa has
displayed a level of commitment to the
cause which does not bode well for
clubs intending to push boundaries.
By Nigel Boardman, partner at Slaughter
and May and an adviser to several clubs,
and Sally Foreman, trainee solicitor at
Slaughter and May
ignore Europes new rules
Footballs ruling
bodies think the
sport will be fairer
with teams
standing on their
own financial feet
Saga boss Dr Ros
Altmann worried
that high inflation
would hit spending
MONDAY 17 DECEMBER 2012
14
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ASKING PRICES suffered their biggest
December drop on record this year,
data from Rightmove revealed this
morning.
Asking prices collapsed 3.3 per cent
in just a month across the UK, with
London seeing a four per cent dive.
The tumble is the steepest
December decline since Rightmove
began its survey a decade ago, out-
stripping the credit crunch-fuelled
dive seen at the end of 2007.
The pre-Christmas market malaise
spread as far as housing strongholds
in Kensington and Chelsea, where
asking prices sank 3.9 per cent over
the month though they remained
at a country-beating average of
2,153,658.
Even after these month-on-month
falls, asking prices were up 1.4 per
cent across the whole country com-
pared to a year ago, driven by a 6.8
per cent climb in London.
Steep dive for
house prices in
December lull
BY BEN SOUTHWOOD And this broader picture of steady
improvement drove Rightmove direc-
tor Miles Shipside to predict a positive
outlook for 2013. There are several
reasons for slightly more optimistic
market next year, he said.
There is a positive combination of
lenders with greater funds to lend
and buyers with a five-year itch to
move.
But unlike 2012, London is unlikely
to be the driving force of the market,
with asking price growth in the city
down to three per cent through 2013,
on Rightmove forecasts.
Instead, UK asking price growth of
two per cent will achieved through a
less patchy picture in the rest of the
country, the property website pre-
dicts. Asking prices in the South will
grow in line with London, it says,
while the North will see marginal
upward movement of around one per
cent through the year.
Continued supply shortage will be
behind the growth, Rightmove says.
Saga says inflation has slashed
older peoples incomes most
THE TOTAL increase in the prices of
the basket of goods bought by over
65s has outstripped official
inflation in the past five years,
according to data out today.
Over 50s have faced 2.5
percentage points more total
inflation since September 2007,
data from Saga and the Centre for
Economics and Business Research
claimed yesterday. In the five years
to September 2012, total retail price
inflation for all age groups was 17.4
per cent, but 50-64 year olds faced
BY BEN SOUTHWOOD
total inflation of 19.9 per cent, Saga
said. Sixty-five to 74-year-olds faced
23.2 per cent total price rises, the
group said, with over 75s seeing
their basket of goods get 22.9 per
cent more expensive.
And official data showed that
those whose main income is the
state pension faced total
inflation of 27 per cent or
more during the five year
period.
Saga director-
general Dr Ros
Altmann warned
that shrinking
purchasing power is likely to dent
spending.
These statistics came in
Sagas most recent
quarterly report, which
also showed their
quality of life index for
over 50s moving
further into negative
territory, from minus
6.6 to minus 8.0.
MORE FIRMS than at any time in
the past three years are back to
pre-recession hiring practices,
according to a survey out this
morning.
Sixty-one per cent of firms told
a survey from the Confederation
of British Industry and KPMG
that they were hiring in a way
that would have been normal
before the onset of the downturn,
up from the just 16 per cent who
Boost for employment as more
firms get back to full strength
BY BEN SOUTHWOOD said so in June.
And the fraction of businesses
who were freezing recruitment
fell from 51 per cent to 31 per
cent, bolstering the cheery tone
for employment coming out of
the survey.
These figures will add to hope
that the current strong
employment situation can
continue into 2013, despite
various forecasts that GDP will be
revealed to have turned back into
decline in the fourth quarter.
0.5
MONTHLY CHANGE IN AVERAGE ASKING PRICES IN DECEMBER 2003-2012
%
0.0
-1.0
-1.5
-2.0
-2.5
-3.0
-3.5
2
0
0
3
2
0
0
4
2
0
0
6
2
0
0
5
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
2012 SEES WORST EVER DECEMBER FOR ASKING PRICES
Source: Rightmove
MONDAY 17 DECEMBER 2012
15
T
HE last two weeks of
December are traditionally
quiet for stocks, but traders
accustomed to a bit of time
off are staying close to their mobile
devices, thanks to the fiscal cliff.
Last-minute negotiations in
Washington on the so-called fiscal
cliff nearly $600bn of tax increases
and spending cuts set to take effect
in January that could cause a sharp
slowdown in growth or even a reces-
sion are keeping some traders and
analysts from taking Christmas holi-
days because any deal could have a
big impact on markets.
A lot of firms are saying to their
trading desks, You can take days off
for Christmas, but you are on stand-
by to come in, if anything happens.
This is certainly different from pre-
vious years, especially around this
time of the year, when things are
supposed to be slowing down, said
JJ Kinahan, chief derivatives strate-
gist at TD Ameritrade in Chicago.
This week is going to be a Capitol
Hill-driven market.
With talks between President
Barack Obama and House Speaker
John Boehner at an apparent stand-
still, it was increasingly likely that
Washington would not come up
with a deal before 1 January.
Despite concerns that the deadline
will pass without a deal, the S&P
500 has held its ground with a 12.4
per cent gain for the year. For the
past week, though, the S&P 500 slid
0.3 per cent.
This Friday will mark the last so-
called quadruple witching day of
the year, when contracts for stock
options, single stock futures, stock
index options and stock index
futures all expire, so trading could
be volatile.
I
NFLATION figures are unlikely to give
UK households much festive cheer
tomorrow, with forecasts of a slight
rise in November.
Data are expected to show that con-
sumer price inflation edged up further
to 2.8 per cent in November after jump-
ing to 2.7 per cent in October from a 34-
month low of 2.2 per cent in September,
said Howard Archer of IHS Global
Insight, citing rising energy and food
prices.
Analysts predict the rate will be pushed
above three per cent in the new year.
Other economic news during the week
includes Wednesdays release of the min-
utes to the rate-setting meeting, which
are expected to show just one committee
member voted for more quantitative eas-
ing this month. Fridays final estimate of
third quarter GDP growth is unlikely to
show much revision from the last esti-
mate, which showed GDP bounced back
by one per cent quarter-on-quarter in the
third quarter. Meanwhile, public borrow-
ing data is expected to show some
improvement, with borrowing of around
16bn in November, down from 16.4bn
a year ago.
In corporate news, Aggreko will update
the market today, while tomorrow
brings news from Keller Group and
Petrofac. Tomorrow is also judgment
day for Comet as administrators hold
out for a last-minute bidder.
On Wednesday Sportingbet will hold
its annual general meeting and on
Thursday Mothercare will meet while
Carnival gives full-year results. Friday
sees meetings for Skyepharma and
Monitise.
Anglo American PLC
10Dec 11Dec 12Dec 13Dec 14Dec
p 1,900
1,880
1,860
1,840
1,820
1,800
1,826.50
14 Dec
ANGLO AMERICAN
UBS has cut the miner
from buy to neutral,
and reduced its target
price from 2150p to
1860p, with heightened
South Africa risk one of
the causes for a
downgrade.
DASHBOARD CITY
YOUR ONE-STOP SHOP FOR JOB MOVES,
BROKER VIEWS AND MARKET REPORTS
cityam.com
FTSE
14Dec 10Dec 11Dec 12Dec 13Dec
5,950
5,940
5,930
5,920
5,900
5,910
5,921.76
14 Dec
WM Morrison Supermarkets PLC
10Dec 11Dec 12Dec 13Dec 14Dec
p 271
270
269
268
267
266
265
264
264.79
14 Dec
WM MORRISON
Supermarket Morrisons
was downgraded by
Deutsche Bank to
hold, with a target
price cut to 258p from
320p, causing the firm to
close 0.6 per cent down
on Friday.
Royal Dutch Shell PLC
10Dec 11Dec 12Dec 13Dec 14Dec
p 2,150
2,140
2,130
2,120
2,110
2,100
2,090
2,080
2,127.00
14 Dec
ROYAL DUTCH
SHELL
Credit Suisse upgraded
oil major Shell to
outperform, raising its
target price from 2,400p
to 2,525p. The bank
praised its safe dividend
yield and cash flow.
Ashcourt Rowan
Emily Morris has been appointed
group head of marketing at the
wealth management company.
She has held a number of senior
marketing roles in similar firms,
and was marketing director at
Rathbone Brothers for six years.
Morris has additionally worked
for Barclays Wealth.
Peverel Group
The property services group has appointed Nigel Howell as
its chief financial officer, effective 2 January. He was
previously chief financial officer at Morrison Facilities
Services, the maintenance firm. Howell has also held senior
roles at Centrica, Cable & Wireless and Shell.
Fox Williams
The law firm has announced several new appointments.
Peter Ashford joins as a partner in its litigation and
arbitration practice from Cripps Harries Hall, where he was
head of litigation. Sona Ganatra, Mary Elliott, Nicky Martin
and Hannah Cunningham also join Fox Williams as
associates.
Dominion Fund Management
The fund manager has announced two appointments to its
UK sales team. Dan Haylett joins as business development
manager from Ignis Asset Management. He has also held
roles at M&G Investments. Sophia Murday joins as sales
development manager from Chrystal Capital Partners. She
has also worked at JO Hambro Capital Management and
Henderson Global Investors.
Cordea Savills
Reynold Chan has been appointed business development
director for Asia at the property investment management
firm. He joins from Calista Consultants, and he also
previously worked at Prudential Portfolio Managers.
Neuberger Berman
Robert Ryan has been appointed managing director, official
institutions at the investment management firm. He joins
from Morgan Stanley Investment Management.
WHOS SWITCHING JOBS Edited by Tom Welsh
+44 (0)20 7092 0053
morganmckinley.com
SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT
CITY MOVES
in association with
LONDONREPORT in association with
To appear in CITYMOVES please email your career updates and pictures to citymoves@cityam.com
THE
WEEK AHEAD
in association with
No time off for
traders as fiscal
cliff is looming
Inflation unlikely to give festive
cheer in thin week for corporates
BESTof theBROKERS
P
OLITICIANS are the first to
be blamed when things go
wrong, so it is important
that they also receive credit
when they get something
right. Last weeks developments on
the European banking union are a
case in point. Under the
circumstances, the UK government
secured the best deal possible at
the summit in Brussels.
The devil will be in the detail,
but this agreement on common
bank supervision within the
Eurozone appears to be a positive
step towards tackling the areas
problems, while also maintaining
the interests of countries like the
UK and Sweden outside the
banking union.
F
OR an institution thats been
defunct for over 150 years, the
East India Company still evokes
powerful reactions. This year in
India, a move to liberalise the
retail sector to allow investment by
foreign multinationals was greeted
with protests: this is the return of the
East India Company. Meanwhile in
the UK, Sanjiv Mehta has relaunched
the Company as a luxury firm,
arguing that it is one of the most
recognised brands in history.
Heritage is not all the Companys
story has to offer, however. This was
the original multinational and the
first business judged too big to fail.
When it was established by Queen
Elizabeth I in 1600, with a monopoly
over trade with Asia, the normal flow
of wealth was from West to East. For
the next 150 years, the Company had
to ship out bullion to pay for Asian lux-
uries. Diversifying from spices into
silks and cottons, it brought a lifestyle
revolution to Britain, challenging
domestic industry. Protesting against
the flood of cheap Asian imports,
Spitalfields weavers marched on
cityam.com/forum
For Adam Smith, its
monopoly business
model was an enemy
of good management
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.

16
MONDAY 17 DECEMBER 2012
NICK ROBINS
East India Company: The original
City firm judged too big for failure
Parliament in January 1697. They man-
aged to pressure MPs to erect trade
barriers behind which Englands
industrial revolution would later take
place.
This was a City firm par excellence,
with its headquarters on Leadenhall
Street, where the Lloyds building now
stands. It was here that its famed quar-
terly auctions were held, with the
howling and yelling of traders heard
on the street outside. It was also here
that its annual meetings took place,
often the arena for fearsome battles
between management and sharehold-
ers and also between rival manage-
ment cliques. These boardroom
battles intensified after the battle of
Plassey in June 1757, when the
Company used a combination of force
and fraud to place its puppet on the
throne of Bengal. It then loaded the
contents of Bengals treasury onto a
fleet of 100 boats and sent them down-
river to its base in Calcutta. Robert
Clive, who had engineered the victory,
netted 2.5m for the Company and
234,000 for himself. Today, this
would be equivalent to a 262m corpo-
rate windfall and a cool 25m success
fee for Clive. The Companys shares
soared on Londons markets.
But after the boom comes the bust.
When drought struck Bengal in 1769,
the Company raised taxes and refused
to intervene; as many as 7m died in
the resulting famine. Back in London,
the Companys shares slumped and
the government agreed to bail it out in
return for deep reforms of its woeful
governance. This was the original cor-
poration that was too big to fail. For
Adam Smith, who was writing his
Wealth of Nations in the middle of the
Companys crisis, its monopoly model
of business was a great enemy of
good management. But he also
warned of the speculative tendency of
the joint stock corporation, arguing
that negligence and profusion must
always prevail.
The Companys riches meant that it
became a political football between
competing forces at Westminster.
When the statesman Charles James
Fox proposed to remove its board of
directors and replace them with par-
liamentary appointees, one of them
Sir William Jones died of shock. But
Foxs bid for corporate accountability
was foiled by the City, with a more
hands-off system of parliamentary
oversight established by William Pitt
the Younger.
Tea would become the Companys
commercial swansong. But this glam-
orous trade rested on a deadly secret:
its growth was paid for by the mass
smuggling of opium from the
Companys Indian territories into
China. In India itself, the Company
switched its attention from commerce
to conquest, using its private army to
take over the bulk of the sub-conti-
nent. Its end came when its sepoys in
north India rose up against its reli-
gious insensitivity in 1857. Its leading
executive, John Stuart Mill, defended
his employer against ferocious attack
in Parliament, but he couldnt stop the
inevitable. It was effectively nation-
alised and the the British Indian Raj
began. Yet its financial heart kept beat-
ing, paying out its last dividend in
April 1874.
If you go to the site of East India
House today, you will find no plaque
outside to mark the fact that this was
where the worlds most powerful cor-
poration was headquartered. But with
the global economy re-orienting back
towards Asia, understanding its
extraordinary journey is more impor-
tant than ever.
Nick Robins is author of The Corporation
that Changed the World (Pluto Press).
It is, of course, only the first step
and there remain a number of
unanswered questions. But the deal
seems to be good news for both
Europe and the UK. A key outcome
is that voting rights in the
European Banking Authority will
be restructured to ensure that the
Eurozone bloc cannot dictate the
agenda on technical standards to
those outside. The agreements
non-discrimination element is a
positive signal that will hopefully
continue to inform the direction of
travel during discussions.
Significantly, this also
demonstrates that UK politicians
and civil servants can play a vital
role in shaping the European
debate by engaging with other
countries and building alliances. It
is crucial that policymakers
continue to openly and loudly
make the case for maintaining a
genuinely level playing field across
the single market, as part of efforts
to enhance financial stability
within the Eurozone.
As further steps are taken
towards a fully-fledged banking
union, it will be necessary to
address some specific areas of
uncertainty. Greater clarity needs
to be provided on the timetable for
implementation, as well as on the
rules of engagement for the
European Central Bank when it
comes to the approximately 5,800
smaller banks that will remain
under national supervision.
And there are other bigger
political challenges that remain on
the horizon, especially as moves to
provide a deposit guarantee for
Eurozone banks and a common
resolution framework are
eventually taken to complete the
three-pillar banking union project.
We can take confidence,
however, from the proactive
engagement demonstrated by the
government last week. This is
important not just for London
given its position as Europes
financial capital but for the UK as
a whole, given that the majority of
financial services jobs are actually
located outside the capital.
Decisions taken in Brussels have a
direct impact on the industry as a
whole, regardless of whether you
are in Edinburgh, Manchester or
Norwich.
So while we may be on the
outside looking in when it comes
to the banking union, it is
reassuring to see that we are not
powerless to influence the
European debate.
Mark Boleat is policy chairman at
the City of London Corporation.
CITY
MATTERS
MARK BOLEAT
The government achieved the best deal possible on Eurozone banking union
MORNING UPDATE
A.M.
17
MONDAY 17 DECEMBER 2012
The Forum is open for you to take part. Got a sharp comment on
one of todays columns? Do you have another subject you want
to share your opinion on? We want to hear your views.
Email theforum@cityam.com or comment at cityam.com/forum
Interest protection
[Re: European banking union will be no
friend of vibrant financial services,
Thursday]
A banking union in the Eurozone makes a
lot of sense. The very basic monetary union
Europe had before has shown its limits
under pressure. As the crisis heated up,
European banks were encouraged to
restrict cross-border lending and become
more nationalistic. A banking union will
mean more capital flowing into Eurozone
banks, and, hopefully, increased confidence
to lend. This should bring stability to both
the Eurozone and London. We must be
careful not to allow this Goliath to threaten
our standing as the international centre for
euro-trading. While UK finance ministers
have negotiated some key safeguards for
protecting British interests, including a cru-
cial a double-majority voting system, we
are not yet home and dry.
Robert King.
[Re: Bashing City bankers has unintended
consequences for middle England,
Thursday]
Rather than shed crocodile tears for the
customer-facing, ordinary bank worker,
who is wrongly got at by the public,
Anthony Browne should aim his criticism at
those at the top of the industry for avarice
and, on occasion, outright corruption. I am
sure this would be appreciated by retail
staff, who are probably as disgusted as the
average man in the queue for the counter!
John Hawkes
I
N JUST a few weeks, the UK will
see sweeping changes to
financial services regulation.
The retail distribution review
(RDR) comes into force under
the stewardship of the new
Financial Conduct Authority.
By requiring financial advisers to
disclose transparently the fees
savers pay for advice, RDR aims to
help rebuild shattered trust in the
financial services industry.
But before it even comes into
force, numerous column inches
have already detailed cracks appear-
ing. Its been suggested that RDR
will create advice orphans, result-
ing in millions being denied access
to investment advice by regulation
that was meant to open it up.
Research from Deloitte suggests
that 5.5m savers could fall into this
advice gap, because the amount
they save makes it uneconomical
for financial advisers to service
them. The FSAs own research found
that as few as 38 per cent of advisers
say they intend to provide advice for
clients with less than 20,000 in
savings. To put this into context,
data from Halifax shows the aver-
age UK household has less than
250 in savings, and figures from
Scottish Widows suggest that only
half of Britons saved anything at all
this year.
While RDR was developed for all
the right reasons, its rationale risks
getting lost in translation, and mil-
lions of investors look set to be driv-
en to DIY investing or to
low-growth, cash-based savings.
This is not progress. It is yet anoth-
er example of how the UKs system
of regulation is no longer fit for pur-
pose, and how consumer protection
needs to be enhanced. As professor
John Kay argued in his recent
report on the UK equity markets,
we do not need more layers of new
TOP TWEETS
Standard & Poor has downgraded its outlook
for the UKs triple A rating to negative. Looks
like we may lose AAA in 2013.
@AngusCapSpreads
Just a matter of time before the UK loses its
triple A rating but who really cares anymore?
AA is the new AAA.
@SonyKapoor
15 days to go to fix the fiscal cliff. The US
Congress is a hotbed of compromise and
rational debate. Not...
@RobinBew
Michael Saunders on the scale of Labours
debt bubble: 2003-07 was the greatest sus-
tained overheating of the last 30 years.
@ToryTreasury
As more Christmas shoppers choose to buy
online, can the British high street survive?
YES
Regardless of how the internet evolves, you cant try on a pair of
the latest shoes or feel the quality of a gift for a loved one. Our
research has shown that, far from killing the high street, the
internet is lending itself as a valuable tool in the retailers armoury.
The high street needs to focus its attention on more than just
purchase interaction on a level playing field it will always lose out
to the lower overheads and instant search functions of the internet.
Instead, high street retailers must take ownership of the shopping
process from research to receipt. Go to the Burberry store and
youll see shop assistants walking around with an iPad under their
arm. Click and collect purchases also take the pain out of posting
and packaging, as a trip to the shops is far more fun than a queue
in the post office. And developing an entertaining shopping
experience is never more relevant than at this festive time.
Rob Myers is managing director at Ipsos Marketing.
Rob Myers
NO
Claudio Alvarez
The shopping mania that takes over in the run-up to Christmas
means consumers are conscious of two things: convenience and
cost. E-commerce is naturally geared for this as it provides a
quicker, easier and cheaper shopping experience than the high
street. Its popularity was highlighted in last weeks Ofcom report,
which showed that, over the past three years, e-commerce has
grown at ten times the rate of sales on the high street. The rise of
smartphones bodes particularly badly for high street shops, as
consumers start using price comparison sites on their mobiles to
search for products they see in store, before buying them on their
mobiles or online. To this effect, it is expected that 3.5bn of
holiday sales will be influenced by smartphones. These factors
are difficult for the high street to replicate, and it needs to
differentiate itself by providing a more festive in-store experience.
Claudio Alvarez is vice president of GP Bullhound.
RAPIDresponses
Savers musnt be
harmed by rules
designed to help
regulation, but regulation does
need to work better.
In January 2012, we launched The
True and Fair Campaign to call for
100 per cent transparency in fund
fees and charges. We have also
argued that investors should know
the total cost of investing the sum
of all charges across all savings and
investment products in one simple
number. Weve been criticised by
many in the industry, but the sav-
ings landscape in the UK remains
deeply anti-consumer.
The financial services industry has
shown a total lack of regard for con-
sumer protection, as we saw in the
recent payment protection insur-
ance mis-selling scandal. RDR prom-
ised to try and address this, but all
the signs suggest it will fail. We can-
not allow the law of unexpected
consequences to rob a generation of
savers of advice at the very time
when they need it the most.
As RDR approaches, we must find
robust ways of bridging the gap,
and ensuring the estimated 5.5m
people affected are not left in an
investment advice wilderness. The
Financial Conduct Authority needs
to address the shortcomings of RDR
and look for workable, effective and
practical solutions that will ensure
the availability of affordable advice.
Anything else, and it will be impos-
sible to reverse the erosion of confi-
dence in Britains financial services
industry.
Gina Miller is co-founder of SCM
Private and leads the True and Fair
GINA MILLER
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performance is contingent on that
of developed market stocks. They
wont perform if the rest of the
world is going down the pan,
highlighting how reliant emerging
markets and their corporates
are on exports to developed
economies. Subdued demand from
developed nations could drag
emerging market shares lower.
Political risk and transparency
are also key considerations. The
Know what to expect from
major asset classes in 2013
E
MERGING markets have
outperformed developed
markets over the last decade,
and since the financial crisis,
investors have been piling into
funds with exposure to these
economies. Investment
Management Association data
shows that UK retail investors
pumped 1.1bn into the sector in
2012, compared to only 174m in
2007.
Investing in emerging market
stocks is not without risk. It has
been a year of disappointment,
says Alia Yousuf of ACPI Investment
Managers. The FTSE emerging index
has risen by 11 per cent over the last
12 months, compared to 14.5 per
cent for the FTSE developed index.
Emerging markets have also been
characterised by volatility. There
have been years when they have
grown by over 80 per cent (2009),
and others when they have lost over
50 per cent (2008). But over the last
decade, the FTSE emerging index
has risen by nearly 300 per cent.
Whether they can maintain this
pace of growth is debatable. Yousuf
says that there has been a lot of
hype around emerging markets,
and when retail investors get in its
usually a little bit late.
EMERGING MARKETS IN 2013
But there is still a place for them
within your portfolio, and they will
remain attractive in 2013. Morgan
Stanley forecasts that combined
emerging market economic growth
will be around 5.5 per cent in 2013.
But economic growth doesnt
necessarily translate into stellar
equity market performance.
Mike Ingram of BGC Brokers
describes emerging markets as a
beta play, meaning that their
performance will be amplified by
that of developed markets. He
thinks that emerging market stocks
could grow by 15 per cent in 2013.
To achieve these sorts of returns,
you will need to take on risk, and
there are plenty associated with
emerging markets. Their
Indian governments recent
attempt to retrospectively squeeze
more VAT out of Vodafone is just
one example. The reliability of
economic and corporate data is
another concern.
Practically, there are also
liquidity risks, meaning that if you
try to sell shares in an emerging
market company, there may be few
buyers. This can cause volatile
swings in the prices of shares.
Predictions from the experts Forecasts are made assuming that there will be no major collapse in the global investment markets
Emerging market performance
F
T
S
E

E
m
e
r
g
i
n
g

I
n
d
e
x
,

a
n
n
u
a
l

p
e
r
f
o
r
m
a
n
c
e
E
m
e
r
g
i
n
g

m
a
r
k
e
t
s

f
u
n
d
s
,

n
e
t

U
K

r
e
t
a
i
l

s
a
l
e
s
1.8
1.6
1.4
1.2
1.0
0.8
0.6
0.4
0.2
100
80
60
40
20
0
-20
-40
-60
bn %
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Source: FTSE/Investment Management Association
MONDAY 17 DECEMBER 2012
19
cityam.com
PERSONAL FINANCE MANAGEMENT WEALTH
Tom Elliott of JP Morgan argues that
the FTSE 100 will be more influenced
by the global environment than the
domestic environment. As head-
winds calm, stocks could be boosted.
Central banks are also likely to con-
tinue monetary easing in 2013. This
will help to support stocks.
For those closer to retirement, equity
income funds may appeal. Some of the
best performing funds like JO
Hambros equity income fund, which
has returned 24 per cent in the last
year invest in high quality corporates
with a track record of dividend
growth. Compared to bonds, they offer
higher yields, and also have the poten-
tial for capital growth too.
Ben Lofthouse of Henderson, says
companies are generating cash and
have made great strides in strengthen-
ing their balance sheets. He expects
dividends to grow by around 8 per
cent in the next year. However, he adds
that the risk is only worth taking if
investors believe that the worst of the
economic crisis is behind us.
PROPERTY
Property may struggle again in 2013.
Although the Royal Institute of
Chartered Surveyors (RICS) forecasts
that house prices will rise by 2 per cent
next year, Howard Archer of IHS
Global Insight thinks property prices
are likely to be flat, and a significant
turnaround in house prices is still
some way off. But it isnt all bad news
for buy-to-let investors. RICS predicts
that rents will grow by 4 per cent.
GOLD
When central banks pump liquidity
into the market, many seek refuge in
gold. However, to some extent, the yel-
low metal has become a speculative
asset. While there is a place for gold in
your portfolio, physically holding it is
costly, and gold doesnt provide an
income.
Goldman Sachs forecasts that gold
prices will peak in 2013, as the US
economy begins to improve. It says
that the risk-reward of holding a long
gold position is diminishing, and it
targets a price of $1,825, before it
edges downwards.
THE TIME IS NOW
Many people choose to leave reviewing
their investments until the New Year.
However, the longer that you leave it,
the more you will put it off. The best
time is probably now.
Emerging markets appear attractive despite the risks
WITHIN YOUR PORTFOLIO
To help mitigate these risks,
inexperienced investors could
invest through a diversified fund.
Aberdeens emerging market fund
is an option; it has delivered 18 per
cent over the last 12 months,
beating the sector average.
For something more specific,
Ingram recommends China. It is
due for a comeback, he says, and
at four year lows, it should see a
turnaround in 2013 subject to a
supportive risk environment. Now
that the countrys leadership
transition has happened, there is
also more policy certainty.
While there is room for emerging
market shares within your
portfolio, their value lies in the
diversification they can offer. They
may not be appropriate as a
significant chunk of your asset
allocation. As Ingram says, they
offer diversifcation of equity
exposure, not a hedge against
problems in the developed world.
YOGESH CHANDARANA
Yogesh Chandarana takes a look at how investment markets are expected to shape up over the next year
G
E
T
T
Y
U
NCERTAINTY has been
characteristic of investing in
2012. As headwinds continue to
shake global investment
markets, this will likely continue into
2013. But knowing what to broadly
expect will help you to align your
portfolio and identify opportunities so
that, this time next year, you will have
achieved decent investment returns.
HEADWINDS
The Eurozone crisis, US fiscal cliff, and
a slowdown in China have dominated
the investment landscape recently.
Tensions in Asia and the Middle East
have also done little to calm investors.
Consequently, many have avoided
committing their capital, preferring
the security of cash. But keeping your
powder dry could be costly. Cash is
unlikely to beat inflation, and leaves
you exposed to real term losses. In
2013, youll need to put your money to
work to protect and grow your capital.
FIXED INCOME
Recently, in a flight to safety, many
have parked their cash in government
bonds. These are now unattractive.
Intense demand has pushed returns to
record lows, and most now offer nega-
tive real yields. For example, the UKs
10-year government debt has recently
offered returns below 2 per cent, at a
time when inflation has been well
above that level.
If you are looking to add fixed-
income to your portfolio, you might
consider corporate bonds. Some argue
that these are also in a bubble, but Ian
Spreadbury of Fidelity disagrees, say-
ing recent hysteria around corporate
bonds is exaggerated.
Low yields on government debt, aus-
terity, and loose monetary policy add
to corporate bonds relative allure.
Spreadbury says that yields could go
quite a bit lower because the environ-
ment of financial repression we are in
today is likely to continue.
SHARES
Surprisingly, UK shares have not per-
formed disastrously in 2012. So far, the
FTSE 100 has returned 6.4 per cent
excluding dividends.
Although stocks will continue to be
at the mercy of macro pressures in
2013, there are encouraging signs that
it could be the first post crisis year.
STOCKS
Mike Ingram of BGC Brokers
predicts that the FTSE 100 will end
2013 at 6,300, and the MSCI
emerging markets index could rise
by 15 per cent.
BONDS
Howard Archer of IHS Global
Insight thinks that UK 10-year
gilt yields will end 2013 at 2.4
per cent.
PROPERTY
House prices are set to rise by
2 per cent in 2013, according to
Simon Rubinsohn of the Royal
Institute of Chartered
Surveyors.
GOLD
The yellow metal will peak in
2013 at around $1,800 per troy
ounce, predicts Jeffrey Currie
of Goldman Sachs.
20
MONDAY 17 DECEMBER 2012
cityam.com
M
Y MATE and I were
thrilled when a beautiful
young lady, Sarah, sat
down between us with a
smile. As two Aussies, we
immediately battled for her
attention with our attempts at
cool charm and quick wit. The
event was a 25th wedding
anniversary dinner for about 60
guests. Sarah was very relaxed and
easily held her own in the
conversational crossfire.
As the speeches began, Sarah got
up to say a few kind words about
the wife, Mandy. Then she did
something bizarre: she suddenly
burst into song, screeching out
Barry Manilows hit, Mandy. I
dont think, Oh Mandy, well you
came and you gave without taking.
Oh Mandy has ever sounded so
bad. It was so painful that a waiter
felt obliged to interrupt and gently
usher her back to her seat. I
thought to myself, this girl is a bit
strange. But my mate and I
quickly returned to telling jokes
and stories with her as our umpire
and audience.
Then the night took another
twist: two of the waiters started
singing opera! Everybody looked
on in amazement and delight as
the tenors soared through their
notes. Sarah was so impressed she
decided to sing along with them; I
tried to stop her as she got to her
feet, but to no avail. This girl is
actually an idiot, I thought, Shes
going to ruin it. But this time,
instead of screeching, she sang
unbelievably, with a beautiful,
powerful soprano voice. She
was actually Sarah Ryan who
has performed all over the
world wed been duped!
The three then put on
amazing show, and it was
all the more enjoyable
because of the surprise
element.
I chatted later to one
of the waiters, Geoff
Sewell. He owns the business,
Incognito Artists, which provides
and directs the performers. Geoff
has a great story. A cool Kiwi living
in London, his passion was singing
but his job was accounting. So
he took the drastic step: he
dumped the job and
started his singing and
impersonations company.
He soon regretted it.
Despite endless cold
calls, pamphlets and
meetings, a whole year
later he hadnt had a
single booking. There
did seem to be an
interest for corporate
and social events, but
Geoff lacked
testimonials and a track
record. He was running
out of money and
motivation. Dejected, he went to
the gym for a hard workout and a
hard decision. He felt like a fool;
so many people had advised him
not to give up the day job. Now he
was going to have to tell them they
were right.
Before he could though, his
mobile rang. Talk about timing; he
got his first gig. Twelve years later
Incognito has flourished
internationally, with 72 singers on
the books. Theyve fooled and
delighted many people even
those who thought that Aussie
banter could impress an
accomplished opera singer.
Richard Farleigh has operated as a
business angel for many years, backing
more early-stage companies than anyone
else in the UK.
www.farleigh.com
Annabel Palmer speaks with Julie Deane, the woman who turned 600 into a 10m business
A
GOOD quality leather
satchel was a rare find four
years ago. The schoolbag
market was dominated by
canvas and velcro record
bags that Julie Deane, founder of the
hugely successful Cambridge
Satchel Company, found shabby.
So when she considered possible
business ventures, satchels were
high on the list. Her timing could
not have been better, Harry Potter
would have had one, after all.
Her story is well-known and widely
applauded thanks to a recent Google
Chrome advert. When her daughter
started to have problems at school,
Deane resolved to raise the fees nec-
essary to send her to a nearby private
school. With no fashion experience
Deane studied natural sciences at
Cambridge before working as a char-
tered accountant at Deloitte she sat
at her kitchen table, drew up an
excel spreadsheet, crunched the
numbers, located a manufacturer,
and created a DIY website. Her bags
are now sold in 100 different coun-
tries, have been worn by countless
celebrities, and the company has just
opened its first shop in Covent
Garden.
Averse to any sort of debt, seeking
investors was always out of the ques-
tion. She set aside 600 a suitable
budget and decided that, if the
pot was exhausted without any suc-
cess, she would move onto the next
business idea. She never subscribed
to the doctrine that reading count-
less business books, finding appro-
priate business models, and creating
50 page strategies was the ticket to
success. Her modest budget made
her think more imaginatively. If you
have a small, tight budget, you have
to get creative.
Her initial marketing strategy
involved contacting every magazine,
newspaper, journalist and editor
that she could think of. I knew I had
to get noticed, she says. It was only
later that she encountered the world
of fashion bloggers and used their
influence to get the word out. Her
advertising strategy was dependent
on a 50 Google analytics voucher.
There have been some bumps
along the way. The companys for-
Making it in the big bag world
Company name: The Cambridge
Satchel Company
Job title: Managing director
Founded: December 2008
Number of staff: 84
Company turnover: 10m
Age: 45
Born: Swansea
Lives: Cambridge
Studied: Natural sciences at
Gonville and Caius College,
Cambridge
Drinking: Sancerre
Reading: The Philosopher and the
Wolf by Mark Rowlands
Talents: Getting along with dogs
Favourite business book: Millionaire
Upgrade by Richard Oarkes
Cordock
Heroes: Mother
First ambition: To be the first in my
family to go to university
Awards: Most recently, Winner of
the Athena category at the 2012
NatWest Everywoman awards
Its in the bag
ENTREPRENEURS
The phone call that stopped a business from singing the blues
JULIE DEANE
mer manufacturers copied her designs
and used her customer list to form a
rival company. Deane filed a High
Court claim, which she won, and
bought her own factory in
Leicestershire. Moving production
abroad was never an option; she is
committed to preserving British man-
ufacturing.
Deane had thought that her drive
and commitment lay in raising a suffi-
cient amount to fund her childrens
education. But the experience showed
just how involved in the company she
had become. I ask if she plans to be at
the helm in the long term. I realised
then how far I would go to protect my
business. I cant imagine leaving it in
the foreseeable future I would find it
very hard to take a back seat.
A reluctant entrepreneur its a
word she associates with short-term
ventures rather than long-term sus-
tainable businesses Deane was
recently a judge at the National Start-
ups Awards. She found it alarming
that future entrepreneurs approached
her to discuss building a brand
before they had even established their
business idea. I ask what advice she
would give to future startups, there-
fore. The success of my company has
stemmed from my commitment to
building a long-term, ethical busi-
ness. She also says it is crucial to keep
overheads as low as possible. Two
years ago, we were selling to Urban
Outfitters in the US and to celebrities
around the world from my kitchen,
and with one part-time member of
staff.
The company is getting ready to
evolve from its staple satchel. The shop
is providing a new way to engage cus-
tomers and get their feedback, but
there are also more big designer name
collaborations on the horizon, as well
as designs for new handbag styles.
CV
of a SERIAL
ENTREPRENEUR
RICHARD FARLEIGH
CONFESSIONS
F
IGURES from the 2011 census
revealed that 27 per cent of
Londons population some 1.9m
people is foreign-born. Hedge
funds, banks, professional services
firms, so much of Londons economy
depends on its ability to attract and retain
skilled international talent. Many come from
inside the EU. There are now 579,000
Polish-born immigrants in England and
Wales. But large numbers of Americans,
South Africans and Indians are also arriving.
Small start-ups, as much as the biggest
firms, rely on foreign-born talent to plug the
gaps left by Britains creaking education
system. But the rules are set against them.
Immigration caps and difficulty getting
visas are common causes for complaint, and
can easily act as a serious break on effective
business development.
But this may be changing and perhaps
2013 will be a better year for businesses
looking abroad for expertise. On 13
December, the UK Border Agency
announced a number of minor changes to
immigration rules that may give a small but
welcome boost to employers.
First, from April 2013, all PhD students will
be able to stay for a year after their courses
have finished to find work, or to set up as
an entrepreneur. The stunning growth of
entrepreneurial clusters around universities
like Cambridge shows the vibrant link
between universities and innovation, so this
particular change could open another vital
talent pipeline.
Secondly, rules on indefinite leave to
remain have been changed. Previously,
anyone with this kind of residency could
only be absent from the UK for a total of six
months (in five years) without drawing
suspicion. This was widely recognised as
impractical, given the need for many to
travel widely in their work.
But unfortunately, the system still doesn't
work efficiently enough and many start-
ups will find application processing delays
challenging. The best advice is to plan well
in advance. Taylor Wessing, the law firm,
advises contacting a lawyer at least four
months before an existing visa expires.
Twitter: @TWWelsh
Immigration rules:
open for business
INNOVATION
DIARY
TOM WELSH
A famous soprano whos
not such a bad singer
LIFE&STYLE
MONDAY 17 DECEMBER 2012
21
cityam.com
RESTAURANTS
RESTAURANT
COYA
118 Piccadilly, Mayfair, W1J 7NW
Tel: 020 7042 7118
FOOD hhhhi
VALUE hhhii
ATMOSPHERE hhhii
Cost for two people with wine: 120
RESTAURANT
TRAMONTANA
152 Curtain Road, EC2A 3AT
Tel: 020 7749 9961
FOOD hhhhi
VALUE hhhii
ATMOSPHERE hhhii
Cost for two people without wine: 70
While cerviche dishes dominate the menu, grilled salmon and meat were among the winning combinations
Coya: the last word
in Peruvian cuisine
C
OYAWAS easily one of the most
talked about openings this
autumn. Created by Arun
Waney, the man behind La
Petite Maison and the uber
successful Knightsbridge eatery
Zuma, the restaurant promises the
best contemporary Peruvian
cuisine and the timing could not
be better.
London has seen its fair share of
culinary trends over the past few
years sushi, Japanese and
Vietnamese among them but
Peruvian food is the cuisine captur-
ing everyones attention right now.
Several pop-ups have launched this
year, jumping on the bandwagon
and in June, Lima opened in
Fitzrovia offering an assortment of
dishes intended to celebrate all that
Peru has to offer.
Opening a restaurant off the back
of a popular cuisine requires a fresh
perspective and an experience thats
decidedly different from the rest.
Sanjay Dwivedi, formerly head chef
at The Ivy, was brought on board as
the man for the job, tasked with cre-
ating a menu that celebrates tradi-
tional Latin American food and
helps the cuisine to transcend from a
niche market to the mainstream. In
other words, not the easiest task in
the world. We travelled to South
America seeking insight and inspira-
tion from Latin American food, he
says. I started out looking for inspi-
ration, now I am inspired.
The majority of the menu is dedi-
cated to cerviche raw fish marinat-
ed in citrus juices and chilli peppers
a national dish in Peru. The first
plate out was a yellowfin tuna cer-
viche. Seasoned with lemon juice, it
had a zesty flavour that was bal-
anced by a sweet sauce. A shrimp
cracker and sesame seed accompani-
ment added a crunch and nutty
taste, which was a welcome contrast
to the soft texture of the fish. This
was followed by sea bass, sea bream
and salmon cerviches, which didnt
steer far from the flavour of the first
dish. This may be an attempt on
Dwivedis part to stay true to tradi-
tional flavours but it seemed at odds
with the restaurants ethos of explor-
ing a variety of dishes.
That aside, the fish worked and
was the perfect precursor to the
heavier meat dishes. As a person who
was never convinced by the sushi
craze, the fact I am now a bona fide
convert to raw fish is testament to
just how tasty it is. Saying that, the
best fish dish wasnt a cerviche the
grilled salmon, which came covered
in fresh coriander, was the star of
the show.
The meat plates were also winners
and helped balance out the fish
starters. Ox hearts in parsley were
incredibly succulent and the addi-
tion of rocoto chilli added intensity.
For the main, I opted for the billet
beef, one of the more expensive
items on the menu. It was incredibly
tender as soft as butter and came
perfectly medium rare. I could have
had that alone but crispy roast pota-
toes finished it off splendidly fluffy
on the inside and the right side of
crispy on the outside.
The space isnt too shabby either.
Take one step into the Georgian
townhouse and youre instantly
transported to South America. The
music and traditional dcor helps
create a cosy, authentic feeling but
the atmosphere has its flaws. The
basement space sits 100 but the seat-
ing feels squashed. Only those lucky
enough to get a booth can escape.
Sandwiched in the middle isle in the
centre of the restaurant, a waitress
knocked into my guest at least twice.
At one point, the presence of more
staff than guests felt unnerving but I
suspect that wont be the case now
the Christmas office party season is
in full swing.
Coyas is a great place with first
class food. Whether I would join a
waiting-list to get a table is another
question altogether.
Brindisas fourth
outlet does tapas in
a big way. Literally.
THERE WAS a time, believe it or
not, when there was not a hip
new tapas bar on every street in
central London. A time before
the roast courgette flowers and
marcona almond bowls of Salt
Yard, Barraca and Barrafina.
This time, however, was less
barren than it might have been,
for it included Brindisa in
Borough Market. In a
revolutionary break from the
wads of fried calamari on
baguettes, low-quality snips of
chorizo in vats of grease and
grotty red wine that wed come
to associate with Spanish food,
Brindisa sported top quality
cheese and meat, displayed in all
its pungent glory around the
bar. It produced some lovely
dishes of piquant, rich rice
stews, pork loin, and so on and
you couldnt go wrong with its
bruschetta. There was always a
queue.
It got a bit samey after a while
but if I took issue with the same
old wads of bread with tomato,
pieces of meat and slabs of
cheese however good at
Brindisa, I have no such beef
with the new restaurant from
the group, Tramontana, which
has a completely different but
equally delicious menu.
As the fourth restaurant from
the Brindisa group, theres no
escaping that youre at a chain.
Its a big rectangular room with
perfunctory tables in the back
and a long communal one in the
front, where gusts of freezing
air assail guests every time the
door opens. The look is slightly
mass-produced coolness. But the
bar at the visual centre of the
room is lovely lined with lots
of bottles, chefs busily
preparing things.
At Tramontana, tapas are not
tapas anymore. Dishes are huge,
so we had the equivalent of six
main courses, which left us
feeling very fat and that does
take away some of the fun of
pretending youre not actually
stuffing yourself like a pig.
Burgers have been big in this
town for some time and
Tramontanas mini hamburgers
felt like the pinnacle a silky
rich sphere of herb-studded,
blood sausage in a glossy
While the interior feels a bit too familiar, the Spanish food at Tramontana is impressive
brioche bun. Sauted wild
mushrooms with truffle oil lit
the whole table with their scent,
though were a bit too oily.
We knew we had to tick the
potato box so went for the
patatas Tramontana, which was
actually a massive baked sweet
potato stuffed with sobrasada
(chorizo), cheese and topped
with duck egg. I had assumed
canalons casolans pasta filled
with spinach, goat curd,
pinenuts and raisins would be
more like a ramekin of small
tortellini. No: it was a lasagne-
style tray of melty, cheesy fat,
woven through with spinach
and pine nuts. It was absolutely
delicious but not part of light
snacks or appetizers, usually
eaten with drinks. The other
massive standout was the
croquetas not too stodgy, but a
magnificent balance of dense,
porcine cheesiness encased in a
popping crust.
We ordered the house rice
with lobster too. Its that dark,
salty liquid sort of rice a bit
too salty, with cuttlefish hidden
within and topped with large
chunks of lobster, which we had
to wrestle out of the shell. It was
really quite the scene-stealer but
far too much after the slew of
dishes wed mistaken to be
tapas.
Save space for dessert. By
which I mean the Santiago tart:
a common tart, but a
stupendously good one, a wedge
of buttery almonds topped with
cream.
This isnt the hottest venue in
town, but its a sturdy one with
good ideas, and it knows about
using high quality Spanish
ingredients in mouthwatering
ways.
Naomi Mdudu
Zoe Strimpel
MONDAY 17 DECEMBER 2012
22
cityam.com
LIFE&STYLE TRAVEL
W
E ARE due to land in Kittila
in 20 minutes. There are
light winds and its a little
bit chilly on the ground
with temperatures of minus 38, the
captain says as we descend on
Finnish Lapland.
Many people know Lapland as the
home of Father Christmas, and some
might recognize its snowy scenes
from the BBCs Frozen Planet series.
But the reason Lapland is on most
peoples radars this year is because of
the Aurora Borealis, or the Northern
Lights, which peak every eleven years
and 2012 happened to be one of
those years. I decided to head for the
Arctic Circle and try my luck with
the lights and, if no luck should
come, try my hand at sub-degree
sledding, skiing and skidoing.
As the wheels hit the runway, a
world of white came into view.
Everything from the runway (yes, a
snowy runway dont tell Heathrow,
theyll probably shut down at the
mere thought of it) to the trees, and
even the air glittered white.
A feeling of excitement, coupled
with a touch of
fear, spread
through the
cabin. What does
minus 38 degrees
feel like? Can we
possibly have
brought enough
clothes? Are we
sure humans can
survive in these
temperatures?
Coughing was the first bodily reac-
tion as I stepped outside and the
onslaught of cold air hit the back of
my throat. Then, in the small walk
from the plane to arrivals, the inside
of my nose froze solid, tempting me
to pinch it to see if it would crack.
Lapland covers Russia, Norway,
Sweden, Denmark and Finland, and
temperatures can drop as low as
minus 50, but more commonly they
lurk between minus 10 and minus
20. As luck would have it, our trip
coincided with the coldest week of
the winter, so life soon became about
putting on plenty of clothes and eat-
ing plenty of food.
Full body thermals, leggings,
wooly jumpers, salopettes and ski
jackets no longer cut the mustard.
For these sorts of climes, a onesie
(soon to be known as a fat suit) is
essential, and I wasnt to be seen
without mine, night or day.
Everyone asks whats the best
time to see the northern lights, says
Lara, a guide for Inghams, as we
drive from Kittil Airport to ks
Hotel. But really its any time
between 8pm and 2am.
Our first night is a little overcast so
we opt for an early night before rein-
deer safaris and skiing the following
day.
The next morning, wrapped up
like mummies and stocked up on
homemade waffles, we head to
Samin Porotila (Samis reindeer
farm) in the commune of Kolari in
Venejrvi, home to Sami Tiensuu
and his very smiley wife, Marjut.
Samis family have been reindeer
herders forever, says Marjut, they
have lived on this plot for six genera-
tions.
The indigenous Arctic people are
nomadic reindeer herders known as
Sami. They number approximately
7,000 in Finnish Lapland, and their
ancestral lands spread throughout
the expansive territory.
Sadly, the native Sami language is
endangered. Its coming back now
though, says Marjut. Theres this
funny gap where grandparents speak
and so do children, but the genera-
tions in between just speak Finnish.
Piling into sleds of two, we tuck
ourselves under
blankets and set
off into the snow.
My reindeer cer-
tainly lives up to
his name,
Lightning, and
we hurtle
through the
snowy woods.
Due to the
unusually cold weather, we return
within fifteen minutes and retreated
inside to thaw off our frozen eyelash-
es and defrost our insides with a
mug of hot cloudberry juice.
Its very impolite to ask a herder
how big his herd is, Lara says. Its
like asking someone how big their
bank account is. But there is one way
of telling: the bigger the womens
necklaces, the more reindeer her
husband has.
Our next stop is Ylls ski resort,
which has 18 lifts and 34 pistes. The
Lappish hills here are rounded
rather than jagged so theres a range
of slopes, with plenty for beginners
as well as advanced skiers.
The afternoon flies past and after
stopping to warm up in Finlands
highest restaurant (700m), we ski
down in the dark.
The full moon lights up the night
sky, and we make out a faint green
line splashed across the sky. Our first
sighting; there were no swirls or
movement but these are the
Northern Lights.
The next day we move south to Levi
stopping en route at Finlands
biggest ice village, Lainio, which has
25 rooms sculpted out of ice.
Deciding not to sleep in minus five
degrees, we continue to Levitunturi
hotel where our bedrooms have pri-
vate saunas.
The Finns are big on saunas, and
no wonder living in these tempera-
tures. After a day of snowshoeing,
husky sledding and skiing we head
for supper at Taivaanvalkeat restau-
rant in Kngs (15 minutes from
Levi). But before eating we try out a
traditional smoke sauna.
The beer and heat must have gone
to our heads because we opted for
the full Finnish experience, running
through the snow and plunging
through a hole cut in the ice cover-
ing the river.
The water (scarily) didnt feel too
cold that is, compared to the minus
30-degree air outside. The most
painful part was running back
through the snow to the sauna.
We each did it twice, and, feeling
very much alive, retreated to the
main house for a typical Lappish sup-
per of local salmon followed by rein-
deer steak with Lappish potatoes,
topped off with cloudberry liquor
and cheesecake.
Our last night was spent outside
Levi in glass (luckily not ice) igloos.
The family-run Golden Crown Igloos
stand in a line of four overlooking a
snow-covered valley; they are cosy
and stylish with orthopedic beds so
you can enjoy the views in ultimate
comfort.
Sadly, the Northern Lights didnt
come out to bid us adieu, but look-
ing up at the starry sky framed with
snow-laden trees was magical
enough. And surely this means I
have to come back...
Head to Lapland
for a trip that is
truly wondrous
NEED TO KNOW
Lapland
nPart of the Arctic Circle, Lapland spans
Russia, Norway, Sweden, Denmark and
Finland
nOfficial language in Finnish Lapland is
Finnish
nCurrency: Euro
nWeather: lowest temperature -51C/
highest 30C
Levi
n15km from Kittil airport
n45 slopes (three black, 23 red, 18 blue
and one green)
nHighest peak 531m, vertical drop 325m
n230km cross-country tracks
n886km snowmobile tracks
n60km hiking routes
This winter is the best in a decade to view
the Northern Lights in Finnish Lapland.
Gabriel ORorke was there to see it unfold.
The full moon lights
up the night sky and
a faint green line
splashed across the sky

MONDAY 17 DECEMBER 2012

23 LIFE&STYLE TRAVEL
Inghams feature the resorts of Levi,
Saariselk and Ylls in Lapland and
offer a selection of three and four star
hotels, cabins, chalets and apartments.
In Ylls, stay at the four star ks Alp
Apartments for seven nights on a self
catering basis from 509 per person,
based on four sharing, including return
flights from Gatwick to Kittil and resort
transfers. Regional flights are also
available from Manchester and
Birmingham (for an extra 19).
Reindeer Mini-Safari
Adult: 25, Child: 19
Reindeer Super-Safari
Adult: 35, Child: 25
Ski pack items can be pre-booked:
Six day local area pass
Adult 120, Child 80
Six day adult ski & boot hire 70
Six day adult snowboard & boot hire 100
Six day adult cross country skis & boots 86
Three days ski/snowboard school (1.5 hr/day)
Adult 77, Child 67
Seven day thermal suit hire:
Adult 29, Child 29
Seven day thermal boot hire: Adult 19
Child 19
In Levi, stay at the four star Levitunturi
Spa Hotel for seven nights, with prices
starting from 729 per person, based on
a half board basis and includes flights
from Gatwick to Kittil and resort
transfers. Regional flights are also
available from Manchester and
Birmingham (for an extra 19).
Ski pack items can be pre-booked:
6 day local area pass
Adult 115, Child 77
6 day adult ski & boot hire 79
6 day adult snowboard & boot hire 109
3 days ski school (1.5 hr/ day)
Adult & Child 75
3 days snowboard school (1.5 hr/day)
Adult & Child 75
3 days cross country (1.5 hr/day)
Adult & Child 75
Glass Igloos
Stay for a night in the Glass Igloo from
179 per person based on two sharing.
This includes breakfast and transfer
from Levi. Book online at inghams.co.uk
or contact: 020 8780 4447
A selection of excursions can be
pre-booked
Husky Mini Safari
Adult 35, Child 19
Husky Super Safari
Adult 65, Child 35
Snowmobile Safari Single
Adult 75
Snowmobile Safari Double
Adult 49, Child 15
For more information on Finland visit
www.visitfinland.com
Inghams Ski Reservations:
020 8780 4447 or book online at
www.inghams.co.uk
Prices based on 2012/13
nHusky sledding
nReindeer safaris nSnowmobile safaris
nDownhill and cross-country skiing
nSnow-shoeing nFinnish sauna and ice bathing
nVisit or stay at an ice hotel
nGo to the Icium ice sculpture park
nTry to spot the
Northern Lights
W
HAT TO DO IN LAPLAND
While the
Northern Lights
continue to be a
big attraction for
tourists travelling
to Finland, theres
a lot of other
things to do too.
Snowmobile
safaris (top right)
and reindeer
safaris (right) are
very popular
The GS was designed with
all-weather drive making it
ideal for long distance travel
I
T TURNS out that weekend
breaks dont have to involve
a 6am flight from Stansted
to an airport thats fifty
miles from your destination.
Nah, eschew the crowded plane
for a roomy executive car and 36
hours out of London can involve
a decadent journey across two
countries that takes in good
food, even better alcohol and
gorgeous countryside. But to
really enjoy the trip, you need
the right car and thats where
Lexus comes in.
The carmaker has clocked
that while its cars perform
brilliantly in the city (the Lexus
GS I was driving was great fun,
with astonishing acceleration)
you cant enjoy their full
capabilities while creeping
along clogged London streets.
Instead theyve teamed up with
a variety of high-end brands to
create experiences that let you
test the cars to the limit while
also enjoying some much-
needed luxury.
In the case of our trip, this
means swilling vintage
champagne in Reims, the French
city at the hub of the drinks
production. After heading
through the Eurotunnel, we hit
the blissfully empty French
autoroute that zips all the way
to Champagne. Just a few hours
pacey drive from London, you
find yourself in a completely
different world of vineyards and
sleepy villages. Reims itself was
ravaged by two world wars but
the 14th century cathedral
where generations of French
kings were crowned remains
standing, surrounded by a
picturesque city centre.
Leaving the car behind, we
head off to the imposing 18th-
century headquarters of
Ruinart the worlds oldest
champagne house, founded in
1729, and with whom Lexus has
a longstanding partnership.
Every single drop of the
companys fizz is still produced
on this original site, matured in
deep cellars carved out of an
ancient chalk mine so secure
that hundreds of locals
sheltered down here during
World War II.
Were guided by cellar master
Frdric Panaotis, a
Champagne native who recalls
how his grandparents would
knock back the local sparkling
wine at the end of a long day in
much the same way that a City
worker might slip out for a
quick post-shift Peroni. But
today Frdric has something
special for us a highly prized
1989 vintage, of which only a
few dozen magnums survive. We
do our best to make it even
more endangered. A glowing
amber colour, the champagnes
fizz has entirely subsided, while
its flavours have mellowed and
deepened: with notes of tobacco
and burnt sugar, this is closer to
a brandy than any champagne
Ive ever tasted.
Champagne is not, at first
glance, the most picturesque
area of France. But perseverance
pays off and the next morning,
we make for the back roads,
where we discover a beguiling
landscape of rolling hills and
quiet villages. The Lexus proves
just as adept at manoeuvring
narrow lanes and hairpin bends
as it is at tearing up the
autoroute.
Fitting such an ambitious
itinerary into less than two full
days would usually be a recipe
for disaster. It turns out the
trick is to make the journey
itself just as much fun as the
destination.
For more information or to book
your place on a Lexus Experience visit
lexus-experiences.co.uk
James Waterson
Champagne,
food and rolling
countryside with
Lexus Experiences
24
TV & GAMES
cityam.com
T
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BBC1
SKY SPORTS 1
7pmLive Monday Night Football
11pmNetbusters 11.30pmSPL
Round-Up 12amSoccer AM: The
Best Bits 1amMonday Night
Football 3.30amWatersports
World 4.30amMax Power
5.30am-6amFIFA Futbol
Mundial
SKY SPORTS 2
7pmLive Darts 12amTrilby Tour
Golf 2amEuropean Tour Golf
3am-4amPGA Tour Classic
SKY SPORTS 3
7pmTest Cricket 9.30pm
European Tour Golf 10.30pm
PGA Tour Classic 11.25pm-6am
Live Test Cricket
BRITISH EUROSPORT
7pmUS Open Tennis 9pm
Bradley Wiggins: Tour de Force
10pmSnooker 12am-12.35am
Eurogoals
ESPN
6.30pmESPN FC Press Pass
7.30pmPardon the Interruption
UK 8pmESPN Game of the Week
8.30pmGolf 9.30pmFrench
Ligue 1 Review10.30pmESPN
Kicks: Serie A 10.45pmESPN
Kicks: Scottish Football 11pm
ESPN FC Press Pass 11.30pm
UFC 2.30amSerie A Review3am
French Ligue 1 Review4amESPN
Kicks: Serie A 4.15amESPN
Kicks: Scottish Football 4.30am
Game of the Week 5am-6am
Premier League Review
SKY LIVING
7pmCriminal Minds 8pmShow
Me Your Wardrobe 8.30pm
Show Me Your Xmas Wardrobe
9pmAmericas Next Top Model
10pmCriminal Minds 11pm
Bones 12amCaribbean Cops 1am
Supernatural 1.50am Medium
2.40amBones 3.30amNothing
to Declare 5.10am-6amPassport
Patrol
BBC THREE
7pmWorlds Craziest Fools
7.30pmWinter Wipeout 8.30pm
Olympics 2012: 50 Greatest
Moments 10.30pmEastEnders
11pmFamily Guy 11.45pm
American Dad! 12.30am
Olympics 2012: 50 Greatest
Moments 2.30amSome Girls
3amImpractical Jokers
3.30am-4amHim & Her
E4
7pmHollyoaks 7.30pmHow I
Met Your Mother 8pmNew Girl
8.30pmSuburgatory 9pmThe
Big Bang Theory. Stuart and Raj
host a Halloween party. 9.30pm2
Broke Girls 10pmMade in
Chelsea 11.05pmThe
Inbetweeners 12.10amThe Big
Bang Theory 1.05amThe
Inbetweeners 2.10amHow I Met
Your Mother 2.35amThe Ricky
Gervais Show3amThe Cleveland
Show3.25amMy Name Is Earl
4.10am-6amUgly Betty
HISTORY
7pmStorage Wars 7.30pmPawn
Stars 8pmStorage Wars: Texas
8.30pmCajun Pawn Stars.
Louisiana-set spin-off of the
series about pawnbrokers. 9pm
Storage Wars: Texas 9.30pm
Cajun Pawn Stars 10pmStorage
Wars: Texas 10.30pmCajun
Pawn Stars 11pmSwamp People
1amStorage Wars: Texas 1.30am
Cajun Pawn Stars 2amStorage
Wars: Texas 2.30amCajun Pawn
Stars 3amStorage Wars: Texas
3.30amCajun Pawn Stars 4am
Swamp People 5amPawn Stars
5.30am-6amStorage Wars:
Texas
DISCOVERY
7pmReign of the Dinosaurs 8pm
Fifth Gear 9pmBear Grylls Bare
Necessities 10pmDual Survival
11pmSons of Guns 12amBear
Grylls Bare Necessities 1am
Dual Survival 2amSons of Guns
3amBear Grylls Bare Necessities
3.50amDual Survival 4.40am
Discovery Atlas: India Revealed
5.30am-6amMeerkat Manor
DISCOVERY HOME &
HEALTH
7pmDr Oz 8pmKate Plus 8 9pm
Trauma: Life in the ER 10pm
Secretly Pregnant 11pmMy
40-Year-Old Child 12amTrauma:
Life in the ER 1amSecretly
Pregnant 2amMy 40-Year-Old
Child 3amSupernanny US
4amA Baby Story 5am-6am
Portland Babies
SKY1
8pmArrow9pmAlison
Steadmans Little Cracker
9.30pmDylan Morans Little
Cracker 10pmA League of Their
Own 11pmAn Idiot Abroad 3
12amFringe 1amRoad Wars
1.55amCop Squad 2.50am Road
Wars 3.45amCrash Test
Dummies 4.10am-6amStargate
BBC2 ITV1 CHANNEL4 CHANNEL5
S
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6pmBBC News
6.30pmBBC London News
7pmThe One Show
7.30pmInside Out: BBC News
8pmEastEnders
8.30pmMy Family Christmas
Special 9pmBritains Secret Terror
Squad: Panorama 10pmBBC News
10.25pmRegional News 10.35pm
Have I Got a Bit More News for You
11.20pmFILMThe Matador. 2005.
12.50am Weatherview12.55am
Sign Zone: Richard Hammonds
Miracles of Nature 1.55amDara O
Briains Science Club 2.55amGreat
British Food Revival 3.55am
MasterChef: The Professionals
4.25am-6amBBC News
6pmCelebrity Eggheads
6.30pmStrictly Come Dancing
It Takes Two
7pmMasterChef: The
Professionals Michels
Classics
7.30pmChristmas University
Challenge
8pmCHOICE Nigellissima
An Italian Inspired Christmas
9pmInside Claridges
10pmNever Mind the
Buzzcocks
10.30pmNewsnight: Weather
11.20pmWestminster Abbey
12.20amBBC News
4am-6amBBC Learning Zone
6pmLondon Tonight
6.30pmITV News
7pmCHOICE Emmerdale
7.30pmCoronation Street
8pmLittle England
8.30pmCoronation Street
9pmThe Poison Tree
10pmITV News at Ten
10.30pmLondon News
10.35pmFILMI Now
Pronounce You Chuck & Larry.
2007.
12.40amJackpot247; ITV
News Headlines
3amPushing Daisies 3.45amITV
Nightscreen 4.35am-5.30amThe
Jeremy Kyle Show
6pmThe Simpsons
6.30pmHollyoaks
7pmChannel 4 News
7.55pm4thought.tv
8pmBritain on the Breadline
Channel 4 Dispatches
8.30pmStephen Fry: Gadget
Man
9pmCHOICE Bad Santas
10pm8 Out of 10 Cats: Best
Bits
10.50pmFull English 11.15pmAlan
Carr: Chatty Man 12.20amThe
Good Wife 1.45amSt Elsewhere
2.30amFILMThe Spy in Black.
1939. 3.55amSupernanny US
4.35amSupernanny US
5.15am-6.10amDeal or No Deal
5.30pmEmergency Bikers:
Paramedic Mark Hayes
responds to a stabbing.
6.30pm5 News at 6.30
7pmNorth Pole Ice Airport: 5
News Update
8pmThe All New Gadget
Show: 5 News Update
9pmFILMDeep Blue Sea.
1999.
11.15pmNature Shock: When
Killer Whales Attack
12.10amCowboy Builders
1.10amSuperCasino 3.55amHouse
Doctor 4.20amHouseBusters
4.45amGreat Artists 5.10am
Michaelas Wild Challenge
Fill the grid so that each
block adds up to the total
in the box above or to the
left of it.
You can only use the
digits1-9 and you must not
use the same digit twice in
a block. The same digit may
occur more than once in a
row or column, but it must
be in a separate block.
COFFEE BREAK
Using only the letters in the Wordwheel, you have
ten minutes to nd as many words as possible,
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters
or more, all must contain the central letter and
letters can only be used once in every word. There
is at least one nine-letter word in the wheel.
Place the numbers from 1 to 9 in each empty cell so that
each row, each column and each 3x3 block contains all the
numbers from 1 to 9 to solve this tricky Sudoku puzzle.
Copyright Puzzle Press Ltd, www.puzzlepress.co.uk
KAKURO
QUICK CROSSWORD
LAST ISSUES
SOLUTIONS
KAKURO
WORDWHEEL
SUDOKU
SUDOKU
QUICK CROSSWORD
WORDWHEEL
1 2 3 4 5 6
7
8
9 10 11 12
13 14 15 16
17 18
19
20
21 22
9 17 7
16 6 20
31
11 25
20 10
45
8 7
27 30
30
19 14 7
9 12 8
28
22
4
13
6
11
45
38
8
11
21
23
3
22
45 10
10
12
13
14
29
ACROSS
1 Primary (5)
4 Coast (5)
7 Aperture or hole
leading into a
cavity (7)
8 Cooks slowly and for a
long time in liquid (5)
9 Cross-brace that
supports a rail on a
railway track (7)
13 All the time (4)
16 Went on horseback (4)
17 Tightly curled and
unopened ower (7)
19 Aquatic creature (5)
20 Extravagantly or
foolishly loving and
indulgent (7)
21 Division of the year (5)
22 Deep chasm (5)
DOWN
1 Long pillow (7)
2 Globes, orbs (7)
3 Ill-tempered (5)
5 Physiological need
for food (6)
6 Hired (6)
10 ___ Ferrigno, actor
who played the
Incredible Hulk (3)
11 Assume or act the
character of (7)
12 Bottle up (feelings,
for example) (7)
14 Religious cult
practised chiey
in Caribbean
countries (6)
15 Remorse (6)
18 Religious
doctrine (5)
A
G
H
K
I S
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S T R A N G L E R
B I C R N R
R O T O R O U N C E
I L I N S U P
E M E N D S L I D E
F E E A
C R A W L C U B I T
A D I R E O I
S O D O M L I N E N
E L I L E G
P E N T H O U S E
4 9 7 1 3 8 9
1 7 5 9 2 4 6 3 8
2 6 1 3 1 2
7 8 9 5 7 9 2
2 1 6 8 4 3
1 2 6 4 3 8 7 5 9
5 7 8 3 6 9
3 4 1 5 1 3 2
8 4 9 8 7 9
6 1 7 5 3 9 4 2 8
9 5 4 1 2 1 6
4
4
4
4
4
4
4
4
4
The nine-letter word was
VEXATIOUS
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S
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BBC1 BBC2 ITV1 CHANNEL4 CHANNEL5
MONDAY 17 DECEMBER 2012
NIGELLISSIMA AN ITALIAN
INSPIRED CHRISTMAS BBC2, 8PM
Nigella Lawson prepares dishes for a
Christmas party with an Italian twist,
including Parmesan shortbreads and
turkey breast stuffed with sausage.
EMMERDALE
ITV1, 7PM
Jai is finally allowed to see his
newborn son, but Rachel makes it
clear he wont have anything more to
do with Archie after the visit.
BAD SANTAS
CHANNEL4, 9PM
First of a two-part documentary
following unemployed men in training
at one of the UKs most successful
Santa schools. Concludes tomorrow.
TVPICK
CAPTAIN Steve Borthwick insists
Saracens will not be getting ahead of
themselves despite moving into the
box seat for Heineken Cup qualifica-
tion with a 19-13 victory over
Munster yesterday.
Fourteen points from Owen Farrell
did the damage for the Aviva
Premiership outfit with David
Strettle also crossing for a try as
Sarries moved to the top of Pool One.
But despite having their European
fate in their own hands former
England skipper Borthwick said: We
are not a group that gets carried
away or that shouts from the
rooftops.
We are going back into the league
now which is huge for us. We know
we have got two games left in Europe
and that we want to finish as well as
we can but we will focus on that in
January.
Meanwhile domestic leaders
Harlequins impressive start to the
season at home and in Europe con-
tinued as they made it four
Heineken Cup wins from four.
A seven-try destruction of Zebre on
Saturday helped them to a 53-5 victo-
Saracens edge
Munster to lift
Euro ambitions
ry to leave them top of Pool Three.
Nick Evans kicked 18 points and
England scrum-half Danny Care
scored one of the tries.
We want to be successful here and
we all vowed to kick on after winning
the Aviva Premiership last May, said
director of rugby Conor OShea
So far this season weve won 13
out of 16 games, were top of the
Premiership, were top of our
Heineken Cup pool unbeaten, weve
won both LV= Cup games so far and
were in the A League final, so we are
definitely doing OK. But we dont just
want to win this pool, we want a
home quarter-final.
London sides endured a mixed
weekend in the Amlin Challenge
Cup, meanwhile.
London Irish were on the wrong
end of a thrashing at Gloucester, Tom
Homers penalty their solitary points
in a 47-3 win, while London Welsh
lost 27-13 to Grenoble. Wasps beat
Bayonne on Thursday.
Aviva is proud to be title sponsor of Aviva
Premiership Rugby, one of the worlds lead-
ing rugby union competitions. Each season
will feature 135 games, which will be
watched by 1.7 million people live at the
grounds. Visit www.premiershiprugby.com
IN BRIEF
Garcia claims second title of 2012
n GOLF: Spains Sergio Garcia won the
Johor Open by three strokes in Malaysia
yesterday, to claim his second title of
the year. Some exceptional play from
Garcia saw him end on 18 under par to
hold off a challenge from Americas
Jonathan Moore.
Messi extends goal-scoring record
n FOOTBALL: Barcelonas Lionel Messi
scored his 89th and 90th goals of 2012
during last nights 4-1 victory over title
challengers Atletico Madrid. After Messi
recently overtook legendary striker
Gerd Mullers record of 85 goals in a
calendar year, Brazilian club Flamengo
claimed that Zico had scored 89 in 1979.
Schwartzel wins in South Africa
n GOLF: South Africas Charl
Schwartzel stormed to a resounding 12-
stroke victory at the Alfred Dunhill
Championship last night. Schwartzel
ended 24 under par at the home course.
Ndlovu seriously hurt in car crash
n FOOTBALL: Former Coventry City
footballer Peter Ndlovu spent last night
in a Zimbabwean hospital after
suffering an horrific car crash. The tragic
accident resulted in the death of the ex-
players brother, Adam. Ndlovu, who
also played for Birmingham City, has
been working for Zimbabwes national
side, for whom he achieved 100 first
team caps.
Owen Farrell scored 14 points as Saracens moved top of Heineken Cup Pool One
Trotts 66 not out stabilised England
BRITAINS Amir Khan is targeting a
rematch with past conqueror Danny
Garcia after reviving his career with
a 10th-round stoppage of American
Carlos Molina on Saturday night.
Former WBA and IBF light-
welterweight world champion Khan
bounced back from consecutive
defeats to Garcia and Lamont
Peterson with a convincing defeat of
Molina in Los Angeles.
Khan was stopped in the fourth
and floored three times when he
faced Garcia in July, but is adamant
he can exact revenge with the help
Khan pledges to avenge Garcia
loss after ending losing streak
of new trainer Virgil Hunter.
Id love the rematch against
Garcia because I know deep down
Im a better fighter than him, said
the 26-year-old. Ill knock Danny
Garcia out. We want the rematch
any time, anywhere but I dont
think Garcia will.
A rematch with Peterson is his
other likely next fight, although
Garcia, who is set to defend his WBC
and WBA titles against Zab Judah in
February, insisted he would be keen
on a rematch.
Garcia said: If the moneys right
then well definitely fight whenever
and wherever.
BY FRANK DALLERES
BY TOM REYNOLDS
BY FRANK DALLERES
Tensions boil over as Trott frustrates India
INDIA accused England batsman
Jonathan Trott of gamesmanship
after tensions boiled over
yesterday as the Test series
approached its decisive climax in
Nagpur.
Trotts grizzled 66 not out
helped guide the tourists from 94-3
to 161-3 a lead of 165 and closer
to a first series win in India since
1985 on the penultimate day of
the fourth Test.
But he also infuriated the hosts
in a series of incidents, most
notably when he hit a stationary
ball for four from well outside his
crease, after Ravindra Jadejas
delivery slipped from his grasp.
When you talk about
gamesmanship and sportsmanship
I think you should hold by
yourself to actually expect the
same from opponents, said
spinner Ravichandran Ashwin.
It was just about the shot that
he got away, a rolling ball. We are
pushing for a win, but nothing got
out of hand.
Trott also baited Indias bowlers
by blowing them a kiss after
umpire Kumar Dharmasena
rejected Ishant Sharmas
vociferous appeals that he had him
caught behind on 43.
He later clashed with Ashwin,
who vented his anger that Trott
had backed up too far at the non-
strikers end, although seamer
James Anderson warned his team-
mate would not be intimidated.
I think he quite enjoys it, said
Anderson. Some batsmen are
really determined and hes the
sort of guy that would relish that
battle and try to get stuck in.
India, needing a win to avoid a
first home series defeat since 2004,
declared on 326-9, four runs
behind England.
Captain Alastair Cook could
only make 13 from 93 balls before
being harshly given out, caught
behind off Ashwin, and fellow
opener Nick Compton added just
34 before he was trapped lbw by
Pragyan Ojha.
England looked in trouble when
Jadeja bowled Kevin Pietersen for
six, but Trott and Warwickshire
colleague Ian Bell (24 not out) dug
in to frustrate India.
SPORT
25
MONDAY 17 DECEMBER 2012
cityam.com
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TOUR de France winner and
Olympic gold medalist Bradley
Wiggins last night became the
second cyclist in two years to
secure the coveted BBC Sports
Personality of the Year award.
Wiggins revealed that he thought
his chances of picking up the prize
were over when fellow Olympic
gold winner Mo Farah was not
named in the top three. Second
place went to athlete Jessica Ennis
while Scottish tennis star Andy
Murray was third.
To sit in the crowd and listen to
Andy then Jess be announced, well
my thoughts were Mo Farah had
won it, a surprised Wiggins said.
For him to not get a look in is
incredible. It is something to tell
my kids because I think Mo will go
own in history like Lord Coe.
Lord Coe himself, a key figure
behind the summers London 2012
Olympic Games, was given the
lifetime achievement award.
Another of the many stars of this
years Olympics, Jamaican sprinter
Usain Bolt, scooped the overseas
sports personality prize.
The top award was the most
hotly contested in living memory.
Wiggins gold in the Olympic time
trials, achieved soon after he
became the first Briton to win the
Tour de France, saw him pip his
rivals to the post. Cyclist Mark
Cavendish won the award last year.
Dave Brailsford, who coached
Team GBs cyclists and Wiggins
Sky team during the Tour, was
named coach of the year.
Team GBs Olympic and
Paralympic athletes were named
team of the year after winning 99
medals last summer.
Paralympian Martine Wright,
who lost both her legs in the 7 July
bombings (in 2005) won the Helen
Rollason Award. And Josef Craig,
the youngest gold medallist at the
2012 Paralympics, won the young
personality award.
Cyclist Wiggins
wins BBCs top
sports award
Mind the gap:
AVB urges his
team not to
blow it again
TOTTENHAM boss Andre Villas-Boas
has called on his players to cement
their position in the top four of the
Premier League, after seeing off a
stubborn Swansea side at White Hart
Lane yesterday.
Tottenham blew a 10 point lead over
fierce rivals Arsenal last season, and
with a Jan Vertonghen goal giving his
team their ninth win of this league
campaign Villas-Boas is mindful of
letting another gap slip.
A margin of seven, nine points in
the Premier League means nothing so
we have to be very, very aware, he
said after the game. From third to
tenth [place] is very tight. For us its
important to break out from this pack
and join the top but understanding
that its not going to be easy.
The visitors, who had won three of
their last five league trips to London,
started well, yet the best chances soon
fell to Spurs. On 13 minutes Michu
atoned for an error by making a div-
ing block to stop Jermain Defoe from
scoring, after the Spaniard had been
caught on the ball by Mousa Dembele.
Shortly before half time Kyle Walker
let rip an 87mph piledriver from 25
yards, which was only prevented from
going in by smacking the unsuspect-
ing Swans goalkeeper Gerhard
Tremmel on the shoulder.
Spurs continued to press after the
break and their approach paid off
with 15 minutes of normal time to go.
Ex Spurs winger Wayne Routledge
fouled Andros Townsend on the right
and the resultant free kick was turned
in via Vertonghen, despite suspicions
that he may have been offside.
And they could have had a second in
stoppage time when Townsend broke
free while Michu lay on the ground
after colliding with Hugo Lloris.
Referee Mike Deans decision not to
stop the game infuriated Swansea.
Spurs now lead Arsenal, who travel
to Reading tonight, by five points but
remain only two points above Everton
and West Brom.
Wiggins thanked his Team Sky colleagues
MONDAY 17 DECEMBER 2012
26
SPORT
cityam.com/sport
BY JULIAN HARRIS
TOTTENHAM HOTSPUR...............1
SWANSEA CITY..........................0
PREMIER LEAGUE
CHELSEA manager Rafael Benitez
insists they will still challenge for
four trophies this year despite seeing
his side surrender a fourth piece of
silverware yesterday in the Club
World Cup final.
Paolo Guerreros 69th-minute
header earned Brazils Corinthians
the title in Yokohama, where a miser-
able occasion for the Blues was com-
pounded by the late sending-off of
defender Gary Cahill.
It was another missed chance for
the west Londoners, following their
defeats in the European Super Cup
and the Community Shield, and the
holders elimination from the
Champions League at the group
stage.
But interim boss Benitez insisted
his team were still improving and in
with a chance of accomplishing an
unlikely Premier League-FA Cup-
Capital One Cup-Europa League
quadruple.
We are improving, for me, every
day and every week. Hopefully it
will be the same over the
next week and it will be
easier to keep winning
games, said the
Spaniard, who won
the cup in 2010 with
Inter Milan.
We carry on try-
ing to be strong,
mentally. Well
have some
[ d i s a p -
point-
e d ]
hours after the defeat but, after that,
we have to be ready. We had five tro-
phies to win. Now we have four to
challenge for. But still we have to
improve and we know the way to do
that.
Cahill, who is set to be suspended
for Wednesdays Capital One Cup
quarter-final at Leeds, accused
Corinthians forward Emerson of
deliberately getting him sent
off in the 89th minute.
He lashed out with his arm
and hit me in the face. I didnt
roll around on the floor for
five minutes holding my
head, said the centre-
back.
I got up, reacted
and tapped him in
the shin. He felt the
need to go down,
roll around on the floor for about
five times holding his face. It would-
nt have been enough to knock over
my one-year-old daughter.
Striker Fernando Torres missed
Chelseas best chance to equalise five
minutes from time when he prodded
straight at goalkeeper Cassio after
the ball fell to him eight yards out.
Guerrero was more clinical mid-
way through the second half when
Danilos shot was blocked by Cahill,
and he reacted quickest to head the
loose ball past three Chelsea defend-
ers on the goal-line.
The Blues are the first Champions
League winners to fail to win the
Club World Cup contested by the
winners of footballs six continental
confederations since 2006.
It was another uncomfortable
result for Benitez, who took four
matches to register his first win but
appeared to have turned the corner
with three consecutive victories.
CORINTHIANS.............................1
CHELSEA....................................0
BY FRANK DALLERES
CLUB WORLD CUP
@cityam_sport
Cahill blasts Corinthians star over red card
Fernando Torres could
not find a way through
SPORTS WINNERS 2012
nBradley Wiggins: Sports Personality
of the Year
nJosef Craig: Young Sports
Personality of the Year
nDave Brailsford: Coach of the Year
nUsain Bolt: Overseas Personality
nMartine Wright: Helen Rollason prize
for success in the face of adversity
Man Utd 17 14 0 3 43 24 42
Man City 17 10 6 1 33 15 36
Chelsea 16 8 5 3 28 17 29
Tottenham 17 9 2 6 30 25 29
Everton 17 6 9 2 28 21 27
TOP FIVE
TEAM PLD W D L F A PTS
BY JULIAN HARRIS
AT WHITE HART LANE
27
Allardyce praise for
West Hams backs to
the wall defending
WEST HAM manager Sam Allardyce
hailed his teams resolute defending
as yesterdays goalless draw at the
Hawthorns earned the Hammers
their first clean sheet in six games.
Allardyces men had gone a goal
behind in each of their previous five
Premier League games, yet managed
to hold out against a determined
West Brom side.
Overall were very pleased with a
draw weve obviously got back to
our ways in terms of defending
correctly, Allardyce said.
We kept it at 0-0 and if wed have
found a bit more quality in the final
third we may have done a little
more to try and score we didnt,
but it was a very good, solid
defensive performance.
West Brom managed 20 attempts
at West Hams goal, yet it was the
visitors who came closest in the
first half. A West Ham corner was
nodded down by James Collins only
for Winston Reid to turn the ball
over from six yards.
Just minutes into the second half,
a West Brom corner was
dangerously turned back in by
Zoltan Gera, but James Morrisons
header crashed against the bar.
The home side pressed on in
search of a first league win in four
attempts, yet West Ham also came
close when Gary ONeil curled a
shot narrowly wide. The draw leaves
West Brom sixth in the table, while
West Ham sit in 11th place.
Owen Farrell had his goal-kicking boots on
yesterday, putting away four penalties and one
conversion for Saracens Sarries beat Munster: Page 25
cityam.com
MONDAY 17 DECEMBER 2012
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I
MAGINE you are in the penalty
area and theres a lot of jostling
going on between you and an
opposition defender, and you feel
the need to take some unilateral
action. Do you: a) push him away
vigorously; b) elbow him in the ribs; c)
punch him; d) give him a head-butt?
Marouane Fellaini opted for d) in
Evertons match at Stoke on
Saturday, posing many questions
some frivolous, some serious. Have
you ever head-butted someone? The
risk of looking a complete idiot is
considerable. You could time it
wrong, and if the victim backs away,
you end up with the top of your
head in his neck. Not cool.
Fellaini was right on Ryan
Shawcrosss button, as the
expression on the Stoke players face
testifies. The blow was probably
cushioned by the Belgians lavish
mop of hair, reminiscent of Michael
Jackson in those Jackson 5 days, but
it clearly hurt nonetheless.
Has Fellaini practiced this form of
assault to get it so right? Has he
repeatedly watched Zinedine
Zidanes iconic World Cup Final
head-butt? Put simply, it is just a
truly extraordinary thing to do on
the field of play up there with the
Cantona kung-fu kick and it is a
real test of the games authorities to
see how they respond.
A few weeks ago the New Zealand
rugby hooker Andrew Hore assaulted
Waless Bradley Davies. Hore got a
five-week ban, making the
sentencing panel more culpable
than the original offender. Football
can show rugby the way here. Forget
the contrition and apology; that is
three months out of the game.
Another unfathomable question is
just how brilliant the television set
must be at the Britannia Stadium in
Stoke. Engineers have managed to
source a previously unfound way of
enabling the beleaguered football
manager to see an incident everyone
is talking about. As a consequence,
the admirable David Moyes was able
to say after the match that a) he had
seen the head-butt, b) it was
unacceptable and c) the player
should be punished. Never mind
goal-line technology, this is a
development in the sport that
should be welcomed by us all. Could
someone have a word with the guys
at Emirates Stadium please?
SPORT
COMMENT
JOHN INVERDALE
In association with
Fellainis headbutt merits three-month ban
West Hams Gary ONeil helped to keep Romelu Lukakus West Brom at bay
WEST BROMWICH ALBION........0
WEST HAM UNITED....................0
BY SPORTS DESK STAFF
PREMIER LEAGUE
Belgian defender
Jan Vertonghen
netted the second
goal of his Spurs
career to earn three
points at the Lane