BUSINESS WITH PERSONALITY

Cameron in
warning on
terror threat
DAVID Cameron yesterday warned
the battle against Islamist terrorism
in North Africa could take years or
“even decades”, amid fears that six
Britons were killed in the Algerian
hostage crisis.
Associates of al-Qaeda claimed
responsibility for the attack, saying
it was in retaliation for Western
intervention against Islamists who
have seized much of northern Mali.
Three Britons are now confirmed
to have died following Wednesday’s
raid on the In Amenas gas plant,
deep in the Sahara desert. Another
three are missing, presumed dead,
after the siege ended on Saturday.
The 22 Britons who survived the
attack have flown home to the UK.
Many of them were working for BP,
which operates the facility with
Algerian state company Sonatrach
and Norway’s Statoil. BP confirmed
last night 14 of its 18 employees
were safe, but that it was “gravely
concerned” for the other four.
In total at least 23 hostages and
32 militants were killed in the
incident, which French defence
minister Jean-Yves Le Drian last
night described as an “act of war.”
BRITISH shops were abandoned in
the run up to Christmas, new figures
showed today, with hard-pressed
consumers increasingly staying away
from the high street, out of town
retailers and shopping centres.
Online sales soared upwards to
account for over 10 per cent of total
sales, leaving traditional shops to
bear the brunt of the country’s eco-
nomic woes.
In the month before HMV, Jessops
and Blockbuster all went into admin-
istration, total retail footfall plunged
1.2 per cent compared with the same
month of 2011.
A combination of high inflation
and low wage rises has been eating
away at spending power, while fears
over a triple dip recession also
helped keep a cap on consumer
spending.
High street shops saw a 0.5 per cent
fall in visitor numbers, one per cent
fewer shoppers came to out of town
destinations and shopping centres
received 2.8 per cent fewer trips,
according to the figures from the
British Retail Consortium (BRC) and
Springboard.
And for the year as a whole the pic-
ture was even gloomier – high street
footfall plunged 3.3 per cent.
“Weak spending power is keeping
people away and compounding long-
standing difficulties in many of our
town centres. This month’s retail
failures confirm the challenges are
far from over,” said BRC boss Helen
Dickinson.
Total consumer spending did rise
by 1.8 per cent in December accord-
ing to official figures, but the BRC
added that shops saw non-food sales
drop with only a boom in online
retail pushing the headline number
into positive figures.
The group’s data shows a 17.8 per
cent jump in online sales in
December as consumers continue to
shift away from trips to the shops.
And if that picture was not tough
enough already, the cost of retail
crime jumped 15.6 per cent in the
year.
Although fewer incidents are being
reported to the police, the BRC calcu-
lates that retail crime cost £1.6bn in
lost goods and damaged property.
Retailers were hit by 2m shoplift-
ing incidents but only 12 per cent of
those were reported, well down on
the 47 per cent reported in 2011
which the BRC claims means “retail-
ers’ confidence in police responses
needs to be improved.”
As a result retailers have had to
increase their spending on security
and protecting staff – another tough
cost to bear at a time when footfall is
dropping and major businesses and
household names are struggling to
carry on trading at all.
But it is not just physical shops
which are being targeted by crimi-
nals – the rise in online shopping
has brought its own worries.
Identity fraud increased for more
than 80 per cent of those surveyed,
with e-crime now accounting for 37
per cent of the total cost of crime,
the BRC said.
One solution to the high street’s
multitude of woes would be to stop
bashing the sector with ever increas-
ing tax rises, the industry body sug-
gested.
“The government should help
erase the pain with a business rates
freeze in April. Another steep rise
can only lead to fewer jobs, less
investment and more troubled high
streets,” warned Dickinson.
www.cityam.com FREE
BY JAMES WATERSON
FTSE 100 ▲6,154.41 +22.05 DOW ▲13,649.70 +53.68 NASDAQt3,134.71 -1.29 £/$ 1.59 unc £/€ t1.19 -0.01 €/$ 1.33 unc
SNOWTIME
IN LONDON
ISSUE 1,801 MONDAY 21 JANUARY 2013
Certified Distribution
from 26/11/12 to 30/12/12 is 127,678
SHOPPERS DESERT
UK HIGH STREETS
BY TIM WALLACE
MORE RETAIL: Page 6-7
▲ ▲
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
Commuters battle against snow
as airports forced to cancel flights
COMMUTERS and holidaymakers
were expecting further travel disrup-
tion today as snow settled across
London and the home counties, with
Heathrow airport cancelling one in
10 flights and train operators chang-
ing timetables in anticipation of
delays.
Despite the Met Office dropping its
amber weather warning for London
and the south east over the weekend,
temperatures overnight were still
predicted to fall as low as -6°C, with
sleet and snow expected throughout
the day.
After cancelling 20 per cent of
flights yesterday, Heathrow said last
night it expected around one in 10
flights today to be affected, with the
worst conditions coming from
around 4pm.
On average, some 1,300 flights
leave Heathrow daily. The airport,
Europe's busiest, operates at close to
full capacity after Britain's coalition
government blocked development of
a third runway in 2010.
“Many airports have plenty of spare
runway capacity so aircraft can be
spaced out more during low visibili-
ty without causing delays and can-
cellations,” said Heathrow, whose
owners have campaigned hard for
more capacity at the London hub.
“Because Heathrow operates at
almost full capacity, there is simply
AllianzGI to launch UK building fund
Allianz Global Investors is to launch a
pioneering infrastructure debt fund in the
UK – the first of its kind – to help build
schools, hospitals and roads in a landmark
initiative designed to create jobs and
stimulate the faltering economy.
Tax crackdown to target middle class
Middle-class professionals are to be targeted
in a new crackdown on tax evasion promised
by the chief prosecutor of England and
Wales. The Crown Prosecution Service will
dramatically ramp up the number of tax
evasion cases it takes on – with a view to
prosecution – over the next two years, Keir
Starmer, the director of public prosecutions,
told the Financial Times.
Equistone secures €1.5bn for new fund
Equistone Partners has raised €1.5bn for its
new buyout fund, the first time it has tapped
private equity investors since it was spun out
of Barclays about a year ago. The firm, which
owns companies including UK luxury travel
agent Audley Travel, reached its initial target
without a commitment from Barclays and
despite a challenging fundraising market in
Europe.
Made in Britain still sets benchmark
Britain is in danger of relinquishing its
reputation as global leader and standard-
bearer of quality manufacturing, the Prince
of Wales will warn today when he visits
Jaguar Land Rover’s plant.
Fuel poverty warning for households
More than 100 energy companies, charities
and businesses have joined forces to warn
David Cameron that Britain is heading for a
fuel poverty crisis owing to a failure of
government policy.
Barclays Wealth arm “out of control”
Barclays has moved swiftly to part company
with a senior executive after investigators
alleged that he shredded a highly critical
analysis of the maverick culture and
bullying at the bank’s one-time flagship
Barclays Wealth business.
Ford and BMW warn against UK exit
Ford and BMW, have warned that a UK exit
from the European Union would be
“devastating” for the UK economy, heaping
pressure on the Prime Minister
China criticises US stance on islands
The Chinese government responded
sharply to comments by US Secretary of
State Hillary Clinton over islands at the
center of a dispute between China and
Japan, amid growing concern in
Washington about the risk of conflict.
ZTE telecoms firm warns of loss
ZTE, the Chinese telecommunications-
equipment maker warned it expects to
report a loss for 2012, but said it expects a
profit for the first quarter of 2013.
Further snow is likely to mean more delays and disruption for travellers today
2
NEWS
BY ELIZABETH FOURNIER
To contact the newsdesk email news@cityam.com
B
USES come in twos – when
there is no snow involved, that
is – but economics in 2013
seems to be all about threes.
Britain is dangerously close to being
in a triple-dip recession – and partly
as a result we are now seeing a three-
speed world economy.
We will know on Friday whether UK
GDP shrank again in the last quarter
of last year. Even if it did, as many
expect – Capital Economics is predict-
ing a contraction of 0.4 per cent, the
NIESR of 0.3 per cent – we still won’t
be in a proper triple-dip as two consec-
utive quarters of shrinking GDP are
required to constitute a recession. But
it will still be awful news.
It will also cast doubt on whether we
ever exited recession: perhaps the
growth and contraction quarters are
all still part of the recession phase of
the cycle. It remains highly likely that
EDITOR’S
LETTER
ALLISTER HEATH
From Britain’s triple-dip to a three-speed global economy
MONDAY 21 JANUARY 2013
official statistics will be massively
revised in a few years’ time – but we
also have plenty of business surveys
that confirm that Britain remains
mired in a state of abject weakness
and hence belongs to the most trou-
bled category of countries.
The UK isn’t the only nation that is
failing to extricate itself from reces-
sion – but plenty of others have man-
aged, and many are doing very well
indeed, so that is no excuse. There are
three groups of countries, one that is
going into reverse, the other moving
in the right direction and the third
racing ahead. Several top economies –
Japan, a large chunk of the Eurozone
including most of Southern Europe,
and presumably the UK – are in reces-
sion. Others – parts of Northern
Europe, America, Canada, and Brazil
– are expanding slowly, a group
which the UK should have been able
to graduate to by now. A third bunch
made up primarily of emerging
economies is continuing to roar
ahead, albeit not as quickly as they
did in 2010 or 2011.
Figures from Global Insight show
that after shrinking by 1.9 per cent in
2009, the world economy bounced
back by 4.2 per cent in 2010, 3 per
cent in 2011 and 2.6 per cent last year,
an achievement given much slower
growth in China, which expanded by
“just” 7.8 per cent if the statistics are
accelerate as the year progresses.
But several big risks are always
downplayed. Here are just three.
There is once again a disconnect
between the Eurozone’s hard eco-
nomic data, which remains terrible,
and global investors’ improved per-
ception of the region. At some point,
the bubble in many Western govern-
ment bonds will burst; there are some
indications that at least a partial read-
justment may already be under way.
Last but not least, at some stage quan-
titative easing will end for good and a
UK economy addicted to central bank
intervention will have to attempt to
stand on its own two feet. That will be
painful, to say the least. When econo-
mists begin to relax, it is always time
to start to worry.
to be believed. World GDP is expected
to expand by 2.5 per cent this year.
The received wisdom among most
City economists, which is partly right
and partly wrong, as ever, is that
America appears to have kicked the
can of fiscal collapse far enough
down the road so as to make for a
calmer 2013 (probably right, though
the next flashpoint will be in April),
investors have become more sanguine
about the Eurozone crisis (in my view,
wrongly, given still appalling GDP
and jobs figures), and China has
escaped a hard landing (but only by
blowing yet more bubbles, which is
what the consensus economists often
forget). Unless some major crisis
erupts, and what is happening in
Algeria and Mali appears to be too
minor to trigger a full-blown catastro-
phe, most economists believe that the
global economy will progressively
no room to reschedule the delayed
flights,” it said.
Meanwhile Southeastern Trains can-
celled popular early morning com-
muter services into London from
Canterbury, Tunbridge Wells and
Orpington, and South West Trains can-
celled some routes and warned passen-
gers of a limited timetable on some
services into Waterloo.
First Capital Connect said a normal
service is planned to run on all routes
today, but that delays were likely, with
some routes already disrupted by
emergency engineering works last
night.
City airport said it expected its run-
way to open as usual today after can-
celling more than 40 flights yesterday.
Stansted and Gatwick airports also
said they were operating as normal
yesterday but that they expected
delays and some flight cancellations.
As much as eight centimetres of snow
was expected across southeast
England yesterday, according to Met
Office forecasts.
Insurer RSA has estimated the daily
cost to the UK economy of workers
being unable to reach the office at as
much as £500m, with many parents
also having to stay home to look after
children as schools closed.
TfL said last night that both the
Vauxhall bus station and one way sys-
tem were now fully reopened follow-
ing last week’s helicopter crash, but
that some routes would be closed
again in early February to allow work
to be completed.
The roads had been closed since last
Wednesday, when a helicopter crashed
into a crane next to a skyscraper near
Vauxhall station, killing two people
and injuring a further 13.
The new jobs website for London professionals
CITYAMCAREERS.com
WHAT THE OTHER PAPERS SAY THIS MORNING
IN BRIEF
Merkel faces challenge from FDP
nAngela Merkel’s conservatives
appeared to be struggling to hold
onto power in a German state election
yesterday against a centre-left
opposition showing it could yet mount
a strong challenge to her
chancellorship in September national
polls. In exit polls released after
voting ended, Merkel’s Christian
Democrats (CDU) remained the
biggest party but their Free Democrat
(FDP) allies scored 10 per cent.
Dreamliner probe is widened
nThe US National Transportation
Safety Board yesterday ruled out
excess voltage as the cause of a
battery fire last month on a Boeing Co
787 Dreamliner jet operated by Japan
Airlines Co (JAL) and widened its
investigation to include the Arizona-
based manufacturer of the battery’s
charger. Last week, governments
across the world grounded the
Dreamliner and Boeing halted
deliveries after the battery problem.
Nokia Siemens plans fundraising
nNokia Siemens Networks is
planning to raise as much as €700m
from public markets in the spring to
pay down debt and fund investment,
the Financial Times said on its website
yesterday, citing people familiar with
the plan. The high-yield bond will be
the first time the Nokia and Siemens
joint venture has tapped public
markets and it will test investor
appetite in the telecoms equipment
maker ahead of a possible listing.
KIM DOTCOM, the entrepreneur
behind file-sharing website
Megaupload, has launched a new
hosting service, defying US
prosecutors who closed down his
business 12 months ago.
German-born Dotcom, who is
living in New Zealand and
fighting extradition to the US,
unveiled the new website, Mega,
from his mansion on Saturday.
He promised that Mega is legal,
having been accused of
facilitating millions of illicit
downloads from Megaupload.
After Mega’s launch, Dotcom
boasted that the site had gained
half a million users in its first 24
hours and called it the fastest-
growing startup in history.
He compared the service to
cloud-based storage services such
as Dropbox and Google Drive.
Dotcom, born Kim Schmitz in
1974, has an estimated worth of
more than £100m.
US attempts to extradite him
took a blow last year
when search
warrants on his
New Zealand
house were
deemed invalid.
Megaupload’s
Kim Dotcom
opens new site
BY JAMES TITCOMB
THE FINANCIAL services industry
shed 25,000 jobs in the final three
months of 2012 and will lose another
18,000 in the first quarter of this year,
the Confederation of British Industry
and PwC warn today, as regulation
weighs firms down and weak markets
keep their costs under pressure.
The only real growth area in bank
employment is in compliance, as
more staff are hired to deal with the
flood of incoming regulation.
But a lack of suitable candidates
means that banks cannot expand any
profitable business lines because of a
shortage of staff who can deal with
the red tape, PwC warned.
“Good compliance officers are like
gold dust and the good ones can
attract very high levels of compensa-
tion,” said PwC’s Kevin Burrows.
“But the question is how to feed that
demand for talent – banks need peo-
ple with a very specific skill set and
they just don’t exist.”
The study found a net balance of 51
per cent of firms said regulation was
limiting the amount of business they
Jobs bloodbath
as red tape hits
banks’ growth
BY TIM WALLACE
can do this year, while a balance of 48
per cent said a lack of professionals is a
hindrance – making those problems
bigger than even a lack of funding.
PwC also said the banking industry
has plunged in popularity among
potential employees, leaving it strug-
gling to attract new staff and poten-
tially creating a damaging skills
shortage in the years to come.
Meanwhile recruiter Morgan
McKinley today revealed a 36 per cent
drop in City job vacancies in
December.
Just 1,323 jobs were advertised in the
month, down from 2,079 in November
and from 1,733 in December 2011.
And recruitment firm Astbury
Marsden’s latest figures showed 22 per
cent of City workers expect to receive
no bonus this year, double the 11 per
cent recorded last year.
The agency’s study also found 44 per
cent believe government pressure is
holding down their pay.
“The FSA has warned the chairs of
bank remuneration committees that
they expect 2013 pay levels to be below
those of previous years,” noted Astbury
Marden’s Mark Cameron.
Dotcom is fighting
extradition to
the US
PRESIDENT Barack Obama took the
official oath for his second term
yesterday at the White House in a
small, private ceremony, ahead of a
more public event this afternoon.
Gathered with his family in the
Blue Room on the White House’s
ceremonial main floor, Obama put
his hand on a family Bible and
recited the 35-word oath that was
read out loud by US Chief Justice
John Roberts.
It was a low-key start to the US
president’s second term, which is
likely to be dominated – at least at
the start – by budget fights with
Obama sworn in at White House
ceremony ahead of speech today
BY CITY A.M. REPORTER
Republicans and attempts to
reform gun control and
immigration laws.
Obama, 51, will be sworn in
publicly today in front of as many
as 800,000 people, a much bigger
ceremony with a major address and
a parade. Yesterday’s ceremony,
shown live on television, was
needed because the US
Constitution mandates that the
president take office on 20 January.
Also yesterday, Senator Charles
Schumer said he and fellow Senate
Democrats would, for the first time
in more than three years, meet
Republican demands to pass a US
budget.
MONDAY 21 JANUARY 2013
3
NEWS
cityam.com
Barack Obama read a 35-word oath in front of officials and family
4
NEWS
cityam.com
Europe this week, after it was delayed
due to the Algerian hostage crisis.
Extracts leaked in advance of the orig-
inal date show the Prime Minister will
warn that continuing along the cur-
rent path will result in “more of the
same – less competitiveness, less
growth, fewer jobs”.
Business leaders are split on the
issue, with WPP chief executive Sir
Martin Sorrell declaring “we’re not
going to be able to do anything if we’re
just sat there like Norway and
Switzerland”. BMW sales chief Ian
Robertson agreed, saying Britain need-
ed to remain a “strong and active
member of the EU”, while Ford’s
Europe chief executive Stephen Odell
said: “All countries should have their
sovereignty, but don’t discuss leav-
ing a trading partner where 50
per cent of your exports go.
That would be devastating for
the UK economy.”
Entrepreneur Luke Johnson
said the pro-Europe business
campaign is led by a “small
group of multinationals
and the political elite
who don’t believe in
democracy”.
THE LEADER of the British Chambers
of Commerce yesterday warned City
A.M. that multinational companies
may not have Britain’s national inter-
est at heart when discussing the UK’s
future relationship with the EU.
“For business leaders involved in
multinationals the British interest
may be secondary, as Britain is a gate-
way for accessing the common mar-
ket,” John Longworth said.
But he said warring City factions
must overcome their differences and
back David Cameron to renegotiate
Britain’s relationship with the EU.
“The people arguing for the status
quo – the Europhiles – are playing
into the hands of the Europhobes,”
Longworth said. “The status quo is a
myth and the general direction of
the EU is ever closer union without
limit. Even if we were entirely sat-
isfied with what we have at the
moment, we need to negotiate a
new relationship.”
David Cameron will finally deliver
his keynote speech on
BY JAMES WATERSON
Longworth wants to loosen
the UK’s ties to the EU
Business split
over Britain’s
future in the EU
A BAILOUT for Cyprus has been
delayed at least two months amid
wrangling over how the country’s
debt-laden government could
afford it.
Cypriot leaders claim the
setback is because a review of its
banking sector’s capital needs is
not yet finished.
But Germany is also balking at
the prospective deal, claiming not
Cyprus bailout delayed by two
more months amid wrangling
BY JENNY FORSYTH
enough is being done to curb
Russian money laundering within
the Cypriot banking system.
German paper Handelsblatt
reported that Eurozone finance
ministers refuse to sign off the
deal until elections have taken
place next month, when the
communist president, Demetris
Christofias, will have departed.
A definitive result had been
expected by 18 January but is now
not expected until late March.
IN BRIEF
French call for Europe promotion
nFrench Finance Minister Pierre
Moscovici said yesterday he hoped his
Dutch counterpart Jeroen
Dijsselbloem, who is expected to
become head of the Eurogroup, would
promote Europe with as much
commitment as Jean-Claude Juncker
did over the past eight years. Ahead of
a meeting of Eurozone finance
ministers today, Moscovici said that
gathering was set to confirm
Dijsselbloem as Eurogroup head.
Weidmann warns on ECB buybacks
nBundesbank chief Jens Weidmann
warned against relying on the
European Central Bank as the only
crisis manager, telling a Finnish
newspaper that its bond buyback
programme was risky.”Central banks
in recent years have been pulled into
the role of a crisis manager. Some
think that central banks are the only
able ones. I consider this thinking
wrong and dangerous,” Weidmann
was quoted as saying yesterday.
Mario Monti launches campaign
nItalian Prime Minister Mario Monti
launched his campaign for a second
term yesterday with a speech calling
for deep-rooted reforms to kick start
economic growth, four weeks ahead
of a parliamentary election. “Italy
needs radical reforms. Radical reforms
for those who are outside protected
interest groups, and for young people
who cannot find work because others
are over-protected,” said Monti. The
election will be held 24 25 February.
MONDAY 21 JANUARY 2013
5
NEWS
cityam.com
THE WORLD’S most prominent poli-
cymakers, economists and business-
men will on Wednesday descend on
Davos to hammer out a consensus on
building sustainable growth.
The small Swiss village will host
close to 50 heads of state or govern-
ment and more than 1,500 business
leaders, as well as top academics and
representatives from charities and
Non-Governmental Organisations
(NGOs), convening for the 2013
World Economic Forum (WEF).
This, the 43rd annual meeting,
is centred on “resilient
dynamism” – discussing how
the global economy can recover
from shocks such as the
Eurozone crisis – and will fea-
ture speakers as diverse as
f or me r Pr i me
M i n i s t e r
Gordon Brown
and internet
innovator Sir
Tim Berners-
Lee.
G e r m a n
World leaders
flock to Davos
yearly meeting
BY BEN SOUTHWOOD
finance minister Wolfgang Schäuble
will discuss the global economic out-
look alongside incoming Bank of
England governor Mark Carney, in just
one of hundreds of sessions over the
five-day forum.
Other highlights include a discus-
sion on global development featuring
UN secretary-general Ban Ki-moon, UK
Prime Minister David Cameron and
Microsoft co-founder Bill Gates.
WEF was set up in 1971 as a non-prof-
it organisation. Since 1974 the
annual meeting in Davos-
Klosters has been centred
around economic and
social issues and the organ-
isation claims to have had
an impact on many of the
key developments of the
post-war era, including the
end of South African
apartheid, German reuni-
fication and the
Chinese move
toward capitalism.
Last year’s World Economic Forum boasted (l-r) Bill Clinton, Microsoft’s Bill Gates, Thabo
Mbeki, Tony Blair, U2 frontman Bono and ex-Nigerian president Olusegun Obasanjo
n At 9am on Wednesday, 2012 Nobel
Laureate in economics Alvin Roth will host
a session called “An Idea with Alvin Roth”.
n At 11am on Wednesday, WPP chief Sir
Martin Sorrell will host a discussion on
future economic growth.
n “China 2020: Vision Meets Reality” will
be a discussion on reform on China, at
3.45pm on Wednesday. Contributing will
be economists Xu Xiaonian and Kenneth
Rogoff and Chinese Communist Party
politician Li Jingtia.
n Controversial former Harvard University
President and White House economic
guru Larry Summers will talk about the US
public sector at 5pm Wednesday.
n IMF boss Christine Lagarde will speak
on Wednesday at 6.10pm.
n Thursday at 10.30am will see a special
address from UK Prime Minister David
Cameron. His chancellor of the exchequer
George Osborne will talk about the
challenges facing the UK, Europe and the
global economies at 2.45pm that day.
n Another European leader – Germany’s
Chancellor Angela Merkel – will address
the forum at 2.15pm Thursday.
n Inventor of the world wide web Tim
Berners-Lee will tell the forum what’s wrong
with social networking at 10.15am on Friday.
n New Yahoo chief executive Marissa
Mayer will share her “breakthrough ideas
on the future of technology” in an 11.15am
session on Friday.
n The King of Jordan will give a special
address at 2.15pm on Friday.
TEN SESSIONS TO WATCH AT DAVOS
UN boss Ban Ki-moon
will discuss economic
development
MONDAY 21 JANUARY 2013
6
NEWS
cityam.com
BLOCKBUSTER, the DVD and games
rental chain, is to close 129 stores of
its 528 stores over the coming weeks
and make 760 staff redundant, the
firm’s administrators Deloitte said
this weekend.
These are on top of the 31 store
closures that had already been
decided before the retailer fell into
administration last Wednesday.
Deloitte said it is continuing to
review the profitability of
Blockbuster’s remainining stores
and more closures may follow
BY KASMIRA JEFFORD across the chain, which employed
4,190 staff at the time of its
collapse.
Lee Manning, joint administrator,
added: “Having reviewed the
portfolio with management, the
store closure plan is an inevitable
consequence of having to
restructure the company to a
profitable core which is capable of
being sold.”
Blockbuster is owned by its US
parent company, which in turn was
bought out of bankruptcy in 2011
by US satellite television company,
Dish Network.
The beleaguered chain was forced
to call in administrators after losses
widened from £8.5m in 2011 to
£11.2m last year.
It owners injected more funds
into the business in the autumn so
that it could pay suppliers but
trading conditions worsened over
the Christmas period and the
company was forced to call in
administrators.
Like HMV, Blockbuster has faced
increased online competition from
internet based rental companies
along with the shift to digital
streaming of movies and games.
VULTURE turnaround fund Hilco UK
is poised to add to its stable of
Canadian HMV stores after taking
the lead in the race to salvage its
bankrupt UK sibling.
Hilco, which bought out HMV
Canada from parent HMV group in
2011 for £2m, is currently heading a
pack of around 50 suitors for the
iconic high street retailer, which col-
lapsed last week.
It is understood administrators
Deloitte are locked in talks with a
number of bidders who have signed
non-disclosure agreements to
access HMV’s books. The
identity of these firms have
not been disclosed.
Among those battling
Hilco UK are thought to be
Jon Moulton’s Better
Capital, US private equity
giant Apollo Global
Management, videogames
retailer Game – owned
by former Comet
HMV Canada
owner Hilco in
lead for stores
BY MICHAEL BOW AND
KASMIRA JEFFORD
investor OpCapita – and private equi-
ty house Endless
A Deloitte spokesman said the
administrators were “pleased” with
the amount of interest so far.
“We’ve had a broad range of interest
from a broad range of parties,” he
added.
HMV’s 223 stores collapsed into
administration last week after being
hit by a double whammy of maturing
debt and sluggish Christmas sales.
Hilco’s HMV Canada, which has 113
stores across Canada, has been bull-
ish about the potential for HMV to
turn a profit, despite the threat of
digital music and films.
“We generally believe this is an
area that has life in it for a
number of years yet,” HMV
Canada president Nick
Williams said recently.
Hilco could not be reached
for comment last night.
Blockbuster has suffered from increased online competition and internet rentals
THE WORLD’S biggest music and
film companies are backing a
takeover attempt for HMV, and
are considering new supply terms
to keep a rejuvenated company
afloat.
The likes of Universal Music
and Warner Bros are understood
to be exploring a range of
options, such as cutting prices on
CDs and DVDs or easing payment
terms. The measures are expected
to improve HMV’s chances of
continuing as a business if a
buyer can be found.
Suppliers are desperate to
retain high street retailers
following the death of chains
such as Woolworths and Zavvi.
HMV collapsing would put even
Music and film industries offer
concessions to keep HMV afloat
BY JAMES TITCOMB
more power in the hands of
online retailer Amazon, Apple’s
iTunes, and supermarket
retailers, a situation music and
film companies are keen to avoid.
Industry sources named
current frontrunner Hilco as a
preferred bidder, pointing to
good relations with the
turnaround specialist following
its 2011 buyout of HMV Canada.
Universal is one label who has a
particular interest in HMV,
having inherited rental liabilities
on 16 stores stemming from its
£1.2bn purchase of EMI last year.
Although record labels and
film companies have chipped in
with funding in recent months to
keep HMV afloat, it is unlikely
that they will plough funds into a
takeover deal.
Hilco is led
by founding
partner Paul
McGowan
Blockbuster administrators to
shut 129 stores and shed staff
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HOTEL CHOCOLAT, the upmarket
chocolatier, offered some hope to
Britain’s beleaguered high streets this
weekend after reporting record sales
and profits.
The retailer and cocoa grower post-
ed a 84 per cent leap in pre-tax profits
to £5.4m on sales up six per cent to
£63.8m in the year to 30 June 2012.
Angus Thirlwell, co-founder and
chief executive said 2012 was a “com-
ing of age” year for Hotel Chocolat.
“The record-breaking increase in
profit before tax, achieved despite a
modest seven per cent growth in net
retailing space, is a testament to the
investment we have put behind verti-
cally integrating our
business,” he said.
Thirwell found-
ed Hotel
Chocolat with
with entrepre-
neur Peter
Harris in 2004
after the pair
rebranded their
mail order firm,
ChocExpress.
Hotel Chocolat
reports record
full-year profit
BY KASMIRA JEFFORD
The company now operates 67 stores
in the UK, two in the US and has
expanded into Europe with two open-
ing in Amsterdam and Copenhagen.
Like many retailers including WH
Smith, Hotel Chocolat has been
expanding into more lucrative travel
locations, with store openings in
London Luton airport, Kings Cross and
Euston in the period.
Last year, the group also launched a
chocolate-themed boutique hotel, spa
and restaurant in Saint Lucia on the
estate where some of its cocoa beans
are grown.
The group is planning further store
openings this year and the roll out of
its new concept store Roast & Conch,
where customers can watch the roast-
ing of cocoa beans and also sample
chocolate-themed dishes.
Commenting on 2013, Thirwell
said: “Whilst we expect con-
sumer pressures to persist in
2013, we believe our invest-
ment over the past few years
leaves us well-placed for the
year ahead.”
CHRISSIE RUCKER, founder of the
White Company took home close
to £6m last year after the home
furnishings and fashion retailer
reported a jump in profits.
According to accounts filed this
month on Companies House, the
retailer’s highest paid
shareholder, assumed to be
Rucker, earned £5.65m.
The company saw profits rise to
£11m in the 53 weeks to 31 March
2012, up from £8.3m the previous
year, which included only 52
weeks.
Sales rose 14 per cent to £116m,
driven by both online and retail
growth, although this was a
White Company founder earns
£6m after 14 per cent profit rise
BY KASMIRA JEFFORD
slowdown on the 22 per cent rise
in sales the previous year.
The group said it was “satisfied”
with trading in the context of an
“extremely difficult trading
environment”.
The White Company opened six
stores during the year and
relocated its headquarters to High
Street Kensington. It now has
around 40 UK shops.
Former New Look managing
director Will Kernan was
appointed as chief executive in
February last year.
Chrissie Rucker, an ex-journalist,
who founded the retailer in 1993,
is married to Nick Wheeler, the
founder of shirtmaker Charles
Tyrwhitt. Wheeler is also a
shareholder in the group.
7
NEWS
cityam.com
White Company’s Chrissie Rucker was awarded an MBE in 2009 for her services to retail
Hotel Chocolat makes
luxury gifting chocolates
MONDAY 21 JANUARY 2013
8
NEWS
cityam.com
Household budgets still tightly
squeezed despite slight easing
HOUSEHOLDS’ finances remained
in a vice in January, despite a slight
easing in budget pressures,
according to data out this morning.
Markit’s household finance
index climbed to 37.7 in January,
up from December’s seven-month
low of 36.8 – but the index still
signalled rapidly deteriorating
conditions, as it remained well
below the 50 value that signifies
no change.
Households also expressed less
gloomy expectations for the
BY BEN SOUTHWOOD
coming year, with Markit’s index
for the coming 12-months
jumping from 40.3 in December to
42.8 this month. But this value
also remained significantly under
50 and therefore suggested
households had deeply downbeat
expectations for their finances.
Adding to this dreary picture
were statistics from the Incomes
Data Services (IDS) that suggested
managers’ and professionals’ pay
would continue to be kept under
retail price inflation.
The two groups of earners will
add just 2.2 per cent to their
nominal wages this year, IDS said in
a separate report, also out this
morning, below inflation forecasts.
A BUOYANT London housing mar-
ket led UK asking prices back into
growth in January, data revealed
this morning.
London’s homeowners added 3.6
per cent onto their asking prices
during January, Rightmove said,
capping off a healthy 9.6 per
cent – or £16,492 – increase over
the year.
This robust activity in the capital
drove the country as a whole back
into positive movement – UK ask-
ing prices were up 0.2 per cent in
January, Rightmove said, a stark
turnaround from December’s 3.3
per cent crash.
The price increase came with a
flood of new sellers, the data said.
Some 22 per cent more people list-
ed their home this January than
did in the same month last year.
But average UK house prices will
not reach their pre-recession peak
until 2014, according to forecasts
Asking prices
back on the up
as 2013 rolls in
BY BEN SOUTHWOOD
from the Centre for Economics and
Business Research (CEBR), also put
out this morning.
Weak growth will keep a rein on
house prices during the coming
year, the forecaster said, but a
return to more solid expansion in
2014 “will be enough to push UK
house prices over their pre-crisis
peak,” achieved in 2007.
By 2018 a typical UK house will
cost £261,000, on CEBR’s measure,
up 19.1 per cent on the average
2013 valuation of £219,000.
THE ECONOMY is likely to have
shrunk in the final three months
of 2012, economists warned ahead
of the official data’s publication
this Friday, with industrial
production falling and the
dominant services sector flat.
And the expected rebound in the
first quarter – continuing the
economy’s zig-zag pattern – could
be squashed by the snow, pushing
down output again and tipping
the UK back into recession.
“Erratic factors continue to
plague the growth figures: The
unwinding Olympics effect
Icy weather could make UK slip
back into a triple-dip recession
BY TIM WALLACE probably subtracted 0.3
percentage points from fourth
quarter growth,” said Berenberg
Bank economist Robert Wood.
“Weak extraction output as oil
rigs were shut for maintenance
probably took another 0.2pp off.”
And BNP Paribas’ Ken Wattret
warned the snow could cause a
triple dip recession.
“With the UK entering a big
freeze, there is a possibility that
something akin to last year’s
situation could happen again, with
a weather-related fall in output in
the first quarter, meaning the UK
could enter a technical recession,
albeit for erratic reasons.”
Household finances still set to worsen despite index's improvement
Jan2009 Jan2011 Jan2013
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2012 2013
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UK CONSTRUCTION output is set to fall this year, the Construction Products Association
warned today, dragging down economic growth. Chancellor George Osborne hopes to
boost spending on infrastructure projects, but the CPA fears output will fall 2.2 per cent.
CONSTRUCTION OUTPUT TO FALL THIS YEAR
G
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£125 (And that’s just for starters)
HER MAJESTY’S Revenue and
Customs ratcheted up its tough
stance on tax in the last tax year,
according to data released this
morning.
HMRC tried to shut down 5,302
firms during the 2011-12 tax
year, Wilkins Kennedy revealed,
an explosion of 57 per cent
compared to 2010-11’s 3,367
applications.
“When businesses run into
trouble, often one of the first
things they do is try to delay tax
HMRC closing down firms left
right and centre to claw in tax
BY BEN SOUTHWOOD payments to help manage their
cashflow,” said Wilkins Kennedy
partner Anthony Cork. “This
puts businesses on a collision
with HMRC.”
Cork said this tough approach
was sharply at odds with the
more sympathetic approach tax
collectors took during the earlier
stages of the slump.
He put the change in tack
down to a need to dispel an
image that they are soft or a
“lender of first resort”, as well as
due to government pressures to
bring in more tax revenues.
THE GOVERNMENT must shake
up both fiscal and monetary
policy to finally deliver the
impetus for robust growth, a
widely-regarded economic
consultancy demanded this
morning.
Budgets must be tilted further
towards infrastructure and
investment spending, ITEM said,
with more than just the £5bn
announced in the Autumn
Statement.
ITEM says UK economic policy
must be shaken up to beat dip
BY BEN SOUTHWOOD And the Bank of England
should throw out its inflation
target as “a risk to its credibility”,
and move to an entirely new
approach with new governor
Mark Carney.
This came in
ITEM’s newest
economic
forecast, which
predicted the
economy
would grow just
0.9 per cent in
2013.
BUSINESS leaders are looking to
2013 with optimism, after a
gloomy 2012 that threatened
worldwide slowdown or slump,
data revealed this morning.
Seventy-seven per cent of
executives surveyed by FTI
consulting were hopeful for
“significant economic growth”
during this year – a drastic
improvement on the 45 per cent
who expressed similar hopes in
January 2012.
Global business heads expect
growth turnaround during 2013
BY BEN SOUTHWOOD And this optimism is by no
means restricted to emerging
markets. Seventy-eight per cent
of respondents from North
America said they were upbeat,
with 76 per cent of European
bosses and 75 per cent of heads
from Asia.
“Having spent the past five
years grappling with the global
banking crisis, the Eurozone
crisis and recession, businesses
appear to be ready tomove
forward,” said Mark Malloch-
Brown at FTI.
Mark Carney mulled getting rid of inflation targeting
James Titcomb
meets Rio Caraeff,
the chief executive
of internet music
video service Vevo
MONDAY 21 JANUARY 2013
10
NEWS
cityam.com
RIO Caraeff has chosen quite a week
to visit the UK. As his New York-based
music video company, Vevo, is
embroiled in negotiations with
Google over a potential investment
that is rumoured to value it at $500m
(£315m), Britain’s most prominent
high street music retailer, HMV, is
entering administration.
Vevo, founded by record labels
Universal Music, Sony Music and EMI,
is exactly the type of company
labelled as responsible for HMV’s
struggles. It allows people to watch
thousands of music videos online,
free of charge, and has seen spectacu-
lar growth since its 2009 launch.
Supported by adverts, and a revenue
sharing deal on Google-owned
YouTube, Vevo is expected to have gen-
erated nearly $300m in sales last year.
The company is expanding, recently
moving its London headquarters to a
state-of-the-art office by Oxford
Circus, and launching in Spain,
France and Italy in November.
“We started the company with a
simple focus on how to deliver a pre-
mium entertainment experience to as
many people as possible and in as
many places as possible, and to do it
in a way that can build a sustainable
business,” Caraeff says. “It’s not about
trying to sell people things they don’t
want to buy, and it’s not about trying
to change people’s behaviour or force
them to do something they don’t
want to do. It’s about being compati-
ble with the physics of the web and
figuring out how the new rules work.”
This approach has paid off for
Caraeff, who has seen the number of
videos watched on Vevo since its
launch hit 4bn per month. This has
translated into high double-digit rev-
enue growth, even though Caraeff
admits that, contrary to reports, Vevo
is yet to turn a profit.
“We could stop investing and be
profitable but we’re continuing to
invest in and grow the business, so
we’re not profitable yet,” he says.
Even as Caraeff targets expansion in
Latin America, Europe and Asia, he
admits that revenue growth is bound
to slow down. Faced with this, Caraeff
is planning changes that he says will
turn Vevo into a more diverse opera-
tion, less reliant on video adverts and
in particular YouTube, with whom
Caraeff has had a difficult relation-
The man with a will to
make online music pay
ship, although he says Vevo is “now in
a good place with them”.
“Right now we’re a very large adver-
tising platform and as those numbers
get big, growth starts to slow down, so
I think there’s something of a natural
ceiling in terms of how much revenue
we can generate from that,” he says.
“You can’t keep growing [advertising
revenues] for ever, so I think you’ll see
us start to expand where our revenue
comes from, looking at a variety of
subscription models, looking at a vari-
ety of other programming opportuni-
ties so I think that’s natural.”
The company is planning to charge
customers for access to Vevo for the
first time, offering a premium sub-
scription offering in a similar way to
audio streaming service Spotify, which
is itself seeing tremendous growth but
remains lossmaking.
Caraeff also outlines an opportunity
on internet-connected televisions and
set-top boxes, naming Sky, Virgin
Media and YouView as potential part-
ners. “You’ll see at least a dozen of
those new platforms this year from
us,” he says. “We have a lot that we’re
cooking for the year.”
Yet even if companies like Vevo and
Spotify do grow into profitable success
stories, it remains to be seen if these
new web services can sustain an indus-
try hit by falling CD sales.
The two firms have paid out $700m
(£441m) in royalties between them
since their births in 2009 and 2006
respectively – an impressive sum, but a
fraction of those generated by CD
sales, which fell by a fifth in the UK
last year, and were dealt a further blow
last week with HMV’s administration.
Caraeff admits that the music indus-
try is going to take time to heal, but is
confident of a recovery.
“We’re not going to replace CDs, no
one company will,” Caraeff says. “But
it’s not healthy for any business to
have one revenue stream and to be
dependent on one category. The music
business will be much smaller before
it can grow, but this is a solvable prob-
lem. It’s not going to be Vevo or any
one company that solves anything, it’s
going to be a combination of things,
but I’m not worried. If we wake up
tomorrow morning and everybody on
the planet no longer likes music, then
that’s a much more serious problem.
But that’s unlikely to happen.”
Rio Caraeff has been Vevo chief executive since the service went live in December 2009
AUCTION website eBay is set to
ditch its ticket-reselling service in
the UK in a bid to encourage
customers to use StubHub, the
struggling second-hand ticket
exchange it owns.
The company bought StubHub
for $310m (£195m) in January 2007
and has seen the US business
succeed. However, since
StubHub.co.uk’s launch in March
last year, the website has
struggled to establish a significant
share of the market.
eBay, which is the biggest seller
of second-hand music and sports
tickets in the UK, will hope that
directing shoppers onto StubHub
will move some of the hundreds
of thousands of tickets it sells a
eBay set to stop selling second
hand tickets to drive StubHub
BY HARRY BANKS year to the service.
StubHub takes 25 per cent of
each sale, in exchange for running
a service it claims filters out
fraudulent tickets, due to
partnerships with ticket sellers
such as football clubs. The system
is designed to protect shoppers
from the huge numbers of fake
tickets being sold on the internet.
eBay, which takes a smaller cut
of sales, has faced criticism for
not doing enough to filter out
fake merchandise. Other services,
such as viagogo have been blasted
for failing to guarantee real
tickets, while MPs have called for
price caps on resales.
eBay will start encouraging
shoppers to use StubHub by
placing adverts this week, and will
redirect users from the spring.
than the $13bn made last year.
Worries about the firm’s profits
have forced Apple’s share price down
from a summer high of more than
$700 to $500 on Friday. Investors have
raised questions about the iPhone’s
continuing desirability, while inci-
dents such as the rushed launch of
Apple’s own maps software have
dented its reputation.
It has faced increased competition
from Korean firm Samsung in
mature markets, and from increas-
ingly affordable smartphones in
emerging countries. Apple has even
been rumoured to be designing a
cheaper iPhone in a bid to gain a pres-
ence in these markets.
MARY Jo White, the former US attor-
ney for the Southern District of New
York, is being considered as a candi-
date to head up the US Securities and
Exchange Commission (SEC), a source
familiar with the matter has con-
firmed to Reuters.
If she were selected, White would
become the third-ever female
chairman of the SEC and replace
current Chairman Elisse Walter, a
commissioner who took over as
chairman in December after Mary
Schapiro stepped down.
The source, who declined to be
named, did not provide any
additional details because the
deliberations over the SEC chairman
candidacy are not public. Bloomberg
first reported last week that White
was among those in the running.
It is unclear if Walter is also being
considered for a permanent spot,
and she has not publicly expressed
her ambitions. Walter is able to
continue serving as chairman until
the end of the year. After that, she
would need to be re-confirmed again
by the US Senate in order to remain
at the agency.
Until a fifth person is tapped by
the White House, the SEC currently
remains divided between two
Democrats and two Republicans – a
fact that many believe could slow
the agency down and make it harder
to finalise controversial rules.
White in the
running to be
SEC chairman
BY CITY A.M. REPORTER
APPLE is expected to report record
quarterly sales this week, with the
iPhone and iPad proving more popu-
lar than ever.
However, profits have taken a hit,
with the company’s margins expect-
ed to be lower on the recently-
released iPhone 5 and iPad mini
than on previous models.
The two devices were released sepa-
rately towards the beginning of the
previous quarter and both saw
record sales in their respective open-
ing weekends, but Wednesday’s
results will be the first indication of
how sales have affected the
Cupertino-based company’s profits.
Apple chief executive Tim Cook
said shortly after the iPad mini’s
release that it has lower margins
than any other Apple product, and
that the higher cost of making the
iPhone 5, relative to the previous 4S
model, would also hit profits.
Analysts are predicting quarterly
revenues of $54.7bn (£34.5bn), up
from $46.3bn in the same quarter
last year, itself a record period.
However, profits are likely to be less
BY JAMES TITCOMB
CALLS are growing for
shareholders to vote down a
generous new pay structure at
FTSE 100 giant Imperial Tobacco
when investors gather at the
firm’s annual meeting at the end
of the month.
Proxy voting agencies Pirc and
Manifest, along with insurers’
trade body the Association of
British Insurance, are understood
to be threatening a no vote on
changes to the firm’s share
matching scheme and long term
incentive plan.
Pirc said the targets that
Lobby groups threaten revolt
over pay at Imperial Tobacco
BY MICHAEL BOW management needed to hit to get
the pay reward were not
“challenging” enough.
Manifest said Imperial Tobacco,
which makes Lambert & Butler
cigarettes, had not been open
enough about the new pay
structure.
“Simply leaving matters to the
last minute of the run-up to the
[shareholder meeting] does not
create the right environment for
dialogue and getting to
agreement,” it said in an email to
newswire Dow Jones.
It also emerged yesterday that
the influential ABI had raised
questions about the pay package.
Imperial Tobacco chief executive Alison Cooper is facing shareholder unease over pay
Apple’s record
results to be hit
by profit fears
MONDAY 21 JANUARY 2013
11
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Apple Inc
18Jan 14Jan 15Jan 16Jan 17Jan
490
495
485
500
505
510
515 $
500.00
18Jan
MONDAY 21 JANUARY 2013
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THE UK private equity industry has
helped lead a flurry of European
dealmaking activity in the first two
weeks of the year, with close to 85
per cent of deals inked involving UK
outfits, data shows.
Of the £1.73bn worth of top deals
inked across Europe between 2
January and 16 January, £1.46bn
have involved a UK seller or buyer –
underscoring the UK’s continued
dominance of the European M&A
sector.
The data, from publisher
mergermarket obtained exclusively
by City A.M., shows six of the ten
biggest deals struck so far in Europe
have been driven by UK firms.
Leading the pack is the £917m
purchase of Italian firm Cerved
Group by the UK’s CVC Capital
Partners from Bain Capital and
Clessidra signed on 2 January.
Other transactions include last
week’s £150m sale of Wireless
Infrastructure Group by Penta
Capital Partners and Royal Bank of
Scotland Equity Finance and the
£200m sale of pub chain Admiral
Taverns by Lloyds Banking Group.
The rapid start to the quarter may
not be enough to keep pace with
dealmaking a year ago, when the
first 12 weeks of the year saw
£106.5bn of private equity deals
signed across Europe, a spike of
more than a third compared to the
previous year.
UK leads pack
in New Year
dealmaking
BY MICHAEL BOW
STANSTED’S new owners are aim-
ing to finalise their purchase by the
end of February, before trying to
reverse the London airport’s falling
passenger numbers.
Manchester Airports Group and
Australia-based Industry Funds
Management have pledged that it
will be “business as usual” at
Stansted while the pair’s £1.5bn
acquisition is completed.
The firms have said the airport
has potential for “significant vol-
ume growth over the short, medi-
um and long term”.
MAG, which has been pursuing
Stansted for more than a year, has
previously flagged up its success in
property management, retail and
car parking as good grounds for its
bid.
Charlie Cornish, MAG chief execu-
tive, has also set his sights on restor-
ing Stansted to its 2007 traffic peak
within a decade.
Traffic at Stansted has fallen by a
quarter since a record 23.8m pas-
sengers used the leisure-focused air-
Stansted’s new
owners look for
traffic growth
BY MARION DAKERS
port in 2006/7.
Stansted’s performance was hit by
the economic slowdown and subse-
quent financial turbulence for
many airlines, along with a question
mark over ownership following a
2009 Competition Commission rul-
ing.
Heathrow Airport Holdings, which
ditched its BAA branding weeks
before the Stansted deal was
announced, had been forced to sell
the airport after losing its final
appeal against the antitrust ruling
last year.
It is thought that Heathrow will
use the proceeds of the sale to pay
down some of its £12bn debt pile, as
it did with the earlier sales of
Gatwick and Edinburgh airports.
Ryanair, the airline responsible for
almost 70 per cent of Stansted’s traf-
fic, said at the weekend that it wel-
comed the sale.
The budget airline added that its
team “look forward to working with
the team at MAG to develop low fare
traffic growth at Stansted”, after
deciding not to join in with the auc-
tion in October.
BRITAIN'S FOUR BIGGEST AIRPORTS
STANSTED
N/A
42%
17.4m
14
GATWICK MANCHESTER
33.8m
70
65%
19.1m
20
34%
70m
80+
Heathrow Airport Holdings
selling out to Manchester
Airports Group and Industry
Funds Management
Owned by Ferrovial, rest
owned by Britannia Airport
Partners, government of
Singapore, Alinda Capital
Partners and China’s
Stable Investment
Corporation
70m Passengers in 2012
More than 80 airlines
flying to 200
destinations
Number of
passengers
in year to
September 2012
14 Airlines
flying to
150 destinations
Owned by Global Infrastructure
Partners, rest owned by Abu
Dhabi Investment Authority,
National Pension Service of
Korea, California Public
Employees’ Retirement System
and the Future Fund of Australia.
33.8m passengers in year
to March 2012
Around 70 airlines flying to
200 destinations
Owned by local councils
35% by Industry Funds
Management following
Stansted deal
19.1m passengers
in year to
March 2012
20 airlines flying to
200 destinations
70 20
200 destinations
HEATHROW
The £1.5bn sale of Stansted Airport has supplied
a string of City firms with advisory work.
JP Morgan Cazenove is acting as Manchester
Airports Group’s financial adviser, with RBS
advising on debt matters.
Investment bank Gleacher Shacklock is advising
Industry Funds Management, which is taking a
minority stake in Stansted and Manchester
through the deal.
Deutsche Bank and ING are advising Heathrow,
alongside legal advisers Freshfields and Herbert
Smith, property specialist Strutt & Parker, risk
adviser Marsh and PwC.
Also on the firm’s advisory team was transport
consultancy Steer Davies Gleave, whose track
record includes producing a report last May for
the Civil Aviation Authority on Stansted’s oper-
ating costs and investment plans.
ADVISERS STANSTED SALE
JP MORGAN CAZENOVE
BOTTOM
LINE
MARION DAKERS
MONDAY 21 JANUARY 2013
13
NEWS
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Airport owners can’t control the weather... or airlines
I
T WAS a terrible week to
announce the sale of an airport.
Snow has sent air travel into
meltdown, in spite of airports’
best efforts to stock up on pricey new
ploughs and grit, while safety fears
over Boeing’s new Dreamliner planes
are playing havoc with the industry’s
public image.
For Stansted, however, any buyer
would have been good news. It’s been
more than three years since the
Competition Commission put a
question mark over the airport’s
ownership, starting a volley of
ultimately fruitless appeals while
traffic dwindled.
Heathrow Airport Holdings,
known as BAA until its antitrust-
enforced asset sales stripped it of all
but four airports, has done well to
get £1.5bn for an airport that brings
a quarter fewer passengers through
its doors than it did half a decade
ago. More than two-thirds of its
traffic relies on Ryanair’s routes.
Manchester Airports Group, which
already owns Bournemouth and East
Midlands airports, justified the price
tag by talking up Stansted’s
“significant growth potential”.
Stansted is indeed only half full,
based on its current deal with the
government to carry up to 35m
passengers a year on its single
runway. Its cargo operations also
have space to grow.
But MAG and its new partner,
Industry Funds Management, have
their work cut out to turn around
the airport’s sliding traffic.
According to the most recent Civil
Aviation Authority passenger survey,
Stansted has the edge when it comes
to value-for-money: a third of
Stansted passengers choose the
airport for cost reasons.
Heathrow attracts roughly the
same proportion thanks to the
routes it offers, but its customers
score higher on airport loyalty.
Poaching Heathrow’s passengers, or
persuading Stansted’s existing
customers to try new flights to
growth markets such as Brazil, is no
easy task.
The CAA is also the
body responsible for
keeping a lid on airport
charges, a cap that
cushions ticket prices
from steep hikes but
represents a long-
standing
bugbear of
Stansted’s
current
managers.
This makes
the new
owners’ relationship with Ryanair
even more important.
Michael O’Leary’s firm, which has
welcomed Stansted’s new owners,
decided to scrap 90 per cent of its
Manchester routes in a spat over
airport charges in 2009.
MAG and IFM are both
experienced airport owners, with
plenty of ideas intended to improve
Stansted’s performance. After three
years of uncertainty and 18 months
putting together a proposal,
there’s plenty to do. But they
can’t control the weather –
or Ryanair’s reactions to
their ambitious plans.
Manchester Airport
Group’s Charlie Cornish
Not content with exhibiting his
work in London, Paris, Los Angeles,
the White House, and the shop
shutters of Shoreditch, street artist
Ben Eine has turned his spray cans
on the first class cabin of a Virgin
Atlantic plane.
Eine is selling off ten transatlantic-
themed artworks next month
through Virgin’s Gallery in the Air,
allowing discerning passengers to
buy the pieces “as they would a
duty-free shopping purchase”,
enthuses the airline. Those visiting
the Virgin lounge at Heathrow can
also view Eine’s portrait of Sir
Richard Branson. Font-tastic stuff.
Art gallery at
35,000 feet
A
FTER organisers confirmed last
week that three stages of the
2014 Tour De France will be
held in the UK, there was no
better time for the London Bike Show
to hit town, as it took over the Excel
Centre this weekend.
Keen to make the most Team GB’s
success at last summer’s Olympics,
organisers brought the excitement of
the velodrome to the City’s budding
Sir Wigginses and Victoria
Pendletons – inviting cycling fans to
try their hand at competitive racing
in the IG London Nocturne.
Padded shorts at the ready, teams
from asset manager Brewin Dolphin,
law firm Clifford Chance and big four
accountant Ernst * Young lined up to
take each other on in a series of time
trials, sprints and relays to separate
the Mark Cavendishes from the
(ahem) Lance Armstrongs.
Despite being no stranger to
Saddlesore in
the City after
bike challenge
the saddle having already organised
two charity bike rides to Paris, the
team from Brewin Dolphin didn’t
manage to finish top of the leader
board, but team captain David Pegler
head of its Brighton office – called the
evening “great fun” and said the
firm’s cyclists couldn’t wait to try out
the Nocturne again in the summer.
Though the rules of the competition
stipulated no professional or ex-profes-
sional riders were allowed to race,
celebrity moonlighters
were out in force, with
ex-England footballer
Lee Dixon leading
the Shift Active
Media team, and
Match of the Day 2
host Colin Murray
slipping into Team GB
lycra for the
media race.
C a l l y
Squires is
away
14
cityam.com
cityam.com/the-capitalist
THECAPITALIST
MONDAY 21 JANUARY 2013
Got A Story? Email
thecapitalist@cityam.com
THE third Monday in January (yes,
that’s today) is often touted as the
most depressing day of the year,
based on a highly unscientific
formulae involving weather, debt,
time since Christmas, and guilt at
failing set of New Year’s resolutions.
But this year The Capitalist has
noticed a slew of press releases from
firms – presumably fed up enough
with the arctic temperatures and
Free cash and entrepreneurial
spirit defy Blue Monday gloom
gloomy economic outlook – eager to
dispel the Blue Monday myth.
Mental healthcare charity MHRUK
is encouraging people to wear their
brighest clothes to the office today to
offset any gloomy feelings, while
software firm KashFlow is going one
step further, placing strategic £50
notes in emergency boxes at Old
Street, Bank and Westminster stations
to cheer up weary commuters.
Brewin Dolphin’s Neil Trickett, Dan Van Leempoel, Nick Guest and David Pegler
Break in case of the Monday blues
Typographical art and a red wine, please
Colin Murray donned
Team GB lycra for the race
COSTLY hedge funds failed to keep
pace with run of the mill stock funds
last year, as equity markets proved
more profitable than the best per-
forming hedge strategies on average,
data shows.
Statistics from the EDHEC Risk
Alternatives Index show the most
profitable hedge fund strategies for
investors trailed US equity market
returns by almost three percentage
points on average in 2012.
Distressed securities hedge funds –
which buy discounted bits of bank-
rupt firms and sell them for a profit
– performed best over the 12
months, delivering a 13.2 per cent
return. Emerging market strategies
were the second best, giving a 9.9 per
cent return in 2012.
But both were outshone by the S&P
500 equity index of the top US com-
panies, which logged a 16 per cent
return last year.
Two of the most prominent strate-
gies, short selling and CTA global,
Hedge funds
disappoint as
shares roar on
BY MICHAEL BOW
also performed the worst in 2012,
with returns of -19.3 per cent and -2.3
per cent respectively, the data shows.
The lack of performance is set to
unsettle investors ploughing money
into expensive hedge funds expecting
returns above that of conventional
equities and bonds.
Hedge fund fees are normally more
expensive than tracker funds, with a
two per cent management fee and a
20 per cent cut of profits versus 0.5
per cent for a tracker.
Despite the poor performance and
costly fee structures, the hedge fund
industry again added to the amount
of cash it enticed last year, according
to data from Hedge Fund Research.
Investors ploughed an additional
$3.4bn (£2.86bn) into hedge fund
strategies in the fourth quarter of
2012, taking total inflows for the year
$34.4bn, the figures show.
Figures for December from EDHEC
show event driven funds improved
most significantly over the month,
returning close to two per cent versus
0.8 per cent for November 2012.
Keith Breslauer set up Patron Capital in 1999 and is now managing partner at the firm
MONDAY 21 JANUARY 2013
15
NEWS
cityam.com
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Scots housebuilder Cala Group
mulls sell-off to Patron Capital
UPMARKET housing developer Cala
Group has a new front runner in the
race to snap up the 138 year-old firm
– private equity shop Patron Capital
led by ex-Lehman Brothers banker
Keith Breslauer.
Cala Group, the first Scottish
company ever to list on the London
Stock Exchange, is in exclusive
talks with Breslauer’s Patron
Capital to offload the business for
around £250m, though a sale could
be some weeks off, it is thought.
Lloyds Banking Group owns a 32
BY MICHAEL BOW
per cent stake in the company
following a £280m debt for equity
swap in 2010. Management and
staff own the rest.
Patron Capital is set to beat
another potential suitor, listed
builder Taylor Wimpey, to the
punch for the firm following a
bidding war which is understood to
have featured several other private
equity shops.
Patron was set up by Breslauer in
1999 and has investments totalling
€2.3bn (£1.9bn).
The sale would underscore
renewed confidence in the property
sector, and give further comfort to
Lloyds shareholders keen to see the
bank shrink its overloaded balance
sheet.
Cala Group focuses on the
affluent end of the housing market
in Aberdeen, Edinburgh, the
Cotswolds and the Midlands.
It defied the gloomy property
picture last year to deliver bumper
profits of £11.4m, up from £2m the
year previously on the back of a 24
per cent climb in sales.
Patron Capital and Cala declined
to comment. Taylor Wimpey was
unavailable for comment last night.
EQUITY MARKETS OUTPACED HEDGE FUNDS IN 2012
S&P 500 RETURN
YTD 2012 16%
S&P 500 RETURN
DEC 2012 0.91%
BEST HEDGE STRATEGY SINCE 2001
DISTRESSED SECURITIES
10.4%
EMERGING MARKETS
10.1%
HEDGE FUND STRATEGIES
Convertible Arbitrage 1.05 9.2
0.63 -2.3
2.30 13.2
3.27 9.9
0.39 3.1
CTA Global
Distressed Securities
Emerging Markets
Equity Market Neutral
0.82 8.8
1.12 3.6
1.60 7.6
1.58 4.4
1.10 9.2
-3.94 -19.3
1.09 4.3
Fixed Income Arbitrage
Global Macro
Long/Short Equity
Merger Arbitrage
Relative Value
Short Selling
Funds of Funds
DEC 2012 (% return) YTD 2012 (% return)
MONDAY 21 JANUARY 2013
16
LONDONREPORT
US earnings
likely to push
stocks higher
W
ITH earnings momentum
on the rise, the S&P 500
seems to have few hurdles
ahead as it continues to
power forward, its all-time high a
not-so-distant goal.
The US equity benchmark closed last
week at a new five-year high on strong
housing and labour market data and a
string of earnings that beat lowered
expectations.
Sector indexes in transportation,
banks and housing last week hit his-
toric or multi-year highs as well.
Michael Yoshikami, chief executive
at Destination Wealth Management in
Walnut Creek, California, said the key
earnings to watch for this week will
come from cyclical companies. United
Technologies reports on Wednesday
while Honeywell is due to report on
Friday.
“Those kind of numbers will tell you
the trajectory the economy is taking,”
Yoshikami said.
Major technology companies will
also report this week, but the bar for
the sector has been lowered even fur-
ther.
Chipmakers like Advanced Micro
Devices, which is due tomorrow, are
expected to underperform as PC sales
shrink. AMD shares fell more than 10
per cent on Friday after disappointing
results from its larger competitor,
Intel. Still, a chipmaker sector index
posted its highest weekly close since
last April.
Following a recent underperfor-
mance, an upside surprise from Apple
on Wednesday could trigger a return
to the stock.
Other major companies reporting
this week include Google, IBM,
Johnson & Johnson and DuPont
tomorrow, Microsoft and 3M on
Thursday and Procter & Gamble on
Friday.
Perhaps the strongest support for
equities will come from the flow of
cash from fixed income funds to
stocks. The recent piling into stock
funds – $11.3bn (£7.1bn) in the past
two weeks, the most since 2000 – indi-
cates a riskier approach to investing
from retail investors looking for yield.
Housing stocks, already at a 5-1/2-year
high, could get an additional bump
this week as investors eye data expect-
ed to support the market’s perception
that housing is the sluggish US econo-
my’s bright spot.
F
IGURES this week from the Office
for National Statistics will reveal
whether the UK economy shrank in
the fourth quarter of 2012 and over
the year as a whole.
“We expect the economy to have con-
tracted by 0.2 per cent quarter-on-quarter
in the fourth quarter of last year which
would limit year-on-year growth to 0.2 per
cent,” said Howard Archer of IHS Global
Insight.
The statistics, which will be released on
Friday, end a week filled with economic
news.
Tomorrow’s releases include public sec-
tor borrowing for December plus CBI
trends and business optimism figures for
January.
Wednesday’s news includes the minutes
from the most recent Bank of England
meeting, plus UK employment figures for
December. On Thursday BBA loans for
house purchase figures for December will
be published, along with CBI reported sales
figures for this month.
Meanwhile Prime Minister David
Cameron will be joining the world’s finan-
cial and political elite at the 2013 gather-
ing of the World Economic Forum starting
on Wednesday in Davos, Switzerland.
Cameron is named as one of the headline
speakers at the annual conference, along
with German chancellor Angela Merkel,
Italian prime minister Mario Monti and
Russian prime minister Dmitry Medvedev.
In corporate news, the week starts with
an interim report from City of London
Investment Group plus trading announce-
ments from Afrenand Pearson.
Tomorrow brings final results from Nord
Gold plus third quarter figures from
SABMiller, the beer giant that makes
Peroni and Grolsch.
“Investors will be looking for any signs of
growth from SABMiller’s emerging market
operations. Growth in China will be of par-
ticular interest due to the slowing of its
economic growth last year, volumes in the
region now account for 24 per cent of
SABMiller’s sales,” said Sheridan Admans,
investment research manager at The Share
Centre.
On Wednesday consumer goods giant
Unilever will be one of Britain’s first major
companies to report its full-year figures for
2012. More updates are also expected from
Close Brothers, WH Smith, Britvic,
Findel, Land Securities, Sage Group and
Biome Technologies.
Thursday sees figures from PayPoint,
London Stock Exchange Group, Fuller
Smith & Turner, Invensys, Carphone
Warehouse Group, AG Barr and easyJet.
Meanwhile Chemring, the defence and
aerospace equipment maker, will
announce its full-year results, updating
investors after a difficult year that has
included two profit warnings and a
change of chief executive.
Friday is a busy day for annual general
meetings, with Henderson European
Focus Trust, Infrastrata and Scottish
Widows Investment Trust set to meet.
Figures to show the state of the UK
economy as Davos meeting begins
BESTof theBROKERS
Credit Suisse Group AG
14Jan 15Jan 16Jan 17Jan 18Jan
CHF 27.00
26.75
26.50
26.00
26.25
25.50
25.75
26.42
18 Jan
CREDIT SUISSE
Morgan Stanley has
upgraded Credit Suisse
from “equal-weight” to
“overweight” and upped
its target price from
SwFr25.50 to SwFr30 on
expectation of gritty costs
cuts from the Swiss bank.
This could lead to a return
on tangible equity of
around 14 per cent, even
on flat 2012 earnings,
limiting downside.
DASHBOARD CITY
THE
WEEK AHEAD
YOUR ONE-STOP SHOP FOR JOB MOVES,
BROKER VIEWS AND MARKET REPORTS
cityam.com
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15.11.12 at 1.55pm
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here
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meet someone amazing

































FTSE
18Jan 14Jan 15Jan 16Jan 17Jan
6,175
6,150
6,125
6,100
6,154.41
18 Jan
BG Group PLC
14Jan 15Jan 16Jan 17Jan 18Jan
p 1,120
1,100
1,080
1,060
1,040
1,114.00
18 Jan
BG GROUP
RBC Capital Markets has
moved the energy group
from “neutral” to
“outperform” with a
target price of 1360p,
arguing the stock is now
cheap and has positive
catalysts. The broker
predicts exceptional
earnings growth of nearly
10 per cent in 2014 and 20
per cent in 2015, despite
cautious assumptions.
Ophir Energy PLC
14Jan 15Jan 16Jan 17Jan 18Jan
p 550
545
540
535
520
525
530
540.00
18 Jan
OPHIR ENERGY
Nomura has upgraded its
rating for the oil and gas
group by two notches, to
“buy” from “reduce”, with
a target price of 750p,
saying that exploration
and appraisal drilling this
year could be a company
maker. The broker says the
drilling schedule favours
the second quarter, but
sees potential short-term
catalysts as well.
Stonehage Group
The European family office has
appointed Rupert Hague-Holmes
as a director in its private client
and trust department. He joins
from Kleinwort Benson, where he
was head of legal services and
group legal director. Hague-
Holmes was also previously
managing director of Close
Brothers’s offshore businesses.
Charles Taylor
Tito Soso has been appointed group chief financial officer at
the professional services firm. He initially joined Charles
Taylor as interim chief financial officer in October 2012, and
was most recently a managing director at Investcorp.
Palamon Capital Partners
The private equity firm has elected Jean Bonnavion and
Ricardo Caupers to its partnership. Bonnavion joined
Palamon in 2005 from Bain & Company. He has also held
roles at French Railways. Caupers joined in 2009 from
Boston Consulting Group.
GAIN Capital Holdings
The online trading services company has appointed Joe
Wald as executive vice president, head of institutional. He
was most recently head of Knight Direct, Knight Capital’s
institutional electronic trade execution business.
SEI
The investment services provider has announced two
appointments to its UK asset management distribution
team. Kevin Bull joins as strategic alliance development
director from Hearthstone Investments. Simon Pinner joins
as sales director from Scottish Widows Investment
Partnership, where he was head of sales support.
Paul Hastings
James Cole has been appointed partner in the law firm’s
London-based securities and capital markets and hedge
funds practices. He was previously a partner and head of
Weil Gotshal & Manges’s London capital markets and hedge
funds practice groups. Cole focuses his practice on all
aspects of capital markets transactions.
WHO’S SWITCHING JOBS Edited by Tom Welsh
+44 (0)20 7092 0053
morganmckinley.com
SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT
CITY MOVES
To appear in CITYMOVES please email your career updates and pictures to citymoves@cityam.com
in association with
MONDAY 21 JANUARY 2013
17
MARKETS
cityam.com
Gold............................................................1688.50 13.50
Silver ..............................................................31.82 0.32
Brent Crude ...................................................110.91 0.27
Krugerrand ..................................................1747.10 4.10
Palladium....................................................722.00 -3.00
Platinum.....................................................1677.00 -6.00
Tin Cash Ofcial.......................................25082.50 -92.50
Lead Cash Ofcial.......................................2318.50 49.00
Zinc Cash Ofcial .......................................2028.25 55.00
Copper Cash Ofcial ..................................8051.50 124.00
AluminiumCash Ofcial ............................2021.25 18.00
Nickel Cash Ofcial ..................................17620.00 237.50
AluminiumAlloy Cash Ofcial...................1839.50 48.00
Cocoa Futures............................................2285.00 0.00
Cofee 'C' Futures .........................................156.30 0.00
Feed Wheat Futures.....................................211.60 0.00
Soybeans Futures Continuation Contract..1429.25 0.00
AIR LIQUIDE......................................................92.33 -0.40 100.00 83.45
ALLIANZ N.......................................................103.85 -0.05 108.65 68.50
ANHEUS.-BUSCH INBEV.....................................67.19 0.85 71.05 46.10
ARCELORMITTAL REG..........................................13.12 0.24 17.96 10.60
ASML HLDG........................................................51.57 0.08 62.77 42.14
AXA...................................................................13.63 -0.08 13.95 8.65
BANCO SANTANDER...........................................6.44 -0.01 6.68 3.98
BASF N...............................................................73.17 -0.03 73.51 51.13
BAYER N...........................................................72.50 -0.43 73.60 47.63
BBVA...................................................................7.77 -0.01 7.83 4.31
BMW.................................................................73.33 -0.73 76.16 53.16
BNP PARIBAS-A-..............................................46.24 0.61 46.56 24.54
CARREFOUR .....................................................20.22 -0.28 21.11 12.87
CRHPLC .............................................................15.16 -0.23 16.93 12.81
DAIMLER N........................................................43.35 -0.54 48.95 32.86
DANONE............................................................49.81 -0.24 54.96 45.61
DEUTSCHE BANK N............................................36.61 -0.15 39.51 22.11
DEUTSCHE TELEKOM N ........................................8.91 -0.11 10.06 7.69
E.ONN...............................................................13.85 -0.11 19.74 13.61
ENEL ....................................................................3.12 -0.09 3.33 2.02
ENI ....................................................................19.29 -0.19 19.59 14.94
ESSILOR INTL ....................................................75.69 -0.50 78.24 55.51
FRANCE TELECOM................................................9.01 0.09 11.79 7.84
GDF SUEZ..........................................................15.30 -0.05 21.59 14.55
GENERALI ..........................................................14.01 -0.07 14.65 8.16
IBERDROLA........................................................4.06 -0.03 4.79 2.63
INDITEX...........................................................105.65 0.20 111.80 64.10
ING GROEP..........................................................7.43 -0.17 7.91 4.44
INTESA SANPAOLO...............................................1.51 0.02 1.65 0.85
L'OREAL ..........................................................108.30 0.05 108.85 79.99
LVMH...............................................................141.45 -0.75 142.85 111.00
MUNICHRE.......................................................133.80 0.35 139.25 95.67
NOKIA .................................................................3.31 -0.11 4.44 1.33
REPSOL .............................................................16.82 -0.08 22.38 10.90
ROY.PHILIPS ELECTR .........................................21.20 -0.30 21.50 13.57
RWE ................................................................29.06 -0.27 37.12 25.98
SAINT GOBAIN....................................................31.15 -0.70 37.63 23.90
SANOFI..............................................................72.10 -0.96 74.29 53.20
SAP ..................................................................58.05 -0.08 62.79 43.53
SCHNEIDER ELECTRIC .......................................54.80 -0.07 56.76 39.40
SIEMENS N........................................................82.82 -0.03 84.24 62.13
STE GENERALE-A-.............................................33.24 0.46 34.40 15.10
TELEFONICA.......................................................10.87 -0.09 13.59 7.90
TOTAL ................................................................39.31 -0.40 42.97 33.42
UNIBAIL-RODAMCO.........................................176.20 0.10 188.50 130.50
UNICREDIT..........................................................4.42 0.08 4.65 2.25
UNILEVER CERT ................................................29.03 0.06 29.67 24.51
VINCI ................................................................37.69 -0.11 40.85 31.23
VIVENDI ............................................................16.69 0.09 17.44 12.35
VOLKSWAGENVZ.............................................177.90 -0.50 180.40 115.95
Price Chg High Low
EU SHARES
WORLD INDICES
FTSE 100. . . . . . . . . . . . . . . . . . . . . . 6154.41 22.05 0.36
FTSE 250 . . . . . . . . . . . . . . . . . . . . 12946.12 98.51 0.77
FTSE All-Share . . . . . . . . . . . . . . . . 3229.55 13.32 0.41
FTSE AIM All-Share . . . . . . . . . . . . . . 738.10 0.57 0.08
S&P 500 . . . . . . . . . . . . . . . . . . . . . 1485.98 5.04 0.34
DowJones I.A. . . . . . . . . . . . . . . . 13649.70 53.68 0.39
Nasdaq Composite . . . . . . . . . . . . . 3134.71 -1.29 -0.04
Xetra DAX . . . . . . . . . . . . . . . . . . . . 7702.23 -33.23 -0.43
CAC 40. . . . . . . . . . . . . . . . . . . . . . . 3741.58 -2.53 -0.07
Swiss Market Index . . . . . . . . . . . . 7368.80 -61.09 -0.82
ISEQ Overall Index. . . . . . . . . . . . . 3479.69 -7.82 -0.22
FTSEurofirst 300 . . . . . . . . . . . . . . . 1163.64 -1.05 -0.09
Hang Seng . . . . . . . . . . . . . . . . . . 23601.78 262.02 1.12
Shanghai Composite . . . . . . . . . . . 2317.07 32.16 1.41
Straits Times . . . . . . . . . . . . . . . . . . 3211.22 16.12 0.50
ASX All Ordinaries . . . . . . . . . . . . . 4794.70 15.00 0.31
Price Chg %chg
3M....................................................................98.74 0.66 98.80 81.99
ALCOA................................................................9.00 0.06 10.92 7.97
AMERICAN EXPRESS.........................................59.78 -0.96 61.97 48.84
AT&T.................................................................33.44 0.24 38.58 29.02
BANK OF AMERICA.............................................11.14 -0.14 12.20 6.72
BOEING CO .......................................................75.04 -0.22 78.02 66.82
CATERPILLAR INC..............................................97.62 1.92 116.95 78.25
CHEVRON.........................................................115.24 0.50 118.53 95.73
CISCO SYSTEMS .................................................21.02 0.07 21.30 14.96
CITIGROUP .......................................................41.66 0.42 43.25 24.61
COCA-COLA CO..................................................37.70 0.19 40.67 33.52
DIRECTV ...........................................................53.36 0.33 55.17 42.05
DU PONT NEMOURS&CO..................................46.99 0.63 57.50 41.67
EDWARDS LIFESCNS ........................................94.56 3.05 110.79 67.86
EXXON MOBIL ..................................................90.80 0.60 93.67 77.13
FAMILY DOLLAR STORE.....................................58.37 0.33 74.73 53.26
GENERAL ELECTRIC ..........................................22.04 0.74 23.18 18.02
GILEAD SCIENCES .............................................78.28 0.75 78.59 43.81
HEWLETT-PACKARD............................................17.11 0.00 30.00 11.35
HOME DEPOT....................................................65.47 0.42 65.92 43.98
HORMEL FOODS ...............................................34.69 0.21 34.90 27.28
IBM .................................................................194.47 0.82 211.79 181.85
INTEL.................................................................21.25 -1.43 29.27 19.23
INTL PAPER........................................................41.91 0.27 42.20 27.29
JOHNSON & JOHNSON......................................73.23 0.33 73.23 55.76
JPMORGAN CHASE...........................................46.46 0.02 46.87 30.83
MCDONALD'S....................................................92.26 0.50 102.22 83.31
MERCK .............................................................42.98 0.23 48.00 36.91
MICROSOFT .......................................................27.25 0.00 32.95 26.26
MYLAN.............................................................28.00 -0.04 28.60 20.21
NABORS INDUSTRIES........................................15.67 0.60 22.73 12.40
NOBLE ENERGY...............................................106.62 -0.35 107.28 76.83
OCCID.PETROL CORP.........................................82.58 0.19 106.68 72.43
PEABODY ENERGY............................................25.97 0.60 38.96 18.78
PEPCO HOLDINGS.............................................19.04 0.01 20.45 18.14
PFIZER.............................................................26.54 -0.29 26.96 20.75
PROCTER&GAMBLE..........................................69.94 0.27 70.99 59.07
QEP RESOURCES...............................................29.81 -0.28 35.61 24.35
REPUBLIC SERVICES.........................................30.60 0.21 31.32 25.15
ROCKWELL COLLINS .........................................58.99 -1.16 61.84 46.37
SANDISK..........................................................48.46 0.07 53.08 30.99
TORCHMARK CORP ...........................................53.76 0.15 54.03 44.56
TRAVLR COMP...................................................76.31 0.41 76.67 55.86
UNITEDHEALTH GROUP ...................................54.56 0.16 60.75 49.82
UTD TECHNOLOGIES .........................................86.95 0.55 87.50 70.71
VERIZON COMM ...............................................42.54 0.41 48.77 36.80
VISA-A............................................................158.27 -1.61 162.77 98.80
WAL-MART STORES .........................................69.20 0.35 77.60 57.18
WALT DISNEY DISNEY.......................................52.34 -0.07 53.40 38.38
ZIMMER HLDGS.................................................73.61 0.61 73.61 54.96
COMMODITIES CREDIT & RATES
BoE IROvernight.........................................0.500 0.00
BoE IR 7 days..............................................0.500 0.00
BoE IR 1 month...........................................0.500 0.00
BoE IR 3 months.........................................0.500 0.00
BoE IR 6 months ........................................0.500 0.00
LIBOR Euro - overnight ................................0.013 0.00
LIBOR Euro - 12 months...............................0.472 0.00
LIBOR USD - overnight .................................0.158 0.00
LIBOR USD - 12 months ...............................0.809 0.00
Halifax mortgage rate ................................3.990 -0.02
Euro Base Rate............................................0.750 0.00
Finance house base rate .............................1.000 0.00
US Fed funds................................................0.210 0.00
US long bond yield......................................3.030 -0.04
European repo rate......................................0.013 0.00
Euro Euribor................................................0.080 0.00
The vix index................................................12.46 -1.11
The baltic dry index.....................................837.0 17.00
Markit iBoxx...............................................254.59 0.40
Markit iTraxx...............................................102.42 -0.77
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
US SHARES
BAE Systems . . . . . . . . .342.3 -2.3 363.6 270.9
Chemring Group . . . . . .279.5 4.3 460.0 217.0
Cobham . . . . . . . . . . . .222.9 0.2 239.5 179.7
Meggitt . . . . . . . . . . . . .437.2 6.2 441.8 359.4
QinetiQ Group . . . . . . . .180.0 0.6 204.2 129.2
Rolls-Royce Holdi . . . . .922.0 2.5 926.5 733.0
Senior . . . . . . . . . . . . . .208.7 4.3 218.2 177.0
Ultra Electronics . . . . .1658.0 10.0 1780.0 1424.0
GKN . . . . . . . . . . . . . . . .243.3 1.5 244.8 173.6
Bank of Georgia H . . . .1233.0 13.0 1330.0 929.8
Barclays . . . . . . . . . . . . .297.0 1.0 299.9 150.6
HSBC Holdings . . . . . . .693.9 2.8 696.3 503.2
Lloyds Banking Gr . . . . . .53.4 0.1 54.9 25.3
Royal Bank of Sco . . . . .358.8 5.0 364.5 196.6
Standard Chartere . . .1655.0 -9.0 1683.0 1228.5
Barr (A.G.) . . . . . . . . . . .520.0 11.5 534.5 348.0
Britvic . . . . . . . . . . . . . .429.3 9.8 435.8 260.1
Diageo . . . . . . . . . . . . .1843.0 18.5 1886.5 1381.0
SABMiller . . . . . . . . . .2984.5 22.0 2996.0 2293.0
Alent . . . . . . . . . . . . . . .338.5 -1.5 346.8 305.0
AZ Electronic Mat . . . . .374.7 2.2 380.3 267.6
Croda Internation . . . .2299.0 21.0 2501.0 1892.0
Elementis . . . . . . . . . . .219.6 -0.3 240.3 147.7
Johnson Matthey . . . . .2317.0 60.0 2573.0 2009.3
€/$ 1.3320 0.0055
€/£ 0.8390 0.0030
€/¥ 119.97 0.2864
/€ 1.1919 0.0036
/$ 1.5876 0.0123
/¥ 142.92 1.0350
FTSE 100
6154.41
22.05
FTSE 250
12946.12
98.51
FTSE ALL SHARE
3229.55
13.32
DOW
13649.70
53.68
NASDAQ
3134.71
1.30
S&P 500
1485.98
5.04
Vesuvius . . . . . . . . . . . .365.3 -1.3 747.5 324.0
Brown (N.) Group . . . . .373.7 -2.3 380.0 222.4
Carpetright . . . . . . . . . .667.5 6.5 728.5 548.0
Debenhams . . . . . . . . . .101.5 -1.3 123.7 64.0
Dignity . . . . . . . . . . . . .1063.0 -1.0 1102.0 755.5
Dixons Retail . . . . . . . . .27.2 -0.1 29.8 12.7
DunelmGroup . . . . . . .740.5 4.0 743.0 454.8
Halfords Group . . . . . . .345.3 8.8 356.8 189.0
Home Retail Group . . . .134.4 -2.2 138.1 69.2
Inchcape . . . . . . . . . . . .452.8 5.0 453.6 305.2
JD Sports Fashion . . . . .760.0 20.0 863.0 606.5
Kingfisher . . . . . . . . . . .272.9 -12.2 313.8 251.8
Marks & Spencer G . . . .365.9 3.1 398.8 312.2
Next . . . . . . . . . . . . . .3968.0 -31.0 4015.0 2589.0
Sports Direct Int . . . . . .407.6 -0.4 411.0 230.0
Ted Baker . . . . . . . . . . .1165.0 15.0 1198.0 735.5
WH Smith . . . . . . . . . . .615.5 0.5 684.0 471.7
Smith & Nephew . . . . .697.5 -0.5 699.5 580.0
Synergy Health . . . . . .1090.0 2.0 1103.0 762.5
Barratt Developme . . . .231.1 5.4 231.9 107.6
Bellway . . . . . . . . . . . .1123.0 14.0 1139.0 660.0
Berkeley Group Ho . . .1840.0 10.0 1847.7 1177.0
Bovis Homes Group . . .624.0 -12.5 647.1 399.3
Synthomer . . . . . . . . . .202.0 3.5 251.0 127.4
Victrex . . . . . . . . . . . . .1586.0 2.0 1649.0 1185.0
Balfour Beatty . . . . . . . .290.1 0.5 320.8 237.9
CRH . . . . . . . . . . . . . . .1250.0 11.0 1409.0 1052.0
Galliford Try . . . . . . . . .825.0 -5.0 854.0 470.0
Kier Group . . . . . . . . . .1377.0 5.0 1489.0 1095.0
Drax Group . . . . . . . . . .562.5 9.0 574.5 442.0
SSE . . . . . . . . . . . . . . . .1430.0 -3.0 1466.0 1209.0
Dialight . . . . . . . . . . . . .1135.0 -10.0 1244.0 745.0
Domino Printing S . . . .658.0 30.5 670.0 509.0
Halma . . . . . . . . . . . . . .456.0 3.6 460.0 344.0
Laird . . . . . . . . . . . . . . .235.8 0.8 243.9 162.5
Morgan Crucible C . . . .280.8 7.9 360.0 220.3
Oxford Instrument . . .1520.0 1.0 1602.0 905.5
Renishaw . . . . . . . . . . .1825.0 -4.0 2081.0 1092.0
Spectris . . . . . . . . . . . .2190.0 167.0 2196.0 1427.0
Aberforth Smaller . . . .729.5 8.5 729.7 543.5
Alliance Trust . . . . . . . .399.2 3.2 399.7 337.0
Bankers Inv Trust . . . . .479.0 4.0 479.0 385.0
BHGlobal Ltd. GB . . . . .1155.0 0.0 1198.0 1115.0
BHGlobal Ltd. US . . . . . . .11.4 0.1 12.1 11.0
BHMacro Ltd. EUR . . . . . .19.7 -0.0 20.0 18.3
BHMacro Ltd. GBP . . .2007.0 -6.0 2071.0 1892.0
BHMacro Ltd. USD . . . . . .19.5 0.0 20.0 18.2
BlackRock World M . . .602.5 6.0 747.0 525.0
BlueCrest AllBlue . . . . . .168.7 0.1 170.1 160.5
British Assets Tr . . . . . . .127.2 0.6 130.0 111.0
British Empire Se . . . . .501.0 4.2 502.0 386.6
Caledonia Investm. . . .1718.0 33.0 1718.0 1237.0
City of London In . . . . .326.0 2.1 326.0 275.4
Dexion Absolute L . . . . .144.5 1.0 144.5 132.5
Edinburgh Dragon . . . .280.4 3.5 280.4 222.6
Edinburgh Inv Tru . . . . .519.0 6.5 529.5 466.6
Electra Private E . . . . .2076.0 31.0 2076.0 1451.0
Fidelity China Sp . . . . . .94.0 1.8 94.0 70.3
Fidelity European . . . .1345.0 15.0 1345.0 992.0
Foreign and Colon . . . .334.5 1.6 335.0 282.5
Herald Inv Trust . . . . . .543.5 5.5 543.5 458.0
HICL Infrastructu . . . . . .125.0 0.7 126.0 117.3
John Laing Infras . . . . .108.5 0.1 111.3 105.5
JPMorgan American . . .972.0 10.5 973.0 853.0
JPMorgan Emerging . . .616.0 10.5 616.5 497.0
JPMorgan Indian I . . . .394.0 7.5 400.4 303.4
Law Debenture Cor . . .443.4 5.4 443.4 343.0
Mercantile Invest . . . . .1175.0 7.0 1177.1 907.0
Merchants Trust . . . . . .405.5 3.0 405.5 342.4
Monks Inv Trust . . . . . .325.4 2.4 343.6 300.0
Murray Income Tru . . . .704.5 13.5 704.5 602.5
Murray Internatio . . . .1079.0 13.0 1082.0 900.0
NB Global Floatin . . . . .100.8 0.3 101.3 96.0
Perpetual Income . . . .301.2 4.0 301.2 250.0
Personal Assets T . . .34890.0 160.0 36000.0 33250.0
Polar Capital Tec . . . . . .375.9 3.4 404.0 337.8
RIT Capital Partn . . . . .1145.0 8.0 1310.0 1096.0
Scottish Inv Trus . . . . . .516.0 5.0 516.5 437.4
Scottish Mortgage . . . .800.0 8.0 800.0 624.0
SVG Capital . . . . . . . . . .303.5 0.2 306.5 218.9
Temple Bar Inv Tr . . . .1064.0 20.0 1064.0 847.0
Templeton Emergin . . .623.0 6.0 633.5 505.0
TR Property Inv T . . . . .178.0 0.0 178.2 140.7
Utilico Emerging . . . . . .174.0 0.5 174.0 150.0
Witan Inv Trust . . . . . . .536.5 6.5 536.5 429.5
Worldwide Healthc . . . .881.0 2.0 881.0 753.0
3i Group . . . . . . . . . . . .249.0 3.0 249.4 168.8
3i Infrastructure . . . . . . .123.2 0.5 128.0 119.9
Aberdeen Asset Ma . . .393.9 8.9 397.7 226.1
Ashmore Group . . . . . .352.7 -11.8 402.7 307.8
Brewin Dolphin Ho . . . .210.5 2.5 210.7 136.3
Camellia . . . . . . . . . .10398.0-202.010600.0 9175.0
Charles Taylor . . . . . . . .172.5 1.0 189.8 123.0
City of London Gr . . . . . .74.5 0.0 81.0 64.5
City of London In . . . . .249.5 0.5 390.0 240.0
Close Brothers Gr . . . . .973.0 4.5 977.5 658.5
F&C Asset Managem . . .109.8 4.7 110.3 64.8
Hargreaves Lansdo . . . .719.0 -1.0 780.0 412.8
Helphire Group . . . . . . . . .3.1 0.2 3.6 0.8
Henderson Group . . . . .151.2 2.4 151.6 90.6
Highway Capital . . . . . . .17.5 0.0 18.5 12.0
ICAP . . . . . . . . . . . . . . . .328.8 -0.2 431.5 281.4
IG Group Holdings . . . . .466.1 2.7 500.5 416.8
Intermediate Capi . . . . .353.6 3.7 354.0 227.3
International Per . . . . .400.8 7.8 410.5 186.1
International Pub . . . . .125.3 0.3 126.1 116.4
Investec . . . . . . . . . . . . .457.3 0.1 459.1 310.4
IP Group . . . . . . . . . . . .129.0 -1.0 155.0 76.0
Jupiter Fund Mana . . . .322.7 0.9 325.0 197.0
Liontrust Asset M . . . . .136.4 0.3 137.5 76.5
LMS Capital . . . . . . . . . . .65.4 0.0 69.5 55.8
London Finance & . . . . .19.5 0.0 23.5 18.0
London Stock Exch . . .1169.0 -5.0 1175.0 859.5
Lonrho . . . . . . . . . . . . . . .9.0 -0.2 12.8 6.7
Man Group . . . . . . . . . . .96.4 0.4 152.5 63.3
Paragon Group Of . . . .265.6 11.6 266.5 150.9
Provident Financi . . . .1422.0 -8.0 1436.0 954.5
Rathbone Brothers . . . .1311.0 5.0 1373.0 1090.0
Real Estate Credi . . . . . .118.0 3.0 119.0 79.5
Record . . . . . . . . . . . . . . .35.3 4.9 36.4 9.8
S & U . . . . . . . . . . . . . . .937.5 0.0 960.0 610.0
Schroders . . . . . . . . . . .1887.0 10.0 1906.0 1166.0
Tullett Prebon . . . . . . . .264.3 -0.7 356.0 219.0
Walker Crips Grou . . . . . .33.0 1.0 45.5 25.5
BT Group . . . . . . . . . . . .246.0 1.2 247.1 200.7
Cable & Wireless . . . . . .38.3 0.3 45.2 27.3
COLT Group SA . . . . . . . .105.0 1.2 127.4 89.7
KCOM Group . . . . . . . . . .74.9 0.6 85.2 67.0
TalkTalk Telecom . . . . .245.5 5.1 247.4 118.9
TelecomPlus . . . . . . . .980.5 29.0 991.5 612.0
Booker Group . . . . . . . .101.0 2.1 105.0 71.6
Greggs . . . . . . . . . . . . . .463.1 6.0 558.0 449.0
Morrison (Wm) Sup . . .252.8 -2.8 305.7 251.9
Ocado Group . . . . . . . . . .87.0 4.4 131.8 58.5
Sainsbury (J) . . . . . . . . .326.1 -1.9 361.1 283.5
Tesco . . . . . . . . . . . . . . .350.4 1.3 355.4 297.1
United Drug . . . . . . . . .270.0 9.1 284.0 157.8
Associated Britis . . . . .1635.0 29.0 1638.0 1153.0
Cranswick . . . . . . . . . . .906.0 9.0 913.0 730.5
Dairy Crest Group . . . . .400.5 2.0 405.6 290.4
Devro . . . . . . . . . . . . . .336.0 3.0 341.2 259.3
Tate & Lyle . . . . . . . . . . .793.0 -0.5 800.0 633.5
Unilever . . . . . . . . . . .2428.0 8.0 2450.0 1994.0
Mondi . . . . . . . . . . . . . . .717.5 -4.0 721.5 499.6
Centrica . . . . . . . . . . . . .338.6 0.2 341.3 282.4
National Grid . . . . . . . .683.5 1.0 717.5 610.5
Pennon Group . . . . . . .662.5 4.5 796.0 598.0
Severn Trent . . . . . . . .1570.0 -8.0 1796.0 1501.0
United Utilities . . . . . . .711.0 0.0 736.0 594.0
Rexam . . . . . . . . . . . . .463.9 -1.4 465.7 374.0
RPC Group . . . . . . . . . . .414.8 3.9 447.0 348.3
Smith (DS) . . . . . . . . . . .213.6 2.3 220.9 133.2
Smiths Group . . . . . . . .1221.0 3.0 1235.0 952.0
Price Chg High Low
Persimmon . . . . . . . . . .888.5 17.5 888.5 515.0
Reckitt Benckiser . . . . .4115.0 14.0 4143.0 3300.0
Redrow . . . . . . . . . . . . . .195.1 13.2 200.0 101.9
Taylor Wimpey . . . . . . . .74.8 1.5 75.1 40.3
Bodycote . . . . . . . . . . .460.0 5.3 481.9 291.2
Fenner . . . . . . . . . . . . .403.9 9.2 483.7 329.3
IMI . . . . . . . . . . . . . . . .1150.0 20.0 1154.0 776.0
Melrose Industrie . . . . .247.7 2.7 259.6 201.8
Rotork . . . . . . . . . . . . .2670.0 68.0 2670.0 1859.0
Spirax-Sarco Engi . . . .2277.0 30.0 2343.0 1900.0
Weir Group . . . . . . . . .1906.0 -32.0 2236.0 1397.0
Evraz . . . . . . . . . . . . . . .304.4 13.0 460.5 211.5
Ferrexpo . . . . . . . . . . . .262.1 5.1 366.3 147.5
BBA Aviation . . . . . . . . .228.2 5.2 231.2 178.0
Stobart Group Ltd . . . . . .91.5 -1.1 137.0 91.1
Admiral Group . . . . . . .1154.0 -15.0 1231.0 879.0
Amlin . . . . . . . . . . . . . .382.5 0.7 405.0 312.9
Beazley . . . . . . . . . . . . .192.6 0.8 192.6 132.5
Catlin Group Ltd. . . . . . .515.0 2.5 518.0 399.0
Hiscox Ltd. . . . . . . . . . .456.3 2.1 489.4 371.3
Jardine Lloyd Tho . . . . .781.5 6.5 790.0 659.0
ITV . . . . . . . . . . . . . . . . . .115.2 1.6 115.4 69.5
Johnston Press . . . . . . . . .12.1 0.4 15.0 4.9
MecomGroup . . . . . . . . .97.5 1.5 224.8 51.0
Moneysupermarket. . . .184.2 4.0 185.8 109.3
Pearson . . . . . . . . . . . .1238.0 6.0 1294.0 1111.0
PerformGroup . . . . . . .388.0 4.0 450.0 239.0
Reed Elsevier . . . . . . . .691.0 12.5 691.5 469.4
Rightmove . . . . . . . . . .1561.0 24.0 1679.0 1279.0
STV Group . . . . . . . . . . . .117.5 -2.6 120.5 81.5
Tarsus Group . . . . . . . .200.0 -4.5 205.3 134.3
Trinity Mirror . . . . . . . . .100.0 0.0 102.0 25.5
UBM . . . . . . . . . . . . . . . .731.0 13.0 750.0 511.0
UTV Media . . . . . . . . . . .142.0 4.3 159.5 104.0
Wilmington Group . . . . .159.1 -0.5 162.3 78.5
WPP . . . . . . . . . . . . . . .974.0 11.0 980.5 737.5
African Barrick G . . . . .348.0 -2.0 531.5 309.8
Anglo American . . . . .1885.5 -6.5 2910.0 1664.0
Antofagasta . . . . . . . .1270.0 -11.0 1399.0 991.0
BHP Billiton . . . . . . . . .2051.5 -10.0 2208.5 1681.0
Bumi . . . . . . . . . . . . . . .335.8 5.8 902.0 147.1
Centamin (DI) . . . . . . . . .55.5 0.2 107.3 27.7
Eurasian Natural . . . . .338.8 -4.5 749.5 259.6
Fresnillo . . . . . . . . . . . .1750.0 -31.0 1993.0 1307.0
Glencore Internat . . . . .379.9 0.0 482.6 293.6
Hochschild Mining . . . .452.5 2.5 532.5 405.3
Lancashire Holdin . . . .806.5 11.0 877.5 688.0
RSA Insurance Gro . . . . .127.2 0.9 127.9 97.7
Aviva . . . . . . . . . . . . . . .366.2 -1.8 388.4 255.3
Direct Line Insur . . . . . .213.0 -0.5 216.4 186.5
Legal & General G . . . . .151.5 0.2 152.7 106.0
Old Mutual . . . . . . . . . . .185.7 -0.4 188.1 138.7
Phoenix Group Hol . . . .570.0 1.5 590.0 405.3
Prudential . . . . . . . . . . .931.0 -1.5 936.0 660.0
Resolution Ltd. . . . . . . .264.0 -3.5 284.0 190.3
St James's Place . . . . . .450.9 12.0 450.9 303.4
Standard Life . . . . . . . .345.4 -1.4 353.0 201.5
4Imprint Group . . . . . . .357.4 -7.6 373.0 235.0
Aegis Group . . . . . . . . .234.8 -0.1 237.8 151.7
Bloomsbury Publis . . . .124.5 3.5 146.5 103.0
British Sky Broad . . . . .798.0 7.5 802.5 635.5
Centaur Media . . . . . . . .52.5 1.3 54.6 28.5
Chime Communicati . .240.8 0.8 255.0 143.0
Creston . . . . . . . . . . . . . .84.3 0.8 93.5 47.0
Euromoney Institu . . . .920.0 21.5 920.0 666.0
Future . . . . . . . . . . . . . . . .17.5 0.4 18.5 9.1
Haynes Publishing . . . .195.0 0.0 225.0 165.0
Hibu . . . . . . . . . . . . . . . . .0.3 0.0 6.3 0.3
Huntsworth . . . . . . . . . .40.3 1.0 53.0 32.8
Informa . . . . . . . . . . . . .491.2 9.9 491.8 340.0
ITE Group . . . . . . . . . . .246.8 1.3 250.6 180.0
Kazakhmys . . . . . . . . . .776.5 0.5 1214.0 570.0
Kenmare Resources . . . .34.2 -1.8 61.5 30.0
Lonmin . . . . . . . . . . . . .332.7 6.6 600.0 240.8
New World Resourc . . .295.6 1.1 547.0 223.9
Petra Diamonds Lt . . . . .118.6 1.6 188.2 97.0
Petropavlovsk . . . . . . .403.2 -0.1 813.0 321.1
Polymetal Interna . . . .1081.0 -3.0 1219.0 765.0
Randgold Resource . . .5815.0 -25.0 7775.0 4596.0
Rio Tinto . . . . . . . . . . .3502.5 63.0 3988.0 2715.5
Vedanta Resources . . .1169.0 0.0 1502.0 832.5
Xstrata . . . . . . . . . . . . . .1137.5 -0.5 1283.0 785.8
Inmarsat . . . . . . . . . . . .617.0 3.5 625.0 390.8
Vodafone Group . . . . . .161.9 1.2 191.3 154.5
Genesis Emerging . . . .599.5 0.5 600.0 453.9
Afren . . . . . . . . . . . . . . .135.0 -2.3 150.0 94.0
BG Group . . . . . . . . . . .1114.0 17.5 1547.0 1000.5
BP . . . . . . . . . . . . . . . . .460.4 -0.7 504.6 392.0
Cairn Energy . . . . . . . . .280.8 -0.5 360.0 248.2
EnQuest . . . . . . . . . . . . .125.0 2.4 132.6 104.7
Essar Energy . . . . . . . . .133.0 9.5 160.7 99.1
Heritage Oil . . . . . . . . . .195.7 -1.3 218.8 115.1
Ophir Energy . . . . . . . .540.0 13.0 641.0 291.5
Premier Oil . . . . . . . . . .365.8 -0.6 449.7 321.3
Royal Dutch Shell . . . .2203.0 18.5 2331.5 1970.5
Royal Dutch Shell . . . .2257.0 15.0 2399.0 2039.0
Salamander Energy . . .195.0 0.0 212.9 157.5
Soco Internationa . . . . .377.0 -2.1 384.4 254.9
Tullow Oil . . . . . . . . . . .1165.0 -15.0 1601.0 1150.0
Amec . . . . . . . . . . . . . .1094.0 13.0 1172.0 923.0
Hunting . . . . . . . . . . . . .824.5 4.0 968.0 688.0
Kentz Corporation . . . .424.2 35.2 490.0 325.0
Petrofac Ltd. . . . . . . . .1676.0 3.0 1772.0 1346.0
Wood Group (John) . . .826.5 22.0 875.5 647.0
Burberry Group . . . . . .1386.0 -2.0 1586.0 1000.0
PZ Cussons . . . . . . . . . .384.9 2.9 393.7 285.0
Supergroup . . . . . . . . .602.0 -2.5 703.0 264.5
AstraZeneca . . . . . . . .3076.5 6.0 3112.4 2591.0
BTG . . . . . . . . . . . . . . . . .341.8 1.2 423.0 300.3
Dechra Pharmaceut . . .626.0 1.0 643.0 418.3
Genus . . . . . . . . . . . . .1454.0 19.0 1529.0 1019.0
GlaxoSmithKline . . . . .1376.0 5.5 1507.5 1317.5
Hikma Pharmaceuti . . .782.5 -3.0 790.0 605.5
Shire Plc . . . . . . . . . . .2091.0 -2.0 2300.0 1727.0
Capital & Countie . . . . .243.2 0.6 250.4 185.0
Daejan Holdings . . . . .3025.0 36.0 3323.0 2500.0
F&C Commercial Pr . . . .104.4 0.4 107.3 100.2
Grainger . . . . . . . . . . . .125.6 1.6 126.9 83.1
London & Stamford . . .108.6 -0.3 121.4 101.8
Raven Russia Ltd . . . . . .64.5 -1.0 69.5 53.5
Savills . . . . . . . . . . . . . .472.4 6.4 480.0 300.8
St. Modwen Proper . . .235.0 0.0 241.1 112.5
UK Commercial Pro . . . . .67.6 0.2 75.8 64.3
Unite Group . . . . . . . . .286.0 -2.0 290.1 170.6
Big YellowGroup . . . . . .382.1 4.0 382.9 269.3
British Land Co . . . . . . .568.0 4.0 577.0 466.1
Capital Shopping . . . . .360.1 -1.4 366.0 305.0
Derwent London . . . . .2191.0 10.0 2205.0 1666.0
Great Portland Es . . . . .502.0 5.9 502.0 345.6
Hammerson . . . . . . . . .488.1 0.4 497.7 377.1
Hansteen Holdings . . . . .83.0 1.1 83.5 70.0
Land Securities G . . . . .816.0 -2.0 832.5 672.5
SEGRO . . . . . . . . . . . . . .244.8 0.8 259.2 209.4
Shaftesbury . . . . . . . . .572.5 6.5 573.5 482.2
Workspace Group . . . . .335.5 1.8 342.5 213.3
Anite . . . . . . . . . . . . . . . .137.3 0.0 149.9 93.3
Aveva Group . . . . . . . .2154.0 17.0 2182.0 1469.0
Computacenter . . . . . .452.9 2.9 461.9 292.4
Fidessa Group . . . . . . .1600.0 39.0 1766.0 1275.0
Invensys . . . . . . . . . . . .338.4 -0.3 351.6 186.1
Micro Focus Inter . . . . . .616.5 3.5 622.9 423.6
Playtech Ltd. . . . . . . . . .455.0 -1.0 457.1 293.0
Sage Group . . . . . . . . . .317.3 4.4 324.8 247.7
SDL . . . . . . . . . . . . . . . .500.0 0.5 756.0 435.0
Telecity Group . . . . . . . .865.5 3.5 957.0 639.0
Aggreko . . . . . . . . . . . .1830.0 12.0 2400.0 1664.0
Ashtead Group . . . . . . .451.5 -2.3 461.1 212.2
Atkins (WS) . . . . . . . . . .775.0 4.0 799.0 628.5
Babcock Internati . . . .1000.0 1.0 1009.0 720.5
Berendsen . . . . . . . . . .632.0 12.0 634.0 431.6
Bunzl . . . . . . . . . . . . . .1097.0 6.0 1167.0 851.5
Capita . . . . . . . . . . . . . .798.0 1.0 802.5 602.0
Carillion . . . . . . . . . . . . .322.1 0.9 344.0 235.5
De La Rue . . . . . . . . . . .937.5 -0.5 1075.0 885.5
Diploma . . . . . . . . . . . .539.5 4.5 560.0 376.7
Electrocomponents . . .242.8 1.5 263.0 195.2
Experian . . . . . . . . . . .1090.0 4.0 1094.0 858.5
Filtrona PLC . . . . . . . . . .560.0 4.0 586.5 375.5
G4S . . . . . . . . . . . . . . . .273.8 -1.1 292.1 240.0
Hays . . . . . . . . . . . . . . . . .89.1 0.3 92.5 66.4
Homeserve . . . . . . . . . .244.2 -3.0 310.0 137.5
Howden Joinery Gr . . . .187.1 6.1 187.6 106.2
Interserve . . . . . . . . . . .437.3 2.6 442.8 270.1
Intertek Group . . . . . . .3015.0 -15.0 3219.0 2078.0
Menzies(John) . . . . . . .655.5 2.0 660.0 530.0
Michael Page Inte . . . .403.0 0.0 497.0 341.4
Mitie Group . . . . . . . . . .273.1 2.6 300.8 252.2
PayPoint . . . . . . . . . . . .867.5 -6.0 893.5 542.5
Premier Farnell . . . . . . .202.4 1.7 228.8 153.2
Regus . . . . . . . . . . . . . . .114.3 0.8 117.5 82.7
Rentokil Initial . . . . . . . .90.7 0.4 98.0 69.4
RPS Group . . . . . . . . . . .231.5 -1.0 256.6 197.0
Serco Group . . . . . . . . .554.5 -1.0 602.0 505.5
SIG . . . . . . . . . . . . . . . . .136.5 0.0 138.0 82.3
Travis Perkins . . . . . . . .1231.0 -14.0 1253.0 863.5
Wolseley . . . . . . . . . . .2932.0 -62.0 3038.0 2121.3
ARM Holdings . . . . . . . .861.0 5.5 873.0 469.0
CSR . . . . . . . . . . . . . . . .365.0 15.0 376.2 194.6
Imagination Techn . . . .465.3 1.9 717.0 383.5
Pace . . . . . . . . . . . . . . . .218.5 -1.5 220.4 68.3
Spirent Communica . . . .151.0 3.6 174.0 118.8
British American . . . . .3170.5 13.0 3488.0 2897.5
Imperial Tobacco . . . .2378.0 15.0 2595.0 2221.0
Betfair Group . . . . . . . .682.0 -8.0 901.0 652.5
Bwin.party Digita . . . . .103.5 -1.0 174.0 91.9
Carnival . . . . . . . . . . . .2576.0 51.0 2605.0 1841.0
Compass Group . . . . . .755.5 5.0 760.0 589.0
Domino's Pizza Gr . . . . .522.5 -1.0 563.0 419.8
easyJet . . . . . . . . . . . . .872.0 3.0 886.5 405.8
Enterprise Inns . . . . . . .102.6 -0.3 105.0 31.5
FirstGroup . . . . . . . . . . .192.9 -0.7 316.5 175.7
Go-Ahead Group . . . . .1284.0 5.0 1374.0 1086.0
Greene King . . . . . . . . .671.0 4.5 675.0 474.3
InterContinental . . . . .1815.0 28.0 1826.0 1293.8
International Con . . . . .208.4 -3.4 214.3 137.1
Ladbrokes . . . . . . . . . . .199.3 -1.7 203.0 137.9
Marston's . . . . . . . . . . . .134.1 3.3 134.2 93.7
Millennium& Copt . . . .531.0 8.5 543.5 422.5
Mitchells & Butle . . . . . .312.6 -2.9 337.0 217.4
National Express . . . . .212.6 -1.2 252.0 164.5
Rank Group . . . . . . . . . .153.0 0.5 154.3 111.0
Restaurant Group . . . . .372.9 0.9 391.7 269.2
Stagecoach Group . . . .304.2 0.2 319.6 230.4
TUI Travel . . . . . . . . . . .292.4 0.7 295.4 158.0
Wetherspoon (J.D. . . . .510.0 -6.0 548.5 371.3
Whitbread . . . . . . . . .2485.0 18.0 2546.0 1637.0
WilliamHill . . . . . . . . . .349.8 3.0 357.5 222.2
Abcam. . . . . . . . . . . . . .365.5 1.5 431.0 324.5
Advanced Computer . . .70.0 1.0 76.0 48.0
Advanced Medical . . . . .62.5 0.5 94.0 54.0
Albemarle & Bond . . . .202.5 -2.5 372.0 200.0
Amara Mining . . . . . . . . .59.5 -0.5 104.0 50.0
Amerisur Resource . . . .50.0 0.3 52.5 17.3
Andor Technology . . . .390.5 -0.5 599.0 305.0
Archipelago Resou . . . .60.0 0.0 70.0 49.0
ASOS . . . . . . . . . . . . . .2657.0 -43.0 2765.0 1395.0
Aurelian Oil & Ga . . . . . . .10.9 0.3 22.5 7.3
Avanti Communicat . . .257.0 3.8 419.0 215.3
Blinkx . . . . . . . . . . . . . . .66.8 1.3 91.0 33.5
BowLeven . . . . . . . . . . . .66.5 -1.8 136.0 53.5
Brooks Macdonald . . .1350.0 50.0 1385.0 1125.0
Clinigen Group . . . . . . . .211.5 -1.0 223.0 176.0
Daisy Group . . . . . . . . . .93.0 1.0 115.5 85.0
Dart Group . . . . . . . . . . .136.0 0.0 138.0 59.5
Eland Oil & Gas . . . . . . . .117.9 -0.6 128.0 106.0
EMIS Group . . . . . . . . . .875.0 0.0 955.0 397.5
Faroe Petroleum . . . . . .134.0 0.0 177.8 126.0
Hargreaves Servic . . . .683.0 -7.0 1264.0 551.0
Healthcare Locums . . . . . .2.3 0.0 2.4 2.2
IDOX . . . . . . . . . . . . . . . .58.0 -0.8 60.0 26.9
ImpellamGroup . . . . . .331.0 1.0 362.5 235.0
Iomart Group . . . . . . . .228.0 -2.3 231.5 121.0
James Halstead . . . . . . .315.0 5.0 334.5 220.0
London Mining . . . . . . .155.5 2.5 318.5 113.0
Lupus Capital . . . . . . . .163.0 -1.0 174.8 115.0
M. P. Evans Group . . . . .525.0 0.0 553.8 434.0
Majestic Wine . . . . . . . .432.5 -5.8 489.5 398.0
May Gurney Integr . . . .173.5 -0.5 299.0 99.0
Monitise . . . . . . . . . . . . .35.0 0.5 39.5 25.5
Mulberry Group . . . . .1250.0 -26.0 2472.0 969.0
Nanoco Group . . . . . . . .110.0 5.5 110.0 51.0
Nichols . . . . . . . . . . . . .864.5 9.5 883.0 596.0
Numis Corporation . . . .127.0 0.0 132.8 81.0
Pan African Resou . . . . .19.8 0.8 20.7 12.9
Patagonia Gold . . . . . . .20.3 0.0 45.5 16.5
Plexus Holdings . . . . . .262.5 2.0 289.0 91.6
Prezzo . . . . . . . . . . . . . . .76.0 -1.8 79.0 62.0
Quindell Portfoli . . . . . . .14.9 -0.3 17.5 5.1
Rockhopper Explor . . . .169.0 -1.0 393.5 144.8
RWS Holdings . . . . . . . .622.5 -7.5 645.0 446.0
Secure Trust Bank . . . .1715.0 -5.0 1725.0 897.5
Sirius Minerals . . . . . . . .26.8 0.3 29.3 13.0
Smart Metering Sy . . . .249.5 2.0 258.0 90.5
Songbird Estates . . . . . .127.8 1.3 128.0 100.0
Thorpe (F.W.) . . . . . . .1020.0 -15.0 1070.0 820.0
Valiant Petroleum . . . .407.3 -3.8 585.0 353.5
Young & Co's Brew . . . .712.5 -7.5 732.5 601.5
Kentz Corporation . . . . . . . . . . .424.2 9.1
Spectris . . . . . . . . . . . . . . . . . . .2190.0 8.3
Essar Energy . . . . . . . . . . . . . . .133.0 7.7
Redrow . . . . . . . . . . . . . . . . . . . .195.1 7.3
Ocado Group . . . . . . . . . . . . . . . . .87.0 5.3
Domino Printing Sc . . . . . . . . . .658.0 4.9
Paragon Group Of C . . . . . . . . . .265.6 4.6
F&C Asset Manageme . . . . . . . .109.8 4.5
Evraz . . . . . . . . . . . . . . . . . . . . . .304.4 4.5
CSR . . . . . . . . . . . . . . . . . . . . . . .365.0 4.3
Kenmare Resources . . . . . . . . . . .34.2 -5.0
Kingfisher . . . . . . . . . . . . . . . . . .272.9 -4.3
Ashmore Group . . . . . . . . . . . . .352.7 -3.2
Wolseley . . . . . . . . . . . . . . . . . .2932.0 -2.1
Bovis Homes Group . . . . . . . . . .624.0 -2.0
Fresnillo . . . . . . . . . . . . . . . . . .1750.0 -1.7
Afren . . . . . . . . . . . . . . . . . . . . . .135.0 -1.7
Weir Group . . . . . . . . . . . . . . . .1906.0 -1.7
International Cons . . . . . . . . . . .208.4 -1.6
Home Retail Group . . . . . . . . . . .134.4 -1.6
Risers Fallers
MAIN CHANGES UK 350
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
Price Chg High Low Price Chg High Low
GILTS
http://corporate.webfg.com
mailto:
globaltechsales@webfg.com
Tsy 8.000 13 . . . . . .105.22 -0.06 112.7 105.2
Tsy 4.500 13 . . . . . .100.52 -0.04 104.6 100.5
Tsy 2.500 13 . . . . . .280.02 -0.03 283.9 279.8
Tsy 5.000 14 . . . . . . .107.48 -0.03 112.1 107.4
Tsy 4.750 15 . . . . . . .111.25 -0.01 115.0 111.1
Tsy 8.000 15 . . . . . . .121.63 -0.02 128.1 121.6
Tsy 4.000 16 . . . . . . .112.02 0.01 115.0 111.7
Tsy 2.500 16 . . . . . .346.86 0.00 348.1 340.4
Tsy 8.750 17 . . . . . . .135.48 -0.07 141.9 135.0
Tsy 12.000 17 . . . . . .110.28 0.00 121.7 109.3
Tsy 1.250 17 . . . . . . .116.03 -0.01 117.1 113.3
Tsy 5.000 18 . . . . . . .119.78 0.05 124.1 119.3
Tsy 4.500 19 . . . . . . .119.26 0.10 123.7 118.0
Tsy 3.750 19 . . . . . . .115.20 0.13 119.2 112.8
Tsy 2.500 20 . . . . . .378.91 0.00 379.6 359.6
Tsy 4.750 20 . . . . . . .122.17 0.10 126.9 120.1
Tsy 8.000 21 . . . . . .149.49 0.13 156.6 147.9
Tsy 1.875 22 . . . . . . .130.10 -0.16 130.7 124.2
Tsy 4.000 22 . . . . . . .117.83 0.18 122.8 113.7
Tsy 2.500 24 . . . . . .345.92 -0.06 347.2 320.5
Tsy 5.000 25 . . . . . . .129.21 0.22 135.9 124.2
Tsy 4.250 27 . . . . . .120.97 0.27 128.0 115.2
Tsy 1.250 27 . . . . . . .127.00 -0.08 127.3 120.0
Tsy 6.000 28 . . . . . .144.78 0.26 153.7 139.0
Tsy 4.750 30 . . . . . . .127.63 0.17 135.8 121.6
Tsy 4.125 30 . . . . . . .325.30 0.04 326.0 305.1
Tsy 4.250 32 . . . . . .120.03 0.25 127.8 114.1
Tsy 4.250 36 . . . . . . .118.87 0.28 127.2 113.8
Tsy 4.750 38 . . . . . . .127.97 0.28 137.2 122.9
Tsy 4.500 42 . . . . . .123.52 0.30 133.6 119.1
% %
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Losses can exceed your initial deposit.
D
ESPITE being postponed at
the last minute, it is clear
from excerpts trailed in the
media that the Prime
Minister’s speech on the EU
will set out a stark choice for both
the UK and Europe.
The vision outlined presents a
Britain that remains a “committed
and active” member of the
European Union – albeit on better
terms.
There is widespread recognition
of the need for reform of the EU.
But to achieve this, we need to fully
engage with Europe and set out a
carefully constructed agenda for
change that other members can
sign up to – rather than the UK
going it alone.
T
HE dust has finally settled on
the government’s controversial
health reforms, but the NHS is
not out of the woods yet. The
Office for Budget
Responsibility’s latest forecasts suggest
that its best-case scenario will see
health spending remain flat for the
rest of the decade. The challenge to do
more with less is intensifying.
So far, according of the National
Audit Office, the NHS’s efforts to bal-
ance its books have plucked only the
low hanging fruit. But with pressure to
invest more in expensive new technolo-
gy and drugs, only a radical transforma-
tion of everything the NHS does can
provide better, affordable healthcare
for patients and taxpayers.
Fortunately, the answers are out
there. At Harvard Business School last
week, two NHS chief executives made
the trip to hear about the balancing act
inherent in using pricey technology to
deliver cheaper healthcare. They
learned, from pioneers like the
Cleveland Clinic in Ohio and the Schon
Klink in Germany, that it’s vital to think
radically about the structural changes
cityam.com/forum
Kaiser Permanente
shares data between
doctors to harness their
competitive natures
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.

18
MONDAY 21 JANUARY 2013
THOMAS CAWSTON
How modern technology and new
working practices can save the NHS
required to make the most of techno-
logical innovation.
Often, the most revolutionary break-
throughs simply exploit everyday tech-
nologies to their full potential. In
Mexico, a company called Medicall
promises immediate 24-hour health-
care advice to over 1m households
through mobile phones, all for £5 a
month. Calls are answered in three sec-
onds by a doctor, and nearly two thirds
of cases are resolved over the phone. A
US company has gone one step further
and replaced doctors with non-special-
ist staff, who use a computer search
engine to answer nearly every question
the patient has. The upshot is that
patients become less reliant on estab-
lished providers. No more long waits in
GP surgeries to see a doctor or expen-
sive hospital admissions; this is simple,
quick and cheap.
In the US, some of the best providers
understand what business realised
long ago – that what gets measured
gets managed. The famous Kaiser
Permanente health system tracks the
performance of every doctor in its prac-
tice. Kaiser’s leaders check that each
doctor is prescribing the right drugs,
ordering the right tests and making the
right diagnoses. Data is shared between
staff, allowing Kaiser to harness its doc-
tors’ competitive natures, improving
quality and reducing the waste of
unnecessary tests or prescriptions.
One of the most exciting technologies
to have emerged is telecare. This uses
phones and personal computers to con-
nect doctors to their patients, allowing
them to manage their illness in the
comfort of their own home. Patients
with diabetes can measure insulin lev-
els, enter their results into their com-
puter, which will track their condition
and alert their doctor if their sugar lev-
els are too high. Telecare is now up and
running across the globe. In India, doc-
tors from the Narayana heart hospital
can provide consultations for patients
across the country via videoconferenc-
ing. Meanwhile, in Jönköping in
Sweden, patients with kidney failure
now conduct their own dialysis in spe-
cialist centres.
Leading NHS hospitals have begun to
join the revolution. While much of
medicine remains a pen and paper
business, sophisticated IT systems are
replacing bed-side charts and white
boards. University Hospitals
Birmingham is a centre of excellence,
with some of the most innovative IT in
the UK. Whenever a doctor or nurse
orders a test, makes a prescription or
discharges a patient, they enter it into a
handheld tablet that immediately
records the decision, and screens it for
errors based on real-time information.
Each day, this system stops 400 mis-
takes, saving lives and making the hos-
pital more efficient. Yet while
England’s top hospitals now function
in high definition, much of the NHS is
still in black and white.
Real innovation is not just gadgets; it
is about the deployment of this kit by
people to replace the old, slow and cost-
ly with the new, fast and cheap. If you
overlay an old organisation with expen-
sive technology, you end up with a
more expensive old organisation.
For technology to deliver its potential,
new ways of working must be intro-
duced alongside. When treatment can
be provided at home, or patients can
access health advice without a GP
appointment, we shouldn’t be sur-
prised when we need fewer hospitals
and fewer surgeries. Just as HMV and
other high street brands fell victim to
internet shopping, the bricks and mor-
tar of the NHS could, and should, make
way for the healthcare of tomorrow.
Thomas Cawston is research director of the
independent think tank Reform.
This is particularly vital given
that the lengthy timetable for the
planned referendum – expected to
take place in 2015 – in itself risks
delaying important investment
decisions by international
businesses.
London’s position as Europe’s
financial capital plays an integral
role in sustaining jobs and growth,
not just in the UK but across the
continent. Uncertainty over this
relationship with Europe risks
making the UK less attractive as an
international centre across many
industries – and not just financial
and professional services – by
clouding the business environment.
The US administration has voiced
its concerns over the UK turning
inwards, while several EU member
states have also made it clear that
they want us to continue playing a
central role in shaping the future
direction of Europe.
In this vein, I hope that the Prime
Minister’s speech will provide
reassurance that we are not turning
our backs on Europe, as well as
making it clear that we need to
ensure this relationship works for
both sides.
That is precisely why the UK
needs to be involved in shaping the
legislative agenda in areas that
matter to us. A single market is
underpinned by a single rule book.
So where EU regulations have gone
too far and become an unnecessary
burden, it is only right that a
debate is held over improving
procedures.
Successful negotiations in the
European arena – as demonstrated
by the banking union issue –
involve working behind the scenes
to seek out friends and make the
case to potential allies. A defeatist
attitude is misplaced: we can and
do influence the direction of travel
in Brussels.
Britain has led the EU towards a
deeper and wider single market,
towards a mutually beneficial
grouping of nation states – and not
a federal super-state – and towards
an outward-looking approach to
the rest of the world. We can
continue to provide positive
leadership to the EU if the Prime
Minister and the government seize
this opportunity.
London is unique as a financial
centre, given the international
nature of the business that takes
place here. This means that we have
to remain open for business – in
Europe and beyond.
Mark Boleat is policy chairman at the
City of London Corporation.
In association with
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Outward-looking reforms in Europe depend on the City’s guiding hand
19
MONDAY 21 JANUARY 2013
The Forum is open for you to take part. Got a sharp comment on
one of today’s 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
Outside Europe
[Re: Would leaving the EU be a positive
move for business in Britain?, Friday]
Roland Rudd’s suggestion that we would
not have access to European markets if we
left the EU, if true, belies the true nature of
the entity. There is no suggestion from
Eurosceptics that Britain would not be
willing to import from Europe, so why is
there a suggestion from a Europhile that
Europe would not be willing to accept UK
exports? Is the EU really a mercantilist zone
that excludes the rest of the world from
competition? If so, the sooner we are out the
better. In actual fact, trade with Europe is
nothing like as important as internal trade
within the UK, or the UK’s trade with the rest
of the world.
Sir James Pickthorn
In this often rhetorical debate, we need to
consider a few facts. Britain has a trade
deficit of over £50bn a year with other EU
countries. The UK is one of their largest
export markets. The single market is
significantly more developed in goods (in
which we have a trade deficit) than in
services (in which we have a large surplus).
Supply chains in most manufactured goods
are now truly international (is Airbus really
going to stop putting wings on its planes?).
Given all this, it’s clearly more in the material
interests of EU nations to maintain a free
trade relationship with us than the other
way around. There’s a trivally small
probability that the EU would ever shut us
out their market.
RobinPeters
I
T’S a classic: during every
recession, protectionism
resurfaces. After four years of
economic turmoil,
unemployment is critical in the
US (7.7 per cent) and Europe (11.7 per
cent). Obviously, governments want
to protect national companies and
jobs, especially if they want to be re-
elected.
But if protectionism is back, it’s also
more subtle. Gone are the days when
governments would apply tariff barri-
ers (unacceptable to the World Trade
Organization) or impose crude meas-
ures like targeting one “congested”
entry point for goods entering their
country (as the French did for
Japanese video players in the 1990s).
Today, protectionism thrives on pol-
lution standards, and health and safe-
ty requirements. “Buy national”
campaigns and forced cooperation
with local firms complete a wider
array of measures available to scared
administrations. The coat changes,
but the beast remains the same.
It might be better to speak of eco-
nomic nationalism. Many emerging
economies are seeking to globalise
their national champion companies.
And they can rely on large reserves of
cash. China has $3,300bn (£2,069bn)
in foreign currency reserves, and
Russia $530bn. Considerable money
is also channelled to home companies
through sovereign wealth funds: the
Abu Dhabi Investment Authority
manages $624bn, the Chinese State
Administration of Foreign Currency
controls $567bn, and the Russian
National Welfare Fund has $149bn.
State-backed enterprise is a new
form of protectionism: it means fund-
ing national companies with govern-
ment money to help them succeed
abroad. In China, 21 out of the 22
largest firms have close financial ties
with the state. Meanwhile, their
domestic market becomes increasing-
Does the crisis in North Africa represent the
start of a new wave of geopolitical instability?
YES
The struggle for control of Mali, which spurred the French to
intervene, as well as the hostage crisis in Algeria underscores the
growing instability in North Africa. In the past few years, the security
environment in these areas has steadily deteriorated, as criminal
networks, terrorist groups, and insurgencies exploited power
vacuums. Porous borders, chronic underdevelopment, weak states,
and rising frustration with political and social conditions have fuelled
insecurity, leaving the area vulnerable. In this context, the conflict in
Mali – which can be considered collateral damage from the Libyan
civil war – is only the latest in a long series of crises that is unlikely to
end soon. In the short term, as highlighted by the kidnappings in
Algeria, the turmoil in Mali is likely to raise security risks for all
countries that support the French military incursion, and for Western
assets and personnel in the region as well.
Riccardo Fabiani is a North Africa analyst at the Eurasia Group.
Riccardo Fabiani
NO
Michael Denison
You could be forgiven for looking to 2013 with trepidation. The
global economy is fragile, and an arc of instability stretches across
North Africa and the Middle East to Pakistan. Iran is also defiant. But
there are reasons to be sanguine. The euro will remain intact. Even
the Eurozone’s weakest links are bottoming out, blunting the edge of
protests in Europe. After long wars, peace in Colombia and the
Philippines may become a reality. Cartel violence in Mexico has
peaked. Latin America and South East Asia are more geopolitically
stable too. Piracy is declining, as is transnational terrorism, due to
better interdiction and relentless drone strikes. China and Japan
trade insults, but both realise escalation is counterproductive. Finally,
a deal with Iran is unlikely, but Israel will stay its hand on a military
strike, calculating that the benefits are uncertain and the possible
blowback considerable.
Michael Denison is a research director at Control Risks.
The protectionist
beast is back in a
subtly fresh form
ly difficult to penetrate.
The explosion of global brands from
emerging markets, and their impact
on world competitiveness, has forced
advanced economies to react. Re-
industrialisation has become the key
word. In the past 20 years, the share of
industry as percentage of GDP has
dropped from 16 per cent to 11.2 per
cent in the US, and from 17.7 per cent
to 11.4 per cent in the UK. The share of
world manufacturing of most indus-
trialised nations has dropped by 20
per cent, with the exception of
Germany. Re–shoring – bringing
home manufacturing capacity – is
increasingly fashionable. General
Electric has brought back household
appliances production from China to
Kentucky. Apple and Hewlett Packard
also plan to invest in manufacturing
in the US.
The tension between economic
nationalism in emerging economies
and re-industrialisation in advanced
economies will define world compet-
itiveness in the years to come.
Protectionism will be a tempting solu-
tion to these pressures. Certain gov-
ernments will even use the threat of
nationalisation to achieve their objec-
tives, like the French minister Arnaud
Montebourg’s action against Mittal.
In the end, most governments will be
careful: protectionism is a double-
edged sword that can be returned
against its user, even with a new coat.
Stéphane Garelli is a professor at the IMD
business school in Lausanne, Switzerland.
He also serves as director of IMD’s World
Competitiveness Centre.
STEPHANE GARELLI
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smoking, it would cost £8bn a year.
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LETTERSto the editor
to your lower tax-paying spouse.
The transfer itself would not be
subject to capital gains tax. But
your spouse would also have to pay
capital gains tax when the asset is
sold, albeit at a lower rate. This can
save you money, especially when
selling shares, given that equity
portfolios can easily be split.
INHERITANCE TAX
Inheritance planning is one of the
T
HE online tax return deadline –
the paper return deadline has
long since past – is at the end of
this month (31 January). The
process is a dreaded one, but it is
important to get it right. Recently the
number of people who are self-
employed has been on the rise – but
they’re not the only workers who need
to complete a return. HMRC lists
company directors, those with an
annual income of £100,000 or more,
those with income from savings,
investments or property, and
individuals with income from
overseas, trusts, settlements or estates,
among those who will need to go
through the lengthy form-filling
process.
But before you log on to the HMRC
website, it is worth knowing the pit-
falls to avoid.
RIGHT ON TIME
The most common mistake people
make is not starting the process early
enough. Saffrey Champness found
that, last year, the percentage of
returns filed on time was a record
high – partly due to HMRC’s harsher
fine regime. But more than 1m people
were still penalised for late submission
in 2012. The starting penalty for late
returns is £100, which increases the
longer the return is left outstanding –
by £10 per day, with daily interest.
If you’re self-employed, you can
request extra time to pay the January
portion of your tax liability, provided
you have agreed a payment schedule
with HMRC by 31 January. You should
not face any penalties or surcharges,
but interest will still run. “HMRC will
only enter such an agreement once
you have filed your tax return, so it
needs to be done as soon as possible to
give you time to negotiate”, says Tim
Gregory of Saffrey Champness.
GET ORGANISED
Bear in mind that completing the
return can be time-consuming – espe-
cially if you need to complete supple-
mentary pages. The filing process will
be much easier if you have all neces-
sary paperwork to hand. So “check you
have everything now,” advises Andrew
Penman of PFK. If you don’t have all
the information you need, you may be
allowed to include estimates in your
submission, but the best idea is to con-
There are pitfalls to avoid
when filing your tax return
W
HEN it comes to tax, we
don’t often have a lot to
cheer about. That is
unless you have tied the
knot, since married
couples and civil partners have some
juicy advantages. Planning in
advance, and seeking expert advice,
can prove an efficient way of
maximising your joint tax
allowances.
INVESTMENT INCOME
The income tax tax-free allowance
currently stands at £8,105
(increasing to £9,440 in April) for
anyone earning under £100,000 per
annum. This allowance can only be
used once – if your salary exceeds
this, there aren’t any additional tax
advantages to gaining part of your
income from investment.
Given that basic rate taxpayers pay
10 per cent tax on dividend income,
as opposed to the 32.5 per cent for
higher rate taxpayers, Mark
Smithson of Grant Thornton says
that “it can makes sense to transfer
some income to a lower rate
taxpayer” if one partner earns less
than the other. To take advantage,
shares must be put in your partner’s
name.
With property assets, however, it is
not necessary to transfer the whole
asset. You could gift a share of the
property to your spouse, and they
can draw the rental income. This
will be subject to income tax.
But there are anti-avoidance
provisions built into asset transfers,
and HMRC is cracking down on
avoidance. So it is wise to consult a
wealth planner to structure your
affairs properly.
CAPITAL GAINS
Investors have a £10,600 annual tax
exemption on any capital gains.
Anything above this is subject to
capital gains tax at a rate of 28 per
cent for higher rate taxpayers, and
18 per cent for lower rate taxpayers.
If gains exceed the exemption
amount, you might consider
transferring ownership of the asset
fundamental pillars of wealth
management. If your spouse dies,
property transferred to the
surviving married partner isn’t
currently subject to inheritance
tax.
But you are also allowed to
inherit your spouse’s nil-rate
band. If you were going to pass on
any property assets of a value up
to £650,000, the beneficiary would
not pay inheritance tax on the
Calculating your income can be difficult for the non-expert
MONDAY 21 JANUARY 2013
20
cityam.com
PERSONAL FINANCE MANAGEMENT WEALTH
sult your bank or broker early to get
any missing certificates. Richard
Mannion of Smith and Williamson
recommends starting a fresh record
on 6 April each year, and noting
details of “income received, capital
gains and losses, pension contribu-
tions and gift aid payments as they
happen throughout the tax year”. You
won’t then find yourself frantically
searching cupboards, or trying to
obtain duplicates, when the deadline
comes around.
CAUSE FOR CONFUSION
Accurately calculating your income
and establishing what is taxable can
be hard work for the non-expert. But,
says Jason Hollands of Bestinvest, there
are some helpful software packages,
like TaxCalc, that can assist you in
completing your return. They do the
calculations, provide notes, and
enable you to file online. Penman has
highlighted some of the key areas that
cause confusion – some state benefits,
for example, are taxable; others aren’t.
Dividends are taxable – even if you
have signed up to take them in the
form of new shares – unless they are
received from Isa investments.
The process itself should be simple,
so long as you work methodically
through the HMRC online pro-
gramme, or commercial software, and
carefully review the information you
are submitting. For those who are self-
employed, remember to complete a
supplementary page for each individ-
ual job.
DON'T MISS OUT
To avoid missing out, make sure you
take advantage of all relevant tax
reliefs when filing your return. If you
are a higher rate taxpayer, you can
reclaim the tax on your pension con-
tributions. “Remember to include tax-
deductible expenses,” says Patricia
Mock of Deloitte. Mannion advises
considering whether your taxable
income will fall in 2013/14. If you antic-
ipate a drop – for example, because
profits have fallen – then you can
claim a reduction in your payment on
account.
If you make donations to charity,
higher rate taxpayers are entitled to
claim back the difference between the
higher rates of tax at 40 or 50 per cent
and the basic rate of tax at 20 per cent
of their gross donation. It’s “as simple
as buying tickets to a museum,” says
Gregory.
Tying the knot can help you maximise your allowances
total. Unmarried individuals only
have a £325,000 nil rate band.
NUPTIAL AGREEMENTS
Family lawyer Ayesha Vardag says
that a pre or post-nuptial
agreement is essential for joint
wealth planning, adding that it is
“lunatic” not to have one in place.
Periods of change – like a new job,
or the birth of a child – are good
time to set the process in motion.
It is about “agreeing in the best
times what would happen in the
worst”.
To be enforceable, any agreement
must be fair. Although fairness is a
difficult concept to qualify, courts
interpret it as the ability to meet
your spouse’s basic needs.
Without an nuptial agreement, a
court decides the outcome, which
can be unpredictable. And courts
give little to credence to who the
breadwinner is, since marriage is
viewed as a partnership.
YOGESH CHANDARANA
Annabel Palmer on how to avoid confusion, make the process easier, and take advantage of any relevant reliefs
G
E
T
T
Y
2012-13 TAX RATES AND THRESHOLDS
BASIC RATE HIGHER RATE ADDITIONAL RATE
TAXPAYER TAXPAYER TAXPAYER
INCOME TAX
Tax-free threshold £8,105 (rising to £9,440 in April 2013), unless you earn over £100,000
Income tax-rate 20%up to £34,370 40%between £34,371-£150,000 50%over £150,000 (45%in April)
INVESTMENT INCOME
Dividend income 10% 32.5% 42.5%
rate tax
CAPITAL GAINS
Capital gains tax 18% 28% 28%
Annual capital gains £10,600 £10,600 £10,600
exemptions
I
LOOKED like something out of
a Frankenstein movie, but it
was going to be a fun party
and I didn’t want to miss it.
Fingers were soon being
jabbed towards my forehead by
friends who looked puzzled and
slightly repulsed. “What happened
to you?” they demanded. I had
dotted lines of dark and blotchy
marks from one side to the other.
There was no point lying. “I did
Botox. A friend offered to do it, so
I decided to give it a try. I thought
she knew what she was doing.
Before injecting, she marked the
locations with a pen and said the
marks would wash away, but they
didn’t. I almost scrubbed to the
bone trying.” “Sure Richard, but
you’re mad to use an amateur.”
She was no amateur. She was
Miss Rozina Ali, one of the UK’s
leading plastic and reconstructive
surgeons. She’d made a simple
error, which we laugh about now:
using a surgical pen, which is like
a permanent marker. Rozie
(pictured) is a brilliant woman, her
range of skills includes reshaping
breasts, reattaching hands and
rebuilding faces. She also works on
helping people look younger.
The only good thing about
getting older is that it happens
gradually. The mirror, the scales,
and the exercise machine all break
the news to us very gradually. So
gradually, we barely notice. Then,
as you turn 40 and 50, you get
just little reminders of the
ageing “disease”. You see
the first grey hairs, you
read about sports stars
being “too old” at, say, 32,
and you start to make a
little grunt every time
you bend down to pick
something up.
So, as we hit the gym to
silence the grunt, what can
we do about our ageing
looks? Rozie believes
that the anti-
ageing industry is rapidly
changing. Cosmetics are hitting
the market that are clinically
backed and not just hype.
Know-how has also
improved dramatically
in the last ten years.
The most exciting area
may be lipo-
sculpturing, where fat
is moved from other
body areas to fill out
wrinkles on your face.
Not only is it effective,
but it is also believed that
the stem cells in the
transplanted fat may
cause the facial skin
to regenerate. We
would all like a
bit of that.
Society is
changing too.
The days are approaching when
getting cosmetic surgery will be
considered standard, even fun.
“Look at my new nose!” Far from
carrying a stigma, it will become a
status symbol, a trophy. The rich
and poor won’t be divided just by
what cars they drive, but by how
young and attractive they look.
In the meantime, if you suspect
a friend of using Botox, you can
use my technique.
Tell them some outrageous lie,
like “Elvis really is alive!” and
watch their forehead. If it doesn’t
wrinkle, they’re guilty. Or you can
always look for ink blotches on
their forehead.
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
It’s important to
put your best
face forward
21
MONDAY 21 JANUARY 2013
cityam.com
Annabel Palmer meets the digital duo revolutionising the way you watch films and TV
W
HEN Michael Cornish
and Adrian Letts first
met, they prefaced
everything they said
with “just so you know
I’m not stealing your idea, here’s
what I think”. They needn’t have
worried. What emerged was a
concept that seems so obvious now
it may leave you pondering that
frustrating question: “Why didn’t I
think of that?”
It was 2006 and the music industry
was going digital. Cornish and Letts
knew film and television would fol-
low. So they created Blinkbox,
which, in the unlikely event that its
recent multi-million pound advertis-
ing campaign has failed to bring you
up to speed, is a UK-based video on
demand service. But when you con-
sider that, in 2006, broadband
speeds were considerably slower,
iPads didn’t exist, and TVs didn’t
connect to the internet, it may seem
they were a tad premature. “On the
contrary”, says Cornish. “As a start-
up, if you’re not too early, you’re too
late. Otherwise the big guys will
swoop in”.
For the first year, Letts – an
Australian former senior Vodafone
executive – and Cornish – a
Canadian former senior Channel 4
executive – worked from Cornish’s
living room. They now have an
office in the heart of Silicon
Roundabout. And they sold 80 per
cent of the company to Tesco 18
months ago.
I ask how they went about getting
initial funding. “We found that early
stage capital was not hard to come
by. Venture capitalists were excited
by the opportunity and prepared to
take the risk,” says Letts. They raised
in the region of £800,000 to build
the technology and get the crucial
content from the studios. Getting
the next round of funding was a lot
tougher. “Start-ups should bear in
mind that venture capitalists are
more reluctant to offer second or
third rounds of funding,” says
Cornish. “Showing consumer trac-
tion was essential.” And to get that,
they had to focus.
“If I had one piece of advice for
future entrepreneurs, it would be to
accept immediately that you will
have a finite amount of money, peo-
ple, and time. Concentrate on three
to four things, ruthlessly prioritise,
and stay focused,” says Letts. But tim-
ing couldn’t have been better –
broadband speeds were increasing,
Entertainment pros who
thought outside the box
Company name: Blinkbox
Founded: 2006
Number of staff: 130
Job title: Chief executive
Age: 47
Born: Montreal
Lives: London
Studied: Maths and economics at
Western Ontario, MBA at INSEAD
Drinking: Red wine
Reading: The Prize, by Daniel
Yergin
Favourite business book: The
Fountainhead, by Ayn Rand
Talents: Very few
Motto: “Focus”
First ambition: To be a professional
ice hockey player
Heroes: Terry Fox
Michael Cornish (left) and Adrian Letts have attracted 1m users per month to Blinkbox
ENTREPRENEURS
The cosmetic confession of a sheepish looking Frankenstein
MICHAEL CORNISH
and powerful new ways of accessing
online content like the tablet were
coming onto the market. But they had
to be innovative, offer something the
“big guys” didn’t. “No subscriptions
and device accessibility are the key dif-
ferentiators”, says Cornish.
In 2010, they reached a point where
it became clear that, for their business
to succeed, they needed to raise more
money. Venture capitalists wouldn’t
provide the capital they needed to
“compete with the Skys or iTunes of
the world”. So they hired an invest-
ment bank and put the business up
for sale. Tesco wasn’t the highest bid-
der, but it gave them “the best oppor-
tunity”: 20m people enter its stores
each week, it’s the second biggest DVD
seller and third largest consumer elec-
tronics retailer in the UK.
Not only that, but Tesco enabled
Cornish and Letts to maintain the
entrepreneurial culture at Blinkbox.
“That’s why we’re still here,” says Letts.
“For the people reading this, you can
still be an entrepreneur within a big
company if the big company has an
appetite for it. We’re still entrepre-
neurs in a company that last year did
£75bn in global sales.” Blinkbox’s sales
in the past year are up 220 per cent.
Next year, they plan to consolidate
their market position. It shouldn’t be
difficult now they have the perfect
storm of opportunity, resources, an
evolving market, and strong support
from their partners.
CV
Job title: Chief operating officer
Age: 39
Born: Port Moresby, Papua New
Guinea
Lives: West London
Studied: Commerce, Sydney
University
Drinking: Bowmore whiskey
Reading: The Magnificent Mistake,
by Ion Valis
Favourite business book: Eating the
Big Fish by Alan Morgan
Talents: Breakdancing the caterpil-
lar
Motto: “Will it make the boat go
faster?”
First ambition: To work on Wall
Street
Heroes: The Anzacs
ADRIAN LETTS
CV
of a SERIAL
ENTREPRENEUR
RICHARD FARLEIGH
CONFESSIONS
T
HE British public has a reputation for
nostalgia, and its reaction to the
failure of HMV last week showed that
this isn’t limited to culture or history.
Despite its problems, HMV’s brand
identity gave it a valuable connection with its
audience. And even if this wasn’t enough to
sustain its obsolete business model, it
perhaps added a year or two to its lifetime.
Interbrand, a consultancy, produces a
yearly report on the world’s most valuable
brands and quantifies their worth. Coca-Cola
was put at $77.8bn (£48.9bn) in 2012, while
JP Morgan garnered a respectable $11.5bn.
Although these figures are open to debate,
Interbrand’s global chief executive Jez
Frampton is surely right when he calls a
firm’s identity “a living business asset”.
The same is true for all small or embryonic
companies. How a start-up develops its
identity to appeal to an audience is arguably
as important as who it hires. But while there
are metrics that can assist any entrepreneur
with the process of crafting an brand, much
still relies on gut-feeling or instinct.
More measurable is the failure to protect
that identity. The defence of intellectual
property is often thought of in terms of filing
a patent for a new process or invention – to
stop others exploiting your unique idea. But
if your business’s worth is in its identity, or in
the uniqueness of the experience it offers, it’s
as important to guard a name or logo.
Trademarks are defined by the Intellectual
Property Office as signs which “distinguish
your goods and services from those of your
competitors.” There are strict rules around
what can qualify as an acceptable trademark
– it can’t describe your product, or suggest
its quality, for example. But the application
process is simple. Once registered, you can
defend your company or product’s public
image against attempts to subvert (or trade
on the back of) your own hard work. And, if
you eventually sell up, the value of your
trademarks could form part of the price.
The Intellectual Property Office has the
details on registering your intellectual
property in all its forms. Visit
www.ipo.gov.uk for further details.
Tom Welsh is business features editor at
City A.M.
Why your brand
has cash value
INNOVATION
DIARY
TOM WELSH
LIFE&STYLE
MONDAY 21 JANUARY 2013
22
cityam.com
TRAVEL
T
HERE ARE some things that, on
visiting Cornwall, just have to
be done. Eat a Cornish pasty? It
would be rude not to. Wolf
down a calorie-laden afternoon tea of
scones with jam and clotted cream?
Why, yes. Stand gazing at the sky
from a golden beach and say: “The
light is so amazing here?” Well,
naturally. It’s the land of artists.
In fact, this southern peninsula is so
steeped in romance, art and literature
that it is easy to feel like you know it
before you even arrive. It inspires
dreams of Swallows and Amazons-
style adventures; wading round crag-
gy rocks to find long-lost pirate
treasure, or — as local author Susan
Cooper would have it — the Holy
Grail. In other words, it carries a huge
weight of expectation.
Arriving at St
Erth station, a
six-hour train
ride from
L o n d o n ’ s
Paddington, I
began to under-
stand all that
literary excite-
ment. Crossing
a few paces
from the mainline platform to the
small Brunel-designed line to St Ives is
like stepping back in time. Even the
small station shop, its walls lined
with vintage posters, was belting out
1940s music.
And as the train rattled its way
towards our four-day destination, the
track began hugging the coastline,
opening up a view of sparkling waters
and pristine beaches just waiting to
have a name written on them.
I was staying with my family at the
Hawke’s Point apartments in Carbis
Bay – a beautiful semi-circle of white
sand just a few minute’s train ride, or
a 20 minute walk, from the more
famous St Ives.
The luxury apartments are owned
by the family of Cornwall-born
Charles Ziar, a former advertising
copywriter who realised his dream a
few years ago of quitting London and
returning to his Celtic roots. His fami-
ly built the apartments in 2009 on the
site of a former hotel and, as luck
would have it, his wife Louise is an
interior designer, so was able to fur-
nish them in what she describes as
“French boutique Hamptons” style.
The result is a slightly nautical, hi-
tech and high spec apartment – the
type of uncluttered and modern look
I can only dream of maintaining at
home.
While I was “oohing” and “ahing”
over the Villeroy and Boch china and
Dualit toaster, my children were more
taken with the Wii and large-screen
TV. Thankfully not even Super Mario
could distract them for long from the
amazing view over the sea from the
front lawn – or the scones, jam and
clotted cream which are left for
guests, along with a bottle of cham-
pagne.
But, of course, we hadn’t only come
for the food. With only a few days to
see the sights, we’d had to narrow
down a long wish-list of things to do
in Cornwall. Day trips to see The Eden
Project, The Lost
Gardens of
Heligan or Land’s
End were all
tempting, but as
we’d come by
train and were
using public
transport, we
decided to stick
to the local coast-
line and save those for another visit.
By 8am the following day we were
back at the train station down the hill
and off to Penzance for a three-hour
marine discovery expedition.
On board the catamaran
Shearwater II, crewed by husband
and wife team Duncan and Hannah
Jones, we hoisted sail and went in
search of seals, dolphins, porpoises
and sharks.
The seals, lolling around the rocks
offshore the picturesque village of
Mousehole seemed to pose for our
cameras – and after spotting them,
our children began eagerly hunting
for more wildlife.
They were rewarded with glimpses
of porpoises jumping a good distance
from the boat, though sadly, this
time, the dolphins stayed well away.
Still, the kids were more than happy
to spend an hour or so jumping
around in the catamaran trampoline.
Meanwhile I got more of a thrill from
an offshore view of the world famous
Minack Theatre, carved into the rock
face, and a sneak peek at reclusive
author John Le Carre’s cliffside home.
Back in Penzance, we wandered
along the quay and fetched up at local
pub The Dolphin for delicious fish
and chips. That was all it took for my
husband and children to decide they
wanted to put a line out for them-
selves. They swiftly booked a fishing
trip on board the Celtic Fox and head-
ed back out at sea.
Meanwhile, I went to visit scenic
Marizion, which claims to be the old-
est town in Britain.
It’s a beautiful spot and, even in late
October, the sun was gleaming on the
water and families were out in force
with their buckets and spades.
At low tide you can apparently cross
the causeway to Saint Michael’s
Mount, but with just a couple of
hours to kill, we were happy to watch
the ferry crossing to and fro from the
island to the mainland, look at the
local art galleries and craft shops, and
enjoy a beer in the harbour view pub.
It’s this type of mooching about
that Cornwall caters for so brilliantly.
St Ives, too, is full of tiny lanes and a
mix of designer shops and quirky
knick-knack treasure troves that draw
you in for hours of browsing. Locals
complain the UK-wide newcomers –
Superdry, Cath Kidston, Pizza Express
et al – are taking over what used to be
a homegrown market. But as a
tourist, I enjoyed the fact that one
minute I was eyeing up Joseph Joseph
cutting boards, the next poring over
hand-made brooches and earwigging
on the church hall volunteers’
earnest debate about which
Knebworth concert was the best.
Action, culture,
and food on the
Cornish coastline
Artists and thrillseekers alike flock to the
rugged Cornwall coast. Jenny Forsyth
says it might be the perfect staycation.
For the first time I
managed to stand up on
a surfboard —and almost
crashed into my son

The magnificent expanse
of beach at Carbis Bay
(weather not guaranteed)
Local food highlights were the six
beautiful haddock that came home
from the fishing expedition, deli-
cious Cornish pasties one lunchtime
and a late-night stop for Roskilly ice
cream.
And as we had settled in so quickly
to the local cuisine, we thought we’d
burn a bit off with the local sport –
surfing.
We were going to have to move a lot
to stay warm on what was, technical-
ly, the first day of winter, complete
with freezing wind and icy tempera-
tures.
Wrangling the whole family into St
Ives Surf School’s thick wetsuits was a
good warm up, but sadly still not
enough to stop my seven-year-old
daughter from looking like surfer
The Barbara Hepworth Museum in St Ives is well worth a stop-off
MONDAY 21 JANUARY 2013
23
smurf within minutes on the
windswept beach. She retired to the
shop to warm up.
Having long ago tried – and failed
– to master the art of standing up on
a board, I wasn’t expecting to
achieve much. But our instructor
carefully explained how to paddle
before the wave, pull up to kneeling
position then flick ourselves up to
our feet. It took only a few minutes
for him to realise what none of my
surfing gang in my native New
Zealand ever spotted – I was trying
to stand up with my front foot first,
rather then steadying myself with
the back foot. Why did I not take a
lesson years ago?
With my new top tip I managed
one wobbly ride for a few seconds,
almost crashing into my son who
had taken to surfing like a duck to
water.
I would say we returned to dry
land, except the weather had packed
in, with driving rain and hail. It
seemed an ideal time to check out
The Tate St Ives and Barbara
Hepworth Museum and Sculpture
Garden.
The sculpture garden, tucked away
behind a blink-and-you’ll-miss-it door
in the middle of the town, looked
incredible, even under the down-
pour. In fact, the oversized wood,
stone and bronze sculptures may
have been improved by all that rain
dripping off them. “Wow, she must
have been really strong,” said the jun-
ior art critic, as he tried to resist run-
ning a hand over the smooth
surfaces.
What the Barbara Hepworth
Museum lacked in grandeur was more
than made up for by the imposing
three-storey Tate St Ives, towering over
Porthmear Beach where we’d been
surfing.
Like the Tate in London, it is home to
a modern collection, which polarises
art lovers and critics. No doubt I’m not
the first to find the most inspiring pic-
ture was the view from the balcony of
the beach and raging surf outside.
My children too, were a little under-
whelmed by the art, though they did
love the children’s workshop where
they spent a happy half hour doing
crayon rubbings.
Finally, I managed to drag them away
for a longer tour around the gallery,
where seven-year-old Eloise stood star-
ing in wonder at Bela Kolarova’s
framed line up of paper clips, which
are said to be a playful arrangement
showing chance and order through the
use of similar items. “But I could do
that” she exclaimed, proving that not
all ubiquitous comments on this holi-
day needed be about Cornwall.
NEED TO KNOW
HAWKE’S POINT
For more information or to book a stay, visit
www.hawkes-point.co.uk
or call +44 (0)1726 884072
Rates:
Three nights in a Sea Garden Apartment
sleeping four starts from £320 and seven
nights start from £520. Three nights in a
Penthouse Apartment sleeping four starts
from £430 and seven nights from £790.
Half term deals (Monday 18 February to
Friday 22 February 2013) include:
Four nights in a Sea Garden Apartment
sleeping four for £476, saving £204, plus 30
per cent off February2014 half-term stays.
Four nights in a Penthouse Apartment
sleeping six for £730, saving £270, plus 30
per cent off February 2014 half-term stays.
Hawke’s Point works alongside
“food4myholiday”, a local company which
offers a wide range of the freshest Cornish
produce with a chef’s eye for quality, plus all
your store cupboard staples.
www.food4myholiday.com / 01503 240992
Marine Discovery Penzance operates from
early March to the end of October and offers
the opportunity to explore some of the UK’s
most incredible coastlines by catamaran for
an inspiring marine safari experience.
www.marinediscovery.co.uk / 01736 874907 or
07749 277110
Tate St Ives and the Barbara Hepworth Museum
and Sculpture Garden
www.tate.org.uk/visit/tate-st-ives /
01736 796 226
St Ives Surf School, Porthmeor Beach
www.stivessurfschool.co.uk / 01736 793938
info@stivesurfschool.co.uk
MJ Marine fishing trips, on board the Celtic Fox
079712 81888
Show stopper: designed by local Rowena Cade in 1930, The Minack Theatre is constructed above a gully by the coast near Porthcurno
The Tate St Ives is a Cornwall must-see
www.fightcentre.co.uk/frstandbusiness Call 0844 499 9305
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DISCOVERY HOME &
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BBC2 ITV CHANNEL4 CHANNEL5
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9pmCHOICE Miranda
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BBC1 BBC2 ITV1 CHANNEL4 CHANNEL5
MONDAY 21 JANUARY 2013
MIRANDA
BBC1, 9PM
As Gary prepares for the grand
reopening of the restaurant, Miranda
realises she is more attracted to
him than ever.
THE GREAT COMIC RELIEF BAKE
OFF BBC2, 8.30PM
Famous faces enter the Great British
Bake Off tent as part of Comic Relief,
beginning with stand-ups Jo Brand
and Stephen K Amos.
WILD THINGS
CHANNEL4, 8.30PM
Garden designer Chris Myers
investigates the ways in which
plants offer an understanding of
changing British wildlife.
TVPICK
SARACENS boss Mark McCall hailed
the return to form of Chris Ashton
after he scored twice against
Edinburgh to send his side into the
Heineken Cup quarter-finals.
Yesterday’s 40-7 victory was a fine
way to bid farewell to a snowy
Vicarage Road with the bonus point
ensuring the Aviva Premiership side
a last eight home tie against Ulster.
Prop Matt Stevens also went over
before fly-half Charlie Hodgson’s try
with five minutes to go secured the
bonus point and full-back Chris
Wyles added gloss to the score-line.
Saracens director of rugby McCall
said: “It was great to see Ashy
[Ashton] score a couple of tries and
getting back to what he really does
best. The second try was fantastic
and I wish I could claim credit for
thinking that up – Ashy and Owen
[Farrell] just saw each other and they
pulled it off.”
Elsewhere yesterday three Toby
Flood penalties gave Leicester a vital
9-5 win over Toulouse to pipi the
Frenchmen to top spot in Pool Two
Ashton double
hands Saracens
Ulster home tie
and earn last eight tie at Toulon.
Harlequins made it six wins out of
six as they battled Biarritz as well as
the conditions to come out 16-9 win-
ners in France on Friday and secure a
home draw against Munster. Nick
Evans produced a fine kicking per-
formance in the driving rain to slot
over three penalties and a conversion
following Tom Guest’s first-half try.
London Wasps 20-19 win on
Thursday, following a late Newport
Gwent Dragons fightback, earned a
home Amlin Challenge Cup quarter-
final against Leinster.
London Irish finished their cam-
paign on a high with a 17-7 win over
Bordeaux-Begles which made it three
consecutive wins in all competitions
for the first time this season.
And London Welsh finished their
first European campaign with a 39-17
defeat away to Stade Francais despite
two tries for Phil Mackenzie.
Aviva is proud to be title sponsor of
Aviva Premiership Rugby, one of the
world's leading rugby union competitions.
Each season will feature 135 games, which
will be watched by 1.7m people live at the
grounds. Visit www.premiershiprugby.com
EUROPEAN QUARTER AND SEMI-FINAL DRAWS
Heineken Cup
n Quarter-finals (5-7 April)
Harlequins v Munster
Clermont Auvergne v Montpellier
Toulon v Leicester Tigers
Saracens v Ulster
n Semi-finals (16-28 April)
Saracens or Ulster v
Toulon or Leicester Tigers
Clermont Auvergne or Montpellier v
Harlequins or Munster
Amlin Challenge Cup
n Quarter-finals (4-7 April)
Bath v Stade Francais
Gloucester v 7 Biarritz
Perpignan v 6 Toulouse
London Wasps v Leinster
n Semi-finals (16-28 April)
Perpignan or Toulouse v
Bath or Stade Francais
London Wasps or Leinster v
Gloucester or Biarritz
Ashton scored twice in the 40-7 win – Sarries’ last match at Vicarage Road
BY SAMUEL WAKEFIELD
SPORT
25
MONDAY 21 JANUARY 2013
cityam.com
CITY A.M.’S RACING EDITOR BILL ESDAILE WITH ALL THE LASTEST RACING INFORMATION
FOR THE
CHELTENHAM
FESTIVAL.
In association with
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To make a booking or request further information please
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Premier Table of 10 £1,800 + VAT
Pre-event complimentary drinks reception, prime positioned
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TO DIGEST THE SIX NATIONS 2013…
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Saat|+mptar 1 E1ertar (8pm)....................................................................
DISGRACED cyclist Lance
Armstrong will be forgiven by the
American public within “a few
months” now that he has admitted
cheating his way to seven Tour de
France wins, says former sprinter
and fellow doper Ben Johnson.
Armstrong ended years of
vehement denials last week when
he confessed to chat show host
Oprah Winfrey that he used a
cocktail of banned substances and
illegal techniques during his most
successful years.
The explosive interview met with
a mixed reaction, with some critics
accusing Armstrong of a lack of
contrition, and has prompted some
of the American’s former backers
to prepare multi-million dollar
lawsuits.
But Johnson, who was stripped of
his 100m gold medal at the 1988
Olympics for using steroids,
believes Armstrong is on track to
be accepted in his homeland.
“The American people will
forgive him. I don’t think it’s going
to be a tough time for him to make
a living. It’s going to be fine for
him in a few months,” said
Johnson. “The worst thing to
happen to him right now is that
he’s a guy who liked to bully people
and be in control and was never
wrong, always right.”
Texan company SCA Promotions
could file a $12m (£7.5m) lawsuit
against Armstrong this week, one
of its lawyers said yesterday.
US will forgive
cheat Lance,
says Johnson
TOTTENHAM manager Andre Villas-
Boas insisted Manchester United
were lucky to escape with as much as
a point after his side struck in the
third minute of injury time to snatch
a valuable draw.
Ex-Arsenal captain Robin van
Persie tormented his former rivals
with a header to open the scoring on
25 minutes, and United looked set to
hold on for the win despite a second-
half Spurs bombardment.
But Clint Dempsey turned in
Aaron Lennon’s pass in stoppage
time to tighten the home side’s grip
on a Champions League place and
prevent the visitors re-establishing a
seven-point Premier League lead.
United boss Sir Alex Ferguson was
quick to blame the officials for refus-
ing to give penalty for a challenge by
Steven Caulkler on Wayne Rooney,
but Villas-Boas hit back by declaring
them barely worth a point.
“We dominated the whole game,
played well and deserved to win,”
said the Spurs boss, whose team are
now four points ahead of fifth-placed
Everton. “We had 60 per cent posses-
sion, 15 shots against four and
should have won. We set our targets
high, we wanted to win.”
Ferguson pointed the finger at
assistant referee Simon Beck, whom
he accused of being a serial offender
against his team.
“It was a clear penalty. He [Caulker]
has put his leg right in there. The
linesman is facing it, I thought he
had a very poor game, the linesman,
he was disappointing,” he said.
Heavy snowfall meant the match
was only given the green light 70
minutes before kick-off, and United
soon took the upper hand, Van Persie
meeting Tom Cleverley’s right-wing
cross with a firm back-post header.
United goalkeeper David de Gea
repeatedly denied Spurs, first stop-
ping winger Gareth Bale’s deflected
drive with his knees, then denying
midfielder Dempsey at point-blank
range by flinging out a leg.
But the Spanish stopper erred
when it mattered most. His flap at
Benoit Assou-Ekotto’s cross from the
left allowed Lennon to gather and
square across goal, where Dempsey
found the net through a crowd.
CHELSEA manager Rafael Benitez
has warned club captain John Terry
that he cannot expect to walk
straight back into the side, after a
resilient defensive performance
against Arsenal tightened the Blues’
grip on a top four place.
An early strike from Juan Mata
and a Frank Lampard penalty gave
the home side a two-goal lead at
the break, but Theo Walcott scored
on the hour and Chelsea had to dig
deep to take all three points from
their London rivals.
Terry was named on the bench
for the third straight game, as he
recuperates from a knee injury
sustained in November.
“Every player here has to compete
for his position and that is a good
thing for the team and for me as
the manager,” Benitez said.
“He [Terry] has been out for six
weeks. It is still too early because of
[his] match fitness. You have to play
– but I cannot play him in these
kind of games because obviously
you play at home, you play high and
it’s more difficult for him if he
doesn’t have his match fitness.”
The result put Chelsea eleven
points clear of Arsenal, with the
north Londoners seven points off
the coveted Champions League
qualification places, and boss
Arsene Wenger was left to rue a
second straight Premier League
defeat and
another poor
first half
display. “We
have lost two big
games in the last
week and that’s very
damaging for us. We
cannot afford to drop
points any more if we
want to be in the top four.
It’s a concern,” he said.
“There’s a psychological
ingredient in there for sure.
I felt that in the last two
games we didn’t really go for
it from the start.”
Wenger’s side were under
the cosh from the start,
and may have conceded a penalty
when Abou Diaby appeared to have
his arms around Oscar on the edge
of the penalty
area. Yet
nothing was
given, and the
first clear chance
of the game fell to
Olivier Giroud
inside five minutes,
as the striker dragged a
left-footed shot wide
with only Cech to beat.
Chelsea went straight up
the other end and scored,
however. Eden Hazard lifted
the ball over the Arsenal back
line, for Mata to collect and
drill high past Wojciech Szczesny.
And with only a quarter of an
hour on the clock, the lead was
doubled. Ramires found himself
free in the same space that Mata
had occupied for the first goal. He
tried to cut past Szczesny and went
over the Polish international’s
outstretched leg.
Szczesny was booked, and then
sent the wrong way by Lampard’s
resulting side-footed penalty.
After the break the visitors looked
a different side, and on 58 minutes
a sumptuous slide rule through-ball
from Santi Cazorla put Walcott
clear. Arsenal’s top scorer curled the
shot past Cech to notch his 15th
goal of the season.
Giroud headed an injury-time
chance narrowly over the bar, yet
Arsenal could not find an equaliser.
MONDAY 21 JANUARY 2013
26
SPORT
cityam.com/sport
BY FRANK DALLERES
Frank Lampard has scored nine
goals for Chelsea this season
@cityam_sport
Armstrong admitted doping last week
Man Utd 23 18 2 3 57 30 56
Man City 23 15 6 2 45 19 51
Chelsea 23 13 6 4 47 22 45
Tottenham 23 12 5 6 40 28 41
TOP FOUR
TEAM PLD W D L F A PTS
Dempsey late
goal snatches
draw and riles
United boss
TOTTENHAM HOTSPUR...............1
MANCHESTER UNITED ................1
BY FRANK DALLERES
PREMIER LEAGUE
Resilient Chelsea lift top four hopes and dent Arsenal’s
CHELSEA.....................................2
ARSENAL.....................................1
BY JULIAN HARRIS
AT STAMFORD BRIDGE
PREMIER LEAGUE
27
I
T’S sometimes important to put
these things in context. This
column, in its original form, was
all about the current descent into
mediocrity of Australian sport. How
the ridiculous anointing of Bernard
Tomic as the successor to Rod Laver
died a horrible death on Saturday
night when Federer showed him who
was boss. Three straight sets and it was
Roger and out, Bernie.
It was going to be about the
shambolic rotational selection
system of the national cricket team
that has energised a hundred talk
show phone-ins in recent weeks.
It was going to be about the rather
sad reliance on an ageing Italian,
Alessandro Del Piero to galvanise the
Aussie soccer league, and the
lamentable excuse that an over
reliance on social media was the
cause of the Aussie swim team’s poor
performance at London 2012.
It was going to reference the Youth
Olympic Festival featuring thousands
of Olympians of the future who were
betrayed by woeful publicity that
meant the people of Sydney barely
knew they were in town. It could
have discussed the belief by many
officials at those Games that Sydney
2000 led to a complacency that has
left Aussie sport struggling to avoid
relegation from the premier league
of international competition.
GARGANTUAN
It could have added that a media
obsessed by rugby league transfers
and Shane Warne’s transgressions is
not really representing the best
interests of a nation supposedly
obsessed with sport, but in reality
has to confront lower participation
numbers and serious obesity issues
that are all too familiar at home.
But forget all that – instead, this
piece is being re-written at 2am
because the final point of Novak
Djokovic’s match against Stanislas
Wawrinka in the Australian Open
was so spellbinding that, for a brief
period in time, the decline of Aussie
sport, Lance Armstrong and Chelsea
against Arsenal simply didn’t matter.
After more than five hours on
court, and seemingly down and out,
the world No1 produced a comeback
culminating in a final winner of
stratospheric proportions, that, just
for now, we should all just gasp and
marvel at it. Watch it on You Tube.
Access it somehow. How is it possible
for a man at the end of his human
reserves to produce a shot like that
to win such a gargantuan match?
So yes, Aussie sport has a myriad
range of issues that need to be
addressed if they are not to descend
into an international league
currently occupied by Papua New
Guinea. But that is for another time.
For now – on the tube, the bus, at
the office, wherever – watch the end
of the Djokovic game and marvel.
That’s why we love sport, Lance.
Djokovic produced a moment of genius despite being five hours into his match
Two tries from Chris Ashton saw Saracens
beat Edinburgh and reach the quarter-finals
of the Heineken Cup
cityam.com
MONDAY 21 JANUARY 2013
WORLD No1 Novak Djokovic was
left almost speechless after
prevailing in a five-set marathon
against 15th seed Stanislas
Wawrinka to reach the quarter-
finals of the Australian Open
yesterday.
The Serb came from a set down
to lead 2-1 and then drew on the
experience of his five grand slam
wins to see off the dogged Swiss 1-
6, 7-5, 6-4, 6-7 (5-7), 12-10 in a match
that finished at 1:43am in
Melbourne. Djokovic, who is set to
face Czech fifth seed Tomas
Berdych in the last eight tomorrow,
admitted it would have been no
injustice if his quest for a fourth
Australian Open title had ended.
“It’s really hard to find the words
to describe the feeling we had
tonight, especially in the fifth set,”
he said after the five-hour epic.
“He equally deserved to be a
winner of this match. I give him a
lot of credit; he has my respect. He
showed his quality and was the
aggressive player on the court.
“Even at a set and 5-3 down I
believed I could come back. When
you are not playing the way you
want to play, you just try to fight
and hope for the best.”
Wawrinka saved two match
points at 11-10 in the final set
before Djokovic returned two
blistering shots at full stretch and
clinched victory with a magnificent
topspin cross-court backhand.
Berdych progressed with a
straight-sets win over South
African Kevin Anderson, while
fourth seed David Ferrer overcame
Japan’s Kei Nishikori with ease and
10th seed Nicolas Almagro
benefited from eighth seed Janko
Tipsarevic’s retirement.
Women’s second seed Maria
Sharapova dropped just one game
against Belgian Kirsten Flipkens
and is set to meet fellow Russian
Ekaterina Makarova in the quarter-
finals. Fourth seed Agnieszka
Radwanska defeated former world
No1 Ana Ivanovic and will play
2011 French Open champion Li Na
in the last eight, after she beat
German Julia Goerges.
Britain’s Andy Murray is firm
favourite to progress against a
jaded Gilles Simon when he meets
the 14th seed this morning.
Simon, who has lost his last nine
matches against the Scot, needed
three hours of treatment after his
five-hour, third-round win over
fellow Frenchman Gael Monfils.
I couldn’t have
argued if I had
lost, says Serb
Full quarter-final draw: Page 25
BY FRANK DALLERES
Murray faces Gilles Simon this morning
SPORT
COMMENT
JOHN INVERDALE
Spellbinding Djokovic reminds
us all exactly why we love sport
IN BRIEF
Selby claims Masters title
nSNOOKER: England’s Mark Selby
defeated defending champion Neil
Robertson in last night’s Masters final
at Alexandra Palace. Selby, nicknamed
the Jester from Leicester, beat the
Australian by 10 frames to six, despite
a valiant fight-back from Robertson
producing a dramatic end to the final.
Selby is enjoying an excellent run of
form, having won the UK
Championship last month.
Cisse leaves QPR for Qatari team
nFOOTBALL: QPR have loaned pacey
striker Djibril Cisse to Qatari club Al
Gharafa until the end of the season.
Cisse was considered surplus to
requirements after QPR captured
French international Loic Remy from
Marseille for £8m.
THE WEEKEND’S heavy snow has
prevented England seam bowler
Stuart Broad from flying out to
rejoin his colleagues on the final
stage of their tour of India, it was
revealed yesterday.
In a tale familiar to many
frustrated travellers, England’s
new one-day international coach
Ashley Giles explained that
Broad’s trip was thwarted by
cancelled flights and lost luggage.
“Stuart is not coming to India
now. He got snowed in at
Heathrow and I think his bags
went missing as well,” Giles said.
“It can’t be helped; you can’t do
much about snow.”
Snow prevents England seamer
Broad from returning to India
Broad has been in England
recovering from a heel injury.
Trailing 2-1 in the series, his team-
mates have two ODIs left against
India, starting on Wednesday.
They then depart for New
Zealand for the next stage of the
winter tour.
“It’s not ideal because we were
hoping for him to come out here
and, whether or not he played in
one of the last two games, just do
some prep for New Zealand,” Giles
added, of Broad. “But we have a bit
of time in New Zealand and he’ll
meet us there.”
Broad said on Twitter yesterday:
“Gutted I can’t get to India. I’m off
home with all my luggage at
Heathrow.”
WALES’S Jamie Donaldson is set to
move even further up golf’s world
rankings after pipping England’s
Justin Rose to the Abu Dhabi
Championship, yesterday.
Donaldson finished 14 under par
to beat Rose by one stroke,
overcoming a two-shot deficit.
The Welshman is ranked 47th in
the world after winning the Irish
Open last year, when he also came
19th in the European Tour’s
money list. With yesterday’s
victory, he will move further up.
“It was nerve wracking,”
Donaldson said after a tight finish.
“I’m just very happy to be holding
the trophy.”
Abu Dhabi win
for Donaldson
BY JULIAN HARRIS
BY JULIAN HARRIS
Dempsey (left)
struck in the
third minute of
injury time to
grab a draw

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