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Bumi battle
hinges on
key investor
THE CITY takeover watchdog could
decide the fate of troubled coalmin-
er Bumi as soon as tomorrow after a
key stakeholder moved to offload a
decisive voting bloc in the company.
Former Bumi non-executive direc-
tor Rosan Roeslani, who owns 13 per
cent of the company through his
firm Bukit Mutiara, is thought to be
exploring plans to sell the stake to
two new investors, who may
become eligible to vote at a crunch
ballot of shareholders this week.
The emergency meeting, set for
Thursday, will be used to vote on
plans by Bumi co-founder Nat
Rothschild to remove 12 of the 14
directors on the Bumi board.
If Roeslani sells his stake, the
Takeover Panel must decide before a
shareholder registration deadline
tomorrow if the new investors are
independent and have a free hand
to vote their shares which could
tip the balance against Rothschilds
It is not known how the potential
investors, who are currently anony-
mous, will vote if the stake is sold.
The Takeover Panel, headed by for-
mer UBS banker Robert Gillespie,
previously ruled Bukit Mutiara was
a so-called concert party another
term for a voting ally of sharehold-
ers the Bakrie Group. This ruling
reduced the voting power of their
shareholding bloc at the meeting to
29.9 per cent.
Blockbuster went into administration in January
SHOPPERS have been deserting the
UKs struggling retailers since the start
of the year, adding to gloom in the sec-
tor as sales fall for the first time in
years and well-established firms col-
lapse into administration.
Total UK retail footfall sunk 4.6 per
cent over the year to January, data
from the British Retail Consortium
(BRC) and Springboard revealed this
morning, the sharpest drop for nine
months. Even including the busy
Christmas shopping period footfall is
on the slide, coming in 1.7 per cent
lower than the same period a year
before in the three months from
November to January.
While retail parks and shopping cen-
tres avoided the worst of the retail
bloodbath in 2012, their run of good
fortune came to an end at the turn of
the year. Footfall crashed 7.2 per cent
in out-of-town retail parks and 5.2 per
cent in shopping centres in the year to
January, compared to a 3.3 per cent fall
in visitors to the high street.
Even Greater London was pulled into
a 1.1 per cent decline. The worst-per-
forming region was the north and
Yorkshire, where footfall dived by 8.3
per cent over the year.
The latest figures come as designers
and buyers flock to the capital for
London Fashion Week, with high-
street names Topshop and River Island
hosting catwalk shows over the week-
end alongside luxury brands Mulberry
and Vivienne Westwood.
Speaking backstage at the Topshop
show yesterday, Arcadia Group chief
executive Sir Philip Green said e-com-
merce was reshaping the way con-
sumers spend, driving shoppers away
from bricks and mortar stores.
If you talk to nearly any retailer and
ask if theyd like to have fewer shops,
yes they would, he told Sky News.
But the BRC suggested that snowfall
was to blame for the poor retail traffic,
and claimed that shoppers were actu-
ally spending more despite making
fewer visits to stores.
The mid-month snow took its toll
on numbers of people out braving the
elements, especially when making
journeys to out-of-town retail parks,
said BRC boss Helen Dickinson.
But official numbers from the Office
for National Statistics (ONS) show the
volume of retail sales fell 0.6 per cent
over the year to January bringing an
abrupt end to 17 months of growth. FREE
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SUPERMARKET chain Morrisons
yesterday snapped up 49 stores
from defunct video chain
Blockbuster, proving its
commitment to the UK high street
as it seeks to expand its offering of
smaller shops.
Blockbuster collapsed into
administration last month, and
advisers Deloitte are planning to
close 332 stores across the UK.
Morrisons, which earlier this
month bought seven stores from
collapsed camera retailer Jessops,
will use the new sites to grow its
Morrisons M Local convenience
The UKs fourth largest grocer
has been lagging behind rivals in
recent months, losing market
share and posting a 2.5 per cent
slump in like-for-like sales in the
six weeks to 30 December.
Interview, page 9
Recession-busting job opportunities, every Monday
See pages 19-22
Morrisons buys 49 Blockbuster
shops to grow convenience unit
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VINCE Cable yesterday suggested the
Lib Dems could join Labour and vote
in favour of a so-called mansion tax
on 2m homes, saying it was an an
idea whose time has come.
However the business secretary
was forced to talk down internal
party suggestions for a wealth tax on
personal items such as jewellery, say-
ing the plan is completely impracti-
cal and intrusive.
Proposals for a one per cent annual
levy on high-end property, which
received the backing of Ed Miliband
last week, are due to be debated in
the House of Commons next month
and Cable said his party could side
with the opposition on the issue.
If its purely a statement of sup-
port to the principle of the mansion
tax, Im sure my colleagues would
want to support it. But very often in
these opposition days they cant
resist the temptation to make party
political point scoring and dragging
other issues in like the 10p rate. If
that happens Im sure we will not.
Its up to them to be statesmanlike
and sensible in how they approach
it, he told Sky News Murnaghan
Despite Cables rebuttal the pro-
posed wealth tax on personal items
will be put forward at the partys
spring conference in Brighton next
London outgunned on EU pay curbs
The most stringent curbs on bankers pay
since the 2008 financial crisis are to be
imposed by the EU, as Britain faces defeat
in Brussels over an issue dear to the City.
Talks on EU reforms to make banks safer
are in a potentially decisive week.
Man Group set for a shake-up
Man Groups incoming chief is poised to
announce a sweeping management
shake-up of the worlds largest listed
hedge fund. Emmanuel Roman is due to
take over as chief executive from Peter
Clarke on 28 February, when the company
announces its full-year results for 2012, a
year in which Man haemorrhaged assets
and its share price slumped 36 per cent.
BT in talks to acquire ESPN football
BT is in discussions to acquire football
rights from sports broadcaster ESPN as
the Disney-owned channel explores an
exit from the UK. The interest comes as
the UK telecoms operator plans to roll out
as many as three sports channels to
broadcast football, rugby and other
sports content it has already acquired for
almost 1bn.
Mayor defends gust-hit cable car
So few passengers use the 60m Thames
cable car backed by Boris Johnson that it
lost 50,000 in a week, a critic claims.
Because of falling demand and stoppages
for high winds, weekly traffic on Emirates
Air Line, dropped below 15,000 in the
week to 2 February, according to figures.
Playstation cheaper than last model
Industry sources and leaked internal
documents suggest Sony is considering
pricing its new Playstation at about 300,
more than 100 less than the last model.
Centrica tries to draw fire from profits
British Gas owner Centrica plans to take
the unusual step of drawing attention to
the 1.1bn it pays in tax as it prepares for a
backlash over a likely double-digit rise in
profits from its consumer business.
PPI-claims firm rang emergency lift
The boss of one of Britains leading
challenger banks has warned of the
increasingly ridiculous steps that claims
management companies are taking to find
potential customers.
ConocoPhillips to resume China ops
US energy company ConocoPhillips has
been cleared to resume full operations at
an offshore Chinese oil field after being
sanctioned by Beijing over oil spills in
Kingdom invests in Chinas Jingdong
A group that includes Saudi Prince
Alwaleed bin Talal is betting 1.5bn riyals
($258m) on the promise of strong growth
in Chinese e-commerce, despite
intensifying competition.
THE COALITION is pushing ahead
with plans to hand employees at
least 10 per cent of the shares in
Royal Mail, with Britains biggest
privatisation in two decades lined
up for this year.
Although the government is
continuing to explore all options
for the state-owned postal service
including the sale of a stake to a
private equity firm banks are
increasingly confident that a stock
market launch is possible this year.
Londons previously moribund
IPO market has also shown signs of
life following last weeks float of
housebuilder Crest Nicholson.
Heavily unionised Royal Mail
staff who mainly oppose the
privatisation will be placated
with free shares or options to buy
discounted stock in the company,
which has been valued at up to
4bn and would be a candidate for
inclusion in the FTSE 100.
Efforts to sell the business have
accelerated since its pension debt
was separated from the company
last year, while UBS tested
investors appetite for the deal
before Christmas.
In November Royal Mail
announced a rise in half-year
profits from 12m to 144m,
largely thanks to an increase in
parcels business thanks to the
online shopping boom.
Royal Mail staff
on track to take
10pc of shares
Vince Cable said some of the tax policies proposed by his partys activists are wacky
The state-owned railway company
East Coast Main Line has paid eight
directors salaries of 100,000 or
above, according to Freedom of
Information figures. The highest-paid
director, believed to be Karen Boswell,
is on a salary package worth 161,000
to 180,000 a year, figures released to
the Press Association showed. Seven
other executives at the government-
back company received salaries of
more than 100,000. Michael Holden,
chief executive of Directly Operated
Railways (DOR), which East Coast is a
subsidiary of, received 156,100.
Rail directors
receiving 100k
FTSE 100 giants Vodafone and BAE
Systems yesterday announced a five-
year strategic partnership to safe-
guard mobile phones. The tie-up is
part of BAE Systems push to grow its
cyber and security arm BAE Systems
Detica and will also help Vodafones
business customers fight against the
growing threat of cyber attacks. The
initiative between the pair, Vodafone
Mobile Threat Manager, launches in
Spring. BAE and Vodafone aim to
eventually offer a range of security
systems, such as one protecting
machine to machine interactions.
New tie-up for
mobile security
To contact the newsdesk email
OLITICAL ideas have always been
cyclical. When incomes are
falling, the economy is
flatlining, credit is scarcer, prices
are rising and it is hard to find work,
the public always turns against
capitalism (or the mixed economy
corporatism that these days passes for
it); in boom times, it tends to be more
relaxed about other people making
vast sums of money.
But ideological shifts are not a
given. They can be stopped and
reversed by determined leaders as
Boris Johnson showed during his elec-
tion campaign, for example and by
the right policies. The key problem is
that many markets have become
rigged by massive government inter-
ventions in every nook and cranny of
the economy, creating inefficiencies,
damaging growth and financing vest-
ed interests at the expense of the gen-
We need a consumer revolution to deliver lower utility prices
eral interest. Tragically, the coalition
has barely begun to tackle any of this
and in many cases has actually made
the problem worse.
One MP who has been thinking
about these sorts of matters is
Dominic Raab, a thoughtful Tory who
is campaigning for capitalism for the
little guy. His main idea, contained
in a pamphlet out today from the
Centre for Policy Studies, is simple:
the power of markets and especially
competition need to be harnessed to
boost consumer choice, slash prices
and improve customer service in the
energy, water, retail banking, schools
and health sectors, all industries with
a low reputation that are helping
turn the public against business and
capitalism. Raabs reforms would
deliver tangible benefits to millions
of consumers, put them back in
charge, relegitimise profits in those
industries and signal that competitive
capitalism is the real answer to crony-
ism, corporatism and class warfare.
As Raab points out, in the four years
to 2014, the subsidies to energy com-
panies to generate solar, wind and
hydro-electric power as part of the
Renewables Obligation are going up
by 100 per cent to over 2.5bn, or 97
per household per year. Feed-in-
Tariffs, another subsidy, will reach
790m per year, up from 14.5m in
2010-11. The Renewables Obligations
to. Consumers who request it are
given, in a standard and easy to
understand electronic format, key
data about their consumption and
costs, making it much easier to switch
supplier and to make comparisons
with rivals. This data could be fed into
Raabs new web portal and could
transform consumer power, making
it much easier to switch utility than it
currently is to change mobile phone
company or even to switch insurer.
Raabs other ideas include separat-
ing the retail and supply arms of the
water companies to create real choice
in that market; and making bank
accounts portable. The coalition must
stop fiddling and urgently listen to
pro-capitalist consumer advocates
such as Raab.
replacement will further increase the
cost to consumers to 7.6bn a year.
These schemes need to be scrapped
for people to enjoy cheaper bills.
But that is not all: Raab also wants
to create a secure online account
switching facility to make it much
easier for consumers to change ener-
gy company if they are unhappy.
Companies would be nudged into
signing up to it via a temporary tax
break. This part of the plan is crucial:
consumers need to feel that they are
free to choose and can easily sack
their provider. He speaks highly of a
recent mass switch-over coordinated
by Which, the consumer magazine;
32,000 families changed providers
after a special reverse auction.
The government is already encour-
aging Midata, a voluntary initiative
that 20 big companies including the
top 6 energy firms have signed up
month, where Lib Dem members will
vote on whether to adopt it as party
Other proposals to be debated at the
Lib Dem conference include a land
value tax, cutting the annual limit on
pensions tax relief from 40,000 to
30,000, and redefining the mansion
tax to include cumulative property
holdings up to 2m potentially hit-
ting buy-to-let landlords and people
with second homes.
Meanwhile Nick Clegg will tonight
use a speech at the Mansion House to
attack Miliband for blatant plagia-
rism of the high-end housing tax .
The Deputy Prime Minister will tell a
City audience that it is in their interest
to rebalance the UKs economy away
from London and the south east.
[Previous governments] were so
bewitched by Londons financial serv-
ices that they squandered other indus-
tries and allowed other communities
to wither, Clegg will say. He will also
brand Labours policy of funding pub-
lic sector spending in the regions with
City tax receipts as trying to prop up a
nation of 100,000 square miles on the
profits of just a single Square Mile.
Find your next step at
Lib Dems may vote with
Labour on mansion tax
THE WORLDS biggest economies
will be able to continue
manipulating exchange rates despite
reassurances from the G20 leaders it
will not happen, analysts warned
over the weekend.
Although the communiqu from
the G20 ruled out the deliberate
weakening of currency values, it is
still deemed acceptable as long as
the change in exchange rates is a
side-product of other policies.
We will refrain from competitive
devaluation. We will not target our
exchange rates for competitive
purposes, will resist all forms of
protectionism and keep our markets
open, read the note. We reiterate
that excess volatility of financial
flows and disorderly movements in
exchange rates have adverse
implications for economic stability.
But analysts were more sceptical
of the statements value.
While almost all ministers tried
to play-down currency tensions over
the weekend, the fact remains that
too many countries desire a weaker
currency, said Credit Agricoles
Adam Myers.
Meanwhile the UK, French and
German governments used the
meeting to launch a joint initiative
to crack down on tax avoidance by
multinational companies, which
they will present to a G20 finance
leaders meeting in July.
Currency wars
set to expand
despite G20
CINVEN, the private equity business,
is firming up plans for a 1bn float of
its annuity business Partnership amid
a renaissance in Londons capital mar-
The mid-market buyout shop, which
also owns PizzaExpress and ASK
Italian restaurants, is understood to
be pushing for an initial public offer-
ing (IPO) of Partnership in the second
half of this year, although no firm
date has been set.
Bank of America Merrill Lynch and
Morgan Stanley have been lined up to
advise on a sale of the annuity
provider, which offers so-called death
bonds annuities geared towards peo-
ple in ill health.
A float would be the latest in a
string of mooted sales by private equi-
ty firms keen to tap Londons resur-
gent equity markets after a dismal
performance over the last few years.
The FTSE is at a five-year high at the
moment and a spate of private equity
backed mega-deals flowing out of
New York have given renewed confi-
dence to investors in London. Last
Cinven gears up
for 1bn float of
annuity outfit
week house builder Crest Nicholson,
which was owned by American private
equity firm Varde, got away a 553m
float in London. Other firms owned by
buyout shops, such as insurers esure
and the AA, are also understood to be
mulling floats.
Cinven is thought to be considering
using a similar strategy used in its
float of flight reservation provider
Amadeus IT in 2010, when it retained
a joint 13 per cent stake and sold down
its holdings in several tranches.
Analysts at Panmure Gordon have
previously pegged a float at around
1bn. This represents a huge premium
on the 150m Cinven paid for
Partnership in August 2008, when it
bought the company from Phoenix
Equity Partners.
Profits at Partnership soared 211 per
cent last year to 37.7m giving it the
mantle as the fastest growing UK com-
pany by profits. A person close to the
company yesterday said: Any IPO
needs to be conditional on more
favourable markets, and now there is a
likelihood of moving in that direc-
tion. Cinven declined to comment.
yesterday dismissed claims that
they are ready to privatise RBS by
handing shares to the public before
2015, despite Lib Dem backing for
the plan.
Reports over the weekend
suggested the coalition was willing
to sell off the banks shares to the
public at a discount or even give
them away ahead of the next
general election.
Its just a premature discussion
about what to do with the shares,"
chancellor George Osborne said
from Moscow, where he is
Ministers pour cold water on
RBS share giveaway proposals
BY JAMES WATERSON attending the G20 finance summit.
Weve got to get the Royal Bank
of Scotland to a point where it is
worth what the taxpayer paid then
we can have a big discussion about
what to do with the shares and
how to return it to the private
sector, he told Sky News.
The government owns 82 per
cent of RBS after pumping in 45bn
at the height of the financial crisis
and the Treasury insisted it would
sell its stake at the right time and
in the interests of the taxpayer.
Lib Dem leader Nick Clegg and
business secretary Vince Cable are
both supporters of the share
Chancellor George Osborne has yet to decide how to dispose of the 45bn RBS stake

A HOST of FTSE 100 retirement funds
yesterday revealed they had raised
1bn to plough into the UKs creak-
ing infrastructure as influential
investor Edmund Truell called on
government to do more to boost
building investment.
Pension schemes run by BAE
Systems, BT, Lloyds TSB and British
Airways are among ten schemes
launching a 1bn fund designed to
address the UKs sluggish infrastruc-
ture building programme.
Last week, Labour attacked the
coalition government for failing to
deliver on its heavily trailed national
plan, which originally aimed to
encourage 20bn of investment from
pension funds.
Yesterday, private equity entrepre-
neur Edmund Truell who was last
year made chair of a London pension
fund contributing to the fund said
the government should reform plan-
ning laws to help encourage private
sector investment.
FTSE funds help
raise 1bn for
They are not doing enough, Truell
told City A.M. We need more action
and more push from central and
local government on the investment
side. On the planning side, the UK is
notorious for finding a reason to
There are always going to be losers
in planning. We should compensate
the losers properly and get on with
The 1bn fund, called the Pension
Infrastructure Platform (PIP), current-
ly aims to invest in infrastructure
projects that have already been com-
pleted instead of investing in things
which still need to be built.
Truell yesterday admitted the PIP
has relatively limited ambitions at
the moment, but said he hoped it
would help investors exchange ideas
and get larger projects like housing
and energy off the ground in future.
Truell co-founded pension insur-
ance company Pension Corporation
in 2006. He left the firm last year. He
has since gone on to set up private
equity outfit Duke Street Capital.
Households expect even worse
squeeze on finances is coming
HOUSEHOLD budgets dipped once
more in February, and look set to
get even worse in coming months.
Markits headline household
finance index was stuck at 37.7 in
February, the same level as January
and deep below the 50 threshold
that indicates no change in
households situations.
And the economics consultancys
outlook index, which focuses on
where households think their
finances are going, slid to 40.6,
down from 42.8 the previous
month. This suggests that however
badly budgets have been hit, they
still have a significant way to go.
There was no let-up in the
squeeze on UK household finances
during February, as higher living
costs and muted wage growth
combined to reduce cash
availability at the fastest pace since
the middle of last year, said
Markits Tim Moore.
Moore pointed out that the Bank
of Englands decision to allow
inflation rise above target has
impacted on household estimates of
future price rises, according to
Markits survey.
Inflation expectations remain
close to their highest since the
survey began four years ago, Moore
said, echoing recent warnings
from the Bank that price pressures
will remain elevated in 2013.
And to top it off, the difficulties
are impacting the worst-off the
hardest, according to Markit.
The lowest quintile of earners saw
the quickest deterioration in their
finances for 14 months, according
to the survey, whereas the highest
saw the slowest tightening for a
Ed Truell said the government needed to change planning laws to boost investment
THE COST of registering patents
in the EU is set to fall from
36,000 (31,000) to 5,000,
following reforms due to be
agreed by business secretary
Vince Cable this week.
At the moment inventors and
businesses have to register their
innovations separately with all
EU member states.
The new agreement, which will
be signed tomorrow, will
introduce a new unitary patent
valid in 25 countries, bringing
costs down by almost 90 per
cent. The government hopes this
will encourage entrepreneurs to
invest in new developments.
Cable said: This agreement is
just common sense. It will mean
inventors spend more time on
research and development,
coming up with new ideas and
less time filling in forms and
defending their cases in court.
There will also be a new
unified patent court, enabling
British businesses to fight
against patent breaches in EU
states without having to
commence legal proceedings in
foreign countries.
The first unified patents are
expected to be issued in 2014.
Patent costs to plummet after
Vince Cable signs deal with EU
LONDONS transport expertise and
Tescos expansion plans will be high
on the agenda during Prime Minister
David Camerons trade mission to
India this week.
Cameron will arrive in Mumbai
today with a delegation of ministers
and business bosses including
Standard Chartereds Peter Sands to
speak with trade partners in India.
Transport for London has sent its
director of capital programmes David
Waboso to sign a deal with Mumbai
and Hyderabad authorities to share
information on building metro trans-
port systems.
These agreements will mean closer
co-operation, and exchanges of infor-
mation and learning that will benefit
both parties, said Waboso. They also
give the UK supply chain the chance
to demonstrate its ability to deliver
and will help UK businesses capitalise
on opportunities in India.
While Tesco is not sending its own
representatives on the three-day trip,
the supermarket is believed to have
pressed the Prime Minister to discuss
how Indias new rules on foreign
direct investment can help UK retail-
Indian leader Manmohan Singh last
year won parliamentary approval for
radical reforms to permit direct invest-
ment from overseas companies in
Indian retail ventures.
Tesco is already involved in a handful
of Indian hypermarkets under the Star
Bazaar brand, in partnership with
Tata, but is eyeing a big expansion if
the investment conditions are right.
We have welcomed moves in India
to allow foreign investment in multi-
brand retail and continue to review
the conditions, said a spokesperson.
Many of the 100-plus delegates
accompanying Cameron are from
small and medium sized enterprises.
The Prime Minister will pledge 8m of
government funding for a network of
British Business Centres in India.
Other groups sending representa-
tives include KPMG, HSBC, Blackstone,
Triumph Motorcycles, the Open
University, Debenhams and the
Financial Services Authority.
THE FORUM: Page 16

Tesco boss Philip Clarke is eyeing a large investment in India
HEN Starbucks opened its
first stores in Mumbai last
October, queues around the
Taj Mahal hotel stretched
almost to the Gateway of India the
imposing arch on the harbour under
which Boris Johnson held a bike-
riding photo call a few weeks later.
Americas frothy coffee seemed, at
the time, to go down much better with
Mumbaikars than the Brompton-ped-
dling Mayor of London. But his efforts
have nevertheless added to a head of
steam for British firms that dont have
Starbucks global brand pull.
Firms including JCB, Arup and
Balfour Beatty are now a step closer to
lucrative transport work in two of the
countrys most populous areas, thanks
to a memo of understanding between
the cities and Transport for London
that was mooted during Boriss visit.
Meanwhile retailers including
Debenhams, Monsoon and Tesco will
keep asking for more access to Indias
growing middle class this week.
Johnsons argument last year that
consumers would enjoy cheaper goods
as a result of international competi-
tion is likely to be carried forward by
the Prime Minister during his trip.
Tesco has been biding its time in the
country, with a minor partnership
with Tata that served the dual purpose
of acting as a path to becoming a
recognised brand and as a practice
ground for its hit-and-miss global tac-
tics (much needed following disap-
pointments in the US and China).
Now the firm hopes it is ready to
charm Indias shoppers as politicians
have already done on its behalf.
Partnership Assurance might hope to
float by the middle of the year, but the
odds are not yet in its favour. For every
Crest Nicholson in 2013, there have
been several disappointments like
NefteTransService the rail operator
that delayed its IPO last month. One
share-sale does not a summer make.
Marion Dakers is City A.M.s deputy news
editor @mvdakers
Tesco hopes to charm shoppers
n The East India Company was set up in
1600 to import tea, coffee and opium to
Elizabethan England, before becoming
the arm through which Britain ruled the
country. It now operates as a gourmet
food seller, after a relaunch by Indian
entrepreneur Sanjiv Mehta in 2010.
n Mobile phone giant Vodafone runs
Indias second largest network. The FTSE
100 firm, whose chief executive Vittorio
Colao is a member of the India UK CEO
Forum, ran into hot water in 2011 over its
tax bill after it bought out partner
Hutchinson Essar.
n Standard Chartereds Indian arm made
up almost 12 per cent of group profits
before tax in 2011.
n Unilever, whose Indian headquarters
the Prime Minister will visit this week, is
the countrys largest consumer goods
group. Procter & Gamble has also been
operating in the country since the 1980s.
n Tatas ownership of the erstwhile
British Steel is an example of an Indian
firm snapping up assets in the UK. India-
based Tata took over what was known as
Corus in 2007 to make it the worlds
sixth-largest steel producer. Tata also
owns Tetley and Jaguar Land Rover.
n IT group Infosys, energy conglomerate
Essar and film distributor Eros
International are among the 70-odd
Indian companies to have listed on the
London stock markets.
Cameron blows
UKs trade horn
on India visit
Change brings new life to companies.
Our Change Ambassadors prize will reward
people who, through their extraordinary
efforts, have positively changed the fortunes
of their organisations.
Marketing / People and culture
Technology / Finance / No boundaries
leading British businesses, academia and
Results will be announced at an Awards
Ceremony in May 2013.
Whats at stake?
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company, celebrating their achievement.
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implemented successful
change within or for your
company in the last
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Has this produced tangible
results and improved
business outcomes?
If so enter at
for a chance to be recognised as one
of our 2013 Change Ambassadors.
RANCE has never been the
friendliest country for bankers
to work in. Its suspicion of
capitalism and enduring official
support for a short working week
dont make for a natural fit with the
fast-paced world of high finance.
Hence many of the countrys best and
brightest have moved to more
welcoming shores.
But Socit Gnrales chief execu-
tive and chairman Frdric Ouda is
being squeezed badly even by French
standards. Yet he is refreshingly out-
spoken, more so than many of his UK
The financial transactions tax (FTT)
being imposed by many Eurozone
nations and a proposed bonus cap are
the latest signs of policymakers
desire to bash the sector, and, Ouda
believes, will simply harm the rest of
the economy with no gain for anyone.
France and Europe need to attract
investment from the world. We are in
a mature market and the demograph-
ics are not dynamic so we need to be
more attractive for entrepreneurs and
investors to be
competitive. We
need to attract
more money, more
finance from out-
side Europe and
the FTT is contra-
dictory to that aim.
It will destroy activ-
Eleven countries across the EU want
to levy a charge on trades of equities,
bonds and derivatives across the
world, as long as one party comes
from those countries or the security
traded was issued there.
This will push money into US and
Asian assets and have a detrimental
effect on European economies.
Ouda is equally upset that the poli-
cies are badly aimed that politicians
say they are trying to hit bankers and
claim they will pay for the financial
crisis, but in fact fail to understand
how the industry works.
For instance the FTT will hit cus-
tomers more than banks, with
investors like pension funds set to
bear the brunt of the charge. And it is
not even bankers who carry out most
of the trading in equities, bonds and
Then the bonus cap seems to forget
both how much has changed since
the crisis, and the global context in
which European banks operate.
There is vast deferral of bonuses.
They are largely paid in shares and
there is the capacity to claw them back
if you make a big mistake in a bank,
you will get nothing, he explains.
And in any case, I am accountable
to shareholders I cannot simply pay
big bonuses for their own sake.
On top of that, the bank competes
globally and so would be hamstrung
by pay rules that applied only in
Europe, and it competes for talent
domestically with other finance firms
like hedge funds and private equity
houses who would easily be able to
outbid banks if a cap of one-times
salary was put in place.
Im not sure this political decision
makes sense, he says.
To cap it all, the anti-capitalist rheto-
ric of policymakers may ironically lead
to a greater reliance on the capital
markets, he argues. The Basel III rules
mean banks have to set aside more
capital against loans to firms, limiting
the amount of credit they can extend
and so pushing more firms towards
issuing debt a widespread practice in
the US, but something European
firms are tradi-
tionally less com-
fortable with.
This means we
are moving more
towards the
A n g l o - S a x o n
model, finding
more ways to
raise finance, he argues not a
description those crafting the new
rules for banks may be happy to hear.
More than five years on from the cri-
sis there is little hint of the pressure
slackening, and as scandals like Libor-
rigging keep the spotlight on the
banks Ouda declined to comment
on the specifics of the 300m SocGen
last week set aside for litigation the
dangerous popularity of political
banker-bashing is set to continue
plaguing the industry. It is unpleas-
ant to live as a banker in this environ-
ment, Ouda concludes simply.
Born: 1963 in Paris, France
Education: Ecole Polytechnique, Ecole
Nationale d'Administration
1987: Civil servant, working in the roles
across the finance ministrys audit
department, the ministry of the economy
and finance, the budget ministry and the
cabinet of the ministry of the treasury and
1995: Joined SocGen as deputy head,
then head of the banks corporate banking
arm in London
2002: Deputy chief finance officer
2003: Group chief finance officer
2008 March May: Deputy chief
executive office
2008 May: Chief executive officer
2009: Appointed chairman and chief
executive officer
Societe Generale
15Feb 11 Feb 12Feb 13Feb 14Feb
Socit Gnrales Frderic Ouda tells Tim Wallace why bank
bashing rules will end up harming Europes real economy
It is unpleasant
to live as a banker
in this environment

The French bank chief

fighting back against
hostile politicians
Chief executive
and chairman
Ouda fears
politicians do not
understand finance
EASYJET yesterday insisted that it
pays its pilots properly, after the
British Airline Pilots Association
(Balpa) claimed that penny
pinching management were short-
changing staff.
In an open letter to EasyJet
chairman Sir Mike Rake ahead of
this Thursdays shareholder
meeting, Balpa claimed that the
firms plan to hire 330 new
permanent pilots is a move to put
casual staff onto low-paid contracts.
Balpa wants to get behind the
spin to unearth the way these
young pilots are being exploited,
said general secretary Jim
McAuslan, adding that the union
will poll employees about the
possibility of industrial action.
EasyJet said its cadet scheme
pilots can earn a total of 40,000 to
50,000 a year. By any aviation
industry standard this is a good
career path with fair and
reasonable rewards, the firm said.
EasyJet will also face questions from
founder and major shareholder Sir
Stelios Haji-Ioannou at its annual
general meeting on Thursday.
EasyJet shrugs
off pilot claims
ahead of AGM
Anastasiades easily won the first
round in Cypruss presi-
dential elections yes-
terday, but failed to
avoid a runoff vote,
reflecting deep divi-
sions among Cypriots
on a bailout deal to
save the island nation
from bankruptcy.
A financial crash in
Cyprus could reignite the
Eurozone debt crisis
and investors are
keen to see
Anastasiades, the
strongest advo-
cate of an inter-
national rescue,
clinch victory
and secure a bailout, even though that
too, has its drawbacks.
Analysts said the 66-year-old lawyer
looked likely to win the 24 February
run-off, but that the strong combined
showing of his two main rivals who
campaigned against austerity showed
the depths of anti-bailout anger in the
It is a victory for the forces who
want us to turn a page, Anastasiades,
said after the results were announced.
A lawyer who has led the
Democratic Rally party since 1997,
he secured 45.4 per cent of the
vote, well ahead of leftist
Stavros Malas who trailed
with 26.9 per cent. George
Lillikas, an independent,
took 24.9 per cent.
MALCOLM Walker, the chief
executive of frozen food
supermarket chain Iceland said
yesterday local councils are to
blame for driving down food
quality with cheap food contracts
for schools and hospitals.
Speaking on the BBCs Andrew
Marr show, Walker said
supermarkets should not be held
responsible for the horsemeat
Supermarket bosses blame cheap
food culture for horsemeat fiasco
crisis, arguing that they had
become easy targets because they
are visible.
His comments came as Waitrose
managing director Mark Price
yesterday called for tighter meat
testing controls. Price also
announced that, as a result of
recent events, the supermarket
chain was planning to set up its
own freezing plant to prevent
Find your
next step at
wins first round
of Cyprus vote
Icelands Malcolm Walker blamed local councils for dragging down food quality
Nicos Anastasiades has
led his party since 1997
US securities regulators have filed a
lawsuit against unknown traders in
the options of ketchup maker HJ
The Securities and Exchange
Commission (SEC) alleges that
traders acted on inside information
before Heinz announced a deal to be
acquired for $23bn (14.8bn) by
Warren Buffetts Berkshire
Hathaway and Brazils 3G Capital.
The suit marks the second time in
six months that the SEC has taken
legal action for alleged insider trad-
ing on a 3G deal.
The suit, in federal court in
Manhattan, cites highly suspicious
trading in Heinz call options just
prior to the announcement of the
deal last Thursday.
The regulator has frequently in the
past filed suits against unnamed
individuals where it has evidence of
wrongdoing, but is still trying to
uncover the identities of those
That trading, the suit said, caused
the price of the particular call option
they bought to soar 1,700 per cent
and generated unrealised profits of
more than $1.7m.
The regulator claims the traders are
either in, or trading through
accounts in, the Swiss city of Zurich.
The account had no history of trading
in Heinz over the last six or so
It has also obtained an emergency
order to freeze assets in the Swiss
account linked to the trading. In the
suit, the SEC refers to the account as
the GS Account.
In a statement Goldman Sachs said
it was cooperating with the regula-
tor's investigation.
Irregular and highly suspicious
options trading immediately in front
of a merger or acquisition announce-
ment is a serious red flag that traders
may be improperly acting on confi-
dential nonpublic information,
Daniel Hawke, chief of the SECs divi-
sion of enforcements market abuse
unit said in a statement.
THE FASHION world came out in force yesterday for Mulberrys autumn 2013 catwalk show at
Claridges hotel, which was inspired by the British countryside. Bruno Guillon, chief executive
of the Aim-listed British luxury brand sat in the front row, together with singer Lana del Rey
and television presenter Alexa Chung, who both have Mulberry handbags named after them.
As a
graduate you
should work
offering an
*Conditions apply. See for full details.
Like a school.
Starting salaries for trainee
teachers are higher on average
than many other graduate
careers. You could also receive
a tax-free bursary of up to
20,000.*Not a bad formula.
Searc get into teacing
or call 0800 389 2500.
US authorities
probe trades
in Heinz shares
TRAVEL group Thomas Cook will
this week unveil its latest plans to
turn around its fortunes,
following an in-depth review of
the business led by new chief
executive Harriet Green.
Green, who was appointed in
July 2012, was tasked with
shaking up the company after a
string of profit warnings.
Reports at the weekend said the
firm was considering selling its
Neilson skiing brand to help pay
down a 1.6bn debt pile, though a
spokesperson declined to
comment on pure speculation.
The worlds oldest travel group
said earlier this month that
Condor, its German airline brand,
Thomas Cook Airlines UK and
Thomas Cook Airlines Belgium
would become one airline
segment within the group from 1
Thomas Cook to set out strategy
Natixis to simplify its structure
and pay out a special dividend
FRENCH bank Natixis said yesterday it
would simplify its finances by shed-
ding a 20 per cent stake in BPCE, a net-
work of cooperative lenders which
controls it, paving the way for higher
dividends in the future.
Natixis said it would sell 12bn
(10bn) in investment certificates
through which it owned a fifth of
parent company BPCE to BPCE and
its cooperative shareholders.
BPCE and Natixis plan to unveil a
new three-year strategic business
plan in the second half of the year,
Natixis executives said.
The move to restructure its ties
with BPCE group, one of Frances
largest cooperative lenders, will
allow Natixis to pay out a 2bn one-
time special dividend to
shareholders, worth 0.65 a share,
the bank said in a statement.
The bank, which was rescued from
near-collapse during the 2008
financial crisis by a government-
backed merger of its retail
cooperative parents, has been
undergoing a multi-year
restructuring plan aimed at selling
off risky assets.
The device of the CCI certificates
had become very complex, BPCE
chairman Francois Perol said.
Natixis risk profile is such that
something originally conceived as a
stabiliser is no longer necessary.
Natixis shares are up 11 per cent
so far this year, outperforming the
European banking sector, which is
up 7.7 per cent over the same period.
Natixis also reported a 40 per cent
drop in fourth quarter net income to
181m hit by accounting
adjustments on the value of its own
debt and said it would pay out a
regular dividend of 10 cents a share.
Investors say bond boom is bubble
n UK investors are swiftly coming
round to the idea that corporate and
government bonds are overvalued, and
hence in a bubble, according to a
survey seen by City A.M. The fraction of
Investment professionals telling the
Chartered Financial Analyst (CFA)
Society that government bonds were
overvalued, or very overvalued, soared
to 83 per cent in the first quarter of
2013, from 72 per cent a year before.
And the fraction saying corporate
bonds were overvalued or very
overvalued doubled over the same
period from 34 per cent in the first
quarter last year to 68 per cent in the
same period this year, the CFA Society
Mass job losses drive insecurity
n UK workers felt less secure in their
jobs in January than at any time in the
last year, according to a Legal & General
poll out this morning, after high-profile
job losses at HMV and Rolls Royce
brought the fragility of the economic
recovery home. The fraction of part-
time workers saying they felt confident
they were secure in their job slid to 65
per cent in January 2013, from 69 per
cent a year earlier, and 73 per cent
during October, when job security
reached a high. Full-time staff were also
warier in the first month of the new
year, the survey revealed, with three
quarters saying they were secure, down
from 77 per cent in January 2013 and 79
per cent in October.
Independent brokers under threat
n Low investor confidence and fierce
competition from investment banks mean
independent brokerage firms can no
longer rely on market trading to earn a
living unless they find a way to
differentiate themselves, a new survey by
professional advisers McLean Partnership
has warned. At the same time, the survey
found that brokers are experiencing a
brain drain of top analysts exiting the
industry or setting up as consultants. The
firm, which advises the fund management
and the broker communities questioned
100 executives from both sides to gauge
the health of the equities sector. It found
that a dislocation in what the two sides
think specialist brokers should be paid is
also driving the decline of the sector.
step at
A SMALLER than usual February
bump failed to put a dent in the rapid
pace of London house price growth,
according to data out yesterday.
Londons asking prices grew at 1.2
per cent in the second month of 2013,
Rightmove said this morning, the
slowest growth seen since 2009 in the
usually strong month. But taking a
wider view, prices were still steaming
ahead, up 8.4 per cent on February
2012, according to the property sites
The picture was similar for the
country as a whole. UK asking prices
climbed 2.8 per cent in February
well down on 2012s 4.1 per cent
expansion over the same period, but
still pushing prices up to 235,741, the
highest average recorded in the
month since 2008.
There has been a sprightly start to
2013, and while market activity
remains patchy across locations and
property type, some agents are report-
ing their busiest new year since the
onset of the credit crunch, said
Rightmove director Miles Shipside.
But the divergence between the
London and national markets was
highlighted by different reasons given
for moving house.
Where movers in the rest of the
country are most likely to be downsiz-
ing, movers in the capital are most
London house
prices up 1.2pc
over February
likely to be in the market to increase
their living space, Rightmove said.
This is brought into sharpest focus by
the breathtaking speed at which sell-
ers are hiking asking prices in already-
exclusive Kensington, Chelsea,
Hammersmith and Fulham. Prices in
Kensington and Chelsea already aver-
aging 1.9m a year ago, were up 15.5
per cent to 2.2m in February,
Rightmove said.
And in Hammersmith and Fulham
the average asking price was within
touching distance of 1m during
February this month, having rocketed
up 16.3 per cent over the past 12
Londons housing market is roaring ahead
GUESTS of the Tulip Club box at
Saracens new home, Allianz Park,
saw the club record a 31-11 victory
over the Exeter Chiefs on Saturday. It
was a full house for the first game
since the team moved to the glossy
stadium from the old grounds at
Vicarage Road.
Among the crowd gathered at the
Tulip Club the new Saracens hospi-
tality box The Capitalist spotted Aon
chief executive Robert Brown and
Kleinwort Benson private banker
Jason Turner mingling with Lions
legend Martin Bayfield and a mem-
ber of boyband McFly. An extra treat
for punters in the box was the pres-
ence of players Brad Barritt, Chris
Ashton, Owen Farrell and Alex Goode
who were all resting up in advance of
the next Six Nations match.
Unfortunately for club bosses,
guests at the swanky lunch seemed to
think that the specially-engraved
Opening Day serving plates adorning
the tables were party gifts.
By the end of the game they had all
been silently stowed in handbags and
discreetly tucked under arms, and
swiftly disappeared into the night.
How many traffic wardens does it take to ruin the day of an investment banker? The
answer seems to be four. Or at least that appeared to be the case for one driver
parked outside the Mayfair office of private equity firm Palamon Capital Partners, as
multiple eager parking officials gathered to clock the errant vehicle.
AS announced a couple of weeks ago,
The Capitalist is inviting submissions
for a 2013 edition of Citys Got Talent a
compilation of the hunkiest gents in the
Square Mile, as voted for by your good
selves, dear readers. It seems like a few
bolshy bankers are not afraid to self-
nominate, but The Capitalist would also like
to encourage any smouldering solicitors,
hot hedgies or indeed their colleagues
not to be shy in showing off their best
assets. Every entry will be carefully
scrutinised by aCity A.M. judging panel
and all nominations, naturally requiring
recent photographic evidence, should be
sent to by the
end of the month.
Got A Story? Email
FRANCE may be known for its
equine culinary culture, but the
growing horse meat scandal seems
to have put some of our next door
neigh-bours on the back hoof.
SocGens chief executive and
chairman Frdric Ouda was
feeling the pressure as he hosted a
lunch last Friday, going on the
defensive about his native lands
eating habits.
SocGen boss de-neighs French
food stereotypes at City lunch
It is only a small minority who
eat horse in France I myself do
not, he told his hungry
assembled guests in a smart suite
on the top floor of the banks
Tower Hill office.
But just in case anyone feared
cross contamination, Ouda put
on a safe spread of fish and pork
for les rosbifs attending his
business lunch.
Left to right: England and Saracens players Brad Barritt, Chris Ashton, Owen Farrell
and Alex Goode with former England lock Hugh Vyvyan
Guests clear the
plates as Sarries
celebrate a win
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Arle Capital Partners
The private equity partnership
has appointed Quentin Nason
as head of client services,
strategy and business
development. He was most
recently managing director in
equity capital and structured
equity capital at Deutsche
FTI Consulting
The business advisory firm has announced the
appointment of two regulatory consultants to lead its
governance, risk and regulatory offering in Europe, the
Middle East and Africa. Jeannette Lichner, who has
joined as senior managing director, has over 25 years
experience in financial services at firms including
Deutsche Bank, JPMorgan and Morgan Stanley.
Charles Ilako, most recently lead parter of the
European regulatory practice at BDO, has also joined
as senior managing director.
Baker Tilly
Robert Parry will join the chartered accountancy and
business advisory firm as a forensic partner. Parry has
over 20 years experience in the forensic accountancy
field, most recently at RSM Tenon.
Lloyds Banking Group
The bank has appointed Chris Sood-Nicholls as
industry sector head for the global coverage of support
service companies across the UK, Europe, North
America and Asia Pacific. He has worked at Lloyds for
13 years across a number of client-facing roles.
Rule Financial
The business and technology consultancy has
announced the appointment of Emily Cates as
principal consultant in its domain group. Cates joins
with over 18 years experience across securities
financing, prime brokerage, equities, fixed income and
structured trades. She was most recently head of
operations at Knight Capital Europe.
Markel International
Julia Sanassi will join the insurance firm as a senior
risk analyst in its trade credit division. Sanassi joins
from XL Group in New York, where she was a senior
risk analyst specialising in trade credit and political
risks. She has previously held credit analysis roles at
WHOS SWITCHING JOBS Edited by Annabel Palmer
To appear in CITYMOVES please email your career updates and pictures to
Capital Spreads is a trading name of London Capital Group Ltd (LCG), which is authorised and regulated by the Financial Services Authority and a member of the London Stock Exchange.
Spread betting carries a high level of risk to your capital and can result in losses that exceed your initial deposit. This advert should not be construed as investment advice.
Can you prot from your predictions? Apply today at, great value for Spread Betting and CFDs.
a) Tell yourself you must get on with
redecorating the bedroom
b) Sell the Wall Street index in anticipation
of a stock market crash
Rising US debt levels are scraping
the ceiling again, do you:
In association with
T first glance, Januarys
projected public borrowing
figures showing a 17bn
budget surplus look very
healthy indeed.
But economists warn that even
though the headline figure, to be
released on Thursday, looks positive
compared to last Januarys 11.8bn sur-
plus, it is skewed by extra money from
the quantitative easing cash pile.
The transfer of the cash from the QE
fund will flatter the figures. But the
underlying surplus normally seen in
January will probably be smaller than
last years. So it will still look likely
that the OBR will have to revise up its
forecast next month, said Vicky
Redwood from Capital Economics.
Excluding the helpful one-off fac-
tors, borrowing will probably now be
projected to rise in 2012/13 compared
to last years level.
In other economic news, Rightmove
house prices released today show a
slight improvement on this time last
year, but less than the usual increase
for February.
On Wednesday, minutes of the Bank
of Englands Monetary Policy
Committee (MPC) will be released.
They are expected to show universal
support for the policy of not changing
the Banks interest rate, and only one
naysayer to keeping the status quo for
Also on Wednesday, a slew of figures
is expected to show promising employ-
ment figures for the UK .
Howard Archer, of IHS Global
Insight, said: We expect employment
to have risen by 124,000 in the three
months to December, to stand at
29.700m. This would take employment
up to the highest level since records
began in 1971.
We expect claimant count unem-
ployment to have edged down by 3,000
in January to stand at a 19-month low
of 1.5451m.
In the corporate calendar, the week
begins with year-end reports from All
Leisure Group and Pinnacle
Technology, while tomorrow includes
news from Brammer,
InterContinental Hotels group, Drax
Group and Morgan Sindall Group.
On Wednesday Rathbone Brothers,
Rexam, RSA Insurance Group,
Spectris, STV Group and Travis
Perkins will give yearly updates while
BHP Billiton, Centaur Media,
Galliford Try and Netcall will all give
interim reports.
On Thursday defence giant BAE
Systems wll give its end-of-year report,
along with CSR, Filtrona, Informa,
Ladbrokes and Premier Foods.
Ashmore Group, Go-Ahead Group
and Animalcare Group will also give
interim reports while Lancashire
Holdings, Kingfisher and Sports
Direct International will update the
Millennium & Copthorne Hotels
ends the week with its yearly figures
on Friday.
Stats to reveal
borrowing woe
but jobs success
15 Feb 11 Feb 12 Feb 13 Feb 14 Feb
6,400 6,328.26
15 Feb
US stocks may
not continue
winning streak
S stocks could struggle to
extend their seven-week
winning streak as the quarterly
earnings period draws to a
close and the market bumps into
strong technical resistance.
Many analysts say the market could
spend the next few weeks consolidat-
ing gains that have lifted the bench-
mark Standard & Poors 500 by 6.6 per
cent since the start of the year.
The S&P 500 ended up 0.1 per cent
for the week, recovering from a late
sell-off on Friday after a Bloomberg
report about slow February sales at
Wal-Mart triggered a slide in the retail-
ers shares. It was the indexs seventh
week of gains.
Odds of a pullback are increasing,
with the market in slightly over-
bought territory, said Bruce Zaro, chief
technical strategist at Delta Global
Asset Management in Boston.
I do suspect the closing of the earn-
ings season will lead to at least a pause
and possibly a pullback, Zaro said.
The S&P 500 could shave 3 to 5 per
cent from now to April, he said.
Fourth-quarter earnings have mostly
beaten expectations. Year-over-year
profit growth for S&P 500 companies
is now estimated at 5.6 per cent, up
from a 1 January forecast for 2.9 per
cent growth, and 70 per cent of com-
panies are exceeding analyst profit
expectations, above the 62 per cent
long-term average.
On Thursday, Wal-Mart, the worlds
largest retailer, is due to report results,
unofficially closing out the earnings
period. Investors will be keen to see its
quarterly numbers, especially after the
Fridays news report that rattled
The S&P 500 has gained 4.3 per cent
since Alcoa kicked off the earnings
season on 8 January.
The approaching 1 March deadline
for across-the-board federal budget
cuts unless Congress reaches a com-
promise adds more cause for caution.
Galvan has maintained its buy rating for Vodafone with a price target of 185p. The
broker said there is a strong likelihood of improved margins across other emerging
parts of the business in the coming year. Together with the anticipated contribution
from Verizon to the UK mobile groups earnings, Galvan believes these factors will
continue to support the shares at 185p and beyond.
Vodafone Group PLC
11Feb 12Feb 13Feb 14Feb 15Feb
p 176
15 Feb
Numis has maintained its hold rating with a price target of 1136p. But the broker
has reduced its pre-tax profit forecast from 370m to 368m for this year. Numiss
forecast for pre-tax profit of 414m remains unchanged and it said it continues to
believe the LSE offers good long term value. We think the group has done well in
diversifying its base of assets, improving its strategic position, Numis said.
London Stock Exchange Group PLC
11Feb 12Feb 13Feb 14Feb 15Feb
p 1,360
15 Feb
Cantor Fitzgerald has cut its target price to 45p from 60p after Darty issued a profit
warning on Friday and has kept its hold rating. Cantor said it viewed the groups
plans to dispose of loss-making non-core businesses as a major step in the right
direction to creating longer term shareholder value but said it needed to see a
stabilisation in French profitability before becoming more positive on the shares.
Darty PLC
11Feb 12Feb 13Feb 14Feb 15Feb
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HEN it comes to bilateral
relations with the BRICs,
one country where the
UK should have an edge
on its rivals is India. Not
only do we both share a love for
cricket unlike the US and the vast
majority of the EU but Britain is
also home to a vibrant Indian
community that plays a huge role
in London and beyond. Of course,
this shared culture and history is
not in itself a basis for doing
business, but it is a good starting
So as the Prime Minister heads for
India this week building on the
momentum of the mayors visit last
November it is positive that he has
partly addressed concerns about
F ALL the pejorative terms
applied to the banking
industry, vampire squid is
my favourite. Its uniquely
expressive, describing a
malign organism that extends its
tentacles into all the crevices of its host,
while draining it of resources.
Expressive though it is, applying the
term to the banks is mistaken. Britains
real vampire squid is its sprawling
administrative system of permanent
government. This clogs up the work-
ings of the state, undermines public
services, hamstrings policy, routinely
menaces the liberties of the individual,
and drains resources on such a scale
that it is a major contributor to Britains
chronic fiscal imbalance.
It can even be argued that the estab-
lishment squid costs lives. We will prob-
ably never know how many (within
estimates ranging from 400 to 1,200)
died unnecessarily as a result of the
neglect, ill-treatment and incompe-
tence described in the Francis report
into Stafford Hospital. And investiga-
tions into a further 14 hospitals suggest
that Stafford was by no means an isolat-
Real term NHS
spending rose by 97 per
cent in a decade. Output
rose by only 36 per cent
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Our sprawling permanent state is a
disaster for the UKs public services
ed case. Whatever the clinical short-
comings may have been, the big failure
was one of management. What was
happening went unnoticed by every
tier of authority, from the hospital
right up to the Department of Health.
Such failings do not result from a
shortage of resources. Government
spending on health increased by 92 per
cent,in real terms, between 1999-2000
and 2009-10, and has been flat ever
since. Such increases, albeit at slower
rates, occurred across public services.
Neither does the NHS lack manage-
ment. The number of managers
employed by the NHS in England rose
from 27,424 in 2001 to 44,661 in 2009.
As of 2011, the number has since fallen
back slightly to 38,214.
If previous cases are any guide, no ret-
ribution will be handed out over
Stafford. No-one of any seniority will be
made redundant, stripped of his or her
pension, or deprived of the honours
that are handed out so lavishly across
the upper echelons. The people
whoarehunted down are the whistle-
blowers, the usually junior, courageous
people whose actions threaten to
expose the squid from within. An NHS
that claims to be transparent actually
imposes gagging clauses on employ-
ees in order to prevent whistle-blowing.
The permanent establishment is also
hugely expensive. In the US, about 3 per
cent of the Medicare budget is spent on
administration. In Britains NHS,
administration absorbs 14p of every 1
of public funding, at a total cost of
more than 10bn. This is probably repli-
cated across public services. When the
coalition came to power, the number of
civil servants employed by the Ministry
of Defence exceeded the combined uni-
form strengths of the Royal Navy and
the Royal Air Force. When British forces
were deployed in both Iraq and
Afghanistan, the feelings of servicemen
and their families about the bonuses
(reportedly about 45m) paid annually
to Ministry of Defence civilians are best
left to the imagination.
The costs of feeding the squid are visi-
ble in overall statistics. In the NHS,
although real terms spending
increased by 97 per cent between 1997
and 2007, output rose by only 36 per
cent, representing a 31 per cent fall in
Governments, of both persuasions,
have hardly helped. In health, the
Conservatives fractured the previously-
centralised NHS into an archipelago of
expensively-managed trusts in pur-
suit of the chimeras of choice and
internal markets. Labour imposed a
target system, which required man-
agers to fill in forms for other man-
agers to read. Ritual bonfires of quan-
gos turn into marginal exercises. When
shortcomings are exposed, the
response is depressingly familiar a
new inspectorate is created, and expen-
sive inquiries are set up (the Francis
report, which cost 13m, is
thefifthinvestigation into the Stafford
As we have seen in the Green Budget
published by the Institute for Fiscal
Studies, the governments deficit reduc-
tion plan is off target, with the deficit
set to be 65bn above expectations in
2015. Instead of crossing fingers in the
hope of a recovery, which looks implau-
sible in the absence of thorough
reform, government needs to tackle the
costs of the squid, and the huge handi-
caps and inefficiencies that it imposes
on the economy.
We need a squid-killer, whose
weapons must include real transparen-
cy and a system of rigorous sanctions.
Can we find a new champion?
Dr Tim Morgan is global head of research at
Tullett Prebon.
visa rules deterring international
students coming to the UK.
There are 40,000 Indian students
in the UK who make a valuable
contribution to the economy. We
also welcome a large number of
Indian tourists and business
travellers, who have an important
economic footprint. Tackling the
perception that our visa system
places onerous restrictions on
Indian visitors is inextricably linked
to bosting trade and investment.
It should not be forgotten that
this is a two-way process. More
Indian investment comes to the UK
than to the whole of the rest of the
EU, while TATA is the largest
manufacturing employer in the UK,
with 47,000 employees. This
investment will ebb away if the UK
business environment is not seen to
be welcoming enough.
That is particularly important
because India like the UK is
currently seeking long-term
solutions for infrastructure
financing. At a recent conference
we hosted on this subject, a huge
range of opportunities for City
firms were outlined, ranging from
ports to power generation and rail
to roads.
As part of its current five year
plan, India projects a need for
investment of $1 trillion (631bn) in
infrastructure with 50 per cent
coming from the private sector
across the supply and financing
chain. International investors need
a stable and transparent
environment a point I will be
making when visiting India in
Recent moves to liberalise foreign
direct investment rules, and to
increase the investments that
foreign institutional investors can
make, were a step in the right
direction. We hope to see progress
on the long--awaited Insurance Bill
Indias Banking Amendment Bill
could build on recent progress by
bringing legislation up-to-date. We
also hope to see progress towards a
level playing field for foreign banks
in India as enjoyed by the growing
number of Indian banks in the UK.
This in turn will help to bring
greater funding to Indian
companies in need of capital.
The history of India and the UK
are inextricably linked. But in order
for us to have a shared future,
policymakers in both countries
need to take practical steps to create
a more welcoming environment.
Mark Boleat is policy chairman of the
City of London Corporation.
Practical steps towards improving Britains economic relationship with India
In association with
CITYSAVER RETURN FARE INCLUDES ALL TAXES. Correct as of 15 Feb. Non-refundable, non-changeable. Subject to conditions and availability
Fiscal failure
[RE: High inflation is denting recovery:
The Bank of England must act now,
Andrew Sentance makes some very good
points. Quantitative easing (QE) has
resulted in inflation. As an importer of
wine, buying mainly in euros, weaker
sterling affects my prices directly and we
have no choice but to pass these on to the
consumer. However, I dont see what the
Bank of England can necessarily do about
this. QE cant just disappear . Its a
different issue for George Osborne,
however, Firstly, as a retailer the most
damaging policy implemented by Osborne
was the increase in VAT. This has had a
hugely damaging effect on my business.
We are now paying less VAT to HMRC (due
to the damaging effect on our retail sales)
than we were prior to him enacting the
rate rise. The VAT lost as a result of the fall
in revenue has exceeded the extra 2.5 per
cent collected per sale. The intention of
the policy, I presume, was to collect more
tax. But the result is that my company is
paying less tax. And other policies have
made matters worse, such as the duty
escalator rises again government policy
has added to inflation. Green taxes are
also increasing our energy bills. The
bottom line is that the Bank of England
has done everything that can be expected
of it. But the current government has
thrown petrol on the fire through its failed
Stephen Forward, Essentially Wine
TS exactly a decade since
Londons congestion charge was
introduced. Its immediate
impact was a dramatic fall in
traffic volumes, and there are
still around 60,000 fewer vehicles
entering the central zone every day.
But with 23m journeys made on
Londons roads each day, congestion
is now back to pre-charge levels.
Over the next 20 years, population
growth will add the equivalent of a
city the size of Birmingham to
London, making it even harder to
achieve the right balance between the
competing needs of motorists,
freight, buses, cyclists and pedestri-
ans. We cant have everything, every-
where, all the time. So we need to be
more imaginative about solutions.
And there are only three realistic
options: to manage traffic flows bet-
ter; to provide new road capacity; or
to reduce the number of vehicles on
the road by expanding and improving
the congestion charge.
The first of these options is a no-
brainer. Making traffic lights more
responsive to actual traffic flows, and
investing in modern control centres
and technology, would reduce conges-
tion. The Olympics showed what can
be done to shift freight movements
and deliveries to off-peak periods.
Traffic flows could be improved by
making those one-off measures per-
The second option adding new
road space is more of a challenge.
The mayors recent announcement of
new investment in remodelling junc-
tions, like Old Street and Elephant
and Castle, is great news. We have pro-
gressed in the way we design roads
since the 1960s, and now know that
its possible to make junctions safer
and more pleasant at the same time
as improving the flow of traffic .
But adjusting a few key junctions
will not on its own deliver the sort of
As the horse meat scandal continues, is it fair
to lambast retailers for their role in the crisis?
The horse meat scandal is evidence of the weaknesses within supply
chains of major food retailers. Businesses have still not shown that
they are doing everything in their power to prevent such scandals in
the future. The golden rule which many retailers have not abided
by is to know your suppliers. As commerce becomes ever more
international, advanced due diligence of suppliers is vital. Constant
feedback and assessment must be built into trade contracts, which is
still not happening across the board. Suppliers should also be
compelled to sign up to the same standards as a retailer, and
retailers need to set up whistleblowing provisions. Members across
the supply chain must be able to report incidents including those
of bribery and corruption. These tighter processes would have
helped to avoid this scandal, and would have protected the
reputation of food retailers.
Paul Huck is a director at Zolfo Cooper.
Helen Dickinson
Paul Huck
Retailers have taken decisive action to deal with fallout of the horse
meat scandal, and worked around the clock to gather meaningful
data quickly. We have conducted more than a thousand tests in just
three weeks. And these have shown that only five own-brand
products tested above the Food Standards Agencys (FSA) threshold
those are all products that we already knew about, and they were
withdrawn. Two thirds of the processed beef products we set out to
test have now been tested; but testing will continue, and more
results will be published. We already operate rigorous auditing to
ensure confidence in what retailers buy from suppliers, but this may
not always pick up deliberate fraud. These events have shown the
need for better information sharing across Europe. We will work
with the FSA, government and supply chains to improve intelligence
and systems.
Helen Dickinson is director general of the British Retail Consortium.
capacity we need to support Londons
growth. We must look at what can be
done to add new road space. This
doesnt mean brutalist new motor-
ways, like the Hammersmith flyover.
Cities like Stockholm and Oslo are
looking at how to shift key roads
underground with tunnels and fly-
unders. London must look and learn.
How about some new flyunders to
improve links between the West End,
the City and Canary Wharf?
Finally, 10 years on, its time to look
afresh at congestion charging. Despite
the original schemes detractors,
reducing traffic has enabled more
rational use of the available space, the
creation of new pedestrian spaces
(like Trafalgar Square) and investment
in public transport.
But bigger and bolder decisions are
needed to keep London moving. We
need a more sophisticated congestion
charging scheme, covering a greater
area. Singapore could be an example
to follow. Its electronic road pricing
system sees prices vary by type of vehi-
cle, direction of travel, location and
time of day. Its operated through a
simple system of on-board units with
pre-paid smart cards, and has
increased average road speeds by
around 20 per cent. If applied to
London, any revenue raised could
fund further improvements to our
roads. Congestion affects all those
who live, work and travel around
London. To stop our city grinding to a
halt, its time to get radical.
Baroness Jo Valentine is chief executive of
London First.
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from London City Airport visit
Horsemeat has now been found in school
food. This whole problem looks like its gone
undetected for far too long.
Why is David Cameron slamming
supermarkets for horsemeat? He should be
angry at the suppliers.
Quantitative easing has been attacked by
the Public Accounts Committee. Many of us
have been saying the same for a long time.
If the US is able to get free trade with the EU,
without being in the Single Market, why
cant Britain also?
LETTERSto the editor
E: | Comment: | @cityamforum
Congestion charge
after ten years: Its
time to be bolder
NVESTMENT bankers have had a
tough time of late. Analytics firm
Coalition announced on Friday
that the ten largest banks reduced
the number of front-office jobs by 12
per cent in 2012. Remuneration has
also taken a battering. The Centre for
Economics and Business Research has
calculated that bonuses have fallen by
86 per cent since 2008.
But demand for the skills and experi-
ence involved in investment banking
is still buoyant. If youre concerned
about your current situation, it may
be time to look at other options.
The traditional path for former
bankers is to enter a hedge fund or pri-
vate equity firm. The work is similar to
that of investment banking model-
ling, valuation, diligence, and so on
and a professional with three to four
years experience could start bringing
in major deals and big bonuses very
quickly. There are some specific
requirements. Interviewers will typi-
cally look for outgoing personalities
who are able to thrive in a small team,
strong technical knowledge, and a
broad understanding of the industry.
But joining a hedge fund or private
equity firm isnt easy especially if
you are very specialised. An alternative
is to use your client list to join a corpo-
rate development or strategy firm.
Here, you will work on the same
products you specialised in previously,
but from the advisory side. This sector
is currently experiencing a shortage of
strong candidates, and an associate can
earn between 55,000 and 75,000 per
annum, with a 30 to 70 per cent bonus.
But corporate jobs of this kind come up
infrequently, and candidates often
have to source them through personal
contacts and networking.
A slightly more accessible alternative,
which currently has high demand for
former investment bankers, is asset
management. Guy Emmerson, opera-
tions director at Badenoch & Clark,
says that many senior individuals in
asset management have made the
move from investment banking, and
salary brackets are similar for the right
candidate. Variable pay in the indus-
try is still buoyant, with research from
PwC showing that bonuses rose by
three per cent last year.
Applicants from a banking back-
ground should look to demonstrate
exposure to project work, understand-
ing of risk and controls, and appropri-
ate product knowledge.
An oft-overlooked option is to work for
government. Kevin Trainor, consultant
at Odgers Berndston, has noted a num-
ber of former bankers moving into the
public sector to the Treasury and the
Cabinet Office in particular. This isnt a
relevant move for anyone seeking a
salary equivalent to an investment
bank. But first-hand experience of the
Citys inner workings is highly valuable
in the public sphere, and former
bankers can often find a role there.
There are a wide range of industries in the City where former investment bankers could find their next role
Bankers looking for a
career change are in
demand elsewhere,
writes Chris Harlow
Tax advisory work can be interesting
and lucrative. How to stand out and
get your next promotion at every level
of your career.
Find your next step at
Where investment bankers
can find new opportunities
Consultant - Retail
Salary: Competitive
Location: Central London
A retail bank requires a candidate
with experience in change
management and banking
transformation and delivery.
Candidates will have knowledge
of the key issues facing the
financial services sector.
Text: JOB 34396 to 60066 for more
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Moving from private practice to an in-
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lawyers both financially and
personally. Heres how to do it.
Three stages of your tax career
Making the move in-house
Preparing your non-executive
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Online recruiters are increasingly using
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Taking a non-executive role
Get your CV noticed online
Divisional Chief Financial Officer
Salary: 120,000 to 140,000 per annum, plus bonus and benefits
Central London
A financial services group requires candidates capable of
overseeing a large accounting division. Applicants will be qualified
accountants, with experience of risk management in financial
Text: JOB 34325 to 60066
Head of Product Control
Salary: 108,000 to 132,000 per annum
A large financial institution is looking to attract a product control
manager with strong markets experience to lead a team of nine.
Applicants must have five to seven years relevant experience.
Text: JOB 34323 to 60066
Financial Controller
Salary: 108,000 per annum
A unique media organisation requires a financial controller on a
temporary basis. Candidates must have excellent IT skills, be
ACA/ACCA qualified, and have strong knowledge of IFRS.
Text: JOB 34310 to 60066
Tax Partner
Salary: 100,000 per annum
A leading accountancy firm is looking to recruit a tax partner to be
responsible for three offices. This is a challenging role, and
candidates must already be working as a tax partner.
Text: JOB 34205 to 60066
Senior Manager -Business Performance Management
Salary: 80,000 to 100,000 per annum
A leading emerging markets bank is looking to develop its London
offering with a high calibre senior manager. Candidates must have
recognised accountancy qualification and excellent analytical skills.
Text: JOB 34301 to 60066
Head of Financial Planning and Analysis
Salary: 90,000 to 100,000 per annum, plus benefits and bonus
A financial services technology firms wishes to fill this newly-filled
position to allow its finance director to focus on strategic initiatives.
Candidates will have a background outside financial services.
Text: JOB 340045 to 60066
Senior Commercial Finance Manager
Salary: 50,000 to 90,000 per annum, plus car and bonus
Home Counties
A unique business, based in Berkshire, requires a finance manager
to work closely with its board. Ideally, candidates will come from a
retail environment and have highly-developed analytical skills.
Text: JOB 34318 to 60066
Private Client Associate Director
Salary: 70,000 to 80,000 per annum
A leading accountancy firm is looking to hire an associate director
for its Guildford office. Candidates must be ACA or CTA calibre, and
have experience of generating new business.
Text: JOB 34234 to 60066
European Fund Controller - Real Estate
Salary: 65,000 to 85,000 per annum, plus 50 per cent bonus
Central London
A US real estate power house is seeking to enter the European
market. It requires a financial controller to join its London offices.
Candidates will ideally be qualified accountants from the Big Four.
Text: JOB 34184 to 60066
Treasury Product Control Manager
Salary: 70,000 to 75,000 per annum, plus bonus and benefits
Central London
A leading bank requires a qualified accountant for its treasury
product control team. Candidates should have money markets
product knowledge, and previous management experience.
Text: JOB 34140 to 60066
Management Accountant
Salary: 60,000 per annum
Central London
A qualified management accountant is required on a 12 month
fixed contract by a company based in Victoria. Property experience
is highly advantageous.
Text: JOB 34248 to 60066
Group Financial Accountant
Salary: 50,000 to 60,000 per annum
Central London
A prestigious financial services firm requires a qualified accountant
to join its group financial team. The role involves leading capital
project accounting. Applicants must have good IFRS knowledge.
Text: JOB 34298 to 60066
Corporate Accountant
Salary: 50,000 to 55,000 per annum, plus bonus and benefits
Central London
An expanding non-life insurance company requires an ACA/CA
qualified accountant with recent IFRS experience.
Text: JOB 34210 to 60066
Financial Accountant
Salary: 43,200 to 60,000 per annum
A trading group requires a newly-qualified accountant. Applicants
should have experience working with commodities or derivatives.
Text: JOB 34227 to 60066
Internal Audit Manager
Salary: 45,000 to 55,000 per annum, plus benefits
A leading international bank seeks audit managers for its change
management function. Successful candidates will be ACA qualified
or equivalent.
Text: JOB 34299 to 60066
Product Director - Cash
Salary: 100,000 to 120,000 per annum, plus benefits
A renowned brand in wealth management requires a head of
products to take responsibility for cash management. Ideal
candidates will have significant experience in the industry.
Text: JOB 34116 to 60066
Director - Fund Manager
Salary: 70,000 to 120,000 per annum
Central London
A bespoke wealth management firm requires a fund manager or
IFA with a minimum of ten years private client experience.
Candidates must be professionally qualified and broad product
Text: JOB 33690 to 60066
Asset Management Senior Manager
Salary: 70,000 to 100,000 per annum, plus bonus and benefits
Central London
An international asset management firm requires a senior tax
manager. Ideally, candidates will be professionally qualified with a
minimum of six years experience in a similar environment.
Progression to director is possible.
Text: JOB 34174 to 60066
Fund Accountant
Salary: 54,000 per annum
Central London
A boutique asset management firm is seeking to recruit a fund
accountant to cover for maternity leave.
Text: JOB 34047 to 60066
Compliance Head of Training
Salary: 120,000 to 160,000 per annum
Central London
A leading investment bank seeks a head of training in its
compliance division. Candidates must have advanced Excel skills.
Text: JOB 33570 to 60066
Financial Accountant
Salary: 80,000 per annum
A leading asset management firm requires an accomplished
accountant to support its financial controller. Candidates should be
ACA qualified (or equivalent). Experience in IFRS is essential, and
applicants with a hedge fund background would be ideal.
Text: JOB 34253 to 60066
Fund Manager Research -Senior Analyst
Salary: 65,000 to 90,000 per annum, plus bonus and benefits
A highly-respected asset management firm requires candidates for
this generalist role, reporting to head of fund manager research.
Applicants must have a minimum of five years experience.
Text: JOB 34312 to 60066
Financial Analyst
Salary: 60,000 to 66,000 per annum
A leading investment management company requires a financial
analyst for a six months contract. Ideal candidates will be newly-
qualified accountants, with a good understanding of management
accounting principles.
Text: JOB 34035 to 60066
Performance and Pricing Analyst
Salary: 40,000 to 50,000 per annum
An investment management firm requires a client reporting and
pricing analyst. Candidates must be focused and driven, ideally
from a private client background.
Text: JOB 34340 to 60066
Data Protection and Privacy Compliance Officer
Salary: 100,000 to 140,000 per annum, plus benefits
An experienced data protection professional is required. Legal
training is preferred, and a second language is an advantage.
Text: JOB 34306 to 60066
Senior Commodities Advisory Compliance
Salary: 100,000 to 140,000 per annum
An investment bank seeks a professional to join its commodities
compliance function based on the trading floor. Candidates must
have had extensive exposure to derivatives.
Text: JOB 34093 to 60066
Head of Compliance and MLRO
Salary: 100,000 to 140,000 per annum
The London office of a private equity firm is seeking to fill a
position overseeing its compliance function. A strong proven track
record is essential.
Text: JOB 34135 to 60066
Compliance Officer - Part Time
Salary: 80,000 to 100,000 per annum
A hedge fund requires a proven compliance officer from an
investment management or hedge fund background. Candidates
must have strong FSA regulatory knowledge.
Text: JOB 34182 to 60066
Compliance Manager
Salary: 80,000 to 100,000 per annum
New York
A hedge fund with global offices requires a compliance manager,
reporting to its chief compliance officer. Applicants must be
authorised to work in the US, and have very broad experience.
Text: JOB 34010 to 60066
Compliance Manager
Salary: 60,000 to 65,000 per annum, plus bonus and benefits
Central London
A leading overseas bank requires a compliance manager for retail
and wholesale banking. Previous compliance experience is
essential, and retail banking regulatory knowledge is preferred.
Text: JOB 34067 to 60066
Operational Risk and Compliance Manager
Salary: 50,000 to 60,000 per annum
Central London
A large financial services firm is looking to fill a position in its
operational risk department. Applicants must have a good
understanding of regulators needs.
Text: JOB 34002 to 60066
Hedge Fund Compliance Officer
Salary: 50,000 to 80,000 per annum
A West End-based hedge fund requires an experienced compliance
officer for a newly-created role. Applicants must have strong
knowledge of the FSA regulatory handbook.
Text: JOB 34094 to 60066
Compliance Associate
Salary: 45,000 to 70,000 per annum
Central London
An experienced compliance associate is required to work with
senior management. Experience of a similar role at a proprietary
trading firm, exchange, bank or regulator is necessary.
Text: JOB 34241 to 60066
Senior Regulatory & Risk Consulting Manager
Salary: 55,000 to 100,000 per annum
Central London
A major consultancy firm are seeking to expand their risk and
regulatory practices. Candidates should have strong experience in
the area, particularly of counter party risk and prudential
regulation, and have previously worked in a financial institution.
Text: JOB 33898 to 60066
Senior Fund Accountant
Salary: Competitive, plus bonus and
Cantab Capital Partners is adding to its
finance team. Applicants will be ACA
qualified, with five years post-qualification
experience, ideally in asset management.
Text: JOB 34395 to 60066
Senior Analyst - Credit Ratings
Salary: 144,000 per annum
A large bank is looking to improve its
capabilities in credit rating agency
management. Candidates must have
experience working at Moodys, S&P, Fitch
or similar.
Text: JOB 34283 to 60066
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Director - Head of EMEA Compliance
Salary: 140,000 to 240,000 per annum
Central London
An international asset management firm
requires a new head of compliance for its
retail business. This is a high profile role at
a premium brand.
Text: JOB 33824 to 60066
Business Process Outsourcing Consultant
Salary: 50,000 to 90,000 per annum
The ideal candidate will have extensive experience within shared
services and outsourcing. Finance experience is preferable, but a
generalist with a strong background will also be considered.
Text: JOB 34003 to 60066
Strategy Consultants
Salary: 50,000 per annum
A boutique strategy house, with a focus on corporate strategy and
M&A, requires candidates with some experience of consultancy.
Ideal applicants will have an analytical degree.
Text: JOB 34277 to 60066
Analytical Graduate
Salary: 30,000 per annum
A management consultancy requires an exceptional graduate to
join its financial services sector team. A 2:1 degree and a strong
head for numbers is vital.
Text: JOB 34273 to 60066
Cfx Manager
Salary: 65,000 to 85,000 per annum
A leading foreign exchange provider requires a finance manager.
Candidates will have FX experience and ideally be working in a
money transfer organisation.
Text: JOB 34107 to 60066
Institutional FX Sales
Salary: 50,000 to 80,000 per annum
A leading global financial institution requires several top
institutional eFX sales candidates. Applicants must have three to
four years expert experience.
Text: JOB 33741 to 60066
Institutional Sales Manager
Salary: 50,000 to 60,000 per annum
Central London
A strong networker with experience in forex, derivatives and CFDs
is needed to open doors within the institutional FX area. You will
also lead the new business generation process. Knowledge of the
IT industry is useful.
Text: JOB 33739 to 60066
Corporate FX Sales
Salary: 20,000 to 35,000 per annum
You will have a minimum of two years experience, with solid
background within the corporate FX sector. The role will suit
someone with an excellent telephone manner.
Text: JOB 33738 to 60066
ALM Actuary
Salary: 168,000 to 192,000 per annum
South East
A major financial services organisation requires an interim actuary,
supporting ALM projects. Candidates will have prophet modelling
skills and understanding. Specific knowledge of fund restructuring
and portfolio optimisation is essential.
Text JOB 34231 to 60066
Head of Capital Planning
Salary: 100,000 to 150,000 per annum
A leading global insurance group requires a head of capital
planning for its Swiss office. Candidates will be CFAs or qualified
actuaries, with experience of working in the area of economic
Text JOB 33740 to 60066
Insurance Accountant
Salary: 50,000 per annum
Central London
A leading insurance group seeks an qualified and experienced
accountant to develop its Lloyds reporting skills, and to manage a
small team. Experience of reinsurance accounting is essential.
Text: JOB 34156 to 60066
Corporate Finance Originator - Senior Director
Salary: 120,000 per annum
Central London
A boutique advisory business requires a senior director/originator.
Ideal candidates will be from a larger bank, with a deal flow to
bring to the business, and an entrepreneurial spirit.
Text: JOB 34076 to 60066
M&A Assistant Director
Salary: 110,000 per annum
A leading corporate finance firm is seeking a high calibre assistant
director to join its M&A team. Applicants should have outstanding
academics and a proven track record of M&A achievement.
Text: JOB 33787 to 60066
Senior Equity Analyst
Salary: 60,000 to 100,000 per annum
Central London
An experienced mining analyst is needed to establish a research
team, and spur its growth over the next few years. Experience of
covering mid-cap mining stocks is necessary.
Text: JOB 33685 to 60066
M&A Senior Associate
Salary: 80,000 to 90,000 per annum
A highly-rated corporate finance firm is seeking an exceptional
senior associate. Candidates will have experience in a top-tier
investment bank.
Text: JOB 33789 to 60066
Mergers and Acquisition Analyst
Salary: 50,000 per annum
A boutique practice requires an analyst to assist with marketing
initiatives, to be presented to corporates and private equity clients.
Valuation and financial modelling skills are essential.
Text: JOB 33785 to 60066
Life Statutory Reporting Accountant
Salary: 50,000 to 65,000 per annum, plus benefits
Central London
A large UK life insurer has requires for an accountant with IFRS
reporting experience.
Text: JOB 33533 to 60066
Internal Auditor
Salary: 40,000 to 60,000 per annum
Central London
A large insurance broker requires talented candidates for its
internal audit function.
Text: JOB 33257 to 60066
Operations Analyst
Salary: 75,000 to 90,000 per annum
A newly-established hedge fund requires a talented analyst. You
will play a pivotal role in identifying and mitigating operational
risk, as well as assisting with ad hoc projects and audit requests.
Candidates will have financial mathematics knowledge.
Text: JOB 33611 to 60066
Securities Business Manager
Salary: 65,000 to 80,000 per annum
A London-based securities house requires a business manager.
Candidates will be from a sell-side investment banking operations
background, with cash equities coverage experience.
Text: JOB 33541 to 60066
OTC Derivatives Client Services
Salary: 55,000 to 70,000 per annum
The global operations team of this client service-driven
organisation requires a candidate capable of working on OTC
derivative products. Significant previous experience is required.
Text: JOB 34345 to 60066
Senior Performance Analyst
Salary: 50,000 to 60,000 per annum
A boutique investment management firm requires candidates with
excellent academics, and at least five years analyst experience
working in a relational database environment.
Text: JOB 33944 to 60066
Private Banker
Salary: 200,000 to 300,000 per annum
A top-class private banker is required by a private bank to expand
business with ultra high-net worth Turkish clients. Experience in
Istanbul is a huge advantage, as well as a transferable client base.
Strong CRM skills will be useful.
Text: JOB 33980 to 60066
Senior Wealth Manager
Salary: 60,000 to 120,000 per annum
A growing private wealth management department requires
candidates with a European focus. This role would suit applicants
who have clients with liquid assets
Text: JOB 34378 to 60066
Senior Private Banker
Salary: 65,000 to 120,000 per annum, plus bonus and benefits
You will be a private banker with experience of servicing clients
within emerging markets. Exposure to Russia will be advantageous.
RDR qualifications are a must (minimum Level Four).
Text: JOB 34200 to 60066
Financial Planning Consultant
Salary: 40,000 per annum
Central London
A reputable wealth management house requires candidates with
solid experience within investments and pensions. A PFS diploma
is essential, as well as four to five years experience working with
private clients.
Text: JOB 33640 to 60066
Quant Portfolio Manager
Salary: 300,000 per annum, plus bonus and benefits
A quant investment manager with 20bn under management
seeks an experienced trader to run a 300m book. You must have a
full quant or system trading strategy across various asset classes.
Candidates must have at least five years industry experience.
Text: JOB 34307 to 60066
Quant Fixed Income Market Maker
Salary: 120,000 per annum
You will be responsible for developing strategy and execution
plans for opportunistic trades in the global derivatives market. A
PhD or computer science masters is absolutely essential.
Text: JOB 33949 to 60066
Quant Trader
Salary: 120,000 per annum
A high-frequency prop trading firm, with $2bn under
management, requires a quant trader to develop strategies that
profit from mispricing in global derivatives markets
Text: JOB 33509 to 60066
Quant Trader
Salary: 120,000 per annum, plus bonus
Central London
A leading US and London-based high frequency prop trading firm
requires a quant trader. Candidates will have a PhD or masters in
computer science and at least five years experience in a senior
Text: JOB 34308 to 60066
Senior Quantitative Risk Modeller
Salary: 70,000 to 100,000 per annum, plus bonus and benefits
A leading investment bank requires two outstanding quantitative
individuals. Successful candidates will cover all aspects of model
validation and risk. A strong academic background, with an
quantitative emphasis, is essential, as well as well as advanced
coding skills.
Text: JOB 33774 to 60066
Quant Trader
Salary: 50,000 per annum
A leading technology and trading company requires a quant
trading analyst. You will currently be employed as an algorithmic
trader, and must have a PhD/masters in mathematics from a top
five university.
Text: JOB 33573 to 60066
Find your perfect job match
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Texts are charged at standard network rate
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For hundreds more top positions go to
Hedge Fund Operations Analyst
Salary negotiable, plus bonus and benefits
Cantab Capital Partners are looking to add
an entry-level finance and operations
analyst. Applicants will be high-level
graduates with degrees in numerical
Text: JOB 34397 to 60066
Graduate Trainee - Sales and Dealing
Salary: Competitive, plus benefits
Central London
IG Group is recruiting graduates onto its
graduate trainee programme. Applicants
must have a high level of numeracy and a
minimum of a 2:1 degree in any discipline.
Strong analytical skills are essential.
Text: JOB 34064 to 60066
Director - Middle East
Salary: $200,000 to $750,000 per annum
A tier one investment bank seeks a new
director to inherit a small portfolio of
Middle East-based clients. Candidates must
be top quality private bankers, with multi-
asset class investing experience.
Text: JOB 33897 to 60066
Interim Head of Risk and Compliance
Salary: 204,000 per annum
Central London
A niche bank providing international lending expertise requires a
new head of risk and compliance. Candidates must have a banking
background, extensive experience of risk, and be committed to an
interim career.
Text: JOB 34054 to 60066
Risk Senior Manager - Financial Services
Salary: 120,000 per annum
A market leading consultancy requires a new senior risk manager.
Applicants will have an understanding of a banks risk function,
and experience of implementing changes to risk frameworks.
Previous consulting experience is an advantage.
Text: JOB 34000 to 60066
Credit/Market Risk Consultant
Salary: 70,000 to 80,000 per annum
A market leading consultancy requires a risk consultant. Candidates
will have worked in a financial services risk function. Consulting
experience is advantageous, though not essential.
Text: JOB 33978 to 60066
Junior Business Analyst
Salary: 35,000 to 40,000 per annum
Central London
A prominent ETRM software vendor requires a junior business
consultant with experience of trading systems. This position must
be filled urgently.
Text: JOB 33968 to 60066
Prudential Risk Assistant Manager
Salary: 35,000 to 40,000 per annum, plus bonus and benefits
Central London
A leading financial services provider requires a prudential risk
assistant manager to support the development of its risk strategy.
Text: JOB 33814 to 60066
Credit Strategy Analyst
Salary: 31,000 to 40,000 per annum, plus bonus and benefits
A national retail bank requires a credit strategy analyst to focus on
asset management. Applicants must have strong academics.
Text: JOB 33682 to 60066
Property Sales - Middle East
Salary: 100,000 per annum, plus relocation package, bonus and
Middle East
A Middle Eastern bank requires candidates with experience in real
estate property sales. Arabic speaking applicants would be ideal.
Text: JOB 34110 to 60066
Market Data Software Sales Manager
Salary: 75,000 per annum
Central London
A high profile company urgently requires a sales manager with a
track record in the reference data market.
Text: JOB 34354 to 60066
Senior Strategy Development Manager
Salary: 65,000 to 80,000 per annum
A newly-created team within a global financial services company
requires a new manager to identify and lead major strategic
projects. Candidates must have previous experience.
Text: JOB 34317 to 60066
Senior Pricing Manager
Salary: 60,000 to 75,000 per annum
A leading global bank has an exciting opportunity for a senior
pricing manager to develop, implement and maintain the pricing
strategy for its UK insurance arm.
Text: JOB 34123 to 60066
Marketing Manager
Salary: 60,000 to 70,000 per annum
A boutique wealth management firm seeks a talented marketing
manager to take ownership of its communications activities.
Candidates will have a proven marketing track record.
Text: JOB 34113 to 60066
Sales and Marketing Manager
Salary: 50,000 to 60,000 per annum
A European lobbying and membership organisation is seeking to
fill this newly-created role. Candidates will be commercially
focused, with a proven track record in strategic marketing.
Text: JOB 34270 to 60066
Senior Brand Design Manager
Salary: 50,000 to 60,000 per annum
A global financial services firm requires brand design experts. The
role involves championing design thinking. Applicants must have a
proven track record in managing brand identity systems.
Text: JOB 34119 to 60066
Marketing and Investor Relations Manager
Salary: From 50,000 per annum
Central London
Reporting to the chairman, this role involves working closely with
professional investors and senior management. Applicants must
have demonstrated ability to shape sales and marketing plans.
Text: JOB 34348 to 60066
Investment and Presentation Manager
Salary: 40,000 to 50,000 per annum
A leading asset management firm seeks a talented investment and
presentation manager.
Text: JOB 34338 to 60066
Chief Technology Officer
Salary: 200,000 per annum, plus bonus
Central London
A trading software house requires a Russian-speaking CTO to be
responsible for 60 staff. Candidates must have understanding of
SAAS Architecture and serious commercial experience.
Text: JOB 33730 to 60066
Project Manager/Delivery Manager
Salary: 120,000 to 192,000 per annum
Central London
A project manager is required to deliver global technology for a
major risk project. Candidates must have previous investment
banking experience.
Text: JOB 34102 to 60066
MLC Developer
Salary: 120,000 to 144,000 per annum
Central London
A leading bank requires a new MLC developer to join its growing
team. Applicants must have in-depth MLC Kornshell and Java
technical skills, and excellent database skills.
Text: JOB 34268 to 60066
Java Architect
Salary: 130,000 per annum
Central London
A world leader in commodities trading and risk management
software requires a trading software architect. Candidates must
have strong Java knowledge, and at least 10 years experience.
Text: JOB 34267 to 60066
C++ Developer
Salary: 90,000 per annum, plus large bonus and medical
Central London
A high frequency prop trading firm has an opening for a C++ Linux
developer. Candidates will have three years experience.
Text: JOB 34309 to 60066
Cast Iron Engineer
Salary: 84,000 to 96,000 per annum
Cast iron developers are required to help migrate projects.
Knowledge of APi, Java messaging, and web services is essential.
Text: JOB 34344 to 60066
Quant Developer
Salary: 80,000 per annum
Central London
A 50 man start-up requires a quant developer to support its
trading programmes. An MSc/PhD in computer science is vital.
Text: JOB 34258 to 60066
Senior Java Developer
Salary: 75,000 per annum, plus bonus and medical
Central London
A leading London-based trading software house has an
outstanding opportunity for a senior Java developer. Applicants
must have strong problem solving skills.
Text: JOB 34265 to 60066
Reddot Architect
Salary: 46,000 to 75,000 per annum, plus benefits and bonus
An entrepreneurial management consulting firm requires a senior
Reddot specialist. Applicants will have consulting experience.
Text: JOB 34291 to 60066
C++ MFC Developer
Salary: 75,000 per annum, plus bonus and medicals
A well-known niche software and commodities house requires a
C++ MFC developer. Candidates should have C# or some .net
experience, and ideally an MSc.
Text: JOB 34256 to 60066
Business Intelligence Solutions Architect
Salary: 70,000 to 75,000 per annum, plus benefits and bonus
Central London
A fast growing technology consultancy requires an experienced
solutions architect. Experience of working in banking or financial
services is vital.
Text: JOB 34173 to 60066
Technical Consultant - End User Computing
Salary: 60,000 to 80,000 per annum, plus benefits
Central London
A leading financial services organisation requires a technical
consultant specialising in Citrix XenApp and XenDesktop.
Text: JOB 34167 to 60066
C# Java RAD Developer
Salary: 70,000 per annum, plus bonus
A high profile hedge fund urgently requires a C# Java Developer.
Applicants must be dynamic individuals with at least six years
industry experience in a fund or trading house.
Text: JOB 34362 to 60066
Network Engineer
Salary: 55,000 per annum, plus bonus and benefits
A data management provider requires a strong generalist at CCNP
level. Candidates must have knowledge of Cisco, Juniper, firewalls,
protocols, LAN/WAN and switches.
Text: JOB 34358 to 60066
IT Wintel Support
Salary: 35,000 to 45,000 per annum, plus bonus and benefits
A candidate with experience of VMWare ESX 4 is required to
provide second/third line support of core systems and
infrastructure. Knowledge of file permissions and standards is vital.
Text: JOB 34305 to 60066
Systems Engineer
Salary: 30,000 to 35,000 per annum, plus bonus and benefits
Central London
A major player in outsourced infrastructure support requires a
candidate with two years experience in a client facing support role.
Knowledge of Windows Exchange 2007 is vital.
Text: JOB 34260 to 60066
Are you a qualified Audit professional with
specialist knowledge of the banking market
looking for a challenging new opportunity?
Our client, a top tier international firm are currently seeking
an entrepreneurial, forward thinking and an ambitious
individual to join their established FS Audit team to help lead
the next phase of growth of the division and wider business.
You must have recent external audit experience with strong
project, team and client portfolio management experience
with specialist knowledge of Financial Services including the
banking sector in the UK. You will be working closely with
Partners running a busy and exciting portfolio.

This is an ideal opportunity for an Audit Manager with an
interest in and knowledge of Financial Services sector to
expand their portfolio and take on a new challenge within a
progressive organisation who are currently experiencing an
extraordinary growth period.
The role will be based in London, with a very competitive
salary and benefits. Duties include ensuring that all work is
carried out profitably and to deadline, and ensuring that staff
are managed and developed to their maximum potential.
For further details regarding the role and
responsibilities involved in this role or to
apply please contact:
Fatima Luna
t. 0207 038 3618
FS Audit Manager
Based in London
Competitive salary + benefits

For hundreds more top positions go to
Oil Broker
Salary: 100,000 per annum, plus 50 per
cent commissions
Central London
An independent specialist broker requires
an oil broker for its high profile team.
Applicants must have at least three years
experience in a similar environment.
Text: JOB 33631 to 60066
Lead Software Developer
Salary: Competitive, plus bonus
Central London
A rapidly-expanding media group requires
a lead software developer to be responsible
for all aspects of new development.
Applicants must have experience in a multi
site environment.
Text: JOB 34387 to 60066
MAGINE you invent the pen in a
world of only pencils. You are so
excited you are going to
change peoples lives! Pens are
easier to write with, easier to
read, and dont need sharpening.
You dream of success.
Mixed in with your excitement is a
dose of paranoia. Of course, anyone
could steal your fantastic idea. So you
protect yourself by applying for a
patent and registering the design.
You consider producing it
yourself, but decide that life would
be easier if a big pencil company
introduced the pen under their
brand, and just sent you a royalty
cheque every month. So you search
the web and send out emails to
pencil manufacturers. You try to
whet their appetite without giving
too much away. Despite the global
opportunity, you dont get many
replies, but eventually you are
invited to a meeting. Youre nervous,
but it goes well and everyone seems
convinced. This could be absolutely
revolutionary!, someone says. Well,
you think, if they can just crack a
tiny share of the potential market, I
will make a fortune. Negotiations
begin, but they are painfully slow.
The eventual offer seems very one-
sided. They are not paying much,
they want exclusivity, they will not
commit to any minimum sales, and
if they improve on your pen design,
thats to their benefit, not yours.
You haggle without really making
any progress, and you start to worry
theyre secretly working on their
own pen invention. You read about
the Apple Samsung patent dispute
and realise you could never afford to
fight such a battle against a big
corporation. And you begin to
suspect that perhaps the pencil
company doesnt really
want the pen to become
successful; perhaps they
think it will destroy their
pencil sales; perhaps they are
just hoping you will run out
of money and disappear.
In frustration, you change
course and decide to
manufacture and sell the pen
yourself. You fly to China
(which is what everyone does), and
look for a manufacturer. Even there,
though, you realise it will be
expensive to manufacture. The unit
cost is very high unless you make a
large order, and invest in tooling.
But you re-mortgage the house, cut
back on family holidays, and
produce some stock. And you create
a website and start cold-calling
stationery stores. With just a few
sales, you are welcomed to
the world of retail:
warehousing, advertising,
collecting payment,
distributing product, low
margins, product returns,
warranties. Overwhelmed, you
need to hire staff and are
continuing to burn cash. You
lose a potentially significant
order due to a mishap, and a
pen leaks in someones suit,
ruining it. Frustrated and nearly
broke, you give up, just as you see
something very similar to your pen
hit the market.
Depressed? As a backer of early-
stage businesses, imagine how I
feel these are my daily struggles.
But struggles are lessons we could
use. An idea is worth nothing.
Brilliance in invention needs to be
matched by brilliance in
commercialisation. Day zero is the
day a deal is signed or the product
hits the shelves. Most new
businesses fail. Sadly, not every new
pen is something to write home
Richard Farleigh has operated as a business
angel for many years, backing more early-
stage companies than anyone else in the UK.
Annabel Palmer talks to Jason Bannister, who grew Oak Furniture Land from an Ebay acorn
OME entrepreneurs stumble
upon their calling
accidentally. Not this one. The
founder of one Britains few
contemporary retail success
stories describes himself as the
archetypal entrepreneur. Jason
Bannister had always wanted to start
his own company, but didnt always
know where. A brief stint working in
a golf club pro shop when he was 15
made him realise he liked retail.
Whats more, he was good at it.
Oak Furniture Land is a classic eBay
success story. Bannister discovered
the online marketplace in 2004, after
he imported some Mexican pine fur-
niture he had seen in a trade maga-
zine, and he needed a platform to
sell it on. It was a time when furni-
ture wasnt being sold on the web-
site, primarily because transport was
a difficult proposition and cus-
tomers worried about investing in
something they couldnt see or
touch. But Oak Furniture Land quick-
ly became eBay UKs highest retailer,
at one point selling 6m worth of
product over the course of 12
months. The competition didnt
have a hope. We did our research
and learnt all the tricks to get our
listings at the top of the page. If you
had typed coffee table into the
search box, the first 20 that came up
would all have been ours.
But in 2009, the business made its
first steps towards the high street by
opening a showroom. Why try and
alter a winning formula? When a
good deal on some space came up,
we just decided to give it a go. When
showroom rents increased, he decid-
ed the time was right to open a shop.
He expected that any in-store success
would just mean the transfer of busi-
ness from online. But sales, both
online and instore, grew and he now
has 36 stores. The internet isnt
going to dominate every sector, and I
believe the future of furniture is still
on the high street.
Bannister knows how important it
is to understand your industry. He
spent three tough years on the
retail floor at B&Q, before moving to
Walmsley Furniture. The company,
despite having 100 stores, didnt
spend any money on advertising,
and products were low-end. It meant
staff had to make the sale when cus-
tomers did come through its doors.
But it was excellent training, teach-
ing Bannister the value of customer
satisfaction and a good sales pitch.
After 10 years at Walmsley, he was
Salesman who still has
faith in the high street
Company name: Oak Furniture Land
Founded: 2004 (Container
Clearance Company via eBay).
Opened oakfurnitureland in 2007
Number of staff: 650
Company turnover: 90m in 2012
Job Title: Managing director, owner
Age: 41
Lives: Wiltshire
Studied: Studied until secondary
education in Burnley
Drinking: Grey goose vodka
Eating: Vietnamese cuisine
Reading: The Lord of the Rings by
J.R.R. Tolkien
Talents: Good eye for product, I
have a good wheat from chaff
Favourite business book: The only
one Ive read Millionaire
Upgrade by Richard Parkes
Motto: Theres no such thing as a
First ambition: To play for Burnley
Heroes: My Dad and Seve
Why some businesses will fail to see the writing on the wall
offered a job by a retail financing firm
that would give him the opportunity
to visit other retail furniture business-
es. On one such meeting, he spotted
the famous Mexican trade magazine.
With 10,000 in the bank (previously
ring-fenced for an extension on his
house), he bought as much furniture
as he could. That 10,000 has got the
company to where it is today it has
never had investors. His initial stock
lay unsold for four months because he
was unsure how best to sell it on.
Bannister has always spotted any
challenges long before they could
become a problem. When third-party
carriers werent doing a good enough
job, he built his own fleet of transport
vehicles. He now has 120 on UK roads,
delivering 400,000 pieces of furniture
per year. When he wasnt getting top
service from the IT companies he had
outsourced to, he brought IT in house.
I ask if getting manufacturers was a
daunting prospect. I didnt have a
Scooby Doo about manufacturers. So I
got on a plane to India and knocked
on some doors. And in China I went to
trade shows, like the Canton fair.
He isnt worried about the competi-
tion, because we have no levels of
profit being given to other people in
any part of our supply chain. He has
his own designers, manufacturers and
carriers. And any new companies
would have me to compete with, and
Im glad I didnt have that, he quips.
Bannister attributes his success to a
number of factors. He had extensive
experience in his industry, but that
didnt stop him thoroughly research-
ing his business idea and covering
every base. And once he had the idea,
he didnt allow himself to get distract-
ed. Something else may come along
that could make you money. But just
remember, you can make lots of
money doing what you do best.
N A study released last year, UK Trade
and Investment (UKTI) found that British
companies that export see a 34 per cent
increase in productivity within their first
year of selling abroad. Unfortunately,
according to Ernst & Young, only one in five
small to medium-sized UK firms currently do
so, compared to one in four in the EU.
Britains share of the global export market
has declined sharply from 5.3 per cent in
2000 to 4.1 per cent in 2010.
There are plenty of reasons why. Some say
Britain is over-reliant on advanced markets,
to the detriment of high-growth developing
nations. Others have criticised inconsistent
government support. Part of the
responsibility, however, lies with businesses
themselves. Not all companies have products
that can be exported, and it obviously takes a
certain kind of bravery to enter a foreign
market. Foreign market analysis is
challenging, and currency risk, potential
political instability, and language barriers can
be difficult for smaller firms to manage. There
is, however, support available.
UKTIs initiatives are much-maligned.
Daniel Kawczynski MP has noted that only
530 companies used its chargeable services
in 2011. However, it could be useful to some.
There is a huge amount of material on its
website ( for small firms. If
youre unsure on the practicalities, advice on
protecting intellectual property, structuring
your market research, and exploring routes
to market entry could be useful.
Another route might be through industry
associations. The British Chamber of
Commerce provides services for its members,
including financial products to protect
against currency fluctuations. The
Confederation of British Industry, in turn,
offers research on potential markets.
But dont forget your bank. Santander, for
example, runs a programme called
Breakthrough that targets companies with
high growth potential. Although not aimed at
start-ups, it seeks to support fast-growth
SMEs through a total of 200m in funding
and through accompanied export missions.
Other banks are also keen to assist.
Tom Welsh is business features editor at
City A.M.
Export assistance
is close at hand
Bannister spent 15
years on the retail
floor before setting
up his business
RIDES les Bains may be the
smallest place you ever visit.
With a population of just 600,
its reminiscent of those little
Irish towns where everyone knows
everyone and the pharmacist is also
the butcher and the local mechanic
on Tuesdays. In fact, while dinning
at the towns main restaurant, La
Petite Auberge (where 80 per cent of
the menu involves melted cheese), I
am told that Jean-Franois, the
owner, is also the former town
mayor and the person responsible
for extending the gondola down to
Brides les Bains prior to the Winter
Olympics in 1992.
This gondola has provided back-
door access to Mribel, allowing the
spa town of Brides les Bains, formerly
only enjoyed in the summer months,
to pinch skiing tourists from the
older, bigger boys of Courchevel,
Mribel and Val Thorens.
Without the expense of
Courchevel or the party-atmosphere
of Mribel, Brides is a low-key alter-
native to rest and recuperate. The
town is so small that if you stand in
the right place you can take it in in a
single glance the tabac, the cob-
bled streets and the charming little
stream clinging on to a different
era. However, it does have a pleasing-
ly French charm that will appeal to
those looking for a winter sports
holiday away from the Chanel-clad
aprsskiers who fill the rest of the
three valles. The bread is fresh, the
wine is a fraction of the price it is
higher up the mountain and no one
will expect you to dance on a wood-
en table. They wont even ask.
It is also very easy to get to. As any-
one who has been stuck in a coach
halfway up a mountain can testify,
skiing terrains are not always
straightforward. Blizzards, accidents
and unfriendly narrow roads can all
conspire to stretch out your travel-
ling time, which is often directly
linked to your piste time. By contrast,
Brides is a flat and therefore easy
hours drive away from Chambry,
and with a new service from City
Airport you can leave your desk at
10am and be on the slopes by mid-
afternoon. The gondola up to the
slopes is a fairly heart-stopping 25
minutes (anyone uncomfortable
with heights should close their eyes)
but once there you have the three
valles at your feet, especially as it
comes into Mribel, which helpfully
lies right in the heart of the moun-
For those unfamiliar with the
three valles, they provide some of
the best, and certainly some of the
most enjoyable, skiing in the world,
with easy access to the mountains
via one lift pass. With such a vast
landscape it is almost impossible to
get bored and even the most
advanced skiers can flit between
long tree-lined blues and sharp, nar-
row reds and blacks for days with-
out going over the same ground. In
good conditions you can go up to
Courchevel in the morning, before
stopping for a few runs and lunch in
Mribel, and then cruising over to
Val Thorens before catching the last
gondola down. For beginners, there
are endless green runs, but all with
their own little challenges one in
Mribel is over a huge, blanketed
golf course, allowing for fun dips
and jumps out of snow-covered
bunkers you will certainly come
back a better skier than when you
Non-skiers can also get in on the
action, as the gondola services can
take you up and more importantly
back down again, allowing you to
lunch at the top. This service is also
great for people who think mulled
wine might help their skiing; it
wont, take the gondola home.
Panoramic restaurant is a great place
for a mid-day debrief, balanced on
what feels like the very edge of the
valles, the views are, as the name
implies, truly awe-inspiring.
The big news this season is the
opening of La Folie Douce in Mribel,
following in the footsteps of its snow-
thumping, table-dancing-by-4pm sis-
ters in Val dIsre and Val Thorens.
Its a fun, expensive, cool place to
hang out and a must-visit for lunch,
if not a full afternoons partying. Just
make sure you set yourself a curfew
its a steep red back and the last gon-
dola to Brides is at 5pm on the dot.
You really dont want to miss it; its a
long way down
Elle Blakeman is the Editor of The
Mayfair Magazine
Small but perfectly formed: why
Brides les Bains is a ski paradise
British Airways offers a three-night fly-
drive to Chambery from 209 per
person based on Feb/Mar 13 departures.
This includes return flights from London
City airport and Avis car rental. For
reservations visit or call
0844 493 0758. Peak Retreats offers
three nights stay at the four star Grande
Hotel des Thermes on half-board basis
from 94 per person per night in
January. For reservations visit or call 0844 576
0123. Prices for a three-day lift pass for
Mribel start at 87 for
children and 108 for adults. A three-
day Three Valleys pass starts at 104 per
child and 130 per adult. Happy
Mountains, Sport 2000 provides ski and
boot hire from 33 per child and 47 per
adult based on 7 days hire. ESF (Ecole
du Ski Franais) offers group sessions
from 115 for five lessons, or a 2.5 hour
private session from 85 for a group of
up to six people.
British Airways flights
British Airways offers daily flights
between London City airport and
Chambery on Fridays, Saturdays,
Sundays and Mondays. Customers
benefit from a quick and easy service at
London City Airport, with transfer from
kerbside to airside just 15 minutes.
Check-in closes 20 minutes before
flights depart. In addition to the
generous free hold and cabin baggage
allowance all fares include free on-line
check-in, seat selection 24 hours before
departure and complimentary food and
drink on board.
Escape from the
apres ski crowd at
this hidden gem,
by Elle Blakeman
You can leave
your desk at 10am
and be on the slopes
by late afternoon


Brides les Bains is a tiny but stunning village where everybody seems to know everybody else and it is perfectly situated for some astonishing skiing
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6.30pmFlog It! Trade Secrets:
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11pmFILMA Perfect Getaway:
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Fill the grid so that each
block adds up to the total
in the box above or to the
left of it.
You can only use the
digits1-9 and you must not
use the same digit twice in
a block. The same digit may
occur more than once in a
row or column, but it must
be in a separate block.
Using only the letters in the Wordwheel, you have
ten minutes to nd as many words as possible,
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters
or more, all must contain the central letter and
letters can only be used once in every word. There
is at least one nine-letter word in the wheel.
Place the numbers from 1 to 9 in each empty cell so that
each row, each column and each 3x3 block contains all the
numbers from 1 to 9 to solve this tricky Sudoku puzzle.
Copyright Puzzle Press Ltd,
1 2 3 4 5
7 8
9 10 11
12 13 14
16 17 18
19 20
23 24
11 6 6
7 35
17 24
10 8
10 30
23 11
29 3
15 24
16 9 10
1 Close by, near (4)
3 Municipal swimming
pool (5)
6 White-tailed sea
eagle (4)
7 Former communist
country (inits) (4)
9 Violent impact, crash (9)
12 Word expressing
disgust (3)
14 Directly or straight (3)
15 Postpones or cancels
a punishment (9)
16 That man (3)
17 Soften by soaking (3)
19 Political theory
favouring the abolition
of governments (9)
21 Religious song (4)
22 Dress worn primarily
by Hindu women (4)
23 Racing vessel (5)
24 Tori ___, singer (4)
1 Island republic in
the South Pacic
Ocean (5)
2 Brave man (4)
3 Disease caused
by lack of
thiamine (4-4)
4 Art of mounting the
skins of animals so
they have a lifelike
appearance (9)
5 Pig (5)
8 Represented in
simplied form (9)
10 One who writes the
words for songs (8)
11 River which ows
through York (4)
13 Broad smile (4)
16 Hirsute (5)
18 N African port (5)
20 Branch of orthodox
Islam (4)



1 2 5 2 9 4 9
3 4 7 9 6 8 3 6
3 1 4 3 2 1
7 1 2 6 4 7 6 9
9 5 8 7 6 6 2 3
3 8 8 9
8 6 9 8 2 5 7 9
1 2 6 2 1 3 8 7
1 4 8 4 8 9
8 5 7 2 3 4 5 1
2 3 9 5 1 4 2
The nine-letter word was
BBC1, 10.35PM
Paula and Mandy set up rival classes
in the latest keep-fit dance craze,
while Eileen joins a support group for
Dawn Harper treats a man with a
problem area on his penis, and Pixie
McKenna helps a woman with painful
abscesses on her groin and bottom.
A profile of Heidi Montag and Spencer
Pratt, revealing the truth behind their
marriage, his bankruptcy and her
numerous plastic surgery procedures.
John Terry scored his second goal of an injury-hit season at Stamford Bridge yesterday
ARSENAL still pose a threat to their
European rivals despite recent woes
on the pitch, Bayern Munich
manager Jupp Heynckes warned on
the weekend.
The German league-leaders arrive
in London this morning ahead of
tomorrows Champions League
clash at the Emirates stadium.
Arsenal crashed out of the FA Cup
with an embarrassing home defeat
to Championship side Blackburn
Rovers on Saturday and lie fifth in
the Premier League table, 21 points
behind leaders Manchester United.
Yet Heynckes said his team must
not be complacent. Arsenal have
recovered their rhythm recently.
Theyre very, very good in attack. I
warn against underestimating this
team, he said.
Bayern, 15 points clear at the top
of the Bundesliga, expect to have
Spanish midfielder Javi Martinez
back from injury for the tie.
Arsenal wont
be a pushover
SWANSEA boss Michael Laudrup
issued an apology to the clubs
travelling fans yesterday, after his
team were hammered by Liverpool
at Anfield.
Steven Gerrard opened the
scoring from the spot on 34
minutes, before a flood of second
half goals from Philippe Coutinho,
Jose Enrique, Luis Suarez and
Daniel Sturridge secured the rout.
It was a nightmare, we got
slaughtered out there, admitted
Laudrup, who rested several key
players ahead of this Sundays
Capital One Cup final against
Bradford at Wembley.
In a couple of positions I
wanted to leave a few out, but
thats not an excuse; we could
have lost 10-0. We have to say
sorry to the fans.
The result saw Liverpool
leapfrog Swansea and West Brom
into seventh place in the Premier
League table.
Laudrup sorry
for Swanseas
horror show
CHELSEA manager Rafael Benitez
labelled reports of a rift with
defender John Terry as total
rubbish after seeing his skipper
score in yesterdays FA Cup fourth
round replay at Stamford Bridge.
A national newspaper claimed
the pair had fallen out over Terrys
lack of playing time since the
Spaniards arrival on 21 November.
But Benitez insists his
relationship with the former
England defender who made his
third start for the Blues since
11 November yesterday is healthy.
We didnt have a problem,
Benitez said adamantly.
He trained on Saturday, we had
a normal conversation and
everything was fine. We were
surprised by the comments in a
newspaper. It is totally rubbish.
Benitez slams
Terry rift talk as
Blues progress
The only way to improve his
fitness is to play in games and train.
In the last two training sessions he
has been fine. Cahill, Terry and
Ivanovic have to compete, which is
good for us, because we have
options in different competitions.
He [Terry] is clever and knows
the main thing is the team is
winning. If he can play, all the
better, but he is quite positive.
Brentford held the cup holders to
a stalemate at half-time, with Oscar
going closest for Chelsea when a
low effort hit the near post.
But the home side soon turned
on the style and Juan Mata opened
the scoring on 54 minutes with a
fizzing effort from 25 yards.
Oscar squeezed a second through
the legs of covering defender Harlee
Dean on the goal line on 68
minutes and three minutes later
Frank Lampard smashed in from
eight yards to become Chelseas
record goalscorer in the FA Cup
with his 26th in the competition.
Terry was all smiles when he rose
to meet Oscars cross at the far post
and headed in the fourth with nine
minutes remaining to set up a fifth
round tie away to Middlesbrough.
MANCHESTER City manager
Roberto Mancini hopes striker
Sergio Agueros double in
yesterdays FA Cup fifth round
victory at the Etihad can
spark a prolific run of
form to help fire his side
back into the Premier
League title race.
The Argentine
forward took his goal tally to three
in three games and 13 for the
season, with Carlos Tevez and Yaya
Toure also on target against Leeds.
Aguero is someway short of the
30 goals he hit for City last season,
but Mancini feels his 38m asset
could hold the key to overturning
their 12-point deficit on league
leaders Manchester United.
I hope Sergio will be like this
from now until the end, because if
Sergio is like this and our strikers
continue to score a lot of goals, I
think the championship is not
finished, said Mancini.
Mancini: Agueros goals can
win us Premier League title
CHELSEA ....................................4
BRENTFORD ..............................0
MANCHESTER CITY ....................4
LEEDS UNITED ...........................0
Tom & Isabella
15.11.12 at 1.55pm
Now its your turn to
meet someone amazing

Maguire claims the Welsh Open
n SNOOKER: Stephen Maguire
overcame Stuart Bingham 9-8 to win a
nail-biting Welsh Open final in
Newport late last night.
Australia are queens of the world
n CRICKET: Australia beat the West
Indies by 114 runs to win the Womens
World Cup for the sixth time. Rachel
Haynes hit 52 as the Aussies posted
259-7 and the Caribbean side could
only score 145 all out in reply.
Clancy reveals Wiggins hope
n CYCLING: Olympic champion Ed
Clancy hopes road racers Mark
Cavendish and Bradley Wiggins return
to the track. Ahead of Wednesdays
Track World Championships in Minsk,
Clancy said: Id love Cav and Brad to
come back for one last hurrah.
n Oldham Athletic/Everton v
Wigan Athletic
n Manchester City v Barnsley
n Manchester United/Reading v
n Millwall v Blackburn Rovers
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Sergio Aguero scored twice in
Man Citys win against Leeds
era when surely all top level matches
will be played on similar surfaces.
But even more crucially because
Saracens fans finally felt as though
they were watching a match at their
own rugby ground. Ground-sharing
with football clubs is a thorny issue,
but those of you that have visited
leading rugby sides will attest that
the day is infinitely more
pleasurable when you are not in a
stadium five times too big.
Watching Saracens play at
Watfords Vicarage Road became one
of the most dispiriting experiences
you could have as a spectator a
tenant in a dilapidated stadium that
had no sense of empathy with the
sport you had gone to see.
The gates that London Irish are
attracting means a trip to Reading is
becoming less attractive by the day.
Wasps find themselves caught in a
no mans land at High Wycombe,
and London Welsh will struggle to
make Oxfords Kassam Stadium feel
like a rugby ground.
Professional rugby union is nearly
18 years old. Its grown up. Which is
why no side should be allowed to
enter the Premiership unless it has
its own ground capable of staging
top level games. By the time it
reaches its 21st birthday, surely every
top flight side should be expected to
have the key to their own door.
OR all the excitement of the Six
Nations and the anticipation of
what might happen when the
French arrive at Twickenham this
coming Saturday, an even more
significant event for rugby union took
place over the weekend when
Saracens played their opening home
league match on the new artificial
pitch in Barnet.
It was important for two reasons.
Not just because it points towards an
ENGLAND captain Alastair Cook
insists his team is focused on
winning the one-day international
(ODI) series in New Zealand, despite
falling 1-0 down amid a lingering
pay dispute.
New Zealand beat England by
three wickets in Hamilton
yesterday, reaching 259-7 with
seven balls remaining, after
bowling the tourists out for 258.
The defeat coincided with
growing tensions over whether
England players should be paid
more to compensate for missing
out on a month of Indian Premier
League (IPL) action later in the year.
This is not really the time for
me to talk about it. It is important
we focus on trying to win a one-day
series in New Zealand, he said.
Playing for England is such a
huge honour it should always
remain that, Cook added. The
second of the three-match ODI
series is played on Wednesday.
Tennis star Rafael Nadal continued his
comeback after a seven-month injury lay-
off by winning the Brazil Open yesterday
Cook brushes off wage dispute
as England lose to New Zealand
LONDON Wasps No8 Billy Vunipola
is heading to Saracens next season
but coach Dai Young insists his
performance in yesterdays 33-29 win
over Gloucester show his allegiances
lie at Adams Park for now.
The 20-year-old, who scored a try
yesterday, will join brother Mako at
Sarries next season but Young has no
fears for the future.
He said: I am really pleased with
what I saw against Gloucester and he
has shown that he will give it
everything for Wasps this season.
Elsewhere, England international
Danny Care ran half the length of
the pitch to score a try as Harlequins
returned to the top of the Aviva
Premiership table with a 25-21
victory over Leicester Tigers.
Meanwhile, London Irish and
London Welsh failed to pick up
much needed victories as they fell to
Bath (40-16) and Sale Sharks
(26-25) respectively.
Saracens celebrated the first Aviva
Premiership game at Allianz Park
with a 31-11 win against Exeter.
Aviva are proud to be title sponsor of
Premiership Rugby one of the worlds
leading rugby union competitions. Visit
Vunipola still fighting for
Wasps despite nearing exit
In association with
For more information visit
Blue Square Bet is offering City A.M. readers the chance to win a
fantastic day out at Lingfield Park Racecourse for the Grand Final of
the Blue Square Bet Sprint Series on Saturday 23 February.
The lucky winner will receive hospitality for four guests and there are also five pairs of tickets as a
runners-up prize.
What is the surface called on Lingfields all-weather track ?
A) Polytrack
B) Polyfilla
C) Polytechnic
Send your answer and contact number to
BSQ is the promoter of this competition and entrants must be over the age of 18 with one entry per reader and
must live within the UK. Entrants must be available on Saturday 23rd February 2013.
Prizes are non transferable, no cash alternatives will be offered, the prize is detailed above. The closing date
for the draw is Tuesday 19th February 2013 at 11.59pm with the winners drawn randomly from all the correct
answers. The editors decision is final.
In association with
Saracens stadium shows theres no place like home
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