BUSINESS WITH PERSONALITY
VICTORIA BATES REVEALS
Issue 1,198 Friday 13 August 2010
CABLE SNUBBED
OVER GREEN ROLE
POLITICS
▲
BY DAVID CROW
BUSINESS secretary Vince Cable, a
vociferous opponent of tax avoidance,
was not consulted over the appoint-
ment of Sir Philip Green to lead a
review into government efficiency,
City A.M. has learned.
In the past, Sir Philip has been asso-
ciated with sophisticated tax plan-
ning arrangements in the UK and
offshore locations to produce tax sav-
ings on behalf of non-resident mem-
bers of his family.
Cable, who is one of the govern-
ment’s lead contacts for the business
community, yesterday reacted with
surprise on learning that the Top
Shop tycoon had been asked to help
the coalition root out waste in
Whitehall.
“There’s a lot I could say on this,
but I’d better miss this one out,” he
told City A.M. “I’m tempted to com-
ment, but I think I’d better not.”
Prime Minister David Cameron has
appointed Sir Philip to lead an exter-
nal efficiency review into govern-
ment spending. He is being asked to
examine government spending over
“I’m tempted to com-
ment, but I think I’d
better not,” said Vince
Cable on learning of
Sir Philip’s appointment
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NAMED IN THE CAPITALIST P16
the last three years and to identify
potential savings, before reporting his
findings to the cabinet office ahead
of the comprehensive spending
review in the autumn.
Francis Maude, minister for the
cabinet office, said the coalition was
“extremely fortunate” to have Sir
Philip on board, thanks to “his com-
mercial experience and… his fantastic
track record of managing large organ-
isations”.
A spokeswoman for Cable insisted
it was perfectly normal for the gov-
ernment to appoint a high profile
businessman without consulting the
business secretary. “Sir Philip hasn’t
been recruited to advise Vince. If they
consulted him on every appointment,
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PRU HIRES
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they’d never get anything done.”
But other Whitehall sources said
there were “obvious contradictions”
due to the Liberal Democrat position
on tax avoidance. City A.M. under-
stands that some Lib Dem MPs are
considering voicing their opposition
to the appointment today.
Sir Philip, the tycoon behind Top-
shop owner Arcadia, has in the past
drawn criticism for his tax arrange-
ments. Arcadia’s biggest shareholder
is Taveta Investments, a UK-incorpo-
rated company that is controlled by
Sir Philip’s wife, a Monaco resident.
In 2005, his family saved a signifi-
cant amount of tax relating to the
payment of a £1.14bn dividend
through a series of complex arrange-
£/$ 1.56 unc
Sir Philip Green
(left) with Kate
Moss who designs
a fashion range for
his Top Shop chain.
Pictures:
REUTERS
ments. Yesterday, Sir Philip dismissed
questions over his tax arrangements,
telling City A.M: “What difference does
it make if I live on the moon – the real
question is whether I’m qualified to
do the job.”
Sir Philip was knighted for services
to the retail industry in 2006, when
the Labour government was in power,
and is well-known for donating signif-
icant amounts to charity.
A spokeswoman for Topshop owner
Arcadia said: “It is fully disclosed who
Arcadia’s largest shareholder is and
has been known in the public domain
since 2002. There were no dividends
paid last year. The company pays UK
corporation tax and Sir Philip Green
is a UK tax payer.”
£/¤ ▼ 1.21 -0.01 ¤/$ 1.28 unc
CITY FIXER
TRIES TO PUT AIA
BID BEHIND IT AS
PROFIT RISES P5
FREE
BAA staff
set to strike
over wages
▲
TRANSPORT
BY MARION DAKERS
UK AIRPORTS are set to face chaos in
the coming weeks after BAA staff in
the Unite union voted three-to-one in
favour of strike action yesterday.
Unite, which represents two-thirds
of BAA’s workforce, said the vote
showed the firm’s offer of a one per
cent basic pay rise was “derisory”.
Union heads will meet on Monday
to decide what form the industrial
action will take. One option involves
walk-outs over the August bank holi-
day, though the union must give
seven days’ notice of any action.
The arbitration body Acas con-
firmed last night it will facilitate an
early meeting with Unite and BAA
bosses as soon as a suitable time can
be arranged, in an attempt to head off
major travel disruption.
BAA’s six airports, including
Stansted and Heathrow, face closure
or a slew of cancelled flights while
action is ongoing.
“For the past four months BAA has
refused to even meet with us,” said
Unite official Brendan Gold.
“BAA is doing passengers a great
disservice by allowing this dispute to
get to this stage. We are therefore call-
ing on BAA to return to the negotiat-
ing table with a fair offer.”
Staff working at the Spanish-owned
BAA have seen other large firms offer
generous pay deals recently, includ-
ing a 9.3 per cent pay rise over 39
months for BT workers, agreed in
July, and a 6.9 per cent rise and other
perks at Royal Mail, secured in March.
Certified Distribution
31/05/10 till 04/07/10 is 103,725
 2 News
De La Rue stumped for an answer
DEPUTY EDITOR’S LETTER
DAVID HELLIER
IN the 1930s the bank note manufac-
turer De la Rue created a number of
boardgames, including a cricket
game called Stumpz.
Yesterday its chief executive James
Hussey was well and truly stumped as
he resigned with immediate effect fol-
lowing the discovery last month of
serious problems with the group’s
paper production operations.
What makes this corporate news so
shocking is that De La Rue is anything
but a fly by night company.
It was founded in 1813, it has won
11 Queen’s Awards, it’s in the FTSE
7th Floor, Centurion House,
24 Monument Street,
London, EC3R 8AJ
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Deputy Editor David Hellier
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Night Editor Katie Hope
Associate Editor David Crow
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WHAT THE OTHER PAPERS SAY THIS MORNING
BARCLAYS REFUSES TO USE TARGETS
The head of Barclays’ small business
division has firmly refused to sign up
to UK lending targets in a move that
could fuel government criticism of
the industry’s willingness to ease
credit constraints in the economy.
Speaking to the FT after Barclays
broadened the remit of its business
bank to include companies with
turnover of up to £5m, Steve Cooper
hit out at the prospect of govern-
ment-set targets, which he said could
encourage irresponsible lending.
AQUARIUS TO BOOST OUTPUT
Aquarius Platinum, the world’s
fourth-largest platinum producer,
will boost production by 100,000
ounces next year to meet demand
from the car industries in Europe and
Japan. The South Africa-based miner
returned to profitability in its full-
year results yesterday, reporting a pre-
250 and it prints currencies for 150
governments (and has many other
businesses).
Its investors hold shares in the
group because of its consistency, its
high dividend payout and over the
past few years its decision to exit
peripheral investments such as its
stake in the lottery owner Camelot.
Its current predicament shows that,
as with the recent BP problems, there
is nothing risk free in investing in
individual equities.
Naturally De La Rue investors are
pretty shocked by the group’s current
problems, which began on 20 July
with a revelation that it had identi-
fied quality and production irregular-
ities at one of its paper production
facilities.
Investor irritation is intensified by
the fact that as recently as June the
group was giving a presentation to its
brokers at JP Morgan Cazenove at
which it was notably upbeat about
trading and likely results.
Its shares then traded at the dizzy
Alarm at drop
in Greek GDP
WORLD ECONOMY
▲
BY KATIE HOPE
WEAKER than expected growth from
Greece and a surge in unemployment
spread fresh fears in the City yester-
day over the country’s ability to
weather the sovereign debt crisis.
The Greek economy shrank by 1.5
per cent in the second quarter and
the unemployment rate jumped to 12
per cent, according to official statis-
tics, reflecting the pain of drastic aus-
terity measures agreed with lenders
in a bid to battle its debt crisis.
The disappointing GDP figure was
significantly lower than the one per
cent drop expected by economists
and pushed up the cost of protecting
Greek government debt against
default. It now costs €795,000 a year
to insure an exposure of €10m of
Greek government bonds, according
tax profit of $58.4m (£37.2m).
CENTRICA AGREES A DEAL FOR 97
CANADIAN GAS WELLS
Centrica has agreed to buy 97 natural
gas wells and 42,000 acres of land in
western Canada, in a deal that will
help move its North American opera-
tion from supplying energy to being
an integrated production and supply
business. Centrica’s wholly owned US
subsidiary will pay Canada’s Suncor
Energy C$375m (£229m) in cash for
land, wells and infrastructure.
PSION PRESSES ON WITH REVAMP
AFTER RETURN TO BLACK
Psion, the handheld computing
devices maker, expressed confidence
that its 18-month turnround plan
would bear fruit in the next year after
reporting steady first-half figures. The
group said its order intake for the
first half rose 6 per cent while its for-
ward order book for the second half
was 14 per cent higher compared
with the same period last year.
heights of 943p. By yesterday the
shares were down to 711p after falling
around 10 per cent.
Analysts, such as Paul Jones at
Panmure Gordon and Alex Hugh of
UBS, are concerned about the likely
effect of Hussey’s resignation on
future orders as well as on the group’s
reputation.
Hussey, who had been with De La
Rue for more than 20 years, had a fan-
tastic contacts book and his depar-
ture leaves a void.
In the short term finance director
Colin Child will be taking additional
responsibilities as chief operating
officer but he has only been with the
group for a few weeks and his experi-
ence beforehand lies in a different
field.
De La Rue needs to complete its
investigation into the paper problems
as soon as possible so that it can
inform the market of the financial
implications of this unfortunate
affair.
The worst thing in these types of
to CDS monitor Markit.
The Greek economy is expected to
contract by four per cent this year,
according to the EU and IMF.
The figures also intensified con-
cerns over the health of fellow weak
Eurozone members sending investors
rushing into safe haven assets with
the spreads between Bunds and
Greek, Portuguese, Irish, Italian and
Spanish debt rising sharply.
“It is an interesting little warning
sign. The problems have not gone away,
the cracks have just been papered over,”
said Evolution’s Gary Jenkins.
Greek Prime Minister
George Papandreou in
May promised further
wage cuts and tax
hikes for EU/IMF loans
CITY ARMY CALLED UP IN WAR OF THE
OLIGARCHS
Oleg Deripaska is urging City
investors to back his war against a fel-
low Russian oligarch over the world’s
biggest nickel miner, saying that he
could double its value if he won con-
trol. Mr Deripaska wants to put a new
board, a new management team and
a new legal structure in place at
Norilsk Nickel, and was in London
yesterday to drum up support.
TESCO’S CHEAPEST EVER MOBILE DEAL
Tesco Mobile has today thrown down
a challenge to its rivals by launching
the UK’s cheapest mobile phone con-
tract. The no-frills deal will cost just
£6 a month, is available online and
over the phone and provides cus-
tomers with unlimited texts and 100
minutes a month to use how they
choose. Customers will also benefit
from Clubcard points on their bills.
situations is if information drips out
bit by bit. The fewer leaks and fewer
company statements the better, or
else investors’ nerves become more
frayed.
And by the way, just in case you
think the banknotes in your pocket
are feeling especially flimsy, the
group said yesterday that its problems
do not concern either its production
of sterling or euro notes. It’s a shame
it could not have been equally forth-
coming about the financial effect of
its recent problems. MORE: P6
CORPORATE HOSPITALITY
I for one can not wait for the start of
the football season again tomorrow. It
seems ages since the last one finished
all those weeks ago (OK. It is only a
month since the World Cup).
Just one suggestion for the capital’s
top clubs. Why not give over all those
unsold corporate seats to local schools
or charities? Have a great weekend.
david.hellier@cityam.com
Allister Heath is away
Ian Conn, BP’s global head of Refining and Marketing
BP hit by record US fine
ENERGY
▲
BY MARION DAKERS
BP will pay a record $50.6m (£32.5m)
fine for continuing safety problems
at its Texas City refinery, where an
explosion in 2005 killed 15 workers
and injured around 180.
The energy giant, still reeling from
the Gulf oil spill, has settled 270 of
the 709 cases brought against it by
the US Operational Safety and Health
Administration (OSHA) over chronic
safety issues.
GEORGE BUSH'S HONEYMOON RESORT
SEA ISLAND FILES FOR BANKRUPTCY
Sea Island might have provided
famous guests including Anna
Kournikova, Bill Gates, John Travolta
and George Bush memories to cher-
ish, but for Lloyds Banking Group a
stay at the luxury resort has proved to
be the holiday from hell. The lender
looks set to lose tens of millions of
pounds after investing in the resort
off the coast of Georgia in the US.
DYSON RECEIVES THOUSANDS OF
APPLICATIONS FOR ENGINEERING JOBS
Dyson has been swamped with 4,000
applications for just 350 engineering
jobs, but it is still far short of recruit-
ing the total number of people it
needs. But in a sign that skills short-
ages are still plaguing the engineering
sector, Dyson has hired so far only 100
people despite being overloaded with
candidates.
CITYA.M. 13 AUGUST 2010
NEWS | IN BRIEF
Big Pharma in corruption probe
The US government is investigating
leading pharmaceuticals firms as part
of a corruption probe. Companies
including GlaxoSmithKline, Pfizer and
Merck are under scrutiny for hospitality,
licensing and consultant payments
made across the world. The US
Department of Justice and the
Securities and Exchange Commission
are thought to be examining whether
the drugs market breaches local and US
anti-bribery laws, which prohibit offer-
ing payment to state employees for profit.
Android overtakes iPhone sales
Global sales of Apple’s iPhone have been
overtaken by phones using Google’s
Android system, according to research
by Gartner. Android’s global share of
the market now stands at 17.2 per cent,
up from 1.8 per cent a year ago, with
growth largely coming at the expense
of Nokia and BlackBerry maker
Research in Motion. Apple’s operating
system now sits in fourth place. The
success of Google’s mobile platform has
helped smaller handset makers like
Motorola and Sony Ericsson compete
with the iconic iPhone.
Picture: PHOTOSHOT
It will also pay up to $500m over
the next six years to improve the haz-
ardous conditions at the Texas plant.
OSHA is still pursuing a $30.6m fine
for more recent safety violations.
BP has already paid a $50m fine to
settle the criminal charges stemming
from the explosion, and spent more
than $2.1bn settling hundreds of law-
suits brought by victims.
Iain Conn from BP said: “BP has a
stated goal to become a leader in
process safety and we look forward to
working collaboratively with OSHA.”
FOOD MAKERS CHEW OVER PRICES
Nestlé has joined a growing list of
global food makers warning about
higher prices for key commodities
like tea and cocoa, which could pinch
margins and ripple through the gro-
cery store in the remainder of the
year. Higher costs add to the hassles
for consumer-goods companies,
which are dealing with sluggish
demand for premium products.
ECB BUYS IRISH GOVERNMENT BONDS
TO CALM MARKET
The European Central Bank has
bought short-dated Irish government
bonds over the past 24 hours in a bid
to calm rising market volatility stem-
ming from concerns on the credit-
worthiness of Irish banks, two people
familiar with the matter said. The
move came after volatility rose
sharply in short-term Irish bonds
amid low trading volumes.
CITYA.M. 13 AUGUST 2010
Culture dept
to quit iconic
headquarters
▲
POLITICS
BY DAVID CROW
THE Department for Culture, Media
and Sport (DCMS) is quitting its iconic
headquarters near Trafalgar Square
and renting space in another
Whitehall building, in an audacious
bid to shave £10m from its annual
budget, City A.M. has learned.
The unusual move shows the
lengths that cabinet ministers are
going to in order to find departmen-
tal savings of up to 40 per cent, as the
coalition government gears up for the
tightest fiscal squeeze in Britain’s
peacetime history.
Culture secretary Jeremy Hunt –
who currently leases the imposing
Georgian-fronted building on
Cockspur Street – is in negotiations
about renting spare office space from
the Department for International
Development and the Department of
Health.
An aide to Hunt said the building,
which costs £10m a year to lease and
£3,000-a-week to heat, was too large
for the department’s needs.
“It’s a massively expensive alba-
tross around our neck. We don’t fill it
as it is,” she said, adding the building
would be even emptier when job cuts
start to kick in.
Up to one in two staff at the depart-
ment could be made redundant in
the autumn, according to plans sub-
mitted to the Treasury that imply a
40 per cent cut to its £2.1bn budget.
DCMS officials yesterday insisted a
final decision on whether to quit the
building had yet to be taken, but
Cluttons and BNP Paribas Real Estate
are already marketing the 95,670 sq ft
building to prospective tenants at a
price of £49.50 per sq ft.
The building, which began life as
the headquarters of a steamship com-
pany in the eighteenth century,
underwent a major redevelopment in
2003 and boasts a plant-filled atrium,
gymnasium and scenic lift.
Keith Harris, who is marketing the
property for BNP Paribas, said there
had been a lot of interest due to a
dearth of West End commercial space.
News 3
Credit Suisse
sheds 75 jobs
in the capital
BANKING
▲
CREDIT Suisse is axing 75 jobs in its
British investment banking and sup-
port operations, becoming the second
bank in as many days to slim down its
headcount.
The Swiss-based bank said yester-
day the cuts are intended to help shift
resources to growth areas, but would
not be drawn on which departments
will feel the pain or benefit of this
shake-up.
“We continue to be proactive about
monitoring the size of our business
relative to client opportunities and
market conditions,” it said.
Credit Suisse has strengthened its
position during the credit crisis,
which it escaped with far lower write-
downs than rival investment banks
such as Citigroup, Merrill Lynch and
JPMorgan Chase.
Barclays’ investment unit BarCap
announced it was cutting around 130
of its London back office staff on
Wednesday after revenues fell more
than 15 per cent from the first quar-
Jeremy Hunt ter to the second.
(inset) is quitting Global investment bank income
his headquarters was down by an average of about a
near Trafalgar third in the second quarter from the
Square, saving first, analysts have said, with fixed
the department income, currencies, equities and
£10m-a-year M&A advisory desks bearing the
brunt of the slowdown.
CITYA.M. 13 AUGUST 2010 Focus on Prudential 5

Shareholders try to forget the past

THE problem with failed takeovers is
you have to try and pretend they
never happened. For several months,
the men from the Pru were courting
shareholders mercilessly, telling
them a $35bn acquisition of Asian
insurer AIA was an unmissable
opportunity. Sure, management
were careful not to talk down the
group’s chances as a standalone life
insurer, but the message was clear:
we’re fighting tooth and nail for this
deal because it’s the only way to go.
Now investors are supposed to forget
everything they were told before the
deal fell through, and buy into the
former strategy of organic-only
growth in Asia.
There’s no denying that manage-
ment put in a commendable per-
formance in the first half, an
impressive feat considering the bid
distractions. Unsurprisingly, Asia is
the star of the show. There, new
business sales totalled some £713m,
a 36 per cent hike on the same peri-
od a year ago. All regions excluding
Korea (which has implemented a
“value over volume” strategy) report-
ed double digit growth rates, offer-
ing an average initial rate of return
in excess of 20 per cent within three
years. In the UK, it is a different
story, with new business up just two
per cent; in truth, the British ops are
little more than a tired cash cow.
Investors should be rating these
results more highly, but the truth is
Tidjane Thiam is looking like a man
who had one big idea: bold expan-
sion in Asia by acquisition. With the
former strategy in place, the Pru
should find a team more suited to
the softly-as-she goes organic
approach. A new chairman would be
best-placed to start the search.
david.crow@cityam.com
BOTTOMLINE
Analysis by David Crow

Pru boss Tidjane

Thiam is repair-
ing investor
relations
Picture: GETTY

Pru hires City

fixer as profit
eases tension
done in that regard,” he told City A.M.
▲

INSURANCE
BY OLIVER SHAH
PRUDENTIAL has hired a trou-
bleshooter to help repair its tattered
relations with City investors after the
collapse of its $35.5bn (£22bn)
attempt to buy AIG’s Asian arm.
After a wave of criticism over its
handling of shareholders, the FTSE
100 titan has poached insurance
industry veteran Steve Riley from
Clive Cowdery’s Resolution business.
Riley started at Prudential this week
with the special remit of liaising with
fund managers and sell-side analysts.
Institutional investors repeatedly
blasted Prudential and boss Tidjane
Thiam for “shambolic” communica-
tion during the aborted bid. Finance
director Nic Nicandrou said Riley
would be an important go-between
for the company and its holders.
“One of the lessons we’ve learned
is, while we felt we were having a
good dialogue with investors, it was
clear there was more we could have
But some shareholders were criti-
cal. The head of equities at a funds
house said: “It doesn’t really wash. It
might help around the edges but it
will take a lot more than that to
rebuild confidence.”
The news came as Prudential
smashed forecasts with first-half
operating profits boosted 41 per cent
by soaring Asian performance to
£968m. Group sales rose 28 per cent
to £1.7bn. Prudential upped its divi-
dend five per cent to 6.6p per share.
ANALYSIS l Prudential 553.50
p 12 Aug
600
580
540
500
17 May 7 Jun 28 Jun 15 Jul 4 Aug

Insurer tipped to boost payouts

to investors as earnings expand
Prudential is expected to expand
▲

FINANCIAL SERVICES
PRUDENTIAL will be able to ramp up
its payouts as early as next year as it
enjoys strong underlying earnings,
analysts and insiders believe.
The insurer, which has grown its
interim dividend by five per cent for
the past four years, could either
rebase the payout to a higher level or
up its growth rate to as much as eight
per cent, according to one analyst.
earnings per share at a double-digit
rate for the next three years. In the
first half it generated £1.1bn, £460m
of which was repatriated to the UK
and £318m of which was paid out.
Referring to a potential upgrading
of the dividend, finance director Nic
Nicandrou said: “It’s something
where we’ll get a decision as we come
to that point. We think being consis-
tent is very important.”
 6 Focus on De La Rue
Hussey quits
De La Rue due
to note errors
▲
MANUFACTURING
BY STEVE DINNEEN
THE BOSS of the world’s biggest
money printing firm was forced to
resign yesterday after quality issues
emerged at one of its factories.
James Hussey was muscled out
despite assurances the problems
would not affect any of the 150 world
currencies De La Rue is responsible
for.
However, the firm issued a warning
that sales would be hit by the tempo-
rary suspension of printing at the
plant, sending its shares plummeting
13 per cent to an 18-month low.
The FTSE 250 company said last
month that its paper factory in
Overton ground to a halt after flaws
were found with a special type of
paper which is then shipped else-
where to make bank notes.
A spokesman said production at its
main plant had failed to meet “cer-
tain quality specifications”. He added:
“De La Rue is confident that neither
the physical security nor the security
1,000 p
features incorporated in the paper
have been compromised for any cus-
tomer.”
The impact of the paper mill’s
problem’s on the company’s finances
was unlikely to be announced in the
near future, De La Rue said.
Nicholas Brookes, non-executive
chairman, has been appointed execu-
tive chairman, and finance director
Colin Child has taken on the addi-
tional job of chief operating officer
until Hussey’s replacement is named.
Revenues at the firm in the year to
27 March were £561.1m, up 12 per
cent against last year’s £502.4m,
while the operating profit margin,
before exceptional items was 19.5 per
cent, from 19.2 per cent last year.
FAST FACTS | DE LA RUE
● The world’s biggest non-governmental money
printer supplies currency to 150 countries.
● The currency division delivers around 75 per
cent of De La Rue’s group revenue.
● De La Rue also sells tills to retailers.
CITYA.M. 13 AUGUST 2010
ANALYSIS l De La Rue
719.00
950 12 Aug
900 Colin Child (top) has
850 been appointed chief
800
operating officer,
while Nicolas Brookes
750 (below) will be
700 interim chief execu-
tive.
650
17 May 7 Jun 25 Jun 15 Jul 4 Aug
JAMES HUSSEY tive in January 2009. ships with clients around the world.
His basic annual salary last year Hussey also serves as a non-execu-
DE LA RUE was £325,000 with a bonus of tive director at lottery operator
£126,000, according to a company Camelot. He read history at Trinity
spokesman. College, Oxford.
Hussey was made chief executive De La Rue finance director Colin
after his predecessor, Leo Quinn, spun- Child will move up to chief operating
off the company’s cash systems busi- officer to help pick up the slack.
ness, which sold tills to retailers, to Child joined De La Rue from DTZ
JAMES Hussey had worked for De La focus on making bank notes and prod- Holdings, a global property adviser,
Rue for 25 years. He said his resigna- ucts such as cheques, holographic where he was also finance director.
tion was to "take responsibility" for marks and tax stamps. He previously worked as finance
problems "of a serious nature". Hussey was seen as an industry director of casino operator Stanley
Hussey, 48, was managing director insider with strong international con- Leisure and has held similar senior
at De La Rue's currency division, tacts, which meant he was well placed finance positions at Fitness First and
before being appointed chief execu- to maintain the company's relation- National Express Group.
CITYA.M. 13 AUGUST 2010 News 9

JJB loses links to the Jones

family as Sir David’s son quits
understood to have followed just days tancy firm Retail Gateway, where he
▲

CONSUMER
BY MARION DAKERS
THE JONES family ties with high
street retailer JJB Sports have come to
an end, as it emerged yesterday Stuart
Jones has quit his post as marketing
manager.
Jones’ father, former JJB chairman
Sir David Jones, stepped down from
his role as non-executive director on
28 July due to ill health. Stuart is
later.
Insiders suggested yesterday that
Jones junior had been sacked, after a
management shake-up at the firm in
the wake of Sir David’s departure.
However, a company spokesman
insisted he had resigned. “I’m sure he
will have a fruitful career in whatever
he does next,” he added.
Jones junior has worked for several
family businesses including consul-
courted controversy in 2008 after
being asked to write a six-month
review of JJB’s online business. His
father had been appointed as a non-
executive director at the sports firm
just months earlier, while his mother
worked as company secretary for the
consultancy. Keith Jones (no relation)
was hired by JJB as chief executive in
March, to try and stem heavy losses at
the high street retailer. Sir David Jones resigned on 28 July, closely followed by his son Stuart

Dana is under
fire after it
rejects KNOC
ongoing developments, together with
▲

M&A
BY VICTORIA BATES
DANA Petroleum’s embattled board
came under fresh fire from share-
holders and City analysts yesterday as
it dug in its heels against a £18-a-
share takeover bid from rival Korea
National Oil Corporation (KNOC).
Dana said bid talks had stalled
after KNOC “failed to recognise the
value of the company’s recent devel-
opments and work in progress”.
The move leaves the future of the
tie-up teetering perilously on the
brink, with KNOC mulling whether to
walk away or go hostile. The Korean
firm is thought to be unlikely to raise
its already-sweetened offer, given it
has the support of many of its target’s
shareholders. Dana has faced growing
pressure in recent weeks from
investors, including its largest share-
holder Schroders, to come to the table
at a level of £18, which many believe
represents fair value for the shares.
Its rejection of the offer yesterday
leaves Dana’s suitor “considering its
options”, KNOC said, reiterating that
it believes that the £18-a-share offer
“fully and fairly reflects all of the
company’s recently announced and
its exploration potential”.
Dana argued yesterday that it had
offered to open up its books to KNOC
to start due diligence, blaming its
rival for jeopardising the process by
refusing to sign a non-disclosure
agreement (NDA). But critics of
Dana’s chief executive Tom Cross
remained staunchly unsympathetic
to the company’s position, with one
fund manager saying that KNOC
would be perfectly entitled to refuse,
given that such a move often pre-
cludes a company from subsequently
launching a hostile bid.
Dana’s shares initially tanked 12
per cent before finally closing just
3.72 per cent lower at £14.90 yesterday.
ANALYSIS l Dana Petroleum
1,800 p 1,632.00
12 Aug
1,600
1,400
1,200
1,000
17 May 7 Jun 25 Jun 15 Jul 4 Aug

Ex-Blue oar boss US jobless claims

on buying spree at 6-month high
▲

FINANCIAL SERVICES ECONOMY

FORMER Blue Oar Securities chief
Andrew Monk has swallowed up a
pair of small businesses to boost his
new vehicle, Third Quad Capital.
Third Quad said yesterday it had
bought up loss-making corporate
finance and broking house VSA
Capital, a resources, oil and gas spe-
cialist, for a nominal sum. It has also
bought Softline, a software distribu-
tor, for a total consideration of £1.3m.
Monk has kept a low profile in the
City since leaving Blue Oar, now
Astaire, when it was taken over by
Edward Vandyk’s Evolve Capital.
THE number of US workers filing new
claims for jobless benefits unexpect-
edly rose last week to the highest level
in close to six months, the latest evi-
dence the economy’s recovery is fal-
tering.
The number of new claims for state
unemployment insurance rose by 2,000
We fly to Split & Dubrovnik
to 484,000 in the week ended 7 August,
the second straight increase, the Labor
Department said. Economists had
expected claims to edge down to We fly from Gatwick and Stansted. Price correct as at 2 August 2010. Flights available to book now for travel
469,000. The four-week moving average between 2 August and 30 October 2010. Variable charges for hold baggage apply and some payment methods
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est in six months. ECONOMICS: P12
 10 Consumer News CITYA.M. 13 AUGUST 2010

ALEXON SIGNS UP ANIMAL BOSS Holidaybreak’s

education arm
gives it a lift

▲
LEISURE
HOLIDAYBREAK – which operates
Eurocamp – gave a glimmer of hope
yesterday after poor results in the
industry from Thomas Cook and TUI.
The company said it remained
upbeat especially about Eurocamp’s
education division, providing school
trips and adventure experiences for
youngsters.
The adventures business, trading
under the PGL brand, has benefited
from a growing number of schools
choosing it to fulfil the key stage two
syllabus requirement for children to
learn outside the classroom.
The company also provides abseil-
ing and water activities in a safe envi-
ronment for schools across the UK,
with experts giving classes.
Chief executive Martin Davies, who
used to run the education arm, said:
“We’re showing how our business has
WOMENSWEAR group Alexon has appointed the former chief executive of different dynamics to the big leisure
lifestyle brand Animal, Kevin Keaney (above), to the newly created post of com- operators who reported this week. For
mercial director. Animal has appointed Doug Goodwin as chief executive to example, the ash cloud which hurt
replace Keaney. Keaney spent three years at Animal before which he worked for them so much had no impact on us at
a number of retailers including Marks & Spencer and Sainsbury’s. all.”

Sportingbet scores
a World Cup boost
LEISURE will meet management expecta- FIFA World Cup.” The company
▲

BY JOHN DUNNE
INTERNET gambling firm
Sportingbet said yesterday it had
performed strongly during the
World Cup with margins boosted
by a number of results going
against the favourites during the
competition.
The company took more than
£50m worth of bets during the
tournament, of which 65 per cent
were made during matches using
the company’s “In Play” betting
service.
“The strong World Cup perform-
ance underpins the fourth quarter
trading results and the board
remains confident that the group
tions for the financial year just will announce full-year results on 6
ended,” Sportingbet said. October. Bwin and PartyGaming
A significant number of low have announced a merger while
scoring games had also favoured the industry hopes for a relaxation
the bookmaker as punters tend to of gaming laws in the US which
back high-scoring results, the com- would help to fuel a profit rise.
pany said. Sportingbet said it had
continued to perform in line with ANALYSIS l Sportingbet
management expectations 68 p
throughout the final quarter of the 66
60.75
12 Aug
year. The company moved its
shares to the main London Stock 62
Exchange from the Alternative
Investment Market (AIM) in May
58
this year after a growth spurt.
Chief executive Andrew McIver
said: “In line with much of the bet- 54
ting industry, the group enjoyed a
strong performance during the 17 May 7 Jun 25 Jun 15 Jul 4 Aug

ANALYST VIEWS: IS SPORTINGBET ON A ROLL? By John Dunne

GREG FEEHELY| SIMON DAVIES|

ALTIUM SECURITIES COLLINS STEWART

“ While the company’s shares did

respond positively to news of the
PartyGaming Bwin proposed merger we
still believe they fail to reflect the potential
of further M&A activity in the online gam-
ing space which should gather momentum
“ We are leaving our 2010 forecasts
unchanged, although we expect the firm to
come in modestly ahead. Trading into the
first quarter has been relatively strong
[with no obvious World Cup hangover on
sports betting] and guidance for 2011 is
over the next 12-18 months. Furthermore unchanged – the key risks, as previously,

” ”
we do not think that the shares fac- remain regulatory change in its core
tor an appropriate valuation. markets of Greece, Turkey, Spain.

KARL BURNS | SHORE CAPITAL

“ The group reported a strong performance from the World Cup with £50m staked during the tourna-
ment, with an aggregate margin in excess of 17 per cent ahead of our expectations. We continue to believe
sportingbet will participate in industry consolidation, with further growth in sports betting. therefore
trading on a price to earnings ratio of 10 times, EV/EBITDA of six times, with a dividend yield of around
two per cent, we reiterate our ‘Buy’ recommendation.
”
CITYA.M. 13 AUGUST 2010 Consumer News 11

AB InBev cheers a
surge in beer sales
CONSUMER
▲

BY JOHN DUNNE
THE World Cup in South Africa
helped brewing giant AB InBev to
record solid second quarter results.
The maker of Stella Artois and
Budweiser said UK beer volumes
surged by 18.6 per cent between
April and June and 11.4 per cent
over the first half of the year, as
fans stocked up for the World Cup.
Budweiser was the official beer
of the football tournament and UK
volumes jumped more than 70 per
cent against the first six months of
2009.
UK beer volumes Total underlying
The strong UK results came in
contrast to the group’s perform- ▲18.6% earnings
ance in other European markets. between April and June ▲5.6%
▲11.4%
AB InBev said own-beer volumes
to
across Western Europe increased
by 2.6 per cent in the period amid
tougher conditions in Germany
over the first
half of the year
$2.2bn
and Belgium.
Heavy competition pressure in UK volumes Volumes across

Germany sent first-half volumes
down 9.8 per cent, while the com-
pany was also hit with strikes in its
home Belgian market.
Overall, the group – which was
formed following a multi-billion
merger in 2008 between InBev and
Anheuser-Busch – saw underlying
earnings increase by 5.6 per cent to
£2.2bn while organic revenues rose
4.1 per cent to £5.8bn.
The firm said profit rose to
$1.15bn (£947m) from $1.07bn a
year earlier. Analysts had expected
▲70%
against the first
six months of 2009
AB InBev was given a lift by World Cup beer sales Picture: Micha Theiner/City A.M.
a profit of $1.08bn. Revenue fell 3.4
per cent to $9.17bn after the group
sold some operations last year, but
organic volume growth was 2.1 per
cent in the quarter as the firm pro-
duced 90.5m hectoliters (19.13bn
pints) of beer.
Western Europe
▲2.6%
between April and June
The company has recently been
concentrating on turning round
the Bud brand, which has been
struggling in the US market where
it has traditionally been a power-
house. But poor US sales have been
offset by a surge in Latin America.

Findel raises £600k after

selling unit to address debt
CONSUMER and gifts iwantoneofthose.com about its high debt levels.
▲

BY HARRY BANKS
HOME shopping and education
supplies firm Findel said it would
sell a unit, which includes its gadg-
ets and gifts business, to online
retailer The Hut Group in a cash
deal worth £600k to help reduce its
debt pile.
Findel, whose net debt stood at
£309.6m as of 2 April, had earlier
said its level of net debt was too
high.
Operations of the unit CWIO
comprise online retailer of gadgets
and Confetti, a multi-channel Findel’s shares closed 2.7 per
retailer for bridal products. cent lower yesterday at 6.61p.
The sale of CWIO, formerly
known as Findel Direct, forms a ANALYSIS l Findel
part of the company’s strategy to 25 p
exit non-core and loss-making oper- 6.88
ations. For the year ended 2 April, 12 Aug
20
the multi-channel retailer had
reported an adjusted pre-tax profit
of £13.8m from continuing opera- 15
tions, compared with a restated
£29.2m in 2009. 10
Shares in Findel plummeted in
July after the disclosure of a £76m
pre-tax statutory loss and worries 17 May 7 Jun 25 Jun 15 Jul 4 Aug

PayPoint benefits from mobile foray

CONSUMER their parking by credit or debit with lottery operator Camelot,
▲

BY HARRY BANKS
PAYPOINT yesterday said its move
into mobile phone payments had
helped revenue rise seven per cent
between March and July.
The firm, whose services include
bill payment terminals and ATM
machines, made net revenue of
£26m from 29 March to 25 July
after its takeover of PayByPhone,
which allows motorists to pay for
card over their mobiles.
Bill payment, internet and retail
services also grew in the period.
PayPoint said bill and general
payment transactions were in line
with its expectations.
In Romania, it processed more
than three million bill payments,
up more than 200 per cent.
Net cash as of 25 July fell to £6m
from £15m on 28 March.
PayPoint is currently in a battle
which wants to give customers the
chance to pay bills at their termi-
nals.
The National Lottery
Commission (NLC) has launched an
investigation into Camelot’s plans
and could block the move.
PayPoint has argued that
Camelot’s move would be unfair
on its rivals who are already in the
payments business. The NLC has
already blocked one Camelot plan.
 Don’t fly off 12 Economic News CITYA.M. 13 AUGUST 2010

without... TRICHET CONFIDENT ON BANK DEBT REFINANCING NEWS | IN BRIEF

THE massive €1.3 Eurozone industry output falls
trillion of debt refi- Eurozone industrial production declined
?dikhWdY[ nancing that Euro-
zone banks need to
in June, with output in France and
Germany falling sharply, but a strong
carry out by the showing over the second quarter as a
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£5 single trip or £39.99 Annual trip ageable as long as the bloc will be robust. Output fell 0.1
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tured) – said banks recorded a surprise rise in July, making
would have to step it unlikely that the central bank will raise
up their refinanc- interest rates from their current 4.5 per
ing efforts in the cent in the near future. Unemployment
easyJet is an Appointed Representative of Mondial Assistance coming months. edged up to 5.3 per cent over the month,
(UK) Limited which is authorised and regulated by the Financial
Services Authority (FSA). See website for details.
Picture: REX compared to 5.1 per cent in June.

Reposessions
are still falling
category – between 1.5 per cent and

▲
UK ECONOMY
BY KATHLEEN BROOKS
THE Council of Mortgage Lenders
(CML) has revised down its forecast for
the number of borrowers who either
fall behind in mortgage payments or
lose their homes through reposses-
sion this year.
The CML now expects 39,000 repos-
sessions and 175,000 mortgages to end
the year in arrears of 2.5 per cent or
more, down from its previous forecast
of 53,000 and 205,000 respectively.
The revision comes after news that
mortgage repossessions continued to
fall in the second quarter. There were
9,400 repossessions, down from
11,800 in the second quarter of 2009.
But the CML warned against com-
placency and said that yesterday’s
headline figures masked differences
in health between arrears bands.
For example, there has been an
improvement in the lowest arrears
2.5 per cent of the total balance. But
the number of mortgages in arrears
of 10 per cent or more has remained
static, the CML said.
Although yesterday’s news was wel-
comed, some industry analysts are
still concerned about the future.
“With interest rates possibly due to
rise next year and some borrowers
trapped on their lenders’ standard
variable rates, arrears and reposses-
sions may actually deteriorate now,
even as economic recovery contin-
ues,” said David Newnes, estate
agency managing director of proper-
ty firm LSL.
CML director general Michael
Coogan said government budget cuts
could reduce debt advice funding and
government mortgage rescue
schemes: “While we don’t want to cry
wolf, it seems obvious that the ongo-
ing prognosis for arrears and posses-
sions is far from a healthy all-clear.”

CITY VIEWS: ARE YOU CUTTING BACK ON SPENDING

GIVEN ECONOMIC UNCERTAINTY? Interviews by Oliver Shah
MARCELA KERUL-KMECOVA | ERNST & YOUNG
“I’m definitely spending less and I’m trying to cut down on
going out too. I’m also trying to buy a property so I’m
trying to save a certain amount of money every
month. I’ve been in the UK for 10 years and things
have certainly changed – it’s more difficult.”

CHRISTOPHE GROSEIL | OPPENHEIMER

“Am I worried about the state of the economy? Yes. Am I
spending less? Of course. I’m concerned, but I’m French
and there are the same problems over there too. At
least in fixed income, which is the sector I work in,
things aren’t too bad at the moment.”

JENNY BROWN | MARSH

“At the moment I’m trying to buy my first property and
although prices are down, I’m worried about a double
dip. But if it happens, it happens – I don’t get too wor-
ried by what Mervyn King says because you can’t live
your life by what other people think.”
CITYA.M. 13 AUGUST 2010
Germans quiz
Credit Suisse
clients on tax
▲
FINANCIAL SERVICES
BY HARRY BANKS
GERMAN authorities have asked
around 1,500 German clients of
Credit Suisse to provide evidence as
part of a probe into whether
Switzerland’s second-largest bank
helped them dodge taxes.
The chief prosecutor’s office in the
western city of Dusseldorf said in a
statement yesterday it had written to
them to ask why they had deposited
their money with the Swiss bank.
“The target of the survey is the
explanation of the circumstances
under which the investments with
Credit Suisse came about,” the prose-
cutors said in a statement. “It should
also be determined who participated
in the engagements from the bank’s
side.”
A spokesman for Credit Suisse
declined to comment.
German tax authorities had passed
on names of the Credit Suisse clients
after they turned themselves in for
not paying their taxes in full, the
prosecutors said. The clients had to
respond to the questionnaire as they
were contacted as witnesses, the pros-
ecutors said.
Searches of Credit Suisse’s private
banking offices in Germany last
month netted huge amounts of data
and more than 100 boxes of material
after tax authorities obtained a com-
pact disc with names of alleged tax
dodgers this year.
That was the latest episode in an
international crackdown on suspect-
ed tax cheats in offshore centres. Last
▲
year, Swiss wealth manager UBS
agreed to a hefty settlement after a
bitter US tax probe.
The Dusseldorf prosecutor’s office
sent the Credit Suisse clients 24 ques-
tions, including whether there had
been any discussion that the funds
would not be taxed, whether a couri-
er service transferred funds and
whether the possibility of opening
two accounts – with one for untaxed
wealth – had been addressed.
Transport for London plans over 400 park-and-ride stations
TfL signs up 44,000 to
use Barclays Cycle Hire
TRANSPORT total number of docks to over 400.
BY MARION DAKERS Boris Johnson cheered the mile-
stone yesterday. “These are the early
LONDON’S cycle hire scheme has been days of the scheme, and we are still
used for more than 100,000 journeys learning and improving the system. I
since its launch on 30 July, Transport appreciate Londoners’ patience and
for London (TfL) said yesterday. would ask everyone to bear with us.”
Around 44,000 people have signed He added: “However it is now clear
up to the hire programme, and are that, with 100,000 journeys already
between them making up to 14,000 made, there is an indefatigable
journeys per day. enthusiasm for cycling that is mak-
Around 70 extra docking stations ing Barclays Cycle Hire one of the
are under construction, bringing the city’s success stories.”
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News 13
Aegon cash call
fears grow as
capital shrinks
INSURANCE
▲
BY OLIVER SHAH
FEARS of a fresh rights issue overshad-
owed a consensus-beating second
quarter performance from Dutch
insurer Aegon yesterday, after the
firm said its capital buffer had fallen.
Shares in Aegon fell 3.5 per cent to
€4.37 (£3.60) as the life and pensions
firm said tougher requirements from
Picture: PA ratings agency Standard & Poor’s
meant its reserve capital declined by
€700m to €3bn. The shift means
bailed-out Aegon will have to tap
investors for a cash call if it decides to
repay €2bn in state aid and a €1bn
penalty this year.
Albert Ploegh, an analyst at ING,
told City A.M.: “The question is how
badly this derails the process. The
market thinks the likelihood of a cap-
ital raising has increased.”
The news cast a gloom over other-
wise strong three-month numbers.
Aegon swung back to a net gain of
€413m against a loss of €161m the
year before, topping expectations,
driven by growing pension sales and
lower impairments on investments.
Core pre-tax earnings were up 26 per
cent year-on-year to €522m.
Chief executive Alex Wynaendts
said he expected to receive the all-
clear from the European Commission
on plans to repay state aid soon.
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 14 News CITYA.M. 13 AUGUST 2010

Vedanta in talks to
7 L UHG R I buy Indian oil firm
V W D Q G LQ J Cairn India is the fourth-largest core business of developing mines

▲
ENERGY
BY MARION DAKERS oil and gas company in the and smelters,” analysts at Credit
country, and was valued at £8.92bn Suisse said in a note. They added:
VEDANTA Resources is in talks to at the close of trading yesterday, “We therefore struggle to see any
buy part of Cairn Energy’s Indian valuing Cairn Energy’s stake at strategic fit or synergies.”

LQ
spin-off oil firm, both companies £5.56bn.
confirmed yesterday. “The big question now is how big ANALYSIS l Vedanta Resources
Vedanta is already focused on this stake is going to be and how 2,600 p 2,181.00
mining in India, but is keen to are they going to structure the 12 Aug
2,500
move into oil and gas operations in deal,” said Liam Fitzpatrick, an ana-
the country. lyst at Credit Suisse. “It will proba- 2,400
Aberdeen-based Cairn, which has bly be more of a minority interest,”
a 62.37 per cent stake in Mumbai- he said, noting that Vedanta is 2,300
listed Cairn India, emphasised in a already relatively highly geared. 2,200
statement that “there can be no Other analysts voiced concerns
certainty the contemplated about the possible purchase. “A 2,100
disposal will occur or, as to the move into oil would be a very
terms of any such disposal”. strange shift away from Vedanta’s 17 May 7 Jun 25 Jun 15 Jul 4 Aug

Terms and Conditions apply. Subject to status. The Platinum Charge Card is offered by American Express ® Services Europe Limited. Registered Offi ce: Belgrave House, 76 Buckingham Palace Road, London SW1W 9AX, United Kingdom. Registered in England and Wales with Company Number 1833139.

CITY MOVES | WHO’S SWITCHING JOBS Edited by Victoria Bates in association with

Deloitte
The accountancy firm has appointed Zahir
Bokhari to lead its UK banking and capital mar-
kets audit business.
Bokhari brings over 20 years of experience to
the role, having provided audit, assurance and
advisory services to numerous listed clients in
the retail banking, inter-dealer brokers and capi-
tal markets sectors in his previous capacity as
senior banking audit partner.
“These are challenging times for all financial
services companies, with significant demand for
audit, assurance and advisory services,” said
Bokhari. “I look forward to taking on this role
and helping our clients to address these issues.”
Brit Insurance
The insurance group has nominated Scott Egan as
its new group chief financial officer, replacing
Matthew Scales, who announced his intention to
step down earlier this year.
Egan’s appointment will be put to a shareholder
vote at the next general meeting, which the firm
said would be held no later than January next
year. Scales will remain at the group until Egan
arrives.
Egan joins from Zurich Financial Services,
where he has held various roles including group
financial controller, based in Switzerland, and UK
chief financial officer.
His appointment comes at an uncertain time for
Brit, which last month finally agreed to open its
books to suitor Apollo for due diligence after it
submitted a third bid for the group at £10.75 a
share. Two previous bids from Apollo at £10 and
£10.50 a share had already been roundly rebuffed
by Brit.
Edison Investment Research
Ian McLelland has joined the independent invest-
ment research house to bolster its oil and gas
team.
McLelland has spent his 20-year career to date
with oil giant BP, where he worked in the refining
and petrochemicals sectors in a range of technical
and engineering management positions.
He later moved to the group’s London head-
quarters, where he advised the various executive
committees on issues such as strategy develop-
ment, financial planning and performance man-
agement.
Capco
The business and technology consultancy has
expanded its European capital markets team with
the appointment of Jonathan Davis as its UK lead.
Davis joins from Accenture, where he spent 22
years after graduating from university. He worked
in the UK financial services team, where he was
latterly a member of the ten-strong UK leadership
group. Davis said these are particularly interesting
times for consultancy businesses, as firms recon-
sider their strategies, cost structures and internal
controls in the aftermath of the economic crisis.
Mercer
The consulting and outsourcing group is to set up
a new financial strategy group based in Edinburgh,
providing specialist advice to Scottish and
Northern Irish companies on how to manage risks
in their occupational pension schemes.
Mercer said the move comes in light of the raft
of challenges currently facing UK pension funds,
including the continuing rise in longevity, the fall in
global equity market and corporate bond yields,
and the current fiscal squeeze. FTSE 350 company
pension deficits stood as high as £85bn at the end
of June, according to Mercer.
The new Edinburgh group will be headed up by
Sathish Ramdayal, who has over 15 years of expe-
rience in the industry and joins from P-Solve Asset
Solutions, the investment advisory and manage-
ment arm of Punter Southall.
Rothschild
The bank said yesterday that Oliver Goetz and
James Ankers have moved over to its South-east
Asia office from Frankfurt and London respective-
ly. In Singapore, Goetz will be head of transport
for Asia and Ankers will be head of financial insti-
tutions in the region.
Threadneedle Communications
The City public relations firm has poached Terry
Garrett from rival Weber Shandwick.
Garrett was formerly co-head of capital mar-
kets at Weber Shandwick, which he joined in
2000. He is an ex-journalist, having spent eight
years as UK company news editor at the Financial
Times.

To appear in CITYMOVES please email your career

updates and pictures to citymoves@cityam.com SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT +44 (0)20 7557 7245
morganmckinley.com
 CITYA.M. 13 AUGUST 2010
INDIA’S TAJ REOPENS AFTER TERROR ATTACK
THE Taj Mahal Palace and Tower hotel (above) reopened in Mumbai yesterday, 18
months after it was stormed by Islamist militants. The 107-year old heritage wing of the
luxury hotel is set to receive guests for the first time since it was badly damaged by fire,
smoke and explosions in the deadly 60-hour siege. A total of 1.75bn rupees (£23.9m) has
been spent repairing, restoring and upgrading the wing.
Authorised in the United Kingdom by the Financial Services Authority under the Payment Services Regulations 2010 (reference number 415532) for the provision of payment services.
Hampson warns on
2010 as orders slow
▲
INDUSTRY
BY HARRY BANKS
BRITISH aero engineer Hampson
yesterday said its full-year profit
would fall short of market expecta-
tions due to a slowdown in orders
at its aircraft tooling unit, sending
its shares to a seven-year low.
“Our largest tooling business has
been impacted by order delays
across a number of aircraft pro-
grammes,” Howard Kimberley,
Hampson’s finance director said
after the company said full-year
pre-tax profit would fall “materially
below current market estimates”.
“The [new] Lear [jet 85 aircraft] is
one of those programmes and the
Boeing 787 [Dreamliner] has been
somewhat delayed, which has hit
Boeing’s sub contractors, each of
which have a relationship with our
Picture: REUTERS
facility,” added Kimberley.
Shares in Hampson plunged by
up to 61 per cent, their lowest level
since March 2003, valuing the
group at around £75m, before clos-
ing at 21.25p.
Before yesterday’s announce-
ment, Hampson was expected to
report pre-tax profit of between
£21.7m and £28m for the year to
the end of March 2011, with the
consensus at £24.3m.
The company said in June that
the rate of recovery at its tooling
business, which supplies the
defence, commercial aerospace and
space industries, had been slower
than it had anticipated.
“The delays experienced by the
tooling business on new aircraft
programmes have continued and
the group is missing the large con-
tribution to overheads that this
BlackBerry rocked
by India ban fears
▲
TELECOMS
BY STEVE DINNEEN
BLACKBERRY-MAKER Research In
Motion (RIM) yesterday moved one
step closer to a potentially disastrous
ban in India.
A meeting with authorities was
“inconclusive” and the superpower
has given the firm until the end of
the month to address its concerns.
India is worried that BlackBerry’s
encrypted data can be used by terror-
ists such as those involved in the
Mumbai attack. It is especially con-
cerned about its Messenger service.
Officials say RIM proposes tracking
emails without sharing encryption
details, but Indian sources say that is
business should produce,” said
Arbuthnot analyst Michael Blogg,
who cut Hampson’s full-year pre-
tax profit target to £15m from
£25m after its profit warning.
Hampson said delays in the
receipt of engineering data from
certain customers had further
impacted activity levels at its US
tooling facility.
ANALYSIS l Hampson
70 p 21.00
12 Aug
60
50
40
30
20
17 May 7 Jun 25 Jun 15 Jul 4 Aug
not enough.
The latest setback for RIM follows a
ban in the UAE and a deal with the
Saudi Arabian authorities to provide
them with some user’s data.
A shutdown would affect 1m of the
smartphone maker’s 41m users. But
with India being one of RIM’s fastest
growing markets, this would be a dis-
aster for the firm.
This year, India restricted imports
of Chinese telecoms network equip-
ment over security fears. It is also
worried about the introduction of 3G
wireless services with no monitoring
system in place.
RIM, unlike rivals Nokia and Apple,
operates its own network through
secure servers.
We’l l help you get your hand s
in to wn .
on so me of the ho tte st tic ke ts
ame r ican exp ress .co.uk /po tent ial
or se ar c h ‘p ot en t ia l’
Realise
the TM
potential
News 15
Partner profits
lifted at Baker
& McKenzie
▲
LEGAL
BAKER & MCKENZIE said yesterday
profits per equity partner at the firm
jumped by 13 per cent to $1.13m for
fiscal year 2010 – even as gross rev-
enue at the 3,750-lawyer firm was
essentially flat, falling 0.4 per cent to
$2.104bn.
While Baker’s profits reversed
course from last year’s 17 per cent
drop, 2010 marks the second straight
year of declining revenue for the
firm. Baker was able to increase prof-
its thanks to several cost-cutting
measures including reducing
capacity levels and delaying some
capital expenditures. Emerging mar-
kets, specifically in Asia and Latin
America, were key areas of opportuni-
ty for Baker in fiscal year 2010.
 The Capitalist
16 CITYA.M. 13 AUGUST 2010
EDITED BY
VICTORIA BATES
GOT A STORY? EMAIL
thecapitalist@cityam.com

THE CITY’S GOT TALENT: OUR TOP TEN LOVELIEST LADIES

2 3
HANNAH WOODLEY JOANNE VOWLES
PANMURE GORDON CHARLES STANLEY
The Capitalist lost count of the Joanne is the freshest-faced of all
number of people emailing in to our lovely ladies, having joined
nominate the dazzling Miss Woodley, Charles Stanley’s PR team earlier this
who caused quite a stir when she year at the tender age of 22. (Internal
turned up as an associate director in reports say the procession of male
the corporate broking team at Panmure employees tramping into the PR
Gordon earlier this year. office has roughly trebled since she
Hannah’s past career history includes joined.) Outside of work, the blonde
stints at stockbrokers Collins Stewart beauty is a bit of a sports junkie, play-
and Noble and some time spent market- ing club netball, running and skiing.
ing hedge fund Essential Capital
Management… that, and a spell of mod-
elling for the Mustard Models agency
(hence the stunning photograph on the
right).
“She’s beautiful, and a lovely person
to boot,” was how one earnest admirer
described her. Aww.

1
GEORGIA RAIMES
WORLD FIRST
Last year’s winner, the gorgeous Sarah Davison of RBS
Sempra, was always going to be a tough act to follow, CORDELIA ORR-EWING
but the City has found an eminently worthy successor in the
form of brunette bombshell Georgia Raimes.
The lovely Georgia is a forex dealer on the private client
desk at World First, and also often provides a video market
update published on the firm’s website, much to the boys’
4 STRAND HANSON
With a name like that and having
perfected her sultry stare (see left),
Cordelia is certainly the “posh totty” of
the competition. After graduating just
delight (just watch that online traffic shoot up…) last summer, she gained experience at
I hear her stunning good looks and sultry tones have Mirabaud Securities and Williams de
earned her a cheeky nickname among colleagues and Broe before being snapped up recently
clients: the “Nigella Lawson of FX”. Richly deserved, as I’m by Strand Hanson as an analyst in the
sure you’ll agree. corporate finance team.

7
FIONA CINCOTTA PAOLA SCAGNELLI .KATIE RATNER

5 CITY INDEX
28-year-old Fiona, an account man-
ager at City Index, has the gents all
of a-flutter when filming her frequent
market updates to be uploaded onto
the web. Outside work she goes to the
gym and runs to stay in shape, and
admits she has a weakness for sunny
summer barbecues.
6 EVERSHEDS
It’s no surprise that associate
lawyer Paola made the cut for this
year’s hotlist, with her smouldering
good looks. A member of Eversheds’
project finance team, Paola’s Italian
roots have evidently influenced her hob-
bies outside of work – good food and
wine, music and watching motor sports.
SEYMOUR PIERCE
Katie is a corporate broker at
Seymour Pierce – where her late
father, Richard “Ratty” Ratner, was vice
chairman. Bubbly and fun-loving, she
enjoys skiing and horseriding, once rep-
resented England at elephant polo at a
game in Nepal (yes, really), and was also
previously a Soccerette on Soccer AM.

10
TAMZIN MANNING LEANNE BARNHAM JILL ROOTSAERT

8 KBC PEEL HUNT

Another candidate to swell the
ranks of the blonde contingent
(and neutralise the age-old blonde vs
brunette debate), flaxen-haired Tamzin
secured the vote of a number of admir-
ers in the stockbroking community. She
joined KBC Peel Hunt in 2006 to work in
generalist equity sales.
9 F&C
Social butterfly Leanne works as a
marketing manager at F&C, bright-
ening up the office with her sunny dis-
position and cheeky smile. She joined
HENDERSON
At a recent party, the boys
were falling over themselves to
nominate Jill for the ladies’ hotlist, a year
and a half after she joined Henderson
the fund management group a few from the investment banking arm of
years ago from boutique rival Skylight Fortis. The lucky girl’s certainly blessed
Capital, where she was the marketing with brains as well as beauty – she’s in
director. charge of Henderson’s currency fund.

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 18 News CITYA.M. 13 AUGUST 2010

UKTV appoints
new boss as
New EU rules set to
Virgin seeks a boost reinsurance
buyer for the JV
MEDIA
and securities issues
▲

BY STEVE DINNEEN
INSURANCE disasters like huricanes and earth-

UKTV yesterday announced a major
shake-up of its board just days after it
emerged Virgin will sell its stake in
the joint venture.
Darren Childs will take the helm at
the profitable broadcaster, stepping
down from his post as managing
director of BBC Worldwide Channels.
He will replace David Abraham,
who stepped down in April to become
the chief executive of Channel 4.
UKTV also announced the appoint-
ment of Jan Gooze-Zijl as chief finan-
cial officer.
Virgin is looking to offload its half
of the joint venture it holds with the
commercial arm of the BBC.
The channel is expected to raise
around £350m, with the BBC under-
stood to be interested in taking full
control of the owner of channels
including Dave.
▲
BY HARRY BANKS
NEW EU rules to boost insurers’ finan-
cial strength will spur more issues of
securities tied to natural disasters and
peak mortality risks as the sector
moves onto even safer footing, Swiss
Re said yesterday.
The world’s second-biggest reinsurer
and other industry experts expect the
Solvency II capital regulations – set to
take effect in 2013 – to support insur-
ance-linked securities (ILS) given insur-
ers’ need for robust balance sheets.
Solvency II will have a positive effect
on more mature ILS products such as
catastrophe bonds, Alison McKie, man-
aging director in Swiss Re’s life and
health area, said.
In addition to the traditional rein-
surance market, insurers use “cat”
Darren Childs is set to take the helm at UKTV bonds to transfer risks associated with
quakes to capital markets investors,
thus limiting exposure to major dam-
age claims.
Capital market solutions mitigating
risks were not assessed under the pre-
vious regulatory system, but they will
be under Solvency II, McKie said.
“Securitisation is an effective way of
managing these peak risks and reduc-
ing capital requirements. Overall, we
therefore expect the new regulations
to lead to an increase in the use of
alternative risk transfer products, in
particular by those companies who are
using internal models to assess their
capital position,” she added.
Top reinsurers such as Munich Re,
Hannover Re and Swiss Re expect sales
to rise as insurance companies buy
risk cover from them to help offset
Solvency II’s more stringent capital
requirements.

One more late meeting?

One more decision to make?
Who is taking you home tonight?
GM back in black as
Trust Atlas, the name The City depends on... boss heads for exit
We have been offering transport solutions in AUTOMOTIVE director at private equity firm The strong foundation in place, so I am
▲

The City of London for over 2 decades and take BY HARRY BANKS
great pride in our strong and committed team GENERAL Motors (GM) posted its
biggest quarterly profit in six years
yesterday and chief executive Ed
Come and join us on: Whitacre stepped aside on the cusp
0207 247 7000 of an IPO expected to allow the US
government to relinquish its major-
Or pre-book your car online ity stake.
Whitacre, who has served just
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ANALYSIS l Interserve
p €
225
203.25
12 Aug
215
Carlyle Group.
Whitacre’s departure had been
expected but the timing of the
announcement was a surprise and
came just a day ahead of GM’s
expected filing for a landmark stock
offering. Whitacre, who continued
to commute from his home in Texas
during his stint as chief executive of
the Detroit-based company, had said
repeatedly that he would be an
interim leader at GM.
“It was obvious that I was not
going to be at GM for the long haul,”
Whitacre said. “We have put a
ANALYSIS l ING
7.23
7.50 12 Aug
7
very comfortable with my timing.”
Akerson, a former boss at Nextel,
will become GM’s fourth chief exec-
utive in just a year and a half, under-
scoring a continued challenge for
an automaker analysts see as still in
the early stages of a turnaround.
Separately, GM posted a second-
quarter profit of $1.3bn (£834m) in
evidence of a turnaround driven by
cost-cutting in its 2009 bankruptcy
and better sales in the US. The sec-
ond-quarter profit was the largest
since 2004, when the US car market
was still booming.
ANALYSIS l Premier Foods
p
18.76
24 12 Aug
22

6.50
205
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UBS downgrades Interserve to “sell”
from “neutral” with an 180p price target
warning it faces “serious headwinds”
going forward. Expects significant rev-
enue drop in UK construction of 32 per
cent from peak to trough resulting in an
85 per cent fall in divisional profit.
Believes support services margin pres-
sure will also persist.
To appear in Best of the Brokers email your research to notes@cityam.com
Deutsche Bank reiterates its “buy” rat-
ing on ING saying its second quarter
results indicate it is back on track
towards normality. Says its ability to
generate “substantial” amounts of capi-
tal organically is “abundantly clear”, yet
says the shares’ valuation does not
reflect this noting it currently trades at
0.7 times net asset value.
RBS reiterates its “Buy” rating on
Premier Foods saying its current valua-
tion of four times price to earnings ratio
for 2010 is unjustified. Notes its first
half results beat market expectations
yet the shares have failed to react
accordingly. Believes that the shares
could double in value between the next
12 to 18 months.
 City Focus CHECK OUT 19
HONG KONG
| Entrepreneurs TRAVEL SECTION,
MONDAY’S PAPER

EMPLOYMENT
A high-flying PR success story Q.
I have been running
my own business for two
Q&A
years and am looking to take on
my first employee, how do I go about
Launching Peregrine has seen writing a legal contract and how much
does it cost?
Anthony Payne fulfill his destiny,
A.
It is absolutely crucial to set up a
contract, which sets out the
Kathleen Brooks meets him. arrangements between the employ-
ee and employer in detail. Many small busi-
nesses make the mistake of not giving this

A
DEGREE in law couldn’t stifle
Anthony Payne, the founder of
Peregrine Communications, from
unleashing his entrpreneurial
spirit. Even when he was completing arti-
cles – the early stages of legal training – he
took time out to start a pizza delivery busi-
ness called Moonlight Munchies.
Skip forward a couple of decades and
Payne is eating lunch at the Ivy Club, just
off the Strand. He founded his own finan-
cial PR firm Peregrine Communications in
2003. The Ivy is his favourite haunt for busi-
ness, the Groucho club is for fun, he says as
he digs into a fish pie. And he is optimistic
about the future: “It’s imperative now,
especially since the financial crisis, that
financial firms are good at messaging.”
He soon ditched his law career: “I knew I
Anthony Payne, enough importance and write sketchy and
founder of Peregrine vague contracts. The employer needs to be
careful that the offer letter and contract
Picture: reflect what has been agreed with the
Micha Theiner employee. While it might be tempting to
/City A.M. avoid lawyers’ fees and instead write con-
tracts yourself using free templates that are
available on the internet, they often do not
go into enough detail. Employers might end
up amending the contracts themselves,
which could come back to bite them in the
future. It is always advisable to seek legal
advice when drafting a contract, as correct
phrasing is crucial when it comes to legal
documents. For a bespoke contract you can
dren at boarding school so I had to get simple: don’t set up with a partner on day expect to pay anything between £800 and
work.” He credits three people for his initial one and don’t give away equity in the busi- £5,000, depending on the level of detail and
success: Tim Weller, CEO of Incisive Media; ness – instead incentivise via profit share. “I complexity.
Robin Bowie, head of Dexion Capital and always remember the Clint Eastwood line

could never compete with double first
Oxbridge types as I don’t have a head for
detail.” That’s when he moved to PR, hon-
ing his craft at some of the world’s largest
Christian Yates, CEO of investment bank
Julius Baer. They all let his firm bid for busi-
ness when it was in its infancy. “I was oper-
ating the business from one room in my
Q.
from Magnum Force: ‘A man’s got to know What are the main points I should
his limitations.’ But if you do that, then the include in the contract and is there
world conspires to help you achieve anything I should be aware of?
things.”

firms in the 1980s and 1990s, including
Burson-Marsteller where he worked in
Hong Kong for its financial services divi-
sion, eventually heading up its Thailand
branch. He returned from Asia in 1994.
Back home, Payne persuaded Hill &
Knowlton to set up a financial PR division
that he went on to head for three years.
Then in 2003 he went back to his entrepre-
neurial roots. He didn’t choose the easiest
environment in which to start Peregrine.
The internet bubble had burst and 9/11 had
happened sparking a mini-recession: “It
was a terrifying time to start. I had two chil-
home, but those initial accounts gave me
great encouragement.” From the start,
Payne decided to specialise in the alterna-
tives space, particularly hedge funds, pri-
vate equity and renewables.
Although he says that he went into
financial PR because it requires less brains
than other careers in the City, don’t be
fooled. He applied laser-like focus to setting
up Peregrine: “Contracts were always quar-
terly in advance since cash is absolutely
critical.” The firm now has eleven staff in
its London office.
His advice for budding entrepreneurs is
CV | ANTHONY PAYNE
Age: 48
Born: Kenya
Lives: Battersea, London with his
wife, Tanya Layzell-Payne, the
owner of Gerber PR, and two
teenage sons.
Car you drive: Pashley motor-
bike, Golf GTI
Reading: Churchill: A biography,
by Roy Jenkins
Peregrine has representatives in
nine countries. Thinking globally
comes naturally to Payne. His
great-grandfather moved to
Kenya in 1910: “We know all
about emerging markets.”
A.
The contract itself does not have to
be complicated but it will need to
include a few key points. These
include the job description, pay, hours, holi-
day, sickness arrangements and termination
provisions. Again, wording is very important
to prevent discrepancies or ambiguities.
Financial institutions, for example, should
take special care when including bonuses in
an employment contract. This could lead to
an employer being legally bound to pay an
employee a bonus even if they haven’t per-
formed well. So, for both parties, it’s best to
be clear what bonus and terms of employ-
ment both the employee and employer can
expect. Other points to be aware of are the

Big corporates help

maternity, paternity and parental leave
rights of employees and a duty to provide a
pay slip. Thankfully, for small business own-
ers there are many places that you can get
information on employment law, such as the

small firms prosper

department for businesses, innovation and
skills and the ACAS websites, alongside HR
advisors and lawyers.

Q.
How can I protect myself from
being sued in case I need to let
someone go?
Social responsibility programmes can now
A.
The most important thing is to be
benefit entrepreneurs, writes Kathleen Brooks clear why you are letting someone
go, as well as having a clear process
to regularly check your employees’ perform-
ance. If you are dismissing someone, it is

I
N THE past, corporate social responsi-
bility meant big firms sponsoring a
recycling plant, or an art exhibition
at one of the major galleries. But now
well-known corporate brands are starting
to direct their altruistic impulses toward
entrepreneurs.
At the start of this year, Virgin Media
teamed up with Enterprise UK to support
young entrepreneurs. It uses the internet
to give advice, run tutorials and help young
people with a good business idea to make it
happen. T-Mobile is also jumping on the
bandwagon. Just last week, it held a
“Business Sense Round Table” to discuss
what small companies and start-ups need
to succeed in the coming years.
So does this mean that entrepreneurs
have become the new “social responsibili-
ty”? Not necessarily, says Stephen
Alambritis, spokesperson for the
Federation for Small Business (FSB): “It’s
rather like foreign students who come to
the UK to study. One day it might lead to
then choosing Britain to do trade with.
The same principle applies when large
companies help entrepreneurs – one
would expect that if they do well they will
go back to the large company to do busi-
ness.”
Helping entrepreneurs can be vital for
large corporations, adds Alambritis:
“Without a groundswell of medium-sized
businesses in the UK, corporations will find
it hard to get firms who can service their
large orders. So it’s important for them to
help small start-ups to grow.”
It can also help corporations understand
their business clients of the future, says
Oliver Chivers, head of indirect business at
T-Mobile. “Small businesses are diverse and
changing all the time, so it’s important for
us to understand their needs so we can pro-
vide them with the best solutions for their
businesses.” One can assume that this will
hopefully lead to an increase in sales.
Large corporations can use their associa-
tion with entrepreneurs to boost their
image, especially if they are seen to be help-
ing small firms with an ethical bias. For
example, T-Mobile is particularly interested
in helping socially responsible firms. The
FSB’s Alambritis says that being associated
with socially responsible start-ups is attrac-
Virgin-founder tive for large firms: “A corporation might
Richard Branson is not be able to do direct social enterprise
helping young work, but if it can support social entrepre-
entrepreneurs neurs then it will get some of the benefit
through association.”
Picture: REX Corporate social responsibility could be
re-named as corporate economic responsi-
bility. But even if it helps the large firm as
much as the start-up, it’s still good for
entrepreneurs.
vital to be up front and honest. For example,
many employers hide behind redundancy,
when the real reason may be poor perform-
ance. Small companies can protect them-
selves by having a probationary period in
which the employee can be monitored and
informed about their progress. The employer
should take time to discuss performance-
related issues regularly, and not shy away
from uncomfortable discussions. In the case
of redundancy, it is sensible to seek
legal advice as it can be a relative-
ly complex process,
and it is important
to follow the correct
set of laws in order
to minimise the risk
of a dispute.
Magdalena
Brzezniak
 Investment
20 CITYA.M. 13 AUGUST 2010

| Personal Finance

Take a bespoke approach

to your retirement plans
If you have the time, then SIPPs
W
HETHER it is the shift from
final salary to defined contri-
can work well, says Jessica Mead bution pension schemes or the
growing disillusionment in
the financial sector and the costs of tradi-
tional pensions, we are all choosing to
take more control over our retirement
planning. And rather than choosing a
one-size-fits-all stakeholder pension,
investors are increasingly opting for the
made-to-measure self-invested personal
pension (SIPP), which gives them the ulti-
mate in a personalised pension scheme
and the tax benefits to boot.
SIPPs have become one of the fastest-
selling financial products of the past five
years. Although the first SIPPs were
launched in 1990, in 2006, when it
became possible to have both a personal

you
pension and a SIPP, SIPP-holders num-
The best person to run your pension is bered just 50,000. But today there are
about 650,000 SIPPs, a 25 per cent
increase on last year.
SIPPs have been considered an expen-
sive alternative to a standard pension but
research from Defaqto shows that costs
have been falling over recent years. In
May 2010, the average set-up fee for
investments of £50,000 was £239.64 with
an annual administration fee of £360.47.
However, low-cost SIPPs, provided by
the likes of Hargreaves Lansdown,
Alliance Trust and Killik & Co, will give But disillusionment would not have
you access to most investment products, driven such a surge in popularity, espe-
including listed shares, investment cially since SIPPs have little cost advan-
trusts, bonds and exchange-traded funds tage. Where SIPPs do well is in terms of
(ETFs). The set-up fee can be between £100 choice, which is effectively unlimited
and £200 but some providers will waive through your SIPP compared to the limit-
this if you start immediately so don’t be ed number of options available through
afraid to negotiate. The annual manage- a stakeholder pension.
ment fee can be as low as £75 but is more You also have far less need for another
likely to be in the region of £150 to £200, pension plan because you can get all the
says Dave Jeal, head of product manage- diversity you want within one frame-
ment at Selftrade. work, says Danny Cox, head of advice at
If you are putting shares, investment Hargreaves Lansdown, a financial servic-
trusts and exchange-traded funds (ETFs) es provider. “A SIPP is a great consolida-
into your SIPP, you will have to pay a deal- tive vehicle because you can merge
ing fee, which varies depending on the several old pensions into one,” he adds.
provider. But if you want to invest in However, while “frozen” company
You have the greatest vested interest in Take control of your future and put more exotic products such as commer- schemes can be put into a SIPP, those still
your pension. So it makes perfect sense your investment expertise to good use. cial property and unquoted shares, then active cannot. And you can’t include a
for you to run it. Download your comprehensive FREE guide you will need to set up a full SIPP, which defined benefit pension, warns Jeal.
will have a substantial fixed annual Despite these features, should every-
to SIPPs, or apply for an account today. administration charge and dealing fees. body be using a SIPP? Ian Price, divisional
A Self Invested Personal Pension (SIPP)
gives you freedom to invest your money
Visit www.selftrade.co.uk/you ANALYSIS l Permitted investment types used by IFA’s to construct SIPP portfolios
wherever you think it will perform best.
And with our SIPP Dealing account, or call 0845 0700 720 Futures & Options

Source: Defaqto
2009
you’ll have all the tools and information Unlisted/Unquoted Shares
Lines are open Monday to Friday 7.45am – 7pm. 2010
you need to support your decisions
Calls may be recorded. Overseas Stocks & Shares % respondents
and skilfully manage your stock market
Investment Trusts
investments. You’re also free to choose
your own Trustee/Administrator, giving UK Stocks & Shares
you the flexibility to choose the one that Commercial Property Purchase
best suits your needs. Unit Trusts/OEIC’s
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
Please remember that investments,
and any income from them, can fall in
SIPP INVESTMENTS | PROPERTY
value as well as rise and that we do
not provide investment advice. If you’re
unsure whether a SIPP is right for you, Putting property into your SIPP is an extreme-
we recommend you seek independent ly complex matter and one on which you should
financial advice. seek specialist advice. Investing directly in
property is only available through a full SIPP.

l You can include commercial property.

l You can borrow up to 50 per cent of the net
fund value of the SIPP for the purpose of buy-
ing a commercial property within a SIPP.
l Investing in residential property is a mine-
field. You need a minimum £1m invested in
Selftrade® is a trading name and registered trademark of Talos Securities Limited, which is authorised and regulated by the Financial Services Authority
(FSA Register No. 208271) and is a member of the London Stock Exchange and PLUS Markets plc. Talos Securities Limited is incorporated in England and three properties and no property can be worth
Wales (Registration No. 4196325, Registered Address: Boatman’s House, 2 Selsdon Way, London E14 9LA). Include your office in your SIPP
more than 40 per cent of the SIPP value.
CITYA.M. 13 AUGUST 2010 OWN YOUR OWN 21
SHOOTING ESTATE,
THE PROPERTY SECTION,
PAGE 23

PERSONAL FINANCE NEWS

BY KATHLEEN BROOKS
BEWARE PHONE CALL SCAM
HM Revenue & Customs has issued a
warning to taxpayers after reports
that thieves were making phone calls
pretending to be the taxman.
According to reports, fraudsters say
that you are due a tax rebate and ask
for your bank details over the phone.
They then try to gain access to your
bank accounts and could sell your
details on to other organised crime
gangs. HMRC urges anyone who
receives a call to contact the police
and not to disclose their details.
PARENTS OFFER STUDENTS A HAND
Students are underestimating how
much help their parents will give
them while at university, according
to new research from Barclays bank.
The survey found 77 per cent of par-
ents are willing to help, whereas only
43 per cent of students are expect-
ing help. On average, parents are
willing to contribute £9,000 to the
costs. This is more than double what
students think their parents will con-
tribute. However, only 29 per cent of
parents said they saved for this cost.
PENSION AND ISA LINK
Online financial services provider Fair
Investment is urging the government
to make saving for a pension easier
for young people. It says that saving
£50 a month when you are young
can make a real difference when you
retire. It would like to see ISA invest-
ments blended with pension saving
and the state pension. This would
encourage more saving, it says, since
it would be simpler and more flexible
than current pension plans, which do
not allow cash withdrawals.

director of pensions at wealth manage-
ment firm St James’s Place, says: “There
is a clear market for SIPPs but it isn’t one
for everybody because many of us simply
don’t have the expertise or time to do it.”
If you go down the SIPP route, Price says,
then your pension is your responsibility
and you need to set aside the time to
manage it and understand the risks.
Bob Woods, executive chairman of
Mattioli Woods, says: “A SIPP is right for
anybody who is serious about pension
planning and for those who aim to have
generated £250,000 by retirement.” He
adds that taking control is, on its own,
SIPP INVESTMENTS | FORESTRY
Whether you’re an investor with a conscience
or simply after long-term sustainable returns,
then forestry investments can be wrapped into
your SIPP.
A number of forestry companies have sprung
up, offering you the chance to invest in timber.
For example, Ethical Forestry offers a 12-year
investment in teak for a cost of £18,000. This
is SIPP-able and investment in commercially-
managed woodland is free of income tax.
Other forestry investment companies include
Oxigen, Global Forestry Investments and
Forestry Investment Management.
not enough: “You need good advice to
supplement the control – a SIPP without
advice is a dangerous vehicle.”
Adrian Lowcock, senior investment
adviser at BestInvest, says that however
experienced you are, getting a second
opinion is always good. For example, you
might be an equity strategist but that
doesn’t mean you know the ins and outs
of the bond market.
For those who want to take control of
their pensions and who also have both
the time and expertise, SIPPs allow you
to create a bespoke plan to meet your
needs precisely.
Pensions can grow on trees
Put your offshore banking in
the hands of the expat experts
13°N – Rizal, Philippines
9JGP[QWoTGNKXKPICPFYQTMKPICDTQCF[QWPGGFCDCPMVJCVWPFGTUVCPFU[QWTWPKSWG
circumstances and has the expertise to help you manage, grow and protect your savings
and wealth. You can trust HSBC Bank International in Jersey to offer you just that.
r /WNVKEWTTGPE[QHHUJQTGUCXKPIUCPFKPXGUVOGPVUVQJGNR[QWCEJKGXG[QWT
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r 2QVGPVKCNVCZUCXKPIUFGRGPFKPIQP[QWTEKTEWOUVCPEGU
r 4GNCVKQPUJKRCPFYGCNVJOCPCIGTUYJQCTGURGEKCNKUVUKPVJGKTƂGNFOCP[
of whom are expats
r #TCPIGQHUGTXKEGUVJCVOCMGOQXKPICPFNKXKPICDTQCFCUGCU[CURQUUKDNG
e.g. account set up even before you arrive in your new country* and personal
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year, we have a unique insight into expat life across the globe.
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Call +44 (0) 1534 616079
Visit www.offshore.hsbc.com/am

SIPP INVESTMENTS | GOLD BULLION

The market turmoil has seen more and more of

us buy up gold coins and bars as a safe way to
store wealth.
Only the highest grade (investment grade) gold
bullion can be included in your SIPP and it *Available to HSBC Premier customers. HSBC Premier is available in 45 countries worldwide. Financial eligibility criteria applies.
HSBC Bank International is regulated by the Jersey Financial Services Commission for Banking, General Insurance Mediation,
must be stored with a third party. The gold in Investment and Fund Services Businesses and licensed by the Guernsey Financial Services Commission for Banking, Collective
Investment Schemes and Investment Business. Licensed by the Isle of Man Financial Supervision Commission. Deposits and
your SIPP cannot be used as an asset which KPXGUVOGPVUOCFGYKVJQWTQHƂEGUKPVJG%JCPPGN+UNCPFUCPFVJG+UNGQH/CPCTGPQVRTQVGEVGFD[VJGTWNGUOCFGWPFGTVJG7-oU
(KPCPEKCN5GTXKEGUCPF/CTMGVU#EVHQTVJGRTQVGEVKQPQHTGVCKNENKGPVUKPENWFKPIVJG7-(KPCPEKCN5GTXKEGU%QORGPUCVKQP5EJGOG
has “pride of possession” such as jewellery – ie, CPFVJG7-oU(KPCPEKCN1ODWFUOCP5GTXKEG*QYGXGT*5$%$CPM+PVGTPCVKQPCN.KOKVGFKUCOGODGTQHVJG&GRQUKVQTU%QORGPUCVKQP
that you get personal enjoyment from owning. Scheme as set out in the Banking (Depositors Compensation) (Jersey) Regulations 2009. HSBC Bank International Limited is a
RCTVKEKRCPV KP VJG )WGTPUG[ $CPMKPI &GRQUKV %QORGPUCVKQP 5EJGOG6JG 5EJGOG QHHGTU RTQVGEVKQP HQT nSWCNKH[KPI FGRQUKVUo WR VQ
However, not every SIPP offering will allow UWDLGEVVQEGTVCKPNKOKVCVKQPU6JGOCZKOWOVQVCNCOQWPVQHEQORGPUCVKQPKUECRRGFCVKPCP[ƂXG[GCTRGTKQF
&GRQUKVUOCFGYKVJQWTQHƂEGUKPVJG+UNGQH/CPCTGRTQVGEVGFD[VJG+UNGQH/CP%QORGPUCVKQPQH&GRQUKVQTU4GIWNCVKQPU(QT
gold bullion investment to be included so check further information on these Schemes, please visit the Important Information section on our website www.offshore.hsbc.com/1/2/
KORQTVCPVKPHQTOCVKQP%QRKGUQHNCVGUVCWFKVGFCEEQWPVUCTGCXCKNCDNGQPTGSWGUV#RRTQXGFHQTKUUWGKPVJG7-D[*5$%$CPMRNE6Q
with your trustee before you go and buy those help us to continually improve our service, and in the interest of security, we may monitor and/or record your communications with us.
Add some shine to your SIPP with bullion © HSBC Bank International Limited 2010. All Rights Reserved. MC8316/SJ/2206397/AC19238
bars.
 22 Markets & Investment CITYA.M. 13 AUGUST 2010

LONDON’S TOP 250 Trade these shares from £1.50 with Interactive Investor - www.iii.co.uk
Company Name Closing Price Price Change 52wk High 52wk low Company Name Closing Price Price Change 52wk High 52wk low Company Name Closing Price Price Change 52wk High 52wk low Company Name Closing Price Price Change 52wk High 52wk low
(p) (p) (p) (p) (p) (p) (p) (p) (p) (p) (p) (p) (p) (p) (p) (p)
3i . . . . . . . . . . . . . . . . . . . . . . . .267.20 –7.70 314.80 246.90 Cobham . . . . . . . . . . . . . . . . . . .217.80 –1.30 278.60 191.10 Investec . . . . . . . . . . . . . . . . . . .459.30* –6.10 565.00 378.20 RSA Insurance . . . . . . . . . . . . . .128.50* –0.30 142.00 114.10
3i Infrastructure . . . . . . . . . . . . . 113.20 +0.70 115.00 89.35 COLT Group . . . . . . . . . . . . . . . . 119.70 –0.90 144.20 114.80 ITV . . . . . . . . . . . . . . . . . . . . . . . .49.79 –1.01 71.75 41.04 SABMiller . . . . . . . . . . . . . . . . .1898.00* +32.50 2090.00 1307.00
A.B. Foods . . . . . . . . . . . . . . . .1027.00 +10.00 1096.00 785.50 Compass . . . . . . . . . . . . . . . . . .507.00 –8.50 574.50 308.10 Jardine Lloyd Thompson. . . . . . .586.00 +6.00 604.50 420.70 Sage . . . . . . . . . . . . . . . . . . . . . .238.00 –1.00 260.50 201.70
Aberdeen Asset Man . . . . . . . . . .134.20 –0.20 155.60 111.00 Cookson . . . . . . . . . . . . . . . . . . .454.50 –8.20 616.00 347.60 Johnson Matthey . . . . . . . . . . .1651.00 –7.00 1814.00 1302.00 Sainsbury(J) . . . . . . . . . . . . . . . .348.50 –0.80 373.00 307.60
Admiral. . . . . . . . . . . . . . . . . . .1467.00 +3.00 1520.00 991.00 Croda Intl . . . . . . . . . . . . . . . . .1268.00 +14.00 1355.00 581.00 JPMorgan Emerg Mkts . . . . . . . .517.50 –1.50 549.00 395.10 Schroders . . . . . . . . . . . . . . . . .1330.00* –15.00 1450.00 957.00
Aegis . . . . . . . . . . . . . . . . . . . . . 114.30 –0.20 137.30 89.00 Daily Mail ‘A’ . . . . . . . . . . . . . . . .459.30 –11.80 539.00 330.00 Kazakhmys . . . . . . . . . . . . . . . . 1170.00 +2.00 1634.00 803.50
Afren . . . . . . . . . . . . . . . . . . . . . .96.10 +1.40 111.00 52.50 Dana Petroleum . . . . . . . . . . . .1630.00 –63.00 1729.00 968.50 Kesa Electricals . . . . . . . . . . . . .129.00 –2.80 162.00 98.45 Schroders N/V. . . . . . . . . . . . . .1080.00* –5.00 1185.00 804.50
African Barr Gold . . . . . . . . . . . .557.00 +14.50 685.00 520.50 Davis Service . . . . . . . . . . . . . . .368.50 –6.60 442.30 354.00 .LQJÀVKHU . . . . . . . . . . . . . . . . . .207.10 +2.60 255.00 196.50 Scot. & Sthrn Energy. . . . . . . . . 1136.00* +7.00 1206.00 357.50
Aggreko . . . . . . . . . . . . . . . . . .1515.00 –12.00 1639.00 559.00 De La Rue . . . . . . . . . . . . . . . . . . 711.50 –82.50 1021.00 666.50 Ladbrokes . . . . . . . . . . . . . . . . .131.30* –4.30 174.29 114.60 Scottish Mortgage. . . . . . . . . . . .583.00 +1.50 623.50 439.70
Alliance Trust . . . . . . . . . . . . . . .312.70 +0.70 352.70 281.00 Debenhams . . . . . . . . . . . . . . . . .58.50 –0.90 90.00 51.95 Lancashire Hldgs . . . . . . . . . . . .519.50 +4.50 545.00 416.70 SEGRO . . . . . . . . . . . . . . . . . . . .272.00 –1.90 403.10 244.00
AMEC . . . . . . . . . . . . . . . . . . . . .866.50 –9.00 937.00 693.50 Derwent London . . . . . . . . . . . .1370.00 –8.00 1490.00 1044.00 Land Securities . . . . . . . . . . . . . .601.00 –3.00 743.50 543.00 Serco . . . . . . . . . . . . . . . . . . . . .544.50 +1.00 656.50 408.40
Amlin . . . . . . . . . . . . . . . . . . . . .422.40 +3.80 436.20 336.30 Dexion Absolute . . . . . . . . . . . . .139.90 +1.90 148.00 121.10 Legal & General . . . . . . . . . . . . . .87.90 +0.25 94.70 61.50 Severn Trent . . . . . . . . . . . . . . .1332.00 +9.00 1358.00 929.50
Anglo American . . . . . . . . . . . .2376.50 +18.50 3015.50 1777.50 Diageo . . . . . . . . . . . . . . . . . . . 1109.00 +13.00 1176.00 921.50 Lloyds Banking Gp . . . . . . . . . . . .70.69 +0.66 77.61 45.30 Shaftesbury . . . . . . . . . . . . . . . .396.00 –5.70 426.50 341.70
Antofagasta . . . . . . . . . . . . . . . .995.50 +6.00 1100.00 680.00 Dimension Data . . . . . . . . . . . . .120.50 –0.90 125.50 55.00 Logica . . . . . . . . . . . . . . . . . . . . 110.70 –2.00 149.10 100.80 Shire. . . . . . . . . . . . . . . . . . . . .1491.00 +4.00 1526.00 991.50
Aquarius Platinum . . . . . . . . . . .253.10 –3.10 490.00 211.50 Domino’s Pizza . . . . . . . . . . . . . .413.00* +2.00 431.30 229.00 London Stk Exchange . . . . . . . . .650.00* –8.50 949.50 540.50 Smith & Nephew . . . . . . . . . . . . .571.50 –1.50 700.50 465.80
ARM Holdings . . . . . . . . . . . . . . .308.80 +3.00 370.00 120.50 Drax . . . . . . . . . . . . . . . . . . . . . .378.90 –1.00 496.50 321.50 Lonmin . . . . . . . . . . . . . . . . . . .1499.00 –6.00 2198.00 1330.00 Smiths . . . . . . . . . . . . . . . . . . . 1162.00 –31.00 1242.00 764.00
Arriva . . . . . . . . . . . . . . . . . . . . .773.00 +1.00 782.50 428.20 DSG Intl . . . . . . . . . . . . . . . . . . . .25.05 –0.08 39.75 23.32 Man . . . . . . . . . . . . . . . . . . . . . .210.30 –2.10 373.60 199.60 SOCO Intl . . . . . . . . . . . . . . . . . .452.10 –1.60 476.60 380.60
Ashmore . . . . . . . . . . . . . . . . . . .285.50 +3.50 311.20 211.60 Dunelm . . . . . . . . . . . . . . . . . . . .387.00 –8.00 438.40 250.70 Marks & Spencer. . . . . . . . . . . . .331.10 +1.10 412.70 321.90
Astrazeneca . . . . . . . . . . . . . . .3295.50* +22.00 3376.00 2668.00 Easyjet . . . . . . . . . . . . . . . . . . . .362.70 –1.30 499.90 308.50 Meggitt . . . . . . . . . . . . . . . . . . . .267.80* –0.20 331.00 189.90 Spectris . . . . . . . . . . . . . . . . . . .890.50 –7.50 949.00 561.00
Atkins(Ws) . . . . . . . . . . . . . . . . .762.00 –3.50 801.00 532.50 Edinburgh Inv Tst . . . . . . . . . . . .399.30 +3.30 412.40 315.60 Melrose . . . . . . . . . . . . . . . . . . .222.00 –4.70 251.50 122.90 Spirax-Sarco Eng . . . . . . . . . . .1499.00 –33.00 1617.00 929.00
Autonomy Corp . . . . . . . . . . . .1560.00 –22.00 2012.00 1229.00 Electrocomponents . . . . . . . . . . .208.00 –4.40 245.00 142.90 Mercantile IT . . . . . . . . . . . . . . . .946.00 +2.00 1002.00 822.50 Spirent Comms . . . . . . . . . . . . . .124.50* –6.10 135.90 68.55
Aveva . . . . . . . . . . . . . . . . . . . .1344.00 +14.00 1375.00 805.00 EnQuest . . . . . . . . . . . . . . . . . . . 112.00 — 121.40 87.35 Michael Page Intl. . . . . . . . . . . . .377.00 –10.90 461.50 299.00 SSL Intl . . . . . . . . . . . . . . . . . . . 1158.00* — 1190.00 522.50
Aviva . . . . . . . . . . . . . . . . . . . . .367.30 –3.90 474.00 290.20 Essar Energy . . . . . . . . . . . . . . .391.00 –1.60 475.90 358.50 Micro Focus . . . . . . . . . . . . . . . .295.00 –5.00 550.00 280.10 St James’s Place . . . . . . . . . . . . .275.10* +0.90 296.90 194.40
Babcock International . . . . . . . . .536.00 –6.50 660.50 473.80 Eurasian Nat Res . . . . . . . . . . . .931.00 –4.00 1276.00 731.00 Millen & Copthorne . . . . . . . . . . .477.00* –4.10 514.50 297.90 Stagecoach. . . . . . . . . . . . . . . . .160.70 –0.40 204.90 126.20
BAE Systems . . . . . . . . . . . . . . .312.70 –4.30 389.90 294.20 Euromoney Inst Inv . . . . . . . . . . .610.00 +2.50 630.00 245.00 Misys . . . . . . . . . . . . . . . . . . . . .257.70 –1.30 281.70 173.90 Standard Chartered . . . . . . . . . .1745.00* –3.00 1927.00 1340.00
Balfour Beatty . . . . . . . . . . . . . . .261.00 +1.90 328.85 228.60 Experian . . . . . . . . . . . . . . . . . . .617.50 –4.00 664.50 489.00 Mitchells & Butlers . . . . . . . . . . .299.60 –3.70 343.90 228.30 Standard Life . . . . . . . . . . . . . . .203.70 –4.90 237.00 170.00
Barclays . . . . . . . . . . . . . . . . . . .309.55* –4.05 394.25 253.40 F&C Comm Prop . . . . . . . . . . . . . .91.50 +2.00 96.80 79.00 MITIE . . . . . . . . . . . . . . . . . . . . .192.60* –5.60 281.70 192.30 SuperGrp . . . . . . . . . . . . . . . . . .965.00 +12.00 1030.00 499.00
Barratt Development . . . . . . . . . . .96.25 –1.25 193.31 89.10 Ferrexpo . . . . . . . . . . . . . . . . . . .290.00* +7.70 396.20 138.00 Mondi . . . . . . . . . . . . . . . . . . . . .458.00 –3.30 488.00 262.30 TalkTalk . . . . . . . . . . . . . . . . . . .125.00 +1.50 147.10 106.60
BBA Aviation . . . . . . . . . . . . . . .190.90 +1.40 220.00 136.60 FirstGroup . . . . . . . . . . . . . . . . .349.90* –5.30 448.80 331.20 Monks Inv Tst . . . . . . . . . . . . . . .291.30 +1.30 321.20 240.00 Talvivaara Mining . . . . . . . . . . . .394.00 –11.20 501.50 341.40
Beazley. . . . . . . . . . . . . . . . . . . . 115.60* +0.20 125.80 95.25 Foreign & Col Inv Tst. . . . . . . . . .269.50* +1.00 297.20 229.50 Morrison Wm . . . . . . . . . . . . . . .275.00 –2.30 306.30 255.00 Tate & Lyle . . . . . . . . . . . . . . . . .432.90 –2.50 509.00 368.70
Bellway. . . . . . . . . . . . . . . . . . . .563.50 –23.50 927.50 554.00 Fresnillo . . . . . . . . . . . . . . . . . .1022.00 — 1139.00 539.50 Murray Intl Tst . . . . . . . . . . . . . . .847.00* +2.00 893.50 632.00
Berkeley . . . . . . . . . . . . . . . . . . .797.50 — 989.50 735.00 G4S . . . . . . . . . . . . . . . . . . . . . .261.10 +0.10 285.70 209.40 National Express. . . . . . . . . . . . .221.60 –0.40 258.60 155.86 Taylor Wimpey . . . . . . . . . . . . . . .28.80 –0.96 54.90 24.29
BG . . . . . . . . . . . . . . . . . . . . . .1013.00* +9.50 1248.00 966.90 Genesis Emerging Mkts Fd . . . . .469.80 +3.80 484.00 370.00 National Grid . . . . . . . . . . . . . . .538.50* +5.50 607.65 474.80 Telecity . . . . . . . . . . . . . . . . . . . .428.50 –10.50 458.90 311.30
BHP Billiton . . . . . . . . . . . . . . .1940.00 +15.00 2346.00 1481.00 GKN . . . . . . . . . . . . . . . . . . . . . .135.60* –2.80 155.00 100.20 Next . . . . . . . . . . . . . . . . . . . . .1966.00 +16.00 2360.00 1601.00 Templeton Emrg Mkts . . . . . . . . .541.50 +1.50 598.00 390.00
BlackRock Mining . . . . . . . . . . . .554.50 –3.00 654.50 413.00 GlaxoSmithKline . . . . . . . . . . . . 1196.00* +30.50 1347.00 1088.00 Northumbrian Water . . . . . . . . . .323.60* +1.60 341.30 219.90 Tesco . . . . . . . . . . . . . . . . . . . . .401.40 +0.05 454.90 361.20
Bluecrest Allblue GBP . . . . . . . . .167.30 +1.20 167.90 136.20 Great Portland Estates . . . . . . . .308.00 –4.00 332.10 236.60 Old Mutual . . . . . . . . . . . . . . . . .120.80 –2.30 130.20 85.80 Thomas Cook . . . . . . . . . . . . . . .176.50 –3.70 277.20 172.30
Booker . . . . . . . . . . . . . . . . . . . . .44.25 +1.00 49.50 33.00 Greene King . . . . . . . . . . . . . . . .412.60* –5.30 504.00 372.50 Pace . . . . . . . . . . . . . . . . . . . . . .209.10 –0.90 243.80 145.00 Tomkins . . . . . . . . . . . . . . . . . . .321.30 –0.70 325.70 155.00
BP . . . . . . . . . . . . . . . . . . . . . . .410.05 –0.95 658.20 296.00 Halfords . . . . . . . . . . . . . . . . . . .470.00 +16.70 562.50 324.00 Partygaming . . . . . . . . . . . . . . . .270.70 –11.90 339.70 205.80 Travis Perkins . . . . . . . . . . . . . . .807.50 –13.00 915.00 647.50
Brit Insurance . . . . . . . . . . . . . . .989.00 +2.50 1017.00 709.00 Halma . . . . . . . . . . . . . . . . . . . . .273.00* +0.40 298.70 186.60 Pearson . . . . . . . . . . . . . . . . . . .983.50 –1.00 1069.00 695.00 TUI Travel . . . . . . . . . . . . . . . . . .192.60 +2.60 313.90 189.20
British Airways . . . . . . . . . . . . . .213.80 –3.50 255.80 161.00 Hammerson . . . . . . . . . . . . . . . .365.90 –5.90 460.30 332.20 Pennon . . . . . . . . . . . . . . . . . . . .590.00* +11.00 613.00 434.40 Tullett Prebon . . . . . . . . . . . . . . .362.10 –6.00 436.20 261.20
British Amer. Tob . . . . . . . . . . .2232.50 +22.50 2335.50 1832.00 Hargreaves Lansdown . . . . . . . .383.40 +6.50 387.00 214.00 Persimmon . . . . . . . . . . . . . . . . .347.60 –13.10 534.50 340.20 Tullow Oil . . . . . . . . . . . . . . . . .1233.00 –1.00 1375.00 979.50
British Empire Tst . . . . . . . . . . . .432.00 –1.30 467.90 338.50 Hays . . . . . . . . . . . . . . . . . . . . . . .89.55 –1.45 119.00 88.05 Petrofac . . . . . . . . . . . . . . . . . .1272.00 –4.00 1372.00 816.00 UK Commercial Prop. . . . . . . . . . .76.75* +1.55 84.90 65.25
British Land . . . . . . . . . . . . . . . .449.80* +3.00 532.00 416.00 Henderson . . . . . . . . . . . . . . . . .130.20 –3.30 157.80 110.60 Petropavlovsk . . . . . . . . . . . . . .1023.00 +4.00 1370.00 601.00 Ultra Electronics . . . . . . . . . . . .1660.00 –8.00 1687.00 1198.00
Britvic. . . . . . . . . . . . . . . . . . . . .483.00 +4.10 518.00 324.80 Heritage Oil. . . . . . . . . . . . . . . . .347.00* –6.90 587.00 345.10 Premier Farnell . . . . . . . . . . . . . .230.50 –4.90 252.60 140.60
Brown(N.) . . . . . . . . . . . . . . . . . .225.00 –2.20 284.30 204.80 Hikma Pharma . . . . . . . . . . . . . .715.00 –6.00 746.00 440.00 Premier Oil . . . . . . . . . . . . . . . .1494.00 –3.00 1610.00 984.00 Unilever . . . . . . . . . . . . . . . . . .1731.00* +24.00 2024.00 1589.00
BSkyB . . . . . . . . . . . . . . . . . . . .706.00 –2.00 732.00 521.00 Hiscox . . . . . . . . . . . . . . . . . . . .354.00 –0.60 369.30 299.60 Provident Financial . . . . . . . . . . .815.50 –15.00 986.00 795.00 United Utilities . . . . . . . . . . . . . .595.00 +3.00 606.00 429.00
BT . . . . . . . . . . . . . . . . . . . . . . .138.30* +0.50 151.00 108.40 Hochschild Mining . . . . . . . . . . . 311.00 +2.00 370.60 220.00 Prudential . . . . . . . . . . . . . . . . . .553.50 –8.50 665.00 455.00 Utd Business Media . . . . . . . . . .546.50 –7.50 579.50 408.30
Bunzl . . . . . . . . . . . . . . . . . . . . .688.50 +5.50 784.50 527.00 Home Retail . . . . . . . . . . . . . . . .220.00 –5.10 336.50 208.50 PZ Cussons . . . . . . . . . . . . . . . .348.00 +8.00 373.20 210.10 Vedanta Resources . . . . . . . . . .2181.00 –176.00 2967.00 1616.00
Burberry . . . . . . . . . . . . . . . . . . .826.00 –6.50 891.50 440.20 Homeserve . . . . . . . . . . . . . . . . .466.10 –10.00 488.20 435.40 Qinetiq . . . . . . . . . . . . . . . . . . . . 115.60 –2.20 179.10 113.90 Victrex . . . . . . . . . . . . . . . . . . . 1102.00 –6.00 1320.00 613.50
Cable & Wire Comms . . . . . . . . . .60.70* +0.70 150.00 53.00 HSBC Hldgs . . . . . . . . . . . . . . . .661.30 +3.80 766.80 595.20 Randgold Resources. . . . . . . . .5595.00 +130.00 6600.00 3351.00 Vodafone . . . . . . . . . . . . . . . . . .152.00 +1.25 155.50 124.85
Cable & Wire Wwide . . . . . . . . . . .62.25* +0.20 94.80 61.40 Hunting . . . . . . . . . . . . . . . . . . .519.00 –6.50 659.50 423.20 Reckitt Benckiser . . . . . . . . . . .3122.00* +57.00 3667.00 2694.00 Weir . . . . . . . . . . . . . . . . . . . . . 1197.00 –17.00 1275.00 585.00
Cairn Energy. . . . . . . . . . . . . . . .452.80 +8.00 485.30 306.80 ICAP . . . . . . . . . . . . . . . . . . . . . .380.20* –0.80 478.30 291.70 Reed Elsevier . . . . . . . . . . . . . . .536.50* +6.00 566.00 414.00 WH Smith . . . . . . . . . . . . . . . . . .405.80 –0.30 551.00 396.00
Caledonia Invs . . . . . . . . . . . . .1565.00 +2.00 1759.00 1496.00 IG . . . . . . . . . . . . . . . . . . . . . . . .481.20 +2.30 498.90 291.00 Regus . . . . . . . . . . . . . . . . . . . . . .72.60 –0.10 125.50 68.65 Whitbread . . . . . . . . . . . . . . . . .1382.00 –14.00 1645.00 917.00
Capita . . . . . . . . . . . . . . . . . . . . .695.00 –2.00 829.50 643.50 Imagination Tech Gp . . . . . . . . . .343.80 +4.60 358.30 149.75 Renishaw . . . . . . . . . . . . . . . . . .851.50 +1.50 915.50 420.00 William Hill . . . . . . . . . . . . . . . . .163.20 –2.80 217.80 160.50
Capital & Counties . . . . . . . . . . . 113.70 +1.40 125.40 99.60 IMI . . . . . . . . . . . . . . . . . . . . . . .686.00 –14.00 786.00 357.60 Rentokil Initial . . . . . . . . . . . . . . . .98.55 –2.45 140.20 94.10 Witan Inv Tst . . . . . . . . . . . . . . . .439.00 +1.50 487.00 365.50
Capital Shopping Centres . . . . . .324.80 –3.90 580.00 300.10 Imperial Tobacco. . . . . . . . . . . .1825.00* +19.00 2159.00 1672.00 Resolution . . . . . . . . . . . . . . . . .248.00 –0.80 264.80 220.10
Carillion . . . . . . . . . . . . . . . . . . .296.70 –3.30 361.90 263.90 Inchcape. . . . . . . . . . . . . . . . . . .270.60 –13.90 347.00 235.00 Rexam . . . . . . . . . . . . . . . . . . . .301.50 +1.10 348.80 245.00 Wolseley . . . . . . . . . . . . . . . . . .1371.00 –61.00 1742.00 1155.00
Carnival . . . . . . . . . . . . . . . . . .2180.00 +5.00 2937.00 1747.00 Informa . . . . . . . . . . . . . . . . . . . .378.10 –6.30 439.40 250.20 Rightmove . . . . . . . . . . . . . . . . .599.50 –2.00 729.00 404.50 Wood Group (John). . . . . . . . . . .341.30 –11.70 411.70 267.70
Catlin . . . . . . . . . . . . . . . . . . . . .356.10 –7.90 394.60 303.20 Inmarsat . . . . . . . . . . . . . . . . . . .702.00 –0.50 831.00 491.00 Rio Tinto . . . . . . . . . . . . . . . . . .3265.50* +9.50 4104.00 2205.00 WPP . . . . . . . . . . . . . . . . . . . . . .670.00 –6.00 744.00 459.00
Centamin Egypt . . . . . . . . . . . . .163.40 +1.90 174.75 80.00 Intercontl Hotels . . . . . . . . . . . .1054.00 –17.00 1244.00 697.50 RIT Capital Partners . . . . . . . . . 1116.00 +7.00 1215.00 913.50 Xstrata . . . . . . . . . . . . . . . . . . .1007.00 +3.00 1344.50 713.00
Centrica . . . . . . . . . . . . . . . . . . .330.10 +10.40 330.50 216.90 Intermediate Capital . . . . . . . . . .262.90* +1.20 332.00 233.50 Rolls Royce . . . . . . . . . . . . . . . .560.00 +8.00 631.50 416.40 LONDON TOP 250 BY MARKET CAPITALISATION
Charter Intl . . . . . . . . . . . . . . . . .637.00* –4.50 855.50 560.50 Intertek . . . . . . . . . . . . . . . . . . .1649.00 –32.00 1745.00 1096.00 Rotork . . . . . . . . . . . . . . . . . . .1450.00 +13.00 1537.00 933.00
Chemring . . . . . . . . . . . . . . . . .2784.00 –23.00 3711.00 1996.00 Intl Personal Fin . . . . . . . . . . . . .232.60 –5.50 283.00 128.25 Royal Bank Of Scot . . . . . . . . . . . .46.41 +0.41 58.95 28.25 * Ex-Dividend † Suspended
Chloride Group . . . . . . . . . . . . . .373.60 +0.60 390.50 138.60 Intl Power . . . . . . . . . . . . . . . . . .363.50 –1.30 384.10 248.20 Royal Dutch Shell A . . . . . . . . .1781.50* +1.00 2068.50 1559.50
Close Bros . . . . . . . . . . . . . . . . .665.50 –7.00 806.50 658.50 Invensys . . . . . . . . . . . . . . . . . . .244.10 –5.50 350.30 234.50 Royal Dutch Shell B . . . . . . . . .1720.00* +3.00 1997.50 1528.00 www.interactivedata.com

Investors flock to defensive Wall Street drops

stocks as FTSE inches higher on jobless numbers
those who think there will be a dou- Aero engineer Hampson weaken were underlined by com-

THELONDON ble dip recession,” said Jim Wood-

Smith, head of research at Williams
Industries tumbled 61 per cent to
20p, its lowest level since March THENEW YORK ments from Cisco’s influential chief
executive John Chambers, who

REPORT REPORT
de Broe. 2003, after the firm warned full-year warned of “unusual uncertainty”
On individual issues, profit would be materially below about the economy.
GlaxoSmithKline added 2.6 per cent market estimates. Bank note printer “The market is upset by all the
after US advisers recommended De La Rue was another high profile uncertainty created by the forecast,

B
RITAIN’S top share index approval of Potiga, a new epilepsy faller, down 10.4 per cent, due to the and that's weighing on the whole sec-

U
ended higher yesterday after drug developed with Valeant resignation of its chief executive. S stocks ended down for a third tor,” said Janna Sampson, co-chief
defensives gained, led by phar- Pharmaceuticals, which in turn led James Hussey stepped down follow- straight day yesterday as an investment officer at OakBrook
ma firm GlaxoSmithKline a number of defensive stocks to ing disappointing sales and prob- unexpected rise in jobless Investments.
after US authorities recommended modest gains. Glaxo peer lems with its bank note printing claims and a sobering revenue Telecom stocks advanced, with the
approval of its Potiga epilepsy drug. AstraZeneca rose 0.7 per cent, while presses. outlook from Cisco underscored the S&P telecom services sector up 0.9 per
The FTSE 100 ended up 20.85 consumer goods group Unilever Meanwhile, shares in London hurdles to economic recovery. cent and Verizon, up 2.5 per cent at
points, or 0.4 per cent, at 5,266.06, climbed 1.4 per cent and British black cab maker Manganese Bronze The drop comes a day after all three $30.31, providing the biggest boost to
having hit its lowest close in three American Tobacco rose 1.0 per cent. plunged 11 per cent after the group major indexes posted their worst per- the Dow. The sector is generally con-
weeks on Wednesday when it fell 2.4 Energy supplier Centrica was the announced that China’s Geely had centage declines in more than a sidered a defensive play.
per cent to 5,245.21. top gainer, up 3.3 per cent. pulled out of financing plans that month, erasing gains for the year in Semiconductor stocks added to the
Trade was choppy in the top Miners recovered from early weak- would have seen it take a control- the aftermath of a gloomier outlook Nasdaq’s losses after BMO Capital
index, however, as investors ness, tracking rebounding metal ling stake in the group. Geely – from the US Federal Reserve. Markets downgraded the sector,
remained wary of the wider eco- prices, with Rio Tinto and Xstrata which already owns 23 per cent of The Dow Jones industrial average along with stalwarts Intel and Texas
nomic malaise, with the index fluc- both up 0.3 per cent. Manganese – had been in lengthy slipped 58.88 points, or 0.57 percent, Instruments, on concerns about ris-
tuating between a high of 5,273 and Randgold Resources added 2.4 per talks over a share placing to provide to 10,319.95. The Standard & Poor's ing inventories.
a low of 5,211. cent as gold neared a four-week high Manganese with financing in return 500 Index dropped 5.86 points, or Texas Instruments shares lost 2.2
The FTSE 250, meanwhile, closed on safe-haven buying. African for a 51 per cent stake. But the firm 0.54 percent, to 1,083.61. The Nasdaq per cent to $24.41.
down 66.18 points, or 0.67 per cent, Barrick Gold also put on 2.7 per stressed that its international Composite Index tumbled 18.36 The S&P 500 fell below its 50-day
to 9,788.31. The FTSE SmallCap cent. growth plans were still on track. points, or 0.83 percent, to 2,190.27. moving average of 1,088, breaking a
index fell 16 points, or 0.57 per India-focused mining group Cisco Systems fell 9.6 per cent to key technical support level that could
cent, to 2,774.71. Vedanta Resources was the top loser, ANALYSIS l FTSE $21.45 and was the top drag on both exacerbate the sell-off.
5,266.06
Volumes were low, as investors however, slipping 7.5 per cent on 5,500 12 Aug the Dow and Nasdaq a day after it “All of this - Cisco, the jobless
were cautious on the economic out- news it was in talks to buy assets or 5,400
forecast sales below consensus, claims - is feeding into the market's
look following weak data on both take a multibillion-dollar equity prompting several analysts to down- correct conclusion that the economy
5,300
sides of the Atlantic in August after stake in British oil and gas explo- grade the stock. is getting worse,” said Chip Hanlon,
5,200
some strong corporate data in July ration company Cairn Energy. The number of US workers filing president of Delta Global Advisors.
helped drive a 6.9 per cent gain for Insurers were the biggest sector 5,100 new claims for unemployment bene- After the closing bell, Nvidia Corp
the month. drag on the index, with Old Mutual 5,000 fits unexpectedly rose to nearly a six- shares rose 6 per cent to $9.50 in
“After the rally in July on decent down 1.9 per cent after Goldman 4,900 month high, increasing ongoing fears extended trading after the graphics
corporate data the positive news- Sachs cuts its rating on the stock, 4,800 about the weak labour market. It was chipmaker reported its second-quar-
flow has dried up and the lack of citing weakness in the South 4,700 the second straight week of increases. ter results and gave a third-quarter
17 May 7 Jun 25 Jun 15 Jul 4 Aug
good news has left the field clear for African economy. Concerns that tech spending would revenue outlook.
 Living
Forget yachts, try
tweeds and guns
Shooting estates bring good returns – with
responsiblities, writes Juliet Samuel
A
MONG the UK’s high-earners, some
race cars, others sail yachts and oth-
ers engage in the age-old tradition
of country sports. And with the
grouse shooting season kicking off yester-
day, keen field sportsmen might be tempt-
ed to invest in a shoot of their own.
Shooting estates don’t often come on the
market and usually come with a principal
house in the centre of the land. And because
of their scarcity, they offer a good return to
those who can afford them. An established
shoot adds a premium to farmland.
Chesterton Humberts’ Andrew Pearce
says that, year-to-date, such estates have
risen in value by 6 per cent. In terms of val-
uation, he says: “The size of the shoot is not
as important as the quality and diversity of
habitat. Generally potential buyers are
looking for 1,000 acres for lowland estates.”
In Scotland, estates are larger – 5,000-
10,000 acres – and include grouse shoots
and deerstalking, whereas south of the
moorlands in England, the quarry is usual-
ly pheasant and partridge. Knight Frank’s
Will Matthews says: “A lot of shoots have
woods planted in strategic places. That is
ILSINGTON ESTATE, DORSET
Price: £12m
This 2,368-acre estate dates back to the 12th century and was
last sold in 1860. It includes 215 acres of partridge and pheas-
ant woodland. Contact: Chesterton Humberts on 01672 519111.
THE LAST 23
AIRBENDER
| Rural property REVIEWED ON
PAGE 26
the difference between buying a shoot and
just buying land.”
But owning a shooting estate is about
more than making returns on an asset.
Most shoots come with farmland, which
requires management. And shoot mainte-
nance demands time and money, from
sowing cover crop (which provides feed and
cover for birds) to constructing woodland
cages to protect chicks before they can fly.
To oversee these tasks, estate owners
employ full-time gamekeepers.
Alongside this, according to the British NOSELEY HALL,
Association of Shooting and Conservation, LEICESTERSHIRE
estate owners spend £250m a year on con- Price: £14m
servation, such as replanting hedgerows This beautiful mansion
and managing pests. And the shooting comes with a Grade I
industry is a major source of jobs and eco- listed chapel nestled in
nomic activity in rural Britain, accounting an estate of 1,264
for £1.6bn of the UK economy. acres, including an
Estates generate revenue by letting out
days. Let shoots are priced per bird shot, usu-
established pheasant
ally at about £30-40 per bird (with a day usu-
shoot and duck pond.
ally involving at least 100 birds). So even if Contact: Knight Frank
finding the millions to make an investment on 020 7629 8171
in an estate is a distant goal, it is still possible
to enjoy shooting in the British countryside.
WEST LODGE, DORSET LOW NEWBIGGIN, YORKSHIRE
Price: £12m Price: Price on application
Classic
This Grade-I listed house dates back to 1753 and comes with This private 53-acre in north Yorkshire has a house dating to
866 acres of rolling countryside, including a shoot, steep val- 1750, fishing rights on the Yorkshire Esk and is close to many
leys and woodland. Contact: Knight Frank on 01935 812236 commercial shoots. Contact: Hamptons on 020 7758 8488
A Modern
The Galleries offers a wealth of period features
complemented by beautiful courtyard gardens and all
within commuting distance of the City.
1, 2 & 3 bedroom conversion apartments
priced from £250,000 to £525,000
Call: 01277 202122
Open daily 10am – 5pm
Virtual Tour: www.the-galleries-net
The Galleries, Pastoral Way,
Brentwood, Essex, CM14 5GF
 24 Living | The Knowledge CITYA.M. 13 AUGUST 2010

FOCUS ON: HAMPTON LETTING

Q&A
BY TIMOTHY BARBER

MARLBOROUGH
ROAD
£1.25m
A characterful detached
James Davis
CHURCH STREET CEO OF ONLINE LETTINGS
house built in the 1930s AGENT WWW.UPAD.CO.UK
£750,000 in the Arts and Crafts
A pretty, three-bedroom cot- style within half a mile of My first ever tenant is nearing the
tage in Hampton’s old village
quarter, close to Hampton Court
Palace and the Thames. Contact
Tredinnick & Bower on 020
the area’s most notable
two schools.
Contact Hamptons
Q. end of their first six-month fixed
tenancy. Should I get them to sign
a new agreement?
International on 020
8979 9922 or visit 8940 2772 or visit
A.
It’s entirely your choice whether you
www.tredinnickandbower.co.uk www.hamptons.co.uk sign a new Assured Shorthold Tenancy
(AST) agreement or not. If you don’t,
the tenancy becomes a “statutory periodic ten-
ancy”. This has no fixed length and just rolls on
weekly or monthly. If you want your tenant to
leave, you have to give them two months’
notice; if they want to leave, they have to give
you one month’s notice.
NEED TO KNOW | AREA INSIGHT So what should you do? There are advan-
tages to both approaches. Signing a new
Commuting: Hampton is well served South West London, while Lady agreement gives you some peace of mind that
your tenant is committed beyond the next
by stations with trains connecting to Eleanor Holles School is viewed as one month – but it also commits you longer term
OAK AVENUE Waterloo. Trains from Hampton station of the leading independent girls’ too. If you think you might want to sell the
£1.15m itself take 45 minutes to reach schools in the country.
An imposing, five bed- property, or you have misgivings about your
room Victorian detached Waterloo, while trains from Hampton tenant, opting for the periodic tenancy will be
house close to Kempton Court and Hampton Wick stations take Parks and Leisure: Hampton Court the more flexible option. If you’re using a let-
just 35 minutes, and leave every half Palace, and its surrounding gardens tings agent, be aware that many of them
Park race course. The charge for tenancy renewals. You won’t have
main bathroom includes hour during rush hour. You can also and parkland – including the Bushy
drive to Heathrow airport in under half Park, one of the Royal Parks, is one of this charge with the periodic tenancy.
a sauna. Contact Phillip
Hodges by visiting an hour. the most famous palaces in the country I evicted my tenant for not paying
www.philip-hodges.co.uk
Schools: Like many affluent com-
muter areas, Hampton is well-served
and also one of the most beautiful. It
hosts numerous cultural events, includ-
ing the Hampton Court Flower Show
Q. their rent a couple of months ago,
and my new tenant is receiving
their unpaid bills. I’m worried my proper-
by strong independent schools. and a season of summer concerts, and ty will be blacklisted.
Hampton School is one of the best- children love finding their way through

A.
known boys’ schools independents in its famous 17th century maze. Firstly, the property can’t be blacklist-
ed: the debts are owed by the tenant,
not the property. Mark the bills “not
known at this address” and put them back in
CURRENT MORTGAGE DEALS Source: MoneySupermarket.com the post. It’s crucial to keep utility companies
and the council tax office informed of who your
tenants are and their dates of occupancy at the
Lender Fixed/Flexible Rate Until Standard Rate APR Maximum Loan beginning and end of every tenancy.
(per cent) (per cent) (per cent) to Value (per cent)
I’m renovating a rental property
HSBC
NatWest
Flexible
Flexible
2.19
2.19
Term
To Nov 2012
2.19
4
2.2
4
60
60
Q. after the last tenant trashed it. Is it
true that I can’t fit laminate floor-
ing in a second floor flat?

A.
If it’s a leasehold flat, it’s quite common
Yorkshire BS Flexible 2.25 To Sep 2012 4.99 4.6 75 to have a clause in the lease requiring
The Co-operative Bank Flexible 2.49 To Nov 2013 4.24 3.9 75 carpet to be fitted in all rooms except
the bathroom and kitchen. The noise impact on
Santander Flexible 2.59 Two Years 4.24 4.1 70 the occupants of neighbouring flats can be
excessive with laminate flooring, even if under-
Santander Fixed 2.85 To Oct 2012 4.24 4.2 60 lay is fitted correctly. Cushioned vinyl could be
one option for you, but whatever you do, talk to
Market Harborough BS Fixed 3.69 To Aug 2013 5.49 5.1 80 the freeholder before you spend money on
HSBC Fixed 3.95 To Nov 2015 3.94 4.1 60 flooring, otherwise you might find yourself hav-
ing to replace everything again.
Yorkshire BS Fixed 3.99 To Sept 2015 4.99 4.8 75 James Davis is CEO of www.upad.co.uk. You
can follow Upad on Twitter: @avoidthevoids
ING Direct Fixed 4.09 To Nov 2015 3.5 3.9 60

PROPERTY NEWS
BY TIMOTHY BARBER

SOLD! THE UK’S MOST EXPENSIVE HOME
A penthouse in One Hyde Park, the lavish development in
Knightsbridge, has entered the record books as the most
expensive residential property in Britain – and, according
to some estimates, the world – having been sold for
£140m. The six bedroom apartment is spread over two
floors with bullet proof glass and a panic room. The new
owner will also be able to enjoy the benefits of 24 hour
concierge service from the Mandarin Oriental Hotel next
door, to which it also has tunnel access.
PRICES UP IN RESIDENTIAL DEVELOPMENT LAND
Figures released by the estate agent Knight Frank sug-
gest an upturn in the market for residential development
land, though the company highlights continuing nervous-
ness from funders. According to the latest results from
the Knight Frank Residential Development Land Index
the price of greenfield and brownfield residential devel-
opment sites rose by 6.1 per cent and 3.7 per cent in the
second quarter, meaning prices for both have gone up by
over 20 per cent in the 12 months to June.
SLIGHT RECOVERY FOR BUY-TO-LET
Figures from the Council of Mortgage Lenders point
to a slight easing of the pain suffered by the buy-to-
let market since the credit crunch. While buy-to-let
lending remains extremely slow, the second quarter
of 2010 saw the number of buy-to-let mortgages up
13 per cent on the first quarter, with 24,900 mort-
gages taken out compared to 22,000. The figure
was also 15 per cent higher than the second quarter
of last year.
RESI 2010 SET FOR NEWPORT NEXT MONTH
No doubt riding high from the record-breaking sale at
Candy & Candy’s star development One Hyde Park (see
left), Nick Candy will be one of the headline figures
appearing next month at RESI 10, the major UK residen-
tial property industry conference and exhibition. Senior
figures from leading developers, investors and consultan-
cies will also be proffering their views on the market at
the conference, which takes place at Celtic Manor Resort
in Newport on September 16-17. www.resievent.com
 793 London Road
Croydon CR7 6AW

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EO
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*Assumes borrower is aged over 18. Loan of £111,396 over 35 years on a repayment mortgage basis and payment of £466.33 which is a discount variable pay
rate for 2 years of 3.49% followed by lenders standard variable rate of 4.24% with monthly payment of £513.37. Typical APR is 4.3%. A mortgage application
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taylorwimpey.co.uk/swt
MORTGAGE. Selected plots only. Price correct at time of going to press. Computer Generated Image of 793 London Road.
 Lifestyle
26
Shyamalan’s new fantasy
is anything but fantastic
The once-lauded
Sixth Sense director
has hit a new low
with his latest slice
of mystical hokum
Film
THE LAST AIRBENDER
Cert: PG
Hiiii
AS TITLES go, “The Last Airbender” is
more likely to induce guffaws than the
awe and wonder intended. Not as many
guffaws, though – for British audiences
anyway – as the numerous times charac-
ters in the film refer to the mystical fra-
ternity of, well, “benders”. To be honest,
anyone who’s are unlucky enough to end
up watching this film will be thankful for
such unintended amusement, since
there’s naff all else to enjoy here. The Last
Airbender is a really atrocious film.
It’s directed by M Night Shyamalan,
who has trumped even his own habit of
producing duff movies (Signs, Lady in the
Water, the truly execrable Happenings)
with this portentous, boring fantasy. His
ghost story debut, Sixth Sense, now seems
like a one-off fluke.
The story, based on a Nickelodeon car-
toon, takes place in a world divided into
Earth, Air, Fire and Water nations, each of
whom have people with the power to
manipulate – or “bend” – their respective
element. A couple of kids from the Water
kingdom find 12-year-old Aang – the titu-
lar Last Airbender – packed in ice, where
he’s been trapped for a century. But could
he be the fabled Avatar, the one person
who can control all four elements? Of
course he could – he just needs practice.
That means that the villainous Fire
Nation – led by Slumdog Millionaire’s
Dev Patel – will be after him. And so fol-
lows an abundance of cod-mysticism,
dull action, desperately awful dialogue,
even worse acting, and some of the
daftest dialogue ever written. As you’d
expect, there are masses of computer-
generated special effects – the film is in
3D, for no good reason – but they’re not
much cop either.
Timothy Barber
OUT THIS WEEKEND
PREVIEWS
FILM
FIVE EASY PIECES Starring Jack Nicholson, one of
the greatest films of the Seventies, on re-release.
THE SECRET IN THEIR EYES Argentine thriller that
won this year’s Best Foreign Language Oscar.
LE REFUGE Perverse romantic drama by auteur
director Francois Ozon.
| Reviews
THE SORCERER’S APPRENTICE
Cert: 12A
HHHii
After his brilliant turn in the very adult
black comedy Bad Lieutenant a couple of
months ago, Nicolas Cage returns to the
more family friendly role he’s been carv-
ing out for himself recently with the
National Treasure films, G-Force and Astro
Boy.
Cage plays Balthazar Blake, a grungy,
long-haired wizard who happens to
have been on the lookout for an
apprentice for nigh on 1,000 years –
ever since his best friend Maxim
Horvath (Alfred Molina) betrayed
him, his girlfriend and Merlin. Back
in the day Blake managed to defeat
Horvath and trap him – along with a
host of other baddie sorcerers – in a
kind of Pandora’s Box, which he’s been
carrying around ever since. Winding up in
twenty-first century Manhattan, Blake
crosses paths with Dave Stutler (Jay
Baruchel) – a kid he immediately recog-
nizes as a natural for the job (that’s right,
a lad plucked from obscurity by a wizard,
only to discover he too has magical pow-
ers – sound familiar?). Unfortunately,
DVD
THE BLIND SIDE Sugar-coated social drama with
Sandra Bullock on Oscar-winning form.
THE INFIDEL David Baddiel’s comedy about a
Muslim who discovers he’s Jewish, with Omid Djalili.
LEGION Daft-as-a-brush horror fantasy with Paul
Bettany and Dennis Quaid.
Above, Noah Ringer in Dave’s first act as the new protégé is to
The Last Airbender. open the dreaded box and unleash
Below, Nicolas Cage in Horvath, intent on destruction and
The Sorcerer’s revenge, on New York. Only Blake, his
Apprentice. hopeless apprentice, and a few million
dollars’ worth of CGI effects can stop
him.
While it’s harmless enough fun –
one particular highlight being a scene
that pays tribute to Disney’s version
adaptation of Goethe’s original
poem of the same nam (that famous
set piece in Fantasia with Mickey
Mouse and the out of control
brooms) – what this version
lacks, unfortunately, is any real
sense of wonder, mystery and
excitement. It’s really just one
long action scene, and the special
effects offer little we haven’t seen
before. Car chases and plasma
thunderbolts just don’t cut the
mustard anymore if you can’t
add a little more wit, charm and
mystery than this film man-
ages. It serves its purpose in
passing the time, but it’s a
workaday piece of entertain-
ment that will have soon
been forgotten.
Rhys Griffiths
MUSIC
CAITLIN ROSE Debut album from the 23-year-old
American, titled Own Side Now.
QUEENS OF THE STONE AGE The heavy rockers
return with new album, Rated Rx.
SKREAM Outside the Box is the debut from the
Croydon dubstepper and La Roux associate.
CITYA.M. 13 AUGUST 2010
GOING
OUT
TIM BADHAM
In August,
look local for
cool new bars
UGUST is the quietest month for clubs
A and so openings are thin on the ground
in the West End. Last week however
saw the launch of one of the biggest
new venues in London (yes, Camden is in
London) with a distinctly African theme. Shaka
Zulu (www.ahaka-zulu.com) is Stables Market’s
new destination restaurant, nightclub and cock-
tail lounge with a touch of Disneyland. Just
around the corner from what could be its long
lost Pan-Asian cousin Gilgamesh, the cavernous
27,000 sq ft space covers two floors with a 740
capacity and a reputed cost of £5.5million. The
scale of the design is certainly impressive (if you
can ignore the slightly less than authentic shiny
escalators) and the spacious lounge bar is open
till late, so if you fancy trying a bit of springbok
or are or have been pining for the dear departed
Umbaba, it may be worth heading north to
explore.
There have been a number of promising
neighbourhood openings dotted around recently.
The much talked about and very glossy Phene
(www.thephene.com) in Chelsea has been a
great success with the discerning (if slightly
Sloaney) locals. Its high quality finish with chic
interior and all important outside terrace ticks
all the right boxes. It follows in the footsteps of
Coquine (www.coquinelondon.com), another
launch of recent months that has continued to
impress on the Old Brompton Road with its ele-
gance and attention to detail.
Another interesting recent debut has been
Purl (www.purl-london.com) in Marylebone
which has been pulling in a trendy crowd and
even the odd celeb. The basement bar with copi-
ous booths and nooks and crannies is worth
seeking out and is ideal for groups to hang out
without pretension or pesky minimum spends.
The brand new Italian gaff Tempo (www.tem-
pomayfair.co.uk) on Curzon Street has a hidden
gem with its slick upstairs lounge bar on top of
this modern but homely eatery. Stylish design
with restored original features successfully mar-
ries old and new with a flat screen thrown in for
good measure. In the summer staying local is
obviously a good idea.
Tim Badham is the founder of Innerplace,
London’s leading provider of VIP entertainment,
including film premieres, fashion shows, launch
parties and members club access.
www.innerplace.co.uk
GAMES
SCOTT PILGRIM VS THE WORLD (PSN, X360) Tie-in
with the forthcoming film version of the cult comic.
VICTORIA II (PC) Sequel to the British Empire-
inspired strategy game.
HAZEN: THE DARK WHISPER (PC) New swords-n-
sorcery action adventure.
CITYA.M. 13 AUGUST 2010 Lifestyle | TV& Games 27

BBC1 BBC2 ITV1 CHANNEL4 CH FIVE TV PICK

TERRESTRIAL
6pm BBC News
6.30pm BBC London News
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7.30pm A Question of Sport:
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starring Bruce Willis and Haley
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12.35am The Zone; ITV News
Headlines
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Thousand Days: Historical drama,
starring Richard Burton. 1969.
5.05am-5.30am ITV Nightscreen
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11.05pm Omid Djalili Live in London 10pm CHOICE Law & Order: THE OLD GUYS
12.10am Music on 4: KT Tunstall: Special Victims Unit BBC1, 9.30PM
Video Exclusive 12.15am Music on 4: 10.55pm Don’t Stop Believers Tom worries about money when he
The Album Chart Show Introduces 11pm CSI: NY 12am SuperCasino
helps Sally organise Amber and Steve’s
– Ellie Goulding 12.30am CTRL 4am The Boss Is Coming to Dinner
Student Tour 12.45am 4Music 4.25am Motorsport Mundial
wedding, and the groom-to-be turns to
Sessions: Joshua Radin 1am Big 4.50am Rough Guide to Bang for Roy for advice. Last in the series.
Brother: Live 3.40am This Week’s Your Buck 5.05am The New
4Music Top 20 5.30am-6.15am Tomorrow 5.30am-6am Michaela’s
Beauty and the Geek Wild Challenge

SKY SPORTS 1 3am World Sport 3.30am IEX 10pm CSI: Miami 11pm 9pm Supernanny 10pm 4.40am Days That Shook the
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6.30pm Live USPGA
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Dive to the Bottom of the World Sell Me the Answer younger than she is.

COFFEE BREAK
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QUICK CROSSWORD
   

SUDOKU KAKURO
10 16 24 11 44 7 10 16 
13 14

30 27
Place the numbers from 1 to 9 in each empty cell so that each 6  
row, each column and each 3x3 block contains all the numbers Fill the grid so that each block 11 8
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from 1 to 9 to solve this tricky Sudoku puzzle. adds up to the total in the box 5 20 17
  
above or to the left of it. 6 12
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same digit twice in a block. 6 12 23 35 8
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column, but it must be in a
14
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    ACROSS DOWN
1 Organ of the body 1 Bellow (5)
  
   WORDWHEEL T E
between the stomach
and the diaphragm (6)
6 Respiratory disorder (6)
2 Starter course
of a meal (6)
Using only the letters in the Wordwheel, you have 3 Carpentry pin (4)
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I N 7 Exclude (4)
4 Document incorporating
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters T 8 Stan ___, film partner
of Oliver Hardy (6)
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LAST ISSUE’S or more, all must contain the central letter and
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I N 10 Criminal who takes
9 Share a boundary (4)
SOLUTIONS KAKURO is at least one nine-letter word in the wheel.
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13 Quantity (7)
11 Confiscate, sequester (7)

QUICK CROSSWORD 6 8 9 1 2 8 3 4 16 Limited periods

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9 $ 5 < 6 0 7          for a belief (6)
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 Punter
28
FOOTBALL TRADER BEN CLEMINSON HAS TEAMED UP WITH
BETTORLOGIC TO BRING YOU THE CITY AM FOOTBALL TRADER
Spurs can continue fine
record against Man City
TOTTENHAM HOTSPUR
MANCHESTER CITY
TOMORROW, 12.45PM, SKY SPORTS
HARRY REDKNAPP would love to have the
funds that Roberto Mancini has at his dis-
posal, but the financial gap between the
managers meant nothing last season as
Tottenham pipped Manchester City for
fourth spot. He also has the psychological
edge over his Italian counterpart, know-
ing that Spurs have beaten Man City in
12 of the last 13 meetings. Their last
league defeat at White Hart Lane against
the Sky Blues was in 2003.
Big spending City have been well-
backed for the title, but there has to be a
danger that it’s going to take the players
a while to get used to each other. It’s true
that everyone said the same thing last
season and they started with a bang, but
their first two games were against
Blackburn and Wolves, while they have
Spurs and Liverpool this year.
Both managers will be drumming into
their players that they are genuine title
contenders, especially with question
marks about all of the top teams. This
game gives them a chance to really send
out a message to the rest of the league
and Redknapp will be hoping that his
side can continue their excellent home
form from last campaign.
Spurs won 14 of their 19 home games
LIVERPOOL
ARSENAL
SUNDAY, 4.00PM, SKY SPORTS
IT’S all change on Merseyside with Roy
Hodgson taking over from Rafa Benitez
at Anfield and he faces a baptism of fire
with a visit from Arsenal on Sunday. The
Gunners did the double over Liverpool
last season and Arsene Wenger will be
hoping for a repeat of last year’s open-
ing fixture when they thrashed Everton
6-1 at Goodison Park.
The concept of the ‘Big Four’ is debat-
able nowadays after Liverpool’s seventh-
place finish, but 31 of the last 60 Big
MANCHESTER UNITED
NEWCASTLE UNITED
UN
MONDAY, 8.00PM, SKY SPORTS
THIS is a repeat of the opening weekend of
the 2008/09 season when Newcastle came
to Old Trafford and left with a point fol-
lowing a 1-1 draw. Manchester United have
been fortunate enough to have a home fix-
ture first up in the last three seasons, but
that hasn’t really been a positive. They
drew 0-0 against Reading in 2007/08, 1-1
with the Magpies two years ago and only
| Football
in the league and ended the season with
a flourish, not only winning all of their
last six, but winning all of them by the
half-time / full-time double result. That
included games against Chelsea and
Arsenal, and they have won by the dou-
ble result against City at the Lane in all of
the last five seasons.
Man City were also strong at home last
season, but it was their away form that
let them down and they have now lost
five of their past eight trips to top-six
opponents, including four half-time /
full-time defeats. Funnily enough, City
only lost four games on their travels last
term, the fewest in the league, but they
drew nine matches, the most in the divi-
sion.
William Hill are as short as 5/4 for a
Four clashes have been won by the home
team since 2005/06. As is so often the
case in the Premier League, the Reds’
problems stemmed from their poor
away form last campaign. They were
strong at Anfield with a record of W13-
D3-L3, winning 10 by at least two clear
goals and six by three or more.
In the past five seasons the first Big
Four game of the campaign has been
won by the home side four times and
the other game was a draw. It’s fair to
say that the pressure is slightly off
Liverpool, as expectations aren’t as high
and consolidation has to be the key
focus. This could work to their benefit,
but it’s also worth bearing in mind that
Arsenal have a very promising squad
and they will be gearing themselves up
for a title challenge.
There are arguments for both of these
managed to beat newly-promoted
Birmingham 1-0 last year.
Newcastle were impressive winners of
the Championship and they will feel con-
fident of holding on to their Premier
League status this season. They couldn’t
have a much more difficult place to start
than the Theatre of Dreams, but we’ve
already seen that playing United on the
opening weekend isn’t necessarily a bad
thing.
However, before Magpies fans get too
carried away, it’s worth bearing in mind
United’s home record. They won 16 of
their 19 games at Old Trafford last season
and they have also won to nil in eight of
their last 11, with nine victories coming by
at least two clear goals. Their record at
CITYA.M. 13 AUGUST 2010
...the home of form
Picture: ACTION IMAGES
Spurs victory, but you can get 7/5 on
Betdaq and that looks well worth taking.
The half-time / full-time Spurs win is 10/3,
which is also a decent price, while I
wouldn’t put anyone off backing the 2-1
home win at 9/1. That has been the score-
line in seven of the last nine league meet-
ings between the sides.
Spread bettors are advised to buy goals
at 2.9 with Sporting Index; both of these
sides have strong attacking options and it
could be an open encounter.
POINTERS...
Tottenham to win at 7/5 on Betdaq
Tottenham HT / FT at 10/3 on Betdaq
Tottenham to win 2-1 at 9/1 general
Buy total match goals at 2.9 with Sporting Index
sides to make a winning start, but with
nerves bound to play a part I wouldn’t
be surprised to see them cancel each
other out. A draw wouldn’t be bad for
either manager and there have been
four stalemates in the last six league
contests between the rivals.
The draw is a general 23/10 which isn’t
bad and it’s also worth having a few quid
on the 1-1 correct score at 6/1, as three of
the last six league meetings between
these two finished with that scoreline.
On that basis, and the fact it could be a
cagey affair, I’d be tempted to sell goals
at 2.4 with Sporting Index.
POINTERS...
Match to be drawn at 23/10 general
1-1 correct scoreline at 6/1 on Betdaq
Sell total match goals at 2.4 with Sporting Index
home against promoted teams is also very
strong, winning to nil in 13 of their last 15
such games since 2005/06.
William Hill are 1/5 about a United vic-
tory, but that is too short. I’ll be backing
them to win to nil at 4/5 with Paddy Power
and will also have a small bet on the 2-0
scoreline at 11/2. Spread bettors should
also look to sell goals at 2.8 with Sporting
Index – there have only been three goals
scored in United’s last three opening fix-
tures.
POINTERS...
Man United to win to nil at 4/5 with Paddy Power
Man United to win 2-0 at 11/2 general
Sell total goals at 2.8 with Sporting Index
CITYA.M. 13 AUGUST 2010 Punter | Racing 29

RACING TRADER BILL ESDAILE, OUR RACING EXPERT, TAKES A LOOK AT THE BEST BETS OVER THE NEXT FEW DAYS…

Return to seven furlongs can give

Ouqba the edge in the Hungerford

I
T MAY well be over a year since he
last won a race, but Barry Hills’
OUQBA looks the one to beat in the
Hungerford Stakes at Newbury this
weekend. The four-year-old son of Red
Ransom is ideally suited by a fast-run
seven furlongs on decent ground and he
should have all those conditions in his
favour tomorrow.
He arguably ran the race of his life
when chasing home Paco Boy over a mile
at this very track three starts back and I
was certain connections would drop him
back to seven furlongs. However, he has
been campaigned without luck over the
same trip on both of his latest starts and
finally has a chance back over his ideal
trip tomorrow. He has won four of his 16
lifetime starts and all of those victories
have been over seven furlongs or shorter.
Lord Shanakill and Himalya warrant plen-
ty of respect, but I’m sticking with Ouqba.
Ripon’s feature race is the William Hill
Ouqba in action Great St Wilfrid Handicap and unlucky
Goodwood loser TIDDLIWINKS will be a
Picture: popular selection at 9/1 with the spon-
ACTION IMAGES sors. Kevin Ryan's gelding ran a belter at
York two starts back and followed that
with an arguably even better run at
Goodwood last time.
He spent most of that contest running
against the unfavoured stand-side rail
until switching out late on. He is well
drawn in stall 10 this time where last
year’s winner Markab was housed and
four of the last six winners have come
from stalls 10, 11 or 12. I love siding with
sprinters in form and he comes here in
the form of his life.
David Nicholls’ Tajneed is likely to be
sent off favourite and he won this race
two years ago. His record at the Yorkshire
track is unblemished with three wins
from three runs and he will take a lot of
beating from stall 20. However, the other
one I’ll be backing each-way is Henry
Candy’s SIGNOR PELTRO back over six fur- meeting next week and I’ll be backing
longs. He keeps finding trouble but is French raider BYWORD in the
going to pop up sooner rather than later. International Stakes on Tuesday at
Looking at today’s action and around 3/1 on Betdaq. I’m also sticking
Buckland will be hard to beat in with DANDINO in the Great Voltigeur at
Newbury's opening contest after a really around 5/1 and will be keeping a close
eye-catching debut run at Newbury earli- eye on Irish raider ELYAADI at a massive
er in the month. Brian Meehan trained 14/1 with William Hill for Wednesday’s
two-year-olds tend to improve bundles for Ebor. She came from another county to
a run and this son of Oratorio wouldn't grab second in the Ascot Stakes and has
have to step up that much to take this. enough class and speed to play a leading
However, it may pay to take a chance on role in one of the biggest betting races of
the Barry Hills trained debutant PIVOT the season.
BRIDGE who is reportedly one of the sta-
ble’s better juveniles.
There is every chance we will see a
POINTERS...
Royal winner half an hour later when PIVOT BRIDGE 1.30PM NEWBURY (TODAY)
GENERAL SYNOD makes his debut for the GENERAL SYNOD 2.00PM NEWBURY (TODAY)
all conquering Hannon/Hughes combina- OUQBA 3.05PM NEWBURY (TOMORROW)
tion. He is held in very high regard at TIDDLIWINKS e/w 3.30PM RIPON (TOMORROW)
SIGNOR PELTRO e/w 3.30PM RIPON (TOMORROW)
home and it will apparently take a smart DANDINO 2.50PM YORK (TUESDAY)
one to lower his colours. BYWORD 3.25PM YORK (TUESDAY)
Finally, York stages its famous Ebor ELYAADI e/w 2.15PM YORK (WEDNESDAY)

INSIDER
the

Y
ORK takes centre stage next
week and there’s nothing I like
more than finding a few winners
the weekend before a big meet-
ing. Frankie Dettori is at Newbury
tomorrow and I fancy him and KITE
WOOD to win the Group 3 Geoffrey
Freer (2.30pm) for the second year
running. He won well on his reappear-
ance at Longchamp before seemingly
failing to stay in the Ascot Gold Cup
and this drop back in trip will suit him
down to the ground.
Brian Meehan has his string in rude
health and his MANASSAS has an
excellent chance of notching his first
win of the season in Newbury’s
3.40pm. He bounced back to form at
Newmarket last weekend and really
should have far too much class for this
opposition.
The William Hill Great St Wilfrid
Handicap at Ripon (3.30pm) is always
a highly competitive race, but sprint
king Dandy Nicholls can win
it for a third time with
TAJNEED. This ex-Dermot Weld
trained seven-year-old is three
from three at the track and won
this race two years ago.
Looking ahead to York and I
reckon BYWORD (right,) can
confirm Prince Of Wales’s
form with Twice Over in the
Juddmonte International,
while Rip Van Winkle is far
from certain to run at this
stage. Maxime Guyon rode
a brilliant tactical race on
the French horse at Ascot and
although York has a much
longer straight, this promising
young jockey can bring his
mount home in front.
The Ebor itself looks
very tricky now, especially
with the unexposed three-
year-old Harris Tweed
seemingly unable to get a run. Racing
needs to take a good look at itself
when a horse rated 96 can’t get into a
race like this.
The one who I’ll be backing each-
way is Gordon Elliott’s DIRAR at 12/1
with William Hill. He has to ‘overturn’
the Galway Hurdle form with Overturn,
but he will surely be ridden with more
restraint this time. I can see him
pouncing in the closing stages to give
Ireland a second successive Ebor.
 Sport
30 CITYA.M. 13 AUGUST 2010

Cook will get form

back, insists Bopara
middle and he batted really well, struck
▲

CRICKET
BY MARTIN CAPARROTTA
ENGLAND batsman Ravi Bopara is back-
ing team-mate Alastair Cook to recover
from his slump in form and return to
the top of his game in next week’s third
Test with Pakistan.
Vice-captain Cook has only managed
100 runs in seven Test innings this sum-
mer with a highest score of just 29.
The 25-year-old’s dip in form has
caused his place at the top of the order
in Test cricket to come under scrutiny
ahead of England’s trip Down Under to
the ball beautifully and doesn’t look like
anything’s wrong with him.
“He’ll know himself what he needs to
do. It’s wrong for other people to say he
needs to do this or go back to basics. He
wouldn’t play for England if he didn’t
know the basics of batting.”
England cruised to a 2-0 series lead
over Pakistan with a nine-wicket victory
at Edgbaston earlier this week, and
Bopara insists Cook’s qualities can help
propel England to victory next week.
“He’s a smart guy, he’s a good bats- Bubba Watson shared the early clubhouse lead last night with Italian Francesco Molinari. Picture: ACTION IMAGES
man, he’s scored runs for England, he’s

Watson shines amid

face Australia in the Ashes this winter.
But Bopara is convinced his England
and Essex colleague will bounce back for
the national side at the Oval next week.
“Nobody knows what he’s going
through,” said Bopara. “I think it’s hard
scored runs for Essex, there’s nothing
wrong with his technical game,” he
added. “You just go through those patch-
es where it’s not your time. You’ve got to
stick it out and I’m sure he’ll come
through it.”

dense fog at USPGA

for other people to tell him what he The third Test against Pakistan gets
needs to do. I batted with him in the underway at the Oval on Wednesday.

poor visibility delayed the start of and Tiger Woods. World No1
▲

GOLF
the season’s final Major by more Woods looked to have put recent
BY FRANK DALLERES than three hours. struggles behind him with three
SCOTLAND’S Martin Laird enjoyed Laird was just one stroke worse birdies inside the first four holes.
an encouraging start to the USPGA off among the earlier starters in But three bogeys and a stream of
Championship last night after Wisconsin, along with American pars pegged him back until he fin-
thick fog played havoc with tee veteran Jim Furyk and Thailand’s ished with a flourish, a three at the
times. Thongchai Jaidee. par-four ninth.
American Bubba Watson and English-born Florida resident Another Englishman, Paul Casey,

£100
Italian Francesco Molinari shared Brian Davis looked on course for a dropped two shots in his final three
the early clubhouse lead at strong first round but faded and holes to end his round level par,
Whistling Straits with four-under- had to settle with carding a one- alongside compatriot Luke Donald.
par opening rounds of 68. under-par 71. “The scoring was very good consid-
That was one better than That left him with the same ering the way I hit it,” said Casey.
Australian Jason Day and US hope score as Scotland’s Stephen “This is a course where you have to
Ryan Moore, who also shone after Gallacher, Italian Edoardo Molinari keep it in play from tee to green.”

of Free Bets England seal warm-ups SPORT | IN BRIEF

Spofforth earns Britain gold
+ 20% Extra on Spread Markets SWIMMING: Gemma Spofforth led
before the Six Nations gets under- home a British 100m backstroke one-
▲

RUGBY UNION
BY MARTIN CAPARROTTA way in February. And despite the two at the European Championships.
Spread Bet on Hundreds of In-Play Markets ENGLAND will warm up for next
newly-announced summer Tests
adding to a hectic schedule,
Spofforth pipped Lizzie Simmonds,
while Liam Tancock took 50m back-
via your iPhone: www.extrabet.com/iphone year’s Rugby World Cup with a dou- England boss Johnson insists his stroke silver. But golden girl Rebecca
ble-header with Wales and a Test side will benefit from the timing of Adlington trailed a distant seventh in
against Ireland. the warm-up clashes. the 800m freestyle.
Martin Johnson’s men line up at “It is going to be tight but with
Cardiff and Twickenham before Argentina as the first game we felt Erratic Murray into last eight
travelling to Dublin on August 27 we needed a game two weeks TENNIS: British No1 Andy Murray
of next year – just two weeks before before, not three weeks before,” wobbled badly before seeing off Gael
England’s World Cup opener said Johnson. “There won’t be Monfils to reach the quarter-finals of
against Argentina in Christchurch. much pause for breath between the Rogers Cup in Toronto.
The national side are already now and then. We don’t go on tour Murray handed over the second set
scheduled to face New Zealand, next summer so we get a rest at the without winning a game before beat-
Australia, Samoa and South Africa end of the season.” ing the Frenchman 6-2, 0-6, 6-3.

Results
CRICKET Newton 82, B H Howgego 80, P S Jones 4-96) v Derbyshire 319 (C (Guildford); Sussex 217(C T Tremlett 4-32) and 275-6 dec. (M H
F Hughes 156, R J Peterson 58, E Chigumbura 5-92) and 76-0. Yardy 100no, B C Brown 52, S C Meaker 4-86) v Surrey 292 (S M
LV COUNTY CHAMPIONSHIP - DIVISION ONE: Lancashire v
Derbyshire (9pts) drew with Northamptonshire (7pts). Glamorgan Davies 62, Yasir Arafat 5-81). Surrey (8pts) drew with Sussex
Durham (Old Trafford); Lancashire 181 (M J Chilton 69, I D
v Worcestershire (Colwyn Bay); Glamorgan 369 (M J Cosgrove (7pts).

Join Now!
Blackwell 5-78) and 226 (S Chanderpaul 67, M J Chilton 50, I
D Blackwell 4-102) v Durham 237 (I D Blackwell 65, G Keedy
7-68) and 173-4 (M J Di Venuto 63). Durham (20pts) beat
Lancashire (3pts) by 6 wickets. Hampshire v Somerset
(Taunton); Hampshire 284 (M A Carberry 71, C M Willoughby
4-80) and 224-4 (N D McKenzie 60no) v Somerset 412 (J C
Hildreth 130, Z de Bruyn 95, J A Tomlinson 7-85). Somerset
(11pts) drew with Hampshire (8pts).
LV County Championship - Division Two: Northamptonshire v
Derbyshire (Chesterfield); Northamptonshire 201(G M Smith 5-54,
J L Clare 4-42) and 469 (D J G Sales 92, J D Middlebrook 84, R I
84, B J Wright 72, J W M Dalrymple 56) and 397-8 dec. (B J
Wright 121no, T L Maynard 98, G P Rees 65, J Allenby 62, M S
Mason 4-87) v Worcestershire 350-8 dec. (D K H Mitchell 165no,
A N Kervezee 72) and 175(D A Cosker 4-27). Glamorgan (22pts)
beat Worcestershire (7pts) by 241 runs. Middlesex v
Leicestershire (Lord’s); Middlesex 219 (G K Berg 53, T J Murtagh
50no, M J Hoggard 6-63) and 255 (S A Newman 70, O A Shah
55) v Leicestershire 282 (J W A Taylor 106no, G P Smith 65, T S
Roland-Jones 4-52, P T Collins 4-76) and 139-5 (M A G Boyce 52).
Middlesex (7pts) drew with Leicestershire (8pts). Sussex v Surrey
Clydesdale Bank 40 - Group C: Warwickshire v
Nottinghamshire (Trent Bridge); Warwickshire 81-6 v
Nottinghamshire 82-3. Nottinghamshire (2pts) beat
Warwickshire by 7 wickets.
TODAY’S DIARY
(Football 7.45pm unless stated)
npower Football League One
Leyton Orient v Charlton ....................................................................................

SPORTS EDITOR JON COUCH

email sport@cityam.com
CITYA.M. 13 AUGUST 2010
London clubs set for boom season
Ahead of tomorrow’s
Premier League kick-off,
our football columnist
dusts off his crystal ball
ON THE BALL WITH
TREVOR STEVEN
L
AST year was a boom year for
Premier League fortunes in the
capital – and I expect this season
to be even more successful in
some ways. It may be unlikely that we
get more than three London clubs fin-
ishing in the top four, as we did in
May with Chelsea joined by Arsenal
and Tottenham. But while West Ham
lived in fear of relegation until the
very end last time round, I don’t
envisage any of the city’s sides strug-
gling that badly this time.
For my money, reigning champions
Chelsea look to be in a two-horse race
with Manchester United to hoist the
trophy again next spring. However, I
do have a number of concerns about
Carlo Ancelotti’s men, not least that
they desperately need another striker.
So much of the goalscoring burden
rests on Didier Drogba and, formida-
ble though he is, that is a worry for a
32-year-old with a history of injuries.
They have Nicolas Anelka too, of
course, but after France’s World Cup
debacle I wouldn’t be surprised if
there was a great big sulk waiting to
happen.
Losing Ricardo Carvalho is also a
blow, and I wonder how long it will be
before we see cracks in John Terry’s
remarkable physical armour.
The Blues are still my tip to be top
dogs in London, though, with Arsenal
and Spurs facing what is likely to be
the toughest fight ever to finish in
the top four.
Keeping Cesc Fabregas is a massive
boost for the Gunners, while I’m
interested to see how Marouane
Coppell retires after two Uncompromising
games in Bristol City job Poulsen joins Reds
in £4.5m transfer
▲
CHAMPIONSHIP
BY MARTIN CAPARROTTA
MANAGER Steve Coppell yesterday
stunned Bristol City by resigning after
just two games in charge – and
announcing the end of his 26-year
managerial career.
Coppell’s spell in charge at Ashton
Gate lasted less than four months and
his tenure got off to a bad start after
his side lost 3-0 at home to Millwall
on the opening day of the season, fol-
lowed by a Carling Cup defeat to
Southend on Tuesday.
The Robins confirmed assistant
coach Keith Millen as Coppell’s suc-
cessor after he signed a three-year
deal with the Championship club.
The 55-year-old, who lasted only 33
days while in charge at Manchester
City in 1996, stressed his decision was
Capital assets (clockwise from top left): Marouane Chamakh, Bobby Zamora, Scott Parker, Jermain Defoe and Frank Lampard.
Chamakh, who has played at a very
good level with Bordeaux, settles in.
But I’d have liked to see Arsene
Wenger invest in a top level goalkeep-
er. The season comes down to key
moments and a brilliant stopper can
make that difference.
As such I’d surprised if they finish
outside the top four, but a title chal-
lenge looks beyond Arsenal.
Tottenham might be some people’s
dark horses but I think it will be hard
enough for them to retain that
Champions League spot.
A European run could prove dis-
tracting or a boost – they’re not used
to it so we don’t know how they’ll
cope – but at the least it’ll mean extra
games for Ledley King’s fragile knees.
not taken lightly.
“I have made my decision after very
careful consideration and I believe
that it is in the best interests of both
the club and me personally that we
go our separate ways,” Coppell said in
a statement.
“I am retiring from football man-
agement but still feel I have a contri-
bution to make to the game some
time in the future.”
Coppell managed six clubs after
starting out at Crystal Palace in 1984.
In 2006 he secured Reading’s promo-
tion to the Premier League and led
the Royals to an eighth-place finish in
their first season in the top flight.
Chairman Steve Lansdown said: “It
is disappointing for any club to part
company with its manager at this
stage of the season. However, we
respect Steve’s decision.”
TITLE ODDS
13/2
TITLE ODDS
13/8
Harry Redknapp has been unchar-
acteristically quiet in the transfer
market but I expect that to change
and he always goes for jewels, not just
squad players.
I’m also sure West Ham will add to
their squad, although new boss
Avram Grant may find a glut of new
players makes it hard for his new
team to gel.
I expect Grant to steer them to mid-
table – and see similar prospects for
another recent appointment in Mark
Hughes at Fulham. Hughes is ideal
for the Cottagers but has his work cut
out trying to match Roy Hodgson’s
superb tenure, and keeping the likes
of Bobby Zamora and Brede
Hangeland will be pivotal.
▲
PREMIER LEAGUE
BY FRANK DALLERES
LIVERPOOL manager Roy Hodgson
has paved the way for Javier
Mascherano to leave Anfield by sign-
ing experienced midfielder Christian
Poulsen.
Poulsen completed a £4.5m switch
from Juventus yesterday, penning a
three-year contract to become
Hodgson’s fourth acquisition of the
summer.
The Denmark international, 30,
has played in the other three top
European leagues and was first
signed by Hodgson in 2000 when the
Englishman was in charge of FC
Sport | Football
TITLE ODDS
1000/1
TITLE ODDS
33/1
Fabio’s Beckham blunder sums
up tongue-tied Italian’s problem
FABIO Capello’s public “retiring” of
David Beckham this week was unfor-
tunate but, for me, just another symp-
tom of the language problems that
seriously undermine him.
We all agree the time is probably
right for Beckham to bow out, and of
course that the England manager
should have told his player before a
television reporter.
Copenhagen.
A tough-
tackling player
who operates
in front of the back four, he is seen as
a replacement for Mascherano, who
is hankering after a move to Italy or
Spain.
The Argentina star is being tipped
to move to Barcelona in exchange for
£15m and former Arsenal midfielder
Alexander Hleb.
Poulsen endured a difficult spell in
Italy but previously enjoyed success-
ful spells in Germany and then Spain
with Schalke and Sevilla.
His career began in his native
Denmark, however, when Hodgson
31
TITLE ODDS
1000/1
Pictures: ACTION IMAGES
But perhaps if the Italian had been
speaking in his native tongue, and not
one in which he struggles to express
himself, he might have been able to
handle the question more elegantly.
Communication is so vital for a
manager, especially at international
level, and I think his failings in that
department must have been a factor
in England’s dismal World Cup.
signed him up following a trial and
the youngster’s aggression helped to
secure the league title.
Poulsen has a chequered discipli-
nary record and was involved in an
infamous incident that prompted a
Danish fan to attack the referee dur-
ing a Euro 2008 qualifier with
Sweden. At 3-3 in the 89th minute
Poulsen punched Markus Rosenberg,
prompting the official to award a
penalty and show the red card and,
post-pitch invasion, abandon the
match, awarding Sweden a 3-0 win.