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AT EPSOM, WATERLOO AND LONDON BRIDGE
Issue 1,395 Friday 3 June 2011 www.cityam.com FREE

BETFRED WINS THE Tchenguiz

spends £2m
a month on
RACE FOR THE TOTE legal bills

▲
EXCLUSIVE
POLITICS Betfred, which owns more than 750
▲

stores, still needs to negotiate the final BY STEVE DINNEEN

BY RICHARD PARTINGTON
BOOKMAKER Betfred will today be
named as the preferred bidder to buy
the Tote, the state-owned betting pool,
City A.M. can confirm.
The firm is believed to have beaten a
rival approach from former Liverpool
Football Club chairman Sir Martin
Broughton’s Sports Investment
Partners (SIP) vehicle, in a deal that val-
ues the Tote at more than £200m.
Sir Martin had appeared to be in pole
position as late as last week, having
secured the backing of the racing
industry.
But Betfred last night emerged as the
favourite to buy the turf accountant.
The sale of the Tote had become a
testing political issue in recent weeks.
Sources close to the deal said last night
the sale had to be considered by Prime
Minister David Cameron, following
earlier talks between culture secretary
Jeremy Hunt and chancellor George
Osborne.
Government lawyers also pored over
the fine print of both bids to avoid any
possibility the eventual final decision
would be subject to a legal appeal,
with European Union state aid regula-
tions proving the most complex obsta-
cle.
Although it will become the pre-
ferred bidder, Betfred will not immedi-
ately get the keys to the Tote’s 517
betting shops.
details with ministers.
Both Betfred and SIP were tasked
with meeting strict government
requirements for bidders.
Any approach for the state-owned
bookmaker is required to provide
value for the taxpayer, support for the
racing industry and to acknowledge
the interests of the Tote staff.
SIP had won over the racing commu-
nity, having secured support from sev-
eral powerful racing organisations.
It had planned to float the Tote,
handing seats on the board and shares
to racing industry bodies.
In a spiralling chase to secure the
Tote, Sir Martin also improved his bid
with the offer of an upfront payment
of £77m to the Treasury, as well as an
improved £11.5m per year to the racing
industry in perpetuity.
Betfred also fought to woo the racing
world, vowing to create a Tote “adviso-
ry board” with seats for industry repre-
sentatives.
Led by Fred Done, the winning book-
maker is also thought to have
improved its cash offer to the govern-
ment in recent weeks.
It had looked to pay £113m in net
proceeds as well as a £27m payment to
the Tote pension fund and a £60m pur-
chase of the Tote’s debt.
Betfred, the government and a
spokesperson for SIP all declined to
comment.
VINCENT Tchenguiz, the property
tycoon arrested as part of a Serious
Fraud Office (SFO) investigation into
the collapse of Icelandic bank
Kaupthing, says his legal fees are now
costing him £2m a month.
Tchenguiz is fighting three law-
suits: the criminal case being built
against him, for which he has not
been charged; and two parallel civil
actions against the administrators of
Kaupthing worth in excess of £1bn.
In an interview with City A.M.
Tchenguiz said he dedicates around
70 per cent of his time to the cases,
which he says have ravaged his proper-
ty empire.
He said: “It is not business as usual.
Definitely not. We are letting out
office space and restructuring. We
might have to shrink back to much
less foreign exchange trading. This has
done huge damage to my reputation. I
have deals in South Africa, Canada,
Israel, Holland that are all on hold
pending this investigation.”
He said he has been subject to “trial
by media” and likened his treatment
by regulators to the Financial Services
Authority investigation into Gartmore
star Guillaume Rambourg.
City A.M. has learned the SFO yester-
day requested more time to answer
the points raised by Tchenguiz in his
judicial review papers.
Fred Done’s firm will be named as the preferred bidder for the Tote FULL TCHENGUIZ INTERVIEW: P19

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 2 News CITYA.M. 3 JUNE 2011

Why crises are good news for the EU NEWS | IN BRIEF

EDITOR’S LETTER
ALLISTER HEATH
THERE are two kinds of organisations:
those that are rewarded for failure
with more power and greater budgets,
including most regulators, and those
that are punished for their mistakes,
including private firms operating in a
real free-market with no bailouts. The
European Union is very much in the
first camp. The proposal yesterday by
the European Central Bank President
Jean-Claude Trichet that governments
should create a finance ministry for
the 17-nation bloc is as brazen as it is
predictable. Each time EU centralisa-
tion is shown to fail, with the creation
of an unmanageable new currency
zone just one of many such instances,
the bureaucrats’ answer is always to
centralise even further. The European
Exchange Rate Mechanism failed – the
answer to that was to create the single
currency. The Eurozone is now in cri-
sis – so the answer is to give much
greater powers to Brussels over nation-
al budgets. That won’t work either – so
at this rate in a few decades’ time we
will have sleepwalked into a gover-
nance model that is even more cen-
tralised than anything the US would
ever countenance, with Brussels exer-
cising more power than Washington.
We are not there yet, of course, but
the EU is driven by the logic of the
ratchet. Crises are useful because they
allow a fresh power grab.
All of this is wrong. What is needed
is more experimentation, with suc-
cessful projects rewarded and bad
ones penalised. The euro doesn’t work
– so it should be wound down or at
least those countries that are too weak
to be members should be made to
leave. If politics were imbued with the
same discipline as that of a function-
ing market, with the equivalent of
profit and loss, this is what would hap-
pen. The fact that it never will is why
we should never rely too much on pol-
itics and big government.
DOT.COM BUBBLE
The latest, most demented phase yet
of the new dot.com bubble is upon us.
Groupon, the US-based digital coupon
site, announced plans to raise at least
$750m on the stock market last night.
The company was founded in 2008;
many now believe it to be worth
$25bn. Even though it made a loss of
over $450m last year, its valuation has
surged from zero three years ago to
$1.4bn after a 2010 fundraising to
$6bn a few months later when it
rejected a takeover approach from
Google. Clearly, many investors have
lost their marbles – while it is true the
firm is growing extraordinarily fast,
the kinds of valuations now being
talked about are several times too
high. The biggest issue is that other
competitors could enter the market
and thus erode its future growth
potential. But investors are drunk
once again. Why do they never learn?
SATURDAY EDITION SPECIAL
For those of you going to the races at
Epsom tomorrow, we have a treat in
store for you: City A.M.’s first ever
Saturday edition, chock-a-block with
news, analysis and insight on the
Investec Derby, as a well as a good dose
of business news. We will have hand-
distributors at Waterloo and London
Bridge for people taking the train
from London – and lots of copies at
arrival in Epsom Downs and
Tattenham Corner. Bill Esdaile and
Ben Cleminson, our racing editors,
will be providing readers with the
best, punchiest racing content any-
where. We are proud to be the official
newspaper of the 2011 Investec Derby,
and hope to see you there.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
Chevron UK plant fire kills two
A major explosion at Chevron’s oil refin-
ery in Pembroke, Wales, has killed at
least two people and injured more,
according to local reports. The plant,
which Chevron agreed to sell to Valero
Energy for $1.7bn (£1bn) in March, was
at the heart of an explosion and subse-
quent fire yesterday afternoon that was
put out by 10 fire engines.
Sony websites hacked again
Sony suffered fresh hacking misery yes-
terday when the servers for its Sony
Pictures Entertainment websites were
accessed, compromising the personal
details of more than 1m customers.
Templeman to head retail body
Debenhams chief executive Rob
Templeman will be announced today as
the new head of UK’s leading retail
industry body, the British Retail
Consortium. He will replace Luke
Mayhew, current chairman, in the
autumn of this year. Templeman led high
street giant Debenhams through its IPO
in 2006, and was previously head of
Halfords Group, Homebase Group, and
Harveys Furnishing. RETAIL: P12-P13

7th Floor, Centurion House,

24 Monument Street, London, EC3R 8AJ
Groupon eyes
$750m float
Tel: 020 7015 1200 Fax: 020 7283 5334
Email: news@cityam.com www.cityam.com
Editorial
Editor Allister Heath
Deputy Editor David Hellier
News Editor David Crow
Night Editor Katie Hope
Business Features Editor Marc Sidwell
TECHNOLOGY “As with any business in a 30-
▲

Lifestyle Editor Zoe Strimpel

Sports Editor Frank Dalleres BY HARRY BANKS month-old industry, the path to suc- Rupert Murdoch’s News Corp is edging closer to a deal to buy BSkyB
Art Director Craig Gaymer cess will have twists and turns,

News Corp closes on deal

Pictures Alice Hepple ONLINE daily deal site Groupon filed moments of brilliance and other
Commercial for an initial public offering yester- moments of sheer stupidity,”
Sales Director Jeremy Slattery day, hoping to capitalise on the Groupon chief executive Andrew
Commercial Director Harry Owen biggest investor stampede into Web Mason, 30, said in a letter to potential
start-ups since the dot.com bubble stockholders attached to the filing.
Head of Distribution Nick Owen
burst a decade ago. Yesterday’s papers did not specify
The company filed yesterday to the number of shares to be sold in the MEDIA mission.
▲

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Printed by Newsfax International,
Beam Reach 5 Business Park,
Marsh Way, Rainham, Essex, RM13 8RS
raise up to $750m (£458.2m) in its
IPO, an offering that has been widely
speculated about for months and
would be among the most closely
watched of the year.
Groupon itself, in the filing, cau-
tioned that it has incurred losses ever
since it was started two and a half
years ago, that its technology may not
be ready to handle demand for its
services, that its expenses are bound
to rise, and that the daily deals mar-
ket may not even continue to grow.
IPO, the price range, or the exchange,
BY RICHARD PARTINGTON
though it did say the shares would
trade under the symbol “GRPN”. It RUPERT Murdoch’s News Corp has
also said the $750m figure is prelimi- agreed a deal with regulators to buy
nary and may change. the remaining shares it does not
own of British Sky Broadcasting.
Groupon chief exec Culture secretary Jeremy Hunt,
the minister with responsibility for
Andrew Mason
the merger decision, will call a sec-
warned the firm has ond, one-week consultation process.
incurred losses since it He will then decide whether to
was founded refer the deal to the Competition
Commission or grant News Corp per-
The international media conglom-
erate will then sign a series of com-
plex broadcasting contracts that will
allow for Sky News to be spun-off.
Separating the 24-hour rolling
news channel from BSkyB under
complete News Corp control is seen
as a measure to satisfy regulators
over concerns of media plurality.
Final merger clearance from the
government is not expected to be
given to News Corp until July at the
earliest.

WHAT THE OTHER PAPERS SAY THIS MORNING

LIBYA BET $1BN ON SOCGEN SHARES
Société Générale structured a $1bn
bet on its own shares for Libya’s sov-
ereign wealth fund after the Jérôme
Kerviel fraud, the Financial
Times has learnt.Documents seen by
the FT show the transaction – the
Libyan Investment Authority’s
biggest investment in five years –
had lost 72 per cent of its value by
the middle of last year. The LIA
entered into the transaction in
early March 2008, barely a month
after Mr Kerviel’s €50bn of
rogue trades left the bank with
losses of €5bn. At the time SocGen
was struggling to reassure
investors and plug a hole in its bal-
ance sheet.
KAISERS’ PREDICT RIOT OF INTEREST
IN BESPOKE ALBUM
Fans of Kaiser Chiefs, the British
indie rock stalwarts, will on Friday
be invited to create a bespoke version
of their new album – choosing track-
listing and cover design – in the lat-
est attempt by the record industry to
adjust to a shift in buying habits
among music fans. The band,
which has enjoyed success with
songs such as “I Predict a Riot” and
the chart-topping album Yours Truly,
Angry Mob, released its new album
The Future is Medieval not via
iTunes but through a website that
went live at 7am.
NEW STATE SCHOOLS SET FOR
PRIVATE FINANCE
A wave of 100 new state schools
could be built using private funding
as part of a strategy to allow the
Department for Education to cope
with its meagre capital budget, the
most pressing problem facing
Michael Gove, education secretary. A
first tranche of 20 schools would
open in 2014-15 under the plans,
which are yet to be agreed by the
Treasury.
HOTELS PROFITS A FRACTION OF
WHAT THEY CLAIMED
Fears over potential financial irregu-
larities at von Essen hotels grew yes-
terday when it emerged that last
year’s profits may have been only a
third of the figure reported. The
Times understands that administra-
tors have reconstructed the 2010
accounts to show what appears to be
underlying profits of about £8 mil-
lion from turnover of £51 million.
WATCHDOG BACKS BROADGATE
LISTING
English Heritage will today say that it is
recommending the listing of the
Broadgate office complex in the City. It
is thought the architectural watch-
dog’s recommendation rests on the
need to preserve the “sense of space”
that the 32-acre complex created when
it became an exemplar of a new type of
office development in the late 1980s.
US FACES CREDIT-RATING REVIEW
FROM MOODY'S
A second credit rating agency has
threatened to put the US under
review for a possible downgrade
unless politicians put their s
quabbles aside and agree to raise the
statutory debt limit. Moody's said
the world's biggest economy's
AAA-rating is under threat
because the country will run
out of money unless policymakers
agree to increase the limit on the
national debt above the current
$14.3 trillion.
LOTUS CUTS JOBS AFTER LOSING OUT
ON GOVERNMENT FUNDING
Sports car manufacturer Lotus is plan-
ning up to 99 job cuts at its Norfolk
plant after losing out on £27.5m of
government funding. Staff at the
Hethel site have been told their jobs
could be at risk.
WAMU WINS FIGHT TO KEEP $69
MILLION IN RETIREE SAVINGS
Washington Mutual, the former par-
ent of the thrift that went under in
the largest banking collapse in US his-
tory, on Wednesday won a court fight
to hang on to $69m in retirement sav-
ings socked away by rank-and-file
employees of an acquired thrift,
Home Savings of America.
CCB BOSS SEES A FREER YUAN
China is likely to accelerate the open-
ing of its currency system in the next
five years as the government seeks to
make the yuan more widely used
internationally, China Construction
Bank Corp chairman Guo Shuqing
said. In an interview, the head of
China’s second-largest bank acknowl-
edged a bubble in China’s housing
market, but argued that limited lever-
age in the property sector would curb
the impact of any downturn in prices.
CITYA.M. 3 JUNE 2011 News 3

Goldman files Buyout group fights back in

subpoenaed care home crisis row
by prosecutor
tional sales lease-back transactions

▲
HEALTHCARE
BY ALISON LOCK
THE PRIVATE equity industry yesterday
hit back at claims it was responsible
for Britain’s care home crisis.
US private equity firm Blackstone,
which owned Southern Cross from
▲
after its ownership period.”
While the financial crisis showed
the sale-and-lease model to be flawed,
Southern Cross’ management failed to
make the changes needed after
Blackstone’s exit, taking out develop-
ment loans worth £77m from

BANKING
BY JULIET SAMUEL
GOLDMAN Sachs yesterday admitted
that it has been subpoenaed by the
Manhattan district attorney as part of
a US probe into wrongdoing during
the financial crisis.
The news caused its shares to
plunge 3.4 per cent initially, with its
peers Morgan Stanley and JP Morgan
Chase dropping 1.9 per cent and 2.6
per cent respectively as markets fret-
ted that the inquiry could draw in
other Wall Street giants.
The stock prices recovered in later
trading, but the price movement
showed investors’ sensitivity to any
potential case, which is in the early
stages of investigation.
The Department of Justice and
Manhattan district attorney Cyrus
Vance Jr are compiling evidence after
being handed a 600-page report put
together by a Senate committee that
accused Goldman of misleading its
clients and Congress and called Wall
Street a “financial snake pit” during
the crisis.
Goldman will now have to hand
over information relating to the accu-
sations, which centre on whether it
persuaded clients to buy mortgage-
backed securities in 2007 and 2008
while also maintaining a short posi-
tion in the instruments.
A spokeswoman for the bank,
which denies any wrongdoing, said:
“We don’t comment on specific regu-
latory or legal issues, but subpoenas
are a normal part of the information
request process and, of course, when
we receive them we cooperate fully.”
Meanwhile, Moody’s put Bank of
America, Wells Fargo and Citibank on
review for a possible credit ratings
downgrade because the US govern-
ment “does not want to bail out even
large, systemically important bank-
ing groups”.
While Moody’s said that it was
unlikely the US would successfully
eliminate its credit subsidy to banks
entirely, it said that “the support
assumptions built into these three
banks’ ratings are unusually high”.
2004 to 2006, has been criticised for September 2007 to March 2008 alone
the care home operators’ financial to fund acquisitions.
woes. BVCA chief executive Mark Florman
But the British Venture Capital said the attacks ignored the “impera-
Association (BVCA) defended the firm tive” need for private money in health
yesterday, saying the accusations were and social care as the government
“based on material inaccuracies and struggles to fund all residential care.
misstatements” and defended private Private equity funds provided “not
equity funds as “significant and only necessary
responsible investors in health and capital invest-
social care.” ment but
At a protest organised by the GMB also intro-
union yesterday, Blackstone’s owner- ducing
ship was slammed as “a financial modern
exploitation process that does not care working
if it exploits elderly people in care.” practices,” he
The BVCA said such attacks were said.
groundless as Southern Cross had “With a grow-
been independently run for five years, ing need and
after Blackstone floated it in 2006. constrained
“It is completely false to state that public funding,
Blackstone has stripped the property it is imperative
assets out of Southern Cross,” it said. that private sec-
“Only three per cent of the 578 lease- tor investment
hold properties created leases and sold continues to Blackstone chief executive Stephen Schwarzman,
the properties during Blackstone’s flow into the which sold Southern Cross in 2006, said it was
ownership. Blackstone had no control sector,” he added not responsible for its financial troubles
over the amount of debt nor any addi- yesterday.
 4 News CITYA.M. 3 JUNE 2011

Amnesty for asylum seekers

as 160,000 immigrants stay
Figures show that only nine per amnesty”.
▲

POLITICS
BY RICHARD PARTINGTON
A DAMNING report has accused the
government of presiding over an
immigration system that amounts to
an “amnesty” for asylum seekers.
The influential commons home
affairs select committee report said it
was clear that the UK Border Agency
(UKBA) was “still not fit for purpose”,
despite attempts to bolster Britain’s
migration controls.
cent of the 403,500 claims processed
by the agency since 2006 have been
rejected.
A backlog of about 450,000 appli-
cants for asylum emerged in that
year, leading then Labour home sec-
retary John Reid to describe the sys-
tem as “not fit for purpose”.
Since then, 161,000 of the appli-
cants have been given leave to
remain in the UK. The report said the
figure “amounts in effect to an
It also claimed the UKBA had “no
idea” what happened to tens of thou-
sands of other cases.
Committee chairman Keith Vaz
said: “The government is set on
reducing immigration to the tens of
thousands and effectively controlling
immigration.
“It will have to ensure that the UK
Border Agency begins to focus on the
outcome rather than the processes of
their work.”
In September 2006, the In 1996, it was discov- By November 2008,
US Food and Drug ered there was a human China reported an esti-
Administration said it equivalent of BSE mated 300,000 children
had traced a major out- or “mad cow disease”, had fallen ill from con-
break of E. coli to a originating from British suming milk products
Californian Spinach cattle. A European tainted with melamine. Of
processor. By that ban on British beef those, six children died,
autumn, nearly 200 exports, lifted in 2006, due to kidney complica-
cases of illness had been decimated the £500m-a- tions. The chemical was
reported, leading to year UK beef industry. By added to the milk by pro-
more than 100 hospitali- 2003, nearly 90 people in ducers to boost its pro-
sations and three deaths. the UK had died. tein content.

Seven in UK
hit by E.coli
▲
CONSUMER
BY DAVID CROW
FOUR more Brits have been infected
with a new and deadly form of E.coli,
which has killed 18 people across
Europe and made thousands more
ill.
The new infections, which were
confirmed by the Health Protection
Agency yesterday, bring the total
number of British cases to seven.
Of those, three have been contami-
nated with the more serious
haemolytic uremic syndrome (HUS),
which attacks the blood and kidneys
and can prove fatal.
Experts from the World Health
Organisation said the strain of E.coli
was completely new and had not
been detected before.
And the Chinese authorities said
the E.coli strain was “highly infec-
tious and toxic”.
All seven of the British cases are
linked to recent travels to Germany,
which has been identified as the
source of the outbreak.
In Germany, there have been 1,064
cases, with 470 involving the poten-
tially deadly HUS complication.
Across Europe, 1,500 people have
been infected and 17 have died – 16
in Germany and one in Sweden.
Authorities in Russia yesterday
imposed a ban on imports of fresh
vegetables from the European Union
in response to the growing crisis.
Brussels said Russia had acted dispro-
portionately.
Meanwhile, Spain threatened to
seek damages from Germany or the
EU, after Germany incorrectly identi-
fied Spanish organic cucumbers as
the source of the outbreak.
Officials in Spain say farmers there
were forced to junk thousands of
tonnes of cucumbers following the
German claims, causing total losses
that could run into millions of Euros.

ARE YOU MORE WARY OF EU VEGETABLES?

Interviews by Phoebe Torrance and Scarlett Archer

BEN BEAUMONT | CMC MARKETS

“Why risk it? News coverage puts the possibil-
ity always in the back of your mind. I don’t
think food exports should be banned because
it is up to people to make their own decision.”

DANIEL BROWN | LIBERTY SYNDICATES

“It has not been identified that the cucumber
is the source so why not trust them. I would-
n’t go as far as banning European food just
because of one incident.”

SHANE MAY | AXA INSURANCE

“Usually I wouldn’t look where it comes from
but the news is scaremongering and has defi-
nitely made me more vigilant towards buying
organic European food.”
 6 News
Greece to present
new austerity plan
▲
EUROZONE
GREECE will present a new austerity
package to Eurogroup chairman Jean-
Claude Juncker this morning amid
signs that the ECB could be willing to
strike a compromise with Germany
over Athens’ second bailout.
ECB vice president Vitor Constancio
said that contrary to recent reports,
the Bank would be willing to consider
a very mild form of voluntary burden-
sharing to make private investors join
ECB president
Jean-Claude Trichet
has called for a
“quantum leap” in
European nations’
idea of sovereignty
in the pain, a key German demand.
“We have never refused every form
of private sector involvement in
Greece,” he said. “Some forms of pri-
vate sector involvement which are vol-
untary... we have always admitted as
possibilities.”
The IMF is expected to conclude its
review of Greece’s finances today, with
Athens’ latest fiscal plan said to include
a faster sell-off schedule for €50bn
(£44.2bn) of state assets and €6.4bn of
new budget cuts, including tax rises.
EU ministry of
finance called
for by Trichet
▲
EUROZONE
BY JULIET SAMUEL
THE Eurozone will need a full-blown
ministry of finance with power to veto
national fiscal policies in future,
according to ECB president Jean-
Claude Trichet.
Speaking upon his receipt of the
prestigious Charlemagne prize –
which was awarded to the euro cur-
rency itself in 2002 – Trichet called for
a “quantum leap” in European govern-
ment. Such a leap would enable it to
achieve “a new understanding in the
way sovereignty is exerted”, he said.
“Interdependence means that coun-
tries de facto do not have complete
internal authority.”
He added that in order to sustain
the euro, it will be necessary for
“European authorities to have the
right to veto some national economic
policy decisions. The remit could
include in particular major fiscal
spending items and elements essential
for the country’s competitiveness”.
He was speaking as the ECB, IMF
and European Commission race to put
together a new rescue plan for Greece,
which is on the brink of bankruptcy.
The new European ministry of
Ireland haircut Strong demand
plan challenged in Spanish sale
▲
EUROZONE
THE Irish high court will today open
its hearing of a case brought forward
by Allied Irish Bank’s (AIB) bondhold-
ers, Aurelius Capital Management and
Abadi, challenging finance minister
Michael Noonan’s plans to impose
haircuts on them.
Dublin is aiming to cut around €5bn
(£4.3bn) from a €70bn bill for bailing
out its banking sector by imposing
losses of up to 90 per cent on junior
bondholders. But bondholders have
argued that the move is illegal.
A decision in favour of the bond-
holders could disrupt the govern-
ment’s burden-sharing plan.
CITYA.M. 3 JUNE 2011
finance that Trichet envisages would
preside over a “confederation of sover-
eign states” and would effectively be a
super-regulator for the entire EU
region. It would take on “all the typical
responsibilities of the executive
branches as regards the union’s inte-
grated financial sector”, he said.
He suggested that a single ministry
would be a natural extension of the
Eurosystem – the official name for all
of the EU’s governing apparatus. “In
this union of tomorrow, or of the day
after tomorrow, would it be too bold...
to envisage a ministry of finance of the
union?” he asked.
He added that the creation of a
beefed-up EU government in charge of
enforcing the stability and growth
pact – in which a country’s deficit
must not exceed three per cent of GDP
– is justified because “countries that
abide by the rules of the single curren-
cy can thrive and prosper”.
Trichet also claimed that his vision
runs in a tradition that includes
Erasmus, William Penn, Immanuel
Kant, Victor Hugo and Robert
Schuman. And he revealed that the
ECB had based its actions during the
past year on the thoughts of Max
Weber.
EUROZONE
SPAIN saw strong demand for €3.95bn
(£3.5bn) of medium-term bonds yester-
day, though a broad drop in risk
appetite and lingering uncertainty
over how talks on fresh aid for Greece
will pan out kept yields high.
In a litmus test of investor appetite
for peripheral Eurozone debt as policy-
makers thrash out a plan to avert a
Greek default, the 2014 bond, with a
3.4 per cent coupon rate, sold €2.75bn
euros at an average yield of 4.037 per
cent. That compared with 3.568 per
cent at the previous auction in April,
but the bid-to-cover rate rose to 2.5
compared with 1.8.
 8 News
Barclays’ Bob Diamond visited Spain last week
Romney in
race for US
presidency
▲
US POLITICS
BY SCARLETT ARCHER
FORMER governor of Massachusetts
Mitt Romney yesterday officially
kicked off his second bid to win the
US Republican presidential nomina-
tion.
Romney, 64, a long GOP frontrun-
ner in the polls, yesterday joined the
race to beat President Obama and
take the White House in 2012.
Romney has made clear his inten-
tions to run for the presidential
nomination ever since he was defeat-
ed by John McCain in the race to be
the Republican nominee in 2008.
The polls have so far regularly
shown Romney to be a leading candi-
date, despite in-party criticism of his
statewide healthcare reform bill,
which became the model for
Obama’s national policy.
The financial predictions market,
Intrade, shows Romney as the clear
frontrunner, with a rating of 29 per
cent, well ahead of major rivals Tim
Pawlenty and Jon Huntsman, who
only polled 19 and 16 per cent,
respectively.
A clearer picture as to whether
Romney stands a chance against
Obama is unlikely to emerge until
the start of the primary season in
February 2012.
In his opening campaign
speech, Romney told vot-
ers: “Government
under President
Obama has grown
to consume
almost 40 per
cent of our econ-
omy. We are only
inches away from
ceasing to
be a free-
market
econo-
my.”
All change at WS Atkins as Clarke steps down
INFRASTRUCTURE
▲
BY ELIZABETH FOURNIER
KEITH Clarke is stepping down as
chief executive of engineering con-
sultancy WS Atkins after eight years,
paving the way for German physicist
Uwe Krueger to take on the role later
this year.
Analyst sees Barclays buying caja
▲
BANKING
BY JULIET SAMUEL
BARCLAYS is edging towards an acqui-
sition of one of Spain’s struggling sav-
ings banks, according to Evolution
Securities analyst Arturo de Frias.
Following chief executive Bob
Diamond’s visit to Spain last week, in
which he met with Spanish Prime
Minister José Luis Rodríguez Zapatero,
Clarke has led Atkins since 2003,
steering the company through its dif-
ficult relationship with London
Underground operator Metronet,
which resulted in a £121.3m excep-
tional loss for the company in 2007.
The company has since built a
strong recovery through contracts
won across the Middle East, and with
de Frias says that Barclays is likely to
move in on one of the country’s trou-
bled cajas in the coming months.
“It has been our view for some
time that Barclays is likely to make
a sizeable retail acquisition and raise
simultaneously some more capital…
what we call a ‘deal-cum-rights issue’,”
de Frias wrote in a note to clients.
He added that a string of recent
hires in Spain, including former
its ongoing work at the London 2012
Olympic Park in Stratford.
Clarke began his career as a char-
tered architect with a specialism in
urban planning, and prior to joining
Atkins held management positions
at Skanska, Trafalgar House and
Olympia and York.
His successor has a doctorate in
Bankinter chief Jaime Echegoyen and
former finance minister Pedro Solbes,
make it likely that the bank is looking
to expand beyond its current small
retail network in the country.
If Barclays is looking to make a pur-
chase, de Frias estimates that it will
need to do a rights issue of £4-5bn, half
of which will be used to top up capital
ratio. He has a “sell” recommendation
on Barclays as a result.
complex system theory and
brain research, and joins from
private equity investment firm
Texas Pacific Group.
Clarke plans to continue as a
director at Atkins, where he will
look after sustainability and
the company’s Middle
East business.
KEITH CLARKE
CITYA.M. 3 JUNE 2011
The Spanish caja space is undergoing
broad restructuring as the government
looks for ways to plug a capital hole
that the Bank of Spain has estimated at
€15bn (£13.3bn). But observers say it
could be higher, meaning that the state
could offer guarantees to buyers of
stricken banks. Potential purchasers
are likely to include several private
equity houses as well as banks.
Barclays declined to comment.
Slow May
sales hit US
retail firms
▲
RETAIL
BY RICHARD PARTINGTON
PICKY shoppers going to fewer stores
have hurt big US retailers in May,
patchy sales figures from Gap, Target
and Costco showed yesterday.
Gap, the high street clothing chain,
reported a four per cent slip in com-
parable sales in May, down from a
one per cent increase in the same
month a year earlier.
However, net sales for the company
were slightly up in May, hitting
$1.06bn (£649m), from net sales of
$1.05bn during the same period a
year earlier.
“While net sales increased in May,
we recognise the need for our brands
to consistently deliver at much high-
er levels of performance – with
improved traffic and greater product
acceptance – to support our long-
term growth strategy,” said Glenn
Murphy, chairman and chief execu-
tive officer
High prices for food and petrol, as
well as a sluggish economy, hit the
price of raw materials used by the
companies. Consumer confidence
also took a knock.
Fellow US retail chain Target
reported a rise in sales for May,
although slightly short of Wall Street
expectations.
Sales for the four weeks ending 28
May were $4.8bn for the firm, up 3.8
per cent from the same period a year
ago.
“May sales were near the low end of
our expected range, driven by a
much slower traffic trend in the sec-
ond half of the month,” said Target
chief Gregg Steinhafel.
Meanwhile, US warehouse club
operator Costco beat market expecta-
tions with a 13 per cent rise in May
same-store sales.
For the four weeks ended 29 May
Costco said net sales surged 17 per
cent to $7.14bn.
CITYA.M. 3 JUNE 2011
Hillary Clinton said the claims were very serious
ANALYSIS l WPP
840
820
800
p
732.00
2 Jun
780
760
740
720
700
7 Mar 25 Mar 14 Apr 10 May
WPP grows
sales as US
revenue rises
▲
MEDIA
BY HARRY BANKS
WPP, the world’s largest advertising
group by revenue, said like-for-like
sales grew more than six per cent in
the four months to the end of April,
buoyed by the United States and in
line with its forecast for the year.
The firm, led by Sir Martin Sorrell,
said yesterday its US revenue was up
almost eight per cent in the year to
date and British sales grew by more
than seven per cent despite economic
pressures, while continental Europe
was up more than three per cent.
All advertising groups have been
lifted in the last 12 months by a
stronger than expected performance
in the US market and WPP has also
rebounded well from the downturn
due to its strong position in key mar-
kets such as India and China.
Separately, WPP said it had bought
a majority stake in Brazil’s largest
independent digital agency F.biz for
an undisclosed price. F.biz has 200
staff and had revenue of $30.1m reals
(£11.6m) last year.
WPP said tsunami-hit Japan was its
only Asian market not to have grown
and said the situation was unlikely to
change for most of this year. Political
turmoil in the Middle East was con-
tinuing to have an impact, with year
to date revenue flat.
WPP shares closed down almost
one per cent at 732p.
US claims BP is not meeting Gulf duties Acer tanks on audit issue
▲
ENERGY
BY MARION DAKERS
A US report claims that BP is shirking
its responsibilities for the Gulf of
Mexico, where a massive oil spill last
year killed 11 workers and leaked fuel
across the beaches of the coast.
Victims of the spill are worried that
a $20bn compensation fund is not
being properly run, the House of
Representative’s oversight and gov-
31 May
ernment reform committee claimed
in its report, and the drilling morato-
rium put in place after the accident
has been badly enforced.
The report also strongly criticised
Barack Obama’s administration for
failing to take charge of the clean-up
and compensation, slamming the
President for placing “the perpetrator
of a reckless and unnecessary tragedy
at the helm of the recovery opera-
tions”.
US probes Google hack
▲
TECHNOLOGY
BY HARRY BANKS
GOOGLE’S claims that hackers, prob-
ably from China, sought to access
the Gmail accounts of senior US offi-
cials are very serious and the
American government is investigat-
ing them, secretary of state Hillary
Clinton said yesterday evening.
Clinton said the US government
“Failure to fund removal of clean-
up equipment debris, uncertainty
surrounding mental health services,
and frustration associated with the
compensation process are among the
concerns of affected Gulf Coast resi-
dents,” the report said.
Some politicians representing the
Gulf regions, including Mississippi
governor Haley Barbour, disagreed
with the findings, arguing that BP
has taken care of those affected.
was “very concerned” about claims
that Chinese hackers collected the
passwords of Google users.
She added: “These allegations are
very serious. We take them seriously,
we’re looking into them.”
Google announced on Wednesday
that suspected Chinese hackers tried
to steal passwords of hundreds of
Google email account holders,
including senior US government
TECHNOLOGY
SHARES in the world’s second-biggest
PC maker Acer have dropped after it
said it would write off $150m (£91.7m)
because an internal audit found
“abnormalities” in its accounts.
Acer’s shares fell by seven per cent
in Taiwan, the maximum allowed by
the stock exchange, in response to a
statement that said it needed to set
aside the money after an internal
News 9
officials, Chinese activists and jour-
nalists.
The claim by the world’s largest
web search company sparked an
angry response from Beijing, which
said blaming China was “unaccept-
able”.
Google and Washington have an
increasingly strained relationship
with China over its approach to cen-
sorship and cyber security.
Zuckerberg:
Facebook
claim forged
▲
TECHNOLOGY
BY HARRY BANKS
AN ALLEGED contract and emails that
a New York man says entitle him to a
huge stake in Facebook are forgeries,
the online social network’s founder
Mark Zuckerberg said.
In a filing in the US district court in
Buffalo, New York, yesterday
Zuckerberg said he has declared under
oath that he neither signed the alleged
contract with Paul Ceglia, nor wrote or
received any related emails.
He asked a federal judge to order
Ceglia to immediately turn over the
alleged original contract and emails,
and for permission to inspect Ceglia’s
computers.
“Zuckerberg and Ceglia never dis-
cussed Facebook and they never signed
a contract concerning Facebook,” the
filing said. “The contract is a cut-and-
paste job, the emails are complete fabri-
cations, and this entire lawsuit is a
fraud.”
Christopher “Kip” Hall, a partner at
DLA Piper representing Ceglia, did not
immediately return requests for com-
ment.
Yesterday’s filing escalates the stakes
as Ceglia, a wood pellet salesman from
Wellsville, New York, tries to show he
contracted in 2003 for 50 per cent of
Zuckerberg’s interest in what became
Facebook, which is privately held.
In yesterday’s filing, Zuckerberg
acknowledged signing an agreement
with Ceglia, but that it concerned work
Zuckerberg did for StreetFax.com, a
website that posted photographs of
traffic intersections for use in the
insurance industry. Ceglia sued last
July, saying he made a contract with
Zuckerberg for an 84 per cent
Facebook stake.
After he changed law firms, Ceglia
filed a complaint that discussed the
alleged contract and emails from
2003 and 2004 when Zuckerberg was
a student at Harvard University.
audit revealed the problem.
The company also said it would cut
300 jobs in Europe.
Acer’s shares have struggled since it
cut its sales forecasts in March.
That caused its stock to plunge 18
per cent within just a few days, and
triggered the resignation of its chief
executive.
Less than a month later it reported
a 64 per cent fall in first-quarter net
profit.
 The Capitalist
10 EDITED BY CITYA.M. 3 JUNE 2011
HARRIET DENNYS
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @citycapitalist

WHISKY AT The Old

Pulteney was
MIDDAY FOR christened
with whisky
ABERDEEN’S before its
POLAR FEAT crew set off
to the Arctic Men of the match: the Sarasin & Partners team

THE WHISKY came out at noon at

Aberdeen Asset Management yesterday
to christen the boat the fund managers
are sponsoring on its voyage into the
Arctic unknown.
The Old Pulteney has been designed
to withstand some of the harshest con-
ditions on earth, and her six-man crew –
led by Scottish explorer Jock Wishart –
will set off on the Old Pulteney Row to
the Pole expedition on 1 August, travel-
ling 450 miles from Resolute Bay in
Canada to the Magnetic North Pole to
attempt a “world first”.
The planned route through shifting sea-
ice barriers has only become possible after
increased seasonal melting in the Arctic
icecap, so the team will conduct scientific
studies as they create maritime history, to
be fed back to Southampton University.
The crew have also become the subject
of a scientific study themselves, to avoid
the men imploding on the “monotonous”
journey where the explorers will alternate
rowing with being cocooned in a con-
fined space in the middle of nowhere.
“I’m not sure why they put the beds so
close together,” complained crew member
Aberdeen AM’s James Thorneley (second from right) raises a toast with the crew of The Old Pulteney
Billy Gammon, who described how he and
his fellow rowers have undergone psycho-
metric tests to discover “which screws are
loose and where the tipping points are”.
Forewarned is forearmed – as Wishart
said: “There is no room for a mutiny.”
GILBERT’S ALL AT SEA MATCH OF THE DAY
MARTIN Gilbert, chief executive of DEUTSCHE Bank challenged Henderson
Aberdeen Asset Management (right),
was unable to attend yesterday’s whisky-
soaked christening outside Boisdale
restaurant in Canary Wharf.
However, the “keen” sailor is looking
forward to his firm’s sponsorship of
Cowes Week in August, where Gilbert
and his head of distribution Chris Ellyatt
are planning a range of activities for the
fund’s clients to give them “the whole
Cowes experience”.
The Capitalist hears the more adventur-
to attempt a
martime first
ous clients will be able to race in
Aberdeen’s chartered yachts, accompa-
nied by professional skippers – or they
could just take Ellyatt, a lifelong dinghy
sailor who competes in the Laser
Masters racing circuit.
Global Investors, AXA, Royal London
Asset Management and CVC Capital
Partners, among others, at yesterday’s
football tournament organised by
KennedyPearce Consulting at the
Powerleague ground in Bishopsgate.
But there could only be one winner,
and this year’s five-a-side champions
were Sarasin & Partners, captained by
David Evans, who beat Matrix Group
five-nil in the final to win the
KennedyPearce Champions League Cup
and £1,000 for a charity of their choice, to
be donated to The National Brain Appeal.
To enter next year’s competition, contact
Adam, John or Stephen on 0207 469 4180.
SPORTING CHANCERS
MEANWHILE, there is still time to place
your bets on Sunday’s five-a-side Diageo
City Challenge at the Bank of England
Sports Centre in Roehampton.
The City A.M. team has been named
the “Aston Villa” of the contest as 9-1
contenders, while team Bank of
England is Manchester City at 12-1
“because of the financial reserves
behind them” and the Sky News squad
has been relegated to the Conference,
with Kidderminster-like odds of 20-1.
All bets and donations will transfer
directly to The Stroke Association – see
the Paddy Power website or www.just-
giving.com/diageocitychallenge.
Or come along on the day – there’s a
free pair of return Ryanair flights to
Tenerife to be won in the raffle.
“That’s actually free, not Ryanair free,”
assures the event’s organiser.
CITYA.M. 3 JUNE 2011
Trevor Matthews is to take the top role at Aviva instead of a job at Friends Life
Aviva UK head
in shock exit
▲
INSURANCE
BY ALISON LOCK
A SHOCK change of roles at major City
insurers saw Aviva’s high-flying UK
chief executive Mark Hodges leave to
become head of insurance broker
Towergate yesterday.
Aviva has moved in highly regarded
insurance veteran Trevor Matthews,
formerly of Friends Provident and
Standard Life, to replace Hodges.
The move is Aviva’s second high-pro-
file exit in five months after European
head Andrea Moneta left in January.
Both Hodges and Moneta had been
tipped as successors to Aviva’s global
chief executive Andrew Moss. Their
sudden departures may fuel specula-
tion that Moss intends to stay in post
for longer than expected.
“The extent of this announcement
and the complicated nature of it will,
we believe, give rise to some specula-
tion about the group’s long term lead-
ership,” said Panmure Gordon analyst
Barrie Cornes.
Matthews’ move is also a surprise, as
he told City A.M. in March he was step-
News 11
WATCH CHAT
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ping down as chief executive of Friends
Life with a view to returning to Sydney
with his family within three years. He
was due to start a newly-created post of
vice chairman at Friends Life yesterday,
after handing the chief executive’s
reins to Andy Briggs, but will now not
take up the role. SHARE SURF
Matthews is seen as a safe pair of
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his notice period at Friends Life, Aviva
will be without a UK chief executive.
Hodges was Aviva’s chief executive
for 18 months and head of its life oper-
ation before that. He will head
Towergate Insurance from 1 October
and is expected to lead it to an initial
public offering. He replaces retiring
chief executive Andy Homer, who Join in
remains a non-executive director.
“The opportunity to take the lead at
Towergate, Europe’s largest independ-
ent insurance intermediary…was irre-
sistible,” Hodges said.
A Friends Life spokesperson said it Visit samsung.com/uk/smarttv to find out more.
would reassign Matthews’ responsibili-
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chief executive on 1 June.
 12 Consumer News
Asos co-founder Nick Robertson is steering the retailer to new international markets
Asos sales in
overseas rise
▲
RETAIL
BY JOHN DUNNE
ONLINE clothes retailer Asos yester-
day announced plans to launch three
new international websites as it
reported a 41 per cent profit rise for
the full year.
The company said it had been
boosted by international expansion
and said it was on track to deliver on
a plan for £1bn of sales by 2015.
Chief executive Nick Robertson
said the company would be unveiling
sites in Australia, Spain and Italy.
The company’s figures for the year
to 31 March showed UK retail sales up
25 per cent and international sales up
142 per cent, benefitting from the
launch of United States, French and
German websites.
Robertson said: “Our international
performance has been very strong.
We think the Australian site will be
particularly strong because of the dif-
ferences in seasons they benefit from
a lot of cut price stock.”
Robertson said that despite City
talk there were no suitors seriously
circling to make an offer for the com-
Beware weight of expectation
BEWARE the weight of great expec-
tations. It is hard to quibble with
the performance of Asos, which
grew annual profits by 41 per cent
in the year to 31 March; few other
consumer-facing businesses can
match that in these tough times.
Strategically, the firm is making
great strides. It has grown the num-
ber of its product lines from 36,000
to 50,000 and launched three coun-
try specific websites in the US,
France and Germany (this year it
will launch in Australia, Spain and
Italy).
Its development of “Facebook
stores” that tap into social net-
works, as well as its mobile-phone
applications, has been inspired.
Visitors to its website – which is
now one of the top five most-visited
pany, which is investing in growth
rather than paying dividends.
Despite yesterday’s sales and profit
rise the stock took a hit with the AIM-
listed company’s shares closing 8.3
per cent lower at 2,144p yesterday.
The drop was linked by some analysts
to a statutory pre-tax profit fall of 23
per cent to £15.7m because of £12.9m
in exceptional charges linked to the
introduction of a new warehouse.
Singer’s Matthew McEeachran said:
“The exceptional charge for ware-
housing is a little bigger than we
expected.”
However Robertson said: “We have
had a good year and there is growth
in the UK and overseas ahead.”
ANALYSIS l ASOS 2,144
2500
p
2 Jun
2400
2300
2200
2100
2000
1900
1800
1700
1600
7 Mar 25 Mar 14 Apr 10 May 31 May
fashion sites in the world – are up
176 per cent; orders have grown 315
per cent.
But the ratings for Asos shares
have always been ridiculously sky-
high, largely because as an internet
retailer the firm attracts the kind
of hype that is usually reserved for
tech stocks.
Even after yesterday’s sell off,
which saw the stock shed 8.3 per
cent, the firm’s market cap of
£1.6bn is almost five times sales.
We like the business but that
multiple is too rich for us. Nice
business – shame about the share
price.
BOTTOMLINE
Analysis by David Crow
 Consumer News 13

ANALYST VIEWS: IS KINGFISHER SET FOR

GROWTH IN A TOUGH MARKET? Interviews by John Dunne
MATTHEW MCEACHRAN | SINGER CAPITAL MARKETS

“ Kingfisher has delivered a strong update, capitalising on the favourable

weather across Europe. We do not anticipate any major changes to forecasts at

”
this early stage. We have moved our target price up to reflect the ongoing strate-
gic initiatives and international growth ambitions.

RICHARD HUNTER | HARGREAVES LANSDOWN

“ The improvement in the net cash position provides a healthy glow,

whilst the group’s geographical diversity continues to underpin performance. On

”
the downside, there were inevitably cautious comments from the management on
the outlook. The consensus remains that the shares are a “strong buy”.

NICK BUBB | ARDEN

“ The first-quarter from Kingfisher was expected to be strong, and retail

profit growth of 19 per cent to £174m is certainly good. But it is below our

”
£180m forecast and is not as good as the bulls had hoped, and is not good enough
to deliver full-year profit upgrades at this stage.

Kingfisher in
BBQ lift but
still cautious
▲

RETAIL with 860 stores in eight countries in

BY JOHN DUNNE Europe and Asia, said retail profit
jumped 19 per cent to £174m.
KINGFISHER, Europe’s biggest home Like-for-like sales at B&Q were
improvements retailer, said yes- up 1.5 per cent, the best perform-
terday a surge in sales of garden ance for seven quarters. But the
furniture and barbecues during gross margin was down slightly,
warm spring weather had not because sales were skewed to less
changed its cautious outlook on profitable lines.
consumer spending. “Whilst we have got off to a
The group, which runs market good start, it remains our
leader B&Q in Britain as well as view that this year is likely to
Castorama and Brico Depot in be a tough one for all retail-
France, said yesterday shoppers in ers, especially in the UK,”
Britain in particular remained chief executive Ian Cheshire
under pressure from higher prices said.
and austerity measures, B&Q sold 2,500 miles of
and the recent flurry in hosepipe as Britain enjoyed
spending was probably the warmest April on
just brought forward record. Patriotic shoppers
from the sum- also snapped up over
mer. 10,000 royal wedding
Kingf isher, gnomes.

John Lewis gets Carpetright in

Obama boost board shake-up
▲

RETAIL
JOHN Lewis yesterday reported sales
increases of 30 per cent on tennis
tables following last week’s photo-
graphs of US President Barack Obama
and Prime Minister David Cameron
playing a friendly match.
The pair rolled their sleeves up to
play against students, competing on a
visit to the Globe Academy school in
South London.
John Lewis’ sports departments
have seen a surge in interest in the
game from both men and women
buying tables since the event, which
was part of the President’s visit to the
UK.
RETAIL
FLOORINGS giant Carpetright has
restructured its board, appointing
Andrew Corden to the board as opera-
tions director for Europe as Christian
Sollesse, managing director of UK &
Ireland, steps down.
Corden joined Carpetright 17 years
ago, and has been responsible for the
company’s European operations since
2008 having previously been the sales
director for Europe since the compa-
ny’s expansion into Europe.
Claire Balmforth, who joined the
board at the beginning of May, will
assume the role of operations direc-
tor for the UK.
 Your business can talk to
1/3 of the UK for free

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CITYA.M. 3 JUNE 2011 News 15

Kurt Geiger is sold to US

retail group for £215m
the year to April 2011. “Kurt Geiger is one of the few pri-
▲

RETAIL
BY ELIZABETH FOURNIER
US designer and marketer The Jones
Group yesterday bought upscale shoe
retailer Kurt Geiger for £215m, giving
it a foothold in the European retail
market.
Kurt Geiger, which has been majori-
ty owned by private equity house
Graphite Capital since a management
buyout in 2008, had sales of £205m in
It has grown rapidly since the buy-
out from an own-brand retailer to a
multi-channel distributer with conces-
sions in department stores, and distri-
bution agreements with brands such
as Gucci and UGG.
The brand’s relationship with The
Jones Group began in 2009 when it
signed a licensing agreement to sell
the company’s Nine West brand shoes
in the UK.
vate equity-backed retail companies
that has managed to expand interna-
tionally in the past few years,”
Graphite Capital’s Marcus Gosler told
City A.M.
“We knew the buyer through a long-
standing trading relationship, so it
was an obvious fit.”
Kurt Geiger’ management team will
stay in place, with Neil Clifford contin-
uing as the brand’s chief executive. Neil Clifford, far right, will continue to lead the management team at Kurt Geiger

MEET THE ADVISERS

MARTIN Geiger in 2008.

BOWEN
SJ BERWIN
SJ BERWIN partner Martin Bowen
led the legal team advising Graphite
Capital on the sale, having worked
with the firm on its buyout of Kurt
He has a strong track record in pri-
vate equity and management buyouts,
and also worked for Hermes and other
shareholders of Walbrook Group
Limited on its disposal to Barclays
Wealth Management.
Graphite also sought legal advice
from Addleshaw Goddard, and was
advised on tax matters by Andy Smith
at PricewaterhouseCoopers.
 16 News
Sharp fall in Spain’s
unemployment rate
▲
EUROZONE ECONOMY
SPAIN’S economy was boosted yester-
day by data showing a sharp decline
in unemployment benefit claims.
Registered unemployment dropped
by 1.87 per cent in May, compared to
April, official figures showed.
Benefits were down 79,701, to
4.19m. Compared to the same time
last year, jobless claims were still up
3.04 per cent.
What’s the best way to
sell your home in
a tough market?
A) Rely on
the subliminal
selling power
of yellow?
Make sure your agent has your property on
The struggling Eurozone economy
suffers the highest unemployment
rate in Europe, exceeding 20 per cent
of the workforce.
And new car registrations, a bell-
wether of economic health, are
expected to have declined in Spain for
May, according to Barclays Capital.
Across the Eurozone, registrations
are unlikely to catch up with their his-
torical averages any time soon,
BarCap’s note claimed.
B) Use
PrimeLocation.com,
with over 4 million
visits every month*.
The Prime Property Website
*Monthly average from Oct 2010 – Mar 2011.
LONDON’S WORKERS FACE A LONGER COMMUTE THAN THE UK AVERAGE
WORKERS in London
face a far longer com-
mute than elsewhere in
the UK, data from the
Office for National
Statistics revealed yester-
day. Londoners are over
take over 30 minutes
five times more likely to
travel for over an hour to
get to work. Half those
surveyed in London take
public transport to work,
compared to just nine
per cent across the rest of
the country. Only 35 per
cent of people working
in London drove to work,
compared with 76 per
cent in the rest
of the UK.
Rest of the UK
20%
to get to work
Rest of the UK
3%
travel for over an
hour to work
Growth in UK
construction
offers relief
▲
UK ECONOMY
BY JULIAN HARRIS
POSITIVE growth figures from the
construction industry provided some
relief for the UK’s struggling econom-
ic recovery, yesterday.
The building industry edged up to
a score of 54 in the purchasing man-
agers’ index (PMI) for May, a modest
rebound from April’s disappointing
score of 53.3.
All PMI scores above the no-change
50 mark indicate economic growth.
Input price inflation remained “at
a historically elevated level,” the
report said, despite easing slight-
ly from April’s reading.
“It remains to be seen
whether a marked expan-
sion of commercial projects
will help to replace what has
been lost elsewhere in the
coming months,” said David
Noble of the Chartered
Institute of Purchasing and
Supply (CIPS), referring to
impending govern-
ment spending
cuts. “But it
has con-
tributed to a
NEWS | IN BRIEF
Bleak American jobs data
Fresh claims for unemployment benefits
in America fell last week, but not enough
to assuage fears the labour market
recovery has taken a step back. Initial
jobless claims slipped 6,000 to a season-
ally adjusted 422,000, the Labour
Department said yesterday, less than
economists’ expectations for a fall to
415,000.
US factories’ new orders decline
New orders received by US factories
declined in April, partly because of a
sharp drop in demand for transportation
goods, according to a Commerce
Department report released yesterday.
Overall orders fell 1.2 per cent to a sea-
sonally adjusted $440.4bn (£269.6bn)
after an upwardly revised 3.8 per cent
rise in March.
CITYA.M. 3 JUNE 2011
56%
in London travel over
30 minutes to work
16%
in London travel for
over an hour to work
small improvement in confidence.”
Business expectations grew to a
one year high of 66.8 in the index,
with employment growing for the
first time since June last year.
The employment index measured
its healthiest reading since March
2008 (51.3), with commercial sector
construction creeping upwards to a
respectable 55.8 – helping to offset an
unwelcome contraction in civil engi-
neering activity (46.9).
“New order growth was marked,
suggesting that increasing levels of
output will be sustained,” added
Sarah Ledger of Markit, which com-
piles the data alongside CIPS.
Growth in new orders acceler-
ated to 56.3.
“But it needs to be borne in
mind that the construction
sector only accounts for 6.8 per
cent of UK GDP,” warned
Howard Archer of IHS Global
Insight.
Progress in the UK’s largest sec-
tor – services – is published
today, with chancellor
George Osborne hop-
ing for signs that
the UK’s recovery
remains on track.
Fresh talent floods into London
A surge in enquiries from relocation
agents to London renting firm Cluttons
shows “renewed confidence in the capi-
tal,” the firm said yesterday. Enquiries
are up 20 per cent on last month. “New
talent is flooding into London at a rate
not seen since the height of the market in
2007,” a spokesperson said.
American oil futures extend fall
US crude futures extended declines yes-
terday after an unexpected jump in US
crude inventories, also hurt by an indus-
try report that OPEC may increase oil
output at its meeting next week.
Factory growth slows in Canada
Canadian manufacturing slowed from
April to May, a new purchasing man-
agers’ index showed yesterday.
CITYA.M. 3 JUNE 2011
Acquisition spree
continues at HICL
▲
INFRASTRUCTURE
INFRASTRUCTURE investment compa-
ny HICL Infrastructure yesterday paid
£4.6m for a majority stake in the
Brentwood Community Hospital pri-
vate finance initiative (PFI) project,
boosting its joint venture ownership
of the project to 100 per cent.
The project is a 32-year concession
to design, build, finance and run a 50-
bed hospital in Brentwood, Essex, and
takes HICL’s portfolio of UK PFI proj-
ects up to 41 investments.
The community hospital was fully
financed in June 2006 and construc-
tion was completed at the end of
Johnson Matthey boss Neil Carson was bullish on prospects for the current year
Metal prices
help Johnson
Matthey gain
INDUSTRIALS
▲
BY HARRY BANKS
JOHNSON Matthey, the world’s
largest supplier of catalytic convert-
ers, said annual profit rose on the
back of higher vehicle sales and pre-
cious metal prices.
However, the FTSE 100 company
said it expected Japan’s earthquake
to hit car production temporarily in
the first half, even though this
would likely be reversed by the sec-
ond half.
It also said that higher rare earth
prices would adversely impact the
business, particularly in the first
half of the current year.
It expects the impact of higher
rare earth raw materials – used in its
catalyst production -- on its results
this year to increase around three or
four times from £5m in the year to
the end of March.
Underlying pre-tax profit rose 36
August 2008. In addition to the 75 per
cent it has now bought from Kajima
Partnerships and other minority stake-
holders, HICL also owns the remainder
of the project through a joint venture
with Kajima.
HICL has been on the acquisition
trail in recent months, investing in a
Sheffield schools PFI last week, and
acquiring further PFI projects in
Oldham and Norwich from engineer-
ing firm Kier, as part of the Kajima
joint venture.
The consideration paid for the
investment is in line with the current
valuation of similar UK PFI projects in
the group’s portfolio.
per cent to £345.5m for the group,
which also markets, distributes and
refines precious metals.
It took an impairment and restruc-
turing charge of £71.8m relating to
the closure of a manufacturing facil-
ity in Brussels and the sale of its
Vertec manufacturing business.
“Heavy exceptional items and
amortisation (£13.2m) were more
than we and the market were expect-
ing. We see this as a little disappoint-
ing,” said Credit Suisse.
ANALYSIS l Johnson Matthey
2150 p 2013.00
2100 2 June
2050
2000
1950
1900
1850
1800
1750
7 May 25 Mar 14 Apr 10 May
News 17
HOHN DONATES £1BN TO CHARITY NEWS | IN BRIEF
Kan survives no-confidence vote
Japanese Prime Minister Naoto Kan
survived a no-confidence vote in parlia-
ment yesterday, but the unpopular
leader will still struggle to break a poli-
cy deadlock given a split in his own
party and a divided parliament.
Opposition parties controlling parlia-
ment’s upper house have criticised his
response to the deadly 11 March earth-
quake and tsunami and resulting
nuclear crisis, and have threatened to
block bills as long as he is in power.
Impax expects profit increase
Asset management firm Impax, which
focuses on the alternative energy,
water treatment and waste manage-
ment industries, yesterday said it
expects revenue and profits to increase
in the second half of the year as more
investors put money in alternative
clean energy following unrest in the
Middle East and the Japanese nuclear
crisis. Chief executive Ian Simm said
the firm is confident of inflows into
funds over the next six to nine months.
NAV falls at McKay Securities
Property development and investment
company McKay Securities yesterday
announced a drop of 4.7 per cent in its
net asset value (NAV) over the last
financial year despite an increase in the
company’s real estate portfolio from
£205.95m to £208.52m. Managing
director Simon Perkins said the fall in
ONE of London’s most successful hedge fund managers, Chris Hohn, has donated almost NAV was largely due to a £5.9m one-
£1bn to charity over the past five years. Hohn, who runs The Children’s Investment Fund, off swap rates payment in February to
donated a total of £42.7m to the Children’s Investment Fund Foundation (CIFF) in the reduce the company’s notional hedging
@
year to August 2010. The CIFF funds projects to improve the lives of children living in from £155m to £105m. The firm’s
poverty in developing countries. shares rose 2.2 per cent yesterday.
@
@
www.cityam.com
31 May
18 News
CITY MOVES | WHO’S SWITCHING JOBS in association with
BEST OF THE BROKERS
Edited by Harriet Dennys
ANALYSIS l Bayerische Motoren Werke AG St
€ 60.14
Norton Rose Evolution Securities White & Case 66
64
Jon Harry is joining The investment bank has appointed The international law firm has appoint-
62
the law firm’s Paris Mark Wellesley-Wood as a director in ed Carl Hugo Parment as a partner in 60
office as a partner the corporate finance department and its Stockholm office, joining from 58
on 6 June. Harry as the head of Evolution’s natural Scandinavian bank DnB NOR Bank. 56
led the corporate resources team. He joins from 54
group of Hogan Ambrian Partners, where he was head WorldSpreads Group 52
7 Mar 25 Mar 14 Apr
Lovells’ Paris office of corporate finance. The financial market trading company
from 2006 to has appointed Charlie McCreevy to the
2009, before BAE Systems board as a non-executive director. ANALYSIS l EADS
€ 21.39
becoming a corpo- The Board of BAE Systems has McCreevy currently sits on the board of 24
rate specialist practising in Paris, appointed Lee McIntire a non-execu- Ryanair, and is the former European 23
with expertise in cross-border merg- tive director of the company. McIntire Commissioner for Single Market and 22
ers and acquisitions. is currently chairman and chief execu- Services. He also served as the Irish 21
tive of consultancy CH2M HILL. finance minister from 1997 to 2004. 20
19
To appear in CITYMOVES please email your career updates and pictures to citymoves@cityam.com 18
7 Mar 25 Mar 14 Apr
SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT +44 (0)20 7092 0053 ANALYSIS l Voestalpine
morganmckinley.com € 34.68
36.0
34.0
32.0
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7 Mar 25 Mar 14 Apr
FTSE falls again as fears
over economy continue
THELONDON
REPORT
B
RITAIN’S top shares slid for a sec-
ond day as worries over weak
economic data drove investors
from risky assets ahead of
Friday’s US non-farm payroll numbers.
The FTSE 100 closed down 80.69
points, or 1.4 per cent, at 5,847.92, with
volume 93 per cent of its 90-day average.
The index fell one per cent in the
previous session when a weak US ADP
Employer services report and US man-
ufacturing data raised doubts about
the pace of economic recovery. US non-
farm payrolls will provide more clues
about prospects for economic growth.
Risk-sensitive mining and energy
stocks fell, adding to their decline
from the previous session, and took
US stocks flat ahead of
key non-farm jobs report
THENEW YORK
REPORT
U
S stocks ended a volatile trad-
ing day mostly flat yesterday as
investors were reluctant to
make bets a day before a critical
labour market report that could mag-
nify fears the economy is slowing.
Bank stocks stabilised after falling
on news that Goldman Sachs was sub-
poenaed by New York prosecutors
seeking information on its role lead-
ing into the global financial crisis.
Goldman's stock fell 1.3 per cent to
$134.38, while the KBW Banks Index
rose 0.2 per cent after falling earlier.
CITYA.M. 3 JUNE 2011
BMW
Goldman Sachs rates the carmaker a
2 Jun
conviction “buy” and has a target
price of €120 (£106). The broker has
raised its earnings forecasts by nine
per cent ahead of consensus, and
6 May 26 May
expects further sales rises.
EADS
2 Jun RBS rates the defence corporation a
“buy” and has raised its target price
by €2 from €25 (£22.08) to € 27
(£23.84). But the broker warns that
the firm may not see earnings rise
6 May 26 May
significantly until 2015.
VOESTALPINE
2 Jun Citi rates the group a “buy” and has
raised its target price to €40.00
(£35.32) from €37.00. The broker has
raised its earnings per share fore-
casts to 1.9 per cent ahead of consen-
6 May 26 May
sus, following VOE’s results.
most points off the index.
Kingfisher, Europe’s biggest home
improvements retailer fell one per
cent after it said the second-quarter
would probably be more challenging.
Analysts suggested investors should
take profits. On the upside, Serco rose
4.4 per cent after Credit Suisse upgrad-
ed its target price for the outsourcing
group to 720p from 670p and
increased its earnings estimates fol-
lowing its acquisition of Intelenet.
ANALYSIS l FTSE 100
6,100 5,847.92
2 Jun
6,000
5,900
5,800
5,700
5,600
5,500
7 Mar 25 Mar 14 Apr 10 May 31 May
Education stocks rallied on heavy
volume after US officials relaxed
rules that could have cut off tuition
aid to programmes run by for-profit
colleges. DeVry and Apollo Group
were the top two gainers in the S&P
consumer discretionary sector.
DeVry shot up 14.6 per cent to
$61.86, while Apollo surged 11.1 per
cent to $46.87.
The Dow Jones industrial average
fell 41.59 points, or 0.34 per cent, to
12,248.55. The Standard & Poor’s 500
Index dipped 1.61 points, or 0.12 per
cent, to 1,312.94. The Nasdaq
Composite Index rose 4.12 points, or
0.15 per cent, to close at 2,773.31.
Initial jobless claims slipped 6,000
to a seasonally adjusted 422,000 in
the latest week, while economists
polled by Reuters had forecast
415,000.
CITYA.M. 3 JUNE 2011 WORDS BY STEVE DINNEEN News 19

This isn’t over yet: the Mayfair

tycoon fighting to clear his name
Vincent Tchenguiz
is ready for the
struggle of his life
as he battles at
home and abroad

A
N afternoon with Vincent
Tchenguiz makes you realise why
cases like the collapse of Icelandic
bank Kaupthing take a team of
accountants years to unravel.
For nearly 90 minutes, I’m bombarded
with figures and facts, allegations and
claims. At one point he brings out a
dossier of colourful Power Point slides that
provide a glimpse into a Kafkaesque night-
mare. One shows a grid filled with words
like “trial”, “mis-represent” and “not
guilty”. Another shows indecipherable
concentric circles plotting the relation-
ships between the companies involved in
the case.
Vincent is frank and open throughout
our interview – but open like a flood-gate,
spewing forth an ocean of information
that encompasses countless financing
deals across dozens of companies and
multiple law-suits fought in two jurisdic-
tions.
He speaks in half-sentences, in an
accent thick enough to stand a spoon in,
dipping in and out of near-incomprehensi-
ble business-talk. His company is infec-
tious, almost child-like, and he arrives at
his Park Lane office with his tie draped
over his shoulders and his shirt billowing
open. The room is filled with blinking
screens with live readings for the FTSE,
S&P, and gold and silver prices. Scattered investigation was conducted was incor- Vincent Tchenguiz in very lucky. If this happened in 90 per cent meaning they didn’t have any equity,
around, almost as an after-thought, are a rect. It was too fast, too quick, too early his Mayfair offices of other countries I probably wouldn’t meaning they shouldn’t have been a bank.
Damian Hirst skull, model jets and a pho- and too much damage was done. It earlier this week have had the chance to even get out of the They withheld information from every-
tograph, on the floor against a wall, of should be regulated so this kind of thing police station, I’d be stuck. Thankfully it body. It just didn’t occur to me that a bank
him with Bill Clinton. can’t happen. Picture: City wasn’t Russia or the Middle East, places could go bust.”
As he flits from subject to subject, some- “They have broken human rights. All A.M./Micha Theiner where you don’t get another chance.” He says the administrators subsequent-
times in the same breath, he has a way of sorts of human rights. Privacy by going Vincent is now calling for a judicial ly destroyed the value of his property busi-
drawing you in, with a conspiratorial glint into the house, damages, trial by media. review into his arrest, claiming the ness, which he maintains was still viable.
in his eye: “Let me show you how this is I’ve already been tried in the press and I Serious Fraud Office (SFO) had no reason “Administrators are driven by trying to liq-
interesting...” haven’t even been charged.” to suspect he would not have cooperated uidate a structure and they are driven by
Although no charges have been He says the arrest and the ensuing with the investigation. Moreover, he says the legal bills they create,” he says. “If they
brought, Vincent is suspected by regula- media circus has had a devastating affect the raid was illegal as the warrant was for had been patient and let us go to market,
tors of inflating the value of companies on his business. His property manage- a holding company he owns based a few they would have got their money. Instead
used as collateral for a £100m loan from ment company Peverel was forced into blocks down the road. If the review is they decided the best course of action was
Kaupthing, which he denies. The matter administration days after the arrests, granted and upheld the SFO will have to no action. Stand still.”
came to a head in March when 130 police when Bank of America demanded the return all of the documents it seized, mak- I ask if the impact of his arrest could
officers swooped on premises owned by repayment of a £136m loan. His other ing a subsequent charge more difficult. lead him to start afresh abroad. “I don’t
him and his brother Robbie. He is surpris- interests have suffered too: “We have to Which would only leave the small mat- know what will happen after. I might con-
ingly calm about the morning he was contract. We are letting out office space, ter of his £1bn civil case against sider it. For now we are still here. We will
arrested – which he refers to as “the SFO restructuring. We might have to shrink Kaupthing and its administrators. stay here until we finish the investiga-
thing”. back to much less foreign exchange trad- Although far less entwined with the bank tion.”
“I wasn’t that fazed,” he says. “To be ing. We’re a financial company, we rely on than his brother Robbie – who infamously The day after his arrest, Vincent had
honest it was too early in the morning. I finance. We have transactions in South appeared in a glossy Kaupthing maga- planned a party on his yacht, which went
woke up, saw them, took a shower, went in Africa, Canada, Israel and Holland – all on zine – Vincent was still massively exposed. on in his absence. I wonder if he was
the car. They were nice guys. They kept hold pending this investigation.” In the civil case, Vincent says he was angry he missed it. His answer is typical
asking me questions but it was too early.” In a classic Vincent change of direction, defrauded by Kaupthing, claiming it mis- Vincent: “There will be more parties... This
However, he is less philosophical about he goes on to say he is pleased the situa- represented its perilous financial state. isn’t over yet, there is a long way to go. It’s
the reason for the raids. “The way the tion was handled within the UK. “I was “They were performing share support, interesting.”

Tchenguiz on the arrest
“I wasn’t that fazed. To be
honest it was too early in
the morning. I woke up,
saw them, took a shower,
went in the car. They
were nice guys. They kept
asking me questions.”
Tchenguiz on the UK
“I was very lucky this
happened in the UK. If
this happened in 90 per
cent of other countries I
probably wouldn’t have
had the chance to get out
of the police station.”
TIME LINE | TCHENGUIZ AND ICELAND
● 9/10/2008
Iceland takes control of Kaupthing, its
biggest bank, after already dismissing
the board of directors of Landsbanki,
the island’s second largest bank by
value.
● 9/03/2011
The Tchenguiz brothers are held for
questioning for over 12 hours by the
Serious Fraud Office after being arrest-
ed in connection with the collapse of
Icelandic bank Kaupthing. Vincent and
Robert were among seven men arrest-
ed in a series of dawn raids across
London. All were released without
charge. Robert Tchenguiz had debts
with Kaupthing totalling more than
£2bn. His credit line was extended
after the onset of the recession, despite
his portfolio of investments beginning
to turn sour.
● 14/03/2011
Vincent’s property management com-
pany Peverel enters administration
after failing to repay a loan. Bank of
America Merrill Lynch demanded
repayment within 24 hours of a
£124.6m loan plus £11.4m in accrued
interest. The demand, on 10 March,
came just a day after Vincent and his
brother were arrested.
● 16/03/2011
Vincent appoints Stephen Pollard,
rogue trader Nick Leeson’s former
lawyer, as his new legal adviser.
● 18/05/2011
Robert files a judicial review at the
High Court, branding his arrest “unlaw-
ful, aggressive and disproportionate”.
 Living
20
| Kitchens
Making your kitchen fit for a master chef
Donata Huggins speaks to five of the
UK’s leading culinary experts to find
out their own home kitchen must-haves
T
HERE’S barely a TV minute, or spending on professional kitchen
channel flick that goes by these equipment. According to John Lewis,
days without a celebrity chef sales of premium food processors,
whipping up an organic feast mixers and blenders have increased a
or gastronomic delight amid seduc- whopping 233 per cent in March
tive lighting and a designer kitchen. alone as a result of the phenomenon,
Then there’s Masterchef, which has with droves willing to spend upwards
thrilled millions with its X Factor of £400 on a luxury gadget. But what
style drama. They’ve collectively do the real chefs have in their own
inspired a nation of amateur culinary home kitchens? City A.M. tracked
enthusiasts, and as a result – say down five of the UK’s hottest chefs to
retailers – prompted a tidal wave of name their must-have kitchen buys.
WINE COOLER: Stephen Tonkin, head chef at the Dean
1 Street Townhouse, says his custom-made and integrated
wine cooler is indispensable: “Stocking up on the right
wines and having them stored at the perfect temperature is
fantastic.” The cooler offers different temperatures for differ-
ent drinks: wine bottles are stored at 5°C and red at 12°C.
“It’s very a great talking point at parties,” says Tonkin. John
Lewis stocks a wide range, starting from £199 for seven bottle own
brand integrated cooler. www.johnlewis.com
THERMOMIX MIXER: Daniel Galmiche,
2 head chef at The Vineyard at
Stockcross, says he couldn’t live with-
out a Theromix in his kitchen at home: “They
are wonderful. It does everything. It is the
ultimate foodie’s toy. You can make soups,
sauces, ragu, grind nutmeg, make hol-
landaise. It does half of the chef’s work.”
Adding that it is particularly useful if you
don’t have a huge kitchen since it takes up
very little space: “I am one of the few chefs
that doesn’t live in a big house, so the size of
equipment matters.” This specialist product is
available directly from Thermomix, www.ukther-
momix.com, costing £885, including VAT, and can
only be ordered by phone on 01344 622 344
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X-MEN: FIRST
CLASS
SEE THE REVIEWS
SECTION ON PAGE 25
RANGE COOKER: Thierry LaBorde of Chabrot
3 Bistrot d’Amis says a decent range cooker is essen-
tial to any kitchen, professional or otherwise.
Personally, he said would only be interested in an aga
decked with Le Creuset cookware. While Tim Hughes,
group chef director of Caprice Holdings, recommends
the Britannia model: “It’s the most important thing to
get right in a kitchen. Range cookers are fantastic
because they usually have six hobs and two oven com-
partments, which is helpful for getting the timings
right.” Britannia range cookers cost around £2,000 depending
on your requirements. The Britannia website can help you locate
your nearest provider: www.britannialiving.co.uk/range-cook-
ers. www.lecreuset.com.
BUTCHERS BLOCK: Tim Hughes
4 says a butcher’s block is a great
place to prepare food and adds
to the rustic look he likes in family
kitchens: “Hard wearing, chunky,
preferably antique blocks are best
(they don’t make them like they used
to).” He refutes the idea that these can
be difficult to clean: “Nothing salt and
a wire brush won’t solve.” Antique
blocks can be found on Ebay,
www.ebay.com. While new ones can found
through the specialist website Country
Trolleys, www.countytrolleys.co.uk
JAPANESE MANDOLIN: Alexis
5 Gauthier of Gauthier Soho says a
Japanese Mandolin, a vegetable slic-
ing device, is his favourite domestic
kitchen contraption: “Much like an
extremely sharp cheese grater, the
Mandolin allows you to cut extremely fine-
ly. You can cut practically any vegetable on
it, including tougher root vegetables – just
watch out for your fingers.” This contrap-
tion will show you how important the
detail is to the final product. A wide selection
are available on Amazon, www.amazon.co.uk,
ranging from around £30-£80
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St James Road | Brentwood | CM14 4LZ Email: base@crestnicholson.com

www.crestnicholson.com/base 0870 757 8384

*Rental yield is based on plot 316, a 1 bedroom apartment priced at £180,500 with an expected average rental figure of £825pcm, provided by Beresfords Estate Agents. Yield excludes service charge and ground rent. Crest Nicholson cannot give any financial advice. Train times
are approximate. Prices correct at time of going to press. Exterior photography taken at Base. Typical Crest Nicholson interior.
 22 Living | Focus On CITYA.M. 3 JUNE 2011

BRENTWOOD, ESSEX RENT

BY DONATA HUGGINS

ST. JOHN’S
LANGTONS, SOUTH
WEALD
Price: £2.8m.
The property has five
Q&A
AVENUE, WARLEY principal bedrooms,
Price: £425,000. three bathrooms, three Tim Hassell
This four-bedroom secondary bedrooms, DRAKER LETTINGS,
semi-detached house five reception rooms, a SPECIALISING IN
has a both a front and kitchen, heated swim- BELGRAVIA, CHELSEA,
back garden, a dining ming pool, tennis court, KENSINGTON AND PIMLICO
room, living room, seven stables, a modern
We are looking into purchasing a
kitchen, four bedrooms
and has recently had
its bathrooms refitted.
Contact: Beresfords on
barn, garaging, a num-
ber of original timber
outbuildings, two pad-
docks and an orchard.
Q. buy to let investment. Is there a
better time of year to do this?

A.
The central London lettings market is
01277 231515 or go to Contact: Savills on seasonal to an extent. Traditionally
www.beresfords- 01245 293224 or go to the busiest months of the year are
group.co.uk www.savills.co.uk January, June, September and October. The
months to avoid if possible are December,
April and August.
In January there is always a glut of people
NEED TO KNOW | AREA INSIGHT looking that should have moved if the
Christmas holidays had not been in the way.
THE GALLERIES September and October are by far the busiest
Price: Prices range from Commuting to the city: Education: The local independ- months of the year with pretty much all prop-
£168,000 for a one-bed- Getting from Brentwood station ent Brentwood School gets good erty having a strong chance of letting quickly.
room apartment to to Liverpool Street takes 40 results. Last year 95 per cent of A vast majority of lettings in London revolve
£485,000 for a two-bed- minutes. By car, this journey will its pupils scored A*-C in their around the academic cycle either beginning or
room duplex. take just under an hour. Those GCSEs. Chelmsford County High, ending. Whether it be from high net worth
This grade II listed based at Canary Wharf will find a high performing grammar students, post graduates, second or third year
Victorian building has that their commute is 40 min- school, also gets good results, bankers/lawyers or high end Corporate ten-
been converted into utes by car, missing all the inner but lies around 20 minutes away ants relocating with their families. Having the
apartments. The commu- property in tip top condition and launching it
nity is gated. The sur- city traffic. from the town centre by car. onto the market at the end of August/begin-
rounding gardens are ning September will increase the chance of a
landscaped, and many of BRENTWOOD | PRICE ACTION better quality tenant with a healthy budget.
the homes have far-
Detached Semi-Detached Terraced Flats My husband and I are looking to

Q.
reaching views over
London. short let our property, is there
Contact: City & Country Brentwood £605,211 £299,050 £243,945 £190,913 anything we need to be aware of?
Group on 01277 202122

A.
or go to www.the-gal- Essex £369,726 £223,912 £185,693 £140,908 We have a few basic golden rules
leries.net when it comes to successfully short
Source: Savills letting a property. Firstly all monies
including a security deposit must be paid up
front. This alone is a very good filter when it
CURRENT MORTGAGE DEALS BY DONATA HUGGINS comes to the quality of tenant. Second is
ensuring that you have a very good idea of
the profile of your prospective tenant and
Lender Fixed/Flexible Rate Until apr Maximum Loan to their level of accountability. Nearly all of our
(per cent) (per cent) Value (per cent) short term rentals are taken by corporate or
corporate quality tenants therefore minimise
First Direct Flexible 1.99 2 years 3.5 65 the risk of any bad apples. For all other ten-
ants we scrutinise the detail for our clients
ING Direct Flexible 2.04 2 years 3.4 60 and are careful not to recommend proceeding
until we are sure that we have a good candi-
Santander Flexible 2.19 2 years 4 60 date.
From a presentation point of view, a short
Yorkshire BS Flexible 2.29 June 2013 4.7 75 let property should be fully furnished with all
cutlery, crockery and two sets of bed linen
Yorkshire BS Fixed 2.79 June 2013 4.8 60 and towels provided. It is a very good idea to
ensure that the property has some kind of
Santander Fixed 2.79 August 2013 3.6 70 cable television package and an absolute
must nowadays is wireless broadband con-
Woolwich Fixed 2.98 August 2013 3.6 70 nection. These little extras can very often be
what are needed to clinch that perfect short
Market Harborough BS Fixed 3.45 June 2014 5 75 let tenant. My final piece of advice would be
to only use agents who are experienced in the
Yorkshire BS Fixed 3.59 June 2014 4.9 75 nuances of short term rentals.
Source: MoneySupermarket.com

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*See www.cityandcountry.co.uk
www.the-galleries.net
for terms & conditions.
 24 CITYA.M. 3 JUNE 2011

Wealth Management Markets |

FTSE 100 FTSE 250 FTSE ALLSHARE DOW NASDAQ S&P 500 / 1.1289 0.0098 /$ 1.4501 0.0172
5847.92 11963.03 3054.98 12248.55 2773.31 1312.94 /$ 1.6370 0.0048 /£ 0.8860 0.0081
-80.69 -46.81 -37.56 -41.59 4.12 -1.61 /¥ 132.31 0.3056 /¥ 117.19 1.3855
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
GILTS Yule Catto & Co . . . . .218.6 -2.3 240.5 112.7 Brewin Dolphin Ho . .166.7 1.0 185.4 114.0 Rexam . . . . . . . . . . . .391.4 -3.8 400.0 290.4 Amlin . . . . . . . . . . . . .423.2 2.2 433.0 369.3 Centamin Egypt Lt . .121.5 -4.8 197.1 115.8 Hammerson . . . . . . . .473.7 -12.6 486.3 336.3 JD Wetherspoon . . . .440.0 -2.8 468.3 386.5
CONSTRUCTION & MATERIALS Camellia . . . . . . . . .10175.0 0.010700.0 7400.0 RPC Group . . . . . . . .357.9 -3.2 361.9 187.5 Beazley . . . . . . . . . . . .128.4 -1.6 139.2 109.1 Eurasian Natural . . .817.5 -15.0 1125.0 806.5 Hansteen Holdings . . .86.7 -0.5 89.3 59.4 Ladbrokes . . . . . . . . .148.1 -1.2 152.2 122.7
Tsy 3.250 11 . . . . .101.43 -0.02 103.8 101.4 Charles Taylor Co . . .124.0 2.0 240.0 120.3 Catlin Group Ltd. . . .421.3 6.5 422.5 319.9 Fresnillo . . . . . . . . . .1428.0 -50.0 1682.0 897.5 Land Securities G . . .831.0 -6.0 837.5 545.0 Marston's . . . . . . . . . .106.2 -0.1 117.1 90.4
Tsy 9.000 11 . . . . .100.92 -0.03 109.2 100.9 Balfour Beatty . . . . . .306.3 -6.1 357.3 229.8 City of London Gr . . . .85.0 -0.5 93.6 65.8 GENERAL RETAILERS Hiscox Ltd. . . . . . . . . .424.0 6.9 426.1 335.5 Gem Diamonds Ltd. .267.0 -2.7 306.0 186.3 SEGRO . . . . . . . . . . . .320.7 -3.1 331.3 250.2 Millennium & Copt . .512.0 -2.0 600.5 392.0
Tsy 2.500 11 . . . . .307.77 0.00 310.0 307.8 Keller Group . . . . . . .520.0 -1.5 698.5 513.0 City of London In . . .431.5 -2.5 461.5 273.5 Smiths Group . . . . .1218.0 -4.0 1429.0 1018.0 Jardine Lloyd Tho . . .684.5 -2.0 709.0 521.5 Hochschild Mining . .529.5 -2.0 680.0 280.0 Shaftesbury . . . . . . . .528.5 -6.0 538.5 349.3 Mitchells & Butle . . . .315.2 -1.0 361.0 274.0
Tsy 5.000 12 . . . .103.35 -0.04 107.3 103.3 Kier Group . . . . . . . .1298.0 19.0 1418.0 886.5 Close Brothers Gr . . .790.0 -4.5 888.5 664.0 Brown (N.) Group . . .288.1 -2.3 311.2 221.0 Lancashire Holdin . . .655.0 1.5 660.0 474.6 Kazakhmys . . . . . . .1271.0 -23.0 1671.0 965.0 National Express . . .255.6 -0.4 270.2 213.4
Tsy 5.250 12 . . . .104.59 -0.02 108.5 104.6 Collins Stewart H . . . .79.5 1.3 90.8 67.3 Carpetright . . . . . . . . .729.0 26.0 835.5 631.0 RSA Insurance Gro . .136.1 -0.7 143.5 117.3 Kenmare Resources . .47.5 -0.5 50.3 11.5 SOFTWARE & COMPUTER SERV. Punch Taverns . . . . . .70.6 0.0 90.4 58.0
Tsy 9.000 12 . . . .109.59 0.00 116.9 108.6 ELECTRICITY
Evolution Group . . . . .69.0 -1.5 98.5 67.0 Debenhams . . . . . . . . .71.6 -1.1 77.4 53.0 Aviva . . . . . . . . . . . . . .427.9 -4.2 477.9 305.8 Lonmin . . . . . . . . . . .1576.0 -19.0 1983.0 1355.0 Autonomy Corporat 1755.0 -39.0 1975.0 1271.0 Rank Group . . . . . . . .151.2 -0.1 153.0 94.8
Tsy 4.500 13 . . . .106.33 0.02 109.2 105.8 Drax Group . . . . . . . .469.2 2.3 473.4 333.0 F&C Asset Managem .79.0 0.0 92.9 47.5 Dignity . . . . . . . . . . . .782.0 21.5 782.0 623.5 Legal & General G . . .113.7 -2.9 123.8 75.6 Petropavlovsk . . . . . .755.0 -6.5 1365.0 720.5 Aveva Group . . . . . .1703.0 18.0 1739.0 1125.0 Restaurant Group . . .297.7 0.5 335.0 208.2
Tsy 2.500 13 . . . .286.28 0.00 286.4 274.0 Scottish & Southe . .1387.0 7.0 1403.0 1062.0 Hargreaves Lansdo .635.0 5.0 646.5 317.4 Dixons Retail . . . . . . .18.1 -0.3 28.5 11.8 Randgold Resource 4909.0 -71.0 6655.0 4425.0 Computacenter . . . . .461.5 12.5 489.7 260.0 Stagecoach Group . .240.1 2.1 246.9 160.7
Tsy 8.000 13 . . . . .116.14 0.00 121.3 115.8 LIFE INSURANCE
ELECTRONIC & ELECTRICAL EQ. Helphire Group . . . . . . .3.9 -0.4 45.0 3.3 Dunelm Group . . . . . .463.7 0.0 550.0 325.3 Rio Tinto . . . . . . . . .4142.5-112.5 4712.0 2880.5 Fidessa Group . . . . .1910.0 -2.0 1956.0 1300.0 Thomas Cook Group 146.6 -4.6 206.1 145.0
Tsy 5.000 14 . . . . .111.12 0.11 114.1 109.2 Henderson Group . . .147.8 -0.9 173.1 118.1 Halfords Group . . . . .398.5 3.5 550.0 348.2 Old Mutual . . . . . . . . .128.4 -1.1 145.2 102.0 Vedanta Resources 2102.0 -28.0 2583.0 1839.0 Invensys . . . . . . . . . . .302.2 -1.3 364.3 230.2 TUI Travel . . . . . . . . . .230.1 -2.9 271.9 190.0
Tsy 7.750 15 . . . .104.51 -0.36 111.0 76.0 Domino Printing S . .662.0 -3.0 705.0 385.0 Highway Capital . . . . .18.0 -3.0 23.0 6.0 Home Retail Group . .209.0 -4.7 250.4 188.5 Phoenix Group Hol . .665.0 0.0 758.0 584.5 Xstrata . . . . . . . . . . .1375.5 -44.5 1550.0 845.8 Kofax . . . . . . . . . . . . .468.0 7.0 535.0 231.0 Whitbread . . . . . . . .1582.0 -5.0 1887.0 1344.0
Tsy 8.000 15 . . . .126.37 0.15 131.6 123.7 Halma . . . . . . . . . . . . .394.6 -1.2 396.1 246.5 ICAP . . . . . . . . . . . . . .471.5 -8.2 570.5 380.2 Inchcape . . . . . . . . . .389.7 -4.2 414.0 237.1 Prudential . . . . . . . . .716.0 -8.5 777.0 489.2 Logica . . . . . . . . . . . .133.5 -2.2 147.2 101.7 William Hill . . . . . . . . .213.5 -1.2 223.5 155.5
Tsy 4.750 15 . . . . .111.75 0.16 114.7 108.6 MOBILE TELECOMS
Laird . . . . . . . . . . . . . .136.5 -0.5 179.0 98.8 IG Group Holdings . .441.4 -3.9 553.0 379.2 JD Sports Fashion . .989.0 26.0 989.0 683.0 Resolution Ltd. . . . . .299.1 -6.1 311.7 211.3 Micro Focus Inter . . .383.4 4.1 541.5 276.0
Tsy 2.500 16 . . . .329.64 0.18 329.9 304.4 AIM 50
Morgan Crucible C . .306.0 -5.0 333.0 173.5 Intermediate Capi . . .345.0 5.9 360.3 240.4 Kesa Electricals . . . .149.2 -0.8 174.0 99.2 St James's Place . . . .338.2 0.2 360.4 204.2 Inmarsat . . . . . . . . . . .594.5 -6.5 821.0 575.0 Misys . . . . . . . . . . . . .371.9 3.9 375.7 227.0
Tsy 4.000 16 . . . .108.89 0.20 111.4 104.9 Renishaw . . . . . . . . .1747.0 -14.0 1819.0 683.0 International Per . . . .371.5 -3.1 386.6 183.3 Kingfisher . . . . . . . . .279.3 -2.8 287.1 198.5 Standard Life . . . . . . .205.5 -2.1 244.7 173.0 Vodafone Group . . . .160.9 -0.7 181.9 135.1 Sage Group . . . . . . . .287.6 2.6 302.0 222.7 Abcam . . . . . . . . . . . .425.0 -3.5 428.7 237.4
Tsy 12.000 17 . . . .127.11 -0.72 185.9 126.0 Spectris . . . . . . . . . .1532.0 -36.0 1575.0 740.5 International Pub . . . .116.3 0.0 118.3 108.6 Marks & Spencer G . .380.6 -5.8 427.5 327.2 SDL . . . . . . . . . . . . . . .701.0 -3.0 710.0 440.6 Albemarle & Bond . .330.5 0.0 335.0 218.0
Tsy 1.250 17 . . . . .110.97 0.01 111.2 104.9 Investec . . . . . . . . . . .508.0 3.0 538.0 429.2 Mothercare . . . . . . . .424.0 -6.5 627.5 382.0 MEDIA NONEQUITY INVESTM. COMM. Telecity Group . . . . . .537.0 -5.0 548.5 374.0 Amerisur Resource . .27.8 -0.8 29.0 11.5
Tsy 8.750 17 . . . .136.80 -0.25 142.2 132.9 EQUITY INVESTMENT INSTRUM.
IP Group . . . . . . . . . . . .53.3 2.8 53.3 28.0 Next . . . . . . . . . . . . .2254.0 -14.0 2326.0 1868.0 4imprint Group . . . . .269.5 -3.0 276.0 195.0 Genesis Emerging . .529.0 1.5 568.0 433.3 Archipelago Resou . . .61.4 -0.1 66.8 32.3
Tsy 5.000 18 . . . . .114.57 0.08 117.6 109.7 Aberforth Smaller . . .704.5 5.5 706.0 498.0 Jupiter Fund Mana . .284.8 1.8 337.3 180.3 Sports Direct Int . . . .234.1 9.6 240.2 94.2 Aegis Group . . . . . . .140.7 -0.6 148.3 103.6 SUPPORT SERVICES ASOS . . . . . . . . . . . .2144.0-194.0 2432.0 632.5
Tsy 4.500 19 . . . . .110.79 0.07 113.8 105.4 OIL & GAS PRODUCERS
Alliance Trust . . . . . .375.5 -3.4 385.0 293.5 LMS Capital . . . . . . . . .63.3 -1.5 64.8 40.0 Bloomsbury Publis . .128.0 -0.3 138.0 107.5 Aggreko . . . . . . . . . .1873.0 -9.0 1893.0 1313.0 Aurelian Oil & Ga . . . .51.0 -1.8 92.0 35.8
Tsy 3.750 19 . . . .104.99 0.10 107.7 99.4 Bankers Inv Trust . . .417.6 -0.8 428.0 337.0 London Finance & . . .22.5 1.3 22.5 16.5 HEALTH CARE EQUIPMENT & S. British Sky Broad . . .828.5 -1.5 849.0 563.5 Afren . . . . . . . . . . . . . .163.0 -4.9 171.2 79.2 Ashtead Group . . . . .171.2 -5.8 207.9 77.0 Avanti Communicat .411.3 -13.8 735.0 376.0
Tsy 4.750 20 . . . . .112.22 0.10 115.9 106.6 BH Global Ltd. GB .1092.0 4.0 1174.0 1058.0 London Stock Exch .971.0 -10.5 990.0 544.0 WH Smith . . . . . . . . . .488.3 -1.2 523.0 398.2 Centaur Media . . . . . . .55.0 -1.0 73.0 45.8 BG Group . . . . . . . . .1330.0 -33.0 1564.5 1002.0 Atkins (WS) . . . . . . . .811.0 -3.5 820.0 650.0 Avocet Mining . . . . . .198.0 -4.8 253.5 112.0
Tsy 2.500 20 . . . .336.52 0.06 337.3 303.8 BH Global Ltd. US . . . .10.6 -0.0 11.6 10.4 Man Group . . . . . . . . .250.6 -3.7 311.0 206.4 Smith & Nephew . . . .674.5 -5.0 742.0 537.5 Chime Communicati .280.8 -10.3 298.5 158.0 BP . . . . . . . . . . . . . . . .455.7 -10.5 509.0 302.9 Babcock Internati . . .691.0 -7.0 704.5 492.8 Blinkx . . . . . . . . . . . . .137.0 -0.3 148.8 28.3
Tsy 8.000 21 . . . .140.62 0.15 147.1 133.8 BH Macro Ltd. EUR . . .16.9 0.1 17.2 15.8 Paragon Group Of . .204.8 1.8 205.3 114.4 Creston . . . . . . . . . . . .116.0 0.0 117.5 78.5 Cairn Energy . . . . . . .425.1 -12.1 493.2 366.0 Berendsen . . . . . . . . .492.5 4.3 519.5 360.2 Borders & Souther . . .55.0 -0.8 93.0 54.3
Tsy 1.875 22 . . . . .116.49 0.02 117.8 108.5 BH Macro Ltd. GBP 1739.0 1.0 1780.0 1630.0 Provident Financi . . .962.5 -9.0 1033.0 728.5 HHOLD GDS & HOME CONSTR. Daily Mail and Ge . . .443.3 -5.5 594.5 433.0 EnQuest . . . . . . . . . . .131.9 -1.5 158.5 96.0 Bunzl . . . . . . . . . . . . .775.5 6.5 783.0 658.0 BowLeven . . . . . . . . .299.0 -8.0 398.0 111.3
Tsy 4.000 22 . . . .104.60 0.07 108.4 99.0 BH Macro Ltd. USD . . .16.8 0.1 17.1 15.8 Rathbone Brothers .1189.0 4.0 1257.0 762.5 Synergy Health . . . . .874.5 6.0 948.0 606.0 Euromoney Institu . .675.0 2.0 736.0 562.5 Essar Energy . . . . . .438.9 -11.1 589.5 387.1 Capita Group . . . . . . .737.5 13.5 810.0 635.5 Caledon Resources .103.8 -0.8 107.0 23.3
Tsy 2.500 24 . . . .294.54 0.05 295.6 262.1 BlackRock World M .761.5 -10.5 815.5 533.0 Real Estate Credi . . . . .1.4 0.0 2.4 0.9 Barratt Developme . .111.5 0.1 119.0 70.1 Future . . . . . . . . . . . . . .18.3 0.0 30.0 15.8 Exillon Energy . . . . . .453.0 1.0 469.7 166.0 Carillion . . . . . . . . . . .377.0 -1.1 403.2 291.2 Cape . . . . . . . . . . . . . .534.0 8.0 564.0 190.5
Tsy 5.000 25 . . . . .113.55 0.07 118.5 107.4 BlueCrest AllBlue . . .174.9 0.3 176.2 161.6 RSM Tenon Group . . .25.0 0.0 66.3 21.3 Heritage Oil . . . . . . . .244.2 0.3 486.0 227.8 De La Rue . . . . . . . . .796.5 -1.5 984.0 549.5 Conygar Investmen .116.0 -0.8 120.0 101.3
Tsy 1.250 27 . . . .109.80 -0.13 111.2 100.5 British Assets Tr . . . .136.2 1.2 140.5 105.0 S & U . . . . . . . . . . . . .630.0 0.0 708.5 482.5 JKX Oil & Gas . . . . . .285.2 0.2 335.1 228.0 Electrocomponents .290.4 -3.1 294.9 205.7 Cove Energy . . . . . . . .85.5 -2.3 112.8 47.5
Tsy 4.250 27 . . . .103.90
Tsy 6.000 28 . . . .126.25
-0.07
-0.06
108.8
132.7
97.9
119.5
British Empire Se . . .525.0 2.0
Caledonia Investm .1770.0 0.0
526.0 404.1
1928.0 1539.0
Schroders . . . . . . . .1594.0 -39.0 1922.0 1154.0
Schroders (Non-Vo .1328.0 -31.0 1554.0 950.5
MAIN CHANGES UK 350 Premier Oil . . . . . . . . .484.4 9.0
Royal Dutch Shell . .2122.0 -36.5
535.0 282.5
2326.5 1624.0
Experian . . . . . . . . . . .790.5 -4.0
Filtrona PLC . . . . . . . .371.0 -2.6
819.0 578.0
385.5 193.8
Daisy Group . . . . . . . .97.8 -1.8 108.5
Desire Petroleum . . . .13.0 0.3 168.5
86.0
11.3
Tsy 4.750 30 . . . .109.65 -0.08 115.0 103.0 City of London In . . .297.5 -2.2 303.2 235.0 Tullett Prebon . . . . . .378.5 -3.9 428.6 307.5 Royal Dutch Shell . .2125.5 -41.5 2336.0 1554.0 G4S . . . . . . . . . . . . . . .290.5 -0.5 292.9 237.7 EMIS Group . . . . . . . .526.0 -14.0 560.0 303.5
Tsy 4.125 30 . . . .279.13 -0.21 280.6 248.7 Dexion Absolute L . .147.3 -0.1 151.0 131.2 Walker Crips Grou . . .49.0 0.0 50.0 45.0
Risers % Fallers %
Salamander Energy .282.9 -2.0 317.6 210.0 Hays . . . . . . . . . . . . . .108.3 -0.4 133.6 88.4 Encore Oil . . . . . . . . . .59.0 -2.3 151.5 16.3
Tsy 4.250 32 . . . .102.68 -0.13 107.8 96.0 Edinburgh Dragon . .241.8 0.1 262.1 201.1 Serco Group . . . . . . .597.5 4.4 CSR . . . . . . . . . . . . . .337.0 -3.9 Soco Internationa . . .384.1 -7.9 484.2 292.0 Homeserve . . . . . . . .516.5 1.5 532.0 398.6 Faroe Petroleum . . . .165.5 0.8 218.3 113.5
Tsy 4.250 36 . . . .102.20 -0.21 107.4 95.0 FIXED LINE TELECOMS
Edinburgh Inv Tru . . .485.1 -2.8 492.2 372.2 Sports Direct Inte . . .234.1 4.3 Centamin Egypt Ltd .121.5 -3.8 Tullow Oil . . . . . . . . .1302.0 -15.0 1493.0 991.5 Howden Joinery Gr . .111.8 -0.4 127.5 56.8 Gulfsands Petrole . . .234.8 -30.3 401.5 228.0
Tsy 4.750 38 . . . . .110.89 -0.23 116.5 102.8 Electra Private E . . .1739.0 14.0 1755.0 1177.0 BT Group . . . . . . . . . .199.5 -2.2 201.9 125.6 Intertek Group . . . . .1994.0 -19.0 2148.0 1379.0 GW Pharmaceutical .120.0 -0.5 141.0 83.0
Tsy 4.500 42 . . . .107.23 0.00 112.8 98.9 Carpetright . . . . . . . .729.0 3.7 Fresnillo . . . . . . . . . .1428.0 -3.4 OIL EQUIPMENT & SERVICES
F&C Inv Trust . . . . . .313.0 -2.4 317.5 251.4 Cable & Wireless . . . .43.3 0.1 62.9 42.4 Savills . . . . . . . . . . . .425.6 3.0 Ashtead Group . . . . .171.2 -3.3 Michael Page Inte . . .542.0 1.5 567.0 349.4 Hamworthy . . . . . . . .550.5 0.5 582.0 287.0
Fidelity China Sp . . . .102.5 -0.1 128.7 96.0 Cable & Wireless . . . .51.6 1.2 92.0 46.6 Dignity . . . . . . . . . . . .782.0 2.8 Johnson Matthey . .2013.0 -3.3 Amec . . . . . . . . . . . .1123.0 -14.0 1251.0 786.0 Mitie Group . . . . . . . .227.7 -2.2 241.1 188.7 Hargreaves Servic .1001.0 -14.0 1040.0 556.5
ALTERNATIVE ENERGY Fidelity European . .1246.0 -4.0 1287.0 916.0 COLT Group SA . . . .143.0 0.0 156.2 109.0 Hunting . . . . . . . . . . .762.5 -4.0 817.0 439.4 Premier Farnell . . . . .289.9 0.3 308.8 210.2 Healthcare Locums . .112.5 0.0 112.5 112.5
Glencore Internat . . .510.9 -3.0 531.1 500.2 Fidelity Special . . . . .569.5 -0.5 595.0 503.0 TalkTalk Telecom . . .146.0 1.0 168.3 114.3 Computacenter . . . . .461.5 2.8 Xstrata . . . . . . . . . . .1375.5 -3.1 John Wood Group . .625.5 0.0 706.0 293.1 Regus . . . . . . . . . . . . .112.3 -1.8 119.0 66.1 Immunodiagnostic . .925.0 -32.5 980.0 575.0
Herald Inv Trust . . . . .517.5 1.0 541.0 350.5 JD Sports Fashion . .989.0 2.7 Wolseley . . . . . . . . .1959.0 -3.1 Lamprell . . . . . . . . . . .396.0 -4.9 402.3 195.3 Rentokil Initial . . . . . . .97.8 0.5 121.7 84.3 Impellam Group . . . .327.5 1.0 387.5 73.0
AEROSPACE & DEFENCE HICL Infrastructu . . . .118.0 0.6 121.3 112.0 FOOD & DRUG RETAILERS Cable & Wireless W . .51.6 2.4 Antofagasta . . . . . . .1269.0 -3.1 Petrofac Ltd. . . . . . .1550.0 -23.0 1685.0 1140.0 RPS Group . . . . . . . . .243.6 -1.7 251.4 169.8 James Halstead . . . . .455.0 -25.0 485.0 306.0
BAE Systems . . . . . .325.4 -4.1 369.9 294.7 Impax Environment .119.7 -0.1 130.5 106.5 Telecom Plus . . . . . . .569.5 9.5 570.0 325.8 SVG Capital . . . . . . . .261.0 2.0 Thomas Cook Group 146.6 -3.0 PERSONAL GOODS Serco Group . . . . . . .597.5 25.0 640.0 529.5 Kalahari Minerals . . .230.0 0.0 301.0 142.0
Chemring Group . . . .658.5 7.5 736.5 519.6 JPMorgan American .867.0 -13.5 909.0 673.0 Booker Group . . . . . . .68.8 0.2 70.3 39.5 Premier Oil . . . . . . . . .484.4 1.9 Lloyds Banking Gro . .48.5 -3.0 Shanks Group . . . . . .124.4 -0.7 127.0 96.5 London Mining . . . . .390.0 -7.0 436.5 194.0
Cobham . . . . . . . . . . .220.8 -4.8 247.6 192.3 JPMorgan Asian In . .235.1 1.6 250.8 187.0 Greggs . . . . . . . . . . . .530.0 0.5 533.0 418.7 Burberry Group . . . .1308.0 -18.0 1365.0 723.5 SIG . . . . . . . . . . . . . . .149.2 -0.1 153.5 90.7 Lupus Capital . . . . . .132.0 0.0 150.0 72.0
Meggitt . . . . . . . . . . . .362.6 -1.4 380.9 261.7 JPMorgan Emerging .582.0 -0.5 639.0 479.5 Morrison (Wm) Sup .301.2 -0.6 308.3 257.7 Price Chg High Low Price Chg High Low PZ Cussons . . . . . . . .369.2 6.2 409.0 291.6 SThree . . . . . . . . . . . .412.0 3.5 447.6 231.1 M. P. Evans Group . .416.0 0.8 500.5 317.5
QinetiQ Group . . . . . .114.9 1.2 136.3 96.7 JPMorgan European .922.5 1.5 983.5 614.0 Ocado Group . . . . . . .223.5 2.6 285.0 123.5 Supergroup . . . . . . .1107.0 -16.0 1820.0 609.0 Travis Perkins . . . . .1052.0 -15.0 1127.0 709.0 Majestic Wine . . . . . .439.0 1.5 439.0 268.0
Rolls-Royce Group . .622.5 -5.0 665.0 535.0 JPMorgan Indian I . . .416.0 5.5 502.0 393.0 Sainsbury (J) . . . . . . .338.7 -3.2 395.0 317.2 Bellway . . . . . . . . . . . .720.0 -10.5 753.5 511.0 Haynes Publishing . .246.5 0.0 262.5 202.5 AstraZeneca . . . . . .3125.0 -60.0 3385.0 2801.5 Wolseley . . . . . . . . .1959.0 -62.0 2261.0 1223.0 May Gurney Integr . .280.0 8.0 281.8 177.0
Senior . . . . . . . . . . . . .152.8 0.3 159.5 111.2 JPMorgan Russian .650.5 4.0 755.0 502.0 FOOD PRODUCERS Berkeley Group Ho .1111.0 -14.0 1156.0 751.0 Huntsworth . . . . . . . . .75.3 1.0 87.5 65.0 PHARMACEUTICALS & BIOTECH Monitise . . . . . . . . . . . .27.3 -0.3 29.5 17.8
Law Debenture Cor . .370.4 3.3 372.4 273.3 TECHNOLOGY HARDW. & EQUIP. Mulberry Group . . . .1410.0 3.0 1610.0 200.5
Ultra Electronics . . .1684.0 -11.0 1895.0 1522.0 Bovis Homes Group .439.1 0.4 464.7 326.6 Informa . . . . . . . . . . . .424.9 -3.1 461.1 342.1
GKN . . . . . . . . . . . . . .212.6 -6.4 237.1 109.3 Mercantile Inv Tr . . .1084.0 -5.0 1137.0 840.0 Tesco . . . . . . . . . . . . .414.4 -4.2 440.7 377.5 Persimmon . . . . . . . .466.3 -7.3 502.5 336.5 ITE Group . . . . . . . . . .247.1 2.7 258.2 136.2 BTG . . . . . . . . . . . . . .272.7 -1.7 274.4 180.0 ARM Holdings . . . . . .571.0 -0.5 651.0 255.2 Nanoco Group . . . . . . .76.0 -3.3 115.8 68.0
AUTOMOBILES & PARTS Merchants Trust . . . .429.2 1.7 431.8 320.0 Associated Britis . .1077.0 -4.0 1182.0 940.0 Reckitt Benckiser . .3398.0 -21.0 3648.0 3015.0 ITV . . . . . . . . . . . . . . . . .69.9 -0.2 93.5 48.3 Genus . . . . . . . . . . . . .988.5 8.5 1000.0 704.5 CSR . . . . . . . . . . . . . .337.0 -13.7 447.0 280.9 Nautical Petroleu . . .338.0 -18.0 547.0 50.8
Monks Inv Trust . . . .353.2 0.8 367.9 275.5 Cranswick . . . . . . . . .765.5 3.0 907.5 735.0 Redrow . . . . . . . . . . . .122.9 0.0 139.0 97.5 Johnston Press . . . . . . .5.6 1.0 20.0 4.6 GlaxoSmithKline . . .1281.5 -25.5 1348.5 1095.0 Imagination Techn . .502.0 0.0 505.5 235.0 Nichols . . . . . . . . . . . .560.0 7.5 563.0 370.0
Barclays . . . . . . . . . . .265.7 -4.0 344.0 255.4 Murray Income Tru . .663.0 -0.5 672.0 518.0 Dairy Crest Group . . .395.0 -0.6 424.9 339.7 Mecom Group . . . . . .245.0 -9.3 310.0 162.0 Hikma Pharmaceuti .852.0 -0.5 900.0 674.5 Pace . . . . . . . . . . . . . .115.0 -0.2 231.8 93.0 Numis Corporation . .110.5 1.5 146.5 94.0
Murray Internatio . . .952.5 2.0 966.0 803.0 Devro . . . . . . . . . . . . .281.5 -0.4 296.9 171.8 INDUSTRIAL ENGINEERING Moneysupermarket. .101.0 1.6 102.7 64.0 Shire Plc . . . . . . . . . .1891.0 -36.0 1961.0 1341.0 Spirent Communica .152.1 -0.9 160.3 104.5 Patagonia Gold . . . . . .45.0 -2.0 59.3 12.5
BANKS
Perpetual Income . . .274.5 0.5 276.0 212.0 Premier Foods . . . . . . .31.9 -0.5 35.1 16.0 Taylor Wimpey . . . . . . .36.3 -0.2 43.3 22.3 Pearson . . . . . . . . . .1135.0 9.0 1171.0 864.0 Pursuit Dynamics . . .370.0 -11.0 700.0 188.0
Polar Cap Technol . .350.2 -2.9 391.2 273.6 Tate & Lyle . . . . . . . . .640.0 -11.5 651.5 409.1 REAL ESTATE INVEST. & SERV. TOBACCO Rockhopper Explor .263.0 8.0 510.0 202.5
HSBC Holdings . . . . .627.2 -4.6 730.9 596.2 Bodycote . . . . . . . . . .373.5 -3.8 397.7 182.5 Reed Elsevier . . . . . .548.5 -0.5 590.5 471.4
Lloyds Banking Gr . . .48.5 -1.5 77.6 48.4 RIT Capital Partn . . .1287.0 -3.0 1328.0 1056.0 Charter Internati . . . .766.0 -12.0 853.5 567.0 Rightmove . . . . . . . .1094.0 -7.0 1104.0 596.5 Capital & Countie . . .176.8 -2.3 180.1 100.2 British American . .2716.0 -17.0 2745.5 2091.0 RWS Holdings . . . . . .405.0 13.0 418.0 239.0
Royal Bank of Sco . . .41.8 -0.1 52.1 37.6 Schroder Asia Pac . .224.4 0.5 233.6 182.8 FORESTRY & PAPER STV Group . . . . . . . . .134.0 -1.0 168.0 66.0 Daejan Holdings . . .2800.0 10.0 2919.0 2220.0 Imperial Tobacco . .2184.0 0.0 2231.0 1784.0 Songbird Estates . . .154.8 0.8 159.5 133.8
Fenner . . . . . . . . . . . .384.2 -1.3 391.9 186.8
Standard Chartere .1585.5 -20.0 1950.0 1522.2 Scottish Inv Trus . . . .501.0 0.5 517.0 401.5 Unilever . . . . . . . . . .1958.0 -22.0 2000.0 1688.0 IMI . . . . . . . . . . . . . . .1025.0 -14.0 1112.0 642.0 Tarsus Group . . . . . .144.0 -3.0 165.0 108.0 F&C Commercial Pr .104.2 0.2 108.0 88.0 Sterling Energy . . . . . .49.8 1.3 147.0 44.0
Scottish Mortgage . .730.0 -5.0 764.0 533.0 Grainger . . . . . . . . . . .125.6 -0.3 128.2 86.3 TRAVEL & LEISURE Valiant Petroleum . . .588.0 -9.5 761.5 504.0
AG Barr . . . . . . . . . .1355.0 -3.0 1395.0 1000.0 GAS, WATER & MULTIUTILITIES Melrose . . . . . . . . . . .340.8 -1.6 355.5 203.4 Trinity Mirror . . . . . . . .44.8 -1.5 124.3 44.8
BEVERAGES SVG Capital . . . . . . . .261.0 5.0 279.8 137.8 Northgate . . . . . . . . . .326.0 -1.0 346.7 152.3 United Business M . .566.5 -10.5 725.0 483.8 Helical Bar . . . . . . . . .263.7 -2.6 339.5 255.3 Avis Europe . . . . . . . .186.5 2.5 269.7 184.0 Vatukoula Gold Mi . . .112.8 -4.3 227.0 84.0
Temple Bar Inv Tr . . .929.5 -3.5 947.5 717.0 Mondi . . . . . . . . . . . . .611.0 -4.5 616.0 367.6 Rotork . . . . . . . . . . .1712.0 -26.0 1895.0 1254.0 UTV Media . . . . . . . . .126.5 1.5 151.0 106.0 London & Stamford .135.0 0.5 135.8 110.3 Betfair Group . . . . . . .824.0 -11.0 1550.0 753.0 Young & Co's Brew . .684.0 -1.0 685.0 510.0
Britvic . . . . . . . . . . . . .438.8 2.2 518.0 364.5 Templeton Emergin .639.5 4.0 689.5 515.0 Centrica . . . . . . . . . . .314.6 -2.1 346.1 277.3 Spirax-Sarco Engi . .1999.0 -1.0 2063.0 1346.0 Wilmington Group . . .119.8 -0.5 183.0 118.5 Savills . . . . . . . . . . . . .425.6 12.2 427.1 273.1 Bwin.party Digita . . .142.7 -1.0 309.5 127.5
Diageo . . . . . . . . . . .1297.0 1.0 1301.0 1033.0 TR Property Inv T . . .196.0 -2.5 201.0 132.3 International Pow . . .316.7 -1.3 448.6 289.6 Weir Group . . . . . . .1959.0 -1.0 1995.0 894.0 WPP . . . . . . . . . . . . . .732.0 -6.0 846.5 614.5 St. Modwen Proper . .185.0 -0.3 188.0 135.4 Carnival . . . . . . . . . .2395.0 -16.0 3153.0 2037.0
SABMiller . . . . . . . . .2216.5 -26.5 2306.0 1827.0 TR Property Inv T . . . .89.4 -0.6 91.0 59.5 National Grid . . . . . . .592.0 -4.0 632.5 484.2 Ferrexpo . . . . . . . . . . .449.6 -3.2 499.0 235.0 Yell Group . . . . . . . . . . .6.1 -0.1 32.5 5.8 UK Commercial Pro . .84.4 0.4 85.0 74.3 Compass Group . . . .593.5 2.5 600.0 501.0
AZ Electronic Mat . . .316.0 4.0 338.1 248.5 Witan Inv Trust . . . . .510.5 -0.5 528.0 409.9 Northumbrian Wate .360.6 1.7 364.9 280.9 Unite Group . . . . . . . .220.8 2.8 229.8 163.0 Domino's Pizza UK . .402.4 3.6 586.0 349.6
Pennon Group . . . . . .665.0 -3.0 675.0 527.0 INDUSTRIAL TRANSPORTATION MINING easyJet . . . . . . . . . . . .360.1 -3.7 479.0 322.3
CHEMICALS FINANCIAL SERVICES REAL ESTATE INVEST. TRUSTS
Severn Trent . . . . . .1493.0 -12.0 1517.0 1216.0 Talvivaara Mining . . .477.6 -9.1 622.0 351.6 African Barrick G . . .453.2 -2.2 670.0 445.0 Enterprise Inns . . . . . .79.8 0.5 122.7 77.0
Croda Internation . .1920.0 -29.0 1962.0 971.0 3i Group . . . . . . . . . . .284.5 -1.6 340.0 254.1 BBA Aviation . . . . . . .216.5 -0.8 240.8 175.0 Anglo American . . .2950.0 -66.5 3437.0 2254.0 Big Yellow Group . . .333.2 -7.3 353.3 284.4 FirstGroup . . . . . . . . .336.4 -0.7 412.6 311.3
GENERAL INDUSTRIALS
Elementis . . . . . . . . . .160.2 -3.2 169.8 58.8 3i Infrastructure . . . .123.8 1.2 125.2 106.6 Stobart Group Ltd . . .137.1 -0.1 163.6 124.1 Anglo Pacific Gro . . .298.5 -2.6 369.3 241.5 British Land Co . . . . .581.5 -11.5 604.5 429.0 Go-Ahead Group . . .1461.0 8.0 1504.0 1042.0 http://corporate.webfg.com
Johnson Matthey . .2013.0 -68.0 2119.0 1460.0 Aberdeen Asset Ma .231.1 -2.8 240.0 123.0 United Utilities . . . . .613.0 -5.0 632.0 520.0 Antofagasta . . . . . . .1269.0 -40.0 1634.0 761.0 Capital Shopping . . .386.7 -9.9 424.8 301.3 Greene King . . . . . . .496.0 3.9 502.5 376.2 mailto:
Victrex . . . . . . . . . . .1438.0 -42.0 1525.0 1049.0 Ashmore Group . . . .379.4 2.3 383.7 236.5 Cookson Group . . . . .672.0 -8.0 724.5 367.4 NON LIFE INSURANCE Aquarius Platinum . .338.2 -2.8 419.0 227.1 Derwent London . . .1832.0 0.0 1840.0 1208.0 InterContinental . . .1247.0 -31.0 1435.0 982.0
Berkeley Technolo . . . .4.3 0.0 9.0 2.2 DS Smith . . . . . . . . . .212.5 0.4 226.0 108.0 Admiral Group . . . . .1684.0 -19.0 1754.0 1307.0 BHP Billiton . . . . . . .2327.0 -65.0 2631.5 1684.5 Great Portland Es . . .435.5 -0.5 441.6 280.5 International Con . . .234.5 -0.4 305.0 186.5 globaltechsales@webfg.com

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Price Chg High Low Price Chg High Low
AIR LIQUIDE........................................93.09 -2.16 100.65 78.26 3M ........................................................91.46 0.02 97.95 72.72
ALLIANZ ..............................................92.56 -2.16 108.85 77.48 ABBOTT LABS ...................................51.25 -0.67 54.24 44.59
ALSTOM ..............................................41.63 -1.12 45.32 30.78 ALCOA ................................................16.20 0.11 18.47 9.81

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ANHEUS-BUSCH INBEV ....................40.98 -0.78 46.33 38.37 ALTRIA GROUP ..................................27.57 -0.35 28.13 19.53
ARCELORMITTAL...............................22.21 -0.56 28.55 20.26 AMAZON.COM..................................193.65 1.26 206.39 105.80
AXA......................................................14.67 -0.39 16.16 10.88 AMERICAN EXPRESS........................50.09 0.18 51.97 37.13
BANCO SANTANDER...........................8.03 -0.07 10.23 7.00 AMGEN INC.........................................59.25 -0.45 61.53 50.34
BASF SE..............................................61.46
BAYER .................................................55.13
BBVA......................................................7.93
BMW ....................................................60.14
-1.95
-1.47
-0.03
-0.47
70.22
59.44
10.71
65.49
40.74
43.27
6.75
36.98
10:30 AM EMAIL APPLE ...............................................346.10
AT&T....................................................30.97
BANK OF AMERICA ...........................11.29
BERKSHIRE HATAW B.......................77.16
0.59
-0.20
0.05
0.08
364.90
31.94
16.10
87.65
236.78
23.88
10.91
69.61
BNP PARIBAS.....................................52.41 -1.39 59.93 40.81 BOEING CO.........................................75.69 0.34 80.65 59.48
CARREFOUR ......................................30.24
CREDIT AGRICOLE ............................10.36
-0.20
-0.18
41.28
12.92
29.83
7.87
Each day we’ll cover the morning’s breaking news, BRISTOL MYERS SQUI......................28.09
CATERPILLAR ..................................102.19
-0.18
0.95
28.99
116.55
22.31
54.89
CRH PLC .............................................14.67
DAIMLER .............................................47.33
-0.22
-1.19
19.92
59.09
11.51
37.03
give you current market analysis and CHEVRON .........................................101.12
CISCO SYSTEMS................................16.25
-1.37
-0.13
109.94
26.00
66.83
16.11
DANONE..............................................50.27
DEUTSCHE BANK ..............................40.11
-0.49
-0.94
51.33
51.61
41.00
35.93 the most up-to-date financial headlines. CITIGROUP .........................................40.01
COCA-COLA .......................................66.04
0.36
-0.72
51.50
68.77
36.20
49.47
DEUTSCHE BOERSE .........................54.03 -0.58 62.48 46.33 COLGATE PALMOLIVE ......................85.48 -1.43 87.58 73.12
DEUTSCHE TELEKOM .......................10.04 -0.18 11.38 8.95 CONOCOPHILLIPS.............................72.15 -0.19 81.80 48.06

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E.ON.....................................................19.07 -0.32 25.54 19.05 DU PONT(EI) DE NMR........................51.17 -0.40 57.00 33.73
ENEL......................................................4.75 0.00 4.86 3.42 EMC CORP..........................................28.36 0.30 28.73 17.72

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ENI .......................................................16.21 -0.28 18.66 14.59 EXXON MOBIL....................................81.33 -0.70 88.23 55.94
FRANCE TELECOM............................15.42 -0.25 17.45 14.01 GENERAL ELECTRIC.........................19.09 -0.04 21.65 13.75
GDF SUEZ ...........................................24.78 -0.39 30.05 22.64 GOLDMAN SACHS GRP ..................134.41 -1.84 175.34 129.50
GENERALI ASS...................................14.96 -0.14 17.05 13.31 GOOGLE A........................................528.06 2.46 642.96 433.63
IBERDROLA ..........................................6.09
ING GROEP CVA...................................8.12
INTESA SANPAOLO .............................1.75
-0.01
-0.08
-0.00
6.50
9.50
2.53
4.38
5.86
1.65
Visit: www.CityAM.com/newsletter HEWLETT PACKARD .........................36.43
HOME DEPOT.....................................35.09
IBM.....................................................166.09
-0.21
-0.31
-0.47
49.39
39.38
173.54
35.44
26.62
120.61
KON.PHILIPS ELECTR .......................18.71 -0.34 26.87 18.71 INTEL CORP .......................................22.09 0.09 23.96 17.60
L'OREAL..............................................85.80 -0.87 90.00 74.50 J.P.MORGAN CHASE .........................41.61 -0.15 48.36 35.16
LVMH..................................................118.15 -1.95 129.05 83.66 WORLD INDICES JOHNSON & JOHNSON.....................66.48 0.00 67.37 56.86
MUNICH RE .......................................104.00 -1.45 126.00 98.38 KRAFT FOODS A................................34.42 -0.31 35.44 27.59
Price Chg %chg Price Chg %chg Price Chg %chg Price Chg %chg
NOKIA....................................................4.71 -0.04 8.49 4.27 MC DONALD'S CORP ........................80.75 -0.23 83.08 65.31
FTSE 100 . . . . . . . . . . . . . . 5847.92 -80.69 -1.36 S&P 500 . . . . . . . . . . . . . . . 1312.94 -1.61 -0.12 CAC 40 . . . . . . . . . . . . . . . . 3889.87 -74.94 -1.89 BOVESPA SAO PAOLO . . 64218.08 806.60 1.27
REPSOL YPF.......................................22.70 -0.46 24.90 15.67 MERCK AND CO. NEW ......................36.15 -0.10 37.68 31.06
FTSE 250 INDEX. . . . . . . . 11963.03 -46.81 -0.39 NASDAQ COMPOSITE . . . 2773.31 4.12 0.15 SHANGHAI SE INDEX . . . . 2705.18 -38.39 -1.40 ISEQ OVERALL INDEX . . . 2963.66 -7.64 -0.26
RWE .....................................................39.24 -0.87 59.85 39.24 MICROSOFT........................................24.22 -0.21 29.46 22.73
FTSE UK ALL SHARE . . . . 3054.98 -37.56 -1.21 FTSEUROFIRST 300 . . . . . 1115.92 -15.09 -1.33 HANG SENG. . . . . . . . . . . 23253.84 -372.59 -1.58 STI . . . . . . . . . . . . . . . . . . . . 3172.87 12.94 0.41
SAINT-GOBAIN ...................................44.70 -0.93 47.64 27.81 OCCID. PETROLEUM.......................103.79 0.11 117.89 72.13
FTSE AIM ALL SH . . . . . . . . 878.67 -11.93 -1.34 NIKKEI 225 AVERAGE . . . . 9555.04 -164.57 -1.69 S&P/ASX 20 INDEX . . . . . . 2760.00 -66.50 -2.35 IGBM . . . . . . . . . . . . . . . . . . 1045.33 -7.45 -0.71
SANOFI................................................53.20 -0.80 56.50 44.01 ORACLE CORP...................................32.72 -0.16 36.50 21.24
DOW JONES INDUS 30 . . 12248.55 -41.59 -0.34 DAX 30 PERFORMANCE. . 7074.12 -143.31 -1.99 ASX ALL ORDINARIES . . . 4683.20 -105.40 -2.20 SWISS MARKET INDEX. . . 6496.47 -58.24 -0.89
SAP ......................................................42.00 -0.89 46.15 34.13 PEPSICO .............................................69.51 -0.78 71.89 60.32
SCHNEIDER ELECTRIC....................111.50
SIEMENS .............................................89.83
-1.70
-1.56
123.65
99.39
79.46
70.02
COMMODITIES CREDIT & RATES PFIZER ................................................21.00
PHILIP MORRIS INTL .........................69.91
-0.05
-1.16
21.45
71.75
14.00
42.94
SOCIETE GENERALE.........................40.20 -0.33 52.70 29.71 LON GD ONCE FIX AM ...........1540.75 8.50 TIN CASH.............................27845.00 -105.00 BoE IR Overnight ............................0.500 0.00 Euro Base Rate ...............................1.250 0.00 PROCTER AND GAMBLE ..................66.01 -0.39 67.72 56.57
TELECOM ITALIA..................................0.98 -0.01 1.16 0.88 SILVER LDN FIX AM ..................35.79 -2.57 ZINC CASH ............................2225.50 32.50 BoE IR 7 days .................................0.500 0.00 Finance house base rate ................1.000 0.00 QUALCOMM INC ................................57.80 0.65 59.84 31.63
TELEFONICA ......................................16.57 -0.14 19.69 14.83 MAPLE LEAF 1 OZ ....................60.00 0.00 BoE IR 1 month ..............................0.500 0.00 US Fed funds...................................0.250 0.00 SCHLUMBERGER ..............................84.29 1.10 95.64 51.67
BRENT SPOT INDEX ................116.09 -0.54 BoE IR 3 months ............................0.500 0.00 US long bond yield .........................4.020 0.03
TOTAL..................................................38.64 -0.94 44.55 35.66 LON PLATINUM AM................1819.00 -2.00 TRAVELERS CIES ..............................61.18 -0.02 64.17 47.77
SOYA .....................................1386.25 10.25 BoE IR 6 months ............................0.545 0.00 European repo rate .........................0.858 0.00
UNIBAIL-RODAMCO SE...................153.15 -2.05 159.30 108.66 LON PALLADIUM AM ...............773.00 -2.00 UNITED TECHNOLOGIE ....................84.29 -0.01 90.67 62.88
COCOA ..................................2953.00 -46.00 LIBOR Euro - overnight ..................0.872 0.02 Euro Euribor ....................................1.026 -0.03
UNICREDIT............................................1.54 0.01 2.24 1.46 ALUMINIUM CASH .................2652.50 4.50 LIBOR Euro - 12 months ................2.106 0.00 The vix index ...................................18.04 -0.26 VERIZON COMMS ..............................36.17 -0.10 38.95 25.30
UNILEVER CVA...................................22.34 -0.41 24.11 20.68 COPPER CASH ......................9170.00 -54.00 COFFEE...................................255.95 -8.65 WAL-MART STORES..........................53.55 -0.75 57.90 47.77
LIBOR USD - overnight...................0.126 0.00 The baltic dry index ........................1.485 0.00
VINCI....................................................43.57 -0.61 45.48 33.01 LEAD CASH ...........................2512.50 -18.50 KRUG.....................................1581.20 -22.40 LIBOR USD - 12 months .................0.727 0.00 Markit iBoxx...................................220.94 -0.15 WALT DISNEY CO ..............................40.06 -0.34 44.34 30.72
VIVENDI ...............................................18.95 -0.33 22.07 16.25 NICKEL CASH ......................23330.00 180.00 WHEAT ....................................191.47 3.73 Halifax mortgage rate .....................3.500 0.00 Markit iTraxx ....................................95.06 0.00 WELLS FARGO & CO.........................27.16 0.22 34.25 23.02
 Lifestyle MEXICO’S LUXE 25
RESORTS
| Reviews IN MONDAY’S
TRAVEL SECTION

Prequel without the X-factor

James McAvoy and Michael
Fassbender star, but the big
thrills have yet to materialise
Michael Fassbender
Films (right) and James
McAvoy (below) in
X-MEN: FIRST CLASS X-Men: First Class
Cert: 12A
Below right, Ayrton
hhhII Senna

THE first instalment of this retro X-Men

trilogy explores how the founding fathers,
Professor X (James McAvoy) and Magneto
(Michael Fassbender) first formed the
eclectic group of mutant warriors in an
attempt to thwart the nuclear plans of
Kevin Bacon’s slightly ridiculous ex-Nazi,
Sebastian Shaw.
Taking the reins from the incomparable
Patrick Stewart and Ian McKellan, McAvoy interspersed with jaunty period anima- italist animal spirits. Oh, and perverse love of racing will not be tempered, even
and Fassbender display great onscreen tion, make an entertaining enough 82 incentives in the laws around consumer by his own concerns about driver safety.
chemistry and execute their roles with a minutes, if you like conspiracy-scented credit. Interesting, controversial topics all, Director Asif Kapadia ensures that all of
certain disarming debonair charm. The economics. It reminds the viewer of but, in the way of such documentaries, the film’s key moments are portrayed
rest of the characterisation and humour is the sheer scale of the US housing bub- there’s little debate, and the teetering pile with equal measures of sensitivity and
also pretty solid as you would expect com- ble, and George Cooper of BlueCrest of diverse accusations builds too high. humour, without resorting to any kind of
ing from director Matthew Vaughan, who has some interesting things to say. But Flawed. sensationalism or embellishment. Senna
brought us the amusingly irreverent Kick its overall argument is a muddle. Marc Sidwell succeeds not only as an entertaining
Ass. The title refers to the notorious behind-the-scenes glimpse, but also as an
Unfortunately the film suffers from “gotcha” quote by ex-chairman of the extremely genuine and moving portrait of
adhering far too rigidly to the comic book US Federal Reserve Alan Greenspan SENNA the bravest, most talented and passionate
formula, and it’s far too long, with tire- who, when grilled by a Cert: 12A racing driver Formula One has ever seen.
some plot developments. Inevitably, we Congressional committee in HW
get the integral training sequence mon- 2008, said that he had hhhhI
tage as the group prepare for war, labori- “found a flaw” in his
ously building to the climactic, special ideology as a result of WHETHER you’re a motor racing fan or a
effects laden set-piece at the end. However, the financial crisis. complete Formula One ignoramus, you’ll
even this battle is fairly lame because the It’s indicative of the have heard of Ayrton Senna. This beauti-
big fights and notable deaths are being film’s confusion fully-made documentary assumes no
reserved for the second and third parts of that it argues prior knowledge as it chronologically
the trilogy. Greenspan’s admis- charts the rise of the charismatic Brazilian
The problem lies in the fact that the sion shows the mar- from his go-kart racing roots to his world
film feels like one big establishing shot in ket failed to be championship wins and untimely death
which nothing particularly exciting hap- self-regulating and at the age of 34.
pens. It’s an efficient blockbuster, though, then cuts to Cooper Senna’s story is built up through
and there is enough here to justify the saying that central archive racing footage, interviews and
thought that the next installments will bank intervention home movies that are skillfully inter-
provide far more exhilaration. was at the root of twined with the voice-over testimony of
Hayley Wright the crisis. colleagues, commentators and family.
In any case, it This enables us to gain fascinating
then emerges that insights into his motivations, his fierce
THE FLAW the film’s central rivalry with teammate Alain Prost and the
Cert: 12A message isn’t about sporting politics that once threatened to
banking regulation at remove him from the cockpit forever.
hhIII all. It seems to be saying The seamless juxtaposition of the
that an unequal income distri- thrilling on-board camera shots and the
THERE’S an interesting documentary bution was behind the crisis. Or quieter incidents from Senna’s career pro-
trapped in here somewhere. Perhaps perhaps, since the two are inter- vide a strong emotional arc supplemented
more than one. As it stands though, changed with slippery ease, not by a steady, rousing score. By that same
The Flaw – another attempt to explain inequality so much as flat real standard, the film’s imposed three act nar-
the banking crisis – just has too much median incomes. But also, rative builds a foreboding tension as it
going on. A clutter of talking heads, according to Robert Shiller, cap- gradually becomes clear that Senna’s pure

ALSO OUT THIS WEEK | FILM, MUSIC, GAMES

FILM DVD MUSIC GAMES

LAST NIGHT Dull tale of minor middle class marital JUST GO WITH IT Just avoid this hideous rom com ANDREA CORR Lifelines is the Irish singer’s second HUNTED: THE DEMON’S FORGE (PC, PS3, X360)
strife with Keira Knightley and Sam Worthington. with Jennifer Anniston and Adam Sandler. album away from her famous siblings. Fantasy-themed third person actioner.

SCREWED Noel Clarke is the protagonist in this tough FROM THE ASHES Beefy documentary (I thank you) SEASICK STEVE The grizzled bluesman’s new album GREED CORP (PC, PS3, X360) Turn-based strategy
but seen-it-all-before Brit prison flick. about the legendary Headingly Ashes test of 1981. is titled You Can’t Teach An Old Dog New Tricks. game based around, er, harvesting land.

MAMMUTH A tremendous performance from Gerard CONVICTION Worthy but tepid courtroom drama THE PIERCES Smooth, sophisticated rock from the ARMAGEDDON RIDERS (PS3) Cars, swords, zombies
Depardieu in this original French comedy. with Hilary Swank and Sam Rockwell. Alabama sisters, on an album called You & I. and an abandoned city. Fun, in other words.
 26 Lifestyle | TV& Games CITYA.M. 3 JUNE 2011

BBC1 BBC2 ITV1 CHANNEL4 CHANNEL5 TV PICK

TERRESTRIAL
6pm BBC News 6.30pm BBC
London News 7pm The One Show:
BBC News 8pm EastEnders
8.30pm A Question of Sport
9pm Have I Got News for You
9.30pm Outnumbered
10pm BBC News
10.25pm Regional News
10.35pm CHOICE
The Graham Norton Show
11.20pm The National Lottery
Friday Night Draws 11.30pm FILM
Ace Ventura. 1995. 12.55am The
One Show 2am Sign Zone: Monty
Don’s Italian Gardens 3am Great
British Railway Journeys 3.30am
One Man and His Campervan
4am-6am BBC News
6pm Great British Menu
7pm Windfarm Wars
8pm Petworth House –
The Big Spring Clean
8.30pm Gardeners’ World
9pm Julia Bradbury’s
Canal Walks
9.30pm Paul Merton’s
Birth of Hollywood
10.30pm Newsnight
11pm The Review
Show: Weather
11.50pm CHOICE
Foo Fighters: Back and Forth
1.35am Foo Fighters at R1BW 2011
2.05am French Open Tennis
3.05am-6am Close
6pm London Tonight 6pm The Simpsons 6pm Home and Away
6.30pm ITV News 6.30pm Hollyoaks 6.25pm OK! TV
7pm Emmerdale 7pm Channel 4 News 6.55pm 5 News at 7
7.30pm Britain’s Got Talent 7.30pm Unreported World
7pm Cricket: England v
9pm Coronation Street 7.55pm 4thought.tv Sri Lanka.
9.30pm Britain’s Got 8pm A Place in the Sun: 8pm Eddie Stobart: Trucks and
Talent Results Home or Away Trailers: 5 News at 9
10pm ITV News at Ten 9pm FILM Saving Private 9pm CHOICE The Mentalist
10.30pm London News
Ryan. Drama, starring 10pm Law & Order
10.35pm FILM American Pie:
THE GRAHAM NORTON SHOW
Tom Hanks. 1998. 10.55pm CSI: Miami
BBC1, 10.35PM
Comedy, starring Jason 12.10am Comic’s Choice: 11.55pm Rough Guide To The host interviews actress and singer
Biggs. 1999. Alan Davies 12.15am SCXTRA Liza Minnelli, who also performs,
12.20am The Zone; 1.10am My Name Is Earl 1.55am 12.45am SuperCasino X-Men: First Class star James McAvoy
ITV News Headlines Ugly Betty 3.25am The Dead Zone 4.05am Motorsport Mundial and comedian Jack Dee.
2.25am FILM Gorillas in the Mist: 4.10am Hill Street Blues 5am 4.30am Nick’s Quest 4.55am
Starring Sigourney Weaver. 1988. Wogan’s Perfect Recall County Secrets 5.10am Wildlife
4.30am-5.30am ITV Nightscreen 5.25am-6.10am Countdown SOS 5.35am-6am House Doctor

SKY SPORTS 1 11.15pm MotoGP BBC THREE 2.05am Embarrassing Teenage DISCOVERY HOME &
SATELLITE & CABLE

7pm Live Darts 11pm Test
Cricket 1am Darts 5am Premier
League World 5.30am-6am
Road to London
SKY SPORTS 2
7pm Road to London 7.30pm
Live Super League 10pm Tight
Lines 11pm NFL: Total Access
12am Super League 1.30am
Road to London 2am Test Cricket
4am Tight Lines 5am-6am NFL:
Total Access
SKY SPORTS 3
7pm Tight Lines 8pm Live PGA
Tour Golf 11pm European Tour
Golf 1am PGA Tour Golf 4am
Super League 5.30am-6am
Kings of the Surf
BRITISH EUROSPORT
6.30pm French Open Tennis
8.30pm MotoGP 10.45pm
Intercontinental Rally Challenge
12.15am-12.50am Game, Set
and Mats
ESPN
6.30pm WRC: Access All Areas
7.30pm Live International
Football: Austria v Germany
(Kick-off 7.30pm). 9.30pm
International Football 11.15pm
ESPN MMA Live 12am The
Ultimate Fighter 1am NBA
Action 1.30am NBA Tonight 2am
Live Friday Night Fights 4am
WRC: Access All Areas
5am-6am NHRA Drag Racing
SKY LIVING
7pm CSI: Crime Scene
Investigation 8pm Bones 9pm
Criminal Minds 10pm CSI: Miami
11pm Criminal Minds 12am CSI:
Crime Scene Investigation
1.50am Ghost Whisperer
3.30am Charmed 4.20am
Nothing to Declare 5.10am-6am
Maury
7pm Doctor Who 7.45pm Doctor
Who Confidential 8pm Hotter
Than My Daughter 8.30pm
Snog, Marry, Avoid? 9pm Two
Pints Out-Takes 9.30pm Lee
Nelson’s Well Good Show 10pm
EastEnders 10.30pm Family Guy
12am Ideal 12.30am Two Pints
Out-Takes 1am Lee Nelson’s Well
Good Show 1.30am Bizarre ER
2am Snog, Marry, Avoid?
2.30am Hotter Than My
Daughter 3am Ideal 3.30am
Young, Rich and Househunting
4am Doctor Who 4.45am
Doctor Who Confidential
5am-5.30am Bizarre ER
E4
7pm Hollyoaks 7.30pm Friends
9pm Supersize vs Superskinny
10pm Embarrassing Teenage
Bodies 11.05pm Made in Chelsea
12.15am My Name Is Earl
1.10am Supersize vs Superskinny
Bodies 3am Ugly Betty 3.40am
Heartland 4.25am Reaper HEALTH
5.05am-6am Switched 7pm Bringing Home Baby 8pm
Little People, Big World 9pm 19
HISTORY Kids and Counting 10pm Little
7pm Heir Hunters 8pm Storage People, Big World 11pm I’m FOO FIGHTERS: BACK AND FORTH
Wars 9pm American Pickers Pregnant and Maybe Having a BBC2, 11.50PM
Dwarf 12am 19 Kids and A film chronicling the 16-year history
10pm Ancient Aliens 11pm Clash
Counting 1am Little People, Big of the band from Dave Grohl’s time
of the Gods 12am The True Story
World 2am I’m Pregnant and with Nirvana to their success, inclu-
1am How London Was Built 2am
The Roman Invasion of Britain Maybe Having a Dwarf 3am ding three UK number one albums.
3am Heir Hunters 4am The Little People, Big World 4am A
Universe 5am-6am Ax Men Baby Story 5am-6am Bringing
Home Baby
DISCOVERY
8pm Britain’s Toughest Cops SKY1
9pm Whale Wars 10pm Gold 7.30pm Middle 8pm Simpsons
Rush 11pm Through the 8.30pm Modern Family 9pm
Wormhole with Morgan Freeman Raising Hope 9.30pm A League
12am Bear Grylls: Born Survivor of Their Own 10.30pm Spartacus
1am Deadliest Catch 2am Future 11.45pm Drug Wars 1.45am THE MENTALIST
Weapons 3am Greatest Tank Stargate Atlantis 3.15am The CHANNEL 5, 9PM
Battles 3.50am World War Two 4400 4am Top Ten Show Part one of two. Red John’s CBI mole
in HD Colour 4.40am Nasa’s 4.10am Airline 5am Bite Size is unmasked, leading to an emotional
Greatest Missions 5.30am-6am Brainiac 5.10am-6 am Don’t confrontation between Jane and the
Destroyed in Seconds Forget the Lyrics traitor. Drama, starring Simon Baker.

COFFEE BREAK
Copyright Puzzle Press Ltd, www.puzzlepress.co.uk

QUICK CROSSWORD
    

SUDOKU KAKURO
15 37 5 22 30 14 9 
7 6 9
7 16
45
Place the numbers from 1 to 9 in each empty cell so that each    
row, each column and each 3x3 block contains all the numbers Fill the grid so that each block 14 35
27
from 1 to 9 to solve this tricky Sudoku puzzle. adds up to the total in the box 17 12

above or to the left of it. 4 10 30 29
You can only use the digits 1-9 6 5 8   
   and you must not use the
34 10
45   
same digit twice in a block.
  The same digit may occur 16 16 8    
11
    more than once in a row or
column, but it must be in a 22 19
9
11 3
13

15 11
   separate block.
13 14 
45
  21 17 12


   ACROSS DOWN
4 Frown (5) 1 Warhorse (5)
   
  WORDWHEEL B I
7 Underwater
missile (7)
8 Leave or strike out,
2 Ocean trip taken
for pleasure (6)
3 Native of Sana’a,
Using only the letters in the Wordwheel, you have
   ten minutes to find as many words as possible,
A E
as of vowels (5)
10 Out of fashion (5)
for example (6)
4 Dish often served as
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters A 12 Immoral act (3)
13 Optical instrument
a first course (4)
5 Rowing poles (4)
LAST ISSUE’S or more, all must contain the central letter and
letters can only be used once in every word. There
C R used in a 6 Identification tab (5)
SOLUTIONS KAKURO is at least one nine-letter word in the wheel.
T L
submarine (9)
17 Expression of
9 Hymn of mourning (5)
11 Hawaiian greeting (5)
QUICK CROSSWORD 9 5 3 7 8 9
surprise or of sudden 14 Small rooms on
5 3 4 9 1 2 7 SUDOKU         
comprehension (3)
19 Daisy-like flower (5)
a ship (6)
B I G B E N D T
4 1 6 2 6 1 2
        
15 Abnormally deficient
A I U N W I S E
S L A L O M S P 9 7 6 8 4 8 7 9 22 Strong, lightweight in colour (6)
        
I L B A T T L E 5 1 2 2 1 4 3 wood (5) 16 Rolled up, as with
        
C H A O S L A E 8 9 9 8 2 6 2 23 Daybreak (7) straw or hay (5)
WORDWHEEL
S W A G M A N         
8 5 7 9 8 4 1
B U L S E T U P
7 2 1 4 8 7 9 3          24 Postpone (5) 18 Ring-shaped
I N S I T U R A
L U S C A L D S
9 6 3 3 1 5 2 The nine-letter word was          bread roll (5)
G L A N C E T T 4 3 7 9 6 5 1
SEAWORTHY
         20 High in stature (4)
E L D E E P L Y 2 1 9 9 8 4         
21 Pink-tinged (4)
 Punter
27

EPSOM TODAY live on BBC 2

GOING: GOOD supplied by RACING POST 7 11-6 HAVANT (33) 9-0 R L Moore
DRAW: No significant bias on round course, although high has good [9] Sir M Stoute Mr & Mrs James Wigan
record in big fields over 1m4f
8 2-131 IZZI TOP (21) 9-0 W Buick
4.05 INVESTEC OAKS (GROUP 1) (FILLIES) (1) 3YO
1m 4f 10y £184,503 [2] J Gosden Helena Springfield Ltd
1 81-511 BEATRICE AURORE (16) 9-0 T E Durcan 9 1211-01 MISTY FOR ME (12) 9-0 S Heffernan
[3] J Dunlop Benny Andersson [4] A O’Brien Ire M Tabor, D Smith & Mrs John Magnier
2 232 BLAISE CHORUS (30) 9-0 M Hills 10 21 SIREN’S SONG (47) 9-0 F M Berry
[13] B Hills D J Deer [5] Mrs J Harrington Ire Mrs P K Cooper
3 211-1 BLUE BUNTING (33) 9-0 L Dettori 11 4417-67 WHY (23) 9-0 M Barzalona
[6] M Al Zarooni Godolphin [11] A O’Brien Ire Mrs Magnier/Tabor/Smith/Niarchos Family
4 2-12 DANCING RAIN (21) 9-0 J Murtagh 12 2-711 WONDER OF WONDERS (30)(D) 9-0 K Fallon
[7] W Haggas M J & L A Taylor [12] A O’Brien Ire M Tabor, D Smith & Mrs John Magnier
5 091-79 EIRNIN (23) 9-0 J O’Brien 13 1-11 ZAIN AL BOLDAN (27) 9-0 S Hitchcott
[10] A O’Brien Ire Mrs A M O’Brien/Mrs J Magnier/M Tabor [8] M Channon Jaber Abdullah
6 14734-3 FORK HANDLES (30) 9-0 J P Spencer S.P. F’CAST: 2 Blue Bunting, 3 Wonder Of Wonders, 6 Havant, Misty
For Me, 10 Zain Al Boldan, 12 Dancing Rain, 14 Beatrice Aurore,
[1] M Channon Dr Marwan Koukash
20 Siren’s Song, 25 Izzi Top, 66 bar.

RACING TRADER BILL ESDAILE, OUR RACING EXPERT, TAKES A LOOK AT THE
INVESTEC OAKS AND PICKS OUT TODAY’S OTHER BEST BETS

Frankie won’t be Blue

F
INDING the winner of the Investec
Oaks is no easy task, as Look Here
proved when surprising everyone at
33/1 a couple of years ago. This after-
noon’s renewal (4.05pm) is no different as a
number of the fillies have the potential, and
in some cases the breeding, to win it, but
haven’t shown enough on the track yet to
prove they are up to Group 1 level.
In races like this, I always try to find rea-
sons to take on the favourite rather than
back it and initially I wasn’t overly
impressed with BLUE BUNTING in the 1,000
Guineas. However, in hindsight, she actually
did really well to win that day as she is bred
to be at her most effective over longer trips.
Mahmood Al Zarooni’s filly has only been
beaten once in four career starts and
although she can’t exactly be called great
value at 2/1 with William Hill, she is still eas-
ily the most likely winner; and has that all-
important Group 1 form in the book.
Aidan O’Brien always has to be respected
at this level and I have a slight preference for
Misty For Me over Wonder Of Wonders. The
former won the Irish 1,000 Guineas well last
time and is a three-time Group 1 winner.
However, there is plenty of speed on the
dam’s side and there must be a major doubt
that she’ll stay this extra half mile.
Wonder Of Wonders was impressive in the
Cheshire Oaks, but that looked a weak race,
and although her breeding suggests she will
relish this trip, she is too short at 4/1 with
William Hill for what she has achieved on
the track.
Havant would be a major player if the rain
came, but that looks unlikely, and both
Dancing Rain and Zain Al Boldan would
need to have improved dramatically. The
same is true of John Dunlop’s BEATRICE
AURORE, but I was very impressed with the
way she travelled and went through the gap
at Goodwood in the Height Of Fashion
Stakes last time.
Incidentally, that was the same race won
by last year’s Oaks heroine Snow Fairy. She is
a 16/1 shot with Paddy Power and that is a
fair enough price, although I would also
advise taking some of the 12/1 available with
Stan James in the ‘without Blue Bunting’
market.
Looking elsewhere on Epsom’s card and
all eyes will be on the Aidan O’Brien-trained
St Nicholas Abbey in the Investec Coronation
Cup (2.45pm). However, he has to concede
weight to the top class MIDDAY and I fancy
Henry Cecil’s mare to come out on top at 6/4
with William Hill. She finished an excellent
second to Sariska in the 2009 Oaks and has
since won five Group or Grade 1 contests.
Epsom is a unique course and horses that
perform well here invariably do so again and
again, which is why I’m interested in Mark
Johnston’s TARTAN GIGHA in the Investec
Mile at 2.05pm. The six-year-old has won this
race for the last two years and is 6lb lower
than when coming with a withering late
run to collar Set The Trend on the line 12
months ago.
The Investec Investment Stakes (3.25pm)
looks very competitive and there doesn’t
seem to be an awful lot between those at the
head of the market. However, John Gosden’s
DHAAMER is unexposed, having raced only
four times in his life, and he has won both
times he has tried this 10 furlong trip.
Away from Epsom, make sure you don’t
miss Richard Hannon’s CAMPANOLOGY in
the first at Doncaster this evening (6.05pm).
The son of Royal Applause is reportedly very
well regarded at home and he is expected to
win on debut. I also wouldn’t put anyone off
having a few quid on the former Hannon
inmate PLUME in the last at Goodwood
(8.55pm). She was the ante-post winter
favourite for last year’s 1,000 Guineas, but
has had some problems and the move to
Roger Teal’s Epsom yard could pay off first
time out.

IN-RUNNING TRADING HINTS

T
HIS afternoon’s Investec Oaks is
packed with a number of unexposed fil-
lies tackling a mile and a half for the
first time, so finding an in-play edge cer-
tainly isn’t easy.
The most interesting trading opportunity
may well involve the Aidan O'Brien trained
Wonder Of Wonders who won the Cheshire
Oaks convincingly having been caught flat-
footed half a mile from home.
She looks perfect lay-to-back material at
the current 5.0 on Betdaq as she may
struggle to hold her pitch at around the
same point.
However, she came home with a wet sail
that day and there won't be many finishing
stronger.
If you lay her pre-race at her current
mark and then request a 'back' at around
double the price (to the same stake), you
should be sitting on a nice free bet at the
business end.
Looking at the rest of the field and I
would be keen to lay Wonder Of Wonders'
stablemate Misty For Me at short odds late
on. She battled really well to beat Together
in the Irish 1,000 Guineas, but her breeding
suggests there are massive stamina doubts
and she could get found out in the final two
furlongs.
Possible back-to-lays include Beatrice
Aurore and Zain Al Boldan who both
travelled really well in their prep races at
Goodwood and Lingfield respectively. If
they are well-positioned, just off the pace,
then they could trade much shorter than
their SP.
The same can also be said of Blaise
Chorus who had Wonder Of Wonders in
trouble last time when pouring it on from
the front. Yes, she is unlikely to get such an
uncontested lead this afternoon, but it
would be no surprise if her price got down
to much lower than the current 128.0 on
offer on the Daq.

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CITYA.M. 3 JUNE 2011 Punter | Sport 29

THE DERBY live on BBC 1

supplied by RACING POST
4.00 INVESTEC DERBY (GROUP 1) (1) 3YO 1m 4f 10y
£709,625 8 91128-3 PISCO SOUR (23) 9-0 J Fortune
1 21-1 CARLTON HOUSE (23) 9-0 R L Moore [1] H Morrison Michael Kerr-Dineen
[13] Sir M Stoute The Queen 9 81-31 POUR MOI (28) 9-0 M Barzalona
2 0568-5 CASTLEMORRIS KING [VH] (33) 9-0 M Coumbe [7] A Fabre FR Mrs John Magnier, M Tabor & D Smith
[11] M Attwater C O’Connell 10 11-31 RECITAL (27) 9-0 K Fallon
3 1-6 MARHABA MALYOON (28) 9-0 J P Spencer [4] A O’Brien Ire Mrs Magnier/Tabor/Smith/Mordukhovitch
[8] D Simcock Ahmad Al Shaikh 11 212-2 SEVILLE (23)(BF) 9-0 C Soumillon
4 16-51 MASKED MARVEL (17) 9-0 W Buick [2] A O’Brien Ire M Tabor, D Smith & Mrs John Magnier
[5] J Gosden B E Nielsen 12 21123-1 TREASURE BEACH (30)(D) 9-0 C O’Donoghue
5 51-2 MEMPHIS TENNESSEE (27) 9-0 J O’Brien [12] A O’Brien Ire D Smith, Mrs J Magnier, M Tabor
[6] A O’Brien Ire Mrs John Magnier, M Tabor & D Smith 13 61-13 VADAMAR (28)(BF) 9-0 C Lemaire
6 114-13 NATIVE KHAN (35) 9-0 J Murtagh [9] A De Royer-Dupre FR H H Aga Khan
[3] E Dunlop V I Araci S.P. F’CAST: 15 -8 Carlton House, 7-2 Pour Moi, 9-2 Recital, 7 Seville,
7 5-11 OCEAN WAR (35) 9-0 L Dettori 10 Native Khan, 14 Ocean War, 16 Vadamar, 20 Memphis Tennessee,
25 Masked Marvel, Treasure Beach, 66 Pisco Sour, 200 Marhaba
[10] M Al Zarooni Godolphin Malyoon, 500 Castlemorris King.

SPORT TRADER BILL ESDAILE AND DAVID WILD PREVIEW TOMORROW’S

INVESTEC DERBY AND ANDY MURRAY’S SEMI-FINAL

Carlton’s injury makes

Derby puzzle trickier
J
UST over a week ago, I was standing
on the heath at Newmarket watch-
ing Investec Derby favourite Carlton
House strut his stuff. He looked
majestic in the early morning sunshine
and there was a sense of inevitability
about him finally landing the world’s pre-
mier race for his most famous of owners.
Yet, the Queen’s dream became a virtu-
al nightmare earlier in the week when her
Derby charge injured his near-fore in a
routine gallop. His participation in tomor-
row’s race has been in doubt ever since
and even though he came through yester-
day’s canter, his final preparation has
hardly been ideal.
A race he once seemingly had at his
mercy has been blown wide open as
Betdaq punters have been scrambling to
lay Sir Michael Stoute’s runner. He has
traded at a high of 5.5 on the exchange
over the last few days, and even though
things have steadied somewhat, if he does
line up tomorrow, he may not do so as
favourite.
French raider Pour Moi has been well tout-
ed as a potential winner and boutique high-
roller bookmaker Star Sports yesterday were
forced to cut him once again from 4/1 into 7/2
after heavy support. Yet, he is incredibly short
now for a horse that still has it all to prove on
form.
Aidan O’Brien has sent over 35 runners
since he last won this race in 2002 and sad-
dles four more tomorrow in an attempt to
win it for a third time. His team is headed up
by the Kieren Fallon-ridden Recital who is
hugely talented but also quirky. He has the
most awkward of head carriages and I’m not
a fan of the way he seems to hang to his left.
Epsom will either make or break him and he
is bound to play a part in the finish if ridden
with more constraint by his pilot.
He can be backed at a best-priced 5/1 with
William Hill and that may look a massive
price just after 4pm tomorrow. However, it
would be unwise to rule out his stablemate
Seville who travelled supremely well in the
Dante before being seen off by Carlton House.
The son of Galileo (who won this race exactly
a decade ago) will strip fitter and looks an eas-
ier ride than the supposedly better fancied
Recital.
Strangely, I’m quite sweet on the chances of
arguably the least fancied of the Ballydoyle
contingent TREASURE BEACH. He really
caught my eye at Chester and I like the fact
that he is straightforward, genuine and brave.
He will stay the Derby trip and he showed last
time that he won’t mind battling through a
tight gap and quickening when asked.
Whether he has the class to win the Derby
is another matter altogether, but I wouldn’t
be surprised to see him make the frame.
He can be backed each-way at 20/1 with
William Hill without Carlton House and I’m
waiting for a firm to price up the ‘Ballydoyle
Derby’. He would certainly be interesting at a
decent price in a match against his stable-
mates.
You can get my thoughts on all of tomorrow’s
races in City AM’s exclusive 20-page Saturday Derby
edition and follow me live from Epsom Downs on
Twitter @BillEsdaile.

Resurgent Rafa to storm in to French final

F
OR two players who both concede they
are not at the top of their game, reach-
ing the semi-final of the French Open is
quite an achievement. Top seed Rafael
Nadal will take on Andy Murray, seeded
fourth, at Roland Garros today for a place in
Sunday’s final and, despite his protestations
that he is not playing well enough to win the
tournament, everything suggests the
Spaniard will pass this test with ease.
Firstly, Nadal’s comments were made not
so long after towering American John Isner
took him to five sets in the first round. On
the evidence from his last match against
Robin Soderling - the only man to have ever
beaten Nadal at the French Open - Rafa is cer-
tainly close to his best, if not quite there. He
destroyed Soderling with the same attributes
that have seen him claim the scalps of so
many others under Parisian skies - a depend-
able serve, speed and a fearsome forehand. It
should also be noted that Nadal has not
dropped a set since his tournament opener.
In contrast, Andy Murray made hard work
of it against his last two opponents Viktor
Troicki and Juan Ignacio Chela. The Scot
showed outstanding tenacity to beat Troicki
after losing the first two sets, while the
straight-sets result in the quarters does not
tell the full story. Murray could easily have
lost the opening set and he struggled to serve
out the second.
The bookies give us a clue too. Paddy Power
are a best priced 2/11 for a Nadal victory over
Murray. That’s too short for me, but I do like
the look of Nadal to win in three sets at evens
with William Hill.
Although we have come to expect stamina-
sapping epics between these opponents,
Nadal holds a significant upper hand in
head-to-heads, which he leads by 10 wins to
four. Their semi-final meeting at Monte Carlo
earlier this season is the only time Nadal has
dropped a set against the Scot in three
matches on clay, while Murray has won only
two sets in the pair’s five meetings at the
majors.
There is also Murray’s ankle injury to con-
sider. He will expect to move around the
court more against a manipulator like Nadal.
Furthermore, Murray’s tendency to berate
himself may also work against him. A sniff of
frustration in his opponent will be some-
thing that the experienced Nadal will feed
off.
As our argument for a Nadal rout stacks
up, it seems logical to sell total games at
34.25 with Sporting Index. In his seven
matches against top-five seeds at Roland
Garros, only three have gone longer than
31 games.
Keeping in mind the world number one’s
astounding 43-1 Roland Garros record, it is
worth backing him to win the tournament
now at 7/5 on Betdaq. True, likely finalist and
tournament favourite Novak Djokovic is play-
ing better than ever, but we should have a fair
idea of Rafa’s true form this evening, giving
us the option to lay off for a guaranteed prof-
it if he beats Murray convincingly. Just don’t
be surprised if Rafa goes the distance to equal
Bjorn Borg’s record of six French Open titles.
POINTERS...
Nadal to win in three sets at evens with William Hill
Sell total games at 34.25 with Sporting Index
Nadal to win French Open at 7/5 on Betdaq
 Sport
30

Hughes walks
out on Fulham
Fifa president Blatter

Fears over
Picture: GETTY
but claims no
Brit special Villa contact
Fifa status not been influenced by any outside
▲

FOOTBALL
party.”
BY JAMES GOLDMAN Hughes is the bookies’ favourite to
MARK HUGHES remains the join the Midlands club, but their
▲

FOOTBALL
BY FRANK DALLERES
BRITAIN’S special privileges within
Fifa could be under threat following
the Football Association’s failed
attempt to halt Sepp Blatter’s re-elec-
tion as president of the world govern-
ing body.
The stinging criticism that fol-
lowed English calls for a postpone-
ment of Wednesday’s farcical
election, in which Blatter stood unop-
posed, has led to fears of a backlash
against the FA and other home
nations.
Britain is currently entitled to a
vice-presidency in Fifa, with
Northern Ireland’s Jim Boyce suc-
ceeding Englishman Geoff
Thompson in the role this week,
while each of the four countries has a
seat on the game’s law making body,
the International FA Board (IFAB).
Boyce said: “Obviously the British
associations are concerned someone
may try to take the issue to a future
Fifa Congress. That’s the threat.”
favourite to succeed Gerard Houllier
as manager of Aston Villa despite
insisting that his departure from
Fulham yesterday was not linked to
an offer from a rival top flight club.
Hughes walked out on the west
London side after less than a year in
the job deciding not to take up the
option of a second year on his con-
tract at Craven Cottage.
The 47-year-old former Manchester
City boss claimed he had taken the
decision to leave Fulham in order to
further his career but maintained he
had not been in talks with Aston
Villa, who parted company with
Gerard Houllier on Wednesday, or
any other club.
“I hope the supporters and all
those connected with the club will
understand I wish to move on to fur-
ther my experiences,” said Hughes.
“I would also like to take this
opportunity to clarify that neither
myself nor my representative have
approached or have been approached
by another club.
“This decision to leave Fulham has
owner Randy Lerner also covets
recently sacked former Chelsea boss
Carlo Ancelotti, whose achievements
far outweigh those of Hughes, while
Rafael Benitez, a Champions League
winner with Liverpool, is also
thought to be hankering after a
Premier League return.
Hughes went a long way to restor-
ing the reputation which had taken a
buffeting as a result of his acrimo-
nious departure from City in
December 2009, by leading Fulham to
an eighth placed finish this season.
Hughes has agreed to see out his
notice at Craven Cottage, which
expires on 30 June – the day of
Fulham’s first action in the early
qualifying rounds of the Europa
League.
Former Tottenham manager
Martin Jol, who turned down the
Fulham job last year in preference to Hughes is favourite
remaining with Ajax, former to take the vacant
England and Wolfsburg boss Steve post at Aston Villa
McClaren and the currently out of
work Matin O’Neill are the favourites Pic: ACTION IMAGES
to replace Hughes.

Strauss to delay decision Murray faces daunting route

on Anderson replacement
been very impressive both for the
to belated grand slam glory
▲

CRICKET
BY JAMES GOLDMAN Lions and when he’s been amongst
the squad.
▲

ENGLAND captain Andrew Strauss
will delay naming James Anderson’s
replacement until shortly before the
start of today’s second Test against Sri
Lanka at Lord’s.
Lancashire seamer Anderson was
unable to bowl in the second
innings of the remarkable first Test
victory on Monday and the side
strain he picked up in Cardiff will
prevent him from leading
England’s attack at HQ.
Middlesex’s Steven Finn, who was
dropped from the side after the sec-
ond Test of last winter’s Ashes,
despite being the leading wicket-
taker in the series at that point, is
tipped to feature on his home
ground, but Strauss hasn’t discount-
ed Jade Dernbach, called-up for the
first time earlier this week.
“It’s obviously between Jade
Dernbach and Steven Finn for that
last place in the side,” said Strauss.
“We’re very excited by both. We
haven’t seen a lot of Jade but he’s
“We all know what Steven Finn
can do – he’s been a quality per-
former for us over the last 12
months.”
Finn’s relative seniority would
suggest he is the natural replace-
ment, but his similarity to other
tall, hit-the-deck merchants Chris
Tremlett and Stuart Broad could
ultimately count against him.
Dernbach, whose key weapon is
his ability to swing the new ball,
would, however, represent a more
like-for-like replacement for
Anderson.
“We’re going to have to decide
what we think is the right balance
of attack for this particular. We
know that Lord’s generally is a good
wicket. You’ve got to fight hard for
your wickets and it’s usually five
days of very hard work.
“I think we’ve got some good
strength in depth with the bowlers
and whoever gets the final nod will
do a good job, I’m sure.”
TENNIS
BY JAMES GOLDMAN
BRITAIN’S Andy Murray heads into
the final leg of his French Open cam-
paign with his path to a first grand
slam blocked by two all-time greats
and the man poised to break the
record for the longest unbeaten run
in the history of the sport.
Murray locks horns with Rafael
Nadal in today’s first semi-final
with the Spaniard still on
course for a record-equalling
sixth title at Roland
Garros having won 43
of his last 44 match-
es at this event.
Moreover, Nadal
has won 10 of their
previous 14 career
meetings, has never
lost to Murray on clay
and hasn’t dropped a set in this
year’s tournament since the
opening round.
Should Murray prevail he will face
either Roger Federer, winner of 16
grand slam titles, or his Australian
Open final conqueror Novak
Djokovic, whose winning streak cur-
rently stands at 43 matches.
Despite that daunting prospect the
way Murray has battled against the
odds in order to reach his first ever
French Open semi-final should give
him cause for optimism.
The world No4 damaged his ankle
during his third round win over
David Berrer before having to dis-
play all his fighting qualities in
fighting back from two sets down
to defeat Viktor Troicki.
But just as his ankle
looks as if it’s on the
mend, the 24-year-old
required emergency
dental repairs fol-
lowing Wednesday’s
quarter-final win
over Juan Ignacio Chela
after biting into a baguette.
Schiavone reaches
Paris final again
DEFENDING champion Francesca
Schiavone defeated home favourite
Marion Bartoli to reach the French
Open final, where she will play Li Na
after she overcame Maria Sharapova.
Schiavone, 30, a surprise winner
when she clinched her first grand
slam title in Paris last year, gets the
chance to retain her crown after a
convincing 6-3, 6-3 win.
Li, meanwhile, is aiming to become
China’s first grand slam singles cham-
pion after reaching her second major
final of the year, following her defeat
to Kim Clijsters in January’s
Australian Open. Li overcame Russia’s
seventh seed Sharapova in an error-
strewn match 6-4, 7-5.

Wenger would rather be sacked
than splash millions, says Dixon
Ex-Arsenal star tells
Frank Dalleres why the
Frenchman must stay
and what he has to fix
H
E WON nine major titles at
Arsenal and spent six years
under the wing of Arsene
Wenger, so when it comes to
explaining what’s wrong with the
Gunners and their French boss, Lee
Dixon is better qualified than most.
The England defender-turned-TV-
pundit is adamant Wenger should
stay in charge, despite murmurings
of discontent on the rarefied terraces
of Emirates Stadium following a sixth
consecutive barren season.
But he warns not to expect a volte-
face from a manager known as much
for his parsimony as his commitment
to flowing football, insist-
ing Wenger would rather
be marched out of his
office than embark on
the orgy of spending
some supporters crave.
“He won’t spend £50m
on one player because he
doesn’t believe that’s the
way to run a foot-
ball club. If he
eventually
loses his job
because of
that, he
would not
change that –
that’s the way
he runs the
dressing
Favourite Carlton House
declared for the Derby
▲
HORSE RACING
BY FRANK DALLERES
THE QUEEN’S Carlton House is poised
to run in tomorrow’s Investec Derby
despite injury fears after being
declared in a 13-strong field for the
Epsom Classic.
Concerns were raised over the ante-
post favourite’s participation earlier
this week when swelling was found in
his leg following a workout.
But the Sir Michael Stoute-trained
colt came through a canter yesterday
under jockey Ryan Moore and showed
no ill-effects when examined last
night, Her Majesty’s racing manager
John Warren saying he was “very
much on target”.
Carlton House has been fancied to
become the Queen’s first ever Derby
winner since impressing in the Dante
Stakes at York last month.
Stoute has an enviable pedigree in
the mile-and-a-half race, having sad-
dled the winner five times, including
last year with Workforce.
However, Carlton House has been
drawn in stall 13 on the outside of the
Wenger hasn’t won a trophy since the 2005 FA Cup
room,” Dixon (below) told City A.M.
“That might be his downfall in
the end – but he will go down with
his own philosophy. You’ve got to
be very careful what you wish for,
and to sack Arsene Wenger is com-
pletely the wrong thing to do.”
Dixon believes Arsenal’s players
are to blame for their fallow spell,
and expects Denilson,
Nicklas Bendtner,
Andrey Arshavin, and
Gael Clichy to be sold
during the close sea-
son.
He puts their frailty
down to an absence of
authoritative individ-
uals – “there’s no
group of players who
the young ones look
field, while seven of the last 10 Derby
winners have started in single-figure
stalls.
His sternest challenges are tipped
to come from the Andre Fabre-trained
Pour Moi, drawn in stall seven, and
the Aidan O’Brien-saddled Recital, in
stall four.
Recital’s Ballydoyle stablemate
Seville is also among the more fan-
cied runners, as is the Ed Dunlop-
trained Native Khan and Godolphin’s
Ocean War.
There were four withdrawals:
Casamento, Genius Beast and Roderic
O’Connor, who are all set for Sunday’s
French Derby, and Nathaniel.
The Queen has had nine previous
Derby runners, with Aureole, who
came second in 1953, the closest she
has come to a win.
Her last entry in the race was 30
years ago, when Church Parade fin-
ished fifth behind Shergar.
The last winner of the world’s
greatest flat race to be owned by a
British monarch was King Edward
VII’s Minoru, who triumphed in 1909.
PUNTER PREVIEW: PAGE 27
31
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CHAMPIONS DEFENCE: LAST FIVE YEARS
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2009/10: Goals conceded 32
2008/09: Goals conceded 23
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email sport@cityam.com
Picture: ACTION IMAGES
up to” – and a flawed mentality. While
he rates centre-backs Thomas
Vermaelen and Johan Djourou,
and to a lesser extent Laurent
Koscielny, he adds: “Not one of them
has got the mentality to attack
the ball.”
Dixon, 47, is now putting his time
– and injecting cash – into pushing
innovative new online video game I
Am Playr, which puts you in the boots
of an aspiring star facing dilemmas
on and off the pitch. He says: “It’s a
really clever concept and that’s what
triggered my involvement both finan-
cially and in terms of input.”
Lee Dixon is brand ambassador and an
investor in the first ever point of view (POV)
football game I AM PLAYR (www.iam
playr.com) from games developers We R
Interactive
SPORT | IN BRIEF
Brit Douglas out for the season
ATHLETICS: British triple jumper
Nathan Douglas will miss the rest of
the season after suffering a freak injury
in training. Douglas suffered two liga-
ment ruptures when his foot went
through a plyometric box while jump
training during a warm-weather camp
in Italy.
Khan confirms Judah bout
BOXING: WBA champion Amir Khan
has confirmed that he will fight IBF
champion Zab Judah in a light-welter-
weight unification fight in Las Vegas
on 23 July. Judah has stepped in after
negotiations with WBC and WBO boss
Timothy Bradley fell through.
McDowell on song in Wales
GOLF: Northern Ireland’s Graeme
McDowell returned to the Celtic
Manor yesterday and made a strong
start to the defence of his Wales Open
title. McDowell shot a four under par
that left him in joint-third spot, behind
leader Keith Horne of South Africa,
who shot 64. “It’s a tough second shot
past my statue there,” joked McDowell
about the 499-yard 16th, scene of the
most important birdie he has ever
made at last October’s Ryder Cup. “I
hit it to about 20 feet and thought I
made it, but I guess I’ve used all my
magic up on that green.”
 Wear to
stand out
Investec Derby Festival
Epsom Downs Racecourse, 3 & 4 June 2011
The season’s hot ticket. The spotlight is on
winning company, head-turning style and, of course,
powerful racing. Success through experience,
skill and determination is what drives those who
take part. It’s what propels us too.

The Investec Derby Festival. Unbridled excitement.

www.investec.com/derby

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