No Way, Rolet: Suits and The City

These relief rallies are becoming shallower
and shorter. Pretty soon they will come back

down to earth and ask, Whats the next stum-
bling block?
If deputies pass todays round of bills,
Greece will qualify to receive a fifth tranche of
the 110bn bailout it was promised last year.
But its debt-to-GDP ratio is still on course to hit
160 per cent and the EU is scrambling to find
another 100bn for a second rescue.
Meanwhile, the chair of the European
Banking Authority (EBA), Andrea Enria, has
revealed that the EBA had to force banks to re-
submit data for the EUs stress tests earlier
this month because they were not sufficient-
ly gloomy about potential losses from the sov-
ereign debt on their books.
Police faced rioters hurling petrol bombs and rocks in Athens.
BUSINESS WITH PERSONALITY
www.cityam.com Issue 1,414 Thursday 30 June 2011 FREE
FTSE 100 5,855.95 +89.07 DOW 12,261.42 +72.73 NASDAQ 2,740.49 +11.18 /$ 1.61 +0.01 / 1.11 unc /$ 1.45 +0.01
SUITS AND
THE CITY
WHAT EVERY
DISCERNING
BUSINESSMAN
SHOULD KNOW
SPECIAL: P25-34
THE Greek parliament bought time yesterday,
voting to swallow the bitter pill of austerity
once again in return for a vital 12bn
(10.8bn) instalment of aid that will stave off
national bankruptcy for a few more months.
The 300 deputies must vote again today for
laws to implement the 28bn in cuts they
passed yesterday.
In the vote, which saw the budget pass by
155 to 138, one opposition conservative voted
in favour, one member of the governing
Socialist party was expelled for voting against
the cuts and five deputies abstained, leaving
markets confident todays bills will pass.
But even if they become law, few believe
that the government is capable of implement-
ing the programme, which involves 2bn in
tax rises and 1.19bn in benefits cuts this
year, as well as 50bn of privatisations and
savings of 3bn from a crackdown on tax eva-
sion over four years.
The measures will face stiff opposition: as
deputies voted, violent protestors attempted
to storm parliament and hurled petrol bombs
at police. Clouds of teargas and smoke filled
Athens Syntagma Square, forcing the peace-
ful demonstrators to beat a hasty retreat.
Markets rose despite the chaos on the
ground, with yields on two-year Greek debt
dropping a whole percentage point. But econ-
omists warned that the reprieve would be
short-lived. Saxo Banks Nick Beecroft said:
THE London Stock Exchanges global expan-
sion plans were thrown into disarray yester-
day as it was forced to abandon its 4.3bn bid
to merge with Canadas TMX Group.
The LSE scrapped the merger less than 24
hours before a crunch TMX shareholder vote,
after early results showed it failed to win the
critical two-thirds level of support required by
Canadian law.
The shock announcement left Canadian
rival bidder Maple Group in pole position to
buy TMX and fuelled speculation that the LSE
was now a takeover target itself from a bidder
such as US rival Nasdaq.
Its a big blow for the LSE and its ambi-
tions to create a global exchange, Will
Rhode, senior analyst at research house Tabb
Group told City A.M.
The LSE said a majority of proxy votes
cast beforehand supported the deal but not
NO WAY, ROLET
GREECE IS
SPARED...
FOR NOW
INVESTORS SPURN LSE OVER ITS BID FOR TMX
enough to reach the threshold.
Canadian reports said only 54
per cent of the 70 per cent of
proxy votes placed had
approved the deal.
LSE chief executive Xavier
Rolet (pictured) said he was
clearly disappointed the
threshold was not met.
Maple, which holds seven per
cent of TMX shares, proved critical
to the votes failure.
We werent really overly
surprised, Mike Bignall,
chief executive of
Canadian trading plat-
form Omega ATS, told
City A.M. If you look at
the firepower of the
Maple Group and its
support from Canadian
banks and pension
funds it would have
been very difficult for the LSE to have got the
approval needed.
Maples head, Luc Bertrand, said the
group would diligently pursue the regula-
tory approvals needed to buy TMX.
But the deals failure throws open the
field for control of the worlds biggest trad-
ing platforms. Nasdaq shares jumped four
per cent as traders bet it may bid for the LSE.
Investors have bought into LSE stock
recently in the belief the TMX bid
will fail and the LSE will end up
on the block, said Simon
Maughan, an analyst at bro-
ker MF Global.
Others voiced concern.
Canada ought to look at
what kind of message its
sending out to the inter-
national market, said
Renee Colyer, head of
Canadian research
house Forefactor.
Certified Distribution
02/05/11 till 29/05/11 is 103,467
BY ALISON LOCK AND RICHARD PARTINGTON
CAPITAL MARKETS
BY JULIET SAMUEL
EUROZONE
News
2 CITYA.M. 30 JUNE 2011
Worries over
inflation soar
INFLATION expectations soared
between April and June, a signal that
may concern even the most dovish
heavyweights on the Bank of
Englands rate-setting committee.
Median inflation expectations for
the year ahead reached 3.9 per cent
this month, a full one percentage
point jump from April, according to a
poll conducted by YouGov for
Citigroup.
Expectations for inflation over a five
to 10 year period hit a record high of
4.1 per cent this month, up from 3.5
per cent in May.
The 0.6 per cent spike is the sharpest
since the survey began in 2005,
Citigroup said in a note.
Moreover, for the first time, the
most popular answer in other words
the mode of the distribution -- is that
inflation will exceed six per cent
annualised on average over the longer
term, the note warned.
The speed of the rise indicates a
risk that inflation expectations are
becoming de-stabilised, said
Citigroups Michael Saunders.
The MPCs strategy of ultra-low pol-
icy rates is helping to rebalance the
economy, but this may come at the
price of a marked loss in its anti-infla-
tion credibility, he added.
CPI inflation is currently 4.5 per
cent, with interest rates at 0.5 per cent.
BY JULIAN HARRIS
UK ECONOMY
Fighting to reverse Britains decline

THERE was a time when British gov-
ernments of all political hues would
relentlessly downplay the UKs educa-
tional decline. No longer. Michael
Gove, the secretary of state for educa-
tion, was appropriately blunt yester-
day in a speech to the Royal Society, in
which he endorsed City A.M.s appeal
to raise money for maths teaching as
part of our long-running campaign for
financial literacy (see interview, p15).
Britain is now at an immense com-
petitive disadvantage. Half of under-
graduate degrees in China, Singapore
and Japan are awarded in science and
engineering against just a third in
the UK, EU and US. This matters
immensely in todays world: many of
the best jobs be it for technology
firms such as Facebook or Google, or
in finance in hedge funds or banks
are highly quantitative. The rise and
rise of liberal arts degrees has gone
hand in hand with the revenge of the
nerds: if you are good at maths, you
will also be good at making money. No
educational system is perfect some
Asian systems favour too much rote
learning and dont do enough to
develop critical faculties. But others
are pretty excellent all-round, and
they definitely grasp the need to focus
more on mathematics. China has seen
a more than tripling of its output of
new science and engineering gradu-
ates and astonishingly, this growth
rate took place between just 1998 and
2006. Numbers in America and Britain
stagnated during that time.
The depressing statistics just go on
and on. Asia now awards a quarter of
all engineering PhDs almost as
many as the EU and the USA put
together. The number of journal arti-
cles published by Chinese researchers
has almost quadrupled, against a rise
of just three per cent in the UK. In the
decade to 2009, Chinas patent appli-
cations soared over 1,000 per cent,
albeit from a low base; the number
declined by a quarter in the UK as we
turned our backs on innovation and
success. Appallingly, our 15-year-olds
are now over two years behind their
Chinese equivalents when it comes to
maths skills.
So what should be done? Gove
wants more 16-18 year olds to contin-
ue studying maths, as part of a major
shake-up of UK education to begin to
reverse the UKs relative decline. But
the private sector and individuals
must also do their bit. City A.M.s
appeal to the City is to raise funds for
Mathematics in Education and
Industry, a brilliant charity which
operates the Further Maths Support
Programme (see www.mei.org.uk).
It has to be said that the govern-
ments sober realism when it comes to
the quality of the UKs school system is
in stark contrast to the mass strikes we
will see today. A large number of
schools will be shut down by strikers
protesting against necessary reforms
to their pensions, which will remain
more generous than those of most pri-
vate sector workers even after the cuts.
This action will rob children of a days
education and disrupt many parents.
It will be a sad sight, made all the
worse by the abject lack of any alterna-
tive, realistic and workable proposals
from the UKs more militant trade
unions. Britain must face up to reality
and that means recognising that not
only are our public finances in a terri-
ble state but that the public sector is
in need of reform and downsizing.
Unless we get our act together, the UK
will face decades of relative decline,
gradual impoverishment and a slow
descent into economic, cultural, scien-
tific and educational irrelevance.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
HUNDREDS of thousands of teachers,
civil servants and other public sector
workers will strike today in a row over
pensions, despite a last ditch call
from David Cameron to prevent the
walkouts.
Thousands of schools will close
today, causing disruption for parents
as three teaching unions hold strikes.
The British Chambers of
Commerce hit out at the industrial
action yesterday, saying walkouts
could damage the economic recovery.
Large-scale industrial action will
have a significant impact on business
confidence and inward investment,
which are both critical to the UKs
economic recovery, said director gen-
eral David Frost.
Delays are also expected at airports
and St Pancras International train sta-
tion, as workers for the UK Border
Agency join the picket line leaving
stand-in staff to deal with queues of
international passengers.
BY RICHARD PARTINGTON
POLITICS
Strike action hits Britain

David Cameron last night urged union members not to stage walkouts today
NEWS | IN BRIEF
JP Morgan picks new US exec
JP Morgan Chase has promoted Jeff
Urwin, a former Bear Stearns & Co
banker who became co-head of its
North American investment banking
business, to a new role heading global
investment banking industry groups,
capital markets and mergers and acqui-
sitions. Urwin is one of only a handful of
Bear Stearns executives who stayed on
after JP Morgan bought Bear in the
financial crisis in March 2008.
Stocks rise in Ferragamo debut
Shares in the Italian luxury shoemaker
Salvatore Ferragamo rose in their first
day of trading yesterday, defying expec-
tations for a muted debut. The Florence-
based maker of shoes worn by
Hollywood stars, such as Audrey
Hepburn and Marilyn Monroe, closed
last night 10.56 per cent up at 9.95
(8.90) per share. The firm was the first
company to successfully float on the
Milan bourse this year, following the ini-
tial public offering. We have faced diffi-
cult moments on the equity markets, but
we made it, chairman Ferruccio
Ferragamo said at a ceremony marking
the launch of trading.
EDITORS LETTER
ALLISTER HEATH
Editorial Statement
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Commission. The PCC takes complaints about the
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Bank of England chief
Mervyn King this week
told MPs that interest
rates should remain
low.
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Editorial
Editor Allister Heath
Deputy Editor David Hellier
News Editor David Crow
Acting Night Editor Marion Dakers
Business Features Editor Marc Sidwell
Lifestyle Editor Zoe Strimpel
Sports Editor Frank Dalleres
Art Director Craig Gaymer
Pictures Alice Hepple
Commercial
Sales Director Jeremy Slattery
Commercial Director Harry Owen
Head of Distribution Nick Owen
BRITISH LAND TO BUY RESIDENTIAL
COMPLEX IN THE CITY
British Land is in advanced talks to
buy a City of London residential com-
plex, in its first acquisition under a
strategy to focus on the booming mar-
ket for prime homes in the capital.
The UKs second-largest property com-
pany has agreed to buy Wardrobe
Court being sold by the Warnford
Group, a privately owned property
company.
TREASURY UNVEILS AVOIDANCE
REFORMS
A new approach to tackling avoid-
ance by multinationals was unveiled
by the Treasury on Thursday, in a
root-and-branch reform of 30-year-old
legislation that it said was designed
to reverse the recent trend of busi-
nesses leaving the UK amid concerns
over tax competiveness. The consul-
tation on the changes to the con-
trolled foreign companies regime
sets out a more business-friendly
approach to the taxation of profits
diverted to low-tax jurisdictions.
DEALMAKING SLIDES 17.5 PER CENT ON
OUTLOOK CONCERNS
Dealmaking slumped in the past
three months as companies took
fright from renewed concerns about
the future of the eurozone and the
outlook for the global economy.
Global merger and acquisition vol-
umes fell 17.5 per cent in the second
quarter compared with the first three
months of 2011, according to data
from Mergermarket.
CHINA CURBS RASH OF HIGH-YIELD
BANK PRODUCTS
The China Banking Regulatory
Commission has moved to rein in an
explosion of short-term high-yielding
financial products that regulators see
as a potentially dangerous side-effect
of a lending spree by banks since the
global financial crisis.
GLENCORES BANKS CUT FORECASTS
FIVE WEEKS AFTER ITS LISTING
Glencores banks have wiped hun-
dreds of millions of dollars from their
profit forecasts for the commodities
trader, only weeks after helping it to
raise $10bn in Londons largest-ever
flotation. Bank of America Merrill
Lynch cut its pre-tax profit estimate
by 12.6 per cent for this year. Credit
Suisse reduced its 2012 forecast by
one per cent, while Liberum Capital
cut this years target by 18.2 per cent.
HUHNE FACES PARTY FURY OVER CALL
FOR MORE NUCLEAR POWER
Britain will face soaring energy bills
unless it emulates France and drives
up its use of nuclear power, the
Energy Secretary said yesterday. Chris
Huhne is likely to face accusations of
hypocrisy after applauding Britains
European neighbour for keeping
down energy prices.
ITV LEAPS ON TALK OF INTEREST FROM
PRIVATE EQUITY
Investors switched on to ITV in their
droves as they pinned their hopes on
private equity making a tilt at the
broadcaster of Downton Abbey and
The X Factor. Talk that a firm such as
Permira or KKR could snap up the
broadcaster with a price tag around
110p per share being mentioned
sent ITV shooting up 4.45 to 71.95p.
HARRODS STOPS TAKING CHEQUES
Harrods, the London department
store, will stop accepting cheques at
the end of this week, becoming the
last major retailer in Britain to do so.
Its decision coincides with the ending
of the cheque guarantee card, which
is being scrapped from Friday, July 1,
after more than 40 years in existence.
Campaigners say the end of the card,
is the final nail in the coffin for
cheques.
SAAB SECURES NEW FUNDS
Saab Automobile owner Swedish
Automobile said yesterday it secured
a 25m bridge loan from hedge fund
Gemini Investment Fund that will
allow it to restart production soon.
With the convertible bridge loan, the
sale of real estate and an order for
cars from an unnamed Chinese
buyer, Saab Automobile this week has
secured 66m in funding.
GE EXTENDS SPONSORSHIP OF
OLYMPIC GAMES
General Electric said yesterday it
extended its sponsorship of the
Olympic Games until 2020, touting
potential gains for its industrial units
in the wake of severing media ties
with the Olympics following the sale
of its NBC Universal unit. Chief execu-
tive Jeffrey Immelt unveiled the pact
in Moscow, with GEs new deal cover-
ing four more Olympics.
WHAT THE OTHER PAPERS SAY THIS MORNING
INVESTORS flooded back into
European equities yesterday as expec-
tations that Greece would pass its aus-
terity budget built throughout the day.
The Eurostoxx 50 gained 1.89 per
cent, the FTSE closed up 1.54 per cent
and the Dax rose 1.73 per cent, though
all of them dipped after the Greek vote
was confirmed, with observers
attributing the movement to a market
adage to buy the rumour and sell the
news.
The euro followed a similar pattern,
rising and then dipping over one cent
against the greenback after Athens
passed its budget. However, it regained
the lost ground and was at $1.44 by
evening.
US markets were also buoyed by the
Greek vote, and by good news for large-
cap stocks such as Bank of Americas
settlement with investors who lost
money on mortgages during the
financial crisis.
The S&P 500 gained 0.83 per cent,
the Dow Jones Industrial Average rose
0.6 per cent, the Nasdaq was up 0.4 per
cent.
The optimism is unlikely to last
long, however, as Europe faces a run of
hurdles throughout the summer. Most
crucially, the EU must strike a deal on
a second rescue for Greece, or else
organise an orderly restructuring of
the sovereigns debt though econo-
mists see the latter as highly unlikely
this year.
Carl Astorri, head of economics at
Coutts, said that the crisis is far from
over for Greek Prime Minister George
Papandreou: He now faces unrest in
the country and like the mythological
Greek king Sisyphus condemned to
roll a boulder up a hill only to have it
roll back down again... will have only
survived one crisis to face the next.
But fund manager Charles
Montanaro said: Contrarians should
buy when others are afraid to do so...
The likelihood is that Greece will not
be allowed to fail in the next two years.
Europe has enough money to bail out
Greece a second time.
Markets rally
on promise of
Greek rescue
BANK of America (BoA) confirmed that
it has settled with mortgage bond
investors yesterday, agreeing to pay out
$8.5bn to 22 investors who lost money
on products they bought before the
financial crisis.
The bank said that it expects to suf-
fer charges of over $20bn overall,
which will push its second-quarter
results into the red.
However, its shares rose sharply as
investors priced in the certainty of
knowing the cost of the case, which
has been in play since October. Its stock
closed up 2.77 per cent.
Investors can now start attaching a
number to these unknowns and what
they will cost the bank. With the swipe
of a pen, theyve dealt with a large
chunk of these issues, said analyst
Paul Miller of FBR Capital Markets.
Yesterdays settlement is the third
in six months for BoA, following simi-
lar deals with Fannie Mae and Freddie
Mac, and Assured Guaranty, which
cost $2.8bn and $1.6bn respectively.
Meanwhile, Citigroup struck a deal
to settle a case with Lehman Brothers
International (Europe), over $2.5bn in
assets that Citi had held for the bank.
The Lehman estate, advised by
PricewaterhouseCoopers, will pay Citi
custodian fees in return for getting the
assets back.
Settlement to
cost Bank of
America $8.5bn
BY JULIET SAMUEL
MARKETS
BANKING
News
ANALYSIS l Bank of America
$
23Jun 24Jun 27Jun 28Jun 29Jun
11.20
11.00
10.80
10.60
11.14
29 Jun
ANALYSIS l 2-year Greek bond yields
05:00 10:00 12:00 14:00 16:00

29
28.5
27.5
27
28
26.5
27.313
29 Jun
ANALYSIS l Euro Vs Dollar
EUR/USD
08:00 12:00 18:00
1.445
1.435
1.425
1.44210
29 Jun
ANALYSIS l DJ Eurostoxx 50 Index
09:00 11:00 13:00 15:00 17:00

2,820
2,800
2,780
2,760
2,802.55
29 Jun
Some are comparing Greek Prime Minister Papandreou to Sisyphus Picture: REUTERS
MARKET RELIEF ON DAY OF GREEK VOTE
THE AXE is set to fall on hundreds of
investment banking jobs in London
and further afield, with Credit
Suisse, Goldman Sachs and Barclays
all proposing cuts to their head-
counts in recent days.
Credit Suisse is planning to cut
more than 600 jobs in its investment
banks, including upwards of 100 in
its London operations, according to
one source yesterday.
The bank has launched a consulta-
tion on exactly where the cuts
should fall.
Goldman Sachs said in a US regu-
latory filing yesterday that it will lay
off 230 employees in New York
because of poor economic condi-
tions, adding that the cuts will take
place at the end of the year and the
start of 2012.
Barclays Capital has already cut
around 50 jobs globally in its equi-
ties research, sales and trading busi-
ness and has hinted at further losses,
including within its stock trading
staff, while the Royal Bank of
Scotland is planning to jettison part
of its global banking team.
Meanwhile Lloyds Banking Group
is expected to signal up to 15,000 job
cuts in its strategy review today, in a
bid to trim 1bn a year in costs for
the state-backed lender.
Banks reveal
hundreds of UK
and US job cuts
BANKING
News
TURNAROUND investor Melrose yes-
terday confirmed it had made an
unsolicited approach to buy underper-
forming engineering group Charter
International for 1.3bn.
Melrose said it approached
Charters board on Tuesday to open
discussions about a 780p per share
offer for the group a 30 per cent pre-
mium over Mondays closing price.
Dublin-based Charter, which owns
welding business ESAB and air and
gas handling arm Howden, has issued
three profit warnings since November
and its chief executive Mike Foster
walked out on Tuesday following its
trading update last week.
Charter said the approach was
highly preliminary, conditional and
opportunistic with no guarantee of
an offer being made.
But investors welcomed the news,
pushing Charters shares up 28 per
cent to close above the potential offer
price at 787p yesterday.
ESAB and Howden have struggled
to perform in recent months, with
Howden hit by a delay in order place-
ments and ESABs performance hurt
by rising input costs and competition.
Charters shares lost a quarter of
their value last week after it warned it
may miss its 2011 profit forecasts.
Melrose is an expert in overhauling
industrial firms and in June complet-
ed the sale of die-cast metals business
Dynacast for $590m (370m).
It has also repeatedly recently said
it was keen to make another 500m-
1bn acquisition soon.
Melrose eyes
Charter with
surprise offer
Christopher Miller, executive chairman of Melrose, which is eyeing Charter
BY ALISON LOCK
ENGINEERING
ROTHSCHILDS managing partner

Ravi Gupta leads Melroses long-time
advisory team and has worked on a
number of transactions on its behalf.
These include Melroses $590m
(370m) sale of die-cast metals busi-
ness Dynacast in early June to KDI
Holdings, a newly incorporated compa-
ny managed by Kenner, and its 2007
disposal of McKechnie Aerospace to
JLL Partners for $855.6m (523.5m).
Guptas experience spans the engi-
neering, manufacturing and service
sectors. He was part of the team
advising aerospace engineer Meggitt
on its $685m (431m) cash acquisi-
tion of Pacific Scientific Aerospace in
January, and led the sale of the Board
of St Ives magazine business to
Walstead Newco3, a wholly owned
subsidiary of Walstead Investments
for 20m.
In 2008 he was also part of the
team who advised the Manitowoc
Companys acquisition of Enodis, cre-
ating a combined food service seg-
ment with annual revenues of nearly
$2bn.
ADVISERS: ROTHSCHILD
RAVI GUPTA
ROTHSCHILD
ANALYSIS l Charter International
p
08:00 10:00 14:00 12:00
800
760
720
680
640
787.00
29 Jun
MAJOR reforms to the UK banking
system should not be debated in
secret, according to senior Tory MP
Andrew Tyrie, who used an industry
conference to call for more openness
in the Vickers commission process
yesterday.
Tyrie, who chairs the influential
Treasury Select Committee, said that
the changes under consideration are
too important to be discussed
behind closed doors.
He told City A.M.: The banks must
tell us publicly if they dont like
Vickers and not try engage in a pri-
vate debate with the commission.
This has got to be in public. Its pub-
lic money, taxpayers money, at
stake.
Recently, a split emerged between
the UKs biggest banks over Vickers
proposal for a ringfence around
their retail divisions, with the chiefs
of Barclays and RBS against the idea
and senior figures at HSBC and
Lloyds in favour.
But their positions only came to
light during public hearings held by
the parliamentary committee that
Tyrie chairs.
Tyrie added that no one should
pre-empt Vickers final conclusions.
Regarding the ringfence policy, he
said: If it turns out to be impractical
then well have to try something else
capital and liquidity controls or
better resolution regimes, or go the
other direction and go for full sepa-
ration [of retail and wholesale bank-
ing].
Barclays chairman Marcus Agius,
who was speaking in his role as
chairman of the British Bankers
Association (BBA), warned against
viewing increasingly high capital
reserves as the answer, however.
I do have a concern that some
regulators seem to believe that ever
more capital is the solution to every
regulatory problem, he said.
Carried too far, this thinking would
have profoundly negative conse-
quences. And not just for the banks.
Tyrie: Vickers
commission is
too secretive
BY JULIET SAMUEL
BANKING
News
The British Bankers Association (BBA) annual conference took place
at the Guildhall yesterday. Here are some of the highlights:
BBA chief executive Angela Knight (pictured, bottom right) said
that some of the many regulations being introduced simply dont
work right, dont fit together, are not coherent, such as the require-
ment to hold more capital and to lend more.
FSA chief Hector Sants warned that the FSAs replacement, the
Financial Conduct Authority, is likely to be accused of reducing con-
sumer choice because of its pre-emptive approach, which will involve
banning products before they are mis-sold to consumers.
Andrea Enria, chair of the European Banking Authority (EBA), said
that individual EU countries should be free to gold-plate regulation,
such as capital requirements, if they want to. UK regulators have
expressed concern that Brussels might attempt to set both maximum
and minimum standards, rather than only the latter.
But British regulators were also warned against gold-plating:
Santander UK chief executive Ana Botn (pictured, top right) said that
UK regulation already goes further than EU rules, which puts British
companies at a disadvantage and raises the cost of credit.
KPMGs Bill Michael said that stricter regulations are pushing risky
activities into a shadow banking market. He also warned that meas-
ures to force over-the-counter derivatives into transparent clearing
houses could inadvertently concentrate risk.
Andrew Tyrie MP (below), Barclays chair Marcus Agius (right) and
Bank of England deputy governor Paul Tucker also spoke.
BBA CONFERENCE | HIGHLIGHTS
SHARES in the car dealership group
and parts supplier Lookers tumbled
yesterday after an announcement
revealing that a consortium led by
veteran investor Jack Petchey had
pulled out of a takeover deal.
Shares in Lookers fell by 18 per cent
to 57p, a level it last seen in April
before news of a possible bid
emerged.
Lookers, which was advised by
Rothschild, had let it be known that it
would have almost certainly accepted
an 80p a share offer, but yesterday it
announced that the consortium had
put in an offer at a level materially
below the previous 80p level.
The revised offer came after three
weeks of due diligence, so there will
be fears in the market that trading is
not going as well as expected. But a
source close to the board said
Petcheys new offer was an attempt to
gain control of the firm on the cheap.
Petcheys Trefick vehicle, along
with Moor Park Capital Partners, a
real estate private equity investment
advisory firm, and Brett Palos, a ven-
ture capitalist and real estate
investor, made a joint approach to
Lookers in May.
Lookers said last night that it had
considered the revised proposal and
unanimously resolved not to pursue
it. The board remains committed to
the continued development of the
company for the benefit of all its
shareholders and stakeholders.
ANALYSIS l Lookers
p
10:00 12:00 08:00 14:00 16:00
70
66
62
58
57.00
29 Jun
THE International Monetary Fund
(IMF) piled pressure on US lawmakers
yesterday, with the group urging par-
ties to end their political feud and
quickly raise the nations debt ceiling.
The federal debt ceiling should be
raised expeditiously to avoid a severe
shock to the economy and world finan-
cial markets, the IMF said.
The US Treasury already has hit the
existing $14.3 trillion legal limit on the
nations debt and has warned the debt
ceiling needs to be raised by 2 August
to avoid a default.
President Obama looked to turn the
heat on opposition Republicans by call-
ing for higher taxes on millionaires,
billionaires, corporate jet owners,
hedge fund managers, oil companies.
Republicans could help reduce the
deficit by agreeing to take on their
sacred cows, Obama said. In an exten-
sive news conference, the President
also shrugged off criticisms over mili-
tary action in Libya as just politics.
Earlier in the day Obamas treasury
secretary Timothy Geithner dismissed
Republican suggestions that the gov-
ernment could prioritise some pay-
ments in order to delay a default.
There is no credible budget plan
under which a debt limit increase can
be avoided, Geithner said.
MP CALLS FOR UK DEBT CEILING: P14
US debt ceiling
must be raised,
the IMF warns
US ECONOMY
News
Lookers takes
a tumble as
bid collapses
Zynga is the US company behind online games including Farmville and Cityville
BY DAVID HELLIER
AUTOMOTIVE
THE social gaming giant behind

FarmVille plans to raise up to $2bn
(1.25bn) in an IPO and is expected to
file paperwork with US regulators as
soon as today.
Sources close to the firm say it
plans to float around 10 per cent of
its shares, giving the company a mar-
ket capitalisation of as much as
$15bn to $20bn.
Morgan Stanley is expected to lead
underwriters on the IPO, with
Goldman Sachs, Bank of America
Merrill Lynch, Barclays and JP Morgan
also expected to be among the under-
writers, the source said.
Its flotation is expected to attract
bumper demand after the roaring
success of IPOs by LinkedIn, RenRen
and Pandora.
Online coupon firm LivingSocial
is thought to have met with banks
this week to discuss an IPO of about
$1bn. The US group is expected to
pick lead underwriting banks by the
end of the week.
Farmville creator Zynga
set to file for $2bn float
TECHNOLOGY
News
STAGECOACH has reported a 27 per
cent jump in full-year profits, saying
that rising petrol prices and increasing
road congestion has encouraged more
people opt for public transport instead
of taking their car.
The British bus and rail group post-
ed a pre-tax profit of 205.7m while
group revenues rose from 2.2bn to
2.4bn for the year to the end of April.
It hiked its full-year dividend by 9.2 per
cent to 7.1p.
Stagecoach also reported that
expansion of its budget coach brand
Megabus was driving growth in its US
business, where total revenues were
up 8.3 per cent at $461.7m (287m).
The company, which re-entered the
London bus market last year after buy-
ing the East London Bus Group, said
sales at its UK bus unit rose 2.1 per
cent during the period.
We are seeing growing demand for
our bus and rail services in the UK and
North America, with further evidence
of modal shift as consumers look for
better value and more convenient
transport alternatives to the rising cost
of motoring and increasing road con-
gestion, said Brian Souter, Stagecoach
chief executive.
Revenue at its UK rail business,
which includes the South West Trains,
grew 4.2 per cent during the year.
Analysts at Panmure Gordon said
the results were marginally ahead of
expectations and gave Stagecoach a
buy rating.
Shares in the group climbed two per
cent to close at 255.20p.
Stagecoach
reports mega
rise in profits
BY KASMIRA JEFFORD
TRANSPORT
ANALYSIS l Stagecoach
p
4Apr 26Apr 16May 6Jun 27Jun
250
240
230
220
210
255.20
29 Jun
Fuel price woe is a boon for bus firms
YOU might not know it from
clapped-out trains that break down
in the wrong type of snow or, more
recently, heat but we are living in a
golden age for public transport.
Higher prices at the petrol pump
and the recession have combined to
force more and more people to ditch
the car and travel by rail or bus. Last
year, we made 1.32bn train journeys,
6.9 per cent higher than in 2009 and
almost 40 per cent more than in
2000. That was the highest number
of rail passenger journeys in a peace-
time year since the mid-1920s, when
the railway was twice the size, most
trains were powered by steam and
car ownership was a fraction of
what it is now.
Buses are also booming. Transport
for London yesterday said that pas-
sengers made 2.3bn journeys over
the last year, 60 per cent more than
in 2000 and the highest number for
fifty years.
That is good news for sharehold-
ers in public transport groups like
First, Go-Ahead and Stagecoach.
Fares might have increased by
around six per cent in January, with
even larger hikes to come from 2012,
but that is no match for soaring
petrol prices. On 5 June, a litre of
unleaded cost 136.1p six per cent
more than in January 2011 and 22
per cent higher than January 2010.
Yesterdays results from
Stagecoach show it is benefiting
from the cultural shift. Annual bus
operating profit was up 21 per cent
to 151.3m while rail operating prof-
it was up 16 per cent to 48.4m. Nor
is the boom limited to the UK.
Ebitda at its US bus operations grew
by 112 per cent to 19.3m, albeit
from a relatively small base.
Passengers might grumble that
higher profits have more to do with
higher fares than a surge in num-
bers, but as fares go up so does the
cost of franchises. Stagecoach paid
the government 284.8m in fran-
chise premiums in 2010-11 com-
pared to 148.7m a year earlier.
For now, high oil prices and a
squeeze on take-home pay mean
public transport operators are a
good bet.
david.crow@cityam.com
BOTTOMLINE
Analysis by David Crow
Stagecoach boss Brian
Souter has steered the
group to a 27 per cent
profit rise this year
OSBORNES
PR ADVISER
GOES BACK
TO BLACK
ALL CHANGE in George Osbornes adviso-
ry team, as The Capitalist hears the
Chancellors head of press, Jean-
Christophe Gray, will be replaced by
Jonathan Black as the Treasurys top spin-
ner by the end of the week.
Gray, the man responsible for briefing
the media throughout the banking cri-
sis, will help the Treasury control costs
as he moves to a policy role in the Public
Expenditure Group; Black joins the chan-
cellors inner circle after spending the
last three years as head of the Treasurys
budget, strategy and tax team.
The new job marks a return to policy
for Gray, who was the head of the EU
Finances team prior to joining the com-
munications office in March 2009 as then
chancellor Alistair Darlings spokesman.
The government will announce the
reshuffle in the next 24 hours through a
very short press statement confirming
the switch from Gray to Black, who has
spent the last two weeks learning the
tricks of the trade in a handover period.
One thing that wont change though
is the mobile number for the Treasury
PR hotline, now in its sixth generation
after being handed down from adviser
fact the bank entered the most teams
although Judy Tang and Ben Clapperton
from Lloyds Banking Group (pictured
above) deserve a mention for their
Henman-style persistence.
FINANCIAL ANIMALS
NATASHA Archdale made a name for her-
self creating giant collages of female
nudes from copies of financial newspa-
pers, before turning her attentions to
Margaret Thatcher, Gordon Brown and
Bernie Madoff (left).
For her next trick, the artist plans to
base herself in the heart of the City in
the Royal Exchange next Thursday (7
July), where she will complete her new
exhibition The Financial Animal in the
square miles first public art studio
and she is inviting the City to con-
tribute their own newspaper cuttings
for use in the final pieces.
Become part of the art by sending in
this weeks most topical stories to Felicity
Hardingham, The Royal Exchange, EC3V
3LP by Wednesday 6 July.
to adviser as part of a strict regime to
prevent past PR leaders continuing their
relationship with the press...
LAST RESPECTS
THE BROKING community turned out in
force at yesterdays memorial service at St
Brides on Fleet Street for Citywires Phil
Cozens, the man described as the father
of modern stock market reporting.
Les Ames, the head of dealing at WH
Ireland known for his 1970s appearances
on Top of the Pops, sang My Friend in trib-
ute to the man he met as an 18-year-old at
JM Finn. Lawrence Lever, who founded
Citywire in 1999, gave the eulogy.
Nick Bealer of Cornhill Capital, Eden
Financials Roy Cutts, Michael Grimwood
of Seymour Pierce, Miles Stuart-William
of Canaccord and Roy Phillips of
Northland Capital were also among the
100 City and media names paying tribute.
CITY SWINGERS
WIMBLEDON came to the square mile
this week for the Pro-Swingball
Challenge, where teams from Deutsche
Bank, UBS and Lloyds Banking Group
were among the City swingers com-
peting at Broadgate Circle.
Inspired by the live action from
Wimbledon, Deutsche Bank
emerged as the winner of the con-
test purely coincidentally to the
All change: Osbornes new chief spinner will be in place by the end of the week Picture: REUTERS
The Treasury
will announce
Osbornes
new head of
press in the
next 24 hours,
in a move that
tones down
Gray to Black
The Capitalist
8
EDITED BY
HARRIET DENNYS
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @citycapitalist
CITYA.M. 30 JUNE 2011
TROUBLED Yellow Pages publisher
Yell brought in a new UK chief execu-
tive yesterday to help it regain ground
online after the virtual collapse of its
print business. Richard Hanscott, for-
mer chief of IT firm NEC, will take up
the newly-created post to run the UK
operations with an online focus.
Yell recruits tech
whizz as UK chief
NEWS Corp has sold social media
site Myspace for about $35m (21m)
to online advertising company
Specific Media, according to a source
familiar with the transaction.
The deal, announced yesterday,
calls for News Corp to retain a
minority stake in the website that it
purchased six years ago for $580m,
the companies said.
They did not release detailed
financial terms, but the source said
that transaction is a mix of cash and
stock with News Corp retaining
about five per cent.
Additionally, more than 50 per-
cent of Myspaces 500-strong work-
force is expected to be laid off
because of the sale, the source said.
There are many synergies
between our companies as we are
both focussed on enhancing digital
media experiences by fuelling con-
nections with relevance and inter-
est, said Tim Vanderhook, chief
executive of Specific Media in a state-
ment.
This is the next chapter of digital
media, and we are excited to have a
hand in writing the script.
Pop star Justin Timberlake is set to
take a stake in Myspace as part of
Specifics deal, and will aid the
board as a creative consultant. He
will unveil his plans for the site later
in the summer.
The sale of Myspace marks the end
of six years of ownership under
Rupert Murdochs News Corp, which
swooped in to buy Myspace beating
out rival Viacom for what was then
one of the worlds hottest social net-
working sites.
In the US, Facebook has 54.5m
monthly unique visitors, compared
with 76m for Myspace, according to
comScore data released in March.
News Corp nets just
$35m for Myspace
PUBLISHING
MINERVA has finally accepted a

202.6m takeover bid from a con-
sortium of investors, in a deal
which may spell the end of
Londons best-known property
developer as a public company.
The board has recommended a
120.5p a share cash offer from
Jupiter, a joined venture set up by
US investor Area Property and
Jamie Ritblats Delancey, Minerva
said in a statement yesterday.
Jupiters offer, based on
Minervas closing price on 13
January when the bid was made, is
conditional on Jupiter receiving
acceptances from more than 50
per cent of shareholders.
The consortium, which already
holds about 12 per cent of
Minervas shares, plans to apply to
delist the company if its receives
enough acceptances.
The offer comes after almost
two years of speculation over a pos-
sible takeover of the troubled
developer. In January last year,
Minerva fended off a hostile bid
from South African shareholder
Nathan Kirsch.
Minerva was laden with debts of
859m at the close of last year,
after struggling to attract tenants
to its two flagship developments,
St Botolphs and Walbrook build-
ing. The latter still stands empty.
Shares in Minerva jumped 2.77
per cent and closed at 120.75p.
Minerva accepts its
202m takeover bid
BY KASMIRA JEFFORD
PROPERTY
News
CINEWORLD SUFFERS IN 3D RELEASE DROUGHT
Cineworld said trading for the year to date had been hit by a film schedule which had
no major 3D releases. The operator said revenues for the 19 weeks to 12 May were down
8.9 per cent, while box office sales fell 7.8 per cent compared with last year. Films like
Pirates of the Caribbean: On Stranger Tides and The Kings Speech failed to give a boost.
ANALYSIS l Minerva
p
120
110
100
90
80
120.75
29 Jun
BY HARRY BANKS
TECHNOLOGY
HEALTHCARE Locums yesterday

admitted that a material amount of
profit over several years will be wiped
out once a massive accounting probe
is complete.
New chairman Peter Sullivan, speak-
ing ahead of the troubled firms AGM,
said he was struck by the extremely
poor levels of corporate governance.
HCL expects to
write off profits
HEALTHCARE
News
SHARES in Russian port operator
Global Ports soared yesterday on its
debut on the London Stock Exchange,
following its successful $534m
(333m) initial public offering (IPO).
The banks handling Global Ports
IPO also exercised an over allotment
option to buy shares in the company,
pushing up the proceeds from the
sale to $588m.
The container terminal firm,
which runs five locations in Russia
and Finland, closed up almost 18 per
cent at $17.70 per share.
It had priced its shares in the form
of global depository receipts (GDRs) at
$15 per unit, giving it a market capi-
talisation of $2.35bn.
The listing price put shares in the
company at a deep discount to a
recent valuation made by analysts,
indicating the lengths firms are pre-
pared to go to in order to successfully
float.
Londons faltering IPO market has
dashed the listing plans of several
Russian firms in recent months,
including Kremlin-backed defence
firm Russian Helicopters.
Of the four other IPOs by Russian
companies on the London Stock
Exchange so far this year, only one
closed up on its first day of trading.
Despite the tough trading environ-
ment, the total value of Russian equi-
ty market deals has hit its highest
level since 2007.
About $9.4bn worth of deals have
been done so far this year through 16
transactions, according to data
provider Dealogic.
The largest Russian deal this year
was Moscow-based lender VTBs
$3.3bn follow-on share offer.
Shares in Global Ports close
up 18pc following London IPO
BRITAINS banks may never recover
the global stature they held before
the financial crisis, a global survey
published today claims.
Profits at UK-based banks last
year were 58 per cent below the
record takings they posted in 2007,
according to The Banker magazines
Top 1,000 World Banks ranking.
Britains banks have struggled to
compete against foreign rivals, as a
wave of tough new regulations and
a sluggish domestic economy
weighs on performance.
Foreign lenders, particularly in
China and the East, have capitalised
on a booming Asian economy, edg-
ing out UK-based banks.
Four years ago, British banks were
the second most profitable in the
world after American banks, accord-
ing to The Banker. Now they lan-
guish in fifth place.
This comes despite global bank-
ing profits having recovered to
almost pre-crisis levels. The com-
bined profits of all banks in the Top
1,000 stood at $781bn (487bn) in
2007, and in 2010 hit $709bn.
HSBC placed the highest of all
British lenders on the magazines
annual ranking, which dates back
more than 40 years, helped by its
strong presence in Asia. The bank
moves from fifth to third in the
ranking, based on Tier 1 capital held
at final-year results for 2010.
The British banking sector was
the envy of the world in the boom
years. It now faces a Herculean task
to regain the position of strength it
had four years ago, said Brian
Caplen, editor of The Banker.
UK banks may never
recover from crisis
CAPITAL MARKETS
BANKING
SPANISH lender Bankia plans to raise

up to 4.2bn (3.8bn) in a steeply dis-
counted initial public offering (IPO)
that will be seen as a key test for
Spains overhaul of its financial sec-
tor.
Spains biggest savings bank,
formed from seven savings
banks or cajas, has set the
price range for the flotation at
4.41 to 5.00 per share,
around half of book value.
The lender, which last
week delayed the publica-
tion of its prospectus, will
set the final price for its
shares on 14 July and
make its stock
market debut on
18 July.
Bankia is looking to sell 824.6m
shares to raise up to 4.2bn, which
could rise to as much as 4.6bn if an
over allotment option is exercised.
A smooth listing of the caja would
lend support to the Spanish govern-
ments overhaul of the banking sec-
tor and would be viewed as a
bellwether moment for the future of
the Eurozones banks.
Led by chief executive
Francisco Verdu (pictured),
Bankia must raise the capi-
tal to meet strict new sol-
vency levels set by the Bank
of Spain and is plowing
ahead with its stock mar-
ket listing despite tough
market conditions for
IPOs and a fresh
crisis of confi-
dence in the
Eurozone.
Spains Bankia looks for 4.2bn
in float to steady Eurozone fears
CAPITAL MARKETS
ANALYSIS l Global Ports

$
29Jun 10:00 12:00 14:00 16:00
17.7
17.5
17.3
17.70
29 Jun
GLOBAL BANK RANKINGS
Rank Previous Banks Tier1
Rank Captial ($m)
1 1 Bank of America 163,626
2 2 JP Morgan Chase&Co 142,450
3 5 HSBC Holdings 133,179
4 3 Citigroup 126,193
5 11 Mitsubishi UFJ 119,732
6 7 Industrial Commercial 113,393
7 6 Wells Fargo&Co 109,353
8 15 China Construction 958,34
9 14 Bank of China 945,79
10 4 Royal Bank of Scotland 940,91
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News
SQUEEZED household incomes
prompted a sharp drop in consumer
confidence in June, while appetite to
take on debt remains weak according
to separate data released by the Bank
of England yesterday.
After an uptick in morale from
extra bank holidays in April and May,
the GfK NOP consumer confidence
index slipped back to -25, with falls in
all five elements of the survey.
Across the board, confidence is
lower than it was this time last year,
said GfK NOP chief Nick Moon.
Net consumer credit came in weak-
er than expected yesterday, rising by
just 0.2bn in May half the average
monthly increase over the past six
months..
Borrowing on plastic remained
broadly unchanged, the Bank of
England report said.
The spectre of falling real wages
and high unemployment is putting
households under immense pressure
and they are choosing to cut back,
rather than attempting to subsidise
their spending through credit, said
Nida Ali, economic adviser to the Ernst
& Young Item Club.
Mortgage approvals in May came in
at 45,940 slightly up from April, yet
still just below the six-month average
of 45,957.
Households remain heavily indebt-
ed while consumer confidence is weak
and in this uncertain economic cli-
mate, individuals are wary of commit-
ting to big decisions like buying a
house, Ali added.
Total net lending on mortgages sur-
prised to the upside, however, printing
1.1bn above the six month average
of 0.8bn.
Separate figures on broad money
were subdued, with the monthly
growth in M4 unchanged at 0.1 per
cent in May (the same as the previous
two months). Broad money excluding
intermediate other financial firms,
however, was up by 5.2bn in May.
UK consumer
confidence
slumps again
BY JULIAN HARRIS
UK ECONOMY
WARM weather and the royal wedding

bank holiday knocked service sector
output in April, the Office for National
Statistics (ONS) said yesterday.
Output from the UKs largest sector
plummeted by 1.2 per cent compared
to March, the sharpest monthly fall
since early in 2010, when heavy snow
disrupted activity.
Aprils one-off events are likely to
have affected the fall in service sector
output, the ONS said. The sector was
similarly hit in June 2002, when the
Queens golden jubilee also added a
bank holiday to the calendar.
Yet the figures are nonetheless omi-
nous for economic prospects. This was
not due entirely to one-off factors and
further highlights the current weak-
ness of domestic demand, said Markit
economist Chris Williamson.
Royal wedding blamed for
tumble in services output
The royal wedding added an extra bank holiday to April Picture: REUTERS
BY JULIAN HARRIS
UK ECONOMY
NEWS | IN BRIEF
Increase in upper end pay deals
Upper end pay deals are becoming more
generous according to figures released
today by Incomes Data Services. Pay
settlements in the top quartile rose to
3.2 per cent in the three months to May,
up from three per cent in the previous
period. Across the economy as a whole,
median pay settlements remain at 2.5
per cent.
Credit cards deals are rising
The number of credit cards offering an
interest-free period of 13 months or
more has rocketed by 162 per cent in
the last two years, the website
Moneyfacts revealed yesterday.
Competition has returned to the credit
card market in the last year, said
Moneyfacts Michelle Slade. Card
providers are going head to head in
order to lure customers from their com-
petition.
US house sales recover from low
Pending sales of existing US homes
rebounded from a seven-month low in
May but demand for mortgages sank
last week as the market struggled under
the weight of a glut of unsold properties.
The National Association of Realtors
home sales index increased 8.2 per cent
to 88.8, but rise in contracts was merely
a correction after an 11.3 per cent fall in
April and the market will continue to
bounce along the bottom, economists
said.
Confidence slips in the Eurozone
Economic confidence in the Eurozone fell
less than expected in June. The European
Commissions economic sentiment index
slid to 105.1 from 105.5 in May, hitting
its lowest level since October 2010.
News
NEW8 FROM THE
CTY OF LONDON
Get City news. info and offers at
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8tories supplied by the City of London
ADVERT8EMENT
London in
Black and
White
he City of London
Corporation has
organised a new
photographic exhibition at Tower
Bridge, featuring rare images
from the City's collections at
London Metropolitan Archives.
More details about London in
Black and White from
www.towerbridge.org.uk
Architect Junya shigami has
created a 'floating' structure,
Architecture as Air, for the
Barbican Centre's Curve
exhibition space. Free
admission more details from
www.barbican.org.uk/art
The City of London
Corporation and members of
Livery Companies will vote to
elect two Sheriffs at Guildhall
on 8 July. During their year in
office, they will assist the
Lord Mayor in carrying out his
duties and attend sessions at
the Old Bailey.
Jonathan Oates, Ealing's Borough Archivist, gives a talk about
researching London ancestors at the City of London's Shoe Lane
Library, EC4, on 5 July, 12.30pm-1.30pm. Free admission more
details from www.cityofIondon.gov.uk/shoeIaneIibrary
8heriffs' poll at
Guildhall
Floating art in the
Barbican
Where are you from?
T
NEWS | IN BRIEF
AssetCo buys time as bid nears
Troubled fire engine supplier AssetCo put
in a petition to send the company into
administration yesterday in a move
believed to be buying its board two
weeks leeway as two bidders close in on
it. The administration submission came to
light at a hearing to discuss a creditors
petition from Northern Bank, which pro-
vides AssetCos overdraft, and three
other suppliers.
Aegis in exclusive Ipsos talks
Aegis said yesterday that talks with
French group Ipsos about the sale of its
market research unit Synovate had
moved to an exclusive basis. Aegis, which
also has a media buying arm, revealed it
was in discussions with Ipsos about the
sale of the unit, which analysts value at
about 500m, earlier this month. A sale
of the unit will focus attention on the rest
of Aegis as a target for M&A.
These strikes are a sign of unions gone astray
W
hen a monarch expresses
sympathy with strikers, the
workers probably have a
good cause. In 1926 the gen-
eral strikers were denounced as revo-
lutionaries, but King George V insist-
ed: Try living on their wages before
you judge them.
He had a point: miners were hav-
ing their hours increased and their
pay cut by between 10 and 25 per
cent. Indeed, trade unions have
fought many a good cause since they
were legalised in 1871. Conditions
were often so appalling that workers
quite literally worked themselves to
death. Pensions the main cause of
todays dispute were mostly a
dream.
But the founders of the trade
union movement, if they came back
today, would be astounded at how
their cause has gone astray.
Trade unions have won many suc-
cessful battles over the years. There
are rigorously enforced health and
safety rules, universal state pension
and often generous occupational
pensions, maternity and paternity
leave, and powerful employment pro-
tection upheld by an industrial tribu-
nal system that employers fear.
Just as environment groups suf-
fered a loss of direction after they
won most of their arguments, so
have trade unions. Rather than right-
ing wrongs, they now too often
defend the indefensible or defend
their own vested interests.
With less to offer, they can no
longer rely on employees paying
their dues because they can see the
advantages of joining, but instead
resort to heavy handed tactics.
Katharine Birbalsingh, the deputy
headmaster sacked after speaking at
the Conservative conference, has
described in horrifying detail the
scaremongering and bullying used
by education unions to recruit.
The education unions now too
often act against childrens and even
teachers interests: opposing head-
teachers being given the power to
raise wages for good teachers because
it would undermine the unions
negotiating role, and blocking pow-
ers to sack incompetent teachers,
damaging the education of millions
of children.
In todays strike, the unions are
defending what they know is inde-
fensible a public sector pension sys-
tem so generous that ordinary
taxpayers who are funding it cant
afford it for themselves.
The unions have won many battles,
but lost a role. In the long run, that
will be less a problem for the country
than it will be for the unions them-
selves.
Anthony Browne is a board member at
theCityUK
CITY COMMENT
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News
EMPLOYERS organisation the CBI yes-
terday threw its weight behind
Michael Goves pledge to put maths
back at the heart of the curriculum.
In a speech at the Royal Society, the
education secretary said he would
like to see the vast majorityof stu-
dents studying maths until the age of
18 within a decade.
And he told City A.M. that the gov-
ernment would consider new voca-
tional courses for 16-18 year olds that
were in employment or training.
Gove said there were strong argu-
ments for making certain subjects
compulsory for longer and floated
the idea that primary school pupils
should start studying basic calculus
and algebra.
East Asian countries had brought a
much greater focus on fundamental
number concepts, fractions and the
building blocks of algebra in primary
school, Gove said, adding that the
UK was lagging behind the interna-
tional standard for maths.
He said that even students who had
done well at GCSE had forgotten
much of what they knew by the time
they reached university, and so lacked
the numerical skills required for a sci-
ence or social science degree.
The CBI, which has long called for a
renewed drive to improve numeracy,
said that more than a third of compa-
nies were concerned with the basic
numeracy skills of school leavers.
Its really important to get the
majority of people, regardless of abil-
ity, to continue developing their
maths skills beyond GCSEs, so we wel-
come Goves goal to make this a real-
ity, said Katja Hall, chief policy
director at the CBI.
She added: There is currently a
gap between the standard of maths
achieved by many school leavers and
the skills that employers require.
Closing this maths gap will give UK
businesses access to the skills they
need to stay ahead.
CBI supports
Goves drive
for numeracy
A CONSERVATIVE MP is to propose
new legislation that would put a cap
on Britains national debt.
Sajid Javid, the MP for Bromsgrove,
will next month introduce a National
Debt Cap Bill under the ten minute
rule in the House of Commons.
The bill would cap the amount the
government can borrow as percentage
of GDP; currently, the figure stands at
60 per cent, although this is expected
to peak at 71 per cent in 2014.
Javid said the level at which the cap
were set would be a matter for the
Treasury, although he said he believed
that the national debt should be
capped at 40 per cent of GDP.
If such a law were introduced, it
would bring Britain in line with
America, which has a so-called debt
ceiling that means Congress must
vote to increase the countrys borrow-
ing limit beyond a set level.
President Barack Obama is currently
in a race against time to get Americas
debt limit raised by $2.4 trillion (1.5
trillion) by 2 August. If congress does
not raise the debt ceiling, America
could default on its debt.
Although bills introduced under the
ten minute rule rarely become law,
they are used by MPs to ensure that
certain issues are debated in the
Commons.
Tory MP calls
for cap on UK
national debt
BY DAVID CROW
POLITICS
DO YOU THINK BRITAIN NEEDS MORE ADVANCED

MATHEMATICIANS? Interviews by Lottie Ridley and Oliver Heilmann
Yes, definitely; I did a Masters in maths.
However, I think problems actually come from
primary schools. Children aren't challenged from a
young age and subjects such as maths become
unpopular with students when deciding
what to study.
AMAR SUMARIA | LLOYDS
Yes, I feel I would have benefitted had I been
given the opportunity to study further maths.
Advanced mathematicians will help the
economy in the long run. Lots of people don't
understand fundamental issues in the
economy and more knowledge would help.
Yes, I took further maths A level and it has
certainly helped with the line of work I'm involved
in as the two are interlinked. People today don't
seem to be as good with mental arithmetic, so
increased knowledge will help with a greater
understanding of todays economy.
OZ MAQSOOD | MARKEL INTERNATIONAL
ANGUS MACKENZIE | AON UK
BY DAVID CROW
POLITICS
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News
Why the City must invest in maths
Michael Gove tells
David Crowwhy he is
adding his voice to
City A.M.s financial
literacy campaign
T
HE refined surroundings of
the Royal Society are a world
apart from the scenes of
protest that will dominate
Westminster today. Yet this is where
Michael Gove, the education secre-
tary, has come to announce his
intention to put maths at the heart
of the curriculum. His aides say he
decided to press ahead with the
launch which has been in his diary
for months despite the impending
strikes.
A huge picture of Albert Einstein,
one of the Royal Societys most
famous fellows, hangs on the wall of
the room where Gove gives his
speech. One wonders what the great
scientist would make of the standoff
between the government and teach-
ing unions.
One thing Einstein would surely
approve of is Goves decision to
throw his weight behind City A.M.s
campaign to boost financial literacy.
Yesterday, he backed our call for the
City to donate to a charity that pro-
motes the teaching of further maths
at A-Level the kind of qualification
that will be essential for any future
Einsteins.
Shortly after his speech, he tells
me that the City should donate to
the Further Maths Support
Programme out of a sense of
enlightened self interest.
For society to understand what
happened in the banking crisis of
2008, he says, you need to have
people that have a proper mathemat-
ical understanding.
Were going to have debates over
the next couple of years on every-
thing from banking regulation to
capital ratios through to the advisa-
bility of certain financial products
people, he says. The more people
who understand risk, probability
and who have a sophisticated under-
standing of mathematics, then the
more understanding and receptive
that audience will be.
He adds that a more financially lit-
erate society would understand
what the City does, and why it is so
important, perhaps helping to
repair an image that has been deci-
mated by constant banker bashing.
But the City should also donate to
the further maths project because
its success critically depends on
the best possible human capital.
We know that those who will be
designing financial products in the
future marketing, selling and regu-
lating them are going to be people
who are educated to a high level
mathematically, he says.
By investing in this, what the City
will be doing is investing in its own
talent base for the future.
That could help London stem the
loss of business to Asia, he suggests.
Asias growth as a financial services
powerhouse and its decision to
invest heavily in mathematics and
science is no accident, he says.
Gove also argues that a more
financially literate society might
avoid a future crisis. The answer to
preventing another meltdown is not
the end of innovation, he says, but a
better understanding of sophisticat-
ed financial products among direc-
tors, politicians and regulators.
In the run up to the 2008 melt-
down, there were financial institu-
tions where the people leading them
simply werent equipped to ask the
right questions, he says. That was
also true for some of the people
involved in the political regulation
of them.
The more people we have,
whether its at director level or regu-
latory bodies or in politics, the pub-
lic and the commentariat who are
mathematically confident, the more
likely we are to be able to evade these
sorts of problems, he says.
To donate to the Further Maths
Support Programme contact Charlie
Stripp by email at
charlie.stripp@mei.org.uk
Michael Gove reading a copy of City A.M. yesterday Picture: Micha Theiner/ CITY A.M.
A CONTRACT IS SIGNED
IN LONDON. BY 10:30 AM THE
NEXT DAY IT TOUCHES DOWN
IN WALL STREET.

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BETFAIR responded in the best possi-
ble way to the news its chief executive
is to step down, racing ahead of ana-
lyst forecasts to post record full-year
results.
The online gaming firm posted pre-
tax profits of 26.6m, an increase of
almost 50 per cent on the previous
year. Revenue grew by eight per cent
to 368.6m.
Outgoing chief executive David Yu,
who said on Monday he will not
renew his contract, said: Revenue
growth during 2011 could have been
stronger but we have delivered a sig-
nificant improvement in margin
resulting in profitability for the year
above expectations.
Yu, who sent Betfair shares to a
record low of 715p on Friday as specu-
lation of his departure mounted, has
been in charge of the firm for six
years, after joining a decade ago.
He has overseen a difficult period
for Betfair since its stock market flota-
tion last October, with the firm slip-
ping in value by 40 per cent since its
flotation for 13 a share.
It has been dogged by regulatory
concerns in core markets including
Germany and Italy, where it has had
its licence suspended. However, it said
yesterday it will pay a maiden divi-
dend of 5.9p a share and intends to
repurchase up to 50m worth of
shares.
The market reacted cautiously to
the results, with Betfair stock closing
flat at 771.5p. It is now worth in the
region of 800m.
Betfair romps
home with
hike in profits
SONY boss Howard Stringer took a 16
per cent pay cut last year as he led the
struggling electronics giant to its
third consecutive full-year loss.
Welsh-born Stringer, who has
endured intense criticism over the
firms handling of a massive cyber
attack earlier this year, saw his salary
and bonus package fall to 2.7m,
from 3.2m in 2010.
The company is still reeling from
one of the largest ever corporate hack-
ing attacks, in which information on
100m of its users was stolen, as well as
damage to its supply-chain caused by
the Japanese tsunami.
The firm also announced second-
in-command Kazuo Hirai will relin-
quish day-to-day control of the
companys videogames unit in
September, making way for fellow
Welsh-born Sony veteran Andrew
House.
House is currently head of the
videogames units European branch.
Analysts say the move does not
harm Hirai chances of eventually tak-
ing the reins at the firm. He is widely
expected to replace the increasingly
unpopular Stringer.
Sony says around 90 per cent of its
PlayStation Network users have stuck
by the firm despite the breach.
Pay for Sonys
boss Stringer is
slashed by 16pc
David Yu is stepping down as chief exec of Betfair next year Picture: VISMEDIA
BY STEVE DINNEEN
GAMING
News
ANALYSIS l Betfair
p
1,050
950
850
750
771.50
29 Jun
ANALYST VIEWS: IS THIS THE START OF THE
BETFAIR TURNAROUND? Interviews by Steve Dinneen
IVOR JONES | NUMIS

Current trading, against the World Cup last year, is weak
and we believe that the share will tread water at best following these results
and will continue to do so until there is clear delivery on the strategic plans
referred to in today's statement.
NICK BATRAM | PEEL HUNT

Results came in above expectations driven by a better margin. Growth
is clearly challenging but the core business is robust and there is plenty of self help
that could drive a re-rating. There is still much to be done but at this level the risk-
reward profile is attractive.
SIMON FRENCH | PANMURE

Current trading is, as expected, weak but the group remains on track to
meet market expectations. We expect the shares to go better today and reiterate
our buy recommendation and 13.52 price target. The dividend of 5.9p is also
ahead of consensus expectations
BY STEVE DINNEEN
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Forex Report To
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SAATCHI& SAATCHI looks set to press
ahead with plans to redevelop its
Fitzrovia offices after Mayor of London
Boris Johnson signalled he will
approve the scheme.
Camden Council had rejected the
proposals after residents raised con-
cerns that the area is already over
developed and will suffer from the
extra workers. The ad agency wants to
almost double its floor space, which
will involve the demolition of the
Pregnant Man pub.
Meanwhile, listed ad agency M&C
Saatchi yesterday released a bullish
statement at its annual meeting boast-
ing of adding a string of blue chip
clients. Chairman Jeremy Sinclair said
the firm has signed up firms includ-
ing Google, BAE Systems and Siemens.
He said: The Group has continued
the progress made in 2010. The new
offices are performing promisingly
and the new business performance
has been good.
Mayor to back
Saatchis office
revamp plans
So weve consolidated our London offices into a brand new international
headquarters. Now under one roof, your team of leading commercial
lawyers will provide an even more closely coordinated and focused service.
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ADVERTISING
FOR MORE NEWS

@
www.cityam.com
News
TREVOR Beaumont, head of the Tote
betting pool, became chief executive of
Betfred yesterday in a move that will
smooth the integration of the two com-
panies and aid Betfreds relations with
the racing industry.
Beaumont has been appointed to the
newly-created role after Betfred
scooped the governments auction of
the Tote last month in a 265m deal.
Betfred, led by executive chairman
Fred Done, beat off competition from
rival bidder Sports Investment Partners
to secure the seven-year Tote licence.
Beaumont, who has led the Tote
since 2004, will now run the enlarged
group, which adds the Totes 517 shops
to Betfreds 840.
His appointment was not speci-
fied in Betfreds Tote bid but as
Done is now 60 it may allow him to
step back from day-to-day control.
Beaumont has, crucially, helped
run both private sector betting
companies and the British
Horseracing Board in the past. The
racing industry refused to back
Betfreds bid for the Tote and both
parties now need to build bridges as
they learn to work closely together.
Before running the Tote,
Beaumont was managing director of
Coral Eurobet and racing director of
the British Horseracing
Board.
Tote boss takes reins at
Betfred after auction
BY ALISON LOCK
LEISURE
TREVOR BEAUMONT
TWITTER FOUNDERS STATE THE OBVIOUS
Twitter co-founders Biz Stone and Evan Williams plan to revive Obvious, the
company they conceived years ago as a technology project incubator that
eventually spawned Twitter. Stone and Williams will continue to advise
Twitter on strategic matters, but devote the lions share of their time to The
Obvious Corporation. Picture: REUTERS
News
@
@
@
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School
Kingston
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For more details and to book your place visit
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Deloitte
The business advisory firm has pro-
moted Joel Greenwood to partner.
Greenwood leads Deloittes TMT cor-
porate finance advisory practice,
focusing on the technology and tele-
coms sectors.
Jefferies
The securities and investment bank-
ing group has appointed Michael
Prew as a managing director and
senior analyst for UK real estate
equity research. In addition, Robbie
Duncan joins Jefferies as a senior
vice president and senior analyst for
UK real estate equity research. Both
analysts join from Nomura.
Standard Life
Julie Hutchison has expanded her cur-
rent role overseeing the UK technical
solutions team at Standard Life to
include international propositions, in the
newly created role of head of interna-
tional technical insight.
Renaissance Capital
The emerging markets investment
bank has hired Igor Chemolosov as
director, head of option sales.
Chemolosov joins from VTB Capital
where he was director, derivatives
sales and origination.
Savills
Caroline Liljedahl, who has been part
of the firms Swedish investment
team since 2007, has joined Savills
cross border investment team.
CITY MOVES | WHOS SWITCHING JOBS Edited by Harriet Dennys
+44 (0)20 7092 0053
morganmckinley.com
To appear in CITYMOVES please email your career
updates and pictures to citymoves@cityam.com SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT
in association with
BEST OF THE BROKERS
ANALYSIS l Mail Ru Group Ltd
38
36
34
32
30
18Apr 16May 13Jun
32.94
29 Jun
$
MAIL.RU
Morgan Stanley sees the Russian search engine as well placed
within a booming Russian internet market, with usage and rev-
enues in the sector expected to double by 2013. The broker sees
the 11.3x earnings valuation as failing to capture its forecasts of
32 per cent revenue growth in 2012, and 48 per cent total
between 2010 and 2013.
ANALYSIS l Carrefour
32
31
30
29
28
27
26
18Apr 16May 13Jun
28.11
29 Jun
CARREFOUR
Nomura sees the supermarkets full-year growth target as over-
ly ambitious, and initiates coverage with a neutral rating and a
target price of 29 including its Dia arm. Though the broker
believes Carrefour will miss its targets, the prospect of potential
asset disposals and M&A are limiting the stocks downside.
LSCA
Grant Jones, a partner at accountancy firm
Cooper Parry, has been appointed as the new
president of the London Society of Chartered
Accountants, as announced at the bodys
recent AGM. The other office holders
announced include David Symes, managing
director of compliance recruitment solutions,
as deputy president and Naima Siddiqi, a
director at corporate finance advisory firm
Eximus Capital, as vice president.
W
all Street closed its best
three-day run in the past
three months yesterday
after the Greek parliament
approved austerity measures to avoid
defaulting on its debt.
Optimism about the plans
approval has helped the stock mar-
ket recoup some of its losses of the
last two months.
The CBOE Volatility Index, Wall
Streets fear gauge, fell 9.9
per cent to 17.27, its third straight
decline.
The whole scary month of June
has been healed with these nice
three days weve had, one analyst
said.
B
ritains top share index gained sharply yes-
terday as Greek lawmakers backed an aus-
terity plan to pave the way for bailout aid,
with financials and commodity stocks
leading the gainers. The FTSE 100 index closed
up 89.07 points, or 1.5 per cent, at 5,855.95,
building on Tuesdays 0.8 per cent gain, having
hit a fresh three-month low last Thursday.
Banks rose, while interdealer broker ICAP
added 9.7 per cent to become the top riser in the
FTSE 100. Keith Baird, analyst at Oriel, cited
improving sentiment for recently beaten-down
financial stocks as optimism gathered pace sur-
rounding the Greek vote.
Economic data from the US also helped the
rally as pending sales of existing US homes
bounced back from a seven-month low in May.
Banks lead the way in Greece
relief rally as FTSE gains 1.5pc
THELONDON
REPORT
THENEW YORK
REPORT
6,100
5,900
5,700
11 May 1 Jun 21 Jun 15 Apr 28 Mar
ANALYSIS l FTSE 100
5,855.95
29 June
I
nstitutional investors play a criti-
cal role across the spectrum of
corporate life and wealth genera-
tion in the UK. From generating
households pension or life insurance
income, to ensuring companies main-
tain the highest standards of corpo-
rate governance, their decisions are
vital. In an increasingly globalised
and competitive world, the Citys
investment managers have proved
themselves innovative, agile and
adept at generating world-leading
fund performances and investment
returns for their clients.
The Prudentials fund manager
delivered a storming performance
in 2010, seeing 26.4bn gross
inflows in the year a new record
for the business that beat its previ-
ous high of 24.9bn in 2009 that
took its funds under management
up 14 per cent to a whopping
198bn.
It has generated and held
investors confidence and is in
demand across a range of asset
classes including equity, property
and fixed income.
M&G has also stepped up to its
governance mandate over the past
year, backing the board of National
Express when its largest sharehold-
er, activist fund Elliott Advisors,
agitated for a sale or break-up of
the group.
M&G
INVESTMENTS
Avivas in-house asset manager,
with operations in 14 countries
and 260bn under management,
saw almost three quarters of its
funds beat their benchmarks last
year.
It saw a dramatic reversal in net
funded external sales, from 236m
outflows in 2009 to 2.4bn inflows
in 2010, while funds under man-
agement rose four per cent. It is
still expanding its funds range
and global presence, with new
licences to operate in Taiwan and
China.
Its property and fixed income
funds are award-winning while its
engagement on issues from energy
to remuneration have placed it at
the forefront of industry best prac-
tice.
AVIVA
INVESTORS
One of the Citys most successful
fund managers, Schroders prides
itself on thinking ahead of the
curve and running counter to pre-
vailing market sentiment.
From mid-cap fund manager
Andy Broughs decision to back
SCHRODERS
troubled music retailer HMV in
January, to head of equities Richard
Buxtons refusal to buy into the
blockbuster Glencore float,
Schroders continues to act as a
thought leader in the market while
also delivering continually strong
financial performances.
Pre-tax profits more than tripled
to 407m in the past year while
funds under management rose by
27bn to 197bn as investors
ploughed into its emerging market
funds.
Its willingness to chastise per-
formance or governance breaches
also place it among the UKs top
managers.
A jump of 54 per cent in pre-tax
profit in the past six months is just
the latest sign that Aberdeen is a
market leader in asset manage-
ment.
With more than 180bn under
management by March, this inno-
vative fund manager has benefited
from a strong emerging markets
focus, to the extent that it is hav-
ing to slow down the rate of
growth into those funds to prevent
them becoming unmanageably
large.
Revenues rose by a third in the
past six months while perform-
ance fees more than doubled. Its
last full-year results also beat fore-
casts by almost ten per cent, and it
promises more strong organic
growth to come.
ABERDEEN
ASSET
MANAGEMENT
Jupiters star has been rising for a
while now, as fund inflows and
profits continue to grow following
its successful London flotation last
June despite torrid market condi-
tions.
Under chief executive Edward
JUPITER
FUND
MANAGEMENT
Bonham Carter, the fund manager
has produced a stellar perform-
ance that has boosted its share
price from 165p at flotation to
about 241p today.
Net revenues are expected to be
up 15 per cent in the first half of
2011 thanks to growing manage-
ment fees, while pre-tax profit
jumped 490 per cent to 42.4m in
the past year.
With 24.8bn assets under man-
agement and successful emphasis
on sustainable investment, strate-
gic bonds and emerging markets,
analysts believe Jupiter is posi-
tioned for further growth in
future.
M
ICROCHIPS, miners and
media not to mention Man
and the master of temporary
power supplies Aggreko. This
years shortlist for Business of the
Year crosses sectors, but the finalists
share ambition, innovation and bold
decision-taking. Old and new, none
are resting on their laurels or copying
the past: all are looking to the future.
Dont miss the City event of the year
get online now and book your table for
the City A.M. Awards on 21 September
2011 at Grange St Pauls Hotel, London
EC4. www.CityAMAwards.com
Aggreko dominates global provi-
sion of temporary power, and the
tragedy of the Japanese earthquake
and tsunami has helped to shine
the spotlight on a company whose
growth is much more broadly
based. Aggreko now employs over
3,800 people in 148 locations, In
2010 Aggreko served customers in
about 100 countries, and had rev-
enues of approximately 1.2bn.
Aggreko has a market cap of 5bn.
Its value is now well over double
that of its pre-crash high, with
almost all of its growth organic. Its
shares have been fast moving
throughout the year.
Not only good for emergencies,
Aggreko has been appointed by the
London Olympic organising com-
mittee to be the exclusive supplier
of temporary energy services.
AGGREKO
Arm Holdings was the star of the
Las Vegas tech show in January. At
the event, Microsoft announced
that it would be designing its new
operating system with Arm chips in
mind.
The Cambridge-based microchip
company has had a great year. One
of the worlds leading semiconduc-
tor intellectual property suppliers,
chips developed by Arm feature in
95 per cent of the worlds mobile
phones. Already supplying the
brains of the iPhone and the orig-
inal iPad, Arm had another coup
when it was announced that their
chips would be used in the iPad 2.
Headquartered in Cambridge,
where the company began life in a
converted turkey shed 20 years ago,
the firm now employs more than
1,700 people world-wide.
ARM
HOLDINGS
Man Group, the worlds largest
publicly traded hedge fund, has
seen its assets under management
increase throughout the year, first
boosted by sales in Japan and then
through its acquisition of GLG
Partners.
Man Group bought GLG for
MAN GROUP $1.6bn (977m) in October last
year. The acquisition allowed the
fund to increase its assets by 75 per
cent in the year. The GLG purchase
was seen as an effective rebalanc-
ing of the firm, which critics previ-
ously saw as being too reliant on
computer-driven trading pro-
gramme AHL.
Although the macro shock of
the Japanese earthquake brought
volatility that hit Man Group ini-
tially, in May the firm said it had
raised $1.5bn for an open-ended
Japan fund, smashing analysts
forecasts. Assets under manage-
ment lifted three per cent to
$71bn (43.5bn) in the period to
the end of March this year. British Sky Broadcasting Group
(BSkyB) has had a good year, seeing
strong growth, despite its already
dominant market position. Last
year, Sky had a turnover of 5.9bn,
nosing it ahead of the BBC.
The elephant in the room has
been the potential for the govern-
ment to block News Corporations
proposed takeover of Sky.
Competition anxieties have
dogged the proposed deal, and
kept BSkyB in the headlines.
However, culture secretary
Jeremy Hunt is expected to give
the nod to the move, having
received a report on the deal from
regulator Ofcom. Should News
Corp be cleared for the takeover,
one of the potential barriers to
another successful year will have
been removed.
BSKYB
Operating in the minerals, oil and
gas, and power sectors, the Weir
Group is well set to benefit from
infrastructure development and
growing global energy needs.
With a market capitalisation
now well over 4bn, Weir became a
WEIR GROUP
FTSE entry in the last six months
and has continued to power up the
lists.
Weir is riding high, making the
most of a commodities boom and
the growth in shale gas explo-
ration. The oil and gas division
designs and manufactures pumps
and ancillary equipment for oil and
gas markets, providing aftermarket
service and support activities.
With exposure to multiple sec-
tors all set to continue their
growth trends, Weir Group looks
set to go from strength to strength.
A British engineer making the most
of its expertise, Weir is a success
story that looks set to continue.
OF THE YEAR
|
The Shortlist day nine
FUND MANAGER
Sponsored by OF THE YEAR
|
BUSINESS
News
Headline sponsor
20
Wealth Management| Funds
Asia provides
top prospects
for emerging
market gains
A rising tide doesnt necessarily lift all
ships, so it pays to discriminate when
picking the right fund, says Philip Salter
H
AVING successfully run
Barings Global Emerging
Markets fund for five years,
James Syme (below left) and
Paul Wimborne (below right) are mov-
ing over to JO Hambro Capital
Management (JOHCM) to start the
Global Emerging Market
Opportunities fund. It is being
launched today and will be run on
the premise that top-down develop-
ments, normally at the country-level,
cannot be ignored. This belief is sup-
ported by monthly analyses of coun-
try weights, sectors and themes of all
twenty-one MSCI emerging markets
index member countries.
ASIAN GROWTH TO CONTINUE
The new fund is focused on emerging
market countries where improved liq-
uidity can drive growth. China and
India both feature highly in their out-
look, as do Malaysia, Thailand and
Indonesia. Mark Williams, senior
China economist at Capital
Economics also expects continued
and rapid growth in Asia. He says:
Catch-up growth still has a decade to
run for most of Asia, open competi-
tive markets are fostering innovation
and trade linkages should also help
to drive growth. He believes emerging
Asia is still a decade away from hav-
ing to rethink its growth model.
Similarly, in its mid-year outlook
the private banking house Coutts
expects the global recovery to
remain centred on the new axis of
growth in China, wider Asia and
emerging markets in general. Coutts
also notes: These
markets still
trade at a val-
uation dis-
count to
their devel-
oped peers,
despite hav-
ing faster-
growing
economies and higher returns on
equity. The anticipated strengthening
of local currencies is an additional
source of potential returns. Coutts
expects an Asian shift in favour of
equity returns for Asian and emerg-
ing markets, so is bullish on China,
Taiwan and Singapore.
COUNTRIES TO AVOID
For Syme and Wimborne, not all
emerging markets are equal. Their
unashamedly top-down approach
also picks out countries in which they
simply wont invest. Egypt, Peru and
Hungary are currently off-limits
because of their poor political situa-
tions, while South African miners
and Mexican monopolies dont look
appealing. They think the Czech
Republic and South Korea offer little
growth and Turkey although poten-
tially a good long-term prospect
doesnt look great in the short to
medium-term. For Syme and
Wimborne state-owned assets doing
national service rule out most
emerging market oil companies and
Chinese and Korean power compa-
nies. They also see some profitable
parties coming to an end, including
leveraged Indian banks, Brazils dis-
cretionary consumables and Chinese
property.
If investors look solely at worst-case
scenarios they would invest in noth-
ing but gold. Equally, given the insta-
bility in the Middle East and north
Africa people are right to be wary of
putting their money into an indis-
criminate emerging market fund.
One solution is the JOHCM Global
Emerging Market
Opportunities
fund, which,
by taking a
macro per-
s pe c t i ve ,
aims to sep-
arate the
wheat from
the chaff.
Chinas future is still looking bright Picture: GETTY
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Wealth Management | Institutional FX
Swiss franc
strength
hits exports
W
HILE the European sovereign
debt crisis rages on, Switzerland
sits in the eye of the economic
storm. Though the Swiss have
been prudent where their European Union
neighbours have been profligate, their
economy is nevertheless suffering from the
effects of the European turmoil.
The longer the European crisis contin-
ues, the higher the Swiss franc will climb,
squeezing the life out of Swiss exporters.
The Swiss franc is strengthening for a
number of reasons, the most prominent
being a flight to quality in light of concerns
over sovereign debt and continued worries
over inflation and growth in the global
economy, says Steven Braithwaite, director
of FX trading at RBC Dexia. Taking a long
position in gold tends to be the primary
inflation trade and going long on the Swiss
franc is a haven from heightened geopoliti-
cal risk.
The rising Swissie is hurting the
countrys trade, says Craig Drake
News of a drop in
Swiss franc strength
would be moosic to
their ears
Picture:REX
And the Swiss franc is not just at a high
against the ailing Eurozone. The EU still
accounts for 60 per cent of Swiss exports,
but figures for last year show that growth
in exports to emerging markets was
greater than to the EU. So the euro-Swiss
franc is not the only important pairing for
the Swiss economy. Even the commodity
inflated Australian and Canadian dollars
are 7 and 8 percent weaker in Swiss franc
terms since the beginning of the year.
According to Mark Thompson, senior com-
mercial dealer at Global Reach Partners:
Latest export figures show that the strong
franc is weighing on overseas sales of Swiss
goods and services, however this effect is
not as dramatic as you would expect. The
stronger franc is also acting as an inflation
control mechanism while other European
nations continue to battle with rising
prices. Interestingly, despite these suppos-
edly austere times, a recent statistic indicat-
ed that sales of Swiss watches were up 40
per cent in May. However, it may be simply
a period of calm before Swiss franc
strength really starts to damage its export
economy.
DELAYED EFFECTS ON EXPORTS
From an export point of view, there is a
lag between rises in the franc and an effect
on Swiss exporters, says Ken Dickson,
investment director for currency and for-
eign exchange for Standard Life
Investments. What seems to be happening
for the moment is that exporters are hav-
ing their profit margins squeezed, and so
the currency rises are being absorbed by
their balance sheets. Swiss exporters cant
carry on absorbing a strengthening franc
forever. As Swiss franc strength continues,
you are going to see exporters losing
orders. Reports from the Swiss National
Bank (SNB) indicate that this is beginning
to happen.
It is unlikely that the central bank will
take measures to revalue the currency. The
SNB has tried this in the past, and it proved
to be very expensive and didnt achieve
anything significant. With the sheer vol-
ume of currency flows into the franc, the
tide is certainly not in the favour of any
success this time. As long as the volatility
in the Eurozone continues, it seems that
the Swiss are just going to have to sit it out
until the Eurozone sovereign debt storm
subsides.
0.84
0.82
0.80
0.78
0.76
16May 6Jun 27Jun 25Apr 4Apr

ANALYSIS l Swiss franc-euro strength
LON GD ONCE FIX AM...........1506.00 3.50
SILVER LDN FIX AM ..................34.61 0.79
MAPLE LEAF 1 OZ ....................51.60 0.90
LON PLATINUM AM................1710.00 19.00
LON PALLADIUM AM...............742.00 8.00
ALUMINIUM CASH .................2479.50 13.50
COPPER CASH ......................8995.00 -5.00
LEAD CASH...........................2552.00 7.00
NICKEL CASH......................22485.00 540.00
TIN CASH.............................25245.00 55.00
ZINC CASH ............................2234.00 5.50
BRENT SPOT INDEX................107.77 3.04
SOYA .....................................1330.75 1.00
COCOA..................................3018.00 23.00
COFFEE...................................257.90 7.75
KRUG.....................................1559.90 2.00
WHEAT ....................................168.62 4.50
AIR LIQUIDE........................................97.62 1.64 100.65 79.85
ALLIANZ..............................................94.91 2.86 108.85 78.99
ALSTOM ..............................................42.26 0.51 45.32 30.78
ANHEUS-BUSCH INBEV ....................40.05 0.48 46.33 38.68
ARCELORMITTAL...............................23.77 0.67 28.55 20.26
AXA......................................................15.26 0.37 16.16 10.88
BANCO SANTANDER...........................7.80 0.16 10.23 7.00
BASF SE..............................................66.31 1.59 70.22 40.74
BAYER.................................................54.79 0.90 59.44 43.27
BBVA......................................................7.90 0.18 10.71 6.75
BMW ....................................................68.86 -0.24 70.02 37.80
BNP PARIBAS.....................................52.00 0.87 59.93 43.13
CARREFOUR.......................................28.11 0.67 41.28 25.95
CREDIT AGRICOLE............................10.17 0.18 12.92 8.13
CRH PLC .............................................14.83 0.54 18.10 11.51
DAIMLER.............................................51.34 0.95 59.09 37.03
DANONE..............................................51.69 -0.85 52.94 41.00
DEUTSCHE BANK..............................40.17 0.40 51.61 35.93
DEUTSCHE BOERSE .........................52.10 0.90 62.48 46.33
DEUTSCHE TELEKOM.......................10.58 0.17 11.38 9.50
E.ON.....................................................19.24 0.18 25.54 18.25
ENEL......................................................4.44 0.08 4.86 3.42
ENI .......................................................16.12 0.36 18.66 14.62
FRANCE TELECOM............................14.42 0.23 17.45 14.01
GDF SUEZ ...........................................24.78 0.66 30.05 22.64
GENERALI ASS...................................14.35 0.38 17.05 13.31
IBERDROLA..........................................6.05 0.07 6.50 4.38
ING GROEP CVA...................................8.24 0.27 9.50 5.92
INTESA SANPAOLO.............................1.79 0.02 2.53 1.65
KON.PHILIPS ELECTR.......................17.10 0.30 26.43 15.56
L'OREAL..............................................88.98 1.23 90.00 75.03
LVMH..................................................122.50 1.90 129.05 84.85
MUNICH RE.......................................103.60 1.55 126.00 99.62
NOKIA....................................................4.39 0.14 8.49 4.03
REPSOL YPF.......................................23.20 0.89 24.90 16.30
RWE.....................................................37.74 0.60 56.49 36.71
SAINT-GOBAIN...................................43.85 1.86 47.64 27.81
SANOFI ................................................54.45 0.62 56.50 44.01
SAP......................................................41.33 0.26 46.15 34.13
SCHNEIDER ELECTRIC ...................113.40 3.15 123.65 79.70
SIEMENS .............................................93.48 2.48 99.39 70.02
SOCIETE GENERALE.........................39.82 1.01 52.70 32.50
TELECOM ITALIA..................................0.94 0.03 1.16 0.89
TELEFONICA ......................................16.51 0.29 19.69 14.95
TOTAL..................................................39.12 0.72 44.55 35.66
UNIBAIL-RODAMCO SE...................157.50 1.65 159.30 111.60
UNICREDIT............................................1.42 0.02 2.24 1.31
UNILEVER CVA...................................22.62 0.03 24.11 20.68
VINCI ....................................................43.42 1.23 45.48 33.01
VIVENDI ...............................................19.02 0.42 22.07 16.25
Price Chg High Low
EUSHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 5855.95 89.07 1.54
FTSE 250 INDEX. . . . . . . . 11799.15 192.77 1.66
FTSE UK ALL SHARE . . . . 3052.05 46.20 1.54
FTSE AIMALL SH . . . . . . . . 846.92 11.99 1.44
DOWJONES INDUS 30 . . 12261.42 72.73 0.60
S&P 500 . . . . . . . . . . . . . . . 1307.41 10.74 0.83
NASDAQ COMPOSITE . . . 2740.49 11.18 0.41
FTSEUROFIRST 300 . . . . . 1098.71 17.88 1.65
NIKKEI 225 AVERAGE. . . . 9797.26 148.28 1.54
DAX 30 PERFORMANCE. . 7294.14 123.71 1.73
CAC 40 . . . . . . . . . . . . . . . . 3924.23 72.34 1.88
SHANGHAI SE INDEX . . . . 2728.48 -30.72 -1.11
HANG SENG. . . . . . . . . . . 22061.18 -0.60 0.00
S&P/ASX 20 INDEX . . . . . . 2744.30 34.20 1.26
ASX ALL ORDINARIES . . . 4579.80 56.60 1.25
BOVESPA SAO PAOLO. . 62333.97 30.60 0.05
ISEQ OVERALL INDEX . . . 2942.05 30.00 1.03
STI . . . . . . . . . . . . . . . . . . . . 3079.74 28.95 0.95
IGBM. . . . . . . . . . . . . . . . . . 1027.80 20.21 2.01
SWISS MARKET INDEX. . . 6101.55 99.15 1.65
Price Chg %chg
3M........................................................93.11 0.09 97.95 76.85
ABBOTT LABS ...................................52.16 -0.09 54.24 44.59
ALCOA ................................................15.82 0.17 18.47 9.81
ALTRIA GROUP..................................26.10 -0.26 28.13 19.69
AMAZON.COM..................................204.18 1.83 206.39 105.80
AMERICAN EXPRESS........................50.92 1.10 51.97 37.33
AMGEN INC.........................................57.78 -0.87 61.53 50.34
APPLE...............................................334.04 -1.22 364.90 236.78
AT&T....................................................31.26 0.24 31.94 23.88
BANK OF AMERICA...........................11.14 0.32 15.72 10.40
BERKSHIRE HATAW B.......................77.03 0.61 87.65 73.23
BOEING CO.........................................72.72 0.63 80.65 59.48
BRISTOL MYERS SQUI ......................28.54 -0.06 29.54 20.05
CATERPILLAR..................................103.36 -0.48 116.55 58.06
CHEVRON.........................................101.28 0.93 109.94 66.83
CISCO SYSTEMS................................15.34 0.21 26.00 14.78
CITIGROUP.........................................41.50 1.35 51.50 36.20
COCA-COLA.......................................66.71 0.68 68.77 49.47
COLGATE PALMOLIVE......................86.74 0.92 89.36 73.12
CONOCOPHILLIPS.............................74.02 0.76 81.80 48.06
DU PONT(EI) DE NMR........................53.32 0.66 57.00 33.73
EMC CORP..........................................27.10 0.23 28.73 17.87
EXXON MOBIL....................................80.25 0.62 88.23 55.94
GENERAL ELECTRIC.........................18.56 0.12 21.65 13.75
GOOGLE A........................................497.57 3.92 642.96 433.63
HEWLETT PACKARD.........................35.55 0.46 49.39 33.95
HOME DEPOT.....................................35.98 -0.08 39.38 26.62
IBM.....................................................170.54 0.53 173.54 120.61
INTEL CORP .......................................21.39 -0.10 26.78 17.60
J.P.MORGAN CHASE.........................40.45 0.91 48.36 35.16
JOHNSON & JOHNSON.....................66.31 0.40 67.37 56.86
KRAFT FOODS A................................34.83 0.30 35.44 24.30
MC DONALD'S CORP ........................84.57 0.22 84.66 65.31
MERCK AND CO. NEW......................35.10 0.19 37.68 31.06
MICROSOFT........................................25.62 -0.18 29.46 22.73
OCCID. PETROLEUM.......................102.88 1.95 117.89 72.13
ORACLE CORP...................................32.43 0.09 36.50 21.24
PEPSICO.............................................69.96 0.34 71.89 60.32
PFIZER ................................................20.67 0.12 21.45 14.00
PHILIP MORRIS INTL .........................66.17 0.28 71.75 45.54
PROCTER AND GAMBLE ..................62.55 -0.17 67.72 56.57
QUALCOMM INC ................................55.43 -0.02 59.84 31.63
SCHLUMBERGER ..............................85.21 0.86 95.64 52.91
TRAVELERS CIES..............................58.57 1.02 64.17 48.17
UNITED TECHNOLOGIE ....................86.47 -0.08 90.67 63.62
UNITEDHEALTH GROUP...................51.54 -0.23 52.64 27.13
VERIZON COMMS ..............................36.72 0.15 38.95 25.80
WAL-MART STORES..........................52.64 0.11 57.90 47.77
WALT DISNEY CO ..............................38.35 0.43 44.34 30.72
WELLS FARGO & CO.........................28.07 0.58 34.25 23.02
COMMODITIES CREDIT & RATES
BoE IR Overnight ............................0.500 0.00
BoE IR 7 days.................................0.500 0.00
BoE IR 1 month ..............................0.500 0.00
BoE IR 3 months ............................0.500 0.00
BoE IR 6 months ............................0.545 0.00
LIBOR Euro - overnight ..................0.925 0.09
LIBOR Euro - 12 months ................2.125 0.00
LIBOR USD - overnight...................0.125 0.00
LIBOR USD - 12 months.................0.735 0.00
HaIifax mortgage rate .....................3.500 0.00
Euro Base Rate ...............................1.250 0.00
Finance house base rate................1.000 0.00
US Fed funds...................................0.250 0.00
US Iong bond yieId .........................4.020 0.03
European repo rate .........................0.911 0.00
Euro Euribor ....................................1.207 0.00
The vix index ...................................17.27 -1.90
The baItic dry index ........................1.438 0.00
Markit iBoxx...................................219.05 -1.63
Markit iTraxx....................................95.06 0.00
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
USSHARES
C/$ 1.4433 0.0064
C/ 0.8985 0.0002
C/ 116.61 0.1550
/C 1.1132 0.0006
/$ 1.6065 0.0072
/ 129.76 0.0514
FTSE 100
5855.95
89.07
FTSE 250
11799.15
192.77
FTSE ALLSHARE
3052.05
46.20
DOW
12261.42
72.73
NASDAQ
2740.49
11.18
S&P 500
1307.41
10.74
Rexam . . . . . . . . . . . .381.1 6.7 400.0 290.4
RPC Group . . . . . . . .348.1 -3.0 361.1 199.9
Smiths Group . . . . .1181.0 32.0 1429.0 1043.0
Brown (N.) Group . . .267.0 3.0 311.2 221.0
Carpetright . . . . . . . . .655.0 -12.5 835.5 631.0
Debenhams . . . . . . . . .68.4 -0.7 77.4 53.0
Dignity . . . . . . . . . . . .771.0 0.0 785.0 627.5
Dixons RetaiI . . . . . . .16.4 -0.1 28.5 11.8
DuneImGroup . . . . . .394.2 -4.8 550.0 325.3
HaIfords Group . . . . .377.5 -10.9 525.0 348.2
Home RetaiI Group . .160.0 -0.8 244.5 158.0
Inchcape . . . . . . . . . .413.5 10.7 414.0 237.1
JD Sports Fashion . .923.0 3.0 1005.0 723.5
Kesa EIectricaIs . . . .138.3 4.0 174.0 109.8
Kingfisher . . . . . . . . .268.1 -1.5 287.1 198.5
Marks & Spencer G . .361.6 -7.3 427.5 327.2
Mothercare . . . . . . . .388.1 -0.4 627.5 381.5
Next . . . . . . . . . . . . .2273.0 -3.0 2326.0 1868.0
Sports Direct Int . . . .233.7 3.7 235.0 101.1
WH Smith . . . . . . . . . .490.0 2.2 523.0 398.2
Smith & Nephew . . . .649.0 13.0 742.0 537.5
Synergy HeaIth . . . . .904.5 -0.5 948.0 640.0
Barratt DeveIopme . .112.3 0.5 119.0 70.1
YuIe Catto & Co . . . . .224.8 6.8 240.5 112.7
BaIfour Beatty . . . . . .305.9 5.2 357.3 229.8
KeIIer Group . . . . . . .440.0 8.0 698.5 430.8
Kier Group . . . . . . . .1322.0 -4.0 1418.0 886.5
Drax Group . . . . . . . .494.2 3.6 497.6 353.6
Scottish & Southe . .1398.0 12.0 1410.0 1108.0
Domino Printing S . .670.0 10.0 705.0 440.0
HaIma . . . . . . . . . . . . .406.8 5.1 412.1 265.4
Laird . . . . . . . . . . . . . .202.7 2.7 203.2 98.8
Morgan CrucibIe C . .301.7 14.2 333.0 179.5
Renishaw . . . . . . . . .1763.0 13.0 1819.0 709.0
Spectris . . . . . . . . . .1575.0 37.0 1581.0 740.5
Aberforth SmaIIer . . .681.0 8.5 714.0 506.0
AIIiance Trust . . . . . .380.5 4.1 385.0 293.5
Bankers Inv Trust . . .414.5 6.5 428.0 337.0
BH GIobaI Ltd. GB .1105.0 3.0 1174.0 1058.0
BH GIobaI Ltd. US . . . .11.1 0.1 11.6 10.4
BH Macro Ltd. EUR . . .17.2 0.1 17.2 15.8
BH Macro Ltd. GBP 1770.0 1.0 1775.0 1630.0
BH Macro Ltd. USD . . .17.2 0.1 17.2 15.8
BIackRock WorId M .744.5 13.5 815.5 533.0
BIueCrest AIIBIue . . .173.6 -0.2 176.2 163.8
British Assets Tr . . . .133.5 1.1 140.5 105.0
British Empire Se . . .517.0 4.0 533.0 404.1
CaIedonia Investm .1709.0 25.0 1928.0 1539.0
City of London In . . .297.4 2.1 303.2 235.0
Dexion AbsoIute L . .145.0 -0.5 151.0 131.2
Edinburgh Dragon . .241.5 2.4 262.1 205.3
Edinburgh Inv Tru . . .467.8 0.9 492.2 372.2
EIectra Private E . . .1729.0 13.0 1755.0 1183.0
F&C Inv Trust . . . . . .315.3 2.9 317.5 251.4
FideIity China Sp . . . .100.5 1.4 128.7 93.0
FideIity European . .1233.0 16.0 1287.0 916.0
FideIity SpeciaI . . . . .562.0 5.0 595.0 503.0
HeraId Inv Trust . . . . .525.0 7.0 541.0 352.5
HICL Infrastructu . . . .115.0 0.3 121.3 112.0
Impax Environment .116.0 1.4 130.5 106.5
JPMorgan American .873.5 17.5 909.0 673.0
JPMorgan Asian In . .231.0 4.8 250.8 187.1
JPMorgan Emerging .585.0 6.0 639.0 479.5
JPMorgan European .905.0 19.0 983.5 618.0
JPMorgan Indian I . . .422.2 7.2 502.0 394.1
JPMorgan Russian .665.0 10.5 755.0 502.0
Law Debenture Cor . .369.0 4.0 372.4 273.3
MercantiIe Inv Tr . . .1050.0 6.0 1137.0 840.0
Merchants Trust . . . .414.2 -0.3 431.8 320.0
Monks Inv Trust . . . .345.0 3.1 367.9 275.5
Murray Income Tru . .653.0 4.0 672.0 518.0
Murray Internatio . . .974.0 15.5 975.5 805.5
PerpetuaI Income . . .269.0 2.9 276.0 212.0
PoIar Cap TechnoI . .353.0 7.0 391.2 275.6
RIT CapitaI Partn . . .1303.0 -8.0 1328.0 1107.0
Scottish Inv Trus . . . .506.5 9.5 517.0 401.5
Scottish Mortgage . .745.0 13.0 764.0 533.0
SVG CapitaI . . . . . . . .261.8 9.8 279.8 143.6
TempIe Bar Inv Tr . . .925.0 14.0 947.5 717.0
TempIeton Emergin .641.0 10.5 689.5 515.0
TR Property Inv T . . .193.0 3.3 201.0 132.3
TR Property Inv T . . . .90.9 0.9 91.0 59.5
Witan Inv Trust . . . . .512.5 5.5 528.0 409.9
3i Group . . . . . . . . . . .276.9 6.0 340.0 254.1
3i Infrastructure . . . .120.5 0.1 125.2 108.9
Aberdeen Asset Ma .223.3 7.4 240.0 123.0
Ashmore Group . . . .399.9 15.9 400.9 236.5
BerkeIey TechnoIo . . . .4.3 0.0 9.0 2.2
Brewin DoIphin Ho . .147.6 4.1 185.4 114.0
CameIIia . . . . . . . . .10200.0 7.510950.0 7600.0
CharIes TayIor Co . . .155.0 0.5 234.0 122.0
City of London Gr . . . .79.0 -1.5 93.6 70.7
City of London In . . .427.0 3.0 461.5 273.5
CIose Brothers Gr . . .763.0 24.0 888.5 664.0
CoIIins Stewart H . . . .71.0 -1.5 90.8 70.5
EvoIution Group . . . . .64.0 -0.3 92.0 64.0
F&C Asset Managem .74.4 0.7 92.9 47.5
Hargreaves Lansdo .609.5 13.0 646.5 317.4
HeIphire Group . . . . . . .4.0 0.1 44.0 3.2
Henderson Group . . .151.0 5.1 173.1 118.1
Highway CapitaI . . . . .18.5 0.0 21.0 6.0
ICAP . . . . . . . . . . . . . .478.8 42.3 570.5 380.2
IG Group HoIdings . .431.1 4.5 553.0 416.2
Intermediate Capi . . .323.9 11.6 360.3 240.4
InternationaI Per . . . .343.5 6.8 386.6 183.3
InternationaI Pub . . . .117.7 0.2 118.3 108.6
Investec . . . . . . . . . . .496.2 10.0 538.0 429.2
IP Group . . . . . . . . . . . .50.0 2.5 53.8 27.9
Jupiter Fund Mana . .249.2 10.5 337.3 180.3
Liontrust Asset M . . . .77.0 -1.5 95.3 70.0
LMS CapitaI . . . . . . . . .62.3 0.9 64.8 40.0
London Finance & . . .21.0 0.0 23.5 16.5
London Stock Exch .956.0 29.0 990.0 544.0
Lonrho . . . . . . . . . . . . .18.0 0.0 19.8 10.0
Man Group . . . . . . . . .233.7 0.9 311.0 206.4
Paragon Group Of . .193.0 3.7 206.1 114.4
Provident Financi . . .947.5 14.0 1033.0 728.5
Rathbone Brothers .1080.0 10.0 1257.0 762.5
Record . . . . . . . . . . . . .33.1 0.4 52.8 20.3
RSM Tenon Group . . .24.8 0.3 66.3 21.3
Schroders . . . . . . . .1521.0 51.0 1922.0 1154.0
Schroders (Non-Vo .1276.0 43.0 1554.0 950.5
TuIIett Prebon . . . . . .354.5 4.5 428.6 307.5
WaIker Crips Grou . . .51.0 0.0 51.0 46.5
BT Group . . . . . . . . . .198.6 4.0 201.9 126.3
CabIe & WireIess . . . .39.4 1.3 61.4 37.2
CabIe & WireIess . . . .47.6 2.6 90.0 45.0
COLT Group SA . . . .143.7 0.7 156.2 109.0
TaIkTaIk TeIecom . . .144.0 1.5 168.3 114.3
TeIecomPIus . . . . . . .660.0 15.0 700.0 327.0
Booker Group . . . . . . .68.0 -0.1 70.3 39.5
Greggs . . . . . . . . . . . .524.0 4.0 542.0 418.7
Morrison (Wm) Sup .293.9 1.9 308.3 262.7
Ocado Group . . . . . . .184.5 4.5 285.0 123.5
Sainsbury (J) . . . . . . .328.4 2.8 395.0 317.2
Tesco . . . . . . . . . . . . .397.8 2.4 440.7 377.5
Associated Britis . .1078.0 -2.0 1182.0 940.0
Cranswick . . . . . . . . .732.0 -16.5 907.5 724.5
Dairy Crest Group . . .371.6 4.7 424.9 339.7
Devro . . . . . . . . . . . . .270.0 3.4 296.9 196.8
Premier Foods . . . . . . .24.5 -1.1 35.1 16.0
Tate & LyIe . . . . . . . . .616.0 -2.5 656.0 409.1
UniIever . . . . . . . . . .1995.0 7.0 2002.0 1688.0
Mondi . . . . . . . . . . . . .610.0 10.0 630.0 367.6
Centrica . . . . . . . . . . .324.9 0.5 346.1 292.8
InternationaI Pow . . .317.0 6.1 448.6 295.9
NationaI Grid . . . . . . .608.0 13.0 632.5 485.0
Northumbrian Wate .413.1 -3.6 419.8 295.5
Pennon Group . . . . . .695.0 15.0 698.0 545.5
Severn Trent . . . . . .1463.0 15.0 1517.0 1216.0
United UtiIities . . . . .598.5 6.0 632.0 520.0
Cookson Group . . . . .656.5 40.5 724.5 367.4
DS Smith . . . . . . . . . .250.0 6.0 250.0 116.0
GIencore Internat . . .486.6 0.2 531.1 466.7
BAE Systems . . . . . .317.4 8.5 369.9 294.7
Chemring Group . . . .630.0 16.5 736.5 519.6
Cobham . . . . . . . . . . .210.1 2.1 247.6 192.3
Meggitt . . . . . . . . . . . .379.1 10.7 384.5 261.7
QinetiQ Group . . . . . .117.3 1.2 136.3 96.7
RoIIs-Royce Group . .634.5 21.5 665.0 535.0
Senior . . . . . . . . . . . . .176.0 13.5 179.6 111.2
UItra EIectronics . . .1656.0 43.0 1895.0 1522.0
GKN . . . . . . . . . . . . . .227.7 7.5 237.1 109.3
BarcIays . . . . . . . . . . .249.3 7.3 344.0 237.3
HSBC HoIdings . . . . .612.4 4.2 730.9 596.2
LIoyds Banking Gr . . .44.7 0.5 77.6 43.4
RoyaI Bank of Sco . . .36.8 0.2 52.1 35.1
Standard Chartere .1610.0 29.0 1950.0 1519.0
AG Barr . . . . . . . . . .1315.0 2.0 1395.0 1035.0
Britvic . . . . . . . . . . . . .390.0 -0.9 518.0 364.5
Diageo . . . . . . . . . . .1264.0 5.0 1301.0 1033.0
SABMiIIer . . . . . . . . .2209.5 33.0 2306.0 1827.0
AZ EIectronic Mat . . .314.8 0.7 338.1 248.5
Croda Internation . .1853.0 6.0 1962.0 971.0
EIementis . . . . . . . . . .169.5 2.5 170.0 61.0
Johnson Matthey . .1945.0 46.0 2119.0 1460.0
Victrex . . . . . . . . . . .1479.0 21.0 1525.0 1049.0
Price Chg High Low
BeIIway . . . . . . . . . . . .707.0 -16.0 753.5 511.0
BerkeIey Group Ho .1295.0 1.0 1305.0 763.5
Bovis Homes Group .429.2 6.6 464.7 326.6
Persimmon . . . . . . . .474.9 -3.1 502.5 336.5
Reckitt Benckiser . .3400.0 -29.0 3648.0 3015.0
Redrow . . . . . . . . . . . .123.0 1.0 139.0 97.5
TayIor Wimpey . . . . . . .36.5 -0.4 43.3 22.3
Bodycote . . . . . . . . . .360.6 19.1 397.7 185.0
Charter Internati . . . .787.0 172.0 853.5 538.5
Fenner . . . . . . . . . . . .391.6 13.6 393.8 192.2
IMI . . . . . . . . . . . . . . .1023.0 27.5 1112.0 657.5
MeIrose . . . . . . . . . . .357.0 12.3 370.4 203.4
Northgate . . . . . . . . . .309.8 4.8 346.7 152.3
Rotork . . . . . . . . . . .1635.0 41.0 1895.0 1254.0
Spirax-Sarco Engi . .1957.0 43.0 2063.0 1346.0
Weir Group . . . . . . .2090.0 29.0 2097.0 1024.0
Ferrexpo . . . . . . . . . . .469.6 12.0 499.0 235.0
TaIvivaara Mining . . .434.9 25.1 622.0 352.3
BBAAviation . . . . . . .214.2 4.1 240.8 175.0
Stobart Group Ltd . . .143.3 0.2 163.6 124.1
AdmiraI Group . . . . .1646.0 1.0 1754.0 1390.0
Haynes PubIishing . .253.5 0.0 262.5 202.5
Huntsworth . . . . . . . . .72.9 -0.1 86.0 65.0
Informa . . . . . . . . . . . .424.0 12.0 461.1 342.1
ITE Group . . . . . . . . . .211.5 9.5 258.2 136.2
ITV . . . . . . . . . . . . . . . . .72.0 4.5 93.5 48.3
Johnston Press . . . . . . .5.4 0.0 20.0 4.4
MecomGroup . . . . . .217.0 2.0 310.0 162.0
Moneysupermarket. . .99.8 0.4 109.3 64.6
Pearson . . . . . . . . . .1162.0 21.0 1175.0 864.0
Reed EIsevier . . . . . .554.0 8.0 590.5 490.2
Rightmove . . . . . . . .1167.0 17.0 1178.0 596.5
STV Group . . . . . . . . .127.0 3.0 168.0 66.0
Tarsus Group . . . . . .148.0 -1.5 165.0 112.5
Trinity Mirror . . . . . . . .42.3 1.0 124.3 40.8
United Business M . .538.0 15.5 725.0 483.8
UTV Media . . . . . . . . .122.0 2.8 151.0 106.0
WiImington Group . . .117.0 -1.8 183.0 114.0
WPP . . . . . . . . . . . . . .770.0 22.5 846.5 614.5
YeII Group . . . . . . . . . . .5.8 0.7 30.2 5.1
African Barrick G . . .411.6 3.1 638.0 393.5
AngIo American . . .3015.0 58.0 3437.0 2254.0
AngIo Pacific Gro . . .312.1 9.9 369.3 249.0
Antofagasta . . . . . . .1365.0 62.0 1634.0 761.0
Aquarius PIatinum . .313.0 10.1 419.0 227.1
BHP BiIIiton . . . . . . .2404.5 62.0 2631.5 1684.5
AmIin . . . . . . . . . . . . .404.3 1.3 433.0 375.3
BeazIey . . . . . . . . . . . .122.0 1.3 139.2 109.1
CatIin Group Ltd. . . .400.1 2.8 421.4 325.0
Hiscox Ltd. . . . . . . . . .410.4 5.2 424.7 336.1
Jardine LIoyd Tho . . .670.0 15.5 709.0 521.5
Lancashire HoIdin . . .636.5 8.5 660.0 491.1
RSA Insurance Gro . .132.8 0.2 143.5 117.9
Aviva . . . . . . . . . . . . . .428.8 5.9 477.9 305.8
LegaI & GeneraI G . . .116.6 5.6 123.8 75.6
OId MutuaI . . . . . . . . .130.4 2.8 145.2 102.0
Phoenix Group HoI . .600.0 10.0 758.0 584.5
PrudentiaI . . . . . . . . .708.5 3.0 777.0 489.2
ResoIution Ltd. . . . . .293.6 1.3 316.1 211.3
St James's PIace . . . .324.0 3.0 360.4 204.2
Standard Life . . . . . . .205.2 3.4 244.7 173.0
4Imprint Group . . . . .265.0 -5.0 295.0 195.0
Aegis Group . . . . . . .158.5 0.8 160.9 103.6
BIoomsbury PubIis . .127.5 0.5 138.0 108.5
British Sky Broad . . .848.0 -1.0 850.0 693.5
Centaur Media . . . . . . .44.8 -2.0 73.0 44.8
Chime Communicati .277.0 -5.5 298.5 158.0
Creston . . . . . . . . . . . .113.5 -4.0 121.0 78.5
DaiIy MaiI and Ge . . .455.1 10.9 594.5 433.0
Euromoney Institu . .648.0 12.0 736.0 575.5
Future . . . . . . . . . . . . . .18.5 0.6 30.0 15.8
Centamin Egypt Lt . .126.0 1.0 197.1 114.5
Eurasian NaturaI . . .770.0 38.0 1125.0 695.5
FresniIIo . . . . . . . . . .1415.0 17.0 1682.0 950.0
GemDiamonds Ltd. .230.3 1.3 306.0 186.3
HochschiId Mining . .444.3 2.5 680.0 289.4
Kazakhmys . . . . . . .1350.0 50.0 1671.0 965.0
Kenmare Resources . .57.0 -0.6 58.0 11.5
Lonmin . . . . . . . . . . .1435.0 20.0 1983.0 1355.0
New WorId Resourc .870.0 6.5 1060.0 861.5
PetropavIovsk . . . . . .715.5 10.5 1252.0 678.0
RandgoId Resource 5200.0 145.0 6655.0 4425.0
Rio Tinto . . . . . . . . .4412.0 74.5 4712.0 2880.5
Vedanta Resources 2032.0 60.0 2583.0 1832.0
Xstrata . . . . . . . . . . .1341.5 57.5 1550.0 845.8
Inmarsat . . . . . . . . . . .549.5 6.5 756.5 542.5
Vodafone Group . . . .165.4 3.4 181.9 136.5
Genesis Emerging . .520.0 9.0 568.0 439.1
Afren . . . . . . . . . . . . . .157.0 4.3 171.2 79.2
BG Group . . . . . . . . .1350.0 45.5 1564.5 1002.0
BP . . . . . . . . . . . . . . . .449.4 5.9 509.0 302.9
Cairn Energy . . . . . . .406.3 11.3 493.2 366.0
EnQuest . . . . . . . . . . .123.1 1.7 158.5 96.0
Essar Energy . . . . . .403.3 5.9 589.5 385.7
ExiIIon Energy . . . . . .435.6 35.4 469.7 166.5
Heritage OiI . . . . . . . .216.4 -0.5 486.0 210.0
JKX OiI & Gas . . . . . .263.7 2.7 335.1 228.0
Premier OiI . . . . . . . . .441.0 12.4 535.0 304.5
RoyaI Dutch SheII . .2173.0 29.0 2326.5 1624.0
RoyaI Dutch SheII . .2176.0 33.0 2336.0 1554.0
SaIamander Energy .274.2 7.6 317.6 210.0
Soco Internationa . . .355.6 6.9 484.2 292.0
TuIIow OiI . . . . . . . . .1244.0 24.0 1493.0 991.5
Amec . . . . . . . . . . . .1075.0 27.0 1251.0 805.5
Hunting . . . . . . . . . . .756.0 15.0 817.0 439.4
John Wood Group . .637.5 18.5 706.0 308.4
LampreII . . . . . . . . . . .362.1 8.5 364.4 186.3
Petrofac Ltd. . . . . . .1545.0 36.0 1685.0 1141.0
Burberry Group . . . .1449.0 71.0 1450.0 739.5
PZ Cussons . . . . . . . .356.5 2.0 409.0 320.5
Supergroup . . . . . . . .850.0 5.5 1820.0 720.0
AstraZeneca . . . . . .3086.5 53.0 3385.0 2801.5
BTG . . . . . . . . . . . . . .278.0 2.6 282.5 191.0
Genus . . . . . . . . . . . .1023.0 10.0 1046.0 704.5
GIaxoSmithKIine . . .1322.5 20.0 1348.5 1095.0
Hikma Pharmaceuti .764.5 -2.5 900.0 687.5
Shire PIc . . . . . . . . . .1930.0 20.0 1961.0 1341.0
CapitaI & Countie . . .193.6 4.6 193.7 105.3
Daejan HoIdings . . .2761.0 60.0 2919.0 2251.0
F&C CommerciaI Pr .106.2 1.1 108.0 88.0
Grainger . . . . . . . . . . .127.0 2.0 128.2 86.3
London & Stamford .129.3 -1.2 140.0 110.3
SaviIIs . . . . . . . . . . . . .388.0 -2.0 427.1 273.1
St. Modwen Proper . .185.0 5.0 192.0 135.4
UK CommerciaI Pro . .82.2 0.8 85.5 74.3
Unite Group . . . . . . . .212.2 6.7 229.8 170.5
Big YeIIow Group . . .300.0 -0.3 353.3 287.1
British Land Co . . . . .599.5 10.5 606.0 429.0
CapitaI Shopping . . .395.0 3.1 424.8 301.3
Derwent London . . .1823.0 31.0 1871.0 1208.0
Great PortIand Es . . .433.3 4.2 442.2 281.0
Hammerson . . . . . . . .474.9 3.5 486.3 336.3
Hansteen HoIdings . . .87.0 0.5 89.3 59.4
Land Securities G . . .838.0 4.5 854.0 545.0
SEGRO . . . . . . . . . . . .309.9 0.8 331.3 250.2
Shaftesbury . . . . . . . .525.0 7.5 539.0 349.3
Autonomy Corporat 1694.0 71.0 1915.0 1271.0
Aveva Group . . . . . .1711.0 30.0 1743.0 1127.0
Computacenter . . . . .470.0 0.0 489.7 260.0
Fidessa Group . . . . .1925.0 -28.0 1971.0 1300.0
Invensys . . . . . . . . . . .318.7 11.3 364.3 230.2
Kofax . . . . . . . . . . . . .452.0 6.6 535.0 231.0
Logica . . . . . . . . . . . .133.2 4.2 147.2 101.7
Micro Focus Inter . . .336.0 -5.9 452.4 276.0
Misys . . . . . . . . . . . . .418.7 1.7 420.1 232.8
Sage Group . . . . . . . .286.8 4.1 302.0 222.7
SDL . . . . . . . . . . . . . . .701.5 5.0 711.5 450.0
TeIecity Group . . . . . .554.5 3.0 555.0 377.0
Aggreko . . . . . . . . . .1883.0 30.0 1935.0 1346.0
Ashtead Group . . . . .169.6 9.6 207.9 77.0
Atkins (WS) . . . . . . . .738.5 8.0 820.0 650.0
Babcock Internati . . .712.5 22.5 714.0 492.8
Berendsen . . . . . . . . .505.5 6.5 519.5 360.2
BunzI . . . . . . . . . . . . .767.0 6.5 783.0 658.0
Capita Group . . . . . . .718.5 7.5 794.5 635.5
CariIIion . . . . . . . . . . .376.5 9.3 403.2 291.2
De La Rue . . . . . . . . .752.5 9.0 952.5 549.5
EIectrocomponents .269.0 5.2 294.9 205.7
Experian . . . . . . . . . . .783.0 19.0 819.0 578.0
FiItrona PLC . . . . . . . .359.0 -1.6 385.5 209.2
G4S . . . . . . . . . . . . . . .276.6 3.8 291.0 237.7
Hays . . . . . . . . . . . . . .100.5 2.7 133.6 88.4
Homeserve . . . . . . . .500.5 -9.0 532.0 398.6
Howden Joinery Gr . .108.0 2.0 127.5 56.8
Intertek Group . . . . .1987.0 7.0 2148.0 1437.0
MichaeI Page Inte . . .530.5 6.0 567.0 349.4
Mitie Group . . . . . . . .233.5 4.0 242.5 188.7
Premier FarneII . . . . .239.6 4.4 308.8 210.2
Regus . . . . . . . . . . . . .109.5 2.1 119.0 66.1
RentokiI InitiaI . . . . . . .93.0 1.8 114.0 84.3
RPS Group . . . . . . . . .244.4 3.9 251.4 169.8
Serco Group . . . . . . .552.5 2.0 633.0 529.5
Shanks Group . . . . . .126.7 6.1 130.9 96.5
SIG . . . . . . . . . . . . . . .133.0 0.0 153.5 90.7
SThree . . . . . . . . . . . .376.8 4.1 447.6 231.1
Travis Perkins . . . . . .989.5 24.5 1127.0 709.0
WoIseIey . . . . . . . . .1997.0 42.0 2261.0 1223.0
ARM HoIdings . . . . . .594.5 5.0 651.0 270.5
CSR . . . . . . . . . . . . . .310.0 8.0 447.0 280.9
Imagination Techn . .376.7 1.7 502.0 273.1
Pace . . . . . . . . . . . . . .107.7 1.3 231.8 93.0
Spirent Communica .149.4 1.8 160.3 108.2
British American . .2685.5 3.0 2745.5 2091.0
ImperiaI Tobacco . .2042.0 12.0 2231.0 1784.0
Avis Europe . . . . . . . .310.2 -0.2 311.1 184.0
Betfair Group . . . . . . .771.5 0.0 1550.0 726.5
Bwin.party Digita . . .148.2 15.2 309.5 127.0
CarnivaI . . . . . . . . . .2413.0 8.0 3153.0 2037.0
Compass Group . . . .592.0 -9.5 601.5 501.0
Domino's Pizza UK . .402.5 7.7 586.0 373.9
easyJet . . . . . . . . . . . .357.9 5.1 479.0 322.3
Enterprise Inns . . . . . .64.1 -2.5 122.7 63.9
FirstGroup . . . . . . . . .340.5 2.5 412.6 311.3
Go-Ahead Group . . .1564.0 -1.0 1598.0 1042.0
Greene King . . . . . . .518.0 12.5 519.0 392.1
InterContinentaI . . .1279.0 22.0 1435.0 982.0
InternationaI Con . . .251.6 1.3 305.0 186.5
JD Wetherspoon . . . .436.0 4.7 468.3 386.5
Ladbrokes . . . . . . . . .149.0 1.3 152.2 122.7
Marston's . . . . . . . . . .102.3 0.8 117.1 90.4
MiIIennium& Copt . .502.0 16.0 600.5 392.0
MitcheIIs & ButIe . . . .318.8 -2.0 361.0 274.0
NationaI Express . . .249.9 0.9 270.2 213.4
Punch Taverns . . . . . .72.0 0.1 90.4 58.0
Rank Group . . . . . . . .149.8 0.2 153.0 94.8
Restaurant Group . . .295.0 0.4 335.0 208.2
Stagecoach Group . .255.2 5.0 258.0 160.7
Thomas Cook Group 129.3 2.2 204.8 125.7
TUI TraveI . . . . . . . . . .225.7 3.0 271.9 190.0
Whitbread . . . . . . . .1623.0 33.0 1887.0 1361.0
WiIIiamHiII . . . . . . . . .225.0 2.3 225.4 155.5
Abcam . . . . . . . . . . . .421.3 6.3 428.5 244.0
AIbemarIe & Bond . .364.0 4.0 368.7 218.0
Amerisur Resource . .23.3 0.5 29.0 11.5
Andor TechnoIogy . .640.0 3.5 659.0 258.0
ArchipeIago Resou . . .61.6 1.1 66.8 32.3
ASOS . . . . . . . . . . . .2405.0 5.0 2468.0 840.0
AureIian OiI & Ga . . . .55.5 3.5 92.0 35.8
Avanti Communicat .370.0 -4.8 735.0 339.0
Avocet Mining . . . . . .214.3 14.3 253.5 112.0
BIinkx . . . . . . . . . . . . .118.3 4.8 148.8 33.5
Borders & Souther . . .50.8 1.3 93.0 49.5
BowLeven . . . . . . . . .326.5 2.3 398.0 126.3
Brooks MacdonaId 1320.0 -12.5 1372.5 767.5
CaIedon Resources .111.0 0.3 111.0 23.3
Conygar Investmen .108.5 0.5 120.0 101.3
Cove Energy . . . . . . . .98.3 3.5 112.8 47.5
Daisy Group . . . . . . .127.0 2.0 129.0 86.0
EMIS Group . . . . . . . .516.0 -4.0 555.5 303.5
Encore OiI . . . . . . . . . .61.5 1.5 151.5 47.5
Faroe PetroIeum . . . .162.0 5.5 218.3 115.0
GuIfsands PetroIe . . .209.8 1.3 401.5 207.3
GWPharmaceuticaI .125.0 1.0 130.0 83.0
Hamworthy . . . . . . . .649.5 6.5 684.5 297.5
Hargreaves Servic .1050.0 -3.0 1054.7 560.0
HeaIthcare Locums . .112.5 0.0 112.5 112.5
Immunodiagnostic . .997.3 -2.8 1005.0 680.0
ImpeIIamGroup . . . .361.0 -0.1 387.5 84.0
James HaIstead . . . . .482.0 14.4 485.0 306.0
KaIahari MineraIs . . .235.3 1.5 301.0 142.0
London Mining . . . . .337.0 0.3 436.5 211.0
Lupus CapitaI . . . . . .113.5 1.3 150.0 72.0
M. P. Evans Group . .436.6 0.3 500.5 334.0
Majestic Wine . . . . . .466.0 4.3 470.3 293.0
May Gurney Integr . .275.3 2.3 285.0 177.0
Monitise . . . . . . . . . . . .29.5 0.8 30.3 17.8
MuIberry Group . . . .1510.0 35.0 1610.0 237.5
Nanoco Group . . . . . . .81.0 1.0 115.8 68.0
NauticaI PetroIeu . . .300.0 12.8 547.0 128.0
NichoIs . . . . . . . . . . . .547.5 7.5 578.0 390.0
Numis Corporation . . .96.0 -4.4 146.5 94.0
Pan African Resou . . .10.3 -0.3 12.3 5.9
Patagonia GoId . . . . . .50.8 1.5 59.3 12.5
Prezzo . . . . . . . . . . . . .66.8 0.3 71.5 37.8
Pursuit Dynamics . . .308.0 -5.0 700.0 196.0
Rockhopper ExpIor .265.3 7.3 510.0 202.5
RWS HoIdings . . . . . .449.9 -1.0 472.0 239.0
Songbird Estates . . .153.8 0.5 160.3 135.0
VaIiant PetroIeum . . .592.0 13.0 761.5 504.0
Young & Co's Brew . .657.0 17.0 685.0 510.0
Charter Internatio . . .787.0 28.0
Bwin.party DigitaI . . .148.2 11.4
ICAP . . . . . . . . . . . . . .478.8 9.7
ExiIIon Energy . . . . . .435.6 8.9
Senior . . . . . . . . . . . . .176.0 8.3
ITV . . . . . . . . . . . . . . . .72.0 6.6
Cookson Group . . . . .656.5 6.6
TaIvivaara Mining . . .434.9 6.1
Ashtead Group . . . . .169.6 6.0
CabIe & WireIess W . .47.6 5.8
Premier Foods . . . . . . .24.5 -4.3
Enterprise Inns . . . . . .64.1 -3.7
HaIfords Group . . . . .377.5 -2.8
BeIIway . . . . . . . . . . .707.0 -2.2
Cranswick . . . . . . . . .732.0 -2.2
Marks & Spencer Gr .361.6 -2.0
Carpetright . . . . . . . .655.0 -1.9
Homeserve . . . . . . . .500.5 -1.8
Micro Focus Intern . .336.0 -1.7
Compass Group . . . .592.0 -1.6
Risers FaIIers
MAIN CHANGES UK 350
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
Price Chg High Low Price Chg High Low
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NONEQUITY INVESTM. COMM.
Tsy 3.250 11 . . . . .101.21 -0.02 103.7 101.2
Tsy 9.000 11 . . . . .100.28 -0.02 108.6 100.3
Tsy 2.500 11 . . . . .307.28 0.00 310.0 307.3
Tsy 5.000 12 . . . .103.02 -0.05 107.1 103.0
Tsy 5.250 12 . . . .104.28 -0.02 108.4 104.2
Tsy 9.000 12 . . . .108.98 0.00 116.7 107.9
Tsy 4.500 13 . . . .106.19 -0.06 109.2 105.8
Tsy 2.500 13 . . . .286.97 0.06 287.7 274.9
Tsy 8.000 13 . . . . .115.63 -0.07 121.3 115.5
Tsy 5.000 14 . . . . .111.21 -0.19 114.1 109.2
Tsy 7.750 15 . . . .103.98 -0.24 110.7 76.0
Tsy 8.000 15 . . . .126.20 -0.26 131.6 123.7
Tsy 4.750 15 . . . . .111.84 -0.25 114.7 108.6
Tsy 2.500 16 . . . .330.81 -0.14 334.1 304.4
Tsy 4.000 16 . . . .108.96 -0.29 111.4 104.9
Tsy 12.000 17 . . .126.34 0.00 185.9 126.0
Tsy 1.250 17 . . . . .110.82 -0.23 112.1 104.9
Tsy 8.750 17 . . . . .136.11 -0.67 142.2 132.9
Tsy 5.000 18 . . . . .114.54 -0.41 117.6 109.7
Tsy 4.500 19 . . . . .110.66 -0.45 113.8 105.4
Tsy 3.750 19 . . . .104.79 -0.52 107.7 99.4
Tsy 4.750 20 . . . . .111.82 -0.54 115.9 106.6
Tsy 2.500 20 . . . .336.37 -0.46 341.2 303.8
Tsy 8.000 21 . . . .140.15 -0.61 147.1 133.8
Tsy 4.000 22 . . . .103.78 -0.56 108.4 99.0
Tsy 1.875 22 . . . . .115.25 -0.39 117.8 108.5
Tsy 2.500 24 . . . .293.10 -0.37 298.9 262.1
Tsy 5.000 25 . . . . .111.99 -0.56 118.5 107.4
Tsy 1.250 27 . . . .108.50 -0.39 111.2 100.5
Tsy 4.250 27 . . . .102.08 -0.61 108.8 97.9
Tsy 6.000 28 . . . .124.06 -0.58 132.7 119.5
Tsy 4.750 30 . . . .107.66 -0.57 115.0 103.0
Tsy 4.125 30 . . . .279.79 -0.32 283.9 248.7
Tsy 4.250 32 . . . .100.66 -0.59 107.8 96.0
Tsy 4.250 36 . . . . .99.82 -0.63 107.4 95.0
Tsy 4.750 38 . . . .108.24 -0.63 116.5 102.8
Tsy 4.500 42 . . . .104.37 0.00 112.8 98.9
% %
Wealth Management | Markets
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CAREERS NEWS | IN BRIEF
SPENDING ON STAFF IS UP 17 PER CENT
Employers spent 17 per cent more on entertainment for
their staff during the height of the recession (2008-9),
such as days out at Ascot and golf trips according to
data obtained by UHY Hacker Young. The taxable value
of non-business related entertainment provided to staff
jumped from 120m to 140m in 2008-9. The figures
cover strictly non-business entertainment such as
employers taking top sales staff skiing in Klosters, for
example. Roy Maugham, Tax Partner, at UHY Hacker
Young, says: Its surprising that the value of staff enter-
tainment hit its highest level in three years while the
recession was in full swing. Thats maybe because
employers felt that staff morale needed a boost during
the recession, or that events which were already planned
went ahead and budgets were only cut the following
year.
MAJORITY SHOULD BE COACHED
Despite being aware of the benefits of coaching, only half
of UK companies coach all of their staff, according to
research by the Institute of Leadership & Management
(ILM). The report shows that 80 per cent of companies
use coaching as a staff development tool, with 95 per
cent reporting benefits to the organisation, and 96 per
cent seeing benefits to the individual being coached. But
coaching is predominantly targeted at senior level
employees, with 85 per cent of companies coaching sen-
ior managers and directors, compared to just 52 per
cent providing coaching for non-management staff.
Penny de Valk of the ILM says: Coaching is the single
most cost-effective development investment an organi-
sation can make as this learning naturally spreads across
the workplace. Yet our research suggests that a limited
segment of the working population receives coaching.
She needs to convince
the employer that
shes worth the risk
Picture: REX
Three tips that will make you stand out
from the other candidates at interview
I
T'S TOUGH looking for a job. Hedge
funds are attracting over 232 applica-
tions for every place. Standing out
against a crowd of that many hope-
fuls is now more important than ever.
But its amazing how many credible can-
didates fall at the first hurdle, making
mistakes that a little preparation could
solve. Here is some of the simplest advice
I give to my clients before they go into an
interview:
1. GET INSIDE THE EMPLOYERS HEAD
Get into the head of the employer. What
is relevant to them? Are they looking for
big ideas, contacts, industry knowledge
or the ability to shift large amounts of
grunt work? You have to ask these ques-
tions if you want to stand out. You have
to be able to answer the killer question:
what do you bring to the table?
Too many job hunters go on (and on
and on and on) about things that dont
remotely interest the employer. Things
that are irrelevant because they are
givens (your 2.1 degree for example) or
things you think are relevant, but the
employer doesnt. You have to identify
what drives them. These are always tangi-
ble skills and strong personal characteris-
tics. They will be looking for someone
they think fits into their company cul-
ture. Oh, and they tend to choose people
they like too.
Make sure you do your homework.
Research the company, read their recent
news articles, find out about their corpo-
rate culture and learn about their plans
for the future. Company websites are a
mine of information you arent trying
hard enough if you dont read them and
tailor your message accordingly.
2. DONT TRY TO BLAG IT
Once you have done that, you have to illus-
trate the fact that you can deliver what they
want. Blagging will be found out. However
valid the fake it until you make it motto
is thought to be, in todays job climate,
employers want someone who adds value
quickly. You have to convince them they
should take the risk with you. This means
selling your skills. Merely listing your job
titles is no help (and painfully dull).
Explain what you have actually done and
how you were successful. If you ramble on
in jargon without any examples, relying
on unsubstantiated claims and copy-and-
paste style adjectives (hardworking, inno-
vative, creative, team player) do you really
expect to stand out?
3. MAKE SURE YOU STAND OUT
The third thing provides the winning tick-
et: you have to differentiate yourself from
the competition. Unless you can do this,
your CV will be canned when the employ-
er first sifts through them. Cheek, charm
and chutzpah are great in movies and
(sometimes) play a role in getting you a job
-- but you need to get into the interview
room first. Finally, if you want to be the
person hired, talk about the future and
what you want to achieve within that
company and for that company. People
who focus on the past dont move for-
ward.
James Bond is fiction. The effortless
amateur hero does not exist. Proper prepa-
ration is vital. Working out a clear, com-
pelling and concise narrative will make a
difference. If you need help, get help.
Athletes use coaches. Margaret Thatcher
had coaching. William Hague and his
team spent 26.5 hours prepping for every
Prime Ministers question time every
week. Even Eric Schmidt of Google says
everyone needs a coach.
Peter Botting has more than 20 years experi-
ence helping corporates, organisations and indi-
viduals with their communication strategies. He
has worked with the management team of the
Dax-listed SAP, the Sri Lankan Prime Minister,
hundreds of MPs and was most recently the com-
munications director of the NO2AV campaign.
www.peterbotting.com.
PETER BOTTING
EXECUTIVE COACH
Business Features| Careers
24
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Suits
andthe
City
Menswear
special
l Bespoke or
ready to wear?
We help you decide
l Suit care: top tips
for sartorial longevity
The Gentlemans Tailor
19 Savile Row; Austin Reed, Regent Street; House of Fraser: City, Guildford and Reading
The Number 1 Shirtmaker to the City
Heres some of you wearing them
www.tmlewin.co.uk
Suits and the City
SQUARE MILE STYLES
Left: pinstripe suit by Hackett, price on application.
www.hackett.co.uk; Middle: navy double-breasted suit by
Gieves & Hawkes, 2,250 www.gievesandhawkes.com.
Right: two-button navy suit by Brooks Brothers,
from 349, www.brooksbrothers.com
T
HE Citys menfolk have been through
various versions of the traditional
business uniform, each a reflection of
the age in which they were worn. The
pinstriped, bowler-hatted patrician of old;
the jacket-off, red-braces bravado of the 80s;
the dress-down-Friday scruffs of the 90s;
the wide-tied, wide-striped wide-boys of the
more recent boom. Clichs all, but each
founded in truth.
Right now, though, the City is witness-
ing a bit of a golden age for good suiting.
The sobriety of the post-recession era, the
return of heritage values and the interest
in traditional craft and style, which
colours everything from our food choices
to our TV watching witness the success of
Mad Men and Boardwalk Empire has re-
emphasised the elegance of a English suit.
And that chap with the bowler hat and
umbrella, long an object of ridicule, is sud-
denly an icon of old-fashioned style.
A few years ago people were dressing
down and it got a bit casual, but right now
people want to look really smart, says John
Hitchcock, head cutter at legendary Savile
Row tailoring house Anderson Sheppard.
Ive been in the trade over 45 years and Ive
never seen it so busy. Even when I joined the
company they said itll turn to ready-made,
but good tailoring always comes back and
right now its snowballed and a lot of that
is down to the City.
This is not simply about chaps wanting
to luxuriate in the trappings of good, old-
fashioned styling though. As Christ Scott-
Gray of made-to-measure specialist Chester
Barrie points out, serious times require
serious sartorial effort. Where we are now
as a country and an economy, and the City
as an institution, make it a time for people
who look as though they mean business.
Its a time for gravitas.
Which means if youre still rocking the
same off-the-peg suit youve been wearing
for years, on the basis that its just about
adequate and youd rather save your
money for a holiday, youre seriously
The classic English business suit was born in the Square
Mile and is having a major resurgence, says Timothy Barber
Sharp style comes home to the City
behind the curve. Carin King of menswear
style consultancy Purple Eagle, says those
who dont make the effort to look their
best will find themselves held back.
If you care about your presentation, it
suggests that you also care about the pres-
entation of others. We know if we feel
smart or not, and if we dont, it can be
betrayed in our behaviour, our manner-
isms and even our posture. Others appreci-
ate your smart appearance because
subconsiously it makes them feel good
being around you.
If you work in the City, Chris Scott Gray
says the bare minimum number of suits
you should own is five one for each day of
the week. Patrick Grant of Norton & Sons
reckons double that more suits extends
the life of your investment. A plain char-
coal suit and a navy suit single breasted,
two button should form the basis of any
wardrobe, and from there you can invest
build up your collection.
If you cant afford too many suits, a sec-
ond pair of trousers will make it last
longer, says Grant.
Right now, the big boom area is in three-
piece suits, which had almost vanished a
few years ago. The skill of making waist-
coats was dying out, and all of a sudden we
cant make enough of them we need
another person in the workshop working
just on them, says John Hitchcock. James
Sleater of rising City tailors Cad & the
Dandy says that three years ago his compa-
ny made waistcoats for one in 100 suits;
now its as much as one in three.
Double-breasted suits are continuing
their rather gradual return to the fray,
while even pinstripe, the pattern the City
made famous, is beginning to pick up
again, after falling from favour amid thhe
strife of the banking crisis.
The power suit is cmoing back a bit,
says John Hitchcock. People could carry it
off quite well until everyone started hit-
ting on bankers, but the stripes will come
back theyre what the City is all about.
Right, the City has a
strong sartorial
tradition.
Picture: GETTY
Suits and the City
espoke,
T
HE difference between bespoke,
made to measure and ready to
wear is neither incidental nor
arbitrary. It is very important in
the consideration that goes into buy-
ing a new suit and is tightly defined.
The term bespoke tends to be
bandied around pretty liberally today,
but in the context of tailoring it rep-
resents a wonderful tradition that
exhibits the best of British craft.
It means a suit that is cut by
hand, creating a unique paper
pattern, and made by hand, usu-
ally in the vicinity of the cut-
ting. It creates a suit that fits
better than any other.
Made to measure (MTM) is
best thought of in the context
of ready to wear (RTW). The lat-
ter was pioneered by the
Italians in the 1950s, who seg-
mented the male form into
different sizes for mass pro-
duction. The vast majority of
the worlds suits are now
made this way.
MTM is usually made in the
same factory, just individually.
Instead of making a batch, a few
specific measurements are punched
in to the master computer and one
suit pops out, cut to your personal
dimensions. The chest, waist, sleeve
length, trouser length and trouser
waist are yours. Which means it fits
perfectly, right?
INFINITE MEASUREMENTS
Well, not quite. Even MTM suits that
take into account more than a dozen
measurements rarely fit as well as
bespoke. Imagine the long, S-shaped
curve of your back, seen in profile.
How many measurements does it
take to recreate that? I think the
mathematicians would tell us the
number is infinite. The fact is,
bespoke patterns are often drawn and
cut by eye, with the cutter using his
measurements and notes as a guide.
MTM will never take into account the
amount you stoop or which shoulder
is lower than the other.
So bespoke is always better? Again,
its not that simple. First, it costs a lot
more. MTM usually costs between
500 and 1,000; a bespoke Savile
Row suit will set you back 2,500
to 4,000. Whether its worth
spending five times as much
depends on how much you
value the make of the suit and
how hard it is to find a suit that
fits you. The latter point can be
misleading: a lot of men think
they are an average size, but
theyve never looked at their
suit from the back and seen
how it collapses into wrinkles
as soon as they put it on.
PRACTICAL AND AESTHETIC
The way a bespoke suit is
made has advantages that are
both practical and aesthetic.
The work that goes into every-
thing from the lining of the
waistband to the stitching of the
pockets means the suit will last a lot
longer. And even the hand sewing of
the buttonholes creates a sharp,
raised stitch that its easy to become
obsessive about. As John Hitchcock,
head cutter at bespoke tailor
Anderson & Sheppard puts it: A
bespoke suit is a great work, and one
which will last you for exactly as long
as you look after it.
But quality and fit are semi-inde-
pendent. Chester Barries range is a
good example. It stocks RTW and
MTM suits in its Savile Row store that
are 70 per cent handmade and have
all the bespoke accoutrements like
those lovely buttonholes. Its not as
Sartorial expert Simon Crompton says it depends
on how you prioritise fit, quality, style and cost
simple as just trading up from ready
to wear to made to measure to
bespoke, says Chris Scott-Gray at
Chester Barrie. They overlap and
intertwine, depending on your priori-
ties.
Theres also the question of style.
The tailor Timothy Everest offers
handmade RTW, aimed at customers
who love the detail and trappings of,
say, a Donegal-tweed button-up jacket
but cant afford to have one made. As
with those willing to pay 2,800 for a
Ralph Lauren Purple Label suit, they
buy the design and aspire to the fit.
GOOD VALUE
Bespoke is a wonderful process but it
can be frustrating few customers
are capable suit designers, at least
when they start out. But such is the
fashion for better-cut suits now that
luxury brands like Daks and Alfred
Dunhill have started offering MTM
services, while even high street
brands like Reiss and Moss Bros are
getting onboard with good-value
MTM. Pick the design off the rail and
just wait a few weeks to have a suit
made that fits you better, even if it
has none of the handmade quality of
a true bespoke number.
In the end the choice between
bespoke, MTM and RTW means decid-
ing how much you care about fit,
quality and style as well as cost, and
you need to understand what a partic-
ular retailer is offering you in those
categories. Getting it out of them,
however, may be just as hard as decid-
ing what you want.
Simon Crompton is the author of the mens
style website www.permanentstyle.co.uk
T
HE resurgence in suit wearing over
the past few years has seen a slew
of young companies appear offer-
ing tailored suits at recession-
friendly prices. The denizens of Savile Row
may turn their noses up at such upstarts,
who make no bones about saving costs by
making their suits abroad, but theres no
denying the value they offer. A suit cut to
your personal measurements and taste
can be purchased for as little as 400.
The entrepreneurs behind these busi-
nesses make strong claims for the quality
of the product too. James Sleater and Iain
Meiers, the former City bankers who three
years ago founded Cad & the Dandy
(www.cadandthedandy.co.uk), point out
that their Shanghai workshop employs
tailors trained by Savile Row pros, making
suits by hand. Their top tier suits sell for
750 and are cut in London, before being
put together in China a process they also
undertake on behalf of other London tai-
lors for suits that sell at Savile Row prices.
Another of the most established names
on the scene is A Suit that Fits
(www.asuitthatfits.com), which celebrates
its fifth birthday this week. It employs
100 tailors in Nepal, who are paid 50 per
cent over the local rate, and where fund-
ing from the company has paid for a sci-
ence laboratory and a new rubberised
playground at the local school. Its suits
cost on average 450, though they start
at 200. The company operates nation-
wide, with 12 permanent, appointment-
only studios and 18 other locations where
its tailors stop once a week.
If these businesses names reflect their
founders eagerness to separate them-
selves from the sober deference of Savile
Row, then so does their approach to tech-
nology and marketing. Cad & the Dandy,
who are making rugby player Mike
Tindalls morning suit for his wedding to
Zara Phillips, won a major award for their
use of online tech to make the flow of
business between them and their suppli-
ers more efficient.
The website for A Suit that Fits, mean-
while, hosts style blogs from several of its
employees.
We wanted to make tailoring accessi-
ble, says co-founder David Hathiramani.
The name came out of the idea of a suit
to fit your personality, your style and your
budget.
Below, grey pure
wool hosack suit
from Chester
Barrie, 595.
www.chesterbar-
rie.co.uk
The rise and rise of tailoring that wont break the bank
Below, bespoke
three-piece suit by
Thom Sweeney,
1,635.
www.thom-
sweeney.co.uk
James Sleater
and Iain Meiers,
founders of Cad
& the Dandy
B
made to measure
or ready to wear?
Suits & the City

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ADVERTORIAL
Suits and the City
CHESTER BARRIES OFFER FOR READERS
Chester Barrie, the made to measure and ready to
wear specialist with shops on Savile Row and in
the City branch of House of Fraser, is offering City
A.M. readers an extra 10 per cent off in its cur-
rent summer sale. The offer is only available at
the House of Fraser store on King William Street
by the Monument just bring this issue of City
A.M. with you to claim your extra discount.
www.chesterbarrie.co.uk
SIMON CARTERS NEW STORE
Menswear and accessories brand Simon Carter
whose products products are stocked everywhere
from Selfridges to Bloomingdales is launching a
third London shop on Lambs Conduit Street in
Bloomsbury [pictured left]. The company has also
just relaunched its website, where plenty of its
English-styled items can be picked up:
www.simoncarter.net
DAKS LAUNCHES MADE TO MEASURE
British sartorial brand Daks, whose flagship store
is on Old Bond Street, has launched a made to
measure service. Customers are measured up by
in-house tailoring experts, and guided through
fabric and style options. Every suit is made in
Italy, and takes up to six weeks to be ready.
Prices start from 1,450. www.daks.com
ALFRED DUNHILL CUSTOM
Luxury brand Alfred Dunhill [its HQ, Bourdon
House, pictured right] is offering a different take
on Made to Measure. Customers can choose from
two signature Dunhill cuts (one a traditional
Savile Row fit, one with a slimmer, more contem-
porary shape), as well as choosing the type of
lapel, vent and pockets. Theres also custom shirt-
ing to choose from. Measurements will be kept on
file, and the service is available at over 80 Dunhill
stores worldwide. www.dunhill.com
TM LEWIN LAUNCHES WHITE LABEL
TM Lewin is introducing a new range of hand fin-
ished suits and shirts under the title White Label.
Suits are available in 120s wool and cashmere
cloth, while shirts come in 140s and 180s cottons.
www.tmlewin.co.uk
AUSTIN REED FLIES THE FLAG
Austin Reed is launching an expanded offer of
suits with British cloths, with 11 mixers coming in
made exclusively from local cloth, as well as
relaunching the Sumit shirt, originally brought out
by Austin Reed himself in 1909, with interchange-
able collars (cut away or classic forward point.)
www.austinreed.co.uk
NEWS FROM THE SHOPS
How to take a
Savile Row
legend global
CEO John Durnin tells Timothy Barber why
Gieves & Hawkes is going up in the world
F
OR all that its seen as a bastion of
steadfast, stiff-upper-lip Englishness,
Savile Row has always been a place of
shifting sands. Tailoring houses have
hopped from one address to another, oth-
ers have swallowed up their failing rivals,
new blood has appeared regularly to shake
up the establishment while other tailors
have come and gone.
Take Gieves & Hawkes: one of the grand-
est, greatest names on the Row, occupier of
the splendid premises at No 1 Savile Row,
particularly famous for its naval and mili-
tary tailoring and its royal clientele. In fact,
until 1974 it was two separate businesses
Gieves on Old Bond Street, Hawkes & Co on
Savile Row. An IRA bomb did for the Gieves
shop just as the two firms amalgamated,
the new company bringing four combined
centuries of sartorial history together in
the old Hawkes & Co shop.
Jump forward three decades, and the
sands have been all over the place. Bought
in the 90s by a Hong Kong billionaire, the
company grew to 25 shops in the UK and
almost 100 in China, the latter doing
steady business while the homeland oper-
ation foundered.
Enter John Durnin, appointed as CEO a
year ago with an ambitious two-stage plan:
shore-up the UK business, and then take
Gieves & Hawkes global. Part one of the
strategy has been done the 25 collectively
loss-making UK shops have been reduced to
15 profit-making shops, designs have been
overhauled, management restructured and
the Savile Row HQ given a massive
makeover. The latter development includes
the introduction of concessions for compli-
mentary businesses bespoke shoes, vin-
tage gifts, a grooming salon and a new
showcase for the magnificent military out-
fits from which Gieves & Hawkes derives so
much of its history.
Getting your home right, whether
youre a family or a business, is incredibly
important, says Durnin. I want Gieves to
be an emporium of wonderful services,
something that most brands dont bother
doing. Youve got the core of the business,
which is bespoke and ready-to-wear suits,
but I want to add on other interests and
make it a fantastic, interesting experience
when one comes into the store.
INNER SANCTUM
Its certainly that. In one room, the expan-
sive, marbled booths of the Gentlemans
Tonic grooming salon come with their
own flatscreen TVs; round the corner,
bespoke shoemaker James Ducker sits in a
glass-fronted booth surrounded by lasts
and leather as he fabricates 2,000
footwear; a sales room on the street side is
crowded with the vintage luxury bric-a-
brac of stylish antiques specialist Bentleys,
ranging from beautiful ancient luggage to
an ejector seat.
Meanwhile, an inner sanctum at the
back of the shop has been converted to
specialise in selling just blazers a cele-
bration of Gieves & Hawkess naval tailor-
ing history, and a signifier of the changes
Durnin is making.
When I joined, we were selling just one
blazer at 400, he explains. Now were
selling 18 blazers, ranging from 850 to
2,500. People are not coming to No 1
Savile Row for an opening price point blaz-
er. Weve now got the widest choice in
London, at a price point justified by the
quality of the cloth and the craftsmanship.
If Gieves & Hawkess three strongest suits
are its heritage, its strength in bespoke tai-
loring and its flagship premises, Durnin
might well be its fourth. While he says his
strategy for reinvigorating the brand fits
onto one piece of paper, its noticeable that
his eye is on every detail, down to the cut of
the ready-to-wear suits or the antique objets
that decorate the shop.
Importantly, he is not a man of the Row:
he spent the previous two decades living
and working in luxury business in Asia,
most recently overseeing Alfred Dunhills
Asian operation from Hong Kong. He
believes his outsider status at Savile Row
gives him a crucial sense of perspective.
CASUAL WEAR
One of the things I noticed over here is
the way the English underestimate them-
selves, he says, Gieves and Hawkes being
his case in point. He considered the brand
to be seriously underdeveloped. Were sit-
ting here with this business with a gen-
uine, extraordinary provenance,
wondering if the rest of the world will be
interested in it. Of course they will be.
And that doesnt just mean suits.
Durnin is introducing casual wear
great, luxury weekend wear as he
describes it as well as leather goods in
collaboration with renowned English bag
designer Bill Amberg. Its this mix of fine
Savile Row suiting, luxury fashion and
multi-purpose shops that he intends to
take to new markets, with plans for shops
in America, Japan and Asia Pacific.
Durnin is well aware that there are
those who tut and frown at such ambition
and change. I havent been in the UK long
enough to be tainted by those kind of
views, and Im not interested in it, he
says. Moreover, a trip down to the shops
basement cutting rooms, where a hubbub
of cutters, seamstresses and apprentices
work their highly-skilled magic on suits
and uniforms of every persuasion, shows
the extent to which the bespoke heart of
the business is thriving.
There are 20 tailors down here, its my
favourite bit of the building, Durnin says.
Youve got artisans down here, and
theyre the reason that once youve had a
bespoke suit you cant go back. It is a real
treat, something people aspire to, and
thats how it will continue.
People are
not coming
to No 1
Savile Row
for an entry
level blazer.
Our price
point is
justified by
the quality
of the cloth
and craft
John Durnin in the
blazer room of the
Gieves & Hawkes
store at No 1 Savile
Row
Picture: Micha
Theiner/ CITY A.M.
888"645*/3&&%$06,
MADE TO MEASURE SUITS
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READY TO WEAR SUITS
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Suits and the City
CITYA.M. 30 JUNE 2011 33
For summer:
the Italian alternative
The great traditions of Italian tailoring offer lightweight
options with plenty of continental flair, says Timothy Barber
A
NYONE who found themselves
wilting in the heat earlier this
week will understand the
sense behind owning suits of
different weights. There are plenty of
fine, lightweight English cloths, but if
youre after a summer suit with real
panache consider going Italian.
Or more specifically, Neapolitan
the Milanese tailoring tradition in
northern Italy is closer to the English
one. Down south, suits are designed
to make one look as stylish as
Marcello Mastroianni in a Fellini film,
however sweltering the weather gets.
Italian fabric like Loro Piana is
very light, and very good for an
Italian summer, says Luca Rubinacci,
27-year-old scion of a Neapolitan tai-
loring dynasty the Rubinacci shop
on Dover Street in Mayfair must rank
as one of Londons most beautiful tai-
lors. Hes something of a style icon
himself thanks to regular appear-
ances in the popular Sartorialist fash-
ion blog. Its a much lighter, softer
suit to wear like wearing a jacket
that feels as soft as a jumper.
Not only is the fabric different, but
the structure as well theres much
less of it. The inner canvas of a
Neopolitan suit is feather-light, while
theres very little padding in the
shoulder and often no sleeve lining.
NOT JUST FOR BUSINESS
Where the English suit is really a con-
version of military attire for corporate
life, the Italian suit reflects a culture
where aesthetic sophistication is a
way of life. This, after all, is the cul-
ture that gave us the man-bag so that
they didnt need to put anything in
their pockets that would spoil the
line of the suit.
In Italy the suit was always not
just for business but a real dress-code
for everyday life, whereas in London
it was more of a business thing, says
Rubinacci, who nevertheless notes
how the appeal of Neapolitan tailor-
ing is as broad now as that of English
tailoring. Before, our customer was
only Neapolitan but now hes from all
over the world, and our average cus-
tomer is now 30 years old.
Be warned however if youre buy-
ing a lightweight, Italian-style suit,
dont expect to get as much wear out
of it as one made closer to home. Paul
Read of Square Mile Italian tailors
Max Hence, has a useful analogy.
An English suit is like a Land Rover
dependable, wont let you down,
hard wearing, he says. An Italian suit
is a Ferrari it turns heads and looks
beautiful. But if you drive a Ferrari like
a Land Rover, youll ruin it.
Read says the Armani look of the
80s and 90s still gives people the idea
that Italian suiting is boxy and baggy,
when the opposite is true the tradi-
tional cut is pretty slimline, worn, as
Rubinacci says, like a second skin.
But of course, anything is possible
in the bespoke world, and if you want
the lightweight Italian feel with a bit
more structure, youve only to ask. At
least then youve more chance of
shrugging off any passing heatwaves,
while looking quite the continental
aesthete.
www.marianorubinacci.com
www.maxhence.com
Luca Rubinacci:
you wont see
him on a Boris
Bike.
Pic: SCOTT
SCHUMANN
Tips for looking after your suit
Suits and the City
I
F you spend a lot of money on a
suit, and even if you dont spend
that much, you want it to last.
That much is obvious, but very
few men treat their suits with the care
and attention they should. Those
frayed edges, creases that wont disap-
pear and worn out linings are just as
likely caused by hanging it on the back
of a chair, wearing it every day, sling-
ing it on a clothes hook in the office
and other neglectful actions on the
part of the wearer as they are sympto-
matic of the suits basic quality.
l The first rule is to own more than
one suit acquire as many, of as high
quality, as you can, and see it as a long-
term investment. Treated well, a suit
will last years if not decades. Consider
buying two sets of trousers for the
suits you wear most commonly.
l Never wear a suit two days in a row
hang it and allow it to regain its nat-
ural shape in between wears.
l That process can be helped if you
dont immediately return it to the
wardrobe when you hang it. Hang it
out and allow the suit
to breath, rather than
shoving it in a
wardrobe where
its pressed
against other gar-
ments, and where
moths and mites
get attracted to
fresh sweat and
stains. Yucky but
true.
l The cardinal sin is to dry
clean a suit too regularly it
simply isnt necessary. The
chemicals in dry cleaning eat
into the suits fibres, damaging
and weakening them. A couple
of times a year at most is all that
is required, even for the hardest-
worn suit, says Christ Scott
Brown of Chester Barrie.
l Instead of dry cleaning the suit, get
a high-quality, soft-bristled clothes
brush and brush the suit down after
each wear. This removes particles of
grit and dirt caught in the fibres. A
dual-headed brush from Kent
Brushes [pictured] costs 36
(www.kentbrusheslcom).
l Invest in good hangers get ones
that are as thick as possible.
l Use steam from a kettle or steam
iron to help creases drop out natural-
ly the heat from the steam will
relax the fabric and give it a fresh,
invigorated look.
l If youre travelling and you dont
have a steam iron to hand, hang the
suit in your hotel bathroom and run
a really hot bath. When you put the
suit on in the morning, itll look
crisp and fresh.
l If you have to press out more
stubborn creases such as at the back
of the knees, always place a damp
cloth over the fabric, and keep the
iron on a low setting.
Accessories
for sartorial success
POCKET SQUARES: Instead of the dull white stripe, consider these styles
Watches that mean business
These watches work in any situation understated but perfectly masculine,
trumpeting cool sophistication and clarity over extraversion. IWCs
Portugueise Automatic (8,250), on the left, is a lesson in classy proportional
design, while English brand Bremonts BC-Solo aviation watch (2,250)
achieves excellence through simplicity. www.iwc.com; www.bremont.com
Round cufflinks
for perfect
elegance
Clockwise from top left:
Watch movement cufflinks by
William & Son, price on applica-
tion, www.williamandson.com
Enamel red, white and blue cuf-
flinks by Brooks Brothers, 109,
www.brooksbrothers.com
Sonia Spencer round cufflinks,
30, www.soniaspencer.com
Simon Carter Brummell cufflinks,
40, www.simoncarter.net
Multi-point fold
Wear it for: making a speech
Its the trickiest to fold, and is a bit showy for
wearing every day, but if youre getting up in
front of people it will add flair. Lay the
square flat and fold the corners across and
up to overlap each other, forming an arrow
shape. Fold up the tip of the arrow, and slot it
in your pocket with the corners pointing up.
Blue and white polka dot silk square by
Hackett, 15. www.hackett.co.uk
Triangular fold
Wear it for: boardroom meetings
Lay the pocket square flat in a diamond
shape. Fold the corners at the side into the
middle, tucking one under the other to the
width of your breast pocket. Fold up the
bottom corner so that its tip is a couple of
inches below the top corner and stick it in
your pocket, adjusting its angle as you see
fit. Red and pink silk hanky by Harrods,
9.95. www.harrods.com
Puff fold
Wear it for: client lunches
The puff fold suggests a certain hale and
hearty ebullience in the wearer its can be
both subtle and extrovert, relatively infor-
mal but rather dashing. Lift the pocket
square from its centre, pull it between your
thumb and fore finger and fold it over,
before stuffing it elegantly into your pocket.
Animal print pocket square by William &
Son, 55. www.williamandson.com
`
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ALT1-CCR
W
hen the chance comes along to
see the Argentine Adolfo
Cambiaso play polo, women
across the city race to the field.
Widely considered the most gorgeous
man in sport, the Jaeger-LeCoultre model
is also one of the most talented (he used
to model more but rumour has it he
found it too boring). He summers at a 100
acre farm near Windsor extensive ret-
inue and horses in situ for the European
polo season. And tomorrow he plays at
Ham Polo Club, at Argentine steak restau-
rant Gauchos Sunset Polo event.
The Brits (and our royals) know a thing
or two about polo spirit here, but in
Argentina it approaches religion. To get
to the top of the top makes you a big-time
national celebrity. And Adolfo is the top.
The very top: in fact, hes universally
regarded as the worlds best polo player.
By age 13, Cambiaso was winning
prizes on the field. By now, there isnt a
polo trophy that he hasnt won. He has
led his teams to victory in seven Grand
Slams, including five British Opens. He
holds 31 Master Cup titles including the
Argentine Open and US Open, 15 titles in
the World Polo Tour Cup and six in the
Challenge Cup. In the 1998 Argentine
Open scored a record-making, gobsmack-
ing 67 goals. He currently plays for
Dubai.
Note to the ladies, hes lovingly mar-
ried to model and TV presenter Mara
Vzquez (they have three kids). Ah well.
At least theres the polo.
What do you think of our weather?
Its refreshing to be back in England, the
weather is always good to me when Im
here, lets hope it holds out for Sunset
Polo.
Whats the key to your massive success?
You have to have a special relationship
with your horse, the horse is 70 per cent
of the player, and I have the best horses in
the world.
Why is Argentina the land of polo?
The most important tournaments in the
world at club level are played in
Argentina its part of our culture and
history. Polo is an integral part of the
Argentine way of life.
You play for Dubai when in England. Why so?
Sheikh Ali Albwardy asked me to play
back in 2001, it gives me an opportunity
to play in Europe between May and July
we base ourselves in Windsor. My family
always travels with me.
How has polo changed since you
started?
International polo has
changed so much over
the years. Back in
Argentina we
Zoe Strimpel talks to
Adolfo Cambiaso as
he prepares for
Gaucho Sunset Polo
OUT OF OFFICE
TIMOTHY BARBER
OPEN AIR THEATRE, REGENTS PARK
With any luck the rain is behind us now,
and the warm weather here to stay per-
fect conditions for a spot of al fresco the-
atre. The current production is John Gays
famous tale of highwaymen, hangmen
and the mean streets of old London, the
Beggars Opera. Expect a typically dynam-
ic, visually arresting show from director
Lucy Bailey. Until 28 June, Open Air Theatre,
Regents Park. Tickets from 19 from www.ope-
nairtheatre.org
CITY FESTIVAL GETS DANCING
The Square Miles eclectic cele-
bration of music brings the tradition-
al Maori Haka to Paternoster Square
tomorrow. The stamping, chanting
dance made famous by Kiwi
rugby teams is being performed
at the conclusion of the Festival
Procession, a thousand-strong
procession through the Citys
streets of young people from
across London. www.colf.org
FESTIVAL OF SPEED GOODIES
If youre heading out to
Goodwood this weekend, look
out for some of City A.M.s
favourite luxury brands sell-
ing their wares, including
Lotus Originals, the new
fashion and lifestyle
brand from car company Lotus,
and Mayfair house of luxury,
William & Son. Festival of Speed
starts tomorrow. goodwood.co.uk
The open-air theatre
in Regents Park has
long been a staple of
London summer
circuit.
Polos biggest star set to
wow the crowds at Ham
play with passion and for the love of the
sport in England there is a social ele-
ment to polo that draws a different demo-
graphic but its still great fun to play at
Londons most prestigious polo clubs.
You are raising money for your charity at
the Gaucho Sunset Polo day, right?
Yes its a wonderful charity called Ideas de
Sur, helping under privileged families and
children. Its my passion. Sunset Polo at
Ham Polo will be my only UK charity event
this year.
What do you eat to stay energised? Is it dif-
ferent in England versus Argentina?
I have close knit group of friends who trav-
el with me the Asado is a way of life in
Argentina, so we try to recreate that here
although its difficult when the sun does-
nt come out. Argentine beef is the best
beef in the world.
You are the man behind the polo-inspired
clothing range La Dolfina why do polo and
fashion go so well together?
There is a certain grace and elegance in
the sport of polo and hopefully this style
can be reflected into fashion.
July 1, 12-11pm, day tickets from 10. The fun includes have-a-go polo ses-
sions, junior polo games, a tutored wine tasting by Gauchos head sommelier
and a Gaucho asado (Argentine grill). The day culminates in professional polo
tournaments, including a tense final featuring Cambiaso. In the evening,
Gaucho will host a glamorous party with live electro-tango music. Guests can
bid for money-cant-buy prizes in an auction to raise money for Cambiasos
charity, the Ideas del Sur Foundation. Gauchos Club G Lunch and Polo
Experience costs 100, which includes a 5-course lunch at Gaucho
Richmond, transfer to Ham Polo Club via golf buggy, free
glass of champagne, wine masterclass at Ham Polo club
and access to the Veuve Clicquot champagne lounge. (All
profits to go to Cambiasos charity). gauchorestaurants.co.uk
GAUCHO SUNSET POLO | WHATS ON & KEY FACTS
VEXED IN THE CITY
SOLVING YOUR
WORK-LIFE
PROBLEMS
Bigger breasts,
bigger salary?
Or a feminist
nightmare...
DEAR VEXED: Im thinking about getting
a breast augmentation to help me get
ahead at work. Should I? Denise, 26,
investment banking
A
N author and economist called
Catherine Hakim has written widely on
an idea called erotic capital. It says
that you do better at work and in your
life if you are more beautiful. She has a book
on this theme to be released soon.
So your question, which initially causes
something of a raised eyebrow, is also fair.
But assuming there is something to
Hakims main theme I would first of all
question the degree to which erotic capital
should be defined by breast size. Big breasts
are considered a bonus by some, yes. By oth-
ers, less so. Regardless, their size is beside
the point: what you should be doing in a pro-
fessional environment is to look as sharp as
possible. Wear good clothes, nice shoes, try
to be slim and fit.
But being prepared to take to the knife for
career advancement seems to me to be a
grave skewing of priorities. Being attractive
can help your career, perhaps. But on the list
of other things that can help your career, it
should be ranked fairly low. Intelligence,
ambition, hard work, good ethics. Focus on
these to get ahead in your career. And
attractiveness particularly breast-size is a
massive double-edged sword. Its asking for
sexual attention to get ahead: something in
the same sphere as giving sexual favours to
the boss for a promotion. Wouldnt you
rather be promoted because youre really
good? I would.
Dr Hakim seems to me to be playing with
fire she may be stating a truism, that beau-
ty has a positive effect on peoples estima-
tions of you and their desire to help you. But
shes also suggesting that in a world in which
women are already relentlessly preoccupied
with how they look, they should be even
more stressed out about it. Yes, Hakim
applies the rule to men, too but, although
theyre getting more worried about looks,
theyve got a long way to go in the skin-deep
neurosis stakes. And the male ability to get
ahead at work has not been a problem, to
date so being told attractiveness can help
wont carry the same stressful meaning. Set
an example by showing that women of all
breast sizes can thrive at work.
vexed@cityam.com
Polo fashion is one of the hottest looks among the country set. To
attain that particular laid-back yet moneyed style, there are a few
options. Ralph Lauren, perhaps the most famous, is your classic polo
lifestyle brand: a world where summer is a verb. Its very US, very
Hamptons. Polistas is the choice of the royals. Its teamed up with
Veuve Clicquot in the past: very shooting set meets south of France.
For the younger set, Jack Wills is the absolute final word in polo
fashion: it sponsored the Varsity Polo match earlier this summer a
number of brands are trying to replicate Jack Wills. La Martina
offers Argentine elegance in polo wear and Hermes, of course, is the
original equestrian brand. In the Paris store you can still get fitted for
a saddle. Get yourself a horsey scarf or belt and off you go.
POLO FASHION | GET THE LOOK
Lifestyle
Adolfo Cambiaso, the
worlds number one
polo player.
T
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BBC1, 7.30PM
Jack discovers Michael in bed with
Ronnie the first of many incidents on
a day that culminates in a violent
confrontation at the Queen Vic.
THE CHOIR THAT ROCKS
ITV1, 9PM
The members prepare for their
performance at Wembley Arena, but
the teen section starts to lose focus.
Last in the series.
WALKING THE AMAZON
CHANNEL 5, 9PM
Former soldier Ed Stafford and his
Peruvian pal Cho battle bugs,
dehydration and mental fatigue as
they head east toward Manaus.
BBC1
SKY SPORTS 1
7pmLive Twenty20 Cup Cricket
10.30pmThe Sky Sports Years
11.30pmHaye v Klitschko
Countdown 12amTime of Our
Lives 1amTwenty20 Cup
Cricket 3amHaye v Klitschko
Countdown 3.30amPremier
League World 4amThe Sky
Sports Years 5amPremier
League World 5.30am-6am
Haye v Klitschko Countdown
SKY SPORTS 2
2.55pmLive Test Cricket 10pm
Haye v Klitschko Countdown
10.30pmWWE: Late Night
Raw12.30amWWE: NXT
1.30amNFL: Total Access
2.30am-3.30amTime of Our
Lives
SKY SPORTS 3
7pmRacemax 8pmLive PGA
Tour Golf 11pmEuropean Tour
Golf 1am-4amPGA Tour Golf
BRITISH EUROSPORT
7pmUnder-17s World Cup
Football 7.45pmLive Womens
World Cup Football 9.45pm
World Cup Show10pmLive
Under-17s World Cup Football
11pmUnder-17s World Cup
Football 12.15am-12.30am
World Cup Show
ESPN
6pmNBA Classics 10pmESPN
Kicks 10.15pmUFC 12.45am
ESPN Press Pass 1.15amFriday
Fight Nights 3amMajor League
Baseball 3.15amESPN Kicks:
Extra 3.30amEuropean Drag
Racing 4.30amFIM World
Enduro Championship 5am-6am
Global Rallycross Championship
SKY LIVING
7pmCSI 8pmChuck 9pmKatie
Price: Standing Up for Harvey
10pmFILMIndecent Proposal
1993. 12.15amDating in the
Dark 1.15amCriminal Minds
2.15amCSI: Crime Scene
Investigation 4.15amGhost
Whisperer 5.10am-6am
Charmed
BBC THREE
7pmLive Athletics 9pmKids
Behind Bars 10pmEastEnders
10.30pmIdeal 11pmFamily Guy
11.45pmKids Behind Bars
12.45amIdeal 1.15amWorlds
Craziest Fools 1.45amKill It,
Cut It, Use It 2.45amThailand:
Tourism and the Truth Stacey
Dooley Investigates 3.45am
Worlds Craziest Fools
4.15am-5.15amKill It, Cut It,
Use It
E4
7pmHollyoaks 7.30pmFriends
9pmThe Big Bang Theory
9.30pmHow I Met Your
Mother 10pmThe IT Crowd
10.30pmFriday Night Dinner
11pmFILMBroken Arrow
1996. 1.05amMy Name Is Earl
2amThe IT Crowd 2.30am
Friday Night Dinner 2.55am
Glee 3.40amPrivileged 4.25am
Reaper 5.10am-6amSwitched
HISTORY
7pmHeir Hunters 8pmIce Road
Truckers 9pmPawn Stars 10pm
Storage Wars 11pmSwamp
People 12amPawn Stars 1am
Storage Wars 2amThe True
Story 3amHeir Hunters 4am
How the Earth Was Made
5am-6amIce Road Truckers
DISCOVERY
8pmHow Its Made 9pm
American Loggers 10pmDino
Gangs 12amBear Grylls: Born
Survivor 1amAmerican Loggers
2amRiver Monsters 3am
Deadliest Catch 3.50am
Frontline Battle Machines with
Mike Brewer 4.40amThrough
the Wormhole with Morgan
Freeman 5.30am-6am
Destroyed in Seconds
DISCOVERY HOME &
HEALTH
7pmBringing Home Baby 8pm
Little People, Big World 9pm
Strange Sex 10pmI Didnt
Know I Was Pregnant 11pm
A&E 12amStrange Sex 1amI
Didnt Know I Was Pregnant
2amA&E 3amLittle People, Big
World 4amA Baby Story
5am-6amBringing Home Baby
SKY1
8pmHawaii Five-0 9pmThe
Chicago Code 10pmLie to Me
11pmAn Idiot Abroad 12am
David Haye v Michael McIntyre,
Justin Bieber and Dizzee Rascal
1amCaprica 1.45amNCIS
3.15amBite Size Brainiac
3.30amFringe 5.10am-6am
Sell Me the Answer
BBC2 ITV1 CHANNEL4 CHANNEL5
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6pmBBC News
6.30pmBBC London News
7pmThe One Show
7.30pmCHOICE EastEnders:
BBC News
8pmPlanet of the Apemen:
Battle for Earth
9pmTaken: The Milly Dowler
Story
10pmBBC News
10.25pmRegional News 10.35pm
Question Time 11.35pmThis Week:
Holiday Weatherview12.25am
Sign Zone: Surgerys Dirty
Secrets Panorama 12.55am
Countryfile 1.55amBritains Next
Big Thing 2.55amFake Britain
3.40am-6amBBC News
5.50pmWimbledon 2011: Live
coverage on day 10 at the All
England Club.
8pmToday at Wimbledon:
Highlights of the ladies singles
semi-finals.
9pmHistory Cold Case:
Skeletal remains unearthed on
the North York Moors.
10pmMock the Week: Dara O
Briain hosts the comedy quiz.
10.30pmNewsnight: Weather
11.20pmAfghanistan: The
Battle for Helmand
12.20amThe Tudors
1.15amBBC News
3.40am-6amClose
6pmLondon Tonight
6.30pmITV News
7pmEmmerdale
7.30pmHelen Newlove
Investigates: Tonight
8pmEmmerdale
8.30pmCoronation Street
9pmCHOICE The Choir That
Rocks
10pmITV News at Ten
10.30pmLondon News
10.35pmPiers Meets Elton: A Life
Stories Special 11.50pmOdd One
In 12.35amThe Zone 2.40am
Helen Newlove Investigates:
Tonight 3amITV Nightscreen
4.30am-5.30amThe Jeremy
Kyle Show
6pmThe Simpsons
6.30pmHollyoaks
7pmChannel 4 News
7.55pm4thought.tv
8pmHelp! My House Is Falling
Down
9pmPolar Bear: Inside
Natures Giants Special
10.20pmThe Sex Researchers
11.20pmKing Of Uncut
12.10amThe Film Show12.40am
Style the Nation 1.25amMusic on
4: 4Play: Liam Bailey. A profile of
the soul musician. 1.40amFILM
Sophie Scholl: The Final Days: 2005
3.40amThe Real Price of Gold:
Dispatches 4.30amHill Street
Blues 5.20am-6.05amCountdown
6pmHome and Away
6.25pmOK! TV
7pm5 News at 7
7.30pmHow Do They Do It?
5 News Update
8pmEddie Stobart: Trucks and
Trailers: 5 News at 9
9pmCHOICE Walking the
Amazon
10pmFILMThe Contract:
2006.
11.55pmInside Hollywood:
12.10amSuperCasino
3.55amMeals in Moments 4.05am
Michaelas Wild Challenge 4.55am
County Secrets 5.10amWildlife
SOS 5.35am-6amHouse Doctor
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Fill the grid so that each block
adds up to the total in the box
above or to the left of it.
You can only use the digits 1-9
and you must not use the
same digit twice in a block.
The same digit may occur
more than once in a row or
column, but it must be in a
separate block.
COFFEE BREAK
Copyright Puzzle Press Ltd, www.puzzlepress.co.uk
KAKURO
QUICK CROSSWORD
LAST ISSUES
SOLUTIONS
KAKURO
WORDWHEEL
Using only the letters in the Wordwheel, you have
ten minutes to nd as many words as possible,
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters
or more, all must contain the central letter and
letters can only be used once in every word. There
is at least one nine-letter word in the wheel.
SUDOKU
Place the numbers from 1 to 9 in each empty cell so that each
row, each column and each 3x3 block contains all the numbers
from 1 to 9 to solve this tricky Sudoku puzzle.
SUDOKU
QUICK CROSSWORD
ACROSS
1 Inhaled the odour of (5)
4 Receptacle for a coin (4)
6 Strong restless
desire (4)
8 Jewish spiritual
leader (5)
9 Death of part of the
living body (8)
12 Antlered animal (4)
13 Drench (5)
15 Unemotional person (5)
17 Deep hole or shaft dug
to obtain water (4)
19 Become hard, set (8)
21 Dullards (5)
22 Corrode, as with acid (4)
23 Arabian ruler (4)
24 Adjust nely (5)
DOWN
1 Stitched (4)
2 Derive, evoke (5)
3 Private instructor (5)
4 Flavoured with herbs
and spices (8)
5 Two times (5)
7 Network (4)
10 Make changes
in text (4)
11 Record book (8)
14 Consciousness of
ones own identity (4)
15 Move furtively (5)
16 Expense (4)
17 Isle and county of
southern England (5)
18 Unit of capacity (5)
20 Yellow part of
an egg (4)
E
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4

4
4

A B Y S M T C O B
L H A I R D O A
P O S E R U U S
A I G S U R G E
C O N F E S S T
A G P Y S
L V A G R A N T
C R E D O A R O
A T C U D D E R
N O R A N G E E
T O N L E N J O Y
1 2 2 8 9 3 1
5 7 6 1 2 8 3 9 4
9 8 7 7 1 6
2 6 1 3 5 2 4 1
9 8 9 5 9 8 4
6 3 1 2 4
8 6 9 2 9 9 7
1 4 5 2 6 3 8 9
9 8 5 1 2 4
4 8 7 3 9 6 1 5 2
3 7 1 7 4 7 6
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter word was
SINCERELY
Lifestyle | TV&Games
ENGLANDS premier paceman James
Anderson admits hes still far from
the finished article when it comes to
the art of one-day bowling.
The Lancastrian is rightly consid-
ered one of the most dangerous oppo-
nents to face on the Test circuit but
he has often struggled in the shorter
versions of the game.
His form in the 50 over game sunk
to a new low during the World Cup
earlier this year, but a burst of four
for 18 in Tuesdays crushing 110-run
win over Sri Lanka suggested the 28-
year-old has much to offer new one-
day skipper Alastair Cook. It was a
frustrating winter in the one-day
form, for the team and for me person-
ally, he said. I felt like Id personally
not performed to the standards Id set
myself. I was very frustrated and dis-
appointed.
I was just glad to keep my place in
the squad and to get a place in the XI.
I was happy to get some wickets but I
thought we bowled well as a unit and
they could have gone to anyone, luck-
ily they went to me.
The next match in the series is at
Headingley tomorrow and Anderson
has promised to keep his focus.
There are a lot of improvements I
have to make to my game and Ive
started to do those things, he said.
CRICKET
Anderson determined to
become a one-day wonder
IBF AND WBO world champion
Wladimir Klitschko has warned
David Haye he will have the
last laugh as he shrugged
off his opponents latest
childish publicity stunt.
Haye has continually
sought to goad his oppo-
nent (right) in the build-
up to Saturdays
heavyweight unification
bout.
Yesterday the Londoner tweeted
a link to a film featuring an Adolf
Hitler character that has mock subti-
tles referring to preparations for
Saturdays fight. Its childish, said
Klitschko. I have to call it what it is.
Its childish. I cant even take it seri-
ously. Its not even funny any
more.
Its serious business, it
hurts, it wont be funny for
David Haye. There is an
English saying: He who
laughs last, laughs loud-
est.
Haye, meanwhile,
believes a victory for him
would represent a shot in the
arm for the glamour division of the
sport. He said: Americas message is
get Wladimir out of this division
because hes killing it.
BOXING
Childish Haye bores me,

insists focused Klitschko
Sport
38
Results
:I@:B<K
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email sport@cityam.com
SPORT | IN BRIEF
Sunderland seal Wickham coup
FOOTBALL: England Under-21 interna-
tional Connor Wickham has completed a
sensational move to Sunderland. The
Black Cats beat off stiff competition
from Liverpool for the Ipswich striker
who could eventually cost Steve Bruces
side 12m. Bruce said: A number of top
sides have been chasing Connor for
some time now, so naturally we are
absolutely delighted he has chosen to
come to Sunderland.
Yeung helping Hong Kong police
FOOTBALL: Birmingham City owner
Carson Yeung has been arrested in
Hong Kong on suspicion of money laun-
dering. A statement released by acting
Birmingham chairman Peter Pannu said
Mr Yeung was assisting police in Hong
Kong and said he believed the inquiries
were nothing to do with the clubs par-
ent company.
Thomas to continue in RFU role
RUGBY UNION: The Rugby Football
Union has temporarily rejigged its man-
agement structure until a new chief
executive officer is appointed. Martyn
Thomas will continue as acting chief
executive until a new CEO is in place,
while senior non-executive Peter Baines
steps in as chairman. Thomas and Baines
will revert to their previous positions
when John Steeles successor starts.
England set for hectic winter
CRICKET: England have announced their
winter tour schedule, which includes
Tests against Pakistan in the United
Arab Emirates for the first time. The
tour begins on 4 October, with five one-
day internationals and a Twenty20
international in India. England then face
Pakistan in Dubai and Abu Dhabi, where
they have played at home for security
reasons, for three Tests, four ODIs and
three T20 games. The tour moves to Sri
Lanka in March for two Tests, finishing
on 7 April.
BRING ON NADAL
BRITAINS Andy Murray believes he
can finally conquer his nemesis
Rafael Nadal when it matters most
after he moved into the Wimbledon
semi-final following a second suc-
cessive faultless Centre Court mas-
terclass.
The 24-year-old required a frac-
tion over two hours to dispose of
unseeded Spaniard Feliciano Lopez
who, like world No13 Richard
Gasquet before him, had no answer
to his opponents impressive serv-
ing, relentless groundstrokes and
touch at the net.
Nadal holds an 11-4 career advan-
tage over Murray and has won their
previous two Wimbledon encoun-
ters in straight sets, including last
years semi-final.
But Murray, who lost to the world
No1 in last months French Open
semi, believes a new approach cou-
pled with his additional experience
can help him topple the No1 seed.
I believe I can win against Nadal.
I had chances last year, Murray said
after completing a routine 6-3, 6-4,
6-4 win over Lopez. I just have to
have a better gameplan. Sometimes
it comes down to strategy, some-
times it comes down to more experi-
ence.
Ive obviously played Rafa a lot of
times at grand slams and Ive beat-
en him before at grand slams. I
havent done it at Wimbledon.
Thats something Id like to change
on Friday. But its an incredibly diffi-
cult task.
Nadal revealed he would need
injections in his injured left foot
ahead of tomorrows showpiece
occasion in order to numb the pain.
Murray also appeared to suffer
some discomfort in the third set of
his victory over Lopez, following a
sharp change of direction.
He said the injury, to the top of
his hip, was a little bit sore but he
is moving OK.
Nadal added that he did not feel
any discomfort during his 6-3, 6-3,
5-7, 6-4 victory over Mardy Fish
because the foot had been put
to sleep.
He added: My foot is not
fine. But we are in the quar-
ter-finals of Wimbledon its
an emergency. I have to play.
So we decided to [put to] sleep
a little bit the zone of the foot
and play the rest of the tourna-
ment. Its the last tournament for
a month and a half so I have to try
my best.
Though Nadal has enjoyed the
upperhand in the majority of their
meetings, Murray has not been
without his moments either. A US
Open semi-final victory in 2008 and
an Australian Open quarter-final
success last year appears to indicate
that the gap is not as wide as many
suggest.
Nadal agreed, saying: Every
match is completely different and
every year is a different situation.
The match will be very difficult for
me.
He is playing at a very high level
at this moment. The last few
months for Andy were very good. I
have to enjoy the moment and play
my aggressive game.
BY JAMES GOLDMAN
TENNIS
Rampant Murray storms past Lopez and believes

hes got the measure of semi-final opponent Nadal
39
TOTTENHAM have gone back to the
High Court to continue their bid for a
judicial review of the decision to
award the Olympic Stadium to West
Ham.
Spurs are refusing to accept defeat
after last weeks decision by Judge Mr
Justice Davis to reject their bid and
that of Leyton Orients.
The club will now have the chance
to make a case in an oral hearing at
the High Court.
Tottenham said in a statement:
The club has applied to the High
Court to renew its application for per-
mission to bring a claim against the
London Borough of Newham and the
Olympic Park Legacy Company, the
Mayor of London and Government
Ministers for judicial review of their
decisions underlying the bid process
for the conversion of the Olympic
Stadium after the 2012 Games.
Under this process the club now
has the opportunity to present its
case at an oral hearing at the High
Court.
Spurs turned their attention to the
Olympic Stadium in Stratford after
deciding their plans for a new devel-
opment at Northumberland Park
next to their existing north London
White Hart Lane home were not
economically viable.
MANCHESTER UNITEDS latest sum-
mer recruit David de Gea insists he is
excited rather than daunted by the
prospect of succeeding Edwin van
der Sar.
The Dutchman hung up his gloves
following Mays Champions League
final defeat against Barcelona and
Sir Alex Ferguson moved swiftly to
tie up the services of the young
Spaniard (right) for a fee of 17.8m.
De Gea, still only 20, forged a for-
midable reputation during his time
at Atletico Madrid but insists, despite
his tender age, he was ready
to take the next step in his
career.
Manchester United are
one of the best clubs in the
world and its an impor-
tant step in my career.
Im going to do as well as
possible there and try to
succeed, he said.
Atletico have always
fought for me. Ive always
felt wanted, but the main
reason for my going is that I
want to play at Manchester
United. Fergusons summer
spending is already in excess of
50m with Phil Jones and
Ashley Young his other major
purchases.
The Scot is now expected to
concentrate on adding
some creative flair to
his midfield with
Arsenal contract
rebel Samir Nasri
and Tottenhams
Croatia international
playmaker Luka
Modric, also wanted
by Chelsea, his pri-
mary targets.
FOOTBALL
FOOTBALL
N
EW Chelsea manager Andre
Villas-Boas attempted to down-
play comparisons with his
mentor Jose Mourinho by
declaring himself modestly as The
Group One.
The 33-year-old was officially
unveiled yesterday but their was
none of the bravado or showmanship
that marked Mourinhos introduc-
tion seven years ago.
Villas-Boas, who like the now Real
Madrid manager, quit Porto to take
charge of the Blues, was far more
humble, insisting winning major tro-
phies would take a collective effort.
But the youngest manager in the
Premier League was under no illu-
sions failure would cost him his job,
just as it did predecessor Carlo
Ancelotti.
What you expect from this club is
to be successful straight away, said
Villas-Boas, who broke several of
Mourinhos records en route to lead-
ing Porto to the domestic double and
Europa League last season. I expect
to be successful. To win straight away,
on a weekly basis.
Theres no running away from
that challenge. Thats what I face. Id
be surprised to be kept on if I dont
win.
I want to be a winner thats the
challenge I promote to myself and
my technical staff.
Most of them took this challenge
to be successful, not to be passing
time here because the city is good.
Owner Roman Abramovich is now
on his seventh manager since buying
Chelsea eight years ago, the billion-
aire Russian becoming increasingly
impatient in his quest to win the
Champions League, the one title that
has continued to elude him.
As well as this demand, his last
four managers have operated under
the shadow of Mourinhos achieve-
ments and were inevitably asked
upon their appointments if they too
were a Special One.
It was no different for Villas-Boas,
who said: The title, I will wait for
you guys to give it to me when Im
successful.
I hope I am and you give me a
good title in the end. This is not a
one-man show.
Maybe I should be called The
Group One. I want to group people
together to be successful. Thats my
objective.
Villas-Boass first task will be to
wrestle domestic dominance from
Manchester United and Sir Alex
Ferguson, 36 years his senior.
Its normal for people to judge my
age, Villas-Boas said.
The players are responsible and
professional enough to respect the
position of the manager.
I was 31 at Academica and it was
never a problem, even with some of
the players older than me. It was
never a problem. And it wont be this
time either.
He added: Its not just a question
of me taking on Sir Alex or the other
Premier League managers.
Its a question of a top club like
Chelsea challenging for the title
again. Last year, we ended on a very
good run to threaten for the title in
the last couple of games. I want us to
be up there at the beginning.
Ill let you decide my
title, says Villas-Boas
Spurs refuse to give up the
fight for Olympic Stadium
A
S A MASS of photographers
scrambled to get the perfect
shot of Chelseas new manager,
Andre Villas-Boas made the
only slip of an otherwise flawless first
performance in front of the English
press.
With the flashbulbs popping
around him, the Portuguese attempt-
ed to calm the masses by assuring
them we have time.
At just 33 years of age, Villas-Boas
has worked his way into an improba-
ble position of extreme responsibility
and privilege for one so young, but
time, as he is acutely aware, is the one
commodity his endless charm will
not buy him at Stamford Bridge.
While its only silverware that will
appease his new employer, the self-
deprecating humour and politeness
he was at pains to address every mem-
ber of the press by their first name
he displayed during an epic 75
minute address will win him an army
of new friends.
Clearly this is no Mourinho when it
comes to soundbites but the respect
a word he must have used at least a
dozen times he claimed to have for
both those inside and outside of
Stamford Bridge and a belief in foot-
ballers as social role models may
see the animosity many neutrals feel
towards a club driven my Roman
Abramovichs riches dissipate.
Its success, not popularity, the
Russian craves, however, and his lat-
est hired gun may have to forgo the
nice guy act to meet expectations.
Chelseas new
charmer is a
real breath
of fresh air
FOOTBALL COMMENT
JAMES GOLDMAN
Blues boss puts his
players ahead of
personal acclaim,
writes James Goldman
Federer defeat
shocks everyone
including Tsonga
SWISS star Roger Federer will
remain stuck on six Wimbledon
titles for another 12 months after
Joe Wilfried-Tsonga staged a
remarkable Centre Court come-
back from two sets down.
Defeat represented the first time
Federer had lost a grand slam
match from a position of such
strength and even Tsonga admit-
ted his 3-6, 6-7 (3/7,) 6-4, 6-4, 6-4 win
was simply crazy.
It was amazing today. I played
unbelievable, Tsonga (below) said.
To come from two sets down
thats crazy.
He is the biggest champion in
my sport. Hes achieved lots of
things and hes the best player in
the world.
Im just so happy to win against
him especially on grass because its
maybe his favourite surface. Now
Im here in the semi-finals and I
cant believe it.
A shell-shocked Federer added:
I think Jo played great.
Really from start to fin-
ish I dont remember
seeing a break point
after I broke him in
the first game. There
was not one.
Andre Villas-Boas confirmed John Terry will remain club captain Picture: PA
De Gea not fazed by the task of
taking over from Van der Sar
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