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Review to
slam out of
town retail
RETAIL expert Mary Portas, who is
charged with saving the ailing British
high street, is tomorrow set to unveil a
list of proposals including new taxes
on out-of-town car parks, a “town cen-
tre first” policy and plans for a nation-
al market day.
The high street review, commis-
sioned by Prime Minister David
Cameron seven months ago, is expect-
ed to lay out more than 30 recommen-
dations aimed at halting the rising
number of shop vacancies and bring-
ing retailers back to town centres.
Portas, who has not been paid for
her work, hopes to encourage retailers
as well as customers to return to the
high street. Controversially she is
expected to call for a curb on new out-
of-town centres. She is also expected
to recommend changes to regulations
such as restrictions on night-time
deliveries and noise.
The presenter of the Mary Queen of
Frocks television show came under
fire last week after it emerged that she
had not been in touch with a number
of the larger high street retailers lead-
ing the shift from high street to out-of-
town centres.
The department for Business
Innovation and Skills, which officially
commissioned the report, refused to
comment on claims that Portas had
declined to meet with fashion retail-
ers Next and had not approached
other groups including Primark, the
stationary chain WH Smith and elec-
tronics retailer Dixons.

Deputy Prime Minister Nick Clegg is unhappy about the veto, which is popular with voters Picture: REUTERS
THE LIBERAL Democrats were in disar-
ray yesterday with senior cabinet fig-
ures lashing out over David Cameron’s
veto of a new EU treaty on Friday – but
they stopped short of quitting as two
polls showed public opinion firmly
against them.
The first post-veto polling showed
that Cameron’s move is popular with
voters: a Daily Mail poll showed 62 per
cent in favour versus 19 per cent
against, while another for the
Times/Populous found 57 per cent for
and 14 per cent against.
Yet having initially expressed sup-
port for the veto, deputy Prime
Minister Nick Clegg appeared to shift
yesterday, warning that Britain risks
becoming “a pygmy in the world when
I want us to stand tall in the world”.
He added that Cameron’s move was
a “bad deal” that is “bad for Britain”
and did not gain anything for the City.
Business secretary Vince Cable was
said to be on the verge of quitting but
in the event settled for lambasting
Cameron from the sidelines.
And Liberal Democrat MEP Sharon
Bowles said that Cameron “has played
a dangerous game and lost”. It is
understood that she has privately
voiced the belief that she will lose her
chairmanship of the European
Parliament Economic and Monetary
Affairs Committee to a German rival

www.cityam.com FREE
as a result of the veto.
But despite their rhetoric, no senior
Lib Dems have yet proven willing to
collapse the coalition by walking out.
The anxiety over the veto extends
beyond the coalition however. It has
caused chaos for British lobbying oper-
ations in HM Treasury and in the City.
Senior Treasury civil servants, some
of whom are in the midst of negotia-
tions on EU regulation, were said to be
flummoxed by the veto, while City lob-
byists began preparing a fresh charm
offensive to try and shore up their
influence in Brussels. And City A.M.
understands that the British Bankers’
Association, which has 230 members
from 60 countries, has been advised to
downplay the “British” in its name by
a Brussels-based UK politician.
There are also suggestions that the
government mishandled preparations
for the summit and was overly confi-
dent that the French and Germans
would deliver some concessions.
The government is understood to
have been preparing a post-summit
briefing for MPs that would list the
concessions it expected to extract from
But Eurozone leaders were not
interested in discussing Britain’s
demands, leading to charges that
Cameron’s negotiating team miscalcu-
Issue 1,530 Monday 12 December 2011
Certified Distribution
31/10/11 till 27/11/11 is 100,007
Asian growth
boosts KPMG
BIG four accountancy firm KPMG
today reports a strong rise in annual
revenue on the back of increased
sales in emerging markets.
The practice said revenue rose 10.1
per cent to $22.7bn (£14.5bn) for the
year to 30 September. As well as finan-
cial services, the results were driven
by member firms seeing work grow
in healthcare, energy, infrastructure
and government.
Michael J Andrew, chairman of
KPMG International, which includes
UK operations, said: “To achieve dou-
ble-digit growth in such a tough envi-
ronment shows that we have the right
“We achieved this by focusing on
fundamentals and organic growth
and making common investments in
our strategic priorities.”
The group, which operates in 152
countries, grew revenue by 25 per
cent in India and 22 per cent in
Brazil in local currency terms.
KPMG also invested heavily in
China, where revenue rose 12.9 per
cent in local currency terms. It said it
advised on three of China’s four
largest outbound merger and acquisi-
tion deals.
This helped push the firm to
achieve revenue growth in US dollars
of 16.6 per cent in the Asia Pacific
region, 10.7 per cent in the Americas
and 7.7 per cent in Europe, the Middle
East, Africa and India combined.
KPMG operates as a global network
of firms providing audit, tax and
advisory services.
During the year it created a num-
ber of centres of excellence in areas
such as defence, justice and security,
financial services risk and regulation,
cloud computing and Islamic
In August the announced plans for
its member firms to hire about
75,000 graduates globally over three
years, an increase of 25 per cent on
historical targets.
The results come as KPMG and the
rest of the “big four” – Ernst & Young,
Deloitte and PricewaterhouseCoopers
– continue a recovery from the global
services slump of 2008-09.
In September Deloitte’s member
firms worldwide reported a record
$28.8bn in revenue for its 2011 fiscal
year, up 8.4 per cent, driven by strong
growth in the Asia-Pacific region.
KPMG’s British operation, which is
working on the special administra-
tion of the UK arm of broker MF
Global, is expected to publish its
results and profit per partner figures
in January.

David Cameron was right to say No
THIS column is often critical of David
Cameron – but not today. The prime
minister was at his best on Friday; his
decision to veto the European treaty
was inspired. It will be remembered as
a turning point: the day the UK start-
ed a long journey towards a more
global, more prosperous place in the
world, increasingly detached from a
declining and ever more closely cen-
tralised and undemocratic Europe.
Ever since anybody can remember,
the UK has been battered by regula-
tions not of its own choosing (and that
other countries that trade with the
EU, such as China or Japan, don’t have
to impose on their own domestic
economies). Time and again, and of
course with exceptions, these rules
have been bad for jobs and the com-
petitiveness of the UK. Recent ones
include rules on hedge funds and pri-
vate equity and on agency workers;
forthcoming ones include an assault
on accountants.
Typically, after much lobbying, the
final compromise turns out slightly
less badly than the original, deadly
version – but nevertheless damages
the economy. Invariably, we are told
the rules would have been another
degree less bad (but still damaging)
had the UK been more engaged in
Brussels. It is assumed it is obviously
in Britain’s self-interest to swallow this
constant stream of pain and job-
destroying red tape – on threat of
being excluded from the nirvana that
is meant to be the single market. We
are meant to happy that the regula-
tions weren’t even worse. Supposedly,
the cost of red tape can never be
greater than the benefits of the single
market; and the UK has all to gain
from trading with the EU, with
Europe not gaining anything. Crazy.
Many trade bodies and lobbyists are
aghast at Friday’s outcome. They are
hysterically warning of “isolation”;
together with a handful of ideological-
ly pro-EU CEOs, they will desperately
be trying to portray this as “bad for
business”. This is nonsense. The
imploding Eurozone is the biggest
danger to the world. How is that good
for business? Most of those whining
are the very same people who dis-
missed sceptical economists when the
euro was about to launched, smearing
them as nationalists. Yet the sceptics
were right and the Europhiles danger-
ously, shockingly deluded. It makes no
sense for the UK to accept bad rules
that destroy jobs. Only in Europe do
people believe they have to share polit-
ical institutions to trade together.
And how can anybody believe the
UK needs to deepen its trading links
with Europe, the part of the world
most affected by stagnation and
demographic decline, at a time when
Latin America, the Middle East, Asia
and growing parts of Africa are boom-
ing? It is time to readjust the UK’s for-
eign and economic policy. We need to
be global, not parochially and inward-
ly European. One argument that has
been making the rounds is that the
City is only attractive to global banks
because of the UK’s membership of
the EU. But then why does non-EU
Switzerland have such a large finan-
cial and business sector, and why does
everybody agree that non-EU
Singapore, Dubai, New York and Hong
Kong are London’s biggest rivals?
So far the prime minister has
emerged as an accidental Eurosceptic;
his dramatic shift in UK policy came
about almost by chance and partly as
a result of incompetent civil servants.
But that doesn’t matter. History only
remembers great decisions – it never
asks why they were taken.
Follow me on Twitter: @allisterheath
Whitehaven buys Aston for $3bn
Whitehaven Coal has agreed to take over
Aston Resources and another miner in a
$3bn deal to create Australia’s biggest
independent coal miner, looking for scale
as it taps into booming Asian coal
demand. Whitehaven will get Aston’s 75
per cent stake in the Maules Creek proj-
ect close to Whitehaven’s mines in New
South Wales state, which will help boost
production from 6m tonnes a year in
2012 to 25m tonnes a year by 2016.
Executive pay soars over 25 years
The average pay of company bosses in
the FTSE 100 has risen 27-fold since
1988 – a 1200 per cent increase over less
than 25 years. A study by the University
of Exeter Business School has found aver-
age pay has risen from £150,000 to
£4m, based on interviews with bosses at
some of the UK’s biggest firms.
Marshall Wace
In Friday’s edition of City A.M. we wrong-
ly stated that senior traders at hedge
fund Marshall Wace shared £38.58m for
the year to February 2011. The profit pool
for sharing among 10 partners was in
fact £6.9m.
Editorial Statement
This newspaper adheres to the system of
self-regulation overseen by the Press Complaints
Commission. The PCC takes complaints about the
editorial content of publications under the Editor’s
Code of Practice, a copy of which can be found at
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Email: news@cityam.com www.cityam.com
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 Jo Simpson
Pictures Alice Hepple
Sales Director Jeremy Slattery
Commercial Director Harry Owen
Head of Distribution Nick Owen
Total revenues for
year to September
workers in member
firms, up five per cent
KPMG International, chaired by Michael J Andrew, has invested in China
Two of the independent directors in
TNK-BP, the Russian joint venture of
BP, warned the board that legal
action by the company against either
set of shareholders could destabilise
the group, according to a letter seen
by the Financial Times. In the letter
addressed to Mikhail Fridman, TNK-
BP’s chairman, and copied to the
board, Gerhard Schröder and Jim
Leng warned that asking the board to
consider taking legal action “could
seriously disrupt and destabilise TNK-
BP and its executives”.
About half of all institutional private
equity investors have a stake in a
“zombie fund” where unsuccessful
managers with no hope of getting a
bonus are holding on to the invest-
ments as long as possible to live off
the management fee, a global survey
GlaxoSmithKline is launching aggres-
sive fresh steps to boost earnings by
cutting inventories, centralising back
office functions and lowering global
tax payments, under plans drawn up
by the new finance director. Simon
Dingemans, the former Goldman
Sachs investment banker who took
over as CFO at the UK pharmaceutical
group in April, is refining detailed
long-term measures to enhance cash
flow return on investment, tradition-
ally a low priority for an industry that
generates large amounts of cash.
British construction companies are
scrambling to win lucrative contracts
in Qatar as the gulf state gears up for
the 2022 Fifa World Cup with an esti-
mated $275bn of spending.
The battle for control of bmi British
Midland has intensified with Virgin
Atlantic starting due diligence to buy
the ailing airline. The Times under-
stands that Virgin has made an
indicative offer and signed a “terms
of agreement” contract with
Lufthansa, bmi’s owner, so that it can
analyse the airline’s books.
International Airlines Group, which
owns British Airways, said last month
that it had reached an agreement in
principle to buy loss-making bmi
from Lufthansa but Virgin has been
determined to gatecrash that deal.
Hewlett-Packard has held talks with
Google about using its software for
mobile devices, as the world’s largest
PC maker plots a tablet comeback.
The Goldman Sachs tax bill controver-
sially waived by HMRC chief Dave
Hartnett was twice as big as he has
claimed, a whistleblower has
revealed. Mr Hartnett had said the
bill was “smaller than £10m”.
However, Osita Mba has claimed it
was “£20m in rough figures” in fresh
evidence deposited on a
Parliamentary committee website on
Pearson, owner of the Financial Times
newspaper, has been examining an
acquisition of legal training company,
The College of Law has appointed
Collins Stewart Hawkpoint to carry
out a strategic review. Sources said the
company may change hands for
between £100m and £200m.
General Motors could be in for a
lengthy investigation over why the
batteries on several Chevrolet Volt
cars caught fire, potentially hurting
sales of the plug-in vehicle. GM
repeatedly has said a coolant leak is
behind the problem. GM has said the
battery is safe and that the company
likely can fix the problem without a
major redesign. But the National
Highway Traffic Safety
Administration isn’t sure that expla-
nation is correct.
Chinese telecommunications equip-
ment maker Huawei Technologies
said it will scale back its business in
Iran, following reports Iranian police
were using mobile-network technolo-
gy to track and arrest dissidents.
SWEDISH lender Swedbank said yes-
terday that queues of people with-
drawing money at its cash machines
in Latvia were due to a false rumour
spread by social media that Swedish
banks had problems.
“These are totally irrelevant rumors
coming out of social media. The bank’s
position is more than solid,” Swedbank
spokesman Thomas Backteman said.
“The rumors are not only about us, but
about Swedish banks.”
Queues formed in Latvian capital
Riga at some machines to withdraw
money. Latvian media said queues
were longer in other regions. The
rumors began on the social network-
ing service Twitter, prompting some
panicky withdrawals of funds.
Latvia’s financial services authority
said the rumors were unfounded.
Rumours spark
bank run on
Swedish lender

Mario Draghi is trying to flood Europe’s banks with cash Picture: REUTERS
TWO thirds of business leaders are
concerned about the prospect of the
EU enforcing plans to increase pension
funding requirements for firms oper-
ating a defined benefit pension
scheme, according to a survey con-
ducted by the Confederation of British
Industry (CBI) and Towers Watson.
The survey, which covered firms
employing a total of 1.3m people,
showed that business leaders are wor-
ried about new rules being planned in
Brussels that would require high
deficit payments over a shorter period
of time.
CBI claims this could – at worst –
cost employers with defined benefit
liabilities hundreds of billions of
pounds, and is urging the EU to recon-
sider its proposal.
Many firms are already under finan-
cial pressure and the cost and uncer-
tainty of managing final salary
pension schemes is said to be holding
back businesses’ activities and harm-
ing their ability to grow.
The poll found that 69 per cent of
businesses say providing defined bene-
fit pensions is having a significant
effect on their accounts already and 45
per cent say that they have less left to
invest in growing the business – up
from 38 per cent two years ago.
UK business fears
over Europe’s plans
for pension funding

Well no, not necessarily.
Cameron also wants UK author-
ities to have the power to impose
“gold-plated” regulations on the
financial sector, including capital
requirements that go even further
than the proposed maximum dis-
cussed by the European Union.
However, the Prime Minister did
push for the reinstatement of vetoes
over potential shifts in power to EU
financial authorities, which could
pose a threat to City firms in the
future. He also wanted to stop City
firms that do not trade with other
European countries from being
affected by European legislation.
Many financial companies from out-
side Europe are based in London.
Not a lot has changed on this
front. The UK already had a veto
over a financial transactions tax
being imposed across all EU states.
The potential for the tax being
snuck in through the back door,
under the guise of it being a VAT
measure, has been generally dis-
Talks will progress with an
agreement likely between the
17 Eurozone states, and some EU
states outside the single currency,
albeit after more political wrangling
and legal complications. One major
part is a fiscal compact that would
restrict euro-member governments
to only small budget
deficits. Doubts still
remain over the feasibil-
ity of enforcing such measures.
“Already, such proposals have floun-
dered in the Austrian parliament,
where a large majority is required to
make constitutional changes,”
noted James Goundry of IHS Global
Insight. Current proposals would
see enforcement overseen by the
European Court of Justice.
Many Eurosceptics are delighted
with Cameron’s seemingly-
tough stance, yet the think tank
Open Europe -- which campaigns for
a more economically liberal EU --
warned: “There are valid concerns
that Cameron received no clear safe-
guards while spending a lot of polit-
ical capital.”
IMF: solution is still
eluding the Eurozone
THE WORLD is still waiting for a solu-
tion to the Eurozone crisis following
last week’s make-or-break summit,
IMF chief economic Olivier Blanchard
said yesterday.
While he said there has been
“progress”, Blanchard added: “What
happened last week is important: it’s
part of the solution, but it’s not the
“A lot of the volatility is coming
from statements from Europe, show-
ing the range of opinions and inabili-
ty to get to a logical decision process,”
he added.
Markets had been hoping that
Eurozone nations would strike a deal
strong enough to persuade the
European Central Bank (ECB), led by
Mario Draghi, to start printing money
to buy up government debt.
But in the event, despite unveiling a
“new fiscal compact”, which demands
that “the annual structural deficit
does not exceed 0.5 per cent of nomi-
nal GDP”, it is not clear how or if the
changed treaty will ratified and
whether it will be more successfully
enforced than its predecessor, the
Stability and Growth Pact, which was
largely ignored.
The summit agreement also con-
tained a promise to boost the region’s
loans to the IMF by €200bn (£170.8bn),
to accelerate the establishment of the
European Stability Mechanism (ESM),
the region’s permanent bailout fund,
and to consider increasing its lending
capacity over €500bn in March next
That could prove too long for mar-
kets to wait, however, with econo-
mists suggesting that firepower on
the order of €1-2 trillion will be
TF Market Advisors’ Peter Tchir said
that the strategy amounted to “form-
ing a circle, holding hands, and chant-
ing IMF and G-20 over and over [so
that] the market was placated, at least
for a day”.
However, some economists suggest-
ed that Draghi has effectively already
begun quantitative easing to mone-
tise Eurozone nations’ debt “by the
back door”.
Draghi announced last week that
he is prepared to deploy ECB resources
to buy bank bonds, but not to bail out
Henderson’s Simon Ward said:
“What Draghi is trying to do is –
because the Bundesbank won’t let
him step up direct [government] bond
purchases – he’s aiming to shovel so
much liquidity into the banking sys-
tem that the banks buy the bonds for
If Eurozone leaders cannot produce
an agreement that brings govern-
ment bond yields down decisively, the
first quarter of next year could prove
difficult for sovereigns. Italy will see
€46bn of its debt mature in February
and another €34bn in March.

THE City regulator could be given new
powers to veto bank takeovers after
the publication today of a controver-
sial report into the collapse of RBS.
The recommendation, believed to
be included in the 500-page document
prepared by the Financial Services
Authority (FSA), is designed to prevent
a repeat of the RBS-led €71bn (£49bn)
takeover of ABN Amro, which helped
push Sir Fred Goodwin’s bank into a
£45bn bailout and 83 per cent taxpay-
The report could also suggest giving
the Treasury greater powers to inter-
vene in Bank of England (BoE) policy
in times of financial crisis, more pow-
ers of punishment for the FSA, as well
as demanding banks focus less on
profit and more on their level of risk.
There is unlikely to be any new
enforcement action against ex-chief
executive Goodwin, former chairman
Sir Tom McKillop and Johnny
Cameron, the former investment
banking head. Any sanctions could
open up the three men to the threat of
civil action from shareholders, who
have seen the value of their stake
The Business Department may,
however, be given the chance to con-
sider whether former RBS executives
should be disqualified as company
directors. Goodwin’s abrasive manage-
ment style has come under attack but
his former boardroom colleagues have
apparently denied being intimidated.
Over the last few weeks lawyers for
several former directors have been
in talks with the FSA amid
suggestions chairman Lord
Turner will use the fore-
word to the report to con-
demn the 2007 ABN Amro
deal, as a “gamble” in
which due diligence was
only “two lever-
arch files and
a CD-Rom”.
As well as
t h e
the report
will also
pick out
o t h e r
es which
led to the
crisis at
RBS, includ-
ing its weak
c a p i t a l
strength, a
reliance on short-term funding, uncer-
tainty over the quality of assets, losses
in credit trading and the meltdowm
in the global financial system.
The role of the FSA – led by Hector
Sants (pictured left) – in RBS’ prob-
lems is expected to come under fire.
Earlier this year Turner described the
regulator’s supervision of the bank as
“severely deficient” and today’s report
is expected to say it failed to fully scru-
tinise banks’ liquidity and capital
positions and that it was too con-
cerned with maintaining the global
strength of the City.
Last month the Treasury select
committee called for a radical shift of
power from the “antiquated”
Bank of England back to the
RBS, the FSA, the govern-
ment, the Bank and spokes-
men for Goodwin and
Cameron, declined to com-
ment. McKillop, who was
seen last week at the
Powerscourt annual
drinks party, could not
be reached.
The powers of the
FSA will be divided
between a new BoE unit
and a standalone Financial
Conduct Authority next year.
FSA could win veto
on mega-takeovers

The RBS report
22 April 2008
RBS announces a record £12bn rights
issue to cover an expected £5.9bn write-
down on the value of its toxic assets.
17 October 2008
Treasury is forced to pump £20bn into
RBS to shore up its capital position.
Stephen Hester appointed to replace Sir
Fred Goodwin as chief executive.
28 November 2008
The state injects a further £15bn and its
stake ultimately reaches £45bn
26 February 2009
Reports a loss of £24.1bn for 2008, the
biggest in UK corporate history
18 June 2009
Goodwin agrees to cut annual pension to
£342,500, from £703,000
15 January 2010
It emerges that Goodwin has an advisory
job with Edinburgh architects RMJM
although he later leaves
25 February 2010
RBS posts annual loss of £3.6bn for 2009
18 May 2010
Former investment banking head Johnny
Cameron agrees with FSA that he will
not take up any City jobs full-time
4 August 2010
Santander agrees to pay £1.65bn for 318
of RBS’ UK branches
24 February 2011
RBS posts a £1.13bn loss for 2010 but
returns to operating profit
25 Nov
24 Nov
28 Nov
29 Nov
30 Nov
01 Dec
02 Dec
05 Dec
06 Dec
07 Dec
08 Dec
09 Dec
10 Dec
11 Dec
13:00 12:00
(25th November to 9th December)
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MP triumphs as watchdog is
set to publish and be damned
The RBS report
MORE than a year after the City regu-
lator released a paltry 298-word state-
ment summarising its investigation
into RBS, the publication today of a
fuller report marks a victory for
Andrew Tyrie, the chairman of the
Treasury select committee.
Tyrie led the public outcry when,
last December, the Financial Services
Authority cited legal reasons and
refused to release more details of the
probe, which took no action against
the former directors of RBS.
Today Tyrie says: “The public was
being brushed off with a single page of
explanation from the FSA about the
failure of RBS in exchange for the bil-
lions of pounds taxpayers put at risk to
save the bank from collapse. This was
Former banker David Walker and
lawyer Bill Knight are also due to pub-
lish their own independent review of
the report, a 20-page document that
could also emerge tomorrow.
Tyrie’s committee wants to ensure
the FSA’s final account of what went
wrong at both RBS and on its own
turf – which has been much-delayed
and cost a reported £7m – is a fair
and balanced summary of evidence
gathered by the regulator and
PricewaterhouseCoopers (PwC).

RBS faces intense scrutiny today over its actions in the run-up the crisis Picture: REUTERS
Sir Fred Goodwin
THE man nicknamed Fred the Shred was feted
in 2002 for his deep cost-cutting and his ability
to integrate UK banking peer NatWest. He was
knighted in 2004 for “services to banking”
after leading the transformation of RBS from a
Scottish regional bank to a major global player
in an era of "light touch" regulation.
It was a time when politicians celebrated finan-
cial innovation under Gordon Brown and Tony
Blair as Labour turned a blind eye to a debt
bubble, which generated billions in tax receipts.
For Goodwin, however, the middle of the
decade represented the apex of a career that
soon went downhill.
In 2008 he was mocked as “the world’s worst
banker” after steering RBS to the brink of col-
lapse. Some of its problems went back to least
2007 when Goodwin rushed through a €71bn
(then £49bn) takeover of ABN Amro, carried
out with two other banks, before the value of
the Dutch bank’s assets plunged.
He was forced out of RBS when the govern-
ment propped up the bank with £20bn in late
2008 but remained a lightning rod for public
anger when it emerged he was entitled to a
pension of £700,000. It prompted a row with
the Labour government and in 2009 Gordon
Brown described the pension as “unaccept-
At one point Goodwin’s home was attacked,
with his windows and a Mercedes damaged,
and he and his family fled to the south of
France. They came back to Edinburgh in the
summer of 2009 to allow his children to return
to school. Goodwin agreed to a halving in his
retirement benefits but neither this move, nor a
spell at Scottish architects RMJM, has led to a
full rehabilitation.
The ex-banker faced further embarrassment in
May this year when Liberal Democrat peer
Lord Stoneham used parliamentary privilege to
raise allegations that he had had an affair with
a senior colleague. Goodwin had taken out the
gagging order, which prevented him being iden-
tified as a banker, to stop the media reporting
the “sexual relationship”.
Sir Tom
THE trained chemist
and former
AstraZeneca chief
executive was criti-
cised for his failure
to use the chairman-
ship of RBS to rein
in the expansionary
zeal of Goodwin. He stepped down in February
2009, three months earlier than planned, clear-
ing the way for Philip Hampton to oversee the
bank’s restructuring.
McKillop has not faced the same public outrage
as Goodwin and in late 2009 he was appointed
to the board of UCB, a large biopharmaceutical
company which is listed in Brussels.
He has rejected the suggestion that he and the
directors did not hold Goodwin to account, say-
ing that there were "no patsies" on the RBS
board. He has, however, described himself as
“profoundly sorry” for the bank’s problems.
THE former Harrow
schoolboy and ex-
head of Global
Markets remains
the only RBS execu-
tive to face action
from the Financial
Services Authority
after he agreed not to take on any full-time jobs
in the City. He did not make any admission of
guilt but described the deal as “appropriate”
and said he should take his "share of responsibil-
ity" for the losses sustained by RBS.
Potential jobs with advisory firm Greenhill and
headhunter Odgers Berndtson came to nothing
but last year he won a new role advising corpo-
rate finance advisory firm Gleacher Shacklock
on deals and on winning new business.
He has also set up his own one-man consultancy
firm, Caps Advisory, but has largely remained
out of the limelight.
CINVEN, the private equity giant
behind Pizza Express, is eyeing a
potential takeover of Mothercare, the
ailing baby products retailer.
The firm is understood to be in
early stages of forming a potential
offer and has yet to approach
Mothercare’s board, which is being
led by chairman Alan Parker after his
appointment in August.
Last month Parker announced an
“structural and operational” review
of the chain’s troubled UK arm, as it
revealed a £81m loss for the half-year,
sending its already depleted share
price tumbling.
The group, which is facing fierce
competition from supermarkets and
internet players, also saw the exit of
its long-standing chief executive Ben
Gordon last month after issuing a
string of profit warnings.
Sources close to Cinven said the
firm has not yet appointed advisers
or lenders and that there could be
no certainty of the company mak-
ing an offer.
Other private equity firms includ-
ing Montagu Private Equity and CVC
have also been linked with
Mothercare. However, CVC is thought
to not be interested in making a bid.
Cinven is reported to be want to
focus on Mothercare’s better per-
forming overseas operations, which
comprise of around 960 outlets
across Europe, the Middle East and
Mothercare, which also owns the
Early Learning Centre, detailed plans
in May to close 110 of its 353 UK
Cinven eyes
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THE BANK of England overestimated
the impact of its initial quantitative
easing programmes, it emerged this
morning, while the latest round of
asset purchases could be less effec-
tive than previously thought.
A study by the Bank of
International Settlements (BIS)
reveals that the policy caused yields
on government debt to fall by only a
fraction of the amount estimated by
the Bank in September – shortly
before it engaged in an extension of
the scheme, dubbed QE2.
The autumn edition of the Bank’s
quarterly report estimated that gilt
yields reacted to news of the first
quantitative easing schemes (QE) by
falling “just under 100 basis
Yet today’s report says that QE in the
UK “on average lowered yields by 27
basis points for gilts with a remaining
maturity of five to 25 years.”
The report also warns that future
rounds of asset purchases, kicked off
in a desperate bid to revive the strug-
gling economy, could have a lesser
impact than their predecessors.
“It may be harder to achieve the
same degree of effectiveness as with
the initial programmes once the sur-
prise or novelty element wanes,” it
states. The report also notes that the
yields on long-term UK government
debt are “already very low”.
Boost from QE overestimated
by Bank of England – report

Mothercare’s board is led by chairman Alan Parker Picture: REUTERS
ANALYSIS l Mothercare
5Dec 6Dec 7Dec 8Dec 9Dec
9 Dec
Babycare chain has a lot to prove if
losses drag on for the next few years
THERE was an uncomfortable sense
of déjà vu when Mothercare’s chair-
man Alan Parker announced an
overhaul of the troubled baby goods
chain’s UK arm last month.
Almost a decade after Ben Gordon
parachuted in to rescue the firm
from collapse, expanding
Mothercare’s presence overseas and
restoring confidence in the brand,
problems at the heart of its UK busi-
ness are resurfacing.
Now after reporting a string of
profit warnings and a steep losses
for the last half-year, the question is
whether Mothercare’s troubles are
part of a long legacy or if it is just
another victim of the current retail
gloom. The answer will most likely
lie in Parker’s structural review of its
UK stores.
Despite planned work on its UK
portfolio, analysts expect losses to
drag on for four years. Mothercare
investors may be holding their
breath for some time yet.
Analysis by Kasmira Jefford
© 2011 Global Futures and Forex, Ltd. All rights reserved. CD03UK.211.120811
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POLITICIANS agreed a last minute
pact yesterday to force the world’s
biggest polluting countries to take
action on greenhouse gas emissions –
yet activists remain unimpressed,
while businesses appear indifferent to
the developments.
A survey from PwC showed that
indecision at international climate
summits has paled in comparison
with the effects on businesses from
other global events, such as the
Eurozone crisis, Japanese earthquake
and the Arab Spring uprisings.
“Business will shrug its shoulders
over Durban and wait for direction
from national capitals,” said PwC’s
Jonathan Grant. “There is still no
more ambition than what we saw in
Cancun or Copenhagen. What we got
was a clear signal that we might get
another clear signal in 2015.”
Delegates at the summit in South
Africa agreed to start work next year
on a new, legally binding accord to cut
greenhouse gases, to be decided by
2015 and to come into force by 2020.
The process for doing so, called the
Durban Platform for Enhanced
Action, would “develop a new proto-
col, another legal instrument or
agreed outcome with legal force” that
would be applicable under the UN cli-
mate convention.
The agreement involved giant
emerging economies China and India,
as well as the US. The US had refused
to ratify the 1997 Kyoto Protocol.
South African foreign minister
Maite Nkoana-Mashabane said the
talks had “made history”, after an
embarrassing impasse was avoided in
the meeting’s final stages.
Meanwhile, firms are pushing
ahead with their own plans, accord-
ing to both PwC and a separate state-
ment from the CBI. “Businesses have
not slowed the pace of managing
emissions, developing low-carbon
products, and investing in sources of
low-carbon energy,” the CBI said.
Last minute
climate pact
saves blushes

PoliticsHome.com PoliticsHome.com
Apply to join today at www.cityam.com/panel
In association with PoliticsHome.com
In partnership
RATING agency Standard & Poor’s was
“completely right” to put 15 of the
Eurozone’s economies on credit
watch for a possible downgrade,
according to 54 per cent of our Voice
of the City Panel, run in association
with PoliticsHome.com.
More than two thirds (68 per cent)
of respondents also said they find the
opinions of the rating agencies either
“very” or “somewhat valuable”, versus
32 per cent who disagreed.
Meanwhile Germany was deemed
the economy most deserving of its
AAA rating, with 34 per cent saying it
was “completely deserved”. Just 20 per
cent felt the same about the UK.
To join the panel, visit cityam.com/panel

Panel: S&P right to consider downgrades
Was Standard & Poor’s right to put 15 of the 17 Eurozone
economies on credit watch for a possible downgrade?
How valuable do you believe the opinions and decisions
of ratings agencies to be?
Completely right
Somewhat right
Neither right nor wrong
Somewhat wrong
Completely wrong
Don’t know
Very valuable
Somewhat valuable
Not particularly valuable
Not at all valuable
4 4
Do you think the timing of S&P’s announcement was
politically motivated, coming hours after a Franco-German
plan to save the euro?
Don't know
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SPREAD-BETTING tycoon Stuart
Wheeler is celebrating in more ways
than one. Firstly, because the UKIP
treasurer and donor, who switched
allegiance from the Tories in 2009,
will be delighted by David Cameron’s
breakaway from the EU.
And secondly, because Wheeler’s
supermodel daughter Jacquetta has
become engaged to Insparo Asset
Management’s portfolio manager
Jamie Allsopp, a former protégé of
John Duffield at New Star, where he
managed the heart of Africa fund.
With Duffield, UKIP leader Nigel
Farage and Allsopp’s TV presenter
cousin Kirstie Allsopp likely to be on
the guest list, the business-meets-
society wedding is gearing up to be
quite some party. Particularly if an
invitation is extended to Allsopp’s
old flame Lady Emily Compton, now
happily settled with billionaire prop-
erty developer Christian Candy.
THE mood at the European M&A
awards at The Savoy was not exactly
upbeat. “The single best thing about
2011 is that it will be better than
2012,” flatlined Angus McIntosh,
EMEA managing director of awards
organiser Mergermarket.
The past year “has not been the best
time to make a lot of money for the
bank”, agreed Credit Suisse’s head of
healthcare investment banking
Leopoldo Zambeletti – but “we still
had a lot of business in 2011”.
Indeed – like Johnson & Johnson’s
€14.3bn acquisition of Swiss-listed
Synthes GmbH, which won the bank
Corporate M&A Deal of the Year.
Zambeletti skipped away to a prior
engagement to leave colleague Kelly
Curtin to collect the award, while
Morgan Stanley won Financial Adviser
of the Year for deals such as SAB
Miller’s hostile bid for Fosters, and
Freshfields ended Linklaters’ four-year
run as European Legal Adviser.
DLA Piper’s lawyers are usually on
the ball. But there was a moment of
confusion at the British Venture
Capital Association’s annual dinner,
when the legal brains were – albeit
temporarily – taken in by the David
Beckham lookalike hired as the
evening’s entertainment.
“I am sorry my wife Victoria is not
here tonight,” opened “David”. “It’s
not that she doesn’t like venture cap-
italists, she just doesn’t like food.”
Reassuringly, guest speaker Sir
Steve Redgrave, the Olympic rower,
was the real thing.
FORGET the West End, the eyes of the
property world will tomorrow be fixed
on Fulham, when the council decides
the fate of its historic town hall.
The tender to develop the Grade II-
listed site, which dates back to 1888,
has been narrowed to a list of three
developers – one retail, one residen-
tial and one leisure – who will tomor-
row make their pitches to win over
the borough’s planning team.
Good luck to them. But only one
proposal, says Loh Peng, the
Singapore tycoon behind the leisure
bid, has a “long-term commitment to
sharing [the property] with the com-
munity”. Peng’s property business
Unlisted Collection specialises in cre-
ating hotels in restored heritage prop-
erties, and the man who transformed
Bethnal Green’s civic building into
the Town Hall Hotel plans to pull off
the same trick further west.
If all goes according to the plans
drawn up by Rare architects, a 45 to
50-room hotel will open by the first
quarter of 2013, alongside three
restaurants, a bar, a spa and themed
internal courtyard gardens. Peng told
The Capitalist: “I love the building, and
I think it’s an opportunity to put the
town hall back into the centre of
Fulham’s social and economic life.”
The proposed Harwood Road restaurant, one of three within Loh Peng’s vision for the site
On a roll: Credit Suisse winner Kelly Curtin
The Capitalist
10 CITYA.M. 12 DECEMBER 2011
Got A Story? Email
Follow The Capitalist
on Twitter: @dennysharriet
BARCLAYS boss Bob Diamond last week
revealed he encouraged up to 40 of his staff he
considered “too ostentatious” to find other
jobs. Something of a U-turn from the firm
where a group of bankers famously spent
£44,000 in the restaurant Petrus in 2001, but
no matter – the point is that the six European
financiers who spent £7,500 in Notting Hill
club Supperclub probably weren’t from
Barclays. The £6,500 they spent on a jer-
oboam of Cristal was not far off the £9,400
their bonus-crazed predecessors spent on a
1946 bottle of Pomerol, however, making the
shots of tequila, jaegermeister and the Crazy
Horse cocktails the group added to the mix
rather – unlike the bankers – redundant.
GERMAN air traffic controller
Deutsche Flugsicherung (DFS) is
preparing to make a bid for the gov-
ernment’s stake in British equiva-
lent Nats, according to reports.
The state-owned German business
is believed to have approached
London investment banks earlier
this month about advising on a deal
to acquire the government’s 49 per
cent stake in Nats, which could be
worth more than £500m.
Nats, which controls almost all
flights in British airspace, was contro-
versially part-privatised by the Labour
government in 2001. The private
investors, grouped as the Airline
Group with a 42 per cent interest in
the company, include British Airways,
EasyJet and Virgin Atlantic.
Heathrow owner BAA, which
invested after the World Trade
Center attacks, holds a further four
per cent stake, and Nats staff hold
the remaining five per cent.
The government’s plans to sell its
holding in the company emerged in
March, when chancellor George
Osborne announced in the Budget
that the government “intends to
realise value from its shareholding
in Nats, subject to considering the
views of key interested parties”.
In June, then-transport secretary
Philip Hammond published a call
for evidence to support the deci-
sion-making process behind selling
the government’s stake.
The Department for Transport
(DfT) is currently considering the
responses to that document, and
gave no timeframe for a decision on
the sale. “We are in the process of
deciding whether to sell all, part, or
none of the shareholding in Nats,”
said a spokesperson for the DfT. “We
will take a decision in due course.”
Germans eye
stake in UK’s
air controller

EASYJET’S Sir Stelios Haji-Ioannou has
joined forces with lastminute.com
founder Brent Hoberman to launch a
new car-sharing business.
The Car Club website will allow car
owners to rent out their cars when they
are not using them, while also allowing
hirers to rent cars closer to home at
potentially cheaper prices than a con-
ventional car rental company.
The new venture would run along-
side the Greek entrepreneur’s car bro-
kerage business easyCar, which
operates in over 60 countries and made
profits of £822,000 last year.
Hoberman will invest in the business
through the venture capital firm
PROfounders Capital and will also take
a seat on the board.
Sir Stelios said cars would be fitted
with a automated car entry system,
plus a tracker system for exra security.
Sir Stelios set to launch car club
with founder of lastminute.com

FAMILIES are most likely to be affect-
ed by Ryanair’s hiked prices next year
as the Irish airline prepares to
increase charges for many of its pas-
senger services as of 15 December.
Under the new rules, a 15kg bag
checked in at the airport, without
being pre-booked, will cost the cus-
tomer £100 in peak season (June to
September and Christmas) – an
increase of 150 per cent on the cur-
rent charge of £40.
Checking in a second 15kg bag that
wasn’t booked ahead will incur the
highest new cost of £135.
Printing a ticket at the airport will
set the traveller back £60 per board-
ing card in a 50 per cent rise on the
current price.
The airline claims to be changing
the way passengers think about their
journey, incentivising them to travel
light and offering tailored options.
Stephen McNamara, a spokesper-
son for the airline, said, “Over 70 per
cent of Ryanair passengers will be
unaffected by these changes as they
already travel with no checked-in
Ryanair has come under fire in
recent years for its alleged proposals
to cut costs, such as levying an extra
fine on overweight passengers, mak-
ing passengers carry their own lug-
gage to the plane and charging
passengers to use the aircraft’s toilets.
Prices soar for basic services
on board the no-frills Ryanair

12 CITYA.M. 12 DECEMBER 2011
Minister Philip Hammond called for evidence to support the sale Picture: REUTERS
THE THREAT to financial stability
from rising global capital flows
could see regulators call for a new
“rules-based system of global eco-
nomic management”, according to
papers released this morning by the
Bank of England.
The Bank’s latest financial stabili-
ty paper explores a “fundamental
overhaul of the International
Monetary and Financial System
(IMFS)”, including the possibility of
“hard incentives such as tariffs or
capital controls”.
The research says that existing
international government efforts to
co-ordinate financial interventions –
such as the G20’s Framework for
Strong, Sustainable and Balanced
Growth – are welcome, but may not
be sufficient.
“The effectiveness of the G20
Framework remains to be seen,” the
report says. “In the absence of a for-
mal mechanism to force countries to
internalise the externalities created
by their policies, there is no guaran-
tee that the process will deliver to its
A separate report, also released by
the Bank this morning, estimates
that global capital flows will
increase considerably over the com-
ing 40 years, bolstered by greater
involvement in the global financial
system by emerging markets.
By 2050, more than 40 per cent of
all external assets will be held by the
BRICs nations (Brazil, Russia, India,
China), the study predicts. Currently
these states hold 10 per cent.
Bank weighs
up new global
finance rules
DEPARTMENT store John Lewis has
offered some hope to the ongoing high
street gloom by revealing record sales
last week as the Christmas shopping
season gained momentum.
Sales rose by two per cent to £123.5
in the week to December 10, rising 12.5
per cent on a two-year basis as cus-
tomers snapped up winter clothes and
gift items such as iPads and toys.
Meanwhile, the New West End
Company, which represents 600
traders in Oxford street, Regent street
and Bond street said retailers reported
their strongest trading week of the
year, with shoppers spending £180m
on Saturday alone.
A further 600,000 shoppers are
anticipated to have spent £100m yes-
terday–up £50m on normal weekends.
Capital Shopping Centres, the
owner of Manchester’s Trafford mall
added to the good news, saying “a shift
in consumer behaviour” in the run-up
to Christmas led to over 8m shoppers
visiting its 14 centres last week.
Amazon also reported record orders
for over three million items on Cyber
Monday last week.
Plan B would risk another
recession, coalition is told
A “PLAN B” involving higher govern-
ment spending would risk pushing
the UK into another recession, the
Institute of Economic Affairs (IEA)
will argue today.
The costs of servicing even greater
government debt levels would
prompt higher taxes towards the end
of the parliamentary term, the think
tank will warn chancellor George
“We must resist the calls of those
who say that one last, big spending
push could get the economy back to
meaningful growth,” Mark
Littlewood of the IEA argues. “The
opposite is true -- many Western
economies might well be tipping
back towards recession partly because
of these giant fiscal packages that
were enacted in 2009”.
The group’s report warns that “the
next financial crisis will be one of
government debt” across both the
Eurozone and the US.
Liabilities such as on government
sector pensions are set to worsen the
debt crisis, the IEA says.
The government’s official net debt
came in at £966.6bn in October,
according to the Office for National
Statistics, and will surpass £1 trillion
by the end of the fiscal year.
Retailers add cheer
to gloomy high st

THE GOVERNMENT’S policy of push-
ing the UK towards renewable energy
sources faces attack today from a
Westminster think tank.
“Wind and solar power do little to
reduce carbon emissions, as they
need large-scale back up generating
capacity to compensate for their inter-
mittency,” the Adam Smith Institute
(ASI) will state in a new report.
The government is already 28 per
cent behind its target, while the ASI
says that subsidies for renewable
energy increase electricity prices.
UK renewables
policy attacked
by think tank



14 CITYA.M. 12 DECEMBER 2011
LONDON’S private sector output con-
tracted last month, according to a busi-
ness survey released this morning by
Lloyds TSB.
The worrying finding marked the
first decline in the capital’s business
activity for over two and a half years.
The business activity index slipped
to a reading of 49.3 in November, down
from 50.4. Scores below 50 indicate
economic contraction.
“Spare capacity prompted firms to
reduce their staff numbers at the
fastest rate in two years,” commented
Neil Mahoney, Lloyds TSB regional
“A further rise in new business was
the only bright spot in November, but
the rate of growth was only modest.”
Despite the capital’s index falling
below the no-change line, output
growth was still recorded across the
UK as a whole, according to Lloyds TSB
and Markit, which compiles the data.
Picture: REUTERS
First fall in the
capital’s output
since April ‘09

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16 CITYA.M. 12 DECEMBER 2011
BT Olympic mentions by category
Regional News
National News
Brought to you by
IN ASSOCIATION with Repskan, the
media monitoring and analytics platform,
City A.M. is measuring the relative
Olympic media buzz around the partners
for the London 2012 Olympic and
Paralympic Games, week by week. The
leaderboard, right, reflects their ranking
over the past week, in this case from
Wednesday 12 October to Wednesday
19 October.
BT break-out analysis:
Dow is still strongly posi-
tioned at number one due to the wide-spread
media about the link with Union Carbide and
the Bhopal disaster, with various campaign
groups organising structured campaigns
against their sponsorship.
BT, a regular in the top 10 brands has much
more positive areas of mentions. This includes
discussion about announcements of London
2012 ambassadors and a guide to London
2012 published by BT (www.globalservices.
BT storytellers – a scheme where 100 people
from across the UK tell their stories about the
London 2012 Olympic and Paralympic
Games – is another area of increased men-
tions as the company gears up for 2012.
These stories are published in various forms
with visibility especially strong on online video
platforms. More information on these can be
found through BT’s official Olympics website:
Olympic Media Buzz
Brand Position change
Dow Chemical= -
Coca-Cola 12
BT 1
BP -1
Atos 5
Visa = -
Samsung -2
Omega = -
Adidas -7
SPORTS personality animation busi-
ness Sports Stars Media (SSM) will
today announce its intention to float
in a move that would make it the
only Portuguese AIM-listed company.
The company, which has its cre-
ation and production facilities in
Portugal, is looking to go public in
February 2012, raising £1.75m and
giving the company a market cap of
around £3.75m.
SSM aims to capitalise on its
Portuguese name by launching a new
animation called Mourinho and the
Special Ones, which will feature a
group of children who get the chance
to be coached by the world-renowned
Portuguese football manager.
The company has been granted
exclusive rights to use José
Mourinho’s image in a CGI anima-
tion series based on the manager. It is
expected that other leading sports
star animations will follow, as well as
a range of merchandise.
SSM’s directors believe that televi-
sion production costs in Portugal
compare favourably with North
America, where much of the competi-
tion is based.
The global market for children’s
television rights was estimated at
€1.2bn (£1bn) in 2010.
Animator to be first AIM
listed Portuguese firm

José Mourinho’s
image should boost
interest in Portuguese
animation company
Sports Star Media
Picture: REUTERS
Everything you need for a show-stopping performance may be
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17 CITYA.M. 12 DECEMBER 2011
BRITAIN’S restaurants and bars sector
is expected to enjoy a resurgence in
mergers and acquisitions next year,
thanks to a pick-up in private equity
demand, a report by the accountancy
firm BDO has revealed.
While sales across the industry are
predicted to remain subdued, top high
street chains such as Yo! Sushi, Pizza
Express and Côte could change hands
in 2012 as buyers prepare for growth
from 2013 onwards, BDO said in a
report publish today.
David Campbell, head of the firm’s
restaurants and bars team, said private
equity houses had “money to burn”
after raising record amounts before the
crisis, and were eyeing the sector’s cash
generative chains.
“While the economic climate is not
great, going out is part of the fabric of
our society,” said Campbell, adding
that customers, however, were more
demanding about the quality of food.
“Tired venues serving overpriced
food are living on borrowed time but
the chains that are thriving will contin-
ue to do so next year.”
“Food prices are starting to fall and
many high street landlords see food
and drink businesses as a safer bet than
retailers. The good operators are in a
great position for when financial pres-
sures start to ease in 2013 and con-
sumers start to feel they have more
disposable income.
Campbell added that the sector
would see also increased deal activity
as banks look to offload assets – partic-
ularly pubs – acquired in the down-
Last month Royal Bank of Scotland
sold almost 1,000 pubs to Heineken,
the Dutch brewer, in a £412m deal.
“Add in the fact that a number of
profitable chains are approaching the
point in their life cycle were we would
expect a change of ownership, and you
are looking at a market ripe for M&A
activity,” Campbell said.
Earlier this year Wagamama, the
noodle restaurant chain, was sold to
private equity group Duke Street
Capital by Lion Capital, its owner of
more than five years.
M&A to dine
out next year
Bids for Yo! Sushi could be on the menu for private equity firms, BDO said. Picture: REX

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18 CITYA.M. 12 DECEMBER 2011
Samsung mobile sales best ever
Samsung Electronics said yesterday its
annual mobile handset sales this year had
exceeded 300m units for the first time in
the company’s history. The world’s sec-
ond largest handset maker by volume
said in a statement it had broken its sales
record by the end of last month. Sales
including 10m of the new Galaxy S II,
which was launched in April.
StanChart eyes Islamic banking
Standard Chartered is in discussions with
regulators to offer Islamic banking serv-
ices in Oman and Nigeria, now that both
countries are revamping their regulatory
environments to encourage Islamic
finance, the bank’s global head of Islamic
banking said yesterday. Wasim Saifi said
the company may be able to offer the
services as early as next year.
Why this week’s oil meeting matters for Opec
T was one of the worst Opec meet-
ings ever,” exclaimed the most
important man in world oil, Ali al-
Naimi, back in June to a gob-
smacked press pack in Vienna.
Seriously, this was a truly amazing
utterance from a man who, despite
his enormous power, likes to let oth-
ers do the talking at Opec meetings.
Fast forward to this week and the
question is whether Opec will get its
composure back for a united front?
I’m guessing I’ve been to between
15 to 20 Opec gatherings, but this was
the first time the Saudi Oil minister
had ever lost his cool so badly that it
showed to the outside world. Time
after time I’ve thrust a microphone
into his face amid the extraordinary
media scrum at these Vienna meet-
ings only to find him smiling widely
but saying little.
You see, last time round Saudi
Arabia didn’t get its way. It didn’t get
the other members of the group that
controls around 40 per cent of the
world’s oil production to toe the line.
Saudi had wanted to show the
world that it heard their concerns
about what $100 plus per barrel oil
was doing to key customers. It wanted
to show that it was working “with”
rather than “against” its customers in
China, the US and Europe.
In June, Saudi, then backed by its
Gulf Co-Operation Council partners,
announced it would produce extra oil
anyway, whatever Iran and Venezuela
may think.
So what happens this time round at
the Opec meeting this Wednesday, 14
December? Well, in truth, not a lot
will happen to real production levels.
Opec last officially changed produc-
tion levels in January 2009 but has of
course since then upped production
every time the Chinese and others
have needed it. Despite grave concerns
over the loss of Libyan oil earlier this
year, global producers found the extra
inventory when it was needed.
What is amazing is the stability of
the oil market despite all that is being
thrown at it. Brent at circa $110 per
barrel and WTI (West Texas
Intermediate) $10 cheaper seems to be
the new equilibrium. And that despite
arguments from the bulls over Iranian
oil embargoes, emerging market
demand growth and further Middle
Eastern Arab uprisings. And from the
bear side, fears over a fall in demand
that a Western recession could create,
a wave of new “tight oil” coming on to
the US energy market and more prod-
uct becoming available through tech-
nological advances.
Al-Naimi gets pretty angry when
reporters call Opec a “cartel”. But
despite his disdain at the word, it will
surely make him happy this week if
the major oil producers of Opec are
singing from the same hymn sheet.
AMERICAN online marketing advis-
er Constant Contact is today opening
a London office in a bid to help the
UK catch up with the technologically
superior US.
The company, which helps small
and medium businesses use and
monitor their online presence from
email to Facebook, is backing the
trend of American IT firms basing
themselves in the UK. A report
released last week in conjunction
with the US Secretary of Commerce
showed over 3,500 US technology
companies now have a British base.
Founded in 1998, Constant
Contact has 450,000 SME customers
worldwide, of which 10,000 are in
the UK.
UK managing director Annette
Iafrate said, “The early adopters of
the email market, and then the
social media market, seemed to be in
the US. The UK is catching on quick-
ly, but it still seems to be a little
“In October we surveyed over 1,900
respondents. We found that over 81
per cent of SMEs in the US use social
media. In the UK, only about half of
small businesses do.”
She further revealed that only a
third of SMEs in the UK believe that
their current social media attempts
have been effective.
“There is a gap between the US
and UK but the gap is closing.
Expanding to the UK is the logical
next step,” Iafrate said.
Constant Contact, based in
Massachusetts, is growing at a steady
rate of about 20 per cent a year.
It reported a revenue of $174m in
2010, up 35 per cent from its 2009
figure. It is expected to reach over
$213m in 2011.
The opening of the UK division
coincides with the launch of Social
Campaign, a social media tool which
allows SMEs to run results-oriented
marketing campaigns on Facebook.
Iafrate said, “There is a wealth of
talented and ambitious small busi-
ness owners who play such a crucial
role in the UK’s economy.
“We’re thrilled to establish a per-
manent base here to provide our cus-
tomers with the help they need to
US tech firm
crosses pond

AN international oil group led by BG
Group and Eni is likely to sign an
agreement with Kazakhstan this
week in a deal that would cancel a
claim for back taxes and see the cen-
tral Asian state take a 10 per cent
stake in the Karachaganak oilfield.
Consortium members, also includ-
ing Chevron and LUKOIL, will sell
stakes on a pro-rata basis in the esti-
mated $1bn (£638.8m) sale.
The signing is expected to be timed
for this week, the 20th anniversary of
Kazakhstan’s independence from the
Soviet Union.
Eni and BG did not comment.
Oil group to sell Kazakh stake for
$1bn and cancellation of taxes

ADVISERS to European Goldfields
remained silent yesterday after
reports suggested that Canadian-list-
ed Centerra Gold, had made an
approach for the company.
“There have been no formal offers
for the group,” an adviser said.
Last week European Goldfields,
which owns the rights to three sites
in northern Greece, revealed to the
London Stock Exchange that it had
received more than one early stage
The group, listed in both Toronto
and London, is said to be worth
around £1.4bn. Lazard is advising it
on talks with interested parties.
The sovereign wealth fund of Qatar
will play an important role in the
future of the group, having agreed in
October to take a 30 per cent share-
holding while lending $750m to
develop the Greek mines. That trans-
action is still subject to a shareholder
vote on December 22.
Eldorado, another Canadian group,
is also believed to have made a pre-
liminary approach.
Companies that are mining for
gold or that have reserves of the pre-
cious metal are in hot demand cur-
rently as the price of gold soars ever
Centerra Gold linked to bid
talks withEuropean Goldfields

19 CITYA.M. 12 DECEMBER 2011
Her new website Luluvise may be a private forum for female users, but entrepreneur
Alexandra Chong, 30, was happy to talk about the social network when prime minister
David Cameron visited the tech firm’s Clerkenwell office. The website, which gained
£665,000 backing including that of Lastminute tycoon Brent Hoberman, launches this
week and offers access only to the “inner circle” of friends a woman trusts. Picture: PA
FTSE 100 companies have been
accused of failing to provide investors
with clear measures of how they
maintain robust ethical standards in
a study conducted by the Chartered
Institute of Internal Auditors.
The Institute has raised concerns
that investors and shareholders are
left with inadequate information
about the methods companies are
employing to protect themselves
from reputational damage and corpo-
rate scandal.
The research was based on the
annual reports that FTSE 100-listed
companies are required to send to all
This report comes in the wake of
the recent exposure of suspect
accounting at Japanese camera com-
pany Olympus, and amid the ongoing
investigation into how aware News
International senior executives were
of phone hacking at the group’s News
of the World tabloid paper.
The Chartered Institute of Internal
Auditors found that 91 per cent of
FTSE 100 companies refer in their
annual reports to their high stan-
dards of business ethics and integrity.
However, only eight per cent of the
FTSE 100 provided a specific metric of
their company’s ethical performance.
The report also showed that 56 of
the 100 companies state in their
annual report that they have an ethi-
cal code of policy.
However, only three companies
provided information to suggest that
their employees had read and under-
stood this code, while a further four
companies included figures to
demonstrate that a proportion of the
workforce had undergone training on
the company’s ethical policy.
Dr Ian Peters, chief executive of the
Chartered Institute of Internal
Auditors, said, “Recent corporate
scandals have provided ample demon-
stration of the material risk that poor
ethical standards can pose to busi-
“It is an area that internal auditors
tell us requires increased emphasis,
and yet FTSE 100 companies are sur-
prisingly silent on it in their annual
He concluded, “It suggests that
either companies don’t take ethics
seriously, or they think investors
don’t – and the latter is increasingly
unlikely to be the case.”
The Insitute added that the risks
associated with poor ethical stan-
dards are significantly increased in
light of the new UK bribery act.
Dr Peters said, “The Act makes the
potential repercussions of a lapse in
those standards even more serious.”
Firms accused
of poor ethics
plans: report

ONLY 10 per cent of chairmen provide
any meaningful insights into how they
implement an appropriate governance
culture throughout their organisa-
tion, according to Grant Thornton’s
FTSE 350 corporate governance review.
The report also revealed that only 43
per cent of chairmen use their annual
report statement to refer to the compa-
ny’s governance practice.
Simon Lowe, partner at Grant
Thornton, said, “It is the chairman’s
job to set the governance tone for the
company which needs to be clearly
and widely communicated so as to per-
meate throughout the business.”
The review also found that while
the number of independent directors
has risen to 80 per cent, only one in 10
of the FTSE 350 have Lord Davies’ rec-
ommended 25 per cent female repre-
sentation on their boards.
FTSE 350 chairmen are failing
to inspire a governance culture

20 CITYA.M. 12 DECEMBER 2011
Ernst & Young
The professional services firm has
appointed two FSA investigators to
its fraud investigation and dispute
services team. Samantha Carruthers
joins from the FSA’s enforcement and
financial crime division as a director,
and Mary Pickles previously worked
on senior management competency
cases, financial crime, anti-bribery
and corruption, and payment protec-
tion insurance investigations.
Aureos Capital
The private equity fund manager has
hired Ashish Patel as partner for Asia.
Patel previously worked at Intel’s pri-
vate equity arm Intel Capital, and at
AVG Technologies, where he was head
of strategy, emerging markets and cor-
porate development.
Covington & Burling
Kristian Wiggert has joined the law
firm’s European corporate group as a
partner in London. Wiggert, who moves
from Morrison & Foerster, specialises in
cross-border financings, M&A, private
equity and securities.
Old Mutual Asset Managers has
appointed Christine Johnson as manag-
er of the £520m Old Mutual corporate
bond fund. Johnson joined the firm in
September 2010 and has been interim
manager of the fund since April 2011.
Ageas Retail
Peter Corfield has been appointed as
managing director of the insurance firm
Ageas Retail’s subsidiaries RIAS, which
provides insurance to the over-50s, and
Castle Cover. Corfield previously worked
for Zurich and the RBS Group, including
its Churchill and Direct Line brands.
The law firm has appointed QC Andrew
Oldland to its partnership. He joins the
firm’s regulatory practice, bringing the
total number of partners to 46.
CITY MOVES | WHO’S SWITCHING JOBS Edited by Harriet Dennys
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partner at KPMG for the past ten years, where
he has worked on a variety of audit projects,
including developing the firm’s extended assur-
ance proposition. He takes over from David
Defroand, who leaves to devote himself to full-
time client work. Four directors have been
recruited to KPMG’s internal audit practice over
the last year, while director Anthony Kennedy
has been promoted to partner.
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21 CITYA.M. 12 DECEMBER 2011
N top of Eurozone debt troubles,
Wall Street now has to worry
about sagging sales from
Europe as a recession in the
region seems more likely.
Warnings from companies such as
chemical maker DuPont and chip
maker Texas Instruments suggest the
crisis may already be taking its toll on
corporate America.
While holiday shopping has started
on an upbeat note, the corporate
warnings could sour the cheer for
some investors.
“We are now beginning to see the
collateral damage of the events in
Europe with the earnings guidance
cuts,” wrote Peter Boockvar of Miller
Tabak & Co. in New York.
Fourth and first-quarter earnings
growth estimates for Standard &
Poor’s 500 companies have come
down sharply since July, underscoring
worries about companies’ outlook.
Earnings are now expected to
increase 10.1 per cent for the fourth
quarter, down from a growth estimate
of 15 per cent at the start of October
and from an estimate of 17.6 per cent
in July.
The data also showed that negative
preannouncements by companies are
outpacing positive ones by the biggest
ratio since the second quarter of 2001.
Late Thursday, Texas Instruments
cut its revenue outlook for the current
quarter, citing lower demand, while
DuPont on Friday lowered its full-year
profit forecast.
Overseas, German specialty chemi-
cals group Wacker Chemie also cut its
outlook, with the industry worried
about slower global growth.
In technology, Lattice
Semiconductor Corp cut its fourth-
quarter revenue outlook on Friday.
For the week, the Dow rose 1.4 per
cent, the S&P gained 0.9 per cent and
the Nasdaq was up 0.8 per cent.
Earnings increased 17.9 per cent for
the third quarter, up from a forecast
for 13.1 per cent growth in October.
Prospects for profit and revenue
growth are the reason why a good
number of analysts remain optimistic
about stocks heading into 2012.
FTSE sees big intra-day swings on varied reports
E continue to experience big
intra-day swings in equity
markets. Last week, the FTSE
100 broke above resistance at
5,600 (the 61.8 per cent Fibonacci
Retracement of this year’s May-to-
August sell-off) on three separate occa-
sions. It went on to briefly test
resistance at its 200-day moving aver-
age around 5,630 although it fell back
sharply from here.
While this was indicative of contin-
ued improvement in investor senti-
ment, the bulls will be concerned that
the FTSE failed to close above 5,600 at
all last week. Even more troubling was
Thursday’s sell-off which followed the
ECB press conference.
While the 25 basis point ECB rate
cut was greeted positively, as was the
news of a sharp drop in US weekly job-
less claims, traders rushed to reduce
their long-side exposure to stocks as
ECB President Mario Draghi began to
speak. He revealed that the decision to
cut rates was not unanimous which
suggested that further easing was not
a done deal. On top of that, he made it
clear that the ECB would not step up
its purchases of Eurozone sov-
ereign debt, although it stood ready to
provide liquidity to European banks.
The FTSE 100 index is called to open
up 34 points at 5,563. The German
DAX is expected to open up 44 points
at 6,030 and the French CAC 40 is fore-
cast to open up 8 points at 3,180.
The latest “make or break” EU sum-
mit was another damp squib,
although the move towards full fiscal
integration has raised hopes that the
ECB will change its mind over becom-
ing “lender of last resort.”
On the economic data front, we
have UK inflation data tomorrow in
the shape of the CPI and RPI.
Then we’ll see the German ZEW
Economic Sentiment index, US Retail
Sales and the FOMC statement.
Thursday brings the latest update on
Chinese manufacturing which has
been unexpectedly weak of late. We’ll
also see UK Retail Sales and US PPI,
Capacity Utilisation and the Philly Fed
manufacturing index. Friday brings
Martin Slaney is director of Global
Dealing Operations at GFT
6Dec 5Dec 7Dec 8Dec 9Dec
9 Dec
To appear in Best of the Brokers email your research to notes@cityam.com
5Dec 6Dec 7Dec 8Dec 9Dec
9 Dec
Shore Capital rates the recruitment group as
a “hold” with a target price of 63p, but
makes downgrades to its estimates, seeing
exposure to Europe and high Australian con-
version rates as negative pressures. The bro-
ker lowers its earnings per share forecasts
for 2012, 2013 and 2014 by 4 per cent, 16.7
per cent and 17.6 per cent respectively, but
says that barring Eurozone disaster, earnings
forecasts are now bottoming.
ANALYSIS l Premier Foods PLC
5Dec 6Dec 7Dec 8Dec 9Dec
p 5.88
9 Dec
Investec rates the UK’s largest food producer
as a “buy” with a target price of 15p, follow-
ing the disposal of its dedicated own-label
business, Brooker Avana, last week. The bro-
ker sees the disposal as a positive step in
Premier’s road to recovery, as a business it
was forecasting to lose £25m this year has
been sold for £30m. It also does not expect
the loss of a contract to make Cadbury
Drinking Chocolate to impact until into 2012.
ANALYSIS l Standard Chartered PLC
5Dec 6Dec 7Dec 8Dec 9Dec
p 1,458.50
9 Dec
Nomura rates the Asia-focused bank as a
“buy” and keeps its target price at 1800p,
following last week’s trading update. The
broker sees the overall message as encour-
aging, and prefers Standard Chartered to
developed market banks, saying policy
action will be able to respond and offset
real estate weakness to sustain growth.
Nomura expects revenue growth of just
above 10 per cent for 2011.
HE crisis in the Eurozone is widely por-
trayed as being about solvency and the
need for fiscal balance and austerity, but
in fact these are longer term issues – the
immediate crisis is one of liquidity. Solvent
countries can’t roll over their existing stock of
debt, as the available liquidity behind the
largest economy in the world is effectively
paralysed. And at the heart of this is a hidden
currency crisis.
Since German politicians upped the ante
and began openly talking of Greece leaving
the Eurozone, capital has fled the periphery. It
is as if the map of Europe has been tipped up
and all the liquidity has flowed into the top
right hand corner. The reason that the bond
investors of the Eurozone are unwilling to buy
euro denominated debt issued by the Italian
government isn’t because they think they
won’t get their money back, it is because they
fear they will get it back in lira.
The discussions so far have had a strong
political dimension, focusing on longer term
problems. They may yet also produce some
short-term fixes for the liquidity crisis, specifi-
cally allowing the European Central Bank to
act as a lender of last resort, but unless they
deal with the currency issue the crisis will
continue. In my view, the best way to achieve
this is not only to think the unthinkable, but
to make it happen. To preserve the euro,
Germany must leave.
When I make this suggestion the reaction is
nearly universal: Germany will never leave.
But let us look at it from the point of view of
the ordinary German, seemingly the only
enfranchised voter in Europe at the moment.
Asked if they would like to preserve the
Eurozone for the other 16 members they
might accept, as the UK has, that Germany’s
economy is fundamentally incompatible with
remaining inside the Eurozone. They might
conclude that getting back the Bundesbank to
preserve the value of the currency, with a
shiny new deutschemark to spend in a dra-
matically cheaper Eurozone, might not be
such a bad thing. Equally, German exporters,
far from resisting, might well be all in favour
of it. After all, large amounts of German man-
ufacturing already takes place elsewhere in
the Eurozone and so a sharply lower euro
against the deutschemark would be a major
competitive advantage to them.
We should also remember that the euro has
an importance outside of the narrow political
project. It is one of the world’s major trading
currencies, with not only 17 European mem-
bers, but also a further group of countries for-
mally or informally pegged to it, not only in
Europe but also across much of north and
west Africa. Stability in the Eurozone is thus
important to many countries – including the
UK – and it seems somewhat curious that they
all seem happy to let Germany potentially
wreck it. Rather as the child that loves the pet
so much it suffocates it, Germany’s desire to
hold the euro together is arguably the biggest
threat to its survival. So, if Germany can’t see
the need to leave the euro, then perhaps the
26 members of the EU should make the case
for it to do so?
Germany has behaved in almost exactly the
same way as China over the last decade. First it
pegged its currency at an extremely attractive
rate to a consumer bloc of over 300m people
and then pursued an aggressively mercantilist
policy to achieve an export surplus with that
bloc. The resulting current account surplus
was then recycled via the customer bond mar-
kets, bringing down long-term interest rates
and encouraging and sustaining a consump-
tion and investment boom that in turn sucked
in yet more imports from Germany. Strange
then, that China is vilified and called a curren-
cy manipulator while Germany is not. Now
however, there is little or no demand from the
consumer bloc and indeed, the course of
action that Germany is seeking to impose on
the periphery would ensure that something
close to a depression would occur across these
markets. Thus it would be entirely in
Germany’s advantage to float free, delivering a
deflationary impulse to Germany but an infla-
tionary impulse to the other 16 euro members.
Something appropriate to all concerned.
German bunds would appreciate rapidly,
providing a welcome reverse haircut to bank
balance sheets across the remaining
Eurozone, while liquidity trapped in Germany
would return to flow evenly around the
remaining 16 members. The solvency crisis
would still need resolution, but the currency
and liquidity crises would have been resolved.
The main losers would be ultra-federalists,
German banks and Chinese exporters, hit by a
significantly weaker euro. The winners? Just
about everyone else. Currently unthinkable?
Maybe. But not as crazy as you might at first
think. Maybe someone should ask the German
Mark Tinker is a global fund manager at Axa. The
opinions expressed in this article are those of the
The Forum
Germany’s desire to hold the
euro together is arguably the
biggest threat to its survival
To save the euro and end
the liquidity crisis Germany
needs to leave the Eurozone
Agree? Disagree? Got a sharp comment?
The Forum wants you to join the debate.
Twitter: @cityamforum;
on the web: cityam.com/forum;
or by email: theforum@cityam.com.
Top responses will be reprinted in The Forum.
The City is vital
to UK interests in
any negotiations
Cameron must
persist with EU
reform strategy
OW that the dust is beginning to settle
on last week’s tumultuous EU summit,
where Prime Minister David Cameron
blocked a change in the EU treaty, we
can start to assess the consequences of his deci-
sion. So, what could the summit outcome actu-
ally mean for UK financial services?
Despite the clamour in much of the media,
structurally it doesn’t change that much for
the City. The UK would never have actually
taken part in the proposals that were on the
table to shore up the euro – for example, the
monthly meetings among Eurozone leaders –
so Cameron has not lost a seat at the table as
some have incorrectly reported. The UK may
not have gained any additional safeguards, but
it isn’t visibly any worse off on financial servic-
es. That said, there are a couple of valid back-
ground concerns.
Firstly, since there are no safeguards in
place, there’s still a risk of Eurozone caucus-
ing, with the 17+ countries deciding for all 27.
Some have argued that this risk is now greater
since Cameron lost a lot of good will, which
could lead to retaliation from EU partners, par-
ticularly with regard to financial regulation.
Let’s be honest though, the Eurozone has
much bigger problems to worry about for now
and doesn’t have the time to punish the UK,
nor can it afford self-defeating regulation.
Second, there is a concern over a Eurozone
financial transaction tax (FTT) – an EU-wide
FTT is still a non-starter and the UK retains its
veto. The impact of a Eurozone only FTT on the
City is unclear. It could be positive, as business-
es relocate from the Eurozone to London to
avoid the impact of the FTT – they would still
have to pay the FTT to access the Eurozone, but
would not have to do so with international
trade. As such, London would have a competi-
tive advantage. At the same time, it may have a
negative impact by reducing financial transac-
tions in Europe generally – something which
the City would lose from since it is often seen
as a gateway to European markets. The overall
impact is unclear though and the same points
can be made for any Eurozone specific finan-
cial regulation.
So, if Cameron didn’t gain or lose much,
what was this all about? Fundamentally, it was
about announcing a new strategy in the UK’s
negotiations with the EU and flagging up the
City as an area of vital interest. Perhaps
Cameron’s demands were too detailed, so did-
n’t lend themselves to EU treaty negotiations,
while his timing wasn’t ideal. Perhaps he also
failed to link his arguments to wider efforts to
develop a more competitive and outward-look-
ing EU. But, due to domestic political pressure
and the looming threat to the City from EU
regulation, Cameron may have had little
choice but to take the approach he did.
There is no doubt that Cameron expended
substantial political capital with this move. For
this not to be in vain he must continue to push
a reformist line, ensuring sound and propor-
tionate regulation. The agreement formed at
the summit does not solve the Eurozone crisis
and throws up huge legal questions, not least
over whether the Eurozone will be able to use
EU institutions to enforce decisions. There
could be instances in the near future of the
Eurozone needing the approval of the UK.
Cameron should stick to his guns, but needs to
do a better job of communicating his overall
strategy and why the City is important to the
UK economy. This is not over by a long shot.
Raoul Ruparel is the head of economic research for
Open Europe.
Trick of treaty
I feel like I’m missing something.
Many people are obsessing over
the latest Eurozone summit, but as
far as I can tell Sarkozy and
Merkel have proposed nothing
that would make the slightest dif-
ference to the Eurozone’s immedi-
ate problems.
The Sarkozy-Merkel plan is a con-
fidence trick (albeit with a few
growth-destroying tax measures
thrown in for good measure). It is
nothing more than a grand politi-
cal gesture designed to fool
people into thinking that Eurozone
governments are really serious
about running balanced budgets in
the future, and therefore ought to
be lent money now at low rates.
Perhaps a fully-fledged fiscal
union in Europe, with large scale
redistribution from some regions
to others, would put off that day
of reckoning for a while – but only
at the cost of locking the healthier
economies into the same fatal spi-
ral as the peripheral
countries. How long would it be
before it became clear that gov-
ernments weren’t actually going
to reduce spending? Or that high-
er taxes wouldn’t necessarily
deliver more revenue? Or that
these economies were so weighed
down by debt, so distorted by
unsustainably cheap credit, and so
tied up in red tape that there was
no growth coming any time soon?
Call me a pessimist, but I don’t
think it would take long.
Tom Clougherty
Adam Smith Institute
The Forum
T WILL take some
time for the full
implications of last
week’s EU Summit
to become clear. For my
part, I will spend much
of today in discussion
with UK-based EU
ambassadors at the
Polish presidency’s conference on financial stability
and growth, which takes place at the Mansion House.
My recent discussions with leading practitioners and
policy-influencers have confirmed that the City’s key
aim continues to be to support the single market,
restore euro stability, and foster job creation and eco-
nomic growth across Europe – a common goal of all
EU member states.
Meanwhile, the City’s global competitiveness has
been strengthened, with the installation of the new
Rolls Building – the largest specialist centre for
financial, business and property dispute resolution in
the world – which will enhance our standing as the
destination of choice for global businesses. I was for-
tunate enough to get a first-hand look at this centre
of excellence for high value international dispute res-
olution when it was opened by the Queen last week.
World industry leaders – and other prominent fig-
ures – choose to settle their disputes in the UK for a
reason. UK courts provide an internationally recog-
nised guarantee of impartiality, integrity and
enforceability. Modern businesses, however, also
require advanced infrastructure for support and in
this the legal sector is no exception.
London’s concentration of legal and financial
expertise is unrivalled anywhere. But we are aware
of the competition: New York, Geneva, Dubai,
Singapore and Hong Kong are already progressing
as centres of legal expertise.
The Rolls Building is an investment in our future
that will reap considerable benefits and help us to
meet these challenges. A thriving legal sector is inte-
gral to the success of London and the UK.
The UK’s legal services industry generated
£19.3bn in 2010, and contributed £3.6bn in exports,
triple the level of a decade ago. Over 200 foreign
law firms have offices in London, with more than
half the world’s leading firms choosing the capital as
their headquarters. In fact, most of the litigation
before courts in the UK involves at least one foreign
party, which is unsurprising given that English law is
used around the world for commercial transactions.
These are strong figures but there is significant
scope for expansion as high growth markets, such as
India, gradually open up their market. I will be mak-
ing the case for greater access for UK legal services
in these countries throughout my mayoralty.
That is why I am honoured to be part of
Unlocking Disputes – a new ground-breaking, indus-
try-led campaign to promote London as the global
dispute resolution centre. The campaign, which
brings together the Bar Council, the Law Society,
TheCityUK, and the City of London Corporation,
showcases the quality and value which London’s
legal services sector can offer clients all over the
London is already a world leader in dispute resolu-
tion. The number of disputes resolved through arbi-
tration and mediation in the UK was well over
34,000 in 2009 – up from less than 20,000 in 2007.
The Rolls Building will help us to boost this consid-
erably and ensure we retain our place at the heart of
the global legal services industry.
David Wootton is Lord Mayor of the City of
Rolls Building will rule
the world undisputed
Email: theforum@cityam.com
Twitter: @cityamforum
In association with
HILE sitting in front of a screen, click-
ing on buy buttons for stocks that you
think are about to turn green and sell-
ing the ones that you have a hunch are
going to turn red is good fun, it is also a quick
way to burn through your cash.
If you still want to be trading in 3 days time, it
helps to have a plan. And by back testing this
plan using historic market data, you can see how
successful your strategy might be. “One of the
great things about back testing is that, not only
does it allow you to test out strategies in differ-
ent trading conditions, but it also teaches you to
keep records of the good and bad trades – what
works and what doesn’t,” says Jamie Blake, sales
account manager at Capital Spreads.
Back testing allows you to test rules on where
you set your stop losses, at what point to enter
and exit a trade, and how big the stake is you
want to use on each trade. It also encourages
traders to take an academic approach to their
trading – recording, testing and reviewing their
trading activity – allowing them to learn from
any mistakes and replicate successes.
A number of spread betting platforms have
functions that allow you to back test your strate-
gy – clients can set rules and run them over his-
toric data
There are also third party programs that allow
traders to see how their plans would work with
real life data. For example, with the online trad-
ing strategy system Zignals, the process goes
through five steps. Firstly set up the starting cap-
ital and exit conditions. Next select the stocks,
and set the rules; then run the back test and
finally publish the strategy.
The theory behind back testing your strategy is
that something that would have worked in the
past should work in the future, but as Manoj
Ladwa, senior trader for ETX Capital, puts it:
“When back testing strategies, it is advisable to
not fit the strategy according to the data. Any
strategy worth the paper it’s written on needs to
be robust and be applied to all market condi-
tions.” The key is to design your strategy and
then test it with the data, rather than knowing
what your data set looks like and jigging your
strategy to suit.
The quality and relevance of your data is also key
– rubbish in equals rubbish out. Similarly, if you
are testing a strategy for the coming weeks by
using data from a mid-90s bull market, you are
not going to be accurately modeling for the cur-
rent financial climate.
Back testing can serve as an important part of
your overall trading strategy, making you more
confident that your plan will achieve the desired
results. It can help to iron out any technical
flaws and as a result make you a more profitable
trader. However, you should always bear in mind
the caveat that past performance does not indi-
cate future results. “The key thing is to find a
market that you are comfortable with, work out
whether you’d like more volatility, longer trad-
ing hours and how the chosen market will be
affected by different data releases and then test
your strategies while bearing that in mind,” says
Blake. But he adds: “I think everyone would
agree that hindsight is a great thing, but only a
mystic ball will tell you what’s coming in the
It pays to revise your
work before applying a
plan, writes Craig Drake
HERE was no end to the chaos
and disorder in the markets last
week as tape bombs from Europe
continued to cream most traders’
positions. Crude oil traders seem to
have lost their seemingly insatiable
appetite to push prices above $100, as
they slid back to $98 towards the end
of the week – possibly setting up a
return towards $95 in the coming
weeks. This should make drivers of little
red corvettes a bit happier when going
out to party like it’s 1999 over
Christmas. Spread Co offers a spread
on January Crude of $98.27-$98.31.
It’s a sign of the times that Premier
Inn, part of the Whitbread group, is
outperforming its more costly rivals,
but with Whitbread only releasing its
market update in September, will
traders get off with a shift in the share
price after the results? IG Index offers
a spread on Whitbread of 1,597.5p-
Retailers may be struggling in gener-
al, but the exception here seems to be
in the luxury end of the market. Tiffany
& Co, the purveyor of diamonds and
pearls is one such example – they’re
branching out into eastern Europe with
a store planned for Prague. Asian
tourists are driving demand too and
just a couple of weeks ago, final year
2011 earnings per share guidance was
hiked as well. That said, traditional
markets – western Europe and the
eastern US – continue to present chal-
lenges, so evolving the business is likely
to remain key. IG Index quotes Tiffany
at $66.89-$66.97.
Biggest is not always best and Tesco
seems to be finding this out the hard
way. While the retailer has been mak-
ing significant in-roads with its interna-
tional expansion, with UK shoppers not
thinking “let’s go crazy”, sales have been
declining for four consecutive quarters.
Although it is way too early to write off
the supermarket giant, especially with
super investor Warren Buffett waiting
in the wings to potentially buy more
stock, any further deterioration in con-
sumer spending is likely to impact
directly on the share price. ETX Capital
quotes 397p-398p for Tesco.
Craig Drake
THE WEEK AHEAD in association with
l Betfair Group will announce its interim results
tomorrow. The sports-focused online gambling
exchange is betting on seeing the numbers in
their favour.
l Domino Printing Sciences will announce its
preliminary results tomorrow. The company is
lasered in on industrial printing equipment.
Carpetright, Britain’s largest carpet retailer, will
also roll out its preliminary results tomorrow.
l Sports Direct International and SuperGroup
will both announce their half year results on
Thursday. The results may also give some indica-
tion of how the two retail groups might perform
over the crucial Christmas period.

Capital thinking #6
Plan your trade and
trade your plan.
Discover how financial spread betting can
be used to take advantage of current market
trends by attending a Capital Spreads
exclusive webinar – “An introduction to
spread betting and current market trends:
will the Christmas rally occur this year?”
Monday 12th December, 17:30 – 18:30
Register now at:
capitalspreads. com/seminar
Spread betting and CFD trading carry
a high level of risk.
Capital Spreads is a trading name of London Capital
Group, which is authorised and regulated by the
Financial Services Authority.
Wealth Management| Spread Betting
24 CITYA.M. 12 DECEMBER 2011
Always do your
Picture: REX
l The board of governors of the US Federal
Reserve Bank will release their interest rate deci-
sion tomorrow. The rate is likely to be maintained
at 0.25 per cent, having remained fixed since
December 2008.
l The Swiss National Bank will announce its
interest rate decision on Thursday. The rate was
lowered to 0 per cent in August from 0.25 per
cent. It will be a busy day, with the European
Central Bank publishing its monthly report and
Eurozone CPI figures also released.
l On Friday, the US Department of Labor
Statistics will release the Consumer Price Index
(excluding food and energy) inflation figures.
l The United States is seeking to refresh the
Israeli-Palestinian peace process this week by
meeting with other Middle East mediators,
including Russia, the EU and the UN. At this
point, the mood and expectations are pessimistic
with few expecting much success beyond the
reopening of negotiations – a meaningful resolu-
tion remains very unlikely.
l Greece will hold talks with its international
creditors this week to discuss its debt repayment
strategy. The Greek government opened new
bonds in Brussels two weeks ago and is aiming
to persuade creditors to agree to a 50 per cent
bond write-down in order to make the debt
repayment process more sustainable.
CITYA.M. 12 DECEMBER 2011 25
Wealth Management | Markets
LON GD ONCE FIX AM...........1712.00 -27.00
SILVER LDN FIX AM ..................32.21 0.67
MAPLE LEAF 1 OZ ....................34.79 0.39
LON PLATINUM AM................1491.00 -26.00
LON PALLADIUM AM...............665.00 -7.00
ALUMINIUM CASH .................2059.00 -42.50
COPPER CASH ......................7800.00 -8.50
LEAD CASH ...........................2118.00 19.00
NICKEL CASH......................18125.00 -5.00
TIN CASH.............................20400.00 -70.00
ZINC CASH ............................2005.00 -15.00
BRENT SPOT INDEX................109.15 -1.12
SOYA .....................................1132.50 1.50
COCOA..................................1968.00 -6.00
COFFEE...................................225.70 -1.05
KRUG.....................................1774.90 -6.10
WHEAT ....................................142.25 -0.88
AIR LIQUIDE........................................92.25 1.37 100.65 80.90
ALLIANZ..............................................79.39 2.49 108.85 56.16
ANHEUS-BUSCH INBEV ....................44.21 -0.41 45.61 33.85
ARCELORMITTAL...............................14.14 0.61 28.55 10.47
AXA......................................................11.17 0.22 16.16 7.88
BANCO SANTANDER...........................5.97 0.14 9.20 5.05
BASF SE..............................................53.90 0.76 70.22 42.19
BAYER.................................................47.38 0.91 59.44 35.36
BBVA......................................................6.52 0.15 9.17 4.94
BMW ....................................................53.80 0.19 73.85 43.49
BNP PARIBAS.....................................32.51 1.40 59.93 22.72
CARREFOUR ......................................18.52 0.76 31.98 14.66
CRH PLC .............................................13.50 0.07 17.40 10.28
DAIMLER.............................................34.16 1.35 59.09 29.02
DANONE..............................................47.86 0.26 53.16 41.92
DEU.BOERSE OFFRE ........................41.80 0.77 55.75 35.46
DEUTSCHE BANK..............................29.59 1.34 48.70 20.79
DEUTSCHE TELEKOM.........................9.29 0.21 11.38 7.88
E.ON.....................................................17.81 0.59 25.54 12.50
ENEL......................................................3.16 0.07 4.86 2.78
ENI .......................................................16.10 0.38 18.66 11.83
FRANCE TELECOM............................12.54 0.20 16.65 11.12
GDF SUEZ ...........................................21.34 0.99 30.05 17.65
GENERALI ASS...................................12.44 0.48 17.05 10.34
IBERDROLA..........................................5.04 0.14 6.50 4.29
INDITEX ...............................................63.40 1.40 69.40 50.92
ING GROEP CVA...................................5.83 0.12 9.50 4.21
INTESA SANPAOLO.............................1.28 0.09 2.47 0.85
KON.PHILIPS ELECTR.......................15.70 0.49 25.45 12.01
L'OREAL..............................................80.40 1.92 91.24 68.83
LVMH..................................................114.45 2.60 132.65 94.16
MUNICH RE.........................................95.00 2.00 126.00 77.80
NOKIA....................................................3.85 0.08 8.49 3.33
REPSOL YPF.......................................23.12 0.75 24.90 17.31
RWE.....................................................27.94 0.57 55.70 21.15
SAINT-GOBAIN...................................30.78 1.12 47.64 26.07
SANOFI ................................................53.34 0.66 56.82 42.85
SAP......................................................43.81 0.31 46.15 32.88
SCHNEIDER ELECTRIC.....................41.79 2.06 61.83 35.00
SIEMENS .............................................74.75 1.09 99.39 62.13
SOCIETE GENERALE.........................19.56 0.46 52.70 14.32
TELECOM ITALIA..................................0.85 0.02 1.16 0.70
TELEFONICA ......................................13.90 0.26 18.75 12.50
TOTAL..................................................38.86 0.95 44.55 29.40
UNIBAIL-RODAMCO SE...................137.10 3.05 162.95 123.30
UNICREDIT............................................0.80 0.05 2.03 0.64
UNILEVER CVA...................................25.51 0.21 25.66 20.90
VINCI ....................................................33.07 0.74 45.48 28.46
VIVENDI ...............................................16.91 0.45 22.07 14.10
VOLKSWAGEN VORZ ......................124.65 2.25 152.20 86.40
Price Chg High Low
FTSE 100 . . . . . . . . . . . . . . 5529.21 45.44 0.83
FTSE 250 INDEX . . . . . . . 10130.57 44.50 0.44
FTSE UK ALL SHARE . . . . 2839.83 21.38 0.76
FTSE AIMALL SH . . . . . . . . 700.37 2.38 0.34
DOWJONES INDUS 30 . . 12184.26 186.56 1.55
S&P 500 . . . . . . . . . . . . . . . 1255.19 20.84 1.69
NASDAQ COMPOSITE . . . 2646.85 50.47 1.94
FTSEUROFIRST 300 . . . . . . 985.81 12.19 1.25
NIKKEI 225 . . . . . . . . . . . . . 8536.46 -128.12 -1.48
DAX 30 PERFORMANCE. . 5986.71 112.27 1.91
CAC 40 . . . . . . . . . . . . . . . . 3172.35 76.86 2.48
SHANGHAI SE INDEX . . . . 2315.27 -14.55 -0.63
HANG SENG. . . . . . . . . . . 18586.23 -521.58 -2.73
S&P/ASX 20 INDEX . . . . . . 2524.80 -51.10 -1.98
ASX ALL ORDINARIES . . . 4264.10 -74.80 -1.72
BOVESPA SAO PAOLO. . 58236.46 781.44 1.36
ISEQ OVERALL INDEX . . . 2741.29 20.34 0.75
STI . . . . . . . . . . . . . . . . . . . . 2694.60 -33.71 -1.24
IGBM. . . . . . . . . . . . . . . . . . . 867.25 18.15 2.14
SWISS MARKET INDEX. . . 5793.57 55.75 0.97
Price Chg %chg
3M........................................................82.20 1.74 98.19 68.63
ABBOTT LABS ...................................54.57 0.39 55.61 45.07
ALCOA ..................................................9.64 0.17 18.47 8.45
ALTRIA GROUP..................................28.78 0.25 29.05 23.20
AMAZON.COM..................................193.03 2.55 246.71 160.59
AMERICAN EXPRESS........................48.80 0.99 53.80 41.25
AMGEN INC.........................................58.59 0.19 61.53 47.66
APPLE...............................................393.62 2.96 426.70 310.50
AT&T....................................................29.03 0.17 31.94 27.20
BANK OF AMERICA.............................5.72 0.13 15.31 5.03
BERKSHIRE HATAW B.......................77.61 0.67 87.65 65.35
BOEING CO.........................................71.93 1.76 80.65 56.01
BRISTOL MYERS SQUI ......................33.54 0.23 33.72 20.05
CATERPILLAR....................................95.97 3.05 116.55 67.54
CHEVRON.........................................104.25 2.00 110.01 85.63
CISCO SYSTEMS................................18.88 0.31 22.34 13.30
CITIGROUP.........................................28.77 1.02 51.50 21.40
COCA-COLA.......................................67.57 0.84 71.77 61.29
COLGATE PALMOLIVE......................90.46 -0.09 94.89 74.86
CONOCOPHILLIPS.............................71.95 0.93 81.80 58.65
DU PONT(EI) DE NMR........................45.04 -1.48 57.00 37.10
EXXON MOBIL....................................81.34 1.47 88.23 63.47
GENERAL ELECTRIC.........................16.84 0.53 21.65 14.02
GOOGLE A........................................627.42 11.37 642.96 473.02
HEWLETT PACKARD.........................27.90 0.24 49.39 19.92
HOME DEPOT.....................................40.23 0.32 40.93 28.13
IBM.....................................................194.56 2.98 194.90 143.52
INTEL CORP .......................................25.01 0.30 26.78 19.16
J.P.MORGAN CHASE.........................33.18 0.96 48.36 27.85
JOHNSON & JOHNSON.....................64.53 0.75 68.05 57.50
KRAFT FOODS A................................36.70 0.55 36.90 24.30
MC DONALD'S CORP ........................98.03 1.11 98.43 72.14
MERCK AND CO. NEW......................35.68 0.49 37.65 29.47
MICROSOFT........................................25.70 0.30 29.46 23.65
OCCID. PETROLEUM.........................94.40 1.73 117.89 66.36
ORACLE CORP...................................31.69 0.95 36.50 24.72
PEPSICO.............................................65.19 0.86 71.89 58.50
PFIZER ................................................20.56 0.37 21.45 16.59
PHILIP MORRIS INTL .........................75.58 1.02 77.03 55.85
PROCTER AND GAMBLE ..................64.97 0.50 67.72 56.57
QUALCOMM INC ................................55.18 1.11 59.84 45.98
SCHLUMBERGER ..............................74.15 2.20 95.64 54.79
TRAVELERS CIES..............................56.02 0.49 64.17 45.97
UNION PACIFIC ................................101.75 1.38 107.89 77.73
UNITED TECHNOLOGIE ....................76.31 1.94 91.83 66.87
UNITEDHEALTH GROUP...................48.91 0.75 53.50 34.94
VERIZON COMMS ..............................38.43 0.62 38.95 32.28
WAL-MART STORES..........................58.32 0.34 59.40 48.31
WALT DISNEY CO ..............................36.56 0.64 44.34 28.19
WELLS FARGO & CO.........................26.91 0.72 34.25 22.58
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 ............................0.500 0.00
LIBOR Euro - overnight ..................0.606 -0.01
LIBOR Euro - 12 months ................1.977 0.00
LIBOR USD - overnight...................0.150 0.01
LIBOR USD - 12 months.................1.082 0.01
HaIifax mortgage rate .....................3.990 -0.02
Euro Base Rate ...............................1.500 0.00
Finance house base rate................1.000 0.00
US Fed funds...................................0.250 0.00
US Iong bond yieId..........................3.110 0.10
European repo rate.........................0.538 0.00
Euro Euribor ....................................0.831 -0.05
The vix index ...................................26.81 -3.78
The baItic dry index ........................1.882 0.03
Markit iBoxx...................................238.52 -0.55
Markit iTraxx..................................176.26 9.84
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
BAE Systems . . . . . .279.9 4.7 361.1 248.1
Chemring Group . . . .391.8 -1.9 736.5 368.8
Cobham . . . . . . . . . . .175.7 2.8 236.5 165.9
Meggitt . . . . . . . . . . . .358.4 5.9 397.6 304.9
QinetiQ Group . . . . . .137.4 6.3 138.1 101.5
RoIIs-Royce Group . .725.5 7.0 738.0 557.5
Senior . . . . . . . . . . . . .171.9 1.5 190.6 132.6
UItra EIectronics . . .1484.0 9.0 1830.0 1305.0
GKN . . . . . . . . . . . . . .186.3 2.9 245.0 157.0
BarcIays . . . . . . . . . . .190.2 9.8 333.6 138.9
HSBC HoIdings . . . . .504.9 3.2 730.9 463.5
LIoyds Banking Gr . . .26.7 1.6 69.6 21.8
RoyaI Bank of Sco . . .22.0 1.1 49.0 17.3
Standard Chartere .1458.5 24.0 1810.0 1169.5
AG Barr . . . . . . . . . .1212.0 -3.0 1395.0 1031.0
Britvic . . . . . . . . . . . . .309.1 -3.2 488.1 289.9
Diageo . . . . . . . . . . .1360.0 -11.0 1371.0 1112.0
SABMiIIer . . . . . . . . .2184.0 -16.0 2354.5 1979.0
AZ EIectronic Mat . . .236.0 -5.5 338.1 206.1
Croda Internation . .1800.0 -20.0 2081.0 1456.0
EIementis . . . . . . . . . .134.9 -1.8 187.4 107.5
Johnson Matthey . .1876.0 12.0 2119.0 1523.0
Victrex . . . . . . . . . . .1110.0 8.0 1590.0 1025.0
YuIe Catto & Co . . . . .170.0 -5.8 253.0 148.0
C/$ 1.3386 0.0000
C/£ 0.8542 0.0000
C/¥ 103.85 0.0800
/C 1.1706 0.0000
/$ 1.5670 0.0001
/¥ 121.57 0.01105
FTSE 100
FTSE 250
S&P 500
RPC Group . . . . . . . .355.0 8.0 384.8 217.0
Smiths Group . . . . . .923.5 1.5 1429.0 869.5
Brown (N.) Group . . .235.1 -3.3 311.2 234.2
Carpetright . . . . . . . . .418.5 -25.5 835.5 375.0
Debenhams . . . . . . . . .59.0 0.6 74.8 51.2
Dignity . . . . . . . . . . . .817.5 -15.5 854.5 648.5
Dixons RetaiI . . . . . . .10.9 -0.1 26.0 9.4
DuneImGroup . . . . . .430.0 0.0 550.0 383.9
HaIfords Group . . . . .312.9 0.0 459.7 268.6
Home RetaiI Group . . .88.8 2.9 235.0 72.5
Inchcape . . . . . . . . . .305.2 3.4 425.4 268.1
JD Sports Fashion . .694.5 -5.5 1030.0 675.0
Kesa EIectricaIs . . . . .70.6 -2.1 168.6 69.2
Kingfisher . . . . . . . . .255.3 4.1 287.1 217.0
Marks & Spencer G . .315.3 3.5 402.2 301.8
Mothercare . . . . . . . .160.6 6.7 627.5 127.3
Next . . . . . . . . . . . . .2595.0 4.0 2810.0 1868.0
Sports Direct Int . . . .211.6 2.6 266.2 143.4
WH Smith . . . . . . . . . .517.0 -1.5 558.0 433.8
Smith & Nephew . . . .589.0 0.5 742.0 521.0
Synergy HeaIth . . . . .829.0 -9.0 981.0 808.0
Barratt DeveIopme . . .96.7 2.8 119.0 67.5
BeIIway . . . . . . . . . . . .749.0 20.5 776.5 540.5
BaIfour Beatty . . . . . .251.9 9.9 357.3 214.6
GaIIiford Try . . . . . . . .457.5 -18.7 530.0 286.5
Kier Group . . . . . . . .1370.0 -2.0 1458.0 1097.0
Drax Group . . . . . . . .550.5 9.5 581.5 359.2
SSE . . . . . . . . . . . . . .1255.0 -2.0 1423.0 1116.0
Domino Printing S . .492.4 -34.1 705.0 434.3
HaIma . . . . . . . . . . . . .342.0 2.0 429.6 306.3
Laird . . . . . . . . . . . . . .144.5 4.8 207.0 127.9
Morgan CrucibIe C . .261.0 -3.0 357.1 224.0
Oxford Instrument .1006.0 19.0 1014.0 600.5
Renishaw . . . . . . . . . .949.0 9.0 1886.0 800.0
Spectris . . . . . . . . . .1236.0 -10.0 1679.0 1039.0
Aberforth SmaIIer . . .511.5 -2.5 714.0 507.0
AIIiance Trust . . . . . .340.4 2.6 392.7 310.2
Bankers Inv Trust . . .378.0 0.0 428.0 346.5
BH GIobaI Ltd. GB .1198.0 4.0 1212.0 1058.0
BH GIobaI Ltd. US . . . .11.7 -0.1 12.2 10.4
BH Macro Ltd. EUR . . .19.8 0.1 20.2 15.8
BH Macro Ltd. GBP 2037.0 -8.0 2078.0 1630.0
BH Macro Ltd. USD . . .19.7 0.2 20.2 15.8
BIackRock WorId M .627.0 -1.0 815.5 574.5
BIueCrest AIIBIue . . .166.0 0.8 176.2 162.4
British Assets Tr . . . .116.9 0.4 140.5 109.0
British Empire Se . . .426.7 0.6 533.0 409.9
CaIedonia Investm .1421.0 -7.0 1928.0 1397.5
City of London In . . .282.1 2.2 306.9 257.0
Dexion AbsoIute L . .134.0 -1.0 151.0 130.0
Edinburgh Dragon . .216.0 -0.5 262.1 201.4
Edinburgh Inv Tru . . .464.5 3.7 492.2 414.9
EIectra Private E . . .1457.0 5.0 1755.0 1287.0
F&C Inv Trust . . . . . .287.9 2.9 327.9 261.5
FideIity China Sp . . . . .78.8 1.0 122.9 70.0
FideIity European . . .996.5 10.5 1287.0 912.0
HeraId Inv Trust . . . . .445.7 0.7 545.5 419.0
HICL Infrastructu . . . .117.6 0.1 121.3 112.7
Impax Environment . .96.3 -0.7 130.5 88.5
JPMorgan American .837.5 2.5 916.0 721.5
JPMorgan Asian In . .185.5 -2.5 250.8 170.1
JPMorgan Emerging .531.5 10.5 639.0 480.1
JPMorgan European .665.5 0.0 983.5 643.0
JPMorgan Indian I . . .333.5 -1.5 488.0 325.6
JPMorgan Russian .498.0 -12.5 755.0 415.1
Law Debenture Cor . .348.7 2.7 385.0 321.0
MercantiIe Inv Tr . . . .873.0 6.0 1137.0 825.0
Merchants Trust . . . .365.0 5.4 431.8 341.5
Monks Inv Trust . . . .312.5 3.1 367.9 298.1
Murray Income Tru . .617.5 7.5 673.0 568.0
Murray Internatio . . .913.0 13.0 991.5 818.5
PerpetuaI Income . . .250.0 1.5 276.0 236.5
PersonaI Assets T .33810.0 160.0 34060.030210.0
PoIar Cap TechnoI . .331.1 2.1 391.2 299.5
RIT CapitaI Partn . . .1233.0 0.0 1360.0 1172.0
Scottish Inv Trus . . . .453.0 1.0 524.0 417.0
Scottish Mortgage . .616.5 2.5 781.0 573.5
SVG CapitaI . . . . . . . .187.3 -2.5 279.8 182.1
TempIe Bar Inv Tr . . .856.5 8.5 952.0 791.0
TempIeton Emergin .555.0 2.5 689.5 497.0
TR Property Inv T . . .150.4 0.3 206.1 140.5
TR Property Inv T . . . .67.9 0.3 94.0 67.6
Witan Inv Trust . . . . .441.8 2.8 533.0 401.5
3i Group . . . . . . . . . . .183.6 1.4 340.0 176.9
3i Infrastructure . . . . .119.6 -0.3 125.2 113.1
Aberdeen Asset Ma .212.7 1.8 240.0 167.8
Ashmore Group . . . .340.0 1.9 420.0 301.5
Brewin DoIphin Ho . .133.2 1.2 185.4 113.7
CameIIia . . . . . . . . . .9501.0-249.010950.08800.0
CharIes TayIor Co . . .121.0 1.5 166.5 119.5
City of London Gr . . . .61.3 0.0 93.6 61.1
City of London In . . .348.5 21.5 461.5 321.3
CIose Brothers Gr . . .615.0 9.5 888.5 602.5
CoIIins Stewart H . . . .49.5 1.0 90.8 48.5
EvoIution Group . . . . .82.8 1.5 94.0 62.3
F&C Asset Managem .67.6 0.0 92.9 56.1
Hargreaves Lansdo .457.6 6.1 646.5 402.5
HeIphire Group . . . . . . .2.2 0.0 17.4 1.4
Henderson Group . . .111.6 0.5 173.1 95.1
Highway CapitaI . . . . .12.0 0.0 21.0 6.5
ICAP . . . . . . . . . . . . . .341.7 1.2 570.5 311.6
IG Group HoIdings . .473.0 -0.1 528.0 393.6
Intermediate Capi . . .233.7 2.0 360.3 197.9
InternationaI Per . . . .204.1 -12.8 388.8 170.1
InternationaI Pub . . . .119.9 0.0 119.9 108.6
Investec . . . . . . . . . . .354.7 2.2 538.0 318.4
IP Group . . . . . . . . . . . .72.0 0.0 76.5 30.2
Jupiter Fund Mana . .219.8 -0.2 337.3 184.9
Liontrust Asset M . . . .77.3 0.0 87.5 57.9
LMS CapitaI . . . . . . . . .55.0 0.5 64.8 44.8
London Finance & . . .22.5 0.5 23.5 16.5
London Stock Exch .820.0 1.5 1076.0 772.5
Lonrho . . . . . . . . . . . . .10.0 -0.3 19.8 8.9
Man Group . . . . . . . . .134.8 -0.4 311.0 123.6
Paragon Group Of . .185.0 1.7 206.1 134.6
Provident Financi . . .960.0 -17.5 1124.0 825.5
Rathbone Brothers .1085.0 -18.0 1257.0 977.0
Record . . . . . . . . . . . . .14.0 0.0 40.5 13.5
RSM Tenon Group . . .14.3 -0.3 66.3 14.3
Schroders . . . . . . . .1364.0 22.0 1922.0 1183.0
Schroders (Non-Vo .1114.0 14.0 1554.0 970.0
TuIIett Prebon . . . . . .283.9 1.5 428.6 277.4
WaIker Crips Grou . . .44.5 0.0 51.5 44.5
BT Group . . . . . . . . . .193.4 1.7 204.1 161.0
CabIe & WireIess . . . .37.7 -0.2 52.9 31.3
CabIe & WireIess . . . .17.4 0.6 76.9 14.2
COLT Group SA . . . . .94.7 1.4 156.2 84.1
KCOM Group . . . . . . . .70.8 -0.3 84.0 52.3
TaIkTaIk TeIecom . . .136.6 0.1 168.3 119.8
TeIecomPIus . . . . . . .780.0 15.0 802.0 432.0
Booker Group . . . . . . .74.1 -0.2 80.0 54.5
Greggs . . . . . . . . . . . .505.5 3.5 550.5 436.4
Morrison (Wm) Sup .316.6 -1.6 322.9 262.7
Ocado Group . . . . . . . .84.3 -3.8 285.0 81.0
Sainsbury (J) . . . . . . .297.2 3.7 391.5 263.5
Tesco . . . . . . . . . . . . .399.0 1.8 439.0 356.3
Associated Britis . .1085.0 2.0 1182.0 940.0
Cranswick . . . . . . . . .757.0 8.5 882.0 588.5
Dairy Crest Group . . .325.8 -0.8 424.9 318.8
Devro . . . . . . . . . . . . .255.8 0.4 296.9 223.5
Premier Foods . . . . . . . .5.9 0.2 35.1 3.3
Tate & LyIe . . . . . . . . .685.5 -0.5 689.5 511.0
UniIever . . . . . . . . . .2132.0 10.0 2137.0 1793.0
Mondi . . . . . . . . . . . . .457.2 7.1 664.0 413.5
Centrica . . . . . . . . . . .286.8 1.1 345.8 282.0
InternationaI Pow . . .325.3 0.8 448.6 279.4
NationaI Grid . . . . . . .605.5 -4.5 649.5 530.0
Pennon Group . . . . . .683.5 1.5 737.5 584.5
Severn Trent . . . . . .1478.0 5.0 1600.0 1368.0
United UtiIities . . . . .601.0 1.5 637.0 543.5
Cookson Group . . . . .490.6 12.5 724.5 395.8
DS Smith . . . . . . . . . .195.0 1.0 266.2 164.4
Rexam . . . . . . . . . . . .347.3 3.6 400.0 299.8
Price Chg High Low
BerkeIey Group Ho .1287.0 9.0 1360.0 884.5
Bovis Homes Group .462.9 8.3 499.6 326.5
Persimmon . . . . . . . .481.7 10.7 518.5 374.0
Reckitt Benckiser . .3242.0 36.0 3648.0 3015.0
Redrow . . . . . . . . . . . .114.2 3.0 139.0 103.5
TayIor Wimpey . . . . . . .37.0 0.6 43.3 27.3
Bodycote . . . . . . . . . .264.3 0.0 397.7 225.6
Charter Internati . . . .935.0 5.0 952.0 538.5
Fenner . . . . . . . . . . . .383.0 0.1 422.5 280.0
IMI . . . . . . . . . . . . . . . .731.0 -6.0 1119.0 636.5
MeIrose . . . . . . . . . . .349.0 7.0 365.4 268.0
Northgate . . . . . . . . . .224.8 3.3 346.7 220.1
Rotork . . . . . . . . . . .1809.0 2.0 1858.0 1501.0
Spirax-Sarco Engi . .1827.0 3.0 2063.0 1649.0
Weir Group . . . . . . .1965.0 -28.0 2218.0 1375.0
Ferrexpo . . . . . . . . . . .287.8 7.2 499.0 238.7
TaIvivaara Mining . . .234.4 -4.4 622.0 195.2
BBAAviation . . . . . . .177.5 1.6 240.8 156.0
Stobart Group Ltd . . .120.6 1.1 163.6 112.0
AdmiraI Group . . . . . .854.5 16.0 1754.0 800.5
AmIin . . . . . . . . . . . . .327.6 5.5 427.0 270.6
Huntsworth . . . . . . . . .38.8 0.3 85.0 36.3
Informa . . . . . . . . . . . .357.2 6.2 461.1 313.9
ITE Group . . . . . . . . . .203.8 -0.4 258.2 157.7
ITV . . . . . . . . . . . . . . . . .64.6 1.2 93.5 51.7
Johnston Press . . . . . . .4.8 -0.3 12.8 4.1
MecomGroup . . . . . .200.0 -2.0 310.0 134.5
Moneysupermarket. .107.4 -0.6 120.4 75.7
Pearson . . . . . . . . . .1144.0 11.0 1207.0 983.0
PerformGroup . . . . .211.0 1.0 234.5 150.0
Reed EIsevier . . . . . .521.5 7.5 590.5 461.3
Rightmove . . . . . . . .1212.0 4.0 1408.0 743.0
STV Group . . . . . . . . . .85.5 -1.5 168.0 83.9
Tarsus Group . . . . . .131.0 1.0 165.0 114.0
Trinity Mirror . . . . . . . .52.5 0.5 93.0 37.5
UBM . . . . . . . . . . . . . .488.1 15.8 725.0 416.0
UTV Media . . . . . . . . .100.0 0.5 150.0 99.0
WiImington Group . . .84.8 0.5 183.0 82.5
WPP . . . . . . . . . . . . . .665.5 3.0 846.5 578.0
YeII Group . . . . . . . . . . .5.4 -0.0 14.8 3.4
African Barrick G . . .509.0 -11.0 618.5 393.5
AIIied GoId Minin . . .166.5 -10.4 281.3 34.4
AngIo American . . .2449.0 49.0 3437.0 2138.5
AngIo Pacific Gro . . .282.3 13.8 369.3 237.9
Antofagasta . . . . . . .1228.0 36.0 1634.0 900.5
Aquarius PIatinum . .175.0 -0.3 419.0 150.0
BeazIey . . . . . . . . . . . .135.1 1.7 139.2 109.6
CatIin Group Ltd. . . .405.7 10.1 421.4 334.0
Hiscox Ltd. . . . . . . . . .375.0 3.4 424.7 340.5
Jardine LIoyd Tho . . .650.5 -15.0 764.5 576.0
Lancashire HoIdin . . .724.5 4.0 774.5 532.5
RSA Insurance Gro . .106.0 1.5 143.5 102.2
Aviva . . . . . . . . . . . . . .321.3 7.1 477.9 275.3
LegaI & GeneraI G . . .106.5 0.9 123.8 89.8
OId MutuaI . . . . . . . . .117.3 0.9 144.8 98.1
Phoenix Group HoI . .550.0 9.0 688.0 451.1
PrudentiaI . . . . . . . . .654.5 18.5 777.0 509.0
ResoIution Ltd. . . . . .253.1 0.4 316.1 229.5
St James's PIace . . . .332.1 0.7 376.0 265.7
Standard Life . . . . . . .203.8 2.6 244.7 172.0
4Imprint Group . . . . .220.0 0.0 295.0 200.0
Aegis Group . . . . . . .138.9 2.7 158.5 115.7
BIoomsbury PubIis . . .97.8 0.5 138.0 91.3
British Sky Broad . . .733.5 -1.0 850.0 618.5
Centaur Media . . . . . . .35.8 0.5 73.0 34.6
Chime Communicati .168.8 -0.3 298.5 167.0
Creston . . . . . . . . . . . .73.0 0.0 121.0 71.3
DaiIy MaiI and Ge . . .402.2 14.0 594.5 343.4
Euromoney Institu . .663.5 11.5 736.0 522.5
Future . . . . . . . . . . . . . . .9.0 0.0 30.0 8.5
Haynes PubIishing . .215.0 0.0 257.0 210.0
BHP BiIIiton . . . . . . .1961.0 27.0 2631.5 1667.0
Centamin Egypt Lt . . .95.8 2.2 177.2 80.8
Eurasian NaturaI . . .685.0 19.0 1125.0 522.0
FresniIIo . . . . . . . . . .1769.0 40.0 2150.0 1296.0
GemDiamonds Ltd. .180.3 -10.0 306.0 174.3
GIencore Internat . . .404.7 5.7 531.1 348.0
HochschiId Mining . .433.0 1.8 680.0 394.9
Kazakhmys . . . . . . . .943.0 23.5 1671.0 730.0
Kenmare Resources . .40.3 0.8 59.9 25.8
Lonmin . . . . . . . . . . .1022.0 12.0 1983.0 963.0
New WorId Resourc .441.0 4.9 1060.0 410.5
PetropavIovsk . . . . . .685.5 -1.0 1158.0 543.5
RandgoId Resource 6870.0 50.0 7555.0 4425.0
Rio Tinto . . . . . . . . .3245.5 29.0 4712.0 2712.5
Vedanta Resources .1112.0 21.0 2559.0 928.0
Xstrata . . . . . . . . . . .1011.5 21.5 1550.0 764.0
Inmarsat . . . . . . . . . . .423.4 -0.1 719.5 389.3
Vodafone Group . . . .174.2 1.7 182.8 155.1
Genesis Emerging . .450.0 -3.0 568.0 424.0
Afren . . . . . . . . . . . . . . .84.5 -0.9 171.2 73.6
BG Group . . . . . . . . .1348.5 16.5 1564.5 1144.0
BP . . . . . . . . . . . . . . . .452.1 1.0 509.0 363.2
Cairn Energy . . . . . . .277.0 1.5 469.7 261.4
EnQuest . . . . . . . . . . . .93.8 -0.5 158.5 85.7
Essar Energy . . . . . .222.9 -3.2 589.5 211.4
ExiIIon Energy . . . . . .267.3 -1.7 469.7 184.2
Heritage OiI . . . . . . . .179.6 -1.9 486.0 160.0
Ophir Energy . . . . . . .261.0 -1.5 299.0 184.5
Premier OiI . . . . . . . . .375.5 0.5 535.0 310.0
RoyaI Dutch SheII . .2293.5 43.5 2326.5 1883.5
RoyaI Dutch SheII . .2356.0 41.0 2368.0 1890.5
SaIamander Energy .209.2 1.7 317.6 182.3
Soco Internationa . . .299.3 2.6 400.0 278.0
TuIIow OiI . . . . . . . . .1370.0 27.0 1493.0 945.5
Amec . . . . . . . . . . . . .911.0 4.5 1251.0 740.5
Hunting . . . . . . . . . . .705.5 -9.5 817.0 530.0
Kentz Corporation . .478.0 -2.0 508.0 280.0
LampreII . . . . . . . . . . .281.2 0.7 395.2 220.7
Petrofac Ltd. . . . . . .1414.0 14.0 1685.0 1108.0
Wood Group (John) .649.0 1.5 715.8 469.9
Burberry Group . . . .1263.0 22.0 1600.0 1030.0
PZ Cussons . . . . . . . .313.3 4.6 404.0 306.5
Supergroup . . . . . . . .501.0 -16.0 1820.0 435.2
AstraZeneca . . . . . .2954.5 31.0 3194.0 2543.5
BTG . . . . . . . . . . . . . .305.1 1.8 309.7 210.1
Genus . . . . . . . . . . . .1044.0 4.0 1111.0 831.5
GIaxoSmithKIine . . .1424.0 -16.0 1440.0 1127.5
Hikma Pharmaceuti .654.5 -0.5 900.0 555.5
Shire PIc . . . . . . . . . .2131.0 -18.0 2152.0 1481.0
CapitaI & Countie . . .173.0 -1.3 203.7 142.8
Daejan HoIdings . . .2725.0 75.0 2954.0 2282.0
F&C CommerciaI Pr .101.2 -0.7 108.0 92.6
Grainger . . . . . . . . . . .102.2 -1.8 133.2 77.3
London & Stamford .105.6 -0.9 140.0 104.7
SaviIIs . . . . . . . . . . . . .298.4 0.3 427.1 256.2
UK CommerciaI Pro . .69.3 -0.6 85.5 69.2
Unite Group . . . . . . . .170.1 -2.0 224.1 152.9
Big YeIIow Group . . .260.0 -3.0 352.2 218.0
British Land Co . . . . .468.5 -3.2 629.5 452.0
CapitaI Shopping . . .316.2 4.3 424.8 288.7
Derwent London . . .1576.0 18.0 1880.0 1400.0
Great PortIand Es . . .334.9 2.9 445.0 317.4
Hammerson . . . . . . . .371.0 -1.5 490.9 352.0
Hansteen HoIdings . . .70.0 -0.5 89.5 69.3
Land Securities G . . .651.0 0.5 885.0 616.0
SEGRO . . . . . . . . . . . .215.2 0.5 331.3 204.8
Shaftesbury . . . . . . . .492.9 4.1 539.0 435.4
Aveva Group . . . . . .1500.0 9.0 1799.0 1298.0
Computacenter . . . . .346.2 8.1 490.0 326.8
Fidessa Group . . . . .1617.0 -24.0 2109.0 1444.0
Invensys . . . . . . . . . . .202.6 -0.7 364.3 180.9
Logica . . . . . . . . . . . . .77.1 1.5 147.2 67.6
Micro Focus Inter . . .380.4 3.2 426.2 239.4
Misys . . . . . . . . . . . . .243.8 -2.6 420.2 214.9
Sage Group . . . . . . . .286.6 1.6 302.0 231.7
SDL . . . . . . . . . . . . . . .688.5 7.5 711.5 586.0
TeIecity Group . . . . . .635.5 14.0 636.0 430.0
Aggreko . . . . . . . . . .1853.0 -20.0 2034.0 1394.5
Ashtead Group . . . . .206.9 -4.8 211.7 99.4
Atkins (WS) . . . . . . . .625.5 -4.5 820.0 490.2
Babcock Internati . . .711.5 -11.5 733.0 540.5
Berendsen . . . . . . . . .414.5 -0.8 568.0 402.7
BunzI . . . . . . . . . . . . .843.0 -1.5 844.5 676.5
Cape . . . . . . . . . . . . . .331.4 -13.3 591.5 295.0
Capita Group . . . . . . .626.0 9.5 786.5 602.5
CariIIion . . . . . . . . . . .315.4 4.0 403.2 281.0
De La Rue . . . . . . . . .869.0 -2.5 936.0 667.0
DipIoma . . . . . . . . . . .333.0 3.0 414.3 263.3
EIectrocomponents .195.6 2.7 294.9 182.2
Experian . . . . . . . . . . .816.0 7.0 844.0 665.0
FiItrona PLC . . . . . . . .386.0 6.9 397.1 236.9
G4S . . . . . . . . . . . . . . .251.2 0.6 291.0 219.9
Hays . . . . . . . . . . . . . . .63.3 -0.1 133.6 60.7
Homeserve . . . . . . . .301.1 8.4 532.0 218.5
Howden Joinery Gr . .101.8 -0.3 127.5 93.1
Interserve . . . . . . . . . .320.0 1.0 341.3 201.5
Intertek Group . . . . .1943.0 11.0 2148.0 1715.0
MichaeI Page Inte . . .325.7 1.7 567.0 319.3
Mitie Group . . . . . . . .241.8 -4.5 258.1 195.9
Premier FarneII . . . . .177.0 1.5 308.8 144.5
Regus . . . . . . . . . . . . . .84.8 -1.0 119.0 64.0
RentokiI InitiaI . . . . . . .63.6 0.1 104.9 61.0
RPS Group . . . . . . . . .181.5 -1.6 253.0 156.6
Serco Group . . . . . . .471.2 -0.5 618.5 465.5
Shanks Group . . . . . .106.0 -0.4 130.9 103.0
SIG . . . . . . . . . . . . . . . .80.0 0.1 153.5 77.7
SThree . . . . . . . . . . . .208.5 1.2 447.6 202.8
Travis Perkins . . . . . .830.0 13.5 1127.0 715.0
WoIseIey . . . . . . . . .1966.0 26.0 2261.0 1404.0
ARM HoIdings . . . . . .570.0 0.0 651.0 389.6
CSR . . . . . . . . . . . . . .166.8 0.8 447.0 154.1
Imagination Techn . .449.3 1.8 502.0 296.9
Pace . . . . . . . . . . . . . . .71.8 1.4 231.8 44.0
Spirent Communica .119.9 -1.2 160.0 109.5
British American . .2998.5 -16.5 3015.0 2282.5
ImperiaI Tobacco . .2351.0 -18.0 2369.0 1784.0
Betfair Group . . . . . . .798.5 14.0 1264.0 567.0
Bwin.party Digita . . .139.5 2.4 239.0 100.6
CarnivaI . . . . . . . . . .2190.0 -13.0 3153.0 1742.0
Compass Group . . . .587.5 4.5 612.0 512.5
Domino's Pizza UK . .420.1 8.6 586.0 377.0
easyJet . . . . . . . . . . . .379.0 7.7 474.0 301.0
FirstGroup . . . . . . . . .319.2 1.1 412.6 301.8
Go-Ahead Group . . .1235.0 -8.0 1598.0 1190.0
Greene King . . . . . . .467.9 3.8 518.0 410.0
InterContinentaI . . .1117.0 27.0 1435.0 955.0
InternationaI Con . . .153.3 1.5 305.0 132.0
JD Wetherspoon . . . .418.6 1.5 468.3 380.5
Ladbrokes . . . . . . . . .128.6 1.0 155.3 114.0
Marston's . . . . . . . . . . .95.3 -0.1 117.1 84.6
MiIIennium& Copt . .414.9 1.3 600.5 371.2
MitcheIIs & ButIe . . . .225.2 4.6 361.0 215.6
NationaI Express . . .216.6 0.3 270.2 201.6
Rank Group . . . . . . . .150.9 3.8 153.7 109.5
Restaurant Group . . .295.0 -1.3 335.0 254.9
Stagecoach Group . .254.9 -4.0 272.4 200.0
Thomas Cook Group .15.2 0.3 204.8 10.2
TUI TraveI . . . . . . . . . .156.4 0.5 271.9 136.7
Whitbread . . . . . . . .1599.0 6.0 1887.0 1409.0
WiIIiamHiII . . . . . . . . .197.0 -4.1 244.1 133.5
Abcam . . . . . . . . . . . .357.0 0.8 460.0 307.0
AIbemarIe & Bond . .334.6 -0.9 400.1 272.0
Amerisur Resource . .17.8 1.3 29.0 9.5
Andor TechnoIogy . .576.5 -10.5 685.0 387.1
ArchipeIago Resou . . .70.0 2.1 79.0 51.0
ASOS . . . . . . . . . . . .1230.0 -71.0 2468.0 1202.0
AureIian OiI & Ga . . . .18.3 0.5 92.0 16.0
Avanti Communicat .300.0 -10.0 730.0 248.5
Avocet Mining . . . . . .218.8 -3.5 286.8 177.5
BIinkx . . . . . . . . . . . . . .68.0 -1.3 158.0 64.8
Borders & Souther . . .62.8 2.3 72.3 43.5
BowLeven . . . . . . . . . .70.5 -0.8 398.0 65.0
Brooks MacdonaId 1072.5 -32.5 1372.5 940.0
Cove Energy . . . . . . . .97.3 1.3 112.8 61.0
Daisy Group . . . . . . .103.0 2.3 127.0 88.0
EMIS Group . . . . . . . .510.0 20.0 580.0 415.8
Encore OiI . . . . . . . . . .77.3 0.0 151.5 40.8
Faroe PetroIeum . . . .155.3 -2.5 218.3 130.0
GuIfsands PetroIe . . .186.3 1.3 401.5 142.5
GWPharmaceuticaI . .90.8 -2.3 130.0 87.0
H&T Group . . . . . . . . .340.0 2.0 395.0 277.0
Hamworthy . . . . . . . .828.0 0.5 833.5 373.8
Hargreaves Servic .1135.0 15.0 1180.0 755.0
HeaIthcare Locums . . . .3.1 -0.2 3.7 3.0
Immunodiagnostic . .450.0 5.5 1218.0 430.0
ImpeIIamGroup . . . .267.6 0.0 387.5 180.5
James HaIstead . . . . .447.5 12.5 495.0 365.0
KaIahari MineraIs . . .242.5 0.5 301.0 198.3
London Mining . . . . .314.0 0.5 436.5 278.5
Lupus CapitaI . . . . . .105.0 0.3 150.0 86.0
M. P. Evans Group . .404.5 2.0 500.5 371.0
Majestic Wine . . . . . .345.0 -11.0 510.0 345.0
May Gurney Integr . .290.0 -2.8 302.0 234.0
Monitise . . . . . . . . . . . .28.0 -1.3 40.0 18.5
MuIberry Group . . . .1542.0 42.0 1920.0 889.5
Nanoco Group . . . . . . .60.8 0.8 107.0 38.0
NauticaI PetroIeu . . .266.0 -1.8 547.0 223.5
NichoIs . . . . . . . . . . . .520.0 -12.5 579.0 410.0
Numis Corporation . . .85.5 0.3 131.0 80.0
Pan African Resou . . .17.0 1.1 17.0 9.5
Patagonia GoId . . . . . .51.5 -3.5 70.0 37.3
Prezzo . . . . . . . . . . . . .54.0 -1.6 71.5 53.5
Pursuit Dynamics . . .203.0 6.8 562.0 160.5
Rockhopper ExpIor .251.0 12.0 386.0 141.0
RWS HoIdings . . . . . .470.0 10.0 479.8 266.5
Songbird Estates . . .115.0 3.3 160.3 104.0
VaIiant PetroIeum . . .422.0 2.0 672.0 400.0
Young & Co's Brew . .680.0 4.5 712.0 565.0
LIoyds Banking Gro . .26.7 6.5
BarcIays . . . . . . . . . . .190.2 5.4
AngIo Pacific Grou . .282.3 5.1
RoyaI Bank of Scot . . .22.0 5.1
QinetiQ Group . . . . . .137.4 4.8
Mothercare . . . . . . . .160.6 4.4
BaIfour Beatty . . . . . .251.9 4.1
DaiIy MaiI and Gen . .402.2 3.6
CabIe & WireIess W . .17.4 3.5
Laird . . . . . . . . . . . . . .144.5 3.4
Domino Printing Sc .492.4 -6.5
InternationaI Pers . . .204.1 -5.9
AIIied GoId Mining . .166.5 -5.9
Carpetright . . . . . . . .418.5 -5.7
Gem Diamonds Ltd. .180.3 -5.3
Ocado Group . . . . . . . .84.3 -4.3
GaIIiford Try . . . . . . . .457.5 -3.9
Cape . . . . . . . . . . . . . .331.4 -3.9
YuIe Catto & Co . . . . .170.0 -3.3
Supergroup . . . . . . . .501.0 -3.1
Risers FaIIers
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
AIM 50
Tsy 5.250 12 . . . .102.36 -0.05 106.6 102.4
Tsy 9.000 12 . . . .105.66 0.00 113.2 104.8
Tsy 5.000 12 . . . .101.07 -0.04 105.2 100.9
Tsy 4.500 13 . . . .105.07 -0.05 107.6 105.1
Tsy 2.500 13 . . . .283.62 -0.07 287.7 277.6
Tsy 8.000 13 . . . . .113.54 -0.10 118.8 113.5
Tsy 5.000 14 . . . . .112.35 -0.13 112.9 109.2
Tsy 7.750 15 . . . .101.20 0.40 107.7 100.2
Tsy 4.750 15 . . . . .115.16 -0.23 115.4 108.6
Tsy 8.000 15 . . . .128.67 -0.26 129.2 123.7
Tsy 2.500 16 . . . . .341.11 -0.29 342.7 310.2
Tsy 4.000 16 . . . . .114.32 -0.32 114.7 104.9
Tsy 1.250 17 . . . . .115.05 -0.21 115.5 106.7
Tsy 12.000 17 . . .123.03 0.00 131.4 122.3
Tsy 8.750 17 . . . .141.12 -0.26 141.9 132.9
Tsy 5.000 18 . . . .121.93 -0.30 122.3 109.7
Tsy 4.500 19 . . . . .119.94 -0.21 120.2 105.4
Tsy 3.750 19 . . . . .114.69 -0.20 115.0 99.4
Tsy 2.500 20 . . . .360.30 -0.10 361.5 312.9
Tsy 4.750 20 . . . .122.31 -0.19 122.6 106.6
Tsy 8.000 21 . . . .151.30 -0.35 151.8 133.8
Tsy 1.875 22 . . . .124.79 -0.16 125.5 111.3
Tsy 4.000 22 . . . . .116.25 -0.32 116.7 99.0
Tsy 2.500 24 . . . .322.71 -0.25 324.7 275.4
Tsy 5.000 25 . . . .128.02 -0.43 128.7 107.4
Tsy 1.250 27 . . . .120.59 -0.26 123.7 104.8
Tsy 4.250 27 . . . . .119.41 -0.48 120.8 97.9
Tsy 6.000 28 . . . .144.09 -0.46 145.8 119.5
Tsy 4.125 30 . . . .306.48 -0.02 316.0 262.1
Tsy 4.750 30 . . . .126.16 -0.30 128.5 103.0
Tsy 4.250 32 . . . . .118.54 -0.40 121.1 96.0
Tsy 4.250 36 . . . . .119.09 -0.37 122.2 95.0
Tsy 4.750 38 . . . .128.57 -0.34 132.3 102.8
Tsy 4.500 42 . . . .124.83 -0.38 129.2 98.9
% %
Business Features | Entrepreneurs
Donata Huggins meets
the founder of Caxton
FX, the customer
centred forex company
ROTECTING your intellectual property
(IP) is crucial to the success of your
business. No matter what profession
you are in, you need to ensure that your
originality is safeguarded from theft by utilis-
ing the four main IP rights that exist to help
defend your intellectual property: patents,
trademarks, design rights and copyright.
As an inventor, I know just how important
it is to protect your IP. I made my fortune
from patents that I took out in the 1990s,
using them to protect the technology that
made my invention, the Anywayup® cup,
unique. It hasn’t been easy; I had to fight a
“David and Goliath” legal battle to enforce
my rights against a major corporation who
copied my idea. But my patents were strong
and I won. If nothing else, this really empha-
sises how essential it is to protect your IP.
Without patents I would have been power-
less and penniless.
When protecting your IP, the first thing
you need to do is identify which of the four
main IP rights is appropriate for your cre-
ation. For me it was patents. Patents protect
how something works (i.e. a new technolo-
gy). They give you the right to stop others
from copying, manufacturing and selling
your invention without your permission, but
they are not suitable for everything. If you
are an artist or author, for example, then a
patent is unlikely to be the right form of pro-
tection. Copyright would be far more suit-
able as this protects written, musical,
theatrical and artistic works. Often multiple
rights are appropriate. For example, I have
patents, trade marks, 3D shape trade marks
and design registrations on the Anywayup®
cup. It is really important to research IP
rights to identify which will work best for
you – the UKIPO website (www.ipo.gov.uk)
can help.
The Business and IP Centre at the British
Library (www.ipo.gov.uk) is a great place to
start your project. They guide you through
the whole process and equip you with all
necessary skills, including searching the
databases to check your idea is original.
Applying for a patent can be costly and
complicated, so only go down that road if
you are confident your idea will make money.
It is advisable to use a chartered patent
agent (www.cipa.org.uk) to accompany you
through the process, as if you draft your
patent yourself it probably won’t stand up to
a challenge. Remember that overseas
patents will be essential if you plan to export
or attract licensees.
What many people do not realise is that
once a patent is granted it does not neces-
sarily mean that it is valid. The patent sys-
tem relies on challenges by third parties to
establish validity – this usually occurs as
part of infringement proceedings in court. It
is up to the owner of the patent to enforce it
at their own cost. Sounds scary, but if you
have an inventive idea with commercial
potential, this should not deter you from
patenting it. If someone does infringe your
rights, there are now alternative ways in
which to settle the dispute, e.g. by mediation,
or in the low cost Patents County Court. In
addition, the government has just announced
that it is introducing a special small claims
service for IP cases. So, even if your rights
are infringed, as long as you have gone
through the proper channels to obtain your
patent you should be able to protect your IP.
Mandy Haberman is a British inventor and
entrepreneur. She is the inventor of the
Haberman® Feeder and Anywayup® Cup, of
which the latter has had phenomenal world-
wide success. www.mandyhaberman.com
ID anyone try to discourage you
from starting the business? I ask
Rupert Lee-Browne, the founder
and chief executive of foreign
exchange company Caxton FX. “No,” he
says resolutely. “Well, they probably did,
but I wouldn’t have listened,” he laughs.
Lee-Browne, who describes himself as a
“rubbish worker,” always had “an itch” to
start something of his own. “I always
worked reasonably hard for other people,
but I was a nightmare employee.” Every
job was a means to an end.
The time finally came for him to start
something of his own in 2002, age 36. “I
had helped to float a foreign exchange
company the year before and I thought:
“This is a great business model, but could
be done so much better.” All it needed
was better customer service to demon-
strate it adds value, he says. “It’s a fairly
straightforward principle: “Treat cus-
tomers well, have transparent prices and
funnily enough they’ll come back.”
With a stash of savings, his last bonus
and the promise of investment, he
launched his own version. “Initially, my
plans were bigger, but I had an investor
pull out, so I ‘bootstrapped’ my operation
and went for it anyway.”
“Day one was just me and a phone in
an office. I’d placed an advert in a maga-
zine and a few on Google. Then I just sat
there and waited for the phone to ring.
Thank god it did,” he laughs again. “I’d
worked out all the processes and organ-
ised everything before then, but the first
job was still terrifying.” Did that cus-
tomer know they were your first? “Of
course, not,” Lee-Browne grins.
It wasn’t easy to get going though. “I
needed a bank to work through. I
knocked on so many doors, but none of
the major players were willing to help.
Thankfully, I found a small private bank
that understood exactly what I was trying
to do.”
In three months, Lee-Browne had a cus-
tomer base and started to recruit staff.
One of that first tranche was a 17 year old
secretary. She has stayed with the compa-
ny and risen up to become their director
of customer service. “One of the many
things I love about running a business is
being able to develop staff, making sure
they’re happy and learning.” Now that
they have a £400m turnover, they take
this very seriously, employing a full-time
head of people.
At the end of the first year, Caxton FX
was profitable on all transactions and has
been growing ever since. “We’re very typ-
ical of the fast-growing companies in the
UK at the moment. We’re charging
ahead, but have struggled to get hold of
working capital to do it.” The banks
wouldn’t help, so they’ve opted for a cor-
porate retail bond targeted at our cus-
tomers. “I don’t much like private equity
and venture capital, so that left me with
corporate bonds as my only choice. I
think it’s a good one. We’re offering a
7.25 per cent return, which is a nice way
to say thank you.”
Not interested in giving away any equi-
ty then? “No,” he says, but he’s not plan-
ning to sell anytime soon. “We’ve so
much to do. Why would I give anyone else
the pleasure of doing that?” he smiles.
Company name: Caxton FX
Number of staff: 50
Job title: Chief executive
Age: 45
Born: Gloucestershire
Lives: Chelsea
Studied: Art History, University of London
Drinking: Pinot Grigio (Veneto only)
Reading: Who cares wins (David Jones);
A History of Modern Britain (Andrew Marr)
Talents: Practical, sporty and musical
Favourite business book: David Ogilvy,
Ogilvy on Advertising
Motto: “Timeo danaos et dona ferentes.”
“Beware of Greeks bearing gifts.” (Virgil's
First ambition: ”To climb the great Oak tree
in the field next to my home.” (aged 5)
Exchanging a career for
entrepreneurial success
Rupert Lee-Browne has travelled a long way since 2002 Picture: Laura Lean / CITY A.M.
San Francisco based start-up Eventbrite is
coming to the east end of London – the online
ticket-seller’s first international office.
Eventbrite also serves as a platform on which
organisers can plan events and promote them
using social media. Co-founder of the compa-
ny Renaud Visage says: “London will be our
hub for the rest of Europe. It’s a natural pro-
gression for US start-ups to move to the UK,
then expand further afield.” Eventbrite joins
the growing number of tech start-ups, which
include FarFetch and Bullseyehub, moving to
east London.
US marketing and electronic retail firm TV
Goods is also coming to London, in a move to
expand into the European market. The As
Seen On TV subsidiary was founded by Kevin
Harrington, who is currently host of the ABC
show Shark Tank. TV Goods develops, mar-
kets and sells its signature products through
infomercials, home-shopping television net-
works, websites, mobile applications, retail
and wholesale. The accessibilty of these
methods has enabled the company to contin-
uously grow in the US, leading them to make
a push for the European market.
TechHub, the community and workspace for
tech start-ups, is expanding to Prague to try
to break into the global market, after opening
its first office in London last year. TechHub
offers small tech businesses resources, office
and work space to grow their new enterpris-
es in a community with other budding tech
entrepreneurs. “We’ve seen the tech scene
continue its global expansion impressively this
year and we want to ensure that this commu-
nity spirit and support is accessible to tech-
nology start-ups all over the world,” says
TechHub co-founder Elizabeth Varley.
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Looking ahead: Worldwide ERC® CEO and President,
Peggy Smith discusses the importance of good planning
Be in the know
It is so important to be
well-informed about tax
Expat statistics
Understanding the
world of expatriates
Culture shock
Adjusting to a new way
of life can be difficult
No. 1 / Dec. ’11
ven before the link be-
tween talent manage-
ment and mobility be-
gan to emerge, com-
panies had begun in-
tegrating their talent
functions within the
organisation. Companies that ex-
panded their global reach in the last
decade know their overall business
strategy relies heavily on the qual-
ity and placement of their employ-
ees,which requires several areas in
the company to work in concert.
Delivering quality
Talent research firm Bersin & As-
sociates reports that consolidat-
ing talent management activities
under a single position is growing,
from 21 per cent in 2008 to 30 per
cent today. Mercer notes that HR
has been moving up the organi-
sational value chain from ‘opera-
tional executor’ to ‘talent manag-
er’ to the ultimate platform: ‘strat-
egy architect’.They paint a picture
of next-generation global mobil-
ity that incorporates information
products, peer-to-peer networks,
and analytic tools to shape and
guide a globally mobile workforce
that delivers peak performance
with consistency.
Stay on top of the law
One issue is increasingly clear: in
global mobility, the three most im-
portant things are compliance,
compliance, compliance. What if
the assignee is out of immigration
status and has to return home be-
fore the assignment is complete?
What if proper tax reporting and
practices have not been adhered
to... and both the company and
employee could face signifi-
cant penalties? Cross-bor-
der compliance issues are
numerous, and require the
best eforts of corporate mo-
bility and service profession-
als working in tandem to ad-
We’re seeing far
fewer discretion-
ary assignments;
for example, it’s
not very likely these
days you’ll see an
employee sent
to a new region
for a narrow
business rea-
Global mobility, global success
Psychologist and author Robert C. Dodd once said: “The goal in marriage is not to think
alike, but to think together.” And as more companies see the value of joining their
talent management function with their mobility strategy in ‘wholly’ matrimony, we
will see the power of these two significant processes thinking together.
‘The relocation
suppliers succeed
by working with the
family to show that the
differences between the
old life and new one are
positive life changes to
be embraced’
Dominic Tidey
Manager, EuRA
Managing Director:
Christopher Emberson
Editorial Manager: Faye Godfrey
Business Development Manager:
Hannah Butler
Responsible for this issue:
Project Manager: Oliver Amos
Phone: 020 7665 4440
E-mail: oliver.amos@mediaplanet.com
Distributed with: City AM
Print: City AM
Mediaplanet contact information:
Phone: 020 7665 4400
Fax: 020 7665 4419
E-mail: info.uk@mediaplanet.com
We make our readers succeed!
Mediaplanet’s business is to create
new customers for our advertisers by pro-
viding readers with high-quality editorial
content that motivates them to act.
Today, employers are managing
a mix of mature employees, mid-
career employees and young pro-
fessionals. The younger the group,
the more they crave change and the
ability to transition in and out of
career opportunities. A significant
majority of millennials surveyed by
PricewaterhouseCoopers (about 80
per cent) want to work abroad,with
70 per cent expecting to use non-na-
tive languages in their careers and
94 per cent believing they will work
across geographic borders more
than their parents.
Bridging the gap
The mobile population is increas-
ing, and globalization drives inte-
gration. Within 10 years, a compa-
ny’s ability to develop global talent
will dictate its success. Global mo-
bility professionals can play a key
role in bridging the gap between
mobility and talent management by
educating the company on how to
be strategic with their assignment
policies. It’s an ambitious agenda…
one that can be accomplished with
effective communication and a
strong commitment to partnership
from all parties.
Peggy Smith, SCRP, SGMS
Worldwide ERC® CEO and President
Build an efective Global Mobility programme with
a full spectrum of innovative solutions from Mercer
For further information:
Contact Mercer Client Services at
or visit imercer.com/mobility
Follow us on Twitter
son.There’s also more flexibility in
the amount of benefits and the way
they are administered.What we see
more often is companies mapping
out a career track for high poten-
tials while they are relatively new
in the company; and making de-
cisions based on skills, experience
and maturity.
Face the challenges
Developing countries are asking for
financial and talent development,
yet there are obstacles to en-
try. This is an interesting
dilemma.It sends a mixed
message when assignees
and employees find ac-
quiring a visa or work per-
mit both expensive and
problematic to obtain in
a timely manner. To set
the stage for the pre-
dicted ‘upcoming mas-
sive talent shortages’,
the World Economic
Forum is encouraging
and academia to
collaborate on so-
lutions to today’s
The global economy is still fragile, emerging unevenly from the recent
serious recession. Employers remain keen to control costs, but fearful that
they will miss opportunities if they don’t support foreign operations by
staf ng them with enough expatriates. How can employers optimise their
expatriation programmes while minding costs?
Drawing from its database of over 1,000 current global mobility policies and
extensive suite of global mobility surveys, Mercer is constantly monitoring
the key trends that are shaping the expatriate management landscape.
Back in the early 1990s, multinational corporations saw themselves as
needing simply to choose between expats and locals. They expected that,
where they initially used expats, they could eventually replace them with
locals, reducing the complexity and cost of assignments.
In 2011, expats are still a fact of business life – indeed, even more so, as
globalisation continues apace and developing and emerging markets
increasingly host and despatch international assignees. Short-term,
project-based and commuter assignments have proliferated, and
moves are increasingly employee-initiated or used for developmental
purposes. This ferment has created a multitude of diferent situations that
challenge monolithic policies. Cost is an issue, of course. But HR teams
can still support a more global cadre of employees by setting up well-
defined mobility policies that dovetail with corporate reward and talent
management strategies.
New research by Mercer on global leadership development shows that
true “global citizens” are already in greater demand than traditional
expatriates – but few companies know how to identify, find or develop
them. Employers need to create virtual talent pools around the world
to respond to change and opportunity in an increasingly unpredictable
economic climate.
Talent management and reward have historically been managed in silos. But
the global war for talent and the need to look at expatriate attraction and
retention in broader terms are prompting employers to seek more integrated
approaches that improve the success of their mobility strategies.
Companies are stretching their limited mobility budgets by segmenting
their expatriate policies according to their value to the business. Segmen-
tation can be by type of assignee (strategic employees essential to business
success vs. global nomads who make serial moves away from “home” vs.
junior employees on developmental moves) and by type of assignment
(commuter, short-term, traditional long-term, intra-regional, and permanent).
You may need to adjust policies to match each segment.
More companies are varying packages based on assignment categories.
Mercer clients have increased their programmes’ flexibility by mixing
approaches or even by tweaking the traditional expatriate balance-sheet
HR professionals can significantly improve their management’s ability
to make informed decisions about expatriation by presenting a matrix
of options for each role. They can also generate more interesting and
productive discussions of the specific expectations for each role than
when working out a package for someone already selected for a role.
Despite the growing number of non-standard assignments, soft factors –
especially spousal support and family issues – remain of the main reason that
assignments fail. The best employers are paying more, not less, attention
to the health, happiness and well-being of assignees and their families,
particularly for those who are involved in shorter or commuter assignments.
Mercer has helped leading global employers
to design, implement and manage successful
expatriate assignment packages. We can help you
evaluate your current strategy and optimise your
mobility programme.
Find out how Mercer can help you build the right
expatriate compensation packages.
The financial stakes involved in
expatriations are high. Not only
do companies spend an average of
$1 million on a three-year assign-
ment, but if the project fails, there
is a good chance the individual
will move to a rival company.
Plan, plan plan
Dominic Tidey, Operations Man-
ager at the European Reloca-
tion Association (EuRa), said:
“In two-thirds of unplanned re-
patriations, individuals have
no defined role when they re-
turn. Of those 60 per cent, a ma-
jority leave in the first year if
they don’t get promoted, or reas-
signed overseas. Their competi-
tors are all over them.This is why
it’s foolhardy for companies not
to plan carefully.”
Most planning is usually out-
sourced to global relocation spe-
cialists, who are expert at reduc-
ing the risk of a failed assignment.
Knowing the risks
Brian Friedman, founder of To-
tally Expat, a forum for Expatri-
ate Management, said: “The risks
of poor planning begin before
arrival.They might not physically
get into the country without the
right paperwork and visa, or they
get into trouble with the tax au-
thorities. Or they could have no-
where to live,or be put in unsuita-
ble housing.And household goods
might arrive damaged and pre-
cious photos end up in landfills.”
Once ensconced, there are lon-
ger-term risks. “Physical risks in
Nigeria, or South America, could
be a serious issue,” said Friedman.
“And successful assignments are
rare with unhappy spouses.”
Looking after spouses
Trips abroad can be harder on
partners who do not have ac-
cess to work colleagues and in
many countries, cannot work. A
UK spouse visa allows both par-
ties to work, but the US de-
mands separate permis-
sion. Around 78 per cent
of expatriate spouses
have jobs before they go
abroad, but only 28 per
cent when they arrive.
A lot of promising
careers are put
on hold.
“The best
companies of-
fer counselling
to couples to
discuss what it
will be like,what
they want out of it, then send
them on a look-and-see visit.The
best have informal networks of
expatriate spouses. Shell’s Out-
post service is a shining example
of support for families,” he said.
Adapting to the new culture
Though school fees remain high,
the recession has caused com-
panies to reduce some expens-
es, such as travel and accommo-
dation allowances. But there is a
real danger in cutting back some
of the ‘soft skills’ services, Fried-
man says. “Most failures are
down to not assimilating to the
culture, so the best companies
still offer both intercultural and
language training.”
The industry will grow and
grow, he predicts. “It’s a huge
market. About 200 million peo-
ple, or 3 per cent of the world
population, work abroad. And
there will be more and more.
Global mobility is the defin-
ing megatrend of our society,”
he said. “We’re also go-
ing to more people
coming the oth-
er way, from China
and India into the
UK and Europe.”
Brian Friedman
Founder, Totally Expat
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■ Answer: Unhappy workers
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Rising numbers of expats being
sent to dangerous places require
special insurance policies, includ-
ing cover for kidnap, ransom and
extortion. One company specialis-
ing in high-risk cover is Bellwood
Prestbury,which has clients in Iraq,
Afghanistan,Sudan and Somalia.
High-risk areas
Company Managing Director Peter
Bellwood said: “Individuals going to
high-risk regions must make sure
passive war and terrorism are includ-
ed in policies as quite a few exclude
them. And if local medical facilities
are poor,they need a good evacuation
company to help stabilise them in the
country, and then get them out. But,
tread carefully as the quality of poli-
cies varies from very good to awful.”
In this specialised area, Bell-
wood recommends the services
of a knowledgeable broker. “Due
to the complexity of the product
and the multitude of options, a lot
of people could not purchase with
confidence without consulting a
professional,” he said.
Needing protection against ter-
rorists is at one extreme of health-
care policies. At the other extreme
is working in EU countries which
have reciprocal arrangements with
the NHS where often no policy is
needed. In between, a range of pol-
icies address individual needs. “If
you work on a rotation basis — two
months abroad and two months
here — you retain access to the
NHS, so only need basic outpatient
cover,and accident and emergency,
which keeps costs down.”
Understand what’s covered
High-fliers with multi-nationals
have top-drawer policies with com-
panies like Bupa or Allianz. “They
provide high-quality care all over
the world,usually excluding the US,”
said Bellwood. “They can cover eve-
rything, including chronic condi-
tions like HIV/Aids, dental care and
optical care.But I advise reading the
terms and if you don’t understand,
ask the question.They are supposed
to be in plain English,but it’s almost
a diferent language unless you work
in the insurance industry.”
With cut-backs in the global re-
cession,some companies operating
overseas may be tempted by cheap-
er local health insurance, but Bell-
wood advises caution. “Local poli-
cies may be cheaper, but they don’t
cover everything, so their suitabili-
ty depends on circumstances.”
Know the health
insurance for you
There is a huge spectrum
of healthcare insurance
policies available to
expats, from basic to fully
comprehensive including
emergency evacuations.
Biggest challenges
■ When asked to rate the big-
gest challenges,overall language
was top (46 per cent), followed
by the challenge of being as ef-
ficient in the country of expa-
triation as in one’s own culture
(44 per cent) and adaptation to a
new professional environment
(43 per cent).The language chal-
lenge is particularly relevant for
expatriates whose native lan-
guage is English (72 per cent
versus 46 per cent overall). This
group is less proficient than oth-
ers in foreign languages. 
Qualities needed
■ To be successful from a per-
sonal standpoint, interviewees
having had expatriation expe-
rience cited first and foremost
the importance of flexibility and
adaptability (90 per cent), open-
mindedness (82 per cent) and
motivation (72 per cent).
How long?
■ The anticipated length of expa-
triation is generally 2—3 years (34
per cent),or 3—4 years (35 per cent).
Bur rarely 4—5 years (6 per cent),or
more than 5 years (6 per cent).And
rarely less than 1 year (4 per cent).
Repeat business
■ Ninety per cent of expatriates
back from abroad wish to repeat
the expatriation experience.
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Expats often adapt better to
cultures that are completely
different to their own, such
as in Japan. It is so important
to manage expextations
before and during relocation.
Understand tax and
make it work for you
Tennis legend Rafael Nadal an-
nounced recently that he would not
play in the Queen’s Championship
in West London next year because
of earnings he would lose to the
British taxman.
Nadal said he would lose money
even if he won the Queen’s event.
The Spaniard complained about the
UK’s unique tax rules which force
visiting athletes to pay a percent-
age of their global endorsement in-
comes. It was a high-profile exam-
ple of how complex taxation laws in
diferent jurisdictions impact no-
madic workers.
How does it work?
The amount Nadal pays is propor-
tional to time spent here.He makes
$20.5 million a year from nine en-
dorsement contracts, and played
three of his 20 events in 2011 in the
UK. That means he will owe tax in
the UK on 15 per cent of his global
endorsement income. By dropping
Queen’s, he lowers his tax rate to 10
per cent in 2012.
Other athletes have also been af-
fected.Sprinter Usain Bolt pulled out
of the London Grand Prix at Crystal
Palace for tax reasons and golfer
Sergio Garcia avoids playing too ma-
ny UK tournaments.
Resident or non-resident?
For British expatriate workers, life
is simpler than for Nadal,assuming
they live in one foreign country and
no longer have UK residency. Any-
one in the UK for 183 days or more
is deemed a UK resident and has to
pay tax here. But if they leave the
UK to work in overseas employment
for one complete tax year, they are
classed as non-resident from when
they leave.
“You have to take care how often
you visit the UK,” said Luigi Falivene,
of the law firm DLA Piper UK.“If you
spend more than 90 days on average
in each tax year in the UK, you will
be deemed resident in the UK again.
Otherwise, you are liable for tax
where you have residency.”
Knowing the ins and outs
Many countries have reciprocal
double-taxation agreements with
the UK.“If you’re in the UK for more
than 183 days in a year, but work
sometimes in France, you may not
have to pay tax in France.Even if you
do,the UK tax authorities will credit
the French tax against your UK tax
bill so you won’t pay tax twice.”
Although anyone with residency
outside the UK pays tax there, they
still need to notify the UK tax au-
thorities that they have left the UK
by filling in forms P85 or P85s.Some
individuals with UK-sourced work
income may still be taxable in the
UK on that income. Again, double-
taxation agreements should protect
you from paying twice.
Getting the right protection
Falivene said another key aspect
to an employment contract was a
tax equalisation clause. “This pro-
tects you if you sufer the cost of
additional tax abroad. So, if you are
working in the US and get taxed at
40 per cent, then move to the UK
and it’s a 50 per cent rate, the com-
pany satisfies the extra 10 per cent,”
he said. But this is costly for em-
ployers and so not always on ofer.
Finally, for most expats who
have spent time abroad, re-
turn to the UK must be careful-
ly planned. “Your arrival must be
documented properly so liabilities
are minimised once you return,”
said Falivene.
■ Question: What are the
dangers of not being well-
informed about taxation?
■ Answer: You can end
up liable for taxation in two
Rafael Nadal is one of
many sportsmen avoiding
the UK for tax reasons
‘Your arrival must
be documented
properly so liabilities
are minimised once
you return’
Luigi Falivene
DLA Piper UK
■ Plan your tax affairs early.
Don’t go abroad then work out how
to pay tax as it could prove costly.
■ If you have no UK source
income, it is better to take
steps to be classed as a non-
UK tax resident, so you don’t
need to worry about double-tax
treaties (DTT).
■ Make sure you are a tax
resident somewhere. People who
say they are not tax residents
anywhere often simply don’t
understand the rules.
■ Don’t get lost to the system in
your new country of residence.
Even if you are still paying UK
tax, you usually have to pay tax in
your new country and claim relief
under the DTT.
Know the
rules, plan
Immigration law and visas
provide potential stumbling
blocks as every country
has different rules. Long-
term planning is essential
Planning ahead is the key to ne-
gotiating successfully the com-
plexities of immigration law
and visa requirements, which
vary enormously from country
to country.
Timing is everything
One of the gravest dangers is
not receiving the visa in time
to work overseas. Sophie Bar-
rett-Brown, Chair of the Immi-
gration Law Practitioners’ As-
sociation and a partner at Laura
Devine Solicitors, said: “Timing
has enormous bearing. It can
take 24 hours in some countries
and months in others, so if you
don’t plan carefully, you won’t
be going overseas.”
Variations to be aware of
Every country has its own body of
immigration law. “In some, you
need a working visa before you
travel. In others you can change
a visitor’s visa to a working vi-
sa over there. Also, some coun-
tries allow you to get a visa from
a third-party country. So, a serial
mover from the UK may be based
in the US and go on to Hong Kong.
He needs to know if he can get the
Hong Kong visa from the US or has
to come back to the UK to get it.”
There is also a lot of variation
in the rights of spouses. In some
countries they are not allowed
in at all; others allow them to
come in but not to work. In this
respect the UK is quite liberal.
“We take a generous view.
Partners of overseas workers
don’t need to apply for a separate
work visa.We treat married part-
ners, diferent gender partners,
and people living together out
of personal choice, in the same
way. But others recognize mar-
ried partners, but not the same
gender or unmarried ones. Some
allow the spouse to go there, but
not to work unless they get extra
authorisation.The US is quite re-
strictive in its policies.”
Constant changes
Immigration rules are changing
in many emerging nations. “In-
dia used to have an elementary
visa for all and now it’s a more
sophisticated system with sever-
al types and it’s also quite swift.
India also recently changed its
rules to allow spouses to work
without a separate application.”
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Question: What are the main causes of a failed expatriation?
Answer: Failure to assimilate to the host culture is the most common reason
Taking steps to avoid
the culture shock
When asked to guess which coun-
tries have the highest failure rates for
Western expatriations, nearly every-
one nominates China, Japan or an Af-
rican state. The belief is that the most
alien cultures are the hardest to adapt
to.But they are wrong.
The highest rate for assignment fail-
ures is for moves between the US and
the UK,and the reason for 60 per cent of
assignment failures is the inability of
the individual, or family, to assimilate
into the host culture.
Great expectations
This high failure rate seems to run coun-
ter to research by the Hofstede Institute
which shows what one might expect:
the UK and the US have two of the clos-
est matches on the five dimensions by
which we measure cultural diference.
This should minimise culture shock and
mean Americans settle happily.
So why is this often not the case?
Dominic Tidey, Operations Manager at
the not-for-profit European Relocation
Association (EuRA), said: “Mostly the
culture shock is attributed to Ameri-
cans expecting England to be one way,
but it turns out to be another.The con-
trast is with a culture like Japan,which
ex-pats expect to be diferent, so they
treat it with a sense of humour.”
Building communities
Where the culture is alien, there is al-
so a tendency to seek out other ex-pats.
“Once the safety net of language is re-
moved they form expat communities
and have fun together.This is common
in urban areas with large expat com-
munities, like Tokyo and Shanghai. But
in London, they try to break into Eng-
lish social circles. Not only is it harder
to pierce established social networks,
but there is the risk of culture clash.”
Quality of living
Americans moving to the UK also tend
to take a financial hit. Tidey gives the
example of Mr and Mrs New England,
from Boston, Massachusetts.At home,
they own a $1 million seven-bedroom
house in an af uent suburb, and a
$500,000 four-bedroom waterfront
cottage in New Hampshire.
The New Englands will not match
this standard of living in the UK,
where their London home will be
much smaller, and their holiday cot-
tage in Sufolk, more expensive.
In contrast, assignments from Eu-
rope to the US tend to mean an in-
crease in living standards. And chil-
dren tend to settle well because of
shared cultural frames of reference.
“From High School Musical to MTV, to
the Twilight series,they have a cultur-
al understanding of being a kid in the
US before they arrive,” said Tidey.
Positive change
For the New Englands relocating to
the UK, or Brits moving to even more
expensive parts of the globe, the best
relocation companies manage expec-
tations carefully. “A transfer to Par-
is, London, Frankfurt or Rome for
an American would be a particular
challenge. They would need to be let
down gently. The relocation suppliers
succeed by working with the family to
show that the diferences between the
old life and new one are positive life
changes to be embraced.”
Getting professional help
Tidey says using skilled professional
relocation support increases greatly
the likelihood of a successful trans-
fer. “Cultural orientation is a subtle
but vital part of relocation service de-
livery and it is why relocation servic-
es exist as a totally different industry
to real estate.
“Relocation professionals need
many abilities. They must be part
psychiatrist, social worker, estate
agent, lawyer, marriage counsellor,
linguistics expert, child psycholo-
gist, interior designer, intercultural
coach, tour guide, personal shopper
and dog whisperer.”
‘Once the
safety net of
language is
removed they
form expat
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Age groups of male expatriates
Age of expatriates with children
Other Females with children
Males with children
Males without children
Females without children
Expatriates with children
of expatriates between the ages of
20 and 30 have children, compared
with 74 per cent of those over 45 7%
of male expatriates have
children, as compared to
just 15 per cent of female
of male expatriates are between
the ages of 20 and 35 while those
over 50 amount to only 7% of the
sample population
Personal fulfilment
It is from a personal
fulfilment standpoint that
the upcoming expatriation is
most positively perceived: nearly
one of every two interviewees
rates the level of optimism at 9
or 10 in this respect.Scores are a
bit lower in terms of whether the
expatriation will be a rewarding
professional or family experience.
Interrupted careers
Sixty-five per cent of spouses
and partners have had to in-
terrupt their own career as a result
of expatriation; this figure rises to
80 per cent for spouses and part-
ners between the ages of 36 and 40.
Spouse’s intention to work
One spouse or partner out of
two intends to become pro-
fessionally active once abroad.
This proportion is significantly
higher (79 per cent) for spouses
and partners with proficiency in
a language other than their na-
tive language. Spouses and part-
ners between the ages of 36 and 40
will be most likely to devote their
time to the family during their
stay abroad (70 per cent,compared
to 46 per cent overall).
Moving families
The plan to expatriate
most often includes the
family: 82 per cent of married or
partnered expatriates relocate
with their spouse or partner.
Olivier Meier
Global Mobility Consultant
Claire Barrie
Regional Sales Manager
Oakwood Worldwide
Fiona Murchie
Editor of Relocate
Because of the recession there is strong
pressure to reduce costs in many organisa-
tions.To resolve the dilemma between cost
containment and global expansion many
companies are reallocating budgets from
non-essential assignments to critical as-
signments.Key employees might be entitled
to a full expatriate package with allowanc-
es covering living costs,housing,schooling
and relocation support. In contrast, more
junior employees may find a relocation be-
ing presented as a career opportunity with
the understanding that and costs will be
split between employee and company.
Following the financial crisis, many
companies have reduced their budgets
for items like spouse allowance which
are designed to help the spouse of the ex-
patriate integrate in the host location,
find a job or train. However, the success
of the employee is largely dependent
on the happiness of those around them.
Practical support and good communica-
tion by the company is essential. Invest-
ment in the assignee via comprehensive
support to the spouse and children is im-
portant to the success of an assignment.
The recession has seen cutbacks in
long-term assignments. It’s expensive to
transfer a whole family because of the cost
of housing, education and travel. So we
are seeing more commuter assignments
where the assignee travels to and fro from
their homeland. This depends on the dis-
tance as it is not always practical.And
we are also seeing extended short-
term assignments. Rather than
sending the whole family, they
send just the assignee for pe-
riods of more than six months,
but less than several years.
Focusing less on soft skills can be a
false economy.The assignee’s family is of-
ten the most impacted by a move overseas
while the assignee is at work. The best
companies ofer partner assistance to aid
integration and intercultural training.
The family may also need reintegration
training when they return home after
years abroad as they can feel like stran-
gers. Not investing in that can also be a
false economy as it can have an impact on
staf retention. Companies invest a lot in
talent and don’t want to lose it.
The recession has made more and
more Western companies look to overseas
markets. We’ve seen both large compa-
nies and SMEs looking outside the UK for
market share. Inevitably, it means send-
ing people overseas. Normally, project
teams go and look for new work in a coun-
try.Then,the companies send more peo-
ple on behind.It’s driven by business
need, so there is a push to get peo-
ple in position as soon as possible.
Once established, they need more
people to work in partnership with
the workers out there.
One of the things companies should fo-
cus on is cross-cultural training. It’s im-
portant to help families avoid local cul-
ture shock, but it also helps anyone oper-
ating in the global business environment
who has to relate to diferent nationalities
— Japanese one day, French the next and
Brazilians the day after. Most companies
are taking globalization seriously,but they
have often been slow to implement cross-
cultural training. Their teams might be
more efective if they got cultural support.
Despite the recession, the need for
globally mobile employees has never
been so strong.This trend is driven by the
growth in emerging economies such as
China, India, Brazil and Russia, and the
quest for natural resources in places like
Africa and the Middle East. Companies re-
ly on globally mobile skilled employees,
who can set up operations or fix specific
problems. It’s no longer just about send-
ing Brits abroad, it’s about moving Indian
IT specialists or, say, Brazilian engineers,
around the globe.
The notion of the expat is dying out.
It’s all about managing global talent
now. A company could be based in the
UK or Asia, but do business all over the
world.The ‘global nomad’ has evolved to
deal with this situation. He or she moves
from country to country with no fixed
homeland.What can happen is that they
end up in a country with which they feel
an af nity and, if the company allows it,
they decide to stay.This is called localiza-
tion.They change from being an expat to
a local employee.
We’ve seen growth in emerging mar-
kets like Russia, Brazil and Africa which
pose new challenges for companies. As-
signees have traditionally travelled to
Western countries and seen Africa as a
headache, but the doors have opened and
they have been forced to reevaluate. The
challenges can be intense: in Egypt,for ex-
ample, the political crises have made cri-
sis management a necessity.Also,housing
in emerging markets can be extortionate-
ly expensive because of currency fluctua-
tions and high security costs.
Question 1:
What efect has the global
economic crisis had?
Question 2:
What trends and new
markets are we seeing?
Question 3:
Can cutbacks endanger vital
services for expats?
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across 200 locations globally, from London to Abu Dhabi
Book a stay from one night to one year, great room rates, and our service is free
www.silverdoor.co.uk +44 (0)20 8630 7200
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Ask the
When disaster strikes and employees must be evacu-
ated, companies need a trusted housing solution that
can quickly and efciently transition displaced employ-
ees into new living accommodations. Businesses have
been devastated this year by natural disasters such as
earthquakes in Japan and Turkey, and employees put in
danger by the turbulent political uprisings and ongo-
ing violence in countries such as Libya and Egypt. How
can your business prepare for another possible housing
Oakwood has successfully led its clients through multi-
ple emergency housing situations by proactively creat-
ing and implementing a formal emergency crisis plan.
This defned yet fexible plan features carefully docu-
mented emergency procedures, utilising best practice
and lessons learned. It follows four core elements which
are vital to the success of implementing emergency con-
tingency plans: adaptability; co-ordination; teamwork;
and communication.
With a proven emergency plan Oakwood is perfectly
positioned to provide efective housing solutions in
the event of a crisis, where timing and efciency is
everything. Clients can continue to manage their core
business functions while dealing with the crisis, and are
able to further streamline communications with their
employees. The plan allows for every efort to be made
to create a comfortable home environment and peace of
mind for evacuees and their families, whether they must
be re-homed, or are just in need of support. In what can
be a highly stressful and emotional situation for all in-
volved, each evacuee’s circumstances can be considered
with compassion and understanding, and a tailored ap-
proach to housing is created according to each family’s
requirements. For example, an employee with a family
may need to be re-homed within close proximity to a
school, whereas another employee’s priority may be ac-
commodation close to their workplace. At a time when
every second counts, ensuring the safety and welfare of
employees and their families efciently is the core driver
of this plan.
The economic damage caused by crises is often im-
measurable, so dealing with the situation in the most
cost-efective way is welcome. Through management of
its solid supply chain network partnerships, Oakwood is
able to leverage housing contract terms with maximum
fexibility. This is invaluable during volatile circumstances
where employees may need to leave their temporary
accommodation without notice, or stay longer at the
last minute. Under more standard corporate housing
contracts, eleventh hour changes may often result in
heavy fnancial penalty, however in exceptional times,
Oakwood is able to work closely with its network of pro-
viders to often mitigate much of the fscal risk on behalf
of its clients.
At last month’s European Expatriate Management and
Mobility Awards (EMMAs) Oakwood walked away with
the award for Best Vendor Partnership, thanks to the
efective deployment of its emergency crisis plan during
the political disturbance in Egypt and Libya, and the suc-
cessful evacuation of hundreds of employees from these
countries. Winning this award gives Oakwood’s innova-
tive thinking and crisis planning deserved recognition
from the mobility industry.
© 2011 Oakwood Worldwide +44 (0)20 7749 4460 EMEA@OAKWOOD.COM OAKWOOD.COM
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requirements – no matter where in
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Commended in the United Kingdom
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Regional Managing Director
United States
Phone: +1 (763) 746-4556
E-mail: dkolb@GTN.com
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Regional Managing Director
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Phone: (852) 2123 1566
E-mail: thui@GTN.com






OOGLE “Nevis” and you’ll find
very little about it on the inter-
net. It’s a tiny Caribbean island,
barely seven miles long, south of
St Kitts and west of Montserrat, which
harks back to a West Indies of 200 years
ago. This is a place of sugar plantations,
wooden Georgian cottages and Negroni-
red sunsets – an ideal getaway for those
who want the Caribbean but don’t want
rum punches and Rasta flags.
Nevis Peak, a dormant volcano, lies at
the island’s heart casting a fatherly eye
over the green hills, dark beaches and
pretty pastel buildings of Charlestown,
Nevis’s main town.
Once upon a time it was the wealthi-
est island in the Caribbean thanks to its
sugar plantations, but when the indus-
try collapsed, mills were abandoned.
Little has changed since: Nevis is like
one giant heritage site; a sweet-smelling
Wild West overflowing with humming-
birds and yellow bells. Buildings sit in
disrepair, cogs and wheels from sugar
presses litter the landscape and there
isn’t a high-rise or neon sign to be found
no matter how hard you search. Best of
all, once-abandoned 17th century plan-
tation inns now provide visitors with
fabulous four and five-star living (see
Where to Stay panel).
There’s plenty to see and do on the
island (the beaches are nothing special),
from hiking, mountain biking and
kayaking, to roaming around ruins. A
visit to the Bath Spring House, once a
playground for the rich and famous, is a
must. You can still dip your toes in the
piping hot spring water plus there’s a
small museum to explore. There’s also
the Horatio Nelson Museum, rammed
with memorabilia connected to the
British admiral who visited in the late
18th century and married Fanny Nisbet
in the shade of a cotton tree.
Nevis is also home to some of the old-
est churches in the Caribbean, one of
which, the St James Windward Anglican
church, bears a black crucifix at the
altar – there are only five of these in the
world so it’s well worth the expedition.
Best of all though is doing the rounds
of the converted sugar plantations on
the island. There are more than a dozen
scattered among the hills, all beautifully
restored, their wooden exteriors and
chintzy interiors all perfectly intact.
One or two are so unchanged, they have
a positively eerie feel to them with pol-
ished blue and white Wedgwood china,
lace curtains and gramophones still in
Most of them operate an open door
policy. You’ll be welcomed in, shown
around and invited for afternoon tea or
to make a reservation for lunch or din-
ner, which is well worth doing. Your
hotel will most likely offer you an island
tour incorporating a number of other
hotels (Nevis works on a kind of “I’ll
scratch your back” basis) but it’s just as
easy to hire a car and see them for your-
self – there are only about three roads
on the island.
Alternatively, Charlestown has plenty
to offer. Its streets boast some of the best
remaining examples of colonial-era
Georgian buildings in the Caribbean.
Many of the grandest buildings are now
restaurants. At the Riviere House, a new
non-profit restaurant-cum-art-gallery
occupying a pretty garden cottage, you
can get clam chowder and saltfish cakes
just like mama used to make. It’s an
ideal lunch spot.
For killer cocktails, head to Sunshine’s
beach bar, a barefoot beach hangout
where pictures of everyone from Britney
Spears to Catherine Zeta Jones plaster
the walls (all visiting from next door’s
Four Seasons hotel). Here, you can chow
down on platters of fresh-grilled lobster,
spicy ribs and generous bowls of rice and
beans. Alternatively, mingle with the
locals at Miss June’s. She’s been welcom-
ing guests into her home for ten years
and Caribbean fare doesn’t come much
For somewhere to stay, you can’t beat
the Montpelier Plantation & Beach
Resort (www.montpeliernevis.com).
Perched at the top of a hill overlooking
Nevis Peak and the Caribbean Sea
beyond, this little-known Relais &
Châteaux hotel is the epitome of planta-
tion chic. The site, an abandoned 17th-
Century mill, is on the estate where
Captain Horatio married Fanny in 1897
and you can visit the cotton tree where
they exchanged vows today.
Nineteen traditional wooden cottages
with verandahs are spread across nine
acres of rambling tropical gardens, each
View from Kowloon:
the famous Hong
Kong skyline and the
ing light show
lGolden Rock Inn
A converted plantation inn set high up in the
rainforest with breathtaking views and a mod-
ern twist. Expect to be greeted by dozens of
vervet monkeys. Quirky rooms and a Japanese
garden. www.golden-rock.com
lNisbet Plantation Beach Club
A lovingly restored beachfront plantation inn
built in 1778 oozing colonial charm. Once the
family home of Fanny Nisbet.
lThe Hermitage
The oldest operating building in the Caribbean
(built in 1660) offering simple wooden planter’s
cottages with all the lacy trimmings.
lFour Seasons, Nevis
The island’s newest addition offers an enviable
beachfront location and plenty of activities
making it ideal for families – it also has one of
the best spas in the Caribbean.
charm on
the tiny
of Nevis
Completely unspoilt, the little-known island
of Nevis is overflowing with quirky old-world
charm, says Leo Bear, while Antigua’s Curtain
Bluff delights on its 50th birthday
Lifestyle | Travel
of them simple yet elegant with four-
poster beds, some so high wooden steps
are provided. Tim Hoffman, the affable
American who runs the place with his
wife and mother, has recently added a
small spa on the premises and beach
huts on a private volcanic beach 15 min-
utes away. “We purposely avoid using
signposts around the property to
encourage people to explore,” he says.
And that pretty much sums up Nevis: it
has so much natural charm, why
BA (ba.com/stkitts; 0844 4930758) offers seven
nights B&B at Montpelier Plantation & Beach
Resort from £1,269pp including return f lights
from Gatwick via Antigua.
Curtain Bluff celebrates its 50th birth-
day this season (on 1 February 2012). The
Joan Collins of Caribbean resorts, it
perches on a promontory on the south
coast of Antigua, looking as grand as it
did the day it was built. This iconic hotel
is a true Antiguan stalwart, think
Kellermans (from Dirty Dancy) meets the
Hurlingham Club. Everything from the
motifs on the drinks mats to the con-
certina floor-to-ceiling window blinds
reeks of the glamorous 1970s when Paul
and Linda McCartney strolled its tropical
We love Curtain Bluff’s “no-key” policy
– rooms are left open (with safes for valu-
ables) and never in five decades has
there been a whisper of a theft. Service is
excellent, and unlike many five-star
resorts, you can tell the staff really love
the place. Half of them have been work-
ing there since day one and speak fondly
of Howard Hulford, the American who
built the place in 1962, who lived there
until his death in 2009. Hulford’s spirit
lives on in his sparkly wife Chelle who
continues to greet guests like old friends
at weekly cocktail parties from her home
on the estate or can often be seen waltz-
ing across the dance floor.
Great for all the family, they don’t
make them like this anymore…
BA offers seven nights for the price of six from
£2,359 per person based on departures in
November including flights from Gatwick and all-
inclusive accommodation. Visit ba.com/antigua or
call 0844 4930758. www.curtainbluff.com.
s winter sets in, and one
long dark evening seems to
stretch into another, it is
tempting to batten down
the hatches and reach for the
remote. Commutes home in the
darkness, followed by evenings
spent glued to the sofa, remote in
hand, can leave even the most
cheerful of souls feeling lethargic
and uninspired. Why not do some-
thing completely different this
winter and give yourself a new
lease of life with a break in the
chocolate-box pretty town of Åle-
sund in the Norwegian Fjords?
Until now a relatively undiscov-
ered gem, Ålesund can be reached
in less than 2 hours with low cost
airline Norwegian’s new direct
flight from London Gatwick (from
£56.20 one way including taxes).
Built on a cluster of islands
stretching out into the Norwegian
Sea, set against the backdrop of the
magnificent Sunnmøre Alps, and a
short journey from the awe-inspir-
ing Geirangerfjord, Ålesund is the
perfect base from which to explore
Norway’s natural wonders – but it
is also an impressive town in its
own right.
Voted one of Norway’s most
beautiful cities, Ålesund’s architec-
ture stands in glorious contrast to
the plain wooden clapboard houses
that make up neighbouring coastal
towns. After a fire devastated the
town in 1904, it was rebuilt using
stone and in the Art Nouveau style,
and to this day it is a visual feast of
colourful facades, turrets and gar-
goyles. Magical in any season, it is
at its most fairytale-like in winter
when a crisp layer of snow coats
the roofs of the houses and the sur-
rounding mountains.
As you wander through Åle-
sund’s narrow and atmospheric
walkways, you will be spoilt for
choice with things to see and do.
Learn more about the history of
the town at the Art Nouveau
Centre or Ålesunds Museum,
admire Ålesund Church’s beautiful
stained glass windows, or simply
gaze out at the dazzling scenery
from the comfort of one of the
town’s many cosy coffee-shops.
Further afield, you will find the
Atlantic Sea Park – one of Europe’s
largest aquariums, and the open-
air Sunnmøre Museum – a collec-
tion of picturesque old buildings
and boats which you can explore at
your leisure.
As the fisheries capital of
Norway, seafood is Ålesund’s spe-
ciality. Sample the local delicacy
klippfisk - a dried and salted cod
dish – at a floating restaurant on
one of the canals that divide the
city centre. Renowned eating estab-
lishment Sjøbua, where dishes are
prepared from the local fisher-
men’s catch of the day and kept in
tanks in the restaurant for opti-
mum freshness, is a must for seri-
ous foodies.
From rustic sea-cabins to luxury
hotels, Ålesund has a wide range of
places to stay. For something a bit
special, try the Rica Hotel
Scandinavia, which is the only
l Getting there is easy and
economical. Norwegian now
flies direct from London
Gatwick to Ålesund twice a
week, on Saturdays and
Tuesdays. Flights are available
from £56.20 one way including
taxes. Go to:
l Discover Ålesund for yourself at
28 CITYA.M. 12 DECEMBER 2011
Feel refreshed with a winter
weekend in Fjord Norway
Turn winter blues into winter fun in Ålesund, Norway’s best kept secret, says Amy Higgins
Ålesund in the winter, from Mount Aksla Picture: Destination Ålesund & Sunnmøre
Skiiers in Hjørundfjord Picture: Nils-Erik Bjørhol
hotel which is built in the quirky Art
Nouveau style.
So far, so enchanting, but it is Åle-
sund’s breathtaking natural land-
scape that really brings it alive. Hop
aboard a bus to visit the UNESCO-
protected Geirangerford, the jewel
in the crown of Norway’s famous
fjords – or climb the 418 steps to the
top of Mount Aksla and drink in Åle-
sund’s uniquely spectacular panora-
ma of mountains, deep blue waters
and rugged coastline. Such topogra-
phy means there is scope for an
exciting array of activities. Hiking,
cycling, fishing and berry-picking in
the summer give way to winter’s
star of the show – skiing. Head to
Stranda Ski Resort for runs to suit a
range of abilities, including some of
the best off-piste opportunities in
Scandinavia. Adrenaline junkies
might consider the rather unusual
option of taking a sailing boat along
the fjords and stopping off each day
to tackle some of Norway’s most
challenging cross country terrains
with their skis. You don’t have to
travel far to enjoy Ålesund’s natural
delights though. Simply step out of
your hotel into the crisp, clean air,
and you are stepping into nature.
With so many possibilities, every
day in Ålesund is an adventure that
is guaranteed to rejuvenate your
body, invigorate your spirits, and
leave you raring to go.
The two finalists create a download-
able online computer game, before
Alan Sugar reveals who he has chosen
as the winner.
The lives of people with Russell-Silver
syndrome, a rare form of dwarfism
which can be helped with hormone
therapy. Narrated by Lesley Manville.
Catching up with the finalists from the
1986 series of New Faces.
7pmLive Monday Night Football
10.30pmSuper Six Final
Countdown 11pmNetbusters
11.30pmSPL Round-Up 12am
Soccer AM: The Best Bits 1am
Monday Night Football 3am
Sports Unlimited 4am
Watersports World 5am-6am
Max Power
7pmWild Spirits 7.30pmFishing
Gurus 8pmFight Night 10.30pm
Test Cricket 11.25pm-6amLive
Test Cricket
8pmNFL 10pmGreat Run Series
11pmWWE: Late Night –
Bottom Line 12amWWE: Late
Night – Afterburn 1amLive
WWE: Late Night – Raw4am
Fishing Gurus 4.30amKings of
the Snow5am-5.30amAerobics
Oz Style
6.30pmEurogoals 7.30pm
Olympic Games: Together to
London 7.45pmSki Jumping
8.45pmBobsleigh 10.15pm
Biathlon 11.15pmCross-Country
Skiing 11.45pm-12.45am
6.30pmTalk of the Terrace
7.45pmLive Serie A 9.45pm
ESPN Kicks: Scottish Premier
League 10pmBetween the Lines
10.45pmPardon the
Interruption 11.15pmESPN
Kicks: Extra 11.30pmESPN Press
Pass 12amLive NFL Countdown
1.30amLive NFL 4.45am-6am
Bundesliga Review Show
7pmCriminal Minds 8pm
America’s Next Top Model 9pm
Half Ton Teen 10pmCriminal
Minds 11pmBones 12amCSI:
Crime Scene Investigation
1.50amMaury 2.40amMaury
Day 3.30amCSI: Miami 4.20am
CSI: Miami 5.10am-6amJerry
7pmDon’t Tell the Bride 8pm
Snog, Marry, Avoid? 8.30pm
Skin Deep: The Business of
Beauty 9pmTourettes: I Swear I
Can Sing 10pmEastEnders
10.30pmMongrels 11pmFamily
Guy 11.45pmAmerican Dad!
12.30amTourettes: I Swear I
Can Sing 1.30amSkin Deep: The
Business of Beauty 2am
Mongrels 2.30amDon’t Tell the
Bride 3.30amSnog, Marry,
Avoid? 4amThe Real Hustle:
New Recruits 4.30am-5.30am
Hot Like Us
7pmHollyoaks 7.35pmHow I
Met Your Mother 8pmMy
Name Is Earl 9pmRude Tube
10pmDesperate Scousewives
11.05pmSorority Girls 12.10am
The Big Bang Theory 1amScrubs
1.50amHow I Met Your Mother
2.15amMy Name Is Earl 2.55am
Make It or Break It 3.40am
Rules of Engagement 4amGreek
7pmStorage Wars 7.30pmPawn
Stars 8pmStorage Wars 9pm
Pawn Stars 9.30pmAmerican
Restoration 10pmAmerican
Pickers 12amPawn Stars
12.30amAmerican Restoration
1amAmerican Pickers 3amHeir
Hunters 4amAmerica: The Story
of the US 5am-6amAncient
8pmWheeler Dealers 9pm
Mythbusters 10pmSons of Guns
11pmWhy Is Sex Fun? 12am
Bear Grylls: Born Survivor 1am
Mythbusters 2amSons of Guns
3amDeadliest Catch 3.50am
Mutant Planet 4.40amMoon
Machines 5.30am-6amHow It’s
7pm18 Kids and Counting 8pm
Supernanny 10pmHospital
Sydney 11pmQuints By Surprise
12amSupernanny 1amHospital
Sydney 2amQuints By Surprise
3amSupernanny 4amLabour
and Delivery 5am-6amBringing
Home Baby
8pmThe Great Treehouse
Challenge 9pmRoss Kemp Back
on the Frontline 10pmAn Idiot
Abroad 11pmRoad Wars 12am
Brit Cops: War on Crime 1amBig
Trouble in Thailand 2.40am
Mental 4.20amStoned in
Suburbia 5.10am-6amBill
Bailey’s Birdwatching Bonanza
6pmBBC News 6.30pmBBC
London News 7pmThe One Show
7.30pmInside Out: BBC News 8pm
8.30pmHow to Survive the
Meltdown – Panorama
9pmCHOICE Young
10pmBBC News 10.25pm
Regional News 10.35pmA
Question of Sport 11.05pm
Outnumbered – The Christmas
Special 11.45pmGraham Norton
12.40amSign Zone: Who Do You
Think You Are? 1.40amWorld’s
Most Dangerous Roads 2.40am
MasterChef: The Professionals
3.10am-6amBBC News
6pmCelebrity Eggheads
6.30pmStrictly Come Dancing
– It Takes Two
7pmThis World: Return of the
Lost Boys of Sudan
8pmUniversity Challenge
8.30pmMasterChef: The
9pmCHOICE I Had the X
Factor...25 Years Ago: A
Wonderland Special
10pmNever Mind the
10.30pmNewsnight: Weather
11.20pmMark Zuckerberg: Inside
Facebook 12.20amBBC News
6pmLondon Tonight
6.30pmITV News
7.30pmCoronation Street
8pmCountrywise Kitchen:
Stocking the Winter Larder
8.30pmCoronation Street
9pmCHOICE The Real
10pmITV News at Ten
10.30pmLondon News
10.35pmFILMWe Own the
Night 2007. 12.40amThe Zone;
ITV News Headlines 2.40am
Champions League Weekly 3.10am
ITV Nightscreen 4.35am-5.30am
The Jeremy Kyle Show
6pmThe Simpsons
7pmChannel 4 News
8pmRiver Cottage Christmas
9pmJimmy’s Grow Your Own
Christmas Dinner
10pmChris Moyles’ Quiz Night
10.50pm8 Out of 10 Cats:
Best Bits
11.40pmRandom Acts
11.45pmMy Transsexual Summer
12.45amLittle Noise Sessions
1.15amFILMRoom and a Half
2009. 3.30amWe Need to
Talk About Dad 4.25amSt
Elsewhere 5.15am-6.10am
Stephen Hawking’s Universe
6pmHome and Away
6.25pmOK! TV
7pm5 News at 7
7.30pmHow Do They Do It? 5
News Update
8pmThe Gadget Show: 5
News at 9
9pmCharley Boorman’s
Extreme Frontiers
10pmFILMHard Luck 2006.
11.55pmThe World of Stupid
Criminals 12.25amImpossible?
1.20amSuperCasino 3.55am
Animal Rescue Squad 4.10am
Grey’s Anatomy 4.55amRough
Guide to Bang for Your Buck
5.10amMichaela’s Wild Challenge
1 2 3 4 5
8 9
10 11 12
13 14
15 16 17
18 19
28 11
6 34
12 13 8
11 15
16 26
11 14 9
16 23
17 13
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.
Copyright Puzzle Press Ltd, www.puzzlepress.co.uk
Using only the letters in the Wordwheel, you have
ten minutes to find as many words as possible,
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters
or more, all must contain the central letter and
letters can only be used once in every word. There
is at least one nine-letter word in the wheel.
Place the numbers from 1 to 9 in each empty cell so that each
row, each column and each 3x3 block contains all the numbers
from 1 to 9 to solve this tricky Sudoku puzzle.
1 According to the
timepiece (6)
6 Block the passage
through (6)
7 Fills with high spirits (6)
8 Join together by
overlapping (6)
10 Rise as vapour (5)
13 Itinerant Australian
labourer (7)
16 Trick (5)
18 Drill used to shape
or enlarge holes (6)
20 Joined by treaty or
agreement (6)
21 English author of
satirical novels,
___ Waugh (6)
22 Extreme fear (6)
1 Periods of play
in cricket (5)
2 Declare illegal (6)
3 Expression of love (4)
4 Boldly resisting
authority or an
opposing force (7)
5 Mechanical bar (5)
9 American feline (4)
11 Someone who
breaks free (7)
12 Spice made from
the covering of
the nutmeg (4)
14 Deer horn (6)
15 Carrying weapons (5)
17 Durable aromatic
wood (5)
19 Harangue (4)


5 7 5 2 8 1
2 6 5 1 3 4 8 9 7
4 8 8 7 5 9
1 2 7 1 5 2
1 9 7 9 3 2
1 9 8 2 5 3 7 6 4
2 3 5 9 3 1
7 2 4 9 8 3
6 7 8 9 9 1
6 5 1 3 9 4 8 7 2
2 1 1 6 7 4
The nine-letter word was
Lifestyle | TV&Games
29 CITYA.M. 12 DECEMBER 2011
CHELSEA goalkeeper Petr Cech
insists victory over Manchester City
in this evening’s heavyweight
Premier League clash will catapult
his side back into title contention.
City have set a ferocious early sea-
son pace and have failed to win just
two of their 14 league games, but
Wednesday’s demoralising elimina-
tion from the Champions League at
the group stage will provide the first
significant test of their character.
Chelsea, meanwhile, after a
slump in form, are beginning to dis-
play the green shoots of recovery.
The west London club progressed
to the next round of Europe’s pre-
mier club competition following vic-
tory in their winner-takes-all
meeting with Valencia in midweek
and ended Newcastle’s unbeaten
home record a fortnight ago.
A win tonight would move them
to within seven points of leaders
City, and with more than half a sea-
son remaining Cech, who has won
three championship medals since
he moved to Stamford Bridge in
2004, is convinced his side can still
mount a title challenge.
He said: “We still can [win the
title] because there are so many
games to be played. We all remem-
ber last season, we were so many
points ahead, then behind,
Manchester United.
At Old Trafford we could have
won the Premier League there and
then but it went the wrong way for
us. The gap at the moment is a big
advantage for City but there is a
long way to go.
“The good thing is we have the
belief back, we know there is a lot of
pressure and we can handle it.
“We have another massive game
tonight and that could be another
turning point in the season for us
because if we manage to get three
points the Premier League table will
start looking different.”
Chelsea manager Andre Villas-
Boas, who confirmed his long-serv-
ing goalkeeper is in talks to extend
his contract, must decide whether
to restore Frank Lampard to the
starting line-up after he was omit-
ted from last week’s win over
Valencia, while Didier Drogba is
likely to start up front again, with
Fernando Torres consigned to the
substitutes’ bench.
TOTTENHAM manager Harry
Redknapp tore into referee Chris Foy
after watching his side’s 11-match
unbeaten run come to and end in con-
troversial circumstances at the
Britannia Stadium.
Matthew Etherington struck twice
against his former side in a first-half
almost exclusively dominated by the
home side. Emmanuel Adebayor’s
penalty halved the deficit just past the
hour mark, before Foy and his assis-
tants took over.
The referee failed to spot Ryan
Shawcross, standing on the goal-line,
using his arm to repel Younes Kaboul’s
strike and then wrongly disallowed
Adebayor’s goal for offside.
Jermain Defoe also saw a close-
range effort blocked by the hand of
Dean Whitehead and Redknapp’s frus-
trations were compounded with eight
minutes remaining when Kaboul
received a second yellow card for
bringing down Jonathan Walters on a
rare Stoke counter-attack.
“We came away with nothing
because there were two blatant hand-
balls on the line and Adebayor was
two yards onside when the ball was
played to him. That’s why we’ve come
away with nothing,” fumed
“Unfortunately a couple of deci-
sions Foy got completely and utterly
wrong. I’m sure if you watch the TV
you’ll see. Kaboul gets a booking for
saying to the referee it was a penalty,
then he gets another yellow card near
the end for an innocuous foul.”
Redknapp, whose side missed the
opportunity to move six points clear
of fifth-placed Chelsea, admitted he
spoke to Foy after the game and risked
censure from the Football Association
by suggesting the official was revel-
ling in Tottenham’s downfall.
“To be honest from the start of the
game, I felt like he wasn’t going to
give us much today. I just felt like he
was quite enjoying not giving us any-
thing,” he said. “He’ll look at it
tonight, on TV, when his wife is mak-
ing him a bacon sandwich and think,
‘Oh **** me, what have I done there?’”
Though Foy certainly contributed to
Tottenham’s first league defeat since
August, it was their failure to deal
with Stoke’s first-half physical
onslaught that meant they were
always playing catch-up yesterday.
Brad Friedel was forced into action
inside the first minute to deny
Etherington, but the veteran
American was powerless to stop the
former Spurs man opening the scor-
ing in the 13th minute.
Ryan Shotton’s deflected cross was
flicked into Peter Crouch’s path by
Walters. Crouch chested the ball down,
turned and fired against the near post
before Etherington followed up to turn
in his first goal of the season.
His second arrived two minutes
before the break when Walters helped
on Shotton’s throw and Etherington
applied the decisive, if not the clean-
est, of touches at the far post.
Tottenham responded after the
interval and hit back when Adebayor
converted from the spot after Luka
Modric tumbled under a challenge
from Glenn Whelan.
Thomas Sorensen saved brilliantly
from Scott Parker and Luka Modric,
before the Tottenham revival ran out
of steam when Foy deemed Kaboul’s
trip on Walters worthy of a second yel-
low card.
Stoke and ref
Foy combine to
ruin Spurs run

Martin O’Neill celebrated a ‘surreal’
victory after late goals from David
Vaughan and Sebastian Larsson
helped the Wearsiders come from
behind to beat Blackburn and move
out of the relegation zone.
Sunderland trailed to Simon
Vukcevic’s first-half header until the
84th minute when Vaughan’s
piledriver found a way through the
crowd and past Paul Robinson.
And O’Neill, back in a top-flight
dugout after a 16-month absence,
got the win he craved when
Larsson’s brilliant injury-time free-
kick beat Robinson at his near post.
O’Neill said: “It was surreal, really
surreal. Just to get three points on
the board is immense. I would have
given a lot for that, just to have won
the game, but mainly – forget about
myself – just for the players.
“It’s only a win, it only gives us a
win. We have a million miles to go,
but in terms of restoration of confi-
dence, it was great. If the fans feel
half as good as I do at the minute,
they will be pretty pleased.”
Larsson gets
O’Neill off to
perfect start

O’Neill celebrated a win after 16 months
out of a job Picture: ACTION IMAGES
scored his first
goals since April
Picture: PA
Man City 14 12 2 0 48 13 38
Man United 15 11 3 1 35 14 36
Spurs 14 10 1 3 30 18 31
Arsenal 15 9 2 4 31 23 29
Chelsea 14 9 1 4 31 17 28
Liverpool 15 7 5 3 18 13 26

Defeat City and we’re back in the race, says Cech
Cech is in talks over a new deal Picture: PA
CRESTFALLEN Amir Khan lamented
the performance of referee Joseph
Cooper after he slipped to the second
defeat of his career at the hands of
American Lamont Peterson, which
prompted his management team to
call for an investigation into the way
the fight was scored.
Khan was deducted two points, one
crucially in the final round for push-
ing, and was forced to surrender his
WBA and IBF light-welterweight titles
following a split-decision that went
the way of Peterson, fighting in his
hometown of Washington.
The Brit made an explosive start to
the contest, knocking his opponent to
the canvas in the opening round, but
Peterson recovered and impressed the
judges, who scored the bout in 113-
112, 113-112, 111-114 in his favour,
with blistering attacks in the third
and seventh, not that Khan
agreed with the verdict.
“It was like I was against two
people in there – the referee and
Lamont himself,” said the former
Olympic silver medallist
“Every time he was
coming into me he kept
putting his head low. I
was the cleaner fight-
er – he was so wild in
there. I had to push him
away because his head
was coming so low.”
Those sentiments were
echoed by the Briton’s man-
agement - Team Khan - and
promoters, Golden Boy, issued a state-
ment in which they also welcomed
Peterson’s desire to agree a rematch.
The statement read: “Following
the decision in the fight, Team
Khan and Golden Boy Promotions
intends to make inquiries with
the District of Columbia Boxing
and Wrestling Commission, the
IBF and the WBA regarding
the performance of refer-
ee Joseph Cooper and
will also be seeking clari-
fication regarding cer-
tain ambiguities with
respect to the scores of
the fight.
“We look forward to
an immediate rematch
with Lamont as confirmed by
Lamont and his manager/tra-
iner Barry Hunter.”
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email sport@cityam.com
Beaten Khan left to ponder rematch offer

Verheijen hopes for Wales job
FOOTBALL: Wales assistant manager
Raymond Verheijen hopes the leadership
of the national side will be decided today
by the Football Association of Wales.
Gary Speed’s death last month has left
Wales without a manager and
Dutchman Verheijen has expressed an
interest in completing the job Speed had
started. “Tomorrow FAW meet about
future of Wales,” he wrote on Twitter.
“Hopefully the board will respect Gary’s
wish so Osian Roberts and myself can
lead the team to the World Cup 2014.”
Farrell won’t rely on nepotism
RUGBY UNION: Saracens fly-half Owen
Farrell admits he must earn the right to
represent his country rather than rely on
nepotism after his father Andy was
appointed as an interim England coach
last week. Owen, who kicked 16 points
and was also sent to the sin-bin in his
side’s 31-26 Heineken Cup win over
Ospreys at Wembley on Saturday, said:
“I just focus on the task ahead of me
and keep trying to get better every
week, and if anything else comes it will
be a massive bonus. It’s exciting for me
because he’s my dad. It’s a massive
achievement for him to be recognised
for all the good work he has been put-
ting in. It’s a good thing him taking it
and I hope he does well.”
Top Trump too good for Allen
SNOOKER: England’s Judd Trump beat
Northern Ireland’s Mark Allen 10-8 to
clinch his first UK Championship title in
York last night. He said: “It’s a brilliant
feeling and it’s been a brilliant week.
After losing at the World Championship
and to come to this event and win in the
way I did is just brilliant.”
l A rematch against Peterson looks the
most likely scenario, although a defeat
would have catastrophic ramifications. On
the flip side, a victory would set-up the
intriguing prospect of a trilogy.
l Khan has unfinished business with
Breidis Prescott, the man who scored a
shock first round knockout win over him
in 2008. The Colombian would surely
accept another crack at the former cham-
pion to help reinvigorate his own career.
l Defeat, however controversial, has
seen any plans of a superfight against
Floyd Mayweather shelved as well as any
move up to the welterweight division.
AN EMOTIONAL Luke Donald com-
pleted an unprecedented money-list
double yesterday and immediately
outlined his determination to ensure
2012 marks his maiden Major victory.
The world No1 capped a sensation-
al year in which he won four tourna-
ments, including the World Golf
Championship Match Play event and
the PGA Championship at
Wentworth, by claiming third place
at the Dubai World Championship.
By finishing three shots behind
winner Alvaro Quiros, and crucially
seven strokes ahead of Rory McIlroy,
Donald cemented his place at the
head of the European Tour money-
list, having already secured his posi-
tion at the summit of the US
Despite his historic accomplish-
ment, a testament to his astonishing
consistency, Donald has never fin-
ished better than third at a Major
tournament, but he hopes this latest
achievement will help propel him to
even greater things next year.
“The beauty of this game is that
you are always looking for ways to
improve,” said the 34-year-old.
“I’d love to pick up a Major. It’s fun
being number one but I know there
are lots of great players chasing me
and that will keep me motivated to
work hard.
“I’ve played extremely solid, consis-
tent golf all year and it’s down to a
good work ethic and good people
around me pushing me hard.
“I hope it will help me in my quest
for a major. It feels amazing and it’s
my greatest year for sure. I feel I’ve a
lot to achieve, but this is something I
will never forget.”
As well as a successful year, it has
also been one of huge emotion for
Donald, who had to cope with the
sudden death of his father little
more than a month ago.
“He would have been very proud
and he would just give me a big hug,”
Donald added. “My father hopped
into my head quite a few times over
the closing stretch.”
Major target for Donald
Donald missed two cuts and registered 20 top-10 finishes in 2011 Picture: ACTION IMAGES

After securing an historic money-list double, World No1 hopes
2012 represents the year he finally wins one of golf’s biggest prizes
With a shattered Stoke side, who had
already enjoyed the benefit of some
generous refereeing calls, hanging on by
their fingernails Spurs pressed for an
equaliser that looked certain to arrive.
However, Chris Foy’s decision to award
Younes Kaboul a second yellow card for
such a minor transgression – a slight
nudge which sent Jonathan Walters
crashing to the deck – sucked the life
out of Tottenham’s comeback and made
the closing stages much more straight-
forward for the home side.
When the frustration subsides,
Redknapp will no doubt ponder whether
persisting with such adventurous team
selections away from home is inviting
trouble. Spurs were lucky to come away
unscathed from recent trips to Fulham
and Blackburn, while their most impres-
sive away display of late came at West
Brom when, in the absence of Rafael
van der Vaart, anonymous yesterday,
the more robust Sandro played a pivotal
role. Spurs only gained a foothold
against Stoke when they added an extra
man to their midfield – food for thought.
If they were penalties, they were
penalties – you have to decide that.
They had nothing to lose second-half.
With that pace and power he is very
close to having a team that could win
the championship. We knew we had
to come out of the blocks quickly, we
didn't want them to settle.
– Stoke manager, Tony Pulis ”

Luke Donald (ENG) £3,632,685
Rory McIlroy (NI) £3,419,008
Martin Kaymer (GER) £2,980,642
Charl Schwartzel (RSA) £2,502,920
Lee Westwood (ENG £2,084,124
Luke Donald (ENG) £4,265,518
Webb Simpson (USA) £4,051,157
Nick Watney (USA) £3,376,737
K.J. Choi (KOR) £2,830,412.
Matt Kuchar (USA) £2,702,272