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32 unc
New Bumi
cash call
proposed
THE NEWEST major investor in Bumi,
the FTSE 250 miner, will use a visit to
London this week to propose raising
more cash to spend some $2bn
(£1.27bn) on developing mining assets,
City A.M. has learned.
Samin Tan, the Indonesian tycoon
who owns 23.8 per cent of Bumi
through his mining company Borneo
Lumbung, will spend part of this week
doing the rounds among City investors
to talk about a proposed shake-up of
Bumi’s board. Tan, the Bakrie Group
and Recapital – all Indonesian share-
holders – want to remove Nat
Rothschild as Bumi’s co-chairman.
But it is understood that Tan will
also discuss his hopes of raising more
money to accelerate the development
of three major assets belonging to
Bumi Resources Mineral, which is part-
owned by Bumi Plc.
He wants to bring several mines
online as fast as possible, going from
exploration to production in 18
months to two years rather than the
current three-to-four year timetable.
Altogether, it could cost up to $2bn,
though it is not yet clear what portion
of the cash call would target Bumi
investors. One source suggested that
they could well be sceptical given
Bumi’s debt load and the row over
Rothschild’s chairmanship.
The assets Tan wants to develop are
understood to be Dairi Prima Mineral,
a zinc mine, and two copper and gold-
mines, Gorontalo Minerals and Citra
Palu Minerals. The Bakrie Group is sup-
portive of the scheme. MORE: P9
VIOLENT protesters stormed through
central Athens last night setting fire to
buildings as politicians passed a series
of unpopular austerity measures.
Cinemas, Starbucks cafés, banks
and other commercial properties
burned into the night, after up to
100,000 Greeks took to the streets.
Inside parliament, a mammoth 10-
hour debate culminated in support for
the package of cuts and reforms,
designed to appease international
providers of Greece’s next bailout.
Rejecting the measures would have
seen Greece leave the Eurozone and
fall into a “a vortex of recession”,
finance minister Evangelos Venizelos
claimed earlier in the day. He urged
his colleagues to send a convincing
message to this morning’s markets.
And current Prime Minister Lucas
Papademos had warned that Greece
was “a breath away from Ground
Zero”, prior to winning the vote in the
early hours of this morning.
Despite heated disagreements, the
cuts were passed by 199 votes to 74.
After the vote, two Greek parties
supporting the government ousted
more than 40 deputies for failing to
back the bill. The conservative New
Democracy party expelled 21 of its 83
deputies, while the Socialist PASOK
party expelled about 20 of its 153 law-
makers.
GREEKS PASS BILL
AS ATHENS BURNS
BY JULIAN HARRIS
EUROZONE

www.cityam.com Issue 1,569 Monday 13 February 2012 FREE
Outside in Syntagma Square the
police fought running battles through-
out the day with masked youths hurl-
ing homemade petrol bombs.
“People who are making all the
trouble are one hundred or two hun-
dred [in number],” Katerina Sokou of
Kathimerini told City A.M., from
Athens. “They seem to be working in a
planned way, and they get in the mid-
dle of every protest.”
Violence was even tangible inside
the government building walls. “Tear
gas has reached the parliament cham-
ber,” said socialist MP Panagiotis
Lafazanis, referring to the creeping
smell.
The package of proposed measures
to reduce Greece’s vast debts and
annual deficit must still be accepted
by Eurozone finance ministers.
Despite tense scenes in Athens,
German leaders showed no sign of
reducing pressure on the Greeks.
“The promises from Greece aren’t
enough for us any more,” German
finance minister Wolfgang Schaeuble
said in Welt am Sonntag newspaper.
The deal will also still need to be
signed off by the troika – the EU,
European Central Bank and
International Monetary Fund. Private
holders of Greek debt must also
finalise an agreement to accept losses
in exchange for new replacement
bonds. CNBC COMMENT: P20
Certified Distribution
02/01/12 till 29/01/12 is 92,258
BY JULIET SAMUEL
EXCLUSIVE

DOMINIC RAAB
QUOTAS ARE NOT THE
ANSWER TO EQUALITY
IN THE BOARDROOMP28
IRON LADY WINS BAFTA
MERYL STREEP PICKS UP
BEST ACTRESS GONG FOR
PORTRAYAL OF THATCHERP24
Fires raged across
Athens last night
as protesters and
police clashed
Picture: GETTY
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News
4 CITYA.M. 13 FEBRUARY 2012
Lansley’s NHS
bill attacked
EMBATTLED health secretary Andrew
Lansley faced a barrage of criticism
over his proposed NHS reforms yester-
day, with a leading Liberal Democrat
calling for him to step down in the
near future.
Deputy Lib Dem leader Simon
Hughes said that Lansley should
“move on” from his health role in the
second half of the coalition’s parlia-
mentary term.
Hughes sought to distance his party
from the changes to the NHS, yet
assured voters that the bill would be
kicked into “better shape” by the
House of Lords.
Labour’s Andy Burnham accused
Prime Minister David Cameron of
“putting his own political pride above
the best interests of the NHS”.
And the bill was also attacked from
Conservative quarters, with former
Tory MP Paul Goodman writing on the
Conservative Home website that it
could create “an NHS Railtrack of new,
overlapping and competing bureau-
cracies”.
Some Conservatives have called on
the PM to amend the bill, yet Cameron
has reiterated his determination to
stick by the reforms. A poll conducted
for City A.M. shows that 42 per cent
agree with the PM, while 40 per cent
think it should be delayed or scrapped.
VOICE OF THE CITY: P10
BY JULIAN HARRIS
POLITICS

CHINA TELLS BANKS TO ROLL OVER
LOANS
China has instructed its banks to
embark on a mammoth roll-over of
loans to local governments, delaying
the country’s reckoning with debts
that have clouded its economic
prospects. China’s stimulus response
to the global financial crisis saddled
its provinces and cities with
Rmb10.7tn (£1.08tn) in debts – about
a quarter of the country’s output –
and more than half those loans are
scheduled to come due over the next
three years.
NEW LIFE FOR LBO BOOM’S WALKING
DEAD
The big leveraged buy-out groups of
the credit boom – the companies that
some investors have dubbed the
“walking dead” – have gained
renewed access to fresh funds as the
junk bond market has rallied and
buyers have flocked to the highest-
yielding assets.
SHIPOWNER TO DEFY MARKET GLUT
The world’s highest-profile shipowner
has outlined audacious plans to
invest hundreds of millions of dollars
in new ships for his latest company, in
defiance of market conditions that
have forced many rivals into or close
to bankruptcy. John Frediksen told
the Financial Times that his idea for
newly founded Frontline 2012 would
seem “crazy to most people”.
BUY-OUT GROUP EYES DUCATI
DISPOSAL
Ducati is set to change hands this
year after its private equity owner
said it aimed to make three times its
initial investment by selling or listing
the producer of top-end Italian motor-
cycles. Investindustrial, the Italian
private equity group backed by the
Bonomi family, is looking to dispose
of the motorbike brand in a deal
worth up to €1bn.
AIRLINES DEMAND UN PEACE TALKS
IN CONFLICT OVER EMISSIONS
Airlines have called for help from the
United Nations to resolve an “intoler-
able” dispute between Europe, the
United States and China over penal-
ties for aircraft emissions. Warning of
the risk of a trade war over the con-
tentious European Union emissions
trading scheme for aviation, the
International Air Transport
Association has demanded urgent
talks.
MADE IN BRITAIN BECOMES TRENDY
AGAIN AS BUYERS SEEK FAST FASHION
The need to adapt quickly to chang-
ing fashions has prompted River
Island to bring its manufacturing
back to Britain. The clothing chain,
one of the country’s largest, said that
rising labour costs in China were also
making production in Britain more
viable.
BOOKIES SHOPS ARE NOT A BLIGHT ON
THE HIGH STREET
The head of the bookmakers’ trade
body has hit back at calls from the
Government's retail guru, Mary
Portas, for the authorities to make it
harder to open betting shops. Dirk
Vennix, the chief executive of the
Association of British Bookmakers,
argues that any “restrictive policy
against our industry risks plunging
wider local economies into a more
perilous state”.
PROVINCIAL TOWNS TO BENEFIT FROM
OLYMPIC RIPPLE EFFECT
Towns including Oldham, Slough and
Weymouth could be among the
unlikely beneficiaries of an Olympic
boost to their struggling high streets
this summer, according to retail ana-
lysts. An Olympic Games “ripple
effect” will extend beyond towns hold-
ing official events, says Springboard.
SEC LOOKS INTO PRIVATE EQUITY
The US Securities and Exchange
Commission has launched an inquiry
into how the private equity industry
values its investments, how those
investments are marketed, and other
practices. Federal regulators sent let-
ters to numerous buyout firms in
December in an “informal inquiry”
into the $1.2 trillion industry, which
historically has not been a major
focus of scrutiny by the SEC.
RENEWABLE FIRMS SEE TAX-EQUITY
PARTNERS
The Obama administration is
attempting to persuade US corpora-
tions about the benefits of investing
in renewable energy, in an effort to
help the industry after a government
grant programme expired. The
Energy Department effort includes a
13 March meeting where energy sec-
retary Steven Chu would speak.
WHAT THE OTHER PAPERS SAY THIS MORNING
Everyone must learn to pay their way
BRITAIN as a whole is spending much
more than it raises in tax – that is why
there is a massive budget deficit and
the government is being forced to bor-
row so much. But what if the various
parts of the UK were all independent
countries, including the English
regions? Looked at in this way, the fig-
ures are striking: the London and
South East regions would boast a
budget surplus – and would be able to
slash taxes and still maintain current
spending levels. Every other region
would face a massive budget deficit in
the absence of transfers and handouts
– and in many cases would face imme-
diate bankruptcy. The public finances
of some UK regions would make
Greece’s look good.
The statistics are illuminating. The
taxes paid by Londoners are equiva-
lent to 45.2 per cent of London’s GDP;
public spending is just 34.9 per cent of
London’s GDP, making a huge surplus
of 10.3 per cent of GDP in 2010-11. In
the South East, the tax burden is 41.1
per cent of local GDP, against spend-
ing of 40.3 per cent, equivalent to a
surplus of 0.8 per cent. In both cases,
the difference is sent to the rest of the
UK. These regional surpluses compare
with a UK-wide deficit at that time of
10 per cent of GDP. These two regions
are much wealthier and less depend-
ent on public sector jobs; they host the
City, which pays a fortune in tax, espe-
cially via the tax of its staff; the bulk of
stamp duty land tax is also paid in
London and the South East. The 50p
income tax rate is also largely a
London and South East tax.
Taxpayers in London especially, and
also in the South East, are subsidising
the rest of the UK to an astonishing
degree, laid bare in research from the
Centre for Economics and Business
Research (see p12). Every other region
of the UK spends more than is generat-
ed locally in tax receipts.
Because, tragically, there is so little
high-value private economic activity
in these regions, the North East raises
just 29.7 per cent of its GDP in tax yet
spends 61.9 per cent of GDP; the North
West raises 37.5 per cent and spends
55.9 per cent; Wales raises 30.3 per
cent yet spends 66.3 per cent;
Northern Ireland raises 27.7 per cent
and spends 67 per cent. The picture is
grim nearly everywhere in the UK. An
independent Scotland’s budget deficit
would be 10 per cent of GDP, thanks to
oil and gas – the UK average, a less bad
performance than most other regions.
The first, overriding economic chal-
lenge in the UK today is to try to make
the economies of all regions as pros-
perous as those of London and the
South East – not to hobble and cripple
the City and make everybody equally
poor. The second challenge is to wean
UK regions of their dependency on
public spending and make them once
again places where free enterprise and
capitalism can thrive and create
opportunities for all, jobs and wealth.
So far, the government is failing on
both these points; more tax, regula-
tions and attacks on the private sector
are not the answer, though its welfare
and schools reforms will help.
Last but not least, there are lessons
for the EU: citizens put up with intra-
national transfers, though taxpayers
in London and the South East are
increasingly fed up with the extra bur-
den. But such tolerance – even if it is
waning – doesn’t exist for transfers to
other countries, and never will.
Greece’s angry protesters are wasting
their time. Their supply of free money
from Germany will eventually end;
everybody, eventually, must learn to
pay for their own way in this world.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
ENTERTAINMENT One, the listed
media company, will announce this
morning that it is ditching a sale of
itself in favour of a major acquisi-
tion, City A.M. understands.
The move concludes a strategic
review for the owner of Peppa Pig
and distributor of the Twilight
movies, which the market had
expected to end in a sale of the com-
pany.
But a source said that none of the
offers on the table were appealing
enough to get the board’s recom-
mendation.
Instead, the company will press
ahead with a significant acquisition,
although the exact size of a poten-
tial purchase is not yet clear.
JP Morgan’s Harry Hampson and
David Harvey-Evers as well as Credit
Suisse’s Alastair Blackman and Joe
Hannon were working on the review
of various strategic options for the
company.
BY JULIET SAMUEL
MEDIA

Peppa owner halts sale
NEWS | IN BRIEF
Japan’s economy weakening
Japan’s economy shrank 0.6 per cent in
October-December from the previous
quarter as a global economic slowdown,
Thai floods and a strong yen dealt a
blow to the economy just as it was
emerging from a recession caused by
last year's devastating earthquake. The
decline was bigger than economists’
median forecast for a 0.3 per cent con-
traction, and followed a revised 1.7 per
cent expansion in July-September, data
from the Cabinet Office showed today.
The gross domestic product (GDP) fig-
ure translated into an annualised con-
traction of 2.3 percent, against a 1.4 per
cent annualised decline expected by
economists.
Ireland keen to reduce its costs
Ireland stands a good chance of per-
suading Europe to reduce the cost of its
bank rescue through refinancing some
€30bn (£25bn) worth of IOUs pumped
into the former Anglo Irish Bank, the
lender’s chairman Alan Dukes said yes-
terday. Dublin has been pursuing a
months-long campaign to win approval
to amend the terms of its €63bn bank
rescue package.
EDITOR’S LETTER
ALLISTER HEATH
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
www.pcc.org.uk
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Health chief Andrew
Lansley’s new health
bill is being attacked
by politicians from
all the main parties
4th Floor, 33 Queen Street, London, EC4R 1BR
Tel: 020 3201 8900 Fax: 020 7248 2711
Email: news@cityam.com www.cityam.com
Editorial
Editor Allister Heath
Deputy Editor David Hellier
News Editor David Crow
Acting Night Editor Marion Dakers
Business Features Editor Marc Sidwell
Lifestyle Editor Zoe Strimpel
Sports Editor Frank Dalleres
Art Director Gavin Billenness
Pictures Alice Hepple
Commercial
Sales Director Jeremy Slattery
Commercial Director Harry Owen
Head of Distribution Nick Owen
The distributor of the Twilight movies (left) and owner of Peppa Pig (right) is acquisitive
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SAINSBURY’S chief executive Justin
King will this week urge the UK to be
“brave enough” to shrink its ailing
high streets and convert empty stores
into houses or even classrooms.
King will call for a greater mix
between “retail and other activities”
to help make high streets “not just a
poor second to out of town centres”
when he gives a speech at the annual
City Food Lecture this Wednesday.
His comments will come just two
months after retail expert Mary
Portas concluded in a government-
commission review that town centres
had reached a “crisis point” and were
in danger of disappearing forever
unless urgent action was taken.
King, the boss of the UK’s third
largest supermarket, will say that
while some high streets are in need of
a “radical re-think”, rumours of the
death of the high street “have been
exaggerated”.
Responding to criticism that super-
markets have played a role in the
high street’s demise, King will say: “I
do not believe that the high street is
doomed nor that it is all the fault of
supermarkets. There is a risk anyway
of looking back through rose-tinted
spectacles to an era that never really
existed.”
“Supermarkets have reflected soci-
ety and changes in society. Many
shoppers do not have the time to pot-
ter between the butcher, baker and
grocer.”
King will also encourage high
streets “to learn from large retailers”
by, for example, encouraging local
loyalty schemes. He will also call for
town centres to be cleaned up and
made more accessible through forms
of public transport.
Andrew Cave, a spokesperson for
the Federation of Small Businesses,
said there was an argument for find-
ing uses for empty stores, but warned
this “should be a short-term solution
rather than removing retail property
from the high street in the long-
term”.
Sainsbury’s
calls for high
street reform
BY KASMIRA JEFFORD
RETAIL

News
5 CITYA.M. 13 FEBRUARY 2012
ARTISTS attending the 54th Grammy
awards in Los Angeles last night paid
tribute to Whitney Houston, after the
singer was found dead in an LA hotel
on the eve of the ceremony.
Houston, a six-time Grammy win-
ner, was pronounced dead late on
Saturday at the Beverley Hilton Hotel.
She had been due to attend a party
thrown by music producer Clive Davis
at the hotel later that evening.
A musical tribute to the singer was
added to last night’s Grammy ceremo-
ny, performed by Jennifer Hudson.
Over the course of a 30-year career,
Houston released seven studio albums
and sold some 170m CDs, singles and
videos. The soundtrack for her hit
movie The Bodyguard – which includ-
ed her famous cover of Dolly Parton’s I
Will Always Love You – was among the
best-selling soundtracks in movie his-
tory.
But her success on stage was accom-
panied by an troubled personal life,
and the last 10 years of her life were
dominated by drug use and rehab.
Her godmother, soul singer Aretha
Franklin, yesterday called Houston’s
death “stunning and unbelievable”.
Tributes pour in
after Whitney
Houston dies in
LA hotel room
ENTERTAINMENT

Troubled singer
Whitney Houston
has died at the
age of 48.
Picture: GETTY
NEWSPAPER tycoon Rupert Murdoch
will touch down in London later this
week amid turmoil sparked by five
arrests at his group’s daily tabloid news-
paper, the Sun. News Corp insists this is
a long-planned visit as part of
Murdoch’s regular sojourns around his
businesses.
But his arrival will trigger memories
of another visit in July when Britain’s
most popular Sunday paper The News of
the World was closed down.
Speculation at the time said the week-
end paper could be replaced by other
News International paper The Sunday
Sun. However – although News Int chief
executive Tom Mockridge told staff he
had “a personal assurance from Rupert
Murdoch about his total commitment
to continue to own and publish The Sun
newspaper” – the fate of the tabloid is
now uncertain.
While four Sun journalists and a
police officer were arrested in late
January, the latest arrests mark the
widening of the inquiry to include the
corruption of officials outside the
police. A Ministry of Defence employee
and an army major were arrested on
Saturday, alongside a Surrey police offi-
cer and five journalists from The Sun:
deputy editor Geoff Webster, picture edi-
tor John Edwards, chief reporter John
Kay, associate news editor John Sturgis
and chief foreign reporter Nick Parker.
The journalists were arrested on sus-
picion of corruption, aiding and abet-
ting misconduct in a public office and
conspiracy.
A result of information handed to the
police by News Corp’s Management
Standards Committee, the arrests have
led to criticisms that Murdoch is saving
himself at the expense of his employees.
Mockridge said he has written to the
Independent Police Complaints
Commission “to seek clarification from
them about the process of independent
oversight of the police investigation”.
This weekend’s revelations may shine
a stronger light in the US on News Corp,
which could be subject to heavy fines
under the Foreign Corrupt Practices Act
if payment for stories is classified as cor-
rupt.
The Sun is safe,
says Murdoch
Rupert Murdoch has assured staff he is still committed to The Sun Picture: GETTY
BY LAUREN DAVIDSON
MEDIA

News
6
ANDREW Osborne, the corporate bro-
ker at the centre of the Greenlight
Capital insider dealing case, has
reluctantly decided he will
not fight a £350,000
fine meted out by the
Financial Services
Authority (FSA) for his
role in the affair.
Osborne (pictured),
whose clients at Bank
of America Merrill
Lynch included Tullow
Oil, Cairn Energy, the
Korean National Oil
Company, Bowleven and
Afren, has been persuad-
ed by friends and former
clients that he is better
off accepting the fine
than going through an
appeal process that
might take a couple
of years.
Friends say that he is especially
reluctant to put his young family – he
has three children under the age of
10 – through a period of further
uncertainty even though he does not
believe he has done anything wrong.
The FSA has already fined the US
hedge fund manager David
Einhorn from Greenlight
£7.2m for trading in shares in
Punch Taverns in 2009 just
hours after being on a tele-
phone call with Osborne and
the group’s senior manage-
ment ahead of an equity
placing.
BoA Merrill Lynch recently
lost Tullow Oil as a client as
the firm chose to hire
Barclays Capital and
Morgan Stanley. Other
Osborne clients may
also be vulnerable to
being targeted.
Osborne was not
available to
comment.
Punch broker
set to settle
with the FSA
REPUBLICAN presidential front-run-
ner Mitt Romney grabbed back some
momentum after midweek losses in
three states, scoring a narrow win in
Maine’s caucuses over the weekend,
hours after winning a straw poll of
Republican conservative activists.
Results of Maine’s non-binding
straw poll showed the former
Massachusetts governor with 39 per
cent support, or 2,190 votes, ahead of
libertarian Texas Congressman Ron
Paul with 36 per cent or 1,996 votes.
Former US Senator Rick Santorum
and Newt Gingrich, the former speak-
er of the US House of Representatives,
who did not campaign in Maine, won
18 per cent and six per cent of the vote,
respectively.
Despite anecdotal signs of higher
voter turnout, the votes cast in Maine
were only slightly above 2008 levels. A
handful of communities have yet to
hold their caucuses.
The Maine outcome capped a good
day for Romney, who unexpectedly
lost to Santorum, a social conservative,
in Missouri, Minnesota and Colorado
on Tuesday. Romney earlier on
Saturday won a closely watched straw
poll at the Conservative Political
Action Conference in Washington,
with 38 per cent support to
Santorum’s 31 per cent.
Maine win for
Romney signals
key comeback
BY DAVID HELLIER
REGULATION

US POLITICS

News
CITYA.M. 13 FEBRUARY 2012 7
GLASENBERG GOES ON TOUR
GLENCORE chief executive Ivan Glasenberg is said to be preparing to join the roadshow
to persuade investors to back the planned merger of Glencore with rival miner Xstrata.
Glasenberg’s intervention could be necessary to get the deal through after a fifth major
shareholder came out against the tie-up on Friday on the grounds that the premium
offered to Xstrata shareholders is too low. The deal is vulnerable to being blocked if just
16.5 per cent of voting rights are rallied against it. Picture: GETTY
NAT Rothschild could escape defenes-
tration from the board of a company
he brought to London this week, after
his Indonesian business partners
sounded a more conciliatory note fol-
lowing a week of meetings in London.
The Jakarta-based shareholders of
Bumi plc, the FTSE 250 miner, have
been trying to get Rothschild voted out
as co-chairman of the company that
he brought to the City via a reverse
takeover by Vallar, a £1bn cash shell he
floated on the LSE last year.
Bumi’s biggest Indonesian share-
holders, the family-owned Bakrie
Group and tycoon Samin Tan, wrote to
investors 10 days ago calling for a vote
to remove Rothschild and four direc-
tors from the board and replace them
with allies.
But after sending representatives to
London for a week of meetings, the
Bakrie Group said it is open to negoti-
ating a compromise.
Non-executive director Sir Julian
Horn-Smith will meet with the Bakries
today in Jakarta in an attempt to
thrash out a deal.
The row has the potential to turn
nasty quickly if a deal cannot be
reached. But Bakrie spokesman Chris
Fong told City A.M.: “The whole idea of
adjusting the board was to focus it on
the asset. It’s not about Nat being on
or off the board. It’s about how we’re
perceived. We want to be perceived
correctly.”
Since the letter calling for
Rothschild’s removal, Bumi’s share
price has plunged 15 per cent on fears
about corporate governance. That reac-
tion has sparked fears in both London
and Jakarta that a prolonged row
could prove to be expensive.
Samin Tan, whose company Borneo
Lumbung owns nearly a quarter of
Bumi, is due in London this week to
meet investors and is keen to outline
his ambitions for the miner and tap
up investors for more cash.
But he is instead likely to face a
barrage of questions from City
shareholders who are angry that
Tan and the Bakries chose to call
for Rothschild’s removal publicly,
rather than in private.
The row means Tan will have
to spend time pressing the case
for Rothschild’s removal
rather than focussing on his
plans, underlining the mutu-
al desire to end the row.
It is understood the
Bakries and Samin Tan opted to write
to shareholders rather than raise the
matter privately with the board follow-
ing leaks to the media from
board meetings.
Last autumn, a letter
from Rothschild criticis-
ing the board was
leaked to media
before it had even
reached the compa-
ny’s directors, spark-
ing fury from the
Bakries and other
shareholders.
Rothschild rivals look
for end to board row
Indra Bakrie currently co-chairs the company with Nat Rothschild, inset
BY JULIET SAMUEL
MINING

News
9 CITYA.M. 13 FEBRUARY 2012
Non-exec Sir Julian Horn-Smith is mediating between Rothschild and the Bakries
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News
10 CITYA.M. 13 FEBRUARY 2012
MORE NEWS
ONLINE
@
www.cityam.com
THE GOVERNMENT should press
ahead with its controversial NHS
reform bill despite widespread criti-
cism, according to our Voice of the
City/PoliticsHome.com panel.
A narrow majority of 42 per cent of
our panel agreed that health secretary
Andrew Lansley and the Prime
Minister should push on with the bill,
compared to 40 per cent who said it
should be delayed or scrapped.
David Cameron emerged favourably
from the poll, with 36 per cent of
respondents saying they approved of
his performance dur-
ing the debate, while
more than two-
thirds (69 per cent)
said they disap-
proved of Labour
leader Ed Miliband’s
(right) performance.
PoliticsHome.com PoliticsHome.com
Apply to join today at www.cityam.com/panel
In association with PoliticsHome.com
BY ELIZABETH FOURNIER
POLITICS

In partnership
with
Government should press ahead with NHS reforms, says our panel
Do you think GPs or Primary Care Trusts and Strategic Health
Authorities are better placed to commission NHS services?
GPs
Primary Care Trusts and
Strategic Health Authorities
Don’t know
%
27
47
26
How do you think the Government should proceed with
the NHS reform bill?
Push aheadwith the
bill immediately
Delay the bill, but pass it before
the 2015election
Delay bill until after the
2015election
Scrapbill entirely
Don't know
%
9
42
12
19
17
CUTTING tax relief on pension contri-
butions for higher-rate tax payers risks
unfairly over-taxing savers, and sends
out the wrong signals about how
Britain treats successful workers,
experts at accountancy firm Baker
Tilly warned yesterday.
Chief secretary to the Treasury
Danny Alexander has suggested top-
rate taxpayers could lose half of the
tax relief on their pension savings,
effectively boosting the state’s coffers
by up to £7bn per year.
Alexander described the amount
spent on tax relief as “very signifi-
cant,” telling the Telegraph “the coun-
try cannot afford to give you all the tax
relief. We are asking those with the
broadest shoulders to bear the greatest
share of the burden.”
Currently taxes are only levied
when the pension is paid out – not on
contributions, or the pot as it grows.
Changing that so higher-rate payers
are taxed at the basic rate on pension
contributions and then taxing the
income into retirement is not fair,
Baker Tilley’s George Bull told City A.M.
He also questioned Alexander’s
approach to the tax system as a whole.
“I believe in a progressive tax system
where the rich pay more than the
poor, but the top 10 per cent of earners
already pay more than 50 per cent of
the income tax.”
“If we are going to ramp up the pro-
gressive nature of the tax system, it
must be done in the context of a bal-
anced target – not just picking off one
rich target and moving onto the next.”
Bull also expressed concern at the
impact a series of high-profile attacks
on high-earners has on the UK’s image.
“This is getting to look a bit like the
politics of envy, and risks scaring off
businesses and more mobile workers.”
The Treasury insisted Alexander was
speaking as a Liberal Democrat, not as
a representative of the government.
Yesterday the Treasury was reported
to have ruled out tax breaks for mar-
ried couples in next month’s Budget,
angering conservative MPs.
Tax experts
bash Lib Dem
pensions talk
ONE IN every five pounds earned in
London goes to subsidise other regions
in the UK, research from the Centre for
Economics and Business Research
(Cebr) revealed this morning.
Tax receipts stand at 45.2 per cent of
GDP in London and 41.1 per cent in
the south east, but only 29.7 per cent
in the north east and 27.7 per cent in
Northern Ireland.
Much of the 50p income tax’s
impact comes in London, and the cap-
ital and south east also pay much of
the total stamp duty for the country.
Such large payments to the govern-
ment mean London’s taxes exceed
state spending by 10.3 per cent of its
GDP.
In Northern Ireland, meanwhile,
spending exceeds tax by 39.3 per cent
of its GDP, while this “deficit” stands at
32.2 per cent in the north east.
After accounting for the UK’s total
deficit, which the Cebr puts at 10 per
cent, London provides a subsidy worth
20.3 per cent of its GDP, with Northern
Ireland receiving a net subsidy of 29.4
per cent and Wales 26 per cent.
Meanwhile Scotland’s oil revenues
and associated taxation exactly bal-
ance out increased government spend-
ing, meaning the country neither
takes from nor contributes to the rest
of the UK’s 10 per cent deficit.
London gives
20 per cent of
GDP to regions
BY TIM WALLACE
POLITICS

UK ECONOMY

News
12 CITYA.M. 13 FEBRUARY 2012
THE SCALE OF SUBSIDY BETWEEN REGIONS IN THE UK SHOWS HUGE DIFFERENCES (% GDP)
North East 29.7% 61.9% -32.2% -22.2%
North West 37.5% 55.9% -18.4% -8.5%
Yorkshire and Humberside 35.0% 53.7% -18.7% -8.8%
East Midlands 34.1% 49.0% -14.9% -4.9%
West Midlands 35.4% 53.8% -18.4% -8.4%
East 36.7% 45.1% -8.4% 1.5%
London 45.2% 34.9% 10.3% 20.3%
South East 41.1% 40.3% 0.7% 10.7%
South West 35.7% 47.4% -11.7% -1.7%
Scotland 43.0% 53.0% -10.0% 0.0%
Wales 30.3% 66.3% -35.9% -26.0%
Northern Ireland 27.7% 67.0% -39.3% -29.4%
UK 37.9% 47.9% -10.0% 0.0%
Region/country Total receipts Expenditure Deficit
compared
to UK
One in every five
pounds earned
in London goes
to subsidise
other regions
Deficit
Source: CEBR
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THE GUN could soon fire on a bidding
war over Cable & Wireless Worldwide
(CWW) if the struggling telecoms
company shows signs in its earning
report this Thursday of corking its
declining value.
Telecoms giant Vodafone and pri-
vate equity firm Apax Partners are
thought to be heading the line of suit-
ors, though O2 is also rumoured to be
interested.
Based on Friday’s closing share
price of 20p, CWW is worth just
under £530m. Analysts have said a
successful bidder might have to go
above £700m.
However, sources close to the com-
panies have said that there are no
imminent plans for this deal.
The speculation comes ahead of
CWW’s interim management state-
ment this Thursday – the company’s
first earnings report under new chief
executive Gavin Darby, who took the
helm in November.
Former head Jim Marsh released
three profit warnings before handing
the rudder to John Pluthero last June,
who lasted four months as chief exec-
utive and took the cable company to a
£433m half-year loss.
Formed from a merger of small
British telegraph companies dating
back to the 1860s, CWW has repeated-
ly provoked shareholder concern over
the company’s executive remunera-
tion policy.
But this deal could be tempting to
Vodafone as CWW specialises in pro-
viding communication networks to
large corporate and government bod-
ies across the globe.
The move would cement
Vodafone’s place as a leading corpo-
rate telecoms provider, while increas-
ing the company’s capacity.
Spokespeople for CWW and Apax
Partners declined to comment. An O2
representative could not be reached.
Suitors lining
up for CWW
BY LAUREN DAVIDSON
TELECOMS

News
15 CITYA.M. 13 FEBRUARY 2012
Vodafone on the lookout for a rebound
A
little birdie is flying around,
leaving a story in its wake that
suggests Vodafone is interested
in Cable & Wireless Worldwide
(CWW), the communications net-
work which once rivalled BT, but now
just crosses its fingers for profit.
Vodafone was quick to quell the com-
ments, but might it slip a cheque
under CWW’s door?
It certainly has the cash. Vodafone
is sitting on a significant cashpile
and has been known to have its eye
on smaller, less profitable operators.
Only last week the telco giant
abandoned plans to merge its Greek
arm with Wind Hellas. While
Vodafone was tight-lipped about the
reasons, most observers put the failed
bid down to competition issues
rather than a loss of interest.
Now Vodafone needs a rebound.
CWW would certainly be a good
choice. As consumer uptake of
mobile phones levels off, telcos must
look elsewhere for their cash – and
CWW mainly caters to large corpo-
rate and government bodies.
Relations between the two will no
doubt be helped by the fact CWW
chief executive Gavin Darby is a
member of the Vodafone old boys’
club. He worked wonders for
Vodafone UK as its CEO, before taking
charge of the company’s US, Africa,
India and China operations.
Darby swapped his Vodafone job to
take the helm of a much less stable
ship in November, and he probably
had a plan. Could this be it?
BOTTOMLINE
Analysis by Lauren Davidson
On Thursday Cable & Wireless Worldwide will release its first earnings report under new chief Gavin Darby Picture: NEWSCAST
News
16 CITYA.M. 13 FEBRUARY 2012
BUSINESS WITH CONFIDENCE +44 (0)1908 248 250
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EASYJET chairman Sir Michael Rake
hit back last night after shareholder
advisory body PIRC recommended
that investors veto the airline’s remu-
neration report and abstain from re-
electing him as chairman.
Sir Michael said easyJet “was not
surprised by PIRC’s recommendation
given its well-documented position
on remuneration” and pointed out
that in the last year, the body has rec-
ommended in favour of just six of the
FTSE 100’s remuneration reports.
He added that backing from other
corporate governance groups, the
Association of British Insurers and
ISS, “will guide the majority of the
company’s institutional sharehold-
ers”.
His comments came after three of
easyJet’s key institutional investors
came out in favour of the board this
weekend in its row with Sir Stelios
Haji-Ioannou over its controversial
pay packages.
The trio of blue-chip investors,
Standard Life, Sanderson Asset
Management and M&G, who together
hold a 17.5 per cent stake in the air-
line, have agreed to approve the
bonuses and re-elect the directors at
the annual general meeting on 23
February.
In his latest spat with the airline,
Sir Stelios (pictured) is furious over a
pay incentive scheme that could
award 10 executives shares worth
some £8m over the next three years
based what he called “phoney” and
“self-serving” bonus calculations.
The business tycoon controls 38 per
cent of the shares and could still lead
a majority vote against the remunera-
tion report if he secures 50 per cent of
the shares voted at the meeting.
Sir Stelios confirmed in an
email to City A.M. yesterday
that he will not be attending
the meeting in Luton next
week because most
Investors will have cast
their votes this week.
Investors must register
their votes by 21
February.
He said while the
votes will not have an
impact as they are non-
binding, “I still believe
this extra scrutiny will
deliver shareholder
value.”
Last week saw four
corporate governance
bodies publish their rec-
ommendations, with the Association
of British Insurers and ISS both sup-
porting the board and US shareholder
adviser Glass Lewis supporting Sir
Stelios.
On Friday PIRC slammed easyJet’s
pay report as “overly complicated”,
“inadequate” and “inconsistent”, and
said investors should vote against the
re-election of Sir Michael because of
his responsibili-
ties else-
w h e r e
including
B T ,
where he
is also
c h a i r -
man.
Stelios stays away from crucial
shareholders’ pay row meeting
BY KASMIRA JEFFORD
TRANSPORT

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Sir Stelios
and family
37.4%
Standard Life
Investments:
6.46%
M&G
6.43%
Sanderson Asset
Management
4.65%
THE number of people working in
financial services jobs approved by the
City regulator has fallen to its lowest
level for seven years, according to new
analysis.
The total number of people on the
Financial Services Authority Register
dropped to 157,587 in December last
year, down 6.9 per cent from the
recent high of December 2007. By con-
trast the figure stood at 140,920 at the
end of 2004.
The data, from IMAS-insight, also
shows the number of companies
authorised by the FSA has been in
decline since before the onset of the
financial crisis. The figure has fallen at
each year-end since December 2005,
even though Lehman Brothers did not
collapse until September 2008.
The total number of authorised enti-
ties hit 18,882 in December of last year,
down 21.6 per cent from the end of
2005.
The number of people and new com-
panies winning authorisation have
also fallen to a fraction of the levels of
2004.
Nick Stevens, chief executive of
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Fewer bankers
tape as City job
BY PETER EDWARDS
FINANCIAL SERVICES

News
18
HOW THE FSA REGISTER HAS CHANGED
ANALYSIS l FSA - approved companies
25,000
20,000
15,000
10,000
5,000
10870
Dec 02
10136
Dec 03
14211
Dec 04
24081
Dec 05
22847
Dec 06
22714
Dec 07
21739
Dec 08
20126
Dec 09
19446
Dec 10
18882
Dec 11
ANALYSIS l Number of people being authorised
1,594
Dec 04
1,164
Dec 05
1,331
Dec 06
1,607
Dec 07
1,663
Dec 08
944
Dec 09
1,045
Dec 10
813
Dec 11
2,000
1,000
1,250
500
250
750
1,500
1,750
0
985
Dec 02
915
Dec 03
ANALYSIS l New companies
103
Dec 04
100
0
50
49
Dec 02
51
Dec 03
85
Dec 05
84
Dec 06
76
Dec 07
51
Dec 08
38
Dec 09
53
Dec 10
31
Dec 11
but extra red
cuts laid bare
THE slump in the City job market is
dragging down the cost of renting
prime residential property in London.
Rents in the best areas fell 0.2 per
cent, equivalent to £80 a month,
according to research published
today. It comes after a halving in the
number of vacancies in financial
services over the last year.
January rents were 0.6 per cent
below the level reached in
September, an all-time high,
although they remain well above the
level of a year ago.
Liam Bailey, head of residential
research at Knight Frank, which car-
ried out the research, said: “There are
signs that the weakness in the City
jobs market… is beginning to feed
through to the rental sector. With the
banking sector expected to deliver
much lower bonuses in the first quar-
ter of 2012 compared to last year, ten-
ants who are building deposits for
eventual entry to the housing market
are looking to reduce their rental
costs in the interim.”
Landlords may also have begun to
adjust to the fact their customers face
hard times. Rents rose 27 per cent in
the two years to September 2011 yet
disposable income went up by only
around eight per cent over the same
period, Bailey said.
Meanwhile rental budgets for cor-
porate tenants – staff who have been
asked to relocate to London by their
employers – have been cut by up to 15
per cent over the past year.
The number of City job opportuni-
ties has fallen 52 per cent year on
year, Morgan McKinley said recently.
BY PETER EDWARDS
PROPERTY

News
CITYA.M. 13 FEBRUARY 2012 19
Recruitment slump is hitting
cost of London home rentals
The reduction in
City bonuses
might already be
filtering down to
the rental market,
say agents
ANALYSIS l FSA- approved staff
160,000
150,000
140,000
130,000
148715
Dec 02
138611
Dec 03
140920
Dec 04
162972
Dec 05
164628
Dec 06
169338
Dec 07
167136
Dec 08
159696
Dec 09
159777
Dec 10
157587
Dec 11
recruiter Eximius Group, said: “We
see reduced demand for financial
services skills across the board with
the exception of regulatory require-
ments like Basel 2.5 and Basel 3.
“Financial services are reduced
this year from last year and reduced
in 2011 from 2010.”
There has, however, been an “enor-
mous” increase in demand for staff
with regulatory skills since 2008,
Stevens added.
The number of people working in
FSA-approved roles is likely to fall fur-
ther when they are next published.
Already this year Lloyds has
announced plans to cut 990 jobs and
Citigroup has warned it is consider-
ing further cuts to its securities and
banking division.
Royal Bank of Scotland said on
Friday it would close some parts of its
equities operations while National
Australia Bank, the owner of the
Yorkshire and Clydesdale brands, has
also begun a strategic review as it
considers a long-rumoured sale of its
UK interests.
The FSA itself will be formally
scrapped next year and is being
replaced by two agencies covering
companies and consumer protection.
SOURCE: IMAS – insight
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News
20 CITYA.M. 13 FEBRUARY 2012
MORE NEWS
ONLINE
@
www.cityam.com
Search for Greek resolution a game of bluff
W
E could be entering the first
really choppy period of the
New Year for investors as we
watch for some kind of reso-
lution with Greece.
Nearly everyone I speak to assumes
that Greece will get the minimum
amount it needs to stave off a disor-
derly default, simply because Europe
is not yet confident enough to cut it
adrift. It’s deemed cheaper to keep
giving it the money than risk the
financial consequences of a feedback
loop into a still fragile Eurozone
banking system. But at some point
someone’s bluff will be called.
As a result equities start this week
after the biggest weekly decline of
2012 and a spike in the volatility
index the VIX – above 20 for the first
time in nearly a month. Still it comes
after a good run. The Dow’s up 20 per
cent since 3 October, the S&P up 22
per cent and the Dax up nearly 30 per
cent. These upward moves have pret-
ty much cancelled out earlier falls.
So what next? To some degree that
may depend on more central bank
liquidity. The Fed is keeping the win-
dow open on more QE but officials
like Jeffrey Lacker are not keen.
Here in Britain many wonder if last
week’s extra £50bn from the Bank of
England will be the last. Capital
Economics says “no” and “even it is
reaching a limit on how much of the
gilt market it can buy, there are plen-
ty of other forms of unconventional
policy that it can branch into”.
Fathom goes further. It wants the
Treasury to set up a “bad bank” to buy
troubled mortgage-backed assets
weighing down commercial banks’
balance sheets, then allow the bank
to issue bonds backed by those assets,
which the MPC would buy via QE.
But of all liquidity actions perhaps
the biggest response has been to the
ECB’s LTRO programme from 21
December, particularly on Eurozone
bank stocks. The second LTRO is at the
end of the month, and now the ECB
has loosened collateral rules even fur-
ther, expect bumper demand. But it’s
unlikely to have as broad an impact
on risk assets as the first, simply
because in December we feared a sys-
temic collapse and so were coming
off a much lower base.
We’ll also realise that the liquidity
is there for a reason. The programme
of bank resolution has only really just
started in Europe. Banks are moving
out of risk assets into risk-free assets
of which there are only two: short-
dated government securities or
money on deposit at the ECB. The cen-
tral bank will do its best to discourage
it but I fear we’re going to be here for
some time to come.
Ross Westgate co-hosts Worldwide
Exchange daily on CNBC and also anchors
Strictly Money -- www.cnbc.com
CNBC COMMENT
ROSS WESTGATE
NEWS | IN BRIEF
Aviva sees progress on Taiwan sale
Insurer Aviva said yesterday it was contin-
uing with talks on the sale of its stake in a
Taiwan life insurance joint venture, and was
making progress. Sources with direct
knowledge of the matter had claimed on
Friday that the company had put aside for
the time being a plan to sell down its stake
due to opposition from Taiwan's regulators.
Aviva denied that the plan had been put
aside and that there was a lack of progress.
Intesa Sanpaolo not eyeing banks
Intesa Sanpaolo, Italy's biggest retail bank,
is not eyeing Banca Monte dei Paschi
(MPS) di Siena or other Italian banks, its
chief executive said in an Italian newspa-
per yesterday. MPS needs to find €3.3bn by
the end of June to meet tougher capital
requirements and it could become a
takeover target. Sources said the founda-
tion controlling 46 per cent of MPS may
have to sell a 10-15 per cent bank stake.
CAMPAIGN TRAIL
THE FIRST time you do it, it is a bit fright-
ening, but every time after that it is very
rewarding. This is Richard Ross, chairman
of the Rosetrees Trust, making an analogy
between philanthropy and skiing as he
throws his weight behind the one per cent
campaign launched in the twenty-fifth
issue of bankers’ bible Spear’s.
Culture minister Ed Vaizey (below left)
and former national philanthropy
ambassador Dame Stephanie Shirley are
backing the scheme, which encourages
high net worth individuals to offer their
time, expertise and money to charity.
For those wealthy donors needing
assistance with the tax implications of
charitable giving, meanwhile, law
firm Withers is on hand to dispense
free expert advice.
DANCING FEAT
STRINGS were pulled and
favours were called in.
But still, no identifier
came forward yesterday to
name the outstanding
dancefloor efforts of the
senior lawyer (pictured top
right) at the Legal Business
Awards. Is the mystery
mover and shaker per-
forming a legal jig, a new
version of the Peter
Crouch robot dance, or
simply a tribute to David
Brent’s moves in the BBC
comedy The Office?
Perhaps one of the
Thursday Night Fever star’s many female
admirers, who clapped along after form-
ing an appreciative circle, can help out…
WINTER CHAMPIONS
THE BEST spin on senior lawyers Martin
and Hilary Winter’s trip to the World
University Waterski Championships in
Chile was “two top ten results” for their
children Fred and Amelia. That means
sixth and seventh in the finals for British
universities, even though Fred is the
reigning under-21 European waterski
slalom champion.
Ever the optimist, Martin Winter
recognises the site on the outskirts of
Santiago will also be the venue for the
next world championships in November
2013. “As they used to say in the military,
time spent in reconnaissance is seldom
wasted,” Taylor Wessing’s UK head of pri-
vate equity told The Capitalist.
EX-TRADER’S
INSIDE JOB
ON MORGAN
STANLEY
ART IMITATES life in the new novel On
the Floor by former Morgan Stanley bond
trader Aifric Campbell.
“The real truth about the City – the
pressure and the ruthlessness – is best
written about by people who have lived
it,” says Campbell, who drew on her years
as Morgan Stanley’s first female MD on
the London trading floor.
The book tells the tale of Geri Molloy, a
major player at the fictional Steiner’s
investment bank in London, who earns
£850k a year doing business with a reclu-
sive hedge fund manager in Hong Kong.
So far, so good – except Molloy’s world
comes crashing down in the months lead-
ing up to the outbreak of the Gulf War in
1991, when life unravels in a spiral of
heavy drinking and – Lloyds shareholders
look away – debilitating insomnia.
“Geri’s story is not mine – she is a
maths genius, for example,” says
Campbell. “But the feel of that era, the
turning point on the road to the financial
crisis, is entirely plausible and authentic.
Such as the banter on the trading floor,
which some readers have found quite
graphic – I wanted to capture what it
felt like in that environment.”
Campbell joined Morgan Stanley
as a graduate in 1986 and left in
2001, and describes her time at the
bank as a “meritocracy” – albeit one
where it was harder, in her view,
for women to be promoted
and female traders needed
a robust sense of humour.
“There was no political
correctness at all,” recalls
Campbell, mindful of an
opening interview ques-
tion, aged 25, on
whether she planned to
get married and have
children.
Morgan Stanley, no
stranger to the odd
rumble with the US
Equal Employment
O p p o r t u n i t y
Commission, declined
to comment.
Above: Ex-Morgan
Stanley trader Aifric
Campbell’s novel is
published on 1 March
Jazz in the City
Listen tonight from 6pm on Jazz FM Listen tonight from 6pm on Jazz FM
The 'Jazz in the City' guest tonight is
John Harris CBE, former chairman and
founder of Alba, a leading distributor of
consumer electrical goods.
John was chief executive until 1992 and
since the flotation in 1987 has presided
over a team that acquired many famous
companies, including Bush, Goodmans,
Breville, and Grundig in a joint venture.
John is a trustee of the Helene Harris
Memorial Trust, which he started to
encourage better treatment and assist
research into ovarian cancer.
'Jazz in the City' is the weekly one-hour
radio programme, hosted by veteran
broadcaster Michael Wilson, that
brings the City to life, with some great
conversations and memorable music.
Michael talks to the people who make
the City tick and plays some of their
favourite jazz, soul and blues tracks.
Also on the show, Allister Heath, City
A.M.’s editor, gives his brief economic
and financial round up of what we can
expect from the City in the week
ahead.
'Jazz in the City' is kindly sponsored by
global fund manager Aberdeen Asset
Management.
Tonight 6pm: Allister Heath
and John Harris CBE on Jazz
FM - listen on DAB Digital
Radio, Sky 0202, Freesat 729
and at www.jazzfm.com
The Capitalist
CITYA.M. 13 FEBRUARY 2012
EDITED BY
HARRIET DENNYS
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @dennysharriet
Above: Thursday
Night Fever at the
Legal Business Awards
THE CRACK Baby, a favourite with Chelsea property developers,
isn’t as illegal as it sounds. But still – judging by the 26 vodka and
champagne concoctions of the same name a party of 14 socialites
got through when they visited Eclipse – the drink is just as addictive
as its Class-A namesake. As is the watermelon martini, the Walton
Street bar’s signature cocktail ordered by the group both individual-
ly and as the Total Eclipse super-size version, and one the venue
claims to sell 40 tonnes of each year. A quick scan of its ingredients
list suggests why that might be – the watermelon contains cit-
rulline, which converts in the kidneys to arginine, which is the
amino acid produced in synthetic form to make…Viagra. Valentine’s
Day, in case you had forgotten, is tomorrow.
BILL OF THE WEEK
21
GROWTH will restart early this year,
the Confederation for British
Industry’s (CBI) economic forecast pre-
dicted today, pointing to positive busi-
ness survey data.
The BDO optimism index, also pub-
lished today, points to a rebound from
the middle of 2012.
However, the Institute for
Turnaround (IfT) sounded a note of
caution, arguing low consumer
spending threatens to bankrupt more
firms, boosting unemployment
and further hurting the econ-
omy.
Following the 0.2 per
cent decline registered in
the first estimates of GDP
for the final quarter of
2011, the CBI has trimmed
its growth forecasts to 0.9
per cent for 2012 and two
per cent for 2013, from 1.2
per cent and 2.2 per cent
respectively in November’s
forecast.
“Economic condi-
tions will contin-
ue to be tough,
especially in the first half of the year,
and the UK recovery will depend on
the successful resolution of the
Eurozone crisis,” said CBI boss John
Cridland (pictured).
“But some activity has picked up
since before Christmas and the mood
among many businesses has
improved.”
He also argued that growing trade
and business investment will boost
GDP, and falling inflation will lessen
the long squeeze on households.
The BDO optimism index, which
indicates confidence two quarters
ahead, jumped from 91.5 in
December to 94.1 in January, with
businesses in both services and
manufacturing reporting grow-
ing optimism.
However, in the short-term
the index forecasts falling
turnover, and the IfT’s report
said 30 per cent of firms in
London and the south east are
“zombies” – unable to repay
debts and struggling with
weak demand. It argued
that such a grim situa-
tion may lead to
more firms fail-
ing.
CBI: Economic
recovery will
kick in soon
BY TIM WALLACE
UK ECONOMY

CONSUMER price index (CPI) inflation
figures published tomorrow are set to
show the pace of price rises slowed fur-
ther, as 2011’s VAT rise drops out of the
data and commodities prices slowed.
CPI inflation fell from 5.2 per cent
in the year to September to 4.2 per
cent in December. Economists widely
expect the headline figure to drop to
3.6 per cent in the year to January –
still well above the two per cent target
the Bank of England is supposed to hit.
That means Governor Mervyn King
will have to write his ninth consecu-
tive quarterly open letter to chancellor
George Osborne explaining why infla-
tion is so high. If Wednesday’s Bank of
England report still forecasts a fall
below two per cent in the medium
term, markets may well take the out-
look as an indication the MPC will fur-
ther add to QE in May.
Inflation to fall as
VAT drops from data
UK ECONOMY

News
22 CITYA.M. 13 FEBRUARY 2012
ANALYSTS’ VIEWS: WHAT WILL TOMORROW’S INFLATION DATA SHOW?
By Tim Wallace

VICKY REDWOOD| CAPITAL ECON
Inflation now appears to be on a clear
downward trend. As the VAT effect drops out,
knocking 0.7 per cent or so off inflation, we pre-
dict a fall to 3.2 per cent in January – high
enough to prompt an explanatory letter to the
Chancellor. We expect inflation to be
below one per cent by the end of this year.


MICHAEL SAUNDERS| CITI
I expect January’s inflation to come in
at 3.6 per cent. With demand weakening we
expect the MPC will conclude inflation is likely to
fall below target two to three years ahead. Such a
forecast would bias them to more QE. Given the
powerful economic headwinds, the eventu-
al scale of QE is likely to be massive.


HOWARD ARCHER| IHS GLOBAL INSIGHT
Data tomorrow are expected to show inflation retreated markedly to a 14-month low of 3.6 per cent. We expect
it will trend down steadily to around two per cent by the end of 2012 helped by the waning impact of sharply rising oil,
commodity and food prices in early 2011, and by weak economic activity and elevated unemployment.

NEWS | IN BRIEF
More first time buyer mortgages
The number of mortgages offering 95
per cent loan-to-value (LTV) deals to first
time buyers has hit its highest level since
before the financial crisis, the Mortgage
Advice Bureau claims this morning. The
broker says there are currently 59 such
deals open to people looking to make
their first step onto the property ladder,
offered by 21 different lenders.
Russians grab investment visas
Wealthy Russians are increasingly mov-
ing to the UK through the use of “invest-
ment visas”, commercial law firm
McGrigors has said today. The number of
investment visas issued has surged from
43 in 2008 to 320 in 2011, with over a
fifth granted to Russians. Introduced in
2008, the visas give a three-year right to
stay for people with at least £1m to
invest in the economy.
Step-parents fail to update wills
Parents with step children or adopted
children are around twice as likely to put
off the drawing up of a will, according to
figures from Investec’s wealth and
investment arm. The group says that 35
per cent of parents with step children
have “avoided creating or amending a
will because they are unable to decide
how to divide their assets”, while the fig-
ure rises to nearly half (47 per cent) for
parents of adopted children. Among
other parents, one fifth have put off mak-
ing or amending a will.
Small companies borrowing less
The number of small firms using bank
overdrafts or loans has dropped in the
last two years, according to a poll by the
Federation of Small Businesses (FSB).
The group will argue today that banks
are not lending enough to small firms.
Adidas Olympic mentions by category
Regional News
Topicals
Twitter
Blogs
Other
National News
%
15
16
34
20
9
6
Brought to you by
IN ASSOCIATION with Repskan.com,
the media monitoring and analytics
platform, City A.M. is measuring the rel-
ative 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 1 February to
Wednesday 8 February.
This week’s up-lift in
online mentions has
been focused on the
business side of
Adidas’s Olympic spon-
sorship. The BOA (British Olympics
Association) has agreed Team GB will wear
Adidas-sponsored outfits on the medals
podium. But athletes can have other spon-
sors for the footwear in which they compete,
and there is a suggestion that they will
breach such sponsorship deals if they wear
Adidas shoes to accept their medals.
This has led to wild claims of barefooted ath-
letes on the podium, but it seems unlikely. A
BOA official said the clause had been in place
at the last two summer Olympic Games.
Olympic Media Buzz
LONDON 2012 PARTNERS
TOP TEN PARTNERS BY MENTIONS
Brand Position change
Samsung 0
Visa 1
BMW 1
Coca-Cola -2
Adidas 1
GE 6
Cisco 7
BP 5
Deloitte 9
Panasonic -3
HOW CAN A FINANCIAL INSTITUTION AVOID
GETTING BLINDSIDED?
SCAN THE CODE TO LEARN MORE.
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or throughout the global economy. That’s why more companies
are turning to Certified Financial Risk Managers. Every FRM
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mastered the specialized knowledge that’s sought after by banks,
consultancies, corporations, and asset management firms. No one
is better qualified to handle the complexities of credit, market,
and operational risks. If you want to help companies improve their financial vision,
take the first step by earning your FRM certification. Visit the Global Association
of Risk Professionals (GARP) at garp.org/frm.
LONDONERS are saving more cash
than people in any other part of the
UK, a survey reveals this morning,
while a separate study shows faster
private sector growth in the capital
than in most other regions.
Business activity in London jumped
to a six-month high at the start of the
year, recording 57.5 in Lloyds’ latest
purchasing managers’ index (PMI) –
up from 53.2 at the end of last year.
January’s output from London
grew at the equal second fastest rate
in the UK, behind only the West
Midlands, the figures showed.
Overall England, and the whole of
the UK, both reached 10-month highs
for business output growth – yet the
report also warned that job creation
“remains muted, especially in the
south”.
Despite economic worries,
Londoners are stashing away an aver-
age of £338 per month, according to
separate figures from HSBC – above
the national average of £237.
People in London and the rest of
the south east have the highest total
savings, the report said, averaging
£21,186 and £21,324 respectively.
Yet fewer than a third (30 per cent)
of people in the capital regularly save
money each month.
Londoners save more while
business activity expands
BY JULIAN HARRIS
UK ECONOMY

News
23 CITYA.M. 13 FEBRUARY 2012

50.0
55.0
60.0
Darker colours
show faster
growth in
business activity.
PMI figures
for January
*Northern Ireland not
included on the map
Private sector expansion varies across regions of the UK
A SERIES of City bankers have been
arrested in a probe into tax evasion
related to film financing.
Four current and one former mem-
ber of staff at the investment banking
arm of Royal Bank of Scotland, as well
as three London workers from US
bank Jefferies and one from com-
modities broker Marex Spectron are
believed to have been held.
Officials from HM Revenue &
Customers (HMRC) carried out several
raids last week after looking into alle-
gations that bankers had used film
finance schemes to avoid paying
taxes. Around 16 people are thought
to have been arrested.
It comes after HMRC launched a
series of crackdowns to ensure
wealthy people pay sufficient tax as
the Treasury struggles to cut the
yawning budget deficit. Footballers,
property dealers and builders are
among those to have been targeted
after political criticism of the agency.
Last week’s banker raids were in
connection with the financial affairs
of the individuals, rather than their
employers.
The arrests are believed to have
been made on Wednesday at the
bankers’ homes across London and
the Home Counties.
A spokesman for HMRC said: “As a
result of an ongoing HMRC investiga-
tion into tax-related criminal
offences, HMRC has arrested a num-
ber of people, some of whom work for
UK banks. This investigation relates to
the actions of the people arrested in
relation to their own financial affairs
and is not connected to the business
activities of the banks.”
RBS said: “We cannot comment on
an ongoing investigation but are fully
co-operating with HMRC.”
RBS, 83 per cent taxpayer-owned, is
scaling back its riskier investment
bank under pressure from the
Treasury. It recently agreed to sell its
legendary stockbroker Hoare Govett
to Jefferies for £1.
Last week RBS chief executive
Stephen Hester said he had consid-
ered quitting during the furore over
his bonus. He ultimately turned
down the payout, worth almost £1m
in shares, after chairman Sir Philip
Hampton waived a bonus that was
potentially worth £1.4m.
Marex declined to comment on the
HMRC inquiry. Nobody from Jefferies
could be reached yesterday.
BRITONS are starting to make more
frequent trips to bars, restaurants and
clubs after two years of belt-tighten-
ing, in a sign that the leisure sector
may be able to capitalise on “austerity
fatigue”.
Pub and bar visits have increased by
2.2 per cent compared to last year,
with the average UK consumer going
to the pub 4.6 times a month com-
pared with 4.3 in the summer of 2011,
according to advisory firm Zolfo
Cooper’s Leisure Wallet report.
The average spend per visit, howev-
er, has continued to decline, by 9.5 per
cent in pubs to £14.69, as incomes con-
tinue to fall across the country.
Zolfo Cooper said that the average
household income of the 3,000 con-
sumers sampled fell by £640 to
£30,584 year-on-year.
Paul Hemming, partner at the com-
pany said despite falling disposable
incomes, “consumers are increasingly
aware that the economy is experienc-
ing a prolonged trough not a dip”.
“After at least two years of virtuous
belt-tightening, they are fed up of
being stuck indoors by an austerity
curfew and are now beginning to ven-
ture out more often,” he said.
Restaurant visits were up by four per
cent to 2.6 per month in the year
while spending continued to slide by
eight per cent to £15.90 from £17.28,
which Zolfo Cooper said was “unsur-
prising” given the widespread use of
vouchers. Clubs were hit by the largest
decline in spending of 12.4 per cent.
Pub and restaurant visits increase but
Britons continue to rein in spending
GERMAN travel group TUI looks set to
agree the sale of its stake in container
shipping firm Hapag-Lloyd to majority
shareholder the Albert Ballin consor-
tium this week.
A spokesman for the finance
authority for the city state of
Hamburg, part of the Albert Ballin
consortium, said it was quite possible
that a deal would be announced on
Wednesday, when TUI holds its annual
shareholder meeting. A TUI
spokesman told Reuters news agency:
“We are in advanced and good talks.”
TUI has for months been inching
toward a deal that would keep the
world’s fifth-biggest container shipper
in German hands, as well as being
affordable for the city of Hamburg and
other consortium members.
The Ballin group of investors also
includes Klaus-Michael Kuehne, the
majority owner of Swiss group Kuehne
& Nagel. Sources said earlier this
month that the consortium may buy
20 per cent of Hapag-Lloyd.
TUI moving closer to sale
of stake in Hapag-Lloyd
RETAIL

PEACOCKS administrator KPMG was
locked in rescue talks with the
remaining bidders this weekend to
decide the fate of the collapsed dis-
count fashion retailer.
The firm is expected to make a
final decision on the sale of the 600-
store chain as early as this
Wednesday. But even if a sale is
agreed, hundreds of underperform-
ing shops are likely to be closed under
the new owner.
Property consultancy Jones Lang
LaSalle has been lined up to advise on
the disposal of surplus stores after
the sale has been completed, it is
understood.
Three bidders were still in the race
this weekend to buy Peacocks, which
collapsed last month after rescue
talks, including injecting fresh equity
and a debt-for-equity swap with its 18
lenders, ultimately failed.
It holds around £750m debt accord-
ing to KPMG, while it made sales of
£720m in the year to April 2010.
Alshair Fiyaz, the Pakistani busi-
ness tycoon, is understood to still be
looking at the company in partner-
ship with the Danish investment
fund Solstra Capital Partners, while
the identity of the other bidders
remains unclear.
Peacocks’ 9,300 staff wrote to
KPMG last week urging any potential
buyer not to break up the group, and
to keep its head office, where 249
staff have already been made redun-
dant last month.
“Many of us are young, many are
earning the national minimum wage
and will be facing long-term unem-
ployment if we lose our Peacocks
jobs”, the letter said.
A “Save Peacocks” Facebook page
has won more than 15,000 members
and a petition has collected more
than 27,000 signatures.
Peacocks braced for job cuts
BY KASMIRA JEFFORD
RETAIL

Bankers held
in tax probe
into film cash
BY PETER EDWARDS
BANKING

BY KASMIRA JEFFORD
LEISURE

News
24 CITYA.M. 13 FEBRUARY 2012
MERYL STREEP AND THE ARTIST TRIUMPH AT BAFTA AWARDS
SILENT film The Artist was the big winner at last night’s 56th annual Bafta awards, taking
home seven of the 12 gongs it was nominated for, including best film. Its leading man Jean
Dujardin (above left with the film’s producer Thomas Langmann, centre) was named best
actor at the ceremony, which was held at London’s Royal Opera House, while Michel
Hazanavicius (above right) took home best director. Academy award favourite Meryl Streep
(inset) won best actress for her role as Margaret Thatcher in The Iron Lady. Though British
star Gary Oldman lost out on the best actor prize for Tinker Tailor Soldier Spy, the film’s co-
writers Peter Straughan and his late wife Bridget O’Connor picked up best adapted screen-
play for their interpretation of the classic John le Carré story. Pictures: GETTY
NEWS | IN BRIEF
Pioneering BofA boss dies
Tom Storrs, who set a small North
Carolina bank on the path to becoming
one of the largest US financial institu-
tions, died on Friday at age 93. Storrs
was chairman and chief executive officer
of North Carolina National Bank from
1974 to 1983, leading the company
through volatile economic times and the
first wave of out-of-state acquisitions
that eventually led to the creation of
today’s Bank of America. As CEO, Storrs
helped lay the groundwork for the
Southeastern Regional Banking Compact,
which was an early step toward inter-
state banking in the United States.
Apple seeks Samsung injunction
Apple has asked a California court to
issue a preliminary injunction to block
sales of Samsung's new Galaxy Nexus
smartphone, alleging the device infringes
four Apple patents. The move marks
another escalation of the legal battle
between the world's top two sellers of
smartphones, with Apple re-focusing its
arguments to account for Samsung's ris-
ing position in the business.
Cracks could cost Airbus €100m
Dealing with the wing cracks found in
Airbus A380 superjumbos could cost
the European plane maker up to
€100m (£83.6m), a German magazine
reported. Checking and repairing the
wings of the 69 aircraft already in
service could cost about €70m, weekly
Der Spiegel said yesterday, citing
unidentified industry experts and peo-
ple at Airbus.
New from City A.M., we bring you the latest
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ƉƌŽǀŝĚĞƐ >ŽŶĚŽŶ ƉƌŽĨĞƐƐŝŽŶĂůƐ ǁŝƚŚ ĂĐĐĞƐƐ ƚŽ
ƚŚĞ ŵŽƐƚ ƐŽƵŐŚƚ ĂŌĞƌ ƉŽƐŝƟŽŶƐ͕ ƐŽ ŝĨ LJŽƵ͛ƌĞ
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THE BEST ROLES NEED
THE BEST CANDIDATES.
W W W . C I T Y A M C A R E E R S . C O M
F I NA NC E B A NK I NG L E GA L I T
Edison Investment Research
The investment research firm has made
three new hires in its international cover-
age team, based in London. Christian
Glennie joins the healthcare team as a life
science analyst from EvaluatePharma,
Jonathan Goslin joins the financials team
from Altium Securities and Colin
McEnery moves from BP to join Edison’s
oil and gas team.
Ernst & Young
Mark Robertson, formerly global man-
aging director of P&C business services
and managing director of UK Insurance
at Accenture, has joined Ernst & Young
to lead the UK insurance team.
Robertson originally joined Ernst and
Whinney in 1986 and rejoined in 1997,
rising to UK insurance lead for
CapGemini Ernst & Young.
HSBC
HSBC has appointed Amit Gupta as
chief executive for southeast Asia,
HSBC Private Bank. Gupta joined
HSBC in India in 1992 and held the
roles of senior economist, head of
derivatives and head of sales before
relocating to Singapore in 2000 to
develop the southeast Asian deriva-
tives business. He was most recently
treasurer and managing director, head
of global markets in Singapore.
Investec
Investec Growth & Acquisition Finance,
part of Investec Specialist Bank, has
appointed Shaun Mullin to focus on sen-
ior debt deals for entrepreneurs and pri-
vate equity firms. Shaun will report to
Ed Cottrell, Head of Investec Growth &
Acquisition Finance. Shaun joins from
Barclays, where he was most recently a
director in the debt finance team.
Morrison & Foerster
Melody He-Chen, a corporate lawyer
who specialises in representing invest-
ment banks and Chinese, American
and international companies, has
joined the firm’s Hong Kong office as a
partner in the corporate group.
Citi
Saiid Ghobadian has been appointed as
EMEA head of OpenCollateral, Citi’s col-
lateral management product solutions
division. Ghobadian joins from JP
Morgan, where he was in charge of
product development for Securities
Collateral Management in EMEA.
CITY MOVES | WHO’S SWITCHING JOBS Edited by Harriet Dennys
+44 (0)20 7092 0053
morganmckinley.com
To appear in CITYMOVES please email your career
updates and pictures to citymoves@cityam.com SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT
in association with
BEST OF THE BROKERS
To appear in Best of the Brokers email your research to notes@cityam.com
ANALYSIS l Diageo PLC
1,450
1,400
1,350
1,300
Dec Jan Feb
p
1,483.50
10 Feb
DIAGEO
Nomura raises its price target from 1,470p to 1,520p, and kept its rating as
“neutral” after the world’s biggest spirits group posted a seven per cent
rise in first-half operating profits last week to £1.87bn. Nomura said top
and bottom line growth was marginally better than expected and raised its
target price to reflect the reduction in the firm’s ongoing tax rate, which fell
from 20 to 18 per cent.
ANALYSIS l Domino'S Pizza UK & IRL PLC
480
460
440
420
400
Dec Jan Feb
p
478.00
10 Feb e
DOMINO'S PIZZA UK & IRELAND
Collins Stewart retains its “buy” recommendation with a target price of
460p ahead of Domino’s preliminary results on 15 February. The bank said
Domino’s has historically delivered a c.10 per cent upgrade cycle per annum
and while 2011 did not deliver this, 2012 could prove equally challenging.
“Our positive stance is predicated on delivering a strategy that will drive
the adequate volume growth to support upgrades,” Collins Stewart said.
ANALYSIS l National Grid PLC
640
630
620
610
600
Dec Jan Feb
p
632.50
10 Feb
NATIONAL GRID
JP Morgan downgrades National Grid to “neutral” from “outperform”, with a
price of 640p and warns that shares may struggle to outperform “until there
is regulatory and strategic clarity”. The bank said that while National Grid is
the second best performing European utility over the last 12 months, 2012
will prove more challenging as 80 per cent of its asset base, all of its UK regu-
lated businesses and 40 per cent of its US rate base, face regulatory reviews.
The Salamanca Group
Jeremy Wrathall has been appointed as manag-
ing director of Salamanca Resources, the
recently formed division of the group that will
focus on the metals and mining sector. He joins
Salamanca from Renaissance Capital, where he
was head of investment banking for the firm’s
London operation and had responsibility for
metals and mining, focusing on Africa. In previ-
ous roles, Wrathall was global head of mining
equities at Deutsche Bank and global head of
mining equity sales at UBS.
News
26 CITYA.M. 13 FEBRUARY 2012
WALL STREET WEEK AHEAD
D
ESPITE a mediocre earnings sea-
son and signs of an overbought
market, Wall Street bulls are
likely to remain in control this
week.
So far in this earnings season, 352
companies in the S&P 500 have
reported results, of which only 63 per-
cent have beaten Wall Street esti-
mates. This compares to a beat rate of
about 70 per cent on average for the
past four quarters and would be the
lowest since the fourth quarter of
2008.
Usually, strong earnings are associ-
ated with stock market rallies and
improved investor sentiment. But
despite this season’s relatively weak
results, the S&P is up nearly 7 per
cent for the year, and the index has
posted gains for every single week in
2012, except for a 0.2 percent loss last
week.
There are a number of catalysts
that have helped the market this year,
including a slew of improved eco-
nomic data and the Federal Reserve’s
vow to keep interest rates low.
Fed Chairman Ben Bernanke last
week reiterated his plans to hold
interest rates at record lows until late
2014. Many economists were looking
to see if Bernanke might waver on
that stance after news that hiring
surged in January and the unemploy-
ment rate fell to a three-year low of
8.3 per cent.
Also the Institute for Supply
Management said its services index
rose in January to its highest since
February 2011.
"Earnings upgrades by sell-side ana-
lysts tend to move in line with eco-
nomic momentum, with global earn-
ings momentum typically turning
positive when the ISM new orders
moves above 52,” said Credit Suisse
Group AG’s analyst Andrew
Garthwaite.
“Yet, new orders are now at 57, and
earnings momentum continues to be
clearly negative,” he said, adding that
"this was a problem but not necessar-
ily bearish for markets."
The S&P 500 slid 0.7 per cent on
Friday, its biggest percentage decline
so far in 2012 after an about-face on
Greece’s debt deal ended a five-week
streak of gains for equities.
Investors have anxiously awaited a
bailout package for Greece so the
country could avoid a messy debt
default, but complications have tied
up talks for weeks.
An agreement finally came last
week but it was dealt a blow as Greek
workers went on strike to oppose fis-
cal reform measures requested by the
European Union and International
Monetary Fund.
BUSINESS Secretary Vince Cable has
come under fire for not lobbying hard
enough to save the sale of BAE
Systems’ Eurofighter jets to India.
Fylde MP Mark Menzies said he had
tabled questions to the Department of
Business over its backing of the bid.
BAE thought it had secured a con-
tract to part assemble the 126
Typhoon jets at Warton and
Samlesbury. But last month India’s
government said it planned to buy
cheaper jets from French firm
Dassault. The Typhoon jet is built by
the German and Spanish branches of
EADS, Britain’s BAE Systems and Italy’s
Finmeccanica.
Menzies has claimed the
Department of Business Innovation
and Skills is ultimately responsible for
exports and said Cable should be
doing more to chase the contract.
The Department for Business
replied that ministers have been
involved at a number of levels and
Cable had been personally involved in
discussions with his Indian counter-
parts and had been on two trade mis-
sions to help secure the deal.
BAE Systems, which has been laying
off staff and is debating the future of
warship production at its Portsmouth
plant, is likely to face further scrutiny
this week after reports that its three
top executives will receive bigger
bonuses because of a £200m tax rebate
related to spending on research and
development.
The Sunday Times said the rebate
will boost the company’s earnings to
share – the measure by which annual
bonuses and long-term share rewards
are calculated. This could mean multi-
million pound bonuses for chief execu-
tive Ian King, US chief Linda Hudson
and finance director Peter Lynas,
according to the report.
Cable under fire over
lost Eurofighter deal
BY JENNY FORSYTH
AVIATION

Business Secretary Vince Cable has been criticised over the failed bid Picture: GETTY
T
O SOME, working with a spouse is a
recipe for divorce. Thankfully,
more than 20 years after buying a
bankrupt business in Cornwall sell-
ing sheepskin boots, we’re still happily
married – and Celtic Sheepskin is one of
Britain’s largest sheepskin footwear and
natural clothing companies. Here are
some lessons we’ve learned about keep-
ing both relationships on track.
Philip Salter talks to
Mairead Molloy,
founder of an elite UK
introductions agency
HOW TO RUN A
BUSINESS WITH
YOUR SPOUSE
KATH & NICK
WHITWORTH
FEES START FROM £8,000 (+VAT) – WHY DO
YOU THINK PEOPLE ARE WILLING TO PAY SO
MUCH?
People pay the fee as they want to meet
someone on the same financial footing.
The world has changed, for women espe-
cially. We marry later, have kids later and
earn more. A woman’s shopping list for a
man now has increased and become
more precise in the last five years. Social
structures change, people change, tech-
nology changes, demands and expecta-
tions become higher. And we are
providing a service that reflects those
changes.
HOW DOES THE PROCESS WORK?
After the initial enquiry is made, we
invite them for an interview at our office
in Berkeley Square. This is to find out as
much as we can about them, and what
they’re looking for. Discretion is critical.
If they become a member, they’ll find
that there are no pictures or profiles. We
pick the people for each other based on
what we know about our members. We
give the number to the guy, who then
calls the girl (always that way round). We
leave it to them to then meet. Each one
feeds back to us on how the date went,
and we then give that feedback to the
other one. They either meet again or not.
We take each round of feedback from
every date and put that into the next one,
so that we get it right. Communication is
the key to success.
WHAT DID YOU DO PRIOR TO SETTING UP
BERKELEY INTERNATIONAL?
I initially set up a computer company,
which I ran for six years before selling it.
It allowed me to move to Cannes, where I
bought a hotel – drawing on studies I
took in hotel management in Dublin.
Again, I ran this for just over six years,
then set up Berkeley international.
YOU HAVE APPEARED ON AMERICAN TV – IS
THIS USEFUL FOR MARKETING?
TV is a wonderful medium for brand expo-
sure – that’s no secret. However, you have
to be a certain type of person to succeed on
television. I’m still not sure if it suits me or
not. You also need the right sell: TV cover-
age around the subject of dating is a natu-
ral intrigue for viewers – people love to
watch others and experience their highs
and lows. That’s why Big Brother is still on
our screens – it’s a modern-day panopticon.
For entrepreneurs who go on television,
the key is to be confident and to be armed
with knowledge.
WHAT ARE THE KEY SKILLS OF AN
ENTREPRENEUR?
You have to be a self-starter and be able to
Business Features| Entrepreneurs
27
CITYA.M. 13 FEBRUARY 2012
Up-market dating as a
business opportunity
LISTEN TO EACH OTHER
Being married helped change the entire
focus of our range. When we took over
the company in 1990, our stock amount-
ed to just seven pairs of sheepskin boots –
all in grungy dark colours. Although the
boots had been specifically designed for
men, Kath felt, with a few tweaks, they
could be ideal for women. So we intro-
duced a range of brighter colours, smaller
sizes and two different heights – and
that’s when sales really took off.
BUT DON’T BE TOO DEPENDENT
Although we both have very different
ways of looking at things, we can still rely
on quick gut decisions individually where
necessary. That’s been a huge advantage
over the years. Suppliers have asked:
“Don’t you need to check that with some-
one?” And we’ve often said: “No.”
KEEP A SENSIBLE DISTANCE
In the past we’ve worked in different
premises, albeit a minute’s walk away. It
can sometimes help not to be under each
other’s feet all day. But we’re able to share
the same office too. In fact, we do so
today – and we’re still alive to tell the tale.
SHARE A VISION
We both share exactly the same goals: to
look after the brand and the customers.
That’s all we’ve ever wanted and that has-
n’t changed since the beginning. If you do
what’s right for the customer, the rest
will follow. Working together also helps
in the eyes of our staff, as it encourages a
stable and happy working environment.
LEAVE TIME FOR THE (OTHER) CHILDREN
We’ve always looked upon the business as
a third child – it’s just as demanding and
you can’t neglect it to look after the kids,
any more than you can neglect the kids to
look after work. So all three were always
at the forefront of our minds. But now
the other two have left home, number
three is getting even more attention.
DISCUSS SOMETHING ELSE
Unlike most couples, one discussion we
never have at the end of the day is: “What
have you been up to today?” The answer is
always: “Same as you.” So we do make
sure we talk about non-work related
things too.
Kath and Nick Whitworth are the owners of
Celtic Sheepskin. Adapted from 25 Years, 25
Insights, published by Piper Private Equity to
mark its 25th anniversary. In May 2011, Piper, a
specialist in consumer brands, invested in Celtic
Sheepskin www.piperprivateequity.com.
Partnerships are
all about finding
the right person
J
UST a decade ago, the idea of going
beyond family and friends to help find
one’s significant other would be greet-
ed by a mixture of confusion, curiosity
and pity. However, times change and the
plethora of introduction or dating agencies
have expanded apace. Tomorrow is
Valentine’s Day – and of course entrepreneurs
have stepped in to help others hunt for love.
Berkeley International (see article right)
aims to match up some of the wealthiest
people around – money might not be able to
buy you love, but it can clearly help facilitate
the process. Mairead Molloy’s background in
psychology has, she says, “helped in under-
standing what my clients are looking for and
why.” Although particular characteristics
suit someone to being an entrepreneur,
Molloy and others prove there is no defined
list of hard skills necessary to succeed.
Molloy is adamant that being in control is
a key prompt for her entrepreneurial spirit –
it’s common to hear entrepreneurs say this:
most simply can’t imagine working for
someone else. However, many entrepreneurs
start businesses in partnership with some
else – sometimes their significant other.
Husband and wife Nick and Kath Whitworth
(see article below) give their top tips on how
to negotiate the trials of starting a business
without rocking your relationship.
But your business partner doesn’t have to
be your other half for your relationship with
them to be significant. The most talked
about companies in recent years have been
partnerships. The late and great Steve Jobs
couldn’t have built Apple without Steve
Wozniak – they met in lectures at the offices
of two other modern tech legends: Bill
Hewlett and David Packard. Microsoft’s Bill
Gates and Paul Allen and Goggle’s Larry
Page and Sergey Brin deserve equal credit.
All of the above met by chance in the real
world; but as with dating, the internet has
the potential to open up the many and var-
ied ways that business partners can meet. In
the UK, Company Partners (www.company-
partners.com) tries to bring together like-
minded business partners (as well as angels
and mentors); and was founded, appropri-
ately enough, by the husband and wife team
Dr Hazel and Lawrence Gilbert.
PHILIP
SALTER
FEATURES WRITER
CITY A.M.
work well and motivate yourself on your
own – don’t be afraid to take a risk. It’s also
important to network intelligently, in
whatever industry you work in. You never
know who you are going to meet.
WHAT MADE YOU WANT TO START YOUR OWN
BUSINESS AND WHAT ADVICE WOULD YOU
GIVE TO ANYONE LOOKING TO DO THE SAME?
I need to be in control of what I’m doing. I
need to be my own person, so I guess I
knew from an early age that I would always
have my own businesses.
In terms of insight, I’ve learnt not to
spend too much money at the beginning. I
have also learnt that intelligent delegation
is fundamental – surround yourself with
good people. And don’t be too trusting (it’s
terrible to say, but true).
Job title: Global director
(and founder)
Company turnover: £1m (est. 2012)
Age: 36
Born: Wexford, Ireland
Lives: Between Cannes, Paris and London
Studied: BSc Psychology and Masters
Law/Criminology
Drinking: A little red wine
Reading: Anything related to psychology or
crime in the media/police
Talents: Dynamic, extrovert, able to listen
Favourite business book: The Upside of
Irrationality by Dan Ariely
First ambition: It was never the job that
mattered, but that whatever I did I had to
be in control of it. I’ve been an entrepreneur
all my life
CV | MAIREAD MOLLOY | BERKELEY INTERNATIONAL
Helping people
find love in all the
right places
L
AST week, the Prime Minister delivered a
speech in Stockholm about diversity in
the work-place, making the capitalist case
that equality should drive more efficient
business outcomes by realising a broader range
of entrepreneurial talent. This welcome shift in
emphasis highlights why mandatory gender
quotas in the boardroom are such a bad idea.
In Norway, a 40 per cent quota for female
directors was rolled out in 2003. Last year,
research by Kenneth Ahern and Amy Dittmar at
the University of Michigan Business School
found: “The quota caused a significant drop in
the stock price at the announcement of the law
and a large decline in Tobin’s Q [measuring
asset value] over the following years… The quota
led to younger and less experienced boards,
increases in leverage and acquisitions, and dete-
rioration in operating performance, consistent
with less capable boards.” So, the left-wing clar-
ion call for gender quotas and positive discrim-
ination is not just anti-meritocratic in principle
– it is also counter-productive in practice.
But can equality of opportunity alone drive
social change? No. Social policy – including bet-
ter state education and welfare-to-work – is cru-
cial to social mobility. However, too often the
equality debate fails to celebrate the social
progress Britain has made. According to the
Hansard Society, women hold half the most
senior jobs in the civil service. Women in their
twenties now earn 3.6 per cent more than men.
Boardroom representation remains too low, but
it has doubled since 2000.
When it comes to gender pay and promotion,
the key issue is no longer institutional sexism –
although lurking prejudices will never be elim-
inated in a free society – but more the chal-
lenge for ambitious women of combining the
dual roles of bread-winning and child-caring.
Even there, major social shifts are underway.
Studies by Aviva found that the number of stay-
at-home Dads rose tenfold between 2000 and
2010. By 2011, fathers were the primary parent
in one in seven homes. Those feminists who
stigmatised stay-at-home mums for so many
years can take little credit for that.
Today, gender is not irrelevant. But we have
robust anti-discrimination laws, and most men
and women want to be treated as individuals
first and foremost – judged on their talent and
hard-work. The rising cost of childcare is a seri-
ous issue, but it is a common challenge for
most couples – not the latest pitched battle in
the war of the sexes. We need practical support
for working families, not social engineering.
So, the Prime Minister is right to moot tax
breaks for working parents to help with child-
care and home help. Likewise, making parental
leave transferable (without extending it) and
transferable personal income tax allowances
would empower women and men by promoting
choice within couples. Labour MPs squawked
that the government was “out of touch”. Yet,
the left’s obsession with boardroom quotas is
elitist and irrelevant to the reality for most
working women on low or middling incomes.
The same is true of wider positive discrimina-
tion under the Equality Act. Kat Akingbade was
devastated when her boss told her she got her
dream job as a TV presenter because she was
black. Bravely, she spoke out: “Positive discrimi-
nation robs an individual of drive and self-moti-
vation; it completely undermines the
achievements and abilities of the hard-working
and truly gifted. If employers are pressed to
select candidates on the basis of race, sex or
gender to diversify the workplace, they will care
less about a candidate’s ability, and eventually
one ‘protected characteristic’ will blur into
another.” The voice of young, modern, aspira-
tional Britons like Akingbade is poorly repre-
sented in the equality debate that rages in the
cloistered confines of the Westminster village.
The latest bug-bear is the claim – echoed by
various commentators on the left – that the
Conservatives have a problem with female vot-
ers. The underlying assumption is itself deeply
patronising and insulting to women – as if
there are a cluster of issues that could seal the
female vote, if only the right policy buttons
were pressed. Can you imagine anyone ever say-
ing that about the male vote? The claim is
almost entirely a fabrication of Fleet Street, as
some pollsters have pointed out. As David
Cameron delivered his speech in Stockholm,
the latest YouGov poll showed the
Conservatives doing 1 per cent better with
women than men – and the Labour Party faring
6 per cent worse with men than women. So, if
the Conservatives have a problem with female
voters, it is nothing compared to Ed Miliband’s
problem with men.
Britain’s fossilised equality debate needs to
be brought into the twenty-first century.
Gender quotas and positive discrimination
(including preferment dressed up as positive
action) should be banned on principle, with
more practical support to help working couples
make the individual choices that suit their
lives, values and priorities.
Dominic Raab is the Conservative MP for Esher &
Walton.
28
The Forum
CITYA.M. 13 FEBRUARY 2012
Today, most men and women
want to be treated as
individuals first and foremost
Gender quotas are wrong
and don’t work – it’s time to
treat people as individuals
cityam.com/forum
DOMINIC RAAB
Agree? Disagree? Got a sharp comment?
The Forum wants you to join the debate.
COMMENT NOW ON
Twitter: @cityamforum;
on the web: cityam.com/forum;
or by email: theforum@cityam.com.
Top responses will be reprinted in The Forum.
L
ET us imagine two bankers. Let’s call
them Jocelyn and Alastair. Last year they
were both paid £2m. Jocelyn had a basic
salary of £500,000 and a bonus of £1.5m.
Alastair had a basic salary of £2m and no
bonus. Who thinks that Jocelyn should pay
more in tax than Alastair? Ed Miliband seems
to be the only one.
Now, before everyone screams that this is
not so, let me clarify what I mean. Obviously,
many people think both Jocelyn and Alastair
should pay more tax than they do. I don’t hap-
pen to be one of them, but this is a large
group. A smaller, but still significant number
would probably advocate a tax rate of 100 per
cent which kicked in at a rather lower figure
than £2m, reasoning that no-one needs to
earn that much money. Some of those people
may have thought through the consequences
and be quite prepared to say goodbye to the
Premier League and a large part of the UK film
and music business. This is not a view I share,
but probably one that many people hold. But
I don’t think I know anyone who thinks
Jocelyn should pay more in tax than Alastair.
There are obvious advantages to a system in
which people are remunerated partly by
means of a bonus. When, as is common in
banking, bonuses are paid partly in shares, it
is a form of the John Lewis economy that Nick
Clegg was advocating a few weeks ago. It can
be motivating for employees and rewards tal-
ented people more than their less talented col-
leagues. Furthermore, imagine that the bank
that employs Jocelyn and Alastair is in finan-
cial difficulty. That shouldn’t stretch your
imagination too much. It has to shed staff.
Shedding Alastair would seem best. Both earn
the same amount of money, but Jocelyn has
evidence he is doing a good job. But it is more
expensive to fire Alastair, as his severance pay
will be linked to his higher basic salary. Paying
a large proportion of a person’s salary in the
form of a bonus makes them cheaper to fire.
But the bank payroll tax enacted in the
Brown administration – and which Labour
wants to reintroduce – charged higher taxes
when part of the remuneration was in the
form of a bonus. It encouraged banks to move
away from the fairer and more efficient sys-
tem. Bonuses were converted into higher basic
salaries, making the demonised bankers hard-
er to fire. Their remuneration then did not
decline with the recession, as it would have,
automatically, under a bonus scheme.
Sometimes banks will define the objectives
for their senior executives badly. Sometimes a
bonus will incentivise a banker to pursue risky
lending strategies. But they are quite capable
of learning from their mistakes. This is not a
reason to get rid of incentives altogether.
There is no basis in fairness or in good bank-
ing policy to penalise bonuses. If anything, the
tax system should encourage employers, espe-
cially of those on fairly generous total remu-
neration packages, to use a bonus system. It
rewards people more fairly. It automatically
adjusts costs in line with market fluctuations.
It makes it easier to shed surplus staff. No one
but Miliband can be against that.
Quentin Langley is a senior lecturer at the
University of Bedfordshire Business School and the
editor of BrandjackNews.com
29
Labour’s call to
punish any City
worker who earns
a bonus is foolish
There’s no logic
in a punitive tax
on bank bonuses
Don’t be beastly
The recent Greek vilification of
the Germans has been indicative
of the attitude taken by the
bankrupt Hellenic state. Rather
than taking the difficult decisions
and paying for previous largesse,
Greek papers instead feature
depictions of Angela Merkel in
Nazi uniform and protesters
wave swastika flags. Stipulating
that the Greeks adhere to the
conditions of the initial bailout
before an additional tranche of
largely German-backed funds is
not tantamount to pushing for
world domination on two fronts.
It’s simply sound economics.
Matthew Chang
If it ain’t broke
Marc Sidwell is right to say
Dickens was more complex than
many take him to be [Don’t allow
politicians to read Dickens for us,
last Friday], but I’d argue he was
indeed the propagandist for state
interference in education that his
supporters suggest. Writing
Nicholas Nickleby, of Dotheboys
Hall fame, was intended to effect
political change. Dickens was
born poor and became literate
prior to the reforms he was push-
ing for. One can only wonder at
what he would be calling for
today to “fix” our awful state
schools. However, if born poor
today he would likely not be liter-
ate enough to express such views.
Stephen Ellis
RAPID RESPONSES
QUENTIN
LANGLEY
BY STUART FRASER
CITYA.M. 13 FEBRUARY 2012
The Forum
A
FTER a year in
which the
Centre for
Economic and
Business Research has
estimated a total loss
of around 27,000 jobs
from the financial sec-
tor, and one in which it
has been predicted by the Office for Budgetary
Responsibility that the overall long-term unemploy-
ment figures will rise by a further 750,000 over
the next four years due to deteriorating economic
circumstances, we would be prudent to review our
appointment strategies.
It has been almost a year since Lord Davies
said that companies should aim to have women
filling 30 per cent of company boardroom seats
by 2015; we have already started to see some
progress.
Women now make up 15 per cent of company
directors in the benchmark FTSE 100 Index, an
increase on last year’s figure of 12.5 per cent, and
the number of all-male boards in the FTSE has
more than halved in the same period.
However, recent assertions about introducing
statutory quotas are something for women to
worry about. Over half of the European workforce
is comprised of women, and they possess the
majority of university degrees. Women should be
being recognised for their ability.
Women who have carved out laudable careers
for themselves through hard work and determina-
tion will rightly be concerned that they may be
judged by the outside world to have achieved such
success for the wrong reasons.
Tokenism – be it real or perceived – runs the
risk of marginalising those it taints; its beneficiar-
ies may end up on the board but not part of it.
Fulfilling paternalistic quotas will do very little in
the way of empowering women.
True equality in business and in our boardrooms
means remaining vigilant against practices that
create barriers to meritocratic recruitment and
promotion. Changes in culture are more effective-
ly addressed through education, not legislation.
Apart from enforcing anti-discrimination legis-
lation, which works in the interests of everyone,
we must ask ourselves whether it is the role of
the government to dictate how independent pro-
fessions recruit new employees or promote exist-
ing staff. Should they really be enforcing arbitrary
quotas on the grounds of gender, ethnicity or any-
thing else for that matter? Many of us feel very
uncomfortable with this notion.
We do not want businesses recruiting simply to
satisfy quotas. If we are to change discriminatory
culture, we must focus on changing ingrained
prejudices and practices. Discrimination often
manifests itself in subtle forms and can be diffi-
cult to define, and it will not be resolved by tick-
ing boxes and tallying numbers.
If we are to combat discrimination in a mean-
ingful manner, we need to enforce good corporate
governance frameworks in our businesses. To do
this, we need to engage shareholders, encourag-
ing them to question management on how they
select candidates for board appointments. By
holding management responsible for their deci-
sion-making processes, we can be assured that
the process is fully transparent and based on
merit rather than gender selection or cronyism.
Stuart Fraser is the policy chairman at the City
of London Corporation.
Tokenism is no way to
create cultural change
Email: theforum@cityam.com
Twitter: @cityamforum
In association with
BART PEERLESS &
SARAH HIGGINS
30
Wealth Management | Personal Finance
T
AKING care to maximise
income and capital gains tax
allowances and reliefs may
not seem like rocket science
but over the years it can save a great
deal of tax. In a world where “clever
clever” tax mitigation is increasingly
frowned upon there is a lot to be
said for this low key approach. There
is some relatively straightforward
planning available to spouses and
the same planning is available to
civil partners.
INCOME TAX
The personal allowance, or amount
you can earn tax free, is currently
£7,475 unless you earn more than
£100,000 (from which level the
allowance quickly drops to zero),
with more generous allowances for
those aged over 65 on lower
incomes. Most people (except those
born before 6 April 1935, for whom
married couple’s allowance might
be available) are not entitled to
enhanced allowances based on the
fact that they are married. But in
many cases it is still possible for
spouses to share assets between
themselves so that they can both
make maximum use of income tax
allowances and reliefs. In circum-
stances where only one party to the
relationship is a high earner, this
can make a considerable difference
to the annual family income tax bill.
CAPITAL GAINS TAX
Spouses who live together can trans-
fer assets between each other with-
out triggering a capital gains tax
charge. Instead, the spouse who
receives the asset “inherits” the
other spouse’s acquisition cost. Such
transfers can maximise the use of
Finance and marriage – should go
together like a horse and carriage
ARE YOU FINANCIALLY COMPATIBLE? A CHECKLIST TO SEE WHETHER YOU ARE
Do you know the amount of your
partner’s assets?
Yes
No
Would you be prepared to disclose
your own assets and income to your
partner?
Yes
No
If your partner wanted you to
enter into a prenuptial agreement,
would you object?
Yes
No
Not sure
What is your attitude to pooling your
resources?
Never share our assets
Share some assets (i.e. set up a
joint account) and retain some
Share everything ‘what’s mine is
yours’
How will you meet the household
expenses?
Contribute equally
Contribute in proportion to your
income
My partner will pay
What is your attitude to saving?
Save a large percentage of your
salary each month and seek
financial advice about investment
Save a small percentage of your
salary each month
Save on an ad hoc basis
Spend and not save
What would you spend surplus
money on?
In the shops
Voluntarily contribute to your
pension
Buy a new car
Invest it
If your partner brought in debt to
your relationship, how would you
view the debt?
It is my partner’s responsibility
I would help my partner pay it off
If your partner continued to increase
his/her debt, what would you do?
Talk to your partner
Ignore it
Stop paying for things for your
partner until s/he starts to address
the problem
Compiled by Ruth Bross,
partner, Bross Bennett
With Valentine’s Day around the corner, we ask tax and financial planning experts for top tips for those
planning to get hitched, entering a civil partnership or simply joining financial forces with another
the annual capital gains tax
allowance (£10,600 in the current
tax year 2011-2012) and the lower
rates of capital gains tax (18 per cent
instead of 28 per cent) that apply to
lower rate income tax payers.
INHERITANCE TAX
Spouses can pass assets to each other
during marriage or on death with-
out having to pay inheritance tax
(unless the donor spouse is UK domi-
ciled and the recipient is not). If a
spouse dies and has not used all of
their inheritance tax “nil rate band”
exempt amount (£325,000 in 2011-
12), they can pass whatever propor-
tion of their nil rate band remains to
the surviving spouse to use on their
death (even if the surviving spouse
subsequently remarries – although
there are restrictions on the number
of nil rate bands that any one person
can use). This means that, in combi-
nation with their own relief, the nil
rate band will be up to £650,000 for
the surviving spouse on their death.
The fact that there is no general
exemption available to people who
are simply co-habitees or in long
term relationships can cause hard-
ship on the first death, as the rate of
inheritance tax above the nil rate
band is 40 per cent. This is often
compounded where people die intes-
tate (i.e. without a will). Note also
that unused nil rate band cannot be
passed between co-habitees.
WHERE THERE’S A WILL
If a person dies without a will their
estate will be divided in accordance
with statutory rules, which make
provision for the surviving spouse
and children (and/or other relatives
depending on the circumstances).
Application of the statutory rules
on intestacy can sometimes be high-
ly tax inefficient due to not max-
imising the inheritance tax spouse
exemption. Even more importantly,
it can result in property not passing
in accordance with the deceased per-
son’s wishes. So it is important to
keep an up-to-date will. If you are
unmarried but cohabiting a will is
essential: the statutory rules make
no automatic provision for co-
habitees. Although some co-habitees
may be able to make a claim against
the deceased’s estate, it will not
always be possible to do so, and the
cohabitant will often not be entitled
to as generous provision as a spouse
who makes such a claim.
It is also important to make a new
will on marriage because, except for
wills made in contemplation of mar-
riage, a will is revoked by marriage.
People should also make a new
will on divorce. An existing will
remains valid, but the position,
unless the will states otherwise, is
that the divorced spouse is treated as
having died before the deceased per-
son, so they won’t inherit anything.
BANK ON IT
On death, joint bank accounts usual-
ly pass automatically to the surviv-
ing joint owner, and can therefore
provide ready access to funds in
advance of other assets passing
under a will and through the pro-
bate process. During the marriage,
joint bank accounts are a common
way to share household expenses
equally, or to allow a stay-at-home
parent easy access to fund day-to-day
expenses. On separation, the parties
(particularly the stronger financial
party, if they are the one who “tops
up” the balance) should keep a close
eye on spending from the account. If
there are significant funds in the
account, or the risk of funds being
removed without both parties’ con-
sent, it is possible to freeze the
account.
SOMETHING FOR THE CYNICS
Pre-nuptial agreements are not bind-
ing under English law, but are one of
the circumstances that the courts
will consider when deciding how to
divide the matrimonial finances on
divorce. There has always been some
uncertainty as to the weight the
courts will place on pre-nuptial
agreements and in the recent case of
Radmacher v Granatino, the
Supreme Court sought to clarify the
position. In the Radmacher case, it
was found that the courts should
“give effect to a nuptial agreement
that is freely entered into by each
party with a full appreciation of its
implications unless in the circum-
stances prevailing it would not be
fair to hold the parties to their agree-
ment.”
Therefore, the assumption must be
that an agreement entered into in cir-
cumstances in which the parties
understood what they were doing
will be upheld by the courts, provided
that the agreement meets the weaker
financial party’s needs and is not
patently unfair.
Bart Peerless is a private client partner
and head of the private wealth sector
group and Sarah Higgins is a family part-
ner and head of the family group, both at
Charles Russell.
It pays to have a
stable financial
footing
Picture: GETTY
Wealth Management
31 CITYA.M. 13 FEBRUARY 2012
EU SHARES
AIR LIQUIDE...............97.46 -1.15 100.65 80.90
ALLIANZ .....................86.98 -1.34 108.85 56.16
ANHEUS-BUSCH INBEV48.54-0.22 49.10 33.85
ARCELORMITTAL......16.88 -0.64 28.44 10.47
AXA.............................12.35 -0.31 16.15 7.88
BANCOSANTANDER ..6.46 -0.13 9.00 4.94
BASF SE .....................60.38 -1.04 70.22 42.19
BAYER.........................54.20 -1.04 59.44 35.36
BBVA.............................7.14 -0.16 9.17 4.94
BMW............................69.87 -1.67 73.85 43.49
BNP PARIBAS ............35.05 -1.50 59.93 22.72
CARREFOUR..............17.67 -0.47 31.64 14.66
CRH PLC.....................15.24 -0.31 17.40 10.28
DAIMLER ....................46.36 -0.33 57.22 29.02
DANONE .....................48.47 -0.33 53.16 41.92
DEUTSCHE BANK......33.47 -1.40 48.70 20.79
DEUTSCHE BOERSE.48.84 -0.12 62.48 35.65
DEUTSCHE TELEKOM 8.91 -0.01 11.38 7.88
E.ON............................16.38 -0.24 25.00 12.50
ENEL .............................3.25 -0.03 4.86 2.78
ENI ...............................17.08 -0.15 18.66 11.83
FRANCE TELECOM ...11.25 -0.19 16.65 11.09
GDF SUEZ...................19.55 -0.75 30.05 17.65
GENERALIASS. .........12.03 -0.14 17.05 10.34
IBERDROLA .................4.67 -0.06 6.10 4.16
INDITEX.......................68.57 0.83 69.40 50.92
INGGROEP CVA..........6.48 -0.39 9.50 4.21
INTESA SANPAOLO.....1.52 -0.06 2.47 0.85
KON.PHILIPS ELECTR15.54 -0.37 24.12 12.01
L'OREAL .....................81.38 -0.84 91.24 68.83
LVMH.........................123.65 -0.20 132.65 94.16
MUNICH RE ..............105.85 -1.95 126.00 77.80
NOKIA...........................3.77 -0.04 8.49 3.33
REPSOL YPF ..............20.90 -0.23 24.90 17.31
RWE.............................31.64 -0.46 53.47 21.15
SAINT-GOBAIN...........34.77 -1.04 47.64 26.07
SANOFI .......................56.31 0.20 57.42 42.85
SAP .............................47.87 -0.02 48.43 32.88
SCHNEIDER ELECTRIC47.48 -0.53 61.83 35.00
SIEMENS.....................74.37 -1.15 99.39 62.13
SOCIETE GENERALE23.25 -1.88 52.70 14.32
TELECOMITALIA.........0.80 -0.01 1.16 0.70
TELEFONICA..............13.16 -0.20 18.75 12.50
TOTAL .........................40.58 -0.57 44.55 29.40
UNIBAIL-RODAMCOSE142.75-2.65162.95 123.30
UNICREDIT ...................4.22 -0.21 13.34 2.20
UNILEVER CVA ..........25.25 -0.02 27.16 20.90
VINCI ...........................38.11 -0.31 45.48 28.46
VIVENDI.......................16.11 -0.23 21.37 14.10
VOLKSWAGEN VORZ140.70 -3.90 152.20 86.40
Price Chg High Low Price Chg High Low
WORLDINDICES
US SHARES
3M.................................87.14 -0.88 98.19 68.63
ABBOTT LABS ............55.11 -0.15 56.84 45.28
ALCOA.........................10.29 -0.35 18.47 8.45
ALTRIA GROUP...........29.21 -0.09 30.40 23.20
AMAZON.COM...........185.54 0.56 246.71 160.59
AMERICAN EXPRESS 51.81 -0.50 53.80 41.30
AMGEN INC.................67.36 0.52 70.00 47.66
APPLE........................493.42 0.25 497.62 310.50
AT&T.............................29.84 -0.15 31.94 27.27
BANK OFAMERICA......8.07 -0.11 14.95 4.92
BERKSHIRE HATAWB78.79 -0.41 87.65 65.35
BOEING CO.................74.95 -0.95 80.65 56.01
CATERPILLAR...........111.75 -1.08 116.55 67.54
CHEVRON..................105.28 -1.09 110.99 86.68
CISCOSYSTEMS ........19.90 -0.11 22.15 13.30
CITIGROUP..................32.93 -0.74 49.60 21.40
COCA-COLA................67.94 -0.03 71.77 61.29
COMCASTCLASS A...27.18 -0.29 27.50 19.19
CONOCOPHILLIPS .....72.25 0.70 81.80 58.65
CVS/CAREMARK ........43.18 0.18 44.09 31.30
DU PONT(EI)DE NMR.51.15 -0.91 57.00 37.10
EXXON MOBIL.............83.80 -1.08 88.23 63.47
GENERAL ELECTRIC .18.89 -0.24 21.65 14.02
GOOGLE A.................605.91 -5.55 670.25 473.02
HEWLETTPACKARD..28.70 -0.41 49.39 19.92
HOME DEPOT..............45.33 0.06 45.58 28.13
IBM.............................192.42 -0.71 194.90 151.71
INTEL CORP................26.70 -0.17 27.00 19.16
J.P.MORGAN CHASE..37.61 -0.25 48.36 27.85
JOHNSON & JOHNSON64.60 -0.29 68.05 55.76
KRAFTFOODS A ........38.58 -0.06 39.06 24.30
MC DONALD'S CORP.99.47 -0.52 102.22 72.89
MERCK AND CO.NEW37.91 -0.24 39.43 29.47
MICROSOFT ................30.50 -0.28 30.80 23.65
OCCID.PETROLEUM102.70 -1.53 117.89 66.36
ORACLE CORP ...........28.50 -0.40 36.50 24.72
PEPSICO......................63.95 -0.32 71.89 58.50
PFIZER.........................21.05 -0.09 22.17 16.63
PHILIP MORRIS INTL..80.44 0.38 80.99 58.50
PROCTER AND GAMBLE63.88-0.16 67.72 56.57
QUALCOMMINC.........61.73 -0.21 61.99 45.98
SCHLUMBERGER.......77.17 -1.47 95.64 54.79
TRAVELERS CIES.......59.38 -0.51 64.17 45.97
UNITED TECHNOLOGIE83.50-0.28 91.83 66.87
UNITEDHEALTH GROUP53.320.26 54.18 41.27
VERIZON COMMS.......37.69 -0.23 40.48 32.28
VISA CL A...................113.90 1.48 114.90 70.45
WAL-MARTSTORES...61.90 -0.06 62.63 48.31
WALTDISNEY CO.......41.45 -0.08 44.34 28.19
WELLS FARGO& CO .30.26 -0.32 34.19 22.58
Price Chg High Low Price Chg High Low
FTSE 100 . . . . . . . . . . . . . . 5852.39 -43.08 -0.73
FTSE 250INDEX........11167.61 -66.96 -0.60
FTSE UK ALL SHARE ....3024.62 -21.49 -0.71
FTSE AIMALL SH . . . . . . . . 794.67 6.51 0.83
DOWJONES INDUS 30 ..12801.23 -89.23 -0.69
S&P 500 . . . . . . . . . . . . . . . 1342.64 -9.31 -0.69
NASDAQCOMPOSITE ...2903.88 -23.35 -0.80
FTSEUROFIRST300 .....1064.05 -9.48 -0.88
NIKKEI 225 . . . . . . . . . . . . . 8947.17 -55.07 -0.61
DAX 30PERFORMANCE..6692.96 -95.84 -1.41
CAC 40 . . . . . . . . . . . . . . . . 3373.14 -51.57 -1.51
SHANGHAISE INDEX ....2351.98 2.39 0.10
HANG SENG. . . . . . . . . . . 20783.86 -226.15 -1.08
S&P/ASX 20INDEX ......2542.40 -25.70 -1.00
ASX ALL ORDINARIES ...4322.60 -34.50 -0.79
BOVESPA SAOPAOLO..63997.86-1532.63 -2.34
ISEQOVERALL INDEX ...3101.84 -16.78 -0.54
STRAITS TIMES . . . . . . . . . 2904.76 -1.93 -0.07
IGBM. . . . . . . . . . . . . . . . . . . 885.27 -11.06 -1.23
SWISS MARKETINDEX...6130.66 -38.97 -0.63
Price Chg %chg Price Chg %chg Price Chg %chg
LONGDONCEFIXAM.............................................1715.50 -17.50
SILVERLDNFIXAM ....................................................33.64 -0.35
MAPLELEAF1OZ ......................................................36.14 -0.45
LONPLATINUMAM .................................................1648.00 -17.00
LONPALLADIUMAM.................................................702.00 -12.00
ALUMINIUMCASH...................................................2232.00 -4.00
COPPERCASH........................................................8520.00 -65.50
LEADCASH.............................................................2141.00 -49.00
NICKELCASH........................................................21345.00 -480.00
TINCASH ..............................................................25155.00 -445.00
ZINCCASH..............................................................2107.00 -21.00
BRENTSPOTINDEX..................................................116.67 0.33
SOYA.......................................................................1227.50 -4.00
COCOA....................................................................2236.00 -27.00
COFFEE ....................................................................216.00 -4.05
KRUG ......................................................................1782.10 -34.60
WHEAT ......................................................................165.00 -1.98
COMMODITIES CREDIT&RATES
BoE IR Overnight......................................................................0.500 0.00
BoE IR 7 days ..........................................................................0.500 0.00
BoE IR 1 month........................................................................0.500 0.00
BoE IR 3 months......................................................................0.500 0.00
BoE IR 6 months......................................................................0.500 0.00
LIBOR Euro - overnight ...........................................................0.281 0.00
LIBOR Euro - 12 months..........................................................1.671 0.00
LIBOR USD - overnight ............................................................0.142 0.00
LIBOR USD - 12 months ..........................................................1.069 0.00
HaIifax mortgage rate...............................................................3.990 0.00
Euro Base Rate.........................................................................1.500 0.00
Finance house base rate .........................................................1.500 0.00
US Fed funds ............................................................................0.250 0.00
US Iong bond yieId...................................................................3.140 -0.06
European repo rate ..................................................................0.230 0.00
Euro Euribor .............................................................................0.373 0.00
The vix index.............................................................................20.79 2.16
The baItic dry index..................................................................715.0 39.0
Markit iBoxx............................................................................242.83 1.53
Markit iTraxx ...........................................................................134.54 4.13
BAE Systems . . . . . .317.8 -1.1 356.5 248.1
Chemring Group. . . .417.4 -7.3 736.5 368.8
Cobham . . . . . . . . . . .189.0 -0.7 236.5 165.9
Meggitt . . . . . . . . . . . .366.1 0.6 397.6 304.9
QinetiQ Group. . . . . .142.4 1.7 142.4 101.5
RoIIs-Royce HoIdi . . .772.5 2.5 786.5 557.5
Senior. . . . . . . . . . . . .180.3 -2.9 190.6 132.6
UItra EIectronics . . .1614.0 11.0 1830.0 1305.0
GKN . . . . . . . . . . . . . .217.2 -2.8 245.0 157.0
BarcIays. . . . . . . . . . .234.1 1.0 333.6 138.9
HSBC HoIdings. . . . .557.6 -10.4 730.9 463.5
LIoyds Banking Gr . . .34.5 -1.1 69.3 21.8
RoyaI Bank of Sco . . .27.9 -0.9 49.0 17.3
Standard Chartere .1587.0 -22.0 1712.5 1169.5
AG Barr . . . . . . . . . .1253.0 -2.0 1395.0 1031.0
Britvic. . . . . . . . . . . . .375.2 2.5 444.0 289.9
Diageo . . . . . . . . . . .1483.5 15.5 1488.5 1112.0
SABMiIIer. . . . . . . . .2520.0 -9.0 2529.0 1979.0
AZ EIectronic Mat . . .311.0 -3.0 338.1 206.1
Croda Internation . .2030.0 -14.0 2081.0 1467.0
EIementis. . . . . . . . . .160.8 -0.4 187.4 107.5
Johnson Matthey . .2226.0 -28.0 2270.0 1523.0
Victrex . . . . . . . . . . .1314.0 1.0 1590.0 1025.0
YuIe Catto & Co. . . . .204.8 -2.4 253.0 148.0
C/$ 1.3187 0.0010
C/£ 0.8374 0.0001
C/¥ 102.32 0.0950
/C 1.1941 0.0003
/$ 1.5718 0.0009
/¥ 122.18 0.1220
FTSE100
5852.39
43.08
FTSE250
11167.61
66.96
FTSEALL SHARE
3024.62
21.49
DOW
12801.23
89.23
NASDAQ
2903.88
23.35
S&P500
1342.64
9.31
Smith (DS) . . . . . . . . .170.5 -4.0 183.4 113.3
Smiths Group . . . . .1050.0 18.0 1426.0 869.5
Brown (N.) Group . . .252.1 -0.6 304.5 227.0
Carpetright . . . . . . . . .555.0 -12.0 770.5 375.0
Debenhams . . . . . . . . .69.5 -0.5 74.8 51.2
Dignity . . . . . . . . . . . .779.0 0.0 854.5 648.5
Dixons RetaiI . . . . . . .15.0 0.2 22.3 9.4
DuneImGroup. . . . . .497.6 8.6 524.5 383.9
HaIfords Group . . . . .325.0 0.0 409.7 268.6
Home RetaiI Group. .107.0 -3.4 235.0 72.5
Inchcape . . . . . . . . . .364.0 0.0 425.4 268.1
JD Sports Fashion . .802.0 -11.0 1030.0 570.0
Kesa EIectricaIs . . . . .81.1 -4.0 151.4 60.2
Kingfisher . . . . . . . . .271.4 1.0 287.1 217.0
Marks & Spencer G. .350.2 -0.2 402.2 301.8
Next . . . . . . . . . . . . .2733.0 14.0 2810.0 1868.0
Sports Direct Int . . . .259.0 2.3 266.2 159.0
WH Smith. . . . . . . . . .531.5 11.5 559.0 433.8
Smith & Nephew. . . .634.5 2.0 742.0 521.0
Synergy HeaIth . . . . .860.5 7.5 981.0 808.0
Barratt DeveIopme . .117.5 -1.5 119.9 67.5
BeIIway. . . . . . . . . . . .789.5 0.5 795.5 540.5
BerkeIey Group Ho.1275.0 -23.0 1360.0 946.5
BaIfour Beatty . . . . . .283.6 -0.5 357.3 214.6
CRH . . . . . . . . . . . . .1276.0 -25.0 1700.0 1053.0
GaIIiford Try. . . . . . . .499.6 8.5 530.0 332.8
Kier Group. . . . . . . .1458.0 25.0 1458.0 1097.0
Drax Group . . . . . . . .516.0 -1.0 581.5 371.9
SSE. . . . . . . . . . . . . .1261.0 6.0 1423.0 1173.0
Domino Printing S . .610.0 -19.0 705.0 434.3
HaIma . . . . . . . . . . . . .375.8 -1.1 429.6 306.3
Laird . . . . . . . . . . . . . .166.5 0.4 207.0 127.9
Morgan CrucibIe C . .325.1 -2.6 357.1 224.0
Oxford Instrument .1096.0 -4.0 1102.9 600.5
Renishaw. . . . . . . . .1454.0 -38.0 1886.0 800.0
Spectris . . . . . . . . . .1629.0 -8.0 1679.0 1039.0
Aberforth SmaIIer . . .604.0 -1.0 714.0 494.0
AIIiance Trust . . . . . .363.0 -2.8 392.7 310.2
Bankers Inv Trust . . .402.0 -1.7 428.0 346.5
BH GIobaI Ltd. GB .1171.0 -4.0 1212.0 1058.0
BH GIobaI Ltd. US. . . .11.6 0.0 12.2 10.4
BH Macro Ltd. EUR. . .19.6 0.1 20.2 16.3
BH Macro Ltd. GBP 2026.0 -9.0 2078.0 1661.0
BH Macro Ltd. USD. . .19.7 0.2 20.2 16.2
BIackRock WorId M .722.0 -17.0 815.5 574.5
BIueCrest AIIBIue . . .161.3 -0.7 176.2 160.6
British Assets Tr . . . .125.0 -0.5 139.5 109.0
British Empire Se . . .441.1 -4.5 533.0 404.0
CaIedonia Investm .1495.0 -8.0 1816.0 1337.0
City of London In . . .292.6 -2.2 306.9 257.0
Dexion AbsoIute L . .139.6 -0.9 151.0 130.0
Edinburgh Dragon . .241.7 -1.0 252.0 201.4
Edinburgh Inv Tru. . .472.0 -1.0 492.2 414.9
EIectra Private E . . .1643.0 10.0 1755.0 1287.0
F&C Inv Trust . . . . . .304.3 -1.7 327.9 261.5
FideIity China Sp. . . . .81.1 -0.5 114.3 70.0
FideIity European . .1091.0 -9.0 1287.0 912.0
HeraId Inv Trust. . . . .506.0 -1.5 545.5 419.0
HICL Infrastructu. . . .119.8 0.5 121.3 112.7
Impax Environment .100.0 0.0 125.4 88.5
John Laing Infras . . .110.3 0.4 110.5 103.4
JPMorgan American.909.5 0.0 924.0 721.5
JPMorgan Asian In . .199.5 -1.9 244.0 170.1
JPMorgan Emerging.560.5 -5.0 610.5 480.1
JPMorgan European.718.5 -6.5 983.5 624.0
JPMorgan Indian I. . .382.3 -2.7 459.0 313.1
JPMorgan Russian .556.5 -4.0 741.0 415.1
Law Debenture Cor. .368.6 0.4 385.0 321.0
MercantiIe Inv Tr . . . .985.5 -6.5 1137.0 823.0
Merchants Trust . . . .379.6 -2.0 431.8 341.5
Monks Inv Trust . . . .330.2 -0.8 367.9 298.1
Murray Income Tru . .648.0 0.0 673.0 568.0
Murray Internatio . . .963.5 -3.0 991.5 818.5
PerpetuaI Income . . .262.6 -0.3 276.0 236.5
PersonaI Assets T .34260.0 10.0 34390.030210.0
PoIar Cap TechnoI . .362.1 0.1 391.2 299.5
RIT CapitaI Partn. . .1227.0 -8.0 1360.0 1173.0
Scottish Inv Trus. . . .478.6 -1.8 524.0 417.0
Scottish Mortgage . .678.0 -1.0 781.0 565.0
SVG CapitaI . . . . . . . .254.8 -3.1 279.8 165.1
TempIe Bar Inv Tr . . .892.5 -3.5 952.0 791.0
TempIeton Emergin .612.5 -11.5 684.5 497.0
TR Property Inv T . . .152.3 -3.5 206.1 136.2
TR Property Inv T . . . .69.5 0.0 94.0 59.8
Witan Inv Trust . . . . .482.6 -1.7 533.0 401.5
3i Group. . . . . . . . . . .196.8 -4.7 317.0 166.9
3i Infrastructure . . . .122.6 0.2 124.0 113.4
Aberdeen Asset Ma .260.6 3.2 261.7 167.8
Ashmore Group . . . .388.9 0.6 420.0 301.5
Brewin DoIphin Ho . .154.5 -1.3 185.4 113.7
CameIIia. . . . . . . . . .9750.0 50.010950.0 8800.0
CharIes TayIor Co. . .136.0 -0.3 165.0 115.6
City of London Gr . . . .66.0 0.0 93.6 61.3
City of London In . . .358.8 0.5 445.0 304.3
CIose Brothers Gr. . .700.0 -7.0 875.0 590.0
CoIIins Stewart H . . . .98.0 0.5 98.0 48.5
F&C Asset Managem .68.0 0.4 89.1 56.1
Hargreaves Lansdo .455.8 -4.5 646.5 402.5
HeIphire Group . . . . . . .2.1 0.0 17.4 1.4
Henderson Group. . .123.1 -4.9 173.1 95.1
Highway CapitaI . . . . .13.0 0.0 21.0 6.5
ICAP . . . . . . . . . . . . . .366.6 -14.8 552.5 311.6
IG Group HoIdings . .475.8 4.0 502.5 393.6
Intermediate Capi . . .282.9 -3.1 345.0 197.9
InternationaI Per . . . .207.9 -5.7 388.8 148.5
InternationaI Pub . . .121.0 0.1 121.5 108.6
Investec . . . . . . . . . . .384.9 -13.9 522.0 318.4
IP Group. . . . . . . . . . .101.8 0.0 104.8 36.0
Jupiter Fund Mana . .241.0 -0.7 337.3 184.9
Liontrust Asset M . . . .89.9 0.0 91.4 57.9
LMS CapitaI . . . . . . . . .56.0 0.0 64.8 53.8
London Finance & . . .22.5 0.0 23.5 19.0
London Stock Exch .924.0 -11.5 1076.0 756.5
Lonrho . . . . . . . . . . . . .10.8 0.3 19.8 8.9
Man Group. . . . . . . . .130.3 -7.2 309.0 104.5
Paragon Group Of . .183.7 -4.8 206.1 134.6
Provident Financi . . .969.5 3.5 1124.0 915.0
Rathbone Brothers.1234.0 19.0 1250.0 977.0
Record . . . . . . . . . . . . .11.6 0.0 35.5 11.4
RSM Tenon Group . . . .5.7 -0.1 55.0 5.7
Schroders . . . . . . . .1596.0 -54.0 1906.0 1183.0
Schroders (Non-Vo.1273.0 -36.0 1554.0 970.0
TuIIett Prebon . . . . . .310.7 -17.8 428.6 262.3
WaIker Crips Grou . . .40.0 0.0 51.5 38.0
BT Group . . . . . . . . . .214.0 0.5 216.0 161.0
CabIe & WireIess . . . .36.3 -7.2 51.2 31.3
CabIe & WireIess . . . .19.8 -0.6 76.9 14.2
COLT Group SA . . . . .91.5 -0.7 156.2 84.1
KCOM Group. . . . . . . .74.0 1.3 84.0 57.5
TaIkTaIk TeIecom . . .132.7 -1.6 151.7 118.9
TeIecomPIus. . . . . . .629.5 1.0 802.0 440.0
Booker Group . . . . . . .75.3 -0.6 80.0 54.5
Greggs . . . . . . . . . . . .535.5 -1.0 550.5 445.0
Morrison (Wm) Sup .290.7 0.1 328.0 268.5
Ocado Group. . . . . . .106.2 -4.4 285.0 52.9
Sainsbury (J) . . . . . . .290.4 -1.8 389.3 263.5
Tesco . . . . . . . . . . . . .320.7 -3.9 420.1 312.4
Associated Britis. . .1192.0 7.0 1197.2 940.0
Cranswick . . . . . . . . .834.5 2.0 862.0 588.5
Dairy Crest Group. . .330.8 -0.3 409.7 311.0
Devro . . . . . . . . . . . . .278.5 1.1 296.9 228.0
Tate & LyIe. . . . . . . . .685.0 12.5 720.5 520.0
UniIever . . . . . . . . . .2051.0 2.0 2189.0 1793.0
Mondi . . . . . . . . . . . . .530.0 -10.5 664.0 413.5
Centrica . . . . . . . . . . .288.5 -3.0 345.8 278.8
InternationaI Pow . . .329.7 1.5 347.7 279.4
NationaI Grid . . . . . . .632.5 -7.5 649.5 543.5
Pennon Group. . . . . .685.5 -0.5 737.5 584.5
Severn Trent . . . . . .1519.0 -1.0 1600.0 1375.0
United UtiIities . . . . .596.5 -0.5 637.0 551.0
Cookson Group . . . . .610.5 -6.0 724.5 395.8
Rexam . . . . . . . . . . . .378.7 -2.5 400.0 299.8
RPC Group . . . . . . . .390.0 6.6 393.2 231.5
Price Chg High Low
Bovis Homes Group.484.4 -5.1 499.6 326.5
Persimmon . . . . . . . .551.0 2.0 560.5 374.0
Reckitt Benckiser . .3541.0 28.0 3578.0 3015.0
Redrow. . . . . . . . . . . .128.4 -0.4 136.2 103.5
TayIor Wimpey . . . . . . .43.6 -0.2 44.8 28.7
Bodycote . . . . . . . . . .325.1 -3.9 397.7 225.6
Fenner . . . . . . . . . . . .465.7 6.1 470.6 280.0
IMI . . . . . . . . . . . . . . . .909.0 -16.5 1119.0 636.5
MeIrose . . . . . . . . . . .374.4 2.2 388.0 268.0
Northgate. . . . . . . . . .245.4 0.7 346.7 190.9
Rotork . . . . . . . . . . .1951.0 63.0 1979.0 1501.0
Spirax-Sarco Engi. .2007.0 -9.0 2089.0 1649.0
Weir Group . . . . . . .1997.0 0.0 2218.0 1375.0
Evraz . . . . . . . . . . . . .412.0 -16.8 460.5 315.0
Ferrexpo. . . . . . . . . . .334.0 -19.7 499.0 238.7
TaIvivaara Mining . . .335.3 -8.7 609.0 195.2
BBAAviation . . . . . . .193.1 1.3 240.8 156.0
Stobart Group Ltd. . .127.0 -1.0 155.4 112.0
AdmiraI Group. . . . . .964.0 -21.0 1754.0 787.0
AmIin . . . . . . . . . . . . .351.8 -8.0 427.0 270.6
BeazIey. . . . . . . . . . . .147.1 -2.7 150.2 109.6
Informa. . . . . . . . . . . .410.2 -1.4 461.1 313.9
ITE Group. . . . . . . . . .231.8 -0.2 258.2 157.7
ITV. . . . . . . . . . . . . . . . .79.0 0.9 93.5 51.7
Johnston Press. . . . . . .6.3 0.2 12.8 4.1
MecomGroup . . . . . .205.0 4.0 310.0 134.5
Moneysupermarket. .119.3 -0.7 123.2 84.8
Pearson . . . . . . . . . .1188.0 -14.0 1255.0 1013.0
PerformGroup . . . . .268.1 -2.1 270.2 150.0
Reed EIsevier . . . . . .530.5 -1.5 590.5 461.3
Rightmove . . . . . . . .1316.0 14.0 1408.0 857.0
STV Group. . . . . . . . .105.0 8.5 168.0 76.3
Tarsus Group . . . . . .147.5 -1.5 165.0 119.5
Trinity Mirror . . . . . . . .47.8 1.3 89.0 37.5
UBM . . . . . . . . . . . . . .570.5 1.5 725.0 416.0
UTV Media . . . . . . . . .122.4 2.1 150.0 92.5
WiImington Group . . .83.5 -0.8 175.0 78.5
WPP . . . . . . . . . . . . . .778.5 -1.5 846.5 578.0
YeII Group . . . . . . . . . . .5.8 -0.1 11.0 3.4
African Barrick G . . .513.5 -4.0 616.5 393.5
AIIied GoId Minin . . .132.0 -3.9 281.3 34.4
AngIo American . . .2746.5-113.5 3437.0 2138.5
AngIo Pacific Gro . . .311.8 1.4 369.3 237.9
Antofagasta. . . . . . .1323.0 -24.0 1491.0 900.5
Aquarius PIatinum . .150.0 -7.0 419.0 149.0
BHP BiIIiton. . . . . . .2057.5 -57.5 2631.5 1667.0
CatIin Group Ltd. . . .436.5 -12.5 449.0 334.0
Hiscox Ltd. . . . . . . . . .409.9 -0.2 424.7 340.5
Jardine LIoyd Tho. . .673.0 1.0 764.5 576.0
Lancashire HoIdin . . .739.5 1.5 774.5 532.5
RSA Insurance Gro. .110.2 -1.8 143.5 99.6
Aviva. . . . . . . . . . . . . .361.3 -8.7 477.9 275.3
LegaI & GeneraI G. . .118.6 -2.2 123.8 89.8
OId MutuaI . . . . . . . . .155.1 -2.9 158.0 98.1
Phoenix Group HoI . .561.0 -8.5 688.0 451.1
PrudentiaI . . . . . . . . .714.0 -11.5 777.0 509.0
ResoIution Ltd. . . . . .269.8 -4.9 316.1 229.5
St James's PIace. . . .365.7 -4.0 376.0 294.0
Standard Life. . . . . . .225.1 -4.9 244.7 172.0
4Imprint Group . . . . .261.0 -9.0 295.0 200.0
Aegis Group . . . . . . .164.7 -0.8 167.0 115.7
BIoomsbury PubIis. .118.0 4.0 138.0 91.3
British Sky Broad . . .694.0 -7.0 850.0 618.5
Centaur Media. . . . . . .38.9 1.4 73.0 32.5
Chime Communicati.255.0 4.3 298.5 163.0
Creston . . . . . . . . . . . .55.5 -2.5 121.0 47.0
DaiIy MaiI and Ge . . .437.0 -7.0 580.0 343.4
Euromoney Institu . .712.5 -23.0 738.0 522.5
Future. . . . . . . . . . . . . .13.1 0.1 30.0 8.3
Haynes PubIishing . .195.0 0.0 257.0 188.0
Huntsworth . . . . . . . . .40.5 0.0 81.0 32.3
Bumi . . . . . . . . . . . . . .755.0 0.0 767.5 735.5
Centamin (DI) . . . . . . . .96.5 -3.1 154.2 78.5
Eurasian NaturaI . . .684.5 -25.0 1020.6 522.0
FresniIIo. . . . . . . . . .1754.0 -39.0 2150.0 1302.0
GemDiamonds Ltd. .233.4 -1.6 306.0 179.8
GIencore Internat . . .435.2 -7.8 531.1 348.0
HochschiId Mining . .520.5 -2.5 680.0 365.9
Kazakhmys . . . . . . .1124.0 -53.0 1579.0 730.0
Kenmare Resources. .53.1 1.6 59.9 31.0
Lonmin. . . . . . . . . . .1015.0 -32.0 1880.0 941.0
New WorId Resourc .525.0 -15.0 1060.0 409.4
PetropavIovsk . . . . . .714.0 -29.5 1090.0 543.5
PoIymetaI Interna . .1124.0 -21.0 1175.0 877.0
RandgoId Resource 7200.0-105.0 7565.0 4425.0
Rio Tinto . . . . . . . . .3772.0 -43.0 4682.0 2712.5
Vedanta Resources 1260.0 -29.0 2518.0 928.0
Xstrata . . . . . . . . . . .1198.0 -8.5 1550.0 764.0
Inmarsat . . . . . . . . . . .458.6 -11.5 719.5 389.3
Vodafone Group . . . .172.7 -1.9 182.8 155.1
Genesis Emerging . .494.5 -15.5 548.5 424.0
Afren. . . . . . . . . . . . . .132.0 1.7 171.2 73.6
BG Group. . . . . . . . .1478.5 -13.0 1564.5 1144.0
BP. . . . . . . . . . . . . . . .490.3 -3.1 497.5 363.2
Cairn Energy . . . . . . .350.8 -2.4 531.8 291.9
EnQuest . . . . . . . . . . .115.8 -0.7 158.5 85.7
Essar Energy . . . . . .129.0 -6.3 525.5 120.0
ExiIIon Energy. . . . . .260.5 -4.5 469.7 184.2
Heritage OiI . . . . . . . .191.3 -3.4 332.2 160.0
Ophir Energy. . . . . . .364.6 24.7 366.0 184.5
Premier OiI. . . . . . . . .417.4 -4.3 521.0 310.0
RoyaI Dutch SheII . .2284.0 -6.5 2402.0 1883.5
RoyaI Dutch SheII . .2307.5 -18.0 2489.0 1890.5
SaIamander Energy .241.9 1.9 317.6 182.3
Soco Internationa . . .308.0 -3.9 400.0 278.0
TuIIow OiI . . . . . . . . .1532.0 18.0 1540.0 945.5
Amec . . . . . . . . . . . .1095.0 -15.0 1207.0 740.5
Hunting . . . . . . . . . . .788.5 -26.0 845.0 530.0
Kentz Corporation . .465.0 -3.9 508.0 347.0
LampreII . . . . . . . . . . .325.2 -6.0 395.2 220.7
Petrofac Ltd. . . . . . .1512.0 -5.0 1603.0 1108.0
Wood Group (John) .695.0 -3.0 715.8 469.9
Burberry Group. . . .1409.0 -4.0 1600.0 1092.0
PZ Cussons. . . . . . . .315.3 1.5 387.9 285.0
Supergroup . . . . . . . .556.5 -3.0 1820.0 435.2
AstraZeneca . . . . . .2979.0 -18.5 3194.0 2543.5
BTG . . . . . . . . . . . . . .345.7 4.8 347.6 210.1
Genus. . . . . . . . . . . .1063.0 -4.0 1111.0 853.5
GIaxoSmithKIine. . .1411.0 2.0 1497.0 1138.5
Hikma Pharmaceuti .732.0 7.5 869.0 555.5
Shire PIc. . . . . . . . . .2214.0 34.0 2243.0 1671.0
CapitaI & Countie . . .193.4 -1.1 203.7 142.8
Daejan HoIdings . . .2954.0 2.0 3030.0 2282.0
F&C CommerciaI Pr .103.0 0.0 108.0 92.6
Grainger . . . . . . . . . . .106.0 -1.8 133.2 77.3
London & Stamford .111.6 1.0 140.0 103.9
SaviIIs. . . . . . . . . . . . .370.0 14.8 427.1 256.2
UK CommerciaI Pro . .74.0 0.0 85.5 65.1
Unite Group. . . . . . . .195.0 1.6 224.1 152.9
Big YeIIow Group . . .300.0 3.2 344.4 218.0
British Land Co. . . . .491.8 -5.2 629.5 444.0
CapitaI Shopping . . .333.0 -4.5 408.6 288.7
Derwent London . . .1736.0 -14.0 1880.0 1400.0
Great PortIand Es . . .363.5 -4.7 445.0 312.9
Hammerson. . . . . . . .382.7 0.8 490.9 345.2
Hansteen HoIdings. . .73.3 -1.0 89.5 68.0
Land Securities G. . .678.5 -3.5 885.0 612.0
SEGRO. . . . . . . . . . . .230.4 -0.1 331.3 195.0
Shaftesbury. . . . . . . .512.5 -3.5 539.0 441.2
Aveva Group . . . . . .1734.0 17.0 1799.0 1298.0
Computacenter . . . . .414.0 5.2 490.0 324.7
Fidessa Group. . . . .1697.0 -5.0 2109.0 1444.0
Invensys. . . . . . . . . . .212.7 -8.0 357.8 180.9
Logica . . . . . . . . . . . . .81.3 -2.4 147.2 59.0
Micro Focus Inter . . .445.0 5.2 455.0 242.9
Misys . . . . . . . . . . . . .290.1 -2.2 420.2 214.9
Sage Group . . . . . . . .298.6 0.1 310.1 231.7
SDL. . . . . . . . . . . . . . .673.0 9.5 711.5 586.0
TeIecity Group. . . . . .653.0 1.0 666.5 450.5
Aggreko . . . . . . . . . .2175.0 20.0 2193.0 1394.5
Ashtead Group . . . . .245.7 0.7 252.3 99.4
Atkins (WS) . . . . . . . .749.0 16.5 820.0 490.2
Babcock Internati . . .744.0 11.5 758.0 542.0
Berendsen . . . . . . . . .454.5 -1.1 568.0 402.7
BunzI . . . . . . . . . . . . .872.0 6.5 906.5 676.5
Cape . . . . . . . . . . . . . .435.5 -1.8 591.5 295.0
Capita. . . . . . . . . . . . .632.5 -5.0 786.5 611.5
CariIIion . . . . . . . . . . .323.0 2.0 403.2 281.0
De La Rue . . . . . . . . .988.0 6.5 993.0 699.0
DipIoma . . . . . . . . . . .397.7 3.6 425.5 263.5
EIectrocomponents .235.0 -1.6 294.9 182.2
Experian. . . . . . . . . . .921.0 6.5 922.0 665.0
FiItrona PLC . . . . . . . .388.0 6.0 404.5 293.0
G4S. . . . . . . . . . . . . . .279.6 0.8 291.0 219.9
Hays . . . . . . . . . . . . . . .79.5 -0.6 130.0 58.9
Homeserve . . . . . . . .251.8 6.5 532.0 218.5
Howden Joinery Gr. .113.8 -0.8 127.5 93.1
Interserve. . . . . . . . . .307.0 5.0 341.3 239.8
Intertek Group. . . . .2178.0 1.0 2214.0 1738.0
MichaeI Page Inte . . .419.1 -9.0 567.0 323.0
Mitie Group . . . . . . . .261.4 -0.4 271.0 195.9
PayPoint. . . . . . . . . . .570.0 14.5 585.0 327.3
Premier FarneII . . . . .216.4 2.1 308.8 144.5
Regus. . . . . . . . . . . . .107.6 2.4 119.0 64.0
RentokiI InitiaI . . . . . . .75.5 -1.5 101.9 58.2
RPS Group. . . . . . . . .223.0 1.5 253.0 156.6
Serco Group . . . . . . .531.0 4.5 618.5 458.0
Shanks Group. . . . . .105.5 1.5 130.9 90.8
SIG . . . . . . . . . . . . . . .101.6 -3.2 153.5 77.0
Travis Perkins . . . . . .937.5 -5.0 1090.0 715.0
WoIseIey . . . . . . . . .2287.0 16.0 2299.0 1404.0
ARM HoIdings . . . . . .567.5 6.0 651.0 464.0
CSR . . . . . . . . . . . . . .236.2 -3.2 447.0 154.1
Imagination Techn . .630.5 14.5 639.0 296.9
Spirent Communica .130.7 -1.9 160.0 105.8
British American . .3109.0 12.5 3137.5 2300.0
ImperiaI Tobacco . .2439.0 9.0 2467.0 1878.0
Betfair Group. . . . . . .877.0 4.0 1030.0 567.0
Bwin.party Digita . . .170.9 -1.2 204.0 100.6
CarnivaI . . . . . . . . . .1962.0 -15.0 2983.0 1742.0
Compass Group . . . .632.0 1.5 635.5 512.5
Domino's Pizza UK. .478.0 3.2 537.5 377.0
easyJet. . . . . . . . . . . .458.4 -1.2 476.1 301.0
FirstGroup . . . . . . . . .303.9 -1.2 378.0 301.8
Go-Ahead Group. . .1278.0 -25.0 1598.0 1190.0
Greene King . . . . . . .517.5 4.5 521.5 410.0
InterContinentaI . . .1397.0 18.0 1435.0 955.0
InternationaI Con . . .177.8 -2.4 258.7 132.0
JD Wetherspoon. . . .408.2 -1.2 468.3 380.5
Ladbrokes . . . . . . . . .146.7 -1.1 155.3 114.0
Marston's. . . . . . . . . . .98.5 -0.3 112.0 84.6
MiIIennium& Copt . .467.6 -0.4 600.5 371.2
MitcheIIs & ButIe. . . .270.6 -3.8 340.9 215.6
NationaI Express . . .224.7 -0.2 270.2 201.6
Rank Group . . . . . . . .138.2 -0.8 153.7 109.5
Restaurant Group. . .305.0 2.5 335.0 254.9
Spirit Pub Compan . . .57.3 2.3 57.3 35.3
Stagecoach Group . .269.8 3.3 287.4 200.0
TUI TraveI. . . . . . . . . .201.8 -2.9 250.0 136.7
Whitbread . . . . . . . .1698.0 -7.0 1863.0 1409.0
WiIIiamHiII. . . . . . . . .231.5 1.1 244.1 176.8
Abcam . . . . . . . . . . . .334.3 1.3 460.0 320.0
Advanced MedicaI . . .88.0 0.8 96.0 64.8
AIbemarIe & Bond . .370.0 11.0 400.1 281.0
Amerisur Resource . .24.5 2.5 29.0 9.5
Andor TechnoIogy . .559.0 6.0 685.0 387.1
ArchipeIago Resou. . .69.0 0.0 79.0 55.5
ASOS . . . . . . . . . . . .1888.0 -9.0 2468.0 1142.0
AureIian OiI & Ga . . . .16.8 0.0 92.0 16.0
Avanti Communicat .285.8 -1.0 628.0 248.5
BIinkx . . . . . . . . . . . . . .67.5 0.0 158.0 50.5
Borders & Souther . . .70.0 2.8 73.3 43.5
BowLeven . . . . . . . . . .77.3 -1.3 382.3 62.0
Brooks MacdonaId .1147.5 12.5 1372.5 940.0
CIuff GoId. . . . . . . . . . .94.0 -2.5 125.8 66.5
Cove Energy . . . . . . .139.0 -1.0 140.2 61.0
Daisy Group . . . . . . .101.0 -1.0 127.0 88.0
EMIS Group . . . . . . . .430.0 0.0 580.0 397.5
Faroe PetroIeum. . . .170.0 1.3 190.0 130.0
GuIfsands PetroIe. . .172.3 -2.5 342.0 142.5
GWPharmaceuticaI . .90.5 -0.3 130.0 78.5
H&T Group. . . . . . . . .345.3 12.8 395.0 277.0
Hargreaves Servic .1190.0 7.0 1190.0 855.0
HeaIthcare Locums . . . .3.9 -0.3 4.4 3.8
Immunodiagnostic . .407.5 12.5 1218.0 288.8
ImpeIIamGroup . . . .241.5 0.0 387.5 212.5
Iomart Group. . . . . . .141.5 2.5 144.0 85.5
James HaIstead. . . . .485.0 2.5 495.0 410.0
London Mining . . . . .286.8 -4.8 436.5 257.5
Lupus CapitaI . . . . . .128.0 1.0 150.0 86.0
M. P. Evans Group . .447.5 -4.5 475.0 371.0
Majestic Wine . . . . . .426.0 1.0 510.0 315.0
May Gurney Integr . .292.5 -1.5 302.0 234.0
Monitise . . . . . . . . . . . .36.5 2.0 40.0 20.5
MuIberry Group. . . .1900.0 18.0 1920.0 1065.0
Nanoco Group. . . . . . .63.5 2.5 93.3 38.0
NauticaI PetroIeu . . .333.3 9.3 453.3 223.5
NichoIs. . . . . . . . . . . .600.0 -6.3 615.0 410.0
Numis Corporation. . .95.0 1.5 126.0 72.0
Pan African Resou . . .17.8 0.0 17.8 9.5
Patagonia GoId . . . . . .39.8 -1.3 70.0 37.3
Prezzo . . . . . . . . . . . . .67.0 0.5 71.5 53.5
Pursuit Dynamics . . . .91.0 -4.0 409.0 67.0
Rockhopper ExpIor .357.8 14.0 362.0 141.0
RWS HoIdings. . . . . .470.0 -1.5 481.8 329.8
Secure Trust Bank .1007.5 0.0 1025.0 755.0
Songbird Estates . . .103.0 -2.0 160.3 102.1
VaIiant PetroIeum . . .434.0 20.8 645.0 400.0
Young & Co's Brew. .645.5 0.0 712.0 565.0
OphirEnergy.......364.6 7.3
SaviIIs ............370.0 4.2
SpiritPubCompany ..57.3 4.1
Rotork ...........1951.0 3.3
KenmareResources..53.1 3.1
Homeserve ........251.8 2.7
PayPoint ..........570.0 2.6
ImaginationTechno .630.5 2.4
Regus.............107.6 2.3
Atkins(WS) ........749.0 2.3
CabIe&WireIessC...36.3 -16.6
Ferrexpo ..........334.0 -5.6
TuIIettPrebon ......310.7 -5.4
ManGroup.........130.3 -5.2
KesaEIectricaIs .....81.1 -4.7
EssarEnergy ......129.0 -4.7
Kazakhmys .......1124.0 -4.5
AquariusPIatinum ..150.0 -4.5
OcadoGroup.......106.2 -4.0
AngIoAmerican ...2746.5 -4.0
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32 CITYA.M. 13 FEBRUARY 2012
A
LONG, long time ago, in a life
far, far away, there was a young
couple. Blissful, carefree, and
most importantly childfree,
they went on a romantic city break to
Rome. They spent most of it in a bar,
giggling at a sign: “Never mind the
Trevi, come for a bevy”, and the rest of
it wandering the streets hand in hand.
Fast forward five years. “Mu-um. Are
we there yet?”
“No. We’re still at Gatwick.”
“Oh God, the baby has done a nappy.
It’s leaking.”
“The seatbelt signs are on.”
“Well, you hold her then.”
“You’ve got her. Keep her.”
“Mu-um. Are we at Rome yet?”
Ah, the city break with children.
Whose stupid idea was that then? We
set off excited. The husband, the three
year old, and the baby. When we land-
ed in Rome, things began to go awry.
This was only last weekend, and Rome
had experienced its biggest snowfall
since the 1950s. If you think London
grinds to a halt in a snow flurry, imag-
ine Rome. Roads were closed and cars
abandoned. Shoulders were shrugged,
and eyes were rolled. Transport was
down, taxis were not running and
museums were closed.
A three hour transfer from the air-
port, desperately feeding furious chil-
dren placatory sweets, was our first
taste of Rome in the snow, and it was a
microcosm of a weekend mini-break-
ing with children; moments of glori-
ousness interspersed by moments of
hideousness. They stuck their heads
out of the window, tasting the
snowflakes and laughing like angels.
Then they whined. And whined some
more.
We were staying at Rome Cavalieri
hotel, a sumptuous place at the top of a
high hill overlooking Rome. A high hill
coated in ice. Our first attempt and we
slid backwards. The consolation was
watching the beautiful young Italians
whose lives I would otherwise have
utterly coveted, standing disconsolately
next to their snowed-in scooters. Not so
much Dolce Vita going on there.
On arrival the doorman bounded up
with a shovel and a top hat. “Welcome
to Moscow!” We were congratulated on
our safe arrival to the point that I felt a
bit intrepid. We beasted that snow! We
sat bravely in our Mercedes, battling
our way to that five star hotel. Just call
me Bear Senior.
It is astonishing what a beautiful
hotel room, sleeping children, a glori-
ous view of a snow-blanketed eternal
city and a bottle of champagne
can do to restore depleted spirits.
The next day, we discovered
the perils of mini-breaking with
children. They are not really
designed for it. Three year olds
are not, it emerges, big fans of
Renaissance architecture. The
joys of wandering through
beautiful streets, discover-
ing hidden Piazzas and
glorious churches, bypass
the young mind
entirely.
Our three year
old liked the
hotel. She liked it
that every time she
moved, a member of
staff cooed and gave her a
lollipop. She loved the pool.
And room service. She loved,
most of all, the turndown serv-
ice. Every night, just as I was try-
ing to get them to sleep, the
door would ring and she would
race to open it. “It’s the chocolate
lady!”
“Two chocolates for the Bella
bambina!”
The Sistine Chapel? Boring. The
snow-crusted Coliseum? Bleeugh. A
A Roman holiday...
with snow and kids
Antonia Senior realised that a child-friendly hotel is essential for a city break with small children
Rome in the snow
makes London look like
it was born to cope with
freezing conditions.
Below: the view from
the Cavalieri in warmer
conditions and the
hotel’s indoor pool.
Inset: Lara and Romilly
Senior.
place where bedtime brings a chocolate
delivery? Heaven.
We got through the weekend using
the age old tradition. Bribery. The snow
meant that all of Rome’s outdoor attrac-
tions were closed; the Coliseum, the
Forum, the Capitoline Hill. No mat-
ter. I suspect all will be there next
time we come. But as we wan-
dered past the Roman ruins, I
imagined Livia frantically prom-
ising her beloved Tiberius honey
cakes to walk just a little further, or
Agrippina dangling bribes in front
of fat little Nero. It made me feel bet-
ter anyway.
The hotel put us on to one great
attraction for little ones. 3DRewind,
near the Coliseum, is an indoor virtu-
al sightseeing tour round ancient
Rome. It’s well done, if a little cheesy,
and Lara got to dress up as a Gladiator
and pretend to kill me. She liked that.
She also liked building a snowman in
the grounds of the Palazzo Barberini,
and walking down towards the Spanish
Steps having a snowball fight outside
the designer stores.
On Saturday night, we got in a
babysitter (miraculously, but not cheap-
ly, the hotel provdes them at €30 per
hour), and popped upstairs to La
Pergola, Rome’s three Michelin star
restaurant for dinner. The fripperies are
a little daft; does anyone really need a
salt sommelier or a water menu? But
the food was extraordinary. I was
expecting heavy and unctuous fine din-
ing, but we got light and supple plates.
Quality ingredients, simply cooked. The
fagotelli pasta looked like something
you could buy in Waitrose; but biting
down brought a burst of liquid flavour,
like a firework of cream and eggs and
bacon going off in your mouth. A leg of
lamb for two came with little adorn-
ment. But this was a lamb that had
clearly been suckled by angels and pet-
ted by cherubim. We even managed to
stay awake a little past 11 o’clock, some-
thing I haven’t managed for a year or
two.
Struggling home after the hideous
delays on the return journey, we agreed
that a city mini-break with children is
reminiscent of the Longfellow poem.
When it is good it is very, very good, but
when it is bad it is horrid. Just like par-
enting at home, then.
So we shall skate over the chaotic
journey home to a snowbound Gatwick;
the 4am pacing with a teething baby
who really doesn’t care that her mum’s
stomach is sloshing with wine and
Michelin-starred food; the meandering
that could have been, and the romance
that once was. We will concentrate
instead on the beauty of Rome in the
snow, the glorious food and the unflag-
ging loveliness that Italians lavish on
children. We will think of the girls in
the pool at the hotel, snow bunching on
the glass roof, steam rising from their
warm bodies as they giggle and splash.
And we will think of them safely asleep,
and the two of us awake, wine in hand
and all of Rome spread out beyond our
window, the dome of St Peter’s in the
distance and the lights of the city twin-
kling just for us.
For more info about Cavalieri kids’ offer-
ings, go to www.romecavalieri.com/kid-
scorner.php. Nightly rates start at €380 for a
Deluxe Room, including breakfast and VAT.
33 CITYA.M. 13 FEBRUARY 2012
B
oston: the genteel city of acade-
mia, tea parties, clam chowder,
Matt Damon, and for me at
least, electric eels. I had come
to Boston on a long weekend – a bit of
sales shopping, sight-seeing and relax-
ing in this history-steeped city. Yet also
to confirm something that had been
a bit of a mystery for many years: I had
first come here as a surly 14 year old.
In a bid to steer me away from the
shops, my mother had taken me to
the city’s aquarium where there was a
way of comparing one’s electricity to
that of an electrical eel. Most people
registered a mere flicker; mine shot
up to the maximum. Since then, this
event has taken on mythological sta-
tus – and been used to blame most
data and technology disasters in my
household. Eighteen years later,
would I possess the same incredible
charge?
I was based in the smart Mandarin
Oriental, in the city’s Back Bay.
Conveniently located next to the
Skywalk look-out tower, this was first
port of call on an action-packed week-
end. From here you can see the city in
all its glory – the sea pockmarked
with islands – some of which used to
house orphanages or PoW camps dur-
ing the war, and some of its 57 col-
leges. You can see its many churches,
green spaces and the odd high rise,
but Boston is not showing off – it
doesn’t need to. With its imposing
Victorian terraces and grand man-
sions, you can see why it is a favourite
amongst Hollywood producers:
Mystic River, Good Will Hunting and
The Departed were all set here.
Known as one of the great walking
cities, the Mandarin to the harbour is
a pleasant 45 minute amble. The
Boston Common park is beautiful –
all weeping yellow willows and dainty
bridges – and makes a lovely picnic
spot. I watched as the generally sober
set (no freaks of the sort you see in
New York here) ambled through what
is the oldest public park in the United
States, and looked at lovers boating on
the river. I also saw a Giselle lookalike
running – mid winter – in teensy
shorts and a vest top, before I realised
that perhaps it was in fact the
Brazilian supermodel herself, who
lives a stone’s throw away, with hus-
band Tom Brady of the New England
Patriots football team.
Beacon Hill is one of the most beau-
tiful areas of Boston, its grandiose
Federal-style houses built at the end
of the 18th century. I took a peek into
the warmly lit rooms of the graceful
houses as I passed by. This is the New
England of old money – all family
crests, busts and elegant floral dis-
plays on the marble mantlepiece.
Even the gas lamps on the streets are
straight out of central casting: red for
a phone box, white for a street light.
The shops on Charles Street are, as
with similar chi-chi areas the world
over, full of beautiful things you never
knew you needed: doggy ephemera,
vintage Aspen skiing posters and
Laotian handwoven throws.
More user friendly shopping is to
be found near the hotel on Boylston
and Newbury Streets. Here, boutiques
such as DVF, Betsey Johnson and the
excellent jeans shop Scoop, sell to
tourists keen to take advantage of the
city’s no sale tax rule (on clothing
under $175). The hotel is also next to
the Prudential Center and the Copley
Place, both large malls, the latter of
which boasts a Neiman Marcus and
all the designer boutiques (some of
which are repeated on Newbury
Street).
Downtown with its soulful Irish
and Italian neighbourhoods, has a dif-
ferent vibe. It is also where you can
find some great food. The ram-
shackle, packed-to-the-rafters Daily
Catch is a Sicilian joint utilising the
great fruits of the local seas and is
designed more for the trencherman
in mind than the delicate lady diner.
Squid ink pasta comes black as a
miner’s forearms, covered in a rich,
tomato-chilli sauce and groaning
with fat mussels.
After a day of walking, dinner was
spent at the hotel’s Asana restaurant:
this was one of the culinary high-
lights in a weekend of, generally, less
than brilliant cooking. Even the two
hours of power walking didn’t quite
justify the size of the wagyu beef and
truffle chips, but it was delicious.
Saturday was a chance to relieve
the aches and pains in the spa. I’m
not usually a fan of tinkling bells and
the more “spiritual” side of spa-ing,
but the New England Treatment,
using local herbs, marshmallow and
calendula, was firmly on the practical
end of pampering and the massage
was deep and therapeutic.
Later, I took a wander to the excel-
lent Boston museum of Fine Arts,
which was showing Degas’ Women,
and was disappointed that the Renzo
Piano extension to the Isabella
Stewart Gardner museum hadn’t
opened yet (definitely one not to miss
now that it has).
A walk along the esplanade, teem-
ing with MIT students discussing the
likes of string theory and atomic com-
bustion with their exercise buddies,
was surely the most intellectually
stimulating power walk I’ve ever had
and led me conveniently back to the
hotel.
The next day was spent soaking in
the sites of Harvard campus (occupied
by anti-Wall Street protestors so sadly
closed to the public) and marvelling at
the bonkers Frank Gehry MIT building
that was showing a mini exhibit of the
larks students get up to, such as put-
ting police cars on top of Romanesque
buildings. We also took an illuminat-
ing tram ride tour to learn about the
city’s history.
That evening we sampled the
revered Boston Symphony Orchestra.
Partial to the odd adagio, I thought we
were in for a treat, but realised it was
comedy night instead: the debut of
composer John Harbison’s Symphony
no. 6, complete with electric guitar
and punchy libretto. After laughing at
what we thought were the appropri-
ate intervals, we looked upon the
enraptured crowd (mostly under 30,
beardy and bespectacled, chins being
firmly stroked) and realised – in hor-
ror – that the joke was on us. Still,
luckily for us musical traditionalists,
Beethoven came next.
After a fun-filled day I wanted some
fast food, and had read on a food
forum about Sweet Cheeks, a new
Soul Food restaurant bang next to the
Fenway baseball stadium. It was heav-
ing, and with reason: delicious pulled
pork and chicken served on trays,
washed down with jars of tasty cock-
tails. Along with the Mandarin, this
was the best food I ate in Boston.
My resolution to then head over to
the Harvard campus and bluff my way
into a frat party was vanquished by
severe jet lag, but other more adven-
turous members of my party headed
that way and ended up partying in
Central Square’s Middle East and
other grungy music venues, until the
early hours.
On my final day, I took myself off
along the coast, passing pretty com-
muter towns such as Salem and
Swampscott – at Marblehead I sat by
an abandoned lighthouse for a bit of
fresh air before the flight home that
night. I had managed to pack an
immense amount into a weekend and
the best part was that all the London
cobwebs were well and truly gone.
My last stop was the aquarium to
test my magical powers. What I had
remembered was quite different:
there was a metal plate you could put
your hand on, and if you had any elec-
tricity at all, the light would go on.
Needless to say, everyone’s flashed
red. I wasn’t so special after all, and
those data mishaps sadly cannot be
blamed on anything other than my
kack-handedness. Still, I thought, at
least my enjoyment of Boston has
matured. Rooms start from £265 on a bed
and breakfast basis at Mandarin Oriental
Boston. To book, got to www.mandarinori-
ental.com or call 00800 28 28 38 38.
British Airways offer three nights from
£619 per person, for travel until 31 March.
Includes return British Airways flights in
World Traveller (economy) from London
Heathrow and room only accommodation,
based on two sharing. Book by 21 Feb.
Visitba.com/boston or call 0844 4930758.
Art, history and pampering
in New England’s capital
A packed weekend in Boston refreshed Jemima Sissons, though she’d have
liked more time to take in the city’s mix of natural beauty and old world charm
The Mandarin Oriental, Boston.
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S
hoes matter. You can have the best suit in
the world but if it is paired with scuffed,
mismatched leather on your feet it will
undo all of the good work.
The debate is still ongoing over whether brown
is acceptable in the City. The answer is probably: as
suit etiquette gets less formal, with more choice in
colours and cuts, so does the accompanying
footwear. While you wouldn’t want to saunter into
a meeting with the chief executive in a pair of
brown loafers, they can be a great compliment to a
business suit on less formal occasions.
Brogues are still a good look, with walnut brown
adding an air of casual sophistication, especially
when matched with suits in shades of blue and
charcoal. Classic black shoes are all about clean,
simple lines and understated laces. Buckles, if pres-
ent at all, should avoid fussiness.
A more drastic statement comes in the form of
the brothel creeper, which is once again threaten-
ing to return. Named for their thick, rubber soles,
the shoes made popular by soldiers returning
from World War II may be comfortable but
beware: they will look ridiculous unless you know
what you’re doing.
Spencer Hart founder Nick Hart said: “Choosing
the right shoe is something that a lot of men
ignore. It’s important to invest in quality, as people
really do notice shoes in the same way that they
notice the fit of your suit.
“It doesn’t matter what material you choose as
long as it is a style that suits your trouser. Our
shoes are designed in three styles: either semi-
pointed, or non-pointed brogues and slip-ons,
which are designed to fit a narrow trouser. Of
course, if you go for a wider trouser then choose a
chunky shoe. We love a chocolate brown shoe as it
is much more versatile than black. It goes with
most suit colours, from black and midnight blue
through to charcoal grey.”
Put some soul
into your soles
S
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a
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e
t
o
e

d
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ith £
2
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Aubergine tinted
slender brogues
Jeffery West
£
3
2
0
robinsonsofbawtry.com
Lifestyle | Fashion
34 CITYA.M. 13 FEBRUARY 2012
FASHION NEWS
BY STEVE DINNEEN
NEW YORK TRAILS AUTUMN 2012 STYLES
New York Fashion week gripped the fashion
world over the weekend, with top designers
showing off their vision for the couture season
ahead. The proceedings were dominated by rich
fabrics, waist-defining jackets and some 1920s-
inspired styles sparked by movies like The Artist.
Dresses featured strongly among the 90 or so
designers showing autumn 2012 collections and
navy was deemed to be the neutral colour of
choice amongst the world’s fashionistas.
THOMAS PINK RUNS SHIRT AMNESTY
Thomas Pink is running a charity “Shirt
Amnesty” this month to raise money for the
Newlife Foundation for Disabled Children. The
shirtmaker is inviting Thomas Pink customers to
return their Thomas Pink shirts to any of its
stores, excluding airports, concessions and out-
lets, where they will receive a £5 discount the
same day. Any other branded shirts will also be
eligible for this incentive and will also receive a
£2 discount.
KATE MIDDLETON TOPS FASHION BUZZWORDS
Kate Middleton topped a fashion buzzword
list for a second year running while pop star
Lady Gaga disappeared from sight. The
Global Language Monitor (GLM), which
tracks print, electronic and social media for
top words and phrases, said “The Duchess
Effect” was its top fashion word for 2012.
The proclamation came as New York began
its Mercedes-Benz Fashion Week of runway
shows and celebrity parties.
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suede shoe
Oliver Spencer
£149
oliverspencer.co.uk
T
E
R
R
E
S
T
R
I
A
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WHITECHAPEL
ITV1, 9PM
Chandler (Rupert Penry-Jones) and the
team attend the christening of Miles’
daughter, but soon find themselves
dealing with a murder case.
UNIVERSITY CHALLENGE
BBC2, 8PM
Jeremy Paxman asks the questions as
teams from Balliol College, Oxford, and
Homerton College, Cambridge,
compete in a quarter-final match.
ROYAL MARINES: MISSION
AFGHANISTAN CHANNEL5, 9PM
The men of Lima Company are joined
by a sniffer dog, whose help in locating
explosive devices proves invaluable on
a mission into enemy territory.
BBC1
SKY SPORTS 1
7pmSky Sports News at Seven
7.30pmLive Football League
10pmPremier League Review
11pmNetbusters 11.30pmSPL
Round-Up 12amSoccer AM: The
Best Bits 1amFootball League
2.30amNetbusters 3am-6am
Live International One-Day Cricket
SKY SPORTS 2
7pmIRB Rugby Sevens 9pm
International One-Day Cricket
10.30pmWarren Miller Skiing
Films 12amInternational One-Day
Cricket 1.30amEuropean Tour
Golf 2.30amPGA Tour Golf
3.30amVolvo Ocean Race
4.30amMax Power 5.30am-6am
FIFA Futbol Mundial
SKY SPORTS 3
7pmVolvo Ocean Race 8pm
Warren Miller Skiing Films
9.30pmVolvo Ocean Race
10.30pmThis Week In WWE
11pmWWE: Bottom Line 12am
WWE: Afterburn 1amWWE: NXT
2amLive WWE: Late Night – Raw
4.15am-4.45amFIFA
BRITISH EUROSPORT
7pmLive Snooker: The Welsh
Open 10.30pmBoxing
11.30pm-12.30amEurogoals
ESPN
7pmESPN Kicks: Extra 7.15pm
ESPN Game of the Week 7.45pm
Live Serie A 9.45pmESPN Kicks:
Scottish Premier League 10pm
Premier League Review11pm
ESPN Game of the Week 11.30pm
ESPN Press Pass 12am
Premiership Rugby Union 1.30am
Live NBA Basketball 4am
Bundesliga Review Show5.15am
ESPN Kicks: Scottish Premier
League 5.30am-6amESPN Game
of the Week
SKY LIVING
7pmCriminal Minds 8pmKids
Who Have It All 9pmAmerica’s
Next Top Model: All-Stars 10pm
Criminal Minds 11pmBones 12am
CSI: Crime Scene Investigation
1.50amMaury 2.40amMy Wife
and Kids 3.30amBones 4.20am
Nothing to Declare 5.10am-6am
Jerry Springer
BBC THREE
7pmThe Real Hustle: Celebrity
Chancers 7.30pmWorld’s Craziest
Fools 8pmDon’t Tell the Bride to
Be: The Proposals 9pmDon’t Tell
the Bride: Valentine’s 10pm
EastEnders 10.30pmBizarre Crime
11pmFamily Guy 11.45pmBeing
Human 12.45amDon’t Tell the
Bride to Be: The Proposals 1.40am
Don’t Tell the Bride: Valentine’s
2.40amBizarre Crime 3.10amThe
Real Hustle: Celebrity Chancers
3.40amWorld’s Craziest Fools
4.10am-5.10amStrictly Soulmates
E4
7pmHollyoaks 7.35pmHow I Met
Your Mother 8pmMy Name Is
Earl 9pmPlaying It Straight
10pmSkins 11.10pmFresh Meat
12amThe Big Bang Theory 1am
Scrubs 1.50amHow I Met Your
Mother 2.15amRules of
Engagement 2.35amFresh Meat
3.20amGreek 4amUgly Betty
4.40am-6amSwitched
HISTORY
7pmMounted in Alaska 7.30pm
Pawn Stars 8pmStorage Wars
9pmPawn Stars 10pmAmerican
Pickers 12amPawn Stars 1am
American Pickers 3amOnly in
America 4amThe True Story
5am-6amCash Cowboys
DISCOVERY
7pmBear Grylls: Born Survivor
8pmAuction Kings 9pmAircrash
Confidential. New series.
Investigating the causes of
aviation disasters. 10pmFinding
Amelia 12amBear Grylls: Born
Survivor 1amAircrash
Confidential 2amIce Pilots 3am
Wheeler Dealers 3.50am
Mythbusters 4.40amIndustrial
Revelations 5.30am-6am
Destroyed in Seconds
DISCOVERY HOME &
HEALTH
7pmSupernanny US 8pmJon
and Kate Plus 8 9pmCritical
Condition 10pmTrauma Team
11pmHospital Emergency 12am
Critical Condition 1amTrauma
Team2amHospital Emergency
3amA Place in the Sun: Home or
Away 4amA Baby Story
5am-6amBaby Tales
SKY1
8pmGadget Geeks: The latest
electric bikes. 9pmObese: A Year
to Save My Life 10pmSpartacus:
Vengeance 11.15pmAn Idiot
Abroad 2 12.15amDog the Bounty
Hunter 1.15amSun, Sea and A&E
2.10amFringe 3.05amRoad Wars
4.45amLion Man 5.10am-6am
Don’t Forget the Lyrics
BBC2 ITV1 CHANNEL4 CHANNEL5
S
A
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E
L
L
I
T
E
&
C
A
B
L
E
TVPICK
6pmBBC News
6.30pmBBC London News
7pmThe One Show
7.30pmInside Out; BBC News
8pmEastEnders
8.30pmPoor America –
Panorama
9pmThe Diamond Queen 10pm
BBC News 10.25pmRegional News
10.35pmA Question of Sport
11.05pmLate Kick Off 11.35pm
The Graham Norton Show12.20am
Weatherview12.25amSign Zone:
Who Do You Think You Are?
1.25amSign Zone: Natural World:
Tiger Dynasty 2.25amSign Zone:
Celebrity Antiques Road Trip
3.25am-6amBBC News
6pmEggheads
6.30pmBritain’s Heritage
Heroes
7pmOperation Hospital Food
with James Martin
8pmCHOICE University
Challenge
8.30pmAn Island Parish
9pmProtecting Our Children
10pmMock the Week – Again:
With guests Milton Jones and
Ed Byrne.
10.30pmNewsnight; Weather
11.20pmPan Am
12amBBC News
3.15amThe Super League Show
4am-6amBBC Learning Zone
6pmLondon Tonight
6.30pmITV News
7pmEmmerdale
7.30pmCoronation Street
8pmCornwall with Caroline
Quentin
8.30pmCoronation Street
9pmCHOICE Whitechapel
10pmITV News at Ten
10.30pmLondon News
10.35pmThat Sunday Night Show
11.05pmLaw & Order: UK
12.05amRiver Monsters 12.35am
The Zone; ITV News Headlines
2.35amChampions League Weekly
3.05amITV Nightscreen
4.35am-5.30amThe Jeremy Kyle
Show
6pmThe Simpsons
6.30pmHollyoaks
7pmChannel 4 News
7.55pm4thought.tv
8pmOlympic Tickets for Sale:
A Dispatches Special
9pmCoppers
10pmAmerica’s Serial Killer:
True Stories
11.25pmRandom Acts
11.30pmShameless
12.30amMusic on 4: The 54th
Grammy Awards 2amOlympic
Tickets for Sale: A Dispatches
Special 2.55am90210 3.35am
Brothers & Sisters 4.15amHome
of the Future 5.10am-6.05am
Time Team
6pmHome and Away
6.30pm5 News at 6.30
7pmWorld’s Toughest Trucker;
5 News Update
8pmPolice Interceptors; 5
News at 9
9pmCHOICE Royal Marines:
Mission Afghanistan
10pmFILMThe Longest Yard:
2005.
12.20amSoho Blues
1.15amSuperCasino. Live
interactive gaming. 4amHouse
Doctor 4.20amWildlife SOS
4.45amWildlife SOS 5.10am
Michaela’s Wild Challenge
5.35am-6amMichaela’s Wild
Challenge
1 2 3 4 5 6
7 8 9
10 11
12 13 14
15 16
17 18 19
20 21 22
23 24
25 26
10 8 5
34 21
45
11 12 4
14 6
11 30
12 9
15 12 5
45
9 35
16 6 13
22
14
39
29
15
3
10
23
26
15
16
27
22
11
11
16
10
21
20
38
Fill the grid so that each block
adds up to the total in the box
above or to the left of it.
You can only use the digits 1-9
and you must not use the
same digit twice in a block.
The same digit may occur
more than once in a row or
column, but it must be in a
separate block.
COFFEE BREAK
Copyright Puzzle Press Ltd, www.puzzlepress.co.uk
KAKURO
QUICK CROSSWORD
LAST ISSUE’S
SOLUTIONS
KAKURO
WORDWHEEL
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.
SUDOKU
Place the numbers from 1 to 9 in each empty cell so that each
row, each column and each 3x3 block contains all the numbers
from 1 to 9 to solve this tricky Sudoku puzzle.
SUDOKU
QUICK CROSSWORD
ACROSS
1 Austrian composer,
___ Schubert (5)
4 Point directly opposite
the zenith (5)
7 Relating to letting
of a property (6)
9 City on the river Tiber (4)
10 Departed, went (4)
12 Young herring (4)
13 Crisp bread (5)
15 Consumed (3)
17 Large wading bird (5)
19 Completed (4)
21 Small narrow pointed
missile that is thrown (4)
23 Hard outer layer
of a fruit (4)
24 Highly seasoned
fatty sausage (6)
25 Slumber (5)
26 Web-footed, long-
necked birds (5)
DOWN
1 Dense woodland (6)
2 Shaped like a ring (7)
3 Ardour (4)
5 Large artery (5)
6 Ridge of rock,
coral, etc (4)
8 Alphabetic
characters (7)
11 Adversary (3)
14 Depository for
goods (7)
15 Mother of the ancient
Irish gods (3)
16 Describe the
meaning of (6)
18 Become rotten, as of
an egg, for example (5)
20 Coloured part
of the eye (4)
22 Savoury taste
experience (4)
S
R
U
N
D I
H
O
E

4
4




B L A I R C A C T I
U D E N R
S T A T I C T E E M
S G E N O C I D E
T S E T S E P O S E
O E R O V
P I S A C A D D I E
C A T H E T E R R
T H E E D O S A G E
O T L M S
C R U E L L E A S T
8 6 7 9 7 2 4
2 5 3 1 4 9 6 8
4 9 7 6 8 3
1 3 4 6 3 5 1 2
3 7 2 6 8 9 5 8
1 8 5 1
9 7 9 5 7 6 4 8
2 3 4 7 1 8 3 9
1 3 5 2 1 4
5 2 1 8 5 9 6 7
9 5 6 3 1 8 2
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter word was
DESPOTISM
Lifestyle | TV&Games
35 CITYA.M. 13 FEBRUARY 2012
ENGLAND interim head coach Stuart
Lancaster hopes his team’s 100 per
cent start to their Six Nations defence
will persuade the Rugby Football
Union to make his appointment per-
manent.
A resolute second-half display
capped by Charlie Hodgson’s second
try in as many Tests and the flawless
kicking of Owen Farrell saw England
come from behind to win in snowy
Rome on Saturday.
It continued a steady if unspectacu-
lar start to Lancaster’s regime, follow-
ing an attritional triumph over
Scotland, which the erstwhile Saxons
coach hopes will be allowed to contin-
ue beyond the championship.
“I’ve always worked on the mindset
that if you work hard enough and
long enough then you get your
rewards,” said the 42-year-old.
“All I can do is focus on doing the
job to the best of my ability and try-
ing to get a new England team work-
ing hard for each other and the
country behind them so they can feel
proud of the team. We’ve come some
way to achieving that with two wins.”
Lancaster was indebted to fly-half
Hodgson, a rare older head in a
youthful and inexperienced backs
division, for another charge-down try
that avoided what would have been a
historic defeat. The Saracens No10’s
effort also left Ben Foden relieved,
after the full-back’s pair of handling
errors gifted late first-half tries to
Giovanbattista Venditti and Tomasso
Benvenuti and allowed Italy a 12-6
lead at the interval.
“If we had lost I would have blamed
myself completely,” said Foden. “I was
annoyed with myself. Hopefully I’ll
get the chance to right the wrongs.”
Lancaster welcomes back three sen-
ior stars in Manu Tuilagi, Courtney
Lawes and Toby Flood ahead of the
visit of Wales in a fortnight’s time.
Centre Tuilagi and lock Lawes both
made successful injury comebacks for
their clubs at the weekend, while fly-
half Flood underlined his recovery.
Sport 36 CITYA.M. 13 FEBRUARY 2012
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email sport@cityam.com
ANOTHER STEP FORWARD
The margin of victory wasn’t as emphatic as
Stuart Lancaster would have liked but his
emerging England side passed another signifi-
cant test in Rome at the weekend.
It would have been easy for the team to
have panicked when they trailed 15-6 but it
speaks volumes for the level of trust that
clearly already exists in this unit that they
were able to grind out a second away win.
DEFENCE IS ENGLAND’S STRENGTH
If England are to complete a successful Six
Nations defence it looks as though it will
largely be built on their ability to stop the
opposition scoring.
Italy crossed twice on Saturday but I don’t
think Lancaster will be too concerned about
the manner in which the tries were conceded.
A ricochet and an interception can happen at
any time and I’m sure the coach will be
encouraged by the low error count and the
fact there were so few missed tackles.
TIME TO LAY OFF YOUNGS
It’s little over a year since Ben Youngs was
being championed as one of the main reasons
for English optimism ahead of the World Cup
so it seems remarkably unfair that he was sin-
gled out for some pretty harsh criticism fol-
lowing his performance in Rome.
Karl Dickson impressed as his replacement
when he was given a chance, but the
Harlequins No9 benefited from an England
side that had far more width to it.
It’s far too easy to just blame the scrum-
half when things aren’t going to plan but I’m
sure Youngs, who’s still just 22 years old, will
benefit from what was a difficult afternoon.
HODGSON’S EXPERIENCE IS VITAL
At the other end of the age spectrum Charlie
Hodgson has been something of a revelation
and not just for the tries in each game which
have proved to be decisive. In what is a very
inexperienced unit it’s important to have old
hands like him on board, particularly when
times are tough as they were at the weekend.
England face Wales at Twickenham in a
fortnight, by which time Toby Flood is likely to
be back in contention having missed most of
the season with a knee injury.
The Red Rose have played their most excit-
ing and fluent attacking rugby over the last
few years with the Leicester man in the No10
shirt and there will be a temptation to tinker
with a winning side if Flood is able to prove
his fitness.
However, I think it would be terribly harsh
on Hodgson were he to be dropped following
such a fine opening to his tournament.
Josh Lewsey was speaking courtesy of
GamePlan Solutions: Managing high
profile and popular sport stars; speak-
ers, leaders, motivators, ambassadors
www.gameplansolutions.co.uk
Red Rose pass a test of character
BY FRANK DALLERES
RUGBY UNION

ITALY
ENGLAND
THE International Rugby Board has
backed referee Dave Pearson’s deci-
sion to postpone Saturday’s France v
Ireland Six Nations match in Paris.
Pearson called off the tie just 10
minutes before kick-off after deciding
that parts of the pitch at the Stade de
France stadium were frozen. The
match will now be staged during one
of the tournament’s break week-
ends – 18-19 February or 3-4 March.
RUGBY UNION

IRB back France
postponement
Italian job
gives hope
to Lancaster
WALES coach Warren Gatland toasted
his team’s maturity after they went
top of the Six Nations table and set up
a Triple Crown meeting with England
at Twickenham. Two tries from Leigh
Halfpenny, whose expert kicking saw
him finish with 22 points, and anoth-
er from wing Alex Cuthbert on his
home debut blitzed Scotland, who
replied through Greg Laidlaw, after
half-time.
It means the World Cup semi-final-
ists will visit England on 25 February
looking to clinch the Triple Crown
and take another major step towards
deposing the reigning champions.
And Gatland paid tribute to his
team’s ability to dispatch Scotland
despite missing captain Sam
Warburton, who failed a late fitness
test, and lock Bradley Davies, banned
for a tip tackle against Ireland last
week.
“That is a sign of the maturity of
this team at the moment,” said the
New Zealander. “They can handle
these disruptions and it doesn’t seem
to affect them psychologically, they
just go out and play the game.”
Scotland, narrowly beaten by
England in their opening fixture,
held Wales to 3-3 at the interval but
had both Nick de Luca and Rory
Lamont sin-binned as Wales tore into
them after the break.
Wales hunting Triple Crown at HQ
BY FRANK DALLERES
RUGBY UNION

WALES
SCOTLAND
Hodgson scored his second try of the Six Nations Picture: GETTY
Wales 2 2 0 0 50 34 4
England 2 2 0 0 32 21 4
France 1 1 0 0 30 24 2
Scotland 2 0 0 2 19 40 0
Italy 2 0 0 2 27 49 0
Ireland 1 0 0 1 21 46 0
SIX NATIONS
TEAM P W D L F A PTS
27
13
15
19
JOSH LEWSEY’S
POST MATCH
VIEW
ALMOST exactly a year on from their
torrid World Cup campaign the rela-
tively recent change of captaincy and
minor reshuffle in personnel has up
until now given England’s one-day
set-up merely an artificial air of
change.
Alastair Cook, who will embark on
his fourth series as England’s
one-day skipper against
Pakistan today, has set
about trying to accel-
erate a move towards
a more progressive
brand of cricket by
dropping a main-
stay in Ian Bell
and promoting
Kevin Pietersen up
the order, but the
composition of the
side and its weak-
nesses appear to be
all too familiar.
Many of the mistakes
England committed last
February in the subcontinent were
subsequently replicated in October’s
5-0 one-day series whitewash in India
and although the format was differ-
ent, the Test side’s recent failure to
dominate Pakistan’s spinners repre-
sents a worrying precursor to this
upcoming four-match series.
Furthermore, Ravi Bopara and
Samit Patel remain unclear as to
where they fit, if indeed at all, in the
team, while a battery of pace bowlers
would not appear to offer Cook the
sort of variety Pakistan’s Misbah-ul-
Haq will have at his disposal.
Somerset’s Jos Buttler (inset), who
has been ruled out of today’s series
opener in Abu Dhabi due to split web-
bing in his left hand, and Hampshire
spinner Danny Briggs are the only
new faces in the squad, but Cook is
counting on their presence to reinvig-
orate a group of players who he
claims have learnt from their recent
chastening experiences on the sub-
continent.
“One of the things we
said in October was we
tried as hard as we
could and we came
up quite a long
way short again
against India,”
said Cook.
“There’s no
shame in that,
but there will be a
shame if we don’t
learn individually
from that and where
we need to take our
game.
“The Tests (against
Pakistan) didn’t go to plan, and we
didn’t play very well. But it’s a new
format, and the squad has introduced
six new faces. It’s brought a freshness
and enthusiasm to the squad.”
England’s preparations were hard-
ly helped on Saturday when a taxi car-
rying Pietersen, Stuart Broad and
Jonathan Trott was involved in a dra-
matic high-speed incident. The play-
ers emerged unscathed after the
bonnet suddenly flew up and into the
car’s windscreen and all three are
expected to play today.
Sport
37 CITYA.M. 13 FEBRUARY 2012
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SPORT | IN BRIEF
Ennis and Chambers on song
ATHLETICS: Jessica Ennis equalled her
personal best to win the 60m hurdles at
the indoor UK Trials and Championships
in Sheffield, while Dwain Chambers won
his fifth 60m title. Former heptathlon
world champion Ennis, who won in a
time of 7.95 seconds, said: “I’m really
pleased. It shows winter training has
gone well and I’m looking forward to
[March’s World Indoor Championships
in] Istanbul.” Meanwhile, Chambers won
the men’s 60m in 6.58s. “At my age, it is
a privilege to be running that fast,” said
the 33-year-old, who will find out after
the World Indoor Championships, which
run from 9-11 March, if he is eligible to
run at London 2012.
Zambia complete fairytale win
FOOTBALL: Zambia won their first
Africa Cup of Nations title by beating
favourites Ivory Coast 8-7 in a dramatic
penalty shoot-out. The match finished 0-
0 after Chelsea’s Didier Drogba skied a
penalty in normal time, while Arsenal’s
Gervinho missed the decisive spot kick in
an epic shoot-out.
Westwood thwarted by Spaniard
GOLF: Spain’s Rafael Cabrera-Bello beat
England’s Lee Westwood and Scotland’s
Stephen Gallacher by a single shot to
win the Dubai Desert Classic. US Open
champion Rory McIlroy finished fifth.
Cook’s England
ready to face a
new trial by spin
SRI LANKA, 2011 (HOME)
28 Jun: Won by 110 runs
1 Jul: Lost by 69 runs
3 Jul: Lost by 6 wickets
6 Jul: Won by 10 wickets
9 Jul: Won by 16 runs
INDIA, 2011 (HOME)
3 Sep: No result
6 Sep: Won by 7 wickets
9 Sep: Won by 6 wickets
11 Sep: Match tied
16 Sep: Won by 6 wickets
INDIA, 2011 (AWAY)
14 Oct: Lost by 126 runs
17 Oct: Lost by 8 wickets
20 Oct: Lost by 5 wickets
23 Oct: Lost by 6 wickets
25 Oct: Lost by 95 runs
CAPTAIN COOK | ODI RECORD
GREAT BRITAIN overcame the
absence of world No4 Andy
Murray to secure a 3-2 Davis Cup
victory over Slovakia following
Dan Evans’s thrilling five-set vic-
tory over Martin Klizan at
Glasgow’s Braehead Arena.
Without Murray, currently
training in Florida after his
Australian Open semi-final defeat
last month, Leon Smith’s squad
were severe underdogs in this
Europe/Africa Group I tie and
looked to be heading for defeat
when James Ward sank to a loss
against world No 65 Lukas Lacko,
which set-up the decisive rubber
between Evans and Klizan.
Slovakian Klizan, ranked 156
places higher than Evans in the
world rankings, appeared to be
closing in on victory when he
claimed the fourth set, but the 21-
year-old Englishman displayed
maturity beyond his years to close
out a sensational 6-1, 6-1, 4-6, 3-6,
6-3 win.
Evans’s win gave coach Smith a
fifth successive Davis Cup tri-
umph and set up April’s second-
round tie with Belgium in
Glasgow, where he’ll hope to be
able to call upon the services of
Murray.
“We would welcome him
[Murray] back at any time,” said
Smith.
“But we want selection issues
for the other places. While Dan is
the hero of this tie it’s about the
group.”
Evans guides GB to
Davis Cup victory
SARACENS closed the gap at the top
of the Premiership to three points
after Alex Goode’s 17-point haul
secured a narrow 22-17 win away at
London rivals Wasps.
Second-from-bottom Wasps have
now lost seven consecutive
Premiership matches but the losing
bonus point they earned yesterday
means they hold a nine-point advan-
tage over rock bottom Newcastle.
“When you come away from home
to a club that are fighting for survival,
who have got most of their experi-
enced players back, to come and get
the job done is a big achievement,”
said Saracens director of rugby Mark
McCall. “We defended magnificently,
were very disciplined and I thought
our set-piece was very good.”
Sarries Goode
fortune is bad
news for Wasps
RUGBY UNION

BY JAMES GOLDMAN
TENNIS

England’s ODI team
led by Cook lost 5-0
in India last year
Picture: GETTY
Skipper insists harsh lessons have been learnt from
their recent nightmares on the subcontinent but
Pakistan will look to exploit some familiar failings
BY JAMES GOLDMAN
CRICKET

Sport
38
WOLVES manager Mick McCarthy
insists he remains the right man for
the job despite a derby drubbing
sending his side spinning into the rel-
egation zone.
A hat-trick from West Brom striker
Peter Odemwingie, plus strikes from
Jonas Olsson and Keith Andrews,
heaped humiliation on their West
Midlands rivals.
But McCarthy said: “I always feel
I’m the right person to do it. I’ve not
got a message for the fans. I’ve apolo-
gised. That is all I can do. That’s how
badly I feel about it.”
Odemwingie’s deflected effort put
the Baggies ahead after 34 minutes,
but in-form Steven Fletcher’s first-
time shot equalised just before half-
time. However, Wolves goalkeeper
Wayne Hennessy’s blunder allowed
Olsson to re-establish the visitors’
advantage and opened the floodgates
for Odemwingie and Andrews.
MOONLIGHTING Arsenal hero
Thierry Henry has hinted at another
loan spell with the Gunners next sea-
son, after scoring the winner on his
Premier League farewell.
Club record goalscorer Henry, who
will return to New York Red Bulls
after Wednesday’s Champions League
clash at AC Milan, admits he would
always be willing to return.
“You can never say never, right?” he
said. “You need to ask the boss. I don’t
know. I have always said it, it’s kind of
difficult for me to say no. If they need
some help one day, I will be around.”
The Frenchman, 34, climbed off
the bench to score the winner as
Arsenal came from behind in the last
quarter of an hour to beat
Sunderland 2-1 on Saturday. It was his
last league appearance of a six-week
loan spell that is due to end this
week, after his Major League Soccer
bosses refused to grant an extension.
And Henry (right) admitted the
injury–time goal – the third of this
visit and his 229th overall – left him
feeling “just like a kid who came on
and scored his first goal for the team
he loves”.
“When it comes to Arsenal, I always
feel something special. At the end of
the day, I was there at the end of the
move, but I just want to help,” he
added. “That’s all I wanted to do. I
said it right from the start: I did-
n’t want to
be a hero
or whatev-
er – just
one of the
guys in the
dressing room.”
Henry open to loan return
BY FRANK DALLERES
FOOTBALL

Based on all club games this season
Thierry Henry (Arsenal) Games 6; Total
Mins 117; Goals 3; Mins per Goal 39
Andy Carroll (Liverpool) Games 30; Total
Mins 1789; Goals 5; Mins per Goal 358
Fernando Torres (Chelsea) Games 28;
Total Mins 1819; Goals 2; Mins
per Goal 455
Marouane Chamakh
(Arsenal) Games 15; Total
Mins 630; Goals 1;
Mins per Goal 630
STRIKE RATES | HENRY COMPARED
MANCHESTER CITY climbed back to
the top of the Premier League yester-
day following victory at Villa Park and
their bid for the title could yet be
aided by the return of exiled striker
Carlos Tevez, according their manag-
er Roberto Mancini.
Despite enjoying the bulk of posses-
sion City struggled to carve out many
clear cut chances against unambi-
tious opponents, who eventually
cracked midway through the second
half when Joleon Lescott turned
home Gareth Barry’s knock-down.
The goals have dried up for City of
late, particularly on their travels, and
with Edin Dzeko and Sergio Aguero
struggling to reproduce their prolific
early season form, Tevez’s potential
return from a four-month absence
could provide fresh impetus.
The former Manchester United
striker failed to agree a move away
from the club in January and Mancini
is now willing to contemplate the
Argentine playing a part in the run-
in, despite saying Tevez would never
play for him again after he refused to
warm-up during the Champions
League defeat at Bayern Munich back
in September.
Asked about the prospect of Tevez
returning to Manchester this week,
Mancini said: “I don’t know. I hope so,
yes.
“I don’t have any problem and the
club doesn’t have any problem.
Finish. It’s up to him. Carlos knows
everything, he knows the situation.
“I spoke with Carlos one week after
Munich. He knows everything. We are
here. We’ve not changed these past
few months and Carlos knows that.
He is a City player.”
Mancini has made it clear, howev-
er, that he fully expects Tevez, who
has been fined around £9.3m and was
found guilty of gross misconduct by
the club, to say sorry, adding; “This is
normal. Then after Carlos can play, as
long as his condition is good.”
Adam Johnson struck a post in the
first half with a fizzing low drive
from the edge of the penalty area but
Shay Given, playing against his for-
mer side, was largely untroubled
until Lescott pounced in the 63rd
minute.
City survived a late onslaught
thanks to goalkeeper Joe Hart who
kept out Darren Bent’s dextrous vol-
ley with a smart reaction save.
KEY MOMENT
Having failed to add to Lescott’s 63rd
minute goal City were forced to dig deep to
protect their lead against a side who only
really gambled with five minutes left. Villa’s
conservatism would have paid off, however,
had Hart not prevented his England team-
mate Darren Bent with a smart reflex stop.
TALKING POINT
City have scored just four times in their
last seven away league games so there is
an obvious need for a striker of Tevez’s
class, but bringing him out of exile has
potential repercussions for the team spirit
Mancini has workd so hard to create.
GAME STATS
VILLA 0 - 1 MAN CITY
5 ATTEMPTS ON TARGET 9
10 ATTEMPTS OFF TARGET 17
5 CORNERS 8
43% POSSESSION 57%
3 YELLOW CARDS 0
0 RED CARDS 0
1 OFFSIDES 2
DUGOUT VIEW
I’m not sure what is going to happen
with the Richard Dunne, whether he is
going to go to hospital tonight or what-
ever, or what they do when a shoulder is
dislocated, whether they stick it back in.
I can’t give you an answer just now, but I
do believe he is going to be out for at
least a month, so that’s serious enough.
– Aston Villa boss Alex McLeish


MATCH ANALYSIS
BY JAMES GOLDMAN
Man City 25 19 3 3 64 19 60
Man United 25 18 4 3 61 25 58
Tottenham 25 16 5 4 49 25 53
Arsenal 25 13 4 8 48 35 43
Chelsea 25 12 7 6 44 31 43
TOP FIVE
TEAM PLD W D L F A PTS
Blackburn 25 5 6 14 37 56 21
Wolves 25 5 6 14 28 49 21
Bolton 25 6 2 17 29 51 20
Wigan 25 4 7 14 23 50 19
BOTTOM FOUR
TEAM PLD W D L F A PTS
Lescott’s winner sees Mancini’s men leapfrog rivals
Man United and manager reveals their title tilt could
be boosted by the return of disgraced striker Tevez
Arsenal hero says he would find it hard to refuse a third spell in north London
Efficient City
regain top spot
with Villa win
McCarthy vows to fight
on after derby humiliation
Lescott’s winner
put City back on
top of the table
Picture: GETTY
BY FRANK DALLERES
FOOTBALL

1
5
WOLVES
WEST BROM
BY JAMES GOLDMAN
FOOTBALL

0
1
ASTON VILLA
MANCHESTER CITY
39
Brewin Dolphin v Rathbones
the City Slam
I1l|äJ1\ I M1||1 î1Iî / ä.Ia|M |l|| J||
venue: the hac, city road, ec1y 2bq
On 1 March 2012, investment houses Brewin Dolphin and Rathbones go head-to-head
in a full contact charity rugby match. All proceeds to Claire House Children’s Hospice,
Leukaemia & Lymphoma Research and The Oliver King Foundation. All welcome.
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Great, but club hasn’t gone far enough
F
INALLY, Liverpool have stemmed
the tide of negative PR engulfing
their mishandling of the Luis Suarez
saga. Quite rightly they have
demanded the Uruguayan apologise for
embarrassing the club with his non-hand-
shake and given him a public dressing
down. Kenny Dalglish, too, has acknowl-
edged his post-match defence of Suarez
was wrong and only invited further
opprobrium.
But it does not go far enough. Suarez
has never issued an unreserved apology
for referring to Patrice Evra’s colour in
their infamous bad-tempered exchange.
Dalglish, too, has not seen the fault in his
increasingly laughable stance that
Suarez is the victim, not the perpetrator,
in this sorry episode.
The Liverpool manager last week
reignited this most combustible of issues
by insisting that Suarez should never
have received his eight-game ban. It is a
feeling that the club has wilfully cultivat-
ed and yesterday’s contrition, welcome
though it was, does not address this.
Meanwhile, Anfield has witnessed
instances of alleged racism towards not
just Evra but also unconnected parties,
such as Oldham youngster Tom Adeyemi.
Until Liverpool’s hierarchy – and
where have their owners been during all
this? – condemn Suarez’s initial act and
Dalglish’s ill-advised defence they will
continue to lend legitimacy to a disgust-
ing terrace minority.
Frank Dalleres is City A.M. sports editor
LIVERPOOL chiefs have attempted to
repair the damage caused by the Luis
Suarez saga by issuing a series of
apologies for his and manager Kenny
Dalglish’s conduct before and after
Saturday’s defeat to Manchester
United.
Suarez admitted he had been
wrong to refuse a pre-match hand-
shake with United defender Patrice
Evra, the player he was found guilty
of speaking to in racially derogatory
terms by the Football Association last
year.
Dalglish apologised for his han-
dling of a heated post-match inter-
view, in which he denied seeing
Suarez’s snub and insisted it was
“bang out of order” to blame the
Uruguayan for a subsequent half-
time tunnel row.
Managing director Ian Ayre also
spoke out, condemning Suarez for
not shaking Evra’s hand and mislead-
ing Dalglish about his intention to do
so in a third strongly worded state-
ment.
The apologies were not addressed
to Manchester United explicitly, but
the Premier League champions
responded with their own state-
ment accepting Liverpool’s contri-
tion and expressing a desire to
“move on”.
Liverpool’s actions came after
stinging criticism of the club,
Suarez and Dalglish reached
media in the United States, where
their owners, the John Henry-led
Fenway Sports Group, are based.
Suarez (right) said: “I’ve not only
let [Dalglish] down, but also the
club and what it stands for and I’m
sorry. I should have shaken Patrice
Evra’s hand before the game and I
want to apologise for my actions.”
Dalglish maintained he had not seen
Suarez’s handshake snub before his
interview, but added: “I did not con-
duct myself in a way befitting of a
Liverpool manager during that inter-
view and I’d like to apologise for
that.”
Ayre said he was “extremely disap-
pointed” at Suarez for not following
through with his pledge to shake
Evra’s hand. He added: “It has been
made absolutely clear to Luis Suarez
that his behaviour was not accept-
able.”
United manager Sir
Alex Ferguson had
called Suarez “a
disgrace” follow-
ing United’s 2-1
win, adding that
he should not
represent the
club again.
Liverpool, Suarez
and Dalglish sorry
for handshake snub
BY FRANK DALLERES
FOOTBALL

TOTTENHAM striker Louis Saha was
delighted to cap a tumultuous fort-
night for England manager elect
Harry Redknapp with two goals on his
home debut in Saturday’s crushing
5-0 win over Newcastle, which kept his
new side’s Premier League title chal-
lenge on track.
Redknapp was cleared of tax eva-
sion last Wednesday just hours before
he was installed as the odds-on
favourite to succeed outgoing
England boss Fabio Capello following
the Italian’s sudden resignation.
The 64-year-old was provided with
the perfect homecoming present by
his deadline day purchase Saha, who
hailed Redknapp as one of the main
reasons for him moving from Everton.
“He is right up there with the best
managers because he has so much
quality around the team and he gets
more than 100 per cent from every
player,” said Saha, who had gone 14
games without a goal
“It’s immense. That shows he has
great quality. It’s great to work for
him. He gives you so much confi-
dence. He has a desire to win things.
You can see it in his eyes.
“The last two weeks have been real-
ly difficult for him and it was nice to
end it with a great performance.”
Emmanuel Adebayor assisted four
goals and also got on the scoresheet
himself in what was Tottenham’s
biggest win of the season, and Saha
sees big potential in their partnership.
He said: “Adebayor was immense.
It’s dead easy to play with him and he
is a great character to be around.”
BY JAMES GOLDMAN
FOOTBALL

COMMENT
FRANK DALLERES
Saha adds to Redknapp’s
growing army of fans
“IF YOU WORK LONG AND HARD
ENOUGH YOU REACH YOUR GOALS”
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