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F X S P OT, F ORWARDS & OP T I ONS F UT URE S BONDS
CF D S T OCKS , I NDI CE S & COMMODI T I E S S T OCKS E T F s
Issue 1,579 Monday 27 February 2012
FTSE 100 t5,935.13 -2.76 DOW t12,983.02 -1.67 NASDAQ 2,963.75 +0.23 /$ 1.59 +0.02 / 1.18 unc /$ 1.34 unc
G20 tells
Eurozone:
stump up
THE G20 economies have told Europe
it must stump up extra cash to fight its
debt crisis if it wants more help from
the rest of the world, piling pressure
on Germany to drop its opposition to a
bigger European bailout fund.
Eurozone countries pledged yester-
day at a Group of 20 meeting of
finance leaders to reassess the
strength of their bailout fund in
March, which could clear the way for
other G20 countries to contribute
more funds via the International
Monetary Fund.
This will provide an essential
input in our ongoing consideration to
mobilise resources to the IMF, the
G20 said in the final communique of
the two-day meeting .
Germany, as Europes largest econo-
my, came under intense pressure to
support enlarging the regions war
chest. But facing political hurdles at
home, it has sent conflicting signals
over whether it was ready to move.
Chancellor George Osborne left no
doubt the G20 requires a clear Euro-
zone commitment.
We have to see the colour of the
Eurozones money first and, quite
frankly, that hasnt happened. Until it
does, theres no question of extra IMF
money from Britain or probably any-
one else, he said.
The G20 is racing to line up massive
international resources worth nearly
$2 trillion (1.25 trillion) possibly by
late April.
GREEK BAILOUT: P16-17
BY JENNY FORSYTH
EUROZONE
150.0
148.0
146.0
144.0
142.0
140.0
138.0
136.0
134.0
132.0
130.0
128.0
126.0
124.0
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14/1/11 1/1/11 1/7/11 1/10/11 1/1/12 1/4/12
George Osborne is under pressure to cut taxes on fuel Graph source: Experian
FUEL prices are set to hit a record
high, posing a threat to the economic
recovery and meaning that many
motorists cannot afford to fill up
their cars but chancellor George
Osborne has ruled out cutting fuel
duty in next months Budget.
The average forecourt price for a
litre of diesel last week hit a record
143.7p, an increase of 26 per cent in
the past two years. A litre of petrol
currently costs 136.2p and is expected
to break last Mays all time high of
137.4p within a month.
Fuel duty campaigners say the high
cost of petrol is hitting families and
damaging the UK economy. They are
planning a day of protest in parlia-
ment on 7 March.
Quentin Wilson, spokesman for
FairFuel UK, which represents the
RAC and leading road hauliers, chal-
lenged Osborne to act, saying: A cut
in fuel duty will stimulate growth,
create jobs, boost business confidence
and, crucially, give the chancellor
more overall tax yield as a result of
the growth than he believes he might
lose as a result of the duty cut.
Over half of the price of petrol goes
directly to the Treasury in the form of
VAT and fuel duty.
But Osborne hit back at the cam-
paign yesterday, saying he has already
www.cityam.com FREE
put off several tax rises. I have taken
action this year to avoid increases in
fuel duty which were planned by the
last Labour government, he said.
That involved committing several
billion pounds of resources and put-
ting a tax on oil companies, precisely
to ameliorate the impact of these
high world oil prices on the British
public.
Supporters of the chancellor point
out that he cut duty by one pence in
last years budget and used his
Autumn statement to announce that
a planned three pence rise would be
delayed until this August.
Brent crude prices have hit $125 a
barrel after the EU announced trade
sanctions intended to make Iran
abandon its nuclear weapons pro-
gramme.
Although the oil price remains
below the 2006 high of $144 a barrel,
a strong US Dollar has pushed the
price in sterling up to a record 79.
The consequences have been seen
at the pump, as UK fuel consumption
dropped by 2.4bn litres in 2011,
according to figures from the AA.
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FEARS OF SPIKE
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POLITICS
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News
2 CITYA.M. 27 FEBRUARY 2012
A HIGH-PROFILE Liberal Democrat
peer yesterday threatened to smash
Conservative hopes for fairer con-
stituency boundaries, arguing dissent-
ing Tories must not be allowed to stop
reforms to make the House of Lords
more democratic.
Vocal backbencher Lord Oakeshott
warned Conservative MPs that if they
refuse to back reform of the Lords,
they wont find Lib Dems in parlia-
ment at all keen to vote for redistribu-
tion of constituency boundaries.
The two policies were included in
the Coalition Agreement, with the
parties each valuing one highly.
Conservative MP Philip Davies
opposed Oakeshott on the BBCs
Sunday Politics show, claiming elec-
tions would ruin the Lords.
The point of the House of Lords is it
works, Davies said, arguing it is made
up of highly experienced experts from
all walks of life as well as two hun-
dred cross benchers, independent peo-
ple who would not be present if the
chamber was elected.
Planned parliamentary boundary
changes are set to benefit the
Conservative party at the next elec-
tion. It currently loses out as the size,
shape and electoral make-up of
Conservative-voting constituencies
mean it needs a higher share of the
vote than the Labour party does to
gain a majority in parliament.
In the Coalition Agreement drawn
up after the 2010 general election the
ruling parties agreed to establish a
committee to bring forward proposals
for a wholly or mainly elected upper
chamber on the basis of proportional
representation, as well as promising
to change boundaries.
A Liberal Democrat spokesman told
City A.M. Lord Oakeshotts views are
shared by other party members in par-
liament, but that the Conservatives
are sufficiently committed to House of
Lords reform that the measures will
be passed, and constituency bound-
aries will be changed in return.
However, Philip Davies cast a meas-
ure of doubt on the plans.
I wasnt elected on the coalition
agreement, I was elected by the people
in Shipley at the General Election
before there was any coalition agree-
ment, he said, arguing that in the run
up to the election I didnt come
across anybody who said Im only
going to vote for you if you reform the
House of Lords.
Mark Harper, Conservative MP and
minister responsible for electorals
reform, reminded his partys MPs
their manifesto pledged to reform the
upper chamber, and that the govern-
ment is prepared to force through
reforms even if they are opposed by
the Lords.
The committee working on Lords
reform is due to report today.
WELLS FARGO EYES EUROPEAN BANK
ASSETS TO POWER EXPANSION PLANS
Wells Fargo plans to increase the size
of its wealth management and insur-
ance divisions through acquisitions as
well as buying more assets from
shrinking European banks, its chief
executive says. John Stumpf, whose
banks market capitalisation is bigger
than that of any other in the US, told
the Financial Times he had sore toes
from kicking the tyres on so many
potential deals.
PIK NOTES POISED FOR RETURN
A speculative, often toxic type of debt
that became popular at the peak of the
economic boom and recently con-
tributed to the failure of UK retailer
Peacocks could be staging a return.
Payment-in-kind notes are not typical-
ly repaid until their mature. They also
rank low down on the list of creditors
to be repaid should a firm collapse.
BLOOMBERG SERVICE IN $100M REVAMP
Bloomberg will unveil a $100m-plus
redesign of its eponymous market
data service today, ratcheting up its
rivalry with Thomson Reuters by seek-
ing to make its complex 30-year-old sys-
tem simpler, more intuitive and easier
to navigate.
AXA PLANS PROPERTY LENDING DRIVE
Axa is gearing up to lend 2bn to
European property companies during
2012 as one of Europes largest insur-
ers bids to cash in on the regulatory
pressure curtailing bank financing
across the continent.
HIGH STREET JOBS SURVIVE FLURRY OF
FAILURES
The wave of high street failures over
the past year has cost nearly 20,000
store workers their jobs. However, two
thirds of staff and stores survived the
administration process, according to
insolvency practitioners FRP Advisory.
CBI BACKS CLAMPDOWN ON BLACK BOX
TAX DODGES
Big business will today back a rule to
crack down on abusive tax arrange-
ments as it begins a campaign to high-
light its 163bn contribution to the
Exchequer. Company tax chiefs claim
the corporate worlds reputation is
being tarnished by some firms engag-
ing in dubious tax arrangements.
ROLLS-ROYCE TO SET UP SAFETY COM-
MITTEE
Rolls-Royce is to form a safety commit-
tee after heavy criticism of the UK
manufacturer for its handling of an
engine blow-out on a Qantas A380. The
firm has hired City heavyweight Sir
Frank Chapman, chief executive of BG
Group, to chair the committee, which
will be assembled this year.
DAVID ROSS FACES SHOWDOWN AT
COSALT
David Ross, the founder of Carphone
Warehouse, faces a showdown with
hundreds of minority shareholders at
oil services group Cosalt today. They
are planning to revolt against his plans
to delist the company next month.
FORD FACES STIFF CHINA HURDLES
Ford is facing stiff industrywide regu-
latory obstacles to future growth in
China, even as the auto maker launch-
es a $490m plant to boost its presence
there. The plant opened Friday in
southwest Chinaits third passenger-
car plant and fourth overall assembly
plant in China. It will give it much-
needed capacity to help propel sales.
HARPERCOLLINS SELLS TEEN WEBSITE
HarperCollins Publishers is selling its
teen website Inkpop to a bigger rival
called Figment, abandoning a digital
experiment begun in 2009. Both sites
are aimed at teens who post their
own writing and critique the work of
others.
WHAT THE OTHER PAPERS SAY THIS MORNING
Soaring oil prices the great unknown
IT was Donald Rumsfeld, the Bush-era
defence secretary, who loved to sepa-
rate events into known unknowns
and unknown unknowns. Even the
former can have a huge impact. One
key trick is to spot possible risks as
they shift from one category to the
other. In recent weeks, with the novel-
ty of the Eurozone crisis wearing off, a
slight feeling of complacency has
descended upon the City; not so much
excessive optimism investors and
firms remain generally quite realistic
about most matters as excessive cer-
tainty. That is silly: ignorance is the
defining feature of human beings.
One of the big known unknowns for
2012 is the possibility of full-scale war
in the Middle East. The Iranian govern-
ment, one of the worst, most despica-
ble and oppressive in the world, is
committed to going nuclear; this is
anathema, not just to the Israelis, to
whom the Iranian theocracy has
repeatedly signaled its hatred, but also
to the Saudis and every other Gulf
state. At best, a nuclear Iran would trig-
ger an arms race across the Middle
East and finally destroy the worlds last
pretence at controlling nuclear prolif-
eration; at worst it would lead to
nuclear war. Its a nightmare, albeit
one that has been unraveling in such
slow motion that much of the world
has become bored with it.
There is a decent chance that a reso-
lution may come before the US presi-
dential elections but no observer
really knows when, or how. For years,
analysts who have predicted an immi-
nent attack on Iran have been proved
wrong; this could happen again. But
there has already been an ongoing
campaign of targeted assassinations
against Iranian scientists, a sophisticat-
ed cyber-attack and at least one myste-
rious explosion in Iran. The Israelis will
only bomb Iran if they think America
wont; they believe that the US is much
less likely post-elections. Barack
Obama clearly doesnt want to do any-
thing, but may feel compelled to act.
This is where a known unknown
mutates into an unknown unknown.
US presidents dont win elections
when the price of petrol is rocketing.
So could the mere possibility of con-
flict in the Middle East be enough to
derail Barack Obamas re-election
campaign? This is unlikely, of course,
but growing fears for supplies
including whether Tehran would
ever lob a few landmines into the
Strait of Hormuz, closing a key ship-
ping lane for oil -- have led to oil
prices jumping 11 per cent this year
and have taken US petrol prices to
their highest ever. Equally worryingly
for George Osborne, petrol prices are
also on the verge of hitting records
here in the UK, and the price of diesel
already has. Geopolitics could over-
shadow his Budget or even com-
pletely disrupt it, if the price of oil
continues to go up over the next few
weeks.
There are lots of other risks that are
being downplayed. Take the possibility
of the coalition collapsing before the
next election. Comments by Lord
Oakeshott on the BBCs Sunday Politics
suggest it could happen over an issue
that the public would see as trivial:
reform of the House of Lords. I doubt
this will destroy the government but
the possibility shouldnt be dismissed.
The Eurozones implosion may no
longer feel imminent, but plenty of
truly unknown unknowns could, for
the better or for the worse, overturn
the established order of things. Forget
about precise predictions; its all about
adaptability, flexibility and learning to
live with uncertainty.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
Philip Davies opposes the reforms Pic: REX
NEWS | IN BRIEF
Chris Woodhouse to head RAC
Private equity firm Carlyle Group has
hired Chris Woodhouse, the former
finance director of Debenhams, to run
RAC, the roadside assistance business it
bought last June from Aviva. The move
will see Woodhouse reunited with Rob
Templeman, who became chairman of
RAC last year and was previously chief
executive of Debenhams. The two are
well respected in the private equity busi-
ness and worked together on the flota-
tion of the department store chain after
previously working together on the turn-
around of the automotive retailer
Halfords.
Bamford: promote UK industry
A report by one of Britain's leading
industrialists has urged the government
to become champions of manufacturing
and cut business taxes to help deliver a
revival in the economy. In the report
commissioned by Downing Street, Sir
Anthony Bamford, chairman of the con-
struction machine company JCB, says
Britain should implement new policies to
strengthen the role of manufacturing in
the economy, while calling for corporate
and personal taxes to be lowered.
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ALLISTER HEATH
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Deputy Editor David Hellier
News Editor David Crow
Acting Night Editor Marion Dakers
Business Features Editor Marc Sidwell
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The new jobs website for London professionals
CAREERS.com
Lord Oakeshott wants elected Lords Pic: PA
Split on Lords
reform may
end coalition
BY TIM WALLACE
POLITICS
PRUDENTIAL, Britains biggest insur-

er, is considering moving its head-
quarters, possibly from London to
Hong Kong, to escape tough new capi-
tal rules for European insurers.
Last night Prudential said it regu-
larly reviews its options to max-
imise the strategic flexibility of the
group.
It added: This includes considera-
tion of optimising the groups domi-
cile, including as a possible response
to an adverse outcome on Solvency II.
Prudential is concerned a conflict
between Europes Solvency II regime
and US insurance regulations could
force it to hold billions of pounds of
extra capital against its US-based
Jackson National Life unit if it
remains domiciled in Europe.
Solvency II, due to come into force
in 2014, could force European insurers
to hold extra cash reserves against
subsidiaries operating in countries
that have less exacting capital stan-
dards.
This extra capital requirement
would be waived for countries whose
insurance regulations are deemed by
European regulators to be equivalent
to Solvency II. No decision has yet
been taken on whether US capital
rules for insurers are compatible.
Prudential said: There continues to
be uncertainty in relation to the
implementation of Solvency II and
implications for the groups business-
es. Clarity on this issue is not expected
in the near term.
There has been long-running specu-
lation that Prudential could shift its
headquarters to Asia in recognition of
the regions large and growing contri-
bution to its growth.
Prudential generates 45 per cent of
its sales in Asia, and has secondary
stock market listings in Hong Kong
and Singapore.
Pru considers
moving its HQ
to Hong Kong
HSBC will become the first bank to
disclose the pay packages of its top
eight executives when it unveils its
annual results for 2011 today.
The bank will be the first to com-
ply with new proposals being put for-
ward by the Treasury, which would
see each bank provide pay details of
the eight top executives outside the
boardroom.
The disclosure follows on from
last years Project Merlin when the
UKs biggest banks including HSBC
were forced to publish the pay of
their five highest-paid executives,
although they did not have to identi-
fy them.
HSBC is also expected to announce
plans to claw back parts of the bonus-
es handed out to some of its middle-
ranking bankers before its NHFA
subsidiary was fined 10m by the
FSA for mis-selling unsuitable prod-
ucts to pensioners. The story was first
reported by Sky News.
Stuart Gulliver, HSBCs group chief
executive, will see his own bonus for
2011 marked down as a result of the
FSA fine, sources said, even though
he had no role in the mis-selling.
Gulliver is expected to take home
more than 12m in cash and shares
if he has achieved all his targets.
HSBC to unveil pay packages
for its top eight executives
BANKS are set to line up for more easy
money on Wednesday when the
European Central Bank offers an
unlimited volume of cheap loans for
the second time in as many months.
Lloyds Banking Group and Royal
Bank of Scotland have both said they
are attracted by the so-called three-year
Long-Term Refinancing Operation
(LTRO) because of its incredibly low one
per cent interest rate. Yesterday,
Spanish bank BBVA also said it would
seek around 11bn (9.3bn) of funds.
At the first LTRO in December, 523
banks gorged on loans worth 489bn,
and analysts expect a similar take up at
this weeks repeat auction.
The first LTRO, launched shortly
after Mario Draghi took the reins at the
ECB, appears to have worked wonders
in the short-term.
It meant cash-flush banks no longer
had to worry about rolling over a big
batch of maturing bonds.
The threat of a catastrophic bank
failure evaporated, and government
bond yields in Italy and Spain, previ-
ously driven sky-high by a buyersstrike,
started to fall. Business confidence
rose, as did stock markets.
But it is unclear whether banks are
lending the money to the real econo-
my, with several parking large
amounts of cash at the ECB.
Banks line up for more cheap
cash as ECB offers new loans
BY HARRY BANKS
INSURANCE
EUROZONE
Prudential, headed by Tidjane Thiam, generates 45 per cent of sales in Asia GETTY
BY KASMIRA JEFFORD
BANKING
News
ANALYSIS l Prudential PLC
p
20Feb 21 Feb 22Feb 23Feb 24Feb
740
735
730
725
720
715
710
722.00
24 Feb
ROYAL Bank of Scotland (RBS) is con-
sidering appointing the former chief
executive of RSA to be chairman of its
insurance arm as it prepares to spin
off the division.
Andy Haste, 50, took control of RSA
in 2003, turning the group around by
cutting costs and closing its loss-mak-
ing US operation.
He spent eight years as chief execu-
tive before stepping down at the end
of 2011. At the time he said he had
no immediate plans plans to return
to work, although he has continued
to be a non-executive director of ITV.
Haste is understood to be on a
shortlist for the top job that includes
Patrick Snowball, the former head of
Aviva UK who is currently running
SunCorp in Australia.
Richard Harvey, the former chief
executive of Aviva and Labour peer
Lord Myners, the former City
Minister, are also thought to be possi-
bilities for the job.
The bank is being forced to spin off
Direct Line Group known as RBS
Insurance until earlier this month
to meet conditions attached by the
European Union when it approved
state aid given to the bank in 2008.
RBS aims to sell a minority stake in
Direct Line through an initial public
offering before the end of 2012, fol-
lowed by another sale in 2013.
The new company is likely to be a
member of the FTSE 100 and could be
worth as much as 5bn.
An RBS spokesman declined to
comment.
Andy Haste in
line for RBS
insurance job
THE MULTI-BILLION dollar legal case
into the Deepwater Horizon rig disas-
ter has been postponed at the eleventh
hour to give BP and lawyers for more
than 120,000 plaintiffs more time to
reach a settlement.
BP was due to go on trial today in
New Orleans over its part in the 2010
Gulf of Mexico oil spill, which killed 11
workers in the explosion.
The news came after chief executive
Bob Dudley said the oil giant was pre-
pared for the trial to last until 2014.
Hopefully we will reach some
agreements and we will be able to
reduce the uncertainty and move for-
ward. But the appeals process has vari-
ous different branches it could go
down in terms of time so it could be a
lot longer than that [2014], he told the
Sunday Telegraph.
BP Deepwater
Horizon trial
delayed a week
Andy Haste may become the first chairman of Direct Line Group Picture: REX
BY JAMES WATERSON
INSURANCE
OIL & GAS
News
ANALYSIS l Royal Bank of Scotland Group PLC
p
29.5
29.0
28.5
28.0
27.5
27.0
28.53
24 Feb
ANALYSIS l BP PLC
p
750
700
650
600
550
500
496.20
24 Feb
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TROUBLED credit card insurer CPP
faces the loss of its banking facilities
unless it can reassure lenders that its
business is secure.
Barclays, Santander and Royal
Bank of Scotland (RBS) are consider-
ing whether to withdraw financial
backing from the York-based firm
when the existing arrangement ends
next year. The firm currently has bor-
rowings of around 40m.
CPPs local MPs Julian Sturdy and
Hugh Bayley have now written to RBS
chief Stephen Hester, saying they
strongly urge the bank to place the
importance of local jobs at the fore-
front of any discussions with the busi-
ness. The company employs 1,300
people in the UK.
Last week the firm was hit by new
allegations of mis-selling from the
Financial Services Authority (FSA),
raising fears that it could go out of
business.
However on Friday it struck a deal
with the regulator under which it
will investigate thousands of past
transactions and invest 10m-15m in
changing its practices.
Shares in CPP were suspended last
Monday and the firm has since
announced it will not be paying a div-
idend for the 2011 financial year.
CPP future still at risk as
banks withdraw backing
BY JAMES WATERSON
INSURANCE
News
RAMBOURGS NEW FUND SET TO LAUNCH
GUILLAUME Rambourg is set to launch Verrazzano, his new hedge fund, on Thursday.
The former Gartmore star trader survived a nine-month investigation by the UKs
Financial Services Authority that failed to find any evidence of wrongdoing. His new vehi-
cle will be based in Paris and he is expected to raise up to $1bn (635m) in client funds.
CHINESE low-cost smartphone manu-
facturer Huawei is further encroach-
ing on the territory of waning
technology veterans such as HTC as it
launches the worlds fastest smart-
phone, the Ascend D quad.
The worlds number two network
equipment maker specialises in sub-
$200 smartphones and is swiftly steal-
ing customers from its pricier rivals.
In its 2010 financial year, Huawei
generated revenues of 185.2bn
Chinese yuan (18.5bn) and pocketed
profits of 23.76bn yuan up 24 and 30
per cent respectively on the previous
year.
Alongside its market rival ZTE,
Huawei has been held partially
responsible for declining income at
firms such as HTC, which saw fourth
quarter revenues fall by 23 per cent on
the third quarter and expects sales to
drop a further 35.5 per cent in the
coming three months.
Huawei is also one of the reasons
global champion Apple only ranks
fifth in the Chinese phone market.
And now the telecoms group is set
for further growth as it launches the
worlds fastest smartphone a 4.5
inch touchscreen handset on Googles
Android 4.0 operating system, avail-
able from April 2012.
This announcement follows a busy
year for the phone maker, which
teamed up with Everything
Everywhere in 2011 to upgrade its 2G
network and is a favourite to win the
contract to update the network to 4G
later this year.
Huawei also donated 50m towards
the development of a mobile network
on the London Underground before
the project fell through.
World fastest
smartphone
from Huawei
MAGIC circle law firms in the UK boast
the highest ratio of female partners in
the whole of Europe, a report has
revealed this morning, even though
just 16 per cent of partner positions
are held by women.
The UK tied with Holland as the
European country with the most
female partners, but both still lag well
behind markets further afield such as
China, where women make up 28 per
cent of legal partnerships despite a
population that comprises 119 men for
every 100 women. City firm Linklaters
has the highest proportion of women
among UK firms, with 23.5 per cent of
its partnership made up of women.
The research, carried out by legal
recruiter Laurence Simons, shows that
Spain has the lowest proportion of
female partners, at just 6.3 per cent.
Germany fared only slightly better,
with 9.6 per cent, while just 13 per
cent of partners at French law firms
are women.
Its certainly good news that the UK
is leading the way in ensuring gender
diversity at the highest level, said
Lucinda Moule, managing director of
Laurence Simons. But ultimately
these results demonstrate the desper-
ate need for top-tier firms to make bet-
ter provision for the promotion of
women.
UK has highest
ratio of female
legal partners
BY LAUREN DAVIDSON
TECHNOLOGY
LEGAL SERVICES
Founded in 1987 by Ren Zhengfei, Huaweis

headquarters are in Shenzhen, China.
Huawei, a partner of BT, announced in
January it had bought a fibre-optic cable
research laboratory in East Anglia for $10m.
FAST FACTS | HUAWEI
News
THE FORMER executive chairman of
Marks & Spencer has voiced disdain at
the businesses withdrawing from the
governments unpaid work experience
scheme for jobless people.
Sir Stuart Rose told Dermot
Murnaghan, One or two of them have
shown a little less than backbone.
Calling the outrage provoked by the
scheme baffling, Sir Stuart said:
Weve got a budget next week, weve
got the economy which has been
through terrible times, weve got a
need to get peoples confidence going
[and] get the country back to work.
Sir Stuart, who stacked shelves and
swept floors as a management trainee
in M&S 40 years ago, thinks the
scheme is valuable for getting young
people into the routine of waking up
early and looking presentable.
He said, There is some plan to sabo-
tage this, which I think is nonsense.
Stuart Rose says fury at
jobless scheme is baffling
Sir Stuart Rose voiced approval of the unpaid work experience scheme Picture: GETTY
BY LAUREN DAVIDSON
POLITICS
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REFORMED tax incentives could
boost UK oil output by up to three bil-
lion barrels and increase overall tax
revenues, according to an industry
body that believes George Osborne is
considering its plan.
Oil and Gas UK hopes the chancel-
lor will extend the field allowance tax
breaks which allow increased devel-
opment of challenging oil fields
those which are small, composed of
ultra-heavy oils, or at high tempera-
tures and pressures.
The industry body also hopes for
more certainty around tax relief on
facilities that will be decommis-
sioned.
Such measures could cost the tax-
man a total of 110m, but may earn
that back as they would help max-
imise the UKs reserves and keep the
industry going, providing jobs and
energy security, a spokesperson said.
We are very encouraged by the
positive course the conversations
with the Treasury have taken, she
told City A.M.
The Treasury refused to comment
ahead of next months budget.
Last year the industry was hit by an
extra 2bn in taxes described by the
Energy and Climate Change Select
Committee as an opportunistic
raid, which damaged confidence
and could reduce investment.
Oil industry
hopes for tax
reform boost
BY TIM WALLACE
UK ECONOMY
KINGFISHER, the struggling Indian air-

line, received another blow yesterday,
after its main lender State Bank of
India said it would not consider any
fresh loans until it raises new equity
itself.
Desperately strapped for cash,
Kingfisher stands on the brink of col-
lapse after multiple flight cancella-
tions and the resignation of dozens of
its pilots.
Kingfisher, which has not turned a
profit since it was founded in 2005
and is carrying debt of at least $1.3bn
(818.7m), has asked for $409m-$613m
in loans from banks to carry out its
day-to-day operations
Meanwhile, the Times of India
reported Kingfisher had received re-
capitalisation offers worth 8bn rupees
from two Indian investors, who would
get a combined 24 per cent stake.
New blow for Kingfisher as lead
lender refuses to loan more cash
AVIATION
WARREN Buffett has told investors

that he has identified a successor to
replace him as chief executive of
Berkshire Hathaway, but he stopped
short of revealing the name.
In his annual letter to Berkshire
shareholders, the 81-year old investor
insisted he had no intention of step-
ping down but said the eventual
transfer of power will be seamless,
adding there were two backup candi-
dates as well.
He said the board had picked an
individual to whom they have had a
great deal of exposure and whose
managerial and human qualities
they admire.
There has long been speculation
over who will replace Buffett, who
has been at the helm of Berkshire for
47 years.
Though the successors name is not
known, commentators suggest Ajit
Jain, who runs Berkshires reinsur-
ance business and is highly praised by
Buffett, may be next in line.
The letter also praised Burlington
Northern chief Matthew Rose, Geico
auto insurance boss Tony Nicely, util-
ity firm MidAmericans Greg Abel
and reinsurer General Res chief Tad
Montross.
Berkshire also published its annual
results, which showed it ended 2011
with $37.3bn (23.5bn) cash in hand,
even as profits fell in the last quarter.
Berkshires Warren Buffett
has identified his successor
BY KASMIRA JEFFORD
FINANCIAL SERVICES
News
The Sage of Omaha Warren Buffett has no intention of retiring yet Picture: REUTERS
ANALYSIS l Projected UKCS Reserves
and Resources as at 1st January 2011
Billion barrels of oil andgas equivalent
Source: DECC/Oil &Gas UK
30
25
20
15
10
5
0
-0.81
6
3-4
1-3
1-4
3-9
Productionin2010
ExistingFields andSanctioned
Investments
Probable
Possible
UndevelopedDiscoveries
Yet toFind
THE Sun on Sunday, the new tabloid
from the News International stable,
sold 3m copies on its debut yesterday,
according to Rupert Murdoch.
Murdoch took to microblogging
website Twitter to reveal that sales of
the title had topped the companys
expectations.
He said: Reports early, but new Sun
edition sold 3m!
Last week Murdoch said he would
be very happy if the title, which
cost 50p at launch, were to sell more
than 2m copies on its first day in cir-
culation.
A News International spokesperson
said a positive response had been
received from retailers, with many sell-
ing out of the new tabloid.
Rupert Murdoch announced on 17
February he would launch the new
tabloid after nine Sun journalists were
arrested in the preceding few weeks.
The News of the World closed in July
2011 in the wake of the phone hacking
scandal, despite having 2.67m regular
readers. Some took up the Sunday
Mirror, the Daily Star Sunday or the
People, but 1.3m seem not to have
latched onto another newspaper,
leaving a solid market for the Suns
Sunday version. The Sun sells 2.75m
copies a day during the week, and
about 2.85m on Saturdays.
BT is considering launching its own
music service, putting it in direct
competition with the likes of Apples
iTunes and Spotify.
A BT spokesperson said, Were
keen to launch a music service this
year, but the business model has to
make sense.
He declined to comment on the
nature of the product or its expected
timescale, but said: We have offered
to set aside our margins to get this
off the ground but much will depend
on how eager the music industry is
to work with us.
BTs music player, likely to be an
unlimited streaming service for sub-
scribers or a download store like
iTunes, has been in the pipeline for
more than a year but the company
has struggled to tie down a deal with
the major record labels.
The telecoms group was tight-
lipped about which potential indus-
try partners it has approached or is
in talks with.
If BTs plans come to fruition, the
group will join a host of telecoms
companies that offer special deals
with music streaming services.
In November 2007 Vodafone
announced a partnership with
Omniphones MusicStation and
towards the end of last year both
Virgin Media and Orange launched
music streaming deals.
Virgin offers six months of free
access to Spotify Premium for some
of its broadband customers, while
Orange offers free membership to
Deezer for customers on its premium
two-year service plan.
But Skys attempt to penetrate the
music market was less successful,
with the broadcast giants Sky Songs
lasting just over a year before closing
in December 2010 due to lack of
demand.
BT looking to
launch a new
music player
Sun on Sunday sells 3m copies
according to Murdoch tweet
BY LAUREN DAVIDSON
TELECOMS
MEDIA
News
ANALYSIS l BT Group PLC
p
221
220
219
218
217
216
215
214
216.50
24 Feb
Spotify
Launched: April 2006
Number of tracks: 15m+
Number of paying users: 3m
Cost per month: 9.99 for premium
Deal with Virgin Media
Launched: November 2011
Deal: Six months of free access to
Spotify premium for some of
Virgins broadband customers
Deezer
Launched: October 2008
Number of tracks: 13m
Number of paying users: 1.2m
Cost per month: 9.99 for premium+
Deal with Orange
Launched: September 2011
Deal: Free access to Deezer on Oranges
premium two-year service plan (which
costs 25 to 80 a month)
MusicStation
Launched: June 2007
Deal with Vodafone
Launched: November 2007
Deal: 1.99 a week
Sky Songs
Launched:
October 2009
Number of tracks: 5m
Cost: 4.99 a month
Closed: December 2010
We just didn't see the
consumer demand we'd
hoped for.
Apple iTunes
Launched: January 2001
Cost: free
iTunes
Sky
Songs
Closed Decem
ber 2010
Music streaming services and their telecoms tie-ups
BT boss Ian Livingston is thinking of launching a music service Picture: GETTY
News
Gillard retains job as PM
AUSTRALIAN Prime Minister Julia
Gillard today won a leadership vote
against rival Kevin Rudd, despite polls
showing a government under her
leadership would be decimated at the
next elections in 2013.
Gillard emerged victorious from
the prime ministerial showdown
against Rudd and said she hoped the
result would end months of bitter
leadership infighting within the rul-
ing Labor Party and give the govern-
ment time to reconnect with voters.
Polls showed Labor had a better
chance of an election victory under
Rudd and critics warned the govern-
ment could lose up to 25 of its 72
lower house seats under Gillard.
HOW CAN A FINANCIAL INSTITUTION AVOID
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ECB is banking on second shot of cheap money
ACRONYMS abound when it comes to
the global financial system. First
there was Tarp the 2008 US
Troubled Asset Relief Programme
which described the $700bn used to
buy or insure troubled bank assets.
Fast forward to December 2011, and
the European Central Bank
embarked on its first three-year Long
Term Refinancing Operation or LTRO.
The ECB lent European banks 489bn
over three years at incredibly low
interest rates.
It was hoped that banks would take
the cash to lend to businesses and to
buy government bonds from the
Italians, Spanish, and Portuguese.
This would help lower the cost of bor-
rowing for these peripheral countries
and alleviate their debt burden.
At the time, we didnt know
whether it would work. But the cheap
money seems to have done the trick,
at least if you look at the falling bond
yields of peripheral countries. This
has allowed the ECB to dramatically
scale back its own purchases of sover-
eign debt.
Nor did we know how many banks
would participate in the programme.
In the event, more than 500
European banks took up the offer of
cheap euros, proving the stigma of
going cap in hand to the ECB for
money has vanished.
Now LTRO Mark II is upon us. The
size of LTRO II could range from
200bn to 1 trillion. Many of my
guests say that if banks dont take up
the offer, it could be interpreted as a
bad thing. But you could also argue
that low uptake is a sign that banks
are now strong enough to survive
without the cheap cash.
Currently, the banks in northern
Europe seem to be suggesting that
they wont take part in LTRO II,
although the same cant be said of
the southern European financials.
According to ING Research, most of
the take-up for LTRO Mark I came
from the countries with stressed-out
banking sectors such as Italy, which
accounted for 23 per cent of funds
borrowed, followed by Spain on 22
per cent and equally notably
France on 14 per cent.
Last week, I interviewed Alec
Young, a global equity strategist from
S&P Capital. He told me that Europe
matters a lot less to the rest of the
world since the LTRO kicked in. He
said: A few months ago, every asset
class was driven by Europe, but since
LTRO, Europe is being driven by
Europe, leaving other asset classes to
go about their business.
But for me the key issue is still this:
Will peripheral countries be able to
cope with their debt burden without
the direct intervention of the ECB?
Louisa Bojesen is a CNBC Anchor
Follow her on Twitter @louisabojesen
CNBC COMMENT
LOUISA BOJESEN
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NATIONAL broadcaster ITV is expected
to show an upturn in fortunes in its
annual earnings this Wednesday on
the back of mega-hit TV show
Downton Abbey and a rise in industry-
wide advertising revenues.
Analyst consensus expects the televi-
sion group to report pre-tax profits of
361m, showing a growth of 12.5 per
cent on 2010.
But Numis analysts think ITV will
report earnings of 365m before tax, a
13.7 per cent rise on 2010 rising to as
high as 395m if national advertising
revenue grew its expected two per cent
instead of coming in flat.
ITV has experienced a change in for-
tunes since current chief executive
Adam Crozier took the helm in 2010.
Former Royal Mail chief executive,
ex-boss of Saatchi & Saatchi and the
man who gave Sven-Gran Eriksson
the England job while head of the
Football Association, Crozier has eradi-
cated more than 600m of debt and
has led the broadcaster into the black.
ITVs plan now will be to cement its
online presence and nurture its in-
house creative productions crucial in
maintaining royalties from a back cat-
alogue of programmes as it loosens
its reliance on advertising revenues.
Looking to the year ahead, the
European Football Championship is
expected to boost ITV, which is gaining
market share as Channel 4 takes a hit.
Shares closed three per cent up on
Friday at 80.1p.
Downturn for
ITV is halted
by Downton
ITV, led by Adam Crozier, has been boosted by hit show Downton Abbey Picture: GETTY
BY LAUREN DAVIDSON
MEDIA
News
CITYA.M. 27 FEBRUARY 2012 13
BOTTOMLINE
Analysis by David Crow
Crozier has
no time for
backslapping
PITY poor Simon Fox, chief execu-
tive of HMV, who turned down
the top job at ITV in 2009. Despite
being the frontrunner to lead the
free-to-air broadcaster, he decided
to stay on at the music retailer to
implement his turnaround plan.
Alas, it looks highly unlikely that
the turnaround of ailing HMV
will ever be completed. Instead,
Fox could be soaking up the glory
over at ITV.
That job falls to Adam Crozier
instead, who was brought in by
colleague and chum Archie
Norman, the ITV chairman. But
Crozier will have little time for
backslapping following
Wednesdays strong numbers. He
knows that the recovery in ITVs
fortunes is mainly cyclical the
broadcaster has benefited from a
recovery in the TV advertising
market.
The structural overhaul has yet
to really begin. A new digital
strategy and some kind of pay-
wall are on the cards, as is a
renewed focus on in-house pro-
duction. Until we see more detail
on these areas, Croziers good for-
tunes like Foxs travails are
mainly down to luck.
ANALYSIS l ITV PLC
p
81.0
80.5
80.0
79.5
79.0
78.5
78.0
77.5
80.10
24 Feb
VEDANTA, the FTSE 100 mining giant,
has announced plans to merge several
of its Indian subsidiaries to create a
new $20bn (12.6bn) business.
The group, controlled by British-
based tycoon Anil Agarwal, has over a
dozen Indian units producing oil to
aluminium and copper to zinc.
The consolidation is expected to
lead to the creation of a new business
that would have an implied market
value of around $20bn.
Vedanta said, as a first step, it will
merge non-ferrous metals producer
Sterlite Industries into sister concern
and iron ore miner Sesa Goa.
The boards of the companies have
approved the issue of three shares of
Sesa Goa for every five shares held in
Sterlite.
Its unlisted unit Vedanta
Aluminium, along with Madras
Aluminium, will then be transferred
to the merged company, to be named
Sesa Sterlite.
Vedantas 38.8 per cent holding in
oil and gas producer Cairn India,
which it acquired last year, will be
transferred to Sesa Sterlite, along with
related debt of $5.9bn. Sesa Goa
already holds 20 per cent in Cairn
India directly.
The restructuring was necessary,
especially after the acquisition of
Cairn India, because it was a large
acquisition and they needed to do
things in a much more organised way
in India, said Jagannadham
Thunuguntla, head of research at SMC
Investments .
After the share transfer, Sesa Sterlite
would be listed in India and also list
American Depositary Shares in New
York. Vedanta will own 58.3 per cent in
Sesa Sterlite post-restructuring.
This transaction is a natural evolu-
tion, leading to simplification of the
groups structure, said Vedanta.
Vedanta merges Indian units
to create firm worth $20bn
BY HARRY BANKS
MINING
News
Brought to you by
IN ASSOCIATION with Repskan.com, the
media monitoring and analytics platform,
City A.M. is measuring the relative
Olympic media buzz around the partners
for the London 2012 Olympic and
Paralympic Games, week by week. The
leaderboard, right, reflects their ranking
over the past week, in this case from
Wednesday 15 February to Wednesday
22 February.
Maintaining its
place in the top
ten, despite a slight
fall, Samsung has
won significant online coverage, especially in
marketing and PR networks, with the
announcement it is launching a social media
campaign designed to personalise the
Olympic experience for viewers.
The project will show how users are con-
nected to athletes on the US Olympic team
the seven degrees of separation theory will
probably come into play. With people more
connected than ever, this campaign promis-
es to be highly engaging. News of the cam-
paign spread quickly online, especially to
marketing professionals. Such interest at
such an early stage is exceptional.
Olympic Media Buzz
LONDON 2012 PARTNERS
TOP TEN PARTNERS BY MENTIONS
Brand Position change
Visa 1
Acer 11
Coca-Cola 3
Cisco -1
Samsung -4
Adidas 1
Adecco 16
EDF 11
British Airways 9
Lloyds 5
Samsung Olympic mentions by category
Regional News
Topicals
Twitter
Blogs
Other
National News
%
3
49
31
7
2
8
Vedanta is controlled by UK-based billionaire Anil Agarwal Picture: GETTY
ANALYSIS l Vedanta Resources
p
1,550
1,500
1,450
1,400
1,350
1,500.00
24 Feb
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A DEADLINE of 8 March next
Thursday has been set for private
holders of Greek debt to participate
in the proposed bond swap,
required to significantly cut the
struggling states debt burden.
The debt swap is a crucial part of
Greeces latest bailout, which is
expected to see the Mediterranean
country receive a 130bn (110bn)
rescue package in time to avoid
defaulting on repayments due on 20
March.
The target came as the Institute of
International Finance (IIF), the body
representing private debt holders,
urged governments to grant extra
funds to the IMF, and for austerity
measures to be slowed.
The IMF has a clear responsibility
to not only advocate key economic
reforms, but to help restore market
confidence and foster a stable envi-
ronment in private capital markets,
the IIF said in a statement.
The group also called for more
debt-sharing across the Eurozone, in
an effort to relieve the burden on
ailing peripheral governments.
The Fiscal Compact needs to pro-
vide for risk-sharing moving
towards more mutualisation of the
fiscal burden will help weaker Euro
Area members with much-needed
adjustment and structural reform,
it said.
Yet the sentiment is unlikely to be
shared in Germany, where calls for
even higher contributions to the
bailout programme face resistance.
Yesterday German finance minis-
ter Wolfgang Schaueble said that
boosting bailout funds risked erod-
ing incentives for reforms in indebt-
ed states.
And a fellow member of his gov-
ernment broke ranks by calling for
Greece to leave the euro.
Greeces chances to regenerate
itself and become more competitive
are certainly greater outside the
currency union than they are if it
stays in the Eurozone, said Hans-
Peter Friedrich, a leader of the con-
servative Christian Social Union
(CSU).
Friedrich told the magazine Der
Spiegel that he endorsed creating
incentives to prompt Greece into
exiting the single currency.
Political strife continued in
Greece throughout the weekend,
with a breaking scandal over an
unnamed MP who allegedly sent
1m abroad in the troubled run up
to the latest bailout agreement.
Finance minister Evangelos
Venizelos has said that authorities
will examine large transfers of
money out of Greece made in the
last few weeks.
Deadline set for private
holders of Greeces debt
News
BY JULIAN HARRIS
EUROZONE
FOR MORE NEWS

@
@
@
www.cityam.com
Charles Dallara wants more fiscal risk-sharing across governments Picture: GETTY
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THE City has given a resounding
thumbs down to the latest Greek
bailout package, with three-quarters (74
per cent) of our Voice of the City panel-
lists saying it is highly unlikely that
the 130bn (110bn) rescue package will
be its last.
The finding of our most recent sur-
vey, run in association with
PoliticsHome.com, suggests that busi-
ness sentiment towards the bailout is
overwhelmingly pessimistic, with fewer
than one in 10 (eight per cent) of our
panel seeing a successful resolution as
either highly or somewhat likely.
Though the UK will not contribute
directly to the bailout pot, it is likely to
supply up to 1bn of funds through reg-
ular contributions to the International
Monetary Fund, which is expected to be
on the hook for 20bn.
When weighing in on how Greece
should deal with its current crisis, the
opinion of our panel is even more decid-
ed, with 83 per cent saying the
country should default on its debt
immediately and quit the single
currency and 70 per cent see-
ing it exiting the euro as a high-
ly or somewhat likely result of
its economic woes.
Just 16 per cent feel Greece
would be better off staying in
the euro, with a slightly
higher number 21 per cent
saying it is either some-
what or highly unlikely
that this will be the out-
come.
Despite Greek leaders
promising to implement
an extra 325m in cuts
and agreeing to con-
stant supervision from
Eurogroup members
to oversee reforms
our panellists remain
sceptical that the countrys flailing
economy can return to growth in the
near future, with less than 50 per cent
of respondents expecting growth
before 2020.
Just one per cent see some growth
within the next 18 months, while
the largest proportion of those
surveyed (23 per cent) do
not expect economic
expansion until 2022
or later.
The City was also
uncompromising on
Greek debt levels,
with panellists
insisting debt
must fall to 100
per cent of GDP
or less in order
to be sustain-
able.
When will the Greek economy return to growth?
%
23
17
15 9
23
13
11
2012-13 1%
2014-15 13%
2016-17 17%
2018-19 15%
2020-21 9%
2022 or later 23%
Don't know 23%

How likely is it that Greece will leave the euro as a result of
its present economic crisis?
%
13
39
31
7
8 3
Highly likely 39%
Somewhat likely 31%
Neither likely nor unlikely 7%
Somewhat unlikely 13%
Highly unlikely 8%
Don't know 3%
How likely is it that this Greek bailout deal will be its last?
%
75
16
4
4
1
2
Highly likely 4%
Somewhat likely 4%
Neither likely nor unlikely 2%
Somewhat unlikely 16%
Highly unlikely 75%
Dont know 1%
Apply to join today at www.cityam.com/panel
BY ELIZABETH FOURNIER
EUROZONE
Latest bailout is unlikely to be its last, as

City still expects Greece to exit the euro
PoliticsHome.com PoliticsHome.com
In partnership
with
NEWS | IN BRIEF
Former BP boss plans new firm
Former BP chief executive Lord Browne
of Madingley is understood to be planning
to launch a giant new North Sea oil com-
pany. Browne, who runs the European
arm of American investment fund
Riverstone, is reportedly negotiating with
Fairfield Energy, which is a North Sea
producer controlled by private equity firm
Warburg Pincus.
Harvey Nichols opening in Kuwait
British luxury fashion retailer Harvey
Nichols is set to open a store in Kuwait
City its seventh venture outside the UK
and Ireland. The company said it will be
in The Avenues Mall, the largest shopping
destination in Kuwait and spread across
two floors and 10,000 square metres of
retail space. The opening in September is
part of a $500m (315m) mall expansion.
Petrobras CEO: fuel price to rise
The new chief executive of Brazils state-
controlled oil company Petrobras, Maria
das Gracas Foster, said the company
needs to raise fuel prices to keep in step
with higher oil prices, while maintaining
the practice of buffering pump prices to
shield consumers from volatility. He was
speaking to Brazils Estado de Sao Paulo
newspaper.
Act of Valor triumphs
Military drama "Act of Valor" won the
battle of the box office over the weekend,
with $24.7m (15.6m) in US and
Canadian sales, studio estimates released
yesterday showed. Second place went to
Tyler Perrys Good Deeds, which rung up
$16m at north American theatres from
Friday to yesterday. In third place was
Journey 2: The Mysterious Island.
Report: Iran denies Greece oil
Iran has refused to give Greece a ship-
ment of 500,000 barrels of crude oil in a
retaliatory measure against European
Union sanctions on the Islamic states
lifeblood, oil, the semi-official Fars news
agency reported yesterday. Oil tankers
that had come to transfer 500,000 bar-
rels of Iranian oil to a refinery in Greece
had to go back empty-handed, it said.
Greek PM Lucas
Papademos has agreed
to 325m in extra cuts
profile, he then spent eight years in pri-
vate equity. But he called time on his
high-flying career to spend more time
with the McGregor-Smith children once
his wife decided to join Mitie, and
retrained as an opera singer.
When The Capitalist caught up with the
Mitie chief executive last Thursday, she
still hadnt had a chance to see her hus-
band in La Traviata. Heres hoping she
got her skates on the run came to an
end on Saturday night.
GHOST AT THE BANQUET
THE great and good of the mobile phone
world yesterday kicked off the biggest
event in the industrys calendar. Before
the likes of Google and Microsoft arrive
today, Samsung, HTC, Sony and Huawei
laid out their plans for the year. But there
is a ghost at the banquet. Every release is
measured against the standards of a com-
pany that has no intention of gracing
Mobile World Congress with its presence:
Apple. Rumours abound that Apple execu-
tives maintain a shadowy presence at the
event, peering unseen from around every
corner. In hushed tones people even say an
early version of the iPad 3 is somewhere
on site. By not even turning up Apple has,
once again, stolen the show.
TAXING TIMES FOR KEN
Veteran banker basher and Labour may-
oral candidate Ken Livingstone has never
minced his words when it comes to tax
avoidance, saying earlier this year: These
rich bastards just dont get it... everybody
should pay tax at the same rate on their
earnings and all other income.
So it must be embarrassing to see his
personal accounts splashed across The
Sunday Telegraph, including allegations
that by putting all his earnings through a
limited company, he (perfectly legally)
avoided at least 50,000 of tax in one year.
Over to you, comrade!
OPERATIC
DUET FOR
MITIE BOSS
AND HUBBY
W
HAT connects Mitie, the FTSE
250 support services company,
with opera? It isnt just that
Mitie is responsible for manag-
ing the facilities at the Royal Opera
House in Covent Garden. The 19m con-
tract, which sees Mitie providing clean-
ing and security services to the
2,256-seater venue, is certainly impor-
tant to chief executive Ruby McGregor-
Smith but she shares a personal
connection to opera as well.
Her husband, Graham McGregor-
Smith, is an opera singer who has just
finished a run of La Traviata at the South
Hill Park theatre in Bracknell
(coincident ally, the Verdi masterpiece is
also playing at the Royal Opera House).
They say opposites attract, but Mr
McGregor-Smith wasnt always in the
arts business. Like his wife, he trained as
a chartered accountant before taking a
string of financial jobs at brewer Scottish
and Newcastle. According to his LinkedIn
' , , _
' , , _
The 'Jazz in the City' guest tonight is
Sir Peter Bazalgette. A media
consultant and digital media investor,
Peter is Chairman of MirriAd and a
non-executive director of Base79,
Nutopia, YouGov and DCMS.
From 2004-2007 Peter was Chief
Creative Officer of Endemol which
included bringing Big Brother to the
UK. Peter also serves as Deputy
Chairman of the English National
Opera and President of the Royal
Television Society. He still finds time
to write a regular food column for
the FT.
'Jazz in the City' on JazzFM is kindly
sponsored by global fund manager
Aberdeen Asset Management.
Too|ght 6pm: S|r Peter
8aza|gette aod preseoter
N|chae| w||soo oo "Jazz |o
the 0|ty" oo JazzFN - ||s-
teo oo 0A8 0|g|ta| 8ad|o,
Sky 0202, Freesat 729 aod
at www.jazzIm.com
' ' ' _'' '_'
The Capitalist
Got A Story? Email thecapitalist@cityam.com
When The
Capitalist
caught up
with Ruby
McGregor-
Smith, she
hadnt had a
chance to see
her husband
in La Traviata
Rentokil Initial
Angela Seymour-Jackson, the former
head of RAC Motoring Services, has
been appointed as non-executive direc-
tor of Rentokil. Seymour-Jackson, who
resigned as chief executive of RAC in
December after just a year in the role,
will take up her position on 5 March,
the pest control company said in a
statement on Friday. Seymour-Jackson
is a member of the Chartered Institute
of Marketing and the Chartered
Insurance Institute. She has also held
roles as distribution director at Aviva
UK Life and Norwich Union Insurance.
Wainbridge
Wainbridge has launched a super-
prime residential development and
investment arm that will cater for
demand from wealthy investors for
luxury properties in areas including
London, New York, Paris and the South
of France. The real estate company
said Christophe Leriche, former Hines
senior project director, has been hired
as the head of France at the new
investment vehicle, Wainbridge
Estates. Leriches appointment will also
help provide further access to value-
added office based investment oppor-
tunities in the Parisian market,
Wainbridge said in a statement.
Leriche spent 17 years at Hines in a
various number of senior roles and pre-
viously worked for Bouygues
Immobilier for six years.
LPM Outsourcing
LPM Outsourcing (LPMO), has promot-
ed operations and client accounts
director Madeleine Bowd to the role of
managing director. LPMO is a specialist
in back office administration for the
leasing and asset finance sector and a
subsidiary of Five Arrows Leasing
group, the asset finance arm of
Rothschild banking group. Bowd joined
the firm 25 years ago after spending
three years working in various posi-
tions within the operations department
of Xerox finance. I am pleased to be
selected for this challenging new posi-
tion, as the leasing industry increasing-
ly looks towards outsourcing to cut
costs and improve service levels, she
said in a statement.
CITY MOVES | WHOS SWITCHING JOBS Edited by Kasmira Jefford
+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
Pace
Pace has appointed Roddy Murray as its new
chief financial officer as part of chairman Allan
Leightons overhaul of the ailing set TV top-box
maker. The firm, which issued a string of profit
warnings last year, said Murray will take over
from Stuart Hall on 6 March, who is leaving after
five years in the role. Chief executive Neil Gaydon
and chief operating officer David McKinney have
also left the firm since December. Murray joins
from the plumbing and heating group BSS, which
was taken over by Travis Perkins in 2010.
Mitie, run by Ruby
McGregor-Smith, is
responsible for man-
aging the facilities at
the Royal Opera
House
Picture: Laura
Lean/City A.M.
Tax activist: Ken Livingstone GETTY
London Southend
Airport...
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not buy the airport
With parking from 6 per day without pre-booking
and ten European destinations on sale now!
HALF of Britons do not expect to buy a
house until they are in their forties, a
survey showed today, while the hous-
ing market stayed flat again through
February.
Average rents rose to 890 per
month at the end of 2011, but 61 per
cent of renters cannot afford to buy,
according to a survey published today
by FindaProperty.com, with half of
respondents saying they do not expect
to buy a home until they are over 40.
Housing activity did jump this
month, with a 35.7 per cent rise in the
number of sales agreed, according to
Hometracks monthly national hous-
ing survey.
The number of property listings
jumped 15 per cent and the number of
new buyers registering with agents
rose 18.1 per cent the biggest
increase since February 2007.
However, despite this increasing
activity prices stayed flat for the sec-
ond month in a row, after a 0.2 per
cent fall in December.
The rise in demand is also set to be
short-lived.
Activity amongst first time buyers
looking to beat the stamp duty holiday
which ends on 24 March has pro-
vided an additional and artificial
boost to the figures, said Hometracks
Richard Donnell.
Data out today from Lloyds TSB
shows house prices in east London
have risen by over 60,000 since it was
announced in 2005 that the Olympics
were coming to the area.
However, that amounts to growth of
30 per cent, only slightly higher than
the 25 per cent average across England
and Wales, and house prices in the 14
postal districts closest to the games
remain 22 per cent lower than the cap-
itals average.
Over the long term, prices in the
East End are likely to be supported by
improved infrastructure and transport
links, said Lloyds Suren Thiru.
House prices flat as
Britons stuck renting
Many Brits are likely to be renting long after having children Picture: GETTY
BY TIM WALLACE
HOUSING
News
GOVERNMENT plans to introduce a
wage-based limit on migrants settling
in the UK risks damaging Britains
attractiveness to important workers,
business groups have warned.
The Home Office wants new rules,
which will only allow non-EU immi-
grants earning over 35,000 to settle
here, and limit the time foreign house-
hold staff can stay in the UK.
However, businesses fear the econo-
my will be hit as a result.
Sometimes the rhetoric is off-put-
ting the government has to make it
clear that it welcomes the best interna-
tional talent here in the UK, said
Adam Marshall from the British
Chambers of Commerce (BCC).
The BCC also fears the plans fail to
account for regional wage differences.
Meanwhile the Trades Union
Congress worries about the welfare of
household staff. Under new proposals
to be announced this week, staff
would have to stay with the family
that employs them regardless of their
treatment, or face deportation.
PROSPECTS for pay in the IT industry
are their brightest since the pre-reces-
sion years, according to a survey out
today, indicating the worst may be
over for the industry.
The ReThink IT survey found 59 per
cent of directors in the industry expect
salaries for staff to rise in the year
ahead, up from 47 per cent last year
and 55 per cent in 2007. Forty-three
per cent plan to hire more staff, up
from 36 per cent in 2011.
This is the first really positive out-
look that we have had from IT direc-
tors since the credit crunch began,
said ReThinks Michael Bennett.
IT directors have been continually
asked to do more with fewer staff but
it may be that this is finally coming to
an end.
UK ECONOMY
BY TIM WALLACE
UK ECONOMY
Businesses warn government not to

scare off talented international workers
IT industry sees signs of growth
as hiring intentions hit new high
ANALYSIS l house prices are falling in most areas
%
% country with price rises
Price rising
Price falling
Feb07 Feb08 Feb09 Feb10 Feb11 Feb12
60
40
20
-20
-40
-60
-80
% country with price falls
0
STIFLING regulations and a rising
number of defaults are forcing banks
to cut down on lending, a new report
from Ernst & Young warns this morn-
ing.
Banks are being forced on a diet,
according to the firms Marcel Van
Loo, who said: on the one hand they
are being asked to hold more capital
but on the other they are facing ongo-
ing unresolved macro-economic
instability.
The result is increasingly conserva-
tive policies from banks both in the
UK and elsewhere in Europe, the
research shows.
Lenders appear concerned over fac-
ing an increasing number of defaults,
resulting in greater losses. Regarding
loans to services firms Britains
largest sector over half of the sur-
veyed banks expect the risk of default
to increase.
It is not just banks in the UK who
are expecting defaults to rise, this
concern about existing loans is con-
sistent across Europe as the contin-
ued economic uncertainty impacts
more and more businesses, added
Steven Lewis from Ernst and Young.
Yet a separate report, also released
this morning, shows more upbeat fig-
ures for firms in the UK.
Insolvencies fell in January to the
same level seen at the start of last
year, data from Experian revealed
down from 0.11 per cent in December
to 0.07 per cent last month.
The improvement was led by mid-
sized businesses with 101 to 500
employees.
Red tape and
defaults hit
bank lending
Cost of living raises debt
burden for households
THE RISING cost of everyday living
has tightened the debt noose
around the necks of millions of
Britons, a debt counselling charity
will announce today.
Nearly a quarter of households
disposable income (23.8 per cent)
goes towards interest payments on
loans, on average, the Consumer
Credit Counselling Service (CCCS)
found at the end of last year.
Interest payments actually fell by
2 per week in the final quarter,
compared to quarter three, yet
inflation pushed up the cost of liv-
ing and further eroded house-
holds levels of disposable income.
And despite slowing inflation at
the beginning of this year, the out-
look remains grim, the CCCS warns.
The demand for debt advice is fore-
cast to remain high and rise in the
coming years as unemployment
worsens across the UK, it said.
Middle-aged and elderly people
in particular will be increasingly
affected by debt problems, the
charity said. The report predicts
that CCCSs share of clients over the
age of 45 will rise from an historic
28 per cent in January 2005 to a pro-
jected 47.6 per cent by December
2014.
BY JULIAN HARRIS
BANKING
PERSONAL FINANCE
News
Availability of new loans to factories
shows modest signs of improvement
THE AVAILABILITY of credit to
British manufacturers has picked
up modestly at the start of this year,
according to industry group EEF.
A balance of three per cent of fac-
tories reported that the availability
of new lines of borrowing has
improved in 2012, the group said
today.
Yet the EEF maintains that lend-
ing still needs to improve, pointing
to continuing decline in the avail-
ability of finance from existing
sources. This measure declined to a
negative balance of minus nine per
cent in the first two months of the
year worse than the minus five
per cent recorded in the final quar-
ter of 2011.
We have to view an improve-
ment in credit conditions as posi-
tive, said EEF economist Lee
Hopley, but the absence of a trend
showing that availability is increas-
ing and costs are coming down on a
consistent quarter on quarter basis
indicates that there is more work to
be done.
The group is urging the govern-
ment to push through the National
Loan Guarantee Scheme, intended
to direct 20bn of lending from the
banks towards small businesses
guaranteed by the state.
Companies with turnover of less
than 50m will be able to apply for
loans, under the scheme.
This must have an impact on the
cost of borrowing which translates
into a greater appetite amongst
firms to approach banks for
finance, Hopley said.
The growth in business invest-
ment that our economy needs is
contingent on manufacturers hav-
ing the confidence to commit to
their capital expenditure plans and
being able to access finance at the
right price.
MANUFACTURING
RETAILERS will be looking for signs of

green shoots this week, with the
release of two important gauges for
the UK high street.
The CBIs distributive trades survey
will shed light tomorrow on the cur-
rent fortunes for British shops.
And a separate survey on
Wednesday, from GfK NOP, will reveal
if consumer confidence is continuing
its recovery in 2012.
The widely-regarded index sur-
prised to the upside in January, rising
by four points, with increases in all
five categories of the study.
And the news was bolstered by offi-
cial figures from the Office for
National Statistics (ONS), which
showed a 0.9 per cent lift in sales (in
both volume and value) in January
compared to December following a
0.6 per cent jump (by volume) in
December, compared to November.
Yet independent surveys from the
British Retail Consortium (BRC) and
CBI were considerably less positive,
raising questions as to the true pic-
ture on the UK high street.
Figures to shed
light on outlook
for UKs stores
RETAIL
ECONOMISTS VIEWS: ARE RETAIL SPENDING

AND CONSUMER MORALE ON THE UP? by Julian Harris
DAVID MILLER | CHEVIOT ASSET MANAGEMENT

As inflation pressures dissipate, the lack of wage growth becomes less
of a problem people realise they have money to spend and get their con-
fidence back. Yet its too early for a recovery to be apparent
MICHAEL HEWSON | CMC MARKETS

Its going in the right direction. When I saw retail figures in January I
thought we were reading the wrong line. Is it sustainable? Unclear. These
consumer confidence figures still arent great on a long term basis.
HOWARD ARCHER | IHS GLOBAL INSIGHT

We expect the CBI survey to show that the balance of retailers report-
ing that sales were up year-on-year rose to -12 per cent in February ... This
would still be appreciably below the overall average of +3 per cent in 2011.
Consumer confidence unexpectedly improved in January Picture: GETTY

It's less than one hundred paces (under cover of course) from our train station to
our new y-through terminal at London Southend Airport. At peak times there
are up to 8 trains an hour operating from Central London. And with a journey time
of just 52 minutes from London Liverpool Street and 44 minutes from Stratford;

London Southend Airport...
under 100 paces from train station
to our new fly-through terminal!
News
BEST OF THE BROKERS
To appear in Best of the Brokers email your research to notes@cityam.com
ANALYSIS l Hays
90
75
70
65
60
80
85
Dec Jan Feb
p
84.10
24 Feb
HAYS
Citigroup has downgraded the global recruit-
ment company from hold to sell following
first-half results last week, which saw earn-
ings before tax of 63m in line with esti-
mates. The broker is sceptical about Hays
UK business, saying that it lacks strategic
direction. Though it lifts its target price to
75p on earnings upgrades, the rating is cut
due to shares trading well above that price.
Today
A diverse group of FTSE 100 reporters
will kick off a busy week in the corpo-
rate calendar this morning, with bank-
ing giant HSBClikely to be top of many
investors watch list. Analysts are
expecting the banks geographical
diversity to offset any potential weak-
ness in it investment banking division,
with profits expected to hit 14bn
more than double the amount that
Barclays posted last week.
Away from banking, Associated
British Foods will be looking to contin-
ue the strong growth in revenue in its
sugar and agriculture businesses,
which drove revenue growth at the
groups last update in mid-January. It
will also be hoping that the drop in
cotton prices will have fed through to
profits at its budget retail chain
Primark.
Also reporting are distribution and
outsourcing firm Bunzl, Financial
Times-owner Pearson and Essar
Energy, which will be hoping to put its
recent Indian tax troubles behind it for
the time being to focus on its full-year
earnings. Among the mid-caps, house-
builder Bovis, manufacturing group
Cookson, insurer Hiscox and defence
technology firm Ultra Electronics will
all release full-year results.
Tuesday
Bellwether Persimmon will be looking
to continue the upbeat trend set by
housebuilders Barratt and Galliford
Try when it reports full-year results on
Tuesday, though consensus forecasts
are for revenue to fall 2.5 per cent to
around 1.53bn. The companys ex-
London focus means it may be more
vulnerable to regional weaknesses, but
analysts at Northland say activity has
remained constant across the UK,
underpinning revenue growth in line
with expectations.
Joining it will be Costa Coffee and
Premier Inn-owner Whitbread, which
was weighed down last week by a
short-term trading sell rating from
analysts at Credit Suisse, who are
expecting subdued growth in revenue
per available room at Premier to mean
the group pre-close update will disap-
point markets. Also reporting will be
support services giant Serco, which
has been trading strongly ahead of its
full-year results.
Among the smaller companies
updating markets today are media
group UBM and speciality chemicals
company AZ Electronics.
Wednesday
Broadcaster ITV (see p13) is one FTSE
100 reporter to look out for on
Wednesday, along with Standard
Chartered, the second Asia-focused
bank to report this week. Profits are
expected to outperform the majority
of its UK banking peers.
International Airlines Group is also
expected to turn in an impressive full-
year performance, with profits fore-
cast to have doubled over the year as
the Iberia-BA tie-up begins to reap
rewards.
Elsewhere, Capital & Counties and
Taylor Wimpey will provide more per-
spective on the property sector, while
Carillion, National Express, Sage and
Sportingbet will also report.
Thursday
Man Group is the one to watch as we
move into March, with consensus out-
look not good for the alternative
investment management business.
Copper focused miner Kazakhmys,
which has already announced it met
all its major output targets in 2011.
Stagecoach, Bwin.party and com-
munications group Spirent are
among the smaller firms updating
the market.
Friday
A quieter day to finish off the week,
with engineering group IMI leading
the FTSE 100 reporters. IMI has been
on the acquisition trail recently,
snapping up small businesses in Italy
and Brazil, so investors will be
looking for a positive outlook on syner-
gies from the tie-ups. Laird,
BBA Aviation and Rentokil will
also report.
THE WEEK AHEAD BY ELIZABETH FOURNIER
A RALLY on Wall Street will be put to
the test this week, with the S&P 500
at its highest level since before the
collapse of Lehman Brothers in 2008.
The broad index is up 8.6 per cent
for the year, closing at 1,365 on Friday.
The S&P 500s close was the highest
since June 6, 2008, a few months
before Lehman Brothers went bank-
rupt as the global credit crisis hit.
While the swiftness and magni-
tude of the gains have created con-
cerns that the market is due for a
pullback, a break above 1,370, which
was 2011s intraday high, could trig-
ger more buying as investors fear
missing out on further gains.
We reached an exhaustion point
and an inflection point. The senti-
ment is bullish and the money flow
has gotten bullish, and thats freak-
ing people out a bit, said James
Dailey, of TEAM Asset Strategy Fund
in Harrisburg, Pennsylvania.
Whats more likely, or normal,
would be a 5 to 7 per cent decline
(from current levels), but if we move
above 1,370, that could be the next
leg up.
The S&P 500 has struggled to climb
above 1,370, but the level has thrown
up strong resistance.
Last week, the Dow Jones industrial
average and S&P rose about 0.3 per
cent and the Nasdaq Composite
added 0.4 per cent to close at its high-
est since mid-December 2000.
Oil prices will also be in focus after
Brent crude futures closed at $125.47
per barrel on Friday, the highest since
last April, on fears of worsening ten-
sions between Iran and the West.
The movement in the euro will also
be closely watched for hints about
markets appetite for risk. On Friday
it rose to its highest in more than two
months against the dollar and hit its
strongest versus the yen in nearly
four months. The European Central
Bank is expected to make
available another round of
cheap money this week.
THE WALL STREET
WEEK AHEAD
ANALYSIS l St. James's Place
380
320
340
360
Dec Jan Feb
p
373.10
24 Feb
ST JAMESS PLACE
Nomura has maintained its neutral rating
on the wealth manager, but raised its target
price to 370p following strong 2011 results
last week. The broker sees possible changes
to pension rules and economic uncertainty
as challenges to achieving growth in 2012,
but says SJPs business model is one of the
best in the sector (although warns this may
already be priced in).
ANALYSIS l Lancashire Holdings
800
740
720
700
680
760
780
Dec Jan Feb
p
772.00
24 Feb
LANCASHIRE HOLDINGS
Deutsche Bank downgrades the speciality
insurance group from buy to hold with
a target price of 870p based on its current
valuation, which the broker sees as having
the companys earnings power for 2012
already priced in. The broker says the com-
panys 2011 results were decent consider-
ing catastrophe losses, and sees good
underwriting opportunities for this year.
ANALYSIS l Easyjet
420
400
380
360
440
460
480
Dec Jan Feb
p
448.80
24 Feb
EASYJET
UBS has downgraded the budget airline
from buy to neutral and reduced its tar-
get price from 490p to 480p, saying it does
not see sufficient upside to the shares given
the firms strong performance since the start
of the year. The broker says there is a lack of
visibility on summer bookings, which are key
to the full year results, and is concerned that
rising oil prices will add to fuel costs.
A
T A time when energy bills are soaring,
many families will be angry that
British Gas reported profits last week
of over 500m. It follows the news ten
days ago that EDFs profits rose to almost
1.6bn and announcements from the other
Big Six energy firms are due in the coming
weeks. But politicians and policy makers need
to be careful not to jump to conclusions in
their attempt to meet public concern with
government action.
It is understandable that energy prices have
become a political hot potato. Combined gas
and electricity prices have risen by 75 per cent
since 2004 while the number of deaths from
hypothermia has doubled over a similar peri-
od. But although right wing think tanks are
wrong to blame the price spike on the cost of
renewables (which have contributed just 7 per
cent to the increase), the left are misplaced in
blaming profiteering.
Compass, the pressure group, and the
Independent have recently launched a cam-
paign calling for a 1997-style windfall tax,
with price caps to stop the cost being passed
onto customers. But it is not clear what, if any-
thing, a one-off regulatory intervention like
this would do to bring down costs and prices
in the energy market. The opaque nature of
energy company accounts means that it is
hard to apportion the true nature of profits
derived from their separate wholesale, retail
and energy efficiency service businesses. But
these profits do not appear to be consistent
with profiteering.
The main source of high energy bills has
been the soaring costs of transporting gas and
electricity from power stations to peoples
homes, which has driven four-fifths of the
price rise. This does not mean that the Big Six
are lean, efficient companies. Cost reductions
should certainly be sought. But instead of
slapping distortionary taxes on the sector,
which will reduce incentives for investment
and discourage new market entrants, policies
are needed to increase competition. Chief
among these measures is tighter control of
the energy companies complicated tariff
structures, which end up blocking new
entrants.
It works like this. The government believes
that encouraging people to switch energy
provider will increase competition, yet only 40
per cent of customers have ever done so. The
big incumbents are able to offer attractive ini-
tial offers to the young and upwardly mobile
customers who have the time and savvy to
find a better deal. But these tariffs, often set
below cost price, are offset against higher tar-
iffs for their existing customer base. New
research by the Institute for Public Policy
Research (IPPR) has found that some house-
holds are paying up to 330 a year more than
their neighbours for the same amount of elec-
tricity.
The IPPR examined different tariffs offered
by British Gas, EDF, E.ON, Npower, Scottish
Power and SSE in a range of cities. Scottish
Power was the worst offender, with a differen-
tial between its standard and cheapest tariff
of over 330. The difference was greatest in
Sheffield, at 339, and second greatest in
London, at 333. Npower offered the second
largest differential, of up to 315. British Gas,
SSE and EDF all offered much smaller differ-
entials, of up to 126, 100 and 86 respective-
ly. While some suppliers have taken action to
improve their pricing, none of these price dif-
ferences can be justified on the basis of differ-
ent payment methods alone.
This practice is unfair in two ways. Firstly, it
means that as many as 5m customers, many
of whom are elderly or on low incomes, are
being overcharged. Secondly, these loss-lead-
ing tariffs are acting as a barrier to entry for
new firms. Without an existing group of
sticky customers, they are unable to sub-
sidise switchers by offering the same attrac-
tive looking tariffs.
The IPPR is pressing Ofgem, the energy reg-
ulator, to act with much greater urgency. It
first identified the problem in 2007 but has
effectively sat on its hands for half a decade.
By licensing introductory discount tariffs,
Ofgem would ensure that prices were cost-
reflective, while more effective enforcement
of existing powers to fine suppliers would
punish those that are currently in breach.
In a perfect world, all customers would shop
around for the best deal and new entrants to
the market would be able to compete by offer-
ing simpler and more innovative processes for
heating peoples homes and keeping the
lights on. In the real world, however, most
people do not have the time, inclination or
know-how to switch. The advantage gained by
the big energy firms from this situation has
created a pseudo-cartel. Greater competition
in the market, somewhat paradoxically by
controlling tariffs, is the only way ahead.
Will Straw is associate director for globalisation
and climate change at the Institute for Public Policy
Research.
22
The Forum
CITYA.M. 27 FEBRUARY 2012
Energy price increases are
not caused by renewables
or company profiteering
The energy policy paradox:
cheap tariffs for the savvy
mean higher bills for most
cityam.com/forum
WILL STRAW
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.
I
N 2004 the opening of Mossbourne
Academy marked a turning point in the
London Borough of Hackney. Built on
the site of the former Hackney Downs
school (described by the then government as
the worst school in Britain), Mossbourne
became a symbol of academic excellence in
one of the most deprived parts of London.
Under inspirational leadership, its exam
results are now among the best in the coun-
try and it boasts an ethos to rival that of any
school.
For many people, Mossbourne is just one
example of how education in London has
improved since 2003. It is true that London
schools have improved at a faster rate than in
the rest of the country, with over sixty per
cent of children getting 5 A*-C GCSEs includ-
ing English and maths, compared to only 58
per cent nationally. Poorer children also do
better in the capital than anywhere else in
England, despite higher levels of deprivation
and more pupil mobility.
But are London schools good enough? Do
they match the expectations of a commercial-
ly and culturally vibrant global city?
Mossbourne shows what can happen when
good schools buck the trend, but the riots last
year and high youth unemployment rates
must remind us of the consequences of wast-
ed potential.
In November last year, the Mayor launched
an education inquiry and asked a panel of
experts and outstanding headteachers to look
at whether other London schools are making
the grade and what can be done to help them
improve.
The panels first report has just been pub-
lished and it shows that, while there have
been improvements, 28,000 young people in
London still left state school last year without
5 A*-C GCSEs including English and maths;
the minimum they need to get decent jobs or
go on to further study. Only 18 per cent of
London school children achieved the English
baccalaureate, which requires a C grade or
better across a core of academic subjects:
English, maths, history or geography, the sci-
ences and a language. That suggests a num-
ber of state schools have dropped tough
subjects like triple science and languages
under pressure of league table performance.
While London schools are doing better than
the rest of the country, they are not keeping
up with cities like Singapore and Hong Kong.
One third of London families do not get
their first choice of school and increasing
numbers are opting out altogether and going
private. This cannot be right in a city famed
for its cultural, scientific and intellectual
achievements. Our state school system needs
to equip children with the skills and knowl-
edge they need to make the most of the new
centurys opportunities and challenges.
This isnt about blaming teachers. It is
about recognising that having an honest
assessment of Londons schools is the first
step in making them better. We need more
state schools like Mossbourne if London is
going to retain its status as a world city.
Munira Mirza is the adviser to the Mayor of
London for youth and culture.
http://www.london.gov.uk/priorities/young-
people/education-training/mayors-education-inquiry
23
The Mayor of
Londons adviser
says that schools
must do better
London needs to
have world-class
education for all
Fluid thinking
[Re: Time to invest in infrastruc-
ture we actually need, Monday]
Water shortages will continue to
be a problem unless we tackle
them, but unfortunately the real
solutions are not sexy. A national
water grid is impractical, economi-
cally and environmentally, and a
major undertaking. It couldnt be
done in the near future. Any com-
parison to the national electricity
grid is illogical water is a heavy
incompressible liquid that requires
huge quantities of energy to move.
We need a strategic approach to
water management. Smart meter-
ing and low-use fixtures could
help, but demand will only drop if
water is priced highly enough to
change behaviour. The challenge is
to raise awareness of the wider
role played by water, and so raise
its perceived value to us all, while
protecting the poorest in our soci-
ety from higher water prices.
Michael Norton, chair of the
Institution of Civil Engineers
water panel
Wishful thinking
I used to work with a member of
the Cabinet Office, and can tell
you that the main reason a nation-
al water grid was not built after
the 1976 drought was because
Environment Agency experts con-
cluded in a feasibility study that
the severity of the drought was a
once in a lifetime event.
Name withheld
Want to respond?
email: theforum@cityam.com
Twitter: @cityamforum
RAPID RESPONSES
MUNIRA MIRZA
BY STUART FRASER
The Forum
T
HE recent Court of
Appeal hearing
regarding the St
Pauls protest will
be welcome news to
many working in the City.
Although peaceful
protest is a democratic
right and often sparks
important debate, it is equally important that the rights
of people working in the City are also respected.
The mess and nuisance generated by months of
extended encampment on the highway has caused dis-
ruption to the lives of many, and while it is important
that issues are discussed and opinions are challenged,
workers and residents in the City will hopefully now be
allowed to go about their daily business in peace.
INFRASTRUCTURE MUST SOAR
The public sector surplus announced this month should
hopefully ease some of the pressure exerted on the
government in recent weeks. Ratings agency Moodys
recently warned of a 30 per cent chance of a UK
downgrade should the government diverge from the
current path of deficit reduction.
What we need to do now is look forward. The out-
come of the current economic situation is dependent
on a number of factors, many of which are beyond our
control. In these circumstances what we must do is
lay down adequate infrastructure to meet future
demand.
This isnt a case of building bridges to nowhere.
History teaches us that infrastructure investment is a
key driver of economic growth.
You only have to see the foresight and perseverance
shown by City lawyer Charles Pearson in campaigning
for an underground railway system in the 1840s and
50s despite widespread scepticism and a tough eco-
nomic climate.
This counter-cyclical investment in infrastructure
ensured that there was sufficient capacity to meet
increasing pressure on Londons transport network
and avoid bottlenecks to growth. The legacy of this
huge project continues to this day as will be clear to
those of you reading this article seated (or probably
standing) on a London Underground train.
As a world-leading business hub, London has tradi-
tionally benefited from excellent transport links to des-
tinations all over the world. Therefore we welcome the
governments national infrastructure plan, which
alongside Crossrail and the Tube upgrade should make
a real difference to people working, living and visiting
the capital.
But when it comes to aviation we are standing still
while our rivals build for the future. Better-connected
hubs such as Paris and Frankfurt already boast 1,000
more annual flights to the three largest cities in China
than Heathrow. And it is a similar story for other high-
growth markets.
As a result we are already losing business to other
centres. So while Ken Livingstone, Boris Johnson and
other politicians argue over the merits of different pro-
posals the truth of the matter is that the City and
the UK needs action now.
Heathrow is our primary international gateway,
which means if alternative solutions cannot be found
soon some very difficult political decisions will have to
be taken.
The government has pledged to show the UK is
open for business. It is time to prove it by taking con-
trol of aviation strategy and facing up to the difficult
decisions.
Stuart Fraser is the policy chairman at the City of
London Corporation.
Build for the future to
keep the City running
Email: theforum@cityam.com
Twitter: @cityamforum
In association with
W
E ARE entering an inflationary
environment. This is the 1970s
all over again. Across the globe
governments are relaxing mon-
etary policy. In China and India this is an
attempt to keep their economies growing
rapidly. In the West it is a desperate
attempt to breathe life into economies
which face structural issues no-one really
cares to tackle. The big issue for the West
is that even where we see some economic
growth (the US) it is jobless growth. As for
Euroland: no growth and no jobs. The
response is and will remain quantita-
tive easing.
Economists will debate which the weak-
est currency is. My four cats know that
the euro has unsolvable issues.
Sterling is due a ratings down-
grade fairly soon as Britain is
hugely over-leveraged. And as
for the US, in some ways its bal-
ance sheet is weaker than that
of Italy. The point is that
what has been happen-
ing, and what will
continue to happen,
is undermining all
paper currencies. The
only currency not
being printed with reck-
less abandon is the one
whose supply is controlled by
God, not weak politicians. I refer
to gold.
I am prepared to accept that in
an inflationary environment all
solid asset classes do well when com-
pared to holding cash. Shares will be a bet-
SINCE the 2008 global recession, an increas-
ing number of investors have moved away
from the more traditional equities markets
and have begun to consider commodities
as a promising substitute. More recently,
with the Eurozone crisis and various
rounds of quantitative easing, interest in
alternative investment options has spiked
once again.
In fact, from 2010 to 2011, Tullett Brown
saw a staggering 87 per cent increase in the
number of people looking to purchase pre-
cious metals. While paper money is
backed by nothing, commodities are
tangible assets that hold their intrin-
sic value despite fluctuations on the
financial markets. Precious metals,
therefore, are a brilliant way to hedge
against inflation.
The majority of individuals look-
ing to purchase precious metals do so
with their minds made up about at
least one thing; they
want gold. With stories
on alternative invest-
ments in the press
often focusing around
the price of gold, it has
become almost
synonymous
with precious
metal ventures.
Silver is seldom spoken about as a
viable option, and so it has often
been neglected by budding investors
who believe it to be golds inferior
cousin.
Wealth Management | Personal Finance
Its not gold but silver that earns first place
Which asset is the true safe haven?
INVESTMENT COMMENT
SIMON GREENSPAN
tion costs.
Silver has a plethora of industrial
applications, ranging from electrical
conductors and catalysts to control
rods in nuclear reactors. Some of the
greatest demands for metals with such
uses are coming from the rapidly
expanding Bric economies. China in
particular has had a spate of signifi-
cant growth, closing 2011 at 9.2 per
cent. This increase in demand both
industrially and personally should in
turn help to push the price of silver
even higher.
In this turbulent economic climate,
traditional perceptions of investment
are constantly being challenged.
When it comes to precious metals as
an investment, all that glitters may
not be gold, but other metals are still
worth considering.
Simon Greenspan is a former futures
trader and gold and silver specialist at City
commodities broker, Tullett Brown
www.tullettbrown.co.uk
Few realise that over the last seven
years, silver has consistently out-per-
formed gold.
In 2005 an ounce of gold was worth
$450 (285), today that figure has
reached $1,772 an increase of 293 per
cent. While gold has been performing
extremely well, over that same period
silver has gone from $7 per ounce to
$35, a colossal 400 per cent increase.
The fundamental factors that drove
this increase in the price of silver sov-
ereign debt, discord in the European
Central Bank and inflation remain
live issues, and 2012 looks set to be
another strong year for silver. Initial
forecasts make us confident that sil-
ver will surpass $50 per ounce, with
some analysts predicting that figure
will reach as much as $80.
Not only has this growth had a signif-
icant impact on the landscape of alter-
native investments, and indeed the
smart investors portfolio, but so too is
it set to affect global industry produc-
ter store of value in the years that lie ahead
than cash earning 0 per cent in the bank
and losing purchasing power all the time.
But if one looks back to the 1970s it is clear
that shares will underperform gold when
inflation really takes a grip.
There will be some who argue that the
gold bubble has burst and did so a few
months ago when gold reached $1,900
(1,200) an ounce (it is now around $1,772).
The same folks made the same claim at
$700, $1,000 and $1,500 and were probably
telling Gordon Brown that he was a smart
cookie for selling the UKs gold at $255/oz.
Were gold simply to have tracked the price
of bread since its last peak (at the end of an
inflationary era) it would today be at
$2,400. The bubble is not gold but the paper
currencies which have been dominant since
the abolition of the gold standard, despite
there being ever less reason for man to have
faith in them. Gold will pass through
$2,000 this year and will, in due course, hit
$3,000.
There is one sort of share that will prove a
better bet than gold itself shares in gold
producers. Again, if one looks back to the
1970s we see that in the early to mid stages
of golds rise, gold stocks did very badly (as
they did last year) as investors simply failed
to believe the all too apparent maths,
choosing not to buy stocks which
thanks to operational gearing trad-
ed on ever more derisory multiples.
But in the end the maths
became compelling and
in the second half of the
1970s gold run, gold
stocks caught up and
then outpaced gold
itself. I would expect the
same to happen this time
around and look forward
to a very prosperous three
years ahead investing in gold
or gold shares. Non-gold equi-
ties are a far better bet than cash
for 2012-2014 but they are not a
patch on anything gold-related.
Tom Winnifrith manages the SF t1ps
Smaller Companies Gold Fund.
GOLD
I
TS funny how myths perpetuate
themselves. During the last few turbu-
lent months many investors have
abandoned equities and switched into
gold as if the stock market was a casino and
the precious metal a safe haven. The oppo-
site is much nearer the truth.
There are two major reasons for invest-
ing: to produce income and to store wealth
for some time in the future. Shares in com-
panies paying solid, progressive dividends
fit the bill on both counts. Gold does not.
It is very important to recognise the
remarkable power of dividends.
Newspapers feed the public with daily
doses of how share prices rise and fall,
often commenting on how billions of
pounds have been added to or wiped off the
stock market, or how shares in some com-
pany or another have gained or lost mil-
lions in a single day because of one item of
good or bad news.
It is easy to be seduced by these dazzling
but incomprehensible figures that
foster the notion that the stock
market is all about making a
fast buck in a gamblers
paradise especially in
a bull market when all
eyes are on rising share
prices.
Similarly, if share prices
plummet, the private
investor is scared away,
just at the time when the
best bargains are becom-
ing available.
In fact, the real
money is made through solid investments
that pay regular, rising dividends. The greater
part of total returns for share investors over
time will come from dividends, not capital
gains.
In a bull market, the rise in share prices
puts icing on the dividend cake. When mar-
kets are stagnant, dividends ensure that you
still make money from equities. And when
markets are falling, dividends offer you com-
pensation to tide you over until the good
times roll again.
To demonstrate the importance of divi-
dends we can look at figures produced by the
Barclays Equity Gilts Study, which shows that
1,000 invested in shares at the end of the
Second World War would now be worth near-
ly 60,000, a pretty decent return in itself.
However, had we reinvested the dividends
our pot would have ballooned to about 1m.
Over a shorter time period, we have seen
the emergence of the first Isa millionaires,
people who have year by year invested their
annual Isa entitlements and rolled up the
dividends. These have not been large invest-
ments even today the annual total allowed
is only 10,680 yet they have built up in the
safe haven of the stock market.
There are many solid companies offering
attractive yields of more than 4 per cent and
even up to 7 per cent. They include National
Grid, United Utilities, Royal Dutch Shell,
GlaxoSmithKline, Sainsbury and Vodafone. I
own shares in all of them. The key is to have
10-12 companies from different sectors in
your portfolio so that if one hits a bad
run the others can compensate.
Gold, in contrast, offers
no dividend, so you are
entirely dependent on more
buyers coming in to drive up
the price. It is easy to forget
that the surge in gold has come
since the millennium. For 20
years before that, the price drifted
lower. When the bubble bursts,
those buying now will find the effect
rather painful.
Rodney Hobson is a financial author and
journalist. His latest book, The Dividend
Investor, is published by Harriman House.
INVESTMENT COMMENT
TOM WINNIFRITH
INVESTMENT COMMENT
RODNEY HOBSON
OR
SHARES
EU SHARES
AIR LIQUIDE...............97.49 -0.50 100.65 80.90
ALLIANZ .....................91.17 1.07 107.45 56.16
ANHEUS-BUSCH INBEV49.23-0.31 50.04 33.85
ARCELORMITTAL......16.10 0.11 27.06 10.47
AXA.............................12.13 -0.03 15.97 7.88
BANCOSANTANDER ..6.28 -0.01 8.67 4.94
BASF SE .....................64.70 0.12 70.22 42.19
BAYER.........................55.90 -0.12 59.44 35.36
BBVA.............................6.77 0.00 8.81 4.94
BMW............................70.32 0.43 73.85 43.49
BNP PARIBAS ............36.92 0.62 57.30 22.72
CARREFOUR..............18.32 0.49 31.44 14.66
CRH PLC.....................16.22 0.14 17.40 10.28
DAIMLER ....................47.45 0.52 53.95 29.02
DANONE .....................50.70 0.00 53.16 41.92
DEUTSCHE BANK......34.86 1.52 47.11 20.79
DEUTSCHE BOERSE.50.32 0.06 57.68 35.65
DEUTSCHE TELEKOM 8.79 0.10 11.38 7.88
E.ON............................16.96 0.28 24.64 12.50
ENEL .............................3.05 0.02 4.86 2.78
ENI ...............................17.57 0.14 18.18 11.83
FRANCE TELECOM ...11.73 0.13 16.43 11.09
GDF SUEZ...................19.68 0.11 29.64 17.65
GENERALIASS. .........12.22 -0.09 16.67 10.34
IBERDROLA .................4.51 -0.03 5.98 4.16
INDITEX.......................69.03 -0.23 69.85 50.92
INGGROEP CVA..........6.63 -0.04 9.50 4.21
INTESA SANPAOLO.....1.49 0.04 2.33 0.85
KON.PHILIPS ELECTR15.86 0.01 24.12 12.01
L'OREAL .....................85.00 -0.85 91.24 68.83
LVMH.........................126.35 -1.15 132.65 94.16
MUNICH RE ..............109.60 0.75 122.80 77.80
NOKIA...........................4.33 0.23 6.52 3.33
REPSOL YPF ..............20.63 0.18 24.90 17.31
RWE.............................33.24 0.72 52.57 21.15
SAINT-GOBAIN...........36.06 0.36 47.64 26.07
SANOFI .......................56.30 -0.15 57.42 42.85
SAP .............................50.29 0.72 50.98 32.88
SCHNEIDER ELECTRIC51.05 0.56 61.83 35.00
SIEMENS.....................75.02 0.27 99.39 62.13
SOCIETE GENERALE24.43 1.43 51.71 14.32
TELECOMITALIA.........0.87 0.06 1.16 0.70
TELEFONICA..............12.86 -0.02 18.58 12.50
TOTAL .........................42.07 0.26 44.55 29.40
UNIBAIL-RODAMCOSE145.400.10 162.95 123.30
UNICREDIT ...................3.89 0.08 12.45 2.20
UNILEVER CVA ..........24.91 -0.65 27.16 20.90
VINCI ...........................38.63 0.10 45.48 28.46
VIVENDI ......................16.49 0.14 21.37 14.10
VOLKSWAGEN VORZ139.25 0.10 152.20 86.40
Price Chg High Low Price Chg High Low
WORLDINDICES
US SHARES
3M.................................88.20 0.30 98.19 68.63
ABBOTT LABS............56.70 0.41 56.84 46.29
ALCOA.........................10.43 -0.03 18.47 8.45
ALTRIA GROUP...........29.99 0.29 30.40 23.20
AMAZON.COM...........179.13 0.24 246.71 160.59
AMERICAN EXPRESS 53.33 0.66 53.80 41.30
AMGEN INC.................67.73 0.39 70.00 47.66
APPLE........................522.41 6.02 526.29 310.50
AT&T.............................30.34 -0.12 31.94 27.27
BANK OFAMERICA......7.88 -0.14 14.70 4.92
BERKSHIRE HATAWB80.04 0.67 87.65 65.35
BOEING CO.................76.06 0.21 80.65 56.01
CATERPILLAR...........116.00 -0.20 116.95 67.54
CHEVRON..................109.08 0.73 110.99 86.68
CISCOSYSTEMS ........20.14 -0.09 20.49 13.30
CITIGROUP..................32.35 -0.36 47.60 21.40
COCA-COLA................69.00 -0.18 71.77 61.29
COMCASTCLASS A...29.19 -0.62 29.92 19.19
CONOCOPHILLIPS .....75.95 1.14 81.80 58.65
CVS/CAREMARK ........44.07 0.03 45.00 31.30
DU PONT(EI)DE NMR.50.99 -0.44 57.50 37.10
EXXON MOBIL.............87.34 0.32 88.23 63.47
GENERAL ELECTRIC .19.24 -0.07 21.17 14.02
GOOGLE A.................609.90 3.79 670.25 473.02
HEWLETTPACKARD..26.64 -0.41 43.86 19.92
HOME DEPOT..............46.98 0.03 48.07 28.13
IBM.............................197.76 0.15 199.23 151.71
INTEL CORP................26.70 0.04 27.50 19.16
J.P.MORGAN CHASE..38.28 -0.21 47.80 27.85
JOHNSON & JOHNSON64.46 -0.64 68.05 55.76
KRAFTFOODS A ........37.88 -0.10 39.06 24.30
MC DONALD'S CORP100.32 -0.49 102.22 72.89
MERCK AND CO.NEW38.20 -0.31 39.43 29.47
MICROSOFT ................31.48 0.11 31.68 23.65
OCCID.PETROLEUM103.86 -0.81 117.89 66.36
ORACLE CORP ...........29.25 0.44 36.50 24.72
PEPSICO......................63.31 0.18 71.89 58.50
PFIZER.........................21.18 0.15 22.17 16.63
PHILIP MORRIS INTL..83.02 0.85 83.08 60.45
PROCTER AND GAMBLE66.710.29 67.72 56.57
QUALCOMMINC.........63.44 -0.07 63.81 45.98
SCHLUMBERGER.......79.85 0.26 95.53 54.79
TRAVELERS CIES.......58.60 -0.36 64.17 45.97
UNITED TECHNOLOGIE83.97 0.48 91.83 66.87
UNITEDHEALTH GROUP55.650.71 55.75 41.27
VERIZON COMMS.......38.14 0.01 40.48 32.28
VISA CL A...................117.54 1.06 117.77 70.45
WAL-MARTSTORES...58.79 0.25 62.63 48.31
WALTDISNEY CO.......41.31 -0.17 44.34 28.19
WELLS FARGO& CO .30.18 -0.47 32.97 22.58
FTSE 100 . . . . . . . . . . . . . . 5935.13 -2.76 -0.05
FTSE 250INDEX........11526.98 21.24 0.18
FTSE UK ALL SHARE ....3074.65 -0.29 -0.01
FTSE AIMALL SH . . . . . . . . 828.69 7.57 0.92
DOWJONES INDUS 30 ..12983.02 -167 -0.01
S&P 500 . . . . . . . . . . . . . . . 1365.74 2.28 0.17
NASDAQCOMPOSITE ...2963.75 6.77 0.23
FTSEUROFIRST300 .....1077.18 1.86 0.17
NIKKEI 225 . . . . . . . . . . . . . 9647.38 51.81 0.54
DAX 30PERFORMANCE..6864.43 54.97 0.81
CAC 40 . . . . . . . . . . . . . . . . 3467.03 19.72 0.57
SHANGHAISE INDEX ....2439.63 30.07 1.25
HANG SENG. . . . . . . . . . . 21406.86 25.87 0.12
S&P/ASX 20INDEX ......2564.10 10.70 0.42
ASX ALL ORDINARIES ...4389.00 21.50 0.49
BOVESPA SAOPAOLO..65942.73 123.11 0.19
ISEQOVERALL INDEX ...3200.25 29.55 0.93
STRAITS TIMES . . . . . . . . . 2904.76 -1.93 -0.07
IGBM. . . . . . . . . . . . . . . . . . . 858.25 0.22 0.03
SWISS MARKETINDEX...6184.13 -16.84 -0.27
Price Chg %chg Price Chg %chg Price Chg %chg
LONGDONCEFIXAM...........................................1778.50 2.00
SILVERLDNFIXAM..................................................35.46 0.26
MAPLELEAF1OZ ....................................................37.99 0.08
LONPLATINUMAM ...............................................1717.00 -11.00
LONPALLADIUMAM...............................................717.00 -4.00
ALUMINIUMCASH.................................................2228.50 17.50
COPPERCASH......................................................8407.00 16.50
LEADCASH...........................................................2113.50 44.50
NICKELCASH......................................................19975.00 -120.00
TINCASH ............................................................24030.00 130.00
ZINCCASH............................................................2036.00 30.00
BRENTSPOTINDEX ...............................................123.86 1.57
SOYA.....................................................................1276.75 4.50
COCOA..................................................................2371.00 -86.00
COFFEE ..................................................................202.00 1.25
KRUG ....................................................................1843.10 -2.00
WHEAT ....................................................................165.75 -0.62
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...........................................................0.279 0.00
LIBOR Euro - 12 months.........................................................1.619 0.00
LIBOR USD - overnight ...........................................................0.138 0.00
LIBOR USD - 12 months..........................................................1.066 0.00
HaIifax mortgage rate..............................................................3.990 -0.02
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..................................................................3.100 -0.03
European repo rate..................................................................0.191 0.00
Euro Euribor.............................................................................0.361 0.00
The vix index............................................................................17.31 0.51
The baItic dry index.................................................................718.0 14.0
Markit iBoxx ...........................................................................242.47 1.24
Markit iTraxx...........................................................................131.53 -1.03
BAE Systems . . . . . .316.9 -2.3 340.8 248.1
Chemring Group. . . .433.0 -2.6 736.5 368.8
Cobham . . . . . . . . . . .188.1 -0.8 236.5 165.9
Meggitt . . . . . . . . . . . .388.1 -2.9 397.6 304.9
QinetiQ Group. . . . . .151.9 -1.3 154.9 101.5
RoIIs-Royce HoIdi . . .810.5 4.5 814.4 557.5
Senior. . . . . . . . . . . . .201.0 2.5 201.3 132.6
UItra EIectronics . . .1700.0 -10.0 1789.0 1305.0
GKN . . . . . . . . . . . . . .235.5 7.2 245.0 157.0
BarcIays. . . . . . . . . . .247.7 6.7 319.9 138.9
HSBC HoIdings. . . . .574.9 -0.5 711.1 463.5
LIoyds Banking Gr . . .35.7 -0.9 65.8 21.8
RoyaI Bank of Sco . . .28.5 -0.2 45.7 17.3
Standard Chartere .1638.0 4.0 1712.5 1169.5
AG Barr . . . . . . . . . .1225.0 -15.0 1395.0 1031.0
Britvic. . . . . . . . . . . . .378.2 -2.2 444.0 289.9
Diageo . . . . . . . . . . .1494.5 -8.0 1509.5 1112.0
SABMiIIer. . . . . . . . .2573.0 6.0 2576.5 1979.0
AZ EIectronic Mat . . .310.0 -3.5 338.1 206.1
Croda Internation . .2168.0 -8.0 2223.0 1551.0
EIementis. . . . . . . . . .168.0 1.5 187.4 107.5
Johnson Matthey . .2336.0 -7.0 2355.0 1523.0
Victrex . . . . . . . . . . .1353.0 3.0 1590.0 1025.0
YuIe Catto & Co. . . . .223.0 1.1 253.0 148.0
C/$ 1.3448 0.0001
C/ 0.8472 0.0001
C/ 109.13 0.0750
/C 1.1804 0.0000
/$ 1.5872 0.0000
/ 128.57 0.3400
FTSE100
5935.13
2.76
FTSE250
11526.98
21.24
FTSEALL SHARE
3074.65
0.29
DOW
12983.02
1.67
NASDAQ
2963.75
6.77
S&P500
1365.74
2.28
Smith (DS) . . . . . . . . .172.9 -0.3 183.4 113.3
Smiths Group . . . . .1081.0 10.0 1353.0 869.5
Brown (N.) Group . . .244.4 -5.3 304.5 227.0
Carpetright . . . . . . . . .673.0 13.5 770.5 375.0
Debenhams . . . . . . . . .74.3 0.8 75.0 51.2
Dignity . . . . . . . . . . . .829.5 4.5 854.5 686.5
Dixons RetaiI . . . . . . .14.5 -0.1 19.9 9.4
DuneImGroup. . . . . .511.0 -3.5 524.5 383.9
HaIfords Group . . . . .316.9 -1.0 405.9 268.6
Home RetaiI Group. .103.3 0.0 228.5 72.5
Inchcape . . . . . . . . . .376.4 1.3 425.4 268.1
JD Sports Fashion . .844.0 5.0 1030.0 570.0
Kesa EIectricaIs . . . . .76.3 -0.3 151.4 60.2
Kingfisher . . . . . . . . .281.1 0.4 287.1 217.0
Marks & Spencer G. .353.4 0.7 402.2 301.8
Next . . . . . . . . . . . . .2760.0 6.0 2810.0 1868.0
Sports Direct Int . . . .294.1 -0.7 297.3 178.8
WH Smith. . . . . . . . . .542.0 -1.0 559.0 433.8
Smith & Nephew. . . .628.5 4.5 718.5 521.0
Synergy HeaIth . . . . .860.0 0.0 981.0 808.0
Barratt DeveIopme . .141.4 -0.7 143.6 67.5
BeIIway. . . . . . . . . . . .791.0 -15.5 818.0 540.5
BerkeIey Group Ho.1379.0 -8.0 1389.0 960.0
BaIfour Beatty . . . . . .285.7 1.4 357.3 214.6
CRH . . . . . . . . . . . . .1377.0 7.0 1687.0 1053.0
GaIIiford Try. . . . . . . .578.0 18.0 583.6 332.8
Kier Group. . . . . . . .1298.0 -36.0 1489.0 1097.0
Drax Group . . . . . . . .519.0 0.5 581.5 371.9
SSE. . . . . . . . . . . . . .1278.0 -9.0 1423.0 1184.0
Domino Printing S . .670.0 6.5 705.0 434.3
HaIma . . . . . . . . . . . . .391.7 0.3 429.6 306.3
Laird . . . . . . . . . . . . . .174.9 4.9 207.0 127.9
Morgan CrucibIe C . .360.0 2.0 361.5 224.0
Oxford Instrument .1170.0 -5.0 1198.0 600.5
Renishaw. . . . . . . . .1494.0 -6.0 1886.0 800.0
Spectris . . . . . . . . . .1750.0 19.0 1766.6 1039.0
Aberforth SmaIIer . . .636.0 3.5 714.0 494.0
AIIiance Trust . . . . . .372.5 0.3 392.7 310.2
Bankers Inv Trust . . .419.0 1.8 428.0 346.5
BH GIobaI Ltd. GB .1194.0 -2.0 1212.0 1058.0
BH GIobaI Ltd. US. . . .11.9 0.0 12.2 10.4
BH Macro Ltd. EUR. . .19.8 0.2 20.2 16.3
BH Macro Ltd. GBP 2037.0 5.0 2078.0 1661.0
BH Macro Ltd. USD. . .19.8 0.1 20.2 16.2
BIackRock WorId M .736.0 11.0 815.5 574.5
BIueCrest AIIBIue . . .164.8 -1.5 176.2 160.6
British Assets Tr . . . .129.0 -0.4 139.4 109.0
British Empire Se . . .456.3 1.8 533.0 404.0
CaIedonia Investm .1550.0 -10.0 1800.0 1337.0
City of London In . . .299.0 -0.9 306.9 257.0
Dexion AbsoIute L . .139.8 0.8 151.0 130.0
Edinburgh Dragon . .249.6 -1.4 253.0 201.4
Edinburgh Inv Tru. . .493.5 -3.0 496.8 414.9
EIectra Private E . . .1634.0 -2.0 1755.0 1287.0
F&C Inv Trust . . . . . .312.3 -0.2 327.9 261.5
FideIity China Sp. . . . .88.9 0.9 114.3 70.0
FideIity European . .1135.0 5.0 1287.0 912.0
HeraId Inv Trust. . . . .525.0 2.0 545.5 419.0
HICL Infrastructu. . . .119.5 0.1 121.3 112.7
Impax Environment .105.0 1.0 125.4 88.5
John Laing Infras . . .110.0 0.0 110.6 103.4
JPMorgan American.933.0 -0.5 936.8 721.5
JPMorgan Asian In . .203.9 -0.5 244.0 170.1
JPMorgan Emerging.569.5 0.0 610.5 480.1
JPMorgan European.748.0 5.0 983.5 624.0
JPMorgan Indian I. . .392.4 -3.1 459.0 313.1
JPMorgan Russian .596.0 20.0 741.0 415.1
Law Debenture Cor. .386.4 1.9 387.1 321.0
MercantiIe Inv Tr . . .1009.0 2.0 1119.0 823.0
Merchants Trust . . . .391.0 -1.0 431.8 341.5
Monks Inv Trust . . . .343.6 0.2 367.9 298.1
Murray Income Tru . .670.0 -3.0 673.0 568.0
Murray Internatio . . .989.0 2.0 991.5 818.5
PerpetuaI Income . . .269.0 -1.0 276.0 236.5
PersonaI Assets T .35150.0 160.0 35150.030210.0
PoIar Cap TechnoI . .386.0 -3.2 390.4 299.5
RIT CapitaI Partn. . .1228.0 -12.0 1360.0 1173.0
Scottish Inv Trus. . . .491.9 -0.9 524.0 417.0
Scottish Mortgage . .694.5 3.5 781.0 565.0
SVG CapitaI . . . . . . . .273.0 1.4 279.8 165.1
TempIe Bar Inv Tr . . .946.0 1.0 952.0 791.0
TempIeton Emergin .628.0 -5.5 684.5 497.0
TR Property Inv T . . .155.5 1.1 206.1 136.2
TR Property Inv T . . . .70.1 -0.6 94.0 59.8
Witan Inv Trust . . . . .496.6 1.3 533.0 401.5
3i Group. . . . . . . . . . .196.0 1.4 312.3 166.9
3i Infrastructure . . . .124.5 -0.7 125.2 113.4
Aberdeen Asset Ma .247.3 -5.6 265.8 167.8
Ashmore Group . . . .395.5 -5.7 420.0 301.5
Brewin DoIphin Ho . .156.8 4.8 184.7 113.7
CameIIia. . . . . . . . . .9402.0-198.010950.08800.0
CharIes TayIor Co. . .142.5 0.0 165.0 115.6
City of London Gr . . . .66.0 0.0 93.6 61.3
City of London In . . .358.0 -2.0 440.0 304.3
CIose Brothers Gr. . .738.0 1.0 875.0 590.0
CoIIins Stewart H . . . .98.8 -0.5 100.0 48.5
F&C Asset Managem .70.5 -0.1 86.3 56.1
Hargreaves Lansdo .462.0 4.2 646.5 402.5
HeIphire Group . . . . . . .2.2 0.1 17.4 1.4
Henderson Group. . .125.7 -0.4 173.1 95.1
Highway CapitaI . . . . .13.0 0.0 21.0 7.0
ICAP . . . . . . . . . . . . . .395.0 5.0 541.5 311.6
IG Group HoIdings . .476.5 0.4 502.5 393.6
Intermediate Capi . . .278.0 0.5 345.0 197.9
InternationaI Per . . . .220.0 -4.2 388.8 148.5
InternationaI Pub. . . .118.6 0.0 121.5 108.6
Investec . . . . . . . . . . .402.7 -0.9 522.0 318.4
IP Group. . . . . . . . . . .116.0 0.5 117.0 36.0
Jupiter Fund Mana . .252.3 -1.1 331.6 184.9
Liontrust Asset M . . . .89.9 0.0 91.4 57.9
LMS CapitaI . . . . . . . . .57.6 1.9 64.8 54.0
London Finance & . . .22.0 -0.5 23.5 19.0
London Stock Exch .938.5 -2.0 1076.0 756.5
Lonrho . . . . . . . . . . . . .10.3 -0.3 19.8 8.9
Man Group. . . . . . . . .134.4 5.4 288.7 104.5
Paragon Group Of . .191.0 2.8 206.1 134.6
Provident Financi . .1074.0 -11.0 1124.0 915.0
Rathbone Brothers.1272.0 10.0 1290.0 977.0
Record . . . . . . . . . . . . .11.5 0.0 35.5 11.3
RSM Tenon Group . . . .6.0 0.1 45.5 5.6
Schroders . . . . . . . .1572.0 -8.0 1906.0 1183.0
Schroders (Non-Vo.1258.0 -10.0 1554.0 970.0
TuIIett Prebon . . . . . .333.9 1.2 428.6 262.3
WaIker Crips Grou . . .40.5 0.0 51.5 40.0
BT Group . . . . . . . . . .216.5 1.0 220.3 161.0
CabIe & WireIess . . . .34.9 0.3 51.2 31.3
CabIe & WireIess . . . .27.5 0.8 72.6 14.2
COLT Group SA . . . . .98.1 -0.9 156.2 84.1
KCOM Group. . . . . . . .71.1 0.3 84.0 58.5
TaIkTaIk TeIecom . . .144.2 2.0 150.0 118.9
TeIecomPIus. . . . . . .633.0 -6.5 802.0 440.0
Booker Group . . . . . . .75.5 0.3 80.0 54.5
Greggs . . . . . . . . . . . .548.5 -4.0 556.0 445.0
Morrison (Wm) Sup .289.4 2.9 328.0 268.5
Ocado Group. . . . . . .100.0 0.0 237.0 52.9
Sainsbury (J) . . . . . . .301.5 2.6 380.0 263.5
Tesco . . . . . . . . . . . . .318.2 3.4 420.1 312.4
Associated Britis . .1219.0 -9.0 1234.0 940.0
Cranswick . . . . . . . . .795.0 -17.0 862.0 588.5
Dairy Crest Group. . .330.7 -1.3 409.7 311.0
Devro . . . . . . . . . . . . .310.9 0.9 314.9 232.0
Tate & LyIe. . . . . . . . .697.0 -3.0 720.5 520.0
UniIever . . . . . . . . . .2050.0 -40.0 2189.0 1796.0
Mondi . . . . . . . . . . . . .580.5 0.0 664.0 413.5
Centrica . . . . . . . . . . .298.6 2.4 340.1 278.8
InternationaI Pow . . .345.5 5.7 348.0 279.4
NationaI Grid . . . . . . .645.5 -1.5 651.5 543.5
Pennon Group. . . . . .701.0 4.0 737.5 584.5
Severn Trent . . . . . .1540.0 5.0 1600.0 1375.0
United UtiIities . . . . .603.0 2.0 637.0 551.0
Cookson Group . . . . .670.5 0.5 724.5 395.8
Rexam . . . . . . . . . . . .417.0 1.0 421.5 299.8
RPC Group . . . . . . . .388.9 -2.5 393.2 231.5
Price Chg High Low
Bovis Homes Group.505.5 -4.5 515.5 326.5
Persimmon . . . . . . . .608.0 -13.5 625.5 374.0
Reckitt Benckiser . .3421.0 -79.0 3597.0 3015.0
Redrow. . . . . . . . . . . .129.2 0.2 138.8 103.5
TayIor Wimpey . . . . . . .49.9 -0.2 50.8 28.7
Bodycote . . . . . . . . . .400.0 10.7 406.6 225.6
Fenner . . . . . . . . . . . .470.9 -10.9 488.0 280.0
IMI . . . . . . . . . . . . . . . .985.5 12.0 1119.0 636.5
MeIrose . . . . . . . . . . .393.4 2.4 393.4 268.0
Northgate. . . . . . . . . .245.2 5.2 346.7 190.9
Rotork . . . . . . . . . . .2091.0 -8.0 2116.4 1501.0
Spirax-Sarco Engi. .2086.0 -15.0 2118.0 1649.0
Weir Group . . . . . . .2236.0 58.0 2243.0 1375.0
Evraz . . . . . . . . . . . . .415.0 17.4 460.5 315.0
Ferrexpo. . . . . . . . . . .323.9 -0.8 499.0 238.7
TaIvivaara Mining . . .284.0 2.0 589.0 195.2
BBAAviation . . . . . . .203.6 -0.7 223.4 156.0
Stobart Group Ltd. . .123.1 -2.1 152.8 112.0
AdmiraI Group. . . . .1047.0 -3.0 1754.0 787.0
AmIin . . . . . . . . . . . . .358.9 1.3 427.0 270.6
BeazIey. . . . . . . . . . . .149.6 0.6 150.6 109.6
Informa. . . . . . . . . . . .446.0 10.7 449.4 313.9
ITE Group. . . . . . . . . .235.7 -4.9 258.2 157.7
ITV. . . . . . . . . . . . . . . . .80.1 2.3 93.5 51.7
Johnston Press. . . . . . .7.5 0.0 12.8 4.1
MecomGroup . . . . . .186.5 -1.0 310.0 134.5
Moneysupermarket. .119.5 -1.0 123.5 84.8
Pearson . . . . . . . . . .1251.0 18.0 1259.5 1013.0
PerformGroup . . . . .270.0 -4.4 286.7 150.0
Reed EIsevier . . . . . .556.0 4.0 578.0 461.3
Rightmove . . . . . . . .1336.0 -4.0 1408.0 857.0
STV Group. . . . . . . . .107.3 0.3 168.0 76.3
Tarsus Group . . . . . .147.3 -0.8 165.0 119.5
Trinity Mirror . . . . . . . .49.3 0.3 84.3 37.5
UBM . . . . . . . . . . . . . .604.5 5.5 712.5 416.0
UTV Media . . . . . . . . .132.5 -3.0 150.0 92.5
WiImington Group . . .86.5 0.0 165.0 78.5
WPP . . . . . . . . . . . . . .801.5 -6.5 846.5 578.0
YeII Group . . . . . . . . . . .4.5 -0.0 11.0 3.4
African Barrick G . . .464.2 -3.2 616.5 393.5
AIIied GoId Minin. . . .119.5 -0.5 281.3 34.4
AngIo American . . .2693.5 0.5 3360.5 2138.5
AngIo Pacific Gro . . .331.9 3.1 350.0 237.9
Antofagasta. . . . . . .1336.0 -8.0 1491.0 900.5
Aquarius PIatinum . .136.0 -10.1 405.5 128.7
BHP BiIIiton. . . . . . .2073.0 -15.5 2631.5 1667.0
CatIin Group Ltd. . . .423.2 -2.0 449.0 334.0
Hiscox Ltd. . . . . . . . . .410.0 5.4 424.7 340.5
Jardine LIoyd Tho. . .687.0 -11.5 764.5 576.0
Lancashire HoIdin . . .772.0 -18.0 790.5 532.5
RSA Insurance Gro. .108.8 1.8 141.2 99.6
Aviva. . . . . . . . . . . . . .373.8 3.0 477.9 275.3
LegaI & GeneraI G . . .122.1 0.2 123.8 89.8
OId MutuaI . . . . . . . . .160.6 0.5 162.1 98.1
Phoenix Group HoI . .564.5 -11.0 688.0 451.1
PrudentiaI . . . . . . . . .722.0 -1.0 777.0 509.0
ResoIution Ltd. . . . . .265.0 1.9 316.1 229.5
St James's PIace. . . .373.1 4.1 376.0 294.0
Standard Life. . . . . . .235.4 1.9 244.7 172.0
4Imprint Group . . . . .240.0 5.0 295.0 200.0
Aegis Group . . . . . . .172.4 1.5 175.5 115.7
BIoomsbury PubIis. .121.8 0.0 138.0 91.3
British Sky Broad . . .688.0 0.5 850.0 618.5
Centaur Media. . . . . . .44.3 4.5 67.3 32.5
Chime Communicati.231.5 8.0 298.5 163.0
Creston . . . . . . . . . . . .58.0 -1.3 121.0 47.0
DaiIy MaiI and Ge . . .435.8 10.3 562.0 343.4
Euromoney Institu . .772.0 1.0 772.0 522.5
Future. . . . . . . . . . . . . .12.4 -0.1 27.5 8.3
Haynes PubIishing . .215.0 10.0 257.0 192.0
Huntsworth . . . . . . . . .44.5 1.1 79.3 32.3
Bumi . . . . . . . . . . . . . .770.0 -1.47 788.5 762.5
Centamin (DI) . . . . . . . .91.8 -2.4 154.2 78.5
Eurasian NaturaI . . .739.0 3.5 974.0 522.0
FresniIIo. . . . . . . . . .1864.0 -21.0 2150.0 1302.0
GemDiamonds Ltd. .254.0 -0.2 291.0 179.8
GIencore Internat . . .436.3 -1.8 531.1 348.0
HochschiId Mining . .518.5 -0.5 680.0 365.9
Kazakhmys . . . . . . .1163.0 0.0 1493.0 730.0
Kenmare Resources. .60.2 1.6 62.5 31.0
Lonmin. . . . . . . . . . .1085.0 20.0 1880.0 941.0
New WorId Resourc .528.5 8.5 1060.0 409.4
PetropavIovsk . . . . . .731.5 -17.5 1090.0 543.5
PoIymetaI Interna . .1049.0 0.0 1175.0 877.0
RandgoId Resource 7335.0-165.0 7565.0 4425.0
Rio Tinto . . . . . . . . .3670.5 -19.5 4595.0 2712.5
Vedanta Resources 1500.0 65.0 2518.0 928.0
Xstrata . . . . . . . . . . .1215.0 5.5 1550.0 764.0
Inmarsat . . . . . . . . . . .480.0 -3.3 685.5 389.3
Vodafone Group . . . .171.8 -1.8 182.7 155.1
Genesis Emerging . .520.0 0.0 548.5 424.0
Afren. . . . . . . . . . . . . .146.0 6.3 171.2 73.6
BG Group. . . . . . . . .1543.0 20.0 1564.5 1144.0
BP. . . . . . . . . . . . . . . .496.2 0.9 501.7 363.2
Cairn Energy . . . . . . .360.0 7.4 531.8 291.9
EnQuest . . . . . . . . . . .129.1 4.1 158.5 85.7
Essar Energy . . . . . .126.0 4.4 525.5 120.0
ExiIIon Energy. . . . . .240.4 -4.1 469.7 184.2
Heritage OiI . . . . . . . .190.0 2.6 332.2 160.0
Ophir Energy. . . . . . .426.0 51.0 430.0 184.5
Premier OiI. . . . . . . . .449.7 7.8 521.0 310.0
RoyaI Dutch SheII . .2322.0 -6.5 2402.0 1883.5
RoyaI Dutch SheII . .2353.0 -12.0 2489.0 1890.5
SaIamander Energy .251.8 -0.9 317.6 182.3
Soco Internationa . . .342.4 6.3 400.0 278.0
TuIIow OiI . . . . . . . . .1543.0 3.0 1601.0 945.5
Amec . . . . . . . . . . . .1123.0 35.0 1207.0 740.5
Hunting . . . . . . . . . . .817.0 10.0 845.0 530.0
Kentz Corporation . .481.9 -4.1 508.0 347.0
LampreII . . . . . . . . . . .344.2 -3.4 395.2 220.7
Petrofac Ltd. . . . . . .1594.0 4.0 1603.0 1108.0
Wood Group (John) .740.5 16.5 742.0 469.9
Burberry Group. . . .1421.0 -21.0 1600.0 1092.0
PZ Cussons. . . . . . . .310.9 0.9 387.9 285.0
Supergroup . . . . . . . .569.5 7.5 1646.0 435.2
AstraZeneca . . . . . .2856.0 -18.5 3194.0 2543.5
BTG . . . . . . . . . . . . . .361.8 3.1 363.9 210.1
Genus. . . . . . . . . . . .1321.0 66.0 1321.0 853.5
GIaxoSmithKIine. . .1403.5 -12.0 1497.0 1138.5
Hikma Pharmaceuti .736.0 -9.5 869.0 555.5
Shire PIc. . . . . . . . . .2222.0 -9.0 2300.0 1685.0
CapitaI & Countie . . .188.2 0.0 203.7 148.0
Daejan HoIdings . . .2932.0 33.0 3030.0 2282.0
F&C CommerciaI Pr .102.7 -0.2 108.0 92.6
Grainger . . . . . . . . . . .110.0 1.2 133.2 77.3
London & Stamford .115.3 0.9 140.0 103.9
SaviIIs. . . . . . . . . . . . .364.2 1.1 427.1 256.2
UK CommerciaI Pro . .73.0 -0.4 85.5 65.1
Unite Group. . . . . . . .186.4 1.4 224.1 152.9
Big YeIIow Group . . .300.3 0.3 344.4 218.0
British Land Co. . . . .478.8 7.5 629.5 444.0
CapitaI Shopping . . .338.8 1.7 408.6 288.7
Derwent London . . .1745.0 19.0 1880.0 1400.0
Great PortIand Es . . .361.1 5.1 445.0 312.9
Hammerson. . . . . . . .400.1 14.4 490.9 345.2
Hansteen HoIdings. . .73.7 0.7 89.5 68.0
Land Securities G. . .684.5 8.5 885.0 612.0
SEGRO. . . . . . . . . . . .235.6 5.5 331.3 195.0
Shaftesbury. . . . . . . .499.6 2.4 539.0 441.2
Aveva Group . . . . . .1741.0 19.0 1799.0 1298.0
Computacenter . . . . .400.6 -11.9 490.0 324.7
Fidessa Group. . . . .1665.0 -24.0 2109.0 1444.0
Invensys. . . . . . . . . . .212.0 -0.9 357.3 180.9
Logica . . . . . . . . . . . . .88.7 6.2 144.8 59.0
Micro Focus Inter . . .443.1 -6.9 458.4 242.9
Misys . . . . . . . . . . . . .327.9 -2.1 420.2 214.9
Sage Group . . . . . . . .308.3 -0.2 311.9 231.7
SDL. . . . . . . . . . . . . . .665.0 -3.5 711.5 586.0
TeIecity Group. . . . . .682.0 -5.5 694.5 450.5
Aggreko . . . . . . . . . .2250.0 45.0 2274.0 1394.5
Ashtead Group . . . . .245.4 -2.1 252.5 99.4
Atkins (WS) . . . . . . . .775.0 3.5 820.0 490.2
Babcock Internati . . .745.0 -2.0 758.0 548.5
Berendsen . . . . . . . . .500.0 38.0 568.0 402.7
BunzI . . . . . . . . . . . . .930.5 4.5 938.0 676.5
Cape . . . . . . . . . . . . . .437.5 -4.7 591.5 295.0
Capita. . . . . . . . . . . . .747.5 29.5 786.5 611.5
CariIIion . . . . . . . . . . .343.8 -0.2 403.2 281.0
De La Rue . . . . . . . . .978.0 -1.5 1001.0 717.0
DipIoma . . . . . . . . . . .403.9 12.4 425.5 263.5
EIectrocomponents .244.0 0.1 294.9 182.2
Experian. . . . . . . . . . .945.5 -8.0 960.0 665.0
FiItrona PLC . . . . . . . .450.0 7.2 450.0 293.0
G4S. . . . . . . . . . . . . . .286.9 1.5 291.0 219.9
Hays . . . . . . . . . . . . . . .84.1 -3.2 130.0 58.9
Homeserve . . . . . . . .228.4 4.2 532.0 218.5
Howden Joinery Gr. .119.5 0.6 120.9 93.1
Interserve. . . . . . . . . .310.0 -0.7 341.3 239.8
Intertek Group. . . . .2286.0 19.0 2298.0 1738.0
MichaeI Page Inte . . .456.0 -6.2 567.0 323.0
Mitie Group . . . . . . . .268.0 1.9 271.0 195.9
PayPoint. . . . . . . . . . .593.0 11.0 593.0 330.4
Premier FarneII . . . . .219.7 0.3 308.8 144.5
Regus . . . . . . . . . . . . .112.5 0.2 119.0 64.0
RentokiI InitiaI . . . . . . .81.9 0.9 100.9 58.2
RPS Group. . . . . . . . .230.0 0.8 253.0 156.6
Serco Group . . . . . . .562.0 6.0 618.5 458.0
Shanks Group. . . . . .106.5 -0.1 130.9 90.8
SIG . . . . . . . . . . . . . . .116.0 2.8 153.5 77.0
Travis Perkins . . . . .1068.0 -3.0 1090.0 715.0
WoIseIey . . . . . . . . .2444.0 22.0 2465.0 1404.0
ARM HoIdings . . . . . .574.0 0.5 645.0 464.0
CSR . . . . . . . . . . . . . .248.7 0.2 391.4 154.1
Imagination Techn . .589.5 -11.5 630.5 296.9
Spirent Communica .137.5 -0.2 160.0 105.8
British American . .3127.0 -6.0 3153.0 2300.0
ImperiaI Tobacco . .2508.0 13.0 2519.0 1878.0
Betfair Group. . . . . . .885.5 -4.5 1030.0 567.0
Bwin.party Digita . . .161.4 -0.6 204.0 100.6
CarnivaI . . . . . . . . . .1872.0 -25.0 2766.0 1742.0
Compass Group . . . .636.0 0.5 641.0 512.5
Domino's Pizza UK. .449.6 2.6 526.0 377.0
easyJet. . . . . . . . . . . .448.8 -5.5 476.1 301.0
FirstGroup . . . . . . . . .295.2 -0.3 371.3 294.9
Go-Ahead Group. . .1290.0 16.0 1598.0 1190.0
Greene King . . . . . . .506.0 0.0 521.5 410.0
InterContinentaI . . .1405.0 -2.0 1440.0 955.0
InternationaI Con . . .160.4 -2.2 258.7 132.0
JD Wetherspoon. . . .397.3 -9.7 468.3 380.5
Ladbrokes . . . . . . . . .150.5 -0.9 155.3 114.0
Marston's. . . . . . . . . . .99.0 1.0 112.0 84.6
MiIIennium& Copt . .488.0 -1.3 588.0 371.2
MitcheIIs & ButIe. . . .263.5 -1.5 336.8 215.6
NationaI Express . . .222.1 2.7 270.2 201.6
Rank Group . . . . . . . .138.6 -2.4 153.7 109.5
Restaurant Group. . .292.4 0.1 335.0 254.9
Spirit Pub Compan . . .55.5 -0.3 57.8 35.3
Stagecoach Group . .267.8 -1.7 287.4 200.0
TUI TraveI. . . . . . . . . .200.9 0.0 250.0 136.7
Whitbread . . . . . . . .1703.0 1.0 1800.0 1409.0
WiIIiamHiII. . . . . . . . .230.5 -3.0 244.1 176.8
Abcam . . . . . . . . . . . .340.0 10.0 460.0 320.0
Advanced MedicaI . . .92.0 1.0 96.0 64.8
AIbemarIe & Bond . .342.8 -10.3 400.1 281.0
Amerisur Resource . .25.0 -1.3 29.0 9.5
Andor TechnoIogy . .540.0 -10.5 685.0 387.1
ArchipeIago Resou. . .68.3 -1.5 79.0 55.5
ASOS . . . . . . . . . . . .1828.0 -40.0 2468.0 1142.0
AureIian OiI & Ga . . . .21.0 -1.3 92.0 16.0
Avanti Communicat .263.0 0.5 523.0 248.5
BIinkx . . . . . . . . . . . . . .83.0 1.5 158.0 50.5
Borders & Souther . . .77.8 0.8 80.5 43.5
BowLeven . . . . . . . . .136.0 17.5 382.3 62.0
Brooks MacdonaId 1326.0 46.0 1372.5 940.0
CIuff GoId. . . . . . . . . .104.0 1.8 125.8 66.5
Cove Energy . . . . . . .235.0 40.3 243.5 61.0
Daisy Group . . . . . . .108.5 0.5 127.0 88.0
EMIS Group . . . . . . . .430.0 0.0 580.0 397.5
Faroe PetroIeum. . . .174.0 -0.3 190.0 130.0
GuIfsands PetroIe. . .170.0 0.5 342.0 142.5
GWPharmaceuticaI . .97.3 1.8 130.0 78.5
H&T Group. . . . . . . . .336.8 1.3 395.0 285.0
Hargreaves Servic .1223.0 -17.0 1259.0 855.0
HeaIthcare Locums . . . .3.2 0.0 3.5 3.1
Immunodiagnostic . .417.0 16.0 1218.0 288.8
ImpeIIamGroup . . . .326.0 2.5 387.5 225.0
Iomart Group. . . . . . .147.0 -0.5 151.0 85.5
James HaIstead. . . . .511.0 0.0 525.0 410.0
London Mining . . . . .307.0 10.0 436.5 257.5
Lupus CapitaI . . . . . .126.0 -1.0 150.0 86.0
M. P. Evans Group . .452.5 2.5 475.0 371.0
Majestic Wine . . . . . .422.0 -1.5 510.0 315.0
May Gurney Integr . .294.1 -0.9 302.0 234.0
Monitise . . . . . . . . . . . .38.0 -0.3 40.0 20.5
MuIberry Group. . . .1934.0 23.0 1951.0 1199.0
Nanoco Group. . . . . . .66.8 -0.3 93.3 38.0
NauticaI PetroIeu . . .370.3 17.3 452.0 223.5
NichoIs. . . . . . . . . . . .634.0 -4.0 642.0 410.0
Numis Corporation. . .99.0 2.0 121.0 72.0
Pan African Resou . . .18.0 0.3 18.0 9.5
Patagonia GoId . . . . . .40.3 -0.8 70.0 36.8
Prezzo . . . . . . . . . . . . .68.6 0.3 71.5 53.5
Pursuit Dynamics . . . .85.0 -1.5 392.0 67.0
Rockhopper ExpIor .393.5 15.8 400.4 141.0
RWS HoIdings. . . . . .515.0 -2.5 538.5 350.0
Secure Trust Bank .1047.5 0.0 1070.0 755.0
Songbird Estates . . .108.0 -1.0 160.3 103.0
VaIiant PetroIeum . . .513.5 13.5 645.0 400.0
Young & Co's Brew. .677.5 -15.0 712.0 565.0
OphirEnergy.......426.0 13.6
Berendsen .........500.0 8.2
Logica .............88.7 7.5
Genus............1321.0 5.3
VedantaResources.1500.0 4.5
Afren .............146.0 4.5
Evraz .............415.0 4.4
ManGroup.........134.4 4.2
Capita.............747.5 4.1
Hammerson........400.1 3.7
AquariusPIatinum ..136.0 -6.9
Hays ...............84.1 -3.7
Computacenter .....400.6 -2.9
KierGroup........1298.0 -2.7
Centamin(DI) .......91.8 -2.5
JDWetherspoon ....397.3 -2.4
PetropavIovsk ......731.5 -2.3
LIoydsBankingGro ..35.7 -2.3
LancashireHoIding .772.0 -2.3
Fenner ............470.9 -2.3
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Tsy 5.000 12 . . . .100.07 -0.07 104.2 100.0
Tsy 5.250 12 . . . .101.32 -0.05 105.4 101.2
Tsy 9.000 12 . . . .103.00 -0.77 111.2 103.0
Tsy 2.500 13 . . . .282.81 0.01 287.7 281.0
Tsy 8.000 13. . . . .111.94 -0.06 116.9 111.8
Tsy 4.500 13 . . . .104.17 -0.05 106.5 104.1
Tsy 5.000 14. . . . .111.55 -0.04 112.9 109.3
Tsy 8.000 15 . . . .127.63 -0.02 129.2 123.8
Tsy 7.750 15 . . . .100.00 0.00 106.1 99.4
Tsy 4.750 15. . . . .114.60 0.00 115.4 109.1
Tsy 2.500 16 . . . .342.61 0.17 344.2 316.4
Tsy 4.000 16. . . . .114.07 0.05 114.7 105.6
Tsy 1.250 17. . . . .115.75 0.12 116.6 108.2
Tsy 12.000 17 . . .121.15 0.46 128.6 119.4
Tsy 8.750 17 . . . .141.07 -0.29 141.9 133.3
Tsy 5.000 18 . . . .122.08 0.05 122.5 110.6
Tsy 4.500 19 . . . .120.32 0.08 120.7 106.5
Tsy 3.750 19. . . . .115.17 0.10 115.6 100.7
Tsy 2.500 20 . . . .364.98 0.13 367.1 319.5
Tsy 4.750 20 . . . .122.54 0.11 123.5 107.7
Tsy 8.000 21 . . . .151.35 0.10 153.4 134.8
Tsy 4.000 22. . . . .116.54 0.13 126.4 100.0
Tsy 1.875 22 . . . .126.64 0.19 129.1 113.2
Tsy 2.500 24 . . . .328.50 0.30 334.7 280.6
Tsy 5.000 25 . . . .127.96 0.25 130.6 108.5
Tsy 4.250 27. . . . .119.10 0.28 122.7 99.1
Tsy 1.250 27 . . . .122.66 0.31 127.0 106.6
Tsy 6.000 28 . . . .143.66 0.28 148.0 120.7
Tsy 4.125 30. . . . .311.71 0.25 322.8 267.2
Tsy 4.750 30 . . . .125.60 0.36 130.5 104.3
Tsy 4.250 32. . . . .118.08 0.37 123.1 97.5
Tsy 4.250 36. . . . .118.19 0.40 123.9 96.8
Tsy 4.750 38 . . . .127.75 0.47 134.2 105.0
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New palatial property in Marrakesh
The Oetker Collection which includes Le Bristol
in Paris and the du Cap Eden Roc on the Cote
dAzur is to unveil a deeply seductive new prop-
erty, Le Palais Namaskar. Set in 50,000 sq m of
Balinese-inspired scented gardens and designed
by Philippe Starck protge Imaad Rahmouni, the
41 room hotel promises divine tranquility in a
location outside of the hubbub of the medina.
Namaskar will offer its own private jet service
from Casablanca Airport.
www.palaisnamaskar.com
Lifestyle | Travel
You cant beat the skiing or eating
in Hakuba and Myoko, says Lisa Young
S
KIING in Japan has been on the
radar of dedicated powder seek-
ers for a number of years. The
snow that falls upon Japans
resorts has to be some of the best in
the world; it is light, dry and very
often chest deep.
Now that word has leaked out
about Japans fantastic skiing oppor-
tunities a season that lasts from
December to May snow addicts are
going the extra distance to try out the
near perfect conditions.
I land at Tokyos Haneda airport, to
which British Airways has launched a
route. Its far closer to the centre of
Tokyo than the bigger airport, Narita.
I pass swiftly through the citys con-
crete towers and head north-east
through small industrial towns, low
lying agricultural areas and onto
Nagano prefecture and the mountains
of Hakuba.
The drive north-east from Tokyo to
Hakuba takes approximately four
hours. If you travel by bullet train it
takes under two hours to get from
Tokyo to Nagano City, then a taxi or
bus ride to Hakuba.
Unlike the jagged Alps, the moun-
tains in this region are round in
shape, as most are the remains of
extinct or dormant volcanoes.
The brightness of the morning sun
reflects on the white snow and illumi-
nates Hakuba town. The sky is a pierc-
ing blue and theres not a cloud in
sight.
Despite the vast amount of snow
received in Hakuba, the temperature
is not too cold. The top of the moun-
tains are usually between -7C and -14C
and the bottom between -7C and -2C.
March is a great time to visit and
brings something special to skiing in
Hakuba (and the rest of Japan) with
sunny blue days, great snow and quiet
resort conditions. Its when heli-skiing
kicks off and the backcountry opens
up, making easy access to some amaz-
ing terrain. April is good for snow
touring and although there is usually
a lot of snow on the mountains, most
of Japans resorts close in May.
Chalet style houses and hotels line
the streets. Its a quiet place, almost
suburban looking, quaint even, not
commercial or modern. Hakuba is a
peaceful place with lots of small
Aussie-owned B&Bs, such as Black Pine
Lodge (www.blackpinelodge.com)
located close to the main gondola and
available for group rental or individ-
ual rooms.
I check into the Hakuba High
Mount Hotel (www.highmount.com),
owned by the local Anyo family. The
Palace Hotel Tokyo
Tokyo has no shortage of posh hotels, but the inflow of
business travellers continues apace and it looks like
theres room for more. Scheduled to open in May fol-
lowing a complete renovation, The Palace Hotel is set
in front of the historic Edo Castle, next to Tokyos
Imperial Palace in the financial district of Marunouchi.
The hotel offers the first Evian Resort spa in Japan,
complete with hot baths and treatments, as well as a
pool and fitness room and is aiming for a constellation
of Michelin stars throughout its restaurants. Opens 17
May, www.palacehotelstokyo.com
Five star manners for Gatwick
Londons dreariest airport taking lessons from the
citys most esteemed five-star hotel on how to treat
its passengers? Far-fetched but true: Gatwick
Airport last week announced a new scheme that
sees The Goring, a favourite of Margaret Thatcher
and Kate Middleton, coaching Gatwicks customer-
facing staff on how to serve all passengers.
Gatwicks concierge staff, porters, team leaders and
information and passenger assistants are first in
line for the honour. I wonder if Ill notice a differ-
ence in two weeks when I fly from Gatwick.
hotel is just outside the town centre
along a narrow twisting lane with
snow piled high either side. The
hotels owner, Joe Anyo, knows the
local mountains like the back of his
hand. Fortunately for me he also
speaks fluent English and has offered
to guide me around Hakuba.
Hakuba town is surrounded by ski
resorts, with Happo One (pronounced
Happo Oh-nay) being its flagship ski
area. It is the largest, highest (1,831m
highest point) and most versatile.
Happo One has an average annual
snowfall of 12 metres and does not
open until they have a two metre base
from top to bottom.
All pistes are well marked in
Japanese and in English and occasion-
ally a voice comes over a loudspeaker
with resort updates and welcoming
foreign visitors in English.
Some of the chair lifts are dated
and delightfully retro, but they do the
job and get you to where you need to
go.
Advanced skiers will enjoy the chal-
lenge of skiing Happo Ones 1998
Winter Olympic men and womens
downhill course. The Olympians fin-
ished in less than two minutes I took
slightly longer.
Joe and I hopped onto the Alpen lift
that took us up to the Virgin Caf and
skied Usagidaira, and then headed to
Skyline for some of the best powder
Hakuba has to offer.
Richard Branson has built a small
caf at the top of the mountain. Its
fairly unassuming, but the V logo
stands out on the side of the lift build-
ing and you cant help but miss it,
making it a handy meeting point.
Next door to Happo One are the
linked resorts of Hakuba 47 (1,614m)
and Hakuba Goryu. Because of their
north westerly facing direction, the
two resorts receive an abundant
amount of high quality dry powder
snow the upper Alps Daira is wide
and ungroomed and a lot of fun for
good intermediate and expert skiers.
They also offer night skiing until
10pm.
Theres a big and popular snow
park at Hakuba 47 with a half pipe
and its always full of kids practicing
jumps and tricks.
Iwatake resort is about 10 minutes
from Hakuba and is a popular resort
with locals. The terrain is good, with
lots of bumps and plenty of long
groomed runs for beginner and inter-
mediate skiers. The views back down
the Hakuba Valley are amazing.
Cortina and Norikura are at the
north end of the Hakuba valley. They
are small ski areas but Cortina
receives the highest snowfall in the
valley. Other nearby resorts include
Tsugaike Kogen with its gentle
slopes and the small family resort of
Sanosaka, all easily accessed by a free
shuttle bus service.
Generally speaking, the resorts are
fairly quiet, but during the Japanese
school holidays, packs of snow board-
ing teenagers hit the slopes, all decked
out in the latest and brightest avail-
able skiing gear.
Saturday and Sunday are busy days
too, when weekend warriors from
Tokyo descend on the mountain
towns, as they are close enough to
make a one-day round trip journey.
Japans competition level free ride
snow boarders and mogul skiers are
some of the best in the world. Snow
parks are a huge attraction in Japan
and you can find one in just about
every resort. The jumps and pipes are
perfectly main-
tained by spe-
cialised crews and
its well worth stop-
ping by to watch the
adrenaline filled rid-
ers perform impressive
daredevil tricks.
On the mountain,
stopping for suste-
nance involves
hearty dishes like
ramen noodles,
pork cutlet curry
and other tradi-
tional style food.
Dinner in the
mo u n t a i n s
starts around
6.30pm and
ends early
a r o u n d
9 p m .
There is
little public nightlife in
Hakuba, but Taco Taco is
worth checking out for its
live music.
At night I dined at the
fabulously cosy local
sashimi/sushi restau-
rant called Kikyo-Ya,
where a decent
sized set menu
sashimi dinner
will cost around
Y1,800. The restau-
rant doesnt just serve
superb food; the
atmosphere is fun
too. You can also
try Kikyo-ya,
where they serve
delicious sushi
shi, Hot Pot,
Tempura and a
speciality blowfish
dish.
TRAVEL NOTES
BY ZOE STRIMPEL
Powder rules on the mountains
Top right: Hakuba
town. Above: the
powder is often
chest-deep in Japan.
Below: Lisa Young is
not put off by the odd
blizzard.
GETTING THERE: NEED TO KNOW
To book your ski trip, contact
Emerald Tours:
www.etours-japan.co.uk.
japan@emerald.co.uk;
tel: +44 020 7725 6760.
Prices for a personalised Discover
Japan holiday including economy
round-trip flights start from 2,280
per person in twin sharing with a
130 per person in-twin sharing sup-
plement to stay at Conrad Hotel in
Tokyo.
THE PRICE INCLUDES
Transfer from Tokyo to Hakuba
4 nights + breakfast at the High
Mount Hotel, Hakuba (www.high-
mount.com)
Bus transfer from Hakuba to Myoko
1 night + breakfast at the Oyado
Furuya Hotel, Myoko (www.oyado-
furuya.jp)
Transfer from Myoko to Shiga Kogen
2 nights + breakfast at the Sunroute
Hotel in Shiga Kogen
Train from Yudanaka to Tokyo
1 night + breakfast at the Conrad
Hotel,Tokyo
(conradhotels1.hilton.com)
Not included: Meals, unless specified.
HELPFUL WEBSITES:
www.lonelyplanet.com/japan
Nagano district: www.nagano-
tabi.net/english
Hakuba resorts: www.hakuba-
tourism.com
Shiga Kogen resorts: www.shigako-
gen.gr.jp
Myoko: www.myoko.tv
Hakuba High Mount Hotel:
www.highmount.com
Myoko Snow Sports Ski School:
www.myokosnowsports.com
Spicy Ski Rentals, Hakuba:
www.spicy.co.jp
Sun Route Hotel, Shiga Kogen
www.sunroute.jp
Snow Monkeys:
www.jigokudani-yaenkoen.co.jp
Visit markwarner.co.uk/city or call 0844 884 3659
ATOL1176 protected. A child goes free when travelling with 2 full paying people. Offers apply to selected resorts and dates, cannot be combined or offered in retrospect, are subject to availability and can be withdrawn at any time. Facilities & inclusives vary between resorts. See website for Mark Warner Limiteds full terms & conditions.
Greece Turkey
Sardinia Corsica Portugal
k
i
d
s
g
o
f
r
e
e

FREE CHILD PLACES THIS SUM
M
ER
EARLY BOOKING DISCOUNT
UP
TO 1
5
%
O
F
F
plus
Cr c he Wi nds ur f i ng Sai l i ng Tenni s Mount ai n Bi ki ng Wat er s ki i ng Ki ds Cl ubs
HURRY!
Offers end
29
th
Feb
See website
for details
27
Getting around the resort day or
night is simple. I walked or took the
Genki-go busses, which collect passen-
gers at various shuttle bus points
along three different routes. Most
hotels, restaurants, ski lifts and shops
are within the red, green or blue
routes and a bus ride costs Y200 (1.50)
Taxis charge a flat Y600 fee to go any-
where in the Hakuba town area. If you
plan to hire a car in Japan, be aware
there is a zero tolerance alcohol law,
even the passengers get fined if your
vehicle is stopped.
Just a two-hour drive from Hakuba
(less than three hours from Tokyo) and
still in Nagano Prefecture, are the
snowfields of Myoko, a culmination of
ski resorts situated around the base of
the impressive 2,454m high Mount
Myoko. It was one of the first ski
resorts established in Japan, dating
back to 1937.
Snow started to fall heavily the
moment I arrived and didnt give up
until the following morning. I woke
early to the sound of snowploughs
outside my bedroom window, and
gleefully looked out of the window
onto three foot or more of fresh pow-
der snow.
Myoko offers great conditions for
beginner to expert skiers, with plenty
of groomed runs, back-country skiing
and some extreme powder conditions.
My hotel, the Akakura Kanko Hotel
is a large building that looms over
Myoko from the top of the mountain;
the only ski-in, ski-out hotel in town. I
didnt have to wait for the lifts to
open. I just clipped on my skis, went
straight onto the soft deep powder
and cut fresh tracks. Once youve
skied on fresh white fluffy cham-
pagne powder, theres no going back
to skiing groomed pistes.
I meet with Tom Langtry,
Australian owner of Snow Sport Ski
School and we spend the day skiing
through perfectly spaced trees, send-
ing snow flying in all directions and
going to places I would not have dis-
covered alone.
Tom and his Japanese wife, Nozomi
Haba, have been operating their suc-
cessful ski school for a couple of years.
They offer wonderful facilities for chil-
dren wishing to learn to ski and all of
the staff speak English and/or
Japanese. Aussie Mark Darstrall is a
seasoned ski instructor for Myoko
Snow Sports (myokosnowsports.com).
Ive skied at a lot of places around
the world and in my opinion Myoko
has the best powder snow. Theres a
run named after me now because I
reshaped the bumps over there or
they reshaped me, he says.
Tired from what the mountain had
thrown at me all day, I headed into
town for a hearty
meal and some sake.
The KEI restaurant in
the heart of the vil-
lage is a small, funky
izakaya with an eclec-
tic menu. An izakaya
is traditionally a place
to drink sake and per-
haps have a few
snacks; this informal
style of dining has
now become popular.
The garlic butter
prawns and the
salmon tower were
particularly good.
My last few days are spent in the
resort of Shiga Kogen, a 1.5-hour drive
from Myoko, where a beautiful sunny
day greets me. Shiga Kogen is larger
and more spread out than Hakuba or
Myoko and not as cosy. However, they
receive a lot of snow and have plenty
of wide pistes, lots of flat areas for
beginners and some challenging runs
too. I stayed at the Sun Route hotel, a
five minute walk in ski boots to the
lift, which connects to the rest of the
mountains and ski areas of Shiga
Kogen. There are lots of two and four-
seater chair lifts and an old cream-
coloured, cool looking, retro-gondola
from the 70s, which is still completely
efficient.
Lifts in Shiga Kogen are not busy; I
didnt have to wait at all. Lift atten-
dants take your skis and put them on
the side of the gondola for you and
always clean the seat before you sit
down.
Some older chair lifts are not fitted
with security bars, but for your piece
of mind, the lifts are nowhere near as
high as in the Alps.
A short drive from Shiga Kogen is
an unusual place called Jigokudani
Yaenkoen (www.jigokudani-
yaenkoen.co.jp), a hot-spring known
locally as an onsen. This particular
onsen is known globally for its 200+
resident Japanese Macaque monkeys
or snow monkeys. If you dont mind
a few furry companions, you can relax
in the hot water with some of them.
If the Japanese powder snow isnt
enough to win you over, then the food
surely will. Skiers and boarders will
have the chance to sample some beau-
tifully prepared mountainside food in
Japan, including fresh fish dishes,
hearty noodle soups and of course the
best sushi.
Skiing in Japan took me on some of
the best runs in my life, in conditions
great for everyone from beginners to
advanced skiiers. There are plenty of
groomed runs, backcountry skiing
and some amazing extreme powder
conditions.
The only people to whom the
Japanese slopes might not appeal are
those who like ice. I cant say Ive met
many.
Lisa Young was a guest of Emerald Tours.
For more info on booking and prices, see box
below.
of Japan
BOOK IT | NEED TO KNOW
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Fill the grid so that each block
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above or to the left of it.
You can only use the digits 1-9
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The same digit may occur
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KAKURO
QUICK CROSSWORD
LAST ISSUES
SOLUTIONS
KAKURO
WORDWHEEL
Using only the letters in the Wordwheel, you have
ten minutes to nd as many words as possible,
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters
or more, all must contain the central letter and
letters can only be used once in every word. There
is at least one nine-letter word in the wheel.
SUDOKU
Place the numbers from 1 to 9 in each empty cell so that each
row, each column and each 3x3 block contains all the numbers
from 1 to 9 to solve this tricky Sudoku puzzle.
SUDOKU
QUICK CROSSWORD
ACROSS
3 Accomplish (7)
6 Natives of Ankara,
for example (5)
7 Grazing land (7)
8 Speak (about
unimportant
matters) rapidly and
incessantly (5)
10 Given to sympathy
or gentleness (6)
12 Stun (4)
14 Birds construction (4)
17 Compositor (6)
19 Repeat performance (5)
20 Person who makes
and serves cofee (7)
21 Twilled woollen fabric (5)
22 Native to the UK (7)
DOWN
1 Without much
intelligence (6)
2 Inferior substitute
or imitation (6)
3 Trembling poplar (5)
4 Person who is
held captive (8)
5 Against (6)
9 Close-tting
casual top (3,5)
11 One of the two
symbols used in
Morse code (3)
13 Liaison, romantic
intrigue (6)
15 Mistakes (6)
16 Bicycle for two (6)
18 Rubbish (5)
A
A
P
R
E T
G
N
E
4

4

4

S R E P U G N A N T
P O U U N
A N G E R S P I N S
R E G O T S P
T E R S E O B E S E
A E O A
C O S T S T O W E R
U C T I E A H
S A U N A A R G U E
D R S E A
T A S T E L E S S D
7 2 7 8 4 9 8
8 4 7 6 9 3 7 2
1 4 2 9 7 8 6
7 3 9 5 2 8 1 6 4
9 5 9 4 2 3 1
9 8 6 7 5
2 1 5 3 9 2 1
5 3 7 9 1 4 2 8 6
1 4 3 2 8 5 9
7 2 6 2 5 1 7 3
9 7 8 4 6 6 1
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter word was
SCRIPTURE
Lifestyle | TV&Games
R
ISING youth unemployment and
the threat this poses to the econo-
my is obviously looming large in
the minds of politicians and busi-
ness leaders. Hot on the heels of initia-
tives for paid internships, the
government is now offering cash
rewards for companies which take on
an unemployed young person under the
age of twenty-four.
The reasons for this are clear not only
Philip Salter talks to
Rajesh Agrawal about
building his foreign
exchange company
A
STAGNATING economy can offer
smaller businesses the room to
expand Rajesh Agrawal, founder
of RationalFX, certainly believes
that the recession granted his money
transfers and online foreign currency pay-
ment business an opportunity. But
Agrawal has been thriving for some time
despite leaving his small home town at 22
to live on only 5,000 rupees (65) a month
in Chandigarh.
After studying and working in India,
Agrawal was headhunted to work with a
foreign exchange brokerage in the UK. In
2005, after three and a half years, he set up
RationalFX with his business partner
Paresh Davdra. Agrawal was then 28 and
Davdra was 25. Agrawal thought if I dont
try it now, then when will I? I increased the
limits on my credit card, took a personal
loan out and thats how we started the
business. He says in the beginning we
were the cleaners, we were the account-
ants, we were the front office, we were the
back office and we were flexible.
RationalFX are in the business of sell-
ing businesses and people money,
Agrawal explains. Six years ago when I
started, people werent ready to listen. In
the boom time people were less bothered
about how much you can save them. Since
the crisis things have changed businesses
and people are looking to save every penny
wherever they can.
There are two sides to the business. One
is the traditional foreign exchange treas-
ury business, where they help businesses
and high-net-worth clients make the most
of foreign exchange markets. On the new
side sits Xendpay: an online worldwide
money transfer platform.
Agrawals enthusiasm for building his
business in Britain is absolute and he
speaks passionately about its position as
the worlds capital of foreign exchange. He
contrasts it with Indias highly regulated
forex markets: If I had wanted to do this
business in India, I would have to be a
bank. In fact, even in France up until
two years ago I had to be a bank. Prior to
France being forced by the EUs payment
service directive to liberalise, it had only
three money transfer companies (with the
necessary banking licences) versus the
3,500 competing in the UK. RationalFX
was one of the first to jump into Frances
newly liberalised market when its tower-
ing barriers to entry were lowered.
Agrawal is ambitious, believing we can
expand phenomenally across the world.
Xendpay fits into this, offering the service
in Chinese (in total, eight languages are
supported, with four more in develop-
ment).
Building a company in the most dynam-
ic forex market in the world means that
there is plenty of room for growth outside
it, but this presents some technical chal-
lenges. For example, in the US a separate
licence is required to operate in each and
Business Features| Entrepreneurs
29
Turning obstacles into
business opportunities
is giving young people opportunities in
the world of work needed to avoid wide-
spread disillusionment, but that experi-
ence is also vital for the future health of
the economy.
Driven by the belief that if Britain is
to succeed we must create a new gener-
ation of skilled, market-savvy business
people, last year Lord Davies of
Abersoch, Sir Nigel Rudd and I set up
the New Entrepreneurs Foundation.
This is aimed at young people, offers
paid work placements, and involves
training in key business skills, but it is
not a graduate recruitment scheme. It
looks to nurture aspiring entrepreneurs
and encourage them to start up their
own ventures, but it is not Dragons Den
or The Apprentice. We are what happens
when the cameras stop rolling, the limo
has driven off and the hard work really
starts.
The New Entrepreneurs Foundation
provides a unique 12-month programme
for up to 30 aspiring entrepreneurs
which combines four components:
l Practical on the job paid work experi-
ence in a dynamic growth company
l Training workshops from business
schools, leading investors and corporate
sponsors
l Seminars and networking events with
prominent entrepreneurs and leaders in
industry
l Coaching and mentoring.
The aim is to fast track the partici-
pants careers and equip them with not
only the hard and soft skills to start, run
and grow their own company, but also
an invaluable network.
Each month, everyone gets together
for training sessions, but it is not the
training itself that is the glue of the pro-
gramme, it is the contacts that are built
and the ideas that are sparked. If you
ask any of the New Entrepreneurs
they will say that apart from working
closely with the head of a growth com-
pany, it is their own peers who are prov-
ing the most inspiring, influential and
useful.
Importantly, those on the programme
come from a vast array of backgrounds:
school leavers, fresh graduates, engi-
neers, humanities graduates and many
who have experience in business
already.
We have our fair share of techie whiz
kids and some have wanted to be entre-
preneurs for as long as they could
remember. But what is interesting is
that we also have a number who started
off their careers in the City but have
decided that the corporate world is no
longer for them.
It seems, therefore, that there is a
growing recognition among business
leaders and young people alike that in
order to thrive the UK economy needs
not only the traditional stalwarts of the
financial services industry, but also the
emergence of new start-ups and new
entrepreneurs who can adapt to a
changing world.
Oliver Pawle is the co-founder of the New
Entrepreneurs Foundation and chairman of
board services at Korn/Ferry Whitehead
Mann.
Possibilities for new
companies abound
even in troubled times
T
IMES are undeniably tough for many people in
the UK, with living standards daily eroded as we
pay the price for the malinvestments of our
credit-fuelled boom.
However, as bad as things are, hope springs eter-
nal in the minds of British entrepreneurs as it must.
Although Investecs recent Entrepreneur Confidence
Index reveals that only 13 per cent of entrepreneurs
interviewed expect the countrys economic climate to
improve over the next 12 months with 39 per cent
expecting a slight deterioration in the economic cli-
mate, and 1 in 10 expecting conditions to deteriorate
considerably they remain optimistic about their
own enterprises: all expect their revenue to grow this
year.
Rajesh Agrawal has overcome stacks of challenges
to get to where he is (interview, right). All businesses
claim to be recession-proof, but RationalFX has rid-
den the wave of boom and bust, growing throughout.
Agrawals cautious optimism is convincing. He
thinks despite our economic problems Britain
remains a good place to do business and says its a
great time for entrepreneurs because established
players are a little bit shaken: In the boom time,
established players get bigger and bigger, but in the
bad times there is a little bit of a shake up.
In the face of such high youth unemployment
over 1m 16-24 year olds were unemployed in the last
quarter of 2011 exacerbated by countless public
policy disasters, it may appear trite to suggest young
people should be starting their own business.
However, there are plenty of young people from
eclectic backgrounds that have done so anything
that pushes this generation to rise to the challenge
should be commended. The New Entrepreneurs
Foundation (article, below) is working with some of
the best and the brightest. Applications for its
2012/13 programme are open go to www.newen-
trepreneursfoundation.com for further information.
The New Entrepreneurs Foundation is not alone.
Last Thursday, Gazelle Local a nationwide network
of further education college principals and entrepre-
neurs was launched. In London, Barking and
Dagenham College will be implementing the scheme.
Go to www.thegazellegroup.com to find out more.
Also, thanks to a programme started by Sir Richard
Branson in 2010, Virgin Media nurtures a network of
over 2,000 like-minded young Virgin Media Pioneers,
while Intuit is in process of picking 100 young people
in its 100Up competition that aims to help the win-
ners get their business ideas off the ground. Ambition
in the face of adversity is the only option.
philip.salter@cityam.com
Twitter: @Philip_Salter
PHILIP
SALTER
FEATURES WRITER
CITY A.M.
every state. Another challenge Agrawal
cites is maintaining the ethos upon which
the company was founded: No matter
how big we become, well always want to
have the soul of a two-man company. This
is especially true because there is no differ-
entiation in the physical product, thus the
quality of service is all important. This is
why Agrawal speaks with such pride about
the invitations he receives from clients to
attend their staff Christmas parties. He
knows that his customers are king.
RationalFX under Agrawals leadership
is taking on the world. He is the model
case for why Britain should maintain and
renew its historically open society.
Agrawal says ultimately, entrepreneurs
see opportunities in obstacles a brand
of optimism and fresh thinking that this
country dearly needs more of.
Job title: Founder and chief executive
Turnover: 700m (expected this year)
Number of staff: 70
Age: 34
Born: Indore, India
Lives: Harrow
Studied: Bachelors degree in finance and
marketing and an MBA in IT and marketing
Drinking: Whisky, on the rocks
Reading: Rousseau: The Social Contract
Talents: Thinking the unthinkable
Favourite business book: What They Don't
Teach You at Harvard Business School
Motto: Nothing is impossible unless you
think it is.
First ambition: Probably just to be alive
CV | RAJESH AGRAWAL, RATIONALFX
Forget the American
dream Rajesh is
living the British
version
KICK-STARTING
STARTUPS AND
THE ECONOMY
OLIVER PAWLE
Sport 30 CITYA.M. 23 AUGUST 2011
SPORT | IN BRIEF
England learn spin lessons
CRICKET: Coach Andy Flower believes
England have wised up to Pakistans spin
threat as they prepare for todays deci-
sive and tour-closing final Twenty20
match. He said: We learned some les-
sons from the Test series, specifically on
how to play the spin.
Saints dent Irish play-off hopes
RUGBY UNION: London Irish hopes of a
play-off spot suffered a hammer blow
yesterday when they were beaten 30-23
by four-try Northampton. Ben Nutley
touched down late on to earn victory for
the Saints, who climbed to third in the
Premiership, and leave the Exiles eighth,
10 points adrift of the top four.
Stoke end home league win wait
FOOTBALL: Headers from Matthew
Upson and Peter Crouch earned Stoke a
2-0 win over Swansea their first home
Premier League victory for two and a
half months. The result lifted the Potters
to 12th, three points ahead of 14th-
placed Swansea.
MANCHESTER UNITED legend Ryan
Giggs marked his 900th appearance
for the club with a last minute win-
ner that could prove pivotal in his
clubs pursuit of the Premier League
title, according to his manager Sir
Alex Ferguson.
When Grant Holt cancelled out
Paul Scholess opener with seven min-
utes remaining, United
looked destined to fall
four points behind title
rivals and neighbours
Manchester City.
But Giggs (right) had
other ideas and ensured
Fergusons men kept
within striking dis-
tance by stabbing home
at the far post after he
had been picked out by
Ashley Young.
I thought
we were lethar-
gic, too casual
on the ball. Then when we lost
the goal, we played brilliantly,
said Ferguson, who confirmed Wayne
Rooney and Tom Cleverley will miss
Englands midweek friendly against
Holland through injury. That
tells you something about
the temperament, they do
not get nervous and start-
ed to up their game, so
that augurs well for us.
I am sure this
result will have an
impact [on the season].
Everyone knows we
never give in, no mat-
ter who plays us, they
know they will have to
play right to the
death.
Vintage Giggs marks 900th
appearance with late winner
FOOTBALL
1
2
NORWICH
MANCHESTER UNITED
Results
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email sport@cityam.com
Carling Cup is
just the start,
says Dalglish
CITY A.M. VERDICT
It was by no means the most auspicious
way to end a six-year trophy drought but
Liverpools victory over Cardiff, for all the
Championship sides pluck and determina-
tion, was deserved.
MAN OF THE MATCH
Liverpools Stewart Downing enjoyed the
wide open space of Wembley, but with 32
England caps to his name it was not unrea-
sonable to expect an improved showing
from the 20m man. Nobody summed up
Cardiffs resilience than Ben Turner, who
capped a fine display with the equaliser.
KEY MOMENT
What transpired to be an afternoon of
topsy turvy emotion may have been a
straightforward procession had Glen
Johnsons early effort, a fabulous curling
effort from 25 yards, located the back of
the net rather than the crossbar
TALKING POINT
Liverpool will hope yesterdays victory,
whatever the means of acheiving it, will act
as a springboard to better things, both this
season and beyond. There is still an FA Cup
to play for and fourth place in the Premier
League is still well within range.
GAME STATS
CARDIFF 2-2 LIVERPOOL
7 ATTEMPTS ON TARGET 19
4 ATTEMPTS OFF TARGET 20
3 CORNERS 19
47% POSSESSION 53%
2 YELLOW CARDS 1
0 RED CARDS 0
1 OFFSIDES 5
DUGOUT VIEW
For most of my of the guys in my team
it's the first time they've been any-
where near something like this. They are
very young. The emotions are running
through them. Im very proud.
Cardiff manager Malky Mackay
MATCH ANALYSIS
BY JAMES GOLDMAN
Liverpool end six-year wait for a trophy with dramatic
shootout win over Cardiff and hope to seal cup double
Liverpool goalkeeper Reina was beaten by
only two of the five penalties he faced
Picture: GETTY
TRIUMPHANT Liverpool manager
Kenny Dalglish claimed yesterdays
dramatic Carling Cup final victory
over Cardiff represented the dawning
of a new era of trophy-laden success
for the Anfield club.
Anthony Gerrard, the cousin of
Liverpool captain Steven, missed
the decisive penalty in the
shootout that followed an
epic duel which swung
one way and then the
other.
Joe Mason slotted
the Championship
side into an unlikely
19th minute lead and
Cardiff maintained that
advantage until the hour
mark when Martin Skrtel
pounced on the rebound after
Luis Suarezs header had struck a
post.
Malky Mackays men survived the
subsequent onslaught but finally
cracked at the start of the second
period of extra time when Dirk
Kuyts unconventional finish flew
beyond Tom Heaton, only for Ben
Turner to send the contest the full
distance when he pounced on
Liverpools inability to defend a cor-
ner in the 118th minute.
But Liverpool, whose previous two
trophies had been plundered on
penalties, eventually triumphed in
the shootout despite misses from
Gerrard and Charlie Adam.
Kenny Miller, Rudy Gestede and
Gerrards cousin Anthony were simi-
larly off target for Cardiff, failing to
beat Pepe Reina, and handed the
Merseysiders their first piece of silver-
ware since 2006.
Although we have won some-
thing, that is not us finished, said
Dalglish (inset), who was celebrating
his sixth major honour as Liverpool
manager and first since 1990. We
dont want to stop here, we want to
keep going. It (Liverpool) means an
awful lot to a lot of people.
All we do is try to make
them as happy as we possi-
bly can. Today we have
been able to do that.
Hopefully it makes up
for some of the days
when we have not been
able to.
I dont think anyone
who has ever won a trophy
has come away from it saying
they didnt enjoy it.
If you do something and you
enjoy it, you are going to want more
of it. It is logical. The idea six years
ago was not to go six years without
winning a trophy.
Liverpool stalwart Jamie Carragher
added: Were still in the FA Cup and
we want to come back to Wembley
again. It would be great to go on and
do well in the FA Cup, that is what we
want to do.
BY JAMES GOLDMAN
FOOTBALL
2
2
CARDIFF CITY
LIVERPOOL
LIVERPOOL WIN 3-2 ON PENS (AET)
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ENGLAND UNITED UNDER LANCASTER
After defeat against Wales, England coach
Stuart Lancaster may need to claim the scalp
of either Ireland or France to advance his
chances of keeping his job beyond the Six
Nations, but I hope the powers that be take
note of the rapid improvement in this team
since the World Cup.
It would be incredibly harsh on Lancaster,
who has instilled belief, pride and a together-
ness in this group of players, if he were to be
cast aside after the tournament.
The players clearly respect him and person-
ally, at the very least, Id like to see him
retained in a senior capacity if the Rugby
Football Union were to look elsewhere for a
permanent successor to Martin Johnson.
DEFEAT THE BEST WAY TO LEARN
I dont like harping back to the World Cup
winning side of 2003 but the confidence and
trust we developed as a team was generated
over a long period of time.
The journey we went through as a group
certainly had its darker moments and this cur-
rent England unit, as well as Lancaster him-
self, will learn more from Saturdays defeat
than anything they picked up in a couple of
narrow victories over Scotland and Italy.
Technically, England lost at Twickenham
because they had to rely on turnover ball
while Wales dominated possession and gener-
ated phase after phase. England are likely to
find themselves in a similar position when
they travel to France next month and it will be
interesting to see whether they will have
learned to manage the game better in what
are likely to be even more trying conditions
TUILAGI PROVIDES THE BALANCE
With both Toby Flood and Charlie Hodgson
likely to be available for selection against
France, Lancaster faces some difficult deci-
sions to make where his back division is con-
cerned.
Whoever he calls upon to play at No10,
apart from a couple of kicking errors, Owen
Farrell did little wrong in that position on
Saturday, and the coach must find room for
Manu Tuilagi at centre.
The Leicester man enjoyed a magnificent
afternoon, and only an incredible tackle from
Sam Warburton prevented him from adding
the try that his performance merited.
Brad Barritt, built in very much the same
mould as Tuilagi, enjoyed a reputation-enhanc-
ing afternoon as well, dispelling any notion
that the two players were too similar to line
up together.
Who starts against France and the compo-
sition of the three-quarters represents a
tricky conundrum for Lancaster, but Tuilagi is
rapidly becoming the first name on the
England team sheet.
England should keep faith with Lancaster
JOSH LEWSEYS
POST MATCH
VIEW
SCOTLAND boss Andy Robinson
insists he remains the right man for
the job despite yesterdays narrow Six
Nations defeat leaving him with just
two wins from 13 Tests.
Tries from Stuart Hogg and Lee
Jones gave the home side hope of an
upset, but France hit back through
Wesley Fofana and Maxime Medard
before Lionel Beauxis landed a cru-
cial drop-goal.
It means the Scots are still without
a point and, with Ireland up next, are
facing a wooden spoon battle with
Italy in the final round of fixtures.
I cant hide away from what
youre saying and youre right to
bring it up, Robinson said when
asked about his future. I have total
belief that we have the ability to win
and that belief was strengthened
even more today, as it was against
Wales and the England game.
Scotlands unlucky afternoon was
underlined by wing Rory Lamont suf-
fering a suspected broken leg, while
Mike Blair and Greg Laidlaw also
picked up knocks.
Scotland were fantastic in the first
20 minutes. They played very well,
said France coach Philippe Saint-
Andre. Its a good win, but Im sure
if Scotland carry on like this they can
beat any team in the world.
THE INSPIRATIONAL
performance of Wales
captain Sam
Warburton in his sides
victory over England
on Saturday was rem-
iniscent of New
Zealand great
Richie McCaw in
his prime,
according to
British and Irish
Lions manager
Andy Irvine.
Wa r b ur t o n
(right), the
favourite to lead
the Lions on next
years tour of
Australia, capped a
sensational per-
formance with a
stunning first-half try-saving tackle
on Manu Tuilagi.
Wales went on to secure the
Triple Crown with a 19-12 win at
Twickenham, only their third in 24
years, and Irvine felt that with his
man-of-the-match performance
Warburton cemented his position as
one of the worlds premier No7s
alongside the All Blacks World
Cup-winning skipper
McCaw and Australias
David Pocock.
Irvine said
Warburton was bril-
liant, with his defensive
work and how clever he is
at the breakdown. He is
the northern hemispheres
Richie McCaw.
I thought Sam was
outstanding, especial-
ly for a guy who has
been out
i n j u r e d
recently.
BY FRANK DALLERES
RUGBY UNION
SCOTLAND
FRANCE
World class
Warburton is
Lions material
BY JAMES GOLDMAN
RUGBY UNION
Robinson not ready to

abandon Scotland job
17
23
Josh Lewsey was speaking courtesy of
GamePlan Solutions: Managing high
profile and popular sport stars; speak-
ers, leaders, motivators, ambassadors
www.gameplansolutions.co.uk
Farrells our new Wilkinson
ENGLAND centre Manu Tuilagi has
hailed young fly-half Owen Farrell as
the heir to Jonny Wilkinson after his
impressive Twickenham debut.
Saracens back Farrell could not pre-
vent England slipping to a 19-12 Six
Nations defeat to Wales as Warren
Gatlands men sealed the Triple
Crown on Saturday.
But Tuilagi saw enough from his
team-mate to predict the 20-year-old
can emulate the influence of World
Cup-winning No10 Wilkinson.
I was very impressed with Owen.
He can definitely inspire the team the
way Jonny did, said the Leicester
powerhouse. The way he played, he
controlled the ball really well, he
kicked well. Hes definitely the guy
who can take us forward. For a young
guy coming into the team to produce
a performance like that is just what
you want from your players. Im really
proud of him.
Farrell was making only his third
Test start and his first at HQ for an
England team reinvented by interim
head coach Stuart Lancaster.
But for his club colleague David
Strettles injury-time try being disal-
lowed following video replays, the
home side could have taken more
than just credit from a close contest.
Farrell said: If there was ever any
such thing as a good loss, then that
was it. The way we fought for each
other, the way we defended and
attacked was outstanding at times.
JOSH LEWSEYS VIEW: PAGE 31
NORTHERN IRELANDS Rory McIlroy
squandered the opportunity to head
golfs world rankings for the first
time after he was beaten 2&1 by
Americas Hunter Mahan in the final
off the Accenture Match Play
Championship Arizona.
Earlier in the day the US Open
champion had battled back from
three down against Englands Lee
Westwood to book his place in the
final, and although he halved the
deficit over the course of the back
nine against American Mahan, he
was unable to haul in his opponent.
I left my self with too much to do
after the front nine, said McIlroy. I
made a bit of a mental error at seven
and I think that ended up costing me.
Ive got two events and then three
weeks off after that to work on my
game before the Masters which is
what Im working towards but Im
happy with where Im at.
GOLF
Mahan ensures McIlroy

misses out on world No1
Sport
CARLING CUP JOY
FOR LIVERPOOL
CARDIFF BEATEN IN
EPIC SHOOTOUT: P30
BY FRANK DALLERES
RUGBY UNION
CITY A.M. VERDICT

This was a win that Arsenal thoroughly
deserved and reminded Tottenham that the
red half of north London is not ready to lie
down just yet. The Gunners still face a huge
task to catch their neighbours, though.
MAN OF THE MATCH
Tomas Rosicky had perhaps his best game
for the club, Theo Walcott turned another
disappointing display into a masterclass
and Robin van Persie led from the front,
but Yossi Benayoun stood out, providing a
guile that Arsenal have missed this term.
KEY MOMENT
Van Persies fine equaliser just before half-
time ensured Arsenal went in on a high and
came out with wind in their sails. Spurs,
who earlier had looked set to cut their
opponents to ribbons, had no answer.
TALKING POINT
How both teams react to this result will
shape their season. Tottenham, with just
one win in three, need to rediscover their
consistency, while Arsenal must prove their
resurrection was no fluke.
GAME STATS
ARSENAL 5-2 SPURS
13 ATTEMPTS ON TARGET 4
8 ATTEMPTS OFF TARGET 4
7 CORNERS 5
56% POSSESSION 44%
3 YELLOW CARDS 2
0 RED CARDS 1
0 OFFSIDES 2
MATCH ANALYSIS
BY FRANK DALLERES
Revitalised Arsenal roar back from two goals
down to defeat bitter rivals Tottenham as
Wenger sets sights on pinching third place
Tuilagi toasts young y-halfs display in Six Nations defeat
Arsenal are now
seven points
behind Spurs
Picture: GETTY
ARSENAL manager Arsene Wenger
insists his side can still finish the sea-
son ahead of Tottenham after
they came from two goals
down to blitz their bitter
rivals in a pulsating
north London derby.
A brace from Theo
Walcott and strikes by
Tomas Rosicky, Robin
van Persie and Bacary
Sagna swept the
Gunners to a morale-
boosting victory after Spurs
had looked certain to confirm
their status as the capitals finest.
Early goals from Louis Saha and for-
mer Arsenal striker Emmanuel
Adebayor had threatened to open up
a 13-point gap between Tottenham,
who lie third in the Premier League,
and their neighbours.
But the home teams improbable
fightback slashed that advantage to
seven points with 12 matches remain-
ing, lifted them back ahead of
Chelsea into fourth spot and set up
an intriguing run-in.
It is still possible, Wenger said,
when asked if his team could yet over-
take Spurs. I felt even before the
game that it was possible if we keep
o u r
consistency. Everyone in the
Premier League can lose points. If we
continue to play like that, why not?
It was a performance of uncharac-
teristic guts from Arsenal, who have
seen FA Cup and Champions League
ambitions trampled this month. For
Tottenham, a miserable afternoon
was compounded by the late dis-
missal of Scott Parker.
At 2-0 I didnt feel com-
fortable and at 2-2 I felt
even less comfortable,
said Spurs manager
Harry Redknapp. It was
one of those days for us.
Tottenham led when
Sahas shot ricocheted off
Thomas Vermaelen and
over goalkeeper Wojciech
Szczesny. And when Gareth Bale
tumbled over Szczesny Adebayor
stroked home the penalty to double
the advantage.
Arsenals comeback began five
minutes before half-time when
Sagna powered a header past Brad
Friedel, and Van Persie quickly
equalised with a trademark curler.
They carried that momentum into
the second half, and Rosicky soon
put them ahead by touching in
Walcotts cross at the near post.
Winger Walcott looked a man trans-
formed and soon beat Friedel himself
with a neat dink before completing
the emphatic turnaround with a
drilled low finish.
BY FRANK DALLERES AT EMIRATES STADIUM
FOOTBALL
5
2
ARSENAL
TOTTENHAM
Man City 26 20 3 3 67 19 63
Man Utd 26 19 4 3 63 26 61
Tottenham 26 16 5 5 51 30 53
Arsenal 26 14 4 8 53 37 46
Chelsea 26 13 7 6 47 31 46
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Consumer confidence unexpectedly improved in January Picture: GETTY

Robinson not ready to

Mahan ensures McIlroy

CITY A.M. VERDICT

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