Cityam 2012-03-09

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Aviva: well
be the last
to quit UK
AVIVA has pledged its future to
London, with chief executive Andrew
Moss telling City A.M. that his firm will
not follow the Prudential and consid-
er a move abroad: Were here to stay.
Trust me, if Aviva were to redomicile
then youd been turning the lights out
in the City because everyone else
would have left first.
Speaking as his firm announced an
increased operating profit of 2.16bn,
Moss also revealed that Aviva is set to
launch a car insurance product that
offers discounts based on customers
driving speed and style measured
using an iPhone app.
Trevor Matthews, head of Aviva UK,
explained: Were experimenting
with an app right now that you put in
your car and tells you all sorts of
things. It could be available later in
the year. But clearly theres a bit of a
problem with a phone-based app
because it might not be in your car.
Some EU insurers have considered
moving their HQ abroad to avoid
forthcoming Solvency II reforms that
will enforce stringent capital require-
ments. Moss yesterday called on the
Treasury to continue lobbying for
change but reiterated his intention to
keep Aviva in Britain.
We are extremely committed to
the UK. More than 40 per cent of our
profits come out of the UK market, we
have 14 million customers and 17,000
people whose job it is to serve those
customers well and on a regular basis.
We love the UK, he said.
AVIVA RESULTS: P5
BY JAMES WATERSON
INSURANCE
Greek PM Lucas Papademos has worked for months to persuade private investors to accept losses on their investments Picture: GETTY
THE VAST majority of private sector
Greek bondholders agreed to take a
massive writedown on their invest-
ments last night, opening the way for
the second bailout to go ahead.
Around 95 per cent of creditors said
they will swap their holdings into a
mixture of cash and long-term debt
worth a fraction of the bonds face
value, an anonymous official said last
night. The rest are likely to be forced to
take losses by the Greek governments
collective action clauses (CACs).
But while this hurdle appears to
have been passed removing a barrier
to the government receiving its latest
130bn (109bn) bailout the coun-
trys problems are far from solved.
New figures out yesterday showed
unemployment has risen to 21 per
cent while youth unemployment has
broken the 50 per cent mark.
The country is in its fifth year of
recession, with GDP down 17 per cent
on its pre-crisis peak and set to keep
falling by more than four per cent this
year.
The haircut will reduce debts to the
private sector by 53.5 per cent, from
206bn to around 100bn as part of a
longer-term plan to cut the countrys
GREECE CLINCHES
VITAL DEBT DEAL
BY TIM WALLACE
EUROZONE
www.cityam.com Issue 1,588 Friday 9 March 2012 FREE

SHOCK EXIT
AT LAZARD
RAINMAKER
ALEXIS DE ROSNAY
STANDS DOWNP3
BUSINESS WITH PERSONALITY
debts from 160 per cent of GDP now to
120.5 per cent by 2020.
However, for the plan to work the
economy must return to growth in
coming years something which is far
from certain to happen.
The current bailout programme is
unlikely to work the Troika puts too
much emphasis on austerity and not
enough on pro-growth reforms and
will keep Greece in a depression for
too long, said Holger Schmieding,
chief economist at Berenberg Bank.
Either the Troika changes its pro-
gramme to focus on growth, or the cri-
sis will recur again and again.
Furthermore, forcing bondholders
to take losses could trigger large insur-
ance payments to investors who
bought credit default swaps (CDS) to
protect against the risk of the govern-
ment failing to pay its debts risking
further turmoil on the financial mar-
kets. COMMENT: P2, P15, P18
Certified Distribution
02/01/12 till 29/01/12 is 92,258
But youth unemployment is now over 50 per cent
THE TRAINS THEY
ARE A CHANGIN
NEW PLAN FOR RAILWAYS P4
News
2 CITYA.M. 9 MARCH 2012
Draghi: Worst
may be over
THE IMMEDIATE threat to the
Eurozone has receded, European
Central Bank (ECB) boss Mario Draghi
said yesterday, but he warned that eco-
nomic growth will be weaker than
expected just a few months ago.
At-risk governments like Italy and
Spain have been helped by the power-
ful impact of the ECB pumping over
1 trillion (838bn) into the financial
system in December and February, he
said, but they must push on with
spending cuts and not become com-
placent over economic reforms.
The ECB held its main refinancing
rate at one per cent, but said economic
growth is expected to be between
minus 0.5 per cent and 0.3 per cent in
2012, and between 0 per cent and 2.2
per cent in 2013, a slight downgrade
on Decembers forecasts.
Draghi also stressed that downside
risks remain, including from a further
intensification of the debt crisis.
However, he insisted he has no con-
tingency plans for a Greece exit, claim-
ing to have a Plan B is to admit
defeat.
Rising commodities prices have
pushed up the ECBs inflation expecta-
tions, and push prospects of further
easing off the table.
It now predicts inflation will
remain above its two per cent target
for the whole of 2012.
BY TIM WALLACE
EUROZONE
DEUTSCHE BANK TAPPED ECB FOR UP

TO 10BN
Deutsche Bank took as much as 10bn
of European Central Bank emergency
funding last week, despite deep reser-
vations over the programme voiced by
outgoing chief Josef Ackermann.
Investors briefed by Deutsche Banks
finance director and investor relations
executives say the bank was persuaded
by the economics of the financing to
abandon its concerns.
EMIRATES BERATES AIRBUS OVER
SUPERJUMBO CRACKS
Emirates Airline, the worlds largest
operator of Airbuss A380 superjum-
bo, has lambasted the aircraft maker
and plans to seek compensation after
complaining of widespread disrup-
tion to the carrier following the dis-
covery of wing cracks on the jet.
SANTANDER FACES LEGAL ACTION
Banco Santander is facing a cascade
of legal cases for allegedly mis-selling
7bn of retail savings products in
Spain used to finance its acquisition
of part of ABN Amro after a court
ruled that the bank had to return
money to a client facing a loss on his
investment.
CHINAS BAD BANK CINDA IN TALKS
WITH INVESTORS
Standard Chartered, UBS and Citic
Capital are in discussions to invest in
China Cinda Asset Management, a
company created to clean up debt in
Chinas banking system, according to
people familiar with the situation.
SMART MONEY IS ON CHIP PROVIDER
Shares in the company that supplies
microchips to two thirds of the worlds
smartphones have hit an all-time high.
Imagination Technologies is expected
to be one of the biggest beneficiaries
in the supply chain for the new iPad,
which relies on the processing power
of the companys chips to support its
graphics capability.
LABOUR OF LOVE COMES TO AN END AS
CUPID FOUNDER SPARKS SELL-OFF
Max Polyakov, the Ukrainian who
helped set up dating website Cupid,
sold 6m shares, about 7.4 per cent of
the company. He said that he would
step down from the board to build an
internet social gaming business.
PLUMBERS TAP PAWNBROKER H&T
Pawnbroker H&T said it was seeing a
surge in lending to small business own-
ers as traditional sources of credit
dried up. The company said it was see-
ing plumbers, electricians and other
tradesmen looking for alternative
sources of finance for their businesses.
RYANAIR COULD SUE OVER EC 'BIAS'
AGAINST BUDGET AIRLINES
Ryanair boss Michael OLeary has
threatened to sue the European
Commission for damages amid claims
its official travel agency discriminates
against low-cost carriers. Mr OLeary
has made an official complaint to the
independent watchdog that oversees
the ECs spending.
DKSH PLANS SWISS LISTING
Zurich-based trade and services firm
DKSH said it plans to float its shares
on the Swiss stock exchange this
month. DKSH said it would offer
around 30 per cent of its shares at a
price of 42 to 48 francs a share, which
could give it a market cap of 3bn Swiss
francs, making the IPO one of the
largest in recent years in Switzerland.
S&P REVAMPS TO REBUILD CREDIBILITY
Standard & Poors Ratings Services
revamped its structured-finance team,
a bid by the firms new president to
rebuild the units credibility with
issuers and investors. S&P is reportedly
set to appoint a new criteria officer for
US structured finance.
WHAT THE OTHER PAPERS SAY THIS MORNING
Greek deal wont save the Eurozone
IT was long a foregone conclusion that
enough bondholders would sign up to
the Greek plans. But it would be a terri-
ble mistake to believe that as a result
all of the Eurozones problems have
gone away. They havent. Two issues
have been kicked into the long grass;
all the others remain. Greece will be
handed more cash and will see its debt
burden reduced, thus diminishing the
prospect of imminent collapse; but the
country remains doomed, and will
never deliver on its promises and tar-
gets, as will soon become apparent.
The liquidity of Eurozone banks is no
longer an urgent issue, thanks to the
European Central Banks Long Term
Refinancing Operation. But everything
else remains as it was: Greece is in cri-
sis (youth unemployment has reached
a horrific 51 per cent); several coun-
tries and numerous financial institu-
tions are technically bust; Italys costs
remain far too high; many European
economies are cripplingly uncompeti-
tive; the euro remains an unworkable
construct. Immediate Armageddon is
off the agenda but it has been
replaced by a slow, painful and long-
drawn out death.
TRAIN WOES
IT is often forgotten just how great the
taxpayer subsidy to some train opera-
tors has become, and just how massive-
ly this varies around the country. Take
four franchises due to be replaced by
2014: NXEA Greater Anglia gets 83 per
cent of its costs from fares and 17 per
cent from subsidies; for First Great
Western it is 76-24; for TransPennine
Express 43-57 (with taxpayers con-
tributing more than passengers); and
for Northern passenger revenues are
just 22 per cent, with taxpayer hand-
outs an astonishing 78 per cent (in
some remote parts of the UK, it would
probably be cheaper for the taxpayer to
pay for taxis for all passengers).
There is a huge difference between
the economic and social impact of
commuter railways in London and the
south east, a vitally important part of
the infrastructure; the impact of long-
distance lines; and that of railways in
other parts of the UK, which are often
far less important to local economies
than rail is to London and the south
east. All three categories must be treat-
ed differently.
It is equally clear that the current
system doesnt work: commuters in
and around London often face horren-
dous travelling conditions and fares
are rocketing. Yet for the UK as a whole
there are now massive subsidies going
to the industry, which is a bizarre
mish-mash of public and private as a
result of years of partial renationalisa-
tion and endless tinkering.
Sir Roy McNultys study on the
industry was spot on: he found that
costs ought to be 20-30 per cent lower,
and that there is an efficiency gap of
40 per cent against four European
comparators. McNulty argues that the
industry should be aiming to achieve a
30 per cent reduction in costs per pas-
senger-km by 2018-19, a goal backed by
the transport secretary yesterday.
The real question is how this can be
delivered. The governments big idea,
as proposed in yesterdays consulta-
tion, is the decentralisation of deci-
sion-making, though it hasnt decided
exactly what that means. It needs to
make up its mind, and fast. Forget use-
less, extraordinarily costly white ele-
phants such as High Speed 2: this
government will be judged by millions
of commuters on how it reforms the
railways to reduce overall costs, while
improving the daily experience for
long-suffering passengers.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
OFCOM has stepped up its probe into
the propriety of James Murdochs posi-
tion as BSkyB chairman by creating a
dedicated team to monitor evidence
emerging from police investigations,
parliamentary committees and the
Leveson inquiry.
The question of whether James
Murdoch and News Corp are fit and
proper persons to own a broadcast
licence was discussed at two Ofcom
board meetings last year, but accord-
ing to minutes disclosed under a
Freedom of Information Act request,
in January the media regulator put a
team of about five dubbed Project
Apple specifically on the case.
If Murdoch is not deemed fit and
proper to own a broadcast licence he
could be forced to retire his position as
chairman of BSkyB. If News Corp is
judged similarly it could be required
to sell some of its 39.1 per cent stake in
BSkyB so it is not considered a control-
ling force in the British broadcaster.
BY LAUREN DAVIDSON
MEDIA
Murdoch probe intensifies

James Murdochs position as BSkyB chairman could be under threat
NEWS | IN BRIEF
BNP sells half its Klepierre stake
BNP Paribas is set to pocket 1.5bn from
the sale of more than half its stake in real-
estate company Klepierre to Simon
Property Group. SPG will become
Klepierres biggest shareholder with a
28.7 per cent stake, leaving BNP which
is said to be considering exiting Klepierre
completely with a 22.2 per cent stake.
BMW announces record results
BMW posted record sales as profits
jumped 51 per cent to 4.9bn on 14 per
cent increased group revenues of
68.8bn. The German car maker said it
would raise its dividend more than 75 per
cent to 2.30 after a year in which high
demand from emerging markets drove up
sales of luxury vehicles. BMW expects
sales to grow further this year.
KPMGs chair to be announced
The audit and consulting group KPMG has
told its employees that it intends to
announce its next UK chair on Monday
who will later this year succeed John
Griffith-Jones. There is said to have been
no clear leader in the race, which is down
to the last three: Simon Collins, Alan
Buckle and Oliver Tant.
EDITORS LETTER
ALLISTER HEATH
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ECB boss Mario Draghi
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not an excuse to relax.
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THE GLOBAL hedge fund industry has
bounced back from the turmoil of
2011 to record its best start to a year
since 2000.
Equity hedge funds led the recov-
ery in the $2 trillion industry, as stock
markets rallied on hopes of stronger
growth and an increased resolve to
tackle the Eurozone debt crisis.
The HFRI Fund Weighted
Composite Index climbed 2.14 per
cent in February and is now up 4.95
per cent for the year, Hedge Fund
Research said yesterday. The HFRI
Equity Hedge Index rose 6.9 per cent
in February.
Lansdowne Partners, one of
Londons most prominent hedge
funds and run by arts donor Sir Paul
Ruddock, was among the winners.
The UK Equities Fund, which man-
ages $7.5bn and is Lansdownes
largest, is up 9.1 per cent for the year
to date and its Global Financials Fund
is up 7.98 per cent.
Greenlight Capital, run by contro-
versial trader David Einhorn, is up six
per cent for the first two months of
the year although other top man-
agers fared less well. New York-based
Paulson & Co, run by John Paulson
and managing about $23bn in assets,
told his clients the Advantage Plus
Fund dipped 1.5 per cent last month
while the closely related Advantage
Fund was off 0.8 per cent in February.
The Advantage Plus fund is still up 3.5
per cent this year, however.
Kenneth J. Heinz, president of HFR,
said hedge funds had made gains
from improvement or total reversal
of the trends, sentiment and volatili-
ty which contributed to the challeng-
ing environment in 2011.
Market rally
spurs hedge
fund bounce
BY PETER EDWARDS
HEDGE FUNDS
THE Co-operatives board faces an over-

haul ahead of its purchase of 630
Lloyds bank branches as the Financial
Services Authority (FSA) is believed to
have concerns over whether the group
can handle the acquisition.
A person close to the negotiations
told City A.M. he would not be sur-
prised if the Co-op revamped its gover-
nance to appease the FSAs concerns.
As a mutual, the Co-ops board is
made up of members rather than busi-
ness directors. Chaired by Len Wardle,
the board has 19 seats and includes a
nurse and a university tutor.
Paul Flowers, the banking divisions
chair, is a Methodist minister and
Bradford city councillor.
The acquisition of the Lloyds
branches would triple the size of the
Co-ops banking division, which cur-
rently has about 340 branches.
Lloyds is due to update the market
on the deal at the end of this month.
Co-op set to revamp board in bid
to secure Lloyds branch buyout
BANKING
ALEXIS de Rosnay, the co-head of UK

investment banking at Lazard, has
quit the firm, City A.M. has learnt.
The influential rainmaker, who
joined Lazard from Lehman a little
over three years ago, resigned in the
past few days, say sources, without
having tied up a new position.
There is speculation that de
Rosnay, who specialises in the health-
care sector, may turn up at Bank of
America Merrill Lynch, a bank that
has hired a number of big names
from the former Lehman operations
including Christian Meissner, its new
global head of investment banking.
De Rosnays departure will leave
Nicholas Shott as the sole head of UK
investment banking, while William
Rucker remains chief executive offi-
cer of the London Lazard operation.
The firm recently enhanced its invest-
ment banking team by hiring Noah
Balkim from BoA Merrill Lynch.
While at Lazard, de Rosnay helped
advise SSL, the condoms to Scholl
shoes manufacturer, on its $3.8bn
takeover by Reckitt Benckiser Group.
He has advised drugmakers includ-
ing Teva Pharmaceutical Industries
and Novartis. Shott is a former news-
paper executive and a long-standing
adviser to ITV.
Shock as Lazards UK co-head
of investment banking quits
BY DAVID HELLIER
BANKING
News
Alexis de Rosnay stood down without securing another job PICTURE: GETTY
Event Driven
York Event Driven UCITS Fund
(York Capital Management) +8.09%
Multi-Strategy
Hadron Alpha Select Fund
(Hadron Capital) +8.29%
Long/Short equity Europe
Alken Absolute Return Europe
(Alken Asset Management) +9.20%
Long/Short equity Global
Occam Global Emerging Markets
Opportunities Fund -
(Occam Asset Management) +12.87%
Macro
GAM Star Discretionary FX
(GAM) +11.03%
2012 | SOME OF THE TOP HEDGE
FUND PERFORMERS
Source: UCITS Hedge database
THE RAIL network must cut 3.5bn a
year from its spending and overhaul
ticket prices, transport secretary
Justine Greening said yesterday.
Setting out the coalitions plan to
shake up Britains trains, Greening
said above-inflation fare rises on regu-
lated routes will be abolished.
But she said she will look into hik-
ing prices on congested peak journeys
to smooth out the rush hour.
[T]his could postpone the need for
some of the new trains and infrastruc-
ture that are likely to be required in
future years, said her report, which
was in response to Sir Roy McNultys
findings on rail value last year.
Smart ticketing systems similar to
the Oyster card could be rolled out
nationwide under the proposals.
Greening said this means passen-
gers could buy tickets at post offices
and libraries but the unions warned
that staff at stations were put at risk by
the shake-up.
Others said the plan was fanciful
given the number and complexity of
train franchises. I cant imagine the
Barrow to Workington route ever hav-
ing the kinds of facilities that you
need to run smart ticketing, rail ana-
lyst Christian Wolmar told City A.M.
While the industry can still expect
to receive some public subsidy,
Greening said it must find 3.5bn in
savings by 2019, or 30 per cent of its
running costs a higher target than
the 2.5bn suggested by McNulty.
Under the governments plans, pow-
ers will be devolved to Network Rail
and train operating companies, which
are starting to take responsibility for
railway stations.
The Association of Train Operating
Companies said it was willing to work
with the government on this once-
ina-generation opportunity to turn
reform into reality, but warned
against burdening them with more
red tape.
Shadow transport secretary Maria
Eagle said the overhaul has a massive
accountability gap at its heart.
Peak fares set
to rise in rail
savings plan
LONDON Underground has come a
step closer to preventing worker walk-
outs during the Olympics by offering
staff a bonus of 850 each.
Transport for London has raised its
offer for around 18,000 LU staff follow-
ing a dispute with union RMT.
Workers would receive a 350 flat-
rate bonus, plus an extra 20 per shift
and a performance-related payout.
RMT general secretary Bob Crow
said the offer was a massive shift,
which the union will consider before
making a formal response.
In January, the RMT rejected a 100
bonus offer as derisory, pointing out
that it had secured much better deals
with other transport firms.
Network Rail has promised 500 to
its staff and London Overground is
shelling out 600 per person.
Separately, the RMT said it was bal-
loting members at Tube Lines, which
carries out maintenance work on
three routes and employs 3,500 peo-
ple, about industrial action over pen-
sion and travel pass rights.
The news came as Boris Johnson
pledged to help London Underground
cut delays by 30 per cent, through a
number of schemes including weekly
war room meetings between the
heads of each Tube line and more
medical training for transport police.
Tube staff net
Olympics bonus
offer of 850
Transport secretary Justine Greening wants 3.5bn cut from the rail budget Pic: GETTY
BY MARION DAKERS
TRANSPORT
TRANSPORT
News
AT A GLANCE: RAIL REFORM
Timings
Transport secretary Justine Greening has
put out a consultation paper in response to
Sir Roy McNultys report into the sector
last year. She hopes to see 3.5bn cut from
the annual budget by 2019.
Peak fares could rise
Though the government wants to end
inflation-busting fares, plans to ease con-
gestion could include hiking prices during
rush hour to encourage off-peak travel.
Oyster-style tickets nationwide
The coalition set aside 45m last year to
expand smart ticketing in the south east,
and is now looking at a national scheme.
Devolved decisions
Savings can be made by forcing Network
Rail and the train operating companies to
work more closely together and take more
responsibilities, the government reckons.
In a separate announcement, Network
Rail said that former Ford boss Richard
Parry-Jones will be its new chairman as it
shakes up its corporate governance.
Franchises
Fourteen franchises including the West
Coast Main Line are up for renewal
between now and 2016, and the govern-
ment plans to pressure bidders to spell out
how they could cut costs. In return, they
will have more freedom to alter services.
INSURANCE giant Aviva beat expecta-
tions to announce a six per cent rise
in operating profits to 2.5bn, driven
by impressive earnings in its life
insurance division.
Chief executive Andrew Moss said
his strategy of focusing the group on
core products in just 12 key markets
was paying off but singled out the
British businesses for particular
praise: In the UK, which accounts for
approximately half our profits, we
have made good progress in our
ambition to be the undisputed mar-
ket leader.
However investors were disappoint-
ed that the firm will pay a dividend of
26 pence per share for 2011, an
increase of just two per cent: Its a
measured reaction to uncertainty in
the market in the last few months,
but a dividend at these levels is sus-
tainable and we expect it to grow
from here, explained Moss.
The firm also claimed that it has
overcome fears that its capital
reserves had been undermined by the
Eurozone debt crisis.
Aviva says that it held 3.3bn in
reserves as of 29 February, up from
2.2bn at the end of 2011.
It also boasted that it had added
413,000 car insurance customers, tak-
ing the total to two million.
Pre-tax profits dropped 96 per cent
to 87m, mainly due to writedowns
on the value of investments and a
726m hit from the divestment of
Dutch subsidiary Delta Lloyd.
Shares closed up 5.6p at 356.8p.
Aviva profits
jump thanks
to UK income
Schroders stock-picker goes
BLUE-chip money manager
Schroders capped one of the more
turbulent years in its two-century
history with the departure of its
chief investment officer.
Alan Brown, well-known for his
annual Crystal Ball prediction
evenings, will step down from his
post and from the board, the firm
said yesterday, as it reported a near-
halving in asset management per-
formance fees to 36.6m.
Schroders will not appoint a new
chief investment officer and four
divisional investment heads, cover-
ing equities, fixed income, multi
assets and emerging market debt,
will in future report directly to chief
executive Michael Dobson.
The firm said an injection of insti-
tutional money kept its net inflows
for 2011 positive against a backdrop
of turbulent markets.
Total net inflows were 3.2bn with
a 6.8bn net gain in institutional
money outpacing a net outflow of
3.8bn of retail client money.
The firm, whose origins go back to
1804, was hit last year by an invest-
ment in failed nightclub operator
Luminar as well as concern over the
level of government debt in devel-
oped nations and instability in the
Eurozone.
Yesterday, however, it posted a pre-
tax profit of 407.3m, slightly ahead
of its record performance in 2010,
when it made 406.9m.
It also named Andrew Beeson, cur-
rently an independent director, as
new chairman to succeed Michael
Miles.
BY JAMES WATERSON
INSURANCE
BY PETER EDWARDS
ASSET MANAGEMENT
News
Citi chief Pandit
rewarded with
$14.8m for 2011
CITIGROUP chief executive Vikram
Pandit finally got his payday. The
third biggest US bank company paid
Pandit $14.86m (9.38m) in 2011, com-
pared with a salary of $1 and no
bonus in 2010, according to a filing
with the Securities and Exchange
Committee.
The 2011 payout included salary of
$1.7m and cash supplemented by a
cash bonus of $5.3m and options val-
ued at $7.8m. In 2009, Pandits total
pay package was $128,751.
Pandits 2011 compensation recog-
nises his shepherding of Citigroup to
profitability after the bank was bailed
out by the government in 2008.
Citi, which had net income that
rose six per cent in 2011 to $11.1bn,
has had eight consecutive quarters of
profitability, the banks compensation
committee said in the companys
annual proxy statement.
While its profit rose six per cent
from 2010, the banks shares last year
plummeted 44 per cent.
The committee awarded annual
incentive compensation, in addition
to salary, to Mr Pandit for the first
time in four years in a manner com-
mensurate with his responsibilities
and the success of his implementation
of Citis long term strategies, the
proxy statement said.
BY HARRY BANKS
REMUNERATION
ANALYST VIEWS: CAN ANDREW MOSS

MAINTAIN AVIVAS GROWTH? Interviews by James Waterson
JONATHAN JACKSON | KILLIK & CO

The Aviva story is one of longer-term normalisation of earnings and
returns, through improved profitability, capital discipline and cash generation.
.Aviva is not going to be high growth in the short term, it is cheap on a price to
earnings basis and has a high dividend yield which is well covered. Buy.
KEVIN RYAN | INVESTEC

Aviva's fortunes are inextricably linked with the Eurozone. This current-
ly adds volatility to regulatory surplus capital, a disadvantage when the coverage
ratio is relatively thin. The catalyst for the stock will be the discovery of a lasting
solution to the Eurozone debt problems. Buy, target price of 517p.
MARCUS BARNARD | OMEGA

A better than expected set of results, with plenty for the bulls and
something for the bears. Bulls should focus on the operational cash generation of
2.1bn. Bears of the stock will focus on the growth in the dividend per share
which is up just two per cent. Buy, target price of 640p.
ANALYSIS l Aviva PLC

p
2Mar 5Mar 6Mar 7Mar 8Mar
365
370
360
355
350
356.80
8 Mar
Brown and out: Schroders investment chief will leave the firm Picture: GETTY
Aviva CEO:
Andrew
Moss
ALLIED Irish Banks said it has begun
talks with unions to axe 2,500 jobs,
500 higher than previously
announced, in the latest blow to the
countrys struggling workforce.
Allied Irish, which has been effec-
tively nationalised and saved from
collapse by emergency European
Central Bank funding, said yesterday
it would look to reduce its staff cost
base by 170m per year.
Half of the departures will be
finalised by the end of the year, it
added in a statement. Allied Irish had
said last year it would cut over 2,000
jobs during 2011 and 2012.
SALARIES at Asia-based financial serv-
ices firms are growing much faster
than their rivals in Europe and
America, research showed yesterday.
Insurance, finance and banking
firms in Asian hubs like Hong Kong
hiked base pay for executives by an
average of five per cent last year,
according to consultancy Mercer.
But while firms in Europe are shift-
ing more emphasis onto base salaries
in light of new bonus regulations and
capital requirements, the average
executive got a raise of less than two
per cent and a sizeable minority
were subject to a pay freeze.
Companies in the Americas were
slightly more generous, awarding an
average rise of 2.5 per cent.
Each region is on course for a simi-
lar rise in 2012. But many firms are
keen to prune staffing costs, with one
in three looking to change perform-
ance measures, and one in ten consid-
ering cutting maximum payouts.
More than 60 per cent of organisa-
tions froze salaries for their chief exec-
utives during 2011.
Mercer principal Sophie Black told
City A.M. the European figures broadly
reflect the state of City executive pay
packets.
Pay rises have been fairly flat in
the UK, in line with the rest of the EU.
Theres an acceptance that pay is driv-
en by company performance and by
regulation, and theres not much that
staff can do about that, she said.
I dont see bonus opportunities
being reduced, but because the per-
formance of the firms isnt there, the
payouts will inevitably fall.
However, she noted that Europe-
based bankers dont appear to be leav-
ing for Asia in large numbers.
Matthew Wilcox, director at finan-
cial recruiter Marks Sattin, added:
We have seen the range of bonuses
go on average from 20 to 40 per cent
down to zero to 40 per cent. In previ-
ous years, those people getting noth-
ing would be pretty much out of a job,
but now its becoming more common
that people keep on getting nothing,
and its more down to the economy.
But the top bankers are still being
rewarded well there is always a place
for big bonuses in the revenue gener-
ating business units.
Execs in Asia
get best pay
rises in world
Voted Britains favourite cofee shop
8ource. lu iudepeudeut surve]s of the British coffee shop market puolished iu 0ecemoer 2010 aud 0ecemoer 2011 o] Allegra 8trategies,
Costa was voted Britaiu's favourite coffee shop oraud. For more iuformatiou please visit www.costa.co.uk
)25 &2))(( /29(56
THE US Treasury yesterday priced its
$6bn (3.8bn) AIG offering at $29 a
share, allowing the Obama administra-
tion to break-even on its investment in
the insurer as it winds down bailout
programmes from the financial crisis.
The Treasury said it would sell
206.9m shares of AIG, reducing its
stake in the insurer to 70 per cent from
77 per cent. AIG has agreed to buy
103.4m shares about half the pro-
ceeds. The sale is part of efforts to exit
stakes in private companies and to
wind down the $700bn Troubled Asset
Relief Program established to protect
Wall Street during the crisis.
Treasury prices
AIG offering
Allied Irish job
cuts hit 2,500
BY MARION DAKERS
FINANCIAL SERVICES
BANKING
INSURANCE
News
The pay figures are only half the story
T
HERE is little doubt that compe-
tition for talent in financial
services remains as fierce as
ever. But that is naturally being
reflected differently in the dynamic
growing economies of the world ver-
sus the sclerotic old world.
Consultancy group Mercer reports
that execs in Asia can now expect a
real-terms pay rise of more than dou-
ble that of their rivals in Europe and
twice their American counterparts.
The disparity is likely to be even
more stark than Mercers research
suggests, because it excludes pay
freezes, which have become rather
popular in Europe of late.
European financial services firms
have also been trimming pay for sev-
eral years and are more likely to have
deferred pay plans vesting now from
fatter years, inflating their remuner-
ation figures.
In Asia, many banks are still going
on hiring binges, with runaway infla-
tion driving up costs as is consis-
tently reflected in financial results
for lenders like HSBC.
But as costs rise in Asia, revenues
dont necessarily follow: Dealogic
published data last year showing that
revenues had actually fallen for
investment banks in Asia.
But there are two key differences:
in Europe and the US, financial serv-
ices firms are boosting pay the most
for control and risk management
functions. They are also hiking base
salaries while trimming bonuses due
to regulation. Whereas in Asia, firms
can lure execs with large bonuses
and then cut costs more quickly if
they dont bring in profits.
There is at least one financial sec-
tor growing faster in Europe than
Asia however: regulation.
BOTTOMLINE
Analysis by Juliet Samuel
THE GLOBAL FINANCIAL SERVICES PAY GAP
AMERICAS
Base pay for execs
set to rise 2.5 per
cent this year
42 per cent of CEOs
to get a pay rise
ASIA
PACIFIC
Base pay set to rise
5 per cent this year
50 per cent of CEOs
to get a pay rise
EMEA
Base pay set to rise
less than 2 per cent
this year
29 per cent of CEOs
to get a pay rise
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ING has become the latest European
bank to launch a buyback of its own
debt in order to comply with EU regu-
lations.
The Dutch lender said it would ten-
der an offer for 2.6bn (2.2bn) of
securities to prepare its insurance
unit for a sale mandated by the
European Commission on competi-
tion grounds.
The bank needs to remove change-
of-control clauses in the terms and
conditions of the insurers debt that
could force it to give bondholders a
huge pay-out if it is sold.
Instead, the bondholders will be
offered instruments with the same
maturity and coupon payment but
their debt will be transferred to ING
Group, which has a better credit rat-
ing than its insurance units.
Like many of its European rivals,
ING is being forced to divest large
chunks of its business so as to reduce
its dominance.
It had planned an initial public
offering (IPO) for its Eurasian insur-
ance business and one for its
American equivalent. But the trou-
bled state of Europes capital markets
mean it has now decided to split up
the offering and opt for a straight sale
of its Asian and European businesses
separately.
But the bank is still planning an
IPO for its American insurance unit. It
has until the end of 2013 to get rid of
the assets.
ING launches
debt buyback
to sell insurer
www.blancpain.com
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BY JULIET SAMUEL
INSURANCE
BRITAINS Green Investment Bank

(GIB), designed to spur private sector
investment in low-carbon projects,
will be based in Edinburgh and
London, the government said yester-
day.
The headquarters of the GIB will
be located in Edinburgh, with its
main transaction team based in
London to enable a greater commer-
cial reach nationally than could be
achieved from one location, the gov-
ernments department for business
innovation and skills said in a state-
ment. Edinburgh has a thriving
green sector and respected expertise
in areas such as asset management.
London, as the worlds leading finan-
cial centre, will ensure that the GIBs
transaction team can hit the ground
running, said business secretary
Vince Cable.
Green Investment Bank will be
based in London and Edinburgh
POLITICS
THE VALUE of government work

going to small and medium sized
businesses (SMEs) is set to double to
6bn in this financial year, the cabi-
net office will announce today.
SMEs now undertake 13.7 per cent
of all government contracts by value,
up from 6.5 per cent just over a year
ago, the figures show.
Cabinet secretary Francis Maude is
due to give an update on SME
involvement in public sector work
today.
He will say nine companies includ-
ing Balfour Beatty, CapGemini and
Serco have signed up to the govern-
ments online subcontracting web-
site, which publishes the details of
contracts worth more than 10,000
in the name of transparency.
The government will also look at
ways to ensure smaller companies
are paid more quickly.
Progress has certainly been made
on opening up opportunities to SMEs
but we are neither at the beginning
nor the end of this process. And I
want you to keep testing the
strength of what were announcing
today and the new ways of working
were establishing, Maude will tell
business leaders today.
The government last year set a tar-
get that 25 per cent of government
spending with third party suppliers
should go to SMEs by March 2015.
SMEs are now winning 14pc
of all government contracts
BY MARION DAKERS
POLITICS
News
ING, led by Jan Hommen, needs to comply with new regulations Picture: REUTERS
ANALYSIS l ING

6.90
7.00
6.80
6.70
6.60
6.50
6.87
8 Mar
News
BROKER Panmure Gordon has sold
its loss-making US subsidiary to
management for a nominal sum as
it attempts to focus on its core UK
business.
Panmure aquired ThinkEquity in
2007, just before the financial crisis
but the current board feel that the
San Francisco-based firm is unlike-
ly to produce an acceptable level
of profitability in the foreseeable
future while remaining its sub-
sidiary.
The subsidiarys substantial loss-
es have been a constant drag on
group profits, unlike the British
arm which has made money in 18
of the last 20 years.
Disposing of the firm for a nom-
inal sum will mean that Panmure
Gordons year-end results due
later this month will make grue-
some reading for investors.
ThinkEquity had a goodwill
value of around 20m and
Panmure will also have to pay costs
associated with the disposal.
Market conditions have
changed beyond all recognition
since the acquisition of
ThinkEquity, and 2011 was again a
much more difficult year than we
had expected. It has failed to
achieve profitability, and in the
view of the board has a far greater
chance of success owned and man-
aged by the local management
under a partnership model, said
Ed Warner, chairman of Panmure
Gordon.
Panmure has also suffered from
a delay in a number of big invest-
ment banking deals that forced it
to issue a profit warning in
November 2011.
Shares in the firm closed down
3.5 per cent at 13.5p.
Panmure abandons
loss-making US arm
BY JAMES WATERSON
CAPITAL MARKETS
REGULATORS have banned George

McGregor, the former finance
director of Royal Liver Assurance
(RLA), for abusing his position and
in one case forging the signa-
ture of his chief executive.
However even though the
Financial Services Authority (FSA)
determined that his conduct mer-
ited a fine of 1,000,000 the regu-
lator reduced the sum to 109,000
due to McGregors full co-operation
with the investigation and because
it did not want to cause serious
financial hardship.
Between May 2009 and
November 2009 the former direc-
tor subverted his firms control sys-
tems by entering into contracts on
behalf of RLA with two companies
which were controlled by a former
employee of RLA.
McGregor then negotiated a
bonus for the former employee but
thought that the amount he had
agreed would not be approved by
RLAs Board.
McGregor therefore sought to
conceal the level of bonus by enter-
ing into the two contracts to pay
substantial sums to the former
employees companies.
This resulted in RLA paying at
least 3.6m to the firms and incur-
ring a possible contractual liability
of up to 18m.
Tracey McDermott, the FSAs act-
ing director of enforcement and
financial crime, said: McGregor
abused his position of responsibili-
ty and engaged in a dishonest,
deliberate and sustained course of
misconduct. McGregor failed to act
with integrity and is not a fit and
proper person to work in the finan-
cial services industry.
FSA issues 109,000 fine and bans
ex-Royal Liver Assurance director
CORPORATE GOVERNANCE
INTERNATIONAL WOMENS DAY MARKED AT STOCK EXCHANGE

MORE than 50 leading business women, including Anya Hindmarch, Ruth Rodgers and Helena Morrissey gathered at the London
Stock Exchange to ring the opening bell yesterday in celebration of International Womens Day. Deputy Prime Minister Nick Clegg
joined the business leaders at the ceremony, and said there was still a long way to go to achieve equality in society. There still arent
enough women breaking glass barriers, he said. Picture: Laura Lean / CITY A.M.
MANY companies praise their outgo-
ing boss as irreplaceable but in the
case of Richard Balfour-Lynn, who is
leaving the top of MWB after 30 years,
it appears to be true.
The property investment firm has
no immediate plans to replace Balfour-
Lynn, 58, (pictured), who yesterday
announced he will step down as chief
executive of MWB Group Holdings
at the end of the month.
It will rely instead on its
two divisional chief execu-
tives to run hotel chains
Malmaison and Hotel du
Vin and a serviced offices
business. They will
report to chairman
Eric Sanderson,
who yester-
day praised Balfour-Lynn as an excep-
tional entrepreneur.
Balfour-Lynn, who will retain his 10
per cent stake, said: This has been a
hard decision for me as I have been
with MWB Group most of my working
life. I will remain a committed and
supportive shareholder.
The entrepreneur set up Warwick
Balfour Properties, a central London
commercial and residential property
development and investment compa-
ny, in 1982 after graduating from City
of London Business School.
MWB followed 12 years later and
Balfour-Lynn now feels he wants a
break.
He will devote more time to his
Hush Heath wine estate, in Kent,
which aims to create English pink
sparkling wine to rival
the finest from
Champagne.
MWB boss toasts
exit for winery
after 30 years
BY PETER EDWARDS
PROPERTY
ANALYSIS l Panmure Gordon and Co PLC

p
13.50
14.00
13.00
12.50
13.50
8 Mar
A NEW breed of super shopper is
hunting down bargains and posting
tips on social networks, supermarket
chain WM Morrison said yesterday.
The chain, the UKs fourth largest
grocer, yesterday reported a profit of
947m in 2011 up 8.4 per cent on
the previous year. Chief executive
Dalton Philips attributed some of the
gains to professional shoppers who
were cooking from scratch. He said:
Weve been seeing [this] for the last
six, eight months or so. They are cus-
tomers who are spending to a specific
budget they are spending more
time cooking at home, so cooking
from scratch.
And they are shouting about the
bargains that they see out there,
going onto social media checking for
them and communicating them.
Despite the rise in profits and
record sales triggered by the opening
of 34 new stores, the company urged
caution on 2012 particularly as cus-
tomers have been hit by higher petrol
prices. Excluding fuel, sales were up
1.8 per cent. The company, which has
seen its market share edge up, said its
fresh food was selling well despite
Tesco expanding its range.
Meanwhile the chain said that
basic food prices soared with wheat
up 32 per cent. The general econom-
ic outlook combined with the fiercely
competitive market will provide fur-
ther challenges, said Hargreaves
Lansdown analyst Richard Hunter.
WM Morrison
aided by hunt
for bargains
CARREFOUR, Europes top retailer,
slashed its dividend and investment
plans yesterday in anticipation of
another tough year of shoppers cut-
ting spending in austerity-hit southern
Europe and in its core French market.
The worlds second-biggest retailer
behind Wal-Mart halved its dividend to
preserve cash and put its plan to revive
its European hypermarkets on hold.
Carrefour, posting a 19 per cent
drop in 2011 profits in the last set of
results under outgoing boss Lars
Olofsson, said yesterday it was halting
conversions to its new Carrefour
Planet hypermarket format beyond
2012 because the results so far had fall-
en short of expectations.
This will allow the group to focus on
a more immediate plan to lower prices
to lure back shoppers who cut back on
purchases of discretionary non-food
items and accelerate its expansion in e-
commerce.
In 2012, we will capitalise on our
strengths while exercising strict cost
and cash discipline to adjust to the
environment in which we are operat-
ing, chairman and chief executive
Olofsson said.
Carrefour made an operating profit
of 2.18bn (1.8bn) in 2011. It also
halved its dividend to 0.52, worse
than the 0.72 expected by analysts.
Carrefour puts
stop to growth
plan for Europe
BY JOHN DUNNE
RETAIL
RETAIL
News
MCDONALDS yesterday reported
global February sales that missed
Wall Streets target as analysts under-
estimated the impact of Europes
harsh winter and economic upheaval
on sales.
McDonalds saw a 7.5 per cent gain
in February sales at global restau-
rants open at least 13 months, below
average analyst estimates of 7.7 per
cent. Europe, which just edges out
the US as McDonalds biggest market
for revenue, saw sales rise four per
cent, below expectations for a six per
cent increase.
The company also warned that eco-
nomic uncertainty could have an
impact on profit growth, sending its
shares down more than three per
cent. These challenges are expected
to impact the companys first-quarter
operating income growth,
McDonalds said in a statement.
McDonalds wary as cold
weather weighs on sales
McDonalds, led by Jill McDonald in the UK, faces economic headwinds
BY HARRY BANKS
LEISURE
ANALYSIS l WM Morrison Supermarkets PLC

p
296
294
292
290
288
286
284
282
289.70
8 Mar
CINEWORLD has big plans for the year
ahead after a string of blockbusters
took pre-tax profits up 10 per cent to
33.4m in 2011, on 1.5 per cent
increased revenues of 348m.
Box office takings at the UKs top
cinema chain grew 2.7 per cent to
242.1m as 48.3m people (up 2.3 per
cent) walked through its doors.
But while the film industry is with-
standing economic headwinds, cine-
ma-goers are spending less on popcorn
and drinks. Retail sales making 23
per cent of total revenues were flat at
81.6m as spend per person fell 4p.
People are tightening their belts,
Cineworld chief executive Steve
Wiener told City A.M. But nothing is
getting cheaper these days, and if we
bring down food and drink prices well
have to make it up on the ticket price.
Despite a slow start to 2012 and the
expected hit from this summers
major sporting events, Cineworld is
bullish about the year ahead.
There will be so many more people
in the UK for the Olympics some will
have free time. And with the new Twi-
light and Bond films, the second half
of this year will be big, Wiener said.
The group plans to extend The
Screening Rooms, its upmarket premi-
um cinema, despite a sluggish start
since its June launch in Cheltenham.
And after its attempt to purchase a
Spanish cinema group fell through,
Cineworld has its eye on Europe for
another opportunity for international
expansion. Wiener worked across
Europe for Warner Bros, so we would-
nt be going in blindly, he said.
Profit growth
for Cineworld
on hit movies
BY LAUREN DAVIDSON
ENTERTAINMENT
News
Fender guitars are a favourite of rock stars including the Rolling Stones Ronnie Wood
FENDER Musical Instruments, whose
guitars have been used by music leg-
ends Jimi Hendrix, Eric Clapton,
Ronnie Wood and Pink Floyds David
Gilmour, filed with regulators yester-
day to raise up to $200m (126.3m) in
an initial public offering (IPO).
Formed in the 1940s by Leo Fender,
Fender was the first to mass-produce
solid-body Spanish-style electric gui-
tars. It was sold to television network
CBS in 1965.
When CBS started selling off its
non-media businesses, then-Fender
chief executive William Schultz
teamed up with some of the compa-
nys international distributors and
bought out the company in 1984.
Schultz and his family trust still
own about six per cent of Fender,
according to its filing with the
Securities and Exchange Commission.
Private equity firm Weston Presidio
owns a 43 per cent stake.
JP Morgan, Baird, Stifel Nicolaus
Weisel and Wells Fargo Securities
would be underwriting the offering,
Fender said in the filing. The compa-
ny plans to use about $100m of the
proceeds to pay off debt. The compa-
ny, which had net sales of $700.6m in
the fiscal year ended 31 January, said
it plans to apply for a listing on
Nasdaq under the symbol FNDR.
Guitar legend
Fender files for
US flotation
CAPITAL MARKETS
ANALYSIS l Cineworld Group PLC

p
215.0
212.5
210.0
207.5
205.0
202.5
200.0
207.25
8 Mar
THE OWNERS of Croydons 1.2m
square foot Whitgift shopping mall
will next week announce their pre-
ferred bidder for the hotly contested
redevelopment of the centre.
Westfield, Grosvenor, Lend Lease
and Hammerson are all vying for con-
trol of the mall, which is being revived
as part of Croydons wider regenera-
tion scheme.
Westfield was initially seen as the
frontrunner for the job after entering
exclusive talks with the Whitgift foun-
dation, the centres freeholder, howev-
er Hammerson is also seen as a strong
contester for the site.
LONDONS hotel sector is set to surge
by 3.9 per cent this year as the
Olympics and the Queens diamond
jubilee help to bolster overseas and
domestic tourist demand, according to
Savills.
The real estate adviser said the UK
hotel sector attracted 1.5bn of invest-
ment in 2011, up 0.8 per cent from the
previous year, with 68 per cent of this
focused on London and the south east.
Robert Seabrook, Savills joint head
of hotels, said that while lack of debt
financing remained the biggest chal-
lenge to investment in 2012, the lure
of the London trophy asset would
continue to attract overseas investors
and drive growth.
Last year the five-star Sanderson and
St Martins Lane hotels were snapped
up by the Middle Eastern Capital Hill
for 192m while the W Hotel in
Leicester Square was sold for 200m to
the Qatari conglomerate Al Faisal
Holdings.
And just last week Dublin-based
property developer Harcourt
Developments put its five-star, 158-
suite Wyndham Grand hotel at
Chelsea Harbour on the market for
80m.
While foreign buyers have flocked
in to buy prime assets, Savills said UK
institutions have focused their atten-
tions on the budget sector.
Of their 430m net investment in
2011, 73 per cent of this was in budget
hotels, their research shows.
Marie Hickey, associate director of
Savills research, added: Operational
performance is a big area of concern
for investors with independent
research showing room profit declines
in both London and the regions, how-
ever the Olympics and Diamond
Jubilee will no doubt provide a boost
to London performance this year.
Savills Valuation Index shows hotel
capital values in London increased by
9.8 per cent last year, with regional
hotels reporting a 3.7 per cent fall.
The so-called trophy asset sub-mar-
ket reported the greatest growth of 6.8
per cent.
Earlier this week, law firm DLA
Piper published a more negative out-
look survey on the European Hotel
secor, reporting that 84 per cent of
investors and owners think that the
hospitality market will see little or no
growth in the next 12 months.
Olympics will
lend boost to
London hotels
300 INSURANCE
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years complimentary servicing or 50,000 miles, whichever comes rst, and includes a maximumof four services. Complimentary servicing covers the manufacturers
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rst), and will Guarantee the vehicle is free from material and manufacturing defects (mechanical and electrical items only, excludes items which can be expected to
wear). Road Tax: *Jazz/11YM Insight - monetary amount equivalent to the cost of Road Tax (Vehicle Excise Duty) for the rst three years of the vehicles life will be
paid at time of purchase at the prevailing rates of First Year and Subsequent Year VED. CR-V - monetary amount equivalent to the cost of Road Tax (Vehicle Excise
Duty) for the rst year of the vehicles life will be paid at time of purchase at the prevailing rate. Insurance contribution: Monetary amount of 300 will
be paid at time of purchase as a contribution to insurance costs. Honda Aspirations (PCP): Indemnities may be required in certain circumstances.
Finance is only available to persons aged 18 or over, subject to status. All gures are correct at time of publication but may be subject to change. Credit
provided by Honda Finance Europe PLC, 470 London Road, Slough, Berkshire SL3 8QY. You do not have to pay the Final Payment if you return the car at the end
of the agreement, you have paid all other amounts due, the vehicle is in good condition and has been serviced in accordance with the Honda service
book and the maximum permitted mileage of 10,000 per annum has not been exceeded. LOVE HEARTS , SWIZZELS MATLOW LTD.
Scan me to see
the latest offers
THE FOUNDERS of property invest-
ment company Squarestone have
raised 100m of equity to develop mid-
tier housing in central London.
Robert Sloss and Tim Barlow have
set up Hub Residential with the aim of
providing funding to stalled develop-
ment sites in zones one and two of
the tube line.
Sloss told City A.M. that 85 per cent of
the funding was raised from a private
overseas family that has traditionally
invested in central London super-
prime residential. The remainder has
come from Hubs directors and long-
term investors in Squarestone.
Squarestone
raises 100m
Croydon mall
to select bidder
BY KASMIRA JEFFORD IN CANNES
PROPERTY
PROPERTY
PROPERTY
GERMAN postal and logistics group

Deutsche Post said yesterday its profit
halved in 2011 despite growth in its
revenues.
Operating profit grew 32.8 per cent
to 2.4bn (2bn), but net profit fell
54.2 per cent due to the fact that 2010
figures were inflated by the compa-
nys sale of Postbank.
Deustche Post sold its final 24.7 per
cent stake in its retail banking unit to
Deutsche Bank in 2010, adding
4.7bn to its balance sheet.
The company estimated that with-
out this comparative net profit would
have risen by 50 per cent last year.
Commenting on prospects for the
current year, Deutsche Post said that
against the background of a moder-
ately growing global economy, we
expect to produce further gains in
revenues and earnings.
Postbank weighs
on Deutsche Post
SUPPORT SERVICES
Londons only all-

suite five star
hotel the
Wyndham Grand
at Chelsea
Harbour is on
the market for
80m
News
News
SHAREHOLDER hopes of a lucrative
bidding war for GlobeOp jumped yes-
terday after US financial software
provider SS&C Technologies suggested
making a cash offer that would beat
an agreed bid from private equity
house TPG Capital.
SS&C proposed making a 485p a
share offer for the hedge fund admin-
istrator, whose independent directors
have said they would be willing to rec-
ommend it. Shares in GlobeOp, which
is based in London and New York,
closed up 5.95 per cent at 485.25p.
TPG, a US giant with $49bn of assets
under management, responded by
urging shareholders to take no
action. It highlighted the fact SS&C
has not made a formal offer and is still
carrying out due diligence.
Last month TPG, which is trying to
build a presence in the business of
servicing the $2 trillion hedge fund
industry, agreed a 435p cash offer
valuing GlobeOp at 508m. Analysts
now see that figure as too low.
SS&C, part- owned by private equity
firm Carlyle, began due diligence in
January on GlobeOp, which adminis-
ters $173bn in client assets.
Analysts at Collins Stewart said:
The ball is now back in TPGs court;
we think that there is a good chance
that it will improve on the SS&C pro-
posed offer possibly at the magical
500p level although in theory it
would only have to match 485p and
add the element of certainty which is
thus far lacking from SS&C... GlobeOp
represents an attractive strategic
asset.
SS&C moves
to join fight
for GlobeOp
ANHEUSER-Busch InBev, the worlds
largest brewer, beat expectations for
profit growth in the fourth quarter,
it said yesterday, and forecast that
consumers in its two main markets
the US and Brazil would be drink-
ing more in 2012.
The brewer of Budweiser, Stella
Artois and Becks, reported a 12.2 per
cent like-for-like rise in core profit
(Ebitda) in the final three months of
2011 to $4.2bn (3.5bn), clearly above
the $4.14bn average expectation in a
poll.
The brewer said it was also propos-
ing a 50 per cent increase in its divi-
dend to 1.20, below the 1.34 aver-
age forecast.
AB InBev has held down dividend
payouts in the years since InBevs
$52bn (33bn) takeover of Anheuser-
Busch in 2008 as it concentrated on
clearing debt.
The company said volumes in the
US had been encouraging in the first
two months, helped by mild weath-
er, early signs of a recovery in con-
sumer confidence and better than
expected results from its new lager,
Bud Light Platinum.
It said it expected softer ship-
ments in the second quarter, but
more favourable shipments in the
other three quarters.
In Brazil, the 7.5 per cent mini-
mum wage increase is expected to
help boost drinking.
AB InBev said it expected its vol-
umes to grow in 2012, after a year
when its volumes were flat due to
price hikes. The brewer warned cost
of sales per hectolitre would increase
by a mid single-digit percentage, due
to the sharp rise in the price of bar-
ley, but said nonetheless revenue per
hectolitre should grow ahead of
inflation. AB InBev is the last of the
big four brewers to report figures
through to the end of 2011.
EADS expects a record
year but warns on China
EADS, the worlds biggest passenger
plane maker, has doubled its dividend
and forecast record sales next year, fol-
lowing an 87 per cent rise in net
income to 1.03bn in 2011.
But outgoing chief executive Louis
Gallois complained that political
meddling from Germany and China
was impeding its progress.
Gallois said Berlin had pressured it
to keep operations in Germany, while
China has threatened to cancel orders
in protest at European carbon taxes.
Almost half of its orders came from
Asia Pacific last year, 11 per cent from
North America and seven per cent
from Europe.
The French owner of Airbus said
underlying earnings should rise sig-
nificantly this year to around
2.5bn, compared to 1.7bn in 2011.
It was a record year for Airbus
orders, with the firm delivering 558
planes, and 570 expected this year.
Airbuss commercial order book
grew 25 per cent to 475.5m
(398.6m), putting it way ahead of
rival Boeing, which reported a back-
log of $296bn (187bn) in January.
Revenues rose seven per cent to
49.1bn last year, propelled by civil
aviation orders. But revenues from
defence fell six per cent to 11.6bn as
governments reined in spending.
Stella brewer predicts 2012
growth after strong quarter
BY PETER EDWARDS
M&A
AIR FRANCE-KLM yesterday warned

that a soaring fuel bill would hit prof-
its this year after it swung to a loss in
2011 and scrapped its dividend.
The Franco-Dutch airline posted an
operating loss of 353m (296m) for
2011, compared with a profit of 28m
in the previous year, reflecting a
904m hike in its fuel bill, it said.
With fuel costs expected to
increase by 1.1bn in 2012, Air France-
KLM said operating profit in the first
half of the year would be below the
level seen this time last year.
The economic outlook remains
uncertain while the fuel price
remains at a record level in euros,
the company said.
But results in the second half of
2012 should benefit from the first
effects of its three-year turnaround
plan, it added, without giving a spe-
cific forecast.
Davy analyst Joshua Goldman said:
The company delivered results below
our expectations and below consen-
sus Overall, the company has set an
ambitious plan. In our view, it will be
challenging to implement the full
plan.
Air France-KLM
posts a loss on
fuel price pain
CONSUMER
TRANSPORT
TRANSPORT
COLIN FIRTH HANDED FREEDOM OF THE CITY

ACADEMY award winning actor Colin Firth was yesterday handed the Freedom of the City
of London in a ceremony at the Guildhall. Firth, who starred in the famous BBC adaptation
of Pride & Prejudice, was rewarded for services to acting. Picture: Laura Lean / CITY A.M.
recession years when there was an
abundance of parties in hillside vil-
las which often finished in the gut-
ters; when scantily clad models
draped over exhibition stands, and
over sofas at the Majestic and
Martinez hotels.
Most agreed publicly, at least, that
those days were best left behind and
replaced with more serious business.
Vincent Tchenguiz was conspicu-
ously absent after much talk of the
property tycoon making a return
this year. His arrest by the SFO on the
day he was due to host his bash
aboard his 10m yacht the Veni Vidi
Vici provided much of the thrill at
MIPIM last year.
Once meetings were tied up, the
cocktail hour began with happy
hour at the BNP Paribas real estate
tent and lawyers Hogan Lovells host-
ing their annual party with a big
band made up of none other than
their own real estate and litigation
dispute partners playing rock n roll
classics. Who knew such talent lay
hidden under the suits? British Land
boss Chris Grigg and Peter Pereira
Gray, managing director of the
Wellcome Trust both turned up for a
tipple.
Super-prime property celebrity
Nick Candy (right) was spotted at
Barclays, Grant Thornton and Nick
Cowells brother of X-factors
Simon Cowell party at the
Vegaluna Plage on Tuesday.
NICK CANDY JOINS THE
PARTY SET AT CANNES
A
FTER a subdued and more sombre start to MIPIM, the annual proper-
ty conference in Cannes, the mood began to pick up on Wednesday,
the second and busiest day, as the weather brightened and investors
began to talk more positively, albeit cautiously about the outlook for
real estate this year.
The sun graced Cannes in time for Cushman & Wakefields lunchtime
beach party where real estate executives such as Hammersons chief execu-
tive David Atkins and British Lands head of London Portfolio Tom Elliott
hobnobbed, drank wine and discussed, amongst more heavyweight topics
the lack of boats and Ferraris this year at MIPIM.
Agents and fund managers talked if not a little nostalgically of the pre-
The Capitalist
Got A Story? Email thecapitalist@cityam.com
WHERE IS BARNABUS?
So here we have our last shot of Barnabus and
congratulations to the lucky reader who guessed
that he was off to visit The Queen for tea and
scones at Buckingham Palace! For those of you who
weren't so lucky there is still time to buy your
tickets to The Gaucho International Polo taking
place at The O2 Arena, a unique event which will
bring an Argentine festival to London, uniting high-
octane polo interspersed with the music with one of
Latin Americas most acclaimed bands, Bajafondo,
a tasting of the country's finest wines and
glamourous afterparty. Come along and you won't
have to ask the question Where's Barnabus
anymore. Tickets are available at
www.gauchopolo.com.
However, the hottest event in town
was an exclusive party at the Villa
l'Abri in the hills hosted by US invest-
ment managers W.P Carey.
Partygoers told The Capitalist of
women dressed as Picasso-style
inspired mermaids splashing in the
pool it wouldnt be business at
MIPIM without at least some play
after all.
QR SCAN HERE
ftfftI.tem
FINANCE, LEGAL & I.T.
SALARIES UP TO
250K 1000
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JOBS
WWW.CITYAMCAREERS.COM

I t f f t f .

. m e t .

Economics
CUTS to benefits will hit
families with children the
hardest, with the average
family set to lose hun-
dreds of pounds a year
under current planned
changes, a report
showed yesterday.
Family incomes will
fall by 0.6 per cent in real
terms in the coming finan-
cial year slower than the 2.8
per cent fall this year and the
3.7 per cent last financial
year, according to the
Institute for Fiscal
Studies (IFS).
The report is based
on planned cuts, which may change
if George Osborne (pictured) tweaks
spending in the budget.
Planned reforms will hit incomes
by a total of 4.1bn, or an aver-
age of 160 per household, in
2012-13 before rising to
9.8bn, or 370 per house-
hold, the following year.
This can be added to indi-
rect tax rises, such as January
2011s VAT rise, which totals
another 12.8bn or 480
per household per year,
and an overall take-
away from fami-
lies of 3.9bn
in 2011-12.
T h e
m a j o r
d e m o -
graphic group who will lose the
most from this set of reforms is
households with children, said the
reports author Robert Joyce, stress-
ing that those on lower incomes
will be hit hardest.
This is a damning analysis of the
choices this out of touch govern-
ment has made as they raise taxes
and cut spending too far and too
fast, said Labours Rachel Reeves.
How can we be all in this togeth-
er when the banks have got a tax
cut this year, while people on low
and middle incomes are being hit
hard and families with children
hardest of all?
A Treasury spokesman said the
government is raising the threshold
at which workers begin paying
income tax helping the lowest paid.
Families set to lose
from benefit cuts
BY TIM WALLACE
UK ECONOMY
THE BANK of England held interest

rates again yesterday, extending
the period at which they have been
at a record low to three full years.
The Monetary Policy Committee
(MPC) also decided to leave its asset
purchase programme unaltered, as
the 50bn in quantitative easing
(QE) announced last month contin-
ues to be implemented.
QE began in March 2009, the
same meeting which saw interest
rates cut to 0.5 per cent.
The MPC does not pre-commit
to future policy moves, said
Nomura economist Philip Rush
in contrast to the Fed, which has
indicated rates will remain low,
possibly for years to come.
Mervyn King still has a couple
more months before the next step
has to be decided upon and we
expect the MPC to be disappointed
by the pace of growth.
We forecast an additional
25bn of QE to be announced in
May.
However that downbeat analysis
is not certain to unfold, and other
economists predict no more QE.
A double-dip recession in the
UK now looks unlikely, and the loss
in output seen in the fourth quar-
ter of last year should be more than
recovered in the first quarter, said
Chris Williamson from Markit.
The Banks next forecast for eco-
nomic growth will therefore proba-
bly be revised up, albeit cautiously,
reflecting the improved economic
data so far this year, but so will the
forecast for inflation, due to oil
prices. Given this scenario, the
MPC therefore looks set to sit on its
hands and not change policy for
the foreseeable future.
Interest rates at record low for three
years as Bank of England holds policy
UK ECONOMY
NEWS | IN BRIEF
US joblessness rises once more
The number of Americans filing new
claims for jobless benefits rose last
week, a government report showed yes-
terday, but not enough to change per-
ceptions that the labour market was
strengthening. Initial claims increased
8,000 to a seasonally adjusted 362,000,
the Labor Department said. Even with
the increase, claims are still near their
lowest in four years.
Japan shrinking more slowly
Japan's economy shrank less than initial-
ly estimated in the fourth quarter, as
companies ramped up spending, sup-
porting oil prices. The revision to GDP
showed a 0.2 per cent contraction as
companies look to an increase in
demand due to reconstruction of the
country's tsunami-battered northeast
coast. However, the countrys trade bal-
ance swung further into the red as ener-
gy imports jumped.
British banks performing well
A new report from ratings agency
Standard and Poors argues British
banks have made good progress in
strengthening their balance sheets, and
are set to grow slowly but steadily in
the coming years. The stand-alone
credit profiles of our rated UK banks
remain adequate, predominantly in the
A minus to triple-B range, the agency
said.
THE FRENCH economy is looking
weak with employment falling and
new forecasts suggest it will not grow
in the first three months of 2012.
However, Germany is on a reason-
ably strong footing, according to
industrial production data out yester-
day.
The final quarter of 2011 saw
French non-farm payrolls fall by 0.1
per cent a drop of 22,600 jobs, statis-
tics agency INSEE reported.
Over the year as a whole 67,300 jobs
were created, led by an 81,300 rise in
service sector jobs but dragged down
by a fall of 2,100 in industry and
11,900 in construction.
Employment had been recovering
since the downturn in 2008-09 but
now seems to be slowing again, said
Barclays Capitals Fabrice Montagne.
Looking ahead, we see further
room for stabilisation but little scope
for improvement as growth is expect-
ed to remain low.
The Bank of France confirmed it
expects no growth in the first quarter
of the year, and its industrial senti-
ment survey fell one point to 95 in
February firmly below its long-term
average of 100.
Meanwhile German industrial pro-
duction outperformed expectations,
growing by 1.6 per cent in January,
bouncing back from the 2.6 per cent
contraction seen in December.
The rebound was broad based, with
growth of 1.4 per cent in manufactur-
ing, 1.7 per cent in energy and 4.3 per
cent in construction, which econo-
mists believe means the economy
should keep growing in the coming
months.
French GDP grinds
to halt as German
growth holds up
BY TIM WALLACE
EUROZONE
Greek finance minister Evangelos Venizelos has a rocky road ahead Picture: GETTY
www.RateSetter.com Customer Phoneline: 08442490115
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ROSETTE TYERS | ALPHA CONNECT CONSULTING
I think that Greece is still going to have problems. I dont think
you can find a solution that quickly. It is going to take time to
fix it.
ADRIAN WELLS | PRUPIM
Greeces problems are not going to go away that quickly and
the underlying issues will carry on. I think it will just cheer up
the markets for a bit.
RACHEL DALTON | INCISIVE MEDIA
There are definitely going to be continued troubles for Greece.
People are not just going to accept the bond swap, and the violence
and riots are going to continue.
* These views are those of the individuals below and not necessarily those of their company
CITY VIEWS: DO YOU THINK GREECES TROUBLES
ARE OVER?* Interviews by Kendal Gapinski
MINER Xstrata, which has agreed to a merger with trader
Glencore, expanded its coking coal operations in
Canadas British Columbia yesterday with the $500m
(316.6m) purchase of assets from oil explorer Talisman
Energy.
Xstrata has been building its presence in the Peace
River coalfield, in northern British Columbia, since
acquiring First Coal last August. The miner said it would
pay cash for Talismans Sukunka deposit in a deal set to
close this month. Sukunka, a hard coking coal deposit, is
adjacent to Xstratas existing licenses and tenements in
the area and has a coal resource of 236m tonnes in the
measured and indicated categories.
BALFOUR Beatty, Britains largest con-
tractor, yesterday posted a nine per
cent rise in full-year profit as growth
at its professional services and infra-
structure units helped offset weak-
ness at its British and US construction
businesses.
Balfour, which operates in some 80
countries and offers a range of infra-
structure services, revealed an under-
lying pre-tax profit of 334m on
revenues three per cent higher at
9.49bn. The company, which recent-
ly handed over the Aquatics Centre
for the London 2012 Olympics,
increased the full year dividend by
nine per cent to 13.8 pence, but
warned that the outlook was mixed.
Looking ahead, we are cognisant
of some near-term challenges ... but
our ongoing programmes to achieve
cost efficiency and to recycle capital
in our investments business were suc-
cessful in 2011, and we plan to accel-
erate them, the company said in a
statement.
We have confidence that these
programmes will underpin perform-
ance. This should ensure that we
make progress in 2012.
Balfour said profit improved in pro-
fessional services, support services
and infrastructure investments in
2011, although construction services
profit was lower, primarily as a result
of declining margins in US construc-
tion.
Services help
to lift Balfour
Beatty profit
Xstrata in $500m deal
to expand coking coal
BY HARRY BANKS
CONSTRUCTION
MINING
News
London 2012 IMAGE OF THE WEEK
The ArcelorMittal Orbit, designed
by Anish Kapoor and now the
UKs largest piece of public art,
continues to take shape next to
the Olympic Stadium. This weeks
image was sent in by Andy
Wilkes, a contractor on the site
and a BT Olympic storyteller.
Photo: Andy Wilkes
Between now and the start
of the Olympics, City A.M. is
publishing its Olympic Image
of the Week. If you have a
shot you think our readers
will like, please email pic-
tures@cityam.com with
IOW2012 in the subject line.
Full details:
cityam.com/london-2012
OLYMPIC SITE | ORBIT
Balfour Beatty chief executive Ian Tyler says he expects progress in 2012
ANALYSIS l Balfour Beatty PLC
p
290
285
280
275
270
265
283.80
8 Mar
PREMIER Oils Bluebell exploration well in the North Sea
will be plugged and abandoned after the project was hit
by technical difficulties, the UK explorer said yesterday.
The next exploration wells to be drilled in the region
are the Stingray and Carnaby wells. Both wells are
planned for the commencement of drilling in early April
with results expected in May.
The company said it had also made some progress with
prospects in Pakistan.
Premier Oil chief executive Simon Lockett said: We
recognised the geological risks of the Bluebell prospect
and farmed down prior to drilling to manage this expo-
sure.
Premier Oil abandons
its North Sea oil well
OIL
Guardian Financial Services

The closed fund life assurance con-
solidation group has hired Andrew
Birrell as chief financial officer. Prior
to joining Guardian Financial
Services, which is owned by Cinven,
Birrell was the group risk and actu-
arial director at Old Mutual, where
he worked in the South African life
insurance industry. Birrell is also a
fellow of the Institute and Faculty of
Actuaries. Birrell will be helping the
company develop and grow the
Guardian business.
Michelmores
The law firm has appointed Paul
Paling and Dennis Lee as new staff
members in its London office. Paling
has joined the firm as partner and
will lead the commercial property
team. Paling was previously a part-
ner at Nabarro and has over 25
years of property experience. Lee has
been appointed as an associate in its
technology, media and communica-
tions team. Lee formerly worked at
Silverman Sheriker as head of intel-
lectual property. The firm also
announced it will move its London
office to 48 Chancery Lane.
TRG Post Trade Services
The post trade consulting service has
recruited Darren Pearson to join its
team as a principal consultant.
Pearson previously worked as a capi-
tal markets professional for organi-
sations such as Deutsche Bank,
Lehman Brothers, and Nomura
where he worked with a wide range
of traded products and post-trade
disciplines. He will be responsible for
helping the company deal with regu-
latory change in the industry.
Aberdeen Asset Management
The specialist asset management
company has announced the senior
appointments of Charles Macgregor
and Thu Ha Chow. Macgregor will
oversee credit research for the com-
pany in Asia as head of credit
research Asia Pacific. Previously,
Macgregor worked at Aviva
Investors Asia as senior vice presi-
dent in charge of Asian credit
research. Chow is joining the firm as
a senior credit analyst, where he will
focus on proprietary credit research.
Chow transferred from the groups
London office.
CITY MOVES | WHOS SWITCHING JOBS Edited by Kendal Gapinski
+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
Greece helps US
regain weeks loss
U
S stocks rose yesterday, recover-
ing most of the weeks losses,
after Greece moved closer to a
bond swap with private credi-
tors to avoid a messy default.
Earlier in the week, the S&P 500
posted its first big loss for the year on
fears of a disorderly default in
Greece. Now it is down just 0.3 per
cent for the week, and yesterdays
advance was led by shares in the
materials and industrial sectors.
Greece was able to convince
enough private bondholders to
accept a restructuring last night,
moving it closer to unlocking aid
needed to avoid a disruptive default.
Todays move is based on the
assumption that the Greek deal is
resolved. But this is an important
week, as we still have the jobs report
due tomorrow, said Jack DeGan,
chief investment officer at Harbor
Advisory Corp in New Hampshire.
Expectation for Fridays US jobs
data are for a net gain of 210,000 jobs
in February. An unexpected rise in
new US weekly jobless claims yester-
day was not enough to change per-
ceptions that the labour market was
strengthening a major catalyst in
the current rally.
As long as it comes in line with
forecast, or even a little bit lower, it
will strengthen the current upward
trend, DeGan said.
Apple shares jumped 2.1 per cent
to $541.99. Analysts said Apple will
continue to retain the lions share of
the tablet market as its new 4G-
enabled iPad readies for competition
from Windows 8-based products, and
a cheaper iPad 2 takes on Amazons
popular Kindle Fire.
An S&P index of basic materials
stocks shot up 1.6 per cent, leading
the S&P 500s advance. The
Reuters/Jefferies CRB commodities
index rose 0.6 per cent, shifting into
positive mode after four straight
down sessions.
The Dow Jones industrial average
gained 70.61 points, or 0.55 per cent,
to 12,907.94 at the close. The
Standard & Poors 500 Index rose
13.28 points, or 0.98 per cent, to
1,365.91. The Nasdaq Composite
Index advanced 34.73 points, or 1.18
per cent, to close at 2,970.42.
Coach, the luxury leather goods
retailer, hit a record high of $78.22
after the overall positive tone of a
presentation at a Bank of America
conference. The stock later eased, but
it still ended up 4.6 per cent at
$76.79.
American International Group fell
3.9 per cent to $28.31 after the US
Treasury priced its $6bn offering of
AIG stock at $29 a share.
B
RITAINS top share index
recorded its biggest daily rise in
over a month yesterday, boosted
by optimism about the US eco-
nomic outlook as well as the outcome
of Greeces debt negotiations,
although charts indicated that
momentum could falter.
Cyclical stocks, which tend to per-
form in tandem with economic
growth, rose as US jobless claims data
showed labour market conditions in
the worlds largest economy were
improving, raising expectations
ahead of non-farm payrolls data due
today. This has boosted some opti-
mism that todays jobs report may
also come in strong, with current
expectations for a rise of 210,000 non-
farm payrolls, said Joshua Raymond,
chief market strategist at City Index.
Construction materials, industrial
metals and engineering stocks all
rose by 2.9 to 3.9 per cent, also helped
by talk that China, the worlds sec-
ond-largest economy and the largest
consumer of basic resources, was
about to ease its monetary policy to
stimulate demand after cutting its
GDP growth goal earlier this week.
Also supporting sentiment were
signs that Greece was nearing a debt-
swap agreement with its private cred-
itors ahead of last nights deadline.
The deal would allow Athens to
avoid a messy default that could leave
larger economies such as Italy and
Spain in need of financial help.
The FTSE 100 index rose 68.32
points, the most since 3 February, to
end the day 1.2 per cent higher at
5,859.73 points, having traded 93 per
cent of its 90-day volume average.
Anglo-French property developer
Hammerson topped the chart, rising
5.5 per cent in volume that was more
than twice the average, with traders
citing the impact of a read-across
from the sale of a stake in French
shopping mall peer Klepierre by BNP
Paribas.
Given Hammersons French expo-
sure, this Klepierre deal is sure to pro-
vide a boost to valuations and
sentiment for the UK-listed firm, one
London-based trader said.
Wm Morrisons also outperformed,
rising 1.7 per cent in volume that was
nearly triple its average after the food
retailer posted forecast-beating full-
year earnings.
Traders and technical analysts said
the market could be ripe for some
profit-taking in the coming days as
recent catalysts faded and charts
pointed to faltering momentum.
A lot of people rally ahead of the
actual deal, and once the deal comes
the market comes off, Trevor Coote,
head of equity sales at Alexander
David Securities, said.
My feeling is the market will drift
off: the Greek deal will probably go
ahead, but then what else can push
the market higher?
He said he was waiting for the FTSE
100 to fall as low 5,620, driven by a
correction in recent outperformers
such as miners, before he would buy
back into the market.
Charts on the index pointed to
limited downside for the coming
week, Philippe Delabarre, a technical
analyst at Trading Central in Paris,
said, adding the index was likely to be
heading towards support levels at
5,755 and 5,710.
The 20-day simple moving average
is turning down, and the daily RSI
(relative strength index) has broken
below a significant horizontal sup-
port at 52, Delabarre said.
Delabarre, however, did not expect
the declines to be imminent, saying
the FTSE could hit highs of 5,870 or
even 5,905 in the very short term
before turning lower.
FTSE books biggest rise for a
month as optimism increases
THELONDON
REPORT
THENEW YORK
REPORT
BEST OF THE BROKERS
To appear in Best of the Brokers email your research to notes@cityam.com
ANALYSIS l ARM Holdings PLC
570
560
550
540
p
569.00
8 Mar
ARM HOLDINGS
Morgan Stanley has upgraded the Cambridge-based chipmaker from equal-
weight to over-weight with a target price of 650p. The broker says fears of
Intel taking market share and uncertainties around Windows8 mean the
companys shares have been underperforming, and that the risks to earnings
remain firmly on the upside. Morgan Stanley also says that ARMs semicon-
ductor IP business model is the most robust in the European tech sector.
ANALYSIS l Cobham PLC
210
205
200
195
190
p
209.40
8 Mar
COBHAM
JP Morgan has upgraded the aerospace and defence group from under-
weight to neutral and increased its target price from 189p to 224p, after
strong 2011 results led to a six to seven per cent upgrade in the brokers
earning expectations for 2012 and 2013. The debasing of the dividend per
share to 8p makes a share buyback less likely, in the brokers view, with
management stating a clear preference for M&A.
ANALYSIS l RPS Group PLC
235
230
225
220
p
233.60
8 Mar
RPS GROUP
Numis has downgraded the multidisciplinary consultancy from buy to add
and raises its target price from 227p to 255p following a strong recent per-
formance by the shares. Following final results slightly above expectations,
the broker makes slight changes to its forecasts by lifting 2012 earnings per
share by 1.5 per cent. The broker sees particularly positive momentum in
energy, which now delivers more than half of group profits.
5,950
5,850
5,875
5,900
5,775
5,800
5,825
5,925
ANALYSIS l FTSE
5,859.73
8 Mar
AFC Energy
The developer of low-cost alkaline fuel cell tech-
nology has announced the appointment of Sir
John Sunderland as non-executive director of the
company. Sunderland has spent 40 years in lead-
ership roles, best known as the former chief exec-
utive and later as chairman of Cadbury
Schweppes. Currently Sunderland is a non-execu-
tive director of Barclays Bank, an adviser to CVC
Capital Partners, and chairman of the manage-
ment board of Merlin Entertainment Group. He is
also a fellow of the Royal Society of Arts.
News
T
HE GREEK private sector involvement
(PSI) plan, the process under which
banks and other bondholders will take
losses, last night claimed sufficient
take-up for collective action clauses (CAC) to
be triggered, which would force all holders of
Greek law bonds into the restructuring plan.
If CACs are triggered this morning, where
does this leave Greece?
The answer is, unfortunately, not in a much
better position. Firstly, even with the use of
CACs, Greece may still not be able to get the
level of participation in its restructuring (95
per cent) which it needs to meet even the
EU/IMF/ECB troikas incredibly optimistic
path for debt sustainability. This is because
there could still be some holdouts by owners
of Greek bonds issued under foreign law an
issue which will not be settled for another
month. Furthermore, the Greek banking sec-
tor will need to be recapitalised since its capi-
tal base, consisting largely of Greek bonds,
will be depleted. The troika publicly says this
will cost 23bn (19.3bn). However, our esti-
mates, and those in a recently-leaked troika
debt sustainability analysis (DSA), put the fig-
ure closer to 50bn. After this deal, questions
over the health of the Greek banking sector
will abound.
Most importantly though, even if the 95
per cent participation rate is met and the
banks are returned to some semblance of sta-
bility, this is still a terrible deal for both
Greece and Eurozone taxpayers. It has sown
the seeds of a major political and economic
crisis at the heart of Europe, further threaten-
ing the stability of the Eurozone.
This would, perhaps, have been acceptable
were it not for one nagging detail: this plan
will not save Greece.
Of the total 282.2bn currently on offer to
rescue the stricken country through the
bailouts and various forms of ECB and central
bank intervention Greece will only receive
159.5bn, or 57 per cent. The rest will go to
banks and other bondholders to cushion the
blow of the complex PSI scheme. In fact, to
gain the 100bn writedown from private
bondholders, Greece will have to take on an
additional 86bn in debt giving a small
amount of debt relief, most of which is
spread well into the future. Following the
restructuring, Greeces debt-to-GDP ratio will
still be 161 per cent, a reduction of only 2 per
cent compared to current levels, and Athens
will almost certainly continue to miss its debt
and deficit targets over the next few years.
Under the proposals, the total level of budg-
et cuts Greece is expected to undergo stands
at 20 per cent of GDP by 2013. The cuts are
deeper and faster than any country has
attempted successfully or otherwise in liv-
ing memory. For example, the extensive fiscal
consolidation seen in Ireland during the
1980s and 1990s totalled 10.6 per cent. Unlike
Irelands task, Greece does not have the
option of currency devaluation, meaning that
the whole adjustment burden will fall on the
Greek population (via internal devaluation).
The latest figures put total unemployment at
21 per cent, with youth unemployment at 51
per cent that is before Greece has even come
close to finishing its fiscal consolidation and
structural reform. Further increases in unem-
ployment are a certainty, but it is far from
clear what the resulting negative social and
economic impacts will be.
Looking at these figures, it is clear that
Greece will inevitably need either another
bailout or be forced to default on its outstand-
ing debt. But heres the kicker: in a few years
time, there will barely be any banks or other
bondholders left to foot the bill from a Greek
default. It will fall almost entirely on taxpay-
ers.
At the start of this year, 36 per cent of
Greeces debt was held by taxpayer-backed
institutions (ECB, IMF, EFSF). By 2015, follow-
ing the PSI and the second bailout, the share
could increase to as much as 85 per cent,
meaning that Greeces debt will be over-
whelmingly owned by Eurozone taxpayers.
These facts point to one painful conclusion:
Europe is probably on course for a major
political shock. Taxpayers in Germany,
Finland and the Netherlands will not take
kindly to having to pay (and see their debt
and deficits increase), as Greek loan guaran-
tees are turned into Greek losses. The Greek
people will feel cheated that they suffered
years of tough austerity only to see the coun-
try hit the iceberg anyway. This combination
of ill-feeling and injustice will surely set the
scene for another political and economic cri-
sis which could run right to the core of the
Eurozone.
This deal has, at best, just bought the
Eurozone some more time. If it is ever to sur-
vive and prosper, from now on Eurozone lead-
ers will have to use that time much more
effectively.
Raoul Ruparel is the head of economic research for
Open Europe.
18
The Forum
CITYA.M. 9 MARCH 2012
This has sown the seeds
of a major political and
economic crisis in Europe
Disaster stalks triumph for
Greece as debt deal leaves
Eurozone taxpayers at risk
cityam.com/forum
RAOUL RUPAREL
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.
19
The Baker bank
reform bill offers
an alternative to
state intervention
A Parliamentary
blueprint to end
banking hazards
S
TEVE Baker MP has proposed a private
members bill, the Financial Institutions
(Reform) Bill, calling for radical reforms
to the banking system and an end to
state involvement in banking. Baker is co-
founder of the Cobden Centre, a free-market
institute advocating the restoration of sound
banking and honest money, and is the
Conservative MP for Wycombe.
His proposals are no less than a free market
blueprint for resolving the financial crisis.
A key provision of the bill is to make bank
directors strictly liable for bank losses and to
require them to post personal bonds as addi-
tional bank capital. These measures reaffirm
and extend unlimited personal liability for
bank directors, which has long been on the
statute books but has proven hard to enforce
due to the (increasingly difficult) need to prove
negligence. Strict liability removes this need
and rules out it wasnt my fault excuses
from bank directors: if it happens on their
watch, they will be liable.
The bill also calls for bonus payments to be
deferred for five years. Any reported bank loss-
es would be covered first by the bonus pool,
then by directors personal bonds, and only
afterwards by shareholders.
These measures give decision-makers strong
incentives to ensure responsible risk-taking as
their own wealth would be at risk: they could
no longer expect rewards for failure.
This would rein in rampant moral hazards
in banking, restore strong corporate gover-
nance and risk management, and end the cur-
rent bankers social contract, in which
rewards for risk-taking are privatised but loss-
es are dumped on others, often the taxpayer.
The bill also proposes a tough bank solvency
standard. For a bank to be regarded as solvent,
its core capital (defined as shareholder capital
plus directors personal bonds plus the out-
standing bonus pool) must be at least 3 per
cent of its assets. This definition is more con-
servative and less easy to manipulate than the
Tier I capital of the current Basel regime. Any
bank that fails to meet this solvency standard
would automatically be put into receivership.
In addition, the bill calls for the government
to propose a fast-track receivership regime for
insolvent banks, and to produce a timetable
for ending all state involvement in the bank-
ing system. This would end all bailout support,
all lender of last resort support, all public
shareholdings in banks, all central bank hold-
ings of bank assets and state-supported deposit
insurance. Future state intervention in the
banking system would be prohibited.
Among other measures, the bill calls for
accounts to be prepared using the old UK
Generally Accepted Accounting Principles,
governed by Companies Act legislation. This
would end various accounting shenanigans
associated with International Financial
Reporting Standards, such as the manufacture
of fake profits and the failure to disclose
expected losses and promised future bonuses.
The Baker bill is controversial. However, its
provisions are defensible and it opens a debate
around issues of liability and moral hazard
that we urgently need to have. If not the Baker
bill, what alternative would work better?
Kevin Dowd is the co-author of Alchemists of Loss:
How modern finance and government intervention
crashed the financial system.
Struggling youth
[Re: Mortgage time-bomb UKs top
threat, yesterday]
I agree that rates will go up in the
future, but when will they stop ris-
ing? If rates go up to 7 per cent,
those who took out mortgages 10
years ago will generally manage.
Its the younger generation who
will get hit hardest. Those who
took out mortgages at the height
of the boom will struggle to sur-
vive and many properties will be
pushed into negative equity.
Annabell Brun
False promise
What does our wonderful govern-
ment do in these circumstances?
It doesnt encourage people to
deleverage ahead of the crisis. It
encourages more borrowers into
artificially low rates by guarantee-
ing 95 per cent loan-to-value
loans. When interest rates go up,
house prices will decline and this 5
per cent equity will disappear.
Therell be even more foreclosures
than there wouldve been without
this policy.
Mike Fitzroy
Speak your mind
The Forum is open for you to
take part. Got a sharp comment
on one of todays columns or
rapid response topics? Do you
have another subject relating to
business and the economy you
want to share your opinion on?
We want to hear your views.
Readers are invited to comment
on the web: cityam.com/forum;
by email: theforum@cityam.com;
and on Twitter: @cityamforum.
The best responses will be
reprinted in The Forum.
RAPID RESPONSES
KEVIN DOWD
BY MARC SIDWELL
The Forum
I
F YOURE going on a
diet, youd better
start with a sugary
drink. Thats the
counterintuitive mes-
sage of Willpower, a fas-
cinating new book by
Roy Baumeister and
John Tierney exploring
the biochemistry of self-control. Baumeister and
Tierney argue, based on a considerable body of exper-
imental research, that the ability to resist temptation
takes considerable energy in other words, the
willpower to resist calorie-laden food can only come
from the consumption of calories in the first place.
This surprising truth doesnt just matter for those
of us with a KitKat Chunky habit we cant shift the
ability to defer gratification, it turns out, is one of the
most powerful predictors of success in life that we
have. A 32-year study of 1,000 New Zealanders
found that the capacity for self-control in childhood
was highly correlated with adult behaviour. Those
with low childhood scores often had difficulty man-
aging money and credit in later life and were more
often addicted to alcohol or drugs. Old-fashioned lec-
tures about the importance of building character in
the young are apparently on the money after all.
Happily, if you were the sort of child to grab for an
experimental marshmallow rather than nibble the
radish of prudence, there is still hope. Baumeister
and Tierney show that self-control can be under-
stood as a muscle, not only in needing energy to per-
form, but in its ability to be strengthened through
exercise. Its not too late: you can take your flabby
willpower to the gym.
That said, the evidence also points to the need to
conserve your strength. Just as you wouldnt run a
marathon before trying to lift weights, the
strength/muscle theory of willpower suggests that if
you are facing hard choices, its best not to have to
face them all at once. The more decisions you take in
a row, the worse they are likely to get. As with resist-
ing the tasty snack, good decisions are hard work for
the brain. So-called decision fatigue means that
back-to-back meetings could end up being costly for
you or your company.
Greater understanding of how to hack human
frailty for the better is always welcome, and never
more so than now, when we clearly need all the help
we can get to return to a more disciplined way of life.
Yet for all the insight these findings offer into human
psychology, perhaps its worth extrapolating them
onto the behaviour of nations, too. After all, as the
Western debt burden shows, nations have proved far
worse than individuals in their ability to make deci-
sions for the long term.
What would thinking of government decisions this
way mean? Well, if regular exercise is the key to
healthy self-control, then practising restraint even in
good economic times makes more sense than relying
on crash diets when things turn bad. If hard deci-
sions take energy, and the energy for political deci-
sions is popular support, then we need a political
culture that cultivates a steady supply of that energy
rather than turning the public mind into the emotion-
al equivalent of junk food, all sickly sweet highs and
sudden crashes of interest half an hour later. But
most of all, if decisions are so hard to make well then
perhaps the best lesson of all would be for the state
to make fewer of them. If we find them hard to get
right for ourselves, what chance has the man from
the ministry got of doing any better?
Marc Sidwell is the business features editor for
City A.M.
Taking fewer decisions
is the smartest choice
Email: theforum@cityam.com
Twitter: @cityamforum
In association with
20
Wealth Management | Markets
LON GD ONCE FIX AM...........1701.50 19.00
SILVER LDN FIX AM ..................33.60 0.31
MAPLE LEAF 1 OZ ....................36.34 0.32
LON PLATINUM AM................1644.00 24.00
LON PALLADIUM AM...............691.00 16.00
ALUMINIUM CASH .................2172.00 -30.00
COPPER CASH ......................8260.00 -75.00
LEAD CASH...........................2039.50 -28.50
NICKEL CASH......................18770.00 75.00
TIN CASH.............................22445.00 -230.00
ZINC CASH ............................1986.50 -21.00
BRENT SPOT INDEX................123.19 0.54
SOYA .....................................1321.50 -8.25
COCOA..................................2310.00 -6.00
COFFEE...................................188.40 -4.55
KRUG.....................................1759.80 17.30
WHEAT ....................................165.25 0.00
AIR LIQUIDE........................................97.93 1.98 100.65 80.90
ALLIANZ..............................................88.29 1.40 107.45 56.16
ANHEUS-BUSCH INBEV ....................52.75 1.85 52.75 33.85
ARCELORMITTAL...............................14.92 0.40 26.40 10.47
AXA......................................................11.98 0.15 15.97 7.88
BANCO SANTANDER...........................6.18 0.18 8.42 4.94
BASF SE..............................................64.88 1.87 70.22 42.19
BAYER.................................................54.68 1.35 59.44 35.36
BBVA......................................................6.52 0.22 8.81 4.94
BMW ....................................................69.20 0.93 73.85 43.49
BNP PARIBAS.....................................37.00 1.34 55.44 22.72
CARREFOUR ......................................17.72 0.10 28.86 14.66
CRH PLC .............................................15.65 0.56 17.03 10.28
DAIMLER.............................................46.18 2.14 53.95 29.02
DANONE..............................................52.38 0.83 53.16 41.92
DEUTSCHE BANK..............................35.47 1.49 45.37 20.79
DEUTSCHE BOERSE .........................47.97 0.96 57.68 35.65
DEUTSCHE TELEKOM.........................8.65 0.12 11.38 7.88
E.ON.....................................................16.92 0.17 23.58 12.50
ENEL......................................................2.87 -0.17 4.86 2.78
ENI .......................................................17.59 0.37 18.18 11.83
FRANCE TELECOM............................11.18 0.16 15.98 10.92
GDF SUEZ ...........................................19.82 0.35 28.98 17.65
GENERALI ASS...................................12.78 0.20 16.44 10.34
IBERDROLA..........................................4.36 0.03 5.95 4.16
INDITEX ...............................................67.85 0.88 70.15 50.92
ING GROEP CVA...................................6.87 0.30 9.50 4.21
INTESA SANPAOLO.............................1.50 0.04 2.27 0.85
KON.PHILIPS ELECTR.......................15.33 0.30 24.10 12.01
L'OREAL..............................................88.88 2.11 91.24 68.83
LVMH..................................................130.00 4.05 132.65 94.16
MUNICH RE.......................................108.15 1.70 120.60 77.80
NOKIA....................................................3.81 -0.02 6.36 3.33
REPSOL YPF.......................................19.67 0.32 24.90 17.31
RWE.....................................................35.05 0.74 48.28 21.15
SAINT-GOBAIN...................................35.00 0.91 47.64 26.07
SANOFI ................................................57.50 0.89 58.08 42.85
SAP......................................................51.80 1.01 51.82 32.88
SCHNEIDER ELECTRIC.....................51.00 2.17 61.83 35.00
SIEMENS .............................................74.69 1.35 99.39 62.13
SOCIETE GENERALE.........................24.67 0.89 49.47 14.32
TELECOM ITALIA..................................0.86 0.00 1.15 0.70
TELEFONICA ......................................12.58 0.19 18.34 12.32
TOTAL..................................................42.07 0.58 44.49 29.40
UNIBAIL-RODAMCO SE...................149.60 4.95 162.95 123.30
UNICREDIT............................................4.08 0.07 12.44 2.20
UNILEVER CVA...................................25.34 0.29 27.16 20.90
VINCI ....................................................39.19 0.80 45.48 28.46
VIVENDI ...............................................14.05 0.21 21.37 13.54
VOLKSWAGEN VORZ ......................141.05 4.25 152.20 86.40
Price Chg High Low
EUSHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 5859.73 68.32 1.18
FTSE 250 INDEX. . . . . . . . 11458.36 171.22 1.52
FTSE UK ALL SHARE . . . . 3039.39 36.48 1.21
FTSE AIMALL SH . . . . . . . . 805.32 9.83 1.24
DOWJONES INDUS 30 . . 12907.94 70.61 0.55
S&P 500 . . . . . . . . . . . . . . . 1365.91 13.28 0.98
NASDAQ COMPOSITE . . . 2970.42 34.73 1.18
FTSEUROFIRST 300 . . . . . 1074.79 16.34 1.54
NIKKEI 225 . . . . . . . . . . . . . 9768.96 192.90 2.01
DAX 30 PERFORMANCE. . 6834.54 163.43 2.45
CAC 40 . . . . . . . . . . . . . . . . 3478.36 86.03 2.54
SHANGHAI SE INDEX . . . . 2420.28 25.48 1.06
HANG SENG. . . . . . . . . . . 20900.73 272.95 1.32
S&P/ASX 20 INDEX . . . . . . 2475.80 0.00 0.00
ASX ALL ORDINARIES . . . 4262.20 0.00 0.00
BOVESPA SAO PAOLO. . 66908.39 891.63 1.35
ISEQ OVERALL INDEX . . . 3237.51 88.88 2.82
STRAITS TIMES . . . . . . . . . 2904.76 -1.93 -0.07
IGBM. . . . . . . . . . . . . . . . . . . 838.48 15.86 1.93
SWISS MARKET INDEX. . . 6153.93 51.39 0.84
Price Chg %chg
3M........................................................86.71 1.24 98.19 68.63
ABBOTT LABS ...................................57.49 1.23 57.74 46.29
ALCOA ..................................................9.77 0.22 18.47 8.45
ALTRIA GROUP..................................30.46 0.36 30.58 23.20
AMAZON.COM..................................187.64 3.87 246.71 160.59
AMERICAN EXPRESS........................52.95 0.68 54.45 41.30
AMGEN INC.........................................67.80 0.85 70.00 47.66
APPLE...............................................541.99 11.30 548.21 310.50
AT&T....................................................31.00 0.12 31.94 27.27
BANK OF AMERICA.............................8.06 0.04 14.70 4.92
BERKSHIRE HATAW B.......................78.87 0.05 86.47 65.35
BOEING CO.........................................74.17 0.65 80.65 56.01
CATERPILLAR..................................110.28 2.00 116.95 67.54
CHEVRON .........................................110.03 0.57 110.99 86.68
CISCO SYSTEMS................................19.68 0.27 20.49 13.30
CITIGROUP.........................................34.00 0.76 46.90 21.40
COCA-COLA.......................................69.27 0.48 71.77 61.29
COMCAST CLASS A..........................29.62 0.38 29.92 19.19
CONOCOPHILLIPS.............................77.22 0.20 81.80 58.65
CVS/CAREMARK................................45.21 0.50 45.39 31.30
DU PONT(EI) DE NMR........................51.08 0.85 57.50 37.10
EXXON MOBIL....................................84.83 -1.00 88.13 63.47
GENERAL ELECTRIC.........................19.03 0.26 20.85 14.02
GOOGLE A........................................607.14 0.34 670.25 473.02
HEWLETT PACKARD.........................24.64 0.28 43.28 19.92
HOME DEPOT.....................................47.82 0.43 48.07 28.13
IBM.....................................................199.81 2.04 201.19 151.71
INTEL CORP .......................................26.84 -0.07 27.50 19.16
J.P.MORGAN CHASE.........................40.44 0.49 47.80 27.85
JOHNSON & JOHNSON.....................64.85 0.55 68.05 55.76
KRAFT FOODS A................................37.91 0.08 39.06 24.30
MC DONALD'S CORP ........................96.96 -3.22 102.22 72.89
MERCK AND CO. NEW......................37.40 0.09 39.43 29.47
MICROSOFT........................................32.01 0.17 32.44 23.65
OCCID. PETROLEUM.......................100.86 0.97 117.89 66.36
ORACLE CORP...................................30.07 -0.15 36.50 24.72
PEPSICO.............................................62.95 0.33 71.89 58.50
PFIZER ................................................21.46 0.09 22.17 16.63
PHILIP MORRIS INTL .........................84.62 0.55 85.43 60.45
PROCTER AND GAMBLE ..................66.90 0.32 67.77 56.57
QUALCOMM INC ................................63.32 0.60 63.81 45.98
SCHLUMBERGER ..............................75.82 1.12 95.53 54.79
TRAVELERS CIES..............................57.10 0.23 64.17 45.97
UNITED TECHNOLOGIE ....................83.53 0.96 91.83 66.87
UNITEDHEALTH GROUP...................55.61 1.22 56.16 41.27
VERIZON COMMS ..............................39.22 0.35 40.48 32.28
VISA CL A..........................................117.97 2.33 119.36 70.45
WAL-MART STORES..........................59.77 -0.09 62.63 48.31
WALT DISNEY CO ..............................42.02 0.27 44.13 28.19
WELLS FARGO & CO.........................31.40 0.99 32.97 22.58
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 ..................0.262 0.00
LIBOR Euro - 12 months ................1.530 -0.01
LIBOR USD - overnight...................0.141 0.00
LIBOR USD - 12 months.................1.055 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 0.02
European repo rate.........................0.133 0.00
Euro Euribor ....................................0.319 -0.01
The vix index ...................................17.87 -1.20
The baItic dry index ........................798.0 11.0
Markit iBoxx...................................242.97 -0.64
Markit iTraxx..................................135.51 -5.67
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
USSHARES
BAE Systems . . . . . .314.1 4.2 340.8 248.1
Chemring Group . . . .421.0 10.0 736.5 368.8
Cobham . . . . . . . . . . .209.4 -0.3 236.5 165.9
Meggitt . . . . . . . . . . . .399.1 11.8 400.2 304.9
QinetiQ Group . . . . . .150.0 0.1 153.2 101.5
RoIIs-Royce HoIdi . . .832.5 19.5 834.5 557.5
Senior . . . . . . . . . . . . .193.0 2.5 201.0 132.6
UItra EIectronics . . .1736.0 42.0 1752.0 1305.0
GKN . . . . . . . . . . . . . .211.4 4.9 245.0 157.0
BarcIays . . . . . . . . . . .240.7 1.7 308.9 138.9
HSBC HoIdings . . . . .556.0 5.3 667.2 463.5
LIoyds Banking Gr . . .34.4 0.1 62.4 21.8
RoyaI Bank of Sco . . .26.4 0.2 44.4 17.3
Standard Chartere .1564.5 9.0 1690.0 1169.5
AG Barr . . . . . . . . . .1157.0 -21.0 1395.0 1031.0
Britvic . . . . . . . . . . . . .383.9 5.3 444.0 289.9
Diageo . . . . . . . . . . .1523.5 13.0 1528.5 1112.0
SABMiIIer . . . . . . . . .2616.0 48.0 2622.0 1979.0
AZ EIectronic Mat . . .288.5 4.0 338.1 206.1
Croda Internation . .2181.0 32.0 2200.8 1556.0
EIementis . . . . . . . . . .184.1 6.5 187.4 107.5
Johnson Matthey . .2325.0 70.0 2351.0 1523.0
Victrex . . . . . . . . . . .1330.0 22.0 1590.0 1025.0
YuIe Catto & Co . . . . .212.2 9.0 253.0 148.0
C/$ 1.3263 0.0111
C/ 0.8382 0.0028
C/ 108.12 1.3834
/C 1.1931 0.0039
/$ 1.5824 0.0080
/ 129.01 1.2545
FTSE 100
5859.73
68.32
FTSE 250
11458.36
171.22
FTSE ALLSHARE
3039.39
36.51
DOW
12907.94
70.61
NASDAQ
2970.42
34.73
S&P 500
1365.91
13.28
Smith (DS) . . . . . . . . .180.4 7.4 183.4 113.3
Smiths Group . . . . .1076.0 23.0 1352.0 869.5
Brown (N.) Group . . .235.5 2.0 304.5 227.0
Carpetright . . . . . . . . .601.0 -11.0 765.0 375.0
Debenhams . . . . . . . . .70.1 -1.2 74.8 51.2
Dignity . . . . . . . . . . . .812.0 7.0 854.5 690.0
Dixons RetaiI . . . . . . .14.5 -0.1 19.9 9.4
DuneImGroup . . . . . .494.0 10.2 524.5 383.9
HaIfords Group . . . . .304.7 -1.1 405.9 268.6
Home RetaiI Group . .104.1 0.9 228.5 72.5
Inchcape . . . . . . . . . .369.4 4.4 425.4 268.1
JD Sports Fashion . .780.0 4.0 1030.0 570.0
Kesa EIectricaIs . . . . .69.0 0.5 151.4 60.2
Kingfisher . . . . . . . . .278.5 1.1 287.1 217.0
Marks & Spencer G . .352.8 1.3 402.2 301.8
Next . . . . . . . . . . . . .2722.0 -9.0 2810.0 1868.0
Sports Direct Int . . . .280.5 0.0 296.1 179.6
WH Smith . . . . . . . . . .535.5 8.5 559.0 433.8
Smith & Nephew . . . .627.0 5.0 718.5 521.0
Synergy HeaIth . . . . .829.0 7.0 981.0 808.0
Barratt DeveIopme . .141.9 4.0 149.2 67.5
BeIIway . . . . . . . . . . . .804.0 9.0 820.5 540.5
BerkeIey Group Ho .1363.0 6.0 1394.0 960.0
BaIfour Beatty . . . . . .283.8 18.3 353.6 214.6
CRH . . . . . . . . . . . . .1308.0 45.0 1687.0 1053.0
GaIIiford Try . . . . . . . .602.0 7.0 609.5 332.8
Kier Group . . . . . . . .1215.0 20.0 1489.0 1097.0
Drax Group . . . . . . . .515.0 -1.5 581.5 371.9
SSE . . . . . . . . . . . . . .1290.0 -3.0 1423.0 1184.0
Domino Printing S . .661.0 5.0 701.5 434.3
HaIma . . . . . . . . . . . . .396.3 9.6 429.6 306.3
Laird . . . . . . . . . . . . . .189.5 2.8 207.0 127.9
Morgan CrucibIe C . .345.9 7.8 360.0 224.0
Oxford Instrument .1156.0 0.0 1175.0 600.5
Renishaw . . . . . . . . .1375.0 6.0 1886.0 800.0
Spectris . . . . . . . . . .1760.0 49.0 1773.0 1039.0
Aberforth SmaIIer . . .633.0 2.0 714.0 494.0
AIIiance Trust . . . . . .370.8 3.8 392.7 310.2
Bankers Inv Trust . . .419.6 3.0 428.0 346.5
BH GIobaI Ltd. GB .1191.0 -4.0 1212.0 1058.0
BH GIobaI Ltd. US . . . .12.0 0.1 12.2 10.4
BH Macro Ltd. EUR . . .19.6 0.0 20.2 16.3
BH Macro Ltd. GBP 2037.0 -19.0 2078.0 1661.0
BH Macro Ltd. USD . . .19.5 -0.3 20.2 16.2
BIackRock WorId M .706.0 8.0 815.5 574.5
BIueCrest AIIBIue . . .164.5 -0.1 176.2 160.6
British Assets Tr . . . .126.1 -0.9 139.4 109.0
British Empire Se . . .442.7 3.0 533.0 404.0
CaIedonia Investm .1538.0 14.0 1800.0 1337.0
City of London In . . .297.9 3.9 306.9 257.0
Dexion AbsoIute L . .138.2 0.6 150.7 130.0
Edinburgh Dragon . .251.2 3.1 253.0 201.4
Edinburgh Inv Tru . . .491.1 1.1 497.0 414.9
EIectra Private E . . .1671.0 1.0 1755.0 1287.0
F&C Inv Trust . . . . . .310.6 3.4 327.9 261.5
FideIity China Sp . . . . .83.6 -0.3 114.3 70.0
FideIity European . .1121.0 21.0 1287.0 912.0
HeraId Inv Trust . . . . .510.5 -2.0 545.5 419.0
HICL Infrastructu . . . .119.2 0.2 121.3 112.7
Impax Environment .101.3 -0.2 125.4 88.5
John Laing Infras . . .109.8 0.3 110.6 103.8
JPMorgan American .934.5 5.5 940.5 721.5
JPMorgan Asian In . .198.9 1.3 244.0 170.1
JPMorgan Emerging .559.0 2.5 610.5 480.1
JPMorgan European .724.0 9.0 983.5 624.0
JPMorgan Indian I . . .370.5 2.5 459.0 313.1
JPMorgan Russian .586.0 9.0 741.0 415.1
Law Debenture Cor . .377.5 1.1 386.4 321.0
MercantiIe Inv Tr . . .1019.0 10.0 1119.0 823.0
Merchants Trust . . . .381.4 4.4 431.8 341.5
Monks Inv Trust . . . .335.9 1.7 367.9 298.1
Murray Income Tru . .669.0 15.5 673.0 568.0
Murray Internatio . . .978.0 3.0 991.5 818.5
PerpetuaI Income . . .268.4 -0.5 276.0 236.5
PersonaI Assets T .34880.0 40.0 35350.030210.0
PoIar Cap TechnoI . .375.7 -1.1 389.2 299.5
RIT CapitaI Partn . . .1211.0 -9.0 1360.0 1173.0
Scottish Inv Trus . . . .483.6 3.7 524.0 417.0
Scottish Mortgage . .686.0 11.0 781.0 565.0
SVG CapitaI . . . . . . . .274.0 -1.6 281.4 165.1
TempIe Bar Inv Tr . . .946.5 13.5 960.0 791.0
TempIeton Emergin .613.0 3.0 684.5 497.0
TR Property Inv T . . .152.3 1.8 206.1 136.2
TR Property Inv T . . . .67.7 -0.5 94.0 59.8
Witan Inv Trust . . . . .487.6 5.0 533.0 401.5
3i Group . . . . . . . . . . .191.6 1.4 307.5 166.9
3i Infrastructure . . . .122.1 -0.3 125.2 113.4
Aberdeen Asset Ma .248.3 1.7 265.8 167.8
Ashmore Group . . . .383.5 4.7 420.0 301.5
Brewin DoIphin Ho . .162.5 0.5 176.5 113.7
CameIIia . . . . . . . . . .9750.0-125.010950.08800.0
CharIes TayIor Co . . .128.5 -2.5 165.0 115.6
City of London Gr . . . .66.0 0.0 93.6 61.3
City of London In . . .361.3 -2.9 440.0 304.3
CIose Brothers Gr . . .755.5 2.0 875.0 590.0
CoIIins Stewart H . . . .98.3 1.0 99.3 48.5
F&C Asset Managem .71.3 0.3 82.7 56.1
Hargreaves Lansdo .466.6 4.8 646.5 402.5
HeIphire Group . . . . . . .2.3 0.2 16.5 1.4
Henderson Group . . .116.8 0.3 173.1 95.1
Highway CapitaI . . . . .13.0 0.0 21.0 7.0
ICAP . . . . . . . . . . . . . .397.7 3.3 541.5 311.6
IG Group HoIdings . .459.1 2.4 502.5 393.6
Intermediate Capi . . .271.5 5.7 345.0 197.9
InternationaI Per . . . .245.4 0.9 388.8 148.5
InternationaI Pub . . .120.4 0.6 121.5 108.6
Investec . . . . . . . . . . .402.0 4.8 522.0 318.4
IP Group . . . . . . . . . . .115.0 1.0 116.0 36.0
Jupiter Fund Mana . .249.7 7.6 328.7 184.9
Liontrust Asset M . . . .96.0 6.1 96.0 57.9
LMS CapitaI . . . . . . . . .59.0 0.4 64.8 54.0
London Finance & . . .19.5 0.0 23.5 18.2
London Stock Exch .898.0 14.5 1076.0 756.5
Lonrho . . . . . . . . . . . . .11.5 0.5 19.8 8.9
Man Group . . . . . . . . .141.8 -4.3 280.8 104.5
Paragon Group Of . .183.8 1.3 206.1 134.6
Provident Financi . .1137.0 21.0 1140.0 915.0
Rathbone Brothers .1231.0 3.0 1290.0 977.0
Record . . . . . . . . . . . . .10.8 -0.1 35.5 10.3
RSM Tenon Group . . . .8.4 -0.3 44.8 5.6
Schroders . . . . . . . .1550.0 -11.0 1906.0 1183.0
Schroders (Non-Vo .1235.0 0.0 1554.0 970.0
TuIIett Prebon . . . . . .326.0 -2.1 428.6 262.3
WaIker Crips Grou . . .40.5 0.0 51.5 40.0
BT Group . . . . . . . . . .216.2 4.7 217.8 161.0
CabIe & WireIess . . . .33.0 0.4 51.2 31.3
CabIe & WireIess . . . .34.2 0.7 72.6 14.2
COLT Group SA . . . .101.1 1.2 154.0 84.1
KCOM Group . . . . . . . .69.5 0.0 84.0 58.5
TaIkTaIk TeIecom . . .142.7 2.9 150.0 118.9
TeIecomPIus . . . . . . .621.0 3.5 802.0 440.0
Booker Group . . . . . . .75.5 1.1 80.0 54.5
Greggs . . . . . . . . . . . .555.5 4.5 558.0 445.0
Morrison (Wm) Sup .289.7 4.9 328.0 268.5
Ocado Group . . . . . . .104.8 2.1 237.0 52.9
Sainsbury (J) . . . . . . .294.2 1.3 371.0 263.5
Tesco . . . . . . . . . . . . .314.1 2.7 420.1 310.5
Associated Britis . .1204.0 18.0 1228.0 940.0
Cranswick . . . . . . . . .805.5 4.0 842.5 588.5
Dairy Crest Group . . .326.1 -0.4 409.7 311.0
Devro . . . . . . . . . . . . .319.5 2.1 320.9 232.0
Tate & LyIe . . . . . . . . .699.0 5.0 720.5 520.0
UniIever . . . . . . . . . .2062.0 24.0 2189.0 1796.0
Mondi . . . . . . . . . . . . .610.5 13.5 664.0 413.5
Centrica . . . . . . . . . . .307.5 -0.1 337.6 278.8
InternationaI Pow . . .358.2 -1.2 366.1 279.4
NationaI Grid . . . . . . .644.0 -1.5 650.0 543.5
Pennon Group . . . . . .725.5 2.5 737.5 584.5
Severn Trent . . . . . .1588.0 7.0 1600.0 1375.0
United UtiIities . . . . .614.0 -1.5 637.0 551.0
Cookson Group . . . . .694.0 27.0 724.5 395.8
Rexam . . . . . . . . . . . .415.4 3.6 419.2 299.8
RPC Group . . . . . . . .374.2 4.2 393.2 231.5
Price Chg High Low
Bovis Homes Group .505.5 5.0 514.5 326.5
Persimmon . . . . . . . .662.0 7.0 706.5 374.0
Reckitt Benckiser . .3549.0 34.0 3597.0 3015.0
Redrow . . . . . . . . . . . .129.9 -0.7 136.2 103.5
TayIor Wimpey . . . . . . .48.0 1.2 52.7 28.7
Bodycote . . . . . . . . . .418.8 15.0 420.0 225.6
Fenner . . . . . . . . . . . .483.7 24.0 505.0 280.0
IMI . . . . . . . . . . . . . . . .989.5 38.0 1119.0 636.5
MeIrose . . . . . . . . . . .387.5 12.5 393.4 268.0
Northgate . . . . . . . . . .250.0 2.2 346.7 190.9
Rotork . . . . . . . . . . .2046.0 48.0 2099.0 1501.0
Spirax-Sarco Engi . .2120.0 110.0 2143.0 1649.0
Weir Group . . . . . . .1974.0 30.0 2236.0 1375.0
Evraz . . . . . . . . . . . . .400.9 9.9 460.5 315.0
Ferrexpo . . . . . . . . . . .315.9 13.3 499.0 238.7
TaIvivaara Mining . . .281.1 6.2 589.0 195.2
BBAAviation . . . . . . .205.0 2.5 223.4 156.0
Stobart Group Ltd . . .129.5 -1.0 152.8 112.0
AdmiraI Group . . . . .1162.0 18.0 1754.0 787.0
AmIin . . . . . . . . . . . . .338.6 4.0 427.0 270.6
BeazIey . . . . . . . . . . . .137.2 0.2 151.8 109.6
Informa . . . . . . . . . . . .433.2 8.4 446.0 313.9
ITE Group . . . . . . . . . .236.7 6.7 258.2 157.7
ITV . . . . . . . . . . . . . . . . .86.7 2.4 91.0 51.7
Johnston Press . . . . . . .7.2 0.4 9.9 4.1
MecomGroup . . . . . .174.3 0.0 310.0 134.5
Moneysupermarket. .128.1 1.1 129.5 85.5
Pearson . . . . . . . . . .1209.0 15.0 1255.0 1038.0
PerformGroup . . . . .285.0 12.9 300.2 150.0
Reed EIsevier . . . . . .543.0 8.0 578.0 461.3
Rightmove . . . . . . . .1393.0 23.0 1446.0 933.0
STV Group . . . . . . . . .106.3 0.4 168.0 76.3
Tarsus Group . . . . . .140.0 0.5 165.0 119.5
Trinity Mirror . . . . . . . .43.3 1.0 55.0 37.5
UBM . . . . . . . . . . . . . .601.5 15.5 617.5 416.0
UTV Media . . . . . . . . .146.0 2.0 150.0 92.5
WiImington Group . . .99.0 0.0 162.5 78.5
WPP . . . . . . . . . . . . . .825.5 16.0 828.0 578.0
YeII Group . . . . . . . . . . .4.2 -0.1 11.0 3.4
African Barrick G . . .426.7 -3.2 616.5 393.5
AIIied GoId Minin . . .121.0 3.8 263.3 34.4
AngIo American . . .2570.5 35.0 3344.0 2138.5
AngIo Pacific Gro . . .328.7 1.7 342.3 237.9
Antofagasta . . . . . . .1268.0 38.0 1491.0 900.5
Aquarius PIatinum . .141.6 4.6 375.0 130.9
BHP BiIIiton . . . . . . .1988.5 28.5 2631.5 1667.0
CatIin Group Ltd. . . .420.3 10.0 449.0 334.0
Hiscox Ltd. . . . . . . . . .410.0 3.1 424.7 340.5
Jardine LIoyd Tho . . .699.5 14.5 764.5 576.0
Lancashire HoIdin . . .760.5 -1.0 790.5 532.5
RSA Insurance Gro . .109.0 0.7 139.8 99.6
Aviva . . . . . . . . . . . . . .356.8 5.6 477.9 275.3
LegaI & GeneraI G . . .119.6 1.1 123.8 89.8
OId MutuaI . . . . . . . . .162.6 4.6 162.8 98.1
Phoenix Group HoI . .553.5 -2.5 688.0 451.1
PrudentiaI . . . . . . . . .710.0 7.5 777.0 509.0
ResoIution Ltd. . . . . .263.3 2.5 316.1 229.5
St James's PIace . . . .351.7 6.7 376.0 294.0
Standard Life . . . . . . .237.2 3.9 244.7 172.0
4Imprint Group . . . . .253.0 13.0 295.0 200.0
Aegis Group . . . . . . .177.5 3.5 178.0 115.7
BIoomsbury PubIis . .117.3 2.3 138.0 91.3
British Sky Broad . . .694.0 2.5 850.0 618.5
Centaur Media . . . . . . .42.8 0.8 63.6 32.5
Chime Communicati .223.0 -1.5 298.5 163.0
Creston . . . . . . . . . . . .60.0 1.5 121.0 47.0
DaiIy MaiI and Ge . . .432.5 5.5 519.5 343.4
Euromoney Institu . .705.0 4.5 772.0 522.5
Future . . . . . . . . . . . . . .12.3 0.0 26.5 8.3
Haynes PubIishing . .215.0 0.0 257.0 192.0
Huntsworth . . . . . . . . .46.0 -0.5 76.3 32.3
Bumi . . . . . . . . . . . . . .747.0 0.13 756.0 729.5
Centamin (DI) . . . . . . . .83.8 1.8 154.2 78.5
Eurasian NaturaI . . .673.5 18.5 973.5 522.0
FresniIIo . . . . . . . . . .1824.0 -15.0 2150.0 1302.0
GemDiamonds Ltd. .242.0 -2.0 291.0 179.8
GIencore Internat . . .405.1 2.9 531.1 348.0
HochschiId Mining . .492.0 11.2 663.5 365.9
Kazakhmys . . . . . . . .966.0 24.0 1493.0 730.0
Kenmare Resources . .52.0 0.4 61.5 31.0
Lonmin . . . . . . . . . . .1061.0 19.0 1795.0 941.0
New WorId Resourc .490.2 11.6 1060.0 409.4
PetropavIovsk . . . . . .650.5 15.5 1073.0 543.5
PoIymetaI Interna . . .998.5 31.0 1175.0 877.0
RandgoId Resource 7045.0 110.0 7565.0 4425.0
Rio Tinto . . . . . . . . .3460.0 90.0 4595.0 2712.5
Vedanta Resources 1393.0 49.0 2518.0 928.0
Xstrata . . . . . . . . . . .1147.0 20.0 1550.0 764.0
Inmarsat . . . . . . . . . . .489.7 28.4 628.5 389.3
Vodafone Group . . . .170.2 0.2 182.7 155.1
Genesis Emerging . .506.0 2.5 548.5 424.0
Afren . . . . . . . . . . . . . .132.4 0.9 171.2 73.6
BG Group . . . . . . . . .1511.0 46.0 1564.5 1144.0
BP . . . . . . . . . . . . . . . .494.5 1.7 504.6 363.2
Cairn Energy . . . . . . .324.3 4.6 531.8 291.9
EnQuest . . . . . . . . . . .125.8 5.0 158.5 85.7
Essar Energy . . . . . .109.0 2.0 509.0 101.6
ExiIIon Energy . . . . . .200.0 1.5 469.7 184.2
Heritage OiI . . . . . . . .168.8 9.2 332.2 158.0
Ophir Energy . . . . . . .435.4 16.8 435.4 184.5
Premier OiI . . . . . . . . .416.3 3.8 520.5 310.0
RoyaI Dutch SheII . .2277.0 29.5 2402.0 1883.5
RoyaI Dutch SheII . .2306.5 29.0 2489.0 1890.5
SaIamander Energy .235.7 2.1 317.6 182.3
Soco Internationa . . .319.0 3.0 400.0 278.0
TuIIow OiI . . . . . . . . .1460.0 15.0 1601.0 945.5
Amec . . . . . . . . . . . .1136.0 30.0 1207.0 740.5
Hunting . . . . . . . . . . .856.0 53.5 856.1 530.0
Kentz Corporation . .461.5 5.8 508.0 347.0
LampreII . . . . . . . . . . .336.0 9.5 395.2 220.7
Petrofac Ltd. . . . . . .1675.0 84.0 1682.0 1108.0
Wood Group (John) .717.0 15.5 763.5 469.9
Burberry Group . . . .1508.0 71.0 1600.0 1092.0
PZ Cussons . . . . . . . .309.2 2.5 387.9 285.0
Supergroup . . . . . . . .568.5 46.5 1600.0 435.2
AstraZeneca . . . . . .2827.0 3.0 3194.0 2543.5
BTG . . . . . . . . . . . . . .365.0 15.3 372.5 210.3
Genus . . . . . . . . . . . .1316.0 0.0 1368.0 853.5
GIaxoSmithKIine . . .1412.0 2.5 1497.0 1138.5
Hikma Pharmaceuti .726.0 -3.0 869.0 555.5
Shire PIc . . . . . . . . . .2205.0 30.0 2300.0 1748.0
CapitaI & Countie . . .191.3 0.2 203.7 153.4
Daejan HoIdings . . .2925.0 -1.0 3030.0 2282.0
F&C CommerciaI Pr .101.7 0.0 108.0 92.6
Grainger . . . . . . . . . . .109.0 4.5 133.2 77.3
London & Stamford .113.3 1.3 140.0 103.9
SaviIIs . . . . . . . . . . . . .364.0 2.2 427.1 256.2
UK CommerciaI Pro . .72.7 0.0 85.5 65.1
Unite Group . . . . . . . .191.5 -3.6 224.1 152.9
Big YeIIow Group . . .303.9 8.9 344.4 218.0
British Land Co . . . . .478.3 7.9 629.5 444.0
CapitaI Shopping . . .338.4 9.0 408.6 288.7
Derwent London . . .1744.0 43.0 1880.0 1400.0
Great PortIand Es . . .363.6 11.0 445.0 312.9
Hammerson . . . . . . . .411.3 21.3 490.9 345.2
Hansteen HoIdings . . .75.3 0.3 89.5 68.0
Land Securities G . . .701.0 12.5 885.0 612.0
SEGRO . . . . . . . . . . . .244.5 6.1 331.3 195.0
Shaftesbury . . . . . . . .503.5 10.7 539.0 441.2
Aveva Group . . . . . .1705.0 32.0 1799.0 1298.0
Computacenter . . . . .383.0 -9.4 490.0 324.7
Fidessa Group . . . . .1597.0 12.0 2109.0 1444.0
Invensys . . . . . . . . . . .202.0 2.0 357.3 180.9
Logica . . . . . . . . . . . . .88.9 -0.4 144.8 59.0
Micro Focus Inter . . .448.7 4.4 458.4 242.9
Misys . . . . . . . . . . . . .346.0 8.3 420.2 214.9
Sage Group . . . . . . . .298.6 1.2 312.4 231.7
SDL . . . . . . . . . . . . . . .698.0 -14.0 756.0 586.0
TeIecity Group . . . . . .702.5 13.5 706.0 450.5
Aggreko . . . . . . . . . .2225.0 54.0 2250.0 1395.5
Ashtead Group . . . . .265.0 10.8 265.1 99.4
Atkins (WS) . . . . . . . .783.5 13.5 820.0 490.2
Babcock Internati . . .749.0 8.0 758.0 550.5
Berendsen . . . . . . . . .524.0 3.0 568.0 402.7
BunzI . . . . . . . . . . . . .986.0 24.0 987.5 676.5
Cape . . . . . . . . . . . . . .465.6 7.6 591.5 295.0
Capita . . . . . . . . . . . . .750.0 11.5 781.5 611.5
CariIIion . . . . . . . . . . .303.3 0.8 403.2 281.0
De La Rue . . . . . . . . .961.5 6.5 1001.0 730.0
DipIoma . . . . . . . . . . .390.5 5.5 425.5 263.5
EIectrocomponents .246.3 7.0 294.9 182.2
Experian . . . . . . . . . . .949.5 20.0 960.0 665.0
FiItrona PLC . . . . . . . .457.9 11.9 460.0 293.0
G4S . . . . . . . . . . . . . . .290.0 4.7 291.3 219.9
Hays . . . . . . . . . . . . . . .82.4 1.4 124.3 58.9
Homeserve . . . . . . . .218.5 -3.5 532.0 214.7
Howden Joinery Gr . .122.3 0.5 125.5 93.1
Interserve . . . . . . . . . .299.0 1.2 341.3 245.8
Intertek Group . . . . .2385.0 65.0 2398.0 1744.0
MichaeI Page Inte . . .476.9 12.8 567.0 323.0
Mitie Group . . . . . . . .266.7 3.7 271.0 195.9
PayPoint . . . . . . . . . . .575.5 -4.5 593.0 395.0
Premier FarneII . . . . .216.5 7.3 301.2 144.5
Regus . . . . . . . . . . . . .108.2 5.5 119.0 64.0
RentokiI InitiaI . . . . . . .75.5 2.1 100.9 58.2
RPS Group . . . . . . . . .233.6 6.6 253.0 156.6
Serco Group . . . . . . .530.0 11.5 597.5 458.0
Shanks Group . . . . . .102.0 -1.5 130.9 90.8
SIG . . . . . . . . . . . . . . .111.7 0.0 153.5 77.0
Travis Perkins . . . . .1061.0 25.0 1090.0 715.0
WoIseIey . . . . . . . . .2394.0 56.0 2500.0 1404.0
ARM HoIdings . . . . . .569.0 19.5 645.0 464.0
CSR . . . . . . . . . . . . . .242.9 7.4 391.4 154.1
Imagination Techn . .652.0 50.5 658.0 296.9
Spirent Communica .155.0 4.0 156.0 105.8
British American . .3163.5 37.5 3223.0 2300.0
ImperiaI Tobacco . .2548.0 25.0 2552.0 1878.0
Betfair Group . . . . . . .891.0 6.0 1030.0 567.0
Bwin.party Digita . . .163.2 2.0 204.0 100.6
CarnivaI . . . . . . . . . .1928.0 52.0 2672.0 1742.0
Compass Group . . . .650.0 2.5 651.5 512.5
Domino's Pizza UK . .448.4 5.6 526.0 377.0
easyJet . . . . . . . . . . . .435.0 2.0 478.4 302.5
FirstGroup . . . . . . . . .284.8 -2.1 371.3 281.4
Go-Ahead Group . . .1275.0 -8.0 1598.0 1190.0
Greene King . . . . . . .502.5 0.5 521.5 410.0
InterContinentaI . . .1461.0 42.0 1463.0 955.0
InternationaI Con . . .165.0 1.8 258.7 132.0
JD Wetherspoon . . . .403.6 1.6 468.3 380.5
Ladbrokes . . . . . . . . .157.2 2.9 158.9 114.0
Marston's . . . . . . . . . . .97.6 1.6 112.0 84.6
MiIIennium& Copt . .494.1 10.1 548.0 371.2
MitcheIIs & ButIe . . . .259.9 3.3 336.8 215.6
NationaI Express . . .242.1 2.3 270.2 201.6
Rank Group . . . . . . . .129.4 -1.4 153.7 109.5
Restaurant Group . . .292.5 6.3 335.0 254.9
Spirit Pub Compan . . .58.3 0.8 61.0 35.3
Stagecoach Group . .265.9 -1.3 287.4 200.0
TUI TraveI . . . . . . . . . .190.6 2.6 250.0 136.7
Whitbread . . . . . . . .1669.0 17.0 1737.0 1409.0
WiIIiamHiII . . . . . . . . .235.2 7.8 244.1 176.8
Abcam . . . . . . . . . . . .341.0 -7.0 460.0 320.0
Advanced MedicaI . . .87.0 2.8 96.0 64.8
AIbemarIe & Bond . .345.0 0.0 400.1 281.0
Amerisur Resource . .24.8 -0.8 29.0 9.5
Andor TechnoIogy . .533.0 -4.5 685.0 387.1
ArchipeIago Resou . . .65.5 -0.3 79.0 55.5
ASOS . . . . . . . . . . . .1717.0 15.0 2468.0 1142.0
AureIian OiI & Ga . . . .19.5 1.3 86.3 16.0
Avanti Communicat .253.8 2.3 502.0 248.5
BIinkx . . . . . . . . . . . . . .77.5 2.3 158.0 50.5
Borders & Souther . . .76.3 1.8 80.5 43.5
BowLeven . . . . . . . . . .97.0 12.0 382.3 62.0
Brooks MacdonaId 1310.0 -12.5 1372.5 940.0
CIuff GoId . . . . . . . . . . .95.0 0.8 119.0 66.5
Cove Energy . . . . . . .210.0 1.0 242.0 61.0
Daisy Group . . . . . . .108.5 0.3 127.0 88.0
EMIS Group . . . . . . . .444.1 -5.9 580.0 397.5
Faroe PetroIeum . . . .162.8 6.3 183.3 130.0
GuIfsands PetroIe . . .158.0 6.0 334.3 142.5
GWPharmaceuticaI . .93.0 0.0 130.0 78.5
H&T Group . . . . . . . . .327.0 -3.0 395.0 285.0
Hargreaves Servic .1249.0 5.0 1258.0 855.0
HeaIthcare Locums . . . .2.6 -0.2 2.7 2.5
Immunodiagnostic . .352.0 29.0 1218.0 288.8
ImpeIIamGroup . . . .345.0 10.0 387.5 225.0
Iomart Group . . . . . . .137.4 2.4 151.0 85.5
James HaIstead . . . . .510.0 4.0 518.6 410.0
London Mining . . . . .300.8 6.3 436.5 257.5
Lupus CapitaI . . . . . .122.0 0.0 150.0 86.0
M. P. Evans Group . .457.0 -1.5 475.0 371.0
Majestic Wine . . . . . .419.0 -4.0 510.0 315.0
May Gurney Integr . .285.1 0.1 302.0 234.0
Monitise . . . . . . . . . . . .38.0 1.0 40.0 20.5
MuIberry Group . . . .1920.0 10.0 1951.0 1220.0
Nanoco Group . . . . . . .74.0 -1.3 93.3 38.0
NauticaI PetroIeu . . .339.8 4.8 444.3 223.5
NichoIs . . . . . . . . . . . .629.8 3.8 643.0 410.0
Numis Corporation . . .97.0 2.0 119.6 72.0
Pan African Resou . . .16.8 0.3 18.3 9.5
Patagonia GoId . . . . . .39.0 0.0 70.0 36.0
Prezzo . . . . . . . . . . . . .68.6 1.3 71.5 53.5
Pursuit Dynamics . . . .83.5 3.5 392.0 67.0
Rockhopper ExpIor .377.0 13.0 393.5 141.0
RWS HoIdings . . . . . .520.0 -2.5 536.8 370.0
Secure Trust Bank .1062.5 0.0 1095.0 755.0
Songbird Estates . . .110.0 -3.0 160.3 103.0
VaIiant PetroIeum . . .511.0 7.0 628.5 400.0
Young & Co's Brew . .667.5 -7.5 712.0 565.0
Supergroup . . . . . . . .568.5 8.9
Imagination Techno .652.0 8.4
BaIfour Beatty . . . . . .283.8 6.9
Hunting . . . . . . . . . . .856.0 6.7
Inmarsat . . . . . . . . . . .489.7 6.2
Heritage OiI . . . . . . . .168.8 5.8
Spirax-Sarco Engin .2120.0 5.5
Hammerson . . . . . . . .411.3 5.5
Regus . . . . . . . . . . . . .108.2 5.4
Petrofac Ltd. . . . . . .1675.0 5.3
Man Group . . . . . . . . .141.8 -2.9
Computacenter . . . . .383.0 -2.4
SDL . . . . . . . . . . . . . . .698.0 -2.0
Unite Group . . . . . . . .191.5 -1.9
Carpetright . . . . . . . .601.0 -1.8
AG Barr . . . . . . . . . .1157.0 -1.8
Debenhams . . . . . . . . .70.1 -1.7
Homeserve . . . . . . . .218.5 -1.6
Shanks Group . . . . . .102.0 -1.5
BH Macro Ltd. USD . .19.5 -1.4
Risers FaIIers
MAIN CHANGES UK 350
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
Price Chg High Low Price Chg High Low
GILTS
AEROSPACE & DEFENCE
CONSTRUCTION & MATERIALS
ELECTRICITY
ELECTRONIC & ELECTRICAL EQ.
EQUITY INVESTMENT INSTRUM.
FINANCIAL SERVICES
FIXED LINE TELECOMS
FOOD & DRUG RETAILERS
FOOD PRODUCERS
FORESTRY & PAPER
GAS, WATER & MULTIUTILITIES
GENERAL RETAILERS
HEALTH CARE EQUIPMENT & S.
HHOLD GDS & HOME CONSTR.
INDUSTRIAL ENGINEERING
INDUSTRIAL TRANSPORTATION
MEDIA
LIFE INSURANCE
PERSONAL GOODS
PHARMACEUTICALS & BIOTECH
REAL ESTATE INVEST. & SERV.
SOFTWARE & COMPUTER SERV.
SUPPORT SERVICES
TECHNOLOGY HARDW. & EQUIP.
TOBACCO
TRAVEL & LEISURE
AIM 50
NON LIFE INSURANCE REAL ESTATE INVEST. TRUSTS
http://corporate.webfg.com
mailto:
globaltechsales@webfg.com
AUTOMOBILES & PARTS
BANKS
CHEMICALS
BEVERAGES
GENERAL INDUSTRIALS
MOBILE TELECOMS
OIL & GAS PRODUCERS
OIL EQUIPMENT & SERVICES
MINING
NONEQUITY INVESTM. COMM.
Tsy 5.250 12 . . . .101.18 -0.01 105.3 101.2
Tsy 9.000 12 . . . .105.14 1.55 111.1 102.4
Tsy 4.500 13 . . . .104.03 -0.01 106.5 104.0
Tsy 8.000 13 . . . . .111.68 0.00 116.9 111.5
Tsy 2.500 13 . . . .283.29 0.03 287.7 281.6
Tsy 5.000 14 . . . . .111.30 -0.03 112.9 109.3
Tsy 7.750 15 . . . .100.00 0.00 105.9 99.4
Tsy 8.000 15 . . . .127.15 -0.05 129.2 123.8
Tsy 4.750 15 . . . . .114.24 -0.04 115.4 109.1
Tsy 4.000 16 . . . . .113.70 -0.04 114.7 105.6
Tsy 2.500 16 . . . .343.41 0.05 344.2 317.3
Tsy 12.000 17 . . . .119.50 -0.56 128.6 119.1
Tsy 1.250 17 . . . . .115.53 0.06 116.6 108.4
Tsy 8.750 17 . . . .140.46 -0.05 141.9 133.3
Tsy 5.000 18 . . . .121.61 -0.02 122.5 110.6
Tsy 3.750 19 . . . . .114.83 -0.03 115.6 100.7
Tsy 4.500 19 . . . . .119.97 -0.02 120.7 106.5
Tsy 4.750 20 . . . .122.29 -0.04 123.5 107.7
Tsy 2.500 20 . . . .364.52 0.02 367.1 321.0
Tsy 8.000 21 . . . .151.19 -0.08 153.4 134.8
Tsy 1.875 22 . . . .126.42 0.00 129.1 113.3
Tsy 4.000 22 . . . . .116.58 -0.09 118.2 100.0
Tsy 2.500 24 . . . .327.67 -0.05 334.7 281.5
Tsy 5.000 25 . . . .128.04 -0.09 130.6 108.5
Tsy 1.250 27 . . . .122.39 0.07 127.0 106.6
Tsy 4.250 27 . . . . .119.02 -0.13 122.7 99.1
Tsy 6.000 28 . . . .143.59 -0.14 148.0 120.7
Tsy 4.125 30 . . . .312.23 0.09 322.8 268.3
Tsy 4.750 30 . . . .125.96 -0.11 130.5 104.3
Tsy 4.250 32 . . . . .118.48 -0.13 123.1 97.5
Tsy 4.250 36 . . . . .118.77 -0.13 123.9 96.8
Tsy 4.750 38 . . . .128.54 -0.16 134.2 105.0
Tsy 4.500 42 . . . . .125.11 -0.16 130.8 101.3 % %
FOR SALE!
www.hamlinjet.com +44 (0)1582 726760
THE MOST CIVILISED & TIME EFFICIENT WAY TO TRAVEL
Living| Property of the Month
CITYA.M. 9 MARCH 2012 21
Show Home Open Daily thereafter 11
am
- 5
pm
Sat Nav - SE3 0PE
01732 770991 www.millwooddesignerhomes.co.uk/liskeard.html
LISKEARD
VILLAS
LISKEARD GARDENS,
BLACKHEATH VILLAGE
A select development of three 5
bedroom homes. Each home will
be highly specified, set in a sought-
after location, close to the Heath.
SHOW HOME LAUNCHING SATURDAY 10
TH
& SUNDAY 11
TH
MARCH 11
AM
- 5
PM
Living in the limelight
The Lime Works in Faversham, Kent is a
beautifully refurbed water tower, says Zoe Strimpel
I
F youve got the cash, youre
unlikely to spend it better than
on this Grade-II listed former
water tower if originality along-
side opulence is your bag. Note that
the property is being sold 90 per cent
complete, leaving 10 per cent of the
refurbishment to the buyer.
Built in the early 1930s it was a
functioning water-softening plant
until 1942. Now beautifully mod-
ernised over four floors, expect floor-
to-ceiling windows on the ground
floor, spiral staircases and a master
bedroom spread over the entire
fourth floor.
There are two roof terraces, one of
which has a pool both are brilliant
spaces for entertaining (bbq anyone?).
A gym is included, along with cinema
room and motion sensor lighting
throughout. 3.75m. Call Savills on 0207
7016 3789, savills.com.
Above: Master bredoom with ensuite bath.
Below:Sitting room and dining room.
Above: the pool on oneof the roof terraces.
Right: The view from outside.
Living | Interiors
CITYA.M. 9 MARCH 2012 22

0 0 0 , 5 9 2 M O R F
N I N I A M E R W E F T S A L
H Y LLY I M A FFA D L O H E E R F
F O E S A E L E R W E N A

A PPA A G N
E S U O H
R D E B 4 F

M O I M \ II\ \ [ M

Immerse yourself in a deep,
free-standing tub, says Zoe Strimpel
Home is where
the luxe bath is
Tubby Tub Bath
Price on request
www.albionbathco.com
Utterly adorable, unique bath
that you can pop in the smallest
of bathrooms or your bedroom
in a corner.
Jacuzzi Reiti bath
289
www.bathroomvillage.com
With 70cm of depth and 42cm
height, this is a practical but
elegant and affordable choice.
Astonian Rimini cast iron
bath
921
www.astonmatthews.co.uk
Taphole cast iron roll top bath
white with ball and claw feet.
Geminus Feet bath
Price on request
www.albionbathco.com
A quintessential roll top bath,
availabile in three sizes from
1,670mm to 2,000mm long.
Feet are made using traditional
grey iron.
Touchstone
Landmark bath
2,229
www.bathstore.comI
Inspired by the boat-
bath design of the 18th
and 19th century.
Exterior is a lacquered
gun metal finish to
mimic the pewter finish
of period boat bath
design.
Octagon Court SE16
435,000leasehold
A 2 bedroom, 2 bathroom gated river fronted apartment. Te property is in good
decorative order throughout & benefts from 2 balconies & secure parking.
Luna House SE16
625 per week
A superb modern 2 double bedroom & 2 bathroom apartment with stunning views over
the river towards the City. Situated in close proximity to the array of restaurants & bars in
Tower Bridge. Parking is also available by separate negotiation.
Belgrave Court E14
1,150,000leasehold
A spectacular & rare 2 bedroom apartment of approx 1,398 sq ft, situated on the 2nd foor
of this riverside development. Te property is exquisitely presented & boasts wonderful
river views from all principal rooms & has secure parking.
Ionian Building E14
975 per week
A stunning 3 bedroom, 3 bathroom Penthouse apartment in the heart of Limehouse.
Te property boasts spectacular views of the River, Canary Wharf & the City from the
large wrap around terrace & foor to ceiling windows.
Tower Bridge & City
020 7357 7999
sales.towerbridge@chestertonhumberts.com
Tower Bridge & City
020 7357 6911
lettings.towerbridge@chestertonhumberts.com
Canary Wharf & Docklands
020 7510 8300
sales.canarywharf@chestertonhumberts.com
Canary Wharf & Docklands
020 7510 8310
lettings.canarywharf@chestertonhumberts.com
chestertonhumberts.com
70 Ofces 5 Continents 11 Countries
Russia Italy France Spain South Africa Australia Singapore
UAE Barbados Gibraltar United Kingdom
DEMAND
1200
1000
800
600
400
200
0
Jan 2012
high (1029)
Dec 2011
low(211)
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug
2010 2011 2012
SUPPLY
2010
500
400
300
200
100
0
2011 2012
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug
July 2010
high (448)
Dec 2006
low(127)
SUPPLY & DEMAND
Demand2012
Demand2011
Supply 2012
Supply 2011
Jan FebMarAprMayJun Jul AugSep Oct NovDec
1600
1400
1200
1000
800
600
400
200
0
DOUGLAS & GORDON AVERAGE LONDON SALES PRICE INDEX
Q1 2011 Q2 2011 Q3 2011 Q4 2011
1 bed flat 368,333 374,167 383,750 383,500
2 bed flat 543,333 557,083 570,083 579,583
3 bed house 1,174,167 1,209,583 1,257,500 1,277,083
4 bed house 1,780,833 1,905,833 1,905,000 1,933,333
I
n D&G land, February saw the low-
est levels of available properties
since December 2009 as a result
of consumer confidence remaining
low, a lack of job security and a knock
on affect from economic turmoil in
Europe, whilst the number of prospec-
tive buyers registering is still at an all-
time high.
Increasing living and moving costs,
combined with the recent announce-
ment of a 0.49% increase for standard
variable mortgage rates pushing up
monthly mortgage repayments, are all
contributing to fewer homeowners opt-
ing to move.
A two-tiered property market is con-
tinuing to be established in London;
with the best in class properties being
sold in record time and for record prices
whereas properties with any faults are
facing price reductions or taking longer
to sell.
Interestingly, whereas previously
when there has been a limited supply
of properties, those that havent been
100% perfect have still sold, in the
current market these types of proper-
ties are proving harder to sell. This is
partly down to unrealistic asking
prices but also because buyers are
now purchasing property with a
longer term view and are unwilling to
compromise on finding their perfect
home.
There are already indications that the
spring market is starting to kick in
with an increasing number of valua-
tions taking place. However, lack of
stock is likely to be a key feature of the
property market in 2012 and as
demand remains high, prices for prop-
erties in the most popular parts of the
capital are expected to increase fur-
ther throughout the year. Predictions
made by some pundits that prices
would only increase by 2% in 2012
have already been exceeded by an
average increase of as much as 8%
across D&G land this year so far.
THE LONDON
BAROMETER
George Franks
SALES DIRECTOR OF
DOUGLAS & GORDON
A lack of properties for sale in the popular areas of London will drive higher prices throughout 2012
Living
Price correct at time of going to press. Internal photographs of show apartments at Greenwich Creekside. External CGI of the development & photograph of actual view from Cavatina Heights.
Selling Agents:
www.greenwichcreekside.com
0800 883 8627 or (out-of-hours) 0800 032 0077
GREENWICH
CREEKSIDE
Inspirational apartment
living in Greenwich
1, 2 & 3 bedroom homes with a high
internal specification and optional parking*
Close to the heart of maritime Greenwich
Cutty Sark DLR & Greenwich mainline
station under 10 minutes walk; rapid
access to Canary Wharf or London Bridge
24 hour concierge service and
exemplary Customer Service with
24/7 support
Prices from 260,000
133 Creek Road | Greenwich | SE8 3BU

(opposite the development)
Sales centre & show apartment open daily.
Mon - Sat 10am - 6pm Sun 11am - 5pm
Film
THE RAVEN
Cert: 12A
hhiii
A
thriller in which an obsessed
fan murders his victims based
on the works of Edgar Allen
Poe sounds like it could make
for an interesting movie, especially
when you add in the fact that the 19th
century author himself helps try to
solve the mystery. The Raven, however,
is neither a literary treat nor a B-movie
gorefest. Instead, it manages to take the
worst of both worlds, shoehorn in
some biography about Poe and end up
with a movie thats not sure what it
wants to be.
John Cusack doesnt seem to know
whether to play his permanently-ine-
briated writer straight or for laughs as
he bumbles around, implausibly
attempting to help the police find the
killer. His fianc (Alice Eve) doesnt have
Lifestyle | Reviews
26
Lecturey Raven gets it wrong
S
KETCH in Mayfair is celebrating its
10th anniversary in style with a
metamorphosis courtesy of Turner
Prize-winning artist Martin Creed.
The Gallery has been transformed from the
previous stark white canvas into a multicol-
ored, multifaceted cornucopia of mis-
matched designs, items and motifs. Not a
single piece in the room matches, including
cutlery, glasses and chairs. It somehow
works brilliantly and feels like an intriguing,
much warmer space, appealingly now
boasting the addition of its own full bar.
However dont miss the Glade Bar across
the hall which, in keeping with its name, is
newly adorned with a stunning wall-to-wall
woodland fresco, creating a beautiful
panoramic in which to enjoy delicious cock-
tail concoctions.
Another classic establishment enhanced
last week is Hawksmoor Spitalfields on
Commercial Street which has turned its
basement (formerly a strip club) into its
swishest drinking proposition thus far.
Reclamation is key with glazed Victorian
bricks, Art Nouveau turquoise tiles, blue-
patterned mirrors and an entire brass wall
made from salvaged Art Deco lift doors.
There are alcoves and booths and a teak
parquet floor spattered with wooden tables
made from old chemistry lab tops. Already
renowned for its cocktails, this new 60
cover space features just 10; including five
monthly changing Desert Island Drinks
from the bartenders themselves.
Amercican-style hearty snacks on offer,
too.
Moving to South America, Ceviche
launched on Frith Street in Soho last week
and this lively and laid-back Peruvian hang-
out brings with it Londons first Pisco Bar.
Set to a stylish 60s sound track, it serves
nothing but Perus national drink, the Pisco
Sour and also a sweet Pisco Punch (if you
like Mojitos you may like these).
National specialties are on trend at the
moment with chic Italian Mele e Pere
recently opening a vermouth bar on Brewer
Street, the quite stunning Galante on
Sloane Avenue reimagining glamorous
1920s Argentina, Baku adding an
Azerbaijani flavor to upmarket Sloane
Street and now Mexican La Bodega Negra
about to open on Old Compton Street. This
interesting proposition is brought to you by
New York nightlife legend Serge Becker
and Londons own super-restaurateur Will
Ricker and will offer a heady mix of risqu
Mexican wrestlers, hidden alcoves and a
serious sound system. Tim Badham is the
founder of Innerplace, Londons leading
providers of VIP entertainment, including
film premieres, launch parties and members
club access. www.innerplace.co.uk.
GOING
OUT
TIM BADHAM
much to work with, spending most of
the movie prematurely buried in a cel-
lar.
The leaden plot is interspersed with
the occasional grisly murder, which
liven things up a little there were
audible squirms as a newspaper
critic was sliced in half Pit and
the Pendulum-style. But with
each murder, Poe pops up to
instruct the audience as to exactly
which of his works this crime has
been based on and it starts to
feel a bit like an English lit lec-
ture rather than a thriller.
For those familiar with
Poes work, the relentless over-
explaining of each murder will
soon begin to grind, while those
whose knowledge is sketchier
are unlikely to care
exactly why the
tell-tale sound of
a heart beating
under the
floorboards
is signifi-
cant. By
L i s a
Melvin
Film
BEL AMI
Cert: 12A
hhhii
Inextricably linked to the
Twilight franchise, Bel Ami is
likely to have an instant
appeal for teens. That said,
his role as Bel Amis
Georges Duroy isnt exactly
teen fodder. Still, he does a
pretty god job at it, which
is a big part of what
makes makes the film
enjoyable.
Directed by theatre
company Cheek by Jowls
Declan Donnellan and
Nick Ormerod, Bel Ami
is set in 1890 upper
class Paris society.
Pattinsons Duroy is
a penniless soldier
who claws his way
up the social ladder. Using the wives
of the powerful to gain favour, he
quickly seduces Clotilde (Cristina
Ricci), Madeline (Uma Thurman)
and Virginie (Kristin Scott Thomas).
Pattinson handles the role as well
as his character handles the ladies.
There is just enough depth to his
scheming but ultimately empty
character. Thurman as is wonderful-
ly contemptuous as Duroys intellec-
tual wife, rather more interested in
politics than romance (there are
supplies being transported to
Algiers! she cries as Pattinson
squires her.) Kristin Scott Thomas
shines as Duroys previously-faithful
mistress, but she is underused.
The plot cant be faulted, adher-
ing as it does more or less to Guy de
Maupassants original story, but its
all a bit coy. Tis Pity Shes a Whore,
Donnellan and Ormerods current
London production, really lets loose
with the hedonism here, perhaps
mindful of Pattinsons teenage audi-
ence, the drama never quite reaches
the heights promised. LM
Film
TRISHNA
Cert: 15
hhhii
An overly ambitious attempt at reimagin-
ing Hardys classic story by director and
auteur Michael Winterbottom (24 Hour
Party People), this is essentially Tess of the
DUrbervilles in India. As a premise, its
interesting: the son of a property developer
visits India, falls for a poor, beautiful
daughter of a rickshaw owner (Frieda
Pinto) and gets her a job in his fathers
hotel before guilt sets in and their relation-
ship begins to break down. Sadly it just
doesnt pack the emotional punch it should.
Okay, so Winterbottom doesnt stick to the
original story, but the real problem is his
decision to allow the actors to improvise
their dialogue and, well, the script itself.
Such looseness doesnt have the same reso-
nance as Hardys novel and its difficult to
engage with characters who arent as con-
vincing as they should be. The soundtrack
is beautiful and there are some lovely
touches, but this falls disappointingly short.
Film
CLEANSKIN
Cert: 15
hhhhi
Sean Bean has some serious repressed rage
issues in this violent British thriller. After a
London restaurant is blown up by a suicide
bomber, Ewan, a government agent (Bean)
has to track down the cell responsible. As
with all confidential missions, conspiracy is
rife and, typically, all is not as it seems.
The more engaging aspect of the film is
not Ewans brooding, but the less genre-
bashing story of Ash (Abhin Galeya), a
young Muslim sucked into extremism by
indoctrination at the hands of a particularly
magnetic cleric (Peter Polycarpou). While
Bean does a fine job, and though writer
and director Hadi Hajaig shows those
American film-makers the true meaning of
the word grit, weve seen his story before.
What we rarely see is a convincing look at
the makings of a terrorist Hajaig focusses
on what would normally be a subplot. The
twist in Ewans story is as disappointing as
Ashs final actions are bewildering but,
dodgy endings and patchy character
development aside, Cleanskin remains a
stylistically impressive look at post 7/7
London. Sean Bean in Cleanskin.
Left: Robert Pattinson and Uma Thurman in Bel Ami.
John Cusack in The Raven.
T
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MELVYN BRAGG ON CLASS &
CULTURE BBC2, 9PM
The broadcaster reflects on the past
30 years of art and entertainment in
Britain. Last in the series.
THE SECRET POLICEMANS BALL
CHANNEL4, 10PM
A benefit concert from New Yorks
Radio City Music Hall in aid of
Amnesty International, celebrating
the charitys 50th anniversary.
THE MENTALIST
CHANNEL5, 9PM
Van Pelt struggles to put her problems
aside while investigating the murder
of a mob bosss son. Drama, starring
Simon Baker and Amanda Righetti.
BBC1
SKY SPORTS 1
7pmSky Sports News at Seven
7.30pmLive Super League: Leeds
Rhinos v Warrington Wolves
(Kick-off 8.00pm). 10pmTake It
Like a Fan 10.30pmPremier
League Preview11pmFootball
League Weekend 12amSuper
League 2amTake It Like a Fan
2.30amPremier League Preview
3amFootball League Weekend
4am-6amSuper League
SKY SPORTS 2
6pmLive World Golf
Championship 11pmWWE: Late
Night Smackdown 1amWWE:
Late Night Bottom Line 2am
World Golf Championship 5am
Take It Like a Fan 5.30am-6am
Premier League Preview
SKY SPORTS 3
7pmLive Anglo-Welsh Cup Rugby
Union 9.25pmLive Test Cricket
5amKings of the Snow
5.30am-6amRoad to London
BRITISH EUROSPORT
7pmAlpine Skiing 8pmLive
Boxing 10pmCycling
12am-12.30amNordic Combined
Skiing
ESPN
6.45pmPremier League Preview
7.15pmTotal Italian Football
7.45pmLive Serie A 9.45pm
Bundesliga 11.30pmPress Pass
2012 12amMMA Live 12.30am
Premier League Preview1am
NBA Action 1.30amLive NBA
Basketball 4amFIBA Basketball
4.30amICC Cricket World
Magazine 5amFreestyle FIS
World Cup Magazine
5.30am-6amSnowboard FIS
World Cup Magazine
SKY LIVING
6.30pmCSI 7.30pmCriminal
Minds 8.30pmCougar Town
9pmCriminal Minds 10pmCSI
11pmBones 12amSteps Reunion
1amCSI 2.40amCriminal Minds
3.30amMedium4.20amBones
5.10am-6amJerry Springer
BBC THREE
7pmDoctor Who 8.30pmThe
Real Hustle: Celebrity Chancers
9pmRussell Howards Good News
10pmEastEnders 10.30pm
White Van Man 11pmSun, Sex
and Suspicious Parents 12am
Family Guy 12.45amAmerican
Dad! 1.30amRussell Howards
Good News 2.30amWhite Van
Man 3amThe Secrets of
Everything 3.30amSun, Sex and
Suspicious Parents
4.30am-5.25amBeing Human
E4
7pmHollyoaks 7.30pmHow I
Met Your Mother 8pm
Supernanny US 9pmFILM
Daredevil 2003. 11.05pmThe Big
Bang Theory 12amScrubs 1am
How I Met Your Mother 1.30am
Sirens 2.25amBalls of Steel
Australia 2.50amRules of
Engagement 3.15amGreek
3.55amUgly Betty 4.40am-6am
Switched
HISTORY
7pmStorage Wars 7.30pmPawn
Stars 8pmIRT Deadliest Roads:
The Andes 9pmMud Men 10pm
Cash Cowboys 11pmHow London
Was Built 12amStorage Wars
12.30amPawn Stars 1amThe
True Story 2amHow London Was
Built 3amCash Cowboys 4am
The True Story 5am-6am
American Pickers
DISCOVERY
7pmBear Grylls: Born Survivor
8pmWhale Wars 9pmStorm
Chasers 10pmAmerican
Chopper: Senior Versus Junior
11pmHeist 12amBear Grylls:
Born Survivor 1amMonsters
Inside Me 2amStorm Chasers
3amWheeler Dealers: On the
Road 3.50amMythbusters
4.40amChris Barries Massive
Speed 5.30am-6amDestroyed in
Seconds
DISCOVERY HOME &
HEALTH
7pmSupernanny US 8pm16 Kids
and a New Home 9pmQuints By
Surprise 10pmKate Plus 8 11pm
Kids Hospital 12amQuints By
Surprise 1amKate Plus 8 2am
Kids Hospital 3amSupernanny
US 4amA Baby Story 5am-6am
Babys Room
SKY1
7pmThe Simpsons 7.30pmThe
Middle 8pmModern Family
8.30pmRaising Hope 9pmStella
10pmGlee 11pmAn Idiot Abroad
2 12amA League of Their Own
Unseen 1amDog the Bounty
Hunter 1.55amThe Real A&E
2.45amUK Border Force
3.40amRoad Wars 4.35am
Customs UK 5.05am-6amDream
Lives for Sale
BBC2 ITV1 CHANNEL4 CHANNEL5
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TVPICK
6pmBBC News
6.30pmBBC London News
7pmThe One Show: BBC News
8pmEastEnders
8.30pmRoom 101
9pmNew Tricks
10pmBBC News
10.25pmRegional News
10.35pmThe Graham Norton Show
11.20pmThe National Lottery
Friday Night Draws 11.30pm
FILMThe Peacemaker: 1997.
1.25amWeatherview1.30am
Sign Zone: Question Time 2.30am
Sign Zone: Bees, Butterflies and
Blooms 3.30amSign Zone: Hairy
Bikers Best of British 4.15am-6am
BBC News
6pmEggheads
6.30pmMy Life in Books
7pmThe Culture Show
8pmMastermind
8.30pmGardeners World
9pmCHOICE Melvyn Bragg on
Class & Culture
10pmQI
10.30pmNewsnight
11pmThe Review Show
11.45pmWeather
11.50pmFILMTormented:
Premiere. Satirical horror,
starring Tuppence Middleton.
2009.
1.15amThe Culture Show2.15am
BBC News 4.15am-6amClose
6pmLondon Tonight
6.30pmITV News
7pmEmmerdale
7.30pmCoronation Street
8pmSafari Vet School
8.30pmCoronation Street
9pmBenidorm
10pmITV News at Ten
10.30pmLondon News
10.35pmFILMLethal Weapon
3: Action thriller sequel, with
Mel Gibson. 1992.
12.45amThe Zone; ITV News
Headlines
2.50amFILMNational Lampoons
Animal House 1978.
4.35am-5.30amITV Nightscreen
6pmThe Simpsons
6.30pmHollyoaks
7pmChannel 4 News
7.30pm4thought.tv
7.35pmCome Dine with Me
8.30pmNew Girl
9pmThe Bank Job
10pmCHOICE The Secret
Policemans Ball
12amFILMWithnail & I: Cult
black comedy, with Richard E
Grant and Paul McGann. 1987.
2amRandom Acts 2.05amMy
Name Is Earl 2.30amMy Name Is
Earl 2.55amHung 3.10amHung
3.50amReaper 4.35am90210
5.20am-6.05amCountdown
6pmHome and Away
6.30pm5 News at 6.30
7pmNazi Titanic: Revealed: 5
News Update
8pmEddie Stobart: Trucks and
Trailers: 5 News at 9
9pmCHOICE The Mentalist
10pmCastle
11pmLaw & Order: Criminal
Intent
11.55pmInside Hollywood
12amSuperCasino
3.55amMotorsport Mundial
4.25amWildlife SOS 4.45am
Wildlife SOS 5.10amMichaelas
Wild Challenge 5.35am-6am
Michaelas Wild Challenge
1 2 3 4 5
6 7 8
9
10 11 12
13 14
15 16 17 18
19 20
14 35
16 16
23 10
16 24
7 34
8 17 5
32 6
9 17
4 36
33 20
15 11
7
10
6
23
42
17
3
7
13
36
22
17
19
35
11
8
17
18
29
24
21
8
15
Fill the grid so that each block
adds up to the total in the box
above or to the left of it.
You can only use the digits 1-9
and you must not use the
same digit twice in a block.
The same digit may occur
more than once in a row or
column, but it must be in a
separate block.
COFFEE BREAK
Copyright Puzzle Press Ltd, www.puzzlepress.co.uk
KAKURO
QUICK CROSSWORD
LAST ISSUES
SOLUTIONS
KAKURO
WORDWHEEL
Using only the letters in the Wordwheel, you have
ten minutes to nd as many words as possible,
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters
or more, all must contain the central letter and
letters can only be used once in every word. There
is at least one nine-letter word in the wheel.
SUDOKU
Place the numbers from 1 to 9 in each empty cell so that each
row, each column and each 3x3 block contains all the numbers
from 1 to 9 to solve this tricky Sudoku puzzle.
SUDOKU
QUICK CROSSWORD
ACROSS
1 Blacksmiths
block (5)
3 Transfer to
another track,
of trains (5)
6 Device used to
deviate a beam
of light (5)
7 Landed estate
of a lord (5)
10 Combined troops
and weaponry of
a country (5,6)
13 Books that retail
in very large
numbers (11)
15 At a distance (5)
18 Dome-shaped
dessert (5)
19 Lustre (5)
20 Vigilant, awake (5)
DOWN
1 First letter of the
Greek alphabet (5)
2 High-ranking police ofcer (9)
3 Quantity obtained
by addition (3)
4 Container for ashes (3)
5 Changes direction (5)
8 Person tricked on the
rst day of the fourth
month of the year (5,4)
9 Behind (5)
11 Repent (3)
12 Fruiting spike of a
cereal plant (3)
13 Small vessels for
travel on water (5)
14 Dish served as the last
course of a meal (5)
16 One of four playing
cards in a deck (3)
17 Metal container (3)
M
T
E
R
I A
Z
U
P

4

S I N E W F A R C E
N W R E V
O N C E B O D I C E
R O C N T N
T O N G A T R E S S
T E R R I E R
S K A T E E X A C T
P I L R T I
R U N N E L B E S T
A E S I L
T I R E S A N G L E
9 5 1 4 2 8
2 1 8 4 5 7 3 9 6
7 2 3 1 7 2
6 8 9 7 8 5
1 2 3 7 9 4 8 6
3 9 8 9 6 7 3
2 4 1 6 3 2 4 1
7 9 8 5 9 7
8 1 2 5 3 1
9 4 5 7 2 6 3 1 8
5 3 1 9 6 9
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter word was
METALWORK
Lifestyle | TV&Games
27
FOR Philippe Saint-Andre, the dream of
securing a Grand Slam in his first Six
Nations as coach of France may be dead,
but the Championship trophy is still well
within his grasp. This weekends match
against England is very much the warm-
up to an all important showdown against
Wales next week, but it is nevertheless a
must-win game.
At the Stade de France its no surprise
to see the hosts and pre-tournament
favourites a best-priced 4/9 with Bet
Butler while Coral offer a seven-point
start to England. Stuart Lancasters men
have been defensively sound through-
out the tournament and should be
expected to stay within the handicap
against the French, who have looked
under-par in their last two displays.
In their 17-17 draw against Ireland at
the same venue last weekend France
failed to ignite. Half-backs Morgan Parra
and Francois Trinh-Duc have been
dropped due to their iffy performances
and although replacements Julien
Dupuy and Lionel Beauxis are capable,
chopping and changing players in key
positions will not inspire confidence.
Remember this is the same group of play-
ers that challenged previous coach Marc
Lievremont for precisely that reason.
Furthermore, while England have had
a fortnights rest, France will take to the
field for the third consecutive week as a
result of their rescheduled match against
Ireland. The trials of a modern rugby
international should not be underesti-
mated and that will certainly count
against Les Bleus. There is little to suggest
that France will offer anything more
than Wales could in their 19-12 win over
England last month so backing England
(+7) at 10/11 with Coral is recommended.
Leicester head coach Matt OConnor
has this week criticised England for not
going out to win games and just two tries
in three matches for the Red Rose sug-
gests he might have a point. This fact,
along with solid defences on both sides,
makes selling tries at 3.2 with Sporting
Index appeal. Three tries havent been
scored in Le Crunch since 2006, while no
one crossed the try-line in four of those
nine games.
A promise of few tries, improved disci-
pline for the English and Owen Farrells
excellent form draws the eye to the 15/8
with Bet Butler for an England penalty to
open the scoring. Dependable since
becoming his sides main goal-kicker,
Farrell must be fancied to convert any
penalty conceded within range by the
French.
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CHAMPION HURDLE
2 Miles 1/2 Furlong, Grade 1 Hurdle, Tuesday 13th March
8/11 Hurricane Fly
9/2 Zarkandar
5/1 Binocular
8/1 Rock On Ruby
16/1 Oscars Well
16/1 Thousand Stars
20/1 Overturn
33/1 Zaidpour
40/1 Brampour
66/1 Celesital Halo
66/1 Olo
100/1 Kalann
Each-way 1/4 odds a place 1-2-3. All quoted.
CORAL CUP
2 Miles 5 Furlongs, Grade 3 Handicap Hurdle, Wednesday 14th March
8/1 Featherbed Lane
8/1 Get Me Out Of Here
8/1 Toner DOudairies
10/1 Batonnier
12/1 Act Of Kalanisi
12/1 Bourne
12/1 Its A Gimme
12/1 Poole Master
12/1 Tap Night
14/1 Balgarry
14/1 Final Approach
14/1 Molotof
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Punter | Sport
RUGBY TRADER DAVID WILD SUGGESTS THE BEST BETS FOR
ALL THE SIX NATIONS ACTION THIS WEEKEND
28
Solid England
wont make it
easy for hosts
in Le Crunch
SUNDAY 3.00PM BBC ONE
ENGLAND
FRANCE
POINTERS...
England (+7) at 10/11 with Coral
England penalty first scoring play at 15/8 with Bet Butler
Sell tries at 3.2 with Sporting Index
A win margin of 32 points over the Italians
a fortnight ago proves the Irish can pro-
duce their best rugby at their new home,
the Aviva Stadium. The Boys in Green
would dearly love to follow that up with a
similarly monumental home victory over
Scotland tomorrow.
Coral are again offering a 20 per cent
bonus if the team you back wins by more
than 13 points, but I suspect this match
will be much closer than that.
Scotlands visits to Dublin in the Six
Nations era have not generally been pleas-
ant experiences their first three visits to
Lansdowne Road in the expanded version
of the Championship ended in defeats by
22, 22 and 21 points. However, this will be
their first visit to the Aviva Stadium and its
a chance for Andy Robinsons men to build
on encouraging recent results against
Ireland.
The Scots won the last meeting 10-4 at
Murrayfield in August, lost by three points
in Edinburgh in February and won by three
points at Croke Park in 2010. A 10-point start
for Scotland looks generous in light of these
three results and I recommend backing
them on the handicap at 10/11 with Coral.
Only once in the last eight head-to-heads at
any venue has more than 10 points separat-
ed the sides at the final whistle.
The biggest threat to Scotlands
improved defence is undoubtedly Ireland
winger Tommy Bowe. He is in electric
form at the moment and with five tries in
three matches has one eye on Chris
Ashtons Six Nations record of six tries in
last years Championship. He will also be
thinking about usurping Denis Hickie as
second in the list of all-time Irish try-scor-
ers 30 is the target, Bowe currently has
25 for his country. At 9/1 with Bet Butler,
its worth a bet.
TOMORROW 5.00PM BBC ONE
SCOTLAND
IRELAND
POINTERS...
Scotland (+10) at 10/11 with Coral
Tommy Bowe to score the first try at 9/1 with Bet Butler
WALES can take another significant
step towards a first Grand Slam since
2008 by beating Italy at the Millennium
Stadium tomorrow. Warren Gatland
has guided the Welsh to three straight
victories, but hell be without his cap-
tain Sam Warburton against the
Azzurri.
Italy and Scotland are locked in a bat-
tle to avoid the wooden spoon and the
Italians record against the Welsh sug-
gests that it will go down to the final
game in Rome. Italy have been beaten in
the past four internationals against the
Red Dragons and have never previously
won in Wales.
The Italians generally reserve their
best for their fans back home and
theyve not won a Six Nations match on
foreign soil for going on four years. That
stretch includes 15 games and sums up
the extent of the task ahead for the
Azzurri.
Wales, who are as short as 1/66, ran
out 23-point winners when Italy were
last in town and the average winning
margin in the Azzurris previous two vis-
its stands at 31. In keeping with the
Welsh attacking mentality, the hosts
have ran in seven tries already twice
scoring three times, against Ireland and
Scotland.
With the finishing line in sight, Im
confident enough to predict that Wales
will cover Corals 20-point handicap to
set up a mouthwatering finale in Paris.
In 18 meetings between the sides since
1994, the fewest number of points scored
is 35, so there is little downside to buy-
ing total points at 46 with Sporting
Index. The average total for the last five
meetings at the Millennium Stadium is
over 50 points.
TOMORROW 2.30PM BBC ONE
ITALY
WALES
POINTERS...
Wales (-20) at 10/11 with Coral
Buy total points at 46 with Sporting Index
Julien Dupuy will make his first internation-
al start for France. Picture: GETTY
THE past few weeks were always
going to be a severe test of
Tottenhams title credentials and,
unfortunately for their fans, they
have failed. The demoralising 5-2
defeat at Emirates Stadium was fol-
lowed by last weekends 3-1 reverse
against Manchester United.
Harry Redknapp described that
loss as soul destroying as Spurs
were the better side for long peri-
ods of the game. Their defence
has become worryingly leaky in
the past couple of games,
though, and they conceded an
early goal at home against
Stevenage before going on to win
3-1 in the FA Cup replay on
Wednesday night. Michael
Dawson is out for the season
after picking up an injury in that
game which isnt going to help.
Everton are in good form at the
moment. Their last defeat was
against Spurs in mid-January and
they have won their past two
league games at home against
Chelsea and leaders Manchester
City without conceding. Although
they dont have a whole lot to play
for, they may just have their eye on
Newcastle in sixth spot and they
are normally worth following
when they go on a run.
Goodison Park is never an easy
place for opponents to visit, as
Spurs found out when they lost
here 2-1 last season. Their last
win at the ground was back in
2007. The bookmakers unsurpris-
ingly have Tottenham as
favourites, but Im happy to take
them on at the 6/4 available with
Coral. They still look likely to
claim one of the Champions
League places, but their injury
list is mounting and the resur-
gent Arsenal are breathing down
their necks. Spurs also havent
won on their travels since a visit
to Norwich just after Christmas.
A draw is perfectly conceivable,
but I feel the value lies with
Everton at 2/1 with betting
concierge service Bet Butler. The
Toffees have been strong at the
back lately, registering clean sheets
in their last three home games and
I think they can keep Spurs at bay
tomorrow. The 2-0 home win
appeals at a big 14/1 with Coral.
Evertons matches have gener-
ally been low scoring this term
only two of their last 18 across all
competitions have produced
more than two goals.
Tottenhams games, on the other
hand, have been more exciting
for the neutral, with 15 goals
scored in the past three. I think
the Toffees steely defence can
boss this encounter and a sell of
total goals at 2.4 with Sporting
Index looks the correct call.
29
SPORT TRADER BEN CLEMINSON AND BILL ESDAILE BRING YOU
THE WEEKENDS BEST FOOTBALL AND RACING BETS
Spurs to come
unstuck against
in-form Toffees
TOMORROW 5.30PM ESPN
TOTTENHAM
EVERTON
POINTERS...
Everton at 2/1 with Bet Butler
Everton to win 2-0 at 14/1 with Coral
Sell total match goals at 2.4 with Sporting
Index
NOT even local celeb Alan
Partridge would have predicted at
the start of the season that with 11
games to go Norwich would be sit-
ting in 11th place in the table with
an impressive 35 points. Its been a
fairytale for the Canaries who
were playing in League One two
seasons ago and much of the cred-
it must go to manager Paul
Lambert.
The Scot has spent very little
money during his two-and-a-half
year spell and the likes of Grant
Holt and Anthony Pilkington have
done him proud this campaign.
They were hugely unlucky to lose
at home against Man United a fort-
night ago and then performed
credibly at Stoke last weekend,
going down to a second half
Matthew Etherington strike.
Tomorrows opponents Wigan
are rooted to the bottom of the
league and Roberto Martinezs
side are going to have to pull off
another miracle act if they are to
retain their top flight status.
Things would be looking much
worse for the Spaniard had his
side not clinched a vital victory at
Bolton last month, but five defeats
from their last eight league games
tells its own story.
Coral are a best-priced 10/11
about Norwich and that price
seems fair enough to me. Wigan
are fighting for their lives and will
be going all out to pick up some
much needed points, but they just
dont look good enough. Holt has
been causing defences problems
all season and he is worth backing
at 5/1 with Bet Butler to score first.
I can see this being quite an
open contest and it might be
worth buying total goals at 2.8
with Sporting Index. Wigans
defence could open up if they have
to chase the game and that could
result in carnage. Coral are also
refunding bets if five or more
goals are scored in live UK games
this weekend.
THE Paddy Power Imperial Cup has
been a Pipe-family benefit over the
years with father Martin winning it
six times and his son David landing
back-to-back renewals in 2007 and
2008. The sponsors offer a 75,000
bonus for the winner to land any
race at next weeks Cheltenham
Festival and the last one to success-
fully double up was Gaspara in 2007.
MASTER OF ARTS is the only repre-
sentative for the Pipes and punters
should take note, especially as hes
wearing blinkers for the first time.
The seven-year old was a short price
for the Triumph when he last raced
over hurdles in 2009, but he disap-
pointed that day. He had a long
break after that, but his last two
runs on the flat in September were
really strong.
Tom Scudamores mount opened
up at 10/1 earlier in the week, but
that has been hammered down to
9/2 with Coral. I still think theres
some mileage in that price and he
could be extremely well-handi-
capped on ground that he loves.
The big danger is Ted Spread
who is also potentially well ahead
of his mark. Paul Nicholls has him
entered in the County Hurdle and
Martin Pipe Conditional Jockeys
Hurdle next week and he will be a
tough nut to crack in either of
those races. I normally try to take
on the leading fancies in these big
handicap hurdles, but I cant see
past the top two in the market and
narrow preference is for the Pipe
runner.
Our Cheltenham Festival cover-
age kicks-off on Monday with a
full report on Coral's Preview
Night from earlier this week.
Then, the Punter will be back each
day of the meeting with three
daily pages of insight. In the mean-
time, you can follow me on
Twitter @BillEsdaile for all the lat-
est Festival news.
SUNDAY 4.00PM SKY SPORTS 1
WIGAN
NORWICH
POINTERS...
Norwich at 10/11 with Coral
Grant Holt to score first at 5/1 with Bet Butler
Buy total goals at 2.8 with Sporting Index
Pipe can prove to be Imperial Cup Master once again
The Football Trader
had six out of seven
winning bets last
weekend including
3/1 and 6/1 winners.
HOT
TIPPING
it for a trophy er following up win, but de were far ainst Cardiff g a rejuvenat-
team have their backs to the wall and that win could be a timely confidence booster. However, its been their away form that has been the problem since the turn of the year, losing at Swansea and Fulham, and drawing against Bolton. That said, Arsenals last away league game was a win at the Stadium Of Light and I just get the feeling that the Gunners may end the season with a flourish. Liverpool havent quite given up on claiming fourthspot but its goi
game could well have left its mark and its enough to put me off the home side at a best-priced 21/20 with Bet Butler. I was tempted to back the draw at around 13/5, as eight of the 12 league games at Anfield have been stalemates, but I just think the value lies with Arsenal at 3/1 with Bet Butler to inflict Liverpools first home defeat of the season. There have been plenty of goals in recent contests between the t
AFTER the destruction derby against Arsenal, Tottenham must pick themselves up off the floor pretty sharpish or else face the prospect of undoing much of the good work that has taken them to the verge of a title challenge. Any remaining hope of winning the league has gone, but a good result against Manchester United at home on Sunday and they will be back on track; a bad one and they will be nerv- ously looking over their shoulders to Arsenal and Chelsea. There is no real let-up with the fixture list in the next few weeks, though, with trips to Everton and Chelsea, as well as a tricky home tie against Stoke. Apart from their most recent performance, there are a number of other worrying factors to consider for Harry Redknapp. His side is beginning to appear over-worked and the timing of this weeks England friendly has been far from helpful. Scott Parker, the man who led his country on Wednesday, has been one of the main reasons for Spurs great
No stopping United
at Spurs on Sunday
SUNDAY 4.10PM SKY SPORTS
MANCHESTER UNITED
TOTTENHAM
SKY SPORTS
RING IF
YOU REALLY
WANT THE
BEST ODDS
35
form, but he will sit this clash out after being sent off against Arsenal. Meanwhile, there are injury concerns over Kyle Walker and Rafael van der Vaart. Then theres Spurs record against the Red Devils. A brace from Willem Korsten helped them on their way the last time they bagged three points from this fixture, all the way back in May 2001, while the most recent victory at Old Trafford was a week before Christmas Day in 1989. More recently United have won five of the past six league meetings between the sides. A draw, at 23/10 with Coral, is arguably Tottenhams best hope of taking something, but I think the visitors can keep up the pressure on their neighbours at the top of the pile. Take the 8/5 with betting concierge service Bet Butler for an away
win. For a limited time only, those who qualify to join Bet Butlers exclusive VIP club will get their first deposit matched up to 1000. Check out www.betbutler.co.uk for more details. Only two clean sheets in eight league outings shows Sir Alex Fergusons side are more prone to conceding at the moment, but more often than not, they have the power to outscore opponents. They have won thanks to a 2-1 scoreline three times in five games. A repeat is worth a look at 9/1 with Coral, who are refunding bets if a team wins from a losing position.
te Ryan Giggs late winner at Norwich Picture: Getty
POINTERS... Manchester United at 8/5 with Bet Butler Manchester United to win 2-1 at 9/1 with Coral
L
BALL TRADER BEN CLEMINSON BRINGS YOU THE BEST OF THIS WEEKENDS FOOTBALL BETS
Everton are unbeaen since losing to Spurs in January. Picture: GETTY
EUROPEAN champion Fran Halsall
secured her place in the Olympic
100m freestyle event after
recording the fastest time
in the world this year at
the British Swimming
Championships last
night.
Halsall (inset)
recorded a time of
53.57 seconds on the
way to becoming No1
in the events world
rankings and will be
joined at the London Games
by Loughborough team-mate Amy
Smith.
Its a really good time for me
right now, said, Halsall, who quali-
fied for London 2012 in the 100m
butterfly earlier in the week.
To be just off my world champi-
onship time of last year, four
months from the Olympics,
makes me really happy.
In the mens 200m indi-
vidual medley final,
Commonwealth champi-
on James Goddard was
edged out by Joe
Roebuck, who qualified
for his third Olympic
event.
Earlier, double Olympic
gold medallist Rebecca
Adlington moved a step closer
towards qualifying for her specialist
event after leading from start to fin-
ish in the heat of the 800m
freestyle.
Halsall sets fastest time
of 2012 in 100m freestyle
OLYMPICS
MANCHESTER UNITED manager Sir

Alex Ferguson admitted he would be
forced to risk the creaking body of
veteran centre-half Rio Ferdinand if
his side are to prolong their involve-
ment in the Europa League, following
last nights sobering first leg defeat
against Athletic Bilbao at Old
Trafford.
Managed by reported Chelsea tar-
get, the former Argentina coach
Marcelo Bielsa, Athletic have built a
reputation for combining Spanish
ingenuity with South American flair
and they certainly lived up to their
stellar billing here.
An early poachers effort from
Wayne Rooney was cancelled out by
Fernando Llorentes thumping head-
er before half time and despite David
de Geas one-man show of defiance in
the United goal, Bilbao took what
appeared to be a decisive lead in this
last 16 tie when Oscar de Marcos and
Iker Muniain struck to the delight of
the 6,500 travelling fans.
Rooney doubled his tally for the
evening from the penalty spot in
injury time to offer the Premier
League champions hope of progres-
sion, but Ferguson conceded he
would have to try to find a way of
incorporating Ferdinand, 33, rested
last night, in next weeks return fix-
ture to patch up a defence that was
exposed time and again by the fleet-
footed Basques.
We were well beaten, I have to say
they were the better team, said
Ferguson. I thought our defending
wasnt very good tonight and that
kept us on the back foot all the time.
Our attacking play was very good at
times but Bilbao were the better side.
We can still win the game. No
question. We showed we can make
chances against them, but obviously
we have to defend better.
I need to really look and see how
we can maybe bring Rio Ferdinand in
without disrupting the league pro-
gramme.
When Rooney put United ahead
after 22 minutes Ferguson might
have thought a delicate balancing act
would be the last thing required of
him in planning for the second leg,
but Bilbaos response was stunning.
Llorente stooped to head his side
level a minute before the interval and
only the rapidly improving De Gea
prevented the visitors taking the lead
before De Marcoss wonderfully exe-
cuted volley albeit from an off-side
position in the 72nd minute.
The industrious Muniain added the
goal his performance merited when
he capitalised on a catalogue of defen-
sive errors to stab past De Gea, but
there was still time for Rooney to rifle
home a penalty that just about keeps
his side in the competition.
Bilbao Basque
in the glory of
Old Trafford
masterclass
HOPES that two-time Cheltenham
Gold Cup winner Kauto Star will be fit
to bid for a third win in next weeks
race are growing but a decision has
been put on hold until Monday.
The Paul Nicholls-trained 12-year-
old will gallop at Wincanton follow-
ing todays meeting as he looks to
prove his recovery from a fall in
schooling last week.
Nicholls gave an upbeat report on
the celebrated chasers continued
improvement yesterday but owner
Clive Davis insists a final decision will
not be made until after the weekend.
Hes coming along nicely now and
is almost back to normal, said Davis.
Were nearly there, I think. The deci-
sion on whether he runs or not will be
made on Monday, not Friday.
Paul has said the he will school
him on the grass gallops at home, as
he has done every year before
Cheltenham, and after he's done that
the decision will be announced.
Nicholls, who plans to test the five-
time King George winner alongside
stablemate Mon Parrain this afternon,
said: Kauto Star enjoyed his usual
morning preparation before having
two canters up the hill with Big Bucks
and he continues to please us and
head in the right direction.
Kauto Star
call delayed
to Monday
BY FRANK DALLERES
HORSE RACING
TOTTENHAM winger Gareth Bale

insists his growing reputation as a
diver is undeserved but admits he
would rather make the most of a
potentially dangerous challenge than
suffer a serious injury as a result of
attempting to stay on his feet.
The Wales international, the only
player in the Premier League to be
booked twice for simulation this sea-
son, won a debatable penalty in
Wednesdays FA Cup win over
Stevenage, whose defender Mark
Roberts claimed Bale had gone down
too easily.
Bale responded, saying: I try not to
get in the way of tackles and if people
want to say Im diving then they can
but Im trying to get out of the way
and save myself.
Sometimes it looks like youre div-
ing but if someones coming across
you, you try to get out of the way. Id
rather dive meaning get out of the
way than get hurt.
Meanwhile, defender Michael
Dawson has been ruled out for the rest
of the season with an ankle injury.
Bale: I would
rather dive
than get hurt
BY JAMES GOLDMAN
FOOTBALL
Sport
30
BY JAMES GOLDMAN
FOOTBALL
2
3
MANCHESTER UTD
ATHLETIC BILBAO
Results
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email sport@cityam.com
SPORT | IN BRIEF
Whyte deemed unfit for Rangers
FOOTBALL: Rangers owner Craig Whyte
has been deemed not a fit and proper
person to run a club by the Scottish
Football Association following an inde-
pendent inquiry. The Scottish champions,
in administration and battling to avoid liq-
uidation, also face a charge of bringing
the game into disrepute.
Ticket price freeze at Chelsea
FOOTBALL: Chelsea have frozen prices on
all tickets for next season and vowed to
cut the cost of Champions League games,
if they qualify. The Blues currently lie
three points behind Arsenal in the race to
finish in the Premier Leagues all-impor-
tant top four.
ECB defer Morgan Review verdict
CRICKET: The England and Wales Cricket
Board has deferred a decision on the
Morgan Review and will conduct further
research into the future structure of the
county game, including whether or not to
reduce the amount of matches played in
the County Championship.
Spain internation-
al Muniain scored
Bilbaos third
Picture: PA
E
NGLANDS last Six Nations out-
ing, the hard-fought defeat to
Wales at Twickenham, was very
positive. The big concern was
that they werent going to go out and
play but they moved the ball around
well and met fire with fire.
Personally, I thought David Strettles
last-gasp effort should have been
given as a try but, having said that,
the best team probably won. Wales
had an excellent first 20 minutes,
with George North making some
great breaks. The performance was
heartening, yet its all about winning
really. The next few games will be
vital for Englands development.
Head coach Stuart Lancaster has
come under fire from Leicester boss
Matt OConnor for his playing style
and team selections. Club coaches are
always going to be protective when
two of their senior players Ben
Youngs and Toby Flood are not start-
ing for England, and thats com-
mendable, but playing for Leicester
and the national team are very differ-
ent. The Tigers have a strong pack
who dominate and make it easy for
the half-backs; playing for your coun-
try you are often under extreme pres-
sure. Looking forward, Youngs in
particular is a very good player but
needs to get his game back to be in a
starting position. Lee Dickson and
Charlie Hodgson have done well and
you cant ignore form.
Hodgson is fit again, leaving
Lancaster a choice between him and
Owen Farrell at fly-half but Im pret-
ty sure its also about the centre part-
nership. I dont see Farrell as an
inside centre long-term; his best posi-
tion is No10. His distribution is com-
parable to Hodgsons and if hes kick-
ing well hes probably the best man.
Centres Manu Tuilagi and Brad
Barritt might be similar but add
something in different areas, and Id
rather see the best partnership.
SLAP ON THE WRIST
France have had a mixed champi-
onship. In last weekends draw with
Ireland they had huge lapses of con-
centration and they dont seem to
know how theyre trying to play. They
dont look comfortable in their own
shirts yet, and thats reflected in the
fact theyve changed their half-backs
for the England game. Im not sure
those coming in, Julien Dupuy and
Lionel Beauxis, are as good as Morgan
Parra and Francois Trinh-Duc; its a
case of trying something different
but also a slap on the wrist.
You never know with France,
although when their backs are
against the wall they do tend to come
out fighting. I think itll be tough but
Ill be disappointed if, in these cir-
cumstances, England cant go there
and win. Theyre going to have to be
pragmatic; wed all love to see an
open game but the reality is, away
from home against the French, wed
all forgive them if they grabbed a 3-0
win. They cant afford to go into the
last match against Ireland having just
lost two big games.
Kyran Bracken was speaking courtesy of
GamePlan Solutions: Managing high pro-
file and popular sport stars; speakers, lead-
ers, motivators, ambassadors
www.gameplansolutions.co.uk
31
Improving England ought
to beat confused France
RUGBY UNION COMMENT
KYRAN BRACKEN
Farrell will hope to keep his place at No10 against France Picture: GETTY
SOUTH AFRICAS World Cup-winning
coach Jake White claims the Rugby
Football Union has approached him
about taking over the England team.
White is eight months into a four-
year deal with the Brumbies in
Australia and says he would not leave
before the Super 15 season ends in
August.
However, the 48-year-old has
declared an interest in exploring his
options, according to a Brumbies
statement.
Earlier this month, RFU chief execu-
tive Ian Ritchie said he wanted to
appoint a new coach by 17 March.
Interim England coach Stuart
Lancaster is expected to be inter-
viewed before the end of the Six
Nations as the RFU search for Martin
Johnsons successor.
White reveals
RFU approach
over England job
RUGBY UNION
SCOTLAND have lost their interna-

tional tug of war with Wales over the
right to select London Irish centre
Steven Shingler.
Shingler was thought to be eligible
to play for Scotland through his
Dumfries-born mother and was select-
ed in Andy Robinsons provisional Six
Nations squad back in January..
Wales, for whom Shingler born in
Swansea represented at Under-20
level last year, lodged a complaint to
the International Rugby Board who
ruled yesterday that the player was eli-
gible for Warren Gatlands side only.
Shinglers elder brother Aaron
made his full Wales debut in the
27-13 win over Scotland last month.
Scots lose out in
fight with Wales
over Shingler
RUGBY UNION
1
0
SPORTING LISBON
MANCHESTER CITY
MANCHESTER CITY manager
Roberto Mancini hopes his captain
Vincent Kompany will make a
quick recovery from the injury
that saw him hobble off during the
early exchanges of last nights
Europa League defeat in Lisbon.
Brazilian Xandaos impudent
back-heel ended Citys run of six
consecutive victories in all competi-
tions and means the Premier
League leaders face an uphill task
to qualify for the quarter finals.
Kompany lasted just seven min-
utes before he suffered a calf strain
and will certainly miss next weeks
second leg, but Mancini is opti-
mistic he will not be without his
influential Belgian defender for
too long.
I hope that for Vinnie, the
injury will be short, said Mancini.
When you have a calf (injury), it
can be a big problem. I hope he can
recover in 10 days, two weeks max-
imum.
Mancini fielded a near full-
strength side but City posed little
by way of attacking threat until
Mario Balotelli was introduced
from the substitutes bench with
20 minutes remaining.
The Italy striker created a won-
derful opportunity for David Silva
and hit the crossbar with a header
but was unable to cancel out
Xandaos improvised effort in the
51st minute the defender react-
ing quickest after the previously
excellent Joe Hart had spilled a
Matias Fernandez free-kick.
Mancini added: I am not wor-
ried. We will go through in the
Europa League.
Kompany calf
strain adds to
City concerns
FOOTBALL
SIX NATIONS REACHES

A PIVOTAL STAGE
WEEKEND BETTING GUIDE
IN THE PUNTER: P28 & 29
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means the Bank of England Bank Rate. Rates correct at date of print 29/02/2012. AER (Annual Equivalent Rate) illustrates what the interest rate would be if interest was paid and compounded once
each year. Tax-free indicates that interest is exempt from UK income tax provided all ISA conditions are met. To maintain a high quality service and for security reasons we may monitor or record calls.
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www.cityam.com Issue 1,588 Friday 9 March 2012 FREE

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