City AM 2011-9-23

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www.cityam.com Issue 1,474 Friday 23 September 2011 FREE
BUSINESS WITH PERSONALITY
Certified Distribution
01/08/11 till 28/08/11 is 92,745
BLOODBATH
Gold
down 2.3%
Dow Jones
down 3.51%
Nikkei
down 2.07%
Hang Seng
down 4.85%
US 30-year
Treasuries
up four points
Euro Stoxx 50
down 4.9%
FTSE 100
down 4.67%
DAX
down 4.96%
Silver
down 9.3%
Copper
down 7.5%
WTI Crude oil
down 5.5%
Equities and commodities plunge on fears over global recovery
A FRANTIC sell-off saw stock
markets tumble yesterday while
commodities collapsed, as
spooked investors retreated
from mounting signs of global
economic weakness.
The world economy is in a
danger zone, World Bank chief
Robert Zoellick said yesterday,
while International Monetary
Fund (IMF) boss Christine
Lagarde again said that the path
to recovery is narrowing.
At the G20 summit in Cannes,
six world leaders including
Prime Minister David Cameron
warned: External risks to the
stability of our banks and our
economies are reaching pre-cri-
sis levels. In an open letter to
President Sarkozy, the six called
for Eurozone countries to act
swiftly to resolve the crisis.
German, French, Spanish and
Italian credit default swaps
(CDS) all hit new highs yesterday
as market gloom deepened and
concern over the ability of
Eurozone governments to pay
their debts continued to mount.
Their comments followed a
bearish statement from the US
Federal Reserve on Wednesday
night, during which it launched
its latest effort to stimulate the
economy Operation Twist.
Over two per cent was lost
from equities from various cor-
ners of the world yesterday,
according to the MSCI AC World
Index. The Dow Jones closed
down 3.51 per cent, the FTSE lost
4.7 per cent and merging mar-
kets stocks slid 6.5 per cent
Its a combination of no QE3,
low economic growth, Chinas
PMI falling and European PMI
data either slightly or widely
below expectations, said analyst
Thorbjorn Bak Jensen of A/S
Global Risk Management.
The gloomy outlook for the
world economy weighed on
commodities, with investors
concerned that a stuttering
recovery will hammer demand
for energy and metals.
Chinas factory sector shrank
for a third consecutive month in
September, on sagging demand.
WTI crude oil sank around 5.5
per cent yesterday, while copper
often seen as a bellwether of
industrial activity and the wider
economy fell off a cliff, losing
7.5 per cent in London trading.
Even gold and silver, often
seen as safe havens at times
when equities take a bath, crum-
bled under the pressure of a ris-
ing dollar, although gold later
recovered some losses.
The dollar index rose to seven-
month highs after the Feds
Operation Twist. The twist
heightened the appeal of short-
er-dated US debt and gave the
greenbacks yield-appeal an edge
over that of other currencies,
which in turn hit gold.
With few places to run, some
investors turned to supposedly
safe-haven bonds. Yields on 30-
year Treasuries fell by seven per
cent, touching as low as 2.76 per
cent as prices rose. FORUM: P20;
ALLISTER HEATH: P2
BY JULIAN HARRIS, TIM WALLACE
WORLD ECONOMY
World leaders (Lagarde, Zoellick, Cameron) painted a gloomy picture for global growth
News
4 CITYA.M. 23 SEPTEMBER 2011
US caves in on
trading rules
THE US futures regulator has yielded
on several contentious parts of a
plan to crack down on commodity
speculation, marking a victory for
banks and traders who have lobbied
to limit increased market oversight.
A draft of the final rule by the
Commodity Futures Trading
Commission maintains that the
Dodd-Frank Act requires position
limits -- caps on the number of con-
tracts a single trader can hold -- to
prevent excessive speculation in oil,
grain, silver and other commodity
markets.
But the CFTC modified areas of
the plan that were a major concern
for big banks like Morgan Stanley
and firms like Shell, including
whether or not different arms of a
single company must count sepa-
rately managed positions as one, and
whether swaps and futures positions
can be offset.
While sticking to an unpopular
plan to phase in limits over time as
the agency gathers more data on the
opaque $600 trillion over-the-count-
er derivatives market, the proposal is
the latest sign that regulators are at
least partly responding to cries from
the financial industry -- as well as
Republicans -- that overly tough
rules may have a detrimental
impact.
BY HARRY BANKS
REGULATION
EU TO SPEED RECAPITALISATION OF 16
BANKS
European officials look set to speed up
plans to recapitalise the 16 banks that
came close to failing last summers
pan-EU stress tests as part of a co-ordi-
nated effort to reassure the markets
about the strength of the 27-nation
blocs banking sector. A senior French
official said the 16 banks regarded to
be close to the threshold would now
have to seek new funds immediately
US FUNDS SLASH EXPOSURE TO
EUROPEAN BANKS
The biggest US money market funds
have slashed their exposure to
Europes embattled banking sector to
the lowest since at least 2006, under-
lining the spreading nervousness
about the Eurozones indebted periph-
ery. The 10 largest US money market
funds reduced their short-term lend-
ing to European banks to just
$284.6bn by the end of August, or 42.1
per cent of their total assets.
FUNDING FEARS HIT CHINESE PROPERTY
STOCKS
Chinese property stocks suffered dou-
ble-digit declines amid growing fears
developers are losing access to funding
and will be forced to slash prices. The
trigger for yesterdays tumble was a
Reuters report that the Chinese bank-
ing regulator had ordered trust com-
panies to assess their risks from
lending to Greentown.
ALIBABA IN $1.6BN PRIVATE EQUITY
DEAL
Alibaba Group employees and share-
holders are set to be given the opportu-
nity to cash out part of their stock in
Chinas largest ecommerce group by
revenues, through a $1.6bn private
equity deal. DST Global of Russia and
California-based Silver Lake are lead-
ing a tender offer of almost $1.6bn for
just under five per cent of Alibaba,
valuing the internet group at $32bn.
YES, MINISTER: BUSINESS CHIEFS GET
BUDDY HOTLINE
Britains top 50 companies are to be
given unprecedented access to govern-
ment ministers in an attempt to spark
life into the economy. Bosses of compa-
nies, including BP and
GlaxoSmithKline, will be able to tele-
phone directly to the top of Whitehall
departments in new individually tai-
lored relationships with senior minis-
ters who will act as their buddies.
SORRELL IN LINE FOR 500,000 PAY RISE
WPP is proposing to award Sir
Martin Sorrell, its chief executive, a
pay rise of up to 50 per cent, taking
his salary to 1.5m. The advertising
supremo earns considerably more
than his 1m base salary through
the FTSE 100 advertising groups
share incentive scheme. Last year he
received 4.2m through a combina-
tion of pay, bonuses and benefits.
HALIFAX LAUNCHES PREMIUM BONDS
RIVAL
Halifax, Britains biggest savings bank,
is taking on National Savings
Premium Bonds the nations
favourite savings product with the
launch of a new monthly prize draw.
Every month the bank will award
cash prizes of up to 100,000 to ran-
domly selected savers.
IRAN'S MAHMOUD AHMADINEJAD
SPARKS UN WALKOUT
Iranian President Mahmoud
Ahmadinejad sparked a mass walkout
of diplomats at the UN after he
attacked Western powers over the
Holocaust and 9/11. The US delegation
walked out yesterday when Mr
Ahmadinejad said arrogant powers
threatened anyone who questioned
the Holocaust and the September 11
attacks on the United States with
sanctions and military action.
OBAMA LEADS UN SPARRING OVER
MIDDLE EAST
Obama implored the UN to hold off
the Palestinian push for statehood,
saying there can be no shortcuts to
peace, an admonition immediately
spurned by Palestinian leaders who
vowed to press ahead. However, the
Palestinians also acknowledged
Wednesday that it would take time for
the Security Council to consider their
request.
CHILE TO KEEP BELT TIGHT, WARY OF
GREECE'S PROBLEMS
Chilean President Sebastin Piera,
facing protests by students seeking
higher subsidies and other changes,
said Thursday he sympathised with
the demands but that the government
needed to maintain fiscal discipline.
We agree with some of their basic
demands but we cant meet all the
conditions, Piera said.
WHAT THE OTHER PAPERS SAY THIS MORNING
Investors well and truly out of luck
WHAT a rout. The markets took a
major battering yesterday, in what
looked like a belated wake-up call. The
Eurozone crisis is getting worse, a
major sovereign default in the EU is
becoming closer and growth in the
West is grinding to a halt. There was
talk last night that some Eurozone
banks may need to be recapitalised; if
this does materialise, it would mean
that the next step of the crisis may be
about to begin.
The last few days have seen more
bad economic data (including from
the US, China and the Eurozone),
Operation Twist (which under-
whelmed the QE junkies), and more
political nonsense, including a ridicu-
lous letter from six G20 leaders calling
for action (who do they think they are
writing to? Themselves?).
The FTSE 100 just kept its nose
above 5,000 but suffered its largest
loss for around 30 months. US shares
slumped. Emerging market stocks fell
by the most since 2008. The Greek
stock market is now down by 88 per
cent since its peak. Commodities
investors have seen their gains of the
year more than wiped out. Oil prices
slumped, gold fell sharply, as did sil-
ver. It was a bloodbath for investors.
The problem when all asset prices
move together and are correlated in
this way is that diversification no
longer works to reduce risk standard
financial theory becomes much less
useful. Investors are now much more
exposed. True, they can put their
money in bank accounts but with
retail price index inflation at 5.2 per
cent, they are being slowly decimated
(and with the possibility of a Eurozone
crisis, real risk has returned to the
global banking system).
The only asset class that is doing
well is the bonds of supposedly safe
governments such as that of the US.
Ten-year Treasuries are now yielding
just 1.75 per cent and the 30-year 2.81
per cent, which is negative in real
terms and utter madness (though of
course the otherwise largely useless
operation Twist had some small effect
on this). So thats the choice: play
along with an unsustainable bubble
or face immediate losses. With aver-
age UK house prices also falling in real
terms, no wonder investors desperate
to preserve their wealth are tearing
their hair out.
GUILTY MEN
FOR years, a large chunk of the British
establishment, including to their dis-
credit some large companies and City
firms, argued for Britain to join the
euro. At one point, the Confederation
of British Industry was massively in
favour. Many current ministers,
including Danny Alexander and
Kenneth Clarke, were fanatically in
favour (and who knows, may even still
be). All of these people got it totally
wrong yet have escaped with their rep-
utations intact. It would have been an
unmitigated disaster had the UK aban-
doned sterling. The bubble would
have been even worse and the bust
fatal; the UK would have ended up
another Ireland or even Iceland.
As Peter Oborne argues in Guilty
Men, a brilliant pamphlet for the
Centre for Policy Studies, the strategy
was to create the impression that
those arguing against the euro were
mad, racist or xenophobic. This moral
and cultural bullying almost succeed-
ed. It is high time that those who got
it so wrong hid their heads in shame
and that business and the City makes
sure it never again backs these kinds
of economically irrational, corporatist
and undemocratic projects.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
TESCO has kicked off a price war with
rivals, announcing that it plans to
splash out 500m on dropping prices
on 3,000 food items.
In an aggressive attempt to out-
flank the competition, the supermar-
ket giant has vowed to focus the
campaign on cheap, everyday prod-
ucts and to scrap complex promo-
tions in favour of across-the-board
price changes.
Richard Brasher, the companys UK
chief executive, said: My message to
our customers in these tough times is
clear we have listened and we are
going to help. From Monday, you will
be able to save more money everyday
at Tesco on the essentials you need
the most.
Shore Capital analysts estimate
that the price war will be most prob-
lematic for Sainsburys and Ocado
the latter in particular because it
promises to match Tescos prices on
its goods.
BY JULIET SAMUEL
RETAIL
Tesco kicks off price war

Philip Clarke, the Tesco group chief exec, is overseeing the 500m price war Pic: REUTERS
NEWS | IN BRIEF
Facebook ties deal with Spotify
Facebook has unveiled new features that
centre on the way users listen to music
and watch TV, offering tie-ups with the
likes of Spotify and Hulu, as it attempts
to make media an integral part of its
service. The features, which also include
ways for users to jazz up profiles in a
magazine, photo-heavy style, were intro-
duced on Thursday during Facebook's
annual f8 developers' conference in San
Francisco by Facebook chief executive
Mark Zuckerberg. For Facebook, a deep-
er integration of music, movies and
other media into its service makes it
more likely that users will spend more
time on its site.
Private equity deals are laid low
Private equity-backed deal volume in the
third quarter was down nearly 30 per
cent to $53.1bn (34.5bn) from the
same period of last year, according to
Thomson Reuters data for the three
months to 22 September. The figure is
also 22 per cent lower compared to the
previous quarter. So far in 2011, howev-
er, such deals are still up about 14 per
cent from a year ago to $175.2bn, the
data shows.
EDITORS LETTER
ALLISTER HEATH
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Editorial
Editor Allister Heath
Deputy Editor David Hellier
News Editor David Crow
Acting Night Editor Marion Dakers
Business Features Editor Marc Sidwell
Lifestyle Editor Zoe Strimpel
Sports Editor Frank Dalleres
Art Director Jo Simpson
Pictures Alice Hepple
Commercial
Sales Director Jeremy Slattery
Commercial Director Harry Owen
Head of Distribution Nick Owen
HEWLETT Packard last night unveiled
Meg Whitman as its new chief execu-
tive after sensationally axing Leo
Apotheker, who had held less the job
for than a year.
Former eBay chief executive
Whitman will be tasked with
halting the decline in the firms
share price, which has tanked
50 per cent in the last twelve
months.
The board is understood to
have lost faith in Apotheker
after he was forced to issue a
string of profit warnings, as
well as struggling to live up
to promises to integrate
recently acquired Palms
webOS software into its
devices.
Whitman will now decide
whether to forge ahead with
Apothekers radical plans to
spin off HPs huge personal
computing division and
refocus its operations as a software
company.
Some HP investors are also said to be
irked over the $10bn price tag
attached to Autonomy, which it agreed
to buy last month.
However, City A.M. understands it
would be almost impossible for
HP to pull out of the deal at this
stage.
Whitman (left), who ran an
ill-fated campaign for
Californias governorship,
took eBay from a business
turning over $4m a year to
one of the worlds
biggest online retailers
with revenues in excess
of $8bn.
However, her record
was blemished by her
ill-fated acquisition of
Skype for $4.1bn,
which was later sold
for $2.75bn. She has
also held senior
positions at The Walt
Disney Company.
Meg Whitman
is named new
leader of HP
UBS is cutting its investment banking
division as the trader accused of a
$2.3bn (1.5bn) fraud yesterday said
he was sorry beyond words.
The banks cull represents between
five and 10 per cent of the posts with-
in its advisory arm and is part of the
3,500 job cuts announced in August.
It is not directly related to the losses
resulting from a rogue trade.
Yesterday Kweku Adoboli apolo-
gised through his lawyer, Patrick
Gibbs, for the consequences of his
disastrous miscalculations. He did
not enter a plea at City of London
Magistrates and was remanded in cus-
tody until a hearing next month.
Meanwhile Oswald Gruebel, the
chief executive of UBS, is fighting to
retain his job at the bank as directors
spend three days in meetings in
Singapore. UBS declined to comment
last night on whether Gruebels posi-
tion was under discussion.
Christian Stark, analyst at
Cheuvreux, said the departure of
Carsten Kengeter, investment bank-
ing chief executive, would be the
best signal UBS could give.
But Leigh Harrison, head of global
equities at UBS investor
Threadneedle, said there was no need
for chief executive Oswald Gruebel to
step down in the wake of the scandal.
UBS cuts under
way as Adoboli
says he is sorry
BY STEVE DINNEEN
TECHNOLOGY
BANKING
News
UBS trader Kweku Adoboli appeared in court yesterday charged with four crimes
BNP Paribas is planning a significant
round of job cuts across its corporate
and investment bank, chief executive
Baudouin Prot said yesterday.
But he denied reports that the bank
is seeking a capital injection from
Qatars sovereign fund after rumours
that it needs more equity swept
through markets.
Prot said the layoffs would come
alongside a ten per cent reduction in
the banks assets essentially at our
corporate and investment banking
platforms... It will be a significant mag-
nitude, but without reaching at all the
figures announced by other banks,
especially Anglo-Saxon ones.
That makes it likely that the cuts
will be in the hundreds rather than
the thousands, unlike large-scale head-
count reductions at other banks like
HSBC, Lloyds and Bank of America.
They are also likely to fall mostly out-
side the UK, where the firm employs
thousands in its investment bank.
City A.M. understands that the cuts
will fall most heavily on the lenders
corporate banking division as it moves
out of areas where it considers its pres-
ence sub-scale. But the investment
bank could also see staff numbers
slashed as the bank shifts away from
capital-intensive activities.
BY JULIET SAMUEL
BANKING
News
ANALYSIS l BNP Paribas SA
16Sept 19Sept 20Sept 21 Sept 22Sept

30
28
26
24
23.06
22 Sept
BNP Paribas to cut jobs but
denies seeking Qatari cash
GOLDMAN Sachs yesterday appointed
Gregg Lemkau as the banks new
head of mergers and acquisitions in
the EMEA and Asia Pacific region. The
role is a new one for the bank,
employees were informed yesterday.
Lemkau has been the co-head of
the banks top-ranking global technol-
ogy, media and telecom group (TMT),
where he has acted in the sale of
Skype to Microsoft, the sale of
Autonomy to Hewlett-Packard, and
for the banks investment in
Facebook.
He joined Goldman in 1992,
became a managing director in 2001
and a partner in 2002. Prior to being
co-head of the TMT group, Lemkau
had previously served as chief operat-
ing officer for the investment bank-
ing division and prior to that was
co-head of the Healthcare Group.
In his new role, Lemkau will retain
responsibility for many of his clients.
He will join a global mergers team
overseen by co-heads Yoel Zaoui and
Gene T Sykes, with Richard Campbell-
Breeden as head of mergers for Asia
outside Japan and Dusty Philip and
Michael Carr as co-heads for the
Americas. Replacing Lemkau in TMT
is Anthony Noto, a managing director
based in the US.
Goldman said yesterday: In his
new role Gregg will focus on driving
our M&A business across EMEA and
Asia Pacific. He will ensure that we
optimally meet our clients M&A
objectives and expand our market
share by deepening client relation-
ships, enhancing our leading execu-
tion standards and strengthening the
integration of M&A with our financ-
ing products.
BANKING
@
@
@
MORE NEWS
ONLINE AT
www.cityam.com
Goldman gives
new position to
Gregg Lemkau
Gregg Lemkau is taking a new role at
Goldman Sachs as head of EMEA M&A
BNP Paribas chief
Baudouin Prot said
there will be job
cuts at the bank
Picture: REX
SAGE has agreed to sell its healthcare
business to Vista Equity Partners for
$320m (207m).
The software firm says it will
return all of the proceeds to share-
holders through a buyback scheme,
adding that the move will enable it to
focus on its core US customer base.
It said yesterday it had reached a
definitive agreement to sell the sub-
sidiary, which is used by US GP prac-
tices. It expects the sale to be
completed in November.
Chief executive Guy Berruyer said:
The sale of Sage Healthcare allows
management in the North American
region to focus on the considerable
opportunities that exist within our
core US customer base.
We are also announcing a share
buyback programme with the pro-
ceeds of the sale, reflecting our com-
mitment to delivering shareholder
value.
Numis analyst Will Wallis said:
We view the Healthcare sale as posi-
tive, even though the price may disap-
point some. We did not see the
business achieving market leader-
ship, and saw significant ongoing
risks.
Sage Healthcares revenue last year
was 157m. Gross assets were 393m
and the overall loss on the disposal is
expected to be between 60m and
70m.
Sage last month lost out in the race
to buy Australian software firm
MYOB, after it was beaten by a US pri-
vate equity house.
Bain Capital agreed to purchase
the accounting software company for
about $1.3bn (790m), trumping both
Sage and private equity outfit
Kohlberg Kravis Roberts.
Sage was forced to abandon its bid
because of a drop in its share price
and a lack of shareholder support,
sources said.
The Newcastle-based firm this year
returned all of its regions to organic
growth for the first time since 2007.
Sage sells its
health unit
for $320m
BY STEVE DINNEEN
TECHNOLOGY
News
CHIEF executive Tim Breedon is
retiring from Legal & General at
the end of 2012, by which time he
will have spent 25 years at the
insurer.
With the company in excellent
shape I feel that next year will be
the right time to retire from the
company. By giving notice of this
now, the board will have ample
time to plan and ensure an orderly
succession, Breedon said yester-
day.
Analysts have tipped L&Gs
incumbent finance director Nigel
Wilson as Breedons likely succes-
sor.
Wilson has stepped forward on
several investor presentations since
joining the company two years ago,
and Legal & General has often pro-
moted from within when filling its
top spots in the past.
There is a culture at Legal &
General of keeping it in-house, said
Berenberg Bank analyst Trevor
Moss.
Breedon joined the board of L&G
in 2002, having started at the com-
pany in 1987 and worked predomi-
nantly as an index fund specialist
working his way up through man-
agement before taking the top spot
in 2006.
He is credited with steering the
175-year old insurer through the
financial crisis and for preparing it
for the EUs Solvency II capital
regime, though he will leave the
company before the rules come into
force in January 2013.
Last month, L&G raised its share-
holder payout by a quarter after
strong growth at its fund manage-
ment and savings divisions helped
it beat first-half profit forecasts.
Breedon earned a total of 1.86m
in 2010, according to the companys
annual report, including a
785,000 salary.
Last year he succeeded
Lloyds executive Archie Kane as
chairman of industry body the
Association of British
Insurers, a role a
spokesman said yesterday
would not be affected by
his upcoming departure
from L&G.
Shares in Legal &
General closed 4.44 per
cent down yesterday at
91.40p, valuing the
company at around
5.6bn.
Breedon to step down from Legal & General
BY ELIZABETH FOURNIER
INSURANCE
TIM BREEDON
ANALYSIS l Sage Group PLC
p
265.0
262.5
260.0
257.5
255.0
255.10
22 Sept
Boutique investment bank William
Blair & Company was one of the firms
advising Sage on the disposal of its
healthcare business.
Heading up the team was the banks
managing director and co-head of
healthcare IT John Kibler.
The banker joined William Blair in
1997 and has worked on a string of
high profile transactions, including
Allscripts Healthcare Solutions pur-
chase of Eclipsys, Netsmart
Technologies recapitalisation by
Genstar Capital, Trover Solutions sale
to ABRY Partners and ExamWorks
initial public offering.
Working alongside Kibler was Karl
Palasz, fellow managing director and
co-head of healthcare IT, who joined
the firm in 1998 and has worked
shoulder-to-shoulder on most deals
with Kibler. Also working for Sage on
the sale were Deutsche Bank and Citi,
who were joint corporate brokers.
Legal advice came from magic cir-
cle law firm Allen & Overy.
ADVISERS: WILLIAM BLAIR & COMPANY
JOHN KIBLER
CO-HEAD OF
HEALTHCARE IT
The Capitalist
10
EDITED BY
HARRIET DENNYS
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thecapitalist@cityam.com
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END OF AN ERA AS CITY
SAYS FAREWELL TO TOP
LINKLATERS PARTNER
IT WAS hangover central in the
City yesterday, said one mole, thanks
to some enthusiastic networking at
the City A.M. awards that continued
into the early hours of Thursday
morning in the basement nightclub
in the Grange Hotel at St Pauls.
However, the retirement party for
Linklaters senior partner David
Cheyne on the same evening was a
more sedate affair, with elder states-
men such as Simon Mackenzie-Smith
from Bank of America Merrill Lynch;
Lord Rothschild, chairman of RIT
Capital Partners; and trade adviser
Lord Brittan calling it a night at a
respectable 11.30pm.
Cheyne will leave big shoes to fill,
says his successor Robert Elliott,
who asked the 100 Linklaters part-
ners and clients invited to the
Natural History Museum farewell to
raise a toast to the M&A lawyer
described as one of the last of the
Citys corporate legends.
From there it was over to Centrica
chairman Sir Roger Carr, who pre-
sented Cheyne with his City A.M.
award for Lawyer of the Year in
absentia, before a few words from
the man himself. Looking back on
his long career at Linklaters, Cheyne
reflected he had been loyal to the
firm for 39 years since joining
Linklaters & Paines in 1972.
But this isnt the last the City will
see of him, Cheyne added as a parting
shot, reminding banking associates
such as Morgan Stanley dealmaker
Simon Robey he is still very much
available for consultancy and adviso-
ry work when needed
RED HOT WOMEN
DLA PIPER partner Miriam Gonzlez
Durntez hit the front pages yester-
day in her role as political wife, pho-
tographed in a party-correct yellow
Topshop dress as she accompanied
husband Nick Clegg to the last day of
the Lib Dem conference.
What the papers didnt say, howev-
er, was that earlier that day Durntez
had joined charity campaigner Sarah
Brown, designer Anya Hindmarch
and Karren Brady, vice-chairman of
West Ham FC, on the judging panel
to draw up the shortlist for the
awards that recognise the most
impressive women working in
business.
The high-fliers Durntez and
her fellow high-achievers chose to
make the shortlist for Red maga-
zines Red Hot Women awards
will be revealed exclusively in
The Capitalist on 4 October. So
watch this space for the cre-
ative, internet, fashion,
start-up and pioneer con-
tenders who will go
head to head at this
years awards on 23
November
PEAK
PRACTICE
MEANWHILE, The
Capitalist caught up
with Keith Breslauer
(right), the chief exec-
utive of private equity
firm Patron Capital,
ten minutes after he
landed back in the coun-
try after completing a
brutal climb up the worlds most
famous granite rock face.
Imagine climbing up the Gherkin
for a three-and-a-half days, said
Breslauer on his 900 metre vertical
ascent of El Capitan in Californias
Yosemite national park.
Some of the teams that started the
climb at the same time as Breslauer
had to turn back, but the distressed
real estate specialist conquered The
Nose route to reach the top at 3.30pm
on Monday, raising 30,000 for dis-
abled Royal Marines in the process.
HELP FOR HEROES
BUT Breslauer isnt the only City
name raising money for military
causes John Clougherty, the chief
executive of Aviva Investors UK Fund
Services, entertained guests at
Wednesdays Heroes At The Tower
event as a sponsor of the fundraiser.
Following an introduction by
General The Lord Dannatt, Avivas
guests at the Tower of London
watched a beating retreat by the
Band of the Royal Marines and a spe-
cial performance by the main cast of
The Phantom of the Opera.
The party also took in a private
viewing of the Crown Jewels, the
White Tower, the Chapel Royal of St
Peter Ad Vincula and the Ceremony
of the Keys, before putting their
money to work in the charity auction
that raised 175,000 on the night.
THE BIG PICTURE
ALSO on Aviva, watch out for next
weeks promotion in City A.M. to give
five readers the chance to win a pro-
fessional makeover and photoshoot
by fashion photographer Jillian
Edelstein as part of its You Are the
Big Picture campaign.
The photos will be taken on
Tuesday 11 October and the images
projected on to the Lyttelton Theatre
later that evening. To find out more
about the Big Picture campaign, see
www.facebook.com/aviva
Sir Roger Carr presents
Cheyne with his City A.M.
Lawyer of the Year award
Picture: Arron Leppard
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Introduction by City AM Editor, Allister Heath
SHAREHOLDERS in the loss-making
Omega insurance group were yester-
day presented with a third takeover
proposal for the group.
Barbican Insurance, a private
group backed by Carlson Capital, said
yesterday that it was proposing to be
bought by Omega in an initial all-
share deal, with no acquisition premi-
um to be paid out to Barbican's
shareholders.
The new company formed by this
initial all-share deal would then offer
84p in cash to buy out 25 per cent of
Omega shareholders.
This 84p-per-share offer is slightly
better than the 83p offers for Omega
from privately held insurer Canopius
Group and Mark Byrnes Haverford
Bermuda Ltd.
Omega shares edged up fractional-
ly to 74p in morning trade, giving the
company a market capitalisation of
around 180m.
If the Barbican bid were to be suc-
cessful, the Omega management
team would remain in place. Omega
shareholders are being asked to make
suggestions for an independent chair-
man.
Barbican said that its proposal gave
Omega investors the chance to partic-
ipate in an enlarged group. But Sarah
Lewanowski at Peel Hunt said many
shareholders wanted to sell out alto-
gether. Many shareholders are tired
of the situation and are hoping for a
resolution, she said.
Omega gets a
fresh merger
proposition
FEDEX, the worlds second biggest
package delivery company, last night
reported a higher quarterly profit
that slightly beat forecasts but pared
its outlook for the full year, citing
fuel prices and moderate global eco-
nomic growth.
Analysts had expected the compa-
ny to lower its earnings guidance
based on a tepid domestic economy
and slower international trade than
many expected.
Businesses continue to keep a lean
inventory based on consumer senti-
ment, heightening the focus on cost
controls as well as rate increases to
boost profits.
FedEx said its ground and freight
results offset the impact of slowing
economic growth, which stifled vol-
umes, and announced more rate
increases.
The US and global economy grew
at a slower rate than we anticipated
during the quarter, Alan B Graf,
FedEx chief financial officer, said.
At FedEx Express, the largest divi-
sion representing more than 60 per
cent of revenue, domestic revenue
per package rose 13 per cent even as
average daily package volume
dropped three per cent.
FedEx said its fiscal first-quarter
profit was $464m (302.6m), com-
pared with $380m a year ago.
FedEx pares
outlook despite
rise in profit
BY DAVID HELLIER
INSURANCE
TRANSPORT
News
CITYA.M. 23 SEPTEMBER 2011 11
ANALYSIS l Omega Insurance Holdings Ltd
p
74.50
74.00
73.50
73.00
72.50
73.50
22 Sept
Insurer needs to exploit bid interest
YOU wait ages for a bus and then
three come at once, or so the saying
goes. Shareholders in Omega, the
insurance group headed by Richard
Pexton, must feel similarly.
The loss-making group, which
has been on the radar of Canopius
for many months, now has three
proposals to consider after rival
Barbican yesterday confirmed its
interest.
None of the proposals are ideal.
The Canopius full offer for the
group looks a little mean at 83p a
share and it is still subject to due
diligence.
The offer from Mark Byrne
involves the reinsurer managing
the company and possibly ramping
up its costs. He will only tender for
25 per cent of the shares.
Barbicans deal involves a reverse
takeover that will only allow 25 per
cent of Omega investors to exit.
Omegas board has done well to
get an auction going. Now it needs
one of the three to improve their
terms, preferably Canopius.
BOTTOMLINE
Analysis by David Hellier
Omega chief Richard Pexton has been inundated with takeover offers
News
LUXURY skincare firm Molton Brown
has moved to break off deals with key
contractors who threaten to jeopar-
dise its upmarket reputation.
Parent company Kao Prestige has
highlighted concerns over the behav-
iour of firms which could damage
Molton Browns brand value.
This could be caused by poor qual-
ity products, poor customer service or
inappropriate sales channel selection.
The group takes great care to ensure
that any such incidents are kept to a
minimum, and has implemented
measures to end trading relation-
ships with partners which are not
considered to be an appropriate
match, the directors wrote in the
2010 accounts.
They also warn against relying on
the UK retail sector and say they have
taken steps to limit the risk should
the spending slump continue.
Molton Brown, which said no-one
was available to comment, makes
mens and womens toiletries and fra-
grances and is popular with celebri-
ties, including Bruce Springsteen.
It was founded in Mayfair in 1973
and was for a period owned by private
equity firm Bridgepoint Capital,
which sold it to Japans Kao
Corporation for 170m in 2005.
Kao cut annual operating losses by
49 per cent to 2.62m last year.
Turnover was flat at just below 66m.
The directors described the operat-
ing loss as the short term impact of
investment in its infrastructure and
brand and stress the need to grow
overseas sales.
Board moves
to safeguard
Molton Brown
MANUFACTURERS order books
shrank in September, but they expect
output to keep growing over the next
three months, according to a survey
published yesterday by the
Confederation of British Industry (CBI).
Thirty one per cent of firms report-
ed below normal orders in
September, against 22 per cent who
said they were higher than usual.
In terms of export orders, the net
balance reporting growth fell to -12
per cent, the lowest level in 11 months.
Both of these figures are above the
long-term average net balances of -18
per cent and -21 per cent respectively.
Although the figures are negative,
optimism remains in the sector as
more firms expect production to
increase than decrease in the next
quarter.
Twenty nine per cent anticipate an
increase while 20 per cent expect a
fall. That nine per cent net figure is
above the long-term average of six per
cent, but well below this years peak.
In March the figures came in at a very
positive 27 per cent.
Companies surveyed also reported
rising inventories, with the net bal-
ance of firms with excess inventories
rising to 21 per cent. That compares
with 14 per cent in August and three
per cent in June.
Each time this measure has risen
sharply to around this level over the
past 25 years, it has been accompanied
or followed by falling output as firms
cut back to try and shrink inventories,
said Citis Michael Saunders. And this
is the sharpest rise in firms reporting
excess inventories since the survey
began in 1977.
Ireland defies slowdown
with an export-led boom
BRISK growth surprised analysts as
Irelands economy picked up the pace
in quarter two and had first quarter
estimates revised upwards, the Central
Statistics Office announced yesterday.
GDP increased by 1.6 per cent over
the three months from April to July.
First quarter growth was increased to
1.9 per cent, up from earlier estimates
of 1.3 per cent taking year-on-year
growth to 2.7 per cent.
Exports led the growth spurt net
of imports, exports increased by 23.9
per cent over the year to June. Strong
growth also came in industrial output
up 7.5 per cent in 12 months and
agriculture up 6.9 per cent.
Building and construction slumped
with output falling 16 per cent on the
same quarter in 2010, and the public
sector continued its readjustment,
contributing 2.7 per cent less to GDP.
However, analysts fear the recovery
will not last particularly because of
its export-driven nature.
After remaining broadly stagnant
for the past year or so, it appears that
Ireland is beginning to recover, said
Capital Economics Ben May. It is in a
much better position than Greece and
Portugal. But given the weakening
global economy, its problems are far
from over.
Manufacturers hopes high in face of
falling demand, but concern mounts
over 2012 output as stock builds up
UK ECONOMY
BETFAIR co-founder Ed Wray is set to

step down as chairman of the bet-
ting exchange just months after
the firms chief executive said he
would quit.
Betfair yesterday said it had begun
to search for a new deputy chair,
who will replace Wray at an appro-
priate time in the future.
It is unclear whether Wray will
continue to sit on the board.
The firm said Wray, who owns ten
per cent of the firm, was stepping
down to comply with the corporate
governance code, which frowns
upon chairmen with large share-
holdings.
A quarter of shareholders refused
to back Wrays re-election as chair-
man at the firms annual meeting
yesterday.
David Yu, the firms chief execu-
tive, said in June he would quit with-
in a year.
LEISURE
IRISH ECONOMY
THE CHIEF executive of 2.8bn

International Asset Management has
hit back at the loss of faith in hedge
funds after the industry endured a
grim August.
Morten Spenner, who runs a fund
of hedge funds, said the sector had
generated consistent returns and
dampened volatility since last year.
Since the debacle of 2008 and the
bounce-back year of 2009, returns
have been dull and many have writ-
ten off hedge funds. That said, the
performance experience from
January 2010 to date has matched the
main expectation of clients, Spenner
said in a statement.
SAC Capital Advisors, Third Point
Offshore Fund and T2 Partners were
among the losers in August despite
the slump in financial stocks that
helped many hedge funds make gains
during the banking crisis.
The industry has matured since
2008, Spenner added.
Transparency, liquidity, and
investor control have all been much
enhanced.
Have faith in
hedge funds,
says IAM boss
HEDGE FUNDS
Ed Wray poised to stand

down as chair of Betfair
Ed Wray is the
latest board
member to leave
his post at Betfair
BY PETER EDWARDS
EXCLUSIVE
DELOITTE, the worlds largest

accounting and consulting firm, said
global revenue rose the most in three
years in the 2011 fiscal year, helped by
double-digit gains in advisory and
consulting work.
Deloittes member firms worldwide
reported a record $28.8bn (18.8bn) in
revenue, up 8.4 per cent from 2010. In
local currency terms, not accounting
for fluctuations in the value of the
dollar, revenue grew 7.7 per cent for
the fiscal year that ended 31 May.
Deloitte will likely post similar
growth in fiscal 2012, despite a chal-
lenging economic picture, the firms
global chief executive, Barry Salzberg,
said yesterday.
Our first quarter [fiscal 2012]
results are very much in line with
what weve achieved in the prior
year, Salzberg said.
Deloitte also said it plans to boost
its workforce 37 per cent to 250,000
by fiscal year 2015, up from 182,000
currently.
The Asia-Pacific region was the
fastest-growing area for a seventh
straight year, with revenue growth of
more than 25 per cent at member
firms in Australia and India, Deloitte
said.
Deloittes growth came in a year
when the global services sector post-
ed an uneven rebound from a 2008-
2009 slump. Deloittes results may
bode well for the other Big Four
global accounting and consulting
firms -- Ernst & Young, KPMG and
PwC -- expected to report revenues in
the coming months.
Financial advisory work led
Deloittes revenue growth, with a 15.1
per cent rise, followed by a 14.9 per
cent jump in consulting revenue.
Revenue from tax services grew 5.2
per cent, while audit and enterprise
risk services rose 4.7 per cent.
A jump in consulting revenues had
helped Deloitte edge past PwC in total
revenues in 2010 to claim the top spot
among the Big Four firms by a mar-
gin of just $9m.
Deloitte gets
a boost from
high revenues
AXIS-SHIELD suitor Alere yesterday
went on the offensive, warning Axis
shareholders that their investments
will significantly drop in value if a
takeover offer is not accepted.
Alere said that the medical technol-
ogy firms interim results last month
have not changed its view of the com-
pany, and claims that the Axis shares
are riding high on the back of its 460p
per share offer rather than underly-
ing fundamentals.
Axis shares fell 1.3 per cent, outper-
forming the FTSE All-Share, to close at
458.5p yesterday.
Alere also claimed that Axis opera-
tions in the US have been dealt a blow
by the recent loss of Axis-Shield USA
president, John Sperzel, who moved
to rival ITC Nexus last week.
The Axis board has repeatedly
asked shareholders to reject Aleres
offer since its approach in June.
Alere became Axis biggest share-
holder this week after buying 1m
shares from Skagen Funds. After its
first acceptance deadline passed on 1
September, Alere had approvals from
just one per cent of the shares it did
not own.
An Axis-Shield spokesman declined
to comment last night, beyond noting
that Alere has until a deadline on
Monday to raise its offer.
Alere warns of
share price fall
at Axis-Shield
BY HARRY BANKS
FINANCIAL SERVICES
M&A
News
NIKE topped Wall Streets profit esti-
mates yesterday as the worlds
biggest athletic shoe and clothing
maker staved off margin pressures
with strong sales and price increas-
es, sending shares up 5.7 per cent in
after-market trading.
The company, which also owns
brands like Converse, Umbro and
Hurley, said sales rose 18 per cent to
$6.1bn (4bn) in the first quarter.
Future orders, a closely watched
measure of demand in coming
months, were up 16 per cent to total
$8.5bn.
The Oregon-based company, which
competes with European sportswear
groups Adidas and Puma saw
income rise 15 per cent to $645m, or
$1.36 a share, ahead of analysts
expectations of $1.21 a share.
It saw gross margins slide by 270
basis points this quarter, however.
But the decline was smaller than the
300bp fall it had anticipated earlier.
RETAIL
Just done it: chief executive Mark Parker has delivered a jump in sales
Nike outperforms as its
future orders rise 16pc
TALKTALK once again topped the
table of most complained about
phone and broadband providers,
according to new research by Ofcom.
The X-Factor sponsor received more
than three times as many complaints
per 1,000 customers as its closest rival
for its phone services and twice as
many regarding its broadband pack-
ages.
However, the number of com-
plaints levelled against it fell by
around 50 per cent compared to the
last quarter of 2010.
Virgin Media received the lowest
number of complaints for both phone
and broadband services, with BT and
Sky roughly level.
The survey comes after TalkTalk
was fined a record 3m by Ofcom for
incorrectly billing tens of thousands
of consumers for services they had
not received during the integration of
Tiscali.
A TalkTalk spokesman called the
results encouraging but admitted
there is still much work to be done.
Meanwhile network operator Three
topped the complaints list for mobile
services, attracting a third more com-
plaints than Orange, T-Mobile and
Vodafone and three times more than
best performer O2.
Ernest Doku, technology expert at
uSwitch.com, said: Since Ofcom
began compiling the data nearly a
year ago, TalkTalk Group has stood
out as the worst performer in both
landline and fixed broadband servic-
es. But while there is still more to be
done, TalkTalk is clearly pulling its
socks up. In the second quarter of
2011 they received substantially fewer
complaints than in the first quarter.
These are positive steps.
TalkTalk tops
complaints
league table
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BY STEVE DINNEEN
TELECOMS
SANY Heavy Industry has postponed

its up to $3.3bn (2.1bn) Hong Kong
share offering due to tumbling global
markets, it emerged yesterday.
The company, Chinas largest con-
struction machinery maker, has set
no new dates for the deal, said the
sources, who could not be named
because the decision is not public.
Sany Heavys deal would have been
Hong Kongs second-largest offering
this year.
If it is postponed, it will be the sec-
ond high profile IPO to have stalled in
the far east this week. Earlier
Manchester United paused its share
listing in Singapore, with sources cit-
ing market volatility as the reason.
Hong Kongs benchmark Hang
Seng Index tumbled nearly five per
cent yesterday amid concern about
Europes debt crisis and the US econo-
my.
The index has retreated 11.4 per
cent since Sany Heavy and its under-
writers began meeting with investors
to drum up demand for the deal on 5
September while Sany Heavys
Shanghai-listed stock has declined 5.4
per cent over the same period.
Theres not much you can do with
a market like this, said a source with
direct knowledge of Sany Heavys list-
ing plans.
The UKs new issues market has
seen very few listings recently.
Chinas Sany Heavy calls off
Hong Kong IPO as stocks fall
BY HARRY BANKS
CAPITAL MARKETS
News
CITY VIEWS: ARE YOU HAPPY WITH YOUR PHONE
PROVIDER? Interviews by Phoebe Torrance
I have never had problems with my provider. I have
been tempted to change before to a provider with
better signal but I haven't ever found a cheaper
deal.
REBECCA HAUSLER | NRI
When I first got my phone, the most important thing
to me was signal, so I went with the provider with
the best signal. It may not have the best deal but
as long as it works its fine.
GREG KNOTT | HERMES BPK
I have been with the same provider for a number of
years, which has been a lot better than my previous
ones. All of us at the company I work for are looked
after very well by the same provider.
GARY DINGWALL | LINEDATA
FIXED LINE COMPLAINTS
Complaints per 1,000 customers Q2/11 Q4/10
Talk Talk 0.8 1.16
BT Retail 0.25 0.2
BSkyB 0.25 0.24
Virgin Media 0.15 0.12
MOBILE SERVICES
Complaints per 1,000 customers Q2/11 Q4/10
3UK 0.14 0.09
Orange 0.07 0.06
T-Mobile 0.06 0.06
Vodafone 0.06 0.05
O2 0.02 0.03
* These views are those of the individuals above and not necessarily those of their company.
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News
EASYJET yesterday announced a
150m special dividend as the compa-
ny raised profit guidance, thanks to a
boost from business travellers and
short-break tourists.
The airline announced a total pay-
out of 190m including a year-end
dividend of 40m for the year to 30
September.
Chief executive Carolyn McCall
said: When we announced our strate-
gy last November we announced the
first dividend in the airlines history
[and that] if there was excess liquidity
... we would return it to shareholders.
Sir Stelios Haji-Ioannou, founder of
easyJet and its largest shareholder
with a 38 per cent stake, has been
locked in a dispute with the board
and has called for more dividends and
less expansion of the fleet. He
resigned from the board last year
The company raised its pre-tax prof-
it guidance for the year to between
240m-250m, from its original fore-
cast of between 200m-230m.
EasyJet shares rose nine per cent
yesterday.
EasyJet ups
dividend as
earnings rise
TUI Travel is on track to meet full-year
profit expectations due to strong late
summer bookings although Europes
biggest tour operator has yet to see a
revival in demand for holidays in
Egypt and Tunisia.
TUI said political unrest in the
Middle East and North Africa was still
putting customers off vacationing in
the region.
The group, which operates the
Thomson and First Choice chains, cut
the amount of holidays it sold to
Egypt and Tunisia this summer and
increased holidays on sale to alterna-
tive destinations such as Spain,
Greece and Turkey.
We are anticipating a slow recov-
ery in trading to Egypt and Tunisia
and have managed our capacity
accordingly, chief executive Peter
Long said. Numis analyst Wyn Ellis
downgraded the stock to hold from
add and cut his price target to 160p
from 180p, flagging concerns over ris-
ing fuel prices, Middle East and North
Africa unrest and macro-economic
concerns.
But TUI said its full year results
would be in line with expectations
following strong late demand for
summer holidays. It said the summer
season had traded well with bookings
up across most of its markets.
We are pleased with our perform-
ance in the lates market for summer
2011 and most of our programmes
are now almost fully sold.
We remain confident that the full
year results will be in line with our
expectations, Long said.
The group added that trading for
winter 2011-12 had been satisfactory
overall.
Aer Lingus hits back at
Ryanair over criticism
IRELANDS Aer Lingus has written to
its shareholder and rival Ryanair to
reject the latters complaints that it
is continually ignored by the Aer
Lingus board.
In a letter sent to Ryanair and
released yesterday, Aer Lingus said
Ryanair was a source of concern to
other investors and welcomed its
recent statement that it would be
prepared to sell its 30 per cent stake
in Aer Lingus if the government
found a buyer for the states 25 per
cent holding.
One of the greatest concerns that
we hear from shareholders relates to
Ryanairs shareholding in the com-
pany and its impact on the compa-
nys options and value, chairman
Colm Barrington wrote in the letter.
As such, we welcome your recent
statements that Ryanair would be
prepared to dispose of its sharehold-
ing in Aer Lingus.
We would hope to have construc-
tive discussions with you on this
issue.
Ryanair, Europes largest budget
airline, has twice had takeover bids
for Aer Lingus rebuffed and its out-
spoken chief executive Michael
OLeary has been a long-standing
critic of the company.
TUI Travel on track to meet
full year in late bookings lift
BY JOHN DUNNE
AVIATION
LEISURE
AVIATION
ANALYST VIEWS: IS EASYJET HOLDING UP

WELL AGAINST ITS RIVALS? Interviews by John Dunne
KEITH BOWMAN | HARGREAVES LANSDOWN

In all, whilst the airline industry remains amongst the toughest to navi-
gate, a low-cost offering which appears to be finding increasing appeal with busi-
ness customers is a big plus, a fact underpinning currently favourable (buy)
market consensus opinion.
GERT ZONNEVELD | PANMURE GORDON

Strong trading update and pre-tax profit guidance raised to 240m-
250m. In addition to expecting to announce a maiden 9p dividend, the Board
announces an additional 150m return of capital to shareholders. We retain our
buy recommendation.
WYN ELLIS | NUMIS

Bookings for FY12E have started strongly, but the statement highlights
significant cost pressures and, in an uncertain economic environment, we remain
cautious on the outlook. The other issue of major concern is the behaviour of Sir
Stelios as he continues his open conflict over strategy with the board.
TIME LINE | EASYJET BOARDS

BATTLE WITH STELIOS
March 2010
EasyJet plc announces that Carolyn McCall
OBE will be the new chief executive of the
company
May 2010
Sir Stelios Haji-Ioannou, easyJets founder,
resigns from the airline's board, saying he is
unhappy with the way the company oper-
ates. The budget airline is aiming to expand
its share of Europe's short-haul market from
about seven per cent currently to ten.
June 2010
The dispute goes to the high court as Stelios
accuses the company of breaching brand
agreements.
October 2010
EasyJet resolves a long-running brand dis-
pute which sees the discount airline's
founder lose his right to appoint himself
chairman of the board or to appoint mem-
bers. Under a new brand agreement he will
receive an annual royalty of 0.25 per cent of
easyJet's total revenues.
July 2011
Stelios launches new assault on company's
decision to order planes from Airbus.
August 2011
Stelios demands an EGM to get rid of senior
non-executive director Sir David Michels,
who then steps down. A month later, Stelios
calls for another director, Rigas Doganis, to
leave.
ANALYSIS l Easyjet PLC
p
340
335
330
325
320
315
310
340.00
22 Sept
Stelios has called
for more share
dividends
Picture: REX
IT GROUP Altitude said yesterday it
was confident of meeting its full year
forecasts, after revenues rose 12 per
cent in the first half of the year.
Revenues at Altitude, which sup-
plies IT services to the promotional
products industry, hit 2.46m, while
gross profits rose 21.5 per cent to
1.69m.
2011 has so far been a crucial year
for the group, with the disposal of the
promotional products division trans-
forming Altitude into a purely infor-
mation and technology services
focused company, said chief execu-
tive Martin Varley.
THE developer of Canary Wharf aims
to double the size of the estate over
the next decade on the back of an
expected long-term shortage of
prime office space.
The expansion of the financial cen-
tre will help it meet the extra 100,000
passengers created when Crossrail is
up and running, said Canary Wharf
Group (CWG), which owns 16 out of
35 buildings on the site.
CWG is 69 per cent owned by
Songbird, the listed property vehicle.
John Garwood, Songbird company
secretary, told City A.M. that Londons
competitiveness will be supported by
its reputation for corporate gover-
nance, its lifestyle and its timezone.
London has been an international
player in finance and insurance for
more than 200 years and that is not
being undermined by the short-term
position we are in, he said.
CWG is also in a joint venture with
Land Securities to build the Walkie
Talkie tower and will redevelop
Shells London HQ with Qatari Diar.
Yesterday CWG said the market value
of its retained investment property
portfolio at June 30 was 4.7bn, up
1.9 per cent. Chairman George
Iacobescu added: There is a lot more
capacity to build in and around
Canary Wharf and I hope its not
only going to be Canary Wharf
Group [doing so].
Songbird posted a pre-tax profit for
the six months to June of 97.6m,
compared with an 11.3m loss in the
2010 period. Its adjusted net asset
value per share rose 3.7 per cent to
194p.
Its property portfolio, including
development sites, was valued at
5bn on 30 June, up two per cent
from the end of 2010. First-half rental
income fell 18.8 per cent to 124.6m.
Canary Wharf
plans to build
new offices
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ALTERNATIVE energy firm Energetix
was one of the top performers on
Londons Alternative Investment
Market yesterday, after it said its
turnover increased tenfold to 100,000
in the first half of the year compared
to 2010.
The firm reported on an encourag-
ing and transformational first six
months of 2011, and said operating
losses had been reduced from 1.8m to
1.2m. In the six months to end June,
Energetix has transformed from a
product development company to a
group focused on commercialising its
core products.
Energetix rises
as revenues leap
Altitude upbeat
for the full year
BY PETER EDWARDS
PROPERTY
TECHNOLOGY
ENERGY
THE UK arm of German utility E.ON

will cut up to 500 support staff in its
Coventry and Nottingham offices fol-
lowing the sale of its distribution
arm, Central Networks, to PPL in
March this year, it said yesterday.
We had to undertake a deep and
rigorous review of how much money
we spend in order to ensure we keep
costs as low as possible for our cus-
tomers, become a more agile organi-
sation and build a sustainable busi-
ness in the UK, E.ON UK chief
executive Dr Paul Golby said in a
statement.
The company plans to cut jobs by
offering voluntary redundancies.
Last month E.ON outlined plans to
cut costs by 1.5bn (1.31bn) over the
next four years. The firm employs
around 12,000 people in the UK and
more than 79,000 worldwide.
E.ON looks to cut
500 jobs in the UK
ENERGY
Canary Wharf is
expanding ahead
of the opening of a
new Crossrail sta-
tion
News
ANALYSIS l Songbird Estates
p
16Sep 19Sep 20Sep 21 Sep 22Sep
122
120
118
119.25
22 Sept
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UNITED Utilities Group, Britains

largest listed water utility, said it had
traded in line with its expectations
with higher first-half revenue offset by
rising operating expenses.
The British utility said it was on
track to meet targets and would accel-
erate 100m of previously agreed pen-
sion deficit payments to provide a
higher investment return.
United Utilities first-half revenue
improved year-on-year due to rising
inflation pushing up regulated price
increases.
However the costs of renewing infra-
structure will continue to rise, with
expenditure on regulatory capital
investment and depreciation in the
second half expected to top that of the
first half.
The firm said its underlying net
finance costs are expected to be slight-
ly higher than the first half of the year,
after it drew down a 200m loan facil-
ity. A deferred tax credit of 50m will
be recognised this year, the firm said,
after corporation tax was lowered
from April 2012.
United Utilities reported a lower-
than-expected 32 per cent drop in
annual profits earlier this year, after it
was ordered by regulators to cut prices
as part of a sector review.
Meanwhile British Peer
Northumbrian Water Group was
snapped up by Hong Kong tycoon Li
Ka-shing last month for 2.4bn in the
biggest takeover this year of a British-
listed company, prompting specula-
tion of further takeovers in the sector.
Shares in United Utilities closed
down 1.4 per cent at 601.5p.
United Utilites
says revenues
are on the up
BY HARRY BANKS
UTILITIES
News
London 2012
IMAGE OF THE WEEK
Designed by jewellery artist Lin Cheung,
the medals for the 2012 Paralympic
Games were unveiled at a ceremony at
the British Museum on Monday.
More than 2,100 medals will be pre-
sented at the 2012 Paralympic Games.
Between now and the start of the 2012
Olympic and Paralympic Games, City
A.M. is publishing its Olympic Image of
the Week. We welcome photographs
from all sources sponsors, athletes,
local businesses, commuters, local resi-
dents if you have a shot you think our
readers will like, please email
pictures@cityam.com with IOW2012
in the subject line. Full details:
www.cityam.com/london-2012.
2012 PARALYMPICS| MEDALS UNVEILED
NEWS | IN BRIEF
Vitesse Media trading in line
Vitesse Media, the online financial news
publisher, has announced that its interim
results are in line with management
expectations, despite experiencing a
slowdown that began in April. The com-
pany, whose publications include
Information Age and Business XL, saw
revenues fall from 1.56m last year to
1.51m, while a 33,000 profit turned
into a 15,000 loss. Gross margin
improved to 70.5 per cent, as costs are
reduced through transition from print to
digital delivery.
Rolls picks new finance chief
Rolls-Royce yesterday unveiled Mark
Morris as its new finance director,
replacing Andrew Shilston, who is retir-
ing at the end of the year. Morris joined
Rolls in 1986 as a graduate, and has
worked his way up to group treasurer.
He will join the engineering groups
board alongside his new role on 1
January 2012. Shilston joined Rolls as
finance director in 2002. Morris said:
Andrew Shilston has been a great men-
tor and will be a tough act to follow.
Kerry Group buys Cargill arm
Irish food firm Kerry Group has agreed
to buy conglomerate Cargills global
flavours business for $230m (150m).
The firm, which owns Walls sausages
and Kerrymaid butter, said the new divi-
sion employs 700 people and has annual
revenues of around $200m. Kerry said
the transaction, expected to close by
year-end, will give it access to more
emerging markets. Cargill Flavor
Systems provides food technology serv-
ices for dairy and beverage companies,
and has operations in North America,
Brazil, Europe and Asia.
United Utilities provides water and waste-
water services to 3.2m households and
400,000 businesses in north west England
The group maintains 42,000km of pipelines
and 100 water treatment works
FAST FACTS | UNITED UTILITIES
UNITED Technologies has reached a
$16.5bn (10.7bn) cash deal to acquire
aircraft components maker Goodrich,
in what would be the diversified US
manufacturers biggest deal in a
decade.
United Tech, led by George
David (pictured), said it would
pay $127.50 a share for
Goodrich, a 47 per cent premi-
um over the stocks price
before news of a possible bid.
It also includes $1.9bn in
assumed debt.
The deal comes as blue-chip
United Tech looks to cash in
on the upswing in
plane orders and
production as
declining global
spending on
defence pressures its military arm.
The acquisition can help it build
critical mass in new aircraft technolo-
gy and plane services as civil demand
rebounds.
Goodrich is poised to grow as key
commercial plane programmes such
as the Boeing 787 Dreamliner and
upcoming Airbus A320neo
ramp up production.
The deal comes despite a
broad slowdown in merger
activity globally, as market
volatility and economic
uncertainty give many
firms a pause.
Goodrich supplies parts
for United Techs Pratt &
Whitney jet
engines and
H a mi l t o n
Sundstrands
aircraft elec-
tronics.
Goodrich sold
to United Tech
Discoveries
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BY HARRY BANKS
INDUSTRIALS
NIPPON Steel and Sumitomo Metal

Industries said yesterday that stake-
holders of Sumitomo would get 0.735
Nippon Steel shares for each
Sumitomo share if they combine to
create the worlds second-biggest steel-
maker, in what would be Japans
biggest non-financial sector merger.
The ratio, largely in line with expec-
tations, means the transaction would
be worth about $22.45bn (14.6bn),
including Sumitomos net debt,
trumping the $17.53bn acquisition of
Vodafone KK by Softbank in 2006. The
new firm, to be called Nippon Steel &
Sumitomo Metal, would target global
output of 60-70m tonnes a year by
accelerating overseas expansion, the
two companies said.
Well aggressively expand into over-
seas markets, Shoji Muneoka, presi-
dent of Nippon Steel.
INDUSTRIALS
BRITAINS Sinclair IS Pharma said trad-

ing in its current first quarter has been
encouraging as it posted wider core
losses for the year to end June.
The Aim-listed company completed
a fundraising last October 2010 and a
merger with IS Pharma, a business
bought to bolster its portfolio of spe-
ciality products, in May 2011.
Crucially we believe the company is
now able to deliver sustainable organ-
ic growth without the need for further
financing, said chief executive Chris
Spooner.
Recent trading has been particular-
ly encouraging and with several
planned launches in the near term we
are confident that the momentum
will build through the year to June
2012 and beyond.
The IS Pharma deal gave it a UK and
Ireland sales network, and added
oncology treatments to the dermato-
logical, wound care and oral health
products it sells to hospitals.
The company also said John Gregory
has stepped down as chairman and
that Grahame Cook will assume the
role of non-executive chairman effec-
tive immediately.
Ebitda losses before exceptional
items widened to 1.4m, from
500,000, as revenue grew 19 per cent
to 32.9m.
Sinclair said in July its numbers
would be ahead of expectations.
Changes at the top as losses
widen at Sinclair IS Pharma
BY HARRY BANKS
PHARMA
News
BEST OF THE BROKERS
To appear in Best of the Brokers email your research to notes@cityam.com
ANALYSIS l British Land Co
625
575
525
475
Jul Aug Sep
p
479.30
22 Sept
BRITISH LAND
Evolution Securities gave British Land a
neutral rating after its investor day, in
which it noted the lack of a clear roadmap.
The broker acknowledges the quality of the
firms portfolio and excellent balance sheet
but said a lack of clarity prompted the rat-
ing. It gave a target price of 600p.
ANALYSIS l Credit Suisse
37.50
32.50
27.50
22.50
Jul Aug Sep
CHF
20.95
22 Sept
CREDIT SUISSE
Collins Stewart maintained its buy rating
on Credit Suisse, updating its target price
to CHF43. The broker said the Swiss bank
should be the biggest winner from UBS
recent woes, although it has also factored
in a hit to earnings owing to a German tax-
case settlement.
ANALYSIS l 2Ergo Group
70
60
Jul Aug Sep
p
60.00
22 Sept
2ERGO
Numis advised investors to hold 2ergo
stock, slapping a target price of 70p on the
stock. It said key risks stem from execution
and cash but believes that if management
can deliver on their plans it could reach
120p by 2013. It said the impact of regula-
tory changes, were relatively severe.
Sumimoto Metal and Nippon
Steel thrash out $22bn merger
News
Sinclair IS
The pharma company has appointed
board member Grahame Cook as non-
executive chairman. Cook succeeds
John Gregory, who has stepped down
as chairman and from the board of
directors following the merger of
Sinclair Pharma and IS Pharma.
DLA Piper
Alexander Sarac has been appointed as
legal director to the law firms energy
team. Prior to joining DLA Piper, Sarac
was general counsel of EcoSecurities
Group, a subsidiary of JP Morgan
Chase, where he managed the global
legal team based in offices across
China, Malaysia, Brazil and the UK.
Fleming Family & Partners
The wealth manager has appointed Bill
Emmott, the former editor-in-chief of
the Economist, as group economic
adviser. Emmott is currently on the
chairmans advisory board of Swiss Re
and a trustee of the International
Institute for Strategic Studies.
Collins Stewart
Collins Stewart Wealth Management
has hired a three-strong advisory team
from Barclays Wealth. Tony Akrasi,
Andrew Little and Turon Miah, who
join as stockbrokers, will join Collins
Stewart Wealth Managements London
advisory desk.
Jones Day
The global law firm has hired Paul
Exley as a partner in its energy prac-
tice, and John Ahern as a partner in its
financial institutions practice. Exley
joins from Simmons & Simmons and
Ahern joins from Addleshaw Goddard.
Renaissance Capital
The investment bank has appointed
Mert Yildiz as Turkey and emerging
Europe economist. He joins the firm
from Kuwait China Investment
Company and has also spent time at
ING Bank in Istanbul.
CITY MOVES | WHOS SWITCHING JOBS Edited by Harriet Dennys
+44 (0)20 7092 0053
morganmckinley.com
To appear in CITYMOVES please email your career
updates and pictures to citymoves@cityam.com SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT
in association with
A
TOXIC cocktail comprising a
grim economic outlook from
the US Federal Reserve and
downbeat data in China left
Britains top shares nursing a near
five per cent drop yesterday, as
investors pinned some hopes on this
weeks G20 meeting.
Commodity stocks, sensitive to
data showing a stuttering recovery,
were the biggest fallers by some mar-
gin, led by Vedanta Resources, down
more than 13 per cent, as metal and
crude prices tumbled.
Markets were fearful over future
demand as a gloomy statement from
the Fed was compounded by data
showing more evidence of a slow-
down in top commodity consumer
China.
HSBCs China Flash PMI survey
showed factory output fell for a third
consecutive month in September.
After the Fed said the economy
faced significant downside risks, a
G20 meeting in Washington this
week will be watched for any further
policy response in tackling the global
slowdown and euro zone debt crisis.
The FTSE 100 slid 246.80 points, or
4.7 per cent, to 5,041.61, hitting a five-
week closing low and registering its
biggest one-day percentage fall since
early March 2009.
The UK benchmark saw 64bn
wiped off its value yesterday.
There were no blue-chip gainers,
while the FTSE 100 volatility index
jumped nearly 17 per cent evidence
that nervousness is growing.
FTSE suffers 5pc
losses on Fed woe
THELONDON
REPORT
27Jun 15Jul 4Aug 14Sep 24Aug
6,200
5,400
5,000
5,800
ANALYSIS l FTSE
5041.61
22 Sept
Vipera
The mobile financial services provider has
appointed Luciano Martucci, the former chair-
man of IBM Italia, as a non-executive chair-
man. In addition, Petter Neby, chairman of
Neby & Jahrmann, a cornerstone investor in
Vipera, has been appointed as a non-executive
director, and non-executive chairman John
Defterios has resigned from the board.
TRADE FTSE 100
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WALL ST | FTSE 100 | GERMANY 30 | FRANCE 40
Dire day of selling
sinks US equities
U
S stocks plunged yesterday,
extending a selloff to four days,
as policymakers failure to
arrest global economic stagna-
tion sent markets spiraling down-
ward.
The heavy volume of last nights
plunge signaled investors are selling
in anticipation of more losses. Wall
Streets fear gauge, the CBOE
Volatility Index, jumped 12 per cent,
giving the index its biggest two-day
percentage spike in a month as
investors protected against more loss-
es to come.
Energy and materials shares were
among the hardest hit areas on wor-
ries of slowing worldwide demand.
Signs of a slowdown in China fed
those fears.
The Dow Jones industrial average
dropped 391.01 points, or 3.51 per
cent, to 10,733.83. The Standard &
Poors 500 Index lost 37.20 points, or
3.19 per cent, to 1,129.56. The Nasdaq
Composite Index slid 82.52 points, or
3.25 per cent, to 2,455.67.
Volume of about 13.24bn shares
traded on the New York Stock
Exchange, NYSE Amex and Nasdaq
was well above the daily average of
7.8bn and the highest since 10 August.
US crude oil futures tumbled more
than six per cent, the biggest one-day
percentage drop in six weeks.
The S&P materials index fell 5.5 per
cent.
THENEW YORK
REPORT
20
The Forum
CITYA.M. 23 SEPTEMBER 2011
T
HE markets were hoping for a
helicopter drop from the US
Federal Reserve this week, a
reference to Ben Bernankes
infamous 2002 speech on how to
prevent deflation. What they got
was more a paper plane, where the
Fed will fly Treasury bonds from the
short to the long end of the interest
rate curve. The resultant sell-off in
stocks and increase in the dollar
reflects the disappointment with
the lack of a third round of quanti-
tative easing (QE3), or hints thereof.
Beyond this though, Operation
Twist is unlikely to deliver the
required boost to the economy and
heres why.
First, theres the starting point. By
selling its holdings of short-dated
securities (less than three years
maturity) and buying long-dated
securities (anything from six to 30
years left to maturity), the hope is to
lower the yields which move
inversely to prices on Treasuries,
which feeds through to corporate
and household borrowing costs.
And during the first Operation
Twist back in 1962, when The Twist
was actually dance-floor fashion,
the Fed succeeded in pushing down
10-year Treasury yields to the 1.85
per cent level. But this was the level
that US yields were already at going
into last nights decision. In other
words, the Fed is now starting from
the previous end-point.
Second, by selling short and buy-
ing long on such a scale ($400bn),
the Fed is clearly trying to flatten
the yield curve, which will come via
falling long-dated yields and possi-
bly higher short-dated yields. But in
doing so, banks will be further
squeezed on their profitability, given that the
margin on borrowing short-term funds and
lending long (in the form of mortgages, for
instance) will be further reduced.
Interestingly, the spread between two and ten
year yields is currently 155 basis points (bps),
which equates exactly to the average of the
past ten years and is some 80bps below the
average since Lehmans demise three years
ago. Already we are seeing mortgage rates
react to this, so even though the US 10-year
yield may be at multi-decade lows, the differ-
ence between mortgage rates and Treasury
rates has been widening dramatically in
recent weeks. While 10-year Treasury yields
fell 1 per cent to 1.85 per cent, equivalent
mortgage rates have fallen only 0.2 per cent.
In other words, Operation Twist could be
more about prevention of higher borrowing
rates rather than curing the economy by
pulling them substantially lower.
Third, to be effective in pushing bond
yields substantially lower, US yields would
have to approach levels currently prevailing
in Japan, where 10 year yields are near to 1
per cent. But Japan can finance government
debt twice the size of its economy thanks to a
captive pool of domestic savers. In stark con-
trast, the US is reliant on overseas investors,
who hold nearly half of marketable Treasury
securities. Will they be happy to finance the
US deficit for a return of 1 per cent? Its possi-
ble, but the road to equivalence on US and
Japan yields is not going to be plain sailing by
any means.
Finally, at this point in the cycle (flirtation
with recession), the lack of any hint of QE3
goes against Bernankes 2002 speech where
he stated by moving decisively and early, the
Fed may be able to prevent the economy from
slipping into deflation. The Fed managed
this at the beginning of the crisis, but is
erring away from it at the current inflexion
point. This is not the time to be timid.
So how can the Fed be bold when rates are
practically zero and two rounds of QE have
already been undertaken? There remain
numerous possibilities, not least another
dose of QE. In terms of government bonds,
the Fed still owns around 18 per cent of out-
standing government bonds, versus over 20
per cent in the UK after just one round of QE.
There remains scope for reducing or elimi-
nating the interest rate on excess reserves
held at the Fed, encouraging banks to lend
funds out. Theres also the possibility for an
explicit target for any of bond yields/nominal
GDP/inflation/the unemployment rate (but
certainly not all simultaneously).
Alternatively, there is also the more radical
suggestion that the Fed could lend indirectly
to the private sector using the banks as the
conduit. Utilising the discount window, the
Fed could lend at virtually zero interest rates
to the banks, in turn accepting collateral on
quality private sector assets such as corporate
bonds, commercial paper, bank loans and the
like. This in turn would potentially signifi-
cantly lower the cost of capital for both banks
and the non-financial private sector.
Its more likely than not that some of these
options were discussed at this weeks meet-
ing, but the Fed Chairman was unable to con-
vince recent dissenters of the merits of these
more radical approaches. Like it or not
though, many debt-laden developed
economies are suffering from piece-meal pol-
icy responses and Operation Twist will even-
tually be labeled as just another one of these.
Simon Smith is chief economist at FxPro.
The Fed acted decisively at
the start of the crisis but is
erring away from that now
The Feds paper plane wont
fly: why the US economy is
in need of more than a Twist
cityam.com/forum
SIMON SMITH
21
We need to raise
financial literacy
and instil sound
economic habits
A former banker
says saving must
begin at school
I
REMEMBER my first foray into high
finance. Once a week my banker would
travel to see me, take my money and give
me a deposit receipt in return. He banked
this money so it could be saved, bear interest
and grow until I was a big girl.
I was nine. Only years later did I realise what
a wonderful favour that banker was doing me,
my classmates and children across Australia,
where the Dollarmite account was, and
remains, a rite of financial passage this year
almost 100,000 kids are participating. When I
ask my friends, now professionals with chil-
dren of their own, most, like me, remember
the Dollarmite account with great fondness.
Learning to earn, spend cautiously and save
wisely were habits learnt and developed at a
tender age. My parents encouraged the whole
family to participate in their conversations at
the dinner table about big-ticket purchases
and, in dribs and drabs, we were made aware
of tax, credit cards and the impact of interest.
At 15 I began work at McDonalds. I worked
hard and was so successful with Do you want
fries with that? I was awarded a special badge.
The badge is long lost but something else
remained and grew and continues to do so
my superannuation (pension), compulsorily
saved by my employer on my behalf. I was flip-
ping burgers and growing my pension at a
time when, without guidance, Id have been
buying that new, shiny, sexy whatever with the
cool brand name. I was growing my retirement
income before I graduated high school.
Later, Mum took me to a financial planner
(IFA) to discuss how the money I made was, and
could be, invested and I was introduced to the
markets, managed funds and the wonders of
the stock exchange. It wasnt learning, it was
my life, and I was hooked.
Reading the papers today, and chatting with
friends and colleagues, I quietly despair at the
low level of financial capability in Britain and
am saddened to learn that many adults have
yet to have the experiences I had as a child.
So my company Blackbullion was born. By
marrying money management skills with cre-
ativity and technology we created uniquely
interactive programs to help employees and
students take control of their finances. To cre-
ate personal roadmaps to get from financial
phobia to financial security.
Money management has become an increas-
ingly complex maze and many are negotiating
this maze in the dark, without a guide. In fact
67 per cent of consumers find choosing suit-
able financial products too complicated and
only 37 per cent are making provisions for
retirement on the assumption that the state
pension wont provide a good standard of liv-
ing. We must change our habits and our
approach to personal finance
There is no single solution. We need to raise
the financial literacy levels of children before
they leave school. We need financially-confi-
dent parents who can further emphasise and
demonstrate these practical skills in their daily
life. We need a workforce that understands the
importance of saving for old age and most of
all we need a cultural shift from Im worth
it, whatever the cost to Im planning ahead
so I can control my own destiny and not have
to choose between heating and food.
Vivi Friedgut is the director of Blackbullion. Find
them online at blackbullion.co.uk.
Strong medicine
A double-dip is looking ever
more likely. We cant ease back
on deficit reduction the last
thing we want to do is scare
markets we should focus
instead on money supply. Yes,
quantitative easing is a blunt
instrument, and there is the risk
of inflationary side-effects. But
the patient is poorly and risks
getting worse. Aggressive treat-
ment is required.
Graeme Leach,
Institute of Directors
Fertilising growth
Luke Johnson rightly points out in
his column yesterday what fertile
grounds recessions can be for
entrepreneurship, but without the
right sort of fertiliser, new compa-
nies will wilt before they can flour-
ish. With bank financing hard to
find, start-ups need to be encour-
aged to explore other funding
sources, such as venture capital, if
the UK is not to fall behind the rest
of the world in producing high-
growth, world-beating businesses.
Tim Hames, BVCA
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
In association with
VIVI FRIEDGUT
BY MARC SIDWELL
CITYA.M. 23 SEPTEMBER 2011
The Forum
W
HEN it all
ended, they
sent chil-
dren to tug
the playing cards
from gamblers
hands and strip clos-
ets of their silks.
Savonarolas so-called
angels swept away
the fine paintings and the antique statues,
delivering their loot to the great fire burning
in the heart of the city. It was said that
Botticelli himself threw pictures onto the fire.
Mardi Gras, 1497, and Florence, a city made
great with the fortunes created by its bankers,
was ruining itself in a self-righteous fury. As a
new exhibition opens in Florence, covering the
role of high finance in that citys Renaissance,
the bonfire of the vanities offers a useful
reminder of what happened when Florence
rejected high finance.
The new exhibition at the Palazzo Strozzi,
Money and Beauty, covers a too-rarely touched
subject: the intimate relationship between the
making of money and the culture it supports.
That can rarely have been more evident than
in Renaissance Florence, where the great bank-
ing families, the Pazzi and the Medici, were
both innovative wealth-creators and discern-
ing patrons, commissioning work of the high-
est quality. But the same patronage can still be
found in todays great financial centres, as
well. Not only does the wealth generated by
business and the City indirectly support the
arts through taxation, but it does so directly
and visibly, from BP-sponsored free screenings
of opera and ballet to collections like that of
Deutsche Bank, which has been a passionate
collector of art in London for thirty years.
For those too ready to assume that finan-
ciers are those who know everything about
price but nothing of value, the tombs
Michaelangelo designed for the Medici left
unfinished when he left the madness that had
engulfed Florence for Rome are a permanent
rebuke. Of course, the Medici were not perfect.
Power was too centralised. Lorenzo the
Magnificent suffered from the collapse of
some bank branches; there were bad loans. But
Florence had made Michelangelo possible, had
built a banking empire spanning the known
world based on the unimpeachability of its
gold coin, the florin and its expanding econ-
omy had brought a better life to the poor as
well as the wealthiest in Florence.
Somehow all the good things were forgot-
ten. Savonarola rose, preaching an economic
cargo cult that said if the city only embraced
the common good and gave up its luxuries and
its mansions, returned to an old way of life
from its capitalist high spirits, heaven would
provide: If the city will, in this way, be good
and full of charity, God will make her abound
in riches. They forgot that God never had
before. The bankers had simply discovered new
ways to make money by hard work and won-
derful new things that money could pay for,
often to the glory of God. They made their city
the envy of the world. But again and again we
take these things for granted, and nod to the
speeches condemning greed, until we turn
around from the flames to find the great
artists and the banks and businesses that make
them possible packing for another city.
Money and Beauty: Bankers, Botticelli and the
Bonfire of the Vanities is at the Palazzo Strozzi in
Florence until 22 January 2012.
No one benefits from a
bonfire of the vanities
Email: theforum@cityam.com
Twitter: @cityamforum
LON GD ONCE FIX AM...........1765.50 -44.75
SILVER LDN FIX AM ..................36.65 -3.59
MAPLE LEAF 1 OZ ....................39.70 2.74
LON PLATINUM AM................1736.00 -48.00
LON PALLADIUM AM...............675.00 -41.00
ALUMINIUM CASH .................2266.00 -37.50
COPPER CASH ......................8220.00 -177.00
LEAD CASH...........................2259.50 -68.50
NICKEL CASH......................20700.00 -395.00
TIN CASH.............................22650.00 -470.00
ZINC CASH ............................2041.50 -46.50
BRENT SPOT INDEX ................111.24 0.59
SOYA .....................................1320.50 -17.50
COCOA..................................2727.00 -3.00
COFFEE ......................................0.00 0.00
KRUG.....................................1793.20 -64.00
WHEAT ....................................156.75 -4.00
AIR LIQUIDE........................................84.90 -3.25 100.65 80.90
ALLIANZ..............................................58.33 -3.87 108.85 56.16
ANHEUS-BUSCH INBEV ....................37.04 -1.31 46.33 33.85
ARCELORMITTAL...............................11.22 -1.09 28.55 11.20
AXA........................................................8.16 -0.63 16.16 8.05
BANCO SANTANDER...........................5.47 -0.29 9.67 5.15
BASF SE..............................................44.35 -2.07 70.22 42.19
BAYER.................................................36.82 -1.58 59.44 35.36
BBVA......................................................5.39 -0.31 10.21 5.03
BMW ....................................................52.99 -3.10 73.85 47.49
BNP PARIBAS.....................................23.06 -1.40 59.93 23.00
CARREFOUR ......................................15.07 -0.94 36.06 14.66
CRH PLC .............................................10.52 -0.65 17.40 10.28
DAIMLER.............................................32.74 -2.67 59.09 30.93
DANONE..............................................42.75 -1.15 53.16 41.98
DEU.BOERSE OFFRE ........................39.34 -1.10 55.75 37.03
DEUTSCHE BANK..............................21.90 -2.01 48.70 20.79
DEUTSCHE TELEKOM.........................8.25 -0.27 11.38 7.88
E.ON.....................................................14.46 -0.82 25.54 12.50
ENEL......................................................2.90 -0.16 4.86 2.85
ENI .......................................................12.20 -0.68 18.66 11.83
FRANCE TELECOM............................11.42 -0.42 17.45 11.25
GDF SUEZ ...........................................19.93 -1.04 30.05 18.32
GENERALI ASS...................................10.75 -0.25 17.05 10.34
IBERDROLA..........................................4.67 -0.27 6.50 4.29
INDITEX ...............................................62.27 -1.38 65.18 50.92
ING GROEP CVA...................................4.49 -0.48 9.50 4.32
INTESA SANPAOLO.............................0.95 -0.01 2.53 0.85
KON.PHILIPS ELECTR.......................12.41 -0.62 25.45 12.06
L'OREAL..............................................71.28 -3.03 91.24 69.86
LVMH..................................................106.90 -6.95 132.65 97.67
MUNICH RE.........................................80.34 -3.51 126.00 78.10
NOKIA....................................................3.92 -0.27 8.49 3.33
REPSOL YPF.......................................18.65 -0.88 24.90 17.31
RWE.....................................................23.63 -1.00 55.88 21.22
SAINT-GOBAIN...................................27.56 -2.00 47.64 27.36
SANOFI ................................................46.50 -1.52 56.82 42.85
SAP......................................................36.28 -1.04 46.15 32.88
SCHNEIDER ELECTRIC.....................38.25 -2.81 61.83 37.42
SIEMENS .............................................66.25 -2.90 99.39 62.13
SOCIETE GENERALE.........................15.31 -1.62 52.70 14.32
TELECOM ITALIA..................................0.74 -0.04 1.16 0.70
TELEFONICA ......................................13.13 -0.65 19.69 12.50
TOTAL..................................................30.38 -1.83 44.55 30.34
UNIBAIL-RODAMCO SE...................126.90 -6.70 162.95 124.50
UNICREDIT............................................0.65 -0.04 2.03 0.65
UNILEVER CVA...................................22.25 -0.49 24.08 20.82
VINCI ....................................................30.99 -1.81 45.48 30.31
VIVENDI ...............................................14.70 -0.54 22.07 14.10
VOLKSWAGEN VORZ ......................103.70 -7.30 152.20 81.80
Price Chg High Low
EUSHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 5041.61 -246.80 -4.67
FTSE 250 INDEX . . . . . . . . 9888.26 -377.74 -3.68
FTSE UK ALL SHARE . . . . 2619.05 -123.12 -4.49
FTSE AIMALL SH . . . . . . . . 729.29 -28.34 -3.74
DOWJONES INDUS 30 . . 10733.83 -391.01 -3.51
S&P 500. . . . . . . . . . . . . . . . 1129.56 -37.20 -3.19
NASDAQ COMPOSITE . . . 2455.67 -82.52 -3.25
FTSEUROFIRST 300 . . . . . . 875.30 -42.76 -4.66
NIKKEI 225 AVERAGE. . . . 8560.26 -180.90 -2.07
DAX 30 PERFORMANCE. . 5164.21 -269.59 -4.96
CAC 40 . . . . . . . . . . . . . . . . 2781.68 -154.14 -5.25
SHANGHAI SE INDEX . . . . 2443.06 -69.91 -2.78
HANG SENG. . . . . . . . . . . 17911.95 -912.22 -4.85
S&P/ASX 20 INDEX . . . . . . 2381.70 -62.50 -2.56
ASX ALL ORDINARIES . . . 4044.70 -108.90 -2.62
BOVESPA SAO PAOLO. . 52804.72-3177.18 -5.68
ISEQ OVERALL INDEX . . . 2366.13 -78.39 -3.21
STI . . . . . . . . . . . . . . . . . . . . 2720.53 -71.26 -2.55
IGBM. . . . . . . . . . . . . . . . . . . 790.21 -37.77 -4.56
SWISS MARKET INDEX. . . 5288.48 -186.86 -3.41
Price Chg %chg
3M........................................................72.90 -3.44 98.19 72.00
ABBOTT LABS ...................................50.69 -1.05 54.24 45.07
ALCOA.................................................10.11 -0.73 18.47 9.94
ALTRIA GROUP..................................25.70 -0.42 28.13 23.20
AMAZON.COM..................................223.23 -8.64 244.00 149.10
AMERICAN EXPRESS........................46.63 -1.60 53.80 37.33
AMGEN INC.........................................55.04 -1.00 61.53 47.66
APPLE...............................................401.82 -10.32 422.86 275.00
AT&T....................................................27.75 -0.55 31.94 27.20
BANK OF AMERICA.............................6.06 -0.32 15.31 6.00
BERKSHIRE HATAW B.......................66.00 -1.22 87.65 65.35
BOEING CO.........................................58.72 -2.30 80.65 56.01
BRISTOL MYERS SQUI ......................30.62 -0.33 31.78 20.05
CATERPILLAR....................................73.90 -5.46 116.55 72.60
CHEVRON...........................................90.17 -4.10 109.94 78.16
CISCO SYSTEMS................................15.33 -0.51 24.60 13.30
CITIGROUP.........................................23.96 -1.56 51.50 23.19
COCA-COLA.......................................67.82 -1.46 71.77 57.65
COLGATE PALMOLIVE......................87.41 -2.58 94.89 73.62
CONOCOPHILLIPS.............................62.87 -2.08 81.80 55.00
CVS/CAREMARK................................34.61 -0.72 39.50 29.45
DU PONT(EI) DE NMR........................41.65 -2.96 57.00 40.83
EXXON MOBIL....................................69.24 -2.73 88.23 60.90
GENERAL ELECTRIC.........................15.04 -0.34 21.65 14.72
GOOGLE A........................................520.66 -18.54 642.96 473.02
HEWLETT PACKARD.........................22.80 -1.18 49.39 22.13
HOME DEPOT.....................................33.05 -0.79 39.38 28.13
IBM.....................................................168.62 -4.40 185.63 130.78
INTEL CORP .......................................21.62 -0.33 26.78 18.75
J.P.MORGAN CHASE.........................29.27 -1.07 48.36 28.53
JOHNSON & JOHNSON.....................61.92 -1.21 68.05 57.50
KRAFT FOODS A................................33.71 -0.42 36.30 24.30
MC DONALD'S CORP ........................85.99 -1.53 91.22 72.14
MERCK AND CO. NEW......................31.13 -0.72 37.68 29.47
MICROSOFT........................................25.06 -0.93 29.46 23.65
OCCID. PETROLEUM.........................71.90 -4.42 117.89 70.46
ORACLE CORP...................................28.34 -1.20 36.50 24.72
PEPSICO.............................................60.92 0.13 71.89 59.25
PFIZER ................................................17.49 -0.35 21.45 16.25
PHILIP MORRIS INTL .........................64.96 -1.84 72.74 54.61
PROCTER AND GAMBLE ..................61.17 -1.85 67.72 56.57
QUALCOMM INC ................................50.03 -1.63 59.84 42.45
SCHLUMBERGER ..............................61.22 -3.93 95.64 57.80
TRAVELERS CIES..............................47.38 -0.81 64.17 46.62
UNITED TECHNOLOGIE ....................68.31 -6.56 91.83 67.12
UNITEDHEALTH GROUP...................47.09 -0.92 53.50 33.94
VERIZON COMMS ..............................35.59 -0.25 38.95 31.60
WAL-MART STORES..........................50.28 -1.04 57.90 48.31
WALT DISNEY CO ..............................29.55 -1.73 44.34 29.18
WELLS FARGO & CO.........................23.17 -0.54 34.25 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 ..................0.912 0.00
LIBOR Euro - 12 months ................2.035 0.00
LIBOR USD - overnight...................0.146 0.00
LIBOR USD - 12 months.................0.844 0.00
HaIifax mortgage rate .....................3.990 0.00
Euro Base Rate ...............................1.500 0.00
Finance house base rate................1.000 0.00
US Fed funds...................................0.250 0.00
US Iong bond yieId .........................2.840 -0.33
European repo rate.........................0.673 0.01
Euro Euribor ....................................1.170 0.03
The vix index ...................................41.07 3.75
The baItic dry index ........................1.811 0.01
Markit iBoxx...................................233.48 1.46
Markit iTraxx..................................186.69 0.00
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
USSHARES
C/$ 1.3479 0.0107
C/ 0.8769 0.0008
C/ 103.15 1.5990
/C 1.1411 0.0038
/$ 1.5370 0.0141
/ 117.64 1.0071
FTSE 100
5041.61
246.80
FTSE 250
9888.26
377.74
FTSE ALLSHARE
2619.05
123.12
DOW
10733.83
391.01
NASDAQ
2455.67
82.52
S&P 500
1129.56
37.20
Smiths Group . . . . . .917.5 -47.5 1429.0 907.5
Brown (N.) Group . . .278.5 -6.1 311.2 232.3
Carpetright . . . . . . . . .480.0 -4.0 835.5 463.3
Debenhams . . . . . . . . .54.9 -1.1 77.4 51.2
Dignity . . . . . . . . . . . .841.5 -13.0 854.5 633.0
Dixons RetaiI . . . . . . .10.9 -0.3 28.5 10.6
DuneImGroup . . . . . .458.5 -7.5 550.0 380.0
HaIfords Group . . . . .294.5 -4.7 459.7 268.6
Home RetaiI Group . .113.9 -3.3 235.0 105.1
Inchcape . . . . . . . . . .285.0 -19.4 425.4 268.1
JD Sports Fashion . .832.5 2.0 1030.0 753.5
Kesa EIectricaIs . . . . .80.0 -3.5 174.0 79.4
Kingfisher . . . . . . . . .243.4 -12.6 287.1 217.0
Marks & Spencer G . .323.6 -13.1 427.5 301.8
Mothercare . . . . . . . .317.3 -15.1 627.5 316.5
Next . . . . . . . . . . . . .2574.0 -69.0 2649.0 1868.0
Sports Direct Int . . . .219.2 -9.7 266.2 125.5
WH Smith . . . . . . . . . .498.0 -11.0 523.0 433.8
Smith & Nephew . . . .571.0 -19.5 742.0 521.0
Synergy HeaIth . . . . .880.5 -18.5 981.0 690.0
Barratt DeveIopme . . .79.9 -4.5 119.0 67.5
BeIIway . . . . . . . . . . . .607.0 -20.5 753.5 511.0
BerkeIey Group Ho .1210.0 -35.0 1299.0 789.5
BaIfour Beatty . . . . . .247.4 -6.8 357.3 228.6
KeIIer Group . . . . . . .346.0 -4.0 698.5 307.3
Kier Group . . . . . . . .1234.0 -6.0 1418.0 1097.0
Drax Group . . . . . . . .488.0 -18.0 536.5 353.6
Scottish & Southe . .1283.0 -33.0 1423.0 1108.0
Domino Printing S . .461.9 0.4 705.0 454.6
HaIma . . . . . . . . . . . . .321.4 -14.2 429.6 305.5
Laird . . . . . . . . . . . . . .133.8 -7.6 207.0 127.9
Morgan CrucibIe C . .240.7 -15.5 357.1 205.3
Renishaw . . . . . . . . .1070.0 -51.0 1886.0 1000.0
Spectris . . . . . . . . . .1263.0 -51.0 1679.0 1005.0
Aberforth SmaIIer . . .541.0 -12.0 714.0 534.5
AIIiance Trust . . . . . .325.8 -10.7 392.7 322.0
Bankers Inv Trust . . .360.0 -9.0 428.0 352.0
BH GIobaI Ltd. GB .1205.0 23.0 1205.0 1058.0
BH GIobaI Ltd. US . . . .11.9 0.1 12.0 10.4
BH Macro Ltd. EUR . . .19.2 -0.0 20.1 15.8
BH Macro Ltd. GBP 1994.0 18.0 2070.0 1630.0
BH Macro Ltd. USD . . .19.2 -0.2 20.1 15.8
BIackRock WorId M .614.0 -50.0 815.5 609.5
BIueCrest AIIBIue . . .170.6 0.4 176.2 162.4
British Assets Tr . . . .112.4 -2.4 140.5 111.0
British Empire Se . . .437.5 -14.0 533.0 434.4
CaIedonia Investm .1495.0 -26.0 1928.0 1482.0
City of London In . . .258.0 -12.0 306.9 257.0
Dexion AbsoIute L . .138.3 -0.9 151.0 135.2
Edinburgh Dragon . .213.0 -6.0 262.1 209.7
Edinburgh Inv Tru . . .432.0 -9.6 492.2 414.9
EIectra Private E . . .1322.0 1.0 1755.0 1287.0
F&C Inv Trust . . . . . .273.4 -10.1 327.9 268.6
FideIity China Sp . . . . .75.0 -5.1 128.7 74.3
FideIity European . . .946.0 -46.0 1287.0 940.0
FideIity SpeciaI . . . . .452.0 -23.0 595.0 448.0
HeraId Inv Trust . . . . .438.0 -7.7 545.5 427.8
HICL Infrastructu . . . .115.9 0.2 121.3 112.7
Impax Environment . .95.8 -0.3 130.5 94.0
JPMorgan American .789.5 -22.5 916.0 721.5
JPMorgan Asian In . .183.8 -5.2 250.8 180.8
JPMorgan Emerging .490.0 -21.5 639.0 488.0
JPMorgan European .719.5 -21.5 983.5 701.0
JPMorgan Indian I . . .361.0 -12.0 502.0 354.8
JPMorgan Russian .473.0 -22.0 755.0 462.0
Law Debenture Cor . .324.4 -6.5 385.0 309.8
MercantiIe Inv Tr . . . .882.0 -23.5 1137.0 873.3
Merchants Trust . . . .352.5 -9.5 431.8 348.7
Monks Inv Trust . . . .321.0 -7.0 367.9 311.3
Murray Income Tru . .578.0 -12.0 673.0 565.5
Murray Internatio . . .842.0 -28.0 991.5 836.5
PerpetuaI Income . . .238.3 -2.1 276.0 230.6
PoIar Cap TechnoI . .327.0 -9.0 391.2 299.5
RIT CapitaI Partn . . .1195.0 -37.0 1334.0 1110.0
Scottish Inv Trus . . . .436.5 -9.5 524.0 423.5
Scottish Mortgage . .637.0 -26.0 781.0 626.5
SVG CapitaI . . . . . . . .198.4 -16.3 279.8 163.2
TempIe Bar Inv Tr . . .806.0 -20.0 952.0 782.0
TempIeton Emergin .525.0 -30.0 689.5 516.5
TR Property Inv T . . .157.0 -5.6 206.1 154.5
TR Property Inv T . . . .72.0 -1.3 94.0 69.5
Witan Inv Trust . . . . .423.0 -10.0 533.0 418.0
3i Group . . . . . . . . . . .187.4 -7.6 340.0 186.1
3i Infrastructure . . . .121.0 -0.4 125.2 112.9
Aberdeen Asset Ma .169.2 -12.3 240.0 148.9
Ashmore Group . . . .357.4 -34.2 420.0 301.5
Brewin DoIphin Ho . .128.3 -1.7 185.4 121.3
CameIIia . . . . . . . . . .9075.0-300.510950.08900.0
CharIes TayIor Co . . .136.5 -3.5 198.3 122.0
City of London Gr . . . .77.8 0.0 93.6 76.3
City of London In . . .364.0 -11.0 461.5 327.0
CIose Brothers Gr . . .670.0 -7.5 888.5 651.0
CoIIins Stewart H . . . .69.0 1.0 90.8 67.0
EvoIution Group . . . . .83.0 -5.0 94.0 62.3
F&C Asset Managem .62.0 -2.6 92.9 58.7
Hargreaves Lansdo .437.6 -41.0 646.5 402.5
HeIphire Group . . . . . . .2.3 -0.3 39.0 2.2
Henderson Group . . .108.5 -9.3 173.1 108.4
Highway CapitaI . . . . .14.5 0.0 21.0 6.5
ICAP . . . . . . . . . . . . . .440.8 -25.3 570.5 391.3
IG Group HoIdings . .438.0 -0.9 553.0 393.6
Intermediate Capi . . .215.8 -8.7 360.3 204.8
InternationaI Per . . . .199.1 -13.3 388.8 192.0
InternationaI Pub . . . .113.8 0.6 118.3 108.6
Investec . . . . . . . . . . .367.0 -22.2 538.0 365.9
IP Group . . . . . . . . . . . .47.0 -3.3 54.5 27.9
Jupiter Fund Mana . .200.0 -10.7 337.3 184.9
Liontrust Asset M . . . .70.5 -2.0 94.3 70.5
LMS CapitaI . . . . . . . . .59.5 -2.5 64.8 44.8
London Finance & . . .21.5 0.0 23.5 16.5
London Stock Exch .813.5 -38.0 1076.0 675.0
Lonrho . . . . . . . . . . . . .14.0 -0.8 19.8 11.0
Man Group . . . . . . . . .221.0 -10.2 311.0 178.0
Paragon Group Of . .142.0 -8.4 206.1 134.6
Provident Financi . .1044.0 -17.0 1124.0 728.5
Rathbone Brothers .1045.0 -25.0 1257.0 828.0
Record . . . . . . . . . . . . .29.3 -0.4 51.0 20.3
RSM Tenon Group . . .22.3 -0.8 66.3 21.3
Schroders . . . . . . . .1183.0-101.0 1922.0 1170.0
Schroders (Non-Vo . .976.0 -77.0 1554.0 961.0
TuIIett Prebon . . . . . .358.1 -5.6 428.6 329.8
WaIker Crips Grou . . .49.0 0.0 51.5 45.0
BT Group . . . . . . . . . .168.0 -7.7 204.1 138.9
CabIe & WireIess . . . .38.6 -1.4 60.8 31.3
CabIe & WireIess . . . .30.7 -2.0 76.9 30.4
COLT Group SA . . . . .97.7 -5.4 156.2 97.4
TaIkTaIk TeIecom . . .124.0 -4.5 168.3 119.8
TeIecomPIus . . . . . . .697.0 11.0 700.5 365.5
Booker Group . . . . . . .71.9 -0.4 77.9 47.9
Greggs . . . . . . . . . . . .458.0 -11.4 550.5 429.1
Morrison (Wm) Sup .283.5 -7.2 308.3 262.7
Ocado Group . . . . . . . .96.2 -6.3 285.0 95.2
Sainsbury (J) . . . . . . .263.5 -11.0 395.0 260.3
Tesco . . . . . . . . . . . . .356.3 -7.8 440.7 351.7
Associated Britis . .1079.0 -25.0 1182.0 940.0
Cranswick . . . . . . . . .588.5 -23.0 896.0 588.1
Dairy Crest Group . . .343.4 -6.6 424.9 325.0
Devro . . . . . . . . . . . . .233.7 -1.3 296.9 218.0
Premier Foods . . . . . . .11.2 -1.5 35.1 10.8
Tate & LyIe . . . . . . . . .606.5 -16.0 656.0 461.6
UniIever . . . . . . . . . .1937.0 -50.0 2081.0 1777.0
Mondi . . . . . . . . . . . . .484.5 -32.5 664.0 468.8
Centrica . . . . . . . . . . .282.6 -10.8 345.8 281.2
InternationaI Pow . . .311.0 -16.0 448.6 279.4
NationaI Grid . . . . . . .631.0 -16.0 647.0 530.0
Northumbrian Wate .462.3 0.3 469.5 295.5
Pennon Group . . . . . .671.0 -16.5 737.5 579.5
Severn Trent . . . . . .1476.0 -26.0 1517.0 1306.0
United UtiIities . . . . .601.5 -8.5 631.5 543.5
Cookson Group . . . . .426.8 -38.5 724.5 421.1
DS Smith . . . . . . . . . .184.0 -9.2 266.2 145.9
Rexam . . . . . . . . . . . .308.8 -12.5 400.0 301.5
RPC Group . . . . . . . .320.0 -4.3 384.8 215.4
BAE Systems . . . . . .275.4 -10.8 369.9 248.1
Chemring Group . . . .531.5 -21.0 736.5 485.0
Cobham . . . . . . . . . . .180.1 -5.5 245.6 173.4
Meggitt . . . . . . . . . . . .320.3 -14.3 397.6 293.5
QinetiQ Group . . . . . .114.7 -2.3 136.3 96.7
RoIIs-Royce Group . .594.0 -31.0 665.0 557.5
Senior . . . . . . . . . . . . .138.0 -6.1 190.6 127.0
UItra EIectronics . . .1461.0 -41.0 1895.0 1305.0
GKN . . . . . . . . . . . . . .177.2 -11.5 245.0 163.0
BarcIays . . . . . . . . . . .138.9 -14.4 333.6 138.4
HSBC HoIdings . . . . .486.2 -25.7 730.9 484.5
LIoyds Banking Gr . . .32.5 -3.7 76.7 27.6
RoyaI Bank of Sco . . .22.1 -1.3 49.5 19.7
Standard Chartere .1288.5 -56.0 1950.0 1263.5
AG Barr . . . . . . . . . .1133.0 -7.0 1395.0 1031.0
Britvic . . . . . . . . . . . . .297.3 -10.4 503.5 289.9
Diageo . . . . . . . . . . .1204.0 -35.0 1307.0 1092.0
SABMiIIer . . . . . . . . .2047.0-138.0 2340.0 1979.0
AZ EIectronic Mat . . .243.1 -3.2 338.1 210.0
Croda Internation . .1713.0 -87.0 2081.0 1367.0
EIementis . . . . . . . . . .130.0 -6.5 187.4 97.1
Johnson Matthey . .1598.0 -69.0 2119.0 1534.0
Victrex . . . . . . . . . . .1208.0 -38.0 1590.0 1178.0
YuIe Catto & Co . . . . .155.6 -15.4 253.0 150.1
Price Chg High Low
Bovis Homes Group .402.7 -15.9 464.7 326.5
Persimmon . . . . . . . .454.5 -15.5 502.5 336.5
Reckitt Benckiser . .3180.0-121.0 3648.0 3015.0
Redrow . . . . . . . . . . . .107.0 -3.1 139.0 98.4
TayIor Wimpey . . . . . . .33.6 -1.0 43.3 22.3
Bodycote . . . . . . . . . .261.3 -5.7 397.7 247.9
Charter Internati . . . .863.0 -13.0 876.0 538.5
Fenner . . . . . . . . . . . .322.9 -25.6 422.5 231.0
IMI . . . . . . . . . . . . . . . .744.0 -54.5 1119.0 738.0
MeIrose . . . . . . . . . . .281.0 -7.9 365.4 254.0
Northgate . . . . . . . . . .258.0 -10.8 346.7 202.0
Rotork . . . . . . . . . . .1623.0 -36.0 1895.0 1501.0
Spirax-Sarco Engi . .1791.0 -46.0 2063.0 1649.0
Weir Group . . . . . . .1649.0-119.0 2218.0 1371.0
Ferrexpo . . . . . . . . . . .312.2 -44.3 499.0 292.4
TaIvivaara Mining . . .279.8 -15.2 622.0 277.9
BBAAviation . . . . . . .161.1 -14.4 240.8 156.0
Stobart Group Ltd . . .122.0 -3.4 163.6 122.0
AdmiraI Group . . . . .1230.0 -28.0 1754.0 1185.0
AmIin . . . . . . . . . . . . .280.7 -8.3 427.0 275.4
BeazIey . . . . . . . . . . . .114.7 -3.5 139.2 109.6
Informa . . . . . . . . . . . .334.2 -13.9 461.1 324.0
ITE Group . . . . . . . . . .166.9 -7.1 258.2 160.5
ITV . . . . . . . . . . . . . . . . .56.4 -2.9 93.5 51.7
Johnston Press . . . . . . .5.1 -0.2 15.0 4.4
MecomGroup . . . . . .135.3 -7.8 310.0 135.0
Moneysupermarket. .112.6 -4.0 120.4 75.7
Pearson . . . . . . . . . .1116.0 -35.0 1207.0 926.0
PerformGroup . . . . .208.0 -2.0 234.5 150.0
Reed EIsevier . . . . . .481.9 -17.7 590.5 461.3
Rightmove . . . . . . . .1244.0 -34.0 1307.0 725.0
STV Group . . . . . . . . .105.0 -4.5 168.0 89.8
Tarsus Group . . . . . .127.5 -7.0 165.0 112.5
Trinity Mirror . . . . . . . .40.3 -1.0 121.3 37.5
UBM . . . . . . . . . . . . . .444.6 -19.7 725.0 416.0
UTV Media . . . . . . . . .123.0 -3.5 151.0 101.0
WiImington Group . . .88.5 -2.3 183.0 82.5
WPP . . . . . . . . . . . . . .593.5 -26.0 846.5 578.5
YeII Group . . . . . . . . . . .4.0 -0.4 16.2 4.0
African Barrick G . . .574.5 -30.5 638.0 393.5
AngIo American . . .2230.0-176.5 3437.0 2179.4
AngIo Pacific Gro . . .276.8 -6.2 369.3 257.1
Antofagasta . . . . . . . .972.5-141.5 1634.0 962.5
Aquarius PIatinum . .196.7 -26.3 419.0 194.4
BHP BiIIiton . . . . . . .1731.5-157.0 2631.5 1720.0
Centamin Egypt Lt . .105.8 -2.7 197.1 89.7
CatIin Group Ltd. . . .349.4 -10.4 421.4 325.0
Hiscox Ltd. . . . . . . . . .360.2 -1.3 424.7 340.5
Jardine LIoyd Tho . . .652.5 -13.0 709.0 564.5
Lancashire HoIdin . . .715.5 -1.0 725.0 529.0
RSA Insurance Gro . .107.3 -4.5 143.5 106.8
Aviva . . . . . . . . . . . . . .276.1 -18.9 477.9 274.8
LegaI & GeneraI G . . . .91.4 -4.3 123.8 90.6
OId MutuaI . . . . . . . . .103.2 -8.4 145.2 102.9
Phoenix Group HoI . .498.0 -13.5 703.5 458.0
PrudentiaI . . . . . . . . .555.0 -42.0 777.0 547.0
ResoIution Ltd. . . . . .235.4 -8.1 316.1 211.3
St James's PIace . . . .297.2 -15.9 376.0 236.2
Standard Life . . . . . . .188.5 -8.7 244.7 172.0
4Imprint Group . . . . .209.0 -6.0 295.0 200.0
Aegis Group . . . . . . .124.1 -5.8 163.5 121.2
BIoomsbury PubIis . . .99.0 -3.0 138.0 98.5
British Sky Broad . . .668.5 -14.5 850.0 618.5
Centaur Media . . . . . . .36.0 -1.0 73.0 35.5
Chime Communicati .188.5 -1.8 298.5 173.0
Creston . . . . . . . . . . . .76.5 -3.5 121.0 75.0
DaiIy MaiI and Ge . . .346.5 -19.5 594.5 344.6
Euromoney Institu . .580.0 -10.0 736.0 522.5
Future . . . . . . . . . . . . . .11.8 -0.3 30.0 10.8
Haynes PubIishing . .233.5 -1.5 262.5 202.5
Huntsworth . . . . . . . . .57.9 1.4 86.0 56.0
Eurasian NaturaI . . .569.5 -61.5 1125.0 566.0
FresniIIo . . . . . . . . . .1709.0-226.0 2150.0 1217.0
GemDiamonds Ltd. .220.8 -22.7 306.0 179.8
GIencore Internat . . .415.0 -21.3 531.1 348.0
HochschiId Mining . .489.3 -25.7 680.0 423.2
Kazakhmys . . . . . . . .846.5-119.5 1671.0 846.5
Kenmare Resources . .40.2 -3.7 59.9 17.2
Lonmin . . . . . . . . . . .1075.0 -85.0 1983.0 1071.0
New WorId Resourc .487.5 -44.0 1060.0 470.0
PetropavIovsk . . . . . .709.5 -88.0 1226.0 676.0
RandgoId Resource 6665.0-515.0 7215.0 4425.0
Rio Tinto . . . . . . . . .3023.0-366.0 4712.0 3017.5
Vedanta Resources .1117.0-171.0 2559.0 1117.0
Xstrata . . . . . . . . . . . .849.5 -90.3 1550.0 838.6
Inmarsat . . . . . . . . . . .463.1 -27.1 719.5 389.7
Vodafone Group . . . .159.2 -4.2 182.8 155.1
Genesis Emerging . .442.1 -15.9 568.0 442.0
Afren . . . . . . . . . . . . . . .88.1 -6.0 171.2 86.7
BG Group . . . . . . . . .1174.5 -77.5 1564.5 1116.5
BP . . . . . . . . . . . . . . . .384.0 -20.1 509.0 363.2
Cairn Energy . . . . . . .275.1 -13.9 469.7 273.4
EnQuest . . . . . . . . . . . .93.3 -6.2 158.5 93.3
Essar Energy . . . . . .246.8 -22.4 589.5 235.1
ExiIIon Energy . . . . . .259.0 -15.0 469.7 195.0
Heritage OiI . . . . . . . .223.6 -19.7 486.0 190.0
JKX OiI & Gas . . . . . .171.8 -8.3 335.1 160.0
Premier OiI . . . . . . . . .334.8 -12.5 535.0 310.0
RoyaI Dutch SheII . .1998.5 -70.5 2326.5 1883.5
RoyaI Dutch SheII . .2019.0 -73.5 2336.0 1831.0
SaIamander Energy .193.1 -9.9 317.6 193.0
Soco Internationa . . .326.0 -15.6 454.7 279.8
TuIIow OiI . . . . . . . . .1269.0 -64.0 1493.0 945.5
Amec . . . . . . . . . . . . .849.5 -47.0 1251.0 834.0
Hunting . . . . . . . . . . .596.5 -29.5 817.0 592.5
LampreII . . . . . . . . . . .263.2 -10.8 395.2 254.3
Petrofac Ltd. . . . . . .1257.0-108.0 1685.0 1110.0
Wood Group (John) .536.5 -24.0 715.8 417.4
Burberry Group . . . .1361.0-148.0 1600.0 945.5
PZ Cussons . . . . . . . .330.0 -0.9 409.0 320.5
Supergroup . . . . . . .1008.0 -87.0 1820.0 818.5
AstraZeneca . . . . . .2779.0 -76.5 3359.0 2543.5
BTG . . . . . . . . . . . . . .265.1 -12.4 309.7 210.1
Genus . . . . . . . . . . . . .990.0 -46.0 1046.0 772.0
GIaxoSmithKIine . . .1311.5 -18.5 1385.0 1127.5
Hikma Pharmaceuti .572.0 -30.0 900.0 555.5
Shire PIc . . . . . . . . . .1970.0 -43.0 2136.0 1405.0
CapitaI & Countie . . .171.0 -9.1 203.7 131.1
Daejan HoIdings . . .2319.0 -81.0 2954.0 2282.0
F&C CommerciaI Pr . .97.0 -3.5 108.0 88.0
Grainger . . . . . . . . . . . .90.7 -5.3 133.2 86.3
London & Stamford .114.8 -5.2 140.0 112.3
SaviIIs . . . . . . . . . . . . .300.3 -0.2 427.1 288.2
St. Modwen Proper . .129.8 -3.8 196.2 123.5
UK CommerciaI Pro . .75.0 -2.6 85.5 70.4
Unite Group . . . . . . . .165.7 -7.3 229.8 152.9
Big YeIIow Group . . .247.0 -8.4 353.3 234.2
British Land Co . . . . .479.3 -29.7 629.5 464.0
CapitaI Shopping . . .303.9 -15.8 424.8 301.6
Derwent London . . .1546.0 -60.0 1880.0 1411.0
Great PortIand Es . . .361.4 -13.5 445.0 329.0
Hammerson . . . . . . . .370.3 -18.9 490.9 369.5
Hansteen HoIdings . . .70.0 -4.0 89.5 69.8
Land Securities G . . .643.0 -39.5 885.0 625.0
SEGRO . . . . . . . . . . . .219.4 -14.5 331.3 217.3
Shaftesbury . . . . . . . .479.0 -24.0 539.0 431.7
Autonomy Corporat 2518.0 -8.0 2531.0 1271.0
Aveva Group . . . . . .1512.0 -44.0 1799.0 1391.0
Computacenter . . . . .390.2 7.7 490.0 286.4
Fidessa Group . . . . .1550.0 -31.0 2109.0 1409.0
Invensys . . . . . . . . . . .224.1 -13.3 364.3 221.7
Kofax . . . . . . . . . . . . .291.0 -8.0 535.0 253.0
Logica . . . . . . . . . . . . .74.6 -6.3 147.2 74.3
Micro Focus Inter . . .323.0 4.9 426.2 239.4
Misys . . . . . . . . . . . . .224.9 -21.1 420.2 223.6
Sage Group . . . . . . . .255.1 -10.0 302.0 231.7
SDL . . . . . . . . . . . . . . .611.0 -4.5 711.5 555.0
TeIecity Group . . . . . .540.0 -26.0 583.5 430.0
Aggreko . . . . . . . . . .1730.0 -56.0 2034.0 1394.5
Ashtead Group . . . . .129.1 -8.4 207.9 99.4
Atkins (WS) . . . . . . . .496.9 -36.6 820.0 494.8
Babcock Internati . . .641.0 -17.0 733.0 513.5
Berendsen . . . . . . . . .434.1 -11.0 568.0 391.3
BunzI . . . . . . . . . . . . .766.0 -23.0 812.5 676.5
Capita Group . . . . . . .713.0 -24.0 794.5 635.5
CariIIion . . . . . . . . . . .332.3 -8.8 403.2 298.8
De La Rue . . . . . . . . .790.0 0.0 853.5 549.5
EIectrocomponents .194.0 -6.1 294.9 190.0
Experian . . . . . . . . . . .693.5 -26.5 833.5 665.0
FiItrona PLC . . . . . . . .361.0 -0.7 385.5 227.5
G4S . . . . . . . . . . . . . . .255.8 -10.2 291.0 237.7
Hays . . . . . . . . . . . . . . .70.9 -3.7 133.6 69.4
Homeserve . . . . . . . .465.6 -24.7 532.0 408.0
Howden Joinery Gr . .103.1 -3.6 127.5 73.0
Intertek Group . . . . .1950.0 -93.0 2148.0 1715.0
MichaeI Page Inte . . .355.1 -13.8 567.0 338.7
Mitie Group . . . . . . . .230.2 -6.6 242.5 191.2
Premier FarneII . . . . .151.3 -11.3 308.8 150.6
Regus . . . . . . . . . . . . . .73.9 -3.2 119.0 64.0
RentokiI InitiaI . . . . . . .75.4 -3.3 104.9 72.9
RPS Group . . . . . . . . .170.0 -11.5 253.0 170.0
Serco Group . . . . . . .490.9 -21.6 633.0 487.8
Shanks Group . . . . . .103.9 -8.2 130.9 103.9
SIG . . . . . . . . . . . . . . . .92.4 -5.1 153.5 91.7
SThree . . . . . . . . . . . .220.2 -8.7 447.6 217.0
Travis Perkins . . . . . .725.0 -38.0 1127.0 722.0
WoIseIey . . . . . . . . .1437.0 -63.0 2261.0 1404.0
ARM HoIdings . . . . . .575.0 -35.0 651.0 338.9
CSR . . . . . . . . . . . . . .222.0 -15.6 447.0 208.0
Imagination Techn . .418.0 -27.9 502.0 296.9
Pace . . . . . . . . . . . . . . .99.6 -2.2 231.8 91.0
Spirent Communica .123.0 -2.1 160.3 116.0
British American . .2691.5-104.5 2871.0 2282.5
ImperiaI Tobacco . .2017.0 -86.0 2231.0 1784.0
Avis Europe . . . . . . . .314.5 -0.2 314.8 184.0
Betfair Group . . . . . . .723.0 -60.0 1550.0 567.0
Bwin.party Digita . . .126.3 -4.1 289.1 100.6
CarnivaI . . . . . . . . . .2030.0 -76.0 3153.0 1742.0
Compass Group . . . .525.5 -16.0 612.0 511.5
Domino's Pizza UK . .511.5 -14.5 586.0 377.0
easyJet . . . . . . . . . . . .340.0 28.0 479.0 301.0
Enterprise Inns . . . . . .36.8 -2.5 122.7 32.5
FirstGroup . . . . . . . . .317.9 -19.5 412.6 311.3
Go-Ahead Group . . .1380.0 -62.0 1598.0 1085.0
Greene King . . . . . . .443.2 -14.6 518.0 410.0
InterContinentaI . . .1020.0 -48.0 1435.0 955.0
InternationaI Con . . .141.6 -8.0 305.0 141.6
JD Wetherspoon . . . .393.1 -6.3 468.3 387.2
Ladbrokes . . . . . . . . .125.4 -2.4 155.3 120.0
Marston's . . . . . . . . . . .93.9 -1.9 117.1 87.1
MiIIennium& Copt . .395.5 -16.2 600.5 392.9
MitcheIIs & ButIe . . . .249.4 -9.9 361.0 216.4
NationaI Express . . .231.1 -5.1 270.2 220.7
Rank Group . . . . . . . .128.5 -0.5 153.7 109.5
Restaurant Group . . .271.9 -7.6 335.0 254.9
Spirit Pub Compan . . .38.0 -1.0 55.0 37.0
Stagecoach Group . .237.3 -8.7 268.5 180.4
Thomas Cook Group .38.8 -2.8 204.8 33.7
TUI TraveI . . . . . . . . . .148.5 -6.4 271.9 137.2
Whitbread . . . . . . . .1596.0 -50.0 1887.0 1409.0
WiIIiamHiII . . . . . . . . .220.6 -8.7 237.3 155.5
Abcam . . . . . . . . . . . .354.3 3.8 460.0 307.0
AIbemarIe & Bond . .349.8 -18.3 400.1 250.0
Amerisur Resource . .15.0 -1.0 29.0 11.5
Andor TechnoIogy . .580.0 -10.0 685.0 340.0
ArchipeIago Resou . . .72.0 -2.5 79.0 32.3
ASOS . . . . . . . . . . . .1557.0-128.0 2468.0 1067.0
AureIian OiI & Ga . . . .18.0 0.0 92.0 16.0
Avanti Communicat .272.8 -20.5 735.0 270.3
Avocet Mining . . . . . .258.0 -12.0 286.8 158.0
BIinkx . . . . . . . . . . . . .139.0 -12.0 152.0 70.5
Borders & Souther . . .44.3 -2.3 93.0 43.0
BowLeven . . . . . . . . .101.3 -7.3 398.0 101.0
Brooks MacdonaId 1220.0 -9.5 1372.5 907.5
Conygar Investmen . .96.0 -1.3 120.0 92.5
Cove Energy . . . . . . . .73.3 -4.0 112.8 61.0
Daisy Group . . . . . . . .110.3 -0.5 127.0 88.0
EMIS Group . . . . . . . .530.0 -40.0 580.0 360.5
Encore OiI . . . . . . . . . .45.3 -1.5 151.5 40.8
Faroe PetroIeum . . . .145.5 -5.0 218.3 133.0
GuIfsands PetroIe . . .180.8 0.8 401.5 142.5
GWPharmaceuticaI .100.0 0.1 130.0 83.0
Hamworthy . . . . . . . .505.5 -12.5 705.0 360.0
Hargreaves Servic .1040.0 -35.0 1079.0 662.0
HeaIthcare Locums . . . .6.7 -0.2 7.0 6.7
Immunodiagnostic .1023.0 -22.0 1218.0 768.5
ImpeIIamGroup . . . .320.0 -4.0 387.5 134.0
James HaIstead . . . . .430.0 -7.4 495.0 323.8
KaIahari MineraIs . . .227.0 -16.5 301.0 142.0
London Mining . . . . .337.8 -27.5 436.5 283.0
Lupus CapitaI . . . . . . .99.0 -3.0 150.0 86.0
M. P. Evans Group . .424.0 -20.5 500.5 371.0
Majestic Wine . . . . . .415.5 0.0 510.0 323.0
May Gurney Integr . .261.0 -9.0 295.0 177.0
Monitise . . . . . . . . . . . .34.0 0.0 39.0 18.5
MuIberry Group . . . .1550.0 -30.0 1920.0 375.0
Nanoco Group . . . . . . .56.0 -2.5 115.8 56.0
NauticaI PetroIeu . . .267.0 -29.0 547.0 223.5
NichoIs . . . . . . . . . . . .531.0 3.5 579.0 410.0
Numis Corporation . . .95.0 3.0 137.8 89.0
Pan African Resou . . .11.8 -0.8 14.5 8.2
Patagonia GoId . . . . . .59.3 -4.8 70.0 20.3
Prezzo . . . . . . . . . . . . .56.8 -1.0 71.5 53.3
Pursuit Dynamics . . .196.0 -4.0 700.0 160.5
Rockhopper ExpIor .195.3 -14.3 510.0 141.0
RWS HoIdings . . . . . .446.0 -9.0 479.8 258.5
Songbird Estates . . .119.3 -0.8 160.3 110.3
VaIiant PetroIeum . . .441.0 -2.0 761.5 435.0
Young & Co's Brew . .621.3 -23.8 712.0 530.0
easyJet . . . . . . . . . . . .340.0 9.0
Computacenter . . . . .390.2 2.0
BH GIobaI Ltd. GBP 1205.0 2.0
TeIecom PIus . . . . . . .697.0 1.6
Micro Focus Intern . .323.0 1.5
BH GIobaI Ltd. USD . .11.9 1.2
BH Macro Ltd. GBP 1994.0 0.9
InternationaI PubI . . .113.8 0.5
JD Sports Fashion . .832.5 0.2
BIueCrest AIIBIue . . .170.6 0.2
Vedanta Resources .1117.0 -13.3
Antofagasta . . . . . . . .972.5 -12.7
Ferrexpo . . . . . . . . . .312.2 -12.4
Kazakhmys . . . . . . . .846.5 -12.4
Premier Foods . . . . . . .11.2 -11.9
Aquarius PIatinum . .196.7 -11.8
FresniIIo . . . . . . . . . .1709.0 -11.7
PetropavIovsk . . . . . .709.5 -11.0
Rio Tinto . . . . . . . . .3023.0 -10.8
LIoyds Banking Gro . .32.5 -10.1
Risers FaIIers
MAIN CHANGES UK 350
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
Price Chg High Low Price Chg High Low
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Tsy 3.250 11 . . . . .100.45 -0.14 103.2 100.4
Tsy 5.000 12 . . . .102.03 -0.04 106.3 102.0
Tsy 5.250 12 . . . .103.33 -0.02 107.7 103.3
Tsy 9.000 12 . . . .107.27 0.00 115.1 106.7
Tsy 4.500 13 . . . .105.74 -0.03 108.8 105.7
Tsy 2.500 13 . . . .283.48 -0.09 287.7 277.5
Tsy 8.000 13 . . . . .114.81 -0.03 120.7 114.8
Tsy 5.000 14 . . . . .112.35 -0.07 114.1 109.2
Tsy 7.750 15 . . . .102.44 0.00 109.2 101.7
Tsy 4.750 15 . . . . .114.55 -0.03 114.8 108.6
Tsy 8.000 15 . . . .128.62 -0.05 131.3 123.7
Tsy 2.500 16 . . . .339.33 -0.11 341.0 310.2
Tsy 4.000 16 . . . . .113.01 0.00 113.4 104.9
Tsy 12.000 17 . . .124.93 0.00 134.3 124.2
Tsy 1.250 17 . . . . .114.73 0.07 115.1 106.7
Tsy 8.750 17 . . . .140.62 -0.18 142.1 132.9
Tsy 5.000 18 . . . .120.80 0.17 121.1 109.7
Tsy 4.500 19 . . . . .118.41 0.41 118.8 105.4
Tsy 3.750 19 . . . . .113.03 0.48 113.4 99.4
Tsy 4.750 20 . . . .120.77 0.51 121.2 106.6
Tsy 2.500 20 . . . .354.22 0.29 355.6 312.4
Tsy 8.000 21 . . . .151.81 0.62 152.3 133.8
Tsy 4.000 22 . . . . .114.70 0.68 115.2 99.0
Tsy 1.875 22 . . . .123.76 0.41 124.4 111.3
Tsy 2.500 24 . . . .316.57 0.40 318.3 273.5
Tsy 5.000 25 . . . .125.38 0.84 126.0 107.4
Tsy 1.250 27 . . . . .118.49 0.72 119.2 104.6
Tsy 4.250 27 . . . . .115.78 1.22 116.3 97.9
Tsy 6.000 28 . . . .140.28 1.19 140.8 119.5
Tsy 4.125 30 . . . .299.54 0.74 301.4 261.2
Tsy 4.750 30 . . . .122.23 1.44 122.7 103.0
Tsy 4.250 32 . . . . .114.61 1.53 115.1 96.0
Tsy 4.250 36 . . . . .113.60 1.79 114.1 95.0
Tsy 4.750 38 . . . .122.69 1.92 123.3 102.8
Tsy 4.500 42 . . . . .115.78 0.00 117.1 98.9
% %
Wealth Management | Markets
S
O its goodbye London Fashion Week
until next year, as the sartorial bonan-
za drew to a close with menswear day
on Wednesday. Highlights included a
spot of celebrity bingo with Topshops front
row (Jamie Hince, Mr Kate Moss to you, and
Sir Philip Green were all to be seen) and
Oliver Spencers shortened trousers. Also
striking was the widespread presence of the
pyjama bottom and luxe sportswear as seen at
Christopher Shannon and E.Tautz, but dont
worry, we dont expect you to go to work in a
pair of track pants. Luckily, also dominating the
catwalks were wearable pieces worth investing
in, which will make sure youre bang on trend
when spring rolls around.
Lifestyle| Fashion & Reviews
23
Post fashion week,
Helena Lee finds out
what the hottest looks
for men are set to be
next season
Toby Bateman, buying director at Mr Porter, the
menswear shopping site, takes us through the five
key trends that have emerged from the catwalks
and chooses the best pieces to help you get ahead
of the fashion game.
1 The Deconstructed Jacket
Unlined and deconstructed jackets make a lot of
sense because they keep things smart without
being too heavy in high summer. On the catwalk,
Oliver Spencer excelled here with single and dou-
ble breasted versions in a broad variety of colours
including red, white and navy.
Toby suggests Richard James deconstructed cash-
mere-blend jacket, 895
2 The Wool Trouser
Spotted at E.Tautz, the wool trouser seems like an
odd choice for the summer season but do bear in
mind that these clothes arrive in-store for January,
so you will definitely get a lot of wear from them.
A long-awaited replacement for the omnipresent
chino.
Toby suggests Ami slim fit wool flannel trousers,
185
3 The Printed Shirt
A new take on shirting is emerging, as it moves
away from chambrays and denim towards some-
thing a bit more playful. Polka dots will be on
trend, as seen in the Oliver Spencer show.
Toby suggests Oliver Spencer spotted cotton shirt,
120
4 The Rucksack
The rucksack has definitely replaced the shopper
as the mens bag of choice, or the designers bag of
choice at least. Seen at numerous shows, its a rare
trend where function dictates fashion and appeals
to a very broad menswear demographic. Invest in
one now.
Toby suggests Seil Marschall premium day back-
pack, 190
5 The Coloured-Sole Shoe
Shoes with coloured soles were as popular with
the audience as they were on the catwalk. Mark
McNairy was the brand of choice in the audience.
A colourful sole looks best on the bottom of a sim-
ple Derby or Oxford style.
Toby suggests Mark McNairy Derby shoes 195
All pieces are available from www.mrporter.com
Lifestyle | Review
Gosling shines in both romcom and action films
Timothy Barber gets
to know the two sides
of Ryan Goslings
muscles in the latest
blockbusters
Film
CRAZY, STUPID, LOVE
Cert: 12A
hhhii
YOU wait all year for a Ryan Gosling film
(well, some people do, perhaps) and two
come along at once. Here he plays Jacob,
her muscle-bound playboy who takes
cuckolded dad Steve Carrell under his
wing to tutor him in the ways of being a
right stud.
Crazy, Stupid, Love is not actually the
lame-o bromance that description makes
it sound like though there is more to
it, though perhaps not as much as the
filmmakers behind it would like us to
think.
Carrell, ever the middle-class, middle-
management, nice-guy loser, is Cal, a 40-
something bloke married to his
high-school sweetheart Emily (Julianne
Moore), who he leaves after she has
admits to having an affair. Having never
even dated another woman, Cals all at
sea in the world of singledom until he
meets slick player Jacob, who for some
reason decides to mentor him.
But guess what? Jacob finds himself
falling like never before for a sassy chick
(played by girl of the moment Emma
Stone), while even Cal and Emilys
teenage son has a problem of unrequited
love to deal with.
Its all rather twee and smug, frankly,
though not without some sharp lines
and charming moments. Its helped
along by a very talented, likeable cast
including cameos from Marisa Tomei
and Kevin Bacon and a script which
avoids completely obvious scenarios.
Crazy, Stupid, Love doesnt tell us
much about love other than it can be a
bit crazy and a bit stupid at times, but
its more endearing and nuanced than
most films occupying similar territory.
Film
DRIVE
Cert: 18
hhhhh
CRIME films and Los Angeles go
together like peas in a pod, but its a
long time since the classic combina-
tion has produced something as
thrilling and as stylish as Drive. Ryan
Gosling is the charismatic, unnamed
petrolhead at the heart of the action a
mechanic and stunt driver for the movie
business by day, and getaway man for
armed robbers by night. Hes also a clas-
sic Hollywood antihero: a brooding,
monosyllabic, toothpick-chewing loner,
whos cool as damn and up to his neck in
all the wrong problems. These coalesce
around his next-door neighbour Irene, a
young mother played by An Education
star Carey Mulligan. Just as Driver (as
hes known) is being stirred from his
lonesome existence by this vulnerable
woman and her son Benicio, her jailbird
husband reappears. Hes in trouble with
some very nasty people, and with Irene
and Benicio at risk Driver volunteers
to help. Naturally enough, things
go very badly wrong indeed.
Drive is directed by Danish film-
maker Nicolas Winding Refn, who
made 2009s viscerally marvellous
Bronson. Here Refn confirms his
exciting talent Drive is a neon-
lit thrill ride, making perfect use
of its L.A. locations and steadily
accelerates until its clattering
along at 150mph. It may be horri-
bly violent in places but its rivet-
ing and a beautiful homage to
countless movies of the past.
THE COLOURED-SOLE SHOE
5
THE PRINTED SHIRT
3
THE DECONSTRUCTED JACKET
1
THE RUCKSACK
4
THE WOOL TROUSER
2
Get into casuals with the
latest menswear trends
T
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S
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QI
BBC2, 10PM
Stephen Fry is joined by comedians
John Bishop, Frank Skinner, Sean Lock
and regular panellist Alan Davies on
the quiz with a difference.
DCI BANKS
ITV1, 9PM
Part two of two. The detective realises
he is now on the trail of a serial killer,
but a new discovery casts doubt on
the alibis of all his suspects.
JACK WHITEHALL: MY FUNNIEST
YEAR CHANNEL4, 11.05PM
New series. The comedian takes to
the stage at the Hackney Empire,
London, to reflect on his funniest year
so far 2005.
BBC1
SKY SPORTS 1
7pmSky Sports News at Seven
7.30pmLive Football League
10pmTake It Like a Fan 10.30pm
Premier League Preview11pm
Football League Weekend 12am
International Twenty20 Cricket
2amPCA Cricket Awards 2.30am
Premier League Preview3am
Football League 4am-6am
International Twenty20 Cricket
SKY SPORTS 2
6pmLive International Twenty20
Cricket 10pmPCA Cricket
Awards 10.30pmRoad to London
11pmPolo 12amSuper League
1.30amElite League Ice Hockey
2.30amNFL: Total Access
3.30amSuper League 5am-6am
Football League Weekend
SKY SPORTS 3
7pmRoad to London 7.30pmLive
Super League 10pmWWE:
Smackdown 12amWWE: Bottom
Line 1amTight Lines 2amPolo
3amPowerboating 3.30amRoad
to London 4amTight Lines 5am
Powerboating 5.30am-6amRoad
to London
BRITISH EUROSPORT
7.45pmLive Boxing 10pm
Intercontinental Rally Challenge
10.30pmSolheim Cup Golf
11.30pm-12.30amStrongest Man
ESPN
7pmLive Premiership Rugby
Union 10pmFrench Top 14 Rugby
Union 11.45pmESPN MMA Live
12.15amESPN Kicks: Extra
12.30amPremier League Preview
1amLive College Football 4am
ICC Cricket World Magazine
4.30amESPN MMA Live 5am
ESPN Kicks: Extra 5.15amESPN
Kicks: Serie A 5.30am-6amThis
Week in Baseball
SKY LIVING
7pmCriminal Minds 8pmDrop
Dead Diva 9pmLadyboys 10pm
Jerry Bruckheimers Chase 11pm
Bones 12amCriminal Minds 1am
CSI: Crime Scene Investigation
2.40amMaury 3.30amBones
4.20amNothing to Declare
5.10am-6amJerry Springer
BBC THREE
7pmDoctor Who 7.50pmDoctor
Who Confidential 8pmThe Real
Hustle: New Recruits 8.30pmE20
9pmLittle Britain 9.30pmLee
Nelsons Well Good Show10pm
EastEnders 10.30pmHim & Her
11pmFamily Guy 11.45pm
American Dad! 12.30amThe
Fades 1.30amLittle Britain 2am
Lee Nelsons Well Good Show
2.30amWorlds Craziest Fools
3amHim & Her 3.30amThe Real
Hustle: New Recruits 4amE20
4.30am-5.30amYoung Soldiers
E4
7pmHollyoaks 7.30pmHow I Met
Your Mother 8pmJo Frost:
Extreme Parental Guidance
9pmSupersize vs Superskinny
10pmEmbarrassing Bodies: Teen
Special 11.05pmWife Swap USA
12amThe Big Bang Theory 1am
Scrubs 1.50amHow I Met Your
Mother 2.15amEmbarrassing
Bodies: Teen Special 3.10am
Reaper 3.50amGlee
4.35am-6amSwitched
HISTORY
7pmLost Cities of the Ancients
8pmStorage Wars 9pm
American Pickers 10pmSwamp
People 12amThe Nostradamus
Effect 1amThe True Story 2am
How Britain Was Built 3amLost
Cities of the Ancients 4amPawn
Stars 4.30amStorage Wars
5am-6amAncient Discoveries
DISCOVERY
7pmMythbusters 9pmWeird or
What? 10pmMan, Woman, Wild
11pmGold Rush 12amBear
Grylls: Born Survivor 1amWeird
or What? 2amMan, Woman, Wild
3amDeadliest Catch 3.50am
River Monsters 4.40amNasas
Greatest Missions 5.30am-6am
Destroyed in Seconds
DISCOVERY HOME &
HEALTH
7pmPortland Babies 8pm19 Kids
and Counting 9pmSupernanny
10pmLittle People, Big World
11pmKids Hospital 12am
Supernanny 1amLittle People, Big
World 2amKids Hospital 3am19
Kids and Counting 4amA Baby
Story 5am-6amBabys Room
SKY1
7pmThe Middle 8pmModern
Family 9pmAn Idiot Abroad 2
10pmBrit Cops: Frontline Crime
UK 11pmMount Pleasant 12am
Brit Cops: Rapid Response 1am
Road Wars 1.50am99 Most
Bizarre 2.40amLaw & Order
4.20amIts Me or the Dog
5.10am-6amTabathas Salon
Takeover
BBC2 ITV1 CHANNEL4 CHANNEL5
S
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&
C
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TVPICK
6pmBBC News
6.30pmBBC London News
7pmThe One Show
7.30pmNigel Slaters Simple
Cooking: BBC News
8pmEastEnders
8.30pmCelebrity MasterChef
9pmOutnumbered
9.30pmWould I Lie to You?
10pmBBC News 10.25pm
Regional News 10.35pmCome Fly
with Me 11.05pmMrs Browns
Boys 11.35pmThe National Lottery
Friday Night Draws 11.45pmFILM
Rounders 1998 1.45amSign Zone:
Question Time 2.45amMonty Halls
Great Irish Escape 3.45amThe
Code 4.45am-6amBBC News
6pmEggheads
6.30pmReel History of Britain
7pmHighlands on Film
7.30pmCoast
8.30pmGardeners World
9pmDigging for Britain
10pmCHOICE QI
10.30pmNewsnight
11pmThe Review Show:
Weather
11.50pmLater with Jools
Holland
12.50amFILMThe Searchers
2.0: Comedy drama, starring
Del Zamora. 2007.
2.30amBBC News 4.45am-6am
Close
6pmLondon Tonight
6.30pmITV News
7pmEmmerdale
7.30pmCoronation Street
8pmLove Your Garden
8.30pmCoronation Street
9pmCHOICE DCI Banks
10pmITV News at Ten
10.30pmLondon News
10.35pmFour of a Kind
11.35pmRugby World Cup
Highlights
12.05amSmugglers
1amThe Zone; ITV News
Headlines 3.15am-5.30amFILM
Assassins: Thriller, starring
Sylvester Stallone. 1995.
6pmThe Simpsons
6.30pmHollyoaks
7pmChannel 4 News
7.30pm4thought.tv
7.35pmFather Ted
8pmCome Dine with Me
9pmThe Million Pound Drop
Live
10.30pm8 Out of 10 Cats
11.05pmCHOICE Jack
Whitehall: My Funniest Year
1.05amMusic on 4: The Crush:
Highlights from past shows. 2am
My Name Is Earl 2.25amWithout
a Trace 3.10amThe Real
Housewives of New Jersey 3.55am
Smallville 4.40amCountdown
5.25am-6.20amCookery School
6pmHome and Away
6.25pmOK! TV
7pm5 News at 7
7.30pmPawn Stars: 5 News
Update
8pmThe Gadget Show: 5
News at 9
9pmBig Brother: Live Eviction:
10pmThe Bachelor
11pmBig Brother: The Eviction
Interview
11.30pmBig Brothers Bit on the
Side 12.15amSuperCasino 4.05am
Motorsport Mundial 4.30amThe
Gadget Show5amCounty Secrets
5.10amWildlife SOS 5.25am
County Secrets 5.35am-6am
House Doctor
1 2 3 4 5 6
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8 9 10
11 12
13 14 15
16
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42
11 6 9
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15 11 8
31
35 24
3 4 6
16
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6
33
30
7
21
9
10
33
15
16
22
7
17
22
10
26
19
12
8
5
12
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 Trick (5)
4 Cosmetic preparation
used to darken the
edges of the eyelids (4)
7 Mortal (5)
8 Extremely cold (3)
10 Approach (4)
11 Arrangement (6)
13 Period of occupancy (7)
16 Occasions for buying
at lower prices (5)
17 Not one nor the
other (7)
18 Develop (6)
21 Type of food shop
(abbr) (4)
23 Slippery sh (3)
24 Farewell (5)
25 Feeling of intense
anger (4)
26 Took an oath (5)
DOWN
1 Bloc (4)
2 Plays with (4)
3 Worlds swiftest
mammal (7)
4 US Sunower
state (6)
5 A single (3)
6 Haulage vehicle (5)
9 Bike (5)
12 Noisy riotous ght (5)
14 Jittery (7)
15 Arch (5)
16 Walk with long
steps (6)
17 Lowest point (5)
19 Manufacturer of
toy bricks (4)
20 Additional (4)
22 Cover with
insulation to prevent
heat loss (3)
E
R
H
N
T S
D
A
I

4

4

S A V E S R A R K
L C R E S S E
E A T E R M C P
E U E M I N E N T
P E R F E C T R
Y Q C T V
U H O S T A G E
G O O D B Y E I R
R I O P O N D S
I S A M B A U
D Y E B L I N K S
9 4 5 1 8 2
3 4 2 1 3 5 1 2
7 6 2 3 9 6 8
9 2 9 7 4
7 9 8 6 3 1 6
3 5 2 7 8 1 4 6 9
9 8 9 5 2 1 3
2 3 1 5 9
7 9 4 7 1 2 1
9 8 5 7 2 1 4 7
4 1 2 7 9 8
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter word was
MEDALLION
Lifestyle | TV&Games
Living | Europe
Monacos calling
The principalitys largest residential
development in years has come to
market, pointing to Monacos enduring
appeal as a place to invest both your
cash and your time, says Zoe Strimpel
T
IMES are tough for property in
some parts of the world. Not, how-
ever, in Monaco, where investors
seeking classic, mature markets
feel comfortable. The fact that its still
one of the most glamorous locations on
earth with some of the worlds best
restaurants and casinos (and lets not for-
get the marina) doesnt hurt, although
its status as tax haven may still be
Monacos biggest draw.
Theres no better proof of Monacos
strength than a new development called
No. 23 Boulevard de Belgique being sold
by Knight Frank. With celebrity designer
Jacques Garcia as decorator, buyers are
forking out for the very best. If you like
what Garcia has done with the entrance
lobbies and gym, you can commission
him to decorate your own apartment.
That would put your flat in the same
league as the the Place Vendome pied a
terre of the Sultan of Brunei; Pariss
ultra-glamorous Hotel Costes, Monte
Carlos Hotel Metropole and the leg-
endary La Mamounia in Marrakesh
some of Garcias past projects.
James Price, head of international res-
idential developments at Knight Frank,
says: This is the first whole completed
residential building to be built in
Moncao for some time. Opportunities
like this dont come round often there.
Nor do they come cheap: think
45,000 per square metre. Flats on lower
floors start around 6m, while the big-
ger, higher up apartments that Price says
are being marketed towards a more
international clientele (meaning
Indian, Chinese and Brazilian) come in
at the mid-teens. But if youve got the
cash, this is a secure and rather special
place to put it.
www.knightfrank.com
Top left: a
rooftop
experience.
Bottom left:
the buildings
exterior and
left: a dining
room in one of
the
apartments.
25
Looking for REAL property bargains?
... then talk to the RIGHT people
ExCeL London 13th-15th October 10.00am 6.00pm
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(register and type in promo code CAM2309)
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(To download a QR Code reader application for your smartphone check your App Store)
... and the good news is that many of the right people will be
present at The Property Investor Show (13th-15th October 2011).
If you are a serious property investor (or would like to be) and
would like to learn from the experts about how to access the
best deals around and prot from the best buying conditions
seen in over a decade you must attend the UKs premier
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Live Auction
Friday 14th October
Living | Focus On
THE TAPESTRY
BUILDING
Price: 3.4m
This 18th century ware-
house, formerly owned
by the East India
Company, has been con-
verted into 14 contempo-
rary apartments. The
penthouse offering 2,870
square foot of space is
now on the market. It
has three bedrooms, a
large reception room, a
fully-fitted kitchen and
two bathrooms. Contact:
Savills on 0207 283
7678 or go to www.sav-
ills.co.uk
Felicity Deane
LAWYER
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www.cityam.com
DILAPIDATIONS SURGERY
FREE - FOR OCCUPIERS AND LANDLORDS
OF COMMERCIAL LEASEHOLD PROPERTIES*
Contact CHPK Property and Construction Consultants
*Max 30 min consultation, Appointment to
be booked by email (info@chpk.co.uk) only.
Subject to conditions. Regulated by RICS.
City living: quit
the commute
If you feel like you live at work, why not
move in? The Square Mile hides homes
that offer a comfortable and convenient
way of life, writes Donata Huggins
B
READ Street, Poultry, Oat Lane
it doesnt take a genius to
guess that the City is about
business. Its certainly not the
first place you imagine yourself liv-
ing when you arrive in London.
Indeed, the aldermen are trying to
stop David Camerons attempts to
turn it into a more residential area by
relaxing planning rules.
But Carl Davenport, Chesterton
Humberts City expert, says the reno-
vation of Cheapside and the One New
Change shopping centre are signs
that its already happening.
Although he adds that the existing
property market remains relatively
undiscovered, say Davenport. People
just dont seem to know where the
developments are. There are secret
pockets of great properties every-
where in the City.
Prices are a mystery too. The
places on the periphery that require
a commute Tower Bridge, Islington
and Shoreditch are practically the
same price. And with just 10,000
homes in the Square Mile, prices are
likely to stay steady. Perhaps now is
the time to quit the commute?
This could be your neighbourhood
Picture: Reuters
FROBISHER
CRESCENT, THE
BARBICAN
Price: 565,000
This 528 square foot,
one-bedroom apart-
ment is on the ninth
floor within the
Barbican. Its interiors
are highly stylised with
a private balcony and
wood paneling. It has
stunning views across
the London skyline.
Contact: Frobisher
Crescent on 020 7288
033 or go to www.fro-
bishercrescent.co.uk
Karen Allen
LLOYD'SBROKER
I got my first job in the City in 2001 after graduat-
ing from Queen Mary College. There was no temp-
tation for me to move away from Bethnal Green
where I had lived as a student. Its a great area
Despite its lack of gentrification back in 2001, the
area was a very attractive 20 mins walk to
Liverpool Street. Other than a four year stint I
spent in Blackheath, I have always lived within
walking distance of the City. The ease of being able
to walk into the office and the pleasantness of the
stroll in through Spitalfields is something I'm not
prepared to sacrifice. Even if that means I never
have an excuse to be late on snowy days when train
services are disrupted.
After travelling for more than an hour to work from my
home in Sydney, I vowed that I would not live so far
from the office once I moved to London. Now my com-
mute is 15 mins by foot. I work long hours, so a reliably
short commute is ideal. We love living walking distance
to so many great places in London. In the evening,
theres nothing better than walking to a restaurant,
catching a show and then strolling home along the
river bank. But the city is rapidly developing a life of its
own and now on weekends we tend to stay local, visit-
ing the Barbican and settling in at Exmouth Market for
a snack and some weekend reading. The best part?
When I have to work late, my husband can pop up to
the office to walk me back home. What a sweetie.
WHAT THE RESIDENTS SAY...
www.stjames.co.uk/place
Proud to be a member of the Berkeley Group of companies
Our vision
for your future
St James - Creating exceptional homes across London and the Home Counties
Theres a better place to be. St James.
Image depicts Queens Acre Beaconsfield.
Prices correct at time of going to press.
Queen Marys Place, SW15
4 bedroom houses
From 684,950
020 8246 6748
Queens Acre, Beaconsfield
2 & 3 bedroom apartments
and 4 & 5 bedroom houses
From 819,950
01494 410520
St James Park Mews, Long Ditton
A beautiful selection of
3 and 4 bedroom homes
Register your interest
020 3597 7075
St Catherines Place, SE14
4 & 5 bedroom Victorian
style homes
From 1,050,000
020 3326 1550
Lime Grove Mews, W12
4 and 5 bedroom
Regency style villas
From 1,399,995
020 3002 9460
Riverlight, SW8
Suites, 1, 2 and 3 bedroom
apartments and penthouses
Register your interest
020 7870 9620
The Boatyard, Kingston-upon-Thames
Stylish 1 and 2 bedroom apartments
and 3 bedroom penthouses
From 250,000
020 8150 5152
The Hamptons, Worcester Park
Last few remaining
4 bedroom houses
From 454,950
020 8337 3425
www.bathriverside.co.uk Email: bathriverside@crestnicholson.com 0845 8945 888
Exclusive townhouses
in the World Heritage city of Bath
Showhome Launching
Saturday 24th September
These stunning three and four bedroom properties will be nished to a high level of specication including
bespoke Poggenpohl kitchens, spacious living areas and south facing gardens, and benet from parking
accessed via a gated, private road.
Bath Riverside is situated in an enviable location on the banks of the River Avon, a mile from the city centre
with its fantastic mix of historic buildings, shops and restaurants. Bath Spa train station is within walking
distance of the development and its only 1 hr 30 mins to London Paddington.
Townhouses priced from 650,000
*
Sales and Marketing Suite:
Open daily 10am - 5pm.
Late night Thursdays open until 7pm.
Located off Pines Way roundabout, Lower Bristol Road, Bath, BA2 3ET
*Prices correct at time of going to press.
www.apdinteriors.com
*Nationwide Building Society.
No need to move, improve
Tel. 020 7687 6288
Email. info@apdinteriors.com
Twitter. @andrewdunning
Web. www.apdinteriors.com
Then make the most of our special offer and have the home you
want this year without breaking the bank.
We can deliver a complete home renovation, extensions or loft/
basement conversions, interior design or the redesign of a single
room, without disrupting your busy life.
Increase the value of your home by up to 22%* by investing in any
one of our services. For a free consultation and to make the most of
our offer, quote APDCAM
Is your home looking tired?
In need of a makeover?
Need to entertain in a beautiful
new kitchen or lounge?
Living | Focus On
CHIPPENHAM
ROAD
Price: 325,000
This attractive one-
bedroom, first floor
flat has neutral
decor throughout.
It has a reception
room with high
ceilings, a smart
open-plan kitchen
and sizeable bed-
room, en suite
bathroom and
ample storage.
Contact: Foxtons
on 020 7449 6000
or go to www.fox-
tons.co.uk
CLIFTON GARDENS
Price: 7.95m
This spacious family home has a private garden with direct access to a four-acre
communal garden. The property itself has a lift, a private patio, roof terrace, self-con-
tained staff quarters and off-street parking for two cars.
Contact: Knight Frank on 020 7586 2777 or go to www.knightfrank.co.uk
Commuting: Commuting to the City from Maida
Vale takes 25mins on the Bakerloo Line, changing to
the Central Line at Oxford Circus to reach Bank.
Getting to Canary Wharf only takes six minutes
longer, travelling on the Bakerloo Line to Baker
Street then changing onto the Jubilee Line.
Leisure: Maida Vale is a great place to eat and drink
with the Summerhouse, the Pearl Liang and Gordon
Ramseys The Warrington for food and the the
Prince Alfred for drinks.
NEED TO KNOW | AREA INSIGHT
MAIDA VALE, W9 BY DONATA HUGGINS
MAIDA VALE | PRICES
Semi-Detached Terraced Flats All Houses
Maida Vale 3,255,000 1,349,492 516,865 1,561,215
London average 430,258 448,423 340,317 476,985
Source: Savills
ELGIN AVENUE
Price: 1.75m
This three-bedroom apartment in the heart of Maida Vale is finished to a high
standard. The property offers three bedrooms, two bathrooms, a kitchen dining
area and a reception room opening onto a the garden.
Contact: Chesterton Humberts on 020 7286 4632 or go to www.chestertonhum-
berts.com
ASHWORTH ROAD
Price: 4.25m
This property has had the interior design treatment. It has five bedrooms, four bath-
rooms, a cinema room, a landscaped garden, a dining and reception room.
Contact: Savills on 020 7472 5020 or go to www.savills.co.uk
Living
Q.
I hear that some land-
lords are introducing
break clauses to take
advantage of premium short
lets over the Olympics. Is this
something you advise?
A.
Be careful, the Olympics
lasts only 16 days. If your
property is an investment,
you need to ask yourself whether it
is cost effective to have the proper-
ty vacant before and after the
Olympic let. If you are renting, have
an immaculate family house or large
flat in central London, however, then
this might be a better idea since
short lets usually command up to 30
per cent more than long lets. This
could increase to 50 per cent with
the Olympics, depending on the type
of property. If youre keen on doing
this, check with your local Council,
insurance company, landlord and
managing agent to see if you are
allowed to accommodate short lets.
Q.
With autumn approach-
ing, how easy is it to give
my home a new look for
the new season?
A.
My property has been on
the market for six months
now without securing a
buyer. Should we think about offer-
ing it for both sale and for rental?
This can be tricky since you will
probably have tenants in residence
while you market the property. This
gives you two options: you can
either have tenants and wait a full
year to re-market it or offer it to
tenants on a short letting agree-
ment. If you opt for shorter tenan-
cies, remember that you will have
more frequent periods without ten-
ants and therefore make less money.
Also, you will need to give more of
your time to the project. You will
have to organise inventory checks,
cleaning and viewings with your
tenants.
These might not be the only
options though. If you target prop-
erty investors, they might well be
attracted to the fact you have ten-
ants in situ they will see them as
easy and valuable revenue genera-
tors.
Contact: Aylesford International
on 020 7351 2383 or go to
www.aylesford.com
CURRENT MORTGAGE DEALS BY DONATA HUGGINS Source: MoneySupermarket.com
Lender Fixed/Flexible Rate Until apr Maximum Loan to
(per cent) (per cent) Value (per cent)
Santander Flexible 1.95 2 years 4 60
Skipton BS Flexible 1.98 2 years 4.8 60
Chelsea BS Flexible 1.99 September 2013 4.9 60
First Direct Flexible 2.09 2 years 3.6 65
Santander Fixed 2.35 November 2013 4.1 60
Chelsea BS Fixed 2.39 November 2013 5.4 70
Leeds BS Fixed 2.45 October 2013 5.4 60
ING Direct Fixed 2.69 November 2014 3.5 60
Yorkshire BS Fixed 2.79 November 2014 4.5 75
FIRST GLIMPSE OF NEW PRIVATE ISLAND DEVELOPMENT
Early lot prices have been announced for Pearl Island, the private Pacific island just an hour by
boat from Panama City. The islands 30km of unspoilt coastline is being transformed into a lux-
ury development. Prices range from $800,000 to $2m and are between one and two acres in
size. For more information visit www.pearlislandliving.com.
PROPERTY NEWS
BY DONATA HUGGINS
LONDONS RENTAL MARKET BOOM
Londons rental market continues to soar. An average of five tenants compete for every
rental property at the moment, says London estate agent Greene & Co. This has had new
landlords flooding into the market. Mortgage valuations carried out in August shows an
85 per cent increase in buy-to-let landlords next year.
Q A
&
Catherine
Cockcroft
HEADOF RENTALS
ATAYLESFORD
INTERNATIONAL,
ATOPENDSALES
ANDLETTINGSAGENCY
RENT
Weather forecasters are predicting
showers for the match and that wont help
getting the ball out to the backs. It also
means kicking would come more into
play, potentially keeping a check on the
scoring.
Fans may recall the last time these sides
met at Twickenham 10 years ago
England won by a staggering 134-0 mar-
gin. However, weve seen from the open-
ing games in this tournament that the
second-tier nations have improved signifi-
cantly.
Many would have expected England to
crucify the Georgians, but they were only
17-10 ahead at the break before it eventu-
ally finished 41-10. The average winning
margin in all of Pool Bs matches current-
ly stands at just 18 points.
Winger Chris Ashton ended a run of six
straight matches without a try with a
brace against Georgia. The Northampton
flyer looks to be approaching his best and
hell be hoping to add to his tournament
tally against a Romanian side that has lost
their first two fixtures. Im confident
enough that Romania will keep within
the 53-point handicap.
However, they have ti red towards the
end of their matches and thatll open up
space for the likes of Ashton a buy of his
try minutes is a tempting bet at 65 with
Sporting Index.
N
EW Zealand and France have played
out some epic matches over the
years, so rugby fans eyes every-
where will have lit up when they
were drawn together in Pool A.
The hosts came into the tournament
with successive Tri-Nations defeats, but
now look to have found their feet with two
wins from two. Pool A was always going to
rest on this match and the All Blacks,
huge 1/10 favourites with Ladbrokes, will
be bullish following a dominant display
against Japan.
The contest against Les Bleus will be the
first opportunity to see how the Kiwis han-
dle the pressures of playing against a top
side in front of their supporters. To help,
captain Richie McCaw returns to lead out
the side for his 100th cap and Dan Carter
also slots back in.
Marc Lievremont has made a number of
changes and has chosen to pair Morgan
Parra with scrum half Dmitri Yachvili,
after dropping Francois Trinh-Duc.
Despite two unconvincing performances,
France go into the clash level with the All
Blacks having struggled past Japan 47-21
and then Canada 46-19.
These two nations produced one of the
best rugby games ever at the 1999 Rugby
World Cup when the All Blacks conspired
to blow a 13-3 half time lead, eventually
losing 20-18. The two nations have met on
50 occasions and the All Blacks lead the
head-to-head 37-12, with a lone draw. They
also have the momentum, given they won
the last three meetings. The most recent
contest was settled by 27 points, but the
two previous games were both decided by
just four points.
Though the French are unlikely to upset
New Zealand, they can be expected to get
within the 17-point handicap set by
Ladbrokes at 10/11.
Although England have won both their
Pool B matches, neither victory would
have struck fear into their tournament
rivals. Martin Johnsons troops have been
let down by ill-discipline that has seen yel-
low cards handed out in each of their
matches. The Red Rose have a chance to
get it right tomorrow morning when they
take on Romania in Dunedin.
POINTERS...
France to win (+17) at 10/11 with Ladbrokes
Romania to win (+53) at Evens with Paddy Power
Buy Chris Ashtons try minutes at 65 with Sporting
Index
Carters return can help
All Blacks edge thriller
Punter| Sport
32
RUGBY TRADER DAVID WILD PREVIEWS THIS WEEKENDS BIG GAMES
T
HE sign of a good side is always one
that manages to win when not play-
ing well. Now, Im not saying that
Manchester United didnt play well
against Chelsea last weekend, but they cer-
tainly werent outstanding. They gave the
Blues plenty of chances and although they
ended up scoring three, it was nowhere
near as good a performance as when they
beat Arsenal at Old Trafford last month.
Stoke got stuffed at Sunderland last
week, but that was their first league
defeat of the season and they would have
regained some confidence by beating
Tottenham on penalties in the Carling
Cup on Tuesday night. Tony Pulis side sit
fifth in the league which isnt bad seeing
as their two home games so far have been
against Chelsea and Liverpool. Other than
the Sunderland game, they have been
extremely solid at the back and are yet to
concede at home in their two league con-
tests.
Football Form Labs analysis shows that,
in the Premier League era, only five of 21
sides to win their first two away games
have gone on to win their third. United
also only managed to win five of 19 away
fixtures last season and have won just one
of their last eight away visits to top-half
opponents. It is true that the champions
have won all six games against Stoke since
the Potters were promoted, but I can see
that run coming to an end tomorrow
evening.
The draw is available at 3/1 with
Ladbrokes and that is worth snapping up,
while I also wouldnt put anyone off back-
ing no goalscorer at 14/1 with Skybet. Stoke
have conceded just one goal in five home
games across all competitions this season.
There is obviously a risk with this, seeing as
Uniteds five league games have averaged
five goals per game, but I think this one
will be tight and spread bettors should sell
goals at 2.8 with Sporting Index.
Everton have undoubtedly been
Manchester Citys bogey team in the past
four years. The Toffees have won seven of
the last eight league meetings, including
their last four trips to Eastlands. However,
as we all know, this is a completely differ-
ent City side and they are undoubtedly title
contenders.
Roberto Mancini is unbeaten in 13
games as City boss in their next game fol-
lowing a draw and they have recorded
HT/FT victories in eight of the last 11 such
contests. They have also won by the HT/FT
double result in their last five home match-
es against top-half sides and have won their
two home games this season, scoring seven
and conceding none.
The Toffees have been losing at the break
in five of their last 10 on their travels and I
will be backing City to win another by the
HT/FT margin at 11/10 with Ladbrokes.
POINTERS...
Stoke v Manchester United draw at 3/1 with Ladbrokes
No goalscorer at 14/1 with Skybet
Sell total goals at 2.8 with Sporting Index
Manchester City HT/FT v Everton at 11/10 with
Ladbrokes
FOOTBALL TRADER BEN CLEMINSON TAKES A LOOK AT
THE BEST BETS OF THE WEEKEND
Punter | Racing
33
DONT MISS
THE BEST
HORSES. JOCKEYS. RACING
ASCOT RACECOURSE
SATURDAY 15TH OCTOBER 2011
QIPCO BRITISH CHAMPIONS DAY
TICKETS FROM 26
FINE DINING PACKAGES FROM 265PP
GROUP AND ADVANCE BOOKING
DISCOUNTS AVAILABLE. BOOK NOW AT
WWW.BRITISHCHAMPIONSSERIES.COM
OR CALL 0870 727 1234
Jeremy Nosedas Dare To Dance has just
sneaked into the race and he could be very
well handicapped. He is almost certain to
go off favourite and obviously holds a
strong chance of winning, but its not easy
for three-year-olds to land this and the last
two winners were experienced handicap-
pers.
RED GULCH is only a four-year-old, but
he has plenty of races under his belt and
has been in flying form this season, win-
ning two well-contested handicaps in his
past three runs. Hes drawn in stall four on
the far side, which we dont know
whether will be an advantage, but Ill be
backing him each-way at 16/1 with
Ladbrokes, as well as Roger Charltons
PROPONENT at 20/1 with Paddy Power
from stall 24.
Many punters will be looking at
Charltons Cry Fury as his best chance of
winning a third Cambridgeshire, but the
seven-year-old Proponent absolutely loves
it here. Second to Green Destiny in a
course and distance handicap on Guineas
day, he was also runner-up to Boom And
Bust at Glorious Goodwood, and is such a
consistent horse that I cant let him go
unbacked.
The highlight of this afternoons action
is the Group One Fillies Mile (3.00pm) and
its a truly mouthwatering contest. There
is little between Lyric Of Light and Fallen
For You on their run in the May Hill, so Im
going to stick with an each-way bet on
Roger Varians FIRDAWS. Its been a
tremendously upsetting week for the
yard, with the death of trainer Michael
Jarvis, and there wont be a dry eye in the
house if this filly can land the spoils.
Finally, dont miss John Oxxs AKEED
MOFEED in the Beresford at the Curragh
on Sunday (4.25pm). Hes is the apple of
his trainers eye and it could be worth tak-
ing some of the 20/1 and 25/1 available for
next years Guineas and Derby.
You can follow me on Twitter
@BillEsdaile.
N
O horse has ever won tomorrows
Group One Sun Chariot Stakes
(3.10pm) three times, but that could
be about to change with Rod
Collets French mare SAHPRESA. The six-
year-old has claimed the last two renewals
of this contest and probably should have
taken the Falmouth Stakes at the July
Course when given a poor ride by
Christophe Lemaire.
Lemaire will be in the plate again
tomorrow, but he is a world class jockey
and should be able to put things right.
Sahpresa clearly loves the Rowley Mile and
it looks as though she will get her
favoured quick conditions.
Alanza is interesting for John Oxx
judged on her Doncaster win earlier this
month, and three-year-olds do have a good
record in this race. Timepiece is also a dan-
ger, but she got a soft lead in the
Falmouth and I think she will struggle to
confirm the form with Sahpresa.
Richard Hannon is going all out for the
trainers championship and he will be
hoping BEST TERMS can extend his lead
by taking the Cheveley Park Stakes
(2.35pm). The daughter of Exceed And
Excel has surprised everyone at the yard
with her progression, but she was incredi-
bly impressive in the Lowther last time
under a penalty.
The six furlong trip should be absolute-
ly perfect for her at this stage of her career
and Richard Hughes will be very disap-
pointed if she gets beaten. The chief threat
seems to be Ger Lyons Lightening Pearl,
who bolted up at the Curragh last time,
but she still looks to have plenty to do to
cope with the Hannon runner.
The Cambridgeshire Handicap (3.50pm)
is one of the biggest betting heats of the
season and at the start of the week I was
very keen on Questioning. John Gosden
has won two of the last four runnings of
this race and often likes to target it with a
progressive three-year-old. However, he
was 14/1 on Monday and hes now an 8/1
shot which is too short.
Frankies
Thoughts
RACING TRADER BILL ESDAILE LOOKS AT THIS WEEKENDS KEY RACING ACTION FROM NEWMARKET
Collets Sahpresa to make
history in the Sun Chariot
I
VE got some decent rides this after-
noon, none more so than Lyric Of
Light in the Fillies Mile. Shes a lovely
filly and I was very impressed with her
at Doncaster. She showed some signs of
greenness that day, but there should be a
bit more improvement and I hope she can
confirm the form with Fallen For You.
Poets Voice is a very good horse on his
day and we gave him some time off after
Dubai this winter. He was carrying a bit of
extra weight at Goodwood last time and
just got tired close home. That run will
have done him the world of good, we have
a pacemaker in the race and if he comes
back to form, he should be thereabouts.
I ride Rakasa in the first, who was just
touched off in a four-way photo at
Goodwood last time, but that was a messy
race. Shes very honest, has Group form in
the book and should finish in the first two
or three.
Ragsah is a nice filly who runs in the
Listed race, but shes got it all to do if Im
honest. Shes quite small and it would be
great if we could get some black type.
Man Of Action is my mount in tomor-
rows Cambridgeshire and he won well
last time at Donny. He should run okay,
but Im not particularly pleased with his
draw in stall 14. Im not sure if far side or
stand side is the place to be, but you dont
really want to be up the middle.
l Frankie Dettori is an ambassador for
the QIPCO British Champions Series. For more
information, or to buy tickets, visit
www.britishchampionsseries.com or call 0870
727 1234.
POINTERS...
FIRDAWS e/w 3.00pm Newmarket (today)
BEST TERMS 2.35pm Newmarket (tomorrow)
SAHPRESA 3.10pm Newmarket (tomorrow)
RED GULCH e/w 3.50pm Newmarket (tomorrow)
PROPONENT e/w 3.50pm Newmarket (tomorrow)
AKEED MOFEED 4.25pm Curragh (Sunday)
ARSENAL captain Robin van Persie
has urged the beleaguered Gunners
to come out fighting when they
resume their Premier League night-
mare against Bolton tomorrow.
Last weeks defeat at struggling
Blackburn marked another low in an
already testing season and prompted
fresh questions about manager
Arsene Wengers future.
But Van Persie said: We realise this
is our worst start in the league for a
while, but we have to stay together, be
strong and make sure not to hide or
become introverted.
Van Persie:
Well fight
out of crisis
ENGLAND wing Mark Cueto insists
the negative publicity surrounding
their World Cup campaign has only
made them more determined to
repeat the heroics of 2003 and return
with the Webb Ellis Trophy.
The teams preparations
for tomorrows Pool B
clash with Romania have
been surrounded by
controversy over the off-
field behaviour of some
players, notably vice-
captain Mike Tindall.
Compounding the
gloom has been a focus on
the negative aspects of their
two matches so far at the tourna-
ment in New Zealand an attritional
win over Argentina and a flawed
thrashing of Georgia.
Cueto (inset), a key figure in the
side that came within a disallowed
try of retaining the trophy four years
ago, returns against Romania and
believes Englands team spirit is in
rude health.
Regardless of whether its positive
or negative stuff, were always quite
good at turning that into a bonding
thing. At the minute, with everything
thats been going on, it probably has
galvanised us a little bit, he said.
In a crazy sort of way, its quite
positive to be stood here feeling disap-
pointed with how weve played hav-
ing won two from two. Theres a huge
amount more to come. Weve been
criticised hugely for the two perform-
ances, maybe rightly so in certain
areas, but ultimately weve scored
nine points from a possible 10.
Cueto missed the first two matches
with a back injury but returns in
place of in-form Delon Armitage as
one of seven changes to the
England team this weekend in
Dunedin.
Tindall resumes his mid-
field partnership with
Manu Tuilagi, in place of
Shontayne Hape, while
veteran fly-half Jonny
Wilkinson reclaims the
No10 shirt from rival Toby
Flood. The pack features four
changes, chiefly hooker Steve
Thompson replacing Dylan Hartley.
Prop Alex Corbisiero, second row
Louis Deacon and flanker Tom Croft
have also been recalled.
REVITALISED Owen Hargreaves
admits he was scared before making a
triumphant Manchester City debut in
Wednesdays Carling Cup win over
holders Birmingham.
The midfielders injury-ravaged
career looked all but over, having
barely played at all in the last three
years, until City took a chance and
signed the 30-year-old free agent last
month.
He repaid their faith in style and
stunned those who had written him
off with a goal and an action-packed
60-minute display as the Premier
League high-fliers booked their place
in round four.
Hargreaves, who made a YouTube
video showcasing his fitness to poten-
tial suitors after being released by
Manchester United in the summer,
concedes he felt nervous about his
competitive comeback but insists he
never stopped believing he would suc-
ceed.
It has been three years and four
months that is frightening in itself,
he said. I am not surprised how
quickly I was in contention. There
was a bit of a misconception and I
dont think people would believe me
if I said everything that went on.
I would never have anticipated all
these setbacks in my worst night-
mare. You are left to pick up the
pieces. That has been the biggest
obstacle. It was a pretty humbling
experience but I knew this day would
come.
FOOTBALL
Hargreaves frightened
by end of injury ordeal
DEFENDING champion Sebastian
Vettel could clinch back-to-back titles
in Singapore this weekend but the
German insists he is in no hurry to
put the seal on another season of
glory.
A maiden win at Marina Bay cou-
pled with off days for nearest chal-
lengers Fernando Alonso, Jenson
Button and Mark Webber would be
sufficient for runaway leader Vettel to
be crowned with five races to spare.
But the Red Bull driver said:
Would, could, should so far we
havent won anything. We are in a
good position but still have some way
to go. Our target going into this sea-
son was to defend the title. We are in
a very good position and there is no
reason the target should change. It
doesnt matter when; it matters that
it happens.
Ferraris Alonso needs a podium
finish on Sunday to keep the champi-
onship alive but despite taking the
chequered flag last year, the Spaniard
knows the title is in Vettels hands.
This year, he has made no mis-
takes or very few mistakes. Last year
we had a little bit more chances, said
Alonso. He has been the best driver,
[with] the best team. They deserve to
be where they are.
Vettel holds an 112-point lead over
Alonso, who is five points ahead of
McLarens Button and Red Bulls
Webber. Anything worse than a top-
two place would end Button and
Webbers gossamer-thin hopes.
Vettel in no hurry to seal
successful title defence
Harsh glare
of spotlight
fortifies us,
insists Cueto
BY FRANK DALLERES
FORMULA ONE
Sport
34
THE BREAKDOWN |
WORLD CUP BRIEFS
MURRAY IN SUNDAYS PLEA
Scotland prop Euan Murray has
called for Sunday matches to be
removed form the calendar for reli-
gious reasons. Murray, a Christian,
has elected to sit out this weekends
crunch Pool B clash with Argentina
because of his faith. He said: I dont
see why there have to be games on
Sundays. I hope things will change
in future. Should they qualify,
Scotlands quarter-final and semi-
final are also likely to fall on
Sundays, as does the final.
HABANA SHRUGS OFF FEAT
South Africa wing Bryan Habana
has played down the significance of
breaking his countrys try-scoring
record. Habana claimed his 39th,
overtaking former scrum-half Joost
van der Westhuizen, in yesterdays
87-0 thrashing of Namibia in Pool D.
I think other people were more
worried about it than I was, he
said. I've said it my whole career:
its always been about the
Springbok team. Its never been
about the number of tries Ive been
able to score.
OGARA STAYS, SAY IRISH
Ireland chiefs insist veteran fly-half
Ronan OGara has assured them he
will play on beyond this World Cup.
The 34-year-old hinted last week-
end that this tournament would be
his international swansong. But he
has since backtracked and team
manager Paul McNaughton said: As
far as were concerned, hes con-
firmed that retirement wasnt on
the agenda. Were happy with that.
Ireland face Russia next on Sunday.
FRANCE TAUNT ALL BLACKS
France back-row Julien Bonnaire
has taunted New Zealand ahead of
tomorrows Pool A showdown,
insisting the All Blacks fear Les
Bleus. They know we are unpre-
dictable in a good and a bad way,
he said. We can either fail or pull it
off, and that is what they fear.
Conspiracy theorists believe France
have not picked their strongest side
in order to finish second and avoid
southern hemisphere teams in later
stages. But Bonnaire added:
Controversy is part of the deal. It's
up to us to prove them wrong.
Tindall has been
recalled to face
Romania.
Picture: GETTY
BY FRANK DALLERES
FOOTBALL
England 2 2 0 0 1 9
Scotland 2 2 0 0 1 9
Argentina 2 1 0 1 2 6
Georgia 2 0 0 2 0 0
Romania 2 0 0 2 0 0
POOL B
TEAM PLD W D L BP PTS
ENGLAND
ROMANIA
BY FRANK DALLERES
RUGBY UNION
Y
OU wouldnt know it from
much of the media coverage
or the vibes surrounding the
camp, but I think England
have made a good start to this World
Cup. An overreaction to the per-
formance against Georgia last week
combined with the nonsense about
players off-field pursuits has creat-
ed a cloud. There is no doubt that
has and will continue to affect play-
ers who have not done an awful lot
wrong so far at the tournament.
Martin Johnson had a bit of a fit
last weekend but I dont think the
manager was saying they played
badly. He was frustrated at giving
away silly penalties that kept
Georgia in the game and I can
understand that because it is a prob-
lem for England and is very avoid-
able. Other than that, though, I
think he should be pleased with the
win.
It was by no means a travesty of a
display against Georgia, who I
thought played very well indeed. Yes
England gave away far too many
penalties but they did score six tries.
Besides, England have never started
World Cups well.
Fly-half Toby Flood did well kick-
ing better and attacking the line
although it is still a close call
between him and Jonny Wilkinson
for a starting place. Chris Ashton
scored twice and thats encouraging
because you need match-winners
and he is one. Centre Manu Tuilagi
showed again what he can do and
the scrum did pretty well. The key
ingredients for winning a World
Cup are coming through.
Johnson has rotated again for
Romania tomorrow and that is right
you cant pick your best team
every week because all players need
game time. Wing Mark Cueto
returns from injury but faces a task
to oust Delon Armitage, who has
been Englands best back so far.
However, Steve Thompson looks to
have won his duel with fellow hook-
er Dylan Hartley.
Vice-captain Mike Tindall is in the
spotlight after tabloid stories and
some unfair criticism from Saracens
director Brendan Venter. I know
Mike well and this will only make
him play better if anything. And
while Venter may be right in that
centre is not Englands strongest
area, Tindall and Tuilagi remain the
best option.
Against Romania, England need
to practice winning at the break-
down without conceding penalties,
dominate every area and be a bit
more dangerous with ball in hand.
If they do that it will be a cricket
score and hopefully all this negativi-
ty will blow over.
World Cup winner Kyran Bracken
(@kyranbracken) was speaking courtesy
of GamePlan Solutions: managing high
profile and popular sport stars; speakers,
leaders, motivators and ambassadors
www.gameplansolutions.co.uk
THE CRICKETING summer began
with the release of Fire in Babylon, a
rousing film charting the exploits of
the all-conquering West Indies team
of the late 1970s and 80s. It will end
this week at The Oval in the shape of
two Twenty20 matches the first
today crowbarred into an already
packed schedule, between England
and a Windies side far removed from
the fearsome unit of old.
For Courtney Walsh, the legendary
fast bowler whose retirement in 2001
was almost the precursor to a decade
of decline, this weeks whistle-stop
tour neatly encapsulates just how
skewed the priorities of the West
Indies Cricket Board have become.
You have to wonder how some of
the scheduling decisions are made,
Walsh told City A.M., referring to the
recent home Test series against India,
played in virtually empty stadia.
We had six days of cricket in
Jamaica this summer where the
weekends were completely wasted
because the Tests started on a
Monday. Youre not going to get
crowds in then. It has to be poor plan-
ning. It looked terrible.
There is still a huge appetite for
the game in the West Indies, no
doubt. The pool of talent is still there
its just a case of nurturing it.
Yet its not all doom and gloom.
Only last week leg-spinner Devendra
Bishoo was named international
Emerging Player of the Year, while the
Under-19 side is expected to perform
well at next years World Cup.
Whether the current board, in dis-
pute with the Players Association, is
capable of reviving the team is a mat-
ter of conjecture. Walsh, however,
believes he and his former team-
mates could do more to kick-start a
Caribbean cricketing revolution.
Its a shame because we dont have
a senior figure capable of bringing it
all together. A strong West Indies
team would be good for the sport so
its up to us ex-players to get involved
and help where we can. he added.
Id certainly jump at the chance to
help in any way. Weve had great lead-
ers like Clive Lloyd, Viv Richards and
Brian Lara. There isnt that father fig-
ure type of personality who can instil
passion in the team now, so maybe it
has to come from outside.
Courtney Walsh was one of 23 of the
worlds greatest living cricket legends
attending a celebration of fast bowling host-
ed by The Lords Taverners, crickets number
one charity.
Legend Walsh laments Windies slide
Cheer up, England have
good reason to be happy
35
Tindall grilling
prompts fed-up
Johnson to round
on press pack
IRATE England manager Martin
Johnson stepped in to swat away
questions about Mike Tindalls private
life yesterday when the vice-captain
faced the media ahead of tomorrows
World Cup match with Romania.
Tindall answered one question relat-
ing to his much-publicised visit to a
Queenstown bar, and the tabloid
storm that has subsequently stalked
the squad, in his first appearance in
front of reporters since.
But Johnson became frustrated
when questioning continued on that
topic and attempted to draw a line
under a matter that threatens to dis-
rupt their hopes of wining the tourna-
ment in New Zealand.
I said to you last week what hap-
pened, the guys went out and had a
drink. We had that conversation last
week, said Johnson. We have moved
on. We have played a game and we
have another one this week. We have
put it to bed. We are looking forward
to a big game, we are playing
Romania.
Tindall, recalled to the team after
being omitted for Sundays win over
Georgia, was asked if the past week
had been difficult.
Not really, you just get on and
train, he said. You want to play every
game and I was disappointed I didnt
get a run out last weekend but you
work hard and hope you get picked by
the coach every week. It is as simple
as that.
The Gloucester centre was then
asked if he felt any contrition, and it
was then that Johnson acted to
change the subject.
Tindall, who married the Queens
granddaughter Zara Phillips in July,
was pictured talking to another
woman at the Altitude Bar as a hand-
ful of England players relaxed on their
day off following the opening match
against Argentina. There is no sugges-
tion of impropriety. Phillips arrived
yesterday in New Zealand, as planned.
RUGBY WORLD CUP COMMENT
KYRAN BRACKEN
BETTING GUIDE TO THE
SPORTING WEEKEND
THE BIG EVENTS PREVIEWED
IN THE PUNTER: PAGES 32-33
Negativity has surround-
ed Englands efforts.
Picture: ACTION IMAGES
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email sport@cityam.com
SPORT | IN BRIEF
No Ashes Tests for Headingley
CRICKET: The Oval, Lords, Trent Bridge,
Old Trafford, and the Riverside in
Durham will host the 2013 Ashes Tests,
it was announced yesterday. The latter
two will be replaced by Edgbaston and
Cardiffs Swalec Stadium for the 2015
series. Headingley and the Rose Bowl
feature only in one-day international
against Australia.
Wiggins wants Tour over gold
CYCLING: Britains Bradley Wiggins
admits he will jeopardise his London
2012 chances by prioritising the Tour de
France. Wiggins, who has three Olympic
golds, is still to decide between track
and road at the Games. As big as the
Olympics are, being in London, its kind
of been there, done that, he said. Itd
be crazy to not do the Tour but it will
jeopardise the [Olympic] time trial.
Rookie Lewis toils on pro debut
GOLF: Welshman Liam Bond goes into
the second day of the Austrian Open as
the surprise leader after English rookie
Tom Lewis endured a difficult baptism.
Bond, who came through qualifying
school last year at the 16th attempt,
shot a six-under-par 66. Lewis, who led
the Open as an amateur this year, fired a
two-over 74 on his professional debut.
1991: Sir Viv Richards follows the likes of
Gordon Grenidge, Michael Holding and
Malcolm Marshall into retirement.
1995: After 15 years unbeaten, Windies
finally lose a Test series as Australia
effectively end Richie Richardsons career.
2005: War erupts between board and
players chiefs over sponsorship rights
leaving the tour to South Africa in chaos,
with a shadow squad initially selected.
2008: Sir Allen Stanfords Super Series,
which looked set to bankroll Windies
cricket for years, is dissolved in scandal.
2011: Chris Gayle, the highest-profile
current Windies player, remains barred
from representing the national team due
to his dispute with the board.
TIMELINE | DECLINE OF A SUPERPOWER
Pace ace speaks to
James Goldman
ahead of Twenty20
England clashes

City AM 2011-9-23

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