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220
BY LORA COVENTRY
BANKING

A RATTLED Tesco is set to splash

around 500m on revamping its UK
store network and recruiting new
staff after it stunned the City with its
first profit warning in twenty years.
Chief executive Philip Clarke is
ready to sanction an investment of
hundreds of millions of pounds in
Britain after the supermarket yester-
day posted weak Christmas trading
figures. Sales at domestic stores open
over a year fell 2.3 per cent excluding
fuel and VAT in the six weeks to 7
January, after it failed to draw in shop-
pers despite mass discounting
The update sent shares in Britains
largest retailer plunging by 16 per
cent its largest one-day fall since
1988 with several other retailers
posting poor figures on another black
day for the high street.
Yesterday Clarke said he wanted to
tackle Tescos long-standing prob-
lems in Britain, adding: Weve run
too hot for too long... There is much
more we can do to further improve
BY PETER EDWARDS
RETAIL

www.cityam.com Issue 1,548 Friday 13 January 2012 FREE

our shopping trip for customers and
we are determined to move faster.
Analysts said the cost of the shake-
up will reach about 500m, hitting
the bottom line. Yesterday Tesco said
it now expects only a tiny trading prof-
it growth for 2012-13, despite analysts
forecasts for a 10 per cent increase.
The changes will also include cut-
ting back on openings of out-of-town
hypermarkets in order to focus on
faster-growing smaller stores and the
internet. They are being seen as a tacit
admission that years spent chasing
foreign growth have hit Tescos core
British operations, where store shelves
have been short of products and cus-
tomers left stuck in lengthy queues.
Britain provides about 70 per cent
of Tescos operating profit but the
chains share of the domestic grocery
market fell in the run-up to
Christmas, according to Kantar
Worldpanel.
Espirito Santo analyst Caroline
Gulliver said: This is the first time
that Tesco is deliberately taking profit
margins lower that we can remember
... with the likely outcome a reduction
in industry profitability.
Clarke, who took over from Sir
Terry Leahy 10 months ago, wants to
make shopping at Tesco a more attrac-
tive experience, with extra staff and a
greater emphasis on fresh food.
He has not put a figure on the cost
of the revamp but with Tesco on
course to deliver its fifth straight quar-
ter of declining underlying UK sales
he wants a significant investment
alongside continued discounting.
Tesco missed out at Christmas as
rivals Sainsbury, Asda and Wm
Morrison fought the Big Price Drop
with their own discounting vouchers.
Analyst Dave McCarthy at Evolution
Securities said: It is clear that Tesco
had slashed wages to stores to try and
preserve profits and that this is a
short term fix at the expense of future
profits. Tescos situation is probably
weaker and worse than appears from
the outside... To get store standards
back to where they should be, could
be a 500m bill, and there is still the
quality and range issues to be sorted
out, plus more price reinvestment.
ANALYSIS: P4-5, FORUM: P18
Certified Distribution
31/10/11 till 27/11/11 is 100,007
Tyrie: new watchdog is
already in need of reform
BUSINESS WITH PERSONALITY
SPIELBERG'S
ASTONISHING
WAR HORSE
OUR REVIEW P25
ENERGY PRICE
WAR KICKS OFF
BRITISH GAS AND
SSE SLASH COSTS P10
THE GOVERNMENTS new consumer
watchdog for financial services must
break away from the bureaucratic
and box-ticking culture of the
Financial Services Authority (FSA),
according to a stark warning this
morning from Andrew Tyrie MP.
Tyrie, chairman of the Treasury
Select Committee, has blasted the past
failures of the FSA to protect con-
sumers -- and fears the new Financial
Conduct Authority (FCA) could be set
to repeat the mistakes.
We need a fresh approach to regu-
lation, Tyrie said today, launching the
Treasury Committees report into the
FCA. If we are not careful, the FCA
will become the poor relation among
the new institutions.
Widespread mis-selling of payment
protection insurance (PPI) by banks, on
top of mis-sold endowment mort-
gages, are just two examples of the
spectacular regulatory failures of
the FSA, Tyrie said.
Too often weve heard that the FSA
is aloof and unapproachable and that,
in any case, firms are nervous about
approaching them we must break
with that culture, Tyrie explained.
Yet the FCAs primary objective
should be the promotion of effective
competition in financial services, the
report states, calling on the govern-
ment to enforce this remit with fresh
legislation.
BY JULIAN HARRIS
FINANCIAL REGULATION

TESCO TO BET
500M ON UK
FIGHTBACK
Andrew Tyrie
wants the FSAs
successor to focus
on competition
Picture: MICHA
THEINER
News
2 CITYA.M. 13 JANUARY 2012
Clegg in push
for blind CVs
JOB APPLICATIONS would be fairer if
CVs were made anonymous and
schools were not mentioned, Nick
Clegg claimed yesterday.
The deputy Prime Minister believes
racist HR staff may judge applicants
on their names, and the old boys
network means having a prestigious
school on the form helps some appli-
cants to the disadvantage of others.
Clegg has persuaded 50 large busi-
nesses to promise to consider review-
ing their processes in an effort to end
the who you know, not what you
know culture. Between them, the 50
signatories employ 2m people, and
include Barclays, Tesco, and BP.
In promoting his business com-
pact, Clegg also called for intern-
ships to come with financial support
to cover expenses like accommoda-
tion, or paying the minimum wage.
The deputy PMs office said that
signing the compact encourages,
rather than forces, employers to use
an anonymous application process,
explaining it is about finding the
right approach for each firm.
However, business leaders have in
the past rejected nameless or blind
CVs on the basis that they do not
address discrimination properly and
introduce huge bureaucracy candi-
dates could still be judged on gender
or race in interviews, for example.
BY TIM WALLACE
POLITICS

SFO TARGETS CRIMINAL COMPANY

DIVIDENDS
The UKs fraud investigator intends to
confiscate shareholder dividends
paid by companies convicted of crimi-
nal offences, after it won approval for
a landmark court action. The Serious
Fraud Office won a civil recovery
order yesterday against the principal
shareholder of a company that had
admitted corruption.
GROUPAMA TO SELL BROKERAGE AND
UK ARM
Groupama has put its brokerage oper-
ations and UK business up for sale as
the troubled French insurer seeks to
shore up its capital position. Staff at
Gan Eurocourtage, one of Frances
biggest insurance brokers, and the
companys UK division were told
about the planned disposals yester-
day. The businesses employ a total of
2,610 people.
NICOLE FARHI TO EXPAND
Luxury fashion group Nicole Farhi is
measuring up for expansion, follow-
ing the acquisition of a majority stake
in the business by private equity
group Kelso Place Asset Management.
The investor, which will retain Nicole
Farhi as creative director and Niki
Scordi as chief executive, aims to
invest 15m in the next five years.
BANESTO PROFITS FALL AMID DIFFI-
CULT CONDITIONS
Banesto, the Spanish domestic bank
controlled by Santander, fell into loss
in the final quarter of last year after
setting aside a special bad loan provi-
sion of 400m, and said its net profit
in 2011 as a whole fell 73 per cent
from the previous year amid diffi-
cult business conditions. Economic
weakness was persistent throughout
the year, and in the second half new
uncertainties gave rise to a scenario
of high tensions and great volatility
in the markets, Banesto said.
GENERATION RENT FINDS THE WALL
GETS EVER HIGHER
The value of British homes has
reached 4.3 trillion, but housing
equity is so concentrated among the
older generation in the South East
that more young people could be
locked out of home ownership.
Research from the estate agency
Savills, published today, shows that
the value of the countrys housing
stock has risen by 6.4 per cent over the
past five years.
PSION SLASHES COSTS TO LIMIT 4M
DAMAGE FROM RECALL
Psion has clawed its way back into the
black despite problems with its touch-
screens that left a 4m hole in its prof-
its last year. The computer maker, one
of the biggest names in British tech-
nology, said that it would break even
for last year after reducing costs by
4m to make up for the shortfall.
AMERICAN AIRLINES SIZED UP BY
DELTA AND TPG
Delta Air Lines and private equity
giant TPG Capital are reportedly con-
sidering separate bids for bankrupt
American Airlines parent company
AMR. Delta is said to have hired
Blackstone Group which helped
with Delta's bankruptcy process in
2005 to help it assess a potential bid,
while TPG is expected to look for a
strategic partner for any deal.
GENERAL MOTORS MAY MOVE KOREAN
WORK TO EUROPE
General Motors is understood to be
considering shifting car production
from South Korea to Europe as part of
plans to revitalise its struggling Opel
and Vauxhall arm. Dan Akerson, chief
executive, warned at the Detroit
motor show this week that the compa-
nys losses in Europe are not a ten-
able situation.
PEPSICO BOARD STANDS BY NOOYI
A strategic review at PepsiCo is more
likely to result in a renewed market-
ing push for its core soft drinks busi-
nessand sharp cost reductions to
pay for itrather than a rebuke of
chief executive Indra Nooyi or any
drastic move such as a Kraft-style
breakup.
SPAIN GROUNDS PLAN FOR AIRPORT
PRIVATISATION
Spains ambitious airport privatiza-
tion plan is grounded, with the new
government of Prime Minister
Mariano Rajoy reconsidering its sale
options as bidders fret about the cost
of borrowing to buy assets deemed to
be too expensive. People familiar with
the situation say several bidders are
increasingly skeptical about the valu-
ations and conditions set by the previ-
ous Socialist government. It hoped to
raise about 3.7bn.
WHAT THE OTHER PAPERS SAY THIS MORNING
Londoners cant wait another decade
IT was good to hear Boris Johnsons
commitment to boosting Londons rail
and road infrastructure at his speech
to Mansion House last night. High
speed rail is a waste of money but
there are plenty of smaller, local proj-
ects, including in London, that would
add far more value and tap more easily
into private funds.
The current problems with the
Hammersmith flyover are a bad joke.
London needs a new Thames crossing,
which Boris has now promised
between Greenwich and Silvertown.
But there is just one problem it could
take up to 10 years. Why? Come on,
Boris: its time to speed things up.
Londoners cant wait another decade.
CLEGGS LATEST NONSENSE
Meritocracy needs to be one of the UKs
core values. Companies must hire the
best candidate, regardless of back-
ground or any other arbitrary criteria.
Racism and prejudice are loathsome.
But as anybody who has studied close-
ly the application process for many of
Londons biggest graduate employers
for example, the big professional serv-
ices giants it is clear that these com-
panies (just like universities) already
bend over backwards to try and recruit
the very best candidates, regardless of
background. Their intake is also
increasingly global, with pan-
European recruitment. It is, after all,
in their obvious self-interest to hire the
best candidates.
So I am deeply puzzled by one of the
key proposals on boosting social mobil-
ity unveiled by Nick Clegg yesterday
half endorsed with key caveats by fifty
large firms. The idea is that companies
need to find ways to create job applica-
tion processes to ensure that candi-
dates can hide their names in case it
reveals their ethnicity and hide their
school in case that gives them some
advantage or disadvantage. This is an
idiotic and insulting proposal which
hopefully will never actually happen.
Who would want to work for a com-
pany that cannot even trust its own HR
department not to be racist or not to
discriminate, and is forced to hide
information from them? What kind of
system, in 2012, sends out a signal to
21-year old graduates or 18-year old
school leavers that the only way they
stand a chance of getting a job is if
they hide their name and school from
prospective employers, thus turning
the entire job application process into
a legal stand-off? And what evidence is
there that discrimination or the old
boys network is a significant barrier
these days, especially in large, global
City firms?
We need more meritocracy in the
UK but that is not the way to achieve it.
Employers would eventually meet can-
didates and find out their gender and
ethnicity and if they are genuinely
prejudiced, they could then weed out
the ones they didnt like. If they want-
ed to hire their friends children, they
would approach them directly. Has
Clegg ever heard of headhunters?
It is desperately important that
Britain already the most tolerant
society in the world moves towards
being a truly colour-blind society. We
need greater social mobility; it is a
scandal that so many poor children are
robbed of opportunities because the
state gives them an inadequate educa-
tion and traps them in workless,
crime-infested estates. But the way to
tackle this is to improve educational
and economic opportunities and to
reform welfare. Cleggs latest proposal
will hike costs, make the recruitment
process more confrontational, and do
nothing to help the poor.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
LONDON MAYOR Boris Johnson has
pledged to build a new tunnel under
the Thames within the next decade as
part of a plan to ease congestion prob-
lems for commuters into the city.
Addressing government leaders last
night, Johnson said a crossing
between the Greenwich peninsula
and Silvertown in the Royal Docks,
could see 2,400 vehicles an hour move
in each direction, relieving pressure
on existing tunnels at Blackwall and
Rotherhithe.
The tunnel is part of a further
phase of investment in schemes that
the mayor has put forward to support
the capitals growth. These also
include plans to deliver a new ferry
crossing between Beckton and
Thamesmead by 2017 and the exten-
sion of the Northern line to Battersea.
Johnson also announced the
Hammersmith Flyover, which has
been shut for three weeks, would be
partially reopened today.
BY KASMIRA JEFFORD
POLITICS

Boris pledges new tunnel

Boris Johnson addressing government leaders Picture: Laura Lean / CITY A.M.
EDITORS LETTER
ALLISTER HEATH
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Deputy PM Nick Clegg
says jobs applications
are too often based on
who you know, not
what you know.
4th Floor, 33 Queen Street, London, EC4R 1BR
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Email: news@cityam.com www.cityam.com
Editorial
Editor Allister Heath
Deputy Editor David Hellier
News Editor David Crow
Acting Night Editor Marion Dakers
Business Features Editor Marc Sidwell
Lifestyle Editor Zoe Strimpel
Sports Editor Frank Dalleres
Art Director Gavin Billenness
Pictures Alice Hepple
Commercial
Sales Director Jeremy Slattery
Commercial Director Harry Owen
Head of Distribution Nick Owen
COMMODITIES fell broadly yesterday,
with oil tumbling in a late sell-off on
the news that Europe would phase a
ban on imports of Iranian oil, part of
the latest Western efforts to increase
pressure on Tehran over its nuclear
programme.
EU diplomats had said a consensus
was emerging to grant a grace period
before banning new deals with Iran --
six months for crude oil purchases
and three months for petrochemicals,
to allow countries such as Italy and
Greece to find alternative suppliers.
European measures against Irans
oil industry will complement US sanc-
tions announced last month aimed at
making it impossible for most coun-
tries refineries to buy Iranian crude.
Yesterday the US slapped sanctions
on Chinas state-run Zhuhai
Zhenrong Corp, which it said was
Irans largest supplier of refined
petroleum.
EU set to phase
ban on Irans oil
ENERGY

ROYAL Bank of Scotland and Barclays

both finalised new rounds of job cuts
yesterday, with nearly 4,000 posts to go
between the two lenders.
RBS, which is 83 per cent state-
owned, said it would cut 3,500 people
from its investment bank through lay-
offs or asset sales in light of a
changed market and regulatory envi-
ronment. It said that it would aban-
don all work in cash equities, broking,
equity capital markets and M&A.
Credit Suisse analysts suggested
that the banks intention to cut its
wholesale funding needs by 75bn
would imply significant downsizing
of the other businesses too alongside
those marked for disposal.
Industry sources said that the
restructuring reduces the wholesale
bank to little more than a service cen-
tre for corporate clients.
The bank also said it would cut 950
jobs in its troubled Irish branch, Ulster
Bank, 350 of which will be in Northern
Ireland. The decision brings RBSs total
cuts in 2011-2012 to 4.3 per cent of its
global headcount a big increase on
the 1.3 per cent, or 2,000, posts that it
had previously said would go.
The scaling back of its investment
bank comes after chancellor George
Osborne said in December that the
bank should shrink its involvement in
international wholesale activities.
Effectively, the bank did so last year,
dropping out of Thomson Reuters top
10 league table for investment banks
for the first time in over a decade.
Meanwhile, Barclays quietly
informed 422 of its IT staff in the UK
that their services are no longer
required due to changes to its technol-
ogy strategy.
It is understood that the bank is par-
ticularly keen on expanding its mobile
banking capabilities in Africa, where it
has a growing branch network. It
views mobile payments systems as a
big source of future competition.
LLOYDS has hired the man who used
to head up the European operations of
bankrupt broker MF Global, despite
the firm currently being investigated
by US authorities in relation to miss-
ing client money.
Richard Moore will join Lloyds as
head of trading in its wholesale divi-
sion in March, provided his appoint-
ment is approved by the FSA. He led
MF Global in Europe until its collapse
late last year.
Moores brief is to boost Lloyds mar-
ket share in selling forex, capital mar-
kets and infrastructure services to the
banks business clients.
It is understood that Lloyds expects
to be able to place its wholesale busi-
ness almost entirely inside the ring-
fence mandated by the Vickers
Commission, meaning that unlike
rival wholesale banks, it will be unlim-
ited in the amount of cross-selling it
can do to its business clients. The bank
views such cross-selling as a neglected
opportunity.
In particular, Lloyds wants to
arrange more debt sales for medium-
sized firms that are currently reliant
only on bank finance, in line with the
Treasurys interest in promoting wider
access to capital markets.
The bank has informed the FSA of
its intention to appoint Moore, who
also worked for 22 years at Citi, but has
yet to receive approval.
Lloyds wholesale bank hires
former MF Global Europe boss
BY JULIET SAMUEL
BANKING

BY JULIET SAMUEL
BANKING

News
3 CITYA.M. 13 JANUARY 2012
ANALYSIS l Royal Bank of Scotland Group PLC
p
6Jan 9Jan 10Jan 11 Jan 12Jan
23.50
23.00
22.50
22.00
21.50
21.00
20.50
23.00
12 Jan
ANALYSIS l BANKS SLASH COSTS
LLOYDS
% of global
headcount
Global job cuts
announced
15,000 14.4%
10.4%
10.0%
6.9%
4.0%
2.7%
2.8%
2.8%
4.3%
1.1%
BoA/ML
30,000
HSBC
Credit Suisse
3,500
Unicredit
6,150
Barclays
3,500
Nomura
1,000
Goldman Sachs
1,000
RBS
2,000
Citi (expected)
3,000
% of global
headcount
Global job cuts
announced
30,000
FORMER POLLY PECK BOSS DENIES 33M THEFT
RBS retreats
from global
ambitions
BUSINESS tycoon Asil Nadir, who returned to Britain last year after 17 years abroad, yes-
terday pleaded not guilty to 13 charges of theft from his collapsed Polly Peck conglomer-
ate. The 70-year-old Turkish-Cypriot appeared at the Old Bailey and denied theft of
33.1m from the business between 1987 and 1990. He had been due to face trial yester-
day but proceedings have been delayed.
News
4 CITYA.M. 13 JANUARY 2012
MOTHER and baby products retailer
Mothercare reported lower third
quarter sales yesterday, mainly as a
result of store closures due to tough
economic conditions.
Mothercare is battling intense
competition in the UK from super-
markets and internet players, as well
as consumer uncertainty in the face
of a difficult economic climate.
Last November, the group
launched a review of its struggling
UK business, and in May detailed
plans to close about 110 British
stores over two years as leases expire.
The firm said total UK sales fell
nearly seven per cent, hurt by the
store closures, while total group
sales fell 1.2 per cent in the 12 weeks
to 1 January.
Sales at UK stores open at least a
year fell three per cent. But the com-
pany said like-for-like sales rose five
per cent in December driven by
increased promotional activity.
Alan Parker, who moved up to the
role of executive chairman when
chief exec Ben Gordon left in
October, said the search for a new
boss was progressing, and that the
company review will be completed
this quarter.
Mothercare shares closed up 1.2
per cent yesterday.
Mothercare sales suffer as stores
close and supermarkets compete
RETAIL

HOME RETAIL GROUP warned it was

set to slash its dividend after a declin-
ing electronic goods market caused
Christmas sales at Argos to slump by
more than 150m.
The near-nine per cent fall in sales at
Argos stores open more than a year in
the 18 weeks to 31 December means
the group now expects to make just
100m profit for the year.
Chief executive Terry Duddy blamed
the problems at Argos on declining
demand for its consumer electronics.
The sale of video games slid by 20 per
cent from the same period last year
while the sale of tablets and iPads
helped to stem some of the loss.
The group, which is facing intense
competition from supermarkets and
internet players, has been particularly
hit as low-income customers struggle
with severe budget squeezes.
We will continue to plan cautious-
ly with an ongoing focus on managing
robustly both the cost base and the
cash position of the group, Duddy
said in a statement, indicating a sig-
nificant cut in the full year dividend.
He said HRG would close its four-
store UK homewares trial
HomeStore&More at a cost of 10m
and also pledged to scale back Argos
750-strong estate as leases come up for
renewal over the next five years.
Philip Dorgan, an analyst at
Panmure Gordon, said he believed the
company will need to go through a
costly, hard and painful restructuring
operation, involving significant store
closures and possibly, a rights issue,
as more sales go online.
Meanwhile Argos sister company
Homebase was also a casualty on the
high street, reporting a 2.6 per cent
fall in like-for-like sales after seeing a
reduction in big ticket kitchen and
bathroom sales.
HRG shares fell 8.9 per cent to 83p.
Home Retail
to slash divi
BY KASMIRA JEFFORD
RETAIL

ANALYSIS l Home Retail Group PLC

p
6Jan 9Jan 10Jan 11 Jan 12Jan
92
90
88
86
84
82
83.00
12 Jan
Mothercare said
its business review
would be finished
this quarter
News
5 CITYA.M. 13 JANUARY 2012
ANALYST VIEWS: WHAT HAS HAPPENED TO
TESCO? Interviews by Peter Edwards

CLIVE BLACK | SHORE CAPITAL

In light of the work that must be undertaken and the need to see its
output, we are downgrading our recommendation from Buy to Hold... Whilst
todays update is a major disappointment, the downgrades reflect not just poor
recent trading but a build up of matters, particularly in the core chain.

JONATHAN JACKSON | KILLIK

Management has finally chosen to grasp the nettle and embark on a
step-change in the business and re-set expectations for profitability. That said, we
see little reason for the shares to re-rate upwards in the near term given the vacu-
um created by the groups unwillingness to fully outline its plans until April.

PHILIP DORGAN | PANMURE GORDON

The UK performance is poor, especially when it is considered that the
comparable period was also down, reflecting the impact of last years snow. We
know that improvement will take time to come through, but there doesnt appear
to be any sign of any forward momentum.

Festive gloom
leaves Tescos
stock sinking
RETAIL NEWS | IN BRIEF
JD Sports sees small sales rise
JD Sports Fashion said yesterday its
acquisition of loss-making Blacks
Leisures assets would lead to a small
reduction in earnings but it expected its
full year results to be within the current
range of forecasts. The clothing and
footwear firm said sales at shops in
Britain and Ireland open more than a
year increased by 1.6 per cent in the five
weeks to 7 January. Excluding the impact
of a rise in VAT sales tax, like-for-like
sales were up 0.1 per cent.
Thorntons hit by discounting
Chocolatier Thorntons said sales over the
Christmas period had been below its
expectations and its profitability would be
hit by heavy discounting, in a retail envi-
ronment it called extremely tough.
Derbyshire-based Thorntons, which oper-
ates around 600 stores across the UK and
employs more than 4,000 staff, said sales
in its own stores declined in the 14 weeks
to 7 January by 6.8 per cent to 44.9m.
Sales at its franchise arm fell 17.5 per cent
to 4.1m.
Bump in the road at Halfords
Bicycle and car parts retailer Halfords
reported a drop in sales in the run-up to
Christmas, as mild weather made Britons
even less inclined to spend money on
maintaining vehicles. Halfords said sales
at stores open more than a year in Britain
and Ireland fell by 4.8 per cent in the 13
weeks to 30 December, deteriorating
from a 1.9 per cent drop in total retail
sales reported for the six months to the
end of September.
Theo Fennell loses its sparkle
Celebrity jeweller Theo Fennell said yes-
terday it was expecting to report a loss
for the year to the end of March 2012,
after reporting weak trading over
Christmas. Sales in the five weeks over
the festive period were 11 per cent below
2010.
New Look gets Christmas cheer
New Look, the value fashion retailer
owned by private equity groups Apax and
Permira, has reported a 3.6 per cent jump
in sales over the festive period despite
challenging trading conditions. The
retailer said multi-channel shopping initia-
tives such as the launch of its click and
collect service had helped boost its sales
in the five weeks to 31 December as more
shoppers buy online.
Philip Clarke has
had a stormy
first year in
charge of Tesco
Picture: PA
NEARLY 5bn was wiped off the value
of Tesco yesterday after it issued a prof-
it warning on the back of its worst
Christmas in decades.
Shares in Britains biggest retailer
fell by 16 per cent before closing down
15.99 per cent at 323.45p.
The firm shocked analysts when it
said sales at British shops open over a
year had dropped 2.3 per cent, exclud-
ing fuel and VAT, in the six weeks to 7
January. The City had been expecting a
fall of around 0.9 per cent.
Chief executive Philip Clarke said:
Weve driven productivity a bit too
hard is the truth.
The chains Big Price Drop cam-
paign did not work out, as it brought
in extra customers but too few to off-
set the drop in takings, while rivals
issued money-off coupons in the run-
up to Christmas.
Tesco has also begun to suffer
because of its vast range of non-food
items, which have been hit by shop-
pers cutting back on non-essential
spending.
It said underlying profit before tax
and earnings per share for 2011-12
would be broadly in line with analysts
consensus forecasts but group trading
profit growth is likely to be around the
low end of the current range.
The update came a day after rival
Sainsbury reported forecast-beating
Christmas trading. Tesco had been one
of Britains most consistent growth sto-
ries but Clarke wants to invest hun-
dreds of millions of pounds in fixing
what he described as long-standing
problems in its home market.
ANALYSIS l Tesco PLC
p
6Jan 9Jan 10Jan 11 Jan 12Jan
400
380
360
340
323.45
12 Jan
BY PETER EDWARDS
RETAIL

OCADOs shares enjoyed a 33 per cent

lift yesterday after the online grocer
said the absence of 2010s snow and
increased delivery slots helped boost
sales by 23.8 per cent in the week
before Christmas.
The company, founded by three for-
mer Goldman Sachs bankers in 2000,
reported gross sales of 59m in the
four weeks to 25 December, up 16 per
cent year on year.
This compares with a 26.7 per cent
rise recorded a year ago but investors
welcomed the numbers after capacity
constraints at its distribution centre
in Hatfield, Hertfordshire, forced the
troubled company to issue a profit
warning last month.
Chief financial officer Andrew
Bracey said Ocados performance was
encouraging against the backdrop
of an economic slowdown, adding
that a pause in expansion work at its
warehouse had allowed for more
capacity to handle orders.
The grocer said customers were
reducing order sizes by a few items
and buying into value ranges, with
Ocados own label sales up by 88 per
cent in the four weeks to Christmas.
Shares in Ocado, which fell to less
than a third of their 180p per share
float price last month following the
profit warning, closed at 74p.
Christmas lift
strengthens
Ocado shares
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BY KASMIRA JEFFORD
RETAIL

News
6 CITYA.M. 13 JANUARY 2012
Sales Dow
n
1
2
.9
%

in eight w
eeks to
7 January
Sales down
8
.2
%

in five weeks to 31 December
Sales Up
5.1%
in five weeks to 7 January
A momentary triumph for Tims vans
SO a glimmer of light for Ocado.
Weve long taken a sceptical view on
the delivery firm, but its festive trad-
ing figures might just win it some
breathing space, among all the other
doom and gloom.
Ocado -- run by ex-Goldman
banker Tim Steiner -- lucked out by
making two savvy decisions this win-
ter. First, it stopped work on the
much-criticised new customer fulfil-
ment centre (warehouse) in Hatfield.
The break meant it could focus on its
day job helping sales rise 24 per
cent leading up to Christmas.
Second, it prepared for snow. After
last years disastrous conditions
Ocado went into contingency plan-
ning mode and held back delivery
slots in case the going got tough.
When it didnt, they freed up for
extra capacity making the compar-
atives look great.
But dont think were going soft
just yet. Ocado is yet to present a con-
vincing plan for growth, and a few
empty pallets plus mild weather do
not an investment case make.
BOTTOMLINE
Analysis by Elizabeth Fournier
ANALYSIS l Ocado Group PLC
p
6Jan 9Jan 10Jan 11 Jan 12Jan
70
65
75
60
55
74.00
12 Jan
Sales Up
1.6%

in the five weeks to
7 January
Sales down
4.2%
In the 14 weeks to 7 January
Sales Up
1.2
%

(ex fuel & VAT)
in 14 weeks to 7 January
Sales Up
3.8%

in the second half to
31 December
Sales Up
0.7%

in six weeks to 1 January
Sales Up
4%
in nine weeks to 2 January
Sales Up
5.8%

in nine weeks to 1 January
Sales Up
0.5%

in the 13 weeks to
31 December
Sales down
8.8%

in the 18 weeks to
31 December
Sales down
2.3%

(excl. fuel and VAT)
in the six weeks to 7 January
Sales
flat
across the 18 weeks to
7 January
total group
sales down
1.2%
in the 13 weeks to 7 January
HOW THE HIGH STREET IS FARING SO FAR *all sales figures are like-for-like
THE EUROPEAN Central Bank has
mitigated a major credit crunch by
pumping money into banks, accord-
ing to its president Mario Draghi.
Draghi said that the crunch would
have been much, much more seri-
ous without ECB action last month
to flood banks with 489bn in loans.
Traders suspect that the loans con-
tributed to demand at a successful
Spanish debt sale yesterday, where
Madrid sold twice its target amount
of three-year bonds at an average yield
of 3.38 per cent.
Italy also saw its yield halve at a
bond auction.
Draghi was keen to debunk the
idea that money lent out by the Bank
has merely been hoarded in its
deposit facility, suggesting instead
that it has moved around the banking
system to where it is required as
well as into sovereign bond purchas-
es.
We really see evident signs that
this money doesnt simply stay in the
deposit facility. This money circulates
in the economy, said Draghi.
Reports suggested that record
amounts of cash stored at the ECB
meant banks have not lent it onward.
But Draghi said: By and large the
banks that have borrowed the money
from the ECB are not the same [as
those] that are depositing it in the
ECB.
IMF boss Christine Lagarde kept
up the pressure on Hungary to agree
to reform yesterday after she met
with government representatives. She
called for tangible steps that show
the authorities strong commitment
before a bailout loan can be paid out.
Draghi: ECB
halted bank
credit crunch
HEDGE funds are positioning to prof-
it from a plan to slash Greeces tower-
ing debt pile as Athens enters final
talks that could sway the country's
membership of the euro.
York Capital, the $14bn fund part-
owned by Swiss banking giant Credit
Suisse, New York-listed Och Ziff , and
$10bn-strong Marathon Asset
Management are among those who
collectively may have built up suffi-
ciently large positions to scupper the
bailout deal, several sources close to
the debt restructuring said.
The deal asks creditors to voluntar-
ily write down 50 per cent of the
notional value of their bond holdings.
But hedge funds may opt out, hoping
that Athens will let them get away
with it to save itself political embar-
rassment.
I think well hold out. People are
so slow in Europe and by the time
theyve got everything in place logisti-
cally this might be the one window
where investors might be paid back in
full, said one hedge fund manager
who owns Greek bonds.
The stakes for Greece are high.
Without the deal, the international
lenders will not bail Athens out a sec-
ond time, which means it will likely
default around 20 March, when a
14.5bn bond falls due.
Hedgies ready
for stand off on
Greek debt pile
BY JULIET SAMUEL
BANKING

EUROZONE

News
7 CITYA.M. 13 JANUARY 2012
CHANCELLOR George Osborne talked
up the UKs economic prospects yester-
day, as he derided Alex Salmond for
considering a Scottish exit from the
pound sterling currency.
Osborne believes the euro will sur-
vive its current crisis, but was skeptical
about Scotlands chances of thriving
away from the pound.
[SNP leader and Scottish first min-
ister] Alex Salmond has said Scotland
should join the euro [and] that means
giving up the pound, joining the euro,
that is not the currency Id be wanting
to join at a time like this, he told ITV.
He accused the SNP of hiding
behind the procedural arguments to
avoid questions over currency,
defence, and how much public debt
Scotland would inherit if it separated.
He was more upbeat about the UKs
economic strength: The decisions
that this government has taken to deal
with our debts which were contro-
versial when we announced them
when you see whats happened not
just in Greece but countries like Italy
and Spain you can see we took the
right decisions. We got ahead of the
markets.
On part-nationalised RBS, Osborne
claimed he will use my power as the
shareholder to lower bonuses.
Osborne picks holes in
Scottish independence
Osborne said the Scottish National Party was avoiding the big questions Pic: REUTERS
BY MARION DAKERS
POLITICS

ANALYSIS l Yield on 10-year Spanish bonds

%
Nov Dec 2012
7
6.5
6
5.5
EXTRA asset purchases are likely to be
announced next month, economists
believe, after interest rates and the
quantitative purchase (QE2) scheme
were both left unchanged yesterday
by the Bank of Englands Monetary
Policy Committee (MPC).
The base rate still stands at the
record low level of 0.5 per cent, whilst
the latest 75bn of asset purchases is
due to be completed in February,
after running for four months.
February also sees the next
Inflation Report from the
Bank, which will give more
information on the MPCs
likelihood of hitting its two
per cent consumer price
inflation target in the medi-
um term.
In November the
Bank projected
that the cur-
rent 275bn
QE programme is unlikely to be
enough to keep inflation on target
over time, said Citis Michael
Saunders.
Since then, inflation data have
been roughly in line with the fore-
cast. Prospects for growth have proba-
bly also worsened, with weakness in
recent surveys and the deterioration
in the euro area outlook.
Hence, we believe that the fore-
casts prepared for the February
Inflation Report will show that size-
able further stimulus is needed to
prevent inflation undershoot-
ing over time, thereby
paving the way for a fur-
ther large increase in QE
at the February meeting.
Bank of England
Governor Mervyn King
(pictured, left) is due to
make a speech on 23
January in which he could
give further pointers
to a further round of
QE next month.
More QE likely
next month as
rates are held
BRITISH industrial production
declined sharply in November, and
economists fear it may have tipped
the already slow economy into con-
traction in the final quarter of 2011.
Production in the Eurozone also
fell, declining by 0.1 per cent in
November, led by falls of 9.4 per cent
in Ireland and one per cent in
Germany.
The UK data, published by the
Office for National Statistics yesterday,
shows the index of production fell 0.6
per cent in the month its ninth con-
secutive fall, taking the 12-month
decline to 3.6 per cent.
Meanwhile manufacturing, which
excludes sectors like mining, saw a 0.2
per cent fall in output in November
and a 0.6 per cent on the year.
As an individual industry, mining
and quarrying output fell by 14.2 per
cent compared with November 2010.
Water supply and waste manage-
ment expanded output the most, ris-
ing 3.7 per cent on the year.
The contraction in industrial pro-
duction looks set to take 0.2 percent-
age points off the quarterly rate of
GDP growth, said George Buckley of
Deutsche Bank.
We expect a small contraction in
GDP in the fourth quarter of 2011.
MORE ECONOMICS: P16
INTEREST rates remained unchanged
in the Eurozone yesterday as
European Central Bank (ECB) boss
Mario Draghi reassured markets that
he is on track to hit the inflation tar-
get of two per cent this year.
Inflation is likely to stay above two
per cent for several months to come
before declining to below two per
cent, he said.
Although the interest rate decision
was unanimous, Draghi stressed that
the situation remains uncertain.
Ongoing financial market ten-
sions continue to dampen economic
activity in the euro area, while,
according to some recent survey indi-
cators, there are tentative signs of sta-
bilisation activity at low levels, he
explained.
However, the economic outlook
remains subject to high uncertainty
and substantial downside risk.
Weak industry
could make UK
economy shrink
No change as ECB thinks
inflation will fall this year
ECB boss Mario Draghi faces an uncertain economic outlook Picture: REUTERS
BY TIM WALLACE
UK ECONOMY

UK ECONOMY

News
CITYA.M. 13 JANUARY 2012
BY TIM WALLACE
EUROZONE

9
PROPERTY prices in the capital are
booming, and show no sign of slow-
ing as a side effect of economic
gloom, two separate studies released
this morning have shown.
According to LSL Property Services,
London house prices are 3.1 per cent
higher than last year, bucking the
overall downward trend that saw
property prices slump 0.5 per cent
over 2011, with Wales the only other
region showing growth.
London was also a hot spot for
ultra-prime property sales, with 9,704
London residential properties on the
market for 1m or more during the
third quarter of 2011 a three per
cent increase on 2010.
A study by Investec Specialist
Private Bank found that the average
cost of a multi-million pound house
or flat in London is now 2.77m, with
96 properties on the market valued at
over 15m.
The LSL study also found nation-
wide property prices had started to
rebound in December, with a modest
0.2 per cent rise month on month.
The final month of 2011 saw a
modest rise in prices, which rounded
off a year of economic turmoil in
which the property market showed
remarkable resilience, commented
LSL director David Newnes.
THE ENERGY price war between the
UKs big six companies escalated yes-
terday as Centrica-owned British Gas
cut its electricity tariff by five per cent
and SSE announced a gas price reduc-
tion of 4.5 per cent.
British Gas has now cut its electrici-
ty prices by five per cent with immedi-
ate effect, while Scottish and
Southern Energy (SSE) will reduce gas
tariffs by 4.5 per cent on 26 March.
The cuts will add to the pressure on
the rest of the major suppliers to cut
their prices as wholesale prices dip.
British Gas said the average annual
domestic bill would fall by 24.
But the price cuts only partially
reverse British Gass eye-watering 18
and 16 per cent hikes in its gas and
electricity bills over the summer.
SSE raised its gas bills by 18 per cent
and its electricity by 11 per cent in
September. It promised at the time to
avoid any further hikes until August
a pledge it yesterday extended for two
months until October.
Ian Peters from British Gas said:
We want to keep prices as low as pos-
sible for our customers. Household
budgets are stretched, and we are
doing everything we can to help our
customers keep their bills down.
But the firm said it could not cut
gas prices as long-term costs for the
fuel remained high.
EDF fired the first salvo in the cur-
rent price cuts by announcing on
Wednesday plans to lower its domes-
tic gas tariff by an average of five per
cent owing to low energy use during
the mild winter.
Scottish Power, E.ON and Npower
are now under the spotlight.
The heat is now on for others to fol-
low suit and help ease the pressure of
high energy bills for their customers,
said Adam Scorer, director of policy at
Consumer Focus.
Centrica and
SSE join gas
bill price war
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Multi-million pound properties
on the up as London prices soar
BY JOHN DUNNE
ENERGY

PROPERTY

HOUSEBUILDER Barratt Developments

yesterday reported a surge in first-half
operating profit and a rise in sales.
A focus on margins is helping UK
housebuilders recover their footing
after several difficult years, supported
by new and cheaper land and a shift
from apartments towards houses,
which is lifting average selling prices.
Barratt, one of the larger listed
housebuilders, said in a trading update
it expected its group operating profit
to rise by 40 per cent to 61m for the
six months through to December.
The average selling price rose three
per cent to 181,000.
Group revenue is expected to rise
eight per cent year-on-year to 950m,
albeit against weak comparative fig-
ures hit by the big freeze last winter.
Barratt is due to release first-half
results in February.
Barratt sees first
half profits rising
PROPERTY

News
10 CITYA.M. 13 JANUARY 2012
ANALYSIS l Centrica PLC
p
6Jan 9Jan 10Jan 11 Jan 12Jan
290
288
286
284
282
280.50
12 Jan
MINERVA APPOINTS EXTRA AGENTS TO MARKET WALBROOK OFFICES
PROPERTY agent
Jones Lang LaSalle
has been hired to
give an extra push
to Minervas efforts
to find tenants for
St Botolphs and
the Walbrook (pic-
tured left) in the
City of London.
Minerva, bought
by Delancey and
Area Property
Partners last year,
has struggled to
find tenants since
completing the
Walbrook in 2010.
CBRE and Knight
Frank remain as
agents.
M&S CHAIR
BROADENS
OLD-SCHOOL
EDUCATION
SCHRODERS, Barclays Wealth, Deutsche
Bank, Killik & Co, JP Morgan the former
pupils of Rugby School seem to have got-
ten everywhere in the City.
And on Wednesday night, 190 Old
Rugbeians reunited at Eversheds for an
evening in aid of the Arnold Foundation,
the trust named after Rugbys progressive
headmaster Dr Thomas Arnold that pro-
vides a full education at the private school
for disadvantaged children.
Leading the call for pledges to top up
the 10m fund was star ex-pupil Robert
Swannell, chairman of M&S and chair-
man of Rugbys governing body, who
reminded guests of the schools Olympic
connection its sportsmanship inspired
Pierre Coubertin, the father of the mod-
ern Olympics, to present Rugby with the
Olympic Cup in 1919.
Which is why Lord Moynihan, chair of
the British Olympic Association, skipped a
three-line whip at the House of Lords to
present a replica of the Olympic Cup to
Rugbys headmaster Patrick Derham.
Education is widening the opportuni-
ties for children to attend schools like
Rugby, said Eversheds senior partner
Anthony Arter. If more children are given
fielded a couple of calls from an individ-
ual called Warren. Very juvenile.
Bell was on the line to The Capitalist to
explain why the brokers RPI-linked ten-
year retail bond, launched yesterday on
behalf of social housing provider Places
for People, is the sensible option for
retail investors.
The 50m-75m inflation-tracking
bond Evolutions third, following
bonds for National Grid and Tesco
pays one per cent over inflation, giving
investors total capital protection plus a
very small return, says Bell. The first
payout is set for 30 January.
HARD TIMES
BILLIONAIRE Alexander Mamut clearly
gave the apostrophe he cruelly sacked
from his book chain Waterstones yes-
terday no pay-off with its P45 (The
Capitalist, 12 January). Not even a job
teaching grammar at Mamuts invest-
ment fund A&NN Capital.
As one concerned mole said when
he spotted the down-and-out punctua-
tion mark (left) on Oxford Street on his
way to work: Its not looking too well.
these chances, it will be game-changing.
INSIDE KNOWLEDGE
WHEN YOU are trying to apologise for
your part in a currency scandal that
ended your husbands career as head of
the Swiss National Bank, doling out your
top tips for insider trading is perhaps not
the smartest move.
Alas, no-one told Kashya Hildebrand,
wife of the toppled Philipp, who yester-
day set out her version of events as she
dealt in fine art at a Singapore fair. If I
had wanted to engage in insider trading,
heres what I would have done different-
ly, she informed Swiss-German broad-
caster Schweizer Fernsehen.
Dont contact compliance, dont have
the account in your name, and dont do
[the trade] three-and-a-half weeks before
the event. One final tip: Why not trade
the targeted currency?
She sounds like a pro but no, Kashya
is strictly an amateur currency dealer,
she maintains. [My husband] should
never have let me do that transaction,
and upon reflection that transaction
should have been reversed. Something
thats not possible for the above video
apology, unluckily, which will live on
the internet forever.
RING TONE
EVOLUTIONS Adrian Bell
may be the distinguished for-
mer chairman of the Royal
Bank of Canada and the for-
mer deputy chair of Hambros.
But he is not above having a
novelty ringtone his mobile is
set to the peals of Big Ben.
Well, my name is Bell, isnt
it? said Evolutions head of
debt advice and origination as he
Above: Kashya
Hildebrand defends
her case on Swiss TV
Left: Lord Moynihan
with Patrick Derham
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11 EDITED BY
HARRIET DENNYS
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @dennysharriet
The Capitalist
CITYA.M. 13 JANUARY 2012
No, I don't see the point in buying a car in the city. The Boris bikes
are the best way to get around, or the Tube if I have to.
No. I have just given given my car away as I couldn't see the point of owning
one in London. The underground is good enough for me.
TRANSPORT operator FirstGroup
said its cash generation for the full
year would be lower than first
thought because the tough econom-
ic climate had prevented it from sell-
ing as many of its businesses as
planned.
FirstGroup, which operates rail
and bus services in Britain and owns
the Greyhound coach company in
the US, now expects to generate net
cash of between 100m and 115m.
The company said it had been
affected by fewer disposals as a
result of the economic and regulato-
ry climate affecting the realisation
of appropriate value and timing.
FirstGroups overall trading in the
third quarter of its financial year
was in line with its own expecta-
tions, it added.
The firm said like-for-like UK pas-
senger revenue increased by 1.8 per
cent in the third quarter of 2011.
But it added the weak economic
environment continued to present
challenging trading conditions.
The Aberdeen-based firm said this
was particularly the case in the
north of the country, where a signif-
icant portion of its urban operations
were concentrated.
It added: As a result we are
achieving lower growth rates in
these areas as we see a widening
north-south divide.
Our priority remains to maintain
our strong cost discipline and focus
while equipping our networks, as
appropriate, for future growth.
In November, FirstGroup asked the
Office of Fair Trading for permission
to cut back on bus routes linking
Glasgow city centre with some desti-
nations in eastern Scotland.
FirstGroup applied to vary its
undertakings in part because of an
appreciable fall in passenger
demand and significant increases in
operating costs.
PSA Peugeot Citroen yesterday left the
door open to a possible alliance with a
competitor to help the French car
maker combat a fall in sales and tough
market conditions in Europe.
Speculation has been mounting
that PSA could tie up with another car
company such as Fiat to deal with over-
capacity in the auto industry.
It said the number of cars it sold last
year fell 1.5 per cent to 3.5m.
The groups head of brands, Frederic
Saint-Geours, said: We do not exclude
the possibility of accelerating what
were doing now through a bigger
alliance, its just that this alliance
would need to meet a certain number
of conditions it should be in line
with our strategy ... it should yield real
synergies ... and the group should
remain independent.
Fiat chief executive Sergio
Marchionne said earlier this week that
Europes car industry needs to consoli-
date to reverse poor operating condi-
tions and uncertainty in a market
burdened by overcapacity.
Peugeot leaves door open
for tie-up as car sales fall
RIO Tinto yesterday said it had taken
complete ownership of Canadian
uranium company Hathor
Exploration.
The miner said it had compulsori-
ly acquired the remaining 7.9m
shares not voluntarily offered after it
made a $C654m (419m) takeover
bid in October.
Hathor, which is based near west-
ern Canadas Athabasca Basin, sup-
plies approximately a fifth of the
worlds uranium.
Rio Tinto employs more than
13,000 people in Canada in alumini-
um, iron ore, diamond and titanium
dioxide operations.
The takeover marks the end to a
bidding battle for Hathor in which
Cameco also made an offer for the
company. Last week Rio announced
that it had acquired over 93.7 per
cent of Hathor and that it intended
to acquire the remainder by a com-
pulsory acquisition under the
Corporations Act.
Rio Tinto seals takeover
of uranium group Hathor
MINING

SHARES in UniCredit, the Italian

bank in the throes of a massive
rights issue, were boosted yesterday
by suggestions that a Kazakhstan
wealth fund had amassed a five per
cent stake.
Il Giornale newspaper said
Samruk Kazyna had built up the
disclosable holding but yesterday
the fund said the report was inaccu-
rate, without saying whether it
owned any shares in UniCredit.
Media have been circulating
information about the acquisition
by Samruk-Kazyna of a five per cent
stake in UniCredit. This informa-
tion is not true, Samruk-Kazyna
said.
Upgrades to buy from Citigroup
and Natixis also supported
UniCredit shares yesterday.
One Milan trader said: We con-
tinue to think that the stock was
trading at overly depressed and
unrealistic levels after the sharp
falls between Monday and
Wednesday.
UniCredit stock closed the day up
13.5 per cent at 2.90, and are now
looking healthier than they were at
the beginning of the week when it
was feared that a big percentage of
the rights shares on offer would
end up in the hands of the under-
writers.
Sources close to the 7.5bn rights
issue said that an intensive market-
ing campaign in Europe to hedge
funds and long-only investors was
beginning to pay dividends.
The UniCredit share price has
tumbled from a 2011 high last sum-
mer of 9.09 to 5.43 on 11
November, just before the rights
issue was announced, before falling
to 4.22 at the year-end and then to
a low of 2.28 this week.
The rights price is just 1.90.
Kazakh interest lifts UniCredit
BY DAVID HELLIER
BANKING

FirstGroups
cash output is
slowing down
BY JOHN DUNNE
TRANSPORT

BY HARRY BANKS
AUTOMOTIVE

News
12 CITYA.M. 13 JANUARY 2012
NEWS | IN BRIEF
Cape is confident on 2012
Industrial services provider Cape is
upbeat about its prospects for 2012 as
it saw significant growth in activity in
both its onshore and offshore business-
es. The FTSE 250 company, which pro-
vides insulation, painting, coatings and
industrial cleaning services principally to
plant operators in the oil and gas, power
generation, chemical, minerals and min-
ing sectors, said it also expected its 2011
results to be in line with its estimates.
The company's UK business, which con-
tributed about 40 per cent to its total
sales for the first half, experienced high-
er levels of activity.
Contract wins lift Babcock
Shares in support services firm Babcock
International yesterday hit a 52-week
high yesterday after announcing a dou-
ble contract win. The BBC World
Service is to pay Babcock 200m over
the next ten years for providing services
related to the transmission and distribu-
tion of radio and television broadcasts.
Babcock has been working with the
BBC for the last 15 years on a string of
projects. Babcock has also won a
125m contract with Devon County
Council to provide school improve-
ments, workforce training and curricu-
lum enrichment services over the next
seven years.
Ferrexpo pellet output dips
Ukrainian iron ore producer Ferrexpo
said its overall pellet production dipped
just over two per cent in 2011 from the
previous year, as demand from the steel
industry softened and it produced fewer
pellets from raw material provided by
others. The company, which produces
iron ore pellets for the Ukraine,
European and Asian steel industries,
said total pellet output, including pro-
duction from third-party concentrate,
slipped 2.2 per cent to 9.8m tonnes for
the year.
ANALYSIS l Firstgroup
p
6Jan 9Jan 10Jan 11 Jan 12Jan
345
340
335
330
325
320
320.00
12 Jan
VESTAS SLASHES THOUSANDS OF JOBS
Danish wind turbine maker Vestas will cut 2,335 jobs in a bid to restore profitability
after rising costs wiped out its 2011 earnings. Vestas said the cuts, about a tenth of its
workforce, would help it reduce costs by more than 150m (125m) by the end of the
year. The worlds biggest wind turbine maker is facing competition, particularly from
China.
Yes, I will buy a new car for the upgrade. My old one is getting a bit knack-
ered and a new, better quality car is what I want.
LIDIA T | JP MORGAN
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CITY VIEWS: ARE YOU PLANNING TO BUY
A NEW CAR IN 2012?
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Interviews by Jesse Lozano
AIR FRANCE-KLM yesterday
announced a pay freeze for French
staff and cutbacks in its fleet as part
of a three-year plan to end financial
rot at Europes largest airline.
The belt-tightening, coming in the
wake of a series of staff strikes, is the
first stage of a politically sensitive
turnaround plan expected to be com-
pleted after French elections.
The group pledged to cut debt by
2bn by the end of 2014 and said it
would shrink its fleet by shedding
more than a billion euros from a
planned expansion project.
Air France sets
out a debt plan
TRANSPORT

EVERYTHING Everywhere may lose

out when 4G mobile bandwidth
comes to the UK later this year due to
Ofcom proposals set out yesterday,
which would see the next generation
of mobile coverage reach 98 per cent
of the population.
Ofcom will auction off the new air-
waves in late 2012 for an expected fig-
ure of 3bn, backtracking on previous
agreements that sections of the band-
width would be reserved for network
providers Everything Everywhere and
Three.
Neither of these companies cur-
rently owns any spectrum below
1GHz, which is cheaper to operate
as radio waves are transmitted
over longer ranges and therefore
require less structural work.
The 4G network will operate
on the 800MHz spectrum
when analogue televi-
sions, which current-
ly employ this
bandwidth, become
redundant this year.
A spokesperson
for Everything
Everywhere said the
firm was disappointed at the commu-
nication regulators move: Ofcom is
missing a huge opportunity for the
UK to address the imbalance in sub
1GHz spectrum holdings, which has
damaged consumer interests for the
last 20 years and is a situation
which is now threatening to contin-
ue.
Everything Everywhere, led by new
chief executive Olaf Swantee (pic-
tured), has been ordered to sell a large
chunk of its 1800MHz spectrum due
to competition regulations since it
merged major network providers
Orange and T-Mobile.
Ofcom plans to reserve a
section of the new air-
waves for a smaller
fourth network provider.
This bandwidth could
be reassigned to Three,
which accounts for less
than 10 per cent of UK
mobile users.
Vodafone and O2,
the second and
third biggest net-
works in Britain,
have both voiced
approval for
Ofcoms objec-
tives.
LOW ADVERTISING revenues have
dragged profit down at Mecom, the
European publisher which saw
profits sink by 5m (4.2m) in the
second half of 2011 compared to
the same time last year.
However, this sum is significant-
ly less than the 10m profit decline
Mecom expected to see, leading to
estimated earnings before interest,
tax, depreciation and amortisation
(Ebitda) of 144m.
The company cited continuing
turbulent economic conditions
and lack of consumer confidence
for its deteriorating advertising
sales, which fell 18 per cent in
Poland and 12 per cent in the
Netherlands in the fourth quarter
of last year.
Mecoms consistent subscriber
base, which accounts for more
than 80 per cent of its circulation
revenue, helped the total group
revenue to remain mostly consis-
tent, falling by just one per cent.
The sale of Mecoms Norwegian
division Edda Media to publishing
and broadcasting corporation A-
Pressen, which is set to complete in
the first quarter of this year, will
reduce the companys net debt by
about 190m from its current posi-
tion of over 300m.
Shares jumped five per cent to
2.20 in yesterdays trading, up 11p
from 2.09.
SOUTH Koreas Samsung Electronics
is open to forging an alliance with
Japans troubled Olympus, potentially
joining other electronics firms in cir-
cling one of the worlds biggest
names in medical equipment,
sources said.
Samsungs major Japanese rivals,
Sony and Panasonic, have already
shown interest in Olympus, now in
need of capital after being swamped
by a $1.7bn (1.1bn) accounting scan-
dal over the past three months,
sources in Tokyo have said.
Olympus is best known for cam-
eras, but makes most of its money in
healthcare, dominating the market
for gastro-intestinal endoscopes
which are seen as the kind of high-
tech, profitable and stable business
that electronics firms would covet.
Samsung has ruled out any interest
in Olympus loss-making camera busi-
ness, but a company source said yes-
terday that it might consider an
alliance with Olympus in other areas.
Samsung open to link-up
with troubled Olympus
TECHNOLOGY

PADRAIC Fallon, the chairman of

DMGT-owned Euromoney
Institutional Investor, pocketed a
bonus of 5.14m in 2011, in addition
to a salary of 223,000, according to
the publishing groups annual
report.
Daily Mail General Trust generated
revenues of 1.99bn last year, of
which 862m was from Associated
Newspapers. The firm dished out a
total remuneration of 1.69m to Daily
Mail editor Paul Dacre, who did not
receive a bonus, and 1.17m to DMGT
chairman Viscount Rothermere.
The Daily Mail publisher revealed
that the newspapers website
MailOnline averaged 4.5m unique
daily browers in 2011 over a million
more each day than its nearest rival.
The company also benefited from
the July closure of the Murdoch-
owned News of the World, which left
a void for the Mail on Sunday to
become the largest-selling Sunday
national.
Daily Mail publisher doles
out millions in execs pay
MEDIA

EUROPES laws and taxes on airlines

were brought into sharp focus yester-
day, as routes were scrapped and
Ryanair hiked its charges in response
to regulations.
Low-cost carrier Air Asia X ditched
its Gatwick to Kuala Lumpur flight as
part of its withdrawal from unprof-
itable routes over the next year.
Its only UK route, which was intro-
duced in 2009, will stop in March
alongside flights from Paris and
Delhi. Flights from Mumbai will be
scrapped at the end of January.
Air Asia X blamed the UKs air pas-
senger duty, the European emissions
trading scheme (ETS) and higher fuel
costs for the closures.
The continued high jet fuel prices
and the weakening demand for air
travel from Europe, brought about by
the current economic situation
together with exorbitant govern-
ment taxes, have placed cost pres-
sures on operating long-haul low cost
flights between Asia and Europe,
compromising our ability to offer the
low fares Air Asia X is known for,
said chief executive Azran Osman-
Rani.
Gatwick Airport said in a state-
ment: We are very disappointed to
be losing Air Asia X... We believe the
Treasury must pay far closer atten-
tion to the impact of this issue as the
decision by Air Asia X is clear evi-
dence that the burden of additional
taxation in all its forms is a material
consideration for long haul airlines
flying to the UK.
And budget airline Ryanair said it
plans to charge all its customers an
extra 25p per flight to pay for what it
calls the eco-looney ETS.
Ryanairs charge, which will be
introduced from Tuesday, will help
offset the 15m-20m that the firm
claims the levy will cost it this year.
Air Asia X axes only UK route
BY MARION DAKERS
TRANSPORT

Ofcom plans
to auction off
4G airwaves
BY LAUREN DAVIDSON
TECHNOLOGY

BY LAUREN DAVIDSON
MEDIA

News
14 CITYA.M. 13 JANUARY 2012
NEWS | IN BRIEF
JP Morgan shuffles executives
JP Morgan Chase chief executive Jamie
Dimon said yesterday that long-time
colleague Jay Mandelbaum is leaving
the company and that he is shifting the
responsibilities of several operating
executives. Mandelbaum, 49 years old
and head of strategy and business
development, has left to pursue other
interests, Dimon said in a memo to
staff. Doug Petno, 46, has been promot-
ed to chief executive of commercial
banking and Todd Maclin, who was
doing that job, will now focus entirely
on the consumer and business banking
franchise.
German aid for Computacenter
International expansion, with particular-
ly strong growth in Germany, has helped
IT services provider Computacenter
boost its group revenue by seven per
cent in the face of a challenging year in
the UK. The company reported net cash
of 111.5m an increase of half a million
pounds despite having spent 29m on
three acquisitions and 11m on a major
property for its recycling business this
year. On news of this trading report,
shares jumped six per cent to close at
360p, giving the company a market cap
of 521.6m.
A happy Christmas for UK Mail
Internet shoppers wanting home deliv-
ery over Christmas contributed to a
successful third quarter for UK Mail
Group, whose parcel division grew by
ten per cent over the period. In line
with expectations, UK Mail said report-
ed group revenues increased six per
cent compared to the previous year,
while revenues on an underlying basis
sank four per cent, partly due to the
declining volume of access mail. The
group said it remains in a sound finan-
cial position while remaining cautious
about the evolving market environ-
ment.
European media firm Mecom predicts a
profit slump thanks to advertising lows
London 2012
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GYMNASTICS | WARM UP
MOST developed economies will slow
further in the coming months, the
Organisation for Economic
Cooperation and Development (OECD)
warned yesterday.
Only Japan, the US and Russia are
showing positive signs, the bodys lead-
ing indicators suggest.
In November the UKs index -- which
aims to predict economic turning
points six months in advance -- slowed
0.4 points to 98.4. A score of 100 repre-
sents the countrys trend rate of eco-
nomic growth.
These figures maintain serious con-
cerns that the economy is headed back
into recession, said Howard Archer
from IHS Global Insight.
The UK economy grew just 0.1 per
cent in the three months to December,
according to separate estimates by the
National Institute for Economic and
Social Research, also released yesterday.
Italys OECD leading index score of
95.8, down 0.5 on Octobers score and
eight points on November 2010, leads
the slowdown in the Eurozone.
As a whole, the currency areas lead-
ing index fell 0.4 points in the month
and 5.6 in the year to 98.3 its weakest
outlook since August 2010.
Data also suggest India and Brazils
economies are slowing sharply.
The USs index now stands at 101.2
and Chinas at 100.0 suggesting on or
just above trend rate growth.
The indicator uses business senti-
ment, consumer confidence and job
expectations to estimate economic
growth in six months time.
THE WHITE House said last night that
President Barack Obama would for-
mally request the next US debt ceiling
increase in days not weeks.
Its imminent, White House
spokesman Jay Carney told a news
briefing.
Congress is unlikely to block the
expected $1.2 trillion (783bn)
increase request, which is meant to
ensure the debt limit will not be
reached again until after Novembers
presidential election. The debt ceiling
extension was permitted in an August
deal between Obamas Democrats and
Republican lawmakers.
This is the final extension the cross-
party agreement allowed the
President to request. Granting of the
request should be a formality, yet
some commentators have suggested
that it could be cited by politicians as
the race for the White House heats up.
The US Congress is allowed 15 days
to reject the debt extension. Yet even if
it formalises its opposition, Obama
has the power to veto its objections,
and the Democrat-controlled Senate
would get its way.
Republican speaker in the House of
Representatives, John Boehner, said
last night: Washingtons mounting
debt is a drag on our economic recov-
ery and this request is another
reminder that the President has con-
sistently punted on the tough choices
needed to rein in the deficit and pro-
tect important programmes for sen-
iors from going bankrupt.
Obama requests another $1.2 trillion
extension to Americas debt ceiling
CONSUMER price inflation in China
has slowed to its lowest level in 15
months, giving the government more
room to tilt economic policy away
from restraining prices and towards
supporting sagging growth.
Prices rose by 4.1 per cent in the 12
months to December, down from 4.2
per cent in November.
The December figures was the clos-
est that inflation came in 2011 to hit-
ting the official target of four per
cent for the year, leaving the average
rate above five percent.
That is still too high for Chinas
conservative policymakers, who are
reluctant to shift policy settings too
quickly towards all-out growth mode
and argue that fine-tuning is all that
is required to keep the economy on a
stable expansion path.
But evidence of slower economic
growth is mounting, even while infla-
tion is still not yet as tame as Beijing
might like trade grew at its slowest
pace in two years in December.
Chinas inflation slows as
authorities hope to loosen
CHINESE ECONOMY

SHARES in sub-prime lender

Provident Financial bounced nearly
five per cent yesterday after it report-
ed a dip in impairments.
The stock closed up 4.84 per cent
at 995.5p after Provident said impair-
ments in the consumer credit divi-
sion were running below the 2010
level.
Collections were strong as cus-
tomers behaviour remained cau-
tious in the fourth quarter.
Provident, which lends to people
who cannot get credit from main-
stream banks, also highlighted the
boost to the agents commission
scheme introduced in April.
Chief executive Peter Crook said
the group had seen a good finish
to the year.
The credit card division Vanquis
Bank generated strong growth and
margins in the fourth quarter. Full
year results are set to be in line with
expectations and will be published
on 28 February.
Provident upbeat despite
Britons looking cautious
FINANCIAL SERVICES

US RETAIL growth slowed in

December and unemployment bene-
fit claims rose last week, according to
data published by the Commerce
Department and Labor Department.
Sales increased by 0.1 per cent in
the month, down from 0.4 per cent in
November, yesterdays figures showed.
The rise represents the slowest pace
for seven months.
Almost all sales categories per-
formed poorly, with electronics sales
falling 3.9 per cent on the month and
food sales down 0.2 per cent.
Households have started to pare
back their spending, most probably
because their real incomes have con-
tinued to fall, said Paul Dales from
Capital Economics.
Meanwhile initial jobless claims
rose to 399,000 in the first week of
2012, the highest level in six weeks.
The previous weeks figures were
revised up to 375,000.
The four-week average of claims
also marched higher to 381,750 from
374,000.
Unemployment in the US has fallen
sharply in recent months and stood at
8.5 per cent December.
However, some economists worry
the drop has been due in part to dis-
couraged workers dropping out of the
labour force.
US recovery
knocked by
bearish data
US ECONOMY

UK FUND manager Ashmore Group

yesterday reported a small rise in
assets in the fourth quarter, helped
by inflows into debt products and a
recovery in its core emerging mar-
kets.
Ashmore said assets grew 2.5 per
cent to $60.4bn (39.4bn), driven by
$500m of net inflows and $1bn in
positive performance.
The numbers beat a forecast of
$59.4bn from brokerage Numis,
which maintained its hold recom-
mendation on the stock.
We still regard EM [emerging mar-
kets] debt as a relatively safe place in
the short term, in contrast to western
debt in a risk off environment,
given the generally lower indebted-
ness and higher real growth rates
expected in EM economies, albeit
short-term asset class outflow risk
remains, Numis said.
A rocky period for emerging mar-
kets last year hit Ashmores asset
base and the fees it collects on funds.
The group managed $65.8bn at the
end of June, before a sharp sell-off in
markets which slashed the assets it
manages by more than 10 per cent.
Performance fees for funds having a
performance ending in December
were minimal, as anticipated,
Ashmore said, which meant overall
performance fees for the six months
to the end of December were around
23m.
In the same sector Charlemagne
Capital said its assets had fallen by
more than a third last year after a
slump in emerging markets, reduc-
ing net performance fees by almost
20 per cent for the year.
Dedicated emerging markets
funds recorded their second-largest
annual historic outflows last year,
the company added.
The group now manages $2.3bn.
Small asset rise at Ashmore
BY HARRY BANKS
ASSET MANAGEMENT

OECD figures
point to a UK
contraction
BY TIM WALLACE
WORLD ECONOMY

BY HARRY BANKS
US ECONOMY

News
16 CITYA.M. 13 JANUARY 2012
Shoppers ride an escalator at a Target Store in Chicago Picture: REUTERS
ECONOMICS
ANALYSIS l Slowdown in the UK
2001 02 03 04 05 06 07 08 09 10 11
105
100
95
90
85
110
Lloyds Bank
Lloyds Bank has appointed Richard
Moore, formerly Europe chief execu-
tive at MF Global, as head of trading
in London, effective from 1 March.
Reporting to Moore will be Chris
Kinrade, who joins as head of counter-
party exposure management and
solutions from RBS, where he was
head of derivatives funding.
Threadneedle Investments
The asset manager has appointed Iain
Richards as head of governance and
responsible investment. Richards joins
from Aviva Investors, where he was
regional head of corporate governance.
Hogan Lovells
David Levin has been appointed to the
law firms corporate practice in
London and the energy industry
group. Levin was formerly head of
Eversheds Russian practice, focusing
on the energy sector and renewables
initiatives in Russia and the CIS.
Pioneer Investments
The investment management group
has hired Rainer Lenzin as head of
Switzerland. Lenzin joins from BNY
Mellon Asset Management in Zurich,
where he was responsible for manag-
ing wholesale clients in Switzerland.
Sacker & Partners
Caroline Legg has been promoted to
partner at the pensions law firm.
Legg, who joined Sackers in 2004,
specialises in scheme mergers.
Kestrel
The boutique investment manager has
hired Stuart Rollason as lead manager
on the Kestrel Inheritance Tax
Solution. Rollason was previously a
founder and partner at Bluehone
Investors; prior to that, he was a direc-
tor at F&C Asset Management.
Norton Rose
The law firm has expanded its real
estate practice by hiring Neil Biswas,
formerly a partner in the real estate
practice at Nabarro.
ING Investment Management
Christian Paris, formerly head of busi-
ness development at HSBC Global
Asset Management, has been appoint-
ed as acting managing director at ING
Investment Management France.
CITY MOVES | WHOS SWITCHING JOBS Edited by Harriet Dennys
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in association with
Wall St sees gains
for the fourth day
T
HE S&P 500 closed at a five-
month high for the third day on
yesterday but had difficulty
extending gains in the face of
lacklus
ter economic data and another
European bond market test.
Energy shares curbed gains after
Chevron, the second-largest US oil
company, said fourth-quarter profit
would be far below the previous quar-
ter. Chevron slid 2.6 per cent to
$104.97, making it the biggest drag on
the Dow, while the S&P energy index
fell 0.9 per cent and was the biggest
decliner among S&P sectors.
In its fourth day of gains, the S&P
500 has risen 1.4 per cent, but its
added only 0.3 per cent since Tuesday
as investors look for more convincing
evidence of an improving US economy,
solid corporate earnings and progress
toward resolving the Eurozones debt
crisis.
Analysts also pointed to technical
resistance near the 1,300 level.
We may be stuck in neutral
because you have two very strong
forces opposing one another. You have
fundamentals that are not particularly
fantastic at the present moment, with
a market that wants to project out a
year or so and do a little bit better,
said Doreen Mogavero, chief executive
of Mogavero, Lee & Co.
The divergence of opinions on
where this market is going is balanc-
ing us out and we are sort of stuck.
The Dow Jones industrial average
gained 0.17 per cent to 12,471.02 while
Standard & Poors 500 Index rose 0.23
per cent to 1,295.50. The Nasdaq
Composite Index rose 0.51 per cent to
2,724.70.
Investors will look to earnings from
JPMorgan Chase & Co, the first of the
major US banks to report earnings,
today for signs the banking sector's
recent gains are justified. The KBW
Bank Index is up nearly 11 per cent for
the year.
You need three groups to really
push this market through you need
the financials, you need technology
and you need energy, said Paul
Mendelsohn, chief investment strate-
gist at Windham Financial Services.
On the eurozone front, Spanish and
Italian government bond yields fell as
solid auctions for government debt in
the two countries were an encourag-
ing sign for investors, who will be
braced for another Italian bond sale
today.
But US retail sales rose at the weak-
est pace in seven months last month
and first-time claims for jobless bene-
fits moved higher last week, denting
optimism about the US recovery after
a string of upbeat economic data.
B
RITAINS leading shares fell
yesterday after a profit warn-
ing from Tesco triggered sharp
falls in retailers and eclipsed a
lift for banks from a successful
Spanish debt auction and restruc-
turing at RBS.
The FTSE 100 index closed down
8.40 points, or 0.2 per cent, at
5,662.42, once again missing out in
a tilt at the 5,700 level. The days
peak was 5.699.57.
The early euphoria of successful
European bond auctions put a floor
under the financial sector which set
the FTSE roaring higher, but 5,700
seemed too high a price to pay as
the jitters from the retail sector
brought the bears back into the
fray, said Mic Mills, head of elec-
tronic trading at ETX Capital.
A raft of trading updates from the
UK high street showed consumers
facing a bleak economic outlook
held on to their cash over Christmas.
Tesco was easily the top blue chip
faller, dropping 16 per cent to a 33-
month low after the worlds third-
largest retailer warned of minimal
profit growth in its 2012/13 year as it
invested more in price cuts and its
online business to win back sales.
We expected that Tescos UK per-
formance had been poor over
Christmas but had not anticipated
just how fundamental a change to
strategy it would provoke, said
Jonathan Pritchard, retail analyst at
Oriel Securities.
Supermarket peer Wm Morrison
and Marks & Spencer, which both
posted Christmas trading updates
earlier this week, dropped 6.0 and
2.0 per cent respectively.
Sainsburys, which gained after
its well-received update on
Wednesday, shed 5.4 per cent.
Credit Suisse cut its profit fore-
casts and repeated its underper-
form rating on Sainsburys, saying
there is still not enough
margin/returns progress for us to
view the valuation as attractive.
Home Retail was the biggest FTSE
250 faller down 4.9 per cent after
it warned of a significant full-year
dividend cut following more poor
sales at its Argos stores.
Ocado defied the retail gloom,
leaping 33.5 per cent to top the mid
cap gainers list after a 16 per cent
increase in Christmas sales.
Below-forecast US retail sales
numbers for December did some
damage on Wall Street yesterday,
together with initial weekly jobless
claims at a six-week high. US blue
chips were down 0.3 per cent by
Londons close.
RBS was the top blue chip riser, up
5.6 per cent, as analysts applauded
the lenders plan to cull investment
bank jobs and sell or shut equities
and advisory businesses.
British banks rallied overall as
Eurozone debt fears eased slightly
after Spain and Italy carried out
solid bond auctions at sharply lower
borrowing costs.
HSBC bucked the sector trend,
shedding 0.8 per cent as BofA
Merrill Lynch downgraded its rating
on concerns revenues will miss
expectations.
Miners were in demand, with Rio
Tinto up 1.7 per cent as copper
prices hit their highest level in more
than a month, helped by the
Eurozone bond auctions, which
improved demand considerations.
Integrated oils were weak, laid
low by big falls from Royal Dutch
Shell, down 2.1 per cent, as
Goldman Sachs made cuts to its
earnings per share estimates, amid
talk the firm itself was guiding
down earnings estimates.
FTSE ends lower as retailers
reveal a miserable Christmas
THELONDON
REPORT
THENEW YORK
REPORT
BEST OF THE BROKERS
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ANALYSIS l Unilever
2,100
2,150
2,050
2,000
Nov Dec Jan
p
2,085.00
12 Jan
UNILEVER
Morgan Stanley rates the consumer goods group equal-weight, down
from overweight, and has a target share price of 28 (23.43). The
broker notes that Unilever shares are at all-time highs and that investors
should aim to take profits. Morgan Stanley also sees very limited scope
for any earnings upgrades in 2012, leaving the shares with almost no
positive catalysts.
ANALYSIS l Game Group
15
20
10
5
Nov Dec Jan
p
3.40
12 Jan
GAME GROUP
JP Morgan Cazenove thinks the retailer is underweight, and has slashed
its target price from 5p down to 2p. Following Games third profit warning
of the year, the broker now expects to see earnings 80 per cent lower than
its previous estimates ,and a pre-tax loss of 32m in 2012. Even JP
Morgans lowest forecasts assume large cost cuts within the business,
including the withdrawal of the final dividend.
ANALYSIS l Burberry
1,350
1,400
1,300
1,250
1,200
1,150
Nov Dec Jan
p
1,285.00
12 Jan
BURBERRY
RBS rates the retailer buy with a target price of 17. The broker expects
to see a 13 per cent jump in like for like sales when Burberry updates on its
third quarter trading next Tuesday, and thinks positive economic data from
Asia and Russia put the group on a firm footing for further growth.
However, the lateness of Chinese New Year could dent Burberrys fourth
quarter figures when compared to last year.
p
4Nov 17Oct 24Nov 14Dec 6Jan
5,800
5,200
5,300
5,400
5,100
5,600
5,700
5,500
ANALYSIS l FTSE
5,662.42
12 Jan
Association of British Insurers
The ABI board has appointed Robert Talbut,
chief investment officer of Royal London Asset
Management, as chairman of the ABI invest-
ment committee. Previously the committees
deputy chairman, he takes over from Alain
Dromer, CEO of Aviva Investors. Talbut is a
member of the Listing Authority advisory com-
mittee and an alternate on the hearings commit-
tee of the Takeover Panel. He joined RLAM in
2004, having worked at Isis Asset Management,
Threadneedle and Chase Manhattan.
News
17 CITYA.M. 13 JANUARY 2012
T
HESE were bad figures, Tesco cant get
away from that. Britains biggest retail-
er reported its worst Christmas sales
performance for decades on Thursday
and warned it would see minimal profit
growth next year. Down 1.3 per cent like-for-
like (including VAT) in the UK was much
worse than any other figures weve had from
the major food retailers over Christmas. But
this doesnt mean that Tesco is finished.
The performance from Tesco outside the
UK continues to be outstanding. Tesco is still
the UKs most successful retailer ever. Nor is it
the Carrefour of the UK, although it is wor-
rying to see the core UK business underper-
forming. It is, after all, central to everything
Tesco does. So much of the development in
the UK presupposes a solid performance from
the basic food retailing operation. But thats
where the problems must be.
Theres an old saying that retail is detail
and for a business like Tesco to start to under-
perform there must be several reasons.
Theres no doubt that food retailing is highly
competitive at the moment. Tesco is under
threat from Aldi and Lidl as well as Asda at
the lower end of the range, while Sainsburys
Brand Match has affected customers at the
upper end of the spectrum. To make matters
worse, over a Christmas period which saw
people trading up, there have been many
adverse comments on product quality.
But for me a key reason has to be market-
ing.
Tesco highlights the lack of success of the
Big Price Drop. Taking cash out of Clubcard
and putting it into more focused discounts
was the right way to go, though perhaps
there should have been some real investment
in lower prices as well and the overall execu-
tion was hardly compelling. To make matters
worse, the adverse media comment about the
campaign, questioning how some of the price
reductions were achieved, must have under-
mined it too.
Tesco has been upstaged by Asda. It was
wrong-footed by the price guarantee and its
response was, to say the least, accident-prone.
Tesco could have blown the campaign out of
the water had it been prepared to combat it
head on with a short-term investment in
lower prices. Wal-Mart would not have want-
ed Asda to be loss-making for an extended
period. Yet Tescos inept response played
straight into Asdas hands. Add to that Asdas
relaunch of the core own-brand, the develop-
ment of the new supermarket format, an
increased emphasis on quality and we have
seen a strong recovery in market share.
By comparison, Tescos marketing looks
stale. There has been an over-reliance on
Clubcard and while the Clubcard data may be
useful, for consumers the card is no more
than a price promotion and one that is look-
ing tired. Clubcard is expensive. Each
Clubcard point ties up approaching 1 per
cent of sales in funding it. That represents a
substantial proportion of the companys mar-
keting spend. The decision to double the
points on the card clearly had minimal
impact. In fact there was one telling com-
ment from Tescos new chief executive Phil
Clarke in a recent conference call, that they
launched the price drop to increase cus-
tomer loyalty. Loyalty card was always a
misnomer for the Clubcard, but one of the
aims of the card was to increase loyalty and
in that respect it no longer seems to be work-
ing.
Tesco needs to have a fundamental rethink
of its whole marketing strategy. It should
drop Clubcard altogether and focus all of its
marketing effort on rebuilding customer
trust and re-establishing itself as a consumer
champion. It needs to take the high moral
ground and ensure that if the media wants to
attack it there are no open goals like dodgy
promotional tactics even if that means taking
a knock on margins through a further invest-
ment in price.
And dont blame Phil Clarke for these fig-
ures. He hasnt been in the top job long
enough. The blame for what is happening
now, and particularly for doubling the
Clubcard points, has to go to Sir Terry Leahy.
Phil Clarke must take responsibility for the
marketing errors of the last few months, but
he can also pose as the new broom and he
needs to do so urgently.
In 1977 Tesco came out of saving stamps
and launched operation checkout. It marked
the beginning of the revival of the business.
The business now needs similarly fresh think-
ing. It is in a far stronger position than it was
in 1977, but if it is to regain its momentum in
the UK it needs some similarly no-holds-
barred approach.
There must be a renewed emphasis on
product quality and a determined effort to
restore trust in the business. And it needs a
completely new marketing strategy to put
that across to customers.
Richard Perks is retail director for Mintel.
18
The Forum
CITYA.M. 13 JANUARY 2012
The blame for what is
happening now has to
go to Sir Terry Leahy
Tescos marketing strategy
needs a new broom in 2012
to sweep away its Clubcard
cityam.com/forum
RICHARD PERKS
Agree? Disagree? Got a sharp comment?
The Forum wants you to join the debate.
COMMENT NOW ON
Twitter: @cityamforum;
on the web: cityam.com/forum;
or by email: theforum@cityam.com.
Top responses will be reprinted in The Forum.
I
T MAY pain the political class, but Mitt
Romney deserves some credit. He has now
accomplished what Reagan, both Bushes,
Dole, and McCain all failed to do win
both Iowa and New Hampshire. Romney now
finds himself heading to South Carolina
searching for an unprecedented hat-trick.
Although surrounded by loyal supporters,
Romneys victory remarks in New Hampshire
were really for the Republican base in South
Carolina. Small government, low taxes, and a
balanced budget, enough red meat to give you
a protein rush. It was reminiscent of his 2008
speech at the Conservative Political Action
Conference, except this time he wasnt throw-
ing in the towel he had his opponents on the
ropes.
Romney doesnt emerge entirely unscathed.
Curiously its the self-identified Reagan
Conservative, Newt Gingrich, who has led the
charge, accusing Romney of looting compa-
nies during his tenure with Bain Capital. Post-
New Hampshire, Gingrich is probably the only
candidate with the name recognition and
financial muscle for a war of attrition against
Romney. Gingrich may be capable of miracles.
After all, his attacks against Bain appear to
have achieved the impossible: even conserva-
tive talk radio host Rush Limbaugh is defend-
ing Romney.
But in an off-the-cuff remark where he
claimed to like being able to fire people,
Romney passed a round of ammo to his oppo-
nents. Laying-off workers for restructuring is
one thing, getting a kick out of it is another.
Never mind that he was referring to con-
sumers ability to fire their health insurance
company rather than his zeal for handing out
pink slips.
Romney still looks strong heading south.
Not only do his poll numbers look robust, but
a recent Gallup poll found Romney to be the
most acceptable Republican nominee among
conservatives. Having defied convention by
winning back-to-back victories in Iowa and
New Hampshire, he will be quite aware that
the winner of the South Carolina primary has
always gone on to win the nomination. Thats
a tradition he will want to maintain. But if pol-
itics truly is war without bloodshed, the bru-
tality of Republican battles in South Carolina
comes pretty close.
He may have spawned the endorsement of
Nikki Haley, South Carolinas young, photo-
genic governor, but she is no longer the rising
star of 12 months ago; her popularity among
Republicans has plummeted. Senator Strom
Thurmond helped secure the nomination for
Richard Nixon in 1968 and Ronald Reagan in
1980, but Senator Jim DeMint, the states cur-
rent kingmaker and arguably the most power-
ful man in the Republican Party, has pledged
not to endorse a candidate during the primary
despite backing Romney during his last
failed presidential run. A late endorsement for
another candidate would be cruel, albeit
unlikely.
Romney has been labelled many things
from presumptive nominee, to most elec-
table, but never a winner. Nixon once said, It
is necessary for me to establish a winner
image. Therefore, I have to beat somebody. For
Romney, a win in South Carolina should do
just that.
Ewan Watt is a Washington, DC-based consultant.
You can follow him on @ewancwatt
19
Republicans are
a step closer to
picking the man
to face Obama
Romney seeks a
third victory to
gain nomination
Back to school
As a business studies teacher of
many years standing, I read
David Rutleys column [Our
schools must be open to business
so we can have a bright econom-
ic future, Wednesday] with much
interest. I agree wholeheartedly
and believe much more should be
done in order to promote the
subject at school level.
One reason business subjects are
not popular is because the sub-
ject doesnt fit in with our school
systems expected manner of
assessment. Teaching to ensure
that students merely pass an
exam in business does nothing to
instil a sound knowledge of the
subject or entrepreneurial spirit
in our young people. The subject
is far more complex than that.
We need a complete rethink on
how the subject is assessed and
the expectations that we have of
young people that are taking the
subject.
Nicolas Athinodorou
Business lessons
David Rutley is absolutely right
to highlight the importance of
improved employer engagement
within schools and colleges. For
the last decade Career
Academies UK has worked with
schools and colleges across the
UK, predominantly in areas of
social need, to raise the aspira-
tions of 16 to 19-year-olds. We
are now supported by over 1,000
employers and work with over
130 schools and colleges.
Students on our programme ben-
efit from a six-week paid intern-
ship and a mentor from the
world of business over the two
years. In addition they also
receive lectures delivered by
business volunteers and experi-
ence trips and visits to a host of
different employers. Over 2,800
students have benefited from the
programme so far leaving with
skills and experience that simply
cannot be learnt via a textbook. I
strongly urge all businesses to
get involved as it brings a wealth
of benefits to all involved and
ensures this generation are
enthusiastic and work-ready
with the skills needed in this
tough economic climate.
James McCreary
chief executive,
Career Academies UK
Railway wars
I work as rail engineering manag-
er for a company that builds and
maintains railway stations, depots
and track. However, these are my
own views, not those of my firm.
You printed a number of views on
HS2 in the paper yesterday, but
none of them picked up on a vital
point we have tried the incre-
mental improvements option
before only 10 years ago.
We spent circa 9bn on a range of
upgrades that were supposed to
deliver enhanced capacity for pas-
sengers and freight, and faster top
speeds for the passenger trains to
reduce journey times. This was the
compromise when high-speed rail
was rejected last time.
So, do you think the 9bn was
well spent? Did you notice the dif-
ference? Are you travelling at
140mph in space and comfort?
That scheme did succeed in part
but it was mostly stuff that pas-
sengers dont see, like better
freight routing, and the piecemeal
nature of the work made it hugely
expensive for what was achieved.
The increase in passenger train
speeds was one casualty of the
value engineering that resulted.
So do we spend billions doing the
same again, battling local vested
interests set against every plat-
form extension, every platform
canopy, and every car park that
we need to add to make tiny
improvements to people's ease of
travel, or do we spend to build
something new?
Much of the cost of a rail project
in the UK is tied up in consulta-
tions, approval processes and
budget uncertainty. I have seen
schemes redesigned seven times
as various layers of management
demand a cut in build costs. Of
course, each time the saving is
spent on the redesign cost, and
passengers get less and less for
the money.
It will inevitably happen with HS2,
as the politicians will demand a
review after every election, which
will take one to two years to com-
plete before they agree to proceed
again. But it is even worse for the
incremental improvements option.
Each time there is a political delay
in a scheme to improve an existing
line, temporary measures must be
used (often at great expense) to
keep it running while the review is
in process. These are then
scrapped when approval to contin-
ue with the main work is granted.
Steve King
Never having been to Birmingham
(but having used the bullet train in
Japan), the costs seem excessive,
the link does not seem critical to
the UKs competitiveness, and the
time frame (especially by Chinese
standards) is risible. Admittedly
train transport in this country is
poor and expensive, and does
require investment. Nevertheless I
am convinced that for 37bn you
can make much more critical infra-
structure investments to improve
this countrys competitiveness
(including a new runway at
Heathrow, and I live in Chiswick
under the flight path).
Omar Ben Yedder
I declare an interest as someone
who lives in the Chilterns, but I am
also an experienced project man-
ager and a commuter into London
for 25 years. In simple terms the
justification is net present value
over some 60-ish years (I'm taking
a more realistic view that the proj-
ect will be five years late starting
and 10 years longer in the con-
struction). But I already am using
teleworking more and more year-
on-year. Technology advances, and
work/life balance means todays
tech-literate youth won't want or
need to travel routinely and regu-
larly on long distance journeys
let technology take the strain.
Keith Gawler
HS2s externalities of hidden costs
such as extra noise, pollution and
extra congestion on slower trains
to Birmingham do not appear to
have been calculated in the cost-
benefit analysis. In addition, what
is the risk-adjusted expected rate
of return on this project vis a vis
other projects of similar scale and
duration? Have the opportunity
costs of foregone projects been
quantified? I am not convinced.
Anthony Wills
@cityamforum
HS2 can mobilise talent across the
country and is good for housing
issues argument should be on
the accessibility/cost of use.
Leon Bailey-Green
100 per cent agree with @allister-
heath on HS2. Where capex is
greater than a certain level there
should be a vote #debtaddicts
Cat Markwell @citygirlcat
Join the debate online at
cityam.com/forum
RAPID RESPONSES
CITYA.M. 13 JANUARY 2012
The Forum
Email: theforum@cityam.com
Twitter: @cityamforum
In association with
EWAN WATT
Focus on
20 CITYA.M. 13 JANUARY 2012
THE COURT HOUSE, CHENIES
Price: 2.15m
Constructed in 1897, the house retains many of the original period features, including
attractive fireplaces, parquet flooring to the principal rooms and sash windows to the
drawing room and dining room. Contact Knight Frank on 01494 675368
WOODSIDE
HOUSE
Price: 1.35m
Dating back to the
mid 1800s, this
house has lots of
character and
retains many peri-
od features includ-
ing leaded
windows, oak pan-
elled hallway and
feature fireplaces.
The grounds are a
fantastic feature
and include a for-
mal entertaining
area.
Contact Savills on
01923 725 500
WARREN HOUSE
Price: 1.45m
Arts & Crafts style
Victorian house set in a
coveted location close
to Chorleywood village
centre and station. The
house has generous
family sized accommo-
dation arranged over
three floors with six
bedrooms and two
bath/shower rooms.
Contact Savills on
01923 725 500
Q.
Should I buy a one bed-
room flat in a better loca-
tion, or go for a larger flat
in a less sought after location? Is
square footage or location king
for investment?
A.
Statistically, in the long run,
properties in more sought
after locations will appreci-
ate at a greater rate than those in
less sought after, largely due to the
fact that they are more in demand
and have a limited supply. I always
advise my clients that they are bet-
ter buying the worst (or smallest)
house in the best street rather than
the best (or largest) house in the
worst street when looking at prop-
erty purely from an investment per-
spective. In short, location is almost
always king when it comes to invest-
ment.
Q.
I need to sell my property
as quickly as possible but
Im not sure whether
January is a good time to put it
on the market. Would I be better
advised to wait until the Spring
market?
A.
While the Spring market is
traditionally one of the peak
selling times, January is by no
means a bad time. The market 2012
sales appears to have got off to a rea-
sonable start with a good number of
new buyers registering, even during
the first week of January. Given your
requirement to sell your property as
quickly as possible and given the
Spring market is a good twelve
weeks away, I would certainly recom-
mend that you put your property on
now and am sure that, provided you
price correctly, you will find a buyer
reasonably quickly.
NEW KINLEIGH FOLKARD & HAYWARD OFFICE
Kinleigh Folkard & Hayward has opened a new
branch in Borough.
Borough as an area has been identified within
Kinleigh Folkard & Haywards strategic five year
branch expansion plan. With over 50 branches
across London, 11 of which are located in the South
East region, the new branch will cover areas includ-
ing Southwark, Newington, Borough and the Shad
Thames.
Lee Watts, managing director of Kinleigh Folkard
& Hayward, said: We are very pleased to announce
the opening of our new branch in Borough, SE1
which provides the last piece of the jigsaw to fulfil
our comprehensive coverage of South East London.
This, together with our Surry Quays branch, will
also provide a gateway for our expansion into
Docklands and East London planned for the future.
The KFH Borough sales and lettings branch can
be found right on the High Street opposite the
Southwark War Memorial.
L&G PROPERTY COMPLETED 1.7BN IN PROPERTY DEALS
Legal & General Property completed 1.7bn of direct proper-
ty transactions in 2011, making it one of the most active
investors in the UK commercial property market. Deals
ranged in size from 3m to over 300m, the largest being
the acquisition of the Rolls Building on Fetter Lane from
Delancey for a total of 305m. They also included the com-
panys debut investment in student accommodation, an
income strip in Imperial Colleges Battersea development.
FIRST-TIME BUYER NUMBERS JUMP
First time buyer numbers increased markedly in 2011 as
banks upped their high loan-to-value lending and loosened
qualifying criteria on higher LTV mortgages, according to
the latest Mortgage Monitor from e.surv chartered survey-
ors. There were 32 per cent more loans with a deposit of 15
per cent or under in 2011 than in 2010, as lending conditions
for first time buyers improved, reflecting the fact more low
income buyers were able to get mortgages.
PROPERTY NEWS
BY STEVE DINNEEN
COMMUTING:
Chorleywood station is in Zone 7 on the
Metropolitan line, situated between
Chalfont and Latimer and Rickmansworth.
The majority of trains passing through
Chorleywood are operated by London
Underground, but the station is also a stop
for Chiltern Railways, running between
Marylebone and Aylesbury stations.
EDUCATION:
There are a great selection of local
schools, including community and inde-
pendent, with some excellent fee paying
options. The two central primary schools
both perform excellently in league tables.
More than ninety per cent of GCSE stu-
dents at St Clement Danes comprehen-
sive in Chorleywood typically achieve five
or more good grades.
NEED TO KNOW | AREA INSIGHT
CURRENT MORTGAGE DEALS BY STEVE DINNEEN Source: MoneySupermarket.com
Lender Fixed/Flexible Rate Until APR Maximum Loan
(per cent) (per cent) to Value (per cent)
First Direct Flexible 1.99 2 years 3.6 65
Santander Flexible 2.09 2 Years 4 60
Chelsea BS Flexible 2.39 March 2014 5.4 70
Market Harborough BS Flexible 2.39 February 2015 4.6 75
First Direct Flexible 2.48 2 years 5 75
HSBC Fixed 2.28 April 2014 3.9 60
Santander Fixed 2.35 March 2014 4.1 60
Hanley Economics BS Fixed 2.35 February 2014 5 60
Chelsea BS Fixed 2.94 March 2015 5.3 70
FOCUS ON: CHORLEYWOOD, HERTS
Q A
&
SELL
Martin
Bikhit
MANAGING DIRECTOR
OF KAY & CO, CENTRAL
LONDON ESTATE
AGENCY
Prices from 247,500

Price correct at time of going to press. CGI of The Atrium inside. Internal photograph of show apartment at Greenwich Creekside. *Please ask for details regarding parking. Viewing strictly by prior appointment.
0800 883 8627or (out-of-hours) 0800 032 0077 creekside.sales@telfordhomes.plc.uk
GREENWICHCREEKSIDE
Unique, cutting edge design from renowned
architectural practice Squire and Partners.
The Atrium, Greenwichs most distinctive
new apartment building is now on sale
Visually striking Atrium to the core of the building with
extensive natural light and fresh air circulating
1, 2 & 3 bedroom homes with parking*
Close to the heart of maritime Greenwich
Cutty Sark DLR and Greenwich mainline station under 10 minutes walk;
rapid access to Canary Wharf or London Bridge
Visit our website for more information: www.greenwichcreekside.com
DEMAND
2011
2008
Jan Feb MarApr MayJun Jul AugSept Oct Nov Dec
1200
1000
800
600
400
200
0
SUPPLY
2010
2011
500
400
300
200
100
0
Jan Feb Mar Apr May Jun Jul AugSept Oct Nov Dec
SUPPLY & DEMAND
Demand2011
Demand2010
Supply 2011
Supply 2010
Jan FebMarAprMayJun Jul AugSeptOct NovDec
1600
1400
1200
1000
800
600
400
200
0
DOUGLAS & GORDON AVERAGE LONDON SALES PRICE INDEX
Q1 2011 Q2 2011 Q3 2011 Q4 2011
1 bed flat 368,333 374,167 383,750 383,500
2 bed flat 543,333 557,083 570,083 579,583
3 bed house 1,174,167 1,209,583 1,257,500 1,277,083
4 bed house 1,780,833 1,905,833 1,905,000 1,933,333
D
espite the economic and political
turmoil December was a surpris-
ingly busy month for sales at D&G
and remarkably one of the best of
the year.
Looking back at 2011, pundits predict-
ed modest falls worrying about the wider
economy. The first half included The Royal
Wedding and started slowly, but overall
the year surprised everyone with a 10 per
cent rise in house prices across D&G land.
Transaction levels have remained the
same as 2010 and could have bottomed
out but are still much lower than those
seen in the heady days of 2007.
With the Olympics and the Jubilee this
year, London is once again in the interna-
tional spotlight and were expecting
demand for property to stay steady, but
with supply limited we expect to see prices
rise by eight per cent in 2012.
THE LONDON
BAROMETER
Ed Mead
DIRECTOR OF DOUGLAS & GORDON
The climate for estate agents is changing
Living
22 CITYA.M. 13 JANUARY 2012
- 90% of our Landlords return to us
- Over 75 years of experience within our team
- In-house full rental, management and
refurbishment services
- International database of clients and agent network
- We tailor our service to your individual needs
www.aylesford.com | rentals@aylesford.com | +44(0)207 351 2383
Victoria Road | W8 | 6 Bedrooms | 9000 per week
Bramerton Street | SW3 | 4 Bedrooms | 2,300 per week Cadogan Square | SW1 | 3 Bedrooms | 2,350 per week
Were now at home in Borough
Our new Borough branch is open. If youre buying, selling, letting or renting,
weve got the experience, the neighbourhood knowledge and the Londonwide
contacts to get the best results for you.
Find us on 44-48 Borough High Street
Sales 020 3465 9230
Email sbo@kfh.co.uk
Lettings 020 3465 9240
Email lbo@kfh.co.uk
Computer generated image of Caxton Apartments external and photograph of typical Telford Homes interior.
*Times are approximate and are door-to-door inclusive of all walking and transit time and are courtesy of www.tfl.gov.uk. Price correct at time of going to press.
0800 883 8953
or (out of hours) 0800 032 0077
www.caxtongaramond.co.uk
020 7791 7000
A development by:
CAXTON
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Ready for occupation March 2012 (est.) PRICES FROM: 195,000
1
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14 A
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A
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Selling Agents:
Lifestyle| Reviews
SURFING IN THE
MALDIVES
STEVE DINNEEN FINDS HIS
FEET, IN TRAVEL ON MONDAY
ARTS ROUND-UP
BY STEVE DINNEEN
STAR CROSSED LOVERS RETURN HOME
Kenneth MacMillans Romeo & Juliet
began at the Royal Opera House this
week. The performance hangs on its
leads Carlos Acosta and Tamara Rojo,
who play the star-crossed lovers with
aplomb despite being more than twice
their age. Acosta is to ballet what Tom
Cruise is to cinema a box-office cer-
tainty with enough charisma to carry a
show. The pair performed at the O2 last
summer aficionados will be pleased to
see them return to a less expansive
venue. www.roh.org.uk, until 31 March.
THE RISE AND FALL OF JULIAN ASSANGE
The rise and fall of Julian Assange has
been an story of pride and hubris,
tragedy and comedy of almost
Shakespearian proportions. It is fitting,
then, that a play of his life will open
next week at Theatre 503 in Battersea,
some of which is staged in his prison
cell. Playwright Ron Elisha says he
merely curated the material, which
was, fittingly for the story of the man
behind Wikileaks, largely sourced
from the public domain. www.the-
atre503.com, until 4 Feb.
TRAVELLING LIGHT TO HIT NATIONAL
New Nicholas Wright play Travelling
Light will start its run next week. It
looks at the life of a young East
European boy around 1900 who
becomes fascinated by the magic of
film. Years later he is an acclaimed
Hollywood director. Wrights previ-
ous work includes Vincent in Brixton
and The Reporter and this produc-
tion at the National looks original
enough to warrant checking out.
www.nationaltheatre.org.uk, until 6
March.
www.grangehealthclubs.com
NEW YEAR, NEW YOU
Healthier, fitter in 2012
4 state-of-the-art health and fitness clubs
Tower Bridge, St. Pauls, City and Holborn.
For membership visit www.grangehealthclubs.com
GRANGE HEALTH CLUBS
The diet that
weans you off
junk food love
The single women of 2012 need this
book. Its fun, feminist and above all,
its jolly useful, says Antonia Senior
THE MAN DIET
BY ZOE STRIMPEL
Avon, 7.99
hhhii
T
ODAYs young women are the
daughters of the 1970s feminist
pioneers; were liberated, finan-
cially independent, successful.
There are no ceilings we cant shatter,
no asses we cant kick. And yet.
Something has gone wrong.
A new generation of feminists argue
that we have defeated the patriarchy,
only to enslave ourselves voluntarily in
a depressing, seedy world which wor-
ships all things sexual. This raunch
culture feeds on sexualised, porn-
tinged notions of femininity that
insists real women put out and love it.
Into this debate wades Zoe Strimpel,
lifestyle editor of these pages. In The
Man Diet, Zoe asks a pertinent ques-
tion: is this really fun? How have we
come to define soul-less one night
stands and drunken groping with
strangers as a good laugh?
Zoes questions are discomfiting.
Most young women will recognise the
deft portraits she draws of life on the
lash. The waking up with a stranger;
the self-loathing that warps into a
comedy anecdote for your girlfriends
over a drink; that turns into ten drinks
and a lonely prowl around a dance-
floor looking for a man, any man.
She calls it Junk Food Love. We satis-
fy our justified desires for nourishing
relationships with quick fixes of
greasy, unsatisfying nosh. The Man
Diet is Zoes answer. She defines it as
a diet in which you take a break from
chowing down on men literally and
otherwise.
Borrowing from diet manuals, Zoe
subverts the clichs by coming up
with a mix n match set of rules for
cutting out junk food love. These
range from Refuse to Have No Strings
Attached Sex (NSA) to Do Not
Pursue.
In other hands, the rules could be
preachy. The argument in favour of
modern female culture is that women
have moulded it themselves.
Empowerment is about choices; not
about self-appointed feminist gurus
telling the girls what to do. The Man
Diet, however, is not a remotely sancti-
monious tome. It is helped by Zoes
personal input. Zoe has been there.
Shes binged on junk food love and
cocktails. She struggles with the rules
herself.
All young, single women should
read this book. In its elegant and wry
way, it encourages some serious intro-
spection.
Are we empowered, or have we just
constructed new mental cages ones
which just happen to be very conven-
ient for men who like all manner of
physical gratification with hot chicks?
Zoe Strimpel is the Lifestyle Editor of
City A.M.
Zoe Strimpel says
women should be
people first,
singeltons second.
Picture: Laura
Lean/City A.M.
25
A trite portrayal of war, and
a horse that (gasp!) cant act
Film
WAR HORSE
Cert: 12A
hhIII
W
AR Horse, Stephen Spielbergs
latest, shouldnt be a film about
horses, but it is. As a film, in
which a boys beloved horse is
sold to war and passes through the hands
of a series of owners all caught up in war,
it did nothing for me. Horses cannot act,
they cannot really convey emotion, and
even Spielberg cant create chemistry
between them. The theatre production
that preceded the movie version was such
a hit presumably because it starred
humans conveying a story through horse-
among a group of actors in roles, including
Tom Hiddleston (Thor), David Thewlis
(Harry Potter), Celine Buckens, and Emily
Watson (Red Dragon) who are all brilliant-
ly cast and who are eminently watchable.
The central character, however, is played by
Jeremy Irvine as the boy, whose perform-
ance is weak.
This ought to be a film about love, loss,
sacrifice, and the meaningless of conflict.
The horses are a device for exploring seri-
ous emotions, but here Spielberg has
focused too much on the animals them-
selves. The beautiful cinematography,
sweeping and emotional score, excellent
costumes effects, and well-designed sets
make War Horse easy viewing most of the
time. Certainly Spielberg suffers from cre-
ating high expectations because there is
nothing awful about the film, but the
movie is a missed opportunity, and misses
the point. Rupert Myers
shaped puppets. Real horses, as it turns
out, are bad actors.
As a film about war, War Horse is at
turns simplistic and confused in its por-
trayal of conflict. It shows war as a horrif-
ic catastrophe on an epic scale, yet
introduces comic turns during scenes in
the trenches. I suspect that Spielberg was
conscious that the audience this film aims
for is a youthful one, and was striving to
portray war as both awful and yet some-
how approachable for a young audience.
The film fails to achieve this balance, and
is left see-sawing between levity and gravi-
ty. At one point it becomes so gruesome in
a scene involving barbed wire, that I felt
like leaving the cinema. In other scenes
the film exercises well-judged discretion
in hiding the act of killing itself but leav-
ing the emotional impact.
The acting is similarly unbalanced.
Benedict Cumberbatch (Sherlock) is
Film
SHAME
Cert: 18
hhhhI
This is a triumphant, unflinching study of the empti-
ness of sex addiction. Michael Fassbender is Brandon
Sullivan, the New York City man with the great job,
beautiful apartment and an ability to pick up women
before they can say hey, do you need a lift? However,
his is a joyless, emotionless existence. A man
unaware of his own lack of feeling, from blankly mas-
turbating to blankly watching porn over an upmar-
ket takeaway, it's only when his sister Sissy, (Carey
Mulligan), turns up that Brandon is exposed and the
shame sets in. Sissy is the warts-and-all embodiment
of everything he is not; hysterically begging ex-
boyfriends, falling in love with everyone she sleeps
with. Her childlike affection is counteracted by
Brandons inability to connect, manifesting itself in
disgust. Director Steve McQueen demonstrates the
desperate importance of relationships, as messy,
fragile and fractured as they are. SM
Film
THE DARKEST HOUR
Cert: 12A
hhhII
Another forgettable blockbuster featuring people
avoiding being vaporized by aliens. This time, a disas-
trous business trip in Moscow for Sean (Emile
Hirsch) and his more intelligent partner (Max
Minghella) gets cut short by an extra-terrestrial inva-
sion. After four days barricaded below a nightclub
with hot girls and the guy who, earlier that day, stole
their business idea, they resurface to find every-
where decimated by aliens. The inconsistencies are
as numerous as the invaders. But the real problem
comes from how unthreatening the aliens are.
Feeding off electricity, they spark light bulbs while
floating around the streets, invisible except when,
inexplicably, you can see them. It all looks a bit like a
British Gas advert. Sadly the films finale is also a
shambles, full of bewildering decisions, hilarious
cliche. If it's intelligently written and gripping action
you're after, give this one a miss. SM
Film
IN SEARCH OF HAYDN
Cert: 12A
hhIII
After the critically-acclaimed In Search of Mozart
and In Search of Beethoven, documentary film-
maker Phil Grabsky turns his hand to Austrian
composer Joseph Haydn. While Beethoven and
Mozart may be better known, they were heavily
influenced by Haydn. As Grabsky tracks his
extensive career, featuring performances by the
world-renowned Endellion String Quartet, as well as
interviews with a wide range of experts, he
attempts to show that Haydn is, in some ways,
equal to those he influenced. From a humble
background, the composers work ethic and musical
simplicity is admirable; his masterpieces excellent.
But he just isnt in the same league as Mozart or
Beethoven. Occasional anecdotes aside, his personal
life also fails to grip. The film is well executed and
diverting, but cant help lacking the punch of the
previous two. Stevie Martin
Film
MARGIN CALL
Cert: 15A
hhhhI
ITS 2008 and were in a Manhattan
skyrise, in the offices of a bank that may
or may not be based on Lehman Brothers.
All hell is about to break loose when, fol-
lowing a round of sackings, a USB stick
emerges from now-ex employee Eric Dale
(Stanley Tucci). As he puts the drive in
the hands of junior analyst and maths
genius Peter Sullivan (Zachary Quinto), he
says be careful as the lift door closes.
Staying late at work that night,
Sullivan opens the drive, crunches some
numbers on an unfinished formula and
sees a heinous catastrophe. Calling in his
superiors, he sets in motion a chain of
events that will change not just the lives
of bankers, but those of the nation and
beyond forever.
This is director J.C. Chandors first fea-
ture film, and it is a small-budget art-
house affair. There is no sex, no violence
and no police chases. There is, on the
other hand, a watertight sequence of riv-
eting action and a cast that would make
most directors cry (and their pockets
groan), including Kevin Spacey, Jeremy
Irons, Stanley Tucci, Demi Moore and
Paul Bettany. Oscar nominations are in
the pipeline, if whispers are to be
believed.
Margin Call deserves the whispers. It
is a lean film: all muscle, all thrust. Above
all, it refuses to portray bankers as
greedy monsters. As the house of cards
tumbles, we see that they are human and
full of nerves, anxiety, fear and indecision.
Their intelligence, desire for survival and
in the case of Spaceys long-serving direc-
tor sense of right and wrong are pitted
against powerful forces and the horrible
catch-22 they now find themselves in.
Much of the action takes place in the
early hours as Ironss CEO John Tuld (that
name may remind you of someone)
grasps the situation, then chooses an
inevitably grisly some would say inhu-
man course of action.
City veterans may find flaw in the
details, but this is a film about action, act-
ing and history that is both absorbing and
highly enjoyable to watch.
Zoe Strimpel
Spacey and
Irons shine
in banking
crash movie
Benedict
Cumberbatch in
War Horse.
Spacey as a banker in crisis mode.
T
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R
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S
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I
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THE GRAHAMNORTON SHOW
BBC1, 10.35PM
Madonna reflects on her life and
career, and is joined by James DArcy
and Andrea Riseborough, the stars of
WE, which she directed.
DARTS: BDO WORLD
CHAMPIONSHIPS BBC2, 11.05PM
Colin Murray presents highlights of
the remaining two quarter-finals on
day seven at the Lakeside Country
Club in Frimley Green.
MILTON JONESS HOUSE OF
ROOMS CHANNEL4, 10.30PM
Comedy, starring Milton Jones as a
man who lives with his mother in an
old house and rents out the spare
rooms to tenants.
BBC1
SKY SPORTS 1
7pmSky Sports News at Seven
7.30pmLive European Cup Rugby
Union 10pmTake It Like a Fan
10.30pmPremier League Preview
11pmFootball League Weekend
12amTest Cricket 1amPremier
League Preview1.30amFootball
League Weekend 2.25am-6am
Live Test Cricket
SKY SPORTS 2
6pmEuropean Tour Golf 8pm
PGA Tour Golf 10pmEuropean
Tour Golf 12amLive PGA Tour
Golf 3.30amTake It Like a Fan
4amPremier League Preview
4.30amFootball League Weekend
5.30am-6amTake It Like a Fan
SKY SPORTS 3
7pmTight Lines 8pmTest Cricket
9pmFootball League Weekend
10pmWWE: Late Night
Smackdown 12amWWE: Late
Night Bottom Line 1am
European Cup Rugby Union
3.30amNFL 4.30amTight Lines
5.30am-6amPowerboating
BRITISH EUROSPORT
6.30pmSki Jumping 7.15pmLive
Dakar Rally 7.45pmMotoGP
10.45pmDakar Rally 11.30pm
Motorcycling 12.30am-1.15am
Dakar Rally
ESPN
6.30pmLive Darts: BDO World
Championships 10pmPremier
League 10.30pmItalian Football
11pmGoal! Special 11.30pmPress
Pass 2012 12amLive Caribbean
Twenty20 Cricket 3.30amICC
Cricket World Magazine 4am
Euroleague Basketball Magazine
4.30amFIBA Basketball 5amFIS
Alpine Ski World Cup Report
5.30am-6amSnowboard FIS
World Cup Magazine
SKY LIVING
7pmCriminal Minds 8pmBigger
Than Lady Gaga 9pmCriminal
Minds 10pmCSI: Crime Scene
Investigation 11pmBones 12am
CSI: Crime Scene Investigation
1.50amCriminal Minds 2.40am
My Wife and Kids 3.30amBones
4.20amNothing to Declare
5.10am-6amJerry Springer
BBC THREE
7pmTop Gear USA 8.30pmThe
Real Hustle: Celebrity Scammers
9pmRussell Howards Good News
9.30pmWorlds Craziest Fools
10pmEastEnders 10.40pmFamily
Guy 11.25pmAmerican Dad!
12.10amBizarre Crime 12.40am
Russell Howards Good News
1.10amWorlds Craziest Fools
1.40amThe Real Hustle: Celebrity
Scammers 2.10amSkin Deep:
The Business of Beauty
4.40am-5.10amBizarre Crime
E4
7pmHollyoaks 7.30pmHow I Met
Your Mother 8pmDesperate
Scousewives 9pmWorlds
Greatest Body Shockers 11.10pm
Playing It Straight 12.15amThe
Big Bang Theory 1.15amScrubs
2.05amHow I Met Your Mother
2.30amRules of Engagement
2.50amGreek 3.30amWildfire
4.15am-6amSwitched
HISTORY
7pmStorage Wars 7.30pmPawn
Stars 8pmIRT Deadliest Roads:
The Andes 9pmStorage Wars
10pmCash Cowboys 11pmHow
London Was Built 12amThe True
Story 1amCash Cowboys 2am
How London Was Built 3am
Clash of the Gods 4amTony
Robinson Down Under 5am-6am
American Pickers
DISCOVERY
7pmMythbusters 8pmBear
Grylls: Born Survivor 9pmOne
Man Army 10pmAmerican
Chopper: Senior Versus Junior
11pmDeadliest Catch 12amBear
Grylls: Born Survivor 1amOne
Man Army 2amAmerican
Chopper: Senior Versus Junior
3amWheeler Dealers 3.50am
Mythbusters 4.40amMore
Industrial Revelations
5.30am-6amDestroyed in
Seconds
DISCOVERY HOME &
HEALTH
7pmSupernanny USA 8pmJon
and Kate Plus 8 9pm19 Kids and
Counting 10pmSister Wives 11pm
Emergency 12am19 Kids and
Counting 1amSister Wives 2am
Emergency 3amSupernanny USA
4amA Baby Story 5am-6am
Bringing Home Baby
SKY1
8pmFuturama 8.30pmThe
Simpsons 9pmStella 10pm
A League of Their Own Unseen
11pmRoss Kemp Back on the
Frontline 12amDog the Bounty
Hunter 1amCop Squad 2.40am
Road Wars 4.20amProject
Catwalk 5.10am-6amDont
Forget the Lyrics
BBC2 ITV1 CHANNEL4 CHANNEL5
S
A
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E
L
L
I
T
E
&
C
A
B
L
E
TVPICK
6pmBBC News
6.30pmBBC London News
7pmThe One Show; BBC News
8pmEastEnders
8.40pmFake Britain
9pmHustle
10pmBBC News
10.25pmRegional News
10.35pmCHOICE The Graham
Norton Show
11.20pmThe National Lottery
Friday Night Draws 11.30pmFILM
The Brothers Grimm. 2005. 1.20am
Weatherview1.25amSign Zone:
Question Time 2.25amJames
Mays Man Lab 3.25am
MasterChef: The Professionals
4.25am-6amBBC News
6pmEggheads
6.30pmGreat British Railway
Journeys
7pmGreat Barrier Reef
8pmThe Great Sport Relief
Bake Off
9pmSicily Unpacked
10pmQI: With Jo Brand, Ben
Goldacre, Andy Hamilton and
Alan Davies.
10.30pmNewsnight
11pmWeather
11.05pmCHOICE Darts:
BDO World Championships
11.55pmDarts Extra
1.55amBBC News 4.25am-6am
Close
6pmLondon Tonight
6.30pmITV News
7pmEmmerdale
7.30pmCoronation Street
8pmSafari Vet School
8.30pmCoronation Street
9pmLaw & Order: UK
10pmITV News at Ten
10.30pmLondon News
10.35pmFILMTrue Crime.
1999.
12.55amThe Zone; ITV News
Headlines
2.55amFILMNew York Minute:
Family comedy, starring Mary-Kate
and Ashley Olsen. 2004.
4.25am-5.30amITV Nightscreen
6pmThe Simpsons
6.30pmHollyoaks
7pmChannel 4 News
7.30pm4thought.tv
7.35pmCome Dine with Me
8.30pmNew Girl
9pmThe Million Pound Drop
Live
10.30pmCHOICE Milton
Joness House of Rooms
11pmRude Tube: Mashed n Mixed
12.05amFILMCandyman:
Farewell to the Flesh. 1995. 1.45am
Random Acts 1.50amMy Name Is
Earl 2.35amHung 3.05amDogs
Mercury 3.30amSt Elsewhere
4.20amPhils Empty Homes
Giveaway 5.15am-6amCountdown
5.30pmCSI: Crime Scene
Investigation
6.30pm5 News at 6.30
7pmEddie Stobart: Trucks and
Trailers; 5 News Update
8pmWorlds Toughest Trucker;
5 News at 9
9pmCelebrity Big Brother:
Live Eviction
10pmCelebrity Wedding
Planner
11pmCelebrity Big Brothers Bit on
the Side 12amSuperCasino 4am
Motorsport Mundial 4.25am
Michaelas Wild Challenge
4.50amMichaelas Wild Challenge
5.15amWildlife SOS 5.35am-6am
Wildlife SOS
1 2 3 4 5 6
7
8 9 10
11 12
13 14 15
16 17
18 19 20
21
22 23 24 25
26
27 28
21 6
16 10
8 37
14 29
21 6
36
22 19
10 12
22 12
23 35
3 7
30
11
24
13
6
44
21
28
4
8
7
27
13
37
13
12
36
24
11
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 Low land that is
seasonally ooded (5)
3 Measure the depth of (5)
7 Inuence unfairly (4)
8 Egyptian water lily (5)
10 Large water jugs with
wide spouts (5)
11 Support for a table (3)
13 One of two actors who
are given the same
status in a lm (2-4)
15 Implores (4)
16 Crazy (3)
18 Standard (4)
19 Bunch of cords fastened
at one end (6)
21 Young newt (3)
22 German empire (5)
25 Ofering of a tenth part of
some personal income (5)
26 Loose earth (4)
27 Belgian city (5)
28 Shafts of light (5)
DOWN
1 Willpower,
restraint (4-7)
2 Cast of hair, skin
or feathers (5)
3 Food in a pastry
shell (3)
4 Collection of
rules imposed by
authority (3)
5 Devoid of practical
purpose (7)
6 Books that retail in
large numbers (11)
9 Line formed by joining
two pieces (4)
12 Frame of iron bars
to hold a re (5)
14 Conjecture (7)
17 Foolish (4)
20 Gateway in a fence (5)
23 Part of a gear
wheel (3)
24 Hasten (3)
O
H
H
R
S T
O
N
R

4
4

4

4

O X B O W U S H E R
R E H E L
T A A L M A N A C
E N T I R E M T
G L F A C A D E
A C E S K N O D E
I S O B A R O A
C C G E N D E R
R A N C H E R L T
D E U E H
C A D R E N A S T Y
8 7 9 6 7 3 5 1
6 9 8 1 9 8 7 2
5 2 1 9 6 4
2 9 3 2 8 9 8
3 8 9 3 7 1 2
1 5 4 8 7 9 2 3 6
1 2 6 5 6 8 9
9 6 9 4 8 1 3
7 4 1 6 7 2
8 7 9 2 9 4 6 8
5 3 2 1 4 1 2 3
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter word was
EXTORTION
Lifestyle | TV&Games
CITYA.M. 13 JANUARY 2012 26
27
Wealth Management
CITYA.M. 12 JANUARY 2012
LON GD ONCE FIX AM...........1652.50 11.50
SILVER LDN FIX AM ..................30.42 0.43
MAPLE LEAF 1 OZ ....................32.81 0.30
LON PLATINUM AM................1500.00 15.00
LON PALLADIUM AM...............641.00 0.00
ALUMINIUM CASH .................2134.00 -3.00
COPPER CASH ......................7689.00 48.50
LEAD CASH...........................1968.00 -30.00
NICKEL CASH......................19355.00 -45.00
TIN CASH.............................20250.00 225.00
ZINC CASH ............................1909.50 -2.50
BRENT SPOT INDEX................113.37 0.59
SOYA .....................................1197.50 -26.25
COCOA..................................2350.00 17.00
COFFEE...................................234.90 8.95
KRUG.....................................1724.20 17.30
WHEAT ....................................153.45 -2.88
AIR LIQUIDE........................................97.34 -0.39 100.65 80.90
ALLIANZ..............................................78.43 1.38 108.85 56.16
ANHEUS-BUSCH INBEV ....................47.73 0.13 48.35 33.85
ARCELORMITTAL...............................15.34 0.26 28.55 10.47
AXA......................................................10.48 0.07 16.16 7.88
BANCO SANTANDER...........................5.68 -0.04 9.20 5.05
BASF SE..............................................58.20 0.70 70.22 42.19
BAYER.................................................53.87 0.87 59.44 35.36
BBVA......................................................6.33 0.05 9.17 4.94
BMW ....................................................59.40 0.47 73.85 43.49
BNP PARIBAS.....................................31.01 1.01 59.93 22.72
CARREFOUR ......................................16.63 -0.11 31.98 14.66
CRH PLC .............................................14.96 -0.08 17.40 10.28
DAIMLER.............................................38.17 -0.05 59.09 29.02
DANONE..............................................47.56 -0.83 53.16 41.92
DEU.BOERSE OFFRE ........................42.76 1.35 55.75 35.46
DEUTSCHE BANK..............................28.51 0.57 48.70 20.79
DEUTSCHE TELEKOM.........................8.95 0.00 11.38 7.88
E.ON.....................................................16.45 -0.21 25.54 12.50
ENEL......................................................3.12 0.03 4.86 2.78
ENI .......................................................16.41 -0.09 18.66 11.83
FRANCE TELECOM............................11.81 -0.12 16.65 11.12
GDF SUEZ ...........................................21.23 -0.03 30.05 17.65
GENERALI ASS...................................12.24 0.29 17.05 10.34
IBERDROLA..........................................4.66 -0.03 6.10 4.16
INDITEX ...............................................64.73 -0.69 69.40 50.92
ING GROEP CVA...................................6.20 0.22 9.50 4.21
INTESA SANPAOLO.............................1.24 0.05 2.47 0.85
KON.PHILIPS ELECTR.......................14.48 -0.12 25.45 12.01
L'OREAL..............................................80.96 -0.72 91.24 68.83
LVMH..................................................114.30 0.70 132.65 94.16
MUNICH RE.........................................96.96 0.67 126.00 77.80
NOKIA....................................................4.13 -0.02 8.49 3.33
REPSOL YPF.......................................22.03 -0.17 24.90 17.31
RWE.....................................................27.90 -0.19 55.70 21.15
SAINT-GOBAIN...................................31.65 0.21 47.64 26.07
SANOFI ................................................55.88 -0.59 57.42 42.85
SAP......................................................41.45 -0.39 46.15 32.88
SCHNEIDER ELECTRIC.....................44.95 -0.07 61.83 35.00
SIEMENS .............................................75.67 0.17 99.39 62.13
SOCIETE GENERALE.........................16.30 0.40 52.70 14.32
TELECOM ITALIA..................................0.86 0.01 1.16 0.70
TELEFONICA ......................................13.40 0.02 18.75 12.50
TOTAL..................................................39.05 -0.83 44.55 29.40
UNIBAIL-RODAMCO SE...................138.30 -0.20 162.95 123.30
UNICREDIT............................................2.90 0.35 12.06 2.20
UNILEVER CVA...................................25.57 -0.16 27.16 20.90
VINCI ....................................................35.40 -0.09 45.48 28.46
VIVENDI ...............................................15.99 -0.02 22.07 14.10
VOLKSWAGEN VORZ ......................128.80 2.50 152.20 86.40
Price Chg High Low
EUSHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 5662.42 -8.40 -0.15
FTSE 250 INDEX . . . . . . . 10466.45 93.89 0.91
FTSE UK ALL SHARE . . . . 2911.48 0.18 0.01
FTSE AIMALL SH . . . . . . . . 734.14 5.10 0.70
DOWJONES INDUS 30 . . 12471.02 21.57 0.17
S&P 500 . . . . . . . . . . . . . . . 1295.50 3.02 0.23
NASDAQ COMPOSITE . . . 2724.70 13.94 0.51
FTSEUROFIRST 300 . . . . . 1018.78 -3.19 -0.31
NIKKEI 225 . . . . . . . . . . . . . 8385.59 -62.29 -0.74
DAX 30 PERFORMANCE. . 6179.21 26.87 0.44
CAC 40 . . . . . . . . . . . . . . . . 3199.98 -4.85 -0.15
SHANGHAI SE INDEX . . . . 2275.01 -1.04 -0.05
HANG SENG. . . . . . . . . . . 19095.38 -56.56 -0.30
S&P/ASX 20 INDEX . . . . . . 2519.80 -8.10 -0.32
ASX ALL ORDINARIES . . . 4238.40 -4.50 -0.11
BOVESPA SAO PAOLO. . 59992.35 29.95 0.05
ISEQ OVERALL INDEX . . . 2919.30 -27.89 -0.95
STRAITS TIMES . . . . . . . . . 2743.66 -3.47 -0.13
IGBM. . . . . . . . . . . . . . . . . . . 874.79 1.65 0.19
SWISS MARKET INDEX. . . 6018.07 10.03 0.17
Price Chg %chg
3M........................................................84.28 0.51 98.19 68.63
ABBOTT LABS ...................................55.16 -0.26 56.84 45.07
ALCOA ..................................................9.93 0.30 18.47 8.45
ALTRIA GROUP..................................28.84 0.00 30.40 23.20
AMAZON.COM..................................175.93 -2.97 246.71 160.59
AMERICAN EXPRESS........................49.65 0.70 53.80 41.30
AMGEN INC.........................................67.54 1.14 67.78 47.66
APPLE...............................................421.39 -1.16 427.75 310.50
AT&T....................................................30.12 0.13 31.94 27.20
BANK OF AMERICA.............................6.79 -0.08 15.31 4.92
BERKSHIRE HATAW B.......................78.50 0.50 87.65 65.35
BOEING CO.........................................75.51 0.77 80.65 56.01
BRISTOL MYERS SQUI ......................34.12 0.02 35.44 20.05
CATERPILLAR..................................101.94 2.30 116.55 67.54
CHEVRON.........................................104.97 -2.80 110.99 86.68
CISCO SYSTEMS................................19.15 0.08 22.34 13.30
CITIGROUP.........................................31.60 0.33 51.50 21.40
COCA-COLA.......................................67.57 -0.49 71.77 61.29
COLGATE PALMOLIVE......................88.55 0.04 94.89 74.86
CONOCOPHILLIPS.............................70.76 -1.25 81.80 58.65
CVS/CAREMARK................................42.15 0.11 42.40 31.30
DU PONT(EI) DE NMR........................48.10 0.80 57.00 37.10
EXXON MOBIL....................................84.74 -0.34 88.23 63.47
GENERAL ELECTRIC.........................18.93 0.05 21.65 14.02
GOOGLE A........................................629.64 3.68 670.25 473.02
HEWLETT PACKARD.........................26.95 0.32 49.39 19.92
HOME DEPOT.....................................43.39 -0.07 43.66 28.13
IBM.....................................................180.55 -1.77 194.90 146.75
INTEL CORP .......................................25.75 -0.05 26.78 19.16
J.P.MORGAN CHASE.........................36.85 0.19 48.36 27.85
JOHNSON & JOHNSON.....................65.23 0.10 68.05 57.50
KRAFT FOODS A................................38.22 0.29 38.27 24.30
MC DONALD'S CORP ......................100.57 0.64 101.59 72.14
MERCK AND CO. NEW......................38.61 0.20 39.00 29.47
MICROSOFT........................................28.00 0.28 29.46 23.65
OCCID. PETROLEUM.........................97.82 1.24 117.89 66.36
ORACLE CORP...................................27.17 0.28 36.50 24.72
PEPSICO.............................................64.62 -0.39 71.89 58.50
PFIZER ................................................21.99 0.09 22.00 16.63
PHILIP MORRIS INTL .........................76.45 -0.15 79.96 55.92
PROCTER AND GAMBLE ..................65.81 0.13 67.72 56.57
QUALCOMM INC ................................56.33 0.71 59.84 45.98
SCHLUMBERGER ..............................69.70 -0.46 95.64 54.79
TRAVELERS CIES..............................59.80 -0.10 64.17 45.97
UNITED TECHNOLOGIE ....................77.24 0.54 91.83 66.87
UNITEDHEALTH GROUP...................52.87 -0.14 53.50 38.34
VERIZON COMMS ..............................38.92 0.02 40.48 32.28
WAL-MART STORES..........................59.50 0.10 61.06 48.31
WALT DISNEY CO ..............................38.73 0.03 44.34 28.19
WELLS FARGO & CO.........................29.61 -0.01 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 ..................0.288 0.00
LIBOR Euro - 12 months ................1.820 -0.01
LIBOR USD - overnight...................0.147 0.00
LIBOR USD - 12 months .................1.119 0.00
HaIifax mortgage rate .....................3.990 -0.02
Euro Base Rate ...............................1.500 0.00
Finance house base rate................1.500 0.00
US Fed funds...................................0.250 0.00
US Iong bond yieId .........................2.950 -0.04
European repo rate.........................0.180 0.00
Euro Euribor ....................................0.497 -0.01
The vix index ...................................21.05 0.16
The baItic dry index ........................1.193 -0.06
Markit iBoxx...................................242.33 0.42
Markit iTraxx..................................175.59 2.68
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
USSHARES
BAE Systems . . . . . .302.3 -5.7 361.1 248.1
Chemring Group . . . .427.6 14.3 736.5 368.8
Cobham . . . . . . . . . . .187.6 1.8 236.5 165.9
Meggitt . . . . . . . . . . . .367.2 1.0 397.6 304.9
QinetiQ Group . . . . . .136.0 1.4 138.2 101.5
RoIIs-Royce Group . .763.0 -2.0 780.0 557.5
Senior . . . . . . . . . . . . .181.0 -1.5 190.6 132.6
UItra EIectronics . . .1542.0 41.0 1830.0 1305.0
GKN . . . . . . . . . . . . . .198.7 2.1 245.0 157.0
BarcIays . . . . . . . . . . .193.5 3.2 333.6 138.9
HSBC HoIdings . . . . .499.6 -4.0 730.9 463.5
LIoyds Banking Gr . . .29.2 1.0 69.6 21.8
RoyaI Bank of Sco . . .23.0 1.2 49.0 17.3
Standard Chartere .1447.0 14.0 1744.5 1169.5
AG Barr . . . . . . . . . .1199.0 23.0 1395.0 1031.0
Britvic . . . . . . . . . . . . .332.2 -0.4 465.6 289.9
Diageo . . . . . . . . . . .1399.5 0.5 1428.0 1112.0
SABMiIIer . . . . . . . . .2345.5 38.0 2354.5 1979.0
AZ EIectronic Mat . . .264.0 0.7 338.1 206.1
Croda Internation . .1909.0 44.0 2081.0 1456.0
EIementis . . . . . . . . . .145.7 2.1 187.4 107.5
Johnson Matthey . .2044.0 35.0 2119.0 1523.0
Victrex . . . . . . . . . . .1207.0 25.0 1590.0 1025.0
YuIe Catto & Co . . . . .180.9 0.5 253.0 148.0
C/$ 1.2835 0.0126
C/ 0.8340 0.0078
C/ 98.469 0.7574
/C 1.1948 0.0112
/$ 1.5332 0.0005
/ 117.64 0.2000
FTSE 100
5662.42
8.40
FTSE 250
10466.45
93.89
FTSE ALLSHARE
2911.48
0.18
DOW
12471.02
21.57
NASDAQ
2724.70
13.94
S&P 500
1295.50
3.02
RPC Group . . . . . . . .381.0 -6.9 387.9 231.5
Smiths Group . . . . . .955.0 -4.5 1429.0 869.5
Brown (N.) Group . . .229.8 0.0 311.2 226.8
Carpetright . . . . . . . . .540.5 12.5 835.5 375.0
Debenhams . . . . . . . . .62.8 0.9 74.8 51.2
Dignity . . . . . . . . . . . .829.5 -2.0 854.5 648.5
Dixons RetaiI . . . . . . . .9.8 0.1 23.7 9.4
DuneImGroup . . . . . .448.4 3.9 524.5 383.9
HaIfords Group . . . . .301.1 7.8 420.0 268.6
Home RetaiI Group . . .83.0 -4.3 235.0 72.5
Inchcape . . . . . . . . . .305.0 1.4 425.4 268.1
JD Sports Fashion . .682.0 -9.0 1030.0 570.0
Kesa EIectricaIs . . . . .68.7 2.9 160.0 60.2
Kingfisher . . . . . . . . .251.1 -4.4 287.1 217.0
Marks & Spencer G . .315.6 -6.5 402.2 301.8
Next . . . . . . . . . . . . .2595.0 -3.0 2810.0 1868.0
Sports Direct Int . . . .234.0 4.4 266.2 159.0
WH Smith . . . . . . . . . .523.0 -2.0 558.0 433.8
Smith & Nephew . . . .596.0 -7.5 742.0 521.0
Synergy HeaIth . . . . .857.5 -0.5 981.0 808.0
Barratt DeveIopme . .107.2 10.2 119.0 67.5
BeIIway . . . . . . . . . . . .734.0 13.5 776.5 540.5
BerkeIey Group Ho .1301.0 18.0 1360.0 884.5
BaIfour Beatty . . . . . .278.1 0.3 357.3 214.6
CRH . . . . . . . . . . . . .1250.0 7.0 1700.0 1053.0
GaIIiford Try . . . . . . . .479.3 4.3 530.0 307.5
Kier Group . . . . . . . .1404.0 23.0 1458.0 1097.0
Drax Group . . . . . . . .539.0 -15.5 581.5 371.9
SSE . . . . . . . . . . . . . .1263.0 -1.0 1423.0 1159.0
Domino Printing S . .537.5 -2.5 705.0 434.3
HaIma . . . . . . . . . . . . .338.3 -0.3 429.6 306.3
Laird . . . . . . . . . . . . . .155.1 0.9 207.0 127.9
Morgan CrucibIe C . .292.4 10.4 357.1 224.0
Oxford Instrument . .915.0 -25.0 1010.0 600.5
Renishaw . . . . . . . . .1116.0 49.0 1886.0 800.0
Spectris . . . . . . . . . .1410.0 32.0 1679.0 1039.0
Aberforth SmaIIer . . .534.0 8.5 714.0 494.0
AIIiance Trust . . . . . .354.0 2.1 392.7 310.2
Bankers Inv Trust . . .397.0 1.0 428.0 346.5
BH GIobaI Ltd. GB .1195.0 3.0 1212.0 1058.0
BH GIobaI Ltd. US . . . .12.0 -0.0 12.2 10.4
BH Macro Ltd. EUR . . .19.8 -0.2 20.2 16.1
BH Macro Ltd. GBP 2065.0 6.0 2078.0 1661.0
BH Macro Ltd. USD . . .19.8 -0.1 20.2 16.1
BIackRock WorId M .670.5 5.5 815.5 574.5
BIueCrest AIIBIue . . .166.7 -0.7 176.2 162.4
British Assets Tr . . . .120.0 0.0 139.8 109.0
British Empire Se . . .431.5 3.5 533.0 404.0
CaIedonia Investm .1418.0 14.0 1905.0 1337.0
City of London In . . .287.0 1.0 306.9 257.0
Dexion AbsoIute L . .137.2 -0.3 151.0 130.0
Edinburgh Dragon . .227.0 0.1 261.5 201.4
Edinburgh Inv Tru . . .479.2 -0.1 492.2 414.9
EIectra Private E . . .1475.0 0.0 1755.0 1287.0
F&C Inv Trust . . . . . .294.0 0.5 327.9 261.5
FideIity China Sp . . . . .75.4 -0.1 119.0 70.0
FideIity European . .1019.0 11.0 1287.0 912.0
HeraId Inv Trust . . . . .474.2 3.7 545.5 419.0
HICL Infrastructu . . . .118.4 0.0 121.3 112.7
Impax Environment . .96.8 0.6 128.6 88.5
John Laing Infras . . .109.1 0.1 109.5 103.4
JPMorgan American .892.5 -2.0 916.0 721.5
JPMorgan Asian In . .189.8 0.3 245.8 170.1
JPMorgan Emerging .528.5 3.0 632.5 480.1
JPMorgan European .679.5 10.5 983.5 624.0
JPMorgan Indian I . . .343.0 2.0 468.9 313.1
JPMorgan Russian .518.5 4.5 750.0 415.1
Law Debenture Cor . .341.0 2.8 385.0 321.0
MercantiIe Inv Tr . . . .878.5 5.5 1137.0 823.0
Merchants Trust . . . .370.0 -3.0 431.8 341.5
Monks Inv Trust . . . .317.2 0.3 367.9 298.1
Murray Income Tru . .628.5 0.5 673.0 568.0
Murray Internatio . . .948.0 1.0 991.5 818.5
PerpetuaI Income . . .258.0 -0.4 276.0 236.5
PersonaI Assets T .33950.0-140.0 34090.030210.0
PoIar Cap TechnoI . .328.6 0.1 391.2 299.5
RIT CapitaI Partn . . .1196.0 -10.0 1360.0 1173.0
Scottish Inv Trus . . . .469.0 5.1 524.0 417.0
Scottish Mortgage . .614.5 5.0 781.0 565.0
SVG CapitaI . . . . . . . .218.0 1.2 279.8 165.1
TempIe Bar Inv Tr . . .871.0 -8.0 952.0 791.0
TempIeton Emergin .574.5 4.5 684.5 497.0
TR Property Inv T . . .144.8 2.4 206.1 136.2
TR Property Inv T . . . .61.5 0.4 94.0 59.8
Witan Inv Trust . . . . .454.3 0.7 533.0 401.5
3i Group . . . . . . . . . . .177.5 3.6 332.0 166.9
3i Infrastructure . . . .120.3 -0.2 124.0 113.1
Aberdeen Asset Ma .221.3 3.2 240.0 167.8
Ashmore Group . . . .340.8 14.9 420.0 301.5
Brewin DoIphin Ho . .143.1 1.0 185.4 113.7
CameIIia . . . . . . . . . .9535.0-108.010950.08800.0
CharIes TayIor Co . . .125.1 -0.6 165.0 115.6
City of London Gr . . . .64.5 0.5 93.6 61.3
City of London In . . .332.3 -0.3 458.3 304.3
CIose Brothers Gr . . .612.0 7.0 887.0 590.0
CoIIins Stewart H . . . .91.5 0.0 92.0 48.5
F&C Asset Managem .61.6 1.0 92.5 56.1
Hargreaves Lansdo .424.8 1.0 646.5 402.5
HeIphire Group . . . . . . .1.8 -0.0 17.4 1.4
Henderson Group . . .103.9 0.4 173.1 95.1
Highway CapitaI . . . . .12.5 0.0 21.0 6.5
ICAP . . . . . . . . . . . . . .322.6 6.4 570.5 311.6
IG Group HoIdings . .482.3 14.0 526.5 393.6
Intermediate Capi . . .247.3 8.6 360.3 197.9
InternationaI Per . . . .151.1 0.7 388.8 149.5
InternationaI Pub . . . .119.5 0.4 121.5 108.6
Investec . . . . . . . . . . .349.9 6.5 534.0 318.4
IP Group . . . . . . . . . . . .82.0 -0.5 82.8 32.2
Jupiter Fund Mana . .194.5 1.8 337.3 184.9
Liontrust Asset M . . . .76.1 0.0 87.5 57.9
LMS CapitaI . . . . . . . . .55.5 -0.3 64.8 49.0
London Finance & . . .23.5 0.0 23.5 19.0
London Stock Exch .847.5 35.5 1076.0 756.5
Lonrho . . . . . . . . . . . . .10.5 -0.3 19.8 8.9
Man Group . . . . . . . . .106.7 2.2 311.0 104.2
Paragon Group Of . .172.0 1.9 206.1 134.6
Provident Financi . . .995.5 46.0 1124.0 903.0
Rathbone Brothers .1088.0 -12.0 1257.0 977.0
Record . . . . . . . . . . . . .12.9 0.3 35.8 12.5
RSM Tenon Group . . . .7.6 -0.4 66.3 7.6
Schroders . . . . . . . .1345.0 46.0 1922.0 1183.0
Schroders (Non-Vo .1089.0 34.0 1554.0 970.0
TuIIett Prebon . . . . . .277.2 8.3 428.6 262.3
WaIker Crips Grou . . .45.0 0.0 51.5 43.5
BT Group . . . . . . . . . .199.7 -1.8 204.1 161.0
CabIe & WireIess . . . .38.0 -0.1 51.2 31.3
CabIe & WireIess . . . .17.3 0.1 76.9 14.2
COLT Group SA . . . . .91.5 1.7 156.2 84.1
KCOM Group . . . . . . . .66.6 -1.5 84.0 57.5
TaIkTaIk TeIecom . . .134.8 -0.9 165.2 119.8
TeIecomPIus . . . . . . .725.0 -2.0 802.0 433.0
Booker Group . . . . . . .72.6 -2.4 80.0 54.5
Greggs . . . . . . . . . . . .514.5 -3.0 550.5 445.0
Morrison (Wm) Sup .285.9 -18.1 328.0 262.7
Ocado Group . . . . . . . .74.0 18.6 285.0 52.9
Sainsbury (J) . . . . . . .285.9 -16.2 391.2 263.5
Tesco . . . . . . . . . . . . .323.5 -61.6 423.7 321.3
Associated Britis . . .1138.0 8.0 1151.0 940.0
Cranswick . . . . . . . . .746.5 -3.5 862.0 588.5
Dairy Crest Group . . .315.0 -13.8 410.4 309.1
Devro . . . . . . . . . . . . .253.0 -2.1 296.9 223.5
Tate & LyIe . . . . . . . . .699.0 -7.5 720.5 520.0
UniIever . . . . . . . . . .2085.0 1.0 2189.0 1793.0
Mondi . . . . . . . . . . . . .491.4 7.8 664.0 413.5
Centrica . . . . . . . . . . .280.5 -3.3 345.8 278.8
InternationaI Pow . . .342.0 -1.2 436.6 279.4
NationaI Grid . . . . . . .630.5 0.0 649.5 530.0
Pennon Group . . . . . .705.0 2.5 737.5 584.5
Severn Trent . . . . . .1541.0 12.0 1600.0 1368.0
United UtiIities . . . . .611.0 1.5 637.0 543.5
Cookson Group . . . . .552.0 6.5 724.5 395.8
DS Smith . . . . . . . . . .199.6 -1.9 266.2 164.4
Rexam . . . . . . . . . . . .370.9 3.7 400.0 299.8
Price Chg High Low
Bovis Homes Group .445.4 14.2 499.6 326.5
Persimmon . . . . . . . .516.5 16.8 518.5 374.0
Reckitt Benckiser . .3336.0 -48.0 3578.0 3015.0
Redrow . . . . . . . . . . . .116.8 -1.4 136.2 103.5
TayIor Wimpey . . . . . . .39.5 0.8 43.3 28.7
Bodycote . . . . . . . . . .287.6 1.5 397.7 225.6
Charter Internati . . . .968.0 0.0 969.0 538.5
Fenner . . . . . . . . . . . .446.3 8.3 448.7 280.0
IMI . . . . . . . . . . . . . . . .859.0 29.5 1119.0 636.5
MeIrose . . . . . . . . . . .353.7 -0.4 365.4 268.0
Northgate . . . . . . . . . .207.3 -0.7 346.7 190.9
Rotork . . . . . . . . . . .1888.0 -15.0 1979.0 1501.0
Spirax-Sarco Engi . .1901.0 25.0 2063.0 1649.0
Weir Group . . . . . . . .2111.0 -35.0 2218.0 1375.0
Evraz . . . . . . . . . . . . .405.0 8.6 412.3 315.0
Ferrexpo . . . . . . . . . . .309.3 11.1 499.0 238.7
TaIvivaara Mining . . .293.7 10.2 622.0 195.2
BBAAviation . . . . . . .182.3 1.2 240.8 156.0
Stobart Group Ltd . . .121.0 -1.0 163.6 112.0
AdmiraI Group . . . . . .871.5 27.0 1754.0 787.0
AmIin . . . . . . . . . . . . .334.1 4.8 427.0 270.6
Huntsworth . . . . . . . . .32.3 -0.5 85.0 31.8
Informa . . . . . . . . . . . .370.8 6.2 461.1 313.9
ITE Group . . . . . . . . . .201.6 -2.4 258.2 157.7
ITV . . . . . . . . . . . . . . . . .73.1 -0.7 93.5 51.7
Johnston Press . . . . . . .6.1 0.2 12.8 4.1
MecomGroup . . . . . .220.0 11.0 310.0 134.5
Moneysupermarket. .114.5 5.2 120.4 84.8
Pearson . . . . . . . . . .1222.0 -10.0 1241.0 984.5
PerformGroup . . . . .220.0 5.0 234.5 150.0
Reed EIsevier . . . . . .518.0 0.5 590.5 461.3
Rightmove . . . . . . . .1354.0 2.0 1408.0 770.0
STV Group . . . . . . . . . .77.0 0.0 168.0 76.3
Tarsus Group . . . . . .137.0 2.0 165.0 119.5
Trinity Mirror . . . . . . . .48.5 2.3 93.0 37.5
UBM . . . . . . . . . . . . . .504.0 9.1 725.0 416.0
UTV Media . . . . . . . . .101.8 1.3 150.0 92.5
WiImington Group . . .83.0 -0.5 183.0 82.3
WPP . . . . . . . . . . . . . .732.5 16.0 846.5 578.0
YeII Group . . . . . . . . . . .5.1 0.1 13.5 3.4
African Barrick G . . .461.7 0.5 616.5 393.5
AIIied GoId Minin . . .163.0 -1.5 281.3 34.4
AngIo American . . .2555.0 28.0 3437.0 2138.5
AngIo Pacific Gro . . .270.0 -5.1 369.3 237.9
Antofagasta . . . . . . .1307.0 25.0 1571.0 900.5
Aquarius PIatinum . .174.1 6.8 419.0 149.0
BeazIey . . . . . . . . . . . .136.0 1.3 139.2 109.6
CatIin Group Ltd. . . .400.0 0.7 421.4 334.0
Hiscox Ltd. . . . . . . . . .384.9 7.4 424.7 340.5
Jardine LIoyd Tho . . .703.5 3.0 764.5 576.0
Lancashire HoIdin . . .706.0 -3.0 774.5 532.5
RSA Insurance Gro . .111.9 2.6 143.5 99.6
Aviva . . . . . . . . . . . . . .324.9 9.6 477.9 275.3
LegaI & GeneraI G . . .112.1 2.3 123.8 89.8
OId MutuaI . . . . . . . . .143.4 3.6 144.8 98.1
Phoenix Group HoI . .549.0 -6.0 688.0 451.1
PrudentiaI . . . . . . . . .667.0 7.0 777.0 509.0
ResoIution Ltd. . . . . .259.7 3.8 316.1 229.5
St James's PIace . . . .339.4 -0.1 376.0 272.5
Standard Life . . . . . . .206.2 2.2 244.7 172.0
4Imprint Group . . . . .231.0 14.1 295.0 200.0
Aegis Group . . . . . . .146.6 1.0 158.5 115.7
BIoomsbury PubIis . . .92.5 0.5 138.0 90.0
British Sky Broad . . .697.5 -10.5 850.0 618.5
Centaur Media . . . . . . .33.3 -0.3 73.0 32.5
Chime Communicati .177.3 -0.8 298.5 163.0
Creston . . . . . . . . . . . .67.9 -1.1 121.0 65.5
DaiIy MaiI and Ge . . .417.8 6.5 594.5 343.4
Euromoney Institu . .637.0 -5.0 736.0 522.5
Future . . . . . . . . . . . . . . .8.8 0.0 30.0 8.3
Haynes PubIishing . .225.0 0.0 257.0 210.0
BHP BiIIiton . . . . . . .2055.0 24.0 2631.5 1667.0
Bumi . . . . . . . . . . . . . .847.5 0.0 863.0 841.0
Centamin (DI) . . . . . . . .87.7 -0.8 170.1 78.5
Eurasian NaturaI . . .738.5 18.0 1125.0 522.0
FresniIIo . . . . . . . . . .1733.0 -24.0 2150.0 1296.0
GemDiamonds Ltd. .185.0 -0.8 306.0 179.8
GIencore Internat . . .399.9 3.3 531.1 348.0
HochschiId Mining . .450.0 18.2 680.0 365.9
Kazakhmys . . . . . . .1051.0 25.0 1671.0 730.0
Kenmare Resources . .49.0 -1.3 59.9 30.3
Lonmin . . . . . . . . . . . .985.0 26.5 1896.0 941.0
New WorId Resourc .466.2 4.0 1060.0 409.4
PetropavIovsk . . . . . .683.5 3.0 1123.0 543.5
PoIymetaI Interna . .1105.0 -49.0 1154.0 877.0
RandgoId Resource 7235.0 130.0 7555.0 4425.0
Rio Tinto . . . . . . . . .3547.5 58.5 4712.0 2712.5
Vedanta Resources 1064.0 48.0 2518.0 928.0
Xstrata . . . . . . . . . . .1068.0 18.0 1550.0 764.0
Inmarsat . . . . . . . . . . .428.2 6.3 719.5 389.3
Vodafone Group . . . .179.5 0.2 182.8 155.1
Genesis Emerging . .476.9 1.3 555.0 424.0
Afren . . . . . . . . . . . . . .105.6 -2.7 171.2 73.6
BG Group . . . . . . . . .1455.0 7.0 1564.5 1144.0
BP . . . . . . . . . . . . . . . .479.5 4.2 509.0 363.2
Cairn Energy . . . . . . .288.6 8.6 469.7 257.8
EnQuest . . . . . . . . . . .108.4 0.9 158.5 85.7
Essar Energy . . . . . .168.6 -1.4 557.5 162.0
ExiIIon Energy . . . . . .273.6 -11.4 469.7 184.2
Heritage OiI . . . . . . . .184.0 1.0 463.5 160.0
Ophir Energy . . . . . . .300.0 -0.8 318.8 184.5
Premier OiI . . . . . . . . .404.0 12.1 535.0 310.0
RoyaI Dutch SheII . .2278.0 -49.5 2402.0 1883.5
RoyaI Dutch SheII . .2365.0 -48.5 2489.0 1890.5
SaIamander Energy .228.8 0.7 317.6 182.3
Soco Internationa . . .295.0 1.4 400.0 278.0
TuIIow OiI . . . . . . . . .1446.0 27.0 1493.0 945.5
Amec . . . . . . . . . . . . .992.5 13.0 1251.0 740.5
Hunting . . . . . . . . . . .803.5 -1.0 818.0 530.0
Kentz Corporation . .471.3 -0.7 508.0 347.0
LampreII . . . . . . . . . . .291.3 5.3 395.2 220.7
Petrofac Ltd. . . . . . .1563.0 31.0 1685.0 1108.0
Wood Group (John) .677.0 3.5 715.8 469.9
Burberry Group . . . .1285.0 -1.0 1600.0 1030.0
PZ Cussons . . . . . . . .323.8 -0.2 402.3 308.7
Supergroup . . . . . . . .551.5 4.5 1820.0 435.2
AstraZeneca . . . . . .3070.0 21.0 3194.0 2543.5
BTG . . . . . . . . . . . . . .325.9 -0.1 333.2 210.1
Genus . . . . . . . . . . . .1082.0 -3.0 1111.0 852.0
GIaxoSmithKIine . . .1451.5 6.0 1497.0 1127.5
Hikma Pharmaceuti .660.5 4.5 900.0 555.5
Shire PIc . . . . . . . . . .2184.0 1.0 2243.0 1627.0
CapitaI & Countie . . .184.0 -0.5 203.7 142.8
Daejan HoIdings . . .2795.0 85.0 2954.0 2282.0
F&C CommerciaI Pr .102.7 0.0 108.0 92.6
Grainger . . . . . . . . . . .104.7 2.0 133.2 77.3
London & Stamford .105.5 -0.8 140.0 103.9
SaviIIs . . . . . . . . . . . . .326.6 8.2 427.1 256.2
UK CommerciaI Pro . .72.2 1.2 85.5 65.1
Unite Group . . . . . . . .169.7 -0.7 224.1 152.9
Big YeIIow Group . . .270.0 -7.2 344.4 218.0
British Land Co . . . . .470.5 9.2 629.5 444.0
CapitaI Shopping . . .313.6 3.2 408.6 288.7
Derwent London . . .1571.0 29.0 1880.0 1400.0
Great PortIand Es . . .340.1 9.3 445.0 312.9
Hammerson . . . . . . . .373.2 8.3 490.9 345.2
Hansteen HoIdings . . .73.0 1.3 89.5 68.0
Land Securities G . . .641.0 10.0 885.0 612.0
SEGRO . . . . . . . . . . . .202.0 1.5 331.3 195.0
Shaftesbury . . . . . . . .481.5 7.4 539.0 436.8
Aveva Group . . . . . .1535.0 31.0 1799.0 1298.0
Computacenter . . . . .359.6 20.6 490.0 324.7
Fidessa Group . . . . .1598.0 -34.0 2109.0 1444.0
Invensys . . . . . . . . . . .227.1 11.6 362.7 180.9
Logica . . . . . . . . . . . . .72.7 2.7 147.2 59.0
Micro Focus Inter . . .425.0 -7.4 438.7 246.5
Misys . . . . . . . . . . . . .248.4 4.4 420.2 214.9
Sage Group . . . . . . . .297.3 -3.7 302.3 231.7
SDL . . . . . . . . . . . . . . .681.5 1.5 711.5 586.0
TeIecity Group . . . . . .636.0 -11.5 657.5 430.0
Aggreko . . . . . . . . . .2044.0 -8.0 2131.0 1394.5
Ashtead Group . . . . .221.0 -1.1 231.2 99.4
Atkins (WS) . . . . . . . .683.5 22.5 820.0 490.2
Babcock Internati . . .743.5 11.0 746.5 542.0
Berendsen . . . . . . . . .429.2 -3.4 568.0 402.7
BunzI . . . . . . . . . . . . .895.5 -4.5 910.5 676.5
Cape . . . . . . . . . . . . . .388.3 27.3 591.5 295.0
Capita . . . . . . . . . . . . .655.5 -3.0 786.5 611.5
CariIIion . . . . . . . . . . .310.0 3.4 403.2 281.0
De La Rue . . . . . . . . .915.0 3.0 936.0 667.0
DipIoma . . . . . . . . . . .362.7 0.9 414.3 263.5
EIectrocomponents .210.9 1.9 294.9 182.2
Experian . . . . . . . . . . .862.5 -3.0 880.0 665.0
FiItrona PLC . . . . . . . .400.0 0.8 401.3 253.6
G4S . . . . . . . . . . . . . . .271.5 -1.5 291.0 219.9
Hays . . . . . . . . . . . . . . .61.6 -1.5 130.0 58.9
Homeserve . . . . . . . .305.5 6.3 532.0 218.5
Howden Joinery Gr . .105.0 -1.1 127.5 93.1
Interserve . . . . . . . . . .305.8 -7.1 341.3 239.8
Intertek Group . . . . .2088.0 11.0 2148.0 1715.0
MichaeI Page Inte . . .380.7 12.7 567.0 323.0
Mitie Group . . . . . . . .269.2 0.2 271.0 195.9
Premier FarneII . . . . .190.5 0.7 308.8 144.5
Regus . . . . . . . . . . . . . .89.0 4.8 119.0 64.0
RentokiI InitiaI . . . . . . .70.9 0.5 104.9 58.2
RPS Group . . . . . . . . .195.5 3.5 253.0 156.6
Serco Group . . . . . . .513.5 2.5 618.5 458.0
Shanks Group . . . . . . .98.0 0.1 130.9 90.8
SIG . . . . . . . . . . . . . . .101.6 10.0 153.5 77.0
Travis Perkins . . . . . .846.5 8.0 1127.0 715.0
WoIseIey . . . . . . . . .2106.0 11.0 2261.0 1404.0
ARM HoIdings . . . . . .584.5 -4.0 651.0 464.0
CSR . . . . . . . . . . . . . .198.8 5.7 447.0 154.1
Imagination Techn . .560.5 -10.0 575.5 296.9
Spirent Communica .117.0 1.4 160.0 105.8
British American . .2990.0 12.5 3079.0 2282.5
ImperiaI Tobacco . .2414.0 24.0 2444.0 1784.0
Betfair Group . . . . . . .837.0 9.5 1054.0 567.0
Bwin.party Digita . . .163.0 2.9 214.7 100.6
CarnivaI . . . . . . . . . .2284.0 28.0 3137.0 1742.0
Compass Group . . . .606.0 -5.0 616.0 512.5
Domino's Pizza UK . .432.0 -3.0 559.0 377.0
easyJet . . . . . . . . . . . .399.3 -0.7 460.8 301.0
FirstGroup . . . . . . . . .320.0 -6.5 400.8 301.8
Go-Ahead Group . . .1317.0 -12.0 1598.0 1190.0
Greene King . . . . . . .480.2 0.3 518.0 410.0
InterContinentaI . . .1235.0 2.0 1435.0 955.0
InternationaI Con . . .154.8 2.1 303.5 132.0
JD Wetherspoon . . . .419.9 -4.2 468.3 380.5
Ladbrokes . . . . . . . . .133.8 -0.5 155.3 114.0
Marston's . . . . . . . . . . .91.8 0.1 112.0 84.6
MiIIennium& Copt . .389.6 -1.4 600.5 371.2
MitcheIIs & ButIe . . . .250.6 5.1 357.0 215.6
NationaI Express . . .222.2 0.5 270.2 201.6
Rank Group . . . . . . . .129.7 -0.1 153.7 109.5
Restaurant Group . . .286.5 0.7 335.0 254.9
Stagecoach Group . .281.2 10.4 283.6 200.0
TUI TraveI . . . . . . . . . .161.0 0.0 271.9 136.7
Whitbread . . . . . . . .1638.0 9.0 1884.0 1409.0
WiIIiamHiII . . . . . . . . .209.5 2.1 244.1 169.7
Abcam . . . . . . . . . . . .357.3 -15.3 460.0 316.0
Advanced MedicaI . . .93.0 0.5 96.0 64.8
AIbemarIe & Bond . .352.5 4.0 400.1 272.0
Amerisur Resource . .19.5 1.3 29.0 9.5
Andor TechnoIogy . .576.0 -10.5 685.0 387.1
ArchipeIago Resou . . .70.0 1.5 79.0 55.5
ASOS . . . . . . . . . . . .1507.0 12.0 2468.0 1142.0
AureIian OiI & Ga . . . .16.8 0.0 92.0 16.0
Avanti Communicat .293.3 2.5 646.0 248.5
BIinkx . . . . . . . . . . . . . .69.8 -0.8 158.0 50.5
Borders & Souther . . .70.3 -1.0 72.3 43.5
BowLeven . . . . . . . . . .79.5 6.3 398.0 62.0
Brooks MacdonaId .1125.0 0.0 1372.5 940.0
Cove Energy . . . . . . .129.8 5.8 130.3 61.0
Daisy Group . . . . . . .100.0 0.0 127.0 88.0
EMIS Group . . . . . . . .487.5 5.0 580.0 416.0
Encore OiI . . . . . . . . . .69.8 -0.3 151.5 40.8
Faroe PetroIeum . . . .163.5 2.0 218.3 130.0
GuIfsands PetroIe . . .178.0 -3.3 369.8 142.5
GWPharmaceuticaI . .84.0 0.0 130.0 78.5
H&T Group . . . . . . . . .323.0 7.0 395.0 277.0
Hamworthy . . . . . . . .823.0 0.0 833.5 406.3
Hargreaves Servic .1128.0 -11.0 1180.0 814.5
HeaIthcare Locums . . . .3.4 0.0 3.5 3.2
Immunodiagnostic . .420.0 7.0 1218.0 406.0
ImpeIIamGroup . . . .255.0 -4.5 387.5 181.5
James HaIstead . . . . .450.3 0.3 495.0 375.0
KaIahari MineraIs . . .242.3 -0.8 301.0 198.3
London Mining . . . . .298.3 1.5 436.5 278.5
Lupus CapitaI . . . . . .125.0 5.0 150.0 86.0
M. P. Evans Group . .461.0 -1.0 475.0 371.0
Majestic Wine . . . . . .392.5 -12.3 510.0 315.0
May Gurney Integr . .285.4 0.4 302.0 234.0
Monitise . . . . . . . . . . . .26.3 -0.3 40.0 18.5
MuIberry Group . . . .1510.0 -20.0 1920.0 1065.0
Nanoco Group . . . . . . .50.0 -1.5 97.5 38.0
NauticaI PetroIeu . . .282.0 9.5 547.0 223.5
NichoIs . . . . . . . . . . . .590.0 -15.0 609.5 410.0
Numis Corporation . . .88.0 3.8 126.0 72.0
Pan African Resou . . .15.5 -0.3 17.0 9.5
Patagonia GoId . . . . . .44.8 -0.5 70.0 37.3
Prezzo . . . . . . . . . . . . .67.0 1.4 71.5 53.5
Pursuit Dynamics . . . .86.5 1.0 455.0 67.0
Rockhopper ExpIor .271.3 -9.5 386.0 141.0
RWS HoIdings . . . . . .472.5 -2.5 481.6 328.0
Songbird Estates . . . .111.3 -0.3 160.3 104.0
VaIiant PetroIeum . . .432.0 -1.8 672.0 400.0
Young & Co's Brew . .635.0 -15.0 712.0 565.0
Ocado Group . . . . . . . .74.0 33.5
SIG . . . . . . . . . . . . . . .101.6 10.9
Barratt DeveIopmen .107.2 10.5
Cape . . . . . . . . . . . . . .388.3 7.6
Computacenter . . . . .359.6 6.1
Regus . . . . . . . . . . . . . .89.0 5.7
RoyaI Bank of Scot . . .23.0 5.6
Invensys . . . . . . . . . .227.1 5.4
Provident Financia . .995.5 4.8
Moneysupermarket.c 114.5 4.8
Tesco . . . . . . . . . . . . .323.5 -16.0
Morrison (Wm) Supe .285.9 -6.0
Sainsbury (J) . . . . . . .285.9 -5.4
Home RetaiI Group . . .83.0 -4.9
PoIymetaI Internat . .1105.0 -4.3
Dairy Crest Group . . .315.0 -4.2
ExiIIon Energy . . . . . .273.6 -4.0
Booker Group . . . . . . .72.6 -3.1
Drax Group . . . . . . . .539.0 -2.8
Oxford Instruments .915.0 -2.7
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 5.000 12 . . . .100.65 -0.04 104.7 100.6
Tsy 5.250 12 . . . .101.92 -0.04 105.9 101.8
Tsy 9.000 12 . . . .104.82 0.00 112.1 104.0
Tsy 2.500 13 . . . .283.32 -0.06 287.7 279.0
Tsy 8.000 13 . . . . .112.85 -0.04 117.7 112.8
Tsy 4.500 13 . . . .104.66 -0.03 106.9 104.6
Tsy 5.000 14 . . . . .112.03 -0.01 112.9 109.2
Tsy 8.000 15 . . . .128.23 0.00 129.2 123.7
Tsy 7.750 15 . . . .100.60 0.33 106.9 99.5
Tsy 4.750 15 . . . . .114.96 0.01 115.4 108.6
Tsy 2.500 16 . . . .343.55 -0.05 344.2 312.1
Tsy 4.000 16 . . . . .114.19 0.00 114.7 104.9
Tsy 1.250 17 . . . . .116.32 -0.15 116.7 106.7
Tsy 12.000 17 . . .121.91 0.00 129.8 121.5
Tsy 8.750 17 . . . .141.35 -0.35 141.9 132.9
Tsy 5.000 18 . . . .122.18 -0.07 122.4 109.7
Tsy 4.500 19 . . . .120.34 -0.10 120.6 105.4
Tsy 3.750 19 . . . . .115.22 -0.11 115.5 99.4
Tsy 2.500 20 . . . .365.54 -0.17 367.1 314.0
Tsy 4.750 20 . . . .122.99 -0.12 123.5 106.6
Tsy 8.000 21 . . . .152.54 -0.09 153.4 133.8
Tsy 4.000 22 . . . . .117.44 -0.12 118.2 99.0
Tsy 1.875 22 . . . .128.05 -0.26 129.1 111.3
Tsy 2.500 24 . . . .332.47 -0.19 334.7 275.6
Tsy 5.000 25 . . . .129.71 -0.14 130.6 107.4
Tsy 4.250 27 . . . .121.79 -0.19 122.6 97.9
Tsy 1.250 27 . . . .125.82 -0.26 127.0 104.8
Tsy 6.000 28 . . . .146.80 -0.18 147.8 119.5
Tsy 4.125 30 . . . .319.86 -0.25 322.6 262.1
Tsy 4.750 30 . . . .129.13 -0.19 130.0 103.0
Tsy 4.250 32 . . . .121.71 -0.19 122.5 96.0
Tsy 4.250 36 . . . . .122.11 -0.22 123.2 95.0
Tsy 4.750 38 . . . .132.07 -0.23 133.4 102.8
Tsy 4.500 42 . . . .128.35 -0.21 129.6 98.9
% %
Punter | Sport
28
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MURRAY MANIA OFFER: Pre tournament singles only qualify. Applies to win and each-way bets placed after 8.00am Thursday 12th January.
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MURRAY
MANIA!
Back
ANDY MURRAY
TO WIN
The Australian Open
MONEY BACK
If he fails to reach
the Quarter Finals
Each-way 1/2 the odds a place 1-2. Others on request.
Prices subject to uctuation.
- Mens Outright -
11/10 N. Djokovic
4/1 R. Federer
9/2 A. Murray
6/1 R. Nadal
14/1 J. Tsonga
18/1 J. Martin Del Potro
50/1 T. Berdych
66/1 B. Tomic
66/1 D. Ferrer
66/1 M. Raonic
80/1 G. Monls
100/1 M. Fish
125/1 A. Dolgopolov
150/1 A. Roddick
150/1 R. Gasquet
200/1 D. Nalbandian
AUSTRALIAN OPEN TENNIS
Melbourne Park, Melbourne, Tournament starts 16th January
D
OES anyone fancy Novak Djokovic
to better his incredible 2011 sea-
son? The Serbian won three Grand
Slams, a record-breaking five
Masters 1000 titles and 10 tournaments
overall. He earned over $12 million last
year alone, the same as fifth-ranked
David Ferrers career earnings.
Djokos achievements are no less
impressive when you remember that he
has managed to outshine both Rafael
Nadal and Roger Federer, two of the
greatest players to have ever stepped onto
a court.
With the exception of Juan Martin del
Potros US Open win in 2009, the last
time one of this trio failed to win one of
the four majors was at the Australian
Open in 2005. Together with world num-
ber four Andy Murray, they have a stran-
glehold on mens tennis at the moment
and its worth backing all of them to fea-
ture in the Australian Open semi-finals at
7/2 with Bet Victor.
Of course, Murray is the only one of
the top four yet to win a Grand Slam, but
the Australian Open perhaps offers him
his best chance. He has been a beaten
finalist at Melbourne Park the last two
years and, if you think now is his time, it
makes sense to back him at 9/2 with
Coral, who are offering to refund stakes
up to the value of 100 should he not
reach the quarter finals.
However, even among this illustrious
group, I cannot see past Djokovic. His
form did decline towards the end of last
year, but that can be put down to tired-
ness and a slight back injury. Now, rested
and on arguably his favourite surface, he
must be backed at 11/10 with Coral.
In contrast to the mens, the womens
draw is wide open. World number one
Caroline Wozniacki will struggle to
secure her maiden Grand Slam at
Melbourne after injuring her wrist at the
Sydney International while Serena
Williams plays despite spraining her
ankle at the Brisbane International. Her
powers seem to be on the wane and in
the circumstances shes too short at 4/1.
Looking further down the list, winner
of the last Grand Slam event, the US
Open, Australian Sam Stosur could be
considered the best value among the con-
tenders at around 12/1. However, she
seems unable to produce her best in front
of a home crowd; as top seed at Brisbane
she reached only the second round, while
her previous Aussie Open best is only the
fourth round.
So, this leads me to return to the head
of the betting and recommend favourite
Petra Kvitova, a 5/2 shot with Blue Square
to follow up her maiden major title at
Wimbledon. She has previously failed to
progress beyond the quarter-finals at
Melbourne Park, but is a much more con-
fident player since SW19 and has the
added motivation of potentially usurping
Wozniacki at the top of the rankings.
Djokovic dominance to
continue in Melbourne
SPORT TRADER DAVID WILD AND BEN CLEMINSON BRING YOU THE BEST
AUSTRALIAN OPEN AND PREMIER LEAGUE BETS
POINTERS...
Novak Djokovic at 11/10 with Coral
Top four seeds to make mens semi-finals at 7/2 with
Bet Victor
Petra Kvitova at 5/2 with Blue Square
ARSENAL fans must have felt like they had
been teleported back five years when
Thierry Henry came off the bench and
deftly dispatched the winner in the FA
Cup tie against Leeds on Monday night. It
was vintage Henry and his presence has
undoubtedly given everyone at the club a
massive boost.
Arsene Wenger will be hoping it can
inspire his team to go on a run in the
league after what has been a sluggish peri-
od for the Gunners. They lost a game they
should have won at Fulham a couple of
weeks ago and were held by Wolves at the
Emirates just after Christmas. With
Tottenham continuing to impress, the bat-
tle for the final Champions League spot is
looking increasingly like a fight between
Arsenal, Chelsea and Liverpool.
A trip to Swansea probably wouldnt be
Wengers preferred option this weekend.
Brendan Rodgers side play some excellent
attacking football, but they are also very
difficult to beat at the Liberty Stadium.
The Swans have lost just one of their 10
home games this season and they were
unlucky not to take a point in that game
against Manchester United. They have also
only conceded four goals on home turf,
which is the joint-lowest in the league.
The visitors are understandably
favourites, but they dont represent any
value at around 8/13. I can see the points
being shared in this one and that is worth
backing at 11/4 with Coral. Both Swanseas
last two home games have ended in 1-1
draws and it wouldnt be a surprise to see a
repeat of that scoreline, available at 13/2
with William Hill.
Goals have been at a premium at the
Liberty this season with just 16 scored in
10 games. There have been no more than
three in any of Arsenals last six league
matches and three of those produced just
a solitary goal. The obvious spread betting
strategy therefore is to sell goals at 2.6
with Sporting Index.
POINTERS...
Draw at 11/4 with Coral
1-1 correct score at 13/2 with William Hill
Sell total match goals at 2.6 with Sporting Index
NEWCASTLE have been a revelation this
season. Alan Pardew has proved all the
doubters wrong and his side comfortably
beat Man United at the Sports Direct
Arena earlier this month. They are only
three points behind Chelsea in fourth,
but inconsistency has been the issue and
defeats against Norwich and West Brom
last month underlined their fragility.
Mark Hughes has joined QPR following
the sacking of Neil Warnock and that
should give Rangers a much-needed lift.
They made a decent start to life back in
the Premier League, but have stuttered
alarmingly in the past couple of months.
A miserable run has seen them pick up
just two points from a possible 33 and
the gloom was compounded with a 2-1
home defeat to Norwich at the start of
the month.
QPR have been out of form, but
Hughes is a good manager and, although
a trip to Tyneside is a baptism of fire, I
think he can take a point from his first
game in charge. It could be a day of
draws and Im going to be taking the 11/4
with Coral that this match is also tied,
while another 1-1 scoreline seems likely
at 13/2 with the same firm. Spread bet-
tors are again advised to sell goals at 2.6
with Sporting Index.
POINTERS...
Draw at 11/4 with Coral
1-1 correct score at 13/2 with Coral
Sell total match goals at 2.6 with Sporting Index
AUSTRALIAN OPEN
SUNDAY 4.00PM SKY SPORTS
ARSENAL
SWANSEA
SUNDAY 1.30PM SKY SPORTS
QPR
NEWCASTLE
STLEUNITED
RACING TRADER BILL ESDAILE PREVIEWS THE WEEKEND ACTION
AND LOOKS AHEAD TO CHELTENHAM
T
OMORROWS William Hill
Lanzarote Hurdle at
Kempton (2.50pm) was won
by Martin Pipes Make A
Stand in 1997 before he went on
to land the Champion Hurdle as a
novice two months later.
There are no Champion
Hurdlers in tomorrows line-up,
but the first place to start is with
David Pipes Decoy who was an
impressive winner of a handicap
at Cheltenham in November. He
couldnt follow up at Ascot the fol-
lowing week when beaten by
Featherbed Lane, but he tends to
go well fresh and the break
should have done him some good.
The six-year-old will try to burn
them off from the front, but I
have a feeling that could set
things up for a closer and hes
seven pounds higher than at
Cheltenham. Philip Hobbs
Featherbed Lane demolished his
rivals at Aintree last month, but
hes gone up 15lb for that.
Swincombe Flame, for the in-form
Nick Williams yard, must also be
considered, but she has stamina
doubts.
Another stable which is on fire
at the moment is Dr Richard
Newlands and his ACT OF
KALANISI is the selection at
around 10/1. Regular readers will
remember me putting him up at
20/1 in the Ladbroke Hurdle at
Ascot last month. He travelled like
the winner rounding the home
turn that day, but it had been a
slowly run race and he was tapped
for toe over a trip slightly too
short. The step up to 2m5f is cer-
tain to suit and the stable have
had three winners and a second
from their last four runners.
Warwick stages the Betfred
Classic Chase (3.40pm) tomorrow
and Hey Big Spender tops the
weights. Colin Tizzards runner is
a gutsy performer, but it will be
very tough for him conceding
weight to his rivals. Alan King has
won the last two runnings of this
race and relies on Blazing Bailey
who is not without a chance at
10/1 with Blue Square. He has a
great record in January, but I have
a feeling that his Welsh National
run could have left its mark.
Brian Ellison has made a
tremendous start to 2012 and
NEPTUNE EQUESTER can land this
valuable prize at 13/2 with Coral.
He finished fifth in the Rowland
Meyrick last time, but that race
wasnt run to suit and he will
appreciate this stamina test. He
does hit flat spots, though, so may
be one to back in-running on
Betdaq.
With 60 days to go until the
start of this years Cheltenham
Festival, the time is right to start
building our ante-post portfolio.
We had plenty of success last sea-
son with the likes of Bostons
Angel and Noble Prince and hope-
fully we can unearth a few gems
this time around.
The opening race of the meet-
ing is the Supreme Novices
Hurdle and this years renewal
has a decidedly open looking feel.
I cannot remember the market
being headed by a 10/1 shot this
close to the meeting and even
though Steps To Freedom looks
solid, he is opposable.
At the current prices Im keen
to take the 20/1 about Alan Kings
MONTBAZON who made a pleas-
ing debut over hurdles behind
Colour Squadron recently on
ground that would have been far
too soft. He looks like one wholl
appreciate some better spring
ground and the strong pace hell
get in this cavalry charge. He has
always been the apple of his train-
ers eye and looks an exciting
prospect.
Another hurdle race yet to take
shape is the Triumph Hurdle as
no real four-year-old hurdling star
has emerged. Baby Mix was
impressive when beating
Hinterland at Cheltenham, but Id
like to see him follow up before
supporting him.
Im prepared to take a chance
on two really well-regarded Irish
runners UT DE SIVOLA (14/1 gen-
eral) and MINSK (12/1 with Coral)
who could easily leap to the head
of the market if impressing in the
coming weeks. The former is
expected to win this weekend,
while the latter is not far away
from making his debut.
Whilst talking about the
Festival, on Monday March 12,
Fairway to Furlong will be holding
the second Official Cheltenham
Festival Golf Day at the world
renowned Celtic Manor, all in aid
of Seve Ballesteros and Cancer
Research. City A.M. will be attend-
ing this fantastic event, as we did
last year, with the confirmed
Festival preview panel including
David Pipe, Jason Maguire, Mick
Fitzgerald and Derek Thompson.
Log-on to www.fairwaytofurlong.com
for information and bookings.
You can follow me on Twitter
@BillEsdaile
T
HE first round of the
Blue Square Sprint
Series last weekend was
split into two divisions
and its the same again in
round two tomorrow. Both of
last Saturdays winners,
SPEAK THE TRUTH and
Captain Dimitrios are back for
more in the second division
(2.10pm) and its the former
who looks to have the best
chance of following up.
Jim Boyles six-year-old has
been in fine form recently and
he can notch back-to-back
wins. Waabel is a danger as he
ran a really promising race to
finish third last week from a
poor draw in stall 11.
Last years winning trainer,
David Evans, got off to a flying
start on Saturday with Captain
Dimitrios and I give an each-
way squeak to his NUBAR BOY
in the first division (1.35pm).
The five-year-old has gone well
fresh in the past and he could
go well at a big price.
Blue Square are
refunding bets in
the form of a free
bet if your horse is
beaten less than a
length, regardless
of its finishing posi-
tion. That is a real-
ly strong
p r o mo -
tion as
these races often have blanket
finishes.
The free Blue Square Winter
Carnival App is now live and
can be downloaded from the
App store. It contains the
exclusive views of leading all-
weather jockey Luke Morris
and ATR all-weather specialist
presenter Simon Mapletoft,
as well as all the latest news
on the Blue Square Sprint
Series.
LUKE MORRIS TIP
OF THE WEEKEND
TINSHU 1.00pm Lingfield
(tomorrow)
Kalanisi just what
the Doctor ordered
POINTERS...
ACT OF KALANISI e/w 10/1
Kempton(2.50pm tomorrow)
NEPTUNE EQUESTER e/w 13/2
Warwick (3.40pm tomorrow)
MONTBAZON e/w 20/1
Supreme Novices, Cheltenham
MINSK e/w 12/1
Triumph Hurdle, Cheltenham
UT DE SIVOLA e/w 14/1
Triumph Hurdle, Cheltenham
29
Sport
30
HARLEQUINS full-back Mike Brown
insists he is ready to carry his scintil-
lating club form onto the internation-
al stage after successfully reinventing
his game.
Brown, a driving force behind the
south Londoners rise to the
Premiership summit and European
charge, has been rewarded with a place
in Englands Six Nations squad more
than three years after his last cap.
A turbulent Test baptism included
thrashings by South Africa as well as
an off-field controversy in New
Zealand, but the revitalised 25-year-
old is now eager for another bite of
the cherry. It has been a long time. I
have had to work really hard over the
last three years. My attacking game
has completely changed since I was
last in the England squad. I cant wait
to get started, said Brown.
Im a completely different player
from when I played against South
Africa and New Zealand. Ive no rea-
son to be worried about any other
teams now.
Brown, who faces a battle with
Northamptons Ben Foden for the
No15 shirt, and Quins are back in
Heineken Cup action tomorrow,
when they host Gloucester in a must-
win Pool Five clash. Elsewhere
London Irish host Cardiff Blues.
RUGBY UNION

Revitalised Brown itching

to prove England worth
SPORT | IN BRIEF
Gerrard pens new Liverpool deal
FOOTBALL: Liverpool captain Steven
Gerrard has signed a new long-term con-
tract that effectively means he will finish
his career with his boyhood club. The 31-
year-old, who has made 566 appearances
since making his debut in November 1998,
said: Im very happy. Its a very proud day
for myself and my family. It comes on the
back of a fantastic team performance at
Man City when we got the result we were
looking for.
IRB support Wales in Shingler row
RUGBY UNION: The International Rugby
Board has backed Wales in the row with
Scotland over the eligibility of London Irish
star Steve Shingler. The 20-year-old centre
was called up by Scotland head coach
Andy Robinson ahead of next months Six
Nations, but the IRB has ruled that
Shingler is not eligible to represent them
as a result of him having represented
Wales at Under-20 level on 14 occasions.
Nadal shrugs of fitness concerns
TENNIS: Former world No1 Rafael Nadal
has dismissed concerns over his fitness,
saying his shoulder is in perfect condition
ahead of next weeks Australian Open. The
Spaniard intends to take February off to
recover from a persistent shoulder injury,
but will compete at Melbourne Park in
search of an 11th grand slam crown. It
was better than I thought and the shoul-
der is in perfect condition, said the 25-
year-old, who will discover his first round
opponent today when the draw is made.
Keane signs short-term Villa deal
FOOTBALL: Aston Villa have signed Los
Angeles Galaxy and Republic of Ireland
striker Robbie Keane on loan until 25
February, subject to Fifa clearance. Keane
is set to become the third MLS player to
join Premier League club this month fol-
lowing the returns of Thierry Henry and
Landon Donovan to Arsenal and Everton,
respectively
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email sport@cityam.com
EXCLUSIVE: Former England star
Southgate believes Fernandes takeover
made Warnock a dead man walking
QPR have picked the right manager
to steer them clear of the drop in
Mark Hughes, but the writing was
on the wall for Neil Warnock from
the moment Tony Fernandes took
over the club in the summer.
That is the view of former
England star Gareth Southgate,
who knows all about life at the
sharp end of the Premier League
from his time as Middlesbrough
boss, and now heads up elite devel-
opment at the Football Association.
Former Fulham, Manchester City
and Blackburn manager Hughes
takes charge of his first Rangers
match on Sunday at Newcastle fol-
lowing the controversial sacking of
Warnock last weekend, and
Southgate believes the Welshman
was the outstanding candidate on
the market.
Mark Hughes is clearly a very
accomplished manager, very experi-
enced in this league and has per-
formed well at Blackburn, which is
a similar size of club to QPR,
Southgate told City A.M. Who
would have been available
with more experience than
him? Fulham finished in the top
10 last year and he did a pretty
decent job at Manchester City real-
ly.
Hell view it as an opportunity to
show what hes made of again, and
Im sure hell do very well.
While Southgate endorses
Hughess credentials he feels huge
sympathy for Warnock, who was
discarded just seven months after
masterminding QPRs return to the
top flight. Warnock paid the price
for a recent run of eight defeats in
12 games that has left them 17th,
but Southgate believes the decisive
moment came last summer, when
Fernandes completed his buy-out.
A new owner is always going to
want to have their appointment in
the end, he added.
The previous owners wouldve
known Neils way of working, what
he did last year, and wouldve felt a
debt of loyalty and a stronger bond
with him.
A new guy coming in is totally
judging him on what he sees in that
short period of time, and in that
spell they lost a lot of matches. I
cant help but feel for Neil. I felt QPR
would survive and Im pretty sure
that they will.
Gareth Southgate was speaking at the
launch of the Carlsberg Pub Cup, a
nationwide five-a-side competition for
players of all standards. To register your
pub visit www.carlsberg.co.uk/pubcup.
Carlsberg is The Official Beer of The
England Football Team and sponsor of
Uefa Euro 2012.
BY FRANK DALLERES
FOOTBALL

CHELSEA manager Andre Villas-Boas

admits unsettled defender Alex could
be on his way to west London rivals
QPR but only at the right price.
The Brazilian is transfer listed and
Villas-Boas confirmed a top-flight side
had lodged a bid, with new Rangers
boss Mark Hughes understood to want
to make the 29-year-old his first sign-
ing.
There has been an approach from
a Premier League club. We have
respected Alexs transfer request so
the market is open for him, said the
Portuguese.
Were just trying to reach the level
of proposal we think is good for the
player. Nothing has happened up to
now, but well listen to all offers.
Well present anything to the play-
er. He has to make a decision. He has
generated interest from a lot of clubs.
Alexs departure is poised to coin-
cide with the arrival of a ready-made
replacement in Boltons Gary Cahill,
who is close to joining the Blues.
The England centre-back, who is
available at a knock-down 7m
because his contract is due to expire
in the summer, has spent the week
locked in negotiations with Chelsea.
Captain John Terry, meanwhile, has
been passed fit for tomorrows visit of
resurgent Sunderland, who have won
five from seven since Martin ONeill
took charge.
QPR told to
up offer for
Blues Alex
BY FRANK DALLERES
FOOTBALL

Alex handed in a transfer request at

Chelsea in December Picture: PA
Hughes takes charge of
his first QPR game at
Newcastle on Sunday.
Picture: GETTY
Hughes is
right man
for QPR
EXCLUSIVE: Former England star
Southgate believes Fernandes takeover
made Warnock a dead man walking
31
Super surfer Slater
in running to equal
Federers record
T
HE COUNTDOWN is on to this year's
Laureus World Sports Awards, which are
being held at Central Hall, Westminster, on
Monday 6 February.
These are the most prestigious sports awards
in the world because the winners are chosen
by the 47 members of the Laureus World
Sports Academy, which includes UK sports
stars of the stature of Sir Ian Botham, Sir
Bobby Charlton, Lord Sebastian Coe, Baroness
Tanni Grey-Thompson, Sir Steve Redgrave and
Daley Thompson. Over the next few weeks,
City A.M. will be looking ahead to this exciting
event and profiling the Nominees in each of the
seven categories.
Today we start with the Laureus World Action
Sportsperson of the Year Award. Over the last
few years, American surfer Kelly Slater has
made this virtually his own, winning in 2007,
2009 and 2011. And, after winning his 11th
World Surfing Championship in 2011 at the age
of 39, Slater could possibly win his fourth
Laureus Award a feat only achieved previous-
ly by tennis ace Roger Federer.
JAMIE BESTWICK
(United Kingdom) BMX
Jamie Bestwick's amazing
season started just six
months after a terrifying
crash that fractured his skull
and shattered both eye
sockets. Nearly untouchable
in the Halfpipe, he has
dominated Vert competition
for much of the last decade.
At the X Games, Bestwick
won his fifth straight gold
medal and eighth overall in
BMX Vert.
CARISSA MOORE
(United States) Surfing
Only 19, Carissa Moore burst
onto the women's competitive
surf scene in 2011 with
astonishing results. She won the
professional tour's first event,
the Roxy Pro on Australia's Gold
Coast, then followed that with
two more wins and three
seconds to win the World
Surfing Championship. In
November, she was given a rare
invitation to compete with the
men at the Vans Triple Crown.
KELLY SLATER
(United States) Surfing
At the age of 39, Kelly Slater
won a record 11th World
Surfing Championship. Slater,
who has won three Laureus
World Sports Awards in
his career, has dominated
men's surfing for two
decades. He became the
youngest ever world champi-
on in 1992 at the age of 20
and the oldest at 34 in 2006.
Five years later he is still win-
ning world championships.
T
H
E

N
O
M
I
N
E
E
S
PHILIP KOESTER
(Germany) Windsurfing
Philip Koester became PWA
Wave World Champion in
September 2011 at the age
of 17. Climbing giant waves
and producing colossal
jumps, Koester achieved top
spot after three wins.
With the adrenaline
pumping, he wowed the
crowds throughout the year
with his daredevil
performances.
SHAUN WHITE
(United States)
Skateboarding/Snowboarding
The incomparable Shaun White
began the year with yet anoth-
er gold medal at the Winter X
Games. It was his fourth
straight win in Superpipe, a
record in any Winter X Games
event, and gave him a remark-
able total of 11 gold medals in
Winter X. In his summer sport,
skateboarding, he won X Games
gold in Vert. No matter what
season, White nails every trick.
TRAVIS RICE
(United States) Snowboarding
Travis Rice has developed into
the best all-round snowboarder
in the world, equally capable of
winning a Slopestyle event in
Aspen as he is of pioneering a
first descent in the remote
Darwin Range in South
America. In 2011, he co-
produced and starred in the film
The Art of Flight in which he
took his staggering aerial tricks,
usually reserved for the terrain
parks. out into the mountains.
Reigning Laureus World Action Sportsperson of the Year facing
formidable competition to win prestigious title for a fourth time
FANCY rubbing shoulders with the very
biggest names from the world of sport at
next months glitzy ceremony in London? Of
course you do. Well youre in luck, because
City A.M. has a pair of tickets to the Laureus
World Sports Awards at Central Hall,
Westminster, on 6 February, and the exclu-
sive aftershow party to give away to a lucky
reader. Just keep watching these pages for
full details of how to win this money-cant-
buy prize in the coming weeks.
WIN A PAIR OF TICKETS
DJOKOVIC PRIMED TO DEFEND
HIS AUSTRALIAN OPEN TITLE
READ THE PUNTERS GUIDE TO THE
FIRST GRAND SLAM OF 2012 PAGE: 28
ENGLAND spinner Monty Panesar
may have forced head coach Andy
Flower into a re-think ahead of next
weeks first Test against Pakistan after
he staked an unlikely case for selec-
tion by taking five wickets against a
PCB XI yesterday.
Panesars chances of adding to his
39 caps next week remain
remote,however, especially after
Graeme Swann, who bowled better
than figures of 1-42 suggest, showed
no reaction to the thigh problem that
that has troubled him on this tour.
Still, the 29-tear-old could have done
little more than take 5-57 to offer a
timely reminder to the selectors of his
qualities, following the elbow injury
which has ruled Tim Bresnan out of
all three Tests.
Panesars was the outstanding con-
tribution as England reduced their
opponents to 200-9 before they
declared their first innings 69 runs
adrift. The tourists extended that lead
to 151 by the close with Jonathan
Trott, promoted up the order, unbeat-
en on 39 and skipper Andrew Strauss
not out 36.
CRICKET

Panesar stakes
his claim with
five-star show
ENGLAND cricket chiefs last night
took the unprecedented step of
opening an amnesty window for
players to report any historic
approaches from match fixers in
response to the landmark case of
former Essex bowler Mervyn
Westfield, who yesterday admitted
he was guilty of a spot-fixing
offence.
Westfield faces a maximum of
seven years in prison after accepting
6,000 for agreeing to concede 12
runs in his first over of a Pro40
match against Derbyshire back in
September 2009.
With the international game still
reeling from the scandal which saw
three Pakistan cricketers jailed in
November having been found guilty
of committing a similar crime dur-
ing the first Test at Lords in 2010,
Westfields confession hints at the
alarming possibility that the domes-
tic game has also been contaminat-
ed by corruption.
It is an offence under the England
and Wales Cricket Board regula-
tions not to report any advances
from match fixers, but in a bid to
garner further information and
root out potential offenders the gov-
erning body will relax its stance
until 30 Apri.
Chris Watts, who was recently
appointed as the ECB information
manager to the Anti-Corruption
Unit, said: Information is critical in
addressing the threat posed by cor-
ruption in sport.
The decision to provide a win-
dow for retrospective reporting of
alleged approaches will greatly
assist the anti-corruption unit in
compiling a more complete picture
of the source and focus of approach-
es in the past.
ECB offer approach
amnesty to eradicate
threat of spot-fixing
BY JAMES GOLDMAN
CRICKET

S
POT-FIXING can no longer be
considered a potential threat to
the county game following the
landmark case of Mervyn
Westfield, but while the integrity of
the sport has undoubtedly been tar-
nished, Im sure this will prove to be
an isolated instance of wrongdoing.
The temptation to indulge in the
murky world of illegal gambling has
always been there for county crick-
eters due to the relatively low profile
of the game and the short careers of
players, who earn considerably less
than their international counterparts.
That said its my experience and
belief that domestic cricket remains a
game played by honest and decent
people who, as was true in the
Westfield case, are prepared to police
the game from within.
The authorities cannot afford to
rely on the goodwill of players, howev-
er, in their attempts to ensure the
image of the sport isnt tainted any
further, and judging by their latest
measures the England and Wales
Cricket Board are switched on to the
very real threat of spot-fixing.
CRICKET COMMENT
ANDY LLOYD
Former Essex
bowler Westfield
faces up to seven
years in prison
Picture: REUTERS
Slater has won
three previous
Laureus World
Sports Awards
Picture: GETTY
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