Cityam 2011-10-31

FTSE 100 t5,702.24 -11.58 DOW 12,231.11 +22.56 NASDAQ t2,737.15 -1.48 /$ 1.61 unc / 1.14 +0.01 /$ 1.
/ 1.14 +0.01 /$ 1.42 +0.01

City rejects
Eurozone
debt deal
THE City has delivered a crushing vote
of no confidence to Eurozone plans to
avert a deepening of the debt crisis,
according to our latest poll, run in
association with PoliticsHome.com.
Net confidence in the Eurozone deal
as a whole was at 41 per cent. A
damning 65 per cent of those polled
said they were sceptical about the
plans, with a fifth saying they were
completely sceptical. Only seven per
cent were either very confident or
completely confident that the deal
will halt the crisis.
A plan to boost the bailout fund to 1
trillion was the least popular prong of
the Eurozone deal, with a net approval
rating of 21 per cent. Overall 56 per
cent said they were sceptical that
increasing the size of the bailout fund
would stop the crisis from worsening.
Forcing Eurozone banks to raise an
106bn of extra capital received a net
approval of minus nine per cent, with
almost half sceptical of the measure,
compared to 40 per cent who said they
were confident it will help.
The least unpopular prong of the
deal was asking private investors to
take a 50 per cent haircut on the value
of Greek bonds. The net disapproval
for this was minus two per cent.
Markets surged last Thursday after
Eurozone leaders finally struck the
deal overnight on Wednesday, with
the FTSE gaining almost three per
cent. However, the index fell slightly
on Friday as doubts appeared to creep
in. FULL POLL RESULTS: P9
BY STEVE DINNEEN
EUROZONE CRISIS
www.cityam.com FREE
JEFF BEZOS
HOW THE
AMAZON BOSS IS
TAKING OVER THE
WORLD P28
FROM MP TO FRONTBENCHER
IN JUST EIGHTEEN MONTHS
CHUKA UMUNNA INTERVIEW P24
BUSINESS WITH PERSONALITY
Issue 1,500 Monday 31 October 2011
Certified Distribution
29/08/11 till 02/10/11 is 98,447
THE banking reforms proposed by
the Vickers Commission could be
illegal under EU law, according to
an internal Treasury document
obtained by City A.M.
UK authorities are currently
locked in fractious negotiations
with Brussels over the details of new
EU capital rules, with the European
Commission (EC) arguing against
giving Britain the flexibility it needs
to put in place either the Vickers
rules or the Bank of Englands new
macro-prudential regime.
The HM Treasury (HMT) docu-
ment seen by City A.M. says that any
attempt by Britain to put extra capi-
tal rules in place, which forms one
of Vickers main planks, may be
subject to legal challenge if there
are not significant changes to the
draft rules being discussed.
When EU Commissioner Michel
Barnier visited the UK, he tried to
reassure regulators that Vickers
would be allowable under EU law.
However, he was merely referring
to a minor concession giving states
limited flexibility to set temporarily
EU IN BID TO VETO
UK BANK REFORM
higher capital requirements for
individual firms under Pillar 2 of
the EU Capital Requirements
Directive IV.
The Treasury strongly disagrees
that the concession is enough to
avoid legal problems. Its document
says that the flexibility in question
is not designed to be applied to all
firms at a systemic level and if used
in that way may be subject to legal
challenge, raising the prospect that
banks could take the UK to EU
courts to dismantle the Vickers
rules and the Banks new macro-
prudential powers.
At issue is the UKs attempt to
gold-plate capital requirements.
Vickers outlined a string of propos-
als that go further than the interna-
tionally agreed Basel III
requirements, such as forcing retail
banks to hold more common equity
as capital and giving regulators the
power to require further equity on
top of that for some banks. The Bank
of Englands new powers to adjust
capital levels are also in question.
But the UK is making little head-
way in the argument. The EC, which
has a huge influence on negotia-
tions, insists that the EU must have
a single rulebook for capital.
And City A.M. understands that
Barnier, who was in charge of for-
mulating the rules and who is advis-
ing MEPs and ministers on the
matter, told a private meeting of
bankers in Brussels last week that he
has no sympathy for the UKs stance.
The revelation that EU law could
disrupt the governments flagship
overhaul of the banking and regula-
tory system will add fresh impetus
to calls for a renegotiation or with-
drawal from the EU.
Conservative MP John Redwood
said: Ive always asked why the gov-
ernment is going ahead with so
much UK regulation when they are
prepared to accept EU regulations.
Clearly, we dont need both one set
of regulations for the price of three.
He added that if Britain wants its
own bank capital regime, we need
to understand that a lot of powers
on this have already gone. If weve
now decided we want to do it at
home it strengthens the case for
renegotiation.
New rules proposed by Sir John Vickers could clash with EU law Picture: REUTERS
THE
BANKING FILES
BY JULIET SAMUEL
EXCLUSIVE
News
2 CITYA.M. 31 OCTOBER 2011
Weak City to
harm UK jobs
THE NEGATIVE impact of the
Eurozone crisis on the City will dam-
age the whole of the British economy,
economists warned this morning.
Financial sector employment fell by
14,000 in the second quarter, Ernst
and Youngs Item Club said, while it
expects no or little recovery in City
jobs next year.
Given the extent to which highly
paid employment in the sector under-
pins consumer spending, tax revenues
and house prices in the UK, the projec-
tions for financial services employ-
ment is concerning, explained senior
Item economist Dr Neil Blake.
Even if the attempted crisis remedy
is implemented, knock on effects for
the financial sector will be far-reach-
ing, impacting employment, increas-
ing loan write-downs by 3bn, and
reducing lending, which will hamper
the UK recovery further, Item warned.
The government has set out to de-
risk the sector and make the UK less
reliant on it in order to make the econ-
omy more secure. Unfortunately, if no
other sectors step into the resulting
gap, prosperity will go down across
the country.
Unemployment throughout the UK
will rise to 8.3 per cent next year
before peaking at 8.4 per cent in 2013,
the economic think tank said.
The Centre for Economics and
Business Research (Cebr), too, forecasts
rising unemployment in most regions.
Jobs growth in London will only
start rising in 2015 with unemploy-
ment remaining above the national
average for its entire five-year forecast
period, the Cebr warned today.
Consumers are unlikely to boost the
economy, according to the Resolution
Foundation. Its research, out today,
shows 32 per cent of adults have cut
spending in the last year and 19 per
cent intend to in the next 12 months.
Business confidence, too, hit a 30-
month low in October. The Lloyds
Bank Corporate Markets business
barometer showed a net balance of
minus 15 per cent feel optimistic on
the economy down 22 points on last
month.
In a bearish set of forecasts, Item
showed chancellor George Osborne
missing his deficit reduction target.
Stubbornly high government
spending and weaker than expected
economic growth have cast doubt
over Osbornes ability to cut the
deficit. The first estimate of GDP
growth in the third quarter of the
year is released tomorrow, with econ-
omists expecting an expansion of
around 0.3 per cent.
Growth for the whole year will fall
short of one per cent, Item expects,
with a 1.5 per cent expansion in 2012.
MORE ECONOMICS: P22
BY JULIAN HARRIS AND TIM WALLACE
UK ECONOMY
Britains universities need real reform

IF Britain were a rational country, we
would be spending far more time and
energy seeking to improve the quality
of our higher education to ensure that
it can compete globally and better to
help young people prepare themselves
for their lives and careers at a time
when cognitive ability, creativity and
knowledge are more valuable than
ever. We should be aiming to build the
highest quality, most academically
challenging universities, with the best
research and teaching methods
(rather than have an academic read
out his notes out to a class of bored
onlookers, the dominant teaching
technique of the past few centuries).
With the right policies, British high-
er education could grow into an ever-
larger source of invisible exports, with
the worlds best students being
attracted to come here and the best
universities turning themselves into
global education multinationals, with
campuses all over the world. Planning
reforms and tax changes would help
forge closer links between the best sci-
ence universities, venture capitalists
and entrepreneurs.
To a minor degree, some of this is
happening. A few universities remain
in the global elite, though the UKs
position has collapsed in recent
decades, with US and now Chinese
universities on the rise. There has
been some cross-fertilisation between
academia and business.
In general, however, the UK is
squandering its historical advantage
and failing to fulfil anything even
remotely close to its potential. Higher
education has become a political foot-
ball, with universities paying the price
for the failure of primary and second-
ary state education. Vast numbers of
young people are suffering the conse-
quences of government-created over-
expansion and dud courses.
So radical change is necessary.
Transforming students into con-
sumers aware of the opportunity cost
of their choices is one step forward,
though the support system for poorer
applicants is clearly too complicated.
But in the main we are only getting
small-fry reforms which, while useful
on the margins, wont really trans-
form higher education. One such poli-
cy is that unveiled by the admission
body Ucas this morning. At present,
teenagers apply to university with pre-
dictions of the grades they will
achieve in their A-levels Ucas wants
to make them wait until they actually
receive their grades in July (A-levels
would be moved forward) before
applying. Students would find out by
September if they have been success-
ful. This makes sense, though will
have to be managed carefully to allow
universities time to interview properly
their prospective students. Where the
Ucas plan could break down is that
students will only be allowed to apply
to two universities and will have to
wait to be turned down before being
able to apply to others. Why? The risk
is that many will be even more tempt-
ed to ditch the UK system altogether
and apply abroad.
Part of the problem is that universi-
ties are controlled by the ineffective
Department for Business, Innovation
and Skills, led by Vince Cable. This is
an astonishing anomaly. Universities
obviously should be under the remit
of the Department of Education, run
by Michael Gove, one of the only cabi-
net ministers who is actually pushing
through real, positive change. Gove
has been trying to liberate schools
from bureaucracy he should be
tasked with doing the same with
Britains universities.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
Economists warn George Osborne will just miss his 2015 borrowing targets Pic: REUTERS
NEWS | IN BRIEF
Bank valuations slip to 2008 levels
Bank valuations have been rocked by the
sovereign debt crisis and investor equity
risk concerns, according to the latest
PwC Valuations Index. The rating
slipped to just 60, hitting the lowest
level since the financial crisis, with equi-
ty valuations indicating slower return to
growth than forecast. Nick Rea, head of
the financial services valuations team at
PwC, said: Regulatory reform will
improve banks resilience but will also
act to depress profitability across the
sector over the medium term.
Lehman battle in Supreme Court
A long-running investor battle over the
client money handled by Lehman
Brothers European arm before the
group collapsed is set to be resolved at a
Supreme Court hearing opening today.
Hedge fund GLG is appealing an earlier
ruling which increased the number of
investors who may be able to gain
access to cash held, but not properly
ring-fenced, by the British arm of
Lehman Brothers International
(Europe). The case, which is one of hun-
dreds relating to the demise of Lehman,
is expected to last about four days.
EDITORS LETTER
ALLISTER HEATH
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Editorial
Editor Allister Heath
Deputy Editor David Hellier
News Editor David Crow
Acting Night Editor Marion Dakers
Business Features Editor Marc Sidwell
Lifestyle Editor Zoe Strimpel
Sports Editor Frank Dalleres
Art Director Jo Simpson
Pictures Alice Hepple
Commercial
Sales Director Jeremy Slattery
Commercial Director Harry Owen
Head of Distribution Nick Owen
SCHUBLE CALLS FOR EU LEAD ON
TOBIN TAX
Wolfgang Schuble, Germanys
finance minister, wants the European
Union to take the global lead in intro-
ducing a financial transaction tax to
curb speculative trading, along with
tougher regulation of big banks and
the shadow banking sector, such as
hedge funds. If the UK blocked agree-
ment on such a tax in the full EU, he
said in an interview with the
Financial Times, the Eurozone should
press ahead on its own.
CAMERON UPBEAT OVER ECONOMY IN
BID TO SILENCE THE DOOMSAYERS
David Cameron has urged political
colleagues to stop talking down the
UKs economy as he attempts to
drown out a growing chorus of doom-
sayers with a resolutely upbeat
assessment of the nations economic
prospects.
BLAVATNIK WALKS AWAY FROM EMI
AUCTION
Len Blavatnik, whose Access
Industries group bought Warner
Music earlier this year, has walked
away from the $3bn-$4bn auction for
EMI, turning Citigroups attempt to
sell the UK music company into a
tense game of brinkmanship, people
close to the negotiations said.
Blavatniks offer of about $1.5bn for
EMIs recorded music division
remained below the price at which
the US bank was prepared to sell the
asset it seized in February from Guy
Hands Terra Firma private equity
group, these people said.
URALKALI CONSIDERS LISTING ON LSE
UralKali, the worlds largest potash
producer by volume, is considering a
premium listing on the London Stock
Exchange (LSE) in part to banish lin-
gering concerns about its standards
of corporate governance, according to
its chief executive Vladislav
Baumgertner.
BIDDERS LINE UP TO TURN THE LIGHTS
BACK ON AT LUMINAR
Hugh Osmond is weighing up an
approach to the administrators of
Luminar with a view to bidding for
most of its nightclubs. Mr Osmonds
Sun Capital investment vehicle is
thought to be interested in at least 50
of the 75 clubs, although an offer
would be contingent on keeping the
groups operational infrastructure.
THE WINTER CHILL THAT STRETCHES
FROM STANSTED TO AGADIR
Stansted will be squeezed increasing-
ly tightly this winter as Britains taste
for the short-term break wanes amid
the downturn. Winter is always
tough for airlines because people
travel less, but bookings this year are
expected to be even worse than nor-
mal because of the weak economy.
Stansted is reliant on low-cost carriers
and charter airlines.
COALITION PLEDGES 1BN ON 100
PROJECTS TO KICKSTART ECONOMY
Tens of thousands of new jobs will be
announced today as David Cameron
strains every sinew to get the slug-
gish economy moving. The Prime
Minister says the government is on an
all-out mission to kick-start industry.
Nick Clegg, the Deputy Prime Minister,
will announce that 35,000 jobs will be
created using nearly 1 billion of pub-
lic money. He will unveil new invest-
ment in more than 100 projects that
should trigger billions of pounds
investment from private enterprise.
BILLIONAIRES PLEDGE 10 PER CENT OF
RICHES TO CHARITY
Three of Britains richest men have
pledged to give 10 per cent of their for-
tunes to charity in their wills as part
of the Legacy 10 project. They are Sir
Richard Branson, Charles Dunstone,
and Jacob Rothschild.
JAPAN CLOSER TO EXPORTING
NUCLEAR TECHNOLOGY TO INDIA,
VIETNAM
Nearly eight months after the
Fukushima Daiichi nuclear accident,
Japan is resuming steps it hopes will
lead to exports of commercial
nuclear technology to India and
Vietnam, even as Japan itself is scal-
ing back the use of nuclear energy at
home. Foreign Minister Koichiro
Gemba and his Indian counterpart,
S.M. Krishna agreed to move ahead
with talks toward a civilian nuclear
power agreement.
MF GLOBAL HIRES RESTRUCTURING
COUNSEL
MF Global Holdings, the troubled
securities firm, has hired bankruptcy
and restructuring lawyers, said peo-
ple familiar with the matter, as it
races to sell all or part of its broker-
dealer in an effort to survive.
WHAT THE OTHER PAPERS SAY THIS MORNING
GREATER co-operation between
China and the Eurozone is a likely
result of the crisis, but China cannot
be seen as a saviour of indebted
nations, Chinese news agency Xinhua
announced yesterday.
The agency, usually seen as the
mouthpiece of Chinas rulers, said a
prosperous and stable Europe is
important to Chinas stability and
development as their economies are
closely linked.
Because the EU is Chinas largest
trading partner, the emerging giant
will not act like an onlooker, and
instead is willing to extend a helping
hand as a true friend and partner of
Europe.
Immediate bond buying or invest-
ment in the European Financial
Stability Facility appears to have been
ruled out, but a spokeswoman last
week called for further cooperation
in trade, investment, technology and
finance.
Meanwhile, French socialists
accused president Nicolas Sarkozy of
making Europeans appear weak by
looking for Chinese cash to prop up
the Eurozone rescue package.
Sarkozy phoned Chinese president
Hu Jintao last week to say Beijing had
a major role to play.
MORE EUROZONE CRISIS: P4-5
MULTIPLE institutional sharehold-
ers of Omega Insurance are deeply
unhappy about the price offered by
the recommended bidder for a
chunk of its shares, City A.M. has
learned.
Shareholders including Omegas
founder John Robinson are very
aggrieved that an offer tabled by
US insurance entrepreneur Mark
Byrne for 25 per cent of the compa-
ny will use a complex auction
process to pay them anything
between 70p and 83p per share,
rather than a fixed price.
Several are determined not to ten-
der their shares until Byrne com-
mits to offering a fixed price of
about 83p, which still undervalues
Omegas net book value but is high-
er than its 68p share price.
You will struggle to find one
shareholder that will tender at 70-
73p, one investor told City A.M. We
wont be tendering any shares.
Invesco Perpetual, Omegas
biggest investor with a 29.9 per cent
stake, supports Byrnes offer and
has rejected rival bids from unlisted
insurer Canopius and US group
Barbican. But with both rival bids
priced at about 83p, investors are
reluctant to accept a lower price.
Another shareholder, Richard
Bernstein, chief executive of Crystal
Amber with a 3.2 per cent stake,
said he believed Byrne would accept
their concerns and fix the bid price.
He is the bidder; he has initiated
this and the conventional way is
that bidders pay a fixed price. We
are confident that Mark Byrne will
listen to the owners of the compa-
ny, he said.
Omega sought to play down the
divisions, saying it had consulted all
shareholders and recommended
the best offer. The board has put
the only proposal which could be
implemented to shareholders, it
said in a statement.
Byrne was also unhappy that his
bid a 45 per cent premium to
Omegas pre-bid share price had
gained so little support.
I dont know how people can
complain that they are not getting a
good deal, he said. There were no
other offers, only indicative propos-
als, for a year. I am the first guy to
come along with an offer.
Shareholders
want better
Omega price
THE chief executive of security firm
G4S has spoken to more than 200
shareholders in the last fortnight as
opponents to the 5.2bn takeover of
ISS continue to emerge.
Nick Buckles has been meeting and
calling investors to talk them round
in the run-up to Wednesdays vote on
the deal. He needs to win 75 per cent
of the votes cast to proceed with the
buyout of the cleaner and caterer
from its private equity owners.
Yesterday it emerged that two more
shareholders, Schroders, which has a
1.35 per cent stake, and Artemis,
which owns around one per cent, are
against the transaction. Last week
Edoardo Mercadante, the founder of
hedge fund Parvus, which has the
fifth-largest stake, said the deal was
too risky for him to back.
Carnegie Asset Management has
concerns about the deal and the Abu
Dhabi Investment Authority and US
investment firm Harris Associates are
also believed to be sceptical.
G4S declined to comment but a
person close to the deal told City A.M.
the strategy for it remains the
same.
We believe it is good for share-
holders and it is where integrated
services are heading.
Crunch time for Buckles as
deadline for G4S deal looms
China offers support instead of
cash to Eurozone rescue efforts
BY ALISON LOCK
INSURANCE
WORLD ECONOMY
G4S chief executive Nick Buckles has spoken to more than 200 shareholders ahead of
Wednesdays key vote Picture: REUTERS
BY PETER EDWARDS
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How the Eurozone plans to bury its junk bonds in a big derivative
L
AST weeks hotly anticipated
Eurozone summit might have
been short on details, but it has
taken little time for the markets
best financial engineers to concoct
their own version of events.
Eurozone leaders announced that
they will look into two ways of leverag-
ing up their bailout fund by four or
five times insuring losses on govern-
ment debt and using their bailout
fund to absorb the first wave of losses.
The aim is to turn the 280bn
(246bn) available into some 1 tril-
lion.
Analysts at RBC Capital Markets
were quick to explain the mechanics
of how this could be achieved.
And it is little surprise that the dia-
grams they produced (see right) use
terms more commonly associated
with complex derivatives such as col-
lateralised debt obligations (CDOs)
instruments that many Eurozone
leaders have blamed for the financial
crisis. What the graphic explains is
Europes attempt to create its very own
CDO or monoline insurer.
The first diagram details how the
Eurozone could leverage the European
Financial Stability Facility (EFSF), its
bailout fund, by insuring creditors
against any losses they might suffer as
a result of a sovereign default.
Under this model, the EFSF issues
bonds that effectively act as collateral
as they travel through the diagram.
The Facility gives any struggling
Eurozone country both a direct loan
(potentially for use in bailing out its
banks) and some EFSF-issued bonds.
The sovereign puts the loan to use
directly, but uses the EFSF bonds to
buy insurance on its own debt from a
special purpose vehicle (SPV) set up by
the Eurozone.
The SPV plays the same role as the
collection of US monoline insurers
that sold guarantees on assets to
investment banks: when a wave of
them went bust in 2008, banks were
left with worthless insurance.
With the aid of this SPV/monoline
insurer, the sovereign can then sell its
debt alongside a partial protection
certificate (PPC), which guarantees
any losses up to a certain agreed
amount (hence the X% in the dia-
gram).
Those buying the debt are a mix of
private investors and the sovereign
wealth funds like those of China and
Qatar that Europe is keen to lure to
the table. The PPC-bond combination
allows the struggling state to access
these investors, who would otherwise
not be prepared to buy its bonds.
If a default occurs and investors
need to call in their insurance (using
their PPC), they are paid out of the
SPVs resources: EFSF bonds.
So investors have effective-
ly bought junk sovereign
debt with a certain level of
guarantee from the EFSF.
In the second arrange-
ment, the EFSF acts as the
guarantor for a portion of
the debt issued by strug-
gling Eurozone sov-
ereigns.
It injects capi-
tal into a special
purpose invest-
ment vehicle
(SPIV) that also
solicits capital
from other
investors (both private and sovereign
wealth funds) who buy either high or
low-risk capital instruments of some
kind, possibly bonds paying an agreed
level of interest.
This is meant to dilute the riskiness
of the sovereign whose debt is being
underwritten: in a default, the EFSF is
hit first, then the high-risk investors,
then the low-risk ones.
Alternative models would see the
European Central Bank (ECB) take a
central role in guaranteeing any spe-
cial purpose vehicles.
But current president Jean-Claude
Trichet has been staunchly opposed
to getting involved and Mario Draghi
(pictured), who takes up the post
tomorrow, does not appear likely
to shift from that stance.
There is a certain irony in the
fact that it takes an investment
banker to explain how the whole
business will work. But if you
thought Americas property sub-
prime crash was bad, just
pray we can escape sub-
prime two: the
Eurozone edition.
BOTTOMLINE
Analysis by Juliet Samuel
News
Eurozone country
or countries
receiving support
Receiving X% new issuance insurance
Trust / SPV
Investors
Investors:
European Financial
Stability Facility (EFSF)
(Eurozone bailout fund)
Rest of the
Euro area
EFSF Bonds
Loan liability
Loan
PPC
Government bonds
Cash
Cash
EFSF Bonds
PPC
Bond insurance:
Partial Protection
Certificate (PPC)
EFSF
Bonds
Guarantee
Guarantee
Default
Primary
and Secondary
market purchases
Bank
recapitalisation loans
Government
bonds
S
P
I
V
Senior Debt
Instrument
(Senior tranche)
Low Risk
Participation Capital
Instrument
(Mezzanine tranche)
EFSF Investment
(Equity tranche)
Residual loss tranche
Cash
Second loss tranche
Tranches:
Higher Risk
EFSF
Rest of the
Euro area
Cash and/or
gurantees
First loss
tranche
Guarantee
Guarantee
Eurozone
country
or countries
receiving
support
ANALYSIS l How the EU plans to leverage the EFSF using a special purpose vehicle like a monoline insurer
How the EU plans to create a Special Purpose Investment Vehicle (SPIV) like a subprime derivative
Source: RBC Capital Markets
THE Bishop of London yesterday
urged activists to remain peaceful if
moves to evict them from outside St
Pauls prove successful.
Dr Richard Chartres told activists
that nobody wants violence as the
200-tent camp entered its third week.
But last night protesters instead
promised a new form of dissent
flash mob dances, with Occupy
London activists today set to dress as
zombie bankers in the City in
protest against the actions of the
bailed out banks. The Halloween
themed protest is set to start at St
Pauls at 3pm.
Yesterday Chartres issued a staunch
defence of the Church of England,
which is taking legal action against
the protesters, following criticisms St
Pauls was too close to the City.
It is sometimes said in the news-
papers that the Church is a business
and what we are really worried about
are the business aspects. Can I say
that is totally untrue. This Church
belongs to God.
If you have got a notice up saying
what would Jesus do? thats the
question for me as well.
Chartres and the Right Rev Graeme
Knowles, the Dean of St Pauls,
offered protesters a chance to hold a
debate on finance in the cathedral if
they cleared away their camp.
Members of the group said they
were glad Chartres had visited them
but demanded further assurances.
Muhammed, who declined to give his
surname, told City A.M.: We were
expecting him to talk down to us but
he spoke to us on a level playing field.
He did not give any categorical assur-
ances relating to the eviction.
Separately St Pauls has strongly
denied claims it had suppressed a
report on banking which was expect-
ed to be published this week.
Bishop urges
St Pauls camp
to keep peace
BY PETER EDWARDS
POLITICS
News
6
Activists remained at St Pauls yesterday
despite the threat of eviction
Pictures: LAURA LEAN / CITY A.M.
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QANTAS Airways said it would resume
flights today, after an Australian tribu-
nal ordered the airline and its unions
to put an immediate end to strikes
that left tens of thousands of passen-
gers stranded around the world.
Fair Work Australia, an independent
industrial umpire, was appointed by
the government after Qantas chief
executive Alan Joyce made the shock
decision to ground 108 planes, can-
celling almost 500 flights and affect-
ing nearly 70,000 passengers by
yesterday afternoon.
Qantass decision was a last-ditch
attempt to end a prolonged, bitter bat-
tle with its unions over pay and work-
ing conditions, and its strategy to set
up two new airlines in Asia.
The Australian carrier plans to cut
1,000 jobs and order aircraft worth
$9bn (5.6bn) as part of a makeover to
salvage its loss-making international
business.
The tribunal said Qantas and its
three unions now have 21 days to
negotiate a settlement. If those talks
fail Fair Work Australia can then settle
the dispute.
Qantas warned it would only
resume operations if the tribunal
ordered a permanent end to strikes.
Unions had sought a temporary sus-
pension.
The grounding outraged business
leaders and the government, overshad-
owing prime minister Julia Gillards
hosting of a summit of
Commonwealth leaders in Perth,
Western Australia. Gillard said yester-
day she had convened the crisis hear-
ing because of concerns about damage
to the economy and had called on the
airline and union to quickly end the
industrial action.
Qantas chief executive Alan Joyce
said the tribunals decision provides
certainty for Qantas passengers.
We will be getting our aircraft back
up in the air as soon as we possibly
can, he said in a statement.
Court orders
Qantas planes
off the ground
BY KASMIRA JEFFORD
TRANSPORT
News
CITYA.M. 31 OCTOBER 2011 9
ITALY is the biggest threat to
the financial security of the
Eurozone, according to our
poll of influential City fig-
ures.
Almost half of
those polled said
they are most wor-
ried about the state
of the Italian econo-
my, compared to a
quarter about
Greece and 13 per
cent about Spain.
Italian prime min-
ister Silvio Berlusconi
(pictured) received a
humiliating net
approval rating of
minus 78 per cent.
Only six per cent said they
approved of his contribution
to the talks.
David Camerons approach
was seen as the most pos-
itive of his Eurozone
peers. He scored a net
approval of 19 per cent,
followed by German
chancellor Angela
Merkel with 12 per
cent approval.
French leader
Nicolas Sarkozy
also performed
very badly, with a
net disapproval
of 43 per cent.
Less than a fifth
felt he had made
a positive contri-
bution to the
talks.
PoliticsHome.com PoliticsHome.com
How much confidence do you have in the Eurozone
deal as a whole as a means of averting a deeper crisis?
The state of which of the following
economies worries you the most??
Portugal
Italy
Greece
Spain
Ireland
France
Other
5
%
5
21
19
2
17
11
26
Completely confident
Very confident
Somewhat confident
Neither confident
nor sceptical
Somewhat sceptical
Very sceptical
Completely sceptical
1
48
25
%
13
2
8
3
BY STEVE DINNEEN
EUROZONE CRISIS
In partnership
with
City says Italy is biggest
threat to the Eurozone
Apply to join today at www.cityam.com/panel
In association with PoliticsHome.com
THE chief executive of technology firm
Smiths Group has bowed to sharehold-
er pressure and abandoned a contro-
versial multi-million pound rewards
scheme.
Philip Bowman has dropped the
value-sharing plan, a complicated
scheme that paid out in shares, after
opposition from shareholders and the
Association of British Insurers. He will
instead be subject to a simpler long-
term incentive plan, City A.M. under-
stands, despite the fact 88 per cent of
shareholders backed his pay arrange-
ments at the last annual general meet-
ing. Shareholders will vote on the new
plan on 22 November.
Bowman, whose total pay package
dropped eight per cent to 2.3m for
the year to July, has previously come
under scrutiny for his rewards. In 2008
he was apparently dubbed first class
Phil because of his preference for trav-
elling in first-class rail carriages.
Smiths, a sprawling group with divi-
sions in medical and security technol-
ogy, electronic transmission systems,
fluid transmissions and mechanical
seals, has been subject to rumours of a
break-up since Bowman took the top
job in 2007.
Earlier this year, however, it reject-
ed a 2.45bn bid for its medical busi-
ness from private equity house Apax.
Smiths Group
boss Bowman
in pay u-turn
BY PETER EDWARDS
TECHNOLOGY
THE total pay package of asset man-

agers has risen to an average of 2m
after the industrys biggest firms won
new business.
New research from PwC shows asset
manager remuneration has typically
increased by 18 per cent annually. The
study, which looked at 25 of the largest
asset managers in Europe, also said
funds salary bills went up by four per
cent, based on 2011 salaries and bonus-
es awarded at the end of 2010 or later.
PwC declined to comment on specif-
ic figures but City A.M. has spoken to
industry consultants who said fund
chief executives now have a typically
have a base salary of 300,000 and a
total package of 2m.
Tim Wright, PwC remuneration
director, said: There is noticeable dif-
ferentiation with fund managers ben-
efiting more than sales staff.
PwC report shows remuneration
of top asset managers is soaring
ASSET MANAGEMENT
BOOSTING access to debt markets and

forcing state-owned banks to lend to
smaller firms are among plans being
discussed by the Treasury to increase
lending to small and medium-sized
enterprises (SMEs).
One idea is to use the London Stock
Exchanges (LSE) order book for retail
bonds (ORB) market, allowing smaller
debt issuances with lower minimum
investment levels than in usual bonds.
Typical corporate bonds may
require minimum investments of
around 50,000, whereas that can be
below 1000 in the ORB market.
Negotiations are at a very early
stage, an LSE spokesman told City A.M.
The Treasury confirmed it was look-
ing at a wide range of options, includ-
ing Sir Mervyn Kings suggestion to
force state-owned banks to lend more.
RBS and Lloyds denied they face
pressure to alter their lending criteria.
The government has asked us to
operate as a commercial bank, a
spokesman from RBS told City A.M.
Lloyds too said it was under no new
pressures, but pointed out that it has
just been lent 150m at favourable
interest rates by the European
Investment Bank, which Lloyds will
lend on to SMEs so they can benefit
from relatively cheap financing.
Treasury looking to LSE to
boost lending to small firms
BY TIM WALLACE
REGULATION
News
Smiths scanners are used in airports Main picture: Reuters, inset Philip Bowman: Getty
p
ANALYSIS l Smiths Group
24Oct 25Oct 26Oct 27Oct 28Oct
970
960
950
940
930
980
990
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28 Oct
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PROFESSIONAL services firm Grant
Thornton will announce a slight dip in
profits in its UK business this morn-
ing, a year after income at the firm
leapt by 40 per cent.
Pre-tax profits at the firm were
75.2m in the year to 30 June 2011,
down 0.7 per cent from the record
79.9m they hit last year after cost cuts
and one-off gains from its merger with
Robson Rhodes saw profits spike.
Revenues and profits have held up
to last years exceptional results
despite a difficult economic back-
drop, chief executive Scott Barnes told
City A.M. We were budgeting to come
in slightly lower so are very happy
with the results.
The firms forensics and investiga-
tions services were its star performers,
posting a 17.7 per cent growth in rev-
enue. Assurance also grew over the
year, up 2.8 per cent to 122.3m, but
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To celebrate INGs continuing association with arts charity The Discerning Eye,
ING Commercial Banking has teamed up with CityAM to offer you the chance
to win up to 1,000 of art. The ING Discerning Eye, with its slogan new artists,
new audiences, showcases the work of unknown artists alongside their more
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This year a total of 611 pieces of art, representing the work of 300 artists, has
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The winner will be entitled to choose a painting from the ING Discerning Eye exhibition up to the value of 1,000. The prize
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Grant Thornton profits
strong in tough climate
CVC in a 4bn
bid for RBSs
insurance arm
News
GT chief executive Scott Barnes said he
was very happy with the results
tax fell slightly to 91.7m, extending
last years drop.
Corporate finance revenues fell 5.7
per cent, which the company attrib-
uted to a reduction in its government,
infrastructure and advisory business
following government spending cuts.
However, Barnes also said the firm
had recently been appointed on a
three-year contract to advise the UK
Department for Business, Innovation
and Skills on its new manufacturing
advisory service.
Barnes said that over the next year
Grant Thornton should start to see
gains coming through from its recent
acquisitions of both Blair Endersbys
entire portfolio of Individual
Voluntary Arrangements and of Smart
consulting from LECG. He expects
both to have an impact on next
years figures.
He added that the firm remained on
the lookout for more potential acquisi-
tions on an opportunistic basis, with
a particular focus on finnical services.
Average profit per partner at the
firm rose for the second year in a row,
climbing to 342,000.
PRIVATE equity house CVC Capital
Partners is believed to have made a
4bn bid for the insurance arm of
Royal Bank of Scotland.
The bank was forced by the EU to
begin a sale of RBS Insurance (RBSI),
which trades as Direct Line and
Churchill, after receiving a taxpayer
bailout in 2008.
CVC is believed to have made the
approach in recent weeks.
The insurance division is valued at
4.3bn, according to RBS books, and
could be sold in a trade sale or
through a flotation in the second half
of next year.
The bank tried to sell the unit in
2008 but initially decided to exclude
private equity firms from the process,
even though they could be drawn to
motor insurance for its high cash-gen-
erating potential.
The lender eventually relented in
2008 and entered talks with buyout
firms but rejected a joint offer from
CVC and Swiss Re to buy a majority
stake. The sale was cancelled in 2009.
RBS and CVC declined to comment.
INSURANCE
BY ELIZABETH FOURNIER
PROFESSIONAL SERVICES
STAVELEY SEALS HER BIGGEST DEAL

SHE REPORTEDLY turned down
Prince Andrew, and on Saturday
Middle Eastern dealmaker Amanda
Staveley rejected Mehrdad Ghodoussi
twice before accepting him as her
new husband at an opulent
Buckinghamshire wedding.
The acceptance on the third time
of asking as is customary in
Iranian tradition was one of two
marriage ceremonies at the union
of the PCP Capital Partners fixer
and the Dubai-based investment
banker at West Wycombe Park.
The first, a UK civil ceremony, took
place in a tent bedecked with white
roses, where Staveleys father read
from the novel Captain Corellis
Mandolin. Love is a temporary mad-
ness, he began. Before concluding,
more optimistically: Those that truly
love, have roots that grow towards
each other underground, and when
all the pretty blossoms have fallen
from their branches, they find that
they are one tree and not two.
The Capitalist likes to imagine that
property tycoons Vincent and Robert
Tchenguiz were wiping away the tears
by this stage of the proceedings, while
artist Tracey Emin no doubt admired
the brides exquisite dress by Sarah
Burton of Alexander McQueen.
Also among the 500 guests in the
never-ending series of wedding
tents were Edward Oakden, an execu-
tive board member of UK Trade &
Investments; Michael Edelson, the
longest-serving director of
Manchester United FC; and queen
headhunter Carol Leonard of The
Inzito Partnership; who enjoyed din-
ner and dancing until 2am
although the newly weds slipped
away quietly just after midnight.
The Capitalist
EDITED BY
HARRIET DENNYS
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @dennysharriet
BILL OF THE WEEK
ZULU KING HRH Goodwill Zwelithini
gave Shaka Zulu his blessing when the
venue opened in July 2010, and so did
eight insurance brokers when they visited
Londons largest South African restaurant
last Thursday. The City party moved out
of their culinary comfort zone by trying
sliced springbok loin, roasted ostrich fillet,
Cape Malay pickled red mullet and pork
and lamb sosaties, and the drinks choices
were equally bold: Windhoek beer and
Klein Constantia Riesling followed by
house cocktails Mandelas Guests and the
180 Kuze Kuze, which serves eight. The
version made with the more expensive
champagne option, naturally, to accompa-
ny the three bottles of vintage Laurent
Perrier that completed the 1,1600 occa-
sion. You can take the insurance brokers
out of the City
MT4
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INDONESIAS billionaire Bakrie
family is believed to have
approached China Investment
Corporation (CIC), the Chinese sov-
ereign wealth fund, as it looks to
refinance a $1.35bn (870m) loan
held against its stake in the FTSE
100 coal mining firm Bumi.
Bumi, in which the Bakrie fami-
ly hold the largest stake of 47 per
cent, was brought to London this
year via a share swap with finan-
cier Nat Rothschilds cash shell
Vallar.
The Bakries have been holding
re-financing talks on its debt after
a sharp drop in Bumis share price
triggered a mandatory repayment
of the $1.35bn loan arranged by
Credit Suisse.
Global mining giant Glencore
has been in discussions with the
Bakrie group about offering a loan
for a part of the Bakries debt.
In return for the loan, Glencore
would have access to greater trad-
ing rights on coal produced by
Bumi and the option of turning
the loan into shares if the Bakries
cannot repay the debt at the end of
the term.
However, according to reports
this weekend, the Bakries have
been exploring further refinancing
options, including a potential deal
with CIC, with whom they already
hold loans through another sub-
sidiary company.
A new group thought to be led
by an Indonesian company was
also rumoured this weekend to
have offered to help the Bakries.
Bumi shares have fallen by a
third over the last three months
following uncertainty over the
Bakries stake together with a
slump in the mining sector.
Bakries seek more
Bumi loan options
BY KASMIRA JEFFORD
MINING
MAGNOLIA Petroleum, a US-focused

oil and gas firm, is planning to raise
2m in an equity fundraising and
list its stock on the AIM market.
The firm says it will use the
funds to scale up its operations by
acquiring leases to drill and oper-
ate new wells on its prospects in
the Mississippi formation in
Oklahoma.
The management team, led by
chief executive Steven Snead and
chief operating officer Rita
Whittington, say they will target
acquisitions in established reser-
voirs in order to minimise explo-
ration risk.
Magnolia claims that 22 of the
last 23 wells it has participated in
have generated an aggregate equity
return of three to one.
The firm, which is listed on the
Plus exchange, announced a deal
last week to develop prospects in
the Mississippi Lime formation in
northern Oklahoma and southern
Kansas.
The firm said the last well it was
involved in the area paid back all
costs within three months.
In the six months to the end of
June, Magnolia reported a loss of
$140,000 after taking a $123,000
impairment charge relating to min-
eral leases.
Its revenues increased by a third
year-on-year to hit $123,000.
Magnolia holds leases on more
than 90,000 acres, including inter-
ests in 64 oil and gas producing
properties in North Dakota, which
are estimated to hold between
175bn and 500bn barrels of recover-
able oil.
The company has an estimated
market cap of 1.9m.
Magnolia Petroleum plans equity
raising to fund new listing on AIM
INSURANCE

Wednesday 2
nd
November at 6.30pm

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PRIVATE equity firm Piper has taken
a significant minority stake in Be At
One, the cocktail chain that runs 12
bars across London.
Piper, which founded the Pitcher
& Piano bars and invested in the
expansion of Mexican restaurant
Las Iguanas, has paid 8m for its
stake in Be At One, with the cash
destined to help the bars owners
open new sites.
Be At One was founded in 1998 by
three ex-TGI Fridays barmen, and
opened its first bar in Battersea. It
now runs cocktail bars at sites near
Monument, Spitalfields and Old
Street.
We are delighted to be investing
in Be At One, said Pipers Peter
Kemp-Welsh. We are backing a
strong, driven management team
who are passionate about their busi-
ness.
Private equity
takes stake in
Be At One bars
to drive growth
LEISURE
News
EMERGENCY repair and insurance
group HomeServe has suspended all
telephone sales after it launched a
review into whether some of its staff
could have been mis-selling products.
The company said last weekend
that following a comprehensive
review it had halted telephone sales
and they would not resume until its
staff had completed a retraining pro-
gramme.
The company wants to ensure that
scripts and staff provide even greater
visibility into the features of its cover
product information and pricing.
This review showed that there
were cases where its sales processes
did not meet the companys required
standards, a statement said. The
company has therefore decided to sus-
pend all telephone sales and market-
ing activity.
Homeserve said it had conducted
the review over the past month and
also commissioned an independent
report by Deloitte. It added that it had
been in dialogue with the Financial
Services Authority.
We are determined to ensure cus-
tomers receive the highest standards
of service and we have therefore
taken swift action to address the
issues identified by our review," chief
executive Richard Harpin said.
A spokesman said no redundancies
were planned.
HomeServe sells insurance cover
for, and fixes, burst pipes, broken boil-
ers and drains through a network of
utility partnerships. The group,
which is worth around 1.6bn, said it
remained on track to deliver market
forecasts for full-year profit.
HomeServe halts
telesales to launch
mis-selling review
BY HARRY BANKS
INSURANCE
p
ANALYSIS l Bumi
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742.50
740.00
737.50
735.00
732.50
745.00
28 Oct
VESTAS LOWERS PROFIT GUIDANCE
DANISH wind turbine manufacturer Vestas reported a loss for the third quarter and
warned yesterday that full-year 2011 profits and revenues would be lower than forecast due
to a delay in commissioning a plant in Germany. Vestas cut its guidance for 2011 revenues
to about 6.4bn (5.6bn) from an earlier forecast of 7bn and lowered its projection for its
operating profit margin to about four per cent from an earlier forecast of seven per cent.
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News
NEWS | IN BRIEF
Cablecom eyes Swiss deal
The head of internet, telephone and TV
provider Cablecom, Eric Tveter, said he
was looking at all options when asked
about whether his firm might buy mobile
phone provider Orange Switzerland, a
unit of France Telecom SA, the
SonntagsZeitung newspaper reported
yesterday. France Telecom wants to sell
its Swiss and Austrian operations.
Sony mulls a sale to Samsung
Sony, struggling with a loss-making tele-
vision business, is considering dissolving
its LCD joint venture with South Korea's
Samsung Electronics in a bid to cut costs,
sources familiar with the matter said.
The Nikkei business daily said the compa-
ny was aiming to reach an agreement by
the end of the year to sell its nearly 50
per cent stake in S-LCD to Samsung.
Draghis rein at ECB marks the start of new era
Y
OU may have missed it if you
were busy stressing over Greece
and the European debt crisis. So
let me just flesh it out. The
month of October has been unbeliev-
ably bullish for stocks regardless of
the mess that Europe still finds itself
in and the recession worries everyone
keeps talking about.
In the US, the S&P and Nasdaq are
both up around 15 per cent on the
month, the Dow is up over 12 per
cent, and the small cap Russell 2000
is up 20 per cent.
October has also been strong for
stocks in countries directly or indi-
rectly involved in Europes woes. The
German DAX is up over 16 per cent,
the French CAC is up around 13 per
cent, and the UK FTSE has put on
some 12 per cent. Decoupling from
reality, anyone?
Thursday marks the start of a new
era, with the European Central Bank
(ECB) set to announce its first rate
decision under the command of new
ECB President Mario Draghi. Draghi
takes over the same week that Joerg
Asmussen, Germanys deputy finance
minister, replaces ECB boardmember
Jrgen Stark.
Not only will the current economic
climate, and last weeks EU Summit
decision to try and ward off a deeper
Eurozone crisis, challenge the ECB
members on policy, but the dynamics
at the meeting may well be changed
because of newcomers. At the last
ECB rate decision, rates were left on
hold. This week, many analysts are
calling on the ECB to ease them due
to continued recession fears. At a
time where companies and countries
are deleveraging, what we really need
is growth. This would be one of the
main reasons for the ECB to cut.
Investec expects the ECB to cut rates
by 0.25 per cent to 1.25 per cent. UBS
is even more aggressive expecting the
ECB to cut rates by 0.50 per cent to
one per cent, and then leave rates on
hold for the rest of the year. No doubt
many of us will be tuning in to watch
Draghis maiden performance at the
ECB press conference after the actual
announcement.
The risk of Greek contagion will
remain a focal point this week too
especially after the Italian 10-year
yield rose above six per cent at the
end of last weeks disappointing
Italian bond auction.
Thursday will also be a key supply
day as an expected 8.5-10.5bn will
come to the market from French and
Spanish bond auctions. The French
bond auction should be especially
interesting given the recent volatility
seen in French bonds. Will investors
still want to buy? We shall soon find
out.
Louisa Bojesen is a CNBC anchor.
Twitter: @louisabojesen
CNBC COMMENT
LOUISA BOJESEN
one equally and fairly.
The average council tax bill for a
mid-level property is 1,196. It is
understood almost 250,000 proper-
ties are currently classed as second
homes.
Pickles said special cases will still be
able to claim discounts, for example if
the occupant has been forced to move
into sheltered accommodation or
spend long periods in hospital.
He also said he will encourage
councils to offer discounts to house-
holds who pay their bills online.
Rules on so-called granny flats,
whereby households putting up a rel-
ative in an annex of their property
can be charged twice for their council
tax, will also be put up for consulta-
tion.
It is thought the measures make
the possibility of a mansion tax, part
of the Lib Dems pre-election wish-list,
less likely.
Pickles: I want to scrap
second home tax breaks
Communities secretary Eric Pickles will
start a consultation on the issue of second
home tax breaks Picture: REUTERS
News
Panasonic mentions by source type
Image
Other
PR
Twitter
Social Networks
Topicals
Blogs
Video
Discussion
%
12.3%
2.7%
19.9% 22.6%
26.7%
3.4%
4.8%
4.1%
3.4%
Brought to you by
Olympic Media Buzz
IN ASSOCIATION with www.Repskan.com,
the media monitoring and analytics plat-
form, City A.M. is measuring the relative
Olympic media buzz around the partners
for the London 2012 Olympic and
Paralympic Games, week by week. The
leaderboard, right, reflects their ranking on
media mentions over the past week, in this
case from Wednesday 19 October-
Wednesday 26 October.
Panasonic has
leapt five places
up the ranking
this week, thanks to a number of activities
catching the media gaze. 3D technology
from the Smart Viera range is being pro-
moted as the best stage on which to watch
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LONDON 2012 PARTNERS
TOP TEN PARTNERS BY MENTIONS
Brand Position change
Samsung 1
Visa 3
Adidas 5
Westfield 8
Coca-Cola 4
Panasonic 5
Omega 4
Acer 6
BA 6
Lloyds 1
COMMUNITIES secretary Eric Pickles
is expected to this morning outline
plans to cut council tax bills by closing
a loophole that allows second-home
owners to avoid up to 50 per cent of
their bills on empty properties.
Pickles hopes to knock around 20
from the average bill by clamping
down on uninhabited homes, which
are increasingly unpopular as the
housing shortage worsens.
He said: Under Labour, council tax
went through the roof. This govern-
ment has scrapped Labours council
tax revaluation and is helping freeze
council tax for two years.
I want to do more to help everyday
families with their cost of living, and
protect family homes from tax
increases.
By removing the subsidised tax
breaks for empty homes and second
homes, we can cut 20 a year off fami-
lies council tax bills by treating every-
UK plans armed
ships to deter
Somali pirates
BRITISH merchant ships sailing off the
coast of Somalia will soon be able to
carry armed guards to ward off pirate
attacks, Prime Minister David
Cameron said yesterday.
Britain is one of only a few countries
with major shipping fleets to current-
ly ban armed guards on its vessels, but
owners of ships from other countries
are increasingly putting guards
onboard as national navies struggle to
combat Somali piracy in the Indian
Ocean.
Cameron told the BBC that Britain
now planned to licence guards to carry
firearms on ships.
The evidence is that ships with
armed guards dont get attacked, dont
get taken for hostage or for ransom
and so we think this is a very impor-
tant step forward, he said.
The International Chamber of
Shipping, which represents over 80 per
cent of the worlds merchant fleet,
said arming guards was likely to be
effective in deterring pirates for now,
but was not a long-term solution.
BY STEVE DINNEEN
POLITICS
POLITICS
THE DECLINE in house prices dou-

bled its speed in October as econom-
ic turbulence scared prospective
buyers and hit demand, a leading
survey claimed this morning.
Average house prices were down
0.2 per cent in England and Wales
this month, compared to declines of
0.1 per cent in each of the previous
five months, the report by
Hometrack said.
In London prices stagnated, halt-
ing seven straight months of rising
prices. Londons market has largely
defied the UK housing slump this
year, yet also appears prone to cur-
rent economic hardship.
While headline prices have held
up across London over recent
months there are parts of the capi-
tal where prices have drifted down-
wards south east London saw
prices down 0.3 per cent over
October, the report said.
Price falls are being felt in areas
with weaker domestic demand.
This is in contrast to central London
where the housing market is being
primarily driven by international
demand and equity.
Nonetheless, across the last six
months London has had the fewest
areas registering price falls than
any other region, the report said.
Throughout England and Wales,
over a third (34 per cent) of post
codes recorded dropping house
prices in October, compared to just
25 per cent in September.
Growing consumer concern over
the outlook for the economy is
beginning to impact directly on
house prices, said Hometracks
Richard Donnell.
Over the last year, house prices
have declined by an average of 2.8
per cent, Hometrack calculated.
House prices
now falling
twice as fast
My bank has the
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Financial Research Survey (FRS) 12 months ending May 2011, 2010, 2009, 2008, 2007. Main current account holders who are extremely satisfied or very satisfied
with their current account overall. 55-58,000, GB adults interviewed p.a. *High Street bank definition includes: Bank of Scotland, Barclays, Clydesdale, Halifax, HSBC,
Lloyds TSB, Metro Bank, Nationwide, NatWest, Northern Rock, Royal Bank of Scotland, Santander, Yorkshire Bank. Lines are open from 8am until 9pm, Monday to Friday
and 9am until 6pm, Saturday and Sunday. Calls may be monitored or recorded for security and training purposes. For BT customers, calls to 0800 numbers are free. Call
charges from other providers may vary. Current account applicants must be a UK resident and 18 years or over. Credit facilities provided by The Co-operative Bank are
subject to status and our lending policy. The Co-operative Bank is authorised and regulated by the Financial Services Authority (No. 121885), subscribes to the Lending
Code and the Financial Ombudsman Service and is licensed by the Office of Fair Trading (No. 006110). The Co-operative Bank p.l.c., P.O. Box 101, 1 Balloon Street,
Manchester M60 4EP. Registered in England and Wales No. 990937. Britannia is a trading name used by The Co-operative Bank p.l.c.
BY JULIAN HARRIS
HOUSING
CUTTING national insurance contribu-

tions for companies employing young
workers and strengthening links
between schools and businesses will
cut youth unemployment, the
Confederation of British industry (CBI)
claimed today.
Giving companies a young Britain
credit worth 1500 to take on unem-
ployed staff aged between 16 and 24
will cover the first year of national
insurance for employers, increasing
the incentive to hire.
The CBI estimates that this will cost
150m per year which is affordable
within the context of the govern-
ments deficit reduction plans.
Other proposals include creating
450 business ambassadors who would
build partnerships between schools
and firms. This would enthuse young
people about the world of work from
an early age, said CBI boss John
Cridland, and make sure young peo-
ple can shine in the jobs market.
Welfare reform including suspend-
ing rather than cancelling benefits
when a claimant takes a job, reducing
disincentives to work, will also encour-
age employment, the CBI said.
CBI: slash national insurance for
companies hiring young jobless
EMPLOYMENT
THE GOVERNMENT should back off

and give retailers more space to aid
the economic recovery, according to a
letter sent to chancellor George
Osborne this morning.
The British Retail Consortium (BRC)
is calling for slower hikes to the mini-
mum wage and business tax rates, as
well as genuine cuts to red tape and
freer trade across Europe.
Retail is facing a real terms cut in
consumer spending, job growth is
stalling and costs continue to rise, the
letter to Osborne says. As growth stag-
nates you now need to be bolder and
act with urgency.
The BRC is worried about the 5.6 per
cent hike in inflation-pegged business
rates scheduled for next year, due to
the runaway level of Septembers
retail price index (RPI). Such a tax rise
would hit retailers to the tune of
350m, the BRC has calculated.
A massive 5.6 per cent business
rates hikes next April would come on
top of a 4.6 per cent increase this year.
Retailing employs 2.9m people in
the UK, while 40 per cent of 16-19 year
olds in full time employment work in
the sector. Yet shops are restrained by
annual increases to the minimum
wage and burdensome employment
laws, the BRC said. Our ability to cre-
ate jobs and invest in new stores in the
UK should not be taken for granted,
the group warned.
Retailers letter to Osborne
hits out at planned tax hikes
BY JULIAN HARRIS
RETAIL
News
Economic worries mean fewer people are looking to buy a property Picture: REX
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WPP, the worlds largest advertising
company, sees China overtaking the
UK as its second biggest market in
two to four years.
Chief executive Martin Sorrell has
embarked on a blistering acquisition
drive in emerging markets, with a
string of investments in China.
His firms revenue in the booming
market is about $1.1bn (680m), mak-
ing it WPPs fourth largest market by
revenue.
Sorrell now expects China to over-
take Germany, which is third with
$1.3bn in revenue, during 2012, fol-
lowed by the UK, which has revenues
of $2bn. The US remains its biggest
market with revenues of $5bn.
WPP last week cut its 2011 outlook
after slowing growth in the US and
the affects of the Eurozone debt cri-
sis.
It said preliminary forecasts for the
full-year indicated like-for-like rev-
enue growth of five per cent, com-
pared with a previous forecast of 5.9
per cent.
It saw its third quarter revenues
rise five per cent on a like-for-like
basis. The UK showed significant
growth in the third quarter, with con-
stant currency revenues up 8.9 per
cent compared with 6.6 per cent in
the second quarter and 7.7 per cent in
the first.
WPP had already reduced its fore-
cast in August, saying that its 2011
organic revenue growth may drift
down slightly from its previously
upgraded forecast.
WPP: Chinese
revenues will
overtake UK
BY STEVE DINNEEN
ADVERTISING
News
p
ANALYSIS l WPP PLC
700
690
680
670
660
650
650
688.00
28 Oct
Bullish October shows that
investors were not spooked
O
CTOBER has a reputation for
being a troublesome month
for financial markets, and
memories of the 1987 crash
still linger. So stock market bulls
have been cheered by the four-week
rally, although there are fears that
fresh buyers are reluctant to step in
at current elevated levels.
This week brings a string of impor-
tant economic data kicking off with
the Chicago PMI this afternoon.
Tomorrow we have a second look at
Chinese Manufacturing PMI. Last
weeks flash number cheered
investors as it indicated growth after
three months of contraction.
Well also get the first look at third
quarter GDP for the UK. This is dan-
gerously close to falling into negative
territory.
Last week, MPC member Paul
Fisher warned that there was a 50:50
chance that the UK economy would
contract in the fourth quarter this
year. If so, then additional quantita-
tive easing is on the cards, despite
stubbornly high levels of inflation.
GFT quotes two-way prices on
stock indices around the clock, even
when the underlying markets are
closed. The FTSE 100 index is called
to open up six points at 5708. The
German DAX is expected to open up
14 points at 6360 and the French
CAC 40 is forecast to open 10 points
higher at 3358.
This week also sees central bank
rate decisions for the US, UK and
Europe. Mario Draghi presides over
his first ECB meeting and specula-
tion is mounting over whether he
will take this opportunity to cut the
Eurozones minimum bid rate or
not.
Friday brings the latest update on
US unemployment when the Non-
Farm Payroll number is announced.
Last month saw an improvement
and a welcome upward revision to
the last two releases. However, the
US employment situation remains
dire with job creation failing to
absorb the estimated 125,000 new
entrants into the workforce each
month.
Investors will also be paying close
attention to the G20 meetings which
begin on Thursday in Cannes.
Martin Slaney is director of global prod-
uct management at GFT
MARTIN ON
THE MARKETS
MARTIN SLANEY
p
24 Oct 25 Oct 26 Oct 27 Oct 28 Oct
5,750
5,550
5,500
5,600
5,650
5,700
ANALYSIS l FTSE
5,702.24
28 Oct
24 Oct 25 Oct 26 Oct 27 Oct 28 Oct
6,350
6,450
6,250
6,150
6050
5,950
ANALYSIS l DAX
6,346.19
28 Oct
Interview
The rising star tasked with proving
the Labour party isnt anti-business
After a meteoric rise,
Chuka Umunna has
landed one of the
most important jobs
in opposition
W
HEN I first met Chuka Umunna,
shortly after his election in 2010,
it was already clear he was one
of Labours rising stars. But few
thought the MP for Streatham would
ascend through the ranks quite so quickly.
At the time, he told me he would use his
first term to learn the ropes as a back-
bencher and scoffed when I suggested he
put his name in the hat for elections to the
shadow cabinet. Since then, his career has
progressed at blistering speed. First he was
appointed as a parliamentary aide to Ed
Miliband, the Labour leader. Then he was
promoted to shadow minister for small
business. Now, after just 18 months in par-
liament, the 33-year-old has been made
shadow business secretary, pitting him
against one of the coalitions best-known
and oldest figures: Vince Cable.
There are the all-too-predictable compar-
isons to Barack Obama, but when I inter-
view him it is Tony Blair he most reminds
me of. It isnt just the smooth, lawyerly
manner Umunna also worked as a lawyer
before entering parliament nor the
sharp-suited, telegenic looks. There is
something about the way he speaks that
evokes Blair: part public school boy and
part man of the people. For Call-me-Tony
it was the famous glottal stops that helped
create a middle England image, while
Umunna is fond of the informal contrac-
tion. Throughout our interview, he pep-
pers his sentences with words like kinda
gotta and helluva lot.
Indeed, Umunna says he only signed up
to the Labour party because of the pro-busi-
ness changes instigated by Blair and Peter
Mandelson. If our party hadnt changed
its attitude towards business I certainly
wouldnt have joined. Im the son of a
small businessman who has a kinda classic
rags to riches entrepreneurial story. It
might seem strange, then, that he backed
the younger Miliband brother, Ed, for
Labour leader, rather than David, the more
centrist candidate and one that many saw
as the true heir to Blair.
When it comes to rhetoric, Umunna
sticks firmly to the centre ground. He lav-
ishes praise on the City, describing busi-
ness and financial services as one of our
biggest success stories and says he is
proud to have the worlds global financial
centre in London because it allows Britain
to punch above its weight on the interna-
tional stage. Like almost every other politi-
cian, he says the economy needs to be
rebalanced to make it less reliant on the
City, although he points out that this can
only be achieved if Britain has a strong
financial services sector. We are not going
to get the investment to the other sectors
that we need to grow unless were work-
ing with the City. He even takes Cable to
task for his fiery anti-corporate speeches,
in particular for one where he described
bankers as spivs. A lot of people found
that quite offensive, he says.
Still, there is no getting away from it:
Labour has a problem with business. After
Blair stood down, the private sector aban-
doned the party (with many wealthy busi-
ness people switching their allegiances
and donations to the Tories). Matters
werent helped by Milibands most recent
party conference speech, in which he dif-
ferentiated between good companies, the
producers, and bad ones, or predators.
The speech was described as anti-busi-
ness by the director-general of the CBI, a
charge that Umunna rejects.
It was essentially a pro-business agenda
that was being put forward in that
speech these ideas came from businesses
themselves they werent born in the
leader of the oppositions office. He reels
off a list of high profile business figures,
including McKinseys Dominic Barton and
GSK boss Andrew Witty, who he says
ascribe to what he calls the good business
agenda.
Umunna is keen to point out that all of
Labours shadow business ministers
worked in the private sector before enter-
ing parliament. He says it is no coinci-
dence that the team includes a chartered
accountant, a barrister, a publisher, a soft-
ware engineer and a lawyer. They arent
exactly the cast of Dragons Den, but they
have spent more time in the private sector
than most MPs, who usually prepare for
parliament by becoming think-tank wonks
or political advisers. Umunna himself
spent five years at Herbert Smith, the inter-
national law firm, where he worked as an
employment lawyer for large multina-
tional clients (one or two of whom likely
fall into Milibands predator camp).
I wonder how those large multination-
als would feel about his support for the
agency workers directive, or his opposi-
tion to the governments move to prevent
workers from bringing unfair dismissal
claims unless they have worked for their
employer for at least two years (compared
to one year previously). I dont think
watering down employee rights is a substi-
tute for a properly thought out growth
plan, he says. He does concede that the
tribunal system needs to be reformed.
They were supposed to informal, less
akin to the civil courts and more con-
ducive to preventing cases going to trial
the tribunal procedures dont fit with
those goals.
On the issue of charging workers a fee to
take their case to tribunal, also recently
announced, Labour has yet to say whether
it will back the government. Umunna,
who will outline the partys position in a
speech next month, does say that a better
balance needs to be struck between ensur-
ing the system cannot be abused and
defending people who need to be protect-
ed at work because sometimes small
businesses go under due to the legal cost of
defending a claim, even successfully.
He ridicules the governments red tape
challenge and one-in-one-out policy for
new rules, instead arguing for better qual-
ity regulation. Have the rules been writ-
ten with the small person in mind, who
doesnt have the wherewithal to employ
an army of lawyers and risk management
consultants to help them navigate the reg-
ulation? Its more important to be asking
those questions than it is to be crudely
promising something that you cant deliv-
er.
When it comes to the 50p rate, Umunna
refuses to say definitively whether Labour
would scrap it if the party wins in 2015,
instead trotting out the usual lines about
people with the broadest shoulders bear-
ing a heavier share of the burden. But he
does suggest the party isnt as wedded to
keeping the rate as some might think,
pointing out it was only ever meant to be a
temporary measure and insisting the
party is prepared to be pragmatic. As to
what happens in 2015, Im not going to
write a Budget, its way above my pay
grade, he says, referring to the fact that it
is Ed Balls, the shadow chancellor, who
will draw up Labours tax policy. I suggest
that if he continues climbing the career
ladder at his current speed, it isnt beyond
the realms of possibility. Steady on, he
laughs.
Keeping it steady will be his biggest
challenge. Careers that progress this quick-
ly are rarely smooth. Even David Cameron,
who set the record for the shortest serving
MP to become party leader, had to wait for
three years before he was promoted to the
shadow cabinet. Following our interview, I
emailed an ex-cabinet minister from the
Blair era to get their opinion of Umunna.
They replied: Chuka is very impressive. He
could be a good leader. I just hope he has-
nt peaked too soon.
Age: 33
Education: St Dunstans College, an inde-
pendent fee-paying school; University of
Manchester; University of Burgundy;
Nottingham Law School.
Career:
2002-2006, Herbert Smith
2006-2010, Rochman Landau
May 2010, Elected member of parliament for
Streatham
October 2010, parliamentary private secre-
tary to Ed Miliband
May 2010, shadow small business minister
October 2011, shadow business secretary
CV | CHUKA UMUNNA
Sharp-suited and
telegenic: Chuka
Umunna in Portcullis
House, the modern
wing of the Houses of
Parliament.
Picture:
Laura Lean /
City A.M.
Watering
down
employee
rights is not a
substitute for
a properly
thought out
growth plan
If our party
hadnt
changed its
attitude to
business, I
certainly
wouldnt have
joined it
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3RD NOVEMBER 2011 6:00PM - 7:30PM
In this interactive seminar, Financial Times Journalist, David Stevenson will be looking at
precious metals as an asset class. The SG team will also show you how you can access these
precious metals using our range of Listed Products.
AN INTRODUCTION TO TECHNICAL ANALYSIS
7TH NOVEMBER 2011 6:00PM - 7:30PM
In his first seminar for Societe Generale, Mark Glowrey will be focusing on the importance of
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KEITH Harriss stockbroker Seymour
Pierce has remained the Citys top
nominated advisor to small and medi-
um-sized listed firms in the past four
years despite unprecedented change
in the market, research group
Morningstar reveals today.
Seymour Pierce remains the biggest
of all City Nomads, even though its
client base has slipped from 101 com-
panies in October 2007 to 73 today.
But the financial market turmoil
over the past four years has changed
the face of the independent broking
community, pushing names such as
FinnCap, Northland and Strand
Hanson into Morningstars Nomad
top 20 ranking for the first time.
Andrew Parson, publisher of the
Morningstar Professional Services
Rankings Guide, said he had observed
the formidable rise of some of the
advisors.
These firms, and others, have
demonstrated remarkable stories of
their own these past four years, deliv-
ering a set of rankings quite different
to those in our first AIM edition in
2007, he said.
Cenkos is the biggest Nomad gain-
er, jumping from 19th place in 2007 to
second place today as its client base
has almost doubled from 33 to 63.
FinnCap has also soared and is now
ranked third, above Evolution
Securities, Panmure Gordon and
Numis with 62 clients, after being
unranked in 2007.
FinnCap is also now jointly top of
Morningstars ranking of AIM-focused
stockbrokers with Seymour Pierce, as
both have 70 clients. FinnCap was also
unranked in the 2007 AIM ranking
but Seymour Pierce shed 22 clients
since then.
Cenkos, Numis and Evolution also
saw large jumps in their relative share
of the AIM market, but rivals Collins
Stewart, which fell 11 places from sec-
ond to 13th, and Brewin Dolphin,
which is down from seventh to 15th,
have seen their client bases pared back
over the tough period.
FinnCap and
Seymour top
Aim advisers
ECONOMIC gloom and a tough three
months for financial markets are
expected to take their toll on life
insurers third-quarter sales figures
due in the coming weeks, analysts
said yesterday.
Only a few insurers with a foothold
in popular niche markets are expect-
ed to outperform, but these will see
double-digit sales increases, they said.
Figures will be patchy; flat to
down a bit in mature areas, with
exceptions such as Standard Life and
St Jamess Place that have niche prod-
ucts applying to people that have a lit-
tle bit more money, said Investec
analyst Kevin Ryan.
Analysts expect sales to increase by
an average 13 per cent at Standard
Life, which has built up a large mar-
ket share in the self-invested personal
pension (SIPP) market and has a
strong base of corporate pension
schemes. St Jamess Place, which
offers upper- to mid-market invest-
ments, is expected to post almost a 10
per cent rise in new business.
In contrast, new business volumes
are forecast to be only about two per
cent higher at Legal & General, and
may show up to nine per cent falls at
Europe-focused Aviva. Prudential is
also expected to see resilient sales,
Numis analyst Richard Gradidge said.
Life insurers to
see sales fall on
tough economy
NEXT, the clothing retailer, is predicted to share in the retail sectors gloom when it
gives its third quarter trading update on Wednesday, after warm weather hit sales.
The high-street favourite has largely managed to buck the downward trend in the sec-
tor, but is expected to report a fall in like-for-like sales of as much as 6.5 per cent.
BY ALISON LOCK
FINANCIAL SERVICES
INSURANCE
News
WARM WEATHER EXPECTED TO HIT NEXT
News
BEST OF THE BROKERS
To appear in Best of the Brokers email your research to notes@cityam.com
ANALYSIS l Elan Corporation
8.00
7.50
8.50
7.00
6.50
Sep Oct
8.42
28 Oct
ELAN
Credit Suisse rates the Irish drug firm as
outperform with a target price of
8.60 (7.56). The company posted
slightly lower than expected third quar-
ter sales, but the broker says this is
entirely due to lower sales from its drug
technologies division, ahead of its divest-
ment. The companys underlying net
patient add trend was better than
expected in both the US and Europe.
ANALYSIS l Burovaya kompaniya
Yevraziya
27.50
25.00
22.50
20.00
17.50
Sep Oct
$
24.68
28 Oct
EURASIA DRILLING
Citi rates the Russian onshore drilling
company as a buy with a target price of
$35, reduced from $40, after cutting its
earnings estimates to reflect more con-
servative drilling volume growth. The
broker says a Russian production drive
has helped growth in drilling volumes and
sales, but reduces its volume forecast to
five per cent in 2012 versus 20 per cent
previously.
ANALYSIS l Aggreko
1,600
1,700
1,800
1,900
Sep Oct
p
1,728.00
28 Oct
AGGREKO
Goldman Sachs rates the temporary
power supplier as a conviction buy with
a target price of 2,748p, and says a deal
by rival APR Energy to launch a strategic
partnership with Pratt & Whitney Power
Systems is unlikely to have an effect on
the company. The broker says the tempo-
rary power market offers enough busi-
ness opportunities for both players,
expecially in developing economies.
Bank of America Merrill Lynch
Peter Klein has joined Bank of America
Merrill Lynch as global head of FX prime
brokerage, based in London. Klein will
report to Peter Johnson, who joins the
bank this morning as global head of
futures and OTC clearing, based in
Chicago. Klein was most recently global
head of FX prime brokerage at JP
Morgan, based in London.
Maxifier
The online ad performance business has
hired Denise Colella, formerly customer
relationship officer for AudienceScience,
as chief revenue officer.
Shepherd Neame
The Kent-based brewer and pub opera-
tor has appointed Mark Rider as
finance and IT director. Rider, who
moves from J Sainsbury where he is
head of finance for food, will join in
January 2012 to replace Ken Littlefair,
who will retire in March 2012.
The Mapeley Group
The commercial landlord has appointed
Ian Gladwinfield as an asset manager in
the acquisition and disposals team,
based in Glasgow. Gladwinfield was
most recently senior portfolio asset
manager at City Sites Estates.
Kames Capital
The investment manager, which last
month rebranded from Aegon Asset
Management UK, has strengthened its
property fund by hiring Mark Bunney,
Matt Day and Tony Yu as specialist
property fund managers. The new
appointments move as a team from ING
Real Estate Asset Management.
Burberry
The luxury retailer has appointed Steve
Sacks as senior vice president, customer
insight. Sacks joins from Lloyds Banking
Group, where he was director of cus-
tomer strategy and insight. Prior to
Lloyds, he spent 15 years at McKinsey &
Company, most recently as a partner in
London and Washington DC.
CITY MOVES | WHOS SWITCHING JOBS Edited by Harriet Dennys
+44 (0)20 7092 0053
morganmckinley.com
To appear in CITYMOVES please email your career
updates and pictures to citymoves@cityam.com SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT
in association with
Premier Cru Fine Wine Investments
Serial entrepreneur Sir Eric Peacock has joined
the board of Premier Cru Fine Wine
Investments, the fine wine investment adviser,
as a non-executive chairman. Sir Eric is a non-
executive director of UKTI and the chairman
of Baydonhill Fx, Buckley Jewellery, Halo
Furniture and Stage Technologies. Earlier in his
business career, he was chairman of What If,
executive chairman of Rotary Watches
International and the founder and chief execu-
tive of childrens clothing brand Babygro.
WALL STREET WEEK AHEAD
W
ITH the S&P 500 about to
end its best month in
almost 40 years, many
would be happy to cash in
gains and start packing for the ski
slopes.
But some underperforming
investors are being cornered into put-
ting yet more money into US stocks.
The S&P 500 on Friday closed its
fourth week of gains and is up more
than 13 per cent in October alone. But
many, including hedge funds, were
caught wrong-footed by the rally.
Even though some pullback may be
expected this week, the clearer pic-
ture after the European deal should
give a green light for many of the
funds to get back in risk assets,
according to Robert Francello, head
trader at hedge fund Apex Capital,
which manages about $2bn in San
Francisco.
Hopefully we'll be able to see some
further gains into the year end, he
said.
Hedge funds, among the equity
markets power players, are on aver-
age sitting on losses of 8 per cent for
the year according to Hedge Fund
Research. Meanwhile, the S&P 500 is
up for the year, if only a bit more than
2 per cent.
A JPMorgan note to clients follow-
ing Thursdays 3 per cent rally on the
US benchmark index argues for a
strong foundation for an equity rally
into year end, with a 1,400-1,475 tar-
get. Thats more than the 8 per cent
gain hedge funds would need to come
out of the red for the year.
More than 100 S&P 500 companies
will report earnings this week, with
Lowes, Pfizer and Kellogg among the
highlights. Among the more than
300 that have already posted earnings
for the past quarter, roughly seven
out of 10 have reported better num-
bers than analysts expected.
Business Features | Entrepreneurs
27
The books that can change a business life
T
HOMAS Jefferson once said:
books constitute capital, and
considering all entrepreneurs
are after that, we thought wed
ask five successful business owners
what books spurred them on in the
early days. Here are their answers.
TAREK NSEIR, TH_NK
THE DESIGNFUL COMPANY: HOW TO
BUILD A CULTURE OF NONSTOP
INNOVATION BY MARTY NEUMEIER
Nseir says that this
management book-
cum-manifesto got
him thinking
about how to cre-
ate a business of
non-stop innova-
tion. It made me
realise that you
have to plan for
success to be real-
ly different and
innovative. It also taught me lots
about management theory, including
things like the six thinking hats tech-
nique and parallel thinking.
PATRICK REEVE, ALBION VENTURES
WILLIAM PITT THE YOUNGER: A
BIOGRAPHY BY WILLIAM HAGUE
Reeve says
William Hagues
biography of
William Pitt the
Younger provid-
ed him with sur-
prise inspiration.
It started me
thinking about
long-term strate-
gy in a difficult
climate. Not
just the near-
term noise that
can distract. Issues that could face the
business over the next decade.
SEAN BOWEN, PUSH TECHNOLOGY
CROSSING THE CHASM: MARKETING AND
SELLING TECHNOLOGY PRODUCTS TO
MAINSTREAM CUSTOMERS BY
GEOFFREY A. MOORE
Bowen owes some of his sales and busi-
ness success to
the thinking in
Geoffrey A.
M o o r e s
Crossing the
Chasm. It was
a great book for
helping me
think about
how to grow
your business.
The premise is
that business-
es need to cross the
chasm make that jump from first
customers to mass market. There are
lots of useful warnings in there like
not becoming too specialised.
JIM SHAIKH, YOOMI
THE NEW BUSINESS ROAD TEST: WHAT
ENTREPRENEURS AND EXECUTIVES
SHOULD DO BEFORE WRITING A
BUSINESS PLAN BY JOHN MULLINS
Shaikh has modelled three business-
es on the frameworks supplied by
this workbook. I
know its not
p a r t i c ul a r l y
inspirational,
but the advice it
gives is invalu-
able. Its a step-
by-step guide to
t h i n k i n g
through a busi-
ness before you
write a busi-
ness plan. It forces you to qualify
your idea. A fantastic exercise
because business ideas are ten-a-
penny, but good opportunities are
pretty rare.
EMMA WARD-HUNT, FOUNDATION PR
LOSING MY VIRGINITY: THE
AUTOBIOGRAPHY BY SIR RICHARD
BRANSON
Ward-Hunt loved reading Richard
Bransons autobiography. I had
already decided to start my business
when I read it, so it didnt make me
start the business, but it did really
encourage me.
She explains: It
makes you
think: if Branson
came from such
humble begin-
nings and has
created so much
that is so famil-
iar to so many
people, what
can I do with
my business?
The skys the
limit.
I
T STARTED as a girls lunch, Lindsey
Parslow tells me. Me and a group of
other hedge fund office managers
would get together to share ideas,
she explains. We were all frustrated with
the same things at work. We didnt want
to be paying so much for everything.
They knew they were paying too much
because Parslow and her fellow luncher
Rosemary Howman had worked in big
corporate offices before. They knew that
everything from stationery to hotel and
flight bookings could be bought more
cheaply on corporate rates. Their little
hedge fund offices, however, just didnt
have the brand recognition.
THE HEDGE FUND NETWORK
So we clubbed together and started
using the Hedge Fund Network as a
name to buy things under. It worked won-
derfully, says Parslow. Gradually we
built up an internal list of trusted suppli-
ers that we passed between each other,
says Howman. Hedge fund office man-
agers urgently needed this service, they
explain. There are always hedge funds
setting up around Mayfair and for the
newly-appointed office managers this
means creating an entire internal infra-
structure, says Howman. Parslow nods.
Im pretty sure I spent the first year in
my hedge fund putting suppliers in place,
only to find new and better ones the next
year. I would have killed for a list of trust-
ed contacts.
Parslow became convinced of the ideas
business potential one morning. I just
found that I was spending most of my
train journey, updating and sending
around this Word document that our lit-
tle network was using, she explains. So
teaming up with Howman, they put all
the information on to a website to act as
a centralised hub for everyone to use.
A BUSINESS IS BORN
And that was how Mayfair Quarters, the
subscription business, was born. The
ladies quickly realised they needed to
devote more time to get bigger deals like
flights and win more subscriptions. So far
they have 350 hedge funds and venture
capital firms signed up. There are a good
800 in Mayfair, were not stopping until
we have them all, Parslow laughs.
It hasnt always been so easy to be
ambitious, she adds. They launched the
week before Lehmans crashed. It was
terrifying, we just sat there asking each
other what have we done?
Parslow and Howman now seem slight-
ly surprised by their success and aptitude
for negotiation. Indeed, people of their
background dont tend to set up business-
es aimed at the finance industry: Parslow
is a mum of five and Howman had
trained as a chef before working in office
management.
These ladies arent stopping at Mayfair
though. Theyve already launched an
office in New York. They have lots of new
hedge fund and venture capital offices
over there too, Parslow assures me.
From the ladies who
lunch to women who
cut hedge fund deals
Donata Huggins asks five successful entrepreneurs what they read when they were starting out
(L-R) Lindsey Parslow
and Rosemary
Howman, the
founders of Mayfair
Quarters
Co-founder: Lindsey Parslow
Age: 46
Born: Bognor Regis
Lives: West Sussex
Studied: Bognor Regis School
Talents: Holding a thousand ideas for the
business in my head whilst juggling home,
the children and still retaining their
expectation of me as Mum
First ambition: To be David Essexs girl-
friend.
Co-founder: Rosemary Howman
Age: 49
Born: Germany my father was stationed
there in the army.
Lives: Clapham
Studied: St Georges Ascot and Guildford
County College of Technology
Talents: Cooking and a good organiser.
First ambition: To be a top chef.
Drinking: Yes vodka.
Reading: Yes fiction of all sorts.
CV | MAYFAIR QUARTERS
Donata Huggins meets Mayfair Quarters, a company
founded by two ex-hedge fund office managers
W
ITH the Kindle Fire, Amazon.com chief
executive Jeff Bezos is showing the
world that hes much more than an
online retailer. The original Kindle,
released in 2007, was the first piece of electronic
hardware Amazon ever produced, and it revolu-
tionised the electronic book business. Wall Street
analysts expect Amazon to sell about 26m Kindle
devices next year. Combined with sales from e-
books, thats about $6bn (3.72bn) in revenues,
nearly ten percent of Amazons total sales. The
new Kindle Fire may be an iPad wannabe, but
Amazon may sell 5m units in the fourth quarter
of this year alone, demonstrating that Amazon
could become one of the worlds major con-
sumer electronics companies.
That kind of business diversification is rarely
seen in a single company. Sony and Dell have
always been consumer electronics companies.
Microsoft and Google have always been software
companies, although Microsoft added the Xbox
after failing to kill off Nintendo with comput-
er games. Apple has always sold both hard-
ware and software (for its own devices) and
moved into retailing with iTunes. But
Amazon does it all: retailing, computing
services, electronics, software and elec-
tronic media in the form of e-books and
video downloads, which could get a big
boost from the Kindle Fire in the coming
years. Bezos may just be the worlds pre-
mier entrepreneur.
Yet its hard to define just what drives
him. Steve Jobs saw hobbyists starting to
build the first personal computers, fell in love,
and sold his car to start Apple. Bill Gates, a soft-
ware geek, saw the same thing and dropped out
of Harvard to start Microsoft. Jeff Bezos didnt
start selling books because he loved books. In the
early 1990s, fresh out of Princeton, he knew only
that he wanted to be an entrepreneur. In 1994,
seeking new business opportunities for his
employer, electronic stock trading company D.E.
Shaw, he looked into the rising phenomenon
known as the internet and discovered that it was
suddenly growing like bacteria in a petri dish
twenty-three hundred percent in the previous
year. He crunched the numbers for different
retailing possibilities and books came out on top.
Shaw wasnt ready for that kind of diversifica-
tion, so Bezos left and started Amazon.com.
Bezos never stops innovating or taking risks.
Amazon.com was one of the first profitless dot-
com companies to go public, setting what
turned out to be a disturbing trend. In the late
1990s, many Wall Street analysts were convinced
Amazon.com would be destroyed by larger retail-
ers such as Barnes & Noble. Amazon lost $720m
in 1999 and had amassed $2bn in debt. But when
the crash came in 2000, Bezos changed strategies
and focused on profits while most other dot-com
companies collapsed like houses of cards. Hes
not afraid to play that game again today. In the
third quarter of 2011, Amazons profit fell 73 per-
cent as Bezos spent millions of dollars creating
new Kindles and adding new shipping centres so
he can get products to customers as quickly as
possible. After the announcement, the stock
dropped 15 percent in two days.
Sometimes his ideas on diversification are a
little too wild. In 1999, he talked to the press
about possibly selling travel, insurance and bank-
ing services through Amazon. But some of his
ideas are brilliant. In 2002 he had his engineers
redesign the interfaces to all Amazons software
services so that he could lease Amazons comput-
ers and their capabilities to others through the
internet. That turned Amazon into a leader in
the field of cloud computing, helping other com-
panies run their own businesses off Amazons
computers and software so they dont need to
build the capacity themselves. Netflix, for exam-
ple, streams its 20,000 video titles to peoples
homes from Amazons computers.
Amazon may be diversified, but every business
bears the Bezos trademark, the big secret to his
success: hes the entrepreneur for the common
man. He sells his products at a deep discount,
unapologetically putting other retailers out of
business, but maintains an emphasis on cus-
tomer service that puts most companies to
shame. Perhaps his success comes from the fact
that his passion isnt for any particular business,
the way it was for Steve Jobs, who always tried to
set the gold standard in consumer electronics.
Jeff Bezos aims for the mass market, building
and selling anything he can think of.
Theres one other clue to Bezoss true ambi-
tion, one as grandiose and quirky as Bezos him-
self. He was always a huge science fiction fan. In
his book Get Big Fast, Robert Spector suggests
that Bezos wanted to become wealthy so that he
could create technology that would allow people
to populate other planets. Unlikely? Well, Bezos
has already used his wealth to start a company
building spaceships for commercial flight.
Called Blue Origin, it has had one successful test
launch and is vying for Nasa contracts. If he gets
his way, perhaps space exploration will be his
ultimate legacy. Now thats thinking big.
Richard L. Brandt is the author of One Click: Jeff Bezos
and the Rise of Amazon.com, out now from Portfolio
Penguin, 14.99.
28
The Forum
CITYA.M. 31 OCTOBER 2011
Jeff Bezos aims for the mass
market, building and selling
anything he can think of.
Amazons Jeff Bezos is much
more than a bookseller: Hes
the Everyman entrepreneur
cityam.com/forum
RICHARD BRANDT
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.
29
An ex-quantum
physicist offers a
science lesson to
Europes leaders
The EUs decision
process: Its not
rocket science
A
S THE EUs leaders struggle to reach a
comprehensive and credible plan to
contain the sovereign debt crisis, there
is much they could learn from the sci-
entific world. Its time our leaders changed
their way of thinking, or at least hired a rocket
scientist or two to help.
From our first physics lessons, we are taught
that for every action, there is always an equal
and opposite reaction. Wise words from
Newton that help shine a different light on the
outcome of last Wednesdays EU summit.
The final acceptance of a 50 per cent haircut
for private investors holding Greek bonds was
welcomed by the markets, with the EuroStoxx
rallying over 6 per cent the next day. The relief
that a deal had been struck was matched by
the satisfaction that it ensured Greeces debt as
a percentage of its GDP would fall to 120 per
cent instead of reaching around 160 per cent
by 2020.
However, this action had an equal and oppo-
site reaction for private bondholders, an
equivalent loss on their holdings. What was
good news for Greece is bad news for some of
the largest European banks. Dexia, BNP Paribas
and Socit Gnrale had only written down
their exposure by 21 per cent. Increasing this
to 50 per cent generates a combined loss of
around 3bn. There are two sides to every deal.
Viewing a situation in context is also at the
heart of Einsteins Theory of Relativity, con-
necting time and space. The faster you travel,
the slower time will pass. At the edge of a black
hole, where the gravitational pull will be
incredibly strong and equivalent to moving at
a fast speed, time will move far slower. As the
EU ministers stand at the edge of their own
black hole, the gaping holes in bank balance
sheets, time is surely passing at a snails pace.
Especially as they continue to kick the can
down the road. Enforcing 106bn of recapital-
isation when the IMF has already reported the
figure needed may be as high as 200bn shows
risks remain.
The very method used to tackle the sover-
eign debt crisis goes against one of Einsteins
lessons. He once remarked we cant solve
problems by using the same kind of thinking
we used when we created them using debt
to solve a problem of debt does just that.
Still, recent news from the particle accelera-
tors at Cern has raised questions over the great
scientists theories. Perhaps Nicolas Sarkozy is
hoping we have discovered neutrinos that can
travel faster than the speed of light. If it means
we can do the illogical and travel back in time,
it would give him a means of action to stand by
his words, that Greece shouldnt have joined
the euro in the first place because its economy
wasnt ready.
For the moment though, as real scientific
advances enable machines to be built that can
carry out 17 quadrillion calculations a second
(the Alma Correlator in Chile), and as EU lead-
ers regret past decisions and struggle to make
new ones, perhaps enlisting the help of a rock-
et scientist or two wouldnt be a bad idea.
Gemma Godfrey is the chairman of the invest-
ment committee and head of research at Credo
Capital, a former fund manager and a quantum
physicist by background.
@cityamforum
Great article by Claire Fox
[Happy Birthday, Baby Seven
Billion, Friday]. There is at least
one finite resource on Earth.
The vision and imagination of
the eco warriors.
Mark Adams,
head of public affairs, Lansons
Dont tar all eco warriors with the
same brush: some of us do vision
and imagination for breakfast.
Martin Wright, editor in chief,
Green Futures
Human vermin?
Great points by Claire Fox in her
article on human population
well said. We at the educational
charity Worldwrite have pro-
duced our own satire on this
very subject titled Get Off My
Planet: Happy Birthday 7 Billion.
It is amazing the letters we are
getting that say we are evil for
welcoming more of us and argu-
ing that we, the human species,
are vermin.
Ceri Dingle,
director, Worldwrite
Speak your mind
The Forum is open for you to
take part. Got a sharp comment
on one of todays columns or
rapid response topics? Do you
have another subject relating to
business and the economy you
want to share your opinion on?
We want to hear your views.
Readers are invited to comment
on the web: cityam.com/forum;
by email: theforum@cityam.com;
and on Twitter: @cityamforum.
The best responses will be
reprinted in The Forum.
RAPID RESPONSES
GEMMA GODFREY
BY MICHAEL BEAR
CITYA.M. 31 OCTOBER 2011
The Forum
A
S A civil engi-
neer, I come
from the
demand side of
financial services a
client. So when I came
into office last
November, I brought
with me a fresh per-
spective on the role of the mayoralty with my busi-
ness theme City of London: City of Choice.
This has involved promoting the importance of
keeping the City competitive, especially in
response to regulatory proposals from Europe,
and highlighting the vital link between what we
do in the City and industry, investment and
exports.
The City has a vital role to play in creating jobs
and growth, and supporting the real economy
not least our vital small and medium-sized enter-
prises. There are no less than 16,000 in the
Square Mile many of which are specialist or
niche businesses that give us our competitive
edge in the global marketplace.
Everything I have seen has confirmed the cru-
cial importance of the City, especially in my
regional visits and in each of the 22 countries I
have visited. The City brand and Brand Britain
remain hugely strong.
I have given these visits a sharper business
focus by working in line with the Prime Ministers
vision on commercial diplomacy. This has involved
piloting a consortium approach and looking for
high value opportunities for business, not just for
financial services but for wider industry as well.
This is especially true in infrastructure, where we
have unique expertise in all aspects of the supply
chain.
But that is not to say the year has not been
without its challenges. The Arab Spring, the
Japanese tsunami, the Eurozone crisis, the US
debt ceiling discussions, London riots, and
protests outside St Pauls have all had, and contin-
ue to have, an impact upon the City.
But I am confident that the City is an impor-
tant part of the solutions to challenges. For exam-
ple, my initiative to restore trust is looking at solid
practical ways of embedding best practice in
every office in the City.
In my year, I have also worked hard on philan-
thropy, the softer but equally important side
of the mayoralty. Through my Lord Mayors
Appeal Bear Necessities: Building Better Lives
we have raised millions of pounds for Coram,
Londons foremost childrens charity and RedR, the
international disaster relief charity.
Also, through my programme of cultural diplo-
macy building bridges through music in partner-
ship with the Concordia Foundation, to host
hugely successful concerts in China, Vietnam and
Kenya we have left a lasting legacy, for instance,
by teaching a musical instrument to schoolchild-
ren in Nairobi.
I am delighted to pass on the baton to the
684th Lord Mayor David Wootton, who will be a
great champion of the City, and I look forward to
supporting British business in the future. I have
accepted the invitation of our trade and invest-
ment minister, Lord Green, to be a member of his
new strategic advisory group, which will advise
government on helping British business export
and foreign companies invest, and will continue to
work hard to ensure we remain the global city of
choice.
Michael Bear is the Lord Mayor of the City of
London.
Lets see the City as a
solution not a problem
Email: theforum@cityam.com
Twitter: @cityamforum
In association with
THE LARGE MAMMAL IN THE CORNER
Despite this bullish perspective, its dif-
ficult to ignore the star spangled ele-
phant filing his nails nonchalantly in
the corner of the room. The fact
remains that the US government has
done nothing to address its mammoth
debts and its unsustainable deficit.
Jefferson County, Alabama, remains on
the cusp of chapter nine bankruptcy. If
it were to cave in, it would be the
largest municipal bankruptcy in US his-
tory and it is viewed by many as the
first domino in a long chain. Held by
many non-sophisticated investors with-
in pension funds, the municipal bond
problem has the potential to cause a lot
of pain to the US public.
OUTSIDE OF POLITICS
But figures show that the US public is
still spending, despite the horribly high
levels of unemployment and underem-
ployment. So how big is the separation
between the politics inside the DC belt-
way and what is happening on Main
Street? There are a lot of people who
have been experiencing malaise, says
Matthew Hurtt, a political fundraiser
in Washington DC. Traveling from the
bubble of the District back home to
Tennessee, Hurtt says he feels the dif-
ference between the sky falling in
atmosphere in the capital compared to
the rest of the US. There is lots of pain
but people are just getting on with
their jobs, going out, spending money.
Weve been hearing all this since 2008,
and people are just getting on with it.
A strong rally in the S&P signalled
that the US has its rose tinted specta-
cles well and truly in place. But how
long will it last and what lies beneath
the waterline?
Batten down the hatches:
Main St. braves the storm
T
HREE months after the debt ceiling
wranglings on Capitol Hill that
drove S&P to downgrade Americas
AAA rating, there have been some
chinks of light shining through the grey
clouds that until now have enveloped the
US economy. Figures released last week
by the US Commerce Department indi-
cated that the US economy had grown by
an annualised rate of 2.5 per cent in the
third quarter. So has the US weathered
the storm, and come out of the other side
with its economy battered, the rigging of
its financial sector shorn from the mast,
but otherwise sea worthy? Or is it only a
matter of time before it is sunk by holes
below the waterline?
Throughout the debt ceiling deadlock,
the threat of a US default and the many
months where non-farm payroll figures
indicated dire employment figures, Kully
Samra, UK branch manager for Charles
Schwab, remained bullish about the
long-term US outlook. We now feel that
our outlook has been vindicated, says
Samra. He has long argued that, while
the macro picture has looked gloomy, the
microeconomic data has been positive.
But he now feels that the macro outlook
is looking positive too: We had a strong
second quarter earnings season, strong
figures from the Philly Fed. People forget
that we had the terrible weather at the
start of the year, the effects of Japan on
the supply chain. But looking at the ISM
figures, both industrial and manufactur-
ing, we havent dipped below 50. If you
have been prepared to take a contrarian
view over the course of this year, there
have been bargain buys available.
Away from Wall
Streets politics, the
US is still in business,
writes Craig Drake
Is the boat damaged
below the waterline?
Picture: REX
THE WEEK AHEAD in association with
THE TIPSTER
THE GHOST
OF PROFITS
TO COME
T
RICK or treat? Marstons brewer
of Hobgoblin beer and pub owner
has like the rest of the market,
enjoyed a frightfully good October,
with shares rallying close on 20 per cent.
Although the market is becoming
increasingly dominated by a handful of
giants, earnings are expected to be in
line with expectations when the full year
numbers are released at the end of
November. Assuming that consumers
dont end up spooked by the possibility
of another recession and the bare bones
of economic recovery remain intact it
could well be a howling good end to the
year for the group. Current IG Index
price is 98.05p-98.75p.
Barclays statement released today
should attract some attention from
shareholders with revenues largely off
versus previous quarters. The Eurozone
debt crisis has certainly capped client
activity, so hopefully the report will
shed some clarity on costs. Analysts
views on cost-to-income in the invest-
ment banking arena are generally above
70 per cent greater than the banks
60-65 per cent predictions. Capital
Spreads quotes a price of 210.0p
210.5p.
House prices are set to be in focus
today with the latest Nationwide house
price survey for October, as the UK
housing market continues to remain in
the doldrums. With this in mind,
investors will be looking at the latest
interim numbers from house builder
Berkeley Group Holdings. CMC
Markets quotes Berkeley Group at
1,265.38p-1,270.64p.
Legal and General finally broke out
of its near three-month trading range
between 90p and 105p late last week
and traders were jumping on the break-
out trade, as it also cleared the 100-day
moving average at 105p. Should the
management statement out Tuesday be
received positively, it may well retake
the uptrend it was in since 2009, by
climbing above 122p. Spread Co offers
a spread on Legal and General of
113.59p-113.97p.
Craig Drake
COMPANY NEWS
l Barclays announces today. It traces its origins
back to 1690, when John Freame and Thomas
Gould traded as goldsmith bankers in Lombard
Street. Eagle eyes await results.
l Imperial Tobacco announces tomorrow. Its
brands include Davidoff, West, Gauloises Blondes,
Montecristo and Drum. It was created in 1901
through the amalgamation of thirteen British
tobacco and cigarette companies.
l On Wednesday, Randgold Resources, a gold min-
ing and exploration company focused in Africa, will
be hoping to announce striking results.
COMPANY NEWS
l Thursday is a big day for announcements. Asos,
Invensys, Man Group, Shanks, Tate & Lyle and
Unilever all announce. BT and Cable & Wireless
Communications also announce and will be hoping
to communicate good results to shareholders.
l Friday will also see a lot of UK-listed company
results. General Cable, Lancashire Holdings,
Millennium & Copthorne Hotels, Royal Bank of
Scotland, Smith & Nephew and Spirent
Communications all announce. International Airline
Group also announces. IAG was formed in January
2011 by the merger of British Airways and Spains
Iberia.
ECONOMICS
l Today, Canada releases its third quarter GDP sta-
tistics, while the UKs third quarter GDP is released
tomorrow. The Reserve Bank of Australia will also
release its decision on interest rates tomorrow. At
4.75 per cent, the central bank is coming under pres-
sure to bring them down under its current rate.
l On Wednesday, the Fed minutes from the previ-
ous meeting will be released and the Board of
Governors of the Federal Reserve announce on inter-
est rates. Chairman Ben Bernanke will give a press
conference afterwards. The European Central Bank
will decide on rates on Thursday, while Friday will
see those all-important non-farm payrolls.
POLITICAL NEWS
l Today, Bulgaria votes on a draft to bring down its
budget deficit to 1.35 per cent of GDP next year.
Tomorrow, EU government experts are meeting to
debate a proposal to rank fuels on how green they
are. With Europes economy on the rocks, this is just
what Europes grand bureaucracy should be doing.
l Leaders of the G20 countries will meet for a
summit in Cannes on Thursday and Friday. An
appropriate location, as the debt debacle would
have all the makings of a good disaster movie and a
leading man in Silvio Berlusconi and woman in
Angela Merkel. Dont expect the Hollywood happy
ending though.
30
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Four experts are wary of the economic
outlook for the continents countries
KATHLEEN BROOKS | FOREX.COM
Italys debt auction on Friday reminded us that the
Eurozones third largest economy is still its weakest link. It
had to pay the highest price since joining the euro-area to
sell 10-year bonds, as investors charged a higher risk pre-
mium to hold Romes debt, 6.06 per cent. So far this year
Italys average growth rate has slowed from a fairly bleak
1.1 per cent in 2010, to a dismal 0.8 per cent. It is the third
largest debtor in the world behind Japan and the US. But
both countries have extremely low bond yields: Japans 10-
year bonds yield 1.04 per cent, while US 10-year yields are
2.34 per cent, and both have higher growth projections
than Italy.
Investors no longer tolerate enormous debt. If Rome doesnt clean up its act and
push through growth and public spending reforms there could be more trouble to
come. Some good news came from last weeks summit: French and Spanish bor-
rowing costs fell in the aftermath of the deal. However, the fact that Italy remains
mired in trouble has the potential to dent investor confidence and could start to
weigh on risky assets.
JOSHUA RAYMOND | CITY INDEX
It would be incredibly naive to think
that the Eurozone crisis has been
solved. We still dont know much
about the methodology behind how
the headline solutions will be reached.
Make no mistake, European economies
are in a dark place, with governments
saddled by debt and growth under
severe strain by the required austerity
plans needed to contain a debt fallout.
Eurozone GDP grew at an anaemic 0.2
per cent in the second quarter its
weakest for two years. Tackling the
debt storm in the Eurozone is a vital
first step towards fiscal strengthening
of the Eurozone, but growth will be
contingent on many other additional
factors.
The uncertainty
of how these
measures will
be achieved
saw the stock
market surge
to a relatively
quick end on
Friday, as the
adrenaline has
waned from
the relief of the
initial deal. If
investors fully believe that the plans
are credible and, just as importantly,
achievable, then this could certainly
help provide a fillip for stocks to push
higher. But that remains a big if.
MICHAEL HEWSON | CMC MARKETS
The resilience of the single currency presents Europe with
a problem that cannot be ignored. For growth to return,
Europe needs a weaker currency, not a stronger one. This
move higher makes life much more difficult for the south-
ern economies, which need to grow to pay down debt.
The European Central Bank was a spectator at last weeks
events and needs to be much proactive, along with
European governments, to kick start growth in Europe. All
the key indicators from PMIs suggest Europe is heading
for recession, if not already there, and Mario Draghi, Jean-
Claude Trichets successor, needs to take the first steps this
week. Reducing borrowing costs by cutting interest rates
to pull the euro lower is a first step.
Last weeks higher than expected German CPI numbers could make a possible rate
cut more problematic for him at his first meeting, but he needs to be bold. Last
weeks agreement will rely on the continued delivery of fiscal goals. It is less than
certain that Greece, or Italy for that matter, will be able to grow at the required
rate, while at the same time implementing spending cuts and further austerity.
ANGUS CAMPBELL | CAPITAL SPREADS
The most important thing for Europes economies right
now is confidence and last weeks EU summit has at least
given a boost to confidence to some degree. Many are
arguing that the moves do not go far enough and despite
haircuts, recapitalisations and boosts to bailout funds,
none of these are going to prevent the eventual default of
Greece. What it does do though is buy time and that's
what the Eurozone has been crying out for.
Has the can been kicked down the road and when we get
to it will it be a bigger and heavier can to kick later? Quite
possibly, however it gives heavily indebted nations breath-
ing space to get their houses in order and rid themselves
of the debt shackles.
Of course none of this will be possible without growth.
The confidence boost that Wednesdays plans can give to
businesses and consumers within
the Eurozone could just be the trig-
ger needed in order spark growth
again and avoid a double dip reces-
sion.
However, the bigger question is
whether banks can absorb the huge
writedowns on top of having to
recapitalise and at the same time
keep lending going, the life blood of
the economy. If the plans lead to
another credit crunch and the bigger
nations dont address their debt
problems, when we come to that can two years down the
line, then itll be too heavy to kick.
EU SHARES
AIR LIQUIDE...............94.82 -0.67 100.65 80.90
ALLIANZ......................83.11 -1.53 108.85 56.16
ANHEUS-BUSCH INBEV39.94-0.28 45.83 33.85
ARCELORMITTAL......15.71 0.16 28.55 10.47
AXA.............................12.18 -0.31 16.16 7.88
BANCOSANTANDER ..6.43 -0.01 9.20 5.05
BASF SE .....................54.99 0.62 70.22 42.19
BAYER.........................47.83 -0.18 59.44 35.36
BBVA.............................6.93 0.06 9.27 4.94
BMW............................61.81 0.75 73.85 43.49
BNP PARIBAS ............36.35 1.22 59.93 22.72
CARREFOUR..............20.03 0.26 34.29 14.66
CRH PLC.....................13.81 -0.32 17.40 10.28
DAIMLER ....................39.20 0.13 59.09 30.52
DANONE .....................50.32 -0.05 53.16 41.92
DEU.BOERSE OFFRE41.16 -0.14 55.75 35.46
DEUTSCHE BANK......33.20 0.41 48.70 20.79
DEUTSCHE TELEKOM 9.35 -0.08 11.38 7.88
E.ON............................17.98 -0.24 25.54 12.50
ENEL .............................3.49 -0.07 4.86 2.81
ENI ...............................16.37 -0.30 18.66 11.83
FRANCE TELECOM...13.41 -0.18 17.45 11.12
GDF SUEZ...................21.76 -0.60 30.05 18.32
GENERALIASS. .........13.46 -0.06 17.05 10.34
IBERDROLA .................5.38 -0.07 6.50 4.29
INDITEX.......................67.26 -1.04 69.40 50.92
INGGROEP CVA..........6.77 -0.35 9.50 4.21
INTESA SANPAOLO.....1.39 -0.01 2.48 0.85
KON.PHILIPS ELECTR15.49 -0.24 25.45 12.01
L'OREAL .....................80.31 -0.15 91.24 68.83
LVMH.........................122.80 -1.70 132.65 94.16
MUNICH RE ................98.93 -1.57 126.00 77.80
NOKIA...........................5.07 -0.05 8.49 3.33
REPSOL YPF ..............22.25 -0.15 24.90 17.31
RWE.............................32.07 -0.84 55.88 21.22
SAINT-GOBAIN...........35.02 -0.08 47.64 26.07
SANOFI .......................52.33 -0.25 56.82 42.85
SAP .............................43.92 0.22 46.15 32.88
SCHNEIDER ELECTRIC45.34 -0.41 61.83 35.94
SIEMENS.....................78.19 0.39 99.39 62.13
SOCIETE GENERALE23.39 0.40 52.70 14.32
TELECOMITALIA.........0.93 -0.02 1.16 0.70
TELEFONICA..............15.73 -0.10 19.69 12.50
TOTAL .........................38.38 -0.75 44.55 29.40
UNIBAIL-RODAMCOSE146.10-0.40162.95 124.05
UNICREDIT ...................0.90 -0.04 2.03 0.64
UNILEVER CVA ..........24.84 0.31 24.92 20.90
VINCI ...........................37.06 -0.65 45.48 29.49
VIVENDI ......................16.84 -0.22 22.07 14.10
VOLKSWAGEN VORZ132.50 1.95 152.20 86.40
Price Chg High Low Price Chg High Low
WORLDINDICES
US SHARES
3M.................................81.00 -0.41 98.19 68.63
ABBOTT LABS............54.22 0.09 55.61 45.07
ALCOA.........................11.57 0.23 18.47 8.45
ALTRIA GROUP...........27.56 -0.10 28.14 23.20
AMAZON.COM...........217.32 10.54 246.71 156.77
AMERICAN EXPRESS 52.10 0.04 53.80 39.62
AMGEN INC.................57.24 -0.82 61.53 47.66
APPLE........................404.95 0.26 426.70 297.76
AT&T.............................29.74 0.27 31.94 27.20
BANK OFAMERICA......7.35 0.13 15.31 5.13
BERKSHIRE HATAWB79.96 -0.53 87.65 65.35
BOEING CO.................68.17 0.68 80.65 56.01
BRISTOL MYERS SQUI32.09 -0.90 33.27 20.05
CATERPILLAR.............96.85 0.52 116.55 67.54
CHEVRON..................109.64 0.67 110.01 80.41
CISCOSYSTEMS ........18.56 0.12 24.60 13.30
CITIGROUP..................34.16 -0.01 51.50 21.40
COCA-COLA................68.93 0.36 71.77 60.30
COLGATE PALMOLIVE91.22 -0.11 94.89 74.39
CONOCOPHILLIPS .....71.74 -1.11 81.80 58.37
DU PONT(EI)DE NMR.49.36 0.63 57.00 37.10
EXXON MOBIL.............81.48 -0.40 88.23 63.47
GENERAL ELECTRIC .17.25 -0.12 21.65 14.02
GOOGLE A.................600.14 1.47 642.96 473.02
HEWLETTPACKARD..27.94 0.95 49.39 19.92
HOME DEPOT..............36.12 -1.10 39.38 28.13
IBM.............................187.45 1.57 190.53 139.00
INTEL CORP................24.98 -0.15 26.78 19.16
J.P.MORGAN CHASE..36.69 -0.33 48.36 27.85
JOHNSON & JOHNSON65.60 0.10 68.05 57.50
KRAFTFOODS A ........35.40 -0.07 36.30 24.30
MC DONALD'S CORP.93.29 -0.22 93.84 72.14
MERCK AND CO.NEW35.11 0.80 37.65 29.47
MICROSOFT ................26.98 -0.27 29.46 23.65
OCCID.PETROLEUM..97.77 2.11 117.89 66.36
ORACLE CORP ...........33.69 0.03 36.50 24.72
PEPSICO......................63.20 0.32 71.89 58.50
PFIZER.........................19.82 -0.02 21.45 16.25
PHILIP MORRIS INTL..72.12 0.12 72.74 55.85
PROCTER AND GAMBLE64.73-0.53 67.72 56.57
QUALCOMMINC.........53.23 -0.29 59.84 43.44
SCHLUMBERGER.......75.96 0.19 95.64 54.79
TRAVELERS CIES.......59.48 0.08 64.17 45.97
UNION PACIFIC.........102.02 -0.61 107.89 77.73
UNITED TECHNOLOGIE79.51 0.21 91.83 66.87
UNITEDHEALTH GROUP48.85-0.33 53.50 34.50
VERIZON COMMS.......37.63 -0.03 38.95 31.60
WAL-MARTSTORES...57.15 -0.66 57.96 48.31
WALTDISNEY CO.......36.21 -0.07 44.34 28.19
WELLS FARGO& CO .27.08 0.01 34.25 22.58
FTSE 100 . . . . . . . . . . . . . . 5702.24 -11.58 -0.20
FTSE 250 INDEX . . . . . . . 10773.07 39.73 0.37
FTSE UK ALL SHARE ....2941.35 -3.40 -0.12
FTSE AIMALL SH . . . . . . . . 734.61 5.04 0.69
DOWJONES INDUS 30 ..12231.11 22.56 0.18
S&P 500 . . . . . . . . . . . . . . . 1285.08 0.49 0.04
NASDAQCOMPOSITE ...2737.15 -1.48 -0.05
FTSEUROFIRST300 .....1018.14 -1.96 -0.19
NIKKEI225AVERAGE....9050.47 123.93 1.39
DAX 30PERFORMANCE..6346.19 8.35 0.13
CAC 40 . . . . . . . . . . . . . . . . 3348.63 -19.99 -0.59
SHANGHAISE INDEX ....2473.41 37.80 1.55
HANG SENG. . . . . . . . . . . 20019.24 330.54 1.68
S&P/ASX 20INDEX ......2630.20 2.40 0.09
ASX ALL ORDINARIES ...4411.40 7.50 0.17
BOVESPA SAOPAOLO..59513.13 243.00 0.41
ISEQOVERALL INDEX ...2755.85 -10.53 -0.38
STI . . . . . . . . . . . . . . . . . . . . 2778.97 34.80 1.27
IGBM. . . . . . . . . . . . . . . . . . . 928.34 -4.40 -0.47
SWISS MARKETINDEX...5852.66 29.66 0.51
Price Chg %chg Price Chg %chg Price Chg %chg
LONGDONCEFIXAM.............................................1735.00 27.00
SILVERLDNFIXAM ....................................................35.09 0.68
MAPLELEAF1OZ ......................................................37.80 0.01
LONPLATINUMAM .................................................1645.00 42.00
LONPALLADIUMAM.................................................667.00 14.00
ALUMINIUMCASH...................................................2233.50 38.50
COPPERCASH........................................................8039.00 319.00
LEADCASH.............................................................1950.50 13.50
NICKELCASH........................................................19750.00 120.00
TINCASH ..............................................................21845.00 40.00
ZINCCASH..............................................................1880.00 38.00
BRENTSPOTINDEX..................................................111.74 1.33
SOYA.......................................................................1235.00 24.50
COCOA....................................................................2756.00 63.00
COFFEE ....................................................................234.60 0.90
KRUG ......................................................................1807.40 20.30
WHEAT ......................................................................152.80 0.05
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 ...........................................................0.846 0.00
LIBOR Euro - 12 months..........................................................2.083 0.01
LIBOR USD - overnight ............................................................0.142 0.00
LIBOR USD - 12 months ..........................................................0.933 0.00
HaIifax mortgage rate...............................................................3.990 0.00
Euro Base Rate.........................................................................1.500 0.00
Finance house base rate .........................................................1.000 0.00
US Fed funds ............................................................................0.250 0.00
US Iong bond yieId...................................................................3.360 -0.06
European repo rate ..................................................................0.732 0.00
Euro Euribor .............................................................................1.136 0.00
The vix index.............................................................................24.94 -0.52
The baItic dry index..................................................................2.091 -0.05
Markit iBoxx............................................................................232.46 -1.50
Markit iTraxx ...........................................................................151.03 -23.54
BAE Systems . . . . . .286.2 -0.7 361.1 248.1
Chemring Group. . . .522.0 -3.0 736.5 485.0
Cobham . . . . . . . . . . .184.0 0.3 236.5 168.5
Meggitt . . . . . . . . . . . .391.1 -5.1 399.1 304.9
QinetiQ Group. . . . . .117.8 0.1 136.3 96.7
RoIIs-Royce Group. .718.5 -7.5 729.5 557.5
Senior. . . . . . . . . . . . .169.2 5.1 190.6 131.1
UItra EIectronics . . .1594.0 -6.0 1895.0 1305.0
GKN . . . . . . . . . . . . . .200.8 -2.1 245.0 157.0
BarcIays. . . . . . . . . . .201.2 -8.8 333.6 138.9
HSBC HoIdings. . . . .565.3 10.0 730.9 473.6
LIoyds Banking Gr . . .35.2 -1.9 70.3 27.6
RoyaI Bank of Sco . . .26.3 -1.0 49.0 19.7
Standard Chartere .1523.0 8.0 1950.0 1169.5
AG Barr . . . . . . . . . .1243.0 13.0 1395.0 1031.0
Britvic. . . . . . . . . . . . .336.5 3.0 503.5 289.9
Diageo . . . . . . . . . . .1325.5 6.5 1344.0 1112.0
SABMiIIer. . . . . . . . .2354.5 24.0 2366.4 1979.0
AZ EIectronic Mat . . .251.4 4.4 338.1 206.1
Croda Internation . .1733.0 -87.0 2081.0 1367.0
EIementis. . . . . . . . . .150.0 9.9 187.4 104.8
Johnson Matthey . .1927.0 -4.0 2119.0 1523.0
Victrex . . . . . . . . . . .1264.0 1.0 1590.0 1025.0
YuIe Catto & Co. . . . .175.3 -4.2 253.0 148.0
C/$ 1.4151 0.0031
C/ 0.8780 0.0027
C/ 107.19 0.5537
/C 1.1390 0.0033
/$ 1.6116 0.0013
/ 122.06 0.2558
FTSE100
5702.24
11.58
FTSE250
10773.07
39.73
FTSEALL SHARE
2941.35
3.40
DOW
12231.11
22.56
NASDAQ
2737.15
1.48
S&P500
1285.08
0.49
RPC Group . . . . . . . .355.0 1.0 384.8 215.4
Smiths Group . . . . . .974.0 12.0 1429.0 907.5
Brown (N.) Group . . .271.2 -0.6 311.2 252.5
Carpetright . . . . . . . . .483.6 2.2 835.5 465.0
Debenhams . . . . . . . . .67.5 -0.5 76.5 51.2
Dignity . . . . . . . . . . . .831.5 -1.5 854.5 640.0
Dixons RetaiI . . . . . . .12.0 -0.6 27.7 10.6
DuneImGroup. . . . . .499.7 2.7 550.0 383.9
HaIfords Group . . . . .339.8 2.9 459.7 268.6
Home RetaiI Group. .105.9 -2.4 235.0 99.5
Inchcape . . . . . . . . . .337.7 -1.4 425.4 268.1
JD Sports Fashion . .832.0 -3.0 1030.0 753.5
Kesa EIectricaIs . . . .110.5 1.7 174.0 80.0
Kingfisher . . . . . . . . .269.1 -2.3 287.1 217.0
Marks & Spencer G. .329.2 -1.0 427.5 301.8
Mothercare . . . . . . . .179.0 -1.0 627.5 174.5
Next . . . . . . . . . . . . .2580.0 -8.0 2668.0 1868.0
Sports Direct Int . . . .240.0 -0.6 266.2 125.5
WH Smith. . . . . . . . . .555.0 0.5 558.0 433.8
Smith & Nephew. . . .581.0 7.0 742.0 521.0
Synergy HeaIth . . . . .846.0 -4.0 981.0 747.5
Barratt DeveIopme . . .94.7 -0.6 119.0 67.5
BeIIway. . . . . . . . . . . .735.0 -11.0 753.5 511.0
BaIfour Beatty . . . . . .260.5 -4.4 357.3 228.6
GaIIiford Try. . . . . . . .477.5 -7.5 530.0 276.5
Kier Group. . . . . . . .1421.0 -24.0 1453.0 1097.0
Drax Group . . . . . . . .543.0 14.0 544.0 353.6
SSE. . . . . . . . . . . . . .1345.0 3.0 1423.0 1111.0
Domino Printing S . .576.0 13.5 705.0 434.3
HaIma . . . . . . . . . . . . .341.5 -1.0 429.6 306.3
Laird . . . . . . . . . . . . . .153.0 1.0 207.0 127.9
Morgan CrucibIe C . .295.7 7.3 357.1 222.3
Oxford Instrument . .796.5 11.5 1010.0 495.0
Renishaw. . . . . . . . .1028.0 53.0 1886.0 862.0
Spectris . . . . . . . . . .1315.0 -3.0 1679.0 1039.0
Aberforth SmaIIer . . .548.0 -11.0 714.0 508.5
AIIiance Trust . . . . . .347.0 2.1 392.7 310.2
Bankers Inv Trust . . .395.8 -4.0 428.0 346.5
BH GIobaI Ltd. GB .1190.0 0.0 1210.0 1058.0
BH GIobaI Ltd. US. . . .11.8 -0.1 12.2 10.4
BH Macro Ltd. EUR. . .19.2 0.1 20.1 15.8
BH Macro Ltd. GBP 1965.0 -4.0 2070.0 1630.0
BH Macro Ltd. USD. . .19.0 0.1 20.1 15.8
BIackRock WorId M .677.5 5.5 815.5 574.5
BIueCrest AIIBIue . . .168.7 -0.2 176.2 162.4
British Assets Tr . . . .123.7 0.3 140.5 109.0
British Empire Se . . .476.2 1.2 533.0 409.9
CaIedonia Investm .1599.0 8.0 1928.0 1470.0
City of London In . . .292.0 -1.5 306.9 257.0
Dexion AbsoIute L . .135.5 0.1 151.0 130.0
Edinburgh Dragon . .231.0 -2.0 262.1 201.4
Edinburgh Inv Tru. . .479.7 -2.3 492.2 414.9
EIectra Private E . . .1515.0 38.0 1755.0 1287.0
F&C Inv Trust . . . . . .296.3 -1.7 327.9 261.5
FideIity China Sp. . . . .81.5 -0.1 128.7 70.0
FideIity European . .1075.0 0.0 1287.0 912.0
HeraId Inv Trust. . . . .474.0 -1.0 545.5 419.0
HICL Infrastructu. . . .118.1 -0.3 121.3 112.7
Impax Environment . .94.0 2.3 130.5 88.5
JPMorgan American.848.5 -3.5 916.0 721.5
JPMorgan Asian In . .196.5 1.5 250.8 170.1
JPMorgan Emerging.549.0 6.0 639.0 480.1
JPMorgan European.786.0 0.0 983.5 692.5
JPMorgan Indian I. . .379.6 -0.4 502.0 350.0
JPMorgan Russian .552.0 3.0 755.0 415.1
Law Debenture Cor. .364.8 0.1 385.0 309.8
MercantiIe Inv Tr . . . .946.5 -9.5 1137.0 856.5
Merchants Trust . . . .388.9 -1.1 431.8 347.0
Monks Inv Trust . . . .326.0 -2.0 367.9 298.1
Murray Income Tru . .645.0 4.0 673.0 568.0
Murray Internatio . . .921.5 -1.0 991.5 818.5
PerpetuaI Income . . .261.0 -2.0 276.0 234.8
PersonaI Assets T .33640.0 40.0 33780.030210.0
PoIar Cap TechnoI . .358.0 3.5 391.2 299.5
RIT CapitaI Partn. . .1348.0 3.0 1350.0 1131.0
Scottish Inv Trus. . . .465.0 3.0 524.0 417.0
Scottish Mortgage . .682.0 10.5 781.0 586.5
SVG CapitaI . . . . . . . .214.5 0.9 279.8 187.9
TempIe Bar Inv Tr . . .876.0 -18.0 952.0 791.0
TempIeton Emergin .580.5 7.0 689.5 497.0
TR Property Inv T . . .173.3 -0.6 206.1 150.0
TR Property Inv T . . . .76.0 -0.3 94.0 69.5
Witan Inv Trust . . . . .466.2 -3.2 533.0 401.5
3i Group. . . . . . . . . . .217.3 -0.8 340.0 184.1
3i Infrastructure . . . .121.7 0.5 125.2 113.1
Aberdeen Asset Ma .199.7 1.7 240.0 167.8
Ashmore Group . . . .358.0 4.2 420.0 301.5
Brewin DoIphin Ho . .129.9 7.0 185.4 113.7
CameIIia. . . . . . . . . .9059.0 158.510950.0 8800.0
CharIes TayIor Co. . .144.0 5.5 193.0 122.0
City of London Gr . . . .70.0 0.0 93.6 68.3
City of London In . . .373.3 13.3 461.5 321.3
CIose Brothers Gr. . .722.0 -2.0 888.5 656.5
CoIIins Stewart H . . . .61.5 0.5 90.8 59.0
EvoIution Group . . . . .88.5 -0.8 94.0 62.3
F&C Asset Managem .75.2 1.5 92.9 56.1
Hargreaves Lansdo .518.0 9.0 646.5 402.5
HeIphire Group . . . . . . .3.0 -0.1 21.8 2.2
Henderson Group. . .127.5 -0.5 173.1 95.1
Highway CapitaI . . . . .14.5 0.0 21.0 6.5
ICAP . . . . . . . . . . . . . .432.6 11.3 570.5 383.7
IG Group HoIdings . .473.5 5.1 539.0 393.6
Intermediate Capi . . .257.0 0.8 360.3 197.9
InternationaI Per . . . .282.5 4.7 388.8 196.5
InternationaI Pub. . . .116.3 0.0 118.3 108.6
Investec . . . . . . . . . . .393.3 -3.8 538.0 331.8
IP Group. . . . . . . . . . . .71.0 -0.1 71.8 27.9
Jupiter Fund Mana . .244.6 6.6 337.3 184.9
Liontrust Asset M . . . .60.5 0.0 94.3 57.3
LMS CapitaI . . . . . . . . .59.8 -1.6 64.8 44.8
London Finance & . . .23.0 0.5 23.5 16.5
London Stock Exch .912.0 0.0 1076.0 717.0
Lonrho . . . . . . . . . . . . .13.8 0.0 19.8 12.5
Man Group. . . . . . . . .153.4 -7.5 311.0 149.7
Paragon Group Of . .170.0 -0.3 206.1 134.6
Provident Financi . .1115.0 2.0 1124.0 728.5
Rathbone Brothers .1160.0 30.0 1257.0 883.0
Record . . . . . . . . . . . . .23.8 0.0 45.0 20.3
RSM Tenon Group . . .27.0 2.5 66.3 20.3
Schroders . . . . . . . .1498.0 18.0 1922.0 1183.0
Schroders (Non-Vo.1286.0 13.0 1554.0 970.0
TuIIett Prebon . . . . . .368.9 11.3 428.6 327.8
WaIker Crips Grou . . .46.0 0.0 51.5 45.0
BT Group . . . . . . . . . .187.9 -2.3 204.1 153.6
CabIe & WireIess . . . .36.0 -0.7 54.1 31.3
CabIe & WireIess . . . .28.0 0.1 76.9 26.3
COLT Group SA . . . .105.0 2.9 156.2 91.6
KCOM Group. . . . . . . .75.0 1.9 84.0 47.5
TaIkTaIk TeIecom . . .133.2 -4.8 168.3 119.8
TeIecomPIus. . . . . . .748.0 -2.5 757.3 379.8
Booker Group . . . . . . .75.9 0.3 80.0 54.0
Greggs . . . . . . . . . . . .509.5 1.5 550.5 429.1
Morrison (Wm) Sup .301.3 -4.9 308.3 262.7
Ocado Group. . . . . . . .97.8 1.5 285.0 84.8
Sainsbury (J) . . . . . . .303.7 -3.9 391.5 263.5
Tesco . . . . . . . . . . . . .405.5 -4.6 439.0 356.3
Associated Britis. . .1112.0 10.0 1182.0 940.0
Cranswick . . . . . . . . .700.0 9.0 895.0 588.5
Dairy Crest Group. . .350.1 0.4 424.9 325.0
Devro . . . . . . . . . . . . .251.4 5.9 296.9 218.0
Premier Foods. . . . . . . .4.0 -0.0 35.1 3.8
Tate & LyIe. . . . . . . . .668.0 0.5 672.5 490.2
UniIever . . . . . . . . . .2114.0 12.0 2134.0 1777.0
Mondi . . . . . . . . . . . . .488.4 8.4 664.0 448.4
Centrica . . . . . . . . . . .301.4 -5.8 345.8 282.6
InternationaI Pow . . .340.3 2.0 448.6 279.4
NationaI Grid . . . . . . .622.5 -5.0 649.5 530.0
Pennon Group. . . . . .701.0 0.5 737.5 584.5
Severn Trent . . . . . .1534.0 5.0 1571.0 1368.0
United UtiIities . . . . .607.5 -3.0 631.5 543.5
Cookson Group . . . . .500.0 11.4 724.5 395.8
DS Smith . . . . . . . . . .218.8 3.8 266.2 164.4
Rexam . . . . . . . . . . . .352.8 2.6 400.0 299.8
Price Chg High Low
BerkeIey Group Ho.1273.0 4.0 1299.0 789.5
Bovis Homes Group.479.9 7.3 482.4 326.5
Persimmon . . . . . . . .510.5 -8.0 520.0 336.5
Reckitt Benckiser . .3235.0 -12.0 3648.0 3015.0
Redrow. . . . . . . . . . . .119.8 -0.1 139.0 98.4
TayIor Wimpey . . . . . . .38.6 0.2 43.3 22.3
Bodycote . . . . . . . . . .292.3 3.3 397.7 225.6
Charter Internati . . . .891.5 14.5 891.5 538.5
Fenner . . . . . . . . . . . .348.1 0.1 422.5 259.3
IMI . . . . . . . . . . . . . . . .852.0 -12.0 1119.0 636.5
MeIrose . . . . . . . . . . .345.7 6.1 365.4 265.7
Northgate. . . . . . . . . .264.1 1.2 346.7 202.0
Rotork . . . . . . . . . . .1727.0 11.0 1858.0 1501.0
Spirax-Sarco Engi. .1960.0 19.0 2063.0 1649.0
Weir Group . . . . . . .2009.0 22.0 2218.0 1375.0
Ferrexpo. . . . . . . . . . .341.9 8.4 499.0 238.7
TaIvivaara Mining . . .252.4 2.4 622.0 205.0
BBAAviation . . . . . . .184.5 -4.1 240.8 156.0
Stobart Group Ltd. . .121.4 -0.6 163.6 118.8
AdmiraI Group. . . . .1222.0 -39.0 1754.0 1206.0
AmIin . . . . . . . . . . . . .300.3 -13.0 427.0 270.6
Huntsworth . . . . . . . . .60.3 1.0 85.0 55.3
Informa. . . . . . . . . . . .382.0 7.9 461.1 313.9
ITE Group. . . . . . . . . .200.3 10.9 258.2 157.7
ITV. . . . . . . . . . . . . . . . .66.0 1.3 93.5 51.7
Johnston Press. . . . . . .4.6 0.1 12.8 4.1
MecomGroup . . . . . .154.0 -4.0 310.0 134.5
Moneysupermarket. .105.0 -0.5 120.4 75.7
Pearson . . . . . . . . . .1176.0 -9.0 1207.0 926.0
PerformGroup . . . . .209.5 -0.5 234.5 150.0
Reed EIsevier . . . . . .552.0 -2.5 590.5 461.3
Rightmove . . . . . . . .1335.0 -5.0 1358.0 736.5
STV Group . . . . . . . . .111.0 -0.8 168.0 90.3
Tarsus Group . . . . . .135.3 0.8 165.0 114.0
Trinity Mirror . . . . . . . .49.0 0.8 106.5 37.5
UBM . . . . . . . . . . . . . .525.0 -1.0 725.0 416.0
UTV Media . . . . . . . . .120.0 0.3 150.0 101.0
WiImington Group . . .87.0 -1.0 183.0 82.5
WPP . . . . . . . . . . . . . .688.0 11.0 846.5 578.0
YeII Group . . . . . . . . . . .3.7 0.0 16.1 3.6
African Barrick G . . .566.5 13.0 618.5 393.5
AIIied GoId Minin . . .161.2 1.2 281.3 34.4
AngIo American . . .2462.0 -4.0 3437.0 2138.5
AngIo Pacific Gro . . .281.7 4.1 369.3 237.9
Antofagasta. . . . . . .1255.0 -6.0 1634.0 900.5
Aquarius PIatinum . .194.9 -5.9 419.0 163.1
BeazIey. . . . . . . . . . . .128.1 -0.1 139.2 109.6
CatIin Group Ltd. . . .401.2 -7.7 421.4 331.5
Hiscox Ltd. . . . . . . . . .390.5 -1.8 424.7 340.5
Jardine LIoyd Tho. . .736.0 -24.5 773.5 571.5
Lancashire HoIdin . . .724.5 -3.5 747.5 529.0
RSA Insurance Gro. .115.0 0.0 143.5 106.0
Aviva. . . . . . . . . . . . . .363.0 -12.5 477.9 275.3
LegaI & GeneraI G. . .114.5 -0.4 123.8 89.8
OId MutuaI . . . . . . . . .115.2 -2.0 144.8 98.1
Phoenix Group HoI . .530.0 0.0 688.0 451.1
PrudentiaI . . . . . . . . .664.0 -17.0 777.0 509.0
ResoIution Ltd. . . . . .283.3 -3.9 316.1 211.3
St James's PIace. . . .367.0 -3.0 379.5 236.2
Standard Life. . . . . . .223.8 -0.6 244.7 172.0
4Imprint Group . . . . .247.0 7.0 295.0 200.0
Aegis Group . . . . . . .141.7 0.9 158.5 115.7
BIoomsbury PubIis. . .98.0 -1.8 138.0 95.1
British Sky Broad . . .732.0 3.0 850.0 618.5
Centaur Media. . . . . . .39.0 -1.3 73.0 36.0
Chime Communicati.198.5 0.0 298.5 173.0
Creston . . . . . . . . . . . .91.0 0.5 121.0 72.0
DaiIy MaiI and Ge . . .435.1 6.9 594.5 343.4
Euromoney Institu . .657.5 26.5 736.0 522.5
Future. . . . . . . . . . . . . .10.4 -0.1 30.0 9.8
Haynes PubIishing . .225.0 0.0 257.0 203.5
BHP BiIIiton. . . . . . .2102.0 -7.0 2631.5 1667.0
Centamin Egypt Lt . .115.3 3.3 197.1 89.7
Eurasian NaturaI . . .700.0 -2.5 1125.0 522.0
FresniIIo. . . . . . . . . .1722.0 -7.0 2150.0 1250.0
GemDiamonds Ltd. .223.1 -5.4 306.0 179.8
GIencore Internat . . .450.0 6.1 531.1 348.0
HochschiId Mining . .462.5 -7.6 680.0 397.0
Kazakhmys . . . . . . .1017.0 1.0 1671.0 730.0
Kenmare Resources. .42.4 0.9 59.9 19.3
Lonmin. . . . . . . . . . .1166.0 11.0 1983.0 974.5
New WorId Resourc .598.0 37.0 1060.0 410.5
PetropavIovsk . . . . . .776.0 -7.5 1165.0 543.5
RandgoId Resource 7040.0 180.0 7215.0 4425.0
Rio Tinto . . . . . . . . .3620.0 57.5 4712.0 2712.5
Vedanta Resources 1404.0 -7.0 2559.0 948.0
Xstrata . . . . . . . . . . .1132.5 21.5 1550.0 764.0
Inmarsat . . . . . . . . . . .484.2 1.3 719.5 389.7
Vodafone Group . . . .174.3 -2.8 182.8 155.1
Genesis Emerging . .482.6 2.0 568.0 430.0
Afren. . . . . . . . . . . . . .100.5 3.3 171.2 73.6
BG Group. . . . . . . . .1424.0 4.0 1564.5 1144.0
BP. . . . . . . . . . . . . . . .467.2 -0.7 509.0 363.2
Cairn Energy . . . . . . .310.1 -0.6 469.7 261.4
EnQuest . . . . . . . . . . .107.2 -1.0 158.5 86.6
Essar Energy . . . . . .326.4 15.3 589.5 235.1
ExiIIon Energy. . . . . .320.4 36.4 469.7 184.2
Heritage OiI . . . . . . . .235.3 -0.5 486.0 190.0
Ophir Energy. . . . . . .264.4 3.2 299.0 184.5
Premier OiI. . . . . . . . .372.8 -3.3 535.0 310.0
RoyaI Dutch SheII . .2250.0 -30.0 2326.5 1883.5
RoyaI Dutch SheII . .2283.0 -47.0 2336.0 1890.5
SaIamander Energy .200.0 1.0 317.6 182.3
Soco Internationa . . .340.2 -4.0 400.0 279.8
TuIIow OiI . . . . . . . . .1445.0 -18.0 1493.0 945.5
Amec . . . . . . . . . . . . .947.5 14.0 1251.0 740.5
Hunting . . . . . . . . . . .699.0 2.5 817.0 530.0
Kentz Corporation . .508.0 10.3 508.5 275.5
LampreII . . . . . . . . . . .255.0 9.9 395.2 220.7
Petrofac Ltd. . . . . . .1450.0 -13.0 1685.0 1108.0
Wood Group (John) .655.0 3.5 715.8 434.9
Burberry Group. . . .1407.0 17.0 1600.0 996.0
PZ Cussons. . . . . . . .374.2 6.1 409.0 320.5
Supergroup . . . . . . . .634.0 -1.0 1820.0 624.0
AstraZeneca . . . . . .3053.5 -27.0 3194.0 2543.5
BTG . . . . . . . . . . . . . .284.7 4.2 309.7 210.1
Genus. . . . . . . . . . . .1041.0 -7.0 1111.0 800.0
GIaxoSmithKIine. . .1384.0 5.0 1402.7 1127.5
Hikma Pharmaceuti .695.5 7.0 900.0 555.5
Shire PIc. . . . . . . . . .1962.0 -11.0 2136.0 1459.0
CapitaI & Countie . . .181.9 1.5 203.7 142.5
Daejan HoIdings . . .2870.0 80.0 2954.0 2282.0
F&C CommerciaI Pr .104.7 0.7 108.0 88.0
Grainger . . . . . . . . . . . .90.0 0.0 133.2 77.3
London & Stamford .116.3 0.3 140.0 112.9
SaviIIs. . . . . . . . . . . . .305.0 2.4 427.1 256.2
UK CommerciaI Pro . .79.0 0.5 85.5 70.4
Unite Group. . . . . . . .181.6 1.1 224.1 152.9
Big YeIIow Group . . .258.5 3.6 352.2 234.2
British Land Co. . . . .515.5 3.5 629.5 452.0
CapitaI Shopping . . .340.0 4.0 424.8 296.4
Derwent London . . .1700.0 31.0 1880.0 1400.0
Great PortIand Es . . .375.8 0.8 445.0 317.4
Hammerson. . . . . . . .413.5 8.5 490.9 353.0
Hansteen HoIdings. . .79.0 1.6 89.5 70.0
Land Securities G. . .699.5 13.0 885.0 616.0
SEGRO. . . . . . . . . . . .248.7 2.6 331.3 210.1
Shaftesbury. . . . . . . .509.0 1.5 539.0 431.7
Aveva Group . . . . . .1599.0 27.0 1799.0 1298.0
Computacenter . . . . .385.0 -5.7 490.0 354.8
Fidessa Group. . . . .1650.0 -5.0 2109.0 1409.0
Invensys. . . . . . . . . . .235.5 5.5 364.3 199.6
Logica . . . . . . . . . . . . .97.1 0.2 147.2 73.9
Micro Focus Inter . . .341.1 -5.1 426.2 239.4
Misys . . . . . . . . . . . . .293.5 2.8 420.2 214.9
Sage Group . . . . . . . .285.0 -0.8 302.0 231.7
SDL. . . . . . . . . . . . . . .655.0 15.0 711.5 555.0
TeIecity Group. . . . . .599.5 1.0 604.5 430.0
Aggreko . . . . . . . . . .1728.0 -1.0 2034.0 1394.5
Ashtead Group . . . . .165.3 -6.2 207.9 99.4
Atkins (WS) . . . . . . . .590.5 6.0 820.0 490.2
Babcock Internati . . .716.0 11.0 733.0 513.5
Berendsen . . . . . . . . .473.5 21.5 568.0 391.3
BunzI . . . . . . . . . . . . .820.5 3.0 825.0 676.5
Cape . . . . . . . . . . . . . .497.3 -0.6 591.5 358.3
Capita Group. . . . . . .744.5 4.0 786.5 635.5
CariIIion . . . . . . . . . . .358.6 -1.7 403.2 298.8
De La Rue . . . . . . . . .859.5 9.5 866.5 549.5
DipIoma . . . . . . . . . . .344.5 13.5 414.3 258.0
EIectrocomponents .226.1 -3.1 294.9 182.2
Experian. . . . . . . . . . .824.0 15.5 833.5 665.0
FiItrona PLC . . . . . . . .390.7 3.1 391.2 227.5
G4S. . . . . . . . . . . . . . .246.6 6.5 291.0 219.9
Hays . . . . . . . . . . . . . . .82.8 0.8 133.6 66.6
Homeserve . . . . . . . .485.3 5.1 532.0 408.0
Howden Joinery Gr. .118.0 0.0 127.5 77.1
Interserve. . . . . . . . . .339.2 6.4 341.3 183.5
Intertek Group. . . . .2070.0 47.0 2148.0 1715.0
MichaeI Page Inte . . .417.9 9.0 567.0 338.7
Mitie Group . . . . . . . .257.5 3.3 263.9 194.1
Premier FarneII . . . . .183.5 1.1 308.8 144.5
Regus. . . . . . . . . . . . . .81.1 -0.1 119.0 64.0
RentokiI InitiaI . . . . . . .74.2 0.7 104.9 64.8
RPS Group. . . . . . . . .187.3 5.4 253.0 156.6
Serco Group . . . . . . .539.0 3.5 618.5 490.9
Shanks Group . . . . . .113.3 -0.1 130.9 103.0
SIG . . . . . . . . . . . . . . .100.0 0.0 153.5 83.8
SThree . . . . . . . . . . . .288.0 3.0 447.6 213.2
Travis Perkins . . . . . .903.0 -0.5 1127.0 715.0
WoIseIey . . . . . . . . .1900.0 -35.0 2261.0 1404.0
ARM HoIdings . . . . . .602.5 -4.0 651.0 338.9
CSR . . . . . . . . . . . . . .182.3 3.3 447.0 174.0
Imagination Techn . .473.2 6.2 502.0 296.9
Pace . . . . . . . . . . . . . . .82.1 1.5 231.8 77.3
Spirent Communica .138.2 3.6 160.3 109.5
British American . .2939.5 46.0 2950.5 2282.5
ImperiaI Tobacco . .2314.0 31.0 2331.0 1784.0
Betfair Group. . . . . . .814.0 7.5 1490.0 567.0
Bwin.party Digita. . . .110.4 -3.6 262.7 100.6
CarnivaI . . . . . . . . . .2351.0 -18.0 3153.0 1742.0
Compass Group . . . .577.0 -4.0 612.0 511.5
Domino's Pizza UK. .492.9 9.8 586.0 377.0
easyJet. . . . . . . . . . . .367.6 -1.7 479.0 301.0
FirstGroup . . . . . . . . .336.6 -0.1 412.6 301.8
Go-Ahead Group. . .1400.0 4.0 1598.0 1203.0
Greene King . . . . . . .461.3 1.8 518.0 410.0
InterContinentaI . . .1191.0 10.0 1435.0 955.0
InternationaI Con . . .174.6 -5.8 305.0 141.6
JD Wetherspoon. . . .439.0 3.2 468.3 380.5
Ladbrokes . . . . . . . . .142.1 -0.9 155.3 114.0
Marston's. . . . . . . . . . .99.5 0.2 117.1 84.6
MiIIennium& Copt . .449.9 4.9 600.5 375.6
MitcheIIs & ButIe. . . .246.2 0.2 361.0 216.4
NationaI Express . . .229.0 -4.5 270.2 219.6
Rank Group . . . . . . . .140.0 0.1 153.7 109.5
Restaurant Group. . .307.0 4.6 335.0 254.9
Stagecoach Group . .248.1 5.0 272.4 200.0
Thomas Cook Group .54.0 -1.5 204.8 33.7
TUI TraveI. . . . . . . . . .177.2 0.4 271.9 137.2
Whitbread . . . . . . . .1698.0 -11.0 1887.0 1409.0
WiIIiamHiII. . . . . . . . .222.3 -0.6 244.1 155.5
Abcam . . . . . . . . . . . .370.5 0.0 460.0 307.0
AIbemarIe & Bond . .304.0 -2.0 400.1 272.0
Amerisur Resource . .13.0 0.0 29.0 9.5
Andor TechnoIogy . .525.0 10.0 685.0 370.0
ArchipeIago Resou. . .65.0 -0.5 79.0 40.3
ASOS . . . . . . . . . . . .1580.0 -17.0 2468.0 1234.0
AureIian OiI & Ga . . . .19.5 0.8 92.0 16.0
Avanti Communicat .323.8 11.3 735.0 248.5
Avocet Mining . . . . . .235.3 -13.3 286.8 173.8
BIinkx . . . . . . . . . . . . .158.0 7.5 158.5 70.5
Borders & Souther . . .47.8 0.3 72.3 43.5
BowLeven . . . . . . . . .106.3 4.3 398.0 74.5
Brooks MacdonaId 1260.0 -75.0 1372.5 940.0
Cove Energy . . . . . . . .92.3 1.0 112.8 61.0
Daisy Group . . . . . . .102.5 -2.0 127.0 88.0
EMIS Group . . . . . . . .535.0 -7.8 580.0 406.0
Encore OiI . . . . . . . . . .78.3 -0.5 151.5 40.8
Faroe PetroIeum. . . .166.8 -1.3 218.3 130.0
GuIfsands PetroIe. . .193.3 -6.5 401.5 142.5
GWPharmaceuticaI . .91.0 -3.5 130.0 83.0
H&T Group. . . . . . . . .315.0 3.0 395.0 277.0
Hamworthy . . . . . . . .572.0 -12.0 705.0 373.8
Hargreaves Servic .1125.0 5.0 1180.0 685.0
HeaIthcare Locums . . . .6.0 -0.1 6.3 6.0
Immunodiagnostic . .915.5 -7.5 1218.0 768.5
ImpeIIamGroup . . . .295.5 -7.0 387.5 180.5
James HaIstead. . . . .473.5 3.0 495.0 345.5
KaIahari MineraIs . . .233.0 -4.0 301.0 175.3
London Mining . . . . .330.0 7.0 436.5 283.0
Lupus CapitaI . . . . . .107.0 3.5 150.0 86.0
M. P. Evans Group . .409.5 9.5 500.5 371.0
Majestic Wine . . . . . .417.3 -6.8 510.0 352.0
May Gurney Integr . .300.0 3.0 300.0 211.0
Monitise . . . . . . . . . . . .35.3 1.3 39.0 18.5
MuIberry Group. . . .1605.0 55.0 1920.0 530.0
Nanoco Group. . . . . . .40.3 -2.1 114.3 40.0
NauticaI PetroIeu . . .310.0 0.3 547.0 223.5
NichoIs. . . . . . . . . . . .549.5 5.0 579.0 410.0
Numis Corporation. . .94.3 3.8 137.8 89.0
Pan African Resou . . .13.3 0.0 14.5 9.4
Patagonia GoId . . . . . .51.5 -0.8 70.0 20.3
Prezzo . . . . . . . . . . . . .57.3 2.8 71.5 53.3
Pursuit Dynamics . . .205.3 0.3 700.0 160.5
Rockhopper ExpIor .231.0 7.8 386.0 141.0
RWS HoIdings. . . . . .431.5 0.5 479.8 266.5
Songbird Estates . . .119.8 -1.5 160.3 110.3
VaIiant PetroIeum . . .495.5 6.0 672.0 435.0
Young & Co's Brew. .657.5 -0.3 712.0 535.0
ExiIIonEnergy......320.4 12.8
EIementis..........150.0 7.1
NewWorIdResource 598.0 6.6
ITEGroup .........200.3 5.8
BrewinDoIphinHoI..129.9 5.7
Renishaw.........1028.0 5.4
EssarEnergy ......326.4 4.9
Berendsen .........473.5 4.8
EuromoneyInstitut ..657.5 4.2
DipIoma ...........344.5 4.1
LIoydsBankingGro ..35.2 -5.2
CrodaInternationa .1733.0 -4.8
ManGroup.........153.4 -4.7
DixonsRetaiI .......12.0 -4.5
BarcIays...........201.2 -4.2
AmIin .............300.3 -4.2
AshteadGroup .....165.3 -3.6
RoyaIBankofScot ...26.3 -3.6
TaIkTaIkTeIecomG..133.2 -3.5
Aviva .............363.0 -3.3
Risers FaIIers
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Tsy 3.250 11. . . . .100.14 -0.16 102.9 100.2
Tsy 9.000 12 . . . .106.46 0.00 114.2 105.8
Tsy 5.000 12 . . . .101.56 -0.07 111.6 101.5
Tsy 5.250 12 . . . .102.83 -0.05 107.2 102.8
Tsy 4.500 13 . . . .105.28 -0.02 108.5 105.3
Tsy 2.500 13 . . . .284.67 0.00 287.7 277.6
Tsy 8.000 13. . . . .114.00 -0.03 120.2 113.9
Tsy 5.000 14. . . . .111.81 0.01 113.6 109.2
Tsy 4.750 15. . . . .113.72 0.01 114.8 108.6
Tsy 8.000 15 . . . .127.35 -0.02 130.5 123.7
Tsy 7.750 15 . . . .101.74 0.00 108.5 101.0
Tsy 4.000 16. . . . .112.13 0.03 113.4 104.9
Tsy 2.500 16 . . . .339.49 0.10 342.2 310.2
Tsy 8.750 17 . . . .138.49 -0.37 141.9 132.9
Tsy 12.000 17 . . .123.70 0.00 133.3 122.5
Tsy 1.250 17. . . . .113.70 0.05 115.3 106.7
Tsy 5.000 18. . . . .118.89 -0.05 121.0 109.7
Tsy 4.500 19. . . . .116.31 -0.04 118.8 105.4
Tsy 3.750 19. . . . .110.90 -0.03 113.5 99.4
Tsy 2.500 20 . . . .349.37 0.05 355.6 312.4
Tsy 4.750 20. . . . .118.22 -0.06 121.4 106.6
Tsy 8.000 21 . . . .145.99 -0.16 151.8 133.8
Tsy 1.875 22 . . . .120.59 -0.17 125.4 111.3
Tsy 4.000 22. . . . .112.14 -0.16 115.6 99.0
Tsy 2.500 24 . . . .307.57 -0.07 320.1 273.5
Tsy 5.000 25 . . . .123.01 -0.19 126.9 107.4
Tsy 4.250 27. . . . .113.94 -0.23 118.1 97.9
Tsy 1.250 27. . . . .113.74 0.00 121.0 104.6
Tsy 6.000 28 . . . .137.85 -0.21 142.9 119.5
Tsy 4.750 30 . . . .120.61 -0.55 125.6 103.0
Tsy 4.125 30 . . . .289.69 -0.23 305.4 261.2
Tsy 4.250 32. . . . .112.81 -0.62 117.9 96.0
Tsy 4.250 36. . . . .112.79 -0.72 117.6 95.0
Tsy 4.750 38 . . . .121.93 -0.75 126.9 102.8
Tsy 4.500 42. . . . .118.44 -0.88 123.0 98.9
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Wealth Management
Lifestyle| Fashion
33
1
3
2
4
11
6
T
HE topic of men and knitwear has always
aroused strong reactions in women its like
marmite: you either love it or hate it. The ski
slopes are a particularly divisive arena for
observing the male in action sporting knits. Even
resorts as chi-chi as Verbier and Courchevel become
a jamboree of outlandish bobble hats and jumpers
patterned with Norwegian reindeer and snowflakes.
However, nothing raises the female brow in cyn-
ical mirth more than the idea of the mans cardi-
gan. Associated imagery tends to be more grandpa
than sexy, smart professional. That said, the last
few seasons menswear catwalks have made space
for a more straight-faced reception of the cardi-
gan. And if a man understands how to wear one,
he can look not only trendy but extremely attrac-
tive too. No better proof of this is needed, surely,
than the recent spotting of Daniel Craig out and
about in a dark, sleek variety, worn over a tie and
shirt.
Ronnie Blue, a menswear expert, says:
Cardigans can be gorgeous on men but you have
to get them right. Personally, I love a shawl collar
and a chunky knit, particularly in charcoal grey.
There are lots of argyle and fair-isles knits around
at the moment so its very on trend. You could also
go the Mad Men route and wear a light-wear slim
fit cardie over a tailored shirt and trousers.
What not to do? Never go for patterned
slouchy, says Blue. Never. Theyre awful from a
style perspective and a female one.
Indeed, there is the chance your girlfriend or
wife will simply walk out on you if you stroll home
in a cardie, of whatever hue. Lydia Brown, a stock-
broker, says: Id be disappointed if my boyfriend
put one on. I think theyd be a bit emasculating. I
dont even like cardigans on me.
Amanda Truelove, a commodities analyst and
avid fashionista, is less fearful of the mandigan,
even relishing it so long as its worn well. And, cru-
cially, by the right man. I love a man who rocks a
cardigan, but he has to have a good body, and
wear it with confidence. In the office, it has to be
smart and be able to go under a jacket. So as long
as the cardie doesnt have duffle coat buttons, it
should be fine for work. Oh, and no chunky knits. It
must be a lean cardigan. For lean, chunky or
whatever style your lady might desire, try Merc
(merc.com), Pringle (pringlescotland.com), Thom
Brown and the brands mentioned above.
By Zoe Strimpel
12
9
10
7
1 Cashmere fair-isle V-neck sweater
For him: wear on the weekend.
Brora, 299, brora.co.uk
2 Wool blanket-scarf
All-purpose for the rustic cottage.
National Trust shop, 12.
nationaltrust.org.uk
3 Ribbed wool cardigan
For him: cosy glass of wine after work.
J Crew at Mr Porter, 170,
mrporter.com
4 Wolsey tank
For her: wear to work with ankle boots.
Thomas Pink, thomaspink.com
5 Multi-coloured cardigan
For him: only wear if you have hot bod.
Brooks Brothers, 125,
mrporter.com
6 Chunkie knit visor beanie
For her: cute commute accessory.
The North Face, 20,
uk.thenorthface.com
7 Broken argyle sweater
For him: beautiful weekend wear, but
requires a toned body.
Pringle of Scotland, 395,
pringleofscotland.com
8 Shearling scarf
For her: super-luxe accessory equally per-
fect for cold London days and the fireside
at Gstaad.
Donna Karan, 1,010,
netaporter.com
9 Aran boxy cardie
For her: lush cashmere for smart week-
end occasions.
Crumpet, 325,
crumpetengland.com
10 Medium grey shawl collar
sweater
For him: great for weekend; most popular
with the ladies.
Gieves and Hawkes, 225,
www.gievesandhawkes.com
11 Padded wool blend peacoat
For him: dangerously casual for the City,
but very cute for the weekend.
Woolrich Woolen Mills, 620,
mrporter.com
12 Waffle knit cardigan
For him: a safe, stylish choice.
Paul Smith, 160, .paulsmith.co.uk
Knits and the City: how to rock
the season of toasty jumpers
5
8
Zoe Strimpel finds some luxuriant items to keep you warm and stylish this winter, at home and away
Mandigans: what women really think
I
F you want to turn back at any point,
you can. Our sympathetic Norwegian
host was suddenly full of reassurance.
She was looking across the breakfast
table with the concerned expression of a
mother observing her sick, ailing child.
Fear, dread. Pity. Maybe a hint of disdain
for being put in this position. With a clev-
erly-planned series of complaints about my
pitiful level of fitness and injury-prone left
leg, you see, I had finally managed to make
her even more worried than I was about
my ability to complete the impending task
a nine-hour hike up and down the 6,000
feet-high Skla mountain.
And now shed finally said it I was
allowed to give up. Giving up was socially
acceptable. Hurrah! Success. I let go an
internal sigh of relief and patted myself on
the back. The mantra had worked again
always lower expectations. If I ever have
kids, Im going to teach them this. Even
making it half way up Skla would now
seem like a valiant Shackleton-esque victo-
ry for British exploration.
Landing at Oslo airport the previous day,
I had joined our small team of hikers to dis-
cover that among the number was Bonita
Norris. Indeed, I hadnt heard of her
either but apparently, talking of
British explorers, shes the youngest ever
British woman to conquer Everest. As
Bonita painted pictures of her gruelling
death-defying climb to the highest point
on earth, I got on with my favoured form
of upper-body exercise lifting a pint
glass of cold Norwegian lager repeatedly
to my lips in the airport bar.
Direct flights to Norways fjord region
are now available twice-weekly from
Gatwick (to lesund), yet I recommend
travelling via the capital. After a spot of
tourism in Oslo, one can jump on an
internal propeller-powered plane run by
Norways budget airline Widere.
Amusingly, this is a bus-like service; the
plane takes off, lands somewhere for a few
passengers to alight, then takes off again
to resume its journey.
Arriving in this miniature plane over
the fjord regions awesome mountains and
intertwined water-ways was a stunning
introduction to the scene. As the sun set
beyond the distant sea, we meandered
through the rocky peaks, created by
unimaginably huge glaciers some 2.5m
years ago. The ice-age glaciers literally
sliced through the ground, creating huge
canyons.
The fjords consist of sea-water that has
filled these gaps between sheer vertical
rock faces. One of the many enjoyable nov-
elties is experiencing picture-perfect still
sea-water, undisturbed by the usual chop-
py waves. The modern-day glaciers atop
the mountains melt at the edges, produc-
ing a plethora of trickling water-falls; the
minerals from which turn the sea-water a
glowing green.
In winter the waterfalls freeze, forming
a thin shelf of ice down the side of their
cliffs. Adventurous or some might say
insane climbers take this opportunity to
ascend the frozen waterfalls, leveraging
themselves up with pick-axes. The region is
a magnet for brave, sporty types, who
climb and cross-country ski all over it,
according to the time of year. In summer,
hiking is the most common activity.
In attempting the climb of Skla, I took
on the role of a journalistic guinea-pig. The
hike is categorised by the tourist office in
the upper bracket of hard, so I set out to
see if a regular, fairly unfit city-dweller
Above: Julian on the
6,000 foot high
Skala mountain.
Right: on the
precipice.
Does a nine hour hike up a 6,000 foot
mountain sound daunting? Julian Harris
thought so, but then he bit the bullet
TRAVEL NOTES
ZOE STRIMPEL
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room, fireplace and mountain views. Added luxuries are an indoor
swimming pool, steam room and ice skating rink. 7 nights from 9,000.
Price includes half board and chef. www.villagella.com
New Maldives resort and mega-spa
The Maldives never gets old, in part because of a permanent flux of new
openings. One of the most exciting is Ayada, a brand new luxury 112 villa
resort on Maguhdhuvaa Island in the unspoilt Gaafu Dhaalu Atoll. The
resorts spa, opening in November, is the talk of the islands: it offers the
only private hammam in the Maldives and is one of the largest at 3,500
sq. From 588 per night, incl half board. www.ayadamaldives.com
Lifestyle | Travel
Affjordable Norway: a mountainous
t has been a mixed week for Nintendo. On
Tuesday it hosted the last of three concerts
to celebrate the 25th anniversary of one of
its most successful and enduring franchises:
The Legend of Zelda. Two days later it
announced the first annual loss in its 122-year
history, sending the company into crisis mode.
Its portable 3DS console, released to much
fanfare and some critical acclaim, has been a
damp squib, falling victim to the explosion of
smartphone games (almost everyone now has
access to technically advanced titles for as little
as 69p, while Nintendo still expects people to
fork out thirty-odd quid). It is almost certain to
be the last portable device released by the firm
that defined the medium, from the 1989
release of the first Game Boy to the game-
changing Nintendo DS in 2004.
Sales of its motion-sensitive Wii
console have also tapered off in
the face of competition from
Microsofts Kinect and the
natural run-off as it reaches
the end of its life-cycle. The
jury is still out on its succes-
sor, the Wii U, slated for release
next year. So last weeks concert
was a timely reminder of the enduring mark
Nintendo has made on the industry as it faces
its greatest challenge yet.
For most people my age (approaching 30)
Nintendo gave them their first console experi-
ence, and Zelda was often their first real love.
Links Awakening on the Game Boy was mine. I
can still remember welling up when, after wak-
ing the Wind Fish (a giant floating whale, obvi-
ously), the island Id spent the last month
exploring, and all the characters inhabiting it,
melted out of existence, one by one. The whole
Why crisis-hit Nintendo was my first real love
GEEK SPEAK
@steve_dinneen
adventure had been a dream; the closer I got to
saving the island from the nightmare creatures,
the closer I was to destroying it. From that
moment, I was a gamer, although few experi-
ences have quite lived up to it.
And it isnt just me; the Royal Philharmonic
Concert Orchestra mesmerised a crowd packed
with fans dressed as their elvin hero. Only
Nintendo characters seem to inspire such devo-
tion. The evening was hosted by Zelda
Williams, the daughter of Robin, who was
named after the games eponymous
princess (Zelda Williams is an
incredibly beautiful woman
who, if you stare at her for
long enough, changes like
a magic eye picture into a
Dead Poets Society-era
version of her father, which can inspire some
very conflicting emotions). I doubt very much
that many fans of Halo have named their
daughter after the games hero Master Chief.
But last weeks results mean Nintendo is on
the back-foot: more reliant than ever on its
beloved cast of heroes. Its worth remembering,
though, that it has struggled in the past: the
release of the first Sony PlayStation in 1994
saw it fall from industry leader to also-ran, in a
barren period that lasted a decade.
This was broken by the emergence of the
Wii, a surprise success given its release a year
after Microsofts graphically superior Xbox 360.
But its familiar combination of casual, family
oriented gaming and successful reimaginings of
Nintendo classics (Zelda adventure Twilight
Princess being a good example) made it an
instant hit.
It is this feeling of familiarity that makes
Nintendo so special. Legendary designer
Shigeru Miyamoto has been behind titles like
Star Fox, Super Mario Brothers and, of course,
Zelda, since he dreamt them up more than a
quarter of a century ago. In-house composer
Koji Kondo has been behind the epic scores for
the same amount of time (his recital in
Hammersmith last week was the highlight of
the night). Their creations have evolved,
become layered and complex, instilled with the
emptional depth that comes from hundreds of
hours spent lovingly guiding them through dun-
geons and villages, highs and lows.
The new Zelda game, Skyward Sword, avail-
able for pre-order now, is sure to be a much
needed hit for Nintendo this Christmas. And
while the struggling games giant still inspires
such devotion, it would be foolish to write it off.
could cope.
The first positive sign was that we were
not alone. Starting on a Saturday morning,
the walk was busy with locals. Mums,
dads, kids, dogs and even grandparents
happily trekked upwards, issuing a smiley
hei! as they inevitably and effortlessly
-- overtook me. What Id feared as an epic
once-in-a-lifetime struggle appeared to be
more of a weekend stroll.
In just four and a half hours we had
made it to the summit. And just five
hours later we had made it back down. I
could barely move for the remainder of
the trip.
Fortunately, the more salubrious water-
side hotels in the region usually have lux-
Travel | Lifestyle
trekkers paradise
NORWAY | NEED TO KNOW
l Hotels
Many hotels are deliberately scat-
tered along the fjords, for ideal
views of the water.
In Loen, stay at Hotel Alexandra
for 1,260 Krone (142) per person
in a double room or 1,020 Krone
(115) bed and breakfast.
An extensive buffet dinner is
included, or costs 490 Krone (55)
for non-guests.
The hotel has a pool. A luxurious
and exclusive spa can be accessed
for an additional charge.
www.alexandra.no
In Geiranger, stay at Hotel Union
for 1,235 Krone (139) per person
in a double room, including access
to the ultra-luxurious spa area.
Without spa access, prices start at
790 Krone (89) per person in a
double room, including breakfast.
www.hotel-union.no
l Hikes
In Loen, climb to 6,061 feet above
sea level, to the top of Sklatrnet
(the Skla Tower). The route is
easy to follow, along a marked-out
path made from stones. The hike
takes four to five hours to the top,
and the same time back down. For
fitness fanatics, the world record
for running to the top is 1 hour, 8
minutes and 30 seconds.
In Gerainger you get the chance to
walk behind waterfalls. The guided
Nordic Walking to
Storseterfossen waterfall takes
90 minutes and can be booked at
the Hotel Union for 175 Krone
(20) per person.
For a more testing trip, try the
Laushornet hike, which passes
Storseterfossen waterfall (you can
walk behind the waterfall). The
return hike takes five to six hours
and includes very steep ascents.
l Travel
Norwegian has twice-weekly
direct flights from London Gatwick
to lesund from 36 one way incl
tax. www.norwegian.com They
also fly via Oslo several times per
day. SAS also fly to lesund via
Oslo from LHR.
Widere, Norways low cost inland
airline, has cheap flights and con-
nections from Oslo to Sandane air-
port, near Loen, as well as many
other hiking areas in Norway.
www.widere.no
Bus from Geiranger to lesund,
including the ferry from Eidsdal to
Linge, costs 240 Krone (27)
(approx. thee hours and takes in
the scenic Eagles road).
urious spas, complete with
saunas, Japanese-style Jacuzzis, cold-water
plunge pool and massage services. If
youre prepared to dig into your pockets,
your aching limbs will love you for it.
And fear not. It is by no means compul-
sory to adorn your trip to the Norwegian
fjords with exhausting physical travails.
Judging by tourists waistlines at the
hotels evening buffets, the areas appeal
is not limited to fitness
fanatics.
In the Geiranger
Fjord, we took a charm-
ing boat trip that sails
past a handful of cliff-
side farms. Now aban-
doned, these tiny dwellings were
previously home to hardy souls who had
engaged in a constant survival battle to
overcome frequent avalanches and social
isolation.
Asking why anyone would proactively
choose to set up home in a place where
there was a strong chance of being
crushed to death by snow in your sleep, we
were told that some poor people had fled
there to escape destitution in the cities.
Flying back to a typically packed, soul-
destroying Gatwick, their decision sudden-
ly seemed somewhat more reasonable. As
far as destinations go, the UNESCO world
heritage-listed site is near-perfect for an
escape from our tough lives in the city.
Below the cliffside farms, the occasional
boat tinkered past, people fishing off the
side. Further down the fjord people
splashed around in kayaks. Modest, short
hiking trails abound, all of which offer
spectacular views of the unique landscape.
Meanwhile above, the glacier, rock faces
and high peaks offer a challenge to daring
onlookers and masochists. Next time I
think Ill stick to the kayaks.
Right: Julian boldly
goes on the Skala
climb.
Legend of Zelda hero
Link celebrated his
25th birthday last
week
T
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DOC MARTIN
ITV1, 9PM
Mrs Tishell decides she can no longer
hide her love for Martin and takes
drastic action, leaving the village while
James Henry is in her care.
TOP BOY
CHANNEL4, 10PM
New series. Dealers Dushane and Sully
have their stash of drugs stolen by a
rival, leaving them owing a debt of
2,000 to their boss.
THE GADGET SHOW
CHANNEL5, 8PM
Ortis Deley and Suzi Perry design
hi-tech bags, and Jon Bentley teams up
with sound designer Glenn Freemantle
to test the latest soundbar speakers.
BBC1
SKY SPORTS 1
7pmLive Monday Night Football
10.30pmNetbusters 11pmSPL
Round-Up 11.30pmSoccer AM:
The Best Bits 12.30amMonday
Night Football 2.30amSports
Unlimited 3.30amWatersports
World 4.30amMax Power
5.30am-6amFIFA Futbol
Mundial
SKY SPORTS 2
7pmNASCAR 8pmNFL 10pm
Boots n All 10.30pmWild Spirits
11pmNASCAR 12amCarp
Academy 12.30amEuropean Tour
Golf 1.30amPGA Tour Golf
2.30amWonderful World of Golf
4am-5amPGA Tour Classic
SKY SPORTS 3
7pmShow Jumping 8pm
Aerobics Oz Style 8.30pmKings
of the Extreme 9pmCarp
Academy 9.30pmGreat Run
Series 10pmWWE: Late Night
Bottom Line 11pmWWE: Late
Night Afterburn 12amWWE:
NXT 1amWWE Vintage
Collection 2am-4.15amLive
WWE: Late Night Raw
BRITISH EUROSPORT
7pmMotoGP 9pmWorld
Superbikes 10pmWTA Tennis
11.30pm-12.30amEurogoals
ESPN
6.30pmTalk of the Terrace 8pm
Premiership Rugby Union 9.30pm
Pardon the Interruption 10pm
Between the Lines 10.30pm
ESPN Press Pass 11pmLive NFL
Countdown 12.30amLive NFL
3.45amBundesliga Review Show
5amBetween the Lines
5.30am-6amFrench Top 14
Rugby Union
SKY LIVING
7pmCriminal Minds 8pm
Americas Next Top Model 9pm
Signed By Katie Price 10pm
Criminal Minds 11pmBones 12am
CSI: Crime Scene Investigation
1.50amMaury 3.30amBones
4.20amNothing to Declare UK
5.10am-6amJerry Springer
BBC THREE
7pmThe Worlds Strictest Parents
8pmPlanet Dinosaur 8.30pmThe
Real Hustle: New Recruits 9pm
Stormchaser: The Butterfly and
the Tornado 10pmEastEnders
10.30pmTop Gear USA 11.15pm
Family Guy 12amAmerican Dad!
12.45amStormchaser: The
Butterfly and the Tornado 1.45am
Dont Tell the Bride 2.45amThe
Worlds Strictest Parents 3.45am
The Real Hustle: New Recruits
4.15am-5.15amThe Fades
E4
7pmHollyoaks 7.35pmHow I Met
Your Mother 8pmThe Big Bang
Theory 8.30pmMy Name Is Earl
9pmOne Tree Hill 10pmMade in
Chelsea 11pmThe Inbetweeners
12.10amThe Big Bang Theory
1.05amScrubs 1.50amHow I
Met Your Mother 2.15amMy
Name Is Earl 2.35amMeet the
Parents 3.05amRules of
Engagement 3.25amMake It or
Break It 4.10amDesperate
Housewives 4.50am-6am
Switched
HISTORY
7pmAmerica: The Story of the US
8pmStorage Wars 9pmPawn
Stars 9.30pmAmerican
Restoration 10pmAmerican
Pickers 12amPawn Stars
12.30amAmerican Restoration
1amAmerican Pickers 3am
America: The Story of the US
4amPawn Stars 5am-6am
Ancient Discoveries
DISCOVERY
7pmMythbusters 8pmReturn to
the Bermuda Triangle 9pm
Mythbusters 10pmBattle
Machine Bros 11pmStan Lees
Superhumans 12amBear Grylls:
Born Survivor 1amMythbusters
2amGold Rush 3amDeadliest
Catch 3.50amMutant Planet
4.40amInvisible Worlds
5.30am-6amDestroyed in
Seconds
DISCOVERY HOME &
HEALTH
7pmBirth Days 8pmParalyzed
and Pregnant With Twins 9pm
Supernanny 10pmHospital
Sydney 11pmA&E 12am
Supernanny 1amHospital Sydney
2amA&E 3amParalyzed and
Pregnant With Twins 4amA Baby
Story 5am-6amMaking Babies
SKY1
9pmA League of Their Own
10pmAn Idiot Abroad 2 11pm
The Jo Whiley Music Show12am
Brit Cops: Frontline Crime UK 1am
Road Wars 1.50amUK Border
Force 2.40amLost 4.20amA
Different Breed 5.10am-6amLiza
and Hueys Pet Nation
BBC2 ITV1 CHANNEL4 CHANNEL5
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TVPICK
6pmBBC News 6.30pmBBC
London News 7pmThe One Show:
7.30pmInside Out: BBC News 8pm
EastEnders: 8.30pmCops Behaving
Badly Panorama: 9pmYoung
Apprentice: 10pmBBC News
10.25pmRegional News 10.35pm
A Question of Sport: 11.05pmJohn
Bishops Britain: 11.50pmThe
Graham Norton Show: 12.35am
Weatherview12.40amSign Zone:
The Great British Bake Off
Masterclass 1.40amSign Zone: The
Great British Bake Off Masterclass
2.40amSign Zone: Nigel Slaters
Simple Cooking 3.10amSign Zone:
Reel History of Britain 3.40amSign
Zone: Reel History of Britain
4.10am-6amBBC News
6pmEggheads:
6.30pmStrictly Come Dancing
It Takes Two:
7pmCelebrity Antiques Road
Trip:
8pmUniversity Challenge:
8.30pmBaking Made Easy:
9pmOrigins of Us:
10pmNever Mind the
Buzzcocks:
10.30pmNewsnight: Weather
11.20pmFILMHalloween:
Resurrection: 2002.
12.45amFILMGinger Snaps
Back: The Beginning: 2004.
2.15amBBC News 4am-6amBBC
Learning Zone
6pmLondon Tonight
6.30pmITV News
7pmEmmerdale:
7.30pmCoronation Street:
8pmLittle England:
8.30pmCoronation Street:
9pmCHOICE Doc Martin:
10pmITV News at Ten
10.30pmLondon News
10.35pmExposure: Bailiffs:
11.35pmThat Sunday Night Show:
12.05amWildlife Patrol 12.30am
The Zone: Shopping and interactive
gaming; ITV News Headlines
2.35amChampions League Weekly
3amITV Nightscreen
4.35am-5.30amThe Jeremy Kyle
Show
6pmThe Simpsons:
6.30pmHollyoaks:
7pmChannel 4 News
7.55pm4thought.tv:
8pmBrave New World with
Stephen Hawking:
9pmAttack of the Trip
Advisors:
10pmCHOICE Top Boy:
11.10pmThe Simpsons:
11.40pmPete Versus Life:
12.10amRandom Acts
12.15amAlan Carr: Chatty
Man
1.10amLate Night Poker 2.05am
FILMGuide: 1965. 5.10amDrifting
5.25am-6.10amCountdown
6pmHome and Away:
6.25pmOK! TV:
7pm5 News at 7
7.30pmCelebrity Wish List: 5
News Update
8pmCHOICE The Gadget
Show: 5 News at 9
9pmNew Hotel Inspector:
10pmBig Brother:
11pmBig Brothers Bit on the
Side:
12amPolice Interceptors
12.55amSuperCasino
4.05amThe Family Recipe 4.10am
Greys Anatomy 4.55amCounty
Secrets 5.10amHouse Doctor
5.35am-6amHouse Doctor
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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 Rolling treeless highland (5)
4 Tree with rot-
resistant wood (5)
7 Musical composition (4)
8 Method of producing designs
on cloth by covering with
wax, then dyeing (5)
9 Blackleg (4)
10 Border (4)
12 Called on the phone (4)
15 Boorish (4)
17 Jointed appendage (4)
19 Musical nale (4)
20 Wife of a rajah (5)
22 Star which ejects material (4)
23 Dave ___, Irish comedian
who died in 2005 (5)
24 Ermine in its brown
summer coat (5)
DOWN
1 Wooden planting
tool (6)
2 Blow gently (4)
3 Fume (5)
5 Smaller in
amount (6)
6 Mission (6)
11 Barrier which
contains the ow
of water (3)
13 Without usual
standards or
principles (6)
14 Brief look (6)
16 Excepted (6)
18 Alloy of copper
and zinc (5)
21 Fiddling Roman
emperor (4)
E
T
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E L
I
Y
N

4

4

S T E P S D E P T H
A E S L I
A R E A U P T U R N
R S I R N D
B A Z A A R A G A R
I E N N O B L E A
T E A T G O L D E N
R L A W E C
A M O U N T G I B E
T U E R S
E S S E X D O W E L
2 7 1 4 2 7 8
4 9 8 6 2 1 3 7
1 8 2 9 3 8 9
1 2 3 5 4 9
3 1 7 5 2 6 9
9 7 6 8 2 1 5 7
2 4 1 5 9 7 3
2 4 8 9 5 7
9 5 5 2 1 8 1
6 1 2 3 8 3 9 6
8 3 1 3 1 4 2
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter word was
MAGNESIUM
Lifestyle | TV&Games
CITYA.M. 31 OCTOBER 2011 36
Sport
NORTHERN IRELANDS Rory McIlroy
believes hes overcome his play-off
demons after claiming golfs biggest
first prize with victory over Ryder Cup
rival Anthony Kim at the Lake
Malaren Shanghai Masters.
The US Open champion banked a
cheque of 1.25m, but only after he
had seen a three-shot overnight lead
disintegrate for the second tourna-
ment in succession.
But the 22-year-old, playing his first
event since changing management
stables, benefited from a regulation
miss from American Kim at the first
extra hole and McIlroys two-footer for
par gave him the title.
It was the fourth time McIlroy has
been involved in a play-off to win a
professional tournament and the first
time he has tasted victory, and the
world No3 hopes he has now put his
shootout hoodoo to bed.
He said: After four play-offs maybe
I am getting a bit better at this, but I
did have a better lie than Anthony.
My goal is to keep improving and
learning ways to win tourna-
ments and for me this kind of
concentration is important.
After three rounds of relative-
ly mistake-free golf in Shanghai,
McIlroy hit into the water
and bunkers, and missed
several close putts which
was reminiscent of his
dramatic collapse in
the final round of the
Masters back in April.
But on this occa-
sion he was able to
regain his compo-
sure and drew
level with a
birdie at the
15th, and with
pars at the final
three holes he
tied with Kim on
the 18-under-par
mark of 270, McIlroy
going round in a level-
par 72 to Kims 69.
Despite his wob-
ble, McIlroy denied
the size of the prize
on offer had con-
tributed towards
his error-strewn
closing round.
He said: All I was
thinking the first time
was, I want to hole this
putt because I dont want to go into a
playoff.
It really never crossed my mind
until that last putt went in. I just
wanted another win as I feel I have
been close to winning the past few
weeks but havent got it done. To get
another win is nice.
I felt that I was playing good golf
even though the pin positions were a
bit more challenging. Even when
Anthony was level and then went
ahead I kept telling myself there was
only one shot in it and to keep play-
ing the same way.
The wind was stronger than it had
been in the first three days. Anthony
has played great all week and got off
to a fast start when I didnt. I had to
hang tough on the back nine.
McIlroy secures bumper pay day
with play-off victory in Shanghai
WORLD champion Sebastian Vettel
continued his domination of the
Formula One season by claiming vic-
tory at the maiden Indian
Grand Prix.
It was the Germans
(right) 11th win of
an utterly domi-
nant campaign
as he led from
start to finish
at the Buddh
International
Circuit and came in over
eight seconds ahead of
Jenson Button.
Fernando Alonso took the final
podium place ahead of Vettels
team-mate Mark Webber, but the
race was marred by yet another con-
troversial incident involving
Britains Lewis Hamilton and
Ferraris Felipe Massa.
Hamilton attempted to pass
Massa on the inside at turn five
of lap 24 and the Brazilian
swerved into him. The stew-
ards came
down on
Hamiltons
side, by giving
Massa a drive-
through penalty.
It was the sixth
o c c a -
sion the pair had clashed this season
and Martin Whitmarsh, McLaren
team principal, admitted a resolu-
tion must be found.
Theyre young drivers but
theyre not that young,
said Whitmarsh. Theyre
men. Theyve got to figure
it out for themselves. They
have to sort it out. Theyve
been coming together too
frequently. Clearly Lewis and
Felipe are magnetic.
Whitmarshs remarks were
echoed by his opposite
number at Ferrari,
Stefano Domenicali, who
said: We cannot have
these things being bigger
than they are they will be on
the mind of the drivers, which is not
good.
BY JAMES GOLDMAN
FORMULA ONE
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email sport@cityam.com
POWER SERGE | Garcia returns to worlds top 20
SPAINS Sergio Garcia confirmed his return to the games elite by climbing back into the world's top 20 with victory
in the Andalucia Masters at Valderrama yesterday. Garcia began the day two shots clear of fellow Spaniard Miguel
Angel Jimenez and, after a nervous start, kept his nerve to take his second title in a week. The 31-year-old, who
ended a three-year title drought last weekend with a victory at the Castello Masters, said: I wasn't as good as prob-
ably the last 13 days, but we hung on and managed to pull through. Victory earned Garcia the last place in this
weeks Champions event in Shanghai. Picture: GETTY
BY JAMES GOLDMAN
GOLF
RACE RESULT: TOP SIX

1. Sebastian Vettel 1:30:35.002
2. Jenson Button 1:30:43.435
3. Fernando Alonso 1:30:59.303
4. Mark Webber 1:31:00.531
5. Michael Schumacher 1:31:40.423
6. Nico Rosberg 1:31:41.853
DRIVERS CHAMPIONSHIP
1. Sebastian Vettel (C) 374 points
2. Jenson Button 240
3. Fernando Alonso 227
4. Mark Webber 221
5. Lewis Hamilton 202
6. Felipe Massa 98
CONSTRUCTORS CHAMPIONSHIP
1. Red Bull (C) 595 points
2. McLaren 442
3. Ferrari 325
4. Mercedes GP 145
5. Renault 72
6. Force India 51
RESULTS | INDIAN GRAND PRIX
Vettel dominates in India as McLaren
order Lewis to make up with Massa
Sport
38
SPURS boss Harry Redknapp lavished
praise on summer signing Scott Parker last
night, after the England midfielder starred
in a convincing win over London rivals
QPR.
The visitors struggled to cope with
Tottenhams first--half onslaught and were
fortunate only to be trailing to clinically
taken goals from Gareth Bale and Rafael
van der Vaart at the break.
A 62nd minute header from ex-Arsenal
striker Jay Bothroyd gave Neil Warnocks
men a glimmer of hope, but Bales second
left-footed finish 10 minutes later sealed
the win for the home side.
Scott is a fantastic player, Redknapp
said. He was top of my list [of players to
buy in the summer] and hes just what we
needed.
Before being substituted for Brazilian
Sandro in the 86th minute, Parker complet-
ed more tackles and more passes than any
other player on the pitch, claiming the
man of the match award.
He tackles, doesnt give the ball away
and hes a great boy and fantastic person,
Redknapp enthused. Hes what you build
great football clubs around.
Tottenhams third home league win of
the season moved them up to fifth in the
Premier League level on points with
Newcastle and Chelsea and one place
behind the coveted Champions League
places.
After dominating the opening period,
Spurs broke the deadlock through a route
one goal in the 20th minute. A goal kick
from Brad Friedel was flicked on by
Emmanuel Adebayor, allowing Rafael Van
der Vaart and Aaron Lennon to set up Bale,
who smashed the ball home.
The second goal came shortly after the
half hour mark when Ledley Kings skewed
long-distance shot fell kindly at the feet of
Van der Vaart, who was played onside by a
jagged and disorganised QPR defence.
Presented with an easy chance, the
Dutchman made no mistake, drilling the
ball past goalkeeper Paddy Kenny from
close range.
Two ambitious half time substitutions
from QPR manager Warnock led to a
decent spell of pressure early in the second
half. The home fans mocked QPRs often-
controversial midfielder Joey Barton as he
lined up to take two consecutive corners in
the 62nd minute, yet were silenced when
the second was headed goalwards by
Heidar Helguson and nodded in by
Bothroyd to half the deficit.
Spurs rallied straight away, a 63rd
minute free-kick by Rafael Van der Vaart
stinging the gloves of Kenny. The ball
spilled to Adebayor, yet the striker who
fluffed a plethora of chances throughout
the game failed to turn the ball in from
close-range.
Nonetheless, the Hoops comeback was
stunted in the 72nd minute when a neat
passing move culminated in Bales curling
shot from just inside the area beating
Kenny, and condemning QPR to their
fourth league defeat of the season.
We brought the first half on ourselves,
giving the ball away in silly areas, Warnock
said. But second half, we showed what
could happen to the best of teams. They
knew they were in for a game.
Bale scored his
first White
Hart Lane goals
since January
Picture: GETTY
BY JULIAN HARRIS AT WHITE HART LANE
FOOTBALL
3
1
TOTTENHAM
QPR
Fernandes
fully behind
Ferdinand
QPR OWNER Tony Fernandes claims
defender Anton Ferdinand has the
full support of the club in relation
to the ongoing racism row involving
England captain John Terry.
The Football Association are cur-
rently conducting an investigation
into whether Terry used an offen-
sive term during the stormy west
London derby at Loftus Road earlier
this month.
Ferdinand was quizzed by the FA
on the matter last Friday and
Fernandes, who assumed control of
the west London club back in
August, is confident the authorities
will see that justice is done.
Weve drawn a line under the
matter, he said. Its for the FA.
Anton met the management,
were fully behind him, but we want
to focus on the football now.
Its not for us to throw judge-
ment on the matter. Its in the
hands of the correct people. Were
fully behind our player.
I havent had any direct discus-
sions on this with Anton. Hes just
thanked us for our support and hes
focusing on football now. We dont
want him to be distracted from the
main purpose.
The FA are also continuing to
probe an alleged incident which
took place between Liverpool striker
Luis Suarez and Manchester
Uniteds Patrice Evra a fortnight
ago.
But despite two investigations
involving such high-profile charac-
ters being launched at virtually the
same time, Malaysian businessman
Fernandes does not believe there is
a big problem with racism in
English football.
Coming from a foreign country
and having watched football for a
long long time, I dont feel very
much racism in football, he said.
Its improved tremendously.
Im a different colour as well. I
feel very comfortable going to every
ground, I think fans are focused on
much more positive things.
Bresnan delighted to finish
his landmark year on a high
ENGLAND seamer Tim Bresnan
insists his side should be able to look
back on their efforts in 2011 with
tremendous pride, despite being
whitewashed by India in the recent
one-day series.
A victory in Saturdays one-off
Twenty20 match meant England at
least ended their whistle-stop tour of
the subcontinent by ending their
seven-match losing streak.
The Test and Twenty20 world No1
team are acutely aware of their defi-
ciencies when it comes to 50-over
cricket especially in the subconti-
nent, which India again exposed in
this months 5-0 drubbing.
Bresnan, who has cemented his
place in coach Andy Flowers plans in
all formats of the game this year,
knows the last few weeks have
taught England they are not univer-
sal masters of a game, but believes
the last 12 months will go down as
an unqualified success.
To be No1 in the world in two out
of three competitions, were not in a
bad place, are we, really? Bresnan
asked. Test match cricket is the pin-
nacle of the sport. The way weve
played our cricket over this year is
fantastic, but were still looking to
improve in any way we can.
Kevin Pietersens superb knock at
Eden Gardens in a six-wicket win
helped ease the pain of the one-day
series drubbing, which Bresnan con-
ceded was a bitter pill to swallow.
It was certainly upsetting, the 5-0
defeat, especially the way we lost the
other night [when England lost all 10
wickets for 47 runs in the final ODI
in Kolkata], said Bresnan. Its been
tough and we have to improve in
these conditions.
BY JAMES GOLDMAN
CRICKET
SPORT | IN BRIEF
Smalling out for a month
FOOTBALL: Manchester United defender
Chris Smalling has been ruled out for a
month with a broken foot, manager Sir
Alex Ferguson has confirmed. The 21-
year-old missed Saturdays win at
Everton with the injury. Smalling's lay-off
means he will miss Englands November
friendlies against Spain and Sweden.
Ferguson said: Smalling has a small frac-
ture on his foot. I think hell be out for a
month and its unfortunate that one.
Charlton draw Halifax in FA Cup
FOOTBALL: Conference North side
Halifax Town have landed themselves a
plum FA Cup first round clash with
Charlton. The Addicks will visit Yorkshire
next month as the long road to Wembley
begins for Football League clubs.
Basingstoke of the Conference South will
travel to League one outfit Brentford,
while Aldershot, fresh from their Carling
Cup meeting with Manchester United,
were drawn to play away at non-league
Maidenhead.
Murray faces Haase test
TENNIS: Britains Andy Murray will take
on Dutchman Robin Haase in the first
round of the Swiss Indoors in Basle
today. Murray, who is on a 15-match win-
ning streak, is chasing a fourth straight
title after taking a wildcard to compete
in the tournament.
Kvitova caps breakthrough year
TENNIS: Wimbledon champion Petra
Kvitova clinched the WTA
Championships with a 7-5, 4-6, 6-3 victo-
ry over Victoria Azarenka in Istanbul.
The victory moves the Czech ahead of
Maria Sharapova to second in the world.
When I started this season we didnt
have a goal, said Kvitova after claiming
a cheque for 1.1m. We just wanted to
improve my game and now I am No2 and
Wimbledon champion. Its just a dream.
Man City 10 9 1 0 28 28
Man United 10 7 2 1 15 23
Chelsea 10 6 1 3 8 19
Newcastle 9 5 4 0 6 19
Spurs 9 6 1 2 4 19
Liverpool 10 5 3 2 4 18
TOP SIX
TEAM PLD W D L GD PTS
Parker and Bale
the stars as Spurs
continue to climb
FOOTBALL
39
VETTEL CLAIMS WIN
AT FIRST INDIAN GP
HAMILTON CLASHES WITH
RIVAL MASSA AGAIN: P37
Walcott: Gunners firing again
after Stamford Bridge heroics
ARSENAL forward Theo Walcott
believes Saturdays landmark win at
Stamford Bridge emphatically proved
his side are over their early season
troubles.
Eight wins in their last nine games
in all competitions has helped instil
belief in a side who had struggled to
come to terms with the high-profile
summer departures of former cap-
tain Cesc Fabregas and Samir Nasri.
Walcott, who capped a splendid
individual performance in the epic
5-3 win over Chelsea with a fabulous
solo goal, believes that with upcom-
ing games against West Brom,
Fulham, Norwich and Wigan, the
Gunners are set to continue their
ascent up the table.
He said: We are not looking too far
ahead. We dont want to say where
were going to finish at the end of the
season, but the way were playing at
this moment in time we believe we
can beat anyone.
Were enjoying our football, our
run is great now and were just going
to keep on continuing that. Everyone
is buzzing at the moment.
Robin van Persie stole the headlines
with a hat-trick at Stamford Bridge,
but Walcott believes the recent
upturn in fortunes has as much to do
with the contributions of recent sign-
ings Mikel Arteta and Andre Santos as
the Dutch strikers goalscoring
prowess.
He said: We have got some charac-
ters and Andre Santos was absolutely
brilliant. He looks like he has been in
the Premier League for many years.
We have the right balance
between youth and experience now
and weve got a lot players coming
back from injury too.
CHELSEA manager Andre Villas-Boas
insists he will not change his attacking
style despite Saturdays crushing
defeat by Arsenal.
The Blues conceded five goals at
home for the first time since 1989 in
an enthralling London derby as the vis-
itors struck twice in the final five min-
utes to secure an unlikely win.
Despite the nature of the loss, Villas-
Boas is adamant he will not change his
philosophy to the game and will work
to eradicate the defensive problems
which Arsenal so ruthlessly exposed.
The philosophy is a personal value
and a club value, explained Villas-
Boas. You should never sell it cheaply.
It is something that makes us all
proud and we will stick to this philoso-
phy throughout this league. It is our
way of playing, we are proud of the
way we play and we just have to cor-
rect things to get a positive result.
Villas-Boas also backed his defend-
ers, insisting two freak goals cost them
after they battled back to 3-3 before
John Terrys slip allowed Van Persie to
restore the lead.
He said: Before this we were one of
the three best defences in the Premier
League. We committed mistakes that
we will try to evolve and maybe we can
improve them for the game against
Blackburn.
FOOTBALL
Villas-Boas not prepared

to curb his attacking style
BY JAMES GOLDMAN
FOOTBALL
S
ATURDAYS goalfest at
Stamford Bridge may have
made the task of those whose
job it is to sell Premier
League TV rights easier, but the
match showcased just how far the
standard of defending exhibited by
the top teams has dipped this sea-
son.
While Arsenals defensive fragili-
ty has been long-standing
though Laurent Koscielnys recent
improvement and Thomas
Vermaelens return to fitness
offers them the promise of a solid
central partnership its been
nothing short of staggering to wit-
ness the way Chelsea and
Manchester United have been
carved apart in recent weeks.
Its been noticeable that man-
agers Sir Alex Ferguson and Andre
Villas-Boas have been keen for
their teams to hold a high line this
season, but for that system to
work, as it does so devastatingly
for Barcelona, you need speedy
centre-halves and have a midfield
that hunts veraciously in packs.
The advantage of holding a high
line is that it allows you to win the
ball further up the pitch and
launch attacks from closer to the
opposition goal. Both Chelsea and
United have suffered chastening
experiences at the hands of Barca
in recent times and perhaps they
feel the only way of defeating the
Champions League holders is to
fight fire with fire.
If thats the case, Im afraid
theyre on a hiding to nothing.
Chelsea are really lacking in pace
at centre-half, while their midfield
trio, while all competent techni-
cians, are nowhere near as ener-
getic as the likes of Andres Iniesta
and Sergio Busquets.
For United, Rio Ferdinand and
Nemanja Vidic are no slouches,
but they are nowhere near as
quick on the turn as they once
were, while Johnny Evans was
caught in Mario Balotellis slip-
stream several times before he was
red carded in the recent
Manchester derby.
Furthermore, as hard-working
as Ashley Young and Nani are, they
did little to prevent Darren
Fletcher and Anderson getting
overrun in midfield in the same
match.
At this rate Id really fear for
Manchester United, Chelsea and
Arsenal were they to draw the
Catalans in the next round of the
Champions League, while on the
home front City already look over-
whelming favourites to capture
their first Premier League title.
Roberto Mancini had to endure
an awful lot of criticism for the
dour brand of football City were
accused of playing during the
early part of his tenure, but by
building from the back and then
adding a smattering of flair play-
ers, the Italian has sculpted a side
as likely to grind out a 1-0 win as
blow the opposition away.
The early months of this
Premier League season has thrown
up some preposterous scorelines
and while that enhances the uni-
versal appeal of the competition,
the suicidal tactics employed by
certain members of the big four
could end up meaning City turn
the title race into a procession.
Desire to emulate Barcas style
leaves defences cruelly exposed
FOOTBALL COMMENT
TREVOR STEVEN
Citys mauling of their local rivals earlier this
month equalled the biggest margin of victory in
a Manchester derby, while it was the first time
United had conceded six at home since 1936.
Chelsea shipped five goals at home in the
Premier League for the first time on Saturday,
while Robin van Persie became the first player
to score a hat-trick against the Blues since 1997
Manchester Uniteds destruction of an under-
strength Arsenal team back in August was the
north London clubs heaviest defeat in 114 years
when they lost 8-0 to Loughborough.
There have been a staggering 28 goals scored
in the four matches played between Englands
four participants in this seasons Champions
League, as a series of long-standing record
have tumbled by the wayside.
RECORD BREAKERS | THE GOAL RUSH
A mix-up between Chelsea pair Malouda and Terry allowed Arsenals Van Persie to score on Saturday Picture: GETTY
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RACE RESULT: TOP SIX

Villas-Boas not prepared

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