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BUSINESS WITH PERSONALITY

Fuel drivers
set for talks
to halt strike
TRADE unionists and fuel haulage
firms are due to meet this week in a
bid to avoid a strike.
The Unite union has said it will
take part in talks with dispute
resolution group Acas and the seven
tanker companies, where more than
2,000 drivers have voted in favour of
industrial action.
However, thousands of truckers
in the Fuel Lobby group have raised
the stakes of the negotiations by
vowing to blockade depots and
roads in support if a strike does take
place.
Motorists were still feeling the
after-effects of panic buying at the
weekend, with queues at the pumps
subsiding but numerous forecourts
in greater London reporting
ongoing fuel shortages due to
delivery delays.
Londons transport and
emergency services representatives
will meet today to review plans to
keep vital services running in the
event of a strike, Mayor Boris
Johnson said, adding that he wants
the dispute knocked on the head.
And foreign secretary William
Hague has defended cabinet office
minister Francis Maude after his
advice to store fuel in jerry cans
sparked frantic stockpiling.
The country is in a better state of
preparedness than it was a week ago
for the eventuality of a tanker strike
so I think [ministers] have handled
that correctly, he told the BBC. My
colleagues would have been
criticised either way.
But a poll by ComRes showed that
more than 80 per cent of people
thought the government has
created an unnecessary panic over
the fuel crisis.
Finance chiefs are predicting a new dawn for the UK economy but business will remain tough
THE UKS top finance chiefs no
longer expect the country to face a
double-dip recession, and are
instead advising their firms to
expand into an increasingly opti-
mistic landscape, a new survey
revealed today.
Just 30 per cent of chief financial
officers surveyed in Deloittes land-
mark poll now expect a renewed
recession, down from 54 per cent at
the end of the last quarter of 2011.
The percentage forecasting a
Eurozone breakup is down from 37
per cent to 26 per cent.
As macroeconomic concerns have
declined, the 136 chief finance offi-
cers surveyed including 39 of the
FTSE 100 and 53 FTSE 250 compa-
nies have seen credit lines become
increasingly available and risk
appetites returning to replace the
cautious outlook of recent months.
That improved confidence has
stemmed the declines in both
investment and hiring seen over the
second half of 2011, although most
firms are still reluctant to increase
spending as they recognise growth
will remain weak 53 per cent
expect the current slow period to
last for more than a year.
Stronger financial conditions,
reflected in rising global equity
markets, are seen to be benefiting
larger UK companies, with chief
finance officers reporting an
increase in credit availability, said
Deloitte chief economist Ian
Stewart.
www.cityam.com FREE
This more than unwinds the
deterioration in credit availability
seen in December which, at the
time, some feared could be the start
of a second credit crunch.
In early 2011 the economic recov-
ery looked stable, with companies
taken by surprise when the
Eurozone crisis deepened rapidly in
the Autumn, slashing economic
growth forecasts and ruining
investment plans.
That episode underscored how
macroeconomic risks can escalate,
said Stewart.
Having been wrong footed by a
weakening of the economy in 2011,
businesses may need more evidence
the recovery is on track before com-
mitting to more expansionary poli-
cies.
That experience has fed through
into the businesses actions, and
with 84 per cent of chief finance
officers seeing the general level of
uncertainty facing their business as
above normal, they are often
reluctant to change their defensive
balance sheet strategies.
As a result, even though condi-
tions have improved in recent
months, firms now are more
focused on reducing costs and
improving cash flow than they were
in the first quarter of 2011.
Similarly only 16 per cent are
looking to expand by acquisition,
down from 26 per cent a year ago,
and 14 per cent are trying to reduce
leverage, double the seven per cent
in the first quarter of 2011.
BY MARION DAKERS
FTSE 100 s5,768.45 +26.42 DOW s13,212.19 +66.37 NASDAQt3,091.57 -3.79 /$ s1.60 +0.01 / 1.20 unc /$ 1.33 unc
BY TIM WALLACE
UKFINANCE CHIEFS:
THEWORSTISOVER
GAME BACK ON
ISSUE 1,604 MONDAY 2 APRIL 2012
HOW TO BUILD A
LAW FIRM FOR
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Probability assigned by UK CFOs to the likelihood
of a double dip in the next two years
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
55%
25%
35%
45%
BUST RETAILER SAVED BY PRIVATE EQUITY FIRM
Trade bodies slam Indian tax law
nThe CBI and other industry bodies
have written to Manmohan Singh, the
prime minister of India, to express
deep concerns about the tax
provisions proposed in the Finance Bill
2012. The new laws would introduce a
retrospective tax on overseas deals in
India over the last 50 years and reverse
the judgment of several cases, such as
the Supreme Courts recent dismissal
of Vodafones $2.2bn tax bill from its
acquisition of Hutchison Whampoas
Indian arm. The tax proposals could
also hit Kraft, which purchased
Cadbury in India in 2010, and
SABMillers buyout of Fosters.
Kurdistan halts oil exports
nIraqs autonomous Kurdistan region
halted oil exports yesterday, accusing
the central government in Baghdad of
failing to make payments to companies
working there in the latest clash in their
long-running dispute over oil rights.
The row heightens tensions in a
broader dispute between Iraqi Arabs
and ethnic Kurds over contested land,
political autonomy and oil that has
become a flashpoint for Iraq since the
last US troops left in December.
ARGENTINA has threatened legal
action against banks linked to oil
explorers in the Falklands, on the
eve of the 30th anniversary of its
war with Britain over the islands.
Just weeks after Buenos Aires
ramped up its objections to British
firms in the region, its embassy has
sent letters in Spanish to 15 banks
warning that all companies
potentially involved, either directly
or indirectly could be subject to
legal action and boycotts.
Even banks that only publish
research on the Falkland explorers
could be sued, according to the
letter.
A handful of UK-listed firms are
actively searching for potentially
lucrative oil and gas deposits in the
Falklands: Desire Petroleum,
Borders & Southern, Falkland Oil &
Gas and Rockhopper.
BSkyB begins board overhaul
Two key independent directors at BSkyB
are set to leave as the pay-TV company
embarks on an overhaul of its board that
could weaken its unanimous backing of
James Murdoch as chairman. Dame Gail
Rebuck, chief executive of Random House,
the publisher, and Lord Wilson of Dinton,
former cabinet secretary, are expected to
step down within months.
AIG to rebuild mortgage activity
AIG, the insurance group bailed out by the
US government after disastrous bets on the
mortgage market, is exploring a way of
ramping up its activity in the sector once
again by buying home loans.
Banks prepare to pay LTRO loans
A clutch of Europes biggest banks are
preparing to return a chunk of the cheap
three-year funding they recently took from
the European Central Bank as early as this
year. Senior bankers said Italys UniCredit,
Frances BNP Paribas and Socit Gnrale,
and La Caixa in Spain are preparing to pay
back up to a third of the money they
borrowed estimated at 80bn-100bn in
total within the next 12 months.
Ministers dash Sarkozys dream of a
tax on transactions
Plans for a financial transaction tax across
Europe were left in tatters by a divisive
meeting of European ministers at the week-
end in an embarrassing setback for
President Sarkozy.
Night deliveries to be allowed
during Games
Businesses in London will be permitted to
make and receive deliveries of goods
throughout the night during the Games.
GCHQ recruits eight universities to
counter cyber attacks
Intelligence agency GCHQ has selected eight
universities as collaboration partners to
improve cyber security. The Treasury has
admitted it has been under sustained attack
by foreign intelligence agencies.
RBS to pay 400m dividend on prefs
Royal Bank of Scotland is expected to re-
instate dividends on its preference shares
in May, which could lead to a 400m
capital raising.
Total strives to stem leak in North Sea
Totals efforts to stem a natural-gas leak on
a North Sea platform gathered pace yester-
day after an onboard flare that had ham-
pered relief plans finally went out, but the
French company still faces weeks of expen-
sive work to end the crisis.
Groupon forced to revise results
Groupon is revising financial results it report-
ed in its first quarter as a public company,
after discovering executives failed to set
aside enough money for customer refunds.
Auditor Ernst & Young called the error a
material weakness in its internal controls.
WHAT THE OTHER PAPERS SAY THIS MORNING
PRIVACY campaigners yesterday
reacted angrily to government
plans to allow security services to
monitor email exchanges and
website visits in the UK.
Legislation expected in next
months Queens Speech is set to
allow GCHQ to examine on
demand any phone call made,
text message and email sent and
website accessed.
Nick Pickles, director of the Big
Brother Watch campaign group,
said: This is an unprecedented
step that will see Britain adopt the
same kind of surveillance seen in
China and Iran.
The Home Office said the rules
would apply to the time, duration
and dialling numbers of a phone
call, or an email address. It does
not include the content of any
phone call or email. It said it had
no plans to change rules about
intercepting communications.
Government to
allow real-time
internet spying
2
NEWS
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E
XORBITANT: that is the only
way to describe the cripplingly
high levels of Air Passenger
Duty (APD) now facing
everybody flying from the UK. The era
of cheap flights which had done so
much to make international travel
accessible to the vast majority of the
public is coming to a sorry end: the
tax on flying to Australia is up by over
600 per cent in just six years.
The APD rose another eight per cent
yesterday, dealing a bitter blow to
cash-strapped households and impos-
ing yet further costs on businesses. It
gets worse: the Treasury is planning
to increase APD further over the next
four years, which means that a family
of four travelling to Australia could
end up paying up to 500 in APD tax
by 2016, a preposterous state of affairs
and up from just 80 in 2005.
Taxing travel inevitably means tax-
ing and reducing trade and given
that the UKs future lies with export-
ing more to Asia, Latin America and
other long-haul destinations, the gov-
EDITORS
LETTER
ALLISTER HEATH
UKs over-taxed public is running out of patience
MONDAY 2 APRIL 2012
ernments strategy is perverse.
The aviation industry and tourism
are two of Britains few success stories
outside of financial and business serv-
ices; it is strange that the government
wants to clobber what we are good at.
Usually business leaders dont speak
out enough on controversial matters,
preferring instead to resort to
dubious private lobbying. So it was
good to see EasyJet chief executive
Carolyn McCall, Ryanair boss Michael
O'Leary and Virgin Atlantic CEO Steve
Ridgway join Willie Walsh, boss of
British Airways owner IAG, in slam-
ming the latest rise yesterday. Often,
when people of the same trade unite,
they do so to conspire against the
public interest; in this case, compa-
nies and consumers are at one.
Remember which decisions in the
Budget triggered all the anger, and
drove a collapse in the governments
overall opinion polls, as well as its
perceived economic competence.
Both were tax hikes, or perceived tax
increases: the so-called Granny Tax,
and the Pasty Tax. The lesson for our
political class in general and the Tory
party in particular should be clear:
the public may not especially like
spending cuts but it really hates pay-
ing more tax.
That is why council tax always trig-
gers such passion it is paid by
almost everybody, and is a very visible
tax that people actually have to write
a cheque for. Of course, we are a hor-
ribly envious nation and the majori-
ty want those wealthier than they are
to pay more in tax. But most of the
anger at the Budget came from the
tax hikes on ordinary folk and the
shambles that has been the govern-
ments handling of the proposed
tanker drivers strike has reminded
many voters of just how much tax
they pay on every litre of petrol.
It is tragic that the government
doesnt get this. The public is deeply
divided on spending cuts but it is
almost united in its dislike of mass
market taxes that affect the bulk of
the public. This is not just true of
Britain: in Ireland, a new property tax
is facing mass resistance and could
derail the governments plans.
Almost half of Irish households have
refused to pay a new 100 poll tax a
precursor of this new wealth levy on
time. A full-scale tax revolt is looming
on the other side of the Irish sea.
The problem is that governments
spend too much, not that they tax too
little. Electorates are at the limit of
what they are willing to pay. George
Osborne must urgently do more to
show taxpayers he is on their side.
They have already been threatened
with criminal and civil action by
Argentinas foreign minister Hector
Timerman, who called their
activities illegal and illegitimate.
Banks that have received the latest
batch of threatening letters, thought
to include RBS, Oriel Securities and
Goldman Sachs, declined to
comment yesterday.
The Argentinean embassy in
London, which remains closed today
to commemorate the start of the
1982 war, did not return calls for
comment. The UK foreign office said
its efforts to intimidate the
Falklands are illegal and wholly
counter-productive.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
Argentina threatens banks
linked to Falklands oil firms
BY MARION DAKERS
IN BRIEF
BY JENNY FORSYTH
Argentinas foreign minister Hector Timerman is gunning for UK banks
G
E
T
T
Y
CRISIS-HIT retailer Game, which went
into administration last week, was yes-
terday rescued by investment firm
OpCapita, in a deal which will safe-
guard nearly 3,200 jobs.
The turnaround specialist, which
earlier this year acquired British elec-
trical chain Comet from Kesa, has
bought Games UK assets including all
333 remaining stores, administrators
PwC said in a statement yesterday.
Former Halfords chief executive
David Hamid, now an operating
partner at the firm, has been appointed
as chairman of Game to
oversee the
restructuring of
the business.
OpCapita, which
set up a vehicle
called Baker to do
the deal, said it has
no plans for any
further store clo-
sures and will also
seek to re-employ a
small number of staff
who previously
worked at the retailers head office
who were made redundant last week.
Henry Jackson, the former Deutsche
Bank rainmaker and founder of
OpCapita said: We strongly believe
there is a place on the high street for a
video gaming specialist and Game is
the leading brand in a 2.8bn market
in the UK. We have assembled a strong
team of experienced industry opera-
tors to implement the programme of
operational change that is needed.
Game rescued by OpCapita deal
BY KASMIRA JEFFORD
Administrator PwC said last week it would close 277 of Games high-street stores
GAME Group PLC
Mar Feb
8
6
4
2
p
2.39
20Mar
MONDAY 2 APRIL 2012
3
NEWS
cityam.com
MEET THE RESCUER:
HENRY JACKSON
HENRY Jackson,
founder of OpCapita,
is no stranger to the
UK high street.
His company bought
kettles-to-
computers group
Comet last year for a
nominal 2, and
work is well
underway to return
the company to
profit while
avoiding significant store closures.
OpCapita picked DIY chain MFI as its
maiden takeover, snapping it up for 1 in
2006 before shaking up its distribution
and selling the firm on for a small profit
just two years later.
OpCapita does not manage funds, but
rather invests cash directly, relying on its
partners knowledge of the retail sectors
to push firms back to profitability.
Jackson, a New York native, changed the
name of the company from Merchant
Equity Partners a little over a year ago,
keen to avoid comparisons with more
ruthless private equity groups.
Before he set up what is now OpCapita,
Jackson was head of Deutsche Banks
European consumer and retail group.
The Wharton graduate started his career
at Credit Suisse First Boston, and made
the jump across the pond after he was
head-hunted by DLJ.
David Hamid, who was yesterday named
Games new chairman, has long been a
key member of OpCapita, alongside
fellow operating partners John von
Spreckelsen and Stephen Alexander.
There is a huge amount to do but we
look forward to the challenge of restor-
ing GAMEs fortunes.
The company is also lining up a new
chief executive after Ian Shepherd
stepped down last week after two years
at the business. It is still unclear
whether OpCapita plans to repay credi-
tors as part of the deal including suppli-
ers, who are owed 40m.
The company also owed around 85
to its six lenders led by RBS, who had
also put in an offer to buy the
company in a debt-for-equity- swap.
The video games retailer became the
latest high-street casualty after
costs from its vast UK store
portfolio together an ambi-
tious overseas expansion pro-
gram left the company
unable to pay its 21m rent
bill. PwC closed 277 of
Games badly performing
stores on Tuesday last week,
leaving more than 2,000
staff without jobs.
FRIDA
cityam.com
GAMES administrator PwC could
announce a successful bidder for the
collapsed video games retailer as
early as today, much earlier than
expected.
Sources close to the company said
the retailers six lenders led by the
state-owned Royal Bank of Scotland
were in the lead to buy the company
out of administration with a lender-
uld see a debt-for-
f
BY KASMIRA JEFFORD
running to buy the retailer, although
the former is understood to be cir-
cling Games overseas assets.
PwC closed 277 of Games 609 stores
on Tuesday, leaving more than 2,000
staff without jobs after the company
fell into administration.
The sale of Game is likely to lead to
a further slimlining of its store port-
folio, putting hundreds of jobs at risk.
Meanwhile, the administrators
made the surprise move of reactivat-
ing Games reward cards after sus-
pending the scheme, which has some
ibers worldwide.
till sus-
Hope for Gam
e
as firm
poised
for rescue deal
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earned
2.2m i
since t
broadc
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cash b
wort
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said
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BY LA
Hopes that OpCapita was putting
together a rescue deal for Game
surfaced last week
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SIR John Buchanan is preparing to
step down from the board of
Vodafone where he has served as
deputy chairman since July 2006.
Sir John, who is also chair of med-
ical devices business Smith and
Nephew, will replace Doug Dunn as
chairman of Cambridge-based chip
maker ARM Holdings on 3 May.
He has sat on the telecoms giants
John Buchanan
quits Vodafone
but denies row
BY LAUREN DAVIDSON board since April 2003, meaning he
has reached the nine-year threshold
and is no longer considered an inde-
pendent board member.
Despite reports to the contrary, the
telecoms group vehemently denies
that Sir Johns departure is related to
a clash with Vodafone boss Vittorio
Colao over a possible bid for Cable &
Wireless Worldwide, claiming that
Sir John has not voiced an opinion
about the potential takeover.
John Buchanan is to become the new ARM chair
MONDAY 2 APRIL 2012
5
NEWS
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2012 ICAEWICPAC INTERNATIONAL CONFERENCE
25 APRIL 2012, CHARTERED ACCOUNTANTS HALL, LONDON
Gold sponsor Silver sponsor
Just two left in bidding war
for BAAs Edinburgh Airport
THE field of bidders for Edinburgh
Airport has narrowed to a straight
fight between a group of investors
led by JP Morgan and Global
Infrastructure Partners (GIP).
Their private equity rivals for
the asset, 3i and Carlyle, are said
to have pulled out of what is
expected to be a 500m race for
the Scottish transport hub.
BAA, which also owns
Heathrow, is being made to sell
the airport by the Competition
BY JULIET SAMUEL Commission, and is currently in a
dispute over whether it will also
have to give up Stansted airport.
GIP benefitted from the previous
mandate from competition
authorities that BAA, which is
controlled by Spanish company
Ferrovial, sell Gatwick.
If GIP snaps up Edinburgh
Airport, however, regulators could
decide to prevent any further
acquisitions by the firm.
BAA is set to make a decision in
the coming weeks over its
preferred bidder, meaning it will
offload the airport before any
conclusion is reached on the
possibility of Scottish
independence
But there are fears that high air
passenger duty imposed from
Westminster will slash volumes. A
BAA-commissioned report has
claimed that the rising tax could
cut passenger numbers by 1.2m.
Currently, over 9m travellers pass
through Edinburgh Airport each
year on 40 airlines although
Ryanair recently snubbed the
airport, reducing its flights there.
VUE, the private equity-backed cine-
ma chain, is set to ramp up its expan-
sion plans as Britons spend more on
affordable luxuries in the economic
downturn.
The chain, bought by Doughty
Hanson in a 450m deal nearly 18
months ago, will open two sites this
year and two next year as part of a
development pipeline of 15 new cin-
emas, founder and chief executive
Tim Richards told City A.M.
He said the group had experienced
a phenomenal 12 months in the
period to November 2011, despite a
dip in profits.
Turnover fell 4.1 per cent to
291.97m and operating profit
dipped 16.9 per cent to 30.98m,
according to the accounts of Vue
Entertainment Holdings (UK), which
were published last week.
The results cover two spells of
record snowfall in Britain, however,
which hit receipts, as well as the end
of a contract with advertising busi-
ness Pearl & Dean. It also represents
a comparison with 2009-10, which
included the release of science
fiction record breaker Avatar.
Vue looks good
as cinema firm
set to expand
BY PETER EDWARDS
If that weather had not impacted
our business we would have had the
biggest year ever, Richards said.
In the accounts Vues directors
write: 2012 is shaping up to be
another good year, with a number of
proven successful franchise titles on
the slate. 2D releases include (James)
Bond 23, Skyfall, Batman: The Dark
Knight Rises and The Twilight Saga:
Breaking Dawn Part 2.
At its year-end Vue had 71 sites,
including one each in Ireland,
Portugal and Taiwan. Its domestic
cinemas include the nations highest-
grossing complex at Westfield in
Shepherds Bush, while its site at
Westfield Stratford is among the top
five in Britain.
Doughty Hanson agreed to buy Vue
from Cavendish Square Partners, a
joint venture between private equity
group Coller Capital and Lloyds
Banking Group, US hedge fund Och-
Ziff and the management, in
November 2010. The management re-
invested at the time of the deal.
Doughty beat rival offers from BC
Partners and the private equity arm
of Canadian pension fund Ontario
Municipal Employees Retirement
System.
Daniel Craigs latest Bond film is one of many blockbusters expected to boost Vue this year
6
NEWS
cityam.com
Harrow
Acton
Finchley Road
North Finchley
Wood Green
Islington
Westeld Stratford
Croydon
Thurrock
Dagenham
Romford
Leicester Square
FulhamBroadway
Westeld
Shepherds Bush
Staines
Watford
Vue locations in London
DIRECTORS at 3i are set to plead for
patience with key investors amid calls
for change at the under-pressure pri-
vate equity house.
A group of shareholders, the total
size of which is unknown, has
demanded the firm sell off assets after
a long period in which shares have
traded below the underlying value of
investments.
They spoke out after activist investor
Laxey Partners seized on Michael
Queens announcement last week that
he would stand down as chief execu-
tive to call on 3i to quicken the return
of cash from investment sales to share-
holders, and freeze new investments
until its poor share price improves.
Insiders say, however, that 3i has
already taken major steps forward.
The firm is three years into a pro-
gramme of change, which has cut
100m from the operating costs, and
directors argue that it takes longer for
changes to show through in the pri-
vate equity arm.
The infrastructure and debt manage-
ment arms are performing well, but
3i in plea for
patience amid
investor anger
BY PETER EDWARDS the group as a whole posted a total
negative return of 523m for the six
months to 30 September 2011.
Britains oldest private equity house
has, however, left the door open to
adopting a more aggressive approach
following the departure of Queen,
who ran the firm conservatively.
A spokesman for 3i said: There has
been a huge amount of change at 3i
over the last three years. The business
has transformed in terms of the finan-
cial position in terms of investment
quality, costs and management. We
have received the Laxey letter and
acknowledged it and said we will give
it proper consideration.
COLIN Kingsnorths Laxey Partners has a
reputation for agitating for change on issues
such as dividend policy and corporate gov-
ernance and, as such, Kingsnorth might
seem like the typical hedge fund manager.
He has a higher prole than many of his
peers, however, and has publicly defended
his type of shareholder activism on several
occasions.
Last year, as the row with Alliance Trust
developed, he said: Everyone likes to look
at everyone else's activism and say, They
have crossed the line there, they are a
pain... But the activist is almost always of
the mindset, I am not doing enough.
Kingsnorth appears to be living up to the
maxim of trying to do more, all by way of
generating returns for investors in Laxey,
which describes its investment universe
as European value investments in quoted
operating companies, global discount arbi-
trage strategies and general global special
and arbitrage situations.
Kingsnorth once said that activism is really
good and useful, as long as its done prop-
erly and a real pain in the backside if it is
done wrongly.
The next few months, and the future direc-
tion of 3i, will prove whether Kingsnorth
really is going about it properly.
COLIN
KINGSNORTH
Buyout boss
leaving but
woes remain
T
HANKS to a combination of
boardroom decisions, some vocal
activist investors and the long-
running economic slump, 3i is
stuck between a rock and a hard place.
If it continues to defy those share-
holders calling for an asset sale, then it
faces more public griping, even
though some rebel investors, such as
Laxey, own only around one per cent.
The alternative, however, would
hardly inaugurate a new era of calm
prosperity. 3i, whose shares have shed
about two-thirds of their value since a
2007 peak, would struggle to extract
value from its assets when the market
knows it wants to sell.
It is that vast portfolio which poses a
problem. 3i has stakes in some well-
known high-street names but a falter-
ing recovery in spending and
write-downs on firms it bought before
the crisis, such as Enterprise Group,
have hit performance and its half-year
were poor.
On top of all this it must find a new
chief executive to replace Michael
Queen before the AGM in July. Life for
Britains oldest listed buyout firm is
not about to get any smoother.
BOTTOM
LINE
PETER EDWARDS
3i Group PLC
Mar Jan Nov Sep Jul May
280
260
240
220
200
180
p
214.00
30Mar
MONDAY 2 APRIL 2012
7
NEWS
cityam.com
PROFILE LAXEY PARTNERS
FOSTER + PARTNERS
HOBBS
GIRAFFE
GO OUTDOORS
AGENT
PROVOCATEUR
MINISTRY
OF
SOUND
3I HAS STAKES IN A VARIETY OF HIGH PROFILE BUSINESSES
R
E
U
T
E
R
S
GOLDMAN Sachs is working closely
with Diageo as the spirits company
hones in on its deal to buy equity in
$3bn-plus (1.9bn) tequila brand Jose
Cuervo.
Along with UBS and Credit Suisse,
Goldman is expected to lead Diageo
to a deal with Jose Cuervo by the early
summer, possibly as soon as next
month.
The tequila company, which has a
19 per cent share of the global
market, is currently owned by the
Beckmann family.
Diageo distributes the drink in the
US, but chief executive Paul Walsh
has made it clear that he will not
renew this agreement when it expires
in June 2013. He told the Wall Street
Journal last week, It is a brand that is
not fully paying its rent in our distri-
bution system.
Walsh, who has been Diageo boss
since 2000, is vying for a majority
stake in Cuervo. I wouldnt take any-
thing less than control, or a route to
control, he said.
But analysts think it unlikely that
Goldman Sachs
leads Diageo to
stake in Cuervo
BY LAUREN DAVIDSON
the Beckmanns will relinquish hold
on their family-owned business, pre-
dicting that Diageo is more likely to
get a minority stake at first with
potential to build on it in the future.
Cuervo fits Diageos plan to buy
locally popular spirits to boost sales
from emerging markets. In August the
spirits giant bought Turkish anise-
flavoured Mey Icki for 1.3bn.
Walsh is also said to have his eye on
Moet Hennessy champagne, 34 per
cent owned by Diageo, or one of the
brands in Beams portfolio, which
includes Jim Beam and Knob Creek.
Diageo already owns Smirnoff vodka
and Captain Morgans spiced rum.
DIAGEO is keeping its lips zipped over
which advisers at Goldman Sachs are
heading the drinks companys bid to buy
a stake in Jose Cuervo. The Mexican
tequila brand is owned by the
Beckmanns, a family expected by ana-
lysts to keep its company clutched tight
so Diageo will be making sure it doesnt
put a foot wrong.
But the beverages group has been in
cohorts with Goldman for some time.
In 2005, just days after a successful pitch
for the spirits giant, Goldman Sachs felt
the need to resign as corporate broker to
Diageo over a conict of interest with
another client, rival drinks group Allied
Domecq.
The two were reconciled, but last year
Matthew Westerman was forced to ght
to keep Diageo on the banks roster when
the drinks rm appointed a new broker
and it looks like his efforts will pay off.
Westerman, who was until recently global
head of equity capital markets and
worked on the Prada IPO, today begins
his new job as co-head of Goldmans
investment banking division for Asia out-
side of Japan based in Hong Kong.
But Diageos relationship with Goldman
Sachs still has air in its lungs.
Philip Shelley joined Goldman just over 18
months ago as a managing director. He
was previously co-head of corporate
broking at UBS when the bank acted as
broker to Diageo.
He joined Phil Raper, Goldmans head of
equity capital markets and corporate
broking.
Barclays Capital is said to be advising the
Beckmann family, which owns Cuervo.
by Lauren Davidson
ADVISERS GOLDMAN SACHS
Diageo chief executive Paul Walsh wants a controlling stake in tequila brand Jose Cuervo
Diageo PLC
1,502.50
30Mar
27Mar 26Mar 28Mar 29Mar 30Mar
1,550
1,540
1,520
1,530
1,510
p
MONDAY 2 APRIL 2012
9
NEWS
cityam.com
10
NEWS
cityam.com
MONDAY 2 APRIL 2012
Eversheds boss Bryan Hughes tells Elizabeth Fournier why a
career spent at the top City law firm means that he is perfectly
placed to make the most of the legal sectors brave new world
L
AST weekend, Bryan
Hughes found himself
hanging 50ft above the
ground, attached to
nothing but a rope. In an
effort to face his sons fear of
heights hed taken him on the
high wires at Center Parcs,
but when they reached the
highest point Hughes found
himself feeling a growing
sense of panic.
I made the mistake of look-
ing down and all I could think
was that I was not enjoying it
at all, and how there were lots
of other ways Id be happy to
prove myself. But in the end
you just have to jump off and
dangle there to convince your-
self its safe.
Its an uncharacteristic
admission of weakness from
the Eversheds chief executive
who has led the law firm since
2009 long enough to hone a
polished management style
that seems perfectly at home
in Eversheds slick Wood
Street offices.
Hughes job title is the first
hint that Eversheds is posi-
tioning itself at the forefront
of the growing trend for law
firms to re-brand themselves
as mainstream corporate con-
cerns. The traditional manag-
ing and senior partner roles
still exist, but the Eversheds
management team is pack-
aged into terms a lot more
familiar to UK plc a telling
move by a top 10 firm looking
to secure its future in Britains
brave new legal landscape.
Most of the big firms have
adopted more of a corporate struc-
ture, explains Hughes. We are not
the biggest firm in the world but we
are a reasonable-sized business.
Having said that, were still a part-
nership and the culture side is very
important to us. It means there are
limitations, but the checks far out-
weigh the balances.
Hughes heads up the firms mana-
gerial board, comprising the manag-
ing partner, finance director,
regional director and head of inter-
national. From this executive
answerable to the partners through
chairman John Heaps the
structure of the firm cascades down-
wards via a senior mentoring team
made up of sector and regional
heads, a group that Hughes calls the
decision making body of the firm.
His move towards the manage-
ment side of the business started at
a regional level he was made man-
aging partner of the Cardiff office 12
years ago but has since followed a
steady progression through chief
operating officer and UK managing
partner to his current position at
the top.
Its not a path hes keen to reverse,
despite admitting that he
sometimes misses the client-facing
side of the law.
I probably couldnt go back to
that, he says. I think they would
have to completely retrain me and
send me back because the intellectu-
al challenge and excitement of run-
ning a business a big, multi-sided
and multi-national business is
quite compelling.
Hughes enthusiasm for the firm
might have something to do with
the amount of time that hes dedi-
cated to it. Though its not uncom-
mon for a lawyer to stick with one
firm for the majority of their career,
even in an industry known for its
loyalty Hughes 27 years of unbroken
service is notable.
He joined Eversheds Cardiff office
as a trainee fresh out of law school
in 1984 and has stuck with the firm
ever since, with even his move to
London not coming until well into
his shift towards the management
side of the business.
Unsurprisingly, Hughes is keen to
present his linear rise to the top
hes never even taken time away
from Eversheds on a client second-
ment as a positive. You under-
stand the business, the people, and
the alliances, he says. It means
you are able to get things done with-
in the inevitable organisational
politics.
As his wife and three sons still live
in the Welsh capital, Hughes who
despite his allegiance displays no
hint of a local accent has since
joined the ranks of the weekday
commuter and calls a flat in
Smithfields his London home, but
still tries to get back to Cardiff every
Thursday night for a weekend with
the family.
Bryan Hughes has led Eversheds for the past three years and plans to run for a second term as chief executive
Were having to face
what our general and
corporate clients have
faced for the past 15-20
years actually having to
produce more for less
The law firm
boss whos
not moving
anywhere
but up
The law firm
boss whos
not moving
anywhere
but up
L
A
U
R
A

L
E
A
N
/
C
I
T
Y

A
M
MONDAY 2 APRIL 2012
11
NEWS
cityam.com
CV: BRYAN HUGHES
That is, of course, when hes not
travelling around Eversheds grow-
ing network of international offices.
This is my first day back in
London for about three weeks, he
explains. It was Chicago last week,
Dubai the week before, and prior to
that we had a couple of Harvard pro-
fessors with us for a three-day con-
sultancy session. Before that, I think
I was in Zurich.
Hughes slightly jumbled itinerary,
along with a newly acquired talent
for picking up colds from air-condi-
tioned planes, is a symptom of the
increasingly international focus of
the firm one of the major shifts he
has seen in his time at Eversheds
and a mission he was keen to take
on when he took the CEO job.
We need to try not to think of
ourselves as a UK firm with a global
network, but as an international law
firm. When I started in Cardiff, part-
ners would go out to branch offices
down in the docks and the
Birchgrove area. Now our guys go off
to Hong Kong and Paris all over
the world.
The firm is currently waiting for
its Beijing licence to be cleared by
the Chinese authorities, with all fin-
gers crossed for an office opening
sometime this year.
Closer to home, Hughes admits the
outlook is far from certain. Though
Eversheds reported an upbeat seven
per cent rise in revenue at its half-
year results last November, Hughes
says the rate of growth is likely to
drop slightly to around three to four
per cent for the full year, after the
Eurozone crisis kicked in at the end
of last summer and put the brakes
on a bit.
Still, its something of a turn-
around for the firm, which saw flat
revenues in 2010 and a decline of
between six and seven per cent in
the two preceeding years.
Bearish markets are something
Hughes has had to deal with
throughout his tenure as chief exec-
utive, and despite having worked
through the economic downturn of
the early 90s and the dotcom crash,
he calls the most recent financial
crisis unprecedented.
I remember going to board meet-
ings where I was reporting on the
cash and giving numbers that were
lower than last time, and then when
the next meeting came around hav-
ing to adjust the forecasts again.
I used to joke when I started off,
when I began the chief executive
role, that I would spend all of my
four-year term dealing with the
threat of recession. With his post
due for re-election next April, its
not such a joke anymore.
I dont think people are opti-
mistic. If you read the reports here,
there and everywhere, they preach
doom and gloom, and all the indica-
tors are pretty negative. I think if
youre just sitting there waiting for
the good times to return, waiting
for the cycle to go from there to
there, youre going to be waiting for
a long time.
In a shaky macroeconomic envi-
ronment and an increasingly com-
petitive legal sector, UK law firms
are being forced to shake up the way
they operate and look for new
opportunities for growth. For
Eversheds, this means following a
series of three-year plans put togeth-
er following months of consulta-
tions with partners, management
and external consultants.
Its a process thats taken up most
of Hughes time over the past 10
months as the current plan which
kicked off when he began his stint
as chief exec comes to a close this
summer.
Continuing to push international
integration remains at the top of a
lengthy list of objectives, and was a
common theme to come out of the
myriad one-on-one meetings that
Hughes held with the firms equity
holders. Far from a battle to consoli-
date clashing priorities into a single
coherent plan, the feedback he
encountered was gratifyingly consis-
tent, he claims.
One of the many positives of the
consultation was the fact that
although there are many different
views, we saw a huge degree of
alignment in terms of what people
feel are the priorities of the business
and where next, he says.
The resulting plan not only has to
build on the firms return to growth
over the past 12 months, but must
also stand it in good stead to negoti-
ate a legal sector thats becoming
more and more diversified by the
day, with last Octobers implemen-
tation of the Legal Services
Act marking the culmination of
years of protracted change.
Combined with a financial sector
still shaken by the economic crisis, it
has left many law firms contemplat-
ing the fact that the easier days
of fee increases and lengthy client
relationships could be gone forever.
Lawyers used to have the upper
hand when it came to
negotiation, says Hughes. That
has clearly shifted. To put it
simply, there
are too many lawyers and too
little work.
What were doing now is
having to face what our gener-
al and corporate clients have
faced for the last 15-20 years
actually having to produce
more for less.
On top of that is the chal-
lenge of fending off new
entrants to the markets, after
the introduction of
alternative business
structures (ABS) dubbed the
Tesco law allowed non-law
firms to start offering legal
services for the first time.
Just last week, the first ABSs
were licensed, with The Co-
operative Group announcing
it will soon be able to offer
legal advice in all of its bank
branches. Though high-street
law tends to be limited at the
moment to personal injury
and family practice, Hughes
is already thinking ahead to
new entrants threatening the
traditional corporate mar-
kets.
If you look at transactions
that involve lawyers, there are
now other people circling that
supply chain the brokers,
the consultants, the investors,
and the banks. With all of
these people taking roles that
we used to do and charging
separate fees, we have to look
hard at how we can provide a
wider base of legal business
solutions.
In September 2010, the firm
launched Eversheds
Consulting, which offers spe-
cialised training and advice to
companies on how best to
manage their in-house legal
teams, and just last October it
added Eversheds Agile, provid-
ing temporary legal teams to
companies on a contract basis.
Though both businesses are
part of the firm at the
moment, the new rules mean
theres now potential for
either to be spun off and run
as separate entities.
After what Hughes himself
describes as quite a hairy
ride over the past three years,
you might think he would be
ready to return to a more
client-facing role or even
break a 27-year habit and look
for a new challenge
elsewhere.
But the energetic 50-year old
is adamant that his ambitions
remain firmly with Eversheds
at least until hes had a
chance to see the firm
through the implementation
of its next three-year plan.
I want to be there to see the
end of the journey, he
insists.
Youre involved in a very
intense consultation process
where youre setting the
game plan for the next three
years. Theres no clear desti-
nation, but you keep going
and keep driving.
AGE: 50
WORK HISTORY: Joined Eversheds as
a trainee in 1984; upon qualification
specialised in commercial litigation;
took over the Cardiff office's collection
arm in early 1990s; appointed manag-
ing partner of the Cardiff office in 2000
and joined the firm's National Senior
Management team; joined Eversheds
National Executive in 2003 when he
was appointed chief operating officer;
became UK managing partner in 2006
and was elected chief executive in May
2009
EDUCATION: Read law at Cardiff
University
FAMILY: Married with three sons aged
nine, 11 and 14
LIVES: House in Cardiff and flat in
Smithfield in the City
HOBBIES: Coaching and watching chil-
dren's football, running and generally
keeping fit, losing golf balls, plus
spending time with family.
MONDAY 2 APRIL 2012
13
NEWS
cityam.com
Employers! Starting from October
2012 you will need to enrol your
workers into a workplace pension.
And were
here to
help you.
WORKPLACE
PENSIONS
Ill need to tell
my staff how this
affects them.
The law is changing. Starting with larger companies, all employers
will need to enrol eligible workers into a workplace pension. Visit
our website for materials to help you communicate this to your
workers and get your business ready for this change.
businesslink.gov.uk/workplacepension
Build a better future
Brought to you by
IN ASSOCIATION with Repskan.com, City
A.M. is measuring the relative Olympic
media buzz around the London 2012
Olympic and Paralympic Games partners,
week by week. The leaderboard, right,
reflects their ranking over the past week, in
this case from Wednesday 21 March to
Wednesday 28 March.
Samsung often
receives a similar
volume of online
mentions to Visa,
thanks to combined campaigns, particularly
a scheme to make contactless payments via
mobile phone ready for the Olympics. This
week, Samsung gained mentions for its
relationship with Kenton Cool, a
mountaineer who is aiming to fulfil a 1924
Olympic Games pledge made by another
mountaineer, Lieutenant Colonel Strutt.
Strutt and his team received 21 gold medals
for attempting to climb Mount Everest, and
he pledged to take a gold medal back to the
summit. Samsung hopes to honour this
pledge and also find the missing medals
from 1924.
OLYMPIC MEDIA BUZZ
LONDON 2012 PARTNERS

Brand Position change
Adidas 0
Coca-Cola 5
Cisco 0
Visa 0
DOW 8
Samsung -1
Acer 4
McDonalds -2
EDF 2
British Airways -8
SAMSUNG OLYMPIC MENTIONS BY CATEGORY
Regional News
Twitter
Blogs
Other
Topicals
National News
%
10
41
8
29
4
8
TOP TEN PARTNERS BY MENTIONS
I
T will be one of the biggest market
events of the year. Yes, Im
referring to Facebooks Initial
Public Offering (IPO) and D-Day is
getting ever closer. The company filed
to go public in February, and last week
trading of its shares was halted on the
secondary market as it tries to cement
its current shareholder base. We think
it may be targeting May for the IPO,
although the exact timing is unclear
as its in the hands of the SEC, as
opposed to Facebook itself. But an
event that could raise as much as
$10bn will be a real market mover.
Equities have put in a very solid
performance over the first quarter
with the FTSE up 3.5 per cent, the
LOUISA
BOJESEN
CNBC COMMENT
Facebooks float could be the kick the markets need
French CAC rising 8.5 per cent, and
Germanys Dax rallying almost 18
per cent. Against this backdrop, you
would be forgiven for thinking that
companies are feeling confident, and
that the overall IPO market has been
picking up too. Not so.
In fact, according to Ernst &
Young, global IPO activity fell by a
sharp 69 per cent in the first quarter
of 2012 compared to the same period
last year. Average deal size decreased
by 42 per cent, and, in terms of
pricing, the report says just seven per
cent of IPOs were priced above their
initial filing range.
Despite this, Maria Pinelli, global
IPO leader at Ernst & Young, told me
that there still are positive signs
when it comes to fundraising
worldwide. She expects to see a lot
more cross-border activity in 2012,
with companies choosing to list on
markets outside their home turf.
During the first quarter, IPO
activity on Asian exchanges
accounted for 47 per cent of global
IPO funds raised though Asia still
saw a 74 per cent drop in capital
raised. Pinelli thinks that China will
continue to draw IPO interest.
Looking at particular sectors,
Pinelli thinks US technology
companies will continue to
dominate the US listing space. Of the
32 IPOs completed in the US, more
than a third of them were done by
technology companies. Pinelli
pointed out that the average market
value for US technology firms, at the
time of their IPO, was double the
average market value versus
companies from other sectors.
Globally, by funds raised, almost
one in five IPOs came from the
industrials sector, followed by
consumer products and services,
according to Ernst & Young. By deal
numbers, over one in five IPOs came
from the tech sector.
Leading into 2010 and indeed
2011, we were optimistic and
thought that the worst was behind
us. But then European politics took
over, and confidence went horribly
wrong, both in the IPO market and
practically everywhere else. Let us
hope this year will be different
and that Facebook is able to serve as
a catalyst for better times.
Louisa Bojesen is a CNBC Anchor
Follow her on Twitter @louisabojesen
IN BRIEF
Cookson mulls a demerger
n Industrial materials firm Cookson is
considering breaking itself in two.
The FTSE 250 firm has appointed
Rothschild as an adviser and could
separate and float its electronics
business. Analysts have talked up the
benefit of a demerger over the last two
months but sources said the review was
a routine matter. Cookson, whose
products are used in the glass and solar
industries, currently has a market cap of
just over 1.9bn. The firm declined to
comment.
PE-backed firms remain upbeat
n Despite continued economic
uncertainty and difficult debt markets,
private equity (PE) backed companies
remain focused on growth and expect
to increase both turnover and
profitability in 2012. Eight out of ten
expect to grow turnover and almost
three quarters anticipate EBITDA
growth, says PwC in a new report. To
reach their growth targets, 60 per cent
of the 77 portfolio companies expect to
increase permanent headcount in the
next year and expect capital injections.
G
E
T
T
Y
Commuters at Canary Wharf can travel by bike or boat to avoid the busy trains
CANARY Wharf Group yesterday
stressed that it would be open for
business during the Olympics,
following reports the government is
pushing for financial services staff to
work from home in order to ease
travel congestion while the Games
are taking place.
More than 300 Boris Bike docking
stations will be available, while an
extra 170-seater Thames Clipper will
take commuters between London
Canary Wharf will be open for
business during the Olympics
BY MARION DAKERS
Bridge and the Docklands.
We are aiming to ensure that
workers who need to get into the
office, can do so, a spokesman said.
Cabinet office minister Francis
Maude is said to have encouraged
firms to test out flexible working in
time for the Olympics.
A KPMG spokesperson said up to
70 per cent of its employees plan to
take time off or work elsewhere, and
no client meeting rooms or catering
will be available at Canary Wharf
during the Games.
MONDAY 2 APRIL 2012
14
NEWS
cityam.com
What should be the limit for individual donations?
50,000 or less
50,000 to 1m
Over 1m
%
14
51
35
I
T is reasonable for major donors
to political parties to expect
some access to party leaders in
return for their cash, according
to a majority of those surveyed by
City A.M./PoliticsHome.com.
Fifty-three per cent of business
professionals asked said that those
who give over 250,000 should
expect to be get general meetings
with the party leader, ministers and
shadow ministers alongside other
major donors. A smaller group, 22
per cent, said donors should also get
individual private meetings with
the most senior politicians.
But attitudes are sharply divided:
38 per cent said, by contrast, that
donors should not expect to receive
anything in return for their funding.
The strong expectation that
donors should get some bang for
their buck could discourage any
attempt by the government to cut
access for those paying parties bills.
The poll also revealed that the
City panel believes that personal
gifts are the best funding source for
parties, rather than corporate or
public cash.
One respondent said: Everyone
needs to grow up and recognise that
money buys influence in all walks of
life. Another said: I dont see it as
an issue. The Tories meet their pri-
vate donors over dinner, Labour
meet their trade union funders over
dinner. So what?
But others expressed concerns: I
[would] prefer that donations are
from a much larger number of peo-
ple and not for parties to be reliant
on a limited number of very large
donations. Another said:
Donations are fine, they just need
to be transparent and open.
City believes big party donors should get
some senior access in return for their cash
VOICE OF THE CITY
PoliticsHome.com PoliticsHome.com
In
association with
Apply to join today at WWW.CITYAM.COM/PANEL
BY JULIET SAMUEL
How favourable or unfavourable are you towards these sources of party funding
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i
o
n
s
f
r
o
m
c
o
r
p
o
r
a
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i
o
n
s
D
o
n
a
t
i
o
n
s
f
r
o
m
i
n
d
i
v
i
d
u
a
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s
D
o
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a
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i
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s
f
r
o
m

T
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a
d
e
U
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i
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n
s
P
u
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f
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g
80
60
40
20
N
e
t
a
p
p
r
o
v
a
l
0
-20
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%
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-22%
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ALMOST half of non-executive
directors feel their knowledge and
experience is not being used to the
full, according to a new study.
Some 46 per cent of those polled in
the Korn/ Ferry Whitehead Mann and
KPMG survey felt under-utilised by
the boards they sit on.
The research, which involved 300
non-execs from FTSE 350 companies
and was conducted in January,
looked into their broad experience as
directors and the dynamics of the
boardroom.
It found that 47 per cent of respon-
dents felt executive board members
did not usually see them as valued
business partners, while one in five
said they sometimes or regularly felt
out of their depth in boardroom dis-
cussions as they had not been given
adequate information.
The survey, which was conducted
on behalf of the Good Governance
Forum, found only 37 per cent of
boards regularly consider how they
could improve the quality of board-
room debate, while 39 per cent rarely
or never address the issue. The
remaining 24 per cent only consider
boardroom dynamics at the time of
the annual board review.
Tony Manwaring, chief executive of
think-tank Tomorrows Company,
which created the forum, said: The
survey results reinforce discussions
with many non-executive directors
that the range and quality of conver-
sations strongly correlate with the
effectiveness of boards.
There is compelling evidence that
major corporate failures result from
behavioural and cultural weaknesses
resulting in huge losses in sharehold-
er value effective conversations
build and protect value and help
businesses shape strategy, manage
risk and build resilience.
The study found that the most
important characteristic of those
boards that have effective conversa-
tions is the quality of the chairman,
cited by 93 per cent of respondents.
Eighty-eight per cent put the most
value on board members having a
real interest in the company and its
activities and 75 per cent thought
adequate preparation the most
important thing. Over half (55 per
cent) said board diversity led to effec-
tive boardroom conversations.
Non-execs say
boards are not
utilising them
JENNY FORSYTH
G
E
T
T
Y
G
E
T
T
Y
FACTORY output fell again in March, survey
data confirmed yesterday, increasing worries
over the severity of Chinas economic slowdown.
Export orders declined once more, Markits
purchasing managers index showed, boosting
expectations of a further monetary loosening
by the authorities which should stimulate eco-
nomic activity.
The index came in at 48.3 in March, down
from 49.6 in February, and the steepest
contraction since November.
Any figure below 50 indicates contraction in
output.
Employment fell at its fastest pace in
three years, indicating firms were trying to
reduce spare capacity in the month,
while products purchased for use in the manu-
facturing process also declined again.
Low export orders
hit Chinese growth
FOXCONN GIVING WORKERS A RAISE
FOXCONN
Technology Group
will keep on
increasing worker
salaries in China
and cutting the
hours of work,
chairman Terry
Gou said
yesterday.
Foxconn has come
under fire for poor
working
conditions for
employees making
Apple iPhones and
iPads. Foxconn is
building
manufacturing
facilities in Hainan,
as well as
expanding its
operations in
Brazil.
MONDAY 2 APRIL 2012
15
NEWS
cityam.com
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MORNING
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BY TIM WALLACE
Demand for Chinese manufactured goods has declined, hitting an already slowing economy.
MANUFACTURING, media and
telecoms will lead the UKs economic
recovery, while construction and
business services will struggle to
keep up, a study out today claims.
The weak pound will support
manufacturing by keeping the sector
internationally competitive, which
should see business failures keep
falling into 2013, according to the
study from accountancy and law
firm BDO and the Centre for
Economics and Business Research.
The strong demand for digital
solutions is creating a climate of
investment and growth in
technology and telecoms, as other
sectors look to it for efficiency gains
and cost-cutting support.
However, the overall growth
picture remains weak, with other
industries set to suffer in
particular, increasing numbers of
retailers are set to go bust as high
unemployment and continued
government spending restraint hold
back consumer spending.
Manufacturers
to lead a mild
UK recovery
BY TIM WALLACE
CITY firms went on a hiring spree in
the first quarter as profits jumped and
optimism grew on the stabilisation of
the economy and calming of the
Eurozone crisis, a survey showed
today.
Business volumes expanded, fees
increased unusually quickly and
investment expectations rose,
although costs also increased an the
value of non-performing loans rose
slightly, the Confederation of British
Industrys (CBI) quarterly financial
services survey showed.
Business volumes rose for the eighth
consecutive month, with a net balance
of 23 per cent of firms reporting
increases and a balance of 34 per cent
expecting further increases over the
coming three months.
Banks, building societies, insurers
and investment managers all reported
growth in volumes, although a net bal-
ance of 73 per cent of securities traders
Bullish finance
firms up hiring
BY TIM WALLACE said volumes were down.
A balance of 32 per cent said they are
more optimistic about the overall situ-
ation of their industry, the first posi-
tive figure in a year.
The quarter saw an unexpected
jump in headcount with a balance of
19 per cent reporting increased
employment compared with an
expected balance of minus 18 per cent
and in stark contrast to the balance of
13 per cent reporting falling head-
count in the final quarter of 2011.
Investment expectations have also
risen, with a balance of 44 per cent
expecting to increase IT spending and
two per cent expecting to increase
marketing spending over the next
year, up from minus 46 per cent three
months ago.
However, a balance of 75 per cent
said low demand will limit growth in
the coming year, while recruiters
Astbury Marden said new vacancies in
the City fell 11 per cent in March as
firms only replaced leaving staff,
House prices rise as supply fails
to keep up with solid demand
HOUSE prices rose sharply in March
thanks to a lack of supply and the
expiry of the stamp duty holiday,
but are set to stagnate over the rest
of the year, figures from Hometrack
suggested today.
Prices rose 0.2 per cent in the
month, the survey of 1,500 agents
and surveyors showed, after 20
months without growth.
The small rise in prices reduces
the annual fall to one per cent, from
the 1.4 per cent in the year to
February and 1.6 per cent in the
year to January.
The proportion being sold for the
asking price rose from 92.5 per cent
in January to 93 per cent in March,
BY TIM WALLACE
indicating growth strength in the
market.
The number of new buyers
registering with estate agents rose
for the second month running,
though at 4.4 per cent it was well
below Februarys 18.1 per cent rise.
Meanwhile new house prices
reached a 40-month high of 229,398
according to Smart New Homes, up
0.2 per cent on the month and 4.7
per cent on the year. The highest
prices are in London, at 358,363.
The number of new homes rose
for the third month in a row in
February, and the Smart New Homes
expects this trend to continue.
The shortage of property is the
biggest threat to home ownership,
but the introduction of the national
policy planning framework promises
a step change in how planning is
granted for new developments,
meaning many more new homes are
expected to be built in areas where
they are most needed, said director
Steven Lees.
New house price growth
Feb Feb Apr Jun Aug Oct Dec
7
6
5
4
3
2
1
0
-1
%
MONDAY 2 APRIL 2012
16
NEWS
cityam.com
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C
I
T
Y
A
M
C
A
R
E
E
R
S
.
c
o
m
The recovery is on in
nancial services
+47%
IT Spending
+32%
Optimism
+19%
Employment
+23%
Business
Volumes
+21%
Protability
% net balance of
respondents reporting
growth in the rst
quarter of 2012
Mid-sized firms pick up profits
in technology and outsourcing
THE FASTEST-GROWING mid-sized
companies in Britain have brushed
off the downturn over the last four
years to increase sales by an average
44 per cent, according to research
by Investec.
Energy, commodities and
financial companies feature
prominently among rising private
businesses, with London-based solar
firm Alternergy topping Investecs
Hot 100 table, released today.
The research also pointed to a
boom in outsourcing groups, which
BY MARION DAKERS
are snapping up work as the
government and big businesses
jettison tasks such as IT, security
and training.
Gold companies such as Baird
Investments and Gaimarley have
cashed in on cautious investors
during the financial crisis, with the
groups posting compound sales
growth of 115 and 95 per cent
respectively over the last four
financial years.
Gambling firms including Betfred
and Bet365 are in the top 30 mid-
sized private firms, while financial
companies Ria Capital Markets and
Troy Asset Mangement are also
lauded as fast-growing groups,
according to Companies House
figures compiled by Investec.
The big lesson from this years
research is that, even in a tough
climate, Hot 100 companies stay
relevant As one market declines,
they possess the high-energy
leadership and finely tuned
antennae to shift decisively into
new growth areas, said Matthew
Rock, founder-editor of Real
Business, which published the
research.
EASTON DREAMS: NEW BVCA CHAIRMAN NAMED
MONDAY 2 APRIL 2012
17
NEWS
cityam.com
Market indexes
likely to prove
mixed in short
trading week
TODAY
The purchasing managers index (PMI)
manufacturing reading is expected at
50.7 against 51.2 previously. This is a
sector that performed strongly after
the banking crisis, but which is now
struggling. A reading less than 50
would indicate that the UK manufac-
turing sector is contracting.
Earnings: Punch Taverns.
TUESDAY
The PMI construction reading is
expected at 53.5, against 54.3 previ-
ously. Construction is a sector that is
hovering in growth territory, but has
struggled to push.
Earnings: Johnston Press, Huntsworth, and
Gulfsands Petroleum.
WEDNESDAY
The PMI services reading is expected
at 53.4, against a previous 53.8. The
sector is remaining in growth territo-
ry but, as with construction, it is
struggling to break out.
Earnings: DesirePetroleum, PLUSMarkets.
Ex-Dividends: 4Imprint, AminoTech, Amlin,
AvescoGroup, BegbiesTraynor, Bodycote,
Dialight, Interserve, JardineLloyd, MDY
Healthcare, Melrose, Pearson, Rentokil, Savills,
andWolseley.
THURSDAY
The industrial production index is
expected at 0.5 per cent against 0.4
percent previously. The manufactur-
ing production index is expected at
0.2 per cent, against a previous 0.1
per cent.
MANOJ on
the MARKETS
MANOJ LADWA
The Bank of England makes its
interest rate decision today. Market
expectations are for the Old Lady to
keep the rate unchanged, but any
sign of weakness in economic num-
bers could prompt it to increase the
asset purchase programme sooner
rather than later.
Earnings: Tanfield, VSA Capital, and Shore
Capital.
FRIDAY
Its Good Friday, so there is no trad-
ing in Britain, but non-farm payroll
and unemployment numbers from
the United States could set the tone
for the following week.
Manoj Ladwa, professional trader at ETX
Capital, is running an open long/short
portfolio using his systematic trading
method. To follow Manojs trading journey
more closely go to:
www.etxcapital.co.uk/manoj
THE FORUM: Page 22

PRIVATE equity industry group the BVCA has named an ex-investment banker as its new
chair. Robert Easton, a managing director at Carlyle Group, has succeeded Richard Anton. Dr
Easton has been with Carlyle since 2000 and is now co-head of Carlyle Europe Technology
Partners. He trained as a chemist and previously worked at CSFB and Wasserstein Perella.
T
HE Capitalist attends the
swankiest openings on the
calendar, from galleries in
Mayfair to fashion shows in
Milan. But weve never seen
anything like the hysteria on
display at the launch of Greggs
200th London store on Cheapside
in the heart of the City last Friday.
As staff proffered free pastries
and passers-by queued to sign a
save our savouries petition, the
bakerys chief executive
Kennedy McMeikan stood
there, overwhelmed by
adoration on display for
his FTSE 250 firm. But
one VIP was missing:
We did invite George
Osborne but I had
no call. Im still
hopeful hell
come. Osborne
has endured a
week of ridicule
after a seemingly
innocuous
decision to
charge
VAT on
baked
products
became a
major political
issue, leading the
government to be
accused of being out
of touch with ordinary
people.
While munching on
a lukewarm sausage
roll McMeikan
delivered his
Churchillian call for the
chancellor to act on the
roll tax: You still have time to
change the decision. You need to
listen to the UK public and help
businesses stimulate growth.
Thrusting a popcorncoated
doughnut into The Capitalists
hands he emphasised just how
popular Greggs has become:
Weve now got 200 stores in
London and Pret a Manger only
has 230 in the whole country.
Were substantially cheaper than
them but we still make our
sandwiches by hand in our shops
every day and we bake the bread
ourselves.
And he says its time for snobs to
drop their objections to Greggs
cheap and cheerful approach and
take a stand against the pasty
tax: Our customers are
everyone from builders to
barristers; we have people
in suits alongside guys in
hi-vis jackets.
The only reason
people dont go to
Greggs is because
there isnt one near
them. Most
requests I get are
people writing in
and asking us to open near
them. The Capitalist thinks
McMeikan should now
expect a flurry of emails
from jokers demanding
that Greggs open on Horse
Guards Road just opposite
the Treasury.
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @citycapitalist
18
cityam.com
cityam.com/the-capitalist
THECAPITALIST
SIR Richard is rarely spotted
without a toothy grin on his face
and who can blame him? If The Capitalist
were the fourth richest person in the UK,
wed be smiling too. And now you can get
your hands on some of Sir Richards cash,
although not from his own $4.2bn pot.
Virgin Holidays yesterday unveiled its
own currency, the Branson, replete with
the tycoons beaming face. Available in
10, 20 and 50 notes, the Branson is worth
2 so you can forget about fluctuating
exchange rates. The Capitalist got very
excited about Bransons latest scheme,
but then we noticed that US talk show
host Conan OBrien had bought Mashable
for $3,500, despite the $200,000 coming
Pete Cashmores way from CNN. And when
we heard that Google had launched a new app called Jargon Bot which translates business
lingo into everyday language (e.g. I dont disagree means I totally disagree, but you
outrank me), The Capitalist sighed and admitted to ourself that as juicy as these stories
sound, theyre probably to be taken with a pinch of April salt. Were no fool, after all.
MONDAY 2 APRIL 2012
' , , _
' , , _
Roland founded Finsbury in 1994. The company
was bought by WPP in 2001 and following the
merger with RLM in July 2011, is today one of
the largest global financial communications
groups. Before founding Finsbury he worked as
a financial journalist at the Financial Times, The
Sunday Correspondent and The Times. He is a
Trustee of the Royal Opera House and The
Education Employers Taskforce; Chairman of the
Tate's Corporate Advisory Group and Non
Executive Director on the Army Board. He is also
a member of the Great Ormond Street Hospital
Centre for Rare Disease Research Fundraising
Appeal Board, a patron of the NSPCC and the
Founder and Chair of the Legacy10 charitable
giving campaign. Roland is also the founding
Chairman of Business for New Europe and a
member of the Centre for European Reform's
advisory board.
'Jazz in the City' on JazzFM is kindly spon-
sored by global fund manager Aberdeen Asset
Management.
Too|ght 6pm: 8o|aod 80dd
aod preseoter N|chae|
w||soo oo "Jazz |o the
0|ty" oo JazzFN - ||steo
oo 0A8 0|g|ta| 8ad|o, Sky
0202, Freesat 729 aod at
www.jazzIm.com
' '_' '
,
Fools gold: Virgin launches new
currency this April, the Branson
2 for one Branson (cash, that is, not the Sir)
Greggs in the
City up in arms
over pasty tax
Sausage rolls
aplenty in the City
last Friday
ABERDEEN TO SPONSOR THE SCOTTISH OPEN
From petrol pumps
to beer taps - its
time to panic buy
AMID the misery of massive
queues for the petrol forecourt
and sold out signs at many
stations, at least one retailer has
kept a sense of humour and
marketing initiative. Eager to
cash in on the panic buying
frenzy sweeping the nation, The
Lounge in Chislehurst, Kent,
responded with this cheeky
advert for its beer.
It reminds The
Capitalist of an
equally catchy
butchers slogan
years ago as
Watership Down
was released.
Youve read the
book, youve seen
the movie...now try
our pies, it urged.
ABERDEEN Asset Managements chief executive Martin Gilbert (left) has come to the rescue of the Scottish Open, the annual golf
tournament, in a sponsorship deal that will protect the competition for at least two years. Gilbert is pictured here with Alex Salmond,
Scotlands First Minister (in the centre) and competition organiser European Tour chief executive George OGrady after a press
conference to announce the deal at Edinburgh Castle.
WWW.CITYAMCAREERS.COM
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2000
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FINANCE,
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CITYAMCAREERS.com
ADVERTISING on mobile devices is
overtaking the success of using desktop
computers for marketing, with the UK
leading the charge in Europe according
to a report from Marin Software, pub-
lished this morning.
Some 15.1 per cent of Googles paid
clicks in the UK in December came
from adverts on smartphone and
tablets a 280 per cent increase on the
5.4 per cent in January 2011.
Europe showed a similar growth rate,
despite being slower in its adoption of
smart mobile devices. Across the conti-
nent, mobiles share of Googles paid
clicks jumped from 2.1 per cent to 5.8
per cent.
Marketing companies have respond-
ed accordingly, with UK advertisers
upping their search budget for mobile
devices from 3.2 per cent at the start of
last year to 9.3 per cent by the end.
Advertisers in Europe made a 400 per
cent jump, growing search budgets for
mobile from 1.2 per cent in January
2011 to 4.7 per cent by December.
This could come as worrying news to
Facebook, which in its IPO filing in
Advertising on
mobile proving
better than PC
BY LAUREN DAVIDSON February said that it had not yet mas-
tered mobile marketing despite gener-
ating 85 per cent of its revenues
through advertising.
The social network will have to unveil
a plan to make money from its mobile
users to keep investors happy after its
planned $5bn IPO.
Smartphones and tablets are
invading the market, while sales of
desktop computers are lagging. Apple
sold more mobile devices in 2011 alone
than the total number of Macs sold in
the 28 years since the computer hit the
shelves in 1984.
Marins report also shows that mobile
devices in the UK have much higher
click-through rates than PCs, meaning
adverts on mobiles are more successful
in catching a consumers eye.
The cost per click is also cheaper on
mobile devices, so advertisers spend
less per successful advert on mobile.
While conversion rates (translating a
successful click to actual consumer
spend) are lower on smartphones,
tablets are fast catching up with PCs.
Mobile advertising in the UK outstrips
Europe and on a global level is third
only to Japan and Australia.
Caledonia Mining Corp
5.88
30Mar
Feb2012 Jan2012 Mar 2012
9.00
8.00
7.00
6.00
p
MONDAY 2 APRIL 2012
20
NEWS
cityam.com
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AFRICAN miner Caledonia has
doubled its gold production in the
last year and more than quadrupled
its profit, the firm said today.
Caledonia, which is joint-listed in
London and Toronto, said it
produced 35,826 ounces of gold
during 2011, up 102 per cent on a
year ago, while gross profit jumped
from C$6.3m to C$29.1m (3.9m to
18.2m).
Net profit was C$12.1m, and
would have been higher but the
firm struggled to renew its
prospecting rights in South Africa,
it said.
Caledonia signed a deal in
February to sell 51 per cent of its
Blanket mine to the Zimbabwean
government, following a dispute
over ownership that saw its mining
licence suspended. It said today the
mine is strategically well-
positioned to progress.
Caledonia lifts
gold output
despite delays
BY MARION DAKERS
COMPUTERS
SMARTPHONES
TABLETS
UK EUROZONE
1in 3
Mobile search
queries have
local intent
AUSTRALIA JAPAN
Share of clicks
Share of clicks
CTR
CPC
Share of clicks
Share of clicks
2.80% 4.31% 4.69%
$0.48 $0.26 $0.35
CTR
CPC
2.52% 2.42% 3.01%
$0.35 $0.25 $0.35
CTR
CPC
3.58% 4.43% 4.97%
$0.84 $0.52 $0.70
CTR
CPC
1.43% 2.28% 2.13%
$0.86 $0.48 $0.69
25%
of US paid search
clicks by Dec 2012
will come from
smart moblie
devices
1Billion
Number of
smart mobile
devices in use
globally by
June 2013
CTR: click-through rate
How many mobile users click the advert they see
CPC: cost per click
How much the advertiser pays per user click
Source: Marin Software
MONDAY 2 APRIL 2012
21
WALL STREET WEEK AHEAD
Essar Energy
The India-focused
integrated energy company
has announced that it has
appointed Steve Lucas as its
fifth non-executive director
with immediate effect.
Lucas was finance director
at the power and
transmission network
operator National Grid from
2002 to 2010 and has significant experience in the
international energy sector. Prior to his position at
National Grid, Lucas worked for 11 years at Royal Dutch
Shell and six years at BG Group, latterly as group
treasurer. He is also currently non-executive director
of Transocean, the offshore oil and gas drilling
company.
Quindell Portfolio
The brand extension company, and leading provider of
consultancy, software and outsourcing, has
announced that Robert Thomson has been appointed
group chief revenue officer, with effect from 1
November. Thomson started his career with IBM,
advancing to the position of global sales director for
the IBM-Huon alliance. He became UK managing
director of the Innovation Group in June 2010.
Jupiter
Jupiter Fund Management has announced that
Maarten Slenderbroek will be joining its board as an
executive director responsible for distribution and
strategy. This is a new role, and Slenderbroek will
report to group chief executive Edward Bonham
Carter. He is expected to join the fund management
firm in the second half of 2012. Slenderbroek is
currently head of BlackRocks international retail
business and a member of its global operating
committee. He has worked for BlackRock since 1994.
Forex Club
The leading online brokerage company has announced
the appointment of Michael Klena as chief executive of
its US business. Effective immediately, his
appointment reaffirms the companys committment to
global network growth and development. Before
joining the company, Klena held several senior
management positions at Etrade Financial, the United
States third largest online brokerage firm, including
head of risk and operations for the companys
brokerage business Etrade Clearing. Previous to this,
Klena spent nearly ten years at TD Waterhouse.
Norton Rose
The international legal practice has announced the
appointment of Jing Wang as a corporate partner. He
joins the firm from Allen & Overy, where he was served
as counsel in its Beijing office. Wangs expertise is in
advising major Chinese and global companies on
strategic mergers and acquisitions activity. He has
particular expertise in the biotech, and food and
beverages sectors.
WHOS SWITCHING JOBS Edited by Tom Welsh
+44 (0)20 7092 0053
morganmckinley.com
SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT
A
FTER the best first quarter in 14
years, the S&P 500 may be poised
for a pullback as investors look to
a slew of economic data for insight
on the strength of the domestic
economy.
The Dow and the S&P 500 closed out
their best first quarter since 1998 and the
Nasdaq had its best first-quarter perform-
ance since 1991, largely on the back of
improving domestic economic data.
Economic indicators this week include
data on manufacturing and services from
the Institute for Supply Management, con-
struction spending, factory orders and
domestic car sales as well as several reports
on the labour market, culminating in
Fridays payrolls number.
The benchmark S&P 500 index could be
vulnerable to a retreat if the data shows a
softening of the economy, a possibility
many investors have been cautiously eye-
ing with the index up nearly 30 per cent
from its October low.
The remarkable part of the first quarter
is you really didnt have any major piece of
economic data in the US that disappointed
the market, said Dean Junkans, chief
investment officer of Wells Fargo Advisors
and Wells Fargo Private Bank in
Minneapolis.
It was really a no drama, no surprise
quarter and the market may not be fully
appreciating that we could have some sur-
prises here in some of the data coming
up.
Equity markets will be closed at the end
of the week for the Good Friday holiday,
which could create lighter volume and
increase volatility. The holiday also con-
flicts with the release of the March payrolls
report, which could leave investors
reticent to make big bets before the data.
Economists polled by Reuters are looking
for an addition of 201,000 jobs in March,
compared with Februarys 227,000. They
expect the US unemployment rate to
remain steady at 8.3 per cent.
People are looking for a little more out
of the data, but it ultimately depends on
how the numbers come in relative to
expectations its all about beating or
missing expectations, said Joseph
Tanious, market strategist at JP Morgan
Funds in New York.
That will likely dictate the market the
following Monday after Good Friday."
Along with dealing with a short week
and a glut of economic data, investors will
have to grapple with tomorrows release of
the minutes from the most recent Federal
Open Market Committee meeting and an
interest-rate decision on Wednesday by the
European Central Bank after its meeting.
The underlying issue in Europe the
sovereigns themselves being solvent has
not been resolved, Tanious said. I would
suspect you will continue to see some flare-
ups in Europe that will rattle markets here
in the US. The ECB is expected to keep
interest rates unchanged with no major
announcements on other policy decisions.
There may yet be surprises in store
after US markets winning quarter
BESTof theBROKERS
GDF Suez SA
27 Mar 26 Mar 28 Mar 29 Mar 30 Mar
20.00
19.80
19.60
19.40
19.20

19.37
30 Mar
GDF SUEZ
UBS rates the energy group buy and
has a 12-month price target of 23. The
broker thinks GDFs bid for the
remainder of London-listed peer
International Power has come earlier
than expected, although the offer itself
is hardly surprising. UBS reckons the
offer price of 390p per share is likely to
rise, and is assuming a final price of
420p, coupled with around 3bn in
additional asset sales.
DASHBOARD CITY
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cityam.com
Easyjet PLC
27 Mar 26 Mar 28 Mar 29 Mar 30 Mar
505
500
495
490
480
485
475
p
485.80
30 Mar
Cranswick PLC
27 Mar 26 Mar 28 Mar 29 Mar 30 Mar
825
820
815
810
805
800
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30 Mar
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EASYJET
Morgan Stanley has an overweight
rating on the airline and has raised its
target price from 510p to 560p following
an update from the firm. The broker has
also lifted its full year pre-tax profit
forecast by nine per cent to 260m, and
expects to see EasyJet and Ryanair pick
up market share as weaker competitors
are hit by the soaring cost of fuel. Morgan
Stanley has forecast five per cent
passenger growth for EasyJet this year.
CRANSWICK
Numis rates the pork products group
add with a target price of 904p. The
broker is happy with the firms 12.9 per
cent sales growth in the second half of
the year, though notes the figures were
flattered somewhat by a quiet
comparative period. It has also pared
back its margin forecasts for the coming
year to 5.9 per cent, and expects to see
the firm seek out acquisitions funded by
its strong balance sheet.
The new
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CITYAMCAREERS.com
I
N THE City of London,we have
always described the capital as a
world city. It has never seemed so
apt: 2012 brings with it many
causes to celebrate and, with just
over 100 days to go until the start of
the Olympic Games, the capital will
soon be awash with talented
international athletes.
Its not only during the Olympics
that we see world-class talent in and
around the City. Each day, thousands
of the worlds most talented
individuals traverse London, and set
to work with the rest of the world.
Historically, the City has been
home to thousands of foreign-owned
institutions, and it remains so today;
international businesses come
because we offer the stability, clarity
T
HIS week, Investec is
publishing our analysis of the
UKs 100 fastest-growing
privately-owned mid-sized
companies. They provide hope
that the country continues to
develop world-class businesses that,
with proprietary technology and an
appetite for international markets,
will be global players of the future.
For those who believe the UK no
longer manufactures anything, or is
too reliant on a few industries or
regions for wealth generation, this
years list of the Hot 100 mid-sized
companies will help dispel this view.
The list, compiled from data filed at
Companies House, shows that these
companies have collectively achieved
an average compound growth rate of
44 per cent over the past four years,
and an average turnover of 150m in
their last financial year.
The fastest-growing company is
Alternergy, one of the principal
wholesale/distribution companies in
the solar power industry. It showed a
compound annual growth rate of
130 per cent.
cityam.com/forum
Smaller companies
are taking up the work
formerly done by the
big corporate sector
In association with
THEFORUM
Twitter: @cityamforum on the web: cityam.com/forum or by email: theforum@cityam.com
Agree? Disagree? Got a sharp comment?
The Forumwants you to join the debate.
Top responses will be reprinted in The Forum.

22
MONDAY 2 APRIL 2012
CITY
MATTERS
DAVID WOOTTON
The City prospers when it is serving the needs of the worlds economy
ED COTTRELL
Its not all doom and gloom: Our
mid-sized firms are flourishing
The Hot 100 companies are spread
across the UK and different sectors,
but the research has identified three
key factors behind their success:
1. Operate in a defensive sector:
Discount retailing and bridging
loans work when cash is tight and
gold is good business when the price
is high. However, this still requires
great execution.
2. Work that big companies and
the public sector cant, wont, or
shouldnt do anymore: The
outsourcing revolution is in full
flow. From procurement to elderly
care services, from IT to laundry,
SMEs are taking up work formerly
done by government and the big
corporate sector. You can see the
beginning of the restructuring of
the economy around outsourced
solutions. As government cuts go on,
you would expect this to continue,
yielding great opportunities for
entrepreneurs, and better services
for customers and the UK public.
3. International focus built
around proprietary and/or
disruptive technology: Were seeing
the gradual emergence of world-
beating UK companies. These are the
hero firms that the UK so urgently
needs.
These companies represent over 14
different sectors. 16 are in IT,
software and telecoms, and a further
16 are in the financial and
professional services industries. 13
are in the outsourcing and care
services, and ten are in energy, gold
and commodities. The 100
companies are based in 11 regions
across the UK.
Also encouraging is that research
among 24 of the Hot 100 companies
reveals that they are very positive
about the future. No fewer than 71
per cent expect significant
improvement in their business
prospects, and 75 per cent anticipate
a slight or significant improvement
in their operating profits. When
asked which sources of finance they
would draw on over the next 12
months, 75 per cent said retained
earnings. Around 17 per cent
intend to raise external equity
finance. And 77 per cent plan to
target global markets next year, but
not because they fear the future of
the UK economy only 17 per cent
expect it will have a significant
impact on their ability to grow.
There doesnt appear to be a
silver bullet in what the sample
sees as the key to their success. The
factors most frequently quoted are
delivering exceptional customer
service, and innovation, quoted
by 21 per cent. This is closely
followed by focus, investment
systems and team, which were
quoted by 17 per cent.
There is no consensus over what
would help them grow even faster.
The most common factors quoted
are access to better skilled staff,
and access to further funding,
both raised by 25 per cent. This was
closely followed by more capable
managers and assistance to enter
new overseas markets, quoted by 21
per cent.
The Investec Hot 100 reveals the
gradual emergence of a new
generation of world-class UK
businesses which, with proprietary
technology and an appetite for
international markets, will be the
global players of the future. What is
clear is that the entrepreneurial
spirit is still very strong in the UK.
Ed Cottrell is head of growth and
acquisition finance at Investec.
and predictability they need.
The City remains the worlds
leading financial centre, and this
year fDi Intelligence have hailed us
the European City of the Future.
This is not our only achievement. We
have again topped the rankings for
Y/Zens GFCI survey, beating last
years score by seven points.
We receive these awards not solely
due to the size of our markets, or the
range of our services, but because
they are useful. The services provided
by the City are at their best when put
at the service of wider national and
international economies.
Partnership is the key to a successful
economy, and not just in Britain.
A successful economy, which
provides prospects and stability for
all, is built upon strong financial
markets and a strong City. Bolstering
the drive for such a successful
economy are the Citys wholesale
financial markets.
These markets form an integral
bridge between investors and issuers.
They provide high quality, high-value
financial services to both business
and government, aiding campaigns
that wish to invest and expand to
raise finance and stimulating
growth and job creation. Last year,
340 new companies raised $38bn in
equity in European markets alone.
Wholesale financial markets
manage the risks associated with
doing business in different
currencies; theyre where pension
funds invest creating returns,
which provide incomes and peace of
mind for pensioners and savers
across the world.
The depth of our wholesale
markets is attractive to the services
that make the City the leading
global financial centre, creating jobs
right across the UK and throughout
Europe in support services.
The City, and the expertise and
enterprise we offer, will be crucial in
meeting our overriding goal: the
creation of jobs and growth. The
creation of stable employment is
needed in the UK, and the City
contributes to the creation of such
positions. What is good for the City is
good for the UK, and what is good for
the UK is good for the City.
We are in challenging times, but
the City is resilient, and we welcome
a challenge. There are still problems
to face, like those in the Eurozone
still the UKs largest export market
but the City will stay at the heart of
the British and European economies,
creating jobs, creating growth and
creating prosperity.
David Wootton is Lord Mayor of
London.
23
Action not reaction
[Re: An incompetent government hit by
Spring of Discontent, Friday]
Didn't things seem to be going well a few
months ago? I'm not convinced that a series
of strike actions shows we've returned to
the 70s. I lived through that decade, and
things felt very different. Politicians got
everything wrong. At least now, despite
miserable mistakes, our political class is
operating from sound underpinnings.
CraigHawley
You're right to mention the strike at
Stansted. This is the kind of selfish industrial
action that Britain needs to legislate
against. We need to make sure these vital
workers wont ruin holidays and business.
John Evans
Late to the party
[Re: Is E.ON/RWE's cancellation of new
nuclear plants a danger to British energy
security?, Friday]
It has been the contention of the economic
and political establishment for decades, at
least until the credit crunch, that the free
market and the ability to trade freely made
any form of industrial policy a redundant
notion. E.ON and RWE's sudden decision to
ditch their plans to build two new reactions
illustrates that perhaps this reasoning was
flawed, and will probably result in a shortfall
in the electricity supply. But any realisation
that we were wrong has come too late, if it
has come at all. We need now to encourage
the right companies to come in and provide
for our long-term energy security.
JonathanMatlock
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.
M
Y DAD was in the RAF,
and I wanted to be a pilot.
But after a school medical
found I was colour-blind,
my hopes were shattered.
My dad pushed me to become an
accountant, and I eventually gave
in and enrolled in an accountancy
degree in Dundee. From the start, I
knew I wasnt going to like it.
One day I saw an advert in the
local Evening Telegraph about
parachuting they were offering
money for it, too. When I saw that
it was an ad for the Territorial
Army, I decided to sign up.
Id never experienced military
life, but before long I knew I
wanted to join the Paras. I loved
the camaraderie, I hated college,
and I yearned for something more
exciting than being an accountant.
I was sent to the Falklands in
April 1982. I dont know if you
could ever say you were prepared
for such a war. 2 Para was the only
regiment to fight in two battles.
Once I returned to Dundee after
the war, I started drinking, and saw
the psychological damage suffered
by several of my comrades. It was a
life-changing experience and
shaped my commitment to care for
others.
At first I wanted to become an
army physiotherapist, and was sent
to the Queen Elizabeth Hospital in
Woolwich. It was mentally
challenging, but there were nurses:
the disco on Thursday night in the
Naafi was fun. Sadly, the military
school of physiotherapy was closed
before I could start the course.
I decided to pursue my
physiotherapy career in civvy
street. However, after leaving the
army, I had to wait ten months to
start my course, and sold insurance
in Aldershot with my old Falklands
mate Wayne Rees in the meantime.
TOP TWEETS
Is the government trying to boost the
economic figures by creating fuel panic? Its
getting a few much needed bucks on tax.
@AntonioPanales
Great feature from @TimTomato in City A.M.
pick up a copy for my thoughts on the rise of
the suit and my movie #AMansStory.
@OzBoateng
Hard to disagree with you - the coalition
government has become increasingly
incompetent: little in way of vision.
@RyanCPS
Isnt the right question: for such a great city,
why are the mayoral options so poor?
@GeoffIDC
Is George Galloways victory a sign that the
major parties are out of touch with voters?
YES
The Bradford West result has given the system a bit of a kick up the
backside. George Galloway is a seasoned and clever performer and
knows which buttons to press. Its hard to ignore his bandwagon
when it rolls into town. Respect and Ukip were the only parties to
increase their votes in Bradford, in real and percentage terms,
compared to the 2010 general election. People are tired of the same
old parties. Increasingly, the political elite is disconnected from the
people there are few politicians in government who have worked
in the real world or understand the challenges facing hard-working
people on a daily basis. Look at Ed Miliband hes never held down
a proper job in his life. The gulf between the people and professional
politicians is becoming bigger. Ukip represents everyday people, not
a privileged elite. It is a party for people that have become fed up
with the empty promises and U-turns of the political elite.
Nigel Farage is leader of Ukip and an MEP.
Nigel Farage
NO
Diane Abbott
The Labour Party needs to understand that, outside Westminster,
there are those for whom the Iraq war remains unforgotten and
unforgiven. This result is also a reflection of the feeling about what is
happening in Afghanistan, alongside the governments self-inflicted
jobs crisis. There are huge long-term lessons to be learnt by Labour.
The truth is were learning and changing. Ed Miliband is opposed to
what happened in Iraq, weve stood up to Rupert Murdoch as a
party, and were firmly opposed to whats happening with bankers
bonuses. And were giving the government the fight of its life over
its plans for the NHS. My constituency, Hackney, rioted last summer
because people felt disregarded, marginalised and lacking a stake in
society. It was an inner city area trying to make its voice heard.
Bradford has done the same. Yet, they didnt take to the streets, of
course they have caused a tremor at the ballot box.
Diane Abbott is Labour MP for Hackney North and Stoke Newington.
RAPIDresponses
The inspiring tale
of Falklands vets
business triumph
It was a hard-sell job, but I was
really good at it. Though we never
spoke about the war, the Paras gave
me a very task-oriented outlook.
Paras are always told they are the
best, so I didnt doubt that I would
be the best in the insurance
business. Ive always been scared of
failure, which drives me to
succeed, so selling wasnt hard and
rejection didnt bother me.
The RAF parachute training
schools motto always stuck with
me: Knowledge Dispels Fear. If
you have knowledge, youll always
be fine. When my wife and I moved
to Dundee, we decided to start a
business. I knew the population
was ageing and realised, after work
as a medic on the oil rigs, that
there would be a growing market
for nursing homes. We spotted a
house in Kirriemuir that was up
for sale, though it looked more like
a wee castle than a family home.
We opened Lisden Care Home in
1992. Today, Balhousie Care Group
is Scotlands largest privately-
owned group of nursing and care
homes, with 24 homes. Ive come a
long way, but never stop learning.
In business, Ive added two mottos
to my philosophy the Paras
regimental motto, utrinque
paratus ready for anything
and the motto of the Royal Army
Medical Corps, steadfast in
adversity.
Storming the Falklands: My war and
after by Tony Banks is published by
Little, Brown, 20.
MONDAY 2 APRIL 2012
TONY BANKS
Printed by Newsfax International, BeamReach 5 Business Park, Marsh Way, Rainham, Essex, RM13 8RS
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WITH a new tax year approach-
ing, the sun shining and a string
of bank holidays ahead, spring is cer-
tainly in the air. Now is the perfect
time for you to take control of your
savings.
The first step of any spring clean
should be ensuring that your money
is working as hard as possible.
Recent research by Fidelity has
shown that while 75 per cent of
people have an Isa the majority of
them are cash Isas. Over the last ten
years a typical cash account, into
which 50 has been invested every
month, attracted interest of 249.
Yet the same level of investment
into the FTSE All Share would have
grown by 2,359.
Springtime brings a sense of
energy. Use this enthusiasm to
review previous years Isas. Are your
investment decisions from five years
ago still relevant to your needs
today? Think about switching into
investments that are better suited to
your needs. A lot has happened over
the past five years, so other
investments may be positioned
more favourably for the current
environment.
Although springtime and the end
of the tax year is a traditional time
to think about finances, dont feel
compelled to make decisions now.
Use a cash park facility to bank your
Isa allowance and make the
investment decision when you are
ready. Even better, use a monthly
savings plan to phase your
investments so that you arent
tempted to time the market
something that most investors find
extremely difficult to do
successfully.
USE your allowances. Dont let
capital gains tax (CGT) rates
put you off investing in certain
things. It is still beneficial to invest
in assets that produce capital
growth rather than income, as
your gains will be taxed at 18 per
cent or 28 per cent when the asset
is sold, rather than at 40 per cent
or 50 per cent.
CGT also offers the benefit of a
higher annual allowance than
income tax, which is set at 10,600
for 2011/12. You should normally
aim to use your CGT allowance by
making disposals before 6 April, so
assess your capital generating
assets and decide whether or not a
disposal before then would be
Dont miss a spot
MONDAY 2 APRIL 2012
24
cityam.com
PERSONAL FINANCE MANAGEMENT WEALTH
Give your finances a spring clean:
A guide to tidying up all the mess
See out the old and
bring in the new
tax year with some
pristine planning
TAX
Ronnie Ludwig, partner, Saffery Champness
advantageous this allowance
cannot be carried forward. If your
gains are likely to be in excess of
the annual allowance, consider a
pre-sale gift to your spouse or civil
partner who is entitled to their
own annual allowance. Inter-
spouse gifts are tax free.
If you are looking to give to the
next generation, remember that
gifts totalling up to 3,000 in a tax
year are exempt from inheritance
tax (IHT). This allowance can also
be carried forward by a year, so if
you made no gifts to use the
exemption in 2010/11 you can make
IHT-free gifts of up to 6,000 before
6 April 2012. This system will help
you to distribute your estate in the
way that you want.
ANOTHER budget has come and
gone and the usual rumours
about the government changing
pensions for the worse were
unfounded. Indeed, for the first time
in a number of years, there were no
significant changes announced that
effect tax efficient products.
However, with the tax year-end fast
approaching, individuals do not
have much time to review their
personal tax affairs in order to take
advantage of the opportunities.
With tax relief on individual
pension contributions remaining
available at an individuals marginal
rate, a gross contribution of 50,000
will cost a 50 per cent taxpayer only
25,000 (40 per cent taxpayers,
30,000). The story becomes more
compelling if you have not
contributed up to the 50,000
annual allowance in each of the
three previous tax years. The
governments carry forward
provisions allow you to bring
forward any unused allowance you
may have, although it will be treated
for tax relief purposes as having
been made in the current tax year.
Also, remember that after 5 April
2012 you lose the ability to carry
forward any unused annual
allowance from the 2008/09 tax year.
With the announcement in the
budget regarding the reduction in
the highest income tax rate
decreasing from 6 April 2013 to 45
per cent, the 2012/13 tax year will be
the last tax year that you will be able
to receive 50 per cent tax relief on a
pension contribution.
THE long Easter weekend is
not just the perfect chance to
give your house a spring clean, it is
also an opportune time to ensure
your financial affairs are in order.
When it comes to mortgages, many
borrowers set and forget, in that
once they take out a home loan,
they neglect to ensure its
competitiveness over the course of
its term and only begin to think
about it again when their broker or
lender contacts them to inform
them it is up for renewal. This may
not be the most cost-effective way
of operating, particularly if you are
a high net-worth individual
making costly repayments. Rather
than going to your existing
lender who will only be able to
suggest alternatives from their
own suite of products you are
better off comparing mortgages
from across the market, or
enlisting the services of a mortgage
broker who should be up to speed
with the sharpest rates out there
and have access to intermediary-
only providers who dont advertise
their wares on the high street.
With lenders changing their
criteria continually at the moment
and in the main becoming more
restrictive, if you are looking to
change the term of your mortgage
or borrow extra funds, it is best to
do so as soon as possible. The
recent raft of interest-only
borrowing reductions to 50 per
cent is a key example of this.
Borrowers who have just happily
sat on their lenders standard
variable rate (SVR) for the past few
years may also want to re-evaluate.
With the base rate stuck at a
historically low level, many lenders
have been happy to leave their
SVRs alone. But with the cost of
wholesale funding on the rise,
rates have started to creep
upwards. With margins getting
larger on rates by the week, acting
quickly is vital.
Finally, with the low yield on
savings at present, it can seem
almost pointless holding cash at
the moment. It may be worth
considering switching to an offset
or flexible mortgage which will
allow you to offset your savings
against your mortgage balance and
effectively earn net interest at your
mortgage rate.
When was the last time you
took a good look at your
insurance? Most of us dont even
know what were covered for, let
alone have the right types of
financial protection in place. For
example, 1 in 10 people will go on
long-term sick leave during our
working lives, yet 90 per cent have
no financial back-up plan to protect
them if this happens.
Protecting yourself doesnt have to
mean spending more. Actually,
benefits from your employer can
offer the best value protection. So
its well worth considering what
your employee benefits package
looks like to see if it needs a spring
clean.
Most UK employees have life
insurance, which provides a tax-free
lump sum to an employees
dependents in the event of them
dying. If you dont have dependents
but do have life insurance, its worth
considering whether you need it.
What most people dont realise,
however, is that youre three times
more likely to go on long-term sick
leave than die during your working
life yet the majority of UK
employees arent covered for this
eventuality. Income protection
provides a regular income up to 80
per cent of your salary should you
become unable to work due to
illness or injury. So you can still
meet your financial commitments if
youre off sick, allowing you to
maintain the lifestyle that youre
used to.
Another popular employee benefit
is critical illness insurance,
providing a tax-free, lump-sum
payment which kicks-in if you
become seriously ill or permanently
disabled. This can help to ease some
of the immediate financial pressure
if youre unable to work, or to help
pay for treatment and care.
You neednt be worried about
broaching the topic of the
protection offered by your employer
recent research showed 45 per cent
of employers whove introduced a
new employee benefit in the last 12
months were influenced to do so by
their staff. So take a look at your
benefits package and make sure
youre fully protected.
MORTGAGES
Hugh Wade-Jones, director,
Enness Private Clients
SAVINGS
Tom Stevenson, investment director, Fidelity
PENSIONS
Steve Latto, head of pensions,
Alliance Trust Savings
INSURANCE
Peter ODonnell, chief financial officer, Unum
G
E
T
T
Y
MONDAY 2 APRIL 2012
25
MARKETS
cityam.com
EU SHARES WORLD INDICES
COMMODITIES CREDIT & RATES
US SHARES
BAE Systems . . . . . . . . .299.9 2.0 340.8 248.1
Chemring Group . . . . . .407.5 9.9 712.0 368.8
Cobham . . . . . . . . . . . . .229.1 7.5 236.5 165.9
Meggitt . . . . . . . . . . . . .403.9 5.3 408.3 304.9
QinetiQ Group . . . . . . . .159.3 9.6 159.8 101.5
Rolls-Royce Holdi . . . . .812.0 2.5 842.5 557.5
Senior . . . . . . . . . . . . . .199.9 7.9 201.0 135.6
Ultra Electronics . . . . . .1749.0 22.0 1779.0 1305.0
GKN . . . . . . . . . . . . . . . .206.1 3.7 245.0 157.0
Barclays . . . . . . . . . . . . .235.3 1.1 308.9 138.9
HSBC Holdings . . . . . . .554.8 7.7 667.2 463.5
Lloyds Banking Gr . . . . .33.6 0.2 62.4 21.8
Royal Bank of Sco . . . . . .27.6 -0.2 44.4 17.3
Standard Chartere . . .1560.0 21.5 1690.0 1169.5
AG Barr . . . . . . . . . . . . .1181.0 -18.0 1395.0 1031.0
Britvic . . . . . . . . . . . . . .384.7 2.7 444.0 289.9
Diageo . . . . . . . . . . . . .1502.5 -13.0 1553.0 1112.0
SABMiller . . . . . . . . . .2509.5 -12.5 2660.0 1979.0
AZ Electronic Mat . . . . . .289.1 -0.9 338.1 206.1
Croda Internation . . . .2106.0 13.0 2238.0 1597.0
Elementis . . . . . . . . . . .184.6 4.5 196.1 107.5
Johnson Matthey . . . .2359.0 59.0 2403.0 1523.0
Victrex . . . . . . . . . . . . .1350.0 20.0 1590.0 1025.0
Yule Catto & Co . . . . . . .248.0 3.5 253.0 148.0
/$ 1.3333 0.0010
/ 0.8327 0.0004
/ 110.43 0.1450
/ 1.2005 0.0001
/$ 1.6012 0.0003
/ 132.57 0.0750
FTSE 100
5768.45
26.42
FTSE 250
11538.88
107.90
FTSE ALL SHARE
3002.78
15.68
DOW
13212.19
66.37
NASDAQ
3091.57
-3.79
S&P 500
1408.47
5.19
Smiths Group . . . . . . .1052.0 22.0 1340.0 869.5
Brown (N.) Group . . . . .232.0 -1.4 304.5 227.0
Carpetright . . . . . . . . . .685.5 -14.5 741.0 375.0
Debenhams . . . . . . . . . .80.8 0.8 82.7 51.2
Dignity . . . . . . . . . . . . . .812.0 -3.0 854.5 693.0
Dixons Retail . . . . . . . . .18.7 -0.0 19.9 9.4
DunelmGroup . . . . . . .519.0 4.5 524.5 383.9
Halfords Group . . . . . . .310.6 7.6 405.9 268.6
Home Retail Group . . . .114.0 2.0 228.5 72.5
Inchcape . . . . . . . . . . . .376.2 3.6 425.4 268.1
JD Sports Fashion . . . . .795.5 20.5 1030.0 570.0
Kesa Electricals . . . . . . . .70.0 -1.9 151.4 60.2
Kingsher . . . . . . . . . . .306.7 1.4 312.7 217.0
Marks & Spencer G . . . .379.0 5.8 402.2 301.8
Next . . . . . . . . . . . . . .2983.0 3.0 3014.0 1980.0
Sports Direct Int . . . . . .289.0 4.5 296.1 181.5
WHSmith . . . . . . . . . . .545.0 1.5 559.0 433.8
Smith & Nephew . . . . .633.5 2.5 715.0 521.0
Synergy Health . . . . . .849.0 -2.0 981.0 809.5
Barratt Developme . . . .141.0 2.4 151.5 67.5
Bellway . . . . . . . . . . . . .818.0 -0.5 859.5 540.5
Berkeley Group Ho . . .1320.0 2.0 1414.0 1019.0
Bovis Homes Group . . .481.8 -5.7 518.5 326.5
Balfour Beatty . . . . . . .285.5 1.1 343.8 214.6
CRH . . . . . . . . . . . . . . .1280.0 30.0 1672.5 1053.0
Galliford Try . . . . . . . . .625.0 7.0 639.0 375.0
Kier Group . . . . . . . . . .1134.0 -1.0 1489.0 1097.0
Drax Group . . . . . . . . . .544.5 8.0 581.5 396.5
SSE . . . . . . . . . . . . . . . .1329.0 7.0 1423.0 1193.0
Domino Printing S . . . .558.0 -5.0 701.5 434.3
Halma . . . . . . . . . . . . . .380.6 2.8 429.6 306.3
Laird . . . . . . . . . . . . . . . .215.2 -0.3 219.1 127.9
Morgan Crucible C . . . .322.0 5.4 360.0 224.0
Oxford Instrument . . . .1215.0 -1.0 1262.0 700.0
Renishaw. . . . . . . . . . .1330.0 56.0 1886.0 800.0
Spectris . . . . . . . . . . . .1803.0 60.0 1835.0 1039.0
Aberforth Smaller . . . .644.5 12.5 714.0 494.0
Alliance Trust . . . . . . . .368.3 2.8 392.7 310.2
Bankers Inv Trust . . . . . .416.1 -3.3 433.8 346.5
BH Global Ltd. GB . . . . .1188.0 3.0 1212.0 1058.0
BH Global Ltd. US . . . . . .12.0 0.0 12.2 10.4
BH Macro Ltd. EUR . . . . .20.0 -0.0 20.2 16.3
BH Macro Ltd. GBP . . .2054.0 -4.0 2078.0 1671.0
BH Macro Ltd. USD . . . . .19.6 -0.3 20.2 16.2
BlackRock World M . . . .672.5 14.0 815.5 574.5
BlueCrest AllBlue . . . . .160.6 -0.7 176.2 160.6
British Assets Tr . . . . . . .127.0 -0.5 139.4 109.0
British Empire Se . . . . .423.6 0.6 533.0 404.0
Caledonia Investm . . .1486.0 -4.0 1800.0 1337.0
City of London In . . . . .294.3 1.1 306.9 257.0
Dexion Absolute L . . . . .141.9 0.5 150.0 130.0
Edinburgh Dragon . . . .247.2 -0.3 253.1 201.4
Edinburgh Inv Tru . . . . .497.6 2.5 504.0 422.5
Electra Private E . . . . . .1718.0 9.0 1755.0 1287.0
Fidelity China Sp . . . . . .80.8 1.9 114.3 70.0
Fidelity European . . . .1128.0 1.0 1287.0 912.0
Foreign and Colon . . . . .315.9 1.9 327.9 261.5
Herald Inv Trust . . . . . . .521.5 1.0 545.5 419.0
HICL Infrastructu . . . . . .120.4 1.2 121.3 112.7
John Laing Infras . . . . .106.4 0.0 110.6 103.8
JPMorgan American . .950.0 5.0 965.5 721.5
JPMorgan Asian In . . . .192.5 1.0 244.0 170.1
JPMorgan Emerging . . .563.5 12.0 610.5 480.1
JPMorgan Indian I . . . .362.0 8.3 459.0 313.1
JPMorgan Russian . . . .578.0 13.0 741.0 415.1
LawDebenture Cor . . . .374.9 0.4 398.7 323.0
Mercantile Invest . . . . .1032.0 1.0 1119.0 823.0
Merchants Trust . . . . . . .381.0 0.8 431.8 341.5
Monks Inv Trust . . . . . . .333.9 2.7 367.9 298.1
Murray Income Tru . . . .651.5 3.0 674.0 568.0
Murray Internatio . . . . .994.0 4.0 1007.0 818.5
NB Global Floatin . . . . . .99.5 0.4 103.0 92.5
Perpetual Income . . . .267.7 -1.0 276.0 236.5
Personal Assets T . . .34250.0 -190.0 35350.030850.0
Polar Capital Tec . . . . . .396.5 -1.9 404.0 299.5
RIT Capital Partn . . . . .1220.0 9.0 1360.0 1173.0
Scottish Inv Trus . . . . . .486.0 1.1 524.0 417.0
Scottish Mortgage . . . .708.0 5.5 781.0 565.0
SVG Capital . . . . . . . . . .288.0 -1.2 321.0 165.1
Temple Bar Inv Tr . . . . .922.0 -2.0 970.0 791.0
Templeton Emergin . . .588.5 4.5 684.5 497.0
TRProperty Inv T . . . . . .154.5 1.4 206.1 136.2
TRProperty Inv T . . . . . .70.7 1.2 94.0 59.8
Witan Inv Trust . . . . . . .490.5 -0.8 533.0 401.5
3i Group . . . . . . . . . . . . .214.0 4.3 298.9 166.9
3i Infrastructure . . . . . . .124.5 1.4 125.2 115.0
Aberdeen Asset Ma . . . .257.0 -1.1 265.8 167.8
Ashmore Group . . . . . . .367.5 1.5 420.0 306.4
Brewin Dolphin Ho . . . .177.0 11.7 180.0 113.7
Camellia . . . . . . . . . . .9650.0 25.0 10950.0 8800.0
Charles Taylor Co . . . . . .151.5 3.0 160.5 115.6
City of London Gr . . . . . .67.5 0.5 92.6 61.3
City of London In . . . . .368.0 7.5 440.0 304.3
Close Brothers Gr . . . . .785.0 3.5 845.0 590.0
F&C Asset Managem . . .66.9 0.2 81.7 56.1
Hargreaves Lansdo . . . .487.1 7.6 646.5 402.5
Helphire Group . . . . . . . . .1.9 0.1 14.3 1.4
Henderson Group . . . . .127.5 1.5 173.1 95.1
Highway Capital . . . . . . .13.0 0.0 21.0 7.0
ICAP . . . . . . . . . . . . . . . .392.8 5.0 541.5 311.6
IG Group Holdings . . . .450.0 9.6 502.5 393.6
Intermediate Capi . . . .289.5 4.5 345.0 197.9
International Per . . . . . .268.1 12.1 388.8 148.5
International Pub . . . . .119.6 0.0 121.5 112.7
Investec . . . . . . . . . . . . .382.3 5.1 522.0 318.4
IP Group . . . . . . . . . . . .134.0 10.0 135.0 36.0
Jupiter Fund Mana . . . .248.9 18.0 310.5 184.9
Liontrust Asset M . . . . . .121.5 0.5 123.0 57.9
LMS Capital . . . . . . . . . . .60.0 1.3 64.8 54.0
London Finance & . . . . .19.5 0.0 23.5 19.0
London Stock Exch . . .1034.0 16.0 1076.0 756.5
Lonrho . . . . . . . . . . . . . . .12.8 1.0 19.8 8.9
Man Group . . . . . . . . . . .134.8 4.8 259.6 104.5
Paragon Group Of . . . .189.9 4.3 206.1 134.6
Provident Financi . . . .1146.0 9.0 1181.0 915.0
Rathbone Brothers . . .1275.0 -1.0 1316.0 977.0
Record . . . . . . . . . . . . . . .11.0 -0.3 35.5 10.5
RSM Tenon Group . . . . . . .8.5 0.2 37.0 5.6
Schroders . . . . . . . . . .1580.0 13.0 1906.0 1183.0
Schroders (Non-Vo . . .1240.0 10.0 1554.0 970.0
Tullett Prebon . . . . . . . .350.0 -2.4 428.6 262.3
Walker Crips Grou . . . . .45.0 0.0 51.5 40.0
BT Group . . . . . . . . . . . .226.4 3.0 232.1 161.0
Cable & Wireless . . . . . .32.3 0.2 48.9 31.3
Cable & Wireless . . . . . .34.0 0.4 55.0 14.2
COLT Group SA . . . . . . . .104.8 -1.1 154.0 84.1
KCOM Group . . . . . . . . . .73.5 3.5 84.0 59.8
TalkTalk Telecom . . . . .136.5 -2.0 150.0 118.9
TelecomPlus . . . . . . . .692.0 4.5 802.0 455.0
Booker Group . . . . . . . . .84.3 1.6 84.7 59.5
Greggs . . . . . . . . . . . . .520.5 2.5 558.0 445.0
Morrison (Wm) Sup . . .298.0 1.5 328.0 276.0
Ocado Group . . . . . . . . .114.5 -2.2 237.0 52.9
Sainsbury (J) . . . . . . . . .311.3 2.8 362.8 263.5
Tesco . . . . . . . . . . . . . . .330.0 1.9 420.1 310.5
Associated Britis . . . . .1220.0 4.0 1228.0 977.0
Cranswick . . . . . . . . . . .805.0 -6.0 841.0 588.5
Dairy Crest Group . . . . .333.1 1.8 409.7 311.0
Devro . . . . . . . . . . . . . .305.7 0.6 332.2 232.0
Tate & Lyle . . . . . . . . . .705.0 10.0 720.5 544.5
Unilever . . . . . . . . . . .2064.0 26.0 2189.0 1885.0
Mondi . . . . . . . . . . . . . .589.5 4.5 664.0 413.5
Centrica . . . . . . . . . . . . .316.4 3.0 333.0 278.8
International Pow . . . .405.0 0.0 409.0 279.4
National Grid . . . . . . . .630.5 4.5 659.0 569.0
Pennon Group . . . . . . . .711.5 3.5 737.5 620.0
Severn Trent . . . . . . . .1544.0 23.0 1610.0 1375.0
United Utilities . . . . . . .601.5 5.0 637.0 560.0
Cookson Group . . . . . . .691.0 13.0 724.5 395.8
Rexam . . . . . . . . . . . . . .428.1 1.0 436.0 299.8
RPC Group . . . . . . . . . . .368.0 -0.5 393.2 281.0
Smith (DS) . . . . . . . . . . .179.1 2.2 183.7 113.3
Price Chg High Low
Persimmon . . . . . . . . .640.0 0.5 706.5 374.0
Reckitt Benckiser . . . .3533.0 7.0 3599.0 3100.0
Redrow . . . . . . . . . . . . . .129.1 0.4 135.3 103.5
Taylor Wimpey . . . . . . . .51.5 0.5 52.8 28.7
Bodycote . . . . . . . . . . . .386.2 6.8 426.5 225.6
Fenner . . . . . . . . . . . . . .433.5 12.5 483.7 280.0
IMI . . . . . . . . . . . . . . . . .972.5 24.0 1119.0 636.5
Melrose . . . . . . . . . . . . .423.1 5.0 428.0 268.0
Northgate . . . . . . . . . . .210.8 3.8 346.7 190.9
Rotork . . . . . . . . . . . . .2049.0 94.0 2099.0 1501.0
Spirax-Sarco Engi . . . .2089.0 34.0 2184.0 1649.0
Weir Group . . . . . . . . .1764.0 66.0 2236.0 1375.0
Evraz . . . . . . . . . . . . . . .369.5 11.9 460.5 315.0
Ferrexpo . . . . . . . . . . . .305.6 11.1 499.0 238.7
Talvivaara Mining . . . . .240.8 5.8 582.0 195.2
BBA Aviation . . . . . . . . .214.0 2.2 223.4 156.0
Stobart Group Ltd . . . . .128.0 -2.3 152.8 112.0
Admiral Group . . . . . . .1187.0 32.0 1754.0 787.0
Amlin . . . . . . . . . . . . . .329.8 1.9 427.0 270.6
Beazley . . . . . . . . . . . . .139.5 0.2 151.8 109.6
Catlin Group Ltd. . . . . .406.2 -0.9 449.0 337.0
ITE Group . . . . . . . . . . .222.0 -2.5 258.0 157.7
ITV . . . . . . . . . . . . . . . . . .88.4 2.7 89.9 51.7
Johnston Press . . . . . . . . .6.5 0.3 8.4 4.1
MecomGroup . . . . . . . .180.3 2.0 310.0 134.5
Moneysupermarket. . . .126.9 1.1 130.3 85.8
Pearson . . . . . . . . . . . .1165.0 -5.0 1255.0 1038.0
PerformGroup . . . . . . .310.0 0.0 318.0 150.0
Reed Elsevier . . . . . . . .555.0 5.0 578.0 461.3
Rightmove . . . . . . . . .1452.0 21.0 1452.0 933.0
STV Group . . . . . . . . . . .118.0 -1.5 168.0 76.3
Tarsus Group . . . . . . . . .151.0 3.0 165.0 119.5
Trinity Mirror . . . . . . . . . .37.5 -0.5 54.3 35.3
UBM . . . . . . . . . . . . . . .626.0 9.0 635.0 416.0
UTVMedia . . . . . . . . . . .150.0 -0.8 153.5 92.5
Wilmington Group . . . . .98.3 3.8 154.8 78.5
WPP . . . . . . . . . . . . . . .854.5 5.0 880.0 578.0
Yell Group . . . . . . . . . . . . .3.7 -0.0 11.0 3.4
African Barrick G . . . . .384.0 -4.2 616.5 379.8
Anglo American . . . . .2337.0 40.5 3344.0 2138.5
Anglo Pacic Gro . . . . . .314.5 -4.0 340.0 237.9
Antofagasta . . . . . . . . .1152.0 30.0 1491.0 900.5
Aquarius Platinum . . . .142.0 -1.6 364.8 130.9
Avocet Mining . . . . . . . .184.4 -1.1 286.8 177.5
BHP Billiton . . . . . . . . .1907.5 30.0 2631.5 1667.0
Bumi . . . . . . . . . . . . . . .626.5 -0.34 640.5 624.5
Hiscox Ltd. . . . . . . . . . . .396.1 5.2 424.7 340.5
Jardine Lloyd Tho . . . . .698.5 6.0 764.5 576.0
Lancashire Holdin . . . . .785.0 -1.0 794.5 597.5
RSA Insurance Gro . . . .104.6 -0.8 139.8 99.6
Aviva . . . . . . . . . . . . . . .331.5 6.4 452.7 275.3
Legal & General G . . . . .130.7 0.1 135.0 89.8
Old Mutual . . . . . . . . . . .158.6 2.2 164.6 98.1
Phoenix Group Hol . . . .565.0 3.0 688.0 451.1
Prudential . . . . . . . . . . .747.5 -2.5 797.5 509.0
Resolution Ltd. . . . . . . .261.3 -1.7 316.1 229.5
St James's Place . . . . . . .353.1 4.1 376.0 294.0
Standard Life . . . . . . . .229.7 1.4 250.7 172.0
4Imprint Group . . . . . .296.0 -2.0 305.0 200.0
Aegis Group . . . . . . . . .184.8 2.8 185.9 115.7
Bloomsbury Publis . . . .109.0 -0.5 138.0 91.3
British Sky Broad . . . . .676.0 9.0 850.0 618.5
Centaur Media . . . . . . . .38.8 0.6 56.3 32.5
Chime Communicati . .220.0 1.5 298.5 163.0
Creston . . . . . . . . . . . . . .62.0 3.5 121.0 47.0
Daily Mail and Ge . . . . .451.5 4.1 505.5 343.4
Euromoney Institu . . . .760.0 8.0 809.5 522.5
Future . . . . . . . . . . . . . . .12.6 -0.1 26.5 8.3
Haynes Publishing . . . .205.0 0.0 257.0 192.0
Huntsworth . . . . . . . . . .53.0 3.8 76.3 32.3
Informa . . . . . . . . . . . . .441.5 0.3 450.8 313.9
Centamin (DI) . . . . . . . . .68.8 0.4 154.2 68.4
Eurasian Natural . . . . .592.5 8.5 973.5 522.0
Fresnillo . . . . . . . . . . . .1598.0 -1.0 2150.0 1302.0
GemDiamonds Ltd. . . .273.5 -6.8 310.6 179.8
Glencore Internat . . . . .389.4 2.1 531.1 348.0
Hochschild Mining . . . .464.2 -0.2 644.5 365.9
Kazakhmys . . . . . . . . .908.0 15.5 1493.0 730.0
Kenmare Resources . . . .50.2 0.4 61.5 31.0
Lonmin . . . . . . . . . . . .1022.0 -19.0 1760.0 941.0
NewWorld Resourc . . .427.3 -7.2 1060.0 409.4
Petra Diamonds Lt . . . .175.4 -2.0 189.0 97.0
Petropavlovsk . . . . . . . .557.0 -28.0 998.0 543.5
Polymetal Interna . . . .923.5 9.0 1175.0 877.0
Randgold Resource . .5370.0-100.0 7565.0 4580.0
Rio Tinto . . . . . . . . . . .3446.0 70.5 4595.0 2712.5
Vedanta Resources . . .1228.0 18.0 2518.0 928.0
Xstrata . . . . . . . . . . . . .1068.0 4.5 1550.0 764.0
Inmarsat . . . . . . . . . . . .460.3 5.9 628.5 389.3
Vodafone Group . . . . . .172.2 -2.3 182.7 155.1
Genesis Emerging . . . .497.0 -1.0 548.5 424.0
Afren . . . . . . . . . . . . . . .133.4 6.3 171.2 73.6
BG Group . . . . . . . . . . .1448.0 8.0 1564.5 1144.0
BP . . . . . . . . . . . . . . . . .462.6 3.7 504.6 363.2
Cairn Energy . . . . . . . . .323.1 -2.8 531.8 291.9
EnQuest . . . . . . . . . . . . .126.1 -0.8 141.5 85.7
Essar Energy . . . . . . . . .155.3 8.5 473.1 101.6
Exillon Energy . . . . . . . .169.2 4.2 469.7 164.9
Heritage Oil . . . . . . . . . .140.1 0.7 284.1 139.4
Ophir Energy . . . . . . . . .507.5 9.5 515.0 184.5
Premier Oil . . . . . . . . . .392.3 5.3 520.5 310.0
Royal Dutch Shell . . . .2183.5 5.0 2402.0 1883.5
Royal Dutch Shell . . . .2199.5 2.5 2489.0 1890.5
Ruspetro . . . . . . . . . . . .216.0 11.0 219.8 125.0
Salamander Energy . . .215.0 -2.0 317.6 182.3
Soco Internationa . . . .296.0 1.6 400.0 278.0
TullowOil . . . . . . . . . . .1527.0 21.0 1601.0 945.5
Amec . . . . . . . . . . . . . .1108.0 20.0 1207.0 740.5
Hunting . . . . . . . . . . . . .947.5 25.5 968.0 530.0
Kentz Corporation . . . .490.0 37.0 508.0 375.0
Lamprell . . . . . . . . . . . .342.7 9.7 395.2 220.7
Petrofac Ltd. . . . . . . . .1740.0 83.0 1740.0 1108.0
Wood Group (John) . . .716.5 19.5 763.5 469.9
Burberry Group . . . . . .1497.0 26.0 1600.0 1092.0
PZ Cussons . . . . . . . . . .299.7 3.6 387.9 285.0
Supergroup . . . . . . . . . .616.0 -4.0 1600.0 435.2
AstraZeneca . . . . . . . .2779.0 0.5 3194.0 2543.5
BTG . . . . . . . . . . . . . . . .333.8 0.1 365.0 226.0
Genus . . . . . . . . . . . . . .1275.0 5.0 1368.0 853.5
GlaxoSmithKline . . . . .1396.5 -3.5 1497.0 1189.5
Hikma Pharmaceuti . . .679.0 -12.5 869.0 555.5
Shire Plc . . . . . . . . . . .2020.0 -98.0 2300.0 1791.0
Capital & Countie . . . . . .191.8 -0.4 203.7 154.5
Daejan Holdings . . . . .3015.0 15.0 3093.0 2282.0
F&C Commercial Pr . . . . .101.1 0.5 108.0 92.6
Grainger . . . . . . . . . . . .104.7 1.7 133.2 77.3
London & Stamford . . . .110.4 -0.7 140.0 103.9
Savills . . . . . . . . . . . . . . .377.5 -2.5 427.1 256.2
UK Commercial Pro . . . . .72.3 0.1 85.5 65.1
Big Yellow Group . . . . .284.0 1.0 344.4 218.0
British Land Co . . . . . . .479.9 6.1 629.5 444.0
Capital Shopping . . . . .331.4 1.8 408.6 288.7
Derwent London . . . . .1745.0 43.0 1880.0 1400.0
Great Portland Es . . . . .359.9 9.0 445.0 312.9
Hammerson . . . . . . . . .415.6 8.5 490.9 345.2
Hansteen Holdings . . . . .72.4 0.6 89.5 68.0
Land Securities G . . . . .722.5 15.0 885.0 612.0
SEGRO . . . . . . . . . . . . . .234.8 3.1 329.6 195.0
Shaftesbury . . . . . . . . .492.5 10.2 539.0 441.2
Aveva Group . . . . . . . .1657.0 -15.0 1799.0 1298.0
Computacenter . . . . . . .441.0 -1.1 490.0 324.7
Fidessa Group . . . . . . .1655.0 37.0 2109.0 1444.0
Invensys . . . . . . . . . . . .199.0 5.1 351.8 180.9
Logica . . . . . . . . . . . . . . .99.6 -0.3 144.8 59.0
Micro Focus Inter . . . . .473.0 21.9 477.1 242.9
Misys . . . . . . . . . . . . . . .358.0 1.0 420.2 214.9
Sage Group . . . . . . . . . .299.2 1.1 312.4 231.7
SDL . . . . . . . . . . . . . . . .740.0 3.0 756.0 586.0
Telecity Group . . . . . . . .737.0 16.0 742.0 450.5
Aggreko . . . . . . . . . . .2250.0 14.0 2316.0 1522.0
Ashtead Group . . . . . . .258.4 5.7 271.1 99.4
Atkins (WS) . . . . . . . . . .734.0 5.5 820.0 490.2
Babcock Internati . . . . .796.5 11.5 800.0 570.5
Berendsen . . . . . . . . . .522.0 4.0 568.0 402.7
Bunzl . . . . . . . . . . . . . .1004.0 13.0 1013.0 676.5
Cape . . . . . . . . . . . . . . . .412.6 -10.9 591.5 295.0
Capita . . . . . . . . . . . . . .732.5 -0.5 767.0 611.5
Carillion . . . . . . . . . . . . .298.4 1.8 403.2 281.0
De La Rue . . . . . . . . . . .900.0 -7.0 1001.0 730.0
Diploma . . . . . . . . . . . .450.0 29.4 463.5 284.0
Electrocomponents . . . .247.8 0.9 294.9 182.2
Experian . . . . . . . . . . . .974.5 -2.5 995.5 665.0
Filtrona PLC . . . . . . . . . .475.0 9.9 476.2 296.3
G4S . . . . . . . . . . . . . . . .272.5 -1.6 292.1 219.9
Hays . . . . . . . . . . . . . . . .84.4 -0.2 119.6 58.9
Homeserve . . . . . . . . . .233.5 -1.7 532.0 214.7
Howden Joinery Gr . . . .124.1 -0.4 130.8 93.1
Interserve . . . . . . . . . . .291.3 1.2 341.3 252.8
Intertek Group . . . . . . .2511.0 40.0 2526.0 1744.0
Michael Page Inte . . . .480.0 7.0 567.0 323.0
Mitie Group . . . . . . . . . .279.5 -0.5 288.3 196.1
PayPoint . . . . . . . . . . . .622.0 13.5 638.0 410.0
Premier Farnell . . . . . . .214.6 4.6 301.0 144.5
Regus . . . . . . . . . . . . . . .113.6 0.1 117.7 64.0
Rentokil Initial . . . . . . . .85.4 1.4 100.9 58.2
RPS Group . . . . . . . . . . .237.1 -0.9 253.0 156.6
Serco Group . . . . . . . . .542.5 -1.5 597.5 458.0
Shanks Group . . . . . . . . .98.8 0.3 130.9 90.8
SIG . . . . . . . . . . . . . . . . . .117.4 0.3 153.5 77.0
Travis Perkins . . . . . . .1079.0 7.0 1112.0 715.0
Wolseley . . . . . . . . . . .2384.0 9.0 2558.0 1404.0
ARM Holdings . . . . . . . .592.0 -0.5 645.0 464.0
CSR . . . . . . . . . . . . . . . .229.9 -4.4 391.4 154.1
Imagination Techn . . . .684.5 1.5 717.0 296.9
Spirent Communica . . .160.5 1.3 161.6 105.8
British American . . . .3150.5 -33.0 3245.0 2485.5
Imperial Tobacco . . . .2535.0 -22.0 2576.0 1927.0
Betfair Group . . . . . . . .869.0 0.5 1030.0 567.0
Bwin.party Digita . . . . .155.0 -1.4 204.0 100.6
Carnival . . . . . . . . . . . .1998.0 10.0 2642.0 1742.0
Compass Group . . . . . .655.5 2.0 668.0 512.5
Domino's Pizza UK . . . .431.6 -11.9 526.0 377.0
easyJet . . . . . . . . . . . . .485.8 7.5 495.8 302.5
FirstGroup . . . . . . . . . . .237.7 -9.7 370.2 236.6
Go-Ahead Group . . . . .1246.0 16.0 1598.0 1190.0
Greene King . . . . . . . . . .513.0 4.5 523.5 410.0
InterContinental . . . . .1453.0 28.0 1497.0 955.0
International Con . . . . .178.9 0.3 258.7 132.0
Ladbrokes . . . . . . . . . . .160.1 2.6 161.8 114.0
Marston's . . . . . . . . . . . . .98.1 0.6 112.0 84.6
Millennium& Copt . . . .480.5 -0.8 540.0 371.2
Mitchells & Butle . . . . . .270.2 3.5 336.8 215.6
National Express . . . . .240.9 1.7 270.2 201.6
Rank Group . . . . . . . . . .129.2 0.1 153.7 109.5
Restaurant Group . . . . .296.1 5.5 335.0 254.9
Spirit Pub Compan . . . . .61.5 -0.5 63.6 35.3
Stagecoach Group . . . .255.3 2.3 287.4 215.9
TUI Travel . . . . . . . . . . . .196.3 4.1 250.0 136.7
Wetherspoon (J.D. . . . . .411.4 3.0 468.3 380.5
Whitbread . . . . . . . . . .1844.0 5.0 1860.0 1409.0
WilliamHill . . . . . . . . . .261.4 4.3 261.8 179.3
Abcam . . . . . . . . . . . . .349.0 -4.3 460.0 320.0
Advanced Medical . . . . .77.0 0.0 96.0 64.8
Albemarle & Bond . . .349.0 -13.0 400.1 281.0
Amerisur Resource . . . . .25.8 0.8 29.0 9.5
Andes Energia . . . . . . . .43.5 1.5 82.8 17.5
Andor Technology . . . .510.0 -5.0 685.0 387.1
Archipelago Resou . . . . .65.0 0.0 79.0 56.5
ASOS . . . . . . . . . . . . . .1782.0 23.0 2468.0 1142.0
Aurelian Oil & Ga . . . . . .20.0 -0.5 73.3 16.0
Avanti Communicat . . .260.0 -0.8 499.8 241.3
Blinkx . . . . . . . . . . . . . . .61.0 -0.3 158.0 50.5
Borders & Souther . . . . .68.3 3.0 80.5 43.5
BowLeven . . . . . . . . . . .100.0 4.0 382.3 62.0
Brooks Macdonald . . .1312.5 2.5 1372.5 940.0
Cluf Gold . . . . . . . . . . . .84.0 -1.5 119.0 66.5
Cove Energy . . . . . . . . .214.5 3.5 242.0 61.0
Daisy Group . . . . . . . . . .110.0 3.0 127.0 93.0
EMIS Group . . . . . . . . . .545.0 27.0 595.0 397.5
Faroe Petroleum . . . . . .167.0 4.0 183.3 130.0
Gulfsands Petrole . . . . .147.5 1.8 315.5 126.0
GWPharmaceutical . . . .89.0 2.0 130.0 78.5
H&T Group . . . . . . . . . .292.0 3.0 395.0 285.0
Hargreaves Servic . . . .1198.0 3.0 1258.0 855.0
Healthcare Locums . . . . . .2.4 -0.1 2.7 2.3
ImpellamGroup . . . . . .350.0 1.5 387.5 225.0
Iomart Group . . . . . . . .142.0 5.5 151.0 85.5
James Halstead . . . . . .505.0 -10.0 525.9 410.3
London Mining . . . . . . .284.8 0.8 436.5 257.5
Lupus Capital . . . . . . . . .127.5 1.0 150.0 86.0
M. P. Evans Group . . . . .475.0 0.0 475.0 371.0
Majestic Wine . . . . . . . .413.5 -8.5 510.0 315.0
May Gurney Integr . . . .274.0 -6.0 302.0 239.9
Monitise . . . . . . . . . . . . .38.5 0.8 40.0 22.8
Mulberry Group . . . . .2004.0 4.0 2029.0 1290.0
Nanoco Group . . . . . . . . .61.0 -1.0 93.3 38.0
Nautical Petroleu . . . . . .317.0 -2.0 419.0 223.5
Nichols . . . . . . . . . . . . .632.8 -7.3 653.8 467.5
Numis Corporation . . . . .92.1 -0.4 119.6 72.0
Pan African Resou . . . . . .17.0 0.3 18.3 9.5
Patagonia Gold . . . . . . . .38.8 -0.8 70.0 36.0
Prezzo . . . . . . . . . . . . . . .65.1 1.6 71.5 53.5
Rockhopper Explor . . . .328.8 7.0 393.5 141.0
RWS Holdings . . . . . . . .522.5 -9.5 560.0 377.0
Secure Trust Bank . . . .1075.0 0.0 1100.0 755.0
Sirius Minerals . . . . . . . .20.0 1.5 32.0 6.4
Songbird Estates . . . . . .114.0 5.0 160.3 103.0
Valiant Petroleum . . . .522.0 9.0 628.5 400.0
Young & Co's Brew . . . .645.0 -5.0 712.0 565.0
Kentz Corporation . . . . . . . . . .490.0 8.2
Jupiter Fund Manag . . . . . . . . . .248.9 7.8
Brewin Dolphin Hol . . . . . . . . . . .177.0 7.1
Diploma . . . . . . . . . . . . . . . . . . .450.0 7.0
QinetiQ Group . . . . . . . . . . . . . . .159.3 6.4
Essar Energy . . . . . . . . . . . . . . . .155.3 5.8
Ruspetro . . . . . . . . . . . . . . . . . . .216.0 5.4
Petrofac Ltd. . . . . . . . . . . . . . . .1740.0 5.0
KCOM Group . . . . . . . . . . . . . . . . .73.5 5.0
Afren . . . . . . . . . . . . . . . . . . . . . .133.4 5.0
Petropavlovsk . . . . . . . . . . . . . . .557.0 -4.8
Shire Plc . . . . . . . . . . . . . . . . . .2020.0 -4.6
FirstGroup . . . . . . . . . . . . . . . . . .237.7 -3.9
Domino's Pizza UK . . . . . . . . . . .431.6 -2.7
Kesa Electricals . . . . . . . . . . . . . .70.0 -2.6
Cape . . . . . . . . . . . . . . . . . . . . . .412.6 -2.6
GemDiamonds Ltd. . . . . . . . . .273.5 -2.4
Carpetright . . . . . . . . . . . . . . . . .685.5 -2.1
Ocado Group . . . . . . . . . . . . . . . .114.5 -1.9
CSR . . . . . . . . . . . . . . . . . . . . . . .229.9 -1.9
Risers FaIIers
MAIN CHANGES UK 350
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
Price Chg High Low Price Chg High Low
GILTS
http://corporate.webfg.com
mailto:
globaltechsales@webfg.com
Tsy 5.250 12 . . . . . . .100.87 -0.05 105.0 100.8
Tsy 9.000 12 . . . . . . .102.91 0.00 110.5 101.9
Tsy 2.500 13 . . . . . .283.68 -0.02 287.7 282.6
Tsy 4.500 13 . . . . . . .103.75 -0.04 106.4 103.7
Tsy 8.000 13 . . . . . . .111.20 -0.04 116.4 111.1
Tsy 5.000 14 . . . . . . .111.08 0.00 112.9 109.3
Tsy 8.000 15 . . . . . .126.82 0.03 129.2 123.8
Tsy 4.750 15 . . . . . . .114.00 0.04 115.4 109.1
Tsy 4.000 16 . . . . . . .113.56 0.07 114.7 105.6
Tsy 2.500 16 . . . . . .344.79 0.04 345.2 318.0
Tsy 12.000 17 . . . . . .119.38 -1.12 127.9 118.0
Tsy 1.250 17 . . . . . . .116.66 0.05 116.9 108.4
Tsy 8.750 17 . . . . . . .140.30 -0.33 141.9 133.3
Tsy 5.000 18 . . . . . . .121.37 -0.02 122.5 110.6
Tsy 4.500 19 . . . . . . .119.66 -0.01 120.7 106.5
Tsy 3.750 19 . . . . . . .114.62 0.01 115.6 100.7
Tsy 2.500 20 . . . . . .365.94 0.11 367.1 322.1
Tsy 4.750 20 . . . . . .122.03 0.02 123.5 107.7
Tsy 8.000 21 . . . . . .150.50 0.01 153.4 134.8
Tsy 1.875 22 . . . . . . .127.39 0.12 129.1 113.3
Tsy 4.000 22 . . . . . .115.98 -0.02 118.2 100.0
Tsy 2.500 24 . . . . . .328.29 0.16 334.7 282.2
Tsy 5.000 25 . . . . . .127.05 0.06 130.6 108.5
Tsy 1.250 27 . . . . . . .123.56 0.16 127.0 106.6
Tsy 4.250 27 . . . . . . .117.84 -0.07 122.7 99.1
Tsy 6.000 28 . . . . . .142.02 -0.08 148.0 120.7
Tsy 4.125 30 . . . . . . .311.38 0.10 322.8 268.3
Tsy 4.750 30 . . . . . .123.84 -0.16 130.5 104.3
Tsy 4.250 32 . . . . . . .116.35 -0.21 123.1 97.5
Tsy 4.250 36 . . . . . . .115.98 -0.27 123.9 96.8
Tsy 4.750 38 . . . . . .125.40 -0.28 134.2 105.0
Tsy 4.500 42 . . . . . .121.70 -0.27 130.8 101.3
% %
AUTOMOBILES & PARTS
AEROSPACE & DEFENCE
BANKS
BEVERAGES
CHEMICALS
CONSTRUCTION & MATERIALS
ELECTRICITY
ELECTRONIC & ELECTRICAL EQ.
EQUITY INVESTMENT INSTRUM.
FINANCIAL SERVICES
FIXEDLINE TELECOMS
FOOD & DRUG RETAILERS
FOOD PRODUCERS
FORESTRY & PAPER
GAS, WATER &MULTIUTILITIES
GENERAL INDUSTRIALS
GENERAL RETAILERS
HEALTH CARE EQUIPMETN & S.
HHOLD GDS & HOME CONSTR.
INDUSTRIAL ENGINEERING
INDUSTRIAL TRANSPORTATION
NON LIFE INSURANCE
LIFE INSURANCE
MEDIA
MINING
MOBILE TELECOMS
NON EQUITY INVESTM. COMM.
OIL & GAS PRODUCERS
OIL EQUIPMENT & SERVICES
PERSONAL GOODS
PHARMACEUTICALS & BIOTECH
REAL ESTATE INVEST. & SERV.
REAL ESTATE INVEST. TRUSTS
SOFTWARE & COMPUTER SERV.
SUPPORT SERVICES
TECHNOLOGY HARDW. &EQUIP.
TOBACCO
TRAVEL & LEISURE
AIM 50
AIR LIQUIDE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99.96 1.56 101.00 80.90
ALLIANZ. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89.47 0.17 107.45 56.16
ANHEUS-BUSCH INBEV. . . . . . . . . . . . . . . . . . . . . . 54.78 0.95 55.61 33.85
ARCELORMITTAL. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.33 0.22 26.40 10.47
AXA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.43 0.07 15.97 7.88
BANCO SANTANDER. . . . . . . . . . . . . . . . . . . . . . . . . . . 5.77 0.09 8.36 4.94
BASF SE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65.59 0.63 70.22 42.19
BAYER . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52.74 0.50 59.44 35.36
BBVA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.97 0.11 8.79 4.94
BMW. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67.43 1.60 73.95 43.49
BNP PARIBAS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35.58 -0.11 55.44 22.72
CARREFOUR. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.98 0.29 28.39 14.66
CRH PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.30 0.30 17.03 10.28
DAIMLER. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45.21 0.95 53.95 29.02
DANONE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52.30 0.45 53.46 41.92
DEUTSCHE BANK. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37.31 0.38 44.56 20.79
DEUTSCHE BOERSE . . . . . . . . . . . . . . . . . . . . . . . . . . 50.48 1.18 57.68 35.65
DEUTSCHE TELEKOM . . . . . . . . . . . . . . . . . . . . . . . . . . 9.03 0.05 11.38 7.88
E.ON. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.96 0.17 23.54 12.50
ENEL. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.71 0.00 4.86 2.65
ENI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.59 0.15 18.72 11.83
FRANCE TELECOM. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.11 0.07 15.98 10.92
GDF SUEZ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.37 0.21 28.98 17.65
GENERALI ASS.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.64 -0.01 16.44 10.34
IBERDROLA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.26 0.08 5.95 4.16
INDITEX . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71.82 0.95 73.36 52.20
ING GROEP CVA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.25 -0.06 9.50 4.21
INTESA SANPAOLO. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.34 -0.01 2.18 0.85
KON.PHILIPS ELECTR . . . . . . . . . . . . . . . . . . . . . . . . . 15.20 0.14 23.01 12.01
L'OREAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92.49 2.56 92.53 68.83
LVMH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128.85 2.70 136.80 94.16
MUNICH RE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113.05 -0.45 118.35 77.80
NOKIA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.08 0.08 6.36 3.33
REPSOL YPF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.81 0.03 24.90 17.31
RWE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35.81 0.16 47.29 21.15
SAINT-GOBAIN. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33.49 0.40 47.64 26.07
SANOFI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58.23 0.69 59.56 42.85
SAP. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52.36 0.11 54.85 32.88
SCHNEIDER ELECTRIC. . . . . . . . . . . . . . . . . . . . . . . . 48.99 0.19 61.83 35.00
SIEMENS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75.59 0.65 99.39 62.13
SOCIETE GENERALE. . . . . . . . . . . . . . . . . . . . . . . . . . . 21.97 0.02 48.98 14.32
TELECOM ITALIA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.89 -0.01 1.10 0.70
TELEFONICA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.29 0.11 18.34 12.13
TOTAL. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38.24 0.41 43.73 29.40
UNIBAIL-RODAMCO SE. . . . . . . . . . . . . . . . . . . . . . 149.95 2.20 162.95 123.30
UNICREDIT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.76 -0.00 12.33 2.20
UNILEVER CVA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.52 0.29 27.16 20.96
VINCI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39.10 0.79 45.48 28.46
VIVENDI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.76 0.13 21.37 13.54
VOLKSWAGEN VORZ. . . . . . . . . . . . . . . . . . . . . . . . . 131.85 2.20 152.20 86.40
Price Chg High Low Price Chg High Low
3M. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89.21 0.44 98.19 68.63
ABBOTT LABS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61.29 0.31 61.49 46.29
ALCOA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.02 -0.01 18.47 8.45
ALTRIA GROUP. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.87 0.28 31.00 23.20
AMAZON.COM. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 202.51 -2.10 246.71 166.97
AMERICANEXPRESS . . . . . . . . . . . . . . . . . . . . . . . . . . 57.86 -0.03 59.26 41.30
APPLE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 599.55 -10.31 621.45 310.50
AT&T . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31.23 0.02 31.97 27.29
BANK OF AMERICA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.57 0.04 13.88 4.92
BERKSHIRE HATAWB. . . . . . . . . . . . . . . . . . . . . . . . . . 81.15 -0.20 85.51 65.35
BOEING CO. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74.37 0.29 80.65 56.01
CATERPILLAR. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106.52 0.50 116.95 67.54
CHEVRON. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107.21 0.36 112.28 86.68
CISCO SYSTEMS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.15 0.12 21.24 13.30
CITIGROUP. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36.55 0.04 46.90 21.40
COCA-COLA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74.01 0.20 74.39 63.34
COMCAST CLASS A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.01 0.18 30.41 19.19
CONOCOPHILLIPS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76.01 0.21 81.80 58.65
DU PONT(EI) DE NMR. . . . . . . . . . . . . . . . . . . . . . . . . 52.90 0.15 57.50 37.10
EMC CORP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29.88 0.30 30.00 19.84
EXXON MOBIL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86.73 0.65 88.13 63.47
GENERAL ELECTRIC . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.07 0.12 21.00 14.02
GOLDMANSACHS GRP. . . . . . . . . . . . . . . . . . . . . . . 124.37 0.61 164.40 84.27
GOOGLE A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 641.24 -7.17 670.25 473.02
HEWLETT PACKARD . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.83 0.32 42.01 19.92
HOME DEPOT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.31 0.40 50.42 28.13
IBM. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 208.65 0.38 209.12 157.13
INTEL CORP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28.12 -0.05 28.45 19.16
J.P.MORGAN CHASE. . . . . . . . . . . . . . . . . . . . . . . . . . . 45.98 0.31 47.80 27.85
JOHNSON & JOHNSON. . . . . . . . . . . . . . . . . . . . . . . . 65.96 0.42 68.05 55.76
KRAFT FOODS A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38.01 0.20 39.06 24.30
MC DONALD'S CORP. . . . . . . . . . . . . . . . . . . . . . . . . . . 98.10 0.46 102.22 74.87
MERCK AND CO. NEW. . . . . . . . . . . . . . . . . . . . . . . . . 38.40 0.39 39.43 29.47
MICROSOFT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32.26 0.14 32.95 23.65
OCCID. PETROLEUM . . . . . . . . . . . . . . . . . . . . . . . . . . . 95.23 0.80 117.89 66.36
ORACLE CORP. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29.16 -0.14 36.50 24.72
PEPSICO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66.35 0.33 71.89 58.50
PFIZER. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.65 0.23 22.80 16.63
PHILIP MORRIS INTL. . . . . . . . . . . . . . . . . . . . . . . . . . . 88.61 1.96 88.86 60.45
PROCTER AND GAMBLE. . . . . . . . . . . . . . . . . . . . . . . . 67.21 0.20 67.95 56.57
QUALCOMMINC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68.06 0.13 68.87 45.98
SCHLUMBERGER . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69.93 0.79 95.53 54.79
TRAVELERS CIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59.20 0.55 64.17 45.97
UNITED TECHNOLOGIE . . . . . . . . . . . . . . . . . . . . . . . . 82.94 0.62 91.83 66.87
UNITEDHEALTH GROUP. . . . . . . . . . . . . . . . . . . . . . . 58.94 0.83 59.43 41.27
VERIZONCOMMS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38.23 0.16 40.48 32.28
VISA CL A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118.00 -1.00 120.70 71.75
WAL-MART STORES . . . . . . . . . . . . . . . . . . . . . . . . . . . 61.20 0.38 62.63 48.31
WALT DISNEY CO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43.78 0.77 44.50 28.19
WELLS FARGO & CO . . . . . . . . . . . . . . . . . . . . . . . . . . . 34.14 0.20 34.59 22.58
Price Chg High Low Price Chg High Low
FTSE 100. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5768.45 26.42 0.46
FTSE 250INDEX . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11538.88 107.90 0.94
FTSE UKALL SHARE . . . . . . . . . . . . . . . . . . . . . . . . . . . 3002.78 15.68 0.52
FTSE AIM ALL SH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 795.06 8.53 1.08
DOWJONES INDUS 30 . . . . . . . . . . . . . . . . . . . . . . . . . 13212.19 66.37 0.50
S&P 500 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1408.47 5.19 0.37
NASDAQ COMPOSITE. . . . . . . . . . . . . . . . . . . . . . . . . . . 3091.57 -3.79 -0.12
FTSEUROFIRST 300. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1069.03 9.82 0.93
NIKKEI 225 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10083.56 -31.23 -0.31
DAX 30 PERFORMANCE . . . . . . . . . . . . . . . . . . . . . . . . 6946.83 71.68 1.04
CAC 40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3423.81 42.69 1.26
SHANGHAI SEINDEX . . . . . . . . . . . . . . . . . . . . . . . . . . 2262.79 10.63 0.47
HANG SENG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20555.58 -53.81 -0.26
S&P/ASX 20 INDEX . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2578.00 -4.90 -0.19
ASX ALL ORDINARIES . . . . . . . . . . . . . . . . . . . . . . . . . 4420.00 -2.00 -0.05
BOVESPA SAO PAOLO . . . . . . . . . . . . . . . . . . . . . . . . . 64510.97 -361.02 -0.56
ISEQ OVERALL INDEX . . . . . . . . . . . . . . . . . . . . . . . . . . 3254.81 21.67 0.67
STRAITS TIMES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3010.46 16.37 0.55
IGBM. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 807.46 10.30 1.29
SWISS MARKET INDEX. . . . . . . . . . . . . . . . . . . . . . . . . . 6235.51 59.25 0.96
Price Chg %chg Price Chg %chg Price Chg %chg
LON GD ONCE FI X AM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 651. 00 15.00
SI LVER LDN FIX AM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32.09 0. 74
MAPLE LEAF 1 OZ. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34.79 0. 04
LON PLATINUM AM. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 625. 00 8.00
LON PALLADI UM AM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 654. 00 -24.00
ALUMI NI UM CASH. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2106. 50 -31.00
COPPER CASH. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8359. 50 -1 20.50
LEAD CASH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1988.00 1 .50
NICKEL CASH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17400. 00 -315.00
TIN CASH. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22345. 00 -5.50
ZI NC CASH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1985. 00 -21 .50
BRENT SPOT INDEX . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123.26 -5.50
SOYA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1349. 50 -1 8.00
COCOA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2285. 00 -10.00
COFFEE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 176.95 -5.05
KRUG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 729. 30 24.40
WHEAT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 174.88 3. 38
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.277 0.01
LIBOR Euro - 12 months. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.380 -0.01
LIBOR USD - overnight . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.152 0.00
LIBOR USD - 12 months . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.048 0.00
Halifax mortgage rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.990 -0.02
Euro Base Rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.500 0.00
Finance house base rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.500 0.00
US Fedfunds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.250 0.00
US long bond yield . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.340 0.05
European repo rate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.152 0.00
Euro Euribor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.316 0.00
The vix index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.50 0.13
The baltic dry index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 934.0 12.0
Markit iBoxx . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 241.59 -0.37
Markit iTraxx. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125.04 5.88
Play FTSE under
the table
Register for free and see
why Lovestruck is YMJ dating
site for single professionals.
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S T ay F l P
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d n E u S r e
W
HEN Levi Roots sang
his way onto the set of
Dragons Den in 2007
with put some music
in your food for me,
Ive got some Reggae Reggae
Sauce, Reggae Reggae Sauce, Its
so good I named it twice, I didnt
think he was an entrepreneur.
Along with the other dragons, I
tasted his spicy jerk sauce, and
didnt have a clue if it could sell.
Sure, hed been marketing it for
15 years at the Notting Hill
carnival, but hed never really
sold any. Besides, to give the sauce
a real test, youd need 20 similar
sauces in front of you, so you
could do a blind tasting (like
people do with wine).
Levi was fun though, and his
serenading was a nice break from
the tedium of long, drawn-out,
boring presentations on the Den,
only a tenth of which gets
inflicted onto the viewer via the
telly. However, his nonchalance
when asked how he got such a
cool name, with the response that
its really Keith Graham was
soon put to the test when I
challenged him about his
numbers. He thought the order
he had was for 2.5m litres, but I
spotted that he was out by a
factor of 1,000 to one. Rather
than making the business a no-
brainer, the order was
insignificant, and Levi, cant you
even count? So the usual reality
TV moment arrived: okay, youre
a cool Rasta Jamaican with
dreadlocks Levi, but now
perspire, mumble, and shake for
the cameras, and get off our set.
But Levi didnt do the normal
thing. Instead, his response was:
Fair enough. Any other
questions? I was amazed.
Theo theres no business in
this and Deborah not big
enough scale for me joined
Duncan in going out. Peter stayed
in with me, but had doubts too.
This is a hugely complex,
difficult business to get into
major supermarkets. As I found
out later, before filming, Levis
string had broken on his guitar,
so the BBC had wanted him to go
on set without singing. Like his
string, Levi too was broke,
financially. But he had the
nerve to hold out untill
the Beeb found a new
string and his song
could be part of his
presentation. Now he
felt his spirit
hovered over [his]
own body on the
BBC floor as we
two remaining
Dragons pondered.
Then it finally
dawned on
me: the sauce
was not the
product, Levi
was the product.
Invest.
The rest is jerk sauce history.
Peter and I gave 50,000 for 40
per cent of Levis company
(double the 20 per cent he first
offered). With our help the sauce
was Sainsburys fastest ever
product launch and became one
of the biggest sellers in the UK.
Levi has become a celebrity and
speaks at business conferences.
He found his strengths and
wasnt embarrassed about
his weaknesses. Thats
what investors want to
back.
Since the mid-1990s
Richard Farleigh has
operated as a business
angel, backing more early-
stage companies than
anyone else in the United
Kingdom.
www.farleigh.com
ACCOUNTING is an unloved but
essential discipline for
entrepreneurs. Businesses
that fail to keep the
financial score are
flying blind. Record
and track your results
to monitor your
financial status.
Measure sales,
costs and
working capital.
Identify the
key
performance
indicators
(KPIs) that
will keep your
business on track,
including orders, sales and
gross profits. Vet your customers
and focus on collecting your debts.
Remember that businesses dont go
bust because of a lack of
profitability, they go bust because
they run out of cash.
Guy Rigby
Head of entrepreneurs
Smith & Williamson
BUSINESS angels are professional
investors who typically invest in
quality start-up companies with
high growth prospects. Getting the
backing of an angel can give you a
huge advantage in terms of
finance, as well as access to
experience and contacts, so think
about networking opportunities
with angel investors wherever you
can.
Phil Cox
Head of UK, Europe and Israel
Silicon Valley Bank
CROWDFUNDING is an alternative
source of finance to traditional
sources such as banks. Platforms are
now available for both debt and
equity. For early stage companies
with limited history, equity
crowdfunding is the most
appropriate with the public having
the ability to take a stake in the
business for their
contributions. UK
platforms include:
Crowdcube, Seedrs,
BloomVC and coming
soon
BankToTheFuture.com.
On the Debt side, later stage
companies with a minimum
of a few years credit history
are able to source funds
through debt instruments.
These are crowd syndicated
SME bonds providing the
investors with a declared rate of
return. Players include
Circlefunding, Thincats and Yes-
secure.
Farid Haque
Campaign director
StartUp Britain
IF YOURE looking to raise or
invest money in 2012, learn about
the Enterprise Investment Scheme
(EIS). Investors purchasing EIS
qualifying shares are currently
entitled to upfront
income tax relief of
30 per cent of the
amount invested,
which, from 6
April 2012, can be
claimed on
investments
made up to 1m.
Qualifying
companies must
have fewer than
250 employees and
current gross
assets of less than
15m. EIS funds
tax efficient
nature makes
them incredibly
appealing to
investors and rules
on company size means
EIS investments directly benefit UK
start-up and growth
businesses. This is great news
for entrepreneurs.
George Whitehead
Venture Partner Manager
Octopus
THE Seed Enterprise Investment
Scheme (SEIS) could well be where
Britains economic renaissance
begins.
The SEIS offers 50 per cent income
tax relief to anyone who invests up
to a maximum of 100,000 per year
into a young business. If you use
capital gains to invest, the 28 per
cent capital gains tax is also waived.
With the SEISs deeply discounted
capital, starting a business could
never be cheaper, and by waiving
capital gains tax an investor in SEIS
can hope for lucrative returns from
successful young start-ups. It could
just be one of the most
extraordinary incentives ever
created, so dont miss out.
Doug Richard
Founder
School for Startup
LETS be clear from the
outset: Venture Capital
should not be the first
port of call for most
aspiring entrepreneurs
or small businesses.
Sure, it can be crucial for
companies with large
capital outlays but
most start-ups dont fit
that bill.
In fact, relinquishing control of
a company to investors who
have little understanding of the
product, the market or
business model can
significantly hinder the growth
potential of a start-up. My
advice is to focus on building a
great business rather than
slide-ware that you think VCs
want
to
hear.
First
look to other
forms of finance, or dig
into your pocket. You need less
money than you might think and
the less you have, the less youll
waste.
But if you think your company is
at the stage where it might benefit
from VC, look to industry body the
BVCA for guidance.
David Richards
Co-founder, president and CEO
WANdisco
AS AN employer you have to deduct
tax from your employees pay, give
them a written pay statement and
keep adequate records.
This will become all the more
important come April 2013, when
you will have to tell HMRC about
tax, national insurance
contributions and other deductions
with every monthly employee
payment. Employers will therefore
need to be on top of their PAYE files
at all times.
Sally Revell
Head of marketing
Intuit UK
H
ISTORY is written by the
victors, but ironically the
truly victorious are often
loquacious about their
failures. Whether this
introspection is vital for success, or
a public offering to Fortuna for her
gracious helping hand, the
readiness with which many
successful business people are
willing to discuss their setbacks
provides plenty of practical advice
as well as inspiration to struggling
entrepreneurs.
However, learning to accept your
own business failures and get up
fighting isnt enough. Like success,
failure needs a path. That is why the
exhortations of Silicon Valleys
greats offer a direction of travel: fail
often; fail fast; fail cheap; fail
forward; fail better.
On this page, esteemed
entrepreneur Richard Farleigh, will
weekly be confessing his successes
and failures over the coming weeks.
From trading desks and hedge
funds he retired at 34 and morphed
into a business angel backing
more UK early-stage companies than
anyone else. His insights will be
both invaluable and entertaining in
equal measure.
Another entrepreneur from the
Dragons lair, James Caan, has a new
book out: Start your Business in
Seven Days. Its a no-nonsense guide
on how to get going. Its all about
the direction is short and simple
with the aim to appeal to every sort
of entrepreneur. Its not Eric Riess
The Lean Start-up, but it echoes its
critical messages of getting the right
idea, testing the business model
properly and experimenting and
succeeding or failing quickly.
philip.salter@cityam.com
Twitter: @Philip_Salter
ENTREPRENEURS
26
Failures dont
always lead to
success you
need direction
CREATIVE
DISCOVERY
PHILIP SALTER
MONDAY 2 APRIL 2012
of a SERIAL
ENTREPRENEUR
RICHARD FARLEIGH
cityam.com
CONFESSIONS
ACCOUNTING
BUSINESS ANGELS
CROWDFUNDING
EIS
SEIS
VENTURE CAPITAL
PAYROLL
The strength of Levi isnt rooted in his Reggae Reggae Sauce
Key financial considerations to help keep your balance sheet in the black
Advice for budding businesses
27
TV & GAMES
cityam.com
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BBC1
SKY SPORTS 1
7pmLive Monday Night Football.
Blackburn Rovers v Manchester
United. 11pmNetbusters 11.30pm
SPL Round-Up 12amSoccer AM:
The Best Bits 1amMonday Night
Football 3.30amWatersports
World 4.30amNetbusters
5am-6amLive Test Cricket
SKY SPORTS 2
6.30pmNASCAR 7.30pmLive Elite
League Speedway 9.30pm
NASCAR 10.30pmBritish Rally
Championship 11.30pm
Snowboarding 12amElite League
Speedway 2amMasters Special:
Golfs First Major 2.30amPGA
Tour Golf 3.30amWonderful World
of Golf 5am-6amNASCAR
SKY SPORTS 3
7pmSnowboarding. Action from an
event on the TTR 6-Star World
Tour. 7.30pmWarren Miller Skiing
Films 9pmThinking Tackle
10pmWWE Hall of Fame 11pm
WWE: Late Night Bottom Line
12amWWE: Late Night
Afterburn 1amWWE: NXT
2am-4.15amLive WWE: Raw
BRITISH EUROSPORT
7pmEurogoals 8pmEuro 2012
Countdown 8.15pmEurogoals: One
to One 8.30pmCycling 9.30pm
Mountain Bike World Cup 10pm
World Superbikes 11pm
Motorsports Weekend 11.15pm
Eurogoals 12.10am-12.30amHorse
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ESPN
7pmPardon the Interruption
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8pmPremiership Rugby Union
9.30pmFrench Top 14 Rugby Union
10pmESPN Kicks: Scottish Premier
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Game of the Week 4amFrench Top
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Premiership Rugby Union
SKY LIVING
7pmCriminal Minds 8pmThe Love
Machine 9pmAmericas Next Top
Model: All-Stars 10pmCriminal
Minds 11pmBones 12amMedium
1amMaury 1.50amBones 2.40am
Medium3.30amNothing to Declare
5.10am-6amJerry Springer
BBC THREE
7pmThe Real Hustle: Busted
7.30pmWorlds Craziest Fools 8pm
Dont Tell the Bride 9pmOur Crime
10pmEastEnders 10.30pmWorld
Series of Dating 11pmFamily Guy
11.45pmAmerican Dad! 12.30am
Our Crime 1.30amWorld Series of
Dating 2amReggie Yates: Teen
Gangs 3amDont Tell the Bride
4amThe Real Hustle: Busted
4.30amWorlds Craziest Fools
5am-5.30amThe Secrets of
Everything
E4
7pmHollyoaks 7.35pmHow I
Met Your Mother 8pmMy Name
Is Earl 9pmOne Tree Hill
10pmMade in Chelsea 11pmCome
Dine with Me Made in Chelsea
Special 12.05amThe Big Bang
Theory 1amScrubs 2amHow I Met
Your Mother 2.25amCome Dine
with Me Made in Chelsea Special
3.20amRules of Engagement
3.40amGreek 4.20amUgly Betty
5.05am-6amSwitched
HISTORY
7pmStorage Wars 7.30pmPawn
Stars 8pmStorage Wars 9pm
Pawn Stars 9.30pmAmerican
Restoration 10pmAmerican
Pickers 12amPawn Stars 12.30am
American Restoration 1am
American Pickers 2amStorage
Wars 3amThe Roman Invasion of
Britain 4amHeir Hunters
5am-6amAncient Discoveries
DISCOVERY
7pmThe Falklands War 9pm
Moonshiners 10pmAmerican Guns
11pmFalklands Hero: Bravo
November 12amBear Grylls:
Born Survivor 1amMoonshiners
2amAmerican Guns 3amDeadliest
Catch 3.50amBear Grylls: Born
Survivor 4.40amWheeler Dealers
5.30am-6amDestroyed in Seconds
DISCOVERY HOME &
HEALTH
7pmSupernanny US 8pm18 Kids
and Counting 9pmUntold Stories
of the ER 10pmHospital Sydney
11pmA&E 12amUntold Stories of
the ER 1amHospital Sydney 2am
A&E 3amSupernanny US 4amA
Baby Story 5am-6amBirth Days
SKY1
7pmThe Simpsons 8pmGadget
Geeks 9pmObese: A Year to Save
My Life USA 10pmThe Top Ten
Show10.10pmSpartacus:
Vengeance 11.25pmFringe
12.25amDog the Bounty Hunter
1.25amMartina Cole: Girls in Gangs
London 2.20amMartina Cole:
Girls in Gangs LA 3.15amBig
Trouble in Thailand 4.10amGot to
Dance: The Judges Top 20
5.05am-6amOops TV
BBC2 ITV1 CHANNEL4 CHANNEL5
S
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&
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6pmBBC News 6.30pmBBC
London News 7pmThe One Show
7.30pmBang Goes the Theory:
BBC News
8pmCHOICE EastEnders
8.30pmThe Great Apprentice
Scandal Panorama
9pmSilent Witness
10pmBBC News
10.25pmRegional News
10.35pmA Question of Sport
11.05pmLate Kick Off 11.35pm
The Estate 12.05amFILMLawn
Dogs 1997. 1.45amWeatherview
1.50amSign Zone: Wild About
Pandas 2.50amOne Night
3.50amAntiques Road Trip
4.35am-6amBBC News
6pmJust a Minute
6.30pmEggheads
7pmCastle Commando
8pmChaplains: Angels of
Mersey
8.30pmThe Little Paris
Kitchen: Cooking with Rachel
Khoo
9pmModern Spies
10pmMock the Week
10.30pmNewsnight; Weather
11.20pmFILMThe Human
Factor: Thriller, starring Nicol
Williamson. 1979.
1.10amBBC News 4.35amThe
Super League Show5.05am-6am
Close
6pmLondon Tonight
6.30pmITV News
7pmEmmerdale
7.30pmCoronation Street
8pmThe Dales
8.30pmCHOICE Coronation
Street
9pmScott & Bailey
10pmITV News at Ten
10.30pmLondon News
10.35pmThe Agenda
11.05pmMayday Mayday 11.35pm
Piers Morgans Life Stories: Kym
Marsh 12.30amThe Zone; 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
8pmCHOICE Damien Hirst:
The First Look
9pmEmbarrassing Bodies
10pmRamsays Kitchen
Nightmares USA
11pmHomeland
12.10amRandom Acts
12.15amDamien Hirst: Thoughts,
Work, Life: The artist talks about
his life and career. 1.05amDeath
Row2amFILMNever Die Alone
2004. 3.30amFranklin & Bash
4.15amPrivileged 4.55am90210
5.35am-6.20amCountdown
6pmHome and Away
6.30pm5 News at 6.30
7pmCowboy Builders:
5 News Update
8pmUltimate Police
Interceptors: 5 News at 9
9pmFILMLittle Nicky:
Comedy fantasy, starring
Adam Sandler. 2000.
10.55pmFILMAnger
Management 2003.
12.50amInside Hollywood
1amSuperCasino 4amHouse
Doctor 4.25amWildlife SOS
4.45amWildlife SOS 5.10am
HouseBusters 5.35am-6am
HouseBusters
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
digits1-9 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
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
WORDWHEEL
Copyright Puzzle Press Ltd, www.puzzlepress.co.uk
1 2 3 4 5
6
7
8
9 10
11 12 13 14 15 16
17 18
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ACROSS
3 Dissent (7)
6 Dog-like nocturnal
mammal (5)
7 Cocktail made of
orange liqueur, lemon
juice and brandy (7)
8 Fees levied for
the use of roads
or bridges (5)
9 All the time (4)
11 ___ and ends (4)
14 Framework that
holds the panes
of a window in
the frame (4)
17 Partly open (4)
19 Entomb (5)
20 V-shaped sleeve
badge indicating
military rank (7)
21 Military blockade (5)
22 Ancient Greek or
Roman warship (7)
DOWN
1 Residential district,
often run-down (6)
2 Stripped of rind
or skin (6)
3 No longer
fashionable (5)
4 Belonging to
those people (6)
5 Trousers for
casual wear (6)
10 By means of (3)
12 One of Santas
reindeer (6)
13 Tray for serving
food or drinks (6)
15 Song of devotion
or loyalty (6)
16 Become set (6)
18 Use water to
remove soap (5)
N
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4

4


R P I S T A C H I O
E O C U A
H E L L O G E N U S
E I P I E D E
A R O S E R E S I N
R I M S
S I G N S F U R Z E
A Y N I L O L
L I B Y A O V U L E
E K R N S
W A S T E L A N D S
8 9 9 5
1 2 3 6 3 1 2 5
3 1 7 2 9 1 6
6 7 9 1 5 4 3 8
6 8 8 5 7 9
9 8 2 4
2 3 4 1 8 1
5 7 9 2 1 6 3 4
7 6 7 8 9 1 4
1 8 7 3 4 6 2 9
5 1 9 7
4
4
4
4
4
4
4
4
4
The nine-letter word was
POULTICED
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BBC1 BBC2 ITV1 CHANNEL4 CHANNEL5
MONDAY 2 APRIL 2012
EASTENDERS
BBC1, 8PM
Ian is horrified when he hears Mandy
is set to leave Albert Square for
good, and races to the bus stop to
persuade her to stay.
CORONATION STREET
ITV1, 8.30PM
Paul faces the truth about Lesleys
decline, and temptation proves too
much for Karl, while Dev and Sunita
fall out over a surprise holiday.
DAMIEN HIRST: THE FIRST LOOK
CHANNEL4, 8PM
The artist takes comedian Noel
Fielding on a tour of his forthcoming
retrospective exhibition, and discusses
the highs and lows of his career.
TVPICK
three times a week, departing at 6pm
and arriving around 9am. (You can fly
non-direct with Emirates, too, for less
money.) The five-hour time difference
is eminently manageable if you
havent napped on the plane, you can
have a cheeky one when you arrive,
skip the blazing heat of the day, and
emerge fresh-faced for the second
half of the suns journey west.
Stepping off the plane bleary-eyed is
no problem as your resort will have
arranged your transfer: expect a
beaming emissary in arrivals to
whisk you to either a motorboat or a
seaplane.
The country is Islamic but its
increasingly hard-line elements
arent felt by most tourists. Israeli
LIFE&STYLE
MONDAY 2 APRIL 2012
28
TRAVEL
T
wenty minutes walk from
Salcombe, the year-old South
Sands hotel sits on its own
beach: a perfectly secluded spot
and just what posh old Salcombe
needs. Theres a New England charm
to the hotel white-picket chic but
unstuffy and airy alongside a
friendly laid-back feel from the
Antipodean staff, who are
unassumingly and effortlessly
helpful.
The charming design of the hotel
brings a little bit of the outdoors in.
Portholes in the rooms, sailing
ropes pinning the curtains back,
and the marvellous hotel
centrepiece local blacksmith Joff
Hoppers spiral staircase supported
by wrought iron that twists all the
way up. The 22-rooms (some of
which are dog-friendly) are just as
airy as the rest of the hotel: all
clean lines, hues of light blues and
shades of white. Ordering our paper
the day before with a cooked and
continental breakfast, we relished
settling down to a relaxed morning,
with windows thrown open wide to
the sound of the sea. Each room
seems designed for indulgent
lazing deep free-standing baths,
Molton Brown goodies, iPod docks,
Scottish shortbread, and super-king
size beds to sink in once youve
finished the arduous task of Although geared towards the summer crowd, South Sands is a haven of relaxation in all seasons.
stamps didnt attract the remotest
blink from passport officials, nor did
the revealing nature of my top (and
those of the other female holiday-
makers loping out of the airport).
Traditionally less conservative than
other Islamic nations, the well-publi-
cised protests at the end of last year
by the opposition party Adhaalat saw
calls for the shutting down hundreds
of resorts spas, halting the sale of
alcohol entirely and preventing plans
for direct flights to Tel Aviv. In
February this year, the overthrow of
President Mohamed Nasheed indicat-
ed further destabilization. But my
impression from talking to a dozen or
so locals was that any unpheaval is
under control at least temporarily
and certainly the journey from air-
port to resort island should be a
smooth one.
Of just under 2,000 islands in total,
around 100 are resorts, ranging from
the three-star (budget by Maldives
standards, but still not cheap), to the
five-plus star. There are an increasing
number of hip and clubby luxury
hotels appearing, particularly in the
southern atoll for example, the
brand new Ayada, Nyama and Viceroy
resorts, featuring the likes of an
underwater nightclub (Nyama). There
is classic, impeccable luxury from
One and Only and the Four Seasons
two resorts, along with an iconic Six
Senses property and outposts of large
groups like Taj, Hyatt, Shangri La and
Sheraton.
THE RESORTS: COCOA ISLAND
Theres no escaping honeymooners
but I chose my resorts carefully, opt-
ing for barefoot chic and youthful
(naturally): the super laid-back Cocoa
Island and the more high-octane W,
where sexiness is encouraged with
Choose the right
resorts and going
solo is a unique joy,
says Zoe Strimpel
Friends took bets
on whether Id go mad
going solo in a sea of
honeymooners love

Honeymooning for
Cocoa Island: left, from above, and the lagoon.
G
OING on holiday alone is one
thing. Going on holiday alone
to the worlds foremost
couples destination is rather
another. I wasnt off to backpack
around the villages of the Himalayas
or go down and out in Bangkok and
Hanoi, bumping into new people
and places every five minutes. No: I
set off on a honeymoon with myself:
two Maldives resorts, a pair of
Birkenstocks I ended up never
wearing, single deckchairs and Diet
Cokes for one.
Friends took bets before I went on
whether Id go mad, get depressed at
going solo in a sea of love, or actual-
ly fall in love with my own
company.
I was curious about the outcome,
too, but it made no odds: I had to get
to the Maldives. Im not one for repet-
itive dreams but for months Id have
one in which I finally made it to the
worlds most idyllic archipelago and
it would be raining, cold and windy.
Id wake up upset, yearning to go
there and prove that it wasnt so.
Anywhere else, maybe, but not there.
And finally, the week before last, I
got there. And it was sunny.
Boilingly, unrelentingly clear-skied
and still; the water a range of colours
it makes me salivate to remember.
New paradise destinations are
emerging all the time; from
Philippino islands to Malaysian
peninsulas to private Cambodian
bays. Mauritius, the Seychelles,
Tahitithe world is blessed with par-
adise hotspots particularly if you
have money.
But the Maldives are the purest
form of holiday idyll: a place where
luxury meets shocking natural beau-
ty with such perfected harmony that
even promotional pictures dont do
it justice. The place looks computer
generated, for crying out loud and
the result is that its just as wonder-
ful a place to recalibrate on your own
as (Id imagine) it is to go for a lust-
fest with your new spouse. Maybe
better.
Relaxation begins with the journey
there, simply because it is easy.
British Airways flies direct from
Gatwick to Male, the higgledy-
piggeldy capital (bright, closely
packed buildings on a tiny round
island not unlike Manhattan),
Hotel for all seasons
cityam.com
MONDAY 2 APRIL 2012
29
A charcuterie bar, a foie gras
cottage pie and a champagne angel:
welcome to the Balcon on Pall Mall
lounging around nibbling treats.
Although it works in all weathers
(we went in the dead of winter, with
horizontal rain pounding from
black skies), proximity to Salcombe
means that this is a perfect summer
hotel for watersports, and though
its quiet in wintertime, you have a
few shops (think Jack Wills), pubs
and cafes to keep you occupied. But,
situated on the estuary, cliff walks
are a must. We spent a rather windy
day taking a three-hour stroll along
the coast past Overbecks, but felt
virtuous as we clambered back,
shedding our walking boots and
cosying up at the fireside bar for a
pot of tea.
Lunch and dinner at South Sands
are welcome pleasures. The bar has
a relaxed clubby feel about it -
effortless service and no real
pretence; a place to relax for a gin
and tonic aperitif. The menu, which
is overseen by chef Mitch Tonks (of
Fishworks fame), is superbly
simple fresh catch with,
sometimes, a Pacific Rim flair: think
crayfish cocktail with mango and
chilli salsa, mussels with Merguez
sausage. My huge portion of baked
bream with hollandaise sauce is
stunning, and even the crisp fish
and chips are perfectly cooked. If
youre visiting in warm weather, you
must take pre-prandial drinks on
the terrace: perfect for a pint of
Doombar and a glass of wine to
watch the sky change colour with a
setting sun. And with most of the
rooms facing the beach, the sound
of both lapping waves and the
occasional man and his dog are
there to wake you. South Sands is
truly a hotel for all seasons.
South Sands Hotel, Bolt Head, Salcombe,
Devon. TQ8 8LL, 01548 859 000,
www.southsands.com. Rooms from 135
per night. Helena was a guest of South
Sands Hotel and stayed in the Dragon
(high). Nearest train station: Totnes.
South Sands can arrange to pick you up.
Helena Lee
Rooms at South Sands are quirky and comfortable.
every move you make, from the selec-
tion of circular swings on your pri-
vate terrace to the groovy condoms in
your minibar.
Cocoa Island a COMO resort with
a brilliant Shambhala spa and
healthy spa menu to go with it is
just 45 minutes by boat from Male.
Its got a fabulous lagoon around
which the villas are ranged in an arc,
all with legs built into the palest of
green water. You merely step down
your ladder and youre in the
water. You can walk a long way in
the shallows or just relax in them.
One evening I took a Diet Coke out to
a sandbar as the sun set and watched
as the sky met the water in a soft pur-
ply haze, a lone fishing boat bobbed
in the distance, and a lone stork
searched for fish.
In the Maldives, the underwater
world is just as beautiful, and far
more interesting, than that above.
The second you look underwater (I
opted to snorkel rather than dive),
you are treated to all sorts of sights -
from bright purple,
pulsating
coral to an array of Finding Nemo-
style fish (such as the Oriental
Sweetlips, left); I saw stunning great
green parrot fish, trumpet fish and
lots more. Its worth taking the group
snorkel trip out to an outer reef so
that a guide can point out the species
to you.
Its very easy to be healthy at a
COMO retreat, and maximizing well-
being is an obvious project for a
solo traveler. I stuck with the
Shambhala healthy menu, a
delectably virtuous array of
raw veggies, fragrant
fruit, fresh seafood, miso-
marinated fish with
brown rice and the like.
The waiters laughed at me for
ordering so many vegetables. But,
washing this cuisine down with a
rich fresh mango juice every day,
combined with long snorkels and
daily gym workouts when the sun
was too hot to be outside, my trans-
formation from pale, bloated and
tired to relaxed, thinner and clear-
headed, was decidedly rapid.
THE W RETREAT
After three days, I left my spacious
wood bungalow and took my sun-
burned self back to Male and onto a
seaplane for the W, in another part of
the northern atoll. If Cocoa is all
about the sound of the sea splashing
gently against the jetty, the W is about
clubby vibe music. Cocoa offers you a
coconut juice on arrival; the W leaves
you alone with a couple of martini
glasses and a shaker filled with bub-
ble tea, alongside white chocolate
rolls to be eaten with chopsticks.
Cocoa is understated, while the W is
brashly cool and if youre willing to
pay more luxurious. I had a villa set
back from the beach, with a private
plunge pool and deck area. More
expensive would be one of the ocean
villas, which have clear, sea-view
floors, and direct-water access from
sunbed-tastic terraces.
Although the water is laughably
beautiful all over the Maldives, from
pale-lagoon hue of the shallows, to
the shocking green of the reefs to the
deep turquoise of the deeps, it seemed
that the W had the edge, waterwise. I
lay on a deck chair on the beach and
just gaped at the stripe where reef
met deeps. And the Ws reef is one of
the best in the Maldives not only
were turtles, giant purple jellyfish,
massive jackfish and dozens of gor-
geous small fish everywhere present,
but at night, harmless reef sharks
swim to the illuminated waters under
the resorts super-swanky Fish restau-
rant. This is a sight to remember: one
evening I saw four two-metre sharks
swimming about, nuzzling rocks and
nibbling food some Russian guests
had thrown for them. Earlier that
evening, the bay was riven by waves as
swarms of little fish jumped out of
the water away from hungry jackfish,
hunting them in twos, pincer-style.
Far from feeling lonely or bored on
my own, I felt there was too much to
do and take in. By the time Id eaten
and slept, swum and gymed, sun-
bathed and ogled the fish and the
sunset, I found myself wishing for
more hours in the day.
My Maldives glow is fading now. But
what a glow it was: whether youre in
a couple or on your own, I can vouch
for the fact that a few days on this
cluster of islands really is as good as it
looks and, luckily, with better weath-
er than in my dreams.
Rates at Cocoa Island:
(cocoaisland.como.bz) start from $750 per
night in a Dhoni Suite. To book, email
res@cocoaisland.como.bz or call +960
6641818. At the W, Beach Oasis rooms are
from 541 per room per night. 20 per cent
off standard rates with breakfast for two
people until 30 April 2012, valid for stays till
31 May 2012. Book online: www.starwood-
ap.com/resorts2011 or call (960) 665 0222.
Getting there: British Airways operates
direct flights from London Gatwick to Male
three times a week, on
Wednesday/Friday/Sunday. The lead-in fare
is 818.46 return including taxes/
fees/charges.To book or for more
information visit www.ba.com/Maldives or
call 0844 4930787.
Fish restaurant at the W. Watch out for the reef sharks that congregate around 8pm.
one in the Maldives
at idyllic South Sands in Salcombe
In Restaurants on Tuesday
ENGLANDS Jonathan Trott threw
his weight behind under-fire captain
Andrew Strauss yesterday, insisting
that his fellow batsman will lead the
side into the 2013 Ashes series and
beyond.
Strauss has delivered England to
the top of crickets world Test
rankings yet faces growing criticism
ahead of tomorrows second and
final battle against Sri Lanka, with
his team losing their last four first-
class matches.
I dont see anyone else captaining
England, Trott said. Well, not for a
couple of years. Everyone is 100 per
cent behind him. Hes a fantastic
leader and there is no doubt in my
mind hes our captain.
His words were echoed by Strausss
Middlesex and England colleague
Steven Finn, who could be called up
to replace injured fast-bowler Stuart
Broad.
I dont think there is any
question he wont be in charge this
summer and beyond, the seam-
bowler said.
Hes a great captain and everyone
is behind him. Its not a conversation
that has come up in the team
because nobody thinks it is valid.
Finn has not represented England
in a Test since last summer but is in
contention to replace Broad, who
picked up a calf strain in last weeks
75-run first Test defeat in Galle.
Trott: Strauss
still has years
left as captain
G
E
T
T
Y
G
E
T
T
Y
TOTTENHAM manager Harry
Redknapp believes five wins from
seven remaining Premier League
games will secure a Champions
League place, after striker
Emmanuel Adebayors brace tight-
ened their grip on a top four spot.
Adebayors two second-half head-
ers moved Spurs level on points with
third-placed Arsenal, after Swansea
midfielder Gylfi Sigurdssons
equaliser had answered Rafael van
der Vaarts opener.
Victory earned Tottenham back-to-
back wins for the first time since
January, fuelling hope that their
recent slump is behind them and
encouraging Redknapp to predict
that 15 more points will guarantee
Champions League qualification.
If we get five [wins] we will have
Champions League football next
year, Im sure of that, he said. It is
hard to call where the results are
going to come and who against and
that is what makes it interesting.
Arsenals shock defeat at strug-
gling QPR on Saturday allowed Spurs
to fight back in their tussle for north
London supremacy, and Redknapp
admits he is desperate to topple the
Gunners for the first time in 17 years.
We would love to get third; I
would love to finish above Arsenal if I
can, he added. If we get Champions
League football we will all be delight-
ed again. That is the key really, that is
what we want.
Van der Vaart set Tottenham on
their way in the 19th minute, calmly
planting a side-footed shot past
Michel Vorm for his 11th goal of the
season after Gareth Bale had raided
the left wing and cut back.
Redknapps men looked on course
to end their five-match run without a
league win until Sigurdsson replied
just before the hour mark, the
Icelander driving his volley into the
turf and over goalkeeper Brad Friedel.
Adebayor wrested the momentum
back from the visitors in the 73rd
minute, heading home Van der
Vaarts corner unchallenged, and the
ex-Arsenal target man sealed three
points in similar fashion late on, ris-
ing highest to convert substitute
Aaron Lennons right-wing cross.
Strauss has lost the last four Test matches
MONDAY 2 APRIL 2012
30
SPORT
cityam.com/sport
BY JULIAN HARRIS
TOTTENHAM...............................3
SWANSEA ...................................1
BY FRANK DALLERES
Adebayor scored two headers to move Tottenham level on points with Arsenal
Man Utd 30 23 4 3 74 27 73
Man City 31 22 5 4 75 25 71
Arsenal 31 18 4 9 62 41 58
Tottenham 31 17 7 7 56 36 58
Chelsea 31 15 8 8 53 36 53
Newcastle 31 15 8 8 46 42 53
TOP SIX
TEAM PLD W D L F A PTS
Redknapp eyes
third spot after
Adebayor brace
rekindles Spurs
LIVERPOOL manager Kenny Dalglish
leapt to the defence of Andy Carroll
yesterday, after his 35m striker was
accused of diving in a vain attempt
to win a penalty during a nightmare
return to Tyneside.
Newcastle kept their faint
Champions League hopes alive with
a brace from Papiss Cisse the man
who inherited Carrolls No9 shirt
before Liverpool ended the game
with 10 men, crashing to their sixth
Premier League defeat in seven.
The Geordie faithful hounded the
returning Carroll, who was booked
in the 10th minute for taking a
tumble in the box, but Dalglish
insisted the forward was wrongly
punished for simulation. I dont
think it was a penalty but neither
did I think Andy was trying to get a
penalty, said the Scot. It was harsh
to show him a yellow card. He was
struggling to keep his balance.
Newcastle goalkeeper Tim Krul
disagreed, saying: He just went over.
He dived. I never touched him.
Liverpool were denied a penalty
with the score still goal-less when
Danny Simpson appeared to nudge
the ball off the line with his upper
arm. Their frustration was
compounded three minutes later,
when Hatem Ben Arfa curled a cross
to the far post that Cisse headed in.
Cisses second came in the 58th
minute when he rounded Pepe Reina
and slotted home, despite suspicions
of offside. Reina was then sent off in
the final 10 minutes after appearing
to headbutt James Perch.
FORMER England star Austin
Healey has hailed new national
team boss Stuart Lancaster as the
ideal man for the job and backed
2007 World Cup coach Brian
Ashton to be an inspirational
addition to the set-up.
Lancaster was handed the top job
on a permanent basis last week,
after revitalising a despondent
squad and leading England to four
wins from five as caretaker head
coach at the recent Six Nations .
I think Stuart is exactly the right
man for the job and its a bright new
dawn for English rugby, Healey told
City A.M.
Im sure there are a lot of people
around the country who feel the
same and I think its time for us to
get back behind the team. The
World Cup has gone, its a new
England and its time to move on.
Veteran Ashton, 65, is thought to
be under consideration for a role
assisting rookie Lancaster with his
next task, the summer tour to South
Africa and Healey is firmly in
favour.
Brian Ashton is a brilliant coach.
I found him an inspirational guy if
hes still got those qualities hes
definitely someone youd want
involved on some level, the former
Leicester back added.
I dont necessarily think Stuart
needs an older head, but maybe a
couple more mouths would help
create a diverse coaching staff which
could break boundaries for
England.
Healey, 38, was speaking at
yesterdays Gold Challenge at
Londons Olympic Stadium, where
he was running to raise funds for
childrens charity the NSPCC.
The event marked the first time
the stadiums doors had been
opened to the public ahead of this
summers Games, and Healey
believes the arenas design could
give British athletes a crucial
competitive advantage.
I think the atmosphere is going
to be amazing. You can feel the noise
already and there are only a few
thousand here it holds 80,000,
said the ex-British and Irish Lion.
Ive played in a lot of stadiums
and this has an intimate feel that I
think will make it more special
come the Olympics.
I think British athletes will get
another couple of per cent out of
their performances and thats all
they might need to turn silver
medals into golds.
BRITAINS Andy Murray blamed the
energy-sapping Florida heat after
succumbing to world No1 Novak
Djokovic in last nights Miami
Masters final.
Murrays early sloppiness handed
the Serb the first set and, though the
Scot improved, he failed to earn a
single break point before losing 6-1,
7-6 (7-4).
The conditions were tough, said
the world No4, who had played two
matches fewer on his way to the
final due to withdrawals.
There were lots of really long
points and it was a long match. In
the first set I didnt serve or return
well. He played really, really well.
Djokovic is the first man since
2006 to retain the title and joins
Andre Agassi and Pete Sampras in
winning it for a third time.
Djokovic too
hot for Murray
BY FRANK DALLERES
31
We had Africa Day at training on Friday. He
had curried goat and maybe thats why he was
fuelled up

cityam.com
MONDAY 2 APRIL 2012
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Carroll in dive row as Reds crisis deepens
NEWCASTLE ...............................2
LIVERPOOL ................................0
BY JULIAN HARRIS
IN BRIEF
United seek five-point title lead
nFOOTBALL: Manchester United
could go five points clear in the
Premier League tonight when they
visit struggling Blackburn. Title rivals
Manchester City were held to a 3-3
draw by Sunderland on Saturday.
Last-ditch Wasps ease drop fears
n RUGBY UNION: Centre Eliot Dalys
last-gasp penalty eased Wasps
relegation fears and snatched a 26-24
Premiership win over Gloucester
yesterday at Adams Park. Wasps boss
Dai Young said: The game has put
three to four years on me.
Hensons Blues future in doubt
n RUGBY UNION: Controversial back
Gavin Hensons Cardiff Blues future
hung in the balance last night after he
apologised for inappropriate drink-
fuelled behaviour on a flight. Blues
chiefs will meet today to decide
whether to retain the 30-year-old.
Healey backs Ashton
and Lancaster pairing
EXCLUSIVE
BY FRANK DALLERES
Newcastle boss Alan Pardew on two-goal hero Papiss Cisse
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