Cityam 2012-04-17

Hedgies march out of Mayfair as property costs bite
LONDON hedge funds are moving

away from their Mayfair heartland
including the hedge fund alley of
Curzon Street and Berkeley Square
as they come under pressure to cut
costs after a dire year for the sector.
Managers are ditching their
traditional home in favour of
Victoria, Soho and areas north of
Oxford Street, according to research.
Only 51 per cent of hedge funds
and private equity firms in Londons
wider West End area were based in
Mayfair and St Jamess in the last
quarter of 2011, down from 69 per
cent five years ago, according to data
from property consultancy Cushman
& Wakefield (C&W).
Because they have had a number
of years of poor performance
investors are putting them under
greater scrutiny than in the easy
days of 2007 and 2008, said Henry
Peto, a C&W partner working with
financial services clients.
That extends to not taking on
extravagant offices and spending a
lot on the fit-out. That is pertinent to
Bank is latest Wall Street institution to report improving fortunes
BUSINESS WITH PERSONALITY
Vikram Pandit said the operating environment had improved in the first quarter
CITIGROUPS earnings were hailed
as a sign that a US banking recovery
is taking hold yesterday, as the bank
revealed a sharp drop in the losses it
expects to take on bad loans.
Analysts said that the banks fig-
ures showed a healthy improve-
ment in credit quality among the
core banks bread and butter cus-
tomers American consumers and
were surprised by a strong surge in
its investment banks bond-trading
business, where revenues more than
doubled to $3.7bn (2.3bn) compared
to a dismal fourth quarter of 2011.
The positive results follow better-
than-expected earnings from JP
Morgan on Friday, after two weeks
that analysts have spent upgrading
their price targets for Wall Street
banks including for Goldman
Sachs, which reports today.
But US research firm Bernstein
warned there is still a question as to
the sustainability of improved
[investment] bank revenues, despite
expectations that they should show a
far better picture this week than at
the end of a turbulent 2011.
American retail banking appears
to show a slower but steadier
improvement. Citis net credit losses
those incurred from borrowers not
paying back their loans dropped by
37 per cent to $4bn versus the same
period last year. Much of that was
due to a 31 per cent fall in US retail.
The improvement allowed the
bank to adjust its model of how
much it will need to put aside
against future losses, so that provi-
sions fell by 67 per cent to $1.1bn.
This allows it to devote more cash
towards investment and lending.
The trend was different at Citis
non-core division earmarked for
disposal: the bank booked a $370m
hit mostly from mortgage-related
lending in the division, Citi
Holdings, but said that it had already
accounted for those losses.
For the first time, Citi also revealed
that its current tier one common
equity ratio would be 7.2 per cent
under Basel III rules just over the
seven per cent minimum, although
lower than the 10 per cent threshold
European regulators could impose.
But under the Basel I regime,
which American banks still use, the
ratio is 12.4 per cent. The bank said
its aim is to get to eight per cent
under Basel III by the end of this year.
Capital is a sensitive issue for Citi
because its plans to raise its dividend
payment were recently rebuffed by
US regulators following the latest
round of stress tests. Pandit told ana-
lysts that he is still waiting for clari-
ty from US authorities before giving
any update on the dividend.
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BY JULIET SAMUEL
ISSUE 1,613 TUESDAY 17 APRIL 2012
TRUTH ABOUT
RICH AND TAX
See Page 4
See Page 24
BOTTOM LINE: Page 10

Certified Distribution
27.02.2012 till 01.04.2012 is 99,462
CITI HAILS REBOUND
start-ups you have more leeway if
you are established.
One industry insider told City A.M.:
The economics are extremely
important to small managers and
larger managers are struggling. A lot
have suspended performance fees
and some have even suspended
management fees.
Funds are paying around 65 per
square foot in Victoria and the area
north of Oxford Street, compared to
100 in Mayfair and St Jamess.
Several funds are based in the
Soho area, such as Och-Ziff in Argyll
Street, GLC in Broadwick Street and
Zebedee Capital Partners in Great
Pulteney Street, said Peto, although
there is no suggestion any of these
performed badly in 2011.
BY PETER EDWARDS
Citigroup Inc
11 Apr 10Apr 12Apr 13Apr 16Apr
35.0
34.5
34.0
33.5
33.0
$
34.00
16Apr
WHY BORIS IS AHEAD
BRITAINS TOP POLLSTER DISSECTS THE RACE FOR CITY HALL
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
IN BRIEF
US retail sales boost Wall Street
nThe American consumer came to
Wall Streets rescue yesterday, as
strong spending data provided a boost
for stocks. Retail sales jumped 0.8 per
cent in March, official figures showed,
building on Februarys one per cent
gain and coming in well above
economists forecasts.
Green light for Cucinelli float
nItalian cashmere business Brunello
Cucinelli has attracted enough support
for its 124m IPO after its first day of
bookbuilding. Bankers said the issue
was "fully covered". The roadshow for
the group, which has stores in the West
End, comes to London tomorrow. Bank
of America Merrill Lynch and
Mediobanca are joint bookrunners.
Apple stock in sharp downturn
nNew Yorks Nasdaq index was
weighed down yesterday after Apples
stock recorded its sharpest percentage
drop since October last year. Apple
closed at $580.13 after hitting a record
high last week of $644. Some investors
said Apple, which is up 45 per cent this
year, broke a trend line that led to more
profit-taking. The tech companys
shares ended down 4.1 per cent.
Senate blocks Buffett rule
nSenate Republicans last night
blocked President Barack Obama's
Buffett Rule legislation, which
would have put a 30 per cent
minimum tax on millionaires.
Democrats, as expected, failed to get
the 60 votes needed to move to a full
debate and vote on the bill.
G
E
T
T
Y
Investors worry as Spain
dives back into recession
SPAINS economy minister yester-
day admitted the country is back in
recession, as the governments bor-
rowing costs climbed to levels last
seen before the European Central
Banks 1 trillion (836bn) rescue
operation in December.
Madrid has taken steps to clamp
down on regional governments
rampant budget deficits, only offer-
ing credit lines in return for promis-
es to curb spending.
However, increasing worries about
the state of the economy have boost-
ed fears that the government will
fail to cut its budget deficit to the
5.3 per cent Prime Minister Mariano
Rajoy is aiming for.
At the moment I see a first quar-
ter with a similar pattern to the last
quarter of last year, said economy
minister Luis de Guindos, indicat-
ing a second consecutive quarterly
GDP contraction of 0.3 per cent, tak-
ing the country into official reces-
sion territory.
When Rajoy was elected at the end
of November, his promises of fiscal
discipline brought the countrys
borrowing costs down from highs of
6.7 per cent to lows of 5.1 per cent
on 10-year bonds, before falling
even further when the ECB pumped
Europes banks full of cheap cash.
But that bounce has evaporated.
AB InBev takes over Dominicas CND
Anheuser-Busch InBev is to pay $1.24bn
for control of fellow brewer Cervecera
Nacional Dominicana.
Cautious go-ahead for fracking
The future of hydraulic fracturing known
as fracking the contentious natural gas
extraction technology has been boosted
after a report cleared the way for a
company to resume use of the technique
despite it triggering two small
earthquakes near Blackpool last year.
Karzai blames Nato failure for attacks
Hamid Karzai, Afghanistans president,
blamed Nato for allowing Taliban
attackers to penetrate some of the most
sensitive political and security sectors in
the heart of Kabul on Sunday, even as
Nato officials praised Afghan troops for
fending off the assault. Yesterday Mr
Karzai described the infiltration of suicide
squads into the capital as an intelligence
failure for us and especially Nato. His
office said the attacks, which also hit
three eastern provinces, resulted in the
deaths of 36 insurgents, 11 members of
Afghan security forces and four civilians.
PwC faces inquiry into Tenon audit
PwC is facing an investigation by an
accountancy watchdog into its auditing of
RSM Tenon, the stricken professional
services group.
Royal Mail hits out at TNT trial run
Royal Mail is poised to call on the
regulator to rein in the fledgeling rival
TNT Post UK in an impending battle for
the British letterbox, believing
aggressive private sector competition
on the streets of London has become
too hot.
Hedge funds sell commodities
Hedge funds are cutting their exposure to
commodities at an accelerated pace as
concerns mount that slowing growth in
China will depress demand.
Singapore fund targets UK property
Singapore's sovereign wealth fund is
preparing to buy up swathes of distressed
properties in the UK with the launch of a
200m fund. The investment drive by the
Government of Singapore Investment
Corporation (GIC) is a further example of
growing overseas demand for UK property.
Wal-Mart Taps Googles Mayer
Wal-Mart Stores said yesterday it has
nominated Marissa Mayer to the
companys board, a signal that the
company is thinking very seriously about
its online technology services.
Romney woos conservative leaders
Mitt Romney, while ramping up efforts
to win swing voters, has remained
personally involved in trying to
persuade conservative leaders to back
him and help drive Republican turnout
this fall.
WHAT THE OTHER PAPERS SAY THIS MORNING
ARGENTINA yesterday said it
plans to renationalise its biggest
oil company, YPF, drawing swift
warnings from key trade partners
and risking the countrys further
economic isolation.
YPF, controlled by Spains
Repsol, has been under intense
pressure from Fernandezs
centre-left government to boost
production, and its share price
has plunged due to months of
speculation about a state
takeover.
President Cristina Fernandez
said the government would ask
Congress, which she controls, to
approve a bill to expropriate a
controlling 51 per cent stake in
the company by seizing shares
held exclusively by Repsol, saying
energy was a vital resource.
YPFs market value is $10.6bn
(6.6bn), although an Argentine
tribunal will be responsible for
valuing the company as part of
the takeover. Central bank
reserves or state pension funds
could be used for compensation,
analysts say.
Spain vowed clear and strong
measures over what it called a
hostile decision, while the EU's
executive European Commission
warned that an expropriation
would send a very negative signal
to investors.
Argentina set to
renationalise its
biggest oil firm
Prime Minister Rajoy will struggle to bring down the budget deficit in a recession
2
NEWS
BY HARRY BANKS
BY TIM WALLACE
The new jobs website for London professionals
To contact the newsdesk email news@cityam.com
CITYAMCAREERS.com
L
IBERTY. Freedom. When did you
last hear these two words in the
UK political debate? Well, I
certainly cant remember. Our
country is dominated by busybodies
and collectivists who believe that
they and the state have the right and
duty to tell us all what to do, to spend
our money for us and to control what
we can eat, drink, trade or say. Its all
gone too far. Individual freedom and
its twin sister personal responsibility
are the cornerstones of successful
Western, liberal capitalist societies;
yet these are being relentlessly
undermined. Ultimately, there is no
difference between economic and
social freedoms. Attacking one
endangers the other.
So this is my plea: lets put the
emphasis back on the individual. Lets
stop trying to ban everything. Lets
stop describing a tax cut as a cost to
EDITORS
LETTER
ALLISTER HEATH
UK is wrong to have turned its back on individual freedom
TUESDAY 17 APRIL 2012
the government or even worse as
morally identical to public spending.
Lets stop assuming adults should no
longer have the right to eat fast food,
or smoke, or drink, or paint their
walls bright green, or build a conser-
vatory in their back garden, or what-
ever it is they wish to do with their
own bodies and with their own pri-
vate property. Lets once again speak
up for the rights of consenting adults
to choose how to live their own lives,
even if we disapprove. Lets allow peo-
ple to hold, discuss or display their
beliefs freely, especially if we disagree.
Lets recall what Robert Nozick, the
great twentieth century libertarian
philosopher once said: Individuals
have rights, and there are things no
person or group may do to them with-
out violating their rights. Nozick
wasnt just talking about the big
human rights everybody still pays lip
service to he was also arguing
against all the other, supposedly low-
level, reductions in individual free-
dom. We have turned our backs on
the ideas that made the West great
and prosperous.
The problem is that if one treats
adults like children they eventually
behave as such. The result is a culture
of irresponsibility, of entitlement and
of buck-passing. Freedom is tough. Its
not easy to take responsibility for
ones actions. Its easier to hide
equally remarkably Ukip is ahead of
the Lib Dems by nine per cent to eight
per cent.
What is most astonishing is that Boris
Johnson is bucking the national
trend: he is ahead in a Labour domi-
nated city at a time of deep problems
for the government. But Ukips surge
is equally striking. It is especially pro-
nounced among pensioners, who are
of course most likely to vote.
Barring an unforeseen catastrophe,
or if his electorate becomes compla-
cent, Boris is likely to be reelected
next month. But this should not
come as any consolation to David
Cameron: his government is in disar-
ray. It has made a series of uncalled
for mistakes. It is running out of time
to gets its act together.
behind the nanny state and to
demand protection from oneself. Its
simpler to live in a stagnant, boring,
ultra-regulated society than in a
dynamic, creative and slightly risky
world. But its high time we tried free-
dom again. Its more fun, its more
exciting, its more entrepreneurial
and ultimately, believe it or not, it
actually works pretty well.
POLLS APART
THERE were two fascinating opinion
polls yesterday, both from YouGov.
The first confirmed that Boris
Johnson remains six points ahead of
Ken Livingstone in the race to become
mayor of London, as discussed in
more detail on page 24. The second is
that the coalition is in real crisis: the
Tories are down to just 32 per cent of
voting intentions, with Labour 11
points ahead at 43 per cent; and
Yields hit 6.15 per cent yesterday, as
investors began panicking once more.
Were back in full crisis mode, said
Rabobank rate strategist Lyn Graham-
Taylor. It is looking more and more
likely that Spain is going to have some
form of a bailout. Assuming there is
not an ECB intervention you would
not see a cap on Spanish yields, they
would just keep increasing.
Meanwhile, a study out today
showed 67 per cent of fund managers
expect Greece to need more assis-
tance within a year, and just 13 per
cent believe the Eurozones new fiscal
treaty will prove strong enough to
reassure markets and stop contagion.
People are becoming more and
more sceptical when politicians say
contagion is not going to happen as
weve seen so much in the past,
warned Capital Spreads Simon
Denham, who carried out the
research. Continual claims a year
ago that Greece would not need any
more bailout money turned out to be
pure fiction, so when political leaders
say this new treaty will prevent the
debt contagion, investors take such
comments with a bucket load of salt.
PRIVATE equity powerhouse Carlyle
revealed yesterday that it hopes to
raise between $701.5m and $762.5m
(441m and 479.7m) through an ini-
tial public offering in the US, which
would value the firm at up to $7.61bn.
Carlyle, which has $147bn in assets
under management, is to list 10 per
cent of the company on the Nasdaq in
the form of 30.5m common units
priced at between $23 and $25.
The firms founders are set to
embark on a roadshow this week to
persuade investors to take part in the
IPO, expected next month.
Carlyles value under the current
float plans would mean it is worth
less than its listed private equity peers
Blackstone, KKR and Apollo.
But it boasted of a greater presence
around the globe and in emerging
markets than any other alternative
asset manager in documents
released yesterday, and a diverse plat-
form [that] also enhances our
resilience to credit market turmoil.
The firm said it will use around
Carlyle looks to
raise $762m in
its US flotation
BY MARION DAKERS
$660m of the proceeds to pay off
debts, and the remainder to pay for
operational expenses and expansion
plans.
Senior staff will retain control of
Carlyles general partner, which is
responsible for managing the busi-
ness.
Carlyles founders will not sell any
of their shares in the offering, and
shareholders will have no right to
elect directors to the general part-
ner, the filings
showed.
B u t
investors
will be in
line for
quarterly
dividends
worth $0.16
per unit.
Carlyles founders, including William Conway,
will not be selling their stakes in the US firm
3
NEWS
cityam.com
AMERICAS stranglehold over the World Bank presidency will last for at least another
five years after the top job went to US nominee Jim Yong Kim. Nigerian rival Ngozi
Okonjo-Iweala had said that US political weight would determine the outcome.
British retailer Aquascutum is
on the brink of administration
THE upmarket fashion brand
Aquascutum, whose British
heritage dates back 160 years, is set
to fall into the hands of the
administrator as soon as today,
putting around 250 jobs at risk.
The raincoat makers expected
collapse comes just a day after its
owner Harold Tillman agreed to
sell a majority stake in its sister
brand Jaeger to private equity firm
Better Capital for 19.5m.
Tillman, who bought the
heritage brand in September 2009
BY KASMIRA JEFFORD
from Japanese investment firm
Renown, recently put Aquascutum
up for sale, reportedly hiring
Rothschild to handle the process.
The brand lost 10m on sales of
28m in the year to February 2010,
despite efforts by Tillman to
breathe life back into the business.
It could now be put through a
controversial pre-pack
administration process in an effort
to smooth the path for a sale.
Hong Kong-based YGM Trading,
which owns the rights to the
Aquascutum name in Asia, is said to
have expressed interest in buying
the company.
The business was also hit by the
recent departure Belinda Earl,
Aquascutums chief executive for
more than two years and a former
boss of Debenhams, after she
resigned because of ill health.
Aquascutum, which means
watershield in Latin, dates back to
1853 when tailor John Emary
created the first waterproof wool
used to supply coats for British
Army officers serving in the
Crimean War.
PRIVATE equity firm CVC Capital
Partners has hired UBS and
Goldman Sachs to lead an expected
$2bn (1.26bn) initial public
offering of motor racing business
Formula One in Singapore, sources
with direct knowledge of the
matter said yesterday.
Goldmans role as joint global
coordinator and bookrunner for
the IPO, which is expected in July,
was widely anticipated, given the
banks early work on the process.
For UBS, which will have the
same responsibilities, top status on
the deal is a major boost for its
UBS and Goldman are hired to
work on Formula Ones float
BY HARRY BANKS south east Asia operation.
Several big investment banks are
competing for a role in the IPO
for the prestige of being part of a
high-profile deal and for the tens of
millions of dollars in fees it will
produce. Joint global coordinator is
the top role in any IPO.
Bank of America Merrill Lynch,
Morgan Stanley and Deutsche Bank
were also invited to take part in a
pitching process conducted in
Singapore last week, sources said.
Those banks did not immediately
comment on the deal. Like any
major stock offering in its early
stages, the final list of banks
involved has yet to be determined.
JIM YONG KIM IS NEW BOSS OF WORLD BANK
MOULTON BUYS JAEGER: P 8

Shadow minister
Rachel Reeves
4
NEWS
cityam.com
SHOULD THE GOVERNMENT RETHINK
ITS CHARITY TAX RAID?
Interviews by Jessica Abrahams
Yes. The plans are obviously going to have a
big effect on the ability of charities to source
funds. Whether there will be an ever broader social
impact remains to be seen.
These views are those of the individuals above andnot necessarily those of their company
DIEGO SHIN
K&L GATES
Yes. Personally, I dont think this is a good

thing for the government to be doing. I have
taken part in lots of sponsored charity events and, as far
as Im concerned, they need all the money they can get.
ANDRE GOOCH
LLOYDS BANKING GROUP
Yes. Its not a good idea. It will limit the
amount of money that is given to charity.
What can the government do to help them? Give them a
portion of the tax raised from this proposal?
ANTOINE KOHLER
CMA
CITYVIEWS
Labour pushes for a vote over
the unpopular raid on charities
LABOUR MPs are pushing for a vote
in parliament tomorrow on the
governments planned cap on
income tax reliefs, yesterday calling
the limits a sham of a change
which came completely out of the
blue to hit charities.
Treasury minister David Gauke
had earlier defended the plan,
explaining it is not fair that there
are some very wealthy individuals
BY TIM WALLACE
where the tax system allows
them to essentially opt
out of paying income
tax, instead
favouring their pet
charities.
David Cameron
said the changes
will only be made
next year, giving
plenty of time to get it right,
plenty of time to consult and to
listen, in line with the
governments aims of boosting
charitable giving.
However, Labours Rachel
Reeves said if the government
wanted to tackle avoidance they
could have worked with the
Charity Commission and had
a proper consultation with
charities and philanthropists.
THE VAST majority of high earners
pay the maximum possible amount
of tax, with very few benefiting
from the legitimate reliefs which
the government plans to limit,
Treasury figures showed yesterday.
The facts became clear as account-
ants blasted George Osbornes plans
as promoting uncertainty in the
tax system, hurting businesses and
potentially hitting investment.
George Osborne announced he
would cap income tax reliefs for
charitable donations, offsetting
business losses and various interest
payments, on the basis that he had
seen 20 tax returns where high
earners paid almost no income tax
because of reliefs.
However, the new figures show
that is far from the norm, which
most top earners paying above 40
per cent income tax across their
income as a whole.
Seventy-two per cent of those earn-
ing above 10m per year paid an
average rate of at least 40 per cent
Tiny number of
high earners
use tax reliefs
on their earnings, and that includes
income from other sources like divi-
dends, which is taxed at an effective
rate of 32.5 per cent.
Of those on between 5m and
10m, 81 per cent paid at least 40 per
cent tax, alongside 80 per cent of
those earning 1m to 5m.
A small minority nine per cent of
those on over 10m and seven per
cent of those earning 5m to 10m
pay below 20 per cent.
Furthermore, the reliefs that result
in some lower rates were deliberate-
ly created for very valid reasons, and
capping them could damage the
economy, according to PwC partner
Alex Henderson.
When a business is set up, it often
makes losses in the first few years.
Offsetting those against other
incomes boosts working capital and
helps get the business off the
ground, he told City A.M.
Restricting that could potentially
constrain startups and hit business
investment. The purpose of these
reliefs, as well as their level, needs to
be considered.
BY TIM WALLACE
David Cameron yesterday insisted he wants
to see charitable giving rise, and that a
consultation on income tax relief caps would
allow the government plenty of time to get
it right before the caps are implemented
next year.
Since charities and some high profile donors
have insisted that capping income tax relief
on donations will hit charities, possibly to the
tune of billions of pounds, the Prime
Ministers words might get their hopes up
that the plan will be dropped.
However, the Treasury has repeatedly ruled
that out, telling City A.M. that the
consultation is purely over implementation
dealing with the technical details between
charities and HMRC, for example and not
about the end result of capping reliefs.
Other claims from the Prime Minister are less
suspect it is clearly true that a few high
earners are paying low rates of income tax.
However, it remains a tiny minority, and most
of the relief claimed is simply offsetting
previous years business losses standard
practice in a firms early years, or when it has
gone through a tough patch. Furthermore,
those can only be offset once, and cannot be
used to dodge tax year after year.
WILL THE PM HELP
GOOD CAUSES?
FACTCHECKER
WITH TIM WALLACE
THE VERDICT
Cameron is right that a consultation will
take place before the tax reliefs are
changed next year. However, he is wrong
to hint that this will lessen the impact on
charities it is only on technical matters.
G
E
T
T
Y
KEN Livingstone yesterday rubbished
Conservative claims he would strug-
gle to secure central government
funds for the capital, telling City
A.M.: George Osborne will be no
problem Ill just tickle his tummy.
The Labour mayoral candidate
added that he had a successful track
record of lobbying for money in the
face of Treasury opposition: I got
39bn extra for London in my eight
years as Mayor and I got that from
Gordon Brown, who hated me with
an absolute venom.
Anyway, George Osborne will be
pleased that Ive eliminated his main
rival to be successor to Cameron.
Conservative candidate Boris
Johnson has repeatedly suggested
that his close links with the Tory-led
Westminster government give him
unique access to capital investment
for London.
Ken insists he
can get cash
from coalition
But Livingstone, speaking as he
pledged to extend the Tramlink sys-
tem to Crystal Palace, promised that
belligerence and a democratic man-
date would trump funding con-
cerns even for his
headline-grabbing seven per cent fare
cut: If I win the election at my first
meeting with the leadership of TfL
they will have worked out how to
implement the fares cut, because
they can do it.
A spokesman for Boris Johnson said:
By working constructively with gov-
ernment, Boris has secured 22bn for
Tube upgrades and Crossrail, 300m
for primary school places, 90m for
police and 3bn for more homes in
London. In contrast Ken Livingstone
repeatedly took his own government
to court but won nothing they did-
nt even trust him to upgrade the
Tube or build homes in London.
Livingstones flagship fare cut came
under further attack from unnamed
senior officials last night, with one
claiming that TfL would run out of
cash during 2015, according to inter-
nal emails seen by the Times.
Boris Johnson
retains his poll lead
Boris retains
poll lead in
latest vote
FORUM: Page 24

STEPHAN SHAKESPEARE: Page 24

5
NEWS
cityam.com
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Business Banking
My local business manager
was responsible for my
lending decision, not a PC.
Lidija Newton made the leap from fashion to farming in 2010
and, with the support of her Business Manager, her raspberry
farm is beginning to reap rewards.
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Ken Livingstone yesterday promised to extend Tramlink to Crystal Palace
BY JAMES
WATERSON
MAYORAL
ELECTION
BORIS Johnson remains on track to
win a second term in office,
according to the latest mayoral
poll by YouGov.
The survey of more than a
thousand Londoners suggests that
the Conservative candidate is on
track to win 45 per cent of first
preference votes, against Ken
Livingstones 40 per cent.
After second preferences are
reallocated Johnson is left with a
53 to 47 lead.
Although Labour enjoys a six per
cent lead in national opinion polls
this has not rubbed off on the
partys candidate, with only four-
fifths of party voters saying they
plan to back Livingstone on 3 May.
Johnsons support among
women may prove to be crucial,
with the current mayor enjoying a
51 per cent share of the female
vote against Livingstones 36
per cent. Labours
candidate leads the male
vote by 45
to 39 and
also
dominates
the under
40 vote.
BY JAMES WATERSON
GDF Suez yesterday agreed to pay
6.4bn to take full control of
International Power.
GDF already owns 70 per cent of
the company but has been pursuing
the remaining 30 per cent.
The 418p per share offer, at a
seven per cent premium to an earli-
er approach by GDF, values
International Power at about
22.3bn.
French giant GDF believes the
move will give it more clout across
the globe, considering the British
companys worldwide operations.
GDF has made an attractive pro-
posal and the independent IPR
directors have concluded that it
represents a price that fairly
reflects the companys position in
international power generation
markets and its inherent growth
potential, Sir Neville Simms, sen-
ior independent director of IPR,
said.
GDF completed its acquisition of
70 per cent of IPR in February 2011,
creating the worlds largest inde-
pendent power producer.
In order to finance the deal for
the remaining slice of the company
GDF said it would tap banks and
sell an additional 3bn (1.8bn)
worth of assets located primarily in
GDF to snap up
International
Power for 6bn
BY JOHN DUNNE
mature markets, on top of 10bn in
assets it had originally planned to
sell by 2013. It has also already
completed two thirds of its earlier
asset disposal plan.
The company reckons it will retain
its triple-A credit rating despite the
costs attached to the deal.
GDF Suez estimated that increased
profit contributions from the
takeover of IPR would lift its earn-
ings by as much nine per cent to
4.2bn.
Greater competition and regula-
tion in mature energy markets in
Europe have steered GDF Suezs
focus to developing markets where
energy needs are growing fast.
GDF chief executive and chairman
Grard Mestrallet said the deal,
agreed yesterday and due for com-
pletion in July, establishes a basis
for long term and solid growth.
Matthew Ponsonby, co-head of mergers
and acquisitions for Europe, the Middle East
and Africa is one of the key players on the
team advising International Power (IP).
The bank hired Ponsonby in 2009 to set up
an M&A team in Europe, and he has since led
a team advising car rental company Avis
Europe on its recommended cash acquisi-
tion by US counterpart Avis Budget.
He and his colleagues also advised George
Soros on the sale of APR Energy, in which
the billionaire philanthropist is a sharehold-
er, to acquisition vehicle Horizon.
On the International Power deal, Ponsonby
is working with some of the banks other
M&A experts, Alisdair Gayne, Richard Taylor
and Iain Smedley.
Smedley, formerly of Nomura, was hired to
run utilities investment banking in Europe.
Gayne is head of UK corporate broking and
joined from Morgan Stanley, where he was a
managing director.
Morgan Stanley is the joint broker to
International Power with a team made up of
Simon Smith, Chris Thiele, Laurence
Hopkins and Paul Baker, who is head of cor-
porate broking.
GDF Suez is being advised by Rothschild,
with Richard Murley and Stuart Vincent on
the team.
ADVISERS BARCLAYS CAPITAL
MATTHEW
PONSONBY
CO-HEAD M&A
T
HE departure of star banker
Andrea Orcel from Bank of
America Merrill Lynch (BAML)
was never going to be friendly
but few expected a full-blooded feud,
which is what appears to have broken
out.
After 20 years at the US investment
bank, Orcels decision to move to UBS
warranted only a few words in an oth-
erwise lengthy internal communica-
tion about job changes.
BAMLs top management were clear-
ly frustrated that having gone
through the hoops to gain Orcel regu-
latory authorisation so that he could
take over from Jonathan Moulds as
European president, he then decided
to defect to one of the banks big rivals.
The news of his departure was then
followed by insiders hinting that,
though he is undoubtedly a brilliant
client handler, the new co-head of
investment banking at UBS was not
necessarily a team builder.
Last week, Orcel hit back by bringing
in a team of his own, from his former
employer. He has hired six of his
favourite bankers in Spain and Italy
from his BAML team.
There were question marks yester-
day as to whether, in doing so, Orcel
might be in breach of a no-poaching
agreement, though, as one insider
noted, such things are often hard to
prove.
Did they approach him, did UBS do
the chasing or was it a recruitment
agent? said one source. Certainly, it
seems unlikely that BAML will con-
template legal action over Orcels dar-
ing move.
The UBS hires include BAMLs Spain
investment banking country head
Javier Oficialdegui and equity capital
markets head Javier Martinez-
Piqueras.
The UBS moves were remarkably
accompanied by Orcels brother
Riccardo (who worked at BAML before
leaving to join Russias VTB Capital)
poaching a handful of former col-
leagues from BAMLs Moscow office.
Such chutzpah from the Orcel broth-
ers has inflamed tensions with BAML
to a level rarely seen in investment
banking.
But so far BAML insiders are playing
down the impact of the poaching
drive.
Andreas just hired the people that
were his water carriers, was one famil-
iar comment. As was: Riccardos sim-
ply made some hires at associate level
(ie, not very senior).
Meanwhile, there are several key
vacancies to be filled at BAMLs
European investment bank.
The Moulds position of European
President appears to have attracted
one serious internal candidate, Rupert
Hume-Kendall, who is chairman of
global capital markets.
Adrian Mee is said to be an internal
candidate to become the head of
European investment banking but
many insiders expect an external can-
didate to be appointed to this role.
And the appointment of a new head
of UK corporate broking, where there
has been an exodus of three of the
most senior members of the team in
the past few months, is said to be close.
This hire could not come soon
enough, with Marcus Jackson, a junior
director, becoming the latest to jump
ship.
Again an external appointment is
considered likely.
The message from BAML is that it is
time to move forward. But the Orcel
brothers have shown it is still sensible
to do so whilst looking over your
shoulder at the same time.
david.hellier@cityam.com
INSIDE
TRACK
DAVID HELLIER
International Power PLC
416.80
16Apr
420.0
417.5
415.0
412.5
410.0
407.5
405.0
402.5
p
7
NEWS
cityam.com
Bank of America Merrill Lynch plays down impact of the Orcel brothers poaching
G
E
T
T
Y
JON Moulton has admitted his con-
cern over the health of Britains high
street despite making a 19.5m swoop
on Jaeger, the upmarket fashion
chain set up nearly 130 years ago.
The private equity veteran told City
A.M. it is almost inconceivable that
he will not close some of
Jaegers 50 stores and 90
concessions after his
Better Capital vehicle
bought 90 per cent of
the chain and its
secured debt from
Harold Tillman.
Moulton said he
plans to cut costs in
logistics, human
resources and the
stores, although he
Moulton buys
Jaeger despite
UK retail woes
BY PETER EDWARDS
was not actively planning closures.
He wants to boost performance after
Jaeger posted a 65 per cent fall in pre-
tax profits to 772,000 on 93.9m
sales for the year to February 2011.
It is a fantastic brand, said Moulton
but he warned Britains economic
recovery was weaker outside the M25.
Jaeger is the second acquisition for
Better Capital II coming just weeks
after a deal for double glazing firm
Everest and leaves Tillman with a 10
per cent stake in Jaeger.
Tillman was credited with saving the
firm almost 10 years ago but is unlike-
ly to benefit much from the sale, as
the firms debts stood at
19.7m according to
accounts for February 2011.
City workers reject quotas as
way to get women on boards
ALMOST three-quarters of
employees in investment banking
and hedge funds do not think
there should be quotas to help
women onto corporate boards,
research claimed yesterday.
Seventy-two per cent of
financial services staff polled by
recruiter Astbury Marsden said
that quotas were unnecessary
rising to 76 per cent when they
were asked more specifically
about roles at vice president level
and above.
But the rejection of mandatory
requirements for female
representation on boards should
not be read as a sign that the glass
ceiling has already been broken,
as just one in 10 of City workers
polled agreed that financial
BY ELIZABETH FOURNIER institutions already do enough to
attract and retain female staff.
The most recent research into
the board composition of
companies in the FTSE 100 of
which financial services firms
make up a significant part
showed that just 15 per cent of
posts are filled by women.
Of this, only 6.1 per
cent are executive
positions.
In the FTSE
250 index the
numbers are
lower, with
women holding
just 4.4 per cent
of exec
directorships in these firms.
There are very few jobs left in
financial institutions where
intelligence, work ethic and
capability do not trump how
clubbable an employee is. The
need to be blind to gender is
engrained throughout
recruitment policy across the
City, said Melissa Stierwalt at
Astbury Marsden.
Last month EU commissioner
Viviane Reding threatened to take
the matter out of national hands,
saying that the EU was prepared
to take legal steps to get women
into boardrooms after attempts to
encourage businesses to take
voluntary steps failed.
Buyout boss Jon Moulton is
the new Jaeger-meister
The EUs Viviane Reding
has called for quotas
STAR fund manager Anthony
Bolton has vowed to continue
running the 521m Fidelity China
Special Situations trust for two
more years in a bid to reverse its
dramatic slump.
Yesterday Fidelity said Bolton
would stay an extra year beyond
that already agreed, until at least
April 2014.
The veteran manager said the
performance of the fund, which has
lost 21 per cent of its value since it
was launched two years ago, was a
factor in his decision.
He has now introduced more
rigorous checking processes,
Anthony Bolton vows to stay
on with troubled China fund
BY PETER EDWARDS
including the work of several firms
to do due diligence to back up his
own research, after several stocks he
bought listed in the US through
reverse mergers, which are subject
to less scrutiny.
Late last year Bolton apologised
for the very poor performance of
China Special Situations and said
his optimism for Chinese prospects
has been severely tested. He is still
bullish on China, but not in the
short-term.
Bolton postponed retirement in
order to move to Hong Kong to
manage the fund. He had one of the
best pedigrees in the investment
community and achieved an
annualised 20 per cent return over
28 years at his former UK fund.
8
NEWS
cityam.com
Money manager Bolton will stay
in Hong Kong until at least 2014
EXPERIENCE CYCLING IN A NEW LIGHT
29th JUNE 2012
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21m
into purchase of
electronic point of sale
firm Digipos
15m
into deal for half of the
compliance division of
collapsed housebuilder
Connaught
July 2011
February 2011
1
3
m
for British arm of
Readers Digest
April 2010
MOULTON'S RECENT ACQUISITIONS
2
5
m
deal to buy window
specialist Everest
and finance its
restructuring
March 2012
40m
for Spicers, the UK and
Irish based operations of
DS Smith's office
supplies business
December 2011
17m
into joint venture with
RBS to buy luxury
yachtmaker Fairline
July 2011
19.5m
bought 90 per cent
of Jaeger
April 2012
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cityam.com
NEWS
BRITISH banks will have to find
buyers for 23bn worth of new,
expensive debt due to the Vickers
Commission and new EU rules,
according to an analysis by JP
Morgan Cazenove.
The requirement will knock four
to seven per cent off their profits,
said analysts Raul Sinha and Vivek
Gautam, who say that the Vickers
Commission is a key reason why
some British banks valuations are so
low compared to their rivals on the
continent.
The note to investors, entitled
Valuations reflect regulatory
overhang, says that the Treasury
has mitigated some of the damaging
effects of the Vickers Commission.
Most importantly, because the UK
looks set to use EU technical
definitions to force banks to hold
bail-in debt bonds that force
their owners to take losses if the
bank fails instead of drafting its
own, some of the costs have been
reduced.
The Vickers Commission, which
drafted the outlines of Britains bank
reforms, said that lenders must hold
ten per cent of their capital in
common equity and a further seven
per cent in bail-in bonds. But the
market for such bonds is untested.
Vickers to slice
7pc off British
bank earnings
BY JULIET SAMUEL
G
E
T
T
Y
CHARLES Schwab, one of the
largest US brokerages, reported a
20 per cent drop in quarterly profit
yesterday, as expected, due in part
to lower asset management fees
and higher expenses, but said its
outlook was improving.
Schwab earned $195m (122.6m)
in the quarter ended 31 March,
meeting Wall Street expectations.
Asset management fees were
down four per cent at $484m.
Expenses rose eight percent to
$876m, with compensation and
benefits expenses up six per cent at
$465m.
Revenue fell one per cent from a
year earlier to $1.19bn.
Schwabs core net new assets rose
by $26.9bn, the most since the first
quarter of 2008, and 13 per cent
above analyst estimates.
Overall assets stood at a record
$1.83 trillion.
Schwab clients opened 240,000
Charles Schwab
profits tumble
by 20 per cent
BY HARRY BANKS
new brokerage accounts in the
quarter and made an average of
318,400 revenue trades per day in
the quarter. That was flat from a
year earlier, before Schwab bought
options trading specialist
optionsXpress.
Nomura analyst Keith Murray
described the trading levels as
sluggish, but said the results were
mostly positive.
A decent result given the chal-
lenging rate backdrop and core
growth metrics continue to head in
the right direction, Murray said.
BACharles Schwab Corp
13.75
16Apr
14.00
14.20 $
13.80
13.60
SINGAPORE state investor
Temasek bought $2.3bn (1.4bn)
worth of ICBCs Hong Kong-listed
shares from seller Goldman Sachs
yesterday, piling into three of
Chinas top four banks and
raising its bet on the worlds
second-biggest economy.
Temasek was burned by its
financial industry exposure in
2008, hit by stakes in large
European and US banks that
plunged in the crisis. But it has
kept nearly 40 per cent of its
investment portfolio in banks
that it feels are strong and
Goldman reduces stake in ICBC
through share sale to Temasek
BY HARRY BANKS
capturing emerging market
growth.
The deal for ICBC takes
Temasek deeper into Chinas
banking industry, which has
grown from insolvency six years
ago to a sector that holds four of
the worlds top 10 banks by
market value.
Ding Wei, Temaseks China
head, said it had bought into
ICBC because the price was
reasonable and the state
investor was positive on the bank.
Goldmans block trade is in line
with its plan to reduce its stake in
ICBC, which it bought into prior
to the Chinese banks 2006 IPO.
Lloyd Blankfeins Goldman Sachs has sold a 1.4bn stake in ICBC to Temasek
BOTTOM
LINE
JULIET SAMUEL
Wall Street should hold off on the champagne for now
US saw net credit losses drop by 31 per
cent versus the same period last year to
$1.6bn, which was also $110m lower
than during the fourth quarter.
Income from its cards business
jumped 27 per cent to $607m for the
quarter and retail banking revenues
climbed 37 per cent to $1.6bn. The
overall effect was a 41 per cent quarter-
ly profit boost to Citis flagship North
American consumer banking busi-
ness, which has now made $1.3bn so
far this year.
Still, it is a mark of how scared
investors are and how deeply they have
discounted bank shares that analysts
estimating a future valuation of 0.8
times book value for Citi are recom-
mending buying the stock.
The problem is that you never quite
know when the bad news is really over.
First there is the investment bank.
Bernstein Researchs John McDonald
pinpointed the key question immedi-
ately: how sustainable is the recovery?
Revenues in Citis fixed income divi-
sion jumped from $1.6bn at the end of
2011 to $3.7bn this year, while debt
underwriting brought in $601m this
quarter versus $389m in the last three
months of last year.
Citi claimed yesterday that its under-
performance in certain areas like equi-
ties where revenues jumped 70 per
cent on last quarter is behind us.
But investment banks are at the
mercy of market risk appetite. If the
European Central Bank had not folded
to pressure and flooded banks with 1
trillion in December, its unlikely Citi
would be seeing such a bounceback.
Second, there are those pesky one-
off costs. Vikram Pandits call with
analysts was littered with excuses:
excluding the one-offs..., absent
those numbers, we would have... and
so on. One such one-off was a litiga-
tion cost of $550m. But on question-
ing by a JP Morgan analyst, Pandit
seemed to suggest the provision could
be ongoing. Oh I guess Im assum-
ing you wont have to take litigation
reserves every quarter, the analyst
concluded with a slight laugh.
Alas, the lawsuits are no laughing
matter at Citi, which has warned that
it could face a staggering $4bn bill for
legal tangles, much of it related to fore-
closures and mortgage-backed securi-
ties clients wish they hadnt bought.
These ongoing hangovers from 2008
and the Eurozone mean it is far too
early to celebrate, even if US con-
sumers are ready to fire up their cred-
it cards again.
juliet.samuel@cityam.com
Follow me on Twitter: @citysamuel
O
N first glance, its rather hard
to find the good news among
all the negative numbers in
Citigroups latest batch of
figures. Headline profits and revenues
fell slightly and yet the banks share
price rose 1.8 per cent yesterday,
adding around $1.8bn to its value.
The rise is a sign that markets think
that normality might might be
returning to the US economy.
For North American consumers at
least, the picture is mixed but improv-
ing. On the one hand, recent US unem-
ployment numbers have given
economists cause for concern, but
credit quality seems generally on the
rise as households pay down debt.
Citigroups core retail business in the
G
E
T
T
Y
TEMPORARY power supplier APR
Energy yesterday reported a full-year
profit above expectations and said it
had launched a detailed post
mortem into the accounting prob-
lems that held back the release of the
results.
The US-based company, backed by
Pizza Express and Punch Taverns
entrepreneur Hugh Osmond, said it
was on track for further growth in
2012 with a string of ongoing con-
tracts.
Pre-tax profit for the 12 months to
31 December 2011 rose 91 per cent to
$57m (35.9m) on sales 69 per cent
higher at $212.8m.
Its results were due for release last
month but the burden of the paper-
work in a busy year for the company
meant they had to be postponed.
The company yesterday said a third
party was being brought in to review
the companys processes and
accounting complexities.
APRs share price was initially dent-
ed by the uncertainty surrounding
the release of the results. But chief
executive John Campion pledged yes-
APR powers on
after data blip
BY JOHN DUNNE
terday that the problem would not be
repeated.
He said: We have had a good start to
2012 with 284 megawatts of new con-
tracts won to date, as well as several
contract extensions, and we maintain
a strong commercial pipeline.
We are well positioned to capitalise
on the substantial market demand for
temporary power solutions and are
confident that 2012 will be a year of
continued growth for APR.
Rising power demand in developing
countries, where supply remains ham-
strung by a lack of financing and the
time required to install permanent
capacity, has pushed up demand for
APRs services.
Facebooks soaring advertising
fees bode well for its $5bn float
FACEBOOK enjoyed a pre-float lift
yesterday after a report claimed its
advertising rates have jumped by 41
per cent in the last year.
TBG Digital, a Facebook media
specialist, said advertisers have
been asked to pay 15 per cent more
per thousand views in the last
quarter alone.
Facebook, which is expected to
raise $5bn in a US float next
month, has hiked its cost per click
fees by 23 per cent over the last
three months, although
performance was patchy over 2011
BY MARION DAKERS and was broadly flat in the UK on a
year ago, according to the research.
Users became slightly less likely to
interact with adverts, however, as
click-through rates fell by eight per
cent in the five countries singled
out by TBG in its quarterly report on
Facebook.
This drop comes after Facebook
has increased the number of ads on
a page, sometimes showing up to
seven at a time, which could also be
a contributing factor to this
change, TBG added.
While the exact figures are
confidential, TBG said the UK has
overtaken Canada to become the
second most lucrative major
territory for the social network in
terms of advertising, behind the US.
Facebooks additional features to
encourage the sharing of news
stories appear to have paid off, with
TBG reporting a 196 per cent
increase in news ad click-throughs
in the last quarter alone.
The cost for businesses looking to
build an online fanbase has surged
43 per cent over the last quarter,
TBG said.
TBG Digital, which had
Cambridge University verify its stats,
based its research on 235 clients
across 190 countries.
APR is backed by entrepreneur Hugh Osmond through his Horizon investment vehicle
p
APR Energy PLC
980
960
940
920
900
10Apr 11 Apr 12Apr 13Apr 16Apr
969.00
16Apr
ANDRE Esteves, the billionaire boss
of Brazils BTG Pactual, has been
fined 350,000 by Italys financial
regulator for insider trading, just
10 days before his investment
banks looming stock market
listing.
BTG Pactual said yesterday its
activities would be unaffected by
the ruling against Esteves, who
owns 24 per cent of the Brazilian
bank, making him one of Brazils
richest executives.
But it will force the bank to
amend its prospectus and puts a
cloud over one of this year's highest
profile bank deals.
According to the Italian market
watchdog Consob, Esteves made use
of privileged information about a
planned joint venture involving
Italian meat company Cremonini
when he bought Cremonini shares
in November 2007.
In a statement, BTG Pactual said
Esteves believed the allegations had
no merit and was determined to
appeal the decision. The firm had
said in its prospectus this month
the outcome of the case should
have no impact on its upcoming
public share listing.
BY HARRY BANKS
11
NEWS
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A HIGH-STAKES court case over
smartphone technology between
Oracle and Google kicked off
yesterday, starting a trial that
could reveal financial details
about the Android operating
system.
Oracle sued Google in August
2010 over seven patents and
copyright claims for the Java
programming language.
According to Oracle, Googles
Android operating system
tramples on its intellectual
property rights to Java, which it
acquired when it bought Sun
Microsystems.
Google says it does not violate
Oracles patents and that Oracle
cannot copyright certain parts of
Java.
The trial before US District
Judge William Alsup in San
Francisco is expected to last at
least eight weeks. Dozens of
potential jurors streamed into a
packed courtroom yesterday
morning.
Before they arrived, Alsup
warned both companies that he
did not intend to keep sensitive
financial information secret.
This is a public trial, he said.
Oracle said in a court filing on
Sunday that it expected its chief
executive officer, Larry Ellison,
and Googles chief executive
Larry Page to be among its first
witnesses.
Google and Oracle kick off
lawsuit over smartphones
BY HARRY BANKS
BTG Pactuals
boss is hit by
fine in Italy
IN BRIEF
CAPITAL AND COUNTIES welcomed a
cabinet report by Hammersmith and
Fulham council yesterday that shows
good progress is being made on
talks to include the councils land in
the groups 8bn Earls Court regener-
ation scheme.
Under the draft agreement, the
developer will be allowed to buy the
councils 22 acres of land in the Earls
Court and West Kensington
Opportunity area for 105m in cash
plus the re-provision of the 760 homes
on housing estates there.
Capco, which signed a 15m exclu-
sivity deal with the council last year,
would initially buy the 11 Farm Lane
and Gibbs Green School sites for 15m
buy the rest of the councils land in a
series of installments totaling 75m.
Capco needs to
pay 105m for
Earls Court land
BY KASMIRA JEFFORD
Gary Yardley, investment director of
Capco, said: It shows good progress is
being made in moving towards an
agreement on the inclusion of the
councils land in the Earls Court devel-
opment, which we have always
believed would be of enormous bene-
fit to London, the two Boroughs and
the local community.
Pace revenues strong despite
hard drive supply shortages
TECHNOLOGY firm Pace
yesterday said it was pleased with
revenues for the start of 2012
but admitted that it was still
being affected by the global hard
drive shortage.
The firm, which provides set-
top boxes to companies such as
Virgin Media, was badly affected
by last years Thai floods, which
severely damaged the global
supply chain for consumer
electronics.
Speaking at the firms AGM
chairman Allan Leighton told
investors: I am pleased to report
that Pace has had an
encouraging start to the new
financial year with revenue in
line with our expectations. The
business is benefiting from a
stronger operational focus and
this is delivering tangible
benefits in procurement,
operating efficiency and costs.
Profitability in the period
continues to be impacted by
hard drive supply issues but is in
line with our expectations, he
added.
Pace endured a troubled 2011,
as the Thai floods and Japanese
earthquake combined with poor
stock control and delayed orders
to halve profits.
But the firm, based in Saltaire
near Bradford, has been
transformed since experienced
City operator Leighton took over
as chairman in May 2011.
In the last year six senior staff
have left the firm, including
former chief executive Neil
Gaydon and Mark Loughran,
boss of the companys
international arm.
Chief operating officer David
McKinney found himself
without a job in January when
his position was abolished as
part of an attempt to streamline
the firms management.
Shares in the firm responded
well to the interim management
statement, closing up two per
cent at 73.25p.
As recently as February 2011
the firm was trading at 229p but
a series of profit warnings
caused them to crash to 44p by
the end of the year.
Leighton said he was
confident that the firm could
maintain existing levels of
revenue during forthcoming
year and that a seven per cent
margin was possible if his team
delivered a leaner, more
profitable business underpinned
by strong underlying cash flow.
BY JAMES WATERSON
Earls Court will be redeveloped by Capital and Counties
Pace PLC
76
75
74
73
72
71
70
p
73.25
16Apr
Capital & Counties Properties PLC
191.00
16Apr
194
192
190
188
186
p
NICK JAMES
NUMIS
SELL. Given the
signicant debt
for a business with low
visibility and operating
in a highly disruptive
market environment,
describing the balance
sheet as robust feels
a stretch in our view.
Pace issuing such authoritative guidance for a
company that has warned so fre-
quently seems rather irrational.
ALEX JARVIS
PEEL HUNT
BUY. First half
will be impacted
by the hard drive short-
ages, but trading is in
line with expectations.
Underlying operating
margins are expected
to be seven per cent for
2012, and faster than
forecast progress towards eight per cent over
the next two years could deliver
strong upside to estimates.
IAN ROBERTSON
SEYMOUR PIERCE
BUY. Pace has
today issued an
AGM that is condent in
tone but simply con-
rms trading is in line
with expectations.
There is no greater clari-
ty on the impact of the
Thai oods. We main-
tain our share price target of 140p, equivalent
to an undemanding price to earnings
ration of seven times 2013 earnings.
ANALYST VIEWS
WHAT DOES THE FUTURE HOLD FOR PACE?
by James Waterson
RATING agency Moodys dealt a fresh
ratings blow to Nokia yesterday,
dragging its shares to their lowest
level in 15 years and reflecting the
Finnish handset makers struggle to
compete with Apple and Samsung.
Moodys cut Nokias long-term
credit rating to Baa3, one level above
speculative grade, sending the
battered shares to a historic low of
2.948. Standard & Poors announced
a similar downgrade in March.
The shares have been on a
declining trend since a profit
warning last Wednesday, when
Nokia said that it would post losses
for the first and second quarters.
Moodys believes that the
structural challenges facing Nokias
mobile phones segment may not be
easy to address, such as the market
share gains recorded by makers of
very low-end phones or new phone
promotions by Chinese carriers, the
US ratings agency said.
Nokia defended its financial
position, saying it had gross cash
balances of 9.8bn and a net cash
position of 4.9bn as of 31 March.
Nokia hits new
low as Moodys
slashes rating
BY HARRY BANKS
12
NEWS
cityam.com
NEW JOBS
NEW COMPANIES
EVERYDAY
CITYAMCAREERS.com
WWW.CITYAMCAREERS.COM
OVER
OR SCAN HERE
2500
FINANCE, LEGAL & I.T
SALARIES UP TO
JOBS
300K
IN BRIEF
LG reveals tie-up with Perform
nLG Electronics said yesterday it has
agreed a partnership deal with sports
media company Perform that will mean
it can deliver live and on-demand sports
content to its Smart TV users. Perform,
the UK-based firm that runs livesport.tv,
a network of online sports channels, said
LG customers would be able to connect
to the service through the Cinema 3D
Smart TV in the UK and four other
European countries.
Tube support staff vote to strike
nThe RMT union said maintenance
staff working for Tube Lines have
voted four to one in favour of strike
action in a dispute over pay, benefits
and pensions parity with other
Transport for London staff. RMT is now
considering its next course of action.
Telford to beat market forecasts
nTelford Homes said pre-tax profit in
the year to 31 March is expected to be
ahead of market expectations after
strong sales in the second half. The
east London residential developer said
it remains upbeat in its outlook with
profits expected to rise significantly
this year, helped by pre-sales already
secured in the past 12 months.
Poundstretcher to open in Dubai
nPoundstretcher is to launch its first
store outside of the UK in Dubai as the
value retailer embarks on an
ambitious expansion strategy. The
store, which will open next month is
reported to be the first of a number of
stores planned for the Middle East.
G
E
T
T
Y
MATTEL yesterday reported weaker-
than-expected quarterly results as the
worlds largest toymaker struggled to
convince shoppers to buy Barbie dolls
at higher prices and retailers cut back
on inventory.
Mattel shares, which have gained
more than 22 per cent since the begin-
ning of this year, fell as much
as 10 per cent yesterday to
$30.59, their lowest in two
months.
Toy ma ke r s
have been
forced to offer
discounts to lure
customers but
Mattel increased
prices this year to
combat rising
costs for materials
and higher wages in China,
where most toymakers
assemble their products.
Mattel benefitted last
year from strong sales of
Mattel profits
fall on cost of
HIT acquisition
BY HARRY BANKS toys based on Cars movies driven by
the release of the second film in
Pixars popular animated series, but
sales slowed down this year.
Worldwide sales for the entertain-
ment segment, which includes Cars 2
toys and other games, fell 17 per cent.
The price increases helped lift the
companys gross margins to 51 per
cent for the first quarter. Sales fell two
per cent to $928.4m. Sales of Barbie
dolls fell six per cent, while those of
Hot Wheels were down five per
cent.
The company, also home to
brands such as Fisher-Price toys
and American Girl, said its net
income fell to $7.8m, from
$16.6m a year earlier. The toy-
maker bought HIT
Entertainment for $680m in
an all-cash deal to own intellec-
tual property and marketing
rights for pre-school toy brands
such as Thomas and Friends.
Georgian state railway builds
up steam ahead of London IPO
GEORGIA yesterday announced
plans to sell up to 25 per cent of
shares in the state railway
monopoly through a float on the
London Stock Exchange (LSE) that
could raise as much as $200m
(126m).
Free to set its own tariffs, the rail-
way boasts one of the largest profit
margins in the global rail industry
and net income growth of 72 per
BY JAMES WATERSON cent for the last year.
The firm also benefits from a
strategic position on trade routes
between central Asia and Europe
with 95 per cent of the railways
$285.8m revenues coming from
freight income.
We are already one of the very
few railway companies in the world
delivering profitable growth
without reliance on government
subsidy. Our IPO will support our
long term expansion plans in the
region, said Irakly Ezugbaia, the
Georgian Railway chief executive.
Citigroup and Goldman Sachs
International have been appointed
as joint global coordinators and
joint bookrunners.
The IPO, part of a programme of
privatisations in Georgia, would
take place in the form of Global
Depositary Receipts.
In February Bank of Georgia
became the first Georgian company
to gain a premium listing on the LSE.
COTY STILL KEEN ON THE AVON LADY
BEAUTY product company Coty, whose $10bn bid for larger rival Avon Products was
rejected earlier this month, yesterday reaffirmed its original cash offer of $23.25 per
share for its larger rival. Coty said it remained interested in discussing its proposal with
Avon, which named Johnson & Johnson senior executive Sherilyn McCoy as its new CEO
last week. The companys latest campaign stars Czech model Daniela Pestova.
Mattel has seen sales of its
iconic Barbie dolls falling
SAMSUNG Electronics said yesterday
it would unveil the third generation
of its flagship smartphone Galaxy S
in London on 3 May, banking on a
heavy marketing campaign in the
lead up to this summers Olympics.
Samsung became the worlds top
smartphone maker last year on the
back of strong sales of its Galaxy
lineup. More than 40m Galaxy
smartphones have been sold since
the first model was launched in June
2010. The Galaxy S II followed in
April 2011, outselling the iPhone 4S
Samsung announces launch of
new Galaxy smartphone model
BY JESSICA ABRAHAMS
in the second half of the year.
The company estimated earlier
this month that its first-quarter
operating profit would hit a record
5.8 trillion Korean won (3.2bn)
thanks to the success of the series
and a poll showed that the company
had toppled Nokia from its 14-year
leadership of the global mobile
phone market.
Samsung has a sponsorship deal
with the International Olympics
Committee, which is due to run out
in 2016, and has said its market
share in China doubled following
the 2008 Beijing Games.
13
NEWS
cityam.com
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SCALING THE HEIGHTS
IAN Hannam, one of the Citys most
prolific deal-makers, has just created
his own website as he prepares to
fight the Financial Services Authority
over its decision to fine him for a mar-
ket abuse charge.
The site has been developed by
Hannams public relations advisers at
Maitland, who think it will be an
important plank in defending the JP
Morgan bankers reputation.
The web address is ianhannam.com.
Hannams advisers looked at former
Merrill Lynch banker Bob Wigleys
website as a guide of how to do it.
Welcome, ian
hannam.com
Got A Story? Email
thecapitalist@cityam.com
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on Twitter: @citycapitalist
14
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THECAPITALIST
LETTING in goals in football is a
headache for managers such as
Tottenhams Harry Redknapp or Aston
Villas Alex McLeish but for those who
place money with spread betting firms
it can be pretty lucrative.
This weekends matches, in which
Manchester City scored six, Manchester
United scored four and Chelsea hit the
net five times (or was it really four, if
you exclude the goal that was given
even though the ball never crossed the
line?) led to Sporting Index paying out
around 500,000.
Says Wayne Lincoln, Sporting Index
trading spokesman: Weve been
absolutely clobbered.
HE made his name in Britain as a cen-
tral defender for Tottenham Hotspur
at the end of the 1990s. Now, however,
Ramon Vega is operating in one of
the few other industries
where you have a
chance to pick up
Premier League
wages.
He set up Vega
Swiss Asset
Management in
Park Lane after a
stint at hedge
fund and pri-
vate equity
firm Duet. His
latest venture
offers asset
management,
corporate adviso-
ry and lending
facilities services.
Former Spurs
player sets up
financial firm
It marks a contrast to his first career,
which also included spells with Celtic
and Watford and 28 Swiss caps.
I have been in financial services for
12 years now but when I came out
of football I needed to be educated
in modern IT and financial instru-
ments, he told The Capitalist.
I was (first) educated in the
days of the tickertape.
A few other ex-pros have
disproved preconceptions
and moved into finance,
such as another ex-Spurs
player, Paul Miller, who
has worked for De
Luxembourg and an
employment con-
sultancy.
Vega (left) in his playing
days and as an executive
R
E
U
T
E
R
S
FORTNUM AND MASONS chief
executive is to step down after seven
years at the helm of the Queens
grocer to pursue new challenges.
Retail veteran Beverley Aspinall
will leave her post at the world-
famous food emporium, at the end
of May, the company said in a state-
ment.
Aspinall, 52, who joined the luxu-
ry retailer in 2005 after a 25 year
career at the John Lewis
said: I feel the time is
right to move to new
challenges.
I have thoroughly
enjoyed working with
Fortnum & Mason and
managing the business
through some key
times of change and
historic moments.
Aspinall kicked-
off her career at
Fortnum and
Mason after being
headhunted to
oversee the 24m
refurbishment of
its Piccadilly store
to mark its 300th
Fortnum and
Masons chief
Aspinall quits
BY KASMIRA JEFFORD
anniversary two years later.
She took on the top job when
Fortnum made a pre-tax loss of
1.2m on sales of 39m and will
leave the group after delivering
record sales of 54.9m in the year to
July 2011, despite shouldering the
costs of a UK Uncut protest over tax
evasion last year.
Aspinall will leave after putting in
place the preparations for the
Diamond Jubilee campaign, which
was marked by the recent visit of the
Queen, the Duchess of Cambridge
and the Duchess of Cornwall.
The company, which is owned by
the Canadian Weston family, has
also expanded its footprint abroad
under Aspinalls stewardship, with
several concession stores in Japan,
where it takes space in the shops of
retailer Mitsukoshi, alongside a
wholesale business that spans
more than 17 countries.
Kate Hobhouse, the companys
chairman, said in a statement: I
would like to thank Beverley for
her hard work and loyalty over
the past seven years and wish
her every success in the future.
Gatwick traffic up in March but
halted yesterday after plane fire
GATWICK Airport yesterday cheered
March traffic growth of 3.9 per cent
on last year, with the rising
popularity of low-cost carriers
helping to boost its figures.
Londons second biggest airport
said an earlier Easter coupled with a
boom in cheap short-haul routes
had helped increase traffic.
More than 2.5m passengers
passed through Gatwick in March,
with the majority bound for Europe.
Over the last 12 months, Gatwick
served 33.8m passengers a jump of
BY MARION DAKERS
6.9 per cent.
And underlying traffic rose three
per cent, stripping out the damage
done by the Eyjafjallajkull volcano
and industrial action to the previous
years figures.
Cargo traffic rose by 8.1 per cent
compared to last year, though it was
down 12.9 per cent on a rolling 12-
month basis.
The figures were released as
Gatwick suspended flights yesterday
lunchtime following the emergency
landing of a Virgin plane.
The airport grounded aircraft for
almost three hours after a Virgin
flight bound for Orlando made an
emergency landing at 12.30pm.
Virgin said there were four minor
injuries after the A330 planes crew
spotted smoke in the cockpit and
turned the flight around.
Gatwick warned passengers to
expect delays and cancellations for
the rest of the day as airlines cleared
a backlog of flights.
It was the second time in the
space of a week Gatwick has halted
operations, following a stray hot air
balloon grounding flights briefly on
Friday morning.
IN BRIEF
Johnston Press looks to the web
n Local media group Johnston Press said
yesterday its 170 paid-for newspapers will
become platform-neutral in a bid to
make money from online operations. New
chief executive Ashley Highfield aims to
relaunch the titles, with many of its daily
papers moving to a weekly schedule. Last
week Johnston put the editors of the
Yorkshire Post and Evening Post on notice
of redundancy, while at the Scotsman, the
role of editor-in-chief has been scrapped.
DMGT gets Zoopla deal approval
n Daily Mail General Trust subsidiary A&N
Media bought jobs website Jobrapido for
30m (24.7m) yesterday in a bid to
expand its online advertising business.
The news comes as the merger between
A&N's Digital Property Group and real
estate website Zoopla was cleared by the
Office of Fair Trading.
Splunk hikes up pricing for IPO
n Data software company Splunk has
raised the expected price range for its
initial public offering of 13.5m shares to
between $11 and $13 apiece, valuing the
firm at $1.2bn. It had previously expected
the shares to be sold at up to $10 each.
Iberia warns over strike impact
n Spanish airline Iberia warned yesterday
that a fresh round of strikes by its pilots to
protest the creation of a low-cost carrier
could threaten the companys future.
BREIVIK TRIAL BEGINS
Beverley Aspinall is to leave
the firm after seven years
15
NEWS
cityam.com
The Norwegian far-right gunman who massacred 77 people last summer gave a
clenched-fist salute, smirked at the court and pleaded not guilty on the first day of
his murder trial yesterday. Anders Behring Breivik, 33, has said he acted in defence
of his country by setting off a car bomb that killed eight people in Oslo last July,
then killing another 69 people in a shooting spree at a youth summer camp
EVRAZ, Russias largest steel
producer, said yesterday its steel
production in the first quarter of
2012 fell 1.4 per cent year-on-year to
4.33m tonnes.
Production of crude steel
increased five per cent compared to
the fourth quarter on the back of
growth in Russia and in the US,
while operations in Ukraine and
Europe decreased.
Evraz, whose 2011 net profit
missed market expectations by 31
per cent, said in March that the
outlook for the global steel industry
would remain tough this year.
Evraz, which joined the FTSE 100
in December, saw its shares fall 1.56
to 315p yesterday.
Shares in Evraz were down three
per cent year-to-date,
underperforming a 10-per cent
growth in Russias steel sector, said
Dmitry Smolin, an analyst at
Uralsib, said. Some improvement in
steel and mining volumes is unlikely
to offset a negative effect from lower
steel prices and a stronger rouble in
the first quarter of 2012.
Output falls at
Russian steel
producer Evraz
BY HARRY BANKS
G
E
T
T
Y
RUSSIAN state oil firm Rosneft and
US Exxon Mobil Corp signed a wide-
ranging strategic partnership broker
by Russian leader Vladimir Putin yes-
terday.
The landmark deal will grant
Rosneft access to projects in North
America, where Exxon is developing
hard-to-recover reserves in West
Texas, the Canadian province of
Alberta and in the Gulf of Mexico.
The two companies will also seek to
transfer know-how from those proj-
ects to develop Rosnefts own vast
reserves of so-called tight oil held
in non-porous rock in Western
Siberia.
The partners have announced that
they will invest $3.2bn (2bn) in
exploring for Arctic oil.
Exxon, the largest listed oil firm in
the world, struck an initial partner-
ship with Rosneft last August to
search for oil in three blocks of
Russias Arctic Kara Sea estimated to
Rosneft and Exxon sign
deal brokered by Putin
BY HARRY BANKS hold 36bn barrels of oil.
Finalising that initial deal was con-
tingent on Russia introducing an off-
shore tax regime that would make it
economically viable for oil companies
to shoulder the huge up-front costs of
offshore exploration.
Putin said last Thursday he support-
ed a reformed offshore tax regime
that would eliminate export duties
and cut rates of Mineral Extraction
Tax, clearing the way for yesterdays
announcement.
The new regime will potentially
provide the certainty needed to
attract foreign investment into the
Russian offshore, analysts at Bank of
America Merrill Lynch, led by Karen
Kostanian, wrote in a note.
We expect that multiple explo-
ration joint ventures of Russian oil
firms with foreign majors similar to
the one between Rosneft and Exxon -
will follow, Kostanian added.
For Exxon, the deal secures access to
Russias offshore reserves, a prize that
was coveted by British oil major BP,
Polymetal buoyed as
revenues jump 64pc
RUSSIAN precious metals miner
Polymetal yesterday reported a 64
per cent year-on-year rise in first
quarter revenue to $377m (238m)
thanks to rising gold and silver
production.
First quarter gold equivalent
production a measurement of
gold and other metals expressed
in units of gold grew 41 per cent
year-on-year to 203,000 troy
ounces, said Polymetal, controlled
by Alexander Nesis and Alexander
Mamut with Czech investor PPF.
Gold production reached
101,000 ounces and was up 24 per
cent, while silver production
jumped 74 per cent to 5.7m
ounces.
The company, which joined the
FTSE 100 index last year, said it
was on track to deliver on its 2012
gold equivalent production target
of 1m ounces and expects to
increase production in the second
quarter.
Polymetal is the largest silver
and fifth largest gold producer in
Russia, whose companies have
BY HARRY BANKS been increasingly seeking London
listings.
Chief executive Vitaly Nesis said
in a statement that there would be
meaningful production growth in
the second quarter.
Polymetal said earlier its 2012
gold output would be between
590,000 and 640,000 ounces, up
from 443,000 ounces last year.
Silver output was expected to be
between 21m and 23m ounces, up
from 19.9m.
Polymetal owns gold and silver
mines and carries out exploration
activities in four regions of
Russia Magadan, Khabarovsk,
Sverdlovsk and Chukotka.
IN BRIEF
Total says leak operation on target
n French oil major Total said yesterday it
was making significant progress in its
clean-up of a leak from its Elgin platform
in the North Sea. The platform was evac-
uated after a gas leak was identified on
25 March. Tests had so far found that fish
in the area have not been adversely
affected by the leak, and two rigs are now
in place to set up relief wells.
Cobalt falls on Angola claims
n Cobalt International Energy said
yesterday it "strongly refuted"
allegations of wrongdoing after reports
that three Angolan officials held
concealed shares in an oil venture
linked to the company. New York listed
shares in Cobalt shares dropped as
much as 10 per cent yesterday after
allegations of a relationship between
Angolan officials and Nazaki Oil and
Gaz, one of its partners in the country,
that Cobalt says it was first told of in
late 2010. Cobalt shares had tripled in
value since it announced a big oil
discovery off Angola's coast late last
year.
Max makes better oil discovery
n Oil and gas explorer Max Petroleum
yesterday reported better than expected
production test results and development
plans for its Uytas Field in Kazakhstan. It
said it has identified 185m barrels of oil
at the site more than estimated previ-
ously. The company said in a statement:
Interpretation of 3D seismic data
acquired in late 2011 has revealed a
structure larger than previously identi-
fied. The firms shares rose after the
news but fell back later to close down 1.1
per cent at 11.5p.
ENGINEERING services group Amec confirmed yesterday it was on course to fulfil its
revenue growth target over the year. The FTSE 100 company said its strong order book put
it on target for a double digit underlying revenue lift. We continue to see healthy demand
for our services and investment in our end markets, said chief executive Samir Brikho.
AMEC ORDER BOOK BOOSTS GROWTH
Rosneft Oil
11 Apr 10 Apr 12 Apr 13 Apr 16 Apr
216
215
214
213
RUB
212
211
208
209
210
207
210.72
16 Apr
16
NEWS
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C
I
T
Y
A
M
C
A
R
E
E
R
S
.
c
o
m
whose own talks with Rosneft col-
lapsed last May.
It also marks a turnaround in
Russia for the US oil major, which
scaled back its involvement after its
attempt to buy into Yukos then the
countrys largest oil firm was
thwarted by the arrest in 2003 of
Yukos owner Mikhail Khodorkovsky.
Khodorkovsky was later jailed for
fraud and tax evasion, Yukos was
bankrupted by back-tax claims and
Rosneft snapped up its prime assets
at auction.
Polymetal International PLC
990
980
970
960
950
940
930
920
p
985.50
16 Apr
IN BRIEF
TUC calls for youth job support
nThe sectors of the economy which
employ the most young people have
shed over one million jobs since 2007,
new analysis from the Trades Union
Congress (TUC) showed today.
Manufacturing, construction, retail,
hotels and restaurants account for
over half of all youth employment, the
study showed, and they have been
particularly hard hit by the economic
downturn. Manufacturing alone saw
employment fall by 14 per cent from
the final quarter of 2007 to the end of
2011. A recovery in retail, hotels and
restaurants is particularly important
for young people as this is where they
are most likely to find work, said the
TUCs Brendan Barber. Unfortunately
these jobs are heavily dependent on
peoples disposable incomes and
falling wages are forcing people to
rein in their spending.
Tax dash boosts home buying
nFebruary saw a sharp rise in the
number of first-time buyers, according
to figures out yesterday from the
Council of Mortgage Lenders (CML), as
the stamp duty holidays end date in
March drew closer. A total of 14,100
loans worth 1.7bn were taken out by
first-time buyers in the month, up eight
per cent by volume and six per cent by
value on the month. On the year the
rise is even more dramatic, up 18 per
cent by volume and 21 per cent by
value. The rise is almost certainly due
to the stamp duty holiday and will
almost certainly fizzle out, said Mark
Hollands from mortgage broker
London Money. "While homes are mar-
ginally more affordable for some first
time buyers, for the majority of would-
be homeowners property ownership
remains a pipe dream lending criteria
are too tough, the deposits required
too large. Home movers took out
loans worth 3.7bn, a two per cent rise
in number and three per cent rise by
value in the month to February, the
CML data showed.
G
E
T
T
Y
Nicolas Sarkozy
wants to discuss
policy with the ECB
more often, if he
wins re-election
17
NEWS
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Firms fear new tax system is rushed
THE PILOT for HM Revenue and
Customs (HMRC) new real time
information (RTI) system was launched
last week, but a survey out yesterday
shows most firms want its full
implementation to be delayed.
RTI is designed to reduce errors in
the pay as you earn system of income
tax payments when workers change
jobs, and HMRC wants to implement it
across the board by October 2013 in the
hope that it will save employers 300m
per year.
However, 61.1 per cent of firms are
worried about the processes involved
and 44.4 per cent fear financial
penalties for innocent mistakes,
according to research from human
resources firm NorthgateArinso.
We anticipate that the short time
frames and new processes required to
administer RTI are going to be a real
headache for businesses, as well as
potentially costly, warned Bill
Thompson, principal business
consultant at NorthgateArinso.
Under RTI, businesses will need to
run monthly or weekly returns rather
than one end of year return, which is
an enormous change in process and
potentially workload.
BY TIM WALLACE
GERMANY has rebuffed French
President Nicolas Sarkozys call for a
debate on the European Central
Banks (ECB) role in promoting
growth yesterday, reaffirming its
attachment to ECB independence.
Sarkozy told some 100,000 support-
ers on Sunday that Europe needed to
rethink the ECBs role in supporting
economic activity.
If the ECB does not support
growth, we will not have enough
growth, he said.
Its our duty to reflect on this
issue. We cannot have taboo sub-
jects.
His socialist rival Francois
Hollande, who is leading in opinion
polls, called in his manifesto for the
ECBs mandate to be revised to add a
responsibility for promoting growth,
while radical presidential candidates
have said the central bank should
be allowed to lend directly to
governments.
German government
spokesman Steffen Seibert,
asked about Sarkozys com-
ment, told a regular news
briefing in Berlin: It is the
core belief of the federal gov-
BY HARRY BANKS
ernment ... that the role and office of
the ECB be independent of encour-
agement and assistance from politics.
And thats well known in Paris.
French analysts brushed off the
president's remark as campaign rhet-
oric designed to attract nationalist
Eurosceptic voters, as he had done
during the 2007 election race.
After the election it will be one of
the issues that deserves to be dealt
with, even if for now its premature to
talk about what kind of format the
talks could take, said Jean-Francois
Cope, from Sarkozys UMP part.
We could bring up the role of the
ECB with our European partners after
the election, for sure.
Politicians have long sought to score
points with voters by suggesting the
ECBs mandate should be extended to
bring it more in line with that of the
US Federal Reserve, which has a dou-
ble mission to ensure price stability
and full employment.
Some economists also argue
the ECBs single mandate is a
hindrance to the Eurozones
ability to resolve its debt cri-
sis.
Berlin steadfastly opposes
any extension of the ECBs
role however, and sees cap-
ping inflation as the
best way to pro-
mote growth by
keeping down
medium and
l o n g - t e r m
interest rates.
CLEVELAND Fed president Sandra Pianalto yesterday warned recent disruption to the
downward trend in unemployment highlights the uneven pattern of economic activity.
She described the improvements in the labour market as modest, and said the
economy has moved from a walk to a trot, but [is] far from a gallop.
FEDS PIANALTO: CHOPPY RECOVERY AHEAD
Surging exports outstrip rising
imports to boost euro growth
THE EUROZONES trade with the
rest of the world showed
surprising strength in February,
driven by French and German
exports of cars and machinery,
official figures showed yesterday.
However, imports remained
relatively weak as European
households struggled through
the blocs economic slump.
Exports from the 17 countries
surged 11 per cent to give a trade
surplus of 2.8bn, from a deficit
of 2.8bn in February 2011,
Eurostat revealed.
BY HARRY BANKS Foreign demand for the
Eurozones goods offer the bloc
its best chance of pulling out of
recession this year, economists
believe, as rising unemployment
and the impact of the public debt
crisis sap business confidence and
bank credit at home.
Imports rose seven per cent in
February, mainly due to demand
for Russian oil and gas during a
sharp cold snap in February.
Adjusted for seasonal swings,
the Eurozone posted an even
larger trade surplus of 3.7bn,
continuing a trend in positive
territory.
The currency areas economy is
expected to shrink about 0.3 per
cent this year, its second
recession in just three years, but
the slump masks wide
divergences in the blocs fortunes,
with Germany and France likely
to escape recession.
The balance of growth-related
data continues to support a
picture of flattish GDP growth
during the first half, although
one of significant divergence,
said Unicredit economist Erik
Nielsen. German growth remains
robust, while peripheral GDP
continues to contract.
Call for flexibility on
UK minimum wage
THE MINIMUM wage should be
varied by region to reflect the
different costs of living in
different areas, a think-tank
claimed today.
The Resolution Foundation
praised the flexibility of the
minimum wage, which has
declined in real terms in reaction
to the UKs recent economic
weakness.
This years planned increase
from 6.08 to 6.19 will leave the
wage six per cent below its 2009
peak in real terms, and even below
BY TIM WALLACE its 2004 level thanks to three years
of below inflation increases, when
using the retail price index.
Given the scale of the challenge
now facing living standards it
might be time to think about more
radical options for reform, said
the think-tanks James Plunkett.
For example, we could consider
introducing a higher minimum
wage for workers aged over 30 who
are more likely to have families to
support, or for London and the
south east. We could also do more
to show that big companies in
some sectors could afford to pay
more than the legal minimum.
Franco-German
row breaks out
over ECBs role
18
LONDONREPORT
Fleming Family & Partners
The private equity firm has
appointed two new investment
directors. Llewellyn John joins
from Nova Capital Management,
where he was associate partner.
He previously worked at Deloitte
from 1999 to 2006, and reached
the position of assistant director
within corporate finance. Dan
Walker has been promoted to
investment director, following four years as an investment
manager at Fleming Family. Walker previously served as
director within corporate leveraged finance at the Royal
Bank of Scotland.
Coutts
The wealth division of the Royal Bank of Scotland has
appointed Donna Francioni as chief operating officer,
banking credit and treasury products, and Sharon Maguire
as head of banking products. Francioni joins Coutts from
Morgan Stanley Private Wealth Management, where she
was head of banking products. She previously worked at
UBS Wealth Management and Credit Suisse First Boston.
Maguire joins from Citigroup, where she was director of
wealth management and retail banking.
JP Morgan Private Bank
The private bank has announced the hiring of Nick
Lewington, Andrew Brock and Nicola Walden. Lewington
joins as senior investor from Union Bancaire Privee, where
he was head of absolute return fixed income. Brock joins as
a private banker from Bernstein Global Wealth
Management. Walden has been hired as a senior member
of the capital advisory team. She joins from Investec Private
Bank, where she was head of private client banking.
Withers
Gerallt Owen has been made head of international
regulatory and corporate crime at the law firm. Owen joins
as a partner from Crowell & Morings London office. He
brings with him a team of senior lawyers and support staff,
including Anne Davies and Fiona Simpson, two senior
counsel. Owen will work out of Witherss London and
Singapore offices.
Aldermore
The British challenger bank has appointed David Soskin as
non-executive director. Soskin has fifteen years experience
in the digital arena and was chief executive of Cheapflights
Media from 2000 to 2008. He also previously led the global
media corporate finance team at ABN AMRO.
Troika Dialog
As part of the integration of Sberbank of Russia with Troika
Dialog, the investment company, Dmitry Sredin has been
appointed as a senior banker in the corporate investment
unit. Sredin joins from Renaissance Advisories, where he
served as chairman from March 2011. He has also held
senior positions at Citibank.
WHOS SWITCHING JOBS Edited by Tom Welsh
+44 (0)20 7092 0053
morganmckinley.com
SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT
B
RITAINS leading share index ended
higher yesterday after positive US
retail sales data and narrow gains
for defensive shares more than
offset another slide in banking shares on
concerns about Spain.
Pharmaceuticals and utilities sectors
that are less exposed to swings in the eco-
nomic cycle drove the index higher, with
GlaxoSmithKline providing the biggest
individual support, adding five points to
the index.
The FTSE 100 index closed up 0.3 per cent.
Gains in defensive shares were checked
slightly by the weaker performance of UK
banking stocks. They were dragged down by
a jump in Spanish debt yields, which rose
above six per cent, their highest level since
November, on worries about Spains ability
to cut its deficit.
As a result of those jitters, UK financials
proved the biggest drag on the broader
index, with Royal Bank of Scotland shed-
ding more than two per cent.
Lloyds Banking Group was the biggest
Stocks held up by data from across
the pond plus resilient corporates
5,666.28
16Apr
5,750
5,675
5,650
5,700
5,725
5,600
5,625
FTSE
4Apr 5Apr 10Apr 11 Apr 12Apr
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loser, however, dropping
more than three per cent.
In addition to the Eurozone
concerns, it was hit by
reports the Co-op is close to
abandoning a 1.5bn bid for
632 Lloyds bank branches.
The market was awash
with news of dealmaking,
led by British power genera-
tor International Power.
The British firm led gains
for the day, rising 3.2 per
cent on its highest volume
this month, after French
utility GDF Suez agreed to
buy the 30 per cent of
International Power it does
not already own for 6.8bn.
M&A issues also clipped
2.1 per cent off
International Airlines
share price. Sir Richard
Bransons Virgin Atlantic
airline is set to appeal
against what it claims was
Brussels lightning speed
approval last month of the
contentious takeover of BMI
British Midland by
International Airlines
Group, the parent company
of British Airways.
Dow gains on
retail sales but
Nasdaq suffers
T
HE Dow rose yesterday as robust
US retail sales data helped large-
cap consumer stocks, but a four
per cent slide in Apple hurt the
Nasdaq.
US retail sales for March shot up
0.8 per cent, sharply higher than the
forecast, pushing Procter & Gamble
up 1.5 per cent, while giving Wal-
Mart Stores, the worlds largest retail-
er, a 1.4 per cent boost.
But Apple shares dropped 4.2 per
cent to $580.13. After a meteoric rise
of 43 per cent this year, the technolo-
gy giant was ripe for profit taking.
Apple wasnt the markets only
worry. Spains rising borrowing costs
and a weak New York state manufac-
turing report stirred concerns about
Europes debt crisis and the US eco-
nomic recovery.
The market behaviour is fairly
manic today and investors are con-
fused after a mixed set of data,
Spanish yields, and momentum
stocks like Apple losing ground, said
James Dailey, portfolio manager at
TEAM Asset Strategy Fund in
Harrisburg, Pennsylvania.
The confusion is leading to anxi-
ety, and that's why we are seeing the
blue chips, the large caps, outper-
form.
Other major drags on the Nasdaq
included a slide of nine per cent in
the shares of Mattel, the worlds
largest toy maker, on declining quar-
terly sales, and a three per cent drop
in Google shares ahead of a high-
stakes legal battle with Oracle.
The Dow Jones industrial average
rose 0.56 per cent, to 12,921.41 at the
close. But the Standard & Poors 500
Index inched down 0.05 per cent, to
1,369.57. The Nasdaq Composite
Index dropped 0.76 per cent, to close
at 2,988.40.
Procter & Gamble, the worlds
largest household products company,
closed at $66.78, up 1.5 per cent, and
helped bolster the Dow. Wal-Mart,
another Dow component, ended at
$60.58, up 1.4 per cent.
Barring an accelerated flight of
assets out of the Eurozone and into
US equities, we see little reason for
equities to rally appreciably above
the most recent high, said Peter
Cecchini, managing director at
Cantor Fitzgerald in New York.
Having said this, we are expecting
a short-term bounce, which may lead
to a retest of 1,400, he said.
Yesterdays mixed session followed
last weeks pullback, when both the
Dow and the S&P 500 suffered their
worst two-week percentage drops
since late November on increasing
concerns about the Eurozones debt
crisis and weaker-than-expected US
economic data.
Earnings season will pick up steam
this week, with 86 S&P 500 compa-
nies scheduled to report results.
According to Thomson Reuters
data, of the 34 S&P 500 companies to
have reported earnings so far, 76 per
cent have reported earnings above
analysts expectations.
BESTof theBROKERS
National Grid PLC
635
630
640
p
645
650
655
645.50
16 Apr
NATIONAL GRID
Investec rates the UK power provider as a sell with a target price of 549p
ahead of final results in May, but sees greater importance in the outcome
of its UK price controls, with initial proposals due at the end of July. The
broker says National Grids share price reflects a relatively benign outcome
but that it remains wary, seeing the potential for a further capital raise by
about 2015. Investec has factored in a 10 per cent dividend cut in FY13/14.
NEW YORK
REPORT
Smith & Nephew PLC
605
610
p
615
620
625
605.50
16 Apr
SMITH & NEPHEW
Deutsche Bank rates the medical devices company as a hold with a
target price of 625p ahead of first-quarter results due on 3 May. Though
the broker forecasts sales growth to weaken sequentially across all three of
its product lines and Ebitda margins to contract, it also says the companys
ortho sales will attract the most investor attention. Deutsche says the
shares are fairly valued, but expects the extent to which S&N can defend
its share of the hip and knee markets may weigh in the near future.
Aberdeen Asset Management PLC
255
260
p
265
270
275
268.80
16 Apr
ABERDEEN ASSET MANAGEMENT
JP Morgan says that the asset manager remains its top pick in the sector,
but notes that its strong performance in the year to date has been driven
by estimate upgrades rather than a re-rating. The share price is now 18 per
cent higher than at the start of the year broadly matching the increase in
earnings estimates seen over the same period. The broker rates Aberdeen
as overweight with a target price of 306p - slightly raised from its
previous target of 300p.
BORIS SCHLOSSBERG
fx360.com
The contents of this column are provided for general information purposes only. One should consider the appropriateness
of the information in light of their own objectives, financial situation or needs before trading. CD11UK.074.010612
twitter.com/fx360 facebook.com/fx360
DIRECTOR OF CURRENCY RESEARCH, GFT
THE TIPSTER
Not just any trading report
British favourite Marks and Spencer
has had a good run so far this year,
rallying some 25 per cent before giving
some of that back in the recent
correction by stock markets. Today's
results will be keenly watched to see
just how well its clothing sales have
held up where they could benefit from
the warm and dry weather throughout
most of March. Capital Spreads quotes
370.5p-371.2p.
Home Retail Grouphas been
creeping higher since hitting those
lows of 70p in November, reaching
125p three weeks ago. Since then it has
slipped along with the FTSE back
towards 103p, where there is good
support. There is more support just
below at 100p from the round number
and also the 100-day simple moving
average. Look to buy with a stop loss
around 94p for a run through the 110p
area and up to 130p. Spread Co quotes
Home Retail Group at 103.85p-104.31p.
Those anticipating the trading
statement from Burberrytoday will
check for a change in strategy from the
British luxury label. Having seen its
brand tarnished by imitation and by
Katie Price, it has been looking to
revive its exclusive image by catering
for the higher end of the market and
stopping discounts on its products in
department stores. Investors will also
be looking to see if cotton restrictions
from India are having any effects on
profitability. IG Index quotes 1,535p-
1,620p.
CRAIG DRAKE
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cityam.com
TRADING MANAGEMENT WEALTH
19
One of my colleagues wrote last week:
You cant spell Spain without pain, and
truer words have not been spoken. As
currency traders return to a full week of
work after the Easter break, euro-dollar
finds itself under pressure as credit
spreads in the region once again widen
out.
After a few months of relative calm in the
wake of the European Central Banks
(ECB) long-term refinancing operations
(LTRO), the markets are once again
concerned about the credit quality of
Eurozone peripheral debt, with yields on
Spains benchmark 10-year bonds rising
to 6.10 per cent their highest level since
last December. Meanwhile the yield on
German 10-year bunds collapsed to 1.65
per cent on Monday as flight to safety
flows drove the return to record lows.
This widening out of spreads between
the periphery and the core has been the
primary reason for the sell off in euro-
dollar over the past several days.
The rise in Spanish yields occurred
despite the fact that the countrys fiscal
authorities agreed to steep budget
austerity measures. Yet some analysts
have pointed that it is precisely the focus
on austerity that has capital markets
deeply concerned. The fear is that
austerity may destroy the Spanish
economy, and that it will drive Spain
either out of the euro or into the arms of
the European Stability Mechanism.
Euro-dollar therefore appears to be
caught in a Catch-22 situation, as
markets on the one hand demand fiscal
control and austerity, and on the other
become highly concerned that the
medecine will kill the patient. In short,
austerity may kill Spains economy and
therefore no one wants to lend to a dying
government.
Last time the CDS spreads widened out
by 150 points, euro-dollar lost 10 big
figures. This time, the decline has been
much more modest as the pair has only
fallen by 5 cents off its recent highs. Yet
Ray Dalio, the famed manager of
Bridgewater Associates, one of the most
profitable hedge funds in world, believes
that there is more pain to come. Dalio
argues that the LTROs may have
temporarily brought down Spanish
borrowing costs, but they did not
translate more interbank lending, leaving
Spain in worse shape than before.
Furthermore, Spanish banks have little
appetite for more government bonds
while foreign banks continue to be net
sellers of Spanish paper.
All of this should prove quite interesting
this Thursday as Spain attempts to
auction off approximately 4bn of 10, 5
and 3-year bonds. The auction will no
doubt be the focus of the currency
market and its results could determine
the near term direction of euro-dollar.
For the time being, the $1.3000 level
appears to be strong support for the
single currency, which has remained
relatively buoyant despite the onslaught
of negative news over the past several
weeks. However, if this Thursdays
auction proves to be a disappointment,
euro-dollar could not only break the
$1.3000 support but ultimately tumble as
low as $1.2500 over the next few weeks,
as credit concerns and fears of fracture of
the Eurozone return with a vengeance.
AS YIELDS MOVE WIDER,
SPANISH WOES CONTINUE
TO WEIGH ON THE EURO
Euro-dollar
1.3093
16Apr
$
1.28
1.30
1.32
1.34
1.36
1.38
1.40
Nov2011 Dec2011 Jan2012 Feb2012 Mar2012 Apr2012
Ray Dalio argues that the LTRO is set to fail
JOSHUA RAYMOND
While the technology has made it possible to trade wherever you are, you should still look out for the pitfalls
addition, the advent of tablet trading
is expected to further increase the
volume of trades being placed outside
of more conventional forms of
trading.
One of the key benefits to trading
using the mobile trading platform, is
that it enables you to maintain a
higher level of awareness of your
positions and market prices instantly.
However, while the advantages
of mobile trading are there
for all to see, there are
increased risks which
unfortunately, are not
widely recognised by most.
This lack of awareness
can sometimes bring
dangerous temptation, and
can also become a key risk.
Maintaining discipline in all
circumstances of trading is a
CURRENCY STRATEGIST
JOEL KRUGER
My pick: Looking to buy euro-Swiss franc
Expertise: Combining technical and fundamental analysis
Average time frame of trades: 1 month to 3 months
It is hard to ignore the very well publicised SNB SFr1.2000
floor and ability for the market to remain so well supported
by the barrier. Still, the market is technically in the process of
carving a major bottom on the longer-term chart, and we
continue to project additional upside from here. Favorable
yield differentials also dont hurt and we look for a break
back above SFr1.2050 to confirm and likely accelerate gains
further up. Ultimately, only a daily close below SFr1.1900
Dos and donts of mobile trading
cityamactivetrader.com
In association with
Produced by
Buy your ticket online at
T
HE rise of mobile trading over
the past few years has been
tremendous and its easy to
understand why. Before the
launch of the iPhone, most mobile
platforms were fairly average with
poor usability and a lack of trading
tools to make the most out of
trading on the move.
Today you can trade wherever
you are while researching
positions with interactive charts
and financial news direct from
the palm of your hand.
Three years ago, the
average volume of trades
we took from clients via
their mobile device was
just 2 per cent, while less
than one in ten clients
actually used their
mobile devices to
trade.
Today these
figures stand at
20 per cent, with
one in three
clients using
their mobile
devices to trade;
and it continues
to rise. In
STRATEGIST
ILYA SPIVAK
My pick: Short gold
Expertise: Global macro
Average time frame of trades: 1 week to 6 months
A recession in the Eurozone and slowdown in China are
bearing down on global growth while the Fed is turning less
dovish. Meanwhile, fears of a credit crisis triggered by a
Eurozone default have been downgraded after ECB LTRO
efforts buffered the banks with close to 1 trillion in capital.
This stands to sap store-of-value demand for gold. I will enter
short on a weekly close below rising trend line support set
from October 2008, loosely defined at $1,630.
CHIEF STRATEGIST
JOHN KICKLIGHTER
My pick: Short euro-dollar, long euro-Swiss franc
Expertise: Combining fundamental and technical analysis
Average time frame of trades: 1 day to 1 week
The sharp risk aversion move of this past week was quickly
muddled before a bear trend set up shop. As such, taking
early profit on the short sterling-yen and managing Brent
short exposure from $121.25 is necessary. Moving away from
the volatile flippancy of risk trends, I am watching for a
meaningful congestion break from euro-dollar below
$1.3000. In the meantime, Im awaiting the SNBs move with
euro-Swiss franc stalled at SFr1.20000.
20
MANAGEMENT WEALTH TRADING
cityam.com
Joshua Raymond is chief market strate-
gist at City Index. Our brilliant trading
conference Active Trader at which
Raymond will speak is on 24 May
2012: www.cityamactivetrader.com
crucial element towards the success
and failure of your trading account.
In my opinion, by having access
to live market prices and constantly
fluctuating profits and losses, the
temptation to close positions early
or enter markets prematurely,
without a considered strategy in
place, is increased.
But while there is potential to
make irrational trades based on
impulse, this is not to say traders
should be fearful of trading
through a mobile trading platform.
I believe traders should absolutely
use their mobiles to trade, but most
importantly only when the
circumstances create a trading
opportunity.
DO keep an eye on your
positions and the markets.
DO use your mobile to
research future positions and
current price trends.
DO keep an eye on the big
picture; your account balance
and margin requirements are just
as important to watch as your open
trades, which can often be
overlooked when trading on your
mobile.
DO keep an eye on your mobile
connection.
DO remember not to chase the
markets; trade the opportunity
when it arises.
DONT trade on impulse.
DONT forget risk
management tools such as
stop losses.
DONT forget your security
settings; you can adjust your
security settings to protect your
account in the event that your
phone gets lost or stolen.
DONT forget your trading
strategy.
DONT overtrade; increased
access doesnt necessarily
mean increased trading.
ANALYST PICKS
2
TOP 5 DOS
1
2
3
4
5
3
4
5
TOP 5 DONTS
1
G
E
T
T
Y
O
N AVERAGE, traders are right
more than half the time that
they trade, but despite that,
many see themselves wiped
out with big losses. But why is this?
All things being equal, if you win
more than you lose, you should
come out ahead. But while traders
are quite willing to cash in their
chips when a trade goes to plan,
they have a tendency to stay in a
bad trade longer than they should,
throwing good money after bad in
the hope that their fortunes will
turn around and the trade will
come good.
WINNING MENTALITY
The chart below shows data from
FXCM, based on a data set of over
12m trades conducted between
2009 and 2010. It shows the 15 most
popular currency pairs that clients
trade. For example, in euro-dollar,
the most common currency pair,
traders were profitable on 59 per
cent of their trades and lost on 41
per cent of their trades. Though
this data is from FX trades, you
would see a similar chart if you
lined up the 15 most traded UK
equities, or 10 most traded com-
modities. At the root of it all, all
traders want to be right. It is one of
the biggest draws of trading FX or
spread betting. For 1 a point, you
can take a position in the markets
and, all going well, see your views
and opinions vindicated as well as
booking a profit to boot. But when
things go wrong, it is difficult to
admit. You want to stay in the
trade, tell yourself that it is just
temporary and that the markets
will move in your direction eventu-
ally.
BAIL OUT ON TIME
According to David Rodriguez,
quantitative strategist for Daily FX,
the easy to prescribe, but some-
times difficult to adhere to rule is:
cut your losses early, let your profits
Dont get stuck in a
sinking ship: Bail
out in good time
run. Avoiding the loss-making prob-
lem is pretty simple. When trading,
always seek a bigger reward than
the loss you are risking. This is a
valuable piece of advice that can be
found in every trading book, says
Rodriguez. This is referred to as a
risk-reward ratio. If you risk losing
the same number of pips that you
hope to gain, then your risk/reward
ratio is 1:1. If you target a profit of
80 pips with a risk of 40 pips, then
you have a 1:2 risk/reward ratio. You
should always use a ratio of greater
than 1:1. By doing so, even if you are
only right half the time, you will
make a profit.
STOPPING THE HOLES
Once you have your risk/reward
ratio strategy in place, the next step
is to stick to the plan. The way to do
this is to cue up your trade with stop
loss and limit orders. Once they are
set up, do not touch them with the
exception of moving the stop in
your favour to lock in a profit. To
illustrate the benefits of an adhered-
to strategy, the second chart from
FXCM below shows the advantages
of adhering to this system. The
raw system follows a fixed strate-
gy, but without any stops and limits.
The trades made using the raw sys-
tem are profitable 65 per cent of the
time during the measured period,
but lost an average of $200 a time on
losing trades, while making an aver-
age of only $121 on winning trades.
The red line shows the same line set
with stops set at 115 pips and the
limit at 120 pips, keeping the
risk/reward ratio on the right side of
1:1. The second strategy did not have
quite the same impressive rate of
profitable trades, but still achieved a
rate of 59 per cent. But crucially, its
positive trades made more money
than its negative trades lost, result-
ing in profits. Applying this strategy
to your trades should prevent that
sinking feeling next time the tide of
the markets goes against you.
Avoid that sinking feeling
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22
MANAGEMENT WEALTH TRADING
cityam.com
Profit/loss ratios are the key to a winning strategy, says Craig Drake
Prot loss
AUD/JPY NZD/USD USD/JPY EUR/GBP EUR/USD AUD/USD USD/CHF EUR/JPY EUR/AUD USD/CAD EUR/CHF GBP/USD GBP/CHF GBP/JPY AUD/NZD
100
90
80
70
60
50
40
30
20
10
0
%
Losing Winning
Stop losses
14Dec2001 1 Feb2004
Raw
Stops and losses
25Dec2005 21 Jun2007 3Mar 2011 12Jan2009
10,000
8,000
6,000
4,000
2,000
0
-2,000
S
O
U
R
C
E
:

F
X
C
M
S
O
U
R
C
E
:

F
X
C
M
23
MARKETS
cityam.com
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J FECEl EFEE C/l/F` Wl/Fl lElClLFCl E lCLLF`
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FROM
MENS SUITS
175
FROM
MENS FORMAL SHIRTS
20
S
UNDAY marked the 100-year
anniversary of the sinking of
the Titanic, and the deaths of
over 1,500 passengers. But the
tragedy did not end there.
The SS Eastwood was a Chicago-
based passenger ship that sunk in
1915, with over 800 people drowning.
It was a popular tour boat that was
known to be top-heavy, and following
the Titanic was required by Federal
law to increase the number of
lifeboats carried. Unfortunately, this
additional weight compounded the
problem and on 24 July it rolled over
soon after boarding. Those who had
already gone below deck were either
trapped or crushed and despite being
close to shore it resulted in one of
Americas worst nautical disasters.
Im obviously not suggesting that
W
ITH just over two weeks
left in the London
Mayoral race, Boris
Johnson looks set for
victory, with the latest
YouGov poll showing him 6 per cent
ahead of Ken Livingstone. That is the
same margin by which he beat him
in 2008. But, although three polls
have now shown him maintaining
this lead, Johnson should not be
feeling the slightest bit comfortable.
The reason is simple his winning
edge comes courtesy of Labour vot-
ers. In 2008, with the Johnson-
Livingstone lead exactly the same,
the vote for the assembly also had
the Conservatives ahead, by 1 per
cent more. Now, Labour is in front by
10 per cent. Thats an 8 per cent
swing from Conservatives to Labour,
but the Livingstone vote hasnt
moved an inch. Theres a big lump of
Labour voters who are sticking with
the Tory.
We are seeing something that has-
nt been spotted in British politics for
a very long time: a Conservative that
people actually like. Johnson has gen-
CITYJET.COM
PREMIUM, BUT FRIENDLY
I love it when they
remember my favourite tipple
cityam.com/forum
For all his winning
ways, Johnson cant
feel comfortable sitting
on Labour votes
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.
24
STEPHAN SHAKESPEARE
Labour voters leave Ken red-faced
by supporting Boriss re-election
uine star quality: anyone who has
seen him campaigning will have wit-
nessed that people dont just smile
when he comes near, they reach out
to touch him. Of course, partly its
because hes instantly recognisable.
Well before he was mayor, the
Guardian ran a photograph of him
without even bothering to identify
him in the caption it was assumed
everyone would know who it was.
The funny thing was that the photo,
which dominated the whole front
page, showed only the back of his
head. Thats recognition.
But its not just fame. Our polls
show that he has charmed
Londoners. Though we are a general-
ly grudging lot when it comes to
feeding the ego of our local politi-
cians, we are unusually generous to
Johnson: by a margin of nearly two-
to-one, Londoners think he has done
well over the past four years, and
even though many see him as being
for the rich, they still say hes
charismatic, and give him the bene-
fit of the doubt.
True, not everyone is magnetised.
While white voters split 61 per cent
for Johnson, non-white voters split
overwhelmingly, by 71 per cent, for
Livingstone. That of course is no dif-
ferent than the national tendency,
but in London one in three is non-
white. Equally, this election seems to
split along gender lines. With second
preference votes included, and with
figures adjusted for likelihood to
vote, 59 per cent of women favour
Johnson, while 53 per cent of men
favour Livingstone.
For all his winning ways, Johnson
cant feel the slightest bit comfort-
able sitting on those Labour votes. In
two weeks, they could still easily
turn. Not long ago, Livingstone and
Johnson were even. Then the tax
issue did its damage to the Labour
ex-Mayor. But this story, and its
effect on votes, could start to fade.
And Livingstones campaign will
surely focus heavily on Labour, not
on his own faltering image. Policy
issues could start to dominate:
Livingstones promise on lower pub-
lic transport fares shows strongly in
polls (though people dont necessari-
ly believe him the same polls also
show that people are evenly split on
whether Livingstone would actually
do it). The simple fact is, if Labour
voters could be made to stick with
Livingstone, everything would
change. Labour voting Labour easily
sinks Johnson.
Right now, theres no sign of that.
And if Johnson does pull it off, the
Conservatives should be mighty
grateful. After all, London has always
been something of a bell-weather:
the country tends to follow a London
swing. David Cameron will feel
much better at the next general elec-
tion if the Conservatives are at least
half-holding on to the capital.
That Boris Buzz could yet prove
even more valuable. If he wins on 3
May, Johnsons cheerful face will be
plastered all over the Olympics. If for
the next four years he can keep up
his energetic and almost faultless
performance (he did slip up waving
his broom in the aftermath of last
summers riots) he might find him-
self on an even bigger platform, back
in national politics. After all, a man
as front-stage, popular and yet gen-
uinely Tory as Johnson will be a high-
ly sought-after commodity for
Conservatives in an era of plummet-
ing faith in politicians of all stripes.
Stephan Shakespeare is the chief executive
of YouGov.
government regulations alone caused
the boat to sink, but it is a reminder
that everything has costs. There is lit-
tle use having more lifeboats if by
doing so you increase the chance of
needing them. A lesson that financial
regulators would do well to heed.
In 2008 it was partially revealed that
banks held lots of dodgy assets on
their balance sheets. The typically
bureaucratic response to this exem-
plified by Basel II has been to raise
capital requirements and force banks
to hold higher quality (i.e. safer)
assets. If you want to understand why
theres little lending to the sectors of
the economy that really need it for
example SMEs it is because banks
are being incentivised to park their
cash with less risky investments.
Of course, politicians talk a lot
about trying to improve credit condi-
tions and quantitative easing (QE) was
undertaken with the aim of passing
this liquidity on to borrowers. But
studies of the impact of QE tend to
find that it is almost entirely offset by
the restrictions on lending brought
about by higher capital requirements.
Banks are used to being the middle-
men between savers and borrowers,
but now theyre caught with tough
financial regulation on one side and
loose monetary policy the other. It is
hard not to sympathise.
One of the biggest criticisms of capi-
tal requirements is that they are
counter-cyclical they give a boost to
the economy when times are good,
but take money out when there is a
downturn. Yes, stronger balance
sheets may have mitigated the crisis,
but that option is no longer available.
The discussion now should be about
cure, not prevention.
Basel II is as misguided as forcing all
boats to carry more lifeboats even if
the extra weight capsizes them. But it
is even worse than this. In the case of
banking regulations these lifeboats
come in the form of risk free gov-
ernment bonds. It is as if the people
mandating the purchase of lifeboats
are the same people trying to sell
them. And indeed it is because gov-
ernment bonds are considered risk
free that they resemble lifeboats to
the typical investor. The government
is wont to pat itself on the back for
keeping borrowing costs low, but
there are two reasons why we might
see a spike in demand for lifeboats.
One is a better understanding of risk,
and a benevolent desire to improve
the safety of ones passengers. The
other is because people think the boat
is about to sink. If I were a lifeboat
seller Im not sure Id be boasting that
a boom in business is a good sign for
the economy as a whole.
Anthony J. Evans is associate professor of
economics at Londons ESCP Europe
Business School: anthonyjevans@gmail.com
www.anthonyjevans.com
FRONTLINE
ECONOMICS
ANTHONY J. EVANS
What the sinking of the Titanic can teach us about financial regulations
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25
The debate goes on
[Re: We need an open contest to decide
who will run the Bank, Thursday]
The three main objections to a possible
cancellation of the QE gilts appear to be,
firstly, that the Bank of England would
become insolvent, secondly, that we would
lose the ability to sell those gilts back to the
market to drain liquidity should inflation
return and, finally, that it would be illegal
under the Maastricht Treaty. The first issue is
simply a matter of accounting, and could be
resolved by the Asset Purchase Facility
issuing a non-interest-bearing bond to the
Bank for the value of the written-off gilts.
On the second point, the Bank has plenty of
other money market mechanisms (like
selling Treasury Bills, or raising reserve
requirements) to remove excess liquidity
from the economy. And finally, given the
lack of compliance to the Maastricht Treaty
by most of its other European signatories, it
would be difficult to explain why the UK
should have to keep so rigidly to the rules. I
still think the biggest obstacle to a major
gilt cancellation would be one of credibility.
What would international capital markets
think about it, even if the net result was an
much improved fiscal position for the UK?
That uncertain reaction alone would be
enough to make any chancellor think twice.
However, a subtler redirecting of the
coupon interest earned on the QE gilts to
the Treasury, to significantly reduce the UK's
annual borrowing requirement, might be
more tempting.
JimLeaviss, headof retail fixedinterest at M&G
A
FTER several delays, the
secretary of state for
health Andrew Lansley
has finally announced
the public consultation
on the plain packaging of
tobacco looking at whether the
government should force all
tobacco products to be sold in
standardised packets with no
branding and larger graphic
health warnings.
He kicked off the consultation
with the comment that he is try-
ing to arrive at a point where they
[tobacco companies] have no busi-
ness in this country. An astonish-
ing statement for a government
minister to make about a busi-
ness that some 80,000 people in
this country depend on for their
livelihoods.
American business groups have
been among the first out of the
blocks, making a joint statement
over the weekend expressing
deep concern about the
announcement.
These concerns are shared by
many in the UK. Does government
have any place curtailing the
intellectual property rights of
legitimate business, especially
when there is no evidence that
this will achieve the desired
health outcome? Furthermore,
the major beneficiaries of such a
move will be counterfeiters and
traffickers.
Plain packaging of tobacco
already being dubbed the coun-
terfeiters charter has received
a firm thumbs down from the
Taxpayers Alliance. Its recent Tax
Gaps report concludes that plain
packaging could result in not
only a loss of tax revenue but also
the greater use of unregulated
and potentially more harmful
products. That loss would be on
TOP TWEETS
Why a low flat tax on income at all? Why not
tax consumption, while exempting
necessities (automatic relief for the poor)?
@RedKarateka
Why not tax charities at 10 per cent and cap
charity salaries at a maximum of 26k?
@purpleline
Coalition faces far worse political problems
with tax rises than with spending cuts.
Maybe shoulda cut spending more?
@AndrewLilico
A fifth of Ken Livingstone supporters polled
by YouGov dont believe he can deliver his 7
per cent fares cut.
@eljmayes
Is a hosepipe ban the best solution to the
recent water shortages in the south east?
YES
Weve had two exceptionally dry years, with rainfall in March at
less than half the long-term average. Stretches of the River
Kennet in Wiltshire and Pang in Berkshire have completely dried
up and some ground water levels are lower than they were as
far back as 1976.
With no way of knowing what the weather will bring, the
introduction of hosepipe bans is the prudent next step in the
process of conserving water and it will make sure we will have
enough water available when well need it most. When you
realise that a garden sprinkler uses as much water in an hour as
a family of four uses in a day, you start to understand that the
needs of families must come first. We cant make it rain, but we
can all use and waste less water.
Richard Aylard is director of external affairs and sustainability
at Thames Water.
Richard Aylard
NO
Tim Leunig
Rationing is a crude solution, useful only if the alternative is
standpipes in the streets. Today, water companies should offer
commercial users compensation to cut water use. That water
would be resold to families who want to water their gardens and
fill their paddling pools. Since domestic prices are higher, the
water companies can use the extra money they get from
hosepipe-using households to cover the cost of compensation to
commercial users. If necessary, they should raise the price that
they charge domestic users who use a lot of water. This would
give them more revenue that can be used to persuade commercial
users to cut use. And knowing the price people are willing to pay
for more water would tell us whether it is worth building more
reservoirs, cutting leaks, moving water around the country or
building desalination plants.
Tim Leunig is chief economist at Centre Forum.
RAPIDresponses
Plain packaging:
Simply a charter
for counterfeiters
top of the 16.7bn lost to the illic-
it trade in cigarettes and hand
rolling tobacco between 2005-06
and 2009-10.
Lansleys fellow MPs are query-
ing the policy too. Mark Field MP
has said that plain packaging
would create a dangerous prece-
dent for the future of commercial
free speech. Justice secretary Ken
Clarke has expressed surprise
that people think young boys and
others take up smoking simply
because they are attracted by the
packet.
The intention of this latest pro-
posal is to reduce the uptake of
smoking among children, but we
have already had a swathe of new
regulation to try to tackle this.
The age at which you can pur-
chase tobacco was raised from 16
to 18, a total ban on tobacco vend-
ing machines was introduced late
last year to stop underage pur-
chases and a ban on tobacco dis-
plays for larger shops designed to
put tobacco out of sight of chil-
dren came into effect earlier this
month. Why the scramble to
introduce yet more legislation,
without pausing to evaluate the
impact and effectiveness of these
measures?
Counterfeiters and traffickers
will be praying Andrew Lansley
gets what he wants. But business
and consumers cannot afford to
give up without a fight.
Angela Harbutt is campaign director
of Hands Off Our Packs.
ANGELA HARBUTT
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26
Dont get burned
this sunny season
FIT IN
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LAURA WILLIAMS
Kendal Gapinski has the sunscreen lowdown
LIFE&STYLE
TUE2DAY 17 APRIL 2012
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EPISODE 53 MR CASHMAN IS MR BANKS
N
oel has taken to calling Emma
and me Mr and Mrs Banks,
which must make the suitably
intimidating but frankly
unlovely Maria, Mary Poppins.
Id loved the film as a child and had
finally introduced Noel to it on
television at Easter. Now Im beginning
to regret it. Noel immediately
demanded the DVD, which arrived
yesterday. Were currently into our
fourth viewing of the weekend.
Look daddy. Mr Banks, the banker.
Thats you. Whys he such a misery
guts? And whys he dressed funny?
Now let me be quite clear I have never
worn a bowler hat. But knowing of my
loathing for umbrellas, Noel is
especially delighted with my ritual
humiliation and dismissal towards the
end of the film, which includes the
CITY DAD
FITNESS & DIET EXPERT
Eating late at night
wont make you fat
AS YOU return from Easter, balking at the
thought of bearing all on the beach in a
few weeks time after the years annual
chocfest, make sure you dont fall into
one of the clichd diet traps. Here are my
favourite weight loss myths debunked.
When you diet, your body goes into
starvation mode
Your body does become more efficient at
burning calories when you create a deficit
and as a result weight-loss can
sometimes slow, but not much. The fact
is: if youre consuming fewer calories, you
will lose fat. Full stop.
Carbs are the enemy
Carbs contain just four calories a gram and
are the food group most likely to keep you
feeling fuller for longer. While protein and
fat are essential too, its carbs that aid in
everything from helping to maintain a
good attention span to providing you with
a good nights sleep definitely not the
thing to be shunning. However, there are
good carbs and bad carbs: fibre-rich foods
like pulses, whole grains and fruit and veg
are the good guys.
If you exercise regularly, you can
eat what you like
While exercise has a very beneficial effect
on the waistline (it burns lots of calories
and raises your metabolic rate so youre
burning calories even when youre not
exercising), its certainly not a green card
to eat what you like. To lose a pound of
fat through exercise alone, youd need to
run 35 miles. It is better to restrict calorie
intake and exercise.
Diets don't work
Diets work beautifully. Most diets involve
calorie restriction in some form, even if
theyre dressed up as low carb, and when
a big enough deficits created, you will
lose weight. What doesnt work is
resuming your old style of eating that
forced you to diet in the first place if
you return to habits like big portion sizes,
endless snacking, and high cal treats
youll regain the weight.
brutalisation of Bankss umbrella by the
banks senior partners. I wince each time
Noel squeals with delight at the scene.
Is that why you hate brollies so
much, Mr Banks? But Noels usually too
busy turning his own umbrella inside out
to enjoy my favourite scene, the kite-
flying Bankss eventual appointment as
junior partner.
Can we feed the birds Mr Banks and
then start a run on your bank? Daddy,
whats a run on the bank? It sounds
funny.
Its when But the phone rings. Its
Juliette. I fear this could be out of the
frying pan and into the fire. The lawyers
have told me I must have no contact
with her.
David, can I talk to you?
Juliette, you know I cant talk to you
whilst this is being investigated.
But thats the point. I need you to
know my side of the story.
Juliette... Im sorry.
Silence at the other end of the
telephone.
And at that moment Noel bursts in,
brandishing a mop, impersonating Dick
Van Dyke impersonating a long-legged
Cockney chimney sweep.
Supergoop Weekend Away
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If youre heading to a sunny spot,
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including sunscreen wipes, spray
and lip balm.
Lancaster Sport Multi
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Were supposed to wear
sunscreen every day for those
of us who might be a bit forgetful,
this handy combo of cream and
stick is a convenient enough to
slip into your pocket.
Own Active Block Ball, 9.50
drugstore.com
Sun cream is so 2011. This
summer, spice things up with a
sunscreen ball. Thats right, this
solid sun protectant comes in a
round orange container that is
about the size of a tennis ball it
is ultra convenient and wont leak
all over your handbag.
Invisible Zinc Four Hour
Water Resistant Sunscreen,
25.30 selfridges.com
There was a good deal of fuss
about this cream when it launched
in the UK: infused with the super-
mineral Zinc, it is an all-natural
block against the sun that
properly protects you against all
harmful rays and does so without
any of the nasties found in most
mainstream sun creams.
John Masters Organics
Natural Mineral
Sunscreen, 28.50
feelunique.com
Finding organic
sunscreens isnt as hard as
it once was. This one
combines natural
ingredients like green tea,
shea butter, and jojoba oil
to nourish and protect
your skin.
Este Lauder Bronze
Goddess Sun
Indulgence Lotion, 22
boots.com
If you have the delicate
skin of a goddess, then try
this sensitive sunscreen.
Its fragrance makes you
feel like youre at the
beach, even if youre just
relaxing in Hyde Park.
Clarins Sun Care Spray
Oil-Free Lotion, 18
houseoffraser.co.uk
If youre an active sun
seeker who doesnt have
time to worry about your
cream rubbing off, then
try this spray. Its oil-free
formula sinks into your
skin in a jiffy.
La Roche-Posay
Anthelios Melt-In
Cream, 14.50
boots.com
Dermatologists say this is
the worlds greatest
sunscreen thanks to its
ingredient, Mexoryl, which
protects against UVA rays.
Cate shines through
the German gloom
was in 1978, when the play opened in
Germany.)
The plays title could also refer to
its structure: a big whole composed
of small parts. A series of skits that
looks at the theme of rejection and
alienation from various angles, the
play charts Lottes descent from
shunned wife to maniacal outcast.
Each scenario shows her at a differ-
ent stage of loneliness and despera-
tion following the brutal rejection by
her husband Paul, a journalist.
The opening scene would have
been dire in the wrong hands: in
Blanchetts, its amusing, humane
and sad. Lotte sits on a windowsill of
a hotel in Agadir, Morocco, where
shes on a package holiday (but refus-
ing to pay for extras). Shes transfixed
by the sound of two businessmen
conversing outside her window.
Amazing! she keeps saying, in an
Australian twang that, weirdly,
works very well. She relays their
words, whose loftiness she likes, with
an impressive degree of intelligence
but also with a groaning sexual
thirst thats part lust but even more
about a deep yearning for human
company of any sort. Shes truly a
woman alone.
Then Lotte is back in Germany,
popping up at peoples windows and
talking to them uninvited, attempt-
ing to rent a room in the building in
which her ex-husband now lives with
D
EAN Street has a lot on its
plate, so to speak, what with
the hyped-up Dean St
Townhouse, Polpetto and
Duck Soup all within spitting
distance. In the midst of all these
staunchly squats Quo Vadis, a
restaurant, bar and private club
with a colourful history
including ownership by Marco
Pierre White and Damian Hirst.
Originally opened in 1926 by an
Italian called Pepino Leoni, its
now owned by tapas gurus Sam
and Eddie Hart (of Barrafina and
Fino fame) and has been on firm
fine dining footing ever since 2008.
Once again, its all change at Quo
Vadis: Jeremy Lee, formerly of the
Blueprint Caf, has been brought
in to redo the menu. Formerly a bit
more fussy and grand, the new Quo
Vadis experience is a paired down,
mercilessly fresh daily menu where
much costs in the region of 6.
Its delightful atmosphere,
food, service, wine. Youre just as
likely to see an A-list celebrity as a
family out for an evening of
theatre or a couple celebrating
their silver wedding.
The menu is grouped according
to small bites, starters, mains, grill,
pie and braise of the day. Theres
also a theatre set menu from
which I borrowed a garlic and
asparagus soup.
Although the English seasonal
menu has been hot on the food
scene for years now, this one is
refreshingly quirky. Bloater paste,
for example, sounds like something
that would be served in a draconian
boarding school of the 1930s.
Actually, it is potted cured herring
with a thick lard cap, served with
brioche. It was a bit greasy for me,
though a nice idea. The star of the
sub-starters was the eel and
horseradish sandwich: thick
squares of smokey eel with sauce
and shredded pink pickled onions.
Piquant and meaty, softened by
buttered toasted sourdough, it is
worth going back for (though too
small for a whole meal).
The soup was very nice: too
much asparagus and not enough
garlic, but there was no doubting
its genuine green-ness, its nearness
to the garden. Indeed, now that
those vegetables are entering their
seasonal prime, theyre cropping
up all over the menu.
Moving on, my friend had
Tymsboro goats cheese with broad
beans and mint: again, an honest
paste of cheese and greenery that
lacked refinement but meant very
well. She then had a wonderful cod
with olive oil mashed potatoes,
while I had loin of lop (a loppy-
eared pig), with lovely piquant
anchovy sauce and charcoaly
asparagus. God it was good: two
juicy slabs that lay somewhere
between the best bacon, the best
ham and the best chop.
The wine was the surprise star of
the evening. We put ourselves in
the hands of the sommelier Jack
Lewens, who has both a light touch
and formidable knowledge. His
choices were spot on: the first
glasses were a Riesling for me and
a bone-dry Catalonian Calcari for
my friend weirdly, hed got the
two wildly different styles right
according to our different tastes,
without having even asked directly
which wed prefer. All I can say is
that if you like a subtly oaked
Burgundy, then you must have the
Pinot Blanc by Josmeyer from
Alsace (2010).
For mains we were served a
delicious 2010 Garnatxa
Blanca/Macabeo blend by Bodega
Acstic from Monsant, Catalonia
from a magnum. Dessert drew forth
a nectar-like 2009 Gewrztraminer
by Domaine Bott Geyl.
Youll have a lovely evening at
Quo Vadis, whether youre
dashing to the theatre or in it for
the long haul.
27
GOING OUT
LIFE&STYLE
Dean Street classic is reborn again under Jeremy Lee
his lover. In the longest scene, Lotte
stands outside an apartment build-
ing in Essen trying every buzzer in
the hope of finding an old school
friend, whose surname has changed.
In the end, the friend turns out to be
a monstrous shrew incapable of pro-
viding any of the affection or human-
ity Lotte is searching for. As she waits
and buzzes, a parade of characters a
yob and his girlfriend; a paralytic
Turk and his be-furred wife pass by,
adding curious vignettes of the banal
to Lottes struggle.
The second half of the play is hard-
er to follow and more absurdist: Lotte
finds God in a hysterical piece of
physical theatre, clad in a wondrous
spangly leotard. She then continues
being rejected and shunned in an
office, at a bus stop, and finally in a
doctors waiting room, where she
doesnt have an appointment. More
absurd does not mean more interest-
ing or more meaningful, and
although Blanchett continues to
bring an intense pathos and energy
to her role, one cant help but feel
that shes being wasted. Strausss play
should have quit while it was ahead:
after the first act. The second act
doesnt add anything new, and
makes play smaller or at least emp-
tier than it need have been.
Until 29 April at the Barbican. For tick-
ets, go to www.barbican.org.uk or call 020
7638 4141.
Quo Vadis cosy main dining room, serving hearty English food in the heart of Soho.
RESTAURANT
QUO VADIS
26-29 Dean Street, W1D 3LL
FOOD hhhhi
SERVICE hhhhi
ATMOSPHERE hhhhi
Cost per person without wine: 20-40
Blanchett as Lotte, a character who is always shut out from love
Film-star Blanchett
is brilliant on stage
WORDS BY
ZOE STRIMPEL
L
ATE seventies German avant-
garde theatre is not generally
something Id cross town to
see, let alone spend money on.
But for Big and Small (Gross und
Kleine) by Botho Strauss, one of
Germanys most-performed play-
wrights, Id make an exception.
With the exquisite Cate Blanchett
starring as Lotte, the manic, pitiable
central character, it could have been
experimental Inuit theatre and Id
have been there.
Big could refer to Blanchetts per-
formance in this Sydney Theatre
Company show: a radiant, passion-
ate, ever-changing and sometimes
highly comic one. Small could refer
to the depth of the other characters
and of the plays overall meaning,
which isnt much more than a long
jab at the shoddiness of your average
selfish Joe in a secular, industri-
alised society. (Albeit one with Hitler
still very much on the mind, as he
THEATRE
BIG AND SMALL
The Barbican
hhhii
CHAMBERLAIN and Thelwells
business is all about fresh seafood
of the highest quality and we focus
entirely on that element of the
market. We are proud that our
wholesale clients are among the
most discerning five star hotels,
clubs and other worthy
institutions in and around London
and they rely upon us to be able to
respond to their needs and source
and deliver the very best. In turn
we can only do this as a result of
relationships we have established
with quality suppliers from
around the British Isles over many
years. Our work starts at around
2am when we will be talking to
suppliers at the coast and taking
delivery of our seafood and
preparing it, including filleting
carried out traditionally by hand
by skilled blocksmen. All of this is
done in the early hours of the
morning before the first delivery
goes out at 7am.
Because most of what we source
is wild produce, nature and the
weather determines supply and we
have to judge this and respond
daily. Seafood is one of the last
remaining wild products and while
good farmed products are
available, a wild fishs texture and
flavour will reflect its natural
habitat and the food and nutrients
in the sea around it. The flavours
can be quite refreshingly different.
This applies equally to shellfish.
Imagine the freshness of West
Coast Irish oysters, washed over by
the fresh waters of the Atlantic.
Because we use responsible and
sustainable methods to obtain our
seafood, this dictates supply. For
example, our scallops are hand
dived, usually from Sutherland in
Scotland, which can mean a person
in a wetsuit going out into the
Northern Scottish coastal waters to
gather them.
This is a skilled and time-
consuming task, particularly if the
weather is bad. Similarly,
responsibly line-caught sea bass
will normally involve small day-
boat fishermen going out using
traditional methods, which ensure
they only take out of the sea what
they need and do not destroy the
natural environment. We think our
customers appreciate the
provenance of our sourcing right
through from the sea to the plate.
THE Chamberlains and Thelwell
family business has been around for
65 years. History like that can be
enough to crush a new chef. Do you
keep things the same and be
accused of resting on your laurels,
or make sweeping changes and risk
alienating your clientele?
Andrew Jones, who joined
Chamberlains from Claridges in
November, expertly walks the
tightrope, devising a menu that
maintains a focus on freshly sourced
produce while adding a modern
flourish. His approach was clear
from the beginning, when we were
presented with a deliciously creamy
oyster gratin enough to win over
my guest, a resolute oyster cynic
who had secretly confided that I
would have to sneakily chug any
oysters that arrived on her plate. The
excellent glass of Billecart-Salmon
Brut Reserve it came with may have
helped.
Hot on its heels was a plump
scallop with roasted parsnips a
wonderful combination of light and
wholesome that sat somewhere
between fine dining and your
mothers cooking on a particularly
good day.
My guests foie gras was
decadently melt-in-the-mouth and
expertly paired with a glass of
Sauternes Ginestet Bordeaux. Our
waiter Jose under the watchful eye
of head of operations Alessio
Bascherini showed the kind of easy
fluency with the wine list youd
expect from a top Mayfair
members club.
Continuing the
air of decadence
(no doubt egged
on by the sea
of wine
glasses
accumulating
around us), we
squeezed
another course in
before the mains. I
Chamberlains (bottom right) is located in the stunning Leadenhall Market (top). Head chef Andrew Jones (bottom left picture, second from left)
28 LIFE&STYLE FOOD
A genuine City institution
CHAMBERLAINS
23-25 Leadenhall market, EC3V 1LR
FOOD hhhhh
SERVICE hhhhh
ATMOSPHERE hhhhi
Cost per person without wine: 38
For a fish paradise, take a trip to Leadenhalls Chamberlains
went for a baked fillet of lemon sole,
which came delicately wrapped
around scallop and served with a
delicious if rather artery-clogging
lobster cream. The almond-crusted
fillet of halibut vanished so quickly
from the plate opposite I can only
hazard a guess that it was very good.
For my main: sea bass.
Its a tough dish to
impress with,
given how
popular it
has
become
its rarely
bad but it
tends to be
like kissing
your wife
rather than snogging your secretary.
Jones, however, didnt disappoint,
grounding the lightness of the fish
with hearty braised ox cheeks and a
hazelnut dressing: more than
enough to keep things interesting.
The wood pigeon my guest quickly
devoured was cooked to perfection,
served with a fascinating
combination of baby leeks, apple
and liquorice jus.
And just when I thought I had
been defeated, a port-poached pear,
stuffed with a divine stilton ice
cream, arrived a sumptuous way to
tie up the proceedings.
If youre a fish-lover and you
havent been to Chamberlains yet,
you should be ashamed of yourself.
Steve Dinneen
We catch up with
Chamberlains
managing director
Anne Donoghue
Q
Tell us a little about the history
and ethos of the business.
A
Located in the architectural
splendour of Leadenhall Market,
Chamberlains Restaurant is an
independent, family-owned
operation; a natural extension of our
premium seafood wholesale
business, Chamberlain and Thelwell
Ltd. Established at Old Billingsgate
Market in 1947, there have now been
three generations of the family
involved in the business.
Chamberlain and Thelwell have long-
standing relationships with many of
Londons five star hotels, exclusive
clubs and renowned institutions.
Chamberlains Restaurant opened
11 years ago. The philosophy was
and remains to bring the finest
produce, both seafood and meat, to
our restaurant customers and to
harness our unique in-house
sourcing knowledge and expertise.
Chamberlains customers can be
assured that whatever day of the
week or time of the year they visit,
they will have the opportunity to eat
some of the best, freshest,
predominantly British seafood,
expertly created into delicious dishes
by head chef Andrew Jones.
Q
What is Andrew Joness vision
for the restaurant?
A
Andrew joined Chamberlains as
head chef in November 2011,
joining executive chef Matthew
Marshall. Andrew has an impressive
pedigree, including holding the post
of premier sous chef at Claridges.
Andrew is also one of only a few
people to be a winner of the
acclaimed Roux Scholarship,
awarded to only one person a year,
with previous winners including
Andrew Fairlie, Sat Bains and Simon
Hulstone. Andrew now wants to
prove himself by establishing
Chamberlains even more firmly on
the gastronomic map. He told me the
other day: Our restaurant menu
reflects the very best of what is
available from around the British
Coastal waters. We have staple dishes
on the menu including Dover Sole
and native Scottish Lobsters. We have
our own lobster tanks at Billingsgate
market and the lobsters are sent to
me fresh daily. Ray [Steadman, co-
owner, see column right] and I talk
constantly about what is best on the
market and I can receive a phone call
at any time night or day to be
informed first-hand of a catch that
we would want to put on the menu
even if only for a couple of days while
a particular fish is available. This
ability to truly react to and reflect
the very best of wild British produce
on our menu is a unique element of
Chamberlains and enables me to
use my creative skills.
Q
What else makes Chamberlians
special?
A
The restaurant building itself is
great as it offers flexible space on
four different floors, including an
atmospheric basement bar through
to more formal dining and fantastic
outside space for a drinks reception
on the terrace. We open at mid-day,
making the restaurant ideal for City-
workers. People can choose from the
main menu or the slightly cheaper
bar menu, which features simpler,
quicker to prepare dishes. We do a
great line in special occasions and
Christmas parties. We tend to find
that once someone has held a private
dinner or party with us, they will
rebook the next year. It is partly
down to our reputation for service,
which is reflective of the family
nature of the business, focussing on
attention to traditional values of
service and friendliness.
Q
Which dishes would you say
really sum up what
Chamberlains restaurant is all
about?
A
Examples of main courses are wild
sea bass garnished with braised ox
cheeks, endive and hazelnut dressing
or baked fillet of lemon sole with
lobster and scallop. We also work
closely with like-minded suppliers of
meat and vegetables to ensure that
customers are served the best
seasonal game dishes and the finest
meat, including Castle of Mey
Selections beef from the Prince of
Wales Estate. A couple of meat
examples from our menu are roasted
wood pigeon with baby leeks, apple
salad and liquorice jus, or assiette of
Welsh lamb with Wye Valley
asparagus and thyme jus.
Q
What about your selection of
wines?
A
Our wine list has evolved with the
restaurant, with the variety
increasing as we have moved closer
to fine dining. Alessio Bascherini, our
director of operations, and
restaurant manager Xavier Poiget are
the experts, who liase with Andrew
to match the best possible wines with
the food. We stock a good mix of
varieites, with white grape classics,
such as white Burgundy, Sancerre
and Pouilly Fume and red grape
Pinot Noir, Shiraz and Chateauneuf
du Pape.
To book a table call 020 7648 8690 or
visit chamberlainsoflondon.com
RAY
STEADMAN
CO-OWNER
I start work at 2am
to get the best fish
cityam.com
29
TV & GAMES
cityam.com
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BRITISH EUROSPORT
7pmSnooker: The Masters 8pm
Boxing 10pmInside WTCC
10.30pmPorsche Super Cup
10.45pmMotorsports Weekend
11pmLamborghini Super Trofeo
11.30pm-12.30amCycling
ESPN
7pmEredivisie Review Show
8pmNBA Basketball 10pm
ESPN Game of the Week
10.30pmRussian Premier
League Review11pmSerie A
Review11.30pmPress Pass 2012
12amUFC 3amPlanet Speed
3.30am-6amLive NBA
Basketball
SKY LIVING
7pmCriminal Minds 8pmThe
Biggest Loser USA 9pm
Unforgettable 10pmCriminal
Minds 11pmBones 12am
Medium1.50amMaury 2.40am
Bones 3.30amAmericas Next
Top Model 4.20amNothing to
Declare 5.10am-6amJerry
Springer
BBC THREE
7pmTotal Wipeout 8pmYoung,
Dumb and Living Off Mum9pmI
Woke Up Gay 10pmEastEnders
10.30pmRussell Howards Good
News 11pmFamily Guy 11.45pm
American Dad! 12.30amI Woke
Up Gay 1.30amRussell Howards
Good News 2amYoung, Dumb
and Living Off Mum2.55amThe
Anti-Social Network
3.55am-4.55amOur Crime
E4
7pmHollyoaks 7.35pmHow I
Met Your Mother 8.30pmRules
of Engagement 9pm90210
10pmCleveland Show10.30pm
Napoleon Dynamite 11pmRicky
Gervais Show12amThe Big
Bang Theory 1amScrubs 2am
How I Met Your Mother 2.45am
Meet the Parents 3.10amRules
of Engagement 3.35amGreek
4.15amMade in Chelsea
5.10am-6amSwitched
HISTORY
7pmStorage Wars 7.30pmPawn
Stars 8pmCash Cowboys 9pm
Storage Wars 10pmNo County
for Old Men 11pmAmerican
Pickers 12amStorage Wars
12.30amPawn Stars 1amNo
County for Old Men 2amCash
Cowboys 3amAmerica: The
Story of the US 4amHeir
Hunters 5am-6amAncient
Discoveries
DISCOVERY
7pmBear Grylls 8pmBritains
Secret UFO Hunters 9pm
Wheeler Dealers 10pmDeadliest
Catch 11pmLicence to Drill
12amBear Grylls 1amWheeler
Dealers 2amDeadliest Catch
3.50amIce Pilots 4.40am
Wheeler Dealers 5.30am-6am
Destroyed in Seconds
DISCOVERY HOME &
HEALTH
7pmSupernanny 8pm19 Kids
and Counting 9pmMystery
Diagnosis 10pmUntold Stories of
the ER 11pmHoarding: Buried
Alive 12amMystery Diagnosis
1amUntold Stories of the ER
2amHoarding: Buried Alive 3am
Supernanny 4amA Baby Story
5am-6amBaby Tales
SKY1
7pmThe Simpsons 8pmTouch
9pmFILMBehind Enemy Lines
2001. 11.05pmRoad Wars
12.05am35mm12.35amAirline
1.30amCustoms 1.55amNight
Cops 2.45amDanny Dyers
Deadliest Men 3.40amFootball
Behind Bars 4.35amCustoms
5.05am-6amOops TV
BBC2 ITV1 CHANNEL4 CHANNEL5
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6pmBBC News
6.30pmBBC London News
7pmThe One Show
7.30pmEastEnders: BBC News
8pmHolby City
9pmCHOICE The Syndicate
10pmBBC News
10.25pmRegional News; National
Lottery Update 10.35pmThe Matt
Lucas Awards 11.10pmKevin
Bridges: Whats the Story?
11.40pmThe Estate 12.10am
FILMUnderclassman 2005.
1.40amWeatherview1.45amSign
Zone: The Apprentice 2.45am
Antiques Road Trip 3.30am
Britains First Photo Album
4am-6amBBC News
6pmEggheads:
6.30pmCelebrity Antiques
Road Trip: Phil Tufnell and
Chris Hollins compete for the
best deals.
7.30pmGreat British Menu
8pmThe Hairy Bikers
Bakeation: Si King and Dave
Myers go baking in Italy.
9pmMeet the Romans with
Mary Beard
10pmCHOICE Later Live
with Jools Holland
10.30pmNewsnight: Weather
11.20pmThe 70s
12.20amBBC News
4am-6amBBC Learning Zone
6pmLondon Tonight
6.30pmITV News
7pmEmmerdale
7.30pmCountrywise Kitchen
8pmWho Wants to Be a
Millionaire? Celebrity
9pmThe Mighty Mississippi
with Trevor McDonald
10pmITV News at Ten
10.30pmLondon News
10.35pmThe Big Quiz
Benidorm v Essex
11.35pmLadette to Lady:
Australia
12.30amThe Zone; ITV News
Headlines 3amCrossing Jordan
3.45am-5.30amITV Nightscreen
6pmThe Simpsons
6.30pmHollyoaks
7pmChannel 4 News 7.55pm
4thought.tv 8pmSupersize vs
Superskinny 9pmCHOICE The
Undateables 10pmFacejacker
10.30pmHit the Road Jack
11.05pmRandom Acts 11.10pm
Desperate Housewives 12.05am
Poker 1.05amKOTV Boxing Weekly
1.30amSailing: Americas Cup
Uncovered 2amBritish F3 2.25am
FIA GT Championship 3.20amThat
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London 2012: Paralympics Extra
4.40amBrief Encounters of the
Sporting Mind: Kickboxing 4.50am
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6pmHome and Away
6.30pm5 News at 6.30
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Trailers: 5 News Update
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5 News at 9
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Investigation
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12.50amSuperCasino
3.55amHouse Doctor 4.20am
Michaelas Wild Challenge 5.10am
Great Scientists 5.35am-6am
Great Scientists
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 19
20
21 22
16 14
34 6
10 22
11 27
19 22
29
9 13
29 11
34 12
20 35
8 10
10
23
38
12
16
43
18
30
7
8
13
21
24
39
9
25
37
7
11
ACROSS
1 Light violet
colour (5)
3 Be overcome by a
sudden fear (5)
7 Mother (4)
8 Showing self-
interest and
shrewdness (5)
9 Faithful (5)
11 Farming (11)
14 Narrator (11)
16 Gains victory
over (5)
19 Financial
institutions (5)
20 Cook slowly and
for a long time
in liquid (4)
21 Develop fully (5)
22 Number indicated
by the Roman XL (5)
DOWN
1 Birthplace of
Mohammed (5)
2 Basic French dressing
for salads (11)
3 Buddy (3)
4 Pale medium-dry
Spanish sherry (11)
5 Word indicating a
negative answer (3)
6 Bear a young cow (5)
10 Apartment consisting
of a series of
connected rooms (5)
12 Intestine (3)
13 Fish eggs (3)
14 Not afected by
alcohol (5)
15 Corroded (5)
17 Type of cobra (3)
18 One-hundredth
of a yen (3)
L
X
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N
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4

4
4
L A R G E T A S T Y
O A R A O
S W A M C A N N E D
E B I D N M E
R H O N E S H A L L
M R A M R
T W I N E I D I O T
O N L T U N E
A R A B I C M O B S
S T C B T
T H E F T D O W R Y
4 8 3 1 9 8
1 5 9 6 8 2 4 3 7
6 2 4 3 1 4 9
1 7 7 9 7 2 8
4 9 7 8 2 3 1 5
8 9 5 1
3 2 6 1 4 2 1 7
8 7 9 6 3 5 9
9 3 6 9 8 7 4
5 4 9 1 8 7 3 2 6
1 2 3 1 3 9
4
4
4
4
4
4
4
4
4
The nine-letter word was
PERFUMING
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BBC1 BBC2 ITV1 CHANNEL4 CHANNEL5
THE SYNDICATE
BBC1, 9PM
Leannes past catches up with her and
she panics when Stacey goes missing.
Drama, starring Joanna Page,
Matthew McNulty and Lorraine Bruce.
LATER LIVE WITH JOOLS
HOLLAND BBC2, 10PM
New series. The programmes 40th run
kicks off with performances by Paul
Weller, Beth Jeans Houghton, Willis
Earl Beal and Ceu.
THE UNDATEABLES
CHANNEL4, 9PM
Sam, a 27-year-old actor with Downs
syndrome, hopes to find a woman he
can share his life with in the last
edition in the series.
TVPICK
ARSENAL manager Arsene Wenger
last night ruled midfielder Jack
Wilshere out of Englands Euro 2012
campaign after seeing his sides grip
on a Champions League place weak-
ened by a shock defeat to relegation-
battling Wigan.
Wilshere, who suffered an ankle
injury in pre-season, had hoped to
return for the run-in and the
European Championship but
Wenger said the tournament would
come too soon for the 20-year-old.
It is huge blow for Englands hopes
in Poland and Ukraine and Wenger
also warned Team GB boss Stuart
Pearce that selecting him for the
London 2012 Olympic football com-
petition would be the worst idea.
He will not be ready for the end of
the season and not for the Euros,
said Wenger, who added that an
ankle injury suffered by midfielder
Mikel Arteta looked a serious one.
He [Wilshere] is devastated, and
you can understand that. What kept
him going until now was that he felt
if it was not with us, he would still
have a good chance to go to the Euros
but that is over now as well.
It was a miserable night for
Wenger, whose side could only man-
age a Thomas Vermaelen header in
response to early goals from Franco
di Santo and Jordi Gomez.
They missed the chance to widen
the gap with Tottenham to eight
points, and captain Robin van Persie
ended the match squaring up to
Wigan skipper Gary Caldwell in
furstration.
Wigan, who climbed five points
clear of the relegation zone, had
arrived with a miserable record in
north London, having never taken a
single point in nine visits, but quickly
put that behind them.
After seven minutes they were one
up, pouncing on a weak corner and
haring upfield, Moses and Gomez
finding Di Santo, whose touch rico-
cheted over the advancing Wojciech
Szczesny and allowed him to tap in.
Less than 90 seconds later the visi-
tors had doubled their lead, an exqui-
site turn buying Moses space to cross
low from the left for Gomez to prod
home as Szczesny sought to smother
the loose ball.
Arsenal, with eight wins in their
previous nine games, had not started
badly and mounted a quick response,
Vermaelens powerful header from a
lofted Tomas Rosicky cross reducing
the arrears on 21 minutes.
Wengers men are comeback spe-
cialists but, although Rosicky and
Johan Djourou shot narrowly off tar-
get, grew increasingly frustrated by
their inability to break down a superb
Wigan team scrapping for survival.
Van Persie squared up to Caldwell at the
end of a frustrating night for Arsenal
LONDON Irish full-back Delon
Armitage has confirmed his summer
transfer to Toulon, where he will
join brothers Steffon and Guy.
The long-mooted move sees
Armitage, 28, become the latest in a
procession of English players to be
tempted by a lucrative deal with a
French club.
It is almost certain to spell the end
of his 26-cap England career,
however, with foreign-based players
Armitage quits Irish for Toulon
while Sarries land Hargreaves
told they will be overlooked.
I feel its the right time for me to
move on at this stage in my rugby
career, said Armitage. I am looking
forward to joining Steffon and Guy
at Toulon.
Meanwhile Saracens are to sign
South Africa lock Alistair Hargreaves
in the summer from Super Rugby
side Sharks.
Hargreaves, 25, is set to replace
Australian forward Hayden Smith,
who has agreed to switch sports to
join the NFLs New York Jets.
30
SPORT
cityam.com/sport
BY SPORTS DESK STAFF
BAHRAIN Grand Prix chiefs have
dismissed fears over this weeks
race, insisting the troubled Gulf
state has a long future ahead on
the Formula One calendar.
Ongoing civil unrest, at times
erupting into violent protests, has
jeopardised the race, which was
struck off last years schedule over
safety concerns. But the first teams
arrived yesterday without incident
following Sundays Chinese Grand
Bahrain bullish as first teams
arrive for troubled Grand Prix
Prix and circuit chairman Zayed
Alzayani is bullish about the
prospects of staging the event for
many years to come.
Weve been in Formula One for
seven years and we will be in it for
much longer than that, he said.
We wouldnt take a decision on a
gamble. We are committed to the
Grand Prix and to its success.
F1 chief Bernie Ecclestone last
week played down claims that teams
were reluctant to visit Bahrain but
admits the races future is in doubt.
ARSENAL.....................................1
WIGAN.......................................2
BY FRANK DALLERES
PREMIER LEAGUE
Man Utd 34 26 4 4 82 28 82
Man City 34 24 5 5 85 27 77
Arsenal 34 20 4 10 67 43 64
Tottenham 33 17 8 8 57 38 59
Newcastle 33 17 8 8 50 42 59
Chelsea 33 16 9 8 56 38 57
TOP SIX
TEAM PLD W D L F A PTS
Wilshere ruled
out of Euros as
Arsenal falter
against Wigan
T
HERE is no getting away from
the fact that Saturdays Grand
National left a bad taste in the
mouth. I left Aintree racecourse
for a second year running with a
hollow feeling inside after another
two horses lost their lives in the most
famous race of them all.
Synchronised, one of the stricken
pair, had enjoyed a famous victory
in the Cheltenham Gold Cup less
than a month earlier and I suppose
his loss made the race that much
more unsatisfactory.
To lose any horse is a tragedy; to
lose one so famous on the biggest
stage makes even racings most
ardent supporters ask questions.
The Grand National is an
institution, but one which is sadly
becoming harder to justify in its
current format.
But lets get one thing straight: I
havent turned into an anti
overnight and would rather see
Christmas banned. Its just that I
have come to terms with the fact
that the minor safety changes made
over the last 12 months have made
little to no difference and it may
now be time for more drastic
measures. In metaphorical terms,
the antibiotics havent worked, and
racing must look at possible
surgery.
HAZARDOUS
I walked the course before the race
at the weekend and it was visible
that the fences had been lowered
and some of the uneven landing
areas levelled.
Ironically, racings attempts to
make the race safer have in fact
made it more dangerous. Jockeys
are now prepared to go that yard
quicker in the knowledge that the
fences pose less of a risk.
The safety measures imposed on
Bechers Brook, the most dangerous
fence of them all, have made the
obstacle more hazardous.
Jockeys are now aggressively
angling to tackle the fence on the
inside, when previously they just
looked for space in an attempt to
negotiate it safely.
Racing will correctly take its time
and make no knee-jerk, emotionally
driven decisions. However, I believe
the key is to reduce the field to a
maximum of 30, from the current
40. It would allow the runners more
chance to space out, giving pilots,
and more importantly their
mounts, a better view of the
obstacles and a chance to avoid
other fallers.
It wouldnt alter a British
institution, but would make it that
much safer.
Bill Esdaile is City A.M.s racing
expert. You can follow him and join the
debate on Twitter @BillEsdaile
We must keep
National but
reduce the field
to make it safer
RACING
COMMENT
BILL ESDAILE
G
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Aguero is one of three City nominees
GOAL-LINE technology is unlikely to
be in place by the start of next
season even if it is given worldwide
approval in July.
Juan Matas phantom goal for
Chelsea in Sundays FA Cup semi-
final has increased calls for video
replays, with Tottenhams
Emmanuel Adebayor saying
avoidable refereeing mistakes were
killing the game.
The Football Association says it is
in favour, but installing the
technology in the top flight alone is
likely to take three months from its
sanctioning.
It is also unclear whether its use
would be permitted in the FA Cup,
where some smaller teams may not
be able to afford to equip their stadia
with the necessary devices.
Video tech not
ready for start
of next season
MANCHESTER City dominate
the nominations for the PFA
Player and Young Player of the
Year awards, but Arsenals
Robin van Persie is favourite to
claim the top prize on Sunday.
City trio Sergio Aguero,
David Silva and Joe Hart are all
on the six-man shortlist for the
Player of the Year gong, while
Aguero also makes the Young
Player list.
Van Persie, Tottenham
midfielder Scott Parker and
Manchester United striker
Wayne Rooney complete the
Player of the Year line-up.
The Dutchman has enjoyed a
phenomenal season despite
Arsenals turbulent campaign,
scoring 34 goals.
Last years senior award
winner Gareth Bale and Spurs
team-mate Kyle Walker,
teenage Arsenal midfielder
Alex Oxlade-Chamberlain,
Chelsea striker Daniel
Sturridge and Uniteds Danny
Welbeck join Aguero in vying
for the Young Player award.
cityam.com
BY FRANK DALLERES
Aguero on both lists as Man
City dominate PFA Awards
BOLTON midfielder Fabrice
Muamba pledged his eternal
gratitude to the London doctors
who saved his life after his release
from hospital yesterday, 30 days
after the on-field cardiac arrest
which almost killed him.
Muamba, who collapsed during a
match at Tottenham on 17 March,
did not respond to mouth-to-mouth
resuscitation or 15 electric shocks
and was only revived upon reaching
hospital 78 minutes later.
The 24-year-old said in a
statement: I am naturally very
pleased to be discharged from
hospital and would like to take this
opportunity to pay tribute to every
single member of staff at the
London Chest Hospital who have
played a part in my care. Their
dedication, professionalism and
expertise is simply amazing and I
will forever be in their debt.
Muamba was pictured yesterday
with Dr Andrew Deaner the man
who leapt from the White Hart Lane
crowd to help Bolton and Tottenham
medics at the scene and Dr Sam
Mohiddin, both of the Barts Health
NHS Trust. It is not known whether
the former Arsenal trainee will play
football again, but his recovery has
already been described as
miraculous by Deaner.
BY FRANK DALLERES
Muamba (centre) thanked doctors Andrew Deaner (left) and Sam Mohiddin (right)
PFA Player of the Year award
shortlist 2011-12
Robin van Persie (Arsenal)
Sergio Aguero (Man City)
David Silva (Man City)
Joe Hart (Man City)
Wayne Rooney (Man Utd)
Scott Parker (Tottenham)
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Results
PFA Young Player of the Year
award shortlist 2011-12
Sergio Aguero (Man City)
Gareth Bale (Tottenham)
Kyle Walker (Tottenham)
Daniel Sturridge (Chelsea)
A Oxlade-Chamberlain (Arsenal)
Danny Welbeck (Man Utd)
IN BRIEF
Drogba: Chelsea can upset Barca
nFOOTBALL: Striker Didier Drogba insists
Chelsea can shock Barcelona in tomorrows
Champions League semi-final first leg. Its
a 50-50, even if they are said to be the best
team in the world and have the best player
in the world, said Drogba. There are two
games. Anything can happen.
Bangladesh coach Law resigns
nCRICKET: Bangladesh coach Stuart Law
has announced his resignation, just nine
months after taking the job. The former
Australia batsman, 43, signed a two-year
deal in July but is to depart in June, citing
family reasons.
Gutted, sad, devastated... Its been a test for
me mentally this season and it will continue to
be tough til Im back
31
Im forever in debt, discharged
Muamba tells life-saving docs
Jack Wilshere reacts to Euro 2012 blow
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Cityam 2012-04-17

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Cityam 2012-04-17

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Hedgies march out of Mayfair as property costs bite

LONDON hedge funds are moving

Yes. Personally, I dont think this is a good

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