Ladies' Day at Ascot: Ratings Slashed On Global Banks

Businesses
back return
of O-levels
BUSINESS groups last night wel-
comed the news that education
secretary Michael Gove wants to
drop GCSEs and bring back tradi-
tional O-level exams in an attempt
to boost academic rigour.
Businesses have steadily lost con-
fidence in the ability of the educa-
tion system to deliver young people
who are ready for the world of
work, said Adam Marshall of the
British Chambers of Commerce.
If this is a route that leads more
employers to say more young peo-
ple are ready for the world of work,
then it will have been successful.
Yesterday Gove told the House of
Commons he wants to tackle the
culture of competitive dumbing-
down and see every student in
this country able to take world-class
qualifications.
Neil Carberry, head of education
& skills policy at the CBI, said that
rigorous standards are essential if
an exam system is to produce
young people with the right skills,
attitude and aptitude to succeed in
the workplace. We are concerned
that GCSEs in their current form
may not be delivering on
these requirements.
But Gove faces a struggle
to implement the propos-
als as the Lib Dems
have signalled they
will fight the changes,
in another blow to
the unity of the
coalition.
BRITISH banks were among 15 global
financial institutions hit by a sweep-
ing set of downgrades from rating
agency Moodys late last night.
Barclays credit rating was cut two
notches, while HSBC and RBS each
had a notch knocked off their ratings.
In a separate but concurrent
announcement, Lloyds also had its
rating downgraded by one notch.
The move had been widely expect-
ed throughout yesterday evening,
but nonetheless threatens to cost the
worlds biggest lenders billions in
extra borrowing and collateral costs.
The Dow Jones in New York
endured its second worst day of the
year, with some banks closing down
on fears of an impending downgrade
from Moodys.
I expect the FTSE will open down
this morning by around 50 points,
commented Joshua Raymond of City
Index late last night.
There was some relief after the
announcement for Morgan Stanley,
however, which saw its rating cut by
just two notches a less severe ver-
dict than the three-notch cut that
Moodys had previously threatened.
Morgan Stanley shares gained just
over three per cent in after hours
trading, following the statement.
The harshest knock was dealt to
Credit Suisse, which was listed as the
only bank to be downgraded by three
notches. The decision adds to a mis-
erable fortnight for the lender, after
the Swiss National Bank said last
week that Credit Suisse must bolster
its capital buffers more quickly.
All of the banks affected by todays
actions have significant exposure to
the volatility and risk of outsized
losses inherent to capital markets
activities, warned Greg Bauer, a
banking director at Moodys.
Yet many banks are expected to
publish retorts today, in a bid to
defend their credit worthiness. Last
night Lloyds was the first to react:
We believe this change [to our
credit rating] will have limited
impact on our funding costs and
market capacity, Lloyds said. It is
important to note that Moodys has
confirmed that Lloyds short-term
funding rating remains unchanged.
RBS also hit back: The group dis-
agrees with Moodys ratings change,
which the group feels is backward-
looking and does not give adequate
credit for the substantial improve-
ments... made to its balance sheet,
funding and risk profile.
Moodys had announced in mid
February that a review was under-
way into global investment banks
ratings, arguing that existing ratings
did not adequately take into consid-
eration the more fragile funding
conditions, wider credit spreads and
increased regulatory burdens.
BY JAMES WATERSON
FTSE 100 M5,566.36 -55.93 DOW M12,573.57 -250.82 NASDAQM2,859.09 -71.36 /$ M1.56 -0.01 / 1.24 unc /$ M1.25 -0.01
BUSINESS WITH PERSONALITY
LONDON2012
days to go
FRANKIE DETTORI WINS THE GOLD CUP ON COLOUR VISION
See Page 30
JULIE WALTERS AT THE NATIONAL: OUR FIVE-STAR REVIEW Page 24
35
www.cityam.com FREE ISSUE 1,658 FRIDAY 22 JUNE 2012
LADIES DAY AT ASCOT
BY JULIAN HARRIS
Certified Distribution
30/04/12 till 27/05/12 is 132,076
Michael Gove wants
to reform exams
MORE: Page 2, 22

GROUP ONE GROUP TWO GROUP THREE
MOODYS NEW LONG TERM CREDIT RATINGS
AA3
AA3
A2
A3
A2
A2
A1
A2
BAA2
BAA2
BAA1
BAA1
RATINGS SLASHED
ON GLOBAL BANKS
A3
A2
A2
A2
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
IN BRIEF
UK rejects European pension plan
nBritain rejected EU pension plans in
the strongest terms yesterday, with
minister Steve Webb vowing there will
be no compromise on Solvency II.
Webb described the rules as pointless,
and catastrophic, as they would
effectively mean the end of final salary
pension schemes and cost UK firms
hundreds of billions of pounds. The
plans are based on insurance regulations
that force firms to hold a capital buffer
against short-term shocks something
which pension funds are less likely to
face, thanks to the long-term nature of
their business. However, the government
needs more allies to oppose the move,
as even the combined opposition of the
UK, Germany, the Netherlands and
Ireland is not enough to defeat the
measure under the EUs voting system.
Greece may be dropped from MSCI
n Crisis-racked Greece has become the
first country to face the threat of
relegation to emerging market status
from the elite league in MSCI's equity
indices, although the index provider said
yesterday any such move is unlikely
before 2014. Analysts say that any
downgrade would likely happen only if
Greece exits the euro, a scenario the
country's new coalition government is
keen to avoid. MSCI, which has $7 trillion
(4.46 trillion) benchmarked against its
indices globally, said yesterday that
Greece was no longer in line with
markets' size requirements. It also said
Greek authorities had not addressed
concerns over certain transactions. MSCI
criteria include investor access, market
size and liquidity, and the country's
overall wealth.
R
E
U
T
E
R
S
Spain needs up to 62bn
to save struggling banks
INDEPENDENT auditors said yester-
day debt-laden Spanish banks
would need up to 62bn in extra
capital to enable them survive the
economic crisis.
The result of the independent
audit of Spains banks put the gap
in their finances at between 16bn
and 62bn similar to the 50bn
calculated by the International
Monetary Fund (IMF) two weeks
ago, but well below the maximum
of 100bn that Eurozone
governments have already offered
Spain to bail out its banks.
Yesterdays independent
assessment of Spains banks, by
Roland Berger and Oliver Wyman,
will be used by the government in
Madrid to calculate the final sum
when it makes its formal petition
for bailout money from Europes
rescue funds.
Madrid's economy minister said
a formal request would be made
in days for the bailout, which was
agreed two weeks ago.
The Bank of Spain said the 100
billion euros offered to Madrid
two weeks ago would give a wide
margin of error. Spains three
biggest banks would not need
extra capital even in a stressed
scenario, it said. The government
said it did not expect to shut any
THE EUROPEAN Central Bank is
discussing a medium-term plan to
scrap rating rules on Eurozone
sovereign bonds and instead set
their value when used as collateral
in lending operations on its own
internal assessment, central bank
sources said yesterday.
The discussions come as Spain
braces for a downgrade from small
rating firm DBRS, which without a
change in ECB rules will trigger an
extra five per cent penalty on
Spanish bonds when used to get
ultra-cheap ECB funding.
ECB members have heavily
criticized the actions of rating
agencies during the Eurozone crisis
and have vowed to reduce reliance
on their assessments.
In the case that the ECB
Governing Council decides this, it
would reduce the widely criticized
influence of Standard and Poors,
Moodys and Fitch, said one
central bank source, speaking on
the condition of anonymity.
On the other hand, this could
also expand the shrinking pool of
collateral which banks in troubled
countries have available.
The decision on more immediate
changes to help squeezed Spanish
banks, such as expanding the range
of debt backed securities accepted
as collateral, remains wide open,
said another central banker.
ECB may scrap
credit ratings on
Eurozone debt
Spains Prime Minister Mariano Rajoy is trying to ease concerns over its debt-laden banks
2
NEWS
BY HARRY BANKS
BY KATIE HOPE
To contact the newsdesk email news@cityam.com
F
OR the first time in living
memory, Britain has a
government that is on the brink
o f d e l i v e r i n g h u g e
improvements to the state education
system. Michael Gove, the secretary of
state, has a masterplan: he wants to
axe GCSEs, replace them with much
tougher O-Levels, introduce an
alternative vocational qualification
and sweep away the national
curriculum. Yet once again the
coalition could be about to snatch
defeat from the jaws of victory,
courtesy of the Liberal Democrats.
Let us hope Gove is able to see off his
enemies. Primary and secondary edu-
cation is the only real success story
that this otherwise shambolic govern-
ment can boast of. Reversing 40 years
of failed dogma by reintroducing
proper exams and ending dumbing
down and grade inflation is exactly
EDITORS
LETTER
ALLISTER HEATH
Cameron must back Gove for the sake of Britains children
FRIDAY 22 JUNE 2012
the kind of change this country needs
if it wants to be able to provide oppor-
tunities for its citizens in a globalised
world. Children in Singapore already
take British O-Levels; if it works for
them it should for us.
It is a scandal that Nick Clegg is up
in arms over the plans; and it is
deeply depressing that some of
Camerons advisers, desperate to keep
their man in power at any cost, are
trying to scupper such a radical
improvement. It is time for the Tories
to put the country first and stop
worrying about the Lib Dems, who
are merely the junior partners in the
coalition. The shake-up doesnt
require any legislation; so unless
Cameron orders Gove not to imple-
ment the change tragically, a real
possibility there is nothing the Lib
Dems can really do to stop it.
Gove, unlike many in politics, truly
cares about the poor, about building a
meritocratic society and about revers-
ing the economic and cultural
decline that is crippling this country.
Employers know that millions cant
spell or write properly. Mass educa-
tional failure is one of the great
tragedies of modern Britain; it is the
biggest reason for insufficient social
mobility and the scourge of inherited
poverty. There are tens of thousands
of hard-working, brilliant teachers in
this country but they stand no
impact on funding costs but such
costs would reflect real risks, not
some Alice-in Wonderland fantasy
that nothing can ever go wrong. It is
vital that governments sever their ties
to their banking systems, which must
become entirely private once more.
That is the only way to prevent bank
failures from dragging down entire
countries, as happened in Ireland.
Just as importantly, getting rid of
implicit guarantees is vital to re-estab-
lishing confidence in capitalism: the
idea that high-paid financial jobs are
dependent on the taxpayers largesse,
with gains privatised and losses
nationalised, has helped fuel hatred
towards the City. Last nights banking
downgrade is a major story but it is
not an unmitigated catastrophe.
chance against the ideological non-
sense, the bureaucratic incompetence
and the self-interest of the education-
al establishment. If Cameron gen-
uinely wants to be remembered as a
reformer, he must back Gove.
DOWNGRADE NOT ALL BAD
There are unhealthy as well as posi-
tive reasons for the banking credit
downgrade. The Eurozone crisis and
global slowdown means that banks
are more likely to make losses, may
find it harder to raise funds and are
therefore riskier. This is entirely bad.
But the fact that some countries are
reducing their guarantees towards
their banking sector is excellent news
even though that means that bank
bonds are more likely to lose some of
their value, and are therefore now
deemed riskier.
In both cases, there may be an
banks and would restructure those
in trouble.
In Luxembourg, finance ministers
decided Spain should initially apply
to the Eurozones temporary rescue
fund, the European Financial
Stability Facility, with the loan
taken over by the permanent
bailout fund the European Stability
Mechanism (ESM) once it is up and
running after 9 July.
The financial assistance will be
provided by the EFSF until the ESM
becomes available, and then it will
be transferred to the ESM, Jean-
Claude Juncker, who chairs the
Eurogroup of finance ministers,s
aid.
This solution should avert a
problem which had concerned
investors: debt issued by the ESM
must be paid back first in case of a
Spanish default, relegating private
creditors lower in the pecking order.
Because the new bailout debt will
originate from the EFSF it will be
issued without that requirement,
assuaging investors concerns.
EUROZONE CRISIS: Page 6
n n
RBS suffers blow over branches deal
Royal Bank of Scotland is set to receive up
to 300m less than it expected for a
package of branches it is selling to
Santander UK because the business has
failed to hit a number of targets outlined
in the deal. A sharp deterioration in the
economy since the sale was struck in
August 2010 has constrained the
profitability of the business, which
consists of 318 branches.
Brussels acts over garlic tax
The European Commission is taking
Britain to court in a battle over an unpaid
bill of millions of pounds in duty on
imports of garlic. The European
Commission announced legal action after
an ultimatum to pay 15m to Brussels or
face action in the European Court of
Justice expired .
Triton in European Directories offer
Triton, the northern Europe-focused
private equity firm, has offered to take
over European Directories after
accumulating a sizeable share of the
directory companys debt. Triton has over
the past six months amassed 29 per cent
of the firms debts, at a value of 240m.
Landlords fight for Games rent
Some of Britains largest landlords are
preparing to sue PwC over the
administration of Game Group in an
attempt to recoup millions of pounds of
unpaid rent.
Starbucks, for a great cuppa... tea?
The worlds biggest coffee shop operator
is brewing up plans to open a tea shop.
Starbucks has announced plans for a store
under the Tazo Tea brand near its Seattle
headquarters. Starbucks has owned Tazo
since 1999.
IPO rules need overhaul
US regulators should overhaul rules
governing how companies go public in the
wake of Facebooks multi-billion dollar
flotation, according to a powerful
Congressional committee.
Northerners pay 92 more for their
gas and electricity than Southerners
Energy prices differ between regions by
up to 92 a year and some of the highest
costs hit areas with the most
unemployment, a study has found.
Roche probed over safety reports
Europes main medicine regulator said it
is investigating Swiss drug giant Roche
Holding for failing to properly vet 80,000
reports of possible drug-safety issues
received from patients and doctors.
Weinstein gets new film funding
Independent movie producer Weinstein
Co, which has struggled financially even
while turning out Oscar-winning films,
said yesterday it closed deals for $225m
in new financing, giving it fresh access to
credit ahead of a production-heavy fall.
WHAT THE OTHER PAPERS SAY THIS MORNING
The new jobs website for London professionals
CITYAMCAREERS.com
EMERGENCY measures to boost
growth blur the boundaries between
fiscal and monetary policy and could
threaten the Bank of Englands
independence, top official Martin
Weale warned yesterday.
The new measures include an
emergency liquidity facility for
banks, and a funding for lending
scheme which allows banks to
borrow cheaply from the Bank of
England, as long as they pass those
loans on to firms and households.
I suspect that, pound for pound,
the new interventions will do more
to support the economy than would
deploying the same sums on further
asset purchases, said Weale.
However, he also warned the
distinction between monetary
policy, fiscal policy, regulatory policy
and macro-prudential policy is no
longer clear-cut.
As a result, if the
schemes are continued
for an extended period,
policymaking will lose
its independence
unless new frameworks
evolve to manage the
policy mix.
Plans to boost
loans risk BoE
independence
BY TIM WALLACE
XSTRATA urged investors to focus on
the business merits of its mega-merg-
er with Glencore yesterday after an
influential investor group issued its
most severe warning against the
firms huge pay packages for top staff.
The Association of British Insurers
issued a red top warning against
retention payments promised to
directors at Xstrata if the merger goes
through, adding in a rare public state-
ment it was concerned that the pay-
outs are in no way linked to
performance.
But the ABI, whose members own
almost a fifth of the British stock mar-
ket, said it had no opinion on the wis-
dom of the miners merger deal, only
the pay awards attached to it.
Xstrata plans to hand over some
170m to 73 managers if they stick
with the firm following the tie-up
with commodities giant Glencore.
Chief executive Mick Davis is in the
spotlight for his 30m reward for
remaining in charge for three years.
Xstrata under
fire for merger
bonus package
BY MARION DAKERS
Shareholders in Xstrata are due to
vote on the merger on 12 July, and
must approve the pay awards if the
deal is to succeed.
The key issue for shareholders is to
evaluate the business and investment
case of this merger and determine
whether the merger ratio is fair for
Xstratas shareholders, a spokesper-
son for Xstrata said in a statement.
Central to this evaluation are the
governance and management
arrangements which are integral to
delivery of the investment case and
minimise risk to our shareholders.
Facebook settlement on ad case
FACEBOOK has agreed to allow users
more control over how their
personal information is used in its
Sponsored Stories ad feature, part
of a deal to resolve litigation against
the social networking company.
The value to Facebook members
resulting from the changes is about
$103m, in the opinion of one
economist hired by the plaintiffs.
But the amount Facebook will
actually pay to settle the case is just
over $20m, according to court
documents filed on Wednesday.
A Sponsored Story is an
advertisement that appears on a
members Facebook page and
BY HARRY BANKS
generally consists of another
friend's name, profile picture and
an assertion that the person likes
the advertiser.
Five Facebook members filed a
lawsuit seeking class-action status
against the social networking site,
saying it violated California law by
publicizing users likes of certain
advertisers without paying them or
giving them a way to opt out.
The case involved over 100m
potential class members.
Under the terms of a settlement
agreement, Facebook members will
be able to control which content
can be used for Sponsored Stories.
Facebook agreed to maintain these
changes and other new disclosures
for at least two years, according to
court documents.
Attorneys for the plaintiffs say
the changes to Sponsored Stories
are worth $103.2m, based on an
economists analysis of the revenue
each ad brings to Facebook. Those
figures were redacted in the court
documents.
Facebook has agreed to pay $10m
to organisations devoted to
educating people about how to use
social networking technology safely.
Facebook will also pay an
additional $10m for plaintiff
attorneys fees. A Facebook
representative declined to comment.
Xstrata PLC
21 Jun 15Jun 18Jun 19Jun 20Jun
840
860
880
900
920
940 p
841.80
21Jun
NATWEST and RBS were hit by a
tirade of angry complaints
yesterday after technical glitches
prevented customers from
accessing their accounts.
In a major embarrassment for
the banking group, transactions
were not processed, account
balances were not updated and
customers were not able to log
into online services.
NatWests Ideas Bank, a forum
to encourage dialogue from
customers, was plastered with
Not so helpful banking: clients
furious over glitches at Natwest
BY LAUREN DAVIDSON
comments from disgruntled users.
We may lose our new house
and 1,000 because of this. They
cant progress our mortgage until
the system is available. Game
over! one person posted.
RBS apologised and confirmed
no customers would remain
permanently out of pocket, while
over 1,000 NatWest branches
stayed open until 7pm.
It is unclear how many clients
were affected, but RBSs Irish
branch Ulster said 100,000 of its
customers were hit by this major
technical issue.
FRIDAY 22 JUNE 2012
3
NEWS
cityam.com
Stephen Hesters RBS Group suffered an embarrassing loss of services yesterday
*
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.
BRENT crude oil slid nearly four
per cent yesterday, dropping below
$90 a barrel for the first time in 18
months as weak economic data
from China, the US and Europe
pointed to slower oil demand.
A technical breakdown in crude
futures on both sides of the
Atlantic spurred further selling,
with no bottom in sight, analysts
said. Brent has fallen by nearly $40
a barrel since hitting $128.40 in
early March, as increased
production from Saudi Arabia has
led to a rise in stockpiles.
Brent crude oil
hits mega low
BY CITY A.M. REPORTER
Weale warned over
new measures
Twitter takes
ads worldwide
TWITTER will roll out its
advertising products to 50
countries by the end of this year as
it focuses on building revenues
from its free-to-use website.
The companys promoted
trends, tweets and accounts are
currently only available in a few
countries, but will become
available in western European and
Latin American countries by the
end of 2012.
The microblogging site is said to
be expecting advertising revenues
of $1bn by 2014.
BY LAUREN DAVIDSON
Credit subject to acceptance. Credit is provided by external finance companies as determined by DFS. 4 years interest free credit from date of order. Delivery charges apply. After event prices apply from 11.06.12 - see instore or online for details. Headrest optional extra. Accent
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Visit your nearest store, order direct at www.dfs.co.uk or call free on 0800 110 5000 24 hours a day, 7 days a week
4 years interest free credit on everything
Or pay nothing until January 2013 then take 3 years
interest free credit
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APR
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50%
OFF
RIVO COLLECTION
SOFAS
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HEADREST OPTIONAL EXTRA
AFTER EVENT PRICE
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31.22
A MONTH
NO DEPOSIT
NO INTEREST
EVER
half price
ends Sunday
WORKERS throughout the EU
including Britain have the right to
reclaim holiday time affected by
illness, European judges ruled
yesterday.
The European Court of Justice
ruling was made after an appeal by a
Spanish trade union.
The Luxembourg-based court said
the EU Working Time Directive
grants workers a right to at least four
weeks paid annual leave even
where such leave coincides with
periods of sick leave. The UKs opt-
out from the Working Time
Directive only applies to the 48-hour
limit on the working week.
Sick workers to
get extra leave
BY KATIE HOPE
G
E
T
T
Y
LAW firms have toughed out a chal-
lenging year to grow their fee income
by an average of 6.6 per cent a
healthy increase on the previous 12
months.
An annual survey released today of
the top 100 law firms by global rev-
enue has shown that growth in
improving across the sector despite
operating against a backdrop of large-
ly stagnant marketplaces and a
gloomy marco outlook.
Overall fee income across the firms
polled for Deloittes quarterly legal
sector survey was up by 6.6 per cent, a
larger increase than the 3.9 per cent
average rise seen in the previous 12
months.
The figures for the year show a pos-
itive level of fee generation, especially
when considering the current finan-
cial climate, said Deloittes Jeremy
Black.
Interestingly, the firms ranked 26-
50th in the revenue leagues turned in
Law firms show
strong growth
in tough year
BY ELIZABETH FOURNIER
Rules over redundancy
talks set to be relaxed
THE GOVERNMENT announced
plans to cut back red tape
surrounding large scale
redundancies yesterday, in a move
welcomed by business groups but
opposed by trade unions.
Under new proposals firms will
no longer have to consult employees
for at least 90 days if planning to lay
off more than 100 staff, the
department for business, innovation
and skills (BIS) said.
The minimum consultation
period is likely to be slashed to 45
BY JULIAN HARRIS or 30 days, while BIS wants to
encourage better quality talks
between firms and employees
threatened with redundancy.
The reality is typically that the
company has already made up its
mind and the consultation is just a
box ticking exercise, employment
partner Michelle Chance from
Kingsley Napley told City A.M.
The Institute of Directors and
British Chambers of Commerce
(BCC) both welcomed the change.
But the TUC said it would worsen
an already deeply unsettling time
for staff at risk of redundancy.
BUS routes across London are set for severe disruption today after the Unite union
promised to go ahead with a day of industrial action. Last-gasp talks with Acas failed last
night, and the union said workers at 17 out of 20 firms will walk out today. Three bus firms
won an injunction to prevent strike action, which Unite called an affront to democracy.
LONDON SET FOR BUS STRIKES TODAY
YEAR ENDED 30 APRIL 2012
FRIDAY 22 JUNE 2012
5
NEWS
cityam.com
Tier of firm 1-10 11-25 26-50 51-100 All
Increase in fee income 6.7% 6.7% 9.7% 5% 6.6%
All changes relate to the year ended 30 April 12 compared with the year ended 30 April 11
FORECAST FOR FULL YEAR 2013
Tier of firm 1-10 11-25 26-50 51-100 All
Forecast fee income change
for year to April 2013 (*) 4.1% 8.7% 6.9% 4.1% 5.7%
* compared with the year to April 2012
the strongest performance their fee
income shot up by almost 10 per
cent suggesting that so-called mid-
tier firms are adjusting more readily
to new challenges that the sector is
facing.
Theres certainly more competition
as a result of the new Legal Services
Act, said Black. With a potential sur-
plus of suppliers firms need to work
out a unique selling point and think
much more strategically about where
their future, particularly when plan-
ning office openings and lateral hires.
The introduction of the Legal
Services Act last October has dramati-
cally liberalised the UKs traditionally
closed legal market, opening the door
to high-street players such as The Co-
operative to offer legal services to their
customers.
Despite the tricky background, firms
are still targeting expansion over the
coming 12 months, forecasting fee
income growth of 6.7 per cent for their
first quarter and an annual increase of
5.7 per cent.
G
E
T
T
Y
THE International Monetary Fund
urged the Eurozone yesterday to chan-
nel aid directly to struggling banks
rather than via governments and
called for the European Central Bank
to cut interest rates, saying the future
of the euro was at stake.
The stark message from IMF
managing director Christine
Lagarde, delivered to Eurozone
finance ministers who met in
Luxembourg, will increase pressure
to forge a unified approach to
tackling problems at struggling
banks such as those in Spain.
We are clearly seeing additional
tension and acute stress applying to
both banks and sovereigns in the
euro area, Lagarde said. A
determined and forceful move
towards complete European
IMF urges bond
buys and direct
banking support
BY HARRY BANKS
monetary union should be
reaffirmed in order to restore faith,"
she said. At the moment, the
viability of the European monetary
system is questioned.
Lagarde spelled out a plan that
envisioned the issuance of jointly
guaranteed Eurozone debt as well as
more centralised economic control
in the 17 countries that use the euro.
As ministers prepared to provide
up to 100bn in aid for Spain to
shore up its stricken banks, Lagarde
said financial support for banks
should be given directly, rather than
via the state.
Analysts believe such a model
could entail allowing the Eurozones
permanent rescue scheme, the
European Stability Mechanism (ESM)
to directly inject capital into banks
in return for a shareholding, or to
lend at penalty rate of interest.
FRIDAY 22 JUNE 2012
6
EUROZONE CRISIS
cityam.com
ANGELA Merkel's government and the opposition reached an agreement yesterday on
economic growth measures for Europe that will allow Germanys parliament to approve the
permanent bailout scheme for the Eurozone and the fiscal pact next week. Merkel needs
opposition support to get a two-thirds majority in parliament on 29 June to ratify the plans.
MERKEL GETS AGREEMENT ON FISCAL PACT
Greek bailout wishlist sets up
showdown with Europe leaders
GREECES new government
promised yesterday to renegotiate
the terms of the countrys bailout
without endangering its future in
the euro, responding to intense
pressure to ease mounting social
tensions but also risking a
showdown with European powers.
The three-party coalition called
for changes to the deal that is
helping Greece avoid bankruptcy
after the announcement of an 18-
member cabinet dominated by the
conservative New Democracy party
of Prime Minister Antonis Samaras.
National Bank Chairman Vassilis
Rapanos was named finance
minister and New Democracy
deputy leader Dimitris
Avramopoulos became foreign
minister.
Once jailed for fighting Greeces
1967-74 military dictatorship,
Rapanos must now cure its sick
public finances while negotiating
with Eurozone leaders who are
losing patience with Athens after
two multi-billion euro bailouts
since 2010 that have failed to end
the crisis.
The unity governments goal is
to tackle the crisis, open the road to
growth and revise terms of the
bailout without putting at risk the
countrys European course, nor its
Eurozone membership, said a
policy document endorsed by the
coalition.
Samaras, 61, was sworn in on
Wednesday. At his first cabinet
meeting, the Harvard-educated
economist said his ministers would
take a 30 per cent pay cut and told
them to use government cars as
little as possible in an effort to lead
the debt-laden nation by example.
THE SPANISH government saw
borrowing costs jump sharply in a
2.2bn (1.8bn) bond auction
yesterday, as investors fled the
risky assets.
Yields on five-year debt hit a
euro-era high of 6.072 per cent, up
from 4.96 per cent a month ago.
Meanwhile French government
borrowing costs dropped as
investors favoured the safer nation.
Investors flee
Spanish bonds
BY TIM WALLACE
THE EUROZONE current account
surplus narrowed in April 2012,
according to data from the European
Central Bank published yesterday.
Shrinking from 10.3bn to 4.6bn
it was still the second highest level of
the last year, as part of a cumulative
18.8bn surplus since April 2011.
Surpluses in goods and services
were partially offset by a large deficit
in current transfers.
Eurozone sees
surplus drop
BY BEN SOUTHWOOD
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TROUBLED exchange operator Plus
Markets appears to have entered its
final weeks after finalising the sale
of its stock exchange unit to ICAP
yesterday.
Completion of the controversial
deal which will leave Plus
shareholders with 640,000
means that the group will press
ahead with plans to wind-up the
rest of the business.
City A.M. understands that many
of the remaining Plus staff involved
in group functions and its
derivatives exchange unit have now
received their redundancy notices.
Shareholders threatened to rebel
over the terms of the ICAP deal,
which will see executives Cyril
Theret and Nemone Wynn-Evans
walk away with a 423,000 pay-off
despite the companys failure.
But ultimately investors voted in
favour of the sale after Plus said the
FSA would revoke its license if a
deal was not agreed by yesterday.
Following the vote activist
shareholder Simon Chapman told
this newspaper he expects the
board to lose their jobs at next
weeks annual general meeting,
adding there are moves afoot to
create a new business using the
shell company.
ICAP has bought Plus stock
exchange as a platform that will
enable the firm to move into
futures trading.
ICAP finalises
purchase of
Plus Markets
BY JAMES WATERSON
R
E
X
INDIVIDUAL investors will have the
chance to buy bonds from FTSE 100
utilities firm Severn Trent, the com-
pany announced yesterday.
The company hopes to raise up to
100m from the scheme, which will
offer individuals a return of 1.9 per
cent above retail price inflation (RPI)
over the next 10 years.
Theres a lot of private investors
who have funds in SIPPs and ISAs
who will be looking for products to
enhance their investment, Severn
Trents chief financial officer Mike
McKeon told City A.M..
Our understanding is that a flat
coupon rate would have to be at least
five per cent and you can get a cheap-
er flat rate in wholesale. But in an
index-linked market we can get bet-
ter value for the company.
Given the majority of our business
is RPI-based regulated UK water utili-
ty so our group is well-positioned to
have index linked products, he
added.
The bonds will be offered for sale
until 4 July before trading begins in
Severn Trent to
target bonds at
retail investors
BY JAMES WATERSON
London on 11 July. The minimum
subscription will be 2,000 and they
can be bought in 100 units. Barclays
and Investec have been appointed
joint lead managers of the issue.
Severn Trent is the fourth UK com-
pany to turn to retail-focused all-in-
one bond issuing platforms to meet
its capital funding needs, meeting
demand from investors who have fled
weak Eurozone countries.
Other firms to offer similar prod-
ucts include Tesco, National Grid and
John Lewis. But retail bond investors
are not covered by the same compen-
sation schemes that apply to savings.
Shares in the firm yesterday closed
down 1.6 per cent.
Severn Trent CEO Tony Wray knows his firm has to invest 2.5bn over five years.
Severn Trent PLC
1,675
1,700
1,725
1,625
1,650
1,750
1,775
1,800 p
1,608.00
21Jun
FRIDAY 22 JUNE 2012
8
NEWS
cityam.com
Severn Trents ination-linked bond issue is
the rst move by a water company into the
fast-growing market for RPI-linked bonds.
The deal was jointly arranged by Investec
and a Barclays team that included directors
Toby Croasdell of the xed income syndicate
and Charlotte Weir of corporate debt capital
markets. This deal means that the Barclays
team has worked on all three of the most
recent UK retail transactions listed on the
London Stock Exchanges Order Book for
Retail Bonds (ORB). Besides Severn Trent,
this includes last Novembers Tesco Bank
issue and Octobers Provident Financial
bonds. In addition the team has arranged
and distributed a number of landmark retail
bond issues, helped by the growing market
for UK corporate issuers. Transactions
include National Grids 282.5m RPI-linked
bond 10-year sterling issue, the rst ina-
tion-linked bond listed on ORB. As an ORB
member Barclays is a market maker for
bonds listed on the electronic trading plat-
form. Yesterday Severn Trents Mike McKeon
said the RPI-linked bond market was very
thin at the moment but that he expected
more use of the format, which has proved to
be a success in the US. Barclays will hope
that this means that it can prot from this
development.
ADVISERS
BARCLAYS
TOBY CROASDELL
CHARLOTTE WEIR
9
Addleshaw Goddard managing
partner Paul Devitt
FRIDAY 22 JUNE 2012
NEWS
Worldwide M&A Ranking 2012 year-to-date (YTD)
Target Industry Breakdown (US$m)
Global M&A Volumes by Quarter (US$bn)
$1,000
$900
$800
$700
$600
$500
$400
$300
$200
$100
2012YTD
Rank
IndustryTotal 1,001,605
1 1 Goldman Sachs & Co 273,134 175
2 Morgan Stanley 2 215,766 152
3 JP Morgan 5 189,445 123
4 Deutsche Bank 9 185,332 108
5 Credit Suisse 4 181,524 108
6 Barclays 7 159,230 97
7 Citi 6 150,671 92
8 Nomura 14 104,365 86
9 Bank of America Merrill Lynch 3 99,354 89
10 Rothschild 8 83,038 106
16,282
RankValue
$USm
No. of
deals
2011 YTD
Rank
Financial
Advisor
2008 2009 2010 2011 2012
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 1Q 2Q 3Q 4Q
666
898
795
509
492
441
463
614
513
545
670
709
738
689
558 566
498 504
19% Energy & Power
$187,944m
14% Materials
$141,296m
12% Financials
$117,933m
9% Industirals
$96,431m
9% Real Estate
$87,857m
8% High Technology
$78,218m
7% Healthcare
$72,847m
6% Consumer Staples
$61,373m
5% Consumer Products & Services
$51,848m
4% Telecomms
$39,332m
11% Other
LAW firm Addleshaw Goddard said
yesterday it had begun a
restructuring process that could see
it lose up to 24 of its fee earners, as it
reported a 37 per cent rise in profits
per partner (PEP).
Overall profits at the firm rose by 30
per cent, from 34.4m to 44.9m,
while PEP a key indicator of law firm
profitability increased from
328,000 to 450,000.
Addleshaws litigation practice
brought in the biggest share of
income, earning 37.4m for the firm,
closely followed by its finance and
projects and real estate work.
The corporate and commercial serv-
ices divisions lagged behind slightly,
earning 29.2m and 23.4m respec-
tively.
The firm said the cuts to headcount
would impact across each UK office
and all five divisions.
There are continuing significant
market pressures and
whilst our business
is in a strong posi-
tion, we are deter-
mined not to be
complacent, said
managing partner
Paul Devitt.
Addleshaws to
cut staff as fee
income rises
BY ELIZABETH FOURNIER
GLOBAL M&A volume has fallen by a
quarter so far this year compared to
the same period in 2011, according to
research unveiled yesterday.
Data from Thomson Reuters shows
that worldwide M&A volumes have
hit just $1,002bn (640bn) so far in
2012, a decline of 25 per cent, as the
ongoing uncertainty surrounding
the Eurozone crisis took its toll on
investors.
If M&A activity is confidence driv-
en then it is hardly surprising to see
depressed volumes in the first half of
2012, explained Leon Saunders
Calvert, head of global deals at
Thomson Reuters. Higher risk deal
making in particular has suffered,
including private equity buyouts and
cross border acquisitions, which in
turn has had consequences for
emerging markets heavily reliant on
foreign investment.
Governments are playing a signif-
icant and direct role in driving activ-
ity and indeed it is the politicians,
whom the market is dependent
upon to create genuine deal making
opportunities through the healthy
Worldwide M&A
volume drops a
quarter in 2012
BY JAMES WATERSON
resolution of the Eurozone crisis. The
success, or otherwise, of these talks
will determine the M&A pipeline for
the rest of the year and into 2013.
Banks are fighting harder than ever
for a reduced number of deals but
Goldman Sachs once again topped
the table for M&A advisory work in
the first six months of this year.
Goldman has been involved in deals
worth $273bn while Morgan Stanley,
its nearest rival, could only manage
$215bn. Japanese bank Nomura was
the biggest riser year-on-year, jump-
ing from 14th place to 8th.
On a regional basis the Americas led
the way, accounting for 41 per cent of
global activity in the year-to-date peri-
od, ahead of Europe on 35 per cent.
But this masks sluggish US perform-
ance, where activity in the first half
of 2012 totalled $299bn, down 44 per
cent on the same point last year. This
represents the slowest start to the
year for US deal making since 2003.
Energy and Power continues to be
the dominant sector and was respon-
sible for a fifth of all transactions by
volume. Materials and Financials
were in second and third place
respectively.
IN BRIEF
HOME shopping retailer Shop
Direct has hired Lombard banker
Alex Baldock as its new chief
executive.
Shop Direct, which owns
Littlewoods and the online guise
of Woolworths, said Baldock will
join in September when
incumbent Mark Newton-Jones
retires after nine years.
Baldock, 41, has a financial
rather than retail background,
having worked for Barclays, Bain
& Company and Ernst & Young.
Baldock has most recently
worked as a managing director at
Lombard, which offers financing
to smaller companies.
The Oxford graduate also has a
degree from Harvard.
Newton-Jones said in January
that he hoped to pursue new
challenges in the medium term
as he left the retailer.
Shop Direct,
owned by the
Barclay brothers,
also runs online
clothes
companies Very
and Isme.
Shop Direct
picks banker
as new chief
BY MARION DAKERS
G
E
T
T
Y
THE CHIEF executive of Dixons Retail
said the group is planning to axe a
further 40 stores on UK high streets
as it reported a 17 per cent fall in pre-
tax profits to 70.8m.
Sebastian James, who replaced John
Browett in February, said he intends
to trim down its estate of 557 shops
to about 400 over the next three
years, down from its previous target
of 440.
The extra cut will come from its
high street stores, leaving Dixons
with just 30 to 40 shops in town cen-
tres. Dixons said staff would be trans-
ferred to out-of-town stores.
James said many of the stores were
too small and instead Dixons would
focus on slightly larger urban toy
shops such as Westfield Stratford
where customers have space to trial
fun exciting new technology.
His comments came as the group
reported that sales for the year to 28
April fell from 8.3bn to 8.2bn, bet-
ter than analysts had expected.
BY KASMIRA JEFFORD
A good performance in the UK and
Nordics was offset by a weaker per-
formance in southern Europe and its
online Pixmania business.
The company wrote off 190m in
total for its Greek, Italian and
Pixmania units.
James outlined plans to make a fur-
ther 90m in cost savings this year, in
part by merging its Currys and PC
World stores.
He said sales of TVs had done sur-
prisingly well during the year but
played down the influence of the
Jubilee and sporting events on sales.
RETAIL sales showed a sharp
uptick in May compared to a year
earlier, Office for National
Statistics data released yesterday
showed.
The overall 3.3 per cent year on
year rise was drive by increases in
expenditure of 3.9 per cent on
household goods, 0.7 per cent on
textiles and most importantly 4.1
per cent on food.
Internet sales increased 21.6
per cent on the year, with
especially large increases again
coming in food and household
goods.
Their average weekly value
climbed to 510.9m, making up
8.8 per cent of all non-fuel sales.
BY BEN SOUTHWOOD
Small businesses, of 10-39
employees, enjoyed 12.2 per cent
growth whereas those with over
100 employees grew just 2.9 per
cent.
The seemingly shy sunshine,
hardly seen since March, had
created pent-up demand for
summer goods which was finally
unleashed, said Stephen
Robertson, British Retail
Consortium Director General.
Modest sales of coats and
carpets gave way to much better
sales of T-shirts and barbecues as
interest finally turned outdoors.
he added.
Abstracting from recent
volatility, the overall level of
retail sales was broadly the same
in May as at the start of the year,
said Samuel Tombs at Capital
Economics.
Tombs warns the sector will
make a negative contribution to
GDP growth in the second
quarter, unless June sales increase
by at least one per cent.
Nida Ali, economic adviser at
Ernst & Young said the robust
boost was due to a combination
of one-off factors, and believes
that the growth is likely to be
temporary.
David McCorquodale, European
head of retail at KPMG, yesterday
put the figures down to a
combination of summer sun and
heavy discounting.
He warned this discounting
would have a negative impact on
retailers profitability.
Dixons Retail PLC
18Jun 19Jun 20Jun 21 Jun 15Jun
18
17
16
15
14
13
p
17.19
21 Jun
COMEDIAN Jimmy Carr said he
made a terrible error of judgement
in using a legal offshore tax scheme
to reduce his payments to HMRC.
I appreciate as a
comedian, people will
expect me to make light
of this situation, but Im
not going to in this
statement, Carr said on
Twitter. Although Ive
been advised the K2 Tax
scheme is entirely legal, and
has been fully disclosed to
HMRC, Im no longer
involved in it and will in
Carr apologises for terrible error of judgement
BY MARION DAKERS
future conduct my financial affairs
much more responsibly. Apologies to
everyone.
Carr, who recently poked fun at
Barclays for its tax avoidance
measures, is one of several high
profile personalities to make use of
such a Jersey-based scheme
known as K2, according to an
investigation by the Times.
His apology came after Prime
Minister David Cameron
branded aggressive tax
avoidance schemes morally
wrong during an interview.
And Treasury minister
David Gauke
yesterday said
wealthy taxpayers
such as Carr
should consider
T
h
e

n
e
w

j
o
b
s

w
e
b
s
i
t
e

f
o
r

L
o
n
d
o
n

p
r
o
f
e
s
s
i
o
n
a
l
s
C
I
T
Y
A
M
C
A
R
E
E
R
S
.
c
o
m
FRIDAY 22 JUNE 2012
10
NEWS
cityam.com
The continued strength of Nordics...and the improved performance from
UK & Ireland clearly show the success of the renewal & transformation plan and the
growing traction of the KNOWHOW service proposition...we continue to
view Dixons as a long-term winner in electricals, hence our buy stance.
ANALYST VIEWS
Dixons results for the year ending 28 April demonstrate a solid perform-
ance against a challenging market backdrop with underlying PBT of 70.8m com-
pared to the guidance given in the pre close trading update of 65-70m. We
leave our forecasts unchanged and maintain our buy recommendation.
In a difcult market, the businesses in UK and Nordics are performing very

well, while the execution and competitive position in each market continues to
improve. This continues to be offset by Pixmania and Southern Europe and
we would expect a broadly similar outcome in the year ahead.
IS DIXONS RETAIL IN A
GOOD POSITION FOR THE
YEAR AHEAD? Interviews by Kasmira Jefford
DAVID JEARY INVESTEC
JOHN CUMMINS WH IRELAND
SIMON IRWIN LIBERUM

Chief executive Sebastian James completed his first 100 days at Dixons last week
DO YOU THINK THE UK TAX SYSTEM
IS TOO COMPLICATED?Interviews by Lisa
Moravec and Ed Hume-Kendall
I think the system is too complicated and a
flat tax is worth looking at in light of Jimmy
Carr. A flat tax could be worked out, we just need the
political nerve to do it. This wouldnt be unfair on
lower earners.
I think its actually quite straightforward if

people play by the rules and its because of
this that people look for ways to avoid paying tax. Flat
tax might work, but I think people would be scared of the
high rate it could be set at.
I dont think hand outs should be given to
people who dont deserve them, but I do
believe a flat tax in some form would achieve a better
sort of balance in society.
GEORGE JAMES
EPS PAGE
CITYVIEWS
PHIL MORSE
DT
ANDREW
SHEEHAN
SMBC EUROPE
their moral stance as well as legal
requirements.
It is the type of contrived,
artificial arrangement that is frankly
pushing it a bit when you think that
most people are paying tax ... at 32
per cent or 42 per cent, he told Sky
News, as he promised tougher action
to close tax loopholes.
Carrs mea culpa was obviously
welcome, said a Number 10
spokesperson, adding that HMRC is
working to investigate and close
down aggressive avoidance schemes.
HMRC has recently come under fire
for its settlements of large tax dis-
putes with companies. Last week the
National Audit Office said it was not
appropriate to set up governance
arrangements specific to certain
cases.
Jimmy Carr comes
back onshore
Alex Baldock has
joined the retailer
Dixons plans to
shut 40 shops
as profits sink
Tills ring again in May after
discounting and summer sun
These views are those of the individuals above andnot necessarily those of their company
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%
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OFF
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NO INTEREST
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half price
ends Sunday
IN BRIEF
Windows 8 on new Huawei phone
nChinese phone maker Huawei
yesterday confirmed it will launch a
smartphone later this year on the new
Windows 8 platform, competing with
Windows 8 handsets made by Nokia,
Samsung and HTC. Huawei, which
makes cheaper smartphones, is
pushing into the high-end market.
Apple fined for false advertising
nApple was fined A$2.25m (1.45m)
by an Australian court yesterday for
misleading advertising of its latest
iPad. The tech giant said its new iPad
is compatible with 4G, which is not
the case outside of the US. Apple is
facing an investigation by the British
advertising watchdog for the same
incorrect claims about 4G.
MEPs reject anti-piracy measure
nEuropean lawmakers rejected the
global Anti-Counterfeiting Trade
Agreement (ACTA) yesterday, which
aims to crack down on piracy. The
European Commission has backed the
treaty, but opponents argue it would
censor free expression and criminalise
people unnecessarily.
Chelsea property goes for 147m
nMoore House, part of the Grosvenor
Waterside Development in SW1, has
been snapped up by London &
Stamford Propertys new joint venture
for 147m. The residential building
bought from Qatari Diar subsidiary
Project Red comprises 149 units, with
a lettable area of 117,090 square feet.
G
E
T
T
Y
INVENSYS shares plunged 14 per cent
to 220p yesterday after the engineer-
ing technology company disclosed it
had received a takeover approach
from Emerson Electric but admitted
that discussions are over.
It is understood that tight-lipped
Invensys, which had until yesterday
refused to comment on takeover spec-
ulation despite ongoing fluctuation
in its share price, issued the state-
ment with its arm firmly twisted by
the Takeover Panel.
The London-listed firms stock
jumped 27 per cent on Wednesday fol-
lowing speculation that Emerson
Electric, the Fortune 500 company,
was interested in Invensyss controls
business and would buy the whole
company to secure the win.
This report was merely the latest in
an ongoing saga of speculation that
placed Invensys at the centre of a hot
takeover battle, with Siemens,
General Electric, ABB and Emerson
mentioned as key players.
BY LAUREN DAVIDSON
But Invensys yesterday said it is no
longer in discussions with Emerson,
adding: Furthermore there are no
other discussions taking place in rela-
tion to an offer for the group.
While buyout rumours have been in
the air for years, analysts pegged an
offer as more likely since Invensys
shares plunged in January following a
profit warning.
But the company is plagued by a
4.2bn pension scheme, which it tried
to offload last summer but was forced
to give up when costs escalated to
1.7bn.
Everything Everywhere owners
deny they are looking for a sale
THE French and German owners of
Britains largest mobile operator,
Everything Everywhere, are not
interested in selling and have
enough cash to invest in the
business, France Telecoms chief
executive said yesterday.
Investment banking sources had
told Reuters last week that former
chief executive Tom Alexander
approached private equity groups
six months ago to gauge interest in
an 8bn offer for the France
Telecom and Deutsche Telekom
joint venture.
Investment banking sources said
firms Alexander approached
included CVC, KKR and Providence,
but he gained little traction in such
difficult funding conditions.
We are happy with the joint
venture, France Telecom chief
executive Stephane Richard said.
The Germans are also happy to be
there, they do not wish to sell. We do
not wish to sell either. If we receive
an offer that makes sense, of course
we will look at it. But that does not
mean we will accept it.
France Telecom's Orange joined
forces with Deutsche Telekoms T-
Mobile in 2010 to become the biggest
operator in the competitive British
market, with more than 27m
customers. The group pledged
3.5bn of cost savings, largely by
creating one network and taking
down excess towers.
The synergies have taken time to
come through and the group is only
now starting to gain traction it also
announced an extra dividend of
250m yesterday.
A private equity deal of the size of
Everything Everywhere would run
against the trend in a market
focused on deals under a billion
pounds because banks have cut
lending.
One person familiar with the
thinking of private equity groups
this week said it would be near
impossible to finance an Everything
Everywhere deal in the current
market.
UNIVERSAL Music Group yesterday
pitched the case for its 1.2bn
takeover of EMIs record label to a
US Senate judiciary committee just
hours after New Zealand
authorities approved the bid.
Universal chairman and chief
executive Lucian Grainge and EMI
boss Roger Faxon led the charge,
arguing that the deal would benefit
the debt-ridden music firm.
Universal believes that despite its
increased market share, the real
power in the music industry lies
Universal and Warner go head
to head before the US Senate
BY LAUREN DAVIDSON
with the digital retail giants such as
Apple iTunes and Amazon.
But the takeover is being
vehemently opposed by rival music
giant Warner, which bid
unsuccessfully for EMI last year.
Warner claims the deal, which
would give the company a market
share of above 50 per cent in
several countries, would knock the
entire music market, from the
artist to the consumer. The Senate
hearing is not part of the official
Federal Trade Commission (FTC)
probe, but its outcome could affect
the FTCs decision.
MICRO Focus yesterday reported a
30.4 per cent jump in annual pre-
tax profits, sending its shares up
by almost six per cent.
Executive chairman Kevin
Loosemore said: The year ended
30 April 2012 was a period of
stabilisation of Micro Focus
business after the
disappointments of the previous
year and the opportunistic
approaches from private equity.
The FTSE 250 company was at
the centre of ongoing takeover
talks for several months last year
with a number of suitors
including private equity firms
Bain Capital and Advent
International but discussions fell
through in August.
Micro Focus stabilises after year
of bid talks with profits jump
BY LAUREN DAVIDSON
Micro Focus said revenues were
in line with guidance, coming in
flat at $434.8m, as strong trading
in Asia Pacific and Japan offset
declining income from its
International division where
macro economic conditions
remained challenging.
Despite a three per cent drop in
maintenance revenues, down to
$230.9m, licence revenues which
declined significantly the year
before climbed five per cent to
$176.6m.
Pre-tax profits jumped by
almost a third to $149.3m, from
$114.5m the previous year.
The Berkshire-based company,
which has 1,200 employees across
20 countries, raised its final
dividend per share by 44 per cent
to 23.4 cents.
FRIDAY 22 JUNE 2012
12
NEWS
cityam.com
Universal, whose star clients include U2, won the EMI bid in November for 1.2m
Silence isnt necessarily golden, but the handcuffs are
C
AN Invensys blame the market
for not entirely believing the
engineers belated assurances
yesterday that there are no
other discussions taking place in
relation to an offer for the group?
On Wednesday, the British firms
shares soared by more than a
quarter, but the firm stubbornly
refused to comment on this extreme
price action. Its shares fell back by 14
per cent yesterday after a statement
admitting that discussions with
Fortune 500 company Emerson
Electric had come to nothing. The
failure of shares to return to their
pre-spike levels indicates some
suspicion of another offer hiding in
the long grass. Invensys is an
unusually small firm in its sector
and could be a tempting target for
the right buyer. Other potential
buyers could include General
Electric and Siemens.
So will all this on-again, off-again
attention be the catalyst for a new
offer? If another player does step
into the ring, Emerson can reopen
negotiations as well, but otherwise
must wait another six months to
keep the regulators happy. Invensys
may hope that its taciturn
wrongfooting of the markets ends
up creating a healthy bidding war
for the industrial power systems
specialist. Those who were fooled by
its silence earlier this week will be
distinctly unimpressed with the
firm and its adviser JPMorgan
Cazenove.
REDTOP WARNING
Meanwhile the 56bn Glencore-
Xstrata tie-up looks increasingly
rocky. The mining firm and the
commodities trader might seem
made for each other, but the non-
Glencore shareholders of Xstrata will
have the final say on 12 July. Their
reservations at the price have begun
to pale against their objection to the
accompanying pay deal, intended to
lock in senior staff for the first few
years of the joint venture. Yesterday
the Association of British Insurers
(ABI) agreed, assigning a red top
warning to the pay deal, something
only assigned to around 10 per cent
of cases. The governance body
doesnt officially provide voting
advice, and remains neutral on the
deal itself, but its intervention can
only add fuel to the fire.
Its not as if the situation wasnt
already looking bad. Because
Glencore owns 34 per cent of Xstrata
but is not allowed to vote on the
merger or the accompanying pay
deal, the number of shareholders
able to scupper the whole thing is
uncomfortably small. While it will
take 25 per cent of eligible voters to
veto the takeover, that would only
need owners of 17 per cent of
Xstratas shares to band together.
The pay deal might seem less of a
worry: that would require 33 per
cent of Xstrata shareholders to
dissent. The problem is, Xstrata has
already suffered a 40 per cent
shareholder rebellion against its
remuneration plan on 1 May. As a
non-negotiable part of the merger,
this must be passed or it all falls
through. Will Xstratas owners really
vote down their payday over a pair of
golden handcuffs? The numbers
certainly dont look promising.
Marc Sidwell is City A.M.s managing
editor.
BOTTOM
LINE
MARC SIDWELL
Invensys tanks
after admitting
end of bid talks
Invensys PLC
200
220
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280 p
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21Jun
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MORE THAN 245,790 Britons own
a property worth in excess of
1m, a new survey shows, up 12
per cent on last year.
Despite stagnant house
prices across most of the UK,
there are more than 6,682
streets with properties valued
over 1m. More than a third of
these million pound streets are
located in London, followed by
Guildford and Leatherhead, both
popular commuter towns.
The property rich list, published
by property website Zoopla, shows
that Kensington is by far the most
expensive neighbourhood in the
UK, with prices averaging 1.9m, up
five per cent on last year.
The exclusive borough, home to
the Duke and Duchess of
Cambridge and steel tycoon
Lakshmi Mittal, also claims
Britains most expensive street
Kensington Palace Gardens where
the average house price is an eye-
watering 22.2m.
Nine out of the top 10 most
expensive neighbourhoods are in
the capital, including Chelsea,
Knightsbridge and Notting Hill and
West Brompton. Virginia Water in
Surrey is the most expensive area
outside London where property
prices fell 2.94 per cent to an
average of 968,009 last year.
UK property millionaires up 12 per cent
MORTGAGE lending jumped sharply
in May, rebounding from a weak fig-
ure in April and showing solid
growth on the year, according to
industry data published yesterday.
However, analysts warned the over-
all level of lending is still well below
that seen in the pre-crisis years, and
said banks are facing regulatory pres-
sures holding back the market.
Gross mortgage lending rose to
12.2bn in May, the Council of
Mortgage Lenders (CML) revealed yes-
terday.
That represents a 24 per cent rise
on the month in part because
Aprils lending was depressed after
first time buyers rushed to take
advantage of the stamp duty holiday
which expired at the end of March,
shifting some lending forwards by a
month.
But the rise was still substantial on
a longer-term basis lending is up 13
per cent from the 10.8bn recorded
in May of last year.
This sharp upwards spike does not
Mortgage loans
rebound from
collapse in April
BY TIM WALLACE
FRIDAY 22 JUNE 2012
14
NEWS
cityam.com
Rising demand pushes capitals
rents up to highest ever level
LONDONS rents hit a new record
high in May, according to industry
data published today, while prices
in the south east also recorded
rapid growth.
The average renting Londoner
now pays 1,038 per month, up
0.6 per cent on the month to May
and 4.2 per cent on the year, LSL
Property Services buy to let index
shows.
The previous record high came
in November 2011 when rents
stood at an average of 1,033.
That compares with an average
BY TIM WALLACE
rent of 712 per month across
England and Wales as a whole a
rise of 0.4 per cent on the month
and 2.3 per cent on the year.
The south east saw the next
fastest increase, with rents rising
0.5 per cent on the month and 3.1
per cent on the year to an average
of 729, while the second most
expensive area is the east of
England, where average rents are
733 per month.
LSLs director David Newnes
warned that high rental demand
was unlikely to disappear any time
soon in part because high prices
are stopping savers building up
deposits to buy a house.
The reality is that thousands of
frustrated buyers are still
financially trapped between a rock
and a hard place, he said.
Historically high rents and
rock-bottom savings rates are
hampering attempts to save for
the larger deposits banks now
require not to mention meeting
the cost of the reinstated stamp
duty tax.
On top of that, Newnes believes
the flexibility of renting appeals to
more families in tough economic
times, adding further to demand
and keeping price pressures high.
Plaza Centers in $1.4bn
US shopping centres sale
PLAZA CENTERS, the London-
Warsaw listed property developer
yesterday said it has sold off 47 of its
49 US shopping centres in a deal
worth around $1.43bn.
The group sold the assets via its
US joint venture EPN to a joint
venture between private equity firm
Blackstone and DDR.
The deal first announced in
January has generated a cash flow
of $120m for Plaza, which owns a
22.7 per cent stake in EPN.
The portfolio includes shopping
centres in states such as New York,
Colorado, Connecticut and Florida.
A spokesperson for the company
BY KASMIRA JEFFORD
said negotiations to sell its two
remaining US shopping centres for
around $30m are still ongoing.
The successful completion of the
sale of 47 US based shopping centres
marks the realisation of a highly
successful and profitable first
investment in the US for Plaza,
president and chief executive Ran
Shtarkman said.
Plaza is primarily focused on
developing western-style shopping
malls in emerging markets and has
already completed 31 leisure centres
in markets such as Hungary, Poland,
the Czech Republic and India.It
recently opened its first shopping
mall in Serbia.
KENSINGTON(W8) is
the most expensive postcode
where the average house
value is 1.9m
THE UK HAS
6,682
1m
STREETS
UK property
millionaires on
the increase
BY KASMIRA JEFFORD
VIRGINIA
WATER, SURREY
tops the list of
most valuable
towns...
...where the average
value of property is
968,000
signify the return of the mortgage
market, just a return to historically
low activity levels. Only buy-to-let is
showing any genuine signs of life,
said Jonathan Samuels from
Dragonfly Property Finance.
The owner-occupier mortgage mar-
ket remains lacklustre, due to ongo-
ing weakness in demand and a now
inveterate conservatism among the
high street lenders.
However, CML economist Bob
Pannell argued new government
plans to boost the economy could
help mortgage lending over the rest
of the year.
Mortgage lending jumped sharply in May
15Jun 16Mar 15Dec 15Sep 15Jun
14,000
13,000
12,000
11,000
10,000
9,000
8,000
Grossmortgagelending
m
35%
of the UK's 1m
properties are in London
LONDON 2012 IMAGE OF THE WEEK
GIANT Olympic rings have
been unveiled at
Heathrow to welcome
athletes and spectators to
London. Measuring 12
metres in width, and
made of aluminium, they
were uncovered at an
opening ceremony on
Wednesday by former
Olympian Mark Foster.
Between now and the
start of the Olympics,
City A.M. is publishing
its Olympic Image of the
Week. If you have a shot
you think our readers
will like, please email
pictures@cityam.com
with IOW2012 in the
subject line.
equipment from diggers to small
tools, said clients looking to save
cash by renting rather than buying
expensive equipment in slow
markets had boosted profit.
Full-year revenue at Ashteads US
Sunbelt business grew 23 per cent
to 945.7m, and the group said it
was focused on expanding its
footprint this year mainly through
organic growth, although options
for small bolt-on acquisitions were
increasing. In the UK, rental
revenue at its A-Plant business
grew by nine per cent and Ashtead
said its ability to invest when
others cant meant it would grow
profit again this year despite its
dismal outlook for the country,
exacerbated by continental Europe.
INDUSTRIAL equipment hire firm
Ashtead more than quadrupled its
annual profit and upgraded
expectations for this year as slow
construction markets push a
growing number of cash-strapped
customers to rent rather than buy
equipment.
The British firm, which makes
over 80 per cent of revenue from
its US business Sunbelt, yesterday
posted a pre-tax profit of 130.6m
for the year to 30 April.
Shares in the FTSE-250 firm,
which had started the day up 41
per cent on their price a year ago,
closed 1.76 per cent up at 254.80p.
Ashtead, which hires out
Ashtead gains as more
builders rent equipment
A
N
A
R
E
A
THE SIZE OF AN
i
P
A
D
IN KENSINGTON
CO
STS O
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LOW interest rates might be
designed to help boost the economy,
but can also hurt banks profits and
so have serious implications for
financial stability, according to Bank
of England research out yesterday.
That means other
macroprudential policy tools are
required to stop efforts to hit one
policy goal the inflation target
from impacting on another
financial stability, the report said.
The paper also found that a
sudden rise in the base rate can
impact on bank profits, as short-
term deposit prices may change
more quickly than long-term loan
prices, a friction that stops banks
taking immediate advantage of
higher interest rates, hitting profits.
However once that squeeze fades,
profits tend to be higher as the
interest rate is now higher.
Because short run profitability is
a major determinant of bank
capital, it follows that monetary
policy may have implications for the
resilience of the financial system,
the report explained.
As a result, it suggests using
macroprudential tools to tackle the
interaction between the policy
goals.
Low rates hit
bank stability
BY TIM WALLACE
G
E
T
T
Y
UK factories
still upbeat
BY TIM WALLACE
Eurozone debt crisis
slows Asian progress
THE FALLOUT from the Eurozone
crisis has now spread to East Asia
including the worlds second largest
economy, according to data released
yesterday.
The HSBC Chinese manufacturing
Purchasing Managers Index (PMI)
for June dipped to a seven-month
low of 48.1. Any value below 50
marks a contraction, and yesterdays
result means the index has now
declined for eight consecutive
months. Meanwhile, the sub-index
for new export orders saw the most
dramatic fall, to 45.9 its lowest
level since March 2009.
HSBCs Hongbin Qu, warned that
exports are likely to decelerate in
the coming months and expects
more decisive policy stimulus to
reverse the slowdown.
Mark Williams and Qinwei Wang
of Capital markets judged that with
risks to foreign demand mounting,
and a sensitive political transition
approaching, policymakers are like
to ease further.
Similarly in Japan manufacturers
were pessimistic for the first time in
four months, a Reuters poll found
BY BEN SOUTHWOOD
yesterday. A triple whammy of a
strong yen, slowing emerging
markets, and the Eurozone crisis all
took their toll on manufacturers
sentiment, which fell to minus
three, having been at plus two in
May. On the other hand the index
showed positive values for non-
manufacturing industry, with
optimistic responses outweighing
pessimistic ones.
Kyohei Morita and Yuichiro Nagai
at Barclays said the non-
manufacturing result reaffirmed
the strength of domestic demand.
Despite Japans macro weakness
the yen remains a superior safe
haven currency than the dollar,
harming competitiveness, added
Investecs Lee Mc darby.
IN BRIEF
Firms call for new nuclear plants
n Increased investment in nuclear
power will help provide cheap, safe
and popular energy, according to a
report out today from the Institute of
Directors. The business group argues
electricity from new nuclear plants
would cost 70 per megawatt hour,
compared with 95 from gas
generation and 130 from coal. Wind
is even more expensive 145 per
megawatt hour for onshore turbines.
The survey found 84 per cent of firms
back building more nuclear plants.
Millionaire pensions fail to save
n Men on average have earned about
1m before tax when they reach the
age of 51, while women need to keep
working until 72 to become million-
aires, revealed a survey published by
Prudential today. Yet only 37 per cent
have saved enough during their work-
ing years to enjoy a comfortable pen-
sion. Prudentials Vince Smith-Hughes
said: Pensions remain highly efficient
tax saving vehicles which can help
savers to claw-back some of the tax
that they have paid over the years.
800m Olympic spending boost
n The Olympic games will bring
London an 800m consumer spending
boost, a Visa report claims today, with
international visitors spending about
749m. The profit made by hotels,
supermarkets, high street retailers and
the travel sector is expected to create
an additional 1.21bn for the economy.
The Olympics may have a long-term
benefit as increased international
media coverage and recommenda-
tions passed on by visitors could raise
5.33bn in the next two years.
THE number of people seeking US
unemployment benefits dipped last
week but not by enough to signal a
better month of hiring in June,
according to Department of Labor
data released yesterday.
New benefit claimants for the
week ending 16 June edged down a
minuscule 2,000 to 387,000; but this
was an improvement on the
increase of 9,000 seen during the
previous week. Yet stats showed
overall seasonally-adjusted insured
BY BEN SOUTHWOOD
unemployment unchanged for the
week to 9 June, at 3,299,000.
The new unemployment data
came in tandem with Philadelphia
Federal Reserve data showing 40
per cent of American firms
reporting declines in activity,
versus 22 per cent reporting
increases.
Firms also reported significant
price declines, but were
surprisingly optimistic about the
future, with 34 per cent expecting
increased activity, and only 14 per
cent expecting a decrease.
The economy will be the major issue for Obama in the upcoming presidential elections
FRIDAY 22 JUNE 2012
17
NEWS
cityam.com
GLOBAL BUSINESSES
RECRUITING LONDONS
BEST PROFESSIONALS
YOUR FUTURE IS OUR BUSINESS
CITYAMCAREERS.com
WWW.CITYAMCAREERS.COM
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MANUFACTURING output is set to
rise in the coming months, as
orders improve and confidence
grows in the sector, according to
industry data out yesterday.
The industrial trends survey from
the Confederation of British
Industry (CBI) also found compa-
nies expect price pressures to ease
further.
Demand showed a solid improve-
ment, with 17 per cent reporting
order books were above normal
and 28 per cent said they were
below normal, leaving a net bal-
ance of minus 11 per cent.
That is a rise from minus 17 per
cent in May, and is above the long-
term average of minus 17 per cent.
Export orders drove much of the
improvement the balance
improved from minus 12 per cent
to minus four.
As a result, a net balance of seven
per cent of manufacturers now
expect output to increase in the
next three months.
That represents a rebound from
the balance of minus three per cent
recorded last year a sudden nega-
tive blip after four months of posi-
tive forecasts.
But despite the improvements in
orders and outlook, economists
warned the economy remains frag-
ile, and said a strong recovery is not
yet on the cards.
UK manufacturers clearly face a
very challenging domestic and
international environment, said
Howard Archer from IHS Global
Insight. Domestic demand is hand-
icapped by a still appreciable
squeeze on consumers purchasing
power as well as by tighter public
spending.
Meanwhile, Eurozone economic
weakness, in particular, is limiting
overall foreign demand for UK man-
ufactured goods.
The price expectations balance
fell from 12 to two, its lowest level
since November 2011, driven by
falling oil prices a factor which
could lead the Bank of England to
boost its quantitative easing pro-
gramme in an effort to stimulate
demand.
China GDP growth and PMI
2008 2009 2010 2011 2012
30
35
40
45
50
55
60
65 PMI
ManufacturingPMI
6
7
8
9
10
11
12 GDP%
GDP
US recovery stalls but firms are
optimistic for renewed growth
BACKBENCH MPs have urged the
financial watchdog to quickly crack
down on the mis-selling of interest
rate swaps to small businesses.
Conservative MP Guto Bebb told
parliament that thousands of small
firms have bought products to
insure against interest rate changes
without a proper explanation of
the risks, with evidence of hard-sell
tactics and misrepresentation.
[I]n the current economic
climate we should not accept the
loss of any businesses or jobs as a
result of mis-selling, he said.
Caroline Nokes MP said one of
her constituents who had lost
substantial sums in a swap said
they would have been better off
going to Wonga.
Bebb said he expects the
Financial Services Authority to
produce a report on the matter by
the end of July, and called on them
to clamp down on instances of mis-
selling as soon as possible.
The Federation of Small
Businesses backed the debate,
saying in a statement: The last
thing banks need now is another
mis-selling scandal.
But exposing it is the only way
of dealing with the problem
effectively.
MPs call for
swaps probe
BY MARION DAKERS
IN BRIEF
Doctors strike figures disputed
n The Department of Health claimed
just eight per cent of doctors working in
the NHS in England, or 11500, showed
their support for a strike yesterday, but
strategic health authorities claimed up
to a fifth of GP practices had been hit by
the industrial action. Doctors took action
for the first time in almost four decades
over the Government's pension reforms.
Amec signs deal with Aibel
nEngineering and project management
firm Amec said yesterday it had signed a
collaboration agreement with Norways
Aibel, one of Norways largest oil
services firms. The agreement will allow
AMEC and Aibel to jointly deliver
projects for the oil and gas industry in
the Norwegian Continental Shelf.
Norcros increases dividend
n UK and South Africa-focused
consumer products group Norcros
upped its dividend yesterday after its
group revenue increased by 5.6 per cent
in the year to 31 March. Profits of 12.1m
were 3.5 per cent higher than in 2010.
The company will issue a final dividend
of 28p per share in addition to the
interim dividend of 14p.
Wood Group wins Shell contract
n Energy services firm Wood Group has
been awarded a multi-year engineering,
procurement and construction
management (EPCM) framework
agreement by Shell Oil Products US. The
agreement has been awarded to Wood
Groups Mustang division.
BY JOHN DUNNE
SHARES in transport group Go-Ahead
slipped 1.9 per cent yesterday as a dis-
appointing outlook for its rail busi-
ness overshadowed a good overall
performance last year.
Go-Ahead said its bus network was
growing well, and the firm expects a
four per cent like-for-like revenue rise
in the year to the end of June, thanks
in part to fare increases.
In London, where it operates around
one in six buses, like-for-like revenues
rose by around six per cent, and con-
tract wins look set to boost mileage
growth next year.
But the firm said its rail business
has disappointed, and its Southern
franchise in particular is on course to
fall short of its expectations as the
economic slump slows growth.
In 2009, when Go-Ahead retained
the Southern franchise, it forecast six
per cent revenue growth per year dur-
ing its tenure. Shore Capital said yes-
terday rail profits are likely to fall
around 4m in 2013 due to the slug-
gish economy.
Looking ahead to the next financial
Go-Ahead sees
a difficult year
ahead for rail
BY MARION DAKERS
year, we expect the performance of
our bus business to remain strong,
the firm said in its pre-close update.
In rail, we expect slower than
assumed economic growth rates to
impact performance and, as stated in
April, 6m of rail bid costs are forecast
next year.
Panmure Gordon analyst Gert
Zonneveld said the results confirm the
cautious outlook for the firm, adding
in a note: Winning additional rail
franchises remains crucial, especially
if the company wants to sustain its
current level of dividends over the
medium to longer term, but we see
few catalysts in the short term.
Irish minister says Ryanairs
bid for Aer Lingus is too low
SHARES in Aer Lingus dipped 3.2
per cent yesterday after the firms
board and the Irish government
dismissed Ryanairs takeover bid
for the former flag carrier.
But Aer Lingus stock closed at
1.05, above Ryanairs 1.03 per
share offer price, as investors and
analysts looked at the next steps
for the firm.
The Irish government, which has
expressed an interest in selling its
25 per cent stake in Aer Lingus,
appeared to spurn Ryanairs bid
BY MARION DAKERS
yesterday.
I have always taken the view
that Aer Lingus is undervalued,
transport minister Leo Varadker
told the state broadcaster RTE. The
offer being made proves that.
But Aer Lingus third-largest
shareholder, telecoms billionaire
Denis OBrien, said he was buying
up more shares, telling Bloomberg
that Ryanairs bid could be a ploy
to kick off talks with fellow
investor Etihad.
Ryanair, which plans to run Aer
Lingus as a separate and competing
company if its bid succeeds, is
already the firms largest
shareholder with a stake of around
30 per cent.
But competition authorities,
which helped block two previous
bids by Ryanair, have refused to say
whether they would back the bid.
Some of the market clearly does
not believe Ryanair will be allowed
to buy it, said Alan Duff, a trader
with NCB stockbrokers in Dublin.
There are a lot of unknowns
that havent been ironed out.
People are waiting for more
clarification on the anti-trust side
of the deal.
DAIMLER will today announce a
major new deal worth around
$70m (44.8m) that will see more
of its vehicles manufactured in
Russia.
The contract with Britains
oldest car marque will see
hundreds of vehicles made at the
main plant of Russias GAZ
company.
Gaz has similar contract
manufacturing deals with the
likes of GM, VW and Skoda.
The move by Daimler, which
makes Mercedes Benz cars and
trucks, comes as Russian
Daimler in deal with Deripaska
to produce more cars in Russia
companies increasingly look to
attract more investment and
partnerships from abroad.
GAZ, Russias sole Russian
automotive company, has been
courting major vehicle companies
over recent years as it attempts to
use thousands of square metres of
factory space at its sprawling
main site in Nizhny Novgorod, an
hours flight south of Moscow.
The company is part of the
business empire of billionaire
oligarch Oleg Deripaska. Its chief
executive Bo Andersson was
parachuted in in 2009 to make the
company more competitive and
open to foreign investment.
OPEL, the European arm of General
Motors, will keep up its product
investments and will return to its
mass-market roots, its chief
executive said yesterday, a week
before he is scheduled to present a
restructuring plan.
We will make a significant
investment in Opels product
portfolio, Karl-Friedrich Stracke
said at an automotive industry
event yesterday, contrasting this
with cuts at some rivals.
Italian carmaker Fiat said last
week it was cutting capital
expenditure in Europe by 500m
(404.4m) this year.
Opel commits to
new investment
FRIDAY 22 JUNE 2012
18
NEWS
cityam.com
Daimler makes cars for Mercedes-Benz, including the new A-Class
Private equity owners sell on
chemicals firm Norit for $1.1bn
CHEMICAL maker Cabot has
revealed plans to buy Netherlands-
based activated carbon
manufacturer Norit from its
private equity owners for $1.1bn
(703m) to focus on higher-margin
specialty chemicals.
Cabot will buy Norit from
affiliates of British private equity
fund Doughty Hanson and Dutch
investment firm Euroland
Investments. Norit was acquired by
a group of investors led by Doughty
Hanson in 2007.
This acquisition supports the
ongoing transformation of our
portfolio to a higher margin, less
cyclical, specialty chemicals-focused
company, said Cabot chief
executive Patrick Prevost.
Doughty Hanson senior principal
and co-head of private equity Mark
Corbidge said: The sale of Norit
concludes an excellent investment
for Doughty Hanson. During our
ownership, we invested significant
time and capital in Norit and
helped it to become a truly world
class business.
Leading chemical companies such
as Dow Chemical, German BASF and
Ashland are focusing on speciality
chemicals, demand for which tends
to be resilient during economic
downturns. Specialty chemicals are
widely used in water purifiers,
pharmaceuticals, skin creams, hair
gels and cosmetics.
Norit has 10 plants in the
Americas and Europe that make
activated carbon, used in
purification and filtration
processes, food and pharma.
The company, which sold its
Clean Process Technologies unit to
Pentair for 503m last year, had
sales of $360m and earnings before
interest, taxes, depreciation, and
amortisation of $92m in 2011.
If completed, the Norit deal will
be Cabots largest to date. JP Morgan
was Cabots financial adviser.
AIR France yesterday unveiled
plans to cut more than 5,000 jobs
by the end of next year as part of
an effort to slash costs and debt to
return to growth in the face of
tough market conditions in Europe
and political pressure at home.
Air France pledged to try to avoid
forced layoffs by encouraging early
retirement and other methods. But
it warned forced redundancies
would be unavoidable if unions
refused to support its plans.
Air France is facing a
fundamental choice about its
future, said chief executive
Alexandre de Juniac.
Air France will
cut 5,000 jobs
Go-Ahead Group PLC
1,160
1,180
1,200
1,220
1,240 p
1,196.00
21Jun
Anna Schwartz, 1915-2012
US economist Anna
Schwartz has died at
96. She was co-author
with Milton Friedman
of A Monetary History
of the United States,
which blames the US
central bank for the
Great Depression. Ben
Bernanke, the Feds
current president said
in 2002: You're right,
we did it. We're very
sorry. But thanks to
you, we wont do it
again. Schwartz was
iconoclastic to the
end, opposing
bailouts in 2008 and
warning that
Bernanke was keeping
interest rates too low.
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Sir Roger Carr
Centrica
2010 Dealmaker
of the Year
Daniel Ek
Spotify
2011 Entrepreneur
of the Year
Gerald Ronson
Heron Corporation
2011 Personality
of the Year
Angela Ahrendts
Burberry
2010 Company
of the Year
Boris Johnson
Mayor of London
2010 Personality
of the Year
Nominate yourself, a colleague or your company
for City A.M.s third annual Business Awards.
Visit www.cityamawards.com
Deadline for nominations 12 July
Awards night Wednesday 17 October
General enquires: 020 8267 4043 | jo.pead@cityamawards.com
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BANK of America Merrill
Lynchs Student Presentation
Skills prize 2012 has gone to
14 year old Wahida Tasnim,
after the panel heard her
vehement speech on climate
change.
Tim Loughton MP,
parliamentary under secretary
of state for children and
families, who opened the
event said: We were all
thoroughly impressed by the
high standard of the young
speakers. Their passion and
knowledge of some very
complicated subjects
demonstrates the effectiveness
of this education programme
as well as the importance of
helping young people learn
more about finance and
careers whilst they are still at
school. She beat stiff
competition from the eight
other finalists, following a
series of competitive heats and
semi-finals at schools across
Tower Hamlets. Each finalist
gave a speech on an issue
facing the future of the
financial world.
14 year old
takes Bank of
America prize
Matching neckware on show at Santander UKs drinks
Got A Story? Email
thecapitalist@cityam.com
20
cityam.com
cityam.com/the-capitalist
THECAPITALIST
FRIDAY 22 JUNE 2012
How a red tie curries
favour at Santander
T
HE MEN in red ties
appeared to have taken
over the Ladies Smoking
Room at the St Pancras
Renaissance hotel the
other evening as
Santander UK hosted
its very pleasant
summer drinks
party.
All the Santander
men present wore
red ties, although a
spokesman yester-
day said there had
been no order to do
so. The red seemed
to be a male
thing because Santanders
female representatives did not
all seem to be wearing that
colour, although UK CEO Ana
Botin was dressed in a
rather elegant pink
number. Each of
the men wore a
red tie out of per-
sonal choice, said
a spokesman, who
spent a large part
of the evening
assuring all the
guests that
Santander UK was
very assuredly
r i n g -
fenced from its Spanish parent.
The red tie is a favourite of fans
of Emilio Botin (not present last
night) because it evokes the
banks branding colours. But it
also could be viewed as an evo-
cation of the Spanish heritage
of the parent bank, possibly
not so helpful due to nervous-
ness over the Spanish banking
system. So will Santander UK
revert to Santanders original
green, which it abandoned in
1989. No comment, said the
spokesman in Spain.
Before The Capitalist left just
after 21.00 hours (as the invita-
tion stated, Youre Free to go
after 9pm,) we noticed that
the Channel Four news presen-
ter Jon Snow, unlike the
Santander employees, had
opted for one of his more
multi-coloured numbers. ONE hundred people, including the Lord Mayors daughter Sophie
Wootton (pictured), took part in an abseil down the side of the
Lloyd's building for the Lord Mayor's Appeal on behalf of the
Trauma Unit at the Royal London Hospital.
WOOTTONS ON TOP OF THE WORLD
Santander founder Emilio Botins
red tie was emulated by male staff
21
FRIDAY 22 JUNE 2012
LONDONREPORT
Osborne Clarke
Sue Gold has joined the law firm
as a partner in its privacy and
data protection team. She joins
from the Walt Disney
Corporation, where she was
principal counsel for Europe,
Middle East and Africa. Gold has
over 15 years experience in data
protection and previously
worked for five years at UBS.
LV
Wendy Mayall has been appointed chief investment officer
of the insurance, investment and retirement group. She
will report to Philip Moore, group finance director. Mayall
spent 17 years at Unilever, and most recently she served as
a strategic adviser for Stamford Associates, the research
firm, which she jointly founded in 1987.
UnaVista
The London Stock Exchange Group has announced that
David Nowell has joined its UnaVista division as head of
industry relations and regulatory compliance. He has over
20 years financial services experience, and previously
worked for the FSA as a technical specialist within its
transaction monitoring unit. Nowell will focus on
developing UnaVistas operational risk advisory expertise.
Sirius Minerals
Alan Watling has been appointed managing director of
York Potash, the potash development groups North
Yorkshire project. He has nearly 30 years experience in
mining, and previously worked as chief executive of Africa
Minerals. Watling has also held senior positions at Rio
Tinto and Fortescue Metals Group.
Fladgate
The law firm has appointed Paul Airley as a resources
partner. He joins from McCarthy Tetrault, where he has
been a partner since 2007. Airley is an energy and
resources specialist, and he has particular experience of
corporate finance and mergers and acquisitions
transactions.
Adveq
The asset management firm has promoted Tim Creed to
the position of managing director, effective 1 July. He
joined Adveq in 2004 as a senior associate in its
investment management team, and he now leads its
European investment practice.
MSCI
The investment decision support tool provider has
appointed Brett Hammond as head of index applied
research. He joins from TIAA-CREF, where he served as
chief investment strategist. Hammond is also an adjunct
professor at the Wharton School of the University of
Pennsylvania, and has taught at Berkeley.
WHOS SWITCHING JOBS Edited by Tom Welsh
+44 (0)20 7092 0053
morganmckinley.com
SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT
Worst day in
three weeks
for US market
U
S stocks posted the worst day in
three weeks yesterday on
mounting evidence that
slowing manufacturing growth
worldwide threatened corporate
profits.
Shares of energy and materials com-
panies led declines as commodity
prices fell. US crude futures slipped
below $80 a barrel for the first time
since October and the S&P energy sec-
tor index lost 4 per cent. Investors said
weak overseas demand was responsi-
ble for the decline in those industries.
Stocks slide was accelerated by a
bearish call from Goldman Sachs,
which recommended clients build
short positions in the broad S&P 500
index on expectations of more eco-
nomic weakness.
We are recommending a short posi-
tion in the S&P 500 index with a target
of 1,285, (roughly five per cent below
current levels), Goldman Sachs said in
a note.
Semiconductor stocks weighed on
the Nasdaq after chipmaker Micron
Technology posted a net loss for the
fourth straight quarter. Micron lost 7.8
per cent to $5.65 and the PHLX semi-
conductor index dropped 4.1 per cent.
Stocks had enjoyed a two-week run
that brought the S&P up more than
seven per cent on hopes for additional
stimulus from the Federal Reserve.
Business activity across the euro
zone shrank for a fifth straight month
in June and Chinese manufacturing
contracted, while weaker overseas
demand slowed growth by US facto-
ries.
The KBW Bank Index fell 2.3 per cent
amid expectations Moodys Investors
Service would announce downgrades
in the banking industry.
The Dow Jones industrial average
was down 251.35 points, or 1.96 per
cent, at 12,573.04. The Standard &
Poors 500 Index was down 30.19
points, or 2.23 per cent, at 1,325.50.
The Nasdaq Composite Index was
down 71.36 points, or 2.44 per cent, at
2,859.09.
The days decline was the worst since
1 June when the S&P 500 fell 2.5 per
cent.
Celgene slumped 11.5 per cent to
$59.45 after the company said it was
withdrawing a European application
for wider use of its big-selling Revlimid
blood cancer drug.
Philip Morris International lost 3.3
per cent to $85.62 after forecasting
full-year earnings below Wall Street
estimates, saying a strong dollar has
hurt sales abroad.
After the bell, Moodys Investors
Service cut the credit ratings of 15 of
the worlds biggest banks in a highly
anticipated move that was part of a
broad review of major financial insti-
tutions.
Shares of JPMorgan added 1.4 per
cent to $36.00 and Morgan Stanley
added 3.2 per cent to $14.41 in extend-
ed trade, after both were among the
banks downgraded.
Softening data globally lifted hopes
of central bank action to support the
economy.
B
RITAINS leading share index
dropped back yesterday, snapping
a four-session winning streak on
falls in heavyweight commodity
stocks which were hit by fresh signs of
economic weakness in China and
concerns over growth in the United
States.
Energy stocks and miners were the
biggest blue chip casualties, with the two
sectors particularly sensitive to the
health of the global economy, and espe-
cially that of top commodities consumer
China.
A private-sector survey that showed
Chinas factory sector contracted for an
eighth straight month in June stoked
fears that demand for resources might
slow.
The US Federal Reserves decision to
introduce only a limited expansion of
monetary stimulus also weighed on equi-
ties, which have been supported in
recent weeks by hopes of new central
bank funding to fight off the economic
slowdown and Europe's sovereign debt
crisis.
The FTSE 100 index closed down 55.93
points, or one per cent, at 5,566.36
points, having added around 2.8 per cent
in the previous four sessions.
The reverberations of [Fed chairman
Ben] Bernanke painting a bleaker picture
of the US economy than had been antici-
pated and news out of China indicating
that manufacturing may shrink for an
eighth month did little to increase
investor confidence, said Mike Mason of
Sucden Financial Private Clients.
US blue chips were down 0.7 per cent
by Londons close after data showed
more Americans filed for jobless benefits
in the latest week than expected, and as
factory activity in the US mid-Atlantic
region contracted in June, adding to con-
cerns about a softening economy.
Weaker than anticipated US job fig-
ures cut hopes of a continued rally down
to size and saw investors once again
scratching their heads wondering which
direction these markets will move,
Sudens Mason added.
A switch away from risk-sensitive sec-
tors led to a boost for stocks seen as
defensive plays, notably drugmakers,
household products groups and food pro-
ducers.
Reckitt Benckiser was the top blue
chip gainer, ahead 1.5 per cent as the
stock rose after falls earlier this week
linked to profit warnings in the con-
sumer goods sector from Frances
Danone and US giant Proctor & Gamble.
Liberum Capital believes Reckitt and
Germanys Henkel have the most direct
overlap with P&G although it argues that
P&Gs issues are mostly company specif-
ic.
Standard Life was also a big FTSE 100
riser, up 0.8 per cent supported by posi-
tive comments from JP Morgan
Cazenove.
We believe Standard Life is an under-
valued, high growth and low beta stock
[relative to peers], JP Morgan said in a
note, reiterating its overweight rating
and 272p target price on the stock, offer-
ing a 20 per cent potential upside.
Among other insurers, RSA Insurance
and Aviva both added 0.3 per cent.
Some fund managers seemed happy to
take a contrarian view of the falling mar-
ket.
If I were to short the FTSE, I might
close that out by Friday. I agree with the
contrarian view, but it depends on your
time horizon. Certainly there are stocks
out there which if you buy now and hold
for five or six years, you would do very
well, Paul Hawtin, CEO and founder of
hedge fund Derwent Capital, told the
CFA UK annual conference yesterday.
FTSE pares back gains after Chinas
weakness punctures Eurozone relief
BESTof theBROKERS
Intermediate Capital Group PLC
280
275
270
265
260
255
250
p
15Jun 18Jun 19Jun 20Jun 21Jun
272.70
21 Jun
INTERMEDIATE CAPITAL GROUP
Deutsche Bank has initiated coverage of the specialist debt investor with
a buy rating and a target price of 320p, saying that the firm is well
positioned for longer-term growth as UK and European banks continue
to de-lever their balance sheets, while the resulting mismatch between
the supply and the demand for credit should provide opportunities for
ICG in both mezzanine and senior debt.
FTSE
5,600
5,625
5,475
5,500
5,550
5,575
5,525
5,566.36
21 Jun
DASHBOARD CITY
CITY MOVES
To appear in CITYMOVES please email your career updates and pictures to citymoves@cityam.com
NEW YORK
REPORT
YOUR ONE-STOP SHOP FOR JOB MOVES,
BROKER VIEWS AND MARKET REPORTS
cityam.com
in association with
Weir Group PLC
1,575
1,550
1,525
1,500
1,475
1,450
p
1,512.00
21 Jun
WEIR GROUP
Berenberg Bank rates the engineering giant as a buy and has reduced
its target price to 2,3850p from 2,585p after concluding from the
companys capital markets day that cuts to its consensus estimates are
overdone. The broker has revised its model to reflect weakness in the oil
and gas division, which is offset by strength in minerals. It continues to
expect earnings per share of 157p for 2012.
Brammer PLC
270.00
267.50
265.00
262.50
260.00
257.50
255.00
252.50
p
255.26
21 Jun
BRAMMER
Espirito Santo has upgraded the support services firm from sell to
neutral with a target price of 268p, saying that although risks remain,
there are improved rewards associated. The broker has downgraded its
2012 earnings per share forecast by eight per cent and fair value by 11
per cent, but says the firm has a dividend yield that is starting to look
attractive and the prospect of substantial market share gains.
N
O ONE will ever produce a
film called David Cameron:
Vampire Hunter. Abraham
Lincoln, on the other hand,
got a Hollywood blockbuster
this week that reinvents his life as a
fight to the undeath. Lincolns cod-
historical battle with soulless,
slave-owning bloodsuckers adapts a
mash-up biography/monster novel by
Seth Grahame-Smith, whose back
catalogue of left-field bestsellers
includes the wildly successful Pride
and Prejudice and Zombies, which
sold 794,000 copies in 2009 alone.
Purists may be shuddering at the
idea, but this new sub-genre is more
than just the cynical working out of
provocative titles. At its best, all the
gore-stained axe-swinging provides a
O
UR EXAM system should be
up there with the best in the
world. It should push bright
kids and be renowned for its
academic rigour. At the
moment, GCSEs simply dont do that.
Every year, GCSE results day is
accompanied by accusations of
dumbing down and respect for
them is diminishing among
employers and universities, as they
increasingly fail to stand up to
international comparison.
Thats why we should be reforming
our examination system. Anything
that increases rigour has to be wel-
comed. Changes should be aimed at
ensuring that education values excel-
lence, stretches pupils and produces
people able to compete in a skills driv-
en, competitive global economy.
We dont know the full details of the
changes proposed by Michael Gove,
secretary of state for education, but
its clear that reform is needed.
Changes cant be about a nostalgia for
a golden age of O-levels that never
was. They should be about creating a
system fit for the twenty-first century.
*Subject to terms, conditions and availability. Price valid as of 20 June. Book before 4th July for travel until 31 August. Fare is one way, inclusive
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TGIFLYDA
cityam.com/forum
Weve spent
decades pushing too
many people down an
academic cul de sac
In association with
THEFORUM
Twitter: @cityamforum on the web: cityam.com/forum or by email: theforum@cityam.com
Agree? Disagree? Got a sharp comment?
The Forumwants you to join the debate.
Top responses will be reprinted in The Forum.
22
FRIDAY 2 JUNE 2012
DAVID SKELTON
Goves exam reforms will confront
wasted potential in British schools
But theres more to the proposed
reforms than a reversion to O-levels.
One of the main problems with the
current system is that it lets down
pupils who would prefer to go down a
more vocational route. Pupils who are
not necessarily strong academically
have become disengaged from educa-
tion at an early age. Weve spent the
past few decades ignoring the need
for vocational skills and trying to
push too many people down an aca-
demic cul de sac. Not everybody
wants to go to university, but weve
spent years looking down our noses
at vocational skills, with damaging
consequences for the economy.
At the moment, too many pupils
become disinterested and end up
gaining only a handful of low-grade
GCSEs. This doesnt help them in the
world of work; it dents their sense of
self-worth and means that their final
two years of education have been
effectively wasted.
Estimates of the number of young
people who become disengaged range
from 11 to 33 per cent. The Woolf
Report suggests that 20 per cent of
young people perform so badly in
their exams at 16 that they are unable
to proceed into further education.
The present system isnt working. Its
a waste of human potential.
Its important that the government
gets these reforms right, so we dont
miss another opportunity. The gov-
ernment should make sure that every
pupil leaves school with a decent
qualification and a broad awareness
of English, maths and science.
Vocational qualifications should not
be regarded as second class. Instead,
vocational courses should be seen as
an alternative route, with as much
validity as the academic route. It
should be an enabler of social mobili-
ty.
This represents a chance to put aca-
demic and vocational education on
an equal footing. A reformed system
provides us with a chance of remov-
ing the snobbishness around voca-
tional education from our pre-16
education system and widen the
opportunities for those young people
who are disinterested by academic
education.
A reformed system could give some
young people a good grounding in
English, maths and science, while
also enabling them to concentrate on
more vocational subjects. This will
help re-engage with the many disen-
gaged pupils and teach them the
skills to play an active and important
role in the workforce. It should also
be accompanied by links with local
employers, involvement in appren-
ticeship schemes and, in the longer
term, further qualifications in part-
nership with further education col-
leges and universities.
The present system effectively gives
up on some young people at the age
of 14, while a reformed system could
give disengaged young people the
opportunity to develop and flourish.
International evidence has shown
that providing vocational options for
some young people can boost their
confidence, enhance their engage-
ment at school and improve their
readiness for the work place.
In short, providing a vocational
option at the age of 14 would be good
for some of the UKs young people,
good for the education system and
good for the economy as a whole.
Reform is necessary because the pres-
ent system is letting too many young
people down, while holding the econ-
omy back.
David Skelton is deputy director of the
think tank Policy Exchange. You can follow
him on Twitter @djskeltonext
blood-soaked commentary on some
of the psychological battles buried
in the subtext of classic works and
behind the scenes of great lives.
Android Karenina or Wuthering
Bites will never replace their
originals, but thats not to say they
are meritless reads. I cant speak for
the new film (see p.24 for our
review), but Grahame-Smiths book
is, in its perverse, postmodern way, a
sincere tribute to one of Americas
greatest presidents.
The unlikely success of blending
classic books with pulp demons also
shows us something important
about where good ideas come from.
While it sounds initially as
unappealing as snail porridge,
Heston Blumenthals recipe for
exactly that went on to become an
icon of molecular gastronomy, just
as this blend has created a whole
new literary formula. Matt Ridley,
author of The Rational Optimist,
stresses the role of unlikely pairings
in driving innovation, calling it
ideas having sex. Would-be
innovators need systems that keep
the indiscriminate mixing of ideas
going strong something not
always easy for big firms. Even
harder, these mongrel books with
best-of-breed sales figures would
have been impossible without a
refusal to be reverent and a
willingness to tolerate uncertainty.
Before a crazy new crossbreed of an
idea can prove itself in action,
someone has to stand up and back
it. Quirk Books, which
commissioned the book, has been
justly rewarded, but it takes real
courage to break the mould in this
way.
Whats hard for business is
apparently almost impossible for
todays politicians. That we can say
with certainty that neither Cameron
nor any of the current heads of the
Eurozone nations will ever feature
as the hero of a mash-up shows the
predicament that we are in. After
all, we have monstrous debts to slay
and the threat of zombie banks all
around its just the slayer were
missing. George Osborne: Deficit
Nibbler wont cut it. Extraordinary
times call for the kind of visionary
leadership that earns postmodern
tributes a century and a half later.
But instead, hard decisions are
postponed and no one steps forward
to bring the growing crisis under
control. Its time for a new chapter,
but where is the party or the
politician with the irreverence and
courage to turn the page?
Marc Sidwell is managing editor of
City A.M.
THE LONG
VIEW
MARC SIDWELL
Unlikely pairings of demons and classics hold lessons for timid politicians
AY!
Fly to France for the weekend
from just 79
*
one way.
Bonne n de semaine!
23
Modest proposals
[Re: We need a flat tax with no loopholes to
reduce avoidance, yesterday]
Theres a strong argument for saying that,
considering the incompetence of successive
British governments in spending tax
revenues, legally minimising tax
contributions is actually the most ethical
option for British taxpayers.
EdwardFox
The easiest and most effective way to
simplify the tax system would be to merge
income tax and national insurance. This
would remove many contentious tax
avoidance schemes. The reason it doesnt
happen is because politicians think voters
are so stupid theyll see it as a tax rise.
MegMurphy
Political sclerosis
[Re: Obama is banking on Latino votes but
the economy unites, yesterday]
Ewan Watt is rightly critical of playing
politics with specific voting groups. But this
is a trend that has worryingly reared its
head in Britain. Ken Livingstones dirty
sectarianism didnt win him the mayorship,
but he came very close. Sadly there are few
politicians with more universal appeal.
KellyWilliams
[Re: Super Mario must radically reform Italy
to avert economic disaster, yesterday]
Italians have known they needed labour
reforms for decades. If anything good comes
from this euro crisis, lets hope they finally
gird themselves to action.
Robert Weybridge
F
OLLOWING one of the most
volatile periods in the last 15
years, the aggregate investable
wealth of high net worth
individuals (HNWI) declined by
1.7 per cent last year the first fall
since 2008. This came out of the latest
research from the World Wealth
Report, published this week by
Capgemini and RBC Wealth
Management.
Uncertainty over the Eurozone was
critical in driving investor behaviour
in 2011. Investors were caught
between seeking returns and preserv-
ing capital. Many opted to forgo
returns by moving wealth into cash or
lower-risk investments.
Some regions weathered the crisis
better than others. For the first time
there are now more HNWIs in Asia-
Pacific than anywhere else. This was
driven by solid growth in the number
of wealthy individuals in Japan and
China. North America continues to
account for the largest regional share
of HNWI wealth, at $11.4 trillion (7.2
trillion), though it was the only region
to see a decline in its HNWI popula-
tion.
Across Europe, the aggregate wealth
of HNWIs declined, although the
number rose by 1.1 per cent, driven by
growing numbers in Germany and
France, and growth in Eastern
European markets. In the UK, the
number of HNWIs dipped slightly, as
volatile equity markets and a drop in
the property market took their toll.
The bulk of the worlds HNWIs
remain concentrated in three coun-
tries: US, Japan and Germany.
Together, they account for 53.3 per
cent of the worlds HNWIs. But their
share has been eroding gradually, as
populations in emerging markets,
especially in Asia-Pacific, continue to
grow faster than in the developed
world.
There was also divergence in the for-
TOP TWEETS
A flat tax with no loopholes is a great idea.
But theres a huge risk of politicians fiddling.
@BestManEver
Students already sit different GCSE papers
in some subjects. Goves proposals would
make this explicit and drive up standards.
@trussliz
Britain and Germany, compare and contrast.
In the latter, vocational training is not
considered a second class education.
@SirSocks
I just spoke at a conference on City regulation.
Seems officials think market failure can be
solved by more official regulation.
@DouglasCarswell
As investors continue to struggle for returns,
is purchasing fine art a sensible alternative?
YES
There is a difference between investment and speculation in art.
Speculation is about the hunt for the next Damien Hirst. It involves
looking into the shop window meeting dealers and attending sales
to find an artist that will, with luck, excel in the next generation, and
for which you are now paying a nominal price. To pull this off as a
private investor is even less predictable than betting on horses. But
its fun. Where the game is provably effective is to approach art like
any other asset class to find talent that is devalued. And there are
some cracking opportunities. It takes only a modicum of intelligence,
to realise that because of the anti-brown furniture syndrome in
contemporary design, there are now thrillingly discounted chances
to buy works of nineteenth century brilliance in British portraiture,
landscapes and still-lives. Substantial painting by proven masters are
changing hands for the same price as one polka dot by Hirst.
Philip Mould is an art dealer specialising in British art and Old Masters.
Philip Mould
NO
Emanuil Halicioglu
While you do occasionally hear how a handful of experts and
lucky punters have made significant returns from investing in
fine art, the illiquidity inherent in this asset class can make
realising profits or avoiding losses very difficult. Not only is it
extremely tricky to assess the exact value of fine art, but
valuations are highly subject to changes in taste investments in
modern art are a good example. This means you could
potentially be stuck in an investment for a very long time, all the
while paying expensive storage and insurance fees. Additionally,
investing in fine art generally requires a large initial outlay
which not everyone may have and you will most likely be
competing with more knowledgeable buyers. All this makes fine
art an incredibly risky and opaque investment.
Emanuil Halicioglu is an equity analyst at Growth Equities &
Company Research.
RAPIDresponses
Even the ultra rich
are struggling to
keep their wealth
tunes of those in the $1-5m band,
whose wealth grew, and those with
more than $5m, whose wealth
declined. While these individuals
account for just 10 per cent of the
global population, they hold 57 per
cent of its investable wealth, and are
more likely to invest in less liquid or
higher risk assets adversely affected
by bumpy markets.
The best-performing asset class was
unsurprisingly fixed income, with
mixed performances from commodi-
ties, hedge funds and currencies. In
equities, market capitalisation fell by
19 per cent. Many tangible invest-
ments, like real estate, depreciated in
value, despite being perceived as a
safe-haven.
Against this backdrop, investments
in art, jewellery and memorabilia are
seeing considerable interest from
HNWIs. While not strictly an alterna-
tive to financial assets, the financial
crisis has certainly led many to view
these holdings as an important com-
ponent in their overall investment
strategy.
Economic uncertainty looks set to
be with us for the foreseeable future.
In the near term, investors must pre-
pare themselves for ongoing volatility
and the possibility of extended peri-
ods of disparate outcomes. And for a
generation of baby boomers, previous-
ly focused on wealth accumulation,
wealth preservation and long-term
planning must become the focus of
their investment objectives.
Tracy Maeter is head of investments at
RBC Wealth Management.
FRIDAY 2 JUNE 2012
TRACY MAETER
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T
HE SCENE is a grotty but
desirable house on the Devon
coast, decked in Indian
blankets, hippy memorabilia
and booze bottles. Onto this set
appears the rake-thin, sexy Helen
McCrory, playing edgy single
mother Libby; her newly arrived ex-
junkie brother Nick, endearingly
played by Rory Kinnear, and soon
after, Libbys furious and articulate
daughter Summer (Isabella
Laughland).
Brother and sister are there to help
their mother, ageing hippy Judy
Haussman (referred to by her chil-
dren, as is the custom with posh hip-
pies, as Judy rather than Mum),
sort through her belongings. Nick
trembles on hearing her shriek from
her bedroom where she is jauntily
recuperating after a skin cancer
scare and Libby exudes discomfort
and stress.
Living with your mother, especial-
ly when shes Judy Haussman,
appears to be a task too much for
the sane. But when Judy (Julie
Walters) emerges, she is brilliant
brilliant to watch, anyway, not so
much to be parented by. Pajama-
clad, her long grey hair swinging in
a rope, she trills about revolution
and the republic of the body in a
cut-glass accent (a high society drop-
out, she used to squat in Belsize
Park and spent years blissed out in
India).
Shouting darling, youre WON-
DERFUL at every opportunity is all
very well, but the future of the house
is causing Judys children great angst
and a lifetimes worth of resentment.
Nick and Libby feel its been prom-
ised to them but Judy seems to have
other ideas, and it is the thought of
this betrayal edged with real finan-
cial worry that causes the plays
central ruction.
But its not just the internal ques-
tion of legacy (to what degree it is
purely financial rather than nostal-
gic for Libby and Nick remains
unclear) that scuppers the familys
peace. Libbys weak spot is men and
she falls prey to the attentions and
false promises of yet another, the GP
who tends Judy (and who Judy rather
adores). Meanwhile, handsome pool-
boy Daniel is the object of the gay
Nicks love, but has a soft-spot for
Libby.
The play is a joy. McCrorys Libby is
taut, raw and interesting, a keen
examination of the tricky role it is to
be daughter, lover and mother in one.
Judy despite her infuriating past
and cranky-sounding ideals turns
out to be truer to the revolutionary
LIFE&STYLE
FRIDAY 22 JUNE 2012
24
cityam.com
GOING OUT
THEATRE
LAST OF THE HAUSSMANS
National Theatre | By Zoe Strimpel
hhhhh
WHERE
TO LUNCH
TIM BADHAM
FOR THOSE in the know, its now de rigueur
to opt for afternoon tea over lunch for
business meetings its both less formal
and less expensive. Everybody knows
establishments like The Wolseley, The Ritz
and The Langham but if you want to
impress your clients or colleagues with
something more off the beaten path, try
some of these great alternatives.
The newest opening is the Diamond
Jubilee Tea Salon, launched in honour of the
Queen at Fortnum & Mason, which comprises
of a tea tasting room and restaurant offering
150 varieties from around the globe. For
something less formal and more cutting
edge, Nobu Berkeley (pictured below)
reminds us that the Japanese also have a
great interest in tea, with their nuanced
interpretation of the traditional British
pastime. The kitchen has devised a menu of
dreamy dishes like Takoyaki and smoked
salmon sashimi with wasabi sour cream,
paired with speciality teas including
Japanese matcha and Nobu green tea.
For an experience that truly takes you
through the looking glass, opt for the Mad
Hatters Tea at Sanderson, where your
senses will be shocked and stimulated by a
symphony of molecular gastronomy. Sweet
like Abe, while everybody else is off
having a good time.
Its an essentially sour look at
suburban America, in which
everybody is unhappy and most of
them are clinically depressed. Some
hide it better than others, which,
given the amount of verbose
introspection we get from Abe, may
well be a good thing.
The deeply black humour stems
from their mutual despair
Miranda coming to terms with
giving up her self respect and
settling for a slob like Abe; Abe
settling for a woman who clearly
isnt into him; Abes parents
realising their son is a waster.
A toupeed Christopher Walken,
whose face is beginning to
resemble a malevolent Norwegian
woodcarving, provides many of the
laughs, with a wonderfully
understated performance as the
stoic father.
To his credit, director Todd
Solondz doesnt blink, even as Dark
Horse gallops at breakneck speed
towards a brick wall. The result is a
messy, often unpleasant but
refreshingly honest middle-class
melodrama.
YOU CAN almost hear the pitch for
Abraham Lincoln: Vampire Hunter:
Its mostly slow-motion shots of
the 16th President swinging a big
axe... Great, where do I sign?
But pulling off a project as
inherently ridiculous as this is no
mean feat: too many knowing
winks or ironic sneers and your
audience will quickly lose interest.
Play it too straight and the entire
project will drown in mire of self-
conscious implausibility.
Timur Bekmanbetovs adaptation
of Seth Grahame-Smiths novel
walks the tightrope pretty well. Its
not great, but then its called
Abraham Lincoln: Vampire Hunter
it was never going to stand next
to Gone With the Wind.
It works, for the most part,
thanks to Benjamin Walker, who
is about as convincing as the
eponymous President you can
hope, given the premise. He looks
tooth satisfaction is on offer at The Halkin,
where theyve enlisted the help from
Britains Best Chocolatier Wiliam Curley
to create an afternoon tea menu worthy of
Willy Wonkas envy. If fashion is more your
cup of tea, choose The Berkeleys Prt--
Portea, which offers cakes and pastries
modelled after the latest designer
desirables from the likes of Valentino and
Stella McCartney. If, on the other hand, you
want a testosterone-driven afternoon tea
worthy of Keith Richards, Sanctum Soho
offers the opportunity to indulge in an
artery-clenching spread of red meat, hard
liquor and premium cigars. Sketch is
already known for its baroque afternoon
tea in their Parlour but following their
beautiful arboreal decoupage redesign by
artists Carolyn Quartermaine and Didier
Mahieu in The Glade, they are now serving a
luxury afternoon tea there, with dishes
offering flavourful twists on old favourites.
LAtelier du Joel Robuchon offers
delicate French pastries paired with their
selection of the finest loose leaf teas or
coffees. The Jubilee tea mania reached new
heights with The Citys Vertigo42
introducing their excellently named High
Tea where you could sip and sup whilst
watching the River Pageant float by. Tim
Badham is the founder of Innerplace,
Londons leading entertainment concierge
service. www.innerplace.co.uk.
FILM
ABRAHAM LINCOLN:
VAMPIRE HUNTER
Cert 15 | By Steve Dinneen
hhhii
One Abe struggles to overcome silliness as
another battles against grinding cynicism
Skip lunch: go
for High Tea
FILM
DARK HORSE
Cert 15 | By Steve Dinneen
hhhii
DARK HORSE takes the indie
template dragged into the
mainstream by films like Juno and
Superbad, removes the Hollywood
niceties and replaces them with a
bleakly funny desperation.
Abe is an overweight man-child
who collects ThunderCats dolls
and still lives with his parents. Hes
the kind of guy nobody speaks to
at a wedding. He sparks up a
somewhat dubious relationship
with the equally stunted Miranda,
who is the kind of person who gets
chatted up at weddings by losers
Familymelodramais a
(above) Helen McCrory, Julie
Walters and Rory Kinnear star
as a dysfunctional family in Last
of the Haussmans. (below)
Benjamin Walker in Abraham
Lincoln: Vampire Hunter
FRIDAY 22 JUNE 2012
25
A toupeed Christopher Walken, whose face is
beginning to resemble a malevolent Norwegian
woodcarving, provides most of Dark Horses laughs
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spirit than one might initially think,
and Nick is the cleverest ex-junkie
youll see on stage any time soon.
It is a jamboree of fine British act-
ing what is lacks in profundity it
makes up for in the sheer appeal of
its performances.
like he really believes it, like
his brain has developed a
kind of Stockholm
syndrome in a desperate
bid to make sense of
the absurd situation it
has found itself in.
He hacks and slashes
and leaps his way
through increasingly over-
the-top action sequences,
none of which, barring an
impressive fight amid a
stampede of wild horses, feels
particularly original. More often
than not, Lincolns real battle is
against is against the profligate
overuse of CGI effects.
The fun, though, lies in spotting
how the formative events in
Lincolns life are given a vampire-
red lick of paint: the death of his
mother (not, in this
version, from milk
sickness); his
entry into
politics; his wifes latter-day
madness. Indeed, the entire civil
war becomes a battle against
shadowy vampiric forces. Heavy
Union losses at Gettysburg? Yup,
that was vampires too. ITS ALL
VAMPIRES. To call it clever would
be giving it rather more credit
than its due but it has a certain
rat-like cunning that its hard to
resist smiling at.
Sometimes it goes too far at
one point the head bloodsucker
opines: Im a slave to eternity,
you to your conviction,
others to the colour of
their skin. Taking one of
the bleakest episodes in
human history as the
basis for a zingy
speech is, at best,
rather insensitive.
For the most part,
though, you get what
you expect. Say the
title back to
yourself. Like what
you hear? Then you
have a pretty good
idea of whether
this movie is going
to agree with you.
frustrated by her mummys-boy
boyfriend Michael; Kris, an estate
agent getting tired of her long-term
boyfriend Jeremys frat-boy lifestyle,
and the fantastically successful and
demanding businesswoman Lauryn,
the films answer to Samantha from
Sex and the City. The menfolk
(slacker, commitment-phobe, player,
aforementioned mummys boy) zing
with energy and, somewhat
predictably, its their relentless
banter that provides the real laughs.
For a girls night out, this should
fit the bill nicely. And if your
girlfriend wants to see it, indulge
her you might end up secretly
enjoying it.
FILM
THINK LIKE A MAN
Cert 12A | By Zoe Strimpel
hhhhi
A
NOTHER rom-com adaptation
of a self-help dating book?
Once your eyes return from
their deep roll, the chances
are you will snort, spit or sneer. But
despite adding to a genre thats
defined by mediocrity (see: Hes Just
Not That Into You) Think Like a
Man is surprisingly good.
Of course, low expectations will
make anything better, but it has a
delightful cast, some genuinely
amusing moments and an
architecture that doesnt entirely
plonk the women in the whining,
unreasonable, ring-desiring room.
Expecting to be offended (its very
name implies that the romantic
universe is male-centric), I found
that I was entertained and even, at
times, touched. It was also
refreshing to see a mostly African-
American cast so often dating
issues are portrayed in a Caucasian-
only universe.
Based on radio host Steve
Harveys 2009 book Act Like a Lady,
Think Like a Man, the film follows a
group of friends as they fall in and
out of love, and back in again. All
the women are avid readers of
Harveys book, giving them an
advantage in the game of love. Its
not long, though, before their
menfolk catch on, get a copy of the
book, and start beating the women
at their own game (which is really
their game to begin with).
Among the women are Mya, who
is sick of being used for sex and
determined to make her new beau
Zeke wait; Candice, a single mother
Think Like A Man is a
refreshingly original
take on a tired formula
Meagan Good stars as the determined Mya
sheer joy
26
TV & GAMES
cityam.com
T
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S
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BBC1
SKY SPORTS 1
7pmEuro 2012 Report 7.30pm
Live Super League 10pmFootballs
Greatest 10.30pmYoure on Sky
Sports! 11.30pmJunior World
Championship Rugby Union
12.30amSuper League 2.30am
Ringside 3.30amSporting Greats
4.30amJunior World
Championship Rugby Union
5.30am-6amLive International
Rugby Union
SKY SPORTS 2
5.30pmLive Junior World
Championship Rugby Union 8pm
International One-Day Cricket
10pmWWE: Smackdown 12am
WWE: Bottom Line 1amShow
Jumping 3amInternational One-
Day Cricket 5amThrillseekers
5.30am-6amAerobics Oz Style
SKY SPORTS 3
7pmTight Lines 8pmLive PGA
Tour Golf 11pmGolf 12am
European Tour Golf 2amPGA Tour
Golf 5amPowerboating
5.30am-6amFootballs Greatest
BRITISH EUROSPORT
7pmUEFA Euro 2012 Show
7.30pmOlympic Dream7.45pm
Jez 8pmBritish Superbikes 9pm
MotoGP 10pmEuro 2012
12am-12.35amIntercontinental
Rally Challenge
ESPN
7pmNBA 9.30pm30 for 30
11.30pmPress Pass 2012 12am
ESPN Kicks: MLS 12.30amUFC
147 Countdown Show1.30am
MMA Live 2amLive UFC 4am
FIBA Basketball 4.30am-5am
NBA Action
SKY LIVING
7pmCriminal Minds 8pmBattle of
the Brides 9pmCriminal Minds
11pmBones 12amLadyboys 1am
Maury 1.50amAmericas Next Top
Model 2.40amMedium3.30am
Bones 4.20amNothing to Declare
5.10am-6amJerry Springer
BBC THREE
7pmDoctor Who 8.45pmGreat
Movie Mistakes 2: The Sequel 9pm
Dead Boss 9.30pmChris Moyles
Comedy Empire 10.30pmRussell
Howards Good News Extra
11.15pmFamily Guy 12am
American Dad! 12.45amDead
Boss 1.15amLive at the Electric
1.45amPlan B, Leona & Labrinth:
Project Hackney 2.45amChris
Moyles Comedy Empire 3.40am
Russell Howards Good News Extra
4.25amLive at the Electric
4.55am-5.25amDead Boss
E4
7pmHollyoaks 7.30pmHow I Met
Your Mother 8pmThe Big Bang
Theory 8.30pm2 Broke Girls 9pm
FILMThe Full Monty: Comedy,
starring Robert Carlyle. 1997.
10.55pmRevenge 11.50pm The
Big Bang Theory 12.50am Scrubs
1.20amHow I Met Your Mother
1.50amRules of Engagement
2.15amShameless 3.10amThe
War at Home 3.30amDesperate
Housewives 4.15am90210 5am
Greek 5.25am-6amSwitched
HISTORY
7pmStorage Wars 7.30pmPawn
Stars 8pmStorage Wars 9pm
American Pickers 10pmVietnam:
Lost Films 11pmStorage Wars
11.30pmPawn Stars 12am
American Pickers 1amVietnam:
Lost Films 2amSwamp People
3amIce Road Truckers 4amLock
n Load 5amPawn Stars
5.30am-6amAmerican
Restoration
DISCOVERY
7pmBear Grylls 8pmWorlds
Toughest Drive 9pmWhale Wars:
Viking Shores 10pmAircrash
Confidential 11pmRiver Monsters
12amWhale Wars: Viking Shores
1amAircrash Confidential 2am
Auction Kings 3amAmerican
Chopper: Senior Versus Junior
3.50amIce Pilots 4.40amBear
Grylls 5.30am-6amDestroyed in
Seconds
DISCOVERY HOME &
HEALTH
7pmDress of Your Dreams 8pmI
Didnt Know I Was Pregnant 9pm
19 Kids and Counting 10pmQuints
By Surprise 11pmSecretly
Pregnant 12am19 Kids and
Counting 1amQuints By Surprise
2amSecretly Pregnant 3amDress
of Your Dreams 4amA Baby Story
5am-6amBirth Stories
SKY1
7pmThe Simpsons 8pmFuturama
8.30pmThe Simpsons 9pmA
League of Their Own: Unseen:
James Corden introduces out-takes
from the comedy quiz. 10pmAn
Idiot Abroad 2 11pmDog the
Bounty Hunter 12amRoad Wars
1amArmed and Dangerous:
Ultimate Forces 1.55amBrit Cops:
Law & Disorder 2.55amSo You
Think Youre Safe? 3.45am
Medical Emergency 4.35am
Raising Hope 5.05am-6amDont
Forget the Lyrics
BBC2 ITV1 CHANNEL4 CHANNEL5
S
A
T
E
L
L
I
T
E
&
C
A
B
L
E
6pmBBC News
6.30pmBBC London News
7pmThe One Show:
Best of Britain
7.30pmEastEnders: BBC News
8.30pmCall the Midwife
9.30pmWould I Lie to You?
10pmBBC News
10.25pmRegional News
10.35pmThe Graham Norton
Show11.20pmThe National
Lottery Friday Night Draws
11.30pmMatch of the Day:
UEFA Euro 2012 Highlights
12.10amEastEnders 2.40amSign
Zone: Silk 3.40amQuestion Time
4.40am-6amBBC News
6pmEggheads
6.30pmGreat British Railway
Journeys
7pmThe Hairy Bikers:
Mums Know Best
8pmCoast
8.30pmGardeners World
9pmCHOICE
Simon Schamas Shakespeare
10pmEpisodes
10.30pmNewsnight
11pmThe Review Show
11.45pmWeather
11.50pm Macbeth, the Movie
Star and Me
12.35amTaken
2amBBC News 4am-6amClose
6pmLondon Tonight
6.25pmITV News
6.50pmEmmerdale
7.20pmEuro 2012 Live:
Germany v Greece
(Kick-off 7.45pm).
10pmITV News at Ten;
London News
10.35pmPiers Morgans Life
Stories: Bruce Forsyth
11.35pmFILMBest in Show:
Spoof documentary, starring
Eugene Levy. 2000.
1.10amThe Store; ITV News
Headlines 3.10amFILM
Columbo: Ashes to Ashes 1998.
4.45am-5.30amITV Nightscreen
6pmThe Simpsons 6.30pm
Hollyoaks 7pmChannel 4 News
7.25pm4thought.tv 7.30pmCome
Dine with Me 8.30pmThe Million
Pound Drop Live 10pm8 Out of 10
Cats: Irreverent panel show.
10.50pm CHOICE Stand Up for the
Week 11.40pmRandom Acts
11.45pmFILMKeeping Mum 2005
1.30amLucky Escape 1.35amMy
Name Is Earl 1.55amMy Name Is
Earl 2.15amA Ninja Is for Life, Not
Just for Christmas 2.20amThe
Million Pound Drop Live 3.50am
Channel 4 Presents Liz Johnson
Night Swimmer 3.55amThe Herd
4amDeal or No Deal 4.55am
Countdown 5.40am-6.10am
Glamour Puds
6pmHome and Away
6.30pm5 News at 6.30
7pmCHOICE Cricket on 5;
5 News Update
8pmNew Emergency Bikers;
5 News at 9
9pmBig Brother: Live Eviction:
10pmBig Brothers
Bit on the Side
11pm10 Things I Hate
About 1990
12amSuperCasino
3.55amMotorsport Mundial
4.20amMichaelas Wild Challenge
4.45amMichaelas Wild
Challenge 5.10amWildlife SOS
5.35am-6amWildlife SOS
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
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.
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.
Copyright Puzzle Press Ltd, www.puzzlepress.co.uk
KAKURO
QUICK CROSSWORD
LAST ISSUES
SOLUTIONS
KAKURO
WORDWHEEL
SUDOKU
SUDOKU
QUICK CROSSWORD
WORDWHEEL
1 2 3 4 5 6
7
8 9
10 11 12
13 14 15 16
17 18
19
20
21 22
19 11
34 23
3 17
29
12 28
21 8
30 21
33
22 13
6 18
22 35
19
29
6
10
41
7
36
15
9
14
22
24
16
40
17
42
20
16
10
12
ACROSS
1 Capital of
France (5)
4 Religious song (5)
7 Digit (7)
8 Stringed
instrument (5)
10 Act of washing and
dressing oneself (8)
13 Large and hurried
swallow (4)
15 Elegant or stylishly
luxurious (coll) (4)
17 In use (8)
19 Formal title used
when addressing
a woman (5)
20 Japanese
art of ower
arranging (7)
21 Forepart (5)
22 Merits, deserves (5)
DOWN
1 Demonstrates the
truth of by evidence
or argument (6)
2 Like the unthinking
functioning of a
machine (7)
3 Egyptian peninsula (5)
5 Climbing garden
plant with fragrant
owers (5,3)
6 Organs of
photosynthesis and
transpiration (6)
9 Small house built
of wood (3,5)
11 Circuit (3)
12 Child learning
to walk (7)
14 Employee (6)
16 People (6)
18 Iconic mental
representation (5)
N
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V
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C O N S T R I C T
A W P E H C
N O I S E C L O N E
A N E R A K L
R I G I D P I E C E
C C K S
H I K E R B E S E T
I R A D O A I
S P I T Z S E L M A
M L O S S L
C L E R G Y M A N
2 5 1 7 4 2 3 1
1 6 3 9 4 8 5 7 2
3 1 9 7 8
8 9 8 6 9 1 3 2
4 5 9 1 4 2 1
6 2 1 4 9 6 8 4
9 8 7 7 1 3 5
8 7 4 5 9 6 4 1
2 1 6 9 2
1 5 3 2 8 9 7 6 4
8 9 6 3 8 9 7 5
4
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The nine-letter word was
BRUTALISE
T
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BBC1 BBC2 ITV1 CHANNEL4 CHANNEL5
FRIDAY 22 JUNE 2012
SIMON SCHAMAS SHAKESPEARE
BBC2, 9PM
Simon Schama presents the first of
two documentaries in which he
discusses how Shakespeare
dramatised the world around him.
CRICKET ON 5
CHANNEL5, 7PM
England v West Indies. Mark Nicholas
presents highlights of the third and
final one-day match of the series at
Headingley.
STAND UP FOR THE WEEK
CHANNEL4, 10.50PM
Satirical comedy show, with Seann
Walsh, Josh Widdicombe, Sara
Pascoe, Paul Chowdhry and Andrew
Lawrence discussing the news.
TVPICK
FRIDAY 22 JUNE 2012
27
MARKETS
cityam.com
LON GD ONCE FIX AM .................................1600.00 -18.75
SILVERLDN FIX AM..........................................27.21 -1.33
MAPLE LEAF 1 OZ.............................................29.13 -1.00
LON PLATINUM AM......................................1457.00 -24.00
LON PALLADIUM AM......................................617.00 -11.00
ALUMINIUM CASH.......................................1879.00 1.00
COPPER CASH.............................................7555.00 50.00
LEAD CASH .................................................1898.50 13.50
NICKEL CASH.............................................17035.00 365.00
TIN CASH..................................................19500.00 5.00
ZINC CASH...................................................2215.00 339.50
BRENT SPOT INDEX ........................................94.79 -1.75
SOYA...........................................................1446.50 12.75
COCOA.........................................................2167.00 -63.00
COFFEE..........................................................150.75 -5.85
KRUG ..........................................................1643.50 -13.30
WHEAT ..........................................................159.57 0.95
AIR LIQUIDE......................................................88.75 0.02 92.79 73.38
ALLIANZ............................................................76.36 0.36 98.60 56.16
ANHEUS-BUSCHINBEV.....................................55.85 0.64 57.51 33.85
ARCELORMITTAL................................................12.09 -0.37 24.77 10.47
ASML HOLDING ................................................40.88 0.93 40.32 21.22
AXA....................................................................10.19 0.02 15.94 7.88
BANCO SANTANDER...........................................4.96 0.00 7.57 4.17
BASF SE............................................................56.35 -0.52 69.80 42.19
BAYER ..............................................................54.20 0.07 58.64 35.36
BBVA...................................................................5.31 -0.03 8.06 4.52
BMW.................................................................57.58 -0.49 73.95 43.49
BNP PARIBAS....................................................29.21 -0.41 54.98 22.72
CARREFOUR.......................................................14.41 -0.01 24.89 13.38
CRH PLC .............................................................14.16 -0.23 16.93 10.28
DAIMLER...........................................................35.07 -0.47 53.95 29.02
DANONE............................................................47.83 -0.11 54.96 41.92
DEUTSCHE BANK...............................................28.79 -0.14 42.08 20.79
DEUTSCHE TELEKOM...........................................8.34 -0.07 10.94 7.69
E.ON ..................................................................15.73 -0.10 20.00 12.50
ENEL ...................................................................2.38 0.02 4.53 2.23
ENI ....................................................................16.39 -0.03 18.72 11.83
ESSILOR INTERNAT............................................74.07 0.42 75.52 46.89
FRANCE TELECOM................................................9.81 -0.10 14.73 9.45
GDF SUEZ...........................................................17.48 0.19 25.44 15.62
GENERALI ASS...................................................10.20 0.05 14.95 8.16
IBERDROLA..........................................................3.51 0.01 5.88 3.03
INDITEX.............................................................77.27 -0.51 78.30 52.20
ING GROEP CVA..................................................5.08 0.02 8.72 4.21
INTESA SANPAOLO..............................................1.05 -0.00 1.92 0.85
KON.PHILIPS ELECTR..........................................15.10 -0.15 18.06 12.01
L'OREAL............................................................90.07 0.39 94.80 68.83
LVMH...............................................................119.60 0.00 136.80 94.16
MUNICHRE .....................................................106.20 -0.45 118.35 77.80
NOKIA .................................................................1.93 -0.03 5.19 1.79
REPSOL YPF ......................................................12.08 -0.12 23.29 11.13
RWE.................................................................30.84 -0.35 39.24 21.15
SAINT-GOBAIN..................................................27.73 -0.11 45.38 25.77
SANOFI..............................................................57.90 0.53 59.56 42.85
SAP..................................................................46.40 -1.27 54.85 32.88
SCHNEIDER ELECTRIC........................................43.06 -0.57 58.85 35.00
SIEMENS...........................................................66.69 -0.71 96.19 62.13
SOCIETE GENERALE ............................................17.74 -0.24 42.64 14.32
TELEFONICA........................................................9.96 0.02 16.61 8.81
TOTAL ...............................................................34.84 -0.37 42.97 29.40
UNIBAIL-RODAMCO SE.....................................141.45 -1.35 162.95 123.30
UNICREDIT..........................................................2.70 0.05 10.13 2.20
UNILEVER CVA ..................................................25.57 0.24 27.16 20.96
VINCI ................................................................34.68 -0.04 44.79 28.46
VIVENDI.............................................................13.97 -0.07 18.61 12.02
VOLKSWAGEN VORZ........................................123.70 -3.90 152.20 86.40
Price Chg High Low
EU SHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . . . . . . . . 5566.36 -55.93 -0.99
FTSE 250 INDEX . . . . . . . . . . . . . . 10944.66 -78.15 -0.71
FTSE UK ALL SHARE . . . . . . . . . . . . 2889.09 -27.63 -0.95
FTSE AIM ALL SH. . . . . . . . . . . . . . . . 681.05 -1.76 -0.26
DOWJONES INDUS 30 . . . . . . . . . . 12573.57 -250.82 -1.96
S&P 500 . . . . . . . . . . . . . . . . . . . . . . 1325.51 -30.18 -2.23
NASDAQ COMPOSITE . . . . . . . . . . . 2859.09 -71.36 -2.44
FTSEUROFIRST 300. . . . . . . . . . . . . 1008.90 -5.40 -0.53
NIKKEI 225 . . . . . . . . . . . . . . . . . . . 8824.07 71.76 0.82
DAX 30 PERFORMANCE . . . . . . . . . . 6343.13 -49.00 -0.77
CAC 40 . . . . . . . . . . . . . . . . . . . . . . . 3114.22 -12.30 -0.39
SHANGHAI SE INDEX . . . . . . . . . . . 2260.88 -32.00 -1.40
HANG SENG. . . . . . . . . . . . . . . . . . 19265.07 -253.78 -1.30
S&P/ASX 20 INDEX . . . . . . . . . . . . . 2470.30 -25.00 -1.00
ASX ALL ORDINARIES . . . . . . . . . . . 4133.70 -43.10 -1.03
BOVESPA SAO PAOLO. . . . . . . . . . . 55505.17 -1661.38 -2.91
ISEQ OVERALL INDEX . . . . . . . . . . . 3061.63 -21.95 -0.71
STRAITS TIMES. . . . . . . . . . . . . . . . . 2830.15 -25.53 -0.89
IGBM. . . . . . . . . . . . . . . . . . . . . . . . . 686.37 -1.52 -0.22
SWISS MARKET INDEX. . . . . . . . . . . 6012.19 -5.72 -0.10
Price Chg %chg
3M....................................................................86.73 -0.81 98.19 68.63
ABBOTT LABS...................................................62.24 -0.58 63.20 46.29
ALCOA ................................................................8.55 -0.37 16.60 8.21
ALTRIA GROUP .................................................33.89 -0.02 34.12 23.20
AMAZON.COM.................................................220.58 -2.45 246.71 166.97
AMERICAN EXPRESS.........................................56.32 -1.12 61.42 41.30
APPLE .............................................................577.67 -8.07 644.00 310.50
AT&T .................................................................35.03 -0.38 36.00 27.29
BANK OF AMERICA .............................................7.82 -0.32 11.25 4.92
BOEING CO ........................................................71.37 -1.64 77.83 56.01
BRISTOL MYERS SQUI .......................................34.79 0.05 35.44 20.05
CATERPILLAR ...................................................84.98 -2.19 116.95 67.54
CHEVRON.......................................................100.02 -3.61 112.28 86.68
CISCO SYSTEMS .................................................16.93 -0.59 21.30 13.30
CITIGROUP ........................................................27.83 -1.03 43.06 21.40
COCA-COLA.......................................................74.67 -0.89 77.82 63.34
COMCAST CLASS A............................................30.68 -0.52 31.65 19.19
CONOCOPHILLIPS..............................................52.76 -1.68 80.13 50.62
CVS/CAREMARK...............................................45.39 -0.60 46.42 31.30
DU PONT(EI) DE NMR.......................................49.54 -1.50 57.50 37.10
EXXON MOBIL.....................................................82.11 -2.86 87.94 63.47
GENERAL ELECTRIC............................................19.53 -0.57 21.00 14.02
GOOGLE A.......................................................565.21 -12.30 670.25 473.02
HEWLETT PACKARD .........................................20.30 -0.87 37.70 19.92
HOME DEPOT.....................................................51.26 -1.57 53.28 28.13
IBM .................................................................193.39 -5.39 210.69 157.13
INTEL CORP.......................................................26.71 -0.93 29.27 19.16
J.P.MORGAN CHASE...........................................35.51 -0.94 46.49 27.85
JOHNSON & JOHNSON.....................................66.39 -0.61 68.05 55.76
KRAFT FOODS A ...............................................38.80 -0.22 39.99 31.88
MC DONALD'S CORP..........................................87.64 -1.01 102.22 81.40
MERCK AND CO. NEW.......................................39.45 0.24 39.79 29.47
MICROSOFT .......................................................30.14 -0.80 32.95 23.79
OCCID. PETROLEUM...........................................79.27 -5.14 109.08 66.36
ORACLE CORP....................................................27.81 -0.68 34.13 24.72
PEPSICO...........................................................68.50 -0.41 70.75 58.50
PFIZER .............................................................22.60 -0.07 23.30 16.63
PHILIP MORRIS INTL.........................................85.60 -2.91 91.05 60.45
PROCTER AND GAMBLE....................................59.75 -0.64 67.95 57.56
QUALCOMM INC.................................................55.13 -1.87 68.87 45.98
SCHLUMBERGER...............................................62.56 -2.98 95.53 54.79
TRAVELERS CIES...............................................62.58 -1.27 65.27 45.97
UNITED TECHNOLOGIE ......................................74.82 -1.09 91.83 66.87
UNITEDHEALTH GROUP....................................58.34 -1.26 60.75 41.27
US BANCORP DELAWRE ....................................31.23 -0.49 32.98 20.10
VERIZON COMMS ..............................................43.33 0.03 44.14 32.28
VISA CL A.........................................................119.48 -3.11 125.35 73.11
WAL-MART STORES ..........................................67.70 -0.82 68.66 48.31
WALT DISNEY CO..............................................47.40 -0.33 48.00 28.19
WELLS FARGO & CO..........................................32.34 -0.47 34.59 22.58
COMMODITIES CREDIT & RATES
BoE IR Overnight.........................................0.500 0.00
BoE IR 7 days..............................................0.500 0.00
BoE IR 1 month...........................................0.500 0.00
BoE IR 3 months.........................................0.500 0.00
BoE IR 6 months ........................................0.500 0.00
LIBOR Euro - overnight ................................0.261 0.00
LIBOR Euro - 12 months .................................1.191 0.00
LIBOR USD - overnight .................................0.165 0.00
LIBOR USD - 12 months................................1.068 0.00
Halifax mortgage rate ................................3.990 -0.02
Euro Base Rate.............................................1.500 0.00
Finance house base rate..............................1.500 0.00
US Fed funds ...............................................0.250 0.00
US long bond yield .....................................2.680 -0.05
European repo rate......................................0.154 0.00
Euro Euribor.................................................0.325 0.00
The vix index................................................18.83 1.58
The baltic dry index.....................................972.0 18.00
Markit iBoxx ..............................................250.00 0.34
Markit iTraxx...............................................169.02 -2.80
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
US SHARES
BAE Systems . . . . . . . . .290.3 -1.8 333.0 248.1
Chemring Group . . . . . .309.5 1.5 640.0 293.5
Cobham . . . . . . . . . . . .232.6 -2.2 239.5 165.9
Meggitt . . . . . . . . . . . . .379.0 3.1 413.5 304.9
QinetiQ Group . . . . . . . .156.6 1.6 159.3 101.5
Rolls-Royce Holdi . . . . .860.5 4.0 868.0 557.5
Senior . . . . . . . . . . . . . . .197.5 -1.1 213.0 135.6
Ultra Electronics . . . . .1609.0 -30.0 1780.0 1305.0
GKN . . . . . . . . . . . . . . . .182.2 -1.7 245.0 157.0
Bank of Georgia H . . . .1010.0 10.0 1120.0 929.8
Barclays . . . . . . . . . . . . .202.3 -3.5 265.6 138.9
HSBC Holdings . . . . . . .559.2 -6.1 629.1 463.5
Lloyds Banking Gr . . . . . .31.2 0.0 50.8 21.8
Royal Bank of Sco . . . . .243.3 -4.3 396.9 173.4
Standard Chartere . . . .1410.0 -29.5 1672.0 1169.5
Barr (A.G.) . . . . . . . . . . .430.0 0.0 443.3 343.7
Britvic . . . . . . . . . . . . . .330.4 -3.1 399.5 289.9
Diageo . . . . . . . . . . . . .1607.0 0.0 1614.5 1112.0
SABMiller . . . . . . . . . . .2525.5 -5.0 2660.0 1979.0
AZ Electronic Mat . . . . . .291.3 1.8 323.5 206.1
Croda Internation . . . .2200.0 -30.0 2316.0 1597.0
Elementis . . . . . . . . . . .196.8 -2.3 211.8 107.5
Johnson Matthey . . . .2285.0 -3.0 2408.0 1523.0
Victrex . . . . . . . . . . . . .1300.0 -4.0 1590.0 1025.0
Yule Catto & Co . . . . . . .189.9 -2.0 253.0 148.0
/$ 1.2567 0.0136
/ 0.8050 0.0037
/ 100.72 0.2196
/ 1.2423 0.0056
/$ 1.5613 0.0096
/ 125.13 0.3378
FTSE 100
5566.36
55.93
FTSE 250
10944.66
78.15
FTSE ALL SHARE
2889.09
27.63
DOW
12573.57
250.82
NASDAQ
2859.09
71.36
S&P 500
1325.51
30.18
Brown (N.) Group . . . . .249.5 1.5 291.0 222.4
Carpetright . . . . . . . . . .688.5 -11.5 728.5 375.0
Debenhams . . . . . . . . . .83.4 -1.3 85.5 51.2
Dignity . . . . . . . . . . . . .825.0 -7.5 868.0 727.0
Dixons Retail . . . . . . . . . .17.2 1.2 19.6 9.4
DunelmGroup . . . . . . .489.9 6.1 533.0 389.0
Halfords Group . . . . . . .250.4 2.4 402.4 235.6
Home Retail Group . . . . .83.8 -3.2 166.9 69.2
Inchcape . . . . . . . . . . . .350.7 -1.5 425.4 268.1
JD Sports Fashion . . . . .645.5 20.0 1030.0 570.0
Kingsher . . . . . . . . . . .283.6 -1.7 313.8 217.0
Marks & Spencer G . . . .337.3 -1.4 389.5 301.8
Next . . . . . . . . . . . . . . .3199.0 6.0 3214.0 2153.0
Sports Direct Int . . . . . .308.5 -1.5 315.6 190.0
Ted Baker . . . . . . . . . . .900.5 -3.0 928.5 633.0
WHSmith . . . . . . . . . . .515.0 1.0 559.0 451.6
NMC Health . . . . . . . . . .197.5 -2.5 230.0 194.0
Smith & Nephew . . . . .620.5 2.5 686.5 521.0
Synergy Health . . . . . .896.0 -7.0 981.0 762.5
Barratt Developme . . . .138.7 -1.6 151.5 67.5
Bellway . . . . . . . . . . . . .786.5 -21.0 859.5 540.5
Berkeley Group Ho . . . .1318.0 4.0 1414.0 1025.0
Bovis Homes Group . . .451.0 -2.4 518.5 326.5
Balfour Beatty . . . . . . .290.7 0.9 323.8 214.6
CRH . . . . . . . . . . . . . . . .1136.0 -25.0 1547.0 1052.0
Galliford Try . . . . . . . . .605.0 10.0 653.0 383.8
Kier Group . . . . . . . . . .1255.0 -20.0 1489.0 1095.0
Drax Group . . . . . . . . . .560.0 -2.0 581.5 453.0
SSE . . . . . . . . . . . . . . . .1387.0 -14.0 1423.0 1193.0
Domino Printing S . . . .550.0 5.0 701.5 434.3
Halma . . . . . . . . . . . . . .416.2 -2.8 429.6 306.3
Laird . . . . . . . . . . . . . . . .196.8 -4.3 222.0 128.5
Morgan Crucible C . . . . .291.0 -5.6 360.0 224.0
Oxford Instrument . . .1275.0 35.0 1285.0 714.0
Renishaw . . . . . . . . . . .1425.0 -24.0 1886.0 800.0
Spectris . . . . . . . . . . . .1576.0 20.0 1902.0 1039.0
Aberforth Smaller . . . . .570.5 7.5 714.0 494.0
Alliance Trust . . . . . . . .348.7 -2.8 392.7 310.2
Bankers Inv Trust . . . . .399.0 -3.0 433.8 346.5
BH Global Ltd. GB . . . . .1144.0 2.0 1212.0 1085.0
BH Global Ltd. US . . . . . . .11.5 -0.0 12.2 10.8
BH Macro Ltd. EUR . . . . . .18.8 -0.2 20.2 16.9
BH Macro Ltd. GBP . . . .1934.0 -3.0 2078.0 1745.0
BH Macro Ltd. USD . . . . . .18.7 -0.1 20.2 16.8
BlackRock World M . . . .572.5 -8.0 782.0 567.5
BlueCrest AllBlue . . . . . .166.3 0.8 174.2 160.5
British Assets Tr . . . . . . .114.9 -1.5 137.6 109.0
British Empire Se . . . . .405.2 -4.3 530.0 386.6
Caledonia Investm . . .1430.0 18.0 1780.0 1237.0
City of London In . . . . . .291.5 -1.4 306.9 257.0
Dexion Absolute L . . . . .134.0 -0.3 146.5 130.0
Edinburgh Dragon . . . .230.1 -1.5 253.1 201.4
Edinburgh Inv Tru . . . .480.3 -4.7 504.0 422.5
Electra Private E . . . . .1638.0 -10.0 1740.0 1287.0
Fidelity China Sp . . . . . . .73.5 -1.6 102.9 70.0
Fidelity European . . . .1063.0 3.0 1280.0 912.0
Foreign and Colon . . . .293.8 -2.0 327.9 261.5
Herald Inv Trust . . . . . . .471.9 3.1 545.5 419.0
HICL Infrastructu . . . . . .120.4 -0.1 123.6 112.7
John Laing Infras . . . . .108.0 -0.3 110.6 103.8
JPMorgan American . . .879.0 9.5 965.5 721.5
JPMorgan Asian In . . . .175.0 -3.0 243.9 170.1
JPMorgan Emerging . . .521.5 -4.0 610.5 480.1
JPMorgan Indian I . . . . .319.5 -1.0 437.0 303.4
LawDebenture Cor . . . .368.1 -1.9 398.7 323.0
Mercantile Invest . . . . .953.0 -5.0 1090.0 823.0
Merchants Trust . . . . . . .362.1 -3.9 427.7 341.5
Monks Inv Trust . . . . . . .317.4 -3.1 357.4 298.1
Murray Income Tru . . . .632.0 -13.0 674.0 568.0
Murray Internatio . . . . .964.0 5.0 1012.0 818.5
NB Global Floatin . . . . . .97.0 0.5 103.0 92.5
Perpetual Income . . . .262.0 -0.8 273.8 236.5
Personal Assets T . . .34350.0 -70.036000.031900.0
Polar Capital Tec . . . . . .360.0 -3.5 404.0 299.5
RIT Capital Partn . . . . .1236.0 0.0 1360.0 1096.0
Scottish Inv Trus . . . . . .452.4 -3.4 524.0 417.0
Scottish Mortgage . . . .662.5 2.0 781.0 565.0
SVG Capital . . . . . . . . . .285.9 0.4 295.5 165.1
Temple Bar Inv Tr . . . . .898.0 -6.0 970.0 791.0
Templeton Emergin . . .529.0 -5.5 678.5 497.0
TRProperty Inv T . . . . .149.0 -0.8 206.1 136.2
TRProperty Inv T . . . . . .63.4 -1.2 94.0 59.8
Utilico Emerging . . . . . .163.9 0.4 169.5 133.8
Witan Inv Trust . . . . . . .447.8 -4.2 533.0 401.5
3i Group . . . . . . . . . . . . .180.1 -0.9 292.1 166.9
3i Infrastructure . . . . . .120.4 0.2 128.0 115.6
Aberdeen Asset Ma . . .258.0 -1.6 283.8 167.8
Ashmore Group . . . . . .346.6 -4.2 420.0 306.4
Brewin Dolphin Ho . . . .139.9 -0.5 177.0 113.7
Camellia . . . . . . . . . . .9500.0 -149.5 10619.5 8800.0
Charles Taylor . . . . . . . .152.0 -2.0 160.0 115.6
City of London Gr . . . . . .73.0 0.0 81.5 61.3
City of London In . . . . .322.0 -1.0 440.0 304.3
Close Brothers Gr . . . . .739.5 -7.5 812.0 590.0
F&C Asset Managem . . . .82.1 -1.8 84.3 56.1
Hargreaves Lansdo . . . .512.0 -6.5 629.5 402.5
Helphire Group . . . . . . . . .1.0 -0.0 4.0 1.0
Henderson Group . . . . .100.5 -2.7 163.7 92.9
Highway Capital . . . . . . .14.0 0.0 19.5 12.0
ICAP . . . . . . . . . . . . . . . .374.7 -1.9 498.8 311.6
IG Group Holdings . . . . .481.5 -4.7 502.5 393.6
Intermediate Capi . . . . .272.7 2.4 338.4 197.9
International Per . . . . .263.8 3.6 388.8 148.5
International Pub . . . . . .117.5 0.2 121.6 112.6
Investec . . . . . . . . . . . . .375.8 -7.1 522.0 310.4
Jupiter Fund Mana . . . .213.0 -2.9 260.2 184.9
Liontrust Asset M . . . . . .96.5 -0.5 125.0 57.9
LMS Capital . . . . . . . . . . .65.0 0.0 65.8 54.0
London Finance & . . . . .19.5 0.0 23.5 18.0
London Stock Exch . . . .999.5 -6.5 1093.0 756.5
Lonrho . . . . . . . . . . . . . . . .8.4 -0.5 19.0 8.4
Man Group . . . . . . . . . . .76.3 -1.6 259.6 69.2
Paragon Group Of . . . . .170.7 2.7 200.7 134.6
Provident Financi . . . .1198.0 2.0 1204.0 915.0
Rathbone Brothers . . .1226.0 26.0 1351.0 977.0
Real Estate Credi . . . . . .86.8 0.3 143.0 79.5
Record . . . . . . . . . . . . . . . .17.1 -0.3 34.0 9.8
RSM Tenon Group . . . . . . .5.0 -0.0 31.5 4.8
S & U . . . . . . . . . . . . . . .845.0 0.0 855.0 547.5
Schroders . . . . . . . . . . .1314.0 6.0 1665.0 1166.0
Tullett Prebon . . . . . . . .298.4 -0.7 386.4 262.3
Walker Crips Grou . . . . . .39.5 -1.0 51.5 38.0
BT Group . . . . . . . . . . . .201.5 -1.2 232.1 161.0
Cable & Wireless . . . . . .29.0 -0.3 45.2 27.3
Cable & Wireless . . . . . .37.8 0.0 52.5 14.2
COLT Group SA . . . . . . . .124.9 1.6 144.5 84.1
KCOM Group . . . . . . . . . .72.0 -0.5 84.0 65.6
TalkTalk Telecom . . . . . .174.0 -3.9 177.9 118.9
TelecomPlus . . . . . . . . .825.0 -7.0 838.0 550.0
Booker Group . . . . . . . . .90.2 -0.2 91.4 66.2
Greggs . . . . . . . . . . . . . .493.7 0.4 558.0 445.0
Morrison (Wm) Sup . . .269.0 -3.9 328.0 266.6
Ocado Group . . . . . . . . . .113.1 1.2 198.2 52.9
Sainsbury (J) . . . . . . . . .294.1 0.9 334.2 263.5
Tesco . . . . . . . . . . . . . . .310.5 0.9 411.5 297.1
Associated Britis . . . . .1233.0 -1.0 1246.0 977.0
Cranswick . . . . . . . . . . .810.0 10.0 841.0 588.5
Dairy Crest Group . . . . .319.7 3.7 387.1 290.4
Devro . . . . . . . . . . . . . . .314.3 5.8 332.2 232.0
Tate & Lyle . . . . . . . . . . .641.0 -1.5 720.5 544.5
Unilever . . . . . . . . . . .2080.0 18.0 2189.0 1892.0
Mondi . . . . . . . . . . . . . .569.0 -11.0 664.0 413.5
Centrica . . . . . . . . . . . . .310.3 -4.8 330.3 278.8
International Pow . . . . .417.2 -0.3 419.4 279.4
National Grid . . . . . . . . .657.0 0.5 684.5 569.0
Pennon Group . . . . . . .756.0 -2.5 763.5 623.5
Severn Trent . . . . . . . .1608.0 -26.0 1796.0 1375.0
United Utilities . . . . . . .653.5 -2.5 680.5 560.0
Cookson Group . . . . . . .635.0 -8.5 747.5 395.8
Rexam . . . . . . . . . . . . . .412.2 0.2 438.0 299.8
RPC Group . . . . . . . . . . .381.0 -6.7 397.0 300.5
Smith (DS) . . . . . . . . . . .140.7 0.8 183.7 113.3
Smiths Group . . . . . . .1030.0 4.0 1212.0 869.5
Price Chg High Low
Persimmon . . . . . . . . . .608.5 -5.5 706.5 374.0
Reckitt Benckiser . . . .3419.0 52.0 3660.0 3100.0
Redrow . . . . . . . . . . . . . .117.3 0.8 126.0 90.2
Taylor Wimpey . . . . . . . .48.5 -0.1 52.8 28.7
Bodycote . . . . . . . . . . . .349.9 -3.1 437.1 225.6
Fenner . . . . . . . . . . . . . .363.0 -0.9 483.7 280.0
IMI . . . . . . . . . . . . . . . . .868.0 -21.0 1119.0 636.5
Melrose . . . . . . . . . . . . .378.0 -6.9 441.6 268.0
Rotork . . . . . . . . . . . . .1892.0 -36.0 2260.0 1501.0
Spirax-Sarco Engi . . . .2027.0 17.0 2334.0 1649.0
Weir Group . . . . . . . . . .1512.0 -46.0 2236.0 1375.0
Evraz . . . . . . . . . . . . . . . .273.1 -8.4 460.5 255.7
Ferrexpo . . . . . . . . . . . .219.4 -3.1 495.3 179.4
Talvivaara Mining . . . . .172.5 2.0 465.0 129.0
BBA Aviation . . . . . . . . .199.7 -0.2 222.4 156.0
Stobart Group Ltd . . . . .119.3 1.0 145.0 110.3
Admiral Group . . . . . . .1172.0 -7.0 1673.0 787.0
Amlin . . . . . . . . . . . . . .346.0 0.0 417.9 270.6
Beazley . . . . . . . . . . . . .136.0 -1.0 151.8 109.6
Catlin Group Ltd. . . . . . .424.1 0.1 449.0 337.0
Hiscox Ltd. . . . . . . . . . .420.2 -2.8 425.0 340.5
Johnston Press . . . . . . . . .5.3 0.2 7.9 4.1
MecomGroup . . . . . . . . .66.5 -3.0 242.0 65.0
Moneysupermarket. . . .120.2 2.1 135.9 93.4
Pearson . . . . . . . . . . . .1210.0 0.0 1255.0 1038.0
PerformGroup . . . . . . .378.0 -2.0 388.2 150.0
Reed Elsevier . . . . . . . .493.9 -3.4 578.0 461.3
Rightmove . . . . . . . . . .1571.0 20.0 1600.0 1058.0
STV Group . . . . . . . . . . . .93.0 -0.5 128.8 76.3
Tarsus Group . . . . . . . . .152.0 2.5 165.0 119.5
Trinity Mirror . . . . . . . . . .25.8 -1.3 54.3 25.5
UBM . . . . . . . . . . . . . . . .571.0 -3.5 641.5 416.0
UTVMedia . . . . . . . . . . .143.0 -5.0 159.5 92.5
Wilmington Group . . . . .84.5 -1.3 120.8 78.5
WPP . . . . . . . . . . . . . . . .777.0 -0.5 880.0 578.0
Yell Group . . . . . . . . . . . . .1.4 0.0 11.0 1.2
African Barrick G . . . . . .391.9 -10.1 616.5 309.8
Anglo American . . . . .2101.0 -114.0 3181.0 1955.5
Antofagasta . . . . . . . .1080.0 -42.0 1491.0 900.5
Aquarius Platinum . . . . .53.2 -6.5 322.6 52.1
Avocet Mining . . . . . . . .164.2 -2.1 286.8 143.3
BHP Billiton . . . . . . . . .1819.0 -56.5 2521.5 1667.0
Bumi . . . . . . . . . . . . . . .340.9 1.9 1158.0 311.9
Centamin (DI) . . . . . . . . .65.8 -3.4 141.5 60.7
Eurasian Natural . . . . .428.6 -7.5 815.0 390.8
Fresnillo . . . . . . . . . . . .1492.0 -51.0 2150.0 1307.0
Jardine Lloyd Tho . . . . .720.5 -4.5 764.5 576.0
Lancashire Holdin . . . . .789.0 7.0 825.0 620.0
RSA Insurance Gro . . . .106.8 0.3 137.9 97.7
Aviva . . . . . . . . . . . . . . .278.0 -1.1 446.3 255.3
Legal & General G . . . . . .123.1 -1.2 135.0 89.8
Old Mutual . . . . . . . . . . .158.1 -0.5 188.1 112.1
Phoenix Group Hol . . . .481.2 -10.8 612.5 405.3
Prudential . . . . . . . . . . .744.5 2.0 797.5 509.0
Resolution Ltd. . . . . . . .202.7 -1.2 300.0 192.4
St James's Place . . . . . .334.9 -6.7 376.0 294.0
Standard Life . . . . . . . .230.7 1.8 250.7 172.0
4Imprint Group . . . . . .299.0 -3.0 312.5 200.0
Aegis Group . . . . . . . . .160.4 -1.4 187.4 115.7
Bloomsbury Publis . . . . .113.3 -0.6 133.0 91.3
British Sky Broad . . . . .678.5 -3.0 850.0 618.5
Centaur Media . . . . . . . . .32.3 -0.5 53.9 28.5
Chime Communicati . . .153.3 -1.0 285.5 143.0
Creston . . . . . . . . . . . . . .55.0 1.0 117.5 47.0
Euromoney Institu . . . .749.0 -1.0 828.0 522.5
Future . . . . . . . . . . . . . . .12.4 -0.4 18.8 8.3
Haynes Publishing . . . .175.0 0.0 255.0 170.0
Huntsworth . . . . . . . . . .44.0 -1.5 74.0 32.3
Informa . . . . . . . . . . . . . .371.1 -2.4 451.0 313.9
ITE Group . . . . . . . . . . . .195.5 3.8 240.6 157.7
ITV . . . . . . . . . . . . . . . . . .76.2 -0.4 89.9 51.7
GemDiamonds Ltd. . . .198.0 -2.5 310.6 179.8
Glencore Internat . . . . .322.7 -10.6 503.0 320.7
Hochschild Mining . . . .479.8 -5.7 549.5 365.9
Kazakhmys . . . . . . . . . .724.0 -31.5 1405.0 665.0
Kenmare Resources . . . .42.0 -2.5 61.5 31.0
Lonmin . . . . . . . . . . . . .756.0 -34.0 1453.0 699.0
NewWorld Resourc . . . .311.4 -17.7 928.5 269.0
Petra Diamonds Lt . . . . .127.3 0.4 188.2 97.0
Petropavlovsk . . . . . . . .471.2 -11.3 913.0 361.7
Polymetal Interna . . . . .919.5 -20.5 1175.0 765.0
Randgold Resource . .5805.0-190.0 7565.0 4596.0
Rio Tinto . . . . . . . . . . .3000.0 -95.0 4595.0 2712.5
Vedanta Resources . . .930.0 -48.0 2095.0 883.5
Xstrata . . . . . . . . . . . . .839.0 -31.1 1417.0 764.0
Inmarsat . . . . . . . . . . . .473.0 -7.2 581.5 389.3
Vodafone Group . . . . . .178.0 0.4 182.7 155.1
Genesis Emerging . . . .468.5 0.5 543.5 424.0
Afren . . . . . . . . . . . . . . .104.4 -5.2 165.1 73.6
BG Group . . . . . . . . . . .1248.0 -38.0 1547.0 1144.0
BP . . . . . . . . . . . . . . . . . .412.1 -13.6 504.6 363.2
Cairn Energy . . . . . . . . .259.7 -8.6 473.8 259.6
EnQuest . . . . . . . . . . . . . .111.7 -4.4 132.6 85.7
Essar Energy . . . . . . . . .126.4 1.8 422.1 101.6
Heritage Oil . . . . . . . . . .127.0 -3.0 262.1 115.1
Ophir Energy . . . . . . . . .625.5 -10.0 638.0 184.5
Premier Oil . . . . . . . . . .346.5 -7.8 469.7 310.0
Royal Dutch Shell . . . . .2131.0 -31.0 2402.0 1883.5
Royal Dutch Shell . . . . .2211.0 -28.5 2489.0 1890.5
Ruspetro . . . . . . . . . . . .136.8 3.8 230.0 125.0
Salamander Energy . . .182.0 -1.7 235.8 148.0
Soco Internationa . . . . .297.5 -10.7 371.5 254.9
TullowOil . . . . . . . . . . .1481.0 -14.0 1601.0 945.5
Amec . . . . . . . . . . . . . .996.0 -26.0 1171.0 740.5
Hunting . . . . . . . . . . . . .759.5 -17.5 968.0 530.0
Kentz Corporation . . . . .378.3 2.3 508.0 325.0
Petrofac Ltd. . . . . . . . .1438.0 -17.0 1772.0 1108.0
Wood Group (John) . . .707.5 -7.0 798.0 469.9
Burberry Group . . . . . .1374.0 -26.0 1600.0 1092.0
PZ Cussons . . . . . . . . . .326.5 2.5 380.0 285.0
AstraZeneca . . . . . . . . .2777.5 11.0 3166.5 2543.5
BTG . . . . . . . . . . . . . . . . .401.9 0.8 403.1 236.8
Dechra Pharmaceut . . .484.2 1.2 524.8 392.5
Genus . . . . . . . . . . . . . .1201.0 21.0 1457.0 853.5
GlaxoSmithKline . . . . .1472.5 8.5 1497.0 1205.0
Hikma Pharmaceuti . . .662.0 -12.0 789.0 555.5
Shire Plc . . . . . . . . . . .1944.0 0.0 2300.0 1784.0
Capital & Countie . . . . .201.5 2.3 206.0 158.1
Daejan Holdings . . . . .2678.0 98.0 3300.0 2282.0
F&C Commercial Pr . . . .103.5 -0.1 106.3 92.6
Grainger . . . . . . . . . . . . . .87.1 -1.9 133.2 77.3
London & Stamford . . .108.2 0.9 135.0 101.8
Raven Russia Ltd . . . . . .58.9 1.0 67.5 47.3
Savills . . . . . . . . . . . . . .350.2 -3.9 402.0 256.2
UK Commercial Pro . . . .70.3 0.1 82.2 65.1
Big Yellow Group . . . . .295.0 -4.0 326.0 218.0
British Land Co . . . . . . .504.5 -7.0 629.5 444.0
Capital Shopping . . . . .320.2 -3.8 401.7 288.7
Derwent London . . . . .1811.0 -44.0 1886.0 1400.0
Great Portland Es . . . . .382.7 -6.6 445.0 312.9
Hammerson . . . . . . . . .427.8 -4.2 490.9 345.2
Hansteen Holdings . . . . .73.9 0.8 89.5 68.0
Land Securities G . . . . . .737.0 -9.5 885.0 612.0
SEGRO . . . . . . . . . . . . . .222.0 -1.2 319.0 195.0
Shaftesbury . . . . . . . . . .507.5 -8.5 537.0 441.2
Anite . . . . . . . . . . . . . . .120.9 1.9 129.8 57.8
Aveva Group . . . . . . . .1593.0 -4.0 1799.0 1298.0
Computacenter . . . . . .300.0 -8.2 490.0 299.9
Fidessa Group . . . . . . .1547.0 16.0 2109.0 1439.0
Invensys . . . . . . . . . . . .220.0 -37.0 333.9 180.9
Logica . . . . . . . . . . . . . . .107.1 -1.3 135.6 59.0
Micro Focus Inter . . . . . .477.7 25.7 487.9 242.9
Sage Group . . . . . . . . . .270.2 2.7 312.4 231.7
SDL . . . . . . . . . . . . . . . .688.0 5.0 756.0 586.0
Telecity Group . . . . . . . .811.0 -1.5 818.0 450.5
Aggreko . . . . . . . . . . .2085.0 -14.0 2316.0 1522.0
Ashtead Group . . . . . . .254.8 4.4 271.2 99.4
Atkins (WS) . . . . . . . . .690.0 -6.5 799.0 490.2
Babcock Internati . . . . .878.5 -2.5 885.0 570.5
Berendsen . . . . . . . . . . .471.0 -11.9 568.0 402.7
Bunzl . . . . . . . . . . . . . .1049.0 -4.0 1063.0 676.5
Cape . . . . . . . . . . . . . . .268.5 4.5 591.5 205.0
Capita . . . . . . . . . . . . . .652.0 -6.5 767.0 602.0
Carillion . . . . . . . . . . . . .277.5 -2.1 387.0 253.5
De La Rue . . . . . . . . . . .1012.0 2.0 1024.0 730.0
Diploma . . . . . . . . . . . .452.0 -3.5 460.5 284.0
Electrocomponents . . . .208.1 -1.6 274.5 182.2
Experian . . . . . . . . . . . .923.5 -10.5 998.0 665.0
Filtrona PLC . . . . . . . . . .466.4 -5.3 484.5 296.3
G4S . . . . . . . . . . . . . . . .280.6 -2.3 292.1 219.9
Hays . . . . . . . . . . . . . . . . .77.5 -0.6 104.6 58.9
Homeserve . . . . . . . . . . .157.5 -3.2 520.5 137.5
Howden Joinery Gr . . . .125.0 -1.4 130.8 93.1
Interserve . . . . . . . . . . .305.0 5.2 341.3 270.1
Intertek Group . . . . . . .2614.0 6.0 2697.0 1744.0
Menzies(John) . . . . . . . .574.5 3.0 652.0 445.5
Michael Page Inte . . . . .382.1 -7.9 552.5 323.0
Mitie Group . . . . . . . . . .271.6 0.3 296.7 208.0
PayPoint . . . . . . . . . . . .713.0 -9.0 740.0 465.0
Premier Farnell . . . . . . .176.0 0.2 249.0 144.5
Regus . . . . . . . . . . . . . . .89.3 -0.3 117.5 64.0
Rentokil Initial . . . . . . . .73.6 0.4 95.9 58.2
RPS Group . . . . . . . . . . .204.2 -0.8 253.0 156.6
Serco Group . . . . . . . . . .557.0 -1.0 565.0 458.0
Shanks Group . . . . . . . . .78.0 -1.8 129.8 77.3
SIG . . . . . . . . . . . . . . . . . .97.5 -0.4 145.2 77.0
Travis Perkins . . . . . . . .953.0 -14.0 1125.0 715.0
Wolseley . . . . . . . . . . .2332.0 -27.0 2558.0 1404.0
ARM Holdings . . . . . . . .517.0 -2.5 645.0 464.0
CSR . . . . . . . . . . . . . . . . .221.8 4.2 321.6 154.1
Imagination Techn . . . .502.5 20.2 717.0 296.9
Spirent Communica . . .167.0 -0.3 174.0 105.8
British American . . . .3224.0 4.0 3248.5 2592.0
Imperial Tobacco . . . .2430.0 -25.0 2591.0 1974.0
Betfair Group . . . . . . . .752.0 -42.0 901.0 567.0
Bwin.party Digita . . . . .124.7 1.5 174.0 100.6
Carnival . . . . . . . . . . . .2266.0 -12.0 2465.0 1742.0
Compass Group . . . . . .660.5 8.0 671.0 512.5
Domino's Pizza Gr . . . .499.0 -12.0 526.0 377.0
easyJet . . . . . . . . . . . . .536.0 4.0 539.0 302.5
FirstGroup . . . . . . . . . . .215.9 -2.0 370.2 190.0
Go-Ahead Group . . . . .1196.0 -23.0 1598.0 1086.0
Greene King . . . . . . . . .524.0 -1.0 528.0 410.0
InterContinental . . . . .1565.0 -8.0 1580.0 955.0
International Con . . . . . .160.1 1.8 258.7 132.0
Ladbrokes . . . . . . . . . . . .177.7 1.7 181.4 114.0
Marston's . . . . . . . . . . . .100.0 -0.4 106.8 84.6
Millennium& Copt . . . .473.0 -4.5 517.0 371.2
Mitchells & Butle . . . . . .247.8 -1.5 320.8 215.6
National Express . . . . .205.5 -3.2 262.4 180.0
Rank Group . . . . . . . . . .118.0 -2.7 153.7 109.5
Restaurant Group . . . . .299.7 2.4 309.7 254.9
Spirit Pub Compan . . . . .49.0 -1.0 62.8 35.3
Stagecoach Group . . . .252.9 -1.1 287.4 220.0
TUI Travel . . . . . . . . . . . .171.6 -0.5 231.8 136.7
Wetherspoon (J.D. . . . .416.0 -3.7 449.9 371.3
Whitbread . . . . . . . . .2040.0 -19.0 2064.0 1409.0
WilliamHill . . . . . . . . . .281.3 4.5 284.1 183.3
Abcam . . . . . . . . . . . . . .418.8 -2.3 460.0 320.0
Advanced Medical . . . . .67.3 3.3 95.0 64.0
Albemarle & Bond . . . .261.5 -13.5 400.1 261.3
Amerisur Resource . . . . .31.5 1.5 32.0 9.5
Andor Technology . . . .380.0 0.0 685.0 355.0
Archipelago Resou . . . . .52.0 2.3 79.0 48.0
ASOS . . . . . . . . . . . . . .1688.0 32.0 2422.0 1142.0
Aurelian Oil & Ga . . . . . . .15.5 0.3 71.0 14.5
Avanti Communicat . . .295.0 -5.8 436.5 241.3
Blinkx . . . . . . . . . . . . . . .40.5 0.3 158.0 33.5
Borders & Souther . . . . .72.3 1.5 131.0 43.5
BowLeven . . . . . . . . . . . .61.5 -0.8 342.3 59.3
Brooks Macdonald . . .1160.0 0.0 1365.0 940.0
Cluf Gold . . . . . . . . . . . .66.5 -1.5 112.8 63.3
Cove Energy . . . . . . . . .267.0 1.3 268.0 61.0
Daisy Group . . . . . . . . . . .91.3 -2.3 127.0 86.0
EMIS Group . . . . . . . . . .588.5 53.5 610.0 397.5
Faroe Petroleum . . . . . .164.0 -0.5 177.8 130.0
Gulfsands Petrole . . . . . .86.0 0.0 232.0 82.0
GWPharmaceutical . . . .81.5 -1.8 130.0 78.5
H&T Group . . . . . . . . . . .282.0 14.5 395.0 253.0
Hargreaves Servic . . . .784.0 5.5 1264.0 752.5
Healthcare Locums . . . . . .3.1 -0.4 3.6 3.0
IDOX . . . . . . . . . . . . . . . . .39.3 0.0 39.3 20.9
ImpellamGroup . . . . . .337.5 0.0 375.0 225.0
Iomart Group . . . . . . . . .141.0 1.0 151.0 93.5
James Halstead . . . . . .522.5 -1.5 539.9 410.3
London Mining . . . . . . .208.3 -1.5 405.0 193.3
Lupus Capital . . . . . . . . .133.5 -0.5 134.0 86.0
M. P. Evans Group . . . . .480.0 0.0 525.0 371.0
Majestic Wine . . . . . . . .440.0 15.0 510.0 315.0
May Gurney Integr . . . .247.0 5.0 302.0 226.0
Monitise . . . . . . . . . . . . .33.0 -0.3 40.0 25.5
Mulberry Group . . . . . .1563.0 26.0 2472.0 1295.0
Nanoco Group . . . . . . . .63.0 -0.8 85.8 38.0
Nautical Petroleu . . . . .461.5 0.0 468.0 223.5
Nichols . . . . . . . . . . . . .699.0 -9.0 732.0 505.0
Numis Corporation . . . . .90.5 0.0 119.6 72.0
Pan African Resou . . . . . .15.5 0.0 18.3 10.3
Patagonia Gold . . . . . . . .24.5 -0.8 70.0 22.0
Prezzo . . . . . . . . . . . . . . .68.8 0.3 70.0 53.5
Rockhopper Explor . . .264.5 -14.3 393.5 141.0
RWS Holdings . . . . . . . .506.4 -3.5 560.0 400.0
Secure Trust Bank . . . .1030.0 0.0 1077.5 755.0
Sirius Minerals . . . . . . . . .15.8 -0.8 32.0 6.4
Smart Metering Sy . . . .182.5 0.5 186.5 75.0
Songbird Estates . . . . . .102.8 -4.3 156.5 100.0
Valiant Petroleum. . . . .401.8 4.3 603.0 377.0
Young & Co's Brew . . . .607.5 5.0 712.0 580.0
Dixons Retail . . . . . . . . . . . . . . . . .17.2 7.4
Micro Focus Intern . . . . . . . . . . .477.7 5.7
Imagination Techno . . . . . . . . . .502.5 4.2
Daejan Holdings . . . . . . . . . . . .2678.0 3.8
JD Sports Fashion . . . . . . . . . . . .645.5 3.2
Ruspetro . . . . . . . . . . . . . . . . . . .136.8 2.9
Oxford Instruments . . . . . . . . .1275.0 2.8
Rathbone Brothers . . . . . . . . . .1226.0 2.2
ITE Group . . . . . . . . . . . . . . . . . . .195.5 2.0
CSR . . . . . . . . . . . . . . . . . . . . . . . .221.8 1.9
Invensys . . . . . . . . . . . . . . . . . . .220.0 -14.4
Aquarius Platinum . . . . . . . . . . .53.2 -10.9
Kenmare Resources . . . . . . . . . . .42.0 -5.6
New World Resource . . . . . . . . . .311.4 -5.4
Betfair Group . . . . . . . . . . . . . . .752.0 -5.3
Anglo American . . . . . . . . . . . .2101.0 -5.2
Vedanta Resources . . . . . . . . . .930.0 -4.9
Centamin (DI) . . . . . . . . . . . . . . .65.8 -4.9
Afren . . . . . . . . . . . . . . . . . . . . . .104.4 -4.7
Lonmin . . . . . . . . . . . . . . . . . . . .756.0 -4.3
Risers FaIIers
MAIN CHANGES UK 350
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
Price Chg High Low Price Chg High Low
GILTS
http://corporate.webfg.com
mailto:
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Tsy 9.000 12 . . . . . . .101.06 0.00 109.2 100.0
Tsy 2.500 13 . . . . . .282.27 -0.04 287.3 282.1
Tsy 8.000 13 . . . . . .109.79 -0.01 116.0 109.7
Tsy 4.500 13 . . . . . . .102.97 -0.01 106.4 102.9
Tsy 5.000 14 . . . . . . .110.39 0.01 112.9 110.2
Tsy 4.750 15 . . . . . . .113.98 0.06 115.4 111.5
Tsy 8.000 15 . . . . . .126.28 0.06 129.2 125.8
Tsy 2.500 16 . . . . . .344.25 -0.12 348.1 330.2
Tsy 4.000 16 . . . . . . .114.20 0.11 114.7 108.6
Tsy 1.250 17 . . . . . . . .115.34 -0.11 117.1 110.5
Tsy 8.750 17 . . . . . . .140.32 0.03 141.9 135.6
Tsy 12.000 17 . . . . . . .117.11 0.00 126.8 116.0
Tsy 5.000 18 . . . . . . .122.79 0.16 123.6 114.2
Tsy 3.750 19 . . . . . . .117.29 0.37 118.7 104.4
Tsy 4.500 19 . . . . . . .121.88 0.36 123.3 110.3
Tsy 4.750 20 . . . . . .124.94 0.40 126.7 111.3
Tsy 2.500 20 . . . . . .368.04 -0.04 373.0 334.7
Tsy 8.000 21 . . . . . .154.44 0.41 156.7 139.3
Tsy 1.875 22 . . . . . . .127.74 -0.05 130.3 114.9
Tsy 4.000 22 . . . . . .120.58 0.50 122.4 103.4
Tsy 2.500 24 . . . . . .332.94 -0.01 339.0 292.4
Tsy 5.000 25 . . . . . .133.23 0.64 135.4 111.5
Tsy 1.250 27 . . . . . . .123.57 -0.11 127.0 108.4
Tsy 4.250 27 . . . . . . .125.17 0.72 127.2 101.7
Tsy 6.000 28 . . . . . .150.38 0.71 152.7 123.7
Tsy 4.125 30 . . . . . . .316.27 0.01 322.8 279.7
Tsy 4.750 30 . . . . . .132.96 0.81 135.0 107.3
Tsy 4.250 32 . . . . . .124.84 0.90 126.9 100.3
Tsy 4.250 36 . . . . . .124.34 1.13 127.0 99.6
Tsy 4.750 38 . . . . . . .133.99 1.22 137.2 107.9
Tsy 4.500 42 . . . . . .129.69 1.34 133.6 104.1
% %
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AIM 50
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England striker Wayne Rooney made a scoring return for against Ukraine
FRIDAY 22 JUNE 2012
28
THEPUNTER
FOOTBALL TRADER
BEN CLEMINSON PREVIEWS ENGLAND V ITALY AND THE OTHER REMAINING EURO 2012 QUARTER-FINALS
n Pointers
France at 4/1 with Coral
Sell total goals at 2.05 with Sporting Index
GERMANY...............................
GREECE...................................
Today 7.45pm ITV 1
T
HE 2012 European
Championships have been
highly entertaining so far
but, going into the quarter-
finals, there isnt one team that
you could say is a certainty to
win it.
Germany, the only nation to
emerge with a 100 per cent
record from the first round,
have been most impressive. But,
of the other favourites, Spain
havent blown anyone away and
the Dutch players are already on
their holidays after an
abominable showing. England
and their opponents in Sundays
quarter-final, Italy, made the
second round without setting
the pulses racing.
Based on what weve seen so
far, Im expecting a pretty drab
encounter at the Olympic
Stadium in Kiev, certainly
nothing as end-to-end as
Englands other game here, the
3-2 victory over Sweden. It has
been substance over style during
Roy Hodgsons reign so far, and
after topping Group D with that
approach, I cant see him
changing it now.
Joleon Lescott and John Terry
will be looking to smother the
Italian attacking threat and I
am confident they can mostly
handle whichever combination
of Antonio Cassano, Mario
Balotelli and Antonio Di Natale
that Cesare Prandelli sends out.
Ashley Young and James Milner
will be tasked with protecting
their full backs, while Scott
Parker will undertake his
Rottweiler role with relish,
barking at the feet of Andrea
Pirlo for 90 minutes.
England havent carved out
many clear cut opportunities in
their three games so far and
Wayne Rooney is,
understandably, a little rusty, so
the Azzurri will not be overly
worried, even in Giorgio
Chiellinis absence from
the defence.
There is a difference of
opinion among bookmakers as
to who is favourite for this
game, while some are the same
price about both, and there is
not much between the
countries. Coral offer 9/5 on
England and 17/10 the Italians,
but the draw, at 2/1, is where my
money is going.
No goalscorer is a tempting
6/1 with Star Sports, but I just
favour the 1-1 correct score at
11/2. Since the hosts won the
third-place play-off between the
teams at Italia 90, their six
meetings have produced a total
of nine strikes and the Sporting
Index traders look to have got it
spot on with their total goals
spread of 1.9-2.1 for this match.
If, as I suspect, the game does
go beyond regular time then it
looks like being penalties all the
way I just cant see Italy
pushing for a result or allowing
the game to be settled in the
extra 30 minutes. And the
evidence suggests that
Hodgsons England would share
that mindset.
Both countries have a
chequered history from 12
yards, and each is available at
10/1 to win on spot kicks, but I
think the Englands in-form
goalkeeper Joe Hart could be the
difference if it came down to
this scenario.
WORLD and European
champions Spain eventually
finished top of Group C,
although Vicente del Bosques
side did so without being
anywhere near their fluid
best. Aside from hammering
the whipping boys of the
group, Ireland, Spain found it
tough work against Italy and
Croatia. Both games could
have easily ended in defeat
with a little more composure
in front of goal from their
opponents.
Del Bosque is struggling to
find his favoured formation,
and how to solve the Fernando
Torres conundrum, with the
Chelsea man having little
influence in the last game.
Jesus Navas grabbed the
winner on Monday and should
the manager reward the
winger with a start, then
France might adopt similar
tactics to those which allowed
Italy to earn a draw in Group
Cs opening game.
France will be kicking
themselves after surrendering
their grip on Group D at the
crucial moment. But it would
be foolish to judge Les Bleus
chances tomorrow purely on
the Sweden game as Laurent
Blancs side were virtually
assured of a place in the last
eight and were quite clearly
well off the pace. Before the
surprise defeat in Kiev, France
were unbeaten in 23
internationals and I cant see
them being as poor again.
A slight concern is that
Karim Benzema has still to
open his tournament account
as the Real Madrid striker has
tended to drop too deep and
shoot from distance. However,
Iker Casillas has been called
upon far too many times for
Spains liking as the centre-
back pairing of Gerard Pique
and Sergio Ramos has not
been tight enough.
Its hard to argue against
Spain being 4/5 favourites
with Star Sports, but France
are a more than capable outfit
and looked dangerous at times
in the group stages. With the
talent at Blancs disposal, they
are the value at 4/1 with Coral
to cause an upset.
All of Frances group games
produced fewer than three
goals and two of Spains pool
fixtures settled at under 2.5.
With so much riding on this
one, I expect a tight contest
and would recommend selling
goals at 2.05 with Sporting
Index.
GREECE pulled off perhaps
the biggest surprise in
footballing history when they
ran out shock winners of this
tournament in 2004. So far
they have made a great effort
at trying to replicate that
unlikely success, somehow
emerging from Group A
despite largely
underperforming.
They completed a Houdini-
esque escape in their opening
draw against Poland, having
been a goal and a man down
before half-time. Greece then
gifted the Czech Republic a 2-
1 win with some defensive
howlers. But Fernando
Santoss men regrouped and,
despite being outplayed by
Russia, their defence stood
firm and a Giorgos
Karagounis goal put them
through at Russias expense.
In the quarters they face
Germany, who have assumed
outright favouritism from
Spain. The cold efficiency
associated with past
German sides has been
replaced by a youthful
and energetic line-up, rich in
attacking potential.
Joachim Lows men were
untroubled by the Group of
Death, brushing away the
challenge of Portugal,
Netherlands and Denmark. In
Mario Gomez they have a
striker full of goals backed
up by a formidable support
network led by Mesut Ozil,
Bastian Schweinsteiger and
Lukas Podolski.
Germany are simply in a
class above their rivals and it
would be astonishing if they
were to get knocked out now.
That said, I doubt we will
witness a rout and Germany
havent been impenetrable at
the back. They conceded one
apiece to Netherlands and
Denmark, while Greece
scored once per match in
their section and I can see
them getting another here,
despite star man Giorgios
Karagounis suspension.
My advice is to take Corals
8/1 for Germany to win 2-1
and to buy goals at 2.9 with
Sporting Index, rather than
simply backing the short-
priced favourites at 4/11.
n Pointers
Draw at 2/1 with Coral
1-1 correct score at 11/2 with Star Sports
England to win on penalties at 10/1 (general)
SPAIN .....................................
FRANCE ..................................
Tomorrow 7.45pm ITV 1
England and Italy look
set to go the distance
ENGLAND ...............................
ITALY ......................................
Sunday 7.45pm BBC One
n Pointers
Germany to win 2-1 at 8/1 with Coral
Buy total goals at 2.9 with Sporting Index
29
RACING TRADER
BILL ESDAILE PREVIEWS THE FINAL TWO DAYS OF ROYAL ASCOT
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FRIDAY 22 JUNE 2012
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ALBANY & KING
EDWARD VII STAKES
PLUS
Moonlight Cloud might be
the only one who
can live with
Black Caviar
I
HAVE never seen a display like
the one Frankel put in on
Tuesday, and I very much
doubt I ever will again. We are
extremely lucky to have him and
the pressure is now on Black
Caviar to deliver in tomorrows
Diamond Jubilee Stakes
(3.45pm). Peter Moodys wonder
mare is unbeaten in 21 starts
and the whole of Australia will
be tuning in to see her first
attempt on international soil.
In all honesty, I cant see her
getting beaten, but Im not rich
enough to be backing her at 2/7
with Coral. There is also the fact
that she has travelled halfway
around the world, has never
raced on Ascots unique surface
and will be encountering
ground softer than shes used to.
Its all about trying to find
value in this game and regular
readers will have already
snapped up the 15/2 Paddy
Power were offering at the start
of the week about
MOONLIGHT CLOUD. Freddie
Heads filly had some smart
form last season and I expect
her to follow the Aussie
speedball home. Coral offer a
best-priced 15/8 about her in
the without Black Caviar
market, and the only real
danger I can see is last years
winner, Society Rock.
The Wokingham comes up
40 minutes later over the same
course and distance and this
28-runner handicap is always
fiercely competitive. The last
three runnings have gone to
inexperienced, unexposed
sprinters, but there arent
many of those that jump off
the page in this line-up.
MEDICEAN MAN, tipped up
at 40/1 in this column for
Tuesdays Kings Stand,
reappears tomorrow and, after
his cracking fourth in that
Group One contest, he must go
close back in handicap
company off a mark of 103. His
draw in stall 19 seems fine and
he is worth backing each-way at
14/1 with Star Sports.
Jim Bolger normally does
very well at this meeting and
he was in the winners
enclosure on Tuesday when
Dawn Approach took the
honours in the Coventry Stakes.
After the son of New Approach
won a Listed race at Naas a few
weeks ago, the trainer
identified the Chesham Stakes
(2.30pm) as the likely target, so
its a tip in itself that he runs
MOVE TO STRIKE instead in
todays opener.
The Lawman colt won a soft
ground maiden at the Curragh
last month, so rain holds no
fears and I fancy him to just get
the better of Richard Hannons
Jalaa. The British champion
trainer has won two of the last
four runnings of this race and
the Sheikh Hamdan-owned
contender is greatly respected
on the back of his impressive
debut victory at Leicester.
Sir Michael Stoute has picked
up the Hardwicke Stakes
(3.05pm) three times in the past
six years and Sea Moon bids to
give him another success
tomorrow. Ryan Moores mount
was a beaten favourite in last
years St Leger, but he proved
he had trained on when
landing a Listed prize at
Goodwood last month. He will
appreciate the rain that has
fallen and has a decent chance.
However, I have been very
impressed with AIKEN this
campaign and I fancy this
progressive sort to land the
prize for John Gosden, who
took the race three years ago
with Bronze Cannon. The four-
year-old has won six of his
seven career starts, goes well
with cut in the ground and is
two from two over course and
distance. He rates a solid each-
way bet against Sea Moon,
Memphis Tennessee and
Dunaden.
This afternoons Coronation
Stakes (3.45pm) looks wide
open now that Maybe has been
pulled out due to a stone
bruise, and 11 fillies are set to
go to post. They include the
winners of both the English
and Irish 1000 Guineas, not to
mention French raider Bugie
DAmore, and the potentially
exciting Cardigan.
However, it is the Mick
Channon-trained LAUGH OUT
LOUD who makes the most
appeal at 5/1 with Coral, even
though she was no match for
Homecoming Queen at
Newmarket. The daughter of
Clodovil had Bugie DAmore
four and a quarter lengths
behind her when winning the
Prix De Sandringham at
Chantilly last time and seems
to be progressing with
every run.
Prior to that, she ran out an
impressive winner of a Listed
contest at York and has also
proved herself effective on this
afternoons ground. She may
have most to fear from her
stablemate, Samitar, who
sprung a surprise in the Irish
1000 Guineas last time. That
form was boosted by runner-up
Ishvanas win in Wednesdays
Jersey Stakes and she could be
the one for the forecast.
The opening race on the card
this afternoon can go the way
of John Gosden and William
Buick in the shape of the once-
raced NEWFANGLED. The
daughter of New Approach
couldnt have been any more
impressive on her debut at
Newmarket when blitzing a
decent looking field on soft
ground. The market suggested
she may have needed the run
that day, as she was sent off a
relatively unfancied 10/1, but
she comfortably saw off a well-
regarded Richard
Hannon-trained runner.
She is a really exciting
prospect and connections will
be disappointed if she doesnt
take this on the way to better
things. Her ability to handle
the ground is also a huge
positive and she looks the bet
of the day.
Looking at the rest of the
field, Ive got a sneaky feeling
Richard Hannons Equitania
will run well at a big price and
she could be the value for the
forecast spot.
Only six runners take on
Investec Derby third
ASTROLOGY in the King
Edward VII Stakes (3.05pm) and
Aidan OBriens colt looks hard
to oppose in the Group Two
contest. He proved rain-
softened ground holds no
fears when bolting up at
Chesters May meeting, before
running a screamer behind
Camelot at Epsom. Hes had
nearly three weeks to recover
from his exertions and I can
see no reason why Thought
Worthy should reverse
the placings.
His biggest danger may well
be Frankels half-brother Noble
Mission who bypassed Epsom
to come here, but Im not sure
hes quite good enough.
Elsewhere on the card, I can
pass on good words for
Perennial in the Queens Vase,
while both Eton Forever and
Primaeval are fancied in the
last if the rain stays away. You
can follow me live from Ascot
on Twitter @BillEsdaile.
n Pointers
MOVE TO STRIKE 2.30pm Royal Ascot
(tomorrow)
AIKEN e/w 3.05pm Royal Ascot
(tomorrow)
MOONLIGHT CLOUD e/w 3.45pm Royal Ascot
(tomorrow)
MEDICEAN MAN e/w 4.25pm Royal Ascot
(tomorrow)
n Pointers
NEWFANGLED 2.30pm Royal Ascot (today)
ASTROLOGY 3.05pm Royal Ascot (today)
LAUGH OUT LOUD 3.45pm Royal Ascot (today)
Newfangled and Astrology set to brighten up gloomy Ascot
Astrology won last year at Chester
Black Caviar is expected to make it 22 wins in a row tomorrow, but Freddie Heads Moonlight Cloud can follow her home in the Diamond Jubilee Stakes
PORTUGAL manager Paulo Bento
targeted a semi-final victory over
Spain or France after Cristiano
Ronaldo inspired his side into the
European Championships final four.
Ronaldos 79th-minute winner
proved enough against the
thoroughly outclassed Czech
Republic, even if his earlier
profligacy had initially threatened
to undermine.
Portugal now await the winner of
tomorrows quarter-final between
neighbours France and Spain, while
the Czechs will perhaps reflect that
simply progressing beyond the
tournaments group stages signalled
the fulfillment of their potential.
We did not start the match well
in attack for the first 25 minutes,
then we showed a great response in
the second half, a great capacity to
respond to the Czechs and that is
why we really deserved this victory,
said Bento. As the game went on we
controlled the match, we played
better and had more chances to
create our own game.
In the semi-finals of a
tournament like this, there are
always great teams with different
characteristics who are well
organised with players of
great quality,
We do not prefer [to play]
anybody. It has been a lot of work by
us to reach the semi-finals and we
will try to recover to reach the pitch
in the best condition.
We will show the response which
is necessary. Our aim will be to win
against France or Spain. There
cannot be any other goal for us.
As in Portugals victory over
Holland, Ronaldo, their captain, was
truly outstanding. Playing with a
freedom that only the very best are
granted, he responded with a near-
omnipresent threat.
A familiar desire to drive his side
to victory ensured Ronaldo twice
shot against the woodwork in either
half, but seemingly unaffected, the
forward responded by sprinting onto
the end of Joao Moutinhos cross to
head beyond Czech goalkeeper Petr
Cech for the winning goal 11
minutes from time.
Bento: Well be
ready for Spain
or France
G
E
T
T
Y
G
E
T
T
Y
Gold Cup victory justifies shrewd Dettoris powers of Vision
Cristiano Ronaldo headed Portugals goal
Frankie Dettori rode Colour Vision to victory in yesterdays Gold Cup at Royal Ascot
FRIDAY 22 JUNE 2012
30
SPORT
cityam.com/sport
ENGLAND goalkeeping great David
Seaman believes current No1 Joe
Hart is close to becoming the worlds
best, and would love him to prove it
by becoming a penalty shoot-out
hero in the final of Euro 2012.
Hart has firmly established him-
self as the nations top stopper over
the past two years and lent the team
a reliable last line of defence in the
traditions of Gordon Banks, Peter
Shilton and Seaman himself.
The Manchester City goal-
keeper is already worthy of
mention alongside those
revered predecessors,
says Seaman, who has
s e e n e nough f r om
Harts short career
t o s u g g e s t h e
wi l l s oon out s t r i p
any contemporaries.
I think Joes already step-
ping in there by what hes
done so far. The previous ones have
done it season after season. But what
hes achieved already its fantastic,
said Seaman ahead of Sundays quar-
ter-final against Italy.
Joes got the chance of becoming
the best in the world. If he keeps pro-
gressing like he is doing then it will
be sooner rather than later. I cant
see any weaknesses at the moment.
Goalkeepers will make mistakes and
they will make big mistakes. What I
look for is how they react. And every
time questions have been asked, hes
r e pl i e d wi t h g r e a t
performances i n t he
next game.
Mental strength for a
goalkeeper is huge
because once you make a
mistake it can really cost
your team, your
country. Ive
experienced it
mysel f and
c a me ba c k
and won the
l eague and
won another
title. Its
stuff l i k e
t h a t ; you ve got to be really
mentally strong.
Double-winning former Arsenal
star Seaman remains the only
England goalkeeper in history to win
an international penalty shoot-out,
having done so against Spain in the
last eight of the 1996 tournament in
England. However, that is one distinc-
tion he would be willing to lose if it
means Roy Hodgsons men progress-
ing from what he expects to be a
cagey encounter against the Italians
in Kiev.
I see it being very, very tight
looking at both teams per-
formances. They have been
very defensive, which I
love, and then trying to
get a lead. All I can see is
it being really, really
tight, added the Euro
96 hero.
But the way England
are progressing is good. Its a
slow progression, we are finally
getting some ideas about what Roy
wants building from defence and
for me its encouraging. I just hope it
carries on for Sunday night.
I would love us to win on
penalties. Its about time we did. I
would love us to win on anything to
get through those quarter-finals
would be a great achievement. I
would love to see it [Seamans record]
beaten. I would love to see Joe save
the penalties in the final that
would be ideal. He is having a fantas-
tic competition.
David Seaman was speaking on behalf
of Budweiser at the announcement of a host
ex-internationals signing for semi-pro club
Wembley FC
BY FRANK DALLERES
JUBILANT Frankie Dettori declared
his judgment had been vindicated
after his decision to race 6-1 chance
Colour Vision over Opinion Poll
inspired Gold Cup victory on day
three of Royal Ascot.
The Italian-born jockey survived a
stewards inquiry after bumping into
runner up Opinion Poll, ridden by
Goldophin team-mate Mickael
Barzola, in the races closing stages
before winning by half a length, and
immediately insisted the result had
justified any pressure he had felt.
That was my best chance of the
week, said Dettori. It was a very
hard decision to make between
Colour Vision and Opinion Poll
both are great horses, great warriors.
But Ive finished the best, though
only by a short margin. Im delighted
for the team and myself its been a
hard week.
It was great, we have a great
team, and first and second is a
great result.
Mickael [Barzalona] and I are
good friends, but when you are out
there youre by yourself, you always
want to win for yourself. It doesnt
matter whos in the finish with you,
you always try to win.
Dermot Welds Princess Highway
won the Ribblesdale Stakes by six
lengths, William Haggass Favourite
Fast Or Free finished first in the
Britannia Stakes and Jens
Hirschbergers Energizer won the
Tercentenary Stakes to become first
German-trained Royal Ascot winner.
BY SPORTS DESK STAFF
David Seaman
played the last
time England
won on penalties
@cityam_sport
CZECH REPUBLIC .......................0
PORTUGAL..................................1
BY DECLAN WARRINGTON
EURO 2012
STATISTICS confirm what every
England fan already suspects:
that Roy Hodgsons men are the
worst team at Euro 2012 when it
comes to penalty shoot-outs.
The good news, however, is that
Italy are the next worst.
England have won only one of
their six shoot-outs, converting
just 68 per cent of spot-kicks.
Italy, who have won two from
seven, netted 70 per cent.
When it comes to takers,
Leighton Baines, Ashley Cole,
Steven Gerrard and Wayne
Rooney all look safe bets. In
short, anyone but Stewart
Downing, who failed to get any
of his three on target.
Find out if your team has the strength
to perform at Uefa Euro 2012 by visit-
ing castroledge.com/euro2012
BY FRANK DALLERES
PLAYER T SC SA OT %
ENGLAND TAKERS 2008-2012
Penalty shootout? Just anyone but Downing
Baines 7 7 0 0 100
A. Cole 3 3 0 0 100
Gerrard 14 12 1 1 86
Rooney 20 17 2 1 85
Milner 6 4 1 1 65
Young 8 5 3 0 63
Defoe 7 3 2 2 43
Downing 3 0 0 3 0
Key: T=taken; SC=scored; SA=saved; OT=off target
1
Number of penalty
shoot-outs
England have
ever won
Seaman: Hart can be the
31
IN BRIEF
Pacquiao set for Bradley rematch
nBOXING: Manny Pacquiao is set to
be awarded a rematch against WBO
welterweight champion Timothy
Bradley after five independent judges
ruled that The Pacman should have
won their original, controversial fight.
Butt suffers early prison release
nCRICKET: Shamed former Pakistan
cricket captain Salman Butt has been
given an early release from prison.
Butt had been given a 30-month
sentence in November before being
released on Wednesday evening.
ENGLAND LINE-UP
G
E
T
T
Y
QUEENS Park Rangers incoming
England goalkeeper Robert Green
insists the Hoops ambitions
persuaded him to end his six-year
association with West Ham and
sign a two-year contract with
the club.
Green will remain with England
until the end of their participation
in the European Championship
but will arrive at QPR on a free
transfer when his contract expires
at the end of the month and is
excited about the progress he
believes them to be making.
Its an exciting period for
everybody connected to QPR and I
cant wait to get started, said
Green. Im excited about the
challenge ahead and hugely
encouraged by the direction in
which the owners and [manager]
Mark Hughes are looking to take
the club.
Following the arrivals of striker
Andrew Johnson and defender
Ryan Nelsen, Green is the clubs
third signing this summer and he
could yet be followed by another.
Manchester United defender
Fabio da Silva is being lined up for
a loan move, with manager Sir
Alex Ferguson wishing him to get
further first-team experience.
Mario should always play. He is the best and,
with him, the national team is much stronger
cityam.com
FRIDAY 22 JUNE 2012
BY FRANK DALLERES
QPR ambition inspired Green to
swap Hammers for Rangers
Finn backs Woakes and Meaker to seize chance
Manchester City
goalkeeper Joe Hart
has made Englands
No1 jersey his own over
the last two seasons
ENGLAND goalkeeper Joe Hart is
targeting European Championship
victory and is adamant he and his
team-mates should not be content
with merely reaching the
tournaments final eight.
A successful group stage ensured
England finished above Euro 2000
winners France to win Group D and
set up a quarter-final fixture against
Italy, and though there were
unusually low expectations
surrounding Englands prospects,
Hart is hungry for what he would
consider to be genuine success.
The whole point in coming here
is not to keep people happy and off
our backs, said Hart. We are here
to win.
We are not those guys [who settle
for reaching the quarter-finals] we
are winners. We want to be
successful for ourselves and make
English people proud of their team.
We would like to leave here
having given everything. Whether
that makes people happy, or keeps
people off our backs, whatever.
Just as long [as] we know we have
given everything.
We do not fear anyone. We are a
good team and are here to do well.
Three Lions are
roaring for
Euros success
Results
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Oerm+r] 1 Oreece .............................................................................................
FAST-BOWLER Steven Finn has
thrown his weight behind
Englands controversial rotation
policy, insisting it is a critical tool
for developing senior players.
Finn is likely to enjoy an even
more prominent role in todays
third and final one-day
international against West Indies,
with England taking advantage of
their unassailable 2-0 lead to rest
Stuart Broad, Graeme Swann and
Tim Bresnan at Headingley.
And the rangy Finn believes that
system has the added benefit of
accelerating the progress of
emerging talent by exposing them
to top-level cricket.
Having other senior players
missing gives me an opportunity
to be an even more senior player
within the group, said Finn.
The more exposure we get at an
early age the better we are going
to be in the future.
It [the rotation policy] is more
of an investment in the future
with the rest of those guys also
able to prolong their careers and
play in the more important games.
It also gives the young guys the
opportunity to come through and
make the most of it.
Finn also believes incoming
seamers Chris Woakes and Stuart
Meaker are good enough to ensure
England are not severely weakened
by the absence of key men.
Theyre both fantastic talents,
he added. Stuart bowls upward of
90 miles an hour and Woakesy has
got all the skills hes got the
potential to turn into someone of
Jimmy Andersons stature.
Meanwhile, England have
confirmed their tour of New
Zealand, which starts in late
January, will follow straight on
from the winter trip to India. The
first of three Tests begins on 6
March in Dunedin, before matches
in Wellington and Auckland.
Care and Haskell forced England
selection, admits Lancaster
ENGLAND coach Stuart Lancaster
has revealed he could no longer
ignore the merits of Harlequins
scrum-half Danny Care and Wasps
flanker James Haskell after selecting
the pair to start tomorrows Test
against South Africa.
As has become a customary
characteristic of Lancasters reign,
the adventurous coach has selected
full-back Alex Goode and No8
Thomas Waldrom for debuts in Port
Elizabeth and recalled Care, Haskell,
Tom Palmer and Alex Corbisiero in a
continued attempt
to experiment and avoid a third
Test defeat from three against
the Springboks.
Cares start is his first for England
under Lancaster but, with first
choice scrum-half Ben Youngs ruled
out for between two and three
months following shoulder surgery,
he now has the chance to prove he
can be Lancasters long-term No9.
He had a broad grin on his face
when I told him, said Lancaster. He
is a competitive player and he knows
he is in a competitive position with
Ben Youngs and Lee Dickson both
playing well in the Six Nations.
I know he was desperately
disappointed not to make the first
Test or be on the bench, but I said to
him he had to work hard and earn
the right to get into the team. I feel
he has done that.
Englands difficulties in South
Africa have often surrounded the
physicality provided by the
Springboks aggressive forwards but,
with Haskell returning alongside
Waldrom, Lancaster insisted he feels
the flanker possesses the necessary
tools to make a significant impact
and inspire England to their first
Test win of the tour.
I hadnt coached him before but
he has been very positive, upbeat,
said Lancaster. He is an extrovert
character but in a good way. He
brings a lot of energy to the team.
But energy is one thing and
physicality is another and we are
looking for him to bring that
physicality to our back row as a
defender and a ball-carrier.
Care, meanwhile, has admitted
that Lancasters decision to omit him
from his early England squads over
disciplinary issues was the
inspiration behind his strong recent
form and eventual recall to the
international scene.
Missing the Six Nations was a
hard blow to take but, looking back,
it made me refocus my life and my
career a bit, said Care. It was
probably a good thing to realise
what I was missing.
I didnt realise at the time how
bad it was [but] I will look back and
in a way be glad of what happened.
It refocused me and made me realise
what it is to be a professional rugby
player and what an honour it is to
represent your country. I took that
for granted and that is certainly
something I will never do again.
Danny Care has earned an England recall
F
O
L
L
O
W

O
U
R

T
E
A
M
@
c
i
t
y
a
m
_
s
p
o
r
t
15 Alex Goode
14 Chris Ashton
13 Jonathan Joseph
12 Manu Tuilagi
11 Ben Foden
10 Toby Flood
9 Danny Care
1 Alex Corbisiero
2 Dylan Hartley (capt)
3 Dan Cole
4 Tom Palmer
5 Geoff Parling
6 Tom Johnson
7 James Haskell
8 Thomas Waldrom
worlds best
Manchester City manager Roberto Mancini on Italy striker Mario Balotelli
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