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www.cityam.com Issue 1,478 Thursday 29 September 2011 FREE
Treasury accused of dishonesty over its position on Tobin tax
THE GOVERNMENT was branded dis-
honest yesterday, after it said it had
no objection to a global Tobin tax
that would wipe billions off City prof-
its even though it continues to
oppose a European version of the levy.
A spokesperson for the Treasury
said the government had no objec-
tion in principle to a financial trans-
action tax but that it would have to
apply globally because a European
one would put London at a competi-
tive disadvantage.
Bill Cash, the Conservative MP for
Stone, told City A.M.: The government
is being thoroughly dishonest for
political reasons. There is no justifica-
tion for a Tobin tax in any form, which
would badly affect growth whether it
was global or not.
Privately, Treasury officials admit
the only reason the government backs
a worldwide Tobin tax is because such
a levy would never secure support
from financial centres such as Hong
Kong, allowing the coalition to adopt a
politically popular position without
having to deal with the consequences.
Jos Manuel Barroso, the European
Commission president, yesterday pro-
posed a financial transactions tax that
would raise up to 55bn (48bn) a year
to help bail out troubled countries.
Barroso is pressing ahead with the
tax even though the commissions
own cost-benefit analysis shows it
would reduce Europes GDP by as
much as 1.76 per cent or 216bn a year.
It also estimates that the tax could
push as much as 90 per cent of
European transactions off-shore and
cost 478,000 jobs.
In an article for City A.M. Neil
Bentley, the deputy director general of
employers organisation the CBI, said a
Tobin tax would have a chilling effect
on growth. ALLISTER HEATH: P2
NEIL BENTLEY: P22
WEALTH MANAGEMENT: P26
BY DAVID CROW
POLITICS
AMAZON UNVEILS
ITS iPAD KILLER
AMAZON yesterday seized the initiative in the tablet
wars, unveiling a new device that will sell for just half
the price of an iPad 2.
The worlds biggest online retailer hopes the Kindle
Fire, priced at just $199 (127), will build on the success
of its range of e-readers. The launch is the first serious
threat to Apples dominance of the nascent tablet mar-
ket, with rivals struggling to gain traction against the
unprecedented success of the iPad.
Analysts say the aggressive pricing means the device
will almost certainly be a loss leader, with Amazons
profit coming from the sale of digital content such as
films, music, apps and ebooks.
The tightly controlled unveiling of the Fire in New
York yesterday borrowed heavily from Apples famous
launch events, with chief executive Jeff Bezos even
quoting Steve Jobs famous line: Now, Ive got one
more thing to show you.
The seven inch device will run a customised version
of Googles Android Eclair operating system and fea-
ture a newly-created browser dubbed Amazon Silk.
Unlike the Kindle e-reader, the Fire will be wi-fi only
and does not come with either a camera or micro-
phone. Users will not have access to the Android
Market with its selection of more than 500,000 apps.
Instead they will be directed to Amazons version of the
store with around 10,000 available apps.
Amazon Prime customers in the US will be able to
stream unlimited movies and TV shows through the
Fire but it is not clear whether or when this will be
rolled out in the UK. Pricing for the device in the UK has
not yet been confirmed.
The Fire cements ARM Holdings dominance in
the mobile processor market, with its CPU under-
stood to be designed by the Cambridge-based firm.
Amazon saw its
stock close up 2.5
per cent after the
announcement,
and also unveiled
a new, smaller
version of its e-
reader which will
sell for just 89.
Apple is expected
to launch its new
iPhone 5 on
Tuesday.
BY STEVE DINNEEN
TECHNOLOGY
Barroso is proposing a Tobin tax

Amazon boss Jeff
Bezos took a leaf
out of Steve Jobs
book to launch the
Fire
News
2 CITYA.M. 29 SEPTEMBER 2011
UKs 50p top
rate slammed
ONLY three other European Union
states have a higher top rate of income
tax than the UK, consultancy group
KPMG said today.
Outside the EU, just Japan and the
small Caribbean island of Aruba have
a higher top rate than the UK, out of
96 countries surveyed by the group.
Western Europe remains the region
with the highest average level of top
rate income tax in the world.
Across the European Union as a
whole, the average top rate is lower, at
37 per cent. While the UKs 50p per 1
rate is uncompetitive compared to
most of its European neighbours,
rivals for high-earning talent increas-
ingly lie in other corners of the world,
the survey said.
Truly globally mobile international
executives move around the world and
tend not to stay in one region, com-
mented KPMGs Marc Burrows. They
are not weighing up London against
Dublin or Geneva but looking at Hong
Kong, Singapore, Dubai, all around
the globe.
In Asia the top rate of income tax is
23 per cent, the calculations show.
Hong Kong and Singapore -- two
favourite destinations for Western
workers looking to move East have
top tax rates of 15 per cent and 20 per
cent respectively.
Many governments, such as the UK,
have been reluctant to reduce the
highest band of income tax during a
period of attempted deficit reduction,
Burrows said. However, while govern-
ments may not move, individuals, par-
ticularly higher earners, continue to
do so and this should not be over-
looked when addressing deficit con-
cerns.
And the UKs 50 per cent top rate
could be causing further harm to the
economy, according to Alex
Henderson, tax partner at PwC.
While every person who decides to
leave the UK is a drop in the potential
tax base for the country, we never see
the people and economic activity that
simply never comes here, Henderson
explained.
Yet taxation is not the only factor
affecting peoples choice of location,
Henderson added. There are many
other factors that people take into
account such as infrastructure, time
zone and ease of doing business. There
are limits to what can be done but we
are hoping that the government will
continue to focus on making the UK
an attractive country for new econom-
ic activity, he said.
BY JULIAN HARRIS
TAXATION
Why a Tobin tax would be a disaster

VERY strange. That is the only way
that the coalitions half-hearted, lets
have our cake and eat it, position on
the Tobin tax can be described. The
Treasury is rightly opposed to the
European Unions plan but it actual-
ly supports a Tobin tax in principle, as
long as it is implemented globally and
not just in the EU. Obviously, Europe
going it alone would be especially dis-
astrous as business would simply
migrate elsewhere. Yet even were it
imposed globally, a Tobin tax would
still slash transaction volumes, make
markets less liquid, increase the cost
of raising finance and punish compa-
nies that operate in more than one
currency (for more, see page 22).
The coalitions mealy-mouthed
approach means that it is able to pri-
vately promise its supporters in the
City that it is on their side while
attempting to remain equally friendly
with the influential left-wing pressure
groups, charities, celebrities and
media organisations that back such a
tax. Not for it a principled stand; no
wonder that there is a growing view
that (with a few exceptions) the coali-
tion doesnt believe in anything apart
from clinging to power.
The problem is that ideas matter. If
the government refuses to make the
intellectual and economic case
against a Tobin tax, it will actually
make its long-term implementation
more likely. I know that many people
genuinely believe that such a tax
would be a good thing and would
raise billions the EUs guess yester-
day was 57bn a year at little or no
cost to the economy. Unfortunately,
they are deeply and sadly misguided.
MEPs have argued in the past that
the tax would collect 20bn from UK
trades alone, an astonishingly large
sum of money equivalent to almost
half of all corporation tax receipts.
That is of a similar order of magnitude
as the entire global profits of UK-based
universal banks though it would be
paid for by thousands of financial
firms that operate here and their
investors, including pension funds
and insurance firms, whose returns
from investments would be decimat-
ed. It is absurd to believe that what
would probably be the biggest ever tax
hike (much of it sent to Brussels) could
quietly be imposed on the City with-
out any consequences in terms of jobs.
Others believe the real cost would
be even larger. The World Federation
of Exchanges puts the total value of
financial transactions in the UK at
600 trillion a year. Given that Tobin
supporters believe taxed transactions
would remain at identical levels (a
silly suggestion, of course, but the cru-
cial assumption that explains why
pro-Tobin folk believe their tax will
raise so much) this means that the tax
could yield 40bn-300bn, depending
on the exact composition of trading
(yesterdays proposal was for a mini-
mum tax rate on trading of bonds and
shares of 0.1 per cent and 0.01 per cent
for derivatives). There is of course no
way that such sums would ever be
raised. Transactions would simply
cease to happen. Tens of thousands of
jobs would be lost overnight and the
City of London would be destroyed.
The tax would raise a couple of billion
at most, while increasing volatility by
forcing traders to concentrate on larg-
er, less frequent trades.
Those deluded souls who believe
they have discovered a new way of
solving the worlds problems by tax-
ing financial transactions will have
achieved nothing other than crippling
the economy. Why cant the coalition
simply come out and say this?
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
NEWS | IN BRIEF
Brit heads up new Walmart arm
American supermarket behemoth
Walmart has shaken up its top team,
and has chosen British exec David
Cheesewright to head a new division
encompassing the UK, Canada and Sub-
Saharan Africa. Cheesewright, the for-
mer chief operating officer of
Walmart-owned Asda, was most recent-
ly chief exec of Canadian operations.
UBS boss asks for less risky bank
UBS interim chief Sergio Ermotti
appealed to staff in an internal memo to
back efforts to make the bank less com-
plex and risky yesterday, following the
$2.3bn (1.5bn) loss from unauthorised
trading. Ermotti told workers he has no
magic recipe to inspire you to redouble
your efforts. I can only appeal to your
professionalism, your loyalty and your
determination to succeed.
More suitors are sizing up LME
Interest in the London Metal Exchange
as a takeover target has snowballed and
the number of suitors has risen to dou-
ble digits because business is booming
with volumes at record levels, its chief
executive Martin Abbott said yesterday.
EDITORS LETTER
ALLISTER HEATH
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George Osborne has
come under pressure
to reduce the countrys
50 per cent top rate of
income tax
4th Floor, 33 Queen Street, London, EC4R 1BR
Tel: 020 3201 8900 Fax: 020 7283 5334
Email: news@cityam.com www.cityam.com
Editorial
Editor Allister Heath
Deputy Editor David Hellier
News Editor David Crow
Acting Night Editor Marion Dakers
Business Features Editor Marc Sidwell
Lifestyle Editor Zoe Strimpel
Sports Editor Frank Dalleres
Art Director Jo Simpson
Pictures Alice Hepple
Commercial
Sales Director Jeremy Slattery
Commercial Director Harry Owen
Head of Distribution Nick Owen
HIGHEST TOP RATES OF INCOME TAX IN THE EUROPEAN UNION
Rank Country Rate in 2010 Rate in 2011 Change
1 SWEDEN 56.6% 56.6% 0%
2 DENMARK 55.4% 55.4% 0%
3 NETHERLANDS 52% 52% 0%
4= UNITED KINGDOM 50% 50% 0%
4= BELGIUM 50% 50% 0%
4= AUSTRIA 50% 50% 0%
7 FINLAND 49.6% 49.2% -0.4%
8 IRELAND 47% 48% +1.0%
9 PORTUGAL 45.9% 46.5% +0.6%
10 GERMANY 45% 45% 0%
PLANS REVEALED FOR US-STYLE PLEA
BARGAINS
The UK plans to introduce US-style cor-
porate plea bargains that could result
in fines totalling hundreds of millions
of pounds, according to the Solicitor
General. You have to have a cost-bene-
fit analysis. If I can produce a system
which has all the benefits [of the US]
and can do justice, as well as making
money for this country, it seems to me
that theres something to be thought
about, Edward Garnier QC said.
SEC PROBES BANKS OVER MORTGAGE
LOANS
The Securities and Exchange
Commission is investigating Royal
Bank of Scotland, Credit Suisse and
other financial institutions for their
handling of problem mortgage loans,
according to public disclosures and
people familiar with the matter. The
SEC is examining whether banks mis-
led shareholders about the number of
loans they might be forced to buy back
because of early defaults.
PFIZER FACES OFF-PATENT SMOKING
DRUG THREAT
Pfizer is facing a threat to its top-sell-
ing smoking cessation drug Champix
from the Bulgarian company that has
long marketed the low-cost off-patent
drug from which it was derived. A clin-
ical study financed by British charities
concludes that Tabex, sold by Sofia-
based Sopharma is as effective and
much cheaper than alternative prod-
ucts used by smokers seeking to quit.
AUDIT STAFF PLAN BID WITH MAZARS
FOR WORK
District audit staff have teamed up
with Mazars, an international
accountancy firm, as they plan to
form a mutual to bid for local govern-
ment and NHS work as the Audit
Commission is abolished. Mazars, will
provide the initial funding for the
mutual, to be called DA Partnership.
REEBOK FINED OVER ADVERT
Trainers that promised a quick way to
a toned bottom have been shown to
carry flabby evidence that they work,
leading to a multimillion-dollar
penalty for Reebok. The footwear
manufacturer has been fined $25m
(16m) by US regulators over the
advertising of its EasyTone shoes and
flipflops, which claim to improve the
appearance of legs and bottoms.
MOULTON BIDS FOR CLARITY
Jon Moulton has launched a bid for
the retail software company Clarity
Commerce less than three months
after snapping up one of its rivals.
The move cements the interest of the
venture capitalist who runs Better
Capital in the retail software sector. A
regular TV and radio pundit, Mr
Moulton used to run Alchemy
Partners until he quit two years ago
after a spat over strategy.
APD CUT ON FLIGHTS FROM NORTHERN
IRELAND
Air passenger duty on all long-haul
flights from Northern Ireland will be
reduced from 60 to 12 for passengers
travelling in economy class, and from
120 to 24 in business class from 1
November. APD on short-haul and
domestic flights from Northern
Ireland, and duty paid by travellers
across the rest of the UK, will be unaf-
fected.
NHS CHIEF CONFIRMS PFI BAILOUTS
The chief executive of the National
Health Service has admitted that tax-
payers will have to bail out hospitals
struggling with debts from Private
Finance Initiative schemes. Sir David
Nicholson said some of the trusts
struggling to balance their books, and
so reach semi-independent Foundation
Trust status, may have to be sub-
sidised.
CRDIT AGRICOLE BOLSTERS SAFETY
NET
Crdit Agricole SA yesterday became
the latest French bank to announce
plans to reduce its financing needs
and strengthen its balance sheet, a
move aimed at showing it can adapt
to harsher market conditions. Crdit
Agricole said will lower the amount
of financing it needs from wholesale
money markets, drop some business-
es and focus capital on its key retail
banking business.
H-P HIRES GOLDMAN TO GUARD
AGAINST ACTIVISTS
Hewlett-Packard has hired Goldman
Sachs to help the firm defend itself
against possible activist investors who
could push for change at H-P, people
familiar with the matter said. H-P has
felt vulnerable to possible activist
investor pressure amid questions
about the companys performance.
WHAT THE OTHER PAPERS SAY THIS MORNING
JOHN Vickers has privately reassured
Britains biggest banks that they will
not need to issue billions in complex
new debt instruments to comply with
his recommendations.
City A.M. understands that several
anxious lenders sought informal clari-
fication from Vickers Independent
Commission on Banking (ICB) recently
and were told definitively that they
will not have to invent and sell new
bail-in bonds, as parts of the ICB
report had appeared to suggest.
Instead, a technical change in the
law, which would force existing bond-
holders to be bailed in should the
bank fail, suffices to fulfil Vickers new
capital requirements.
Debt costs for banks spiked follow-
ing the publication of the ICBs final
report, which recommended that
major UK banks should have to issue
bail-in bonds equal in value to 7-10 per
cent of their risk-weighted assets.
Bail-in bonds are an untested asset
class, whose cost analysts have been
trying to calculate. UBSs John-Paul
Crutchley suggested that the recom-
mendation would cause banks to
shrink or relocate.
And yesterday, ICB critic and former
City minister Lord Paul Myners told an
audience hosted by the Association of
Corporate Treasurers: The bail-in debt
market is almost non-existent and yet
Vickers is assuming that very substan-
tial amounts can be raised.
Having obtained clarification from
Vickers, banks are now in discussions
with the UK Treasury over the details.
Despite the reassurance on bail-in
bonds, however, some lenders with
low asset-to-deposit ratios are worried
that Vickers capital rules could inad-
vertently force them to increase their
reliance on wholesale funding.
HSBC and Standard Chartered are
less reliant on wholesale cash than
rivals and instead meet the vast major-
ity of their funding needs out of cus-
tomer deposits, which are viewed by
regulators as a safer source of liquidity.
Yet under Vickers proposals, they
could potentially be forced to issue
more expensive debt to meet his loss-
absorbing requirements. Because the
debt would be calculated as a propor-
tion of their huge global balance
sheets, it could prove extremely costly.
It is understood that discussions are
now underway between the Treasury
and banks to remove the perverse
incentive in the proposals.
Banks in sigh
of relief over
Vickers rules
KAZAKH miner ENRC yesterday
announced an overhaul of its board
following a three-month governance
review triggered by a boardroom row,
which resulted in the exit of two well-
known directors.
The FTSE 100 miner, which has
been subject to long-running tensions
between the groups founder share-
holders and some board members,
confirmed that Johannes Sittard will
remain as chairman, despite calls for
him to stand down.
Ken Olisa, who was voted off the
board in June alongside City grandee
Sir Richard Sykes, told City A.Mhe was
astonished by the decision to retain
Dr Sittard as chairman.
He added that the changes ignored
an independent report by corporate
governance experts ICSA in June,
which recommended that Dr Sittard
stand aside.
ENRC has also appointed Terence
Wilkinson, a former director of min-
ing group Lonmin, as non-executive,
while Mehmet Dalman, an existing
non-executive director, has been pro-
moted to the role of senior independ-
ent director.
Felix Vulis will remain as chief exec-
utive and has withdrawn his request
to step down from the board.
Miner ENRC unveils a board
revamp but keeps chairman
SPAIN has suspended the planned
float of its state lottery due to the par-
lous state of the stock markets.
It had hoped to raise up to 9.5bn
(8.3bn) and help convince markets
its public finances are in order.
What would have been Spains
biggest-ever initial public offering
had met with fierce resistance from
the Peoples Party, which opinion
polls give a commanding lead ahead
of parliamentary elections in
November.
Spain set up a company called
SEVALAE in December 2010 with a
view to privatising a 30 per cent stake
in Loterias y Apuestas del Estado.
At this time, the situation in the
capital markets is different to what it
was then, and SEVALAE, with due
assessment, considers conditions do
not exist to guarantee proceeds
reflecting the value of Loterias, a
ministry statement said.
Spains securities regulator had
been expected to publish a
prospectus for the IPO this week after
the Spanish Cabinet approved the
sale on Friday and kicked off the sale
on 19 September.
Spains economic ministry said the
banks advising it on the deal were
warning the deal could fetch less
than Loterias 20.8bn book value.
Spanish government postpones
privatisation of national lottery
CAPITAL MARKETS
John Vickers has told banks they will not need to issue new debt Picture: REUTERS
BY KASMIRA JEFFORD
MINING
News
BY JULIET SAMUEL
EXCLUSIVE
THE ECONOMIC threat from the

Eurozone crisis yesterday prompted
the Bank of Englands new regulatory
body to urge banks to boost lending.
While praising the banks recent
record in building up buffers of capi-
tal, the Financial Policy Committee
(FPC) said that bonuses and dividends
should be cut in order to release suffi-
cient credit to businesses.
Despite dividends remaining low,
some banks have defended their need
to provide incentives to attract invest-
ment, and argued that competitive
remuneration is needed to keep talent.
The FPC -- which is currently merely
an adviser to the Financial Services
Authority (FSA) -- discussed the possi-
bility of short-term policies to reduce
the risk of a significant disruption to
financial stability, and so to the supply
of credit to UK households and firms.
If the supply of credit froze, the FPC
warned, the effects could feed back
through the economy to increase pres-
sure on the financial system.
Noting severe strains in financial
markets, the FPC warned of continu-
ing concerns about the sustainability
of external and internal debt positions
of some countries, especially in the
euro area.
The FPC called on banks to continu-
ing bolstering liquidity buffers, yet
also said: In the event that severe
risks crystallised, it would be natural
for banks capital and liquidity ratios
to be run down to ensure that lending
to the non-financial economy was not
impaired. On top of limiting divi-
dends and bonuses, financial institu-
tions should look at raising long-term
funding, the FPC said.
FPC: Eurozone
crisis could
freeze credit
houseoffraser.co.uk
BY JULIAN HARRIS
REGULATION
News
BEHIND THE LINES | WE ANALYSE THE FPC STATEMENT
The new committee as yet does not
have any regulatory powers, but is
advising the Financial Services
Authority (FSA). With time it will
acquire powers of its own with which to
regulate financial companies practices.
The FPC is suggesting that it build up
these powers incrementally.
The committees...understanding...would
improve with experience. As such it was minded
to recommend a relatively narrow initial set [of
powers], which could then evolve. Furthermore, inno-
vation and change within the financial system
would give rise in due course to new risks...

The Financial Policy Committee is
happy with banks building up their
liquidity levels to protect them-
selves from future shocks but also
wants them to boost lending, in order to
stimulate the economy. How can they do
both? Simple, the FPC says: cut back on
bonuses and shareholder dividends.
Banks should take any opportunity they had

to strengthen their levels of capital...
without constraining lending... This could include
raising long-term funding whenever possible and
ensuring that discretionary distributions
reflected any reduction in profits.

Mervyn King is leading the Banks new regulatory body
NEWS | IN BRIEF
London defies house price slump
House prices in London rose by 0.5 per
cent in August, the Land Registry said
yesterday despite prices dipping by 0.3
per cent across the rest of the UK. The
average house in the capital now costs
348,686, more than double the national
average.
Inflation expectations still sticky
Stubbornly high inflation is here to stay,
according to a survey released by
YouGov yesterday. Inflation expectations
for the year ahead stuck at 3.5 per cent
in September, while respondents expect
price pressures to be slightly higher (3.8
per cent) over the next five to 10 years.
Wages could edge up next year
Over a third of human resources profes-
sionals expect to boost pay awards in
2012, a poll by Incomes Data Services
revealed this morning. Over half intend
to make the same level of pay award in
2012 as they made in 2011, the report
said, with only 13 per cent expecting to
reduce pay settlements.
US firms ramp up investments
US businesses stepped up investment
spending in August, in a rare positive sign
for the countrys economy. Non-defence
capital goods orders excluding aircraft, a
proxy for business spending, increased 1.1
per cent after falling 0.2 per cent in July.
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Capital thinking #5
Buy the rumour.
Sell the fact.
Or should you? Fear and rumours
often drive the markets. Facts
only conrm them.
NEW8 FROM THE
CTY OF LONDON
Get City news, info and offers at
www.cityoflondon.gov.uk/eshot
8tories supplied by the City of London
ADVERT8EMENT
City elects new Lord
Mayor
The City of London elects its
684th Lord Mayor at the
Guildhall on 3 October to
succeed Alderman Michael
Bear. The new Lord Mayor
takes office on 11 November
and will live and work at
Mansion House.
A mobile library is providing
books, DVDs and music
recordings to City workers and
residents. The library makes
one-day stops at Devonshire
Square, Little Somerset Street,
Stoney Lane and America
Square on weekdays.
www.cityofIondon.gov.uk
ctor and writer Stephen
Fry receives the Freedom
of the City of London at the
Guildhall this evening. A
number of celebrity guests are
expected to attend the tribute
event afterwards, which is
organised by the British Red
Cross.
The City of London Corporation's free city advice service,
provided by Toynbee Hall, offers advice on welfare, debt and
legal problems to City residents and workers. Call 020 7392 2919
or visit the City Business Library at the Guildhall, EC2 on
Mondays from 12pm to 2pm.
8tephen Fry
receives City
Freedom
Upwardly mobile
library for the City
Need free advice?
A
News
EUROPE needs to embrace fiscal
union to save the euro, according to
European Commission (EC) presi-
dent Jos Manual Barroso.
Addressing the European
Parliament yesterday, Barroso
declared: We need to complete our
monetary union with an economic
union. We need to achieve the tasks
of Maastricht. It was an illusion to
think that we could have a common
currency and a single market with
national approaches to economic
and budgetary policy.
He added that the EC is working
on a scheme to deepen economic
coordination and integration, in
which he wants the European
Central Bank (ECB) to take a central
role. And he said that joint
issuance of euro-bonds to integrate
governments treasuries entirely
will be seen as a natural and advan-
tageous step for all.
However, European leaders are
embroiled in a row over the terms
of Greeces second 109bn bailout
before it has yet been fully ratified.
Economists are pushing for lead-
ers to boost the loss suffered by pri-
vate holders of Greek debt from a 50
per cent haircut, or write-down, on
their bonds to 90 per cent far
beyond the terms of the deal struck
in July.
German Chancellor Angela
Merkel had suggested yesterday that
the terms of the agreement could
be changed, but the German parlia-
ment will vote on the original deal
this morning.
An EC spokesperson chastised
ministers for suggesting changes. If
we try to be predictable in our deci-
sions and project confidence, its
not helpful... to hear it could
change, he said.
Meanwhile, the troika the ECB,
EC and IMF arrived back in Athens
yesterday to resume their surveil-
lance of the countrys implementa-
tion of budget cuts it must make to
get hold of its next 8bn in aid.
And Slovakia, which is the euro
member state most likely to vote
down Greeces second bailout,
could try to bring its vote forwards
after three parties in its governing
coalition called for parliament to
vote before mid-October.
Barroso calls on EU
to finish integrating
BY JULIET SAMUEL
EUROZONE
THE EURO is dead and cannot be

saved, while Greece will inevitably
default, Attila Szalay-Berzeviczy,
head of global securities services
at UniCredit Group wrote in an
article on a Hungarian website yes-
terday.
And Unicredit chief executive
Federico Ghizzoni was reported to
have said that US banks are with-
drawing from the region entirely.
Having today US banks tell you
were out of Europe, we have
divested, were waiting to see
what happens is -- I believe -- a
unicum for the past 50 years, he
said.
His downbeat view chimed with
that of his exec, Szalay-Berzeviczy,
who signed his article as former
head of the Budapest Stock
Exchange. The common currency
of Europe is practically dead, he
wrote.
A UniCredit spokesperson said:
The comments expressed by Mr
Szalay-Berzeviczy are his own per-
sonal view and do not reflect the
position of the company.
FORUM: P23
BANS on short-selling stocks in
France Italy and Spain have again
been extended.
The Italian and French bans
will remain until 11 November,
while the Spanish curbs would
remain until market conditions
changed, the European Securities
and Markets Authority (ESMA)
said in a statement.
The three countries introduced
the bans on 12 August in a bid to
curb wild swings in stock mar-
kets.
Unicredit execs declare
that the euro is finished
Short selling
ban extended
until November
EUROZONE
EUROZONE
THE FINNISH parliament yesterday

backed extending the powers of the
Eurozone bailout fund as members of
the ruling coalition sought to keep
the country on a pro-Europe course.
Lawmakers comfortably supported
the new powers for the European
Financial Stability Facility (EFSF), with
103 in favour, 66 against and 30
absent from yesterdays vote.
The Finnish government is under
pressure from voters fed up with bail-
ing out other European nations, par-
ticularly after the eurosceptic True
Finns made strong gains in April elec-
tions to become the leading opposi-
tion party.
All parliamentarians from the six
coalition parties agreed to the 21 July
proposal by Eurozone leaders to allow
the EFSF to give precautionary loans
to countries and buy sovereign bonds
when needed.
Finland gives
its backing to
EFSF extension
EUROZONE
Countries that ratified the bailout before this week

ANALYSIS | Five countries have yet to ratify Greeces second bailout
ESTONIA & SLOVENIA: ratified it on Tuesday
FINLAND: ratified it yesterday
GERMANY: votes today
AUSTRIA: votes on Friday
NETHERLANDS & CYPRUS : vote next week
(Cyprus not shown on map)
SLOVAKIA: votes in late October
GERMANY
Will pass the bailout today but the
governing coalition could see a signifi-
cant rebellion, in a blow for Merkel.
AUSTRIA
The bill is very likely to pass despite
the government failing to fast-track it.
NETHERLANDS
Even if some MPs rebel, the euro-phile
opposition will ensure passage.
SLOVAKIA
Could defeat the bill if junior coalition
partners are not persuaded.
LLOYDS has received just one formal
bid on the 632 branches it is selling.
NBNK Investments, the buy-out
vehicle set up by Lord Levene, bid sub-
stantially below the 2bn that Lloyds
is hoping to get.
As part of the conditions of the bid,
City A.M. understands that NBNK
would agree to buy only a portion of
the assets on sale, largely mortgages,
narrowing a 30bn funding gap in the
original package to around 10bn. It
would purchase the entire 36bn
deposit base.
Lloyds has decided to extend its soft
deadline for bids as the other poten-
tial buyers, Hugh Osmonds Sun
Capital and Co-operative Financial
Services, have requested more time to
do due diligence on the assets.
At the core of their concerns is how
the worsening economic situation
will affect the funding gap in the
branches. Lloyds had argued that it
would narrow organically as con-
sumers paid back their mortgages,
but buyers are not convinced.
A source familiar with the deal said
that Sun Capital and Co-op are not
comfortable bidding yet with the
degree of uncertainty. As City A.M.
revealed early this month, Lloyds has
had trouble allaying bidders fears
over the funding issue, eroding the
price it is likely to get.
If Lloyds decides it cannot get
enough for the branches, it could try
to float them, but with London boast-
ing a dismal record for floats recently,
that could prove risky.
The deal must complete in 2013
under an arrangement reached with
the European Commission.
Lloyds gets
just one bid
on branches
BY JULIET SAMUEL
BANKING
News
* These views are those of the individuals above and not necessarily those of their company.
ANALYSIS l Lloyds Banking Group PLC
p
22Sept 23Sept 26Sept 27Sept 28Sept
37
36
35
34
33
32
36.16
28 Sept
Bob Diamonds bank Barclays said it is working on customer service Pic: REUTERS
BRITISH customers made more com-
plaints about Barclays than any other
banking brand in the first half of the
year, according to data released by the
Financial Services Authority (FSA) yes-
terday.
Barclays was the subject of 251,563
complaints, with 53 per cent of closed
cases upheld in customers favour, the
regulators figures showed.
Next on the list was Lloyds TSB a
division of the part-nationalised Lloyds
Banking Group -- which received
181,907 complaints between January
and June. Santander UK was third,
with 168,888 complaints.
Banks remain in the firing line of
the general public and politicians
around the world, with memories still
fresh over the billions of pounds of tax-
payer money that was spent to prop up
the system during the credit crisis.
Barclays said it was working hard to
improve its service and pointed out
that the number of complaints about
it during the first-half of this year was
down 14 per cent from last year.
It said: Delivering excellent service
to our customers is our goal every sin-
gle day, in every single way a customer
interacts with us... When we do get it
wrong, we apologise, try to correct it
quickly and identify how to prevent it
from reoccurring.
Barclays is top
of the league
for complaints
BANKING
CITY VIEWS: DO WE NEED ANOTHER RETAIL BANK?

Interviews by Claire Farrell
It's definitely a good idea to open up to another bank. All we
have at the moment is the big four, and theyre doing an
awful job. The regulations on them are too lax, so they
can pull in huge profits.
JASON PHILLIPS | REED PROFESSIONAL
I think another bank would be a good idea, as the current
ones could offer more and just aren't doing a very good job. On a
personal level, I'd welcome a new high street branch just for
better use of technology and online services.
ANDREW CUSKELLY | EMC
To have another high street bank wouldn't hurt. But I think the
first thing that needs to happen is we need a clearer picture of
how separate the retail arms are from investment
arms of the existing banks.
TRISTAN DUPPEN | BLOOMBERG
INVESTORS are pulling money from
Man Group at the fastest rate since
early 2009, the worlds largest listed
hedge fund said yesterday.
Man shocked the City when it said
clients withdrew a net $2.6bn
(1.67bn) between the start of July
and the end of September.
Analysts at Singer Capital Markets
had expected net outflows of just
$200m and the Man board is now
discussing whether the market
announcement could have been bet-
ter handled.
Man saw total assets under man-
agement fall to $65bn, down 8.45 per
cent from $71bn at the end of June.
The results led Man shares to plunge
24.9 per cent to 180p last night.
Asked if the Eurozone crisis is
nearly as bad as the crash of 2008-09,
chief executive Peter Clarke told City
A.M.: Yes. The problems are, clearly.
They need to be resolved.
Clarke said Man was able to con-
tinue to buy and sell financial
instruments comfortably but
warned that investor appetite will be
generally suppressed for the rest of
the year.
The update raised questions about
Mans $1.6bn 2010 purchase of small-
er rival GLG, which it bought to
diversify away from its main com-
puter-driven fund AHL and enhance
earnings power.
Man was hit by poor performance
and redemptions from hedge funds
run by its GLG unit. In particular, its
Alpha Select hedge fund fell 13.7 per
cent in the five months to August,
while its European Opportunity
fund was down 12.4 per cent and its
Emerging Markets fund was 14.7 per
cent lower.
Man shares
plunge after
$2.6bn pulled
UK funds house Liontrust Asset
Management said its assets fell more
than six per cent in its first-half,
despite pulling in new client money
in August, after slumping stock mar-
kets hit its core range of equity funds.
Liontrust, which is trying to
rebuild its business after the exit of
two star managers -- and the bulk of
its assets -- in 2009, said clients added
45m of new money in the quarter to
27 September, the fifth consecutive
quarter of net inflows. The inflows
were not enough to offset weakening
stock markets, hit by Eurozone debt
worries and fears of another reces-
sion, however, and assets fell 6.13 per
cent to 1.2bn in the half-year to the
end of September, the firm said in a
statement yesterday.
The asset management industry is
enduring a challenging time, with no
sign of an end to the market and eco-
nomic turbulence, said chief execu-
tive John Ions. Shares closed down 6.2
per cent last night at 68p.
Losses soar at Ambrian
Capital after write-down
LOSSES at precious metals specialist
Ambrian Capital more than doubled
after it made a 2.15m goodwill write-
down on its broking business.
The impairment charge on
Ambrian Partners, a corporate
finance and research subsidiary,
pushed the group to a 1.18m pre-tax
loss for the half-year to 30 June, up
156 per cent on the same period last
year.
Ambrian Capital, a natural
resources investment bank which last
year launched a private equity busi-
ness, yesterday said the volatility in
global equity markets was behind the
write-down on the broker.
The groups metals business was
hit by the Japanese earthquake in
March, which caused the closure of a
number of smelters, and the sub-
dued Chinese demand for refined
copper.
Robert Ashley, group chief execu-
tive, said: In relative terms Ambrian
has had a reasonable trading per-
formance during the period, but eco-
nomic and political headwinds are
making for a more difficult second
half.
Liontrust tamed by
slumping equities
BY PETER EDWARDS
HEDGE FUNDS
THE turnaround at MAM Funds is

continuing as it reported a rise of
nearly a tenth in assets under man-
agement. The AIM-listed firm said
funds rose nine per cent to 1.68bn
for the half-year to 30 June, as it
steered clear of the index hugging
mentality. Revenue rose seven per
cent on last year to 10.7m. The firm
suffered during the financial crisis
but said in April it had freed itself
from restrictive banking covenants.
Turnaround
gathers pace
at MAM Funds
FUND MANAGEMENT
FUND MANAGEMENT
COMMODITIES
News
Hedgie fee model is not fit for such volatile times
THE reaction to yesterdays Man
Group statement was a tad over-
done. Prior to the announcement,
its market cap was 5.7bn, roughly
eight per cent of its 71bn of assets
under management (last stated at
the end of June).
Following the revelation that
assets under management had fall-
en to 65bn, its market cap plunged
to 4.5bn, roughly seven per cent of
AUM. Assets fell by 8.5 per cent but
the stock lost nearly 25 per cent.
Why did investors overreact?
Firstly, the numbers raised con-
cerns over Mans $1.6bn acquisition
of GLG last year. The funds it picked
up as part of that deal performed
poorly: GLG alternatives was down
by $1.1bn in the second quarter,
while the long-only fund lost $1.9bn.
Conversely, AHL, Mans flagship
fund, added $1.5bn during the three
month period. The GLG funds are
managed by humans while AHL is a
quant fund, which uses complex
algorithms to beat markets. In the
battle of man vs machine, the com-
puters have come out on top.
Worse still, some investors are
beginning to question the viability
of the hedge fund fee model in these
extremely volatile times.
If a client had put $1m into the
GLG Long-Short fund in June, they
would have made $5,000 by the end
of August. But they would have had
to pay a two per cent management
fee on the entire $1m as well as a 20
per cent performance fee on the
profits: the total cost would be
$21,000 wiping out the small gain.
Although they would have lost
more in an S&P tracker, there were
other asset classes such as gold
and Treasuries that would have
been a better bet. No wonder clients
pulled a net $2.6bn out of Mans
funds during the second quarter.
david.crow@cityam.com
BOTTOMLINE
Analysis by David Crow
ANALYSIS l Man Group
p
22Sep 23Sep 26Sep 27Sep 28Sep
250
230
210
190
180.00
28 Sept
Man chief Peter
Clarke concerned
over debt crisis
Picture: REUTERS
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BP faced an arbitration hearing yes-
terday with its billionaire partners
in the Russian joint venture TNK-BP,
who are claiming damages against
the oil giant for breaching a share-
holder pact.
BP, which has refuted the claims,
prompted the spat with the consor-
tium known as Alfa Access Renova
(AAR) by agreeing a share swap and
Arctic exploration deal with
Russian-state-controlled Rosneft ear-
lier this year.
AAR, which owns half of oil com-
pany TNK-BP, secured a court
injunction that blocked the deal,
which finally collapsed in May
when the four oligarchs led by
Mikhail Fridman refused a $32bn
(20.40bn) buyout offer for their
TNK-BP stake from BP and Rosneft.
Now AAR is asking a Stockholm-
based tribunal to rule on whether
the BP-Rosneft alliance breached an
exclusivity clause in the sharehold-
er pact, which grants TNK-BP first
right of refusal to any new energy
deals in Russia.
Meanwhile, minority sharehold-
ers in TNK-BP, with whom AAR
denies any relationship, have filed a
separate lawsuit in a Russian court
seeking 154.3bn roubles (3.1 bn) of
damages over the oil groups failed
attempt to partner with Rosneft.
BP, which is calling for the case to
be dismissed, called the claims were
absurd and completely baseless.
Both AAR and BP declined to
comment on the arbitration hear-
ing, whose proceedings are confi-
dential.
In a separate development, BP has
put on ice talks on a deal to sponsor
a high-tech hub championed by
Russian President Dmitry Medvedev
and chaired by Viktor Vekselberg, a
TNK-BP shareholder, according to
the Russian daily business paper
Kommersant.
The deal was due to have taken
place during Prime Minister David
Camerons visit to Moscow earlier
this month but BP pulled out at the
last minute, the newspaper said.
A spokesperson for BP said the
firm had not walked away from
the project but its future depended
on the agreement of certain details
with the parties involved.
BP and oligarchs in
arbitration hearing
BY KASMIRA JEFFORD
ENERGY
BRITISH oil explorer Cairn Energy said

it drilled a dry hole off the coast of
Greenland, its sixth unsuccessful well
in the country, denting hopes that a
new multibillion barrel basin is wait-
ing to be found in the Arctic region.
Cairn, which is close to concluding a
deal to sell part of its stake in its Indian
business so it can focus on Greenland,
said yesterday the Delta-1 exploration
well failed to find oil or gas.
Delta-1 is the third dry hole Cairn
has drilled this year, following its three
unsuccessful attempts to find oil off
the coast of Greenland in 2010, illus-
trating the difficulties in finding oil in
the vast, little explored region.
The company has two more rolls of
the dice in Greenland this year before
the summer drilling season ends. It
has already started drilling well AT2-1
and will re-enter AT7-1, both on the
Atammik block.
Shares drop as
Cairn turns up
its sixth dry
Greenland well
ENERGY
News
Tullow Oil provided an update on its Ghanaian well yesterday Picture: Reuters
Viktor Vekselberg, chairman of Renova Picture: Reuters Mikhail Fridman, chairman of Alfa group Picture: Reuters
BRITISH oil firm Tullow Oil said a well
drilled off the coast of Ghana con-
firmed an extension to its Enyenra oil
field, bringing it closer to commercial-
isation of another oil field in the West
African country.
Tullow said yesterday that the
Enyenra-3A appraisal well found oil in
a column of 17m with data indicating
that the oil was part of the same field
as two wells drilled 6.5km and 14km
away.
This excellent result demonstrates
that we are close to declaring the
Enyenra and Tweneboa development
commercial, said exploration director
Angus McCoss in a statement.
Tullow and its partners in Ghana,
including Kosmos, helped transform
the country into an oil producer last
December when they put the massive
Jubilee oil field onstream.
Earlier this week, Uganda said it
wanted Tullow Oil, Frances Total and
Chinese group CNOOC to drop a
clause shielding them from changes in
policy before it would approve a $10bn
oil project. Tullow has been waiting
since last year to finalise the agree-
ment and start the project.
Tullow Oil confirms
extension of Ghana
Enyenra oil field
BY HARRY BANKS
ENERGY
ANALYSIS l Tullow Oil

p
1,340
1,300
1,260
1,316
28 Sept
News
CREDIT Suisse has been tasked with
handling the sale of the private equity
unit of Axa, Europes second-largest
insurer.
Despite rumours over the weekend
that the PE arm could be worth up to
$1.5bn (961m), a price of 200m to
400m is more realistic.
Credit Suisse yesterday declined to
reveal which of its advisers will handle
the bidding process but they will be
able to draw on the PE expertise of
colleagues. The bank was one of three
advisers appointed by CVC to advise
on a possible $5bn initial public offer-
ing for Australian television network
Nine Entertainment.
Earlier this month Carlyle Group said
Credit Suisse would underwrite its
planned IPO, alongside JP Morgan
and Citigroup.
Axa was also advised by Credit Suisse
in 2010 when it sold its UK life and
pensions business to Resolution, Clive
Cowderys insurance buyout vehicle.
MEET THE ADVISERS
CREDIT
SUISSE
Dominique
Senequier, Axa
Private Equity
chief executive
Picture: GETTY
Join today, and get at least 100* for improving your health & ftness.
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7 out of 10 members got
healthier & ftter with
us. Fact.
*
AXA hopes to spark an auction after it
finally confirmed it is interested in
selling its private equity arm.
The French insurance group
believes Axa Private Equity will go for
between 200m and 400m.
Axa yesterday said it had begun a
strategic review of its PE unit, which
was set up by Dominique Senequier
in 1996 and had 20bn (17.41bn) of
assets under control at 30 June.
Possible bidders could include US
private equity giant KKR, which could
not be contacted last night. City A.M.
understands that Carlyle Group,
another transatlantic firm viewed as
a contender, is not considering mak-
ing an offer.
Axa said its PE business had proved
to be a remarkable success and any
deal would be structured to preserve
its investment expertise.
Analysts have said a sale of the unit
would likely be as a response to the
tougher capital requirements under
the Solvency II rules aimed at bolster-
ing the insurance industrys financial
strength.
Axa is set to
sell private
equity arm
MID-CAP broker Cenkos looked
unfazed by the tough climate for City
securities houses yesterday as it post-
ed an almost 200 per cent rise in pre-
tax profit in the first half of the year.
Shares in Cenkos jumped more
than eight per cent as it said profits
were up 194 per cent to 5.3m com-
pared to June 2010, after revenues
jumped 14 per cent to 28.5m.
But its two smaller divisions, insti-
tutional equities and fund manage-
ment, both posted revenue falls and
outgoing chief executive Simon
Melling said it was keen to spread rev-
enue more evenly across the group.
Cenkos said a raft of fundraisings
for high-profile clients such as
haulage group Stobart, for which it
raised 120m in May, had boosted it
despite problematic markets.
The broker warned that the fragile
and volatile equity markets seen this
year had been caused in part by the
continued uncertainty surrounding
the European sovereign debt crisis
and the weak state of the global eco-
nomic recovery.
Melling added that the outlook was
for the market volatility seen since
July to go on.
We have seen increased economic
turmoil since the period ended caus-
ing a slowdown in activity levels and I
anticipate that these will continue for
some time, he said.
Cenkos raised 619m in the first
half, 117m less than a year ago, but
added two clients to its list.
It also raised 166m for Anthony
Boltons Fidelity China Special
Situations in February, less than a
year after raising it 460m.
LSE starts exclusive talks
to take over LCH.Clearnet
THE LONDON Stock Exchange started
exclusive talks with LCH.Clearnet yes-
terday as it closed in on a takeover of
the sought-after clearing house.
The announcement confirmed
that the LSE is now in pole position to
buy LCH, Europes last independent
clearing house, for about 1bn
(870m).
While both sides remain locked in
talks, the likely acquisition would be
a coup for LSE chief executive Xavier
Rolet, handing him assets such as
SwapClear, which clears interest rate
swaps, and LCHs huge over-the-
counter derivatives trading arm.
The LSE said it was pleased to con-
firm that it has entered into exclusive
discussions with LCH.Clearnet
regarding a potential transaction.
Work is focused and on-going,
with a view to moving towards an
agreement, though at this stage there
can be no certainty that any transac-
tion will result, it said.
A takeover of LCH would boost the
LSEs small but growing Turquoise
Derivatives business launched this
year and would open new doors to
expand into the large and lucrative
OTC market. The LSE already owns an
Italian clearing house, CC&G, after it
bought Borsa Italia in 2007.
Cenkos sees profit leap as it
fundraises in spite of turmoil
BY PETER EDWARDS
PRIVATE EQUITY
CAPITAL MARKETS
ANALYSIS l Axa SA

10.00
9.00
8.00
10.00
28 Sept
BY ALISON LOCK
CAPITAL MARKETS
THE board of Charter International

came under fire from a high-profile
shareholder yesterday for allowing its
UK-based potential buyer Melrose to
walk away from the bid race.
Long-term investor Schroders said
Charters decision to sell to US rival
Colfax for 1.5bn was a short-termist
move that prioritised a cash payout
over long-term growth.
We were supportive of the Melrose
offer as we never wished to be cashed
out of the long-term potential of the
Charter businesses, Schroders said.
In our view it is disappointing that
the opportunity was not taken by the
Charter board and its advisors to
engage with Melrose and, instead, to
solicit alternative approaches.
BDO partner Alex White said
Melroses decision has really put the
spotlight on selling out for the highest
price, which is not always in share-
holders best interests.
But sources close to Charter said the
board stuck by its choice. The board
has said it secured very good value in
difficult market conditions and at
all times acted in the interests of the
whole shareholder base.
Charter board
hit with short
termism jibe
INDUSTRY
PRINCESS
LAUNCHES
OUR APPEAL
FOR AFRICA
CITY LEADERS met royalty at The Savoy
on Tuesday night, at a dinner to mark a
new partnership between City A.M. and an
African microfinance charity that aims to
improve the lives of thousands.
Guest of honour was HRH The Princess
Royal, a patron of the Opportunity
International (OI) charity, who told
guests including Vallares founder Nat
Rothschild, Man Groups chief executive
Peter Clarke and Bank of America Merrill
Lynchs European president Jonathan
Moulds about her experiences of work-
ing for the cause in Ghana.
The charity focuses on Malawi,
Tanzania, Ghana and Mozambique,
where up to eight per cent of the popula-
tion are denied financial services,
explained the charitys chairman John
Ford, the former chief investment officer
of T. Rowe Price International.
The appeal will publicly launch in the
next few weeks; in the meantime, Lloyds
Banking Group has already raised 1m as
a long-term supporter of the fund, said
the banks vice chairman of client cover-
age Truett Tate. Graham Simpson, OIs
director of philanthropy, added: Even a
small loan of 100 can give someone the
The Capitalists man in Manchester, mean-
ing staff have to programme their mobile
to divert to the communal bank of land-
lines on the desk they happen to be sitting
near at the time.
Of course, the BBC doesnt have much
luck with technology. Shortly after enter-
ing into a 2bn IT contract with Siemens
in 2005, staff found they couldnt make
international calls something of a prob-
lem for the World Service.
MIKES BIKES
THERE is a reason Lord Mayor Michael
Bears speechwriter is never ill he
cycles to work every day.
Cyclists take on average ten fewer sick
days a year, said Bear. As I need to give
around 900 speeches by the end of my
year in office, I am very relieved.
The Lord Mayor gave this particular
speech at the launch of the City Cycle
Style exhibition at the Royal Exchange,
joined by London mayor Boris Johnson,
whose Boris Bikes scheme was last
week adopted by New York mayor
Michael Bloomberg under the
rumoured name Mikes Bikes.
hand-up they need to transform their
business, and we want to support thou-
sands of small entrepreneurs.
COVER STORY
THEY SAY you should never judge a
book by its cover but are staff at The
Anthologist restaurant amusing them-
selves by matching the hardback books
they conceal diners bills inside to the
characters of their clientele?
Surely not but one recent City visi-
tor still took offence when he was hand-
ed Selected to Live, a book on how God
changes lives by Johanna-Ruth
Dobschiner (right). I thought it was a
compliment, the waitress told The
Capitalist. At least it didnt say you are
about to die.
NO-CALLS CENTRE
THE BBCs staff have put up an
impressive show of resistance against
moving up north to MediaCityUK in
Salford and now they have another
battle on their hands.
In an attempt to deliver maximum
value for licence fee payers at BBC North,
the corporation has axed individual land-
lines for 70 per cent of its staff, giving
them a laptop and mobile phone they can
use to hot-desk between departments.
Only one problem the mobile recep-
tion is virtually non-existent, complains
The Princess Royal shared her experiences with the charity in Uganda Picture: Laura Lean/CITY A.M.
The Capitalist
EDITED BY
HARRIET DENNYS
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @dennysharriet
Above: Axing landlines is
the cost-effective solution
to flexible working at
the BBCs new Salford HQ
Book now at KLM.com
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News
HARRY Potter publisher Bloomsbury
says it will bring out-of-print titles
back from the dead through a new
digital-only imprint.
The publisher will focus on books
whose English-language rights have
reverted back to the author or the
authors estate.
Digital sales currently account for
around 10 per cent of Bloomsburys
turnover, with the publisher expect-
ing this to grow to 50 per cent by 2015.
The announcement is another indi-
cation of the growing influence of
ebooks, which looks set to continue
their meteoric rise in light of the
release yesterday of Amazons new
tablet computer.
The venture called Bloomsbury
Reader has already signed up
authors including politicians Alan
Clark and Ted Heath, crime writer
HRF Keating and Monica Dickens,
great grand-daughter of Charles.
The new venture, however, will also
allow customers to order print-on-
demand titles for around 13 a sig-
nificant premium on the 7 charged
for ebooks. Bloomsburys digital offer-
ing will receive a kick start when
Harry Potter author JK Rowling
launches the Pottermore website,
through which she will sell her books
based on the boy-wizard.
Stephanie Duncan, digital media
director at Bloomsbury Publishing,
said: If people read a book by an
author, they suddenly want to read
more and thats where this can fit in.
Bloomsbury
to raise books
from the dead
MAGAZINE publisher Future is con-
sidering radical strategic options for
its US business which could include
a possible sale with torrid trading
there expected to drag full year rev-
enues down six per cent.
The specialist publisher, which
prints titles on activities including
video games and photography, expects
sales in its core UK market to drop two
per cent.
The business, run by chief executive
Stevie Spring, has been restructuring
its operations to rely less heavily on
print media in favour of its successful
web-based business.
Future, which has lost more than 60
per cent of its value in the last six
months, was trading flat yesterday.
Future considers sale of
its struggling US business
BY STEVE DINNEEN
PUBLISHING
BY STEVE DINNEEN
PUBLISHING
SOFTWARE firm Misys said demand

from the Middle East and Asia is more
than compensating for growing
uncertainty in financial markets.
The company, whose products are
used by banks and firms dealing in
capital markets, said revenue in its
first quarter grew four per cent,
helped by sales of its next-generation
platforms such as BankFusion.
Misys growth
fuelled by Asia
BY STEVE DINNEEN
TECHNOLOGY
ANALYSIS l Bloomsbury Publishing PLC

p
23Sept 26Sept 27Sept 28Sept
98
97
96
95
98.75
28 Sept
Bloomsbury is
bringing back
out-of-print titles
through a new
digital imprint
for ebooks
News
BRITISH technology firm Smiths
Group reported profits above
expectations yesterday, helped by
demand from the oil and gas
industry that helped offset weak
orders from government agencies
for equipment such as airport
scanners.
Smiths, whose products range
from bomb detectors to medical
devices and fuel hoses, said pre-
tax profit rose 12 per cent to
486m on sales three per cent
higher at 2.8bn for the year to 31
July. Analysts had forecast head-
line pre-tax profit of about
454.7m on sales of 2.8bn.
The results were boosted by 14
per cent sales growth at its John
Crane unit, which makes mechan-
ical seals for the oil and gas indus-
try and accounts for 31 per cent of
total sales.
But Smiths continued to be hit
by slow sales at its detection unit,
which makes airport scanners.
The company first flagged falling
sales at the division last November
due to a delay in large orders from
government agencies looking to
cut public spending.
The company said yesterday the
economic outlook remained
uncertain.
Continued pressures on gov-
ernment spending, which particu-
larly impacted Smiths Detection,
Medical and Interconnect are like-
ly to continue to constrain rev-
enue opportunities of some of our
businesses during fiscal 2012,
Smiths said.
Shares in Smiths closed up two
per cent at 969.5p yesterday, valu-
ing the business at about 3.8bn.
Wary outlook from
Smiths as sales rise
BY HARRY BANKS
ENGINEERING
THE infrastructure fund arm of proj-

ect management group John Laing is
planning to raise up to 155.8m
through a capital raising that could
push it into the FTSE 250.
John Laing Infrastructure Fund
(JLIF), which raised 270m in an initial
public offering last November, said yes-
terday that it would issue 148.4m new
shares at 105p per share.
It will use the proceeds to invest in
nine new infrastructure projects, as
well as to reduce its debt and finance
future acquisitions.
The proposed capital raise of
155m is another major milestone for
JLIF, said fund chairman Paul Lester.
The proceeds of the issue will pre-
dominantly be used for the acquisition
of a new portfolio of high quality
assets from John Laing Group which
fit well within the investment criteria
of the company.
The new assets will include school
projects in Edinburgh, Enfield and
Newham, and a stake in the North
East Fire and Rescue service.
The rights issue, expected to be com-
pleted in late October, is not under-
written and will only proceed if orders
for more than 60m new shares are
received.
John Laing plans
FTSE push with
155m rights issue
BY ELIZABETH FOURNIER
INFRASTRUCTURE
ANALYST VIEWS: WHAT IS THE OUTLOOK FOR SMITHS GROUP?

By Elizabeth Fournier
JONATHAN JACKSON |
KILLIK & CO
The outlook remains weak,
given the continued constraints on
government spending, and the group
will continue to focus on efficiency...
Management hopes to further
improve margins through R&D-driv-
en product innovation, acquisitions
and further expanding into
emerging markets.
SCOTT CAGEHIN | NUMIS

The message is a consistent
story of margin improvement, whilst
strong free cash generation
supports long term growth oppor-
tunities through increased R&D and
acquisitions. Smiths also remains a
break up story that should, eventu-
ally, unlock value to sharehold-
ers.
ANDREW WILSON | INVESTEC

Headlines are in line with our thinking and predictably cautious, the economic outlook
remains uncertain and continued pressures on government spending are likely to constrain
revenue opportunities...We retain our buy recommendation believing this is a strong set of assets which
is currently fundamentally undervalued, underpinned by the potential for short-term value realisation.
ANALYSIS l Smiths Group PLC

p
980
960
940
920
900
969.50
28 Sept
ANALYSIS l John Laing Infrastructure Fund Ltd
p
106.2
106.1
106.0
105.9
105.8
105.7
105.6
105.75
28 Sept
JP MORGAN Cazenove is acting as
sponsor and sole bookrunner to the
John Laing Infrastructure Fund
rights issue, fielding a team that
includes Patrick Magee, Christopher
Nicholls, William Simmonds and
Edward Gibson-Watt.
Earlier this year, Magee advised
green energy supplier Eaga on its
sale to support services giant
Carillion for 306m, and in 2010 he
helped UK car parts maker Tomkins
with its sale to buyout vehicle
Pinafore for close to 3bn.
Back in early 2009, he was also
part of the JP Morgan team that
advised British Energy Group on its
huge 12.5bn takeover by French
group EDF.
Magee also worked on John
Laing Infrastructure Funds 270m
float last year, when JP Morgan
Cazenove acted as global co-ordina-
tor for the listing, as well as joint
bookrunner alongside Barclays
Capital and RBS Hoare Govett.
MEET THE ADVISERS
PATRICK MAGEE
JP MORGAN
CAZENOVE
Paul Lester, the
chairman of JILF,
said the new
money will be
used for invest-
ments. Pic: Micha
Theiner / City A.M.
FTSE 250-listed engineering support
services firm Babcock yesterday said
that strong cash generation and good
trading conditions in the last quarter
will help it hit profit targets.
The firm said its good cash position
means it expects to pay down its
debts to leave a debt to underlying
earnings ratio of less than two times
by the end of the financial year.
Babcocks order book stands at
around 12bn and it has a bid
pipeline of 10bn, with the firm
enjoying a steady flow of contracts,
the company said in a pre-close
update.
It pointed out that it has won the
last three major contracts to be
offered at the Sellafield nuclear plant
in the past year.
Babcock added that the VT busi-
ness, which it acquired 18 months
ago, is now fully integrated into its
own operations.
The possible disposal of Babcocks
US defence operations is still being
considered, the group said.
Babcock sees
reduction in net
debt position
ENGINEERING
THE HIGH street is braced for a fresh

blow as quarterly rent demands are
due today and hard pressed retailers
must pay their landlords.
Thousands of firms will have to fork
out three months rent in one go, with
many already struggling to make ends
meet in the tough consumer climate.
The payments total 3.4bn across
the UK and come as consumer
demand remains weak.
Pressure has been mounting on
retailers, with the CBI revealing this
week that shop sales are slowing at
the fastest rate for two years, with a
balance of -15 per cent of retailers
reporting slower turnover in
September.
The last quarterly rent demand in
June triggered the biggest wave of
administrations since the height of
the recession, with Habitat, Mobens
owner Homeform, and Jane Norman
among those companies going bust.
Analysts expect the full impact of
the latest rent demands to hit over
Christmas if the traditional sales
surge does not meet expectations.
Meanwhile the number of retailers
using company voluntary arrange-
ments (CVA), a form of insolvency pro-
cedure to renegotiate their debts with
landlords, has jumped by almost a
quarter in a year, according to a survey
by City law firm Wedlake Bell.
The survey showed that 54 retail
businesses have undergone CVAs in
the 12 months to the end of June, up
from 44 in the previous year.
Wedlake Bell predicts that todays
quarterly rental deadline could
prompt a new wave of retail sector
CVAs as firms seek to cut their proper-
ty costs in an attempt to save their
business.
Edward Starling, head of business
recoveries at the company, said:
Retailers are faced with a toxic brew
of woes caused by the credit crunch,
sluggish summer trading and the next
quarters advance rental payment.
Troubled retailers, along with
some creditors, see a CVA as a good
way to slash the businesss historic
debts.
Shops braced
for rent D-Day
The UKs high streets have taken a battering Picture: REX
BY JOHN DUNNE
RETAIL
News
18
News
DOMINOS Pizza has hailed the suc-
cess of a new gourmet range and
online ordering growth for a rise in
sales. However, the firms shares fell
almost 10 per cent as its growth
missed targets.
The delivery firm has promoted its
new gourmet pizzas via sponsorship
of ITV game show Red or Black.
Dominos increased advertising
spending in the 13 weeks to 25
September as it also signed a deal with
Channel 5 to allow it to sell a Big
Brother-designed pizza.
But the marketing investment paid
off as like-for-like sales in the UK
increased 4.1 per cent in the quarter,
up from 3.4 per cent in the first half of
the year.
Dominos said like-for-like sales for
the group were ahead 2.9 per cent as
trading remained tough in Ireland,
where same-store sales dropped 4.4 per
cent. The company said e-commerce
now accounted for 46.6 per cent of UK
delivered sales in the 13-week period,
while total online sales grew 36 per
cent to 45m.
Chief executive Chris Moore, who
has been with Dominos for 21 years
and is due to step down in December,
said: We are pleased to have had a
good quarters trading and, although
the economy as a whole is still very
tough, we have got exciting plans in
place for the rest of the year.
Analysts at Peel Hunt downgraded
the firm to a hold in light of the
update, but said the firms brand still
has potential.
Dominos in
sales lift on
new ranges
SABMiller in Fosters boost
AUSTRALIAS competition watchdog
yesterday gave the green light to
SABMillers A$10bn (6.3bn) friendly
acquisition of brewer Fosters Group
as expected, saying the bid would not
lessen competition.
SABMiller and Fosters last week
agreed on a sweetened A$9.9bn
takeover deal.
The proposed acquisition is not
likely to result in a substantial lessen-
ing of competition for the supply of
beer, said Rod Sims, chairman of the
Australian Competition and
Consumer Commission (ACCC).
The ACCC backing comes after the
Fosters board agreed to accept
SABMillers raised offer of A$5.10 plus
a capital return and dividend last
week, after a three-month battle by
SABMiller to win over management
at the Australian brewer.
Key shareholders also backed the
improved deal, with only an outside
chance of a rival offer now posing a
threat.
Fosters chairman David Crawford
wrote to shareholders on Tuesday,
saying the significantly improved
offer from SABMiller is a compelling
proposal and represents the value
inherent in this iconic Australian
company.
The tone was in contrast to the
response to the initial approach
which was snubbed by the board,
who said the firm was being under-
valued.
SABMiller then approached share-
holders directly before the sweetened
deal was given the backing of the
Fosters board.
BY JOHN DUNNE
CONSUMER
BY HARRY BANKS
CONSUMER
PASSENGER numbers at Aer Lingus

rose in the summer months, with
yields also ahead of last year, the air-
line said yesterday.
The airline said passenger volumes
rose by 1.4 per cent in July and
August, and yields increased by 4.6
per cent. In September, yields and vol-
umes are also ahead of 2010 figures,
the airline said, and in the year to
date, passenger numbers had sta-
bilised. Ancillary revenue per passen-
ger, which includes bag charges, was
5.1 per cent higher than last year. In
the year to date, figures were in line
with 2010.
Last month, Aer Lingus said its
booking profile into the fourth quar-
ter of the year was strong, and it
expected sales growth in the second
half of a similar level in the first six
months of the year
Aer Lingus passenger
traffic rose over summer
AVIATION
ANALYSIS l Dominos Pizza UK And IRL PLC

p
500
480
460
440
458.10
28 Sept
LONDON hotels are set to have a
record 2012, according to the UK
Hotels Forecast from accountancy
firm Pricewaterhouse Coopers (PwC).
The report suggests that the
Olympics, the Farnborough
International Air show and the
Queens diamond jubilee will bring
people flooding into the capital city,
with occupancy set to hit record lev-
els in the third quarter of next year.
PwC is predicting an occupancy of
almost 92 per cent. Revenue per
available room (revpar) is set to soar
to 40.3 per cent, taking it to an aver-
age of 167.86.
The analysis by PwC shows that
hotels in the capital have enjoyed
another bumper summer this year
with occupancy reaching 92 per cent
in July only a marginal decline on
the record level seen in 2010, accord-
ing to data from STR Global.
Liz Hall, head of leisure and hospi-
tality at PwC said that new hotels in
the east of London were a welcome
addition.
London needed an injection of
stylish new products and this has
strengthened the capitals appeal,
putting parts of East London on the
hotel map for the first time.
In London the luxury hotel mar-
ket has been performing strongly.
PwC: London
hotels set for
record 2012
LEISURE
Home Retail chief snubs

calls for shop closures
HOME Retail Group bosss Terry
Duddy is rejecting City pressure to
cut back on stores as sales at its
Argos outlets struggle.
He said he will not be closing
stores following a market research
report into the companys perform-
ance, claiming the wider economy
was to blame rather than his strate-
gy for the company.
There were no eurekas. It was a
full and hard check.
It was a hard reflection of where
we were and it tells us that we
believe that actually our strategys
right.
And we know that that isnt nec-
essarily what everybody wants to
hear, because at this level of per-
formance people are expecting a sort
of transformation.
Sales at Argos fell nearly ten per
cent in the first quarter and by near-
ly nine per cent in the second.
Some analysts think he should cut
back the 754 stores, but Duddy
rejects this option since the compa-
ny is not losing market share.
RETAIL
Terry Duddy says the retailers strategy will not be changed

RUSSIAS biggest mining company
Norilsk Nickel yesterday revived its
$4.5bn share buyback plan, which
was shelved in February during a dis-
pute with 25 per cent shareholder
Rusal.
Norilsk, which mines and pro-
duces metals including nickel and
palladium, said it plans to acquire up
to 14.7m shares at $306 each for com-
mon shares and $30.66 for global
depository receipts (GDRs), represent-
ing a 7.71 per cent stake in the firm.
Norilsks US-listed GDR shares rose
more than six per cent to hit $22.27
yesterday afternoon while its Russian
shares rose 7.7 per cent to 7,000 rou-
bles.
Earlier this month, Rusal rejected
Norilsks offer to buy 15 per cent of
its own shares back from Rusal for
$8.75bn, and Norilsk will now look to
buy from minority investors.
Shareholders have until 28
October to sign up for the buyback.
The stock will be acquired by Norilsk
Nickel Investments, a wholly-owned
subsidiary based in the Virgin
Islands.
Norilsk said it will fund the mas-
sive buyback with a new $3.5bn loan
facility. Bank of New York Mellon,
Citigroup and Russian investor serv-
ices outfit Computershare are all
working with Norilsk on the scheme.
The firm said Citi could provide
some of the financing.
Analysts at Troika Dialog said yes-
terday that the buyback is currently
fully priced into Norilsk shares. They
estimate an allocation ratio of
around 13.1 per cent, assuming that
investors Trafigura, Interros and
Metalloinvest all participate.
Rusal dropped a legal case to block
the previous incarnation of the buy-
back scheme in June, but com-
plained in August that the plans
were in the interests of the manage-
ment itself and of the Interros group
and do not meet the interests of all
the shareholders of the company.
Norilsk did not yesterday rule out
the possibility of Rusal launching a
fresh attempt to block this round of
buybacks.
Norilsk Nickel
reinstates its
buyback plan
BY MARION DAKERS
MINING
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E C N E L L E C X
LONDON-listed gold miner Central
Rand Gold said yesterday it would
take an appeal against the cancella-
tion of its mining rights to the high
court in Pretoria.
Shares in the company recovered
slightly from sharp losses in
Tuesdays trading yesterday, after it
said it would apply for interdictory
relief, which would allow it to con-
tinue operations while any deci-
sion over the licence is pending.
The South African ministry of
mineral resources revoked Central
Rand Golds mining licence on
Tuesday, meaning it had to imme-
diately suspend its mining opera-
tions near Johannesburg.
The ministry said Central Rand
Gold had violated two conditions
of its permit, linked to the coun-
trys mining work programme and
social labour plan.
The company believes that it
has done all that it can to satisfy
the departments requirements
with the financial resources at its
disposal and considering the con-
siderable mining obstacles and
operational challenges it has faced,
several of which have been beyond
its control, said Central Rand Gold
yesterday.
AIM-listed shares in the company
jumped to 0.27p yesterday before
closing flat at 0.22p. The firms
South African shares also closed
flat.
Central Rand Gold to appeal against
the cancellation of its mining rights
MINING
St Modwen
says trading
is on course
UK REGENERATION specialist St
Modwen Properties said yesterday it
was making good progress in a
tough climate, as rental income,
trading profits and cashflow all
stayed in line with management
expectations.
We continue to make good
progress in the year to date. Even in
this challenging market, said Bill
Oliver, chief executive of St Modwen.
We have been able to drive
income throughout our portfolio
and I am particularly encouraged by
the continued resilience of our
retail assets.
The company said it had contin-
ued to perform well since first half
results on 5 July, and said its resi-
dential business was well posi-
tioned with 80 per cent of its
portfolio having either received
planning permission or allocations
within local plans.
Oliver also said the company had
made further valuation gains with-
in its development portfolio,
through active management initia-
tives and particularly by progressing
sites through the planning process.
In July, St Modwen posted a 40 per
cent rise in first-half profits for the
six months to 31 May, with profits of
374. on revenues of 61.4m
Its property valuations increased
by 25m, and it saw a two per cent
improvement in net rental income,
which climbed to 17.8m compared
to 17.4m a year earlier.
PROPERTY
FIRST BOEING DREAMLINER LANDS IN JAPAN

ALL Nippon Airways first Boeing 787 Dreamliner touched down in Tokyo early yesterday
with hundreds of aviation fans welcoming the carbon-composite plane that its US maker is
fielding, albeit three years late, to keep rival Airbus out of its best market. Japan remains a
fortress for Boeing, which it dominates with a 90 per cent market share. Picture: REX
NEWS | IN BRIEF
Xchanging buys out Aon
Troubled outsourcing group Xchanging
yesterday said it would pay 10.5m to
take full control of its broking support
services arm by buying out Aons 50
per cent stake. Xchanging, which refi-
nanced in August following a profit
warning in February, said its relation-
ship with Aon would continue through
a service contract, but that the deal
would help simplify its company struc-
ture. On Tuesday, the firm admitted it
would take a 7.3m hit for winding
down its US operations.
Cineworld drops Spain deal
Cineworld yesterday dropped its
takeover of Spanish picture house
group Cinesur, after six months of
talks failed to produce a satisfactory
deal. Cineworld said in a statement
that the seller had not been able to
satisfy certain pre-conditions to com-
pletion within the agreed timescale
and that a deal was no longer in the
interests of shareholders. The firm said
when it announced the takeover in
April that Cinesur had around 18m in
assets.
Goodmans maker gets offer
AIM-listed electronic goods firm
Harvard International confirmed yes-
terday that it has received a takeover
approach from Chinese technology
group Chengdu Geeya Technology Co,
sending its shares up 44 per cent to
32.5p. The Hertfordshire-based firm,
which supplies electronic goods and
accessories under the Goodmans
brand, urged its shareholders to take
no action at this time given that dis-
cussions are at an early stage and that
an offer might not emerge.
News
ANALYSIS l Central Rand Gold Ltd
p
0.50
0.40
0.30
0.20
0.22
28 Sept
ANALYSIS l MMC Norilsk Nickel
RUB
7,200
7,000
6,800
6,600
6,400
6,200
7,000.00
28 Sept
Suits from 95 Jackets from 50
Coats from 95 Trousers from 25
Knitwear 25 Shirts 20 Ties 15
New Lines Added Daily
Tues 27th September 2011 2pm-7pm
Wed 28th,Thurs 29th,Fri 30th 8am-7pm
Sat 1st October 9am-6pm
Mercer Street Studios
16 Mercer Street WC2H 9QE
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3ULYDWH6DOH
News
Pinsent Masons
The international law firm has
strengthened its banking and restruc-
turing team by appointing partner
Vanessa Heap. Heap joins from
Berwin Leighton Paisner, where she
was a partner in its banking and capi-
tal markets team.
Just-Eat
The worlds largest online takeaway
ordering service has hired Daniel Read,
previously chief product officer at
Ask.com in California, as its new chief
product officer.
Rathbones
James Codrington has joined Rathbone
Investment Managements London
charities team as an investment direc-
tor. Codrington joins from Baring Asset
Management, where he led the firms
charity operations.
Essar Energy
The India-focused energy firm has
appointed Volker Schultz as chief exec-
utive of its Essar Oil UK subsidiary,
which includes the Stanlow Refinery.
Schultz will join Essar Energy from BP,
where he is currently head of refining
and marketing strategy and portfolio.
Drivers Jonas Deloitte
Shaun Dawson has been appointed as
a research manager in the professional
services firms London-based research
team. Dawson previously worked as an
analytics manager for CoStar UK, pro-
ducing commercial property market
reports and forecasts.
Investec Asset Finance
Wesley Harfield has been appointed
as head of sales at Investec Asset
Finance. Harfield joins the firm from
Lombard Specialist Finance, where he
was managing director; prior to that,
he worked at Barclays Asset and
Sales Finance.
StormHarbour
Paulo Gray, former chief country offi-
cer and head of markets for Portugal
at Citigroup, has joined StormHarbour
as a principal and managing director.
He will be responsible for driving
StormHarbours client relationships in
the Portuguese and wider Iberian
region across fixed income sales and
trading, structuring and advisory, and
capital markets.
CITY MOVES | WHOS SWITCHING JOBS Edited by Harriet Dennys
+44 (0)20 7092 0053
morganmckinley.com
To appear in CITYMOVES please email your career
updates and pictures to citymoves@cityam.com SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT
in association with
BEST OF THE BROKERS
To appear in Best of the Brokers email your research to notes@cityam.com
ANALYSIS l BG
1,500
1,300
1,100
Jul Aug Sep
p
1,262.50
28 Sept
BG GROUP
Goldman Sachs rates the natural gas company as a buy with a target price
of 1,760p and adds it to its conviction list. The broker says that BGs share price
performance this year has been lacklustre but that the outlook across its busi-
ness has improved. Liquid natural gas pricing is up 77 per cent year-to-date,
and the resource base in Brazil has doubled in size. JP Morgan expects BGs
high-return, high-impact portfolio to underpin growth for the next decade.
ANALYSIS l Talktalk Telecom
145
135
125
Jul Aug Sep
p
126.80
28 Sept
TALKTALK
JP Morgan Cazenove rates the phone and broadband provider as under-
weight and reduces its target price to 126p from 138p, after it reported neg-
ative growth in broadband net adds for three consecutive quarters. The
broker says that customer mix is more important than net adds, so is con-
cerned that TalkTalks customer base is distilling towards the low end, losing
potentially higher average revenue per user customers.
ANALYSIS l Aberdeen Asset Management
230
210
190
170
Jul Aug Sep
p
176.00
28 Sept
ABERDEEN ASSET MANAGEMENT
Citi rates the asset manager as a buy with a target price of 220p, slightly
reduced from its previous target of 230p. The broker forecasts 35 per cent
growth in earning per share for full-year 2011, but only 2.5 per cent for 2012,
but says that despite a challenging market backdrop, the groups fund flows
and scope for cost management are reassuring. Aberdeen has indicated no
change to the c200m non-compensation costs guidance it issued at results.
Kleinwort Benson
Mouhammed Choukeir has been appointed as
chief investment officer at the private bank,
effective from October. Choukeir moves from
Morgan Stanley, where he was head of multi-
asset class investing in the wealth management
division. Prior to that, he was a fixed income and
foreign exchange portfolio manager with
Morgan Stanley, having originally joined the firm
in 2002 after spending his early career in the
fixed income division of Citigroups investment
bank in New York, London and Madrid.
B
RITAINS top shares ended
lower after a choppy session
yesterday, with investors nerv-
ous ahead of an audit of
Greece's finances to determine
whether it has done enough to
secure a new batch of aid.
Integrated oils helped limit the
FTSE 100s losses, with BG Group up
3.4 per cent, grabbing the top spot
on the leader board, boosted by a
Goldman Sachs upgrade to convic-
tion buy and bid speculation.
The UK benchmark closed down
1.4 per cent, at 5,217.63, after rally-
ing four per cent on Tuesday, its
biggest one-day gain in 16 months.
The index is down nearly 12 per
cent on the year.
A troika audit team from the
European Union, European Central
Bank and IMF will begin talks in
Athens on today on Greeces plan to
deepen budget cuts and raise new
taxes.
Hedge fund manager Man Group
was the biggest faller down almost
25 per cent in heavy volume after
reporting a surge in client outflows.
FTSE weakens on anxiety
ahead of new Greek audit
THELONDON
REPORT
4Jul 22Jul 11 Aug 21 Sep 1 Sep
6,200
5,400
5,000
5,800
ANALYSIS l FTSE
5,217.63
28 Sept
Wall St slides on weak commodities
C
OMMODITY related stocks
drove Wall Street lower yes-
terday as stiff declines in
energy and metals prices
underscored investor concerns
about global economic weakness
and Europes festering debt crisis.
The down draft, which comes
after three days of gains, put the
S&P 500 on course for its worst
quarter since the depths of the
financial crisis in fourth quarter
of 2008.
The S&P materials sector fell 3.7
per cent as copper futures skidded
nearly seven per cent and Brent
crude resumed its downward
trend, falling more than $2m
(1.3m) in afternoon trade. Energy
stocks fell two per cent while gold
prices fell 1.5 per cent.
In the wider market the Dow
Jones industrial average dropped
0.74 perc cent, to 11,107.32 and
Standard & Poors 500 Index
dropped 1.17 per cent to 1,161.67.
THENEW
YORK REPORT
22
The Forum
CITYA.M. 29 SEPTEMBER 2011
T
HE call from President Jose Manuel
Barroso and the European
Commission to set up a European
Financial Transaction Tax (FTT) is mis-
guided, not only because it is unlikely to
work, but because if it does, it would have a
chilling effect on growth and would damage
the UKs competitiveness.
It is clear that Europe needs a relentless
focus on growth but, by the Commissions
own official impact analysis, this tax could
dent long-run EU gross domestic product by
more than 100bn.
The arguments that are used to support
an FTT are not compelling. Although it is
right to have a domestic debate about
whether the financial services sector and
indeed other industries are taxed propor-
tionately, few tax experts believe that an FTT
is the right solution.
EASY TO BEAT
A transactions tax would be easily circum-
vented by firms simply moving their trades
out of the EU. This would, of course, hit the
UK hardest because London is by far the
largest financial market in the EU.
Transactions would be pushed out to com-
petitor jurisdictions, like New York,
Singapore and Hong Kong, damaging the
UKs long-term competitiveness as a leading
centre for financial services companies.
This is no idle threat when an FTT was
implemented in Sweden in the 1980s, share
prices fell quickly and substantially, and
half of all Swedish equity trading moved to
London. The volume of bond trades fell by
85 per cent and futures trades by 98 per
cent. As a result, the Swedish government
eliminated the tax, trading volumes
resumed, and Sweden is now one of the
most vociferous opponents of the tax.
The argument that the cost of the intro-
duction of an FTT would somehow rest with
banks is not convincing it would ultimate-
ly be borne by businesses and investors. The
onus is on the private sector to drive eco-
nomic recovery, but businesses that are try-
ing to grow and create jobs by raising
money from the markets would feel the
impact of an FTT because of the subsequent
increase in the cost of capital. This would
hold back their growth potential.
HEAVY COSTS
These costs would also fall heavily on
investors, including consumers saving for
their future, and those parts of the industry
which were less involved in the financial cri-
sis, for example insurance firms, which do
not pose a systemic risk.
As the potential costs for businesses and
the economy would be so high, particularly
in the UK, the European Commission needs
to explain what it hopes to achieve through
the tax, particularly at a time when all
efforts should be focused on growth.
The Commission cannot argue that the
financial services sector does not make a
fair tax contribution. The UKs financial
services industry accounts for around 10 per
cent of total economic output, 11 per cent of
the UKs total income tax, and 15 per cent of
corporation tax. Additional tax is also col-
lected from more than 1m people who work
in the industry through employer national
insurance.
RISK REMAINS
Nor would the tax correct risky behaviour
and financial instability in the sector.
Robust regulation and supervision is a
much more effective means of achieving
this and, in any case, there is little evidence
that points to a link between transaction
volumes and financial instability.
Maybe then, this is just a revenue raising
exercise, aiming to tap the London markets.
In which case they are likely to be disap-
pointed, as history suggests that transac-
tions would move elsewhere.
The proposals for a Financial Transaction
Tax do not stand up. At a time when we
should be focused on promoting growth,
the introduction of such a tax would dam-
age businesses and stifle economic recovery.
Neil Bentley is deputy director-general of the CBI.
When an FTT was set up in
Sweden, half of their equity
trading moved to London
The European Commissions
plans for a Tobin Tax would
threaten the UKs recovery
cityam.com/forum
NEIL BENTLEY
RICHARD REID
HEAD OF RESEARCH,
INTERNATIONAL CENTRE FOR
FINANCIAL REGULATION (ICFR)
A
T THE end of June, no less an authori-
ty than the president of the ECB Jean-
Claude Trichet expressed his concerns
over any European financial transac-
tions tax, saying: I call for great, great pru-
dence in introducing something which is not
done at a global level... Lets be sure we dont do
something we might regret one day If certain
transactions are considerably more costly in
Europe than in other parts of the world, they
will be done overseas... I understand it appeals
to some observers. But if we are not satisfied
with the overall functioning of our financial sys-
tem, is the right thing to do to put sand in the
machine?
It may have some popular appeal to politi-
cians seeking to justify policy initiatives in
other areas, but the likelihood of any interna-
tional agreement on financial transactions
taxes is very remote. Emerging countries in
particular are not keen. To go-it-alone in
Europe or the euro area would only put
greater pressure on the regions global com-
petitiveness and may even increase the costs
of financial intermediation to consumers and
businesses. Is that really the desired outcome?
23
Deloitte and BP
support a new
way for Olympic
boroughs to grow
Businesses can
help transform
our communities
A
S LONDON and the world gears up for
London 2012, there has never been a
greater opportunity for the business
world to create a lasting social and
economic legacy.
As politicians search for answers to stimu-
late growth, enterprise comes up time and
time again as a solution. Small businesses are
the lifeblood of our economy and the back-
bone of strong, prosperous communities.
They have the power to regenerate and trans-
form communities, providing much-needed
jobs and stimulating economic growth.
This morning, together with BP and
Deloitte, Business in the Community is
launching arc, a new initiative to support the
development and growth of social enterprises
in the Olympic host boroughs.
London is already a hotbed of entrepre-
neurial talent, with 33 per cent of small and
medium-sized enterprises (SME) now based in
the capital. Yet the Olympic host boroughs are
the greatest cluster of deprivation in England
and Wales, with 77,000 more unemployed
people then the London average. Social enter-
prises in the capital turn over 4bn a year
alone. They have a greater potential to create
much-needed jobs than other business mod-
els, recruiting more people in relation to
turnover than their mainstream equivalents.
One of the first social enterprises we are
supporting through arc is Blue Sky
Development and Regeneration, which pro-
vides real, paid work for prison leavers. This
one small business has provided employment
to nearly 500 ex-offenders thats greater
than the entire inmate population of some of
Britains prisons. So imagine for a moment
the impact on London, and its communities
and economy, if more social enterprises were
given the tools, opportunities and support to
scale up their businesses.
Big business can learn much from social
enterprises, in particular their agility, innova-
tion and creativity. Similarly, the mainstream
business community has a lot to offer social
enterprises, and through arc will work with
the sector to support its emerging business
leaders and develop those businesses looking
to achieve scale and create jobs through a
combination of mentoring and tailored busi-
ness support.
At Business in the Community our purpose
is simple. We offer business the tools and
expertise they need to transform their busi-
nesses. And we ask businesses to work in part-
nership with us to help transform
communities and tackle serious social issues
where business can make a real difference.
At a time when jobs and inspiration are
much needed in our communities, businesses
now have an opportunity to show leadership.
Arc, and the 1,000 new jobs we aim to create,
is one example of the powerful impact that
can be created when businesses large and
small collaborate to transform communities.
Stephen Howard is chief executive of Business in
the Community. Business in the Community, BP
and Deloitte are co-founders of arc, a new initiative
launched today which aims to support social enter-
prise to create 1,000 new jobs in the Olympic host
boroughs. www.buildingbetterbusiness.org.uk
Miliband DebatEd
Thanks to Luke Johnson for voic-
ing what everyone is thinking in
@cityamforum this morning!
Christopher Lomas
Conference is about appealing to
your base. To suggest Labour
will clobber private business is
disinformation. Miliband may be
useless, but the lurch to the Left
is not likely, otherwise Labour
can forget power for a genera-
tion or two.
Akin Marinho
Employment hash
Regarding Anthony J Evanss
criticism of Obamas jobs plan,
we can of course guarantee that
when politicians or other mem-
bers of the elite (including aca-
demics) attempt to create jobs
they make a hash of it to some
extent. The solution to that is to
create jobs by putting spending
power into the hands of the con-
sumer, and then let the free
market decide what jobs are
created.
Ralph Musgrave
Speak your mind
The Forum is open for you to
take part. Got a sharp comment
on one of todays columns or
rapid response topics? Do you
have another subject relating to
business and the economy you
want to share your opinion on?
We want to hear your views.
Readers are invited to comment
on the web: cityam.com/forum;
by email: theforum@cityam.com;
and on Twitter: @cityamforum.
The best responses will be
reprinted in The Forum.
RAPID RESPONSES
In association with
STEPHEN
HOWARD
BY ANTHONY BROWNE
CITYA.M. 29 SEPTEMBER 2011
The Forum
W
ITH a stop
and a start, a
rolling crisis
and nev-
erending summits, the
Eurozone is edging
towards fiscal union to
shore up its struggling
monetary union.
In the sweep of his-
tory, this is no surprise eurosceptics and
europhiles alike had forecast that merging curren-
cies would lead to the merging of tax and spend-
ing. The UK is in the fortunate position of watching
from the sidelines, rather detached from what is
going on, as is our traditional way with Europe.
It is clearly massively in our interests to have
stability in the European economies and hopeful-
ly even a return to growth. The apocalyptic scenar-
ios that economists are predicting if Greece does
default, with knock-on consequences for Portugal,
Italy and Spain, might give eurosceptics a moment
of schadenfreude, but as the government keeps
pointing out, it would not be good for Britain.
But the UK cannot watch the emergence of fis-
cal union in the Eurozone with a complete lack of
concern. It will have big consequences for the way
the EU operates, and in turn have big conse-
quences for us.
It is possible the Eurozones fiscal union would
splinter the EU into competing factions and differ-
ing layers of influence. It could easily lead to a
central caucus of Eurozone countries, who reach
policy agreements outside normal EU institutions.
This caucus will, inevitably, be dominated by
France and Germany, who are far less enamoured
of free markets than either the UK, the Eastern
European countries, or the European Commission
who would all be out of the loop.
EU analysts believe this could lead to a protec-
tionist sentiment dominating such a Eurozone cau-
cus. The new grouping would use its unity and its
suspicion of economic liberalism to push for more
regulations and the raising of trade barriers.
And it would likely succeed. This caucus would
be in a very strong position to get its protectionist
policies adopted across the EU, through qualified
majority voting.
As an example of what that could mean for
Britain, Eurozone nations could decide to agree
among themselves to adopt tougher regulation on
financial services, and as a result force its adoption
across the EU including the UK. An example of
what that might include was the announcement
yesterday by Jose Manuel Barroso, the
Commission president, of a Tobin tax on financial
services, which would be totally antithetical to
Londons interests as Europes financial capital.
Britain would then be in a position of being
forced to accept legislation that it has had very lit-
tle say over, even though it directly affects our
main strategic industry, and has a far greater
impact on us than any other country. This would
certainly not be a satisfactory or even politically
sustainable state of affairs. Those that say we
should sit on the sidelines and let the Eurozone
engage in fiscal union without interference assume
that it will have no impact on us, but that is not
the case. The UK should watch developments in
Europe very closely, game play the different sce-
narios in any new treaty negotiations, and be pre-
pared to defend our national interests if necessary.
This is not petty nationalism, just doing what all
European governments would themselves do.
Anthony Browne is former Europe corre-
spondent for the Times, and author of The Case
for European Localism, which was published
last week by Open Europe.
Saving the euro could
prove costly to the UK
Email: theforum@cityam.com
Twitter: @cityamforum
Rising sun set
to shine again
Investors have been ignoring Japan but now
there could be bargains, writes Philip Salter
T
HERE is a strong argument that
Japanese equities are undervalued.
Although the macro situation
remains bleak, this doesnt preclude
companies from turning a profit particu-
larly on the back of Chinese demand.
A GOOD DEAL
Ben Seager Scott of Bestinvest says Japan is
looking like a fairly attractive investment
opportunity at the moment, with cheap
valuations on a historic basis and corporate
earnings that continue to be solid. June
Yon-Kim, portfolio manager of the FAST
Japan Fund, explains: The price-to-book
ratio for the Japanese market currently
stands at around one times, with more
than 60 per cent of the benchmark uni-
verse trading below book value. He says
that with a forward price-to-earnings ratio
of 13 times, versus a 20-year average of 30
times Japan offers attractive upside once
the market starts to discount a V-shaped
recovery through fiscal 2012.
The topix index, a barometer for
Japanese equities, is currently trading
around the market lows of 2003, explains
Simon Finch of Ashburton, a low which
signalled the start of the most successful
bull market in Japan since the heady days
of the late 1980s. Finch thinks it would
therefore be wise for investors to reassess
their current underweight to Japan.
STOCKING UP
If you are bullish on Japanese equities as a
whole and want to keep investing costs to a
minimum, Jason Whitcombe of Evolve
Financial Planning recommends the low-
cost Japanese equity index tracker funds
from Vanguard, Legal & General and HSBC.
For those looking to discriminate there are
plenty to choose from.
Yon-Kim says his stock selection remains
focused on oversold large-cap stocks with
strong balance sheets and highly cash-gen-
erative business models capitalising on
recent market sell-offs to add weight in the
chemicals, oil, coal, and mining sectors. He
notes Japan Petroleum Exploration is the
cheapest oil company in the world on an
enterprise value/reserve basis. Yon-Kim also
favours major banks including Sumitomo
Mitsui Trust and Mitsubishi UFJ Financial,
which are trading below book value. He
remains underweight in defensive stocks
in the power utilities, pharmaceuticals and
foods sectors, as he thinks they continue to
offer little in the way of relative valuations.
Senior portfolio manager Adrian Hickey
of Pictets Japanese Equity Opportunities
fund thinks its a stock pickers market,
having fallen off analysts radars. He likes
Arnest One, the Japanese low-cost house-
builder, which is currently trading on a
price-to-earnings ratio of four. With house
prices coming down, he thinks the coun-
trys huge private savings could find their
way into new homes. He says Arnest Ones
competition is limited and notes that the
gross margins on their condominiums are
around 30 per cent.
This years Japanese earthquake has over-
turned Japans plan for nuclear to meet 50
per cent of its energy needs. As such,
Hickey likes the prospects for the liquefied
natural gas (LNG) market, particularly the
company Chiyoda, which is a leading play-
er. The earthquake has also highlighted the
need for energy conservation and
Hoshizaki has delivered a new commercial
refrigerator that is 40 per cent more effi-
cient than its previous model. Demand for
more efficient refrigeration is not just
coming from Japan, as Chinese companies
look to cut energy costs.
Whichever fund you choose, Richard
Troue of Hargreaves Lansdown advises
investors to consider currency movements.
He says there has been much debate over
the strength of the Japanese yen and
whether it is set to weaken significantly
against other currencies. He says that on
the face of it this would not be good for for-
eign investors, although he also points out
that many argue that any impact of the
yen weakening could be offset by strong
performance by export companies, benefit-
ing from a weaker yen. Either way, for
investors wanting to avoid currency risk,
Troue says look for funds that hedge out
currency exposure or offer a currency
hedged share class.
MACRO DISCOUNT
Growing public sector debt, schizophrenic
monetary policy and timid domestic
investors have weighed on Japan through-
out its lost decades. Bestinvests Seager
notes the broad economic picture for Japan
continues to look bleak, with GDP data in
the second quarter revised down, back in
line with expectations. Seager thinks the
long-term domestic situation remains dire,
with high levels of government debt and
an expensive currency that is expected to
depreciate in the long term. There is cer-
tainly no shortage of pessimism on the
countrys future. However, Seager remains
bullish on equities: Many companies have
been able to adapt, moving operations and
operating costs overseas. Also, slowing
exports to the West are being replaced by
increased demand from the emerging
affluent classes in emerging Asia. For
example, Hikey points to Musashi
Seimitsu, a Honda affiliate in the motor-
bike industry that gets the bulk of its earn-
ings from Brazil and Indonesia.
Statistics from Japans ministry of inter-
nal affairs and communications shows
that Japan has become increasingly less
reliant on the stagnant over-indebted US.
In 2001 3.7 trillion of exports went to
China, while in 2010 this had reached
13.4 trillion. Over the same period Japans
trade with the US declined from 14.7 tril-
lion to 10.3 trillion.
There is no doubting that Japanese equi-
ties are cheap. Troue thinks with valua-
tions low this could be a good opportunity
for investors to pick up companies with
good long-term prospects at bargain base-
ment prices. Although he cautions that
just because the Japanese market is cur-
rently cheap it doesnt mean it cant get
cheaper. Many seasoned and otherwise
successful investors have been predicting
that Japanese equities will bounce back for
a while now it hasnt happened yet, but
Japans sun could be about to rise once
more.
Stocks are poised to mount a recovery Picture: GETTY
FIVE OF THE BEST MONEY-SAVING SMARTPHONE APPS
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Monitor your finances throughout the
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This app pinpoints your location using
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This week there are offers from Odeon,
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PETROLPRICES PRO
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ANALYSIS l The ups and downs in the Nikkei 225
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Economically
reckless tax
championed
T
HOUGH most ought to have ceased to
be surprised by off-the-wall Eurozone
policy announcements and scape-
goating speeches, you can always rely
on European ministers to pull something
out of the bag. And yesterday, Jose Manuel
Barroso, the European Commission presi-
dent, did not disappoint. As the Eurozone
quakes in its boots at the prospect of Greek
default and a number of banks could even-
tually go the way of Lehman Brothers,
Barroso refused to be dragged into trivial
matters such as trying to address the struc-
tural flaws in the Eurozone model. Instead,
he recycled the idea of imposing a tax on
European financial transactions.
In a speech to the European Commission
yesterday, Barroso justified his support of
the tax by saying that its a question of fair-
ness and that it is time for the financial
sector to make a contribution back to socie-
ty. Leaving aside the dubious logic behind
Barrosos proposed levy would hit
FX sector hard, says Craig Drake
The tax would kill off
one of the sectors
that pays Barrosos
300,000 salary
Pictures: REUTERS
this statement or the enormous levels of
corporation tax, national insurance contri-
butions, and income tax that is paid by the
financial sector in order to allow European
public servants to live the lifestyles to
which they have become accustomed, a
financial transactions tax is a shortsighted,
unworkable and financially reckless pro-
posal.
It is also a proposal that would hit the
UK forex sector and the City as a whole par-
ticularly hard. The UK is home to the
largest share of the global forex trading
market a market with a 2.5 trillion aver-
age daily turnover. The proposed financial
transaction tax will damage the competi-
tiveness of Europe, hinder economic recov-
ery and increase the level of risk in the
financial system, says Alex McDonald,
chief executive of the Wholesale Market
Brokers Association. It is an expensive
and counter-productive attempt at achiev-
ing poorly defined objectives.
UNWORKABLE AND WRONG
According to Chris Sanger, head of tax poli-
cy at Ernst and Young: There are many
questions left unanswered by the proposal,
such as how the commission could ensure
that costs would not be passed directly
onto end customers in Europe, or whether
the tax would in fact create an off-shore
industry, driving firms outside of regulato-
ry control.
Some who defend the tax including
the coalition, which opposes the EU pro-
posal add the caveat that it would have to
be implemented on a global scale. This
would require the likes of Canada, Britain,
the United States, Australia and China to
come to a multi-lateral agreement to com-
mit self-mutilation on their own
economies. The chances of that happening
are slim to none.
Barrosos support of this damaging tax
could be written off as political posturing
a proposal that will never be implemented
but ticks all the right banker bashing boxes
to keep his Commission underlings happy.
But the financial transactions tax has been
proposed with increasing frequency of late
a very dangerous development for the
UKs forex institutions and the City as a
whole.
Why cloud computing is ideal
for any economic climate.
Turn to page 3
Making the move
What is involved in
migrating to the cloud?
Knowing the risks
Deciding whether the
pros outweigh the cons
Ask the experts
Why the cloud might
be right for you
AN INDEPENDENT INSERT BY MEDIAPLANET
CLOUD COMPUTING
No. 1/ Sep 11
Experience: Jane Moran, Global CIO at Thomson Reuters discusses their
move to the cloud, and what it has meant for their company
UNDERSTAND THE
BENEFITS
P
H
O
T
O
:
M
O
J
O
S
O
L
O
/
T
H
O
M
S
O
N
R
E
U
T
E
R
S
2 SEPTEMBER 2011 AN INDEPENDENT INSERT BY MEDIAPLANET
M
ost people are
now au fait
with the poten-
tial of cloud. In
the main, thats
scalable com-
puting, deliv-
ered on a utility-style pay as you go
pricing model, which can provide
increased collaboration, remote
working functionality and reduced
infrastructure costs.
So, if you have a high volume of
customer throughput on your ap-
plications over a concentrated tim-
escale,you dont have to shell out to
have the computer power on-site to
handle that demand and then rot for
the rest of the time.Whats more,all
businesses can,ostensibly,compete
on an even footing,as start-up costs
are dramatically reduced and they
access the same facilities.
Solutions
1
UK businesses are certainly
taking note. When The Cloud
Circle began, in 2009, as the UKs
rst independent business and IT-
focussed cloud computing commu-
nity, 57 per cent of enterprises said
they did not know enough about
cloud computing or were not ready
to commit to it. Two years on, our
newly published 1st Industry
Trends Report reveals that 77 per
cent of organisations are imple-
menting, testing, or actively re-
searching solutions.
But its by no means a no brain-
er for everyone just yet. Issues
need ironing out,with security top
of our members concerns, even
though suppliers maintain that,
for small enterprises at least, pub-
lic clouds ofer far better security
than anything they will be able to
provide for themselves. Neverthe-
less,placing ones fate in the hands
of another is never the most com-
fortable of things.
Reliability
2
Theres also the reliability is-
sue. The very public outages
sufered by Google, Microsoft and
Amazon recently wont have aided
consumer condence. And cost re-
mains an issue, too. Many have re-
marked that though cost efcien-
cies are promised,the actual pricing
structures can be impenetrable;
meaning the total cost of ownership
and ROI is difcult to calculate. As
CHALLENGES
Head in the clouds,
feet on the ground
Cloud could nally allow enterprises to stop spending time on keeping
the lights turned on and start focussing on innovative ways to operate.
But there are bumps in the road which need to be smoothed out says
Emma Taylor, founder of The Cloud Circle
For small and
medium sized
businesses, its
often far better to
use cloud technology
as it is an operating
expense and not a
capital expense
James Caan
Former dragon on
BBCs Dragons
Den, business
entrepreneur and
founder and CEO of
Hamilton Bradshaw
WE RECOMMEND
PAGE 9
CLOUD COMPUTING, 1ST EDITION,
SEPTEMBER 2011
Managing Director: Willem De Geer
Editorial Manager: Faye Godfrey
Business Development Manager:
Hannah Butler
Responsible for this issue:
Project Manager: Gordon McCracken
Phone: 020 7665 4409
E-mail:
gordon.mccracken@mediaplanet.com
Distributed with: City AM,
September 2011
Print: City AM
Mediaplanet contact information:
Phone: 020 7665 4400
Fax: 020 7665 4419
E-mail: info.uk@mediaplanet.com
We make our readers succeed!
Mediaplanets business is to create
new customers for our advertisers by
providing readers with high-quality editorial
content that motivates them to act.
we all know, accountants, inves-
tors and board members like cer-
tainty when it comes to cash.
However,suppliers often main-
tain that the issues are over-
played. They say people present
barriers to guard against a shift
in control, a reduction in head
count, or less money in the capi-
tal budget as the IT spend shifts
to an operational expense.
Buzzword
3
The cloud is certainly a buzz
word at the moment. But here
at The Cloud Circle were not getting
carried away.There wont be a total
overthrow of the current status quo
our members told us that in ve
years they expect to see an even
split between on-premise and
cloud-based solutions.
It does, however, ofer huge op-
portunity for streamlining oper-
ations and it opens doors to func-
tionality which simply could not
have been achieved before.The po-
tential of what could be achieved
through this is too great for it to
just be a ash in the pan. Some
businesses wont need it; for oth-
ers,it could make or break them.
Emma Taylor
Founder, The Cloud Circle
Get organised
1
The challenge with the cloud
is often an organisational
one concerning the culture
within the enterprise as much
as it is a technical one. In our In-
dustry Trends Survey, 35 per cent
of IT-based respondents high-
lighted lack of management un-
derstanding as a concern.
Analyse your needs
2
No one is saying the cloud is
a magic bullet.Its not a solu-
tion in itself it has to be aligned
with a business need.
MY BEST TIPS
Why c|oud computng s dea|
for any economc c|mate
Ccud ccnpuLng ccrs hcnchLs cr Lhc hnanca
scrvccs ndusLry as nuch as any cLhcr sccLcr.
Nc Mcrrnan, rcn husncss Lcchnccgy prcvdcr
^vanadc, cxpans why Lhc ccud s a sLcp Lcward a
ncrc fcxhc and ccsL-cccLvc T andscapc.
On|y a few years ago, the atttude to c|oud computng
(for those who be|eved they knew what t meant)
was 'why wou|d | bother movng a|| of my systems
to a thrd party when | a|ready have a more secure
nfrastructure n p|ace!' 1oday, wth so many products
and servces hosted from faraway data centres and
busnesses keen to nd any way of reducng costs
wh|e a|so mprovng servce |eve|s, t s now more a
queston of when and how - not f - busnesses w||
move to the c|oud.
Ccud ccnpuLng has arcady cnLcrcd Lhc
nansLrcan: CkM Onnc, Sacscrcc.ccn, ^zurc, LCz,
and ncsL rcccnLy McrcscL Ohcc 6, arc a nakng
ccud ccnpuLng an nLcgra and cxpccLcd parL c
cvcry crgansaLcn's T andscapc. McrcscL acnc has
rcpcrLcd LhaL as nuch as o pcr ccnL c Ls scLwarc
dcvccpcrs w hc wcrkng cn ccud prc|ccLs hy Lhc
cnd c Lhs ycar.
"1he c|oud drves many
postves, but to take fu||
advantage, organsatons
need to understand
how to app|y t n ther
envronment."
Thc pcpuarLy c ccud ccnpuLng s ncrc Lhan
|usL a ad - L's a rcfccLcn c hcw ccnnccLcd cur
wcrd s, uncckng Lhc pcLcnLa Lc dc husncss
asLcr and aL cwcr ccsL. rcn ncrcascd agLy and
rapd Lnc-Lc-narkcL Lc rcduccd capLa cxpcndLurc,
ccud ccnpuLng cLs ccnpancs ccus cn Lhcr ccrc
dcrcnLaLcrs. Ccud cpLcns rcncvc Lhc hurdcn c
scLLng up and nanLanng a ccnpany's cwn argc-
scac cn-prcnscs T hardwarc cr whaL nany wcud
scc as ccnncdLy scrvccs.
Ccud ccnpuLng dcnc prcpcry - hy dcdcaLcd,
cxpcrcnccd T hrns - s sac and sccurc. n Lhc sanc
way LhaL a hank's ccrc ccnpcLcncy s handng cLhcr
pccpc's ncncy, a LrusLcd T hrn's ccrc sk s nanagng
T, and a LhaL gccs wLh L, rcn rcscncc Lc sccurLy Lc
daLa prvacy.
Hcwcvcr, ncL a daLa s rcady cr Lhc 'puhc ccud', sc
nLcgraLcn wLh ccrpcraLc daLa ccnLrcs s huL nLc nany
ccud paLcrns, ncudng McrcscL Wndcws ^zurc, Lc
prcvdc dcpcyncnL fcxhLy n rcguaLcd cnvrcnncnLs.
"1he popu|arty of c|oud
computng s more than
|ust a fad - t's a reecton
of how connected our
wor|d s."
Governance s good
DcspLc Ls nany pcsLvcs, Lhcrc arc pLas LhaL nccd Lc
hc undcrsLccd hccrc crgansaLcns can gan naxnun
vauc rcn ccud ccnpuLng. ^ rcccnL ^vanadc survcy
has rcvcacd a ncw prchcn: ccud spraw. Ccud spraw
s Lhc unnanagcd sprcad c 'LacLca' puhc ccud
scrvccs nsdc Lhc cnLcrprsc, pcLcnLay cadng Lc
ncrcascd ccsLs, sccurLy ssucs and css c ccnLrc.
Thc survcy ncaLy usLraLcs hcw cnpcyccs arc Lakng
naLLcrs nLc Lhcr cwn hands Lc rcccvc Lhc nncdaLc
ccnvcncncc c Lhc ccud hy sgnng up cr Lhrd-parLy
ccud scrvccs. Mcrc wcrryngy, zo pcr ccnL c cnpcyccs
dc sc wLhcuL Lhcr T dcparLncnL's kncwcdgc, huL
why` 'LnLcrprsc T s Lcc scw cr nfcxhc' s a ccnncn
rcspcnsc - huL as a rcsuL, Lwc-Lhrds c cxccuLvcs
qucsLcncd cxprcsscd ccnccrn LhaL ccud spraw ccud hc
a LhrcaL Lc Lhcr ccnpany.
DcspLc Lhs, Lhc aLLracLcn s ccar: ccud scrvccs arc
cLcn chcapcr, cascr Lc ccnnsscn and aways avaahc
(and rcn anywhcrc), huL as wLh sc nany 'LacLca'
dcvccpncnLs, aspccLs such as nLcgraLcn, sccurLy and
daLa prvacy arc cLcn crgcLLcn.
Hcw can husncsscs avcd Lhcsc ssucs` SLraLcgy and
gccd gcvcrnancc arc ccnLra, and can hcp guard agansL
ccud spraw. 8ccrc cnharkng cn ycur ccud |curncy,
L's csscnLa LhaL cvcrycnc nvcvcd undcrsLands
whcrc Lhcy'rc gcng and hcw Lhcy'rc gcLLng Lhcrc.
Ths s achcvcd hy crcaLng a ccar sLraLcgy and scund
gcvcrnancc pccy LhaL gudcs Lhc adcpLcn c ccud
scrvccs, and cnsurcs Lhcy arc uscd n a way LhaL s
agncd Lc a ccnpany's ccrpcraLc gcas.
Don't get caught p|ayng c|oud catch-up
^ dcpcndahc, cxpcrL suppcr kc ^vanadc can hcp ycu
chccsc Lhc rghL sLraLcgy and scuLcn, uLnaLcy
prcducng Lhc hcsL rcsuLs cr ycur husncss. ycu'rc
an cnd uscr, Lakc Lhs arLcc and hand L Lc ycur CO
and ask ahcuL ycur hrn's ccud sLraLcgy. WhaL s ycur
ccnpany dcng Lc Lakc u advanLagc c Lhc ccud`
ycu rcprcscnL ycur ccnpany's Lcchnca scrvccs
dcparLncnL, hc surc ycu havc a ccar vscn c whaL
ycur T nrasLrucLurc w cck kc n Lhc vcry ncar
uLurc. Hcw w Lhc ccud, n Ls nany crns, hc
nccrpcraLcd`
L nghL pay cr ycu Lc cck Lc hc nLrcducng cvcn
ncrc ccud scrvccs Lhan ycu'd hrsL LhcughL. Thc
hcnchLs c ncrcascd fcxhLy, grcaLcr scrvcc cvcs,
rcduccd ccsLs and ncrc acccunLahLy ccud hc |usL
arcund Lhc ccrncr.
Tc hcp pan ycur |curncy Lc Lhc ccud, ca ^vanadc
cn ozo )oz ooo. cu can hnd us cn TwLLcr
AvanadeUK, cr www.thec|oudadvantage.com
8y Nc Merrman
K Ccud CcnpuLng Lcad
www.thec|oudadvantage.com
What s 'the c|oud',
and how can t benet
nanca| servces rms!
Ccud ccnpuLng cxsLcd wc hccrc L was
gvcn Lhc ncw uhquLcus ncnkcr. McrcscL
Wndcws Lvc HcLna was cnc c Lhc hrsL
scrvccs Lc ccr uncLcnaLy hcsLcd 'n
Lhc ccud', acwng uscrs Lc cgn rcn
any ccnpuLcr and acccss Lhcr daLa. Thc
nprcsscn c scndng daLa Lc 'Lhc ccud' s
a hy-prcducL c whcrc Lhc daLa prcccssng
Lakcs pacc - usuay a argc, unhrandcd,
purpcsc-huL daLa ccnLrc away rcn pryng
cycs.
Ccud ccnpuLng ccrs scvcra sgnhcanL
advanLagcs cvcr LradLcna ncLhcds. cr
hnancc hrns, Lhc ccud ccrs vasL ancunLs
c ccnpuLng capacLy LhaL s scaahc Lc
changng nccds, day-Lc-day, nnuLc-Lc-
nnuLc. CcsLy T scuLcns wLh spcchc
capacLcs and pcwcr can ncw hc rcpaccd
wLh ccud scrvccs LhaL can cxpand and
ccnLracL dcpcndng cn Lhc rcqurcd Lask.
cr cxanpc, a hank has a suddcn surgc
n cnnc hankng appcaLcns, cr nsLancc
aL S^ rcncwa, Lhcn ccud-hascd scuLcns
scac cn dcnand Lc handc Lhc spkc,
whcrcas LradLcna hxcd-capacLy sysLcns
sLunhc and a.
4 SEPTEMBER 2011
AN INDEPENDENT INSERT BY MEDIAPLANET
Youve made the decision to move
some of your business to the
cloud but thats the easy part.
How you get your applications
into the cloud is another matter
entirely and, potentially, a tech-
nical can of worms.
Richard Watson, analyst at in-
formation technology research
and advisory company, Gartner,
is the author of a report called
Migrating Applications to the
Cloud, which aims to tackle this
problem head on.
Theres a lot of information
from cloud vendors about the
facilities they offer, he says.
But when it comes to migrat-
ing applications, IT teams start
scratching their heads and won-
dering how to go about it.
In his report, Watson identi-
fies five alternatives for compa-
nies looking to operate from a
cloud platform: they can Rehost,
Refactor, Revise, Rebuild or Re-
place applications.
Rehost and Refactor
Rehosting is a little like a fork-
lift, says Watson. Youre pick-
ing up an existing application
and setting it down in anoth-
er hardware environment. This
takes place on an Infrastructure
as a Service (IaaS) model an en-
vironment familiar to IT teams
and is the easiest option for a
company to take. However, the
advantage is also the drawback,
says Watson. Because you are
not changing the structure of the
application to run more effec-
tively on the cloud, you are not
taking full advantage of the ar-
chitecture of the cloud.
If you Refactor an applica-
tion on a Platform as a Ser-
vice (PaaS) model it means
that some changes may have to
be made to the softwares code.
It does depend on the individual
application, says Richard, but,
typically, while it will remain
relatively intact, you will need to
tweak it to run it in the cloud.
Revise and Rebuild
A widescale change to make an ap-
plication more cloud-friendly is
known in the report as the Revise
option.This is the most complicat-
ed option, says Watson.Yet its also
the one that is, potentially, going to
get you the most benet from mov-
ing your apps to the cloud. Howev-
er,you shouldnt underestimate the
amount of highly skilled software
architecture work involved.
If you have an out-of-date ap-
plication that doesnt work well,
you can retire it and Rebuild it on a
Platform as a Service (Paas) model.
Finally,there is the Replace alter-
native,using software delivered on
the web in a Software as a Service
(SaaS) model. This is a rent (rather
than buy or build) option, the ma-
jor advantage of which is that you
wont need a development team to
help you to use it.
The drawback is that you dont
have control over the applica-
tion, says Watson. You have to
accept the functionality it has
and work your business process-
es around it.
Richard Watson
Analyst at Gartner
and author
of Migrating
Applications to the
Cloud report
MOVING APPS
TO THE CLOUD
Question: O How do I migrate
my applications to the cloud?
Answer: O The choices facing
your company are varied as
Richard Watson, the author of
a recent report on Cloud
Computing, makes clear
NEWS
TONY GREENWAY
info.uk@mediaplanet.com
SEPTEMBER 2011 5 AN INDEPENDENT INSERT BY MEDIAPLANET
There is no one reason for a busi-
ness to migrate its applications to
the cloud, says Gartners Richard
Watson. Diferent organisations
have diferent reasons because they
have diferent goals.
Of course, the perceived wisdom
is that cloud adoption has increased
among businesses because it reduc-
es costs: but,says Richard,thats on-
ly one small part of the story.
Agility
When I speak to clients who have
begun to migrate their IT work-
loads into the cloud, he says,
they tell me they are looking for
business agility and the potential
to deliver new services more rap-
idly to users.
When moving to a cloud plat-
form,companies can Rehost,Refac-
tor, Revise, Rebuild or Replace ap-
plications, as outlined on page 4.
Some of these options are compli-
cated to implement, however, and
still require the expertise of highly
skilled software architects.This al-
so makes them expensive.
Yet some of the easier options
may not be best for your business.
So how does an SME determine
which option to take?
Constraints
It depends on an individual com-
panys goals, says Watson.For ex-
ample,does it want to preserve cap-
ital? Or leverage existing invest-
ments? Or provide wider access to
consumers on mobile devices?
A business also has to look at the
constraints it faces. Does it have a
software development team? Does
that team have operational expe-
rience in running cloud systems?
And does an application a busi-
ness owns contain core intellec-
tual property? If it does, a compa-
ny isnt likely to throw it away and
rebuild it or replace it with a Soft-
ware as a Service (SaaS) solution.
Because of the number of ven-
dors crowding the market,Watson
admits that choosing a cloud mi-
gration path isnt easy. But,hope-
fully,focussing on the ve options
rst clears the air a little bit, he
says. There are undoubtedly ven-
dors and services out there that
can help you achieve your aims,
ultimately; but thinking through
the ve possible ways to migrate
apps may help a business think:
What do we want to achieve by
moving to the cloud?
Choosing the
best route for
your business
TONY GREENWAY
How does a firm assess
which of the five application
migration options to take:
Rehost, Refactor, Revise,
Rebuild or Replace? It
depends on your individual
business goals and
constraints
MIGRATING TO THE CLOUD
The ways in which a
company moves to the cloud
will depend on their goals,
and will vary greatly from
business to business
PHOTO: ZAHRADALES/SHUTTERSTOCK
NEWS IN BRIEF
Cloud top business trend
Whitehall embraces
the cloud
In its IT strategy, published in O
March, the Government talked
about its intention to push ahead
with its agenda for data centre,
network, software and asset con-
solidation and the shift towards
cloud computing. The Govern-
ment is set to publish its Cloud
Computing Strategy in October.
Business software rm Cordys O
says that,according to research it
carried out at the Cloud World Fo-
rum in London, the overwhelm-
ing majority of UK businesses
believe that the move to cloud is
one of the most important trends
in IT over the next few years. Of
those asked, cloud was a pivotal
issue for 59 per cent.
Last month, IBM announced O
a new hybrid cloud solution. Ac-
cording to analysts, say IBM, 39
per cent of cloud users report that
hybrid cloud is now part of their
strategy and the number is ex-
pected to increase to 61 per cent
in the near future.
Is the future hybrid?
TONY GREENWAY
Data management:
easier from the cloud?
Increasing numbers of companies
are moving to the cloud. But what
are their reasons for doing so?
Tim Cowen is Partner at interna-
tional business law rm Sidley Aus-
tin and author of a recent ResPublica
report called Capturing the Cloud.
Initially, it was thought that
rms were adopting cloud solutions
because of the cost-savings bene-
ts, he says. However, a Cloud In-
dustry Forum survey recently dem-
onstrated that the adoption rate is
going up because cloud increases a
customers agility.
Indeed,cloud can ofer a new way
to manage data one which vastly
increases productivity.
Traditionally, a rm may have a
number of business processes that de-
pend on computing, says Cowen,but
its computing power is housed in a
building that is locked at night.Thats
good from a security point of view; but
its not good for productivity.
Say, however, that you run your
email system from a cloud service.
This is a shared resource that is a)
cheap and b) accessible all the time.
Because,in the end,a business needs
operational efectiveness to do well.
Access
Logging into the cloud where all
your data and design tools are wait-
ing for you means that you dont
need to have applications clogging
up space on your own in-house sys-
tems. It also means that staf can
access this data from any computer.
People are now logging on in public
places such as cofee shops, says Co-
wen.Theyre not going there just be-
cause of the cofee,either.Theyre go-
ing because of the free Wi-Fi access.
Cowen also points out that if a
company has heavier workloads at
certain times of the month or year,
then cloud allows users to scale
up and down as necessary. If you
have a lot of data to process at short
notice, you can get more capacity
on a pay-as-you-go basis, he says.
This ability to turn power up and
down is very attractive to SMEs.
Search
A business may have three com-
puters in its existing deployment
but a cloud provider will have
thousands. Therefore, says Cowen,
if something goes wrong, a compa-
ny using cloud can switch its data
processing to a diferent server. It
also means you can process your da-
ta more quickly, he says.
Plus, cloud ofers efective search
although it pays to choose a pro-
vider wisely.Ask how they store the
data on their system and what secu-
rity measures they have in place to
ensure that your information can-
not be accessed by others.
In fact,data security in the cloud
is still the main business concern;
but Tim Cowen believes this is
misplaced to a degree. The most
well-known data lapses have been
because laptops have been left in
the back of taxis, or because discs
and data sticks have been sent in
the post and gone astray, he says.
In the cloud that cant happen, as
the data is not transported in the
physical world, and in the elec-
tronic world the cloud service may
also be encrypted.
TONY GREENWAY
Question: O Is managing
corporate data easier from a
cloud-based platform?
Answer: O It can be, because
cloud offers instant data
access from any location with
an internet connection, while
giving SMEs the option to scale
capacity up or down
NEW POSSIBILITIES
Moving to the cloud can
allow you to access and
manage your data from
almost anywhere
PHOTO: YURI ARCURS/SHUTTERSTOCK
NEWS
SHOWCASE
QUESTION & ANSWER
Why did you move Hamil- O
ton Bradshaw to the cloud?
!
We have recently expanded
Hamilton Bradshaw to in-
clude an advisory division,
Hamilton Bradshaw Venture
Partners, that focuses on sup-
porting growing SMEs around
the country. As a consequence,
we now have members of our or-
ganisation operating in loca-
tions outside of London that
need to collaborate with our
head ofce in real time. Cloud
services help facilitate this in a
cost-efective way.
What kind of cloud do O
you use?
!
We use a cloud-based file
sharing tool and a cloud
-based CRM system.
What kinds of benefits O
do you see in the cloud?
Has it saved Hamilton
Bradshaw money?
!
The use of the cloud has al-
lowed us to quickly expand
our operating scope in a way
that was previously not viable.
For small and medium sized
businesses, its often far better
to use cloud technology as it is
an operating expense and not a
capital expense.
Can you give an example O
of what the cloud allows
your company to do that it
couldnt do before?
!
Manage a wider regional
workforce at no extra cost.
It also helps us collaborate to ac-
cess and update client informa-
tion while on site,via mobile de-
vices.We have had unanimously
positive feedback from our cli-
ents on our delivery speed and
customer service, so it has actu-
ally translated into a competi-
tive advantage.
What tips would you give O
any entrepreneur thinking
of moving their business to
the cloud?
!
Generally, I think its
about researching the
companies on the market, get-
ting recommendations from
colleagues and other business
people, and consulting trusted
information sources.
James Caan,
Business
entrepreneur
and founder and
CEO of Hamilton
Bradshaw
People are
now logging
on in public
places such as
coffee shops
Tim Cowen
Partner at Sidley Austin
FACTS
A 2009 O study by market intel-
ligence rm IDC notes that the
shift to cloud computing has
been calculated as contributing
US $800billion in net new busi-
ness revenues in 52 countries by
2013. SOURCE: Capturing the
Cloud, ResPublica
Microsofts Cloud O Adoption
Study (March 2011) found that
39 per cent of SMEs expect to
be paying for one or more cloud
services within three years.
The Microsoft O study also found
that SMEs adopting Software as a
service (SaaS) and Infrastructure
as a Service (IaaS) are larger, more
growth-oriented and more interest-
ed in additional services, such as
unied communications.
SOURCE: MICROSOFT
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INSPIRATION
Making the right
connection
STORMY WEATHER?
There may be issues with
connectivity, so it is
important that you choose
the right network
PHOTO: MICHAELDBROWN/SHUTTERSTOCK
When youre thinking about shift-
ing to the cloud, you also have to
think about good connectivity. For
peace of mind and uninterrupted
access to your data you need a re-
silient network.
Thats right, says Stephen Simp-
son, UK Cloud Lead at business and
technology service company Logica.
But if you have a private cloud, you
expect the service provider to take
care of that side of things for you al-
though you do pay more money for it.
For example, one of our clients
had many data centres which weve
consolidated to two, with dual net-
works from diferent suppliers run-
ning between them.Thats a robust
system. But when youre talking
about the public cloudyou do have
to dance a lot more.
Major examples of public cloud
outage such as Amazon and Mi-
crosoft have made headlines this
year.Many customers can be afect-
ed by such outages; but others,says
Simpson, will have the foresight to
engineer a solution that ensures
their connectivity in a crisis. Yes,
their performance may be afect-
ed but theyll still be able to run
their businesses.
Availability
Then there are connectivity issues
surrounding so-called road warri-
ors.These are staf who may be sit-
ting in,say,a cofee shop,wanting to
hook up to their ofce in the cloud
but to do so theyll need access to
a strong signal.
They will,but thats the back end
of communications, argues Simp-
son. Thats an issue about how you
connect to services hosted on the
cloud, and nothing to do with the
cloud itself. People have long been
able to sit in cafes and log-in to work
with their laptops or mobile devices
so that situation hasnt changed.
Of course signal availability will
vary, depending on where you are.
If youre in the sticks and dont
have a 3G connection, thats an
obvious problem, agrees Simp-
son. But it can even be a problem
in the city where youre sharing
highly solicited resources.
Security
For Simpson, there are various is-
sues surrounding connectivity
that need to be resolved. Cost, for
example, he says. With private
cloud it can be expensive.
Once you get into the public cloud,
you can experience latency issues if
your data has to do round trips via
satellites across vast distances.
Then there are issues around
compliance: data privacy rules
and data sovereignty, for example.
Plus theres connectivity se-
curity. All of the classic security
models isolate people and appli-
cations, says Simpson,but weve
got to understand a persons con-
text in order to give them diferent
rights of access. We have to ask:
who are they? What are they do-
ing? What device are they using?
And, crucially, where are they? If
theyre in the ofce or at home,
thats one thing but if theyre
sitting in a caf in Baghdad you
might want to scale their author-
ity to act back.
Question: O What are some
of the issues surrounding
cloud connectivity?
Answer: O User perceptions,
cost, security, latency issues
and compliance problems,
to name a few, says Stephen
Simpson, UK Cloud Lead
at Logica
TONY GREENWAY
SHOWCASE
If youre in
the sticks and
dont have a
3G connection,
thats an obvious
problem
Stephen Simpson
UK Cloud Lead, Logica
FACTS
In August O , the BBC revealed
the results of its 3G survey, to
provide a true picture of 3G
mobile data network coverage
in the UK.
More than O 44,000 people
took part in the survey. The BBC
ndings concluded that over-
all, people are getting 3G about
three quarters of the time.
The BBC O also noted: While
most of the big cities are well
served by 3G, it can be a real
challenge getting a decent con-
nection elsewhere.
As a O result, the Cloud In-
dustry Forum (CIF) has called
for significant improvements to
3G coverage noting that old-
er 2G technology is typically
around 10 times slower than 3G
mobile broadband.
SOURCE: BBC AND CIF
QUESTION & ANSWER
If a company is looking O
to shift to the cloud, what
should it do first?
!
Scott McNealy famously
said: The network is the
computer and so it follows
that the network is critical to
cloud computing. Without a
solid, reliable and resilient LAN
and WAN,your network doesnt
stand a chance.They both exist
outside of your business and
cant function if your network
fails; so before you consider de-
ploying cloud solutions, you
should ensure your network is
IP-ready,secure and robust.
Companies are concerned O
about data security in the
cloud. So how can compa-
nies make sure their data is
in good hands?
!
When it comes to cloud
computing, security is one
of the biggest barriers to adop-
tion. Most concerns focus on
the location and protection of
the data itself, but businesses
should also have a back-up plan
in mind in the event that a
cloud provider fails, is
inltrated, or destroyed
nancially. Ensure your IT
team is ready for the change in
approach and shift in levels of
control and put together a mit-
igation plan that can be imple-
mented should your cloud so-
lution malfunction or fail.
Cloud appears to be the O
next big thing. Is it inevitable
that it will go mainstream?
!
While its certainly gath-
ering pace, the move to
cloud is not inevitable and its
important to balance the hype
with a sense of pragmatism.
While there are signicant
cost, efficiency and exibility
benets to cloud solutions,
businesses shouldnt necessar-
ily decline a dedicated non-
cloud offer; many services can
still be hosted off premise,
but may not cost as much.
Ken Johnson,
Product Director of
Voice and Unied
Collaboration,
Global Crossing
PROFESSIONAL INSIGHT
Global news and information company Thomson Reuters moved part of its business to the
cloud a number of years ago, and has an ongoing cloud migration programme. Jane Moran,
Global CIO, explains why cloud is so important; and what diference the platform has made
to the Thomson Reuters business, its staf and customers
Cloud has made us more agile
The cloud, says Jane Moran, Glo-
bal CIO of worldwide news and in-
formation company Thomson Reu-
ters,has made a big,positive difer-
ence to us. There are many deni-
tions of what cloud is; but what it
means to me is working with a ven-
dor partner who bears the burden
of managing all of the hardware
and networking so that we dont
have to. They,then,are responsible
for security and availability.
Thomson Reuters made its ini-
tial foray into cloud computing in
2005; so it should have been no sur-
prise when, earlier this month, it
was announced that the compa-
nys human resources and payroll
data is moving across to the Work-
day cloud platform.
Not everything we do is operat-
ed in the cloud, says Moran.Were
a very large corporation with hun-
dreds of internal business sys-
tems. The strategy was to become
more ef cient and efective across
the corporation and, as we stan-
dardise and rationalise the busi-
ness architecture, moving to the
cloud enables us to be more agile.
Benefit
The major reason for this agility,
says Moran, is that, with a cloud-
based solution, Thomson Reuters
doesnt have to focus on installing
and maintaining the hardware in its
data centres. We spend about 30 or
40 per cent of any given on-premise
project installing hardware and kit
in our data centres, says Moran. I
really feel as though cloud comput-
ing is making a step change in the
way that businesses work.
The other big benet for Thom-
son Reuters has been speed. The
timeframe to move the companys
human resources to a cloud plat-
form is 18 months, start to nish.
An on-premise upgrade would have
taken four years. Because the com-
pany is able to realise cloud solu-
tions quickly, this speeds delivery
and benets its customer base.Plus,
of course, because the applications
are sitting in the cloud, upgrades
are automatic. Cloud-based com-
puting is an increasingly impor-
tant tool to leverage ef ciencies.
Because it is browser-based, it
makes it extremely easy to roll out
applications to Thomson Reuters
employees across the world, says
Jane. Theres also a benet within
IT,because the resources needed to
maintain cloud-based applications
are far less than those needed for
on-premise ones.
Specialist
Security is one of the main rea-
sons why companies are wary of
migrating to a cloud platform;
but Moran has condence in her
Thomson Reuters solutions
providers.If you think about what
cloud vendors do for a living, she
says, then you realise that they
spend a lot more money than any
individual company ever could on
security solutions.
Every one of these cloud provid-
ers is dedicated to keeping data se-
cure; and I also like the way they
work very closely together to share
best practices.
Cloud technology is specialist,
however. Which begs the question:
how did Thomson Reuters make the
move to its cloud platforms? Did it
use an external migration team?
Did its vendors help? Or is Thomson
Reuters lucky enough to have its
own expert in-house IT knowledge?
A combination of all of those,
says Moran. We have used an
external systems integrator in the
past; and the vendors themselves
are very strong in terms of their in-
ternal capabilities to make sure you
(make the move) successfully.
But the entire industry is chang-
ing and people change with it. If
I look at my IT team and I have
roughly 1,000 people in this group
they are upskilling themselves.
We are providing training; but
we also nd that staf are training
themselves because they can see
that this is the way the industry
is going.
I really feel as
though cloud
computing
is making a
step change
in the way that
businesses
work
Focus on your
business needs
1
For any SME thinking of
moving to the cloud,pick
one area where you have
a business problem that youre
trying to solve. Then partner
with a suitable vendor and work
with them to build a road map.
Work closely with your
business partners
2
Have a conversation with
your business partners
about the business prob-
lems you are trying to solve.This
is not about swapping like-for-
like technology, because the
whole paradigm of cloud is com-
pletely diferent.
Bolt-on if necessary
3
We cant customise the
applications we use
that right sits with our
vendor partners but we can
congure them.If companies are
nervous about (not being able to
customise apps), they should
consider that many cloud pro-
viders encourage their custom-
ers to write bolt-on applications.
Be prepared to work in
a different way
4
Cloud is a diferent way
of working.Its not about
a team of IT people going
away for a year to work on a soft-
ware programme. Its true col-
laboration between the people
who need to use these platforms
to solve their business problems
and the people who work inter-
nally in your IT department.
JANES BEST TIPS
4
TONY GREENWAY
Jane Moran
Global CIO,
Thomson Reuters
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Lets
benets
PANEL OF EXPERTS
Andy Burton
Chairman,
Cloud Industry
Forum
Andrew Greenway
Global Cloud Computing
Program Lead, Accenture
To me the questions are more about what,
when and how rather than if. That said,
for most the adoption of cloud will not be
wholesale in the foreseeable future but case
by case.Which areas of IT move to the cloud
and when will be driven by the characteris-
tics of the application area being considered.
Issues such as integration with other appli-
cations; the regulatory environment (such
as the need for data to be stored in a specif-
ic jurisdiction); in-house skills and time to
market all inuence the priorities and the
deployment model.
In my opinion the issue of data security has
practical solutions,and I remain optimistic
that access to high -speed internet through
cable and the licensing of 4G will continue
to improve the pervasiveness of connec-
tivity.The real challenges to overcome in a
fast-growing market relate to driving clar-
ity and standards of contracts/service level
agreements provided by service providers
and enabling inter-operability and porta-
bility of data all of which will strengthen
customer condence.
For many businesses, the question of
cloud still comes down to a cost-bene-
t comparison. Increasingly the cloud-
based IT services available on the market
are proving good enough to win on cost
grounds, as well as bringing much great-
er speed, agility and exibility.At a high-
er level, cloud services allow you to speed
innovation and launch new services and
businesses in new markets.The choice of
service provider will be driven by a care-
ful comparison between the services that
providers are ofering and the require-
ments of the customer.
For many IT services, cloud is already
mainstream. Its at the core of everyday
voice and data communications, email,
CRM, analytics, collaboration, social net-
working, training; the list goes on. Its
awareness amongst consumers is also
increasingly evident, with services like
Gmail and Apples iCloud paving the way
forward for mass-market acceptance.
When it comes to business,organisations,
big and small, are using cloud services to-
day,at scale.Increasing sophistication and
choice is opening up new opportunities all
the time.
Rapid operational scalability, elasticity
of consumption (allowing scaling up and
down), pay-as-you-go and improved resil-
ience of service due to its architecture.How-
ever, arguably the biggest advantages lie in
the enablement of business transformation.
Benets such as rapid access to new technol-
ogy can reduce time to market of new solu-
tions which when coupled with predictable
low costs drives innovation and process im-
provement.Cloud has a game-changing ca-
pability that levels the playing eld between
the smallest and largest organisations.
Cloud services are currently helping or-
ganisations reduce costs, enhance scala-
bility,increase implementation speed,and
improve applications and business proc-
esses. Whilst cost savings are still seen as
critical, Accenture is increasingly seeing
business agility as the main driver. Busi-
ness leaders are under immense pressure
to move quickly, get closer to stakehold-
ers, launch new products and communi-
cate with people wherever they are and on
every device. Cloud-based services are of-
ten built with this agility at the centre of
the design.
Question 1:
How does a rm assess if it
should migrate to the cloud
and how does it choose which
cloud company to use?
Question 2:
What are the perceived main
advantages of cloud?
Question 3:
What are the challenges
cloud technology still needs
to overcome in order to go
mainstream?
Chris Gabriel
Marketing and
Strategy Director,
Logicalis
Cloud should be for most rms,wheth-
er thats moving back ofce applications
like email to a secure public cloud, or us-
ing private cloud to transform the way
business applications can be run inter-
nally. A full cloud assessment should be
considered when choosing a service pro-
vider, establishing readiness to migrate
and providing a structured view of what
applications and services can be moved
to a public or private cloud infrastructure.
Public cloud transparency is key: where
is it? What jurisdiction it is in? And what
SLA will be ofered?
Cloud is simply another way of deliver-
ing ICT service to your business noth-
ing more complicated than that, with the
advantages spanning from how internal
IT departments acquire, pay for, and run
IT systems,through to the speed at which
new applications can be delivered to busi-
ness users.Internal Private Cloud benets
include reduced server growth through
more efcient usage, reduced operation-
al overhead and faster delivery of inter-
nal business applications, overall making
IT more efcient and more responsive to
business demands.
Cloud technology is mainstream; but
for many rms, cloud is rightly part of a
longer term migration and transformation
strategy. Private clouds are already in place
in many City rms, but public cloud ofer-
ings today have not been suitable for the
highly regulated demands of City life. But,
with public clouds now becoming available
in the UK, and built on technologies from
trusted vendors, these trusted private and
public clouds will start to convince a scepti-
cal City that cloud is a reality.
l|ve qeors oqo tbe networl
wos oten uescr|beu os o
commou|tq', but touoq |t |s
o plotorm or |nnovot|on
tbot |s ur|v|nq on exponent|ol
|ncreose |n tbe volume o uoto
ocross tbe qlobol networl
o subseo onu terrestr|ol
uoto cobles.
^n oq|le networl toqetber w|tb new
uel|verq mouels, sucb os clouu comput|nq, ore
eect|velq orm|nq tbe ounuot|on or tbe
networleu economq', o unuomentol sb|t |n tbe
woq qlobol orqon|sot|ons consume l1 serv|ces.
Lnterpr|ses ore now ut|l|s|nq oq|le, nonqeoqropb|c
clouu comput|nq resources to tole ouvontoqe o
tbe networleu economq'. 1b|s |s enobl|nq
prouuct|v|tq |mprovements bq ur|v|nq more
uqnom|c enqoqement between emploqees,
customers onu portners onu ollow|nq tbem to sbore
|normot|on |n reol t|me, |ncreos|nq compet|t|ve euqe
?SP9P_bZ]VPO0NZYZXd
Tom Homer, Chief Executive Officer, Telstra International EMEA
tbrouqb better meet|nq customer neeus, onu
leveroq|nq tecbnoloq|col |nnovot|on to ur|ve
bus|ness success.
we ot 1elstro preu|ct tbot over tbe next ten
qeors, enterpr|ses w|ll no lonqer own onq
moter|ol l1 ossets. 1beq w|ll trons|t|on rom
trou|t|onol b|qb cop|tol expenu|ture mouels
wbere tbere bos been enormous |nvestment
over tbe qeors to on operot|nq expenu|ture
mouel wbere o completelq vor|oble cost bose
w|ll ur|ve tbe woq tecbnoloqq |s purcboseu,
|mplementeu onu monoqeu.
keqoruless o tbe locot|on o uoto, customers,
emploqees or portners, wbot w|ll remo|n
true |s tbot lorqe orqon|sot|ons neeu rel|oble,
secure, cost eect|ve uel|verq o oppl|cot|ons
onu serv|ces to enoble bus|ness operot|ons.
^s tbe opproocb o enterpr|ses toworus clouu
comput|nq cont|nues to evolve, tbe networleu
economq' w|ll s|t ot tbe core o |nnovot|on onu
orqon|sot|onol qrowtb.
lor urtber |normot|on, pleose v|s|t www.telstro|nternot|onol.com or coll - zu scs ssss.
Re-imagine what IT can be.
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CRH PLC..............................................11.53 -0.13 17.40 10.28
DAIMLER.............................................34.43 -0.03 59.09 30.93
DANONE..............................................45.76 -0.47 53.16 41.92
DEU.BOERSE OFFRE ........................39.24 -1.62 55.75 37.03
DEUTSCHE BANK..............................27.20 -1.09 48.70 20.79
DEUTSCHE TELEKOM.........................8.67 -0.10 11.38 7.88
E.ON.....................................................16.26 -0.09 25.54 12.50
ENEL......................................................3.26 0.02 4.86 2.81
ENI .......................................................13.07 -0.11 18.66 11.83
FRANCE TELECOM............................12.09 -0.11 17.45 11.12
GDF SUEZ ...........................................22.49 -0.04 30.05 18.32
GENERALI ASS...................................11.94 -0.01 17.05 10.34
IBERDROLA..........................................5.08 -0.02 6.50 4.29
INDITEX ...............................................64.43 -1.06 66.60 50.92
ING GROEP CVA...................................5.35 -0.12 9.50 4.21
INTESA SANPAOLO.............................1.16 -0.00 2.53 0.85
KON.PHILIPS ELECTR.......................13.53 -0.25 25.45 12.01
L'OREAL..............................................74.47 -0.11 91.24 68.83
LVMH..................................................108.80 -0.30 132.65 97.67
MUNICH RE.........................................91.80 0.96 126.00 77.80
NOKIA....................................................4.18 -0.05 8.49 3.33
REPSOL YPF.......................................19.94 -0.18 24.90 17.31
RWE.....................................................27.59 -0.22 55.88 21.22
SAINT-GOBAIN...................................28.77 -0.90 47.64 26.07
SANOFI ................................................49.22 -0.30 56.82 42.85
SAP......................................................38.32 0.49 46.15 32.88
SCHNEIDER ELECTRIC.....................39.49 -0.71 61.83 35.94
SIEMENS .............................................68.84 -0.53 99.39 62.13
SOCIETE GENERALE.........................19.92 -0.58 52.70 14.32
TELECOM ITALIA..................................0.80 -0.00 1.16 0.70
TELEFONICA ......................................14.22 -0.04 19.69 12.50
TOTAL..................................................32.93 0.09 44.55 29.40
UNIBAIL-RODAMCO SE...................132.30 -1.50 162.95 124.05
UNICREDIT............................................0.77 -0.00 2.03 0.64
UNILEVER CVA...................................23.33 -0.12 24.08 20.82
VINCI ....................................................32.45 -0.47 45.48 29.49
VIVENDI ...............................................15.34 -0.26 22.07 14.10
VOLKSWAGEN VORZ ......................107.15 -1.15 152.20 81.80
Price Chg High Low
EUSHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 5217.63 -76.42 -1.44
FTSE 250 INDEX . . . . . . . 10038.67 -88.46 -0.87
FTSE UK ALL SHARE . . . . 2701.64 -36.89 -1.35
FTSE AIMALL SH . . . . . . . . 714.81 -8.33 -1.15
DOWJONES INDUS 30 . . 11010.90 -179.79 -1.61
S&P 500. . . . . . . . . . . . . . . . 1151.06 -24.32 -2.07
NASDAQ COMPOSITE . . . 2491.58 -55.25 -2.17
FTSEUROFIRST 300 . . . . . . 927.28 -11.10 -1.18
NIKKEI 225 AVERAGE. . . . 8615.65 5.70 0.07
DAX 30 PERFORMANCE. . 5578.42 -50.02 -0.89
CAC 40 . . . . . . . . . . . . . . . . 2995.62 -27.76 -0.92
SHANGHAI SE INDEX . . . . 2392.06 -22.99 -0.95
HANG SENG. . . . . . . . . . . 18011.06 -119.49 -0.66
S&P/ASX 20 INDEX . . . . . . 2445.80 23.20 0.96
ASX ALL ORDINARIES . . . 4097.70 34.20 0.84
BOVESPA SAO PAOLO. . 53270.36 -650.00 -1.21
ISEQ OVERALL INDEX . . . 2501.71 -18.60 -0.74
STI . . . . . . . . . . . . . . . . . . . . 2701.17 -24.74 -0.91
IGBM. . . . . . . . . . . . . . . . . . . 855.67 -5.35 -0.62
SWISS MARKET INDEX. . . 5551.65 -12.97 -0.23
Price Chg %chg
3M........................................................73.60 -2.68 98.19 72.00
ABBOTT LABS ...................................50.91 -0.29 54.24 45.07
ALCOA ..................................................9.97 -0.52 18.47 9.91
ALTRIA GROUP..................................26.10 -0.32 28.13 23.20
AMAZON.COM..................................229.71 5.50 244.00 151.40
AMERICAN EXPRESS........................46.47 -0.61 53.80 37.33
AMGEN INC.........................................55.67 -0.85 61.53 47.66
APPLE...............................................397.01 -2.25 422.86 275.00
AT&T....................................................28.55 -0.12 31.94 27.20
BANK OF AMERICA.............................6.16 -0.32 15.31 6.00
BERKSHIRE HATAW B.......................70.78 -1.29 87.65 65.35
BOEING CO.........................................61.92 -0.86 80.65 56.01
BRISTOL MYERS SQUI ......................30.84 -0.40 31.78 20.05
CATERPILLAR....................................75.08 -2.59 116.55 72.60
CHEVRON...........................................91.74 -1.80 109.94 79.58
CISCO SYSTEMS................................15.84 -0.23 24.60 13.30
CITIGROUP.........................................25.92 -1.07 51.50 23.19
COCA-COLA.......................................68.06 -1.51 71.77 58.25
COLGATE PALMOLIVE......................88.73 -2.34 94.89 73.62
CONOCOPHILLIPS.............................63.23 -1.03 81.80 56.01
CVS/CAREMARK................................34.02 -0.67 39.50 29.45
DU PONT(EI) DE NMR........................40.89 -1.37 57.00 40.21
EXXON MOBIL....................................72.07 -0.84 88.23 61.27
GENERAL ELECTRIC.........................15.45 -0.31 21.65 14.72
GOOGLE A........................................528.84 -10.50 642.96 473.02
HEWLETT PACKARD.........................23.19 -0.40 49.39 19.92
HOME DEPOT.....................................33.60 -0.28 39.38 28.13
IBM.....................................................177.55 -0.16 185.63 133.51
INTEL CORP .......................................22.31 -0.23 26.78 18.77
J.P.MORGAN CHASE.........................30.47 -1.10 48.36 28.53
JOHNSON & JOHNSON.....................63.25 -0.57 68.05 57.50
KRAFT FOODS A................................34.23 -0.70 36.30 24.30
MC DONALD'S CORP ........................88.03 -1.71 91.22 72.14
MERCK AND CO. NEW......................31.94 -0.20 37.68 29.47
MICROSOFT........................................25.58 -0.10 29.46 23.65
OCCID. PETROLEUM.........................74.99 -3.46 117.89 69.90
ORACLE CORP...................................29.46 -0.68 36.50 24.72
PEPSICO.............................................61.97 -0.46 71.89 59.25
PFIZER ................................................17.56 -0.19 21.45 16.25
PHILIP MORRIS INTL .........................63.38 -1.33 72.74 55.10
PROCTER AND GAMBLE ..................62.73 -0.53 67.72 56.57
QUALCOMM INC ................................51.06 -0.72 59.84 42.45
SCHLUMBERGER ..............................60.33 -3.09 95.64 58.77
TRAVELERS CIES..............................48.17 -1.07 64.17 46.62
UNITED TECHNOLOGIE ....................71.85 -1.30 91.83 67.12
UNITEDHEALTH GROUP...................47.64 -1.81 53.50 33.94
VERIZON COMMS ..............................36.84 -0.05 38.95 31.60
WAL-MART STORES..........................51.31 -0.72 57.90 48.31
WALT DISNEY CO ..............................30.48 -0.68 44.34 29.05
WELLS FARGO & CO.........................24.45 -0.51 34.25 22.58
COMMODITIES CREDIT & RATES
BoE IR Overnight ............................0.500 0.00
BoE IR 7 days.................................0.500 0.00
BoE IR 1 month ..............................0.500 0.00
BoE IR 3 months ............................0.500 0.00
BoE IR 6 months ............................0.500 0.00
LIBOR Euro - overnight ..................0.907 0.00
LIBOR Euro - 12 months ................2.038 0.00
LIBOR USD - overnight...................0.146 0.00
LIBOR USD - 12 months.................0.854 0.00
HaIifax mortgage rate .....................3.990 0.00
Euro Base Rate ...............................1.500 0.00
Finance house base rate................1.000 0.00
US Fed funds...................................0.250 0.00
US Iong bond yieId .........................3.090 -0.02
European repo rate.........................0.777 0.02
Euro Euribor ....................................1.228 0.01
The vix index ...................................39.60 1.89
The baItic dry index ........................1.927 0.00
Markit iBoxx...................................230.82 0.06
Markit iTraxx..................................189.68 -6.50
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
USSHARES
C/$ 1.3587 0.0001
C/ 0.8705 0.0011
C/ 103.93 0.8220
/C 1.1481 0.0057
/$ 1.5611 0.0020
/ 119.38 0.6571
FTSE 100
5217.63
76.42
FTSE 250
10038.67
88.46
FTSE ALLSHARE
2701.64
36.89
DOW
11010.90
179.79
NASDAQ
2491.58
55.25
S&P 500
1151.06
24.32
RPC Group . . . . . . . .325.9 7.6 384.8 215.4
Smiths Group . . . . . .969.5 21.0 1429.0 907.5
Brown (N.) Group . . .279.6 1.1 311.2 232.3
Carpetright . . . . . . . . .491.5 -2.4 835.5 477.9
Debenhams . . . . . . . . .59.0 0.6 77.4 51.2
Dignity . . . . . . . . . . . .843.5 11.5 854.5 633.0
Dixons RetaiI . . . . . . .11.8 0.2 28.5 10.6
DuneImGroup . . . . . .470.5 -2.0 550.0 380.0
HaIfords Group . . . . .310.6 -8.0 459.7 268.6
Home RetaiI Group . .116.7 -3.3 235.0 105.1
Inchcape . . . . . . . . . .295.1 -2.2 425.4 268.1
JD Sports Fashion . .840.3 -19.8 1030.0 753.5
Kesa EIectricaIs . . . . .86.2 1.5 174.0 80.0
Kingfisher . . . . . . . . .247.1 -3.9 287.1 217.0
Marks & Spencer G . .330.0 -2.5 427.5 301.8
Mothercare . . . . . . . .328.5 -2.7 627.5 317.3
Next . . . . . . . . . . . . .2605.0 13.0 2649.0 1868.0
Sports Direct Int . . . .220.0 -1.0 266.2 125.5
WH Smith . . . . . . . . . .500.0 -4.5 523.0 433.8
Smith & Nephew . . . .587.0 -3.0 742.0 521.0
Synergy HeaIth . . . . .875.0 2.0 981.0 719.0
Barratt DeveIopme . . .82.3 -1.5 119.0 67.5
BeIIway . . . . . . . . . . . .623.0 5.5 753.5 511.0
YuIe Catto & Co . . . . .156.3 -0.7 253.0 148.0
BaIfour Beatty . . . . . .258.4 -1.2 357.3 228.6
Kier Group . . . . . . . .1279.0 6.0 1418.0 1097.0
Drax Group . . . . . . . .483.0 -20.5 536.5 353.6
Scottish & Southe . .1305.0 5.0 1423.0 1108.0
Domino Printing S . .465.0 0.0 705.0 460.0
HaIma . . . . . . . . . . . . .324.9 1.1 429.6 308.0
Laird . . . . . . . . . . . . . .136.0 -0.9 207.0 127.9
Morgan CrucibIe C . .249.6 -2.5 357.1 211.5
Oxford Instrument . .825.0 15.0 1010.0 495.0
Renishaw . . . . . . . . .1060.0 5.0 1886.0 1016.0
Spectris . . . . . . . . . .1233.0 -5.0 1679.0 1051.0
Aberforth SmaIIer . . .552.5 -7.0 714.0 539.5
AIIiance Trust . . . . . .328.0 -3.1 392.7 321.6
Bankers Inv Trust . . .373.6 1.6 428.0 356.5
BH GIobaI Ltd. GB .1207.0 -2.0 1216.0 1058.0
BH GIobaI Ltd. US . . . .11.8 -0.4 12.2 10.4
BH Macro Ltd. EUR . . .19.2 0.0 20.1 15.8
BH Macro Ltd. GBP 1980.0 -29.0 2070.0 1630.0
BH Macro Ltd. USD . . .19.1 -0.1 20.1 15.8
BIackRock WorId M .615.0 -10.0 815.5 604.0
BIueCrest AIIBIue . . .169.1 -1.4 176.2 162.4
British Assets Tr . . . .116.5 -1.0 140.5 112.4
British Empire Se . . .437.5 -5.0 533.0 435.1
CaIedonia Investm .1539.0 0.0 1928.0 1480.0
City of London In . . .270.4 -1.6 306.9 257.0
Dexion AbsoIute L . .135.0 0.0 151.0 134.5
Edinburgh Dragon . .215.0 -0.4 262.1 208.0
Edinburgh Inv Tru . . .455.0 -0.2 492.2 414.9
EIectra Private E . . .1371.0 1.0 1755.0 1287.0
F&C Inv Trust . . . . . .277.5 -3.4 327.9 268.6
FideIity China Sp . . . . .76.1 0.7 128.7 72.8
FideIity European . . .974.5 -3.0 1287.0 937.5
HeraId Inv Trust . . . . .453.0 3.0 545.5 430.0
HICL Infrastructu . . . .115.6 -0.3 121.3 112.7
Impax Environment . .94.8 -0.2 130.5 93.7
JPMorgan American .816.0 -3.5 916.0 721.5
JPMorgan Asian In . .182.3 0.3 250.8 177.2
JPMorgan Emerging .498.0 -8.0 639.0 483.0
JPMorgan European .750.0 -0.5 983.5 701.0
JPMorgan Indian I . . .364.8 -0.2 502.0 351.3
JPMorgan Russian .447.8 -3.4 755.0 443.0
Law Debenture Cor . .343.0 1.5 385.0 309.8
MercantiIe Inv Tr . . . .906.5 -15.0 1137.0 876.5
Merchants Trust . . . .376.0 3.4 431.8 348.7
Monks Inv Trust . . . .321.1 -7.0 367.9 311.3
Murray Income Tru . .600.5 -1.5 673.0 577.0
Murray Internatio . . .866.5 -4.0 991.5 840.0
PerpetuaI Income . . .248.1 -2.3 276.0 232.6
PoIar Cap TechnoI . .327.1 0.2 391.2 299.5
RIT CapitaI Partn . . .1227.0 10.0 1334.0 1110.0
Scottish Inv Trus . . . .445.5 -2.0 524.0 423.5
Scottish Mortgage . .652.0 2.5 781.0 630.5
SVG CapitaI . . . . . . . .206.0 1.0 279.8 169.2
TempIe Bar Inv Tr . . .842.5 -1.5 952.0 784.0
TempIeton Emergin .527.0 -5.0 689.5 511.0
TR Property Inv T . . .162.5 0.0 206.1 154.5
TR Property Inv T . . . .74.0 -0.1 94.0 69.5
Witan Inv Trust . . . . .430.1 -2.1 533.0 420.0
3i Group . . . . . . . . . . .197.3 -4.7 340.0 187.2
3i Infrastructure . . . .121.1 -0.2 125.2 112.9
Aberdeen Asset Ma .176.0 -5.8 240.0 160.5
Ashmore Group . . . .350.0 -2.0 420.0 301.5
Brewin DoIphin Ho . .121.0 -3.8 185.4 120.5
CameIIia . . . . . . . . . .9543.0 243.010950.0 8900.0
CharIes TayIor Co . . .135.5 -0.5 198.3 122.0
City of London Gr . . . .77.8 0.0 93.6 76.3
City of London In . . .365.0 4.3 461.5 332.5
CIose Brothers Gr . . .695.0 -2.5 888.5 656.5
CoIIins Stewart H . . . .64.0 0.0 90.8 62.0
EvoIution Group . . . . .83.8 -0.5 94.0 62.3
F&C Asset Managem .65.4 -1.6 92.9 58.7
Hargreaves Lansdo .458.0 -14.0 646.5 402.5
HeIphire Group . . . . . . .2.5 -0.1 39.0 2.2
Henderson Group . . .109.9 -1.9 173.1 108.5
Highway CapitaI . . . . .15.5 0.0 21.0 6.5
ICAP . . . . . . . . . . . . . .429.4 -16.9 570.5 391.3
IG Group HoIdings . .441.2 -13.8 553.0 393.6
Intermediate Capi . . .219.7 -6.6 360.3 204.8
InternationaI Per . . . .222.5 -2.8 388.8 196.5
InternationaI Pub . . . .114.8 0.0 118.3 108.6
Investec . . . . . . . . . . .369.6 -4.6 538.0 357.5
IP Group . . . . . . . . . . . .45.6 0.6 54.5 27.9
Jupiter Fund Mana . .203.3 -3.7 337.3 184.9
Liontrust Asset M . . . .68.0 -4.5 94.3 67.0
LMS CapitaI . . . . . . . . .59.0 -0.5 64.8 44.8
London Finance & . . .21.5 0.0 23.5 16.5
London Stock Exch .840.0 -2.5 1076.0 675.0
Lonrho . . . . . . . . . . . . .13.3 0.0 19.8 11.0
Man Group . . . . . . . . .180.0 -59.6 311.0 178.0
Paragon Group Of . .152.3 -1.0 206.1 134.6
Provident Financi . .1021.0 -18.0 1124.0 728.5
Rathbone Brothers .1070.0 12.0 1257.0 840.5
Record . . . . . . . . . . . . .29.0 0.3 51.0 20.3
RSM Tenon Group . . .22.5 0.0 66.3 21.3
Schroders . . . . . . . .1286.0 -34.0 1922.0 1183.0
Schroders (Non-Vo .1044.0 -30.0 1554.0 970.0
TuIIett Prebon . . . . . .352.0 -10.0 428.6 329.8
WaIker Crips Grou . . .46.5 0.5 51.5 45.0
BT Group . . . . . . . . . .173.8 -1.3 204.1 140.0
CabIe & WireIess . . . .37.3 -0.8 59.1 31.3
CabIe & WireIess . . . .31.5 0.1 76.9 29.5
COLT Group SA . . . .102.4 -1.4 156.2 97.7
KCOM Group . . . . . . . .69.9 0.3 84.0 47.5
TaIkTaIk TeIecom . . .126.8 -3.9 168.3 119.8
TeIecomPIus . . . . . . .710.5 0.5 714.8 370.0
Booker Group . . . . . . .72.5 -1.2 77.9 47.9
Greggs . . . . . . . . . . . .462.2 -3.1 550.5 429.1
Morrison (Wm) Sup .285.3 -6.0 308.3 262.7
Ocado Group . . . . . . . .97.0 -1.5 285.0 91.0
Sainsbury (J) . . . . . . .274.4 -3.9 395.0 263.5
Tesco . . . . . . . . . . . . .381.0 -3.5 440.7 356.3
Associated Britis . . .1118.0 -25.0 1182.0 940.0
Cranswick . . . . . . . . .638.0 9.0 896.0 588.5
Dairy Crest Group . . .351.2 12.5 424.9 325.0
Devro . . . . . . . . . . . . .238.2 -8.5 296.9 218.0
Premier Foods . . . . . . .10.5 0.0 35.1 10.2
Tate & LyIe . . . . . . . . .612.5 1.5 656.0 466.8
UniIever . . . . . . . . . .2003.0 -3.0 2081.0 1777.0
Mondi . . . . . . . . . . . . .496.1 -1.9 664.0 468.8
Centrica . . . . . . . . . . .296.2 -4.9 345.8 282.6
InternationaI Pow . . .318.0 -0.6 448.6 279.4
NationaI Grid . . . . . . .629.0 0.0 647.0 530.0
Northumbrian Wate .463.5 0.3 469.5 295.5
Pennon Group . . . . . .685.0 -2.5 737.5 579.5
Severn Trent . . . . . .1530.0 4.0 1533.0 1306.0
United UtiIities . . . . .613.5 1.0 631.5 543.5
Cookson Group . . . . .436.3 -4.7 724.5 410.5
DS Smith . . . . . . . . . .179.3 -2.6 266.2 149.4
Rexam . . . . . . . . . . . .312.7 -2.4 400.0 300.9
BAE Systems . . . . . .270.4 -6.0 369.9 248.1
Chemring Group . . . .536.5 8.0 736.5 485.0
Cobham . . . . . . . . . . .180.4 -4.3 245.6 173.4
Meggitt . . . . . . . . . . . .329.2 -3.6 397.6 296.2
QinetiQ Group . . . . . .114.1 -0.2 136.3 96.7
RoIIs-Royce Group . .611.5 -9.5 665.0 557.5
Senior . . . . . . . . . . . . .146.4 1.4 190.6 128.7
UItra EIectronics . . .1550.0 -6.0 1895.0 1305.0
Hansen Transmissi . . .65.3 0.1 65.9 32.5
GKN . . . . . . . . . . . . . .175.1 -5.6 245.0 164.2
BarcIays . . . . . . . . . . .166.4 -2.1 333.6 138.9
HSBC HoIdings . . . . .510.0 -10.4 730.9 486.2
LIoyds Banking Gr . . .36.1 -0.9 76.4 27.6
RoyaI Bank of Sco . . .24.1 -0.9 49.5 19.7
Standard Chartere .1322.0 -30.5 1950.0 1272.0
AG Barr . . . . . . . . . .1225.0 15.0 1395.0 1031.0
Britvic . . . . . . . . . . . . .324.3 -0.1 503.5 289.9
Diageo . . . . . . . . . . .1259.0 -14.5 1307.0 1092.0
SABMiIIer . . . . . . . . .2132.0 -44.0 2340.0 1979.0
AZ EIectronic Mat . . .239.9 -5.1 338.1 210.0
Croda Internation . .1684.0 -67.0 2081.0 1367.0
EIementis . . . . . . . . . .129.3 -1.2 187.4 99.6
Johnson Matthey . .1653.0 3.0 2119.0 1531.0
Victrex . . . . . . . . . . .1156.0 -40.0 1590.0 1133.0
Price Chg High Low
BerkeIey Group Ho .1196.0 -24.0 1299.0 789.5
Bovis Homes Group .403.0 -6.9 464.7 326.5
Persimmon . . . . . . . .457.7 -2.6 502.5 336.5
Reckitt Benckiser . .3272.0 -40.0 3648.0 3015.0
Redrow . . . . . . . . . . . .111.9 -0.1 139.0 98.4
TayIor Wimpey . . . . . . .35.2 0.1 43.3 22.3
Bodycote . . . . . . . . . .263.3 0.4 397.7 247.9
Charter Internati . . . .867.5 -0.5 877.0 538.5
Fenner . . . . . . . . . . . .322.3 -2.5 422.5 232.2
IMI . . . . . . . . . . . . . . . .741.5 -26.5 1119.0 725.5
MeIrose . . . . . . . . . . .303.3 13.3 365.4 262.8
Northgate . . . . . . . . . .250.0 -4.4 346.7 202.0
Rotork . . . . . . . . . . .1596.0 -22.0 1895.0 1501.0
Spirax-Sarco Engi . .1854.0 -10.0 2063.0 1649.0
Weir Group . . . . . . .1616.0 -77.0 2218.0 1403.0
Ferrexpo . . . . . . . . . . .290.0 -17.2 499.0 283.3
TaIvivaara Mining . . .267.3 -5.3 622.0 265.0
BBAAviation . . . . . . .167.8 2.9 240.8 156.0
Stobart Group Ltd . . .128.7 -0.3 163.6 122.0
AdmiraI Group . . . . .1319.0 -63.0 1754.0 1230.0
AmIin . . . . . . . . . . . . .296.9 -1.3 427.0 278.7
Huntsworth . . . . . . . . .61.3 2.5 86.0 56.0
Informa . . . . . . . . . . . .335.0 -10.8 461.1 324.0
ITE Group . . . . . . . . . .167.6 -1.4 258.2 160.5
ITV . . . . . . . . . . . . . . . . .60.4 -1.9 93.5 51.7
Johnston Press . . . . . . .5.0 0.1 15.0 4.4
MecomGroup . . . . . .149.3 4.3 310.0 135.3
Moneysupermarket. .108.9 0.2 120.4 75.7
Pearson . . . . . . . . . .1148.0 -13.0 1207.0 926.0
PerformGroup . . . . .208.0 -2.0 234.5 150.0
Reed EIsevier . . . . . .501.5 -3.5 590.5 461.3
Rightmove . . . . . . . .1280.0 -4.0 1307.0 732.5
STV Group . . . . . . . . .105.5 -0.5 168.0 89.8
Tarsus Group . . . . . .125.0 -2.5 165.0 112.5
Trinity Mirror . . . . . . . .41.3 -1.8 113.5 37.5
UBM . . . . . . . . . . . . . .459.7 -7.8 725.0 416.0
UTV Media . . . . . . . . .124.6 -0.4 151.0 101.0
WiImington Group . . .90.0 1.5 183.0 82.5
WPP . . . . . . . . . . . . . .628.5 -13.0 846.5 578.5
YeII Group . . . . . . . . . . .4.1 -0.1 16.1 4.0
African Barrick G . . .512.5 -3.5 638.0 393.5
AngIo American . . .2340.5 -86.0 3437.0 2230.0
AngIo Pacific Gro . . .266.0 0.5 369.3 257.1
Antofagasta . . . . . . . .990.0 -62.0 1634.0 950.0
Aquarius PIatinum . .180.2 -8.9 419.0 177.0
BHP BiIIiton . . . . . . .1799.0 -76.5 2631.5 1731.5
BeazIey . . . . . . . . . . . .118.7 0.7 139.2 109.6
CatIin Group Ltd. . . .384.1 -0.9 421.4 325.0
Hiscox Ltd. . . . . . . . . .380.5 7.3 424.7 340.5
Jardine LIoyd Tho . . .646.0 -5.5 709.0 564.5
Lancashire HoIdin . . .733.5 4.5 742.5 529.0
RSA Insurance Gro . .113.6 -0.8 143.5 107.0
Aviva . . . . . . . . . . . . . .303.6 -4.6 477.9 276.1
LegaI & GeneraI G . . .100.1 -1.3 123.8 90.9
OId MutuaI . . . . . . . . .110.1 -1.9 145.2 103.2
Phoenix Group HoI . .490.0 -2.0 699.5 458.0
PrudentiaI . . . . . . . . .573.5 -15.0 777.0 546.5
ResoIution Ltd. . . . . .251.1 -1.9 316.1 211.3
St James's PIace . . . .316.4 3.9 376.0 236.2
Standard Life . . . . . . .205.2 -2.2 244.7 172.0
4Imprint Group . . . . .217.0 -0.5 295.0 200.0
Aegis Group . . . . . . .127.8 -1.3 163.5 121.3
BIoomsbury PubIis . . .98.8 0.0 138.0 96.0
British Sky Broad . . .688.0 -11.0 850.0 618.5
Centaur Media . . . . . . .36.5 -1.5 73.0 36.0
Chime Communicati .190.5 3.3 298.5 173.0
Creston . . . . . . . . . . . .78.0 1.8 121.0 75.0
DaiIy MaiI and Ge . . .361.6 -6.4 594.5 343.4
Euromoney Institu . .612.0 -3.0 736.0 522.5
Future . . . . . . . . . . . . . .12.1 0.0 30.0 10.8
Haynes PubIishing . .233.0 0.0 260.0 202.5
Centamin Egypt Lt . . .98.4 -2.5 197.1 89.7
Eurasian NaturaI . . .579.5 -19.5 1125.0 550.0
FresniIIo . . . . . . . . . .1585.0 -96.0 2150.0 1223.0
GemDiamonds Ltd. .218.5 -1.5 306.0 179.8
GIencore Internat . . .423.0 -21.8 531.1 348.0
HochschiId Mining . .451.0 -10.0 680.0 423.9
Kazakhmys . . . . . . . .840.5 -16.5 1671.0 782.0
Kenmare Resources . .38.0 -1.4 59.9 17.2
Lonmin . . . . . . . . . . .1098.0 -37.0 1983.0 1067.0
New WorId Resourc .475.1 -14.9 1060.0 460.4
PetropavIovsk . . . . . .638.0 -53.0 1191.0 638.0
RandgoId Resource 6295.0-190.0 7215.0 4425.0
Rio Tinto . . . . . . . . .3057.0-139.5 4712.0 2964.5
Vedanta Resources .1151.0 -45.0 2559.0 1070.0
Xstrata . . . . . . . . . . . .879.0 -23.1 1550.0 820.0
Inmarsat . . . . . . . . . . .496.6 -11.4 719.5 389.7
Vodafone Group . . . .166.7 0.5 182.8 155.1
Genesis Emerging . .447.0 -1.4 568.0 438.0
Afren . . . . . . . . . . . . . . .91.2 4.8 171.2 84.7
BG Group . . . . . . . . .1262.5 41.5 1564.5 1118.5
BP . . . . . . . . . . . . . . . .399.9 -4.9 509.0 363.2
Cairn Energy . . . . . . .276.5 -19.1 469.7 274.6
EnQuest . . . . . . . . . . . .89.2 -4.7 158.5 88.8
Essar Energy . . . . . .259.4 -10.5 589.5 235.1
ExiIIon Energy . . . . . .212.5 3.0 469.7 195.0
Heritage OiI . . . . . . . .244.0 -3.0 486.0 190.0
Ophir Energy . . . . . . .271.6 -2.4 299.0 184.5
Premier OiI . . . . . . . . .344.1 -6.2 535.0 310.0
RoyaI Dutch SheII . .1999.5 -36.5 2326.5 1883.5
RoyaI Dutch SheII . .2017.0 -52.0 2336.0 1846.5
SaIamander Energy .199.8 3.2 317.6 182.3
Soco Internationa . . .331.6 -14.2 454.7 279.8
TuIIow OiI . . . . . . . . .1316.0 -8.0 1493.0 945.5
Amec . . . . . . . . . . . . .847.5 -37.5 1251.0 834.0
Hunting . . . . . . . . . . .584.0 -19.0 817.0 579.5
Kentz Corporation . .460.5 -9.0 494.5 275.5
LampreII . . . . . . . . . . .260.0 -0.8 395.2 247.6
Petrofac Ltd. . . . . . .1233.0 -75.0 1685.0 1110.0
Wood Group (John) .539.0 -0.5 715.8 430.5
Burberry Group . . . .1309.0 -55.0 1600.0 959.5
PZ Cussons . . . . . . . .332.6 -0.8 409.0 320.5
Supergroup . . . . . . .1072.0 17.0 1820.0 818.5
AstraZeneca . . . . . .2861.0 -18.5 3359.0 2543.5
BTG . . . . . . . . . . . . . .258.6 -2.1 309.7 210.1
Genus . . . . . . . . . . . .1111.0 31.0 1114.0 772.0
GIaxoSmithKIine . . .1348.0 -1.0 1385.0 1127.5
Hikma Pharmaceuti .590.0 1.5 900.0 555.5
Shire PIc . . . . . . . . . .1989.0 -34.0 2136.0 1405.0
CapitaI & Countie . . .172.0 -0.1 203.7 131.2
Daejan HoIdings . . .2445.0 47.0 2954.0 2282.0
F&C CommerciaI Pr . .99.3 3.7 108.0 88.0
Grainger . . . . . . . . . . . .88.0 -1.7 133.2 86.0
London & Stamford .116.9 1.2 140.0 112.9
SaviIIs . . . . . . . . . . . . .296.0 7.4 427.1 288.2
UK CommerciaI Pro . .76.0 2.1 85.5 70.4
Unite Group . . . . . . . .169.3 1.6 229.8 152.9
Big YeIIow Group . . .244.0 -4.5 353.3 234.2
British Land Co . . . . .489.3 -11.2 629.5 465.0
CapitaI Shopping . . .326.9 4.9 424.8 296.4
Derwent London . . .1513.0 -25.0 1880.0 1411.0
Great PortIand Es . . .351.2 -5.7 445.0 329.0
Hammerson . . . . . . . .381.1 -6.5 490.9 366.5
Hansteen HoIdings . . .75.2 -0.3 89.5 69.8
Land Securities G . . .642.5 -16.0 885.0 629.0
SEGRO . . . . . . . . . . . .217.6 -3.6 331.3 215.8
Shaftesbury . . . . . . . .477.1 -3.7 539.0 431.7
Autonomy Corporat 2538.0 -2.0 2540.0 1271.0
Aveva Group . . . . . .1507.0 -43.0 1799.0 1391.0
Computacenter . . . . .380.0 4.0 490.0 286.4
Fidessa Group . . . . .1575.0 -20.0 2109.0 1409.0
Invensys . . . . . . . . . . .237.9 -0.8 364.3 221.1
Logica . . . . . . . . . . . . .79.6 -0.7 147.2 73.9
Micro Focus Inter . . .341.5 -7.3 426.2 239.4
Misys . . . . . . . . . . . . .236.1 3.9 420.2 214.9
Sage Group . . . . . . . .257.0 -7.8 302.0 231.7
SDL . . . . . . . . . . . . . . .651.0 1.0 711.5 555.0
TeIecity Group . . . . . .561.0 -3.0 583.5 430.0
Aggreko . . . . . . . . . .1745.0 -14.0 2034.0 1394.5
Ashtead Group . . . . .142.4 2.4 207.9 99.4
Atkins (WS) . . . . . . . .544.5 0.0 820.0 490.2
Babcock Internati . . .663.0 2.0 733.0 513.5
Berendsen . . . . . . . . .431.8 -1.8 568.0 391.3
BunzI . . . . . . . . . . . . .794.0 -1.0 812.5 676.5
Cape . . . . . . . . . . . . . .478.0 -5.8 591.5 337.5
Capita Group . . . . . . .716.5 4.0 794.5 635.5
CariIIion . . . . . . . . . . .340.4 -1.9 403.2 298.8
De La Rue . . . . . . . . . .811.5 12.5 853.5 549.5
EIectrocomponents .194.5 -2.2 294.9 190.0
Experian . . . . . . . . . . .740.5 5.5 833.5 665.0
FiItrona PLC . . . . . . . .360.7 -4.3 385.5 227.5
G4S . . . . . . . . . . . . . . .267.0 -0.6 291.0 237.7
Hays . . . . . . . . . . . . . . .73.9 -1.2 133.6 69.4
Homeserve . . . . . . . .482.1 -0.5 532.0 408.0
Howden Joinery Gr . .104.9 -1.6 127.5 75.4
Interserve . . . . . . . . . .301.5 -0.6 341.3 183.5
Intertek Group . . . . .2039.0 -29.0 2148.0 1715.0
MichaeI Page Inte . . .380.1 2.2 567.0 338.7
Mitie Group . . . . . . . .244.0 5.3 244.4 191.2
Premier FarneII . . . . .159.1 1.0 308.8 148.1
Regus . . . . . . . . . . . . . .75.9 -0.2 119.0 64.0
RentokiI InitiaI . . . . . . .73.8 -1.3 104.9 72.9
RPS Group . . . . . . . . .167.3 -2.2 253.0 161.4
Serco Group . . . . . . .515.5 -0.5 633.0 490.9
Shanks Group . . . . . .108.9 0.0 130.9 103.0
SIG . . . . . . . . . . . . . . . .96.7 1.0 153.5 91.0
SThree . . . . . . . . . . . .225.6 1.6 447.6 213.2
Travis Perkins . . . . . .740.0 -13.0 1127.0 715.0
WoIseIey . . . . . . . . .1502.0 -34.0 2261.0 1404.0
ARM HoIdings . . . . . .592.0 -1.0 651.0 338.9
CSR . . . . . . . . . . . . . .224.0 -5.2 447.0 208.0
Imagination Techn . .444.6 -5.4 502.0 296.9
Pace . . . . . . . . . . . . . .100.5 -1.3 231.8 91.0
Spirent Communica .122.7 -2.0 160.3 116.0
British American . .2793.0 -3.5 2871.0 2282.5
ImperiaI Tobacco . .2161.0 5.0 2231.0 1784.0
Avis Europe . . . . . . . .315.0 0.0 315.0 184.0
Betfair Group . . . . . . .763.0 12.5 1550.0 567.0
Bwin.party Digita . . . .119.2 -8.6 289.1 100.6
CarnivaI . . . . . . . . . .2051.0 -51.0 3153.0 1742.0
Compass Group . . . .529.5 -13.0 612.0 511.5
Domino's Pizza UK . .458.1 -50.4 586.0 377.0
easyJet . . . . . . . . . . . .355.0 -2.0 479.0 301.0
FirstGroup . . . . . . . . .327.4 -9.1 412.6 311.3
Go-Ahead Group . . .1380.0 -24.0 1598.0 1085.0
Greene King . . . . . . .441.2 -3.8 518.0 410.0
InterContinentaI . . .1071.0 -24.0 1435.0 955.0
InternationaI Con . . .153.8 -2.3 305.0 141.6
JD Wetherspoon . . . .392.2 2.2 468.3 386.3
Ladbrokes . . . . . . . . .122.7 -1.3 155.3 120.0
Marston's . . . . . . . . . . .93.0 -0.4 117.1 87.1
MiIIennium& Copt . .418.0 -2.2 600.5 395.5
MitcheIIs & ButIe . . . .244.0 -2.5 361.0 216.4
NationaI Express . . .235.4 -0.7 270.2 220.7
Rank Group . . . . . . . .120.2 1.4 153.7 109.5
Restaurant Group . . .279.2 -2.8 335.0 254.9
Stagecoach Group . .243.9 -3.1 268.5 180.4
Thomas Cook Group .36.9 -0.3 204.8 33.7
TUI TraveI . . . . . . . . . .155.7 -3.0 271.9 137.2
Whitbread . . . . . . . .1622.0 -12.0 1887.0 1409.0
WiIIiamHiII . . . . . . . . .224.6 -3.6 237.3 155.5
Abcam . . . . . . . . . . . .357.0 -7.0 460.0 307.0
AIbemarIe & Bond . .343.0 3.0 400.1 272.0
Amerisur Resource . .13.5 0.3 29.0 11.5
Andor TechnoIogy . .577.0 1.5 685.0 340.0
ArchipeIago Resou . . .70.0 1.0 79.0 32.3
ASOS . . . . . . . . . . . .1559.0 -87.0 2468.0 1111.0
AureIian OiI & Ga . . . .20.0 1.0 92.0 16.0
Avanti Communicat .255.0 -5.8 735.0 250.0
Avocet Mining . . . . . .234.5 -4.5 286.8 160.5
BIinkx . . . . . . . . . . . . .151.8 -6.3 159.0 70.5
Borders & Souther . . .45.0 0.0 80.5 43.5
BowLeven . . . . . . . . .103.3 2.3 398.0 89.8
Brooks MacdonaId 1230.0 0.0 1372.5 907.5
Cove Energy . . . . . . . .74.5 -0.5 112.8 61.0
Daisy Group . . . . . . . .110.5 0.0 127.0 88.0
EMIS Group . . . . . . . .529.5 0.5 580.0 367.5
Encore OiI . . . . . . . . . .48.5 -1.5 151.5 40.8
Faroe PetroIeum . . . .145.3 0.3 218.3 133.0
GuIfsands PetroIe . . .186.8 1.3 401.5 142.5
GWPharmaceuticaI . .99.5 -0.5 130.0 83.0
H&T Group . . . . . . . . .333.5 3.5 395.0 277.0
Hamworthy . . . . . . . .510.0 -19.5 705.0 360.0
Hargreaves Servic .1021.0 -18.0 1078.0 675.0
HeaIthcare Locums . . . .6.0 0.7 6.6 5.1
Immunodiagnostic .1035.0 2.0 1218.0 768.5
ImpeIIamGroup . . . .332.5 2.5 387.5 134.0
James HaIstead . . . . .430.5 1.9 495.0 324.8
KaIahari MineraIs . . .225.0 -2.8 301.0 142.0
London Mining . . . . .320.0 -10.5 436.5 283.0
Lupus CapitaI . . . . . . .95.0 -5.0 150.0 86.0
M. P. Evans Group . .419.0 -13.5 500.5 371.0
Majestic Wine . . . . . .425.0 3.0 510.0 330.0
May Gurney Integr . .280.5 9.5 295.0 181.0
Monitise . . . . . . . . . . . .35.8 0.5 39.0 18.5
MuIberry Group . . . .1555.0 -8.0 1920.0 383.5
Nanoco Group . . . . . . .49.5 -0.5 115.8 48.0
NauticaI PetroIeu . . .298.0 -2.0 547.0 223.5
NichoIs . . . . . . . . . . . .524.0 -9.0 579.0 410.0
Numis Corporation . . .92.0 -0.5 137.8 89.0
Pan African Resou . . .12.3 0.0 14.5 8.2
Patagonia GoId . . . . . .52.8 0.3 70.0 20.3
Prezzo . . . . . . . . . . . . .56.3 -0.1 71.5 53.3
Pursuit Dynamics . . .185.3 -2.3 700.0 160.5
Rockhopper ExpIor .195.0 -5.8 489.0 141.0
RWS HoIdings . . . . . .460.0 0.0 479.8 258.5
Songbird Estates . . .120.0 -2.3 160.3 110.3
VaIiant PetroIeum . . .462.5 22.0 761.5 435.0
Young & Co's Brew . .620.0 -2.5 712.0 530.0
Afren . . . . . . . . . . . . . .91.2 5.6
MeIrose . . . . . . . . . . .303.3 4.6
F&C CommerciaI Pro .99.3 3.8
Dairy Crest Group . . .351.2 3.7
BG Group . . . . . . . . .1262.5 3.4
Genus . . . . . . . . . . . .1111.0 2.9
UK CommerciaI Prop .76.0 2.8
SaviIIs . . . . . . . . . . . .296.0 2.6
RPC Group . . . . . . . .325.9 2.4
Mitie Group . . . . . . . .244.0 2.2
Man Group . . . . . . . . .180.0 -24.9
Domino's Pizza UK .458.1 -9.9
PetropavIovsk . . . . . .638.0 -7.7
Bwin.party DigitaI . . .119.2 -6.7
Cairn Energy . . . . . . .276.5 -6.5
Antofagasta . . . . . . . .990.0 -5.9
Petrofac Ltd. . . . . . .1233.0 -5.7
FresniIIo . . . . . . . . . .1585.0 -5.7
Ferrexpo . . . . . . . . . .290.0 -5.6
EnQuest . . . . . . . . . . . .89.2 -5.0
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
AEROSPACE & DEFENCE
CONSTRUCTION & MATERIALS
ELECTRICITY
ELECTRONIC & ELECTRICAL EQ.
EQUITY INVESTMENT INSTRUM.
FINANCIAL SERVICES
FIXED LINE TELECOMS
FOOD & DRUG RETAILERS
FOOD PRODUCERS
FORESTRY & PAPER
GAS, WATER & MULTIUTILITIES
GENERAL RETAILERS
HEALTH CARE EQUIPMENT & S.
HHOLD GDS & HOME CONSTR.
INDUSTRIAL ENGINEERING
INDUSTRIAL TRANSPORTATION
MEDIA
LIFE INSURANCE
PERSONAL GOODS
PHARMACEUTICALS & BIOTECH
REAL ESTATE INVEST. & SERV.
SOFTWARE & COMPUTER SERV.
SUPPORT SERVICES
TECHNOLOGY HARDW. & EQUIP.
TOBACCO
TRAVEL & LEISURE
AIM 50
NON LIFE INSURANCE
REAL ESTATE INVEST. TRUSTS
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AUTOMOBILES & PARTS
BANKS
ALTERNATIVE ENERGY
CHEMICALS
BEVERAGES
GENERAL INDUSTRIALS
MOBILE TELECOMS
OIL & GAS PRODUCERS
OIL EQUIPMENT & SERVICES
MINING
NONEQUITY INVESTM. COMM.
Tsy 3.250 11 . . . . .100.39 -0.01 103.2 100.4
Tsy 5.250 12 . . . .103.22 -0.02 107.7 103.2
Tsy 9.000 12 . . . .106.48 0.00 115.0 106.5
Tsy 5.000 12 . . . .101.93 -0.02 106.3 101.9
Tsy 4.500 13 . . . .105.63 -0.01 108.8 105.6
Tsy 2.500 13 . . . .283.38 0.00 287.7 277.6
Tsy 8.000 13 . . . . .114.63 -0.02 120.7 114.3
Tsy 5.000 14 . . . . .112.00 0.02 114.1 109.2
Tsy 7.750 15 . . . .101.60 -0.39 109.1 101.6
Tsy 4.750 15 . . . . .113.94 0.02 114.8 108.6
Tsy 8.000 15 . . . .127.89 0.01 131.3 123.7
Tsy 2.500 16 . . . .337.48 0.12 341.0 310.2
Tsy 4.000 16 . . . . .112.29 0.09 113.4 104.9
Tsy 1.250 17 . . . . .113.83 0.21 115.0 106.7
Tsy 8.750 17 . . . .139.45 0.13 142.1 132.9
Tsy 12.000 17 . . .123.86 0.00 134.2 123.9
Tsy 5.000 18 . . . . .119.70 0.15 121.0 109.7
Tsy 4.500 19 . . . . .117.00 0.20 118.5 105.4
Tsy 3.750 19 . . . . .111.64 0.21 113.0 99.4
Tsy 2.500 20 . . . .350.33 0.26 355.6 312.4
Tsy 4.750 20 . . . . .119.30 0.20 120.8 106.6
Tsy 8.000 21 . . . .149.39 0.06 151.8 133.8
Tsy 1.875 22 . . . .122.55 0.45 123.8 111.3
Tsy 4.000 22 . . . . .113.03 0.15 114.7 99.0
Tsy 2.500 24 . . . .313.33 0.46 316.9 273.5
Tsy 5.000 25 . . . .123.57 0.27 125.4 107.4
Tsy 1.250 27 . . . . .117.19 0.68 118.9 104.6
Tsy 4.250 27 . . . . .113.97 0.42 115.8 97.9
Tsy 6.000 28 . . . .138.13 0.41 140.3 119.5
Tsy 4.125 30 . . . .297.19 0.85 301.4 261.2
Tsy 4.750 30 . . . .120.51 0.61 122.3 103.0
Tsy 4.250 32 . . . . .112.83 0.64 114.6 96.0
Tsy 4.250 36 . . . . .111.89 0.67 113.8 95.0
Tsy 4.750 38 . . . .120.75 0.65 123.0 102.8
Tsy 4.500 42 . . . . .116.46 0.72 118.3 98.9
% %
Wealth Management
C
ATASTROPHIC errors of judg-
ment by company boards are
blamed in Alistair Darlings
memoirs for the spectacular
corporate failures over the last few
years. Bringing more women into
the boardroom to shake up behav-
iour is being touted as at least part
of the answer and Lord Davies has
called for at least a quarter of the
directors on FTSE boards to be
female appointees by 2015. His rec-
ommendations look set to be
enshrined in the official UK
Corporate Governance Code any day
now and female non-executive can-
didates like Julie Meyer, the success-
ful founder of Ariadne Capital, have
already been inundated with invita-
tions to take up prestigious board
seats.
But before we celebrate the end of
history, lets not kid ourselves that
women are the panacea to poor gov-
ernance. Even if you are blessed
with the A-Team of diverse and capa-
ble board members, there is another
elephant in the room, arguably
much trickier to resolve.
Directors are not superhuman
even female ones. They face a phe-
nomenal task: to supervise and stew-
ard vast multinationals and recent
events suggest that even the execu-
tives on the board can struggle to
gain the visibility they need to do
the job.
I doubt well hear the chief execu-
tive of UBS being in any hurry to
repeat the claim he made to
investors a year ago, that if some-
thing goes wrong under his watch
you wont hear us saying we didnt
know. If it is hard for even the most
well intentioned of executives to
have a firm handle on everything
that they need to know, one can
only imagine the challenge for the
non-executive.
Poor information has been at the
heart of most of the recent headline
grabbing corporate crises from BP to
Lehman Brothers and Northern
Rock. It wasnt that their boards dis-
played poor judgment in resolving
their problems: they didnt realise
they had any.
Improving the quality of informa-
tion available to corporate boards is
one of the most powerful ways of
improving board effectiveness. But
our research suggests that the infor-
mation boards receive is far from
adequate. The official information
source for the board is often a dense
300-page deck of retrospective,
financial data only adding to the
fog through which directors
attempt to plot the course of the
company.
Adequate challenge in the board-
room cannot occur without diversi-
ty of thought (often, but not always,
a consequence of gender diversity),
but nor can it occur without access
to the right information.Only when
directors are provided with the req-
uisite information will we see
whether Darlings charge of poor
judgment is a fair one or whether
Winston Churchill may have more
light to shed: Give me the tools
and I will do the job.
T
HE vast majority of interviews
are competency-based these
days. This means they use a
method of questioning that
aims to find out whether or not you
can do the job. It also means that
the same questions come up time
and time again. This is great news
for interviewees because its easy to
prepare when you know what to
expect. Uzair Bawany, the managing
director of a specialist financial
recruiter says its surprising how
many people dont know how to
answer the tough questions. We ask
him to explain.
Q.
TELL ME ABOUT YOURSELF.
A.
This is not an invitation to ram-
ble on. If the context isnt clear,
you need to know more about the
question before giving an answer.
Whichever direction your answer
ultimately takes, be sure that it has
some relevance to your professional
endeavours. You should also refer
to one or more of your key personal
qualities, such as honesty, integrity,
being a team player, or determina-
tion. For example, if you choose
team player, you should tell a
story about yourself outside work
perhaps as a member of a sports
team that will speak volumes
about you at work.
Q.
WHAT KIND OF SALARY ARE YOU
WORTH?
A.
This question is asking you to
name a desired figure but the
twist is that it also asks you to justi-
fy it. It requires that you demon-
strate careful analysis of your
worth, industry norms and job
requirements. We would recom-
mend that you try for a higher fig-
ure rather than a lower one. If their
immediate response is to say thats
too much, accept it as no more than
a negotiating gambit, and come
back with your own calm rebuttal:
What did you have in mind?
Q.
WHAT ARE YOUR WEAKNESSES?
A.
Turn your answer into a
strength. For example, I some-
times take my work too seriously
and stay late.
Q.
WHY DID YOU LEAVE YOUR LAST
JOB (OR WHY ARE YOU LOOKING
TO LEAVE)?
A.
Be positive. Do not criticise
your previous employer even if
you left under difficult circum-
stances. Provide positive reasons for
moving on. If you are currently
employed do not sound too desper-
ate to move. Use positive illustra-
tions of the way you could
contribute to the position you have
applied for.
Q.
WHAT WOULD YOU LIKE TO BE
DOING FIVE YEARS FROM NOW?
A.
The safest answer contains a
desire to be regarded as a true
professional and team player. As far
as promotion, that depends on
finding a manager with whom you
can grow. Of course, you need to
ask what opportunities exist within
the company before being any more
specific.
Q.
CAN YOU TELL ME ABOUT A
PROBLEM THAT YOU HAVE HAD
TO DEAL WITH?
A.
The point of this question is to
see how you would tackle obsta-
cles at work. The ideal answer
would involve you thinking through
a difficulty and solving it through
the help of other people. Also indi-
cate any lessons you may have
learned from this experience.
How to get the
answers right
at interview
Business Features| Careers
Interviews: under
the spotlight
Picture: GETTY
Increasing the percentage of women on
boards wont solve the problem
Picture: REX
JENNIFER HARRIS
BOARD INTELLIGENCE
Recruitment specialist Uzair Bawany
tells Donata Huggins how candidates
should deal with the tough questions
28
Putting women on boards will not help
BE
THERE
FOR
LONDON
ADVERTISEMENT FEATURE
BEFORE YOU CAN BE THERE FOR LONDON,
WELL BE THERE FOR YOU.
VOLUNTEER AS A POLICE OFFICER
SPECIAL CONSTABLES 16 HOURS A MONTH OPPORTUNITIES ACROSS LONDON
Using your communication skills to diffuse challenging situations is just one of the
many ways you can make your spare time truly worthwhile. Well train you for one of
the most varied and fascinating volunteer roles around. To see how our Specials put
their training into action, simply bring this image to life by using the instructions above.
To be there for London in the year of the Queens Diamond Jubilee and the
London 2012 Olympic and Paralympic Games, apply online by 31 October 2011 at
www.metpolicecareers.co.uk/specials quoting ref: 178/11 on your application.
If you have any further queries please contact our Recruitment Helpline, Mon-Fri,
9am-5pm, on 0845 727 2212.

metpolicecareers.co.uk/specials
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R
IGHT, youve got the latest kit, the
iPhone 4, iPad 2, BlackBerry Bold
Touch perhaps, but your smart-
phones home screen is looking
ever-so bare. Remedying this involves a
trawl through app stores and user reviews
without even knowing what youre look-
ing for. Fear not. We look beyond the
social necessities of Facebook and
Foursquare, and the casual gaming of
Angry Birds to bring you the essential
apps that youll want to use both in and
out of the office.
GOODREADER
Best for:
Reading
documents on
the go
If youre constantly
reading, editing and
reviewing documents, this is definitely for
you. Preferable to iBooks, the default read-
er app on Apples portable devices, this
reader accepts all types of files and is bril-
liant for anyone with a long commute.
For iPad, iPhone and iPod touch. 2.99
BLOOMBERG
Best for:
Business and
finance...
...until City A.M.
launches its own
app, of course.
Bloombergs data is hard to beat, and City
A.M.s editor Allister Heath is a daily user.
The market data is very accessible and of
course spans fixed income, commodities,
currencies and equities. Very good on the
iPhone.
For iPad, iPhone, BlackBerry, Android smart-
phone, Android tablet and Nokia. Free.
EVERNOTE
Best for:
Keeping note
If there was any-
thing that could act
as your virtual mem-
ory, its this. Evernotes best funtion is the
ability to record your voice, convert what
you say into a typed note, which you can
search and file for later on.
For iPad, iPhone, iPod touch, BlackBerry and
Android. Free.
VIBER
Best for:
Long phone
calls
Viber is the new
Skype. Think free calls
and text messages to
anyone who also has the application. This
is the app that will revolutionise your
phone bill.
For iPad, iPhone, iPod touch and Android. Free.
UK TRAIN
TIMES
Best for:
Travel
Live departure infor-
mation at your finger-
tips. This app does
everything from saving the journeys you
look up the most to displaying the plat-
form of the departures you need. Youll
find yourself using it more than you origi-
nally thought.
For iPad, iPhone and iPod touch. 4.99
URBANSPOON
Best for:
Restaurants
and bars
Hot date? Client
lunch? Post-work bevvie? Urbanspoon pro-
vides all the answers to your culinary
conundrums. Sort by cuisine, location,
and price to find your venue of choice.
And if you need opinions, both blogger
and press reviews are easily accessible.
For iPad, Phone, BlackBerry and Android. Free.
JAMIE OLIVER
Best for:
Going out for
good food
Jamie Oliver is the
king of being current,
From the best financial news to filling lazy
Sunday afternoons, find the app that will
suit (almost) every need, says Helena Lee
Start dressing your
smartphones and
tablets with these
useful apps
Lifestyle | Technolog y
OUT OF OFFICE
HELENA LEE
LONDON RESTAURANT FESTIVAL
Celebrate the London Restaurant Festival this
October as it sweeps through the capital
once more. Highlights include the gastronom-
ic roadtrip Gourmet Odyssey, (that is, a
restaurant crawl on a Routemaster bus),
which hops from course to course including
restaurants such as the Michelin-starred
Arbutus to Dishoom on Upper St Martins
Lane. 3 17 October. For information, tickets
and festival menus go to www.londonrestau-
rantfestival.com.
KING JAMES BIBLE READINGS AT THE NT
Readings from National Theatre luminaries
such as Mark Gatiss, Lindsay Duncan,
Maureen Lipman and Patricia Routledge
are taking place at the Lyttelton Theatre
to celebrate the King James Bibles
400th anniversary. Nicholas Hytner
directs the twelve 80 minute extracts.
8 October 6 November, 8 for up to 3
readings, 6 each for 4 to 10 readings,
5 each for 11 to 12 readings from
www.nationalthreatre.org
BID FOR A BANKSY ON 10 OCTOBER
Start saving for the ultimate in
street art. An urban contempo-
rary art auction will be held
at the Cumberland Hotel,
where Banksys limited edi-
tion spray paint work,
Mosquito, is up for grabs
(estimated cost between
30,000 to 50,000).
For more information, go to
www.dnfa.com
Left, hop on a bus and
experience a different
restaurant for each
course during the
London Restaurant
Festival.
Life in your hands:
smartphone apps
and following the success of his 20 minute
meal app, here he is again with this brand
new social number that capitalises on our
love of sharing food recommendations.
Upload photos of your favourite places
and synch dates of future visits with your
calendar.
iPad, iPhone and iPod touch. 2.99.
RUGBY
WORLD CUP
Best for:
Rugby trivia
If youre a rugby fan
and havent already
got this app on your smartphone, then
downloading this is a must. With live
match coverage, stats, and highlights from
each match (great if youre always caught
out by the early-morning starts), and infor-
mation on each team, this is an essential
episode-guide to accompany the drama of
the world cup and useful when youre plan-
ning the weekend.
Also, for sports fans, special mention has
to go to the Sky Sports news app, which has
the best up-to-the-minute sports coverage of
cricket, football, tennis, Formula 1, rugby
league and union, golf and boxing.
For iPad, iPhone, iPod touch and BlackBerry. Free.
THE NEW
YORKER
Best for:
Sunday
afternoons
Particularly stun-
ning on the iPad, this is one of the best
digital magazines. The content is identi-
cal to the physical copy, but cheaper, and
particularly good are the share buttons at
the end of certain articles that will let you
send them to friends.
For iPad, iPhone, iPod touch and Android.
Free to download. Individual magazines
normally 2.99.
LONDON
CYCLE HIRE
Best for:
Cycling around
London
Complete with maps
of the city, the app
uses your location to find the nearest dock-
ing station. Youll never be caught without
a Boris bike again.
For iPad, iPhone, iPod touch and Android. Free.
BlackBerry, 1.99.
T
E
R
R
E
S
T
R
I
A
L
EASTENDERS
BBC1, 7.30PM
Patricks refusal to reveal the truth
leads to angry scenes at the Vic, as
Phil accuses him of trying to harm
Ben.
THE MARVELLOUS MRS BEETON,
WITH SOPHIE DAHL BBC2, 8PM
Sophie Dahl explores the life and times
of the woman who created the original
domestic bible, Mrs Beetons Book of
Household Management.
LIVE UEFA EUROPA LEAGUE
FOOTBALL CHANNEL5, 7.30PM
Tottenham Hotspur v Shamrock
Rovers (Kick-off 8.05pm). Jim
Rosenthal presents coverage of the
Group A fixture at White Hart Lane.
BBC1
SKY SPORTS 1
7pmSky Sports News at Seven
7.30pmLive Premier League
Snooker 11pmThe Rugby Club
12amRingside 1amPremier
League World 1.30amThe Rugby
Club 2.30amRingside 3.30am
Premier League World 4amThe
Rugby Club 5am-6amRingside
SKY SPORTS 2
7pmIAAF Athletix 7.30pm
Premier League World 8pmThe
Rugby Club 9pmRingside 10pm
Time of Our Lives 11pmWWE:
Late Night Raw1amWWE: NXT
2amPremier League Snooker
5.30am-6amNRL Fulltime
SKY SPORTS 3
7pmRacemax: Motor sport
round-up. 8pmAmericas Cup
Uncovered 8.30pmGolf 9pmLive
PGA Tour Golf 12amEuropean
Tour Golf 2amPGA Tour Golf 5am
Golf 5.30am-6amAmericas Cup
Uncovered
BRITISH EUROSPORT
7pmMotoGP 8.30pmBritish
Superbikes 9.45pmWorld
Superbikes 10.45pmMotoGP
11.45pmGT Academy: Road to
Dubai 12am-12.10amChampions
Club 5.15am-7.55amLive MotoGP
ESPN
5.30pmLive UEFA Europa League
Football 8pmLive UEFA Europa
League Football 10.30pmGoal!
11pmGoal Show11.30pmESPN
Press Pass 12amUEFA Europa
League Highlights 2amUFC: The
Ultimate Fighter 3amWRC Rally
World 4am-6amEuropean Drag
Racing
SKY LIVING
7pmCriminal Minds 8pmRinger
9pmBritain & Irelands Next Top
Model 10pmPushy & Proud: Disco
Diva Mums 11pmBones 12am
Criminal Minds 1amCSI: Crime
Scene Investigation 2.40am
Maury 3.30amBones
4.20amNothing to Declare
5.10am-6amJerry Springer
BBC THREE
7pmTop Gear 8pmDont Tell the
Bride 9pmYoung Soldiers 10pm
EastEnders 10.30pmLee Nelsons
Well Good Show11pmFamily Guy
11.45pmYoung Soldiers 12.45am
Lee Nelsons Well Good Show
1.15amWilfred 1.35amWorlds
Craziest Fools 2.05amYoung,
Dumb and Living Off Mum
3.05amThe Real Hustle: New
Recruits 3.35amWilfred 3.55am
Worlds Craziest Fools
4.25am-5.25amDont Tell the
Bride
E4
7pmHollyoaks 7.35pmHow I Met
Your Mother 8pmThe Big Bang
Theory 8.30pmPerfect Couples
9pmHow I Met Your Mother
9.30pmHappy Endings 10pmThe
Inbetweeners 10.35pmShow and
Tell 11.25pmChris Moyles Quiz
Night 12.15amThe Big Bang
Theory 1.10amScrubs 2.05am
How I Met Your Mother 2.30am
Show and Tell 3.10amRules of
Engagement 3.35amReaper
4.15amGlee 5am-6amSwitched
HISTORY
7pmTreasure Houses of Britain
8pmPawn Stars 8.30pm
American Restoration 9pmIce
Road Truckers 10pmStorage
Wars 11pmPawn Stars 11.30pm
American Restoration 12amIce
Road Truckers 2amOil Riggers
3amTreasure Houses of Britain
4amPawn Stars 4.30amStorage
Wars 5am-6amAncient
Discoveries
DISCOVERY
7pmMythbusters 9pmIce Pilots
10pmDeadliest Catch 11pm
Weird or What? 12amBear Grylls:
Urban Survivor 1amIce Pilots
2amDeadliest Catch 3.50am
River Monsters 4.40am
Catastrophe 5.30am-6am
Destroyed in Seconds
DISCOVERY HOME &
HEALTH
7pmBabes in the Wood 8pm
Raising 10 Kids: The Hayes Way
9pmI Didnt Know I Was
Pregnant 10pmYour Kid Ate
What? 11pmEmergency: Life in
the ER 12amI Didnt Know I Was
Pregnant 1amYour Kid Ate
What? 2amEmergency: Life in
the ER 3amRaising 10 Kids: The
Hayes Way 4amA Baby Story
5am-6amBabys Room
SKY1
7.30pmFuturama 8.30pmThe
Simpsons 9pmGlee 10pmAn
Idiot Abroad 2 11pmRoss Kemp
on Gangs 12amLaw & Order 1am
Road Wars 1.50amNight Cops
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Fill the grid so that each block
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KAKURO
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WORDWHEEL
Using only the letters in the Wordwheel, you have
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none of which may be plurals, foreign words or
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letters can only be used once in every word. There
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component or
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through Glasgow (5)
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toy (2-2)
DOWN
1 Acute abdominal pain (5)
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a joint (6)
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who became emperor
in 27 BC (8)
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patients receive
treatment (9)
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8 Essential (9)
10 Andrew ___, Scottish-
born US industrialist
and philanthropist (8)
13 Lacking a sense
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specic purpose (2,3)
16 Popular web portal (5)

4

4

M I S S E S P L
O U A N O R A K
L A C E R K P
E C H I D E O U S
S A U D I E R U P T
T M N M T A
E M B E D O U S E L
D I S T U R B M L
N H E T A X I
H E R O I N R O
R S T A R T A N
1 2 4 9 4 7
6 7 3 1 8 4 2 5 9
7 8 5 6 9 1 2 7
1 2 1 8
2 4 7 9 4 6
1 5 9 3 7 8 2 4 6
1 6 3 1 3 8
2 3 6 1
5 8 9 9 7 4 6 8
1 6 8 7 5 9 3 2 4
2 6 1 3 2 1
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter word was
PANTYHOSE
A
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Lifestyle | TV&Games
CITYA.M. 29 SEPTEMBER 2011 32
Sport
Haile motivated: Marathon master
going the distance to London 2012
Gebrselassie in no
mood to retire until
hes had another shot
at the one major title
to elude him
I
F YOURE looking for a quitter, some-
one who shrinks in adversity, who
lacks the resolve to adhere to a task
until the bitter end, then one of the
greatest distance runners of all time is
resoundingly not your man.
A fanfare-festooned career bejewelled by
two Olympic gold medals, four world
championship golds and 27 world records
might suffice for an athlete of 38, but not
the indefatigable Haile Gebrselassie.
He came close to hanging up his well-
worn trainers less than a year ago follow-
ing a disappointing New York marathon,
and lesser men might have revisited the
idea after failing to finish Sundays Berlin
marathon.
But sitting opposite the slight, softly
spoken Ethiopian with the mighty lungs
and even bigger heart in his London hotel
room, it is clear he has a few more miles
left to run. Thousands, in fact.
Returning to the capital next year is his
chief remaining goal, to collect the one
prize conspicuous by its absence from a
CV testament to his dominance of first
track and then road. The Olympic
marathon thats it, he declares.
London marathons have not elicited the
best from Gebrselassie, who won four con-
secutive Berlin marathons and three in
Dubai, but has never finished higher than
third in a trio of attempts here.
He blames the anomaly on his asthma,
which is exacerbated by the high pollen
counts of early summer, and is confident
that August will be kinder to his respirato-
ry system than late April. The Olympics
are in the summer, its warm and hot. I
hope that will help, he says.
TOO AMBITIOUS
Geb, as he is affectionately known, was
surprised to suffer breathing problems in
Berlin, despite a favourable climate, which
forced him to withdraw less than five
miles short of the line. To compound the
disappointment, Kenyas Patrick Makau
went on to win in two hours, three min-
utes, 38 seconds, breaking Gebrselassies
three-year-old world record yet he did
enough to reaffirm his belief he can re-
write them all over again.
My training, everything, was perfect,
but maybe not good enough. Now I am
thinking about the next one. I want to
learn something from the failure not
just to worry about it. Running is not an
easy job. Nowadays I am still doing good.
In Berlin, my pace until almost 30km was
too good. I ran at world record pace. It was
2:03:20 or sometimes 2:03:10 pace, which
means I have enough.
Having not yet even qualified for
London 2012, could he really regain the
record there as a 39-year-old? Sure! Last
Sunday, I was really very, very good until I
stopped. One thing I understood from that
competition, is that maybe I was too ambi-
tious to break the record. Now Ill just
focus on winning the race.
PRESSURE
His utter determination did waver, for
once, in New York in November, after a
knee injury forced him out of the race. To
global shock, he announced his immedi-
ate retirement, but just days later, follow-
ing outcry from his homeland, he
withdrew it. That day I was maybe a bit
too emotional. After I dropped out I went
into the press conference and it was very
difficult to answer that kind of question. [I
thought:] Ok, if things are going like this,
let me stop competing and do something
else.
What happened on return to his
beloved Ethiopia changed his mind. They
were very upset. Everybody was saying:
OK, you can retire, but not this way.
It had precedent. Back in 2004, at the
Athens Games, he did not feel fit to
defend his 10,000m title, owing to an
Achilles problem, but bowed to national
pressure and competed. He came fifth, on
his farewell track appearance. Does he feel
a burden of expectation from his compa-
triots? A little bit of pressure, too much
pressure. If people expect something, you
have to do something, he admits.
Retirement is firmly off the agenda
now, however, even after the Berlin set-
back. He could hardly be more emphatic:
No, no, no, no, no, no, no come on. This
is serious. In sport you always have to plan,
to tell yourself I have to do this and this.
Nowadays I am just thinking of the next
race.
Perhaps after London 2012 he will
reconsider, but the father of four believes
he will know when to quit the circuit. It
will come by itself. If I dont win a race or
am not good enough in competition, it
might be better not to compete but not
to stop running. Running is not the one
you stop.
Aside from running 35km a day and
overseeing business interests in property,
motoring and coffee production that
employ some 600 people, he also finds
time to channel energy into helping oth-
ers achieve Olympic dreams.
GRUELLING
Gebrselassie, through his sponsors G4S,
the security company, is an ambassador
and mentor to 14 young athletes from
around the world. They come from a wide
range of disciplines from table tennis to
sailing to BMX but he believes sporting
lessons are universal, having idolised
Muhammad Ali as a youngster. Hes a
boxer why do I need to know about him?
Its a question of winning.
Some of the aspiring talents have visited
his home in Addis Ababa, where they taste
a gruelling regime that involves running
at 3,000m altitude. When they come, my
biggest welcome drink is training! he
laughs.
His wiry 5ft 5in, 8st 8lb frame can bare-
ly contain his affection for Ethiopa, which
he is considering channelling into a politi-
cal career. Gebrselassie says he wants his
country to be as prosperous as those in
which he competes. Right now Im trying
to invest all my money from athletics is
that enough? Or to share experience? I
travel around the world. If politics is the
way, why not?
If he chose to stand for office, he would
surely be swept in by a landslide. A nation-
al hero, his opponents would stand no
chance. As countless competitors across
three decades have found, he is the most
formidable of men to run against.
Haile Gebrselassie is a mentor to the G4S 4teen
programme, which is helping fourteen young
athletes achieve their goal of competing at
London 2012. For more information please visit
www.g4ssport.com
Gebrselassie still lives
and trains in his native
Ethiopia, where high
altitude is particularly
suited to distance run-
ners.
Picture:
ROBIN HAMMOND
Nowadays I
am still going
good. In
Berlin I was
running at
world record
pace, which
means I have
enough.
lAs a child Gebrselassie ran miles to school
and back every day. Now he has an even
more rigorous regime in the hills around
Addis Ababa. His preferred training spot of
Entoto is 3,000m above sea level, where
there is less oxygen in the air, which makes
running at lower altitude far easier.
lHaile runs 35km in total every single day;
a 25km session at the crack of dawn, with
another 10km which he refers to as the
easy one in the afternoon.
lHe spends up to four hours a day devoted
to athletics, with gym sessions, physiothera-
py and massage also integral parts of his
routine.
lBreakfast, at 5am, is tea and bread, while
lunch is his main meal. He eats mostly carbo-
hydrates, with some protein, and favours the
Ethiopian speciality of injera (spongy pan-
cake) and wat (stew).
lHailes exercise tip: One thing I want to
tell you: Its a sport. Take it like a daily meal.
I know its hard to wake up in the morning,
but tell your body you have to do it, you have
to eat! To start is very hard, once you push
yourself and start it goes by itself.
TRAINING TIPS | RUN LIKE HAILE
WORDS BY FRANK DALLERES
T
HE World Cup in March was a
wake-up call for England who
exhibited a brand of cricket that
wouldve looked outdated 15
years ago.
On the face of it the whistle-stop
tour of India doesnt have much rid-
ing on it, but any experience the likes
of Jade Dernbach and Steven Finn
can gain bowling in the sort of condi-
tions they will encounter next
month will stand them in good stead.
England will be playing a lot of
cricket in this area of the world in the
coming 12 months theyll defend
their World Twenty20 title in Sri
Lanka this time next year so there is
plenty to be gained, regardless of the
confidence a series win would bring.
ROUGH DIAMOND
Of the new additions to the bowling
department Dernbach is the one who
excites me the most. Work in
progress is the popular phrase trot-
ted out when you get a cricketer of
his ilk bursting through, but in his
instance its accurate.
While you know what youre likely
to get with Finn, and its usually high
quality, the charismatic Surrey pace-
man, although occasionally erratic,
has the potential to offer more.
England havent had a reliable
death bowler since Andrew Flintoff
was in his pomp, and with so much
variety at his disposal Dernbach is
increasingly looking like the man
who captain Alastair Cook will look
to in pressure situations.
OPTIONS APLENTY
Speaking of Cook, whereas his prede-
cessor Andrew Strauss was ham-
strung for options, the Essex opener
is now almost waylaid.
In the absence of a second spinner
though Scott Borthwick may
emerge to fill that position England
have been crying out for someone
capable of taking pace off the ball.
Ravi Bopara has never been able to
nail down a role in an England side,
be it the one-day or Test team, but he
proved this summer hes the man to
replace Paul Collingwood.
Elsewhere, I dont think Ive been
more taken aback by a debut per-
formance than Jonny Bairstows in
Cardiff and the Yorkshireman, worth
a place for his batting alone, will pro-
vide competition for gloveman Craig
Kieswetter.
Id never advocate England touring
India without frontline bowlers of
the calibre of Stuart Broad and James
Anderson, or a batsman as skilled as
Eoin Morgan, but on this occasion
their unavailability may prove a bless-
ing in disguise, if it provides the
youngsters an opportunity to thrive.
Results
ENGLAND centre Manu Tuilagi insists
hes perfectly at ease with being
described as a freak by his team-
mate Mike Tindall.
The 20-year-old Samoan-born pow-
erhouse has burst onto the interna-
tional scene, adding an element of
bite to Englands midfield, not to
mention the try-scoring ability which
has yielded four scores in his first five
Tests.
Standing at 6ft 1in and weighing in
at over 16 stone, the Leicester Tigers
star represents a fearsome physical
specimen. Tindall, no shrinking violet
himself, was taken aback by his mid-
field partners destructive display
against Romania last week, but
Tuilagi was happy with his col-
leagues choice of adjective.
I take that as a compliment, said
Tuilagi, ahead of Saturdays crunch
Pool B showdown against Scotland. I
will just go there and play my normal
game, play to my strengths and be
tough. I am looking forward to it.
I like to get nervous before the
games but not too much. It keeps you
alert and you know you are thinking
about the game.
Scotland are very direct and I
think their loss against Argentina will
make them even more hard to beat
because they need this win but we
need this win as well.
This is not a Six Nations game it
is a World Cup and it will be a differ-
ent animal.
Tuilagi could have been forgiven
for being distracted ahead of
Saturdays meeting with Scotland as a
result of the rumours circulating
about his club future and a potential
move to a Super 15 side.
Should such a switch come to
fruition, Tuilagi would be barred
from representing his adopted coun-
try under new Rugby Football Union
regulations due to be enforced after
the World Cup. But Tuilagi insists his
immediate future lies in England
with Leicester.
He said: I am really happy to be at
Leicester. I am loving playing rugby
for England. This is my first World
Cup and hopefully it wont be my last.
When you do something you like, you
want to do it all your life.
A freak? Ill take that as a
compliment, says Tuilagi
BY JAMES GOLDMAN
RUGBY UNION
Full steam ahead for Englands one-day revolution

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email sport@cityam.com
Sport 34 CITYA.M. 29 SEPTEMBER 2011
SPORT | IN BRIEF
Paralympic success for Locog
OLYMPICS: London 2012 chiefs have
announced their delight at the record
number of applications for the London
2012 Paralympic Games, with over 1m
tickets applied for from 100,000 appli-
cants. The demand means ballots to allo-
cate the tickets will now take place for
16 of the 20 sports featured in the
Games, as well as the opening and clos-
ing ceremonies. A 2012 spokesperson
said: We are delighted by the response
to Paralympic Games tickets and we
would like to thank the British public.
England reveal hectic schedule
CRICKET: England could potentially face
47 days of international cricket next
summer after their 2012 schedule was
announced yesterday. The West Indies
arrive in May for three Tests, three one-
day internationals and a Twenty20
game, before Australia play five one-
dayers in June and July. South Africa
then play three Tests, five ODIs and
three T20 internationals between mid-
July and mid-September.
Sunderlands Bramble arrested
FOOTBALL: Sunderland defender Titus
Bramble has been arrested on suspicion
of sexual assault and possession of a
class A drug, police said. Last year
Bramble was arrested by Northumbria
Police over an alleged rape in a
Newcastle hotel but he was later
released without charge.
Woods gets captains pick
GOLF: Tiger Woods has been selected as
one of the US two captain's picks for the
Presidents Cup. Woods and Bill Haas will
complete in skipper Fred Couples team.
CRICKET COMMENT
ANDY LLOYD
De Luca eyes England knockout bonus
SCOTLAND'S Nick De Luca admits it
would be a bonus if a victory over
England on Saturday were to knock
their arch rivals out of the World Cup.
But the centre stressed that their
main aim was to uphold their tradition
of having made the quarter-finals in
every edition of the World Cup.
No matter who we were playing this
weekend, it could be it hopefully wont
be our last game in the World Cup,
said De Luca. If we do it right, England
would go out, which would be an added
bonus, but its not the incentive itself.
Should Argentina beat Georgia,
Scotland must deny England a bonus
point or score four tries themselves to
advance. However, De Luca is optimistic
Scotland can double their try tally so
far in the tournament.
I think its feasible, he said, They do
have a great defence and we arent pro-
lific try-scorers, so its a big ask, but
were definitely confident we can do it.
Tuilagi has scored
four tries in his
first five Tests
Picture: ACTION
IMAGES
THE BREAKDOWN |
WORLD CUP BRIEFS
GEORGIAS DERBY DELIGHT
MAMUKA GORGODZES solitary try
enabled Georgia to celebrate a his-
toric 25-9 win over Romania in the
battle of the Pool B minnows. The
open-side flanker went over 16 min-
utes into the second period, while
fly-half Merab Kvirikashvili kicked
17 points and Malkhaz Urjukashvili
three more. The result sees Georgia
move up to four points with one
game remaining, while Romania are
remain bottom.
WALES WAIT ON WILLIAMS
SHANE WILLIAMS, Wales record
try-scorer, is on course to be fit for
Sundays vital Pool D showdown
against Fiji.
The Ospreys
star (inset)
missed
Mondays
81-7 demo-
lition of
Namibia
but has
made a suc-
cessful return
to full training.
Shane is recovering well, said
Wales medical manager Prav
Mathema. He is back up and run-
ning and we are pleased with his
progress. The next 48 hours will be
essential in determining whether he
may be available this weekend.
MURPHYS CHIPS ARE DOWN
IRELAND full-back Geordan
Murphy is plotting a World Cup exit
for his business partner, Italy prop
Martin Castrogiovanni, on Sunday.
The Leicester team-mates own a
restaurant together but will sus-
pend their friendship for 80 minutes
of the winner-takes-all Pool C clash.
Im thinking of leaving some bas-
kets of chips in the corners of the
changing room for him, he said.
That should do it. The amount he
eats, it should distract him quite
nicely. On the threat posed by
Castrogiovanni, Murphy added:
Theyve improved massively, theyre
a serious side. Theyre very physical
but playing some good football.
CHELSEA midfielder Frank Lampard
hopes his goalscoring contribution
against Valencia in last nights
Champions League draw will belated-
ly kick-start his season.
The 33-year-old, who had started
three of the previous four matches on
the bench, struck his first goal from
open play this season with a typically
adroit finish in the 56th minute.
But he was denied the full satisfac-
tion of being hailed Chelseas match-
winner when Saloman Kalou was
penalised for handball and Roberto
Soldado stroked home the subse-
quent spot kick three minutes from
full-time.
I always want to play, thats a
given. Ive been like that throughout
my career, said Lampard afterwards.
I love playing for this club. I am
very proud of playing here. Ive had
knocks before in my career it makes
me work harder to come back.
Lampards manager Andre Villas-
Boas, who reacted angrily to ques-
tions relating to Lampards recent
inactivity in his pre-match press con-
ference, said: He played well with
the rest of the team. He was playing
well before. Nothing to say really.
Of the game the Portuguese was
disappointed the Blues relinquished
the lead when they appeared on
course to claim victory and move
clear at the top of the group.
Villas-Boas brought Lampard off for
Kalou with seven minutes remaining,
and the new man immediately con-
ceded a penalty with a needless hand-
ball offence.
It was a pity because I think we
looked good to get three points, he
said. It was a very good performance
from the team. I think it was more
deserved for us to win this game.
Before the game if we were offered
a draw maybe we would have been
happy. But it leaves us with a feeling
we dont like.
I
N ALL MY years of being involved
in football Ive never seen any-
thing that comes close to match-
ing the stunt Carlos Tevez pulled
on Tuesday night in Munich.
Disgrace is the word that springs to
mind and, although he has clearly
been poorly advised during various
stages of his career, I have no sympa-
thy for him whatsoever.
At a time when fans have never felt
so far removed from todays modern
footballers, his actions will leave a par-
ticularly sour taste in the mouths of,
not just City supporters, but followers
of the game at large.
Had Tevez been asked to play the
last five minutes of a Carling Cup tie
against a lower league side, you would
be able to understand a player of his
standing displaying a certain level of
frustration.
But this was a Champions League
tie against Bayern Munich, at a time
when his team really needed a contri-
bution from him.
If he was disgruntled about having
lost his place in the side, then what
better way to stake a claim than by
turning the game around?
PICKED THE WRONG OPPONENT
If Tevez thought refusing to play
would advance his cause then hes
been somewhat mistaken. Indeed,
hes picked a fight with the one club
who can afford to deal with him
exactly as they see fit its a battle he
simply has no way of winning.
After suspending him, Im sure City
will now be exploring the legal
avenues to see if theres a way they
can get Tevez off their books without
hurting their bank balance. But this is
a club who are in the fortunate posi-
tion of being able to let one of their
main assets rot in the reserves.
If Tevez thought he was miserable
on the bench against Bayern, wait
until hes being made to train along-
side the academy players.
To me, though, it looks like Tevez is
fed up with football and although
there are bound to be clubs interested
in him, it wouldnt shock me if this
episode sees him slip into retirement.
MANCINIS THE ONLY WINNER
If theres anyone who has come out of
this controversy so far with an
enhanced reputation then its
Roberto Mancini. Having so many
high-profile players on the books was
always going to equate to a difficult
balancing act.
The Italian couldnt have predicted
what occurred in Munich, but hes
shown that any instances of player
power will be ruthlessly dealt with
and its good to see his employers
backing him up.
With Tevez potentially out of the
way, and having won a power struggle
thats been rumbling for some time,
Mancinis position may ultimately
end up being strengthened by the
events of a landmark evening.
Sport
FOOTBALL COMMENT
TREVOR STEVEN
Kalou brainstorm
taints Lampards
class contribution
Disgraced Tevez picks a fight hes got no chance of winning
TOTTENHAM midfielder Tom
Huddlestone will undergo an ankle
operation on Monday, manager Harry
Redknapp has confirmed ahead of
tonights Europa League clash against
Shamrock Rovers.
Redknapp, who is set to field a
much changed side to the one which
won at Wigan last weekend, said:
There is still a problem with him. Its
a blow. He will be out for a while.
Redknapp woe as
Huddlestone sent
for ankle surgery
BY JAMES GOLDMAN
FOOTBALL
1
1
VALENCIA
CHELSEA
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Leverkusen 2 1 0 1 2 2 3
Valencia 2 0 2 0 1 1 2
Genk 2 0 1 1 0 2 1
GROUP E
TEAM PLD W D L F A PTS
Lampards goal
was his first from
open play this
season
Picture: GETTY
Jol searches for
winning feeling
without Zamora
ENGLAND striker Bobby Zamora and
Mousa Dembele have been left out of
the Fulham squad for tonights
Europa League tie against Odense in
Denmark.
Manager Martin Jol, whose side
were held in their opening group
game against Twente, knows his team
will soon turn draws into wins.
He said: I think we will turn a cor-
ner somewhere, he said. A draw is
not a defeat.
FOOTBALL
FOOTBALL
SPORTS MINISTER Hugh Robertson

last night urged Tottenham to accept a
17m public funding package and
drop their legal battle for the Olympic
Stadium.
Mayor of London Boris Johnson
made the take-it-or-leave-it offer, which
would helps Spurs build a new ground
in north London, yesterday in a bid to
head off next months scheduled High
Court judicial review.
Tottenham have contested the deci-
sion to hand the 430m stadium to
West Ham after London 2012 since los-
ing out to the Hammers in a bitter bid-
ding process in February.
Theyve had a very good and final
offer from the mayor, Robertson said.
The chairman of Tottenham has very
encouragingly said its their intention
to stay in Tottenham, to redevelop and
to help the local community after the
summer riots.
There is no reason whatsoever to
keep that judicial review in place. I
very much hope theyd want to
remove that judicial review.
The 17m package comprises 8.5m
from the Greater London Authority,
while Haringey council would also
contribute 8.5m. The money would
not be spent on construction of a new
stadium, for which Spurs have already
received permission, but on the cost of
improving local infrastructure.
Spurs concession, ahead of the
High Court date on 18 October, would
boost Londons bid to host the 2017
World Athletics Championship. West
Ham have committed to keeping the
Olympic Stadiums running track,
whereas Spurs want to remove it.
White Hart Lane chairman Daniel
Levy said it would be irresponsible to
proceed without the appropriate
agreements and support firmly in
place. He also added: Discussions are
continuing.
Robertson:
Spurs must
end Olympic
Stadium row
TEENAGER Alex Oxlade-Chamberlain
scored on his Champions League
debut as Arsenal saw off
Olympiacos and was then tipped to
rival team-mate Theo Walcott for a
place in the England side.
Oxlade-Chamberlain, who only
turned 18 in August, and fellow sum-
mer signing Andre Santos scored
inside the first 20 minutes as a weak-
ened Gunners team survived a
fraught finale to earn their first win
in Group F.
The 15m former Southampton
trainee is already pushing Walcott for
a place on the right wing, and assis-
tant manager Pat Rice believes it is
something the elder player will have
to get used to.
Alex is a very confident boy, hes a
very strong boy, he listens to what
people tell him but I think he makes
his own mind up. He can go inside or
outside, hes got that injection of
pace -- what he needs now is to be con-
sistent in his play, said Rice.
Arsenal supporters are going to
see a lot of this boy. Hes got a big, big
challenge in trying to get in front of
Theo. Theos a very strong-willed guy
as well and he wont give in easy. It all
bodes well for England, anyway.
Manager Arsene Wenger, watching
from the stands as he completed a
touchline ban, made six changes,
with captain Robin van Persie among
those rested with Sundays north
London derby at Tottenham looming.
Oxlade-Chamberlain was handed
only his second start and took just
eight minutes to seize the opportuni-
ty, capitalising on a ricochet to drive
into the penalty area and fire low
past Franco Costanzo with his less-
favoured left foot.
The shellshocked visitors fell fur-
ther behind on 20 minutes, when
Mikel Arteta released Andre Santos,
his cross was cut out and the
Brazilian left-back seized the rebound
to beat a hapless Costanzo at his near
post.
It all looked too easy for the
Gunners, and so it proved. In the 27th
minute a short corner caught Arsenal
napping and, when Ariel Ibagaza
dinked a cross onto the penalty spot
unmarked Spanish midfielder David
Fuster planted a header down and
past Wojciech Szczesny.
The agile Pole prevented an equalis-
er before half-time but was beaten by
a long-range Vassilis Torossidis shot
that dipped onto the bar early in the
second half.
Arsenal failed to find a third goal,
Oxlade-Chamberlain dallying on
their best chance, and had to cling on
for a third successive win in all com-
petitions.
BY FRANK DALLERES AT EMIRATES STADIUM
FOOTBALL
2
1
ARSENAL
OLYMPIACOS
MANCHESTER CITY have suspended
striker Carlos Tevez until further
notice after the Argentina interna-
tional refused to take to the field as a
second-half substitute in Tuesdays
Champions League defeat against
Bayern Munich.
The decision was taken following a
telephone conference involving sen-
ior staff, including the clubs chair-
man Khaldoon al-Mubarak.
A statement read: Manchester City
can confirm that striker Carlos Tevez
has been suspended until further
notice for a maximum period of two
weeks.
The players suspension is pending
a full review into his alleged conduct
during Tuesday evenings 2-0 defeat
to Bayern Munich.
The player will not be considered
for selection or take part in training
whilst the review is under way.
Tevez released a statement of his
own yesterday morning in the belief
that his part in the controversy had
not been accurately portrayed. It is
understood that Tevez believes his
row with Roberto Mancini was
about warming up and not a
refusal to play.
This is not the right time to
get into specific details as to why
this did not happen. But I
wish to state that I
never refused to
play, said Tevez.
Going for-
ward I am
ready to play when required and to
fulfil my obligations.
Last night Fifa vice-presi-
dent Jim Boyce waded into
the controversy, claiming the
world governing body
would look to prevent
Tevez from joining a
new club immediately,
should City ultimately
decide to sack the for-
mer Manchester
United striker.
He said: Of
course we would consider a ban. If
Manchester City prove and write to
Fifa and state exactly the circum-
stances, I believe that Fifa should have
the power to ban that player from tak-
ing an active part in football for a cer-
tain amount of time.
Id have no problem with that.
What happened was despicable. If
Manchester City were to release him
this week, I wouldnt think its right
he can go elsewhere next week and
earn a large amount of money.
TREVOR STEVENS VERDICT: P35
City take decisive action and suspend Tevez until further notice
Theo threat:
Chamberlain
throws down
the gauntlet
Sport
HAILE FOCUSED ON
LONDON OLYMPICS
MARATHON MASTER
EXCLUSIVE: PAGE33
BY FRANK DALLERES
FOOTBALL
BY JAMES GOLDMAN
FOOTBALL
Marseille 2 2 0 0 4 0 6
Arsenal 2 1 1 0 3 2 4
Dortmund 2 0 1 1 1 4 1
Olympiacos 2 0 0 2 1 3 0
GROUP F
TEAM PLD W D L F A PTS
Chamberlain became the
youngest ever English
Champions League
goalscorer
Picture: ACTION IMAGES

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