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Mandarins
and banks
talk growth
SENIOR Treasury mandarins are
locked in talks with banks in a desper-
ate bid to boost lending, and have dis-
cussed relaxing the UKs ultra-strict
regulations to help stimulate growth,
City A.M. can reveal.
Three banking sources have told City
A.M. that senior Treasury (HMT) offi-
cials are sympathetic to their ideas,
but could be put off pursuing them
because of opposition from the Bank
of England (BoE) and the FSA, which
set the details of the rules.
Banks say their dialogue with HMT
over regulation has been construc-
tive due to its desire to foster growth,
with civil servants soliciting ideas on
how to combat frozen bank capital
markets. Ideas discussed include:
l Loosening the UKs hyper-strict liq-
uidity rules. The Basel III liquidity
regime will come into effect from
2015, but the FSA has already imposed
its own, before any other country.
Banks argue this is bad for credit
growth and could be relaxed to allow
assets other than sovereign bonds to
count towards the requirement.
l Regulators could signal willingness
to let more types of instrument count
towards capital rules, such as covered
bonds and asset-backed securities. The
Basel Committee has already indicated
that covered bonds are likely to be per-
mitted but the FSA says it will not
guide banks for another two years.
l Regulators could indicate that any
good-quality capital issued in the next
six months will count, one banker
said. And HMT could indicate that it
will not drastically alter rules for
imposing losses on bondholders who
buy new debt in the next half-year.
l Banks could also be allowed to dip
into their cyclical buffers of capital in
troubled times. UK regulators are cur-
rently undecided on this issue.
A lot of the regulations are running
counter to what HMT wants, one sen-
ior source at a major UK bank said,
referring to the desire for credit
growth. But since the BoE and FSA
have direct authority over the regula-
tion, it could prove difficult for the
Treasury to act on parts of banks wish
list. All parties declined to comment.
MANSION HOUSE: P4
BUSINESS WITH PERSONALITY
Certified Distribution
29/08/11 till 02/10/11 is 98,447
www.cityam.com Issue 1,494 Friday 21 October 2011 FREE
of Gaddafis sons, Motassim, died
after being arrested.
Libyan prime minister Mahmoud
Jibril confirmed Gaddafis death last
night, saying: All the evils, plus
Gaddafi, have vanished from this
beloved country. Its time to start a
new Libya, a united Libya. One peo-
ple, one future.
David Cameron, an early support-
er of Februarys NATO-backed revolt,
said: People in Libya today have an
even greater chance after this news
of building themselves a strong and
democratic future. US president
Barack Obama told the Libyan peo-
ple: You have won your revolution.
The new national flag, resurrect-
ed by rebels who forced Gaddafi
from the capital Tripoli in August,
filled streets and squares as jubilant
crowds fired guns into the air. Some
rebels were filmed posing with a
golden gun believed to have been
taken from Gaddafi.
After Februarys uprising in the
long discontented east of the coun-
try around Benghazi inspired by
the Arab Spring movements that
overthrew the leaders of neighbour-
ing Tunisia and Egypt the revolt
against Gaddafi spread slowly across
the country before a dramatic turn
saw Tripoli fall in August.
The subsequent two months, how-
ever, have tested the nerves of the
alliance of anti-Gaddafi forces and
their Western and Arab backers,
who had begun to question the abil-
ity of the rebel forces to root out
diehard Gaddafi loyalists in Sirte
and other towns.
Gaddafi, who was wanted by the
International Criminal Court on
charges of ordering the killing of
civilians, was toppled a week short
of the 42nd anniversary of the mili-
tary coup that brought him to
power in 1969.
Some crude oil prices dipped on
the news, although the overall mar-
ket was little affected. Nouri Berouin
of Libyas National Oil Company
(NOC) said that production should
increase as NOC could now concen-
trate on rebuilding the sector.
COLONEL Muammar Gaddafis life-
less body was dragged through the
streets of his hometown last night as
rebels celebrated the death of the
man who held Libya in his iron
grasp for 42 years.
The dictator was killed during a
bloody raid on the north-west town
of Sirte. It is understood he was
attempting to flee the town when
French warplanes attacked his con-
voy, allowing rebel forces to move in.
The last hours of the man famed
for his lavish meetings with world
leaders are believed to have been
spent cowering in a sewer outlet.
Reports suggest he was alive
when captured but died of his
wounds shortly after. Videos shot on
mobile phones show footage of
Gaddafis battered corpse before it
was delivered to the rebel strong-
hold of Misrata as a prize of war.
Several of Gaddafis chief hench-
men are also believed to have died
during the attacks, although his
heir-apparent son Saif al-Islam is
thought to remain at large. Another
BY STEVE DINNEEN
LIBYA

DEATH OF
ATYRANT
PAGES 22-31:
10-PAGE
SUITS
SPECIAL
BY JULIET SAMUEL
EXCLUSIVE

A bloodied Colonel Gaddafi was paraded around the streets of Sirte shortly before his death yesterday Picture: REUTERS
News
2 CITYA.M. 21 OCTOBER 2011
Earnings rise
at Microsoft
MICROSOFT matched market expec-
tations for its first-quarter earnings
yesterday, turning a solid perform-
ance despite weakness in the PC mar-
ket that hit sales of its flagship
Windows software.
The software giants strong
foothold in the business market
helped insulate it from the slowdown
in consumer spending, and it said it
had set a new record for revenues.
The groups sales hit $17.4bn
(11bn) in the quarter to the end of
September, seven per cent higher
than the same period in 2010,
Microsoft said, while net profit rose
six per cent to $5.7bn.
Our product portfolio is perform-
ing well, and weve got an impressive
pipeline of products and services that
positions us well for future growth,
said chief finance officer Peter Klein.
Its Office platform for companies
was the strongest performer, helping
its business division post an eight per
cent rise in revenue to $5.6bn, while
its servers division grew at 10 per cent
year-on-year.
Sales of its flagship Windows soft-
ware package were $4.9bn in the
quarter, up two per cent year-on-year,
breaking a run of three consecutive
quarters of falling revenues.
But its shares fell as much as 1.2
per cent in after-hours trading.
BY ALISON LOCK
TECHNOLOGY

Politicians fiddle while Rome burns


SO Angela Merkel and Nicolas Sarkozy
agree there is a problem in the
Eurozone, apparently, and something
needs to be done about it. But as to
what that should be, forget it. With
this weekends get-together bound to
fail, the EUs so-called leaders may call
yet another summit on Wednesday.
The situation would be laughable if it
were not so serious. Yet it is not only
the politicians who are failing: right
now, almost any deal would be wel-
comed by short-sighted and nave
investors, regardless of the viability of
any agreement. It is desperately impor-
tant that taxpayers be protected.
The Eurozone crisis was all that the
Citys great and good wanted to talk
about at last nights Mansion House
dinner hosted by the Lord Mayor
(unfortunately, Lord Turner, the
Financial Services Authoritys chair-
man, did not oblige, delivering instead
a rather hectoring lecture on the
future of UK regulation). Many of the
MPs present were also keen to discuss
Mondays crunch vote in the House of
Commons about whether or not to
hold a referendum on EU member-
ship; it is the first major rebellion of
David Camerons leadership of the
Tory party, with many of his MPs keen
to loosen the ties between Brussels and
the UK. Labour is opposed, which
means the motion wont pass. But the
Eurozone crisis threatens not only to
cripple the UKs economy; it could well
end up being the biggest threat to
Camerons premiership.
This is not 2008 companies, mar-
ket participants and the authorities
have not been hit by a massive, devas-
tating bolt from the blue. But the situ-
ation is nevertheless starting to spiral
out of control. The gap between the
yield on 10-year Italian government
bonds and German debt hit 3.98 per
cent yesterday, the biggest spread since
1996. Strains are beginning to serious-
ly affect activity. Of course, the
Eurozone sovereign debt crisis is the
primary driver but regulatory action
to make the banking system hold
greater amounts of capital and change
its assessment of risk is also driving
some of the retrenchment. Banks cost
of capital has shot up, making swathes
of activity unviable.
Two areas of particular concern are
private equity financing and commod-
ity trading, especially but not only in
the Eurozone. The European leveraged
loan market is all but closed to new
deals, at least given the fees that peo-
ple are prepared to pay; only existing
issuers are able to access the junk bond
market. Alternative sources of finance,
such as mezzanine debt, may be a way
forward but so far these have yet to be
tapped properly. Commodity trading,
especially by the smaller firms, is also
facing serious problems as some banks
(especially the French) reduce their
supply of dollar-denominated credit to
the sector. Aircraft financing has also
been hit. Given all of this, the inability
of the politicians to get to grips with
the crisis beggars belief.
GADDAFIS DEMISE
For over forty years, he ruled Libya as a
bloodthirsty dictator, murdering and
torturing his enemies in his attempts
to impose his bizarre totalitarian ideol-
ogy on his people. His death yesterday
means that long-suffering Libyans are
finally free to rebuild their lives. We
must all hope that Libyas victorious
rebels will seize the opportunity to cre-
ate a pluralistic, liberal democracy
respectful of minorities, coupled with
a free, capitalist economy and that
the country blazes a trail for the rest of
the region to emulate.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
TORY MP George Eustice wants col-
leagues to support a renegotiation of
Britains membership of the European
Union, according to a proposed
amendment circulated last night.
The amendment was widely seen as
an attempt to water down next weeks
parliamentary motion, which propos-
es an in or out referendum on
whether or not the UK should remain
a part of the EU.
The amendment would instead sug-
gest that the government seeks to alter
the terms of membership, and then
offer a referendum on the new terms.
All three major Westminster parties
are expected to order their MPs to vote
against the current motion on
Monday. Yet a rebellion among
Conservative MPs could embarrass
Prime Minister David Cameron.
I believe we will see a record rebel-
lion, said Richmond Park and North
Kingston MP Zac Goldsmith, one of 76
signatories to the motion.
BY JULIAN HARRIS
POLITICS

Tory: renegotiate with EU


Prime Minister David Cameron is set to face a large Tory rebellion
NEWS | IN BRIEF
Capital One posts earnings gains
US loan and credit card provider Capital
One reported a bigger than expected
quarterly profit yesterday as net interest
income rose and it set aside less money
for loan losses. Total revenues rose 3.4
per cent to $4.2bn (2.7bn) while net
income rose 1.2 per cent to $813m or
$1.77 per share, above expectations for
$1.68 per share. Commercial loans saw
most growth, up eight per cent com-
pared to the same quarter in 2010,
while net interest income increased 5.5
per cent to $3.28bn. Its shares closed up
1.9 per cent.
S&P owners profits disappoint
McGraw-Hill, the owner of Standard &
Poors ratings and indices, posted worse-
than-expected profits and a fall in rev-
enues yesterday as it said demand for its
rating services had slumped in the past
quarter. While its indices and report
provider Platts performed well, fewer
clients wanted ratings, while sales in its
education division fell 11 per cent after
schools slashed their budgets. Group
revenues were down 2.5 per cent year-
on-year to $1.9bn while net income fell
3.8 per cent to $365.6m, it said.
EDITORS LETTER
ALLISTER HEATH
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Steve Ballmer, chief
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said revenue hit yet
another record
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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
KKR BETS ON CHINA SLOWDOWN
WITH HK EXPANSION
Kohlberg Kravis Roberts is set to
expand into Hong Kong in an early
bet by the US private equity group on
a slowdown in the Chinese economy.
The buy-out group, which is among
the largest in the world, is planning
to expand into Hong Kong in the next
six to nine months with its $2bn spe-
cial situations unit to profit from
investments into faltering companies.
BANKS PAYING OUT GUARANTEED
BONUSES DESPITE BAN
Investment banks are exploiting gaps
in global pay reforms to persist with
some of their most contentious prac-
tices, including guaranteeing lucra-
tive bonuses to employees regardless
of their performance, industry data
show. Guaranteed bonuses to new
hires accounted for 8.5 per cent of the
average bonus pool for 2010.
NEWS CORPS US INVESTORS WARNED
OF RISKS
US investors are underestimating the
risks News Corp faces stemming from
the UK phone-hacking scandal, one of
the members of parliament probing
the affair warned on the eve of the
media groups annual meeting. Tom
Watson, a Labour member of the
House of Commons media select com-
mittee, said he had briefed US share-
holders and had been shocked that
they had not been aware of the scale
of wrongdoing in the UK.
PENSIONS REGULATOR TO RAISE RISK
BARRIER
Struggling companies with under-
funded pension schemes are likely to
be barred from higher-yielding but
riskier investments as they try to
make up the shortfall in their
schemes, under new rules expected to
be unveiled shortly by the Pensions
Regulator. The regulator has been
concerned that firms expect the
Pension Protection Fund to step in.
SAUDI PRINCE IN $300M TWITTER
TALKS
Prince Alwaleed bin Talal has moved
to tap into the growth potential of
microblogging after he was linked to
an acquisition of a stake in Twitter.
Kingdom Holding, the Saudi billion-
aires investment fund, has held talks
with Twitter executives with regard
to investing up to $300 million (190
million) in a minority stake.
MINISTER WANTS TO SEE 30-YEAR
MORTGAGES
Homeowners should be offered
longer term mortgages spanning as
much as 30 years, according to hous-
ing minister Grant Shapps, who has
called on lenders to launch the deals
to encourage market stability. Mr
Shapps said he wants to start a
national debate on longer-term fixed
mortgages as a normal and sensible
choice.
WILLIAM HILL HIRES FORMER ISRAELI
INTELLIGENCE OFFICERS
William Hill has hired former Israeli
intelligence officers to help regain
control of one of its subsidiaries after
a revolt at its Tel Aviv office saw a staff
walkout and alleged computer system
sabotage. Ralph Topping, the book-
makers chief executive, has flown to
Israel in a bid to restore order to a key
part of its William Hill Online joint
venture.
ITALY TO CRACK DOWN ON WEDDING
TAX DODGERS
They are affairs as lavish as Sicilys
famous Baroque architecture, but the
islands extravagant weddings are
now coming under the beady eye of
the Italian taxman. The average
Sicilian couple spends 25,000
(22,000) on tying the knot. But the
catering, cars, photographers and
flowers are often paid for in cash.
AT&T SHOWS SLOWER GROWTH
AT&T Inc. reported slower third-quar-
ter growth among its lucrative con-
tract customers, as consumers held
back in anticipation of the newest
generation iPhone, now available on
the three largest U.S. carriers. AT&T
said Thursday it added 319,000 con-
tract customers, down from 331,000
in the second quarter.
SAMSUNG BEATS APPLE IN
SMARTPHONE SHIPMENTS
Samsung Electronics shipped more
than 20 million smartphones in the
quarter ended Sept. 30, a person
familiar with the situation said
Thursday, beating market leader
Apple as well as Nokia. The South
Korean company benefited from a
push into the high end; demand is
robust for phones that consumers
can use to watch videos, download
movies and send email.
WHAT THE OTHER PAPERS SAY THIS MORNING
BLACKOUTS will be forced on credit
ratings of weak sovereigns at crucial
moments, if the European
Commission (EC) gets its way with pro-
posals to be unveiled next month.
The EC would not confirm the
reports, based on a leaked document,
as internal discussions are ongoing.
However, a source told City A.M. the
plan is to temporarily prohibit the issu-
ing of sovereign ratings if a govern-
ment was in bailout negotiations.
A Moodys spokesman said such a
move would only serve to undermine
investor confidence, disrupt access to
credit and increase volatility.
HOPES for a decisive breakthrough on
a Eurozone rescue package at this
Sundays summit collapsed as France
and Germany failed to agree on the
purpose of the European Financial
Stability Fund (EFSF) yesterday.
Officials said another summit
might be held early next week to con-
tinue discussions on private sector
involvement in a second Greek
bailout, and how to boost the 440bn
(384bn) spending power of the EFSF.
Angela Merkel cancelled todays
scheduled speech to the German par-
liament after failing to agree with
French president Nicolas Sarkozy.
France favours turning the EFSF
into a bank so that it could borrow
from the European Central Bank.
Germans oppose this as it breaches
treaty clauses.
An alternative the most realistic
option, said Investec is to use the
EFSF to provide sovereign bond insur-
ance. The scheme would guarantee
the first 20 to 50 per cent of losses,
which could encourage private
investors to buy sovereign debt.
It is believed that a plan on bank
recapitalisation has been agreed.
Austrian finance minister Maria
Fekter said it was agreed that around
100bn would be needed to finally
prop up troubled banks to a sustain-
able extent.
However, analysts were sceptical
that this would be sufficient.
If the markets think that at least
200bn is needed to prevent a banking
collapse, then producing a plan incor-
porating anything less is unlikely to be
warmly received, said Capital
Economics John Higgins.
Standard and Poors published a
stress test report yesterday showing
that a double-dip recession which
economists view as increasingly likely,
considering Octobers consumer confi-
dence data showed a fifth consecutive
monthly fall and 60 per cent Greek
haircut would push total recapitalisa-
tion costs to 115bn.
With an interest rate shock too, that
could rise to 135bn clearly in excess
of the 100bn expected to be agreed.
However, analysts have some hope
on Greek debt restructuring. If a vol-
untary restructuring is agreed, a deal
could be announced as early as this
weekend, said Barclays Capitals
Julian Callow.
Merkozy fail
to agree deal
to save euro
THE fifth-largest shareholder in G4S
has broken ranks and revealed its hos-
tility to the security firms 5.2bn
deal to buy facilities manager ISS.
Parvus Asset Management
described it as an untested vision it
could not support, just a day after it
took a 3.7 per cent stake in G4S, after
swapping out of contracts for differ-
ence. Parvus founder Edoardo
Mercadante said: The (ISS) deal does
not make sense strategically, opera-
tionally or financially and we intend
to vote against it.
The G4S deal to buy ISS, agreed ear-
lier this week, would create a 16bn
revenue group. City A.M. has contacted
what are believed to be the top five
shareholders in G4S to see if they sup-
port the move but they all refused to
comment or declined to return calls.
G4S slammed for
5.2bn acquisition
FINAL approval was given to Greeces
latest austerity bill in a vote last night.
The bill was the latest in a series of
measures cutting wages and increas-
ing taxes. If rejected, Greece would not
have received the latest 8bn tranche
of its EU and IMF bailout.
The measures prompted a 48 gener-
al strike, starting on Wednesday. Up to
100,000 protesters gathered outside
the parliament.
Meanwhile yields on 10-year
Spanish bonds came in lower yesterday
than those seen before Spains Tuesday
downgrade. Yet yields in a French
bond auction rose on last month.
Greek austerity
bill gets the nod
EC plan to stop
ratings in crises
BY TIM WALLACE
EUROZONE

REGULATION

EUROZONE

Nicolas Sarkozy
and Angela Merkel
disagree on the
best way to boost
the EFSFs power to
support troubled
sovereigns and
banks.
Picture: REX
BY PETER EDWARDS
SUPPORT SERVICES

News
3 CITYA.M. 21 OCTOBER 2011
THE Bank of Englands grand new
idea of macro-prudential regulation
could be useless to deliver credit
growth, FSA chairman Lord Adair
Turner told the City last night.
In a speech at Mansion House,
Turner suggested that the overhaul of
the regulatory system being brought
in by the coalition government might
not be able to smooth out the eco-
nomic cycle, which had been hailed as
its main purpose.
Macro-prudential policy in down-
swings may at times, like interest rate
policy, be pushing on a string, said
Turner.
In theory, the new regulatory sys-
tem is meant to prevent excessive
credit booms by tightening capital
rules, and to stimulate the economy
by doing the opposite during a bust.
But Turner said that in a bust:
Uncertainty could argue for higher
capital levels to mitigate market con-
cerns about solvency and thus help to
reduce pressures in funding markets.
That means there would be no let-
up in capital rules even in a slowdown
like the one currently gripping
Europe.
Turner also argued that even if reg-
ulators loosen the rules: We cannot
be sure that the banks will use this
flexibility to support lending to the
real economy.
The FSA chief, who now sits on the
newly created Financial Policy
Committee (FPC), charged with
designing the new regulatory powers,
also restated his case that the UK
should be allowed to goldplate any
rules that come from Brussels.
Britain is currently in talks with the
EU over whether countries will be
allowed to impose capital rules above
and beyond the version of Basel III
imposed by European authorities.
The EU, he said, should leave
national authorities free to exceed
and vary them above the minimum.
UK banks are strongly opposed to
this approach and, as City A.M. reports
today, the Treasury is sympathetic to
their case.
Turner: new
powers could
prove useless
Above: Lord Turner,
chairman of the FSA
Pictures: Laura Lean /
City A.M.
BY JULIET SAMUEL
REGULATION

News
4 CITYA.M. 21 OCTOBER 2011
Antonio Horta-Osorio, chief exec of Lloyds Banking Group and William Mills,
European co-chief exec of Citi The Lord Mayor Michael Bear and Lord Turner arrive
Above: Lloyds of London chair Lord Levene
Above: Gary Hoffman, chief exec of NBNK
WALLS are going up around the EUs
financial markets, with monitored
gateways only allowing access to
agreed participants, according to crit-
ics of the Markets in Financial
Instruments Directive (Mifid2) propos-
als, which were published yesterday.
Commissioner Michel Barnier told
a press conference that the EU is will-
ing to negotiate with other countries
on financial rules, particularly in
derivatives markets. Approved institu-
tions from complying nations would
then be issued a passport granting
access.
Earlier drafts indicated very tough
equivalence rules, which have been
toned down to allow countries like
the US to gain access to EU capital
markets, though Barnier expects rec-
iprocity in negotiations.
However, Tamasin Little, a partner
in SJ Berwin Financial Markets Group
warns the rules still severely restrict
access in and out of the EU for emerg-
ing markets.
They are unlikely to comply with
stringent EU rules, and so will not be
allowed to advertise their services in
Europe, she told City A.M. As London
is the major financial centre in
Europe, investors and firms based
here will be affected most.
Key proposals are geared toward
moving over the counter (OTC) deriva-
tives trading onto exchanges. The stat-
ed aim is to boost transparency in
terms of price information and stan-
dardise rules across the EU to
improve competition.
However, PwCs Munib Ali fears the
main impact will be one of additional
costs to market participants.
The burdensome transaction and
trade reporting requirements will
squeeze trading margins, while pro-
posals to move derivatives onto regu-
lated venues and central clearing will
make it more difficult for companies
to sell bespoke solutions to clients,
he said. Enhanced collateral require-
ments could further contribute to the
decline of OTC trading.
Mifid to hit
UKs overseas
investments
Polyus ups size of free float
POLYUS, the Russian miner planning
a share issue in London, is under-
stood to be increasing the size of its
free float from 13 per cent to around
20 per cent to help press its case for a
premium listing that would allow it
to join the FTSE 100.
Normally companies need a 25 per
cent free float of their shares in order
to protect minority shareholders
from the interests of larger control-
ling shareholders. However, the UK
listing authorities can and do grant
waivers. Under the rules, the listing
authorities can modify their stance to
accept a percentage lower than 25 per
cent if they consider the market will
operate properly with a lower per-
centage, in view of the large number
of shares and the extent of their dis-
tribution to the public.
The size of the free float at Polyus
became a controversial issue yester-
day as UK institutional shareholder
F&C Investments called on the
London authorities not to grant the
company a premium listing given the
size of its free float.
George Dallas, director of corporate
governance at F&C, told City A.M. yes-
terday: The question is, is there a
critical mass of independent share-
holders to represent a robust minori-
ty view? Our concern is that a
premium listing is a means towards
index inclusion. If thats done by cut-
ting corners then we have a concern.
Polyus, which is being advised by JP
Morgan and Bank of America Merrill
Lynch, is understood to have had
strong indications of support for the
deal.
BY TIM WALLACE
REGULATION

BY DAVID HELLIER
CAPITAL MARKETS

BELGIAN politicians have demanded


an investigation after documents
emerged showing crippled bank
Dexia was warned last year over its
fragility.
The Green Party called for a parlia-
mentary inquiry after letters
emerged showing Autorit de con-
trle prudentiel (ACP), the French reg-
ulator, wrote to French arm Dexia
Crdit Local (DCL) in August and
September last year to outline con-
cerns over a shortage of liquidity in
US dollars and the way it valued
derivatives and risk levels.
Yesterday Pierre Mariani, Dexias
chief executive, said the ACP had not
applied sanctions, while moves to
break up the bank gathered pace.
The board approved the nationali-
sation of Dexias Belgian banking
business and details of the sale of its
French public financing arm.
Dexia said French state bank Caisse
des Dpts and Frances post office
bank would take stakes of 65 per cent
and five per cent respectively in its
public financing arm, Dexia
Municipal Agency for a takeover price
of 380m (331.58m). Turkeys
DenizBank may be sold to Qatar.
Inquiry call
amid Dexia
asset sales
BANKING

News
7 CITYA.M. 21 OCTOBER 2011
Commissioner Barnier hopes Mifid2 will improve transparency in derivatives markets
Companies coming into European deriva-
tives markets from outside the Union will
need a passport. They will need to come
from countries whose regulations pass an
equivalency test showing they are equal
to EU rules.
Firms from non-EEA countries must set
up a branch in the EEA if they want to pro-
vide services to retail customers, the pro-
posal states.
If MiFID or national rules are broken,
previously national rules vary as to the
extent of any punishment. EU fines could be
over 5m for individuals or 10 per cent of
worldwide turnover for companies.
As much over-the-counter (OTC) deriva-
tives trading as possible will be moved onto
exchanges. The aim is to improve trans-
parency for regulators and other market
participants.
It is not yet known exactly what criteria
will be used in deciding which products are
moved to exchanges.
Limits will be placed on the number of
directorships any one individual can hold,
too. Bosses can hold a maximum of either
one executive job and two non-executive
directorships, or four non-executive roles.
The market abuse directive (MAD), also
unveiled yesterday, demands new powers to
target insider trading and market manipula-
tion. These are not expected to impact on
the UK, but to extend legal cover of financial
crimes to all EU nations.
MIFID 2 | WHATS IT ALL ABOUT?
FREE TO FLOAT
Company % of shares held by independent
shareholders at the time of a
flotation in the UK
ENRC 21.3
Egg 20
Essar 23.3
Glencore 16.9
Burberry 22.5
Fresnillo 22.9
OMEGA, the Lloyds insurer courted
for a takeover for almost a year, will
push ahead with plans to sell a 25 per
cent stake to Haverford after its
biggest investor turned down rival
bidder Canopius yesterday.
Canopius walked away from Omega
after ten months of talks that ulti-
mately rested on whether Neil
Woodford, manager of the Invesco
Perpetual funds that hold 29 per cent
of Omega, would agree to sell.
Woodfords view is critical, after he
led a coup in 2010 against Omegas
previous chief executive Richard
Tolliday and parachuted in current
chairman John Coldman.
Omega admitted other investors
were by no means happy at the deci-
sion to reject Canopius all-cash offer
in favour of a lower-priced bid from
Byrne that would leave a minority
holding illiquid shares.
The board is aware that amongst
the larger shareholders there are dif-
ferent views on the form of the most
appropriate transaction, Omega said.
In view of Invesco Perpetuals prefer-
ence for the Haverford offer, no alter-
native is available to shareholders at
present which gives a total cash exit.
Canopius said it was disappointed
at being overlooked despite offering
Woodford equity in its business.
But Byrne, son of US insurance vet-
eran Jack Byrne, was jubilant.
You dont want to do your chicken
dance until you get over the tryline,
but it does seem that my deal is now
favoured, he said.
Omega backs
Byrne in line
with Invesco
Flagstone Re founder Mark Byrne will buy 25 per cent of Omega
BY ALISON LOCK
INSURANCE

News
8 CITYA.M. 21 OCTOBER 2011
ANALYSIS l Omega Insurance Holdings
p
14Oct 18Oct 19Oct 20Oct 17Oct
74
70
66
67.50
20 Oct
TIME LINE | OMEGA INSURANCES MANY SUITORS
10 January 2011
Omega confirms unsolicited approach from
Canopius offering cash and shares.
18 March 2011
Omega admits it has had several approaches.
9 May 2011
Trade press report that US insurance group
Barbican is in talks with Omega.
31 May 2011
Novae says it is conducting due diligence.
13 June 2011
Barbican confirms it has put in a bid.
28 June 2011
Trade press report that Mark Byrne is trying
to raise 200m to buy Omega outright.
12 September 2011
Byrnes Haverford sets out recommended
83p offer for 25 per cent of Omega.
13 September 2011
Canopius says it plans to make an 83p offer.
22 September 2011
Barbican sets out a reverse takeover plan for
Omega.
27 September 2011
Byrne posts offer documents; Canopius says
it needs two weeks to finish due diligence.
20 October 2011
Canopius terminates talks.
NEWS | IN BRIEF
Stamp costs to rise on Ofcom plan
Stamp costs could go up dramatically
under new plans from the communica-
tions watchdog to let Royal Mail set its
own prices for almost all deliveries.
Ofcom yesterday proposed giving Royal
Mail greater power to raise revenue to
help keep the UKs universal postal serv-
ice going in an increasingly email-driven
world. It said Royal Mail should set
prices for home, business and bulk deliv-
eries, but second class deliveries should
be capped at 45p to 55p, up from the
current 36p, to protect the vulnerable.
Actelion shocks with poor results
Shares in Actelion, Europes biggest
biotech firm, fell 9.7 per cent yesterday
after it posted far lower quarter rev-
enues than expected and said the out-
look for 2012 was even worse. Revenues
fell seven per cent year-on-year to
SwFr1.4bn (987m), four per cent
below the consensus forecast, as low
sales of its flagship Tracleer hyperten-
sion drug were not made up elsewhere.
Eni hits huge gas find off Africa
Italian oil major Eni said it had made the
biggest natural gas find in the compa-
nys history off the coast of east African
nation Mozambique yesterday. The dis-
covery, at a first exploration well in the
Mamba South area, exceeded all expec-
tations and could add as much as 2bn
barrels of oil equivalent to Enis reserves.
Sacyr chairman sacked by board
Luis Del Rivero, chairman of Spanish
construction group Sacyr Vallehermoso,
was ousted by the board yesterday after
he spent months attacking Repsol, the oil
group it holds 20 per cent of. Chief exec-
utive Manuel Manrique replaces him.
PROTESTERS outside St Pauls yester-
day dismissed fears their camp could
force the closure of the Cathedral.
Activists appeared indifferent after
the clergy pleaded with them to con-
sider the risk to the life of the cathe-
dral created by the fall in visitor
numbers since the protest began
One activist named Lucy, 32, who
described herself as a spokesman for
OccupyLSX, told City A.M. the group
was doing its best not to disrupt the
Cathedral but said the demonstration
would run indefinitely.
At the moment we dont have an
end date (but) we encourage people to
come to the Cathedral.
Kim Heaton-Heather, 29, claimed
most of the cathedrals visitor income
was generated during weekends. A
police containment order was in
force for two hours on Saturday
when up to 3,000 people turned up,
forcing the cancellation of evensong.
The restaurant and gift shop have
also since closed and the cathedral
has warned it could be forced to shut,
something that has not happened in
living memory. Last year the
Christopher Wren-designed building
generated 8.25m from commercial
activity.
Yesterday activists continued work-
ing on plans to give the camp semi-
permanent status and claimed
supporters had given them comput-
ers and marquees. One man worked
on a laptop inscribed with a single
four-letter word but the group faced
problems when its generator failed.
Protesters also debated whether to
ask police to stay away from their
general assemblies, while officers
looked on.
Bob Blackman, the Tory MP for
Harrow East, reportedly wants pro-
testers to be stripped of their benefits.
Protesters
defy St Pauls
tourism pleas
BY PETER EDWARDS
POLITICS

FACTORY activity in the US mid-


Atlantic region rebounded in October
and the number of Americans claim-
ing new jobless benefits fell last week,
fresh signs that the economy was like-
ly to duck a new recession.
Yet optimism over the economy was
tempered by other data yesterday
showing a drop in sales of previously
owned homes last month and only a
small rise in a gauge of future growth.
Initial claims for state unemploy-
ment benefits slipped 6,000 to a sea-
sonally adjusted 403,000.
Separately, the Philadelphia Federal
Reserve Bank said its business activity
index rebounded to 8.7 in October, the
highest reading in six months, from
minus 17.5 in September.
Yet sales of existing homes dropped
three per cent to an annual rate of
4.91m units, another report showed.
East coast factories bounce back
in positive signal for US recovery
US ECONOMY

News
9 CITYA.M. 21 OCTOBER 2011
Naked populism: Merkel, Cameron, Clegg and Osborne Picture: Laura Lean / City A.M.
CITY VIEWS: IS IT TIME FOR THE PROTESTORS TO MOVE ON OR ARE THEY
RIGHT TO DIG IN FOR THE LONG HAUL? Interviews by Phoebe Torrance
Socialism is stealing; the protestors
should move on, it is unfair to the entire
community. They dont understand
who is behind what they repre-
sent and they are attacking
the wrong people.
JAMES SCHNEIDER | IBM
The protestors definitely need to move
on, it is unfair to expect the church to
close down. I dont totally agree
with the protestors points
anyway.
It is totally unfair on St Pauls Cathedral because they are not involved in the
protests. The protestors should have organised things better so that they didnt
obstruct it, but they do have a right to protest.
STUART GRAHAM | OPINIUM RESEARCH
* These views are those of the individuals above and not necessarily those of their company.
MARK GREENLESS | LOCKTON
News
10 CITYA.M. 21 OCTOBER 2011
PRIVATE equity giant Blackstone has
shocked investors with the scale of its
losses after market turmoil hit the
value of its portfolio firms.
The American buyout group
also said it had been hit by the
Eurozone debt crisis and weak
Western economies as it post-
ed a third quarter economic
net loss the basic measure of
operating performance of
$342m (216.55m), com-
pared with a profit
of $339m the previ-
ous year.
Its private equi-
ty division lost
$319.5m, down
from a 119m
profit.
Bl acks t one
has seen its fee-
earning assets
under manage-
ment rise 27 per cent,
however, to 132.9bn.
Chief executive
Stephen Schwarzman (pictured) said:
The third quarter presented
extremely challenging market condi-
tions, dominated by risk aversion and
volatility.
The group said it has a record
$33.4bn of dry powder, or capital
available to invest, including money
from a new private equity fund.
Over the quarter it invested
$4.8bn in total capital, including
a deal this week to buy 44 per
cent of German camera-maker
Leica. Yesterday Schwarzman
claimed corporate America
had shown a resilient
performance but said
he feared for the
future.
Underwhelming
economic data has
contributed to an
increasing consensus
that growth will
reduce or reverse.
Sandler ONeill ana-
lyst Michael Kim said
the quarter showed
Blackstones strength
beneath the surface.
Blackstone in
losses shock
BY PETER EDWARDS
PRIVATE EQUITY

BUYOUT group Kohlberg Kravis


Roberts has dropped out of the bid-
ding process for Axa Private Equity.
Canadian asset manger Onex,
Canadian pension fund Caisse de
dpt et placement du Qubec and
sovereign wealth fund the
Government of Singapore Investment
Corp (GIC) remain in contention after
the deadline for first-round bids
passed earlier this month.
Last month Axa began a strategic
review of its private equity arm,
which had 20bn (17.41bn) of assets
under control at 30 June. It could be
sold for between 200m and 400m
as new capital requirement rules
force the insurance industry to
increase its financial strength.
Onex could not be contacted yester-
day and all the other parties declined
to comment.
KKR out of contention as buyout
groups circle Axa Private Equity
PRIVATE EQUITY

ADOBOLI CASE IS SENT TO CROWN COURT


THE CASE of rogue UBS trader Kweku Adoboli was sent to Southwark Crown Court
yesterday. Adoboli, who is accused of a $2.3bn (1.5bn) fraud, was remanded in custody
at City of London Magistrates and will next appear for a plea and case management
hearing on November 22. Adoboli, who has been sacked as a director of exchange traded
funds, is charged with four counts of fraud and false accounting. Picture: REUTERS
EQUITY trading platform BATS Global
Markets was given the green light to
buy rival Chi-X Europe by the competi-
tion watchdog yesterday, clearing a
key hurdle to creating the biggest
stock exchange in Europe.
The Competition Commission pro-
visionally approved the plan for BATS,
the small European arm of Americas
second-biggest exchange, to buy Chi-X,
Europes far larger regional operation.
BATS chief executive Joe Ratterman
said the two companies were
pleased at the outcome, which
could clear the way for the creation
of an even stronger competitor to
Europes incumbent exchanges.
Chi-X and BATS offer investors trad-
ing in any stock listed on European
markets rather than only those on
one exchange such as London.
Chi-X has grown fast since its
launch in 2007 to become Europes
biggest equities exchange by volume,
although the LSE remains the biggest
in Europe by turnover. The news was
not universally welcomed, as the
takeover is expected to make 60 per
cent of Chi-Xs workforce redundant
and is also likely to discard the major-
ity of its trading technology.
The Commission started probing
the merger in July on concerns that
the deal could cut competition in the
market. Its final report is expected on
2 December.
Chi-X and BATS cleared to
create Europes top exchange
BY ALISON LOCK
CAPITAL MARKETS

SET-TOP box maker Pace yesterday


completed an unenviable hat-trick of
profit warnings, blaming the floods in
Thailand for its latest woes.
It said its supply of hard-drives has
been disrupted, hitting its shipments
for the rest of the year and shaving
around 6m from its 2011 profits.
Shares in the worlds number one
supplier of TV decoders fell 10 per cent
to a two-and-a-half year low, adding to
pressure on management.
It previously revised down its fore-
casts following the Japanese earth-
quake, cutting 36m from its profit
forecasts. Before that a large order
delayed by a US customer, left out of
Paces company results, was discovered
by analysts, leading to a single-day fall
of 20 per cent.
Pace said in a statement yesterday
the flooding will negatively impact
expected shipments of products with
hard disk drives from this supplier
during the remainder of this year.
It said it is working with rival hard-
drive maker Seagate about increasing
its supply. Western Digital, whose Thai
factory was hit, supplies 60-65 per cent
of the hard-drives found in Paces per-
sonal video recorders.
The events are a blow for recently
installed chairman Allan Leighton,
who was brought in in May to restore
investor confidence.
Pace in third
profit alert
BY STEVE DINNEEN
TECHNOLOGY

The Thai floods have hit Pace hard Picture: Reuters


News
11 CITYA.M. 21 OCTOBER 2011
ITS NOT been a great year for Pace.
Yesterday marked its third profit
warning. The most recent two have
been down to unforeseeable
events the Japanese earthquake,
which hit tech companies across
the globe and now the Thai floods.
However, it shows just how brittle
Pace can be when faced with supply
chain issues. The Japanese quake
shaved 36m from its 2011 profits,
while this latest disaster will take a
further 6m this year and up to
13m next year almost 10 per cent
of its operating profit.
The subsequent drop in share
price makes Pace a tempting
prospect but while the firm seems
to have little control of its fate, it
would take a brave investor to buy.
BOTTOMLINE
Analysis by Steve Dinneen
Troika Dialog
The full-service CIS investment house
has appointed David Walker as manag-
ing director in its investment banking
division. Walker was most recently
managing director of investment bank-
ing for Central and Eastern Europe and
MENA at Citibank.
Royal Mail Group
Neil McCausland has been appointed
to the board of the Post Office as the
senior independent director.
McCausland was until recently chair-
man of Kurt Geiger, and is a former
governor of Nuffield Health.
Gibson, Dunn & Crutcher
The law firm has hired four competi-
tion associates to the Brussels office.
The new associates are Attila Borsos,
Jade-Alexandra Fearns, Jos Alejandro
Guerrero Prez, and lvaro Garca-
Delgado Garca. Fearns transfers from
the London office, Borsos moves from
the Brussels office of Freshfields
Bruckhaus Deringer, and Prez and
Garca join from the European
Commissions training programme.
PwC
Dean Arnold has been appointed as a
partner in PwCs strategy practice.
Arnold joins from Deloitte, where he
was the global head of healthcare and
the UK head of strategy.
The Gro Company
Rob Holmes, co-founder and manag-
ing director of the Baby Sleep brand,
has assumed a non-executive role
alongside his wife and co-founder
Ouvrielle. He is replaced as managing
director by commercial director
Christian Jones, formerly of United
Biscuits and PepsiCo.
Chrystal Capital Partners
The corporate finance firm has made
three senior hires. Private equity spe-
cialist Alex Hambro joins to lead the
boutiques offering for family offices,
while corporate financiers Iain
Manley and Glynn Reece will work on
alternative fund raising projects for
private and public companies.
Eversheds
The Hong Kong office of Eversheds has
appointed employment law specialist
Winnie Ng, a former Minter Ellison
consultant, as head of employment.
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
Sovereign Capital
The UK private equity buy and build specialist
has appointed Rob King as investment manag-
er to execute its buy and build growth strate-
gy. Prior to joining Sovereign, King spent four
years in the investment banking division of
Rothschild, working on private equity-backed
and plc mid-market deals across sectors
including business services and healthcare.
Prior to that, King spent three years in the
corporate finance division of Brewin Dolphin.
The set-top box maker is cheap but
supply chain fragility makes it risky
THE British chief executive axed
from scandal-hit Olympus said yes-
terday he may seek police protec-
tion after passing new
information to fraud investigators.
Japanese giant Olympus has
come under pressure from its
biggest shareholders to explain
hundreds of millions of dollars in
controversial payments brought to
light by former boss Michael
Woodford.
The whistle-blower has written
to Japans Securities and Exchange
Surveillance Commission (SESC)
asking them to look into the abnor-
mally high fees involved in
Olympuss 1.4bn acquisition of UK
medical equipment maker Gyrus
in 2008.
He has already met with the
Serious Fraud Office in the UK.
Shares in the medical equip-
ment and camera maker fell for a
fifth straight day as the scandal
over the unusually high 436.5m
fees paid to deal advisers showed
no sign of abating.
Olympus has admitted paying
the fees but has played down their
significance, saying the acquisition
represented good value.
Axed Olympus boss
fears for his safety
BY STEVE DINNEEN
TECHNOLOGY

MINER Anglo American posted a nine


per cent drop in third-quarter copper
output, blaming lower grades and
blizzards in Chile, but said full-year
production would be above 2010,
thanks to the expansion of Los
Bronces.
The expansion of the flagship Los
Bronces mine in Chile is on track for
first production in the fourth quarter,
it said, while commissioning of the
Collahuasi expansion is under way.
Anglo is the latest of the majors to
report lacklustre copper production,
with Rio Tinto, BHP Billiton and
Xstrata all reporting weaker output of
the red metal and falling short of
expectations.
Copper output
dips at Anglo
American
MINING

THE Dutch state rail operator has been


awarded a contract to run the Greater
Anglia rail franchise, meaning that
Stagecoach and the Go-Ahead Group
will miss out on the lucrative tender.
Abellio Great Anglia, a unit of
Nederlandse Spoorwegen, will run the
franchise across parts of Essex,
Norfolk, Cambridgeshire and Sussex,
including many of the key routes in
London for the 2012 Olympics.
Abellio will run the Greater Anglia
lines from 5 February for 29 months
on a short-term basis, with the fran-
chise up for renewal again in July
2014.
At that time, a 15-year deal for the
area is expected to be agreed.
Abellio will take on the mainte-
nance of certain rail stations and tick-
et facilities, with requirements for
services to be improved during its
tenure.
It already runs trains in the UK in
partnership with outsourcing firm
Serco.
Dutch company
beats UK firms
to rail tender
TRANSPORT

News
CITYA.M. 21 OCTOBER 2011
NEWS | IN BRIEF
MWB shows tough 18 months
Office space and meeting room provider
MWB Business Exchange has said rev-
enue in the 18 months to 30 June was
165.2m, compared to 122.4m for the
previous 12 months, representing a two
per cent drop on an annualised basis.
Earnings before interest, tax, deprecia-
tion and amortisation fell to 900,000
for the 18 months, compared to 11m
for the year to 31 December 2009. The
companys loss before tax was 12.9m,
versus 6.1m profit in the previous year.
Advertising slump hits Mecom
European newspaper publisher Mecom
has said it expects earnings for the sec-
ond half of the year to be lower than the
same period last year, after its advertis-
ing revenues fell three per cent in the
third quarter. The group said deteriorat-
ing consumer confidence and Eurozone
economic concerns were holding back
advertising, particularly in the Dutch
market.
Profit and revenue up at Colt
Information technology firm Colt Group
has said that revenues and operating
profit rose by 0.6 per cent in the three
months to December. Revenues at Colt,
which provides telecoms and data servic-
es to big businesses, hit 395m in the
third quarter, while earnings before
interest, tax, depreciation and amortisa-
tion rose to 84.3m from 83.3m.
12
ANALYSIS l Olympus Corp

14Oct 18Oct 19Oct 20Oct 17Oct


2,500
2,000
1,500
1,321
20 Oct
London 2012
IMAGE OF THE WEEK
Richard Whitehead and local
hero Scott Moorhouse launch
Lloyds TSBs Paralympic Torch
Relay campaign.
Between now and the start of
the 2012 Olympic and
Paralympic Games, City A.M. is
publishing its Olympic Image of
the Week. We welcome photo-
graphs from all sources spon-
sors, athletes, local businesses,
commuters, local residents if
you have a shot you think our
readers will like, please email
pictures@cityam.com with
IOW2012 in the subject line.
Full details:
www.cityam.com/london-2012.
LONDON 2012 | HEROES
RACEHORSE
OWNERS DO
THE DOUBLE
AT GREENS
IT HAS been two years since Lloyds Bank
on Cornhill became the City outpost of
Greens. And to mark the occasion, the
restaurants co-owner Simon Parker-
Bowles threw a double celebration for
his horse racing associates at the mezza-
nine Runner Bar.
Double, because Parker-Bowles also
unveiled the collection of silks donated by
his friends: the colours of nine Derby win-
ners and four Grand National champions,
among others, from owners including
Irish tycoon JP McManus, Cenkos founder
Andy Stewart, and Prince Khalid Abdullah
of Saudi Arabia, represented at the dinner
by his manager Lord Teddy Grimthorpe
and business adviser James Schwartz.
The silks have been hung in no partic-
ular order, said Parker-Bowles which
may explain why the colours of his co-
owners Lord Daresbury and Lord Vestey,
the chairman of Aintree and the newly
retired chairman of Cheltenham, are not
exactly centre stage.
You may note the close relationship I
have with my two partners in this
restaurant, as Lord Vesteys colours hang
in the gents loo and Lord Daresburys in
the ladies he joked.
Durntez (below), who has joined forces
with Anita Choudhrie on 60 for 60, the
flagship campaign of the Path for Success
charity that aims to raise 100k to support
NHS hospitals across the UK.
No doubt steel magnate Lakshmi Mittal
and Reading FC saviour John Madejski,
who were invited to the Diwali fundraiser
but were unable to attend on the night,
will put their weight behind the cause
BIG HITTERS
THERE was just one point in it, but the
four-man team from MF Global stayed
the course to win the financial service
worlds premier golfing title, the
Bankers and Brokers tournament at
Antequera Golf near Malaga.
The broker-dealers (above) are now
heading off on a golf break to
Ireland courtesy of sponsor IG
Markets, leaving second-placed
Tradition, the interdealer broking
arm of Compagnie Financire
Tradition, to fight the markets
back in the office.
OFFICE ROMANCE
SO FAREWELL then John Harrison, the
smooth-talking Commander Bond of
the City, who marked his retirement as a
managing director at Numis with drinks
at the City of London Club.
The parting address to the sharp-suited
broker nicknamed the tailors dummy
at his former employer Lloyds of London
was given by Numis CEO Oliver Hemsley,
who introduced Harrison as the inaugural
winner of City A.Ms Silver Fox awards.
Which set Harrison up nicely for his
own self-deprecating speech, in which
he recalled his first-ever City Christmas
party as a young insurance broker at
Lloyds, where he enjoyed a flirtation
with the secretary Bernice.
A wrong career move, as it turned out
the next day Harrison was taken aside by
the firms chairman, no less, and
informed: Generally, the management
dont dally with the typing pool.
FAMILY FORTUNES
IT WAS a family affair at Anita
Choudhries Diwali party, with her
industrialist husband Sudhir and son
Bhanu, director of C&C Alpha Group,
out in support at the beautifully illu-
minated Fulham showroom of
designer Patrick Mavros.
Guest of honour, however, was DLA
Piper partner Miriam Gonzlez
Greens co-owner Simon Parker-Bowles and Lord Grimthorpes guest with the evenings magician
Above: MF Globals
Jos Martinez, Andy
Stevens, Steve Clarke
and Andy Sims
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e x a g t n i d u l c n , i s e n i r L i a A t l e y D d b e t a r e p , o w o r h t a e n H o d n o m L


a t r o p s n a r f T o s n o i t i d n o l C a r e n e e G h d t n a s n o i t i d n o c g n i k o o
t t c e j b u e s r s a e r a . F e g n a h o c t t c e j b u e s r d a n , a s e g r a h d c n s a e


9 0 / 3 t 2 t a c e r r o c s e c i r P . y l p p a E C N A R R F I d A n a M L f K o n o i t a
x r e o k f c e h e c s a e l . P n o i t a i r a e v t a e r g n a h c x d e n y a t i l i b a l i a v o a


. 1 1 / 99/
t c a x
13 EDITED BY
HARRIET DENNYS
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @dennysharriet
The Capitalist
CITYA.M. 21 OCTOBER 2011
IAN DYSON, chief executive of Spirit,
the managed pub operator that
demerged from Punch Taverns this
year, will step down as chief executive
on 16 December and hand the reins to
his deputy, Mike Tye.
The former Marks & Spencer
finance chief was parachuted in to run
Punch Taverns in September last year
and decided to split the debt-laden
company into two, becoming chief
executive of the Spirit division when it
demerged in August.
Dyson, who receives a total salary of
around 860,000, will receive a pay-off
of the same sum paid in two parts
one of about 400,000 when he steps
down in December with a further
400,000 if he hasnt found another
job by 1 April.
Spirits 800 pubs, which include
brands such as Chef & Brewer and
Fayre & Square, posted a 17 per cent
rise in profits to 48m in the year to 20
August, with like-for-like sales up by
5.2 per cent, although it admits it still
lags behind the best performers in
the industry.
I think we have shown through
investment in the brands such as Fayre
& Square that we can be a major player
and we have just got to deliver again
next year, Dyson told City A.M.
Punch Taverns, the owner of 5,000
tenanted pubs but worth less than
Spirit because of its large debt-pile,
said full-year pretax profit fell 14m
to 76m.
Shares in Spirit were lifted 7.41 per
cent closing at 43.5p yesterday.
Pub chief Ian
Dyson to exit
in high spirits
Nestl outperforms forecasts

Martin Wolf Merryn Somerset Webb Jeffrey Currie Russ Mould Steve Ward Dominic Frisby Julian Mayo Eoin Treacy
www.WorldMoneyShowLondon.co.uk
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y reac Eoin T
NESTL, the worlds biggest food
group, said weakening consumer
sentiment in developed markets
would make it harder to improve
margins, but beat forecasts for the
first nine months thanks to emerg-
ing markets.
Prices for key commodities such
as coffee, grains, milk and sugar
should remain high despite small
recent falls, which will keep pres-
sure on profit margins, the Swiss
company said yesterday.
Underlying nine-month sales at
the owner of brands such as
Carnation, Maggi, Nescafe and
Perrier, rose 7.3 per cent, compared
with an analysts forecast for 7.1 per
cent, and down from 7.5 per cent in
the first half.
Chief executive Paul Bulcke said:
For the year as a whole, in spite of
input cost pressures, we expect to
slightly overperform against our
long-term organic growth range of
five to six per cent.
We continue to strive for a mar-
gin improvement in constant cur-
rencies.
BY KASMIRA JEFFORD
LEISURE

BY HARRY BANKS
CONSUMER

BRITAINS biggest wholesaler of news-


papers, magazines and books Smiths
News posted a 10 per cent rise in full-
year underlying pre-tax profits, boost-
ed by cost cuts and the acquisition of
Dawson Holdings.
Nearly two years after buying
Dawson Holdings news and maga-
zine units, Smiths News bought the
remaining assets of its rival to expand
its international and digital book
markets. Smiths News said it would
continue to reduce costs after having
delivered cost savings of 22m in
financial year 2011.
The final dividend was hiked by
eight per cent to 5.4p, taking the total
dividend to 8p per share. September-
August underlying pretax profit was
38.6m, compared with 35m last
year.
However, revenue was down 5.2 per
cent to 1.7bn, hurt by cover price
inflation.
Smiths profits increase
fuelled by acquisition
MEDIA

News
14 CITYA.M. 21 OCTOBER 2011
ANALYSIS l Spirit Pub Co
p
14Oct 18Oct 19Oct 20Oct 17Oct
44.00
43.00
41.00
42.00
43.50
20 Oct
ANALYSIS l Nestle SA
CHF
14Oct 18Oct 19Oct 20Oct 17Oct
52.40
52.00
51.20
51.60
51.30
20 Oct
ANALYST VIEWS: HAS SPIRIT MANAGED TO
TURN ITSELF AROUND? Interviews by Kasmira Jefford

PAUL HICKMAN | PEEL HUNT


I think its good to see that the momentum is there and the current peri-
od of like-for-like sales recovered to 4.8 per cent positive in the last eight weeks...It
was good to see that current bounce back in trading because it shows the investment
process is still delivering the kind of uplift we were led to expect before.

KARL BURNS | SHORE CAPITAL


The results were in line with our expectations, highlighting the progress
management is making in recovering several years of under-performance. Net
debt was around 40m lower than forecast and current trading, with managed
LFL sales ahead by 4.8 per cent, remains robust.

DOUGLAS JACK | NUMIS


In our view, the 6.6x EV/EBITDA rating undervalues Spirits growth
prospects ... the rating ignores the progress being made in improving manage-
ment quality (under new CEO, Mike Tye), brand portfolio and executing strategy,
all of which is now driving strong, self-financed earnings growth.

Spirit Pub Co runs 800 pubs across the UK including Taylor Walker Picture: Reuters
WHERE next for Ian Dyson?
A little over a year ago, he surprised
the corporate world when he made the
jump from finance chief of Marks &
Spencer to chief executive of Punch
Taverns, and could well surprise again
with his next choice of move.
The restructuring [of Punch
Taverns] was best done with someone
with the financial director background,
which Dyson did well, one headhunter
familiar with the company said, adding
that returning to a finance chief role
could be likely, if it meant a quicker suc-
cession to a bigger chief executive role.
Dyson, who was also finance director
at Rank, has been touted as a favourite
for the chief executive post at Betfair,
where he is already a non-exec.
But that post would have to stay
open at least until December.
Under his exit agree-
ment, Dyson wont
get his payoff if he
accepts a post
before Christmas.
For the time being,
Dysons thoughts
are solely focused on
the job at hand:
Yes I might get a
couple of calls ... but the
last bit of work I
need to make sure
I do well is the
transition to
Mike (Tye). I
want to give
the business
all my
attention.
PROFILE | IAN DYSON
DEBENHAMS is to launch a share buy-
back after yesterday posting a rise in
profits.
The department store chain saw pre-
tax profits lift by 10 per cent to 166m
in the year to 3 September.
Revenues rose 4.2 per cent to 2.2bn
over the year.
However, like-for-like sales, exclud-
ing VAT, fell by 0.3 per cent, while mar-
gins also narrowed.
Debenhams said it was ready to buy
back shares in the second half of this
financial year.
The company said it had benefitted
from lower interest rates as it refi-
nanced a large chunk of its debt.
Interest payments fell by more than
half to 23.4m during the year.
But chief executive Michael Sharp,
who took over from Rob Templeman
earlier this year, warned that the tough
consumer climate was still casting a
shadow over the retail sector.
It is right to remain cautious about
the strength of consumer confidence
over the next 12 months given the
uncertain economic outlook, he said.
The group said it would pay out a
final dividend of 2p a share, bringing
the full-year dividend to 3p a share. No
dividend was paid the previous year.
Meanwhile Seymour Pierce analyst
Kate Calvert said a share buy-back was
not a positive move.
The announcement that the com-
pany intends to start a share buy-back
confirms to us the companys limited
growth prospects over the next few
years and we feel it is a little premature
given the state of the UK consumer,
she warned.
Debenhams, which owns 169 stores
in Britain, Ireland and Denmark, also
announced that chief finance officer
Chris Woodhouse would leave in
January to be replaced by Simon
Herrick, who was previously at Kesa
Electricals and Northern Foods.
Debenhams
in buy-back
BY JOHN DUNNE
RETAIL

FRENCH spirits groups Pernod Ricard


and Remy Cointreau beat forecasts
yesterday as strong Asian demand
and a recovering US market lifted its
quarterly sales, while Pernod sounded
a cautious note amid a fragile eco-
nomic climate.
Pernod, the worlds second biggest
spirits group behind Britains Diageo,
said it was targeting a rise of close to
six per cent in underlying operating
profits in the year to June 2012 as it
expected slow growth in its mature
markets.
Smaller cognac and liqueur peer
Remy voiced confidence in its capaci-
ty to improve earnings but cited an
uncertain economic environment,
particularly in Europe.
Pernod chief executive Pierre
Pringuet said that six per cent was a
good guidance, which was in line
with the six per cent we gave at the
start of last year.
We do not rule out exceeding it,
he added.
Pernod beats
forecasts with
Asia boost
CONSUMER

News
15 CITYA.M. 21 OCTOBER 2011
BRITVIC SALES FIZZ UP
BRITVIC, which owns the Robinsons, Tango, Drench and Fruit Shoot brands, yesterday
reported full-year revenue of 1.29bn, 14.6 per cent up on the previous year. Sales in the
UK and France were strong while Ireland fell by 9.6 per cent. Fizzy drink sales rose 7.3
per cent over the year as a whole in Great Britain.
@
@
@
MORE NEWS
ONLINE
www.cityam.com
MARINE AND COASTAL ACCESS ACT 2009
APPLICATION FOR COUSINS LANE STAIRS
REFURBISHMENT, RIVER THAMES
Notice is hereby given that the Environment Agency has applied to the
Marine Management Organisation under the Marine and Coastal Access
Act 2009, Part 4, for a marine licence to carry out minor refurbishment
work on a stairway leading from Cousin Lane down onto the foreshore
of the River Thames. The works will last 6-8 weeks with proposed start
date of late January 2012.
Plans showing the position of the works may be inspected at
the Guildhall Library, Aldermanbury,
City of London, EC2P 7HH
Representations or objections in respect of the application should be made in
writing, giving an address to which correspondence relating to the representation
or objection may be sent, to the Marine Management Organisation, Marine
Environment Team, PO Box 1275, Newcastle upon Tyne, NE99 5BN,
or alternatively emailed to
Mark.Qureshi@marinemanagement.org.uk,
within 28 days of the date of the first notice,
Friday 14th October 2011, quoting reference MLA/2011/00198.
The Marine Management Organisation will pass to the applicant a copy of any
objection or representation we receive.
NEWS | IN BRIEF
Petrofac on track for full year
British oil services firm Petrofac said it
was on track to post annual profit in line
with market expectations and is confi-
dent of meeting its longer term growth
target, buoyed by the strong pipeline of
opportunities it is seeing. Petrofac, which
designs and builds oil and gas infrastruc-
ture and invests alongside producers in oil
fields, yesterday said it expected to post
net profit growth of at least 15 per cent in
2011.
Record profit at African Barrick
African Barrick Gold said its profit rose to
a record in the third quarter boosted by
higher production and all-time high gold
prices. Net profit jumped to $102m, beat-
ing the $99m consensus supplied by the
company, from $40m in the year-earlier
quarter as revenue surged 61 per cent. It
produced 182,401 ounces of gold in the
quarter and said it expects to meet its
700,000 to 760,000oz target for the
year.
Output up at Petropavlovsk
Russian gold miner Petropavlovsk said yes-
terday that its third-quarter output rose 65
per cent, beating most forecasts, and that
it was confident of meeting its full-year
target of 600,000 ounces. The company,
which operates three open-pit gold mines
in Russias far east, produced 228,110 oz in
the three months to the end of September,
65 per cent up on the same period in 2010
and 59 per cent higher than in the second
quarter of this year.
Hochschild sees production fall
Latin American precious metals group
Hochschild Mining said yesterday that
third-quarter production fell 12 per cent
from last year, although it kept its full-year
target. The company produced 5.8m silver
equivalent ounces in the third quarter,
comprising 3.8 ounces of silver and 33,500
ounces of gold, down from 6.6m ounces a
year earlier. Hochschild added it was on
track to achieve its 2011 production target
of 22.5m silver equivalent ounces.
NOKIA experienced a rare surge in
its stock yesterday after it posted a
far smaller loss than analysts had
feared.
The struggling
Finnish manufacturer
lost 68m (59.5m),
compared to a profit of
529m last year.
However, it was a vast
improvement on the
368m it lost in the last
quarter.
Investors rallied on
hopes Nokia may have hit
rock bottom after
embarking on what has
proved to be a painful and
drawn-out restructuring.
The firm hopes its for-
tunes will turn on the release of its
first handset powered by
Microsofts Windows Phone 7 soft-
ware, which is expected to be
unveiled next week.
Chief executive Stephen Elop
made the radical decision to ditch
Nokias own Symbian platform to
team up with Microsoft, which is
currently languishing with just two
or three per cent market share.
Nokias smartphone sales
dropped 38 per cent from a year ago
to 16.8m, slightly ahead of analysts
forecasts of 15.9m.
It sold 89.8m
basic mobile
phones in the quar-
ter, beating all ana-
lysts expectations,
as sales soared in
Asia, Middle-East
and Africa.
Rival firms have
unveiled their
potential iPhone
killers over the last
week, including
Motorolas Razr and
HTCs Titan.
BY STEVE DINNEEN
TELECOMS

SOUTH Korean flat-screen maker LG


Display, a key supplier to Apple, post-
ed its biggest quarterly loss yesterday
as tepid demand for televisions and
computers hit panel prices and one-
off losses weighed.
LG Display, which vies with home
rival Samsung Electronics for the top
position in LCD flat screens globally,
reported a quarterly loss of 275m,
its fourth consecutive decline.
However, it said it sees the situation
improving.
LG Display sees
a record loss
TECHNOLOGY

INTERACTIVE whiteboard maker


Promethean World posted a five per
cent drop in third-quarter revenue,
highlighting its struggles since float-
ing just a year ago.
It reported sales of 68m, com-
pared with 71.3m the year before.
Sales for the year to date have
dropped nine per cent to 175.9m.
It said its quarter and year-to-date
results are in line with full-year
expectations.
Its stock closed yesterday at just
51p down from its IPO price of 200p.
It said it has been badly hit by the
squeeze in state education budgets in
the US.
The company was unable to offer
investors the promise of a rosy future,
saying it expects market conditions to
remain tough in the coming months.
It said it expects to encounter con-
tinued budgetary uncertainty and
constraints particularly in the US and
Europe.
Last month, a report by federal
auditors in the United States stated
that public schools would cut spend-
ing on education as the extra funding
they received from the US economic
stimulus plan comes to an end and
their finances continue to deterio-
rate.
Promethean derives more than
two-thirds of its revenue from schools
in the US.
Prometheans woes continue
as its revenues tumble 5pc
BY STEVE DINNEEN
TECHNOLOGY

News
16 CITYA.M. 21 OCTOBER 2011
ANALYSIS l Nokia Oyj

14Oct 18Oct 19Oct 20Oct 17Oct


5.10
4.90
4.70
4.50
4.73
20 Oct
FORECAST-TOPPING results from
Ericsson yesterday showed the worlds
top mobile network gear maker can
still out-muscle rivals, even as global
growth slows.
It posted core profits of 605m,
with sales were well above forecast. Its
key networks unit posted 25 per cent
growth.
Smartphones and tablet computers
have fuelled demand for faster, more
efficient networks, driving sales for
Ericsson in recent quarters.
Ericsson beats
analyst targets
TELECOMS

OTHER FLOTATION FLOPS


Company Floated In Floated at Price now
Flybe December 2010 2.95 71.25p
Betfair October 2010 13 7.45
Promethean World March 2010 2 51p
Glencore May 2011 5.30 3.96
Ocado July 2010 1.80 85p
Essar Energy May 2010 4.20 2.80
Nokia surges
after posting
shock results
CONSUMER morale sunk again last
month, in a worrying sign for the
domestic UK economy.
The widely regarded Nationwide
consumer confidence index sunk for
the fourth straight month, it revealed
this morning.
The index fell to 45 points in
September, from 48 points in August.
At the same time last year, September
2010, the index was 10 points higher,
at 55 points.
The index now lies perilously close
to its all-time low reading of 41, which
was recorded in February this year,
said Robert Gardner, chief economist
at Nationwide.
The proportion of people likely to
buy household goods or make major
purchases slipped again last month,
yet remains surprisingly resilient,
according to the Nationwide.
While half the respondents feel that
now is a bad time to make a major pur-
chase (up from 47 per cent in August),
over a quarter (27 per cent) still feel it is
a good time to buy household goods.
The spending sub-index fell by two
points but remains some way above its
all time lows, despite the challenging
economic environment, the report
said. Despite a fairly robust willingness
to spend, consumers views of the
economy are extremely downbeat, the
survey found.
The proportion of people who con-
sider the economic situation to be
bad rose to 71 per cent in September,
up from 68 per cent in August. The
overall present situation sub-index,
which records sentiment over the
economy and job prospects, dropped a
further two percentage points in
September.
Interestingly, there was very little
change in consumers views towards
the future state of the economy,
despite the gloomy headlines evident
in recent months, added Gardner.
But this is probably a reflection of
their already low expectations -- just 15
per cent of people believe there will be
an improvement in the economy over
the next six months.
Nonetheless, the expectations sub-
index, which measures peoples eco-
nomic sentiment for the coming six
months, decreased by three points to
62 in September.
UK consumer
morale drops
in September
News
17 CITYA.M. 21 OCTOBER 2011
Rise in retail sales fails to lift outlook
for struggling high street, analysts say
SALES of laptops and video games
gave a surprise lift to British retail
sales in September, supporting
hopes that the economy posted at
least some growth in the third
quarter, without changing an over-
all dire outlook.
The Bank of England has warned
of a tough winter ahead, predict-
ing that growth will be close to
zero in the last three months of
the year. It has also launched a
fresh round of asset purchases in a
bid to help the ailing British econo-
my.
The Office for National Statistics
(ONS) said yesterday that sales vol-
umes rose 0.6 per cent on the
month, but added that sales in
August fell more than it had previ-
ously estimated.
Compared to a year ago, sales
volumes also grew by 0.6 per cent.
Analysts, who had forecast flat
sales on the month and an annual
rise of 0.7 per cent, voiced doubt
over whether sales would remain
strong.
I think its unlikely to stay this
robust, but the importance of
these figures is what it tells us
about third quarter GDP, and that
is that it will probably be reason-
ably solid, said Alan Clarke, econo-
mist at Scotia Capital.
We expect the trend in retail
sales volumes to remain roughly
flat in the coming year, added
Citigroup.
BY JULIAN HARRIS
UK ECONOMY

BY HARRY BANKS
RETAIL

Lending to businesses is
still subdued, says Bank
LENDING to businesses fell again in
the three months to August, Bank of
England figures showed yesterday.
On an annualised basis, the stock of
lending from financial institutions fell
by 2.1 per cent, or 2.5bn.
The decline represents a slowing
rate lending was down 5.8 per cent
in the three months to July and 3.2 per
cent in the same period to June.
Lending to small and medium-sized
enterprises (SMEs) fell by five per cent
in the year to August.
This is a damning indictment of
the governments flawed attempts to
get banks lending to businesses, said
shadow treasury minister Chris Leslie.
These lending figures expose the
weakness of Osbornes negotiations.
Consumer credit flows increased in
the three months to August, but
remain subdued, the report said.
Secured lending to individuals is up
1.2bn, or 0.4 per cent, in the period.
However, the Council of Mortgage
Lenders estimated Septembers lend-
ing fell two per cent on Augusts fig-
ure, from 13.1bn to 12.9bn.
UK ECONOMY

High street stores are under pressure from falling consumer confidence Picture: Reuters
News
18 CITYA.M. 21 OCTOBER 2011
B
RITAINS leading share index
was pulled lower by finan-
cials yesterday as political
discord again hampered
efforts to resolve the Eurozone
debt crisis, leaving it on course to
snap a three-week winning streak.
News of stalled talks between
France and Germany to forge a
comprehensive plan to end the
crisis ahead of a meeting of region-
al leaders on Sunday weighed on
sentiment.
An impasse over how to boost the
firepower of the regions rescue
fund, the EFSF, could seriously
weaken any deal, in spite of agree-
ment that 100bn is needed to
recapitalise the banking system.
The need to expand the bailout
fund, to put a debt-market firewall
around embattled Greece and pre-
vent further contagion to bigger
economies such as Italy, was high-
lighted yesterday as Italian 10-year
bond yields passed six per cent.
Lloyds Banking Group led sec-
toral fallers, down 4.5 per cent,
while Barclays fell 4.2 per cent. The
STOXX Europe 600 Banks index
ended down four per cent.
Trevor Coote, head of equity
sales at Alexander David Securities,
said fresh disagreement between
France and Germany had disap-
pointed some investors and more
could be on the way.
I think youll see the market
drift and unless theres some good
news over the weekend, itll go
lower on Monday. Id expect a 10
per cent fall. It wont go in a
straight line. Youve got good sup-
port at 5,000 and again at 4,800,
he said.
By the close, the FTSE 100 index
was down 1.2 per cent, or 65.81
points, at 5,384.68, more than
reversing the previous sessions 0.7
per cent gain and leaving it down
1.5 per cent this week, on course to
snap a three-week rally.
FTSE hit by fresh
Eurozone discord
THELONDON
REPORT
25Jul 12Aug 2Sep 12Oct 22Sep
6,000
5,200
5,600
ANALYSIS l FTSE
5,384.68
20 Oct
BEST OF THE BROKERS
To appear in Best of the Brokers email your research to notes@cityam.com
ANALYSIS l ASOS PLC
2,200
2,000
1,800
1,600
1,400
Aug Sep Oct
p
1,429.00
20 Oct
ASOS
Goldman Sachs rates the online retailer as a
buy with a target price of 3,350p, and low-
ers its estimates following the companys
first half trading update. The broker now
sees retail sales growth of 55 per cent for fis-
cal year 2012 and 47 per cent for 2013,
revised down from 63 per cent and 52 per
cent respectively. It sees key risks for ASOS
as a failure ot complete international expan-
sion plans and offline competition.
ANALYSIS l Filtrona PLC
360
365
355
350
345
340
14Oct 17Oct 18Oct 19Oct 20Oct
p
353.00
20 Oct
FILTRONA
Citigroup initiates coverage of the speciali-
ty plastic and fibre products company with
a buy rating and a target price of 4.05.
The broker says the arrival of Colin Day as
CEO has reinvigorated the share price and
turned attention to revenue growth and
acquisitions. Citi is looking for +7 per cent
organic growth in 2012, and says the com-
pany has significant funds available for
M&A to supplement that growth.
ANALYSIS l GETP.PA
6.60
6.70
6.50
6.40
6.30
6.20
14Oct 17Oct 18Oct 19Oct 20Oct
EUR
6.15
21 Oct
GROUPE EUROTUNNEL
Nomura rates the rail tunnel operator as a
buy with a target price of 9, and leaves
its forecasts virtually unchanged for the
third quarter results, but slightly changes
the mix. The brokers 2012 estimates are
based on no revenue growth in Le Shuttle,
but incorporate some Olympic-led growth
for Eurostar. It still sees GET as well placed
to deliver profit growth and generate cash.
T
HE Dow and Standard & Poors
500 rose slightly yesterday after a
joint statement by France and
Germany eased some jitters over
resolving the Eurozone debt crisis.
Throughout much of the session
stocks see-sawed between gains and
losses as investors reacted to a flood of
headlines about efforts to deal with
debt-laden Eurozone states. France
and Germany said leaders would dis-
cuss a global solution to the crisis on
Sunday but no decisions would be
adopted before a second meeting to be
held by Wednesday at the latest.
There is still a lot left that they
need to decide on and sort out. We
still dont know how this is going to be
structured and how much of this safe-
ty net will be replenished, said Bryant
Evans, portfolio manager at Cozad
Asset Management in Illinois.
The Dow Jones industrial average
gained 60.02 points, or 0.52 per cent,
to 11,564.64. The S&P 500 Index rose
8.27 points, or 0.68 per cent, to
1,218.15. The Nasdaq Composite Index
added 0.53 point, or 0.02 per cent, to
2,604.57.
THENEW YORK
REPORT
Wall St edges
up despite fear
over Europe
BAE Systems . . . . . .271.8 -6.7 361.1 248.1
Chemring Group . . . .496.6 -21.4 736.5 466.3
Cobham . . . . . . . . . . .178.2 0.3 245.6 168.5
Meggitt . . . . . . . . . . . .364.8 -0.1 397.6 303.9
QinetiQ Group . . . . . .114.3 -3.1 136.3 96.7
RoIIs-Royce Group . .702.0 -7.5 714.5 557.5
Senior . . . . . . . . . . . . .153.3 -7.1 190.6 131.1
UItra EIectronics . . .1595.0 -10.0 1895.0 1305.0
GKN . . . . . . . . . . . . . .181.4 -4.5 245.0 157.0
BarcIays . . . . . . . . . . .172.0 -7.5 333.6 138.9
HSBC HoIdings . . . . .512.7 -9.8 730.9 473.6
LIoyds Banking Gr . . .31.7 -1.5 71.9 27.6
RoyaI Bank of Sco . . .23.6 -0.8 49.0 19.7
Standard Chartere .1370.0 -39.0 1950.0 1169.5
AG Barr . . . . . . . . . .1200.0 -5.0 1395.0 1031.0
Britvic . . . . . . . . . . . . .328.0 19.7 503.5 289.9
Diageo . . . . . . . . . . .1320.0 -11.0 1333.5 1112.0
SABMiIIer . . . . . . . . .2263.0 -20.0 2340.0 1979.0
AZ EIectronic Mat . . .232.6 -11.6 338.1 206.1
Croda Internation . .1808.0 3.0 2081.0 1367.0
EIementis . . . . . . . . . .131.1 -3.9 187.4 104.8
Johnson Matthey . .1730.0 -36.0 2119.0 1523.0
Victrex . . . . . . . . . . .1137.0 -19.0 1590.0 1025.0
YuIe Catto & Co . . . . .163.0 -4.4 253.0 148.0
LON GD ONCE FIX AM...........1629.00 -22.00
SILVER LDN FIX AM ..................30.34 -1.05
MAPLE LEAF 1 OZ ....................32.58 1.18
LON PLATINUM AM................1490.00 -35.00
LON PALLADIUM AM...............597.00 -17.00
ALUMINIUM CASH .................2171.00 14.00
COPPER CASH ......................7305.00 35.00
LEAD CASH...........................1889.50 -16.00
NICKEL CASH......................18930.00 355.00
TIN CASH.............................21550.00 950.00
ZINC CASH ............................1831.50 0.00
BRENT SPOT INDEX................110.50 0.37
SOYA .....................................1225.00 -25.75
COCOA..................................2603.00 32.00
COFFEE...................................236.15 4.65
KRUG.....................................1682.40 -33.60
WHEAT ....................................147.00 -0.38
AIR LIQUIDE........................................90.46 -0.75 100.65 80.90
ALLIANZ..............................................75.60 -3.66 108.85 56.16
ANHEUS-BUSCH INBEV ....................39.63 -0.08 46.33 33.85
ARCELORMITTAL...............................13.03 -0.55 28.55 10.47
AXA......................................................10.10 -0.70 16.16 7.88
BANCO SANTANDER...........................5.86 -0.30 9.47 5.05
BASF SE..............................................49.11 -1.00 70.22 42.19
BAYER.................................................43.14 -0.95 59.44 35.36
BBVA......................................................6.14 -0.32 9.82 4.94
BMW.....................................................54.11 -0.90 73.85 43.49
BNP PARIBAS.....................................29.92 -1.86 59.93 22.72
CARREFOUR ......................................17.19 0.17 34.29 14.66
CRH PLC .............................................13.44 -0.01 17.40 10.28
DAIMLER.............................................34.99 -1.14 59.09 30.52
DANONE..............................................46.66 -0.04 53.16 41.92
DEU.BOERSE OFFRE ........................40.63 -0.38 55.75 35.46
DEUTSCHE BANK..............................26.03 -1.51 48.70 20.79
DEUTSCHE TELEKOM.........................9.20 -0.25 11.38 7.88
E.ON.....................................................16.40 -1.01 25.54 12.50
ENEL......................................................3.39 -0.07 4.86 2.81
ENI .......................................................15.82 0.10 18.66 11.83
FRANCE TELECOM............................12.62 -0.33 17.45 11.12
GDF SUEZ ...........................................20.90 -0.92 30.05 18.32
GENERALI ASS...................................12.47 -0.43 17.05 10.34
IBERDROLA..........................................5.06 -0.18 6.50 4.29
INDITEX ...............................................66.92 1.42 68.23 50.92
ING GROEP CVA...................................6.18 -0.05 9.50 4.21
INTESA SANPAOLO.............................1.20 -0.13 2.53 0.85
KON.PHILIPS ELECTR.......................14.93 0.03 25.45 12.01
L'OREAL..............................................78.47 -1.14 91.24 68.83
LVMH..................................................112.15 -0.85 132.65 94.16
MUNICH RE.........................................94.70 -2.45 126.00 77.80
NOKIA....................................................4.73 0.25 8.49 3.33
REPSOL YPF.......................................21.40 -0.22 24.90 17.31
RWE.....................................................28.75 -1.56 55.88 21.22
SAINT-GOBAIN...................................32.12 -0.90 47.64 26.07
SANOFI ................................................50.21 -0.03 56.82 42.85
SAP......................................................41.57 -0.28 46.15 32.88
SCHNEIDER ELECTRIC.....................41.22 -3.40 61.83 35.94
SIEMENS .............................................71.91 -1.49 99.39 62.13
SOCIETE GENERALE.........................17.97 -1.49 52.70 14.32
TELECOM ITALIA..................................0.86 -0.03 1.16 0.70
TELEFONICA ......................................14.67 -0.43 19.69 12.50
TOTAL..................................................37.38 -0.13 44.55 29.40
UNIBAIL-RODAMCO SE...................140.70 -3.70 162.95 124.05
UNICREDIT............................................0.85 -0.12 2.03 0.64
UNILEVER CVA...................................24.26 -0.08 24.90 20.90
VINCI ....................................................33.72 -1.12 45.48 29.49
VIVENDI ...............................................15.57 -0.45 22.07 14.10
VOLKSWAGEN VORZ.......................113.25 -1.60 152.20 86.40
Price Chg High Low
EUSHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 5384.68 -65.81 -1.21
FTSE 250 INDEX. . . . . . . . 10111.14 -120.69 -1.18
FTSE UK ALL SHARE . . . . 2776.23 -33.82 -1.20
FTSE AIMALL SH . . . . . . . . 704.67 -8.13 -1.14
DOWJONES INDUS 30 . . 11541.78 37.16 0.32
S&P 500 . . . . . . . . . . . . . . . 1215.39 5.51 0.46
NASDAQ COMPOSITE . . . 2598.62 -5.42 -0.21
FTSEUROFIRST 300 . . . . . . 954.27 -13.84 -1.43
NIKKEI 225 AVERAGE. . . . 8682.15 -90.39 -1.03
DAX 30 PERFORMANCE. . 5766.48 -147.05 -2.49
CAC 40 . . . . . . . . . . . . . . . . 3084.07 -73.27 -2.32
SHANGHAI SE INDEX . . . . 2331.37 -46.15 -1.94
HANG SENG. . . . . . . . . . . 17983.10 -326.12 -1.78
S&P/ASX 20 INDEX . . . . . . 2503.40 -45.90 -1.80
ASX ALL ORDINARIES . . . 4206.80 -68.00 -1.59
BOVESPA SAO PAOLO. . 54009.98 -956.15 -1.74
ISEQ OVERALL INDEX . . . 2599.18 -21.10 -0.81
STI . . . . . . . . . . . . . . . . . . . . 2778.97 34.80 1.27
IGBM. . . . . . . . . . . . . . . . . . . 865.61 -25.91 -2.91
SWISS MARKET INDEX. . . 5657.66 -42.32 -0.74
Price Chg %chg
3M........................................................78.68 0.98 98.19 68.63
ABBOTT LABS ...................................54.05 0.80 55.61 45.07
ALCOA ..................................................9.95 0.18 18.47 8.45
ALTRIA GROUP..................................27.25 -0.07 28.14 23.20
AMAZON.COM..................................233.61 2.08 246.71 156.57
AMERICAN EXPRESS........................46.19 0.06 53.80 38.88
AMGEN INC.........................................57.27 -0.05 61.53 47.66
APPLE...............................................395.31 -3.31 426.70 297.76
AT&T....................................................28.99 -0.10 31.94 27.20
BANK OF AMERICA.............................6.47 0.07 15.31 5.13
BERKSHIRE HATAW B.......................75.87 1.76 87.65 65.35
BOEING CO.........................................62.49 -0.62 80.65 56.01
BRISTOL MYERS SQUI ......................32.44 0.09 33.20 20.05
CATERPILLAR....................................84.26 0.70 116.55 67.54
CHEVRON.........................................103.39 1.15 109.94 80.41
CISCO SYSTEMS................................17.19 0.03 24.60 13.30
CITIGROUP.........................................30.08 0.69 51.50 21.40
COCA-COLA.......................................67.12 0.09 71.77 59.83
COLGATE PALMOLIVE......................91.62 -0.56 94.89 74.39
CONOCOPHILLIPS.............................70.27 0.71 81.80 58.37
DU PONT(EI) DE NMR........................44.13 0.33 57.00 37.10
EMC CORP..........................................23.81 0.09 28.73 19.84
EXXON MOBIL....................................78.71 0.28 88.23 63.47
GENERAL ELECTRIC.........................16.63 0.11 21.65 14.02
GOOGLE A........................................583.67 2.97 642.96 473.02
HEWLETT PACKARD.........................24.74 -0.24 49.39 19.92
HOME DEPOT.....................................35.73 0.33 39.38 28.13
IBM.....................................................177.25 -0.14 190.53 136.70
INTEL CORP .......................................23.61 -0.63 26.78 18.90
J.P.MORGAN CHASE.........................33.13 0.88 48.36 27.85
JOHNSON & JOHNSON.....................62.53 -0.11 68.05 57.50
KRAFT FOODS A................................35.06 0.21 36.30 24.30
MC DONALD'S CORP ........................89.01 -0.61 91.22 72.14
MERCK AND CO. NEW......................32.80 0.26 37.68 29.47
MICROSOFT........................................27.04 -0.09 29.46 23.65
OCCID. PETROLEUM.........................84.59 0.64 117.89 66.36
ORACLE CORP...................................31.53 0.04 36.50 24.72
PEPSICO.............................................62.12 0.01 71.89 58.50
PFIZER ................................................18.73 -0.08 21.45 16.25
PHILIP MORRIS INTL .........................68.19 2.16 72.74 55.85
PROCTER AND GAMBLE ..................65.09 0.34 67.72 56.57
QUALCOMM INC ................................52.01 -0.59 59.84 42.45
SCHLUMBERGER ..............................67.99 0.09 95.64 54.79
TRAVELERS CIES..............................54.53 0.14 64.17 45.97
UNITED TECHNOLOGIE ....................74.25 0.99 91.83 66.87
UNITEDHEALTH GROUP...................46.88 0.43 53.50 34.50
VERIZON COMMS ..............................37.10 0.05 38.95 31.60
WAL-MART STORES..........................56.37 0.12 57.90 48.31
WALT DISNEY CO ..............................33.84 0.23 44.34 28.19
WELLS FARGO & CO.........................25.76 0.58 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 ..................0.855 0.00
LIBOR Euro - 12 months ................2.071 0.00
LIBOR USD - overnight...................0.141 0.00
LIBOR USD - 12 months.................0.918 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 .........................3.170 -0.02
European repo rate.........................0.726 0.00
Euro Euribor ....................................1.158 0.00
The vix index ...................................36.37 1.93
The baItic dry index ........................2.140 0.00
Markit iBoxx...................................234.22 0.78
Markit iTraxx..................................175.82 -2.75
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
USSHARES
C/$ 1.3776 0.0017
C/ 0.8701 0.0022
C/ 105.90 0.2085
/C 1.1494 0.0030
/$ 1.5737 0.0035
/ 121.01 0.1314
FTSE 100
5384.68
65.81
FTSE 250
10111.14
120.69
FTSE ALLSHARE
2776.23
33.82
DOW
11541.78
37.16
NASDAQ
2598.62
5.42
S&P 500
1215.39
5.51
RPC Group . . . . . . . .339.5 -4.5 384.8 215.4
Smiths Group . . . . . .921.5 -19.0 1429.0 907.5
Brown (N.) Group . . .261.4 -0.6 311.2 252.5
Carpetright . . . . . . . . .490.1 7.1 835.5 472.5
Debenhams . . . . . . . . .67.6 4.9 77.4 51.2
Dignity . . . . . . . . . . . .835.0 0.0 854.5 633.0
Dixons RetaiI . . . . . . .11.2 0.0 28.5 10.6
DuneImGroup . . . . . .484.9 11.5 550.0 383.9
HaIfords Group . . . . .320.1 -0.6 459.7 268.6
Home RetaiI Group . .103.4 3.9 235.0 95.3
Inchcape . . . . . . . . . . .311.3 -3.7 425.4 268.1
JD Sports Fashion . .835.0 13.5 1030.0 753.5
Kesa EIectricaIs . . . . .91.6 -1.4 174.0 80.0
Kingfisher . . . . . . . . .260.3 4.3 287.1 217.0
Marks & Spencer G . .332.6 3.7 427.5 301.8
Mothercare . . . . . . . .188.7 -2.4 627.5 179.6
Next . . . . . . . . . . . . .2614.0 74.0 2649.0 1868.0
Sports Direct Int . . . .229.6 0.0 266.2 125.5
WH Smith . . . . . . . . . .554.5 2.5 562.0 433.8
Smith & Nephew . . . .569.0 -7.5 742.0 521.0
Synergy HeaIth . . . . .824.5 -7.5 981.0 736.0
Barratt DeveIopme . . .86.3 -4.0 119.0 67.5
BeIIway . . . . . . . . . . . .695.0 -6.0 753.5 511.0
BaIfour Beatty . . . . . .242.3 -6.0 357.3 228.6
GaIIiford Try . . . . . . . .424.6 -10.8 530.0 276.5
Kier Group . . . . . . . .1366.0 -5.0 1418.0 1097.0
Drax Group . . . . . . . .529.0 49.2 556.5 353.6
SSE . . . . . . . . . . . . . .1351.0 8.0 1423.0 1108.0
Domino Printing S . .527.0 -11.5 705.0 434.3
HaIma . . . . . . . . . . . . .327.7 -4.3 429.6 306.3
Laird . . . . . . . . . . . . . .135.3 -0.6 207.0 127.9
Morgan CrucibIe C . .252.4 -12.5 357.1 222.3
Oxford Instrument . .760.5 -16.0 1010.0 495.0
Renishaw . . . . . . . . . .907.0 -11.0 1886.0 862.0
Spectris . . . . . . . . . .1182.0 -1.0 1679.0 1039.0
Aberforth SmaIIer . . .523.5 7.0 714.0 507.0
AIIiance Trust . . . . . .332.8 -2.0 392.7 310.2
Bankers Inv Trust . . .384.0 -3.1 428.0 346.5
BH GIobaI Ltd. GB .1195.0 5.0 1210.0 1058.0
BH GIobaI Ltd. US . . . .11.7 -0.3 12.2 10.4
BH Macro Ltd. EUR . . .19.1 -0.2 20.1 15.8
BH Macro Ltd. GBP 1983.0 -2.0 2070.0 1630.0
BH Macro Ltd. USD . . .18.8 -0.1 20.1 15.8
BIackRock WorId M .598.0 -14.0 815.5 574.5
BIueCrest AIIBIue . . .168.6 -0.4 176.2 162.4
British Assets Tr . . . .115.4 -2.6 140.5 109.0
British Empire Se . . .451.3 -1.7 533.0 409.9
CaIedonia Investm .1524.0 -3.0 1928.0 1470.0
City of London In . . .280.9 -2.1 306.9 257.0
Dexion AbsoIute L . .134.3 0.3 151.0 130.0
Edinburgh Dragon . .217.6 -5.0 262.1 201.4
Edinburgh Inv Tru . . .459.0 -2.8 492.2 414.9
EIectra Private E . . .1410.0 25.0 1755.0 1287.0
F&C Inv Trust . . . . . .281.7 -4.1 327.9 261.5
FideIity China Sp . . . . .75.2 -1.1 128.7 70.0
FideIity European . .1005.0 -21.0 1287.0 912.0
HeraId Inv Trust . . . . .458.6 -8.6 545.5 419.0
HICL Infrastructu . . . .117.2 0.0 121.3 112.7
Impax Environment . .91.2 -2.4 130.5 88.5
JPMorgan American .824.5 -5.5 916.0 721.5
JPMorgan Asian In . .186.3 -4.7 250.8 170.1
JPMorgan Emerging .509.5 -13.0 639.0 480.1
JPMorgan European .754.5 -8.5 983.5 692.5
JPMorgan Indian I . . .362.9 -5.1 502.0 350.0
JPMorgan Russian .490.0 -5.1 755.0 415.1
Law Debenture Cor . .343.0 -3.5 385.0 309.8
MercantiIe Inv Tr . . . .901.0 -6.0 1137.0 856.5
Merchants Trust . . . .365.9 -1.7 431.8 347.0
Monks Inv Trust . . . .319.2 -5.3 367.9 298.1
Murray Income Tru . .613.0 -5.0 673.0 568.0
Murray Internatio . . .876.0 -8.0 991.5 818.5
PerpetuaI Income . . .249.4 -0.9 276.0 234.8
PersonaI Assets T .32990.0-210.0 33725.030210.0
PoIar Cap TechnoI . .334.0 -10.0 391.2 299.5
RIT CapitaI Partn . . .1300.0 -3.0 1334.0 1130.0
Scottish Inv Trus . . . .438.0 -10.0 524.0 417.0
Scottish Mortgage . .647.0 -10.0 781.0 586.5
SVG CapitaI . . . . . . . .205.4 -0.9 279.8 187.9
TempIe Bar Inv Tr . . .847.5 -16.5 952.0 791.0
TempIeton Emergin .532.0 -19.5 689.5 497.0
TR Property Inv T . . .169.0 0.9 206.1 150.0
TR Property Inv T . . . .74.5 0.0 94.0 69.5
Witan Inv Trust . . . . .439.0 -6.7 533.0 401.5
3i Group . . . . . . . . . . .196.4 -5.3 340.0 184.1
3i Infrastructure . . . . .119.1 -0.9 125.2 112.9
Aberdeen Asset Ma .183.4 1.1 240.0 167.8
Ashmore Group . . . .318.1 0.3 420.0 301.5
Brewin DoIphin Ho . .118.7 -0.4 185.4 113.7
CameIIia . . . . . . . . . .8800.0-100.010950.08800.0
CharIes TayIor Co . . .137.8 -1.8 193.0 122.0
City of London Gr . . . .68.3 -0.3 93.6 68.3
City of London In . . .323.9 -2.1 461.5 320.0
CIose Brothers Gr . . .701.5 -15.0 888.5 656.5
CoIIins Stewart H . . . .61.8 -0.3 90.8 59.0
EvoIution Group . . . . .79.8 -1.3 94.0 62.3
F&C Asset Managem .61.2 -0.4 92.9 56.1
Hargreaves Lansdo .473.7 -15.8 646.5 402.5
HeIphire Group . . . . . . .3.0 -0.1 32.8 2.2
Henderson Group . . .117.1 -3.1 173.1 95.1
Highway CapitaI . . . . .14.5 0.0 21.0 6.5
ICAP . . . . . . . . . . . . . .406.7 -11.9 570.5 383.7
IG Group HoIdings . .473.6 7.6 553.0 393.6
Intermediate Capi . . .226.3 -6.7 360.3 197.9
InternationaI Per . . . .242.8 -11.1 388.8 196.5
InternationaI Pub . . . .115.3 -0.2 118.3 108.6
Investec . . . . . . . . . . .361.2 -7.3 538.0 331.8
IP Group . . . . . . . . . . . .65.5 0.0 67.0 27.9
Jupiter Fund Mana . .216.1 -0.9 337.3 184.9
Liontrust Asset M . . . .57.9 -0.6 94.3 57.0
LMS CapitaI . . . . . . . . .59.5 -0.5 64.8 44.8
London Finance & . . .22.5 0.0 23.5 16.5
London Stock Exch .852.0 -33.0 1076.0 686.0
Lonrho . . . . . . . . . . . . .14.0 -0.8 19.8 12.5
Man Group . . . . . . . . .150.0 -7.6 311.0 149.3
Paragon Group Of . .154.0 -3.0 206.1 134.6
Provident Financi . .1097.0 14.0 1124.0 728.5
Rathbone Brothers .1040.0 0.0 1257.0 866.5
Record . . . . . . . . . . . . .23.3 -0.8 46.0 20.3
RSM Tenon Group . . .24.3 0.3 66.3 20.3
Schroders . . . . . . . .1303.0 -13.0 1922.0 1183.0
Schroders (Non-Vo .1111.0 -15.0 1554.0 970.0
TuIIett Prebon . . . . . .375.1 5.2 428.6 327.8
WaIker Crips Grou . . .46.0 0.0 51.5 45.0
BT Group . . . . . . . . . .178.2 -3.3 204.1 150.2
CabIe & WireIess . . . .35.3 -0.0 54.1 31.3
CabIe & WireIess . . . .26.3 -0.5 76.9 26.2
COLT Group SA . . . . .93.8 2.2 156.2 91.0
KCOM Group . . . . . . . .70.3 0.8 84.0 47.5
TaIkTaIk TeIecom . . .131.0 -0.2 168.3 119.8
TeIecomPIus . . . . . . .721.5 -6.5 740.0 375.5
Booker Group . . . . . . .80.0 2.1 80.2 53.4
Greggs . . . . . . . . . . . .497.0 -2.1 550.5 429.1
Morrison (Wm) Sup .302.0 -0.9 308.3 262.7
Ocado Group . . . . . . . .84.8 -1.6 285.0 83.7
Sainsbury (J) . . . . . . .299.5 -2.6 391.5 263.5
Tesco . . . . . . . . . . . . .402.7 -0.9 439.0 356.3
Associated Britis . .1090.0 12.0 1182.0 940.0
Cranswick . . . . . . . . .676.0 12.5 896.0 588.5
Dairy Crest Group . . .344.0 0.9 424.9 325.0
Devro . . . . . . . . . . . . .242.5 -2.5 296.9 218.0
Premier Foods . . . . . . . .4.0 -0.3 35.1 3.8
Tate & LyIe . . . . . . . . .644.0 -6.0 656.0 490.2
UniIever . . . . . . . . . .2069.0 -6.0 2109.0 1777.0
Mondi . . . . . . . . . . . . .448.4 -34.1 664.0 445.3
Centrica . . . . . . . . . . .298.0 -8.3 345.8 282.6
InternationaI Pow . . .330.2 -1.7 448.6 279.4
NationaI Grid . . . . . . .638.0 1.5 649.5 530.0
Pennon Group . . . . . .697.0 -5.0 737.5 584.5
Severn Trent . . . . . .1524.0 -3.0 1571.0 1359.0
United UtiIities . . . . .612.0 -0.5 631.5 543.5
Cookson Group . . . . .460.7 -16.2 724.5 395.8
DS Smith . . . . . . . . . .193.0 -3.2 266.2 164.4
Rexam . . . . . . . . . . . .324.0 -1.6 400.0 299.8
Price Chg High Low
BerkeIey Group Ho .1175.0 1.0 1299.0 789.5
Bovis Homes Group .455.0 -5.5 472.2 326.5
Persimmon . . . . . . . .486.9 -5.8 502.5 336.5
Reckitt Benckiser . .3336.0 33.0 3648.0 3015.0
Redrow . . . . . . . . . . . .118.6 -0.4 139.0 98.4
TayIor Wimpey . . . . . . .35.8 -1.1 43.3 22.3
Bodycote . . . . . . . . . .264.1 -5.9 397.7 225.6
Charter Internati . . . .854.0 -8.0 876.5 538.5
Fenner . . . . . . . . . . . .324.8 -5.2 422.5 259.3
IMI . . . . . . . . . . . . . . . .756.5 -44.5 1119.0 636.5
MeIrose . . . . . . . . . . .312.0 -12.5 365.4 265.7
Northgate . . . . . . . . . .240.9 -4.7 346.7 202.0
Rotork . . . . . . . . . . .1551.0 -22.0 1858.0 1501.0
Spirax-Sarco Engi . .1764.0 -7.0 2063.0 1649.0
Weir Group . . . . . . .1675.0 -26.0 2218.0 1375.0
Ferrexpo . . . . . . . . . . .293.3 -18.2 499.0 238.7
TaIvivaara Mining . . .205.9 -3.1 622.0 202.1
BBAAviation . . . . . . .178.2 -1.0 240.8 156.0
Stobart Group Ltd . . .123.0 -1.3 163.6 120.3
AdmiraI Group . . . . .1206.0 -19.0 1754.0 1197.0
AmIin . . . . . . . . . . . . .300.1 -7.2 427.0 270.6
Huntsworth . . . . . . . . .56.5 1.3 85.0 55.3
Informa . . . . . . . . . . . .335.3 -8.0 461.1 313.9
ITE Group . . . . . . . . . .172.0 -2.0 258.2 157.7
ITV . . . . . . . . . . . . . . . . .58.8 -2.9 93.5 51.7
Johnston Press . . . . . . .4.1 -0.1 13.5 4.1
MecomGroup . . . . . .141.5 7.0 310.0 114.0
Moneysupermarket. . .97.0 -3.8 120.4 75.7
Pearson . . . . . . . . . .1135.0 -34.0 1207.0 926.0
PerformGroup . . . . .200.0 -10.0 234.5 150.0
Reed EIsevier . . . . . .523.0 -2.0 590.5 461.3
Rightmove . . . . . . . .1281.0 -2.0 1307.0 736.5
STV Group . . . . . . . . .100.5 0.5 168.0 90.3
Tarsus Group . . . . . .131.5 -5.9 165.0 112.5
Trinity Mirror . . . . . . . .47.5 0.0 108.0 37.5
UBM . . . . . . . . . . . . . .487.5 -1.0 725.0 416.0
UTV Media . . . . . . . . .124.8 -1.3 150.0 101.0
WiImington Group . . .87.5 0.0 183.0 82.5
WPP . . . . . . . . . . . . . .619.0 -11.5 846.5 578.0
YeII Group . . . . . . . . . . .3.6 -0.2 16.1 3.6
African Barrick G . . .529.0 -35.0 618.5 393.5
AIIied GoId Minin . . .141.4 -5.6 281.3 34.4
AngIo American . . .2180.5 -90.5 3437.0 2138.5
AngIo Pacific Gro . . .259.2 -0.5 369.3 237.9
Antofagasta . . . . . . .1039.0 -37.0 1634.0 900.5
Aquarius PIatinum . .174.2 -10.5 419.0 163.1
BeazIey . . . . . . . . . . . .123.0 -1.2 139.2 109.6
CatIin Group Ltd. . . .386.2 -10.0 421.4 331.5
Hiscox Ltd. . . . . . . . . .375.5 -9.0 424.7 340.5
Jardine LIoyd Tho . . .692.0 -5.0 709.0 571.5
Lancashire HoIdin . . .723.5 -20.5 744.0 529.0
RSA Insurance Gro . .110.5 -2.3 143.5 106.0
Aviva . . . . . . . . . . . . . .324.2 -15.1 477.9 275.3
LegaI & GeneraI G . . .101.9 -2.6 123.8 89.8
OId MutuaI . . . . . . . . .105.7 -3.1 144.8 98.1
Phoenix Group HoI . .505.5 -11.5 688.0 451.1
PrudentiaI . . . . . . . . .608.5 -22.5 777.0 509.0
ResoIution Ltd. . . . . .273.9 -3.8 316.1 211.3
St James's PIace . . . .330.4 -13.6 376.0 236.2
Standard Life . . . . . . .207.1 -7.1 244.7 172.0
4Imprint Group . . . . .227.0 -3.0 295.0 200.0
Aegis Group . . . . . . .130.8 -7.9 163.5 119.4
BIoomsbury PubIis . . .97.8 -0.3 138.0 95.1
British Sky Broad . . .725.0 15.0 850.0 618.5
Centaur Media . . . . . . .39.0 0.0 73.0 36.0
Chime Communicati .197.0 -3.0 298.5 173.0
Creston . . . . . . . . . . . .83.0 -1.5 121.0 72.0
DaiIy MaiI and Ge . . .389.1 -5.0 594.5 343.4
Euromoney Institu . .615.5 -1.5 736.0 522.5
Future . . . . . . . . . . . . . . .9.8 -0.3 30.0 9.8
Haynes PubIishing . .215.0 0.0 257.0 203.5
BHP BiIIiton . . . . . . .1833.0 -57.0 2631.5 1667.0
Centamin Egypt Lt . .103.0 -4.5 197.1 89.7
Eurasian NaturaI . . .633.5 -15.5 1125.0 522.0
FresniIIo . . . . . . . . . .1498.0 -57.0 2150.0 1244.0
GemDiamonds Ltd. .200.3 4.2 306.0 179.8
GIencore Internat . . .395.6 -12.0 531.1 348.0
HochschiId Mining . .446.0 -9.3 680.0 397.0
Kazakhmys . . . . . . . .830.5 -44.0 1671.0 730.0
Kenmare Resources . .37.2 -1.8 59.9 18.9
Lonmin . . . . . . . . . . .1021.0 -39.0 1983.0 974.5
New WorId Resourc .466.2 -18.1 1060.0 410.5
PetropavIovsk . . . . . .688.0 13.0 1165.0 543.5
RandgoId Resource 6285.0-100.0 7215.0 4425.0
Rio Tinto . . . . . . . . .3015.0-123.0 4712.0 2712.5
Vedanta Resources .1132.0 -42.0 2559.0 948.0
Xstrata . . . . . . . . . . . .895.8 -30.7 1550.0 764.0
Inmarsat . . . . . . . . . . .466.1 0.6 719.5 389.7
Vodafone Group . . . .174.7 1.1 182.8 155.1
Genesis Emerging . .446.0 -8.0 568.0 430.0
Afren . . . . . . . . . . . . . . .85.9 -3.1 171.2 73.6
BG Group . . . . . . . . .1318.5 -39.5 1564.5 1144.0
BP . . . . . . . . . . . . . . . .429.8 -7.2 509.0 363.2
Cairn Energy . . . . . . .282.8 -3.1 469.7 261.4
EnQuest . . . . . . . . . . .103.0 1.3 158.5 86.6
Essar Energy . . . . . .279.6 -7.4 589.5 235.1
ExiIIon Energy . . . . . .262.0 -2.2 469.7 184.2
Heritage OiI . . . . . . . .231.7 1.4 486.0 190.0
Ophir Energy . . . . . . .230.0 2.8 299.0 184.5
Premier OiI . . . . . . . . .361.8 -12.2 535.0 310.0
RoyaI Dutch SheII . .2214.5 -7.5 2326.5 1883.5
RoyaI Dutch SheII . .2289.5 12.0 2336.0 1890.5
SaIamander Energy .196.6 -4.9 317.6 182.3
Soco Internationa . . .328.5 -3.9 400.0 279.8
TuIIow OiI . . . . . . . . .1382.0 -52.0 1493.0 945.5
Amec . . . . . . . . . . . . .880.5 -19.5 1251.0 740.5
Hunting . . . . . . . . . . .640.0 -3.0 817.0 530.0
Kentz Corporation . .470.0 -4.0 494.5 275.5
LampreII . . . . . . . . . . .220.7 -8.1 395.2 214.9
Petrofac Ltd. . . . . . .1313.0 -19.0 1685.0 1108.0
Wood Group (John) .560.0 -13.5 715.8 432.5
Burberry Group . . . .1234.0 -21.0 1600.0 974.0
PZ Cussons . . . . . . . .352.3 -6.8 409.0 320.5
Supergroup . . . . . . . .650.0 -1.0 1820.0 645.5
AstraZeneca . . . . . .2973.5 -7.5 3334.0 2543.5
BTG . . . . . . . . . . . . . .273.3 -2.7 309.7 210.1
Genus . . . . . . . . . . . . .982.0 0.5 1111.0 800.0
GIaxoSmithKIine . . .1392.5 15.0 1400.0 1127.5
Hikma Pharmaceuti .624.0 -6.0 900.0 555.5
Shire PIc . . . . . . . . . .2012.0 7.0 2136.0 1454.0
CapitaI & Countie . . .165.2 -4.9 203.7 142.5
Daejan HoIdings . . .2697.0 47.0 2954.0 2282.0
F&C CommerciaI Pr . .97.4 0.4 108.0 88.0
Grainger . . . . . . . . . . . .85.6 -1.6 133.2 77.3
London & Stamford .117.2 -1.4 140.0 112.9
SaviIIs . . . . . . . . . . . . .267.7 -7.0 427.1 256.2
UK CommerciaI Pro . .77.5 -0.3 85.5 70.4
Unite Group . . . . . . . .169.1 -1.4 224.1 152.9
Big YeIIow Group . . .256.9 -11.7 352.2 234.2
British Land Co . . . . .489.1 -15.4 629.5 452.0
CapitaI Shopping . . .325.1 -8.6 424.8 296.4
Derwent London . . .1602.0 -51.0 1880.0 1400.0
Great PortIand Es . . .349.0 -3.4 445.0 317.4
Hammerson . . . . . . . .388.8 -16.3 490.9 353.0
Hansteen HoIdings . . .76.9 -0.6 89.5 70.0
Land Securities G . . .653.0 -25.0 885.0 616.0
SEGRO . . . . . . . . . . . .232.9 -5.7 331.3 210.1
Shaftesbury . . . . . . . .488.2 -8.8 539.0 431.7
Aveva Group . . . . . .1420.0 -10.0 1799.0 1298.0
Computacenter . . . . .369.0 -4.2 490.0 354.8
Fidessa Group . . . . .1690.0 -5.0 2109.0 1409.0
Invensys . . . . . . . . . . .210.0 -5.3 364.3 199.6
Logica . . . . . . . . . . . . .86.7 -3.4 147.2 73.9
Micro Focus Inter . . .334.0 -7.0 426.2 239.4
Misys . . . . . . . . . . . . .258.7 -1.3 420.2 214.9
Sage Group . . . . . . . .276.7 1.3 302.0 231.7
SDL . . . . . . . . . . . . . . .653.5 1.0 711.5 555.0
TeIecity Group . . . . . .588.5 6.5 602.5 430.0
Aggreko . . . . . . . . . .1704.0 -39.0 2034.0 1394.5
Ashtead Group . . . . .152.8 -7.0 207.9 99.4
Atkins (WS) . . . . . . . .501.5 -17.5 820.0 490.2
Babcock Internati . . .670.0 -6.5 733.0 513.5
Berendsen . . . . . . . . .434.0 -8.0 568.0 391.3
BunzI . . . . . . . . . . . . .804.0 -6.0 812.5 676.5
Cape . . . . . . . . . . . . . .458.5 -1.7 591.5 348.8
Capita Group . . . . . . .698.0 -7.5 786.5 635.5
CariIIion . . . . . . . . . . .333.5 -15.3 403.2 298.8
De La Rue . . . . . . . . .840.0 0.0 854.5 549.5
DipIoma . . . . . . . . . . .302.0 0.0 414.3 258.0
EIectrocomponents .205.5 -2.7 294.9 182.2
Experian . . . . . . . . . . .749.0 -8.0 833.5 665.0
FiItrona PLC . . . . . . . .353.0 2.5 385.5 227.5
G4S . . . . . . . . . . . . . . .241.0 7.4 291.0 219.9
Hays . . . . . . . . . . . . . . .74.1 -0.7 133.6 66.6
Homeserve . . . . . . . .459.4 -3.6 532.0 408.0
Howden Joinery Gr . .112.6 -1.4 127.5 75.5
Interserve . . . . . . . . . .309.9 1.5 341.3 183.5
Intertek Group . . . . .1910.0 -45.0 2148.0 1715.0
MichaeI Page Inte . . .361.4 -7.6 567.0 338.7
Mitie Group . . . . . . . .240.4 -0.6 244.0 194.1
Premier FarneII . . . . .168.0 -4.9 308.8 144.5
Regus . . . . . . . . . . . . . .72.2 -1.1 119.0 64.0
RentokiI InitiaI . . . . . . .67.9 -0.6 104.9 64.8
RPS Group . . . . . . . . .166.6 -2.2 253.0 156.6
Serco Group . . . . . . .498.9 -6.1 633.0 490.9
Shanks Group . . . . . .105.2 -4.5 130.9 103.0
SIG . . . . . . . . . . . . . . . .99.0 -2.2 153.5 83.8
SThree . . . . . . . . . . . .260.1 -5.1 447.6 213.2
Travis Perkins . . . . . .831.0 -5.0 1127.0 715.0
WoIseIey . . . . . . . . .1761.0 -14.0 2261.0 1404.0
ARM HoIdings . . . . . .568.0 -12.5 651.0 338.9
CSR . . . . . . . . . . . . . .180.5 -3.5 447.0 178.4
Imagination Techn . .452.2 -17.2 502.0 296.9
Pace . . . . . . . . . . . . . . .80.0 -12.0 231.8 77.0
Spirent Communica .125.0 -0.5 160.3 109.5
British American . .2790.0 -10.0 2871.0 2282.5
ImperiaI Tobacco . .2221.0 22.0 2233.0 1784.0
Betfair Group . . . . . . .745.0 18.5 1550.0 567.0
Bwin.party Digita . . .102.8 -3.0 280.9 100.6
CarnivaI . . . . . . . . . .2160.0 -27.0 3153.0 1742.0
Compass Group . . . .562.5 7.0 612.0 511.5
Domino's Pizza UK . .451.0 -6.0 586.0 377.0
easyJet . . . . . . . . . . . .344.7 -5.6 479.0 301.0
FirstGroup . . . . . . . . .322.7 -1.5 412.6 301.8
Go-Ahead Group . . .1420.0 -50.0 1598.0 1203.0
Greene King . . . . . . .444.2 6.1 518.0 410.0
InterContinentaI . . .1062.0 -20.0 1435.0 955.0
InternationaI Con . . .160.1 -3.6 305.0 141.6
JD Wetherspoon . . . .429.7 4.4 468.3 380.5
Ladbrokes . . . . . . . . .136.2 1.9 155.3 114.0
Marston's . . . . . . . . . . .95.9 1.0 117.1 84.6
MiIIennium& Copt . .413.1 -0.2 600.5 375.6
MitcheIIs & ButIe . . . .235.1 2.1 361.0 216.4
NationaI Express . . .229.4 -0.6 270.2 219.6
Rank Group . . . . . . . .127.0 0.9 153.7 109.5
Restaurant Group . . .285.6 3.6 335.0 254.9
Stagecoach Group . .242.7 2.4 272.4 200.0
Thomas Cook Group .45.6 -1.9 204.8 33.7
TUI TraveI . . . . . . . . . .158.2 -0.3 271.9 137.2
Whitbread . . . . . . . .1633.0 6.0 1887.0 1409.0
WiIIiamHiII . . . . . . . . .226.2 8.8 244.1 155.5
Abcam . . . . . . . . . . . .328.5 -15.0 460.0 307.0
AIbemarIe & Bond . .318.0 0.0 400.1 272.0
Amerisur Resource . . .11.8 0.0 29.0 9.5
Andor TechnoIogy . .500.0 -5.0 685.0 340.0
ArchipeIago Resou . . .68.6 -1.4 79.0 33.0
ASOS . . . . . . . . . . . .1429.0 -27.0 2468.0 1234.0
AureIian OiI & Ga . . . .17.5 0.3 92.0 16.0
Avanti Communicat .299.0 -1.0 735.0 248.5
Avocet Mining . . . . . .231.3 -7.8 286.8 173.8
BIinkx . . . . . . . . . . . . .144.5 -2.8 158.0 70.5
Borders & Souther . . .50.0 -0.3 73.0 43.5
BowLeven . . . . . . . . .105.0 -4.5 398.0 74.5
Brooks MacdonaId 1260.0 12.0 1372.5 940.0
Cove Energy . . . . . . . .88.0 7.0 112.8 61.0
Daisy Group . . . . . . . .110.5 -0.5 127.0 88.0
EMIS Group . . . . . . . .525.0 -5.0 580.0 396.0
Encore OiI . . . . . . . . . .77.3 -1.8 151.5 40.8
Faroe PetroIeum . . . .156.0 -1.0 218.3 130.0
GuIfsands PetroIe . . .183.8 -2.3 401.5 142.5
GWPharmaceuticaI . .92.5 -1.0 130.0 83.0
H&T Group . . . . . . . . .330.0 -5.0 395.0 277.0
Hamworthy . . . . . . . .515.0 -9.5 705.0 373.8
Hargreaves Servic .1048.0 -17.0 1080.0 676.0
HeaIthcare Locums . . . .6.2 1.2 6.5 5.1
Immunodiagnostic . .868.0 3.0 1218.0 768.5
ImpeIIamGroup . . . .330.0 0.0 387.5 155.0
James HaIstead . . . . .465.0 5.0 495.0 345.5
KaIahari MineraIs . . .228.8 -7.5 301.0 164.8
London Mining . . . . .320.8 -10.3 436.5 283.0
Lupus CapitaI . . . . . . .99.8 2.3 150.0 86.0
M. P. Evans Group . .400.0 0.0 500.5 371.0
Majestic Wine . . . . . .429.0 8.5 510.0 347.0
May Gurney Integr . .291.0 -4.0 300.0 211.0
Monitise . . . . . . . . . . . .35.5 -0.5 39.0 18.5
MuIberry Group . . . .1400.0 -1.0 1920.0 530.0
Nanoco Group . . . . . . .41.3 -2.3 115.8 41.0
NauticaI PetroIeu . . .309.8 0.8 547.0 223.5
NichoIs . . . . . . . . . . . .542.5 -2.5 579.0 410.0
Numis Corporation . . .93.0 -3.0 137.8 89.0
Pan African Resou . . .12.3 0.0 14.5 9.4
Patagonia GoId . . . . . .53.5 -1.8 70.0 20.3
Prezzo . . . . . . . . . . . . .54.5 -1.5 71.5 53.3
Pursuit Dynamics . . .191.0 -4.0 700.0 160.5
Rockhopper ExpIor .202.5 0.0 386.0 141.0
RWS HoIdings . . . . . .426.0 1.0 479.8 266.5
Songbird Estates . . .116.0 -2.0 160.3 110.3
VaIiant PetroIeum . . .482.8 -2.5 750.0 435.0
Young & Co's Brew . .610.0 5.0 712.0 530.0
Drax Group . . . . . . . .529.0 10.3
Debenhams . . . . . . . . .67.6 7.7
Britvic . . . . . . . . . . . . .328.0 6.4
WiIIiam HiII . . . . . . . . .226.2 4.1
Home RetaiI Group . .103.4 3.9
G4S . . . . . . . . . . . . . . .241.0 3.2
Next . . . . . . . . . . . . .2614.0 2.9
Booker Group . . . . . . .80.0 2.6
Betfair Group . . . . . . .745.0 2.6
DuneIm Group . . . . . .484.9 2.4
Pace . . . . . . . . . . . . . . .80.0 -13.0
Mondi . . . . . . . . . . . . .448.4 -7.1
Premier Foods . . . . . . . .4.0 -6.9
African Barrick Go . .529.0 -6.2
Ferrexpo . . . . . . . . . .293.3 -5.8
Aegis Group . . . . . . .130.8 -5.7
Aquarius PIatinum . .174.2 -5.7
IMI . . . . . . . . . . . . . . . .756.5 -5.6
Kazakhmys . . . . . . . .830.5 -5.0
Man Group . . . . . . . . .150.0 -4.8
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
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FOOD & DRUG RETAILERS
FOOD PRODUCERS
FORESTRY & PAPER
GAS, WATER & MULTIUTILITIES
GENERAL RETAILERS
HEALTH CARE EQUIPMENT & S.
HHOLD GDS & HOME CONSTR.
INDUSTRIAL ENGINEERING
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MEDIA
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PERSONAL GOODS
PHARMACEUTICALS & BIOTECH
REAL ESTATE INVEST. & SERV.
SOFTWARE & COMPUTER SERV.
SUPPORT SERVICES
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TOBACCO
TRAVEL & LEISURE
AIM 50
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REAL ESTATE INVEST. TRUSTS
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AUTOMOBILES & PARTS
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MINING
NONEQUITY INVESTM. COMM.
Tsy 3.250 11 . . . . .100.22 0.00 103.0 100.2
Tsy 9.000 12 . . . .105.80 0.00 114.6 105.8
Tsy 5.000 12 . . . .101.67 -0.01 106.1 101.6
Tsy 5.250 12 . . . .102.94 0.00 107.5 102.9
Tsy 4.500 13 . . . .105.38 0.02 108.8 105.3
Tsy 2.500 13 . . . .284.70 0.01 287.7 277.6
Tsy 8.000 13 . . . . .114.18 0.01 120.7 114.0
Tsy 5.000 14 . . . . .111.84 0.06 114.1 109.2
Tsy 4.750 15 . . . . .113.96 0.11 114.8 108.6
Tsy 8.000 15 . . . .127.71 0.09 131.3 123.7
Tsy 7.750 15 . . . .101.25 -0.49 108.8 101.3
Tsy 4.000 16 . . . . .112.44 0.12 113.4 104.9
Tsy 2.500 16 . . . .340.73 -0.06 342.2 310.2
Tsy 8.750 17 . . . .139.20 0.03 141.9 132.9
Tsy 12.000 17 . . .123.50 -0.39 134.0 122.5
Tsy 1.250 17 . . . . .114.27 -0.12 115.3 106.7
Tsy 5.000 18 . . . . .119.58 -0.01 121.0 109.7
Tsy 4.500 19 . . . . .117.08 0.10 118.8 105.4
Tsy 3.750 19 . . . . .111.66 0.11 113.5 99.4
Tsy 2.500 20 . . . .351.89 0.01 355.6 312.4
Tsy 4.750 20 . . . . .119.28 0.16 121.4 106.6
Tsy 8.000 21 . . . .148.09 0.14 151.8 133.8
Tsy 1.875 22 . . . .122.75 -0.04 125.4 111.3
Tsy 4.000 22 . . . . .113.71 0.14 115.6 99.0
Tsy 2.500 24 . . . .312.65 -0.05 320.1 273.5
Tsy 5.000 25 . . . .124.97 0.20 126.9 107.4
Tsy 4.250 27 . . . . .116.40 0.18 118.1 97.9
Tsy 1.250 27 . . . . .116.50 -0.15 121.0 104.6
Tsy 6.000 28 . . . .140.81 0.18 142.9 119.5
Tsy 4.750 30 . . . .123.87 0.13 125.6 103.0
Tsy 4.125 30 . . . .296.01 -0.23 305.4 261.2
Tsy 4.250 32 . . . . .115.96 0.14 117.9 96.0
Tsy 4.250 36 . . . . .116.04 0.19 117.6 95.0
Tsy 4.750 38 . . . .125.40 0.25 126.9 102.8
Tsy 4.500 42 . . . .121.93 0.28 123.0 98.9
% %
ALTERNATIVE ENERGY
CITYA.M. 21 OCTOBER 2011 19
Wealth Management
N
EXT month George Osborne will deliver
his Autumn Statement, and it will have
to be a good one. With the economy
stalled and high unemployment, he
needs a credible plan for economic growth.
The credibility of the fiscal adjustment is on
the line. Spending cuts are right and necessary
but they are only one part of delivering a
strong economy and sustainable public
finances. And the governments political for-
tunes are on the line too. Tactical triumphs or
disasters now will be much less important to
whether or not the government is re-elected
than whether or not David Cameron can echo
Ronald Reagan and tell voters in 2015 that Its
morning again in Britain.
There is a whole catalogue of measures that
could make it easier for businesses to invest
and grow: refusing to implement expensive
EU regulations like the agency workers direc-
tive; reforming a welfare system trapping peo-
ple on benefits; allowing new airport capacity;
getting rid of expensive energy policies; more
aggressive cuts to corporate tax; and scrapping
the 50p tax rate.
But while all of that would be worthwhile,
Osbornes plan needs a centrepiece, a big
announcement that can capture peoples
imagination. Funnily enough, he has
already identified one candidate. He
should revisit the idea of merging income
tax and national insurance (NI). Not the
worthy but unimaginative proposal to
align them behind the scenes which he
retreated to but a complete merger
including employers NI.
There would be challenges. The well-
respected former chancellor of the
exchequer Nigel Lawson has called it an
elephant trap. But none of those chal-
lenges are fatal.
Common objections include the
possibility that pensioners would pay
more. But pensioners are already
treated differently within the income
tax system, with a different personal
allowance, so there is no reason they need to
pay the same rate if politicians want to keep
giving them a better deal. Similar provision
could be made for the self-employed if neces-
sary (levelling down the rates over time might
be fairer).
There also used to be some people who were
above the national insurance upper earnings
limit but below the higher rate of income tax,
who would pay more if the two systems were
merged. But that barrier has since been
removed as the higher rate threshold has crept
down over the years.
The national insurance fund is little more
than an accounting fiction. The government is
already consulting on moving to a flat rate
pension and qualifying years for that benefit
could as easily be assessed on number of years
paying income tax as number of years paying
national insurance.
Finally the government would need to make
it clear that this wasnt a tax hike. Other
reforms like changes to vehicle excise duty
have been used as cover for higher taxes too
many times before.
In particular, employers NI has been a
stealth tax for years that drives a wedge
between what an employee earns and an
employee receives, in just the same way as
income tax does. Bringing that out into the
open would increase the amount of visible tax-
ation and might be unpopular if people arent
clear about what is happening. So some inter-
im arrangement where all national insurance
is recorded on pay slips for a couple of years
before a merger of the two would be wise.
But such transparency is fundamentally a
feature of this tax reform, not a bug. If the real
basic rate is 40.2 per cent, not 20 per cent; the
real higher rate is 49 per cent not 40 per cent;
and the top rate is 57.8 per cent, as the Centre
for Policy Studies has suggested, then it is bet-
ter people should know that than be misled
into thinking they are getting a better deal
than they actually are. An honest tax system
would mean a better-informed public debate
and could even improve industrial relations.
At the same time, there has to be a huge sav-
ing for business and the exchequer if they only
have to pay and collect one tax instead of
three. All of the different rules, from assess-
ment periods to how expenses can be deduct-
ed, could be consolidated. KPMG puts the cost
of just three of the information obligations
the separate NI system imposes on business at
146m. The true savings from consolidating
the three taxes into one payment could be
really substantial.
Tax reform is a vital long-term project. But
there is nothing to stop the chancellor getting
started now. The Institute for Fiscal Studies,
the British Chambers of Commerce and the
Institute of Directors have all said that this
change should be considered. One income tax
is bad enough we cant afford three.
Emma Boon is campaign director for the
Taxpayers Alliance.
20
The Forum
CITYA.M. 21 OCTOBER 2011
Osbornes plan needs a big
announcement that can
capture peoples imagination
Merging national insurance
with income tax will boost
transparency and cut costs
cityam.com/forum
EMMA BOON
Agree? Disagree? Got a sharp comment?
The Forum wants you to join the debate.
COMMENT NOW ON
Twitter: @cityamforum;
on the web: cityam.com/forum;
or by email: theforum@cityam.com.
Top responses will be reprinted in The Forum.
21
Prosecution may
not always be the
best way to fight
corporate crime
Solicitor general:
The US lesson on
firm punishment
I
S PROSECUTION always the right
response to corporate crime? Sometimes
it can be a blunt instrument, causing
unintentional collateral damage.
Companies are not people and cannot be sent
to prison: the effect of a prosecution can be
felt by innocent employees, pensioners and
shareholders as much as by the directors.
Arthur Andersens collapse in 2002 demon-
strated that all too vividly.
Already, prosecuted companies sometimes
agree to plead guilty to fraud in accordance
with the attorney generals guidelines, or a
civil outcome may be appropriate. In March
2010 the chemicals company Innospec plead-
ed guilty to bribing employees at a refinery
and other government officials in Indonesia
in order to secure sales of a fuel additive and
paid a financial penalty of $12.7m (8.3m). In
July 2011 Macmillan Publishers was ordered to
pay over 11m under the Proceeds of Crime
Act to claim back money generated through
unlawful conduct in east and west Africa.
These are examples of offending so serious
that only a prosecution will meet the justice of
a case. But if a company is prepared to face up
to its wrong-doing and accept punishment
through a criminal justice process that stops
short of prosecution, there must be merit in
thinking about how that might be achieved.
Together with the Serious Fraud Office,
Crown Prosecution Service, Ministry of Justice
and Home Office, I am discussing with
lawyers here and overseas the introduction of
deferred prosecution agreements (DPA), simi-
lar to those in the United States, which could
provide a more effective approach to dealing
with corporate crime in some cases.
DPAs are an established part of the United
States response to corporate crime, encourag-
ing companies to self-report criminal conduct
to the Department of Justice (DoJ). The DoJ typ-
ically agrees with a company to defer its prose-
cution in return for payment of a substantial
fine, compensation to victims and the imposi-
tion of a regime of corporate monitoring (at
the companys expense) for a period of two or
three years. There may be other terms in the
agreement to maintain flexibility. If the com-
pany complies, the prosecution is eventually
dropped at the end of the period.
An important aim of any DPA system would
be to allow investigators and prosecutors to
focus resources on cases where a prosecution
is in the public interest. If we can encourage
companies to confess their wrong-doing, pay
penalties and reform their operations, the
time and energy of investigations and prosecu-
tions will better spent elsewhere, bringing
more individuals and companies to justice.
I am examining the pros and cons of DPAs
and I will be consulting judges, lawyers, busi-
ness people and interested campaigners on
how they might work. It is an open-minded
process designed to get the best of the
American system translated across to ours in
the most effective, open and just way.
The solicitor general Edward Garnier QC MP and
the attorney general Dominic Grieve QC MP are, in
addition to their other duties, accountable to
Parliament and superintend the Serious Fraud Office
(SFO) and the Crown Prosecution Service (CPS).
Stalled innovation
In response to Graeme
Sutherlands claims about tran-
sistors and computers [DNA of
innovation, Rapid Responses,
yesterday], the original patent
for a transistor was taken out in
1925. Working transistors were
first produced in the late 1940s.
Modern computers build on
Charles Babbages work in the
19th century and Alan Turings in
the 1940s. The first working
electronic digital computer was
conceived in 1937 and built in
1942 by John Atanasoff and
Clifford Berry.
As with cars, aircraft and tele-
phones, we have improved and
developed computers and tran-
sistors, but they are now over
seventy years old. As for DNA, it
was first isolated by Friedrich
Miescher in 1869 and its chemi-
cal composition shown in 1878.
Gregor Mendel published his
paper on inheritance in 1866.
Tim Hammond, managing
director, Seabury Group
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
EDWARD GARNIER
BY MARC SIDWELL
CITYA.M. 21 OCTOBER 2011
The Forum
T
HERE has been a
running contro-
versy in the
Forum this week
about the rate of tech-
nological innovation
(see Rapid Reponses,
above). After an article
by Norman Lewis
argued that too much
praise for Steve Jobs was a distraction from the
importance of truly revolutionary scientific discov-
eries and world-shaping technological break-
thoughs, readers have enthusiastically joined the
debate, arguing both sides.
Tim Hammond, above, voices the pessimists
view. It might seem counter-intuitive when every
few months seems to bring a new digital wonder
like Siri, the virtual personal assistant built into
the iPhone 4S, but there is a significant body of
research supporting the idea that fewer truly radi-
cal innovations happen today compared with the
late nineteenth century.
In 2005, Jonathan Huebner studied US patent
applications and found the rate of innovation peak-
ing as long ago as 1873. In the same year, Ben
Jones at Northwestern University discovered inno-
vators were making their first breakthroughs later
and later in life, slashing the years they had avail-
able for further creative insights. Sociologist
Charles Murrays survey of human accomplishment
also found a per capita decline from 1850 to 1950.
The billionare investor Peter Thiel, most famous
for his early involvement in Facebook and PayPal,
is a prominent evangelist for this view, publishing
an article titled The End of The Future earlier this
month in National Review, the house journal of
American conservatism. Where, such thinkers ask,
are the jetpacks we were promised? The econo-
mist Tyler Cowen suggests we are living in a Great
Stagnation, with sluggish inventions slowing our
economic growth. Thiel is encouraging young
entrepreneurs to leave university early to try and
put youthful ambition to work on bold inventions
as fast as possible.
And yet can that really be the end of the story?
This week, the first vaccine for malaria was
announced by GSK. Only fifty per cent effective, it
is nonetheless a major milestone that could save
hundreds of thousands of lives a year malaria
killed 781,000 people in 2009. The same week,
UK-based Arm Holdings announced a new chip
design for mobile devices, the Cortex-A7, that it
claims will help connect the next billion people to
the internet via low-cost smartphones and tablets
affordable in developing countries. At the margins,
at least, if not in huge leaps forward, our technolo-
gy becomes more sophisticated all the time. Brian
Arthur argues in his recent article for McKinsey
Quarterly that digital technology is creating an
invisible second economy that innovation hunters
might miss.
But however unlikely it can seem, the big inno-
vations do seem to be coming slower than they
used to. If Cowen and Thiel are right, the economic
cost of that is very real: we cannot rely on invent-
ing our way out of economic trouble as easily as
we hoped. Those who value innovation must recog-
nise it is even more precious now than it used to
be. If anyone can invent a way to speed it up
again, that could just be the most important
breakthrough ever.
Marc Sidwell is Business Features Editor for City
A.M.
Innovation alarm bells
should not be ignored
Email: theforum@cityam.com
Twitter: @cityamforum
Made to Measure available: 19 Savile Row; House of Fraser, City & Oxford Street
Suits
andthe
City
The three piece revival:
Waistcoats are back
Look sharp in black tie
How to wear a
contrast collar shirt
CHESTER BARRIE OFFERS CITY A.M. READERS A
FREE WAISTCOAT WITH THEIR SUITS
Quality suit-making company Chester Barrie
is opening a dedicated room for its
made-to-measure suits in the Citys branch of
House of Fraser next week. Superior cloths are on
offer and tailors will be present at all times to
measure customers up.
To celebrate, the company is offering City A.M.
readers a free waistcoat with every made to
measure suit ordered from its House of Fraser
departments in the City and on Oxford Street.
Just bring in a copy of City A.M. and Chester
Barrie will cut you a three-piece suit for the price
of a two-piece.
The offer runs from now until the end of
November.
House of Fraser, 68 King William Street, EC4N
7HR. www.chesterbarrie.co.uk
ANDERSON & SHEPPARD IN PRINT
One of the most famous names in tailoring,
Mayfairs Anderson & Sheppard, has brought out
its first book, a beautifully illustrated tome thats
been edited by Vanity Fair overlord Graydon
Carter. A history of the business and of tailoring
itself, Anderson & Sheppard: A Style if Born
includes archival pictures of the firms famous
clients, including Rudolf Valentino, Douglas
Fairbanks Jr and Lawrence Olivier.
34.99 at Amazon.co.uk.
HUGO BOSS RELAUNCHES IN THE CITY
Hugo Bosss shop on Eldon St in the Square Mile
has had a refurbishment. It offers premium suiting
brand Boss Selection and the stylish Boss Black
line, and is staffed by suiting experts offering a tai-
loring and fitting service.
18-31 Eldon St, EC2M 7LA. www.hugoboss.com
Good things
come in
Suits worn with waistcoats are back in the
City in a serious way, finds Timothy Barber
A
SUIT isnt complete and proper
unless its a three-piece suit. Thats
the view of plenty of tailors, but for a
long time it wasnt shared by many
of their clients. The waistcoat all but disap-
peared from the City in the 80s, and if any-
thing was buried further by a brief 90s
revival in the form of ill-fitting, high-but-
toned, sported-by-footballers garments that
registered minus points for style.
But now the waistcoat is back. James
Sleater of City tailors Cad & the Dandy says
his business used to make one waistcoat for
every 50 suits it produced, but now its one
in three. The credit crunch put the kibosh
on the Citys more brazen sartorial habits
so now men are looking for other ways to
cut a dash.
As people stay away from brash old pin-
stripes and go for more conservative cloths,
they dress it up with a waistcoat, he says.
Theres also the look of the waistcoat sans
jacket. Frankly, a person in a waistcoat, tie
and shirtsleeves looks more on the ball
and ready for action than the bloke beside
him in a messily tucked-in shirt.
If you want to see how a three-piece suit
should appear at its best, look no further
than the super-suave number sported by
Sean Connery in the Bond film Goldfinger,
or that worn by Steve McQueen in another
style classic of the Sixties, the Thomas
Crown Affair (see this supplements cover
image). The key to getting the look right,
says Sleater, is to ensure the waistcoat does-
nt go too high.
You want to see a little peak of waistcoat
behind the suit jacket, rather than that
pushy, look-at-me-in-my-waistcoat thing,
he explains. Its understated, considered
elegance you dont want to look like
youre showing off.
While the modern suit evolved out of
military tailoring in the early 20th centu-
ry, the waistcoat dates back to the days of
wigs and frock coats. Its job, as well as
being a place to store a pocket watch and
chain a dandy look thats popular again
in our retro-obsessed times, though hard-
ly sensible for the City was to provide
elegance and structure in an area of the
body that can be decidedly inelegant and
unstructured (particularly after a big
lunch).
We call the waistcoat the male corset
even on guys who are a bit bigger its very
flattering, says Luke Sweeney of Mayfair
tailors Thom Sweeney. It com-
pletes the jacket, and makes
things look very neat. Once you
get used to it, you stick with it.
Made well, its nevertheless
rather more comfortable
than a corset. Theres no rea-
son a waistcoat should be
unduly tight or restrictive,
even on more portly
physiques.
Just remember the key
rule of keeping the bottom
button undone a tradi-
tion supposedly started by
the distinctly portly
Edward VII and the thing
will hang neatly and com-
fortably. This, says Chris
Scott Gray of made-to-
measure specialist
Chester Barrie, is invest-
ment dressing.
If youre going to get a
suit with a waistcoat, youre
often going to get it in a bet-
ter cloth, he says. Its about
looking like you want to be
wearing that suit, youre not apolo-
gising for it. People are now enjoying
looking very tailored, instead of that
sack of potatoes look this is about
taste.
Johnny Allen of sales manager
Huntsman suggest its a look that
suits this time of year too.
Air con means people are leav-
ing their coats at home more, so
they like the added warmth and
cover a waistcoat provides, and it
pulls a look together very well.
A waistcoat adds decisions to
the suit-buying process: how
many buttons to have (normal is
between five and seven),
whether to go single or double
breasted (single is normal but
Sleater says double breasted busi-
ness suits are seeing a real surge in
popularity) and whether to get a
lapelled waistcoat or not.
There are no rules, but for me it can
look a bit busy with lapels if youre getting
it in a checked or striped material, says
Sweeney (though one unbreakable rule for
lounge suits, of course, is that the waistcoat
should always be of the same material as
the rest of the suit).
A lapel is generally considered a little
more formal, and helps pull off the shirt-
sleeves option as well. However you go
Sweeney even recommends a horseshoe
waistcoat, in which the cut of the chest is
scooped you can be assured that the
waistcoat brings smartness, authority and
a sense of purpose to your look.
Theres something quite austere about
the three-piece suit, says Jeremy Hackett,
whose eponymous clothes company carries
several such suits in its Mayfair collection.
People feel more serious about things at
the moment, and so they want to look
more serious about things you simply
cant look sloppy in a three-piece.
We call the
waistcoat
the male
corset
even on
guys who
are a bit
bigger its
flattering
and makes
things look
very neat
Suits & the City
24 CITYA.M. 21 OCTOBER 2011
The book, Anderson & Sheppard: A Style is Born
News from the cutting rooms
Left, grey three piece
suit by Austin Reed,
550.
www.austinreed.co.uk
Centre, bespoke
Huntsman suit from
5,000
www.huntsman.com
Three piece suit in
navy window pain
check by Hackett
Mayfair, 900.
www.hackett.com
H
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G
O

B
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S
S

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K

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o
n
e

+
4
4

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0
)
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.
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b
o
s
s
.
c
o
m
B
O
S
S

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e
l
e
c
t
i
o
n
BOSS STORE, ELDON STREET NOW OPEN
Visit the redesigned BOSS Store on Eldon Street and receive a complimentary gift when you purchase
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BOSS Store 18-31 Eldon Street London EC2M 7LA Phone 0844 847 9202
Suits & the City
26 CITYA.M. 21 OCTOBER 2011
WHAT THEY ARE
AND WHERE TO BUY:
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2 Aspinal leather-lined hip flask,
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3 Dunhill Bladon black 48-hour bag,
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4 Aspinal black crocodile skin
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5 -6 William & Son alligator skin
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7 Simon Carter cinnamon edge
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8 Aspinal black Nappa sheepskin
lined gloves, 130,
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9 Aspinal black leather belt, 105,
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10 Swaine Adeney Brigg umbrella
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The dark arts
Suits and the City
27 CITYA.M. 21 OCTOBER 2011
Below left, Double
breasted velvet jacket
by Yves Saint Laurent,
1,475.
www.mrporter.com
Below, dinner suit by
Boss Selection, 999
with silk shirt also by
Boss Selection, 279.
www.hugoboss.com
Learn to tie a bow-tie. There really is no excuse: you can tie your
shoelaces, and a bow-tie knot is really little different, its just youre doing
it in the mirror. Practice by sitting down and tying it round your thigh
with the same bow as youd use for your shoelaces. A clip-on tie is simply
a signal of lack of effort, lack of style and lack of class. Dont go there.
Fold that collar down. Wearing a wing-collar with black tie is bad;
doing so with a clip on bow is a surefire way to look an absolute doofus.
Wing-collar shirts had a bit of a moment a decade ago, but that was an
aberration. Theyre for white tie and tales, so leave them at that.
Dont hire. Tuxedos from hire shops are the pits. Especially the pits of
the jackets themselves, given theyre synthetic garments worn on
the dancefloors of dozens of parties and weddings before you
put it on. You want to look your most stylish at a black tie
party, so its hardly the time to don something that sags
and billows in only the way a hired suit can.
Remember your shoes. Bad or wrong shoes will ruin
the effect. Polished those oxfords, and wear dark socks.
BOW TIE: How to wear black tie Timothy Barber
Don that velvet, double-breasted tuxe, says Lucie Greene
THE DRESS
WATCH
C9 Jumping
Hour by
Christopher
Ward, 1,150.
www.christopherward.co.uk
I
F YOURE wondering how to look your
best for the festive seasons black tie
parties, bear this in mind: classic is
back. A review of what was being
sported at last months GQ Magazine Men
of the Year awards provides an insight into
the shifting tide in tuxedo trends. Gone
were the slimline creations so favoured by
rockeratti over the past few years, replaced
by something much more refined.
Traditional bow ties were in
abundance while the star of
the show, actor Bradley
Cooper, attended sported
a classically elegant dou-
ble-breasted tuxe.
Men are returning
to traditional cuts and
old-school suiting,
says Max Summerskill,
Menswear director at
Dunhill. They want to
dress in whats proper
for the event. Were
seeing an influx of
men wanting tradi-
tional side-adjusters,
the correct acces-
sories, and no vents
at the back. Theres a
return to the old
school formal
evening suiting
rules.
Indeed. Call it the
William effect the Duke of Cambridge
has been cutting a noticeably dapper dash
in double breasted tuxedos at formal
events all year, not least at a black tie
Hollywood party in his and his wifes hon-
our, and Coopers attire suggests glitterati
took notice. So are chaps generally, it
seems.
Men are looking for details and simple
elegance, says Oscar Udeshi, founder of
luxe menswear label Udeshi.
Double breasted is having a massive
moment. Its partly thanks to the prince,
and men want something that will last
them, says fashion commentator Henry
Conway. I will wear pieces my grandfather
owned because they were such good quali-
ty and look totally timeless. I think men are
going back to that. Theyre buying evening
suits in classic cuts that will last forever.
Tradition doesnt have to mean a devia-
tion from being fashion forward. The velvet
suit, for example, is highly traditional and
also happens to be bang on trend.
Velvet is an easy way stand out thats
still totally appropriate. Lots of men are
embracing this, says Udeshi.
The key with a velvet dinner jacket is to
opt for a coloured version, which accentu-
ates the look without overpowering it, says
Toby Bateman, buying director at mens
fashion website Mr Porter.
Silhouette wise, the two periods
driving the look for mens formal-
wear are the 1930s that
double breasted
theme; for a slim
fit version Hardy
Amies autumn
collection is a fes-
tival of Gosford
Park glamour
and the 1970s, as
represented by
Udeshi, Dolce &
Gabbana and Brit
mens suiting label
E. Tautz.
If all of the above
arent your thing,
you can always use
accessories to
update your evening
look.
The classic bow
tie continues to
become the must-
have, says Conway.
Avoid clip on but if you are
going to wear one, bring a proper one that
you can wear loose half way through the
evening. If youre going to fake it, you may
as well do it properly.
For the more adventurous, velvet slip-
pers formerly the preserve of Eurotrash
and granddads have also made a resur-
gence in certain circles. Embroidered slip-
pers are proving popular in formal looks,
says Bateman. We have a pair by
Alexander McQueen with embroidered
skulls, while a pair by Jimmy Choo incorpo-
rate a Paisley pattern and female silhou-
ettes very James Bond.
It may take a brave soul to sport those at
a City party, but making an effort and
standing out in party season is surely
preferable to fading quietly into the back-
ground, even if it means wearing slippers.
Theyre fun, says Conway. But they take
confidence. You have to wear them with a
knowing wink.
Bradley Cooper sports
a classic double
breasted look.
Picture: GETTY
Below left, velvet din-
ner jacket by Udeshi,
975.
www.udeshi.co.uk
parties
are old school occasions
Black tie
A
PROPER, handmade silk tie is a very
subtle slice of beauty, and if you want
to look your absolute smartest, its an
essential part of the outfit. But while
it undoubtedly looks better than its cheaper,
synthetic cousin, you might be hard pushed
to say quite why. Good leather simply takes
polish better. The flattery of a bespoke suit is
down to asymmetrical cutting. But the qual-
ities of a fine silk tie are harder to pin down.
Lets try, though.
For a start, theres one piece of handwork
thats essential to a good tie. Without it, the
blades will always hang limp, inert, a mere
imitation of life. This animating skill is
called the slip stitch.
A tie is made by cutting the front and
back blades, neck, tipping and keeper
from a square of silk. Most do this with a
powered tool or a knife, in a stack of
squares up to 20 deep. The important
thing is that the tiemaker cuts on the
bias, so diagonally across the silk. This
stops the tie from twisting when it is
worn a common fault of lesser
made ties.
The front, neck and back blades
are then sewn together, and the tips
added, using a sewing machine.
The lining of the tie, made of wool
or a cotton mix, is placed down the
centre and the edges of the silk
are folded over it. The fold is held
in place by a small, iron weight.
ROOM TO MOVE
Then comes the life-giving act.
The tie maker sews a couple of
loops at the back of the front
blade and begins to snake up
the folded seam. The stitches
are long, and loose, leaving
room for the silk to move as
it is worn again, some-
thing you cant get with a
cheaper, machine-made
tie.
When she finishes, at
the other end of the tie,
the tiemaker creates a
little loop of excess
thread before knot-
ting off. This excess
means that the tie
can pull along its
length when you
tug it out of a shirt
collar, for example
and not yank
the silk. When
the tie is hung up at
the end of the day, its
natural weight can pull
the tie back into shape
and recreate that excess.
Many other things make a tie great: fine
woven jacquards, traditional English die and
discharge, original Madder printing. But
every good tie needs a slip stitch.
Simon Crompton is the author of the mens style
website www.permanentstyle.com.
roderickcharles.com | Orderline 020 7278 2119
STORE LOCATIONS
90 JERMYN STREET
SW1Y 6JD. Tel: 020 7930 4551
31 BLOMFIELD STREET
EC2M 7BD. Tel: 020 7588 2050
52 BOW LANE
EC4M 9DJ. Tel: 020 7248 5303
86 CHEAPSIDE
EC2V 6EB. Tel: 020 7796 0144
79-80 CHANCERY LANE
WC2A 1DD. Tel: 020 7242 4554
67 FLEET STREET
EC4Y 1EU. Tel: 020 7353 4567
42 NORTHCOTE ROAD
SW11 1NZ. Tel: 0207 924 6176
8 LIME STREET
EC3M 7AA. Tel: 020 7929 1867
74 MOORGATE
EC2M 6SE. Tel: 020 7628 4757
SELECTED SUITS 199 | SHIRTS 19
END OF SEASON SALE
2 WEEKS ONLY
MUST END 5TH NOVEMBER
Suits and the City
29 CITYA.M. 21 OCTOBER 2011
A tiemaker sews a tie for Drakes London. Left, a Drakes silk tie, 95. www.drakes-london.com
The key to a superior
silk tie is the slip-stitch,
writes Simon Crompton
in
l Dont ever fold a tie. If youre travel-
ling, carefully roll it and stick it in a
shoe or a specialist tie case. l Like a
good suit, ties should be hung to retain
their shape a cheap tie hanger is a
good investment. l Apart from knit-
ted ties, which should be kept rolled,
since hanging them stretches them. l
Be careful when youre eating,
because cleaning a silk tie is very diffi-
cult. Dry cleaning is a no-no, since
chemicals and pressing will spoil its
soft, three-dimensional richness. l If
you do have a stain, apply a bit of
water. A good tiemaker will be able to
unstitch a favoured customers tie,
clean the silk and then re-slip it. l Use
steam from a kettle or handheld
steamer to get rid of any wrinkles.
A stitch
HOW TO: Look after your ties
WHITE COLLAR WORKERS
Suits & the City
30 CITYA.M. 21 OCTOBER 2011
Return of the
Contrast collars are for getting results, says Timothy Barber
G
ORDON Gekko (as played by
Michael Douglas), with
braces his braces out and
sleeves rolled up as he pretty
much devours Wall Street, is pretty
much the archetypal image of the
contrast collar shirt. A more subtle
example, however, might be David
Frost, teasing a Watergate admis-
sion out of Richard Nixon, sporting
a dark blue shirt with a bold white
collar and black tie. Steve Buscemis
gangster Nucky Thompson, in the
TV series Boardwalk Empire, is also
a fond wearer of white collar/tinted
shirt combination.
All indefatigable results-getters, if
in very different ways; but the crisp
distinction of their shirts seems an
inescapable part of their charisma
and success. To reference Gekkos
most famous line just like lunch, a
contrast collar is not for wimps.
In the era of Boardwalk Empire,
of course, the style was a natural
elaboration of detachable starch
collars, and in the post-war era of
sewn-on collars it evolved for simi-
lar reasons.
It was when people would bring
their shirts for repair, which often
meant replacing the collar, says
Andrew Rowley, manager of
Piccadilly Arcades eminent
bespoke shirtmaker, Budd. When
a collar couldnt be found in the
same material, youd put a white
one on it.
Thanks in part to Gordon Gekko,
the contrast collar became a sym-
bol of the financial world, though
in recent times its found a more
casual place for itself. In the City,
though, its once more a way of
making a stylish statement with-
out over-making it.
I think if you dont feel comfort-
able with those bold pinstripes you
used to wear in your suit, it gives
you an option thats a little differ-
ent but not too different, says
Rowley. It shows off a dark tie
beautifully too the colours in the
shirt will pick up some elements in
the tie, while the white collar con-
trasts very nicely.
Edward Smith of shirt company
Hawes & Curtis agrees that it suits
a particular type of character.
Its someone a bit dapper, who
likes to add a bit of their own indi-
viduality to their look, he says.
Its never really been out of fash-
ion, but theres definitely a
younger generation coming
through to it now, which is why
weve extended it into our slimmer
fit range which younger profes-
sionals also favour.
Brooks Brothers, 89
www.brooksbrothers.com
Brooks Brothers, 89
www.brooksbrothers.com
Hackett, 110
www.hackett.com
John Francomb Classic, 44.50
www.tmlewin.co.uk
TM Lewin, 37.50
www.tmlewin.co.uk
Thomas Pink, 89
www.thomaspink.com
Michael Douglas works the style in the 1987 film, Wall Street. Picture: REX
www.apdinteriors.com
*Nationwide Building Society.
No need to move, improve
Tel. 020 7687 6288
Email. info@apdinteriors.com
Twitter. @andrewdunning
Web. www.apdinteriors.com
Then make the most of our special offer and have the home you
want this year without breaking the bank.
We can deliver a complete home renovation, extensions or loft/
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one of our services. For a free consultation and to make the most of
our offer, quote APDCAM
Is your home looking tired?
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Need to entertain in a beautiful
new kitchen or lounge?
Living | Families
32
STAR-STUDDED
DISASTER MOVIE
CONTAGION REVIEWED
ON PAGE 30
Finding a place
for a new arrival
Donata Huggins suggests ve things to consider
if you are buying a home when pregnant
B
UYING a baby-friendly property is
just one of hundreds of things
soon-to-be mums have to consider
before they give birth. Its no easy
task considering you havent yet met
your bundle of joy and youre not exact-
ly feeling top notch carrying them
around. If youre looking to buy a home
for your new family to expand into,
here are five things to bear in mind.
1. NO STAIRS
Struggling up and down stairs with a
buggy is nobodys idea of fun. New
mum Harriet Apple, who recently
signed a lease on a new flat, says its a
total nightmare if the baby has fallen
asleep: I assure you you will not get a
sleeping child in to the top of a flight of
stairs in a buggy without waking them
up. If you live in a flat, a lift is essential.
2. A BATH
Babies do not like showers, says Katie
Trenchard of Strutt & Parker. She recently
bought a home before giving birth. A
bath is a must.
3. A QUIET NURSERY
Trenchard also warns against road-facing
nurseries. You really dont want traffic to
wake a baby that has taken hours to put to
sleep.
Theres a lot to consider
when trying to find a
baby-friendly property
Picture: ALAMY
4.OPEN PLAN
Open plan living is the way forward,
says Trenchard. If you have an open plan
space it gives you the chance to do other
things like cooking while watching the
baby.
5. A GARDEN
Apple says she doesnt have a garden, but
would love one. Were actually moving so
we can have one. I think its nice for tod-
dlers to have somewhere to run around.
Trenchard agrees: Theyre key. I was
stuck in the house for a week with boiling
hot weather when my daughter had chick-
en poxs aged eight months.
6.
.
WIDE HALLWAY
Buggies are monster-sized these days,
with big industrial-looking wheels. While
these are great for taking the little one
over cobbled streets and down country
roads, they take up a lot of space. Make
sure you think about where it will be
stored. Trenchard says: Buy somewhere
with a wide hallway. I have to keep my
Bugaboo in my bedroom because we have
narrow corridors its not ideal.
WATCH THE NEW GREENWICH CREEKSIDE WEBSITE FOR THE
LATEST NEW & FURTHER DETAILS OF LAUNCH EVENTS!
GREENWICH
CREEKSIDE
0800 883 8627
or (out-of-hours) 0800 032 0077
www.greenwichcreekside.com
The Atrium
Greenwichs most distinctive
new apartment building
Launching
20
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rd
October
The Atrium
Bringing the great
outdoors, indoors
creekside.sales@telfordhomes.plc.uk
Selling Agents:
020 8104 1111
Bright, open airy Atrium to the core of
the building with extensive natural light
1, 2 & 3 bedroom homes with a high
internal specification and optional parking*
Close to the heart of maritime Greenwich
Cutty Sark DLR & Greenwich mainline
station under 10 minutes walk; rapid access
to Canary Wharf or London Bridge
24 hour concierge service and exemplary
Customer Service with 24/7 support
Thursday 20
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Evening Reception
Call or email now to receive
your personal invitation
Friday 21
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-
Sunday 23
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Viewings by appointment
on available apartments
CGI of The Atrium from Creek Road, CGI of The Atrium from Copperas Street and internal CGI of The Atrium. Internal photograph of show apartment at Cavatina Point. *Please ask for details regarding parking.
01473 234800
www.savills.com
01394 382263
www.nsf.co.uk
A SHORT COMMUTE...
AWORLD OF DIFFERENCE!
NEW ENGLAND Lower Ufford, Woodbridge, Suffolk
Train link via Woodbridge station approx.
3.1 miles away
Frequent connecting service from
Ipswich to London Liverpool St.
within 65 minutes
5 bedrooms
Annexe
Viewing advised
Offers 1.200,000
VIEWVIDEO
OF THIS PROPERTYAT
www.youtube.com/watch?v=Bv-dAE0b7MQ
or search talkthetalk.tv
ST LEONARD'S DALE
Price: 2.1m
This Georgian residence was designed by Anthony du Gard Pasley. It is grade
II-listed and approached through wrought iron gates and a classic carriage
driveway. The property is screened on all sides by mature trees and hedges.
Contact: Knight Frank on 01344 840 020 or go to www.knightfrank.com
WINDSOR | PRICES
Detached Terrace Flats All
Windsor 639,856 365,496 256,036 283,626
London 791,353 448,423 340,317 408,242
Source: Savills
Commuting: From Windsor and Eton
Central station, the commute to London
Paddington takes around 30 mins. From
there to the City, it takes 20 mins on
the tube a further 10 mins if youre
going to Canary Wharf. Driving takes
an hour, using the M4.
Education: Windsor is home to
Britains most famous private school,
Eton College. Prince William and Harry,
David Cameron and Boris Johnson all
went there. It is a boarding school
charging around 20,000 per student
per year.
NEED TO KNOW | WINDSOR
SHEET STREET
Price: 1.795m
Park House is an elegant Grade II-listed property situated close to
Windsor Castle. It has six bedrooms, an Antony Mullen kitchen with
adjoining wood-panelled sitting room. Contact: Hamptons International
on 01753 855 555 or go to www.hamptons.co.uk
WHITE LILIES ISLAND, MILL LANE
Price: 2.525m
This five-bedroom property is based on a private island in a conservation area.
It has four reception rooms, five bathrooms, a triple garage, wine cellar, games
room, indoor pool complex comprising pool, sauna, shower room and changing
rooms. Contact: Savills on 01753 834 600 or go to www.savills.co.uk
FOCUS ON: WINDSOR, BERKSHIRE BY DONATA HUGGINS
Living
35 CITYA.M. 21 OCTOBER 2011
Living | Focus On
36 CITYA.M. 21 OCTOBER 2011
Andermatt Swiss Alps
Activity and Stability.
8 A S
A
S A u S
A S
A L k

l
S





A

/

u C u
World-class golf course.
Alpine-Chic.
Secure Haven.
The Alps best kept secret in skiing.
MIRROR CRACKD HOUSE TO RENT
Elizabeth Taylor, Rock Hudson and Tony Curtis are just
some of the stars featured in Agatha Christies The
Mirror Crackd. So too is the Thatched House in
Smarden, Kent, which was used as a setting for the
1980 film version. That very house is currently avail-
able to let through Savills Tunbridge Wells for 3,250
per calendar month. Contact: Savills on 01892 507
050 or go to www.savills.co.uk
INVESTORS AFTER MORE BUY-TO-LET
Over three quarters (76.8 per cent) of UK property
investors are considering buying additional invest-
ment properties over the coming year, reveals a
Assetz investor survey. Confidence in the UK buy-to-
let market is robust, with investors highlighting strong
rental demand as their main incentive for expanding
their portfolios. This is followed by the attraction of
high rental values.
NEW BRENTWOOD DEVELOPMENT LAUNCHED
The new Burntwood Square development in Brentwood
has been launched. The first phase now available for
purchase includes 27 refurbished one, two, three and
four bedroom houses and one and two bedroom apart-
ments. It is based in the former Highwoods Hospital
buildings built in the early 1900s. Prices start at start at
225,000. Contact: Linden Homes on 0845 864 7210
or go to www.lindenhomes.co.uk
FIRST LUXURY DEVELOPMENT IN MAURITIUS
Mauritian property developers IOREC and FUEL have
teamed up with luxury silver sculptor Patrick Mavros
to launch Azuri, a new collection of luxury homes in
Mauritius, which was launched on 4 October. Azuri
comprises of 269 residences, the countrys first and
only international school and a boutique hotel, set on
a stunning 420 acre site. Prices at Azuri start at
$500,000 and rise to $850,000.
PROPERTY NEWS
BY DONATA HUGGINS
Q.
My property is being advertised by two
reputable agents, but nobody has taken it
up. Should I instruct more agents?
A.
Dont instruct more agents as this can have a
negative effect on the marketing of your prop-
erty. Ask your agents whether they think there
is anything you can do. Does it need redecorating, new
carpets or a stand-up shower, for instance? Does it
need part furnishing or do you need to un-furnish it?
Flexibility will widen your market. Your agents can give
you details of comparable properties for rent. This will
help you determine whether the price is too high. If it
is, reduce it and be prepared to accept a six-month
break clause. Check how your agents are marketing
the property. It should be on the main property search
websites such as Primelocation or Rightmove and
advertised in at least one publication.
Q.
I have never allowed my tenants to keep
animals, but I think Im losing out because
of it. Should I revoke the clause?
A.
An animal does not necessarily
mean that your property will be
ruined. I have come across situations where
children have caused more damage than animals.
Firstly, if you dont own the flat, find out whether your
head lease allows animals. Some will, but require claus-
es added to the tenancy agreement. I would also
include extra clauses in the contract relating to any
damage to the property or disturbance to your neigh-
bours. Make sure you have a full inventory including
photographs at the beginning and end of the tenancy.
Catherine
Cockcroft
HEAD OF RENTALS AT
AYLESFORD INTERNATIONAL
Q A
&
RENT
Income produced from pre lets of the flats. Offer applies to limited number of buy to let investment flats only. Terms and conditions apply and are available for inspection on request. All sales remain subject to contract. * Net income related to rental income.
THE DISTILLERY TOWER
LONDON SE8
SHOW APARTMENT NOW OPEN FOR PRIORITY VIEWING
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Sales Centre located on High Road, South Woodford.
Open daily Mon-Sat 10am - 6pm Sun 11am - 5pm
*Price correct at time of going to press. Photographs depict exterior and showhome interiors at Queen Marys Gate, future visions of the 2012 Olympic Park and Westfield Shopping Centre.
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Ready for immediate occupation.
Film
CONTAGION
Cert: 12A
hhhhI
ITS unusual to watch an A-lister die from
violent convulsions in the opening five
minutes of a film, but director Steven
Soderbergh promised ultra-realism and on
the whole, Contagion does the job
admirably. Set in the present, as the world
is wracked by a killer virus, there are no
exploding heads nor mad flesh-cravings.
Just a cough, a cold, a seizure and a rela-
tively quick death. The infected are every-
day folk eating peanuts in airport lounges,
touching train doors and shaking hands.
Rather than be inspired to perform feats
of heroism, a slightly podgy Matt Damon
does what any sane person would do. He
tries to leave, finds he cant, locks himself
in the house and stocks up on hand sani-
tiser.
Meanwhile, Soderbergh tracks the virus
from within the U.S. Center for Disease
Control. We follow everyone from Dr
Cheever (Laurence Fishburne) attempting
to allay the inevitable panic, to
researchers desperately working on the
vaccinations. They bicker and they inter-
rupt each other; Scott Z. Burnss script is
very natural. Apart from the odd over-sen-
timental clanger, the script is pared down
to the bone and free from awkward expo-
sition. And together with the series of A-
listers who keep popping up (Gwyneth
Paltrow, Kate Winslet, Jude Law, Matt
Damon, then Marion Cotillard), the
action propels forward at the same break-
neck speed as the virus itself.
Its a comprehensive and genuinely
tense thriller a feat considering the size
of the cast and the sheer speed at which
the virus takes hold. Love interests and
individual struggles are shown, but
Soderberghs real intention is to present
the whole picture in all its messy glory:
nurses strike, a blogger (Jude Law) sparks
worldwide panic and two weeks in,
America runs out of body bags. Rioting? A
media circus? Jude Law attempting an
Australian accent? None of the issues
seem alien andContagion deals with it all
head-on. Everythings here and its all real.
Or rather, it does a bloody good job of
seeming real.
Film
WE NEED TO TALK ABOUT
KEVIN
Cert: 15
hhhhh
SINCE Lionel Shrivers hit novel in 2003,
quite a few people have been talking
about Kevin the BBC especially. And
after snapping up the rights, getting
Lynne Ramsay on board as director, and
bagging Tilda Swinton as Eva, the tor-
tured mother, the Beeb can rest assured
that the Kevin discussion is far from
over. The story of a sociopathic boy as
told through the letters of his agonised
mother was always going to be tricky
but, with an outstanding cast and
stamped with her trademark bold visu-
als, Ramsay ensures this is not your aver-
age child-goes-psycho yarn. Firstly (and
thankfully) there are no voiceovers.
Secondly, the violence is kept to a mini-
mum. Thirdly, the tension between
Swinton and the son who both repuls-
es and obsesses her a charismatic,
disturbed turn from Ezra Miller as the
teenage Kevin is so convincing as
to be near unwatchable. Its a bril-
liant study of manipulation, fear,
and how to cope when your
child ends up commit-
ting mass murder at
the school gym.
As it turns out,
you cant. Held responsible by others
and herself, Eva numbly picks up the
pieces and recalls the events prior to
the massacre. Swinton proves to be a
masterstroke of casting. As Kevin pro-
gresses from blank toddler to dead-
eyed teen, she is helpless and
desperate, eventually becoming as
dead-eyed and blank as the son
who destroyed her. Or did she
destroy him? Its unflinching stuff,
with threatening undertones filter-
ing into the most innocuous of
scenes; even the act of eating a lychee
or making a sandwich becomes
painfully grotesque.
Yes, adapting Shrivers novel
was a big task, but the result is
a deft and profound picture; a
film that remains long after
the final credits. It cer-
tainly makes you
think twice about
ever having chil-
dren.
Stevie Martin is
impressed by the
realism and pace of
this gruesome,
star-studded thriller
A-listers die in quick succession as
Contagions terrifying virus spreads
Kate Winslet in
Contagion. Below:
Tilda Swinton as
Kevins mother
SOMETHING FOR THE WEEKEND | HELENA LEE
PRIVATE EYE FIRST 50 YEARS EXHIBITION
The V&A is hosting an exhibition to celebrate the
first 50 years of the satirical magazine. Two
rooms are packed with works from its most
famous cartoonists, such as caricaturist Gerald
Scarfe. Free, until 8 January, www.vam.ac.uk
BANG BANG BANG, ROYAL COURT THEATRE
A new play from Stella Feehily. Hard hitting issues
are explored in this story of humanitarian workers
operating in the Democratic Republic of Congo
during the civil war.
Tickets: 20, Monday all seats 10
royalcourttheatre.com, until 5 November
TURNER PRIZE AT BALTIC CENTRE, GATESHEAD
The controversial art award goes on display today
at the Baltic Centre for Contemporary Art in
Gateshead. It will be the first time that the award
will be housed away from the Tate after 28 years.
Hilary Lloyd, Martin Boyce, Karla Black and
George Shaw are the nominated artists.
www.balticmill.com, until 8 January
GEORGE CLOONEY: THE IDES OF MARCH
This film is one for the diary. The Ides of March,
directed by George Clooney, premiered at the BFI
London Film Festival on Wednesday night. Based
on Beau Willimons play about the dirty side of
American politics, sees George Clooney play a
presidential candidate on the campaign trail.
Release date (and City A.M review): 28 October
INADMISSIBLE EVIDENCE AT THE DONMAR
John Osbornes play was written in 1964 when he
was on the verge of breakdown and divorce, and is
an excruciating study of a middle-aged lawyer
forced to confront his own mediocrity. Stars
Douglas Hodge and Karen Gillan (Doctor Whos
redhead sidekick), who makes her West End
debut. Until 26 November, www.donmarware-
house.com
LUCINDA CHILDS DANCE COMPANY: DANCE
Lucinda Childs was a key figure in the 1960s and
1970s for new wave modern dance, and makes
this unmissable rare appearance at the Barbican.
The performance is a collaboration with Philip
Glass and Sol LeWitt, composer and film-maker
respectively. The live dance is also set against a
projection of the original performance of the work,
which was filmed in 1979. Until 22 October
Lifestyle| Reviews
PRIVATE AVIATIONS
NEW FRONTIER
IN MONDAYS
TRAVEL
39
T
E
R
R
E
S
T
R
I
A
L
STRICTLY COME DANCING IT
TAKES TWO BBC2, 6.30PM
Zoe Ball presents analysis of the
pro-celebrity couples progress ahead
of tomorrow nights show, and reports
from the rehearsals.
DCI BANKS
ITV1, 9PM
The investigation into the murders of
Charles McKay and Barry Clough
uncovers a conspiracy pointing to one
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Fill the grid so that each block
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above or to the left of it.
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Using only the letters in the Wordwheel, you have
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or more, all must contain the central letter and
letters can only be used once in every word. There
is at least one nine-letter word in the wheel.
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Place the numbers from 1 to 9 in each empty cell so that each
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from 1 to 9 to solve this tricky Sudoku puzzle.
SUDOKU
QUICK CROSSWORD
ACROSS
1 Not long before
the present (6)
6 Rupture in smooth
muscle tissue (6)
7 Traditional
knowledge (4)
8 Catch re (6)
10 Not afected by
alcohol (5)
13 Former (3-4)
16 Month of the year (5)
18 Ductile, malleable (6)
20 Bathroom xtures (4)
21 Peruser of text (6)
22 In a spooky
manner (6)
DOWN
1 Bread buns (5)
2 Number represented
by the Roman XI (6)
3 Native of Bangkok,
for example (4)
4 Person in an organisation
who has access to
exclusive information
about it (7)
5 Desert animal (5)
9 Dismal, dour (4)
11 Basic unit of money
in Venezuela (7)
12 Harness strap (4)
14 Substance (6)
15 At a distance (5)
17 Loose woman (5)
19 Weedy annual grass (4)
S
S
A
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4



4



A Z A L E A H B
B L Q U A V E R
D A W N U N C
U A B A S S O O N
C R Y O A M
T E S T M A T C H E S
O B A U S E
G R O C E R Y R C
D U I S T A R
H E A R T S L E
R T E F F E C T
7 9 6 8 3 7 2 1
1 5 2 3 4 8 5 7
8 1 4 8 9
1 7 2 9 9 6
3 6 9 5 1 7 2 8 4
3 2 6 7
1 3 8 6 9 5 4 7 2
5 9 1 8 6 1
1 3 6 2 9
9 8 5 7 3 1 4 2
7 1 2 4 9 3 8 7
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter word was
UPPERCASE
Lifestyle | TV&Games
CITYA.M. 21 OCTOBER 2011 40
Punter| Sport
41 CITYA.M. 21 OCTOBER 2011
All Blacks can end long
wait for Webb Ellis Cup
SPORT TRADER DAVID WILD, BEN CLEMINSON AND BILL ESDAILE BRING YOU
THE WEEKENDS BEST RUGBY, FOOTBALL AND RACING BETS
A
FTER seven weeks of scintillating
rugby, New Zealand are just one
game away from being crowned
world champions. The All Blacks
meet France at Eden Park in a repeat of
the inaugural final 24 years ago, looking
to lift the sports ultimate prize for the
second time in their history.
Graham Henrys side have steamrolled
their way to the final and their perform-
ance against Australia was near perfect.
As the competition has progressed, they
have grown in strength and risen above
the injury to talisman Dan Carter.
Captain Richie McCaw, who had been
unable to train through the week due to a
foot injury, led by example and was mag-
nificent against the Wallabies. And in
Carters place Aaron Cruden has stepped
into the fly-half role and looks like he has
been in the side for years.
So far, the All Blacks have racked up 293
points, 39 tries and six consecutive victo-
ries, while receiving just one yellow card
in the process.
In contrast, Frances route to the final
has been anything but plain sailing with
two defeats already. One of those was of
course the 37-17 hammering in Pool A to
New Zealand. In addition to those losses
there has been continuous in-fighting
and they narrowly edged past an inspired
Wales side, who were reduced to 14 men
for the majority of the match.
Marc Lievremonts mercurial French
side can however be an awesome force on
their day and the Kiwis know that better
than anyone after being eliminated by
them at the 1999 and 2007 World Cups in
two epic encounters.
On current form it would be easy to
think that the All Blacks will run away
with it, but the previous finals suggest
otherwise. There have been 182 points
scored in the six finals to date, at an aver-
age of 30.33 points per game. During that
period there have been only ten tries
scored and four of those came in the
1987 showdown. With the weight of a
nation and the pressure of a final on
them, the game looks set to be far closer
and Im happy to take the French with the
+16 handicap at 10/11 with Ladbrokes. It
should also be worth selling the total
points spread at 39 with Sporting Index.
The final four years ago was dominated
by the boot and given Frances inability to
break the try line, they may well be tempt-
ed to take points from drop kicks. With
that in mind the 11/10 Paddy Power are
offering for a drop goal in the contest
looks an appealing bet.
IT is far too early to start talking about a
title decider, but the start of this season
has suggested its going to be a three-way
battle for the title between the two
Manchester clubs and Chelsea. Both
United and City are unbeaten after the
opening eight encounters and the blue
half of Manchester have dropped just two
points so far.
Home advantage has a huge impact in
these big clashes and its no surprise that
United, City and Chelsea all have 100%
home records in the league this campaign.
The Red Devils have been in unbeliev-
able form at Old Trafford, winning 19 con-
secutive matches and by at least two goals
in the last five. Perhaps more importantly,
theyve won their last six home contests
against top-six opponents and all of those
victories have come by the HT/FT double
result.
City will have been delighted to have
notched their first Champions League vic-
tory against Villarreal in midweek, but it
wasnt an impressive performance.
However, theyve won seven of their eight
league games and will be very difficult to
beat on Sunday.
It is going to be intriguing to see what
tactics Roberto Mancini adopts. He was
quite negative against the best teams
last season, but he certainly has the
ammunition at his disposal to take the
game to United.
One slight worry for City fans is that
they have lost five of nine away games at
top-six sides under Mancini. They thrashed
Tottenham at White Hart Lane in August,
but they havent had any other real tests
on the road so far this term.
I was tempted to back the draw at
around 5/2, but I just cant resist the gener-
al 11/10 on offer about a home win. It
would be no surprise to see both teams get
on the scoresheet, so Ill be taking the 15/2
with Ladbrokes for a 2-1 United win, as
well as buying goals at 2.9 with Sporting
Index.
TOMORROWS Group One Racing Post
Trophy (3.00pm) at Doncaster is one of the
key trials for next years Investec Derby
and the Ballydoyle dogs have been barking
with force in relation to Camelot. The
once-raced Montjeu colt started the week
at 5/2, but is now 10/11 with Ladbrokes
and its clear he is very well fancied for the
stable that have won this race five times
since 1997.
However, the form of Camelots maiden
victory at Leopardstown in July has taken
a few knocks and hes going to have to
step up massively to take this prize. That
could quite easily happen, but Id rather
lay him on Betdaq than back him at such
a short price.
John Gosden is yet to win this race, but
FENCING has all the right attributes to go
very close. He was an impressive winner of
the Washington Singer last time and his
trainer has been waiting for some cut in
the ground. The decision to sidestep the
Dewhurst could pay big dividends and he
is a decent bet at 3/1 with Ladbrokes.
Roger Charlton won last years St Simon
Stakes (2.45pm) at Newbury and I hope he
can make it back-to-back wins with AL
KAZEEM. This three-year-old has been a
measure of consistency in his six-race
career and was only just touched off by
Green Destiny last time. Colombian and
Beaten Up are both big dangers, but Im
going to stick with Al Kazeem at 4/1 with
Paddy Power. I will be at Doncaster on
Saturday, so follow me on Twitter
@BillEsdaile for all my latest updates.
POINTERS...
AL KAZEEM e/w 2.45pm Newbury (tomorrow)
FENCING 3.00pm Doncaster (tomorrow)
SUNDAY 9.00AM ITV1
NEW ZEALAND
FRANCE
SUNDAY 1.30PM SKY SPORTS
MANCHESTER CITY
MANCHESTER UNITED
POINTERS...
France (+16) at 10/11 with Ladbrokes
Sell total points at 39 with Sporting Index
Drop goal in the final at 11/10 with Paddy Power
POINTERS...
Manchester United at 11/10 general
Manchester United 2-1 at 15/2 with Ladbrokes
Buy goals at 2.9 with Sporting Index
Fencing can win joust against Camelot
TEAM GB football manager Stuart
Pearce has hinted he could hand
Manchester United great Ryan Giggs
a long-awaited chance to play in a
major international tournament by
naming him in his London 2012
squad.
Giggs, 38 next month, has scooped
every club honour in a glittering
career but never graced a World Cup
or European Championships due to
Waless failure to qualify for either
before he retired from international
football in 2007.
But Pearce is permitted to pick
three players over the age of 23 in his
18-man squad for next summers
tournament, and insisted the ever-
green stars advancing years would
not diminish his credentials.
I wouldnt close the door on any-
body, certainly if you are talking
about an individual of Ryans ability,
thats for sure, said former England
defender Pearce, who was unveiled as
Team GB head coach, along
with womens coach
Hope Powell (right), yes-
terday.
With the tourna-
ment being eight
m o n t h s
away and
the prep
t i m e
t h a t
w e
have probably very isolated right
near the tournament, the door is
open for everybody.
Giggs selection would provide one
of the most gifted players of his gen-
eration the chance to end his career
on a grand stage, and possibly with
former United colleague David
Beckham on the opposite flank.
His international retirement also
removes the possibility that Welsh
chiefs could seek to dissuade him
from playing for Team GB, although
Pearce said he believed players would
play in the tournament if they
wished regardless of objections
from Englands fellow home nations.
I think the players will dictate
their availability, I really do, he
added. My opinion is players will be
really excited to be part of this squad
if they are good enough to get in.
Scottish, Welsh and Irish chiefs do
not want their players to represent
Team GB which is being run by the
English Football Association (FA) and
coached by the
England Under-21
manager as they
fear it could jeopar-
dise their independent
status in world foot-
ball. However,
the FA
b e l i e v e s
players can-
not be pre-
v e n t e d
from play-
ing if
t h e y
wish.
Giggs handed
London 2012
opening by
boss Pearce
BY FRANK DALLERES
FOOTBALL

FRUSTRATED Fulham manager


Martin Jol admitted his side endured
a night to forget in Poland.
Moussa Dembeles harsh dismissal
in the 29th minute, for a push on
Gervasio Nunez, meant the Cottagers
were up against it before they suc-
cumbed to David Bitons goal on the
hour mark.
It was an awful night for us, Jol
said. We didnt complain, we are an
English team, we stood up and got on
with the game but it was a bit disap-
pointing .
Of course, we will never complain
after a red card but it was a push on
the shoulder after being kicked.
You shouldnt raise your hand, he
[Dembele] pushed him [Nunez] on
the shoulder and you shouldnt do
that. The referee gave us a red card,
but we felt hard done by.
A man light, Fulham acquitted
themselves well against the Polish
champions with goalkeeper Mark
Schwarzer troubled only sporadically
But a 13-minute delay due to a
power failure affected the Cottagers
concentration enough for Biton to
find space and drill home from
around 22 yards.
ENGLAND captain Alastair Cook blast-
ed his sides sloppiness in the field
after a failure to defend 298 allowed
India to take an unassailable 3-0 lead
in the one-day series.
The tourists may have posted their
highest score of the tour, built on the
back on an unbeaten 98 from
Jonathan Trott and a brisk 70 from
Samit Patel, but it was merely par for
the course on a traditionally batting
friendly Mohali track.
That said, England looked set to
pull off an unlikely win when Graeme
Swann had Mondays centurion Virat
Kohli trapped in front with the score
on 235-5 with 8.2 overs remain-
ing and the asking rate inch-
ing towards nine.
But skipper MS Dhoni
(right), in tandem with
Ravindra Jadeja, taking
advantage of some poor
outfielding and wayward
bowling from Jade
Dernbach, saw his side
home with four balls to
spare.
Weve stepped up our perform-
ance in the last two games but its
tough to take when you are so close,
said Cook. Our fielding has been
slightly below par on tour, which is
very unusual for us. It cost us
20-25 runs in field and
that was probably the dif-
ference today.
Dhoni, who crashed
the last two balls of the
match for four to finish
on 35 from 31 balls,
meanwhile, was unhap-
py with Englands con-
duct in the field.
He said: Its not only about
giving it to the opposition. You have
to be fair. I think they should change
the plan for the next two games.
Sport
42
PAV THAT | Russians rocket sinks Rubin
BY JAMES GOLDMAN
CRICKET

1
0
WISLA KRAKOW
FULHAM
TOTTENHAM manager Harry
Redknapp hailed the contribution of
striker Roman Pavlyuchenko after a
thunderous free-kick helped sink his
compatriots to put Spurs within
touching distance of the Europa
League knockout stages.
The Russian has yet to start a
Premier League match this season,
and has only featured twice from the
bench, but he staked a significant
claim for a more prominent role with
the first-half goal which put
Tottenham on top of Group A. Hes a
fantastic striker of the ball," said
Redknapp. Hes got two great feet.
Technically hes a top, top player
there was never any doubt about that.
It was good to see him score.
Redknapp fielded a host of fringe
players in his starting line-up, and
was more than content with the per-
formance of his young side.
He said: Theyre a good side. They
went to Barcelona and won [in 2009].
Theyre not a bad outfit. I think six or
seven of them were in that team.
I thought it was a good perform-
ance. We had to hang on a little at the
end but I was pleased with us.
Goalkeeper Heurelho Gomes, on his
frist home appearance of the season,
made several impressive contribu-
tions, particularly in the second-half
when the Russian side were in
the ascendancy, but Pavlyuchenko
stole the show with a 33rd minute
effort which fizzed past the wall
and crashed in via the underside of
the crossbar.
BY JAMES GOLDMAN
FOOTBALL

1
0
TOTTENHAM
RUBIN KAZAN
Dembele red caps awful night
Dhoni destroys Englands hopes and
tells Cooks men to cut the sledging
Nov 11 FA submits comprehensive list of
any player they might consider for squad
Spring 12 Pearce whittles list down to
most likely candidates
June 12 Final 18-man Team GB Olympic
squad named
Mid-July 12 Squad convenes and plays
two friendlies
25 July 12 Tournament begins
11 August 12 Final
TIMETABLE | HOW TEAM WILL SHAPE UP
HOW TEAM GB
COULD LOOK
1
ALLAN MCGREGOR
Rangers and Scotland
Goalkeeper; Age: 29
2
KYLE WALKER
Tottenham and England
Right-back; Age: 21
3
GARETH BALE
Tottenham and Wales
Left-back; Age: 22
4
DANNY WILSON
Liverpool and Scotland
Centre-back; Age: 19
5
MARTIN KELLY
Liverpool and England
Centre-back; Age 21
6
JORDAN HENDERSON
Liverpool and England
Centre midfield; Age: 21
7
DAVID BECKHAM
LA Galaxy and England
Right midfield; Age 36
8
AARON RAMSEY
Arsenal and Wales
Centre midfield; Age: 20
9
DANIEL STURRIDGE
Chelsea and England
Forward; Age: 22
10
DAVID GOODWILLIE
Blackburn and Scotland
Forward; Age: 22
11
RYAN GIGGS
Manchester United and
Wales; Left midfield; Age 37
SUBSTITUTES
Jack Butland (Birmingham),
Ciaran Clark (Villa), Alex Oxlade-
Chamberlain (Arsenal), Barry
Bannan (Villa), Josh McEachran
(Chelsea), Andy Carroll (Liverpool).
FOOTBALL

New Zealand can


handle pressure
this time around
I
F SOMEONE had told me a few
weeks ago that France would be
in the World Cup final I would
have said: No chance. They lost to
Tonga in the pool stage and they
probably should have gone out, yet
they are 80 minutes away from lifting
the trophy. Its incredible.
It is also very similar to Englands
2007 World Cup. They were thrashed
by South Africa early on, there was in-
fighting and discontent in the squad,
but the players turned it around and
reached the final. Ultimately they
narrowly lost that match in Paris,
however, and I think France will fare
exactly the same against New
Zealand on Sunday. They will make it
difficult but there is no way in my
mind that they will play well enough
to win.
Wales were better than them in the
semi-final but suffered from the send-
ing-off of Sam Warburton, which was
the wrong decision. I dont think
there was malicious intent in the
tackle and I dont think it was danger-
ous; in my opinion the law needs to
be looked at.
I think, in their minds, the French
have succeeded already. Theyve had
their final, theyve proved their coach
and everyone else wrong; now theyre
going to turn up, play a bit of rugby
and just enjoy themselves. I dont
think theyre thinking they have to
win this.
All the pressure is on hosts the All
Blacks, who havent always dealt with
that well, but I think this side is
strong enough to cope. Theyve got
firepower, experienced players, Richie
McCaws a great captain, and Piri
Weepu seems to be a real leader for
them.
Their big issue for this game is the
unknown what if they have some-
one sent off, or if Weepus kicking is
inconsistent? What if they get rat-
tled? Its only an outside chance, yet it
could happen.
But theyve come so far that I dont
think they will falter at the last hur-
dle. They have the ball a lot and will
benefit from the fact that attacking
sides are favoured in the southern
hemisphere, while I think France will
struggle to go forward with Dimitri
Yachvili and Morgan Parra closed
down and Imanol Harinordoquy
matched up front.
The most just outcome would be a
New Zealand win its just a shame
Wales arent their opponents in the
final.
Follow World Cup winner Kyran Bracken
on Twitter at @kyranbracken and
@weare4rugby. Kyran was speaking cour-
tesy of GamePlan Solutions: managing high
profile and popular sport stars; speakers,
leaders, motivators and ambassadors
www.gameplansolutions.co.uk
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Speak to one of our expert advisers
call us on 020 7776 2135
TACKLING YOUR FINANCES
HEAD ON!
W
E ARE approaching another huge
game at London Scottish tomor-
row, as Bedford Blues are the visi-
tors. We were desperately unlucky
to lose last week at Plymouth, nine minutes
into injury time and in the last play of the
game. We will certainly be aiming to put
that right and build on the phenomenal
defensive effort our squad put in during that
game.
Our forwards were fantastic in the set-
piece, and this is the area we need to build
on in order to grind out some more victo-
ries. The Championship is phenomenally
competitive and our performances against
Cornish Pirates and Bristol show even the
front-runners can be matched.
Every club is fighting to stay in the top
eight in order to avoid the relegation play-off
at the end of the season, and our aim is no
different. We know we have the players to
achieve this, and we will be fighting to the
end in order to make sure we live up to our
potential.
Our squad has just been bolstered by two
of the Argentina World Cup squad, wing
Augustine Gosio and scrum-half Alfredo
Lallana, and they will be very useful in help-
ing us to put away the chances we are creat-
ing. We are hopeful they will both feature
this weekend.
AMAZING
The Saturday kick-off means Ill be watching
the World Cup final on Sunday morning.
However, as things stand I cant see it being a
particularly close game.
Either New Zealand will coast through
and win it comfortably, or and perhaps
this is unlikely Marc Lievremont will reveal
himself as one of the greatest tacticians in
rugby history, and will unveil an amazing
plan that the All Blacks had no idea was
coming. Following four years of apparent
confusion and eccentric squad selections
within the French team, it would take an
enormous twist to achieve victory in the
World Cup final.
France have stumbled through to this
final, apparently almost by accident, where-
as the Kiwis have looked the best team in the
tournament so far. It would be amazing if
France could overturn the odds and beat
New Zealand but I have to say, in the history
of the World Cup I dont think there has ever
been a more one-sided final.
Simon Amor is Head Coach at London Scottish.
Their next match is against Bedford Blues on
Saturday 3pm, Richmond Athletic Ground Like us
at facebook.com/LondonScottishFC
Do France have trick up their sleeve?
RUGBY UNION COMMENT
SIMON AMOR
Results
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email sport@cityam.com
SPORT | IN BRIEF
The great Tevez shirt giveaway
FOOTBALL: Manchester United and
Manchester City supporters will be
afforded the opportunity to shed any
unwanted shirts bearing the name of
Carlos Tevez ahead of Sundays eagerly
anticipated derby. Fans will be able to
dump the items of clothing in a skip out-
side Old Trafford in exchange for a new
club shirt. The Argentina striker left
United for City in 2009 - then upset City
fans by allegedly refusing to play in last
months defeat by Bayern Munich.
Lewis rallies despite illness
GOLF: Englands Tom Lewis overcame ill-
ness to card a level par first round of 71
at the Castello Masters in Spain, but lies
seven shots behind leader Ross
McGowan. The 20-year-old, who won
the Portugal Masters last week in only
his third event since turning pro, carded
four straight birdies after the turn. He
said: The head is really spinning and
Ive got quite a temperature; it really
affected my concentration.
FRANCE fly-half Morgan Parra
believes the barrage of criticism his
team have faced since booking their
place in the World Cup final has
helped unify the squad ahead of
Sundays showdown against
favourites and tournament hosts New
Zealand.
Having been comprehensively out-
played by the All Blacks and humbled
by Tonga in the group stages France,
whose coach Marc Lievremont has
been critical of his players through-
out, then snuck past England and
were fortunate to benefit
from a generous refereeing
decision in their semi-final
win against Wales.
Critics have labelled
this French team as the
worst side ever to contest
a World Cup final, and
Parra admitted the squad
had been hurt by the lack of
plaudits they have received.
We felt after beating England we
might have some more support, said
Parra (inset), ahead of the biggest
game his nation have played since the
1987 final which saw them defeated
by New Zealand at Aucklands Eden
Park. We felt that after
beating Wales [in the
semi-final] we might
have some more sup-
port... but yet again, it
is us against the
world.
Criticism from sup-
porters or from certain
England and Wales play-
ers saying we dont belong in
the final that hurts.
Scrum-half Dimitri Yachvili added:
We know we will be 15 players on
the pitch against all the world,
maybe. We are like a family now and
will have French support.
Trooper Parra ready for one last battle
BY JAMES GOLDMAN
RUGBY UNION

RUGBY WORLD CUP COMMENT


KYRAN BRACKEN
Piri Weepu has
helped lead the
All Blacks
Picture: GETTY
Welsh to win for Sam
WALES fly-half James Hook insists
the sense of injustice still felt following
the red card Sam Warburton received
in last weeks semi-final against
France is a motivating factor ahead of
todays bronze medal match against
Australia.
Skipper Warburton was sent off for
a dangerous tip tackle on France wing
Vincent Clerc during the painstaking
9-8 defeat in Auckland.
We said at half-time during the
game with France that we wanted to
do it for Sam, said Hook.
It didnt happen but he has been
immense, not just in the World Cup but
since he started playing for Wales.
43
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