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FTSE 100 5,772.15 +27.60 DOW 13,029.26 +65.16 NASDAQt3,000.45 -7.11 /$ 1.61 +0.01 / 1.22 unc /$ 1.32 +0.01
ISSUE 1,617 MONDAY 23 APRIL 2012
GOING THE
DISTANCE
London Marathon pictures: Page 17 See Page 12
Certified Distribution
27.02.2012 till 01.04.2012 is 99,462
THE TREASURY will today face its last chance
to strike a deal with angry MPs who have
demanded fundamental changes to its flagship
financial services bill.
In an unprecedented move, the Treasury
Select Committee (TSC) has tabled an
amendment that would force a vote on the
governments plans to give the Bank of
England sweeping new powers without
enough additional scrutiny.
The concessions made so far by the Bank
and the government on their behalf wont
satisfy parliaments demands for more
accountability for such a powerful institution,
said TSC chairman Andrew Tyrie.
Labour is backing the amendment, which
MPs believe could attract enough support to
persuade the Treasury to reopen negotiations
rather than suffer a bruising vote that would
store up trouble for the bill in the Lords.
The government has faced a chorus of
criticism over plans to concentrate new powers
over the cost of credit in the Bank, which
presided over the 2008 crisis. Many MPs are
also worried about the Banks concerted
lobbying. The Treasury declined to comment.
FRENCH Socialist Franois Hollande
won the first round of a tight
presidential election yesterday,
beating incumbent Nicolas Sarkozy
into second place.
But his success was overshadowed
by a huge surge in support for the
National Front, the extreme
nationalist party led by Marine Le Pen.
Le Pen daughter of the partys
previous leader won 18 per cent of
the vote on an 80 per cent turnout.
The result put her in third place after
Hollande, who won 28 per cent, and
Sarkozy, who took 27 per cent.
Communist party leader Jean-Luc
Mlenchon came a distant fourth
with 11 per cent.
It means that Le Pens voters could
now be kingmakers in a tight final
round contest between the two front-
runners. Observers said that while
Mlenchons left-wing voters could
well throw their weight behind
BY JULIET SAMUEL
tariffs and laws to favour French
goods and workers, and price ceilings
on fuel and basic foodstuffs.
Hollande said of Le Pens success:
What is wracking our country?... We
need to redirect Europe on the path to
growth and jobs.
The result sets the stage for two
weeks of uncertainty until the final
round. Analysts had been predicting a
win for Hollande, but say the race has
now been thrown open.
Sarkozys defeat would be a blow for
German Chancellor Angela Merkel,
who has relied on broad support from
him in her handling of the euro crisis.
By contrast, Hollande has spoken out
in favour of a more activist European
Central Bank, fiscal stimulus over
austerity and renegotiation of the
Eurozone fiscal pact.
Sarkozy last night tried to boost his
chances by challenging the more
inexperienced Hollande to three TV
debates instead of the usual two.
MPs go to war with Treasury over lack of scrutiny for all-powerful Bank
Hollande, those supporting Le Pen
are unlikely to vote for the centre-
right and establishment candidate
Sarkozy, making it too close to call.
In a fiery speech to supporters, Le
Pen said last night: We rode a dark
blue wave that came to upset the
system today we will bring about
this great upheaval. She called the
result the start of a vast gathering of
right-wing patriots. The result tops
the National Fronts previous peak in
support in 2002, when Jean-Marie Le
Pen came second in the presidential
vote with 17 per cent.
Among the policies Marine Le Pen
advocates are withdrawal from the
euro, a clamp-down on immigration,
HOLLANDEBEATSSARKO
INFRENCHFIRST ROUND
From left to right: Socialist Franois Hollande, centre-right Nicolas Sarkozy and extreme nationalist Marine Le Pen with their shares of the vote
But the National Fronts Marine Le Pen made a shocking breakthrough last night
BY JULIET SAMUEL
28% 27% 18%
DERIPASKA INTERVIEW
THE OLIGARCH TALKS PHILANTHROPY, MERITOCRACY AND DENTISTS
ALLISTER HEATH: Page 2

allister.heath@cityam.com
Follow me on Twitter: @allisterheath
IN BRIEF
Bank hunt will start in autumn
nThe search for the next Bank of
England governor will not formally
start until the autumn, George
Osborne said yesterday. The
chancellor has come under pressure
from the Treasury Select Committee
to set out how and when it will
choose Sir Mervyn Kings
replacement. "There will be a proper
process for appointing the next
governor," Osborne said in a
statement released to reporters at the
spring meeting of the International
Monetary Fund in Washington. "But
that has not begun and will not until
the autumn." King's second and final
five-year term ends at the end of June
next year. Names in the frame include
Bank deputy governor Paul Tucker,
FSA chairman Lord Turner and former
civil service head Gus ODonnell.
New SFO director starts job
nDavid Green QC begins his new
role as the director of the Serious
Fraud Office today, following
Richard Aldermans retirement.
Green, a barrister with 25 years
experience in criminal law, was until
last year director of the central fraud
group of the Criminal Prosecution
Service. While his move to the SFO
had been expected since December,
the new director comes at a
turbulent time for the enforcement
body. Last week Aldermans second-
in-command, chief executive
Phillippa Williamson, quit suddenly
with no reason given for her
departure. The SFO has come under
fire in recent months for its handling
of some cases.
Friends defend director at
heart of Barclays pay row
FRIENDS of the senior Barclays
director responsible for pay awards
were last night suggesting that she
is being unfairly singled out for the
row that has engulfed the bank.
The re-appointment of Alison
Carnwath as head of the banks
remuneration committee is likely to
be rejected by up to 15 per cent of
shareholders, with some investors
blaming the former investment
banker for allowing chief executive
Bob Diamond and chief financial
officer Chris Lucas to receive pay
packages that are not sufficiently
tied in to financial performance.
But friends said last night that
Carnwath, an experienced and well
respected director of companies such
as Land Securities and Man Group,
was being unfairly singled out over
the issue, given that Diamonds pack-
age was decided by and signed off by
the boards non-executive directors.
They say that even if she had want-
ed to, she would not have been able
to overturn the pay awards once they
had been decided on by the board.
Local authority pension funds and
advisory group Pirc have urged
shareholders to vote against the
banks pay awards at its shareholder
meeting on Friday.
The awards for the chief executive
Non US banks hope for reprieve on
swaps
US regulators are exploring ways to give
large foreign banks and overseas
subsidiaries of US lenders a reprieve from
stringent new derivatives rules, potentially
alleviating one of the biggest concerns
facing global finance institutions.
Chesapeake discloses chiefs $661m
payments for wells
Aubrey McClendon, the chief executive of
Chesapeake Energy who has come under
pressure over the scale of his personal
borrowings, has had to commit $661m
over the past three years to fund a
controversial remuneration programme.
Oil traders face heat over better
disclosure
Oil trading is likely to come under new
disclosure rules as the industry-backed
Extractive Industries Transparency
Initiative discusses how to include deals
between national oil companies and
traders. The discussions could have
significant implications for the publicity-
shy Swiss-based commodities trading
industry, including companies Vitol,
Glencore, Trafigura, Mercuria and Gunvor.
Developer plans to restore the faded
glory of a flawed icon
Centre Point is set for a new lease of life if
plans to convert the 34-storey building in
Central London into flats are approved.
Almacantar believes it can restore the
faded Sixties tower.
You want a piece of the Empire State?
Ageing investors are trying to block plans
by Malkin Holdings, the manager of the
Empire State Building, to create a real
estate investment trust that would be
floated on the New York Stock Exchange.
Luciano Benetton hands over fashion
empire to his son
Luciano Benetton, founder of the Italian
fashion empire that bears his name, has
announced he is handing control of the
business he helped start 47 years ago to
his eldest son Alessandro.
Kingfisher plants trees and hopes for
a forest of sales
B&Q owner Kingfisher plans to grow sales
by planting more trees - and with timber
prices up 30 per cent in two years its not
just about looking after the environment.
Current and former BofA directors
agree to settlement
Current and former Bank of America
directors and ex-Chief Executive Officer
Kenneth Lewis have agreed to a $20m
settlement in one lawsuit alleging
shareholders were wronged during the
takeover of Merrill Lynch.
Disney studios chief steps down
The chairman of Walt Disneys movie
studio, Rich Ross, stepped down after less
than three years on the job, in the wake of
one of Disneys biggest flops, John Carter.
WHAT THE OTHER PAPERS SAY THIS MORNING
DEPUTY Prime Minister Nick Clegg
has urged fellow MPs to push on
with reforming the House of Lords,
as set out in the coalition deal.
The Liberal Democrat leader,
who has called for parliamentary
reform since his days as an MEP, set
out his stall ahead of an all-party
report on Lords reform due today.
It is expected to recommend that
the majority of Lords are elected,
compared to the current system of
appointment via party nominations
and a commission.
Its something we have been
talking about for 100 years. We
should just get on with it now, with
minimum fuss, Clegg told the BBC.
Our priority is rescuing the
economy but it doesnt mean we
shouldnt do other things like
putting a smidgeon of democracy
into the House of Lords.
He brushed aside proposals of a
referendum on whether to
overhaul the upper house,
questioning why the UK should
spend a great deal of money on a
vote when theres a consensus
among the three parties.
Labour has recently come out in
favour of a referendum.
Conservatives, however, have raised
concerns that focusing on
parliamentary reform would take
attention away from supporting
the fledgling economic recovery.
Clegg calls on
MPs to reform
House of Lords
Rebels have targeted Alison Carnwath despite the role of other directors in the row
2
NEWS
BY MARION DAKERS
BY PETER EDWARDS
AND DAVID HELLIER
The new jobs website for London professionals
To contact the newsdesk email news@cityam.com
CITYAMCAREERS.com
W
HAT a race. And what a mess.
The useless Nicolas Sarkozy
was given a bloody nose; the
awful, economically illiterate
Francois Hollande is in the lead
ahead of the second round of the
French presidential elections; and the
horrendous national front grabbed
almost a fifth of the vote.
Listening to the candidates last
night, it was clear that there is no pro-
capitalist, pro-globalisation, low-tax,
eurosceptic, outward looking party in
France there is no equivalent to the
British Conservative partys
Thatcherite tendency. What passes for
the centre-right in France is social-
democratic and fanatically pro-EU; it
is very different to the centre-right
parties seen in English-speaking coun-
tries and many emerging markets.
The right-wing eurosceptic candi-
date (who was crushed) is a protec-
EDITORS
LETTER
ALLISTER HEATH
Frances hopeless politicians will determine all of our futures
MONDAY 23 APRIL 2012
tionist who wants to tax the rich
and hates French workers who have
moved to London. The only successful
eurosceptics are the hard left who
believe Brussels to be a capitalist plot
and fascists who hate foreigners, the
free market and multinationals.
Most shocking was Marine Le Pens
18 plus per cent share of the vote. She
inherited her National Front party
from her extremist father Jean-Marie,
and has proceeded to normalise it.
But beneath her smooth exterior, she
remains a dangerous demagogue. Her
mission is to take over the main-
stream conservative vote; she wants
to remake it in her own, poujadiste
image. Her strategy is working: she
grabbed a remarkable chunk of the
working class and the youth vote. In
2002, her father came second with
16.86 per cent in the first round. She
has done substantially better and
scored the best ever first round share
for the National Front. But it is not
just extremists on the right who gets
votes in France those on the left do
too. Jean-Luc Melenchon, a commu-
nist candidate, got 11 per cent of the
vote and there were other extreme
left candidates.
The trick now for Sarko and
Hollande is to carve up the votes of
the failed candidates. The commu-
nists and greens will back Hollande.
The question is what happens to cen-
rent EU structure and will impose
cripplingly high tax rates. He says he
will merely delay balancing the budg-
et but is bound to spook investors.
He would help London by triggering
a fresh exodus of workers and capital
from France. But he would seek to
hurt the City even more via Brussels,
making the UKs relationship with
the EU even less tenable. It is unlikely
that he would back real austerity next
time an EU country goes bust, trigger-
ing a massive row with Germany.
Ultimately, that is the real story: an
Hollande victory, coming as it would
in the midst of the Eurozones end-
lessly drawn-out crisis, could destroy
the Franco-German alliance that has
powered European integration for so
long. And if it does, all bets are off.
trist candidate Francois Bayrous 9.1
per cent and to Le Pens. The polls sug-
gest Hollande will end up winning
with 54 per cent of the vote. Sarko
will attempt to play the populist card
on immigration, law and order and
protectionism he said last night
that he understood public concerns
on outsourcing while Hollande will
focus on bashing globalisation, banks
and the rich.
If Francois Hollande wins, the par-
liamentary elections which take place
in a few weeks time may also deliver a
left-wing majority. UK commentators
usually argue Hollande will never
implement his manifesto. That is non-
sense Francois Mitterrand nation-
alised much of French industry in
1981 and it was only near-economic
collapse that stopped him. Hollande
wont be as bad but he loathes aus-
terity, globalisation, finance, the cur-
C
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A
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are hard to justify given the banks
poor performance, said the Local
Authority Pension Fund Forum, which
is also concerned about the 5.7m tax
equalisation payment made to offset
the tax impact of Diamonds reloca-
tion to Britain.
Ian Greenwood, chairman of the
forum, said: We believe the company
needs a clear signal from shareholders
that a different approach is required in
future. Threadneedle Investments is
also set to vote against the report,
despite Barclays last week trying to
head off the rebellion by adding a new
condition to the bonuses of Diamond
and chief financial officer Chris Lucas
and saying it would prioritise raising
the dividend.
Barclays last week said the strength
of opinion expressed by some share-
holders had led it to alter the struc-
ture of payments to Diamond and
Lucas. Their bonuses for 2011 are due
to pay out in shares over three years, a
third in each year. The changes
appeased Standard Life but the
Association of British Insurers, whose
members own a fifth of the FTSE All-
Share index, is still unhappy.
THE OWNER of Weetabix, one of
Britains biggest breakfast cereal pro-
ducers, is in talks with a Chinese com-
pany about a possible sale of the
business.
Bright Foods, Shanghais govern-
ment-owned food-maker, is in discus-
sions with Weetabix-owner Lion
Capital about a bid believed to be in
the region of 1bn.
Such a price-tag would be a 70 per
cent return for Lion Capital, which
bought the company in 2003 for
642m.
But Bright Foods could face compe-
tition from other interested parties
from China and the UK, with recently
listed cash shell Justice Holdings
believed to have looked at a bid.
If Weetabix, which also makes
Ready brek and Alpen muesli, were
sold to a Chinese buyer, it could draw
comparisons with US-owned
Cadburys as another example of a
Chinese in 1bn
talks to gobble
up Weetabix
BY JULIET SAMUEL
home-grown British food-maker sold
to a foreign buyer. Weetabix employs
2,000 people and is based in
Northamptonshire.
Vodafone is facing decision time
over its attempt to bid for CWW
VODAFONE is set to unveil its
intentions regarding Cable & Wireless
Worldwide this morning, just days
after rival bidder Tata
Communications walked away from
the table.
The telecoms giant has until noon to
put up or shut up after having its
deadline extended three times
already.
Vodafone first expressed an interest
in mid-February. Since then, CWWs
share price almost doubled from 20p
BY LAUREN DAVIDSON
before dropping by a quarter last week
when Tata declined to bid.
Cable & Wireless Worldwide made
headlines last year when it issued
three profit warnings, churned
through three chief execs and turned
a 433m profit into a half-year loss.
But the struggling communications
company would give Vodafone a fixed-
line mobile network in the UK, allevi-
ating pressure on its wireless network,
as well as a roster of corporate clients.
CWW, which was worth 526m
before Vodafone piped up two months
ago, had a market capitalisation of
879m when markets closed on
Friday.
Tata Communications said on
Wednesday it had been unable to
reach agreement with CWW on an
offer price.
It is understood that the Mumbai-
based company offered just under 25p
per share, or 675m, for the cable busi-
ness. Analysts said they believed
Vodafone would have to offer around
40 pence to get a deal.
Vodafone is advised by UBS, while
BarCap and Rothschild are working
with CWW. Vodafone, led by Vittorio Colao, has until today to bid for Cable & Wireless Worldwide
DEPARTMENTS will have to start
saving their own reserve fund
equal to five per cent of their
spending, the Treasury will say
today, forcing them to identify
around 16bn in extra cuts to their
day-to-day spending.
Chief secretary Danny Alexander
will tell the Institute for Fiscal
Studies today that it is time for
new and tougher rules around
spending.
The harsher rulebook aims to
give chancellor George Osborne a
more effective tool with which to
rein in other ministers spending.
Among its most important
measures will be a demand that
departments supply the Treasury
with monthly internal costings for
projects and services, rather than
coming up with separate figures
for external scrutiny.
Alexander will also say that
departments must avoid tapping
the Treasurys small central
reserve for unanticipated costs and
instead put aside their own reserve,
equal to five per cent of their total
spending, or earmark cuts they
could make. Departments have to
be able to deal with problems that
arise from within their own
budgets, he will say.
The resulting cuts to everyday
spending amount to 16bn of the
total 322bn in departments
resource spending forecast for this
year and more in future years.
But the five per cent is likely to
fall very unevenly, because some
departments already put aside
money for emergencies whereas
others make no provisions.
Treasury tells departments: cut
5pc to save for a rainy day fund
BY JULIET SAMUEL
MONDAY 23 APRIL 2012
3
NEWS
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WEETABIX BESTSELLERS
Weetabix was
first produced
in 1932 and is
now sold in 80
countries.
In 1991, Weetabix
acquired Ready
brek, the instant
porridge cereal.
Alpen muesli was
launched in 1971,
followed by the
launch of Alpen
bars in 2002.
P
A
PETER Cummings, the man behind
some of the most high profile loans
made by Halifax Bank of Scotland
(HBOS), has been handed a seven-fig-
ure fine by the City regulator.
The former corporate boss is
believed to have been handed a
warning notice by the Financial
Services Authority, which has been
investigating the banks buying
spree at the height of the boom.
Cummings is understood to have
rejected the allegations, however,
and has previously argued that the
FSA should either clear him or
attempt to prosecute him if it has evi-
dence against him.
The former teaboy from
Dumbarton, near Glasgow, once
stood in the top tier of the Scottish
business establishment after presid-
ing over a rapid expansion in Bank of
Scotlands corporate division.
His integrated finance division was
set up in February 2000 and its
investments, which came to well
over 10bn, included deals with
health club chain David Lloyd
Leisure, upmarket shirtmaker TM
Lewin, D&D Restaurants, founded by
Sir Terence Conran, and the
Sunseeker yacht company.
He stepped down in January 2009,
however, after the sub-prime loans
crisis triggered a series of bank fail-
ures. He left soon after Lloyds emer-
gency takeover of HBOS and shortly
before it posted a 10.8bn loss for
2008.
Last month the FSA said in an
Ex-HBOS boss
in battle with
FSA over fine
BY PETER EDWARDS enforcement notice that HBOS had
failed to rein in high-risk loans at its
Bank of Scotland unit from April
2008 even as competitors pulled back
because of worsening financial condi-
tions. It said the very serious miscon-
duct came despite warnings from
the banks own risk officials and
external auditor but declined to issue
a fine, which could have come to
100m, because it would mean hit-
ting taxpayers once again.
The watchdog said HBOSs corpo-
rate unit pursued an aggressive
growth strategy with a specific focus
on high-risk, sub-investment grade
lending in the property market.
Now Cummings case is set to be put
to the Regulatory Decisions
Committee (RDC), which can take
submissions from both sides and has
the power to overturn FSA sanctions.
He could argue that his biggest deci-
sions were not prevented by Andy
Hornby and Lord Stevenson, the
respective former chief executive and
chairman of HBOS.
Star JP Morgan Cazenove banker Ian
Hannam is also taking his case to the
RDC. Earlier this month Hannam
resigned as the banks chairman of
equity capital markets after the FSA
demanded he pay a 450,000 fine.
The regulator said he had commit-
ted market abuse by leaking inside
information about bid talks and oil
discoveries made by his client
Heritage Oil, to another client in the
sector.
Both Lloyds and the FSA declined to
comment on the Cummings case and
the banker could not be reached.
THE rise of Peter Cummings is
almost as remarkable as that of his
downfall. He joined a branch of
Bank of Scotland as a school-
leaver at the start of the 1970s.
He worked his way up to the
top of the corporate bank and in
2006 was named chief executive
of the division after years of
generating huge profits. By the
time he left, however, in January
2009, many of the loans had
turned bad and his reputation
had been shredded.
He retained the loyalty of many
associates, however, such as Sir
Tom Hunter, who said: Every
decision he took was done with
the banks best interests at heart.
He is a hard- working, dedicated
guy and a tough but fair man to
deal with.
Peter Cummings took a series of poor decisions as he built HBOSs loan book
G
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High-profile HBOS deals in Peter Cummings' era (figures represent total deal value)
PROFILE: PETER CUMMINGS
MONDAY 23 APRIL 2012
4
NEWS
cityam.com
700m
Backed the property company to
the tune of 700mbefore Kenmore
went into liquidation in 2009 as
property slumped.
450m
HBOS lent a consortiumled by Sir
TomHunter's West Coast Capital
around 370mfor the 450m
buy-out. Lloyds later lost around
100min the sale to Terra Firma.
715m
Joined forces with Sir Tom
Hunter (above) to buy Crest
Nicholson, in a deal valuing the
housebuilder at 715m, in 2007.
350m
HBoS supplied the debt for
Glasgows Silverburn Shopping
Centre. Its worth fell fromaround
350mto 250min two years.
HSBC chairman Douglas Flint has
joined the chorus of criticism against
the Bank of Englands new financial
policy committee (FPC) and warned it
could reduce the pool of capital,
increase lending costs and hit borrow-
ing.
Flint used a major speech to warn of
the material impact the committee
could have on access to credit and its
pricing. He also called on members of
the Association of Corporate
Treasurers (ACT) to step up lobbying of
the government over the re-organisa-
tion of the financial system.
The FPC was created as part of
George Osbornes reform of City regu-
lation, in which the Financial Services
Authority will be scrapped. The FPC is
beginning to articulate how it will
exercise its legal powers over capital
and liquidity, Flint said in Liverpool.
I see this as a significant new risk
for you all to get to understand as a
change in sectoral capital require-
ments or commentary around emerg-
ing risks could easily materially
impact access to credit and its pricing
FPC is set to hit
lending, warns
HSBC chairman
BY PETER EDWARDS
think about the recent impact of the
US authorities seeking information on
US money market funds exposure to
Eurozone borrowers.
Flints comments came after Peter
Sands, chief executive of Standard
Chartered, damned the FPC as
extremely interventionist and
extraordinarily blinkered.
Last month the FPC said it had
requested powers to adjust capital
requirements through the economic
cycle, charge banks for lending to sec-
tors vulnerable to bubbles, and impose
a maximum leverage ratio of total lia-
bilities to capital.
Flint also warned of the impact on
the competitiveness of corporates in
Europe versus those in Asia and
America, the cost of centrally cleared
derivatives and on the creation of
potentially volatile capital charges
on over-the-counter derivatives under
the proposed Basel III rules.
[The] landscape remains massively
uncertain both as to when the period
of reform will come to a close and
what the landscape for the capitalisa-
tion, shape and returns of the banking
industry might be, he said.
Boris calls for tougher controls
on migrants coming to Britain
BORIS Johnson has called on the
government to get a grip on
immigration, in an apparent move
away from his previous pro-
migration stance.
Johnson said yesterday ministers
should blooming well sort the
problem out and put in place
tougher immigration controls.
It is really important for the
country. It cannot be beyond the wit
of man. We have a relatively small
number of ports and airports. It
should be possible to control it, he
told the Sunday Times.
He added that the huge
numbers of illegal immigrants was
not fair on people who come here
legally and are working very hard.
As Londons mayoral candidates
enter their final full week of
campaigning before the election on
3 May, the Tory incumbent placed
some of the blame on the previous
Labour government, for its
conscious decision to make
Britains borders easier to cross.
The mayor had once heralded the
economic benefits of immigration,
holding a more liberal view than
many in the Conservative party. In
2010, he wrote to home secretary
Theresa May to warn that a cap on
certain migrant workers would
cause economic problems in London.
L
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MONDAY 23 APRIL 2012
6
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cityam.com
Mayor of London Boris Johnson has previously pointed to the economic benefits of immigration in the UK
BY MARION
DAKERS
MAYORAL
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* 2012/2013 tax year
RUPERT Murdoch unleashed an ava-
lanche of criticism at the coalition
government as he landed in London
this weekend.
The media mogul, who arrived in
the UK on Saturday ahead of his
appearance this week at the Leveson
Inquiry, took to Twitter to slam
George Osbornes 10bn pledge to
the IMF and the pasty tax unveiled
in last months Budget.
Murdoch tweeted: Back in Britain.
Govt sending IMF another ten bn to
the euro. Must be mad. Not even US
or China chipping in. Same time tax-
ing hot food.
The News Corp chief is booked to
appear before the Leveson Inquiry
on Wednesday and Thursday, where
he will face questioning about the
standard of ethics at his newspapers,
which included the News of the
World until it was closed last July.
Murdoch slams
government as
Leveson looms
BY LAUREN DAVIDSON
His son James, who stepped down as
executive chair of News International
in February and as chairman of
BSkyB earlier this month, will appear
before Leveson on Tuesday.
Rupert Murdoch voiced further
opinions on the economy, tweeting:
EU can be saved, but not Euro if we
act in time. Extremely unlikely.
The octogenarian also complained
that the beautiful English country-
side is about to be wrecked by uneco-
nomic ugly bird killing windmills.
Mad, Murdoch concluded, and
called for the use of shale gas instead.
Ex Icelandic PM to learn fate as
first politician tried over crisis
ICELANDS former prime minister
Geir Haarde, the only politician in
the world to stand trial for their role
in the 2008 financial crisis, will
today learn whether or not he is
guilty of gross negligence.
In a verdict that many fear will
do little to heal the wounds of the
meltdown, a court will decide
whether the 61-year-old was
personally responsible for failing to
rein in the countrys banking
sector before it imploded. Haarde,
BY PATRICK LANNIN
who faces four charges, has denied
any guilt.
There is growing anger on the
North Atlantic island, with many
Icelanders wondering why none of
the men in charge of the banks that
collapsed have been tried even
though a handful of charges have
been brought and dozens of
investigations are underway.
Icelands biggest banks were all
taken over by the state in late 2008
after the credit crunch sparked by
the collapse of Lehman Brothers
froze their access to funds.
Iceland ring-fenced the banks
domestic operations, letting their
international operations go
bankrupt.
Some economists have praised
Iceland for letting the banks go
under, though it remains in a
dispute with Britain and the
Netherlands over refunds for
depositors in Landsbanki, an
Icelandic bank that used to operate
in those countries.
Capital controls are still in place,
damaging the countrys economic
recovery and analysts say the
Icelandic people are more divided
than ever before.
MONDAY 23 APRIL 2012
9
NEWS
cityam.com
Brought to you by
IN ASSOCIATION with Repskan.com,
City A.M. is measuring the relative
Olympic media buzz around the London
2012 Olympic and Paralympic Games
partners, week by week. The leaderboard,
right, reflects their ranking over the past
week, in this case from Wednesday 11 April
to Wednesday 18 April.
P&G has not
featured in the
top ten ranking
very often, but
this week it shot
up to fifth place following its release of a
hugely successful video campaign. The
advert, which salutes mums for their role
in supporting their children in pursuing
sport, has received an extremely positive
reaction across all social media, and
Twitter in particular.
Also in the news was the crossing of the
100 days mark until the start of the
Olympic Games. Online Olympics
mentions jumped from around 12,000 per
day to well over 40,000 mentioning the
subject in online media on Wednesday
alone.
OLYMPIC MEDIA BUZZ
LONDON 2012 PARTNERS
Brand Position change
Samsung 4
Adidas 2
McDonalds -1
BP -2
P&G 8
Dow 2
Coca-Cola -1
Cisco 1
BMW 2
Visa -6
TOP TEN PARTNERS BY MENTIONS
%
1
96
2
Blogs Topicals
Twitter Other
1
P&G OLYMPIC
MENTIONS BY
CATEGORY
Back in Britain. Govt
sending IMF another ten bn
to the euro. Must be mad. Not
even US or China chipping in.
Same time taxing hot food.
Rupert Murdoch
10
G
E
T
T
Y
BRITAINS firms benefited from grow-
ing economic confidence and a spell
of stability in the Eurozone, issuing
an unusually low number of profit
warnings last month, Ernst and
Young analysis showed yesterday.
Dividend payments rose in the first
quarter of the year, according to a
Capita study out today, and Bibby
Financial Services data showed busi-
ness turnover hit a five-year high in
the period.
However, all three reports remained
cautious on the overall outlook as eco-
nomic growth is weak and risks from
the Eurozone remain.
The first quarter saw 73 profit warn-
ings from UK quoted companies,
down from 75 in the same period of
2011 and from 88 in the final three
months of last year.
March saw just 16 warnings, and
Ernst and Young believes European
UK firms show
healthy profits
BY TIM WALLACE
Central Bank liquidity injections and a
Greek settlement radically eased
Eurozone concerns, helping to inject a
little confidence back into the UK
economy.
Dividends hit a first-quarter record
of 18.8bn a 25 per cent jump on the
same period of 2011.
The FTSE 100 led the way with a rise
of 27.6 per cent to 17.7bn, although
remainder of FTSE 250 dividends fell
nine per cent to 915m.
However, Ernst and Young said that
firms will struggle through the year as
conditions will remain volatile, and
that the Eurozone remains terribly
weak in the face of strong deleverag-
ing pressures on banks and the ongo-
ing sovereign debt crisis.
Its still a tough consumer environ-
ment and the high oil price and uncer-
tain impact of the Olympics and
Jubilee on the travel sector in particu-
lar makes 2012 a tough year to pre-
dict, added the firms Alan Hudson.
GLOBAL finance chiefs, led by International Monetary Fund boss Christine Lagarde,
pressed Europe over the weekend to take advantage of newly increased financial
buffers and make lasting reforms to tackle its debt crisis. The countries agreed to double
the firepower of the IMF to $430bn (266.6bn) to help contain Europes debt crisis.
IMF RAISES BAILOUT FUND
Interest rates on loans to businesses 2010-2012
Feb2010 Feb2011 Feb2012
2
1.5
3.5
2.5
3
4
4.5
R
a
t
e
o
f
in
t
e
r
e
s
t
(
%
)
Loans upto1m
Loans over 20m
THE DUTCH government could fall
today after the ruling coalition
failed to come to an agreement on
the budget over the weekend.
Prime Minister Mark Rutte said
that crucial talks on budget cuts
had collapsed after his ally Geert
Wilders refused to do a deal, and
that new elections were inevitable.
In the short term, the
government must seek support for
budget cuts from the opposition
parties.
But uncertainty over the
makeup of a new government, and
waning voter support for bailouts
and austerity measures, raised
questions over Dutch backing for a
fiscal responsibility pact seen as
crucial to helping Europe cope
with its debt crisis.
The catalyst for the crisis was
Wilders, who refused to agree to
budget cuts of 14bn (11.5bn) to
16bn of budget cuts needed to
bring a bloated budget deficit
under control.
Dutch coalition
could fall amid
budget fight
BY HARRY BANKS
A FINANCIAL transactions tax (FTT)
will damage the City of London, hurt
ordinary people and fail to bring any
of the benefits its proponents claim,
according to a report out today from a
leading think-tank.
The damning report from tax
expert John Chown and published
by the Centre for Policy Studies
urges the British government to take
all possible action to stop an EU-
backed charge on financial services.
Chown argues the Tobin tax will
not improve financial stability,
instead reducing liquidity and
adding cost in derivative markets,
which allow businesses to control
risks.
That would hit businesses that
use financial services to their
benefit, and drive speculative
activities out of the EU, failing to
stop their supposed destabilising
effect while also failing to raise
New financial tax will fail to
deliver, top think-tank warns
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MONDAY 23 APRIL 2012
cityam.com
NEWS
SMALL firms borrowing costs are
at their highest level since late
2009, analysis out today shows,
hitting companies that hope to
expand.
The average rate of interest paid
on loans of under 1m rose to 3.92
per cent in February, up from 3.46
per cent six months earlier and a
post-credit crunch low of 3.03 per
cent at the end of 2009, according
to Syscap data.
Those costs compare with
interest rates of 2.66 per cent for
loans between 1m and 20m, and
1.87 per cent for larger loans.
Rising costs of credit at a time
when firms want to expand means
SMEs must turn to alternative
forms of funding to finance their
investments such as leasing.
Lending to small businesses has
been a focus for the government
they will be disappointed that
Small business borrowing costs
hit their highest in three years
BY TIM WALLACE
despite all their efforts to reduce
the cost of loans to small
businesses they have actually
increased, putting off SMEs from
borrowing, said Syscap boss Philip
White.
Unfortunately, neither Project
Merlin, the Enterprise Finance
Guarantee scheme nor Quantitative
Easing has had the impact hoped
for on small business lending. So,
hope now rests on the National
Loan Guarantee Scheme.
PUBLIC trust in deficit reduction
and faith in the fiscal process can
only be improved with higher
quality forecasts and a more long-
term view of finances, a leading
accountancy body claimed today.
The Institute of Chartered
Accountants in England and Wales
(ICAEW) is calling for greater study
of the impacts of an aging
population on government
finances, increased independence
in forecasting to remove political
wishful thinking from
publications, and greater
compliance around the globe with
international accounting practices.
At a time of reduced public
confidence in public spending, the
accountancy profession has an
important part to play in the
improvement of financial
discipline and to restoring
credibility to government finances
and taxpayers money, said ICAEW
chief executive Michael Izza.
Call for better
fiscal statistics
BY TIM WALLACE
revenues from them.
Meanwhile the cost of paying the
tax could largely fall on the owners
including the state and pension
funds rather than the bankers or
traders often blamed by the taxs
proponents.
The report also argues the EU has
failed to consider changes in
taxpayers behaviour if the tax was
brought in, and so grossly
overestimates potential revenues.
Chown cites the European
Commissions own assessments,
which state the negative impact on
the GDP level in the long run is
expected to be limited to around 0.5
per cent or twice the 57bn
(46.7bn) the tax is expected to raise.
French President Nicolas Sarkozy
hopes to implement an FTT in
France in August.
The report believes this would
mainly serve to drive business away
from France, to the probable benefit
of the City of London.
Households set to
suffer through 2012
under high inflation
HOUSEHOLDS are being squeezed
increasingly hard by rising prices
and low wages, a new report warned
today, while economists fear infla-
tion will stay high throughout 2012.
Spending on essentials rose at 6.2
per cent in the year to March the
fastest pace since the Lloyds spend-
ing power report began in 2010.
At the same time income growth
slowed to 2.4 per cent, its lowest pace
in over a year.
Markits household finance index
also fell into April, registering the
most downbeat outlook since
December.
The index dipped from 37.8 in
March to 37 in April, well below to
no change mark of 50, as 38 per
cent of households reported a drop
BY TIM WALLACE in their cash available to spend in
April while just nine per cent saw an
increase.
Meanwhile, analysts at the Centre
for Economics and Business Studies
(CEBR) warned that inflation is like-
ly to stay above 2.5 per cent through-
out 2012, despite the Bank of
Englands hopes that it will fall back
to or below its two per cent target.
Inflation used to be driven by
labour costs now it is driven by high
and rising demand for oil and other
primary commodities from the
emerging economies in the Far East,
said CEBR boss Douglas McWilliams.
We could only opt out of this by
pushing up the exchange rate to a
level that made the UK even less com-
petitive. So it looks as if inflation
above target is a price we may have to
pay for some time.
GDP fell in the nal quarter of 2011
2
1
-1
-2
-3
-4
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2008 2009 2010 2011
0
We have pencilled in overall GDP growth of 0.2 per cent in the rst
quarter. Based on all of the data and survey evidence available so far
for the rst quarter, we get the impression that the economy picked up in
January, suffered a dip in February but then improved anew in March.
ANALYST VIEWS

It will be a close-run thing as to whether or not the data show the econ-
omy contracting again. Our best guess is that GDP rose, but by only 0.1
per cent meaning that output is still below the level seen in the third quarter
of last year. However, there is a particularly high level of uncertainty.

Despite Fridays stronger-than-expected consumer spending gures,

this looks set to be another weak reading. The volume of retail sales
was up 0.9 per cent on a three-monthly basis suggesting private consumption
provided modest support. We expect growth to come in at 0.1 per cent.

HOW MUCH DID THE UK

ECONOMY GROW IN THE
FIRST THREE MONTHS OF
THIS YEAR?
Interviews by Tim Wallace
HOWARD ARCHER IHS GLOBAL INSIGHT

VICKY REDWOOD CAPITAL ECONOMICS

TOBIAS BLATTNER DAIWA

MONDAY 23 APRIL 2012
11
NEWS
cityam.com
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Real incomes fell again in March
Mar 2012 Jan2012 Nov2011 Sep2011 Jul 2011 May2011 Mar 2011 Jan2011 Nov2010 Sep2010 Jul 2010
8
6
2
4
0
-4
-2
%
c
h
a
n
g
e
o
n
y
e
a
r
e
a
r
lie
r
Discretionary spendingpower growth, before inflation
Discretionary spendingpower growth, after inflation
Income growth, after inflation
Britain likely to miss recession,
but growth is slow say analysts
BRITAIN seems likely to have
avoided a return to recession in the
first quarter of 2012, with
economists predicting very slow
economic growth to be revealed by
official statisticians on Wednesday.
The economy shrank 0.3 per cent
in the final three months of 2011,
and a second negative quarter
would push the UK into a technical
recession.
Although the result is very
uncertain, relatively healthy
business surveys and falling
unemployment point to a gradual
expansion in the quarter.
However, collapsing construction
output has acted as a drag on the
economy and Eurozone economies
such as Spain are in recession,
highlighting the risks posed to the
BY TIM WALLACE
growth outlook.
The Centre for Economics and
Business Research (CEBR) today
upgraded its growth forecast for the
year to 0.3 per cent from a 0.4 per
cent contraction.
However, its medium term
forecast is for growth of just over one
per cent per year through to 2016,
largely hit by sustained high
inflation, and that low growth will
have a range of negative effects, such
as pushing unemployment up to
three million for several years and
preventing the state from achieving
a balanced budget in 2016-17.
Analysts from Daiwa pointed to
the 1.8 per cent jump in retail sales
in March as evidence that consumer
spending is strong though the
latest figures were boosted in part by
panic-buying of fuel which it
expects will leave GDP growth at 0.1
per cent.
Looking to the second quarter,
Bank of England governor Mervyn
King warned factors such as the
Jubilee bank holiday risk dragging
down growth and possibly causing
another quarterly contraction.
Indeed, the bank predicts a zig
zag growth pattern for much of the
year.
2.4%
Income
7.9%
Vehicle
Fuel
7.5%
Food &
Drink
3
.9
%
C
o
u
n
cil
Tax
1
1
.2
%
G
as &
E
lectricity
8.2%
Water
G
E
T
T
Y
Russian oligarch warns
London of complacency
IT is an unusual perspective, albeit
one that Oleg Deripaska clearly pas-
sionately believes in. A major philan-
thropist himself, the Russian tycoon,
speaking exclusively to City A.M.,
describes oligarchs as the drivers of
progress in Russia through their
hefty donations to education, culture
and public health. To UK ears, this is a
fresh and fascinating take: we are not
used to being told about oligarchs
good deeds.
At the plush headquarters of alu-
minium giant Rusal, next to Jamess
Palace, he explains how Russia is in a
state of transition, with billionaire
business people stepping in to pro-
vide services that were previously
seen as the responsibility of the state.
The Rusal chief executive describes
a country in which businesses have a
duty to build and support communi-
ties and even build whole cities, com-
plete with medical and education
services, where they operate.
The oligarch believes that George
Osbornes controversial plan to scrap
income tax relief on charity dona-
tions over 50,000 should be consid-
ered more carefully. Deripaska says
he would love to see such reliefs intro-
duced in Russia to help philanthro-
pists. They are a good idea, the UK
government knows the whole pic-
ture, but I wish we had them in
Russia, we have no tax breaks.
The oligarch, whose fortune is esti-
mated at around $16bn, speaks
ardently about the educational
opportunities he is seeking to create
in a new Russia.
Sipping his tea in the office, taste-
fully decked out with Russian art,
Deripaksa, 44, says he sees philan-
thropy as a duty.
In 1998, he founded Volnoe Delo,
one of Russias largest private charity
foundation, specialising in support-
ing projects in education, science and
public health. It has a budget of hun-
dred of millions of dollars and backs
400 projects across Russia.
We have bought computers for
schools and where we have factories
we provide a lot of services we pay
for its is very important. There is
everything in these places.
Deripaska speaks of the remaining
hurdles to creating a more merito-
cratic society in Russia. He is deter-
mined that smart people should
have a chance to succeed, regardless
of background. This transition will
take more than 50 years. We have a
past in which people were brain-
washed and the brightest people
were not allowed to develop.
He has achieved riches but it has
not been easy: He has faced legal bat-
tles and threats from the mafia.
The tycoon, who lives in Moscow,
made his mark in the metals markets
in the so-called aluminium wars of
the 1990s, and has admitted that he
was forced to build up his own securi-
ty unit, including KGB agents.
Like other oligarchs he has a strong
affinity with London, a city which
offered the tycoons the chance of a
quieter life away from Moscow in
those tempestuous times.
Crucially, however, Deripaska, who
owns a home in Belgravia and regu-
larly travels to the capital, urges
London to avoid complacency if it is
to remain a top financial services cen-
tre.
He says: London used to be
unreachable [in its position as the
number one financial services centre]
but there is competition from other
jurisdictions now.
One of the companies in which he
has a majority shareholding, alumini-
um giant Rusal, listed in Hong Kong
two years ago rather than in London
and he said such emerging markets
were working tirelessly to provide a
business friendly environment.
There used to be one flight a day
[between Russia and Hong Kong] and
now there are three or four. These
places are becoming very strong.
He also warned that the health serv-
ices in the UK, both private and NHS,
were one of the reasons that top busi-
ness people were falling out of love
with London.
People come to London but travel
home via Frankfurt to go the dentist
or doctor. That is not good for
London. He also warned over exces-
sive corporate governance rules and
regulations which could stop compa-
nies making quick decisions.
On the upside, the oligarch who is
embroiled in a high court battle with
billionaire Michael Cherney who
claims he was not paid for a stake in
Rusal believes that legal services
are very good in London. He also
detects another improvement: Tax
charges were milking people ... but
over the last two or three years things
have got better.
Deripaskas company didnt list
here but one gets the feeling this is
an oligarch sill in love with London.
United Company RUSAL Plc
16Apr 17Apr 18Apr 19Apr 20Apr
5.65
5.70
5.75
5.80
5.85
5.90 HKD
5.68
20Apr
Rusals boss Oleg Deripaska, one of Russias top philanthropists,
tells John Dunne that the Citys place as a top financial centre is
under threat from aggressive emerging cities such as Hong Kong
MONDAY 23 APRIL 2012
12
NEWS
cityam.com
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Oleg Deripaska says that one of the factors making London less competitive is the poor quality of its private and public healthcare
The City of London used to be unreachable in its
position as the number one financial services centre
but there is competition from other jurisdictions now
CV: OLEG DERIPASKA
AGE: 44
WORK HISTORY: He became a tycoon in
Russia after working in the metals markets
in the 1990s. He has admitted that his suc-
cess attracted the attentions of the Russian
underworld and that he needed an elite
security squad to protect him. He has also
been embroiled in a number of legal dis-
putes connected with his businesses.
EDUCATION: He was educated at
Moscows state university and studied eco-
nomics. The tycoon has spoken of his hum-
ble background, working on building sites
to pay for his education.
LIVES: Moscow
HOBBIES: He is a major philanthropist in
Russia and his Volnoe Delo charity funds
hundreds of projects.
G
E
T
T
Y
Wal-Mart defends itself against
claims it stopped bribery probe
GLOBAL grocery giant Wal-Mart
said it is working hard to get to
the bottom of claims of corruption
in Mexico, after reports alleged
that it had hushed up an
internal bribery probe.
The New York Times had
reported that in 2005,
management at Wal-Mart closed
an investigation into bribes paid to
secure building permits.
Wal-Mart sent investigators to
Mexico City and found a paper
BY MARION DAKERS trail of hundreds of suspect
payments totalling more than
$24m, the NYT reported, but the
companys leaders then shut down
the investigation and notified
neither US nor Mexican law
enforcement officials.
Wal-Mart said it started an
extensive probe last autumn,
which is still being conducted by
lawyers and forensic accountants,
over whether its activities comply
with the US Foreign Corrupt
Practices Act.
Many of the alleged activities in
The New York Times article are
more than six years old, said a
Wal-Mart spokesperson in a
statement. If these allegations are
true, it is not a reflection of who
we are or what we stand for. We are
deeply concerned by these
allegations and are working
aggressively to determine what
happened.
It added that it has already
beefed up its anti-corruption
safeguards across Mexico, where it
has more than 2,000 stores and
nearly 200,000 employees.
IN BRIEF
AIM listings dominated by mining
n Nine companies listed on Londons
Alternative Investment Market in the first
three months of 2012 an increase of
one company compared to the same
time last year, but with 30 per cent less
money raised. The figure fell from 67m
to 46.9m, according to analysis by
Deloitte. In the first quarter 25
companies also de-listed, compared to 21
at the same time last year. The mining
sector has dominated admissions this
year, with four out of five listings coming
from the industry, including iron ore, tin,
gold, copper and rare earths. The most
notable addition was Rare Earths Global
Ltd, which raised 10m at the end of last
month. Another big listing was Chinese
sportswear manufacturer, Naibu Global
International, which listed on 5 April,
raising 6m at a valuation of 68m.
Wal-Mart, the biggest grocer in the world, said it was investigating bribery claims
MONDAY 23 APRIL 2012
13
NEWS
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A
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c
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INSURANCE giant Aviva is expected
to announce the sale of its American
life assurance business next month,
on which it will make a loss of 1bn.
Chief executive Andrew Moss is
set to announce the sale at an
investor day on May 24 as part of a
wider strategic overhaul of the
company, according to the Sunday
Times.
The business was acquired by
Moss predecessor for over 2bn in
2006 but is now only expected to be
worth half that amount.
Aviva declined to comment on
claims that the disposal is part of a
restructuring agreement between
the chief executive and his
incoming chairman, John
McFarlane.
Last week Aviva announced that
three leading executives, including
North American boss Richard
Hoskins and Igal Mayer, the head of
its European business, would lose
their jobs in a boardroom shake-up
designed to simplify management
and boost profits.
Bankers say potential European
buyers could be put off bidding
because of the incoming Solvency II
capital directive. This could force
European firm to hold more capital
against their American businesses if
European regulators decide US
capital standards for insurers are
less exacting than their own.
Aviva prepares
to take a 1bn
hit on US unit
BY JAMES WATERSON
ACTIVIST shareholders have lashed
out at struggling insurer Omega, say-
ing that they expect the firm to do
the right thing and initiate a board-
room shake-up.
Investors who are exasperated with
the companys poor results under
chief executive Richard Pexton have
now publicly set their sights on
removing him and a number of other
directors.
Yesterday Richard Bernstein of
activist fund Crystal Amber criticised
Pextons performance, telling City
A.M.: The buck stops with him. The
management of the sale process,
where the company has been in bid
talks for 18 months without making
a decision shows a lack of leadership
and whilst there is uncertainty this is
bad for the business.
Its very unsettling and almost
unprecedented to have such a long
bid process. I dont think theyll
ignore the will of the shareholders. I
dont think it will be necessary to call
an EGM, he added.
Bernstein says that other investors
Omega rebels
demand board
heads for exit
BY JAMES WATERSON
have approached him following
unacceptable management deci-
sions at the Lloyds of London insurer.
It is understood that Crystal
Ambers motions have secured the
backing of leading shareholders who
collectively own around a third of the
business.
Since Pexton took over as chief exec-
utive in March 2010 the share price
has almost halved from 117p to 61p as
the firm undergoes a lengthy sales
process.
Just four years ago shares in the
firm were trading at 172p but it is
now the subject of a 65p per share
offer from rival Canopius.
Convicted fraudster and former Liberal Democrat donor Michael Brown is facing
extradition to the UK, four years after being found guilty of stealing from clients who
thought he was a bond trader. Brown, currently being held in Madrid after being deported
from the Dominican Republic, donated 2.4m to the Lib Dems in 2005.
FORMER LIB DEM DONOR EXTRADITED TO BRITAIN
Omega Insurance Holdings Ltd
Dec Nov Jan Feb Mar Apr
50
55
60
65
70
p
61.50
20Apr
MONDAY 23 APRIL 2012
14
NEWS
cityam.com
%
4
6
13
15
7
10
21
10
14
BIGGEST LOSER? Which issue has done most to cause the Conservative Party's fall in the polls in recent weeks?
IF THERE WAS AN ELECTION TOMORROW...
If there was an election tomorrowwhat would you regard as the most likely result?
%
12
41
33
10
1
3
Conservative overall majority
Hung parliament with Conservatives as the largest party
Hung parliament with Labour as the largest party
Labour overall majority
Other
Don't know
MONDAY 23 APRIL 2012
15
NEWS
cityam.com
GEORGE Osbornes Budget is
chiefly responsible for the
Conservative partys recent tumble
in the opinion polls, according to
our readers panel.
The single biggest reason our
panellists gave for Conservative
support crumbling in recent weeks
was simply the Budget as a whole,
with one in five blaming Osbornes
entire red book for the partys
recent perception problems.
The cap on charity relief has been
the most unpopular of the
Budgets new policies for voters,
according to our Voice of the City
poll, run in conjunction with
PoliticsHome.
The coalitions other major tax
plans Granny and pasty are
close behind in their unpopularity
with the electorate.
But when it comes to their own
opinions, our panellists are some-
what more upbeat about the gov-
ernments financial plans.
They gave the coalitions han-
dling of last months Budget 4.3
marks out of 10, which is far more
optimistic than their verdict on
individual Budget policies.
The governments advice during
the fuel tanker strike threats was
viewed even more dimly, with our
panel awarding its handling of the
issue an average of 2.4 marks.
And 15 per cent believe the coali-
tions behaviour during the strike
threat, including Francis Maudes
gaffe about hoarding petrol in
jerry cans, has been the single
most damaging issue for the
partys polling levels.
If there was an election tomor-
row, more than four in ten panel-
lists believe the country would
return a Tory-led coalition to
Westminster.
However, a third believe a hung
parliament with Labour as the
biggest party would be the likeliest
outcome.
Just 12 per cent reckon the
Conservatives would win outright
if the country went to the polls
tomorrow a whisker ahead of the
10 per cent who predicted a Labour
victory.
BY MARION DAKERS
MARKS OUT OF 10? Howmany marks out of 10 would you give David Cameron and the Government for their
handling of the following issues? 0 is the lowest approval and 10 the highest.
Cap on charity relief 2.6
Cap on trading losses relief 2.9
'Pasty tax' 2.8
Conservatory tax 2.6
'Granny tax' 3.3
Advice on petrol shortages 2.4
Online snooping plans 2.2
Conservative donor controversies 3.3
Caravan tax 3.3
Attempts to deport Abu Qatada 2.8
The budget as a whole 4.3
VOICE OF THE CITY
PoliticsHome.com PoliticsHome.com
In association with
Panel blames Budget
for Tories poll tumble
BRITISH oil services firm Acteon is up
for sale for around 1bn as its private
equity majority shareholder seeks to
cash in, according to reports.
American investor First Reserve has
reportedly appointed bankers JP
Morgan to dispose of the Norwich-
based firm.
First Reserve, which could not be
reached for comment, bought a 52
per cent stake in Acteon in 2006 for
70m and is set to be handsomely
rewarded for its decision to invest.
Acteon specialises in oil rig moor-
ings and the decommissioning of
wells and provides sub-sea services in
the North Sea, Gulf of Mexico, West
Africa and Brazil.
In 2010 the firm made a
pre-tax profit of 36m as
sales rose eight per cent to
311m.
Chief executive Richard
Higham is thought to own
around a quarter of the
business, meaning that
his stake is potentially valued at
250m, which would make him one
of the wealthiest individuals in the
UK.
Fourteen senior managers could
also strike it rich with a share of a
220m pot if they cash in a combined
23 per cent stake although the
Sunday Times, which first reported
the sale, suggested that some of these
executives may decide to retain their
interest in the business.
Acteon employs over 1,700 people
and is one of the largest employers in
East Anglia. It was formed in 2004
from UWG Group and has since
undergone rapid through a string of
acquisitions.
Constituent firms include wind
turbine firm Menck, engineering
arm Claxton and contractor 2H
Offshore.
First Reserve was founded in
1983 and specialises in energy-
focused private equity. It is
led by the American
William E. Macaulay
and claims to have
raised $23.1bn during
its existence.
SWISS drugmaker Roche is looking
for alternatives after it dropped a
$6.8bn (4.22bn) hostile offer for
genetic specialist Illumina, a
German newspaper reported
yesterday.
Roche is talking to the research
centres of three large universities
about buying their gene sequencing
technology, Der Sonntag newspaper
reported, without citing its sources.
Roche walked away from its bid
for Illumina last week after the US
firms management rejected a
sweetened offer, but some investors
think the Swiss drugmaker may
wait in the wings for a fresh
opportunity to pounce.
Roche, the worlds largest maker
of cancer drugs, has been
developing targeted therapies and
Illuminas technology would help it
to progress further in this field as
gene sequencing can better identify
which patients benefit from a given
drug.
After dropping the offer, chief
executive Severin Schwan said last
week Roche would look for other
ways to expand its leadership in the
diagnostics business.
Der Sonntag quoted Roche
Chairman Franz Humer as saying
that the company is also working
on two of its own gene sequencing
projects, one of them along with
IBM.
Roche looks to
alternatives
after bid snub
BY HARRY BANKS
G
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Norwich oil firm
Acteon on the
market for 1bn
BY HARRY BANKS
Japanese fashion brand Uniqlo widened its UK losses frpm 739,000 to 9.7m in the year to
31 August 2011, according to Companies House filings. The firm, which said turnover fell
slightly to 63m, said the loss was partly due to accounting and lease changes. But Uniqlo
still aims to expand in the UK and has a positive long term outlook for the future.
LOSSES WIDEN AT UNIQLO
Acteon chief executive
Richard Higham
MONDAY 23 APRIL 2012
16
NEWS
cityam.com
LONDON MARATHON 2012
INVESTORS seeking to find out
whats going wrong at supermarket
chain Tesco might want to indulge
their literary side and buy a ticket
to this years Hay Festival as the
firms former chief executive is set
to appear at the event.
Terry Leahy, who led the firm for
14 years before quitting last spring,
is one of a number of business
names on the bill for the annual
literary and arts event in the Welsh
border town of Hay-on-Wye.
Although lauded by the City
while in the position, immediately
after his departure Tesco began to
suffer, with UK earnings hit by a
botched attempt at a price war,
forcing the firm to issue its first
profit warning in 20 years.
Given that sales were already
falling, irate shareholders might
feel that it is worth heading to the
countryside on 1 June and paying a
mere 10.25 to hear him justify his
business strategy.
Leahy will be promoting his book
Management in Ten Words, which
promises to pinpoint the ten vital
attributes that make successful
managers and underpin great
organisations. Likely to be a best
seller, it is due out in the summer
and will be published by Random
House.
Other business stars set to appear
at Hay include Luke Johnson,
former chairman of Channel 4 and
high street campaigner Mary
Portas.
Leahy offers
Tesco answers
at Hay Festival
Got A Story? Email
thecapitalist@cityam.com
17
cityam.com
cityam.com/the-capitalist
THECAPITALIST
MONDAY 23 APRIL 2012
' , , _
' , , _
Giovanna started her first business, Forte
Communication, in the early 90s when her
daughters, Alessandra and Giorgia were born.
For sixteen years, Giovanna built strategic
communication strategies forclients across design,
architecture, education and brands. Concurrently
she encouraged her GP brother Dr vincent Forte to
develop his unique medical invention. The LDA fund
that led the investment required her to abandon PR
and work full time on the new product. Whilst
explaining to clients that she had to close the PR
business, she invited them to invest in the new
manufacturing one.They all did. Giovanna has been
the driving force behind Forte Medical, the company
she and vincent co-founded.
Their wonderful product, Peezy is an accurate and
hygienic mid-stream urine collection system, which
can save the NHS millions in reduced
retesting because an accurate mid-stream
means right-first-time analysis diagnosis
and treatment.
'Jazz in the City' on JazzFM is kindly
sponsored by global fund manager
Aberdeen Asset Management.
' '_' ' '
'
Too|ght 6pm:
6|ovaooa Forte aod
preseoter N|chae| w||soo
oo "Jazz |o the 0|ty" oo
JazzFN ||steo oo 0A8
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Former Tesco
chief executive
Terry Leahy will
be at Hay Festival
The normally quiet Sunday streets in
the City came alive yesterday as more
than 37,000 runners ran the 26.2 mile
London marathon. Runners included
many hundreds of City workers, most
of whom raised money for their
favourite charities.
There was a 101 year-old man running,
as well as the shadow chancellor Ed
Balls, who clocked in a time of five
hours and 31 minutes. Balls said that
he felt close to quitting at one point
but added that the crowd helped him
through to the end.
Sadly, one woman died during the
race, becoming the tenth runner to
die since the marathon began in 1981.
GREENWICH PARK
CUTTY SARK
The City
THE MALL
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HALF of female accountants con-
sider their gender to be a barrier to
success despite the fact that the
pay gap between men and women
is narrowing.
According to accountancy
recruiting firm Marks Sattin, 51
per cent of women compared to
12 per cent of men believe that
their gender inhibits career pro-
gression.
The female fears are founded, as
women comprise less than 14 per
cent of the European and UK
Female accountants
see gender as barrier
BY LAUREN DAVIDSON
boards of the Big 4 accounting
firms.
But the salary gap between the
genders is closing, with female
accountants now earning on aver-
age 81 per cent of male account-
ants salaries compared
to 77 per cent in
2010, claims Marks
Sattin.
Melissa Geiger,
KPMGs youngest
woman to make
partner, believes the
salary discrepancy is
indicative of women
not reaching the top rungs of the
career ladder, rather than feminini-
ty being a holdback in itself.
The average age to make partner
is 36 or 37, by which time many
women have become mothers.
As chair of KPMGs network
of women, Geiger told The
Capitalist that the firm is
working towards a 25 per cent
female board presence by
2015. KPMG currently has just
one woman board member.
Spanish debt auctions revealed little about finances
W
HO ever said that debt
auctions from Club Med
countries were boring?
Certainly nobody who
follows the markets closely these
days, they are often the central
economic event of a week. Take last
weeks Spanish debt auctions, which
ended up raising more questions
than they answered.
On Tuesday the precursor was an
auction of 12 and 18 month T-bills. It
seemed to go pretty well. Yields
surged as we had expected, with the
average yield on the 18-month debt at
3.11 per cent compared with 1.17 per
cent last time.
Still, they got it away and the bid-to-
cover was strong.
Next we turned to the two-year and,
more importantly, the 10-year on
Thursday. This was supposed to be
the big one -- the auction that would
reveal just how bad perceptions
about Spain had become.
But when the auction results came
out, the reaction was sceptical. Many
analysts and commentators said it
was stage-managed and so much so
that it revealed little about the funda-
mental picture.
The average yield ticked up to 5.74
per cent from 5.4 per cent last time
and yields rose after the auction too,
which suggested there are still some
worried investors out there.
But one metric that reveals another
trend was the bid-to-cover ratio.
Spain received 2.4 times as many
bids as bonds on offer on the 10-year
and even more on the two-year. On
the surface of it, that looks positive,
but Nick Beecroft of Saxo Bank has
reservations.
Beecroft points to the European
Central Banks (ECB) three-year Long
Term Refinancing Operation (LTRO).
He says that Spanish banks borrowed
heavily at the ECBs cheap money-
fest and that the money was soon
on a circular path back to Spanish
government debt.
And what starts out as a headache
for Spain could easily turn into yet
more contagion.
Markets use these auctions to try
and pinpoint risk trajectory, accord-
ing to Silvio Peruzzo of RBS, who sees
the Spanish situation deteriorating in
the second quarter.
Any indication that borrowing
costs are rising will reignite concerns
about risk for the whole Eurozone,
Peruzzo told me last week.
In fact, Mark Tinker of Axa
Framlington says bonds are not the
best indication of underlying eco-
nomic realities anyway. And that
equity investors need to focus on the
basics how much money is there in
an economy and what is the impact
on demand for and supply of stuff?
Certainly the Spanish bond auc-
tions last week werent very illumi-
nating on that front.
But lets suspend disbelief and look
at the market reaction to the week in
Spain. Having dropped significantly
below six per cent mid-week, the
Spanish 10-year was back above that
key threshold through Friday while
Bunds registered record low yields.
And in the equity markets the IBEX
bumped along three-year lows, which
adds up to continued concern about
peripheral Europe in my book.
Despite all the turbulence the euro
is stuck in a long-standing trading
range in the low 1.30s and year-to-date
is up 1.37 per cent against the dollar.
That is, of course, bizarre. Surely the
euros strength cannot possibly last?
The answer, as ever, will be found in
government debt auctions.
Rebecca Meehan is an anchor at CNBC.
IN BRIEF
Stratford skyscraper to get Games ads
n The Stratford Tower, one of Europes tallest
residential skyscraper at 43 storeys, has been
granted planning permission to be wrapped
in advertising ahead of this summers Games.
Located 200m from the Olympic Park, the
buildings adverts could be seen by 55m
people per day during the Games.
Lufthansa set to cut airline staff
n Lufthansa admitted yesterday new plans to
improve results at its passenger airline unit by
almost 1bn (806m) could include enforced
job cuts. Lufthansa has a tradition of dealing
with employees in a fair way when it comes to
job cuts but we cannot rule out compulsory
redundancies, a spokesman said.
REBECCA
MEEHAN
CNBC COMMENT
Attacks on
Switzerland as a
tax haven
constitute an
"economic war"
by rivals who
want to hurt the
country's big
banks and its
strength as a
financial centre,
UBS chief
executive Sergio
Ermotti said in
an interview.
Ermotti told
SonntagsZeitung
recent
international
clampdowns on
tax avoidance
are intended to
hurt his bank.
UBS CHIEF ERMOTTI HITS OUT AT ATTACKS ON SWISS TAX SECRECY
MONDAY 23 APRIL 2012
18
NEWS
cityam.com
FTSE 100 turns to chiefs who know numbers
THE NUMBER of chief executives
in the FTSE 100 with financial
backgrounds has leapt since the
recession began four years ago.
Fifty-one per cent of chief
executives in Londons top stock
index come from financial
backgrounds, compared to 31 per
cent in 2008, showing a jump of
67 per cent.
BY LAUREN DAVIDSON
Data from the Robert Half FTSE
100 CEO Tracker, conducted every
March, also reveals a change in
the type of companies in the
London Stock Exchanges top 100.
Since the economy nosedived
in 2008, six travel firms have been
booted out, largely replaced by
companies in business support
and commodities.
Robert Half UK managing
director Phil Sheridan put this
genre shift partly down to the
ongoing trend towards
outsourcing business processes.
He added, The importance of
sound financial management in
an increasingly complex
international regulatory
environment further underlines
the necessity for leaders who
understand the numbers behind
the business.
KPMG partner Melissa Geiger is
pushing for women on the board
WWW.CITYAMCAREERS.COM
OVER
3000
IN
FINANCE,
LEGAL & I.T.
SALARIES
30- 300K JOBS
QR SCAN HERE
GLOBAL BUSINESSES
RECRUITING LONDONS
BEST PROFESSIONALS
CITYAMCAREERS.com
MONDAY 23 APRIL 2012
20
Freshfields Bruckhaus
Deringer
Alan Ryan has been appointed
global co-head of the law firms
infrastructure and transport
sector group. Ryan succeeds
finance partner Nick Bliss in the
position on 1 May. He will work
alongside current infrastructure
and transport sector co-head Nils
Koffka.
Berwin Leighton Paisner
The law firm has announced that Robert MacGregor has
been elected as its next chairman. He will succeed Peter
Robinson, who steps down on 30 April. MacGregor is
currently head of real estate and will combine his existing
responsibilities with his new role for a three year term.
Harold Paisner, senior partner, was also re-elected for
another three year term.
Badoo
The social network has appointed Benjamin Ling as chief
operating officer. Ling joins Badoo from Google, where he
was product management director of search products and
local business products. He has also previously worked at
Facebook, where he was director of platform. Ling will
begin his new role in May.
CHAPS
The Clearing House Automated Payment System has
announced Phil Kenworthys appointment as its new
managing director. Kenworthy joins the firm from CLS, the
foreign exchange settlement body, where he has served as
director of operations for the past six years. He served on
the board of CHAPS and chaired its audit committee from
2008 to 2010.
Gibson Dunn
Nick Tomlinson, corporate partner in the international law
firm, is returning to its London office after a four year tenure
in the Middle East, where he helped to establish Gibson
Dunns Dubai office. Tomlinson joined the firm in 2001.
Aquila Capital
The alternative investment company has announced the
expansion of its agricultural investment team with seven
hires. The new appointments include Andrew Watters and
Grant Rowan, who join as partners from AGInvest, the
pastoral farming manager. The team will be led by Detlef
Schoen, who has headed Aquilas agriculture investment
operations since 2007.
Numis
The investment banking and stockbroking group has
announced several appointments to its London offices. The
new hires include John Mills and Adrian Gardner, who join
to service large institutions and small institutions
respectively. Prior to joining Numis, Mills worked at RBS
and Gardner arrives from Singer Capital Markets.
WHOS SWITCHING JOBS Edited by Tom Welsh
+44 (0)20 7092 0053
morganmckinley.com
SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT
Investors wait
anxiously for
earnings news
DASHBOARD CITY
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cityam.com
THE WEEK AHEAD
LONDONREPORT
A
SPIKE in bond yields has brought
Europes debt crisis back to the
forefront last week, and traders
will be anxiously watching the
sovereign debt markets alongside
corporate earnings in the week ahead.
US economic figures point to steady-
but-uninspired growth, and stocks
have backed off the sharp gains that
recently pushed indexes to near four-
year highs.
Stocks returned a bit to their win-
ning track last week after strong earn-
ings reports, and investors are waiting
to see if more positive surprises from
US companies are in store.
Nearly 180 of the S&P 500s compo-
nents will report earnings this week,
and heading into a seasonally weak
period, the market will need strong
reports to offset the perception that
there is no more room to rally.
It is very encouraging that the
majority of the news flow is about
earnings rather than Europe, said Leo
Grohowski, chief investment officer at
BNY Mellon Wealth Management in
New York.
Earnings are alleviating our con-
cerns about economic growth and
making us feel more comfortable
about our estimates for the year.
This week will see earnings releases
from several bellwethers including
Apple, which reports after the market
close tomorrow.
While the largest US company by
market capitalisation has a history of
blowout quarters, many say the com-
panys meteoric rise so far this year has
created unrealistic expectations. For
the first time since December 2008,
the stock has fallen more than four per
cent in back-to-back weeks.
Analysts see double-digit earnings
growth for the S&Ps financial and
consumer discretionary sectors in
2012, with industrials close behind. All
three are cyclical growth areas, while
sectors that tend to lead at the end of a
growth cycle and before corrections
are expected to slow.
Still, worries remain about Europe,
where bond yields have been rising to
ominous levels. And with investors
skeptical of the S&Ps nearly 30-per
cent surge since its October low, the
sell in May, go away adage could
prove prophetic.
U
K investors are set for a busy week
with a slew of earnings both here
and on Wall Street, the release of
Britains quarterly GDP rate and a
decision from the Fed on the US Bank rate.
Both the Nationwide Housing Prices
report and Nationwide Consumer
Confidence report are due out this week
and todays news is also set to include the
Eurozone PMI report.
Tomorrow sees the latest report on the
UKs public borrowing with March
finances data completing the full-year pic-
ture for borrowing in 2011-12. The govern-
ment borrowed 15.2bn in February, far
exceeding expectations, and Office for
National Statistics data are expected to
show it borrowed a further 16bn in
March.
Tomorrows news will centre on an
interim report from Associated British
Foods and quarterly updates from ARM
Holdings, BBA Aviation, Carpetright and
Reed Elsevier. All eyes will turn to the US
for Apples trading report after hours.
Wednesday will bring the all-important
UK report on first quarter GDP, which is
set to show whether Britain has slipped
into recession again. If the number is neg-
ative, Britain is back in a technical reces-
sion following a 0.3 per cent fall in gross
domestic product in the fourth quarter of
2011. Economists predict that Britain will
narrowly avoid a recession with just 0.1
per cent growth in the first three months
of the year. However, weaker-than-expect-
ed construction figures have made the
outcome difficult to predict.
The CBI Business optimism report is
also due on Wednesday, as well as reports
from GlaxoSmithKline, Virgin Media,
Capital Shopping Centres Group,
Standard Life, Stagecoach and Premier
Foods.
Aggreko will host its annual general
meeting, with investors keen to hear
whether it has sustained growth in the
second quarter.
In the US, the Federal Open Market
Committee (FOMC) will announce its rate
decision.
On Thursday, the CBI Distributive
Trades report is set to be released. It is a
busy day for trading updates, with a final
report from Whitbread, plus quarterly
figures from AstraZeneca, Royal Dutch
Shell, Shire, Unilever, British American
Tobacco, Taylor Wimpey, Kazakhmys,
ASOS, Megitt, Admiral Group and
Barclays.
Economists expect Barclays to
announce a quarterly profit of 2bn, up
more than 300m on the same period in
2011 as it benefits from a resurgence in
earnings from its investment bank.
Analysts expect the banks investment
banking arm, until recently called
Barclays Capital, will have made a pre-tax
profit for the first quarter of 1.3bn as it
has profited amid tough conditions and a
lack of deals for wholesale banks.
Barclays is also likely to face a fiery
annual general meeting on Friday, with
its remuneration report at the top of the
agenda. Friday also sees annual meetings
for Pearson and Alliance Trust plus the
release of the GfK Consumer Confidence
report, and trading updates from Aegis
and WPP. Results from the worlds
biggest advertising are keenly awaited
after it posted profits above 1bn for the
first time in 2011.
Raft of corporate results to come as
UK learns its latest growth figures
BESTof theBROKERS
ARM Holdings PLC
17Apr 18Apr 19Apr 20Apr 16Apr
p
615
610
605
600
595
590
585
585.00
20 Apr
FTSE
9Feb 29Feb 20Mar 9Apr
6,000
5,700
5,800
5,900
5,772.15
20 Apr
FTSE
eb 9F
000 6,
00 7 5,
5,800
5,900
eb 29F 20Mar 9Apr
20 Apr
5, 15 772. .1 ,
2
MEGGITT
Investec rates the global
engineering group as a
buy with a target price
of 430p, saying it exited
2011 with good order
and sales momentum
and that trend is likely to
be repeated when it
reports for the first
quarter on Thursday.
Produced by
In association with
cityamactivetrader.com
Buy your ticket online at
STANDARD LIFE
Panmure Gordon rates
Standard Life as a hold
ahead of its quarterly
report on Wednesday. It
forecasts worldwide life
and pensions sales at
5,211m, compared to a
consensus of 4,865m,
and predicts a slowdown
in new business sales.
ARM HOLDINGS
Liberum Capital rates the
British software design
company as sell, and
expects its quarterly
figures due tomorrow
will be lower than the
last. It expects the firm
to de-rate on the back of
increasing competition
from Intel.
Standard Life PLC
17Apr 18Apr 19Apr 20Apr 16Apr
p
222.50
225.00
227.50
232.50
229.10
20 Apr
230.00
220.00
Meggitt PLC
17Apr 18Apr 19Apr 20Apr 16Apr
p
402.50
405.00
407.50
412.50
407.10
20 Apr
410.00
400.00
W
HEN Pat Cash won
Wimbledon in 1987, he
was asked how it could
be improved. I guess
they could hold it in
summer he replied with classic
Aussie irreverence. So when we
met years later, I knew wed get
on well, and I ran my new idea
past him: a website to sell high
quality tennis racquets. There
were no patent issues, and I
would sell a close replica of a
very successful well-known
racquet, and even source them
from the very same factory.
What was radical was that I
wanted to sell mine at cost price
about 20. Well-known brands
sold theirs at up to ten times that
price. Er, you wont make any
money doing that, will you,
Richard? No, youre right, Pat,
but I want to build a brand. The
business, MegaAge.com, will
become known as a reliable seller
of good quality, low priced
racquets, and as we add other
products we will get lots of sales.
With the brand name and lots of
people visiting our site, we can
figure out how to make money
later. Not quite sure I
understand all that mate, but Im
sure you know what youre
doing. So Pat agreed to endorse
the product and MegaAge.com
opened serve in mid 1997. Not
being completely mad, I had in
mind a business budget of
250,000.
Then my mistakes began. Like
many new businesses, I
proceeded with unbounded
confidence. I was so sure the
racquets would sell, I ordered
10,000 and sent them to
warehouses in the UK and US. So
with that and building the
website it only left about 50,000
for other costs. I thought
marketing was a waste of money,
and I only budgeted for
newspaper ads over a few days as
a launch. The ads were small but
cool, Pat Cash in Love with
MegaAge racquets. When we ran
them we sold about 25 racquets a
day, but when we stopped, the
sales dropped to a handful.
Weird things happened too.
Because of the low price, people
questioned the quality, which was
nonsense. And the Aboriginal
colours I chose happened to
match the German
flag (a big mistake
in the UK). The big
sales revolution I
expected didnt
happen. The only
time I laughed
about it all was at
a charity
function,
when I won
a door prize:
two tennis
racquets.
I even hired a guy to push sales,
and off we went to a trade fair in
Atlanta. He was expensive but
little use, which dawned on me
when I saw the big posters hed
prepared didnt have the name of
the company or product.
So having blown the budget, I
called it a day and sold the
business for almost nothing.
Lessons? Use the first year of a
business as a research project,
and test the concept by spending
as little as possible. Marketing is
not a waste of money, but too
much stock is.
Since the mid-1990s Richard
Farleigh has operated as a
business angel, backing more
early-stage companies than
anyone else in the United
Kingdom.
www.farleigh.com
Philip Salter talks to Sam Chaudhary about living in the worlds leading hub for entrepreneurs
T
HE RACE is on to turn Britain
into an entrepreneurial
society. But we arent blazing
a trail just yet. This global
pursuit for innovation
remains a one-horse race, with
Silicon Valley light-years ahead of
the competition. Sam Chaudhary
and Liam Don the British-born
founders of ClassDojo have gone
west to strike gold.
THE AMBITION
Chaudhary instantly lives up to all
the expectations of someone from
the Valley, as we meet on one of his
regular trips back to the UK. Bright,
open and relaxed, dressed in a plain
T-shirt and khakis he talks widely
and honestly about life, the universe
and everything.
Previously a teacher at
Charterhouse School, he founded
ClassDojo with Don in August 2011,
leaving a job at a London startup,
while Don left his PhD programme
at Durham. They kick-started their
company by raising money from the
noted Californian education technol-
ogy incubator ImagineK12. Joining
ImagineK12 meant moving out to
Palo Alto, California, and the start
date meant Chaudhary and Don had
just two weeks to pack and leave.
ClassDojo offers real-time behav-
iour management for the classroom.
It sets out to improve student behav-
iour and engagement by awarding
and recording behaviour and accom-
plishments in class, so reports can be
easily sent to parents and staff. It has
been adopted by over 800,000 teach-
ers and students in 25 countries
the model is to bypass bureaucracy
and go straight to the users. It is free,
as they focus on growth before find-
ing the appropriate funding model.
ClassDojo doesnt turn over any
money. This fact may cause anxiety
for those who remember the dotcom
bust, but this is now a tried and test-
ed Silicon Valley startup model, as
Instagrams recent $1bn cash and
stock acquisition by Facebook attests.
If you are disrupting established
economic structures whether its
the way people buy or the way they
learn then you need time and
money, and for these you need an
entrepreneurial ecosystem.
THE ETHICS OF THE ECOSYSTEM
Spokespeople for cities and countries
around the world talk endlessly
about how they are building an
ecosystem for enterprise. What they
Insights from a young
Silicon Valley startup
T
HE winners of the Queens Awards
for Enterprise have just been
announced and London has plenty of
worthy entrepreneurs among
winners. Dating back to 1966, the
awards particularly celebrate those exporting
their products and services to the rest of the
world.
Londons winners include several
companies where the entrepreneur still holds
a major stake: Acturis; FilmLight; Hyperion
Insurance; InferMed; Jomati Consultants;
Primal Pictures; Ren; Sun Mark; Shazam;
Techna Display and Tangle Teezer.
Acturis won an Innovation Award for
developing a cloud computing system for the
insurance industry a centrally-hosted
computer system supporting the distribution,
administration, underwriting and servicing of
personal and commercial insurance. The
digital cinema technology company
FilmLight which turns over 13m received
the Innovation Award for three new products.
The international business-to-business
insurance intermediary Hyperion Insurance
was recognised for its international trade
turnover has increased, with export sales
accounting for 82 per cent and contributing
to overseas earnings growth of 268 per cent.
Others recognised for international trade
include the international legal consultancy
Jomati Consultants, the skincare producer
Ren (which has seen 730 per cent overseas
earnings growth over six years), Sun Mark the
supplier and exporter of food stuffs and
Techna Display, which has recorded annual
growth of 92 per cent over the past three
years.
InferMed won an Innovation Award for
designing and developing decision support
systems for healthcare professionals, while
Primal Pictures was recognised for
developing a range of medical software
products. Shazam won an Innovation Award
for its product that lets consumers quickly
identify music and video details. And Tangle
Teezer wins for its ingenious hairbrush.
We have a long way to go before we
compete with Silicon Valley (see right), but
our entrepreneurs should be celebrated
every single step of the way.
Company name: ClassDojo
Job title: Co-founder
Company turnover: 0
Number of staff: 5
Born: Birmingham, UK
Lives: Palo Alto, California
Age: 26
Studied: Economics, Magdalene
College, Cambridge
Drinking: Fruit & barley squash
Currently reading: JavaScript:
The Good Parts, Douglas
Crockford
Favourite business reading: Paul
Graham's essays:
www.paulgraham.com/articles
Heroes: Paul Graham (program-
mer, venture capitalist, and
essayist), Reid Hoffman (co-
founder of LinkedIn), my dad
and granddad
Talents: Surviving on four hours
sleep a night (for months,
now).
Awards: NBC Innovation in
Education Award 2011
Liam Don (left) and Sam Chaudhary (right) have a shared vision
ENTREPRENEURS
21
Dont toss away your cash: An expensive lesson in making faults
SAM CHAUDHARY
want is their own Silicon Valley. The
first thing these countries need to do
is keep their borders open to talent.
Chaudhary and Don have been grant-
ed special visas to work in the US. But
its about more than light regulations
an ecosystem requires a different
way of thinking.
Those entrepreneurs who have
made it in the Valley dont check out
Chaudhary says ithat n the UK the few
very successful entrepreneurs we have
often retire in leisure on their wealth,
while in the US entrepreneurs choose
to give back to the ecosystem, both in
time and money. Chaudhary would
like to see a sea change in the UK. Its
a clich that Valley people go from fail-
ure to failure before making it big, but
Chaudhary talks of attending Palo
Alto parties where people proudly
share and dissect their business fail-
ures he looks at his friends from uni-
versity and notes how risk averse they
are by comparison.
The boundaries of class and status
melt away under the Californian sun.
Chaudharys Silicon Valley heroes are
his neighbours and are only too happy
to pass on their wisdom.
With a double first in economics
from Cambridge University the
home of Keynesian economic plan-
ning its perhaps surprising to hear
Chaudhary draw on the thinking of
the economist Nassim Taleb, as he
talks about the false belief and com-
fort that people hold in planning suc-
cess. This acceptance of failure,
change and responsibility is why
Chaudhary forwent a comfortable
City career and moved to the worlds
greatest hub of innovation. Whether
ClassDojo is Chaudharys big idea is
yet to be seen but he is young and
bright enough to make mistakes and
come back fighting.
If we want to hang onto the next
Chaudhary (or poach one from the US)
Brits have a lot to learn. School is a
good place to start and to this end lets
hope ClassDojo helps inspire the next
generation to learn more effectively
and efficiently.
CV
London businesses
ruling the waves
INNOVATION
DIARY
PHILIP SALTER
MONDAY 23 APRIL 2012
cityam.com
of a SERIAL
ENTREPRENEUR
RICHARD FARLEIGH
CONFESSIONS
Pat Cash, the
tennis champ
A
S I WRITE this, I am in
Cyprus in advance of the
Cypriot Presidency of the
EU, meeting business and
political leaders to set out
the crucial importance of the City
of London and the financial
services industry in creating jobs
and growth right across the
European Union.
The City of London remains the
worlds pre-eminent financial
centre. But it is pre-eminent, not
just because of the size of its
markets, and not just because of
the depth and the range of the
services we provide, but because of
the usefulness of those markets
and those services to Britain and
on a far larger scale.
S
UPPOSE on some sunny
afternoon in a large city
somewhere in the western
world, a man discovers on
awaking from a two-hour nap
that several hundred car accidents
had occurred in the city while he
slept. He wonders why. First he
considers the possibility that the
weather was the cause, but the
gorgeous afternoon sun pushes that
thought aside. The odds of many
hundreds of cars having simultaneous
mechanical problems seems
infinitesimally small, so he rules that
out as well. He ponders the question
further and eventually asks himself
whether the drivers in that fair city
just had a bout of group psychosis or
mass delusion. The odds of that also
seem pretty low.
As his brain slowly awakens, he stum-
bles across the likely culprit: some-
thing must be wrong with the traffic
lights. He concludes that the lights are
not working, leaving the drivers to fig-
ure out how to negotiate the intersec-
tions on their own. Wouldnt that, he
wonders, cause many accidents? He
cityam.com/forum
When a traffic light
doesnt tell the truth
even cautious drivers
will get into accidents
In association with
THEFORUM
Twitter: @cityamforum on the web: cityam.com/forum or by email: theforum@cityam.com
Agree? Disagree? Got a sharp comment?
The Forumwants you to join the debate.
Top responses will be reprinted in The Forum.

22
MONDAY 23 APRIL 2012
STEVEN HORWITZ
The parable of the broken traffic
lights: When good signals go bad
turns to his wife and suggests that
explanation. She replies: If you came
to a traffic light and saw it was not
working at all, wouldnt you slow
down and proceed cautiously? In fact,
after Hurricane Katrina didnt people
in New Orleans just treat broken traf-
fic lights like four-way stops, without
explicit direction to do so? Our fellow
acknowledges his wifes insightfulness
and continues to ponder.
Soon it hits him: its not that the traf-
fic lights didnt function at all, but
rather they were all green. If all the
lights were green, drivers would have
no reason to think the lights were not
working and would proceed through
every intersection with the result
being the hundreds of accidents.
Our man begins to watch the cover-
age of the accidents on TV. Breathless
commentators are blaming the crash-
es on the irrational and reckless behav-
iour of drivers. He thinks: Thats not
fair. The drivers simply responded rea-
sonably to a signal whose meaning
theyve long understood. The irra-
tionality that caused the crashes was
not in the actors but in the traffic sig-
nals. When traffic signals dont tell the
truth, even the most rational, cautious
drivers will get into accidents at inter-
sections. He is stunned that the TV
commentators cant see this. In
despair he goes back to sleep, hoping it
was all a dream.
Not only was it not a dream, it was
the reality of the post-2001 boom that
generated the financial crisis and
Great Recession. The economist Israel
Kirzner has long used traffic lights as
an analogy for prices. In the case of the
boom and bust, the key price was the
interest rate. In a free market, interest
rates and the banking system coordi-
nate the plans of the cross-traffic of
lender-savers and borrower-spenders. If
saving increases, it means consumers
are more willing to wait for goods.
Their saving leads banks to offer lower
interest rates, providing a traffic signal
(and an incentive) for borrowers to bor-
row for longer-term projects that
match the greater patience of con-
sumers. If consumers are more impa-
tient and save less, banks raise rates,
leading borrowers to go more short
term to match this preference. Each
sides behaviour is consistent with the
others, thanks to the traffic-signal
role of the interest rate.
When the central bank intervenes,
however, it turns all the lights green.
Expansionary monetary policy pro-
vides loanable funds to banks, which
enables them to lower rates as if there
were more saving. However, that sav-
ing is an illusion; consumers have not
become more patient. With lower
rates, borrowers find longer-term proj-
ects more profitable and so divert
resources to them and away from oth-
ers. The problem is that consumers do
not in fact wish to wait longer than
they did before. So producer-borrowers
invest in longer-term projects while
consumer-savers continue to want rel-
atively shorter-term ones. This, like
traffic patterns with broken signals, is
not sustainable and will eventually
lead to the economic equivalent of car
crashes: the onset of a recession.
Like our drivers, borrowers were not
irrational during the boom. They sim-
ply responded to an irrational signal.
The next time a friend blames the
boom and bust on irrational investors,
you might recall our protagonists city
and say: The irrationality, dear friend,
is not in our markets but in our gov-
ernment, that is, the central bank.
Steven Horwitz is Charles A. Dana profes-
sor of economics at St Lawrence University.
This article was originally published at The
Freeman www.thefreemanonline.org
Despite what is sometimes
suggested, these markets and
services are not an end in
themselves, but are best deployed
in the service of the wider
national and international
economies: it is in everyones
interests to preserve a strong
financial sector.
The message I am therefore
taking to our Cypriot colleagues is
that the City is a global financial
centre, but it is also Europes
financial centre.
We remain wholly committed to
a vibrant single market and
wholly committed to a successful
Eurozone. It is in Europes
interests that we do and it is in
the UKs interests that we do, with
the EU our biggest export market.
I often hear the suggestion that
Britains economy must rebalance,
implying that the City and
financial services, at one end of
the seesaw, must move down for
other sectors to move up. But this
is not a zero-sum game: one
depends on the other.
We must continue to diversify
our economy, so that we grow all
sectors. We must reaffirm the
truth that we cannot create jobs
and we cannot create growth in
the wider economy without
finance, and without capital. And
we will not have finance and
capital without the resources of
the City of London.
The evidence is clear: the City
Corporation, the CBI and
TheCityUK recently published
research showing the value of our
wholesale markets and how they
provide high quality financial
services to business and
government alike with 430 new
companies raising $38bn in equity
in European markets in the last
year alone.
We pride ourselves on the
stability, clarity and predictability
we offer business qualities which
draw a range of foreign-owned
institutions from all over the
world and which therefore
support jobs and growth right
across Europe.
However, those services will
only continue to be available in
the City if we retain our
competitiveness in the global
marketplace. So setting out the
importance of the City to our
European partners and the
importance of retaining the right
regulatory environment will
remain one of my key priorities.
David Wootton is Lord Mayor of the
City of London.
CITY
MATTERS
DAVID WOOTTON
Maintaining the Citys strength is in the interests of the whole economy
23
Not so negative
[Re: Hedgies march out of Mayfair as
property costs bite, Tuesday]
Its worth noting that, due to the long
lease terms and notice periods
associated with conventional office
leases, many hedge funds probably
decided to leave over a year ago. We own
and operate 17 serviced office buildings
in the West End. Our experience of the
office markets in Mayfair is very different.
While there was a marked drop off in
demand from boutique financial service
firms in 2009 to 2011, in the first quarter
of 2012 we saw a marked increase, with
30 per cent more take-up than this time
last year. What is seen in the serviced
office market generally filters through to
the wider
office market and economy. If current
trends continue, central London is
starting to fire on all cylinders again.
John Drover, chief executive of Executive
Offices Group
[Re: Bank of Englands inflation over-
optimism must end now, Wednesday]
I think the Bank is realistic. Reports are
that spending is down, credit granting
and housing are down, but the price of
food and utilities have gone up. All these
indicate cost-push inflation. How is an
increase in interest rates going to bring
down inflation, when people have
already pared down consumption but
have to pay food and energy bills?
Kumar Devadasan
R
ETAIL banks face a daunting
challenge: providing
profitable personal banking
in a climate of cost cutting
and digital disruption. A
popular strategy is to focus branch
staff on selling high value products
and services, such as mortgages,
while nudging other customers
into self-service, online or mobile
channels. In theory, this makes
branches more profitable with
fewer staff, although there is also a
clear risk of customers resenting
the loss of personal service.
There is a more practical
challenge in this strategy, too: it
forces branches to try and create
two quite contradictory
environments within the banking
hall. You may have noticed this
split personality in your own
branch, with the space combining
a people-focused expert advice
environment for bigger financial
decisions with a technology-
enabled self-service environment
for day-to-day banking needs. Its a
confusing mix, and customers are
shepherded from zone to zone in
an effort to encourage self-service.
It is time to think more radically.
If customers dont need banking
advice for simple transactions, why
do they need to visit the bank at
all? Today, a machine can print
statements, pay in cheques, pay
bills, print new cards, transfer
money and much more. Customers
want these services to be as quick
and convenient as popping out for
milk, so why not make it that easy?
Banks could partner with local
supermarket chains and roll out
smart ATMs across the store
network, drawing lower-value
traffic out of branches while
keeping customers happy.
Bank branches are then free to
create a welcoming environment
TOP TWEETS
Britains productivity shambles is a product
of ingrained socialism and sense of
entitlement. Rid Britain of this ailment.
@FinancialBear
It gets worse for Ken Livingstone. He hasnt
got @Lord_Sugars vote but the BNP guy is
giving him his second preference.
@carolmlindsay
Therell be no proper debate on tax until its
realised that income is different to wealth.
@polleetickle
Torn on Lords reform. I oppose unelected
legislators in principle and elected
legislators in practice.
@WillardFoxton
Should government make internet service
providers do more to restrict adult content?
YES
I chaired a cross-party group of MPs that this week concluded that
ISPs need to do more to keep children safe online and that an
industry-led opt-in system for adult content would protect choice
while improving safety. For years we have known that people are
concerned about what children see online and that the main source
of protection device-level content filters was inadequate. But
any discussion of the problem often turns into a battle, pitting open
internet campaigners against those that would censor porn. We are
neither. When technological convergence is blurring the boundaries
between broadcast and online content, and fixed and mobile access,
and when we accept protections like TV watersheds, film ratings and
adult content bars on mobile phones, we could find no evidence that
the internet should be treated differently. The time for ideology is
over and the time for practical common-sense solutions is here.
Claire Perry is Conservative MP for Devizes.
Claire Perry
NO
Dominique Lazanski
These proposals by the cross-party committee looking at child
safety online make a number of assumptions that arent true. Its not
technically easy to filter content online, ISPs are not content editors
and regulators (they provide internet access), the harmful
material in question is legal, and ISPs have been working with
government stakeholders on raising awareness and educating
consumers. Also, it assumes that the government knows how to
parent better than parents do. The UK promotes a free and open
internet internationally while these proposals would create a
government-managed internet at home. It is a attack on the media
conduit of this generation, and we have seen the same in
generations past with VCR tapes and newspapers. These proposals
are yet another example of the growth of the nanny state.
Dominique Lazanski is an independent consultant and head of
digital policy at the TaxPayers Alliance.
RAPIDresponses
The bank branch
of the future will
do less but better
where customers can book
appointments and meet with staff
to discuss their financial needs.
This physical separation of services
makes the distinction much easier
for customers as well: if you need to
do something, such as a payment,
pop to the local shop; if you need to
know something, like which
product is right for you, book an
appointment in a branch.
Customers are adopting new
online and self-service channels at
an astonishing rate. In the UK, the
number of smartphone users
accessing their bank account via
their device rose 86 per cent in the
past year, while there was a 44 per
cent increase in smartphone
ownership in the EU5 (UK, France,
Germany, Italy and Spain) in 2011.
Quite rightly, banks are furiously
building their online and mobile
banking services to meet this
demand. However, aging IT
infrastructure means it is difficult
to compete with internet-centric
banks like FirstDirect or new
innovative business models such as
Simple in the US. The high-street
banks have to use their existing
infrastructure better, not just
encourage the use of digital
channels. Now is the time to
provide a profitable and customer-
focused service in branch while
allowing customers convenient
banking services on their doorstep.
Alison Kay is a senior consultant at
transformation consultancy Moorhouse
www.moorhouseconsulting.com
MONDAY 23 APRIL 2012
ALISON KAY
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Email theforum@cityam.com or comment at cityam.com/forum
KAREN BARRETT
MONDAY 23 APRIL 2012
24
cityam.com
PERSONAL FINANCE MANAGEMENT WEALTH
T
HE new tax year is always a
good incentive to review your
finances, but with a host of
changes to the financial
landscape, and so many products on
the market, its not always easy to see
the wood for the trees.
An independent financial adviser
will look at individual circumstances
and provide tailored advice. This
advice will take account of a clients
financial needs and goals for the
future, and add value by providing
suitable products for their financial
situation. They will also provide
invaluable support.
Currently, when looking for finan-
cial advice, you will come across three
types of adviser: independent finan-
cial advisers (IFAs), multi-tied advis-
ers, and tied advisers.
Before making any decisions, its
important to compare services and
charges. Talking to a few different
advisers can make a difference in
helping you understand what options
are available, as well as giving you an
idea of the costs for differing levels
and types of advice. Firms have a
menu detailing their charges and
services and your adviser will talk
these through with you in advance,
as well as giving you an overview of
the way youll receive advice.
GETTING READY FOR RDR
In the past, financial advisers have
typically been remunerated through
commission when they sell a finan-
cial product. This commission is fund-
ed through product charges, which
you pay when you invest money or
pay premiums, and must always be
disclosed before a product is sold.
Over past years, this commission was
often factored by the product
provider, so the financial adviser
would receive a larger amount of the
commission up front.
But radical reforms contained in
the Retail Distribution Review mean
that product provider factoring will
be abolished at the end of 2012 and
advisers will be remunerated through
a system called Adviser Charging.
This means that your financial advis-
Get the best out of
a financial adviser
er will need to agree with you, in
advance of doing any work, how
much they will charge.
The new remuneration system
should help improve impartiality, as it
will remove product providers from
decisions about how much an adviser
is paid, placing this responsibility on
an agreement between the adviser
and their client.
CHANGES TO QUALIFICATIONS
Current rules mean that financial
advisers must hold a qualification at
QCF Level 3, broadly equivalent to a
GCSE. With the world of financial
advice becoming increasingly com-
plex, the new requirements will mean
advisers need to be qualified to QCF
Level 4, which is Diploma standard.
Advice will be categorised as inde-
pendent, restricted, simplified or
basic. Independent financial advisers
can advise on financial products
across the whole of the market and
assess overall financial needs.
We believe the changes will make
the cost of advice transparent and
more comparable, encouraging con-
sumers to shop around and competi-
tion, which is the biggest driver in
lowering costs.
Its important to remember that
financial advice has never been free.
Changes from next year mean that
the cost of advice will be spelled out
from the outset, where it was once
priced in. What wont change is the
value of seeking independent advice
on your financial situation. This will
continue to pay off, both in the short
and long term.
Karen Barrett is chief executive of
unbiased.co.uk
Support from an adviser can help you bridge the rocky and the smooth
My priority is income
and I think it makes sense
to look to the Far East...

www.henderson.com
The facts youll want to know
Investment companies, managed by Henderson
@hendersontrusts
It is the largest and most established Asian
income company, investing throughout the Asia
Pacific region.
Dividends from Asian companies now rival those
from UK companies and provide a diverse
source of income. Henderson Far East Income
Limited generates income from a range of
countries, sectors and companies.
Asia is the growth market of the 21st Century.
By 2035 Chinas GDP is projected to overtake
the US (Source: GS BRICS Model Projections).
Henderson Global Investors is the name under which Henderson Global Investors Limited (reg. no. 906355), Henderson Fund Management Limited
(reg. no. 2607112), Henderson Investment Funds Limited (reg. no. 2678531), Henderson Investment Management Limited (reg. no. 1795354), Henderson
Alternative Investment Advisor Limited (reg. no. 962757), Henderson Equity Partners Limited (reg. no.2606646), (each incorporated and registered in
England and Wales with registered office at 201 Bishopsgate, London EC2M 3AE), Gartmore Investment Limited (reg. no. 1508030), Gartmore Fund
Managers Limited (reg. no. 1137353), (each incorporated and registered in England and Wales with registered office 201 Bishopsgate, London, EC2M
3AE) are authorised and regulated by the Financial Services Authority to provide investment products and services. Henderson Far East Income Limited is
a Jersey fund, registered at Liberte House, 19-23 La Motte Street, St Helier, Jersey JE2 4SY and is regulated by the Jersey Financial Services Commission.
Prospective investors should seek independent taxation advice as to their own position. Calls may be monitored or recorded.
CAHFEL-02
0800 138 5046
Henderson Far East Income takes a far reaching
but focused view of where to find income. With
dividends from Asian companies now rivalling those
in the UK, it's easy to see why many income-
seeking investors are looking East to diversify their
sources of income.
As the largest and oldest Asian income investment
company, Henderson Far East Income offers
the opportunity to invest for income as well as the
prospect of capital growth from the Asia-Pacific
region, including Australasia.
Since 2007, the Company has built a revenue
reserve from a standing start - and remains
dedicated to providing a diversified income for
its investors.
Please remember that past performance is
not a guide to future performance. The value of
an investment and the income from it can fall
as well as rise as a result of market and currency
fluctuations and you may not get back the
amount originally invested.
Most of the investments in this portfolio are not
made in Sterling, so exchange rates could affect
the value of and income from your investment.
Asian focused portfolios are exposed to Emerging
Markets which tend to be less stable than more
established markets and can be affected by local
political and economic conditions, reliability of
trading systems, buying and selling practices and
financial reporting standards. This portfolio
allows the manager to use options for revenue
enhancement purposes. Options may be volatile
and may result in a capital loss.
Henderson Far East Income Limited
...Im focussing on Asia,
its the growth region
of the 21st century.

Or visit www.hendersonfareastincome.com
Call for your FREE Fund
Managers information pack
Rule changes are making advice cheaper and more transparent
THE THREE TYPES OF
FINANCIAL ADVISERS
An independent financial
adviser (IFA). This is the only
type of adviser who can select from
all the products available in the
market.
Multi-tied advisers can
recommend the products of a
limited selection of product
providers.
Tied advisers can only advise
you on the products of one
provider, for example someone who
works for a bank or insurance
company.
1
2
3
GETTING THE BEST ADVICE
nMake sure the adviser explains to
you how much the advice will cost and
what you will get for this.
nAsk what qualifications they hold.
nAsk why any product or company
they recommend is suitable to you.
nMake sure the adviser knows your
attitude to risk and takes a record of
your financial background and what
you want from life.
n Find out what, if any, ongoing
service will be provided by your
adviser.
n Ask what plans your adviser has to
operate under the new RDR rules.
MONDAY 23 APRIL 2012
25
MARKETS
cityam.com
LON GD ONCE FIX AM .................................1640.00 -2.00
SILVERLDN FIX AM..........................................31.62 -0.24
MAPLE LEAF 1 OZ .............................................34.17 -0.03
LON PLATINUM AM ......................................1577.00 -15.00
LON PALLADIUM AM....................................660.00 -1.00
ALUMINIUM CASH.......................................2016.00 -12.00
COPPER CASH............................................8045.00 -35.00
LEAD CASH.................................................2039.00 -2.00
NICKEL CASH............................................17600.00 -110.00
TIN CASH..................................................21055.00 -110.00
ZINC CASH ..................................................1984.50 4.50
BRENT SPOT INDEX........................................118.69 0.93
SOYA............................................................1415.75 8.00
COCOA........................................................2258.00 -25.00
COFFEE ..........................................................173.65 1.00
KRUG..........................................................1709.00 -8.10
WHEAT..........................................................176.28 -2.23
AIR LIQUIDE .....................................................98.08 1.30 102.30 80.90
ALLIANZ...........................................................84.66 1.26 107.45 56.16
ANHEUS-BUSCHINBEV....................................55.20 -0.30 56.80 33.85
ARCELORMITTAL ................................................12.94 0.10 25.40 10.47
AXA...................................................................10.70 0.38 15.94 7.88
BANCO SANTANDER............................................4.75 0.11 7.96 4.57
BASF SE............................................................66.20 1.19 70.22 42.19
BAYER...............................................................53.73 1.33 59.44 35.36
BBVA...................................................................5.10 0.15 8.44 4.84
BMW................................................................69.84 1.52 73.95 43.49
BNP PARIBAS....................................................29.61 1.05 55.20 22.72
CARREFOUR ......................................................15.22 -0.19 28.19 14.66
CRH PLC..............................................................15.15 0.30 16.93 10.28
DAIMLER............................................................41.23 0.38 53.95 29.02
DANONE............................................................52.43 -1.93 54.81 41.92
DEUTSCHE BANK ..............................................34.48 0.58 44.56 20.79
DEUTSCHE BOERSE............................................47.59 0.59 57.68 35.65
DEUTSCHE TELEKOM ...........................................8.55 0.05 11.38 7.88
E.ON....................................................................17.11 0.33 23.54 12.50
ENEL...................................................................2.49 0.08 4.86 2.39
ENI ....................................................................16.52 0.28 18.72 11.83
FRANCE TELECOM..............................................10.06 0.14 15.96 9.88
GDF SUEZ..........................................................18.69 0.14 28.00 17.65
GENERALI ASS. ..................................................10.27 0.10 16.38 10.06
IBERDROLA.........................................................3.59 0.11 5.94 3.47
INDITEX............................................................69.70 0.89 74.73 52.20
ING GROEP CVA...................................................5.57 0.18 9.07 4.21
INTESA SANPAOLO...............................................1.14 0.00 2.13 0.85
KON.PHILIPS ELECTR .........................................14.34 0.26 21.09 12.01
L'OREAL.............................................................91.92 0.18 94.80 68.83
LVMH...............................................................123.40 0.30 136.80 94.16
MUNICHRE ......................................................115.40 2.00 118.35 77.80
NOKIA.................................................................2.79 -0.13 6.36 2.73
REPSOL YPF.......................................................14.92 0.26 24.45 14.13
RWE..................................................................33.97 -1.75 46.09 21.15
SAINT-GOBAIN..................................................30.51 0.11 47.64 26.07
SANOFI .............................................................56.67 0.89 59.56 42.85
SAP..................................................................49.64 0.33 54.85 32.88
SCHNEIDER ELECTRIC ........................................47.39 -0.03 60.63 35.00
SIEMENS...........................................................70.68 0.82 99.07 62.13
SOCIETE GENERALE............................................17.30 0.58 46.60 14.32
TELECOM ITALIA..................................................0.82 0.02 1.03 0.70
TELEFONICA.......................................................11.06 0.30 18.34 10.70
TOTAL................................................................36.45 0.12 43.61 29.40
UNIBAIL-RODAMCO SE.....................................143.25 2.10 162.95 123.30
UNICREDIT..........................................................2.99 0.01 11.57 2.20
UNILEVER CVA ..................................................25.78 0.26 27.16 20.96
VINCI.................................................................33.82 -0.32 45.48 28.46
VIVENDI ............................................................12.90 0.49 21.37 12.42
VOLKSWAGEN VORZ........................................125.40 -1.60 152.20 86.40
Price Chg High Low
EU SHARES
WORLD INDICES
FTSE 100. . . . . . . . . . . . . . . . . . . . . . 5772.15 27.60 0.48
FTSE 250 INDEX . . . . . . . . . . . . . . . 11444.85 21.85 0.19
FTSE UK ALL SHARE. . . . . . . . . . . . 3000.68 12.89 0.43
FTSE AIM ALL SH. . . . . . . . . . . . . . . . 780.61 -2.12 -0.27
DOWJONES INDUS 30 . . . . . . . . . 13029.26 65.16 0.50
S&P 500. . . . . . . . . . . . . . . . . . . . . . 1378.53 1.61 0.12
NASDAQ COMPOSITE . . . . . . . . . . . 3000.45 -7.11 -0.24
FTSEUROFIRST 300. . . . . . . . . . . . . 1044.99 4.20 0.40
NIKKEI 225 . . . . . . . . . . . . . . . . . . . 9561.36 -27.02 -0.28
DAX 30 PERFORMANCE. . . . . . . . . . 6750.12 78.90 1.18
CAC 40. . . . . . . . . . . . . . . . . . . . . . . 3188.58 14.56 0.46
SHANGHAI SE INDEX . . . . . . . . . . . 2406.86 28.23 1.19
HANG SENG. . . . . . . . . . . . . . . . . . 21010.64 15.63 0.07
S&P/ASX 20 INDEX. . . . . . . . . . . . . 2602.90 2.90 0.11
ASX ALL ORDINARIES . . . . . . . . . . 4444.40 3.10 0.07
BOVESPA SAO PAOLO. . . . . . . . . . 62494.08 -124.33 -0.20
ISEQ OVERALL INDEX . . . . . . . . . . . 3232.64 22.11 0.69
STRAITS TIMES . . . . . . . . . . . . . . . . 2994.48 -13.73 -0.46
IGBM . . . . . . . . . . . . . . . . . . . . . . . . . 710.59 13.51 1.94
SWISS MARKET INDEX. . . . . . . . . . . 6237.79 34.01 0.55
Price Chg %chg
3M ....................................................................87.48 0.68 98.19 68.63
ABBOTT LABS...................................................59.88 0.37 62.57 46.29
ALCOA................................................................9.70 -0.06 17.96 8.45
ALTRIA GROUP..................................................31.89 0.11 32.10 23.20
AMAZON.COM .................................................189.98 -1.12 246.71 166.97
AMERICAN EXPRESS .........................................57.45 -0.12 59.26 41.30
APPLE.............................................................572.98 -14.46 644.00 310.50
AT&T.................................................................30.86 0.12 31.97 27.29
BANK OF AMERICA.............................................8.36 -0.41 12.71 4.92
BERKSHIRE HATAW B.......................................78.90 -0.38 83.72 65.35
BOEING CO........................................................73.55 0.45 80.65 56.01
CATERPILLAR...................................................107.73 0.37 116.95 67.54
CHEVRON........................................................102.52 0.01 112.28 86.68
CISCO SYSTEMS..................................................19.91 0.01 21.30 13.30
CITIGROUP........................................................33.89 -0.96 46.00 21.40
COCA-COLA........................................................74.13 0.31 74.48 63.34
COMCAST CLASS A............................................29.45 -0.03 30.41 19.19
CONOCOPHILLIPS..............................................72.88 -0.01 81.50 58.65
DU PONT(EI) DE NMR.......................................52.62 0.01 57.50 37.10
EXXON MOBIL...................................................85.30 0.02 88.13 63.47
GENERAL ELECTRIC ...........................................19.36 0.22 21.00 14.02
GOOGLE A......................................................596.06 -3.24 670.25 473.02
HEWLETT PACKARD...........................................24.51 -0.20 41.74 19.92
HOME DEPOT ....................................................51.46 -0.10 52.15 28.13
IBM.................................................................199.60 0.09 210.69 157.13
INTEL CORP.......................................................27.60 -0.09 28.78 19.16
J.P.MORGAN CHASE..........................................42.72 -0.50 46.49 27.85
JOHNSON & JOHNSON......................................63.71 0.68 68.05 55.76
KRAFT FOODS A ...............................................38.54 0.34 39.40 24.30
MC DONALD'S CORP.........................................95.94 0.66 102.22 76.44
MERCK AND CO. NEW.......................................38.73 0.37 39.43 29.47
MICROSOFT.......................................................32.42 1.41 32.95 23.65
OCCID. PETROLEUM...........................................88.61 0.39 117.89 66.36
ORACLE CORP...................................................28.88 -0.13 36.50 24.72
PEPSICO...........................................................66.63 0.48 71.89 58.50
PFIZER..............................................................22.56 0.23 22.80 16.63
PHILIP MORRIS INTL ..........................................87.81 1.06 90.10 60.45
PROCTER AND GAMBLE.....................................67.51 0.94 67.95 56.57
QUALCOMM INC................................................62.25 -0.32 68.87 45.98
SCHLUMBERGER................................................71.70 1.90 95.53 54.79
TRAVELERS CIES ...............................................62.75 1.05 64.17 45.97
UNITED TECHNOLOGIE ......................................81.00 0.60 91.83 66.87
UNITEDHEALTH GROUP.....................................59.51 0.80 59.71 41.27
UPS CLASS B ....................................................80.27 0.41 81.79 60.74
US BANCORP DELAWRE....................................31.29 0.07 32.23 20.10
VERIZON COMMS ..............................................38.73 0.58 40.48 32.28
VISA CL A .........................................................121.01 -0.18 123.68 73.11
WAL-MART STORES..........................................62.45 0.70 62.63 48.31
WALT DISNEY CO..............................................42.35 0.27 44.50 28.19
WELLS FARGO & CO..........................................33.00 -0.12 34.59 22.58
COMMODITIES CREDIT & RATES
BoE IR Overnight.........................................0.500 0.00
BoE IR 7 days..............................................0.500 0.00
BoE IR 1 month...........................................0.500 0.00
BoE IR 3 months.........................................0.500 0.00
BoE IR 6 months ........................................0.500 0.00
LIBOR Euro - overnight................................0.257 0.00
LIBOR Euro - 12 months................................1.330 0.00
LIBOR USD - overnight.................................0.148 0.00
LIBOR USD - 12 months ................................1.047 0.00
Halifax mortgage rate ................................3.990 -0.02
Euro Base Rate.............................................1.500 0.00
Finance house base rate..............................1.500 0.00
US Fed funds ...............................................0.250 0.00
US long bond yield ......................................3.140 0.03
European repo rate ......................................0.157 0.00
Euro Euribor .................................................0.319 0.00
The vix index ................................................17.07 -1.28
The baltic dry index...................................1028.0 22.00
Markit iBoxx................................................241.07 -0.79
Markit iTraxx ..............................................144.09 2.55
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
US SHARES
BAE Systems . . . . . . . . .293.1 1.7 340.8 248.1
Chemring Group . . . . . .362.9 -7.4 677.0 360.9
Cobham . . . . . . . . . . . .236.9 -2.6 240.5 165.9
Meggitt . . . . . . . . . . . . . .407.1 -0.2 412.0 304.9
QinetiQ Group . . . . . . . .152.8 -1.7 159.3 101.5
Rolls-Royce Holdi . . . . .832.0 -12.0 844.5 557.5
Senior . . . . . . . . . . . . . .202.0 -0.5 204.8 135.6
Ultra Electronics . . . . . .1681.0 1.0 1780.0 1305.0
GKN . . . . . . . . . . . . . . . .208.7 1.8 245.0 157.0
Barclays . . . . . . . . . . . . .213.6 1.3 301.9 138.9
HSBC Holdings . . . . . . .555.8 1.2 662.5 463.5
Lloyds Banking Gr . . . . . .30.1 0.8 60.4 21.8
Royal Bank of Sco . . . . . .24.0 0.2 42.9 17.3
Standard Chartere . . . .1534.5 12.5 1672.0 1169.5
AG Barr . . . . . . . . . . . . .1180.0 11.0 1395.0 1031.0
Britvic . . . . . . . . . . . . . .393.4 4.0 444.0 289.9
Diageo . . . . . . . . . . . . .1582.0 -7.0 1600.0 1112.0
SABMiller . . . . . . . . . . .2613.0 10.5 2660.0 1979.0
AZ Electronic Mat . . . . . .312.8 7.3 338.1 206.1
Croda Internation . . . .2274.0 17.0 2289.0 1597.0
Elementis . . . . . . . . . . .204.9 3.9 206.0 107.5
Johnson Matthey . . . .2370.0 6.0 2408.0 1523.0
Victrex . . . . . . . . . . . . .1516.0 8.0 1590.0 1025.0
Yule Catto & Co . . . . . . .238.4 -1.1 253.0 148.0
/$ 1.3215 0.0079
/ 0.8195 0.0013
/ 107.81 0.6027
/ 1.2203 0.0018
/$ 1.6123 0.0070
/ 131.55 0.5081
FTSE 100
5772.15
27.60
FTSE 250
11444.85
21.85
FTSE ALL SHARE
3000.68
12.89
DOW
13029.26
65.16
NASDAQ
3000.45
7.11
S&P500
1378.53
1.61
Brown (N.) Group . . . . .231.3 5.9 304.5 222.4
Carpetright . . . . . . . . . .605.0 4.0 741.0 375.0
Debenhams . . . . . . . . . . .81.1 -0.1 82.7 51.2
Dignity . . . . . . . . . . . . .860.0 20.0 860.0 727.0
Dixons Retail . . . . . . . . . .17.8 -0.1 19.9 9.4
DunelmGroup . . . . . . .505.0 -2.5 533.0 389.0
Halfords Group . . . . . . .285.5 -3.3 405.9 268.6
Home Retail Group . . . .103.5 3.9 228.5 72.5
Inchcape . . . . . . . . . . . .357.9 -3.7 425.4 268.1
JD Sports Fashion . . . . .808.0 16.5 1030.0 570.0
Kesa Electricals . . . . . . . .55.1 0.9 151.4 53.5
Kingsher . . . . . . . . . . .304.0 -1.7 313.8 217.0
Marks & Spencer G . . . .362.6 7.0 402.2 301.8
Next . . . . . . . . . . . . . . .3032.0 19.0 3060.0 2153.0
Sports Direct Int . . . . . .280.9 1.0 296.1 190.0
WHSmith . . . . . . . . . . .542.0 14.0 559.0 451.6
Smith & Nephew . . . . . .612.5 4.5 694.0 521.0
Synergy Health . . . . . .840.0 4.0 981.0 809.5
Barratt Developme . . . .130.8 -3.9 151.5 67.5
Bellway . . . . . . . . . . . . .784.5 -11.5 859.5 540.5
Berkeley Group Ho . . .1259.0 -24.0 1414.0 1025.0
Bovis Homes Group . . .468.9 -4.3 518.5 326.5
Persimmon . . . . . . . . . .641.0 -9.0 706.5 374.0
Balfour Beatty . . . . . . .268.6 -2.4 333.7 214.6
CRH . . . . . . . . . . . . . . .1246.0 34.0 1665.5 1053.0
Galliford Try . . . . . . . . .625.0 0.0 630.0 383.8
Kier Group . . . . . . . . . . .1151.0 15.0 1489.0 1095.0
Drax Group . . . . . . . . . .526.5 -1.5 581.5 430.4
SSE . . . . . . . . . . . . . . . .1342.0 11.0 1423.0 1193.0
Domino Printing S . . . .610.0 -7.0 701.5 434.3
Halma . . . . . . . . . . . . . .406.5 -0.4 429.6 306.3
Laird . . . . . . . . . . . . . . . .216.1 -5.0 222.0 128.5
Morgan Crucible C . . . . .328.9 -0.7 360.0 224.0
Oxford Instrument . . .1285.0 10.0 1285.0 714.0
Renishaw . . . . . . . . . .1454.0 4.0 1886.0 800.0
Spectris . . . . . . . . . . . .1840.0 -17.0 1867.7 1039.0
Aberforth Smaller . . . .634.0 3.0 714.0 494.0
Alliance Trust . . . . . . . . .367.9 -0.5 392.7 310.2
Bankers Inv Trust . . . . .420.0 1.2 433.8 346.5
BH Global Ltd. GB . . . . .1179.0 6.0 1212.0 1077.0
BH Global Ltd. US . . . . . . .11.6 0.0 12.2 10.6
BH Macro Ltd. EUR . . . . . .19.3 -0.0 20.2 16.4
BH Macro Ltd. GBP . . . .2031.0 -14.0 2078.0 1692.0
BH Macro Ltd. USD . . . . . .19.2 0.0 20.2 16.4
BlackRock World M . . . .674.0 1.5 805.0 574.5
BlueCrest AllBlue . . . . . .161.4 -0.1 176.2 160.6
British Assets Tr . . . . . . .126.3 0.0 139.4 109.0
British Empire Se . . . . .416.0 1.8 533.0 404.0
Caledonia Investm . . .1418.0 6.0 1800.0 1337.0
City of London In . . . . .294.3 0.9 306.9 257.0
Dexion Absolute L . . . .140.0 0.1 150.0 130.0
Edinburgh Dragon . . . .242.5 0.0 253.1 201.4
Edinburgh Inv Tru . . . . .501.0 4.0 504.0 422.5
Electra Private E . . . . .1703.0 8.0 1755.0 1287.0
Fidelity China Sp . . . . . . .79.3 -0.2 114.3 70.0
Fidelity European . . . .1100.0 12.0 1287.0 912.0
Foreign and Colon . . . .305.5 -0.5 327.9 261.5
Herald Inv Trust . . . . . . .516.0 1.5 545.5 419.0
HICL Infrastructu . . . . . .120.6 -0.2 123.6 112.7
John Laing Infras . . . . . .107.1 0.1 110.6 103.8
JPMorgan American . . .914.5 0.0 965.5 721.5
JPMorgan Asian In . . . .196.0 -1.0 244.0 170.1
JPMorgan Emerging . . .550.0 -3.0 610.5 480.1
JPMorgan Indian I . . . .345.0 -2.0 451.5 313.1
JPMorgan Russian . . . .560.0 3.5 689.0 415.1
LawDebenture Cor . . . .383.0 3.8 398.7 323.0
Mercantile Invest . . . .1002.0 -2.0 1119.0 823.0
Merchants Trust . . . . . . .377.6 2.6 431.8 341.5
Monks Inv Trust . . . . . .330.0 -0.5 367.9 298.1
Murray Income Tru . . . .650.0 0.3 674.0 568.0
Murray Internatio . . . . .971.0 1.0 1012.0 818.5
NB Global Floatin . . . . .100.5 0.5 103.0 92.5
Perpetual Income . . . . .270.1 0.8 276.0 236.5
Personal Assets T . . .34100.0 40.0 35350.031750.0
Polar Capital Tec . . . . . .387.0 -2.9 404.0 299.5
RIT Capital Partn . . . . . .1167.0 3.0 1360.0 1161.0
Scottish Inv Trus . . . . . .478.0 -2.0 524.0 417.0
Scottish Mortgage . . . .697.0 0.0 781.0 565.0
SVG Capital . . . . . . . . . .289.8 -0.2 295.5 165.1
Temple Bar Inv Tr . . . . .927.0 -1.0 970.0 791.0
Templeton Emergin . . .578.0 0.5 678.5 497.0
TRProperty Inv T . . . . . .149.7 0.8 206.1 136.2
TRProperty Inv T . . . . . .66.8 0.3 94.0 59.8
Witan Inv Trust . . . . . . .480.7 3.4 533.0 401.5
3i Group . . . . . . . . . . . . .189.0 -2.7 294.1 166.9
3i Infrastructure . . . . . . .127.5 1.3 127.5 115.5
Aberdeen Asset Ma . . . .277.8 3.4 277.8 167.8
Ashmore Group . . . . . .385.7 -3.8 420.0 306.4
Brewin Dolphin Ho . . . .167.6 -2.1 177.0 113.7
Camellia . . . . . . . . . . .9500.0-252.5 10950.0 8800.0
Charles Taylor Co . . . . . .142.5 2.5 160.0 115.6
City of London Gr . . . . . .72.0 0.0 88.0 61.3
City of London In . . . . . .387.5 -2.5 440.0 304.3
Close Brothers Gr . . . . .748.0 -2.5 820.0 590.0
F&C Asset Managem . . .68.7 2.2 81.7 56.1
Hargreaves Lansdo . . . .521.5 13.0 646.5 402.5
Helphire Group . . . . . . . . .1.8 0.1 14.0 1.4
Henderson Group . . . . .124.4 0.4 163.7 95.1
Highway Capital . . . . . . .13.0 0.0 21.0 7.0
ICAP . . . . . . . . . . . . . . . .379.6 3.1 524.0 311.6
IG Group Holdings . . . . .467.7 2.3 502.5 393.6
Intermediate Capi . . . . .257.1 -0.8 345.0 197.9
International Per . . . . .253.5 10.5 388.8 148.5
International Pub . . . . . .121.7 0.5 121.9 112.7
Investec . . . . . . . . . . . . .358.8 3.4 522.0 318.4
IP Group . . . . . . . . . . . . .147.0 5.3 148.0 36.0
Jupiter Fund Mana . . . .236.6 -1.3 310.5 184.9
Liontrust Asset M . . . . . .113.3 0.0 125.0 57.9
LMS Capital . . . . . . . . . . .58.0 0.5 64.8 54.0
London Finance & . . . . .19.5 0.0 23.5 18.5
London Stock Exch . . .1082.0 6.0 1093.0 756.5
Lonrho . . . . . . . . . . . . . . .11.8 -0.3 19.8 8.9
Man Group . . . . . . . . . . .95.7 2.3 259.6 93.0
Paragon Group Of . . . .186.7 4.8 206.1 134.6
Provident Financi . . . . .1169.0 20.0 1181.0 915.0
Rathbone Brothers . . .1286.0 -10.0 1316.0 977.0
Record . . . . . . . . . . . . . . .17.5 5.3 35.5 9.8
RSM Tenon Group . . . . . . .8.1 0.0 32.8 5.6
Schroders . . . . . . . . . .1459.0 13.0 1906.0 1183.0
Schroders (Non-Vo . . . .1119.0 4.0 1554.0 970.0
Tullett Prebon . . . . . . . .350.7 3.2 427.3 262.3
Walker Crips Grou . . . . . .45.5 0.0 51.5 40.0
BT Group . . . . . . . . . . . .218.2 1.9 232.1 161.0
Cable & Wireless . . . . . . .31.3 0.8 48.9 30.1
Cable & Wireless . . . . . .32.0 -2.0 55.0 14.2
COLT Group SA . . . . . . . .99.5 -0.5 151.5 84.1
KCOM Group . . . . . . . . . . .71.5 0.5 84.0 59.8
TalkTalk Telecom . . . . .130.3 0.1 150.0 118.9
TelecomPlus . . . . . . . .692.0 0.0 802.0 472.0
Booker Group . . . . . . . . .81.6 -1.5 85.3 60.0
Greggs . . . . . . . . . . . . . .521.0 6.5 558.0 445.0
Morrison (Wm) Sup . . .295.0 0.8 328.0 277.0
Ocado Group . . . . . . . . .112.2 -0.4 233.0 52.9
Sainsbury (J) . . . . . . . . .313.0 1.8 362.8 263.5
Tesco . . . . . . . . . . . . . . .321.9 1.8 420.1 310.5
Associated Britis . . . . .1225.0 -1.0 1233.0 977.0
Cranswick . . . . . . . . . . .812.5 -1.0 841.0 588.5
Dairy Crest Group . . . . .304.8 2.6 409.7 297.8
Devro . . . . . . . . . . . . . . .307.0 -6.0 332.2 232.0
Tate & Lyle . . . . . . . . . .688.0 3.0 720.5 544.5
Unilever . . . . . . . . . . .2086.0 17.0 2189.0 1892.0
Mondi . . . . . . . . . . . . . .564.0 0.0 664.0 413.5
Centrica . . . . . . . . . . . . .322.8 5.4 333.0 278.8
International Pow . . . . .417.3 0.0 417.7 279.4
National Grid . . . . . . . .655.0 7.0 659.0 569.0
Pennon Group . . . . . . . .751.0 15.5 752.0 623.5
Severn Trent . . . . . . . .1720.0 61.0 1722.3 1375.0
United Utilities . . . . . . .620.5 15.5 637.0 560.0
Cookson Group . . . . . . .738.0 -9.5 751.5 395.8
Rexam . . . . . . . . . . . . . .431.9 0.6 438.0 299.8
RPC Group . . . . . . . . . . .371.0 1.6 393.2 300.5
Smith (DS) . . . . . . . . . . .169.5 -2.0 183.7 113.3
Smiths Group . . . . . . .1048.0 3.0 1340.0 869.5
Price Chg High Low
Reckitt Benckiser . . . .3620.0 -40.0 3662.0 3100.0
Redrow . . . . . . . . . . . . .122.5 0.2 135.3 103.5
Taylor Wimpey . . . . . . . .49.9 -0.9 52.8 28.7
Bodycote . . . . . . . . . . . .415.2 2.4 426.5 225.6
Fenner . . . . . . . . . . . . .448.0 -8.5 483.7 280.0
IMI . . . . . . . . . . . . . . . . .992.0 18.0 1119.0 636.5
Melrose . . . . . . . . . . . . .433.9 0.6 435.3 268.0
Northgate . . . . . . . . . . .198.7 2.7 342.0 187.9
Rotork . . . . . . . . . . . . .2220.0 1.0 2237.0 1501.0
Spirax-Sarco Engi . . . .2300.0 10.0 2300.0 1649.0
Weir Group . . . . . . . . .1700.0 -52.0 2236.0 1375.0
Evraz . . . . . . . . . . . . . . . .378.1 6.2 460.5 315.0
Ferrexpo . . . . . . . . . . . . .287.1 -1.6 499.0 238.7
Talvivaara Mining . . . . .190.3 -0.6 538.5 189.4
BBA Aviation . . . . . . . . .201.1 1.5 223.4 156.0
Stobart Group Ltd . . . . .127.7 0.7 149.5 112.0
Admiral Group . . . . . . .1225.0 16.0 1754.0 787.0
Amlin . . . . . . . . . . . . . . .327.4 -0.7 427.0 270.6
Beazley . . . . . . . . . . . . .145.9 4.4 151.8 109.6
Catlin Group Ltd. . . . . . .422.9 0.8 449.0 337.0
Hiscox Ltd. . . . . . . . . . .406.6 4.3 424.7 340.5
ITV . . . . . . . . . . . . . . . . . .86.0 -2.1 89.9 51.7
Johnston Press . . . . . . . . .5.8 0.3 8.2 4.1
MecomGroup . . . . . . . .157.0 -4.5 310.0 134.5
Moneysupermarket. . . .132.3 -1.7 135.7 90.3
Pearson . . . . . . . . . . . .1126.0 13.0 1255.0 1038.0
PerformGroup . . . . . . .305.0 0.1 317.2 150.0
Reed Elsevier . . . . . . . . .527.5 0.5 578.0 461.3
Rightmove . . . . . . . . . .1514.0 -3.0 1525.0 1036.0
STV Group . . . . . . . . . . . .114.5 0.0 168.0 76.3
Tarsus Group . . . . . . . . .145.0 0.0 165.0 119.5
Trinity Mirror . . . . . . . . . .30.8 -0.3 54.3 29.8
UBM . . . . . . . . . . . . . . . .598.0 0.0 641.5 416.0
UTVMedia . . . . . . . . . . .159.5 2.1 161.5 92.5
Wilmington Group . . . . .91.3 0.0 151.0 78.5
WPP . . . . . . . . . . . . . . .843.0 -12.5 880.0 578.0
Yell Group . . . . . . . . . . . . .3.4 -0.0 11.0 3.4
African Barrick G . . . . . .355.0 0.0 616.5 347.4
Anglo American . . . . .2349.0 42.0 3181.0 2138.5
Anglo Pacic Gro . . . . . .310.0 -0.2 340.0 237.9
Antofagasta . . . . . . . . .1178.0 8.0 1491.0 900.5
Aquarius Platinum . . . .143.5 5.6 360.0 129.5
Avocet Mining . . . . . . . .166.2 0.6 286.8 162.8
BHP Billiton . . . . . . . . .1970.0 30.0 2560.0 1667.0
Bumi . . . . . . . . . . . . . . .543.5 -0.82 554.0 540.5
Centamin (DI) . . . . . . . . .64.5 1.0 141.5 63.1
Jardine Lloyd Tho . . . . .683.0 7.0 764.5 576.0
Lancashire Holdin . . . . .821.0 11.0 821.0 618.5
RSA Insurance Gro . . . .104.9 1.1 139.8 99.6
Aviva . . . . . . . . . . . . . . .305.5 5.9 450.3 275.3
Legal & General G . . . . .118.6 0.0 135.0 89.8
Old Mutual . . . . . . . . . . .148.5 -0.4 164.6 98.1
Phoenix Group Hol . . . .524.5 2.0 688.0 451.1
Prudential . . . . . . . . . . .762.5 7.0 797.5 509.0
Resolution Ltd. . . . . . . .224.2 -0.8 316.1 222.2
St James's Place . . . . . .339.6 -1.2 376.0 294.0
Standard Life . . . . . . . . .229.1 0.6 250.7 172.0
4Imprint Group . . . . . . .277.5 2.5 312.5 200.0
Aegis Group . . . . . . . . . .177.9 -1.4 187.4 115.7
Bloomsbury Publis . . . .109.9 0.0 138.0 91.3
British Sky Broad . . . . .674.5 9.0 850.0 618.5
Centaur Media . . . . . . . .33.0 -1.3 56.3 32.5
Chime Communicati . . .217.8 4.8 298.5 163.0
Creston . . . . . . . . . . . . . .64.0 -0.3 121.0 47.0
Daily Mail and Ge . . . . .420.4 -3.2 505.5 343.4
Euromoney Institu . . . .791.0 7.0 809.5 522.5
Future . . . . . . . . . . . . . . . .11.0 0.0 19.9 8.3
Haynes Publishing . . . .195.0 0.0 255.0 190.5
Huntsworth . . . . . . . . . .48.3 0.3 76.3 32.3
Informa . . . . . . . . . . . . .430.4 -1.7 451.0 313.9
ITE Group . . . . . . . . . . . .224.6 -2.9 258.0 157.7
Eurasian Natural . . . . .564.0 4.5 937.5 522.0
Fresnillo . . . . . . . . . . . .1632.0 6.0 2150.0 1302.0
GemDiamonds Ltd. . . .272.0 -2.2 310.6 179.8
Glencore Internat . . . . .423.4 7.5 531.1 348.0
Hochschild Mining . . . .488.9 -1.6 630.0 365.9
Kazakhmys . . . . . . . . . .889.5 21.0 1405.0 730.0
Kenmare Resources . . . .54.9 1.2 61.5 31.0
Lonmin . . . . . . . . . . . .1025.0 16.0 1646.0 941.0
NewWorld Resourc . . .402.5 0.2 1060.0 400.1
Petra Diamonds Lt . . . .159.0 0.2 188.2 97.0
Petropavlovsk . . . . . . . .474.5 -4.0 913.0 471.4
Polymetal Interna . . . .988.0 -14.0 1175.0 877.0
Randgold Resource . .5440.0 -5.0 7565.0 4580.0
Rio Tinto . . . . . . . . . . .3547.0 34.5 4595.0 2712.5
Vedanta Resources . . .1237.0 37.0 2366.0 928.0
Xstrata . . . . . . . . . . . . . .1167.5 27.5 1550.0 764.0
Inmarsat . . . . . . . . . . . .440.4 18.7 620.0 389.3
Vodafone Group . . . . . . .171.5 -0.9 182.7 155.1
Genesis Emerging . . . .492.5 -0.9 543.5 424.0
Afren . . . . . . . . . . . . . . .150.0 3.6 171.0 73.6
BG Group . . . . . . . . . . .1415.5 3.0 1547.0 1144.0
BP . . . . . . . . . . . . . . . . .434.9 -5.2 504.6 363.2
Cairn Energy . . . . . . . . .336.7 -4.7 515.1 291.9
EnQuest . . . . . . . . . . . . .123.6 -1.5 140.0 85.7
Essar Energy . . . . . . . . .137.5 -2.9 461.0 101.6
Exillon Energy . . . . . . . .144.0 2.9 469.7 123.0
Heritage Oil . . . . . . . . . .142.1 0.5 262.1 133.1
Ophir Energy . . . . . . . . .553.0 10.0 554.5 184.5
Premier Oil . . . . . . . . . .380.7 -3.4 500.8 310.0
Royal Dutch Shell . . . .2136.5 14.0 2402.0 1883.5
Royal Dutch Shell . . . .2202.5 19.5 2489.0 1890.5
Ruspetro . . . . . . . . . . . .199.0 -1.7 230.0 125.0
Salamander Energy . . .248.4 5.2 302.8 182.3
Soco Internationa . . . . .296.2 7.3 397.5 278.0
TullowOil . . . . . . . . . . .1510.0 8.0 1601.0 945.5
Amec . . . . . . . . . . . . . .1129.0 12.0 1207.0 740.5
Hunting . . . . . . . . . . . . .917.5 1.5 968.0 530.0
Kentz Corporation . . . . .427.0 3.0 508.0 375.0
Lamprell . . . . . . . . . . . . .331.5 5.5 395.2 220.7
Petrofac Ltd. . . . . . . . .1770.0 17.0 1784.0 1108.0
Wood Group (John) . . .749.5 26.5 763.5 469.9
Burberry Group . . . . . .1495.0 6.0 1600.0 1092.0
PZ Cussons . . . . . . . . . .334.0 2.7 387.9 285.0
Supergroup . . . . . . . . . .351.8 -217.7 1600.0 310.1
AstraZeneca . . . . . . . .2867.0 43.5 3194.0 2543.5
BTG . . . . . . . . . . . . . . . .385.3 3.6 386.7 236.8
Genus . . . . . . . . . . . . . .1316.0 10.0 1368.0 853.5
GlaxoSmithKline . . . . .1470.0 16.0 1497.0 1205.0
Hikma Pharmaceuti . . .654.0 3.0 869.0 555.5
Shire Plc . . . . . . . . . . .2045.0 50.0 2300.0 1818.0
Capital & Countie . . . . .198.0 0.5 203.7 158.1
Daejan Holdings . . . . .3233.0 65.0 3300.0 2282.0
F&C Commercial Pr . . . .103.8 -0.1 108.0 92.6
Grainger . . . . . . . . . . . . .105.1 -0.3 133.2 77.3
London & Stamford . . . .114.0 -1.6 140.0 103.9
Savills . . . . . . . . . . . . . .353.2 1.7 427.1 256.2
UK Commercial Pro . . . . .73.7 -0.1 85.5 65.1
Big Yellow Group . . . . .283.6 2.6 344.4 218.0
British Land Co . . . . . . .485.5 2.2 629.5 444.0
Capital Shopping . . . . .327.4 2.3 408.6 288.7
Derwent London . . . . .1725.0 5.0 1880.0 1400.0
Great Portland Es . . . . .350.0 -1.9 445.0 312.9
Hammerson . . . . . . . . .417.0 5.0 490.9 345.2
Hansteen Holdings . . . . .75.1 -0.1 89.5 68.0
Land Securities G . . . . . .731.0 11.5 885.0 612.0
SEGRO . . . . . . . . . . . . . .228.7 1.7 329.6 195.0
Shaftesbury . . . . . . . . .501.0 5.6 539.0 441.2
Aveva Group . . . . . . . .1668.0 -8.0 1799.0 1298.0
Computacenter . . . . . . .411.0 4.0 490.0 324.7
Fidessa Group . . . . . . .1543.0 21.0 2109.0 1444.0
Invensys . . . . . . . . . . . . .191.4 0.6 340.6 180.9
Logica . . . . . . . . . . . . . . .79.7 -0.1 144.8 59.0
Micro Focus Inter . . . . .462.5 -1.0 476.7 242.9
Misys . . . . . . . . . . . . . . .349.9 1.3 420.2 214.9
Sage Group . . . . . . . . . .284.6 -0.1 312.4 231.7
SDL . . . . . . . . . . . . . . . . .711.5 -7.0 756.0 586.0
Telecity Group . . . . . . .806.0 25.0 806.0 450.5
Aggreko . . . . . . . . . . . .2301.0 13.0 2316.0 1522.0
Ashtead Group . . . . . . .255.8 -5.8 271.1 99.4
Atkins (WS) . . . . . . . . . .756.0 -4.0 820.0 490.2
Babcock Internati . . . . .851.0 11.5 851.0 570.5
Berendsen . . . . . . . . . . .535.0 3.5 568.0 402.7
Bunzl . . . . . . . . . . . . . .1030.0 1.0 1034.0 676.5
Cape . . . . . . . . . . . . . . . .381.0 5.4 591.5 295.0
Capita . . . . . . . . . . . . . .748.5 4.5 767.0 611.5
Carillion . . . . . . . . . . . . .272.2 -2.0 403.2 272.0
De La Rue . . . . . . . . . . .923.5 29.0 1001.0 730.0
Diploma . . . . . . . . . . . . .451.3 7.8 453.0 284.0
Electrocomponents . . . .231.9 0.0 294.9 182.2
Experian . . . . . . . . . . . .998.0 1.5 999.0 665.0
Filtrona PLC . . . . . . . . . .468.0 -10.5 484.5 296.3
G4S . . . . . . . . . . . . . . . .289.9 2.0 292.1 219.9
Hays . . . . . . . . . . . . . . . . .91.6 -0.9 119.6 58.9
Homeserve . . . . . . . . . .243.3 7.7 532.0 214.7
Howden Joinery Gr . . . .120.0 -0.2 130.8 93.1
Interserve . . . . . . . . . . .287.2 -1.9 341.3 266.5
Intertek Group . . . . . .2597.0 -8.0 2620.0 1744.0
Michael Page Inte . . . . .434.6 -3.4 567.0 323.0
Mitie Group . . . . . . . . . .289.5 -0.5 291.5 206.8
PayPoint . . . . . . . . . . . .645.0 -9.0 670.0 450.0
Premier Farnell . . . . . . .210.8 -2.7 301.0 144.5
Regus . . . . . . . . . . . . . . .111.0 -1.7 117.5 64.0
Rentokil Initial . . . . . . . .89.9 0.9 100.9 58.2
RPS Group . . . . . . . . . . .236.7 3.5 253.0 156.6
Serco Group . . . . . . . . .563.0 -0.5 597.5 458.0
Shanks Group . . . . . . . . .94.0 0.7 130.9 90.8
SIG . . . . . . . . . . . . . . . . .108.7 -0.7 153.5 77.0
Travis Perkins . . . . . . .1059.0 -4.0 1125.0 715.0
Wolseley . . . . . . . . . . .2382.0 -29.0 2558.0 1404.0
ARM Holdings . . . . . . . .585.0 -22.5 645.0 464.0
CSR . . . . . . . . . . . . . . . . .198.4 -5.5 391.4 154.1
Imagination Techn . . . .682.5 -22.5 717.0 296.9
Spirent Communica . . .166.5 -0.7 172.8 105.8
British American . . . .3244.0 20.0 3256.0 2592.0
Imperial Tobacco . . . .2546.0 1.0 2591.0 1974.0
Betfair Group . . . . . . . . .812.0 -8.0 901.0 567.0
Bwin.party Digita . . . . .158.4 2.2 174.0 100.6
Carnival . . . . . . . . . . . .1979.0 -16.0 2642.0 1742.0
Compass Group . . . . . . .651.5 -6.0 671.0 512.5
Domino's Pizza UK . . . .432.0 3.6 526.0 377.0
easyJet . . . . . . . . . . . . .498.0 8.6 498.6 302.5
FirstGroup . . . . . . . . . . .196.9 1.1 370.2 195.7
Go-Ahead Group . . . . .1150.0 0.0 1598.0 1125.0
Greene King . . . . . . . . .519.0 1.0 523.5 410.0
InterContinental . . . . .1474.0 0.0 1497.0 955.0
International Con . . . . . .171.8 2.1 258.7 132.0
Ladbrokes . . . . . . . . . . .175.8 2.4 176.2 114.0
Marston's . . . . . . . . . . . .98.8 0.4 112.0 84.6
Millennium& Copt . . . .481.5 0.3 535.0 371.2
Mitchells & Butle . . . . . .268.3 3.2 336.8 215.6
National Express . . . . .219.4 -4.1 270.2 201.6
Rank Group . . . . . . . . . .122.7 0.7 153.7 109.5
Restaurant Group . . . . .287.0 1.9 335.0 254.9
Spirit Pub Compan . . . . .55.8 0.5 62.8 35.3
Stagecoach Group . . . . .253.1 8.3 287.4 220.0
TUI Travel . . . . . . . . . . . .189.2 -3.4 250.0 136.7
Wetherspoon (J.D. . . . . .418.1 0.9 468.3 380.5
Whitbread . . . . . . . . . .1830.0 -5.0 1872.0 1409.0
WilliamHill . . . . . . . . . .278.3 11.5 279.5 183.3
Abcam . . . . . . . . . . . . .356.0 1.3 460.0 320.0
Advanced Medical . . . . .77.8 0.3 95.0 64.8
Albemarle & Bond . . . .323.0 -0.5 400.1 294.9
Amerisur Resource . . . . .24.8 0.0 29.0 9.5
Andes Energia . . . . . . . . .38.1 4.9 82.8 17.5
Andor Technology . . . .529.0 10.0 685.0 457.8
Archipelago Resou . . . . .60.8 -0.8 79.0 56.5
ASOS . . . . . . . . . . . . . . .1613.0 3.0 2468.0 1142.0
Aurelian Oil & Ga . . . . . . .21.8 0.0 71.0 16.0
Avanti Communicat . . .249.8 -1.8 496.8 240.5
Blinkx . . . . . . . . . . . . . . .47.8 -0.8 158.0 41.3
Borders & Souther . . . . .131.0 8.0 139.0 43.5
BowLeven . . . . . . . . . . . .82.5 -2.8 342.3 62.0
Brooks Macdonald . . .1325.0 0.0 1372.5 940.0
Cluf Gold . . . . . . . . . . . .85.3 1.8 112.8 66.5
Cove Energy . . . . . . . . .222.0 1.0 242.0 61.0
Daisy Group . . . . . . . . . .112.5 -1.0 127.0 95.0
EMIS Group . . . . . . . . . .555.0 8.5 580.5 397.5
Faroe Petroleum . . . . . .174.0 0.8 179.0 130.0
Gulfsands Petrole . . . . . .131.8 -3.0 311.0 126.0
GWPharmaceutical . . . .89.9 -0.1 130.0 78.5
H&T Group . . . . . . . . . .298.0 2.1 395.0 286.0
Hargreaves Servic . . . .1264.0 9.0 1271.4 855.0
Healthcare Locums . . . . . .1.9 0.0 2.0 1.8
ImpellamGroup . . . . . .350.0 0.0 382.6 225.0
Iomart Group . . . . . . . .139.0 1.5 151.0 85.5
James Halstead . . . . . . .512.5 5.0 527.5 410.3
London Mining . . . . . . .294.3 25.0 436.5 257.5
Lupus Capital . . . . . . . . .122.5 1.5 144.0 86.0
M. P. Evans Group . . . . .485.0 2.0 494.0 371.0
Majestic Wine . . . . . . . .480.0 2.8 510.0 315.0
May Gurney Integr . . . .232.0 2.0 302.0 213.1
Monitise . . . . . . . . . . . . .36.8 -0.3 40.0 22.8
Mulberry Group . . . . .2249.0 -41.0 2314.0 1290.0
Nanoco Group . . . . . . . . .67.5 -0.5 90.0 38.0
Nautical Petroleu . . . . .337.5 1.5 398.0 223.5
Nichols . . . . . . . . . . . . .669.0 0.0 675.0 482.5
Numis Corporation . . . . .88.3 -0.8 119.6 72.0
Pan African Resou . . . . . .15.8 0.0 18.3 9.5
Patagonia Gold . . . . . . . .37.0 0.3 70.0 35.0
Prezzo . . . . . . . . . . . . . . .66.0 -1.0 71.5 53.5
Rockhopper Explor . . . .351.8 -29.8 393.5 141.0
RWS Holdings . . . . . . . .523.5 2.0 560.0 385.0
Secure Trust Bank . . . .1075.0 0.0 1077.5 755.0
Sirius Minerals . . . . . . . . .19.8 0.3 32.0 6.4
Songbird Estates . . . . . .120.0 2.0 160.3 103.0
Valiant Petroleum . . . .584.5 10.5 628.5 400.0
Young & Co's Brew . . . .622.5 0.0 712.0 580.0
Inmarsat . . . . . . . . . . . . . . . . . .440.4 4.4
International Pers . . . . . . . . . . .253.5 4.3
WilliamHill . . . . . . . . . . . . . . . . .278.3 4.3
Aquarius Platinum . . . . . . . . . . .143.5 4.1
Home Retail Group . . . . . . . . . . .103.5 3.9
Severn Trent . . . . . . . . . . . . . . .1720.0 3.7
Wood Group (John) . . . . . . . . . .749.5 3.7
Stagecoach Group . . . . . . . . . . . .253.1 3.4
Homeserve . . . . . . . . . . . . . . . . .243.3 3.3
De La Rue . . . . . . . . . . . . . . . . . .923.5 3.2
Supergroup . . . . . . . . . . . . . . . . .351.8 -38.2
Cable & Wireless W . . . . . . . . . . .32.0 -5.9
ARMHoldings . . . . . . . . . . . . . . .585.0 -3.7
Imagination Techno . . . . . . . . . .682.5 -3.2
Weir Group . . . . . . . . . . . . . . . .1700.0 -3.0
Barratt Developmen . . . . . . . . . .130.8 -2.9
CSR . . . . . . . . . . . . . . . . . . . . . . .198.4 -2.7
ITV . . . . . . . . . . . . . . . . . . . . . . . . .86.0 -2.4
Laird . . . . . . . . . . . . . . . . . . . . . . .216.1 -2.3
Ashtead Group . . . . . . . . . . . . . .255.8 -2.2
Risers FaIIers
MAIN CHANGES UK 350
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
Price Chg High Low Price Chg High Low
GILTS
http://corporate.webfg.com
mailto:
globaltechsales@webfg.com
Tsy 5.250 12 . . . . . . .100.58 -0.05 105.0 100.6
Tsy 9.000 12 . . . . . .102.49 0.00 110.3 101.3
Tsy 2.500 13 . . . . . .283.82 -0.02 287.7 282.8
Tsy 4.500 13 . . . . . . .103.51 -0.04 106.4 103.5
Tsy 8.000 13 . . . . . . .110.76 -0.08 116.4 110.6
Tsy 5.000 14 . . . . . . .110.69 -0.07 112.9 110.0
Tsy 8.000 15 . . . . . .126.05 -0.17 129.2 124.8
Tsy 4.750 15 . . . . . . .113.44 -0.16 115.4 110.2
Tsy 4.000 16 . . . . . . .112.83 -0.20 114.7 106.9
Tsy 2.500 16 . . . . . .343.45 0.01 345.7 320.7
Tsy 12.000 17 . . . . . . .117.75 -0.91 127.9 117.8
Tsy 1.250 17 . . . . . . .116.04 0.00 117.1 109.4
Tsy 8.750 17 . . . . . . .139.01 -0.47 141.9 134.9
Tsy 5.000 18 . . . . . . .120.72 -0.19 122.5 112.3
Tsy 4.500 19 . . . . . . .119.36 -0.21 120.9 108.4
Tsy 3.750 19 . . . . . . .114.46 -0.20 115.9 102.6
Tsy 2.500 20 . . . . . .364.40 -0.03 369.3 327.0
Tsy 4.750 20 . . . . . . .121.93 -0.14 123.5 109.7
Tsy 8.000 21 . . . . . . .150.32 -0.15 153.4 137.3
Tsy 1.875 22 . . . . . . . .127.10 0.04 129.2 114.8
Tsy 4.000 22 . . . . . . .116.18 -0.12 118.2 102.2
Tsy 2.500 24 . . . . . .327.35 0.08 334.7 286.3
Tsy 5.000 25 . . . . . .127.26 -0.11 130.6 111.0
Tsy 1.250 27 . . . . . . .122.97 0.10 127.0 107.6
Tsy 4.250 27 . . . . . . .118.26 -0.11 122.7 101.7
Tsy 6.000 28 . . . . . .142.34 -0.11 148.0 123.7
Tsy 4.125 30 . . . . . . .311.69 0.16 322.8 271.0
Tsy 4.750 30 . . . . . .124.54 -0.03 130.5 107.1
Tsy 4.250 32 . . . . . . .116.89 -0.06 123.1 100.2
Tsy 4.250 36 . . . . . . .116.46 0.01 123.9 99.6
Tsy 4.750 38 . . . . . . .125.88 0.06 134.2 107.9
Tsy 4.500 42 . . . . . . .122.17 0.05 130.8 104.1
% %
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TRAVEL & LEISURE
AIM 50
Chris Beanland explores this post-colonial paradise
LIFE&STYLE
MONDAY 23 APRIL 2012
26
cityam.com
TRAVEL
A
n architectural oddity in the
middle of Nassaus Parliament
Square screams out for your
attention. The octagonal
library and city museum is painted
pale pink (like all the important
buildings in The Bahamas capital).
I climb up creaky steps to the first
floor and admire paintings of Nassau
dashed off by ships artists in the days
when British interests, rather than
American ones, ruled the roost. Every
painting, every etching, pointedly
includes a Union Flag to underscore
the extraordinary projection of power
one small island nation exercised
over other small island nations in the
1700s and 1800s.
This building though, a friendly
librarian tells me, used to be a prison.
Now it makes sense. Its a petite
panopticon; a miniaturised version of
Pentonville. Twenty prisoners could
be kept here in the 1800s. What, one
wonders, would the ideological archi-
tect of such a place, the philosopher
Jeremy Bentham, make of how things
have turned out today?
A surprise awaits me right outside
the old prison. The upgraded version
for 2011 comprises two picture post-
card all-American school busses.
Except theyve been painted white
and have bars welded on to the win-
dows. I walk up to the buses and dis-
cover theyre carrying prisoners. The
accused hammer on the windows
and yell all kind of obscenities at me
in the local patois. In the kettle-boil-
ing heat of a Nassau morning you can
understand why these guys might be
a little frustrated.
The buses are parked right outside
the courthouse. Waiting in the wings
under the trees just a few yards away
are some friends of the accused.
These young guys in their twenties
bite their nails and lean on the bon-
nets of expensive cars, deep in discus-
sion with each other. The prisoners
WAGs make up another contingent
some look like theyve seen this all
before; the nerves of others appear
noticeably frayed.
I ask a barrister dressed in full-
length black robes despite the heat
whether there is a big trial on today.
No, he replies unamused, just a
regular trial day. If Jeremy Bentham
were alive today its a safe bet hed
draw some interesting conclusions on
how the enormous flows of capital in
and out of this tax haven are linked to
the crime wave that bubbles beneath
glamorous Nassaus shiny surface.
NO BACKWATER
This city of roughly a quarter of a mil-
lion is no backwater. If you expect a
Caribbean holiday to be serene (for
that, read boring) then Nassau is
anything but. This city throbs.
Founded by the British, it didnt
become the capital of an independent
Bahamas until 1973 the country
look a relatively long time to work its
way through the decolonisation cycle.
British memories linger all over
town. Traffic drives on the left and US
motorists have to be constantly
reminded of this fact so that they
dont crash. Outside the Parliament
of The Bahamas one of the longest-
lasting and (relatively) corruption-free
democratic organs in the world,
stands a statue of Queen Victoria. In
Latin it proclaims her as Queen and
Empress.
Up at the citys highest point stands
Government House, the former gover-
nor-generals residence and the nexus
(as in all British colonies) of state and
crown power. As with all colonies,
doric columns and Greek revivalism
scream about the as they saw it
never-ending possibilities of British
influence. The anti-Semitic, Nazi-sym-
pathising Duke of Windsor, Edward,
lived here as Governor with his forbid-
den Baltimore bride Wallis Simpson
in the 1940s. But neither of them real-
ly liked Nassau.
The Caribbean mood can be so very
relaxed here. I ask a marine if I can
look round the gardens of
Government House, expecting a firm
no on security grounds, but his
reply is a jolly: Of course sir. The
view from up here, with the stature
of Christopher Columbus below, is
the best on New Providence Island;
the whole city spreads out in front of
you.
AMERICAN SPLENDOR
But that British era ended a long time
ago, just as the era of the pirates who
caused chaos around the dozens of
Bahamian islands did. Now its the US
in charge. Dishes on the top of the US
Embassy point towards Washington.
Though a quick cross-reference on
Google maps seems to suggest that
one rather large one is also pointing
towards Cuba.
When the US sneezes, we all catch
a cold a local hotel worker jokes
with me over a lunch of friend pol-
lock with onions and a dollop of rice
and peas. We are only a 45 minute
propeller plane ride from Miami,
after all. The irony is The Bahamas
attracted British loyalists during the
American War of Independence and
was a British outpost next to
America for all those years. Thus,
historically it was the loyalist
Canadian banks like RBC and Scotia
who pumped the real money in here
their buildings today are both
impressively out of proportion for
Beaches and barristers in
The Duke of
Windsor once lived
here with his forbidden
bride Wallis Simpson

TRAVEL NOTES
BY STEVE DINNEEN
Want to Enjoy England? Theres an app for that
If youre planning to staycation in the UK, a new Enjoy England app (iPhone
and Android) has over a thousand ideas for places to visit, from ancient
castles in Northumberland to blustery walks along the Cornish coast.
Get away to Mauritius for less
Weather getting you down? Well now escaping to an island paradise just
got more affordable. The Four Seasons Mauritius is offering three free
nights when you pay for four. Log on to fourseasons.com/mauritius.
Wireless in-flight entertainment will be as standard... by 2021
Tired of sitting through bad in-flight movies? Good news: wireless
entertainment is forecasted to reach nearly 9,000 aircraft by 2021, up
from 80 now, meaning youll be able to watch TV on your iPad, says IMS.
Nassaus beaches (top and main) are great for marine life. (above) Parliament
Square is a hit with tourists. (far right) One of Nassaus swanky hotels.
MONDAY 23 APRIL 2012
27
such a small city. Its Americans and
Canadians who bursting from
their all-you-can-eat buffets wad-
dle off the gigantic Carnival and
Disney cruise liners moored in the
port and frantically dash round
town whacking bagfuls of duty free
booty on their credit cards. In prohi-
bition days, the same picture played
out every day as Americans came
here to tank up on rum. Others
come to gamble in the sprawling
casinos on Paradise Island (locals
arent allowed to gamble), like
Atlantis. This elephantine hotel
complex was developed by Sol
Kerzner. It was Kerzner who built
South Africas Sun City in the 1970s
while Soweto was ablaze, so the
white elite of Johannesburg could
come and gamble in the
Bophuthatswana Bantustan.
FOOD AND FUN IN NASSAU
Theres fun to be had in Nassau. You
need to know where to look. Its Frank
the chefs birthday at Big Yard Bar.
Big Daddy, as hes known round
these parts, is telling us how to make
conch salad. His seafood shack is one
of about 30 at the so-called Fish Fry, a
Nassau institution you cant miss.
Each place thinks it makes the best
seafood, but Frank is certain that the
way he spices the squid-like conch
and veggies is best. The salad fuels
you for a night out in town, and Bay
Street will get your heart racing the
most. Its simultaneously thrilling,
confusing and at times downright
debased. After 1.30am, the big hitters
come out. An old man on a corner
hand rolls cigars, revellers spill in and
out of bars with ragga and hip-hop
blaring from the speakers.
WHERE TO STAY
British Colonial Hilton
Nassau's grand old dame oozes colonial
cool from its old wooden lifts and swirling
staircases. Out the back is where it really
hits the spot though: thousands of tons of
sand were trucked in during the 1960s to
make a private, artificial beach. There's a
pool and beach club with cabanas and a
great view over the harbour. A very nice
hotel; it's also very central here.
Hilton.com
WHERE TO STUFF YOURSELF
Cafe Matisse
One of the fanciest dining rooms in
Nassau, Cafe Matisse dishes up Italian-
influenced fare to the city's elite and to
jet-setting visitors. An open patio is the
pick of the places to sit and watch the sun
go down as you fill your face with
ossobucco and saffron risotto, and
ciabatta. French and Italian wines make a
change from the Chilean cellar hegemony
you see elsewhere round these parts. The
restaurant is right across from the
parliament of The Bahamas.
Cafe-matisse.com
WHERE TO STAGGER
Bambu
Opened recently, Bambu is the place to
come if you want to show off in Nassau.
Queues form around 1am when it starts to
get really busy. Saying you're here from
London will probably help you to skip that
and they might even throw in a drink. Not
that this venue's patron's have any
problem with cashflow. Everyone seems
like they're rolling in the stuff. Just don't
ask the guys smoking Montecristo's which
fund they've invested in. They haven't.
Bambunassau.com
HOW TO GET THERE
British Airways flies non-stop daily from
London Heathrow to Nassau. Flight times
are around eight hours.
BA.com
the sunny Bahamas
Up at Bambu a club for which the
word fly could so easily have been
invented, a guy who looks like he
means business is smoking a Cuban
cigar and drinking oddly red wine.
Its an opulent symbol of being a some-
body round here. My eyes are initially
taken by his rump-shaking moll (well,
wouldnt yours?) but then I look at his
face. I could swear I saw him loitering
outside the courthouse earlier.
28
TV & GAMES
cityam.com
T
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BBC1
SKY SPORTS 1
7pmSky Sports News at Seven
7.30pmLive Football League
10pmPFA Awards 2012 11pm
Premier League Review12am
Netbusters 12.30amSPL Round-
Up 1amFootball League 2.30am
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Watersports World 4.30amMax
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NASCAR 11pmElite League
Speedway 1amEuropean Tour
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3am-4.30amWonderful World of
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6.30pmNASCAR 7.30pmLive
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Volvo Ocean Race 10pmThinking
Tackle 11pmWWE: Bottom Line
12amWWE: Afterburn 1amLive
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BRITISH EUROSPORT
7pmLive Snooker: The World
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11.30pm-12.30amEurogoals
ESPN
7pmPardon the Interruption
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8pmPremiership Rugby Union
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Kicks: Serie A 11.30pmPress Pass
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Americas Next Top Model
5.10am-6amJerry Springer
BBC THREE
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Lip Service 4.25am-4.55amThe
Secrets of Everything
E4
7pmHollyoaks 7.35pmHow I Met
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Made in Chelsea 11pmRude Tube
12.05amThe Big Bang Theory
1.05amScrubs 2.05amHow I
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Tube 3.25amRules of
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7pmStorage Wars 7.30pmPawn
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DISCOVERY
7pmBear Grylls: Born Survivor
8pmAuction Hunters 9pm
Dealers 10pmAmerican Guns
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12amBear Grylls: Born Survivor
1amDealers 2amAmerican Guns
3amDeadliest Catch 3.50amIce
Pilots 4.40amWheeler Dealers
5.30am-6amDestroyed in
Seconds
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7pmSupernanny 8pm19 Kids
and Counting 9pmUntold Stories
of the ER 10pmHospital Sydney
11pmA&E 12amUntold Stories
of the ER 1amHospital Sydney
2amA&E 3amSupernanny 4am
A Baby Story 5am-6amBaby
Tales
SKY1
7pmThe Simpsons 8pmObese: A
Year to Save My Life USA: A man
who weighs 35 stone. Last in the
series. 9pmA League of Their
Own 10pmSpartacus: Blood and
Sand 11.15pmFringe 12.15am
Road Wars 1.15amAirline
2.05amNight Cops 2.55am
Danny Dyers Deadliest Men:
Living Dangerously 3.50am
Safebreakers 4.40amCustoms
UK 5.05am-6amOops TV
BBC2 ITV1 CHANNEL4 CHANNEL5
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6pmBBC News
6.30pmBBC London News
7pmThe One Show
7.30pmBang Goes the Theory: BBC
News 8pmEastEnders 8.30pm
Undercover: Elderly Care
Panorama 9pmCHOICE Silent
Witness 10pmBBC News 10.25pm
Regional News 10.35pmA
Question of Sport 11.05pmLate
Kick Off 11.35pmThe Graham
Norton Show12.20am
Weatherview12.25amSign Zone:
Our Food 1.25amSign Zone:
Toughest Place to Be a Bin Man
2.25amSign Zone: Rights Gone
Wrong? 3.25amSign Zone:
Antiques Road Trip 4.10am-6am
BBC News
6pmEggheads
6.30pmAntiques Road Trip
7.30pmGreat British Menu
8pmChaplains: Angels of
Mersey
8.30pmThe Little Paris
Kitchen: Cooking with Rachel
Khoo
9pmThe 70s
10pmSounds of the 70s 2
Reggae Stir it Up
10.30pmNewsnight: Weather
11.20pmSnooker: The World
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Extra 2.10amBBC News 3.15am
The Super League Show4am-6am
BBC Learning Zone
6pmLondon Tonight
6.30pmITV News
7pmEmmerdale
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8pmThe Dales
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9pmScott & Bailey
10pmITV News at Ten
10.30pmLondon News
10.35pmThe Agenda
11.05pmThe Mighty Mississippi
with Trevor McDonald 12.05am
The Zone; ITV News Headlines
2.35amChampions League Weekly
3.05amITV Nightscreen
4.35am-5.30amThe Jeremy
Kyle Show
6pmThe Simpsons
6.30pmHollyoaks: Ally returns
to the village.
7pmChannel 4 News
7.55pm4thought.tv
8pmCHOICE Jungle Special:
Inside Natures Giants
9pmEmbarrassing Bodies
10pmRamsays Kitchen
Nightmares USA
11pmHomeland
12.05amRandom Acts
12.10amFILMEnthiran: 2010.
3.15amAbductees 3.30amThe
Merits of Ferrets 3.55amSt
Elsewhere 4.45amSmallville
5.25am-6.10amPrivileged
6pmHome and Away
6.30pm5 News at 6.30
7pmCowboy Traders: 5 News
Update
8pmThe Gadget Show: World
Tour: 5 News at 9
9pmRobsons Extreme Fishing
Challenge
10pm10 Things I Hate About
1990
11pmFILMNational Security:
2003.
12.40amComedy Kings: Best of
Just for Laughs 1.10am
SuperCasino 4.05amRough Guide
to Beaches 4.20amMichaelas Wild
Challenge 5.10am-6amGreat
Artists
Fill the grid so that each
block adds up to the total
in the box above or to the
left of it.
You can only use the
digits1-9 and you must not
use the same digit twice in
a block. The same digit may
occur more than once in a
row or column, but it must
be in a separate block.
COFFEE BREAK
KAKURO
QUICK CROSSWORD
LAST ISSUES
SOLUTIONS
KAKURO
WORDWHEEL
Using only the letters in the Wordwheel, you have
ten minutes to nd as many words as possible,
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters
or more, all must contain the central letter and
letters can only be used once in every word. There
is at least one nine-letter word in the wheel.
SUDOKU
Place the numbers from 1 to 9 in each empty cell so that
each row, each column and each 3x3 block contains all the
numbers from 1 to 9 to solve this tricky Sudoku puzzle.
SUDOKU
QUICK CROSSWORD
WORDWHEEL
Copyright Puzzle Press Ltd, www.puzzlepress.co.uk
1 2 3 4 5 6
7
8 9 10 11
12
13 14
15 16 17 18 19
20
21
7 21 10
45
42
9 7 23
6 15
12 4
28 24
8 13 6
39
45
16 7 4
5
3
14
15
33
18
11
21
10
17
18
35
34
14
3
11
37
12
16
17
17
11
11
8
ACROSS
4 Slow speech
pattern with
prolonged
vowels (5)
7 In the current
fashion or
style (1,2,4)
8 Rough
calculation
based on
very little
knowledge
(coll) (11)
12 Armistice,
truce (9)
15 Option (11)
20 Dene
clearly (7)
21 Opposing
military
force (5)
DOWN
1 Fruit with aromatic pulp
and a large seed (5)
2 Arrived (4)
3 Curtsies (4)
4 Type of food shop (abbr) (4)
5 Halo of light (4)
6 Compare (5)
9 Partial darkness (5)
10 Link up, connect (3,2)
11 Slightly wet (5)
13 Emblem (5)
14 Mineral of which
emerald and aquamarine
are varieties (5)
16 Periodic rise and fall
of sea level (4)
17 Pink-tinged (4)
18 Not many (1,3)
19 Coloured part of the eye (4)
E
O
R
U
H G
Y
N
D
4


4
4
4

4
S H U T U P G F
H H L A U R E L
A M O R O U S A E
F O S K O P J E
T H O N G F N T
V E R B O S E
P E E R E L I C
A B R O A D X A
T A S E L T Z E R
C O R N E A O V
H M D A N U B E
3 1 7 9 6 9 7
1 2 4 5 3 2 6 1
5 9 8 6 1 5 4
2 4 5 3 1 6 7 9
7 9 3 8 8 7
7 6 9 1 2 4 8 3 5
9 8 2 4 6 7
2 5 1 6 7 9 5 8
3 2 1 2 6 3 1
3 7 4 2 1 5 1 2
4 9 6 8 9 4 6
4
4
4
4
4
4
4
4
4
The nine-letter word was
HARMONISE
T
E
R
R
E
S
T
R
I
A
L
S
A
T
E
L
L
I
T
E
&
C
A
B
L
E
BBC1 BBC2 ITV1 CHANNEL4 CHANNEL5
MONDAY 23 APRIL 2012
SILENT WITNESS
BBC1, 9PM
Part two of two. Leo follows violent
prison officer Kessler and soon finds
himself in dangerous territory.
Postponed from April 9.
JUNGLE SPECIAL: INSIDE
NATURES GIANTS CHANNEL4, 8PM
The team heads to Borneo, Southeast
Asia, to dissect some of the
rainforests most fascinating flora
and fauna. Last in the series.
CORONATION STREET
ITV1, 8.30PM
Audrey is rushed to hospital with a
suspected heart attack. A sit-in
protest begins at Terrys lap-dancing
club and Sally shares a kiss with Kevin.
TVPICK
TEARFUL Laura Robson admits she is
devastated after failing to prevent
Sweden claiming a 3-0 victory over
Britain in tenniss Fed Cup yesterday.
The 18-year-old, a late replacement
for the injured Elena Baltacha, lost
6-4, 1-6, 6-3 to Sofia Arvidsson as
Britain missed out on promotion to
World Group II.
Robson broke down at courtside
following the defeat in Boras, which
means Judy Murrays team will
remain in the Euro/Africa Zone
Group I qualifying pool.
Im pretty upset but my team-
mates are proud of me, she said.
Maybe in a few days Ill think it was
a pretty good effort but right now
Im devastated.
Arvidsson sped into a 4-0 lead and
took the first set but gutsy Robson
fought back to level the match
before losing a tight deciding set.
She added: In Fed Cup youre not
just playing for yourself, youre
playing for your country, and all the
emotion that built up on court just
came through.
Former Wimbledon junior
champion Robson was handed her
singles debut in the competition
after Baltacha struggled for fitness
in her straight-sets defeat to Johanna
Larsson on Saturday, when Anne
Keothavong also lost to Arvidsson.
Robsons tears
after Brits lose
Fed Cup clash
G
E
T
T
Y
G
E
T
T
Y
Robson lost in three sets to Arvidsson
IN BRIEF
Nadal thrashes Djokovic in Monaco
n TENNIS: Clay-court king Rafael Nadal
swept to his eighth consecutive Monte
Carlo Masters title with surprising ease,
overwhelming Novak Djokovic 6-3, 6-1.
Nadal had not beaten the world No1 in
seven attempts but did so yesterday in
just 78 minutes.
Gold for Daley in Mexico
n DIVING: Britains Tom Daley
completed his London 2012
preparations in fine style by claiming
10m platform gold at the Diving World
Series in Mexico. The 17-year-old
comfortably beat a field missing world
champion Qiu Bo in his final event
before this summers Olympics.
Allen slams Cao after shock defeat
n SNOOKER: Northern Irelands Mark
Allen accused Cao Yupeng of
committing a blatant push on the
white following his shock first-round
defeat to the Chinese world No81 at the
World Championship last night. Yupeng
won 10-6 and Allen said: Im
disgusted. The state of snooker is very
sad if it has to be down to that, but its
not the first time.
Quins remain top despite defeat to in-form Leicester at the the Stoop on Saturday
ENGLANDS Lee Westwood hopes a
first win of the season will prove the
springboard to further success after
successfully defending his
Indonesian Masters title yesterday.
Westwood carded a disappointing
two-over-par final round of 74 to
finish on 16 under, but that was still
enough to hold off a late charge
from Thailands Thaworn
Westwood kick-starts season
with Indonesia title defence
Wiratchant, who ended two strokes
behind in Jakarta.
Hopefully this will kick-start my
year, said the world No3. Ive
played well without any wins so
hopefully I can go on and win other
tournaments.
Westwood suffered three bogeys in
his last eight holes and admitted to
fatigue, having also had to play the
bulk of a thunderstorm-delayed
third round on Sunday morning.
HARLEQUINS boss Conor OShea
cannot wait to collide with
Leicester again in the Aviva
Premiership play-offs, despite
seeing his team brushed aside by
the Tigers over the weekend.
A 43-33 bonus-point win for
Leicester on Saturday lifted them
to within a point of Quins at the
top of the table with just one
round of fixtures to go, keeping
them on course to meet again in
the final on 26 May.
After being dominated in the
second-half OShea could be
forgiven for harbouring doubts
about such a reunion, but the
Quins boss insisted otherwise.
That was a tough physical,
bruising game, he said. Im
pretty excited at hopefully seeing
them again but weve got a lot of
work to do before that.
Elsewhere, Wasps ensured their
battle for survival will go down to
the wire after losing 17-12 at Bath,
securing a crucial bonus point in
the process.
Saracens 9-3 win over Newcastle
confirmed their place in the Aviva
Premiership play-offs. Exeter
missed the chance to book their
place after they lost 18-15 to
Northampton yesterday.
BY FRANK DALLERES
BY SPORTS DESK STAFF
cityam.com
SPORT
29
MONDAY 23 APRIL 2012
Quins eye Tigers final rematch
BY JACK ZORAB
Results
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(7.45pm unless stated)
npower Championship
Leicester v West Ham ...........................
G
E
T
T
Y
G
E
T
T
Y
MANCHESTER United manager Sir
Alex Ferguson admits next weeks
derby at Manchester City will be the
biggest of his illustrious career after
a late collapse against Everton
flung the title race wide open.
United were 4-2 up and coasting
with less than 10 minutes remain-
ing at Old Trafford yesterday,
thanks to two goals from in-form
Wayne Rooney and superb finishes
by Danny Welbeck and Nani.
But Nikica Jelavic smashed his
second of the game and Steven
Pienaar netted an 85th-minute
equaliser as United let two points
slip through their fingers in the lat-
est twist to a tortuous Premier
League campaign.
Citys win at Wolves later yester-
day means they will reclaim top
spot if they beat United on Monday,
prompting Ferguson to confess he
had never encountered a more piv-
otal derby.
Yes, definitely, he said. Weve
given them the initiative, there is
no doubt about that. It makes the
game at the Etihad a really impor-
tant game a decider really. There
has been an expectancy from City
that it could zzbe their decider, but
its our decider too.
United have taken just four points
from their last three games, com-
pared to Citys nine, and Ferguson
did not hide his disgust at the way
his team squandered victory.
Their goals were really soft, the
Scot added. It was a travesty of a
result in some ways, but we made it
difficult for ourselves.
Jelavic silenced Old Trafford by
heading Everton into the lead after
33 minutes, but Rooney responded
by nodding home Nanis left-wing
cross and three United goals in 12
second-half minutes looked to have
settled the contest.
Welbeck curled a fine effort into
the top-right corner before playing
in Nani to dink over Tim Howard.
Marouane Fellainis volley cut the
deficit but Welbeck cleverly teed up
Rooney to slot another instantly.
Seven minutes from time Jelavic
reacted first to a loose ball to drive a
third for Everton and moments later
Pienaar prodded the fourth and
ensured a blockbuster derby.
KENYAN duo Wilson Kipsang and Mary
Keitany clinched an east African double
at the London Marathon, but there
were mixed results for Britains London
2012 hopes.
Kipsang finished just four seconds
outside of last years course record,
clocking two hours, four minutes and
44 seconds, having led for the final
seven miles.
Keitany successfully defended her
title by crossing the line in 2:18:37, a
new personal best and more than a
minute quicker than world champion
Edna Kiplagat, who was second.
Guernseys Lee Merrien was the
fastest Briton in the mens race in 17th
place, but his time of 2:13:41 was just
over a minute outside the mark needed
to qualify for this summers Olympics.
The only British man selected for
London 2012, Scott Overall, dropped
out with hamstring problem around a
third of the way through the 26-mile
Kenyans earn London Marathon
double as Hallissey boosts hopes
course, having set the pace for his
countrymen.
Claire Hallissey, meanwhile, looks set
to gatecrash the Team GB squad at Jo
Paveys expense after finishing quickest
of the British women, her time of
2:27:44 placing her 11th.
Britains David Weir secured a sixth
victory in the wheelchair race with a
time of 1:32:26, equalling the record
number of wins set by Baroness Tanni
Grey-Thompson.
MONDAY 23 APRIL 2012
30
SPORT
cityam.com/sport
BY FRANK DALLERES
WORLD champion Sebastian Vettel
expects the title lead to change
hands several more times this
season after victory at the Bahrain
Grand Prix propelled him to the top
of the drivers standings.
Red Bulls Vettel edged out
Lotuss Kimi Raikkonen to claim his
first win of the year as the race
passed without disruption, despite
violent clashes between police and
demonstrators in the Gulf
kingdom. British pair Lewis
Hamilton and Jenson Button
endured frustrating afternoons, the
former dropping to eighth after
two pit-lane disasters and the latter
retiring with just a lap to go.
Its a very tight season, the cars
are very close to each other and
small things can make a huge
difference, said Vettel. I think we
started the season saying the
McLaren is the fastest car by quite a
bit and weve seen that on Sunday
it can be a different picture.
Vettels victory swept him to his
familiar position at the top of the
standings, where he leads
McLarens Hamilton by four points.
Raikkonens Lotus colleague
Romain Grosjean took third and
Mark Webber fourth, while Paul di
Resta was sixth for Force India,
losing a place to Mercedes Nico
Rosberg in the dying stages.
BY FRANK DALLERES
Vettel back on top after first win of season
in Bahrain but steeled for close campaign
MANCHESTER UNITED........4
EVERTON............................4
BY FRANK DALLERES
PREMIER LEAGUE
City A.M. has secured the last pair of tickets
to this unique event for the very special
price of 3,000 + Vat. Play in the exclusive
Aberdeen Asset Management Ladies
Scottish Open Pro Amat the world class
Archerfeld Links, Edinburgh from Thursday
3rd Saturday 5th May 2012.
Leading Ladies European Tour Professionals
will be partnered with amateurs for the
Thursday & Friday with the top 15 amateurs
qualifying through to the fnal round.
We look forward to welcoming you to the
Aberdeen Asset Management Ladies Scottish Open Pro-Am 2012!
www.ladiesscottishopen.com
3rd 5th May 2012
ABERDEEN ASSET MANAGEMENT
LADIES SCOTTISH OPEN
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Two return fights on BA Cityfyer from
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Audi transfer to and from Edinburgh
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Two exclusive amateur places in the
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Scottish Open Pro-Am(Thursday 3rd
& Friday 4th May)
Local Accommodation
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your interest please email:
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or telephone:
0207 183 4621
Keitany won for the second successive year
Pienaars 85th-minute equaliser capped a frenetic match and flung the title race wide open
Championship standings
S Vettel, Red Bull 53 points
L Hamilton, McLaren 49
M Webber, Red Bull 48
J Button, McLaren 43
F Alonso, Ferrari 43
N Rosberg, Mercedes 35
Title still not in
MANCHESTER City boss Roberto
Mancini refuses to accept his team
are back in the title hunt despite
slashing Manchester Uniteds lead to
three points and condemning
Wolves to relegation yesterday at
Molineux.
Goals in each half from Sergio
Aguero and Samir Nasri were scant
WOLVES.....................................0
MANCHESTER CITY.....................2
BY SPORTS DESK STAFF
PREMIER LEAGUE
United let City
Ferguson expects
derby to decide
title after wobble
Man Utd 35 26 5 4 86 32 83
Man City 35 25 5 5 87 27 80
TOP TWO
TEAM PLD W D L F A PTS
31
PFA AWARDS
ARSENALS Robin van Persie and
Tottenhams Kyle Walker
completed a north London clean
sweep at the PFA Awards last
night.
Gunners captain Van Persie,
who has scored 34 goals in what
has been a tumultuous campaign
for Arsene Wengers team, was
voted Player of the Year.
Spurs full-back Walker, who
made his England debut in a
breakthrough season, beat a
strong field to the Young Player of
the Year gong.
Walkers Spurs team-mates Scott
Parker and Gareth Bale were also
named in the Premier League
Team of the Year at the awards,
which are voted for by players
themselves.
Manchester City boasted four
players in the top flight XI but
Sergio Aguero missed out on that
and the individual awards, despite
being shortlisted for both.
Roy Hodgson has won as many
Premier League games at Anfield in
2012 as his successor Kenny Dalglish
cityam.com
MONDAY 23 APRIL 2012
BY FRANK DALLERES
Van Persie and Walker honoured by fellow pros
WEST BROM manager Roy
Hodgson refused to gloat after
Peter Odemwingies goal handed
him an historic victory over the
club that sacked him last season.
Odemwingie capitalised on
defender Glen Johnsons error to
score 15 minutes from time as
Liverpool paid for their failure to
convert countless chances. West
Broms first win at Anfield for 45
years lifted them to 10th, just a
point behind the Reds, but
England job hopeful Hodgson
played down talk of vindication.
The major satisfaction is
winning at Anfield, said
Hodgson. With the team we have
I dont think most people expect
us to come and win here.
Liverpool have managed just
five home wins in the Premier
League all season and boss Kenny
Dalglish, who replaced Hodgson,
was at a loss to explain why.
They just need a bit of luck, he
said. It sounds repetitive but its
not an excuse. Were not running
away from something.
Hodgson dodges revenge talk
as ex-Reds boss wins on return
LIVERPOOL ................................0
WEST BROMWICH ALBION .........1
BY SPORTS DESK STAFF
PREMIER LEAGUE
W. www.chelseafc.com/city
T. 0871 223 9940
Seasonal Hospitality at Chelsea FC
A cut above the rest
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A PACKAGE
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BEFORE 31 MAY 2012
our hands, maintains Mancini
reward for Citys utter dominance
and ensured they capitalised fully on
their neighbours slip hours earlier
at home to Everton.
But Mancini, whose team
were eight points behind and
written off less than two
weeks ago, insists he will not
discuss the Premier League
title until after next weeks
momentous derby
against United.
Is it a good day? Not
really. We won a
difficult game. Wolves
are relegated. I dont think they
deserve to be there, said the Italian.
Only one team can win this title.
Its not in our hands. We have three
points less. You all wrote the title
race was finished. Seven days
ago, the race was finished. You
wrote it. We can talk about the
title next Monday night.
Wolves caretaker manager
Terry Connor, whose side
needed to win to have
any chance of survival,
said the club would
bounce back.
Connor added: Its a
really emotional, really
raw day today.
close gap
Aguero set City on their
way to victory at Wolves
Player of the Year
nRobin van Persie (Arsenal)
Young Player of the Year
nKyle Walker (Tottenham)
Team of the Year
nJ Hart (Man City), K Walker (Tottenham), V
Kompany (Man City), F Coloccini (Newcastle),
L Baines (Everton), D Silva, Y Toure (both Man
City), S Parker (Tottenham), G Bale (Tottenham),
W Rooney (Man Utd), R Van Persie (Arsenal)
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Alistair Brownlee
Triathlete, 2011
World ITU No.1
John Hardy
Head of FX Strategy
at Saxo Bank A/S
Its not how early
you get up.
Its what you
achieve in the day.
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