Cityam 2012-06-14

PREMIER LEAGUE BROADCASTING REVENUE
91/92 03/04 04/05 06/07 05/06 07/08 09/10 11/12 12/13 10/11 13/14
750
1,000
1,250
0
250
500
1,500
1,750
2,000
2,250
2,500
m
Estimated
BT
BT promoted to top
tier as price for live
rights jumps 70pc
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Rosen called
to resign on
WPP failure
INVESTORS are calling for Jeffrey
Rosen, the chairman of WPPs
compensation committee, to pay
the price for the advertising
giants embarrassment at its
annual general meeting yesterday.
The companys remuneration
report, which handed chief
executive Sir Martin Sorrell a 60
per cent pay rise last year, was
rejected by a whopping 59.5 per
cent of WPPs shareholders.
While a majority of 78 per cent
voted to re-elect Rosen, some
shareholders are demanding the
pay committee chairman holds
his hands up and steps down
from his position.
The option not to do anything,
in Rosens case, is just not on the
table, Abigail Herron, corporate
governance manager at WPP
shareholder Cooperative Asset
Management told City A.M.
He needs to be seen
demonstrating that this is not
going to be a repeat of last year,
when there was a high level of
shareholder dissent but no action
from WPP, she said.
Chairman Philip
Lader said WPP
will move
forward in the
best interests of
share owners.
BT shot into the lucrative world of
Premier League football yesterday,
splashing out 738m to share domes-
tic rights with BSkyB as the cost of
broadcasting live games rocketed by
an eye-watering 70 per cent.
Fierce competition for the rights,
believed to have involved channels
such as Al Jazeera and current holders
ESPN, saw the price of the three year
package jump to 3.018bn a huge rise
from its previous level of 1.78bn.
Sky will televise 166 Premier League
games in the UK throughout the new
round, which starts in August 2013
and ends in May 2016, paying an
astonishing 2.28bn to remain the
primary broadcaster.
Yet BTs move for 38 games over
three seasons reflects the increasing
rivalry that the News Corporation
controlled company faces for its dom-
ination of football coverage.
We are already investing 2.5bn in
fibre broadband, BTs chief executive
Ian Livingston said last night.
Securing Premier League rights fits
naturally with this, as consumers
increasingly want to buy their broad-
band and entertainment services
from a single provider.
The company sought to reassure
fans that it will talk to other media
providers so that games are made as
widely available as possible.
The result means that next season
could be the last in which ESPN
broadcasts live Premier League games
in the UK, although Premier League
CEO Richard Scudamore said he
hoped the firm would return to the
bidding table for future years.
The bid-
ding round
only included
games to be
shown live in the
UK. The rights for high-
lights programmes last fetched
179.7m, while the Premier League
also sells rights to broadcast games
abroad. The auctions for foreign cov-
erage of Premier League games from
2013-14 to 2015-16 begins this
September and lasts several months.
BY LAUREN DAVIDSON
FTSE 100 5,483.81 +10.07 DOW 12,496.38 -77.42 NASDAQ 2818.61 -24.46 /$ 1.55 unc / 1.23 -0.01 /$ 1.26 -0.01
MORE: Page 7

BUSINESS WITH PERSONALITY
LONDON2012
days to go
OUR GUIDE TO APPLES REVOLUTIONARY NEW LAPTOPS
See Page 22
43
www.cityam.com FREE ISSUE 1,652 THURSDAY 14 JUNE 2012
SPAIN DOWNGRADED
Certified Distribution
02/04/2012 till 29/04/2012 is 100,668
Sky
2.3bn
Total
738m
BTs bid secured the firm 18
first picks, ensuring that nearly
half of their 38 games should be big
clashes featuring the top sides.
BT will be able to show games
played at lunchtime on Saturdays
(usually 12.45pm) as well as a cluster
of matches on midweek evenings and
Bank holidays.
Yet Sky retains the vast majority of
the deal. All Sunday Premier League
games will be on Sky, as well as late
kicks offs on Saturdays and Mondays.
Jeremy Darroch, CEO
of Sky (right)
and BT boss Ian
Livingston (left)
60 per cent rejected
Sorrells pay deal
BY JULIAN HARRIS
70%
JUMP IN COST
3.018bn
MOODYS SLASHES CREDIT RATING AS CRISIS WORSENS
PREMIERLEAGUES
3BNTV BONANZA
15m
The Premier League's
opening season, TV
revenue
For 2013-14
to 2015-16
Now could hit 2bn
See Pages 2, 4-5,
The Forum Page 19
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allister.heath@cityam.com
Follow me on Twitter: @allisterheath
IN BRIEF
Man United drops Asia IPO for US
nManchester United, the world's best-
supported football club, has ditched its
plans for an Asian stock market flotation
and is preparing to list in the United
States, according to sources with
knowledge of the deal. After first eyeing
a Hong Kong IPO, the Premier League
runners up, owned by the Glazer family,
had planned a $1bn listing in Singapore
in the second half of last year before
putting plans on hold because of market
turmoil. The US listing would come
either on the New York Stock Exchange
or its electronic rival Nasdaq. Credit
Suisse, JPMorgan Chase & Co, and
Morgan Stanley, which were part of the
original syndicate, are still working with
Manchester United, according to two
sources with knowledge of the situation.
Jefferies Group, which was not part of
the original syndicate, is talking to the
company about being added to the
group, according to one of the sources.
Blankfein: Goldman is job for life
n The chief executive and chairman of
Goldman Sachs said yesterday he has no
plans to relinquish his duties running the
bank. Speaking to reporters after a
breakfast appearance in Chicago, Lloyd
Blankfein quipped: I'm 57. What am I
going to do with the other 60 years of
my life? Blankfein said five of his
predecessors left Goldman for jobs with
the government, and six died while still
heading the firm.
Given Goldmans unpopularity on Main
Street, Blankfein said: I'd say the
government probably isn't going to call
me ... so that leaves staying forever and
dying at my desk.
Osborne eyes change of
strategy to boost liquidity
GEORGE Osborne is expected to use
tonights Mansion House speech to
reveal a new strategy aimed at boost-
ing liquidity in the banking system.
The chancellors attempt to ease
the credit logjam comes as both
companies and households continue
to struggle to access finance.
The move follows Bank of England
deputy governor Paul Tuckers
acknowledgement on Tuesday that
it needed to do more to alleviate
tight credit conditions.
In the same speech, Osborne will
also tell the City that he intends to
press ahead with plans to ring-fence
retail banking and give savers greater
protection if a lender collapses.
The reforms laid out by the Vickers
commission, come despite months
of wrangling with the EU as well as
domestic fears of a multi-billion
pound cost to banks.
Only small banks will be spared the
ring-fence but the overseas opera-
tions of banks which do not pose a
threat to financial stability will
escape being forced to hold an addi-
tional loss-absorbing buffer.
Osborne is expected to say: Weve
got to stop problems here in the City
of London spilling onto our high
streets and putting taxpayers
money at risk.
High-street banking will be ring-
Banks bow to EU bonus limit
Bankers bonuses across the European
Union are set to be limited by law, with
many bank lobbyists admitting in private
that they have lost the fight against a
European Parliament initiative to limit the
size of bonuses relative to salary. Some
banks still hope to increase the proposed
ratio from 1:1 to 2:1 or beyond, while
others are trying to limit the restriction to
upfront cash bonuses, excluding deferred
payouts. But many bankers now accept
the principle of a ratio as inevitable.
Companies vent at Olympic gag
Ministers are under growing pressure from
companies, frustrated that they are unable
to shout about their involvement in
creating this summers Olympics. They
want the government to relax strict rules
drawn up by the International Olympic
Committee to protect the official sponsors.
France seeks stability package
France is pressing the EU to adopt a
financial stability package to stem the
eurozone crisis, believing negative market
reaction to the 100bn bailout of Spains
banks shows the need for more
comprehensive action.
Sub-sea cable business to float
The Indian telecoms group controlled by
Anil Ambani is set to spin off its subsea
cable business in a deal that could fetch
as much as $1bn. Reliance Comms said
yesterday it had been granted approval to
pursue an IPO for the business on the
Singapore stock exchange.
Drugs deal for London company
Proximagen, a biotechnology business
agreed yesterday to a buyout by Upsher-
Smith Laboratories, a specialist in
neurological medicines, for up to 357m.
Germany signals shift on Europe
redemption fund
The German government has begun
opening the door to shared debts for the
first time in a profound change of policy,
agreeing to explore proposals for a 2.3
trillion stabilisation fund in order to stop the
eurozones crisis escalating out of control.
Oil price could plunge to $50
The oil price could almost halve later this
year if the crisis in the Eurozone escalates,
Credit Suisse believes.
Esprits chairman steps down
Esprit Holdings chairman stepped down
yesterday, a day after its chief executive
said he would resign and less than a year
after the fashion retailer embarked on a
plan to revitalise its fading brand.
GM plans to close German factory
General Motors troubled European unit
Adam Opel plans to stop producing cars
after 2016 at its plant in Bochum,
Germany, signaling the first closing of a
major German auto factory since World
War II.
WHAT THE OTHER PAPERS SAY THIS MORNING
CULTURE secretary Jeremy Hunt
yesterday survived a crunch House
of Commons vote on his future by a
narrow margin of 290 to 252,
following a major operation by
Conservative whips.
Labour had forced a vote on
whether Hunt should be
investigated for breaches of the
ministerial code in relation to his
handling of the BSkyB takeover.
But Nick Cleggs decision to
order Lib Dems to abstain on the
issue meant Conservatives were
forced to travel from all over the
country to shore up support for
their beleaguered colleague. Tory
MP Justin Tomlinson even cut short
his honeymoon in the Mauritius
after being called to vote, thanking
his very understanding wife.
During a fiery debate Labour MP
Chris Bryant pushed parliamentary
protocol to its limits by directly
calling Hunt a liar, on the basis
that it was the subject of the
motion. But Hunt successfully
rebuffed accusations he had
purposely lied to parliament,
calling the allegations
disgraceful.
Earlier Labour leader Ed
Miliband said the issue was about
the prime ministers judgment,
which is so badly flawed even his
deputy won't support him.
Jeremy Hunt
survives crunch
ministerial vote
George Osborne expects banks to comply with his ring-fencing plans by 2019
2
NEWS
BY JAMES WATERSON
BY PETER EDWARDS
To contact the newsdesk email news@cityam.com
C
OULD Brussels have been taken
over by saboteurs, a secret army
of eurosceptic infiltrators and
spies masquerading as officials?
I only ask because it now almost
seems as if Spains bailout was delib-
erately designed not merely to fail but
to inflict maximum damage on the
Spanish economy and the entire
Eurozone. Rarely have I seen such
incompetence. Last nights decision
by Moodys to downgrade Spain
another three notches it is now just
higher than junk was made for sev-
eral reasons but the first, ironically,
was the bailout itself, which in reality
was merely a soft 100bn loan to the
already increasingly indebted Madrid
government. This will further
increase the countrys debt burden,
which has risen dramatically since
the onset of the financial crisis, as
Moodys put it. So there you go: the
EDITORS
LETTER
ALLISTER HEATH
It is clear that the Eurozone can no longer do anything right
THURSDAY 14 JUNE 2012
bailout was so damaging that it
might actually precipitate the need
for another bailout. Rarely has public
policy been so counter-productive; in
the old days, the law of unintended
consequences used to take many
years before it manifested itself. Now
it just takes a few days before it
becomes clear to all and sundry that
bailouts have achieved the opposite of
what they intended. As to Spain,
Moodys is warning that it could be
cut to junk within three months
time. Such a move would trigger
more chaos, including haircuts.
Meanwhile, France, Germany and
other conflicting sources of power
and influence within the EU keep
making contradictory statements it
is almost impossible to decipher
Germanys comments in particular at
the moment. So what next? More
bailouts, presumably, until the cash
runs out. Cyprus could come soon. It
was also downgraded last night; its
economy is inextricably linked to
Greeces, which faces a major turning
point at the weekend when it decides
whether to back pro or anti austerity
parties. An election of the latter
would trigger almost certain default
and Grexit. We shall soon find out.
SHAREHOLDER SPRING
Im thoroughly enjoying the share-
holder spring. It is good to see the
a pay rise. For a start, one needs to
look at a shares total return, which
includes the dividend, but that is only
truly relevant over longer periods of
time, thanks to compounding.
The main issue is that the same peo-
ple who rant against excessive short-
termism in markets are often guilty
of falling into the same trap when
looking at a CEOs performance, espe-
cially in times of falling share prices,
which bolsters their case. As long as a
firms financial performance, proper-
ly measured, has been good, it should-
nt matter too much whether a share
price has dipped for a few quarters.
The converse is also true: a higher
share price should not in of itself suf-
fice to trigger a pay hike. Life is more
complicated than that.
owners of companies finally exercis-
ing their proprietorial rights and
duties. This is not about equality, class
war or fighting high pay, as some
observers would have us believe this
is a profoundly capitalist revolution,
with those who put up capital
attempting to regain control and
ensuring that high pay only goes
hand in hand with high levels of per-
formance. Bosses of publically traded
companies are employees not own-
ers regardless of whether they actu-
ally founded the firm they run. But
while it is right for shareholders to
crack down on rewards for failure,
and to make sure that even successful
bosses arent engaging in gratuitous
pay hikes, some arguments being
used by the discontents are flawed. It
makes no sense to take a companys
share price for a year and to use that
to determine whether a CEO deserves
fenced so that taxpayers are better pro-
tected when things go wrong. We will
be able to bail in creditors when a bank
fails rather than turning to the public
purse.
Osborne is persisting with controver-
sial plans to rank the rights of individ-
ual depositors above bondholders and
corporate creditors in the event of a
bank failure.
The Treasury will today publish a
white paper with a high and flexible
ring-fence between retail and invest-
ment banking. The division is set to
include equity and governance restric-
tions and a small amount of flexibility
inside the ring-fence for simple hedg-
ing tools where they are part of the
normal corporate banking set-up for
small business. The paper should also
confirm the details of plans to make it
easier for consumers to switch their
bank account provider.
Under the new system the Bank of
England and the Financial Services
Authority will publish reviews on how
prudential standards and conduct
requirements can act as a barrier to
market entry.
DEBATE: Page 19

THE FORUM: Page 18

The new jobs website for London professionals
CITYAMCAREERS.com
BRITAINS top tax officials were justi-
fied in making secret deals worth bil-
lions of pounds with major five major
corporates, a report says today.
HM Revenue & Customs achieved a
good outcome for the public purse
by resolving a series of long-running
disputes with the five unnamed firms
but was criticised for bypassing prop-
er governance procedures over the so-
called sweetheart deals.
The report, produced by the
National Audit Office, found the deals
were reasonable and that one may
have been better than reasonable.
The identity of the companies which
agreed the deals was not revealed but
they are believed to include Vodafone
and Goldman Sachs.
The NAO said the large tax
settlements were complex
and admitted: There is no
clear answer as to what rep-
resents the right tax liabili-
ty. The report was
commissioned after a review
into the deals by former
High Court judge
Sir Andrew Park.
HMRC was criti-
cised, however,
for failing to act
Auditor backs
HMRC tax deals
with Goldman
BY PETER EDWARDS on the concerns of its own specialist
staff over tax disputes. It did not
always keep notes of key meetings at
which the terms of settlements were
agreed with companies.
Specialist staff were sometimes
excluded from the final settlement
negotiations and the department did
not always ensure that these staff
involved understood the reasons for
settlement, the NAO said.
Margaret Hodge, chairman of the
public accounts committee said the
report confirmed concerns about the
uncontrolled way HMRC agreed
secret deals.
Vodafone said it welcomed the
report. Goldman said it takes its
responsibilities as a taxpayer very
seriously, adding: The settlement
covered matters dating back over a
decade and in the last 10 years
Goldman Sachs and its employees
have paid over 10bn in taxes to the
UK Revenue.
Separately campaign group UK
Uncut Legal Action has won permis-
sion from a High Court judge to chal-
lenge a deal between HMRC and
Goldman. It claims the bank was
let off paying 20m.
Jamie Dimon blames $2bn loss
on management chain failure
JPMORGAN Chase chief executive
Jamie Dimon used his much
anticipated appearance before
lawmakers to apologise for the
banks multi-billion dollar trading
loss but made clear he will still
criticise how Washington tries to
curb Wall Street.
The Senate Banking Committee
scheduled the hearing to grill
Dimon on how a hedging strategy
in a seemingly low-risk London
office morphed into a complex bet
BY HARRY BANKS that has produced at least $2bn
(1.28bn) in losses.
Asked if he had approved the
trading strategy, Dimon said, No. I
was aware of it, but I did not
approve it.
Dimon told the committee that
people throughout his
management chain of command
had failed. You can blame it on
anyone in that chain, he said.
He told senators the trades
started as a genuine hedge that
would make the firm a lot of money
if a credit crisis hit. What it
morphed into, I will not try to
defend, he added.
But Dimon said Washington must
not overreact to JPMorgans trading
loss and tighten new rules so much
that it hurts financial markets.
Dimon, confident and amiable
through most of yesterdays
hearing, appeared angry only
briefly in an exchange with a
senator over whether JPMorgan
needed taxpayer assistance during
the 2007-2009 financial crisis.
Shares of JPMorgan, the largest
US bank by assets, rose 1.6 per cent. Dimon said he was aware of the trading strategy but he had not approved it
Margaret Hodge raised
questions over HMRC officials
THE GOVERNMENT was last night
struggling to reaffirm its
commitment to the controversial
High Speed Two (HS2) railway
project following a claim that it
has been quietly dropped.
An anonymous Conservative
minister quoted in todays edition
of The Spectator is reported to
have said: The project is
effectively dead. The only thing
keeping it on life support is David
Camerons backing.
Coalition claims that it is still
committed to High Speed Two
BY JAMES WATERSON
Yesterday Cameron refused to
rule out a third runway at
Heathrow, seen as an alternative
project to HS2. At Prime Ministers
Questions he said the government
must not be blind to the
question of expanding airport
capacity and that it is important
to ensure Heathrow operates
better. But he also added that he
is keen to press ahead with HS2.
A Department for Transport
spokesman claimed last night:
The governments commitment
to HS2 has not changed.
3
NEWS
cityam.com
BUNDESBANK claims on the
Eurosystem soared in the past six
months as investors pulled cash out
of weak economies and poured it
into Germany, new data has
revealed, leaving the central bank
and so German taxpayers heavily
exposed to the weaker economies.
The German central banks
exposure to the Target2 payments
system stood at 698.6bn (565.6bn)
at the end of May, up from 495.2bn
six months ago.
The exposure arises through inter-
bank transfers of cash flowing into
Germany, which leaves the
Bundesbank with claims against the
European Central Bank (ECB), and
the ECB with claims on other central
banks, and from the ECB pumping
liquidity into banks.
If the Eurozone broke up, that
could leave the German bank out of
pocket, as the leaving countries may
not honour their debts to the ECB.
To cover that cost, the German
government could issue debt to
recapitalise the ECB, said Simon
Ward from Henderson, or the ECB
could lend the money to recapitalise
the system, resulting in higher
inflation. Either way, the German
taxpayer loses out.
However, ECB boss Mario Draghi
has denied the exposures are a
problem, as the ECB takes collateral
in exchange for providing liquidity.
German central
bank exposed
to Greek exit
BY TIM WALLACE
STRUGGLING Eurozone members
Spain and Cyprus both saw their cred-
it ratings slashed last night as
Moodys warned that they had been
effectively shut out of international
markets.
Spains government bond rating
was cut to just one notch above junk
status to Baa3 from A3 with
Moodys saying its banking bailout
would take years to recover from.
The credit rating agency, which
said it could still lower Spains
rating further, cited a triple
whammy of its up to 100bn
banking bailout, very limited
access to international debt markets
and the weakness of its economy for
the move.
Moodys decision follows that of
rival Fitch which cut Spains rating
by three notches to BBB last week.
Moodys also cut its credit rating
on Cyprus sovereign debt by two
notches last night, citing rising risks
of a Greek exit from the euro
currency and the expected support
the government will have to give to
its ailing banks.
Both Spain and
Cyprus see their
ratings slashed
BY KATIE HOPE
Moodys rating cut, to Ba3 from
Ba1, is based on the assumption that
Cyprus will need to provide support
to its banks in excess of a prior
estimates of five to 10 per cent of
GDP.
Fears over a euro exit by Greece
could lead to faster withdrawals of
deposits from Cypriot banks Greek
branches, thereby straining liquidity,
Moodys said.
The rating cut came as Cyprus
yesterday indicated it is looking to
Russia and China as well as Europe
for the best possible bailout terms.
Speculation is mounting that an
international bailout for Cyprus is
imminent, with it seeking as much
as 4bn over a fifth of its economy.
Deputy Europe minister Andreas
Mavroyiannis said yesterday that
1.8bn was needed within the next
few weeks to recapitalise Cyprus
Popular Bank but that other banks
may need money too. He said Cyprus
would borrow a maximum of 4bn.
The country is seeking ways to
avoid tapping the EU because of
what Mavroyiannis described as the
negative connotation that comes
with it.
European Central Bank boss Mario Draghi denies the systems imbalances are a worry
4
EUROZONE CRISIS
cityam.com
Q
How did this exposure arise?
A
When money is transferred from
a bank in Greece to a bank in
Germany through the Target2
payments system, the Bundesbank
creates the money in the account. It
is owed that amount by the
European Central Bank until such
time as it can be retrieved from
Greeces central bank.
Q
What happens if Greece leaves the
Eurozone?
A
The Greek central bank will not
pay up, leaving the Target2 system
and ECB with a shortfall. The gap
will then have to be paid by the
ECBs shareholders the largest of
which is the Bundesbank. That can
be funded either by the German
government borrowing money to
recapitalise the system, or the ECB
lending the cash, which would
monetise the shortfall, boosting
inflation. Either way, the German
taxpayer will have to take the hit.
Q
Can Germany stop their exposure rising?
A
No. It is unlikely that exposures to
Greece can rise much further its
banks have very little money left.
However, the inflows are also
coming from Spain and Italy, which
have a lot more cash.
Q
A
and
Where did this 698bn
exposure come from?
ITALYS borrowing costs jumped again
yesterday as the sovereign debt crisis
continued, while official data showed
industrial output plunging across the
Eurozone, underlining the crippling
impact on the real economy.
Prime Minister Mario Monti came
under pressure from MPs who
demanded he slow down his austerity
programme, asking him to borrow
more in an effort to boost short-term
economic growth.
The leader of the Democratic Left
party told Monti he should consider
pushing back its structural balanced
budget target, which is currently set
for next year.
Meanwhile Angelino Alfano from
the People of Liberty bloc said he will
continue to support Monti as long as
he tells German leader Angela Merkel
there may be a negative reaction if
she does not allow governments to
spend more.
However, German finance minister
Wolfgang Schauble defended the
unelected PM, saying If Italy contin-
ues along Montis path there will be
no risks, while Monti himself instead
called for more taxes, arguing it may
BY TIM WALLACE
make sense to impose a financial
transactions tax across the whole EU.
Markets put more downward pres-
sure on spending, charging the gov-
ernment 3.972 per cent to borrow
6.5bn (5.3bn) for one year up from
2.34 per cent a month ago.
In contrast, the US continued to ben-
efit from the flood of cash leaving
troubled Eurozone governments, with
its 10-year borrowing costs falling to a
new record low of 1.622 per cent.
Meanwhile new data showed
Eurozone industrial output as 2.3 per
cent lower in April than in the same
month of 2011.
Italy led the fall with a 9.2 per cent
collapse, followed by an 8.3 per cent
fall in Spain.
Greek outflows rise as analyst
calls voters complacent on euro
IF GREEKS realised the terrible state
of their countrys banks and
understood the risks of a Eurozone
exit, the flow of deposits from
banks would become much worse, a
top analyst claimed yesterday.
Deposits are already down 30 per
cent from their peak, falling by
between 6bn (4.9bn) and 7bn in
May, with the outflow accelerating
to between 500m and 700m per
day this week as the countrys
crucial general election approaches.
But Nomura analyst Lefteris
BY TIM WALLACE
Farmakis warned that Greek
depositors have yet to understand
the risks they are running by
keeping their money in the banks.
A large proportion of the
population are ignorant or
complacent or both about the
potential for a euro exit and the
consequent predicament for the
banking sector, he said.
However, there are not many safe
places other than banks to keep your
money if you dont have the luxury
of a bank account abroad, while the
fact that around 60 per cent of the
total are time deposits may have also
helped on the margin. Finally, many
people still do not think a euro exit
is possible.
IN BRIEF
European MPs back new powers
n European ministers yesterday backed
new powers for the EU executive to
exercise control over national budgets and
urge struggling countries to take a bailout.
The ministers agreement is necessary for
the new powers to become binding, but
negotiations will take months. If accepted,
the commission would be able to prepare a
proposal for ministers to recommend that
a Eurozone government ask for emergency
funding if its financial or problems
threatened the Eurozone as a whole.
Credit Agricoles Emporiki in focus
n French bank Credit Agricole is
considering walking away from its
troubled Greek Emporiki Bank unit and
letting it fail, according to the Wall Street
Journal. Another option under
consideration is for Credit Agricole to
merge Emporiki into a larger
conglomerate of Greek banks in which the
French lender's stake would be diluted to
about 10 per cent, the paper said. Credit
Agricole declined to comment.
One Spanish bank could close
n Spain may need to wind down one of
its bailed-out savings banks, the European
Union's competition chief said yesterday,
warning liquidation of a bank may be
preferable if the costs of rescuing it are too
high for taxpayers. The European
Commission is allowed to refuse a request
to rescue a bank if it considers the lender
too costly to save. Spain is awaiting final
approval from the European Commission
for the restructuring plan for three banks
rescued by the state: NCG Banco,
Catalunya Caixa and Banco de Valencia.
ANGELA MERKELS government failed to resolve a row with opposition parties
yesterday, holding up parliamentary ratification of both the EU's new fiscal treaty and
the Eurozones permanent rescue fund. Talks will resume next week.
MERKEL FAILS TO DO FISCAL COMPACT DEAL
Bank deposits have been leaving Greece
Jan04 Jan07 Jan10 Jul 11 Jul 08 Jul 05
260
240
220
200
180
160
140
120
100
bn
Depositsfrom
domesticresidents
Italian one-year borrowing costs hit a six-month high
Jun May Apr
4%
3%
2%
3.972%
5
EUROZONE CRISIS
cityam.com
MPs beg Monti
to spend more
as yields soar
Weak US sales
weigh on hope
for recovery
BY CITY A.M. REPORTER
J SAINSBURY crowned itself a Jubilee
winner after chief executive Justin
King said the Queens celebrations
helped the retailer continue to beat
its rivals in the first quarter of 2012.
Like-for-like sales rose 1.4 per cent in
the 12 weeks to 9 June, while total
sales rose 3.8 per cent excluding fuel,
with savvy shoppers continuing to
save in order to splash out on special
occasions like the Jubilee.
But shares slid more than three per
cent yesterday, after sales were shy of
analyst forecasts and King refused to
reveal how much the Jubilee had
added to his sales.
Were not going to break out indi-
vidual weeks, King said but conced-
ing that it had enjoyed a record week
outside of Christmas in the run-up to
the Jubilee celebrations.
Earlier this week Tesco said it had
added an extra 1bn to sales,
although its like-for-like sales in con-
trast fell 1.5 per cent in the quarter.
If you take the quarter as a whole it
is pretty much like for like in terms of
good news and bad news, added
King. The good news of a special
royal occasion, a few weeks of decent
Sainsbury says
it beat rivals
but shares fall
BY KASMIRA JEFFORD
weather, and a few bank holidays, and
the bad news of some challenging and
unseasonable weather.
King defended the slowdown on the
previous quarter, when the supermar-
ket giant saw a like-for-like growth of
2.6 per cent, saying it continued to
beat the market by some margin.
Sainsburys said it was winning mar-
ket share in its core general merchan-
dise and clothing categories, as
non-food sales continued to grow
faster than food. The retailer enjoyed
the strongest ever sales week on
clothing, helped by a new collection
of its Gok for TU womenswear range.
King offered some hope on con-
sumer outlook, pointing to fuel prices
which showed no year-on-year rise.
Grocery industry up
on jubilee weekend
BY LAUREN DAVIDSON
THE DIAMOND jubilee injected a
dose of cheer into the UK grocery
retail industry, boosting sales by an
impressive 12.5 per cent in the week
running up to the festive weekend,
according to insights firm Nielsen.
The successful seven days came
on top of another bumper week,
when grocery sales jumped 5.7 per
cent due to the warm weather and
the launch of the Olympic torch
relay.
The two weeks surpassed the
growth rate earlier in May, when
sales were subdued by the cold and
wet weather.
Overall, May was a month of
better momentum across food
retailing, with the major
supermarkets issuing a deluge of
cash savings and discounts.
Promotional spend remains at 35
per cent of overall basket sales at
the grocery multiples, said Mike
Watkins, Nielsens senior manager
for retailer services.
Justin King said results were in line with expectations
J Sainsbury PLC
13Jun 7Jun 8Jun 11 Jun 12Jun
282.5
285.0
280.0
287.5
290.0
292.5
295.0 p 283.50
13Jun
Sainsburys rise in sales was steady but shy of expectations, with the
shares reecting a tinge of disappointment... The numbers were boosted by
including the Jubilee weekend, unlike Tesco, and progress in clothing
and online remained notably strong.
ANALYST VIEWS
Sainsbury did continue to outperform the market and its same store
sales are around three per cent ahead of its key rival Tesco. But Sainsburys dif-
ferential over Tesco may be starting to narrow and it is noteworthy that
this statement included the Queens Diamond Jubilee.
A very slightly below consensus for Sainsbury but, in truth, this is a

decent like-for-like sales performance, given the awful weather in April. We
remain buyers with a target price of 350p.
DID SAINSBURYS RESULTS

DISAPPOINT?
Interviews by Kasmira Jefford
RICHARD HUNTER HARGREAVES LANSDOWNE
CLIVE BLACK SHORE CAPITAL
PHILIP DORGAN PANMURE GORDON

6
NEWS
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US RETAIL sales fell for a second
straight month in May and
wholesale prices dropped by the
most in three years, raising chances
of further action by the Federal
Reserve to shore up the recovery.
Retail sales slipped 0.2 per cent as
demand for building materials
sagged and declining gasoline
prices weighed on receipts at
service stations, a Commerce
Department report showed.
DEPUTY Prime Minister Nick Clegg
yesterday backed claims that the
Liberal Democrats were threatened
with negative media coverage in the
hope they would curb their criticism
of Rupert Murdochs bid for BSkyB.
Clegg told the Leveson inquiry
that an executive associated with
News Corporation recommended
the party did not oppose the bid for
BSkyB: [Lib Dem MP] Norman Lamb
was told that it would be good for
the Liberal Democrats to be open to
the bid, otherwise we would expect
no favourable treatment from the
Murdoch press. Norman was quite
agitated about that.
Referring to the first time he met
Rupert Murdoch at a dinner party
in 2009 he said: I was at the very
end of the table where the
children sit, so to speak.
Clegg admitted having lunch
with News Corp lobbyist Fred
Michel in September 2010 but said
it was because their children went
to school together. Even though
Clegg was in government by this
point he insisted they did not
discuss the BSkyB bid at the meal.
Meanwhile Scottish First Minister
Alex Salmond told the inquiry that
he believed journalists from The
Observer had accessed his personal
bank details in 1999.
Clegg claims
Lib Dems were
threatened
BY JAMES WATERSON
HECTOR Sants warned yesterday that
the new Bank of England head will
have an impossible job to do, thanks
to laws passing through parliament
that hand power over financial stabil-
ity and banking supervision to the
governor.
We could be concerned that the
operational task given to the governor
as an individual of course that will
be a new governor by the time the
reforms come into place is
just too great, said the outgo-
ing chief exec of the FSA
watchdog. I think the risk is
that operationally this is
going to be too
difficult for one
person to man-
age.
The plans to
give the gover-
nor extra
responsibilities
have already
been criticised
Sants says new
Bank governor
job is too hard
BY MARION DAKERS
by the Labour party, with shadow
chancellor Ed Balls and predecessor
Alistair Darling saying the new boss
needs to be superhuman to fulfil his
duties.
Sants also claimed yesterday that the
bank run on Northern Rock could
have been prevented if the Bank of
England had taken his advice.
He said it was a pity that the Bank
refused to help Lloyds to buy strug-
gling Northern Rock in 2008.
I think that would have made a dif-
ference, it would have avoided the
queues at Northern Rock and it would
have changed the general climate in
relation to the old building society sec-
tor that had moved into the banking
sector, he told the BBC in an inter-
view.
Sants also argued that UK
banks are hoarding cash because
of market pressures, rather than
due to regulatory burdens as the
firms themselves have claimed.
WPP directors suffer
after drawn out row
WHILE the strongest and least
surprising shareholder revolt was
directed at Sir Martin Sorrells pay
package yesterday, WPPs directors
did not escape unscathed.
More than a fifth of investors
rejected the re-election of
remuneration committee chair
Jeffrey Rosen and non-executive
directors Ruigang Li and Koichiro
Naganuma, in a further sign of
BY LAUREN DAVIDSON
shareholder discontent with the ad
companys management.
Almost 22 per cent declined to back
Rosens re-election to the board. Lis
position was rejected by 27.8 per
cent of shareholders, while 29.7 per
cent voted against Naganumas
directorship.
Just under 12 per cent of WPPs stake
holders declined to back the re-
election of Philip Lader, the
companys chairman.
Hector Sants is worried the new
Bank boss has an impossible job
INTEREST rate growth on
mortgages steadied in May,
according to Bank of England
figures out yesterday though
economists warned this is likely to
be a temporary and uneven pause
in the long-term rise in rates.
Homeowners with the riskiest
loans saw a jump in rates last
month. Banks and building
societies offering a two-year
mortgage with a 90 per cent loan to
value ratio hiked rates 25 basis
points to 6.04 per cent last month
up from 5.45 per cent in January.
Homeowners with long-term
loans enjoy a rate hike pause
BY MARION DAKERS
But rates on a five-year mortgage
with a 75 per cent loan to value fell
two basis points to 4.27 per cent,
just 11 basis points higher than at
the start of the year.
The average interest rate on cash
ISAs, meanwhile, remained at 0.66
per cent, up just 11 basis points in
the year to date.
With banks yet to pass on fully
their rises in funding costs, this
pause is only likely to be temporary
hence the comments from two
MPC members this week that the
Bank should be thinking about
doing more to alleviate tight credit
conditions, said Capital Economics
chief UK economist Vicky Redwood.
7
NEWS
cityam.com
Interest rates on safer mortgages were steady last month under Sir Mervyn Kings watch
JEFFREY ROSEN PHILIP LADER
Former White
House deputy chief
of staff Philip
Lader, now a senior
adviser to Morgan
Stanley, has been
WPP chairman
since 2001. While
he maintained
WPP had exercised
best commercial
judgment and
was acting in the
best interest of
shareholders,
Lader conceded in
the run up to the
general meeting
that the board
would be willing to
reassess Sorrells
pay if shareholders
voiced dissent.
21.8%
voted against
re-election
11.81%
voted against
re-election
Jeffrey Rosen,
chairman of WPPs
compensation
committee, has
faced criticism for
his involvement in
Sorrells pay rise.
Before joining the
WPP board in
2004, Rosen was
at Wasserstein
Perella where he
advised on WPPs
financial
restructuring in
1992 leading
shareholder
advisory group Pirc
to question the pay
chairmans
independence in
his dealings with
the ad company.
A
FTER getting bruised by a
67 per cent revolt over its
remuneration report, Cairn
Energy must be hoping
that Nautical Petroleum has
more biddable shareholders. The
announcement yesterday of an
agreement for Cairn to acquire
the North Sea-focused firm at
450p a share still needs 75 per
cent of Nauticals share owners to
vote in favour if it is to go ahead.
That may have seemed a foregone
conclusion, but the share price of
Nautical ended the day above
460p, while Cairn dipped 1.1 per
cent, indicating the possibility of
a counteroffer.
While the deal has the
support of Nauticals board,
only 8.89 per cent of
shareowners are irrevocably
committed to vote for the
scheme. Another 18.36 per cent
have expressed an intention to
vote for it, but could still have
their heads turned by another
bidder. The Aim-listed firm has
just three shareholders that
declare holdings of over three
per cent, and these only total
23.75 per cent of votes between
them, so there are lots of small
shareholders to win over before
the deal is sealed.
This uncertainty is a sign of
the energy in the North Sea oil
and gas companies at the
moment, where promising but
costly prospects like the Catcher
field are helping to drive
consolidation among a large
number of small players. Cairn
itself already acquired Agora Oil
& Gas for 280m this April, and
between the two would own a 30
per cent stake in Catcher, which
is expect to cost 1bn-1.8bn to
bring onstream.
But thats not to say that the
exploration and production
company is refocusing on the
North Sea. It hopes to use
medium-term revenues from
Catcher and similar discoveries,
where first oil is planned for as
soon as 2015, to fund its
operating focus on frontier
basin explorations in Greenland,
Lebanon and Cyprus. It just has
to hope that Nauticals owners
think this is their best offer.
Marc Sidwell is City A.M.s
managing editor.
SHARES in Aim-listed North Sea explorer
Nautical rocketed 55.16 per cent yesterday
after larger oil firm Cairn made a 414m
bid for the company.
Nauticals shares soared above the 450p
offer price to close at 462p after it
announced the recommended approach,
signalling that investors are eyeing up a
counter-offer.
FTSE 250-listed Cairn plans to acquire
firms to balance out its high-risk and so far
unsuccessful exploration projects in
Greenland. The firm bought Agora Oil &
Gas for $450m in April, pointing to a taste
for the relative stability of the North Sea.
The acquisition will give Cairn access to
near-term sustainable cash-flow to help
fund future activities, said Cairns chief
executive Simon Thomson.
Analysts at Peel Hunt said the deal was
too cheap, wait for more, despite the 51
per cent premium to Nauticals Tuesday
closing price, as the deal fails to give full
value to the firms potential oil deposits.
Other analysts, such as Canaccord
Genuity, said the two firms were a good
fit, and that potential rival bidders are like-
ly to have already studied and discounted
Nautical. Cairn has already secured accept-
ances from investors owning 27.25 per
cent of Nautical shares.
Cairns 414m
approach sends
Nautical soaring
BY MARION DAKERS
CAIRN worked with nancial
adviser Rothschild to make its
bid for Nautical. James Smith, a
long-time adviser to Cairn and
director of Rothschilds oil and
gas team, took the lead.
Smith counts French oil major
Total and Bowleven among his
clients. Rothschild has advised
Cairn Energy on 11 transactions
during the past decade, includ-
ing its $6bn sale of Indian
assets to Vedanta.
Nautical turned to Investec, its
nancial adviser and joint bro-
ker, along with RBC Capital
Markets.
Chris Sim and Neil Elliott led
the team at Investec. The pair,
who moved over with
Evolution at the start of the
year, brought the Nautical
mandate with them. Sim and
Elliott also advise Coal of
Africa, Circle Oil and Afferro
Mining.
Tim Chapman and Matthew
Coakes at RBC act as joint bro-
ker for Nautical.
By Lisa Moravec
ADVISERS CAIRN BID FOR VEDANTA
ROTHSCHILD, INVESTEC AND
RBC CAPITAL MARKETS
THE INTERNETS biggest shake
up is one step closer after the
list of submissions for new
domain names was yesterday
unveiled.
ICANN (Internet Corporation
for Assigned Names and
Numbers) revealed the 1,930
website domains applied for
including .blog, .youtube and
.bbc which will hit the world
wide web from early 2013
alongside the usual websites
ending in .com and .co.uk.
Corporate giants including
Google, Amazon and Apple have
all applied for domain names,
but not all brands were
convinced, with Kelloggs and
Coca Cola refusing to take part.
At a cost of $185,000 (119,000)
to apply, plus a $25,000 annual
renewal charge, the process has
faced criticism from companies
and trade bodies.
Stephen Ewart, marketing
manager at Names.co.uk,
said: Our concern is that
this could lead to more
Facebook-style walled
gardens as big brands
seek to keep you in their
own areas of the internet. It
could be viewed as a silent
privatisation of the web.
But Peter Dengate Thrush,
former ICANN chairman, told
City A.M., This is about running
a piece of the internet
infrastructure. Think of it like
this: everyone wants to fly,
but not everyone needs to
run an airline.
He added: This is the
biggest change there has
ever been for the
internet.
City Hall applied for the
domain name .London and
claims the brand will
create jobs and
deliver business
benefits to the
capital.
BY LAUREN DAVIDSON
Once people get used to it, I
think it will be a good thing for
some firms, as long as its done effective-
ly. Its good for marketing, but I imagine
it will be expensive so many companies
who might want to try it will not be able
to afford it.
These views are those of the individuals above andnot necessarily those of their company
DANE NOAKES
LONDON MARKET DYNAMICS
DO YOU THINK THE NEW DOMAIN NAME RULES WILL BE
GOOD FOR BUSINESS? Interviews by William Orr and Lisa Moravec CITYVIEWS
Cairn chairman Bill Gammell sets his sights on North Sea
Nautical Petroleum PLC
300
350
400
450
500 p
462.00
13 Jun
8
NEWS
cityam.com
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CTY OF LONDON
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I think that it could be a suc-
cessful marketing strategy, but
only a handful of companies will be able
to afford it, so it could be beneficial for
them. However, it will have little or no
effect on the smaller companies who cant
afford it.
DAMIEN HING
FIRST STATE INVESTMENT
I think a lot of major companies
are happy with their domain
names and if you play around with it, it
could have an effect on your corporate
branding, and so its a dangerous game to
play. As a managing director of a major com-
pany I would be resistant to it.
LES VENUS
THRESHOLD INITIATIVE
Changing face of internet as
list of .brand sites revealed
BOTTOM
LINE
MARC SIDWELL
North Sea energy sparks talk of a counteroffer
Peter Dengate Thrush
led the web reforms
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ends Sunday
RUBICON worked with WH Ireland, its advis-
er since oating on Aim in 2006, during the
acquisition of Fly540. Head of corporate
nance James Joyce led the team alongside
Nick Field.
Joyce, a chartered accountant, is an expert
in the sector and counts Australian carrier
Skywest among his clients, as well as aircraft
leasing companies Aviation PLC and Capital
Lease Aviation.
He previously worked at Arthur Andersen
and the London Stock Exchange, and prior
to joining WH Ireland spent ve years at a
venture capital and corporate advisory rm.
Lonrho was advised by new broker and
adviser Jefferies Hoare Govett, which is
replacing Panmure Gordon.
Managing director Sara Hale is the rms
lead corporate broker, while Michael
Collinson in the consumer investment bank-
ing team is the lead sector banker.
Hale is also on the team that picked up the
broking mandate at potash rm Sirius
Minerals in April, and has advised
Hargreaves Services, Avis and Taylor
Wimpey in recent transactions.
Collinson, who moved to Jefferies from RBS
last year, runs the consumer industries
group of global banking and markets with
Robert Foster.
ADVISERS RUBICONS PURCHASE OF FLY540 FROM LONRHO
JAMES JOYCE
WH IRELAND
Rebekah Brooks bailed after
court date over hacking scandal
REBEKAH Brooks made a
preliminary appearance in a
London court yesterday, accused of
hindering a police investigation
into phone hacking and
corruption by staff at British
tabloids.
A large crowd of photographers
and reporters greeted the arrival
at court of the 44-year-old, a
former editor of both the News of
the World and The Sun.
Brooks is charged with
concealing material from
detectives carrying out a major
BY HARRY BANKS
inquiry into alleged criminal
activities at News International, the
British newspaper arm of Rupert
Murdochs News
Corp where she
was chief
executive until
last year.
Police say
she was
involved in
the removal
of boxes of
archive
records
from its
London
headquarters, concealing material
from detectives, and hiding
documents, computers and other
electronic equipment.
Brooks, her racehorse trainer
husband Charlie, her secretary and
three other staff from News
International face charges of
conspiracy to pervert the course of
justice.
Brooks spoke only to confirm
her address and date of birth
before being granted bail. The cases
of all the defendants were sent to
Southwark Crown Court where the
next hearing will be on 22 June.
Rebekah Brooks is the ex-editor of the
News of the World
10
NEWS
cityam.com
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Network Rail falls short of punctuality targets
DISAPPOINTING train delays, a poor
performance for freight customers,
irate operators but at least there
are fewer rail replacement buses,
said the UK rail watchdog yesterday.
The Office of Rail Regulation
(ORR) said it was very disappointed
by Network Rails customer service
in the last year, as the authority in
charge of Britains train network fell
short of many punctuality goals.
More than a third of train
BY MARION DAKERS
operators were dissatisfied or very
dissatisfied with Network Rail, up
five percentage points, while the
number of customers satisfied or
very satisfied fell by the same
amount to 43 per cent.
The watchdog, which last month
threatened Network Rail with a
record 24m fine if its performance
fails to improve, complained in its
quarterly report that the group needs
to be more proactive.
While Network Rail met targets for
cancellations on regional and long
distance routes, it missed goals for
London and the south east, where 2.4
per cent of journeys were cancelled
or had significant delays.
Network Rail missed its targets for
freight punctuality by some 11 per
cent, but the efforts to improve mean
the ORR wont impose a fine.
On the bright side, the rail authori-
ty has ensured that engineering work
has disrupted fewer journeys than
expected, and has scaled back the use
of rail replacement buses by changing
routes when tracks are closed.
EASYJET founder Sir Stelios Haji-
Ioannous bid to launch a low-cost air-
line in Africa took a step forward
yesterday as his cash shell partner
bought regional carrier Fly540.
Rubicon, the investment vehicle
that started life as a software compa-
ny, paid $85.7m (55m) to take over
Fly540 from Lonrho, the London-list-
ed African conglomerate that spent
six years establishing the airline in
Kenya, Tanzania, Ghana and Angola.
The firm hopes to start operations
under the FastJet brand name and
orange livery within three to four
months of the deal being approved by
investors, said chief executive desig-
nate Ed Winter.
Having Fly540 massively de-risks
our launch, Winter, a former easyJet
executive and founder of no-frills car-
rier Go, told City A.M. Its a small air-
line, with 10 planes, but the potential
for expansion is enormous.
Its the optimum time to develop
low cost air travel in Africa. Its the
last frontier for airlines. Wealth is
being spread across much greater sec-
tions of society, but the road and rail
links remain difficult.
He stressed that FastJet will operate
to European standards, in the wake of
a fatal crash in Nigeria prompting
safety concerns in the industry.
Under yesterdays deal, Stelios takes
a five per cent stake in Rubicon with
Stelios takes a
stake in African
low-cost airline
BY MARION DAKERS
an option for a further 10 per cent,
while Lonrho remains involved with a
73.7 per cent holding in the firm.
Stelios will take a non-executive seat
on the Rubicon board, and has grant-
ed the firm a ten-year licence to use
the FastJet name.
Past experience shows by halving
fares, a successful low-cost carrier can
encourage those people, who have
never previously travelled by air, to
fly, said Stelios yesterday.
Rubicons Richard Blakesley, who
will remain a director at the enlarged
firm, said the purchase of Fly540 fits
his investment firms requirements
for an exciting deal with real growth
opportunities, adding that he looked
forward to an extremely challenging
and rewarding time, and learning
more about the industry.
n Stelios started out working in his
familys shipping business in Greece
n He founded easyJet in 1995, and his
family remains a major shareholder
n His car hire firm easyCar is set to launch
a car-sharing scheme in London this year
n There are also two easyGyms, based in
Wood Green and Slough
n Other projects include DVD rental,
airport bus transfers, pizza delivery,
affordable watches and office space
EASY DOES IT
Stelios will take a five per cent stake in Rubicon, which is launching FastJet
DELL yesterday outlined plans to
slash more than $2bn (1.3bn) in
costs over the next three years,
primarily from the supply chain
and sales group, as it sharpens its
focus on the technology needs of
corporations.
Software and services are a key
growth area, Dell executives told
analysts at a conference in Texas
yesterday. The corporate software
and services business is on track for
average annual growth of 10 per
cent until fiscal 2016, it said.
Dells shares have fallen 15 per
cent in 2012, suppressed by
disappointing quarterly earnings
and fears that mobile devices are
eroding PC spending.
Dell to slash its
costs by $2bn
OPEC is expected to leave its
production ceiling unchanged at
30m barrels a day at todays meeting.
The move is expected despite
Saudi facing pressure from fellow
members of the Organization of the
Petroleum Exporting Countries
(OPEC) group to cut oil output in a
bid to prevent a further slide in
crude prices.
Brent crude traded just over $97 a
barrel yesterday having peaked this
year at $128 in March.
Our policy is to defend the
production ceiling agreed in
December of 30m barrels a day,
said Venezuelan oil minister Rafael
Ramirez.
Oil production
set to stay same
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IN BRIEF
Berwin Leighton Paisner revenue up
City law firm Berwin Leighton Paisner
yesterday announced an eight per cent
rise in revenue for its 2011-2012 financial
year. BLP posted turnover of 246m up
from 229m last year. The firm benefited
from its international presence, with rev-
enues outside the UK up by 45 per cent.
Tillman fights for Croydon store
Allders of Croydon, the department
stored bought by entrepreneur Harold
Tillman in 2005, is in crisis talks with its
landlords to reduce its rent and stave off
administration. Tillman is said to have
requested a rent-free period from its
landlord Jupiter properties, and asked
Croydon Council for a business rates-free
period.
Esprit chairman steps down
Joachim Korber, the chairman of Esprit
Holdings resigned yesterday, dealing a
double blow to the clothing retailer a day
after its chief executive Ronald van der Vis
stepped down in a move that wiped out
nearly a quarter of the companys share
price. The resignations have cast a cloud
over the companys HK$18bn (1.4bn)
restructuring plan and put it on the radar
of private equity buyers.
Seven pc refuse Johnston pay deal
Almost seven per cent of voters
declined to back Johnstons Press remu-
neration report at the publishers annual
general meeting yesterday. At the meet-
ing, chief executive Ashley Highfield said
the papers which recently switched from
daily to weekly were showing an average
increase of 77 per cent over their previous
daily sales, despite some price increases.
JD SPORTS, the sports fashion and
trainers retailer, yesterday posted a
sales rise of 1.2 per cent but warned
its recent acquisition of Blacks Leisure
could lose up to 15m this year.
Sales of sports goods rose by 1.2
per cent in the 19 weeks to 9 June,
the firm said, while fashion sales
jumped by three per cent.
JD said gross margins, however,
continued to be under pressure,
particularly in the first half of the
year, in part due to retailers continu-
ing to slash prices on the high street.
The retailer saw 2.2m wiped off
its profits last year following its
20m acquisition of Blacks, which it
inherited with a severe lack of
stocks and an excessive and over-
rented store portfolio.
It expects the level of operating
loss in the Blacks business this year
to amount to 10m with the poten-
tial for a further up to 5m charge
for restructuring.
While the business continues to
restructure its store portfolio and
operate with legacy buying deci-
JD Sports sales
rise but warns
on Blacks loss
BY KASMIRA JEFFORD
sions, it is difficult to be more pre-
cise on the short term outlook, but
we remain of the view that Blackss
market position can be exploited
profitably in the medium term, it
said in a statement.
The company, which has been step-
ping up its expansion overseas,
remained upbeat about its prospects
for growth, saying it was exception-
ally well positioned to take advan-
tage of any opportunities, both in
the UK and internationally.
Freddie George, analyst at Seymour
Pierce, said he expects half year
results to be markedly down but still
maintained his full year profit fore-
cast of 68m.
JD Sports Fashion PLC
620
640
660
680
700 p
615.50
13Jun
INDITEX, the Spanish fashion
retailer behind Zara and Massimo
Dutti, has posted a sharp rise in
first quarter earnings amidst
volatile conditions and poor
consumer demand in Europe.
Sales rose to 3.4bn (2.8bn) in
the three months to 30 April, up
15 per cent on last year while net
profit jumped by 30 per cent to
432m, outstripping consensus
forecasts by 11 per cent.
Analysts said the retailer was
benefiting from producing more
of its products in home markets
and North America, sheltering it
Zara owner Inditex bucks EU
gloom with sharp profits rise
BY KASMIRA JEFFORD from adverse exchange rates and
higher labour costs being passed
on from China.
Simon Irwin, analyst at Liberu
Capital said Inditexs flexible
model centred at its Galacia
headquarters where designs can
be changed quickly and stock
altered has helped it get ahead of
competitors.
It opened 91 new stores during
the quarter, including its flagship
Zara outlet on Fifth Avenue in
New York, bringing its total estate
to 5,618 at 30 April 2012.
Shares in the group, now Spains
largest by market value, rose 11
per cent to 75.1 yesterday.
12
NEWS
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The Duchess of Cambridge wore a Zara dress the day after her wedding
G
E
T
T
Y
THE MARKET for top European corpo-
rate bond issues has continued its
recovery to hit its highest year-to-date
point since 2009.
The value of investment grade cor-
porate debt issued reached 86.68bn
(70bn) for the year to 12 June, up 38.6
per cent from the same period last
year, according to Thomson Reuters.
German car group Porsche was the
top fee payer an indicator of the
size of the issues on 14.7m.
It was followed by Enel, Italys
largest utility company, on 9.8m, and
Saint-Gobain, the major French build-
ing materials groups, on 8.2m.
The report, which suggests compa-
nies struggling to borrow from
banks are turning to capi-
tal markets for fundrais-
ing, comes after months
of turmoil over sover-
eign debt levels in the
Eurozone.
The previous high at
this point of the year
was in 2009, when tur-
moil raged in the global
banking sector and pro-
ceeds hit 185.56bn.
BY PETER EDWARDS
Industrial firms made up the largest
sector share this year with 32.3 per
cent, the data showed.
The average coupon rate is currently
3.9 per cent, compared to 4.6 per cent
last year and the lowest level since
2005, when it was 3.7 per cent.
The top borrower nation was France,
with 29.9 per cent, followed by
Germany with 18.8 per cent of the
issuance, and Italy, on 9.5 per cent.
A lot of issues have been over-sub-
scribed so there are no reasons for lev-
els to drop, said Lucille Quilter, deals
intelligence analyst at Thomson
Reuters. Investors are looking for low
risk and are returning to high quality
corporates... Borrowing costs are not at
an all-time low, but they are at a low.
Fund manager Polar Capital
basks in warmth of profit rise
FUND manager Polar Capital
posted a jump in profits yesterday
after winning $1bn of net inflows
over the last year.
The AIM-listed firm, which is
based in London, said profits for
the year to 31 March rose five per
cent to 9.6m.
Assets under management
climbed to $5.08bn (3.27bn), up
31 per cent on the previous year.
Polar, which has large funds
investing in Japan, Europe, Britain
and the financials and technology
BY PETER EDWARDS
sectors, said that seven of its eight
long-only funds were in the top
quartile of performance.
Meanwhile four of its six hedge
funds made money.
Polar, set up in 2001, said core
operating profit excluding
performance fees leapt 97 per cent
to 7.1m.
Basic earnings per share rose 10
per cent to 9.48p.
Chief executive Tim Woolley said:
Assuming market conditions do
not deteriorate further, we are well
positioned for further significant
growth in the year ahead.
The results come after a
turbulent period for the fund
management industry, parts of
which have struggled to keep pace
with the market swings caused by
the long-running Eurozone
sovereign debt crisis.
Woolley declined to give details
of fund flows since March, but said
it was a reasonable assumption
that inflows seen in the year to
March had continued.
Mark Williamson, an analyst at
Peel Hunt, who rates the stock a
hold, said Polars results had met
his expectations.
IN BRIEF
Walker Crips profits slump
n Private-client broker Walker Crips
posted a slump in profits of nearly 40
per cent yesterday amid turmoil in the
Eurozone. Pre-exceptional profit before
tax fell 39.9 per cent to 1.06m for the
year to 31 March. Revenue inched up
one per cent to 20.31m but the firm
said it was hit by a lower level of equity
trading.
South West Trains ballot for strike
n The RMT union is balloting workers at
South West Trains for industrial action
during the Olympics, accusing the train
operator of reneging on an earlier deal
on working hours. The union claims SWT
has breached a business as usual
agreement by advertising additional
trains and later running during the
Games. The company said it was sticking
to its side of the deal, which included a
4.75 per cent pay rise in February.
G20 body warns on bonuses
n Banks are failing to comply with
global rules requiring them to peg
bonuses to long-term company
performance, the regulatory task force
of the Group of 20 leading economies
said yesterday. The G20 approved
principles in the aftermath of the 2007-
09 financial crisis to stop bonuses from
encouraging excessive risk taking. The
rules limit how much is paid up front in
cash. In a report for a summit of G20
leaders next week, the Financial
Stability Board said implementation
was improving but some areas needed
tightening up, in particular matching
bonuses to performance.
INVESTORS in
London-listed
miner Antofagasta
fired a warning
shot at chairman
Jean-Paul Luksic
yesterday as 10
per cent voted
against his re-
election. Luksic, a
major shareholder
who is running the
firm on an interim
basis after the
shock departure of
chief exec Marcelo
Awad, bore the
brunt of
shareholders
frustration with a
dividend cut amid
disappointing
copper output.
ANTOFAGASTA INVESTORS BRUISE CHAIRMAN
14.7
9.8
8.2
6.5
6.55
6.3
6.7
7.1
Top Fee Payers 2012 (m)
Porsche Automobil Holding SE
Enel SpA
Cie de Saint-Gobain SA
EDF
GDF Suez SA
Daimler AG
BMWAG
Anglo American PLC
%
13
NEWS
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Corporate bond
market issuance
hits 2009 levels
A LACK of education and skills will
drag down global economic growth in
the coming decade unless govern-
ments and businesses take drastic
action to improve training, according
to a report out today from McKinsey.
The consultancy believes there
could be 85m too few high- and medi-
um-skill workers and around 90m too
many low-skilled workers by 2020.
The lack of highly educated workers
is illustrated by the rising pay premi-
um for graduates in 2008 weekly
wages for college graduates in the US
were 2.8 times the wages of dropouts,
up from 1.7 times the wage in 1963.
Similarly unemployment rates are
far lower for those with higher levels
of education in the UK last year four
per cent of university graduates were
jobless, compared with 10 per cent of
those who left secondary school with-
out completing A-Levels.
Improving training and productivity
is also vital as populations age, the
report argues workers will need to
support the 360m people set to retire
by 2030.
Poor education
set to hit global
output growth
BY TIM WALLACE
To sustain historic rates of GDP
growth, productivity growth in
Germany will have to rise by about a
third to 1.6 per cent per year, while
southern European countries will
need to double their rate to 1.4 per
cent per year.
If they fail to do so, the next genera-
tion could be poorer than their par-
ents, McKinsey warns.
To compete and grow in this skills-
scarce environment, businesses will
have to dramatically step up their
role in public education and training,
and invest in their own training pro-
grams, the report argues.
IN BRIEF
Capital spending up in Japan
n Japans core machinery orders rose
more than expected in April, official
data showed yesterday, suggesting
that rebuilding from last years
earthquake will offset some of the pain
from a strong yen and Europes debt
crisis to support the fragile economy.
The 5.7 per cent rise in core orders, a
leading indicator of capital spending,
was more than the median forecast for
a 2.1 per cent gain and followed a 2.8
per cent drop in March, data from the
Cabinet Office showed. The data
underscores the Bank of Japans view
that robust domestic demand will help
the economy toward a moderate
recovery. But policymakers have little
to cheer about with the outlook
clouded by slowing Chinese growth.
Car sales boom on US demand
n US business inventories rose in April
as motor vehicle dealers restocked to
meet demand, according to a govern-
ment report published yesterday. The
Commerce Department said inventories
increased 0.4 per cent to a record $1.58
trillion (1 trillion), after rising by an
unrevised 0.3 per cent in March. The
strong rise was driven by a 1.9 per cent
rise in restocking by car dealers, in line
with strong demand from households
earlier this year. That represents an
acceleration from the 1.5 per cent rise in
motor inventories in March. There were
also gains in stocks of building materials
and furniture. However, not every sector
saw the same levels of demand in the
month clothing inventories dipped 0.2
per cent.
IMF predicts strong Russian growth
n Russias GDP will grow by four per
cent this year and next year, the
International Monetary Fund (IMF) said
yesterday. High oil prices, strong wage
growth, and robust consumption have
supported demand, said the report.
Meanwhile, the unemployment rate
has fallen below six per cent and capaci-
ty utilisation in manufacturing has risen
to its pre-crisis peak. However, volatile
oil prices pose a risk to this outlook, the
IMF warned. It also told the BRIC to cut
its budget deficit to avoid letting the
economy overheat, and burdening
future generations excessively. The
report suggests reforming the pension
system, raising the pension age to 63
years by 2030 and to 65 by 2050, sta-
bilising spending at 2010 levels.
THE NUMBER of people working
beyond state pension age has
almost doubled over the last 20
years, according to a survey
published yesterday by the
Office for National Statistics
(ONS).
In 2011, 1.4m pensioners were
in work, up from 753,000 in 1993.
Of those, 32 per cent are self-
employed, compared with only
13 per cent of those working
below the state pension age.
The ONS said the increase
could be due to improved health
and the wish to be actively
involved in society, as well as
growing financial pressures.
Jump in OAPs
going to work
BY LISA MORAVEC
THE UKS medium-sized firms have
missed out on more than 240,000
additional jobs and over 35bn of
increased revenues as they are less
successful than their German rivals,
an industry study reports today.
GE Capital found Germans
Mittelstand firms expanded more
rapidly than their British
counterparts in the last three years,
and remain far more confident.
The study found a stark
difference in focus between the
countries, with 26 per cent of UK
firms looking to survive or
maintain their size, compared with
14 per cent of German mid-sized
firms.
Middle-sized
firms miss out
BY WILLIAM ORR
14
NEWS
cityam.com
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EDUCATED WORKERS ARE INHIGHDEMAND
UNITED
KINGDOM
U
n
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m
p
lo
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m
e
n
t
r
a
t
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Without
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With
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Without
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With
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Without
A-Levels
With
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10
6
4
13
7
5
14
6
2
GERMANY FRANCE
Europe will suffer from a lack of well educated workers in 2020
n Aging advanced states
will have 10 per cent too few
graduates to meet its needs
n Even young advanced
economies will see a skills gap
of eight per cent in 2020
n Southern Europe will need
25 per cent more graduates
than will actually be available
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CARLSBERG is to build a giant brew-
ery in China to tap growth in the
worlds largest beer market, as the
Danish group looks to expand out-
side sluggish European markets.
The worlds fourth-biggest brewer
will sign the deal on Friday to coin-
cide with the visit to Denmark of
Chinese President Hu Jintao, and
spend 4bn Danish crowns on the
project in the southwest province of
Yunnan.
China, which overtook the US as
the worlds biggest beer market in
2003 and was nearly twice the size
by 2010, is expected to grow five per
cent annually in coming years, twice
the growth of the global market in
2011. While Carlsberg is the biggest
beermaker in western China, it lags
other foreign and domestic brewing
heavyweights elsewhere.
Chinas four biggest brewers
China Resources Snow, Tsingtao,
Anheuser-Busch InBev and Beijing
Yanjing Brewery have nearly 60 per
cent of the market and are all look-
ing for local partners to strengthen
Carlsberg plans
giant Chinese
brewery build
BY HARRY BANKS their positions.
CRS the largest brewer and a joint
venture between China Resources
Enterprise and London-listed
SABMiller makes Snow, the worlds
biggest beer brand.
The four big brewers are all bidding
to buy most of the operations being
sold by Chinese peer Kingway Brewery
Holdings, worth around $700m
(450m). Carlsbergs new brewery will
start in 2014 and produce local brands
as well Carlsberg and Tuborg.
The brewery will be gradually built
over a period of time to suit Chinas
growing demand for beer in the
future, a Carlsberg spokesman said.
Kai Johan Jing is a Chinese businessman with Swedish citizenship
Carlsberg
430
435
420
425
440
445
450 DKK
422.80
13Jun
BANKRUPT Swedish car
manufacturer Saab has found a
buyer, its administrators said
yesterday, with a Chinese-Swedish
group named as the investor.
Saab, which has manufactured
iconic cars such as the 900 and 9-3
since 1947, crashed into
bankruptcy late in 2011, just
under two years after former
owner General Motors sold it to
Dutch group Spyker.
Saab has debts of around 13bn
Swedish crowns (1.2bn), 2.2bn of
which is owed to the Swedish debt
office. The bankruptcy
administrators have been
Asian electric car consortium
saves Saab from bankruptcy
BY WILLIAM ORR
searching for a buyer since then.
In a statement, the
administrator announced the
buyer as National Electric Vehicle
Sweden (NEVS), whose chief
executive is Kai Johan Jiang, a
Chinese businessman with
Swedish citizenship. It gave no
details on how much the buyer
was paying for Saab or how much
it would invest. NEVS is owned by
National Modern Energy Holdings,
which has 51 per cent, and Sun
Investment, with 49 per cent.
The administrators said the
company will start a new
operation where all development
and production will be focused on
electric cars.
DAMAGES sought by E.ON from
the enforced shutdown of nuclear
power stations total 8bn (6.5bn),
a company spokesman said
yesterday.
He added the company assumed
a case brought to the German
constitutional court would be
successful. The comments come
after Frankfurter Allgemeine
Zeitung reported earlier that
German utilities including E.ON are
seeking 15bn in damages over the
German governments decision to
exit nuclear power. The court plans
to ask this week for the views of
the government and stakeholders
about the validity of the claims.
E.ON seeking
8bn damages
US DRUGMAKER Upsher-Smith
Laboratories is to buy British group
Proximagen for 223m plus further
payments potentially worth up to
134m based on the success of two
experimental drugs.
Upsher-Smith already holds 16
per cent in Proximagen, which has
drugs in development for
Parkinsons disease, epilepsy,
cognition and neuropathic pain.
Shares in Proximagen closed up
21.4 per cent yesterday to 333.7p as
investors cheered the deal, the
latest in a wave of acquisitions in
the sector as drug companies scour
the biotech landscape for promising
new medicines.
Proximagen
soars on deal
15
NEWS
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THERE are still a few free spaces to
join 120 adventurous souls who
are planning to abseil from the
289ft high Lloyds building next
Tuesday. Its all in aid of a good
cause.
David Wootton, the Lord Mayor,
is appealing to a few more
Londoners to join the group to
support the Trauma Unit at
The Royal London
Hospital.
Woottons daughter,
Sophie, is one of those
aiming to climb down
the building. I have
never done something
like this before, she
told City A.M. Im
terrified but
also very
excited, and a bit mad, she joked.
The UKs leading trauma centre
wants to use the money to fund a
portable CT scanner to save more
lives of people suffering from
traumas.
Those who have signed up get an
exclusive chance to see the Lloyds
building from the inside and from
its top.
A team of experts will be on
hand to provide help. People
who have no previous
experience with abseiling are
also welcome to join.
The abseiling will take
place from 7am until 7pm
next Tuesday.
To sign up for the event
please contact Alice
Gordon 0207 618 1723 or
via email alice.gordon
@bartshealth.nhs.uk
Lord Mayors daughter goes to
great lengths to help appeal
A
fter more than 20 years of
being an incredibly successful
corporate broker in the City,
mainly in the oil and gas
space, Andrew Osborne has finally
decided to take a different path.
The former Bank of America
Merrill Lynch adviser is joining a pri-
vate equity backed oil company
Chrysaor, the Capitalist understands,
as its chief financial officer.
Chrysaor is owned by its manage-
ment team, now including Osborne,
and Barclays Natural Resources
Investments, an offshoot of Barclays
Capital, and a fund managed by
Natural Gas Partners.
Osborne left Bank of America
Merrill Lynch at the end of last year
when it emerged that he was being
investigated by the Financial Services
Authority (FSA).
The FSA later charged him with
passing on price sensitive informa-
tion relating to a fund-raising by
Punch Taverns in 2009 to David
Einhorn of Greenlight Capital.
Osborne decided not to fight a
350,000 fine relating to the charge,
preferring to face the consequences
Osborne lands new job
as CFO of oil company
rather than put his family through
the ordeal of a lengthy appeal
process.
He was inundated with offers from
City firms, including Rennaissance
Capital and came close to joining
Liberum Capital.
But in the end the man known
affectionately as Os chose the posi-
tion at Chrysaor, which gives him a
board position as well as an equity
stake.
Andrew Osborne is leaving broking to join the board of oil group Chrysaor
Got A Story? Email
thecapitalist@cityam.com
16
cityam.com
cityam.com/the-capitalist
THECAPITALIST
ONE CHEER for Jefferies, which has added a new broking client to its books in
recent days. Jefferies Hoare Govett, the groups embattled brokerage that has
seen several mandates slip through its fingers since merging, has picked up work
with Lonrho, the African mining-to-airlines group. The Capitalists man in
pinstripes reckons Lonrho wanted a broker with more large-cap experience,
following its move to the main London market last year. Sara Hale will become
Lonrhos lead corporate broker, replacing Panmures Tim Linacre, while Michael
Collinson is the lead sector banker.
Sophie Wootton
is keen to help
17
LONDONREPORT
B
RITAINS benchmark share index
closed higher yesterday as gains in
heavyweight gold-mining
companies enabled the market to
outperform rival European bourses,
which fell on persistent worries over the
Greek and Spanish debt crises.
The blue-chip FTSE 100 index ended
up 10.07 points, or 0.2 per cent, at
5,483.81 points.
However, trading volumes remained
relatively thin coming in at around 90
per cent of the average 90-day FTSE
volume as worries over Spains debt-
ridden banks and Greeces future in the
Eurozone caused many investors to avoid
buying UK shares.
The FTSE 100 volatility index also rose
5.2 per cent, further highlighting
investors nervousness ahead of Greek
elections on 17 June which may
determine whether or not the country
stays within the euro currency bloc.
People are clearly sitting on the
sidelines. Were taking profits where we
can and trying to remain in cash, said
EGR Broking managing director Steven
Mayne.
Mayne said he had recently sold shares
in mining companies such as Centamin
Egypt and BHP Billiton but was
considering buying shares in hedge fund
Gold mining firms push FTSE higher
despite fears over Spain and Greece
FTSE
5,540
5,500
5,520
5,460
5,480
5,440
5,420
5,400
7Jun 8Jun 11Jun 12Jun 13Jun
5,483.81
13 Jun
YOUR ONE-STOP SHOP FOR JOB MOVES,
BROKER VIEWS AND MARKET REPORTS
cityam.com
Eurozone woes
drive US stocks
down again
W
ALL Street ended lower
yesterday as fears ahead of
the weekend elections in
Greece finally drove down a
market that had been treading water
through most of the day.
Up to 800m has been pulled out
of Greek banks daily ahead of the
cliffhanger election on Sunday,
which many fear will result in
Greece leaving the Eurozone.
If that happens, investors fear
other peripheral nations may also
have to exit.
The Eurozones cloudy future has
made investors inclined to quickly
reverse positions. Yesterday they
pounded shares in financial, energy
and materials sectors into the close.
Volume surged after three weak
sessions. About 7.1bn shares traded
on the NYSE, Amex and Nasdaq,
slightly above the 20-day moving
average.
Theres a lack of details or
specifics coming out of Europe, and
that creates more of a vicious cycle,
said Larry Peruzzi, senior equity
trader at Cabrera Capital Markets in
Boston. The euro has been a
concern every single day.
Also weighing on sentiment, the
government reported US retail sales
fell in May to their worst level in
two years, the latest data to point to
sluggish US growth after a weaker-
than-expected US jobs report in May
sparked widespread fears of a
slowdown. The S&P Retail Index lost
1.5 per cent.
There was a defensive tilt to
trading for much of the day as gains
in sectors such as healthcare and
telecoms managed for a time to
offset declines in cyclical areas.
Shares in telecom provider AT&T
hit a 52-week high at $35.06, before
closing unchanged at $34.98. The
telecom sector ticked up 0.1 per
cent.
Shares of JPMorgan Chase were a
standout, rising 1.6 per cent as the
banks chief executive, Jamie
Dimon, defended the portfolio
behind JPMorgan's recent
multibillion-dollar trading loss,
telling lawmakers it was a genuine
hedge that would make the firm a
lot of money if a credit crisis hit.
In the overall market, the Dow
Jones industrial average fell 77.42
points, or 0.62 per cent, at
12,496.38. The Standard & Poors
500 Index lost 9.30 points, or 0.70
per cent, at 1,314.88. The Nasdaq
Composite Index dropped 24.46
points, or 0.86 per cent, at 2,818.61.
In company news, Dell, the No 2
US PC maker, said it aims to raise its
target on dividends and share
buybacks to 20 to 35 per cent of free
cash flow, saying its corporate
software and services business is on
track to grow by an average of 10 per
cent annually until 2016. Its shares
advanced 2.5 per cent to $12.27.
Shares of Celgene rose 0.8 per
cent to $63.59 after the biotech
company authorised a stock
buyback programme of $2.5bn.
BESTof theBROKERS
Spirit Pub Co PLC
50
49
48
47
46
45
p
47.25
13 Jun
SPIRIT PUB COMPANY
Deutsche Bank has upgraded the managed pubs firm from sell to
hold and increased its target price from 42p to 45p. The broker sees
the performance of the companys lease estate as highlighting the brake
that this division is putting on the performance of its retail business, but
says that most of the bad news is already reflected in the share price.
NEW YORK
REPORT
Kleinwort Benson
Clive Wright has been appointed
head of private wealth
management offshore at the
private bank. He will report to
Stephen Rothwell, head of
private wealth management.
Wright joined in January 2012
from Deutsche Bank, where he
was head of its private wealth
management division.
Credit Agricole
Xavier Musca has been appointed executive vice president
of Credit Agricole. He will be responsible for its
international retail banking, asset management and
insurance business lines. Musca most recently served as
secretary general of the French Presidents office, and has
held several senior appointments in the Frances ministries
of the economy and finance.
Mayer Brown
The law firm has appointed Merlie Calvert to its London-
based EU anti-trust and competition group as counsel. She
is an EU and UK qualified competition lawyer. Calvert joins
from De Beers, where she was head of legal services and a
member of the executive board of its international
marketing business.
Reyl France
Virginie Robert has been appointed as a senior portfolio
manager at the wealth management firm. She joins from
Raymond James Asset Management and has held senior
posts at Banque Paribas and Paribas Asset Management.
Stephenson Harwood
Andrew Myers has been appointed as partner in the law
firms commercial litigation practice. He joins from SNR
Denton, where he has been a partner in its litigation
practice since 2008. Myers has over 15 years experience in
real estate disputes, professional negligence claims and
contract disputes.
Mills & Reeve
Kate Archer has been appointed as partner in the law firms
insurance practice. She joins from DAC Beachcroft, where
she specialised in casualty work. Archer will report to Guy
Hodgson, national head of insurance disputes.
Hesco
The manufacturing firm has made two senior
appointments. Rob Haslam joins as director of business
development. He has over 20 years experience in the
government security industry, including 16 years at De La
Rue, the identity solutions specialist. Bobby Hamilton joins
as Hescos regional manager for Europe from Boeing,
where he was a strategic account executive.
WHOS SWITCHING JOBS Edited by Tom Welsh
+44 (0)20 7092 0053
morganmckinley.com
SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT
CITY MOVES
To appear in CITYMOVES please email your career updates and pictures to citymoves@cityam.com
in association with
CITYDASHBOARD
Man Group, which fell 3.4
per cent yesterday.
The price of gold, a
traditional safe-haven asset
in times of economic
uncertainty, rose towards
$1,625 an ounce yesterday
and this in turn boosted
FTSE-listed gold mining
specialists Fresnillo and
Randgold.
Fresnillo topped the
FTSE leaderboard, rising
4.1 per cent, while
Randgold Resources
advanced by 2.1 per cent.
However, rival miners
Xstrata and Glencore both
fell sharply after broker
Liberum Capital issued a
cautious note over the two
companies plans to merge with one
another.
Xstrata was the FTSEs worst-
performing stock, falling 5.2 per cent,
while Glencore declined by 3.2 per cent.
Traders said they expected the FTSE to
continue to trade within a tight range of
between 5,200-5,500 points while
worries over Europes debt crisis
remained.
Thurleigh Investment Managers fund
manager Edward Allen, whose firm
manages around 300m worth of assets,
yesterday said Thurleigh had sold all its
FTSE holdings last year and was not
planning on buying back into the
market for now.
Sodexo SA
61.50
61.00
60.50
60.00
59.50
59.00

59.51
13 Jun
SODEXO
JP Morgan has initiated coverage of the contract catering company with
a neutral recommendation and a target price of 60 (48.39). The
broker says that as the firm is the second-largest operator in both its
voucher and food services fields, it has an appealing catch-up status
in relation to its peers. JP Morgan sees the current valuation as fair
given limited visibility on the delivery of targeted margin expansion.
Resolution Ltd
205.00
195.00
197.50
200.00
202.50
p
196.00
13 Jun
RESOLUTION
UBS has upgraded the life insurance group from hold to buy on
valuation grounds, and lowers its target price on the company to 240p
from 250p. The broker says Resolutions business model of UK life
consolidation makes strategic sense in a shrinking market, and sees the
company as increasingly attractive for risk-averse investors, as it is a
non-bank financial stock with minimal exposure to the euro.
A
WEEK after the US
Department of Labour
announced the country had
experienced its worst job
growth for a year, President
Barack Obama told the gathering
herd of reporters at the White House
that the private sector is doing just
fine. Within an hour, Mitt Romneys
campaign had produced a web video.
Within a day, the gaffe was
saturating the TV airwaves. The
President was forced to issue a
clarification statement, knowing all
too well how his proxies must have
felt for the past few weeks.
This is damaging to his candidacy
for several reasons. Although cool in
his demeanour, the President often
strikes a professorial tone and can
G
EORGE Osborne is a flip-flop
chancellor but on all the
wrong policies. One area where
a u-turn would be welcome is
on the implementation of the
Vickers report. However, In his
Mansion House speech tonight, he will
signal an intention to plough on as
before accepting both the good and
the bad.
Lets deal with Vickers better propos-
als first. The chancellor would be right
to implement bail-in procedures and
depositor preference. It is essential to
have a legal framework in which banks
can be wound up without bringing
down the rest of the financial system. It
is difficult to see that being possible
without banks bondholders having
their capital turned into equity in the
event of a bank failure. Furthermore, if
depositors are to be insured, then tax-
payers will end up bailing out bond-
holders unless their capital is clearly at
risk before depositors start to lose
money this was the Irish experience.
The government is also likely to
accept the proposed ring-fence
between investment banking and
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cityam.com/forum
We need to get back
to legal frameworks that
are based on coherent
economic principles
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.
18
PHILIP BOOTH
Osborne should reject the Vickers
report in his Mansion House Speech
deposit-taking banks as proposed by
Vickers. This would be a mistake. As the
final version of the Vickers report hint-
ed, ring-fencing is not really justified
by Vince Cables argument that the
supposedly risky casino part of a
bank can bring down the safe, retail
deposit bank that has been run in the
style of Mr Mainwaring. Northern Rock
was a retail bank; Lehman was an
investment bank; neither AIG nor
Goldman Sachs took deposits. All these
institutions posed a systemic risk, but
not because of contagion from invest-
ment banking to deposit taking.
Indeed, in some circumstances a well-
capitalised investment bank may be
able to save an ailing deposit-taking
subsidiary.
The better reason for some form of
investment banking and retail banking
separation is to ensure that banks can
be more easily wound up if they fail
because they are less complex. This
may be true, but it is not obvious that
the division proposed by Vickers will be
helpful in this respect. If I set up Booth
Bank: a small bank taking deposits,
making mortgage loans and diversify-
ing risk by buying securitised mort-
gages, it may have to divide its activities
into subsidiaries. This would actually
increase the risk and make the bank no
easier to wind up if it failed. This is an
extreme case, but drawing the lines for
the ring-fence will be difficult. As
Europe Economicss Andrew Lilico has
said: These Vickers proposals are a
sledge hammer that misses the nut.
What could be done instead? The best
thing would be to move to a system of
regulation based on one over-riding
principle instead of the setting of
detailed capital requirements and cor-
porate structures. The Bank of England
could be given, as its primary statutory
objective in this area, a duty to ensure
that failed banks could be wound up
without significantly disrupting the
financial system and without cost to
the taxpayer. The Bank could then
impose remedies on a bank if it was
not satisfied that it could fulfil its
duties. For one bank, it may be a
greater number of international
deposit-taking subsidiaries; for another
it may be a detailed living will to deal
with a specific set of complex con-
tracts. Any bank that refused the reme-
dy would lose the right to lender of last
resort facilities and deposit insurance.
We need to get back to legal frame-
works that are based on coherent eco-
nomic principles rather than trying to
control every aspect of the activities of
financial firms.
We should also make deposit-holders
bear more risk. Certainly, there should
be a class of uninsured deposits or a
range of other investment instruments
available to the retail investor which
would not receive government protec-
tion and which would have higher
returns and higher risks.
Unfortunately, much of this would
not be possible under EU law. Indeed,
the EU may make Vickers itself ineffec-
tive because it is not possible under EU
law to force banks to ring-fence UK
deposit business. We have recently seen
proposals for a Eurozone banking
union. These proposals are internally
coherent but entirely miss the point of
the crisis. But, if the Eurozone coun-
tries want a banking union, the chan-
cellor should let them have it. In
return, he should demand repeal of
single market regulation that has cen-
tralised political power and under-
mined free trade especially in
financial services. The chancellor
should promote his alternative vision
of free-trade with the world and sensi-
ble banking regulation at home.
Philip Booth is editorial and programme
director at the Institute of Economic Affairs.
appear aloof. Aloofness is also a key
Democratic line of attack against
Romney and, if it can be blunted
with a simple sound bite from
Obama, its an accomplishment in
itself. Secondly, it lines up nicely
with the age-old Republican claim
that the President has no business
experience and bears an attitude
towards the private sector thats
bordering on disdain. But finally,
and perhaps most importantly, the
economic situation could get a lot
worse for Obama come November.
There is now little dispute that
the Presidents campaign not only
lacks discipline but vision.
Democratic consultant James
Carville, and pollsters Stan
Greenberg and Erica Seifert, released
a paper that heavily criticised the
Presidents approach to engaging
the electorate on the economy
particularly because voters are not
convinced that we are headed in the
right direction and that the
current narrative about progress
just misses the opportunity to
connect and point forward. Since
2007, the median household wealth
of American families has fallen by
40 per cent. Voters expect optimism,
but they also expect it to be couched
in realistic terms.
The next few weeks will see the
President continue to fight with
congressional Republicans over the
American Jobs Act, legislation
introduced last year which provides
funding to state and local
governments to avert more lay-offs.
Republicans voting against a bill to
save firemen will make for good
campaign advertisements. But the
real fight looks set to be over
national security and whether the
administration deliberately leaked
classified information to the New
York Times regarding covert US
action in Yemen and cyber-attacks
on Iran. Democrats are dismissing
calls for an investigation as pure
politics. This defence will only fly
for so long. Imperilling national
security to grab headlines is seldom
a vote winner.
The Republicans now have the
sound bite they always wanted. And
its a good one. Obamas new theme
is that he simply needs more time.
But hes not just struggling to
convey his vision for a second term,
hes currently failing to demonstrate
that he feels voters pain. Americans
are not comfortable with second
best. In Obamas economy, doing
just fine is exactly that.
Ewan Watt is a Washington, DC-based
consultant. You can follow him on
@ewancwatt
THE WHITE
HOUSE RACE
EWAN WATT
Obamas campaign stumbles over claims he doesnt feel economic pain
RT. THE QUICKEST
OM 99
RTN*
19
Terry Leahy for PM
[Re: Business leaders must speak up in
promoting a culture of capitalism,
yesterday]
What a brilliant article. Its a shame our
politicians dont think this way. I can think of
only two politicians who practiced Sir Terry
Leahys philosophy Margaret Thatcher and
Ronald Reagan. They liberalised, lightened
regulation, set markets free and
empowered the individual. They created the
foundations for sustained economic growth
and prosperity. Its a shame that subsequent
politicians, regulators and central bankers
have screwed this up with a combination of
misguided monetary policy, excessive
government intervention and over-
generous welfare provision.
MarkHenderson, director at Credit Suisse
Euro interference
[Re: As the Eurozone crisis heightens, is now
the right time for Britain to consider an EU
exit?, yesterday]
Stephen Tindale wheels out the tired old
adage that EU membership gives us
influence. The UK is a member of a club of
27. I would say that being a 1/27th means
little influence or none. In any case, our
economic model is very different from many
EU members, who espouse a social market
involving state interference and regulation
of most aspects of our lives. In fact, being an
EU member, we get the worst of all worlds.
Our objections, goals and advice are
overruled and we end up having laws,
regulations and directives imposed upon us
that we neither want nor believe in.
DavidPeddy
S
PAINS 100bn bailout plan
has failed to reassure
markets. The permanent fear
of contagion means nervous
glances are once again being
directed at Italy. Austrias Finance
Minister Maria Fekter was the first
political leader to claim that Italy
may have to tap into the Eurozones
rescue funds a statement which
did not go down well in Rome.
Since entering office last
November, Italys Prime Minister
Mario Monti, and his cabinet of tech-
nocrats, have done more to reform
the countrys stagnating economy
than almost any previous govern-
ment over the last few decades.
However, Monti has recently
become more concerned with con-
vincing Germany and others to go
ahead with grand plans for a politi-
cal union in the Eurozone
Eurobonds and a banking union
than completing crucial domestic
reforms. Worryingly, the pace of
reform has slowed down, even
though there are no shortage of
items on the Italian governments
to-do list including plans to
increase labour market flexibility in
the public sector, a comprehensive
anti-corruption bill and, ideally, a
new electoral law to be adopted
ahead of the next general elections
in 2013.
Theres a lesson here: the loss of
momentum in Italys reform pro-
gramme perfectly summarises why,
beyond the pro-integration rhetoric,
Germany remains so wary of a polit-
ical union in which Berlin joins lia-
bilities with Athens, Madrid or
Rome from Eurobonds to a single
bank resolution fund. From the gov-
ernment to the media, Germans are
simply too concerned that Club Med
countries would see risk-pooling in
the Eurozone as an excuse to delay
the necessary reforms and give in to
TOP TWEETS
Out of hospital and off to the Commons for
the Hunt vote so the Lib Dems can polish their
consciences. Many of us wont forget this.
@Conor_BurnsMP
Sunday, Greeks choose between euro or exit.
Monday, its between electricity or pensions.
@cocodinos
Say what you like about Martin Sorrells pay,
but he was prepared to appear on live TV to
defend his, and his teams, remuneration.
@andrewpickup
Theres another political world where MPs
talk about the economy, Syria and Europe
calmly and rationally. Were left with Hunt.
@hopisen
Will the Lib Dems failure to support Jeremy
Hunt risk breaking open coalition divisions?
YES
There seems to be one rule for Tories and another for Liberal
Democrats. While Conservatives stood by Vince Cable, their
coalition partners are happy to feed Jeremy Hunt to the wolves. Lib
Dems routinely criticise government policy and seek to renegotiate
the coalition agreement while Tories act with the discipline that one
expects of a governing party. This cannot continue. David Cameron
needs to make it clear to Nick Clegg that he needs to rein in his
fractious colleagues. There is only so long that angry Tory
backbenchers will bite their tongues. Further public divisions will
only damage both parties poll ratings further (if that is possible for
the Lib Dems) and risks impacting Britains standing economically.
For if Lib Dems can criticise the coalition on these issues, what is to
stop them going rogue on deficit reduction and the economic and
other reforms Britain so badly needs?
Donal Blaney is chief executive of the Young Britons Foundation.
Donal Blaney
NO
Mark Field
The Lib Dems decision to play politics over the Jeremy Hunt censure
vote will not be forgotten by aggrieved Conservative backbenchers.
The opportunity for revenge at some future point will be relished. But,
the coalition will hold steady. David Cameron will see this episode as a
small show of public differentiation by a party continuing to languish
in the polls. On tackling the really big issues, it will remain business as
usual. The Eurozone crisis is moving into a dangerous new phase and
will likely persist for the rest of the parliament. Public borrowing
remains stubbornly high, but deficit reduction is a mantra that
unites all coalition ministers. On public sector reform, especially
schools and welfare, there is a large prize to be won and the spoils
divided between the parties. Internationally, there is much to worry
about, but even more that keeps the coalition intact. Disputes over
Jeremy Hunt will not cause any sleepless nights in Downing Street.
Mark Field is Conservative MP for the Cities of London and Westminster.
RAPIDresponses
the temptation to fund growth via
more debt which is what put them
in the current mess.
But theres another reason why
Monti should focus more of his
attention on the home front. Recent
polls show that support for the
Italian Prime Minister is at its lowest
since he took office, and the political
parties that back him in parliament
are also struggling. Voters have had
their heads turned by a rather
unlikely alternative the so-called
Five Star movement, led by the
comedian Beppe Grillo.
A political maverick, Grillo has
mainly been campaigning for a
clean-up of Italian politics. But he
has also suggested that Italy should
consider dropping the euro while
still remaining a member of the EU,
and write off at least part of its
gigantic public debt. Despite having
very little cash to fund its campaign,
the Five Star movement did incredi-
bly well in the latest mayoral elec-
tions, and is polling at 20 per cent
leading Silvio Berlusconis People of
Freedom party by several percentage
points.
Instead of planning new grand
European projects, Monti should re-
focus his attention on the domestic
reform programme. This is not the
time to have your head in the EU
clouds. As the rise of Beppe the
comedian illustrates, public support
for the euro in Italy can no longer be
taken for granted.
Vincenzo Scarpetta is a researcher at
Open Europe.
VINCENZO SCARPETTA
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Email theforum@cityam.com or comment at cityam.com/forum
Italys Five Star
movement isnt
funny for Monti
Networking should be relaxed and human theres no need to play the wallflower
20
cityam.com
PHYSICAL FUELS TRADER
LONDON
150k pa
A leading UK energy plant is looking for an
entrepreneurial candidate to join its physical
trading operations. Applicants must have at least
12 months commercial experience in fuels.
http://www.cityamcareers.com/job/15518
OPERATIONAL IMPROVEMENT MANAGER
SOUTH EAST
50k-55k pa
A leading financial services firm is looking for
applicants with financial or accounting back-
grounds, and at least three to four years business
improvement andprocess mappingexperience.
MULTI-THREADED SYSTEM DEVELOPER
HONG KONG
$500k-$600k pa
An Asian hedge fund requires an exceptionally
gifted candidate to join as its C++ developer. The
successful applicant will be rewarded in a similar
fashion to the funds traders.
TAX ANALYST
CENTRAL LONDON
40k-50k pa, plus benefits
An ambitious financial services firm requires a
dynamic individual to join its tax division.
Applicants must have experience in cross border
VAT transactions.
GROUP FINANCIAL REPORTING MANAGER
SOUTH EAST
72k-96k pa
A leading energy services firm needs to fill a
position in its finance team. Applicants must be
qualified accountants with a history of working
successfullyunder pressure.
JOBSoftheWEEK
N
ETWORKING sounds like hell
awkward conversations over virgin
cocktails, angling around a room full
of obvious sociopaths, the neurosis
that your personal pitch may fall
desperately flat.
But were told that networking is increas-
ingly important. People prefer doing busi-
ness with those they know and like, its
easier to ask favours of people youve met
before, and knowledge of your sector makes
you better at your job. And when youre look-
ing to change roles, having some prior
knowledge of those who could help you, or
inform you of that next crucial opening, is
nothing but beneficial.
So how can you take the edge off network-
ing? These five tips will help you become a
better networker and make the experience
less uninviting and more beneficial.
INJECT SOME PERSONALITY
Julia Hobsbawm is founder of the media net-
working business Editorial Intelligence and
honorary visiting professor in networking at
the Cass Business School. She highlights
what she sees as a working world which
increasingly blends the personal and the
Five top hints to solve your
fears of networking failure
Successful networkers arent all hard-nosed sociopaths, writes Tom Welsh
professional. Whatever environment you
may be in, you need to bring your individ-
ual personality into the room, as well as
your professional credentials, to maximise
benefit. Although oversharing can certainly
be a problem particularly online others
will appreciate, and respond positively to,
any injection of personality. Networking is,
after all, not just any other business meet-
ing. Its an opportunity to learn more about
those you are, or may be, working with.
BE CURIOUS
Knowledge is a crucial currency the more
you know about the people you are meeting,
the better the long-term results will be. And,
according to Hobsbawm, curiosity is the
single biggest asset you can bring to net-
working. This doesnt mean approaching
an event with a goal-orientated mindset.
You should try to ask questions and hear
answers, and genuinely learn something
from your new contacts. Theres no need to
be hard-headed and ruthless. Do some
advanced preparation of the people youre
likely to be meeting and youll be more like-
ly to find that fresh idea, or that new con-
tact, that will make the event worthwhile.
PUT NAMES TO FACES
Twitter, LinkedIn, even Facebook, they all
provide new ways of facilitating conversa-
tion. Karen Gill, co-founder of Everywoman,
a membership organisation for women in
business, thinks online forums are a great
way to network, especially if your schedule
is tight. But they stand at a disadvantage.
Its easier to get to know someone in per-
son, says Gill. And Hobsbawm agrees.
Theres nothing to beat face-to-face connec-
tion in the Facebook age, she says. This does-
nt necessarily mean stumping up the
courage to approach someone cold a spe-
cially-designed event can salve those fears.
Hobsbawm suggests networking in a curat-
ed environment, where someone meets and
greets you or acts as an introducer.
THERES SAFETY IN NUMBERS
And finding these curated environments
neednt be difficult. Gill suggests joining
devoted networking or support organisa-
tions whether internal or external to your
firm and the more you can join the better.
Even if youre put off by the politics of gen-
der, race or sexuality-specific groups, they
can just be a good excuse to connect, regard-
less of whether you feel anything in com-
mon. Its also a good idea to belong to a
network linked to your industry or speciali-
ty, says Gill. This is particularly crucial for
those considering a career change. If you
want to get the inside scoop on whos look-
ing to recruit, or want to hear what its like
working for a particular company, its much
easier if you already have a strong network,
she says.
PLAY THE LONG GAME
And if it all goes wrong, your initial pitch
falls flat and you leave an event feeling like
youve wasted an hour of your life, dont give
up. The best networking often has long
term benefits which are hard to quantify
and measure in normal metrics, argues
Hobsbawm. You may not have made any
new friends but, if you maintain your focus,
any new connection could still prove advan-
tageous. Some people will take a highly
methodical approach and set up a database
to keep track of contacts and recent commu-
nications. But Hobsbawm says the best way
to maintain a long-term relationship is by
being human with trust, with loyalty,
with reliability, and with real connection.
Julia Hobsbawm runs the professional network-
ing development company Editorial Intelligence
(www.editorialintelligence.com). Her inaugural
public lecture, as visiting professor in networking at
Cass Business School, takes place on 27 June.
6,600
jobs in
total
Over
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positions in
accounting and
finance
1,500
jobs for
100k pa or more
More than
800
jobs outside
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Over
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5
G
E
T
T
Y
H
ow much can you charge for
something intangible? Rather a lot,
it seems. Games manufacturer
Blizzard yesterday launched a real
money Auction House for its hit title Diablo
3, meaning you can sell the stuff you find
on the charred corpse of a ghoul for actual
cash, that you can spend in the real world,
on genuine, tangible stuff. That is, if you
still have either the energy or the
inclination killing ghouls can be hard
work.
The Auction House is already packed
with gamers listing their virtual swords and
shields at the maximum $250 price. Yes,
$250. Two hundred and fifty dollars. Even
within the insular framework of the gaming
world, it is safe to say thats pretty obscene.
The digital economy, though, is evolving
before our eyes and it looks remarkably
familiar. At the moment, the problem is
there arent enough reference points to
properly value the available commodities.
It isnt surprising: if you were to set up an
independent nation and create your own
currency, youd encounter the same thing.
Imagine a country were to declare its fiscal
independence tomorrow for the sake of
argument, lets call that country Greece.
How much should a loaf of bread cost?
What about a plasma TV? There will be a
lot of people who need bread in the short
term, so opportunists wanting to
accumulate lots of the new currency Ill
call it the drachma will try to charge a lot
for it. After a while, though, competition
will drive down the price of bread, while
plasma TVs will remain relatively expensive
simple supply and demand. This is
already happening in Diablo: a few
schmucks will shell out big money for old
rope, but competition is flooding in. A few
rare items may end up being worth $250,
but not many.
Like in the real world, clever punters will
try to work out the purchasing power of the
new currency in this case cash by
looking to existing ones. In Diablo, there
are two viable currencies, in-game gold
and actual cash, creating an exchange rate.
How much is gold against the dollar?
Which will buy me a bigger axe?
The parallels with the real-world
economy go even deeper. Blizzard will
take either a flat $1 or a 15 per cent cut on
each commodity traded, essentially
establishing a system of VAT. In exchange,
Blizzard, as the de facto government, will
police the system and make repairs where
necessary (the comparisons with Greece
are running out now).
Of course, where there is taxation, a
black market will emerge to try to
undercut the system for those willing to
take the risk (Blizzard doesnt have the
ability to throw you in jail, but it can block
your account). The whole Auction House
system, in fact, was developed as a way to
protect against virtual bootleggers and
racketeers, who hijacked previous games
and created entire sub-industries
dedicated to farming gold and items to
sell for real money. In China, teams of
these farmers are held as virtual
prisoners, crunching games like World of
Warcraft for 20 hours straight to collect
items to sell to people with more capital
than time.
The auction house will help to prevent,
or at least sideline, illicit activity. But as
with any economy, there will be winners
and losers. Anyone who spent $250 on a
suit of armour yesterday may live to regret
their haste.
Blizzard hasnt set up the first virtual
economy everybody has heard of
Farmville, for instance but it is among the
most complex and polished yet. It isnt a
giant leap to establish a system that allows
you to remove yourself almost entirely,
instead investing in players who are better
than you. They could even float shares in
themselves and issue a dividend. Who says
games are for kids?
cityam.com
22
LIFE&STYLETECHNOLOGY
Why the Greek government could soon be taking tips on its economy from Diablo
GEEK
SPEAK
STEVE DINNEEN
I
t is testament to how much Apple
has evolved over the last decade
that the launch of its new range
of Mac laptops is seen as a warm
up event for the arrival of the iPhone
5 later this year. But the new range is
worthy of more than a footnote.
Here is the lowdown on the Apple
announcement.
THE ALL-NEW MACBOOK PRO
The Pro is the daddy of the Apple
range, providing far more power
than its average owner really needs.
The new range is a complete over-
haul on the previous generation,
shaving it down to just 0.71 of an
inch and weighing noticeably less.
The biggest change, though, is the
retina display. First seen on the
iPhone, Apple has now worked out
how to stretch the ultra-sharp screen
to fit its laptops. The firm says the
5m pixel screen is the worlds highest
resolution notebook display, with 3m
more pixels than youll find in an HD
TV. Other display tweaks have
improved the contrast, reduced the
glare and widened the viewing
angle, meaning you can sit more peo-
ple around it to watch a movie.
Under the hood, the Pro packs
Intels Core i7 chip and an improved
processor, making it what Apple boss
Tim Cook called the most advanced
Mac we have ever built. And at
1,799 for the lower spec 15 inch
model, rising to 2,299 as you
squeeze in a few extras, it should be:
you dont buy a MacBook Pro if youre
looking for a bargain. If you only use
your laptop for browsing the internet
and calling your mum on Skype,
youll probably never push the proces-
sor hard enough to justify the cost. If
youre a heavy user, though, there
still isnt anything that beats the
MacBook Pros combination of design
and power.
THE TWEAKED MACBOOK AIR
The MacBook Air didnt get the com-
plete overhaul of the Pro (it will be
interesting to see if Apple can find
any extra space to trim from the chas-
sis when the time comes) but it did
get some tweaks, including an
upgrade to Intels Core i5 and i7
chips. At 849 for the lower-spec
model, its not exactly a cheap way to
browse the internet but then, its
the best ultra-portable laptop on the
market, and that comes at a cost.
COMING TO AN iPHONE NEAR YOU...
The real headline-grabber from this
weeks launch was the introduction
of a new Apple-owned maps app as
part of the firms new iOS 6 portable
operating system. The move has been
seen as yet more proof of Apples
souring relations with former buddy
Google. It will mean deeper integra-
tion of the maps app with your
iPhone, including turn-by-turn direc-
tions and crowd-sourced traffic infor-
mation.
Siri also got an update, which could
finally see the voice recognition soft-
ware recommending local UK busi-
nesses (Siri, where can I get a
kebab?). You will also be able to inter-
act on Facebook without having to go
through the app a sign that, while
investors may have cooled to the
social network, it is still at the fore-
front of thinking in the technology
world. The update will be available as
a free download in the autumn.
LION CLIMBS A MOUNTAIN
In rather self-congratulatory fashion,
Apple lauded the pace of its innova-
tion in launching its new operating
system, Mountain Lion, just a year
after its predecessor. This may have
something to do with the fact that
Lion received a somewhat lukewarm
reception, with many users reporting
teething problems.
The update will bring improve-
ments to the notification centre the
messages you receive across your
devices and more seamless integra-
tion of Apples iCloud storage solu-
tion. Free messaging between Apple
products will now also include Macs.
The new system will be available in
July through the Mac App Store for
$19 (12.22).
Apples new MacBook Pro range completely overhauls the design of the previous generation
Cook serves up new MacBook range
Apple has updated its line-up of laptops here is the lowdown, by Steve Dinneen
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TBR Report "IBM System x
x86 servers: Meeting the demands of todays enterprises by combining value and support," January 2012.
2
Source: Intel
Performance comparison using SPECfp*_rate_base2006 benchmark. Baseline score of 267 on prior generation 2S Intel
Xeon
processor X5690 (3.46GHz, 6-core, 12MB L3, 6.4 GT/s, 130W)

based platform published at www.spec.org as of 6 Sept 2011. Estimated new score of 486 on 2S Intel
Xeon
processor E5-2690 (2.90GHz, 8-core, 20MB L3, 8.0 GT/s, 135W) is based on Intel
internal
measured estimates as of 6 Sept 2011 using two Intel
Xeon
processor E5-2690, Turbo Enabled, EIST Enabled, Hyper-Threading Enabled, 64GB memory (8x8GB DDR3-1600), Red Hat
Enterprise Linux Server

6.1 beta for x86_6, Intel
Compiler 12.1.
3
x3500 M4 supports up to 768GB of memory using 32GB LRDIMMs in its 24 memory slots. Previous generation x3500 M3 supports up to 192GB of memory.
4
Ships with 4 1Gb Ethernet ports standard and supports integrated slot-less 10Gb Ethernet with Virtual Fabric. Previous generation server includes two 1Gb Ethernet slots and requires use of a PCI Express slot
to support 10Gb Ethernet.
5
x3500 M4 supports up to 32 internal 2.5" HDD. Previous generation x3500 M3 supports up to twenty four 2.5" HDD.
6
Quarterly price quoted is based on IBMs 0% System x Solution Finance offering (FMV lease). Terms & Conditions Apply: Offering availability subject to credit approval; for more details and full Terms and
Conditions please visit: http://www.ibm.com/financing/uk/lifecycle/acquire/xsolutionfinancing.html.
Rates and offerings are subject to change, extension or withdrawal without notice. Prices include VAT at a rate of 20%.
IBM hardware products are manufactured from new parts or new and serviceable used parts. Regardless, our warranty terms apply. For a copy of applicable product warranties, visit
http://www.ibm.com/servers/support/machine_warranties. IBM makes no representation or warranty regarding third-party products or services. IBM, the IBM logo, System Storage and System x are registered
trademarks of International Business Machines Corporation registered in many jurisdictions worldwide. Other product and service names might be trademarks of IBM or other companies. For a current list of IBM
trademarks, see www.ibm.com/legal/copytrade.shtml. Intel, the Intel logo, Xeon and Xeon Inside are trademarks of Intel Corporation in the U.S. and other countries. All prices and savings estimates are subject
to change without notice, may vary according to configuration, are based upon IBMs estimated retail selling prices as of 01/04/2012 and may not include storage, hard drive, operating system or other features.
Reseller prices and savings to end users may vary. Products are subject to availability. This document was developed for offerings in the United Kingdom. IBM may not offer the products, features, or services
discussed in this document in other countries. Contact your IBM representative or IBM Business Partner for the most current pricing in your geographic area. 2012 IBM Corporation. All rights reserved.
Read the white paper
See what leading IT industry analysts
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PN: 7915E1G
Intel
Xeon
E5-2603 1.8GHz processor

4GB RDIMM memory
RAID disk controller
Multiburner
550 Watt Hot Swap power supply
PN: 7383E2G
Intel
Xeon
E5-2603 1.8GHz processor

4GB RDIMM memory
Multiburner
RAID 5 disk controller
IBM System Storage DS3524 Express
3,704 (incl. VAT)
6
PN: 7944KAG
External disk storage with 6Gb/s Serial Attach SCSI (SAS)
interface technology
Scalable up to 48TB with 500GB NL-SAS 2.5" drives
Support for 96 drives with combination of EXP3512 or
EXP3524 expansion enclosures
Field upgradeable with FC or ISCSI host interface cards
Self encrypting drive options available for secure data at rest
DS3512 also available with 3.5" drive support
Make your dad the coolest guy in

the living room Aspinal Black
velvet skull slippers 175
www.aspinaloflondon.com
Rugged dad
Try these twists on the classic gifts to make
your old man happy, says Steve Dinneen
24
cityam.com
LIFE&STYLE FATHERS DAY GIFT GUIDE
For the green-fingered gent
with little time on his hands:
an allotment in a box
Allotinabox 12.99
allotinabox.com
Stylish dad
Make sure you have the most stylish
dad in town with this check shirt
Gant 75 www.gant.co.uk
And if you really, really like your old man,
there is always this luxury watch
Jaeger LeCoultre Duometre
Spherotourbillon
200,000
www.jaeger-lecoultre.com
Write in style with this
classic fountain pen
William & Son 690
flagship.williamandson.com
Stay ahead of the game with this golf
shoe bag Aspinal 195
www.aspinaloflondon.com
Green dad
Posh dad
Socks with an
expensive twist
Pantherella
cashmere socks
35
mrporter.com
FATH
ER
S D
AY
Sunday
17
Get it
right!
Thinking dad
G
if
t
s
u
n
d
e
r
1
0
0
Golf dad
Outdoors dad
Keep dry on the golf course with this
classic brolly Swaine Adeney
Brigg Golfing Umbrella 105
mrporter.com
G
ifts over
1
0
0
Classy dad
25
TV & GAMES
cityam.com
T
E
R
R
E
S
T
R
I
A
L
BBC1
SKY SPORTS 1
5pmLive US Open Golf 3amTime
of Our Lives 4amRingside 5am
Premier League World
5.30am-6amFootballs Greatest
SKY SPORTS 2
7pmLive T20 Cricket 10.30pm
Youre on Sky Sports! 12am
Footballs Greatest 12.30amIAAF
Athletix 1amTime of Our Lives
2amRingside 3am-3.30am
Premier League World
SKY SPORTS 3
7pmATP Tour Uncovered 7.30pm
Premier League World 8pm
Racemax 9pmRingside 10pm
WWE: Late Night Raw1am
WWE: NXT 2amWWE Wrestling
Special 3amNRL Fulltime
3.30am-4.30amSuper Leagues
Supermen
BRITISH EUROSPORT
7pmUEFA Euro 2012 Show
7.30pmLive Le Mans 24 Hours
8pmCycling 8.30pmLe Mans 24
Minutes 9pmLive Le Mans 24
Hours 11pm-1amEuro 2012
ESPN
7pmAustralian Rules Football
9.30pm30 for 30 11.15pmESPN
Kicks: Brasileirao 11.30pmPress
Pass 2012 12amGoal Show
12.30amSportsNation 1amNBA
Action 1.30amLive NBA
Countdown 2amLive NBA
Basketball 5am-6amFIM X-Trial
World Championship
SKY LIVING
7pmCriminal Minds: A serial
arsonist targets community
meetings. 8pmFour Weddings
9pmBattle of the Brides 10pm
The Biggest Loser USA 11pm
Bones 12amCriminal Minds 1am
Maury 1.50amAmericas Next
Top Model 2.40amMedium
3.30amBones 4.20amNothing
to Declare 5.10am-6amJerry
Springer
BBC THREE
7pmTop Gear 8pmDont Tell the
Bride 9pmRussell Howards Good
News 9.30pmLive at the Electric
10pmEastEnders 10.30pmDead
Boss 11.30pmFamily Guy
12.15amRussell Howards Good
News 12.45amLive at the Electric
1.15amDead Boss 2.15amDont
Tell the Bride 3.10amGlamour
Model Mum, Baby & Me
4.10am-5.10amKicked Out Kids
E4
7pmHollyoaks 7.30pmHow I Met
Your Mother 8pmThe Big Bang
Theory 8.30pmHow I Met Your
Mother 9pm2 Broke Girls
9.30pmDont Trust the B**** in
Apartment 23 10pmRules of
Engagement 11pmCardinal Burns
11.35pmAlan Carr: Chatty Man
12.40amThe Big Bang Theory
1.40amScrubs 2.05amHow I
Met Your Mother 2.25amRules of
Engagement 2.45amFranklin &
Bash 3.30amDesperate
Housewives 4.15am90210
5am-6amGreek
HISTORY
7pmStorage Wars 7.30pmPawn
Stars 8pmIce Road Truckers
9pmAx Men 10pmStorage Wars
11.30pmPawn Stars 12am
American Pickers 1amStorage
Wars 2amIce Road Truckers 4am
Lock n Load 5amPawn Stars
5.30am-6amAmerican
Restoration
DISCOVERY
7pmBear Grylls: Born Survivor
8pmGold Rush 9pmFreddie
Flintoff Goes Wild 10pmAuction
Hunters 11pmDeadliest Catch
12amFreddie Flintoff Goes Wild
1amAuction Hunters 2am
Auction Kings 3amAmerican
Chopper: Senior Versus Junior
3.50amIce Pilots 4.40amBear
Grylls: Born Survivor
5.30am-6amDestroyed in
Seconds
DISCOVERY HOME &
HEALTH
7pmA Wedding Story 8pmI
Didnt Know I Was Pregnant 9pm
Untold Stories of the ER 10pm
Real Life Thumbelina: Growing
Pains 11pmYour Kid Ate What?
12amUntold Stories of the ER
1amReal Life Thumbelina:
Growing Pains 2amYour Kid Ate
What? 3amA Wedding Story
4amA Baby Story 5am-6am
Birth Stories
SKY1
7pmThe Simpsons 8pm
Futurama 8.30pmThe Simpsons
9pmAn Idiot Abroad 10pmA
League of Their Own 11pmNCIS:
Los Angeles 12amRoad Wars
1amRoss Kemp: Middle East
1.55amBrit Cops: Rapid Response
2.55amGadget Geeks 3.45am
Medical Emergency 4.35amReal
Filth Fighters 5.05am-6amDont
Forget the Lyrics
BBC2 ITV1 CHANNEL4 CHANNEL5
S
A
T
E
L
L
I
T
E
&
C
A
B
L
E
4.45pmMatch of the Day Live
7pmBBC News
7.20pmBBC London News
7.30pmEastEnders
8pmCHOICE Britains Lost
Routes with Griff Rhys Jones
9pmCall the Midwife
10pmBBC News
10.25pmRegional News 10.35pm
Question Time 11.35pmMatch of
the Day: UEFA Euro 2012 Highlights
12.35amHoliday Weatherview
12.40amSign Zone: Countryfile
1.40amAntiques Roadshow
2.40amFake Britain 3.25am
Great British Menu 3.55amGreat
British Railway Journeys
4.25am-6amBBC News
6pmEggheads
6.30pmGreat British Railway
Journeys
7pmAntiques Road Trip:
Charlie Ross and Charles
Hanson drive from Scunthorpe
to Grantham.
8pmSpringwatch 2012: The
latest footage from the nest
cameras. Last in the series.
9pmThe Men Who Made Us
Fat
10pmMock the Week
10.30pmNewsnight: Weather
11.20pmThis Week
12.05amBBC News
4am-6amBBC Learning Zone
6pmLondon Tonight
6.20pmITV News
6.45pmCHOICE Emmerdale
7.15pmEuro 2012 Live: Spain
v Republic of Ireland (Kick-off
7.45pm).
10pmITV News at Ten
10.30pmLondon News
10.35pmPiers Morgans Life
Stories: Richard Madeley:
11.35pmThe Late Debate:
12.05amJackpot247; ITV
News Headlines
2.35amITV Nightscreen: Text-
based information service.
4.35am-5.30amThe Jeremy Kyle
Show
6pmThe Simpsons
6.30pmHollyoaks
7pmChannel 4 News
7.55pm4thought.tv
8pmCHOICE Country House
Rescue
9pmThe House the 50s Built 10pm
24 Hours in A&E 11.05pmRandom
Acts 11.10pmJimmy and the Giant
Supermarket 12.10amThe Secret
Millionaire 1.05amAll in the Best
Possible Taste with Grayson Perry
2amMurdoch, Cameron & the 8
Billion Deal: Channel 4 Dispatches
2.30amUnreported World 3am
Time Team USA 3.55amDeal or
No Deal 4.50am Countdown
5.35amMy Eden 5.40am-6.10am
Glamour Puds
6pmHome and Away
6.30pm5 News at 6.30
7pmBig Body Squad: 5 News
Update
8pmMarco Pierre Whites
Kitchen Wars: 5 News at 9
9pmThe Girl with 90 Per Cent
Burns: Extraordinary People
10pmBig Brother: More from
the house.
11pmBig Brothers Bit on the
Side
12amSuperCasino
3.55amHouse Doctor 4.20am
Great Scientists 5.10amMichaelas
Wild Challenge 5.35am-6am
Michaelas Wild Challenge
Fill the grid so that each
block adds up to the total
in the box above or to the
left of it.
You can only use the
digits1-9 and you must not
use the same digit twice in
a block. The same digit may
occur more than once in a
row or column, but it must
be in a separate block.
COFFEE BREAK
Using only the letters in the Wordwheel, you have
ten minutes to nd as many words as possible,
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters
or more, all must contain the central letter and
letters can only be used once in every word. There
is at least one nine-letter word in the wheel.
Place the numbers from 1 to 9 in each empty cell so that
each row, each column and each 3x3 block contains all the
numbers from 1 to 9 to solve this tricky Sudoku puzzle.
Copyright Puzzle Press Ltd, www.puzzlepress.co.uk
KAKURO
QUICK CROSSWORD
LAST ISSUES
SOLUTIONS
KAKURO
WORDWHEEL
SUDOKU
SUDOKU
QUICK CROSSWORD
WORDWHEEL
1 2 3 4 5
6 7
8
9
10 11 12 13
14 15
16 17 18
19 20
21
22
23
8 21 16
45
8 6
30 16
38
45
22
9 11
22 23
45
4 24 13
17
14
17
29
37
10
15
14
16
14
5
15
17
16
35
8
33
14
23
13
13
6
25
ACROSS
1 Greek L (6)
6 Gorge (6)
8 Traditions (7)
9 Former hereditary
monarch of Iran (4)
10 Will (5)
13 Afternoon meal (3)
14 Unwanted
discharge of
a uid (7)
16 Unit of sound
intensity (3)
17 French queen, wife
of Louis XVI, ___
Antoinette (5)
19 Pip (4)
21 Leisurely walk (7)
22 General condition
of body and
mind (6)
23 Greater (6)
DOWN
1 Is without (5)
2 Armed ght (6)
3 Ofcial symbols of a
family, state, etc (4)
4 Device for kindling
a re (7)
5 Country, capital
Nairobi (5)
7 Place of religious
retreat for Hindus (6)
11 Made up of famous
top performers (3-4)
12 Most recent (6)
15 Gather, as of
crops (6)
16 Cleanse the
entire body (5)
18 Inadvertent
incorrectness (5)
20 Roald ___, author
of Charlie and the
Chocolate Factory (4)
T
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A
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4

4

S E S A M E S I T S
H O A L U
E R E T A L I A T E
A F T T P O
R U S S E T P L U G
R A R O S E P
P O N D T A R G E T
R N T L E I
V E N E Z U E L A M
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T H U S U N L E S S
4 1 5 1 8 5 2
9 4 7 8 6 7 9 4
2 1 6 2 5 3 1
4 5 2 9 8 1 6 7 3
7 3 7 5 9 8 7
1 3 6 2 4
4 1 2 9 7 2 9
8 2 3 1 7 6 9 4 5
9 8 5 7 4 6 1
7 5 4 2 1 8 3 6
5 9 6 1 3 8 9
4
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The nine-letter word was
AMBULANCE
T
E
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S
T
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I
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&
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BBC1 BBC2 ITV1 CHANNEL4 CHANNEL5
BRITAINS LOST ROUTES WITH
GRIFF RHYS JONES BBC1, 8PM
The presenter joins two farmers and a
herd of cattle to retrace a 250-mile-
long droving route through the
Scottish Highlands.
COUNTRY HOUSE RESCUE
CHANNEL4, 8PM
Entrepreneur Simon Davis takes on
the challenge of helping the owners of
another batch of stately homes secure
the future of their properties.
EMMERDALE
ITV1, 6.45PM
A desperate Ashley takes his
possessions to a pawnbroker and gives
the money to Laurel, lying that he has
been paid.
TVPICK
BRITISH No1 Andy Murray last night
dismissed concerns his shock
second-round exit from the Aegon
Championships will derail his
chances of winning a first grand
slam at Wimbledon next month.
Murray lost 3-6, 7-6 (7-4), 6-7 (1-7) to
Frenchman Nicolas Mahut, the
world No65, in his first match and
failed to perform anywhere near his
best throughout but regardless
remains adamant that his Major
chances have not been undermined.
Its panic stations now, said
Murray sarcastically of his Queens
club defeat.Ive just got no chance
to be ready for Wimbledon. Its going
to be impossible, I think.
This kind if thing happens often.
Novak Djokovic isnt playing the
next two weeks so there is no need
for me to panic.
I lost the match 7-6 in the third in
my first game of the tournament
and it takes a bit of time to adjust to
the grass courts.
Murray will instead fine-tune his
grass-court game by playing in some
exhibition matches next week but
will perhaps take some comfort from
the words of his opponent who,
despite having previously beaten
world No2 Rafael Nadal, described
the win as possibly the best of
his career and backed the Scotsman
to succeed at Wimbledon.
He said: Im pretty sure Andy will
do well at Wimbledon, maybe win
this time. You will see him winning
matches very shortly.
Another British hope, wildcard
Jamie Baker, was also knocked-out
after a 6-3, 6-2 defeat to second seed
Jo Wilfried Tsonga, who Murray
overcame in last years final.
Frenchman Tsonga, the world No5,
advances to the last 16.
Murray falls at
Queens Club
first hurdle
TOTTENHAM manager Harry
Redknapps reign came to an abrupt
end last night.
Redknapp and Spurs chairman
Daniel Levy had been due to meet in
an attempt to resolve increasingly
tense discussions over a
new contract.
But rather than mend his differ-
ences with the north London clubs
hierarchy, Redknapp has parted com-
pany with them, despite a largely
successful four-year tenure that saw
them play Champions League foot-
ball for the first time.
The managers departure caps a
rollercoaster year for the 64-year-old,
who underwent heart surgery and
was cleared of tax evasion following
a two-week trial in February.
That verdict, coupled with Fabio
Capellos sudden resignation, saw
the former West Ham and
Portsmouth boss installed as
the red-hot favourite to be
appointed England manager
this summer.
But after initial interest the
Football Association cooled on
his candidacy, as revealed
by City A.M. in
March, and instead
hired Roy
Hodgson from
West Brom.
Meanwhi l e
Redknapp saw
his Spurs
team blow a
1 0 - p o i n t
a dv a nt a ge
over arch-
rivals Arsenal
Moyes in frame
as Redknapp
leaves Spurs
in the race to finish third in the
Premier League.
Jaded Tottenham ended in
fourth and saw their Champions
League spot swiped by Chelsea, who
unexpectedly won the competition.
That collapse weakened
Redknapps hand decisively in talks
over extending his 3m a year con-
tract, which had 12 months to run.
Redknapp challenged Levy in pub-
lic to hand him a new deal or risk
destabilising the squad, with stars
Gareth Bale and Luka Modric among
Europes hottest properties.
But the Spurs chairman, a
renowned negotiator, is believed to
have been willing only to offer a
short-term deal to a man who made
no secret of his desire for the
England job.
Evertons David Moyes is thought
to be Levys top target to replace
Redknapp once a settlement has
been agreed, with Wigans
Roberto Martinez and former
Chelsea boss Andre Villas-Boas
also in the frame.
Long-serving Scotsman
Moyes joined Everton from
Preston in 2002 and has
since built a reputation
as one of the
Premier Leagues
finest man-
agers, even
being touted
as a future
Manchester
United boss.
Andy Murray last year won Queens
ENGLAND manager Roy Hodgson has
dismissed fears that his teams
European Championship campaign
could be derailed by the inability of
key midfield pair Steven Gerrard
and Scott Parker to cope with a
demanding schedule.
Hodgson can ill afford to see cap-
tain Gerrard or ball-winner Parker
become the latest to suffer injuries
but believes they are not at risk and
hinted he would name an unchanged
team against Sweden tomorrow.
He said: Age doesnt bother me.
When you go into the third game you
are concerned for all your players, not
just Gerrard and Parker, because
three games played in Ukraine in
heat takes it out of everybody.
Hodgson did, however, admit
there was no question England
missed striker Wayne Rooney, who is
suspended for one more game.
Gerrard not an
injury concern
BY FRANK DALLERES
26
SPORT
cityam.com/sport
BY DECLAN WARRINGTON
BY FRANK DALLERES
HOLLAND manager Bert van
Marwijk blamed his players
conditioning after last nights 2-0
defeat to Germany brought them
to the brink of elimination from
the European Championship.
Two masterful finishes from
striker Mario Gomez gave
Germany complete control, even
after a typically-powerful strike
from Arsenals Robin van Persie,
leaving Van Marwijks side with a
significant struggle to advance to
the tournaments
quarter-finals.
Germany are now as close to the
final eight as the Dutch are to an
early exit. They top the group with
a maximum six points while
Holland, having also lost their
opening fixture to Denmark, have
yet to secure their first.
We lost against a very good
team and if you want to beat
Germany you have to be top as a
team and player, said Van
Marwijk. We werent today as
several players arent really
Van Marwijk: We were too tired
CHELSEA chiefs last night insisted
Roberto di Matteo had been the
clear choice to be their next
manager after confirming the
Italians appointment on a two-
year contract.
Di Matteo took over on a
temporary basis in March
following the sacking of Andre
Villas-Boas and transformed a
flagging side, leading them to the
FA Cup and a first-ever Champions
League. But he has had to wait
almost four weeks since that
glorious end to the season to be
handed a permanent contract,
amid speculation Blues owner
Roman Abramovich wanted a
bigger name.
Former Barcelona coach Pep
Guardiola, ex-England manager
Fabio Capello and Stamford Bridge
favourite Jose Mourinho were all
strongly linked with the role.
Robertos quality was clear for
all to see when he galvanised the
squad last season and helped the
club make history, and the owner
and board are very pleased he will
be continuing his good work, said
chief executive Ron Gourlay.
We all believed he was a young
coach with much to offer when we
first asked him to take charge in
March and the manner in which
he worked with us, the players and
all the staff, and the success that
followed, made him the clear
choice when it came to selecting
the person to take us forward in
the seasons to come.
Former Chelsea midfielder Di
Matteo, 42, has already seen the
club spend big on signing Belgian
playmaker Eden Hazard and
Germany midfielder Marko Marin,
although talismanic forward
Didier Drogba has left the club.
Im obviously delighted to have
been appointed, said Di Matteo.
We all achieved incredible success
last season that made history for
this great club. Our aim is to
continue building on that and Im
already planning and looking
forward to the squads return for
pre-season.
BY FRANK DALLERES
Di Matteo gets permanent deal after four-week
wait as Chelsea chief insists he was clear choice
MURRAY AT QUEENS
2011 Winner; reached Wimbledon
semi-finals
2010 Third round; reached
Wimbledon semi-finals
2009 Winner; reached Wimbledon
semi-finals
2008 Quarter-finals; reached
Wimbledon quarter-finals
2007 Injured; also injured for
Wimbledon
2006 First round; reached fourth
round of Wimbledon
Di Matteo led Chelsea to a cup double
@cityam_sport
HOLLAND....................................1
GERMANY ..................................2
EURO 2012
Redknapp was
overlooked for
the England job
27
WADE SHINES IN ENGLAND VICTORY
WASPS wing Christian Wade scored a hat-trick as an experimental mid-week England
side ran in eight tries against SA Southern Barbarians in Kimberley in an action-packed
54-26 victory. George Lowe and Graham Kitchener added further tries, as did the
impressive Thomas Waldroum, who scored two, and returning scrum-half Danny Care.
There were also 14 points from the boot of fly-half Charlie Hodgson.
SEVEN-TIME Tour de France winner
Lance Armstrong is facing fresh
charges from the US Anti-Doping
Agency that could cost him his titles,
he confirmed last night.
The American, 40, has been
banned from triathlons, the sport he
took up on retiring from cycling last
year, as a result of the allegations.
Armstrong, who has never tested
positive and was not charged in
February following a two-year probe
by the US attorneys office into
doping claims against him, accused
USADA of running a witch-hunt.
He said: These charges are
baseless, motivated by spite and
advanced through testimony bought
and paid for by promises of
anonymity and immunity. I have
never doped, and have competed as
an endurance athlete for 25 years
with no spike in performance.
Armstrong in
dope charges
BY SPORTS DESK STAFF
ENGLAND World Cup winner Will
Greenwood believes current coach
Stuart Lancaster can survive a 3-0
Test whitewash in South Africa,
provided results improve in the
autumn internationals.
Greenwood has thus far been
impressed with Lancasters long-
term project and believes Englands
22-17 Durban defeat to South Africa
provides cause for optimism
ahead of Saturdays second Test
in Johannesburg, even if their
greatest challenge lays ahead.
The former centre believes
Lancasters acid test to be in mid-
November, when England
consecutively face Australia, South
Africa and New Zealand.
I think the challenge will come,
because you cant lose three Tests in
November, Greenwood told City A.M.
Thats the problem. Youve got New
Zealand, Australia and South Africa
coming. I think going to South
Africa and losing a Test series 3-0 it
aint the end of the world. Theres
everything to gain, nothing to lose.
Most dont expect them to win.
[Just] go in there, be competitive,
learn with this coach, this bunch of
players, against a Tri-Nations team.
Ive been really impressed and am
enthused about what Im seeing. The
side picked, I thought, was excellent.
I thought the execution at times was
poor from those on the field, [but] it
was a good side and Im genuinely
excited about seeing the next Test.
Hes not afraid to take a chance.
Lancasters selection for Saturday
will have to take into consideration
the possible problems posed by
altitude, but though Greenwood
acknowledges the potential
difficulties involved, he believes the
issue is no longer such a threat.
If youre not used to it you feel as
though youre playing with a
punctured lung, he added. But if
you train well and the sport science
has been done properly, its become
less and less of an issue.
Greenwood is also confident about
the emergence of further talent and,
with the Premiership Sevens
nearing, believes Lancaster can
expect more to imminently appear.
A couple of years ago, Saracens
won the JP Morgan at the start of the
season with [Owen] Farrell, he said.
Jonathan Joseph for London Irish
last year, Luke Moore for
Harlequins its a great chance to
have a good look and expose younger
players to a high-level competition.
The J.P. Morgan Premiership Rugby 7s
Series begins on 13 July at Harlequins,
with rounds at Sale Sharks and Gloucester
Rugby, and the final at Bath Rugby. Visit:
www.jpmorgan7s.com to find out more.
Nicklas Bendtners brace continued his superb
record against Portugal: he now has six goals in
five appearances when facing the Iberians
cityam.com
PORTUGAL boss Paulo Bento
admitted his side should have been
home and dry long before substitute
Silvestre Varelas late winner boosted
their chances of reaching the
European Championship last eight.
Porto forward Varela lashed home
with three minutes remaining to
spare Cristiano Ronaldos blushes
after a Nicklas Bendtner brace had
dragged Denmark back from two
goals behind. The prolific Ronaldo
missed two one-on-one chances to
finish off the Danes at 2-1 before
Varela settled the Group B thriller.
We should have killed the game
off earlier, we had enough chances,
said Bento. Conceding an equaliser
so late, we showed great strength of
character to keep going for the win.
Defender Pepe headed Portugal in
front after 24 minutes and striker
Postiga doubled the lead from Nanis
pass before half-time.
Arsenals Bendtner punished a
napping defence to nod into an
empty net before half-time and,
following Ronaldos misses,
powerfully headed a back-post
equaliser with 10 minutes left,
setting up a dramatic finale.
Sub Varela hits
late winner to
spare Ronaldo
in shape. The opening phase was
okay but after that it all went
wrong in our defence.
Bastian Schweinstiger thread an
exquisite through-ball beyond the
static Dutch defence for Gomez to
expertly turn and shoot beyond
goalkeeper Maarten Stekelenburg
for a 24th-minute opener.
Schweinstiger and Gomez again
combined for the latters second
but the striker this time had more
to do, delicately curling the ball
inside the far right post from the
edge of the penalty area.
Van Persies arrowed effort gave
Holland 20 minutes to equalise
but they thereafter rarely
threatened to do so.
to beat Germany
IN BRIEF
Millar in line for Team GB spot
n OLYMPICS: Former drug cheat cyclist
David Millar is closing in on a
controversial spot at London 2012 after
he was yesterday named on the Team
GB road racing shortlist.
Donald set for toughest US Open
n GOLF: World No1 Luke Donald
believes the US Opens Olympic Club
course provides golfs greatest major
challenge. He said: Its a tough track.
Theres always trouble lurking.
Captain Smith fit for England series
n CRICKET: South Africa captain
Graeme Smith has been passed fit to
lead their tour of England, which starts
next month, following ankle surgery.
The Proteas have named an unchanged
15-man squad for the three-Test tour.
Results
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Germany 2 2 0 0 3 1 6
Portugal 2 1 0 1 3 3 3
Denmark 2 1 0 1 3 3 3
Holland 2 0 0 2 1 3 0
GROUP B
TEAM PLD W D L F A PTS
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Springboks whitewash is no
disaster, insists Greenwood
DENMARK..................................2
PORTUGAL .................................3
BY FRANK DALLERES
EURO 2012
Hollands Robin
van Persie scored
a 73rd-minute
goal, his first of
the tournament
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APR
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EVER
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