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BP’S $16BN RUSSIA crisis looms Portugal on


the brink as

DEAL IS SCUPPERED

EUROZONE CRISIS
BY JULIET SAMUEL
A CRUCIAL European summit in
ENERGY Brussels has been hijacked by the crisis

BY MARION DAKERS embroiling Portugal after its govern-


ment collapsed on Wednesday, with
BP’S historic plans to search for oil in yields on Lisbon’s debt spiking to euro
the Arctic were blocked yesterday by lifetime highs and expectations of a
its billionaire partners in Russia. bailout mounting.
The embattled oil giant’s deal with EU leaders were meeting for a sec-
Russian explorer Rosneft has been left ond day of crisis talks today in a bid to
hanging by a thread by an internation- solve the region’s debt problems.
al tribunal, which thwarted the pair- But instead, negotiations have
ing at the request of Alfa Access become mired in the prospect of
Renova (AAR), a group of oligarchs another Eurozone bailout.
who own a 50 per cent stake in BP’s Portugal is being represented at the
joint venture TNK-BP. summit by Jose Socrates, acting as
AAR yesterday won the ruling in interim Prime Minister since a failed
Sweden that prohibits BP’s $16bn budget vote pushed him to resign on
(£10bn) share-swap and Arctic explo- Wednesday. He refuses to countenance
ration deal with Rosneft from moving a bailout despite a credit rating down-
forward. grade by both S&P and Fitch Ratings
The legal block is a big victory for yesterday. Yields on the country’s five-
the AAR billionaires, who claimed year debt yesterday surged to a high of
that a deal with Rosneft unfairly shuts 8.4 per cent as a result.
them out of the potentially lucrative The chaos means that prospects of a
but closely-held Arctic oil fields. new deal for Ireland to reduce interest
Rosneft, which is part-owned by the BP boss (centre, left) Bob Dudley signs the £10bn deal with Rosneft, as energy secretary Chris Huhne (second left, back) looks on Pic: REUTERS payments on its rescue funds looks
Russian state, estimates that the off- remote. Bill Blain, of brokerage
shore fields contain 5 trillion tonnes the shareholder agreement was a seri- the firm of sabotage after it refused to would keep the £10bn share swap but Newedge, said: “It really feels like a
of crude oil and 10 trillion cubic ous misjudgment by BP that has send its members of the TNK board to leave out any mention of an explo- new crisis is developing, but in yet
metres of gas. severely damaged the relationship a last-ditch negotiation meeting in ration deal, one source familiar with another example of the euro elites
The arbitration panel agreed with between the TNK-BP shareholders.” Berlin. the company said yesterday. delusional mindset, we’ve got Ireland
AAR’s claim that BP’s partnership AAR owners Mikhail Fridman, Dudley, who hurriedly left his job at The share swap deal in its current being painted as a cheat for refusing...
with Rosneft breaches the rights of German Khan, Viktor Vekselberg and TNK-BP in 2008 amid claims that AAR form will expire on 14 April if not to cut its corporate tax!”
TNK-BP, and enforced a temporary Len Blavatnik said BP chief executive had harassed him, is said to remain completed. Preliminary estimates put the cost
injunction awarded in London last Bob Dudley has “harmed BP’s reputa- “fully committed to investing in The arbitration ruling, announced of a Portuguese bailout at around
month. “We won,” said an AAR tion in Russia”. Russia”. at 6pm London time, sent BP’s shares €80bn (£70bn). If Lisbon does need a
spokesperson. Relations between AAR and BP have Rosneft declined to comment. in New York down 50 cents before rescue, the UK could be on the hook
Chief executive Stan Polovets added: again soured since the Rosneft deal BP plans to return to the arbitration they recovered the losses to close up for up to 14 per cent of the costs.
“Willfully ignoring the provisions of was struck in January. AAR accused panel with a revised deal, which 1.25 per cent at $46.81. ALLISTER HEATH: P2

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2 News CITYA.M. 25 MARCH 2011

Why we shouldn’t bail out Portugal WIN


worth a minimum of €60bn-€70bn to
cover the country’s deficit and bond
repayments for three years. Part of
print more money to buy back its own
bonds (again, unlike the UK). The only
way Portugal can readjust, therefore,
The EU’s strategy is to throw good
money after bad and to pretend that
the only thing an over-leveraged coun-
ONE FREE
this would be drawn from the
European Financial
Mechanism, the €60bn rescue fund
Stability
is to start reducing wages the hard
way in nominal, euro terms – an inter-
nal devaluation. Yet even if this were
try that has priced itself out of global
export markets needs is another loan.
This approach stands no chance of
LUXURY
which is activated by majority voting
and of which the UK is a member.
politically possible, it would increase
the burden of Portugal’s existing pri-
success. It is also important to realise
that austerity packages alone are a WEEKEND
EDITOR’S LETTER
TO PARIS
Open Europe, the think-tank, esti- vate and public debt: if workers earn necessary condition for recovery – but
mates that the UK’s share would range 10 per cent less, and their mortgages not a sufficient one. Radical supply-
ALLISTER HEATH from €810m to €3.7bn under a €60bn remain the same, interest payments side policies are also needed to boost
bail-out, and €945m-€4.26bn under a suddenly become more difficult to growth, not just half-hearted fiscal
HERE’S a heretical thought: let’s not
bail out Portugal. The near-bankrupt
country has just seen its Prime
Minister resign after losing a key vote
€70bn rescue deal. The UK would also
have to contribute to any IMF bailout.
Portugal’s main problem is that its
unit labour costs are way too high,
bear. Taxes would also have to rise as a
proportion of lower wages to meet
existing spending commitments.
The problem, of course, is that wage
tightening policies that end up hiking
taxes too much rather than taking an
axe to privileges and unaffordable
spending commitments.
FOR TWO
on his government’s fourth austerity making its exports uncompetitive. cuts are nigh-on impossible in Of course, bond investors and finan- APPLY TO JOIN OUR READERS’ PANEL.
package in a couple of years, while Being a member of the euro, it cannot Portugal, which means unemploy- cial institutions will suffer if the EU
Fitch has just downgraded the coun- depreciate its currency (the course of ment will keep on going up. Portugal allows Lisbon to default and forces a In September, we’ll put panellists
try’s credit rating. Yet the talk now is action taken by Britain during the has one of the most regulated labour proper, well-managed restructuring of who have responded to at least 80 per
of a bailout – even though Portugal’s past three years). It cannot inflate its markets of the Eurozone countries. its debt. But Portugal is too small to be
cent of surveys into a prize draw.
parliament has just refused to take wages down (a strategy that Britain Without substantial reform, rigidities another Lehman Brothers. The bail-
the pain. To agree to a rescue would be appears to be secretly pursuing, with will stop any downwards pressure on out culture must end – as must the Full T&Cs available on request.
to send out the wrong message and the Office for Budget Responsibility real wages. The answer must thus be a socialisation of risk and the nationali-
would force hard-pressed UK taxpay- and others predicting that take-home combination of measures to deregu- sation of losses. Enough is enough.
ers to underwrite part of the bill. pay will continue to fall after adjust- late the economy – as well as a partial allister.heath@cityam.com www.cityam.com/panel
A rescue package would need to be ing for inflation). It certainly cannot default on the national debt. Follow me on Twitter: @allisterheath

7th Floor, Centurion House,


24 Monument Street, London, EC3R 8AJ
Tel: 020 7015 1200 Fax: 020 7283 5334
Nato to back
no-fly zone
Email: news@cityam.com www.cityam.com
Editorial
Editor Allister Heath
Deputy Editor David Hellier
News Editor David Crow
Night Editor Katie Hope
Business Features Editor Marc Sidwell
WORLD “not our problem”.

Lifestyle Editor Zoe Strimpel


Sports Editor Frank Dalleres BY ALISON LOCK “The future of Libya, the political WPP boss Sir Martin Sorrell says he will recommend a UK return to shareholders
Art Director Craig Gaymer choices of Libya, including what they

WPP set for return to UK


Pictures Alice Hepple NATO states yesterday agreed to decide to do with Muammar Gaddafi
enforce a no-fly zone over Libya but and his henchmen is the problem of
Commercial stopped short of taking control of mil- the Libyans,” he said.
Sales Director Jeremy Slattery itary air strikes as discussion raged Air strikes hit Gaddafi’s tanks and
Commercial Director Harry Owen over who would lead the operation. brought down a Libyan fighter jet
Head of Distribution Nick Owen Battles between anti-regime rebels that breached the no-fly zone but
and dictator Gaddafi’s forces in failed to stop shelling of Misrata, rais- ADVERTISING A.M. the move depends on ensuring

Distribution helpline Benghazi, Misrata and Ajdabiyah con- ing fears of a humanitarian crisis. WPP will no longer be subject to the
If you have any comments about the distribution BY STEVE DINNEEN
of City A.M. Please ring 0207 015 1230, or email tinued yesterday, but Nato secretary- Further reports suggested Gaddafi’s double taxation on foreign income
distribution@cityam.com general Anders Fogh Rasmussen said sons and allies were reaching out to WPP could be set for a sensational that drove it out of the UK in 2009.
the alliance’s mandate did not western governments seeking ways to return to the UK after boss Sir Martin He said WPP will wait until the
Editorial Statement extend beyond enforcing an arms end the fighting peacefully yesterday. Sorrell said he will recommend it to new rules announced by George
This newspaper adheres to the system of embargo and the no-fly zone, though redomicile from Ireland following Osborne on Wednesday are imple-
self-regulation overseen by the Press Complaints it could act in self-defence. Dictator Muammar the budget. mented and says it is likely to be 2012
Commission. The PCC takes complaints about the Reported civilian casualties from He said in an email: “We’ve looked at the earliest before it returns.
editorial content of publications under the Editor’s Gaddafi continues to
Code of Practice, a copy of which can be found at the air strikes have inflamed tensions at small print and releases. Subject to WPP, the world’s biggest advertis-
www.pcc.org.uk between western states and leaders battle Libyan rebels in draft legislation and enactment we ing firm, says the rate of corporation
Printed by Newsfax International,
are keen to formulate an exit strategy. Misrata, Benghazi and will recommend a return to the UK to tax is not a material consideration.
Beam Reach 5 Business Park, French President Nicolas Sarkozy Ajdabiyah the board and shareowners.” Its shares closed up 1.5 per cent at
Marsh Way, Rainham, Essex, RM13 8RS said the Libyan people’s future was Sources close to the firm told City 757p yesterday.

WHAT THE OTHER PAPERS SAY THIS MORNING


about the takeover of outsourcing
company PeopleSupport.

BARCLAYS AT CENTRE OF LIBOR SIEMENS TO SPLIT INDUSTRY ARM BUILDERS WIN APPEAL AGAINST HUFFINGTON POST TO LAUNCH UK INVESTOR POOL LOSES MAJORITY
INQUIRY Siemens is poised to split its vast RECORD FINES EDITION THIS SUMMER CONTROL OF ROCHE
Barclays is emerging as a key focus of industry business in two in order to The Office of Fair Trading suffered The Huffington Post will launch a UK The Swiss family that has controlled
the US and UK regulatory probe into tap into the fast-growing demand for another embarrassing blow yesterday edition this summer, said its co- drug giant Roche Holding AG for
alleged rigging of benchmark inter- infrastructure in the world’s largest when the Competition Appeal founder Arianna Huffington. Ms decades said one family member has
bank lending rates that are the refer- cities. At an extraordinary superviso- Tribunal slashed more record fines Huffington said one reason she dropped out of the group's voting
ence point for $350,000bn in financial ry board meeting next Monday, Peter that it had imposed on construction agreed to sell the news website to AOL pool, meaning that the family pool
products, people familiar with the Löscher, the chief executive of companies accused of illegal bid-rig- for $315m (£195m) last month was to has lost majority voting control of the
investigation said. Investigators are Europe’s largest engineering con- ging. Galliford Try had its fine provide the financing to expand into company. The pool, which unites the
probing whether communications glomerate, is expected to present a reduced from £8.33m to just under international markets, such as the UK publicity-shy descendents of compa-
between the bank’s traders and its plan to shuffle parts of its industry £1.4m. Five other construction com- and Canada. ny founder Fritz Hoffmann-La Roche,
treasury arm, which helps set the daily business into a newly created “infra- panies also had their fines cut by now hold 45.01% of Roche votes.
London interbank offered rate, or structure sector”, two people close to nearly £5m in total. HAMMERSON PLANS £350M CITY
Libor, violated “Chinese wall” rules the situation said. TOWER FANNIE REPORT WARNED OF
that prevent information-sharing THREADBARE NEST WILL OFFER LOW Hammerson has submitted plans for a FORECLOSURE PROBLEMS IN 2006
between different parts of the bank. BUFFETT SET TO MEET INDIAN EARNERS NO HOPE OF A BIG PENSION new £350m residential tower and Fannie Mae was warned in a 2006
INSURANCE HOLDERS The flagship pension fund being set major office development that will internal report of abuses in the way
EX-INTEL MANAGER TELLS OF PROFIT Warren Buffett, the chairman of up to nudge millions of low to moder- drive expansion of the Square Mile lenders and their law firms handled
FROM INSIDER TIPS Berkshire Hathaway, will on Friday ate earners into retirement saving for beyond its traditional boundaries. The foreclosures, long before regulators
A former Intel manager testified that meet his new insurance policy hold- the first time is aiming for a mini- FTSE 100 company has revised its orig- launched investigations into the
he earned more than $150,000 in ers in the Indian capital following his mum investment return no more inal plans for Bishops Place on mortgage industry's practices. The
trading profits after his longtime company’s entrance into one of the ambitious than preserving the real Shoreditch High Street and now aims report said foreclosure attorneys in
friend, Galleon hedge fund founder fastest-growing retail markets in the value of what employees and employ- to develop a residential tower with Florida had “routinely made” false
Raj Rajaratnam, learnt information world. ers put in. 243 apartments. statements in court.
CITYA.M. 25 MARCH 2011 News 3

WAGAMAMA SNAPPED UP
JAPANESE noodle
Accenture boosts
earnings forecasts
bar chain
Wagamama was
yesterday gobbled
up by private equi-
ty firm Duke Street
for £215m, sources
told City A.M.
Seller Lion Capital Revenue in the second-quarter, to


CONSULTING
had owned the BY ALISON LOCK the end of February, rose to $6.1bn
chain since 2005, from $5.2bn a year earlier while net
more than dou- SHARES in management consultancy income rose to $566m or 75 cents per
bling its UK pres- Accenture rose 5.3 per cent to $54.73 share from $462m or 60 cents per
ence. Hutton (£33.55) in after hours trading yester- share a year earlier.
Collins and lenders day after it said high client demand Accenture expects full-year earn-
GE Capital, Lloyds would boost its full-year revenue and ings per share to reach between $3.22
and Investec pro- earnings forecasts. and $3.30 -- higher than a December
vided additional Bookings in stood at $6.98bn, up forecast of $3.08 to $3.16 and above
capital to fund the from $6.3bn the previous quarter, the average analyst forecast of $3.14
deal. chief executive Pierre Nanterme said. per share.

BlackBerry
maker warns
of profit fall
investment was “laying a strong foun-

TECHNOLOGY
BY ALISON LOCK dation for RIM’s expanding market
opportunity”. But the market viewed
SHARES in BlackBerry maker it as revealing deep concerns about
Research in Motion (RIM) fell 12 per the performance of its new products
cent in after hours trading yesterday as it tries to keep up with powerful
after it cut its earnings forecast for rivals Google and Apple, with many
the current quarter due to heavy fearing it cannot maintain its market-
investment in its new products. leading position.
Ontario-based RIM delivered a
$934m (£572m) net profit or
$1.78 earnings per share in
its fourth-quarter, which
ended in February, up 52.3M
31 per cent from Blackberry shipments
$710m or $1.27 per
share a year earlier. for fiscal 2011, up
But it said prof- 43 per cent
its in the current on a year ago
quarter, ending
in May this year,
would fall to
$1.47-1.55 per RIM forecasts
share as it
increased its $5.2BN-$5.6BN
R&D spend on revenue for first-quarter
its new PlayBook
tablet ahead of of fiscal 2012 compared to
its 19 April
launch. $5.6bn consensus
Co-chief executive estimates
Jim Balsillie said the

Moody’s cuts Aviva puts RAC


Spanish ratings arm up for sale

BANKING INSURANCE
CREDIT rating agency Moody’s down- ROADSIDE rescue business RAC has
graded 30 of Spain’s smaller banks been put up for sale by its insurance
yesterday over concerns the nation’s owner Aviva as it divests non-core
high sovereign debt may prevent it parts of the company.
from bailing them out in future. The RAC’s value has been placed at
It cut the ratings of 15 banks’ sen- about £600-700m, just over half the
ior debt and deposit ratings by two £1.1bn Aviva paid for it in 2005, after
notches and five by three or four, it a series of sell-offs of its parts, includ-
said, with most banks’ outlook nega- ing the BSM driving school. At Aviva’s
tive. The move reflects the removal of results presentation earlier this
the “extraordinary level of systemic month, chief executive Andrew Moss
support – of up to six notches” that said it would sell non-core assets this
Moody’s had built in to their ratings. year to focus on 12 key markets.
The re-ratings do not affect Spain’s JP Morgan is the bank believed to
three largest banks, Banco Santander, have been appointed to sell the busi-
BBVA and La Caixa, it said. ness.
4 Budget Review CITYA.M. 25 MARCH 2011

CITY VIEWS: WHAT DID YOU MAKE OF THE BUDGET?


Soaring inflation will JULIAN PHILLIPS | MITSUI SUMITOMO
Interviews by Phoebe Torrance and Eric Wilkens

worsen cuts, says IFS “Osborne already set out his plans earlier this year
and he should stick to them. He did outline some
good proposals for businesses and drivers. The
budget is better long term because it will take a
while for regulatory changes to kick in.”

UK ECONOMY up to 4.4 per cent in recent months, In a statement released to coincide


BY JULIAN HARRIS with the Bank of England concerned with chancellor George Osborne’s
it could soon exceed five per cent. Budget, the OBR admitted that dan- COLIN FANTHAM | XCHANGING
HIGH inflation will deepen spending In November the Office for Budget ger to the deficit reduction plan.
cuts that the government is banking Responsibility (OBR) predicted infla- “The biggest threat is the possibili-
on to reduce the UK’s deficit, the tion of 2.8 per cent for this year, yet ty that we have over-estimated the "The 1p off of petrol won’t make any real differ-
Institute for Fiscal Studies (IFS) said was forced to revise the forecast up to amount of spare capacity in the econ- ence, but the budget will improve the long-term
yesterday. 4.2 per cent on Wednesday. omy, now or in the future,” it said.
While departmental spending, in The government’s spending plans “If the output gap was roughly 1.5 forecast of the country. There is nothing in the
real terms, allowing for inflation, was are “uncomfortably dependent” on per cent of potential output smaller budget that impresses businesses, though. I’d
due to be cut by an average of 11.2 per the OBR’s wider forecasts and judge- than our central estimate then the
cent over four years according to ments on the economy, the IFS direc- government would no longer be on rather they’d cut more taxes."
October’s figures, cuts are now esti- tor Paul Johnson said, referring to its course to balance the cyclically-
mated at 11.7 per cent. GDP forecasts and estimates of the adjusted current budget in five years’ DAVID PORTER | SMARTSTREAM
Consumer price inflation has shot economy’s output gap. time.”

“It was a very positive budget, with tax changes

Growth key to UK’s credit rating for corporations welcome, particularly the drop in
corporation tax. It’s a very good long-term plan,
but George Osborne had his hands tied and realis-
tically could do very little.”

UK ECONOMY to deteriorate to a point that would be warning over the growth forecasts,
BY JULIAN HARRIS inconsistent with a AAA rating,” and subsequently its credit rating for ROB WHITELEY | C.V. STARR
Moody’s said in a statement. the UK.
BRITAIN’S triple-A credit rating could The government’s fiscal watchdog, “The medium-term economic fore-
be in doubt if strong growth fails to the OBR, was forced to revise down its casts still appear relatively optimistic,” “The new budget is slightly good for lower income
deliver the government’s deficit reduc- growth forecast for this year to 1.7 per it said on Wednesday. “If the economic
tion targets, the ratings agency cent this week, from 2.1 per cent. recovery proves weaker than project- earners and smaller families, but worse for people
Moody’s said yesterday. However, it still expects annual ed, future Budgets may require addi- who make more money, who can expect to be
“Slower growth combined with growth of 2.8 to 2.9 per cent from 2013 tional measures to ensure that the paying more in taxes. But with the current situa-
weaker-than-expected fiscal consolida- to 2015. government meets it ambitious fiscal
tion could cause the UK’s debt metrics Fellow rating agency Fitch issued a targets,” it said. tion, everyone seems to be suffering.”

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CITYA.M. 25 MARCH 2011 Budget Review 5

Premier plays OSBORNE WATCHING OIL FIRMS LIKE A HAWK NEWS | IN BRIEF
Germany drives Eurozone forward
Business activity in the Eurozone contin-
ues to grow, fresh data revealed yester-

down North day. The purchasing managers’ index


came in at 57.5 for March – down from
58.2 in February, but still recording robust
economic growth. “The data suggest that
Eurozone GDP rose 0.8 per cent in the
first-quarter of the year, but a rise of per-

Sea oil charge haps 1.5 per cent is signalled for


Germany,” said Chris Williamson of
Markit, which runs the survey. “Growth in
the periphery remained very subdued in
comparison,” he added. Input prices
jumped at their steepest rate since July
2008, the survey said. Meanwhile, busi-
ENERGY to new discoveries in its Catcher field ness confidence hit a three-year high in

BY MARION DAKERS in the North Sea. France, according to a separate survey.


Analysts re-examined all oil firms
UK OIL explorer Premier Oil talked with exposure to the North Sea yester- Drop in US durable goods orders
down the effect of the government’s day. RBS cut Premier’s net asset value US durable goods orders decreased by
shock North Sea fuel profit tax yester- forecasts by two to four per cent but $1.9bn (£1.17bn), or 0.9 per cent, to
day, as it reported record profits of left profit predictions untouched. $200bn last month after an upwardly
$129.8m (£80.5m). Premier shares gained four per revised 3.6 per cent in January, the
The firm has $1bn of tax cent yesterday to close at £19.88. Commerce Department said yesterday.
allowances linked to its purchase of Meanwhile, initial claims for state unem-
Oilexco, which it bought out of ANALYSIS l Premier Oil ployment benefits slipped 5,000 to a sea-
administration in 2009, chief execu- 2,150 1,988.00 sonally adjusted 382,000. The four-week
p 24 Mar
tive Simon Lockett said, meaning it moving average of unemployment bene-
doesn’t have to pay UK taxes until at fits dropped to its lowest level in more
least 2015. “The positive side of it is 2,050 than two and a half years.
that we’re still quite acquisitive and I
guess that means that you’ll get Bank’s Dale: inflation could stick
assets which are going to be a bit 1,950 CHANCELLOR George Osborne said yesterday he will keep a close eye on the UK’s petrol Bank of England rate setter Spencer Dale
cheaper going forward,” he added. providers to see that they pass on the 1p per litre cut in fuel duty to consumers. “We will yesterday defended his vote for higher
The FTSE 250 component said it be watching like a hawk to make sure that motorists get the benefit of the budget interest rates. Inflation pressures could
remains on target to produce 75,000 1,850 changes and make sure that there's no funny business,” he told ITV’s Daybreak. He is prove to be more stubborn than expected,
barrels of oil per day by 2012, thanks 10 Jan 28 Jan 17 Feb 9 Mar funding the changes through a 12 per cent tax hike on North Sea oil producers’ profits. Dale said.

FACT CHECKER | WITH MARION DAKERS


High-energy industries
hit by carbon price floor
THE CLAIM: THE SHOCK RISE IN SUPPLEMENTARY IMMEDIATE BENEFIT
RMI Petrol, the trade body that represents
TAXES FOR OIL FIRMS FROM 20 TO 32 PER CENT almost 6,000 petrol forecourts in the UK,
said the combination of the 1p fuel duty cut
WILL MAKE PETROL PRICES AT THE PUMPS RISE and the cancellation of the planned 5p
inflation-linked rise will take effect at the
The chancellor said he will pay for a new happening in Libya.” pumps within a few days. However, it adds

MANUFACTURING
fuel price stabiliser and 1p fuel tax cut North Sea oil companies don’t produce fuel that the soaring price of oil has already that already subjects its companies to
with a massive hike for companies produc- in nearly enough quantities to influence added 2p to the wholesale price of unlead- ENERGY policy changes introduced in a carbon trading scheme,” he said.
ing oil in the UK – from the previous 20 per movements in the wholesale price of oil. ed petrol this week. the Budget will heap costs on energy- Chancellor George Osborne said
cent up to 32 per cent from midnight yes- Indeed, even if they threaten to halt pro- intensive industries, pressure groups firms would be shielded from price
terday. duction altogether in protest, the overall warned yesterday. rises by a wider discount to the
Will motorists feel the benefit of the new market is unlikely to suffer a big hit. THE VERDICT | Energy-intensive manufacturers of Climate Change Levy, another tax on
tax scheme, or will oil firms simply pass products such as steel, glass and paper energy use. But the TaxPayers Alliance
the extra cost on at the pumps? INTEGRATED COMPANIES MOTORISTS WON’T FEEL THE PINCH will see their costs soar as the carbon (TPA) said the change was “deeply mis-
Firms like BP, which have stakes in every BUT MIGHT BE HIT BY OTHER RISES price floor rises from £16 per tonne of leading” as the discount was
THE OIL MARKET part of the oil business from the first The global oil market means a tax CO2 today to £30/tonne by 2020. decreased in 2009’s Pre-Budget Report
“The oil market is international, and the exploration, to refineries, to the garage in the UK won’t affect the market Jeremy Nicholson, director of the and Osborne had simply returned to
producer doesn’t set the price – the buyer forecourt, still face stiff competition from price of fuel and therefore petrol. Energy Intensive Users Group, said that level. “Those industries have only
does,” Ernst & Young’s energy tax expert the supermarkets when it comes to selling However, the chancellor can do lit- firms had “very great concerns” had their original position….restored
Derek Leith told City A.M. “Only an organi- petrol. tle to prevent events in the Middle about the tax. “It threatens the com- and this does not mitigate the sub-
sation like OPEC or a large oil-rich nation George Osborne has also pledged to watch East continuing to pressure petrol petitiveness of UK manufacturing stantial increase in costs resulting
like Saudi Arabia can have any influence on firms “like a hawk” to prevent any furtive prices. compared to the rest of Europe – and from the carbon price floor,” said TPA
the price, or a surprise event like what’s price hikes. Europe is the only part of the world director Matthew Sinclair.
6 News CITYA.M. 25 MARCH 2011

Stretched insurers hit back Swiss Re hikes its


at new EU stress test plans dividend by 175pc
Tuesday. The new tests will be based “Rather than demand stress tests on ment, up from one Swiss franc a

INSURANCE


INSURANCE
BY ALISON LOCK on the planned Solvency II legisla- the basis of a yet to be agreed frame- share in 2010, will be paid on 26 April
tion, which requires insurers to hold work, it would be better to focus on SWISS RE sought to reassure investors 2011 if shareholders approve it at its
THE insurance industry voiced con- more regulatory capital against dif- finalising the proposed rules and help- worried about its large catastrophe annual general meeting on 15 April.
cern yesterday at European regula- ferent risks. They will be carried out ing the industry put the infrastructure losses this year with a substantial div- The board said it reflected “Swiss
tors’ plans to run a new series of by the Financial Services Authority in place to make them work by 2013,” idend hike yesterday. Re’s improved capital base and prof-
“stress tests” on more than 200 com- from now until the end of May. said ABI director Peter Vipond. The reinsurer, which scrapped its itability,” as its economic net worth
panies across the region. But the Association of British PwC partner Philippe Guijarro said full-year profit target this week after grew 11 per cent to $30.7bn in 2010.
The second round of tests to check Insurers branded the tests a “distrac- the tests would “put a huge strain on taking more than $2.5bn (£1.53bn) in Swiss Re has also proposed buying
how well-capitalised insurers are tion from vital regulatory change” the industry’s already stretched losses from disasters in Japan and back 95m of its 180m authorised
against different risks was launched that would put extra strain on firms resources” while the unfinished New Zealand, has proposed raising its shares and raising capital in future by
by the European Insurance and racing to comply with other require- nature of Solvency II at present may 2010 dividend by 175 per cent. issuing convertible bonds to the value
Occupational Pensions Authority on ments that are still to be finalised. render the results unreliable. The Swfr2.75 (£1.86) a share pay- of 50m shares.

Shock exit of
Invensys boss
hurts shares
was 124p. The price before his depar-

TECHNOLOGY
BY STEVE DINNEEN ture was 357p.
However, its shares dropped 4.5 per
INVENSYS’ shares tanked yesterday cent yesterday to 341.2p.
after it announced the shock depar- Henriksson has been replaced by
ture of its chief executive Ulf former chief financial officer Wayne
Henriksson. Edmunds.
The engineering company sank to Invensys chairman Sir Nigel Rudd
the bottom of the FTSE 100 leader- said: “I am delighted Wayne has
board amid speculation Henriksson agreed to take on the role of chief
had finally been axed for appearing executive. I would like to thank Ulf
to fuel speculation last November for his hard work and achievements.
that Invensys was a possible target We wish him well for the future.”
for China Southern Rail. The firm says it expects its results
The indiscretion caused an to be broadly in line with forecasts.
almighty row and the board was
forced to rush out a statement deny- ANALYSIS l Invensys
ing it was involved in any discus- 370 341.20
sions. p
24 Mar
Sources close to the company told 360
City A.M. Henriksson had no say in his
departure, with the decision being 350
solely down to the board.
They suggested the decision was 340
based on the belief the former boss
had taken Invensys as far as he could. 330
When he took control of the embat-
320
tled firm in July 2005 its share price 10 Jan 28 Jan 17 Feb 9 Mar

Henriksson’s rein ends


TECHNOLOGY

BY STEVE DINNEEN
ULF Henriksson’s tenure at Invensys came to an
abrupt end yesterday after its board shocked the mar-
ket by unceremoniously shepherding him out of the
door.
During his time at the engineering giant he has
attracted criticism and praise in almost equal meas-
ure. His supporters point to the steady rise in the
firm’s share price from 124p when he took the
reins in 2005 to 357p before his departure.
However, critics argue Henriksson, known
as a turnaround specialist, was a poor fit for
the firm. They were given ample ammuni-
tion after he appeared to stoke rumours
that China Southern Rail could buy part of
the firm.
Its shares tanked and it appears that his
card may have been
marked from then on.
ULF HENRIKSSON
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8 Consumer News

Next chief executive Simon Wolfson warned prices would rise due to soaring cotton costs

Next in bleak
trade update

RETAIL Sales at Next’s retail division fell by 2.3
BY JOHN DUNNE per cent to £2.2bn, but revenues at Next
Directory, the home shopping catalogue
NEXT yesterday gave a grim view of the and website, rose by 7.1 per cent to
consumer outlook while warning that £935.5m. Next Directory now accounts
its prices will be hiked to reflect the for 27 per cent of total turnover and 40
surging cost of cotton. per cent of group profits. Despite Next’s
The retailer’s spring and summer col- warning over cautious consumers, ana-
lection will see average prices rise by six lysts gave a positive reaction to the
per cent. results and the company’s share price
Next reported a nine per cent rise in jumped four per cent to 2,043p.
pre-tax profits to £551m in the year end- Verdict retail analyst Maureen Hinton
ing January. Cost savings boosted the said: “Its strategy is to give its investors a
figures as the chain suffered a four per good return rather than going for con-
cent fall in same-store retail sales. stant growth in revenue. This is aided by
Next forecast profit for the new finan- its control of costs.”
cial year to be between £520m and
£570m, in line with current market ANALYSIS l Next
expectations. 2,200
2,043.00
p 24 Mar
Chief executive Simon Wolfson said:
“Retailing will feel like walking up the
2,100
down escalator – we will have to work
hard to stand still. Increases in VAT, cot-
ton prices and labour rates in many of 2,000
the countries in which we source means
the price of our products are rising at a
time when our customers are experienc- 1,900
ing increased demands on their
income.” 10 Jan 28 Jan 17 Feb 9 Mar

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CITYA.M. 25 MARCH 2011 Consumer News 9

Kingfisher in NEWS | IN BRIEF


Clinton Cards profit plunges
Clinton Cards yesterday posted a 70 per
cent fall in half-year profits to £11.7m.

plan to boost The greetings card and gift retailer said


the tough retail environment will contin-
ue to hit trade throughout 2011. Clinton
is pinning its hopes on strong perform-
ances in its main trading periods, includ-
ing around Mother’s Day. The company

global growth Kingfisher chief executive Ian Cheshire will mastermind a huge revamp at the company

ANALYST VIEWS: HOW WILL THE MARKET


REACT TO THE GROWTH PLAN ? Interviews by John Dunne
also said it would be revamping some of
its stores in a bid to attract more cus-
tomers.

M&S signs up Conran


Marks & Spencer yesterday unveiled a
partnership with the founder of house-
RETAIL “We are stepping up a gear. We hold furnisher Habitat as part of a move

BY JOHN DUNNE think we have more to come from our to modernise its Home department.
markets.” He said the French market CAROLINE GULLIVER | EXECUTION NOBLE British designer Sir Terence Conran will


KINGFISHER yesterday unveiled a five- was proving more resilient as individ- oversee the design of furniture, bedding,
year plan to transform the business uals had more savings. Meanwhile, a lighting and kitchenware in the “contem-


with massive growth and a campaign scheme to train people in DIY skills
This is a reassuring set of results. An encouraging earnings-per-share porary” section. M&S chief executive
to breathe new life into the flagging would help B&Q.
target implies that management believe they can generate consistent Marc Bolland is overseeing the revamp
UK DIY market. Kingfisher also raised its full-year
growth despite evident macroeconomic pressures. ‘Buy’. which is part of his shake-up of ranges.
The bold blueprint was unveiled as dividend by 28.5 per cent to 7.07p.
the B&Q owner reported a 22.5 per
ANALYSIS l Kingfisher
MATTHEW MCEACHRAN | SINGER CAPITAL MARKETS Ted Baker to open China store


cent rise in pre-tax profits to £670m Fashion group Ted Baker is to follow
in the year to 29 January. 280 other British brands into China, in an
p
261.40


However total sales remained at While we do not expect any changes to current year forecasts we attempt to tap into the country’s grow-
24 Mar believe the market will react positively to the new stage of the develop-
£10.5bn while there was a three per ing appetite for luxury Western goods.
cent drop in like-for-like sales in the 260 ment plan. They remain excited about growth prospects. The announcement came as the compa-
UK and Ireland. ny posted healthy annual profit figures.
Chief executive Ian Cheshire said For the year to 29 January the group
the company, which trades under the 240 FREDDIE GEORGE | SEYMOUR PIERCE reported a sales rise of 14.7 per cent to


name Castorama in France, said more £187.7m. Pre-tax profit lifted from
than 1,100 new outlets could be £19.5m to £24.2m. Groups including

” street sales slip


We would like to be more positive on the stock, but in view of the diffi-
opened, with an expansion into 220
cult economic outlook for the UK market and the likely increase in interest Burberry and Mulberry already operate
China and India being eyed. 10 Jan 28 Jan 17 Feb 9 Mar in the country.
rates we choose to remain ‘neutral’ for now.

Wake up and smell the instant coffee UK’s high


CHRISTMAS 2010 will be remem-
bered as Britain’s last big spending
splurge. What better way to end
cantly.
It was always going to be like this.
The only real surprise is that it took
others, especially the supermarkets.
That has helped delay the day of
reckoning for some, although con-
after the January bounce
almost two decades of unsustain- so long for the recession to catch up sumers have also struggled to accept
able, debt-fuelled largesse than with with retailers. Take J Sainsbury, that the debt-fuelled game is up.

RETAIL
a massive turkey dinner and tonnes which has notched up five consecu- Hiding is no longer an option. consumer confidence, and prices
of presents? Supermarkets could tive years of growth in margins, Spiralling inflation stoked by higher RETAIL sales dropped more sharply that are rising at double the pace of
barely believe it as families spent sales and profits – despite the commodity prices, hiked taxes, con- than expected in February, official household income growth,” Clarke
more than ever before on rich food slump. In 2007, pre-tax profits were strained consumer credit and fear data showed yesterday. added.
and booze; John Lewis notched up £339m, rising to £434m in 2008, over public sector cuts have com- Compared to January, sales were The result left the annualised rise
record sales. “Austerity,” consumers £519m in 2009 and £610m in 2010. bined to create a lethal brew. down 0.8 per cent, the Office of in sales at just 1.3 per cent, in terms
muttered disbelievingly as they There is simply no evidence of the Yesterday’s retail sales might have National Statistics (ONS) revealed. of volume.
repeatedly tapped in their chip-and- worst recession in Britain’s peace- been worst than expected, but “Stripping out the increase in auto On a comparison of the last three
pin code? “What austerity?” time history. Tesco tells a similar things are going to get much, much fuel sales, then the figure was down months with the previous three
Alas, it couldn’t last. As the New story, with profits rising from uglier. The party on the high street one per cent on the month,” noted months, which helps iron out volatil-
Year dawned, consumers woke up £2.653bn in 2007 to £2.803bn in is well and truly over. Alan Clarke, economist at BNP ity, sales were narrowly up 0.1 per
and smelled the coffee – and it was 2008 and £2.917bn 2009. Again, the david.crow@cityam.com Paribas. cent.
the cheap, freeze-dried stuff. Justin slump is nowhere to be seen. In January, these core sales were “The average level of retail sales vol-
King, the J Sainsbury boss, spoke for Of course, some weaker rivals like up 1.1 per cent compared to umes in January-February is 0.5 per
most retailers when he said post-
Christmas sales had fallen signifi-
Zavvi and Woolworths have fallen by
the wayside, providing a fillip for
BOTTOMLINE December.
“A weak number always looked
cent above the average in the last
three months of 2010,” said
Analysis by David Crow likely on the back of the plunge in Citigroup’s Michael Saunders.
The Capitalist
10 EDITED BY CITYA.M. 25 MARCH 2011
ELIZABETH FOURNIER
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @citycapitalist

BORIS SEEKS THE NEXT BLANKFEIN


IN LONDON’S POOREST POSTCODES
ANY City recruiters out there with a The scheme will give some of the agreeing with the Mayor of
nose for talent will be interested to 22,915 Londoners between the ages London’s assertion that “harness-
hear about the latest initiative from of 18-24 that are currently claiming ing the next generation instead of
Boris Johnson’s Fund for London – a Jobseekers Allowance access to squandering their talents is in all
scheme to help disadvantaged training, mock interviews, mentor- our interests”.
young Londoners have a better shot ing and work experience to ease It’s a scheme that should be close
at the UK jobs market. their route into positions that to the heart of Goldman Sachs chief
Young London Working provides would have otherwise seemed unat- executive Lloyd Blankfein, a classic
a central employment hub to con- tainable. example of the American Dream
nect jobless young people with The scheme is sponsored by come true.
their potential employers. investment bank Goldman Sachs, Born the son of a Brooklyn postal

Salvador Dali’s Alice in Wonderland is coming to the City of London

worker in one of the poorest areas Station, the course will lead partici-
of East New York, Blankfein was the pants through a series of physical
first in his family to go to college, and mental tasks designed to mimic
and 35 years on he’s sitting pretty at five phases of a soldier’s life: recruit-
the top of one of the world’s biggest ment, basic training, combat,
investment banks. adventure training and teamwork.
And with speculation rife yester- So if you didn’t quite make the
day that a Londoner – Michael Isis or Goldie crews, but aren’t yet
Sherwood – is being positioned to content to retire to the riverside
take Blankfein’s role in the future, with a pint of Pimms, the Soldier
it seems that Goldman is already on Challenge could provide the perfect
the lookout for the capital’s next middle ground to work up and
generation of banking talent. sweat and raise cash for a good
cause.

SURREALISM
AND THE CITY
AS springtime comes to London,
City workers taking the opportunity
to top up their vitamin D intake by
heading outside over lunchtime
might just stumble across some-
thing a bit strange.
From 1 April Dali’s famous five-
foot Alice in Wonderland statue will
make her home outside Moorhouse
– the Norman Foster-designed office An accountant’s unique take on the Budget
development that’s sprung up on
the corner of London Wall and
Moorgate.
Since 1994 Alice, who is cast in
SINGING THE NEWS
IF, like The Capitalist, you’re feeling
bronze and was made in 1977, has a little weary from trying to digest
been travelling the world, stopping the impact of George Osborne’s
off in Florence, Rome, Singapore 100-page Budget yesterday, then
and Hong Kong before ending up in you’ll be pleased to hear that help
the heart of the City. is at hand.
The outdoor installation will be Yesterday, South Wales account-
accompanied by an indoor exhibit ancy firm UHY Peacheys held its
of several more iconic Dali sculp- annual Budget breakfast to help
tures, plus prints and collages clients understand the main
including Tarot Cards. points for business, and senior tax
The exhibition will run until 30 partner Steve Theaker (above) hit
June, after which Alice will leave upon a unique way of getting his
the City for an as yet unknown des- message across.
tination. Curiouser and curiouser… Taking to the stage with
his trusty guitar, Theaker
took the words out of
A NELL OF A TEST John Lennon’s mouth as
WITH this weekend’s annual he sang “Imagine
Boat Race providing the sport- there’s no Budget; noth-
ing entertainment in South ing to comment on”
West London, an alternative before launching into
event in the capital’s cen- a deconstruction of
tre is looking to attract Osborne’s sopho-
wannabe action more effort.
heroes keen to Despite the
prove their physical cringeworthy
prowess. nature of the per-
Budding super- formance, The
men (and women) Capitalist tips her hat
can join Nell to Theaker nonethe-
McAndrew (right) and less – we don’t imag-
test their mettle army- ine there are too
style on Saturday, when many accountants
London’s first Soldier who could sing the
Challenge traverses the capi- phrase “significant
tal’s streets and offers a accelerated structural
series of typical military tri- deficit reduction” in
als to civilians. tune.
Kicking off at 11am on The video, needless
Saturday from Waterloo to say, is on YouTube.
12 News

Centre
Point
tower
sold


PROPERTY exceptional office accommoda-
BY MARION DAKERS tion at a point when demand for
West End offices will be high and
NEW PROPERTY company competitive support low,” said
Almacantar could turn some Hussey in a statement yesterday.
floors of the Centre Point tower But it is understood that
into luxury flats, after buying the Almacantar has lined up talks
tower out of administration. with Camden Council about get-
Almacantar, set up last year by ting planning permission to con-
former Land Securities executive vert parts of the building into
Mike Hussey, has exchanged con- high-end residential space.
tracts on the Grade II-listed tower A source said the firm would
near Tottenham Court Road initially focus on improving
underground station. rental incomes from the build-
The firm did not say how much ing, which currently has several
it paid for the tower, home to the empty floors.
CBI and oil firm Saudi Aramco, Centre Point was put in the
but previous reports have put the hands of administrator Deloitte
price at £120m. last year when owner
“In the medium term, we Targetfollow defaulted on a
expect the building to provide £700m debt owed to Lloyds.

AssetCo chief
ousted after
court defeat

SUPPORT SERVICES from three key investors to supply


BY ALISON LOCK £10m if they could appoint a new
executive chairman.
THE CHIEF executive of troubled fire “Following the request of the board
engine provider AssetCo resigned John Shannon has today resigned
with immediate effect yesterday at with immediate effect,” AssetCo said
the request of the board in a statement.
John Shannon’s ousting is the lat- Tudor Davies is now leading the
est twist in a rescue saga that saw company as executive chairman. Tim
AssetCo’s investors force through a Wightman has stepped down as chair-
£16m emergency share placement on man and Christopher Mills has joined
Wednesday. the board as a non-executive director.
Shannon, AssetCo’s largest share- Shareholders were said to have
holder after leading a management grown frustrated with Shannon since
buyout in 2005, had clashed with AssetCo admitted in February it was
investors after blocking the fundrais- struggling to raise £4m in short-term
ing on Monday, plunging the compa- debt while it refinanced a £50m long-
ny’s future into doubt and causing its term loan facility. The problems
shares to be suspended. quickly grew, leading to a proposed
In a hastily-arranged court hearing £8m and then £16m share placement.
the evening after the company’s gen- AssetCo now believes it requires an
eral meeting, shareholders were extra £3-4m of working capital in
granted an injunction to force addition to the £16m just raised.
Shannon to comply with the rescue AssetCo’s shares closed 3.6 per cent
plan’s terms. It included a pledge down at 13.5p on the news.
CITYA.M. 25 MARCH 2011 News 13

TOP WORLDWIDE MERGERS AND ACQUISTIONS - 2011

First quarter Target and advisers


AIG: Citi, Morgan Stanley, Rothschild,
Evercore, BoA/ML
T-Mobile USA: Deutsche,
Acquirer and advisers
Shareholders

AT&T: Greenhill, Evercore, JP Morgan


US

US
Value
$59bn

$39bn

M&A back up Credit Suisse, Morgan Stanley


Progress Energy: Lazard, BarCap
Fiat SpA-Auto: BarCap, Banca IMI, UBS, Citi,
Goldman, Credit Suisse, UniCredit,
Credit Agricole, SocGen, BNP Paribas
Duke Energy Corp: JP Morgan, BoA/ML
Shareholders
US
Italy
$26bn
$18.5bn

to 2007 levels ProLogis: Morgan Stanley


Cargill: Credit Suisse, JP Morgan, UBS, Rothschild
NYSE Euronext: Perella Weinberg Partners,
BNP Paribas, Goldman, Morgan Stanley
Centro Properties Group: Moelis, JP Morgan,
AMB Property Group: JP Morgan
Cargill: Lazard
Deutsche Boerse: Deutsche, JP Morgan,
Credit Suisse, SocGen
BRE Retail Holdings: Wells Fargo, Deutsche,
US
US
US

US
$15bn
$14.9bn
$10bn

$9.4bn
Bloomberg’s European underwriting UBS, Lazard, Flagstaff Partners BarCap

BANKING
BY JULIET SAMUEL AND DAVID HELLIER table. Lubrizol Corp: Citi, Evercore Berkshire Hathaway US $9.3bn
BoA Merrill Lynch has had a run of
INVESTMENT banks have seen merg- underwriting business from Russia, Reliance Industries: Goldman BP: Morgan Stanley India $9bn
ers and acquisitions (M&A) deals having been on the recent float of VTB,
bounce back with a vengeance in the a state lender. One banker put its suc-
first-quarter of 2011, but one of the tra- cess down to the stability of the equity WORLDWIDE M&A RANKING 2011 YEAR TO DATE
ditional stalwarts has fallen down the capital markets (ECM) business, which 2011 Q1
league tables due to its exclusion from has seen a particularly low staff YTD 2010 Rank No.
major deals. turnover. Rank Rank Financial Adviser Value US$ Deals
Morgan Stanley has triumphed in Goldman has had a slow start to the
first place on the basis of global M&A year, falling down to fourth from first 1 5 Morgan Stanley 202,657.2 70
volumes – the value of deals the bank place in the M&A rankings. A Goldman
worked on – with Credit Suisse top- Sachs spokeswoman said it was still 2 9 JP Morgan 188,748.3 66
ping the European league and JP early and added that the bank’s per-
Morgan winning the US ranking, formance should be judged later in the 3 8 Bank of America Merril 149,692.0 69
according to the latest Thomson year. She also said that the bank’s move 4 1 Goldman Sachs & Co 143,548.0 79
Reuters figures. down the Thomson Reuters M&A
Bank of America Merrill Lynch has tables was partly due to its exclusion 5 2 Credit Suisse 139,224.7 54
jumped up the global M&A table from from the AT&T telecoms deal in the US
eighth place last year to third this year, where it traditionally advises Sprint 6 3 Citi 138,846.1 50
cementing its return to form follow- and from its non involvement in the 7 34 Evercore Partners 114,741.1 8
ing the teething pains suffered after conversion of preferred stock in AIG.
the merger between Bank of America Nomura, which does not feature in 8 6 Deutsche Bank AG 114,225.0 60
and Merrill Lynch in 2008. the top ten, says it is still building up a
BoA Merrill Lynch has pushed global M&A business and that “for us 9 12 Rothschild 97,690.8 44
Goldman into fourth place globally we are building and are not actively
10 4 Barclays Capital 88,801.7 26
and it also currently claims top spot in worried about the current tables.” John Mack, Morgan Stanley executive chair
14 News CITYA.M. 25 MARCH 2011

Report slams BAA delays


David Begg said the firm’s slow with BAA its plans for strengthening


AVIATION
response to the snowy weather must Heathrow’s capacity for coping with
BY MARION DAKERS be improved so Heathrow never shuts severe winter weather”.
HEATHROW operator BAA said it down “except for immediate safety or
plans to invest £50m on revising its other emergency threats”.

£50m
snow plans after an independent BAA said it has already changed its
report into the winter travel chaos yes- response plan, and now has 269 peo-
terday found that a lack of prepara- ple trained to clear snow, up from 117.
tion, equipment and communication British Airways, which took a £50m
caused most of the disruption. hit from snow-linked cancellations,
BAA chief executive Colin Matthews accepted there were things it “could have done better”. The report by BAA non-executive said it “look[s] forward to discussing How much BAA will spend on snow defences

Solid sales Australia


for United 1 & 2 bedroom apartments dilutes its
Utilities through L&Q’s part buy, mining tax
part rent scheme


UTILITIES from MINING
BY HARRY BANKS * BY HARRY BANKS
UNITED Utilities, the largest listed
£760 AUSTRALIA’S booming mining compa-
pcm
water utility, said trading in the sec- nies including BHP Billiton and Rio
ond-half had been slightly ahead of
its expectations, putting it on track
The Artillery, Tinto have won a major concession
over a plan to tax their profits, poten-
for a solid underlying performance tially saving them hundreds of mil-
for the year. Shooters Hill SE18 lions of dollars and helping cool
The company said regulated rev- industry opposition to the tax.
enue had continued the positive Australian treasurer Wayne Swan
trend from the first-half, but would said yesterday the national govern-
be slightly lower in the second, ment would repay current royalties
reflecting seasonal changes. that the miners pay to state govern-
“The full-year position represents ments, and refund any future royalty
a healthy financial performance in increases imposed by mining states.
light of the impact of the price The controversial 30 per cent tax
review,” said United Utilities, which
has been asked by industry regulator Jude Court, on iron ore and coal mines with
annual profits of $50m (£30.9m) or
Ofwat to cut prices. more is due to start in the middle of
Analysts expect the company to Brockley SE4 next year, and should raise $7.4bn in
report a full-year pre-tax profit of
£302m, on revenue of £1.6bn, accord-
Enterprise House, its first two years.
Smaller mining companies, howev-
ing to a poll. er, led by Fortescue Metals Group,
Capital expenditure will hit Bromley BR2 from remain strongly opposed to the tax,
£600m this year, United Utilities
said, though the firm said it is
£950* and continued to criticise the deal
with the global companies despite
unlikely to meet its leak targets pcm the latest compromise.
thanks to the severe weather over “It was a tax designed by BHP,”
Christmas. Fortescue’s billionaire chief Andrew
Last month, Northumbrian Water from Forrest said.
and Pennon had also said trading in
the second-half had been in line with £727* “Policy should be broad ranging, it
should be fair and it should be based
estimates, despite the snowy condi- pcm on the constitution of being equal
tions. among states and equal among com-
Shares in United Utilities closed panies. That hasn’t happened here.
up 0.9 per cent yesterday at 584.5p, BHP has literally written a tax for
valuing the firm at £1.99bn. everyone else to pay,” he said.
Book your viewing
ANALYSIS l United utilities ANALYSIS l BHP Billiton
610
p 584.50 Call: 0844 406 9800 2,700
p 2,358.00
600 24 Mar 24 Mar
590 Web: www.lqgroup.org.uk 2,500
580
Industrial and Provident Society 30441R exempt charity. Details correct at time of going to print March 2011. Your home is at
570 risk if you fail to keep up repayments on a mortgage, rent or other loan secured on it. Please make sure you can afford the
repayments before you take out a mortgage. * The figure quoted is based on part buy, part rent and on a percentage share. This 2,300
560 is a guideline and may vary according to individual incomes and circumstances. See website for details.
550
540 2,100
10 Jan 28 Jan 17 Feb 9 Mar 10 Jan 28 Jan 17 Feb 9 Mar

BHP Billiton unveils $9.5bn expansion plan Sirius shares rejoin AIM
rather than blockbuster acquisitions. sum, with its partner Mitsubishi pay- Shareholders approved the new

MINING ENERGY
BY MARION DAKERS BHP said yesterday its Western ing the rest. strategy and readmission to AIM in a
Australia iron ore project will be A $400m thermal coal mine in SIRIUS Petroleum’s shares closed flat meeting on Wednesday.
BHP Billiton yesterday revealed boosted to 220m tonnes per annum New South Wales was also approved at 5.62p yesterday, in its first day of Sirius’s plans to purchase a 40 per
details of its $9.5bn (£5.89bn) invest- by new equipment, a rail link and yesterday. trading on AIM since its shares were cent interest in the Ke oil field in
ment plans for its iron ore and coal port facilities costing a total of BHP, which had threatened to cancelled in February to allow for its Nigeria fell through in December,
operations. $7.4bn, of which BHP will shell out withold investment in Australia first acquisition in Nigeria. though Sirius has maintained that it
The FTSE 100 miner announced a $6.6bn. after the government announced a The firm was yesterday re-listed as could buy a stake in the future.
bigger-than-expected $80bn capital The firm has also given the green mining windfall tax, saw its shares an investing company with no opera- Sirius said in a statement yesterday
expenditure plan last month, which light to three coal projects in gain 1.4 per cent to £23.58 yesterday tions to allow the firm to change its that its first acquisition will take the
the firm said would pay for organic Queensland, Australia, at a total cost after concessions to the tax were investment strategy and pursue form of a reverse takeover, but did not
growth over the next five years of $5bn. BHP will pay half of this announced. acquisitions, it said in a statement. give any more details.
News 15

GKN’s driver through


the recession retires

PROFILE
BY MARION DAKERS
GKN’s chief executive Sir Kevin
Smith is to retire at the end of the
year, after safely steering the car
parts-maker through an industry-
wide crash.
Sir Kevin, aged 56, led the firm
through a massive cost-cutting drive
in the wake of the recession, cutting
nearly 6,000 jobs to stem annual losses
that hit £130m in 2008.
This ruthless approach put the firm
back on an even keel, and GKN earlier this
month reported a pre-tax profit of £345m.
Sir Kevin, born in Lancashire and a life-long
fan of Burnley Football Club, is expected to keep
his job as a UK business ambassador after he steps
down from the engineering group.
He has already visited Singapore several times since
taking up the government-appointed role last year,
and hobnobbed with Prince Andrew at the
British Business Awards ceremony in Shanghai
in September.
He was knighted for services to industry
in 2007. Before working for GKN, Sir
Kevin spent more than
20 years at BAE Systems.
SIR KEVIN SMITH

Sluggish sales
hurt Imperial
fears that the government’s decision to

CONSUMER
BY ERIC WILKENS ban displays of cigarettes in shops
could also hit sales.
SHARES in cigarette firm Imperial He said: “As a result of the govern-
Tobacco fell yesterday after the ciga- ment’s plan, there is a real concern
rette giant warned its revenue growth over counterfeiting. We’ll continue
will slow. stepping up our efforts to get out the
The company now expects first-half word about disproportional regulation
revenues to grow by two per cent a towards the tobacco companies.”
year, compared to five per cent in the Imperial, which makes over 300bn
last three months of 2010. cigarettes a year, said its global ciga-
The maker of Lambert & Butler, rette volumes had declined one per
West and Gauloises cigarettes attrib- cent in the past half year.
uted the sluggish growth to a tough The firm’s shares lost 12p in

@ @
market in Spain and a shift in trade London trading yesterday to close at

@
buying patterns in Britain. 1,910p.
Martin Deboo, an analyst at
Investec, said: “It is hard to charac- ANALYSIS l Imperial Tobacco
terise this as anything other than a dif- 2,050
p 1,910.00
ficult statement from Imperial...The 24 Mar
news from the two key markets of the

@
UK and Spain is a material negative in 1,950
our view.”
Imperial could be further hurt by
chancellor George Osborne’s decision 1,850
to hike tobacco duty by inflation plus
two per cent, increasing the price of a FOR MORE NEWS
20-pack of cigarettes to as much as £7.
A spokesman for the firm voiced
1,750
10 Jan 28 Jan 17 Feb 9 Mar
www.cityam.com

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16 News CITYA.M. 25 MARCH 2011

Popular and Allianz in link up Evolution says it won’t


Popular’s agreement with Allianz, gains from the deal, which will boost
make a bid for Panmure

BANKING
BY HARRY BANKS a long-time partner and shareholder, Popular’s generic provisions cushion,
covers pensions and investment fund which, as in the case of many Spanish


BANCO Popular, Spain’s third-largest management as well as the insurance banks, has been eroded over the past BANKING Last October, Evolution decided
listed bank, and German insurer business. 18 months due to rising bad loans. against bidding for Panmure follow-
Allianz are creating a joint insurance A new company, Allianz Popular, in BRITISH investment bank Evolution ing opposition from both Panmure
company to manage over €11bn which Allianz will hold 60 per cent ANALYSIS l Banco Popular Espanol Group, which last year decided itself and one of Evolution’s main
(£9.68bn) in assets. and Popular the balance, will com- 4.60
€ 4.37 against making a formal bid for rival shareholders.
Popular will book capital gains of bine existing joint ventures in insur- 24 Mar Panmure Gordon, said the thought of Evolution’s situation was compli-
€490m from the deal, which a ance and pensions with Popular’s making a new attempt on Panumre cated since it had to get the support
4.20
spokesman said yesterday will be fund management operations. was not on its mind. of Qatar’s QInvest, which has a 44 per
used to strengthen its balance sheet. “The new venture is positive, In the company’s first public state- cent stake in Panmure.
Spanish banks have been under although it will have little significant 3.80 ment on the matter since the original Evolution reported yesterday that
close scrutiny on concerns about impact on Popular’s balance sheet in bid fell through, chief executive Alex adjusted operating profit for the year
potential capital shortfalls after the the short term,” Renta 4 bank analyst Snow said: “Panmure is not on the ending 31 December fell 75 per cent
collapse of the property sector, forc- Nuria Alvarez said. agenda ... I have not even thought from last year to £5.2m, but it raised
ing groups to shore up assets. BPI analysts flagged the capital 2010 10 Jan 24 Jan 7 Feb 21 Feb 7 Mar 21 Mar about it.” its dividend by 10 per cent to 2.75p.

Credit Suisse’s
Dividend hike Dougan gets
as Resolution £8.67m in 2010

looks at deals


BANKING
CREDIT Suisse boss Brady Dougan took
$14m (£8.67m) in pay in 2010, despite
the bank’s shares losing a quarter of
their value.
Dougan’s fixed pay doubled to
SwFr2.5m (£1.7m) and was topped by a
INSURANCE

previous year. SwFr10.2m bonus, making him one of


BY HARRY BANKS The increase reflected a full 12- the world’s highest-paid bankers for
month contribution from Friends the second year.
BRITISH insurance consolidator Provident, which was acquired in late But Dougan’s total pay of
Resolution hiked its dividend more 2009, as well as four months of earn- SwFr12.8m was down a third from
than expected, as it focuses more on ings from the Axa businesses. 2009, when he also received shares
squeezing cash from its businesses, Resolution said its research into worth some SwFr71m under a five-
and said it was still mulling deals out- potential takeovers had highlighted year bonus plan.
side the UK. opportunities in asset management Dougan was also not the highest
Resolution, created to buy underper- and in the US and European life paid banker at Credit Suisse. That posi-
forming British life insurers and insurance industries. tion went to Antonio Quintella, chief
merge them into a more profitable executive of Credit Suisse Americas,
whole, yesterday raised its final payout ANALYSIS l Resolution 289.30 who received total compensation of
for 2010 by 15 per cent to 12.57p per 300
p 24 Mar SwFr15.6m.
share, beating analyst expectations for 290 His base pay is lower than that of
an unchanged dividend. 280
rival UBS’ chief executive Oswald
The increase follows a doubling of Gruebel’s, but Gruebel took no bonus
Resolution’s shareholder cash to 270 for the second consecutive year in
£1.07bn, helped by higher contribu- 260 2010, citing a fall in his bank’s share
tions from its businesses as well as a 250
price. UBS shares lost 4.3 per cent in
one-off capital transfer. 2010, while Credit Suisse shares fell by
Resolution, founded in 2008 by Clive 240 26.43 per cent. Credit Suisse cut the
Cowdery, had a pre-tax operating prof- 230 total 2010 bonus pool by 27 per cent to
it for 2010 of £275m, up from £6m the 10 Jan 28 Jan 17 Feb 9 Mar Credit Suisse boss Brady Dougan saw his total pay fall by a third on 2009 Picture: GETTY about SwFr5.05bn.

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18 News CITYA.M. 25 MARCH 2011

CWW tanks BT’s High Court


action against
after warning DEA to close

on its profits


TECHNOLOGY
BT and TalkTalk’s High Court action
against the Digital Economy Act (DEA)
will end today, with a judge expected to
rule on whether it is unfair in six weeks
time.
The firms are arguing that the legisla-
tion is unfair and was rushed through
UK government from its spending cuts parliament. A judge has been hearing

TELECOMS
last summer. Shares in the group have submissions from relevant parties over
BY STEVE DINNEEN
fallen 29 per cent since it demerged M&C Saatchi’ Maurice and Charles have opened a Moscow branch Picture: ALAN DAVIDSON the last three days.
CABLE & WIRELESS Worldwide’s from the former Cable & Wireless a Lawyers for BT and TalkTalk said they

M&C Saatchi sees profits


(CWW) shares plummeted more than year ago. are particularly concerned about a
14 per cent to 54.2p yesterday after Chief executive Jim Marsh said: clause in the DEA that could force ISPs
shocking the market with a profit “Some of our competitors are being to suspend the accounts of users suspect-
warning. very competitive in their pricing in ed of repeatedly infringing copyright.

leap as it grows abroad


It downgraded its expectations for order to dislodge us from our cus- They argue it could affect innocent
core earnings next year on weaker- tomers. We are not losing customers in internet users and will pass unfair
than-expected demand for voice servic- that respect. However, if other people administration costs onto them.
es and anticipated lower prices for in the market are being very aggressive Another point of contention is that the
data services. in pricing we need to make sure we are onus is on internet users to prove their
It said it does not expect to increase giving our customers fair pricing.” innocence if they are suspected of copy-
its Ebitda in the next year, despite ana- ADVERTISING M&C Saatchi – the Tory party ad right infringement.

lyst expectations that they will rise ANALYSIS l Cable & Wireless Worldwide agency, which was founded by broth- BIS says the costs will be split between
78
BY STEVE DINNEEN
from about £444m to £470m. p ers Maurice and Charles Saatchi in copyright holders, who will pay 75 per
The company said it was being 54.20 1995 – saw its full-year revenues rise 21 cent, and ISPs who will be liable for the
24 Mar
squeezed by higher rents and energy 74 M&C SAATCHI yesterday reported a 25 per cent to £125m, with its UK rev- rest.
costs while it had to cut prices to per cent increase in full-year profits as enues climbing nine per cent. BT and TalkTalk mounted a legal chal-
retain basic data connection contracts 70 it opened its first agency in Russia. It said its contract wins in the UK lenge against the act after it was passed
and its voice business declined. The advertising giant said it will were the strongest since 2004. during “wash-up” – the period between
However, it said it was on track to 66 open a Moscow office, taking the num- The agency says 2011 has started one parliament being dissolved and
hit the current year’s targets after a ber of countries it operates in to 19. well, continuing the forward momen- another being formed. It was passed last
string of contract wins in the second- 62 The Russian move is a joint venture tum from last year, but it remains cau- April by 189 votes to 47 after a two hour
half. The blow comes after the firm with EMCG, one of Russia’s leading tious over the macro economic debate despite public outcry over its pos-
has already faced pressure from the 2010 10 Jan 24 Jan 7 Feb 21 Feb 7 Mar 21 Mar independent agencies. environment. sible implications.
CITYA.M. 25 MARCH 2011 News 19

CITY MOVES | WHO’S SWITCHING JOBS Edited by Juliet Samuel in association with

LOVEFiLM where she was head of European credit at BNY Mellon Asset Management spent 17 years at JP Morgan (previous-
Nick James has been appointed as new digi- sales. Previously, Bernard spent five International where he had overall ly Chase Manhattan and Robert
tal technical development director at the years at Dresdner Kleinwort as head of responsibility for the $9bn pooled fund Fleming).
online film rental company. James will work credit sales for France and Benelux. business working with UK pension
alongside Lesley Mackenzie, group digital funds, charities and family offices. Jones Lang LaSalle
officer, on the technical co-ordination of new LV= Asset Management The commercial estate agent has
device platforms, building technology part- The fund management arm of the Arbuthnot Securities appointed two new EMEA research
nerships and further developing back office mutual insurance, investment and The investment banking arm of directors from April. Robert Stassen
technical infrastructure. retirement group, has appointed Ian Arbuthnot Banking Group, has recently will be the new head of EMEA capital
He joins LOVEFiLM from twocashew, a media Harvey as head of institutional busi- appointed James McIntyre as a direc- markets research while Andrew Burrell
consultancy responsible for the design and ness development. This is a newly cre- tor in closed-end fund sales and Peter becomes head of EMEA forecasting.
deployment of video on demand products. ated position for LVAM as it looks to Brown, who joins the market making Stassen joins from Credit Suisse,
build a presence in the institutional desk, covering closed-end funds. where he was he was a senior equity
Jefferies group as managing director for market. McIntyre was previously on the analyst covering European property
Alix Bernard has joined the global European credit sales in Paris. She joins His most recent role was head of board of SAFEX and was also head of stocks and Burrell was previously chief
securities and investment banking the firm from Liquid Capital Securities, pooled funds and defined contribution derivatives at RAD Bank. Brown has economist at consultancy King Sturge.

To appear in CITYMOVES please email your career


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updates and pictures to citymoves@cityam.com morganmckinley.com

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ANALYSIS l ENRC ANALYSIS l Drax ANALYSIS l J Sainsbury


1150 p
371.90 400 p 5,880.87
941.50 420 p 24 Mar 24 Mar
24 Mar
1050
400 370
950
380 350
850
360 300
10 Jan 19 Jan 28 Jan 8 Feb 17 Feb 28 Feb 9 Mar 18 Mar 10 Jan 19 Jan 28 Jan 8 Feb 17 Feb 28 Feb 9 Mar 18 Mar 10 Jan 19 Jan 28 Jan 8 Feb 17 Feb 28 Feb 9 Mar 18 Mar

ENRC DRAX J SAINSBURY


UBS rates the Kazakh miner “buy” with a 12-month target price of £13. JP Morgan Cazenove rates the power generator “underweight” with a tar- Nomura rates the supermarket “neutral” with a 365p target price. The bro-
ENRC’s results on Wednesday met the broker’s expectations, with earnings get price of 360p. The broker thinks Drax’s shares could slide further in the ker believes that Sainsbury’s stores had a particularly aggressive slowdown
per share beating forecasts by 13 per cent due to exceptional items linked to short-term as the market absorbs the severity of the carbon floor price in the last three months of 2010, moving from two per cent growth in the
an acquisition. UBS expects the firm’s costs to rise in line with the industry announced in Wednesday’s Budget, and has reduced its underlying earnings third-quarter to six per cent contraction in the fourth, based on full-year fig-
as it undertakes a $2.5bn capital expenditure project this year, which forecast by 12.9 per cent for 2013, when the floor is introduced. The broker ures out on Wednesday. However, Nomura has held its pre-tax profit predic-
includes expansion in non-ferrous and logistics divisions. estimates a cost of more than £100m for Drax by 2020. tion at £665m for the full-year, as it recently trimmed its forecasts.

Retailers and mining stocks Wall St advances


power rebound in the FTSE on earnings hopes
THELONDON income, adjusting for the impact of
rate hikes on interest income.
Deutsche Bank also said Marks &
aside European debt concerns after
ratings agencies Fitch and Moody’s
downgraded their debt ratings on
THENEW YORK gained 84.54 points, or 0.70 per cent,
to end at 12,170.56. The Standard &
Poor’s 500 Index climbed 12.12

REPORT Spencer, up 3.7 per cent, “could pro-


vide insulation against rising interest
rates given its market share across
Portugal and 30 Spanish banks
respectively.
Barclays rose 1.3 per cent, helped
REPORT points, or 0.93 per cent, to 1,309.66.
The Nasdaq Composite Index rose
38.12 points, or 1.41 per cent, to
the older demographic”. by Credit Suisse repeating its “outper- 2,736.42.

R U
ETAILERS were among the top Next added four per cent in form” rating on the stock in a note on S stocks advanced yesterday as Ken Polcari, managing director at
performers in a rally in Britain’s response to the fashion retailer’s European banks. optimism about upcoming ICAP Equities in New York, said the
top share index yesterday that growth forecasts. On the downside, Invensys fell 4.5 earnings and investor buying of S&P’s 50-day moving average has
took the FTSE 100 back to levels The blue chip index rallied 84.99 per cent after the British engineer the quarter's top performers acted as a point of resistance for the
last seen just before the earthquake points, or 1.5 per cent, to 5,880.87, also ousted chief executive Ulf Henriksson. lifted the S&P 500 above a key techni- last week and a half, and a close above
in Japan. boosted by a rush for energy and min- “I guess (Henriksson's departure) cal level. 1,305 will be bullish in the short-
Results from Kingfisher and Next ing stocks as investors focused on takes some of the edge off bid specu- The S&P 500 broke above its 50-day term.
showed how some retailers can over- reconstruction opportunities in Japan. lation,” a London-based trader said, moving average at 1,305, leading Semiconductor stocks were among
come tough trading conditions in the “The final outcome of Japan’s disas- referring to suggestions by investors to believe the market may the best performers and helped boost
UK. Kingfisher, which hiked its divi- ter is unknown but any impact from a Henriksson in November that China have absorbed the worst of the pull- the Nasdaq after Micron Technology
dend and reported a 23 per cent rise slowdown in consumer driven Southern Rail could buy a stake. back due to Japan’s earthquake and posted a quarterly profit that topped
in full-year profit, rose 7.2 per cent as growth will be offset by the need to Imperial Tobacco shed 0.6 per cent, tumult in the Arab world, positioning Wall Street’s forecasts.
Deutsche Bank said it was its top pick rebuild in the region,” Jimmy Yates, as the world’s fourth biggest cigarette stocks for another move higher. Micron shares jumped 8.4 per cent
among general retailers. head of equities at CMC Markets said. maker reported slowing growth in “Yes, there are legitimate concerns. to $11.50 (£7.04). The PHLX semicon-
Deutsche Bank said it expected Larry Kantor, head of research at the first-quarter of 2011. Yes, there are legitimate headline ductor index gained 2.5 per cent.
general retailers to outperform as Barclays Capital, said in a note he gen- Cable & Wireless Worldwide risks,” said Phil Orlando, chief equity It was the second consecutive day
household spending growth exceeds erally favoured equities over bonds, plunged 14.4 per cent after down- market strategist at Federated of gains for the market, with the S&P
expectations in second-half 2011, and developed market equities over grading expectations for core earn- Investors, in New York. “But it’s entire- 500 up 2.4 per cent so far for the
despite current weak consumer emerging market stocks. ings next year. ly possible the market feels comfort- week. With the market near the end
indicators. “We favour developed market equi- able that this seven per cent of the quarter, portfolio managers
Britain’s retail sales fell more than ties because there is more room for ANALYSIS l FTSE correction we saw from mid-February will buy equities that have performed
expected in February, hit by the economic growth without triggering 6,100 p 5,880.87 into mid-March has priced those con- well as they execute window dressing,
biggest jump in prices in 17 years. significant policy tightening.” 24 Mar cerns in, and now we are starting to and hedge funds will cover short posi-
6,000
“This presents a buying opportuni- “The corrections following the dra- look forward to the prospect of contin- tions that are under pressure.
ty,” Deutsche Bank said. matic events of recent weeks have cre- 5,900 ued economic growth and solid first- The S&P energy index is among
“Consumer spending forecasts ated attractive entry points.” quarter profits.” leading sectors for the quarter, with
have already been revised down to A Reuters poll of 27 strategists fore- 5,800 The S&P 500 is up 24.8 per cent gains so far of 13.7 per cent. Tesoro
reflect the fiscal pressures and higher cast that Britain’s top share index is 5,700 since the start of September but was the top performer in the sector
oil prices.” set to gain around eight per cent to briefly dipped into negative territory for the quarter, up 40.4 per cent.
The bank estimated a one per cent December as the threats to the eco- 5,600 for the year recently as global con- The S&P technology index, up 3.1
increase in interest rates should take nomic recovery subside. 5,500
cerns pushed commodity prices up. per cent so far for the quarter, was up
a modest 0.2 per cent off household Banks joined the rally, brushing 10 Jan 28 Jan 17 Feb 9 Mar The Dow Jones industrial average 1.6 per cent yesterday.
20 CITYA.M. 25 MARCH 2011

Wealth Management | Markets


FTSE 100 FTSE 250 FTSE ALLSHARE DOW NASDAQ S&P 500 / 1.1364 0.0156 /$ 1.4181 0.0080
5880.87 11605.52 3055.77 12170.56 2736.42 1309.66 /$ 1.6114 0.0130 /£ 0.8801 0.0120
84.99 158.17 43.03 84.54 38.12 12.12 /¥ 130.49 0.9659 /¥ 114.83 0.7130
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
GILTS CONSTRUCTION & MATERIALS City of London Gr . . . .93.0 0.0 95.0 67.5 GENERAL RETAILERS Catlin Group Ltd. . . .364.9 -1.0 399.2 319.9 Fresnillo . . . . . . . . . .1533.0 41.0 1682.0 763.5 Land Securities G . . .736.0 10.5 773.0 545.0 Millennium & Copt . .515.0 13.0 600.5 386.8
City of London In . . .380.0 -5.5 461.5 266.5 CPP Group . . . . . . . . .281.8 -0.9 329.0 225.0 Gem Diamonds Ltd. .285.0 5.4 306.0 186.3 SEGRO . . . . . . . . . . . .330.7 5.6 332.0 250.2 Mitchells & Butle . . . .308.2 4.5 361.0 274.0
Tsy 3.250 11 . . . . .101.79 -0.01 103.8 101.8 Kier Group . . . . . . . .1288.0 18.0 1383.0 886.5 Close Brothers Gr . . .845.5 -1.0 888.5 664.0 Brown (N.) Group . . .272.1 -1.0 311.2 217.5 Hiscox Ltd. . . . . . . . . .379.1 2.5 399.0 327.9 Hochschild Mining . .656.0 32.5 680.0 234.0 Shaftesbury . . . . . . . .477.6 2.5 490.2 349.3 National Express . . .241.6 0.1 260.3 213.4
Tsy 9.000 11 . . . . .102.53 -0.03 110.5 102.5 Drax Group . . . . . . . .371.9 -20.3 420.0 326.3 Collins Stewart . . . . . .87.5 1.5 94.0 67.3 Carpetright . . . . . . . . .748.0 37.5 888.0 636.0 Jardine Lloyd Tho . . .683.0 5.0 688.0 521.0 Kazakhmys . . . . . . .1431.0 0.0 1671.0 965.0 PartyGaming . . . . . . .186.4 6.3 328.8 172.1
Tsy 2.500 11 . . . . .308.75 -0.01 311.1 307.7 Scottish & Southe . .1218.0 11.0 1258.0 1010.0 Debenhams . . . . . . . . .63.1 2.8 79.0 53.0 SOFTWARE & COMPUTER SERV.
Evolution Group . . . . .75.5 2.0 127.0 67.0 Lancashire Holdin . . .595.0 6.5 647.0 442.0 Kenmare Resources . .42.3 -0.0 42.9 9.3 Punch Taverns . . . . . .75.4 5.5 101.0 58.0
Tsy 5.250 12 . . . .105.12 -0.01 108.6 105.1 F&C Asset Managem .80.1 0.4 92.9 47.5 Dignity . . . . . . . . . . . .711.5 3.5 737.5 598.0 RSA Insurance Gro . .133.5 0.9 143.5 114.8 Lonmin . . . . . . . . . . .1670.0 31.0 2113.0 1355.0 Autonomy Corporat 1642.0 19.0 1975.0 1271.0 Rank Group . . . . . . . .146.9 -3.4 151.5 94.8
Tsy 9.000 12 . . . . .110.75 -0.45 117.3 109.7 ELECTRICITY Dixons Retail . . . . . . .16.9 0.6 36.5 15.7
Gartmore Group Lt . .109.5 1.4 180.0 88.5 Petropavlovsk . . . . .1073.0 4.0 1365.0 903.5 Aveva Group . . . . . .1622.0 31.0 1739.0 1044.0 Restaurant Group . . .311.6 5.2 312.1 208.2
Tsy 5.000 12 . . . .103.94 -0.02 107.4 103.9 Domino Printing S . .627.0 0.0 705.0 377.7 Hargreaves Lansdo .613.0 8.0 635.0 317.4 Dunelm Group . . . . . .422.5 17.0 550.0 325.3 LIFE INSURANCE Randgold Resource 4723.0 109.0 6655.0 4425.0 Computacenter . . . . .445.0 16.8 457.5 260.0 Stagecoach Group . .208.0 2.8 224.0 160.7
Tsy 4.500 13 . . . .106.22 0.01 109.2 105.9 Halma . . . . . . . . . . . . .345.4 8.8 366.6 239.5 Helphire Group . . . . . .15.5 0.0 55.0 11.8 Halfords Group . . . . .386.7 16.7 550.0 357.9 Aviva . . . . . . . . . . . . . .431.6 -1.1 477.9 294.2 Rio Tinto . . . . . . . . .4231.5 103.5 4712.0 2812.0 Fidessa Group . . . . .1732.0 54.0 1732.0 1269.0 Thomas Cook Group 170.8 1.7 272.0 166.9
Tsy 2.500 13 . . . .283.07 0.00 283.1 268.7 Henderson Group . . .166.2 3.9 166.8 118.1 Home Retail Group . .195.7 3.6 295.1 188.5 Legal & General G . . .118.1 3.0 122.7 72.3 Vedanta Resources 2215.0 40.0 2934.0 1839.0 Invensys . . . . . . . . . . .341.2 -16.1 364.3 230.2 TUI Travel . . . . . . . . . .226.5 1.9 308.4 190.0
Tsy 8.000 13 . . . . .116.50 0.02 121.3 116.3 ELECTRONIC & ELECTRICAL EQ. Inchcape . . . . . . . . . .360.9 10.4 414.0 237.1
Highway Capital . . . . . .7.0 0.0 7.0 6.0 Old Mutual . . . . . . . . .133.2 2.3 145.2 102.0 Xstrata . . . . . . . . . . .1445.0 22.5 1535.0 845.8 Kofax . . . . . . . . . . . . .513.0 35.0 520.0 213.0 Whitbread . . . . . . . .1683.0 51.0 1887.0 1266.0
Tsy 5.000 14 . . . . .110.13 -0.02 114.1 109.2 Laird . . . . . . . . . . . . . .139.1 -2.1 179.0 98.8 ICAP . . . . . . . . . . . . . .525.0 7.0 570.5 341.6 JD Sports Fashion . .902.5 -1.0 964.5 603.0 Phoenix Group Hol . .673.5 3.0 758.0 584.5 Logica . . . . . . . . . . . .134.0 2.8 147.9 101.7 William Hill . . . . . . . . .178.9 0.6 216.5 155.5
Tsy 7.750 15 . . . .105.66 0.00 112.0 76.0 Morgan Crucible C . .302.3 2.0 316.0 167.5 IG Group Holdings . .469.9 -4.6 553.0 362.4 Kesa Electricals . . . .131.1 6.2 174.0 99.2 Prudential . . . . . . . . .732.0 3.0 749.0 489.2 MOBILE TELECOMS Micro Focus Inter . . .316.0 7.4 546.5 276.0
Tsy 8.000 15 . . . .125.04 -0.03 131.6 123.7 Renishaw . . . . . . . . .1556.0 46.0 1819.0 637.5 Intermediate Capi . . .322.2 9.3 360.3 240.4 Kingfisher . . . . . . . . .261.4 17.6 271.3 198.5 Resolution Ltd. . . . . .289.3 5.1 328.6 211.3 Inmarsat . . . . . . . . . . .605.5 8.5 821.0 575.0 Misys . . . . . . . . . . . . .321.7 3.2 354.8 217.0 AIM 50
Tsy 4.750 15 . . . . .110.11 -0.04 114.7 108.6 Spectris . . . . . . . . . .1379.0 22.0 1451.0 740.5 International Per . . . .324.0 3.3 386.6 183.3 Marks & Spencer G . .358.1 12.6 427.5 326.4 St James's Place . . . .330.0 7.7 332.0 204.2 Vodafone Group . . . .175.8 1.2 181.9 129.5 Sage Group . . . . . . . .272.7 3.4 302.0 222.7 Abcam . . . . . . . . . . . .374.5 -4.8 402.0 235.2
Tsy 4.000 16 . . . .106.80 -0.06 111.4 104.0 International Pub . . . .113.1 1.1 118.3 108.6 Mothercare . . . . . . . .470.6 4.1 627.5 466.5 Standard Life . . . . . . .205.8 0.5 244.7 173.0 SDL . . . . . . . . . . . . . . .674.5 4.5 680.0 421.0 Albemarle & Bond . .302.0 5.5 334.0 218.0
Tsy 2.500 16 . . . .319.69 -0.06 320.3 299.9 EQUITY INVESTMENT INSTRUM. Next . . . . . . . . . . . . .2043.0 78.0 2344.0 1868.0 NONEQUITY INVESTM. COMM.
Investec . . . . . . . . . . .464.5 12.0 562.0 429.2 Telecity Group . . . . . .483.0 0.9 532.5 365.0 Amerisur Resource . .24.5 -0.5 27.0 11.5
Tsy 8.750 17 . . . .135.02 -0.50 142.2 132.9 Aberforth Smaller . . .660.0 9.5 697.0 495.0 Sports Direct Int . . . .190.3 2.2 192.3 92.3 MEDIA
IP Group . . . . . . . . . . . .46.0 -0.5 49.9 28.0 Genesis Emerging . .517.0 10.0 568.0 427.0 SUPPORT SERVICES Archipelago Resou . . .63.0 -0.6 64.8 32.3
Tsy 12.000 17 . . .128.01 -0.59 185.9 126.8 Alliance Trust . . . . . .356.9 6.4 377.9 293.5 Jupiter Fund Mana . .286.5 3.3 337.3 180.3 WH Smith . . . . . . . . . .455.1 5.5 523.0 398.2 4imprint Group . . . . .259.0 0.5 275.0 155.0 ASOS . . . . . . . . . . . .1768.0 -1.0 1924.0 496.3
Tsy 1.250 17 . . . .109.30 -0.26 111.1 104.9 Bankers Inv Trust . . .410.9 8.9 427.7 337.0 OIL & GAS PRODUCERS
LMS Capital . . . . . . . . .55.0 0.8 59.0 40.0 HEALTH CARE EQUIPMENT & S. Aegis Group . . . . . . .140.1 2.7 148.3 103.6 Aggreko . . . . . . . . . .1548.0 31.0 1685.0 1154.0 Aurelian Oil & Ga . . . .69.8 -2.3 92.0 35.8
Tsy 5.000 18 . . . . .112.10 -0.22 117.6 108.6 BH Global Ltd. GB .1070.0 10.0 1174.0 1060.0 London Finance & . . .19.5 0.0 21.5 16.5 Bloomsbury Publis . .127.1 3.1 127.8 105.3 Afren . . . . . . . . . . . . . .159.0 5.0 164.0 79.2 Ashtead Group . . . . .194.8 8.4 206.5 77.0 Avanti Communicat .442.0 -1.0 735.0 405.8
Tsy 4.500 19 . . . .108.20 -0.28 113.8 104.0 BH Global Ltd. US . . . .10.7 0.0 11.6 10.6 London Stock Exch .853.0 17.0 933.0 544.0 Smith & Nephew . . . .683.0 -4.0 742.0 537.5 British Sky Broad . . .828.0 2.0 833.5 536.5 BG Group . . . . . . . . .1538.0 63.0 1545.0 984.0 Atkins (WS) . . . . . . . .724.0 9.0 792.5 620.0 Avocet Mining . . . . . .240.8 14.8 253.5 112.0
Tsy 3.750 19 . . . .102.37 -0.25 107.7 97.7 BH Macro Ltd. EUR . . .16.3 -0.0 17.2 15.8 Man Group . . . . . . . . .253.0 5.5 311.0 201.9 Synergy Health . . . . .828.5 -4.0 948.0 562.5 Centaur Media . . . . . . .55.5 -0.5 73.0 45.8 BP . . . . . . . . . . . . . . . .480.9 10.7 655.4 302.9 Babcock Internati . . .579.0 9.5 635.0 492.8 Blinkx . . . . . . . . . . . . .100.3 1.0 103.1 12.3
Tsy 4.750 20 . . . .109.60 -0.25 115.9 105.1 BH Macro Ltd. GBP 1688.0 16.0 1780.0 1630.0 Paragon Group Of . .178.3 2.9 191.5 114.4 HHOLD GDS & HOME CONSTR. Chime Communicati .270.8 -4.3 281.8 158.0 Cairn Energy . . . . . . .444.1 3.1 493.2 366.0 Berendsen . . . . . . . . .478.8 2.0 492.0 360.2 Borders & Souther . . .62.0 0.0 93.0 45.8
Tsy 2.500 20 . . . .324.60 -0.31 325.9 301.6 BH Macro Ltd. USD . . .16.5 0.1 17.1 15.8 Provident Financi . . .969.5 3.0 1033.0 728.5 Creston . . . . . . . . . . . .90.5 0.0 105.0 78.5 EnQuest . . . . . . . . . . .135.8 -1.8 158.5 89.3 Bunzl . . . . . . . . . . . . .735.5 7.0 783.0 658.0 BowLeven . . . . . . . . .360.0 -9.8 398.0 103.0
Tsy 8.000 21 . . . .137.51 -0.25 147.1 133.6 BlackRock World M .786.5 22.5 815.0 533.0 Rathbone Brothers .1169.0 1.0 1257.0 762.5 Barratt Developme . .116.5 7.3 137.7 70.1 Daily Mail and Ge . . .515.0 5.5 594.5 433.0 Essar Energy . . . . . .489.8 21.7 589.5 383.0 Capita Group . . . . . . .765.5 3.5 826.0 635.5 Caledon Resources . .95.5 0.5 107.0 23.3
Tsy 1.875 22 . . . . .114.71 -0.44 117.8 108.5 BlueCrest AllBlue . . .169.1 0.5 174.5 159.0 Real Estate Credi . . . . .1.2 -0.0 2.5 0.9 Bellway . . . . . . . . . . . .709.5 19.5 809.0 511.0 Euromoney Institu . .697.5 -7.5 736.0 501.0 Exillon Energy . . . . . .409.6 15.1 454.6 166.0 Carillion . . . . . . . . . . .373.4 3.4 399.3 291.2 Cape . . . . . . . . . . . . . .480.0 -4.5 498.0 190.5
Tsy 4.000 22 . . . .102.12 -0.31 108.4 97.0 British Assets Tr . . . .131.6 3.2 140.5 105.0 RSM Tenon Group . . .39.8 -0.3 66.3 38.0 Berkeley Group Ho .1055.0 15.0 1067.0 751.0 Future . . . . . . . . . . . . . .26.5 0.0 30.0 15.8 Heritage Oil . . . . . . . .301.3 -0.7 581.0 261.7 De La Rue . . . . . . . . .791.5 4.5 984.0 549.5 Conygar Investmen .117.0 0.4 120.0 101.3
Tsy 2.500 24 . . . .284.44 -0.43 286.9 262.1 British Empire Se . . .495.5 7.5 512.0 404.1 S & U . . . . . . . . . . . . .692.5 -16.0 711.4 482.5 Bovis Homes Group .464.7 11.9 467.3 326.6 Haynes Publishing . .241.0 2.0 262.5 202.5 JKX Oil & Gas . . . . . .326.0 4.5 329.3 223.2 Electrocomponents .270.5 4.8 279.5 202.3 Cove Energy . . . . . . . .95.5 2.5 112.8 44.3
Tsy 5.000 25 . . . . .110.87 -0.33 118.5 105.3 Caledonia Investm .1724.0 24.0 1928.0 1532.0 Schroders . . . . . . . .1743.0 32.0 1922.0 1154.0 Premier Oil . . . . . . . .1988.0 77.0 2140.0 1085.0 Experian . . . . . . . . . . .781.5 3.5 819.0 572.0 Daisy Group . . . . . . . .88.6 -1.4 108.5 84.5
Tsy 1.250 27 . . . .107.91 -0.53 111.2 100.5 City of London In . . .286.0 3.5 296.0 233.7 Schroders (Non-Vo .1380.0 31.0 1508.0 950.5 Royal Dutch Shell . .2235.0 34.5 2267.5 1624.0 Filtrona PLC . . . . . . . .296.9 3.9 318.0 193.4 Desire Petroleum . . . .37.5 -1.3 168.5 32.3
Tsy 4.250 27 . . . .101.16
Tsy 6.000 28 . . . .123.09
-0.37
-0.36
108.8
132.7
96.3
118.4
Dexion Absolute L . .146.5
Edinburgh Dragon . .231.8
-1.0
4.0
151.0 131.2
262.1 197.6
Tullett Prebon . . . . . .410.0 -0.8 426.0 298.0
Walker Crips Grou . . .47.5 0.0 50.5 45.0
MAIN CHANGES UK 350 Royal Dutch Shell . .2225.5
Salamander Energy .287.4
26.5
1.8
2251.0 1554.0
315.3 204.9
G4S . . . . . . . . . . . . . . .251.6
Hays . . . . . . . . . . . . . .116.6
-1.7
0.5
282.8 237.7
133.6 88.4
EMIS Group . . . . . . . .455.0 -15.1
Encore Oil . . . . . . . . .104.5 -4.3
485.0
151.5
303.5
16.0
Tsy 4.125 30 . . . .269.83 -0.50 274.4 248.7 Edinburgh Inv Tru . . .437.8 7.1 467.2 366.0 Soco Internationa . . .379.5 7.8 484.2 292.0 Homeserve . . . . . . . .450.2 -0.6 487.5 351.0 Faroe Petroleum . . . .158.0 1.0 218.3 106.0
Tsy 4.750 30 . . . .106.37 -0.36 115.0 102.1 Electra Private E . . .1652.0 47.0 1719.0 1177.0 FIXED LINE TELECOMS Risers % Fallers %
Tullow Oil . . . . . . . . .1415.0 12.0 1493.0 991.5 Howden Joinery Gr . .108.5 3.5 127.5 56.8 Gulfsands Petrole . . .308.0 -9.0 401.5 244.3
Tsy 4.250 32 . . . . .99.42 -0.40 107.8 95.5 F&C Inv Trust . . . . . .310.9 5.7 316.8 251.4 BT Group . . . . . . . . . .181.5 1.1 191.1 109.9 RPC Group . . . . . . . .278.0 14.8 Cable & Wireless W . .54.2 -14.4 Intertek Group . . . . .2026.0 3.0 2043.0 1331.0 GW Pharmaceutical .101.9 1.1 141.0 83.0
Tsy 4.250 36 . . . . .98.78 -0.42 107.4 94.4 Fidelity China Sp . . . .108.1 0.8 128.7 92.3 Cable & Wireless . . . .48.5 -0.8 63.7 44.4 SIG . . . . . . . . . . . . . . .143.2 9.2 Drax Group . . . . . . . .371.9 -5.2 OIL EQUIPMENT & SERVICES Michael Page Inte . . .510.0 4.0 565.5 346.4 Hamworthy . . . . . . . .488.5 -3.8 502.0 256.8
Tsy 4.750 38 . . . .107.13 -0.44 116.5 102.3 Fidelity European . .1157.0 16.0 1170.0 916.0 Cable & Wireless . . . .54.2 -9.1 100.0 53.5 Amec . . . . . . . . . . . .1169.0 1.0 1251.0 764.0 Mitie Group . . . . . . . .200.0 0.9 241.1 188.7 Hargreaves Servic . .916.0 0.0 983.0 556.5
Tsy 4.500 42 . . . .103.39 0.00 112.8 98.5 Punch Taverns . . . . . .75.4 7.8 Invensys . . . . . . . . . .341.2 -4.5
Fidelity Special . . . . .574.5 11.5 595.0 503.0 COLT Group SA . . . .149.6 3.1 156.2 109.0 Kofax . . . . . . . . . . . . .513.0 7.3 Rank Group . . . . . . . .146.9 -2.3 Hunting . . . . . . . . . . .780.5 16.0 806.0 439.4 Premier Farnell . . . . .280.0 3.5 308.8 208.4 Healthcare Locums . .112.5 0.0 112.5 112.5
Herald Inv Trust . . . . .515.5 3.5 541.0 349.8 TalkTalk Telecom . . .130.0 -0.1 168.3 108.5 John Wood Group . .641.5 12.0 670.0 293.1 Regus . . . . . . . . . . . . .118.8 1.1 120.0 66.1 Immunodiagnostic . .819.5 19.3 975.0 575.0
HSBC Infrastructu . . .118.1 0.7 121.2 112.0 Kingfisher . . . . . . . . .261.4 7.2 Imagination Techno .431.1 -1.7
Lamprell . . . . . . . . . . .305.0 12.0 390.0 195.3 Rentokil Initial . . . . . . .90.4 0.3 138.5 84.3 James Halstead . . . . .437.0 9.6 450.0 283.8
AEROSPACE & DEFENCE Impax Environment .121.1 1.6 130.5 106.5 FOOD & DRUG RETAILERS Grainger . . . . . . . . . . .110.9 7.1 Savills . . . . . . . . . . . .357.2 -1.7 Petrofac Ltd. . . . . . .1405.0 -5.0 1685.0 1002.0 RPS Group . . . . . . . . .211.8 0.3 242.0 169.8 Kalahari Minerals . . .232.0 -0.3 301.0 142.0
BAE Systems . . . . . .327.2 8.4 381.8 294.7 JPMorgan American .870.0 12.0 909.0 673.0 Booker Group . . . . . . .57.7 0.1 60.6 38.6 Barratt Developmen .116.5 6.7 Cable & Wireless C . . .48.5 -1.6 Serco Group . . . . . . .574.5 2.5 651.0 529.5 London Mining . . . . .380.5 5.5 418.8 194.0
JPMorgan Asian In . .226.8 5.8 250.8 182.5 Ocado Group . . . . . . .218.4 5.8 Domino's Pizza UK .447.5 -1.5 PERSONAL GOODS
Chemring Group . . .3438.0 42.0 3663.0 2598.0 Greggs . . . . . . . . . . . .517.5 13.5 522.0 418.7 Shanks Group . . . . . .113.3 -1.7 126.7 92.0 Lonrho . . . . . . . . . . . . .17.0 -0.3 19.0 9.4
Cobham . . . . . . . . . . .228.7 3.9 275.9 192.3 JPMorgan Emerging .577.5 16.0 639.0 479.5 Morrison (Wm) Sup .276.1 1.7 306.3 257.6 Carpetright . . . . . . . .748.0 5.3 Laird . . . . . . . . . . . . . .139.1 -1.5 Burberry Group . . . .1114.0 -4.0 1203.0 612.5 SIG . . . . . . . . . . . . . . .143.2 12.0 153.2 90.7 Lupus Capital . . . . . .144.0 0.0 144.1 69.0
Meggitt . . . . . . . . . . . .338.0 3.7 380.9 261.7 JPMorgan European .884.0 19.0 885.0 606.0 Ocado Group . . . . . . .218.4 11.9 285.0 123.5 Hochschild Mining . .656.0 5.2 Shanks Group . . . . . .113.3 -1.5 PZ Cussons . . . . . . . .325.4 4.9 409.0 265.5 SThree . . . . . . . . . . . .415.0 -5.5 434.5 231.1 M. P. Evans Group . .440.0 -9.0 500.5 317.5
QinetiQ Group . . . . . .125.7 3.5 141.5 96.7 JPMorgan Indian I . . .422.5 16.1 502.0 377.2 Sainsbury (J) . . . . . . .341.0 5.7 395.0 312.9 Supergroup . . . . . . .1506.0 -4.0 1820.0 535.0 Travis Perkins . . . . .1010.0 31.5 1127.0 709.0 Majestic Wine . . . . . .392.0 -0.3 430.0 255.0
Rolls-Royce Group . .612.0 11.0 665.0 535.0 JPMorgan Russian .710.0 27.0 755.0 502.0 Tesco . . . . . . . . . . . . .389.0 8.9 454.4 377.5 Wolseley . . . . . . . . .2065.0 0.0 2261.0 1223.0 May Gurney Integr . .238.4 0.6 264.0 177.0
Law Debenture Cor . .343.4 7.4 362.9 273.3 Price Chg High Low Price Chg High Low PHARMACEUTICALS & BIOTECH
Senior . . . . . . . . . . . . .145.5 4.9 159.5 100.5 Monitise . . . . . . . . . . . .21.0 0.0 27.0 15.8
Mercantile Inv Tr . . .1116.0 29.0 1137.0 840.0 FOOD PRODUCERS AstraZeneca . . . . . .2849.5 15.5 3385.0 2772.0 TECHNOLOGY HARDW. & EQUIP. Mulberry Group . . . .1361.0 -7.5 1415.0 189.8
Ultra Electronics . . .1714.0 50.0 1895.0 1490.0 Persimmon . . . . . . . .479.0 16.9 507.5 336.5 Huntsworth . . . . . . . . .72.0 0.8 87.5 65.0
Merchants Trust . . . .406.9 10.2 425.0 320.0 Associated Britis . .1000.0 22.5 1182.0 918.0 Reckitt Benckiser . .3064.0 4.0 3655.0 3015.0 Informa . . . . . . . . . . . .409.2 3.1 461.1 342.1 BTG . . . . . . . . . . . . . .222.7 9.3 263.0 154.2 ARM Holdings . . . . . .536.0 15.0 651.0 228.4 Nanoco Group . . . . . . .73.5 4.0 115.8 68.0
AUTOMOBILES & PARTS Monks Inv Trust . . . .345.4 7.2 363.0 275.5 Cranswick . . . . . . . . .833.0 7.0 907.5 784.0 ITE Group . . . . . . . . . .254.5 2.1 258.2 130.6 Genus . . . . . . . . . . . . .927.5 12.5 982.5 681.0 CSR . . . . . . . . . . . . . .378.1 1.5 475.6 280.9 Nautical Petroleu . . .390.0 -9.8 547.0 45.0
Redrow . . . . . . . . . . . .136.2 6.5 151.9 97.5
GKN . . . . . . . . . . . . . .194.1 4.8 237.1 109.3 Murray Income Tru . .625.5 11.5 649.0 518.0 Dairy Crest Group . . .358.0 0.0 424.9 339.7 ITV . . . . . . . . . . . . . . . . .82.5 2.2 93.5 48.3 GlaxoSmithKline . . .1160.0 6.5 1318.5 1095.0 Imagination Techn . .431.1 -7.5 471.9 220.7 Nichols . . . . . . . . . . . .457.5 19.5 495.0 344.0
Murray Internatio . . .938.0 22.5 966.0 791.5 Devro . . . . . . . . . . . . .280.3 6.1 293.0 161.0 INDUSTRIAL ENGINEERING Johnston Press . . . . . . .9.0 0.3 33.5 7.1 Hikma Pharmaceuti .751.5 18.0 900.0 617.5 Pace . . . . . . . . . . . . . .159.1 -0.2 231.8 148.6 Numis Corporation . .118.0 2.0 158.5 109.0
BANKS Perpetual Income . . .248.2 2.8 262.0 203.0 Premier Foods . . . . . . .27.7 -0.0 32.9 16.0 Mecom Group . . . . . .272.8 11.5 288.0 162.0 Shire Plc . . . . . . . . . .1832.0 25.0 1836.0 1321.0 Spirent Communica .142.5 0.5 160.3 102.8 Patagonia Gold . . . . . .47.8 -1.3 59.3 12.5
Taylor Wimpey . . . . . . .43.3 1.4 44.0 22.3
Barclays . . . . . . . . . . .290.9 3.7 383.2 255.4 Polar Cap Technol . .359.8 11.3 391.2 269.0 Tate & Lyle . . . . . . . . .546.5 5.0 599.5 409.1 Bodycote . . . . . . . . . .338.0 12.9 340.8 182.5 Moneysupermarket. . .86.3 0.9 92.0 61.0 Pursuit Dynamics . . .291.5 42.8 700.0 180.0
RIT Capital Partn . . .1253.0 3.0 1328.0 1027.0 REAL ESTATE INVEST. & SERV. TOBACCO
HSBC Holdings . . . . .646.6 15.3 730.9 596.2 Unilever . . . . . . . . . .1869.0 35.0 1995.0 1688.0 Charter Internati . . . .755.5 8.5 853.5 567.0 Pearson . . . . . . . . . .1077.0 5.0 1105.0 864.0 Rockhopper Explor .260.0 -13.5 510.0 37.0
Lloyds Banking Gr . . .60.4 0.1 77.6 50.5 Schroder Asia Pac . .217.0 7.4 233.6 177.5 Fenner . . . . . . . . . . . .357.5 4.5 386.7 183.3 Reed Elsevier . . . . . .513.5 -0.5 590.5 460.6 Capital & Countie . . .162.3 0.0 164.5 100.0 British American . .2401.0 15.5 2521.0 266.8 RWS Holdings . . . . . .405.0 24.6 405.0 239.0
Scottish Inv Trus . . . .496.9 9.9 516.5 401.5 FORESTRY & PAPER
Royal Bank of Sco . . .41.9 0.5 58.1 37.6 IMI . . . . . . . . . . . . . . .1015.0 38.0 1021.0 578.0 Rightmove . . . . . . . . .966.0 4.5 980.0 596.5 Daejan Holdings . . .2595.0 26.0 2919.0 2157.0 Imperial Tobacco . .1910.0 -12.0 2069.0 1753.0 Songbird Estates . . .141.0 2.5 169.8 133.8
Standard Chartere .1615.5 21.0 1950.0 1514.5 Scottish Mortgage . .713.5 13.5 742.5 533.0 Mondi . . . . . . . . . . . . .575.0 15.5 576.5 367.6 Melrose . . . . . . . . . . .325.4 4.5 329.0 203.4 STV Group . . . . . . . . .153.0 0.0 153.0 52.3 F&C Commercial Pr .103.3 -0.1 107.0 88.0 Sterling Energy . . . . . .58.3 -3.0 166.0 51.3
SVG Capital . . . . . . . .239.0 5.4 253.5 137.8 TRAVEL & LEISURE
Northgate . . . . . . . . . .311.0 1.1 320.0 152.3 Tarsus Group . . . . . .143.0 -3.0 146.0 107.0 Grainger . . . . . . . . . . .110.9 7.3 145.0 86.3 Valiant Petroleum . . .530.5 -25.5 761.5 504.0
BEVERAGES Temple Bar Inv Tr . . .882.0 15.5 913.5 717.0 GAS, WATER & MULTIUTILITIES Helical Bar . . . . . . . . .272.8 5.0 358.8 262.0 Avis Europe . . . . . . . .195.0 4.8 284.7 184.8 Vatukoula Gold Mi . . .141.3 1.5 227.0 84.0
Rotork . . . . . . . . . . .1743.0 47.0 1895.0 1254.0 Trinity Mirror . . . . . . . .46.8 -0.3 170.1 46.3
AG Barr . . . . . . . . . .1146.0 16.0 1304.0 900.0 Templeton Emergin .644.0 17.0 689.5 497.0 Centrica . . . . . . . . . . .323.0 5.4 346.1 264.5 Spirax-Sarco Engi . .1954.0 19.0 2025.0 1344.0 United Business M . .592.0 -2.0 725.0 480.1 London & Stamford .124.5 0.0 133.5 110.3 Betfair Group . . . . . . .940.5 20.5 1550.0 840.0 Young & Co's Brew . .580.0 13.0 670.0 510.0
Britvic . . . . . . . . . . . . .402.8 10.1 518.0 364.5 TR Property Inv T . . .173.9 1.4 175.3 132.3 International Pow . . .307.5 0.2 448.6 284.5 Weir Group . . . . . . .1733.0 28.0 1861.0 846.0 UTV Media . . . . . . . . .132.5 -2.3 151.0 106.0 Savills . . . . . . . . . . . . .357.2 -6.0 399.0 273.1 Carnival . . . . . . . . . .2491.0 23.0 3153.0 2037.0
Diageo . . . . . . . . . . .1155.0 8.0 1258.0 1025.0 TR Property Inv T . . . .84.4 2.6 84.4 59.2 National Grid . . . . . . .589.5 4.5 596.2 484.2 Ferrexpo . . . . . . . . . . .426.0 4.8 447.9 219.0 Wilmington Group . .155.3 -0.5 183.0 129.0 St. Modwen Proper . .181.4 0.7 201.0 135.4 Compass Group . . . .548.0 4.0 594.0 492.6
SABMiller . . . . . . . . .2117.0 37.5 2306.0 1827.0 Witan Inv Trust . . . . .503.5 11.5 522.0 409.9 Northumbrian Wate .326.0 3.5 361.5 252.8 Talvivaara Mining . . .568.0 12.0 622.0 342.4 WPP . . . . . . . . . . . . . .756.5 11.5 846.5 608.0 UK Commercial Pro . .81.0 0.5 85.0 72.8 Domino's Pizza UK . .447.5 -7.0 586.0 324.7
Pennon Group . . . . . .626.5 4.5 650.0 482.9 Yell Group . . . . . . . . . . .5.9 -0.1 59.0 5.8 Unite Group . . . . . . . .217.6 3.3 260.1 163.0 easyJet . . . . . . . . . . . .327.7 -0.2 496.5 326.5
CHEMICALS FINANCIAL SERVICES Severn Trent . . . . . .1431.0 12.0 1513.0 1086.0 INDUSTRIAL TRANSPORTATION Enterprise Inns . . . . . .92.7 0.1 139.3 84.4
AZ Electronic Mat . . .265.7 9.1 320.0 249.0 3i Group . . . . . . . . . . .300.0 5.6 340.0 251.9 United Utilities . . . . .584.5 5.0 628.5 507.0 BBA Aviation . . . . . . .203.5 1.5 240.8 175.0 MINING REAL ESTATE INVEST. TRUSTS FirstGroup . . . . . . . . .334.6 2.5 412.6 323.0
Croda Internation . .1645.0 27.0 1649.0 901.0 3i Infrastructure . . . . .115.9 0.7 125.2 106.0 Forth Ports . . . . . . . .1643.0 1.0 1644.4 1112.0 African Barrick G . . .529.0 9.5 670.0 501.5 Big Yellow Group . . .338.5 2.0 353.3 284.4 Go-Ahead Group . . .1353.0 10.0 1485.0 1042.0
Elementis . . . . . . . . . .157.6 1.3 159.6 54.8 Aberdeen Asset Ma .209.7 2.4 229.5 123.0 GENERAL INDUSTRIALS Anglo American . . .3184.5 67.5 3437.0 350.5 British Land Co . . . . .568.0 6.0 585.5 418.3 Greene King . . . . . . .457.1 8.6 491.4 376.2
Stobart Group Ltd . . .146.6 1.1 163.6 132.6
Johnson Matthey . .1845.0 1.0 2100.0 1460.0 Ashmore Group . . . .324.3 7.3 383.7 235.0 Cookson Group . . . . .675.0 8.5 703.5 367.4 Antofagasta . . . . . . .1416.0 25.0 1634.0 761.0 Capital Shopping . . .379.8 5.7 424.8 301.0 InterContinental . . .1290.0 41.0 1435.0 982.0
Berkeley Technolo . . . .4.3 0.0 9.0 2.2 NON LIFE INSURANCE
Victrex . . . . . . . . . . .1338.0 25.0 1522.0 878.5 DS Smith . . . . . . . . . .202.6 1.5 226.0 108.0 Aquarius Platinum . .365.0 6.0 458.0 227.1 Derwent London . . .1682.0 20.0 1760.0 1208.0 International Con . . .224.5 8.5 305.0 184.2 http://corporate.webfg.com
Yule Catto & Co . . . . .199.2 -1.9 240.5 109.4 Brewin Dolphin Ho . .174.9 4.6 185.4 114.0 Rexam . . . . . . . . . . . .363.8 0.4 375.4 290.4 BHP Billiton . . . . . . .2358.0 33.0 2616.0 1684.5 Great Portland Es . . .391.9 5.8 401.1 280.5 JD Wetherspoon . . . .435.5 10.8 548.5 386.5
Camellia . . . . . . . . . .9520.0-380.010700.06900.0
Admiral Group . . . . .1578.0 -2.0 1753.0 1238.0 mailto:
Balfour Beatty . . . . . .348.6 4.1 357.3 229.8 RPC Group . . . . . . . .278.0 35.8 285.0 178.7 Amlin . . . . . . . . . . . . .387.9 -0.8 433.0 366.8 Centamin Egypt Lt . .132.4 2.2 197.1 118.5 Hammerson . . . . . . . .461.0 6.1 476.7 336.3 Ladbrokes . . . . . . . . .128.3 0.3 162.7 122.7
Keller Group . . . . . . .630.0 5.0 784.5 515.0 Charles Taylor Co . . .162.0 -3.0 240.0 153.0 Smiths Group . . . . .1314.0 -11.0 1429.0 1008.0 Beazley . . . . . . . . . . . .126.4 1.7 139.2 108.3 Eurasian Natural . . .941.5 12.0 1266.0 818.0 Hansteen Holdings . . .84.9 -0.6 90.3 60.0 Marston's . . . . . . . . . . .96.4 1.5 117.1 89.9 globaltechsales@webfg.com

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Price Chg High Low Price Chg High Low
AIR LIQUIDE........................................92.97 1.23 99.15 73.16 3M ........................................................92.58 0.44 94.16 67.98
ALLIANZ ..............................................99.18 1.54 108.85 75.82 ABBOTT LABS....................................48.11 0.12 54.39 44.59
ALSTOM ..............................................42.28 0.95 48.94 30.78 ALCOA.................................................17.11 0.16 17.68 9.81

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ANHEUS-BUSCH INBEV ....................40.55 0.61 46.33 35.06 ALTRIA GROUP ..................................25.93 0.32 26.22 19.20
ARCELORMITTAL...............................25.47 0.40 33.68 20.26 AMAZON.COM..................................171.10 5.78 191.60 105.80
AXA......................................................14.73 0.19 17.60 10.88 AMERICAN EXPRESS........................45.59 0.57 49.19 37.13
BANCO SANTANDER...........................8.60 0.12 10.58 7.00 AMGEN INC.........................................53.27 0.58 61.26 50.32

10:30 AM EMAIL
BASF SE..............................................58.37 1.90 62.00 39.94 APPLE ...............................................344.97 5.78 364.90 199.25
BAYER .................................................53.61 0.75 59.17 43.27 AT&T....................................................28.54 0.40 30.10 23.78
BBVA......................................................9.06 0.11 10.95 6.87 BANK OF AMERICA ...........................13.48 -0.17 19.86 10.91
BMW ....................................................57.60 2.33 65.49 32.61 BERKSHIRE HATAW B.......................85.16 0.42 87.65 68.48
BNP PARIBAS.....................................53.39 0.83 59.93 40.81 BOEING CO.........................................72.76 0.04 76.00 59.48
CARREFOUR ......................................31.89 0.33 41.28 29.83 BRISTOL MYERS SQUI......................26.43 0.27 28.00 22.24
CREDIT AGRICOLE ............................11.94 0.12 13.78 7.87 Each day we’ll cover the morning’s breaking news, CATERPILLAR ..................................108.37 1.61 108.90 54.89
CRH PLC .............................................16.20 0.52 22.00 11.51 CHEVRON .........................................105.38 -0.10 105.94 66.83
DAIMLER .............................................49.02
DANONE..............................................45.26
1.67
0.49
59.09
48.50
33.79
39.35
give you current market analysis and CISCO SYSTEMS................................17.36
COCA-COLA .......................................64.69
-0.22
0.42
27.74
65.88
16.97
49.47
DEUTSCHE BANK ..............................41.57
DEUTSCHE BOERSE .........................53.91
0.66
1.19
55.25
62.48
35.93
46.33
the most up-to-date financial headlines. COLGATE PALMOLIVE ......................80.30
COMCAST CLASS A ..........................24.73
2.01
0.63
86.15
25.91
73.12
16.30
DEUTSCHE TELEKOM .......................10.85 -0.01 11.15 8.51 CONOCOPHILLIPS.............................79.70 1.16 81.00 48.06
E.ON.....................................................21.41 0.20 28.93 20.21 DU PONT(EI) DE NMR........................53.68 0.22 56.19 33.66
ENEL......................................................4.31
ENI .......................................................17.30
0.06
0.26
4.36
18.66
3.42
14.30 Sign up now to ensure you EMC CORP..........................................27.05
EXXON MOBIL....................................82.73
0.57
0.13
27.47
88.23
17.10
55.94
FRANCE TELECOM............................15.68
GDF SUEZ ...........................................27.82
0.11
0.35
17.88
30.05
14.01
22.64 receive our free email. GENERAL ELECTRIC.........................19.78
GOLDMAN SACHS GRP ..................159.91
0.25
0.38
21.65
186.41
13.75
129.50
GENERALI ASS...................................15.32 0.16 18.19 13.31 GOOGLE A........................................586.89 4.73 642.96 433.63
IBERDROLA ..........................................6.14 0.07 6.50 4.38 HEWLETT PACKARD .........................43.10 1.03 54.75 37.32
In association with
ING GROEP CVA...................................9.35
INTESA SANPAOLO .............................2.29
KON.PHILIPS ELECTR .......................22.63
0.22
0.01
0.23
9.36
2.93
27.01
5.34
1.88
20.58
Visit: www.CityAM.com/newsletter HOME DEPOT.....................................37.36
IBM.....................................................160.04
INTEL CORP .......................................20.38
0.74
0.51
0.09
39.38
167.72
24.37
26.62
116.00
17.60
L'OREAL..............................................81.32 1.16 90.00 70.90 J.P.MORGAN CHASE .........................45.73 0.13 48.36 35.16
LVMH..................................................110.20 2.00 129.05 78.26 WORLD INDICES JOHNSON & JOHNSON.....................59.03 0.31 66.20 56.86
MUNICH RE .......................................109.90 0.35 126.00 98.38 KRAFT FOODS A................................31.28 0.17 32.67 27.49
Price Chg %chg Price Chg %chg Price Chg %chg Price Chg %chg
NOKIA....................................................5.99 0.08 11.82 5.42 MC DONALD'S CORP ........................74.93 0.40 80.94 65.31
FTSE 100 . . . . . . . . . . . . . . 5880.87 84.99 1.47 S&P 500 . . . . . . . . . . . . . . . 1309.66 12.12 0.93 CAC 40 . . . . . . . . . . . . . . . . 3968.84 55.11 1.41 BOVESPA SAO PAOLO . . 67532.97 -262.54 -0.39
REPSOL YPF.......................................24.04 0.47 24.74 15.31 MERCK AND CO. NEW ......................32.72 0.09 38.75 30.70
FTSE 250 INDEX. . . . . . . . 11605.52 158.17 1.38 NASDAQ COMPOSITE . . . 2736.42 38.12 1.41 SHANGHAI SE INDEX . . . . 2946.71 -1.77 -0.06 ISEQ OVERALL INDEX . . . 2867.17 53.89 1.92
RWE .....................................................44.36 0.45 68.34 42.25 MICROSOFT........................................25.81 0.27 31.58 22.73
FTSE UK ALL SHARE . . . . 3055.77 43.03 1.43 FTSEUROFIRST 300 . . . . . 1123.52 11.16 1.00 HANG SENG. . . . . . . . . . . 22998.79 173.39 0.76 STI . . . . . . . . . . . . . . . . . . . . 3043.03 20.84 0.69
SAINT-GOBAIN ...................................42.97 0.57 44.85 27.81 OCCID. PETROLEUM.........................99.79 -0.31 107.56 72.13
FTSE AIM ALL SH . . . . . . . . 898.79 2.46 0.27 NIKKEI 225 AVERAGE . . . . 9435.01 -14.46 -0.15 S&P/ASX 20 INDEX . . . . . . 2816.40 0.00 0.00 IGBM . . . . . . . . . . . . . . . . . . 1099.21 11.58 1.06
SANOFI-AVENTIS ...............................48.54 0.76 56.47 44.01 ORACLE CORP...................................32.14 0.73 33.71 21.24
DOW JONES INDUS 30 . . 12170.56 84.54 0.70 DAX 30 PERFORMANCE. . 6933.58 129.13 1.90 ASX ALL ORDINARIES . . . 4794.20 0.00 0.00 SWISS MARKET INDEX. . . 6319.23 63.17 1.01
SAP ......................................................42.16 1.15 45.05 33.60 PEPSICO .............................................64.20 0.00 68.11 60.32
SCHNEIDER ELECTRIC ...................118.55
SIEMENS .............................................93.01
1.85
1.41
123.30
98.92
73.95
67.00
COMMODITIES CREDIT & RATES PFIZER ................................................20.30
PHILIP MORRIS INTL .........................64.52
0.38
0.68
22.20
64.74
14.00
2.00
SOCIETE GENERALE.........................48.38 0.40 52.70 29.71 LON GD ONCE FIX AM ...........1441.25 8.25 TIN CASH.............................31000.00 1005.00 BoE IR Overnight ............................0.500 0.00 Euro Base Rate ...............................1.000 0.00 PROCTER AND GAMBLE ..................61.14 0.23 66.95 39.37
TELECOM ITALIA..................................1.10 0.01 1.16 0.88 SILVER LDN FIX AM ..................38.04 1.16 ZINC CASH ............................2374.00 77.00 BoE IR 7 days .................................0.500 0.00 Finance house base rate ................1.000 0.00 QUALCOMM INC ................................53.72 1.27 59.84 31.63
TELEFONICA ......................................17.76 0.09 19.69 14.67 MAPLE LEAF 1 OZ ....................62.00 0.00 BoE IR 1 month ..............................0.500 0.00 US Fed funds...................................0.250 0.00 SCHLUMBERGER ..............................88.10 -0.40 95.64 51.67
BRENT SPOT INDEX ................115.89 0.71 BoE IR 3 months ............................0.500 0.00 US long bond yield .........................4.020 0.00
TOTAL..................................................42.51 0.42 44.63 35.66 LON PLATINUM AM................1753.00 12.00 TRAVELERS CIES ..............................58.83 0.40 61.15 47.69
SOYA .....................................1351.25 -14.25 BoE IR 6 months ............................0.500 0.00 European repo rate .........................0.650 0.00
UNIBAIL-RODAMCO SE...................151.20 1.35 155.95 105.19 LON PALLADIUM AM ...............747.00 5.00 UNITED TECHNOLOGIE ....................82.76 0.90 85.46 62.88
COCOA ..................................3251.00 -12.00 LIBOR Euro - overnight ..................0.635 0.00 Euro Euribor ....................................0.804 0.01
UNICREDIT............................................1.87 0.08 2.30 1.46 ALUMINIUM CASH .................2600.00 52.500 LIBOR Euro - 12 months ................1.906 0.00 The vix index ...................................18.07 -1.10 VERIZON COMMS ..............................37.18 0.20 37.70 24.77
UNILEVER CVA...................................21.80 0.14 24.11 20.68 COPPER CASH ......................9702.00 252.50 COFFEE...................................270.95 -4.75 WAL-MART STORES..........................52.59 0.95 57.90 47.77
LIBOR USD - overnight...................0.195 0.00 The baltic dry index ........................1.565 0.02
VINCI....................................................43.29 0.84 44.98 33.01 LEAD CASH ...........................2727.00 65.00 KRUG.....................................1500.00 7.20 LIBOR USD - 12 months .................0.775 0.00 Markit iBoxx...................................214.39 -0.26 WALT DISNEY CO ..............................42.86 0.62 44.34 30.72
VIVENDI ...............................................19.69 0.22 22.07 16.18 NICKEL CASH ......................26705.00 495.00 WHEAT ....................................196.25 1.52 Halifax mortgage rate .....................3.500 0.00 Markit iTraxx ....................................97.58 -0.70 WELLS FARGO & CO.........................31.54 0.09 34.25 23.02
Lifestyle
21

| Film & fashion

GO STATEMENT
Cooper defying the limits WITH A BIG
BESPOKE BELT

The inside of the Elliot Rhodes belt shop.

OW much thought do you give to your

H waist-wear? Probably, if you’re like


most people, not much.
But, Elliot Rhodes, London’s only bespoke
belt-makers, trying to change that with two
Bradley Cooper shops that are more like fantasy dressing up
as Eddie in the wardrobes than leather goods shops.
cleverly marketed “The more I looked at belts, the less I
Limitless. could find of them,” says Justin Rhodes,
owner of the company. “They’re a very neg-
lected product – a necessity but no more.
Limitless is great very ordinary guy placed in a very extraor-
dinary position. Film Above: Channing
Tatum in The Eagle.
Brands use them as a brand vehicle – whack
a logo on it and expect you to do their
entertainment. That Perhaps this is a touch too extraordinary:
the conceit is scientifically tenuous at best COUNTRY STRONG Below: Gwyneth
publicity.”
Rhodes sees buckles as jewellery or works
Cert: 12A
is, if you can suspend and requires a serious suspension of
disbelief. But as long as you do this, it’s an
Paltrow returns to
music.
of art; straps as an opportunity for self-
expression and the combined result as state-
your disbelief engaging premise which makes Limitless hhIII ment-making as a mohawk or as elegant and
an above-average thriller that’s still able to personal as a hand-made suit.
laugh at its own ridiculousness. GWYNETH Paltrow gets another chance to Here’s how it works: you choose a strap
Harriet Noble prove she can sing in this musical melo- and you choose a buck-
drama. Taken out of rehab too early by her le and they put
Film husband/manager James (Tim McGraw), them together
Film country superstar Kelly Canter for you. Straps
LIMITLESS (Paltrow) embarks on a come- are made
Cert: 15 THE EAGLE back tour to prove she really is from pony
Cert: 12A Country Strong. It’s not giving hair,
hhhII too much away to say that she’s not. python,
hhIII The film’s message is that love is stingray
REMEMBER seeing that poster on the more important than fame, but as (and less
Underground with the guy from The SET during the reign of Hadrian, this a comment on the pressures of unusual
Hangover advertising something called action adventure takes its cue from the celebrity this is hardly revelatory materials and
“The Clear Pill”? Well that was actually same story as last year’s Centurion: what stuff. Kelly is loosely based on textures) in colours
part of the ad campaign for Bradley happened to the Ninth Legion, a fearsome Britney Spears, but there are obvi- from orange to pink to purple, green and
Cooper’s latest film, Limitless. It’s a clever unit of 5,000 Roman soldiers who ventured ous parallels with a whole raft of black.
marketing trick which the film itself lives into the Scottish Highlands and disap- famous meltdowns (Lohan, Then you’ve got the buckles – and this is
up to. Cooper plays Eddie Morra, a down on peared? Sheen, Winehouse and so on) – where the jewellery element comes in. These
life writer living in New York. The incident (drawn from Rosemary hers is a story we’ve seen many come in gemstones, sterling silver and –
He starts taking NZT-48, an illegal won- Sutcliffe’s novel The Eagle of the Ninth) times before. Rhodes’s favourite – prehistoric shark teeth,
der drug which promises to unlock the here inspires the emperor to build his wall A more engaging narrative is five-10m years old, set in sterling silver.
brain’s full capacity. and declare Caledonia a no-go region. that of Kelly’s support acts, Beau And, of course, size matters. The shop will
Suddenly Eddie, replete with new hair- Feisty young centurion Marcus Aquila Hutton (Garrett Hedlund) and pierce the belts to get them as big or small
cut and snappy wardrobe, can do anything. (Channing Tatum) has other ideas though – Chiles Stanton (Leighton Meester). as you need on your chosen strap. Which is
He finishes his previously overdue book in his old man was the leader of the Ninth, He wears cowboy hats and checked great if you’ve put on some weight – or lost
four days, becomes fluent in any language and Marcus wants to know what hap- shirts and is content with playing some. My own belt – a green croc skin num-
he chooses and makes big money on the pened. his music in the local bar, while ber with a bejewelled green buckle, is beauti-
stock market. This catches the attention of Having proved his bravery in a vicious she’s a former beauty queen with ful and – best of all – big enough to fit round
businessman Carl Van Loon (Robert De battle early in the story, he heads north big hair, tiny dresses and dreams of a post-holiday gut.
Niro), who soon gives Eddie a job. with his personal slave, a young Celt stardom. The opposites attract plot From £80, www.elliotrhodes.com
His meteoric rise to near-superhuman named Esca, played by Jamie Bell. may be a little hackneyed, but it Zoe Strimpel
prowess is, obviously, too good to be true. This is a muddy, bloody trek through gives the film some heart and
Not only does NZT-48 have dangerous side- some epic Scottish landscapes, but it humour.
effects, it turns out that Eddie’s not the never becomes exciting. It’s this, with nicely judged per-
only person addicted to it, with problemat- Bell does his best, but Tatum is simply a formances from all four leads,
ic consequences. void at the heart of the film, never becom- that save Country Strong from
Although it’s a shame De Niro is not ing an interesting enough character for us being nothing more than a
given more to do, Cooper makes for an to root for him. The dull script and plod- tired pastiche on the perils of
engaging lead, excellently capturing the ding pace don’t help. fame.
amazement and increasing arrogance of a Timothy Barber HN

%$
5)&)*()45",&4
0'(-".063
%$

Investec Ladies’ Day – Friday 3rd June 2011


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Selling Agents: Beresfords 01245 500 555

www.crestnicholson.com/clariongate 0870 757 8184


Prices correct at time of going to press. Train times approximate. Photography taken at Clarion Gate.
Living
23
GWYNETH
SINGS AGAIN
| Second homes SEE OUR REVIEW OF
COUNTRY STRONG, P21

Going private in the Maldives, at long last


New laws mean that weeks a year, the rest of the time putting
them back into the rental pool for use by
developers are seizing hotel guests. Even at 40 per cent occupancy,
investors can expect to make 8 per cent
A computer gen-
erated image of a

the chance to sell you return per year, according to optimistic


Texan developer partner Brian Shipley.
villa in the 12
Blues Resort &
Certainly, you’re buying a slice of Spa, which cost
a slice of heaven, says supreme beauty and – in the case of 12 $1.86m
Blues – opulence. The style is Moorish, with
Zoe Strimpel Arabian-inspired villas designed to resem-
ble floating lanterns, each with private
pools overlooking the beach. On-site facili-

F
OR years, the Indian Ocean’s most ties will include a serious spa, restaurants
exquisite islands, the Maldives, have and a dive centre.
been solely the preserve of hotels. The other big investment story on the
Now, they’ve begun to open up to for- Maldives comes via Six Senses, the luxury
eign buyers, thanks to new laws introduced Thai-based spa resort company, which sells
by the pro-enterprise President Mohamed a more rustic, Robinson Crusoe-in-a-five-
Nasheed. Before Nasheed, elected two years star-location dream. Soneva Fushi and
ago, leaseholds were too short to attract Soneva Laamu, two of the company’s most
European buyers – but they have now been high-end resorts, are marketing a variety of
extended to 50 years, with plans to extend multi-million dollar villas suggesting 5 per
them to 99 years over the next few years. As cent returns. Superluxe stilted villa resort
a result – with zero income or capital gains Soneva Gili is finalising plans to sell villas,
tax, not to mention utterly idyllic sur- too.
rounds – the islands are swiftly becoming Why now? Robert Green of Cluttons, the
an attractive place to own property, agent selling the Six Senses villas, says: “The
The Maldives property market has Maldives was an obvious place to allow for- Below left: Six Senses now, since it’s young and with great prom- Insurance is your main guard against
already kicked off in grand style with the eign investment. It’s always going to be Soneva Fushi: 6 bed ise. “As always when a new market opens the first concern. Buyers pay a small per-
launch of 12 Blues Resort & Spa late last appealing to honeymooners and holiday- beach villa master up, prices will go up as the market becomes centage of the overall insurance cost
year, a luxury development, resort and spa makers, and it’s easier to get to than bedroom and decking more established,” says Green. “Other devel- which is rolled into the annual mainte-
set on the 10-acre Lundufushi island, with Thailand or the Caribbean. A lot of clients area, $15m opers will be coming into the Maldives – nance charges and equates to 1.5 per cent
40 off-plan villas due for completion by like that they can fly directly from the UK, which is a good thing for investors.” As for of the purchase price per annum. Many
2012. Starting from $1.5m per villa, owners Switzerland or Dubai.” Below right: Six space, surprisingly there are quite a few villas have now also been constructed
can use their homes for a maximum of six And it’s a promising market to get into Senses Laamu – 2 bed empty islands, and developers are flocking with tsunami-resistant timber.
beach villa at $2.5M to them now. The second worry can be taken with a
Of course, there’s always the threat of pinch of salt if you’re so inclined. Some sci-
BUYING A SLICE OF THE MALDIVES | WHAT’S ON OFFER trouble in paradise – the Maldives were on entists say that if the Maldives are to slip
the 2004 tsunami’s hit list, with several under water, it won’t be for 200 years. So,
resorts totally wiped out. And, we’ve all even if the worst is to happen, you should
l 12 Blues Resort & Spa l Soneva Laamu heard predictions that the atolls could be still have a while to enjoy your luxury villa
33 Water Villas and 7 Beach Villas 15 beach-front villas under the ocean within a few years. in sunny Eden.
Price: From $1.86 Price: $2.5m
Location: Raa Atoll Location: Olhuveli Island in the Laamu Atoll
Construction: estimated to take 18-24 months Opening for business on 2 April 2011
www.chestertonhumberts.com www.cluttonsresorts.com
l Soneva Fushi l Soneva Gili
5-6 bedroom villas available The ultimate stilts-over-water villas.
Price: 4 bed beach villas: $10m; 6 beds: $15m Location: Lankanfushi Island, North Male Atoll
Location: Kunfunadhoo in the Baa Atoll Plans to offer 4 bedroom residences here in the
Notes: Island is large, covered by jungle, with an future – with any luck they will be ready to mar-
ice cream parlour and an open air cinema. ket around September 2011 but no concrete
www.cluttonsresorts.com information is ready yet
24 Living | Golf Property CITYA.M. 25 MARCH 2011

A course at PGA

Golfing resorts
Catalunya, Spain.

offer more for


life’s non-golfers
You don’t need to be golf nut to want to
live on a course, writes Donata Huggins

G
OLF might have a reputation high quality shopping, great
for being an older man’s pur- nightlife and 21 Michelin star
suit, but with so many resorts restaurants less than an hour away.
launching new spas and prop- The golf club properties are now
erty developments, it seems like the aesthetically more attractive to non-
old country club vibe of golfing golfers. The La Selva apartments
properties is experiencing a renais- were designed by Damian and
sance. Take PGA Catalunya, close to Francisco Ribas to give homeowners
Barcelona, that launched the devel- the best view possible. With glass
opment La Selva apartments last walls and sun terraces looking out
November and the Palheiro Estate in on the famous 19th hole Stadium
Madeira that opened a state of the Course fairway, those with no desire
art spa in May. Clearly these old to swing a club can enjoy a breath-
greens are doing more to appeal to taking views without ever having to
families and partners who would step out on to the green.
rather not golf. Considering luxury golf property
Anne Marchington of the Palherio as a financial investment isn’t a bad
Estate explains that historically idea either. While it is still predomi-
their properties haven’t attracted nantly a lifestyle choice for the
younger people and families, but retired, there is a growing market-
that this is starting to change: ing in people buying to rent.
“Madeira’s lack of sandy beaches has Andrew Hawkins, Chesterton and
probably kept young holiday makers Humberts’ head of international
away in the past, but I reckon people property, says: “This part of the luxu-
are starting to see that as an advan- ry market has really held its value
tage.” The island, of course, offers over the last few years’ financial tur-
lots for younger people. Its hilly bulence, even in places like Spain
landscape allows for hiking and and Portugal that have taken a ham-
mountain biking and there is diving mering lately.”
and snorkelling in its Atlantic With these resorts offering a
waters. more comfortable and convincing
And it’s not just kids that these package for non-golfers, with better
resorts are widening the net for. leisure activities, nicer homes and
PGA Catalunya has been advertising strong financial potential, now
how close it is to Barcelona’s city might be time to try to convince
centre. Its marketing tries to win your partner that it’s the golfing life
over non-golfers with the promise of for them too.

Left: Properties in
Palheiro Village,
Madeira. Prices range
from €395.000 to
€1,650,000 for a four-
bedroom house with
garden and pool.

Below: A town house in


the La Selva apartments
development at PGA
Catalunya. Prices range
between €325,000 to
€1,695,000.
GET THE CITY
PERSPECTIVE

With exceptional views and the city on your doorstep, The Heron is www.theheron.co.uk
London living at its most inspired. Visit the marketing suite to discover
this collection of apartments finished to exacting standards and
0844 544 9202
featuring a private club, a garden terrace, gym and concierge services. sales@theheron.co.uk

New apartments on higher floors now available


Prices start from £490,000
Marketing Suite open 7 days a week
The Heron Pavilion, Moor Lane, London EC2Y 9BN Joint Sales Agents

A development by The Heron Residences LLP


26 Living | London CITYA.M. 25 MARCH 2011

No prams allowed:
where singles rule
One person households are the first to buy in
up and coming areas, says Zoe Strimpel

A
CCORDING to 2009 statistics from Cannonbury stretching towards Dalston –
the Office of National Statistics de Beauvoir in particular – attracting the
General Household Survey, the single person’s pound. Improved transport
number of single women has more links – with revamped routes straight to
than doubled over the past three decades. the City – help, as do a preponderance of
Singleness is on the rise and London is gastro-pubs. The Alma, the Talbot, the
increasingly being divided into two Marquess Tavern, the Wellington and the
camps: buzzy, occasionally gritty single- House are all favourites among a young,
ton hotspots stuffed to the rafters with hip crowd in this area.
bars – and family areas, where the pram Balham has also come of age as a single-
(not the drunken ramble home) rules. ton’s hotspot – replacing the now-expen-
Still, with prices sky-rocketing all over sive (and family-happy) Clapham. Toby
central London and the din of your smug Turnage, of Douglas & Gordon in Balham,
married friends making it feel like a says his office is being inundated with
maisonette in Putney or Wandsworth are requests for one-bedroom flats.
the only options worth aspiring to, we “You’re still getting a bit more for your
thought it worth glancing at the city’s money down here – which is important if Soho-based estate agents Greater London Top: 1 bedroom flat,
best options for single buyers. you’re not raising a deposit with anyone Properties, both the pink and straight Saint Thomas Road,
Islington continues to attract the well- else,” he says. There are family-oriented pound are trickling in. There’s more stock, Islington, £244,950.
off singleton – often, according to Nik pockets here but off Balham High Road, but massive gentrification of the area (the Above: 1 bedroom
Stylianou, of Chesterton Humberts’ the good-timers rule. number of top-flight restaurants and flat, Ontario Tower, 4
Islington office, funded by the bank of Soho is the biggest story in the rise of swanky bars to open in Soho the last few Fairmont Avenue, E14,
mum and dad. It’s no secret that Upper the singleton – simply because many for- years is staggering) have made it more £350,000.
Street and the other areas between Angel mer offices have now been acquired by tempting. That said, it’s far less expensive Right: One-bedroom
and Highbury are heaving with developers and turned into flats for sale. A than Mayfair, so offers a perfect location flat in Ingestre Place,
nightspots, boutiques and restaurants. decade ago, only the most hardened gritty in the heart of Zone One, with options for Soho, £475,000
But with prices at a high, “Islington” is city types would have contemplated living boozing, partying and eating 24 hours a
expanding outwards, with the area east of in Soho – now, according to Rob Hill, of day.
O Ma
31

f fe rc
st
Landlord?

re h
nd 20
s 11
Gas safety ch
plus boiler se
eck
rvice
LET
us deal with it

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28 Living | Focus On CITYA.M. 25 MARCH 2011

CHELMSFORD, ESSEX INTERIORS


BY DONATA HUGGINS

THE BARNSTON
MILL LANE, TERLING
Price: £850,000
Q&A
Price: £299,000 This listed landmark windmill
was once the home of the
This newly built three-bed- Prodigy star Leeroy Thornhill. Tim Hassell
room house with carport and It has been carefully converted DIRECTOR OF CENTRAL
parking space is only a mile into a four-bedroom family LONDON LETTINGS FIRM
and half from Chelmsford home. The old mill rooms have DRAKER LETTINGS
town centre and railway sta- been transformed into two
tion. Its kitchen has been kit-

Q.
large bedrooms and the out- I have recently bought my first
ted out with stainless steel buildings into room space and rental investment and have heard
hobs, oven and appliances. a garage. Contact: Strutt & some terrible stories from land-
There is a front and back gar- Parker on 01245 258 201 or go lords who have had nightmare tenants.
den. Contact: Crest Nicholson to www.struttandparker.com How do I stop this from happening to
on 01932 580555 or go to me?
www.crestnicholson.com

A.
Firstly, be very careful not to rush into
the first tenancy that comes along. If
your property is well presented and
intelligently priced you will have more than
one person interested. Be careful if you have
NEED TO KNOW | AREA INSIGHT an over-eager estate agent who may be
inclined to push a tenancy at you and may try
ONGAR ROAD Commuting: This commuter county 20 state schools in this year’s to prey on your desire to get a quick result.
Price: £435,000 in Essex is just 35 minutes away Sunday Times league table. There Where possible use an agent that you know
With three reception from Liverpool Street Station by are also a handful of highly and can trust to give you an honest opinion
rooms, four bedrooms, a train. Drivers will be pleased to hear acclaimed independent prep schools about the tenant. At Draker we have a strict
large kitchen, utility that the area’s proximity to the A12 in Chelmsford. policy to correctly assess the risk of each ten-
room, separate bath and and A13 means they can reach cen- Leisure: With three theatres, annu- ant and to relay this to our client. Beware the
shower rooms, this cute tral London in just over an hour. al book, music and art festivals, fans more aggressive agencies that are more
cottage is deceptively There is also good access to the of high culture will not go without. inclined to “sell” a tenant to you. Ensure that
large. But beware, the skies since Stansted Airport is only Those less highbrow will enjoy the your agent obtains full references and explain
interiors are decorated in half an hour from the town centre. V festival held just outside clearly that the tenancy is strictly subject to
quirky colours, so viewing Education: The educational offer- Chelmsford in Hylands Park. the references being acceptable to you. You
this one is a must. ings in this area are excellent. The Chelmsford is not short of green should always have a clear work reference
Contact: Beresfords on Chelmsford County High School for spaces – in fact, there’s more than with the tenant’s position, tenure and salary,
01245 420880 or go to Girls and King Edward VI School for 1,500 acres worth. This includes 17 as well as a bank and previous landlord’s refer-
www.beresfords.tv Boys are consistently ranked among parks, four gardens, six rugby pitch- ence. Requesting rent upfront is always a very
some of the UK’s top grammar es and 47 football pitches among good way to filter out tenants who may be a
schools – both making the UK’s top other places. little lacking in the reference department.

Q.
My tenant has recently torn a
hole in the living room carpet in
CURRENT MORTGAGE DEALS BY DONATA HUGGINS Source: MoneySupermarket.com my rental flat. It was only in rea-
sonable condition and will need to be
changed in a year or so. What should I
Lender Fixed/Flexible Rate Until APR Maximum Loan charge as I think asking her to replace
(per cent) (per cent) to Value (per cent) the whole thing might not be fair?

A.
First Direct Flexible 1.99 2 years 3.5 65 Try to calculate a proportion of the
cost that you would be comfortable
Skipton BS Flexible 2.28 2 years 4.8 60 paying, taking into account wear and
tear. We advise that clients should realistically
HSBC Flexible 2.29 Term 2.3 60 look to change their rental carpets every
three years. If the carpet has been down say
Yorkshire BS Flexible 2.29 April 2013 4.6 60 two years, calculate a third of the cost of a
new carpet and open a businesslike dialogue
Santander Flexible 2.29 2 years 4 60 with your tenant. Technically some landlords
may argue that the tenant should replace the
Santander Fixed 2.79 May 2013 4.2 60 entire thing, which you may want to remind
your tenant of. Explain that asking for the
HSBC Fixed 3.39 June 2013 4 70 proportion that you are, is reasonable and is
only being offered to assure that a quick and
Skipton BS Fixed 3.49 April 2013 5 70 positive outcome is achieved for all. Finally
Mansfield BS Fixed 3.99 3 years 5.4 75 agree everything in writing and in detail to
avoid any misunderstanding at the end of the
Halifax Fixed 4 May 2014 4.2 60 tenancy.
Specialising in property to rent
in Chelsea, Belgravia,
Kensington and Pimlico

Draker Lettings)PMCFJO1MBDF,FOTJOHUPO-POEPO488/4
UGNFUJNIBTTFMM!ESBLFSDPVLwww.draker.co.uk

Central line connections:


URBAN
Q Canary Wharf
Bond Street
30 mins
CONNECTIONS
WITH A
QUEEN MARY’S GATE
25 mins
South Woodford, E18
Bank
21 mins
COUNTRY TWIST
Liverpool Street
19 mins
Larger than average London living*
Stratford 1 & 2 bedroom apartments and penthouses offering the space to
10 mins enjoy and to entertain in style. Design that will make you the envy
South Woodford of your friends; the luxury of the Capital in easy reach.
10-15 mins walk
Large 1 bedroom apartments from £232,500**
Q Large 2 bedroom apartments from £287,500**
Private gated development with 24 hour concierge • Landscaped gardens and courtyards • Balconies & terraces to all apartments†

Sales Centre open daily Mon - Sat 10am - 6pm Sun 11am - 5pm

0800 883 8607 www.queenmarysgate.co.uk


or (out-of-hours) 0800 032 0077
*Applies to 2 bedroom apartments, over 900 sq ft of internal living space - London average 750 sq ft. **Prices correct at time of going to press. Photographs depict Queen Mary’s Gate. †Applies to Gatekeeper’s Lodge and Grove House apartments.
CITYA.M. 25 MARCH 2011 Lifestyle | TV& Games 31

BBC1 BBC2 ITV1 CHANNEL4 CHANNEL5 TV PICK


TERRESTRIAL
6pm BBC News 6.30pm BBC 6pm Eggheads 6pm London Tonight 6pm The Simpsons 6.30pm 6pm Home and Away
London News 7pm The One Show 6.30pm Royal Upstairs 6.30pm ITV News Hollyoaks 7pm Channel 4 News 6.25pm OK! TV
7.30pm Promises, Promises: The 7.25pm 4thought.tv
Downstairs 7pm Emmerdale 7pm 5 News at 7
Olympic Legacy: BBC News 7.30pm Unreported World
7pm Britain by Bike 7.30pm CHOICE Coronation 7.30pm Vets in Action: 5 News
8pm EastEnders 8pm Supersize vs Superskinny
8.30pm QI 7.30pm An Island Parish Street Update
8pm Mastermind 8pm Children’s Hospital Kids 8pm Ice Road Truckers: Greg
9pm New Tricks 9pm CHOICE Embarrassing
8.30pm Gardeners’ World 8.30pm Coronation Street Boadwine hauls an oversized
10pm BBC News
10.25pm Regional News 10.35pm 9pm This Is Britain 9pm Benidorm: A freak storm Bodies load; 5 News at 9
hits the resort. Comedy, with 10pm Friday Night Dinner 10.35pm
Comic Relief: David Walliams’ 24 10pm CHOICE Frank Skinner’s 9pm The Mentalist
Hour Panel People 11.35pm The Selina Griffiths. Rude Tube: Total Stunts 11.40pm FRANK SKINNER’S OPINIONATED
Opinionated 10 O’Clock Live 12.40am Music on 10pm Law & Order
National Lottery Friday Night 10pm ITV News at Ten BBC2, 10PM
10.30pm Newsnight 4: The Album Chart Show 12.55am 10.55pm CSI: Miami New series. The host presents the
Draws 11.50pm FILM Scary Movie 10.30pm London News
3 2003; Weatherview 1.10am Sign 11pm The Review Show: CTRL MX 1.20am 4Play: Kassidy 11.55pm Cops in Crisis topical comedy show from London,
Weather 10.35pm The Cube 1.35am My Name Is Earl 2.30am 12.15am SuperCasino
Zone: Horizon: Predators in your and is joined by guests Lee Mack and
Backyard 2.10am Hidden Treasures 11.50pm ICC Cricket World Cup 11.35pm Take Me Out Modern Toss 2.55am FILM My 3.55am Motorsport Mundial Miranda Hart.
of African Art 3.10am BBC News Highlights 12.50am FILM The 1.05am The Zone; ITV News Neighbour Totoro. 1988. 4.30am 4.20am The FBI Files 5.10am
5am-7.30am Formula 1: Australian Hidden Blade. 2005. 3am-6am Headlines 3.05am In Plain Sight Reaper 5.15am Countdown Wildlife SOS 5.35am-6am House
Grand Prix Qualifying Close 3.50am-5.30am ITV Nightscreen 5.50am-6am Yo Gabba Gabba! Doctor. From Scraptoft, Leicester.

SKY SPORTS 1 BRITISH EUROSPORT BBC THREE Guidance 2am Wife Swap 2.55am DISCOVERY HOME &
SATELLITE & CABLE

7pm Live International Football 5.15pm Live Cycling 9.30pm 7pm Doctor Who 7.45pm Doctor Ugly Betty 3.40am Privileged
10pm Take It Like a Fan 10.30pm Cycling 10pm Timbersports Series Who Confidential 8pm Freak Like 4.15am The OC 5am-6am HEALTH
Me 8.30pm The Lock Up 9pm Switched 7pm A Baby Story 8pm I Didn’t
Football League Weekend 11.30pm 11pm Extreme Sports: Freeride
White Van Man 9.30pm Russell Know I Was Pregnant Specials:
Take It Like a Fan 12am Spirit 11.30pm-1am Cycling
International Football 2am Football Howard’s Good News 10pm HISTORY Takeout Tike 9pm 19 Kids and
7pm How the Earth Was Made Counting 10pm Raising 10 Kids: CORONATION STREET
League Weekend 3am Premier ESPN EastEnders 10.30pm White Van
8pm How London Was Built 9pm The Hayes Way 11pm Emergency ITV1, 7.30PM
League World 3.30am Take It Like 7pm Goal! Special 7.30pm Live Man 11pm How to Live with
Women 12am Family Guy 12.40am Mud Men 10pm How London Was 12am 19 Kids and Counting 1am Kevin scoops a big win on a
a Fan 4am Super League International Football 9.30pm
The Lock Up 1.10am Russell Built 12am Mud Men 1am How Raising 10 Kids: The Hayes Way scratchcard just before meeting Sally
5.30am-6am Take It Like a Fan World Rally Championship 10pm 2am Emergency 3am I Didn’t
Howard’s Good News 1.40am London Was Built 2am Cities of the at the solicitor’s to agree a financial
ESPN MMA Live 10.45pm Underworld 3am Troy: The Truth Know I Was Pregnant Specials:
White Van Man 2.40am How to
SKY SPORTS 2 Freestyle World Cup Magazine
Live with Women 3.40am Freak Behind the Legend 4am UFO Files Takeout Tike 4am Bringing Home
settlement.
7pm Airsports World 7.30pm Live 11.15pm ESPN Kicks: Extra 5am-6am Ancient Discoveries Baby 5am-6am A Baby Story
Like Me 4.10am Radio 1’s Big
Super League 10pm NFL: Total 11.30pm Live NBA Basketball 2am
Weekend 2010: Best Bits
Access 11pm ICC Cricket World Live Friday Night Fights 4am
5.10am-5.25am Doctor Who DISCOVERY SKY1
Cup 1am Super League 2.30am Baseball Tonight 4.30am ESPN Confidential 8pm How Do They Do It? 8.30pm 7.30pm The Middle 8pm The
ICC Cricket World Cup 4.30am MMA Live 5.15am ESPN Kicks: How It’s Made 9pm Taking On Simpsons 8.30pm Modern Family
Football League Weekend Extra 5.30am-6am FIS Alpine Ski E4 Tyson 10pm Toughest Race On 9pm Raising Hope: Jimmy invites
5.30am-6am Airsports World World Cup Report 7pm Hollyoaks 7.30pm Friends Earth with James Cracknell Lucy’s parents over for
9pm Jo Frost: Extreme Parental 11.30pm Disaster Eyewitness Thanksgiving. 9.30pm A League
SKY SPORTS 3 SKY LIVING Guidance: The childcare expert 12am Monsters Inside Me 1am of Their Own 10.30pm Louie
7pm Live PGA Tour Golf 10pm 7pm Ghost Whisperer 8pm Bones tackles parenting concerns. 10pm Bear Grylls: Born Survivor 2am Spence’s Showbusiness 11.30pm EMBARRASSING BODIES
European Tour Golf 12am PGA 9pm Criminal Minds 10pm CSI: Wife Swap: Mothers from Sheffield Future Weapons 3am World War Ignition 12am Live to Dance 1am CHANNEL4, 9PM
Tour Golf 3am NFL: Total Access Miami 11pm Criminal Minds 12am and Worcester trade families. Two in HD Colour 3.50am Extreme Final Approach 2am Night Cops Dr Dawn discusses periods with three
4am Airsports World 4.30am CSI: Crime Scene Investigation 11.10pm Great British Hairdresser Engineering 4.40am Stephen 2.55am Road Wars 3.20am Cold women who agree to measure their
Kings of the Snow 5am-6am 2.40am Charmed 4.20am Four 12.10am My Name Is Earl 1.05am Hawking’s Universe 5.30am-6am Case 4.15am Lost 5.10am-6am own menstrual flow to find out what
Tight Lines Weddings 5.10am-6am Maury Jo Frost: Extreme Parental How Does That Work? Sell Me the Answer constitutes a ‘normal’ level.

COFFEE BREAKCopyright Puzzle Press Ltd, www.puzzlepress.co.uk



QUICK CROSSWORD
    

SUDOKU KAKURO
4 37 13 14 38 27 12
6 23 13
 
9 13 8
Place the numbers from 1 to 9 in each empty cell so that each 12 16 
row, each column and each 3x3 block contains all the numbers Fill the grid so that each block 21 10
from 1 to 9 to solve this tricky Sudoku puzzle. adds up to the total in the box 6 29
 
above or to the left of it. 8 15
You can only use the digits 1-9 13 8     
  and you must not use the
15 22 23 10
45  
same digit twice in a block.
   The same digit may occur 24 6 
14 28 30 3
    more than once in a row or
column, but it must be in a
17 10

11 19
  separate block.
11 15
10 9 14
    16 20 7
 

  ACROSS DOWN
1 Keyboard 1 Local church community (6)
   
   WORDWHEEL B R
instrument (5)
4 Beat, pound (5)
2 Diffusing warmth and
friendliness (7)
Using only the letters in the Wordwheel, you have 7 Ecstasy (7) 3 Fragrant rootstock of
  ten minutes to find as many words as possible,
P I 9 Sloping print (6) various irises (5)
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters A 10 Without danger (6)
12 Ship’s wheel (4)
5 Intense dislike (6)
6 One who suffers for the
LAST ISSUE’S or more, all must contain the central letter and
letters can only be used once in every word. There
O H 15 Poorly lit (4)
sake of principle (6)

SOLUTIONS KAKURO is at least one nine-letter word in the wheel.


Y G 17 Plant with spiny
8 Scholarly life (7)
11 Outfit (clothing and
bracts (6)
QUICK CROSSWORD 8 5 9 7 9 8 2
accessories) for a
5 2 1 6 4 3 3 1 SUDOKU         
19 Mocks up (6) new baby (7)
A D A P T T O P I C
3 1 5 8 2 8 9 4
        
20 Small dog similar 13 Engraves with acid (6)
Y R I U O
G E N E V E R M I N 9 3 3 1 2 6 4 to a greyhound (7)
U V E E R P S 6 5 5 7 6 3
         14 Made a diagrammatic
7 4
         21 Line spoken by representation of
Y O G I R S I D E 5 6 9 5
an actor to the
WORDWHEEL
F L E T D O W N N          an area (6)
9 8 7 4 7 9
A F E W U A G E S
3 4 1 2 5 3 1          audience (5)
W A P R I G U          16 In Islam, the will
K I N D L E M A S S
3 9 8 3 2 6 1 5 The nine-letter word was 22 Aroma (5) of Allah (6)
E E A A I 1 5 5 1 4 8 2 6         
FACECLOTH
S A D L Y A N G R Y 2 7 9 4 9 7 8          18 Egyptian water lily (5)
Punter
32 CITYA.M. 25 MARCH 2011

| Racing

RACING TRADER BILL ESDAILE, OUR RACING EXPERT, TAKES A LOOK AT TOMORROW’S DUBAI WORLD CUP

I’m leaning
towards Pisa
in the Dubai
World Cup...
T
OM Queally rides Twice Over for The triple Group One winner looked
Henry Cecil in tomorrow’s Dubai really impressive over course and distance
World Cup and the pair are as short at the beginning of the month and is defi-
as 2/1 with Paddy Power to land the nitely the one to beat. However, this looks
staggering £3,846,154 first prize. his toughest assignment to date and his

Wales
Wales
a v England,
England Saturday, Kick-Off 3pm

DEN horror draw in stall 12 of 14 puts me off


slightly.
Elsewhere on a cracking card, I’m keen
on TRIPLE ASPECT each-way at 16/1 in the
If Wales score the last goal of the Aidan O’Brien’s boycott of Dubai is now
over and his Cape Blanco is next best at
Al Quoz Sprint (1.15pm). William Haggas’s
charge has picked up a late invite, but
match we’ll refund all losing First 9/2 with William Hill. He must go close
from stall four, a much better draw than
goes well fresh and could surprise a few.
Still, he’ll need to be at his best to see off
Goalscorer and Correct Score bets as a Twice Over, but that’s reflected in his
price and I’m not too keen on the fact that
J J THE JET PLANE.
The Godolphin Mile (1.50pm) looks
FREE BET! all the Ballydoyle runners have virtually
only just arrived.
impossible although the ultra-consistent
AS DE TREBOL looks hugely overpriced
Gio Ponti looks to have regressed over each-way at 33/1 and could easily hit the
the last 12 months, while I’m convinced frame.

ROO Poet’s Voice is better suited by a mile. That


leaves the Japanese pair Buena Vista and
VICTOIRE PISA and my preference is for
Only ten runners line up for the Golden
Shaheen (3.05pm) and all eyes will be on
hot favourite Rocket Man to make up for
If Wayne Rooney scores the last goal the latter as he is well drawn, race fit and
looks on the upgrade.
last year’s defeat. Yet, he was beaten fair
and square that day and I prefer to stick
The pair were separated by a nose in a with the US sprinters and like the chances
of the match we’ll refund all losing Grade One in Nakayama on Boxing Day, of the speedy EUROEARS at around 9/2.
but they both have plenty of form that ties I’ll be backing the Mike De Kock trained
First Goalscorer and Correct Score in with the best of Europe. Victoire Pisa pair RIVER JETEZ and RAIHANA each-way
was seventh in Workforce’s Arc when set at 14/1 and 20/1 respectively in the Dubai
bets as a FREE BET! far too much to do, while Buena Vista was Duty Free (3.45pm) as they are too big for
a disqualified winner of the Japan Cup course specialists. The same can be said
with Joshua Tree and Dandino well beat- for CALVADOS BLUES who can be backed
en. each-way at 25/1 in the Sheema Classic
I’m prepared to take an each-way (4.50pm).
chance on Victoire Pisa at 12/1 as, apart Finally, I’ll post my fancies for the sport-
from having a good draw, he also stays ingbet.com Winter Derby and the rest of
every yard of the trip and has far more the weekend’s action on Twitter
class than his price suggests. @BillEsdaile later today.

INSIDER
the

oddschecker.com
All the latest odds and £100s of bookie freebets

D
ansili Dancer must have a let me put you off but I think the looks a real cracker and the World
great chance in the Winter real value lies with NICE STYLE Cup itself should be top draw. I’m
victorchandler.com
victorchandl
lerr..com Derby tomorrow at 3.10 but
he is going to have to go
(5% e/w). This son of Desert Style
leaves the impression of an
very worried about not tipping a
runner called Buena Vista (think
Dragon’’s Den T&C’
Dragon’s T&C’s:
s: Maximum refund £50 per person. Applies to singles placed on the some to beat Nideeb for the Clive improver and even though he is Cheltenham) as it could have a
internet, telephone & mobile only. Does not include LIVE (in-running) bets. Free bets credited Brittan/Philip Robinson combina- drawn out in stall 12 I reckon he great chance with Ryan Moore in
on Monday 28th March. Free bets must be used within 7 days. Roo Beauty T&C’s: T&C’s: Maximum tion. can travel to the final bend look- the saddle but I’ve always found
refund £50 per person. Applies to singles placed on the internet, telephone & mobile only. Nideeb has a great draw, the ing all over the winner. As such he not backing a Mike De Kock run-
Does not include LIVE (in-running) bets. Free bets credited on Monday 28th March. Free bets race should be run to suit and he’s should be much shorter in-run- ner a mistake and so I will be hav-
must be used within 7 days.*£25 FREEBET
FREEBET:
EEBETT: winnings exclude
exclude stake.
stake. First bet must be placed within
also won over course and distance ning and you can lay your early ing a bet on both MUSIR (3% e/w)
30 days at odds of e
evens
vens or better.
better. Visit victorchandler.com
victorchandler.com for full T&C’s.
T&C’s.
Please gamble sensibly, www
www.gambleaware.co.uk.
.gambleaware.co.uk. - everything is in his favour. 9/4 is a morning prices to take advantage. and GOLDEN SWORD (1% e/w) in
cracking price and you shouldn’t The World Cup card at Meydan the big race.
Punter
CITYA.M. 25 MARCH 2011 33

| Sport

SPORT TRADER OLLIE DREW AND BEN CLEMINSON BRING YOU THE BEST CRICKET
AND FOOTBALL BETS THIS WEEKEND

Sri Lanka not home and


dry against Three Lions
SRI LANKA

ENGLAND

TOMORROW – 9.00 AM SKY SPORTS

E
NGLAND’S World Cup story has
taken more twists and turns than a
Bollywood classic and in spite of
themselves – just as in all good
movies – the protagonists of this tale still
have the chance of a happy ending. If the
Three Lions are to reach the final in
Mumbai, the home of Indian cinema,
then they need to negotiate a couple of
the toughest examinations en route. Sri
Lanka are first-up tomorrow morning,
and should they pass that test, then
another stern assessment awaits in the
last four. That would most likely be South Of course, if England perform as they perform and handle the threat of Muttiah
Africa, with the Proteas expected to beat did against Netherlands, Ireland or Muralitharan and Lasith Malinga to do so.
New Zealand today. Bangladesh, then this will be over in no Kumar Sangakkara is the danger with the
But let’s not get ahead of ourselves. time, but, as bad as they were facing the bat having hit 363 runs so far. It could be a
Andrew Strauss and co. cannot afford to smaller sides, they were a different propo- risky strategy, but there is an argument
look beyond the showdown with the sition versus the big boys, going unbeaten for a small sell of Sri Lanka supremacy at
Lankans. The event co-hosts are comfort- against India, South Africa and West 15 with Sporting Index. The Three Lions
able favourites at 8/15 and the key for Indies. If it is a question of motivation, won by six wickets when the sides last
England is to quieten the boisterous then England should not be found want- met at the 2009 Champions Trophy and
Colombo supporters who will be desper- ing from here on in, with every fixture do earned a 3-2 victory in the previous ODI
ate for the 1996 champions to replicate or die. A lot has been made of fatigue in series in Sri Lanka in 2007 which they
their victory on home soil. Sri Lanka the camp, but Andy Flower is likely to call clinched with a five wicket triumph on
earned their place in the quarters with on some fresh blood. Luke Wright made a this ground.
four Group A wins and progressed with valuable contribution against the Windies
the competition’s best net run rate.
However, they lost to Pakistan and their
and Surrey seamer Jade Dernbach could
be called in to lift the bowling attack.
Pointers...
match against Australia was finely poised England are the value call at 13/8 with England to win at 15/8 with Victor Chandler
before rain stopped play. Victor Chandler. The batting unit must Sell Sri Lanka supremacy with Sporting Index at 15

games and there is a palpable gulf in qual- at home where they have lost by more
ity. Although England should certainly than two goals just twice since the start of
WALES win, it may not be as straightforward as 2000.
the prices suggest. The Dragons will be It was all-square at the break when the
fired up and Speed won’t have to worry sides last met in Cardiff and backing the
ENGLAND about rousing his troops with a large draw half-time/England full-time double
Premier League contingent in his squad. result at 10/3 on Betdaq is better value
TOMORROW – 3.00 PM SKY SPORTS Even without Bale, Aaron Ramsey and than taking England in the outright mar-
Craig Bellamy are weapons which can ket. It is worth backing the 1-0 and 2-0 to
Gareth Bale’s latest injury setback puts a hurt England, and a full house at the England correct scores at 5/1 and 11/2 on
major spanner in the works for Gary Millennium Stadium will provide a very Betdaq respectively, advice which leads to
Speed’s preparations against England and vocal backing. a recommendation to spread bettors to
it looks to have robbed Wales of the slim The last times these sides met, in World sell goals with Sporting Index at 2.6.
chance they had of victory. Bookies Cup qualifiers in 2004 and 2005, England
quickly reacted, with Victor Chandler
pushing the Welsh out to 8/1, and the visi-
reigned 2-0 at home and 1-0 away and I
don’t think they’ll canter to victory this
Pointers...
tors have contracted to 2/5 on Betdaq to time either. They looked short on firepow- Back draw half-time/England full-time at 14/5 with
take the three points which would return er when they drew with Montenegro and Victor Chandler
them to the Group G summit. lost to France at home without scoring, Back England to win 1-0 and 2-0 at 5/1 and 11/2 on
On paper, the Welsh are in a bit of a before narrowly beating Denmark last Betdaq
mess. They’ve lost six of their last seven time out. And Wales are a far better side Sell total goals at 2.6 with Sporting Index

BEHIND THE LINES


On current form and all things being contest might not go as planned. Should was every bit as impressive as his Arsenal
equal, it’s very difficult to go against a England win the toss and rack up a score colleague Jack Wilshere and he could be
confident-looking Sri Lanka, considering of 270-280, don’t expect the Sri Lankans a key player. Gareth Bale’s absence is a
England only just limped into the last to still be 1/2 for the match. huge blow for the Welsh, though, and
eight. However, you must factor in the From one average England team to they will particularly miss his threat
enormous pressure that the Sri Lankans another, and the national football from set-pieces. We are best-price on
will be under when they walk out to a team’s visit to the Millennium Stadium. both Wales, at 8/1, and the draw, at 15/4.
stadium full of fans and with millions of Like Fabio Capello’s men, Wales look If you do fancy both England teams to
expectant TV viewers at home. Given the very ordinary but do have some standout win this weekend, we’re offering an
resilience of their opponents, this one-off players. Before his injury, Aaron Ramsey enhanced 3/1 England double.
Sport
34 CITYA.M. 25 MARCH 2011

Bale’s injury is
down to Wales,
says Redknapp
Lord Moynihan Picture: ACTION IMAGES

LOCOG bar
BOA pair WALES
against West Ham on Saturday and
they tell me the figures from that

from board
game show he covered more ground
than he’s ever done before.
“There was no sign of a hamstring
ENGLAND injury. When he left here on
Saturday, off he went and he certain-
ly wasn’t injured.

OLYMPICS FOOTBALL

“He hasn’t had a hamstring injury.


BY JAMES GOLDMAN He had a back, then he had a tight
THE WAR between the two national thigh and we’ve been very careful
bodies responsible for next year’s TOTTENHAM manager Harry with him.
London 2012 Games escalated yester- Redknapp last night hit back at “Now he’s got a hamstring. He
day when organisers LOCOG suspend- Welsh claims that Gareth Bale was must have done it with Wales.”
ed the British Olympic Association’s already injured when he joined up Rumours of a Welsh row with
two leading figures from its board. with Gary Speed’s squad. Spurs gathered pace yesterday when Bale has played
BOA chairman Lord Moynihan and The Spurs winger will miss tomor- Wales assistant coach Verheijen just three times
chief executive Andy Hunt have been row’s Euro 2012 qualifier against wrote an angry message on Twitter since February
barred indefinitely because they are England in Cardiff due to a ham- railing at “incompetent amateurs”. Pictures: PA
waging a legal dispute against LOCOG string injury, which Wales boss The Dutchman later moved to clar-
in the belief they deserve a larger Speed claimed the 21-year-old ify that the media were the intended
slice of profits from next year’s event. already had when he reported for target of his ire, while Speed admit-
LOCOG said in a statement: “Colin duty at the beginning of the week. ted that the comments of his assis-
Moynihan and Andy Hunt remain
directors of LOCOG. The LOCOG
board has decided to exclude them
But Redknapp insists Bale, who
has played just three times since he
injured his back against Newcastle in
tant had created “an unnecessary
problem”.
“In no way did it refer to
Hart boosted by absence of Wales star
from board meetings whilst they are late January, was fully fit when he Tottenham,” said Speed.
individually and actively involved in left the north London club. Spurs are understood to have spo-
pursuing a dispute against LOCOG.” Speed and his Dutch assistant ken to Verheijen and are satisfied MANCHESTER CITY goalkeeper Joe who has been in such inspired form
Moynihan and Hunt believe the Raymond Verheijen claimed scans they were not the subject of a tweet, Hart admits Gareth Bale’s absence this season.
BOA should have received more than proved Bale had tweaked a ham- posted early yesterday morning, from tomorrow’s Euro 2012 qualifier He said: “The news about Bale is
the £30m LOCOG paid them for the string following last Saturday’s goal- which read: “The incompetent ama- has enhanced England’s chances of good for us,” said Hart. “He is one of
marketing rights to the Games in less draw against West Ham, which teurs struck again!” leaving Cardiff with a vital win. their best players. No one wants to
2004, and want a larger cut of any prompted a strong response from A few hours later, Verheijen posted: Bale has returned to Tottenham see him getting hurt or injured and I
surplus from London 2012. Redknapp. “Spoken with people of Spurs as they after failing to recover from a ham- am sure they will have someone
Last week they stepped up their bid “I wouldn’t have let him go if he thought ‘incompetent amateurs’ had string strain and Hart believes Wales ready to come in a fill his shoes. But
by asking the Court of Arbitration for had an injury,” said Redknapp. something to do with them. will struggle to replace the winger they are pretty big shoes to fill."
Sport, the Swiss-based dispute-resolu- “Gareth played for 90 minutes Promised them to put it on Twitter.”
tion body, to adjudicate.

+ F1 SEASON PREVIEW ++ F1 SEASON PREVIEW ++ F1 SEASON PREVIEW ++ F1 SEASON PREVIEW + Results


LE;<I$)(=I@<E;CPD8K:?

I won’t walk out on McLaren,


9\c^`ldL)(%%%%%%%%%%%(  ( JZfkcXe[L)(%%%%%%%%%%%%%'  '
THE FAVOURITES ODDS FROM PADDY POWER <c>_XeXjjp++ 
;\edXibL)(%%%%%%%%'  0C <e^cXe[L)(%%%%%%%%%%%%%%%(  4C
 N\cY\Zb)*
Fernando Alonso Mark Webber
Hamilton promises team boss
 J`eZcX`i,/
Ferrari are desperate Agonisingly close to  Jklii`[^\-)
for a title and hopes beating team-mate  ?\e[\ijfe.)
are high that their Vettel to last year’s
new car will finally crown, so the no-non- KF;8PËJ;@8IP
spoken to Martin today because I deliver. If it does then sense Australian will =ffkYXcc.%+,gdlec\jjjkXk\[

FORMULA ONE <lifg\Xe:_Xdg`fej_`gHlXc`]p`e^>iflg8


BY FRANK DALLERES wanted to reassure him that I am expect two-time be itching to improve 8ljki`Xm9\c^`ld.%*' %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
here at McLaren, that I am commit- champion and fierce on third place. >iflg:
FORMER world champion Lewis ted to the team, committed to win- competitor Alonso However at 34 the J\iY`XmEfik_\ie@i\cXe[.%*' %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
Hamilton has attempted to silence ning,” said Hamilton. Sebastian Vettel (below) to be a formi- Lewis Hamilton veteran is quickly run- Jcfm\e`Xm@kXcp%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
speculation he could quit McLaren by “This is where my heart and mind The prodigiously tal- dable contender The former golden ning out of time
>iflg;
ented German (above) boy (above) has been Clo\dYfli^m=iXeZ\/gd %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
pledging his future to the team. are. I’m not thinking about going Odds: 23/10 Odds 15/2 >iflg<
The English driver made no secret elsewhere, I don’t have my people is fancied to retain his upstaged by Vettel ?le^Xipm?fccXe[.%*' %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
of his unhappiness at being hindered going elsewhere and doing any other maiden world title, owing to problems >iflg@
last season by his car, and is being talking. I can imagine how I would with the 2011-spec with his McLaren. JgX`em:q\Z_I\glYc`Z0gd %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
tipped to move on soon if this year’s is feel if I heard stories that they were Red Bull said to be Early signs are that egfn\i=ffkYXccC\X^l\Fe\
9i\ek]fi[m:Xic`jc\%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
no better. But on the eve of the new looking for another driver to replace every bit as good as the car won’t improve 9i`jkfcIfm\ijmG\k\iYfifl^_%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
campaign, which starts in Australia me, it would be upsetting and dis- last year’s competi- enough, but the ?Xikc\gffcmIfZ_[Xc\%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
on Sunday, Hamilton revealed he had tracting, and I kind of assume that tion-slaying model. Briton is sure to fight D`ckfeB\pe\j;fejmNXcjXcc%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
reassured team principal Martin may have been the case. So I wanted The man to beat tooth and nail egfn\i=ffkYXccC\X^l\Knf
Whitmarsh that he intends to see out to make sure I put that right, and C`eZfce:`kpmIfk_\i_Xd%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
Odds: 9/4 Odds: 13/2 Efik_XdgkfemKfihlXp%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
a contract until the end of 2012. “I’ve why I spoke with Martin.” Le[\i$)(=i`\e[cpDXkZ_
Gfikl^XcmI\gf]@i\cXe[,%(, %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
LAST 5 CHAMPIONS LAST 5 CONSTRUCTORS :I@:B<K
Calendar
13/11 Abu Dhabi
25/9 Singapore

2010 Sebastian Vettel Red Bull


24/7 Germany
27/3 Australia

@::Nfic[:lg$HlXik\i=`eXc1EQmJflk_8]i`ZXD`igli %
10/4 Malaysia

28/8 Belgium
31/7 Hungary
29/5 Monaco

12/6 Canada

26/6 Europe

16/10 Korea
10/7 Britain

30/10 India

27/11 Brazil
9/10 Japan

2009 Jenson Button Brawn GP


22/5 Spain
8/5 Turkey

2011 season IL>9PLE@FE


17/4 China

11/9 Italy

2008 Lewis Hamilton Ferrari 8m`mXGi\d`\ij_`gIl^Yp.%+, 1JXc\mC\\[j:Xie\^`\%

schedule 2007 Kimi Raikkonen


2006 Fernando Alonso
Ferrari
Renault
email sport@cityam.com
CITYA.M. 25 MARCH 2011 35

SPORT | IN BRIEF
CAPTAINS | THREE YOUNG LEADERS
As Wales boss Gary Speed chooses Aaron
Ramsey, 20, to be his captain, City A.M.
Boycott in Yardy depression row India defeat holders Australia
CRICKET: India will face Pakistan in an
looks at other youngsters who have revelled eagerly anticipated World Cup semi-
in being handed the responsibility.
Pundit calls all-rounder final after knocking reigning champions
Australia out yesterday. Yuvraj Singh’s
‘a liability’ as England 57 not out helped India to a five-wicket
victory in Ahmedabad, despite Ricky
Ponting’s first century for 13 months.
call up reserve Rashid Sachin Tendulkar (53) and Gautam
Gambhir (50) also made key contribu-
tions with the bat as the home side
CRICKET

reached their target of 261 with 14 balls


Will Carling: The Harlequins centre was BY FRANK DALLERES to spare.
made England captain at 22 and led his
country to a World Cup final in 1991 FORMER England batsman Geoffrey Universities primed for race
Boycott sparked a storm yesterday by BOAT RACE: Cambridge will be looking
labelling Michael Yardy “a liability” in to defend their title when they renew
a highly critical response to the all- hostilities with Oxford in the 157th Boat
rounder’s sudden withdrawal from Race tomorrow. The Light Blues are the
the World Cup because of depression. favourites, with a heavier, older crew,
Yardy left the squad 48 hours before but the Dark Blues are marshalled by
tomorrow’s quarter-final against Sri experienced coach Sean Bowden, who
Lanka saying it was the “only sensible EXPERT COMMENT Cricket can also be quite a soul- has masterminded seven Oxford wins in
Graeme Smith: The tough as teak left-han-
der took over in 2003 as a 22-year-old
option”, but media pundit Boycott
showed little sympathy. DR JAMIE BARKER destroying game. One day you can
be fantastic and then the next you
a decade. Fans can line the Thames from
Putney to Mortlake to watch the his-
and is still going strong eight years on “He must have been reading my can be dragged through the earth. toric battle, which is live on BBC1 from

W
comments about his bowling, it must E don’t know the reasons It’s a team game but played by indi- 3:45pm.
have upset him,” he said. “Obviously it for Michael Yardy’s illness viduals, so even if the team is doing
was too much for him at this level.” but, with Marcus well a player can feel down about Matthew in Canary Wharf final
Boycott added: “For me, he was Trescothick having suf- their own performance. SQUASH: World No1 Nick Matthew will
always going to be a liability or a poor fered similar problems, there are Finally cricketers are usually fairly face fourth seed Peter Barker in today’s
choice at international level out here.” several factors that could make astute people – they’re not daft – final of the ISS Canary Wharf Squash
The case of Yardy, who has been cricketers susceptible to depression. and to that end my reflect and take Classic after both came through semi-
replaced by emergency call-up Adil The fact they often spend long things personally a bit more than finals last night at East Wintergarden in
Sidney Crosby: The youngest captain to Rashid, is strikingly similar to that of periods of time away from home on other athletes. Canary Wharf. Barker saw off England
lift the Stanley Cup at the age of 20 with Somerset captain Marcus Trescothick, tour, in hotel rooms on their own Dr Jamie Barker is a senior lecturer in team-mate James Willstrop in an epic
the Pittsburgh Penguins who also flew home from the subcon- can make a cricketer’s life a lonely Sport and Exercise Psychology at clash before compatriot Matthew pro-
tinent five years ago and later quit one, and depression more likely. Staffordshire University gressed when his opponent, Frenchman
England duty due to depression. Gregory Gaulthier, retired ill.