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Issue 1,350 Friday 25 March 2011
BP’S $16BN RUSSIA crisis looms
DEAL IS SCUPPERED
ENERGY
▲
BY MARION DAKERS
BP’S historic plans to search for oil in
the Arctic were blocked yesterday by
its billionaire partners in Russia.
The embattled oil giant’s deal with
Russian explorer Rosneft has been left
hanging by a thread by an internation-
al tribunal, which thwarted the pair-
ing at the request of Alfa Access
Renova (AAR), a group of oligarchs
who own a 50 per cent stake in BP’s
joint venture TNK-BP.
AAR yesterday won the ruling in
Sweden that prohibits BP’s $16bn
(£10bn) share-swap and Arctic explo-
ration deal with Rosneft from moving
forward.
The legal block is a big victory for
the AAR billionaires, who claimed
that a deal with Rosneft unfairly shuts
them out of the potentially lucrative
but closely-held Arctic oil fields.
Rosneft, which is part-owned by the
Russian state, estimates that the off-
shore fields contain 5 trillion tonnes
of crude oil and 10 trillion cubic
metres of gas.
The arbitration panel agreed with
AAR’s claim that BP’s partnership
with Rosneft breaches the rights of
TNK-BP, and enforced a temporary
injunction awarded in London last
month. “We won,” said an AAR
spokesperson.
Chief executive Stan Polovets added:
“Willfully ignoring the provisions of
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Investec Derby Festival – 3rd & 4th June 2011
WIN A WEEKEND IN PARIS DETAILS: P2
BP boss (centre, left) Bob Dudley signs the £10bn deal with Rosneft, as energy secretary Chris Huhne (second left, back) looks on Pic: REUTERS
the shareholder agreement was a seri-
ous misjudgment by BP that has
severely damaged the relationship
between the TNK-BP shareholders.”
AAR owners Mikhail Fridman,
German Khan, Viktor Vekselberg and
Len Blavatnik said BP chief executive
Bob Dudley has “harmed BP’s reputa-
tion in Russia”.
Relations between AAR and BP have
again soured since the Rosneft deal
was struck in January. AAR accused
www.cityam.com
the firm of sabotage after it refused to
send its members of the TNK board to
a last-ditch negotiation meeting in
Berlin.
Dudley, who hurriedly left his job at
TNK-BP in 2008 amid claims that AAR
had harassed him, is said to remain
“fully committed to investing in
Russia”.
Rosneft declined to comment.
BP plans to return to the arbitration
panel with a revised deal, which
Book now: 0844 848 3256 epsomdowns.co.uk
BUDGET
would keep the £10bn share swap but
leave out any mention of an explo-
ration deal, one source familiar with
the company said yesterday.
The share swap deal in its current
form will expire on 14 April if not
completed.
The arbitration ruling, announced
at 6pm London time, sent BP’s shares
in New York down 50 cents before
they recovered the losses to close up
1.25 per cent at $46.81.
REVIEW
INFLATION SET TO
DEEPEN SPENDING
CUTS P4-P5
FREE
Portugal on
the brink as
▲
EUROZONE CRISIS
BY JULIET SAMUEL
A CRUCIAL European summit in
Brussels has been hijacked by the crisis
embroiling Portugal after its govern-
ment collapsed on Wednesday, with
yields on Lisbon’s debt spiking to euro
lifetime highs and expectations of a
bailout mounting.
EU leaders were meeting for a sec-
ond day of crisis talks today in a bid to
solve the region’s debt problems.
But instead, negotiations have
become mired in the prospect of
another Eurozone bailout.
Portugal is being represented at the
summit by Jose Socrates, acting as
interim Prime Minister since a failed
budget vote pushed him to resign on
Wednesday. He refuses to countenance
a bailout despite a credit rating down-
grade by both S&P and Fitch Ratings
yesterday. Yields on the country’s five-
year debt yesterday surged to a high of
8.4 per cent as a result.
The chaos means that prospects of a
new deal for Ireland to reduce interest
payments on its rescue funds looks
remote. Bill Blain, of brokerage
Newedge, said: “It really feels like a
new crisis is developing, but in yet
another example of the euro elites
delusional mindset, we’ve got Ireland
being painted as a cheat for refusing...
to cut its corporate tax!”
Preliminary estimates put the cost
of a Portuguese bailout at around
€80bn (£70bn). If Lisbon does need a
rescue, the UK could be on the hook
for up to 14 per cent of the costs.
ALLISTER HEATH: P2
Certified Distribution
31/01/11 - 27/02/11 is 107,265
 2 News
Why we shouldn’t bail out Portugal
EDITOR’S LETTER
ALLISTER HEATH
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
on his government’s fourth austerity
package in a couple of years, while
Fitch has just downgraded the coun-
try’s credit rating. Yet the talk now is
of a bailout – even though Portugal’s
parliament has just refused to take
the pain. To agree to a rescue would be
to send out the wrong message and
would force hard-pressed UK taxpay-
ers to underwrite part of the bill.
A rescue package would need to be
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Editorial
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Deputy Editor David Hellier
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WHAT THE OTHER PAPERS SAY THIS MORNING
BARCLAYS AT CENTRE OF LIBOR
INQUIRY
Barclays is emerging as a key focus of
the US and UK regulatory probe into
alleged rigging of benchmark inter-
bank lending rates that are the refer-
ence point for $350,000bn in financial
products, people familiar with the
investigation said. Investigators are
probing whether communications
between the bank’s traders and its
treasury arm, which helps set the daily
London interbank offered rate, or
Libor, violated “Chinese wall” rules
that prevent information-sharing
between different parts of the bank.
EX-INTEL MANAGER TELLS OF PROFIT
FROM INSIDER TIPS
A former Intel manager testified that
he earned more than $150,000 in
trading profits after his longtime
friend, Galleon hedge fund founder
Raj Rajaratnam, learnt information
worth a minimum of €60bn-€70bn to
cover the country’s deficit and bond
repayments for three years. Part of
this would be drawn from the
European Financial
Mechanism, the €60bn rescue fund
Stability
which is activated by majority voting
and of which the UK is a member.
Open Europe, the think-tank, esti-
mates that the UK’s share would range
from €810m to €3.7bn under a €60bn
bail-out, and €945m-€4.26bn under a
€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,
making its exports uncompetitive.
Being a member of the euro, it cannot
depreciate its currency (the course of
action taken by Britain during the
past three years). It cannot inflate its
wages down (a strategy that Britain
appears to be secretly pursuing, with
the Office for Budget Responsibility
and others predicting that take-home
pay will continue to fall after adjust-
ing for inflation). It certainly cannot
Nato to back
no-fly zone
WORLD
▲
BY ALISON LOCK
NATO states yesterday agreed to
enforce a no-fly zone over Libya but
stopped short of taking control of mil-
itary air strikes as discussion raged
over who would lead the operation.
Battles between anti-regime rebels
and dictator Gaddafi’s forces in
Benghazi, Misrata and Ajdabiyah con-
tinued yesterday, but Nato secretary-
general Anders Fogh Rasmussen said
the alliance’s mandate did not
extend beyond enforcing an arms
embargo and the no-fly zone, though
it could act in self-defence.
Reported civilian casualties from
the air strikes have inflamed tensions
between western states and leaders
are keen to formulate an exit strategy.
French President Nicolas Sarkozy
said the Libyan people’s future was
about the takeover of outsourcing
company PeopleSupport.
SIEMENS TO SPLIT INDUSTRY ARM
Siemens is poised to split its vast
industry business in two in order to
tap into the fast-growing demand for
infrastructure in the world’s largest
cities. At an extraordinary superviso-
ry board meeting next Monday, Peter
Löscher, the chief executive of
Europe’s largest engineering con-
glomerate, is expected to present a
plan to shuffle parts of its industry
business into a newly created “infra-
structure sector”, two people close to
the situation said.
BUFFETT SET TO MEET INDIAN
INSURANCE HOLDERS
Warren Buffett, the chairman of
Berkshire Hathaway, will on Friday
meet his new insurance policy hold-
ers in the Indian capital following his
company’s entrance into one of the
fastest-growing retail markets in the
world.
print more money to buy back its own
bonds (again, unlike the UK). The only
way Portugal can readjust, therefore,
is to start reducing wages the hard
way in nominal, euro terms – an inter-
nal devaluation. Yet even if this were
politically possible, it would increase
the burden of Portugal’s existing pri-
vate and public debt: if workers earn
10 per cent less, and their mortgages
remain the same, interest payments
suddenly become more difficult to
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
cuts are nigh-on impossible in
Portugal, which means unemploy-
ment will keep on going up. Portugal
has one of the most regulated labour
markets of the Eurozone countries.
Without substantial reform, rigidities
will stop any downwards pressure on
real wages. The answer must thus be a
combination of measures to deregu-
late the economy – as well as a partial
default on the national debt.
“not our problem”.
“The future of Libya, the political
choices of Libya, including what they
decide to do with Muammar Gaddafi
and his henchmen is the problem of
the Libyans,” he said.
Air strikes hit Gaddafi’s tanks and
brought down a Libyan fighter jet
that breached the no-fly zone but
failed to stop shelling of Misrata, rais-
ing fears of a humanitarian crisis.
Further reports suggested Gaddafi’s
sons and allies were reaching out to
western governments seeking ways to
end the fighting peacefully yesterday.
Dictator Muammar
Gaddafi continues to
battle Libyan rebels in
Misrata, Benghazi and
Ajdabiyah
BUILDERS WIN APPEAL AGAINST
RECORD FINES
The Office of Fair Trading suffered
another embarrassing blow yesterday
when the Competition Appeal
Tribunal slashed more record fines
that it had imposed on construction
companies accused of illegal bid-rig-
ging. Galliford Try had its fine
reduced from £8.33m to just under
£1.4m. Five other construction com-
panies also had their fines cut by
nearly £5m in total.
THREADBARE NEST WILL OFFER LOW
EARNERS NO HOPE OF A BIG PENSION
The flagship pension fund being set
up to nudge millions of low to moder-
ate earners into retirement saving for
the first time is aiming for a mini-
mum investment return no more
ambitious than preserving the real
value of what employees and employ-
ers put in.
The EU’s strategy is to throw good
money after bad and to pretend that
the only thing an over-leveraged coun-
try that has priced itself out of global
export markets needs is another loan.
This approach stands no chance of
success. It is also important to realise
that austerity packages alone are a
necessary condition for recovery – but
not a sufficient one. Radical supply-
side policies are also needed to boost
growth, not just half-hearted fiscal
tightening policies that end up hiking
taxes too much rather than taking an
axe to privileges and unaffordable
spending commitments.
Of course, bond investors and finan-
cial institutions will suffer if the EU
allows Lisbon to default and forces a
proper, well-managed restructuring of
its debt. But Portugal is too small to be
another Lehman Brothers. The bail-
out culture must end – as must the
socialisation of risk and the nationali-
sation of losses. Enough is enough.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
WPP boss Sir Martin Sorrell says he will recommend a UK return to shareholders
WPP set for return to UK
ADVERTISING
▲
BY STEVE DINNEEN
WPP could be set for a sensational
return to the UK after boss Sir Martin
Sorrell said he will recommend it to
redomicile from Ireland following
the budget.
He said in an email: “We’ve looked
at small print and releases. Subject to
draft legislation and enactment we
will recommend a return to the UK to
the board and shareowners.”
Sources close to the firm told City
HUFFINGTON POST TO LAUNCH UK
EDITION THIS SUMMER
The Huffington Post will launch a UK
edition this summer, said its co-
founder Arianna Huffington. Ms
Huffington said one reason she
agreed to sell the news website to AOL
for $315m (£195m) last month was to
provide the financing to expand into
international markets, such as the UK
and Canada.
HAMMERSON PLANS £350M CITY
TOWER
Hammerson has submitted plans for a
new £350m residential tower and
major office development that will
drive expansion of the Square Mile
beyond its traditional boundaries. The
FTSE 100 company has revised its orig-
inal plans for Bishops Place on
Shoreditch High Street and now aims
to develop a residential tower with
243 apartments.
CITYA.M. 25 MARCH 2011
WIN
ONE FREE
LUXURY
WEEKEND
TO PARIS
FOR TWO
APPLY TO JOIN OUR READERS’ PANEL.
In September, we’ll put panellists
who have responded to at least 80 per
cent of surveys into a prize draw.
Full T&Cs available on request.
www.cityam.com/panel
A.M. the move depends on ensuring
WPP will no longer be subject to the
double taxation on foreign income
that drove it out of the UK in 2009.
He said WPP will wait until the
new rules announced by George
Osborne on Wednesday are imple-
mented and says it is likely to be 2012
at the earliest before it returns.
WPP, the world’s biggest advertis-
ing firm, says the rate of corporation
tax is not a material consideration.
Its shares closed up 1.5 per cent at
757p yesterday.
INVESTOR POOL LOSES MAJORITY
CONTROL OF ROCHE
The Swiss family that has controlled
drug giant Roche Holding AG for
decades said one family member has
dropped out of the group's voting
pool, meaning that the family pool
has lost majority voting control of the
company. The pool, which unites the
publicity-shy descendents of compa-
ny founder Fritz Hoffmann-La Roche,
now hold 45.01% of Roche votes.
FANNIE REPORT WARNED OF
FORECLOSURE PROBLEMS IN 2006
Fannie Mae was warned in a 2006
internal report of abuses in the way
lenders and their law firms handled
foreclosures, long before regulators
launched investigations into the
mortgage industry's practices. The
report said foreclosure attorneys in
Florida had “routinely made” false
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
CREDIT rating agency Moody’s down-
graded 30 of Spain’s smaller banks
yesterday over concerns the nation’s
high sovereign debt may prevent it
from bailing them out in future.
It cut the ratings of 15 banks’ sen-
ior debt and deposit ratings by two
notches and five by three or four, it
said, with most banks’ outlook nega-
tive. The move reflects the removal of
the “extraordinary level of systemic
support – of up to six notches” that
Moody’s had built in to their ratings.
The re-ratings do not affect Spain’s
three largest banks, Banco Santander,
BBVA and La Caixa, it said.
INSURANCE
ROADSIDE rescue business RAC has
been put up for sale by its insurance
owner Aviva as it divests non-core
parts of the company.
The RAC’s value has been placed at
about £600-700m, just over half the
£1.1bn Aviva paid for it in 2005, after
a series of sell-offs of its parts, includ-
ing the BSM driving school. At Aviva’s
results presentation earlier this
month, chief executive Andrew Moss
said it would sell non-core assets this
year to focus on 12 key markets.
JP Morgan is the bank believed to
have been appointed to sell the busi-
ness.
 4 Budget Review
Soaring inflation will
worsen cuts, says IFS
▲
UK ECONOMY
BY JULIAN HARRIS
HIGH inflation will deepen spending
cuts that the government is banking
on to reduce the UK’s deficit, the
Institute for Fiscal Studies (IFS) said
yesterday.
While departmental spending, in
real terms, allowing for inflation, was
due to be cut by an average of 11.2 per
cent over four years according to
October’s figures, cuts are now esti-
mated at 11.7 per cent.
Consumer price inflation has shot
Growth key to UK’s credit rating
▲
UK ECONOMY
BY JULIAN HARRIS
BRITAIN’S triple-A credit rating could
be in doubt if strong growth fails to
deliver the government’s deficit reduc-
tion targets, the ratings agency
Moody’s said yesterday.
“Slower growth combined with
weaker-than-expected fiscal consolida-
tion could cause the UK’s debt metrics
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up to 4.4 per cent in recent months,
with the Bank of England concerned
it could soon exceed five per cent.
In November the Office for Budget
Responsibility (OBR) predicted infla-
tion of 2.8 per cent for this year, yet
was forced to revise the forecast up to
4.2 per cent on Wednesday.
The government’s spending plans
are “uncomfortably dependent” on
the OBR’s wider forecasts and judge-
ments on the economy, the IFS direc-
tor Paul Johnson said, referring to its
GDP forecasts and estimates of the
economy’s output gap.
to deteriorate to a point that would be
inconsistent with a AAA rating,”
Moody’s said in a statement.
The government’s fiscal watchdog,
the OBR, was forced to revise down its
growth forecast for this year to 1.7 per
cent this week, from 2.1 per cent.
However, it still expects annual
growth of 2.8 to 2.9 per cent from 2013
to 2015.
Fellow rating agency Fitch issued a
CITYA.M. 25 MARCH 2011
CITY VIEWS: WHAT DID YOU MAKE OF THE BUDGET?
JULIAN PHILLIPS | MITSUI SUMITOMO
Interviews by Phoebe Torrance and Eric Wilkens
“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.”
In a statement released to coincide
with chancellor George Osborne’s
Budget, the OBR admitted that dan- COLIN FANTHAM | XCHANGING
ger to the deficit reduction plan.
“The biggest threat is the possibili-
ty that we have over-estimated the "The 1p off of petrol won’t make any real differ-
amount of spare capacity in the econ- ence, but the budget will improve the long-term
omy, now or in the future,” it said.
“If the output gap was roughly 1.5 forecast of the country. There is nothing in the
per cent of potential output smaller budget that impresses businesses, though. I’d
than our central estimate then the
government would no longer be on rather they’d cut more taxes."
course to balance the cyclically-
adjusted current budget in five years’ DAVID PORTER | SMARTSTREAM
time.”
“It was a very positive budget, with tax changes
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.”
warning over the growth forecasts,
and subsequently its credit rating for ROB WHITELEY | C.V. STARR
the UK.
“The medium-term economic fore-
casts still appear relatively optimistic,” “The new budget is slightly good for lower income
it said on Wednesday. “If the economic
recovery proves weaker than project- earners and smaller families, but worse for people
ed, future Budgets may require addi- who make more money, who can expect to be
tional measures to ensure that the paying more in taxes. But with the current situa-
government meets it ambitious fiscal
targets,” it said. tion, everyone seems to be suffering.”
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CITYA.M. 25 MARCH 2011
Premier plays
down North
Sea oil charge
ENERGY
▲
BY MARION DAKERS
UK OIL explorer Premier Oil talked
down the effect of the government’s
shock North Sea fuel profit tax yester-
day, as it reported record profits of
$129.8m (£80.5m).
The firm has $1bn of tax
allowances linked to its purchase of
Oilexco, which it bought out of
administration in 2009, chief execu-
tive Simon Lockett said, meaning it
doesn’t have to pay UK taxes until at
least 2015. “The positive side of it is
that we’re still quite acquisitive and I
guess that means that you’ll get
assets which are going to be a bit
cheaper going forward,” he added.
The FTSE 250 component said it
remains on target to produce 75,000
barrels of oil per day by 2012, thanks
FACT CHECKER | WITH MARION DAKERS
THE CLAIM: THE SHOCK RISE IN SUPPLEMENTARY
TAXES FOR OIL FIRMS FROM 20 TO 32 PER CENT
WILL MAKE PETROL PRICES AT THE PUMPS RISE
The chancellor said he will pay for a new
fuel price stabiliser and 1p fuel tax cut
with a massive hike for companies produc-
ing oil in the UK – from the previous 20 per
cent up to 32 per cent from midnight yes-
terday.
Will motorists feel the benefit of the new
tax scheme, or will oil firms simply pass
the extra cost on at the pumps?
THE OIL MARKET
“The oil market is international, and the
producer doesn’t set the price – the buyer
does,” Ernst & Young’s energy tax expert
Derek Leith told City A.M. “Only an organi-
sation like OPEC or a large oil-rich nation
like Saudi Arabia can have any influence on
the price, or a surprise event like what’s
to new discoveries in its Catcher field
in the North Sea.
Analysts re-examined all oil firms
with exposure to the North Sea yester-
day. RBS cut Premier’s net asset value
forecasts by two to four per cent but
left profit predictions untouched.
Premier shares gained four per
cent yesterday to close at £19.88.
ANALYSIS l Premier Oil
2,150 1,988.00
p 24 Mar
2,050
1,950
1,850
10 Jan 28 Jan 17 Feb 9 Mar
happening in Libya.”
North Sea oil companies don’t produce fuel
in nearly enough quantities to influence
movements in the wholesale price of oil.
Indeed, even if they threaten to halt pro-
duction altogether in protest, the overall
market is unlikely to suffer a big hit.
INTEGRATED COMPANIES
Firms like BP, which have stakes in every
part of the oil business from the first
exploration, to refineries, to the garage
forecourt, still face stiff competition from
the supermarkets when it comes to selling
petrol.
George Osborne has also pledged to watch
firms “like a hawk” to prevent any furtive
price hikes.
OSBORNE WATCHING OIL FIRMS LIKE A HAWK
CHANCELLOR George Osborne said yesterday he will keep a close eye on the UK’s petrol
providers to see that they pass on the 1p per litre cut in fuel duty to consumers. “We will
be watching like a hawk to make sure that motorists get the benefit of the budget
changes and make sure that there's no funny business,” he told ITV’s Daybreak. He is
funding the changes through a 12 per cent tax hike on North Sea oil producers’ profits.
IMMEDIATE BENEFIT
RMI Petrol, the trade body that represents
almost 6,000 petrol forecourts in the UK,
said the combination of the 1p fuel duty cut
and the cancellation of the planned 5p
inflation-linked rise will take effect at the
pumps within a few days. However, it adds
that the soaring price of oil has already
added 2p to the wholesale price of unlead-
ed petrol this week.
THE VERDICT |
MOTORISTS WON’T FEEL THE PINCH
BUT MIGHT BE HIT BY OTHER RISES
The global oil market means a tax
in the UK won’t affect the market
price of fuel and therefore petrol.
However, the chancellor can do lit-
tle to prevent events in the Middle
East continuing to pressure petrol
prices.
Budget Review
High-energy industries
hit by carbon price floor
▲
MANUFACTURING
ENERGY policy changes introduced in
the Budget will heap costs on energy-
intensive industries, pressure groups
warned yesterday.
Energy-intensive manufacturers of
products such as steel, glass and paper
will see their costs soar as the carbon
price floor rises from £16 per tonne of
CO2 today to £30/tonne by 2020.
Jeremy Nicholson, director of the
Energy Intensive Users Group, said
firms had “very great concerns”
about the tax. “It threatens the com-
petitiveness of UK manufacturing
compared to the rest of Europe – and
Europe is the only part of the world
5
NEWS | IN BRIEF
Germany drives Eurozone forward
Business activity in the Eurozone contin-
ues to grow, fresh data revealed yester-
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-
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-
ness confidence hit a three-year high in
France, according to a separate survey.
Drop in US durable goods orders
US durable goods orders decreased by
$1.9bn (£1.17bn), or 0.9 per cent, to
$200bn last month after an upwardly
revised 3.6 per cent in January, the
Commerce Department said yesterday.
Meanwhile, initial claims for state unem-
ployment benefits slipped 5,000 to a sea-
sonally adjusted 382,000. The four-week
moving average of unemployment bene-
fits dropped to its lowest level in more
than two and a half years.
Bank’s Dale: inflation could stick
Bank of England rate setter Spencer Dale
yesterday defended his vote for higher
interest rates. Inflation pressures could
prove to be more stubborn than expected,
Dale said.
that already subjects its companies to
a carbon trading scheme,” he said.
Chancellor George Osborne said
firms would be shielded from price
rises by a wider discount to the
Climate Change Levy, another tax on
energy use. But the TaxPayers Alliance
(TPA) said the change was “deeply mis-
leading” as the discount was
decreased in 2009’s Pre-Budget Report
and Osborne had simply returned to
that level. “Those industries have only
had their original position….restored
and this does not mitigate the sub-
stantial increase in costs resulting
from the carbon price floor,” said TPA
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

BY ALISON LOCK
THE insurance industry voiced con-
cern yesterday at European regula-
tors’ plans to run a new series of
“stress tests” on more than 200 com-
panies across the region.
The second round of tests to check
how well-capitalised insurers are
against different risks was launched
by the European Insurance and
Occupational Pensions Authority on
on the planned Solvency II legisla-
tion, which requires insurers to hold
more regulatory capital against dif-
ferent risks. They will be carried out
by the Financial Services Authority
from now until the end of May.
But the Association of British
Insurers branded the tests a “distrac-
tion from vital regulatory change”
that would put extra strain on firms
racing to comply with other require-
ments that are still to be finalised.
the basis of a yet to be agreed frame-
work, it would be better to focus on
finalising the proposed rules and help-
ing the industry put the infrastructure
in place to make them work by 2013,”
said ABI director Peter Vipond.
PwC partner Philippe Guijarro said
the tests would “put a huge strain on
the industry’s already stretched
resources” while the unfinished
nature of Solvency II at present may
render the results unreliable.
▲
INSURANCE
SWISS RE sought to reassure investors
worried about its large catastrophe
losses this year with a substantial div-
idend hike yesterday.
The reinsurer, which scrapped its
full-year profit target this week after
taking more than $2.5bn (£1.53bn) in
losses from disasters in Japan and
New Zealand, has proposed raising its
2010 dividend by 175 per cent.
The Swfr2.75 (£1.86) a share pay-
share in 2010, will be paid on 26 April
2011 if shareholders approve it at its
annual general meeting on 15 April.
The board said it reflected “Swiss
Re’s improved capital base and prof-
itability,” as its economic net worth
grew 11 per cent to $30.7bn in 2010.
Swiss Re has also proposed buying
back 95m of its 180m authorised
shares and raising capital in future by
issuing convertible bonds to the value
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
6XEVFULSWLRQLVWKHQHZKDVVOH 'LVFRYHUKRZ0LFURVRIW·VVXEVFULSWLRQVHUYLFH
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)RUWHFKQLFDOUHTXLUHPHQWVYLVLWKWWSWHFKQHWPLFURVRIWFRPHQXVOLEUDU\FFDVS[ ‹0LFURVRIW&RUSRUDWLRQ$OOULJKWVUHVHUYHG
PRQWKVXEVFULSWLRQDQGPLQLPXPRIÀYHVHDWVUHTXLUHG
 8 Consumer News

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

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

Free BlackBerry ® Exclusive

colour

on a 24 month contract
£25.53 a month
BlackBerry Curve™ 9300

BlackBerry Bold™ 9780

500 minutes, unlimited texts, 500MB data,

inclusive BlackBerry Messenger

Call 0800 081 0496

Visit o2.co.uk/shop or any ø shop We’re better, connected
Phones provided at no additional cost on a 24 month minimum term contract. Subject to availability. Connection subject to status, credit check, direct debit and 24 month minimum term contract. Calls/texts made in UK to standard UK landlines/mobiles only. Calls to most 08 numbers cost 20.4p/min,
or 35.8p/min for 0871. Calls to numbers starting 070 cost 51.1p/min. For a full list of charges for these numbers, see o2.co.uk/specialnumbers. Inclusive UK mobile internet monthly allowance is from 500MB depending on the tariff you choose. Excessive usage policy and terms apply, see o2.co.uk.
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
to breathe new life into the flagging
UK DIY market.
The bold blueprint was unveiled as
the B&Q owner reported a 22.5 per
”
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
would help B&Q.
target implies that management believe they can generate consistent Marc Bolland is overseeing the revamp
Kingfisher also raised its full-year
growth despite evident macroeconomic pressures. ‘Buy’. which is part of his shake-up of ranges.
dividend by 28.5 per cent to 7.07p.
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
£10.5bn while there was a three per
cent drop in like-for-like sales in the
UK and Ireland.
Chief executive Ian Cheshire said
the company, which trades under the
”
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-
ing appetite for luxury Western goods.
260 ment plan. They remain excited about growth prospects. The announcement came as the compa-
ny posted healthy annual profit figures.
For the year to 29 January the group
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
almost two decades of unsustain-
able, debt-fuelled largesse than with
cantly.
It was always going to be like this.
The only real surprise is that it took
so long for the recession to catch up
with retailers. Take J Sainsbury,
others, especially the supermarkets.
That has helped delay the day of
reckoning for some, although con-
after the January bounce
sumers have also struggled to accept
that the debt-fuelled game is up.
▲

a massive turkey dinner and tonnes
of presents? Supermarkets could
barely believe it as families spent
more than ever before on rich food
and booze; John Lewis notched up
record sales. “Austerity,” consumers
muttered disbelievingly as they
repeatedly tapped in their chip-and-
pin code? “What austerity?”
Alas, it couldn’t last. As the New
Year dawned, consumers woke up
and smelled the coffee – and it was
the cheap, freeze-dried stuff. Justin
King, the J Sainsbury boss, spoke for
most retailers when he said post-
Christmas sales had fallen signifi-
which has notched up five consecu-
tive years of growth in margins,
sales and profits – despite the
slump. In 2007, pre-tax profits were
£339m, rising to £434m in 2008,
£519m in 2009 and £610m in 2010.
There is simply no evidence of the
worst recession in Britain’s peace-
time history. Tesco tells a similar
story, with profits rising from
£2.653bn in 2007 to £2.803bn in
2008 and £2.917bn 2009. Again, the
slump is nowhere to be seen.
Of course, some weaker rivals like
Zavvi and Woolworths have fallen by
the wayside, providing a fillip for
Hiding is no longer an option.
Spiralling inflation stoked by higher
commodity prices, hiked taxes, con-
strained consumer credit and fear
over public sector cuts have com-
bined to create a lethal brew.
Yesterday’s retail sales might have
been worst than expected, but
things are going to get much, much
uglier. The party on the high street
is well and truly over.
david.crow@cityam.com
BOTTOMLINE
Analysis by David Crow
RETAIL
RETAIL sales dropped more sharply
than expected in February, official
data showed yesterday.
Compared to January, sales were
down 0.8 per cent, the Office of
National Statistics (ONS) revealed.
“Stripping out the increase in auto
fuel sales, then the figure was down
one per cent on the month,” noted
Alan Clarke, economist at BNP
Paribas.
In January, these core sales were
up 1.1 per cent compared to
December.
“A weak number always looked
likely on the back of the plunge in
consumer confidence, and prices
that are rising at double the pace of
household income growth,” Clarke
added.
The result left the annualised rise
in sales at just 1.3 per cent, in terms
of volume.
On a comparison of the last three
months with the previous three
months, which helps iron out volatil-
ity, sales were narrowly up 0.1 per
cent.
“The average level of retail sales vol-
umes in January-February is 0.5 per
cent above the average in the last
three months of 2010,” said
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
nose for talent will be interested to
hear about the latest initiative from
Boris Johnson’s Fund for London – a
scheme to help disadvantaged
young Londoners have a better shot
at the UK jobs market.
Young London Working provides
a central employment hub to con-
nect jobless young people with
their potential employers.
The scheme will give some of the
22,915 Londoners between the ages
of 18-24 that are currently claiming
Jobseekers Allowance access to
training, mock interviews, mentor-
ing and work experience to ease
their route into positions that
would have otherwise seemed unat-
tainable.
The scheme is sponsored by
investment bank Goldman Sachs,
agreeing with the Mayor of
London’s assertion that “harness-
ing the next generation instead of
squandering their talents is in all
our interests”.
It’s a scheme that should be close
to the heart of Goldman Sachs chief
executive Lloyd Blankfein, a classic
example of the American Dream
come true.
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
of East New York, Blankfein was the
first in his family to go to college,
and 35 years on he’s sitting pretty at
the top of one of the world’s biggest
investment banks.
And with speculation rife yester-
day that a Londoner – Michael
Sherwood – is being positioned to
take Blankfein’s role in the future,
it seems that Goldman is already on
the lookout for the capital’s next
generation of banking talent.
Station, the course will lead partici-
pants through a series of physical
and mental tasks designed to mimic
five phases of a soldier’s life: recruit-
ment, basic training, combat,
adventure training and teamwork.
So if you didn’t quite make the
Isis or Goldie crews, but aren’t yet
content to retire to the riverside
with a pint of Pimms, the Soldier
Challenge could provide the perfect
middle ground to work up and
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
BY MARION DAKERS
NEW PROPERTY company
Almacantar could turn some
floors of the Centre Point tower
into luxury flats, after buying the
tower out of administration.
Almacantar, set up last year by
former Land Securities executive
Mike Hussey, has exchanged con-
tracts on the Grade II-listed tower
near Tottenham Court Road
underground station.
The firm did not say how much
it paid for the tower, home to the
CBI and oil firm Saudi Aramco,
but previous reports have put the
price at £120m.
“In the medium term, we
expect the building to provide
AssetCo chief
ousted after
court defeat
▲
SUPPORT SERVICES
BY ALISON LOCK
THE CHIEF executive of troubled fire
engine provider AssetCo resigned
with immediate effect yesterday at
the request of the board
John Shannon’s ousting is the lat-
est twist in a rescue saga that saw
AssetCo’s investors force through a
£16m emergency share placement on
Wednesday.
Shannon, AssetCo’s largest share-
holder after leading a management
buyout in 2005, had clashed with
investors after blocking the fundrais-
ing on Monday, plunging the compa-
ny’s future into doubt and causing its
shares to be suspended.
In a hastily-arranged court hearing
the evening after the company’s gen-
eral meeting, shareholders were
granted an injunction to force
Shannon to comply with the rescue
plan’s terms. It included a pledge
exceptional office accommoda-
tion at a point when demand for
West End offices will be high and
competitive support low,” said
Hussey in a statement yesterday.
But it is understood that
Almacantar has lined up talks
with Camden Council about get-
ting planning permission to con-
vert parts of the building into
high-end residential space.
A source said the firm would
initially focus on improving
rental incomes from the build-
ing, which currently has several
empty floors.
Centre Point was put in the
hands of administrator Deloitte
last year when owner
Targetfollow defaulted on a
£700m debt owed to Lloyds.
from three key investors to supply
£10m if they could appoint a new
executive chairman.
“Following the request of the board
John Shannon has today resigned
with immediate effect,” AssetCo said
in a statement.
Tudor Davies is now leading the
company as executive chairman. Tim
Wightman has stepped down as chair-
man and Christopher Mills has joined
the board as a non-executive director.
Shareholders were said to have
grown frustrated with Shannon since
AssetCo admitted in February it was
struggling to raise £4m in short-term
debt while it refinanced a £50m long-
term loan facility. The problems
quickly grew, leading to a proposed
£8m and then £16m share placement.
AssetCo now believes it requires an
extra £3-4m of working capital in
addition to the £16m just raised.
AssetCo’s shares closed 3.6 per cent
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
BAA chief executive Colin Matthews accepted there were things it “could have done better”.
Solid sales
for United
Utilities
▲
UTILITIES
BY HARRY BANKS
UNITED Utilities, the largest listed
water utility, said trading in the sec-
ond-half had been slightly ahead of
its expectations, putting it on track
for a solid underlying performance
for the year.
The company said regulated rev-
enue had continued the positive
trend from the first-half, but would
be slightly lower in the second,
reflecting seasonal changes.
“The full-year position represents
a healthy financial performance in
light of the impact of the price
review,” said United Utilities, which
has been asked by industry regulator
Ofwat to cut prices.
Analysts expect the company to
report a full-year pre-tax profit of
£302m, on revenue of £1.6bn, accord-
ing to a poll.
Capital expenditure will hit
£600m this year, United Utilities
said, though the firm said it is
unlikely to meet its leak targets
thanks to the severe weather over
Christmas.
Last month, Northumbrian Water
and Pennon had also said trading in
the second-half had been in line with
estimates, despite the snowy condi-
tions.
Shares in United Utilities closed
up 0.9 per cent yesterday at 584.5p,
valuing the firm at £1.99bn.
ANALYSIS l United utilities
610
p 584.50
600 24 Mar
590
580
570
560
550
540
10 Jan 28 Jan 17 Feb 9 Mar
BHP Billiton unveils $9.5bn expansion plan Sirius shares rejoin AIM
▲
MINING
BY MARION DAKERS
BHP Billiton yesterday revealed
details of its $9.5bn (£5.89bn) invest-
ment plans for its iron ore and coal
operations.
The FTSE 100 miner announced a
bigger-than-expected $80bn capital
expenditure plan last month, which
the firm said would pay for organic
growth over the next five years
1 & 2 bedroom apartments
through L&Q’s part buy,
part rent scheme
from
The Artillery,
Shooters Hill SE18
Jude Court,
Brockley SE4
Book your viewing
Call: 0844 406 9800
Web: www.lqgroup.org.uk
Industrial and Provident Society 30441R exempt charity. Details correct at time of going to print March 2011. Your home is at
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
is a guideline and may vary according to individual incomes and circumstances. See website for details.
rather than blockbuster acquisitions.
BHP said yesterday its Western
Australia iron ore project will be
boosted to 220m tonnes per annum
by new equipment, a rail link and
port facilities costing a total of
$7.4bn, of which BHP will shell out
$6.6bn.
The firm has also given the green
light to three coal projects in
Queensland, Australia, at a total cost
of $5bn. BHP will pay half of this
Report slams BAA delays
▲
AVIATION
BY MARION DAKERS
HEATHROW operator BAA said it
plans to invest £50m on revising its
snow plans after an independent
report into the winter travel chaos yes-
terday found that a lack of prepara-
tion, equipment and communication
caused most of the disruption.
The report by BAA non-executive
Enterprise House,
Bromley BR2 from
£950*
from
£727*
pcm
sum, with its partner Mitsubishi pay-
ing the rest.
A $400m thermal coal mine in
New South Wales was also approved
yesterday.
BHP, which had threatened to
withold investment in Australia
after the government announced a
mining windfall tax, saw its shares
gain 1.4 per cent to £23.58 yesterday
after concessions to the tax were
announced.
David Begg said the firm’s slow
response to the snowy weather must
be improved so Heathrow never shuts
down “except for immediate safety or
other emergency threats”.
BAA said it has already changed its
response plan, and now has 269 peo-
ple trained to clear snow, up from 117.
British Airways, which took a £50m
hit from snow-linked cancellations,
said it “look[s] forward to discussing
* BY HARRY BANKS
£760
pcm
pcm
ENERGY
SIRIUS Petroleum’s shares closed flat
at 5.62p yesterday, in its first day of
trading on AIM since its shares were
cancelled in February to allow for its
first acquisition in Nigeria.
The firm was yesterday re-listed as
an investing company with no opera-
tions to allow the firm to change its
investment strategy and pursue
acquisitions, it said in a statement.
CITYA.M. 25 MARCH 2011
with BAA its plans for strengthening
Heathrow’s capacity for coping with
severe winter weather”.
£50m
How much BAA will spend on snow defences
Australia
dilutes its
mining tax
▲
MINING
AUSTRALIA’S booming mining compa-
nies including BHP Billiton and Rio
Tinto have won a major concession
over a plan to tax their profits, poten-
tially saving them hundreds of mil-
lions of dollars and helping cool
industry opposition to the tax.
Australian treasurer Wayne Swan
said yesterday the national govern-
ment would repay current royalties
that the miners pay to state govern-
ments, and refund any future royalty
increases imposed by mining states.
The controversial 30 per cent tax
on iron ore and coal mines with
annual profits of $50m (£30.9m) or
more is due to start in the middle of
next year, and should raise $7.4bn in
its first two years.
Smaller mining companies, howev-
er, led by Fortescue Metals Group,
remain strongly opposed to the tax,
and continued to criticise the deal
with the global companies despite
the latest compromise.
“It was a tax designed by BHP,”
Fortescue’s billionaire chief Andrew
Forrest said.
“Policy should be broad ranging, it
should be fair and it should be based
on the constitution of being equal
among states and equal among com-
panies. That hasn’t happened here.
BHP has literally written a tax for
everyone else to pay,” he said.
ANALYSIS l BHP Billiton
2,700
p 2,358.00
24 Mar
2,500
2,300
2,100
10 Jan 28 Jan 17 Feb 9 Mar
Shareholders approved the new
strategy and readmission to AIM in a
meeting on Wednesday.
Sirius’s plans to purchase a 40 per
cent interest in the Ke oil field in
Nigeria fell through in December,
though Sirius has maintained that it
could buy a stake in the future.
Sirius said in a statement yesterday
that its first acquisition will take the
form of a reverse takeover, but did not
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
SHARES in cigarette firm Imperial
Tobacco fell yesterday after the ciga-
rette giant warned its revenue growth
will slow.
The company now expects first-half
revenues to grow by two per cent a
year, compared to five per cent in the
last three months of 2010.
The maker of Lambert & Butler,
West and Gauloises cigarettes attrib-
uted the sluggish growth to a tough
ban displays of cigarettes in shops
could also hit sales.
He said: “As a result of the govern-
ment’s plan, there is a real concern
over counterfeiting. We’ll continue
stepping up our efforts to get out the
word about disproportional regulation
towards the tobacco companies.”
Imperial, which makes over 300bn
cigarettes a year, said its global ciga-
rette volumes had declined one per
cent in the past half year.
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

%$
#3*5"*/µ4
#*((&45
%":
065
%$

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 16 News
Popular and Allianz in link up
▲
BANKING
BY HARRY BANKS
BANCO Popular, Spain’s third-largest
listed bank, and German insurer
Allianz are creating a joint insurance
company to manage over €11bn
(£9.68bn) in assets.
Popular will book capital gains of
€490m from the deal, which a
spokesman said yesterday will be
used to strengthen its balance sheet.
Spanish banks have been under
close scrutiny on concerns about
potential capital shortfalls after the
collapse of the property sector, forc-
ing groups to shore up assets.
Dividend hike
as Resolution
looks at deals
INSURANCE
▲
BY HARRY BANKS
BRITISH insurance consolidator
Resolution hiked its dividend more
than expected, as it focuses more on
squeezing cash from its businesses,
and said it was still mulling deals out-
side the UK.
Resolution, created to buy underper-
forming British life insurers and
merge them into a more profitable
whole, yesterday raised its final payout
for 2010 by 15 per cent to 12.57p per
share, beating analyst expectations for
an unchanged dividend.
The increase follows a doubling of
Resolution’s shareholder cash to
£1.07bn, helped by higher contribu-
tions from its businesses as well as a
one-off capital transfer.
Resolution, founded in 2008 by Clive
Cowdery, had a pre-tax operating prof-
it for 2010 of £275m, up from £6m the
Popular’s agreement with Allianz,
a long-time partner and shareholder,
covers pensions and investment fund
management as well as the insurance
business.
A new company, Allianz Popular, in
which Allianz will hold 60 per cent
and Popular the balance, will com-
bine existing joint ventures in insur-
ance and pensions with Popular’s
fund management operations.
“The new venture is positive,
although it will have little significant
impact on Popular’s balance sheet in
the short term,” Renta 4 bank analyst
Nuria Alvarez said.
BPI analysts flagged the capital
previous year.
The increase reflected a full 12-
month contribution from Friends
Provident, which was acquired in late
2009, as well as four months of earn-
ings from the Axa businesses.
Resolution said its research into
potential takeovers had highlighted
opportunities in asset management
and in the US and European life
insurance industries.
ANALYSIS l Resolution 289.30
300
p 24 Mar
290
280
270
260
250
240
230
10 Jan 28 Jan 17 Feb 9 Mar
We’ve added over 6,500 more peak seats on
the Great Northern route through longer trains
and extra services. Travel by train for a more
comfortable journey.
Find out more at moreseats.co.uk
gains from the deal, which will boost
Popular’s generic provisions cushion,
which, as in the case of many Spanish
banks, has been eroded over the past
18 months due to rising bad loans.
ANALYSIS l Banco Popular Espanol
4.60
€ 4.37
24 Mar
4.20
3.80
2010 10 Jan 24 Jan 7 Feb 21 Feb 7 Mar 21 Mar
Credit Suisse boss Brady Dougan saw his total pay fall by a third on 2009
Evolution says it won’t
make a bid for Panmure
▲
BANKING
BRITISH investment bank Evolution
Group, which last year decided
against making a formal bid for rival
Panmure Gordon, said the thought of
making a new attempt on Panumre
was not on its mind.
In the company’s first public state-
ment on the matter since the original
bid fell through, chief executive Alex
Snow said: “Panmure is not on the
agenda ... I have not even thought
about it.”
Picture: GETTY
CITYA.M. 25 MARCH 2011
Last October, Evolution decided
against bidding for Panmure follow-
ing opposition from both Panmure
itself and one of Evolution’s main
shareholders.
Evolution’s situation was compli-
cated since it had to get the support
of Qatar’s QInvest, which has a 44 per
cent stake in Panmure.
Evolution reported yesterday that
adjusted operating profit for the year
ending 31 December fell 75 per cent
from last year to £5.2m, but it raised
its dividend by 10 per cent to 2.75p.
Credit Suisse’s
Dougan gets
£8.67m in 2010
▲
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
SwFr10.2m bonus, making him one of
the world’s highest-paid bankers for
the second year.
But Dougan’s total pay of
SwFr12.8m was down a third from
2009, when he also received shares
worth some SwFr71m under a five-
year bonus plan.
Dougan was also not the highest
paid banker at Credit Suisse. That posi-
tion went to Antonio Quintella, chief
executive of Credit Suisse Americas,
who received total compensation of
SwFr15.6m.
His base pay is lower than that of
rival UBS’ chief executive Oswald
Gruebel’s, but Gruebel took no bonus
for the second consecutive year in
2010, citing a fall in his bank’s share
price. UBS shares lost 4.3 per cent in
2010, while Credit Suisse shares fell by
26.43 per cent. Credit Suisse cut the
total 2010 bonus pool by 27 per cent to
about SwFr5.05bn.
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 18 News
CWW tanks
after warning
on its profits
▲
TELECOMS
BY STEVE DINNEEN
CABLE & WIRELESS Worldwide’s
(CWW) shares plummeted more than
14 per cent to 54.2p yesterday after
shocking the market with a profit
warning.
It downgraded its expectations for
core earnings next year on weaker-
than-expected demand for voice servic-
es and anticipated lower prices for
data services.
It said it does not expect to increase
its Ebitda in the next year, despite ana-
lyst expectations that they will rise
from about £444m to £470m.
The company said it was being
squeezed by higher rents and energy
costs while it had to cut prices to
retain basic data connection contracts
and its voice business declined.
However, it said it was on track to
hit the current year’s targets after a
string of contract wins in the second-
half. The blow comes after the firm
has already faced pressure from the
UK government from its spending cuts
last summer. Shares in the group have
fallen 29 per cent since it demerged
from the former Cable & Wireless a
year ago.
Chief executive Jim Marsh said:
“Some of our competitors are being
very competitive in their pricing in
order to dislodge us from our cus-
tomers. We are not losing customers in
that respect. However, if other people
in the market are being very aggressive
in pricing we need to make sure we are
giving our customers fair pricing.”
ANALYSIS l Cable & Wireless Worldwide
78
p ers Maurice and Charles Saatchi in
54.20
24 Mar
74
70
66
62
2010 10 Jan 24 Jan 7 Feb 21 Feb 7 Mar 21 Mar
M&C Saatchi’ Maurice and Charles have opened a Moscow branch Picture: ALAN DAVIDSON
M&C Saatchi sees profits
leap as it grows abroad
ADVERTISING
▲
BY STEVE DINNEEN
M&C SAATCHI yesterday reported a 25
per cent increase in full-year profits as
it opened its first agency in Russia.
The advertising giant said it will
open a Moscow office, taking the num-
ber of countries it operates in to 19.
The Russian move is a joint venture
with EMCG, one of Russia’s leading
independent agencies.
M&C Saatchi – the Tory party ad
agency, which was founded by broth-
1995 – saw its full-year revenues rise 21
per cent to £125m, with its UK rev-
enues climbing nine per cent.
It said its contract wins in the UK
were the strongest since 2004.
The agency says 2011 has started
well, continuing the forward momen-
tum from last year, but it remains cau-
tious over the macro economic
environment.
CITYA.M. 25 MARCH 2011
BT’s High Court
action against
DEA to close
▲
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
parliament. A judge has been hearing
submissions from relevant parties over
the last three days.
Lawyers for BT and TalkTalk said they
are particularly concerned about a
clause in the DEA that could force ISPs
to suspend the accounts of users suspect-
ed of repeatedly infringing copyright.
They argue it could affect innocent
internet users and will pass unfair
administration costs onto them.
Another point of contention is that the
onus is on internet users to prove their
innocence if they are suspected of copy-
right infringement.
BIS says the costs will be split between
copyright holders, who will pay 75 per
cent, and ISPs who will be liable for the
rest.
BT and TalkTalk mounted a legal chal-
lenge against the act after it was passed
during “wash-up” – the period between
one parliament being dissolved and
another being formed. It was passed last
April by 189 votes to 47 after a two hour
debate despite public outcry over its pos-
sible implications.
CITYA.M. 25 MARCH 2011
CITY MOVES | WHO’S SWITCHING JOBS
LOVEFiLM
Nick James has been appointed as new digi-
tal technical development director at the
online film rental company. James will work
alongside Lesley Mackenzie, group digital
officer, on the technical co-ordination of new
device platforms, building technology part-
nerships and further developing back office
technical infrastructure.
He joins LOVEFiLM from twocashew, a media
consultancy responsible for the design and
deployment of video on demand products.
Jefferies group as managing director for
Alix Bernard has joined the global European credit sales in Paris. She joins
securities and investment banking the firm from Liquid Capital Securities,
To appear in CITYMOVES please email your career
SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT
updates and pictures to citymoves@cityam.com
BEST OF THE BROKERS
ANALYSIS l ENRC ANALYSIS l Drax
1150 p
941.50 420 p
24 Mar
1050
400
950
380
850
360
10 Jan 19 Jan 28 Jan 8 Feb 17 Feb 28 Feb 9 Mar 18 Mar
ENRC DRAX
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-
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
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
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
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
includes expansion in non-ferrous and logistics divisions. estimates a cost of more than £100m for Drax by 2020.
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 &
REPORT Spencer, up 3.7 per cent, “could pro-
vide insulation against rising interest
rates given its market share across
the older demographic”.
R U
ETAILERS were among the top Next added four per cent in
performers in a rally in Britain’s response to the fashion retailer’s
top share index yesterday that growth forecasts.
took the FTSE 100 back to levels The blue chip index rallied 84.99
last seen just before the earthquake points, or 1.5 per cent, to 5,880.87, also
in Japan. boosted by a rush for energy and min-
Results from Kingfisher and Next ing stocks as investors focused on
showed how some retailers can over- reconstruction opportunities in Japan.
come tough trading conditions in the “The final outcome of Japan’s disas-
UK. Kingfisher, which hiked its divi- ter is unknown but any impact from a
dend and reported a 23 per cent rise slowdown in consumer driven
in full-year profit, rose 7.2 per cent as growth will be offset by the need to
Deutsche Bank said it was its top pick rebuild in the region,” Jimmy Yates,
among general retailers. head of equities at CMC Markets said.
Deutsche Bank said it expected Larry Kantor, head of research at
general retailers to outperform as Barclays Capital, said in a note he gen-
household spending growth exceeds erally favoured equities over bonds,
expectations in second-half 2011, and developed market equities over
despite current weak consumer emerging market stocks.
indicators. “We favour developed market equi-
Britain’s retail sales fell more than ties because there is more room for
expected in February, hit by the economic growth without triggering
biggest jump in prices in 17 years. significant policy tightening.”
“This presents a buying opportuni- “The corrections following the dra-
ty,” Deutsche Bank said. matic events of recent weeks have cre-
“Consumer spending forecasts ated attractive entry points.”
have already been revised down to A Reuters poll of 27 strategists fore-
reflect the fiscal pressures and higher cast that Britain’s top share index is
oil prices.” set to gain around eight per cent to
The bank estimated a one per cent December as the threats to the eco-
increase in interest rates should take nomic recovery subside.
a modest 0.2 per cent off household Banks joined the rally, brushing
where she was head of European credit
sales. Previously, Bernard spent five
years at Dresdner Kleinwort as head of
credit sales for France and Benelux.
LV= Asset Management
The fund management arm of the
mutual insurance, investment and
retirement group, has appointed Ian
Harvey as head of institutional busi-
ness development. This is a newly cre-
ated position for LVAM as it looks to
build a presence in the institutional
market.
His most recent role was head of
pooled funds and defined contribution
10 Jan 19 Jan 28 Jan 8 Feb 17 Feb
aside European debt concerns after
ratings agencies Fitch and Moody’s
downgraded their debt ratings on
Portugal and 30 Spanish banks
respectively.
Barclays rose 1.3 per cent, helped
by Credit Suisse repeating its “outper-
form” rating on the stock in a note on
European banks.
On the downside, Invensys fell 4.5
per cent after the British engineer
ousted chief executive Ulf Henriksson.
“I guess (Henriksson's departure)
takes some of the edge off bid specu-
lation,” a London-based trader said,
referring to suggestions by
Henriksson in November that China
Southern Rail could buy a stake.
Imperial Tobacco shed 0.6 per cent,
as the world’s fourth biggest cigarette
maker reported slowing growth in
the first-quarter of 2011.
Cable & Wireless Worldwide
plunged 14.4 per cent after down-
grading expectations for core earn-
ings next year.
ANALYSIS l FTSE
6,100 p 5,880.87
6,000
5,900
5,800
5,700
5,600
5,500
10 Jan 28 Jan 17 Feb
Edited by Juliet Samuel
at BNY Mellon Asset Management
International where he had overall
responsibility for the $9bn pooled fund
business working with UK pension
funds, charities and family offices.
Arbuthnot Securities
The investment banking arm of
Arbuthnot Banking Group, has recently
appointed James McIntyre as a direc-
tor in closed-end fund sales and Peter
Brown, who joins the market making
desk, covering closed-end funds.
McIntyre was previously on the
board of SAFEX and was also head of
derivatives at RAD Bank. Brown has
To appear in Best of the Brokers email your research to notes@cityam.com
ANALYSIS l J Sainsbury
371.90 400 p
24 Mar
370
350
300
28 Feb 9 Mar 18 Mar 10 Jan 19 Jan
J SAINSBURY
Nomura rates the supermarket “neutral” with a 365p target price. The bro-
ker believes that Sainsbury’s stores had a particularly aggressive slowdown
in the last three months of 2010, moving from two per cent growth in the
third-quarter to six per cent contraction in the fourth, based on full-year fig-
ures out on Wednesday. However, Nomura has held its pre-tax profit predic-
tion at £665m for the full-year, as it recently trimmed its forecasts.
THENEW YORK
REPORT
S stocks advanced yesterday as
optimism about upcoming
earnings and investor buying of
the quarter's top performers
lifted the S&P 500 above a key techni-
cal level.
The S&P 500 broke above its 50-day
moving average at 1,305, leading
investors to believe the market may
have absorbed the worst of the pull-
back due to Japan’s earthquake and
tumult in the Arab world, positioning
stocks for another move higher.
“Yes, there are legitimate concerns.
Yes, there are legitimate headline
risks,” said Phil Orlando, chief equity
market strategist at Federated
Investors, in New York. “But it’s entire-
ly possible the market feels comfort-
able that this seven per cent
correction we saw from mid-February
into mid-March has priced those con-
24 Mar cerns in, and now we are starting to
look forward to the prospect of contin-
ued economic growth and solid first-
quarter profits.”
The S&P 500 is up 24.8 per cent
since the start of September but
briefly dipped into negative territory
for the year recently as global con-
cerns pushed commodity prices up.
9 Mar The Dow Jones industrial average
News 19
in association with
spent 17 years at JP Morgan (previous-
ly Chase Manhattan and Robert
Fleming).
Jones Lang LaSalle
The commercial estate agent has
appointed two new EMEA research
directors from April. Robert Stassen
will be the new head of EMEA capital
markets research while Andrew Burrell
becomes head of EMEA forecasting.
Stassen joins from Credit Suisse,
where he was he was a senior equity
analyst covering European property
stocks and Burrell was previously chief
economist at consultancy King Sturge.
+44 (0)20 7557 7245
morganmckinley.com
5,880.87
24 Mar
28 Jan 8 Feb 17 Feb 28 Feb 9 Mar 18 Mar
gained 84.54 points, or 0.70 per cent,
to end at 12,170.56. The Standard &
Poor’s 500 Index climbed 12.12
points, or 0.93 per cent, to 1,309.66.
The Nasdaq Composite Index rose
38.12 points, or 1.41 per cent, to
2,736.42.
Ken Polcari, managing director at
ICAP Equities in New York, said the
S&P’s 50-day moving average has
acted as a point of resistance for the
last week and a half, and a close above
1,305 will be bullish in the short-
term.
Semiconductor stocks were among
the best performers and helped boost
the Nasdaq after Micron Technology
posted a quarterly profit that topped
Wall Street’s forecasts.
Micron shares jumped 8.4 per cent
to $11.50 (£7.04). The PHLX semicon-
ductor index gained 2.5 per cent.
It was the second consecutive day
of gains for the market, with the S&P
500 up 2.4 per cent so far for the
week. With the market near the end
of the quarter, portfolio managers
will buy equities that have performed
well as they execute window dressing,
and hedge funds will cover short posi-
tions that are under pressure.
The S&P energy index is among
leading sectors for the quarter, with
gains so far of 13.7 per cent. Tesoro
was the top performer in the sector
for the quarter, up 40.4 per cent.
The S&P technology index, up 3.1
per cent so far for the quarter, was up
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
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 Lifestyle
Cooper defying the limits
Limitless is great
entertainment. That
is, if you can suspend
your disbelief
Film
LIMITLESS
Cert: 15
hhhII
REMEMBER seeing that poster on the
Underground with the guy from The
Hangover advertising something called
“The Clear Pill”? Well that was actually
part of the ad campaign for Bradley
Cooper’s latest film, Limitless. It’s a clever
marketing trick which the film itself lives
up to. Cooper plays Eddie Morra, a down on
life writer living in New York.
He starts taking NZT-48, an illegal won-
der drug which promises to unlock the
brain’s full capacity.
Suddenly Eddie, replete with new hair-
cut and snappy wardrobe, can do anything.
He finishes his previously overdue book in
four days, becomes fluent in any language
he chooses and makes big money on the
stock market. This catches the attention of
businessman Carl Van Loon (Robert De
Niro), who soon gives Eddie a job.
His meteoric rise to near-superhuman
prowess is, obviously, too good to be true.
Not only does NZT-48 have dangerous side-
effects, it turns out that Eddie’s not the
only person addicted to it, with problemat-
ic consequences.
Although it’s a shame De Niro is not
given more to do, Cooper makes for an
engaging lead, excellently capturing the
amazement and increasing arrogance of a
%$
5)&
)*()
45",&4

0'
(-".063
%$
Investec Ladies’ Day – Friday 3rd June 2011
Enter our Style on The Downs competition on the day to win fantastic prizes
| Film & fashion
Bradley Cooper
as Eddie in the
cleverly marketed
Limitless.
very ordinary guy placed in a very extraor-
dinary position.
Perhaps this is a touch too extraordinary:
the conceit is scientifically tenuous at best
and requires a serious suspension of
disbelief. But as long as you do this, it’s an
engaging premise which makes Limitless
an above-average thriller that’s still able to
laugh at its own ridiculousness.
Harriet Noble
Film
THE EAGLE
Cert: 12A
hhIII
SET during the reign of Hadrian, this
action adventure takes its cue from the
same story as last year’s Centurion: what
happened to the Ninth Legion, a fearsome
unit of 5,000 Roman soldiers who ventured
into the Scottish Highlands and disap-
peared?
The incident (drawn from Rosemary
Sutcliffe’s novel The Eagle of the Ninth)
here inspires the emperor to build his wall
and declare Caledonia a no-go region.
Feisty young centurion Marcus Aquila
(Channing Tatum) has other ideas though –
his old man was the leader of the Ninth,
and Marcus wants to know what hap-
pened.
Having proved his bravery in a vicious
battle early in the story, he heads north
with his personal slave, a young Celt
named Esca, played by Jamie Bell.
This is a muddy, bloody trek through
some epic Scottish landscapes, but it
never becomes exciting.
Bell does his best, but Tatum is simply a
void at the heart of the film, never becom-
ing an interesting enough character for us
to root for him. The dull script and plod-
ding pace don’t help.
Timothy Barber
Film
COUNTRY STRONG
Cert: 12A
hhIII
GWYNETH Paltrow gets another chance to
prove she can sing in this musical melo-
drama. Taken out of rehab too early by her
husband/manager James (Tim McGraw),
country superstar Kelly Canter
(Paltrow) embarks on a come-
back tour to prove she really is
Country Strong. It’s not giving
too much away to say that she’s not.
The film’s message is that love is
more important than fame, but as
a comment on the pressures of
celebrity this is hardly revelatory
stuff. Kelly is loosely based on
Britney Spears, but there are obvi-
ous parallels with a whole raft of
famous meltdowns (Lohan,
Sheen, Winehouse and so on) –
hers is a story we’ve seen many
times before.
A more engaging narrative is
that of Kelly’s support acts, Beau
Hutton (Garrett Hedlund) and
Chiles Stanton (Leighton Meester).
He wears cowboy hats and checked
shirts and is content with playing
his music in the local bar, while
she’s a former beauty queen with
big hair, tiny dresses and dreams of
stardom. The opposites attract plot
may be a little hackneyed, but it
gives the film some heart and
humour.
It’s this, with nicely judged per-
formances from all four leads,
that save Country Strong from
being nothing more than a
tired pastiche on the perils of
fame.
HN
Book now: 0844 848 3256 epsomdowns.co.uk
21
GO STATEMENT
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
shops that are more like fantasy dressing up
wardrobes than leather goods shops.
“The more I looked at belts, the less I
could find of them,” says Justin Rhodes,
owner of the company. “They’re a very neg-
lected product – a necessity but no more.
Above: Channing
Tatum in The Eagle.
Brands use them as a brand vehicle – whack
a logo on it and expect you to do their
Below: Gwyneth
publicity.”
Rhodes sees buckles as jewellery or works
Paltrow returns to
music.
of art; straps as an opportunity for self-
expression and the combined result as state-
ment-making as a mohawk or as elegant and
personal as a hand-made suit.
Here’s how it works: you choose a strap
and you choose a buck-
le and they put
them together
for you. Straps
are made
from pony
hair,
python,
stingray
(and less
unusual
materials and
textures) in colours
from orange to pink to purple, green and
black.
Then you’ve got the buckles – and this is
where the jewellery element comes in. These
come in gemstones, sterling silver and –
Rhodes’s favourite – prehistoric shark teeth,
five-10m years old, set in sterling silver.
And, of course, size matters. The shop will
pierce the belts to get them as big or small
as you need on your chosen strap. Which is
great if you’ve put on some weight – or lost
some. My own belt – a green croc skin num-
ber with a bejewelled green buckle, is beauti-
ful and – best of all – big enough to fit round
a post-holiday gut.
From £80, www.elliotrhodes.com
Zoe Strimpel
Enjoy the best of both worlds:
Village living just 34 minutes from central London
Final collection of Village Green homes at Clarion Gate now available

We have a number of different incentives designed to get you moving,

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Ideally located for commuters, Clarion Gate is just a Q Traditional elevations and interior layouts
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from the station for trains to London Liverpool or driveway
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Prices correct at time of going to press. Train times approximate. Photography taken at Clarion Gate.
 Living
Going private in the Maldives, at long last
New laws mean that
developers are seizing
the chance to sell you
a slice of heaven, says
Zoe Strimpel
F
OR years, the Indian Ocean’s most
exquisite islands, the Maldives, have
been solely the preserve of hotels.
Now, they’ve begun to open up to for-
eign buyers, thanks to new laws introduced
by the pro-enterprise President Mohamed
Nasheed. Before Nasheed, elected two years
ago, leaseholds were too short to attract
European buyers – but they have now been
extended to 50 years, with plans to extend
them to 99 years over the next few years. As
a result – with zero income or capital gains
tax, not to mention utterly idyllic sur-
rounds – the islands are swiftly becoming
an attractive place to own property,
The Maldives property market has
already kicked off in grand style with the
launch of 12 Blues Resort & Spa late last
year, a luxury development, resort and spa
set on the 10-acre Lundufushi island, with
40 off-plan villas due for completion by
2012. Starting from $1.5m per villa, owners
can use their homes for a maximum of six
BUYING A SLICE OF THE MALDIVES | WHAT’S ON OFFER
l 12 Blues Resort & Spa
33 Water Villas and 7 Beach Villas
Price: From $1.86
Location: Raa Atoll
Construction: estimated to take 18-24 months
www.chestertonhumberts.com
l Soneva Fushi
5-6 bedroom villas available
Price: 4 bed beach villas: $10m; 6 beds: $15m
Location: Kunfunadhoo in the Baa Atoll
Notes: Island is large, covered by jungle, with an
ice cream parlour and an open air cinema.
www.cluttonsresorts.com
23
GWYNETH
SINGS AGAIN
| Second homes SEE OUR REVIEW OF
COUNTRY STRONG, P21
weeks a year, the rest of the time putting
them back into the rental pool for use by
hotel guests. Even at 40 per cent occupancy,
investors can expect to make 8 per cent
A computer gen-
erated image of a
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
supreme beauty and – in the case of 12 $1.86m
Blues – opulence. The style is Moorish, with
Arabian-inspired villas designed to resem-
ble floating lanterns, each with private
pools overlooking the beach. On-site facili-
ties will include a serious spa, restaurants
and a dive centre.
The other big investment story on the
Maldives comes via Six Senses, the luxury
Thai-based spa resort company, which sells
a more rustic, Robinson Crusoe-in-a-five-
star-location dream. Soneva Fushi and
Soneva Laamu, two of the company’s most
high-end resorts, are marketing a variety of
multi-million dollar villas suggesting 5 per
cent returns. Superluxe stilted villa resort
Soneva Gili is finalising plans to sell villas,
too.
Why now? Robert Green of Cluttons, the
agent selling the Six Senses villas, says: “The
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
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-
appealing to honeymooners and holiday- beach villa master up, prices will go up as the market becomes centage of the overall insurance cost
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-
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
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
Switzerland or Dubai.” Below right: Six space, surprisingly there are quite a few villas have now also been constructed
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-
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 Soneva Laamu heard predictions that the atolls could be still have a while to enjoy your luxury villa
15 beach-front villas under the ocean within a few years. in sunny Eden.
Price: $2.5m
Location: Olhuveli Island in the Laamu Atoll
Opening for business on 2 April 2011
www.cluttonsresorts.com
l Soneva Gili
The ultimate stilts-over-water villas.
Location: Lankanfushi Island, North Male Atoll
Plans to offer 4 bedroom residences here in the
future – with any luck they will be ready to mar-
ket around September 2011 but no concrete
information is ready yet
 24 Living | Golf Property
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
for being an older man’s pur-
suit, but with so many resorts
launching new spas and prop-
erty developments, it seems like the
old country club vibe of golfing
properties is experiencing a renais-
sance. Take PGA Catalunya, close to
Barcelona, that launched the devel-
opment La Selva apartments last
November and the Palheiro Estate in
Madeira that opened a state of the
art spa in May. Clearly these old
greens are doing more to appeal to
families and partners who would
rather not golf.
Anne Marchington of the Palherio
Estate explains that historically
their properties haven’t attracted
younger people and families, but
that this is starting to change:
“Madeira’s lack of sandy beaches has
probably kept young holiday makers
away in the past, but I reckon people
are starting to see that as an advan-
tage.” The island, of course, offers
lots for younger people. Its hilly
landscape allows for hiking and
mountain biking and there is diving
and snorkelling in its Atlantic
waters.
And it’s not just kids that these
resorts are widening the net for.
PGA Catalunya has been advertising
how close it is to Barcelona’s city
centre. Its marketing tries to win
over non-golfers with the promise of
CITYA.M. 25 MARCH 2011
high quality shopping, great
nightlife and 21 Michelin star
restaurants less than an hour away.
The golf club properties are now
aesthetically more attractive to non-
golfers. The La Selva apartments
were designed by Damian and
Francisco Ribas to give homeowners
the best view possible. With glass
walls and sun terraces looking out
on the famous 19th hole Stadium
Course fairway, those with no desire
to swing a club can enjoy a breath-
taking views without ever having to
step out on to the green.
Considering luxury golf property
as a financial investment isn’t a bad
idea either. While it is still predomi-
nantly a lifestyle choice for the
retired, there is a growing market-
ing in people buying to rent.
Andrew Hawkins, Chesterton and
Humberts’ head of international
property, says: “This part of the luxu-
ry market has really held its value
over the last few years’ financial tur-
bulence, even in places like Spain
and Portugal that have taken a ham-
mering lately.”
With these resorts offering a
more comfortable and convincing
package for non-golfers, with better
leisure activities, nicer homes and
strong financial potential, now
might be time to try to convince
your partner that it’s the golfing life
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

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 26 Living | London
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
the Office of National Statistics
General Household Survey, the
number of single women has more
than doubled over the past three decades.
Singleness is on the rise and London is
increasingly being divided into two
camps: buzzy, occasionally gritty single-
ton hotspots stuffed to the rafters with
bars – and family areas, where the pram
(not the drunken ramble home) rules.
Still, with prices sky-rocketing all over
central London and the din of your smug
married friends making it feel like a
maisonette in Putney or Wandsworth are
the only options worth aspiring to, we
thought it worth glancing at the city’s
best options for single buyers.
Islington continues to attract the well-
off singleton – often, according to Nik
Stylianou, of Chesterton Humberts’
Islington office, funded by the bank of
mum and dad. It’s no secret that Upper
Street and the other areas between Angel
and Highbury are heaving with
nightspots, boutiques and restaurants.
But with prices at a high, “Islington” is
expanding outwards, with the area east of
CITYA.M. 25 MARCH 2011
Cannonbury stretching towards Dalston –
de Beauvoir in particular – attracting the
single person’s pound. Improved transport
links – with revamped routes straight to
the City – help, as do a preponderance of
gastro-pubs. The Alma, the Talbot, the
Marquess Tavern, the Wellington and the
House are all favourites among a young,
hip crowd in this area.
Balham has also come of age as a single-
ton’s hotspot – replacing the now-expen-
sive (and family-happy) Clapham. Toby
Turnage, of Douglas & Gordon in Balham,
says his office is being inundated with
requests for one-bedroom flats.
“You’re still getting a bit more for your
money down here – which is important if Soho-based estate agents Greater London Top: 1 bedroom flat,
you’re not raising a deposit with anyone Properties, both the pink and straight Saint Thomas Road,
else,” he says. There are family-oriented pound are trickling in. There’s more stock, Islington, £244,950.
pockets here but off Balham High Road, but massive gentrification of the area (the Above: 1 bedroom
the good-timers rule. number of top-flight restaurants and flat, Ontario Tower, 4
Soho is the biggest story in the rise of swanky bars to open in Soho the last few Fairmont Avenue, E14,
the singleton – simply because many for- years is staggering) have made it more £350,000.
mer offices have now been acquired by tempting. That said, it’s far less expensive Right: One-bedroom
developers and turned into flats for sale. A than Mayfair, so offers a perfect location flat in Ingestre Place,
decade ago, only the most hardened gritty in the heart of Zone One, with options for Soho, £475,000
city types would have contemplated living boozing, partying and eating 24 hours a
in Soho – now, according to Rob Hill, of day.
 O Ma
31

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28 Living | Focus On
CHELMSFORD, ESSEX
ONGAR ROAD
Price: £435,000
With three reception
rooms, four bedrooms, a
large kitchen, utility
room, separate bath and
shower rooms, this cute
cottage is deceptively
large. But beware, the
interiors are decorated in
quirky colours, so viewing
this one is a must.
Contact: Beresfords on
01245 420880 or go to
www.beresfords.tv
CURRENT MORTGAGE DEALS BY DONATA HUGGINS
Lender Fixed/Flexible
First Direct
Skipton BS
HSBC
Yorkshire BS
Santander
Santander
HSBC
Skipton BS
Mansfield BS
Halifax
BY DONATA HUGGINS
THE BARNSTON
MILL LANE, TERLING
Price: £850,000
Price: £299,000 This listed landmark windmill
was once the home of the
This newly built three-bed- Prodigy star Leeroy Thornhill.
room house with carport and It has been carefully converted
parking space is only a mile into a four-bedroom family
and half from Chelmsford home. The old mill rooms have
town centre and railway sta- been transformed into two
tion. Its kitchen has been kit-
large bedrooms and the out-
ted out with stainless steel buildings into room space and
hobs, oven and appliances. a garage. Contact: Strutt &
There is a front and back gar- Parker on 01245 258 201 or go
den. Contact: Crest Nicholson to www.struttandparker.com
on 01932 580555 or go to
www.crestnicholson.com
NEED TO KNOW | AREA INSIGHT
Commuting: This commuter county
in Essex is just 35 minutes away
from Liverpool Street Station by
train. Drivers will be pleased to hear
that the area’s proximity to the A12
and A13 means they can reach cen-
tral London in just over an hour.
There is also good access to the
skies since Stansted Airport is only
half an hour from the town centre.
Education: The educational offer-
ings in this area are excellent. The
Chelmsford County High School for
Girls and King Edward VI School for
Boys are consistently ranked among
some of the UK’s top grammar
schools – both making the UK’s top
Rate Until
(per cent) (per cent)
Flexible 1.99 2 years
Flexible 2.28 2 years
Flexible 2.29 Term
Flexible 2.29 April 2013
Flexible 2.29 2 years
Fixed 2.79 May 2013
Fixed 3.39 June 2013
Fixed 3.49 April 2013
Fixed 3.99 3 years
Fixed 4 May 2014
20 state schools in this year’s
Sunday Times league table. There
are also a handful of highly
acclaimed independent prep schools
in Chelmsford.
Leisure: With three theatres, annu-
al book, music and art festivals, fans
of high culture will not go without.
Those less highbrow will enjoy the
V festival held just outside
Chelmsford in Hylands Park.
Chelmsford is not short of green
spaces – in fact, there’s more than
1,500 acres worth. This includes 17
parks, four gardens, six rugby pitch-
es and 47 football pitches among
other places.
Source: MoneySupermarket.com
APR Maximum Loan
to Value (per cent)
3.5 65
4.8 60
2.3 60
4.6 60
4 60
4.2 60
4 70
5 70
5.4 75
4.2 60
CITYA.M. 25 MARCH 2011
INTERIORS
Q&A
Tim Hassell
DIRECTOR OF CENTRAL
LONDON LETTINGS FIRM
DRAKER LETTINGS
Q.
I have recently bought my first
rental investment and have heard
some terrible stories from land-
lords who have had nightmare tenants.
How do I stop this from happening to
me?
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
an over-eager estate agent who may be
inclined to push a tenancy at you and may try
to prey on your desire to get a quick result.
Where possible use an agent that you know
and can trust to give you an honest opinion
about the tenant. At Draker we have a strict
policy to correctly assess the risk of each ten-
ant and to relay this to our client. Beware the
more aggressive agencies that are more
inclined to “sell” a tenant to you. Ensure that
your agent obtains full references and explain
clearly that the tenancy is strictly subject to
the references being acceptable to you. You
should always have a clear work reference
with the tenant’s position, tenure and salary,
as well as a bank and previous landlord’s refer-
ence. Requesting rent upfront is always a very
good way to filter out tenants who may be a
little lacking in the reference department.
Q.
My tenant has recently torn a
hole in the living room carpet in
my rental flat. It was only in rea-
sonable condition and will need to be
changed in a year or so. What should I
charge as I think asking her to replace
the whole thing might not be fair?
A.
Try to calculate a proportion of the
cost that you would be comfortable
paying, taking into account wear and
tear. We advise that clients should realistically
look to change their rental carpets every
three years. If the carpet has been down say
two years, calculate a third of the cost of a
new carpet and open a businesslike dialogue
with your tenant. Technically some landlords
may argue that the tenant should replace the
entire thing, which you may want to remind
your tenant of. Explain that asking for the
proportion that you are, is reasonable and is
only being offered to assure that a quick and
positive outcome is achieved for all. Finally
agree everything in writing and in detail to
avoid any misunderstanding at the end of the
tenancy.
 Specialising in property to rent
in Chelsea, Belgravia,
Kensington and Pimlico

Draker Lettings



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www.draker.co.uk

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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
London News 7pm The One Show
7.30pm Promises, Promises: The
Olympic Legacy: BBC News
8pm EastEnders
8.30pm QI
9pm New Tricks
10pm BBC News
10.25pm Regional News 10.35pm
Comic Relief: David Walliams’ 24
Hour Panel People 11.35pm The
National Lottery Friday Night
Draws 11.50pm FILM Scary Movie
3 2003; Weatherview 1.10am Sign
Zone: Horizon: Predators in your
Backyard 2.10am Hidden Treasures
of African Art 3.10am BBC News
5am-7.30am Formula 1: Australian
Grand Prix Qualifying
6pm Eggheads
6.30pm Royal Upstairs
Downstairs
7pm Britain by Bike
7.30pm An Island Parish
8pm Mastermind
8.30pm Gardeners’ World
9pm This Is Britain
10pm CHOICE Frank Skinner’s
Opinionated
10.30pm Newsnight
11pm The Review Show:
Weather
11.50pm ICC Cricket World Cup
Highlights 12.50am FILM The
Hidden Blade. 2005. 3am-6am
Close
6pm London Tonight 6pm The Simpsons 6.30pm 6pm Home and Away
6.30pm ITV News Hollyoaks 7pm Channel 4 News 6.25pm OK! TV
7.25pm 4thought.tv
7pm Emmerdale 7pm 5 News at 7
7.30pm Unreported World
7.30pm CHOICE Coronation 7.30pm Vets in Action: 5 News
8pm Supersize vs Superskinny
Street Update
8pm Children’s Hospital Kids 8pm Ice Road Truckers: Greg
9pm CHOICE Embarrassing
8.30pm Coronation Street Boadwine hauls an oversized
9pm Benidorm: A freak storm Bodies load; 5 News at 9
hits the resort. Comedy, with 10pm Friday Night Dinner 10.35pm
9pm The Mentalist
Selina Griffiths. Rude Tube: Total Stunts 11.40pm FRANK SKINNER’S OPINIONATED
10 O’Clock Live 12.40am Music on 10pm Law & Order
10pm ITV News at Ten BBC2, 10PM
4: The Album Chart Show 12.55am 10.55pm CSI: Miami New series. The host presents the
10.30pm London News
CTRL MX 1.20am 4Play: Kassidy 11.55pm Cops in Crisis topical comedy show from London,
10.35pm The Cube 1.35am My Name Is Earl 2.30am 12.15am SuperCasino
and is joined by guests Lee Mack and
11.35pm Take Me Out Modern Toss 2.55am FILM My 3.55am Motorsport Mundial Miranda Hart.
1.05am The Zone; ITV News Neighbour Totoro. 1988. 4.30am 4.20am The FBI Files 5.10am
Headlines 3.05am In Plain Sight Reaper 5.15am Countdown Wildlife SOS 5.35am-6am House
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
10pm Take It Like a Fan 10.30pm
Football League Weekend 11.30pm
Take It Like a Fan 12am
International Football 2am Football
League Weekend 3am Premier
League World 3.30am Take It Like
a Fan 4am Super League
5.30am-6am Take It Like a Fan
SKY SPORTS 2
7pm Airsports World 7.30pm Live
Super League 10pm NFL: Total
Access 11pm ICC Cricket World
Cup 1am Super League 2.30am
ICC Cricket World Cup 4.30am
Football League Weekend
5.30am-6am Airsports World
SKY SPORTS 3
7pm Live PGA Tour Golf 10pm
European Tour Golf 12am PGA
Tour Golf 3am NFL: Total Access
4am Airsports World 4.30am
Kings of the Snow 5am-6am
Tight Lines
5.15pm Live Cycling 9.30pm
Cycling 10pm Timbersports Series
11pm Extreme Sports: Freeride
Spirit 11.30pm-1am Cycling
ESPN
7pm Goal! Special 7.30pm Live
International Football 9.30pm
World Rally Championship 10pm
ESPN MMA Live 10.45pm
Freestyle World Cup Magazine
11.15pm ESPN Kicks: Extra
11.30pm Live NBA Basketball 2am
Live Friday Night Fights 4am
Baseball Tonight 4.30am ESPN
MMA Live 5.15am ESPN Kicks:
Extra 5.30am-6am FIS Alpine Ski
World Cup Report
SKY LIVING
7pm Ghost Whisperer 8pm Bones
9pm Criminal Minds 10pm CSI:
Miami 11pm Criminal Minds 12am
CSI: Crime Scene Investigation
2.40am Charmed 4.20am Four
Weddings 5.10am-6am Maury
7pm Doctor Who 7.45pm Doctor
Who Confidential 8pm Freak Like
Me 8.30pm The Lock Up 9pm
White Van Man 9.30pm Russell
Howard’s Good News 10pm
EastEnders 10.30pm White Van
Man 11pm How to Live with
Women 12am Family Guy 12.40am
The Lock Up 1.10am Russell
Howard’s Good News 1.40am
White Van Man 2.40am How to
Live with Women 3.40am Freak
Like Me 4.10am Radio 1’s Big
Weekend 2010: Best Bits
5.10am-5.25am Doctor Who
Confidential
E4
7pm Hollyoaks 7.30pm Friends
9pm Jo Frost: Extreme Parental
Guidance: The childcare expert
tackles parenting concerns. 10pm
Wife Swap: Mothers from Sheffield
and Worcester trade families.
11.10pm Great British Hairdresser
12.10am My Name Is Earl 1.05am
Jo Frost: Extreme Parental
Ugly Betty 3.40am Privileged
4.15am The OC 5am-6am HEALTH
Switched 7pm A Baby Story 8pm I Didn’t
Know I Was Pregnant Specials:
HISTORY Takeout Tike 9pm 19 Kids and
7pm How the Earth Was Made Counting 10pm Raising 10 Kids: CORONATION STREET
8pm How London Was Built 9pm The Hayes Way 11pm Emergency ITV1, 7.30PM
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Built 12am Mud Men 1am How Raising 10 Kids: The Hayes Way scratchcard just before meeting Sally
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5am-6am Ancient Discoveries Baby 5am-6am A Baby Story
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8pm How Do They Do It? 8.30pm 7.30pm The Middle 8pm The
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Earth with James Cracknell Lucy’s parents over for
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Bear Grylls: Born Survivor 2am Spence’s Showbusiness 11.30pm EMBARRASSING BODIES
Future Weapons 3am World War Ignition 12am Live to Dance 1am CHANNEL4, 9PM
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Engineering 4.40am Stephen 2.55am Road Wars 3.20am Cold women who agree to measure their
Hawking’s Universe 5.30am-6am Case 4.15am Lost 5.10am-6am own menstrual flow to find out what
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
 

 
   
 
  ten minutes to find as many words as possible,
LAST ISSUE’S
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
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
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
If Wayne Rooney scores the last goal the latter as he is well drawn, race fit and
looks on the upgrade.
The pair were separated by a nose in a
of the match we’ll refund all losing Grade One in Nakayama on Boxing Day,
but they both have plenty of form that ties
First Goalscorer and Correct Score in with the best of Europe. Victoire Pisa
was seventh in Workforce’s Arc when set
bets as a FREE BET! far too much to do, while Buena Vista was
a disqualified winner of the Japan Cup
with Joshua Tree and Dandino well beat-
en.
I’m prepared to take an each-way
chance on Victoire Pisa at 12/1 as, apart
from having a good draw, he also stays
every yard of the trip and has far more
class than his price suggests.
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
last year’s defeat. Yet, he was beaten fair
and square that day and I prefer to stick
with the US sprinters and like the chances
of the speedy EUROEARS at around 9/2.
I’ll be backing the Mike De Kock trained
pair RIVER JETEZ and RAIHANA each-way
at 14/1 and 20/1 respectively in the Dubai
Duty Free (3.45pm) as they are too big for
course specialists. The same can be said
for CALVADOS BLUES who can be backed
each-way at 25/1 in the Sheema Classic
(4.50pm).
Finally, I’ll post my fancies for the sport-
ingbet.com Winter Derby and the rest of
the weekend’s action on Twitter
@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
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
Africa, with the Proteas expected to beat
New Zealand today.
But let’s not get ahead of ourselves.
Andrew Strauss and co. cannot afford to
look beyond the showdown with the
Lankans. The event co-hosts are comfort-
able favourites at 8/15 and the key for
England is to quieten the boisterous
Colombo supporters who will be desper-
ate for the 1996 champions to replicate
their victory on home soil. Sri Lanka
earned their place in the quarters with
four Group A wins and progressed with
the competition’s best net run rate.
However, they lost to Pakistan and their
match against Australia was finely poised
before rain stopped play.
WALES
ENGLAND
TOMORROW – 3.00 PM SKY SPORTS
Gareth Bale’s latest injury setback puts a
major spanner in the works for Gary
Speed’s preparations against England and
it looks to have robbed Wales of the slim
chance they had of victory. Bookies
quickly reacted, with Victor Chandler
pushing the Welsh out to 8/1, and the visi-
tors have contracted to 2/5 on Betdaq to
take the three points which would return
them to the Group G summit.
On paper, the Welsh are in a bit of a
mess. They’ve lost six of their last seven
BEHIND THE LINES
On current form and all things being
equal, it’s very difficult to go against a
confident-looking Sri Lanka, considering
England only just limped into the last
eight. However, you must factor in the
enormous pressure that the Sri Lankans
will be under when they walk out to a
stadium full of fans and with millions of
expectant TV viewers at home. Given the
resilience of their opponents, this one-off
Of course, if England perform as they
did against Netherlands, Ireland or
Bangladesh, then this will be over in no
time, but, as bad as they were facing the
smaller sides, they were a different propo-
sition versus the big boys, going unbeaten
against India, South Africa and West
Indies. If it is a question of motivation,
then England should not be found want-
ing from here on in, with every fixture do
or die. A lot has been made of fatigue in
the camp, but Andy Flower is likely to call
on some fresh blood. Luke Wright made a
valuable contribution against the Windies
and Surrey seamer Jade Dernbach could
be called in to lift the bowling attack.
England are the value call at 13/8 with
Victor Chandler. The batting unit must
games and there is a palpable gulf in qual-
ity. Although England should certainly
win, it may not be as straightforward as
the prices suggest. The Dragons will be
fired up and Speed won’t have to worry
about rousing his troops with a large
Premier League contingent in his squad.
Even without Bale, Aaron Ramsey and
Craig Bellamy are weapons which can
hurt England, and a full house at the
Millennium Stadium will provide a very
vocal backing.
The last times these sides met, in World
Cup qualifiers in 2004 and 2005, England
reigned 2-0 at home and 1-0 away and I
don’t think they’ll canter to victory this
time either. They looked short on firepow-
er when they drew with Montenegro and
lost to France at home without scoring,
before narrowly beating Denmark last
time out. And Wales are a far better side
contest might not go as planned. Should
England win the toss and rack up a score
of 270-280, don’t expect the Sri Lankans
to still be 1/2 for the match.
From one average England team to
another, and the national football
team’s visit to the Millennium Stadium.
Like Fabio Capello’s men, Wales look
very ordinary but do have some standout
players. Before his injury, Aaron Ramsey
33
| Sport
perform and handle the threat of Muttiah
Muralitharan and Lasith Malinga to do so.
Kumar Sangakkara is the danger with the
bat having hit 363 runs so far. It could be a
risky strategy, but there is an argument
for a small sell of Sri Lanka supremacy at
15 with Sporting Index. The Three Lions
won by six wickets when the sides last
met at the 2009 Champions Trophy and
earned a 3-2 victory in the previous ODI
series in Sri Lanka in 2007 which they
clinched with a five wicket triumph on
this ground.
Pointers...
England to win at 15/8 with Victor Chandler
Sell Sri Lanka supremacy with Sporting Index at 15
at home where they have lost by more
than two goals just twice since the start of
2000.
It was all-square at the break when the
sides last met in Cardiff and backing the
draw half-time/England full-time double
result at 10/3 on Betdaq is better value
than taking England in the outright mar-
ket. It is worth backing the 1-0 and 2-0 to
England correct scores at 5/1 and 11/2 on
Betdaq respectively, advice which leads to
a recommendation to spread bettors to
sell goals with Sporting Index at 2.6.
Pointers...
Back draw half-time/England full-time at 14/5 with
Victor Chandler
Back England to win 1-0 and 2-0 at 5/1 and 11/2 on
Betdaq
Sell total goals at 2.6 with Sporting Index
was every bit as impressive as his Arsenal
colleague Jack Wilshere and he could be
a key player. Gareth Bale’s absence is a
huge blow for the Welsh, though, and
they will particularly miss his threat
from set-pieces. We are best-price on
both Wales, at 8/1, and the draw, at 15/4.
If you do fancy both England teams to
win this weekend, we’re offering an
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,

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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
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▲

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
CAPTAINS | THREE YOUNG LEADERS
As Wales boss Gary Speed chooses Aaron
Ramsey, 20, to be his captain, City A.M.
looks at other youngsters who have revelled
in being handed the responsibility.
Will Carling: The Harlequins centre was
made England captain at 22 and led his
country to a World Cup final in 1991
Graeme Smith: The tough as teak left-han-
der took over in 2003 as a 22-year-old
and is still going strong eight years on
Sidney Crosby: The youngest captain to
lift the Stanley Cup at the age of 20 with
the Pittsburgh Penguins
Boycott in Yardy depression row
Pundit calls all-rounder
‘a liability’ as England
call up reserve Rashid
CRICKET
▲
BY FRANK DALLERES
FORMER England batsman Geoffrey
Boycott sparked a storm yesterday by
labelling Michael Yardy “a liability” in
a highly critical response to the all-
rounder’s sudden withdrawal from
the World Cup because of depression.
Yardy left the squad 48 hours before
tomorrow’s quarter-final against Sri
Lanka saying it was the “only sensible
option”, but media pundit Boycott
showed little sympathy.
“He must have been reading my
comments about his bowling, it must
have upset him,” he said. “Obviously it
was too much for him at this level.”
Boycott added: “For me, he was
always going to be a liability or a poor
choice at international level out here.”
The case of Yardy, who has been
replaced by emergency call-up Adil
Rashid, is strikingly similar to that of
Somerset captain Marcus Trescothick,
who also flew home from the subcon-
tinent five years ago and later quit
England duty due to depression.
EXPERT COMMENT
DR JAMIE BARKER
W
E don’t know the reasons
for Michael Yardy’s illness
but, with Marcus
Trescothick having suf-
fered similar problems, there are
several factors that could make
cricketers susceptible to depression.
The fact they often spend long
periods of time away from home on
tour, in hotel rooms on their own
can make a cricketer’s life a lonely
one, and depression more likely.
Cricket can also be quite a soul-
destroying game. One day you can
be fantastic and then the next you
can be dragged through the earth.
It’s a team game but played by indi-
viduals, so even if the team is doing
well a player can feel down about
their own performance.
Finally cricketers are usually fairly
astute people – they’re not daft –
and to that end my reflect and take
things personally a bit more than
other athletes.
Dr Jamie Barker is a senior lecturer in
Sport and Exercise Psychology at
Staffordshire University
35
SPORT | IN BRIEF
India defeat holders Australia
CRICKET: India will face Pakistan in an
eagerly anticipated World Cup semi-
final after knocking reigning champions
Australia out yesterday. Yuvraj Singh’s
57 not out helped India to a five-wicket
victory in Ahmedabad, despite Ricky
Ponting’s first century for 13 months.
Sachin Tendulkar (53) and Gautam
Gambhir (50) also made key contribu-
tions with the bat as the home side
reached their target of 261 with 14 balls
to spare.
Universities primed for race
BOAT RACE: Cambridge will be looking
to defend their title when they renew
hostilities with Oxford in the 157th Boat
Race tomorrow. The Light Blues are the
favourites, with a heavier, older crew,
but the Dark Blues are marshalled by
experienced coach Sean Bowden, who
has masterminded seven Oxford wins in
a decade. Fans can line the Thames from
Putney to Mortlake to watch the his-
toric battle, which is live on BBC1 from
3:45pm.
Matthew in Canary Wharf final
SQUASH: World No1 Nick Matthew will
face fourth seed Peter Barker in today’s
final of the ISS Canary Wharf Squash
Classic after both came through semi-
finals last night at East Wintergarden in
Canary Wharf. Barker saw off England
team-mate James Willstrop in an epic
clash before compatriot Matthew pro-
gressed when his opponent, Frenchman
Gregory Gaulthier, retired ill.