You are on page 1of 43

G

E
T
T
Y
BUSINESS WITH PERSONALITY
Friends of
Lynch point
finger at HP
FRIENDS of Mike Lynch yesterday
directed the blame at Hewlett-
Packard for Autonomys recent
revenue drop which led to the
ousting of the British tech guru.
It emerged yesterday that Lynch
is the latest in a long line of execs
to leave Autonomy since its
6.2bn buyout by HP last year.
HP have really stuck the knife
in, blaming [the revenue drop] on
Autonomy; 20 per cent of
Autonomys staff left after the
acquisition, including the whole
management team, as they were
disappointed with how slowly HP
was moving, a source close to the
issue told City A.M.
Another source pointed out
that this was the first time in 47
quarters that Autonomy missed
earnings, suggesting that HP has
not yet succeeded in embracing
the software world.
HP responded: Autonomy is a
great business with tremendous
potential, but at this stage in its
growth cycle requires different
leadership to allow it to fulfill its
full promise.
A source with knowledge of HP
said: Theres been some
disappointing financial results in
the last quarter, and Autonomy
needs someone who can take it to
a new level.
A friend of Lynch said the
Cambridge man was
disappointed over
how things turned
out, but weve
definitely not seen
the last of him.
Londons reputation as a global centre of financial activity is suffering as investors show little appetite for new listings
LONDONS reputation as a global cen-
tre for capital markets suffered
another blow yesterday when a third
company pulled its planned London
Stock Exchange listing in the space of
a fortnight.
Georgian Railway blamed market
turmoil as it postponed plans to raise
up to $250m (160m) by selling as
much as a quarter of its stock. Its deci-
sion represents a blow to the City, just
24 hours after bid vehicle Tungsten
put off a 200m fundraising and two
weeks after a similar move by Russian
property investor O1 Properties.
The London listings drought con-
trasts with a better record in other
major financial centres. In the US ini-
tial public offerings (IPOs) are up 19
per cent so far this year to $29.1bn,
including the $16bn raised by
Facebook last week, Dealogic said.
London has not seen a major IPO since
Glencore raised $10bn last May but
whose shares have since sunk by a third.
Since Glencore a series of British
companies have lined up listings else-
where, with Graff Diamonds expected
to raise $1bn in Hong Kong while
Formula One, run by London-based
Bernie Ecclestone, hopes to raise at
least $2.5bn in Singapore. British vacu-
um technology firm Edwards listed on
Nasdaq two weeks ago after pulling a
planned London listing last year.
The Georgian Railway float was
pulled in another week of turmoil dur-
ing which European shares tumbled
www.cityam.com FREE
and Eurozone leaders failed to come
up with a plan to rescue Greece.
We realised that the price would
not be high enough due to the current
situation on the markets, said
Georgian prime minister Nika Gilauri.
Georgia said it also took into account
the chaos surrounding the Facebook
float. It will revive the IPO or issue
eurobonds as soon as conditions have
improved and analysts said London
remains a strong fundraising centre.
I am convinced that London institu-
tions will support IPOs for a high-qual-
ity issuer at reasonable price, said
Craig Coben, head of European equity
capital markets at Bank of America
Merrill Lynch.
Lorna Tilbian, executive director at
Numis, which pulled Tungstens float,
said Graff went to the Far East because
most of its core clients are there.
Tracey Pierce, LSE director of equity
primary markets, said: We are still
seeing a flow of companies coming to
main market and AIM but clearly it is
at a lower level than in previous years.
I am not surprised at that given global
market conditions.
We have a very strong pipeline of
IPOs with an international weighting,
particularly from emerging markets...
Feedback from companies is that
underlying demand for equity capital
remains very strong and we remain
one of the leading listing venues.
TRADERS FLOCK TO CITY A.M.S INVESTMENT SHOW
BY LAUREN DAVIDSON
FTSE 100 5,350.05 +83.64 DOW 12,529.75 +33.60 NASDAQM2,839.38 -10.74 /$ 1.57 unc / 1.25 +0.01 /$ M1.25 -0.01
SHUNNED
PROPERTY
SPECIAL
See Pages 22-36
See Page 11
Certified Distribution
02/04/2012 till 29/04/2012 is 100,668
BY PETER EDWARDS
Mike Lynch was
ousted from his
company
Firms cancel plans to float in London as overseas centres grow
Georgian Railways
Postponed 160m
IPO yesterday
Tungsten
Postponed 200m
listing on 23 May
O1 Properties
Postponed 263m
float on 10 May
A DAYTO REMEMBER
ISSUE 1,640 FRIDAY 25 MAY 2012
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
IN BRIEF
Investors back Goldman pay
nGoldman Sachs shareholders
yesterday approved the firms
compensation plan for top executives
and backed all 10 directors up for
election at its annual meeting.
Investors rejected three stockholder
proposals, including a resolution
urging the board to require top
executives to keep 75 per cent of the
stock they receive from Goldman for
three years after they leave the firm.
The bank, which recently embarked on
a campaign to restore its public
image, used Twitter to publicly
announce the results of its
shareholder votes.
Facebook claims could top $100m
nClaims by four of Wall Street's main
market makers against Nasdaq over
Facebooks botched IPO are likely to
exceed $100m, as they and other
traders continue to deal with thousands
of problems with customer orders. The
exchange operator is facing lawsuits
from investors and threats of legal
action from brokers.
Four of the top market makers in the
Facebook IPO Knight Capital, Citadel
Securities, UBS AG and Citi's automated
trading desk collectively have
probably lost more than $100m from
problems arising from the deal, said a
senior executive at one of the firms.
Knight and Citadel are each claiming
losses of $30m to $35m, potentially
overwhelming a $13m fund the
exchange set up to deal with potential
claims. Facebook shares ended trading
yesterday up 3.2 per cent at $33.03,
about $5 short of their offering price.
DAVID Cameron faced fresh ques-
tions over his judgment last night
after it emerged he knew Jeremy
Hunt was an enthusiastic backer of
News Corps 8bn bid for BSkyB
when he asked the culture secretary
to decide on the deal.
The Prime Minister gave Hunt a
quasi-judicial role in December 2010
after Vince Cable, the business secre-
tary, was taped saying he had
declared war on the Murdochs.
Hunt said Britains media would
suffer for years if the deal was
blocked, according to a memo read
out at the Leveson inquiry yesterday.
Last night Labour deputy leader
Harriet Harman said Cameron
knew only too well that Hunt was
actively supporting the bid.
The Prime Minister should never
have given him the job, she added.
Details of the memo, dated 19
November 2010, emerged on another
dramatic day at the inquiry. In it
Hunt said James Murdoch was furi-
ous about the behaviour of Cable.
We must be very careful that any
attempt to block it is done on gen-
uine plurality grounds and not as a
result of lobbying by competitors,
the memo said.
I think it would be totally wrong
to cave in to the (BBC chief) Mark
Thompson, Channel 4, Guardian
EDF warns Hollande on nuclear plant
Henri Proglio, chief executive of EDF, has
warned Frances new president that he
will need to discuss compensation with
the nuclear power group if he presses on
with plans to shut the countrys oldest
atomic plant.
Dow Chemical wins Kuwait damages
Dow Chemical of the US has been
awarded $2.16bn in damages from the
Petrochemical Industries Co of Kuwait by
an arbitration court over the breakdown
of a planned joint venture between the
two companies in 2008. Dow said it
would put the money towards reducing its
net debt, which was $16.2bn at the end of
last year, funding its capital spending and
paying dividends.
Air France to slash staff numbers
Air France-KLM yesterday confirmed for
the first time it would be cutting staff at
Air France as part of a restructuring plan
intended to restore profits. Its CEO briefed
trade unions on a proposed restructuring
that would involve splitting the airlines
lossmaking short and medium-haul
operations into three new units.
RPI change could save treasury 3bn
Changes to inflation calculations that
could save the chancellor billions of
pounds a year while hurting gilts
investors are being considered. A
committee that advises the UK Statistics
Authority may recommend an overhaul
that could permanently pare back gains in
the retail prices index. If the changes are
adopted, they could lead to a reduction in
interest payments on government bonds
that are linked to the retail price index.
This would save as much as 3bn a year in
interest paid on index-linked gilts.
Small businesses in Olympic battle
Olympic authorities are facing a legal
challenge unless they withdraw
devastating plans for road closures and
restrictions which small companies claim
could put them out of business.
US cuts $33m in aid to Pakistan
The US is to cut $33m from the aid it sends
Pakistan over the jailing of the doctor who
helped the CIA hunt for Osama bin Laden,
in a fresh blow to the battered relations
between the two states.
Airbus shelves production rise
Airbus has shelved a plan to boost output
of its popular A320 single-aisle jetliner, a
sign that global uncertainties are starting
to affect the otherwise resilient
aeronautic industry.
Putin mixed on privatisation
Vladimir Putin has called for the sale of
stakes in OAO Rosneft and OAO Gazprom
in 2013-2015, but also authorised another
state firm to buy shares in energy firms
previously earmarked for private buyers.
WHAT THE OTHER PAPERS SAY THIS MORNING
SPAINS fourth-largest lender
Bankia is expected to today beg
the state for more than 15bn
(12bn) to bail it out when its new
management team presents a
restructuring plan
The help needed to clean up
the bank will be more than
15bn, a source told Reuters last
night.
The bill is almost double the
estimation of Spains finance
minister Luis De Guindos, who
just 24 hours earlier told
parliament that Bankia needed an
injection of at least 9bn.
The money will be used to cover
the banks writedowns on losses
connected to real estate assets
such as soured property loans.
The 15bn would come on top of
the 4.5bn in state loans that the
government converted into equity
in Bankias parent company BFA
as part of the state takeover, giving
the government a majority stake
in the lender.
The Bank of Spain, the countrys
central bank, has been trying to
force its banks to deal with their
legacy of bad real estate loans for
months.
There are concerns that
expensive bailouts of ailing
lenders and regions could force
the country into seeking
international aid.
Bankia bailout
bill soars again
to over 15bn
Jeremy Hunt faces calls to quit after details emerged of his aides contact with News Corp
2
NEWS
BY KATIE HOPE
To contact the newsdesk email news@cityam.com
A
N ideas factory: that was the
best way to describe City A.M.s
extraordinarily well-attended
investment conference, held
yesterday. The Eurozone was at the
top of everybodys agenda. Even
before the news last night that the
Greek far-left party Syriza had hit 30
per cent in the opinion polls, most of
the speakers were only divided about
when, not if, Greece would be leaving
the euro. For the first time since the
single currency was launched, the
non-conformist, minority view is that
the Eurozone will remain intact the
mainstream opinion is now that at
least two countries will leave Greece
and Cyprus.
The exact timing of a Grexit remains
unclear Im convinced it will hap-
pen much faster than most people
realise, other speakers yesterday dis-
agreed but it all hinges on next
EDITORS
LETTER
ALLISTER HEATH
Eurozone crisis moves ever closer as Greek left gains ground
FRIDAY 25 MAY 2012
months election. If the pro-austerity
parties pull off a surprise victory,
then the crisis could be delayed if
not, it will come to a head very quick-
ly. In an interview with Channel Four
last night, Syrizas leader Alexis
Tsipras confirmed yet again that he is
utterly deluded about Germanys bar-
gaining position. He rejects austerity
and even an internal devaluation; yet
he believes that Angela Merkel is
bluffing and that she will blink first
in a showdown with Greece because
she would have too much to lose from
a Eurozone break-up and the risk of
contagion. He even likened it to a cold
war and claimed that neither side
will dare activate their nuclear
weapons in other words, that he can
reject austerity, stay in the euro,
thumb his nose at the Eurozone and
yet continue to pocket free money.
The problem for Tsipras is that
Germany and its allies are not bluff-
ing. They cant afford to see Greece
get away with openly defying them
and not suffering any consequences.
His gamble is bound to fail and spec-
tacularly so, unless of course he is
playing a double-game and actually
wants to leave the single currency. He
will refuse to play ball and they will
cut off the cash, which will run out in
July. Tsipras, who believes that auster-
ity cannot be implemented in Greece,
will end up presiding over far more
It will also fuel the growing trend
towards distance learning, which is
often free and provided by top univer-
sities, a development which could
have huge implications over the next
few decades. Another interesting
change is that the price of photo-
voltaics, the panels that turn solar
radiation into electricity, is tumbling,
partly because massive demand from
China has created economies of scale
and breakthroughs in their produc-
tion. Solar energy is thus becoming
much more viable; the question, of
course, is how much electricity as a
share of total demand can viably be
generated in this way. The Eurozone
is in crisis but technology continues
to power ahead, the one ray of light in
an otherwise bleak world.
austerity than anybody could have
possibly imagined immediately
after the uncontrolled default, bank-
ing collapse, euro exit and social
chaos. Assuming he is then removed
from office, and replaced by a rela-
tively centrist government, Greece
would eventually bounce back, with
its new drachma making the country
competitive again for tourism.
But not all of the ideas discussed yes-
terday were about the Eurozone. Tim
Guinness, the veteran City fund man-
ager, rightly highlighted some of the
game changers that could have a
huge impact on business and the
world over the next few years. One
was the spread of fibre-optics and
ultra-fast broadband, which will her-
ald huge behavioural shifts, a revolu-
tion in the availability of
downloadable video content and a
further growth in videoconferencing.
line that this represents a substantial
change of control.... We all know Sky is
controlled by News Corp anyway.
Yesterday a Number 10 spokesman
said Hunts note was consistent with
public comments he made at the time.
It also makes clear that it would be
totally wrong for the Government to
get involved in a competition issue
which has to be decided at arms
length. The PM has made clear
throughout that he recused himself
from decisions relating to BSkyB and
did not seek to influence the process.
The revelations came as Hunts for-
mer aide Adam Smith, who resigned
after exchanging hundreds of texts,
calls and emails with News Corp lobby-
ist Fred Michel, said his role involved
managing relationships.
Smith said, however, he had no con-
tacts with those who were against
Murdochs bid and told the inquiry he
did not believe this was a problem.
When asked about the issue yester-
day Camerons spokesman repeatedly
dodged questions on whether Hunt
could have misled parliament during a
statement he gave about his contacts
with News Corp.
The new jobs website for London professionals
CITYAMCAREERS.com
Hunt backed BSkyB deal
before he judged the bid
799
191
158
Text messages
phone calls
emails
* between June 2010and July 2011
BY PETER EDWARDS
G
E
T
T
Y
THE ECONOMY contracted more
sharply that first thought in the open-
ing quarter of the year, official figures
showed yesterday, increasing pressure
on the government to change course
in an effort to boost growth.
The updated GDP estimates revealed
the economy contracted 0.3 per cent
in the first quarter, not the 0.2 per
cent shown in the Office for National
Statistics (ONS) initial estimate.
That leaves the economy 0.1 per cent
smaller than it was in the first quarter
of 2011.
Opposition leaders called for tax
cuts and spending increases to stimu-
late demand and raise employment.
However, economists warned the
figures showed government spending
increased 1.6 per cent in the quarter,
and said the recession is due to the
private sector resolving long-term
problems. After more than a decade
of dependency on private borrowing
and public spending, huge swathes of
the economy are incapable of
growth, said Tullett Prebons Tim
Morgan.
Construction output dropped 4.8
per cent in the quarter, more than the
UK recession is
worse than was
first thought
BY TIM WALLACE
three per cent first published, while a
trade deficit of 4.4bn shaved another
0.1 per cent off total GDP.
Services growth remained
unchanged overall at 0.1 per cent,
although finance and insurance activ-
ity dropped 0.8 per cent.
Manufacturing output was flat.
The disappointing data did not dent
demand for UK bonds however. The
yield on benchmark 10-year UK bonds
dipped as low as 1.738 per cent during
trading yesterday, before rising to 1.77
per cent as investors continued to
shun debt from the troubled
Eurozone countries. Yields on 10-year
German gilts also fell to a record low
of 1.35 per cent, before rising to 1.39
per cent.
Excessive regulation may have
stunted credit, says Bank official
REGULATORS may have thwarted
the supply of credit to the economy
by reacting too sharply in the wake
of the financial crisis, a senior Bank
of England official said yesterday.
Alastair Clark, who sits on the
Banks new super-regulator, the
Financial Policy Committee (FPC),
said that there was a danger in
strangling the sector with excessive
caution.
My own view is that, in our
international regulatory initiatives,
BY JULIAN HARRIS we may inadvertently have ended
up front-loading the regulatory
response more than was intended,
Clark told a group of business
economists in London.
He said that authorities are aware
of the risk of regulators erring on
the side of excessive caution.
Clark pointed out that the FPC
has been tasked with acting in a
way that does not have a
significant adverse effect on the
capacity of the financial sector to
contribute to the growth of the UK
economy.
The FPC is in the process of
deciding which powers it should be
able to impose on financial sector
companies; its recommendations
will need to be passed in
Westminster, yet it will also be able
to issue instructions to other new
regulators.
Clark warned that there is
relatively little empirical evidence
on the effect that many of the
suggested tools could have on
financial stability, admitting that
he is sceptical of some quantitative
analyses of how they might work.
Chancellor George Osborne had hoped the economy would be growing strongly by now
UK GDP fell again in the rst quarter of 2012
Q1
2012
Q1
2011
Q1
2010
Q1
2008
Q1
2009
-4
-3
-2
-1
1
2
0
%
c
h
a
n
g
e
o
n
q
u
a
r
t
e
r
A SENIOR judge said yesterday the
Serious Fraud Office had failed to
set out a rather simple case
clearly during an investigation into
the Tchenguiz brothers and called
for better funding for the agency.
Judge John Thomas, who has
already slated the agency for sheer
incompetence in the case linked to
Tchenguiz judge says fraud
agency needs more funding
BY CITY A.M. REPORTER
the collapse of Iceland's Kaupthing
bank in 2008, told the High Court
the agency had no excuse for its
bungled investigation.
There cant be any excuse for
that (not setting out facts clearly) ...
This is the story of almost anyone
who gets themselves in a wrong
position in the markets, he said,
while also calling for the office to
be properly financed.
FRIDAY 25 MAY 2012
3
NEWS
cityam.com
THE EUROZONES downturn has
now hit Germany, influential survey
data showed yesterday, leading econ-
omists to forecast a fall in GDP this
quarter for the single currency area.
Services activity in the Eurozone
dropped sharply according to
Markits purchasing managers
index (PMI) which came in at 46.5 in
May, a seven-month low and well
below the no change level of 50.
Manufacturing PMI slumped to a
35-month low of 45, from 45.9 in
April, also showing a deep slump in
activity.
Those combined to give a compos-
ite index of 45.9, also a 35-month
low, down from 46.7 in April.
Germanys private sector returned
to contraction with a PMI of 49.6,
down from Aprils 50.5, composed of
a manufacturing figure of 45 and
some services growth at 52.2.
The countrys decline was also
recorded by the Ifos investor confi-
dence survey which fell sharply from
Germany feels
the squeeze as
output declines
BY TIM WALLACE
109.9 in April to 106.9 this month.
Meanwhile Frances private sector
output fell at its sharpest rate for
over three years, with a headline PMI
of 44.7, down from 45.9 in April.
After narrowly escaping a return
to recession in the first quarter, it
now appears very likely that the
Eurozone economy will experience a
renewed contraction in the second
quarter, said Capital Economics
Jennifer McKeown.
It seems clear that policymakers
latest efforts to strengthen growth in
the region are too little too late.
BBVA signals retreat from Latin
American pensions businesses
ONE of Spains largest lenders,
BBVA, has announced plans to
offload its South American
pensions business in the latest
sign of European banks retreat
from foreign markets.
BBVA said it has decided to
initiate strategic review of two
businesses, one that operates in
Chile, Peru and Colombia and
another targeting just Mexico.
The bank said that it will be
seeking buyers and if it does not
BY JULIET SAMUEL find any, will simply close the
businesses.
Despite this being a highly
attractive business, its limited
relationship with BBVAs core
business, the universal banking
activity, advises the initiation of
this process, the bank said.
It said the process would take
several quarters and will not be
completed by the end of this year.
BBVA also said that it will
otherwise continue to expand in
insurance and banking in Latin
America.
The move highlights how
western European lenders are
being forced to ditch profitable
enterprises as they overhaul their
business models.
Rather than pursuing the
unbridled expansion seen before
the 2008 crisis, banks are shutting
down and selling dozens of
operations outside their home
markets often because new
regulations make them non-viable
but also because they can make the
overall group too unwieldy and
unfocused.
CREDIT rating agency Moodys last
night downgraded the long-term
debt and deposit ratings for three
Swedish banks: Nordea, Svenska
Handelsbanken and Landshypotek.
Moodys blamed the banks high
reliance on wholesale funding,
modest profitability and risks to
asset quality due to the EU export-
oriented Swedish economy for the
move.
However, Moodys emphasised
that the Swedish banks credit
ratings remained at the higher end
of the range in Western Europe.
This relative positioning
reflects Moodys view that Swedish
banks are overall in a stronger
position than their European peers
to manage the credit risks
emanating from the challenging
Moodys cuts its ratings
on three Swedish banks
BY KATIE HOPE European operating environment,
limiting the extent and scope of
todays rating actions, the agency
said.
The move follows Moodys
downgrade last week of 16 Spanish
banks.
There is concern the changes
could raise the banks borrowing
costs although analysts believe
Swedish banks will continue to
perform better relative to
European peers.
Most banks in the Nordic region
have little to no exposure to crisis-
hit countries in southern Europe,
and have had continuous access to
funding markets.
High capital buffers and moves
to extend their funding duration
have made Nordic banks attractive
to investors seeking a haven from
the debt storm.
THE EUROPEAN Central Bank (ECB)
may slash interest rates and pump
more cheap cash into banks in
response to the economic
slowdown, JP Morgan forecast
yesterday.
As the ECB had previously hoped
the economy would be recovered
by now, analysts believe that it may
resort to another one-year long-
term refinancing operation (LTRO)
in July to maintain liquidity, or cut
the main refinancing rate by
another 25 basis points in
September.
Of course, should stresses build
in financial markets, the ECB
JP Morgan says ECB ready to act
BY TIM WALLACE
FRIDAY 25 MAY 2012
4
NEWS
cityam.com
Eurozone economic activity fell again in May
2000 2012 2009 2006 2003
30
35
40
45
50
55
60
65 PMI, 50=nochange
would respond much more
aggressively, said the forecast.
In that case further 3-year
LTROs and a reactivation of the
securities market programme
would come back into play, and
further interest rate changes could
not be ruled out either.
Meanwhile the ECB revealed
banks took almost 4bn (3.2bn) of
overnight loans from it yesterday,
the highest since the Greek debt
restructuring fuelled a jump in
mid-March and dovetailing with
Greek banks being cut off from
mainstream ECB funding.
Use of the emergency window
costs banks an extra 0.75 basis
points over normal facilities.
CONSUMER groups and politicians
yesterday joined the debate on bank
fees following claims by a top Bank of
England official that free current
accounts are a dangerous myth.
Andrew Bailey, the Banks execu-
tive director and chief executive-elect
of the new banking regulator the
Prudential Regulatory Authority,
said the lack of clarity on current
account fees may have encouraged
the mis-selling of products such as
payment protection insurance and
that consumers would find it easier
to compare products if monthly
fees were introduced.
The reform of retail
banking in this country
cannot move ahead unless
we tackle the issue of free
in-credit banking, and
have a much better sense
of what we are paying for
and how we are paying, he
added.
Andrew Tyrie MP, chair-
Debate rages
over call to end
free banking
BY JAMES WATERSON man of the Treasury Select
Committee, told City A.M. that we
cannot carry on as we are and regu-
lators must enable the banks to deal
with this on a collective basis.
It cannot be right that millions of
account holders have no idea how
much their bank is really charging
them, therefore we will be pressing
the regulators to make sure they turn
words into action, he said.
Richard Lloyd of consumer group
Which said consumers already pay
over 9bn a year in fees and lost
interest on current accounts but the
idea that if banks charged more, they
would stop trying to mis-sell other
financial products is completely
unfounded.
Chris Leslie, Labours shad-
ow financial secretary to the
Treasury, said the reforms
could punish ordinary savers:
Hard working people will be
extremely concerned at the
prospect of having to pay
around 15 per month for
basic deposit, cheque
and transactional
services.
Dexia sells its Turkish
lender to Sberbank
BAILED-OUT Belgian lender Dexia
is close to selling its Turkish
business to Russias Sberbank, the
bank said yesterday.
It is understood that Sberbank,
which is being advised by
Rothschild, is likely to pay
somewhere between $3bn (1.9bn)
and $4bn for Denizbank, one of
Turkeys biggest banks.
Qatar National Bank had also
been in the running to buy the
business, which was also
BY JULIET SAMUEL examined by HSBC earlier this year,
but Sberbank is now close to
sealing the deal.
The acquisition would be
Sberbanks second major deal since
last September, when it agreed to
buy the international operations of
Austrian lender Volksbank for
505m, giving it a presence in nine
Eastern European countries.
Senior bankers say that the
retrenchment of many western
European lenders has left the field
relatively clear, with one calling it
a buyers market for banks.
GREECES radical left
party, led by Alexis
Tsipras (pictured), last
night emerged as the
front-runner in the race
to win next months
elections. Syriza, which
opposes Greeces
austerity measures, now
has 30 per cent of the
vote, outpacing
conservative rival New
Democracy by 26 per
cent, according to the
Public Issue polling
company. Greece faces a
second round of
elections on 17 June,
after an inconclusive
vote earlier this month
left the country without
a stable government.
ANTI-AUSTERITY PARTY IS GREEK FRONT-RUNNER
Andrew Bailey says free
banking is a myth
DEUTSCHE Bank has bid farewell
to a second banker who led its
advisory team on G4Ss ill-fated
attempt to buy rival ISS.
Anthony Parsons has left the
bank following his move to a vice
chairman role last summer that
came shortly before he led a team
advising security giant G4S in a
botched takeover attempt of ISS.
G4S ditched Deutsche as a broker
following the deal.
Toby Clark, who led on the deal
with Parsons, had already left
Deutsche. It is believed that
Parsons is going to US investment
bank Greenhill.
G4S banker
quits Deutsche
BY JULIET SAMUEL
DEBATE: Page 21

FRIDAY 25 MAY 2012
5
NEWS
cityam.com
Q
How many personal current accounts are
there in Britain?
A
There are over 70m personal
current accounts serving around
90 per cent of the population. The
majority of them are free to use.
Q
How unusual is it to have easy access to
free current accounts?
A
Britain is almost unique in having
free current accounts as standard.
In most other countries consumers
expect to pay either a flat monthly
fee or costs according to the number
of transactions that they make.
Q
Why do some people oppose the
provision of free current accounts?
A
They claim it distorts the market
as banks seek to profit from
hidden fees and encourages mis-
selling of other products. They also
say it makes it hard
for consumers to
compare services.
Q
How much do banks make
from private current accounts?
A
For competition reasons few
banks are willing to reveal
earnings from current accounts. But
in 2006 the Office of Fair Trading
said the sector had revenues of
8.3bn 150pa per active account.
Q
How do banks earn money from personal
current accounts at the moment?
A
Most current account revenue
comes from interest on balances
and overdraft fees. But the FSA
estimates 14m Britons already pay a
monthly fee for a current account
package, which may include
benefits such as insurance.
Q
A
and
How does the British system work?
VISIT YOUR LOCAL STORE
ONE NEW CHANGE CANARY WHARF COVENT GARDEN OXFORD STREET
RICHMOND WESTFIELD LONDON WESTFIELD STRATFORD CITY
PANDORA.NET
*AppIics to thc Iowcst priccd ring. Tcrms and Conditions appIy.
WhiIc stocks Iast. PIcasc scc in-storc for dctaiIs.
Buy two rings
and Pandora wil
treat you to a third *
1st - 31st May 2012
TIFFANY yesterday cut its full-year global net sales growth forecast to a range of seven to
eight per cent from a prior outlook of 10 per cent. Earnings were $81.5m or 64 cents per
share, up from $81.1m, or 63 cents per share, a year earlier, but five cents below analysts
expectations. The chains weakest London store was the one in the citys financial district.
TIFFANY CUTS FORECAST AS SALES SLOW
ROYAL Bank of Canadas (RBC)
quarterly profit fell seven per cent
as the company took a C$202m
(125.4m) loss from its acquisition
of the 50 per cent of its joint
venture with Franco-Belgian lender
Dexia that it did not already own.
RBC, Canadas largest bank, said
net income from continuing
operations was C$1.56bn, or C$1.01
a share, in the second quarter
ended 30 April, compared with
C$1.68bn, or C$1.10 a share, a year-
earlier. That excluded results from
RBCs US retail bank, which it
agreed to sell last year.
RBC profit slips
on M&A loss
BY CITY A.M. REPORTER
FRIDAY 25 MAY 2012
7
NEWS
cityam.com
MasterCard loses EU
card fees court case
MASTERCARD has said it will
appeal an EU court ruling that
upholds Brussels ban on extra fees
for cross-border card transactions.
MasterCards president in
Europe Javier Perez said that the
ruling would hinder its
development of new payment
technologies.
Retailers, who benefit from
lower fees as a result of the EU
ban, welcomed the decision by the
General Court of Luxembourg
BY JULIET SAMUEL the EUs second highest court after
the European Court of Justice (ECJ).
The British Retail Consortium
said that the UK, where regulators
are currently looking into card
fees, should also cap fees that card
providers charge for giving
retailers the ability to accept card
payment, claiming they are an
unjustifiable tax on customers and
retailers.
But MasterCard argues that if it
cannot charge retailers what it
wants, it will have to charge
consumers more instead.
TAX-FREE shopping specialist Global
Blue has been sold by its private equi-
ty owner to buyout firms Silver Lake
and Partners Group for 1bn (802m).
Global Blue has trebled in value
since Equistone Partners bought the
firm from management in 2007, and
the sale will help the current owner
return cash to its investors.
Partners Group and tech-focused
Silver Lake beat a handful of other
buyout groups including BC Partners,
EQT and TH Lee to buy the fast-grow-
ing business.
Swiss-based Global Blue, which
helps European shoppers claim back
tax on overseas purchases, offers its
services in more than 270,000 shops
worldwide.
Chief executive Per Setterberg yes-
BY MARION DAKERS
terday thanked Equistone for its
tremendous support and said he
expects to see further long-term
growth as the firm expands into new
regions.
Marcel Erni, chief investment officer
of new co-owner Partners Group, said
of the deal in a statement: We will
leverage our global industry network
to support Global Blue to further ben-
efit from the fast growing travel activ-
ity and demand for luxury goods from
emerging markets.
Equistone, which was spun out from
Barclays last year, said this latest dis-
posal means it has now handed 60 per
cent of the cash in its Fund III back to
investors.
The 2.4bn fund has made 38 acqui-
sitions and eight disposals since it was
put together in 2007, while still part of
Barclays Private Equity.
Equistones sale of Global Blue has been
billed as one of the largest private equity-
backed leveraged buyouts in Europe this
year and a formidable team of bankers and
lawyers were on board to ensure its success.
The vendor took on JP Morgan and Evercore
to advise on the sale. JPMs team includes
head of the EMEA private equity exit busi-
ness Eamon Brabazon, executive director
David Harvey-Evers and head of software
Anil Rachwani.
On Evercores side, European investment
banking head Andrew Sibbald and Mark
Hennessy, managing director of European
nancial institutions, led the team.
Long-standing legal adviser Clifford Chance
ADVISERS EQUISTONES SALE OF GLOBAL BLUE
DAVID WALKER
CLIFFORD CHANCE
also lent a hand, led by head of private equi-
ty David Walker (top left) alongside Andrew
Mills, Ross Dawson and Charlotte Clarke.
Marlborough Partners, led by Jonathan
Guise, provided debt advice.
Global Blues management, which were
bought out of the rm in 2007, were advised
by Smith Square and Baker & McKenzie dur-
ing the deal. Bakers team was led by David
Allen (top right), a private equity partner
specialising in cross-border restructurings
and buyouts. Acting for buyers Silver Lake
and Partners Group were RBC Capital
Markets and law rm Weil Gotshal &
Manges.
by Anaam Raza & Marion Dakers
DAVID ALLEN
BAKER & MCKENZIE
Equistone gets
rid of Global
Blue for 1bn
Harriet Green has been appointed as the new chief executive of Thomas Cook
I think yes, but only if it
gets the balance right. It
needs to follow the lead set by other
people, because it has a great brand
name but the internet seems to pro-
vide the more cheap and cheerful
option. It can build on it by provid-
ing the great quality that it always
does and offer competitive prices
like others.
These views are those of the individuals above andnot necessarily those of their company
JONATHAN WALTON
DALTON WARNER DAVIS
CAN THOMAS COOK REINVENT ITSELF? Interviews by Anaam Raza
CITYVIEWS
Thomas Cook Group PLC
24May 18May 21 May 22May 23May
17
18
16
19
20
21
22 p
21.25
24May
PRIVATE equity firm CVC Capital
Partners will cut its ownership
stake in Formula One to about 30
per cent following the companys
initial public offering (IPO), by
selling shares on the public
market, sources said yesterday.
CVC currently holds about 42
per cent of Formula One after it
recently sold a $1.6bn stake to a
group of investors, including
investment managers BlackRock.
And both Lehman and JPMorgan
are expected to sell most of their
stakes in the IPO, two sources said.
CVC to cut F1
stake to 30pc
BY CITY A.M. REPORTER
BT chief executive Ian Livingston
took home 7.9m last year, including
a 1.34m cash bonus and deferred
shares worth 481,000.
The BT boss earnt 240,000
towards his pension and expenses,
and pocketed a 925,000 salary,
which will not be raised next year.
Livingston will also get 4.7m
from BTs 90m payout as part of its
three year turnaround plan.
A BT spokesperson said, Senior
executives are being rewarded
appropriately given the strong
performance of [BT] this year.
BT boss earns
7.9m packet
BY LAUREN DAVIDSON
FRIDAY 25 MAY 2012
8
NEWS
cityam.com
THOMAS COOK has named Premier
Farnell boss Harriet Green as its new
chief executive, ending a nine-month
search for Manny Fontenla-Novoas
successor after a string of profit warn-
ings sparked his departure last year.
Green, who has been at the helm of
the FTSE-250 electronic parts distribu-
tor since 2006, will take over from
Sam Weihagen, Thomas Cooks inter-
im chief executive, on 30 July.
Weihagen will stay on at the firm
until September before retiring, to
ensure a smooth transition.
Shares in the debt-laden tour opera-
tor, which recently agreed a 1.4bn
refinancing package with its lenders,
jumped almost 10 per cent yesterday
as investors welcomed the news.
Whilst a newcomer to the travel
industry, analysts said yesterday that
Greens experience turning around
Premier Farnells operations, which
have also faced tough market condi-
tions of late, will be invaluable.
It was important for Thomas Cook
to get someone known to the City,
and with experience of fixing a com-
plex, underperforming group. And it
has managed to accomplish that,
Douglas McNeill, an analyst with
Charles Stanley, said.
Thomas Cook
names Harriet
Green as chief
BY KASMIRA JEFFORD
Frank Meysman, chairman, said
Green is an extremely successful exec-
utive with the right combination of
international, business transforma-
tion and ecommerce experience that
we need to take the group forward.
Green graduated with a degree in
medieval history and a masters in eco-
nomics and political science before
embarking on a career in engineering.
One of the FTSE-250s 10 female chief
executives, Green is also a non-execu-
tive director at BAE systems and a
director at US firm Emerson Electric.
In 2010, she was awarded an OBE for
services to the electronics industry.
Earlier this month, Thomas Cook
said former Kwik-Fit finance boss
Michael Healy will replace Paul
Hollingworth as finance chief in July.
Im not sure, because I used
to book my holidays through
Thomas Cook when I was younger
but not anymore. I really dont know
anybody that books holidays in the
traditional way anymore not even
families. I book my holidays online
now. Perhaps there would be a
chance to go back to it if it reinvented
itself.
JOANNA BONOMINI
BARCLAYS
It could reinvent itself if it
moved its entire business
online, because the younger genera-
tion are savvy travellers. To be hon-
est, I have never walked into any tour
operators shop to book my holiday.
The only people I know who book
their holidays via travel agents are
my mum and dad, who live in Kenya.
VISHAL SHAH
BELLIS JONES
MOTHERCARE revealed the details of
an ambitious three-year plan aimed
at reviving its struggling UK business
yesterday, as the baby products retail-
er slumped to a 103m loss.
Shares rose more than 23 per cent
after Simon Calver, who joined in
April from online movie rental firm
Lovefilm, pledged to be ruthless on
costs and bring its UK business back
to acceptable levels of profit by
2015.
As well as scaling back its UK estate
from 311 to 200 stores, the group
plans to cut head-office payroll costs
by 16 per cent and introduce a
greater range of products at differ-
ent, more competitive, price points.
Calver conceded that the retailer
was being squeezed in the middle
from high end specialist retailers on
the one side and supermarkets offer-
ing cheaper prices on the other.
Pricing has been at the heart of
the problem, he said. Customers
Mothercare to
slash prices to
boost UK sales
BY KASMIRA JEFFORD are telling us that we are a well trust-
ed, well respected brandbut we
need to prove our value perception.
Clothing prices will be cut by
around 10 per cent from the autumn.
His comments came as the group
posted a six per cent fall in UK like-
for-like sales to 560m in the year to 31
March. After a one-off charge of
104m, due in part to an Early
Learning Centre writedown,
Mothercares pre-tax losses came to
103m from an 8.8m profit last year.
IN BRIEF
Early exit for Carrefour boss
nFrance's Carrefour sped up its
transition to new management
yesterday, saying that Lars Olofsson
had retired at a board meeting, paving
the way for Georges Plassat to take
over as chief executive immediately.
The retail veteran, who joined
Carrefour on 2 April as chief operating
officer, is tasked with reviving the
struggling retailer. He was due to
become chief executive on 18 June.
Analysts expect Plassat to wait at least
until June and more likely until first-
half results in August before disclosing
his strategy for Carrefour.
Swiss Re insures against longevity
nDutch paint firm Akzo Nobel has
signed a 1.4bn deal with insurer Swiss
Re to cover the risk of increased
pension costs if its UK employees live
longer than expected. The agreement
covers 17,000 individuals in a defined
benefit pension plan that promises a
fixed sum for every year the holder
remains alive.
Qinetiq warns of US election delays
n British defence technology company
Qinetiq yesterday posted a three per
cent rise in full-year profit, helped by
the benefits of a restructuring
programme, but said the current year
could be hit by contract delays caused
by the US Presidential elections. The
firm posted an underlying pre-tax
profit of 118.3m for the year to the end
of March, helped by a strong
performance from its UK services
business.
Mothercare PLC
24May 18May 21 May 22May 23May
160
170
180
190
200
210 p
203.25
24May
NICK Robertson, the co-founder
and chief executive of Asos, has
been awarded almost 25m worth
of shares after the online fashion
retailer reported a near doubling
of profits and strong overseas
growth.
Seven executives at the company
have pocketed 66m in shares
after reaching all of the targets set
out in a three-year incentive plan.
The internet shopping site for
twenty-somethings enjoyed a near-
Asos boss receives 25m shares
bonus as retailer profits double
BY KASMIRA JEFFORD
ten per cent rise in shares
yesterday as it posted a 43 per cent
jump in profits to 40.9m in the
year to 31 March, benefitting from
the launch of country specific
sites in Australia, Spain and Italy
and the opening of new, larger
warehouse in Barnsley last year.
Robertson, however, was bearish
on prospects for growth in the UK,
reporting a seven per cent rise in
retail sales compared with 103 per
cent in overseas sales, which now
account for 59 per cent of sales
from 43 per cent last year.
BOOKER Group, Britains biggest
cash and carry wholesaler, said it
remains on course to meet its
expectations for the year despite a
challenging economy as it posted a
27 per cent rise in full-year profit.
The company, which has over
170 branches that supply
convenience stores, restaurants,
pubs, schools and prisons, said
pre-tax profits increased to 90.8m
in the 53 weeks to 30 March on
sales up nine per cent to 3.93bn.
Booker bullish
as beats slump
BY A CITY A.M REPORTER
MOSS BROS shares rose two per cent
yesterday after the menswear brand
said revamped stores helped drive
like-for-likes sales up by 8.9 per cent.
The suits specialist said total sales
for the first 16 weeks to 19 May rose
7.9 per cent compared to last year,
despite tougher market conditions.
It recently reopened its Regent
Street and Bicester Village outlets
after refitting them and has
selected ten more stores that it
wants to give a face-lift.
Revamp drives
Moss Bros lift
BY ANAAM RAZA
FRIDAY 25 MAY 2012
9
NEWS
cityam.com
Nick Robertson, who co-founded Asos in 2000, will be awarded 24.4m in shares
7
%
52 weeks to 31 March 2012
0.3%
52 weeks to
31 March 2012
1
2
%
15 w
eeks to
17 M
ay 2012
53 weeks to
31 March 2012
8.9%
16 weeks to
19 May 2012
HOW THE HIGH STREET IS FARING SO FAR
1.8%
19 weeks to
12 May 2012
0.8%
52 weeks to
31 March
*all sales figures are like-for-like in the UK
R
E
X
6.2%
Traders put the
fizz into great
City A.M. event
L
A
U
R
A

L
E
A
N
/
C
I
T
Y
A
.
M
.
Got A Story? Email
thecapitalist@cityam.com
11
cityam.com
cityam.com/the-capitalist
FRIDAY 25 MAY 2012
ACTIVE TRADER
CONFERENCE
AT THE
City A.M.s editor Allister Heath introduces the day
Masters of forex debate the future of the euro
Lex van Dam lays out his five tips for trading success
T
HE mood was sparkling last
night at the champagne
reception rounding off Active
Trader 2012 City A.M.s first
trading and investment conference.
The one-day event saw 700 delegates
fill the rooms at the Grange Hotel
Tower Bridge to hear from a unique
slate of speakers. City gurus Gary
Baker of Bank of America Merrill
Lynch and Tim Guinness of
Guinness Asset Management rubbed
shoulders with speakers from the
US and further afield. City A.M.s
editor Allister Heath and star
investor Richard Farleigh opened
the day, with Lex van Dam, host of
the BBCs Million Dollar Traders,
beginning the afternoon session.
The event was sponsored by IG
Index, with FXCM sponsoring the
evening reception.
Gary Baker gives his insight into European equities
Tim Guinness explores global investment trends
David Jones, chief market strategist for IG Index, talks CFDs
Allister Heath, David Kuo, Paul Staines (Guido Fawkes) and Steve Sedgwick of CNBC Emilio Tomasini reveals the power of algo trading
THECAPITALIST
Delegates celebrate after a long and instructive day
Richard Farleigh, former hedge fund trader and TV Dragon, shares his trading secrets
SABMiller PLC
24May 18May 21 May 22May 23May
2,380
2,400
2,420
2,440
2,460
2,480 p
2,391.00
24May
BRITISH soft drinks maker and
distributor Britvics half-year profit
fell more than 10 per cent, hurt by a
drop in sales and average realised
price in Ireland.
Pre-tax profit for the 28 weeks to
15 April fell to 24.8m from 27.7m a
year ago.
Revenues climbed 1.7 per cent to
641.1m, but sales in Ireland fell 10
per cent to 72.7m, with average
revenue per litre sold declining 7.5
per cent to 53.4p.
Britvic owns Robinsons and Tango.
Ireland drives
down Britvic
BY CITY A.M. REPORTER
FRIDAY 25 MAY 2012
12
NEWS
cityam.com
A STRONG performance from Dairy
Crests cheese and spread brands
Cathedral City and St Hubert helped
smooth out a rough year for the
companys milk business.
Dairy Crest reported its first
annual loss as a listed company,
taking an impairment charge of
81.7m for the writedown of the
value of its dairies business and the
closure of two bottling factories.
Its loss before tax for the year
ended 31 March was 10.1m
Milk charges
pull Dairy Crest
into the red
BY CITY A.M. REPORTER
KEEN drinkers in emerging markets
have boosted the worlds second-
largest brewer SABMillers profits by
75 per cent to $4.2bn (2.68bn).
The annual results, which include a
one-off gain from the sale of
SABMillers Russian and Ukrainian
operations, saw revenues grow by 11
per cent to $31.38bn and pre-tax prof-
its climb 55 per cent to $5.6bn.
The financial results were driven by
strong trading in the emerging mar-
kets as conditions in Europe contin-
ued to decline.
Lower volumes and higher raw
material costs dragged earnings in
Europe down by nine per cent to
$836m.
Asia Pacific and Africa saw the
biggest growth, increasing income by
30 per cent and 16 per cent respective-
ly to $321m and 743m.
But Latin America remained
SABMillers largest income driver,
growing sales by 14 per cent to
$1.86bn.
The drinks company said this
reflected a combination of higher vol-
Asian demand
for beer boosts
SABMiller profit
BY LAUREN DAVIDSON umes, selective price increases and
manufacturing efficiencies.
But amid difficult conditions in
Europe, the UK held its head high.
Miller Brands, its UK subsidiary, saw
an eight per cent lager growth com-
pared to a 2.8 per cent market decline.
Miller Brands managing director
Gary Haigh told City A.M., Our best
performing beers were Peroni, Pilsner
Urquell and Kozel, which all grew by
double digits during the year.
World Beers and Specialities are
doing particularly well, which reflects
life in general weve become more
discerning about our wine, our fash-
ion, our food and also our beers.
PUB chain Youngs yesterday
posted revenue growth of 25 per
cent following the integration of
Geronimo, the inns group it bought
in late 2010.
Revenues surged to 179m,
boosting adjusted operating profit
by a fifth to 26.2m and driving
adjusted pre-tax profits up by 17.4
per cent to 21.3m.
But Youngs fell to a 7.5m pre-
tax loss due to a 29.1m
exceptional charge relating to the
groups revaluation procedure,
which resulted in a 174m net
uplift to the value of its estate.
Geronimo acquisition helps
revenue growth at Youngs
BY LAUREN DAVIDSON Its been a landmark year for
us, Youngs chief executive Steve
Goodyear told City A.M. Weve
completed our transformation to a
pure pub company after leaving
our brewing venture.
After a rocky start to the new
year, which has seen like-for-like
sales drop due to dismal weather,
the British pub company has high
hopes for the summer ahead.
With 14 pubs along the Thames,
were certainly looking forward to
Jubilee weekend, Goodyear said.
Youngs is also set to benefit
from its new pub The Cow, the
nearest pub to the entrance of the
Olympic site.
Chief executive Steve Goodyear led Youngs to a 17 per cent profit hike
OIL and gas explorer Cove Energy
yesterday said that its losses were
narrowing while bidder for the
company Shell said it was
considering its options.
The company reported a net loss
for the year to the end of March of
$4.09m (2.6m) compared with
$5.01m the previous year.
Meanwhile oil major Shell issued
a statement saying it was weighing
up its next move after Cove
recommended the acceptance of a
bid from Thai energy giant PTT for
the company.
Shells offer for Cove has been
extended until 1pm on 13 June,
leaving the door open for the FTSE
100 company to put in a higher bid
to stay in the race.
The 1.22bn bid from PTT
trumped the one made by Shell,
leaving the Dutch firm mulling
whether it wants to try to outgun
PTT. Cove attracted the suitors
because of its gas interests in
Mozambique. It had previously
supported Shells offer, which
followed a PTT bid that beat Shells
opening salvo in February. Cove will
also be forced to pay Shell a 11.1m
break fee under the terms of the
deal agreed with Shell in April.
Cove narrows
losses as suitor
Shell re-thinks
BY JOHN DUNNE
UNITED Utilities yesterday reported
profits which narrowly beat expecta-
tions and raised its final dividend.
Britains largest listed water utility,
said underlying pre-tax profit fell
about one per cent to 327m but still
beat analysts estimates of 317.7m.
Price increases helped push sales
up three per cent to 1.57bn, the
company said in its figures covering
the year until the end of March.
United Utilities hiked its final divi-
dend to 21.34p, a rise of 6.7 per cent.
That is in line with the companys
policy of a rise two per cent above the
level of retail price index inflation.
Meanwhile the companys capital
expenditure was 680m up 12 per
cent on the previous year.
The firm said 154 of that was
spent on improvements to its infra-
structure, including stopping leaks.
Chief executive Steve Mogford said:
We have delivered another good set
of results, despite the tough econom-
United Utilities
profits trump
expectations
BY JOHN DUNNE
ic climate. We are pleased with the
recent progress we have made and
believe there is plenty of opportunity
to deliver further improvements.
The company also pointed out that
it had met regulatory targets for the
amount of water that it leaks.
It ended the year with 5.1bn worth
of net debt.
United provides services to seven
million customers in the north west
of England.
It also serves 700,000 businesses
with water and sewerage.
Co-op hires 3,000 to
expand legal service
BY ELIZABETH FOURNIER of the new roles would be legal
staff, with the rest going to
support roles.
Over the next five years we
want to fundamentally change the
face of legal services and make
access far easier todays
announcement underlines that
ambition, said Co-ops chief
executive Peter Marks.
Co-operative Legal Services
currently runs out of Bristol and
employs just 450 staff. The firms
ambition is to roll out legal
services across all of its 330 high-
street branches.
United Utilities, headed by Steve Mogford (above), reported a solid performance
United Utilities Group PLC
24May 18May 21 May 22May 23May
620
625
630
635
640
645 p 637.00
24May
United has broadly reassured investors. It remains on track to meet its
regulatory targets, whilst adjusted prots have materialised at the high-
er end of expectations. We say the stock is a strong hold.
ANALYST VIEWS

IS UNITED UTILITIES
ADOPTING THE CORRECT
PATH FOR GROWTH? Interviews by John Dunne
KEITH BOWMAN HARGREAVES LANSDOWN
SHARES in Cable & Wireless
Communications soared by 19 per
cent yesterday after the company
said it will halve its dividend to
four cents.
CWC boss Tony Rice told City
A.M., We wanted to set the
dividend at a sustainable level,
capable for growth. It was
previously set at too high a level
for the world we are entering.
The announcement came as
CWC posted an 18 per cent rise in
revenue to $2.9bn (1.85bn) as
earnings grew five per cent to
$901m, although profits fell by
three per cent to $326m.
CWC dividend
cut to four cents
BY LAUREN DAVIDSON
FRIDAY 25 MAY 2012
13
NEWS
cityam.com
The company said it is funded through to 2014 and it retains a
comfortable balance sheet and funding position in our view. We
continue to see an attractive outlook for the UK water sector. Buy.

JAMES BRAND DEUTSCHE BANK


The nancial position remains robust with headroom to cover projected
nancing needs to 2014. United has delivered a good set of full
year results that are broadly in line with expectations.

TINA COOK CHARLES STANLEY

W
ith its commitment to hire
3,000 staff to expand its
legal business, Co-op has
come out fighting in the
race to shake up the UKs stagnating
legal market.
The comparatives are hardly
scientific, but top firm Clifford
Chance employs 3,200 legal advisers
worldwide, so the Co-ops goal would
certainly bring it alongside the big
boys in terms of headcount. Of
course theres no suggestion that
new entrants are competing with the
big firms for corporate clients these
new businesses are aimed firmly at
the consumer end of the market
but bringing a trusted brand into a
traditionally closed market is still a
significant step forward. Its also
interesting that the Co-op will offer
training contracts as part of its
expansion, as those in particular
have been thin on the ground for
eager grads in recent years. With its
expansion plans the Co-op is
becoming a pioneer for change, and
its ambition should be applauded.
BOTTOM
LINE
ELIZABETH FOURNIER
THE CO-Operative Group will hire
3,000 people to grow its legal arm,
it said yesterday, as the firm
continues its push to become the
UKs biggest provider of consumer
legal services over the next decade.
The Co-op was the first non-law
firm to be licensed to sell legal
services in the UK, after its
application to become an
alternative business structure (ABS)
was approved by regulators at the
end of March.
It said yesterday that 90 per cent
Banking groups pledge should
make law firms sit up and think
L
A
U
R
A

L
E
A
N
/
C
I
T
Y
A
.
M
.
Daily Mail and General Trust PLC
24May 18May 21 May 22May 23May
390
395
400
405
410 p
400.10
24May
FRIDAY 25 MAY 2012
14
NEWS
cityam.com
GLOBAL BUSINESSES
RECRUITING LONDONS
BEST PROFESSIONALS
YOUR FUTURE IS OUR BUSINESS
CITYAMCAREERS.com
WWW.CITYAMCAREERS.COM
OVER
OR SCAN HERE
4000
SALARIES UP TO
JOBS
300K
The new
jobs website
for London
professionals
CITYAMCAREERS.com
LONDON 2012 IMAGE OF THE WEEK
THIS week, Lord Mayor of the City of London David Wootton posed
with the 1948 Olympic torch used when London last hosted the
Games. Created by Ralph Lavers to represent the best of British
craftsmanship, and inspired by classical architecture, the design was
successful enough to be used again at the 1956 Melbourne Olympics.
Between now and the start of the Olympics, City A.M.
is publishing its Olympic Image of the Week. If you
have a shot you think our readers will like, please
email pictures@cityam.com with IOW2012 in the
subject line. Full details: cityam.com/london-2012
IN BRIEF
Porvair upbeat on full year
nFiltration specialist Porvair said
yesterday that it had started 2012 well
and expects to report interim profits well
ahead of 2011. It said group revenue in
the first half of 2011 was up 10 per cent
on the previous year while its order book
was strong. It spent 3.4m buying Pulse
Instrumentation, Pell Industries and the
Block Digester business of Aim
Laboratories over the year.
Electrocomponents strong in UK
n British electronic parts supplier
Electrocomponents said its UK business
had helped offset declines across interna-
tional markets at the start of its new fiscal
year, as it posted a seven per cent rise in
profit for 2011/12. For the first seven
weeks of the year it said international
trading was down two per cent, while the
UK grew by four per cent. Pre-tax profit
was 122.3m for the year to 31 March.
BMW fined over Swiss imports
n BMW, the world's biggest premium
carmaker, was fined yesterday for pre-
venting Swiss residents from buying its
cars abroad in euros after the strong
Swiss franc made prices up to a quarter
higher. The Swiss Competition
Commission fined BMW SwFr156m
(104m). BMW said it plans to appeal
against the fine within the legal deadline
of one month.
BRITISH newspaper group Daily Mail
& General Trust (DMGT) said yester-
day that it still expects full-year earn-
ings to grow, helped by an improved
second-half performance, after the
cost of disposals, restructuring and
redundancies hit its first half.
Clearly the trading environment
does remain somewhat challenging,
particularly for our consumer busi-
nesses, but these results do illustrate
the progress DMGT is making, chief
executive Martin Morgan told
reporters.
The Daily Mail said the market
share of its daily and Sunday titles
was higher in March than a year ear-
lier and early indications were that
the launch of Rupert Murdochs Sun
on Sunday had little impact on the
mid-market Mail on Sunday.
Daily Mail firm
profits hit by
one-off costs
BY HARRY BANKS
The group, which prints the Daily
Mail and a string of regional titles,
said adjusted first half pre-tax profit
fell 14 per cent to 105m on revenue
down two per cent to 973m, which it
attributed to a string of one-off items
which hit the results on a reported
basis.
Shares in DMGT dropped by 1.4 per
cent to 400.1p.
ADAM & Eve, the
communications agency behind
the much-loved John Lewis
adverts, was yesterday bought by
DDB, a subsidiary of Omnicom.
The 60m deal will see the
companys four founding
partners Jon Forsyth, Ben Priest,
James Murphy and David
Golding assume senior roles at
Adam & Eve / DDB.
The five year old firm has risen
Omnicom acquires ad agency
behind John Lewis campaign
BY LAUREN DAVIDSON to prominence with campaigns
including the Fosters good call
advert and clients such as Google
and Cadburys.
Forsyth told City A.M., Were
one of the most successful start
ups of the last few years. The
secret to our success? We believe
in bringing people together. If
you bring different people
together, amazing things will
happen.
Corporate financiers Cognizant
advised on the deal.
Last years popular John Lewis Christmas advert was created by Adam & Eve
IN BRIEF
Chinese manufacturing slows
nChinese manufacturing activity fell
in May according to survey data
published yesterday, leading
economists to forecast additional
stimulus from the government. The
sectors purchasing managers index
fell to 48.7 in May from 49.3 in April,
according to initial estimates from
Markit. Any figure below 50 shows a
contraction. The output index moved
to a seven-month high of 50.5 to
record very slight growth. However,
new orders dropped, as did export
orders and employment level.
OECD calls for inclusive growth
nCountries should make more of an
effort to create lower-skilled jobs as
part of their growth policies, the OECD
and World Bank argued yesterday.
Their report said encouraging job cre-
ation across regions and skill levels can
strengthen growth; it recommended
improving access to capital and finan-
cial services for firms in newer sectors.
UK still nervous about borrowing
nNet mortgage lending rose 1.2 per
cent in the year to April, according to
figures from the British Bankers
Association, accelerating from 0.8 per
cent growth in March. However, gross
mortgage lending was below the six
month average, and there were fewer
new borrowers alongside fewer home
owners clearing existing mortgages.
And unsecured lending fell 1.6 per cent
in the year to April, while last month
cautious consumers poured 7.5bn into
their cash ISAs a rise of 50 per cent
on a year ago.
G
E
T
T
Y
PUSHING hard to cut inflation may
do more harm than good, the Bank
of Englands David Miles said yester-
day, claiming that tighter monetary
policy would hit incomes in the long
run.
Although the Monetary Policy
Committee (MPC) is officially meant
to keep consumer price inflation
close to two per cent per year, Miles
argued that reducing
demand to lower infla-
tion risks inflicting fur-
ther damage on the
economys potential.
Miles was the only
member of the MPC to
call for more QE in this
months meeting, and
pointed to the UKs ongo-
ing economic weakness
as the reason, despite
inflation still stand-
ing at three per
cent.
GDP remains
four per cent
below its
Bank official
warns against
tighter policy
BY TIM WALLACE
pre-crash peak and labour productiv-
ity has fallen since the financial cri-
sis, which Miles fears making worse
through tighter policies.
Faster GDP growth is likely to
increase the speed of the recovery of
labour productivity, he told the soci-
ety of business economists.
Furthermore, stronger labour pro-
ductivity would pull down unit
labour costs unless it is fully matched
by higher wages. This means that
stimulating GDP growth with mone-
tary policy does not have to lead to
strong inflationary pressures.
In a note, Barclays Capital com-
mented on the Bank officials
speech: The justification for Miles
policy decision is interesting in our
view, as for the first time an MPC
member is arguing this strong-
ly about the welfare effects
of bringing inflation
down quickly, when
the economy is weak,
BarCap said.
THE US does not need more
quantitative easing (QE), a top
Federal Reserve policymaker said
yesterday, reversing his previously
dovish stance.
New York Fed boss Bill Dudley
said the economy is steadily
improving and using up slack,
limiting the need for further
support.
I think its hard to argue that
we absolutely must do something
more in terms of the monetary
policy front, Dudley told CNBC.
However, if downside risks
from, say, Europe or the US fiscal
Strong US economy needs no
more QE, says Feds chief dove
BY TIM WALLACE cliff were to really intensify, then I
think youd absolutely have to
consider further monetary policy
moves.
Meanwhile new figures from the
US Labor Department showed
initial jobless claims barely
changed last week at 370,000,
down 2,000 on the week.
Manufacturing data out
yesterday also showed a slowdown
in economic improvements, with
Markits purchasing managers
index (PMI) coming in at 53.9 in
May, down from 56 in April.
Although it represents a slowing
in activity, the PMI is still firmly
above the no change level of 50.
FRIDAY 25 MAY 2012
15
NEWS
cityam.com
New York Fed boss Bill Dudley hopes the US can grow without more monetary support
The Banks David Miles
fears tighter policy
FRIDAY 25 MAY 2012
16
LONDONREPORT
ING Investment Management
Mark den Hollander has been
promoted to chief risk officer,
effective 1 June. He has close to
20 years of experience in the
investment management
industry and joined ING in 2009
as managing director, head of
investment solutions. He was
previously chief investment
officer at Fortis Investments and
has held senior roles at ABN AMRO Asset Management.
Freshfields Bruckhaus Deringer
Barbara Keil has been appointed co-head of the law firms
general industries group. She succeeds Henning Oesterhaus
and takes up the position alongside dispute resolution
partner Paul Lomas. Keil has been a partner at Freshfields
since 2001, in the corporate practice group. She was office
managing partner of its Munich office from 2004 to 2010.
Jones Day
The law firm has announced that Dan Coppel has joined its
London office as a partner in its mergers and acquisitions
practice. He joins from the London office of Dewey &
LeBeouf. Coppel has significant experience in investments
in emerging markets and a particular focus on transactions
involving Russia and the natural resources sector.
SVM Asset Management
The investment boutique has appointed Alasdair Birch as a
European equity analyst. He joins from BNP Paribas
Investment Partners UK, where he was a junior portfolio
manager within the European mid-cap team. In his new
role, Birch will provide support to SVMs European equity
and global equity teams.
Bircham Dyson Bell
Jesper Christensen has been elected for a four year term as
the law firms new managing partner, commencing 1 June.
He joined Bircham Dyson Bell in 1996 and has led its
employment team since 2001. Christensen served on its
partnership board from 2007 to 2011 and headed its
business services department from February 2011 to May
2012.
IHS
The Nigeria-focused telecommunications infrastructure
provider has appointed Romain de Villeneuve as business
development director. He joins from Orange-France
Telecom, where he led its group efficiency transformation
programme.
Savills
Dirk Hoenig-Ohnsorg has joined the European investment
team of the real estate advisory firm. He has over 14 years
of experience in the industry, and was previously director in
the transaction team at Pramerica Real Estate Investors.
Hoenig-Ohnsorg has also held roles at Commerz Real and
Jones Lang LaSalle.
WHOS SWITCHING JOBS Edited by Tom Welsh
+44 (0)20 7092 0053
morganmckinley.com
SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT
Wall St edges
higher in last
minute swing
U
S stocks ended slightly higher
in a third session marked by
late day swings yesterday, but
the Nasdaq fell after NetApp
gave a weak revenue forecast, casting
doubt on the outlook for tech
spending.
Major indexes were lower for
much of the session, as investors
found little reason to buy following
three days of gains. In addition,
economic figures suggested slowing
demand in both Europe and the
United States.
However, Wall Street reversed
course late in the session and the
S&P extended its gains to a fourth
straight day.
Underscoring the vulnerability of
US companies to events in the
Eurozone, data storage company
NetApp forecast revenue below
expectations, citing uncertainty in
Europe. Its shares tumbled 12 per
cent to $28.82.
Dow component Hewlett-Packard
rose 3.3 per cent to $21.77. The
company said on Wednesday it
would lay off about eight per cent of
its workforce in the next couple of
years.
Greeces future in the Eurozone
remains a primary risk for stocks. At
least half of Eurozone governments,
as well as banks and large
companies, are making contingency
plans in case Greece decides to
leave.
The Dow Jones industrial average
was up 33.60 points, or 0.27 per
cent, at 12,529.75. The Standard &
Poors 500 Index was up 1.82 points,
or 0.14 percent, at 1,320.68. The
Nasdaq Composite Index was down
10.74 points, or 0.38 per cent, at
2,839.38.
The S&P is up two per cent on the
week, though the market has lately
undergone late-day shifts that have
erased both losses and gains, a sign
of the markets skittishness.
Demand for long-lasting US
manufactured goods rose less than
expected in April while weekly
jobless claims dipped modestly for
the week ended 19 May, government
data showed.
The transportation sector edged
up despite a rebound in oil prices.
The rise was led by airlines after
JPMorgan raised its price target on
several carriers.
US Airways jumped 10.5 per cent
to $12.16, its highest since
November 2010, and an index of
airline stocks gained 3.3 per cent.
US Airways shares have more than
doubled in 2012, rising about 140
per cent.
After the closing bell on
Wednesday, electronic trader
Knight Capital Group said it
suffered a pre-tax loss of $30m to
$35m on the botched Nasdaq
trading debut of social media giant
Facebook and is demanding the
exchange compensate that amount.
Knight Capital Group shares fell
0.5 per cent at $12.38 and Facebook
shares rose 2.3 per cent to $32.72.
B
RITAINS benchmark share index
recovered yesterday from stinging
losses during the previous session
as bargain hunters snapped up
beaten-down financial and commodities
stocks, although traders said any rally
could prove short-lived.
The blue-chip FTSE 100 index closed
up 83.64 points, or 1.6 per cent, to
5,350.05 points.
It fell 2.5 per cent on Wednesday to a
new 2012 closing low of 5,266.41 due to
persistent fears that Greece may have to
leave the Eurozone, and its rally
yesterday still left it shy of the 5,400
level seen as key to triggering further
buying.
I see a continuation of this
momentum going into tomorrow, in
the absence of any fresh negative news,
but my general bias would still be to
sell into strong rallies, said Hartmann
Capital equities and derivatives sales
trader Basil Petrides.
Franklin Templeton fund manager
Colin Morton agreed that underlying
fears about the debt crisis in Greece,
and the impact that a Greek exit from
the euro zone could have on the global
economy, would limit any gains made
in the coming days.
Ive moved a little bit of money off
expensive, defensive stocks and towards
more cyclical stocks that have had a
bad run, said Morton.
But for the market to make
significant progress, there has to be a
dramatic change in how people feel
and at the moment, there is still too
much uncertainty, he added.
Mining company Randgold
Resources topped the FTSE 100
leaderboard after its shares closed up
eight per cent.
Traders cited several reasons for the
stocks rise, such as the fact that
directors had bought the company's
shares earlier in the week and a
recovery in the price of gold.
They added that Randgold, whose
shares are still down 21 per cent since
the start of 2012, was tracking gains in
South African gold miners, such as
Harmony Gold, whose shares also rose
after investors bet that their prices had
fallen too far during a recent decline in
the gold price.
Hartmann Capitals Petrides said he
had considered buying oil major BP,
which also rose 3.3 per cent, but
instead bought shares in financial
companies, which have slumped this
month on fears of their exposure to
Europe's debt crisis.
Petrides bought UK bank Barclays
and insurers Prudential and Aviva
yesterday, whose shares also made
ground, with Prudential rising 3.4 per
cent.
These stocks tend to outperform
when the market goes up. Their
dividend yields are good and they have
good quality earnings, he added.
Others were more cautious, given the
uncertain outlook for markets ahead of
a 17 June election in Greece, where
voters have rejected austerity measures
imposed on it by the European Union
and International Monetary Fund in an
earlier bailout deal.
Its still a risk-off market, said
Charlotte Square fund manager
Amanda Forsyth, who has remained
underweight on equities and
overweight in cash, with safe-haven
asset classes such as the US dollar, US
Treasury and German bund all having
risen in recent weeks.
Outside the top flight, Mothercare
soared 24 per cent after it unveiled
better than expected results a tough
cost-cutting plan.
FTSE enjoys some breathing space
as bargain-hunters prompt gains
BESTof theBROKERS
ARM Holdings PLC
p
500
495
485
480
475
470
490
18May 21May 22May 23May 24May
495.20
24 May
ARM HOLDINGS
Morgan Stanley rates the semi-conducter and software design company
as overweight with a target price of 690p. The broker thinks ARM can
deliver on its ambitious long-term targets, and forecasts royalty revenue
growth of seven per cent above and beyond the sector. Morgan Stanley
thinks ARM could reach a market share of up to 70 per cent in mobile
processing by 2016 under its most bullish forecasts.
HOMESERVE
Panmure Gordon has a sell rating on the home repairs group with a
target price of 145p. The broker struggles to see any chance of share price
improvement until an ongoing FSA probe has concluded. It is also worried
that problems in the UK could dent Homeserves international ambitions,
despite good progress in Europe.
BETFAIR
Numis has a buy rating on the betting firm with a target price of 11. The
broker reckons some of Betfairs investments are likely to pay off soon,
such as its integrated sportsbook once the Euro 2012 competition kicks off.
It also points out Betfairs market-leading odds and its impressive
advances in the mobile market. But Numis has trimmed its earnings per
share by three per cent this year and 16 per cent next year due to increased
costs and marketing spending.
FTSE
5,425
5,400
5,375
5,350
5,300
5,325
5,275
22May 21May 18May 23May 24May
5,350.05
24 May
DASHBOARD CITY
CITY MOVES
To appear in CITYMOVES please email your career updates and pictures to citymoves@cityam.com
NEW YORK
REPORT
in association with
YOUR ONE-STOP SHOP FOR JOB MOVES,
BROKER VIEWS AND MARKET REPORTS
cityam.com
Homeserve PLC
p
240
220
180
160
200
18May 21May 22May 23May 24May
144.00
24 May
Betfair Group PLC
p
770
760
740
730
750
18May 21May 22May 23May 24May
730.00
24 May
Visit your nearest store, order direct at www.dfs.co.uk or call free on 0800 110 5000 24 hours a day, 7 days a week
4 years interest free credit on everything
Or pay nothing until January 2013 then take 3 years
interest free credit
0
%
REPRESENTATIVE
APR
No deposit with 4 years interest free credit. 48 equal monthly payments of 14.56. Or pay nothing until January 2013 then 36 equal monthly payments of 19.41. 0% APR. Total 699.
NIKITA
4 SEATER
HALF PRICE
699
AFTER EVENT PRICE
1398
14.56
A MONTH
NO DEPOSIT
NO INTEREST
EVER
50%
OFF
NUVO COLLECTION
SOFAS
Credit subject to acceptance. Credit is provided by external nance companies as determined by DFS. 4 years interest free credit from date of order. *21 day delivery from the date of credit acceptance, UK mainland only. Delivery charges apply. Delivery charges apply. After event
prices apply from 28.05.12 - see instore or online for details. Mobile charges may apply when calling 0800 110 5000. DFS is a division of DFS Trading Ltd. Registered in England and Wales No 01735950. Redhouse Interchange, Doncaster, DN6 7NA.
21 day express
delivery
available*
half price
ends Sunday
N
e
w

T
o
t
t
e
n
h
a
m

C
o
u
r
t

R
o
a
d

s
t
o
r
e

o
p
e
n
s

S
A
T
U
R
D
A
Y

9
A
M
Apple, the Apple logo and iPad are trademarks of Apple Inc, registered in the US and other countries . TMand 2010 Apple Inc. All rights reserved. 1Pay monthly price subject to credit check and minimumtermof 24 months on selected networks and tariffs. T-Mobile deal only available on newsubscriptions.
in store mobile 0800 781 7975 carphonewarehouse.com
Geek Squad service plans available from 13.99 per month.
31
PER MONTH

UPFRONT COST 29
Per month
1
31
Per month
1
36
Per month
1
34
iPhone 4S
UPFRONT29
iPhone 4S
UPFRONT49
iPhone 4S
FREEFROM
iPhone 4S 16GB
300 minutes
Unlimited texts
750MB data
500 minutes
5000 texts
Unlimited data
600 minutes
Unlimited texts
1GB data
Per month
1
36
iPhone 4S
FREEFROM
300 minutes
Unlimited texts
1GB data
Per month
1
42
iPhone 4S
FREEFROM
900 minutes
Unlimited texts
1GB data
ON ALL
THE MAJOR NETWORKS
4S
FOR INDEPENDENT ADVICE, TALK TO US
T
HE Olympic flame is making
its way around the length and
breadth of Britain, a vivid
symbol of one of the key values
of the ancient Games: freedom
of movement. Before the games at
Olympia, a truce was declared so that
officials and athletes could make
their way to the Games without
hindrance or legal dispute. Its an
approach we still need today and its
a shame that one of the more
tangible forms in which its spirit
lives on doesnt get more attention:
the legal relaxations that accompany
the modern Games.
In modern times, the anti-war
aspect of the Olympic truce has been
emphasised instead. Its true there
was a restriction on military clashes
T
HERE is almost no economic
problem for which there is not
at least one precedent.
Examining precedents can help
guide policy makers and their
advisers if they are willing to look.
But policy makers trying to deal with
the euro crisis have not taken
advantage of this opportunity.
Many currency unions have been
formed in the past. Some have sur-
vived, while others have not. What do
the ones that survived including
those which collapsed not due to eco-
nomic stress, but the stresses of war
have in common?
The best example to use in answer-
ing that question is at first glance a
surprising one it is the international
gold standard, which lasted from the
mid 1870s to the outbreak of the First
World War, and resumed in a substan-
tially modified form soon after the
end of the War, finally crumbling in
the Great Depression.
That system was remarkably like the
Eurozone. Every country on the gold
standard linked its currency rigidly to
gold. No country had control over its
cityam.com/forum
A substantial
central budget is
what the Eurozone
needs to survive
In association with
THEFORUM
Twitter: @cityamforum on the web: cityam.com/forum or by email: theforum@cityam.com
Agree? Disagree? Got a sharp comment?
The Forumwants you to join the debate.
Top responses will be reprinted in The Forum.

20
FRIDAY 25 MAY 2012
FORREST CAPIE
money supply the basis for that was
determined by the world stock of gold.
Most countries issued their own cur-
rency, but that was no more than the
same currency as that of any other
gold standard country. Different only
in name, for all currencies were
linked rigidly together. That pretty
well describes the monetary arrange-
ments of the Eurozone.
Most of the gold standard broke up
under the strains of the Great
Depression. But the US held together
as a monetary union, as it had in pre-
vious severe downturns in the 19th
century. Its relevance may seem puz-
zling as the US was a country; but in
one important respect it was not quite
a country. It did not have a nation-
wide banking system. There was rigid
separation of banking along state
boundaries. The only nationwide
bank from 1914 until well after the
Second World War was the Federal
Reserve.
So why did the US hold together as a
monetary zone? Of course, there were
no doubt several contributory factors.
Labour mobility was probably greater,
due in part to a common language.
Legal systems, although differing
somewhat from state to state, had a
substantial and significant common
core.
But there was one big difference. In
the Great Depression, while many
banks failed, there was no case in
which the banking system of an entire
state teetered on the edge of insolven-
cy. Thus, although the Federal Reserve
acted somewhat hesitantly as a lender
of last resort to the banks, there was
never a case where a whole states
banking system was unable to offer to
the Fed the kind of collateral it
required in return for liquidity assis-
tance.
The main reason for banks remain-
ing solvent was that there were trans-
fers through the Federal govern-
ments budget. These came largely
automatically, but also through dis-
cretionary payments from relatively
prosperous states. These fiscal trans-
fers from a central budget kept state
banking systems afloat and the mone-
tary union together.
There were no such transfers in
Europe. It was a Europe of nation
states. That is the crucial difference
between the US then and Europe now.
It needs to be asked whether that
was a special case. Does it actually gen-
eralise? Did a central budget with
automatic transfers play a part in
other monetary unions which held
together, and were such transfers
absent in unions which fell apart? The
answer to both is yes. Every monetary
union which survived all strains but
war had a substantial central budget
that transferred resources between
regions in times of stress.
However, not every monetary union
which had a fiscal union was a suc-
cess. Where the provinces are stronger
than the centre, fiscal union is not
enough. Argentina had strong
provinces relative to the centre; this
repeatedly led to the sequence of debt,
inflation, and default.
A substantial central budget is what
the Eurozone needs to survive. Not
just to get through this episode, but to
survive as a stable and prosperous
monetary entity. Whether there is
consent by the electorates to the set-
ting up of such as system we do not
know. And whether there is sufficient
time we doubt.
Forrest Capie is professor emeritus of eco-
nomic history at Cass Business School.
Geoffrey Wood is professor emeritus of eco-
nomics at Cass Business School.
for the duration: the historian
Thucydides records that after the
Lacedaemonians broke the truce
they were forbidden to compete and
fined 200,000 drachmas. And so
before every modern Olympic Games
a symbolic truce resolution is agreed
at the United Nations: in 2011,
Londons resolution was co-
sponsored by the whole General
Assembly for the first time. However,
as with many things connected to
the UN, this truce is strong on ideals
and short on impact. North Korea
and Iran added their names to the
list, but their bellicosity proceeded
without apparent remorse.
The original truce was a practical
regime, not just a piece of one-world
posturing. And today it is the unsung
changes on tax and visas that really
make the Olympics possible.
In 2010, the worlds fastest man,
Usain Bolt, did not compete in the
Aviva London Grand Prix because of
Britains punitive tax laws. To
prevent the follies of local politicians
interrupting the greatest show on
earth, the International Olympic
Committee demands the host nation
waive income tax for all non-
residents involved with the Olympics
for the duration, from athletes to
foreign journalists and performers
in the opening and closing
ceremonies. Britains tax truce has
been in force since 30 March this
year. It will last until 8 November,
giving a select few a much happier
experience of the British taxman.
Onerous visa regulations are also
relaxed in Olympic years. Sadly,
Britain has failed to put in place a
general Olympic visa waiver scheme,
which wont help the passport
queues at Heathrow. Instead, we are
issuing a special Olympic visa. But
this summer Ireland wins the gold
medal for its Olympian attitude to
border control. Games Family
members (athletes, coaches, officials
and overseas media) can currently
enjoy a visa truce if they fly to
Dublin or Shannon airports, again
lasting until 8 November.
Freedom of movement, like the
freedoms of speech, of trade and of
worship, opens up new possibilities
for peace and human flourishing.
Today we believe that if athletes
cross borders, soldiers wont. The
Olympic truces on tax and visa law
are the real achievements that make
this movement possible, not grand
UN resolutions. The lesson is clear: to
bring the world together in peace
and harmony, first persuade
government to know its limits.
Marc Sidwell is City A.M.s business
features editor.
THE LONG
VIEW
MARC SIDWELL
Celebrate the open power of the 2012 Olympic truces on tax and visas
GEOFFREY WOOD AND
The gold standard gives priceless
insights into how to save the euro
21
Europes cash cows
[Re: Europes shared currency shouldnt
entail Germany bankrolling a debt union,
Wednesday]
An interesting article by Jamie Whyte,
though it misses one crucial point. Whytes
premise that Germany shouldnt subsidise
other EU members, by principle, forgets one
long-standing policy the Common
Agricultural Policy. Germany has indirectly
subsidised French agriculture for years. Of
course, Germany benefited from other EU
policies, notably open markets for its
industry. Germany was happy with this
subsidy and corresponding benefit when
Europe was prosperous. Now things arent
going so well, it can hardly oppose cross-
border subsidies on a point of principle.
JeremyEvans
Beecrofts burden
[Re: Tinkering with Britains economy wont
drive the growth we need, yesterday]
Simon Walker is right to condemn the public
attacks on Adrian Beecroft for his attempts
to find innovative solutions to Britains
lagging competitiveness. We need more
thinkers like him in government, particularly
those with business experience. Are attacks
on Beecroft because hes revealed a truth
that no one else has dared uncover?
Eric Summers
[Re: Dont ignore the moral arguments
against high taxation, Wednesday]
High taxation may be immoral, but is low
taxation any more moral? Any extortion by
force is wrong in principle.
James Beard
T
HE governments draft
Energy Bill is an utter
disaster. It reverses the
course of UK energy
deregulation, which cut
prices, and will lead to confusion
for companies and added costs for
consumers.
Lord (Nigel) Lawson, who as energy
secretary was the architect of
Britains energy market deregula-
tion in the 1980s, has warned that
the Bill constitutes a disastrous
move towards a centrally planned
energy economy, with a high level of
control over which forms of energy
generation will be favoured and
which will be stifled.
The government bases the case for
low-carbon and more expensive
energy in large part on the assump-
tion that gas prices will rise signifi-
cantly in the future. This argument
is no longer credible in the light of
the growing international abun-
dance of shale gas, including in
Britain.
North American gas prices have
dropped from $15 per million
British thermal units to below $2 in
just 7 years. This price collapse is an
indication of things to come in
Europe, once its own vast shale
deposits are allowed to be extracted.
The government has declared that
the decarbonisation of the economy
is its key priority. At a time when
most other major economies are
gradually returning to cheap and
abundant fossil fuels, mainly in
form of coal and natural gas, Britain
alone seems prepared to sacrifice its
economic competitiveness and
recovery by opting for the most
expensive energy.
In any case, the complex and
inconsistent measures of the draft
Energy Bill are unlikely to provide
investors with the certainty they
require to make substantial invest-
TOP TWEETS
I agree that abolishing stamp duty on
equities would be wise. But why not also
stamp duty on investment property?
@petercosmetatos
How can traders use social media to make
money? Presumably not by buying shares in
Facebook.
@Lukebozeat
Lex Van Dam's slot at the CityAM Active
Trader seminar: Sardonic. Cynical. Refreshing.
And he shorted Apple all the way up.
@lse_co_uk
Cameron is out of touch if he thinks making
firing workers easier is in union interest.
@wdjstraw
Should Britain consider regulation to end
the current model of no-charge banking?
YES
Banks sell a very complicated set of products and clarity is vital so
that customers understand what they are paying for. It costs a bank
hundreds of pounds a year to service an account for cards, secure
websites, statements, and anti-fraud systems, as well as complying
with regulations. Banks currently make this money back through
other routes, like artificially low interest rates on current accounts,
while charges and fees for additional products are often opaque.
The Payment Protection Insurance scandal was a direct result of
banks looking to generate profits by other means. Transparent
charges should also drive improvements in customer service. The
fact that so little has changed in recent years shows that the market
cant solve the problem itself. If one bank were to introduce charges,
customers would desert it. This is what happened in the US last year.
Regulation is needed so that all can move forward together.
Alex McEvoy is head of financial services at Moorhouse.
Alex McEvoy
NO
Philip Booth
It is always tempting for regulators to complain that markets do not
conform to the undergraduate textbook and seek to reorganise a
particular market to make it do so. However, enforced changes in
markets tend to have unforeseen consequences. We still suffer
today, for example, from the abolition of minimum commissions in
the life insurance market in the mid-1980s. Free banking is popular
with consumers even if regulators dont like it. Its true that free
banking is both a symptom and a cause of a lack of competition. But
what we need in banking is innovation and completely new models.
Supermarkets providing savings products without current accounts,
peer-to-peer lending and e-money may make the debate about free
current accounts irrelevant. Regulators must consider whether
excessive regulation is impeding innovation in the financial sector.
Professor Philip Booth is editorial and programme director at the
Institute for Economic Affairs.
RAPIDresponses
Britains solitary
stance on energy
policy is foolish
ments.
The proposed contracts for differ-
ence (CFDs) are extremely complex
and convoluted. They are designed
to guarantee profits for nuclear and
renewable energy companies that
invest in low-carbon power plants
that would otherwise be unprof-
itable. Yet neither the profit guaran-
tees offered for different
technologies, nor the duration of
CFDs is known. The government has
not provided any numbers and price
guarantees for its favoured green
technologies. Investors are therefore
thrown into limbo since they cant
calculate whether expensive renew-
ables or nuclear reactors are viable
and can compete with less expen-
sive conventional power plants.
This lack of clarity will inevitably
lead to constant government
amendments and continual inter-
vention, which will act as additional
barriers to new entrants in the UK
electricity market.
Also of concern, the Energy Bill
proposes to give the secretary of
state exclusive authority to offer
green energy companies letters of
comfort, promising them guaran-
teed profits once the specifics of
CFDs are finalised and introduced.
The proposals are uneconomical. If
introduced they would undermine
Britains struggling industry and off-
set any other attempts to boost the
economy.
Dr Benny Peiser is the director of the
Global Warming Policy Foundation. Lord
Lawson is its chairman.
FRIDAY 25 MAY 2012
BENNY PEISER
Printed by Newsfax International, BeamReach 5 Business Park, Marsh Way, Rainham, Essex, RM13 8RS
Distribution helpline
If you have any comments about the
distribution of City A.M.
please ring 0207 015 1230, or email
distribution@cityam.com
Editorial Editor Allister Heath | Deputy Editor David Hellier | Managing Editor & Head of News David Crow
Business Features Editor Marc Sidwell | Lifestyle Editor Zoe Strimpel | Sports Editor Frank Dalleres
Art Director Gavin Billenness | Pictures Alice Hepple
Commercial Sales Director Jeremy Slattery | Commercial Director Harry Owen | Head of Distribution Nick Owen
4th Floor, 33 Queen Street,
London, EC4R 1BR
Tel: 020 3201 8900
Fax: 020 7248 2711
Email: news@cityam.com
Editorial Statement: This newspaper adheres to the systemof self-regulation overseen by the Press Complaints Commission. The PCCtakes complaints about the editorial content of publications under the Editors Code of Practice, a copy of which can be foundat www.pcc.org.uk
The Forum is open for you to take part. Got a sharp comment on
one of todays columns? Do you have another subject you want
to share your opinion on? We want to hear your views.
Email theforum@cityam.com or comment at cityam.com/forum
Live the dream with both a house in the country and a crash pad in the City: and
if youre shrewd, youll have made a clever investment too, says Steve Dinneen
22
FRIDAY 25 MAY 2012
cityam.com
PROPERTYCRASH PADS
NOWAVAILABLE - MARKETING SUITE OPEN
Tuesday - Saturday 10am - 5pm Thursday Evening by Appointment
BLACKHEATH
LEWISHAM >BLACKHEATH LEWISHAM >GREENWICH LEWISHAM >LONDON BRIDGE
GREENWICH LONDON BRIDGE CANARY WHARF OLYMPIC PARK
LEWISHAM >CANARY WHARF LEWISHAM >STRATFORD
3
MINS
5
MINS
8
MINS
17
MINS
30
MINS
From 179,950
*
Estimated rental yield 6%.
Striking 1, 2 & 3 bedroom apartments
ideally located for links into the city
*based on 1 bed apartment. Prices correct at April 2012. Computer generated images. Train times source: TFL website.
020 7089 3917
centralparkliving.co.uk
TEXT CENTRAL23 to 60123
live london live central park
NEW PROVIDENCE WHARF, DOCKLANDS
Price: 325,000
A modern one bedroom flat with parking near to
Blackwall Way DLR station and Canary Wharf
underground station. It has a reception room, kitchen,
bedroom, bathroom and access to parking, a
concierge, a swimming pool and a gym. Savills Paul
Williams says: Buyers looking for a lock up and go
crash pad should look to newer markets like Docklands
or Canary Wharf where you buy the convenience of
built-in services. Contact Savills on 020 7226 1313.
F
or the Citys movers and shakers,
its the million pound question:
do you live in the town centre
and save yourself hours of
tedious, stressful commuting, safe in
the knowledge that you own property
in one of the worlds cultural hubs?
Or, do you move to the commuter belt,
get yourself a bigger house with a
garden and raise your kids somewhere
with a bit of greenery?
Or, you could go for the third
option: a big house and a City crash
pad. If you want to have it all the
best art, theatre and music on your
doorstep and a view of the rolling
countryside, a one bedroom crash-pad
can be both convenient and if you
buy shrewdly a great investment.
A crash pad is ideally located within
easy reach of the City or Canary
Wharf, says Paul Williams of Savills
Islington, preferably in a location well
served by transport, restaurants and
nightlife. Buyers should always have
an eye on resale and are well advised to
buy in locations that are historically in
demand or are up and coming and
offer real growth potential.
For a crash pad that will attract
young City workers if youre consifer-
ing rental or resale, dont look west of
Islington increasingly, young buyers
are looking east for their nightlife. For
value and potential growth in value,
Id be looking around Old Street or
Shoreditch. For an established prime
market with a very broad appeal at
resale, Bloomsbury or Marylebone are
both locations which still look cheap
compared to Knightsbridge and
Chelsea and offer growth potential.
Matt Leitch of Savills Docklands
agrees that east London is where the
clever money is, even if youre on a rel-
atively tight budget. He said: For a
first time buyer, or those looking for a
budget crash pad, Stepney is a great
choice. Values are still sensible at
around 500 per square foot compared
with 800-900 per square foot just a
couple of miles either side, with one
beds available for around 240,000.
This area is already well-served trans-
port-wise and values will undoubtedly
be boosted by the arrival of Crossrail
and post-Olympic regeneration.
At the other end of the spectrum,
properties near to Liverpool Street or
Canary Wharf can fetch well over 1m,
with buyers from all over Europe using
flats there as a London base while
their families remain in Paris or
Madrid.
With property in the trendier areas
of east London maintaining value well,
investing in that crash-pad now could
reap financial rewards in a few years.
Two birds with one stone: what are
you waiting for?
CASE STUDY 1:
THE DOCKLANDS OASIS
CASE STUDY 2:
THE ISLINGTON PAD
BLACKTHORN AVENUE, ISLINGTON
Price: 450,000
A modern one bedroom apartment on the second floor
of the award winning Arundel Square development. It
has hardwood flooring in the reception room and a
balcony that overlooks the newly landscaped Arundel
Square gardens. Savills Paul Williams says: Islington
has grown in appeal for City workers looking for a
crash pad and demand for flats remains really strong,
not least because its just 15 minutes walk from the
City. Contact Savills on 020 7226 1313.
Halcyon Wharf E1W
575,000 leasehold
A modern 2 bedroom, 2 bathroom apartment which features a concierge & secure parking.
Ideally situated on the Wapping High Street within close proximity to the City & local
transport routes.
Perspective Building SE1
1,995 per week
An exceptional 3 bedroom penthouse situated in this iconic development, moments from
Waterloo. Te apartment is arranged over the top 2 foors & benefts from foor to ceilings
windows & a private terrace on the 22nd foor with outstanding views.
City Harbour E14
495,000leasehold
An excellent 931 sq ft 3rd foor apartment in the well regarded City Harbour
development. Te property boasts hard wood fooring throughout, 2 bedrooms,
2 bathrooms & excellent dock views from the reception room, master
bedroom & balcony.
Glenluce Road SE3
855 per week
A beautiful 5 bedroom detached house situated within close proximity to the desirable
areas of Blackheath & Greenwich. Perfectly located for local transport links including
Westcombe Park station (British Rail), North Greenwich underground station, allowing
for easy access into the Central London.
Tower Bridge & City
020 7357 7999
sales.towerbridge@chestertonhumberts.com
Tower Bridge & City
020 7357 6911
lettings.towerbridge@chestertonhumberts.com
Canary Wharf & Docklands
020 7510 8300
sales.canarywharf@chestertonhumberts.com
Canary Wharf & Docklands
020 7510 8310
lettings.canarywharf@chestertonhumberts.com
chestertonhumberts.com
c
e
l
e
brat
i
n
g
2012
I
ts not every day you describe a
potential home as important
well, this building is just that: a
Grade II listed Georgian country
house by the famous Sir John Soane,
set in over 30 acres of beautiful
Norkfolk parkland, and only a
couple of miles from Burnham
Market town. Architectural features
include a cantilevered staircase from
1783 as well as John de Carles
fireplace, a important piece for
which sketches were found in
Soanes notebooks. It is to be found
in the first floor saloon.
Elsewhere in the house are six
bedrooms, seven bathrooms, two
dressing rooms on the first floor,
seven further bedrooms and five
further bathrooms on the second
floor. An artists studio is a glorious
touch, and theres a coach house
and stables, extensive staff flats and
significant formal gardens and
grounds.
In 1991 the house, which had
been in institutional use for nearly
60 years, was acquired by the
current owners and a programme
of restoration and refurbishment
was begun to restore it to its
original use. Much work was
undertaken including upgrading
the plumbing and wiring, extensive
redecoration and the installation of
numerous bathrooms. Of particular
note is the extensive planting and
creation of the formal gardens
around the house over the last 20
years. 6.5m through Knight Frank.
Burnham
Westgate Hill,
Norkfolk
Two Grade-II dream homes: one
with world-class equine facilities
24
FRIDAY 25 MAY 2012
cityam.com
PROPERTY PROPERTY OF THE MONTH
Stetchworth
Park house,
Newmarket
S
tetchworth village, in keeping
with the Newmarket area, has
a long, strong and noble
connection with horse-racing.
Integral to Stetchworth Park, a
Grade-II listed mansion, is its own
connection with horses and it has
Olympic-standard riding facilities.
There were two homes on the
property before the current house,
but in 1786 Richard Eaton bought
the land and built the current
house, which stayed in the Eaton
family until Sir Roger Palmer bought
it in 1883. Francis Egerton, 3rd Earl
of Ellesmere, was the founder of the
Stetchworth Park Stud and owned
big winners himself.
This is the ideal home for racing
and bloodstock lovers: the Park
includes a stud yard with 24 boxes
and two staff flats, competition yard
with 22 boxes and three staff flats,
and an indoor area with a
boardroom, three studio apartments
and a common room. Theres also an
outdoor area, showjumping grass
arena, comprehensive equestrian
facilities including solarium and
horse walkers, as well as a four
furlong all-weather round canter.
The house itself is 12,383 sq ft. A
notable feature is the garden room
at the western end of the house,
with windows and French doors to
three sides giving perfect views of
the gardens and parkland.
There are extensive staff houses,
too, including one for the gardener.
10m through Savills. By Zoe Strimpel
The magnificent grounds (above) and the imperial cantilevered stone staircase (right)
The dining room in Stetchworth Park and a glimpse of the extensive paddocks and grounds for horses.
Computer generated image of the Oaklands Apartments from Gloucester Road and computer generated image of typical kitchen interior. *Prices correct at time of going to press.
THE FINEST NEW
ADDRESS IN WANSTEAD
H I G H C E D A R S
.
L E I C E S T E R R O A D
.
W A N S T E A D
.
E 1 1
0800 883 8659 or (out-of-hours) 0800 032 0077 www.highcedars.co.uk
Apartments priced from 285,000 - 450,000
*
A collection of luxury new homes in a prime residential
location adjacent to Wanstead Cricket Club
Spacious one, two and three bedroom apartments
with up to 1200 sq.ft. of living space
All apartments feature designer kitchens & contemporary
bathrooms with high quality finishes throughout
Off-street parking and private outdoor space provided
Sales centre open daily - Monday to Saturday 10am - 6pm Sunday 11am to 5pm
Guided tours of semi-completed homes now
available for viewing. Purchase off-plan now
to avoid disappointment.
OVER 50% SOLD
cityam.com
A host of retro
Jubilee pieces has
given patriotism a
chic twist, says
Zoe Strimpel
Get your home in a royal mood
FRIDAY 25 MAY 2012
26
PROPERTY INTERIORS
Jonah armchair designed by
James Harrison, 499,
made.com
Winner of an Elle Decoration
Young Designer of the Year
Award, Harrisons patriotic chair
has good support and a velvety
soft woven jacquard fabric for a
luxury feel.
Hemingway Design
Diamond Jubilee Outdoor
Scatter Cushion, 20,
johnlewis.com
This sponge-clean cushion is
built for the outdoors and can
withstand plenty of partying.
A vintage-feeling patriotic
touch.
Liberty English Eccentrics large red and
blue Elizabeth Union Jack Scarf,
120, liberty.co.uk
Silk scarf with a commemorative print of
Queen Elizabeth II in the centre with the dates
of her reign, framed by her coat of arms.
Graham and Greene
vintage union jack
bunting, 26,
grahamandgreen.co.uk
The ideal accompaniment to
any Jubilee-themed garden
party, but understated
enough to work for many
summers to come, too.
Union Jack Jubilee
Stag's Head Print
by Mimi & Mae, 30,
notonthehighstreet.com
Posing Corgi statue,
1,953, selfridges.com
OK, its expensive. But youre
not going to find a more solid
show of patriotic art than this
corgi, made in honour of the
canines the Queen most
favours. Made from
polyurethane resin.
A chic vintage-style print
that adds a touch of humour
as well as elegance to any
room. We think it would work
particularly well in the hall.
f y f e m c d a d e
e s t a t e a ge nc y b y
a development by
020 7613 4044
nine high-end luxury dwellings in the heart of
Shoreditch a sophisticated world-class area
for city and creatives.
orx 3300 ft ff. o. o.oilool.
MIS-SOLD PPI TOOK
THE P OUT OF MILLIONS
OF CUSTOMERS LIKE YOU!
Regulated by:
The
Financial Claims Experts
Abbey
Lloyds
TSB
Halifax
black
horse
RBS
Alliance
& Leicester
Capital
One
HSBC mbna
CitiFinancial
Do not worry if your lender is not stated here We can investigate ALL Loan & Credit card claims
Barclays
FREECALL 24 HRS 7 DAYS A WEEK
0800 822 3600
email: info@claim4refunds.com
www.claim4refunds.com
NO WIN NO FEE PPI - AS SEEN ON TV!
IF YOU HAVE A PPI CLAIM THAT WE DO NOT WIN YOU DONT PAY A PENNY
(Please see terms and conditions in our no obligation claims pack)
These logos are for
illustrative purposes only
Billions of pounds owed by banks - most is still unclaimed.
We are winning 200,000 a day for people just like you.
We could win your claim in just 3 weeks.
Call now for a FREE no obligation claim pack.
NO UPFRONT FEES - CALL NOW!

Claim4Refunds ...
have achieved more than we
couldve ever of dreamed of

Mr and Mrs Bailey, Devon


MRS GILL WON 50,048 MR LORD WON 49,925

I urge ANYBODY that has these kind of


financial problems to let Claim4Refunds
handle your situation

Mr Lea, Lancs
CONSUMER
CHAMPIONS
* Income produced from pre lets of the flats. Offer applies to limited number of buy to let investment flats only at selected developments. All sales remain subject to contract. Net income related to rental income. Parking at additional cost.
DUNFORD COURT
HATCH END HA5
WHARFSIDE
LONDON E14
REMAINING
ENTIRE STOCK
SELLING OUT! 1
REMAINING
AND
SELLING FAST! 6
Single 1 bed/2 bath
apartment with balcony
offering 807 sqft of
luxurious living space
Minutes from DLR -
Canary Wharf 5 mins
GOING GOING GONE
AT
299,000
SOUTH CITY COURT
LONDON SE15
3
/
2
o
n
ly
OUT OF
100 RELEASED
DISTILLERY TOWER
LONDON SE8
5
/
2
o
n
ly
OUT OF
115 RELEASED
Last opportunity 1 bed
apartments selling fast!
Adjacent DLR - Canary
Wharf 12 mins
Minutes from Greenwich
village
LAST CHANCE PRE-LET
FROM
235,000
CARTER HOUSE
BATTERSEA SW11
10
OUT OF A RECENT
RELEASE OF 34
Spacious 2 bed/2 bath
apartments with immediate
occupation
Exclusive gated development
Private allocated parking

Within 5 mins of mainline


UNRIVALLED VALUE
FROM
345,000
1
o
n
ly
/
ALBANY HOUSE
JUDD STREET WC1
OUT OF OVER
100 RELEASED
400 metres from Russell Sq
tube
Integrated home system
technology
Private fitness and media
suite
WEST END STUDIOS
FROM
340,000
2
o
n
ly
2 & 3 beds with secure
parking
Tree lined location
London Euston - 35 mins
Immediate occupation
LIFESTYLE APARTMENTS
FROM
275,000
sales@galliardhomes.com
020 7620 1500
www.galliardhomes.com
3
Y
E
A
R
S

M
I
N
I
M
U
M
W
E

R
E
R
E
A
D
Y

T
O
D
E
A
L

-

C
A
L
L

N
O
W
!
5
%

N
E
T

I
N
C
O
M
E
*
GALLIARD COUNTDOWN TO
STOCK LIQUIDATION!
BUY TO LIVE OR LET
FROM
199,000
Luxurious gated
warehouse conversion
offering last brand new 2
bedroom apartments
Allocated parking

Private courtyard
Hackney
Wick
Stratford
Olympic Park
& Stratford City
Hackney
Marsh
DLR
A12
A12
A102
A106
Homerton Road
Eastview
A106
A12
0800 883 8321
or (out-of-hours) 0800 032 0077
www.matchmakerswharf.co.uk
Selling Agent:
MATCHMAKERS WHARF
LONDON E9
Apartments with style.
Individual by design.
Set just minutes from the bustling social hub
that is Stratford City, Matchmakers Wharf
offers the finest specification to meet all of
your modern day needs;
Under-floor heating
Fully equipped designer kitchens
All floor coverings
Private balconies offering fantastic views
Fully equipped private residents' gymnasium
24 hour concierge service
Access to private residents' roof terrace
offering spectacular views towards the
Olympic Park, Canary Wharf and The City
Prices from 235,000
*
Dont miss out, make the
move to Matchmakers Wharf!
*Price correct at time of going to press. Photograph of Matchmakers Wharf from the River Lea.
Photographs depict show apartment interiors.
Last few spectacular new homes
at Matchmakers Wharf.
O
V
E
R

8
5
%
S
O
L
D
Matchmakers Wharf
LONDON
BAROMETER
ED MEAD
DIRECTOR OF DOUGLAS & GORDON
Marketing Suite & Show Apartment coming soon
Email: ixia@crestnicholson.com
Selling Agent: Hurford Salvi Carr
Ixia
East Road | Shoreditch | London | N1 6AA
Open your eyes to Ixia
Coming soon to Shoreditch
Contemporary 1 & 2 bedroom apartments and
luxury 2 & 3 bedroom penthouses from 389,950
Ixia is a statement in stunning architectural design. With contemporary
1 & 2 bedroom apartments, highly specified 2 & 3 bedroom penthouses,
all with spacious terraces, Ixia is situated in one of Londons best
connected and fashionable neighbourhoods, only a few minutes
walk from Old Street and the City.
Register your details to the forthcoming launch.
Call 020 7250 1012 or email ixia@crestnicholson.com.
Strictly by appointment only.
Ixia. Let life unfold.
www.ixialondon.co.uk 020 7250 1012































































Ixia is a statement in stunning architectural design. With contemporary
Coming soon to Shoreditch
Open your eyes to Ixia







Ixia is a statement in stunning architectural design. With contemporary
Coming soon to Shoreditch
Open your eyes to Ixia







Ixia is a statement in stunning architectural design. With contemporary
Coming soon to Shoreditch
Open your eyes to Ixia




























Ixia. Let life unfold.
Strictly by appointment only.
020 7250 1012 Call
Register your details to the forthcoming launch.
walk from Old Street and the City.
connected and fashionable neighbourhoods, only a few minutes
all with spacious terraces, Ixia is situated in one of Londons best
1 & 2 bedroom apartments, highly specified 2 & 3 bedroom penthouses,
Ixia is a statement in stunning architectural design. With contemporary







Ixia. Let life unfold.
Strictly by appointment only.
ixia@crestnicholson.com or email 020 7250 1012
Register your details to the forthcoming launch.
walk from Old Street and the City.
connected and fashionable neighbourhoods, only a few minutes
all with spacious terraces, Ixia is situated in one of Londons best
1 & 2 bedroom apartments, highly specified 2 & 3 bedroom penthouses,
Ixia is a statement in stunning architectural design. With contemporary







. ixia@crestnicholson.com
connected and fashionable neighbourhoods, only a few minutes
all with spacious terraces, Ixia is situated in one of Londons best
1 & 2 bedroom apartments, highly specified 2 & 3 bedroom penthouses,
Ixia is a statement in stunning architectural design. With contemporary

















































East Road | Shoreditch | London | N1 6AA
Ixia
www.ixialondon.co.uk
e onl ativ e indic ations ar tr al illus Digit







East Road | Shoreditch | London | N1 6AA
www.ixialondon.co.uk
ect at time of printing. orr es c . Pric y e onl














luxury 2 & 3 bedroom penthouses from 389,950







Selling Agent: Hurford Salvi Carr
Email: ixia@crestnicholson.com
Marketing Suite & Show Apartment coming soon
luxury 2 & 3 bedroom penthouses from 389,950
Contemporary 1 & 2 bedroom apartments and






Selling Agent: Hurford Salvi Carr
Email: ixia@crestnicholson.com
Marketing Suite & Show Apartment coming soon
luxury 2 & 3 bedroom penthouses from 389,950
1012
Contemporary 1 & 2 bedroom apartments and
7250 020
30
FRIDAY 25 MAY 2012
cityam.com
PROPERTYSALES
1200
1000
800
600
400
200
0
Jan2012
high(1029)
Dec 2011
low(211)
Sep Oct NovDec Jan Feb Mar Apr MayJun Jul Aug
2010 2011 2012
Demand
500
400
300
200
100
0
Sep Oct NovDec Jan FebMar Apr MayJun Jul Aug
July 2010
high(448)
Dec 2006
low(127)
Supply
2010 2011 2012 Demand 2012
Demand 2011
Supply 2012
Supply 2011
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
1600
1400
1200
1000
800
600
400
200
0
Supply & Demand
DOUGLAS & GORDON AVERAGE LONDON SALES PRICE INDEX
Q1 2011 Q2 2011 Q3 2011 Q4 2011
1 bed flat 368,333 374,167 383,750 383,500
2 bed flat 543,333 557,083 570,083 579,583
3 bed house 1,174,167 1,209,583 1,257,500 1,277,083
4 bed house 1,780,833 1,905,833 1,905,000 1,933,333
The London property market
continues to be hindered by
the lack of finance available
to buyers, which has
increased the period it takes
for a property to exchange to
at least nine weeks.
Supply appears perhaps
lower than it is because
many good properties are
put under offer immediately
but then take months to
exchange because of
these insufferable mortgage
delays.
With interest only
mortgages becoming a thing
of the past, many first-time
buyers are simply unable to
afford the high deposits
being demanded at present
and that shows little sign of
changing. Properties are still short in supply, but swift buyers can still grab a good deal
W
ITH Spain poised to need a
bailout, is this a foolish
time to think about buying
a dream home in Mallorca,
Ibiza or Menorca? Not necessarily.
Michael Cunnington, of MJC
Associates, the Savills Agents in
Mallorca, says: The honest answer
is that we still have traffic and
people inquiring in the top end but
buyers are very aware of the
situation and are looking to make a
good deal. Cunnington admits its
a tough market, and this means
that some of the sellers are open to
negotiation.
More incentive for buyers is a new
Spanish tax law, introduced on 12
May, which halves capital gains tax
owed on any property bought before
the end of 2012.
With or without economic strife,
Cunnington says that homes on the
islands are just as gorgeous but
much cheaper than their equiva-
lents on, say, the Cote DAzur. And
with a new direct British Airways
flight from City Airport to Menorca,
there are still more ways to get
down to those sunny islands.
The islands arent
quite like the rest of
Spain for property,
says Zoe Strimpel
The beautiful Balearic bubble
Son Vida, Mallorca,
10m
A contemporary
seven bedroom villa,
situated on a large
elevated plot securing
uninterrupted
panoramic views of
Palma and
surrounding
mountains from
nearly every room.
Through Aylesford
International: 020
7349 5100
Es Cubells, Ibiza,
2.7m
This luxury
designer villa has
spectacular
panoramic views
over the valley
below onto Es
Cubells and the
ocean beyond.
It boasts beautiful
stone floors, clean
lines and wide
open spaces.
Through Aylesford
International: 020
7349 5100
Cala Llonga, Menorca, 5.25m
A unique and luxurious villa of 969 sq m with
panoramic views of the Port of Mahon. Built
eight years ago to an exceptional standard with
quality finishes and many extras (including a
wine cellar), this gorgeous seven-bedroom
home is one of the best on the island. Through
MJC for Savills: +34 971 57 99 57
Cala Vinas, Mallorca, 5.65m
With 11 bedrooms, nine bathrooms and
four receptions, this is a beautiful,
sprawling classic villa with direct access
to the sea. Through Chesterton
Humberts: 020 3040 8210
FRIDAY 25 MAY 2012
31 PROPERTY ABROAD
Travel time obtained from www.t.gov.uk
hardly enough time
to PUT ON SOME MAKEUP...
the fold, sidcup - just 20 minutes from home to central london
WWW.THEFOLDSIDCUP.COM
STUDIOS, 1 & 2 BED APARTMENTs
for sale - PRICES FROM 148,000
MARKETING SUITE NOW OPEN
PLEASE call 0203 040 8710
, 1 & 2 BED AP STUDIOS
for sale -
MARKETING SUITE NOW OPEN
PLEASE call 0203 040 8710
ARTMENTs , 1 & 2 BED AP
for sale - PRICES FROM 148,000
MARKETING SUITE NOW OPEN
PLEASE call 0203 040 8710
ARTMENTs
PRICES FROM 148,000
MARKETING SUITE NOW OPEN
PLEASE call 0203 040 8710
in conjunction with Cathedral Gr
THEF ..T WWW
PLEASE call 0203 040 8710
oup in conjunction with Cathedral Gr
COM . FOLDSIDCUP P.
PLEASE call 0203 040 8710 PLEASE call 0203 040 8710
Scan Here For More Info
All images are computer generated.
* = 76,000 for a 40% share of the full market value of 190,000
STOP
RENTING
1&2
NEW
APARTMENTS
BEDROOM
SHARED
OWNERSHIP
Computer generated image
Millennium Horizon apartments are a
collection of contemporary one and
two bedroom apartments in the heart of
Canning Town. The apartments offer modern
specications, a host of eco features, with
some apartments beneting from views of the
City including the Millennium Dome. Prices
start from as little as 76,000 for a 40% share*
LAUNCH WEEKEND 23 & 24 JUNE 2012
T: 020 8357 4444
E: sales@nhhg.org.uk
www.nhhg.org.uk/millennium
FRIDAY 25 MAY 2012
32
cityam.com
PROPERTY FOCUS ON
CURRENT MORTGAGE DEALS Source: MoneySupermarket.com
CLARE COTTAGE
Price: 3.85m
This imposing six
bedroom house sits on a
hill with views across the
countryside. The
exclusive Clare Hill estate
is one of the only private
gated residences in the
area, with cherry blossom
trees and lawned verges
on the road. The cottage,
which is more than 100
years old, has a self-
contained annexe with an
open plan vaulted room,
complete with kitchen,
which would be ideal for
a nanny.
Contact Knight Frank on
01372 464 496.
FOCUS ON: ESHER, SURREY
AREA AND COMMUTING
Esher is a historic town four miles south-west
of Kingston but still within easy commuting
distance to London. Trains depart from
Waterloo and Clapham Junction every 20
minutes, with the journey taking no longer
than 25 minutes. The one drawback is that
Oyster cards are not valid, so youll have to
buy a paper ticket. If you prefer to go by car,
the A3 is a short drive away, taking you to
London and Heathrow. The village stands on
high ground adjacent to the river Mole.
WHAT TO DO AND SEE
Nearby Claremont Landscape Gardens is one
of the first and finest English landscape gar-
dens and Sandown Park racecourse, which
hosts races and events throughout the year, is
also close by. Esher high street is packed with
popular restaurants and cafes, such as the
Chocolate Teapot. The middle-class suburb is
also home to Esher Commons, a site of special
scientific interest, which covers 360 hectares of
ponds, heath and woodland perfect for
horse riding, bird watching and jogging.
NEED TO KNOW| AREA INSIGHT BY RAZA ANAAM
LOCAL AREA
|
PRICES
SOURCE: LAND REGISTRY
Detached Semi-Detached Terraced Flats
Esher 1.02m 548,471 420,886 323,709
Lender Fixed/Flexible Rate Until APR Maximum Loan
(per cent) (per cent) to Value (per cent)
Natwest Flexible 2.69 July 2014 4 60
Norwich & Peterborough BS Flexible 2.79 2 Years 4.8 75
First Direct Flexible 2.89 Term 3 65
Chelsea BS Flexible 2.94 August 2014 5.4 70
Santander Flexible 2.94 2 years 4.2 60
HSBC Fixed 2.64 September 2014 3.9 60
Cumberland BS Fixed 2.99 August 2014 4.4 60
Natwest Fixed 2.99 July 2014 4.1 60
Post Office Fixed 3.19 June 2015 4.3 60
WILLOW HILL,
PARK CLOSE
Price: 1.645m
This five bedroom
property has been
refurbished and
extended by the current
owner to give an open,
contemporary living
space. It features a large
sitting room with
feature fireplace and
French doors leading to
the gardens. It also has
a further reception
room, with a bay
window looking over
the gardens and a
separate study upstairs.
Contact Savills on 01372
461 900.
Esher
CENTRAL
LONDON
Shop, dine, live, swim and relax on the river
- Bright, spacious 1, 2 and 3 bedroom Thames-side apartments
- Situated in Zone 2, overlooking Wandsworth Park
- Contemporary interior design with impressive specication
- Secure underground car-parking
- River taxi, underground, railway and shuttle bus services
- Concierge and porterage
- Private residents pool, sauna and gym
- On-site restaurants, delicatessen and convenience store
- Completions from December 2012 to March 2013
*prices correct at time of going to press
www.riversidequarter.com
16 June 2012
NEW SHOW
APARTMENT
OPENING
Enjoy the views
from One Riverside
Sales Gallery now open

Book an appointment 020 8877 2000
Mon - Fri 11am - 6pm, Sat - Sun 11am - 4pm
Sales Gallery, Milliners House,
Eastfelds Avenue, SW18 1LP
P
ric
e
s
fro
m

3
6
0
,0
0
0

fo
r o
n
e
b
e
d

4
9
0
,0
0
0
*
fo
r tw
o
b
e
d
34
FRIDAY 25 MAY 2012
cityam.com
PROPERTY FOCUS ON
ALBANY CLOSE
Price: 2m
With just over half an acre of grounds and five modern bedrooms,
this family home is located just off Blackhill private estate. It features
four spacious reception rooms, a cloakroom, a garage and gardens
overlooking the woodlands. Contact Savills on 01372 461 900.
Q A
&
SELL
Martin Bikhit
MANAGING DIRECTOR
KAY & CO
Q.
I am going to sell my property and I under-
stand that most enquiries now stem from
the internet. How can I ensure that my
property stands out from the rest?
A.
Statistics show that 75 per cent of all property related searches now
stem from the internet. There are a number of things that your agent
should be doing in order to ensure that your property stands out and
gets noticed. In the same way as would apply to magazine or newspaper
advertising, a well written description with good quality, professionally taken
photographs comes first and foremost and is an absolute prerequisite to any
internet marketing of a property.
In an attempt to save on costs, it is still the case that many estate agents
go out and attempt to take photos themselves on handheld digital cameras.
Inevitably, these do not show off the properties to their fullest potential; I
have certainly seen some shockers in my time.
Floor plans are another key element: again, many agents still fail to use full
floor plans, which buyers find invaluable when deciding whether or not to
contact an agent about a property.
Your agent should ensure that your property is listed on all the main prop-
erty portals. These include Rightmove, Zoopla, Findaproperty and, in central
London in particular, Primelocation. There are, however, many ways in which
your agent can make your property stand out from the crowd on these por-
tals. For example, many of these websites have featured property boxes and
premium listings, which will have features such as enlarged listing, multiple
photos that can rotate, photo galleries, highlighted background and bigger,
bolder prices. Rightmove, the largest of the internet portals, says that its
research indicates that on average 35 per cent more people click through to a
premium listing, which vastly increases your agents chances of getting a call
and you getting a viewing.
It is not just internet portals that are important: an agents own website,
and how that ranks on search engines such as Google for area specific proper-
ty searches, is just as important. You can do some research beforehand by
Googling phrases that relate to your own local area. For example, if you live in
Marylebone, Marylebone Estate Agent would be a key phrase as would
Marylebone property for sale. Research has shown that any listing further
back than the first page of a search engine is likely to have a far lower click-
through rate than those on the first page so it is key that your agents website
comes up first.
www.kayandco.com
BIRCHWOOD
Price: 1.75m
A recently built detached family house with accommodation over
four floors. It has four bedrooms, open plan kitchen, a garage, a
programmable mood lighting system and an HD audio visual system.
Contact Knight Frank on 01372 464 496.
WESTBANK HOUSE
Price: 3.25m
This Victorian property, situated in the West End of Esher, has five
bedrooms with a driveway that stretches from the road and through
woodlands. It retains some of its unique characteristics, including the
original Louis XIV fireplaces. Contact Savills on 01372 461 900.
ENCOTT ESHER
Price: 850,000
This is a Grade II listed cottage has two bedrooms, underfloor
heating and preserved features including an Inglenook fireplace with
an original oak mantel. It has cottage gardens and grounds with
paved terraces. Contact Knight Frank on 01372 464 496.




























F
i
n
a
l


O
p
p
o
r
t
u
n
i
t
y
d
o
n

t

m
i
s
s

o
u
t




























































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































w
i t 5 A
e e b w o n s a h
d l i u b o w t t s r
p e h t o tto e u D






























P d i t t
. d e s a e l e r n
g i v a N , e s a h p l a n e h t , s g n i d
e s d n a s s e c c u s l a n e m o n e h






























Gy & S l
, g n i d l i u B n o i t a g
e h t f o t u o l l





























































2 M O R F S D E B 2
8 1 M O R F S D E B 1
4 1 M O R F S E T I U S































0 0 0 5 4
0 0 0 , 5 8
0 0 0 , 5 4































n o t g n i d d a P
d n a t r o p r i A
r f s e t u n i m 6
s l i a r s s o r C a
t g n i l r a H d n a
o t r o o d t x e N
n e m p o l e v e d
v i r p r a t s 5 A































e c x e
u t c A
d n a
s n O
h 4 2
n o C
e p o
o o P
n o i t a t s
m o r f s e t u n i m 7 1
w o r h t a e H m o r
n o i t a t
n o i t a t s n o t
s e y a H o
t n
e d i s r e t a w e t a v































* % 6 g n i d e e
s n r u t e r l a t n e r l a u
s l a t n e r
t n e m e g a n a m e t i s
y t i r u c e s r u o h
d n a e g r e i c n
h t l a e H d l e f u N y b d e t a r
m Gy & a p S , l o






























































: t c a t n o c t n e m t n i o p p a n a
b o t r o n o i t a m r o f n i e r o m r o FFo
6 0 3 4 8 1 1 8 0 8 0
3 M O R F S D E B 3
2 M O R F S D E B 2































k o o
6
0 0 0 , 0 1
0 0 0 , 5 4






























































a e R































2 1 0 2 n o i t a p u c c o r o f y d






























































s. s e pr o t going f o time t a ed v achie
s e gur upon ed bas turns e r ental R *
6 0 3 4 8 1 1 8 0 8 0
c . e g a l l i v t n i o p h g i h . www































s.
s
6
k u . o c
London Estate Agents | Investment & Development Consultants | Block Managers | Established 1982 020 3394 0029 kayandco.com |
NOTTINGHAM TERRACE
REGENTS PARK, NW1
2 Bedroom Apartment.
Bathroom
Cloakroom
Fourth Floor
Lift
24-Hour Porter
Close to Baker Street Underground
Station
Opposite Regents Park
750 Per Week
Furnished or Unfurnished
COLOSSEUM TERRACE
REGENTS PARK, NW1
2 Bedroom Apartment.
Large Reception
Balcony
Separate Kitchen
First Floor
Close to Regents Park and Great
Portland Street Underground
Stations
Adjacent to Regents Park
540 Per Week
Furnished
MERCHANT SQUARE, PADDINGTON, W2
A Selection of High Specification 2 and 3 Bedroom Apartments.
Lift
Close to Paddington Mainline / Heathrow Express and Edgware Road Underground Stations
24-Hour Security
Underground Parking
Concierge
450 - 1,200 Per Week
Furnished or Unfurnished
36
FRIDAY 25 MAY 2012
cityam.com
PROPERTY FOCUS ON
EMBERCOURT ROAD
Price: 1.2m
This five bedroom, four bathroom property has a large drawing room with a
feature fireplace and French doors leading to the rear gardens. The property
benefits from concrete floors and under-floor heating throughout. A ground-floor
study has views out to the front. Contact Savills on 01372 461 900.
HOLMBURY
Price: 2.3m
This three-storey property is located in the picturesque suburbs of Surrey with five
bedrooms and three receptions, in addition to a separate reception on the second
floor. The property, which also has a garage, has great views of the carefully
tended gardens. Contact Savills on 01372 461 900.
LANGHAM HOUSE
Price: 3.75m
This five bedroom house boasts a fully-fitted cinema room home gymnasium,
underfloor cooling and heating, electronic security gates and intelligent light and
blind controls. All the bedrooms have bespoke Italian wardrobes and bathrooms,
and are integrated with 42 inch LCD TVs. Contact Knight Frank on 01372 464 496.
MULBERRY HOUSE
Price: 3.95m
This period-style detached house is built on four floors, with two separate
entrances. The property has five bedrooms, of which there are three ensuites that
look over the gardens. It features an outdoor swimming pool and a small secret
garden. Contact Knight Frank on 01372 464 496.
Flagship property to launch in Shoreditch
A new flagship residential development in Shoreditch
will go on the market on 14 June. Located just minutes
from Old Street roundabout in N1, the development
will comprise of one and two bedroom apartments
with balconies and two and three bedroom
penthouses with terraces. To register an interest or
make an appointment to attend the preview event on
14 June at the Hoxton Hotel, contact agents Hurford
Salvi Carr on 020 7250 1012.
Olympic short term lets market is over-hyped
Landlords hoping to get rich quick on the back of the
short-term letting demand from the Olympics look set
to be disappointed, according to London Letting
Specialist Edmund Cude. The firm says a relatively
small number of homeowners and landlords will have
properties meeting the requirements of tenants
willing to pay top dollar, who will expect hotel-grade
service and accommodation.
PROPERTY NEWS IN BRIEF
37
TV & GAMES
cityam.com
T
E
R
R
E
S
T
R
I
A
L
BBC1
SKY SPORTS 1
7pmFroch v Bute Preview7.30pm
Road to Dreams 8pmPremier
League World 8.30pmLive Copa
Del Rey Final 11.15pmTest Cricket
1.15amFroch v Bute Preview
1.45amCopa Del Rey Final 3.15am
Test Cricket 5.15amPremier
League World 5.45am-6amSky
Sports Classics
SKY SPORTS 2
6pmLive Champions Tour Golf
8pmLive PGA Tour Golf 11pm
European Tour Golf 1amPGA Tour
Golf 4amCopa Del Rey Final
5.30am-6amRoad to London
SKY SPORTS 3
7pmLive Winning Post 9pm
British Sports Book Awards
9.30pmFroch v Bute Preview
10pmWWE: Late Night
Smackdown 12amWWE: Late
Night Bottom Line 1amTight
Lines 2amBritish Sports Book
Awards 2.30amRoad to London
3amTrans World Sport 4amTight
Lines 5am-6amRacemax
BRITISH EUROSPORT
6pmLive Athletics 8pmLive
Boxing 10pmBoxing 11pmGet
Ready for Roland Garros 11.15pm
Cycling: Giro dItalia
12.15am-12.30amGet Ready for
Roland Garros
ESPN
5.30pmATP Tennis 7.15pmPress
Pass 2012 7.45pmESPN Kicks:
Extra 8pmLive French Top 14
Rugby Union 10pmSerie A
11.30pmPress Pass 2012 12am
Premier League World 12.30am
Serie A 1amEuroleague Basketball
Magazine 1.30amNBA Action
2amUFC 146 Countdown Show
3amLive UFC 4.15am-4.30am
ESPN Kicks: Extra
SKY LIVING
6.30pmCSI: Crime Scene
Investigation 7.30pmBattle of the
Brides 8.30pmCougar Town 9pm
Criminal Minds 10pmCSI: Crime
Scene Investigation 11pmBones
12amLadyboys 1amCriminal
Minds 2.40amMedium3.30am
Bones 4.20amNothing to Declare
5.10am-6amJerry Springer
BBC THREE
7pmDoctor Who 8.30pmSnog,
Marry, Avoid? 9pmLip Service
10pmEastEnders 10.30pm
Russell Howards Good News Extra
11.20pmFamily Guy 12.05am
American Dad! 12.45amLip
Service 1.45amRussell Howards
Good News Extra 2.30amLee
Nelsons Well Good Show3am
Snog, Marry, Avoid? 3.30am
Angry Boys 3.55amBritain
Unzipped 4.55am-5.25amLee
Nelsons Well Good Show
E4
7pmHollyoaks 7.30pmHow I Met
Your Mother 8pmThe Big Bang
Theory 8.30pm2 Broke Girls 9pm
FILMMeet the Spartans 2008.
10.40pmShameless 11.45pmThe
Big Bang Theory 12.40amScrubs
1.10amHow I Met Your Mother
1.40amRules of Engagement
2.05amAccidentally on Purpose
2.30amDesperate Housewives
3.15am90210 4amGreek
4.40am-6amSwitched
HISTORY
7pmStorage Wars 7.30pmPawn
Stars 8pmStorage Wars 9pm
American Pickers 10pmAmerican
Restoration 11pmAmerican
Pickers 12amStorage Wars
12.30amPawn Stars 1amSwamp
People 2amThe Universe 3amIce
Road Truckers 4amHeir Hunters
5am-6amAncient Discoveries
DISCOVERY
7pmBear Grylls: Born Survivor
8pmFreddie Flintoff Goes Wild
9pmWhale Wars 10pmGold Rush
11pmRiver Monsters 12amWhale
Wars 1amFreddie Flintoff Goes
Wild 2amDeadliest Catch 3am
Ice Pilots 3.50amWheeler Dealers
4.40amBear Grylls: Born Survivor
5.30am-6amDestroyed in
Seconds
DISCOVERY HOME &
HEALTH
7pmSay Yes to the Dress 8pmI
Didnt Know I Was Pregnant 9pm
19 Kids and Counting 10pm
Worlds Worst Mom11pmSecretly
Pregnant 12am19 Kids and
Counting 1amWorlds Worst Mom
2amSecretly Pregnant 3amSay
Yes to the Dress 4amA Baby
Story 5am-6amBirth Stories
SKY1
7pmThe Simpsons 7.30pmMiddle
8pmModern Family 8.30pmThe
Simpsons 9pmA League of Their
Own 10pmGlee 11pmAn Idiot
Abroad 2 12amRoad Wars 1am
Luton Airport 2amBrit Cops: Zero
Tolerance 2.55amCaribbean Cops
3.45am99 Most Bizarre 4.35am
Raising Hope 5.05am-6amDont
Forget the Lyrics
BBC2 ITV1 CHANNEL4 CHANNEL5
S
A
T
E
L
L
I
T
E
&
C
A
B
L
E
6pmBBC News 6.30pmBBC
London News 7pmThe One Show:
BBC News 8pmEastEnders
8.30pmWould I Lie to You?
9pmHave I Got News for You
9.30pmMichael McIntyres
Comedy Roadshow
10pmBBC News 10.25pm
Regional News 10.35pmThe
Graham Norton Show11.20pmThe
National Lottery Friday Night
Draws 11.30pmThe Matt Lucas
Awards: Highlights from the show.
Last in the series. 12.05am
EastEnders 2amWeatherview
2.05amSign Zone: Silk 3.05am
Sign Zone: Question Time 4.05am
Sign Zone: Great British Menu
4.35am-6amBBC News
6pmEggheads
6.30pmTOTP2
7.30pmGreat British Menu
8pmChelsea Flower Show
2012: A profile of designer
Arne Maynard.
9pmCHOICE The Great British
Story: A Peoples History
10pmEpisodes
10.30pmNewsnight
11pmWeather
11.05pmGolf: The PGA
Championship
12.05amLater with Jools
Holland
1.10am Taken 2.35amBBC News
4.40am-6amClose
6pmLondon Tonight
6.30pmITV News
7pmEmmerdale
7.30pmCoronation Street
8pmPoms in Paradise
8.30pmCoronation Street
9pmCHOICE Piers Morgans
Life Stories: Jimmy Tarbuck
10pmITV News at Ten
10.30pmLondon News
10.35pmSoccer Aid 2012
11.05pmFILMBarb Wire
1996.
12.50am The Store; ITV News
Headlines 2.55amFILMThe Four
Musketeers 1974. 4.40am-5.30am
ITV Nightscreen
6pmThe Simpsons 6.30pm
Hollyoaks 7pmChannel 4 News
7.30pmUnreported World 7.55pm
Channel 4 Presents London
Dreaming 8pmCome Dine with Me
9pm8 Out of 10 Cats 9.30pmVery
Important People 10pmAlan Carr:
Chatty Man 11.05pmStand Up for
the Week 11.50pm Rhod Gilbert and
the Award-Winning Mince Pie
12.55am4thought.tv 1am
Paralympic World Cup Highlights
1.55amRandom Acts 2amMy
Name Is Earl 2.20amMy Name Is
Earl 2.45amDirty Sexy Money
3.30amDirty Sexy Money 4.10am
Reasons to Be Cheerful: Hallo Friend
4.25amMesh: Daddy 4.30amDeal
or No Deal 5.25am-6.10am
Countdown
6pmHome and Away
6.30pm5 News at 6.30
7pmCricket on 5: England v
West Indies; 5 News Update
8pmMega Builders: 5 News at
9
9pmThe Mentalist: Red John
resurfaces to taunt Jane.
10pmCHOICE Castle
10.55pmLaw & Order:
Criminal Intent
11.50pm Inside Hollywood
12amSuperCasino
3.55amMotorsport Mundial
4.20amDivine Designs 4.50am
Divine Designs 5.10amWildlife
SOS 5.35am-6amWildlife SOS
Fill the grid so that each
block adds up to the total
in the box above or to the
left of it.
You can only use the
digits1-9 and you must not
use the same digit twice in
a block. The same digit may
occur more than once in a
row or column, but it must
be in a separate block.
COFFEE BREAK
Using only the letters in the Wordwheel, you have
ten minutes to nd as many words as possible,
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters
or more, all must contain the central letter and
letters can only be used once in every word. There
is at least one nine-letter word in the wheel.
Place the numbers from 1 to 9 in each empty cell so that
each row, each column and each 3x3 block contains all the
numbers from 1 to 9 to solve this tricky Sudoku puzzle.
Copyright Puzzle Press Ltd, www.puzzlepress.co.uk
KAKURO
QUICK CROSSWORD
LAST ISSUES
SOLUTIONS
KAKURO
WORDWHEEL
SUDOKU
SUDOKU
QUICK CROSSWORD
WORDWHEEL
1 2 3 4 5
6
7
8
9 10
11 12 13 14
15
16 17 18
19
20
21
12 34
18 15
10 9
18 14
30 19
33
11 16
13 28
3 24
18 7
32 24
12
6
5
16
34
31
28
8
22
4
8
6
20
7
30
10
39
35
17
12
17
8
13
ACROSS DOWN
D
Y
A
I
R T
S
U
B
4
4


4



S A L O N B A L L S
K C F V I
E A S T E R A C I D
T I L E A I E
C R I T I C A L L Y
H M T I P
E Y E W I T N E S S
S R O A G R A
U R G E U N V E I L
D C S A M
S U I T E A L I A S
1 3 7 9 4 5 1
2 1 4 7 6 8 4 9
2 9 5 4 3 7 1
4 5 9 8 2 3 9
9 7 1 3 1 7 2 4
9 8 7 9
1 3 4 2 6 8 3 1
3 7 6 8 9 8 3
8 4 5 9 7 1 6
8 9 1 3 7 5 9 8
3 5 1 5 2 7 9
4
4
4
4
4
4
4
4
4
The nine-letter word was
REMINDING
1 Similar things
placed in order (6)
6 Revulsion (6)
7 Surface for ice-
skating (4)
8 Subdivision (7)
9 Collection of
facts (4)
12 Hard glossy
coating (7)
15 Wooden vehicle
mounted on
runners (4)
16 One who lives
in solitude (7)
19 Australian term
for a young
kangaroo (4)
20 Bordering (6)
21 Entry (6)
1 Hindu womans
garment (4)
2 Relating to letting
of a property (6)
3 Item of footwear (4)
4 Glazed and salted
cracker (7)
5 Bough (6)
8 Hollow, exible
structure resembling
a bag (3)
10 Newspaper with
half-size pages (7)
11 Consortium of
companies formed to
limit competition (6)
13 Application (3)
14 Far of (6)
17 Long detailed story (4)
18 Colouring
substances (4)
T
E
R
R
E
S
T
R
I
A
L
S
A
T
E
L
L
I
T
E
&
C
A
B
L
E
BBC1 BBC2 ITV1 CHANNEL4 CHANNEL5
FRIDAY 25 MAY 2012
THE GREAT BRITISH STORY: A
PEOPLES HISTORY BBC2, 9PM
Michael Wood explores the nations
past, working with local communities
to tap into their extraordinary
knowledge and archives.
PIERS MORGANS LIFE STORIES:
JIMMY TARBUCK ITV1, 9.00PM
The comedian looks back on his life
and 50-year career, recalling his
schooldays and how he coped with the
death of Tommy Cooper in 1984.
CASTLE
CHANNEL5, 10PM
Holiday-makers return to find a dead
man in their home, presenting Beckett
and Castle with another mystery to
solve. Drama, starring Nathan Fillion.
TVPICK
FILM
MEN IN BLACK III
Cert PG | By Chris Ward
hhhii
Do we really need a third Men in Black? Probably not, but Will Smith and Tommy Lee Jones (above) still give it a good go.
FRIDAY 25 MAY 2012
38
cityam.com
GOING OUT
to get back in the saddle. He isnt
entirely bereft of life, though: for
every eye-roll-inducing 60s clich, like
the hippies spouting make love not
war, theres a touch of genuine inspi-
ration, like an array of aliens at MiB
headquarters de-evolving from com-
puter generated creations in the pres-
ent to men in rubber suits in the past.
Theres no faulting the craftsman-
ship at work either, from Bo Welchs
typically gorgeous production design
to the de rigueur Danny Elfman score
and a supporting cast featuring ever-
reliable stalwarts including Emma
Thompson, Michael Stuhlbarg and
Keone Young.
It doesnt go so far as to wholly justi-
fy its existence but its a pleasant
enough time-waster: hardly a ringing
endorsement, but by the usual stan-
dards of second sequels, it could have
been a lot worse.
MANY women can expect to feel sick
when theyre pregnant. Most people
should expect to feel sick when
watching this hugely embarrassing
sequence of gestating females and
their supportive if nervous part-
ners. The raison detre of WTEWYE
based on Heidi Murkoff and Sharon
Mazels best-selling 1984 pregnancy
guide appears to be celebrity sham-
ing, with the likes of Jennifer Lopez
going moony-eyed over every baby she
sees but unable to conceive (or, in her
view, do the one thing that women
are supposed to be able to do);
Elizabeth Banks as a bloated, moody,
farting barrel of uncontrolled hor-
mones and Cameron Diaz as a near-
psychotic, publicly vomiting
accidentally pregnant older mum.
But this is not gross-out cinema
Diaz is Jules, a fitness celebrity with a
nationally adored TV show that helps
people lose weight after embarrassing
them on camera. She looks pretty
tasty both before and during preg-
nancy. So, what can Jules expect?
Fights with her handsome dance-
hubby about circumcision the norm
in the US whatever your religion,
though Juless baby-daddy is also, it
transpires, half-Jewish. Jules is
against but know now that the qual-
ity of her objection lacks intellectual
rigour or rhetorical clout.
Banks, AKA Wendy owner of
maternity shop The Breast Choice
was unable to conceive for two years,
and was killing off all the romance
with her Im ovulating! phone
alarms. But chubby hubby Gary (Ben
Falcone) still loves her, and after an
impromptu bonk in the park hey
LIFE&STYLE
VOTE FOR THE WORLDS BEST WATCH
Blancpain
Watch: X Fathoms
Description: A charismatic, ultra-complex enhance-
ment of Blancpains iconic 50 Fathoms diving watch.
Price: 26,170
MB&F
Watch: Legacy Machine No.1
Description: Classicism meets pure design audaciousness
including a ying balance wheel above the dial.
Price: 55,000
FP Journe
Watch: CS Chronometre Souverain
Description: Beautifully purist yet imbued with character, a
slimline beauty from one of the worlds nest watchmakers.
Price: 21,000
Jaeger-LeCoultre
Watch: Deep Sea Chronograph
Description: Perfect proportions and effortless style com-
bine in Jaegers retro-inspired diving beauty.
Price: 7,250
TO VOTE:
Please visit
http://tinyurl.com/0024vote
00/24 WatchWorld is
published quarterly, with in-
depth articles on the finest
watches from the world's
revered brands and
watchmakers. A year's
subscription is 25.
www.0024watchworld.com
City A.M. is partnering with the luxury magazine for watch lovers,
00/24 WatchWorld, to identify the most impressive new wristwatch.
Watch-loving readers are invited to go online and pick their favourite from all
the models nominated for this years 00/24 WatchWorld Watch of the Year
awards. Voters will themselves be entered into a prize draw for which winners
will receive a high-luxury leather watch box (pictured), a three year
subscription to 00/24 WatchWorld and two tickets to the glamorous Watch of
the Year awards ceremony in London in September.
The Readers Award, voted for by City A.M. and 00/24 WatchWorld readers, will be presented alongside
awards to the best watches in five price categories, picked by an esteemed panel of expert judges.
The good, the bad and the average: the best and
worst films to keep you out of the sun this week
FILM
WHAT TO EXPECT WHEN
YOURE EXPECTING
Cert 12A | By Zoe Strimpel
hhiii
M
EN in Black III has a major
problem to overcome before
the opening credits even roll:
it has been a decade since the
last instalment so why exactly does
it exist?
This time, Will Smith and Tommy
Lee Jones are up against an unrecognis-
able Jemaine Clement (Flight of the
Conchords), an alien on the run from a
moon prison who appears to have
taken style tips from Steve Earle and of
whose biological weaponry David
Cronenberg would doubtless approve.
Clement plans to take revenge on
Joness Agent K, the man who locked
him up four decades ago, by travel-
ling in time to 1969 and killing him
as a young man. Josh Brolin nails
Joness mannerisms and cadence as
the young Agent K, but, at 44, has
trouble passing as the 29-year-old of
the script (a piece of cognitive disso-
nance breezily waved off by a throw-
away line from Smiths Agent J).
Naturally, Agent J gives chase, land-
ing on 15 July 1969 anyone with
even a cursory knowledge of modern
American history should be able to
see where this is going.
Making only his second film since
MiBII, director Barry Sonnenfeld does-
nt exactly come at the material with
the vim and vigour of a filmmaker so
brimming over with ideas he just had
39
FRIDAY 25 MAY 2012
Moonrise Kingdom combines the home-made feel of
The Life Aquatic with Steve Zissou with the razor-sharp
characterisation of The Royal Tenenbaums. See review below.

For the next month City A.M. and Brewin Dolphin will be shining a spotlight
on a series of City Treasures as we celebrate some of the great places and
institutions around us. Many of them are established with a long
and interesting heritage yet they still exude their core values
based on service and excellence.
Monday is Lincolns Inn Fields.
www.brewin.co.uk
A bespoke Rolls-Royce at Masterpiece London
M
asterpiece London is no
ordinary antiques fair.
Where else can you find a
whole stand of Edvard
Munch masterpieces from Kaare
Berntsen; bespoke Shaw Harley
Davidson motorbikes, created by
the only UK company to have ever
won the World Bike
Championships; a bespoke Rolls-
Royce Motor car; a newly discovered
statue of The Kiss by Rodin, and
jewellery from the Estate of
Elizabeth Taylor?
Held at Royal Hospital Chelsea
from 28 June to 4 July, the event has
been hailed by Oprah Winfrey as
.an exciting and diverse range of
quality and beautiful things and
described by Sir David Tang as at
the premier end of all the fairs.
Masterpiece London is an exquisite
showcase of the very best, world-
class collectors items, including
classic cars, fine wines, exquisite
jewellery and the very best art,
including paintings and sculpture.
The items at Masterpiece are as
outstanding in calibre as they are
diverse. Among the treasures on
sale are Hirst paintings, enormous
diamonds, Moore sculptures,
bespoke motorbikes and cars,
Egyptian heads from 1500 BC, newly
discovered pieces such as a Van Dyck
sketch, first-edition Charles Dickens
novels and Cartier jewellery.
Everything for sale is carefully vet-
ted first by a team of experts.
In honour of the Queens
Diamond Jubilee, this years fair
will offer a uniquely gleaming expe-
rience, with Carol Wooltons
Brilliant exhibition. In addition to
all this, the Wallace Collection will
be offering a complimentary sympo-
sium, with Afternoon Insights a
programme of captivating lectures,
as well as Champagne tastings with
Ruinart and more.
Masterpiece represents the very
best of then and now and this year
promises to be the biggest and best
fair yet.
WHERE THE VERY BEST OF OLD AND NEW COME TOGETHER
MASTERPIECE LONDON
Man,
Two
One
Guvnors
presents
by arrangement with the Theatre
Royal Haymarket Company

A new play by Richard Bean
based on The Servant
of Two Masters by Carlo
Goldoni, with songs
by Grant Olding
+++++
Daily Telegraph, Evening Standard,
Financial Times, Guardian
+++++
Independent, The Times,
Sunday Times, The Sun
Theatre Royal Haymarket
020 7452 3000
onemantwoguvnors.com
0845 481 1870
trh.co.uk
Norwegians.
First
names
are for
girls
and
presto! But wait, wheres her glow?
Instead its all water retention and
moodiness.
Lopez looks hot, but shes the
pitiable one of the bunch. Unable to
conceive, warned by clients about
missing [her] window she also
gets laid off her job as an underwa-
ter photographer at the Aquarium.
Her husband, the hunky Rodrigo
Santoro, isnt sure about adopting,
but in a comically tacked-on scene,
they go forth to Ethiopia anyway
and collect a baby.
Chris Rock adds some amusement
as the leader of a Dads group, but
generally this is a vacuous retelling
of every clich youve ever heard
about pre-birth. Its a bad film, but if
youre in the mood for trash in the
mould of New Years Eve or
Valentines Day, this may do the
trick.
THAT Wes Andersons Moonrise
Kingdom was chosen to open
Cannes this year gives you an idea of
how much of a heavyweight he is.
Its hard to believe that this is only
his sixth feature since Rushmore
back in 1998 one every two and a
third years.
He has carved out a visual style
every bit as distinctive as the Tim
Burtons and David Lynchs of the
world, creating richly textured,
dreamlike worlds populated by sad,
funny, dysfunctional people.
Moonrise Kingdom is a surreal tale
of childhood angst, longing and
adventure. Twelve-year-old loner
Sam goes on the run from his Boy
Scout troupe to meet up with a girl
who he saw playing a raven in a
church production of Noahs Flood.
The girl is a heavily made-up,
morose little thing called Suzy, who
carries around her parents copy of
a self-help manual on how to deal
with your dysfunctional child. They
have issues.
It combines the slightly clanky,
home-made feel of The Life Aquatic
with Steve Zissou with the razor-
sharp characterisation of The Royal
Tenenbaums. Andersons command
of his set is unparalleled every
prop, every face, every costume,
right down to the individual badges
on the Boy Scout uniforms, screams
Im in a Wes Anderson movie! Im
eccentric!. On paper, this amount
of quirkiness sounds awful, but
scenes that would be trite and con-
trived in lesser hands can be incred-
ibly funny or almost unbearably
sad.
The grainy stock and vivid colours
are stunning, giving Moonrise
Kingdom a far-away, dream-like feel.
It is also packed-to-bursting with tal-
ent; Bruce Willis plays an earnest
but doleful island cop; Edward
Norton an earnest but out of his
depth Scout master; McDormand
an earnest but weary parent (there
is a lot of earnestness). Excellent
cameos from Harvey Keitel and
Tilda Swinton add a little edge to
the proceedings but it is, for the
most part, a film without villains,
where the biggest and toughest
obstacles are the characters own
insecurities.
Tim Burtons latest outing, Dark
Shadows, showed that sticking to
the same formula eventually loses
its appeal, no matter how good
that formula might be. But while
Moonrise Kingdom is set very
much within Andersons distinc-
tive mental terrain, it still feels
fresh and alive. Two and a third
years will be a long time to wait
until the next one.
FILM
MOONRISE KINGDOM
Cert 12A | By Steve Dinneen

The new
jobs website
for London
professionals
The new
jobs website
for London
professionals
C
I
T
Y
A
M
C
A
R
E
E
R
S
.
c
o
m
Text MOBILE
to 65559
coral.co.uk
1700+ Shops
nationwide
0800 242 232
Mon-Sat from8.30am
30 FREE BET!
FOR NEW CUSTOMERS
SHOOT-OUT REFUND: Singles only on speciedmarkets qualify. Max refund100per customer per market. Pre-match
bets only. Applies to the Live Copa Del Rey nal and both League One and Two Play-off nals this weekend only. Any
remote refunds will be credited within 24hrs. Coral rules apply. For additional terms see coral.co.uk. Where a bet qualies
for this offer and Consolation Cash Back, stakes will only be refunded once regardless of the number of concessions to
which the bet qualies. NEW ACCOUNT OFFER: Available on mobile, coral.co.uk and by phone. New customers,
18s+&UKresidents only. Deposit andstakeupto30onany sportingevent(s) toreceiveamatcheddeposit freebet on
selectedmarkets. Free bet stake not returnedwithany winnings. Full terms at coral.co.uk/30tc Youwill be chargedthe
cost of a standard SMS by your mobile network provider. Mobile service compatible with all internet enabled handsets.
Bet Responsibly. Gambleaware.co.uk - Call 0808 802 0133
SHOOT OUT
REFUND
THIS WEEKEND
,
S
LIVE TV FINALS
SHOOT-OUT REFUND: Applies to First / Last Goalscorer,
Correct Score and Scorecasts on tonights live Copa Del Rey Final,
and this weekends League One and Two Play-off nals.
90 minutes only, extra-time does not count. Prices subject uctuation.
17/2 Athletic Bilbao 9/2 Draw Barcelona 2/7
Copa Del Rey Final, Tonight, Kick-off 9pm, Live on Sky Sports
First Goalscorer
15/8 L. Messi (B)
10/3 A. Sanchez (B)
4/1 C. Fabregas (B)
5/1 I. Cuenca (B)
13/2 F. Llorente (A)
7/1 A. Iniesta (B)
9/1 A. Muniain (A)
10/1 G. Toquero (A)
Correct Score
Athletic Bilbao Barcelona
16/1 0-0 16/1
33/1 1-0 9/1
11/1 1-1 11/1
75/1 2-0 7/1
Athletic Bilbao Barcelona
30/1 2-1 8/1
18/1 2-2 18/1
125/1 3-0 8/1
90/1 3-1 9/1
13/8 Hudderseld 9/4 Draw Shefeld Utd 13/8
League One Play-off Final, Tomorrow, Kick-off 3pm, Live on Sky Sports

7/5 Crewe 23/10 Draw Cheltenham 15/8
League Two Play-off Final, Sunday, Kick-off 3pm, Live on Sky Sports
IF ANY LIVE TV
FINAL IS DECIDED
BY A PENALTY
SHOOT OUT
WELL REFUND
LOSING BETS
S
OLE POWER did this
column a massive favour 12
months ago when landing
Haydocks Group Two
Temple Stakes and he looks to
hold solid claims of notching
back-to-back wins tomorrow
afternoon (3.00pm) in the next
instalment of the QIPCO British
Champions Series.
Eddie Lynams five-year-old
never got the credit he deserved
for winning the Nunthorpe in
2010. He was 100/1 that day, but
he comfortably beat
Starspangledbanner, and was an
impressive winner of this race
last year. Its true that he hasnt
won a race since, but his form
from Meydan earlier this spring
is very strong and its a positive
that champion jockey Paul
Hanagan takes over in the saddle.
Bated Breath is the main
danger according to the
bookmakers, but hes only ever
raced over the minimum trip
once and I think there will be
bigger targets for him this
season. Tangerine Trees has to
carry a penalty and may just
struggle with race fitness, as
could Masamah.
Bapak Chinta is interesting at
12/1 with Coral judged on last
terms first two runs, while Spirit
Quartz is not without a chance at
25/1. Sole Power is pretty solid,
though, and he should be backed
at 7/2 on Betfair.
The big betting handicap
tomorrow is the Betfred Silver
Bowl (2.30pm) and last years
winner Sagramor went on to
land the Britannia Handicap at
Royal Ascot. This years renewal
looks typically competitive and
Im finding it hard to split
Gabriel, Archbishop and FROG
HOLLOW. Marginal preference is
for the latter, who should come
on for his seasonal reappearance
at Newmarket and is better off at
the weights with Archbishop.
Surprisingly, Jim Bolger is yet
to win the Abu Dhabi Irish 2000
Guineas, but he can add the prize
to his CV with PARISH HALL
tomorrow (3.15pm). Last years
Dewhurst winner was scheduled
to reappear in the QIPCO 2000
Guineas, but was wisely
withdrawn due to the soft
ground. Conditions at the
Curragh will be much more to
his liking and a win would set up
an audacious attempt at next
weekends Investec Derby.
The fillies version takes place
on Sunday and Homecoming
Queen will be a hot favourite.
However, her best form is with
plenty of cut in the ground and
Im happy to take her on each-
way with YELLOW ROSEBUD at
4/1. Dermot Welds daughter of
Jeremy won the 1000 Guineas
trial at Leopardstown last time
and the trainer pulled off the
same double with Bethrah two
years ago.
For those of you looking for a
bet this afternoon, I will be
throwing a few quid each-way on
PISCEAN in the 3.10pm at
Goodwood. He has won three
times at the course, is two from
two over seven furlongs and is
well-handicapped compared
with his higher all-weather mark.
You can follow me on Twitter
@BillEsdaile.
AFTER a world record 83,761
people turned out to see a
regular Aviva Premiership
match back in March, it is safe
to say that it has been quite a
season for English club rugby.
It is a fitting finale to see the
deservedly top two sides,
Harlequins and Leicester
Tigers, contest the play-off
final in the May sunshine at
Twickenham tomorrow.
Only a single point separated
the sides come the end of the
campaign, Harlequins edging
it ahead of the Tigers, but it is
the east Midlands outfit that
are favourites for the 2012
crown at 2/5 with Coral. Quins
can be backed at 11/5 with the
same firm.
Those prices are no surprise
when you consider the recent
history of the two teams.
Leicester are the most
successful club in the
professional era and will make
their eighth successive final
appearance since 2005. They
have only won three trophies
from these matches, but all of
those have come in the last
five years.
Also in support of Leicester
is their run of eight straight
victories to finish the season,
plus an additional win over
Saracens in the semi-final.
Leicesters experience and
superb current win streak
carries more weight than the
season-long superiority and
team spirit of Quins. So,
backing the favourites with a
six-point handicap at 10/11
with Coral is recommended.
The key to the Tigers game
has always been their
attacking prowess and that
bears out in the 671 points
scored during the season, 120
more than their opponents.
There seems little downside to
buying total points at 46 with
Sporting Index.
Although Quins will
perhaps set themselves up
more defensively, both the
London club and Leicester
have able kickers in Nick
Evans and Toby Flood
respectively, and recent
meetings have been high
scoring. A total of 45 points
were scored in Quins victory
at Welford Road while the
meeting at the Twickenham
Stoop last month finished
43-33 to Tigers.
Sole Power can become only the second dual winner of the Temple Stakes
FRIDAY 25 MAY 2012
40
THEPUNTER
SPORT TRADER
BILL ESDAILE AND DAVID WILD PREVIEW THE WEEKENDS BEST RACING AND RUGBY ACTION
n Pointers
Leicester (-6) at 10/11 with Coral
Buy total match points at 46 with
Sporting Index
n Pointers
PISCEAN e/w 3.10pm Goodwood
(today)
FROG HOLLOW e/w 2.30pm Haydock
(tomorrow)
SOLE POWER 3.00pm Haydock
(tomorrow)
PARISH HALL 3.15pm Curragh
(tomorrow)
YELLOW ROSEBUD e/w 3.40pm Curragh
(Sunday)
HARLEQUINS ..........................
LEICESTER...............................
Saturday 3.00pm ESPN
Sole has
the Power
to win
Temple
Stakes
again
P
A
HAYLEYS
THOUGHTS
HAYLEY TURNER
IM going to be riding at
Goodwood for the next two
days, but Ive had a good look
at tomorrows Betfred Temple
Stakes at Haydock, the next
leg of the QIPCO British
Champions Series.
The first thing to say is that
with these sprinters
everything needs to fall right.
Theres very little between
them and just missing the
break or running too keenly
can put paid to their chances.
I raced against a lot of
tomorrows runners last
season with Margot Did and
Dream Ahead and, as long as
the ground stays firm, I think
Bated Breath is the most
likely winner.
Roger Charltons stable is
in fine form and this five-
year-old was only beaten a
nose by Dream Ahead in the
Group One Sprint Cup last
September. His form figures
at Haydock are 112, so he
should go very close.
Sole Power won this race on
similar ground last year and
he is the main danger to the
selection. His Nunthorpe win
was regarded by many as a
fluke, but he has proven he is
up to this level and his form
out in Dubai earlier this year
was very good.
Tangerine Trees hasnt run
since winning the Abbaye last
season. He did a piece of work
at Thirsk recently which I saw
and I wasnt too impressed if
Im honest. The ground was
soft up there, though, so that
may be the reason, but he has
been called lazy at home and
may just need the run.
Masamah was second to
Deacon Blues at Newbury last
season and that is very strong
form. However, similarly to
Tangerine Trees, there has to
be a question mark over his
race fitness.
Its very competitive racing
at Goodwood, but Im looking
forward to riding Dandino
and Kimberella tomorrow.
Im also thrilled to be
riding Cavaleiro in the
Investec Derby for Marcus
Tregoning next Saturday its
a real honour to become only
the second female jockey to
ride in the race.
A
IDAN OBrien still remains
reluctant to confirm the exact
make-up of his Investec Derby
team, although he confirmed
yesterday at Epsoms Breakfast with
the Stars that his teenage son Joseph
would be on hot favourite Camelot a
week tomorrow.
The master of Ballydoyle gave
nothing more away via telephone
link other than the fact that the likes
of Imperial Monarch, Astrology,
Father Of Science and Tower Rock all
remained firmly in the mix. A
decision on his final team wont be
made until nearer the time as they
complete their frantic preparations
for the Epsom showpiece.
Joseph celebrated his 19th birthday
on Wednesday, but as things are so
busy, he apparently didnt even get a
present from his father. That said,
confirmation that he will be the man
on board 2000 Guineas winner
Camelot should appease the
youngster for now.
Even though Breakfast with the
Stars allows connections of leading
Investec Derby Festival hopefuls to
canter around Epsoms unique
course, a surprisingly small number
took up the option yesterday. A year
ago I was reporting back to you about
eventual Investec Derby winner Pour
Mois blistering display in the early
morning sunshine, but I doubt we
saw this years winner yesterday
morning.
Rugged Cross (50/1 with Coral) and
Minimise Risk (80/1) both came
through their routine exercise
gallops, but connections were less
than upbeat about their chances next
week. Henry Candy, trainer of the
former, seemed adamant that the
horse was unlikely to stay the trip
and stressed that the decision to run
was that of the owner.
Andrew Balding joined his sister
Clare on the stage to talk about the
chances of second favourite Bonfire
and the pair recalled a funny family
breakfast conversation from last
week. Clare had been telling
Andrews young son Johnno how
hard it was to train a Derby winner
and what an incredible achievement
it would be if his dad could pull it off
with Bonfire.
She told the four-year-old that
Grumpy (his grandfather Ian) had
done it with Mill Reef and hopefully
Andrew could follow in his footsteps.
Apparently, when Andrew sat
opposite his son at the breakfast table
the next day, Johnno said to his dad,
if you really want Bonfire to win the
Derby then why dont you let Grumpy
train it.
As for other clues, both John
Gosden and William Buick seemed
keen on the chances of The Fugue in
the Investec Oaks. She was asked a
big question at York and she
answered it, said the trainer. Buick
added: She has all the right
attributes and has done everything
right and nothing wrong so far.
However, they werent as confident
about Thought Worthy in the Derby,
as although he won well at
Newmarket, they felt he didnt really
handle the undulations which would
be an obvious worry around Epsom.
Jim Bolger was quite bullish about
the prospects of Parish Hall and it
will be fascinating to see how he gets
on in tomorrows Irish 2000 Guineas.
He has already been quoted as saying
that last years Dewhurst winner is
potentially among the best hes ever
trained, but he admits that Aidans
horse is the one we all have to beat.
Its all bubbling along nicely and in
just over a weeks time well know if
Camelot still has the chance to
become the first Triple Crown winner
since Nijinsky.
For those of you who havent
bought tickets yet, the Boisdale
Enclosure still has a few spaces left on
Ladies Day a week today. The Boisdale
will be serving the finest Scottish
beef, caviar, cigars, whisky and
includes an all-day oyster and
champagne bar. Next to the Queens
Stand, on the Princes Lawn, it is a
great position to soak up the
atmosphere. To book, or for more
information, call 01372 460460.
Clare Balding interviewing her brother Andrew who trains Investec Derby hope Bonfire
Investec Bank plc (Reg. no. 489604) and Investec Asset Management Limited (Reg. no. 2036094) are authorised and regulated by the Financial Services Authority and are members of the London Stock Exchange. Registered at 2 Gresham Street, London EC2V 7QP.
High fashion stakes
Investec Derby Festival | Epsom Downs Racecourse | 1&2 June 2012
investec.com/derby
Proud to be
part of the
Diamond Jubilee
celebrations
41
BILL ESDAILE REPORTS FROM EPSOMS BREAKFAST WITH THE STARS EVENT AND OLLIE DREW PREVIEWS ENGLAND V WEST INDIES
cityam.com
FRIDAY 25 MAY 2012
ENGLAND go into the pivotal Test
of the three-match series against
West Indies with a 1-0 lead thanks
to the five-wicket win at Lords but
the comfortable result doesnt
quite tell the whole story.
There was a moment, when Kevin
Pietersen nicked one to leave
England 57/4 on the final day, that
gave the tourists a glimmer of hope
of pulling off a shock. However, the
situation was retrieved after a 132-
run stand from Alastair Cook and
Ian Bell helped see the hosts safely
home for their expected victory.
That was the Three Lions 16th
win against these opponents in 24
Tests and the positive result was
capped off nicely by Andrew
Strausss return to form in the
first innings at least, when the
skipper hit 122 runs.
Although the West Indies fought
hard and played better than their
current run of just two wins in 31
Tests suggests, England are fully
expected to carry on from where
they left off, at no better than 1/25
to tie up the series, and 8/11 with
Coral to win it 3-0.
They are 1/3 to take an
unassailable command in
Nottingham and theres little reason
to doubt that it will be fun in the
sun with high temperatures and
cloudless skies to look forward to.
A measure of Englands
anticipated advantage is that
Sporting Index have set their 1st
innings supremacy at 130-150 runs.
While they have won their last
three contests handsomely at Trent
Bridge, against India, Pakistan and
New Zealand, that still could be a
risky buy, so, although it is a high
mark, it might be better to buy
their win index at 21.
Looking at the player markets,
the competition to be Englands
top batsman will be fierce. As
suggested by the similarity of their
odds in the market, little separates
the top order. However, that
Strauss was out for one from just
seven balls in the second innings at
Lords means hes probably better
left alone as 11/4 favourite to be his
teams highest scorer.
Instead, Id prefer to buy Ian
Bells runs with Sporting Index at
74 after he scored 61 and 63 not
out at Lords. The Warwickshire
man has an average of 41.12 against
the West Indies and at Trent Bridge
he scored 159 in the first innings
against India last summer.
The fight to be top England
bowler in the second Test looks a
choice between two men. Stuart
Broad took seven first innings
wickets and 11 in total at Lords.
He is a best price of 11/4 with Coral
in the market on his home ground.
James Anderson only struck three
times then but the conditions
should allow him to swing it plenty
and he is a worthy favourite, at 9/4,
again with Coral.
ENGLAND.....................................
WEST INDIES..................................
Today 11.00am Sky Sports
OBrien still tight-lipped on
Investec Derby team identity
n Pointers
Buy England in the win index at 21 with Sporting Index
Buy Ian Bells runs at 74 with Sporting Index
James Anderson to be Englands top bowler at 9/4
with Coral
G
A
V
I
N

J
A
M
E
S
FORM GUIDE
nWest Indies are unbeaten in their
eight Tests against England at Trent
Bridge, winning four, although the
sides havent met there since 1995
nEnglands James Anderson has
taken four five-wicket hauls in five
Tests at Nottingham, with 25 wickets
in his last three
nWest Indies batsman Shivnarine
Chanderpaul has made half-centuries
in each of his last five innings, but
without reaching triple figures (91,
87no, 69, 68, 94)
IF COMPLACENCY was a factor in
Englands woeful winter then
captain Andrew Strauss believes the
first Test victory over West Indies
served as a timely reminder of the
importance of labour in their rise to
world No1.
A five-wicket win at Lords earlier
this week came only after the hosts
had been made to scrap to keep their
second innings on track, having
found themselves 57-4 following
some early jitters.
That wobble may have brought
back memories of the whitewash
against Pakistan in the Gulf or their
struggles to master spin and climate
in Sri Lanka, a spell that threatened
Englands status as top Test side.
However, as he prepared his side to
begin the second Test at Trent Bridge
today, Strauss reflected sunnily on a
triumphant, if surprisingly tricky,
start to the summer.
The first and most obvious lesson
was it was hard work, said the
England skipper, who ended his long
wait for a century in the first
innings but fell early in the second.
Actually, thats always the case
when it comes to Test match cricket.
Its hard work to get on top of the
competition; its hard work to finally
nail that final nail into the coffin.
The West Indies put up a really
good fight. There were times there
where they made life really difficult
for us and I suppose were relieved to
a certain extent that we were able to
get over the line and win that game.
We are going to have to do it
again this week if we want to win.
Its about making sure were willing
to do the hard graft necessary.
England are expected to drop Tim
Bresnan, despite his record of 12
wins from 12 matches, for either
Graham Onions or Steven Finn.
Strauss: Lords
struggle was a
good lesson
G
E
T
T
Y
HARLEQUINS captain Chris Robshaw
will crown the most remarkable indi-
vidual season ever if he leads the
south Londoners to their first
Premiership title tomorrow at
Twickenham, says former England
star Austin Healey.
In a whirlwind few months
Robshaw has been plucked from the
international wilderness to become
the central figure in Stuart
Lancasters new-look England side,
skippering them throughout a water-
shed Six Nations campaign.
That Test success has been
matched domestically, where the 25-
year-old flanker helped Quins to fin-
ish top of the table and received
personal recognition by being named
Premiership player of the year.
Mighty Leicester stand between
Robshaw and immortality and, while
former Tigers back Healey says he
would relish seeing Quins give their
captain a Hollywood ending, he
expects his old teams pedigree to
prove decisive.
The romantic in me says Id like to
see Quins do it because theyve never
done it before, Healy, a pundit for
broadcaster ESPN, told City
A.M. I think Robshaw
would go down in history
as having had the greatest
season, an unbelievable
year, from not even
being in Englands
World Cup squad to
being captain and
then leading the side
that won the
Premiership. Its a
great story. Having said
that, my head tells me that
Leicester will win.
Title would cap
Robshaw year,
says Healey
Healey expects another tight finale
to match the nail-biters of recent
years, of which Leicester have been
involved in the last eight.
Quins, however, are tasting the
pressure and magnitude of the situa-
tion for the first time in their history
a factor four-time winner Healey
believes could be pivotal.
The fact Leicester have been there
will count for a lot, he added. For
Quins, its a massive achievement and
they shouldnt underestimate where
they are one step away from a defin-
ing moment, not just in their season
but in their history.
Its a really, really big day for Quins
and its a question of how they react
to that. Coaches will tell them its a
big day in the clubs history and when
you hear that it can change the men-
tality of a side, sometimes for the bet-
ter and sometimes for the worse.
Healey calls Quins 31-24 Heineken
Cup triumph at Toulouse in
November possibly performance of
the season and cites it as proof they
are more than capable of upsetting
more established opposition.
He also expects them to prepare to
face a Leicester side marshalled by
George Ford at fly-half, with erstwhile
England No10 Toby Flood struggling
to recover from injury.
I think theyll give him as long as
possible, forner scrum-half Healey
said of Flood. I cant see him start-
ing; I think it would be a really,
really big ask.
ESPN will televise live and
exclusive coverage of the
Aviva Premiership Final
tomorrow. Visit espn.co.uk/tv
A MIRACLE shot that found the
water but bounced out again helped
Scotlands David Drysdale share the
lead after the first round of the PGA
Championship at Wentworth
yesterday.
World No291 Drysdale enjoyed the
enormous stroke of luck on his
second shot to the par-five final hole,
which he birdied for a 66 that left
him on six under, level with
Irelands Peter Lawrie.
You could hit a thousand balls
and never have that happen, said
the 37-year-old. I dont know what it
hit maybe a fish. It was a massive
break. I dont think I can say what I
would have thought if I had taken
six or seven there.
Luck was in short supply for world
Fluke hands Drysdale lead as
McIlroy and G-Mac hit trouble
No1 Rory McIlroy and fellow
Northern Irishman Graeme
McDowell, however, who both
landed in water of the hot variety.
McIlroy is facing a possible fine for
throwing his club after he went out
of bounds by an inch at the 12th, a
low point in a disappointing two-
over 74 that leaves him in danger of
missing successive cuts. A poor
performance this weekend could see
McIlroy lose his top ranking to
Englands Luke Donald.
McDowell, meanwhile, also carded
a 74 after being hit with a two-stroke
penalty on the 18th because his ball
moved and he did not replace it.
How are you supposed to attempt
to place the ball when youre not
sure its moved in the first place? he
said. Its just a harsh one; one of
those freak scenarios in golf.
FRIDAY 25 MAY 2012
42
SPORT
cityam.com/sport
BY FRANK DALLERES
BY FRANK DALLERES
BY FRANK DALLERES
LIVERPOOL have taken a step
closer to appointing a successor to
Kenny Dalglish after Wigans
Roberto Martinez flew to the
United States for talks.
Wigan chairman Dave Whelan,
who is demanding 3m
compensation, said Martinez had
broken off a holiday to visit the
Reds owners, Fenway Sports
Group, in Florida.
The Spaniard is thought to be
one of several names on Liverpools
shortlist to replace Dalglish, who
was sacked last week for the clubs
poor Premier League results.
I got a phone call this morning
and Roberto was on his way to
America, said Whelan. Hes flying
down to Miami and is meeting
Martinez flies to Miami for Reds
talks as Whelan demands 3m
Liverpool now. I didnt ask him
what he has decided to do but I
told him I wanted it sorted out
sooner rather than later.
Martinez, 38, fits the criteria of
young, attack-minded coach that
Liverpool are believed to have
identified. The former Swansea
manager has kept Wigan in the top-
flight on a budget and this year led
them to a dramatic escape, beating
Manchester United and Arsenal
along the way.
Swanseas Brendan Rogers and
Ajax boss Frank de Boer have
rebuffed FSGs advances, while
former Chelsea manager Andre
Villas-Boas has dropped out of the
running. Veteran Dutch coach
Louis van Gaal has been linked with
a role, possibly as director of
football, in a revised structure.
BY FRANK DALLERES
Fly-half Toby Flood is a major
doubt for Leicester
Strauss scored a century in the first Test
Skipper urges Quins to
HARLEQUINS skipper Chris
Robshaw has urged his troops to
adopt a no-fear attitude as they
attempt to claim their first Aviva
Premiership title by beating
Leicester tomorrow.
Quins scraped through a semi-
final against Northampton 25-23
thanks to a 76th minute push-over
try by prop Joe Marler, which was
converted by fly-half Nick Evans.
Harlequins trailed Saints for the
majority of the game two weeks ago
and Robshaw admits the pressure of
knock-out rugby got to his side.
Standing between Robshaws men
and a maiden English league title
are the nine-times champions
Leicester, who beat them 43-33 at
the Stoop last month.
But with the squad having
recharged their batteries in Abu
Dhabi last week, the England cap-
tain is sure his side have what it
takes to lift the trophy, as long as
they can control their nerves.
It [the semi-final] was a nervy
occasion and did it get the better of
BY SPORTS DESK STAFF
HARLEQUINS
Record | This season
nWon 17; Drawn 1; Lost 4;
nFor 526; Against 389
nTries scored 53; Conceded 33
nPoints 75; Position 1st
Record | All time
nPremiership titles: 0
nEnglish Cup: 2
nEuro Challenge Cup: 2
nNat Division One: 1
43
G
E
T
T
Y
LIVERPOOL youngster Martin
Kelly is in contention for a
surprise England debut in
tomorrows friendly against
Norway, as manager Roy Hodgson
contends with a defensive crisis
ahead of his first match in charge.
Kelly, who only joined the squad
temporarily this week after
Manchester Citys Micah Richards
refused to be on the stand-by list
for next months European
Championship, could start in Oslo
if Glen Johnson is ruled out.
Johnson pulled out of training
yesterday, having missed
Wednesdays session, as he is
suffering from a toe infection. The
problem is described as minor but,
with Chelsea players still absent
and the versatile Phil Jones likely
to start in central defence, there is
a shortage of cover at right-back,
meaning Kelly, who is not part of
the main 23-man Euro 2012 party,
could win a first cap.
Striker Danny Welbeck also
looks set to miss out tomorrow, as
he recovers from an ankle injury,
leaving only Andy Carroll and
Jermain Defoe as forward options,
although midfielder Scott Parkers
participation yesterday eased fears
over his recent Achilles problem.
Hodgson has indicated he plans
to experiment in his two matches
before Euro 2012, with Belgium set
to visit Wembley on 2 June.
Weve got two games, which is
good because the squad is quite
big. Sometimes when you get to a
tournament and you pick your
first team, if that team does well
some of the squad players dont
always get as much of a look-in as
they would like, he said.
These two matches give me the
chance to air more players than
perhaps one would otherwise be
able to, and also a chance for me,
so new in the job and having had
such short preparation time, to
get to know the players better and
see what they are capable of.
Roberto Martinezs Wigan won seven of
their last nine Premier League games, but
just four of the previous 29
cityam.com
FRIDAY 25 MAY 2012
BY FRANK DALLERES
relax as history knocks
Hodgson and Kelly
could share debuts
us? Probably, but at the end we kept
a bit of composure and managed to
get that driving maul over and Nick
Evans thankfully slotted the
points, said Robshaw.
Hopefully well be a bit more
relaxed [in the final]. None of us
have been in one of these finals
before, so its new for us all and its
going to be a very exciting time.
The trip last week helped; it
allowed us to relax. We got good
quality training in but we were
allowed to let our hair down and
have barbeques and do these sorts
of things. The squad was always
close but I think its now a bit closer
and its given us that little lift.
Quins consistent form has been
built on home-grown talents such as
Robshaw, who says that contesting
cup finals with his long-standing
friends is as good as it gets.
It is special to go out there and
play with guys I was playing with
when I was 17, 18 years old; Mike
Brown, George Robson these kind
of guys, he added.
We will make sure we turn up
and cant be afraid to lose.
Hodgson is set for his first game in charge
GET YOUR 2012/13
FULHAM SEASON TICKET.

EARLY BIRD PRICES AVAILABLE
UNTIL FRIDAY 1ST JULY, 12PM.
GUARANTEED SEAT FOR 19 BARCLAYS
PREMIER LEAGUE GAMES FROM 399
ADULTS, 95 JUNIORS.
www.fulhamfc.com/seasontickets
0843 208 1234 (option 3)




























































3 1 / 2 1 0 OUR 2 T Y E G
E K C I N T O S A E M S A H UL F
S E C I R D P R I Y B LLY R A E AVA
, YY, ULLY T J S Y1 AAY D I R L F I T UN
R 1 O TF AAT E D S E E T N A R A GU






. T E
E L B A L I AVA
M P 2 , 1 .
S YYS AAY L C R A 9 B R 1






























E M A GUE G A E R L E I M E R P
. S R O I UN 5 J 9 , S T DULLT A
s //s m o c . c amf h ul f . w w w
8 1 0 3 2 4 8 0






9 9 3 M O R S F E
s t e k tic n o s a e s
) n 3 o i t p o 4 ( 3 2
IN BRIEF
Murray French Open fitness boost
nTENNIS: Andy Murray came through
an exhibition match unscathed amid
fears over the Britons participation in
next weeks French Open. Murray lost
7-6, 7-6 to Latvian Ernests Gulbis but
showed no signs of a back problem.
Button quickest in Monte Carlo
n FORMULA ONE: Britains Jenson
Button posted the fastest time in
practice yesterday in Monte Carlo as
showers disrupted preparations for
Sundays Monaco Grand Prix. Romain
Grosjean of Lotus was second best.
Cavendish extends points lead
n CYCLING: Team Skys Mark
Cavendish tightened his grip on the
Giro dItalia points jersey despite
losing a sprint finish to the 18th stage.
Italian Andrea Guardini beat the
Manxman, who extended his lead over
Joaquim Rodriguez to 29 points.
Results
:I@:B<K
CM :FLEKP :?8DG@FEJ?@G =@IJK ;@M@J@FE
CXeZXj_`i\ m D`[[c\j\o (l|1erpaa|). |arcaslire J9Z (A O
Pr|rce 44). Hi44lesex 555. Jlii\p m NXin`Zbj_`i\ (T|e
K|+ O1+|). Sarre] ZZJ +r 444. warwiclslire Z4.
;li_Xdm Jfd\ij\k (T+artar). Darlam J84 (w R Sm|t|
OO) +r o. Scmerset 4OO9ec. +r 5Z5. Scmerset
(Z4pts) beat Darlam (pts) b] 5 wiclets.
J<:FE; ;@M@J@FE<jj\o m ;\iYpj_`i\ (O|e|msfar).
Cssex 8Z +r 4oZ. Derb]slire JZJ (w J Darstar o).
?Xdgj_`i\ m >cXdfi^Xe (T|e Ae+s BaW|). Hampslire Jo
(S V Er1|re O9ra) +r Z5O. Olamcrar JZ.
C\`Z\jk\ij_`i\ m B\ek (O+rter|ar]). |eicesterslire 4.
Kert 4O4o (V J PaWe|| JJra). Efik_Xdgkfej_`i\ m
>cflZ\jk\ij_`i\ (Nart|+mptar). Ncrtlamptcrslire 4 (J
D V||e|raa| Z). Olcacesterslire 5oo.
:CP;<J;8C< 98EB +' $ >IFLG :Pfibj_`i\ m Jljj\o
(Ha1e). Ycrlslire ZJ89. Sassex Z4Oo (l J wr||t OJ).
Sasset (Zpts) |e+t Yar|s||re |] 4 W|c|ets.
:P:C@E>
>@IF ;@K8C@8-JkX^\ (/. A Oa+r|r| (lt+) J|rs OOm|r
5Zsecs, Z V O+1er|s| (O|r) +t s+me t|me. Fm\iXcc. J
Rar|ae/ O||1er (Sp+) |rs 4m|rs J8secs.
>FC=
9DNG>8 :?8DG@FEJ?@G (wertwcrtl)-(jk ie[ (O|r &
lr| ar|ess st+te, p+r Z). 66 D Dr]s+|e, Peter l+Wr|e, 6 R
S Ja|rsar (SWe), J Rase, N |+st| (SWe), J Dar+|sar, A
Oa|ras (Sp+).
IL>9PC<8>L<
:F$FG<I8K@M< :?8DG@FEJ?@G1 S|eff|e| Zo B+t|e] o.
JG<<;N8P
JBP JGFIKJ <C@K< C<8>L<1 B|rm|r|+m Jo Paa|e 54,
SW|rar 5o Peter|araa| J.
K<EE@J
=I<E:? FG<E HL8C@=P@E> (Ra|+r O+rras P+r|s)-
wcmer's Zr4 rr4. H w+tsar (O|r) |t O J+|ear (Tar) o
(5) oJ, l Ra|sar (O|r) |t l T|arpe (|r+) 5 o (5).
ENGLANDS friendly against
Belgium at Wembley next week
will be the highest-profile match yet to
trial goal-line technology. Hawk-Eye,
one of two companies hoping to have its
system approved by world chiefs in July,
will place six cameras in each goal, but
the referee or other officials will not have
access to the data. Calls for technology
to be introduced to the game have grown
in recent years, particularly as other
sports, such as cricket and tennis, have
adopted review systems with success.
Even if one or both of the systems is
approved they are unlikely to be installed
in time for the new season in August.
LEICESTER TIGERS
Record | This season
nWon 15; Drawn 1; Lost 6;
nFor 647; Against 475
nTries scored 70; Conceded 45
nPoints 74; Position 2nd
Record | All time
nPremiership titles: 9
nEnglish Cup: 6
nHeineken Cup: 2

You might also like