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FTSE 100 ▲5,456.97 +67.23 DOW ▲1,2169.58 +61.84 NASDAQ ▲2,599.45 +21.48 £/$ ▲ 1.57 +0.01 £/¤ ▲ 1.2 unc ¤/$ ▲1.31 +0.01

THE SERIOUS Fraud Office was dealta blow yesterday after it was forced tohand back documents seized in adawn raid on Vincent Tchenguiz’soffices earlier this year, part of itsprobe into the collapse of Kaupthing.

The embattled property tycoon yes-terday declared the SFO had admittedthe decision to issue search warrants“should be quashed”.

The blow to the SFO’s probe comes just months before its head, Richard Alderman, ends his term in office.

The SFO and the Treasury solicitor’soffice wrote to Tchenguiz yesterday concluding that “there were factualerrors contained in the information”

about the allegations made in order toobtain the warrants.

Vincent Tchenguiz and his brotherRobert were arrested in a dawn raid inMarch under an SFO probe into thecollapse of Iceland’s Kaupthing Bank.

Vincent Tchenguiz, who was laterreleased without charge, has sincechallenged the search warrants, whichled to swathes of documents and data being seized from his offices, andrequested a judicial review.

Last week trustees of the TchenguizFamily Trust lost patience with theSFO, who have twice asked to delay tothe review, and threatened to sue theSFO for £100m damages.

Tchenguiz’s property firm Peverelfell into administration just days afterhis arrest, when a loan was called in.

The Treasury Solicitor’s Departmentsaid, according to Tchenguiz: “In thesecircumstances, the SFO concedes thatthe decision to issue ...warrants should be quashed and the material seizedunder the warrants returned forth- with.”

The prosecutor, however, said yester-day that “the investigation is still very much ongoing”. They declined to com-ment further on the allegations.

Tchenguiz said: “Whilst I amdelighted that they have asked for the warrants to be quashed, I am aston-ished that the SFO intends to continueits investigation, given that they haveconceded that each and every one of the three allegations against me isfalse.”

MORE ON TCHENGUIZ: PAGE 3

BY KASMIRA JEFFORD AND STEVE DINNEEN

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The SFO raided financier Vincent Tchenguiz’s officesin March. Picture: CITY A.M.

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News2 CITYA.M. 23 DECEMBER 2011

It’s crackers! Experts countthe cost of Christmas lunchIF you’re heading to the supermarkettoday to pick up the ingredients forChristmas dinner, then along with

your shopping trolley there’s oneother basket you shouldn’t forget –theinflation basket.

Choosing between broccoli and car-rots may not seem like a crucial deci-sion, but with food inflation andsupermarket price wars hitting thecost of groceries hard this winter, itcould make all the difference at thetill.

According to official figuresreleased by the Office for NationalStatistics yesterday, the average priceof some traditional Christmas food-stuffs has risen by as much as 50 percent over the past year – and there’sparticularly bad news for those who

opt for a cheese course after pudding. Though the average price of a hard

cheese has only risen by 1.7 per cent,the cream crackers to go with it willset you back 50 per cent more than

last year – up to 83p from 55p.In frugal households, carrots and

potatoes should be the vegetables of choice, having seen a drop of 20.5 percent and 10.4 per cent respectively. But

broccoli (+4.4 per cent), cauliflower(+6.3 per cent) and frozen peas (+4.6per cent) may be off the menu along

with the customary pigs in blankets,as the cost of both back bacon andpork sausages soars.

Cooks who rely on the traditionaltipple to see them through a busy day’s work may also suffer, with theprice of wine, champagne and sherry rising across the board.

And even more abstemious guests will have to count the cost of an after-dinner coffee, with grounds up a huge20.9 per cent since Christmas 2010.

But it’s not all bad news. The priceof turkey steaks has only increased by 3.8 per cent, so the centrepiece of thetable should be able to stay intact.

And best of all the ONS makes nomention of the dreaded brussel sprout

whatsoever – which means you shouldprobably leave them on the shelf, justin case.

BY ELIZABETH FOURNIER

UK ECONOMY▲

CALLS FOR QE TO STAVE OFF EURODEFLATION

A top European Central Bank policy-maker has called for “quantitative eas-ing” to be used to boost the eurozoneeconomy if deflation risks emergeacross the region. The comments by Lorenzo Bini Smaghi, ECB executive

board member, are the strongest indi-cation yet that the central bank wouldexpand its policy tools to prevent aneconomic slump in continentalEurope.

THOMSON REUTERS SUSPENDS ITSHEALTHCARE ARM SALE

Thomson Reuters has suspended theauction of its healthcare business, cap-ping a tumultuous year for the firm.

The end of the six-month process

came three weeks after the news that Tom Glocer would hand over as chief

executive to Jim Smith on January 1.

VW GIVES BLACKBERRY-WIELDINGWORKERS A SILENT NIGHT

Angered by the blurring of the divid-ing line between the workplace andhome, Volkswagen’s powerful workscouncil has struck an agreement

with management that employees who use a BlackBerry and whose pay is governed by a collective wage tariff agreements will be subject to new email restrictions.

RWE ABANDONS TIE-UP WITH GAZPROMRWE has aborted attempts to lureGazprom of Russia in a joint venturethat was to take over the German util-ity’s gas- and oil-fired power plants inGermany, UK, and the Netherlandsand possibly build new ones.

INJURED SEYMOUR GETS UP, DUSTSITSELF DOWN AND LOOKS FOR A SUITOR

The dust had barely settled on therecord fine slapped on it by the Stock Exchange before Seymour Pierce wastapping up potential buyers. In anattempt to keep the sale process under

wraps, the broker has sent non-disclo-sure agreements to those it thinksmight be interested.

JOBSEEKERS DESCEND ON GERMANYGermany has seen a huge rise in job-seekers from Greece and Spain, whohave fled long unemployment queuesto try to find work. While many rageagainst German austerity demands,ordinary people are taking advantageof the EU’s free movement of labourrules to try to find jobs.

REVAMP AFTER BARCLAYS LOSESOUT ON COPPER AND ALUMINIUMBarclays has lost tens of millions of dol-lars on bets on copper and aluminiumprices that went the wrong way, trig-gering a restructuring of its lucrative

base metals business. Two seniortraders in the metals trading arm, partof Barclays Capital, have been “reshuf-fled” in the wake of the losses.

BLACKS ON VERGE OF BEING ACQUIREDIN PRE-PACK DEAL

Victims of the high street slump, HMV, Thorntons and La Senza all soundedalarms this week. Now The Daily

Telegraph understands that as early asFriday KPMG could announce the saleof Blacks Leisure through a pre-pack administration deal.

SANTANDER UNPOPULAR AT HOME As Banco Santander scrambles to raisefunds by shedding assets abroad, itfaces a backlash at home from angry customers saddled with some€4bn of paper losses on risky bonds the bank sold four years ago to fund a landmark takeover.

NEWS CORP IN TALKS TO HIRE GERSONZWEIFACH AS GENERAL COUNSELNews Corp is expected to name veter-an Washington attorney GersonZweifach as its next general counsel,filling what is likely to be a sensitiverole as the media conglomerate deals

with the fallout of the phone-hackingscandal that erupted this summer. A deal hasn’t been completed and talkscould still fall apart.

WHAT THE OTHER PAPERS SAY THIS MORNING

Onward and upwards in 2012 please

AS the business year draws to aclose, there is one last opportu-nity to reflect on what has gone

before, and to consider whatmight lie ahead.

In the f inancial world, 2011 will for-ever be remembered as the year the

wheels fell off the euro. The single currency is still intact,

but nobody quite knows how long it will remain so, nor which countries will stay inside the currency zone if itdoes survive.

The instability of the euro and thedebt issues of the member states have

dominated debate and led movementsin financial markets. This hasdepressed mergers and acquisitionsactivity, which fell 32 per cent world-

wide in the final quarter of the year

and an even bigger 41 per cent inEurope, according to ThomsonReuters.

Indeed, when I attended recent briefings at JP Morgan and DeutscheBank, both firms remarked how they had rarely ever known the markets to

be so dominated by macroeconomicevents.

Against this background there have been some deals that have managed tosucceed, such as the sale of Charter toColfax or the recent £1.5bn acquisitionof European Goldfields by Eldorado,

but in the main the dealmakers havehad a quiet time.

London IPOs, or new issues, havegone through a dismal period despitethe record-breaking Glencore sharesale.

There has been a growing distrust between buyers and sellers but once

again the most dominant factorappears to have been uncertainty about the economic backdrop and theensuing market volatility.

Looking ahead, as a paper we will

continue to fight for the City’s inter-ests, without being slavish.Senior people in the City have tried

hard in the months just past to work for the common good, yet they remainpilloried in some sections of society.

Just the other day Jonathan Moulds,the European president of Bank of

America Merrill Lynch, showed aware-ness of this as he addressed a group of City folk in the crypt of St Paul’s to

back the Lord Mayor’s Appeal for 2012.Moulds explained that it was fitting

for him to be launching the appeal within St Paul’s because his bank hadtremendous views of the spectacularcathedral. “We also have great views of the Old Bailey,” he said, “which somemay feel is more relevant.”

In the months ahead, the City will be doing well for itself if people become aware of the positive things it

does – in terms of producing tax rev-enue, providing employment, givingto charities etc. – and if fewer dwell onthe negatives.

As a newspaper in an industry that

is creaking from the twin effects of economic pressure and moral uncer-tainly after the hacking scandal, City A.M. has been fortunate in enjoying a year of progress.

Revenues have hit a new record, our journalism has been widely regarded,and we have added seminars and afully-fledged Christmas Charity Appealto our annual awards event. Online weare seeing increasing traffic, and interms of distribution we have through-out the year serviced new stations out-side our core of the City, Canary Wharf and Mayfair. And there are excitingplans to go further when the time isright.

So thank you for reading, and have agreat Christmas and a prosperous New

[email protected]

Allister Heath is away

A BOXING day strike by Tube drivershas been given the green light, threat-ening to disrupt football matches andshoppers, after a high court judgerefused to halt it.

London Underground (LU) hadargued that the strike was illegal asdrivers who are not expected to work on 26 December had cast their vote inthe strike ballot.

The union have called on its members to strike on Boxing Day, 16 January, 3 February and 13 February,unless they are paid triple time andgiven an extra day off for working onBoxing Day, LU said.

LU confirmed yesterday that someservices will be running “to keepLondon moving”. Arsenal’s plannedmatch against the Wolves has beenmoved back to 27 December.

High court failsto stop BoxingDay Tube strike

TRANSPORT▲

Editorial StatementThis newspaper adheres to the system of

self-regulation overseen by the Press ComplaintsCommission. The PCC takes complaints about theeditorial content of publications under the Editor’sCode of Practice, a copy of which can be found at www.pcc.org.uk

Printed by Newsfax International,Beam Reach 5 Business Park,Marsh Way, Rainham, Essex, RM13 8RS

Distribution helplineIf you have any comments about the distributionof City A.M. Please ring 0207 015 1230, or [email protected]

4th Floor, 33 Queen Street, London, EC4R 1BRTel: 020 3201 8900 Fax: 020 7283 5334Email: [email protected] www.cityam.com

EditorialEditor Allister HeathDeputy Editor David HellierNews Editor David CrowActing Night Editor Marion DakersBusiness Features Editor Marc SidwellLifestyle Editor Zoe StrimpelSports Editor Frank DalleresArt Director Gavin BillennessPictures Alice Hepple

CommercialSales Director Jeremy SlatteryCommercial Director Harry Owen

Head of Distribution Nick Owen

EDITOR’S LETTER

DAVID HELLIER

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HAVE A GREAT BREAK! CITY A.M. WILL BE BACK ON TUESDAY 3 JANUARY 2012❆❄

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8/3/2019 Cityam 2011-12-23


News 3CITYA.M. 23 DECEMBER 2011

SERVICES grew surprisingly strongly in the third quarter of 2011, prompt-

ing the Office for National Statistics(ONS) to revise GDP figures up slightly for the three-month period.

However, they cut growth estimatesfor the previous quarter, leaving the

year’s expansion rate unchanged, andeconomists predict a tough 2012.

GDP grew by 0.6 per cent from July to September, not 0.5 per cent as previ-ously thought, as services expanded by 2.4 per cent, revised up from 2.1 percent, and household consumption,

capital investment and exports allgave the figures a lift.

The construction sector grew by 0.3per cent in the three-month period,

when it was previously thought tohave contracted by 0.2 per cent, and

business services and finance grew by 1.2 per cent, not one per cent. The performance in 2010 was also

better than thought, with the econo-my growing by 2.1 per cent, revised upfrom 1.8 per cent previously.

However, real household incomesfell by 0.2 per cent over the year, thefirst annual fall since 1982.

Compared with quarter three of 2010, incomes are down one per cent.

“The third quarter data substantial-

ly overstate the underlying health of the economy,” said Howard Archer,economist at IHS Global Insight. “It

was lifted by a catch-up effect fromactivity lost to temporary dampeningfactors in the second quarter, includ-

ing working day lost to Royal Wedding, manufacturing supplychain disruptions resulting from the

Japanese tsunami, money spent onOlympic ticket sales but not yet count-ing towards growth,”

“We anticipate modest contractionin early 2012 before the economy sta-

bilises and returns to gradual growthin the second half of 2012. This wouldresult in GDP growth being limited to

just 0.3 per cent next year.”

BY TIMWALLACE

UK ECONOMY▲

TIMELINE: THE TCHENGUIZ CASE

● 9 MARCH 2011Robert and Vincent Tchenguiz arearrested by the SFO in connectionwith the collapse of Icelandic bankKaupthing. After questioning they arereleased without charge.● 15 MARCHVincent Tchenguiz blames the SFOraid for his property Peverel Groupentering administration, after Bank of America Merrill Lynch demands repay-ment of a loan within 24 hours● 24 MARCHThe SFO’s man on the Tchenguiz case– Mick Randall – resigns. On the sameday, dozens of documents “seized in

error” are returned to the brothers.

● 7 SEPTEMBERVincent Tchenguiz hires Wikileaks’founder Julian Assange’s barrister,Ben Emmerson QC, to launch a freshattack against the Serious FraudOffice, claiming it breached his humanrights● 20 SEPTEMBERVincent Tchenguiz settles his £1.5bnlawsuit against Kaupthing in a confi-dential deal he calls “mutually accept-able”● 22 DECEMBERVincent Tchenguiz says the SeriousFraud Office (SFO) has conceded thatsearch warrants issued against him

should be quashed.

Economy set to worsen into New Year

Tchenguiz:SFO admits toerrors in case

VINCENT Tchenguiz’s war with theSerious Fraud Office (SFO) may not

be over but forcing the watchdog toadmit to errors over his controversialarrest represents a major battle won.

Vincent Tchenguiz was arrested inMarch over his exposure to the col-lapsed Icelandic bank Kaupthing buthas always maintained his inno-cence.

The Iranian-born property magnate was questioned for nine hours, along with his brother Robert and sevenother people, after 135 police officersswooped on various premises acrossLondon. The brothers were laterreleased without charge but the SFOhas continued its investigation.

Tchenguiz is suspected of inflat-ing the value of companies used ascollateral for a £100m loan fromKaupthing, which he denies. Hepledged the firms as collateral on his

brother’s spiralling debt with the bank, in which he was both a majorstakeholder and client.

In an interview with City A.M. inthe wake of his arrest Tchenguiz castdoubt on the validity of the war-rants, claiming the papers servedactually referred to a second office

nearby.He also claimed the SFO had raid-

ed his premises before gathering allthe facts, saying: “The way the inves-tigation was conducted was incor-rect. It was too fast, too quick, tooearly and too much damage wasdone.”

Tchenguiz had demanded a judi-cial review in which he said he couldprove the raid was carried out with-out due process. In a statementreleased yesterday Tchenguizclaimed the SFO has now requestedthat he withdraw his application.

The SFO’s case against Tchenguizhad already taken a blow after thetycoon settled his bitter legal dispute

with Kaupthing’s administrators inSeptember. Tchenguiz had beensuing the bank for £1.5bn, claimingit had misrepresented its parlousfinancial state. The bank had beencounter suing.

Yesterday’s decision comes justmonths after the SFO sensationally dropped a two-and-a-half-year probeinto collapsed hedge fund

Weavering Capital.

Tchenguiz was arrested the day before he was due to host a glitzy party on his yacht in Cannes. Whilethe saga is not yet over, tonight hehas some reason to celebrate.

BY STEVE DINNEEN

ENFORCEMENT▲

Police removing items after theraids in March

Picture: REX

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BANK of England governor MervynKing has compared those who fore-cast the break-up of the euro tounhinged doomsayers.

Asked about the possibility of theend of the single currency, he said: “Iremember as a student going to thecentre of London and seeing on themain shopping street a man wearinga sandwich board and across it was

written, ‘The end of the world isnigh’, and the interesting thing was

he was still there 20 years later.”Speaking in his role as vice-chair

of the European Systemic Risk Board(ESRB), he also claimed that “there

was no discussion of that at theESRB,” when asked about plans for acountry leaving the Eurozone.

Instead, King called for “swift andcoordinated” moves to put intoaction the statements from recentsummits.

King also used the pre-Christmaspress conference yesterday to suggestthe pan-European body of regulatorscould intervene to enable the UK toimplement its overhaul of the FSA.

He said: “The ESRB is examiningrelevant legislative initiative in theEU with a view to providing macroprudential perspectives on the estab-lishment of the new regulatory framework.”

In other words, King implied thatthe ESRB could go up against theEuropean Commission in support-ing moves to establish new national“macro-prudential” regulators,

which has been a bone of contention between the UK and EC.

King: talk of euro’s fall isdoomsaying

HOUSE of Representatives Speaker John Boehner last night bowed to pres-sure from both within and outside hisRepublican party and agreed to ashort-term deal to extend a payroll taxcut for 160m Americans.

Boehner informed Senate majority leader Harry Reid that he will set a

vote in the House on a Senate-passedtwo-month extension of the payrolltax cut, a Democratic leadership aidesaid. Now comes the hard part forBoehner -- getting his often rebelliouscaucus to follow his lead.

City performs strongly asits exports keep soaring

FINANCIAL services boosted the econo-my in the third quarter with soaringexports, the Office for NationalStatistics confirmed yesterday.

Insurance and financial servicesrecorded a trade surplus of £10.3bn

between July and September, up from£9.1bn in the previous quarter, under-lining the importance of the sector toany economic recovery.

Imports rose slightly to £3.9bn, whilst exports soared 9.2 per cent onthe quarter to £14.3bn

“The UK trade surplus in 2010 of £35.7bn in financial services and£7.4bn in professional services exceed-

ed that of all other sectors in the UK,”said TheCityUK. “These trade surpluseshelp offset the large trade deficits ingoods of £99bn and travel of £11bn.”

Communications hit a record sur-plus, of £540m in quarter three 2011.

However, the overall currentaccount deficit hit £15.2bn in thethree-month period, up from £12.5bnin the same quarter of 2010 and thehighest level since records began.

Such a deficit accounts for four percent of GDP – the highest proportionsince the second quarter of 1990.

The deficit in oil hit a new record,rising from £2.2bn to £4.1bn on thequarter, led by falling exports.

BY JULIET SAMUEL

BANKING▲

ITALY’S senate passed a vote of confi-dence in the government of new PMMario Monti yesterday, putting thefinal seal on an emergency austerity

budget rushed through to restoremarket confidence in the economy.

The upper house voted 257 to 41 forthe government, following a similareasy win in the lower house last week.

Monti said he was happy with the vote and Italy could hold its headhigh in Europe after passing the pack-age of spending cuts, tax rises andpension reform.

Italy approvesMonti austerityin decisive vote

US ECONOMY▲

ITALIAN ECONOMY▲

UK ECONOMY▲


Alain Juppé said that relations will become “excellent” with time Picture: Reuters

France calls off its war of words with PM Cameron

FRANCE has waved the white flagacross the Channel as Alain Juppé,the French foreign minister, called off

the “war of words” with the Britishgovernment.

A string of slurs has been directedat Parliament from Sarkozy’s teamlately, prompted by Cameron compar-ing France’s economy to that of Greece, and his recent veto of a pro-

posed EU treaty change.Sarkozy reportedly likened the

Prime Minister to a “stubborn child”. While relations between Paris and

London were “not as idyllic” as they

once were, Juppé said, “There is notan ounce of doubt that Franco-Britishrelations will become excellent onceagain. We have too much in commonto allow them to deteriorate.

“I don’t think the bridges are bro-ken,” he added.

POLITICS▲

PRIME Minister David Cameron wasright to wield the UK’s veto at themost recent European summit of leaders, according to a strong major-ity of British directors.

A striking 77 per cent of morethan 1,000 members asked by theInstitute of Directors supportedCameron’s decision, with 46 per centstrongly agreeing with his decision.

There appeared to be some mixedfeelings, however: from the 77 percent that think the veto will changethe UK’s relationship with Europe,

just over half think it will be a nega-tive change.

That perhaps underscores thedesire for looser ties to Brussels, withtwo thirds of directors saying they favour a less close relationship.

Around 42 per cent want some pow-ers repatriated.

The numbers are a blow for theLiberal Democrats, who had claimedthat businesses were dismayed by the move. The data appears to show that, by contrast, managers arealigned with the current Euroscepticpublic mood on Brussels.

Directors: EUveto was theright move

POLITICS▲

THE INDEPENDENCE of Hungary’scentral bank could be undermined by a new draft law from the country’sgovernment, the European CentralBank (ECB) warned yesterday.

Such worries prompted Standardand Poor’s to slash Hungary’s creditrating to BB+/B, branding the country’sdebt “junk”, and argue that “officialactions raise questions about the inde-pendence of oversight institutions”

which “is likely to have a negativeimpact on investment and fiscal plan-ning”.

EUROZONE▲

Boehner agreesto extension of US tax break

Independenceof HungarianBank in doubt

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SIR RICHARD Branson was left fuming yesterday after British Airways parentIAG pipped Virgin Atlantic to a deal to

buy BMI for £172.5m.Branson said IAG’s purchase of the

loss-making airline “simply cuts con-sumer choice and screws the travellingpublic.

“BA is already dominant atHeathrow and their removal of BMI

just tightens their stranglehold at the world’s busiest international airport.”

Virgin said it will ask competition bodies to look at blocking the deal. Butanalysts at Oriel said “the balance of probabilities is in favour of this [deal]

being given the go-ahead”.But budget carrier Ryanair said the

sale was “a logical development in theconsolidation of Europe’s major air-lines”, venturing to contrast the deal

with its own bid for Aer Lingus, which was stymied by competition concerns.

BMI, formerly British Midland, con-trols around nine per cent of the land-ing slots at close-to-capacity Heathrow.

Virgin has three per cent, while IAG will control around 53 per cent afterthe deal.

Virgin waded back into BMI ownerLufthansa’s auction two weeks ago,offering less money but a deal it said

would be better for competition.But IAG yesterday tied up a binding

agreement some three months beforeLufthansa’s target date for a sale, win-ning 56 daily take-off and landing slots

Virgin vowsto fight on asBA wins BMI

while getting Lufthansa to keep BMI’sdefined benefit pensions liabilities.

IAG said it would restructure thefirm over three years, with job lossesexpected, though costs linked to theoverhaul will be less than the £153m a

year currently lost by BMI.

Group chief Willie Walsh said IAG’splans to use the new slots for long-haul routes will make Britain “betterable to compete on a global scale”.

Lufthansa still has the option to sellBMI Regional and BMI Baby, as IAG hasno plans to continue the brands.

BYMARION DAKERS

TRANSPORT▲

Willie Walsh, head

of British Airway’s parent IAG, saidthe deal willbenefit Britain. Picture: REUTERS

ANALYSIS l International Airlines Group

p

16 Dec 19 Dec 20 Dec 21 Dec 22 Dec

150

148

146

144

142

149.9022 Dec

PETER STRIVENS

BAKER &

MCKENZIE

ON the sale of British MidlandsInternational to IAG, Lufthansaturned for legal advice to Baker &McKenzie, who fielded a teamincluding London corporate partnerPeter Strivens and Duesseldorf partner Soenke Becker.

Strivens heads Bakers’ telecom-

MEET THE LEGAL ADVISERS

munication group, and has workedat the firm since 1982, becomingpartner in 1990.

His recent work has included

advising private equity firmsBlackstone, CVC and Providence ontheir bid with France Telecom for astake in Cesky Telecom, and helpingthe Turkish government on its pri-vatisation of a 55 per cent interestin Turk Telekom for Saudi Oger.

On the opposite side of the tablerepresenting IAG was Slaughterand May, led by London corporatepartner David Wittmann – a long-time adviser to the company.

WILLIE Walsh aside, you won’tfind many men who have spent

more of their life involved withairlines than former BMI-ownerSir Michael Bishop.

Sir Michael joined what wasthen Mercury Airlines as a bag-gage handler in 1963, a year

before it was taken over by British Midlands Airways. By 1969 he was general manager of the airline – later rebranded asBMI – and in 1972 he took thetop spot as managing director.

Under Sir Michael’s lead,BMI’s management raised £2.5mto buy out investment groupMinster Asset’s stake in the air-line in 1978. He was made chair-man as a result, and headed upthe company until just three

years ago, as well as holding a 50per cent-plus-one controllingstake.

In 2008 Sir Michael

pocketed a total of £223m from share-holder Lufthansa forthat stake – £50mmore than it madefrom theentire group

yesterday.

Veteran cashedin at right time

PROFILE▲

SIR MICHAEL BISHOP

8/3/2019 Cityam 2011-12-23


Thanks to you: £401,116

to help people in Malawi

THANKS to you, our readers, we aredelighted to be able to announcethat our first ever Christmas Appeal hasraised £401,116 for a very deservingcharity. As you know, the money will goto Opportunity International, ourchosen partner for the appeal, and helpit in its wonderful job of providing arange of financial services, includingmicro-loans and saving products, in southern Malawi. Our appeal was

backed by HRH Princess Anne, Opportunity International’s patron, andhas helped forge much closer links between the City and the charity. I

would like to single out some of our most generous donors. They include Lloyds Banking Group; Bank of America Merrill Lynch, led by Europe president Jonathan Moulds; Greg Knight of Welbeck Group; andDavid Williams of Avanti Communications. There were also a large

number of substantial anonymous donors as well as numerous text,online, phone and postal contributions. Your much appreciated money will help harness the transformative power of capitalism and marketinstitutions to give poor entrepreneurs a handup, rather than ahandout. I always thought City A.M. had wonderful, generous readers –and I was right. To all those of you who have made a donation, largeor small, thank you very much – and have a very happy [email protected] me on Twitter: @allisterheath

CITY A.M. EDITOR

ALLISTER HEATH IN the last few days there’s beenan amazing surge of interest inour charity appeal which has

brought the total to more than£400,000.

The excitement lasted until thefinal day as the total stood nearer£385,000. First BoudiwjnPoelmann -- the chairman of Novamedia/Postcode Lotteriesand City A.M . chairman -- and thenCity A.M. founders Jens Torpe andLawson Muncaster topped up thedonations to take the total from

to £401,116. As the clock ticked by these

past few days the appeal’s funds were also swelled by a £5,000 per-sonal donation from an RBCCapital Markets managing direc-tor and by a number of other mas-sively generous contributors. Alsoearlier in the week we had theproceeds from our online auc-tion.

When some of us sat down to adinner hosted by HRH Princess

Anne a few weeks ago, we hadhoped that we might achieve asizeable amount from our appeal

-- but, given it was our first eversuch venture, we did not truly know what to hope for.

Certainly the results have sur-passed all expectations.

Thanks to all who contributedand to DfID, the governmentdepartment which is matchingall personal contributions pound

by pound.Crucially, contributions will

be accepted and matched by DfID up to 21 February.

Please feel free to contributeover the next few weeks if youcan.

Proudly sponsored by Matching your donations with

Opportunity International United Kingdom is registered as a charity in England and Wales(1107713) and in Scotland (SC039692).

As I write this final diary column, two of the countries we work in are goingthrough difficult times. While the Democratic Republic of Congo remains tensefollowing presidential elections, Malawi’s economy is under great strain.

But despite the tough economic and political outlook in many of the countries we serve, there is every reason tobe confident in the future.

Today, Opportunity is serving nearly one million people across Africa who show us daily that energy, creativityand entrepreneurship are alive and well. Our clients are using small loans to create blooming businesses. Their smallbut essential savings are kept safe for the first time in our savings accounts. And they are able to face an uncertainfuture with confidence thanks to our specially tailored insurance products. In short, we know that Opportunitymicrofinance works.

By supporting this appeal, you’re helping us offer these opportunities to a further 17,000 of Malawi’s poorest peo-ple. That’s 17,000 more people given a chance to escape poverty with dignity and self-determination.

There’s never been a better or more important time to support Africa’s people. We’re working in 10 African coun-tries and would be delighted to have your company in 2012 and beyond. Thank you.

CHIEF EXECUTIVEOPPORTUNITY INTERNATIONAL UK

EDWARD FOX

CHANGING LIVES▲


£401,116

BY PHONE: by debit

or credit card to 01865 725 304

Text donations may not work from company mobile phones as these often block premium messages

BY TEXT: CITY11 and amount

(£5 or £10 only) to 70070 www.cityam.com/appeal

The picture that launched our appeal last month and wasthen auctioned inour appeal

David Hellier

8/3/2019 Cityam 2011-12-23


A D a i m l e r B r a n d

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rolled into afternoon drinks and thendinner at Green’s on Duke Street.

Clearly, the three hedge funders,two investment bankers, five property players, one lawyer and an M&A taxadviser at a Big Four firm were havingfar too much fun at the Green’s lunchclub Christmas dinner to bothergoing back to the office.

Not that it mattered – the groupsimply did their deals between cours-es on their BlackBerries, with a prop-erty transaction and two furtherdeals completed over the course of the afternoon. “The usual rush tocomplete [deals] pre-Christmas was very well handled,” assures Green’smanager Abelines Geldenhuys. “Intoday’s world, thanks toBlackBerries, you are never far from your office.” In spirit, at least.

BRANCHING OUT YOU CAN’T fault PwC on forwardplanning. Back in 2009, when the BigFour firm was planning the doors forits new More London building near Tower Bridge, there were serious dis-cussions about whether the entrancecould accommodate a Christmas tree.

The company’s clients will berelieved to learn that PwC is markingits first Christmas in the £60m HQ with a 22-ft tree (below) – “the tallest we’ve ever had”, said one tree-hugger, who marvelled as decorators hired a builder’s hoist to reach the top

branches. So no cutbacks there –

quite the opposite, says PwC’s head of facilities Jon Barnes, who has calculat-ed there is “room for improvement inheight next year if necessary”.

SHARED HISTORYBLOOD is thicker than water in fundmanagement. Whether it was by acci-dent or design that Patrick Evershed, Jamie Allsopp and JCB heir JoBamford found themselves sharing adesk for a number of years at New Star, they were continuing an alliance between the three Staffordshire fami-lies that dates back to the 1880s.

When Evershed’s great-grandfatherSydney Evershed, the MP for Burton-on-Trent, died in 1903, Allsopp’s great-great-grandfather read the oration athis funeral, and Bamford’s great-

great-grandfather rode in the secondcarriage in the cortege.New Star may have burnt out and

its former employees dispersed, butthe shared history remains.

PULLING POWERSOMEONE at Sir Martin Sorrell’sadvertising empire WPP has toomuch time on their hands.

Just in case you find yourself sit-ting in front of a computer onChristmas Day and feel the urge topull a virtual cracker with someonein cyberspace, WPP’s digital advertis-ing agency Wunderman has createda “fun website” that allows you to doexactly that. Hold your hands up to a webcam to complete the technologi-cal feat, and you can even be crowned with a virtual festive hat!

“It’s really good fun,” claims some-

one paid to say so. Decide for yourself at http://www.thelongestcracker.co.uk

TAXPAYERS PETITIONFOR PRIVATISATION OF

THATCHER’S FUNERAL WHICH investment bank will under- write the ticket sales at Margaret Thatcher’s privatised funeral?

The Capitalist only asks because, as of last night, more than 14,000 peoplehad signed up to the e-petition posted by Scott Morgan declaring that theIron Lady’s state funeral should befunded and managed by the privatesector.

After all, Baroness Thatcher priva-tised the railways, the water compa-nies, the electricity providers and thetelecoms firms – so she should surely approve of the online rally to offer the“best value and choice for end usersand other stakeholders” on her pass-ing.

As the petition on the govern-

ment’s website reads: “The under-signed believe that the legacy of theformer prime minister deserves noth-ing less and that offering this uniqueopportunity is an ideal way to cut gov-

ernment expense and further provethe merits of liberalised economicsBaroness Thatcher spearheaded.”

If the number of signatories hits100,000 – as is looking pretty likely,since the petition runs until Octobernext year – the Backbench BusinessCommittee will present the idea as amotion in the House of Commons.

Time for City firms to start think-ing of how to take a percentage of theprofits, then – as Rothschild, whichadvised on the privatisation of BritishGas, British Steel, British Coal and theregional electricity and water boards,demonstrated so admirably.

WORKING LUNCHGOOD to see some people in the City are still conducting their business1980s-style over a long lunch. Anextremely long lunch, as it happens –an almost 12-hour affair, after lunch

B a r o n e s s M a r g a r e t Thatcher ’ s privatisationi d e o l o g ycould extendto her own passing

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The Capitalist10 CITYA.M. 23 DECEMBER 2011

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8/3/2019 Cityam 2011-12-23


NewsCITYA.M. 23 DECEMBER 2011 13

INVESTEC formally closed its deal to buy British investment bank Evolution Group yesterday, followingits final decision on lay-offs across

both companies.Investec won its bid battle in August

when it settled on a price of £233m allin shares, a premium of 28 per centon Evolution’s share price the day

before it disclosed the approach.Rival bidder Canaccord Financial,

the Canadian financial services firm,

lost out and instead agreed a deal to buy Collins Stewart Hawkpoint for£253m, more than a 90 per cent pre-mium to its share price, which has yetto complete.

Investec and Evo’s combined securi-ties division, which will make upInvestec’s UK investment bank, willcontinue with some 160 staff after 90

bankers were cut this week.Of those, about 60 were slashed

from the Evolution side and 30 fromInvestec. Evo’s analyst team was cut

down to the bone and the bank alsolost its head of fixed income, Gary

Jenkins, earlier this month.Investec managing director Bernard

Kantor had previously told City A.M.that a worsening of the economicenvironment could lead to more jobcuts.

“As much as we don’t like to hireand fire, we have to live in the same

world as everyone else,” he said follow-ing the bank’s third-quarter results.

The bank’s new merged securitiesUK division will be headed by DavidCurrie.

Investec bagsEvo in timefor Christmas DANIEL Stewart Securities, one of a

clutch of small brokers operating inthe City, has posted a first-half lossafter the European sovereign debt cri-sis led to the deals market drying up.

The AIM-listed firm made a pre-taxloss of £605,952 for the six months to30 September, compared to a profit of £190,572 for the same period last

year.Chief executive Peter Shea said:

“The six months to September have been an extremely difficult time forthe brokerage industry.

“Despite this we have continued toinvest in our international develop-ment, with a particular focus on Asia.

We are confident that this invest-ment will assist in sustaining our

business should the economic outlook in Western Europe remain

bleak.” The broker spent £360,000 on

monthly “retention payments”, which are seen as an alternative to bonuses.

Earlier this year Daniel Stewartadvised Jimmy Choo on the bid to buy his upmarket shoe back from privateequity firm, Towerbrook Capital. It

was ultimately sold to luxury goodsgroup Labelux. The broker said itexpects to open a Hong Kong office inthe first quarter of 2012.

Broker Daniel

Stewart sinks

in the first half

BY JULIET SAMUEL

BANKING▲

FINANCIAL SERVICES▲

Boss Paul Nicholls waits to learn the fate of Hoare Govett Picture: FT Pictures

ANALYSIS l Investec PLC

p

16 Dec 19 Dec 20 Dec 21 Dec 22 Dec

342.5

340.0

337.5

335.0

332.5

330.0

327.5

333.5022 Dec

RBS Hoare Govett faces

the loss of another client

TROUBLED broker Hoare Govettcould be about to lose its mandate

with Tullow Oil.

Hoare Govett and current co-brokerBank of America Merrill Lynch are tak-ing part in a beauty parade which willdetermine if they continue to work

with the Africa-facing oil producer.It comes just days after Hoare Govett

lost another key client in insurer Amlin. The broker currently faces being sold or closed as part of a review by parent company Royal Bank of Scotland. BofA also has concerns, withkey banker Andrew Osborne havingleft suddenly ahead of a regulatory

probe – although he has told friendshe will retain his licence.

Sources said Tullow would make adecision on its broker in the first quar-ter of next year, although the shake-up

is not seen as a reflection on the work of Hoare Govett or BofA.

City A.M. understands security groupG4S is also considering switching its

brokers, currently Hoare Govett andDeutsche Bank, in the aftermath of itsfailed £5.2bn takeover attempt of Danish cleaning group ISS. All partiesdeclined to comment.

RBS is expected to make anannouncement on the future of HoareGovett in February when it publishesits full year results.

FINANCIAL SERVICES▲

8/3/2019 Cityam 2011-12-23



US CONSUMER confidence is at itshighest in six months, leadingindicators point to growth into2012 and new jobless claims last week were the lowest since 2008,according to a raft of upbeat dataout yesterday.

But GDP growth for thethird quarter was reviseddown by the CommerceDepartment, while industri-al activity slowed lastmonth according to theChicago Fed, suggestinggrowth remains below trend.

The Chicago Fedactivity index fell tominus 0.37 in

November, indicating below trendgrowth, while GDP growth esti-mates in the third quarter wererevised down to 1.8 per cent fromtwo per cent.

Yet the University of Michigan’sconsumer sentiment index rose to69.9, up from 64.1 in November.Real spending is expected toincrease by 1.8 per cent in 2012, itsaid, as long as action is taken onextending the payroll tax cut.

President Obama (pictured) yesterday appeared to be suc-cessful in his call to senators to

end the crippling row overthe tax.

Meanwhile initial jobless figures fell to364,000, the lowestlevel since April2008.

US economy

growing lessthan hopedBY TIMWALLACE

US ECONOMY▲

London 2012 IMAGE OF THE WEEKLOCOG, the organisingcommittee for next year ’sOlympic and Paralympic Games,released new aerial images onWednesday showing the scale of the transformation in Stratford.

Between now and the 2012Games, City A.M. is publishingits Olympic Image of the Week.We welcome photos from all

sources – sponsors, athletes,commuters, residents – if youhave a shot you think readerswill like, please email

[email protected] with IOW2012 in the subject line.Full details:www.cityam.com/london-2012.THE OLYMPIC PARK | AN AERIAL SPECTACULAR

NEWS | IN BRIEF

UK fuel output plummets in 2011Domestic fuel production fell 19.2 percent in the third quarter compared withthe same period of 2010 – a record annu-al quarter on quarter fall, according todata from the Department for Energy

and Climate Change. The governmentdenied that this was due to its windfalltax on North Sea oil and gas profits.Nuclear generation increased its share of total electricity output by 3.4 percentagepoints to 19.1 per cent, while renewablesrose to nine per cent. Meanwhile, averageelectricity bills rose by £38 to £445.

ATMs put out more in DecemberToday is expected to be the busiest dayfor cash machines withdrawals as lastminute pre-Christmas shoppers hit thehigh street. Sainsbury’s Finance esti-mates that over £11bn will be with-drawn from ATMs in the UK thismonth – a substantial increase on the£10.3bn withdrawn last December,thought to be impaired by the cold win-ter of 2010.

Ban on card charges consideredA crackdown on confusing credit cardcharges is on the way, the governmentwill announce today. The Treasury islooking at banning excessive surchargeson credit and debit cards across mostretail sectors, and will publish a consul-tation in the New Year. The new ruleswould be introduced by the end of 2012,two years before similar EU laws.

8/3/2019 Cityam 2011-12-23



NEWS | IN BRIEF

Anglo hits back at CodelcoThe row over Anglo American’s Chileanbusiness heated up yesterday, with themining group taking legal action againstCodelco, its partner in the country.Anglo has filed a writ alleging breach of contract against Codelco. At issue isAnglo's deal to sell a 24.5 per cent stakein its Chilean business to Mitsubishi for$5.39bn (£3.43bn).

Toyota predicts 20pc growthToyota has forecast a 20 per cent jumpin 2012 sales to a record 8.48m vehicles,as it recovers from output losses trig-gered by natural disasters in Japan andThailand this year. The Japanese compa-ny, the world’s top carmaker since 2008,is set to lose its crown to US rivalGeneral Motors after supply-chain dis-ruptions.

Hansteen buys Spencer assetsBritain's Hansteen Holdings has boughtproperty assets from the Spencer Groupfor £150m, as the industrial propertyinvestor looks to expand its portfolio of assets in the UK. The properties arealmost one third vacant and will gener-ate £4m in rent a year.

SAINSBURY’S FAIL TO DELIVER THIS CHRISTMAS

UP TO one hundredSainbury’s shoppers weredisappointed when a website malfunction causeddelivery slot bookings to becancelled, resulting in lost Christmas orders.The UK’s third largest gro-

cer said it has offered a ges- ture of goodwill –although it would not spec- ify what – to the customers for whom asuitable alternative couldnot be provided. And Fortnum & Masonalso admitted that hun- dreds of luxury hampers,which cost up to £5,000,will not be delivered intime for Christmas due toa “severe” IT glitch.

Picture: REX

APPLE’s crop is suffering in Europedue to increased competition and thetroubled economy as Android nabsthe top spot in the smartphonemarket, the researcher Kantar Worldpanel ComTech has revealed.

While the iPhone 4S has been flyingoff British and American shelves,customers in continental Europe have been less enthralled by the company’slatest offering to the smartphonemarket.

For the 12 week period to the end of November, Apple’s market share inFrance dropped to 20 per cent from 29per cent a year earlier, while its share

of both the German andItalian markets slid from 27 to22 per cent.

By contrast, Apple’s share of sales climbed from 25 to 36per cent in the US, and from21 to 31 per cent in GreatBritain.

Despite growing Apple salesin the US and GB, Android hasraced past Apple as the topmarket holder in every country included in the study,providing 53 per cent of smartphones sold in the USand 47 per cent of those soldto Brits.

Android accounted for 61per cent of smartphone sales

in Germany, up from 17 percent last year, making theSamsung Galaxy S II the topselling handset.

Dominic Sunnebo, globalconsumer insight director atKantar Worldpanel, pointedout that these sales do notinclude the Christmas period.

He said: “Last year justunder a third of all phones bought were given as presentsand this figure rose to 46 percent in December 2010. Wethink this trend will berepeated in 2011.”

Blackberry handsets are themost popular phones boughtas gifts.

“Right now, I thinkthings are looking bad,but they could alwaysimprove. Personally I

have a neutral stand atthe moment; it alldependson otherpeoples’decisions.”

www.RateSetter.com Customer Phoneline: 08442490115

* These views are those of the individuals below and not necessarily those of their company

ANUBHAV JAINEBRD

“Yes. I think with all of the banking changesthere will be lots of work for management

consultants, which isgood for us,but whetherthis changeis good forthe City asa whole I’mnot sure!”

JAMES ALLCOTTACCENTURE

“I’m not optimistic orpessimistic, becausethere is a different out-look for each sector,

some positive and somenegative. I think it alldepends on the futurepoliticaldecisionsof howwell theCity fares.”

MAURICE TRATTONARGENTA HOLDINGS

CITY VIEWS: ARE YOU OPTIMISTIC ABOUT THECOMING YEAR FOR THE CITY? Interviews by Phoebe Torrance

BY LAUREN DAVIDSON

TECHNOLOGY▲

Apple falls as Androidleads smartphone sales

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AnescoNeil Hutchings, who joined the energyefficiency firm Anesco aged 16 beforerising through the ranks to become

national business manager, has beenpromoted to operations director.Hutchings will be based at the firm’shead office near Reading, and will

report directly to chief operating offi-cer Tim Payne.

WithersThe law firm has appointed tax investi-gations partner Maurice Martin to itsLondon team. Martin joins from Irwin

Mitchell, where he was a partner andhead of the business and personal taxinvestigations team.

UralkaliSir Robert John Margetts, who hasbeen serving on the board of Uralkali,one of the world’s largest potash pro-ducers, since June, has been appoint-ed as a senior independent director.Margetts is the former chairman of

Legal & General Group and BOCGroup.

Reed SmithThe law firm has appointed TamaraBox as head of structured financeand a partner in the financial indus-

try group in the London office. Boxwas previously head of internationalstructured finance at BerwinLeighton Paisner.

MaxifierThe online ad campaign performancefirm has appointed Roger Williams assenior vice president of marketing,based in London. Williams joins fromAudienceScience where, as director of

international marketing, he helpedlaunch the brand in Japan and Germany.

State StreetMichael Ho has been appointed as chief investment officer for emerging marketequities and global macro capabilities at

State Street Global Advisors, based inBoston. Ho joins from Mellon CapitalManagement, where he was chief investment officer.

SavillsThe real estate adviser has appointedSebastian Peters to lead its officeagency team in Hamburg. Peters

joined the company in November2010 as a senior consultant.

CITY MOVES | WHO’S SWITCHING JOBS Edited by Harriet Dennys

+44 (0)20 7092 0053morganmckinley.com

To appear in CITYMOVESplease email your careerupdates and pictures to [email protected] SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT

in association with

S&P is set to finishhigher for the year

US stocks rose yesterday, puttingthe S&P 500 on the cusp of fin-ishing out the year higher asanother decline in jobless

claims pointed to further improve-ment in the labour market.

The S&P rose for a third day in sea-sonally light volume that has con-tributed to sharp swings recently.

With the benchmark index near break-even year-to-date and the Dow already higher or 2011, US stocksappeared on track to outperformsuch major overseas markets asChina, Brazil and Europe, all of whichare down more than 10 per cent year-to-date.

The latest bit of optimism on WallStreet came from a drop in weekly claims for jobless benefits to a threeand a half year low. Also helping equi-ties, US consumer sentimentimproved in December, hitting itshighest level in six months as

Americans felt better about the econ-omy’s prospects.

Cyclicals, which have come underpressure recent from uncertaintiesover global growth, were the day’s top

gainers, with financials gaining 2.1per cent, followed by energy up 1.1

per cent and materials, up 0.9 percent.

Consumer staples, considered adefensive play, was the weakest sector,falling 0.2 per cent.

The Dow Jones industrial average was up 61.84 points, or 0.51 per cent,at 12,169.58. The Standard & Poor’s500 Index was up 10.29 points, or 0.83per cent, at 1,254.01. The NasdaqComposite Index was up 21.48 points,or 0.83 per cent, at 2,599.45.

The CBOE Volatility index, a gaugeof investor fear, fell 1.4 per cent and is

down about 13 per cent so far this week, putting it on track for four weeks of declines.

Recent gains have lifted the S&P500 above its 50-day moving average,though the index has run into trou-

ble when it sought to move above its200-day moving average, currently around 1,260. The levels have beenkey for the market this year.

Lower volume ahead of theChristmas and New Year’s Day holi-days has left the market susceptibleto the heightened volatility this week.

Micron Technology jumped 15.7per cent as investors looked past limpquarterly results announced late

Wednesday and focused on a poten-tial 2012 rebound in long-stagnantmemory chip demand and prices.

Tibco Software climbed eight percent after the business softwaremaker forecast first-quarter revenue

above estimates and said fourth-quar-ter profit and revenues soared.

B ANKS buoyed the FTSE 100 yes-terday as Goldman Sachs ana-lysts said the take-up by lendersof ECB loans should be seen as

an “important positive” and market bulls attempted to push the indexthrough important technical levels.

London’s blue chips closed up 67.23points, or 1.3 per cent, at 5,456.97,although the index failed to push onfrom an earlier high of 5,469.03 in vol-umes that were just 61 per cent of their 90-day average.

Traders, however, said like shoppersdashing for last-minute Christmasgifts, much of yesterday’s moves can

be put down to investors and fundmanagers balancing their portfolios

with cheap stocks ahead of the festive break.

The FTSE 100 is down 0.9 per cent inchoppy trade in a month which onaverage benefits from the Santa rally,

with investors still paralysed by con-cerns over the economic outlook.

Commenting on recent markettrends Jerome Booth, head of researchat Ashmore Investment Management,said: “Volatility is high. Banks aremomentum trading, whipping up

client sentiment...in a bid to increaseturnover in conditions of wide

bid/offer spreads.He said investors should steer clear

of the momentum trading currently driving markets and focus on true

value -- when asset prices are clearly out of line with the asset’s riskiness.

For now the momentum trade was back on with the banks and otherriskier assets such as miners – sectors

which have sorely underperformed in2011 on the back of global debt andgrowth concerns – higher, as central

banks continue to takes steps to injectstimulus to boost growth and market

confidence.Goldman Sachs said the large take-up by lenders of the European CentralBank’s long-term refinancing opera-tion on Wednesday is an importantpositive, underpinning banks duringthe sovereign storm and it expects theamount to grow further still in theFebruary auction.

The broker said Lloyds BankingGroup and HSBC, up 3.7 and 1.8 percent respectively, are top picks amongits group of investable banks and are

both conviction ‘buys”.Insurers also saw strong support on

hopes that the euro zone debt situa-tion could be eased by the injection of liquidity from the ECB, with OldMutual up 4.2 per cent.

Miners, which have lost around 30per cent of their value in 2011, werehigher with Kazakhmys up 3.6 percent. Among the integrated oils, heavy-

weight BP added 2.4 per cent. Among individual gainers,

International Consolidated AirlinesGroup (IAG) added 3.3 per cent after itsigned a deal to buy BMI fromGermany’s Lufthansa.

The FTSE was also supported by eco-nomic data in the United States which

bolstered optimism that the world'slargest economy was gaining momen-tum.

Britain revised up third-quarter GDPgrowth slightly to 0.6 percent buttrimmed its second-quarter estimateto show the economy stagnated

between April and June.

But with the risk trade back on, it was the perceived defensive assets which dominated the downside withthe likes of Compass Group off 0.6 percent and gold miner Randgold 1.7 percent lower.

Man Group missed out on the finan-cials rally, shedding 0.4 per cent as ana-lysts warned continued market

volatility would hit the fund managersearnings outlook over the next coupleof years.

Year-end portfolio reshuffleshelp to boost the FTSE 100THELONDONREPORT

THENEW YORKREPORT

BEST OF THE BROKERS To appear in Best of the Brokers email your research to [email protected]

ANALYSIS l Beazley PLC

135

130

120

115

125

Oct Nov Dec

p

133.3022 Dec

BEAZLEYNomura rates the insurance group as “neutral” with a target price of 135p,after it confirmed its interest in fellow Lloyd’s insurer Hardy on Wednesday.The broker notes that Beazley will probably need external financing if it push-es ahead with the deal, as an improving rate outlook and interest from otherparties could push up Hardy’s valuation. It also says the target’s size couldmake it a risky option for investors wanting access to the positive outlook.

ANALYSIS l Imagination Technologies Group PLC550

525

475

450

425

400

500

Oct Nov Dec

p

533.5022 Dec

IMAGINATION TECHNOLOGIESGoldman Sachs rates the mobile phone and computer chip maker as a“buy”, and ups its target price to 750p following an increase to its estimat-ed 10-year royalties stream. The broker’s analysis suggests Imagination’sopportunities in smartphones and tablets mean its earning per share couldmore than treble over the next four years, and Goldman reckons the com-pany is in a prime position to capitalise on high growth in end markets.

ANALYSIS l Signet Jewelers Ltd

2,800

2,600

2,400

2,200

Oct Nov Dec

p2,763.00

22 Dec

SIGNET GROUPDeutsche Bank rates the jewellery group as a “buy” with a target price of 3,800p, projecting strong eight per cent same-store sales for the US divi-sion in the fourth quarter. Though half of Signet’s business is bridal, theother half is gift giving, mainly at Christmas, so it makes around half of itannual profits in the fourth quarter. In the UK it projects 2.5 per cent samestore sales, up from the year-to-date flat figure.

p

19 Dec16 Dec 20 Dec 21 Dec 22 Dec

5,480

5,400

5,420

5,440

5,340

5,360

5,380

5,480

ANALYSIS l FTSE5,456.97

22 Dec

SWIPScottish Widows Investment Partnership hasconfirmed Francis Ghiloni as director of distribu-tion and client management. Ghiloni, who joinedSWIP in March 2012 as head of group partner-ships, has held the role on an interim basis since

June. Based in Edinburgh, Ghiloni reports toSWIP’s managing director Dean Buckley, andwill be responsible for SWIP’s sales, marketing,product development and media relations. Priorto joining SWIP, Ghiloni was head of interme-diary distribution for Prudential UK.


8/3/2019 Cityam 2011-12-23


18 CITYA.M. 23 DECEMBER 2011

cityam.com/forumThe Forum

1. In a Which? magazine blind taste test of champagnes by experienced champagne tasters,Moet & Chandon's Brut NV, priced at £30.99,received a score of 74%. But which of the follow-ing champagnes received the highest score of

85%?a.Veuve Clicquot Yellow Label Brut NV (£34.49)b. Lanson Black Label (£31.99)c.Morrisons Brut NV (£19.99)

2.Which of the following has been the best per-forming stock in the US Dow 30 so far this year?

a.McDonaldsb.Bank of Americac. IBM

3.What has been the best performing currencyin the world against the US dollar so far thisyear?

a.Peruvian solb.Australian dollarc.South African rand

4.Greece’s gross debt as a share of GDP is 165%and the interest rate on 10-year Greek govern-ment bonds is 36%. Japan’s debt to GDP ratio isfar higher than Greece at 233%. What is theinterest rate on 10-year Japanese bonds?

a.50%b.1%c.8%

5.Which of the following companies has beenthe best performing stock in the UK FTSE 100 sofar this year?

a.Arm Holdings (chip designer)b.Autonomy Corporation (software company)c.Lloyds Banking Group

6.Below are five major asset classes and thereturns a UK investor would have made byinvesting in them from the start of 2011. Matchthe return to the asset class.

Asset classes Returns

a.Energy 1. -6%b.UK equities 2.7%c.UK corporate bonds 3.23%d.Gold 4.15%e.UK government bonds 5.11%

7. The recently published Thomson Reutersreport, “The World’s Top 100 Innovators” ranksfirms by a complex mix of parameters to assessthe amount of intellectual property they gener-ate. 40 of the top 100 firms are from the US.But which European nation has the most firms inthe top 100?

a.Germanyb.Switzerlandc.France

8. In which of the following countries wouldsomeone earning $100,000 a year pay the mostin income tax and employee social security con-tributions?

a.Denmarkb.Belgiumc.Greece

9.In the 12 months to October UK CPI inflationrose by 5%. But there were significant differ-ences in rates of inflation for different goods andservices. The price of which of the followingproducts has risen by 13% over the last year?a.Coffee, tea & cocoab.Gasc.Fish

10.China’s current GDP per person is forecast todouble in seven years and South Korea's in 14years. How long will it take for US GDP per per-son to double?

a. 17 yearsb.6 yearsc.24 years

11.In which country are gambling losses peradult highest?a.Singaporeb.USAc.Australia

12.Which of the following countries has thelargest number of dollar millionaires per 1,000people?

a. Japanb.USAc.Switzerland

See below for answers. Also,visit cityam.comfor further insights on theanswers.

1 . c . M o r r i s o n s B r u t N V ( £ 1 9 . 9 9 ) 2 . c . I B M

3 . a . P e r u v i a n s o l 4 . b . 1 % 5 . b . A u t o n o m y C o r p o r a t i o n

6 . a . E n e r g y u p 1 1 % b . U K e q u i t i e s d o w n 6 % c . U K c o r p o r a t e b o n d s u p 7 %

d . G o l d u p 2 3 % e . U K g o v e r n m e n t b o n d s u p 1 5 %

7 . c . F r a n c e 8 . b . B e l g i u m 9 . a . C o f f e e , t e a & c o c o a

1 0 . c . 2 4 y e a r s 1 1 . c . A u s t r a l i a 1 2 . c . S w i t z e r l a n d A N S W E R S

IAN STEWART, the chief economist of Deloitte, has some challenging questions

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Test your wits with our quiz

8/3/2019 Cityam 2011-12-23


8/3/2019 Cityam 2011-12-23


MILDMAY PARKPrice: £2.95mA 3,800 square feet, five bedroom period townhouse. Hollywood A-listers have fre-quented the house for photo shoots and it has provided the backdrop for shoots forhigh-end high street retailers and fashion magazines such as Vogue.Contact Cluttons Islington office: 020 7354 6666 or www.cluttons.com

BASIRE STREETPrice: £450,000A two bedroom flat lateral-ly arranged over the firstfloor of a purpose built,period styled development.Includes sash windows,feature fireplace and wood-en floors. Residents alsoshare the use of a commu-nal area at the rear of thebuilding. Contact Cluttons Islington office: 020 7354 6666 or www.cluttons.com

ST WILLIAMSCOURTPrice: £550,000A two bedroom apart-ment with a largereception room, twobathrooms and privateterrace. Residents alsohave access to thecommunal gym, saunaand steam room and24 hour concierge.Contact Cluttons Islington office: 020 7354 6666 or www.cluttons.com

SAVILE ROW LEASE SOLD TO JOINT VENTUREGreat Portland Estates has exchanged contracts to sell the long leaseholdinterest in 28/29 Savile Row to a joint venture between Aerium Financeand Allied London for £16.25m. The deal, which works out at £1,017 asquare foot, is for a basement, ground and five upper floors. The retail

unit produces a gross rent of £200,000 a year. The property is held on along lease from The Pollen Estate.

STANDARD LIFE TO REVAMP OFFICE SPACEStandard Life Investments has received planning permission to develop23 King Street on behalf of its Pooled Pension Property Fund. The projectwill involve the substantial refurbishment, including an upgrade of thefacade and the construction of a additional floor. The plans will see the

office space increase by almost a third, with work due for completion inmid-2013.

SAVILLS TO SHIFT WEST END TEAMS TO MARGARET STREETReal estate adviser Savills will move its West End teams, currently basedat offices in Lansdowne House and Grosvenor Hill, to new premises inMargaret Street in early 2013. Savills chief executive Jeremy Helsby said:“His pre-letting of 33 Margaret Street is a strong expression of confi-

dence in the growth of the Savills business going forward and in Londonas a global financial centre.”

PROPERTY NEWS

BY STEVE DINNEEN

COMMUTING: Angel underground sta-

tion on the Northern Line provides aconvenient direct link to Bank whileHighbury and Islington station connectsto Victoria. Kings Cross St Pancras isalso only a short walk away, offeringtravel across the UK and internationally.EDUCATION: Islington has a number of good schools including local state schoolSt Mary Magdalene Academy whichcaters for 4-18 year olds. Camden School

for Girls is also close by and has beendeemed ‘outstandingly successful’ byOfsted.

NEED TO KNOW | AREA INSIGHT

CURRENT MORTGAGE DEALS BY STEVE DINNEEN Source: MoneySupermarket.com

Lender Fixed/Flexible Rate Until APR Maximum Loan(per cent) (per cent) to Value (per cent)

Santander Flexible 2.09 2 years 4 60

Skipton BS Flexible 2.38 2 years 4.8 60

Yorkshire BS Flexible 2.39 February 2015 4.6 75

Chelsea BS Flexible 2.39 January 2014 5.4 70

Santander Fixed 2.35 March 2014 4.1 60

Hanley Economics BS Fixed 2.35 February 2014 5 60

Market Harborough BS Fixed 2.69 December 2013 5.1 75

Chelsea BS Fixed 2.89 January 2015 5.3 60

ISLINGTON BY STEVE DINNEEN

Living | Focus onCITYA.M. 23 DECEMBER 2011

ISLINGTON | PRICES (SOURCE: CLUTTONS)

Small house Medium-large house Apartment

Average price £1.25m £1.73m £559,432

Q A&SELL

Martin BikhitMANAGING DIRECTOR OF KAY& CO, CENTRAL LONDON ESTATEAGENCY

Q.I have signed an eight week soleagency but have had a big fallingout with my agent to the point that

I do not want them even coming to myhouse. Is there any way I can get out of this?

A.The answer to this really depends onwhat your agreement says. The pur-pose of a sole agency is to prohibit any

agent, other than the appointed one, to sell theproperty without the liability on the seller topay two fees. You can certainly ask your agentif you can break it early but given they haveprobably invested money in photographs, floorplans and advertising it is quite likely they willsay no.

If things have broken down irrevocably then

all you can do is withdraw the property fromthe market until the date at which their soleagency would have ended and then relist withanother agent. You will have to read the con-tract carefully so you are mindful of any earlytermination charges and be aware that if abuyer introduced by the first agent goes on tobuy the property, you will be liable for two fees.It is probably worth getting a list of names of all the people who have viewed your propertyfrom the first agent so you are clear when andif they may be due a fee. I would then ask foryour second agent or agents to give you namesin advance so you can cross-reference them.

Q.My tenant wants to buy my rentalflat, how do I find out if they areoffering me the right amount of

money?

A.In my experience tenants will almostalways end up offering less than whatthe property they are living in is worth.

I would suggest that you take a morning orafternoon out and ask for three good localagents to come round and value your propertyand to give you their “realistic” opinion as towhat you are likely to “achieve”. Doubtless thetenant will have carried out a similar exercise sodon’t be surprised if one or more of the agenthave already seen the property. All you thenneed to do is to calculate whether you are likelyto be better off putting the property on themarket with an agent to sell or sell it to yourtenant. In my experience the chances are thatthe agent will more than make up the fee youwill save by selling your flat privately, and in thismarket the only way to know that you are defi-nitely getting the best possible price is to putthe property on the open market to ensure itgets as much exposure as possible.

21

8/3/2019 Cityam 2011-12-23


The set pieces, includ-ing this scene set inDubai, are spectacular

Mission:

Lifestyle |Reviews22 CITYA.M. 23 DECEMBER 2011

interlude, to be gotten out of the way asquickly and painlessly as possible (onethread running through the movie is the“disavowment” of the IMF, which has beencompromised by dark, mysterious forces.

The IMF in question is the ImpossibleMission Force, rather than theInternational Monetary Fund, although, inthese testing times, they may both amountto the same thing).

The set pieces, then, have to be good

FilmTHE ARTISTCert: PG

hhhhh By Stevie Martin

It may be silent, it may be black and

white and you may not have heard of the leads, but don’t leave this fantasti-

cally original offering from french-man Michel Hazanavicius to the artsy types. Impressing at the Cannes FilmFestival earlier this year, this is a real tri-umph of film-making. Bursting with gagsand intricate detail, Hazanavicius hasreinvigorated a long-dead genre with-out resorting to parody.

Jean Dujardin is George Valentin, a silent film actordoomed by the advent of thetalkies, watching his former co-star, Peppy Miller (Bérénice Bejo)shoot to fame

while he rapid-ly falls by the

w a y s i d e . Accelerating inopposite direc-tions, their

behind-the-sceneschemistry cannever amount to

anything while his

sizeable pride takes a battering.It’s a simple, straightforward story

wrapped up in a simpler format – that of asilent film – while simultaneously manag-ing to be sophisticated and unflinchingly

brave in its approach.Dujardin is spot on as the charming and

self-obsessed Valentin, his trademark grinslickly demonstrating the fleeting impor-tance of looks in a world without words,faltering as his silent silver screen crum-

bles around him. Bejo is compelling as therising starlet, intuitive and sensitive to what’s happening to the man she could,potentially, fall in love with. Supportcomes from the Americans, with greatturns from a surly, cigar smoking JohnGoodman as the director, and JamesCromwell as Valentin’s loyal chaffeur.

With every scene set to a contin-ual, swelling orchestral score,Hazanavicius lovingly breathesnew life into the genre, both

celebrating and emu-lating a forgotten era

with every sight-gagand perfectly pitched

pastiche. This is anaffair not just betweentwo people, but a daringFrench director and themedium of film. Bold,

beautiful and insanely inventive, The Artist is a

triumph in every sense.

FilmMISSION: IMPOSSIBLE 4Cert: 12A

hhhII By Steve Dinneen

International espionage isn’t a glam-orous business. It largely consists of grubby encounters between councilmembers expatriating mundane infor-

mation about the state of local transportsystems. The arrest in New York last year of Russian spy Anna Chapman – who went onto pose for Maxim – is about as exciting as itgets. The UK’s tawdry equivalent – involvingthe sexual misdemeanors of a marriedLiberal Democrat MP and an attractiveRussian ex-pat – wasn’t even true.

There is, perhaps, a movie to be madeabout this – but it would be directed by Ken Loach and it certainly wouldn’t star

Tom Cruise. The Mission: Impossible fran-chise, on the other hand, is about as realis-tic as Snow White and the Seven Dwarves.

Thankfully, one thing that isn’t lackingfrom Mission: Impossible Ghost Protocol isa sense of its own ridiculousness. Gone isthe droning Limp Bizkit soundtrack from

MI2 – the first music you hear is the dul-cet tones of crooner Dean Martin, to

which Tom Cruise performs a finely chore-ographed prison-break reminiscent of Gene Kelly in Singing in the Rain. Theresult is part Jason Bourne, part Carry onSpying, which lays out the stall for the restof the movie.

The plot is a roll-call of post-Cold Warclichés: an insane (part-) Russian bloke who

wants to blow up the world with a stolennuclear bomb, if only he can get his handson the launch codes, which, of course, arecarried around in a sinister metal lockbox. Ithas basically stolen the plot from Golden Eyeon the Nintendo 64 and added a few glam-orous locations (including a spurious reasonfor having to break into the Kremlin).

Given that director Brad Bird (TheIncredibles, Ratatouille) has only worked

with animated actors, it is fitting his firstlive-action movie should star the fictionalcharacter Tom Cruise, who doesn’t look aday older than he did in 2002’s Minority Report. Cruise’s portrayal of Agent EthanHunt comes in two shades: brave and fast.Sometimes he’s brave and fast at the sametime. Everything else is just an annoying

The Artist is an unmitigated triumph

Tom Cruise (above) returns to the role of Ethan Hunt 16 years after his first Mission: Impossible movie

8/3/2019 Cityam 2011-12-23


Partially Successful

Must-see shows

• Slava’s Snowshow is the hottest ticket intown this Christmas. The Russian clowningshow with a very big twist has been runningfor decades but it hasn’t been in London for15 years. Children and adults alike will bemoved and amused by the antics of thecheeky, silent actors with a larger than lifeshow encompassing gigantic inflatable ballsand lots of interaction with the audienceduring the interval.• For a bit of off-kilter festive (but notChristmassy) theatre, check out Howl’sMoving Castle at the Southwark Playhouse.The innovative combination of animationand live performance and the surreal story-line (as adapted by master animator HayaoMiyazaki) is a sure-fire hit.

The best of panto• The east end is famed for its panto andthis year Cinderella at the Hackney Empire isthe pick of the bunch. The camper-than-a-row-of-pink-tents performance has enough

slapstick humour for kids and enough double

entendres to keep their parents chuckling

too.• For a certain generation, there is nogreater panto story than Aladdin, which isplaying at the Lyric Hammersmith. ShaunPrendergast’s WidowTwankey is worth theadmission fee alone.• Jack and theBeanstalkat theShawTheatre, featuringLinda and MaureenNolan, is the go-topanto for those in northLondon.• Dame Edna Everagemakes her panto debutin Dick Whittington at theNew Wimbledon Theatre.The Aussie comic talentwill be one of the biggestthings in panto this year –

don’t miss it.

Services at St Paul’s

• Services will run as usual on bothChristmas Eve (including the traditional mid-night service) and the big day itself. there isno need to book and it is all free but it is rec-ommended you arrive early to avoid disap-

pointment. The Crypt cafe downstairs alsoserves a great mulled wine to warm you

up afterwards.

Christmas Markets• Hyde Park’s Winter

Wonderland is the daddyof Christmas markets,featuring a big wheel,various entertainment

and eating venues and anice rink. For a one stop fes-

tive shop, you can’t beatthis.• The traditional-style SouthbankCentre Christmas Market is on until

Christmas Eve and features all the usualbratwurst and jewellery stores right in

the centre of London.

enough to carry the rest of the film: andfor the most part, they are. A scene in which Cruise climbs one-handed up the world’s largest skyscraper brought me outin a cold sweat; feet prickling, palmsdamp. It’s so impressive that the rest of the film never quite reaches the sameheights (literal or otherwise).

It all falls apart somewhat in the last 15minutes, in which the morals are clumsily dished out, everybody agrees what a great bunch of guys they all are and agent Huntengages in a bit of impromptu stalking – I wanted to jab my fingers down my throat, but not before I’d poked them in Cruise’seyes first.

You don’t sign up to a Mission Impossiblefilm for introspection – you sign up to seeexplosions and Cruise being brave. Andfast. For the most part, Ghost Protocol deliv-ers both.

WHAT’S ON THIS CHRISTMASOUR GUIDE TO KEEPING BUSY UNTIL THE NEXT CITY A.M.

23

Indulge instyle withour guide tofestive booze

If you’re inclined to splash the cashwhen you imbibe or if only the finestand rarest liquids pass your lips, you’llbe pleased to know one of the oldest

and most expensive spirits in the worldhas landed in London.

The 153-year-old Cognac Croizet CuveeLeonie 1858 will set you back a princely£2,500 for a shot of liquid history; if youwant to mix it with Diet Coke they’llcharge you double!

A bottle recently sold for a record-breaking £100,000 in China and six arecoming to Europe. One has arrived at therelaunched Rib Room Bar at JumeirahCarlton Tower on Sloane Street. Anotherexcellent place to head for is Purple Barat the Sanderson, with its Ultimate list.

You can sample a Manhattan 1913 withpre-prohibition McBrayer Bourbon for£360 a glass or enjoy a B&B King with1940’s Martell Extra and the last knownbottle of 1940 Benedict Rich Herb Liqueur,for £490 a glass. Another haven for cock-tail connoisseurs, Salvatore at PlayboyClub London has the mixologist Maestro’sown personal collection of rare liqueursand vintage cocktails. Try a Between TheSheets (with 1929 Adet Cognac, Cointreaufrom 1930 and J Bally Martinique Rum1929) for £375 or a classic Sezerac usingSazerac de Forge et fils 1805 for £2,000.

Wine buffs should instead head to thenew Alyn Williams at The Westbury, fora gold plated Cuvee Dom Pérignon roséGold Methuselah for a mere £35,000.For slightly more affordable luxury,Gaucho Piccadilly offers Dom Pérignonby the glass for £32.50. If you’re moreconcerned with where to savour yourfavourite tipple, you’re in luck as there’s atrend for members clubs offering limitedaccess for non-members (to show themwhat they are missing) even at some of

the hottest places in town.Cuckoo Club allows restaurant dinersto sneak down to the club below andnow Maddox will do the same if youbook an evening meal, although makesure you look the part and don’t expectaccess to the Green Room. Playboy Clubtoo allows a few discreet early eveningdinner bookings and they’ve introduced asuperb wine night with dinner and pairedwines, available once a month for non-members too.

Even the beautifully old-school Pasley-Tyler at 42 Berkeley Square is in on theact, allowing one visit to their BruceDenny exhibition for the non-initiated.You can also enjoy some Banksy andMicallef while savoring that forbiddenfermented fruit.

Tim Badham is the founder of Innerplace, London’s leading providers of VIP entertainment, including film

premieres, fashion shows, launch parties

and members club access.www.innerplace.co.uk

GOINGOUTTIM BADHAM

Simon Pegg (left)returns as theaffable butsomewhat inepttechie in MI4

23 DECEMBER 2011 CITYA.M.

8/3/2019 Cityam 2011-12-23


T E R

R E S T R I A L

THEMANYLOVERSOF MISS JANE

AUSTEN BBC2,9PMAmanda Vickery explores the writer’spopularity. Featuring contributions byAndrew Davies, Charles Spencer andHoward Jacobson.

THE JONATHAN ROSSSHOW

ITV1,9PMChristmas special, featuring TomCruise, the Inbetweeners stars, and

Downton Abbey actresses LauraCarmichael and Jessica Brown Findlay.

ICE ROAD TRUCKERS: DEADLIEST

ROADS CHANNEL5, 8PMLisa Kelly and Rick Yemm face theirmost dangerous mission yet as theydeliver barrels of aviation fuel to ahelicopter rescue base.

BBC1

SKY SPORTS 17pmLive Darts 11pm Premier

League Review 12am Football

League 1am Take It Like a Fan

1.30am Super League 2am Premier

League Review 3am Football League

4am Take It Like a Fan 4.30am

Super League 5am-6amPremier

League Review

SKY SPORTS 26pmLive Championship Rugby

Union 8.30pm Super League 9pm

Premier League Review 10pm TakeIt Like a Fan 10.30pm Super League

11pm NFL: Total Access 12amNFL

2amVolvo Ocean Race 2.30am

Championship Rugby Union 5am

Powerboating 5.30am-6am Road to

London

SKY SPORTS 37pmTight Lines 8pmNFL 10pm

WWE: Smackdown 12am WWE:

Bottom Line 1am Tight Lines 2am

Elite League Ice Hockey 3am

Powerboating 3.30am Road to

London 4amVolvo Ocean Race

4.30amTight Lines 5.30am-6am

Kings of the Snow

BRITISH EUROSPORT6pm French Open Tennis 8pm

Cavendish: One Man, Two Jerseys

9pmWorld Championship Athletics

10.30pmPhoto Finish 10.45pm

Olympic Games: Together to London

11pm-1.05amMotorcycling

ESPN6pm Live French Top 14 Rugby

Union 10pm Premier League Review10.30pmESPN Kicks: Premier

League 10.45pm ESPN Kicks: Serie

A 11pmGerman Cup Highlights

11.30pmESPN Press Pass 12am

UFC3amEuroleague Basketball

Magazine 3.30am ESPN Kicks:

Extra 3.45am ESPN Kicks: Premier

League 4am ESPN Kicks: Serie A

4.15amPremier League Preview

4.45am-6am UFC Unleashed

SKY LIVING7pm Criminal Minds 8pmBones

9pmAmerica’s Next Top Model

10pm Jerry Bruckheimer’s Chase

11pmBones 12am Criminal Minds

1am CSI: Crime Scene Investigation

2.40amBones 3.30am CSI: Miami

5.10am-6am Jerry Springer

BBC THREE7pmGreat TV Mistakes 7.15pm

Shrek the Halls 7.35pmFILMShrek

2001.9pm Shrek: Once Upon A

Time 10pm EastEnders 10.30pm

Russell Howard’s Good News 11pm

Family Guy 11.45pmFILM Tim

Burton’s The Nightmare Before

Christmas1993. 12.55amShrek:Once Upon A Time1.55amHow Not

to Live Your Life 2.55am-5.25am

The Pranker

E47pmHollyoaks 7.30pm How I Met

Your Mother 8pmDesperate

Scousewives 9pmHollyoaks Best

Bits 2011 10pmFILMHostage

2005. 12.15amThe Big Bang

Theory 1.05am Scrubs 2amHow I

Met Your Mother 2.25amHollyoaks

Best Bits 2011 3.20am Alan Carr:

Chatty Man 4.15am Rules of

Engagement 4.35am Wildfire

5.20am-6am Switched

HISTORY7pmStorage Wars 7.30pm Pawn

Stars 8pm Storage Wars 9pm

American Pickers. Mike and Frank

find a rare ship’s compass. 10pm

Cash Cowboys. Scott and Sheldon

visit a 100-year-old bar. 11pmHow

Britain Was Built 12am American

Pickers 1am Cash Cowboys 2am

How Britain Was Built 3amHeir

Hunters 4am America: The Story of

the US 5am-6amAncientDiscoveries

DISCOVERY8pmWheeler Dealers: On the Road

9pmOne Man Army. The

contestants must weave through a

web of lasers. 10pm Spy Wars

11pm Stan Lee’s Superhumans

12am Bear Grylls: Born Survivor

1amOne Man Army 2am Sons of

Guns 3amDeadliest Catch 3.50am

Clash of the Dinosaurs4.40am How

the Universe Works 5.30am-6am

Destroyed in Seconds

DISCOVERY HOME &

HEALTH7pm 19 Kids and Counting 8pm

Supernanny 9pmSextuplets & The

City 10pmRaising 10 Kids: The

Hayes Way 11pm Trauma Team

12am Sextuplets & The City 1am

Raising 10 Kids: The Hayes Way

2am Trauma Team 3amSupernanny

4amDeliver Me 5am-6amBringing

Home Baby

SKY17pm Christmas Emergency with

Angela Griffin 8pm The Cafe

8.30pm The Simpsons 9pm Johnny

Vegas’s Little Cracker 9.15pm

Barbara Windsor’s Little Cracker

9.30pm Trollied 10pmAn Idiot

Abroad 2. Karl Pilkington watches

whales in Alaska. 11pm A League of

Their Own Christmas Special 12am

Spartacus: Blood and Sand 1.05am

Cop Squad 2.05am Mental 2.55am

The Girl with the Dragon Tattoo

Special 3.25am Deadwood 4.20am

Hello Goodbye 5.10am-6am A

Different Breed

BBC2 ITV1 CHANNEL4 CHANNEL5

S A T E L L I T E &

C A B L E

TVPICK6pm BBC News

6.30pm BBC London News

7pm The One Show

8pm EastEnders

8.30pm The Two Ronnies

Sketchbook

9pm Have I Got News for You

Christmas Special

9.30pm Miranda 10pm BBC News10.25pm Regional News 10.35pm

Graham Norton Show Christmas

Special 11.35pmNational Lottery:

25 Christmas Millionaires 11.50pm

Impressions Show with Culshaw

and Stephenson 12.20am

EastEnders 2.20amWeatherview

2.25am Lorraine’s Last Minute

Christmas3.25am-6am BBC News

5.50pmCelebrity Eggheads

6.20pm FILMNativity! 2009.

8pm Raymond Blanc’s

Christmas Feast:

9pm CHOICE The Many Lovers

of Miss Jane Austen

10pm QI

10.30pmFILMTamara Drewe:

Premiere. Comedy, starringGemma Arterton. 2010.

12.15amThe Rob Brydon

Show Xmas Special

12.45amFILMMerry

Christmas: Fact-based drama,

with Benno Furmann. 2005.2.30amBBC News 3.25am-6am

Close

6pm London Tonight

6.30pm ITV News

7pm Emmerdale

7.30pm Coronation Street

8pm The Lakes at Christmas

8.30pm Coronation Street

9pm CHOICE The Jonathan

Ross Show

10.15pm ITV News10.45pm London News

10.50pmFILM Eyes Wide

Shut: Stanley Kubrick’s drama,

starring Tom Cruise. 1999.

1.35am The Zone; ITV News

Headlines3.30amFILMThe Fog:

1980. 5.05am-5.30am ITV

Nightscreen

6pm The Simpsons

6.30pm Hollyoaks

7pm Channel 4 News

7.40pm 4thought.tv

7.45pm Gordon’s Christmas

Cookalong – Get Ready8pm Come Dine with Me:

Comedians Christmas Special

9pm 8 Out of 10 CatsChristmas Special

10pm Home for the Holidays11.10pm The Inbetweeners Top 10Moments12.10amThe

Inbetweeners 3.10am RandomActs 3.15am Happy Endings 4amMesh 4.05am St Elsewhere4.55amBrothers & Sisters

5.45am-7.15amFILMHoot: 2006.

6pm Eddie Stobart: Trucks and

Trailers

6.55pm The Whalers7pm World’s Strongest Man2011: Qualifiers: 5 News

Update

8pmCHOICE Ice Road

Truckers: Deadliest Roads: 5

News Update9pm The Morecambe andWise Christmas Show10.05pm Tommy Cooper’sChristmas Special 11.10pmFILMUp the Chastity Belt: 1971. 1am

SuperCasino 4.05am MotorsportMundial 4.30amGreat Scientists4.55amCounty Secrets5.10am-6am House Doctor

17 6

17 27

15 7 13

43

15 10

12 17

11 9

36

5 21 8

30 29

3 4

8

14

26

23

11

35

7

28

25

6

16

13

12

5

34

10

38

19

17

8

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 digits 1-9

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

KAKURO

QUICK CROSSWORD

LAST ISSUE’SSOLUTIONS

KAKURO

WORDWHEELUsing only the letters in the Wordwheel, you have

ten minutes to find as many words as possible,

none of which may be plurals, foreign words or

proper nouns. Each word must be of three letters

or more, all must contain the central letter and

letters can only be used once in every word. There

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

SUDOKU

Place the numbers from 1 to 9 in each empty cell so that each

row, each column and each 3x3 block c ontains all the numbers

from 1 to 9 to solve this tricky Sudoku puzzle.

SUDOKU

QUICK CROSSWORD

ACROSS

1 Envelop (6)

5 Decorated withfrosting (4)

7 Man’s name, the Russianform of John (4)

8 Flat tableland withsteep edges (4)

9 Genghis ___, founder of the Mongol empire (4)

11 Colouring agent (3) 14 Lessen the intensity of (8) 16 Swarm of young fish (3) 18 Equality (3)19 Excessively devoted to

a single faction (3-5) 20 Animal’s foot (3) 22 Absorbed, engrossed (4) 24 Daddy (4) 25 Imitated (4) 26 Deliberate trickery

intended to gain anadvantage (4)

27 Cure (6)

DOWN

1 Expressed in words (4)

2 Highest levelattainable (4)

3 Belonging to the past (8)4 Mrs Perón, second wife

of former Argentinianpresident Juan Perón (3)

5 Fluid used for writing (3)6 Performer who

moves to music (6) 10 Mound (4) 12 Cord of twisted fibres (4) 13 Sing and play for

somebody (8) 15 Standard monetary

unit of Bangladesh (4) 16 Quarter (6)17 Bark in a high-

pitched tone (4) 20 Leaf of a book (4) 21 Keenly cautious (4) 23 Charge a contribution

to state revenue (3)

24 For each (3)

P

C

Y

R

TH

I

O

E

S U S A N M B A D

A T E N E M A E

D R O P S N R F

I N T D I R T Y

S T E P S I S T E R

M I C A L C L I O

L I V E L I H O O D

B E R E T N R E

E C U S I G H S

T L A D L E A S

A Y E E T O N G A

3 1 7 3 9 8

8 2 7 9 6 3 1 5 4

9 6 4 1 2

4 1 1 9 7 2

7 6 5 8 9 6 1

8 5 3 8 2 9

9 5 2 3 6 1 4

8 4 1 7 5 8

9 8 6 1 5

5 7 8 1 2 6 4 3 9

2 1 7 4 1 2

WORDWHEELThe nine-letter word was

FORECOURT

Lifestyle | TV& Games CITYA.M. 23 DECEMBER 201124

8/3/2019 Cityam 2011-12-23


K AUTO Star, the nation’sfavourite racehorse, has theopportunity to make history atKempton Park on Boxing Day in

the William Hill King George VI Chase.Clive Smith’s brilliant chaser has wonthis famous race four times, exactly the same as Desert Orchid, and a fifth

win on Monday would spark wild cele- brations at the Sunbury course.

I would be absolutely thrilled to seeKauto Star rewrite the history books,

but punting is about using your headrather than your heart and he just hasto be taken on at 3/1 with Coral. Yes, heloves the track, but Paul Nichollsalways said that his big target this year

was the Betfair Chase and he wouldn’teven consider running him in theKing George until after that.

Nicholls has another live chance with Master Minded, who was back tosomewhere near his best at Ascot lasttime. There has to be a big staminadoubt with him, though, and thesame applies to Philip Hobbs’ CaptainChris.

LONG RUN became the f irst six-year-

old to win the Cheltenham Gold Cupsince Mill House in March and he wasa hugely impressive winner of theKing George back in January. He hasalways been the apple of Nicky Henderson’s eye who said that he’dcome on for his seasonal reappearancein the Betfair Chase. The son of Cadoudal jumped poorly at Haydock,

but he is two from two at Kemptonand must be backed at 5/4 with BlueSquare.

Henderson loves this meeting andhe could be set for another fantasticday as I think BINOCULAR will take allthe beating in the William HillChristmas Hurdle. He goes particular-ly well over this course and distanceand he can reverse Newcastle placings

with Overturn. Tuesday’s highlight is the Coral

Welsh National at Chepstow and Victor Dartnall’s GILES CROSS has anexcellent chance of going one spot bet-ter than his second place in this race

back in January. He adores bottomlessconditions, is an excellent jumper andhas turned in some of his best per-

formances at Chepstow. The nine-year-old has a lovely racing weight for this

brutal contest and he looks bombproof each-way at 8/1 with Paddy Power.

I will also be backing ANYCURRENCY each-way at 20/1 withCoral. He ran an eye-catching race onhis seasonal reappearance at Sandownlast month and could easily sneak intothe places.

The Lexus Chase on Wednesday

features some of Ireland’s top chasersand QUITO DE LA ROQUE is a strongfancy at 7/4 with Coral. He has wonsix of his last seven starts and animpressive victory at Leopardstown

will see his odds tumble for theCheltenham Gold Cup (currently 16/1

with Coral).

INDUSTRIAL action by LondonUnderground staff means

Arsenal versus Wolves has beenpostponed 24 hours, but that

shouldn’t stop the Gunners continu-ing the run which has saved theirseason from going down the tube.

Arsene Wenger’s men have woneight of their last 10 Premier Leagueoutings, during which time Wolveshave accumulated just eight points.Scoring has been a problem eversince Wolves returned to the topflight and that is summed up by the

fact Mick McCarthy’s main striker,Kevin Doyle, has netted just twicethis term and is on a dry run thatgoes back to October.

With Arsenal as short as 1/4, it’s worth looking at the half-time/full-time double result but the Gunnersare still odds-on to be leading at theinterval and 90 minutes. However,

Wolves are likely to shut up shopand have the ability to head into the

break level. Emirates-goers haven’tseen a first half strike in four match-es across all competitions.

Furthermore, Arsenal have come infor their oranges with the scoreslevel 15 times this season, with anincredible 11 of those goalless.

Back half-time draw/full-time Arsenal at 10/3 with Coral and Arsenal to win to nil stands out atEVS with Blue Square. Wolveshaven’t netted against the Gunnersin three matches and their last away goal in this fixture was at Highbury eight years ago in a 5-1 Carling Cupdefeat.

Before then Chelsea should have

the beating of Fulham in the BoxingDay west London derby. Apart from

back-to-back defeats against Arsenaland Liverpool, the Blues have lookedgood at Stamford Bridge and wontheir other six games, while Fulham

were awful at home to ManchesterUnited on Wednesday. BuyingChelsea’s supremacy with SportingIndex is recommended at 1.7.

Elsewhere, another bet which hascaught my eye is Bolton to beatNewcastle at 6/4 with Blue Square.

The wheels look like they’ve come

off for the Geordies after fourdefeats and two draws in their lastsix games. Owen Coyle’s side secureda huge win against Blackburn andcan take another three points here.

POINTERS...

BINOCULAR 2.35pm Kempton (Monday)LONG RUN 3.10pm Kempton (Monday)GILES CROSS e/w 2.10pm Chepstow (Tuesday)ANY CURRENCY e/w 2.10pm Chepstow (Tuesday)QUITO DE LA ROQUE 2.35pm Leopardstown

(Wednesday)

25CITYA.M. 23 DECEMBER 2011

Punter | Sport

SPORT TRADER BILL ESDAILE AND BEN CLEMINSON TEAM UP TO BRINGYOU THIS WEEK’S BEST RACING AND FOOTBALL BETS

POINTERS...

Draw HT / Arsenal FT at 10/3 with CoralArsenal to win to nil at EVS with Blue SquareBuy Chelsea supremacy at 1.7 with SportingIndexBolton to beat Newcastle at 6/4 with BlueSquare

Toothless Wolves won’t worry Wenger’s boys at the Emirates

Long Run has to be thecall in the King George

A DAY OUT FOR FOUR AT LINGFIELD PARK

ON SATURDAY JANUARY 7 FOR THE FIRST

LEG OF THE BLUE SQUARE SPRINT SERIESCity AM has teamed up with Blue Square

Bet to offer readers the chance to win a fan-tastic day out for four at Lingfield Park

Racecourse on Saturday 7 January 2012.The first prize is four tickets and a table in

the restaurant where the lucky winners willreceive a three-course meal and half a bottle

of wine each. Five runners-up will each receivea pair of tickets to the first leg of the BlueSquare Sprint Series – a six furlong feature

held every Saturday at Lingfield during

January and February, culminating in the

Grand Final on Saturday 25 February 2012.To enter, email [email protected] the

answer to the following question:In what county is Lingfield Park

Racecourse?. The competition closes at5pm today.

Blue Square is also offering readers up to£25 in matched bets. To claim, go towww.bluesq.com; over 18s only, full T&Cs

apply.

WIN

8/3/2019 Cityam 2011-12-23


Sport26

Chelsea skipper ignores barrage of abuse to deny Spurs with dramatic late interventio

CHELSEA manager Andre Villas-Boas hailed hisunder-fire captain John Terry after the embattledBlues stalwart rescued a point with a dramaticinjury-time clearance – virtually the final act of apulsating London derby.

Daniel Sturridge’s 23rd minute equaliser can-celled out Emmanuel Adebayor’s early opener, as

both sides were forced to settle for a point thatdid little to advance either’s hopes of hauling inthe two Manchester giants.

Terry, meanwhile, was subjected to a torrent of abuse from the White Hart Lane faithful follow-ing Wednesday’s confirmation that the Englandskipper would face criminal charges over allegedracist comments he made to Anton Ferdinand

during October’s 1-0 defeat against QPR. Villas-Boas had no hesitation in selecting his

skipper, who has always maintained his inno-cence, and his faith was rewarded with a typical-ly full-blooded display in the face of significantadversity.

“Since the situation he has improved,” said Villas-Boas. “He has grown in terms of perform-ance. He’s a reference point for this team. Itshows his character and strength and personality.His effort for the collective is extraordinary.”

Nothing typified that glowing testimony morethan the dramatic sliding intervention that pre-

vented Adebayor from winning the contest ininjury-time, after the Togo striker had latchedonto Gareth Bale’s pass and steered his shot

beyond Petr Cech. The same four players, coincidentally, were

involved in the conception and execution of theopening goal which arrived in the eighth minute.

Bale sped past Jose Bosingwa and flashed a low,inviting centre across the face of the six-yard box.

Terry failed to track the run of Adebayor and theformer Arsenal striker was rewarded for his brav-ery, a quality lacking in Cech’s goalkeeping, by

prodding the ball home, almost inadvertently. The lead, however, lasted just 12 minutes.

Spurs stopped in their tracks when they clearly felt Ashley Cole should have been penalised forcontrolling the ball with his hand.

Referee Howard Webb allowed the play to goon and when the England left-back crossed intothe six-yard box, Daniel Sturridge, who hadmissed an earlier chance to equalise from similarrange, was on hand to convert a ninth leaguegoal of his increasingly prolific season.

Injuries to Branislav Ivanovic and John ObiMikel, replaced by Paulo Ferreira and OrielRomeu, respectively, seemed to disrupt the flow of a match which exploded into life in the closingstages.

Ramires, with Frank Lampard watching onfrom the substitutes’ bench, wasted Chelsea’sclearest opportunities. The Brazil midfielder wasfirst denied by a sprawling Brad Friedel and thenalmost inexplicably headed wide from no morethan seven yards after a floated cross from RaulMeireles found him completely unmarked.

At the other end, Adebayor’s near miss aside, William Gallas narrowly failed to divert Bale’s

cross past Cech at the near post and the Cgoalkeeper also produced an agile save to Sandro’s deflected effort, which looped Meireles outstretched leg.

There was time for refereeing controver with Webb failing to spot a Benoit Assou-handball, which came after his assistandenied Adebayor by wrongly adjudging t

ward to have been offside.Despite the loss of two points and losin

in a title race he believes his side are embin, Spurs manager Harry Redknapp insis

was happy with the outcome of the matcthe position his side find themselves in.

“If you’d have said at the start of the yeahave 35 points by this stage of the season

you’d have jumped at that,” he said. “Afterthe first two games to have come back as as we have is fantastic. I couldn’t be more pl

“We are looking forward to the second-the season – you’ve got to continue that f

you want to finish in the top four.“All the teams in the top six are all good t

difficult to beat. It’s going to be a real scrthose top four places.”

BY JAMES GOLDMANFOOTBALL

▲

1

1

TOTTENHAM

CHELSEA

LIVERPOOL manager Kenny Dalglishand his players have been widely con-demned for wearing T-shirts in anattempt to show their support forstriker Luis Suarez ahead of

Wednesday’s goalless draw against Wigan.

Uruguay international Suarez(right) was banned for eight matches

by the Football Association on Tuesday after being found guilty of racially abusing Manchester United defenderPatrice Evra.

Liverpool, who have confirmed they

intend to appeal and risk seeing thesuspension lengthened should the FA

deem their claim to be frivolous, haveprotested Suarez’s innocence eversince the incident came to light fol-lowing October’s 1-1 draw againstthe champions at Anfield.

But the controversial T-shirts pro- voked criticism that thegesture conflicted withfootball’s anti-racismcampaign Kick It Out,confusing its zero toler-ance message.

The formerManchester Uniteddefender PaulMcGrath brandedLiverpool’s public dis-

play of camaraderie as“shameful” and said he

would have thrown the shirt to thefloor if he was Suarez’s team-mate

Glen Johnson.“There are a lot of children

that watch these games and tohave done what they did last

night, doing their warm-up in T-shirts with hissmiling face onit, having just

been done for asupposedly racist

comment to oneof his opponents, is

shameful for football,”he said. “If I was in Glen

Johnson’s situation, I’d havethrown the shirt to the floor. If

that had been someone in my timeand I’d heard the comments or I’deven suspect he was guilty, and obvi-ously there has been a tribunal, then I

would not wear a T-shirt with hisname, saying all is well and good.”

Johnson responded by reiteratinghis support for Suarez last night, writ-ing on Twitter: “I will support who I

want when i want! There are a lot of reasons why I’m standing by LuisSuarez.”

Meanwhile, Match of the Day pun-dit, and former Liverpool defender,

Alan Hansen was forced to apologise yesterday after describing black play-ers as “coloured” when discussing the

current John Terry and Suarez racismcases on Wednesday’s show.

McGrath: Suarez T-shirt stunt ‘shameful’BY JAMES GOLDMAN

FOOTBALL▲

ARSENAL face a festive fixture pile-upafter a planned Tube strike forced thenorth London club to push theirscheduled Boxing Day clash against

Wolves back by 24 hours. The Gunners, who confirmed tick-

ets purchased for the match are still valid for 27 December, now face theprospect of three matches in thespace of seven days. After the homematch against Wolves, Arsene

Wenger’s side then host QPR on 31

December, before another Londonderby at Fulham on 2 January.

Arsenal putback BoxingDay fixtureFOOTBALL

▲

Terry to the rescue

8/3/2019 Cityam 2011-12-23


ENGLAND centre Shontayne Hapefears his international career may well be over before it has even start-ed.

The 30-year-old London Irish star, who helped England win their firstSix National title since 2003 earlierthis year, fears new interim headcoach Stuart Lancaster is set to over-haul the squad a bring in a host of younger players.

New Zealand-born Hape only madehis England debut last autumn and

was part of Martin Johnson’s WorldCup squad, but only figured once in

the group stage win over Georgia,and admits he doesn’t expect to beincluded in the 32-man squadLancaster is set to name next monthahead of the 2012 Six Nations.

“It is time to start rebuilding forthe next World Cup,” he said. “Youhave to start looking at the new breed coming through.

“The only way they learn is if youplay them. I am a big believer inchucking young players in there tosee what they can do.

“On the way, if some of the olderguys are selected to help out then so be it. I obviously wouldn’t say no if I

was selected, but I wouldn’t be hang-ing my hat on it.”

Exiles star Hape fearful hisEngland days are numbered Results

email [email protected]

27

SPORT | IN BRIEF

Pietersen extends Surrey stayCRICKET: England batsman KevinPietersen will remain a Surrey player forthe remainder of his international career.With the South Africa-born player on anEngland central contract, which isrenewed every 12 months, there is nofixed time span for his spell at The Oval.Pietersen, 31, joined Surrey initially onloan in 2010 after a spell at Hampshirebefore agreeing a one-year deal for 2011.

Quins flanker Skinner bannedRUGBY UNION: Harlequins flanker WillSkinner has been banned for two weeksfollowing the red card he received dur-ing last week’s Heineken Cup victoryagainst Toulouse. The 27-year-old com-mitted “an act contrary to good sports-manship” when, on the substitutes’bench having, been taken off, he pre-

vented the home team from taking aquick line-out.

KEY MOMENTWith all eyes on John Terry last night,the centre-half was on best behaviour– and deep into injury time Chelsea’scaptain dramatically came to theirrescue, deflecting EmmanuelAdebayor’s goal-bound shot wide of the post. The game was bookendedby crucial Terry blocks, after GarethBale’s second minute effort was alsothwarted by the England defender.Facing the heat of an aggressiveWhite Hart Lane crowd, Terry kepthis cool, not giving away a singlefoul all game. Conceding a late goalwould’ve crushed Chelsea’s morale –but Terry ensured it didn’t happen.

TALKING POINTCan Spurs win the league for the first time in over half a century? Former playerGraham Roberts recently talked up Tottenham’s involvement in the title race, yet lastnight’s draw sees Harry Redknapp’s third-placed side trail Man City by nine points.The gap is not insurmountable, especially with a game in hand, yet a growing injurylist won’t help. Rafael Van der Vaart “seems to have a hamstring problem all thetime”, Redknapp admitted last night, while also bemoaning the lack of a right-wingerto fill in for the injured Aaron Lennon. Jermain Defoe was sidelined. Spurs still haveto visit Man City, Liverpool, Arsenal and Chelsea, as well as playing host to Man Utdand Newcastle. It’ll be near-impossible to come top of that bunch.

MATCH ANALYSISBY JULIAN HARRIS

GAME STATSSPURS 1 - 1 CHELSEA

4 ATTEMPTS ON TARGET 75 ATTEMPTS OFF TARGET 11

7 CORNERS 4

55% POSSESSION 45%

2 YELLOW CARDS 2

0 RED CARDS 0

BY JAMES GOLDMAN

RUGBY UNION▲

Man City 17 14 2 1 53 15 44

Man United 17 13 3 1 42 14 42

Tottenham 16 11 2 3 32 19 35

Chelsea 17 10 3 4 35 20 33

Arsenal 17 10 2 5 33 25 32

Liverpool 17 8 6 3 20 13 30

TOP SIXTEAM PLD W D L F A PTS

May Claims first and secondgrand tour victories of the yearby winning stages 10 and 12 of the Giro d’Italia.

June Appointed a Member of the Order of the British Empirein the Queen’s BirthdayHonours.

July Wins stage five, stageseven, stage 11, stage 15 andstage 21 of the Tour de France –bringing his total to 20 careerTour de France stage wins.Cavendish goes on to win thepoints classification; in doing so,he became the first Britishcyclist to ever win the GreenJersey.

August Wins the London –Surrey Cycle Classic; racing for

Team Great Britain, it was theofficial test event for the 2012Summer Olympics road race

September At the Road WorldChampionships in Copenhagentakes part in the road race withan eight-strong British team.Cavendish, crossing the line infirst place after a sprint finish,takes the Rainbow jersey. Hebecomes the second BritishWorld Champion after TomSimpson in 1965

TIMELINECAVENDISH’S 2011

AN EMOTIONAL Mark Cavendish lastnight hailed his success in winningthe prestigious BBC Sports Personality of the Year award as a landmark occa-sion for British cycling.

The 26-year-old sprint sensation’sstunning year included being crownedBritain’s second ever world championfollowing his road race exploits inCopenhagen and claiming the Green

Jersey at the Tour de France.Cavendish won the public vote

ahead of Open golf champion DarrenClarke and Mo Farah, who claimedgold in the 5,000m and silver in the10,000m at September’s WorldChampionships in Daegu.

“I’m absolutely speechless, really. A few of my team-mates are here and

they’ll say that’s a rare thing” saidCavendish.

“This is a landmark in cycling, and Itake this on behalf of cycling. Forcycling to be recognised in a non-Olympic year, a few years ago would beunheard of, yet it’s happened.

“Now I see so many people out rid-ing bikes, commuting to work ordoing it as a hobby, they can see whatit’s like to ride.”

Elsewhere, England’s magnificentachievement of winning the Ashes on

Australian soil for the first time since1987, before becoming the No1 Testside in the world were recognised asthey claimed the Team of the Yearaward, while Andy Flower won theCoach of the Year award.

Five-time Olympic gold medallist SirSteve Redgrave won the Lifetime

Achievement award.

Cavendish tops perfect

year with BBC awardTour de France hero struggles to hold back the tears afterbecoming only the third cyclist to win the prestigious title

BY JAMES GOLDMAN

CYCLING▲

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cityam 2011-12-23

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