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FEARS over the future of the Eurozonereignited yesterday, sparking a collapsein stock markets and a sharp upturn in borrowing costs for strugglingMediterranean states. Yields on Spanish and Italian govern-

ment bonds soared throughout theday, reversing the recent calmingdownward trend that had been tem-porarily achieved with a €1 trillion(£824bn) refinancing operation by the European Central Bank.

Recent bearish data has combined with political worriesto bring back concerns andsend investors fleeing to safehavens such as gold. Just two weeks ago Italian

technocrat Prime MinisterMario Monti declared theEurozone debt crisis to be “almostover” – yet he now faces the dauntingprospect of contagion from Spain andanother summer of rising tensionthroughout the currency area.

“Previous good sentiment towardsthe US economy provided a good dis-traction from the troubles facingEurope,” commented trader SimonFurlong of Spreadex. “However, now

the curtain has been lifted, Spain isreally starting to feel the heat.”Spanish 10-year yields touched the

psychologically-damaging six per cent

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mark yester-day, with Italy’sclose behind ataround 5.7 per cent.

European shares hit a 12-week low,led by the FTSE MIB in Milan, which was down five per cent at the end of

play – its largest fall in five months –and Madrid, where stocks lost nearly three per cent. The US followed suit, with stock markets suffering their

worst day of the year so far.Italy’s largest bank UniCredit saw its

shares tank 8.1 per cent, closely fol-lowed by second-largest IntesaSanpaolo, which lost 7.9 per cent. The day began with Spain’s central

bank governor admitting that the

country’s banks will need more capi-tal if the economy keeps deteriorating.“The solutions to the crisis, which

came from excessive debt or loss of

competitiveness,are very slow within a monetary union,” added governor Miguel AngelFernandez Ordonez.

Spanish Prime Minister MarianoRajoy is desperately trying to tame hiscountry’s deficit, yet even his pledges

are now failing to temper yields. Yesterday he met with fellow minis-ters in a bid to push through a further €10bn of cuts to core budgets.

MAYORAL CANDIDATES UNVEIL THEIR MANIFESTOS FOR CITY HALL

FTSE 100 ▼5,595.55 -128.12 DOW ▲12,715.93 -213.66 NASDAQ▲2,991.22 -55.86 £/$ ▼1.59 unc £/€ ▼1.21 unc €/$ 1.31 unc

ISSUE 1,609 WEDNESDAY 11 APRIL 2012

See Page 6

Certified Distribution

30/01/2012 till 26/02/2012 is 98,573

BY JULIAN HARRIS

AND TIM WALLACE

Across the Med in Italy, reports fromeconomic newspaper Il Sole 24 Oreclaimed that official GDP estimatesare being slashed – potentially fore-casting the economy to shrink by upto 1.5 per cent this year.

Safe haven investments gold and sil- ver rose 1.2 per cent and 0.5 per centrespectively, while investors alsorushed into UK bonds, pushing 10-year borrowing costs to a six-week low of 2.01 per cent.

German politicians continued todeny there was a problem with

the Eurozone’s recovery mecha-nisms, with Chancellor AngelaMerkel’s ally Michael Fuchsdeclaring the firewall is “bigenough by far”.“Why should we worry about

Spain now? I don’t think there’sanything that’s going to be adifficulty at the moment,” he

told Bloomberg. Analysts warned that the situation is

not set to improve, as the “breathingspace” created by the ECB has not beenused properly to address the causes of the crisis.

“Bank balance sheets should have been de-risked, but exactly the oppo-site happened,” said Filippo Garbarinofrom Frontwave Capital.

“The Long Term RefinancingOperation was used to buy even moregovernment bonds of insolvent coun-tries, so systemic risk is even higher.”

Italian borrowing costs spiked yesterday

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BORIS WIDENS POLL LEAD

8/2/2019 Cityam 2012-04-11


[email protected]

Follow me on Twitter: @allisterheath

G E T T Y

Charities to lose out afterOsborne’s tax relief raidCHARITIES and tax lawyers attackedGeorge Osborne’s plans to limit taxrelief on donations yesterday, call-ing the move “heavy handed” and“perverse.”

Relief will be limited to theincome tax paid on the first £50,000of a donor’s earnings or 25 per centof their income, reducing incen-tives to give to charities.

“As a result of government spend-ing cuts, charities are relying moreand more on major gifts, which will be hit by this change,” said PeterLewis from the Institute of Fundraising.

“When the government promotesthe ‘big society’ and wants morepeople to give to charity, it seemsperverse to reduce incentives togive.” The limit will also apply to reliefs

for offsetting business losses fromprevious years –meaning losses andprofits are no longer treated equally by the taxman – as well as certaininterest payments.

Osborne yesterday claimed to be“shocked” when shown examples by HM Revenue and Customs of high earners paying almost no tax because they gave lots to charity oroffset large losses from previous years. But lawyers dismissed hisapparent surprise as “not credible,”

Yahoo reorganises in wake of cutsYahoo’s new chief executive officer speltout a new organisational structure andleadership team on Tuesday to try tobring growth back to the internet portalcompany.

Energy groups agree to tariff adviceThe six biggest energy companies haveagreed to write to customers every yearto advise them on their best tariff under acommitment secured by the coalition,Nick Clegg will reveal today. Mr Clegg’s

intervention comes after a year in whichthe Big Six energy suppliers have facedwidespread accusations ofanticompetitive behaviour, confusingprices and profiteering.

Bo Xilai’s wife held in murder probeChina’s Communist party has formallydismissed Bo Xilai, one of its mostpowerful leaders, from his positions at thetop of the ruling hierarchy and arrestedhis wife on suspicion of murdering Britishbusinessman Neil Heywood. Theexpulsion of Mr Bo and the arrest of hiswife have sent shockwaves through theChinese political establishment.

Britain pushes arms to IndonesiaBritain will attempt to sell arms toIndonesia for the first time in 13 yearstoday when defence companies arrive aspart of David Cameron’s trade mission.

Zynga chief in select club as securitycosts soarMark Pincus, chief executive of gamesdeveloper Zynga, was paid an additional$1.37m (£863m) last year to coversecurity. This included $1.2m for theinstallation of a home security system.

Fitness First puts jobs on the lineThe new owners of gym chain Fitness Firstare considering plans to place part of theUK estate into a company voluntaryarrangement (CVA), potentially puttingmany hundreds of jobs at risk.

Cuts in line at Coryton refineryAt least one of the bidders for Petroplus’sCoryton refinery plans to use the site onlyas a terminal and storage facility, with theloss of a “very substantial” number of

jobs, its administrators have said.

AOL agitator nominates slateA day after AOLannounced a surprisepatent sale that will yield $1.1bn, activistinvestor Starboard Value LP said itremains unsatisfied with the company'skey growth strategy and officiallylaunched its fight for board seats.

Cracker Barrel adopts poison pillCracker Barrel Old Country Store hasrolled out a new plan to guard againsthostile takeover attempts to take effect ifany shareholder takes a 20pc stake.

WHAT THE OTHER PAPERS SAY THIS MORNING

George Osborne wants to clamp down on tax avoidance –even when charities benefit

2 NEWS

BY TIM WALLACE

The new jobs website for London professionals

To contact the newsdesk email [email protected]

CITYAMCAREERS.com

E VERY so often, a piece of researchcomes along which is a must-read. A document yesterday fromthe Institute of Economic Affairs

is one such report: it reveals in nouncertain terms why house prices areso high in the UK, and what needs to be done to ensure that generations of

young people are not permanently priced out of the market or forced tolive in tiny, uncomfortable spaces. All parts of the UK are expensive.

Even some highly sought-after North American locations such as Washington DC and Chicago arecheaper, relative to earnings, than any region in the UK. Only Australiashows a similar lack of inexpensivehousing. The picture is even worse if homes are adjusted for size or age –the UK’s stock is older and muchsmaller than many other nations’. The reason that is usually given for

EDITOR’SLETTER

ALLISTER HEATH

Time for a few home truths about Britain’s housing crisis

WEDNESDAY 11 APRIL 2012

all of this is that Britain has run outof space. The reality is very different. The UK has 247 inhabitants persquare kilometre, which is not thathigh (though of course is more thanthe likes of America or France).Numerous developed nations recordmuch higher figures: for exampleSouth Korea (484), the Netherlands(395), Belgium (341), Japan (339) andIsrael (327). Nine European regionshave greater population densitiesthan England’s south east.

The claim that the UK is now almostentirely concreted over is equally fatu-ous. Only one tenth (9.9 per cent) of the English surface area is developed. The rest mostly consists of woodland,grassland and farmland (and some water). Even within the developedtenth, the IEA report reveals that the

single biggest item is domestic gar-dens (4.3 per cent of the total; a smallfraction of this is probably actually used as off-street parking spaces).Land which is covered with buildings(including homes), industrial struc-tures, streets, roads, parking sites, railtracks and so on accounts for a mereone twentieth of the whole Englishsurface area. The situation is only slightly worse than average in thesouth east, where 84.7 per cent of thetotal surface area isn’t developed.However, a greater proportion ismade up of gardens (6.3 per cent).

(16 per cent), Ireland (8 per cent),Belgium (7 per cent), Slovenia (6 percent), Germany (5 per cent) and Italy.In any case, there is no reason why the state should own the homes in which it houses the poor.

The answer cannot be yet moredemand-side policies subsidising

mortgages or reversing the change tohousing benefit; the problem is oneof supply. We need to allow the private sector to build more and better.Forget the recession: developmentrates in the UK have been depressedfor decades. We have built far fewerhomes per 10,000 inhabitants thanmost of our competitors for years. It istime for a historic U-turn: we needhomes fit for a modern, prosperouscountry.

In England, and much more so inthe UK as a whole, overdevelopment,migration and over-population arenot the main issue. Average UK house-hold sizes are not especially low either. As Kristian Niemietz, thereport’s author, puts it, “developableland is available in plentiful abun-

dance.” The problem is politics: plan-ning rules make it impossible to buildthe right number of homes in theright places. He cites internationalempirical evidence produced by numerous academics showing plan-ning restrictions are the key determi-nant of housing costs internationally.

Council house privatisations aren’ta reason for the UK’s problems either.Britain’s social housing sector is stillone of the largest: it accounts for upto one fifth of the total, more thanDenmark (19 per cent), Sweden (17per cent), France (17 per cent), Finland

due to his family’s riches and his abil-ity to call on Treasury research. The 20 cases studied would have

paid an additional £145m in incometax had they not claimed the reliefs.But the taxpayers in question are notusing unusual methods to avoid taxand experts criticised the move as asharp change of policy.

“These are all reliefs enacted by par-liament, used in line with parlia-ment’s intentions – they are notgoing out of their way to avoid payingtax,” said PwC partner AlexHenderson.

As well as harming charities by removing incentives to donate, therental market could also suffer.

“Landlords are not currently gain-ing from house prices as they are notrising, so they rely on rental income,”said George Bull from Baker Tilly.

“If people are worried about taxrelief on interest payments, they willpull out of the market.” The Treasury argued that the

allowance remained generous, andthat it is wrong some high earnerspay less income tax than a basic ratetaxpayer because of unlimited reliefs.

QHow has incometax relief on

charitable givingworked in the past?

A When income tax

payers give to charity they use the“gift aid” system to allow the charity to claim back the tax paid. This givesthe charity an extra 25 per cent. Buthigher rate payers can also adddonations to their tax return at theend of the year and claim extra taxrelief, because they paid more than25 per cent tax on their income.

QSo higher-rate taxpayers gain by givingto charity?

ANo. They are still giving money away, and end up with less money.

However, Osborne is annoyed thatthe Treasury also gets less.

QWhat will happen under the new rules?

AFrom 2013, donors can only claim the relief on the f irst

£50,000, or 25 per cent of theirincome – that reduces theincentive to donate.

QDo all high earners pay very little inincome tax thanks to dodges?

ANo. The top one per cent of earners pay 27 per cent of total

income tax. Also, genuine fraudsthrough reliefs can be stopped. Anaccountant was convicted in January after donating shares tocharity and lying about their valueto claim excessive tax reliefs.

Q A and

The real storyabout tax reliefs

DAVID Cameron has moved closer topublishing his tax return following weeks of speculation over whethermembers of the Cabinet will benefitfrom the Budget.

“The Prime Minister is relaxedabout the idea of the tax returns of senior Cabinet ministers beingpublished,” but wants the chance toconsider how it could work, a sourcesaid yesterday.

George Osborne and Vince Cablehave also indicated they will notoppose disclosures. Cameron willface questions, however, about thescale of his total wealth.

Cameron set to

reveal returnsBY PETER EDWARDS

CARLYLE Group is expected tolaunch its initial public offering asearly as next week, according tomarket sources.

The private equity firm, whichfirst filed for an IPO in September, is widely expected to seek to raisearound $1bn, though to date it hasonly filed for a “placeholder” raisingof $100m. JP Morgan, Citigroup andCredit Suisse are leading a team of 21 underwriters on the deal.

It comes as Oaktree CapitalManagement is poised to price itsIPO tomorrow night.

Carlyle IPO tocome in daysBY HARRY BANKS

8/2/2019 Cityam 2012-04-11


HSBC is to exit fewer countries thanpredicted in last year’s strategicreview as it adjusts its plan for anoverhaul of the bank.

Chief executive Stuart Gulliverunveiled a plan last May that wouldsee the bank exit its retail businessin 39 countries deemed “subscale”.

But it is understood that is morelikely to drop to around 34 as the bank mulls holding on to more businesses in the Middle East.

The bank is already in talks inOman to buy more branches fromOman International Bank (OIB) butcould also stay put in Qatar andBahrain – particularly if it is able tomake further acquisitions in thosecountries – rather than ditching itsretail banks there. It had already saidit will keep up its presence in theUAE, Saudi Arabia and Egypt.

So far, HSBC has done 23 deals to

offload businesses, many of them“subscale retail” and has freed up$60bn in risk-weighted assets by doing so, which a spokesman said is“to ensure capital is deployedefficiently”.

It has also sold off its privateequity arm, which has renameditself Montagu Private Equity. The bank is also currently in talks to sellits Korean retail business to KoreaDevelopment Bank and is planning asale of its Pakistan retail operations.

HSBC to keepbigger MiddleEast presence

THE STELLAR performance of Appleshares reached a new milestone yes-terday as the firm’s market value hit$600bn (£378bn) for the first time inits history. The stock achieved a new record

high of $644 in early trading, re-inforcing the technology giant’s posi-tion as America’s most valuablecompany.

Microsoft is the only other firm tohave passed the $600bn landmark, atthe height of the first dotcom boomin 1999, although the Windows cre-ator has since been left in the shade.

Yesterday Apple fell later to tradedown 1.2 per cent at $628.44 at theclose but the iPhone maker has begun 2012 in scintillating style.

In the first three months of the year its shares climbed nearly 60 percent from an already high $409.50.

Last week analysts at TopekaCapital Markets upgraded Apple’sprice target to a $1,001 and describedthe brand as being able to “touch thesouls of consumers of all back-grounds”.

Apple sweet asit hits $600bn

market valueBY PETER EDWARDS Apple chief executive Tim Cook has

disproved analysts who doubted hecould take the company forward fol-lowing the death of founder Steve Jobs last year. Last week Cook unveiled a quarterly dividend after a16-year drought and revealed its next-generation iPad, featuring a new highdefinition screen, a faster processorand an improved camera. Apple’s latest landmark has fed pre-

dictions of another bubble in technol-ogy stocks. It came 24 hours aftersocial network Facebook snapped upInstagram, a two-year-old photo-shar-ing application that employs just 13staff, for $1bn.

Apple Inc

628.4410 Apr

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YOEL Zaoui, co-head of global merg-ers and acquisitions at GoldmanSachs, has decided to retire from the

firm after a 24 year spell during which he has masterminded a hostof landmark deals, including themergers of Arcelor and Mittal andSuez and International Power. The 51 year old star banker is

expected to set up a business of hisown, possibly with his brotherMichael, who left Morgan Stanley in2009.

Zaoui, a Moroccan bornFrenchman, joined Goldman’s New York M&A team in 1988 and moved

Goldman Sachs makes anotherhigh profile change in London

BY DAVID HELLIER to London in 1989. His exit followsthe recent departures of other dealmakers such as Luca Ferrari, who ranthe firm’s M&A business in northernEurope out of London, and industri-

als banker George Mattson.Some said that Zaoui’s departure,

like those of other senior bankers, would help free up roles for risingtalent at the firm. Zaoui’s co-headGene Sykes is expected to assume thetitle of sole global head of M&A.

“Yoel is leaving in his prime after aperiod of spectacular deal-making,”said one insider. “He operated duringa boom period for M&A.”

Zaoui will remain a senior directorat the firm.

EXCLUSIVE

BY JULIET SAMUEL

WEDNESDAY 11 APRIL 20123NEWScityam.com

For BT residential customers, calls will cost no more than 4.5p per minute, plus 13.1p call set-up fee (current at March 2012). The price on non-BT phone lines maybe different. Calls may be monitored or recorded for security and training purposes. Over £14billion of new lending includes all credit made available to SMEbusinesses, with a turnover of up to £25million, between 1st January 2011 – 31st December 2011. Barclays Business provides services to firms with a turnover of upto £5million. Loans are subject to application and status. Excludes online applications and automatic overdraft renewals. Terms, conditions and exclusions apply.

Barclays Bank PLC is authorised and regulated by the Financial Services Authority (FSA). Registered No 1026167. Registered Office: 1 Churchill Place, London E14 5HP.

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Goldman’s co-head of global mergers and acquisitions is leaving after 24 years at firm

8/2/2019 Cityam 2012-04-11


R E X

ALUMINIUM giant Alcoa kicked off the US reporting season last night with a surprise first-quarter profitafter it reaped the benefits of improved productivity and calmerglobal markets. The New York-listed firm posted

$94m (£59m) of income from contin-uing operations, or nine cents pershare, compared with a profit of $309m, or 27 cents per share in thesame quarter last year. Analysts hadexpected a loss of four cents a sharefor the start of 2012.

Shares in Alcoa, the world’s third-

largest aluminium producer and a bellwether for the materials sector,rose six per cent to $9.80 in after-hours trading yesterday. Alcoa had been hit by falling metals

prices and the weak global recovery and posted a $193m loss for in thefinal three months of last year. Yesterday, however, chief executiveKlaus Kleinfeld said the firm had ben-efited from improved productivity across all its businesses, higherrealised prices for aluminium and

Alcoa’s $90mprofit shocks

US analystsBY PETER EDWARDS better market conditions.

“Performance rebounded strongly this quarter due to our proactive cashsustainability actions, our relentlessfocus on profitable growth, and stabil-ising markets,” Kleinfeld said.

“Challenges remain in this econo-my, but we approach them better pre-pared than ever before,” he added.

Revenue inched up to $6bn, com-pared to $5.96bn for the same periodlast year. Alcoa forecasts a shortage inthe supply of aluminium this year. JP Morgan, Google and Wells Fargo

are among the US firms due to reportquarterly earnings later on in the week.

Alcoa Inc

9.3210 Apr


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INSURER RSA gave its former chief executive Andy Haste a 27 per centpay rise for 2011 – despite him

leaving the firm at the end of last year.

Haste’s pay packet hit £2.77mlast year, up from his 2010remuneration of £2.18m. He wasalso awarded various long-termshare and pension benefits.

RSA also revealed that it paidoutgoing finance director GeorgeCulmer, who is set to become thenew finance boss of LloydsBanking Group, a total of £703,000 – down from £1.15m in

Former RSA boss Andy Hasteawarded £2.8m for final year

BY JAMES WATERSON 2010.Chairman John Napier said the

pair’s pay packets were justified by a successful eight years in charge.

“Their departure terms reflect

the goodwill of us all, the boardand hopefully the shareholders, inmarking a job well done,” heexplained.

Haste launched an overhaul of RSA after taking over in 2003,selling off underperforming lifeinsurance units and ring-fencingthe group from potentially crippling asbestos-related claims.

Simon Lee replaced Haste as thecompany’s chief executive last yearand was paid a total of £1.15m for

WEDNESDAY 11 APRIL 20124 NEWS cityam.com

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Former RSA boss Andy Haste received £500,000 as a leaving present

RICK Santorum ended hisimprobable run for the White Houselate last night after leading aRepublican tilt to the right thatcould dog the more moderate front-

runner, Mitt Romney, in November’spresidential election.Romney moved to the right on

social issues to try to outflank Santorum but that leaves him, andRepublican congressionalcandidates, exposed in November when the electorate will be moremoderate.

Santorum was an outspoken criticof gay marriage and abortion.

Santorum pullsout of GOP race

BY HARRY BANKS

Obama wantsBuffett Rule

BY JULIAN HARRIS

US President Barack Obama wants topush ahead with a minimum rate of

tax for millionaires, despite figuresshowing that high earners pay onaverage far higher rates than most Americans.

The proposal, known as theBuffett Rule after the Sage of Omaha Warren Buffett, wouldensure that those earning over $1ma year would pay at least 30 per centto the government.

The Tax Policy Center shows thaton average the group currently pays24.1 per cent.

8/2/2019 Cityam 2012-04-11


GLENCORE was dragged into a wors-ening dispute between two Russianoligarchs yesterday, as aluminiumproducer Rusal announced that itsformer chairman is to take legalaction against the company and thecommodities trader over a $47bn sup-ply contract.

Viktor Vekselberg quit as Rusal’schairman three weeks ago and hassince notified Glencore and his for-mer colleagues, who include rival oli-garch Oleg Deripaska, that he hasfiled a suit against them in London via his investment vehicle SualPartners, which own 16 per cent of Rusal. Deripaska, chief executive of Rusal, owns 47 per cent of the miner.

The dispute could prove a messy inconvenience for Glencore, whichhad signed contracts to market moreof Rusal’s aluminium.

Hong Kong-listed Rusal said: “Sualalleges... that certain contracts between the company and Glencore were entered into (or are to be enteredinto) in breach of the shareholderarrangements.” The former chairmanis seeking damages and the cancella-tion of the contracts.

Oligarch hits

Glencore andRusal with suitBY JULIET SAMUEL

But one industry insider, who calledthe move “highly unusual”, suggestedthat the suit is an attempt to “shine alight on Deripaska’s management”more broadly.

Vekselberg quit citing a “crisis” atRusal that he blames on his rival’sdecision to hold onto a 25 per centstake in Russian nickel producerNorilsk Nickel, on which Rusal isreportedly nursing a $5bn loss. Norilsk had offered to buy back the stake, adeal Vekselberg supported, butDeripaska blocked. The Norilsk stakehad been seen as a precursor to creat-ing “a Russian BHP Billiton” – a global,diversified miner – but that ambitionhas failed to materialise.

Glencore International PLC

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KINGFISHER & FLYBE: Page 18▲▲

WEDNESDAY 11 APRIL 20125NEWS

cityam.com

BOTTOMLINE

DAVID CROW

The economics of the airline industry are sheer hell

Tony Ryan (Ryanair), Stelios Haji-Ioannou (EasyJet) and Vijay Mallya(Kingfisher Airlines). It is no coinci-dence that two of these figures,Fernandes and Mallya, also haveinterests in British football clubs,another trophy asset that is guaran-teed to lose money.

It has to be the sex appeal that

attracts them, because it certainly isn’t the easy profit. It was WarrenBuffett who said the “amount of money made by all US airlines sincethe dawn of aviation is zero”.

C. R. Smith, the late chairman of American Airlines, would have con-curred, warning in 1970 that“nobody can make money in the god-

damn airline business these days. The economics represent sheer hell.”If he were alive today, he would beunsurprised that his airline is now technically bankrupt.

Mallya’s Kingfisher Airlines is thelatest to fall victim to the torrid con-ditions for the airline industry. Yesterday it flew its last ever interna-tional flight, the 12.50pm Delhi to

Heathrow. In India, it is being forcedto pay its airport fees in cash before being allowed to land.

The story behind Kingfisher’sdownfall is well-rehearsed. A crip-plingly high oil price coupled withreckless over-expansion meant eventhe considerable profits of the epony-mous brewing empire could not keep

its planes in the skies.Even successful airlines are f indingit tough going. Ryanair was forced toground 80 planes over the wintermonths while Branson’s Virgin Atlantic is struggling to find a new equity partner. Air Asia might be thedarling of the industry at themoment, but when it handed Airbusits biggest ever order at the Paris air

show last year, for 200 A320s, itsmacked of over-expansion. Flybe,the latest UK airline to go public,added two per cent yesterday after itsaid losses would be in line withexpectations, but its stock closed at71p – well below its 295p listing pricein December 2010. Things will only get worse, with oil

– which accounts for a third of costs– at $120 a barrel and rising. The avi-ation analyst’s favourite joke ringsmore true now than ever before. How do you amass a small fortune? Take alarge fortune and buy an airline.

[email protected]

Follow me on Twitter: @davidcrow83

A VIATION has changedmassively since the era of Pan Am, a byword for style andsophistication in its 1960s

heyday. The once besuitedpassengers have been replaced by anunderstandably angry mob,fighting to fit their suitcases intofluorescent-coloured over-head

cabins. It is out with the caviar andfreshly cooked roast beef and in with the over-priced soggy sandwich. Yet airlines are still status symbols,

which is why they are founded andowned by some of the most colourfulcharacters in business, includingRichard Branson (Virgin Atlantic), Tony Fernandes (Air Asia), the late

THE PROJECTED rates of return onpersonal pension and life insuranceproducts need to be reduced,according to a study for theFinancial Services Authority.

Projection rates, which show prospective returns on investments,should be put at a more “realistic”figure to reflect the economicoutlook, a report by PricewaterhouseCoopers said.

Peter Smith, head of investmentspolicy at the FSA, said: “It is crucialthat projection rates are set at arealistic level so that investors arenot misled. Today’s independent

research indicates our maximumprojection rates should be reduced.”

Pension potsset for change

BY PETER EDWARDS

THE ASSOCIATION of BritishInsurers has voiced concerns aboutexecutive pay at Barclays, raisingthe pressure on the bank over chief executive Bob Diamond’s recent£17m pay award.

The ABI, whose members own 20per cent of the FTSE All-Shareindex, has issued an “amber top” warning over the pay, one stepdown from its most stern “red top” warning on a firm’s policies.

Fellow investor body Pirc saidshareholders should vote down the bank’s remuneration package at itsannual meeting on 27 April, yet

many institutional investors areexpected to wave it through.

ABI warns onBarclays pay

BY MARION DAKERS

8/2/2019 Cityam 2012-04-11


L A U R A L E A N / C I T Y A M


Paddick and Livingstone unveilmanifestos to take on Johnson

BORIS Johnson has extended his polllead over Ken Livingstone to sixpoints as his main opponents to beMayor of London unveiled their fullmanifestos. The Conservative candidate wins by

53 to 47 against his Labour rival when voters are forced to choose between the two candidates.

A ComRes poll also shows thatLivingstone’s trust ratings haveplummeted in the aftermath of last week’s bruising debate over personaltax allowances, which saw himaccused of tax avoidance by chan-

Boris extendspoll lead overLabour’s Ken

nelling earnings through a company.Speaking at the launch of his mani-

festo, Johnson said the public shouldreject “outer London ignoring, car-hating, semi-reformed Trotskyistsand bendy bus fetishists” before refer-encing his rival’s tax affairs: “Thiselection is not about who dodges taxand who doesn’t – though I think theanswer to that is by now fairly clear.”

Perhaps the most worrying findingfor Livingstone’s team is the personalunpopularity of their candidate.

Despite his party’s lead in nationalopinion polls, over 17 per cent of respondents said they liked Labour but did not like Livingstone.

This compares unfavourably withthe 28 per cent of respondents whosaid they did not like theConservatives but did like Boris Johnson.

Boris Johnson is pulling ahead of Ken Livingstone in the battle to be Mayor of London.

THIS week we’re asking membersof our Voice of the City panel whothey think will win the race to beLondon’s next mayor.

Having seen the full manifestosof the main candidates, who do

VOICE OF THE CITY

PoliticsHome.comPoliticsHome.comIn association with

Apply to join today at WWW.CITYAM.COM/PANEL

you think offers the best optionfor London – both from a businessperspective and from a personalpoint of view.

Results of the poll will beprinted in Monday’s newspaper.

Who do you think will winthe London mayoral race?

BY JAMES

WATERSON

MAYORALELECTION

n Fight for London to keep a “fair share”of its tax.

n Bid to take over suburban rail servicesin the style of London Overground.

n Refuse to buy Tube trains that requirea driver and push for automated trains.

n Free travel for every person over 60.

n Three more police officers in everySafer Neighbourhood team.

n 200,000 new jobs and 1,000apprenticeships a week.

BORIS JOHNSONn Cut public transport fares by seven percent and freeze them in 2013.

n Introduce a non-profit letting agencyfor “good” private landlords.

n Fund a London-wide EducationalMaintenance Allowance of up to £30pw.

n Cut heating bills by up to £120 a yearby establishing a London Energy Co-op.

n Place sensors in car parks to let driversto know which spaces are free.

n Interest-free loans for childcare.

KEN LIVINGSTONEn Youth hubs across the capital, fundedby a £1 levy on hotel rooms.

n Guarantee 33,500 police in the Met,increase their visibility and give eachneighbourhood its own plan for policing.

n A one-hour bus ticket that allows theuser to transfer between services.

n Payback sentencing that forcescriminals to do work in the community.

n Build 360,000 homes over 10 years.

n Freeze the GLA’s share of Council Tax.

BRIAN PADDICK

8/2/2019 Cityam 2012-04-11


8/2/2019 Cityam 2012-04-11


SHARES in Thomas Cook closed 13

per cent higher yesterday after thedebt-laden tour operator confirmedit is close to securing a £1.2bnrefinancing deal with its lenders.

The world’s oldest travel firm, which came close to collapse at theend of last year, said it is in“advanced discussions” with its banks over extending loans to 2015.

It expects to have an agreement intime for its half-year results in May, when Thomas Cook will also revealthe outcome of its strategic review.

The deal, which comes justmonths after it lenders injected£200m into the business, will givethe travel group more time to revivelagging sales.

Analysts said shareholders will bepleased that the group has thesupport of its lenders, despite thehefty interest charges it is likely topay.

Thomas Cooklifted by talkof £1.2bn deal

BY KASMIRA JEFFORD

G E T T Y

CVC CAPITAL Partners has set aFriday deadline for banks hoping toplay a role in Formula One’sSingapore IPO, sources said yester-day, in a sign that the process for theroughly $1.5bn IPO is formally under way, with plans for a July listing.

Formula One chief BernieEcclestone said last month that hehad recommended Singapore as the best place to float the motor racing business, seeking to tap Asian enthu-siasm for famous sporting brands. While a public listing of the world

famous motor racing series has long

been expected, with news of theSingapore venue breaking lastmonth, the precise timing of thedeal remained unclear. Sources withdirect knowledge of the matter said a

Friday dead-line was

F1 owners setdeadline for

flotation pitchBY HARRY BANKS set for banks to submit formal pro-

posals to the company, CVC and itsadvisers. Top investment banks will be push-

ing hard to play a role in underwrit-ing the deal, not only for the feesinvolved but for the prestige of beingpart of such a high profile offering. A final decision on the investment

banking mandates will be made on oraround 24 April, one of the sourcessaid, with the aim of listing in July.

CVC, which owns 63.4 per cent of F1, is looking to list part of the busi-ness in Singapore, but would contin-ue to hold shares of Formula One. An Asia-based listing would help the

company tap the region’s interest ininternational sporting brands.

Reports put a $10bn value on the business, with Goldman Sachs cho-sen as the main adviser on the deal. A minimum 15 per cent float wouldmake the deal worth $1.5bn.Formula One has yet to apply to the

Singapore Exchange for its list-ing plans.

Thomas Cook, led by interim CEO Sam Weihagen, is in advanced talks with lenders

Thomas Cook Group PLC23.2510 Apr

3 Apr2 Apr 4 Apr 5Apr 10 Apr

25

23

22

24

21

20

p

Anything that gives the group more time to address the issues is to be wel-comed... But the fact that the group is looking to extend the maturity profile of itsbank facilities is likely to be a reflection of challenging trading and a turn-around plan that is likely to take longer to have an impact and cost more.

ANALYST VIEWS

”“

We think this is a positive for Thomas Cook as fears over its near-term sur-vival should go away, with the banks providing the support we had projected theywould in February. The revolvers should be rearranged to move their expiryout to 2015, generating higher interest outflows but greater certainty.

”The key issue is that even after these steps (asset sales, sale and leaseback,

refinance) the group has too much debt and too little operating cashflow. Prior tothese steps we estimate a net debt of around £3.4bn including pensiondeficit. Post this action it is likely to fall to around £3bn. We reiterate “sell”.

”

WILL THE REFINANCINGREINSTATE CONFIDENCE INTHOMAS COOK?Interviews by Kasmira Jefford

NICK BATRAM PEEL HUNT

“

JAMES HOLLINS INVESTEC

“

SIMON FRENCH PANMURE GORDON

Private equity house CVCowns 63.4pc of Formula 1


8/2/2019 Cityam 2012-04-11


BANK of America Merrill Lynch hasheld on to its second place spot in aglobal league table of investment banks, Thomson Reuters datashowed yesterday.

Despite management troubles inits European business this year thathave seen star banker Andrea Orceldecamp to UBS, BAML is still at thetop end of the table, boosted by its bonds and loan businesses.

BAML is still second to JPMorgan, however. While JamieDimon’s JP Morgan has rakedin $1.4bn in fees, BAML has bagged $1.2bn. And Citigrouphas moved up five places com-pared to its ranking last year,having advised on dealsthat brought in$918m and boostedits “walletshare” by 8.5 per cent.

Goldman hasdropped two placesto a market shareof 4.9 per cent, or$860m, althoughanalysts expect itto post goodresults for its sec-ond quarter nextmonth. Barclays

Capital has alsofallen threeplaces down the

BY JULIET SAMUEL table to eighth place.For M&A work, Lazard has moved

up four places, while Deutsche Bank is the governments’ adviser of choice. DB took a 9.5 per cent shareof business generated by govern-ments and their agencies, whichincreased by seven per cent versusthe first quarter of 2011.

Although the figures are com-piled only from data that is publicly

available and are therefore notcomprehensive, the tables areclosely watched by bankerskeeping an eye on theirrivals.

And the fees tables give asnapshot of whether banksare generating revenues out

of their business. As the volume of business

has dropped, bankers reportthat some deal-makers have been keen tou n d e r w r i t etransactions tokeep up rela-tionships, with-out generatingprofits fromthem.

Financials arestill generating

the lion’s share of fees for advisersas banks scrambleto comply withstrict new capitalrequirements.

Investment bank fees fall by14pc in first quarter of 2012INVESTMENT banks earned $17.6bn

in fees during first quarter of 2012 –a 14 per cent decline on the sameperiod last year, according toresearch by data provider ThomsonReuters.

Fees fell sharpest in the EMEA and Asia Pacific regions, with both areasregistering a decline of more than20 per cent.

There was better news in the Americas where fees declined justeight per cent to $9.9bn, accounting

BY JAMES WATERSON for more than half of globalinvestment banking fees.

“We’re still seeing an overhang

from the European sovereign debtcrisis and the US is less affected by that. The industry is very confidence driven and I think wecould see deal activity picking up,”said Lucille Quilter, a dealsintelligence analyst with ThomsonReuters.

Debt Capital Markets (DCM) feesaccounted for a third of all feesduring the period as income fromM&A fell by a quarter.

“DCM fees are really driving thefee pool at the moment. In Europethey accounted for 41 per cent of

activity. We usually see confidencegrowing first in capital markets andthen it spills over into M&A lateron,” said Quilter.

Investment banking activity inthe financials, energy, industrialsand materials sectors accounted for64 per cent of the global fee poolduring the first quarter of 2012.

Fees from healthcare, retail andconsumer staples all fell by over aquarter.

Jamie Dimon’s JPMorgan is still No. 1


FIRST QUARTER RANKINGS

Rank 2012 Year on year Bank Name Fees 2012 Year on year

Global investment banking fees (US$bn)

2004 2005 2006 2007 2008 2009 2010 2011 2012

Year total fees / Predicted year total feesFees paid in first quarter

$44.6

$14.8 $15.1

$53.6

$67.4

$19.9

$25.3

$76.6

$48.4

$17.2

$11.9

$17.6$20.5

$17.6

$57.7$60.4

$54.7 $53.6

1 JP Morgan $1.4bn -15%

2 Bank of America Merrill Lynch $1.2bn -22%

3 Citi $918m 8.5%

4 Morgan Stanley $903m -18%

5 Goldman Sachs & Co $859m -25%

6 Deutsche Bank AG $828m -19%

7 Credit Suisse $791m -20%

8 Barclays $715m -31%

9 UBS $570m -18%

10 Wells Fargo & Co $490m 28%

1

2

3

4

5

6

7

8

9

10

JP Morgan and

Merrill hangon to top spots

8/2/2019 Cityam 2012-04-11


FERROVIAL-owned BAA will extend

the bid deadline for its sale of Edinburgh Airport beyond the endof this week to give JP Morgan’s bidding group more time,according to sources close to thesale process.

Global Infrastructure Partners(GIP) – which owns London’sGatwick and City airports – and a JPMorgan-led consortium are to fighteach other for control of the airport.

Extension forEdinburghAirport bids

BY HARRY BANKS

G E T T Y

Logica execs turn down theirbonuses after shares tumble TOP BOSSES at IT outsourcing groupLogica have turned down bonuses

worth around £1m for the year afterthe firm’s profits fell and it wasforced to announce a costly restructuring.

No bonuses or new share awards were granted to chief executive Andy Green and outgoing Beneluxchief Seamus Keating toacknowledge the “impact of therestructuring announcement onpeople and shareholders”.

Green admitted in Logica’s

BY MARION DAKERS annual report that “2011 was moredifficult than we expected” but saidthe firm has taken “decisive action”to counteract the difficult market.

The FTSE 250-listed firm’searnings per share dipped eight percent during the year, as net debt roseand margins fell. Logica sharesdropped 30 per cent last year.

Logica announced a restructuringin December, which cost the firm£80.4m and is set to reduceheadcount by around three per cent,or 1,300 jobs.

Green’s overall pay fell from £1.2mto £767,000 last year. He also took

£221,000 in pension contributionsas cash.

The chief executive’s shareholdings rose from 1.87m shares to

2.46m. But he allowed some awardsfrom 2008 to lapse, costing himaround £500,000 worth of stock.Seamus Keating received a£471,000 pay package, down from£735,000 a year ago.

He also lifted his share holdings by 30 per cent to 718,000 as long-term awards vested during the year.•The chief executive of G4S, Nick Buckles, also gave up his bonus last year after his firm failed to clinch a£5bn takeover of ISS. Buckles’ pay fell from £1.4m to £858,000, theG4S annual report said.

CEO Andy Green received no share award

Logica PLC

85.8510 Apr


102.50

97.50

92.50

87.50

p


NEW JOBS

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EVERYDAY

CITYAMCAREERS.com

WWW.CITYAMCAREERS.COM

OVER

OR SCAN HERE

2500

FINANCE, LEGAL & I.T

SALARIES UP TO

JOBS £300K

THE PRICE of unleaded petrol hit afresh all-time high yesterday after

levelling off over the Easter weekend. A litre of unleaded cost an average of 142.27p, up from 142.1p before the bank holidays, the AA said. Dieselhas remained broadly flat at 147.8p.

BY HARRY BANKS

Petrol priceshit new record

8/2/2019 Cityam 2012-04-11


G E T T Y

BEST BUY chief executive Brian Dunnhas left the world’s largest consumerelectronics chain, which has strug-gled against stepped-up competitionfrom internet retailers and discoun-ters. A spokesperson said the company

veteran had left after “certain issues were brought to the board’s attentionregarding Mr Dunn’s personal con-duct”. The firm said his conduct was not

related to the firm’s operations orfinancial controls, and that he choseto resign after the company started aninvestigation into his behaviour.

Under Dunn’s tenure, which lastedless than three years, critics have com-plained that Best Buy became notmuch more than a showroom for Amazon.com and other internetretailers, with consumers going toBest Buy stores to sample electronicslike high-definition televisions, butthen buying them elsewhere atlower prices. The company, seen as a bellwether

in the consumer electron-ics industry, reporteddeclines in same-storesales in six of the pastseven quarters.

Despite offering

BY HARRY BANKS bigger discounts and free shipping tolure shoppers in the 2011 holiday sea-son, same-store sales fell 2.4 per cent inthe latest quarter.

“I hate to be rude, but I think he[Dunn] was doing a terrible job. This isa company that had a sales guy incharge, and I just don’t think they are well positioned to deal with theonslaught from the internet,” saidMichael Pachter, analyst at WedbushSecurities.

Shares of Best Buy closed down 5.9per cent to $21.32 in trading yesterday,having fallen earlier in the session to$21.62, their lowest since December2008. The stock is down more than 32per cent since Dunn became CEO,compared with a 52.7 per centincrease in the S&P’s 500 index.

In March, Best Buy announced plansto close 50 of its 1,100 big box storesand cut 400 corporate and support jobs.

Dunn started at Best Buy as asales associate in 1985 and rosethrough the ranks to becomeCEO in June 2009. Best Buy saiddirector Mike Mikan will serve

as interim CEO while it looksfor a permanent replace-ment for Dunn.

Lawyers turning to US firms forhigher pay and career prospectsUK-QUALIFIED lawyers have cited

higher salaries and better careerprospects as the key drivers for joining US firms, according to asurvey out yesterday.

Despite expecting to work longerhours when working for an American firm, more than 23 percent of associates surveyed by TheLawyer magazine said they joinedthe London offices of US firms tomake more money – the largestsingle group among respondents,

BY ELIZABETH FOURNIER closely followed by those who saidthey moved for career prospects.

The associates surveyed also felt

they would have moreresponsibilities at a US outfit. As part of its research, The Lawyer

published details of the top 30international firms in London by UK revenue, with DLA Piper andHogan Lovells moving to the top of the table after both completedtransatlantic mergers last year thatmean they qualify for the globalrankings.

DLA now brings in more than

three-quarters of its revenue fromoutside the UK, while Hogan Lovellsderives more than two-thirds of

revenues from overseas operations.Baker & McKenzie took the topspot for the US firm that UK associates would most want to joinif they were considering moving, with almost 20 per cent of respondents naming it as their firstchoice. One of the longest servingUS players operating in the UK market, its London office employs10 per cent of the firm’s totalheadcount.

DAME HELEN ALEXANDER TAKES UBM CHAIR

Best Buy chief Brian

Dunn is leaving

PLATINUM miner and producerRussian Platinum is consideringgoing public to raise around$300m (£189m), according toreports from Moscow.

The company may hire MorganStanley and Goldman Sachs, asource told Reuters.

Russian Platinum, formed in2011 from producer Amur’splatinum assets, produced 3.7tonnes of platinum last year.

A company spokespersondeclined to comment.

£190m IPO forRussian miner

BY HARRY BANKS

FAST growing video search engineBlinkx stumbled yesterday withthe announcement that revenuefor the year would fall short of analysts’ expectations.

The company said it wasdisappointed to announce thatrevenue for the year to the end of March would rise by about 72 percent to be about $114m. Analysts were expecting an average of $121.5m, the company said.

Adjusted operating profit,however, is set to beat forecasts.

Blinkx revenuesset to fall short

BY HARRY BANKS


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Best Buy chief

out amid probeover conduct

DAME Helen Alexander, the former president of the CBI and chief executive of theEconomist Group, has joined events organiser UBM as chair. Dame Helen also chairs theboard of publisher Incisive Media, and will succeed the incumbent chairman – USinvestment banker John Botts – next month.

8/2/2019 Cityam 2012-04-11


G E T T Y

UK CAN EXTRADITE ABU HAMZA FOR TRIAL

BAIN Capital is consideringraising $6bn to $8bn for a new

global buyout fund and offeringinvestors up to three options onfees it charges to manage themoney, according to two people

with direct knowledge of thematter.

Bain, once headed by Republican US presidential

candidate Mitt Romney and stillregarded as one of private

Bain Capital looks to raise up to$8bn in its latest buyout fund

BY HARRY BANKS equity's powerhouses, may startfundraising as early as thissummer for its 11th global

buyout fund, Fund XI, the sourcessaid.

Taking into account co-investments – money comingfrom a supplemental fund thatinvests in deals – Bain has toldinvestors the offering could reach$8bn to $9bn, compared with thetotal $12.7bn for its previous

buyout fund, Fund X.Bain declined to comment.

WEDNESDAY 11 APRIL 201212 NEWS

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Shareholder group rejects newdirectors at shamed Olympus THE RECOVERY effort at scandal-hit

technology firm Olympus sufferedanother blow yesterday when amajor shareholder advisory firmurged investors to reject theappointment of the proposed new chairman and president.

ISS Proxy Advisory Services said would-be president Hiroyuki Sasalacked the right qualifications and Yasuyuki Kimoto, lined up to behead of the board, is too closely tied to Olympus creditor SumitomoMitsui Banking Corp (SMBC).

BY PETER EDWARDSIt also recommended the restated

accounts be rejected at theshareholder meeting on 20 April.

The $1.7bn fraud (£1.07bn), whichhas shaken the conservative worldof corporate Japan, is still subject toofficial investigations and ISS warned shareholders they couldundermine any future lawsuitagainst Olympus if they acceptedthe restated accounts.

“Given the unusualcircumstances surroundingOlympus, it would not be advisablefor shareholders to support thisproposal, which could interfere

with their ability to file suit shouldthe financial statements turn out to be inaccurate based on information

yet to be revealed,” ISS said.“There is no telling what may happen to Olympus, dependingupon the outcome of investigations by public entities now under way.”

ISS is unlikely to win supportfrom Japan’s institutional investors, but its report will boost the case of several Western funds, which havecriticised the changes.

The current Olympus board isexpected to resign en masse at next week’s meeting.

DAVID Cameron received a boost tohis handling of the economy yester-day when Nissan revealed plans toinvest £127m and create more than1,000 jobs by building a new hatchback in Britain.

Cameron, currently on a trade mis-sion to Japan and south east Asia,hailed the move as a “vote of confi-dence” in the skills and f lexibility of Britain’s workforce.

Nissan said the new vehicle wouldcreate 225 jobs at its Sunderland fac-tory and 900 more in the supply chain. It will take manufacturingcapacity at Britain’s largest car plant beyond 550,000 vehicles a year whenproduction begins in 2014. As part of the deal Japan’s second-

largest carmaker will receive £8.2mfrom Britain’s regional growth fund,set up to kick-start the recovery.

Kevin Fitzpatrick, Nissan’s vice pres-ident for manufacturing in Britain,

told the BBC: “It’s a big vote for the car

BY PETER EDWARDS industry… The car industry in the UK is pretty buoyant at the moment, par-ticularly the companies which havestrong products and strong exportmarkets.” The new investment is on top of

£125m Nissan said it would spend to build its new Invitation compact vehi-cle in Sunderland from mid-2013.

Cameron has taken about 35 execu-tives from defence, energy, construc-tion and other industries on his visit tothe Far East. He also invited executivesfrom architecture, infrastructurefirms and the nuclear industry asBritain hopes to pick up some of thecleaning and rebuilding work on theaftermath of last year’s devastatingearthquake and tsunami.

He will also hold talks with Japaneseprime minister Yoshihiko Noda on thestate violence in Syria and on relations with Iran and North Korea. On Friday he is due to become the first major Western leader to meet Burmese pro-democracy campaigner Aung San Suu

Kyi since she won a seat in parliament.

BRITAIN can extradite its most notorious Islamist cleric to the US to stand trial oncharges that he supported al Qaeda and aided a fatal kidnapping in Yemen, theEuropean Court of Human Rights ruled yesterday. Egyptian-born Abu Hamza al-Masrifaces a sentence of over 100 years in high-security US prisons if found guilty.

Jobs boost asNissan pledges£127m for UK

8/2/2019 Cityam 2012-04-11


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13NEWSWEDNESDAY 11 APRIL 2012

Well-timed campaigns drive buzz for home improvement stores

B ANK holiday s often seeBritons take to our backya rds, kitchen s and bathrooms in an a ttempt at

a bit of DIY.So it is no surprise that two of the

biggest players in that market,B&Q and Wickes, looked to capi-talise on this time of year with

their pre-Easter advertising cam-paigns.B&Q’s “I did that” campaign,

highlighting the pride that comes with completing a DIY project, was joined by a “You Can Do It Crew”initiative over the weekend, whichaimed to make more staff availableto handle increased social mediaenquiries, and support customersrequiring advice.

Over a similar period, Wickes rana 25 per cent off campaign.

INCREASING BRAND BUZZBoth campaigns have been success-ful in raising buzz as measured by YouGov’s BrandIndex; B&Q is upfrom +8 at the start of April to +15now (its highest 2012 score), while

Wickes climbed from +7 to +11.In contrast, competitor

Homebase has remained relatively stable (+6 at the start of the monthand +5 now).

DRIVING EASTER SALESSo positive attention has been gener-ated, which should have helped B&Q

and Wickes stay at the forefront of consumers’ minds when it came toDIY over the Easter weekend.

It will be interesting to see whetherthere is a longer term impact on brand image over the next few weeks.

The overall image scores for both brands have been very consistentthis year, with B&Q hovering between +26 and +30 (currently at

+28) on the Index (a composite of sixkey image measures). Wickes and Homebase, mean-

while, have been trading second spot with each other around the +16mark. Whether the campaigns and B&Q’s

additional customer service willhelp move those scores, extendingthe B&Q lead or enabling Wickes topull away from Homebase, will beseen over the next few weeks.Stephan Shakespeare is the chief executiveof YouGov

Index

4 Jan 3 Feb 2 Mar 3 Apr

35

30

25

20

15

10

5

0

B&Q

HomebaseHomebase

Wickes Wickes

Buzz

26 Mar 28 Mar 30 Mar 3 Apr 5 Apr 9 Apr

1614

12

10

8

6

4

2

0

B&Q

HomebaseHomebase

Wickes Wickes

Cobham moves

for Thrane withnew £270m bid

BY JOHN DUNNE a 43 per cent premium to the priceat which Thrane & Thrane shares were trading before the announce-ment in February.

Cobham chief executive JohnDevaney said: “Cobham continues toseek to work with the board of Thrane & Thrane to achieve a recom-mendation for this offer... in a way that provides the best future for the business, its employees and cus-tomers.” The company said it would not

raise its offer unless a third party made a rival bid.

Devaney said the company’s combined maritime resources businesscould be based in Denmark if thedeal goes through.

AVIATION electronics groupCobham yesterday renewed a£270m bid for Danish rival Thrane& Thrane less than a month after withdrawing it.

The company moved after the res-ignation of satellite equipmentmaker Thrane’s chairman Waldemar Schmidt.

He has been replaced by long-time board member Morten Eldrup- Jorgense after a string of boardroomdisputes over the direction of thecompany. He said yesterday thecompany was reviewing its position. Thrane’s institutional investors

have expressed interest in a deal.Cobham has already bought 22.74per cent of the company from share-holders such as Jupiter AssetManagement, taking its stake to25.59 per cent.

Cobham pulled its offer on 12March but yesterday appearedupbeat about the chance of closinga deal after all.

It spent up to a year on thegroundwork before making its ini-tial offer.

Cobham said the offer represented

Timothy Shacklock is leading the team atGleacher Shacklock which is advisingCobham.The company specialises in corporatemergers, acquisitions and strategy.Shacklock, the former deputy chairman ofDresdner Kleinwort Wasserstein, foundedGleacher Shacklock in 2003.He has advised on a number of Europe’smost prominent corporate finance trans-actions, including the reorganisation ofBritish Aerospace in the 1990s, culminat-ing in the £7.7bn acquisition of GEC’sdefence business.

ADVISERS GLEACHER SHACKLOCK

TIM SHACKLOCKCHIEF EXECUTIVE

He also worked on the £19bn sale ofOrange to Mannesmann and its subse-quent £27bn onward sale to FranceTelecom, and the £26bn defence ofNatWest against the offers from both Bankof Scotland and the Royal Bank ofScotland.At Gleacher Shacklock, he has advisedBAE Systems on the $4.2bn acquisition ofUnited Defense Industries, the manufac-turer of the Bradley combat vehicle, andon the €2.75bn sale of its 20 per centshareholding in Airbus.He also worked with Cable & Wireless onits £700m acquisition of Energis.He qualified as a chartered accountant andbecame a partner in Pannell Kerr Forster inLondon prior to joining Kle inwort Benson,the predecessor firm to DresdnerKleinwort Wasserstein, in 1988.Danske Bank and Bank of America MerrillLynch are also advising Cobham during itslong-running pursuit of Thrane & Thrane.

Cobham PLC

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IN BRIEFCove bids back on after tax spat

n Bids for oil and gas company CoveEnergy are set to recommence afterauthorities in Mozambique cleared upuncertainties over tax. Cove, whosemajor operations are in Mozambique,put itself up for sale in January,attracting suitors including RoyalDutch Shell and Thailand’s PTT

Exploration. But the process stalledafter Mozambique said any deal wouldbe subject to capital gains tax.Cove yesterday moved to allay fearsby issuing a statement saying the taxpayable would not be prohibitivelyhigh. It said the sale process willcontinue as a result.

EDF restarts nuclear plants

n EDF Energy, the UK's biggest atomicpower producer, yesterday resumedoutput from two nuclear plants, bring-ing 1,200 megawatts of potential gen-eration capacity back on to the grid.EDF said its 600MW Sizewell B1 reactorreturned to service several days aheadof schedule on Sunday after shuttingdown on 2 March. The company's620MW Hartlepool 1 reactor alsoresumed outputting power.

Hargreaves seals refinancing

n Energy company HargreavesServices has re-financed its core UKbanking facilities and increased themfrom £115m to £175m. The firm’s facili-ties are made up of a £125m revolvingcredit facility and a £50m invoicefinance facility. The deal to extend thedebt to 2015 has been done with a fivebank syndicate that includes RBS,HSBC, Lloyds, Santander and Barclays.

G E T T Y

G E T T Y

MINER Vedanta yesterday posted adrop in full-year iron ore output, hit by a ban on mining in a southernIndian state where it has majoroperations. The FTSE 100 listed company said

its iron ore production over the year to the end of March fell to13.8m tonnes compared with 18.8ma year ago, after a fourth quarter broadly in line with market fore-casts.

Sales fell less steeply, totalling16m tonnes, from 18.1m. The problems in Karnataka, where

the authorities have imposed toughnew rules in a crackdown on illegalminers, and production setbacks inGoa dented the figures, it said. The ban is being opposed and has

been referred to the IndianSupreme Court. The company’sshares dropped by more than sixper cent following the announce-ment.

Iron ore, a steelmaking ingredi-ent, is typically one of Vedanta’smost profitable products, account-

Vedanta hit bya slowdown iniron ore output

BY JOHN DUNNEing for almost a third of earnings, but output has been constrained inrecent quarters by curbs to combatillegal mining.

Meanwhile Vedanta said itsrefined zinc production from itscore Indian operations rose six percent to 759,000 tonnes for the year,despite a dip in the fourth quarter.

In a statement the company said ithad been dealt a blow by “continuedmining ban in Karnataka, and trans-port and logistics bottlenecks inGoa. We are expanding existingroads and establishing road corri-dors at Goa to reduce these bottle-necks.”

LEN McCluskey, the general secretary of the Unite trade union, yesterday joinedtalks aimed at resolving the fuel tanker drivers' dispute, which resumed at the Acasconciliation service. Unite is seeking minimum standards over safety and training, aswell as an agreement on transferring drivers' pensions.

MCCLUSKEY JOINS FUEL STRIKE NEGOTIATIONS

WEDNESDAY 11 APRIL 201214 NEWS

cityam.com

Randgold shares bounce back on Mali dealSHARES in gold miner RandgoldResources yesterday closed up fiveper cent thanks to a political settle-ment in Mali, following a coup which threatened the company’soperations there.

The company’s stock surged by asmuch as nine per cent followingthe settlement over the bank holiday weekend.

Its price had plunged by morethan 20 per cent in the last monthas the military coup raised thealarm for investors.

BY JOHN DUNNEMali is home to two-thirds of

Randgold’s production. The company has maintained

that its output has not been hit by the crisis.

Over the weekend the country’smilitary rulers re-introduced theconstitution with a civilian prime

minister in a bid to restoreconfidence.Chief executive Mark Bristow,

who has been staying in Mali toassess the situation said in astatement: “During this period...operations continued to operate without any material disruption

and the fact that they still havesufficient supplies of fuel and otherconsumables on hand is a tribute toour partnership and in-country management.”

Randgold owns and runsoperations at Loulo and Gounkotoand also operates Morila, a joint

venture with AngloGold Ashanti.Bristow added: “The announcedresolution of the political crisis hadstrengthened the company’sconfidence in the political maturity of the West African region and itsability to settle conflict situations without external involvement.”

Vedanta Resources PLC

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An update of the politicalsituation in the company’s firstquarter results on 3 May.

Mark Bristow has been staying in Mali

8/2/2019 Cityam 2012-04-11


company, Brunello Coccinelli, theretailer of cashmere fashion.

One source close to the Tumiflotation says: “The UK is a good

place to float for resourcesand mining groups but no

longer for luxury. New York orHong is preferable. You’re sellingto a larger consumer audienceand a market where there’sgreater investor expertise.”It all seems light years away from

2002 and the era of Cool Britannia when Burberry parent GUS didn’tthink twice about floating the luxu-ry brand in London. Luckily Burberry doesn’t seem ready to

jump ship. “We’re happy with ourLondon listing and have no rea-

son to raise capital elsewhere,”said a Burberry source.

G E T T Y

GET CLOSE TO BEN AINSLIE

There’s a chance for Capitalist readersto meet Ben Ainslie, three timesOlympic champion in sailing. Ainslie

will be launching a new collection ofCorum’s watches at Fraser Hart jewellers, One New Change, tomorrowfrom 6pm. Ainslie is aiming for hisfourth successive gold at this summer’sOlympics and you can hear him talkabout the challenge by [email protected]’s champagne and canapesthrown in as well as a question andanswer session compered by MattLorenzo.

Got A Story? [email protected]

Follow The Capitaliston Twitter: @citycapitalist

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WHEN it comes to theflotation of luxury goodscompanies these days, bankers are fast getting

in the habit of avoiding London.Hence, when the London-basedprivate equity group Doughty Hanson and other shareholdersrevealed they were set to sellshares in Tumi, the premiumtravel bag company, it came aslittle surprise that the $300mshare offering headed for New York. The listing is being led by Goldman Sachs, CreditSuisse and JP Morgan.

Other luxury sector IPOs,including Samsonite and Graff Diamonds, went or have cho-

sen to go the far east, where bankers say investors have a better understanding of theluxury market. Even Milan ishosting the float of a luxury

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G E T T Y

RETAIL sales continued to recover inMarch, after the warm weatherencouraged consumers to hit the highstreet for seasonal merchandise,according to industry figures pub-lished today. The latest monthly survey from the

British Retail Consortium (BRC)showed that total retail sales rose 3.6per cent in March from the samemonth last year, and also rose 1.3 percent on a like-for-like basis.

Over three months, non-food salesrose by 1.5 per cent on a year ago asthe early signs of summer prompted

households to buy gardening tools,clothes and shoes for the new season.

But BRC director general StephenRobertson pointed out that sales com-pare against the weakest month of last year, when sales were dented by Easter falling later.

“We’ll have to see whether this isadditional spending or just shopping which has happened earlier thanusual,” he said.

Total food sales surged by 4.3 percent over three months, and 1.2 per

Warm weatheraided UK retail

sales in MarchBY KASMIRA JEFFORD cent on a like-for-like basis, but

Robertson said this was “largely under-pinned by food inflation rather than by customers buying more”.

Consumers’ incomes continued to be squeezed as they struggle to bal-ance household budgets againstexpensive fuel and utilities.

Helen Dickinson, head of retail atKPMG said: “Retailers will be hopingEaster provides a much needed boost but many are not holding their breathand continue to focus on controllingmargins and costs.” This caution was underlined by

retail analysis firm Springboard, which said today that the rain over

Easter bank holiday drove people away from the high street, with a 12.5 percent decline across the weekend com-pared to last year.

“The fact that Easter was earlier this year has had an impact on footfall andclearly the ongoing squeeze on house-hold finances is taking its toll,” saidDiane Wehrle, research director.

Springboard’s survey of 85 townsand cities showed that footfall wasdown by 2.1 per cent last month com-pared with March 2011.


DUTCH designer Raf Simons will this morning take over as artistic director of fashion labelChristian Dior. His appointment ends months of speculation over who would replacedisgraced ex-designer John Galliano at the helm of the French fashion house, afterGalliano was fired last May following anti-semitic comments he made in a bar.

RAF SIMONS STEPS INTO GALLIANO’S DIOR SHOES

RETAIL veteran Susanne Given took

up the newly created role of chief operating officer at SuperGroup yesterday as the fashion house looksto strengthen its management teamand boost its presence overseas.

The owner of the Superdry fashion label has had a turbulentstock market performance since itssuccessful flotation in 2010. It has been overshadowed by concerns oversupply and logistics after sufferingcostly warehousing problems last year.

Given, formerly John Lewis’director of fashion and beauty, will be expected to hit the groundrunning, looking after all parts of the business from logistics,sourcing, IT, property andmarketing – no small task givenSuperGroup’s planned expansionoverseas.

The move is designed to give

founder and chief executive JulianDunkerton more time toconcentrate on building the brand.

Former Habitat chief operatingofficer Shaun Wills also joined yesterday as the group’s financedirector, replacing Chas Howes.

Given was born in Denmark andmoved to the UK at the age of 20 ona gap year. She has worked withsome of retail’s biggest namesincluding House of Fraser,Homebase, Harrods and TK Maxx.

Given takes upher new roleat SuperGroup

BY KASMIRA JEFFORD

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KINGFISHER Airlines made its lastinternational flights yesterday as itclosed overseas operations amid bal-looning debts. The airline, chaired by liquor tycoon

Vijay Mallya, said last month it wasscrapping routes including itsLondon flights as it tries to avoid bankruptcy.

The firm has not made a profit sincelaunching in 2005.

It managed to pay its employees’salaries this week for thefirst time sinceDecember, but is stillstruggling to keep up

with fees and fuelcosts.

Kingfisher is resortingto paying airportcharges on a cash-and-carry basis, the owner of Delhi airport GMR said yesterday, but still owes750m rupees (£9.2m) inunpaid dues.

Kingfisher Airlineshas a debt load of $1.3bn, and its banks

Kingfisher’s lastcall on all of its

overseas flightsBY MARION DAKERS

already own around a quarter of itsshares following a debt restructuringlast year. Its main lender, the StateBank of India, has said it will not con-sider further loans until it raises new equity itself.

Kingfisher got some breathing roomlast week when its bank accounts were unfrozen by the Indian tax man,after the firm cleared some of its bills. The firm has said foreign airlines are

interested in investing in the compa-ny, and that those investors are justawaiting a formal governmentapproval. The Indian authorities are due to

decide later this week whether toopen up the country’s air sector to

overseas investment.Indian-listed shares in Kingfisher jumped 7.5 per cent to 18.6 rupees

yesterday as hopes rose for aforeign investor rescuing

the firm. Its shares havelost almost half their value over the last year.

Kingfisher chairmanVijay Mallya

REGIONAL airline Flybe remains oncourse in spite of marketturbulence, it said in a trading

update yesterday.The firm, which made its third

profit warning of the financial yearin January, said moves to cut costsand boost revenues per seat havehelped it steady its position in thefirst quarter of 2012.

It said more details of thesemeasures will be revealed alongsideits full-year results in June. Analystsare expecting a loss of up to £10mfollowing disappointing sales overthe peak Christmas period.

Flybe cutting costs to get backon track after profit warnings

BY MARION DAKERS “Although market conditionsremain challenging, we have arobust and flexible business modelcombined with clear andachievable growth plans. We

remain confident about Flybe’slong term future,” the carrier saidin a statement.

The Exeter-based group addedthat its joint venture in Finland isexpanding as planned, with newroutes into Denmark and Sweden.

Flybe stock closed up 1.97 percent at 71p yesterday. Its shareshave tumbled from a peak of 255pa year ago as soaring fuel costs andsliding passenger revenues hurt itsprospects.

Exeter-based Flybe has been buffeted by fuel prices

JAPAN’S Sony yesterday flagged a

record $6.4bn (£4bn) annual net loss,double an earlier forecast and afourth straight year of red ink, as it writes off deferred tax credits,heaping more pressure on its new CEO to turn around the electronicsgiant.

Sony, which plans to axe 10,000 jobs – around six per cent of itsglobal workforce, has beenhammered by weak demand for itstelevisions and overtaken by moreinnovative gadget rivals such as Apple and Samsung Electronics.

Yet, in a bid to ease investorconcerns over its deteriorating bottom line, Sony forecast it would bounce back in the current year toend-March 2013 with an operatingprofit of 180bn yen (£1.3bn).

In a sign that Sony’s woes areindustry-wide among Japan’sconsumer electronics firms, LCD TV

maker Sharp yesterday also raisedits full-year net loss forecast - to380bn yen from 290bn yen.

Kazuo Hirai, who took over asSony’s CEO this month, has said heis prepared to take “painful steps”to revive the company, insisting he would not hesitate to scale back or withdraw from businesses hedeemed uncompetitive. He will lay out his revival strategy in moredetail at a briefing scheduled fortomorrow.

Sony sees arecord $6.4bnloss on tax hit

BY HARRY BANKS

Flybe Group PLC71.0010 Apr


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G E T T Y

The UK economy is regaining momentum

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THE BOSSES of America’s top firms have begged the Fed to stop printing money, becausethey fear inflation will soar, the central bank’s Richard Fisher said yesterday. Although nota voter in interest rate decisions this year, Fisher has made it clear he opposes any furthermonetary easing, and instead favours more clarity on taxes and regulation.

FED OFFICIAL: BUSINESSES FEAR INFLATION RISK

THE UK economy reached a turningpoint at the start of 2012, and may now be on a positive growth path, forward-looking data suggested yester-day. The OECD data was accompanied by

a rise in permanent jobs placementsaccording to the Recruitment andEmployment Confederation, thoughan Ipsos Mori study showed con-sumers remain cautious as the econo-my’s growth remains slow. January and February both pointed

to an improving outlook on theOECD’s leading index, which seeks topredict economic turning points sixmonths in advance.

Hiring figures from the REC show an increase in permanent place-ments for the third consecutivemonth, with vacancies in the IT sec-tor up to an eight-month high.

However, economists warned therecovery remains weak and facessome risks.

“The recent gradually improving

OECD: Growth

is returning toUK’s economyBY TIM WALLACE trend in the OECD indicator ties in

with our belief that the UK eked outmodest growth in the first quarter,most probably around 0.2 per cent to0.3 per cent quarter-on-quarter,” saidIHS Global Insight’s Howard Archer.

“However, the economy still facesserious domestic and internationalheadwinds, and it is likely to remainprone to relapses over the next few months at least.” Those risks are underlined by an

Ipsos Mori study showing only 10 percent of Britons believe the economy is in a “good” state.

BUBBLES in consumer debt causemore entrenched recessions andlonger slumps in the housingmarket, according to a study by theInternational Monetary Fund (IMF).

The IMF pointed to economicdownturns that have hit harder incountries such as the US and theUK, where sharp growth in levels of household debt were matched by rising house prices.

Subsequent slides in property values mean debts becameunmanageable during a slump, theIMF found.

Its researchers said loweringinterest rates and “bold and well-designed government policies” tokeep a lid on household debts can be used to tackle such spirallingrecessions.

“These programmes help reducereinforcing cycles of declininghouse prices and lower aggregatedemand,” the report said.

The IMF’s world economicoutlook also warned countries thatrely on commodities to brace forlower prices thanks to weakerglobal demand.

The body’s baseline projectionsforesee a decline in commodity prices during 2012-13, with the risk of further falls if world economicgrowth slows.

IMF warns ofdownturn riskin debt bubbles

BY MICHAEL POOLER

Hopes grow for a Chinese softlanding as exports surge againCHINA returned to an export-ledtrade surplus in March, official fig-

ures showed yesterday, heralding theprospect that a rebound in the globaleconomy is lifting overseas orders just in time to compensate for a slow-down in domestic demand. The surprise return to a $5.35bn

(£3.38bn) surplus from February’s$31.5bn deficit confounded expecta-tions that trade would remain $1.3bnin the red, with a solid 10.4 per cent year-on-year bounce in sales to the US

BY HARRY BANKS helping exports grow faster thanexpected, customs data revealed.

Imports undershot expectations,growing 5.3 per cent on the year in

March – consistent with other datasuggesting soggy domestic demand inthe first quarter of the year – but thetrade numbers overall reinforced the view of analysts that China’s trade-sensitive economy is set for a softlanding in 2012.

“The key point is that export growth was up from 6.8 per cent year-on-yearin the January-February period,” saideconomist Dariusz Kowalczyk from

Credit Agricole.“Acceleration in exports may well be

slower in volume terms, but the datastill highlights the fact that China can

continue to count on foreign demandto partly mitigate for weakeningdomestic demand,” he said, addingthat the data implied trade would bea net addition to economic growth inthe first quarter. Trade was a net drag on growth last

year as the economy expanded at itsslowest rate since 2009, at 9.2 per cent, with growth slowing steadily towardsthe end of the year.

JOB VACANCIES increased in the USin February, official figures showed yesterday, indicating the economy iscontinuing to grow.

However, the pace of growthremains steady, rather than rapid.Small businesses reported their firstfall in confidence in six months inMarch, fearing weak demand overthe next six months.

Labor Department figures showed3.5m job openings were available inFebruary – up from 3.48m in January, while recruitment volumes were the highest since October 2008.

BY TIM WALLACE The national federation of independent businesses’ (NFIB)optimism index dropped to 92.5 lastmonth from 94.3 in February.

This suggests growth in the firstquarter was slower than the three

per cent seen at the end of 2011.Business owners were pessimisticabout sales, profits and credit, butthe number of new workers per firmhit its highest in a year.

“It looks like a replay of 2011, a fewmonths look good early on, then itfades,” said NFIB economist WilliamDunkelberg. “GDP growth in thefirst quarter is not going to live up tofourth-quarter GDP.”

US firms add jobs but economyshows signs of slowing down

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8/2/2019 Cityam 2012-04-11



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LONDON REPORT

OpCapita

Stephen Alexander has beenappointed operating partner atthe private investment firm,which over the past six monthshas acquired Comet, theelectricals retailer, and GameUK, the video games retailer.Alexander has more than thirtyyears’ experience in Europeanconsumer businesses. He beganhis career with Imperial Foods, before moving to AlliedDomecq, where he was chairman of Lyons Tetley, DunkinDonuts and Allied’s pub group. Most recently he spenteight years as operational managing director at TerraFirma, the private equity firm, where he led strategic andoperational change in businesses including MeridienHotels, Odeon Cinemas and EMI, the music giant.Alexander is currently chairman of Immediate Media, andLook Ahead Housing and Care.

Mizuho International

The London-based securities and investment banking armof the Mizuho Financial Group has announced severalappointments within its fixed income division. GrahamHalliday becomes managing director and head of fixedincome trading and will report directly to chief executivePaul Hearn. Halliday has over fifteen years experiencewithin the Mizuho group. Renato Giust becomes directorof European trading. He joins from State Street GlobalMarkets, where he was head of European governmentbond trading. Sam Morton has been appointed director,credit research. He joins from Barclays Capital, where hewas a credit analyst.

Ark Therapeutics

The gene-based medicine company has announced thatDr David Venables has been appointed to the board asexecutive director, manufacturing services. Venables willreport directly to chief executive Martyn Williams, and willbe responsible for building Ark’s manufacturing services

business. Venables joins from Intercell, the vaccines firm,where he most recently served as chief operating officerof its US subsidiary. He was previously director of

operations at BioReliance Europe.

Hailsham Chambers

Fiona Neale, a specialist in clinical negligence andregulatory law, has joined Hailsham Chambers, the legaladvice and advocacy set. Neale has left 3 Serjeants’ Innand will take tenancy at Hailsham from 23 April. Thechambers has attracted five new QCs and six new juniorssince 2010.

JO Hambro Investment Management

The specialist investment management firm hasannounced the appointment of Peter Rutter to its globalequities team. Rutter joins from IronBridge CapitalManagement, where he was a partner and fund managerfor six years. Previously, he worked on the global equitiesteam at Deutsche Asset Management.

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Slide worsensacross the USstock markets

THE SELL-OFF in US stocksaccelerated yesterday, as theDow and S&P 500 dropped fora fifth day, with the pullback

coming on the cusp of earningsseason. The Dow Jones industrial average

lost 213.66 points, or 1.65 per cent,to 12,715.93 at the close. TheStandard & Poor’s 500 Index

dropped 23.61 points, or 1.71 percent, to 1,358.59. The NasdaqComposite Index tumbled 55.86points, or 1.83 per cent, to 2,991.22. The slide marked the S&P 500’s

worst day since 8 December. Thedeclines were the largest losses this year in terms of both points andpercentage drops for each of thethree major US stock indexes. All S&P 500 sectors ended solidly

lower, with industrial and materi-als names suffering the biggestdrops. About 80 per cent of shareslisted on the New York Stock Exchange and the Nasdaq Stock Market ended lower. The major US stock indexes each

fell more than 1.5 per cent, push-ing the S&P 500 below its 50-day moving average of 1,372.30, an area viewed as a significant supportlevel that will make or break thecurrent uptrend. The Nasdaq also slid below its 50-

day moving average and closed below 3,000 for the first time since12 March.

Concerns about European debthave resurfaced and could be a cat-alyst for further declines as the yields on riskier Italian andSpanish debt climbed. US-listedshares of Banco Santander fellthree per cent.

Dow component Alcoa was a rare bright spot, climbing 5.4 per centin extended trading after the alu-minum maker reported its quarter-ly results. With five per cent of the S&P 500

components having already report-ed, profits are seen rising 3.1 percent in the quarter, according tothe Thomson Reuters Director’s

Report. Volume was higher than average, with about 8.18bn shares traded onthe New York Stock Exchange, the American Stock Exchange andNasdaq, above last year’s daily aver-age of 7.84bn.

BRITAIN’S top share indexplunged yesterday to surrenderalmost all its remaining 2012gains, led by falls in risk-sensitive

miners, oils, and banking stocks afterlast Friday’s weak US jobs dataundermined global economicexpectations. The FTSE 100 index closed down

128.12 points, or 2.2 per cent, at5,595.55, its second biggest percentagefall of the year after dropping 2.3 percent last Thursday. The unease was also reflected in the

FTSE 100 Volatility index, which leaptnearly 23.5 per cent.

“The FTSE has almost completely wiped out the gains so far this year ...2012 is at risk of being a carbon copy of 2011 where equity markets began the year with a spring in their step beforesentiment turned very bearish as theEuropean sovereign debt crisis spi-ralled out of control,” said AngusCampbell, head of market analysis atCapital Spreads. The UK blue chip index started 2012

at 5,572.28 and hit a closing peak of

5,974.54 on 14 March.Miners knocked the most points off the blue chip index as the US jobs data, weaker copper import figures andhigher inflation in China, the world's biggest metals consumer, fed investordoubts about demand.

India-focused Vedanta Resources wasthe biggest blue chip faller, shedding6.5 per cent after posting a drop in full- year iron ore output.

Integrated oils were also lower afterthe Chinese data raised doubts aboutdemand in that sector too.

Banks suffered from heightened wor-ries about the global economy andeuro zone debt risks.

Barclays was a big faller, down 5.9per cent. In a shareholder rebellionover CEO Bob Diamond’s £18m pay package, more than 10 per cent of investors are set to vote against the bank's remuneration report at its

annual meeting later this month.Randgold Resources was the top of

just five FTSE 100 gainers, adding 5.2per cent on hopes for a political settle-ment in Mali after the resignation of the African country's president and asthe gold miner confirmed its produc-tion target for the year. Across Europe, markets fell in

response to worrying figures comingout of the Eurozone.

Both Spanish and Italian yieldsspreads over German Bunds widening,extending their moves from last week when the US jobs numbers added toconcerns about the global economicoutlook. The rising risk premiums onSpanish and Italian debt reflectrenewed worries about the ability of Italy and Spain, the Eurozone’s thirdand fourth biggest economies, to repay their loans. The FTSEurofirst 300 index of top

European shares finished 2.5 per centdown at 1,026.15 points, the lowestclose since mid-January. It has fallen7.5 per cent since hitting an eight-month high in March and is up just 2.5per cent this year.

Europe’s debt problems prompted

investors to sell out of banks, with theSTOXX Europe 600 banking indexdown 4.2 per cent.

Miners were the second-biggestdecliners, with the STOXX Europe 600Basic Resources index falling 4.2 per-cent on concerns about a drop indemand for raw materials and as datashowed China, the world’s top metalsconsumer, imported 4.6 per cent lesscopper in March.

FTSE loses almost all its 2012 gainson renewed fears for the Eurozone

BESTof the BROKERS

Marks and Spencer Group PLC

2 Apr 3 Apr 4 Apr 5 Apr 10 Apr

385

380

375

370

365

p 363.4010 Apr

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Petropavlovsk PLC


580

560

540

520

500

p 486.2010 Apr

Petrofac Ltd


1,780

1,760

1,740

1,720

1,680

1,700

p 1,661.0010 Apr

PETROFACLiberum has cut its ratingon the engineering groupfrom “buy” to “hold” butleaves its target price onthe stock unchanged at1822p. As the shares arenow within five per centof the target, and aheadof new contract awards,the broker says Petrofaclooks fair value.

PETROPAVLOVSKNomura remains positiveon the Russian mining andexploration company butlowers its target pricefrom 910p to 735p.Despite full year resultsahead of estimates, thebroker says renewed focuson structural negatives ismoderating its medium-term production outlook.

MARKS & SPENCERPanmure Gordon hasreaffirmed its “hold” ratingand 390p target price forthe high street retailerahead of its fourth quarter

trading update next week.M&S shares are up 18.6 percent year to date but thebroker sees more upsideelsewhere in the sub sector,for example in Next.

Produced byIn association with

cityamactivetrader.comBuy your ticket online at

FTSE

2 A r 3 A r 4A r 5 A r 10 A r

5,900

5,850

5,800

5,750

5,700

5,650

5,600

5,595.5510 Apr

8/2/2019 Cityam 2012-04-11


EU SHARES WORLD INDICES

COMMODITIES CREDIT & RATES

US SHARES

B A E S y st e ms . . . . . . . 2 89 . 7 - 1 .6 3 4 0 8 2 4 8 1C h em r n g Gr ou p . . . . . .3 7 7 7 - 9 .5 7 0 7 0 3 6 8 .8C o bh a m . . . . . . . . . . . 2 2 9. 1 - 0 .9 2 3 5. 5 1 6 5. 9M e g gi tt . . . . . . . . . . .3 9 2. 7 - 4 .5 4 1 2. 0 3 0 4 .9Q i ne ti Q Gr o up . . . . . . . 1 48 . 8 - 2 .8 1 5 9. 3 1 0 1. 5R o ll s -R oy c e H ol d i . . . . . 79 8 .5 - 1 7 5 8 4 2. 5 5 57 5Senior . . . . . . . . . . . . . . 191.6 -2 .4 203.0 135 .6Ult ra E lect ronics . . . . 1689.0 -370 1780.0 1305 .0

G K N . . . . . . . . . . . . . . . 1 89 . 7 - 0 . 1 2 4 5. 0 1 57 0

B a rc la y s . . . . . . . . . .2 0 6. 3 - 3 . 0 3 0 8. 9 1 3 8 .9H S BC H o ld i ng s . . . . . .5 3 7 0 - 1 7 5 6 6 7 2 4 6 3 .5L o y ds Ba n ki ng Gr . . . . 29 .8 - 1. 6 6 2. 4 2 1. 8R oy al B a nk o S co . . . . 2 4. 7 - 1. 1 4 4 .4 1 7 3Standard Chartere . . 1481.5 -43.0 1690.0 1169.5

AG Barr . . . . . . . . . . . . 1141.0 -6.0 1395 .0 1031.0B r it v ic . . . . . . . . . . . . . . . 38 1 .3 1 . 3 4 4 4 .0 2 8 9. 9Diageo . . . . . . . . . . . . 15 03.0 -205 15 5 3.0 1112 .0SABMi ler . . . . . . . . .2490.0 -5 4.5 2660.0 1979.0

A Z El e ct ro n ic M at . . . . . 29 4 .8 2 .8 3 3 8. 1 2 0 6. 1C roda nternat ion . . . .205 0.0 -22 .0 2238.0 15 970E le m en ti s . . . . . . . . . . 18 7 5 1 .4 1 9 6. 1 1 07 5Johnson Matthey . . . .22470 -83.0 2408.0 15 23.0Victrex . . . . . . . . . . . . 1383.0 8.0 15 90.0 1025 .0Y ul e Ca t to & C o . . . . . . . 23 2 .4 - 6 .1 2 5 3. 0 1 4 8. 0

€/$ 1.3096 0.0013

€/£ 0.8258 0.0012

€/¥ 105.68 1.1883

/€ 1.2113 0.0017

/$ 1.5858 0.0038

/¥ 128.00 1.6172

FTSE 100

5595.55

128.12

FTSE 250

11136.16

244.40

FTSE ALL SHARE

2911.34

65.69

DOW

12715.93

213.66

NASDAQ

2991.22

55.86

S&P 500

1358.59

23.61

B r ow n ( N .) G r ou p . . . . . 2 24 .4 - 3 .9 3 0 4. 5 2 2 3. 8C a rp e tr g h t . . . . . . . . 6 18 . 5 - 2 9 .0 7 41 .0 3 7 5. 0D e be nh am s . . . . . . . . . . .7 7 8 - 1. 8 8 2. 7 5 1. 2Dignity . . . . . . . . . . . .823.0 -8.0 85 4.5 705 .0Dixons Retail . . . . . . . . . .1 76 - 0. 8 1 9. 9 9 .4D u ne l m Gr o up . . . . . . . . 51 4 .0 0 5 5 33 . 0 3 8 9. 0Hal ords G roup . . . . . . .295 .0 -13.4 405 .9 268.6H o me R et ai G r ou p . . . .1 03 .9 - 3. 3 2 28 5 7 2. 5I n ch c ap e . . . . . . . . . . . 3 5 4 .3 - 4 . 5 4 2 5. 4 2 6 8. 1

JD Sports Fashion . . . . .793.0 -4.0 1030.0 5 70.0K e sa E le c tr i ca l s . . . . . . . . 61 .6 - 4 .0 1 51 . 4 6 0 .2K i ng fi sh e r . . . . . . . . . . . 29 8 .9 - 7 2 3 1 3. 8 2 1 7 0M a rk s & Sp e nc e r G . . . .3 6 3 .4 - 5 .4 4 0 2. 2 3 0 1. 8Next . . . . . . . . . . . . . . .29370 -300 3060.0205 2 .0S p or t s D i re c t I n t . . . . . .2 7 0 5 - 4 . 5 2 9 6 .1 1 83 . 2W H Sm i th . . . . . . . . . 5 33 . 0 - 1 3. 0 5 5 9. 0 4 4 2. 3

S m i th & N e ph e w . . . . . . 61 3 .0 - 2 .0 7 0 5. 5 5 2 1. 0S y ne r gy He a lt h . . . . . 8 47 5 - 6 .5 9 8 1 .0 8 0 9. 5

B ar ra tt De ve lo pm e . . . .1 27 7 - 4 .8 1 51 5 6 7 5B e ll w ay . . . . . . . . . . . . . 78 2 .5 - 8 .5 8 5 9. 5 5 4 0. 5Berkeley G roup Ho . . . 1302.0 -25 .0 1414.0 1019.0B o vi s H o m es Gr o up . . . 4 6 6. 5 - 0 .1 5 1 8 5 3 2 6. 5Persimmon . . . . . . . . . .615.0 -13.0 706.5 374.0

B a l o ur B e at ty . . . . . . . 2 7 4. 4 - 6 .6 3 3 5. 3 2 1 4. 6CRH . . . . . . . . . . . . . . . 1210.0 -1.0 1665 .5 105 3.0G a ll o r d Tr y . . . . . . . . 5 96 . 0 - 6 .5 6 2 8. 0 3 8 3. 8Ker G roup . . . . . . . . . . 1095.0 -12 .0 1489.0 1095 .0

D ra x Gr o up . . . . . . . . . 5 30 .0 - 1 . 0 5 8 1. 5 4 1 3. 2SSE . . . . . . . . . . . . . . 13070 -15 .0 1423.0 1193.0

D o mi n o P r n t in g S . . . .5 7 0. 0 1 2 .0 7 0 1. 5 4 3 4. 3H a lm a . . . . . . . . . . . . . . 37 6 .3 - 1 1. 1 4 2 9. 6 3 0 6. 3L a ir d . . . . . . . . . . . . . .2 1 1. 6 - . 4 2 1 9. 0 1 2 7 9Morgan C rucible C . . . . .301.5 -14.7 360.0 224.0Oxord Inst rument . . . .1142 .0 -2 1.0 1262 .0 714.0Renishaw . . . . . . . . . . 1268.0 -46.0 1886.0 800.0Spectrs . . . . . . . . . . 1724.0-66.0 18370 1039.0

A b er or t h S m a l e r . . . . . 61 5 .0 - 1 . 0 7 1 4. 0 4 9 4 .0A ll ia n ce Tr u st . . . . . . 3 60 5 - 6 .3 3 9 2. 7 3 1 0. 2B a nk e rs n v Tr u st . . . . 40 9 .5 - 1 0 5 4 3 3. 8 3 4 6 .5BH G lobal Ltd. G B . . . . . 1163.0 -80 12 12 .0 1070.0B H G lo ba l L td . U S . . . . . . . 11 .7 0 .1 1 2. 2 1 0 6B H Ma c ro Lt d E UR . . . . . .1 9. 6 - 0. 1 2 0 .2 1 6 .4BH Macro Ltd G BP . . .2036.0 -9.0 2078.0 1678.0B H M ac ro Lt d U SD . . . . . .1 9. 4 0 0 2 0 .2 1 6. 2B a c k Ro c k Wo r ld M . . . . 6 3 8. 0 - 21 . 0 8 1 5. 5 5 74 . 5B u e C re s t A l lB l ue . . . . . . 1 61 . 7 - 0 4 1 76 . 2 1 6 0 6B r it i sh A s se t s Tr . . . . . . . 1 24 . 0 - . 0 1 3 9. 4 1 0 9. 0Br i ti sh Empire Se . . . . . .413.0 -9.0 5 33.0 404.0Caledonia Investm . . . 1410.0 -2 1.0 1800.0 13370C t y o L on d on I n . . . . .2 8 6. 3 - 6 .5 3 0 6. 9 2 5 7 0D e xi on A b so l ut e L . . . . 1 3 9. 1 - 0 .9 1 5 0. 0 1 3 0. 0E d in b ur g h D r ag o n . . . .2 41 . 4 - 7 6 2 53 .1 2 0 1. 4E d in b ur g h n v T ru . . . . . 4 82 .5 - 1 . 5 5 0 4. 0 4 22 . 5E lect ra Pr ivate E . . . . . . 1691.0-29.0 175 5.0 12870F id e li t y C h in a Sp . . . . . . .7 6 .7 - 2. 2 1 1 4. 3 7 0 .0Fidel i ty E uropean . . . . 1082 .0-26.0 12870 912 .0F or e ig n a n d C ol o n . . . .3 0 7 0 - 5 .0 3 2 7 9 2 6 1. 5H e ra ld I nv T ru s t . . . . . . 50 7 0 - 8 0 5 4 5. 5 4 1 9. 0H IC L n ra s tr u ct u . . . . . . 1 21 . 7 0 . 3 1 2 2. 0 1 1 2. 7

J o hn La i ng In ra s . . . .1 0 6. 5 - 0 .1 1 1 0. 6 1 0 3. 8J P Mo r ga n Am e r c a n . . . 92 5 .5 - 4 . 5 9 6 5. 5 7 2 1. 5J P Mo r ga n A s ia n In . . . . 1 89 . 9 - 3 .1 2 4 4. 0 1 7 0 1J P Mo r ga n E m er g in g . . . 5 4 9. 5 - 1 6. 5 6 1 0. 5 4 8 0 1J P Mo r ga n In d i an I . . . . . 35 4 .1 - 7 9 4 5 9. 0 3 1 3. 1J P Mo r ga n Ru s si a n . . . . 5 54 . 0 - 1 5. 0 7 3 1. 0 4 1 5. 1L a w D e b en t ur e Co r . . .3 7 0. 9 - 3 .7 3 9 8. 7 3 2 3. 0Mercant i le Invest . . .979.0 -24.0 1119.0 823.0M e rc h an t s T r us t . . . . . .3 7 0. 3 - 8 .8 4 3 1. 8 3 4 1. 5M o nk s In v Tr u st . . . . . .3 2 4. 0 - 7 5 3 6 7 9 2 9 8. 1Murray Income Tru . . . .634.5 -15 .0 674.0 5 68.0Murray Internat io . . . . 963.5 -170 1012 .0 818 .5N B G l ob a l F l oa t in . . . . .9 9 .1 - 0 .7 1 03 . 0 9 2 .5P e rp e tu a l I nc o m e . . . . . 2 63 .1 - 4 .9 2 76 . 0 2 3 6. 5Personal Assets T . . .33960.0-1600 35350.031062.5P o la r C a p t a l T ec . . . . . . 39 0 8 - 3 .8 4 0 4 .0 2 9 9. 5RIT Capi tal Partn . . . . . . 1181.0-25 .0 1360.0 1173.0S c ot ti s h I n v T ru s . . . . . 4 76 . 2 - 7 7 5 24 .0 4 1 7 0S c ot ti s h M o rt g a ge . . . 6 90 5 - 1 2. 5 7 8 1. 0 5 6 5. 0S VG Ca p it a l . . . . . . . . 2 85 .5 - 1 .7 2 9 5. 5 1 6 5. 1T em p le B a r n v Tr . . . . .9 0 4 .0 - 1 7 0 9 7 0. 0 7 9 1. 0T em p le to n E m e rg i n . 57 6 .0 - 1 5. 0 6 8 1 .0 4 9 7 0T R P r op e rt y I nv T . . . . .1 4 8. 4 - . 8 2 0 6. 1 1 3 6 .2T R P ro pe rt y In v T . . . . . . 66 .6 - . 4 9 4 .0 5 9. 8W i ta n n v T r us t . . . . . . . 4 74 . 8 - 1 4. 7 5 33 . 0 4 0 1. 5

3 i G r ou p . . . . . . . . . . . . .1 9 7 0 - 9 .3 2 9 4. 1 1 6 6 .93 i n ra s tr u ct u re . . . . . . .1 23 . 7 - 0 2 1 2 5. 2 1 15 . 0A b er d ee n A s se t M a . . 25 6 .4 - 0 .9 2 6 9. 1 1 6 7 8A s hm o re G r ou p . . . . . . 3 75 .0 - 0 . 6 4 2 0. 0 3 0 6 .4B re w in D o lp hi n Ho . . . . 16 7 0 - 3. 8 1 77 0 1 13 .7

Camel lia . . . . . . . . . .975 00 100 1095 0.0 8800.0C h ar e s Ta y lo r C o . . . . . . 1 55 .3 - . 0 1 6 0. 5 1 1 5. 6C it y o L on d on Gr . . . . . 69 .0 0 0 9 0 .0 6 1. 3C i ty o London In . . . . . .361.8 -5 .3 440.0 304.3C l os e B ro th e r s G r . . . . . 75 0 0 - 1 . 0 8 2 0 .0 5 9 0. 0F &C As se t M an ag e m . . . 64 .8 - 1. 3 8 1. 7 5 6. 1H a rg r ea v es L a n sd o . . . 4 46 . 8 - 9 . 0 6 4 6 .5 4 0 2 .5H el ph ir e G ro up . . . . . . . . . 1. 7 - 0 .1 1 4. 3 1 .4H e n de r so n G ro u p . . . . . 1 19 . 8 - 5 .3 1 6 9. 9 9 5 .1H ig hw ay Ca pit al . . . . . .1 3. 0 0 0 2 1.0 7 0I C AP . . . . . . . . . . . . . . . 3 6 1. 6 - 7 0 5 4 0 .0 3 1 1. 6

I G Gr ou p Ho l di n gs . . . . 4 42 .6 - 7 7 5 0 2. 5 3 9 3. 6I n te r m ed ia t e C a p i . . . .2 59 .9 - 0 . 9 3 4 5. 0 1 9 7 9I n te r na t io n a l P e r . . . . . 2 3 9 .4 - 2 . 8 3 8 8. 8 1 4 8. 5I n te r na t io n a l P u b . . . . . 1 1 9 .3 - 0 .1 1 2 1. 5 1 1 2. 7I n ve s te c . . . . . . . . . . . . 3 55 .5 - 1 . 5 5 2 2. 0 3 1 8 .4I P Gr o up . . . . . . . . . . . . 1 3 2. 5 3 . 0 1 3 4 .0 3 6 . 0J u p it e r F un d M a na . . .2 3 6 .7 - 1 .8 3 1 0. 5 1 8 4. 9L i on t ru s t A s se t M . . . . . . 1 21 .6 - 0 .1 1 2 5. 0 5 7 9L MS C ap t a l . . . . . . . . . . .5 8 0 - 1. 1 6 4. 8 5 4. 0L on d on Fi na nc e & . . . . . 19 .5 0 0 2 3. 5 1 8. 5London S tock E xch . . . 1023.0 -36.0 1076.0 75 6.5L on rh o . . . . . . . . . . . . . .1 2.3 0 0 1 9. 8 8 9M a n G r ou p . . . . . . . . . . 11 3 .6 - 6 .1 2 5 9. 6 1 0 4 .5P a ra g o n G ro u p O . . . . 1 74 . 5 - 1 0. 3 2 0 6. 1 1 3 4. 6Provident F inanci . . . . .1132.0 -9.0 1181.0 915 .0R a th b on e B ro t he r s . . 1 2 4 6. 0 - 9 . 0 1 3 16 . 0 9 7 7 0R ec or d . . . . . . . . . . . . . . . 11 .1 0 0 3 5. 5 1 0 1R SM Te no n G ro up . . . . . . . 71 - 0 5 3 70 5. 6Schroders . . . . . . . . . . 1424.0 -5 2 .0 1906.0 1183.0Schroders (Non-Vo . . . . 11070 -400 15 5 4.0 970.0T ul l et t P r eb o n . . . . . . . 3 36 . 0 - 7 8 4 2 7 3 2 6 2. 3W al ke r C r ps G ro u . . . . . 45 .0 0 0 5 1. 5 4 0. 0

B T Gr o up . . . . . . . . . . . 21 8 .6 - 3 .7 2 3 2. 1 1 6 1. 0C a bl e & Wi re l es s . . . . . . . 3 1. 5 - 0 .7 4 8 .9 3 1 .3C ab le & Wi re le ss . . . . . .3 3. 5 - . 0 5 5. 0 1 4. 2C O LT G ro u p S A . . . . . . . . 1 00 4 - 2 .6 1 54 . 0 8 4 .1K CO M Gr ou p . . . . . . . . . .6 9. 9 - . 4 8 4. 0 5 9. 8T a lk T al k T e le c om . . . . . 1 33 . 0 - 3 .2 1 5 0. 0 1 1 8 9T e le c om P lu s . . . . . . . . 68 5 .0 - 7 0 8 0 2 .0 4 7 0. 0

B oo ke r G ro u p . . . . . . . . . 81 .3 0 0 8 5. 3 5 9. 5G r eg g s . . . . . . . . . . . . . 5 1 0 5 - 6 .5 5 5 8. 0 4 4 5. 0M or r s on ( Wm ) S up . . . 28 7 5 - 6. 0 3 28 .0 2 77 0O c a do Gr o up . . . . . . . . 1 06 . 2 - 8 .3 2 3 7 0 5 2. 9S a in s bu r y (J ) . . . . . . . . . 29 8 .3 - 4 .9 3 6 2. 8 2 6 3. 5T e sc o . . . . . . . . . . . . . 3 15 .3 - 9 .3 4 2 0. 1 3 1 0. 5

A s so c ia t ed B r i ti s . . . . . . 1 1 8 7 0 - 8 . 0 1 2 33 . 0 9 7 7 0C ra n sw i c k . . . . . . . . . 8 07 0 - 3 .0 8 4 1. 0 5 8 8. 5D a ir y Cr e st G ro u p . . . . .3 2 0. 3 - 4 .2 4 0 9. 7 3 1 1. 0D e vr o . . . . . . . . . . . . . 3 10 8 - 3 .7 3 3 2. 2 2 3 2. 0T a te & L y le . . . . . . . . . 6 98 . 5 - 5 5 7 2 0. 5 5 4 4. 5Uni lever . . . . . . . . . . . .2015 .0-28.0 2 189.0 1892 .0

M o nd i . . . . . . . . . . . . . 5 4 9. 5 - 4 . 0 6 6 4 .0 4 1 3 .5

C en tr c a . . . . . . . . . . . 31 3. 6 1 .1 3 33 .0 2 78 .8I n te r na t io n a l P o w . . . . 4 0 2. 5 - 5 .0 4 0 7 7 2 7 9. 4N a t io n al G r i d . . . . . . . 6 3 3 .0 - . 5 6 5 9. 0 5 6 9. 0P e nn o n G r ou p . . . . . . . 7 05 .0 3 . 5 7 3 7 5 6 2 0. 0Severn Trent . . . . . . . 15 32 .0 25 .0 1610.0 1375 .0U n it e d U t il it i es . . . . . . . 59 5 .0 - . 5 6 3 7 0 5 6 0. 0

C o ok s on G ro u p . . . . . . . 6 91 . 5 - 8 . 5 7 3 2. 5 3 9 5. 8R e xa m . . . . . . . . . . . .4 1 2. 6 - 7 2 4 3 6 .0 2 9 9 .8R P C G ro u p . . . . . . . . . 3 61 . 2 - 0 .9 3 9 3. 2 3 0 0 .5S m it h ( D S) . . . . . . . . . .1 6 8 0 - 5 .0 1 8 3. 7 1 1 3. 3S m it h s G ro u p . . . . . 1 00 6 .0 - 8 .0 1 3 40 . 0 8 6 9. 5

Reck it t Benckiser . . . .3466.0 -5 1.0 35 99.0 3100.0R e d ro w . . . . . . . . . . . . . 1 22 . 8 - 1 .7 1 3 5. 3 1 0 3. 5T ay lo r W im p ey . . . . . . . 47 5 - . 0 5 2. 8 2 8. 7

B o d yc o te . . . . . . . . . . . 3 6 5 .1 - 1 . 3 4 2 6. 5 2 2 5. 6Fenner . . . . . . . . . . . .406.0 -2 1.5 483.7 280.0IMI . . . . . . . . . . . . . . . .923.0 -5 2 .5 1119.0 636.5Melrose . . . . . . . . . . . .399.1 -10.7 434.9 268.0N o rt h ga te . . . . . . . . . . 19 6 .6 - 3 .4 3 4 6. 7 1 9 0 9Rotork . . . . . . . . . . . . 20070 -33.0 2099.0 15 01.0Spirax-Sarco E ngi . . . 2 106.0 -300 2184.0 1649.0WeirG roup . . . . . . . 16670-60 0 2236.0 1375 .0E v ra z . . . . . . . . . . . . . . 3 51 . 8 - 9 .2 4 6 0 5 3 1 5. 0F e rr e xp o . . . . . . . . . . 2 7 2. 9 - 1 8. 1 4 9 9 .0 2 3 8. 7Talvivaara Mining . . . . .222.8 -16.8 5 5 05 195 .2

B B A Av i at i on . . . . . . . . 20 6 .3 - 4 .4 2 23 . 4 1 5 6. 0S t ob a rt G ro u p L t d . . . 1 23 . 5 - 2 .0 1 5 2. 2 1 1 2. 0

Admiral Group . . . . . . 1195 .0 -12 .0 175 4.0 7870A m l n . . . . . . . . . . . . . 31 9 .6 2 .4 4 27 0 2 70 6B e az l ey . . . . . . . . . . . .1 3 8. 5 - 0 3 1 51 . 8 1 0 9 .6C a tl i n G r ou p L td . . . . . . .4 1 4. 5 - 0 .1 4 4 9 .0 3 3 7 0Hiscox Ltd. . . . . . . . . . . .388.4 -5 .2 424.7 340.5

I TV . . . . . . . . . . . . . . . . 82 .3 - 3. 3 8 9. 9 5 1. 7J oh ns to n P re ss . . . . . . . . . 6.4 0 1 8 .2 4 .1M e c om G ro u p . . . . . . . .1 6 9. 8 - 4 .0 3 1 0 0 1 3 4. 5M o n ey s up e rm a r ke t . . . 1 26 . 0 - 0 .4 1 3 0. 3 8 6 .3Pearson . . . . . . . . . . . . 1119.0 -16.0 125 5.0 1038.0P e r o r m G r ou p . . . . . . .2 9 5. 0 0 0 3 1 7 2 1 5 0. 0R e e d E ls e vi e r . . . . . . . . 53 8 .0 - 5 .0 5 7 8 0 4 6 1. 3R i g ht m ov e . . . . . . .1 4 03 . 0 - 1 . 0 1 4 6 2. 0 9 3 3 .0S TV Gr ou p . . . . . . . . . .1 15 .1 - 0 .9 1 6 8 0 7 6. 3T a rs u s G r ou p . . . . . . . . 14 3 .3 - 4 .0 1 6 5. 0 1 1 9. 5T r n i ty M ir r or . . . . . . . . . .3 6 .0 - 0 .8 5 4 .3 3 5 .3U B M . . . . . . . . . . . . . . 58 8 .5 - 2 0 0 6 4 1. 5 4 1 6 .0U T V M e d ia . . . . . . . . .1 4 9. 5 - 2 .8 1 5 3. 5 9 2 .5W i m in gt on Gr ou p . . . . 9 6. 5 - . 0 1 54 .8 7 8. 5WPP . . . . . . . . . . . . . .82 1.0 -23.0 8800 5 78.0Y el G ro up . . . . . . . . . . .3 .7 - 0 1 1 1. 0 3 .4

A r c a n B a r r ck G . . . . . 3 61 . 3 - 1 1. 9 6 1 6. 5 3 6 1. 3A n g o A m er c a n . . . .2 2 01 . 5 - 9 7 0 3 3 4 4. 0 2 13 8 . 5A n g o P a ci fic G ro . . . . 3 0 0 0 - 2. 5 3 4 0 0 2 37 9Antoagasta . . . . . . . . 1072.0 -5 70 1491.0 900.5A q ua r iu s P la ti n um . . . . . 13 1 .8 - 9 .9 3 6 1. 0 1 3 0 9A v oc e t M i ni n g . . . . . . 1 67 5 - 2 .9 2 8 6. 8 1 6 6 .7BHP Bi ll ton . . . . . . . . . 1831.5 -75.5 2631.5 16670Bumi . . . . . . . . . . . . . .585 .5 -2 .09 614.0 5 84.0C e nt a m in ( DI ) . . . . . . . . . 6 3 .1 - 0 .8 1 54 . 2 6 2 .7

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E urasian Natural . . . . . .5 575 -26.5 973.5 5 22 .0Fresni l lo . . . . . . . . . . . 15 16.0 -23.0 2 15 00 1302 .0G e m Di a mo n ds L td . . . .2 6 2. 6 - 0 .2 3 1 0. 6 1 7 9. 8G l en c or e I nt e rn a t . . . . . 3 92 . 9 - 1 8. 9 5 3 1. 1 3 4 8 .0H o ch s ch i d M i ni n g . . . . 4 5 5. 5 - 1 6. 2 6 3 3. 0 3 6 5. 9Kazakhmys . . . . . . . . . 85 3.0 -5 3.5 1493.0 730.0K en ma re Re so ur ce s . . . . 48 .4 0 6 6 1. 5 3 1 .0Lonmin . . . . . . . . . . . .966.5 -45 .5 17600 941.0N e w W or ld R e s ou r c . . . 4 04 . 0 - 8 .3 1 0 60 0 4 0 3. 6P e tr a D i am o n ds L t . . . . . 1 58 7 - 8 .2 1 8 9. 0 9 7 0P e tr o pa v lo vs k . . . . . . 4 8 6 . 2 - 2 9 . 8 9 7 1. 0 4 8 5. 0

P o ly m e ta l In t er n a . . . . 9 30 . 5 - 1 .5 1 1 75 .0 8 7 7 0Randgold Resource . .5 425 .0270.0 75 65.045 80.0Rio T into . . . . . . . . . .3306.0-5 4.0 45 95.0 2712 .5Vedanta Resources . . . 115 5 .0 -80.0 24670 928.0Xst rata . . . . . . . . . . . . . 1066.5 -45 .5 15 5 00 764.0

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G enesis E merging . . . .484.6 -9.4 5 46.0 424.0

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Hunt ing . . . . . . . . . . . . .893.5 -26.5 968.0 5 30.0K e nt z C o rp o ra t io n . . . . 4 3 4. 0 - 10 . 0 5 0 8. 0 3 7 5. 0L a m pr e l . . . . . . . . . . .3 1 7 6 - 1 3. 6 3 9 5. 2 2 20 . 7Pet roac Ltd. . . . . . . . . . 1661.0-94.0 1772 .0 1108.0W o od G r ou p ( J oh n ) . . . 6 7 1 .0 - 5 0. 5 7 6 3. 5 4 6 9. 9

Burberry Group . . . . . . 15 300 -8.0 16000 1092 .0P Z C u ss o ns . . . . . . . . 3 10 0 - 5 .2 3 8 7 9 2 85 .0Supergroup . . . . . . . . .578.0 -41.5 16000 435 .2

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C a pi ta l & Co u nt i e . . . . . 1 86 . 8 - 2 .5 2 0 3. 7 1 54 . 5Daejan Ho ldings . . . . .32000 -5 70 33270 2282.0F &C C om m er ci al P r . . . . 1 02 .7 0 .5 1 08 .0 9 2. 6G r ai n ge r . . . . . . . . . . . 1 02 .7 - 2 .8 1 3 3. 2 7 7 3L on d on & S ta m o rd . . .1 09 .2 - . 3 1 40 0 1 03 .9S a vi l ls . . . . . . . . . . . . 3 38 . 6 - 1 . 7 4 2 7 1 2 56 . 2U K C om m er ci al Pr o . . . .7 4. 1 - 0 1 8 5. 5 6 5. 1

B i g Y e l ow G ro u p . . . . . 2 8 1 .5 - 1 .8 3 4 4 .4 2 1 8. 0B r t i sh L an d Co . . . . . . . 4 67 1 - 5 .6 6 2 9. 5 4 4 4 .0Capital Shopping . . . . .3 16 .9 - 5. 0 4 0 8. 6 2 88 .7

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Aveva G roup . . . . . . . . 15 79.0 -34.0 1799.0 1298.0C o mp u ta c en t er . . . . . .4 0 6 .5 - 0 6 4 9 0 0 3 2 4. 7

F idessa G roup . . . . . . 15 24.0-43.0 2 109.0 1444.0I n ve n sy s . . . . . . . . . . . . 1 91 .1 - 7 0 3 4 0 .6 1 80 . 9L o gi c a . . . . . . . . . . . . . 8 5. 9 - 3 .7 1 4 4. 8 5 9 .0M i cr o Fo c us I nt e r . . . . . 4 6 6 .8 - 3 .2 4 74 . 8 2 4 2. 9M i sy s . . . . . . . . . . . . . . . 34 8 .0 - 0 .2 4 2 0 2 2 1 4. 9S a ge G ro u p . . . . . . . . . . 29 0 .9 - 4 .2 3 1 2. 4 2 3 1. 7S D L . . . . . . . . . . . . . . . . 74 0 .5 - 7 5 7 5 6. 0 5 86 . 0Teleci ty G roup . . . . . . . .744.0 -2 .5 75 70 45 0.5

Aggreko . . . . . . . . . .2 111.0 -5 2 .0 2316.0 15 22 .0A s ht e ad G ro u p . . . . . . 2 32 . 0 - 2 1. 4 2 7 1. 1 9 9 .4A tk n s ( WS ) . . . . . . . 70 8. 0 - 7 0 8 20 0 4 90 .2B a b co c k In t er n at i . . . . 8 08 . 5 - 6 .5 8 2 8. 0 5 7 0. 5B e re n d se n . . . . . . . . . 5 13 . 5 - 7 0 5 6 8. 0 4 0 2. 7Bunzl . . . . . . . . . . . . .990.0 -5 .0 1028.0 676.5C a pe . . . . . . . . . . . . . . . 38 4 .5 - 1 0 3 5 9 1. 5 2 9 5. 0C a pi t a . . . . . . . . . . . . 7 23 . 0 0 . 0 7 67 0 6 1 1. 5C a r l li o n . . . . . . . . . . . 2 80 . 0 - 7 4 4 0 3. 2 2 7 9. 7De La Rue . . . . . . . . . . .885 .5 -4.5 1001.0 730.0D i pl o ma . . . . . . . . . . . . . 4 1 7 8 - 1 8. 5 4 5 3. 0 2 84 . 0E le c tr o co m p on e nt s . . . 22 9 .9 - 7 7 2 9 4. 9 1 8 2. 2E x pe r a n . . . . . . . . . . . .9 5 7 5 - 0 . 5 9 9 6 .5 6 6 5 .0F i lt ro n a P L C . . . . . . . . .4 7 2. 0 - 4 .1 4 7 9 .1 2 9 6 .3G 4 S . . . . . . . . . . . . . . . . 27 3 .1 3 . 5 2 9 2. 1 2 1 9. 9H a ys . . . . . . . . . . . . . . 80 7 - 2. 1 1 19 .6 5 8. 9H o m es e rv e . . . . . . . . . .2 2 1. 0 - 0 . 2 5 3 2. 0 2 1 4. 7H o wd e n J o in e ry G r . . 1 2 0. 8 - 2 .2 1 3 0. 8 9 3 .1I n te r se r ve . . . . . . . . . . 2 70 1 - 6 .3 3 4 1. 3 2 5 2. 8IntertekG roup . . . . . .24470 -5 1.0 25 700 1744.0M i ch a e l Pa g e n te . . . . . 4 53 . 9 - 7 6 5 67 0 3 2 3 .0M i ti e Gr o up . . . . . . . . . . 27 1 .4 - 3 .3 2 8 8 3 1 9 9. 9P a yP o in t . . . . . . . . . . . . 64 7 0 - 8 .0 6 7 0 0 4 3 4 .5

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A R M Ho l di n gs . . . . . . . .5 8 2. 5 - 7 5 6 4 5. 0 4 6 4 .0C S R . . . . . . . . . . . . . . . 21 4 .8 - 3 .8 3 9 1 .4 1 5 4. 1I m a gi n at io n Te c h n . . . 6 70 . 0 - 9 .5 7 1 7 0 2 9 6. 9S p ir e nt C o mm u n ic a . . . 1 61 . 3 - 0 3 1 6 2. 3 1 0 5. 8

Brt ish Amercan . . . . .3126.5 -5 0.0 3248.5 2485.5Imperal Tobacco . . . .2462 .0 -38.0 25 91.0 195 6.0

B e t a ir G r ou p . . . . . . 8 4 6 .5 - 1 4. 0 9 8 0 0 5 6 7 0B w in . p ar ty D i gi ta . . . 1 59 . 5 - 3 .1 1 74 . 0 1 0 0 .6Carnival . . . . . . . . . . 1900.0 -19.0 2642 .0 1742.0C o mp a ss G ro u p . . . . . . 63 0 .0 - 5 . 0 6 7 1. 0 5 1 2. 5D o m in o 's Pi z za UK . . . 4 1 9 .8 - 1 . 9 5 2 6. 0 3 7 7 0e a sy J et . . . . . . . . . . . 4 75 .3 - 1 1. 5 4 9 5. 8 3 0 2. 5F i rs t Gr o up . . . . . . . . . . .1 9 8. 5 - 5 . 4 3 7 0 2 1 9 8 .5G o-AheadG roup . . . .1135 .0 -72 .0 15 98.0 1130.0G re e n e K i ng . . . . . . . . 5 03 . 5 - 7 0 5 23 . 5 4 1 0. 0InterContinental . . . .1415 .0 -25 .0 14970 95 5 .0Internat ional Con . . . . . . 174.2 -5 .8 25 8.7 132 .0

L a d br o ke s . . . . . . . . . . . 1 57 5 - 4 .7 1 6 5. 0 1 1 4 .0M a rs to n' s . . . . . . . . . . .9 6 .5 - . 1 1 12 .0 8 4. 6M i ll e nn i um & C o pt . . . .4 7 2. 8 - . 7 5 4 0 0 3 7 1. 2M i tc h el l s & B ut le . . . . . . 2 51 . 5 - 6 .5 3 3 6. 8 2 15 . 6N a ti on a l Ex p re s s . . . . . .2 29 .1 - 7 4 2 7 0 2 2 0 1. 6R a n k G r ou p . . . . . . . .1 2 6. 5 - 1 .0 1 5 3. 7 1 0 9. 5R e st a ur a nt G ro u p . . . . . 2 9 1. 8 - 2 .2 3 3 5. 0 2 5 4. 9S p ir i t P u b C o mp a n . . . . .5 6 .5 - 2 .8 6 2 .8 3 5 .3S t ag e co a ch G ro u p . . . . 2 38 . 3 - 6 .5 2 87 4 2 15 . 9T U I T r av el . . . . . . . . . . 1 88 . 5 - 0 .4 2 5 0 0 1 3 6. 7W e th e rs p oo n (J . D. . . . . 4 04 . 3 - 4 .8 4 6 8. 3 3 8 0 5

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A b c am . . . . . . . . . . . . . 3 58 . 3 - 0 .3 4 6 0 0 3 2 0. 0A d va n ce d M e d ic a l . . . . . 7 7 5 - 1 .0 9 5 .0 6 4 .8A l be m a rl e & B o nd . . . . 3 35 . 0 - 3 .8 4 0 0 .1 2 8 1. 0A m er is ur R e so ur ce . . . . . 23 .5 - 0 .8 2 9. 0 9 .5A nd es En er gi a . . . . . . . . . 51 .1 1 .4 8 2. 8 1 7 5A n do r T e ch n o lo g y . . . . 4 8 8. 0 - 1 7 0 6 8 5. 0 4 2 3. 5A rc hi pe la g o R e so u . . . . . 65 .0 0 .3 7 9. 0 5 6. 5ASOS . . . . . . . . . . . . 1585 .0-80.0 2468.0 1142 .0A ur el ia n O i l & G a . . . . . 21 .0 0 .4 7 3. 3 1 6 .0A v an t i Co m m un i ca t . . . 2 4 3 .0 - 6 .3 4 9 9 .8 2 2 6. 4B l in k x . . . . . . . . . . . . . . 41 . 3 - 1 0. 8 1 58 . 0 4 0 .0B or de rs & S ou th er . . . . .6 5. 5 - 2. 5 8 0 5 4 3. 5B o wL e ve n . . . . . . . . . . 8 5. 8 - 4 .5 3 6 9. 3 6 2 .0Brooks Macdonald . . . 1 31 0 .0 - 5 .0 1 3 72 . 5 9 4 0 .0C lu f G ol d . . . . . . . . . . 84 .0 0 1 1 19 .0 6 6. 5C ov e E ne r gy . . . . . . . 21 9. 0 8 .8 2 42 .0 6 1. 0D a is y G ro up . . . . . . . . . 11 5. 0 0 .0 1 27 0 9 3 .0E M IS G ro u p . . . . . . . . . . 55 7 5 - 2 .5 5 8 1. 4 3 9 7 5F a ro e Pe tr o le u m . . . . . .1 6 7 0 - 1 .0 1 8 3. 3 1 3 0. 0G u l s an d s Pe t ro l e . . . . .1 4 4. 3 - 2 .5 3 1 5. 5 1 2 6. 0G W P ha rm a ce u ti ca l . . . . 90 .5 0 .8 1 3 0 0 7 8 5H & T G ro u p . . . . . . . . . 2 91 . 0 2 .1 3 9 5. 0 2 8 6. 0Hargreaves Servic . . . . 1200.0 -5 .0 125 8.0 85 5 .0H e al th ca re Lo cu m s . . . . . .2 .4 0 .0 2 .4 2 .3I m p el la m G ro u p . . . . . 3 5 0 .0 - 1 .5 3 8 2. 6 2 2 5. 0I om ar t Gr ou p . . . . . . . . .1 37 5 0 .0 1 51 .0 8 5. 5J a me s Ha ls te ad . . . . . .5 22 .5 7 5 5 30 0 4 10 .3L o nd o n M i ni n g . . . . . . . 26 5 .3 - 9 .0 4 3 6. 5 2 57 5L u pu s C a p it a l . . . . . . . 1 21 . 5 - 5 .1 1 5 0 0 8 6 .0

M . P E v a n s G ro u p . . . . 4 70 . 0 - 5 .0 4 8 0 0 3 7 1. 0M a je s ti c W i ne . . . . . . 4 3 3. 3 - 2 .5 5 1 0 0 3 1 5. 0M a y Gu r ne y I nt e gr . . . . 2 7 6. 5 - 1 .0 3 0 2. 0 2 3 9. 9M o ni ti se . . . . . . . . . . . . 35 .0 - 1. 0 4 0 0 2 2. 8Mulberry G roup . . . . .2066.0 66.0 2075.0 1290.0N a no co Gr ou p . . . . . . . . . 67 8 0 .8 9 3. 3 3 8 .0Naut ical Pet roleu . . . . .305 .5 -12 .8 419.0 223.5N i ch o ls . . . . . . . . . . . .6 3 8 .8 - . 3 6 5 3. 8 4 8 2. 5N u mi s C or po ra ti on . . . 87 0 - . 3 1 19 .6 7 2. 0P a n A r ca n Re so u . . . . . . 16 .3 - 0. 3 1 8. 3 9 .5P at a go ni a G ol d . . . . . . 35 .3 0 .3 7 0 0 3 4. 5P re zz o . . . . . . . . . . . . . .6 7 3 - 0. 5 7 1. 5 5 3. 5R o ck h op p er E x p o r . . . 31 4 .0 - 5 .0 3 9 3. 5 1 4 1 .0R W S H o ld i ng s . . . . . . . . 53 5 .0 0 .0 5 6 0 0 3 7 7 0S e cu r e T r us t B a nk . . . 1 07 7 5 2 . 5 1 1 00 0 7 5 5. 0S i ri us M in e ra ls . . . . . . . . .1 8 .8 - 0 .5 3 2 .0 6 . 4S o ng b ir d Es ta t es . . . . . .1 20 . 0 2 .0 1 6 0 3 1 0 3. 0V a l a n t P e tr ol e um . . . . 54 4 . 5 - 4 .5 6 2 8. 5 4 0 0 .0Y oung & Co 's Brew . . .622 .5 -22 .0 712 .0 5 65 .0

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AZ E lectronic Mate . . . . . . . . . . .294.8 1.0B H G lo b al L td . U SD . . . . . . . . . . . . 11 . 7 0 .8

Amlin . . . . . . . . . . . . . . . . . . . . . .3196 0.8E lements . . . . . . . . . . . . . . . . . . .1875 0.8

Ashtead Group . . . . . . . . . . . . . .232.0 -8.5Exillon Energy . . . . . . . . . . . . . . .123.0 -79Ocado Group . . . . . . . . . . . . . . . .106 .2 -73FirstGroup . . . . . . . . . . . . . . . . . .198.5 -72Talvivaara Mining . . . . . . . . . . .222 .8 -70Wood Group (John) . . . . . . . . . .671.0 -70

Aquar ius Platinum . . . . . . . . . . .131.8 -70Supergroup . . . . . . . . . . . . . . . .578.0 -6 .7

Vedanta Resources . . . . . . . . . .1 155 .0 -6 .5Ferrexpo . . . . . . . . . . . . . . . . . . .272.9 -6 .2

MAIN CHANGES UK 350

GILTS

T sy 9. 00 0 12 . . . . . .1 04 .5 8 0 0 0 1 10 .4 1 01 .9T sy 5. 25 0 1 2 . . . . . . .1 00 7 4 0 0 0 1 0 5. 0 1 00 7T sy 2. 50 0 1 3 . . . . . 28 3. 65 0 0 3 2 87 7 2 82 .8T sy 4 .5 00 1 3 . . . . . . 10 3. 68 0 .0 1 1 0 6. 4 1 03 .6T sy 8. 00 0 1 3 . . . . . .1 11 .1 0 0 .0 1 1 16 .4 1 10 .9

T sy 5. 00 0 1 4 . . . . . .1 11 .1 0 0 .0 5 1 12 .9 1 09 .3T sy 8 .0 0 0 1 5 . . . . . 12 6. 93 0 1 7 1 29 .2 1 23 .8T sy 4 .7 50 1 5 . . . . . . . . 11 4. 14 0 .1 8 1 15 .4 1 09 .1

T sy 4. 0 00 1 6 . . . . . . . 1 13 . 84 0 . 35 1 1 4 .7 1 0 5. 6

T sy 2 .5 0 0 1 6 . . . . . . . 34 5. 18 0 .2 3 3 4 5. 3 3 18 .0T sy 1. 25 0 1 7 . . . . . . 11 6. 99 0 3 9 1 17 0 1 08 .4T sy 8 .7 50 1 7 . . . . . 14 0 4 3 0 .4 8 1 41 .9 1 33 .3T sy 12 .0 0 0 1 7 . . . . . . 12 0. 50 2 .3 4 1 27 9 1 17 8

T sy 5. 00 0 1 8 . . . . . . 1 2 2. 07 0 .6 1 1 22 .5 1 10 6T sy 4. 50 0 1 9 . . . . . .1 20 .8 6 0 7 9 1 20 .9 1 06 .5T sy 3. 75 0 1 9 . . . . . . 11 5. 86 0 .8 7 1 15 .9 1 00 7T sy 4 .7 50 2 0 . . . . 12 3. 47 0 .9 3 1 23 .5 1 07 7T sy 2 .5 0 0 2 0 . . . . . .3 6 8. 77 0 .6 8 3 6 9. 1 3 22 .1

T sy 8 .0 0 0 2 1 . . . . . . .1 52 .3 8 0 9 9 1 53 .9 1 3 4. 8T sy 1. 87 5 2 2 . . . . . . 12 8. 96 0 .9 8 1 29 .1 1 13 .3T sy 4. 00 0 2 2 . . . . . . .1 17 7 9 1 .2 2 1 18 .2 1 0 0 0T sy 2 .5 0 0 2 4 . . . . . . 33 2. 47 1 .1 0 3 34 .7 2 82 .2T sy 5 .0 0 0 2 5 . . . . . . 12 9. 32 1 .5 0 1 30 .6 1 08 .5

T sy 1 .2 50 2 7 . . . . . . .1 25 .5 0 1 .3 3 1 27 0 1 0 6. 6T sy 4. 25 0 2 7 . . . . . .1 20 5 2 1 .6 4 1 22 .7 9 9. 1T sy 6. 00 0 2 8 . . . . . .1 45 .1 4 1 .6 1 1 48 .0 1 20 7T sy 4. 12 5 3 0 . . . . . . . 3 16 . 49 1 .1 9 3 2 2. 8 2 6 8. 3

T sy 4. 75 0 3 0 . . . . . . 1 2 6. 81 1 .6 6 1 30 5 1 04 .3T sy 4. 250 32 . . . . . . 11 9. 26 1 .8 1 1 23 .1 9 7 5T sy 4 .2 50 3 6 . . . . . . .1 19 .0 8 1 .9 3 1 23 .9 9 6 .8T sy 4 .7 50 3 8 . . . . . . 1 28 .8 3 2 .0 0 1 34 .2 1 05 .0T sy 4. 50 0 4 2 . . . . . . 12 5. 38 2 .1 5 1 30 .8 1 01 .3

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AIM 50

A I R L Q U ID E . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . 97 6 9 - 0 1 1 0 2 30 8 0 .9 0

A L L AN Z . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .8 3 .5 0 - 3. 18 1 07 .4 5 5 6 1 6

A N HE U S- B US CH I NB EV . . . . .. . . .. . . .. . . .. . . .. 5 3. 72 - 0. 0 4 5 5 7 5 3 3. 85

A R CE LO R MI TT AL . . . . .. . . .. . . .. . . .. . . .. . . .. . . .. 1 2 9 - 0 .8 2 2 6. 40 1 0 .4 7

A X A. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. 1 . - 0. 57 1 5 97 7 8 8

B A NC O S A NT AN D ER . . . . . .. . . .. . . .. . . .. . . .. . . .5 .2 0 - 0 .2 8 .3 6 4 9 4

B A SF S E . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. 62 .0 1 - 4 7 7 0. 22 4 2 9

B AY ER . . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .5 0 .6 9 - 3 1 5 9. 44 3 5 3 6

B B VA . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .5 4 0 - 0 .2 0 8 .7 9 4 9 4

B M W . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . 65 .0 8 - 7 0 7 3. 95 4 3. 49

B N PA RI BA S . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .3 1 00 - 8 8 5 5 44 2 2 72

C A RR E FO U R. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . 16 .3 1 - 0. 8 0 2 8 .3 7 1 4. 66

C R H P LC . . . . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .1 4. 60 - 0 .2 5 1 6 .9 3 1 0. 2 8

D A M LE R . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . 4 0. 82 - 2 0 4 5 3. 95 2 9. 02

D AN O NE . . . . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . 50 .0 0 - 6 3 5 3 .4 6 4 1 92

D E UT SC H E B AN K . . .. . . .. . . .. . . .. . . .. . . .. . . .. . 33 .7 0 - 4 7 4 4 56 2 0. 79

D E UT SC H E B OE R SE . . . .. . . .. . . .. . . .. . . .. . . .. . . 49 1 4 - 0 5 7 68 3 5 .6 5

D E UT SC H E T E LE KO M . . . .. . . .. . . .. . . .. . . .. . . .. . 8 .6 8 - 0. 2 1 1 3 8 7 8 8

E .O N . . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . 1 6. 94 - 0 .3 1 2 3 .5 4 1 2 .5 0

E N EL . . . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . 2 .5 0 - 0 .0 8 4 8 6 2 4 5

E N I . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . 16 .5 2 - 0 .6 8 1 8 .7 2 1 1 8 3

F R AN C E TE L EC OM . . .. . . .. . . .. . . .. . . .. . . .. . . .. . 10 .4 7 - 0 . 6 1 5 98 1 0 .4 7

G DF S U EZ . . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. 1 8 22 - 0 .3 9 2 8 6 1 7 65

G E NE R AL I A SS . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . 10 .5 - 0. 53 1 6. 44 1 0. 34

I B ER D RO LA . . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .3 .8 9 - 0. 2 5 9 5 3 .8 9

I N DI TE X . . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . 69 .5 4 - 2 0 7 4. 73 5 2 .2 0

I N G G R OE P C VA . . . . .. . . .. . . .. . . .. . . .. . . .. . . .. . 5 42 - 0 .3 9 9 .2 7 4 .2 1

I NT ES A S AN PA OL O .. . .. . .. . .. . .. . .. . .. . .. . .. . .. 1. 4 - 0. 0 2 8 0 .8 5

K ON . PH L I PS E L EC TR . . . .. . . .. . . .. . . .. . . .. . . .. . 13 .8 1 - 0 .6 8 2 2 3 9 1 2 0 1

L O RE AL . . . . . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . 89 7 2 - 6 8 9 3. 00 6 8 .8 3

L VM H . . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .1 25 7 0 - 3. 30 1 36 . 80 9 4 . 6

M UN I CH R E . . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . 10 9. 5 - 2 3 5 1 18 .3 5 7 7 80

N OK IA . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . 3. 82 - 0. 07 6 .3 6 3 .3 3

R EP S OL Y PF . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .1 7 92 - 0 . 7 2 4. 90 1 7 31

R W E. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . 34 .3 1 - 0 .5 0 4 7 29 2 . 5

S AI NT -G OB A N . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. 3 0. 00 - . 3 3 4 7 64 2 6. 07

S AN OF I . . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . 55 7 2 - 0. 76 5 9 5 6 4 2. 85

S AP . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .5 0. 05 - 0 .7 3 5 4. 85 3 2 8 8

S CH N E DE R E L EC T RI C . .. . . .. . . .. . . .. . . .. . . .. . 45 2 9 - 9 9 6 1 80 3 5 .0 0

S E M EN S . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . 72 4 6 - . 4 2 9 9. 07 6 2 3

S OC E T E GE N ER A LE . . .. . . .. . . .. . . .. . . .. . . .. . . .1 8. 97 - 2 6 4 8 .2 4 1 4. 32

T EL E CO M I TA L A . . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . 0. 82 - 0. 03 1 0 9 0 .7 0

T EL E FO NI C A .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . 1 . 55 - 0. 35 1 8 .3 4 1 . 5 5

T OT AL . . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . 37 4 - 0 8 4 3. 73 2 9. 40

U NI BA I L- R OD AM C O S E . . .. . . .. . . .. . . .. . . .. . . 14 1 05 - 2 9 0 1 62 9 5 1 2 3. 30

U NI C RE D IT . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . 3. 04 - 0. 27 1 2 0 8 2 2 0

U NI L EV E R CV A . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .2 4. 99 - 0 .4 4 2 7 6 2 0. 96

V N C . . . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. 3 5 73 - 4 0 4 5. 48 2 8 4 6

V V E ND I .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . 13 .0 2 - 0 .2 9 2 . 3 7 1 3. 02

V OL K SW AG EN V O RZ . . .. . . .. . . .. . . .. . . .. . . .. . 1 25 0 - 3 .8 5 1 52 .2 0 8 6. 40

3 M .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . 84 5 8 - . 75 9 8 9 6 8 63

A BB O T L A BS . . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . 60 . 14 - 0 .8 3 6 2. 57 4 6. 29

A LC OA . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .9 .3 2 - 0. 28 1 8 47 8 4 5

A LT R IA G R OU P . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . 30 .9 5 - 0. 2 3 1. 37 2 3 .2 0

A M I NT L G R P. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . 31 2 4 - 0 .7 5 3 4. 88 1 9. 8

A MA ZO N .C O M .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . 18 6. 98 - 4 .8 9 2 46 . 71 1 66 .9 7

A ME R IC AN E XP R ES S .. . . .. . . .. . . .. . . .. . . .. . . .. . 5 6. 8 - 0 .9 8 5 9. 26 4 . 3 0

A PP L E .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . 62 8 .4 4 - 7 79 6 44 .0 0 3 10 .5 0

A T& T .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . 30 . 3 - 0 .5 3 1 97 2 7 29

B AN K O F A M ER IC A . .. . . .. . . .. . . .. . . .. . . .. . . .. . . 8. 54 - 0. 39 1 3. 72 4 9 2

B ER KS H IR E H AT AW B . . . .. . . .. . . .. . . .. . . .. . . .. 7 8 70 - 0 6 8 3 .7 2 6 5 3 5

B OE I NG C O . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. 7 0. 6 0 - . 8 3 8 0 .6 5 5 6. 01

C AT ER P IL L AR . . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. 10 0 .4 3 - 3. 14 1 16 .9 5 6 7 54

C HE VR O N . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . 10 1 45 - 2 0 4 1 2 2 8 8 6. 68

C S CO S YS TE M S . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . 1 9. 55 - 0. 4 2 . 3 0 1 3. 30

C T IG RO UP .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .3 2. 86 - . 4 6. 70 2 . 40

C OC A- C OL A . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. 7 2 02 - 0. 8 5 7 4. 39 6 3. 34

C OM C AS T C L AS S A . . . .. . . .. . . .. . . .. . . .. . . .. . . .2 8 6 5 - 0 .6 8 3 0. 41 1 9 19

C ON OC OP H LL IP S . .. . .. . .. . .. . .. . .. . .. . .. . .. . .7 3. 69 - 3 6 8 1 75 5 8 65

D U P ON T( EI D E NM R . .. . .. . .. . .. . .. . .. . .. . .. . 5 .0 5 - 0. 90 5 7 50 3 7 0

E M C CO R P . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . 28 2 5 - 0. 4 0 3 0. 00 1 9. 84

E XX O M OB IL . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . 82 7 - . 71 8 8. 3 6 3. 47

G EN E RA L E L EC TR I C . .. . . .. . . .. . . .. . . .. . . .. . . .. . 18 7 4 - 0 .4 6 2 . 0 0 1 4. 0 2

G OO GL E A . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . 62 6. 86 - 3. 98 6 70 .2 5 4 7 3. 0 2

H EW LE T P AC KA RD . .. . .. . .. . .. . .. . .. . .. . .. . .. 23 .2 7 0 . 3 4 . 74 1 9 92

H OM E D EP O T. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . 49 3 6 - . 2 2 5 0 .8 6 2 8 13

I BM . . . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . 2 02 3 3 - 2 6 1 2 0 . 69 1 57 1 3

I N TE L C OR P . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. 2 7 45 - 0 .3 1 2 8 4 5 1 9. 6

J .P M OR G AN C HA S E .. . . .. . . .. . . .. . . .. . . .. . . .. . 42 9 6 - 0 .9 3 4 7. 66 2 7 8 5

J O HN S ON & O H NS ON . . .. . . .. . . .. . . .. . . .. . . .. 6 4. 20 - 0. 72 6 8 .0 5 5 5 76

K RA F T F O OD S A . . . . .. . . .. . . .. . . .. . . .. . . .. . . .. . 37 0 2 - 0. 57 3 9. 40 2 4 3 0

M C D ON A LD ' S CO R P .. . . .. . . .. . . .. . . .. . . .. . . .. . 9 76 7 - . 2 1 1 02 2 2 7 5 7 8

M E RC K A ND C O. N E W. . . .. . . .. . . .. . . .. . . .. . . .. 3 8. 45 - 0 .2 8 3 9. 43 2 9. 47

M I CR O SO F T. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .3 0. 47 - 0 .6 3 3 2 9 5 2 3. 6 5

O CC D P ET RO LE UM .. . .. . .. . .. . .. . .. . .. . .. . .. . .8 9 61 - 7 7 1 7 8 9 6 6. 36

O R AC L E CO R P. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . 28 . 35 - 0 .6 6 3 6. 50 2 4 72

P EP S IC O . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .6 4. 85 - 0 .5 0 7 1. 89 5 8 5 0

P FI ZE R . . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. 2 . 99 - 0 .0 7 2 2 8 0 1 6 .6 3

P H IL P M OR R IS I N TL . . .. . . .. . . .. . . .. . . .. . . .. . . .8 7 05 - 3 2 9 0 . 0 6 0 .4 5

P RO C TE R AN D G AM B LE . . .. . . .. . . .. . . .. . . .. . . .6 6. 35 - 0 .4 6 6 7 95 5 6 .5 7

Q UA LC OM M I NC . . . . .. . . .. . . .. . . .. . . .. . . .. . . .. . 66 .2 2 - 0 .2 8 6 8 .8 7 4 5 9 8

S C HL U MB ER GE R . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. 67 2 6 - 0. 33 9 5 5 3 5 4. 79

T RA VE L ER S C E S . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .5 7 75 - 0 .3 0 6 4. 7 4 5 97

U N IT E D TE CH N OL OG E . . . . . .. . . .. . . .. . . .. . . .. . 78 4 8 - 7 5 9 1. 83 6 6 .8 7

U N IT E DH E AL TH G RO U P . .. . . .. . . .. . . .. . . .. . . .. 5 7 56 - 0 .5 8 5 9. 6 4 1 2 7

V E RI ZO N C OM M S. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . 36 .8 0 - 0 .6 6 4 0 .4 8 3 2 .2 8

V S A C L A . . . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. 1 6 .7 4 - 2 76 1 2 . 5 7 3. 1

W AL -M AR T ST OR E S . .. . . .. . . .. . . .. . . .. . . .. . . .. 5 9. 93 - 0 .2 0 6 2 6 3 4 8. 31

W AL T D S N EY C O. . .. . .. . .. . .. .. . .. . .. . .. . .. . .. 40 .9 9 - 2 4 4. 50 2 8. 9

W EL L S FA RG O & CO . . . .. . . .. . . .. . . .. . . .. . . .. . . 32 .9 2 - 0 .5 0 3 4. 59 2 2 .5 8

F TS E 10 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . 55 9 5 55 - 2 8 . 2 - 2 .2 4

F TS E 2 50 N DE X . . . . . . . . . . . . . . . . . . . . . . . 1 3 6 . 6 - 24 4 .4 0 - 2 5

F T SE U K A L L S H ARE . . . . . . . . . . . . . . . . . . . . 2 9 1 . 3 4 - 6 5 .6 9 - 2 .2 1

F TS E A IM AL L S H . . . . . . . . . . . . . . . . . . . . . . . . 7 7 3. 24 - 8. 55 - . 0 9

D OW J ON E S IN D US 3 0 . . . . . . . . . . . . . . . . . . . 1 27 1 59 3 - 2 3 .6 6 - 6 5

S &P 5 0 0 . . . . . . . . . . . . . . . . . . . . . . . . . . 1 3 58 5 9 - 2 3. 6 - . 7 1

N A S DA Q C O MP O S T E . . . . . . . . . . . . . . . . . . . . 2 9 91 . 22 - 5 5 86 - . 83

F T SE U ROF I RST 30 0 . . . . . . . . . . . . . . . . . . . . . . 1 0 26 . 5 - 2 6 .0 9 - 2 .4 8

N I KK E 22 5 . . . . . . . . . . . . . . . . . . . . . . . . . 95 38 0 2 - 8 .2 4 - 0 .0 9

D A X 3 0 P E RFO RMAN C E . . . . . . . . . . . . . . . . . . . 6 60 6 .4 3 - 6 8 . 83 - 2 4 9

C A C 40 . . . . . . . . . . .. . . . . . . . . . . . . . . . . 3 2 7 6 0 - 0 2 .2 1 - 3. 08

S H AN GH A I S E N D EX . . . . . . . . . . . . . . . . . . . . 2 3 02 .2 4 3 9. 45 1 .7 4

H AN G S E NG . . . . . . . . . . . . . . . . . . . . . . . . . 2 0 35 6. 24 - 2 36 .7 6 - 5

S &P A S X 2 0 I ND EX . . . . . . . . . . . . . . . . . . . . 2 5 60 . 0 - 3 . 90 - 0 .5 4

A S X A L L O RDI N ARI E S . . . . . . . . . . . . . . . . . . . 4 3 7 3. 7 0 - 2 86 0 - 0 .6 5

B O VES P A S AO P A OL O . . . . . . . . . . . . . . . . . . 6 1 73 8 . 28 - 84 .9 3 - . 88

I S EQ OVE RAL L N D EX . . . . . . . . . . . . . . . . . . . . 3 14 1 6 9 - 6 0. 7 8 - . 9 0

S TR A IT S T M ES . . . . . . . . .. . . . . . . . . . . . . . . 2 9 82 4 4 2 2 .3 4 0 .7 5

I GB M . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 72 6 - 0. 48 - 0 .0 6

S W IS S M AR KE T I N DE X . . . . . . . . . . . . . . . . . . 60 61 4 3 - 0 2 .0 6 - 6 6

L O N G D O N C E F I X A M. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . 1 6 2 2. 5 0 - 9 . 2 5

S I L VE R L D N F I X A M. . . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . 31 . 6 7 0 . 4 0

MA P L E L E A F 1 O Z . . . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .3 4 . 0 5 - 0 . 1 2

L O N P L A T IN U M A M. . . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . 1 6 05 . 0 0 - 2 2 . 0 0

L O N P A L L A DI U M A M. . . . . . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . 6 4 0 . 00 - 5 . 0 0

ALUMINIUM CASH.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20 53.00 0.00

C O P P E R C A S H . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . 83 6 5. 0 0 0 . 0 0

L E A D C A S H . . . . . . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. 1 9 9 3 . 00 0 . 0 0

N I C K E L C A S H . . . . . . . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . 1 786 0 . 0 0 0 . 0 0

T I N C A S H . . . . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . 2 2 4 7 5. 0 0 0 . 0 0

Z I N C C A S H . . . . . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . 1 9 7 5 .0 0 0 . 0 0

B RE N T S P O T I N D E X . . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . 12 3 . 7 6 0 . 0 0

S O Y A . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . 14 3 1 . 0 0 - 3 . 0 0

C O C O A . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. 2 1 0 8 . 0 0 2 3 . 0 0

C O F F E E. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. 1 7 8 . 0 5 - 4 . 9 5

K RU G . . . . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . 17 0 1 . 80 5 . 0 0

W H E A T . . . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . 17 0 . 6 8 - 1 . 1 2

B o E I R O v ern i g ht . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . 0. 5 00 0 . 0 0

B o E I R 7 d ay s . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . . . 0 .5 0 0 0 . 0 0

B o E I R 1 m o n th . . . . . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . 0 .5 0 0 0 . 0 0

B o E I R 3 m o nt h s . . . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . 0 .5 0 0 0 . 0 0

B o E I R 6 m o n th s . . . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . 0 .5 0 0 0 . 0 0

L I B OR E u r o - ov en i g ht . . . . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . 0. 2 63 0 . 0 0

L I B OR E u r o - 1 2 m o nt h s . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . 1 3 6 0 0 . 0 0

L I B OR U S D - o v er n i gh t . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . 0 . 5 0 . 0 0

L I B OR U S D - 2 m o nt h s . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . 1 .0 5 0 0 . 0 0

H al i ax m o r tg ag er at e. . . . . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . 3 .9 9 0 - 0 .0 2

E u r o B as eRate. . . . . . . . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . 1 .5 0 0 0 . 0 0

F i nan c e h o us e b as e at e. . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . 1 .5 0 0 0 . 0 0

U S F ed u n d s . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . . . 0 .2 5 0 0 . 0 0

U S o n g b o nd y el d . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . . . . 3 . 3 0 - 0 . 05

E u r op ean r ep o r ate. . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . 0 . 5 6 0 . 0 0

E u r o E u r ib o r . . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .0 . 3 16 0 . 0 0

T h ev i x n d ex . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. 2 0 .4 1 6 2

T h eb al i c d r y n d ex . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . 9 280 0 . 0 0

Markt Boxx. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .243.50 1 .52

Mar k t T axx . . . . . . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . .. . . . . . 13 1 2 9 - 3 .3 9

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HIGH taxes encourage black markets. For example, everincreasing “sin taxes” meanthat a large portion of thecigarettes and alcohol

consumed in Britain is now boughtin the black market, where thesetaxes need not be paid. The Taxpayers’ Alliance complains thatthis costs the government £7bn a year in lost tax revenues.

Implicit in this complaint is theidea that tax policy ought to aim atmaximising revenue for thegovernment. The same argument was used regarding the 50 per centtop rate, now reduced to 45 per cent.Many argued that it was a poor tax because it reduced the amount of

tax collected. I blame the Laffer

ALMOST two years ago, DavidCameron used his first tour of the United States toannounce a major change inforeign policy. He outlined

plans to refocus British diplomacy onpromoting UK businesses abroad – with diplomats told to use “every opportunity” to win orders fordomestic firms.

Many commentators may view thePrime Minister’s trip to East Asia this week as an opportunity to evaluate

that policy’s success – or otherwise. The early dispatches from the trip cer-tainly look promising: a new £127minvestment in Nissan’s Sunderlandplant is likely to be just the first of astring of major deals signed throughthe week. The headlines tell only part of the

story, however. A proper assessment of the UK’s strategy needs a more carefullook at the day-to-day realities of tradepromotion. This has two strands.

First, on inward investment, the“Britain open for business” refrainneeds to be backed by domestic poli-cies that firmly re-establish the UK as a

CITYJET.COM

PREMIUM, BUT FRIENDLY

I love it when theyremember my favourite tipple

cityam.com/forum

Britain slipped from

fourth to seventh inthe latest foreign directinvestment rankings

In association withTHEFORUM

Twitter: @cityamforum on the web: cityam.com/forum or by email: [email protected] Agree? Disagree? Got a sharp comment?

The Forum wants you to join the debate. Top responses will be reprinted in The Forum.

‘

22WEDNESDAY 11 APRIL 2012

ANDREW WILSON

Look behind the headlines for thereal story on UK trade diplomacy

centre for international business.Here, there remains some work to do.Britain slipped from fourth to seventh

in the most recent global league tablefor inflows of foreign direct invest-ment – losing its crown as Europe’sleading destination to Germany and(more surprisingly) Belgium.

One of the reasons for this slide is theUK’s tax regime, which remains amajor deterrent to internationalinvestors. Imminent changes to theUK’s international corporation taxrules – announced in last month’s budget to relatively little fanfare –should help woo multinational groupslooking to set up either a holding com-pany or an operational hub in Britain.But there is much unfinished business

when it comes to completing thereform of the UK’s complex and bur-densome tax regime.

Likewise, some major firms have been right to warn of potential dam-age to the UK’s competitiveness from araft of proposed EU regulation in thefields of corporate responsibility andtransparency. In general, Whitehallneeds to be far more attuned to how domestic regulation affects the percep-tion of the UK as a place to do business. Trade diplomacy needs to start at

home, with all new legislation scruti-nised carefully through an interna-tional lens.

Second, when it comes to promotingexports, it would be wrong to discountthe importance of trade missions as atool to open up new markets forBritish firms. However, the emphasis –at least in terms of media coverage – isoften misplaced. The real value formost UK businesses comes not fromone or two multi-million pound deals(important though these are); butrather the potential to develop muchcloser working relations with foreigngovernments.

One area requiring special attentionhere is the growing use of non-tariff barriers to block access to overseasmarkets. Recent figures from theGlobal Trade Alert initiative show thatthe use of such measures is on theincrease – often taking the form of environmental or product regulationsintroduced with the covert aim of

choking off international competition. While this issue has been on the agen-da at every G20 Summit since 2008many major economies are now worldleaders when it comes to taking thesesubtle steps to close their markets. Where high-level summitry has failed,trade diplomacy must fill the void.

To capitalise on the success of trademissions, however, it’s clear that theUK’s diplomatic network needs re-equipping. This means placing staff with specialist expertise in overseasposts with a view to engaging withlocal officials where problems arise.Embassies need to be more alert to theimpact new regulations could have oninternational trade. Some efforts have been made to do this in recent months– most notably with the appointmentof an IP attaché in Beijing – but the

good work needs to continue.On arriving in Japan the Prime

Minister is reported to have told jour-nalists that part of his job is to “loadup an aeroplane full of business peo-ple... get out there and fly the flag forBritain”. That is certainly true: but behind that plane the governmentneeds to continue to develop andenhance its diplomatic machinery fortrade. Those efforts won’t hit the head-lines, but they certainly have thepotential to deliver for the UK. Andrew Wilson is director of policy at the

International Chamber of Commerce in theUK. www.international-chamber.co.uk

curve. The Laffer curve shows the

relationship between tax rates andthe amount of tax collected. As taxrates rise from zero, the amount of tax collected increases. But as ratescontinue to rise, the line flattensout and eventually begins to decline, because the level of tax discourages

economic activity, and hence

reduces the tax base, andencourages tax avoidance andevasion.

The Laffer curve is not fixed overtime or across economies. The rateat which tax revenue increases withtax rates and the point at which itturns negative depend on thestructure of the economy and on thetemperament of the population(compare Sweden and Greece). Andit is difficult to know where theLaffer curve lies. It was not obvious,in advance, whether the 50 per centtop rate would increase or decreasethe government’s revenue.

But this uncertainty should notmatter. Because the common ideathat the optimal tax rate is at the

“tipping point” of the Laffer curve –

that is, the rate that maximises thegovernment’s revenue – isoutrageous. It makes tax policy follow the logic of extortion.

Imagine you run a protectionracket. You charge local businessesprotection money and fight off potential rivals for providing this“service”. How much should youcharge? You want as much as youcan get. But if you demand toomuch, you will drive your “clients”out of business, which will do youno good. In other words, you facethe logic of the Laffer curve; youneed to find the rate of extortionthat delivers the most revenue.

It is not surprising that politiciansshould think this way about the

optimal tax rate. Although they do

not keep tax revenues forthemselves, they choose how they are spent. The more they have attheir disposal, the greater the giftsthey can bestow on electorally important groups. Or, to put it bluntly, the more effectively they can buy votes.

But it is surprising anddisheartening that the Taxpayers’ Alliance, along with most othercommentators on tax issues, shouldhave adopted the extortionists’ logic. After decades of propaganda aboutthe virtue of government spendingand the fairness of high rates of tax, we seem to be suffering some kindof mass Stockholm syndrome.

Jamie Whyte is senior fellow of the

Cobden Centre.

AGAINSTTHE GRAIN

JAMIE WHYTE

Maximising tax revenue is good for politicians – but not the rest of us

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23

A taxing dilemma[Re: Why Britain’s income tax is already astonishingly progressive , yesterday]Anthony J Evans is wrong on several counts.Progressive taxation is not where the richestpay a greater percentage of the total taxbill, but where they pay proportionatelymore compared to their income. The top 1per cent of taxpayers take some 12.6 percent of the total income of taxpayers, soeven a neutral tax system would see thempaying 45 per cent of the total tax liability.Secondly, the statistics only cover incometax. National insurance contributions (NICs)now amount to about three-fifths of thetotal collected in income tax. Since NICs foremployers are at a flat rate over theearnings threshold, and that for employeesis a regressive charge, dropping from 12.8

per cent to 2 per cent, this will reduce theprogressivity of the overall liability, for thetop 1 per cent particularly. Finally, Evansrefers to “earners”. His statistics relate totaxpayers, and include pensioners.

Mike Truman, editor of Taxation

Anthony J Evans responds:

Income tax is progressive since higherearners pay tax at a higher rate.Progressivity is often advocated on thegrounds that that the richest should paymore than the poorest, and it was this issueI attempted to analyse. You acknowledgethat the article was about income tax, so itseems odd that you suggest I've tried tohide this fact. Finally, did I say "current"earners? Is that just a semantic quibble?

The Forum is open for you to take part. Got a sharp commenton one of today’s columns or rapid response topics? Do youhave another subject relating to business and the economy youwant to share your opinion on? We want to hear your views.

MUCH of the debate – andemotion – thatsurrounded the passage of the Health and SocialCare Act focused on the

extent to which the private sectorshould be allowed to compete toprovide services to the NHS. It is agood question, and the public will benefit from some elements of additional competition thatprovide the NHS with access to new

expertise, new thinking andpressure on prices.

But there has been almost noattention paid to an equally important issue – one which couldgenerate significant benefits fortaxpayers as well as supportinnovation and excellence inpatient care. The NHS needs astrategy to commercialise some of its services and products anddeliver benefits to the rest of thehealthcare sector as well. At stake ispotentially billions of pounds of value for the taxpayer, plus theopportunity to drive furtherimprovements in care.

This matters even more at a timeof reform and retrenchment within the service. The NHS is being asked to save around £20bnover the next few years in order tocontinue to meet rising demandand costs. There is anoverwhelming business case for theNHS to set about realising the fullrevenue benefits of its owncreativity. We encourage the BBC todo this in order to support thepayers of the licence fee; it makes just as much sense to free up theNHS to do the same.

Innovation hubs within the NHSalready work hard to spread goodideas and develop them for use within the NHS. Our proposal isthat they should also beencouraged to exploit them beyond

TOP TWEETSGeorge Osborne shocked by tax avoidance. Inother news, William Hague shocked by war.@mickcutler

ComRes: 45 per cent are less likely to vote forKen Livingstone due to tax avoidance allega-tions and expense claims while he was mayor.@DanielFurrUK

Siobhan Benita all the rage in mayoral bettingtoday. Now 66/1 from 200/1. We’ve not laid apenny of Ken for a week now.@LadsAlex

“It’s all kicking off in Spain and Italy again.Eurozone crisis back with a bang.” What? Youmean bailout-and-borrow didn’t fix it?@DouglasCarswell

As Facebook announces its $1bn purchaseof Instagram, is it really worth the money?

YESWhat could be a bigger sign of a bubble than paying $1bn for a

company with no revenue model? At all. It’s not even really acompany – it’s an app that makes your photos look like Polaroidsnaps (Polaroid being a company that has twice filed forbankruptcy). Bonkers, right? But this is missing the point. The cruxof Facebook’s operation is allowing people to share theirphotographs online. This is what keeps people coming back – therest is just dressing. And people coming back is what paysFacebook’s bills. The simple fact is that Instagram is better thanFacebook for sharing photographs on your phone – andsmartphones have become the social media battleground.Facebook, which funded most of the takeover with stock, hasstrengthened its grip on the mobile market and taken out a rival inone fell swoop. $1bn is cheap.Steven Dinneen is deputy lifestyle editor of City A.M.

Steve Dinneen

NORichard Holway

Clearly both Facebook and Instagram are great companies with

great products and a very devoted following. This is beyonddispute. The question is whether one is worth $1bn and the otheris worth $100bn. I have reservations. As someone who has livedthrough the first internet boom it is almost impossible to drownout the words “bubble, bubble, bubble”. Can Instagram possiblybe worth $1bn? I just don’t see how that valuation can possibly be justified. The people who will be the winners out of this are theshareholders who are in there already. You have to look atcomparable tech industry valuations. Sooner or later allcompanies – even Apple –get within an industry average price toearnings ratio in the range 10-20. On that basis, any newinvestors are going to have to wait a long time to realise anydecent returns.Richard Holway is chairman of TechMarketView.

RAPIDresponses Bright ideas from

the NHS can earnhospitals billions

the NHS and beyond the UK.One example, already underway,

involves the development and use

of business intelligence systems forhealthcare. PwC has been working with one of the country’s tophospitals on helping clinicians toplan ahead and also equippingmanagers to focus on productivity,safety, quality and cost. A jointteam has enabled the hospital todeliver the technology to the widerhealthcare market, including otherNHS trusts but also the privatesector at home and abroad.

The NHS could look further.Services around return to work help are one good example. There will always be limits to how muchthe taxpayer is prepared to fund, yet there is a massive public andeconomic interest is making surethat these services exist. The NHShas the expertise; it should beencouraged to look beyond thetaxpayer for funders, includingprivate sector employers.

Some might see this suggestionas an attack on the fundamentalethos of the NHS. They would be wrong. In the 21st century,supporters of the NHS should wantto see greater co-operation with theprivate sector and a bolderapproach to seeking new sources of revenue. The taxpayer could gain,and patients definitely will.

Alan Leaman (@Alan_Leaman_MCA)is chief executive of the MCA. The NHS –a prescription for the 21st century is at www.mca.org.uk/node/1073


ALAN LEAMAN

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8/2/2019 Cityam 2012-04-11


G E T T Y

DESPITE last week’s stronger thanexpected UK macroeconomicdata suggesting that theeconomy was in a better state

heading into the second half of the year, the outlook remains mixed for

the pound against its dollar and europairs. While a position against thecommon currency remains the best way for sterling bulls to profit, risk-off markets have made gains against thedollar heavy going. With manufacturing, services and

construction PMIs for March beatingexpectations, sterling has been givena more solid foundation, at the sametime as taking the bite out of some of the more bearish stances taken by analysts on the UK economy. It ishoped that as we head towards thesecond half of the year, the Diamond Jubilee and Olympic Games will fur-ther bolster the domestic economy –as a result leading to a less dovishBank of England.

PAIN IN SPAIN The euro came under heavy pressure yesterday as the European Central

Bank’s (ECB) Long-Term RefinancingOperation (LTRO) appeared to bedoing little to ease credit contractionin the Eurozone periphery nations. The head of Spain’s central bank,Miguel Angel Fernandez Ordonez, didnothing to assuage these fears by announcing that the country wouldrequire further capital injectionsshould economic conditions deterio-rate further. With banks already swamped by a deluge of defaults when the property market sank,

Sterling bulls

shouldn’t chargebefore they look

Spain faces its second recession in two years. “As the ECB’s LTROs appear to behaving limited impact in addressing thedebt crisis, president Mario Draghi may

look to target the benchmark interestrate,” says David Song, currency analystat Daily FX. “The governing council may have little choice but to carry out its eas-ing cycle throughout the year as thegovernments operating under the sin-gle currency become increasingly reliant on monetary support.”

CABLE TRAPPED According to Ian O’Sullivan, head of marketing at SpreadCo: “If you look atsterling versus the dollar it has barely

EASYFOREX

ZOE FIDDES

The pound has met with resistanceagainst the dollar, writes Craig Drake


cityam.com

FOREIGN EXCHANGEMANAGEMENTWEALTH

V

OLATILITY has returned to the forexmarket on the back of last week’s

US macroeconomic news, adding touncertainty about the US recovery.

The Federal Reserve says it does not seethe need for further quantitative easing(QE3) at this time, with the Fed’s shift to amore hawkish bias due to a string ofstrong economic data including a growthin jobs. Such positive data suggests thatthe US economy is moving towards a self-sustaining recovery, but the weaker thanexpected March Non-Farm Payrollnumbers (NFP) may reignite concernsabout the solidness of this recovery.

END OF THE ROLLOn Friday, the US jobs data for Marchdisappointed, however the trend of thelast four months has been positive with

NFP growth averaging 212,000. FederalReserve chairman Ben Bernanke has

expressed concern that recentemployment gains may not be sustainedwithout a pickup in growth. There aretroubling signs in the March employmentreport which suggest the US may beheaded for continued sub-paremployment growth. Hours worked andwages were down which means thatdisposable income is less. This is criticalfor the US as 70 per cent of GDP isdependent on consumer spending.GDP is expected to average 2.5 per centin 2012, but growth of 4 per cent or

better and a monthly NFP number of300,000 is needed to make a significant

drop in the overall employment rate andto ensure a self-sustaining recovery. Ofgreater concern is that the number ofpeople not in the labour force is at an all-time high and the ranks of long termunemployed continue to rise.

STIMULATING NEWSOptimism about the US recovery hasgenerated hope that the US will lead aglobal recovery and has helped reduceconcerns about the risk from the EU debtcrisis and a slowdown in China. One

month’s disappointing employment datais unlikely to dash this hope and the

recent Federal Open Market Committee(FOMC) minutes suggest freshquantitative easing is unlikely in the nearfuture. This doesn’t mean we can forgetabout the hot topic of QE3 because a runof weaker US jobs data may lead the Fedto inject more cash into the economicbloodlines.

moved in 10 weeks, trading in a 300-piprange around $1.5800, the 150-day expo-nential moving average, since 1February.” O’Sullivan adds: “Cable does

have strong resistance up above but has been posting higher highs over the pasttwo months and may be due for anoth-er run towards $1.600 should we getanother bout of dollar weakness.” Withthe quarterly Bank of EnglandMonetary Policy Committee (MPC) infla-tion report coming up, it will be inter-esting to see if there is a shift in the MPCpolicy that can lift cable out of this trad-ing range. In short, sterling bulls need to be selective rather than charging in totrade.

Sterling-euro

Feb 2012 Mar 2012 Apr 2012

1.210

1.205

1.200

1.195

1.190

1.185

1.180

1.21029 Apr€

Sterling-dollar

Feb 2012 Mar 2012 Apr 2012

1.60

1.59

1.58

1.57

1.56

1.55

1.54

1.589 Apr$

Despite euro gains, sterling bulls have been penned in against the greenback

Looking out for a sign of further quantitative easing

UK branch manager of Easy-forex.com

8/2/2019 Cityam 2012-04-11


Cindy Miller is using the 2012 Olympic Games to share UPS’s love for logistics

The global supply chain bringingevery part of the Games to the UK

Cindy Miller of UPSis keeping London’slogistics on track forthe 2012 Olympics

Q What was your brand’sprimary reason for beinginvolved with the Games?

A To showcase our completesupply chain capability. TheGames is the largest peacetimelogistical event that’s ever

staged. The supply chain isextremely complex, it covers air,ground, customs brokerage,

warehousing logistics, venuemanagement – it really is the gamut.

And what makes it the pinnacle isthat the supply chain is temporary:it’s only in that one place one time;

you have to create it. And at thesame time it has to be flawless.

There’s no room for error. You can’thave the starters at the track andfield event without a pistol, or somechampion cyclist without his bicycle.

You can’t have broadcasters show upand not have microphones andcameras. There can be no delay. Allof that challenge means that ithighlights our capability as a brand

that can act globally to create andcoordinate such a huge localendeavour. That then provides anopportunity for us to show customers large and small that if wecan do all this for the Olympics,think what pieces of this supply chain we can bring to your business,to reach whatever corner of the

world or solve whatever challenge ordifficulty you are facing.

UPS has been involved with theOlympics before, at first primarily forhospitality, and then in Beijing we gotinvolved as a logistics provider. Weused our suite of services and prod-ucts to help bring the Games to life.But to put things in perspective, inBeijing we handled about 19m items.

That wasn’t all of them, but our por-tion was 19m. Here in London, we arethe sole logistics provider and we will

be handling, warehousing and coordi-

nating delivery of 30m items.Everything from 4,283 whistles to

107 DAYS TO GO

COUNTDOWNTO THE LONDON2012OLYMPICGAMES

OLYMPICBUSINESS25

WEDNESDAY 11 APRIL 2012cityam.com

some 400 tons of broadcast equip-ment. It’s an amazing adventure, andthe challenge doesn’t stop when theGames end. We have about 18 months

to get all the equipment in and get itready. Once the Games are over,there’s an even shorter window of time when all the equipment mustgo somewhere else. Once it’s over andeverybody takes a sigh of relief, that’s

when we jump back in.

QHow did you structure thecase for involvement to the

board?

ABeijing is an emerging marketfor us and our engagementthere was to promote some

brand awareness. We’ve seenabout a 33 per cent awareness and

business growth based on thatexposure. Fast-forward to Londonand what we tried to structure in thecase was the importance of Londonin the global marketplace. Even

though we’re established here inLondon and UPS has been around in

London for a long time, London isstill a strategic city and the UK is astrategic country whether you’retalking from an European

perspective but also with its tradingcapabilities with businesses aroundthe world. We felt it became anobvious choice for us to put as mucheffort if not more into the UK market. We’ve also planned a $200mexpansion of Cologne, which housesour European air gateway, becauseright now we’re busting at theseams, and London and the UK playsa big part in that growth plan.

QHow are you handling theallocation of tickets you have

been able to purchase as asponsor?

A You can never get enoughtickets. I know, as an individual

who lives here in London and who has family just like

everyone else, and long-lostneighbours and friends who want to

know if you have tickets to someevent. What we’ve done at UPS is to

have a segment of the tickets toprovide opportunities to the localUPSers, the men and women who doan amazing job, not just here in

London but around the UK. We’vereally tried to allow as many UK UPSers as possible to take advantageof this once-in-a-lifetimeopportunity. Not just with tickets,

but in opportunities to run asegment of the torch relay, and by providing an opportunity for someof our amazing drivers to drive thetorches around the relay.

Q What has surprised you mostabout your involvement todate?

AUPS has had a chance to usethe test events at the venues to

work out all the bugs and thekinks at all the different

venues. We have to stage a couple of events in Greenwich Park – anamazing, iconic place. You might

think that’s easy, given the size of Greenwich Park – it goes on forever,

it’s beautiful – but then we realised you can only get equipment in andout of the venue through one gate.

You’re taking everything in you can

think of, including horses. Maybe5,000 pieces of equipment have to goin and out, but one vehicle has to goin and get emptied and then comeout and you’re waiting to get thenext full vehicle in. That was a pretty

big surprise.

Q What advice can you givenon-offical partners to helpthem make the most of theopportunities of the Games?

AMost of the customers I’vespoken with understand themicroscope and theopportunity that the London

Games is bringing to them as a business here. It will help elevateand promote business for the small,the medium and the large brandsand businesses. It’s going to be agreat experience for the city.

Cindy Miller is managing director for UPSUK, Ireland and Nordics.

8/2/2019 Cityam 2012-04-11


Get glowing with Dr Duve’s Altitude Fix Facial

LIFE&STYLE


cityam.com

HEALTH & BEAUTY

Take pride andGROOMBathroom cabinet need a refresh? Stock it withthese luxe, practical items, says Kendal Gapinski

Shiseido Men Deep CleansingScrub, £21.50,houseoffraser.co.uk

Made with cleansing granules,this scrub is meant to perk upyour skin and helps preventingrown hairs. Good for all skintypes, Shiseido is a formidablebrand, and if you’re going to haveone thing: have this.

Braun Series 3 Shaver,£74.99, amazon.co.ukMade with three independentlyfloating shaving heads, the BraunSeries 3 electric shaverclaims to get rid of hair in one

stroke and do it with minimalirritation. After you finish withyour close shave, the head can beplaced into the Clean & Renewpod, which will clean,lubricate, dry, and charge it.

Molton Brown Re-ChargeBlack Pepper Bodywash, £18,moltonbrown.co.ukThis best-selling spicy bodywashis tops when it comes to amorning energiser (after coffee).Winner of multiple awards, itcontains black pepper oil todetoxify and boost circulation. Itsmasculine aroma will make youwant to beat your chest in glee.Or something.

Philips Sonicare FlexcareDeluxe toothbrush, £99,amazon.co.ukThis rechargeable sonictoothbrush is the daddy of plaqueremoval, with five flexiblebrushing modes and a ProResultsbrush head thought to be themost effective in the business. Italso comes with a UV sanitiser tokeep your toothbrush squeakyclean.

Carbon Fibre Shave Set, £390,harveynichols.comFor a luxurious experience, thissleek shave set is a must-have.From Hommage, a Paris-based grooming products brand,the brush and razor is made fromhand-woven carbon fibres, usedon everything from Tour deFrance race bikes to luxurywatches. More than just a shaveset, this collection is a work of art.

Tom Ford for Men, £45,houseoffraser.co.ukThe king of perfect masculinity(at least where clothes and looksare concerned), this scent is aTom Ford signature that capturesall that’s tasty about refined andsophisticated men. Woodsy anddeep, with notes of leather,cedarwood, and black pepper,this is a staple.

Dr Duve, as in duvet, is a bit ofcelebrity in his native Germany.All the rich men’s wives flock tohim to keep them lookingbeautiful and preferably young

for hubby. London wanted in on hisspecial touch, including his famed laser jetpeel (a tube that massages your face withhigh-pressure water) and we’ve had himfor a over a year now, to great acclaim.

His latest raft of treatments has,naturally, created some excitement. Calledthe Spring/Summer super boost, the“menu” is centred around the jet peel andthe application of Duve’s house creams.I had the Altitude Fix Skin Treat, despitenot having got off a chairlift or climbed

Everest any time recently.In fact, it’s targeted towards anyone

who has recently been on a plane, whichis most people who would be having sucha facial.

The treatment didn’t feel as amazing assome, because much of it involves atherapist somewhat clammily rubbinglotions into your skin. I like a vigorousmassage and lymphatic drainageapproach, but I found that although theexperience of the facial wasn’t precisely tomy sensual taste, the results made it very

much worth it.There’s little way of saying “when I left,

my skin glowed for days” in a new way,but that’s the case. I was peach-hued,smooth-faced and clear-eyed. First myface was cleansed and toned – so far, sopredictable. Next came the Dr Duveexfoliator which certainly has somemagic powers: my baby-faced lookafterwards wasn’t down to the jet peelalone. The exfoliator is a curious mix ofruthlessness and softness: no pain, but alot of gain. Next, the face is whooshed

with the laser jet peel, first with healingsea water and then with the skin

boosting waters. Finally, Herr Doctor’sSkin Boosting mask is applied carefullyto the eye area to boost collagen andsoothe any redness and irritation andfinally, the eye area is given an anti-fatigue pressure point patting-downwhich soothes and rests the eye area,minimising the appearance of darkcircles. Zoe Strimpel

Price: £95 for one hour and available

from FOUR London: fourlondon.com. Tobook, call 0207 297 9600 The laser jet-peel in action.

8/2/2019 Cityam 2012-04-11


genuinely comfortable around townat slower speeds but there is nodoubt it is most at home on back country roads. The steering is quick to respond

and the car has sharp handlingthanks to that upgraded chassis. Thecar feels light, agile and faster thanthe official figures suggest it should be. It is the kind of car that you drivethe hell out of, with music blaring,tearing about at what seems like breakneck speed, delighted to haverediscovered the teenager you once were. It’s an absolute hoot.


MOTORING

LIFE&STYLE

WORDS BY

RYAN BORROFF

THE VERDICT:DESIGN hhhhi

PERFORMANCE hhhhi

PRACTICALITY hhhhi

VALUE FOR MONEY hhhhi

THE FACTS:SUZUKI SWIFT SPORT

PRICE: £13,499

62MPH: 8.7 secsTOP SPEED: 121 mph

CO2 G/KM: 147g/kmg

MPG COMBINED: 44.1mpg

All-new Swift Sport ups the fun

Unless you’re of the age groupthat wore Frankie Says T-Shirts and espadrilles back inthe 80s whilst tooling about in

a Suzuki 4x4 with a Rhino logo onthe tyre cover, then you’re morelikely to associate the Suzuki brandname with motorcycles thanmotorcars. Although Suzuki has sold 6,000

Suzuki Swift Sports since its UK launch in May 2006 and 1m of them worldwide, still you may be unawareof this modest little car. Yet it has won countless awards and is loved by petrolhead car fans because it offersa sporty package for a very good

price.Suzuki’s Swift Sport has just been

updated for 2012. When I first droveits predecessor I waxed lyrical about what a great little car it was. Now almost two years on, Suzuki hasupdated and reworked its flagshipdiminutive hatchback. Its new 1.6-litre 136bhp Dual VVT engine hasmore torque yet uses less fuel(44.1mpg combined). Emissions tooare down by 10 per cent (to 147g/kmof CO2). But these figures are the

stuff of progress only. The real story is that the new Swift Sport has now an additional gear, an upgraded sus-pension and an improved interior. This ought to be excellent news.

The Swift is now a better car than itspredecessor thanks to the relentlessmarch of industrial progress. Or is it? Anyone who has been around cars forlong knows that improved does not

always mean better because often acar’s essential character can be spoilt,even lost. And the last Swift Sport was great

because, essentially, it was pretty basic. Inside there may be greatswathes of plastic with little morethan driver controls (communica-tive), steering wheel (direct) and astereo (perfectly adequate) inside. The

result was a straightforward and easy to drive little car that felt fun andquick. Old school engineering meantthings were kept pure and simple – it was difficult not to come over all sen-timental having rediscovered thepleasure of uncomplicated motoringagain.

Now there is a six-speed manualtransmission, a retuned chassis andimproved interior quality with morefunctions, including Bluetooth con-nectivity. From the outside, the SwiftSport looks low and sporty thanks tothe wraparound windscreen. New aerodynamic parts control the car’sairflow and suppress lift. Inside, theinterior remains basic and easy touse, all simply laid out. But the quali-ty has improved. A leather steering wheel, sport seats and red stitchingcomplete the look. Visibility is very

good. Only the infotainment systemis complicated. I was unable to dock my iPhone without doggedly search-ing the owner’s manual for instruc-tions. As I usually flat out refuse todo this on principle, it goes some way to illustrate how much I like this carthat I did so at all. Other than a hikein interior quality this is really theonly sign that the inside of the SwiftSport has changed. And the best news of all is that yes,

the all-new Swift Sport is better. It is

The basics in theSwift are spot on,

which helps give itease and oomph

New Suzuki Swift Sport is a better car than its predecessor.

8/2/2019 Cityam 2012-04-11


28 TV & GAMES cityam.com

T E R

R E S T R I A L BBC1

SKY SPORTS 17pm Sky Sports News at Seven7.30pm Live Football Special10.30pm Football First 1.30amA League Football 2am SpanishFootball 4.05am FIFA Futbol

Mundial 4.35amBoots ‘n’ All5.30am-6am A League Football

SKY SPORTS 27pm European Tour 7.30pm

Rugby8pmBoots ‘n’ All 8.55pmLive Spanish Football 11pm Rugby

11.30pm Pool 12.30am EliteLeague Speedway 2.30amAsianTour Golf 3.30am-4.30amPool

SKY SPORTS 36.30pmPool 7.30pm Live Elite

League Speedway9.30pm

Sporting Greats 10pm Inside thePGA Tour 10.30pm European

Tour Weekly 11pm Trans WorldSport 12am Watersports World1amMax Power 2amBoots ‘n’ All3am Trans World Sport

4am-5am Watersports World

BRITISH EUROSPORT6pm Live Weightlifting 8pm

Olympic Dream 8.20pm

Wednesday Selection 8.25pmRiders Club 8.30pm Alexia’sSelection 8.40pm The Masters

9.40pmAlexia’s Selection9.45pmEuropean Tour Golf 10.15pm Golf Club 10.20pm

Yacht Club 11pm BritishSuperbikes 12am-1amMotorcycling

ESPN6.45pm Live Bundesliga 9pm

Serie A 10.45pm FA Cup Preview11.15pm ESPN Kicks: MLS11.30pm Press Pass 2012 12am

Goal Show 12.30am NBACountdown 1am Live NBABasketball 3.30am ESPN Kicks:

Extra3.45am Eredivisie5.30am-6am Press Pass 2012

SKY LIVING7pmCriminal Minds 8pm The

Secret Circle 9pm The Love

Machine 10pm Grey’s Anatomy

11pm Bones 12am Criminal

Minds 2.40am Medium 3.30am

Bones4.20am Maury5.10am-6am Jerry Springer

BBC THREE7pm Wallace & Gromit: The

Wrong Trousers 7.30pmGreat

Movie Mistakes 2011: Not in 3D

7.35pmFILMShrek 2 2004.

9pmDon’t Blame the Dog 10pm

Sun, Sex and Suspicious Parents

11pm Family Guy 11.40pmAmerican Dad! 12.25am Don’t

Blame the Dog 1.25am Sun, Sex

and Suspicious Parents 2.20am

Our Crime 3.20am Don’t Tell the

Bride 4.20am-5.15am Prison, My

Family and Me

E47pm Hollyoaks 7.30pm How I

Met Your Mother 8pmFILMStar

Trek: First Contact 1996.

10.10pm FILMAVP: Alien vs

Predator: Sci-fi thriller. 2004.

12am The Big Bang Theory 1am

Scrubs 1.55am How I Met Your

Mother 2.25am Rules of

Engagement 2.45am Greek3.30am Made in Chelsea4.25am-6am Switched

HISTORY7pm Storage Wars 7.30pm Pawn

Stars 8pmOnly in America 9pm

Swamp People 11pm American

Pickers 12am Storage Wars

12.30am Pawn Stars 1am

Swamp People 3am America: TheStory of the US 4amHeir Hunters

5am-6amAncient Discoveries

DISCOVERY7pmBear Grylls: Urban Survivor

8pmApollo 13: The True Story

9pmAmerican Chopper: Senior

Versus Junior 10pm American

Guns 11pm Wheeler Dealers

12am Bear Grylls: Born Survivor

1amAmerican Chopper: Senior

Versus Junior 2amAmerican

Guns 3amDeadliest Catch

3.50am Ice Pilots 4.40am

Wheeler Dealers 5.30am-6am

Destroyed in Seconds

DISCOVERY HOME &

HEALTH7pm Supernanny 8pm 19 Kids

and Counting 9pmHospital

Sydney 10pm Embarrassing

Bodies 11pm Untold Stories of the

ER 12am Hospital Sydney 1am

Embarrassing Bodies 2amUntold

Stories of the ER 3amSupernanny 4am A Baby Story

5am-6amBirth Days

SKY17pm The Simpsons 8pm

Emergency Abroad 9pm Touch

10pm Fringe 11pm An Idiot

Abroad 12am Dog the Bounty

Hunter 1amFILMPoint of Entry

2007. 2.45am Danny Dyer’s

Deadliest Men 3.40am Football

Behind Bars 4.35am Crash Test

Dummies 5.05am-6am Oops TV

BBC2 ITV1 CHANNEL4 CHANNEL5

S A T E L L I T E &

C A B L E

6pm BBC News 6.30pmBBC

London News 6.55pmParty

Election Broadcast 7pm The One

Show 7.30pmFake Britain; BBC

News 8pm Waterloo Road: An

alcoholic student struggles to keep

her problem under control. 9pm

The Apprentice 10pm BBC News

10.25pmRegional News 10.35pm

The National Lottery WednesdayNight Draws 10.45pm Match of the

Day; National Lottery Update

11.55pmThe Syndicate 12.55am

Weatherview 1am Sign Zone: See

Hear 1.30am Sign Zone: Watchdog

2.30am Sign Zone: Orbit: Earth’s

Extraordinary Journey 3.30am

Sign Zone: Antiques Road Trip

4.15am-6amBBC News

6pm Eggheads: Quiz show,

hosted by Jeremy Vine.

6.30pm Celebrity Antiques

Road Trip

7.30pmGreat British Menu

8pm Our Food

9pm CHOICEDivine Women

10pm The Apprentice: You’re

Fired10.30pmNewsnight; Weather

11.20pmFILM Little Dieter

Needs to Fly: Premiere. Werner

Herzog’s documentary about

Dieter Dengler. 1998.

12.30am Medium1.15am BBC News 4.15am-6am

Close

6pm London Tonight

6.25pm Party Election

Broadcast

6.30pm ITV News

7pm Emmerdale

7.30pmThe Unforgettable Dick

Emery

8pmCHOICE Foyle’s War

10pm ITV News at Ten10.30pm London News

10.35pmThe One & Only Des

O’Connor

12.05amRoad Warriors1am The Zone; ITV News Headlines

3amFILM The Prince and the

Pauper: 1977. 5.05am-5.30amITV

Nightscreen

6pm The Simpsons 6.30pm

Hollyoaks 7pm Channel 4 News

7.55pm4thought.tv8pm Four

Rooms9pm The Sinking of the

Concordia: Caught on Camera

10pm 10 O’Clock Live 10.55pm

Strictly Baby Disco: The world of

children’s freestyle disco in Britain.

11.55pmRandom Acts 12am Music

on 4: Mercury Prize Sessions12.20amRizzle Kicks: Live and

Typical 12.55amLadyhawke:

London Live 1.10am Spotlight

1.25am4Play: Band of Skulls

1.35am 4Play: The Milk 1.45am

Ibiza Rocks 2.10am The Crush

3.05am Live from Abbey Road

3.50am St Elsewhere 4.35am

Privileged5.15am-6amCountdown

6pm Home and Away

6.30pm 5 News at 6.30

7pm Ultimate Police

Interceptors; 5 News Update

8pmCHOICE Cowboy Traders;

5 News at 9

9pm NCIS

10pm Law & Order: Criminal

Intent11pm Law & Order: Special

Victims Unit

11.55pmPoker: The Big Game

12.55amSuperCasino3.55am House Doctor 4.20am

Michaela’s Wild Challenge 4.45am

Michaela’s Wild Challenge

5.10am-6am Nick’s Quest

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 BREAK

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 contains all the

numbers from 1 to 9 to solve this tricky Sudoku puzzle.

SUDOKU

QUICK CROSSWORD

WORDWHEEL

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

17 6

11 27

30 19

9 16 12

8 38

29

21 7

4 13 10

18 16

29 28

16 20

35

12

15

32

13

12

23

11

30

9

28

11

15

14

7

14

10

33

34

29

17

ACROSS

1 Finger next to

the thumb (5)3 Writing tables (5)

6 Procrastinate (5)

7 Which person? (3)

8 Capital of the

Maldives (4)

9 Revised (7)

12 Lacking moisture (3)

14 Devoured (3)

15 Colouring agent (3)

17 Going by,

overtaking (7)

20 Carpentry pin (4)

21 Demented (3)

22 Rectangular

containers (5)

23 In an unfortunate

manner (5)

24 Perceives sound (5)

DOWN

1 Country in

which Mumbaiis situated (5)

2 Rub out (5)

3 Periods of ten

years (7)

4 Used a needle

and thread (5)

5 Chronicle (5)

8 Chemical element

that can be formed

into sheets (5)

10 Not of the clergy (3)

11 Very fast (7)

13 Dashed (3)

15 Hemispherical

roofs (5)

16 Brought to a

conclusion (5)

18 Weight equivalent

to 14 pounds (5)

19 Oxygen and nitrogen,

for example (5)

N

G

Y

D

RP

I

O

A

B A S I C S C A M P

I A A R U

O G P I E E Y E D

P L O T S O S

I O I N K S L

C A D I Z I O N I C

S L E A N T L

P E S E P I A

D I P T Y C H O M

R T I L M

N E V E R P I E T Y

6 2 1 3 5 3 1

4 5 1 2 6 9 3 8 7

6 8 9 7 1 5

8 3 2 4 8 2 7 1

7 1 9 6 8 9 4

6 8 7 9 5

4 8 2 1 2 8 6

5 4 3 1 2 4 9 7

7 1 2 2 1 3

5 9 4 3 1 7 2 6 8

1 6 5 8 9 7 9

The nine-letter word was

UNIFORMLY

T E R R E S T R I A L

S A T E L L I T E

&

C A B L E

BBC1 BBC2 ITV1 CHANNEL4 CHANNEL5


DIVINE WOMENBBC2,9PM

Bettany Hughes traces the often

hidden history of women in religion,beginningwith an investigationof the

world’soldest religioussite.

FOYLE’SWAR

ITV1,8PM

Foylehelpsa mansentencedto hang

for hightreason.Meanwhile,

Samanthaand Adamfightto securea

future forHill House.

COWBOYTRADERS

CHANNEL5, 8PM

Theteam heads to Lancashire, where

a womanwithterminal cancerwas

left without heating or hot water bya

letting agencyformorethana month.

TVPICK

8/2/2019 Cityam 2012-04-11


G E T T Y

ENGLAND’S 20-over captain StuartBroad is set to miss valuable short-form cricket practice ahead of this year’s World Twenty20 after beingruled out of the remainder of theIndian Premier League season.

Nottinghamshire paceman Broad, who flew home early from therecent tour of Sri Lanka with a calf strain, is not expected to recover fullfitness until early next month,England chiefs said yesterday.

It means the 25-year-old will not beable to fulfil his commitments toplay for Kings XI Punjab for a secondconsecutive IPL campaign, having

been due to return from India on 5May. The prognosis also deprives Broad

of valuable 20-over experience justmonths before he is due to leadEngland in the World Twenty20, which takes place in Sri Lanka dur-ing September and October.

Doctors anticipate he could makehis comeback in the County Championship fixture againstMiddlesex at Trent Bridge on 9 May.

A statement from the England and Wales Cricket Board said: “Broad will be assessed regularly over the com-ing weeks with a view to returning tocricket with Nottinghamshire inearly May.”

England have just four Twenty20fixtures before the World Twenty20:one against the West Indies in Juneat Broad’s home ground of TrentBridge, followed by three in early

September at the end of South Africa’s visit.

Broad’s right calf prob-lem is the latest in a cata-logue of injuries. He alsosuffered an ankle sprain while in Sri Lanka after tripping on a boundary rope, and missed last sea-son’s IPL through injury.

Late last year a shoulder problemkept him out of two Twenty20 match-es against the West Indies before a ribcomplaint forced him to sit out thesubsequent limited-overs series inIndia. Prior to that, a stomach injury prematurely ended his involvementin the 2010-11 Ashes campaign andforced him to miss last year’s WorldCup on the subcontinent.

IN BRIEFRFL boss lands Wimbledon job

n TENNIS: Rugby Football Leaguechairman Richard Lewis has beenappointed chief executive ofWimbledon. After 10 years incharge, Lewis, who is also chair ofSport England, said he felt “amixture of sadness but alsoexcitement at taking up anotherexciting opportunity”.

Big Buck’s aims to extend run

n HORSE RACING: Big Buck’s willface seven rivals in the BGCLiverpool Hurdle at Aintree onThursday as he goes for a 17thconsecutive win. Owner AndyStewart is confident that his fine

form will continue, insisting hischarge is in top shape. He said:“Obviously he had a race atCheltenham [the World Hurdle], asthey all did, but there have beenno problems at all.”

Malaysia date for Arsenal tour

n FOOTBALL: Arsenal will kick offtheir pre-season tour of Asia witha game against a Malaysia XI inKuala Lumpur on 24 July, the clubhave confirmed. The Gunners willthen face Premier League rivalsManchester City in Beijing’s iconicBird’s Nest stadium on 27 July,before finishing the tour in HongKong on 29 July with a fixture

against local side Kitchee FC.

Broad hasbeen ruledout untilearly May

BRITISH No1 Andy Murray has given Queen’s Club a much-needed boost after agreeing a five-year deal with the tournament.Domestic tax laws on endorsement income have led to stars such as Rafael Nadal, Roger Federer and Novak Djokovic opting out of thepre-Wimbledon event. Reigning champion Murray, though, is sticking with the tournament he loves. The Scot said: “I’m lookingforward to trying to win it many more times in the years to come.”

QUEEN’S IS STILL KING OF WIMBLEDON WARM-UPS FOR MURRAY

BY FRANK DALLERES

SPORT 29WEDNESDAY 11 APRIL 2012cityam.com

Twenty20 blowas Broad told

he’ll miss IPL

Results

8/2/2019 Cityam 2012-04-11


G E T T Y

LIVERPOOL manager Kenny Dalglishsidestepped another refereeing row last night after an evening of mixedfortunes saw £35m misfit Andy Carroll snatch a late winner but theReds’ goalkeeping crisis deepen.

Carroll headed home in injury time to claim his first PremierLeague goal since January and earnonly Liverpool’s second top-flight win in nine, after Yakubu had hauledBlackburn back from two down.

But the win was tainted by the dis-missal of goalkeeper Alexander Doni, which leaves Brad Jones, who saved apenalty with his first touch, theironly senior stopper for Saturday’s FA Cup semi-final with Everton.

Jones could have seen red too afterconceding a penalty of his own, but

Dalglish, who strongly criticised ref-ereeing decisions in recent Redsgames, dodged the debate.

“We are not going to start talkingabout contentious decisions whichhappened on the pitch because I’venot seen them,” he said. “I’m not try-ing to be evasive; I’m trying to bepractical and factually correct. OnceI’ve seen them I’ll be better educated.”

Victory moved eighth-placedLiverpool to within a point of localrivals Everton and denied Blackburnan escape from the relegation zone, where their rivals all now enjoy agame in hand.

Dalglish rested stars Steven Gerrardand Luis Suarez with Saturday’s Wembley trip in mind, handing arare start to Maxi Rodriguez. The mid-fielder soon made his mark, tappingin twice, from Craig Bellamy’s 13th-minute cross and Carroll’s pass in the16th, to give the Reds a flying start.

In unfamiliar territory, the visitorspromptly capitulated. First, Doni, infor the suspended Pepe Reina, saw red for tripping Junior Hoilett, usher-ing Jones on for his Liverpool debut.


SPORTcityam.com/sport

CHELSEA defender BranislavIvanovic is facing a three-match

ban and QPR have failed in anappeal against Shaun Derry’scontroversial red card after a day of surprising decisions by theFootball Association.

Manchester City striker MarioBalotelli will also face no furtheraction over his knee-highchallenge on Arsenal’s Alex Song,meaning he could return for thederby with Manchester Unitedlater this month.

Ivanovic was yesterday charged with violent conduct over an off-the-ball incident with Wigan’s

Shaun Maloney, in which heappeared to strike the Laticsplayer in the side following atussle. Chelsea have until 6pmtoday to respond to the charge,

which carries a three-match ban if the Serbian is found guilty. Such a

Ivanovic facesban after dayof shock calls

BY FRANK DALLERES

suspension would see him missSunday’s FA Cup semi-final againstTottenham at Wembley, as well asPremier League fixtures against

Arsenal and QPR.QPR, were disappointed to learn

their appeal against Derry’ssending-off in Sunday’s 2-0 defeatat United was rejected. Relegation-threatened Rangers had vowed toprotest the decision immediately after the game, with chief

executive Philip Beard accusing Ashley Young of diving for thefoul, which resulted in a penalty.Derry is banned for one match.

Under-fire Balotelli enjoyedsome respite, however, when theFA confirmed it would not beprolonging his three-match banfor a red card at Arsenal withfurther action. The Italian caughtSong with a studs-up challenge inthe first half, leading tospeculation he could be hit with anine-game ban, but the FA said theincident would not be reviewed asthe match officials had seen it.

Wigan manager RobertoMartinez, angry at perceivedinjustice in Saturday’s defeat atChelsea, has been placated by a callfrom referee’s chief Mike Riley.Martinez felt both Blues goals in a2-1 win were offside, but praised

Riley’s response, calling it “a very honourable way to face mistakes”.

Derry has been banned for one game

Carroll liftsDalglish asReds keeper

crisis growsBLACKBURN...............................2LIVERPOOL.................................3

BY FRANK DALLERES

PREMIER LEAGUE

His instant save from Yakubu’s tamepenalty proved only temporary respite, however, with the Nigerianleft unmarked to head a reply forRovers 10 minutes before half-time.

Jones might have been dismissedtoo, leaving Liverpool with no seniorgoalkeepers, for farcically barging

Yakubu to the ground on the hour.He escaped with a booking but couldnot stop a second spot-kick.

As full-time approached, Englandoutcast Carroll took advantage of defensive chaos by pouncing onDaniel Agger’s flick-on to head hisseventh goal of a turbulent season.

Under-fire striker heads late winner but10-man Liverpool lose another stopper

Carroll (far right) scored his seventh of the season to earn only Liverpool’s second win in n

Bahrain GP will go ahead, says EcclestoneFORMULA One boss BernieEccelstone has attempted to brush aside growing concernsthat this month’s Bahrain GrandPrix will have to be cancelled fora second consecutive year because of security fears.

Ecclestone’s remarkscame after furtherpolitical unrest in thetroubled Arab state, where a home-made bomb injured sevenpolicemen during aprotest near thecapital, Manama,on Monday.

It has beensuggested thatteams do not wantto take part in therace on 22 April,

while activistshave called on

Formula One chiefs to abandon their

contract with Bahrain overhuman rights matters.But Ecclestone said

yesterday: “At this timenow, there are noindications it won’t goahead. None of the teams

have expressed any concern to me – quite the

opposite.“It’s really not up to

me to decide whetherit should go ahead ornot. It’s up to thepeople in Bahrain todecide. At this time,they are notcancelling the event,so presumably they are happy.

“One of the teams

sent a person over there recently,

and they said everything’s perfect,there’s no problem. They’ve been tothe circuit, they’ve been everywherein Bahrain and they are very happy.

“We can’t force teams to take part. They would be in breach of contracts with us if they didn’t, but we woulddeal with that matter as a separateissue.”

Last year’s Bahrain Grand Prix wasinitially postponed and latercancelled altogether amid civilunrest, and Ecclestone conceded toreservations over extending the venue’s contract.

“We have an agreement with thepeople in Bahrain,” he added.“Maybe we wouldn’t renew it. We’llhave to look and see.”

Former world champion DamonHill last week urged motorsportchiefs to reconsider ditching this year’s race in Bahrain, insisting it

risked “creating more problems thanit’s solving”.

BY FRANK DALLERES

Ecclestone admits therace faces uncertainty

Unrest and pomegranate: A history of the Bahrain GPn The inaugural Bahrain GrandPrix – the first in the MIddle East –took place on 4 April 2004, and waswon by Michael Schumacher

n Held seven times in total, lastyear’s race was cancelled amid civilunrest and, despite ongoingconcerns, was reinstated to the 2012calendar and scheduled for 22 April

n Ferrari’s Fernando Alonso is therace’s most successful driver, havingtriumphed three times, while JensonButton is the only Briton to havetasted victory after his 2009 win

n Instead of the customarychampagne, non-alcoholic rosewaterand pomegranate drink Waard is

sprayed during the prize-giving

8/2/2019 Cityam 2012-04-11


31

G

E T T Y

L ARGER than life MarioBalotelli has borne the bruntof the blame for the collapse of Manchester City’s

Premier League titlechallenge, but he is

just one of thereasons for theirdramatic slide, andnot the biggest.

Losing influentialmidfielder Yaya Tourein January during the

African Cup of Nations was a massive loss at animportant time of the season, andhis absence coincided with thestart of their wobble.

The saga of rebel forward Carlos

Tevez’s future, too, following hismonumental row with managerRoberto Mancini and subsequentextended strike action, was like anopen sore and has been a hugedistraction.

Balotelli is of course anotherpart of the puzzle. Jose Mourinholabelled him unmanageable andMancini appears to be starting tofind that to be true. Theflamboyant star must nowconvince City he can mend his

ways or be sold.But the most significant factor

in City’s tumble from the top of the table has been the

waning influence of twinkle-toedmidfielder DavidSilva.

Early in the season, when Mancini’s men were sweeping all before them, Silvamade them far moreeffective and, more thanthat, pleasing on the eye –not an accusation levelled at themin previous campaigns.

He has not been the same playersince the turn of the year, however,meaning City have become farmore predictable and strikerSergio Aguero, so lethal before,has no longer looked a goal threat.

FOOTBALLCOMMENT

TREVOR STEVEN

Broad left short of Twenty20 practice aftercalf injury rules England short-form skipperout of Indian Premier League: Page 29

cityam.comWEDNESDAY 11 APRIL 2012

Buy online at fulhamfc.com or call 0843 208 1234 (option 1)

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All tickets are subject to availability. Terms and conditions apply.

Saturday 21st April(Kick-Off 3pm)

Mancini must take hisshare of the blame too.Perhaps he has rotatedhis squad too much, with Edin Dzeko and James Milner relegatedto bit-part roles when

they might have more tooffer. Tevez was

recalled but hassince been barely

used, which looks likepoor management.

It all means Mancinifaces the prospect of an uncomfortable few

weeks while he waitsfor City’s Abu Dhabi-

based hierarchy to judge

whether he has meritedanother season incharge.

Crucial to theirdecision could be

whether he can engineeran upturn in results andfinish the season with some

optimism restored. On thatnote, he certainly won’t

want to lose theManchester derby laterthis month.

The other questionis: who would replacehim? Mourinho isperhaps the only man

you could be sure wouldimprove results, but I

suspect he’d rejectCity and hold out forthe ManchesterUnited job. Which brings me

onto the champions.Special credit should go to

Sir Alex Ferguson for superbsquad deployment, Paul Scholesand Michael Carrick for quietmidfield efficiency and much-improved goalkeeper David de Geafor making the doubters –including me – eat humble pie.Trevor Steven is a former Englandfootballer who played in both the 1986and 1990 World Cups and the 1988European Championships. He now worksas a talent scout and media commentator.

3 8 P oints C ity took f r omf ir st 14 league games,c ompar ed to 26 f r om

their last 14

8 No team eight

points dow n w ithsix to play has w on

the P r emier League

2 9 Months sinc e C ity w entf our league gamesw ithout w in. T hey ’r e

on thr ee

13 Goals sc or ed by

Aguer o bef or e New Y ear . Only f our

sinc e

4 Number of S ilv a’s12 assists that hav e

c ome in 2012

Silva, not Balotelli, is realreason for City’s collapse

Twinkle-toed midfielder David Silva was a driving force behind Manchester City’s superb start to the season

Bolton 32 9 2 21 36 65 29

QPR 32 7 7 18 35 56 28

Bla ck bu rn 33 7 7 19 4 5 70 2 8

Wigan 32 6 10 16 30 57 28

Wolves 32 5 7 20 34 70 22

BOTTOM FIVETEAM PLD W D L F A PTS

P A

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