cityam 2013-02-04

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New Barclays chief executive Antony Jenkins is

looking for a new finance director following thedeparture of Chris Lucas, the bank said yesterday.

FULL STORY: Page 2

Barclays shake-up

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THE GOVERNMENT is undermining banks’ stability and hitting lendingto businesses and households by threatening to break up the institu-tions, banks warned last night.

Chancellor George Osborne willtoday announce his plan to electrify the ring fence that will sit between banks’ retail and investment opera-tions.

Under the proposal, banks that try to dodge this partial separation will be threatened with a full break-up,as recommended by the MPs andLords of the parliamentary commis-sion on banking standards. The idea is to scare banks into

keeping to the spirit of the new rules, not just the letter of the regu-

lations.“If a bank flouts the rules, the reg-ulator and the Treasury will havethe power to break it up altogether –

full separation, not just a ringfence,” the chancellor will tell anaudience at a JP Morgan office inBournemouth.

“We’re not going to repeat the mis-takes of the past. In America andelsewhere, banks found ways to getaround the rules.

“Greed overcame good gover-nance. We could see that again – so we are going to arm ourselves inadvance. We will electrify the ringfence,” he will say.

But banks warned that hangingthis threat over the industry cannot be good for long-term prosperity.

“This will create uncertainty forinvestors, making it more difficultfor banks to raise capital which willultimately mean that banks will

have less money to lend to business-es,” said Anthony Browne, chief of the British Bankers’ Association.

“What banks and business need is

regulatory certainty so that bankscan get on with what they want todo, which is help the economy grow. This decision will damage London’sattractiveness as a global financialcentre.”

Instead the chancellor argues themove will create more certainty by pushing banks to obey the rules.

He will add that he is trying tomake the sector more competitive by making it easier to switch cur-rent accounts, and that he wants tochange banks’ culture. The chancellor has previously sug-

gested setting up a professional body to monitor bankers in thesame way as the medical and legalprofessions. The speech is being held in

Bournemouth to show that it is notonly the City which benefits fromfinancial services in the UK. JPMorgan is Dorset’s largest private

sector employer, with 4,000 workers.But Labour leaders said the

reforms do not go far enough andcalled for all banks to face being bro-ken up, not just those that misbe-have under the new criteria.

“The government must imple-ment both the letter and spirit of Vickers recommendations and wemust see fundamental culturalchange in our banks. If this does nothappen then banks will need to besplit up completely, as we madeclear in the autumn,” said shadow Treasury minister Chris Leslie.

He also criticised the govern-ment’s plans for 33-times leverageratio cap, which is less tough thanthe 25-times limit that Sir John Vickers proposed.

“Despite all the rhetoric the chan-cellor hasn’t got the appetite for theradical banking reform we need,” heargued.

BY TIM WALLACE

OSBORNE BASHES BANKS

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Follow me on Twitter: @allisterheath

Barclays finance directorannounces his departureBARCLAYS finance director ChrisLucas is to announce hisresignation today, the bank hasrevealed, continuing the clear-outof top executives since the Liborinterest rate manipulation scandal broke last summer.

General counsel Mark Hardingis also leaving the bank.

The resignations come just daysafter it emerged the authoritiesare investigating a 2008fundraising in Qatar, thoughsources close to the bank insist theretirements are not linked to theprobe.

And on Friday chief Antony Jenkins said he will not take a bonus for 2012 as penance for the bank’s PPI, Libor and interest rateswaps crises of recent years.

Lucas has been on the boardsince 2007 while Harding joinedas general counsel 10 years ago.

The search has begun for a new finance director and Lucas willstay in post until a successor isfound – which could take up to a year.

He received almost £4m in 2010and in 2011 in salary, bonus andlong-term incentives, though he isnot expected to get a large payoff on retirement.

“Chris and Mark have given

London skyscraper faces downgradeThe Pinnacle – the partly built skyscraperthat was planned as the tallest in the Cityof London – could be knocked down andbuilt from scratch. With work started on just seven of the planned 63 storeys andprogress stalled for more than a year, thedevelopers are considering a cheaperscheme at the site in Broadgate.

Citigroup hires seniors amid cutsCitigroup has hired one of Europe’s best-known dealmakers as the US group seeks

to add a string of top investment bankerseven as it is sharply reducing junior staff.Luigi de Vecchi, a former Credit Suisse andGoldman Sachs banker, has beenappointed as chairman for corporate andinvestment banking in continental Europe,the US bank will announce today.

European bank bonuses face cutEuropean investment banks are set to cuttheir bonus pools in the coming weeks by20 per cent in a move that will exacerbatethe pay gap with their US rivals. Bankersand consultants estimate banks will cutoverall group bonus levels for 2012 by upto 15 per cent.

Merlin floats idea of New York debutEurope’s biggest theme park andattractions operator could opt for NewYork over London as it plots a possible£3bn-plus stock market flotation, TheTimes has learnt.

Wind farm factory jobs at riskOne of Britain’s biggest renewable energydevelopers has warned that the wind farmmarket is grinding to a halt, riskingthousands of factory jobs. SSE blameduncertainty over government plans.

Parlophone boycotts Google PlayParlophone, one of Britain’s mostprestigious record labels which countsColdplay and Kylie among its artists, haslaunched a boycott of Google’s new musicservice, Google Play.

Concerns over Store Twenty One jobsConcerns are rising about the future of1,000 jobs at discount retailer StoreTwenty One after bailiffs were called to acollection of shops to claim stock. It isunderstood that debt collectors have beencalled by at least two landlords aboutunpaid rent.

Boeing stays course on stretch 787Boeing is expected to begin piecingtogether the next version of itsDreamliner jet in the coming weeks, evenwithout a fix for what has bedeviled theplane’s electrical system.

Spain’s leader aims to stop scandalPrime Minister Mariano Rajoy moved tocontain a scandal over alleged secret cashpayments to him and other leaders of hisparty by promising to disclose his taxreturns and financial assets this week.

CITY hiring jumped sharply lastmonth, rebounding from recordlows recorded in December andhinting there may be some hopethat the pressures on financialservices firms are easing a touch,according to new data out today. A total of 2,509 jobs were created

in January, recruiters Astbury Marsden report today, more thanthree times the 802 created inDecember.

That figure was the lowestrecorded since Lehman Brotherscollapsed and the credit crunchstruck in 2008. And despite therebound, hiring remains well

below the 13,000 per month seen before the famous US institutioncollapsed.

“New job creation in the City has been extremely depressed aspoliticians and regulators haveput enormous pressure on theinvestment banks to scale backactivity,” said Astbury Marsden’sMark Cameron. “The amount of capital investment banks nowhave to maintain on their balancesheets makes them less profitableand that means huge job cuts.

“In fact so damaging have thoseattacks on banks been to the jobcreation agenda that there aresigns, in some areas, that regula-tors are easing off slightly.”

City boosted

by early year jobs pick-up

Chris Lucas, left, and Mark Harding, right, are both leaving

2 NEWS

BY TIM WALLACE

BY TIM WALLACE

To contact the newsdesk email [email protected]

The rich are getting poorer. Yes,

you read that right. The top oneper cent of income taxpayers –an individual needs to earn

£150,000 per year to qualify – willaccount for 11.7 per cent of totaltaxable income this year, down from12.2 per cent in 2011-12. Their income

share peaked at 13.9 per cent in 2009-10, and is now only slightly higherthan it was in the early 2000s. There seem to be a number of rea-

sons for this, starting with the pooreconomy and the crisis in the City.Higher taxes have moved some eco-nomic activity and jobs abroad. Thereis also a reduced incentive for peopleto declare income, and a greaterincentive for them to delay it – so-called forestalling – until the top ratefalls to 45 per cent in April. The top half of taxpayers’ share of

pre-tax earnings has dropped from a

EDITOR’SLETTER

ALLISTER HEATH

Recession and higher tax taking toll on Britain’s top earners

MONDAY 4 FEBRUARY 2013

record of 77.9 per cent in 2007-08 to75.8 per cent, while the bottom half has increased its share from 22.1 percent to 24.2 per cent, its highest sinceat least the 1990s. One partial reasonmay be that there are fewer taxpayers– down to 29.9m this year from 32.5min 2007-08, as the zero-taxed thresh-old has gone up drastically – whichhas biased the figures by removingmany low paid workers.

But these fascinating shifts, allrevealed in updated estimates from

HMRC, destroy a great myth – the ideathat only the poor have suffered andthat the rich have continued to do well. It is, as ever, much more compli-cated. In after-tax terms, which ulti-mately is the only variable thatmatters, the top one per cent’s sharehas fallen precipitously – from 11.2

per cent in 2009-10 to seven per centin 2012-13 – as a result of a spate of taxhikes and is now the lowest of any time in recent history. This continues as one goes down the

income distribution: the top five percent are down from 22.5 per cent in2007-08 to 16 per cent this year; thetop 10 per cent from 31.8 per cent to23.6 per cent and the top 50 per centfrom 75.2 per cent to 60 per cent. These are massive drops, so large

that one suspects that some will even-tually be revised. It is bad news for the Tory party that one chunk of their

will pay £12.31bn in income tax. Thisis down substantially from last year’s£13.88bn, as their taxable income isexpected to slump from £30.8bn in2011-12 to £27.4bn in 2012-13, partly because of reduced bonuses and part-ly because of forestalling, in itself ahugely important story which demon-

strates that the chancellor was silly toannounce his tax cut so long inadvance. Yet the tax take of those on£1m+ remains only marginally lowerthan the £13.93bn handed over by the13.68m taxpayers (and millions moreunder the personal allowance) whoearn £20k or less. Like with every-thing else in British politics, it is timefor a few more facts and a little lessgrandstanding from a position of abject ignorance.

natural supporters – those on higherthan average incomes – are beingsqueezed. Another problem is that George

Osborne’s policies mean that thenumber of 40p and 50p taxpayers willhit 4.127m this year, 13.8 per cent of the total, as a result of the lowering of

the threshold to compensate for thehigher personal allowance. These folk will pay 61.3 per cent of all incometax, up from 54.2 per cent in 2010-11. Those on the very highest incomes

continue to contribute disproportion-ately to direct taxation. The top oneper cent will pay 26.5 per cent of income tax this year, down on last year’s 27.4 per cent but still the secondhighest ever. The 299,000 who earn£150k – up from 284,000 last year – will hand over £152,000 on average,40.8 per cent of their incomes. The 13,000 people who earn £1m+

tremendous service to Barclays,”said Jenkins. “The chairman, the board and all my executivecommittee colleagues and I shall be very sorry to see them go.”

The departure of the twoexecutives means that Jenkins canstart to put a brand new team inplace.

In a few days he is going toannounce details of a new five toten year strategy for the bank, which will focus on makingBarclays a “go-to” bank for retailcustomers.

Lucas, who has suffered from illhealth, joined the bank fromPriceWaterhouseCoopers.

Barclays PLC

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CAREERS: Pag e 1 9 – 22

The new jobs website for London professionalsCITYAMCAREERS.com

WHAT THE OTHER PAPERS SAY THIS MORNING

Sweepingchanges fromnew broom

W HETHER or not thedepartures of ChrisLucas and Mark Harding from Barclays

are related to any ongoinginvestigations (and the bank is very keen to point out thatthey’re definitely entirely separate), the pair were notably among a dwindling number of executives to remain from theera of the bank’s swashbucklingformer chief executive BobDiamond.

Yesterday’s official statementconfirming the news is tellingly shot through with new boss Antony Jenkins’ favourite theme,articulated by words such as“transition”, “inf lection points”and a new “direction of travel”. These are stock phrases that willno doubt pepper Jenkins’ speech when he sits in front of MPstomorrow.

He will be hoping to discussthe bank’s future, as well as tothe past to which Lucas andHarding belonged.

BOTTOM

LINEMARION DAKERS

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THREE, the UK’s fourth-biggestmobile network company, will not

charge a premium for 4G services. The company, which is set tolaunch a high-speed 4G service laterthis year, says it will offer thetechnology as standard rather thancreating separate price plans for 4Gand 3G services.

The move contrasts with thedecision taken by the UK’s first 4Gnetwork, EE, which is chargingcustomers roughly £5 a monthmore than for equivalent lower-speed contracts.

“We don’t want to limit ultrafastservices to a select few based on apremium price and we’ve decidedour customers will get this serviceas standard,” Three’s chief executiveDavid Dyson said.

Three, owned by China’sHutchinson Whampoa, does not yethave the necessary airwaves to runa 4G network.

It is buying a some 4G-approvedspectrum from EE later this year,and is set to win more when anauction of the airwaves is finishedin the next few weeks. However it islikely to end up with less of the 4Gspectrum than its rivals EE, O2 and Vodafone, and will use 4G to top upits current 3G network.

Three pledgesnot to chargeextra for 4G

BY JAMES TITCOMB

THE OWNER of the Orange and T-Mobile phone networks is planningan end-of-year initial public offeringthat could be London’s biggest stock market listing in over two years.

EE, formerly known as EverythingEverywhere, is being prepared for alisting that would raise billions for itsowners, France Telecom (FT) andDeutsche Telekom (DT).

Everything Everywhere was formedin 2010 when Orange and T-Mobilemerged, creating the UK’s biggestmobile company. It has sincelaunched Britain’s first high speed 4Gmobile network under the EE name

and boasts 27m customers.FT and DT, which each own half of

EE, will retain majority control.However, floating a quarter of thefirm could raise as much as £2.5bn,giving the firms a cash injection. AnIPO would be London’s biggest sincecommodities giant Glencore raised£6bn in 2011, and would breathe life

Mobile giant inplan to float on

London marketBY JAMES TITCOMB into a dormant IPO market.EE’s owners have been hit by weak-

nesses in Europe, and slashed theirdividends last year. DT has focused oninvestment in the US and Germany while France’s mobile market has seenprices cut in order to compete. A DT spokesperson said: “DT and FT

have decided to conduct a strategicreview on the asset and consider dif-ferent options with an IPO as the pre-ferred option.” An FT spokesperson didnot comment, although the Frenchfirm has appeared open to floating EE.

RBS looks to IPO 316 branchesas rival bidders offer too littleRBS is set to f loat 316 branches as anindependent bank after failing toget any attractive bids from smaller banks or private equity buyers, itemerged yesterday.

The bank is being forced to sellthe branches, which come with1.8m customers and 250,000 small business accounts, by the EuropeanCommission as part of its state bailout package.

But its initial plan to sell them for£1.5bn to Santander fell throughlate last year, leaving the institution

BY TIM WALLACE scrabbling to find a buyer before theEC’s deadline of the end of 2013.

In recent months it has beenrunning a dual track process,preparing for an initial publicoffering (IPO) and for a sale. It now looks likely to press ahead with theformer after a lack of good offers.

“The IPO is being considered asthe best option for staff,shareholders and customers,” said asource with knowledge of thesituation. “But if a trade buyer cameup with a good enough offer thenthe bank would take that.”

Groups including Nationwide

building society, Virgin Money and JC Flowers were all believed to beinterested, but have dropped out orfailed to offer enough. Analysts believe the sale may raise as little as£500m. RBS declined to comment.

Meanwhile George Osborne ispushing the bank to pay any Liborfine out of its bonus pot. The moverepresents an unprecedentedintervention into the affairs of the bank, which is usually run at arms’length rather than ministerial order.

UKFI, which manages thegovernment’s stake in RBS, declinedto comment.

ADVERTS at this year’s Super Bowlhave hit record prices, with theprice of a 30-second advertisementat the event reaching an average of $3.8m (£2.4m).

Companies including Samsung,

Budweiser and Coca-Cola havepaid US television network CBSaround nine per cent more thanthey did last year for the event,

which was broadcast last night.Following the explosion of video

websites and online marketing,adverts for American football’sseason finale have become many

Super Bowl advertisements hitrecord prices in age of YouTube

BY JAMES TITCOMB times more valuable than just afew years ago, with the short videoclips likely to be played many times over on the internet, addingadditional value.

Technology, food and drink, andcar companies are traditional bigspenders. Most US car

manufacturers are advertising, while BlackBerry is spendingheavily to promote its new rangeof smartphones, which thecompany launched last week.

The Super Bowl is the US’s most- watched television event, with anaverage 111m viewers in the lasttwo years.

MONDAY 4 FEBRUARY 20133NEWScityam.com

Ads for this year’s Super Bowl cost an average of £2.4m for half a minute of airtime

STRICKEN City broker SeymourPierce has cleared a major hurdlein its bid to avoid administrationafter one of its largest creditorsmade it clear he was willing to bepatient about calling his fundsin.

Hopes the 130-year-old brokerage could be saved fromadministration were raised

yesterday after a major Ukrainianinvestor indicated he would be

willing to extend the repaymentperiod of a £3m debt investmentmade last year.

An extension of the repayment

Seymour Pierce has reprieve ascreditor agrees to late payment

BY DAVID HELLIER AND

MICHAEL BOW

period relieves some of theimmediate pressure on the

beleaguered firm, which putadministrators on standby last

week for potential insolvency,making it more attractive topotential buyers.

The unknown Ukrainian outfitploughed money into the historicCity broker last summer in thehopes of buying a substantialstake in the company, only forthe deal to be rebuffed by theFinancial Services Authority.

Seymour Pierce, whose holdingcompany is chaired by prominentfootball financial adviser KeithHarris, has been hunting forinvestment for some months.

Megafon 2012 £1.1bn £7.2bn

Direct Line 2012 £787m £2.6bn

Glencore 2011 £6bn £37bn

Polymetal 2011 £491m £3.55bn

Essar 2010 £1.3bn £5.4bn

EE (est.) 2013 £2.5bn £10bn

LONDON’S BIGGEST RECENT IPOs

Company Yea r Amt. Raised Value

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IN BRIEFChina’s services expand slightlyn Growth in China’s increasinglyimportant services sector rose for thefourth straight month in January,though the slim increase added toevidence that the recovery in theworld’s second-largest economyremains a modest one. China’s officialpurchasing managers’ index for thenon-manufacturing sector rose to 56.2in January from 56.1 in December, theNational Bureau of Statistics saidyesterday.

MPs’ lack of trust threatens banksnOut of all industries MPs trustbanking the least, according to theresults of a new Edelman survey. A netbalance of 61 per cent of MPs distrustthe banking and finance industry. Thislack of trust means banks will find ithard to have their concerns listened toand so could lead to “revolutionarychange to Britain’s banks”, Edelmanwarned, adding to the already weightregulatory burden on the firms. LabourMPs are the least likely to trust banks.

Sales up at Patisserie Valerien Patisserie Holdings, the company

behind Patisserie Valerie cafes, hascapitalised on consumers’ sweettooths with a 22 per cent increase inturnover in the year to September2012. Turnover jumped to £49.5mwhile pre-tax profits rose 28 per centto £5.9m in the same period.Patisserie Valerie is planning to addmore than 20 branches this year.The business is owned by Risk CapitalPartners, chaired by Luke Johnson.

INCOMING Bank of England governorMark Carney will face a grilling fromMPs on Thursday as an influential backbench committee makes themost of its first ever chance to ques-tion an incoming governor.

Carney is set to take up the role thissummer just as the Bank receiveshuge new powers over finance firms. That makes Carney the most power-

ful unelected official in the land andmeans the Treasury Select Committeeis keen to ask him how he will man-age the role.

Earlier comments from the Bank of Canada governor sparked a debate

around the very nature of central banking. Towards the end of last yearhe discussed the possibility of aban-doning inflation targeting in favourof nominal GDP targets.

Sir Mervyn and former monetary policy committee (MPC) member Adam Posen have attacked the idea asit could lead to higher inflation par-ticularly at times of crisis. And Carney also appears to have

disagreed with senior Bank of England figure Andy Haldane over

Carney gettingready for tough

MPs’ questionsBY TIM WALLACE the complexity of banking rules.But more personal matters will also

be discussed, including Carney’s pay. At £480,000, the governor elect has a

much bigger basic salary than outgo-ing governor Sir Mervyn King, as wellas a large housing allowance, and willreceive another 30 per cent of hissalary in lieu of a pension.

Labour MP John Mann has criticisedthe compensation package as “puz-zling” at a time when the Bank is miss-ing its two per cent inflation target,squeezing incomes. And the impact of money printing on pensions is alsolikely to be raised as MPs fear the poorand vulnerable are being harmed by the inflationary policy.

The Bank has struggled to control inflation

Dec‘12Dec‘11Jun‘11Dec‘10Jun‘10Dec‘09 Jun ‘12

3

4

2

1

0

5

6 CPI, annual % change

Is inflation targeting the best way torun monetary policy?Carney has suggested either ignoring thetwo per cent inflation target until growthrecovers or scrapping it in favour of nominalGDP targeting. Both mean higher inflationeven after years of above-target price risesso Carney faces a challenge to convince MPshe has the UK’s best interests at heart.

How will you cope with the Bank’smajor new powers?Ex-policymaker Adam Posen said thegovernor and his deputies already works 18hours every day of the year. Carney will haveto explain how he thinks he can manage theextra burden of regulatory powers.

Are you going to help savers?The Bank of England’s Funding for LendingScheme has driven down savers’ interestrates in the last six months, but only had a

FIVE BIG QUESTIONS FOR CARNEY


Mark Carney will head the Bank for five years – less than the eight years previously expected

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small impact on lending so far –and mainlymortgages. That comes after years of lowrates and high inflation have hit savers hard.Carney will be asked how he plans to helpthis hard pressed, prudent group.

How can you ease tensions betweenyou and other senior policymakers?Carney and rising central banker AndyHaldane have appeared to criticise each

other in recent months. The Canadian will bekeen to show the committee he can defuseany rows and manage a tight ship when hetakes over at the Bank of England, to presenta united and stable front.

How can you justify your pay packet?At a time when the Bank’s policies arepushing up prices and hitting those on lowwage or living off savings, a huge pay packetand housing allowance will attract a lot ofattention, potentially making the sessionuncomfortable for Carney.

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BUSINESS sentiment improved in thefirst month of the new year, as firms bet the UK could put decline behind itand dodge a triple-dip recession.

Confidence hit an 18-month high in January, according to Lloyds Bank’s business barometer, out this morn-ing, with 46 per cent more firms say-ing their trading prospects wouldimprove than saying they would get worse, up from December’s 40 percent margin. And three other data releases

echoed Lloyds’ findings. TheConfederation of British Industry’s(CBI) small and medium enterprisetrend survey, also out this morning,said a nine per cent majority of smallfirms were expecting new orders togrow over the coming three months. A seven per cent majority of the

CBI’s respondents said output wouldrise in the coming quarter, bouncing back from the decline suffered duringthe the three months to January. And the ICAEW/Grant Thornton

business confidence monitor also sug-

Firms’ spiritsup on hopes of2013 recovery

BY BEN SOUTHWOOD gested the UK would avoid the twoconsecutive quarters of contractingGDP that would signal the country was technically in a triple-dip reces-sion. Their index rose from plus 4.2 inthe last quarter of 2012 to hit 12.8 inthe first quarter this year, which they say is consistent with 0.4 per cent GDPgrowth through this period.

Begbies Traynor’s data on financialdistress also projected a more upbeatimage of the economy. The fourthquarter of 2012 saw a 12 per centplunge in the number of firms infinancial distress, the data showed, with 196,636 firms registering signifi-cant or critical financial problems,down from 223,125 a quarter earlier.

But the embattled retail sector wasmuch less optimistic. Like-for-like salesfell 0.4 per cent over the year to January, BDO said today, while overallsales fell some four per cent. The cheery noise coming from busi-

ness may have influenced the Instituteof Economic Affairs’ shadow rate-set-ters, who recommended that policy-makers hike rates 0.25 per cent, thefirst time in 16 months.

Berlusconi was Italian PMfor most of 1994-2011


FIRMS ARE CONFIDENT THE ECONOMY WILL BOUNCE BACK

196,636 FIRMSWERE IN FINANCIAL DISTRESS

IN THE FOURTH QUARTER OF 2012

IN THE THIRD QUARTER OF 2012FROM 223,125

BUSINESS CONFIDENCE

IN THE FOURTH QUARTER OF 2012

IN THE FIRST QUARTER OF 2013

ROSE TO 12.8

FROM 4.2

SOURCE: ICAEW / GRANT THORNTON SOURCE: BEGBIES TRAYNOR

SOURCE: LLOYDS BANK

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Balance of positive over negative responses, % Confidence in their firm

Confidence in the economy

ITALIAN former Prime MinisterSilvio Berlusconi yesterday stakedout the battle lines in theupcoming election, promisingsweeping tax cuts if he iselected.

He said that a centre-right government wouldreimburse a tax onfamilies’ primary residences, freeze VAT,eliminate a regional

business tax, and refrainfrom imposing a

wealth tax.Part of the cost of

Berlusconi promises swathe oftax cuts if he wins Italian poll

BY BEN SOUTHWOOD these giveaways would come fromcutting the cost of government,halving the size of parliament andcutting public finance to politicalparties, he said. Another chunk

would be financed through a taxdeal with Switzerland, the

media baron and AC Milan-owner pledged.

This comes as a review of research, released yesterday,suggested Berlusconi’s gripon the Italian media

boosted his vote share by 5.5to 7.5 percentage points.

TAXPAYERS may be hit with a bill of up to £41bn per year tocover the cost of public sectorpensions, according to researchout today.

This bill would represent£1,600 per family, the Centre forPolicy Studies (CPS) said, due tothe generosity of the pensions

given to state workers.The total payout would come

from £17bn of employercontributions, £15bn to coverthe gap between contributionsand payouts, and at least £9bnfrom the end of contracting-outthe think-tank said.

Taxpayer faces £41bn per yearbill for public sector pensions

BY BEN SOUTHWOODThere could even be a further

£2bn cost from out-of-date life-expectancy modelling the bill’sarchitects are using, the CPSclaimed.

“Lord Hutton claimed that hisproposals for public sector

pension reform would be fair,sustainable and balanced; andthat taxpayers can haveconfidence that the costs arecontrolled,” said CPS directorTim Knox.

“Sadly, none of this is true –taken together, the coalition’spension proposals are unfairand the costs – at £1,600 a yearfor every household – areclearly not controlled.”

THE SPEED of rent growth is set toslow down in 2013, according to asurvey out this morning, due to aninflux of new investment.

Investors are piling into buy-to-let,

the survey from Rightmovesuggested, due to high returns. Twelve per cent of accidental

landlords are looking to boost theircapacity, the survey showed, while 74per cent of professional landlordsplan to invest more during the year.

“Buy-to-let investors, attracted by evidence of sustained demand andstrong yields, will provide muchneeded relief to ‘Generation Rent’,”said Rightmove’s Miles Shipside.

Investment tocut rent hikes

BY BEN SOUTHWOOD

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WM Morrison, the supermarketchain, has bought seven former Jessops outlets from the collapsedspecialist camera chain’s adminis-trators PwC. The UK’s fourth largest grocer

plans to convert the sites into MLocal shops as it begins its assaulton the fast-growing conveniencestore market this year.

Four of the former Jessops storesare in London and three are elsewhere in the UK.

Jessops’s administration lastmonth led to 187 stores closures

and the loss of 1,500 jobs at thechain. The brand and existing stock was

sold last week to a group of buyersincluding Dragons’ Den star Peter Jones, though the deal was focusedon the value of the brand and isunlikely to see Jessops storesreopen.

Morrisons is also in talks to buy a

Morrisons buysJessops stores

for expansionBY KASMIRA JEFFORD further handful of sites from music

chain HMV and video rental serviceBlockbuster, which also collapsedinto administration last month. A spokesperson declined to com-

ment yesterday. The Bradford-based retailer,

which is behind its rivals openingconvenience stores, plans to openup to 70 M Local shops by the end of 2013.

It has launched around 12 conven-ience stores to date, which it alsohopes will help revive sales. The chain last month confirmed

its position as the turkey among“the big four” supermarkets over

Christmas after reporting a 2.5 percent slump in like-for-like sales inthe six weeks through to 30December.

But Jessops fared even worse overthe festive period. PwC was called inon 9 January after nervous suppli-ers pulled the plug, citing worse-than-expected trading during theholiday season.

Morrisons has taken over a handful of Jessops stores, which collapsed last month


A WEAKER sterling has helped to boost demand for central Londonproperty among European buyers,according to data published today

by Knight Frank.The property consultancy’s

monthly report shows property prices in prime central Londonrose 0.4 per cent in January, asoverseas buyers looking for a safehaven for their money continuedto drive demand for luxury homes.

Liam Bailey, head of residentialresearch, said the drop in the valueof the sterling has also madeinvesting in the UK more attractive.

“While prices for prime central

London property increased 0.5 percent since November currency

Sterling slide boosts overseas

demand for London propertyBY KASMIRA JEFFORD movements mean that for euro-

denominated buyers property values have actually declined by four per cent in that time, makingentry into the market moreaffordable for European buyers,”he said.

Knightsbridge remained the best performing region in terms of price growth, reporting a 1.5 percent rise during January.

Notting Hill, which has seenprices steadily decline sinceSeptember, reversed some of theselosses with 0.8 per cent price

growth in January.Knight Frank said its outlook

for 2013 remained unchanged andit does not expect any significant

price movement in the primecentral London property market.

FAT FACE HIRES SIR STUART ROSESIR Stuart Rose,the former bossof Marks &Spencer, has beenappointed aschairman ofclothing brand FatFace, less thattwo weeks afterbeing named asthe new chairman

of online groceryfirm Ocado. SirStuart will takethe helm at theprivate equity-owned group inJuly, replacingAlan Giles, whowill step downafter seven yearsin the role.

7/29/2019 Cityam 2013-02-04


10 NEWS cityam.com

A US online advertising company willtoday announce plans to raise up to£12.5m on London’s AlternativeInvestment Market (Aim) as a spring- board for expansion into Europe.

Digital Global Services (DGS), which buys advertising space on searchengines and Facebook for telecomscompanies, is looking to float in mid-February despite not yet having apresence in the UK.

Chief executive Jeff Cox told City A.M. that despite a dearth of recentLondon technology flotations, heexpects strong demand for theshares. “If you look at our

finances, it’s a strong growthcompany, we are highly cashgenerative and we pay divi-dends,” Cox said.

DGS will use the £9m-12.5m itexpects to raise to launch opera-tions in Europe, starting withGermany, France and the UK. The Colorado-based company ishoping to expand based on a rep-utation acquired by servingnine of the biggest 10 US

US web ad firmto raise £12.5m

in London IPOBY JAMES TITCOMB telecommunications companies andMexico’s three biggest operators. The firm has capitalised on the

increasing competition for onlineadvertising space as more peoplesearch the internet for deals. DGS’stechnology selects the best advertis-ing slots to bid for on Google,Facebook and other search enginessuch as Yahoo and Bing, in an attemptto drive sales. The company can also handle other

parts of the sales process, for example by operating call centres. It then takesa fee for each sale completed, thus

eliminating the risk of adver-tising for the seller.

The company has been

profitable since 2009 –the year after it wasfounded – and it saw revenues grow by 65per cent last year. As well as expanding

in Europe, DGS will usethe cash to improve its

operations in Latin America, and also branch

out into offering servicesto other utilities

clients such as gasand electricity

companies.

Digital Global Services is being advised bysmall and mid cap company brokers N+1Singer for its listing on London’s AlternativeInvestment Market.The advisory firm was created in July lastyear from the merger of Singer CapitalMarkets and N+1 Brewin, in a deal that madeit one of the top small and mid cap brokersin the UK. DGS’s listing will be one of themost significant in N+1 Singer’s time as a

joint company. The team advising the USadvertising firm is being headed up byShaun Dobson, the broker’s head of corpo-

rate finance. He joined Singer Capital mar-kets in 2009, following positions atLandsbanki Securities, Bridgewell and RWBaird. Dobson also advised British technol-ogy firm blur on its October IPO and recent-ly helped N+1 Singer win a contract tobecome house advisers to PortaCommunications.Joining Dobson on the team were N+1’sAubrey Powell, a director of corporatefinance who joined last year after a 12-yearstint at Panmure Gordon, and Matt Thomas,who worked at Singer Capital Marketsbefore the merger.

ADVISERS DGS’S LONDON LISTING

N+1 SINGERSHAUN DOBSON

BIG-NAME London hedge fundsOdey Asset Management andEgerton Capital are among thoseupping their bets against Montedei Paschi di Siena in recent days,after revelations the troubledItalian bank faces heavy losses.

Italy’s third-biggest bank isunder investigation for an opaqueseries of derivatives andstructured finance contracts

between 2007 and 2009 that couldcost it €720m (£625.9m).

The scandal surrounding the world’s oldest bank, which isalready in need of a €3.9bn state

bailout, has become a campaignissue three weeks before Italy holds national elections.

Shares in Monte Paschi arenow the most in demand in Italy’s

Hedge funds build positions in

crisis-hit bank Monte dei PaschiBY CITY A.M. REPORTER FTSE MIB blue-chip index forshort-selling by hedge funds, with75 per cent of those of its sharesavailable to borrow – the “lendingpool” supplied by institutionalinvstors – now out on loan,according to data group Markit.

Prime brokers, who providefinance and lend stock to hedgefunds, have had to meet some of the demand for shares in the 540-

year-old Tuscan lender from theirown supplies, such has been theinterest from short-sellers.

Egerton took a short positionof 0.68 per cent of Monte Paschion 24 January, according to the

website of Italian regulatorConsob, and had increased this to0.97 per cent by Friday.

Meanwhile Odey took a

position of 0.57 per cent on 24 January.

Chief executive JeffCox wants up to £12.5m

7/29/2019 Cityam 2013-02-04


FORMER Tesco boss Sir Terry Leahy was in charge of the playlist yesterday,getting listeners dancing in the aisles by mixing folk with Handel’s Messiahon Radio Four’s Desert Island Discs.

Sir Terry began his Tesco career as ashelf-stacker in Wandsworthand rose to become chief executive of the grocerfrom 1997 to 2011.

Now chairman of theretailer B&M Bargains,the Liverpudlian toldhost Kirsty Young thatthe loss of his supermar-ket heavyweight status

was a pleasure as he had“never enjoyed the lime-light”.

However itseems that

despite leaving the firm over a yearago, he is still loyal to the Tesco brand:“I actually bribe my children to informon my wife Alison if she ever goes to Waitrose,” he confessed.

Sir Terry takes a tough-love stance onthe plight of the high street. Whenasked if the decimation of little highstreet butchers made him sad, he saidit was “part of progress” and that“high streets are medieval and the way we live now is very different. If [the butcher] was good enough, it couldsurvive.”

Ever the humble man, Leahy pickedtea as his luxury item to take with him

as a castaway. Tesco’s own brand, pre-sumably.

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One Lombard Street, the stalwartCity diner started by former

Merrill Lynch and Goldman Sachsbanker Soren Jessen, has been runninga competition for one thirsty patron todesign a new cocktail. The signaturetipple will be served in the 1776restaurant and The Capitalist can revealthat the winner, chosen by judgesincluding Jessen and celebrity chef TomParker Bowles, is Chloe Pripachailo witha gin-based pear and lavender drinkcalled the 1776. To win the coveted prizeshe fended off stiff competition (pardonthe pun) from a marmalade-based ginconcoction and a spicy Bourbon with apink peppercorn syrup mixer.


cityam.com/the-capitalistTHECAPITALIST EDITED BY CALLY SQUIRES

Got A Story? [email protected]

Former Tesco chiefexec Sir Terry Leahy

Left to right: Judges Bill Knott, Jennie Rae and Tom Parker Bowles with cocktailcompetition winner Chloe Pripachailo and One Lombard founder Soren Jessen

No Waitrose forSir Terry’s wife

7/29/2019 Cityam 2013-02-04


MONDAY 4 FEBRUARY 201312 NEWS cityam.com

The HAILO app.Black Cabs just got easier.

MORNING UPDATE

Sign up toour 10:30amnewsletter atcityam.com

THE platinum-rich country has been forced into the spotlight forall the wrong reasons over the pastsix months. Violent strikes took

place across South Africa’splatinum belt last summer,culminating in a showdown atMarikana, outside Johannesburg,that left 45 people dead.

Blue chip miner Anglo American recently announced ahuge overhaul of its South Africanplatinum operations, threateningup to 14,000 jobs, to stop its business from leaking cash.

Prices, meanwhile, are underpressure from sluggish Europeancar demand. With all these sparksflying, is South Africa still acompelling place to invest?

Anglo American Platinum’slong-awaited review into itsoperations was met with fiercecriticism from the governmentand workers, although investors welcomed the plan to cut Amplats’platinum output by almost a fifth.But its restructuring could be apositive step for the region,according to Travis Hough of Kemet Group, which advises African governments on naturalresources policy.

“Anglo American is closingshafts and laying off people, but when the economy perks up, where are they going to getresources from? We must keepprojects ticking over,” Roy Pitchford, founder of Zimbabwe-focused business Ferrex, told City

A.M., adding that Africa will “willplay a really big part in resourcesgoing forward”.

South Africa has come under a

degree of suspicion from investors, with mining increasingly seen astoo political. “Miners are sick andtired of all the bureaucracy – they just want to dig stuff out of theground,” a source with knowledgeof the country said. “South Africacould lose out because of this.”

A poll by FTI Consulting out yesterday showed that 80 per centof the South Africans it surveyed

see bribery and corruption as the biggest threat to foreigninvestment. Labour problems areseen as an obstacle by 70 per cent.

Jonathan Harris of ZambaBauxite – which develops bauxitein Cameroon – agrees that theissues are mainly political, as theSouth African minister of mines“gets involved with everything”.“We need to get over that first,” hesays. “There’s a huge disparity in wealth, and then there’s theperception of western-typecompanies like Anglo American,

which is seen as foreign.”Martin French, non-executive

director of Sub Saharan-focusedNorth River Resources, is

optimistic on the fortunes of thenation, though he concedes thereare downsides to working there.“The infrastructure is poor, andnationalism is alive in large partsof South Africa, so there’s a degreeof unpredictability,” he adds.

The ongoing political pressuresmean South Africa has becomeless attractivre to some. “It used to be the easiest place to do business but it’s a less stable place to be atthe moment, although there arestill a lot of opportunities across Africa,” counters Simon Raggett of consultancy Strand Hanson.

If the market is buoyant, retailcustomers snap at the heels of the African junior mining stocks. But,as Raggett highlights, there arealmost no brokers raising money for mining projects, as the funding just isn’t there. And that’s why Indaba, where 7,000 delegates areheading, is so key: deals are done,contacts network and it provides agreat chance to clinch that all-important fundraising for projects.

“It’s going to be a better year inthe markets. It’ll still be difficult, but it’ll be a better year than last,”said John Theobald, executivedirector and chief exec at miningroyalty group Anglo Pacific.

And as for the fortunes of South Africa, it still looks like a waitinggame.

The world’s miners gettogether in Cape TownSouth African instabilityis the main focus thisweek as the world’sminers descend onCape Town for theannual Indaba miningconference, writesCathy Adams The Marikana platinum mine has been the focal point of worker disquiet

It’s a less stableplace at the momentalthough there are stilla lot of opportunities....

‘

7/29/2019 Cityam 2013-02-04


HEATHROW is set to unveil a £3bnexpansion plan later this month which will see it invest in terminalfacilities, despite continued uncer-tainty over the future of airportexpansion.

However, Heathrow is also expectedto unveil a substantial hike to theamount it charges airlines to use itsfacilities, up from the existing £17 perperson, potentially pushing up thecost of flying. The investment programme is

scheduled for the 2014 to 2019 period,during which time the government will announce its plans on expandingrunway capacity in the south east of England. This could see Heathrow lose its status as the UK’s hub airport but it intends to push on regardless with extending its terminals, addingmore gates capable of hosting the Airbus A380 super jumbo and improv-ing baggage handling facilities.

Heathrow, the company formerly known as BAA, said yesterday further

Heathrow eyes

£3bn boost forinfrastructureBY JAMES WATERSON details of the infrastructure invest-

ment would be unveiled at the end of this month.

On Friday Sir Howard Davies, chair-man of the commission set up by thegovernment to consider the future of Britain’s airport capacity, said he would consider a proposal by thePolicy Exchange think tank to buildtwo new runways at Heathrow, despitefierce opposition from west Londonresidents.

Davies has been told to report hisfindings after the 2015 general elec-tion, ensuring the issue does not dam-age relations within the coalitiongovernment but also infuriating busi-ness leaders who want a swift deci-sion.

Mayor of London Boris Johnson hasrepeatedly campaigned against expan-sion of Heathrow in favour of buildinga new hub airport in the Thames estu-ary. But it is understood that he is com-ing around to the idea of expandingStansted airport to meet demand onthe basis that it is a more achievableaim.


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BREWING COMPANY

Ultra ElectronicsThe security, defence and energycompany has appointed MaryWaldner as its group financedirector. She is currently director,group finance at QinetiQ Group,and has previously served asgroup finance controller at 3i.Waldner additionally spent 10

years in senior roles at British Airways.

LinklatersWilliam Kirschner has been elected partner in the law

firm’s Asia corporate practice. He joins from White &Case, where he has been a partner since 2008.Kirschner is a mergers and acquisition lawyer in Asia,and has a particular focus on Indonesia.

Parity GroupThe business solutions firm has appointed SuzanneChase as executive director and general counsel. Shewas previously group general counsel and company

secretary at Morse. Chase has held a number of seniorbusiness and legal roles, including compliance partnerat King Sturge, group general counsel and companysecretary at the Big Food Group, and general counsel atWickes.

Association of Investment CompaniesThe investment association has appointed WilliamHemmings to its board. He is currently head of closed-ended funds at Aberdeen Asset Management.Hemmings has been involved with the management ofinvestment companies since 1990, and has been amember of the Association of Investment Companies’Managers Forum for several years.

KeystoneThe law firm has recruited ten additional solicitors. Thenew hires include Joanna Bullard, who joins Keystone’sreal estate commercial property team from Thomas

Eggar. Nia Jones joins from Hanne & Co Solicitors,where she was head of private clients. Clare Lucas joinsfrom Motorola Mobility, where she was seniorcommercial counsel. Lucinda Russell-Jones joins fromDLA Piper, where she was a senior associate. AndNicholas Tall joins from Speechly Bircham, where hewas a partner.

Alvarez & Marsal

The professional services firm has appointed OsmanKhan as a managing director in its transaction advisoryteam. He previously worked in PwC’s transactionsservices practice, and has over 15 years’ experience inproviding mergers & acquisitions due diligence.

WHO’S SWITCHING JOBS Edited by Tom Welsh

+44 (0)20 7092 0053morganmckinley.comSPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT

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TWO US pension funds have filed alawsuit against BlackRock, allegingthat the world’s biggest assetmanager had “looted” securities-lending revenues from iSharesexchange-traded funds investors,and breached its fiduciary duties.

In the suit, filed in Tennessee,the pension funds allege thatseveral iShares ETFs spent funds on“grossly excessive compensation” toagents affiliated with the ETFs, as

well as on other agents, and they want to recover the funds forinvestors.

BlackRock president RobertKapito and iShares chairmanMichael Latham are named asdefendants in the suit. BlackRocksaid yesterday the complaint was

without merit, adding it will“contest it vigorously”.

BlackRock inUS iShares row

BY CITY A.M. REPORTER

FORMER customers of Jon Corzine’scollapsed brokerage MF Global would recover most, and probably all, of their money under the latestprojections by the trusteeliquidating its bankrupt parentcompany.

In a court filing late on Friday,trustee Louis Freeh, the former FBIchief, outlined an amended versionof a plan for how to divvy up MFGlobal’s assets and distribute themamong various creditor classes.

Freeh projected MF Global’s US broker-dealer unit could have up toa $120m (£76m) surplus, which would mean full payback for thetraders whose money was frozen when the brokerage went bankruptin October 2011. But Freeh also said

the broker-dealer unit could windup with a $6m shortfall.

MF Global cashto be returned

BY CITY A.M. REPORTER

7/29/2019 Cityam 2013-02-04


MONDAY 4 FEBRUARY 201314 cityam.com

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LONDON WEEK AHEAD

OCADO will be in the spotlightthis week as the online grocerreveals whether it is edgingcloser to making a profit.

The firm has recently hired SirStuart Rose as chairman and is alsogearing up to open a second distribu-tion warehouse in Warwickshire.

Ocado, which was founded in 2000,is yet to go into the black. But it said itenjoyed a very merry Christmas afterposting a 14 per cent rise in gross salesto £91.6m in the six weeks to 6 January.

Incoming Bank of England governorMark Carney is also likely to grab theheadlines on Thursday as heannounces his intentions to MPs onthe Treasury Select Committee. And on the same day both the Bank

of England’s Monetary Policy Committee (MPC) and the EuropeanCentral Bank (ECB) will announcetheir latest monthly decision on inter-est rates and quantitative easing (QE).Economists expect no change foreither.

“We expect the MPC to keep its QEprogramme on hold in February, “said Philip Rush of Nomura.

“The Inflation Report forecast isunlikely to convince many membersthat more needs to be done whenmost of the news has been positive inrecent months. However, we wouldnot rule out more being done. And just because we expect no new pur-chases does not mean we expect nogilts to be bought.”

In other economic news, the latestBritish Retail Consortium (BRC) survey of the high street will point to how much effect January’s snowy weatherhad on retail sales. Construction andservices PMIs will also shed light on

how well the economy is faring, whilea Halifax house prices survey and fig-ures for new car registrations in January will give an idea of how much

consumers have got to spend. Furthereconomic cheer comes today from theLloyds Business Barometer, whichshowed an 18-month high in confi-dence, with businesses betting theirtrading prospects are improving.

Randgold Resources is set to reportits final figures today, at the start of a busy corporate reporting week.

Tomorrow’s line-up of yearly figuresincludes those of ARM Holdings, BP,BG Group andSt Modwen Properties.

On Wednesday GlaxoSmithKlineand Wolfson Microelectronicsare setto give year-end figures, whileHargreaves Lansdown, Daily Mailand General Trust, Grainger,Quintain Estates, Homeserve, WS

Atkins and Canaccord Financial willall update the market.

Smith & Nephew and Beazley willalso give final results on Thursday, with further announcements expect-ed from Vodafone, Compass Group,

Avon Rubber, SuperGroup, ThomasCook, ICAP, TUI Travel andBellway .

On Friday Cable & WirelessCommunications will report.

Ocado to revealits progress onroad to profits

CITYYOUR ONE-STOP SHOP

BROKER VIEWS ANDMARKET REPORTS

FTSE

1 Feb28 Jan 29 Jan 30 Jan 31 Jan

6,360

6,3406,350

6,3206,330

6,2806,2906,3006,310

6,347.241 Feb

DASHBOARD

Great rotationmay be just abullish January

W ALL Street’s current jubilantnarrative is that a rush intostocks by small investors hassparked a “great rotation”

out of bonds and into equities that will power the bull market to new heights. That sounds good, but there is a

snag: The evidence for this is a few weeks of bullish fund flows that are

hardly unusual for January. The S&P 500 rose five per cent in

January, its best month since October2011 and its best January since 1997,driving speculation that retailinvestors were flooding back into thestock market. Heading into another busy week of earnings, the equity market is now knocking on the doorof all-time highs.

Late-stage bull markets are typically marked by an influx of smallinvestors coming late to the party –such as when your waiter starts giving you stock tips. For that to happen youneed a good story. The “great rota-tion”, with its monumental tone, isthe perfect narrative to make you feellike you’re missing out.

Even if something approaching a“great rotation” has begun, it is notnecessarily bullish for markets. Those who think they are early to the party may actually be arriving late.

Investors pumped $20.7bn intostocks in the first four weeks of the year, the strongest four-week runsince April 2000, according to Lipper.But that pales in comparison with the$410bn yanked from those fundssince the start of 2008.

“I’m not sure you want to take a cou-ple of weeks and extrapolate it into whatever trend you want,” said TobiasLevkovich, chief US equity strategist atCitigroup. “We have had instances where equity flows have picked up inthe last two, three, four years whenmarkets have picked up. They’ve gen-erally not been signals of a continua-tion of that trend.”

BESTof the BROKERS

TUI TRAVELPanmure Gordon’s Simon French has reiterated his “sell” rating on TUI Travel aheadof Thursday’s interim results statement. Issuing a target price of 245p, he believesthe aborted bid from TUI AG “highlighted that the parent company does not want topay a premium for control of this minority”. Despite this he expects a strong updateas Britons booked foreign holidays due to the miserable weather at the end of 2012.

TATE & LYLEAlicia Forry at Canaccord Genuity has restated her “buy” rating on Tate & Lyle with atarget price of 900p, despite Friday’s results failing to meet expectations. In spite ofstrong price increases in the US market the company was hit by a decline in theEuropean market for artificial sweetener Sucralose. Canaccord Genuity insists the“shares are still trading at a discount to our sum-of-the-parts based valuation”.

ROYAL DUTCH SHELLSeveral brokers downgraded oil giant Shell following last week’s results butTheepan Jothilingam at Numis has issued a “buy” rating with a target price of2,500p. He has concerns about the performance of the oil giants but says Shell is thebest of the bunch due to “long-term growth options within a deep and impressiveresource base together with a strong technology set”.

TUI Travel PLC

28 Jan 29 Jan 30 Jan 31 Jan 1 Feb

p298

296

294

292

290

297.001 Feb

Tate & Lyle PLC


p840

830

820

810

00

790

804.001 Feb

Royal Dutch Shell PLC


p2,3252,300

2,275

2,250

2,225

2,250.001 Feb

THE WEEK AHEAD

7/29/2019 Cityam 2013-02-04


THE defining characteristic of London’s success in recenttimes is its internationaloutlook. New census data vividly demonstrates this fact,

by showing that more than 100different languages are now spokenin virtually every London borough.

Skilled individuals from across theglobe choose to call the capitalhome. This pool of talent is, in turn,a key attraction for multinationalinstitutions, particularly in the City.Leading financial and professionalservices firms locate here becausethey can hire the best – regardless of nationality.

This makes reports suggesting thatBritain is losing out on potentially

significant revenue from Chinese

IN HIS speech on Britain’srelationship with the EU, DavidCameron reminded us thatEuropean politics is stillcharacterised by a competition for

influence in pursuit of the nationalinterest. There is, of course, no longera military dimension to that contest. A common European market andcommon institutions have weakenedthe link between economics, military power and political influence. Theproblem is that the rest of the world

looks quite different. The troublesome link between eco-

nomics and international security endures across the world. And thereare two trends that currently give riseto concern: economic weakness in the West, and the rise of the rest.

With all the focus on saving the euro,little analysis has been directed at thelong-term security implications of theEurozone debt crisis. But recent devel-opments betray disturbing deficien-cies. Although Europeans were quick toassert a leadership role in the Libyancrisis, for instance, it soon became clearthat they lacked essential capabilities,

cityam.com/forum

During conflict in

Libya, Italy withdrew itsaircraft carrier due tolack of funds to buy fuel

THEFORUM

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.

‘

16MONDAY 4 FEBRUARY 2013

JAMES W DAVIS

Crisis in the Eurozone is brewing upsecurity problems for years ahead

or even the munitions, to sustain theirmission. Perhaps the best, or most dis-tressing, example was provided by theItalians. They were forced to withdraw

the aircraft carrier Garibaldi from thecampaign because they could nolonger afford the fuel needed to keep itat sea.

For many, the solution to maintain-ing military effectiveness in an era of shrinking resources is pooling andsharing. But this presumes there issomething left to pool and share. Taketanker aircraft, for example.Europeans have discussed the need to build an independent aerial refuellingcapability for years. The results are now on display in Mali. French officials were forced to ask the US for tankersfor the operation. As one unnamed

French official put it, “our command-ers feel much more comfortable, whenthings are not going to plan, to havesupport from the Americans very quickly”.

But the Americans are now retrench-ing. The Pentagon may have beenspared draconian cuts, as the US gov-ernment narrowly avoided the “fiscalcliff”, but Barack Obama still intendsto bring America’s global commit-ments into line with its fiscal capabili-ties. This means sizeable reductions in

defence spending, and a redirecting of resources to parts of the world thatseem less stable than Europe. It alsomeans asking weakened allies to domore. At least for the remainder of Obama’s presidency, the desire to draw down US debt will diminish America’s willingness to take on new commit-ments.

Of course, it wasn’t long ago that American weakness promptedobservers to herald the dawn of a new multi-polar order – that, as the US andEurope ended their roles as guardiansof global security, others would standup to the task. But the assumption

behind this view – that BRIC countries would continue to rise rapidly, and US would fall into relative decline – seemsout of date. Today smart observers notethat growth rates in many BRICnations are declining, while theprospect of energy independence inthe US is likely to fuel a new period of sustained economic growth. Moreover,

it appears that China will grow old before it grows rich. Will an ageingsociety, with low per capita income,have the stomach to challenge the USand its allies in pursuit of politicaldominance?

In this unstable context, understand-ing the links between the uncertaineconomic fortunes and political ambi-

tions of aspiring regional players is key to devising a strategy for preservingglobal peace and security.

But if understanding the goals of these states, and reconciling them with the existing institutions of theinternational system, is essential toavoiding conflict, the task is made dif-ficult by a lack of transparency inBeijing, Moscow and Tehran. We do notknow enough about how the Chinese,Russian or Iranian leadership see the world, and their place within in it. In

any event, integrating aspiring powersto the liberal economic order presup-poses that this order holds the promiseof prosperity for all. It will also requirethe continued leadership of the West, with the US at the fore.

In his speech on the EU, Cameronsuggested that the goal was no longer“to win peace, but to secure prosperi-ty.” In a globalised economy, it is hardto see how we can enjoy one withoutthe other. James W Davis is professor of political sci-

ence and director of the Institute of PoliticalScience at the University of St. Gallen,Switzerland.

visitors, due to a restrictive visaregime, a serious concern.

This is an issue that affects notonly tourists but also business visitors from China and elsewhere. The recent announcement fromDowning Street – that it plans toreduce bureaucracy and make iteasier for Chinese individuals tocome to the UK legitimately – is

welcome. But more needs to be done.

In order to prove the UK is openfor business, we need a visa regimethat is fit for purpose. Of course,adapting the current system to meetthe realities of a fast-changing globaleconomic landscape presents amajor challenge. But it is one wemust meet urgently.

Despite Europe continuing todominate the headlines, it will becentres in Asia and Latin Americathat drive growth in financial andprofessional services over thecoming years. This makes itimperative for the government totake a serious look at obstacles totrade – including visa policy – withthese regions and then toimplement reforms.

Just last week, we hosted a major

conference at Guildhall focusing onfinancing India’s infrastructure. Aspart of its current five year plan,India projects a need for investmentof $1 trillion (£631bn) ininfrastructure – with 50 per centcoming from the private sector. Thispresents considerable opportunitiesfor City firms across the supply andfinancing chain, providing that thegovernment of India can offer theright conditions for internationalinvestors to participate

Meanwhile, new figures published by the City of London Corporationshow that the London renminbimarket grew significantly in the firstsix months of 2012, with transaction volumes in foreign exchange up 150

per cent overall, and trade services

growing strongly. Confidence inLondon as an international centrefor services and productsdenominated in the Chinesecurrency has been further boosted by the Bank of England indicating itis, in principle, ready to agree a swapline with the People’s Bank of China.

This international outlook is whatmakes London stand out against itspeers. When it comes to foreignexchange, for example, twice asmany US dollars are traded in the UK than in the US, and twice as many euros as in the Eurozone. In order toretain this advantage, however, weneed to match the open for businessrhetoric with action on visas.

Mark Boleat is policy chairman at the

City of London Corporation.

CITYMATTERS

MARK BOLEAT

Britain needs action on visa restrictions to stay open to international business

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7/29/2019 Cityam 2013-02-04


17MONDAY 4 FEBRUARY 2013

London by night[RE: Tube could run until 2am, says transport boss , Thursday]Last week’s announcement that LondonUnderground will run extended weekendTube services is a boon for businessesacross the capital. It is also positive forbusinesses like Addison Lee, as we alsobenefit from Londoners being able to getaround at busy times. Like everyone inLondon, I wish that we could introducethe changes right now, rather than waituntil 2015. The greatest city in the worlddeserves the greatest transportationnetwork. And it is exactly this sort ofinitiative that can help unlock economicgrowth and boost enterprise in thecapital.

Liam Griffin, managing director, Addison Lee

German efficiency[RE: Seven reasons to like the plc model of company ownership , Friday]The public company model is essential.But it is also worth looking at the venturecapital market, which seems to facilitate ashort-term strategy in the UK (build acompany up, then cash in when it is readyto float). This model hinders innovation,instead favouring short-term profit.Contrast how companies are financed inGermany. Its banks take a comprehensiveview of financing enterprise. They providemore funding, and also take a longer-term view. This is one of the (many)reasons why Germany keeps developingnew technology, and German corporatesare such successful exporters.

Michael Fourie

TRANSPORT for London hasraised the prospect of theUnderground running until2am at weekends. Starting in2015, this could deliver a

signifciant boost to London’s £8bn a year dining, drinking andentertainment industry, and wouldprovide a boon to the thousands of Londoners who flock to the WestEnd for a night out. This isn’t the first time timetables

have been extended. In 1902, theMetropolitan Railway Company rantrains until 2.30am to cater for KingEdward VII’s coronation celebrations.During his reign, late night “theatrespecials” ran until 1am to whisk the-atregoers back to the suburbs. Andfor decades, the Tube has run allnighters on New Year’s Eve.

But in these latest plans, late nightservices would be regular – a huge breakthrough. For years, mainte-nance and industrial relations havemade night running problematicand expensive. Ken Livingstone triedto introduce it. Boris included it inhis 2008 transport manifesto. Butuntil recently not much changed.

International observers may won-der what all the fuss is about. Othercities, including Chicago and New York, run services twenty-four hoursa day. Berlin operates all night at weekends. On the Paris Metro, servic-es run well past 1am. London’s lasttrains run from central London at12.40am.

So why has it taken until now formore concrete plans to be floated?Perhaps crucially, the Olympicsraised public expectations. DuringLondon 2012, the Tube ran an hourlater every night of the week. It oper-ated earlier on Sundays and clockedup hours of reliable service. London’stransport system showed thatimprovements can be delivered.Commentators rightly asked, if later

Should France’s economic weakness be acause for increasing concern in the Eurozone?

YESFrench economic weakness is not only apparent from its very high

unemployment figures and persistent lack of growth. It’s even morestriking when you analyse leading indicators like manufacturingpurchasing managers’ indices –the worst of all Eurozone countries,except for Greece. France’s manufacturing downturn is accelerating,with both output and new orders contracting at the fastest pace forover three and a half years. This is a direct consequence of France’slack of economic competitiveness. Gains in externalcompetitiveness in the PIGS nations (Portugal, Ireland, Greece andSpain) have also been associated with larger fiscal adjustment,which is still lacking in France. Worryingly, the country lacks a senseof urgency. If the government continues on its current course,France will slide towards a recession in 2013.Yannick Naud is portfolio manager at Glendevon King Asset Management.

Yannick Naud

NONicholas Spiro

While France’s economy is flirting with a recession, its deep and

liquid government bond market –a gauge on how risky investorsthink a country is – is still considered relatively safe. This is relievingpressure on the Hollande government to implement much-neededstructural reforms to close the competitiveness gap with Germany.While the government’s recent labour reforms are a step in the rightdirection, they will still be insufficient to boost job creation and putan end to France’s dual labour market. The weakness of theeconomy undermines France’s fiscal credibility, making it even moredifficult to carry out structural reforms. But France is unlikely tosuffer a run on its bond market, even though its sickly economyremains a source of concern for investors. Benchmark yieldscurrently stand at 2.3 per cent, which is a sign that it’s not all doomand gloom for the country.Nicholas Spiro is managing director of Spiro Sovereign Strategy.

Tubes and smoother traffic were pos-sible for athletes and spectators, why not every day for Londoners?

Part of the answer also lies in thehuge levels of investment that arestarting to pay off. Catching up on years of underfunding, new track and electronic signalling systemsshould be generating efficiencies. If fewer hours are required for inspec-tions and repairs, there is more timefor trains to run. In addition, Tubedrivers and other staff may well beprivately enthusiastic. There couldalso be fare box benefits too.

London’s two mayors have deliv-ered significant improvements to thetransport system. Smart ticketing(Oysters), congestion charging andthe Boris bike hire scheme haveproven successful; new Routemastersare on the way. For years, extendinghours on the Tube was thought to betoo difficult. Londoners and their city representatives are choosing to dis-agree. There should now be a contin-ued push to tackle long-standingobstacles to how London moves. Taming buses in Oxford Street, build-ing new river crossings to the eastand running the Tube and buses onChristmas day all come to mind.

London faces fierce rivalry forinvestment and talent. Later runningon the Tube at weekends is the sort of quality of life factor that will help tokeep the city competitive. Thanks tothe Olympics, it may be a Games lega-cy that Londoners finally get to keep. Alexander Jan is global head of Arup’s

transactional advice team for transport.

ALEXANDER JAN

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18MONDAY 4 FEBRUARY 2013 cityam.com

W HAT are the three wordsin the English language beginning with Dw? Our boozey boys’ lunchsuddenly took an

intellectual turn when someonelobbed in this cracker of a question.Our bodies momentarily froze and we stared into the distance, slightfrowns, deep in thought,competition now upon us. “Dwarf!”someone yelled, and at first Ithought he was commenting on my height, but he was just triumphantto find the first word. As the mentalsearch continued, I talked about themovie Snow White and the SevenDwarfs.

“Guys, speaking of dwarves, youknow someone that I admire? WaltDisney. He was a genuine

entrepreneur; a risk-taker and aninnovator in an innovative industry.

Annabel Palmer meets Clippy McKenna, the woman bringing character to supermarket aisles

Y

OU may have seen Clippy McKenna’s eponymouspreserves on your

supermarket shelves. Hertwo-man show (it is justClippy and fiancé Paul Gorman working at the business; everythingelse, including the actual jam-making, is contracted out) now stocks its products in some of the biggests stores – including Tesco andHarvey Nichols. After graduating as a mature stu-

dent (she had previously worked intravel), McKenna got her first tastefor catering to the public at a foodconcession in Harvey Nichols, beforemaking it to the TV stages of Masterchef. Thomasina Miers – thechef behind Mexican chain Wahaca – won that year, andMcKenna felt she lacked the calmnerves necessary to provide top cui-sine for Gregg Wallace and John Torode. But the experience made herrealise she wanted to start up her

own business. She carried out thor-ough research into gaps in the mar-ket and found it was lacking a jam brand with a face (and with lesssugar than the others). It had to besomething she could do from home,and so her kitchen became a highly efficient production unit, whereMcKenna would make, jar and labelher product to sell at local farmersmarkets and delicatessens.

But, by 2009, McKenna wanted to branch out. So she pitched to Harvey Nichols and won a contract to supply their stores around the country. By 2010, her products were in Fortnumand Masons and Ocado, in 2011 they went into Booths and Asda in thenorth west, and the following yearinto Tesco and Morrisons.

Clippy’s has no investors or loans,so it has had to be a “lean and mean”organisation, with no overheads, because “that’s how you maintaingood margins”. Fortunately,McKenna and Gorman have comple-mentary skills – Gorman is the“number cruncher”; McKenna is thecreative brain – and they took on anon-executive director last year. “Irecently told a radio interviewer thatI pay myself the minimum wage. Heresponded: ‘Then why would anyone want to be an entrepreneur?’”, shelaughs. The reason is simple:McKenna is determined to buildsomething bigger, a brand. But build-ing a brand is difficult “because youhave to convince the public to buy your product over something else

The trusted brand withpersonality at its coreCompany name: Clippy’sFounded: 2008Number of staff: 2 (Clippy and herfiancé)Company turnover: £500,000Job title: Creative director,founder Age: 39

Born: GatesheadLives: South ManchesterStudied: BA Hons Cultural Studiesand Sociology at ManchesterMetropolitanDrinking: Fevertree lemon tonicand Hendricks ginReading: The Island, by VictoriaHislopFavourite business book: I tend notto read them – too close tohome – but next on my list isquirky business book FunkyBusiness, by Kjell NordströmMotto: “You only live once, somake sure you enjoy yourself”First ambition: To eat my wayaround the worldHeroes: Anyone who starts abusiness and is still alive to tellthe tale

Clippy takes centre stage in her brand’s identity

ENTREPRENEURS

Disney ending for the man who started golden era of animation

CLIPPY MCKENNA

that has the same price tag”.It certainly won’t be easy, especially

with quite modest resources. Jam “is viewed as a commodity nowadays,” shesays, where customers don’t peruse,they make their decision based onprice. And those aisles are dominated by the “big boys” – Bonne Maman,Premier Foods, Hartleys. So how canClippy’s set itself apart? “My story andthe fact that we suggest what our prod-uct should be eaten with have been bigdifferentiators. We’re also working ontwo new projects that aren’t in a jar, which should increase brand recogni-

tion”. So when people do make thatfleeting trip to the jam aisle, they’llidentify the “Clippy’s” logo.

But McKenna says they now need toraise £350,000, in exchange for part of the business, to help grow the brand,launch into new markets, and employ more staff. As such, they are now inthe process of looking for investors.

It hasn’t been a smooth ride. Due toits sugar content, the product didn’tcome under the jam, reduced jam, orconserve classification according to EUrules on food labelling, meaning they had to relabel all their products at

huge cost. McKenna worries that trou- bles like these may deter future entre-preneurs from taking the plunge. Shedoes warn that, if you’re a small busi-ness, “everything takes twice as longas you think”. McKenna hit many stumbling blocks – for example, notknowing when the supermarkets heldtheir range reviews (it is informationthat can’t be accessed online) andmissing out on pitching to them untila year later.

But these battles have been worth itto see shoppers put her product intheir baskets.

CV

of a SERIALENTREPRENEUR

RICHARD FARLEIGH

CONFESSIONS

ERNST & Young has just openednominations for its UK Entrepreneurof the Year competition. Previouscategory winners have includedHilary Devey of BBC’s Dragon’s Den

(and more impressively, founder of Pall-Ex,the freight company), and the former bossof JD Sports Peter Cowgill.

Certainly, of the many competitions outthere, Ernst & Young’s has one of the finestheritages. Now in its twenty seventh year, itcovers 50 countries, distributes 500 awards,and involves 900 judges. But why enter?Isn’t it just self-congratulatory? Unless youwin, some argue it’s just a waste of time.

Three specific benefits have been cited byprevious entrants. First, your business gainsrecognition. Secondly, you get access toevents. And third, you have a chance tonetwork. Competitions are a goodopportunity to raise your profile, perhapsmeet potential investors, or just get to knowfellow entrepreneurs. You may even find afuture customer. Dana Elemara, founder ofthe organic food company Arganic, saysone of the judges o f Shell’s LiveWire contestapproached her after the event with a viewto setting up a future business relationship.

But the rigorous format of thesecompetitions can be useful in itself. MattRiley of Daisy Communications (an internetcommunications company) argues thatentering is an chance to refine your businessplan. “You have to look at your businessfrom the outside. You take a step back and

think thoroughly about your business andhow you present it.”This process could be a useful discipline.

Many start-ups, especially the mostembryonic, can be sophisticated ideas butmost companies miss a few details alongthe way. Setting out a plan in front ofrespected judges forces you to fully explainthe rationale for your company, how yourmodel practically works, and to considerany weaknesses.

Full details on how to enter Ernst &Young’s UK Entrepreneur of the YearCompetition can be found atwww.eoy.co.uk

Tom Welsh is business features editor at City A.M.

Business contestsaren’t just vanity

INNOVATIONDIARY

TOM WELSH

As a child in the early 1900s, heloved to draw cartoons, and he honedhis skills sketching for a neighbour, aretired doctor known as Doc. As a youth, he passed up acting and, erm,ambulance driving, to pursue thisartistic passion. His talent was timely for the movie industry. Animation was proving popular, as silent filmsevolved from flickering black and white images into sound and colour.

Popeye and Betty Boop became as bigas Brad and Angie are today.”

“Fine Richard, but you don’t needto dwell on that!” someoneinterrupted with exaggeratedexuberance.

But I continued. “By the early 1930s, Walt had started his ownstudio, gone bust and bounced back,and was riding high on the success of Mickey Mouse. That’s when hedecided to risk everything and makeSnow White, based on a fairytale hehad liked as a child. It took three years and cost over $1m (£631,000) – ahuge sum. Everyone thought he hadgone dopey, and in Hollywood theproject was disparagingly labelled as‘Walt’s folly’. Walt’s wife Lillian wasn’t happy. ‘No one’s ever gonnapay a dime to see a dwarf picture, you idiot’, she said. Okay, I added thelast two words, but do you get the

picture about the picture?”“Ah yes!” someone answered

unbashfully. “Confidence in Walthad dwindled!”

“For the production, it isincredible how hands-on and what adriving force Walt was. He agonisedover the storyline, and changed theplot to emphasise the dwarfs over theprince. He debated the choice of thedwarfs’ names,rejecting other choicessuch as Burpy andFlabby. Right decisionthere, Walt! And can youimagine the amount of effort involved inmanaging over 500people and over 2millustrations?”

“The movie was aninstant success, thehighest grossing

movie to that time.Everyone loved it, Oscar

included, even though kids peedthemselves in abundance at the scary bits. With the release of the first-eversoundtrack, the music was populartoo. The film’s success ushered in a‘golden era of animation’ andenabled Walt to move on to thingslike Bambi, Dumbo and Peter Pan.”

“Interesting, Richard. But can wetalk about something simpler? I

think I might have dwunk toomuch.” Groans all around.

Richard Farleigh has operated asa business angel for many years,

backing more early-stagecompanies than anyone else in theUK. www.farleigh.com

Just what Doc ordered: SnowWhite was an instant success

7/29/2019 Cityam 2013-02-04


G E T T Y

T

HE common view of the City hiring market isn’t optimistic.Last year, the Centre for

Economics and BusinessResearch made the gloomy projectionthat the number of positions in 2013 will fall 33 per cent below its 2007peak. But within the detail, there isroom for hope. If you know where tolook, and can adapt to meet changingdemand, there are still opportunitiesfor the ambitious to advance theircareers in 2013.

THINK SMALLIn banking, the headline figures seemglum, and jobs prospects are certainly expected to be disappointing in themajor investment banks. A survey by PwC predicts that the sector willreduce hiring by 88 per cent in the firstquarter of 2013. But the markets they are leaving are not necessarily unprof-itable – smaller, less risk-averse bou-tiques are still creating jobs forexperienced professionals. Some larger banks are also bucking the trend. GlenRoberts, associate director at MarksSattin, says “there is optimism amonglarge and medium-sized retail and wholesale banks, where short-term hir-ing plans are ramping up.”

Insurance is also looking good, withdemand improving. General insuranceis set to increase hiring by 7 per cent inthe first quarter of 2013, while lifeinsurance is projected to boost hires by a massive 76 per cent. Making themove into the industry is challenging,

but not impossible with the right pro-fessional qualifications. The legal jobs market looks quiet,

with just 35 per cent of lawyers expect-ing their team to grow in 2013. Butthere will be pockets of demand inprime services, compliance and pay-ments positions. Given that almost athird of private practice lawyers areseeking to move in-house this year,demand within firms may improve. An uncertain market has also created

demand for more flexible workers.

Between 2010 to 2012, the number of interim managers on assignment inthe finance sector rose from 46 per centto 71 per cent. If you are an expert in your field, and have the discipline tomarket yourself, contracting your serv-ices could be a lucrative move.

CAPITALISE ON ADVERSITY As in any challenging market, the key isadapting your skills to respond todemand. It also makes sense to look beyond the usual suspects. Some pri-

vate equity firms, for example, havediversified into distressed debt and arenow seeking experienced talent.Perhaps your skills would fit their bill.

Finally, the regulatory clampdownmeans compliance is booming – theindustry grew 68 per cent between thefirst and second halves of 2012. Butcompliance staff are recruited from a wide range of backgrounds, includingaccountancy and back office roles. Look beneath the surface of the trends, and you’ll likely find an opportunity.

Some areas of the London market are still brimming with potential

Chris Harlowuncoversthe key hiring trendsin the City and whereto find your next job

How senior managers can capitaliseon their experience and cast out aloneinto the lucrative business of interimmanagement.

MONDAY 4 FEBRUARY 201319cityam.com

Find your next step at

CITY AMCAREERS.com @cityamcareers

Why there are still plenty ofcareer opportunities in 2013

JOBofthe WEEK

Technology InsuranceDirectorSalary: Highly competitiveLocation: Central London

Deloitte is seeking to recruit adirector for its technology insuranceteam. This is an excellentopportunity for the right candidateto enhance his or her leadershipskills in an innovative partnership.Candidates must have knowledgeof general insurance businessoperations, and experience ofdelivering complex projects.

For more stories, go to:

Much is said of the growth of thecompliance industry. But what are thebenefits for lawyers considering themove? Is it always worth it?

CITY AMCAREERS.com

Break into interim management

Compliance and the law

Accountants at all levels are facingunpredecented levels of competition.It’s more crucial than ever to stand outfrom the crowd. Here’s how to do it.

What’s happening to the mergers andacquisitions jobs market? Mid-caphouses and boutiques are providingmuch of the demand.

The accountancy market in 2013

M&A hiring explained

Expected hiring in 2013

Overall FS Banking BuildingSocieties

GeneralInsurance

LifeInsurance

SecuritiesTrading

InvestmentManagement S o u r c e : C B I /

P W C fi n a n c i a l S e r v i c e s S u r v e y

100

60

80

40

20

0

-20

-40

-60

-80

-100

-31 -25

-90 -88

15 7

-28

0

-7

0

94

76 66 63

Q4 2012 Q1 2013

7/29/2019 Cityam 2013-02-04


MONDAY 4 FEBRUARY 201320 cityam.com

ACCOUNTING AND FINANCE

Insolvency PartnerSalary: £125,000 to £300,000 per annum, plus bonus and benefitsCentral LondonA well-known mid tier firm is seeking a partner to grow itsinsolvency practice. Applicants must currently be working in an

accountancy firm or an insolvency boutique.Text: JOB 33325 to 60066

Director/PartnerSalary: £150,000 to £200,000 per annum, plus benefitsCentral LondonA large accountancy firm is looking to create a trustee department.Candidates must be scheme actuaries, with entrepreneurial flairand the backing of a large organisation and brand behind them.Text: JOB 33241 to 60066

Sarbanes Oxley Subject Matter ExpertSalary: £120,000 to £168,000 per annumLondonA large professional services firm is looking for candidates for athree to six months contract. Prior experience of rolling outSarbanes Oxley frameworks from start to finish is desirable.Text: JOB 33129 to 60066

Tax ManagerSalary: £90,000 to £125,000 per annumCentral LondonA growing tax consultancy requires a highly-qualified individual tomanage its London team. Candidates will be chartered accountants

with at least five years’ experience in the industry.Text: JOB 33265 to 60066

Senior Finance ManagerSalary: £60,000 to £80,000 per annumWest End, Central LondonA prestigious talent management agency is looking to fill a seniorrole in its London finance team. Candidates w ill be ACA/ACCA/CIMAqualified, with more three years’ post-qualification experience.Text: JOB 33610 to 60066

Finance ManagerSalary: £50,000 to £55,000 per annum, plus bonus and benefitsCentral LondonA growing general insurance firm requires a qualified accountantwith practical knowledge of the sector. Responsibilities will includeperforming detailed analyses of new standards.Text: JOB 33767 to 60066

Accountant - ModellerSalary: £50,000 to £55,000 per annumCentral LondonAn international insurance broker requires an ACCA/CIMA/ACAqualified accountant with experience of budget modelling.Candidates will also need decent stakeholder management skills.Text: JOB 33799 to 60066

Business AnalystSalary: £40,000 per annum, plus bonus and benefitsCentral London

A leading blue chip international banking group requires a part-qualified accountant to enter its planning team. Candidates willhave relevant experience in a large complex company.

Text: JOB 33775 to 60066

Financial AccountantSalary: £52,500 to £57,500 per annum, plus benefitsCentral LondonA globally-recognised asset management business requires aqualified accountant. Candidates will have experience inresearching and concluding technical accounting issues.Text: JOB 33752 to 60066

Senior Management AccountantSalary: £38,000 to £42,000 per annumCentral LondonA commodity and exchange products firm is looking to hire aqualified management accountant to join its finance team.Candidates will have a 2.1 degree from a red brick university.Text: JOB 33715 to 60066

Group Reporting AccountantSalary: £78,000 to £90,000 per annumCentral LondonA private equity firm requires an accountant with two to four years’post-qualified experience. The job involves supporting the groupfinancial controller through the year end process.Text: JOB 33556 to 60066

Tax AccountantSalary: £45,000 to £55,000 per annum, plus bonus and benefitsSouth EastAn international car firm requires a tax accountant for its headoffice. The role suits a chartered accountant or qualified tax adviser.Text: JOB 33584 to 60066

Life Statutory Reporting AccountantSalary: £50,000 to £65,000 per annum, plus benefitsCentral LondonA large UK life insurer requires a qualified accountant to assist withexternal reporting and ad hoc projects like Solvency II.Text: JOB 33533 to 60066

Accounts AssistantSalary: £15,000 to £20,000 per annumCentral LondonAn energy charity is looking for a candidate to work on a part-timebasis (three days per week).Text: JOB 33497 to 60066

ASSET MANAGEMENT

Interim Finance ManagerSalary: £96,000 per annumLondonA niche operator in the asset management field requires acandidate to run its finance team. All-round accounting expertisein London is essential, especially tax computations.Text: JOB 33496 to 60066

Performance Measurement AnalystSalary: £48,000 to £60,240 per annumCentral LondonA major wealth and asset management firm is seeking anexperienced performance-reporting analyst to join its team.Candidates with IMC or CIPM qualifications are preferred.Text: JOB 33677 to 60066

Investment Risk ManagerSalary: £50,000 to £55,000, plus benefits and bonusEdinburgh, ScotlandA leading investment management firm is looking to fill a positionin its investment risk team. Candidates must have one to fouryears’ experience in a quantitative or risk managerial role, andknowledge of equities and property asset classes.Text: JOB 33590 to 60066

Oversight Manager - Middle Office/Trade OperationsSalary: CompetitiveLondonA leading asset management firm seeks candidates withexperience in trade operations at the supervisor/manager level.Duties will include oversight of an outsourced administrator.Text: JOB 33813 to 60066

COMPLIANCE

Compliance Head of TrainingSalary: £120,000 to £160,000 per annumLondonA leading global investment bank seeks a head of training for itscompliance department. The position involves a high level ofindependence and the ability to create and maintain relationshipswith many parts of the firm. Candidates preferably have a financialservices background, experience of an investment bankcompliance department, and managerial experience.Text: JOB 33570 to 60066

Senior Equity Fund ManagerSalary: CompetitiveHong KongA top tier asset management firm is looking to expand its equitiesdivision. The ideal candidate will have extensive equity fundmanagement experience in Asia, and a top tier track record.

Text: JOB 33215 to 60066

CAPITAL MARKETS

Director - Mining Corporate FinanceSalary: £125,000 per annum, plus bonus and benefitsWest EndA boutique investment bank, with a strong Canadian parent,requires an experienced mining financier to establish a team andgrow it over the next few years. Candidates must be experiencedbankers looking for roles with autonomy.Text: JOB 33689 to 60066

Securities Business ManagerSalary: £65,000 to £80,000 per annumCentral LondonA London-based securities house requires a business manager,with broad responsibility across business areas. Duties will includerelationship management, change delivery, and productdevelopment. Candidates must have cash equities coverage, andknowledge of derivatives products is an advantage.Text: JOB 33541 to 60066

Head of Monitoring and SurveillanceSalary: £110,000 to £140,000 per annumCentral LondonAn investment bank requires a highly experienced candidate tooverlook its monitoring and surveillance activities. Duties will alsoinclude overseeing the control framework, and ensuring strongcommunication flows between both UK and German offices.Text: JOB 33272 to 60066

Compliance OfficerSalary: £70,000 to £90,000 per annumLondonThe UK arm of a successful US investment firm requires a candidatewith a strong investment management or hedge fund compliancebackground to join its small London office.Text: JOB 33678 to 60066

Control Room Compliance OfficerSalary: £60,000 to £84,000 per annumCentral LondonA City based investment bank is looking to fill a role in its centralcompliance team. The successful candidate will have previouscontrol room experience gained from wholesale banking.Text: JOB 33231 to 60066

Senior Compliance AssociateSalary: £60,000 to £65,000 per annum, plus benefits anddiscretionary bonusLondonA premier hedge fund requires a degree-educated professional tobecome deputy within its compliance team. This is a generalistrole, and will involve assisting the chief compliance officer in allmatters.

Text: JOB 33338 to 60066Compliance OfficerSalary: £50,000 to £70,000 per annumCentral LondonOne of the top hedge funds in Europe requires an experiencedcompliance professional to provide maternity cover. Candidatesmust be degree educated with an interest in the financial markets.Text: JOB 33621 to 60066

Compliance Monitoring SpecialistSalary: £50,000 to £60,000 per annumLondonA top global investment bank requires a candidate with experienceof control testing within a global custody bank. Duties will includeconducting on site inspection of UK business units.Text: JOB 33569 to 60066

Compliance AnalystSalary: £30,000 to £40,000 per annumLondonA reputable investment manager is looking for candidates with aworking knowledge and understanding of applicable rules andregulations and strong interpersonal skills.

Text: JOB 33538 to 60066Compliance Monitoring OfficerSalary: £45,000 per annumCentral LondonA top tier investment house urgently requires a compliancemonitoring office to develop and implement its programme.Applicants must have excellent writing and communication skills.Text: JOB 33661 to 60066

CONSULTANCY

Director/Assistant Director

Salary: CompetitiveCentral LondonA leading professional services firm, with a focus on real estateservices, requires a director for its valuation team. T his is a uniqueposition, and requires candidates with professional qualifications,direct client contact experience, and excellent analytical experience(particularly financial modelling).Text: JOB 31938 to 60066

Group AccountantSalary: £108,000 per annumCentral LondonA rapidly-growing company requires agroup accountant. Candidates will bequalified accountants with multi-currencyaccounting experience. Experience ofOracle would be useful.

Text: JOB 33085 to 60066

Director, Private BankingSalary: £120,000 to £150,000 per annum,plus transparent bonus structureCentral LondonA rare opportunity has opened up in aprestigious private bank. Successfulapplicants must have reached director levelor above and have an existing client base.Text: JOB 33614 to 60066

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Director, Head of EMEA Compliance AdvisorySalary: £140,000 to £240,000 per annumCentral LondonAn international asset manager requires ahead of compliance advisory for its retailteam. Experience of holding a high impactposition is essential.

Text: JOB 33824 to 60066

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21CITY AMCAREERS.comcityam.com MONDAY 4 FEBRUARY 2013

CONSULTANCY

Senior Consultant - Data ManagementSalary: £37,000 to £62,000 per annum, plus benefitsCentral LondonA candidate with proven relevant experience in consulting orindustry is required for a role working on the delivery of key

transformation projects.Text: JOB 33710 to 60066

Front Office ConsultantSalary: £70,000 to £85,000 per annum, plus bonus and benefitsCentral LondonOne of London’s top consulting firms to the buy-side financialsector is looking for a consultant to join its front office technologyteam. Candidates must have 5 years’ business analyst experience.Text: JOB 33695 to 60066

Energy Software ConsultantSalary: £60,000 to £70,000 per annum, plus benefitsLondon or ZurichA world leading software vendor is seeking a consultant withknowledge or experience in a commodity. Knowledge of an EnergyTrading and Risk Management (ETRM) system is highly desirable.Text: JOB 33750 to 60066

Senior Consultant Internal AuditSalary: £30,000 to £38,000 per annum, plus bonusWest End, Central LondonA US listed consultancy is looking to appoint two senior consultants

to its internal audit or transactional services division. An excellentopportunity for highly organised trainee chartered accountants.Text: JOB 33521 to 60066

FX AND MONEY MARKETS

Institutional FX SalesSalary: £50,000 to £80,000 per annumCentral LondonA global financial institution has an opportunity for several seniorFX institutional sales candidates. The ideal applicant must have atleast three years’ experience and a strong transferable client base.Text: JOB 33741 to 60066

Technical AnalystSalary: £40,000 per annum, plus bonus and benefitsCentral LondonA large asset manager, with a fundamental long short equity focus,is urgently looking for a technical analyst. Would suit a junioranalyst or broker from operations or the back office.Text: JOB 33627 to 60066

Corporate FX SalesSalary: £20,000 to £35,000 per annum +Central LondonA candidate with 2 years’ corporate FX experience is sought for asales role. Applicants must possess an excellent telephone mannerand be able to work as part of a dynamic team.Text: JOB 33738 to 60066

INSURANCE

Head of Capital PlanningSalary: £100,000 to £150,000 per annum, plus bonus and benefitsand relocation packageSwitzerlandA leading global insurance group is seeking a head of capitalplanning to work in its Switzerland office. The role will involveleading the team responsible for analysing economic capital model

results. Candidates will have a strong mathematical/quantitativefinance background.Text: JOB 33740 to 60066

Financial Risk ManagerSalary: £65,000 to £80,000 per annum, plus benefits, car andbonusSouth EastA financial services firm requires a financial risk manager tosupport its head of insurance and financial risk. Candidates needunderstanding of Solvency II and FSA regulatory requirements.Text: JOB 33514 to 60066

Senior Marine Cargo Claims AdjusterSalary: £45,000 to £65,000 per annumCentral LondonA leading international insurer is looking to expand its claimsdivision. Candidates must have previous experience of workingwithin the international marine cargo insurance market.Text: JOB 33528 to 60066

Commercial Account HandlerSalary: £32,000 per annumCentral LondonA leading insurance broker is looking to expand its commercial team.Candidates must be able to maintain commercial relationships.Text: JOB 33082 to 60066

INVESTMENT BANKING

Merger and Acquisition Assistant DirectorSalary: £110,000 per annumCentral LondonA leading corporate finance firm is seeking a very high calibre

assistant director. The role will focus on origination and execution,building client relationships, and leading business expansion.Text: JOB 33787 to 60066

Senior Equity Analyst, MiningSalary: £60,000 to £100,000 per annum, plus quarterly bonusCentral LondonAn experienced mining analyst is required to establish a researchteam and grow it over the next few years. Candidates must covermid-cap global mining stocks.Text: JOB 33685 to 60066

Mergers and Acquisitions AssociateSalary: £60,000 per annumCentral LondonA leading pan-European corporate finance firm is seeking anexceptional associate. A proven record of achievement within areputable investment bank or big four practice is ideal.Text: JOB 33788 to 60066

Commercial UnderwriterSalary: £30,000 to £40,000 per annumCentral LondonA UK insurer requires an experienced commercial underwriter. Therole will suit someone who wants a lot of contact wi th brokers.Text: JOB 33691 to 60066

Internal AuditorSalary: £40,000 to £60,000 per annumCentral LondonA leading insurance broker is looking to fill a posit ion in its internalaudit function. Candidates must be ACA/ACCA/CPA qualified.Text: JOB 33257 to 60066

Mergers and Acquisitions AnalystSalary: £50,000 per annum, plus bonusCentral LondonA corporate finance boutique requires a senior analyst. Candidatesmust have experience in an investment bank or Big Four practice.Text: JOB 33785 to 60066

Mergers and Acquisitions Healthcare AnalystSalary: £55,000 per annum, plus bonus and benefitsCentral LondonA specialist life science boutique requires an analyst. Applicantsshould have a background in healthcare or life sciences.Text: JOB 33790 to 60066

OPERATIONS

Operations Analyst

Salary: £75,000 to £90,000Central LondonA newly-established hedge fund is looking to recruit an analyst toreport directly to its head of operations. Responsibilities will spandesk support and middle and back offices. Candidates must haveknowledge of credit derivatives.Text: JOB 33611 to 60066

Operations SupervisorSalary: £40,000 to £50,000 per annumLondonA supervisor with experience working for a large company isrequired. Candidates will have an in-depth knowledge of the t radelife cycle and settlements cycle.Text: JOB 33423 to 60066

Corporate Actions ManagerSalary: £45,000 to £50,000 per annumCentral LondonA London-based wealth management firm requires a corporateactions manager. Candidates must be IAQ qualified (or equivalent),have management experience. Previous experience of Figaro ishighly desirable.Text: JOB 33209 to 60066

Cash Team ManagerSalary: £45,000 to £50,000 per annumCentral LondonA London-based wealth management firm requires a private clientreconciliations team manager. Responsibilities will includeensuring all bank reconciliations are completed on a daily basis.Text: JOB 33208 to 60066

PRIVATE BANKING

Senior Private Banker

Salary: €120,000 to €240,000 per annum, plus bonus and benefitsEuropeA well-known market name is looking to acquire private bankersand wealth managers who cover clients across Switzerland andemerging markets. Responsibilities will include mentoring juniormembers.Text: JOB 33255 to 60066

Senior Private Banker

Salary: £65,000 to £120,000 per annum, plus bonus and benefitsLondonA superb name in the market requires candidates from a privatebanking and wealth management background. Applicants shouldbe potentially mobile or have a network of referrals. Strong driveand motivation are essential.Text: JOB 33254 to 60066

Junior Private BankerSalary: $80,000 to $120,000 per annumSingapore, AsiaA bank with ambitions to expand its network into Asian markets islooking to hire a new junior private banker for its Singapore office.Experience of working with senior relationship managers isessential. Strong CRM skills are required.Text: JOB 33224 to 60066

PRIVATE EQUITY

Junior Partner

Salary: CompetitiveCentral London

A top-tier venture capital firm, wi th a focus on the technologysector, requires a candidate with principal investment experiencefrom a venture capital firm.Text: JOB 33230 to 60066

Investment DirectorSalary: CompetitiveHong Kong, AsiaA reputable private equity fund is looking to hire an experiencedinvestment director. A business network in Hong Kong, Singaporeand China is highly desirable.Text: JOB 7671 to 60066

Private Equity AssociateSalary: £70,000 per annum, plus bonus and benefitsCentral LondonAn independent private equity fund manager, with a focus on theEuropean cleantech and industrials markets, is looking to expandits two investment teams. Candidates must have a strong interestin technologyText: JOB 33706 to 60066

QUANTITATIVE ANALYSIS

Quant TraderSalary: £120,000 per annum, plus bonus and benefitsCentral LondonA high frequency proprietary trading firm is looking to recruit aquant trader. Candidates must have a PhD or masters degree incomputer science from a top 100 global university.Text: JOB 33509 to 60066

Senior Quantitative Risk Modeller

Salary: £70,000 to £100,000 per annum, plus bonus and benefitsLondonA leading global investment bank is looking to hire twoquantitative individuals to join its global risk modelling team.Strong coding ability including C++ and possibly Python is essential.Text: JOB 33774 to 60066

Mergers & Acquisitions Director

Salary: £90,000 to £100,000 per annum,plus bonus and benefitsCentral LondonA leading professional services firmrequires an M&A director to join itsexpanding business and to assist with itsstrategic growth.Text: JOB 33545 to 60066

Director, Private BankingSalary: $300,000 to $500,000 per annumNorth AmericaA top tier international private bankrequires a new director to report to its headof private banking. Candidates must haveexperience of managing a portfolio worth$100m or moreText: JOB 33552 to 60066

German Investment ManagerSalary: CompetitiveMunichA long-established turnaround fundrequires two new investment managers.Candidates must have excellent academicrecords, strong German language skills, andbe a good cultural fit.Text: JOB 24195 to 60066

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RISK MANAGEMENT

Market Risk Project ManagerSalary: £85,000 to £95,000 per annum, plus benefits and bonusCentral LondonA global investment bank requires a project manager/businessanalyst to join its market risk change management team. Ideally,

candidates will have worked in a market risk control role before,and will have derivative product knowledge.Text: JOB 33090 to 60066

VP Operational RiskSalary: £65,000 to £75,000 per annumCentral LondonA leading investment bank requires a senior operational riskindividual to implement and improve its processes. Candidatesneed five to seven years’ experience at a top tier institution, andwill have exposure to new product approval.Text: JOB 33229 to 60066

Internal Audit ManagerSalary: £55,000 to £70,000 per annum, plus car and benefitsCity, Central LondonAn exciting opportunity has opened up for a global audit and riskmanager. The main responsibility will be delivering risk basedinternal audit reviews. ACA/ACCA qualified candidates are desirable.Candidates must be prepared to travel frequently.Text: JOB 33821 to 60066

Internal AuditorSalary: £52,000 to £62,000 per annum, plus bonus

City, Central LondonA transport infrastructure firm requires two lead internal auditorsto improve its enterprise risk management. Successful candidateswill be CMIAA qualified or equivalent.Text: JOB 33437 to 60066

Market Risk Business AnalystSalary: £60,000 to £70,000 annum, plus benefits and bonusCentral LondonA global investment bank requires a market risk analyst to join itschange management division. Candidates must have prior ma rketrisk methodology experience.Text: JOB 33091 to 60066

Manager - Credit RiskSalary: £50,000 to £55,000 per annum, plus bonus and benefitsCentral LondonA leading financial services provider requires a credit risk managerto join its portfolio management team. Ideal candidates will haveproven ability to interact with senior management.Text: JOB 33616 to 60066

SALES AND MARKETING

Data Sales Energy Trading RepresentativeSalary: £90,000 to £100,000 per annumLondonA growing international software company requires salesrepresentatives for its market data and analytics product. Ideal

candidates will have sales experience of energy, oil, or metals.Text: JOB 33312 to 60066

Capital Markets Consulting Business ManagerSalary: £80,000 to £100,000 per annumCentral LondonA global software services firm requires an experienced businessdevelopment manager to bring in new business in the UK and laterEurope. Candidates must have experience of board presentations.Text: JOB 33181 to 60066

Pre Sales ConsultantSalary: £50,000 to £70,000 per annumLondonA pre sales consultant is required by an award-winning provider ofreporting solutions to the asset management industry. Candidatesmust have experience in investment management technology.Text: JOB 33733 to 60066

Institutional Sales ManagerSalary: £50,000 to £60,000 per annumCentral LondonAn enthusiastic institutional sales manager is required. Candidatesrequire a proven track record of success in telephone sales.

Text: JOB 33739 to 60066Senior German Sales ExecutiveSalary: £40,000 to £50,000 per annumCentral LondonCandidates with a minimum of four years’ experience in FX andCFDs are required. Applicants with knowledge of Austrian andDutch markets are preferred.Text: JOB 33735 to 60066

LEGAL

Corporate Partnership LawyerSalary: £65,000 to £80,000 per annum, plus benefitsCentral LondonA City law practice requires a lawyer to a dvise on financial servicesbusiness. Applicants must have one to three years’ post-qualification experience.Text: JOB 33346 to 60066

Employment LawyerSalary: £55,000 to £75,000 per annum, plus benefitsCentral LondonAn astute and technically able employment lawyer is required byan in-house team. One to two years’ pure employment lawexperience is essential.Text: JOB 33336 to 60066

Compliance LawyerSalary: £25,000 to £55,000 per annum, plus benefitsCentral LondonA law firm requires professionals to join its internal compliance andrisk unit. Candidates must have compliance experience, alongsideanalytical and research skills.Text: JOB 33351 to 60066

INFORMATION TECHNOLOGY

Chief Technology OfficerSalary: £100,000 to £150,000London and MoscowA software vendor requires a chief technology officer to join on apermanent basis. Candidates should have a Java background,commodities knowledge, and be able to be based in Russia for thefirst three months.Text: JOB 33384 to 60066

Contract Senior DeveloperSalary: £120,000 to £156,000 per annumCentral LondonA City-based international derivatives house requires seniordevelopers. Candidates must have substantial experience of real-time systems development and deep knowledge of derivati vesand/or energy commodities financial instruments.Text: JOB 33468 to 60066

Senior Project Manager, Infrastructure

Salary: £120,000 to £132,000 per annumCentral LondonA global investment bank requires multiple infrastructure projectmanagers to partner with the business to deliver supportsolutions. Candidates must have investment bank experience.Text: JOB 33712 to 60066

Chief ArchitectSalary: £100,000 per annum, plus bonus and medicalCentral LondonA leading commodities trading and risk management softwareprovider requires a chief architect. Candidates must haveexperience of SAAS.Text: JOB 33615 to 60066

Senior Enterprise Data ArchitectSalary: £132,000 to £144,000 per annumCentral LondonA global management consultancy requires an enterprise dataspecialist. Candidates must be seasoned professionals withexperience of tactical and strategic planning.Text: JOB 33567 to 60066

Payments Technical Solution ArchitectSalary: £120,000 per annumCentral LondonA leading payment solutions provider requires an architect todesign schemes for its growing market. Candidates must haveunderstanding of UK payment schemes, and at least five years’experience creating Outline solution designs.Text: JOB 33446 to 60066

C# Quant DeveloperSalary: £100,000 per annum, plus 100 per cent bonusLiechtensteinA hedge fund requires an exceptional coder to work on its highfrequency trading platform. Candidates must have an MSc/PhD incomputing or mathematics.Text: JOB 33387 to 60066

Chief Technical ArchitectSalary: £90,000 to £100,000 per annum, plus benefits and bonusCentral LondonA global technology innovator requires an experienced chieftechnical architect. Candidates must have Java technologyarchitectural experience. Russian speakers are desired.Text: JOB 33868 to 60066

ETL Data Warehouse DesignerSalary: £72,000 to £96,000 per annumCentral LondonAn investment bank urgently requires a senior ETL designer to joinon a six month contract. Applicants must have extensive technicalexperience.Text: JOB 33861 to 60066

Senior Support EngineerSalary: £40,000 to £50,000 per annumCentral LondonA prestigious investment bank requires a senior support engineerto assist with server and desktop infrastructure issues. Candidatesmust have experience with Watchguard technology.Text: JOB 33850 to 60066

Application Support AnalystSalary: £35,000 to £50,000 per annum, plus bonus and benefitsCentral LondonA leading financial software provider requires a well-motivatedand career-driven application support analyst.Text: JOB 33749 to 60066

Sales ConsultantSalary: £80,000 to £100,000 per annumCentral LondonAn energy trading and risk managementsolutions company requires a salesconsultant with experience of tradingsystems. Candidates must have energymarket knowledge.Text: JOB 33417 to 60066

Senior Audit ManagerSalary: £65,000 to £75,000 plus bonus andexcellent benefitsCentral LondonOne of the UK’s largest retail networksrequires a qualified audit professional to takecontrol of the design and development ofinternal auditing programmes.Text: JOB 33438 to 60066

Senior Wealth PlannerSalary: £90,000 to £140,000 per annumAn international wealth management firmrequires a senior wealth planner.Applicants must have a university degree inlaw, and a strong background in taxplanning or corporate planning matters.Strong Portuguese language skills desired.Text: JOB 33753 to 60066

Chief Technology OfficerSalary: £200,000 per annumCentral LondonA leading commodities trading softwarehouse requires a chief technology of ficer.Candidates must have Russian languageknowledge and serious line managementexperience.Text: JOB 33730 to 60066

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LIFE& STYLEMONDAY 4 FEBRUARY 2013

23cityam.com

TRAVEL

Tom & Isabella15.11.12 at 1.55pm

Lovestruck here

Now it’s your turn tomeet someone amazing

It’s Davos, but not as you know itWhen the politicians go home and the snow melts, the Swiss town transforms into an idyllic paradise, says Julian Harris

DESPITE being a 30-somethingsupposed grown-up, I mustconfess to still suffering fromthe occasional nightmare.

While on duty as a night editor of this newspaper, for example, my sleep can be disturbed by a recurringdream in which I’m culpable forprinting over 130,000 front pageheadlines of “UK ECOMONY DIPS AGAIN” (yes, reread if you missed it).

But there’s an even worse night-mare – one scary enough to cause any business hack to bolt upright at 5am,drenched in chilly sweat: being sentto report on the World EconomicForum in Davos.

The latest Forum – known as “WEF”

– finished last week, the highlightappearing to be the fact that oldchums David Cameron, GeorgeOsborne and Boris Johnson had pizzafor dinner. Wonderful stuff: hold thefront page.

Let me explain, in case you’re bliss-fully unaware – at the turn of each year, the small Swiss mountain townof Davos is colonised by leading busi-ness figures, and politicians who pre-tend to understand business.

It’s the place to be seen for thesefunny folk, who mingle around theconference centre while AngelaMerkel stands at a lectern and reelsoff platitudes about “budget consoli-dation”. Anyone who’s anyone isthere, which is one reason why it’sgood to be a no one.

But the unattractiveness of the WEF is not the fault of Davos itself.Rather, one of the worst things aboutthe WEF is that people travel to such astunning part of the world, and then waste it in a bleak conference centre.

Being sent to Davos for the WEF islike being promised a day atSilverstone with a Ferrari, only to findout that it’s been rained off and youhave to spend two hours in the cafete-ria with your mother-in-law.

Fortunately, I visited Davos andthe nearby town of Klosters duringthe summer, when there was nohint whatsoever of an impendingeconomic conference. Counter-intu-itively, the summer months count asthe off-season. Apart from the WEF,this idyllic region of the Swiss Alpsis best known for its winter activi-ties, mainly skiing and other snow-related fun.

Klosters has a modern history as akind of celebrity-magnet: it is one of

Prince Charles’ favourite places toslide down some slopes and be pho-tographed playing dad with his grin-ning sons. However, it was originally enjoyed by the rich and famous as anescape from the devious eye of themedia.

During the Second World War,

American GIs trapped in Europe dis-covered it wasn’t the worst place inthe world to while away the days untilthe battles were won. And, upon thearrival of peacetime, word spreadacross the pond that Klosters madefor a superb holiday location. Beforelong Hollywood stars like Greta Garboand Gene Kelly were gathering in theChesa Grischuna hotel, where hoardsof thespians congregated in order toget smashed, dance on tables andindulge in all manner of revelry –happily out of the public eye. Beingfamous in Klosters became so normalthat it offered a kind of highly-covet-ed anonymity.

More recently Renee Zellweger haslodged in Chesa Grischuna, a placethat is like a microcosm of the townitself: traditional, charming, unpre-tentious and welcoming. There isnothing particularly showy or extrav-agant about Klosters; rather, it is sim-ply nice and everything works.

Within an hour of arriving – follow-ing a seamless train journey fromZurich, consisting of a couple of unusually stress-free interchanges – Ifound myself serenely accepting theseSwiss stereotypes. The angst of rush-hour London Bridge station and its

signal failures felt like a lifetime ago,as I took in the sight of the awesomesurrounding mountains from my hotel balcony.

During the summer months, thesnow having melted, the hills aroundDavos become ideal for hiking and

This kind of ambitious feel-goodcapitalism is in evidence aroundDavos, too, as we visit a small cheesefactory that has been built up a hill inthe middle of where the cows graze –“So we don’t have to transport themilk or the cows: it’s better this way”– as well as what I’m promised is thehighest brewery in Europe, at DavosMonstein.

Walking to both, we often foundourselves a few hundred yards beneath a local, who would be effort-lessly sky gliding in the clear bluespace above our heads. As they calmly sailed through the air, and the cowsmooed, and I sipped on the bottle of

locally brewed beer that I’d guilt-tripped the guide into buying me, it became obvious why Formula Onedrivers and wealthy financiers moveto the Swiss Alps. It may be expensive, but this part of the world really doeshave an awful lot going for it – andnot just during the skiing season.

cycling. Ready-made paths run alongthe side of the hills, so one isn’t bur-dened too much by constant climbsor drops.

On a spirit-lifting sun-drenchedFriday we hiked to the nearby Schlappin valley where we metRudolf Wotzel, a former M&A bankerat UBS, Deutsche Bank and LehmanBrothers. Wotzel has become knownfor his dramatic exit from the worldof finance, which involved an isolatedtrek across the Alps (from Germany toFrance) followed by a book – Acrossthe Mountains to Myself – and finally buying and opening a hostel andrestaurant in this postcard-perfect lit-

tle valley. Wotzel stresses he has not turnedhis back on capitalism, but ratheropted for a different type. “This is notan indulgence project,” he tells me.“We have a business plan and arelooking to break into profit this yearor next.”

Getting to Klosters / Davos

n There are many flights fromLondon to Zurich. Swiss offer dailyservices from Heathrow and Cityairports, while EasyJet go therefrom Gatwick. Flights on Swiss startfrom £119 return.

n Train journeys from Zurich takearound two hours, switching atLandquart. For simplicity, a SwissTransfer Ticket covers a round-tripbetween the airport and yourdestination. Prices are £90 in secondclass and £142 in first class.

For more information visit:www.MySwitzerland.com,call the Switzerland Travel Centreon 00800 100 200 30 oremail, for information:[email protected] packages, trains and air ticketsemail [email protected]

NEED TO KNOW

The conferencemay be unattractivebut Davos in thesummer is beautiful

‘

Left: Davos and its spectacular surroundingsAbove: Frauenkirch ChurchBelow: summer landscape in the Dischma valley

S W I T Z E R L A N

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USA 1.45am Weatherview

1.50am-6amBBC News

6pm Eggheads

6.30pm Great British Railway

Journeys Goes to Ireland

7pm Railway Walks

7.30pmGreat British Menu

8pm University Challenge

8.30pm Food & Drink

9pm CHOICEDancing on the

Edge: New series. Drama, byStephen Poliakoff.

10.30pmNewsnight; Weather

11.20pmLocomotion: Dan

Snow’s History of Railways

12.20amSign Zone: Film 2013

12.50amSign Zone: Holby City1.50amClose 3.55am-6am BBC

Learning Zone

6pm ITV News London

6.30pm ITV News

7pm Emmerdale

7.30pm Coronation Street

8pm Cornwall with Caroline

Quentin

8.30pm Coronation Street

9pm Lewis

10pm ITV News at Ten10.30pm ITV News London

10.35pmThe Agenda

11.05pmMonk

12am Jackpot2473am The Jeremy Kyle Show

3.55am ITV Nightscreen

5.05am-6am The Jeremy Kyle

Show: Guests air their differences.

6pm The Simpsons

6.30pm Hollyoaks

7pm Channel 4 News

7.55pm 4thought.tv

8pm Plebs, Lies & Videotape:

Channel 4 Dispatches

8.30pm Wild Things

9pm Richard III: The King in

the Car Park10.35pmThe Plane Crash

12.10amRandom Acts

12.15amThe Shooting Gallery1.15am Supersize vs Superskinny

2.10am Scandal2.50am I Am

Slave: Drama, with Wunmi Mosaku.

4.20am How to Look Good Naked

5.15am-6.10am Deal or No Deal

6pm Home and Away

6.30pm 5 News at 6.30

7pm Winter Road Rescue; 5

News Update

8pmCHOICE Police

Interceptors; 5 News at 9

9pm Rory & Will – Champions

of the World

10pmFILM The Punisher:Comic-book thriller, starring

Thomas Jane. 2004.

12.25amHow Do They Do It?1am SuperCasino4amHouse

Doctor4.25amHouse Doctor

4.50amMichaela’s Wild Challenge

5.10am Wildlife SOS 5.35am-6am

Wildlife SOS

Fill the grid so that each

block adds up to the total

in the box above or to the

left of it.

You can only use the

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

Using 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 let ter and

letters can only be used once in every word. There

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

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

each row, each column and each 3x3 b lock contains all the

numbers from 1 to 9 to solve this tricky Sudoku puzzle.

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

KAKURO

QUICK CROSSWORD

LAST ISSUE’SSOLUTIONS

KAKURO

WORDWHEEL

SUDOKU

SUDOKU

QUICK CROSSWORD

WORDWHEEL

13 6 7

45

24 23

45

12 8 10

35

21 5 4

45

6 8

45

24 14 16

17

15

5

14

17

33

22

37

38

13

7

16

10

15

22

21

19

34

32

6

11

3

9

ACROSS

1 Pick out (6)

6 Not clear (6)

7 Person or scheme

that comes to no

good (coll) (3,3)

9 Fast-running African

flightless bird (7)

10 Side sheltered from

the wind (3)

12 Former republic

in north central

Europe (4,7)

17 Brazilian port, __ _

de Janeiro (3)

18 Popular flavour of

ice cream (7)

20 Quantity (6)

21 Shouts of approval (6)

22 Warning signals

that wail (6)

DOWN

1 Barely noticeable (6)

2 Women (6)

3 Garments, clothes

generally (4)

4 Aromatic liquid

used in aftershave

lotion (3,3)

5 Giacomo ___,

composer of

Madame

Butterfly (7)

8 Instrument sounded

to announce

a meal (4)

11 Otalgia (7)

13 Lavatory (6)

14 Quantity of paper (4)

15 Stimulate (6)

16 Young people (6)

19 Young woman (4)

D

L

R

N

CA

I

O

T

A D O B E S T O O P

M O C R A

O D E S R E A S O N

E A U T O I S

B U R N S A L T Y

A N S H E

A S K E W L I O N

L N I D L E E

O P T I C S A F A R

O F E M G

P A C E D B A D L Y

3 1 2 1 6 9 7

8 3 5 4 2 9 7 6 1

9 4 2 3 1 4 2

6 7 9 4 8 8 4

9 2 8 6 5 4 7

7 5 9 8 3 1 5 2

1 7 9 5 3 6 4

2 1 3 6 1 2 4

9 6 8 7 2 7 1

7 4 9 1 5 6 3 8 2

8 2 3 8 8 9 7

The nine-letter word was

STUMBLING

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


BEING EILEEN

BBC1,10.35PMNew series. Domestic sitcom aboutthe Lewis family, starring SueJohnston. Panic sets in when mumEileen goes missing.

DANCING ON THEEDGE

BBC2,9PMDrama by Stephen Poliakoff followingthe fortunes of a black jazz band in

early-1930s London. Starring ChiwetelEjiofor and Matthew Goode.

POLICEINTERCEPTORS

CHANNEL5,8PMDocumentary following the work of Cumbria’s Roads Policing Unit. A stickof dynamite is brought into Carlisle’smain police station.

TVPICK

7/29/2019 Cityam 2013-02-04


IN BRIEFEngland pair snubbed for IPLn CRICKET: England wicketkeeperMatt Prior and his batting team-mateRavi Bopara both failed to attract a nybids at yesterday’s Indian PremierLeague (IPL) auction. Australia’sGlenn Maxwell fetched the highestprice, with Mumbai Indians paying$1m (£637,000) for his services.Fellow Australians Michael Clarke andRicky Ponting have attracted criticism

for signing up to this year’s IPL, dueto fears of burn-out ahead of thesummer tour of England.

Gallacher’s first win since 2004n GOLF: Scotland’s StephenGallacher grabbed only the secondEuropean Tour win of his careeryesterday, finishing the Dubai DesertClassic 22 under par. The 38 year-old,who had not won on the EuropeanTour for over eight years, held offSouth African Richard Sterne to winby three strokes.

Ali brother reveals health fearsn BOXING: The brother ofMuhammad Ali has revealed that thelegendary fighter’s health hasseverely deteriorated. “My brother

can’t speak, he doesn’t recognise me.He’s in a bad way. He’s very sick. Itcould be months, it could be days. Idon’t know if he’ll last the summer,”said Rahman Ali. The 71 year-oldformer champion has faced a longbattle with Parkinson’s disease.

Marathon tie sees Czechs progressn TENNIS: The Czech Republic movedinto the quarter-finals of the DavisCup yesterday after Tomas Berdychbeat Swiss opponent StanislasWawrinka. Just a day earlier the pairboth took part in a record-breakingmarathon doubles match which lastedover seven hours, and featured a24-22 final set victory for the Czechs.

MANCHESTER City boss RobertoMancini last night insisted that thetitle race is still alive, despite seeinghis team draw for the second time ina week.

City trail local rivals ManchesterUnited by nine points at the top of thePremier League, after goals from EdinDzeko and Sergio Aguero could only cancel out two excellent strikes fromDaniel Sturridge and Steven Gerrardfor Liverpool.

But asked if his team’s chances of retaining the trophy are dead,Mancini said: “No, absolutely not.

Today we were so nervous, I don’tknow why. But it is still 13 games tothe end, so no, [it’s not over yet].”

But the Italian admitted that histeam face an uphill struggle if they are to catch United. “I think we needto win probably all of our games and,if not, then 11 or 12 games,” he said.

City had not conceded a single goalsince the start of the new year, yetcould have been behind after 20minutes yesterday. Former City playerSturridge burst to the touchline andfound Suarez with a left-footed pull- back – yet the Uruguayan uncharac-teristically miss-hit his shot far wideof goal. Just four minutes later the home

side took the lead. David Silva’s cleverthrough-ball found James Milnerinside the area whose low cross from

Mancini refuses to give up titlehope despite nine point deficit

the left was knocked in from close

range by Dzeko. The lead did not last long, however,as Liverpool equalised shortly beforethe half-hour mark. Dzeko was againinvolved, lying on the ground aftercomplaining about a challenge by Daniel Agger. Referee Anthony Taylordeclined to stop play, and despiteprotests from the home fans, Liverpoolcontinued a patient attack that culmi-nated in Sturridge firing into the bot-tom corner of the net from justoutside the box. The equaliser appeared to instil con-

fidence in the visitors, who started thesecond half the strongest. And on 73minutes the Reds took the lead. A cross from the left was cleared by

the outstretched leg of Gael Clichy butdropped to Gerrard. The captain took one touch and then let rip a stunning volley into the corner of Joe Hart’s net.

But the honour of scoring the best

goal of the game was not yet decideddue to a brilliant finish from Aguerofive minutes later. A ball over the topinto City’s inside right channel inex-plicably saw Jose Reina rush out of hisgoal. The goalkeeper was beaten to the ball by Aguero, who touched it pasthim before curling home from anangle that seemed impossibly tight. The result leaves Liverpool nine

points behind a top four place.

Spurs march on but Villas-Boas facesstriker headache after injury to Defoe

TOTTENHAM manager Andre Villas-Boas admitted that he is sweatingover the fitness of Jermain Defoe

after the striker limped out of yesterday’s win at the Hawthorns. A second half strike from Gareth

Bale earned Spurs all three pointsagainst West Brom, who playednearly half of the game with 10 mendue to Goran Popov being sent off for spitting towards Kyle Walker.

Without Defoe, Tottenhamare lacking a recognised seniorstriker –although soon Villas-Boas will be boosted by thereturn of Emmanuel Adebayor, whose Togo side were knockedout of the Africa Cup of Nations by Burkina Faso last night.

“Hopefully it will only be twoto three weeks,” he said of Defoe’s injury. “He has someligament damage to his ankle.

We will have to see the fullextent of the injury. But we willmiss him badly.

“I can understand you don’tsee a striker but I think we havegoals throughout the squad.”

Defoe has been pulled out of the England squad for

Wednesday’s friendly againstBrazil, while former Spursmidfielder Michael Carrick has also withdrawn from the Three Lions squad.

Defoe came off sevenminutes before the break yesterday, and was replaced by new signing Lewis Holtby.

Holtby took up amidfield role while, with

Spurs not havinganother strikerto call upon,Clint Dempsey moved upfront.

And shortly their chances

Steven Gerrard’s sublime volley was his fifth goal in Liverpool’s last 10 games

SPORT 25MONDAY 4 FEBRUARY 2013cityam.com

WEST BROMWICH ALBION........0TOTTENHAM HOTSPUR ...............1

BY SPORTS DESK STAFF

PREMIER LEAGUE

MANCHESTER CITY.....................2LIVERPOOL.................................2

BY JULIAN HARRIS

PREMIER LEAGUE

were improved by the homeside being reduced to 10 men.Popov was unhappy at beingchallenged by Walker, and by spitting in the Spursdefender’s direction earned

himself a straight red card.Spurs pushed forward

and on 67 minutes foundthe goal they needed,as Gareth Bale cutinside James Morrison

and let rip with anunstoppable left-footed drive from20 yards.

Bale has 13 goals forSpurs this season

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TOP FOURTEAM PLD W D L F A PTS

7/29/2019 Cityam 2013-02-04


ENGLAND centre Billy Twelvetreeshas hailed his fledgling partnership with f ly-half Owen Farrell after thepair drew comparisons with the 2003

World Cup winning Will Greenwood- Jonny Wilkinson axis.

Twelvetrees capped a barnstormingdebut with a try as England begantheir RBS Six Nations campaign witha handsome victory over Scotland at Twickenham on Saturday.

Farrell’s ever-reliable boot reaped18 points, while Chris Ashton, Geoff Parling and Danny Care also crossedas Stuart Lancaster celebrated a yearin charge by lifting the Calcutta Cup.

Twelvetrees’ display and under-

standing with Farrell have, however,posed Lancaster a selection conun-drum for Sunday’s trip to Ireland, when powerhouse centre Manu Tuilagi is expected to return from anankle injury.

“I made it my goal to get to know guys as quickly as possible and how they play,” said Twelvetrees.

“I watch Owen in the Premiershipevery week and what he does. We satdown to work out what would work best for us against Scotland. We

communicate well out on thefield and you can click.

“I always wanted to score a try for England at Twickenham. It was a very nice moment.

“I always believed I was goodenough, it was getting a chanceto do it. Stuart and thecoaches have really


SPORTcityam.com/sport @cityam_sport

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Twelvetrees elicits2003 comparisonsENGLAND.................................38SCOTLAND................................18

BY FRANK DALLERES

SIX NATIONS backed me up on that. I just wantedto get my hands on the ball and do what I do every week for Gloucester.

“I felt like I did that well. As soon asthe points started rolling over I feltquite comfortable.”

Lancaster insists he is ready to start with Twelvetrees again, even if Tuilagi’s anticipated return in Dublincould see the debut star relegated tothe bench, with Brad Barritt revertingto inside centre.

“We’re delighted with the way he

took the try but his confidenceand composure has been good all week. It shows he’s ready tomake the step," Lancaster said.

“There are a few selectiondebates. With Manu coming

back into consideration there will be some selection deci-

sions to make. We needto knuckle down to what will be a mas-sive game againstIreland.”

Lancaster expectsTuilagi back in Dublin

Twelvetrees (pictured)and Owen Farrell havebeen compared to WillGreenwood and JonnyWilkinson

7/29/2019 Cityam 2013-02-04


27cityam.comMONDAY 4 FEBRUARY 2013

ENGLAND started slowly but

proved simply too powerful,and the second half wassomething of a nonsense as the

Scottish defence capitulated.England had left out half of their best players, so the gulf between thesides was laid bare. Sadly, it wasn’t agreat advert for the sport.

You’re right. That’s not the game you watched. This was the women’sSix Nations match played at Esher onSaturday when England won 76-0, but it highlights the debate betweenthose who want more coverage for women’s sport, and those who say it’s not of sufficient quality to warrant it. One of sport’s perennialchicken and egg dilemmas.

Television companies aregoverned by the “who cares?”factor; if nobody cares, they’re notin general going to broadcast it.People are more likely to care if the

sport is competitive, and there are

big crowds watching. But how do you get big crowds if the match isone-sided, and if you never show itanyway. Round and round.

Governing bodies always claimtheirs is “the fastest growing sportin Britain”. But how many timeshave you been on a tube and seen young women carrying cricket batsto night-time nets? Hockey sticks, yes. Pads? England’s opening WorldCup match against Sri Lanka wasthrilling, but there seemed morepeople on the field than in thestands, which looks dreadful andmakes the uncommitted observerswitch off. But if you don’t cover itat all, then no one will ever know

it’s on. Round and round.

Cricket is in the vanguard of promoting women’s sport, viaclever marketing and televisioncontracts, and long-term that is what all women’s sport needs. Sothe onus is on the FA, the RFU, andother bodies when they negotiatetheir TV deals to interlink coverageof all aspects of their sport. If you want the champagne moments, youhave to take others with less fizz. That’s the only way that, one day,they may sparkle in their own right.

TV would love to show more women’s sport, in order to attractdifferent audiences and advertisers.But it cannot be an unconditionalcheerleader for women’s sport, and

that is where the responsibility lies

with administrators and players tohave a clear vision for their product.By sharing resources, the homenations could create a competitiverugby championship that inside adecade would attract 10-20,000crowds, with full live TV coverage. That would enrich all of oursporting lives. That is the challengefor those within the sport, andthose who cover it.

John Inverdale’s column is brought to you by QBE, the business insurancespecialist. QBE is an Official Partner of

England Rugby and Premiership Rugby. For more information, please visit www.qberugby.com.

SPORTCOMMENT

JOHN INVERDALEIn association with

Women’s sport: a perennial chicken and egg dilemma

QBE Insurance (Europe) Limited, QBE Re (Europe) Limited and QBE Underwriting Limited are part o QBE European Operations, a division o the QBE Insurance group. All three companies are authorised and regulated by the Financial Services Authority.The England rose is an oficial registered trade mark o the Rugby Football Union and is the subject o extensive trade mark registrations worldwide.

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Fancied Francestunned as Italytoast shock win

CAPTAIN Sergio Parisse believes Italy have given their credibility an enor-mous shot in the arm by inflicting ahuge upset on RBS Six Nationsfavourites France in Rome yesterday.

Parisse and Leicester prop MartinCastrogiovanni scored the tries andreplacement Kris Burton a decisivedrop-goal as the Azzurri repelled aFrench fight-back spurred by LouisPicamoles and Benjamin Fall scores.

Italy’s astonishing victory was theirsecond in succession on home soil

ITALY........................................23FRANCE ....................................18

BY FRANK DALLERES

SIX NATIONSagainst France, but only their third of all time and far more convincing thanthe 22-21 triumph in 2011.

“We are really happy with the victo-ry,” said Parisse. “We talked a lotabout our ambition as a team beforethe tournament, but when you talk and you don’t get the result, youdon’t have any credibility.

“Today, we have won againstFrance, a team that played very wellin November. For us, it is a fantastic beginning to the Six Nations. I think we really deserved the win.”

After Parisse and Picamoles hadtraded tries, Luciano Orquera’s kicksnudged the hosts ahead, only for Falland the boot of Frederic Michalak togive France an 18-13 half-time lead.

But Castrogiovanni reassertedItaly’s dominance and Burton’s kick extended the advantage.

HARLEQUINS No8 Tom Guestadmitted his side had to dig deepafter they booked an LV= Cup homesemi-final clash with Bath by edgingpast the Ospreys 16-12 in Bridgend.

Guest yesterday led a dynamicdisplay from the much-changed Aviva Premiership champions, whoprogressed via Matt Hopper’s try and11 points from Ben Botica.

“In the second half we just groundit out,” Guest said after Quins’ 10thsuccessive victory. “We are on amassive winning run. The youngguys played their hearts out and it’sa great achievement and gives usconfidence for the semi-final.”

Ernst Joubert’s try and 17 pointsfrom Ben Spencer gave Saracens a 22-12 win at Worcester on Saturday andset up a last-four trip to Sale.

London Irish lost 10-6 to Cardiff Blues on Friday, while Wasps andLondon Welsh also suffered defeats,to Sale and Newport Gwent Dragons.

The LV= Cup. Watch the next generation break through. For tickets andinfo, visit www.lv.com/rugby

Victory No10

propels Quinsinto cup semis

BY SPORTS DESK STAFF

Parisse, who scored the first try, said the win had backed up Italian fighting talk

He has some ligament damage to his ankle.We will have to see the full extent of the injury,but we will miss him badly

‘Sunday football round-up: Page 25

7/29/2019 Cityam 2013-02-04


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