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BUSINESS WITH PERSONALITY

Bumi battlehinges onkey investor

THE CITY takeover watchdog coulddecide the fate of troubled coalmin-er Bumi as soon as tomorrow after akey stakeholder moved to offload adecisive voting bloc in the company.

Former Bumi non-executive direc-tor Rosan Roeslani, who owns 13 percent of the company through hisfirm Bukit Mutiara, is thought to beexploring plans to sell the stake totwo new investors, who may

become eligible to vote at a crunchballot of shareholders this week.

The emergency meeting, set forThursday, will be used to vote onplans by Bumi co-founder NatRothschild to remove 12 of the 14directors on the Bumi board.

If Roeslani sells his stake, theTakeover Panel must decide before ashareholder registration deadlinetomorrow if the new investors areindependent and have a free handto vote their shares which couldtip the balance against Rothschildsproposals.

It is not known how the potentialinvestors, who are currently anony-mous, will vote if the stake is sold.The Takeover Panel, headed by for-

mer UBS banker Robert Gillespie,previously ruled Bukit Mutiara wasa so-called concert party anotherterm for a voting ally of sharehold-

ers the Bakrie Group. This rulingreduced the voting power of theirshareholding bloc at the meeting to29.9 per cent.

Blockbuster went into administration in January

SHOPPERS have been deserting theUKs struggling retailers since the startof the year, adding to gloom in the sec-tor as sales fall for the first time in

years and well-established firms col-lapse into administration.Total UK retail footfall sunk 4.6 per

cent over the year to January, datafrom the British Retail Consortium(BRC) and Springboard revealed thismorning, the sharpest drop for ninemonths. Even including the busyChristmas shopping period footfall ison the slide, coming in 1.7 per centlower than the same period a year

before in the three months fromNovember to January.While retail parks and shopping cen-

tres avoided the worst of the retailbloodbath in 2012, their run of goodfortune came to an end at the turn ofthe year. Footfall crashed 7.2 per centin out-of-town retail parks and 5.2 percent in shopping centres in the year to

January, compared to a 3.3 per cent fallin visitors to the high street.

Even Greater London was pulled intoa 1.1 per cent decline. The worst-per-forming region was the north and

Yorkshire, where footfall dived by 8.3

per cent over the year.The latest figures come as designers

and buyers flock to the capital forLondon Fashion Week, with high-street names Topshop and River Islandhosting catwalk shows over the week-end alongside luxury brands Mulberryand Vivienne Westwood.

Speaking backstage at the Topshopshow yesterday, Arcadia Group chiefexecutive Sir Philip Green said e-com-merce was reshaping the way con-sumers spend, driving shoppers awayfrom bricks and mortar stores.

If you talk to nearly any retailer andask if theyd like to have fewer shops,

yes they would, he told Sky News.But the BRC suggested that snowfall

was to blame for the poor retail traffic,and claimed that shoppers were actu-ally spending more despite makingfewer visits to stores.

The mid-month snow took its tollon numbers of people out braving theelements, especially when making

journeys to out-of-town retail parks,said BRC boss Helen Dickinson.

But official numbers from the Office

for National Statistics (ONS) show thevolume of retail sales fell 0.6 per centover the year to January bringing anabrupt end to 17 months of growth.

www.cityam.com FREE

BY MICHAEL BOW

FTSE 100 s6,328.26 +0.90 DOW s13,981.76 +8.37 NASDAQt3,192.03 -6.63 /$ 1.55 unc / 1.16 unc /$ s1.34 +0.01

ISSUE 1,821 MONDAY 18 FEBRUARY 2013

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SUPERMARKET chain Morrisonsyesterday snapped up 49 storesfrom defunct video chainBlockbuster, proving itscommitment to the UK high streetas it seeks to expand its offering ofsmaller shops.

Blockbuster collapsed intoadministration last month, andadvisers Deloitte are planning toclose 332 stores across the UK.

Morrisons, which earlier thismonth bought seven stores fromcollapsed camera retailer Jessops,

will use the new sites to grow itsMorrisons M Local convenience

business.The UKs fourth largest grocer

has been lagging behind rivals inrecent months, losing market

share and posting a 2.5 per centslump in like-for-like sales in thesix weeks to 30 December.

BY ELIZABETH FOURNIER

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Morrisons buys 49 Blockbuster

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RETAIL GLOOM ASUK STAYS AT HOME

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[email protected]

Follow me on Twitter: @allisterheath

VINCE Cable yesterday suggested theLib Dems could join Labour and votein favour of a so-called mansion taxon 2m homes, saying it was an anidea whose time has come.

However the business secretarywas forced to talk down internalparty suggestions for a wealth tax onpersonal items such as jewellery, say-ing the plan is completely impracti-cal and intrusive.

Proposals for a one per cent annuallevy on high-end property, whichreceived the backing of Ed Milibandlast week, are due to be debated inthe House of Commons next monthand Cable said his party could sidewith the opposition on the issue.

If its purely a statement of sup-port to the principle of the mansiontax, Im sure my colleagues wouldwant to support it. But very often inthese opposition days they cantresist the temptation to make partypolitical point scoring and draggingother issues in like the 10p rate. Ifthat happens Im sure we will not.Its up to them to be statesmanlikeand sensible in how they approachit, he told Sky News Murnaghanprogramme.

Despite Cables rebuttal the pro-posed wealth tax on personal itemswill be put forward at the partysspring conference in Brighton next

London outgunned on EU pay curbsThe most stringent curbs on bankers paysince the 2008 financial crisis are to beimposed by the EU, as Britain faces defeatin Brussels over an issue dear to the City.Talks on EU reforms to make banks saferare in a potentially decisive week.

Man Group set for a shake-upMan Groups incoming chief is poised toannounce a sweeping managementshake-up of the worlds largest listedhedge fund. Emmanuel Roman is due totake over as chief executive from Peter

Clarke on 28 February, when the companyannounces its full-year results for 2012, ayear in which Man haemorrhaged assetsand its share price slumped 36 per cent.

BT in talks to acquire ESPN footballBT is in discussions to acquire footballrights from sports broadcaster ESPN asthe Disney-owned channel explores anexit from the UK. The interest comes asthe UK telecoms operator plans to roll outas many as three sports channels tobroadcast football, rugby and othersports content it has already acquired foralmost 1bn.

Mayor defends gust-hit cable carSo few passengers use the 60m Thamescable car backed by Boris Johnson that itlost 50,000 in a week, a critic claims.Because of falling demand and stoppagesfor high winds, weekly traffic on EmiratesAir Line, dropped below 15,000 in theweek to 2 February, according to figures.

Playstation cheaper than last modelIndustry sources and leaked internaldocuments suggest Sony is consideringpricing its new Playstation at about 300,more than 100 less than the last model.

Centrica tries to draw fire from profitsBritish Gas owner Centrica plans to takethe unusual step of drawing attention tothe 1.1bn it pays in tax as it prepares for abacklash over a likely double-digit rise inprofits from its consumer business.

PPI-claims firm rang emergency liftThe boss of one of Britains leadingchallenger banks has warned of theincreasingly ridiculous steps that claimsmanagement companies are taking to findpotential customers.

ConocoPhillips to resume China opsUS energy company ConocoPhillips hasbeen cleared to resume full operations atan offshore Chinese oil field after beingsanctioned by Beijing over oil spills in2011.

Kingdom invests in Chinas JingdongA group that includes Saudi PrinceAlwaleed bin Talal is betting 1.5bn riyals($258m) on the promise of strong growthin Chinese e-commerce, despiteintensifying competition.

THE COALITION is pushing aheadwith plans to hand employees atleast 10 per cent of the shares inRoyal Mail, with Britains biggestprivatisation in two decades linedup for this year.

Although the government iscontinuing to explore all optionsfor the state-owned postal service including the sale of a stake to aprivate equity firm banks areincreasingly confident that a stockmarket launch is possible this year.

Londons previously moribundIPO market has also shown signs oflife following last weeks float ofhousebuilder Crest Nicholson.

Heavily unionised Royal Mailstaff who mainly oppose theprivatisation will be placated

with free shares or options to buydiscounted stock in the company,

which has been valued at up to4bn and would be a candidate forinclusion in the FTSE 100.

Efforts to sell the business haveaccelerated since its pension debt

was separated from the companylast year, while UBS testedinvestors appetite for the deal

before Christmas.In November Royal Mail

announced a rise in half-yearprofits from 12m to 144m,largely thanks to an increase inparcels business thanks to theonline shopping boom.

Royal Mail staff

on track to take10pc of shares

Vince Cable said some of the tax policies proposed by his partys activists are wacky

2 NEWS

BY JAMES WATERSON

The state-owned railway companyEast Coast Main Line has paid eightdirectors salaries of 100,000 orabove, according to Freedom ofInformation figures. The highest-paiddirector, believed to be Karen Boswell,is on a salary package worth 161,000to 180,000 a year, figures released tothe Press Association showed. Sevenother executives at the government-back company received salaries ofmore than 100,000. Michael Holden,chief executive of Directly OperatedRailways (DOR), which East Coast is asubsidiary of, received 156,100.

Rail directors

receiving 100kBY JENNY FORSYTH

FTSE 100 giants Vodafone and BAESystems yesterday announced a five-year strategic partnership to safe-guard mobile phones. The tie-up ispart of BAE Systems push to grow itscyber and security arm BAE SystemsDetica and will also help Vodafonesbusiness customers fight against thegrowing threat of cyber attacks. Theinitiative between the pair, VodafoneMobile Threat Manager, launches inSpring. BAE and Vodafone aim toeventually offer a range of securitysystems, such as one protectingmachine to machine interactions.

New tie-up formobile security

BY MICHAEL BOW

BY JAMES WATERSON

To contact the newsdesk email [email protected]

POLITICAL ideas have always beencyclical. When incomes arefalling, the economy isflatlining, credit is scarcer, prices

are rising and it is hard to find work,the public always turns againstcapitalism (or the mixed economycorporatism that these days passes for

it); in boom times, it tends to be morerelaxed about other people makingvast sums of money.

But ideological shifts are not agiven. They can be stopped andreversed by determined leaders asBoris Johnson showed during his elec-tion campaign, for example and bythe right policies. The key problem isthat many markets have becomerigged by massive government inter-ventions in every nook and cranny ofthe economy, creating inefficiencies,damaging growth and financing vest-ed interests at the expense of the gen-

EDITORSLETTER

ALLISTER HEATH

We need a consumer revolution to deliver lower utility prices

MONDAY 18 FEBRUARY 2013

eral interest. Tragically, the coalitionhas barely begun to tackle any of thisand in many cases has actually madethe problem worse.

One MP who has been thinkingabout these sorts of matters isDominic Raab, a thoughtful Tory whois campaigning for capitalism for thelittle guy. His main idea, containedin a pamphlet out today from theCentre for Policy Studies, is simple:the power of markets and especiallycompetition need to be harnessed to

boost consumer choice, slash pricesand improve customer service in theenergy, water, retail banking, schoolsand health sectors, all industries witha low reputation that are helpingturn the public against business andcapitalism. Raabs reforms woulddeliver tangible benefits to millions

of consumers, put them back incharge, relegitimise profits in thoseindustries and signal that competitivecapitalism is the real answer to crony-ism, corporatism and class warfare.As Raab points out, in the four years

to 2014, the subsidies to energy com-panies to generate solar, wind andhydro-electric power as part of theRenewables Obligation are going upby 100 per cent to over 2.5bn, or 97per household per year. Feed-in-Tariffs, another subsidy, will reach790m per year, up from 14.5m in2010-11. The Renewables Obligations

to. Consumers who request it aregiven, in a standard and easy tounderstand electronic format, keydata about their consumption andcosts, making it much easier to switchsupplier and to make comparisonswith rivals. This data could be fed intoRaabs new web portal and could

transform consumer power, makingit much easier to switch utility than itcurrently is to change mobile phonecompany or even to switch insurer.

Raabs other ideas include separat-ing the retail and supply arms of thewater companies to create real choicein that market; and making bankaccounts portable. The coalition muststop fiddling and urgently listen topro-capitalist consumer advocatessuch as Raab.

replacement will further increase thecost to consumers to 7.6bn a year.These schemes need to be scrappedfor people to enjoy cheaper bills.

But that is not all: Raab also wantsto create a secure online accountswitching facility to make it mucheasier for consumers to change ener-

gy company if they are unhappy.Companies would be nudged intosigning up to it via a temporary taxbreak. This part of the plan is crucial:consumers need to feel that they arefree to choose and can easily sacktheir provider. He speaks highly of arecent mass switch-over coordinatedby Which, the consumer magazine;32,000 families changed providersafter a special reverse auction.The government is already encour-

aging Midata, a voluntary initiativethat 20 big companies including thetop 6 energy firms have signed up

month, where Lib Dem members willvote on whether to adopt it as partypolicy.

Other proposals to be debated at theLib Dem conference include a landvalue tax, cutting the annual limit onpensions tax relief from 40,000 to30,000, and redefining the mansiontax to include cumulative propertyholdings up to 2m potentially hit-ting buy-to-let landlords and peoplewith second homes.

Meanwhile Nick Clegg will tonightuse a speech at the Mansion House toattack Miliband for blatant plagia-

rism of the high-end housing tax .The Deputy Prime Minister will tell a

City audience that it is in their interestto rebalance the UKs economy awayfrom London and the south east.

[Previous governments] were sobewitched by Londons financial serv-ices that they squandered other indus-tries and allowed other communitiesto wither, Clegg will say. He will alsobrand Labours policy of funding pub-lic sector spending in the regions withCity tax receipts as trying to prop up anation of 100,000 square miles on theprofits of just a single Square Mile.

WHAT THE OTHER PAPERS SAY THIS MORNING

Find your next step at CITYAMCAREERS.com

Lib Dems may vote withLabour on mansion tax

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THE WORLDS biggest economies

will be able to continuemanipulating exchange rates despitereassurances from the G20 leaders it

will not happen, analysts warnedover the weekend.

Although the communiqu fromthe G20 ruled out the deliberate

weakening of currency values, it isstill deemed acceptable as long asthe change in exchange rates is aside-product of other policies.

We will refrain from competitivedevaluation. We will not target ourexchange rates for competitivepurposes, will resist all forms ofprotectionism and keep our marketsopen, read the note. We reiteratethat excess volatility of financialflows and disorderly movements inexchange rates have adverseimplications for economic stability.

But analysts were more scepticalof the statements value.

While almost all ministers triedto play-down currency tensions overthe weekend, the fact remains thattoo many countries desire a weakercurrency, said Credit Agricoles

Adam Myers.Meanwhile the UK, French and

German governments used themeeting to launch a joint initiativeto crack down on tax avoidance bymultinational companies, whichthey will present to a G20 financeleaders meeting in July.

Currency warsset to expanddespite G20

BY TIM WALLACE

CINVEN, the private equity business,is firming up plans for a 1bn float ofits annuity business Partnership amida renaissance in Londons capital mar-kets.The mid-market buyout shop, which

also owns PizzaExpress and ASKItalian restaurants, is understood to

be pushing for an initial public offer-ing (IPO) of Partnership in the secondhalf of this year, although no firmdate has been set.

Bank of America Merrill Lynch andMorgan Stanley have been lined up toadvise on a sale of the annuity

provider, which offers so-called deathbonds annuities geared towards peo-ple in ill health.A float would be the latest in a

string of mooted sales by private equi-ty firms keen to tap Londons resur-gent equity markets after a dismalperformance over the last few years.The FTSE is at a five-year high at the

moment and a spate of private equitybacked mega-deals flowing out ofNew York have given renewed confi-dence to investors in London. Last

Cinven gears upfor 1bn float of

annuity outfitBY MICHAEL BOW week house builder Crest Nicholson,

which was owned by American privateequity firm Varde, got away a 553mfloat in London. Other firms owned by

buyout shops, such as insurers esureand the AA, are also understood to bemulling floats.

Cinven is thought to be consideringusing a similar strategy used in itsfloat of flight reservation provider

Amadeus IT in 2010, when it retaineda joint 13 per cent stake and sold downits holdings in several tranches.Analysts at Panmure Gordon have

previously pegged a float at around1bn. This represents a huge premiumon the 150m Cinven paid for

Partnership in August 2008, when itbought the company from PhoenixEquity Partners.

Profits at Partnership soared 211 percent last year to 37.7m giving it themantle as the fastest growing UK com-pany by profits. A person close to thecompany yesterday said: Any IPOneeds to be conditional on morefavourable markets, and now there is alikelihood of moving in that direc-tion. Cinven declined to comment.

CONSERVATIVE ministersyesterday dismissed claims thatthey are ready to privatise RBS by

handing shares to the public before2015, despite Lib Dem backing forthe plan.

Reports over the weekendsuggested the coalition was willingto sell off the banks shares to thepublic at a discount or even givethem away ahead of the next

general election.Its just a premature discussion

about what to do with the shares,"chancellor George Osborne saidfrom Moscow, where he is

Ministers pour cold water onRBS share giveaway proposals

BY JAMES WATERSON attending the G20 finance summit.Weve got to get the Royal Bank

of Scotland to a point where it isworth what the taxpayer paid thenwe can have a big discussion about

what to do with the shares andhow to return it to the privatesector, he told Sky News.

The government owns 82 percent of RBS after pumping in 45bnat the height of the financial crisisand the Treasury insisted it wouldsell its stake at the right time andin the interests of the taxpayer.

Lib Dem leader Nick Clegg andbusiness secretary Vince Cable areboth supporters of the sharegiveaway.

MONDAY 18 FEBRUARY 20133NEWScityam.com

Chancellor George Osborne has yet to decide how to dispose of the 45bn RBS stake

BOTTOM LINE: Page 6

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4 NEWS cityam.com

A HOST of FTSE 100 retirement fundsyesterday revealed they had raised1bn to plough into the UKs creak-ing infrastructure as influentialinvestor Edmund Truell called ongovernment to do more to boost

building investment.Pension schemes run by BAE

Systems, BT, Lloyds TSB and BritishAirways are among ten schemeslaunching a 1bn fund designed toaddress the UKs sluggish infrastruc-ture building programme.

Last week, Labour attacked thecoalition government for failing todeliver on its heavily trailed nationalplan, which originally aimed toencourage 20bn of investment frompension funds.Yesterday, private equity entrepre-

neur Edmund Truell who was lastyear made chair of a London pensionfund contributing to the fund saidthe government should reform plan-ning laws to help encourage privatesector investment.

FTSE funds helpraise 1bn forinfrastructure

BY MICHAEL BOWThey are not doing enough, Truell

told City A.M. We need more actionand more push from central andlocal government on the investmentside. On the planning side, the UK isnotorious for finding a reason todelay.

There are always going to be losersin planning. We should compensatethe losers properly and get on withit.The 1bn fund, called the Pension

Infrastructure Platform (PIP), current-ly aims to invest in infrastructureprojects that have already been com-pleted instead of investing in things

which still need to be built.Truell yesterday admitted the PIP

has relatively limited ambitions atthe moment, but said he hoped it

would help investors exchange ideasand get larger projects like housingand energy off the ground in future.Truell co-founded pension insur-

ance company Pension Corporationin 2006. He left the firm last year. Hehas since gone on to set up privateequity outfit Duke Street Capital.


Households expect even worsesqueeze on finances is comingHOUSEHOLD budgets dipped oncemore in February, and look set to

get even worse in coming months.Markits headline householdfinance index was stuck at 37.7 inFebruary, the same level as Januaryand deep below the 50 thresholdthat indicates no change inhouseholds situations.

And the economics consultancysoutlook index, which focuses on

where households think theirfinances are going, slid to 40.6,down from 42.8 the previous

BY BEN SOUTHWOODmonth. This suggests that however

badly budgets have been hit, theystill have a significant way to go.

There was no let-up in the

squeeze on UK household financesduring February, as higher livingcosts and muted wage growthcombined to reduce cashavailability at the fastest pace sincethe middle of last year, saidMarkits Tim Moore.

Moore pointed out that the Bankof Englands decision to allowinflation rise above target hasimpacted on household estimates offuture price rises, according to

Markits survey.Inflation expectations remain

close to their highest since thesurvey began four years ago, Moore

said, echoing recent warningsfrom the Bank that price pressureswill remain elevated in 2013.

And to top it off, the difficultiesare impacting the worst-off thehardest, according to Markit.

The lowest quintile of earners sawthe quickest deterioration in theirfinances for 14 months, accordingto the survey, whereas the highestsaw the slowest tightening for a

year.

Ed Truell said the government needed to change planning laws to boost investment

THE COST of registering patentsin the EU is set to fall from36,000 (31,000) to 5,000,following reforms due to beagreed by business secretary

Vince Cable this week.At the moment inventors and

businesses have to register theirinnovations separately with allEU member states.

The new agreement, which willbe signed tomorrow, willintroduce a new unitary patent

valid in 25 countries, br inging

costs down by almost 90 percent. The government hopes this

BY JAMES WATERSONwill encourage entrepreneurs toinvest in new developments.

Cable said: This agreement isjust common sense. It wi ll meaninventors spend more time onresearch and development,coming up with new ideas andless time filling in forms anddefending their cases in court.

There will also be a newunified patent court, enablingBritish businesses to fightagainst patent breaches in EUstates without having tocommence legal proceedings inforeign countries.

The first unified patents areexpected to be issued in 2014.

Patent costs to plummet afterVince Cable signs deal with EU

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LONDONS transport expertise andTescos expansion plans will be highon the agenda during Prime MinisterDavid Camerons trade mission toIndia this week.

Cameron will arrive in Mumbaitoday with a delegation of ministersand business bosses includingStandard Chartereds Peter Sands tospeak with trade partners in India.Transport for London has sent its

director of capital programmes DavidWaboso to sign a deal with Mumbaiand Hyderabad authorities to shareinformation on building metro trans-port systems.

These agreements will mean closerco-operation, and exchanges of infor-mation and learning that will benefit

both parties, said Waboso. They alsogive the UK supply chain the chanceto demonstrate its ability to deliverand will help UK businesses capitaliseon opportunities in India.While Tesco is not sending its own

representatives on the three-day trip,the supermarket is believed to havepressed the Prime Minister to discuss

BY MARION DAKERShow Indias new rules on foreigndirect investment can help UK retail-ers.

Indian leader Manmohan Singh lastyear won parliamentary approval forradical reforms to permit direct invest-ment from overseas companies inIndian retail ventures.Tesco is already involved in a handful

of Indian hypermarkets under the StarBazaar brand, in partnership with

Tata, but is eyeing a big expansion ifthe investment conditions are right.

We have welcomed moves in Indiato allow foreign investment in multi-

brand retail and continue to reviewthe conditions, said a spokesperson.

Many of the 100-plus delegatesaccompanying Cameron are fromsmall and medium sized enterprises.

The Prime Minister will pledge 8m ofgovernment funding for a network ofBritish Business Centres in India.

Other groups sending representa-tives include KPMG, HSBC, Blackstone,

Triumph Motorcycles, the OpenUniversity, Debenhams and theFinancial Services Authority.

THE FORUM: Page 16

MONDAY 18 FEBRUARY 20136 NEWS

cityam.com

Tesco boss Philip Clarke is eyeing a large investment in India

BOTTOMLINE

MARION DAKERS

WHEN Starbucks opened itsfirst stores in Mumbai lastOctober, queues around the

Taj Mahal hotel stretchedalmost to the Gateway of India theimposing arch on the harbour under

which Boris Johnson held a bike-riding photo call a few weeks later.Americas frothy coffee seemed, at

the time, to go down much better withMumbaikars than the Brompton-ped-dling Mayor of London. But his effortshave nevertheless added to a head ofsteam for British firms that dont haveStarbucks global brand pull.

Firms including JCB, Arup andBalfour Beatty are now a step closer tolucrative transport work in two of thecountrys most populous areas, thanksto a memo of understanding betweenthe cities and Transport for London

that was mooted during Boriss visit.Meanwhile retailers includingDebenhams, Monsoon and Tesco willkeep asking for more access to Indiasgrowing middle class this week.Johnsons argument last year that

consumers would enjoy cheaper goodsas a result of international competi-tion is likely to be carried forward bythe Prime Minister during his trip.Tesco has been biding its time in the

country, with a minor partnership

with Tata that served the dual purposeof acting as a path to becoming arecognised brand and as a practiceground for its hit-and-miss global tac-tics (much needed following disap-pointments in the US and China).

Now the firm hopes it is ready tocharm Indias shoppers as politicianshave already done on its behalf.

TIMES STILL TOUGH FOR LONDON FLOATSPartnership Assurance might hope tofloat by the middle of the year, but theodds are not yet in its favour. For everyCrest Nicholson in 2013, there have

been several disappointments likeNefteTransService the rail operatorthat delayed its IPO last month. Oneshare-sale does not a summer make.Marion Dakers is City A.M.s deputy news

editor @mvdakers

Tesco hopes to charm shoppers

n The East India Company was set up in1600 to import tea, coffee and opium toElizabethan England, before becomingthe arm through which Britain ruled thecountry. It now operates as a gourmetfood seller, after a relaunch by Indianentrepreneur Sanjiv Mehta in 2010.

n Mobile phone giant Vodafone runsIndias second largest network. The FTSE100 firm, whose chief executive VittorioColao is a member of the India UK CEOForum, ran into hot water in 2011 over itstax bill after it bought out partnerHutchinson Essar.

n Standard Chartereds Indian arm madeup almost 12 per cent of group profits

before tax in 2011.

n Unilever, whose Indian headquartersthe Prime Minister will visit this week, isthe countrys largest consumer goodsgroup. Procter & Gamble has also beenoperating in the country since the 1980s.

n Tatas ownership of the erstwhileBritish Steel is an example of an Indianfirm snapping up assets in the UK. India-based Tata took over what was known asCorus in 2007 to make it the worldssixth-largest steel producer. Tata alsoowns Tetley and Jaguar Land Rover.

n IT group Infosys, energy conglomerateEssar and film distributor ErosInternational are among the 70-oddIndian companies to have listed on the

London stock markets.

BRITISH CORPORATE TIES WITH INDIA

Cameron blows

UKs trade horn

on India visit

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Change brings new life to companies.

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FRANCE has never been thefriendliest country for bankersto work in. Its suspicion ofcapitalism and enduring official

support for a short working weekdont make for a natural fit with thefast-paced world of high finance.Hence many of the countrys best andbrightest have moved to morewelcoming shores.

But Socit Gnrales chief execu-tive and chairman Frdric Ouda isbeing squeezed badly even by Frenchstandards. Yet he is refreshingly out-spoken, more so than many of his UKcounterparts.The financial transactions tax (FTT)

being imposed by many Eurozonenations and a proposed bonus cap arethe latest signs of policymakersdesire to bash the sector, and, Oudabelieves, will simply harm the rest ofthe economy with no gain for anyone.

France and Europe need to attractinvestment from the world. We are ina mature market and the demograph-ics are not dynamic so we need to bemore attractive for entrepreneurs andinvestors to becompetitive. Weneed to attractmore money, morefinance from out-side Europe andthe FTT is contra-dictory to that aim.It will destroy activ-ity.

Eleven countries across the EU wantto levy a charge on trades of equities,bonds and derivatives across theworld, as long as one party comesfrom those countries or the securitytraded was issued there.

This will push money into US andAsian assets and have a detrimentaleffect on European economies.

Ouda is equally upset that the poli-cies are badly aimed that politicianssay they are trying to hit bankers andclaim they will pay for the financialcrisis, but in fact fail to understandhow the industry works.

For instance the FTT will hit cus-tomers more than banks, with

investors like pension funds set tobear the brunt of the charge. And it isnot even bankers who carry out mostof the trading in equities, bonds andderivatives.Then the bonus cap seems to forget

both how much has changed sincethe crisis, and the global context inwhich European banks operate.

There is vast deferral of bonuses.

They are largely paid in shares andthere is the capacity to claw them back if you make a big mistake in a bank,you will get nothing, he explains.

And in any case, I am accountableto shareholders I cannot simply paybig bonuses for their own sake.

On top of that, the bank competesglobally and so would be hamstrungby pay rules that applied only in

Europe, and it competes for talentdomestically with other finance firmslike hedge funds and private equityhouses who would easily be able tooutbid banks if a cap of one-timessalary was put in place.

Im not sure this political decisionmakes sense, he says.To cap it all, the anti-capitalist rheto-

ric of policymakers may ironically leadto a greater reliance on the capitalmarkets, he argues. The Basel III rulesmean banks have to set aside morecapital against loans to firms, limitingthe amount of credit they can extendand so pushing more firms towardsissuing debt a widespread practice inthe US, but something European

firms are tradi-tionally less com-fortable with.

This means weare moving moretowards theA n g l o - S a x o nmodel, findingmore ways to

raise finance, he argues not adescription those crafting the newrules for banks may be happy to hear.

More than five years on from the cri-sis there is little hint of the pressureslackening, and as scandals like Libor-rigging keep the spotlight on thebanks Ouda declined to commenton the specifics of the 300m SocGenlast week set aside for litigation thedangerous popularity of politicalbanker-bashing is set to continueplaguing the industry. It is unpleas-ant to live as a banker in this environ-ment, Ouda concludes simply.

Born: 1963 in Paris, France

Education: Ecole Polytechnique, Ecole

Nationale d'Administration

Career:

1987: Civil servant, working in the roles

across the finance ministrys audit

department, the ministry of the economy

and finance, the budget ministry and the

cabinet of the ministry of the treasury and

communication.

1995:Joined SocGen as deputy head,

then head of the banks corporate banking

arm in London

2002: Deputy chief finance officer

2003: Group chief finance officer

2008 March May: Deputy chief

executive office

2008 May: Chief executive officer

2009:Appointed chairman and chief

executive officer

Societe Generale

15 Feb11 Feb 12 Feb 13 Feb 14 Feb

32.5

32.0

31.5

31.0

30.5

30.0

33.0

29.9915 Feb

Socit Gnrales Frderic Ouda tells Tim Wallace why bankbashing rules will end up harming Europes real economy


CV: FREDERIC OUDEA

It is unpleasantto live as a bankerin this environment

The French bank chieffighting back against

hostile politiciansChief executive

and chairmanOuda fears

politicians do notunderstand finance

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10/27

EASYJET yesterday insisted that itpays its pilots properly, after the

British Airline Pilots Association(Balpa) claimed that pennypinching management were short-changing staff.

In an open letter to EasyJetchairman Sir Mike Rake ahead ofthis Thursdays shareholdermeeting, Balpa claimed that thefirms plan to hire 330 newpermanent pilots is a move to putcasual staff onto low-paid contracts.

Balpa wants to get behind thespin to unearth the way these

young pilots are being exploited,said general secretary JimMcAuslan, adding that the union

will poll employees about thepossibility of industrial action.

EasyJet said its cadet schemepilots can earn a total of 40,000 to50,000 a year. By any aviationindustry standard this is a goodcareer path with fair and

reasonable rewards, the f irm said.EasyJet will also face questions fromfounder and major shareholder SirStelios Haji-Ioannou at its annualgeneral meeting on Thursday.

EasyJet shrugsoff pilot claimsahead of AGM

BY MARION DAKERS

CONSERVATIVE leader NicosAnastasiades easily won the firstround in Cypruss presi-dential elections yes-terday, but failed toavoid a runoff vote,reflecting deep divi-sions among Cypriotson a bailout deal tosave the island nationfrom bankruptcy.A financial crash in

Cyprus could reignite theEurozone debt crisisand investors arekeen to see

Anastasiades, thestrongest advo-cate of an inter-national rescue,clinch victory

BY HARRY BANKSand secure a bailout, even though thattoo, has its drawbacks.Analysts said the 66-year-old lawyer

looked likely to win the 24 Februaryrun-off, but that the strong combinedshowing of his two main rivals whocampaigned against austerity showedthe depths of anti-bailout anger in thenation.

It is a victory for the forces whowant us to turn a page, Anastasiades,said after the results were announced.

A lawyer who has led theDemocratic Rally party since 1997,

he secured 45.4 per cent of thevote, well ahead of leftist

Stavros Malas who trailedwith 26.9 per cent. George

Lillikas, an independent,took 24.9 per cent.

MALCOLM Walker, the chiefexecutive of frozen foodsupermarket chain Iceland said

yesterday local councils are toblame for driving down foodquality with cheap food contracts

for schools and hospitals.Speaking on the BBCs Andrew

Marr show, Walker saidsupermarkets should not be heldresponsible for the horsemeat

Supermarket bosses blame cheapfood culture for horsemeat fiasco

BY KASMIRA JEFFORD crisis, arguing that they hadbecome easy targets because theyare visible.

His comments came as Waitrosemanaging director Mark Price

yesterday called for tighter meattesting controls. Price also

announced that, as a result ofrecent events, the supermarketchain was planning to set up itsown freezing plant to preventcross-contamination.

MONDAY 18 FEBRUARY 201310 NEWS cityam.com

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Conservativewins first round

of Cyprus voteIcelands Malcolm Walker blamed local councils for dragging down food quality

Nicos Anastasiades hasled his party since 1997

7/29/2019 Cityam 2013-02-18

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US securities regulators have filed alawsuit against unknown traders inthe options of ketchup maker HJHeinz.The Securities and Exchange

Commission (SEC) alleges thattraders acted on inside informationbefore Heinz announced a deal to beacquired for $23bn (14.8bn) byWarren Buffetts BerkshireHathaway and Brazils 3G Capital.The suit marks the second time in

six months that the SEC has takenlegal action for alleged insider trad-ing on a 3G deal.The suit, in federal court in

Manhattan, cites highly suspicioustrading in Heinz call options justprior to the announcement of the

deal last Thursday.The regulator has frequently in thepast filed suits against unnamedindividuals where it has evidence ofwrongdoing, but is still trying touncover the identities of thoseinvolved.

BY HARRY BANKSThat trading, the suit said, caused

the price of the particular call optionthey bought to soar 1,700 per centand generated unrealised profits ofmore than $1.7m.The regulator claims the traders are

either in, or trading throughaccounts in, the Swiss city of Zurich.The account had no history of tradingin Heinz over the last six or somonths.

It has also obtained an emergencyorder to freeze assets in the Swissaccount linked to the trading. In thesuit, the SEC refers to the account asthe GS Account.

In a statement Goldman Sachs saidit was cooperating with the regula-tor's investigation.

Irregular and highly suspiciousoptions trading immediately in front

of a merger or acquisition announce-ment is a serious red flag that tradersmay be improperly acting on confi-dential nonpublic information,Daniel Hawke, chief of the SECs divi-sion of enforcements market abuseunit said in a statement.

THE FASHION world came out in force yesterday for Mulberrys autumn 2013 catwalk show atClaridges hotel, which was inspired by the British countryside. Bruno Guillon, chief executiveof the Aim-listed British luxury brand sat in the front row, together with singer Lana del Reyand television presenter Alexa Chung, who both have Mulberry handbags named after them.

MULBERRY RULES BRITANNIA AT FASHION WEEK


As a

chemistrygraduate youshould worksomewhereoffering animpressive

salary.

*Conditions apply. See eduation.gov.uk/teaconditions for full details.

Like a shool.Starting salaries for traineeteachers are higher on averagethan many other graduatecareers.You could also receivea tax-free bursary of up to20,000.*Not a bad formula.Searc get into teacingor all 0800 389 2500.

RewardingChallengingTeaching

US authoritiesprobe trades

in Heinz shares

TRAVEL group Thomas Cook willthis week unveil its latest plans toturn around its fortunes,following an in-depth review ofthe business led by new chiefexecutive Harriet Green.

Green, who was appointed inJuly 2012, was tasked withshaking up the company after a

string of profit warnings.Reports at the weekend said the

BY MARION DAKERS firm was considering selling itsNeilson skiing brand to help paydown a 1.6bn debt pile, though aspokesperson declined tocomment on pure speculation.

The worlds oldest travel groupsaid earlier this month thatCondor, its German airline brand,Thomas Cook Airlines UK andThomas Cook Airlines Belgium

would become one airline

segment within the group from 1March.

Thomas Cook to set out strategy

Natixis to simplify its structureand pay out a special dividendFRENCH bank Natixis said yesterday itwould simplify its finances by shed-

ding a 20 per cent stake in BPCE, a net-work of cooperative lenders whichcontrols it, paving the way for higherdividends in the future.

Natixis said it would sell 12bn(10bn) in investment certificatesthrough which it owned a fifth ofparent company BPCE to BPCE andits cooperative shareholders.

BPCE and Natixis plan to unveil anew three-year strategic businessplan in the second half of the year,

BY A CITY A.M. REPORTER Natixis executives said.The move to restructure its ties

with BPCE group, one of Franceslargest cooperative lenders, will

allow Natixis to pay out a 2bn one-time special dividend toshareholders, worth 0.65 a share,the bank said in a statement.

The bank, which was rescued fromnear-collapse during the 2008financial crisis by a government-backed merger of its retailcooperative parents, has beenundergoing a multi-yearrestructuring plan aimed at sellingoff risky assets.

The device of the CCI certificateshad become very complex, BPCEchairman Francois Perol said.

Natixis risk profile is such that

something originally conceived as astabiliser is no longer necessary.Natixis shares are up 11 per cent

so far this year, outperforming theEuropean banking sector, which isup 7.7 per cent over the same period

Natixis also reported a 40 per cendrop in fourth quarter net income t181m hit by accountingadjustments on the value of its owndebt and said it would pay out aregular dividend of 10 cents a share

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IN BRIEFInvestors say bond boom is bubble

n UK investors are swiftly cominground to the idea that corporate andgovernment bonds are overvalued, andhence in a bubble, according to asurvey seen by City A.M. The fraction ofInvestment professionals telling theChartered Financial Analyst (CFA)Society that government bonds wereovervalued, or very overvalued, soared

to 83 per cent in the first quarter of2013, from 72 per cent a year before.And the fraction saying corporatebonds were overvalued or veryovervalued doubled over the sameperiod from 34 per cent in the firstquarter last year to 68 per cent in thesame period this year, the CFA Societysaid.

Mass job losses drive insecurity

n UK workers felt less secure in theirjobs in January than at any time in thelast year, according to a Legal & Generalpoll out this morning, after high-profilejob losses at HMV and Rolls Roycebrought the fragility of the economicrecovery home. The fraction of part-time workers saying they felt confidentthey were secure in their job slid to 65

per cent in January 2013, from 69 percent a year earlier, and 73 per centduring October, when job securityreached a high. Full-time staff were alsowarier in the first month of the newyear, the survey revealed, with threequarters saying they were secure, downfrom 77 per cent in January 2013 and 79per cent in October.

Independent brokers under threat

n Low investor confidence and fiercecompetition from investment banks meanindependent brokerage firms can nolonger rely on market trading to earn aliving unless they find a way todifferentiate themselves, a new survey byprofessional advisers McLean Partnershiphas warned. At the same time, the surveyfound that brokers are experiencing a

brain drain of top analysts exiting theindustry or setting up as consultants. Thefirm, which advises the fund managementand the broker communities questioned100 executives from both sides to gaugethe health of the equities sector. It foundthat a dislocation in what the two sidesthink specialist brokers should be paid isalso driving the decline of the sector.

MONDAY 18 FEBRUARY 201312 NEWS cityam.com

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A SMALLER than usual Februarybump failed to put a dent in the rapidpace of London house price growth,according to data out yesterday.

Londons asking prices grew at 1.2per cent in the second month of 2013,Rightmove said this morning, theslowest growth seen since 2009 in theusually strong month. But taking awider view, prices were still steamingahead, up 8.4 per cent on February2012, according to the property sitesindex.The picture was similar for the

country as a whole. UK asking prices

climbed 2.8 per cent in February well down on 2012s 4.1 per centexpansion over the same period, butstill pushing prices up to 235,741, thehighest average recorded in themonth since 2008.

There has been a sprightly start to2013, and while market activityremains patchy across locations andproperty type, some agents are report-ing their busiest new year since theonset of the credit crunch, saidRightmove director Miles Shipside.

But the divergence between theLondon and national markets washighlighted by different reasons givenfor moving house.Where movers in the rest of the

country are most likely to be downsiz-ing, movers in the capital are most

London houseprices up 1.2pc

over FebruaryBY BEN SOUTHWOOD

likely to be in the market to increasetheir living space, Rightmove said.This is brought into sharpest focus by

the breathtaking speed at which sell-ers are hiking asking prices in already-exclusive Kensington, Chelsea,Hammersmith and Fulham. Prices inKensington and Chelsea already aver-aging 1.9m a year ago, were up 15.5per cent to 2.2m in February,Rightmove said.And in Hammersmith and Fulham

the average asking price was withintouching distance of 1m duringFebruary this month, having rocketedup 16.3 per cent over the past 12months.

Londons housing market is roaring ahead

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GUESTS of the Tulip Club box atSaracens new home, Allianz Park,saw the club record a 31-11 victoryover the Exeter Chiefs on Saturday. It

was a full house for the first gamesince the team moved to the glossystadium from the old grounds at

Vicarage Road.Among the crowd gathered at the

Tulip Club the new Saracens hospi-tality box The Capitalist spotted Aonchief executive Robert Brown andKleinwort Benson private banker

Jason Turner mingling with Lionslegend Martin Bayfield and a mem-

ber of boyband McFly. An extra treatfor punters in the box was the pres-ence of players Brad Barritt, Chris

Ashton, Owen Farrell and Alex Goodewho were all resting up in advance ofthe next Six Nations match.

Unfortunately for club bosses,guests at the swanky lunch seemed tothink that the specially-engravedOpening Day serving plates adorningthe tables were party gifts.

By the end of the game they had allbeen silently stowed in handbags anddiscreetly tucked under arms, andswiftly disappeared into the night.

How many traffic wardens does it take to ruin the day of an investment banker? Theanswer seems to be four. Or at least that appeared to be the case for one driver

parked outside the Mayfair office of private equity firm Palamon Capital Partners, asmultiple eager parking officials gathered to clock the errant vehicle.

A FINE TIME TO PARK FOR MAYFAIR TRAFFIC POLICE

13cityam.com

cityam.com/the-capitalistTHECAPITALISTAS announced a couple of weeks ago,The Capitalistis inviting submissions

for a 2013 edition of Citys Got Talent acompilation of the hunkiest gents in theSquare Mile, as voted for by your goodselves, dear readers. It seems like a few

bolshy bankers are not afraid to self-nominate, but The Capitalistwould also liketo encourage any smouldering solicitors,hot hedgies or indeed their colleagues not to be shy in showing off their bestassets. Every entry will be carefullyscrutinised by aCity A.M.judging panel and all nominations, naturally requiringrecent photographic evidence, should besent to [email protected] by theend of the month.


EDITED BY CALLY SQUIRES

Got A Story? [email protected]

FRANCE may be known for itsequine culinary culture, but thegrowing horse meat scandal seemsto have put some of our next doorneigh-bours on the back hoof.

SocGens chief executive andchairman Frdric Ouda wasfeeling the pressure as he hosted alunch last Friday, going on thedefensive about his native landseating habits.

SocGen boss de-neighs Frenchfood stereotypes at City lunch

It is only a small minority whoeat horse in France I myself donot, he told his hungryassembled guests in a smart suiteon the top floor of the banks

Tower Hill off ice.But just in case anyone feared

cross contamination, Ouda puton a safe spread of fish and porkfor les rosbifs attending his

business lunch.

Left to right: England and Saracens players Brad Barritt, Chris Ashton, Owen Farrelland Alex Goode with former England lock Hugh Vyvyan

Guests clear theplates as Sarriescelebrate a win

7/29/2019 Cityam 2013-02-18

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MONDAY 18 FEBRUARY 201314 NEWS

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MORNING UPDATE

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newsletter atcityam.com

Arle Capital Partners

The private equity partnershiphas appointed Quentin Nasonas head of client services,strategy and businessdevelopment. He was mostrecently managing director inequity capital and structuredequity capital at Deutsche

Bank.

FTI Consulting

The business advisory firm has announced the

appointment of two regulatory consultants to lead itsgovernance, risk and regulatory offering in Europe, theMiddle East and Africa. Jeannette Lichner, who hasjoined as senior managing director, has over 25 yearsexperience in financial services at firms includingDeutsche Bank, JPMorgan and Morgan Stanley.Charles Ilako, most recently lead parter of theEuropean regulatory practice at BDO, has also joinedas senior managing director.

Baker Tilly

Robert Parry will join the chartered accountancy andbusiness advisory firm as a forensic partner. Parry has

over 20 years experience in the forensic accountancyfield, most recently at RSM Tenon.

Lloyds Banking Group

The bank has appointed Chris Sood-Nicholls asindustry sector head for the global coverage of supportservice companies across the UK, Europe, NorthAmerica and Asia Pacific. He has worked at Lloyds for13 years across a number of client-facing roles.

Rule Financial

The business and technology consultancy hasannounced the appointment of Emily Cates as

principal consultant in its domain group. Cates joinswith over 18 years experience across securitiesfinancing, prime brokerage, equities, fixed income andstructured trades. She was most recently head ofoperations at Knight Capital Europe.

Markel International

Julia Sanassi will join the insurance firm as a senior

risk analyst in its trade credit division. Sanassi joinsfrom XL Group in New York, where she was a seniorrisk analyst specialising in trade credit and politicalrisks. She has previously held credit analysis roles atCommerzbank.

WHOS SWITCHING JOBS Edited by Annabel Palmer

SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT

CITY MOVES

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a) Tell yourself you must get on withredecorating the bedroom

b) Sell the Wall Street index in anticipationof a stock market crash

Rising US debt levels are scraping

the ceiling again, do you:

In association with

LONDON REPORT

AT first glance, Januarysprojected public borrowingfigures showing a 17bn

budget surplus look very

healthy indeed.But economists warn that even

though the headline figure, to bereleased on Thursday, looks positivecompared to last Januarys 11.8bn sur-plus, it is skewed by extra money fromthe quantitative easing cash pile.

The transfer of the cash from the QEfund will flatter the figures. But theunderlying surplus normally seen in

January will probably be smaller thanlast years. So it will still look likelythat the OBR will have to revise up itsforecast next month, said VickyRedwood from Capital Economics.

Excluding the helpful one-off fac-tors, borrowing will probably now beprojected to rise in 2012/13 comparedto last years level.

In other economic news, Rightmovehouse prices released today show aslight improvement on this time last

year, but less than the usual increasefor February.

On Wednesday, minutes of the Bankof Englands Monetary PolicyCommittee (MPC) will be released.

They are expected to show universalsupport for the policy of not changingthe Banks interest rate, and only onenaysayer to keeping the status quo forQE.Also on Wednesday, a slew of figures

is expected to show promising employ-ment figures for the UK .

Howard Archer, of IHS GlobalInsight, said: We expect employmentto have risen by 124,000 in the threemonths to December, to stand at29.700m. This would take employmentup to the highest level since records

began in 1971.We expect claimant count unem-

ployment to have edged down by 3,000in January to stand at a 19-month low

of 1.5451m.In the corporate calendar, the week

begins with year-end reports fromAllLeisure Group and PinnacleTechnology, while tomorrow includesnews from Brammer,InterContinental Hotels group, DraxGroup and Morgan Sindall Group.

On WednesdayRathbone Brothers,Rexam, RSA Insurance Group,Spectris, STV Group andTravisPerkinswill give yearly updates whileBHP Billiton, Centaur Media,Galliford Tryand Netcallwill all giveinterim reports.

On Thursday defence giant BAESystemswll give its end-of-year report,along with CSR, Filtrona, Informa,Ladbrokes and Premier Foods.Ashmore Group, Go-Ahead Group

and Animalcare Groupwill also giveinterim reports while LancashireHoldings, Kingfisher andSportsDirect Internationalwill update themarket.

Millennium & Copthorne Hotelsends the week with its yearly figureson Friday.

Stats to revealborrowing woebut jobs success

CITYYOUR ONE-STOP SHOP

BROKER VIEWS ANDMARKET REPORTS

FTSE

15 Feb11 Feb 12 Feb 13 Feb 14 Feb

6,300

6,275

6,325

6,350

6,375

6,400 6,328.2615 Feb

DASHBOARD

US stocks maynot continuewinning streak

US stocks could struggle toextend their seven-week

winning streak as the quarterlearnings period draws to a

close and the market bumps intostrong technical resistance.

Many analysts say the market couldspend the next few weeks consolidat-ing gains that have lifted the bench-mark Standard & Poors 500 by 6.6 per

cent since the start of the year.The S&P 500 ended up 0.1 per cent

for the week, recovering from a latesell-off on Friday after a Bloombergreport about slow February sales at

Wal-Mart triggered a slide in the retaiers shares. It was the indexs seventh

week of gains.Odds of a pullback are increasing,

with the market in slightly over-bought territory, said Bruce Zaro, chietechnical strategist at Delta Global

Asset Management in Boston.I do suspect the closing of the earn-

ings season will lead to at least a pauseand possibly a pullback, Zaro said.

The S&P 500 could shave 3 to 5 percent from now to April, he said.

Fourth-quarter earnings have mostlybeaten expectations. Year-over-yearprofit growth for S&P 500 companiesis now estimated at 5.6 per cent, upfrom a 1 January forecast for 2.9 percent growth, and 70 per cent of com-panies are exceeding analyst profitexpectations, above the 62 per centlong-term average.

On Thursday,Wal-Mart, the worldslargest retailer, is due to report resultsunofficially closing out the earningsperiod. Investors will be keen to see itsquarterly numbers, especially after theFridays news report that rattledinvestors.The S&P 500 has gained 4.3 per cent

sinceAlcoa kicked off the earningsseason on 8 January.The approaching 1 March deadline

for across-the-board federal budgetcuts unless Congress reaches a com-promise adds more cause for caution.

BESTof the BROKERS

VODAFONEGalvan has maintained its buy rating for Vodafone with a price target of 185p. Thebroker said there is a strong likelihood of improved margins across other emergingparts of the business in the coming year. Together with the anticipated contributionfrom Verizon to the UK mobile groups earnings, Galvan believes these factors willcontinue to support the shares at 185p and beyond.

Vodafone Group PLC

11 Feb 12 Feb 13 Feb 14 Feb 15 Feb

p176

174

172

168

170

167.8015 Feb

LONDON STOCK EXCHANGENumis has maintained its hold rating with a price target of 1136p. But the brokerhas reduced its pre-tax profit forecast from 370m to 368m for this year. Numissforecast for pre-tax profit of 414m remains unchanged and it said it continues tobelieve the LSE offers good long term value. We think the group has done well indiversifying its base of assets, improving its strategic position, Numis said.

London Stock Exchange Group PLC


p1,360

1,340

1,320

1,260

1,280

1,300

1,288.0015 Feb

DARTYCantor Fitzgerald has cut its target price to 45p from 60p after Darty issued a profitwarning on Friday and has kept its hold rating. Cantor said it viewed the groupsplans to dispose of loss-making non-core businesses as a major step in the rightdirection to creating longer term shareholder value but said it needed to see astabilisation in French profitability before becoming more positive on the shares.

Darty PLC


p5452

50

42

46

44

48

46.0015 Feb

To appear in Best of the Brokers, email your research [email protected]

THE WEEKAHEAD

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WHEN it comes to bilateralrelations with the BRICs,one country where theUK should have an edgeon its rivals is India. Not

only do we both share a love forcricket unlike the US and the vastmajority of the EU but Britain isalso home to a vibrant Indiancommunity that plays a huge rolein London and beyond. Of course,this shared culture and history isnot in itself a basis for doing

business, but it is a good startingpoint.

So as the Prime Minister heads forIndia this week building on themomentum of the mayors visit lastNovember it is positive that he has

partly addressed concerns about

OF ALL the pejorative termsapplied to the bankingindustry, vampire squid ismy favourite. Its uniquelyexpressive, describing a

malign organism that extends itstentacles into all the crevices of its host,

while draining it of resources.Expressive though it is, applying the

term to the banks is mistaken. Britainsreal vampire squid is its sprawlingadministrative system of permanentgovernment. This clogs up the work-

ings of the state, undermines publicservices, hamstrings policy, routinelymenaces the liberties of the individual,and drains resources on such a scalethat it is a major contributor to Britainschronic fiscal imbalance.

It can even be argued that the estab-lishment squid costs lives. We will prob-ably never know how many (withinestimates ranging from 400 to 1,200)died unnecessarily as a result of theneglect, ill-treatment and incompe-tence described in the Francis reportinto Stafford Hospital. And investiga-tions into a further 14 hospitals suggestthat Stafford was by no means an isolat-

cityam.com/forum

Real term NHS

spending rose by 97 percent in a decade. Outputrose by only 36 per cent

THEFORUM

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

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

16MONDAY 18 FEBRUARY 2013

TIM MORGAN

Our sprawling permanent state is adisaster for the UKs public services

ed case. Whatever the clinical short-comings may have been, the big failure

was one of management. What washappening went unnoticed by every

tier of authority, from the hospitalright up to the Department of Health.

Such failings do not result from ashortage of resources. Governmentspending on health increased by 92 percent, in real terms, between 1999-2000and 2009-10, and has been flat eversince. Such increases, albeit at slowerrates, occurred across public services.Neither does the NHS lack manage-ment. The number of managersemployed by the NHS in England rosefrom 27,424 in 2001 to 44,661 in 2009.

As of 2011, the number has since fallenback slightly to 38,214.

If previous cases are any guide, no ret-

ribution will be handed out overStafford. No-one of any seniority will bemade redundant, stripped of his or herpension, or deprived of the honoursthat are handed out so lavishly acrossthe upper echelons. The people

who are hunted down are the whistle-blowers, the usually junior, courageouspeople whose actions threaten toexpose the squid from within. An NHSthat claims to be transparent actuallyimposes gagging clauses on employ-ees in order to prevent whistle-blowing.

The permanent establishment is alsohugely expensive. In the US, about 3 percent of the Medicare budget is spent onadministration. In Britains NHS,administration absorbs 14p of every 1of public funding, at a total cost ofmore than 10bn. This is probably repli-cated across public services. When thecoalition came to power, the number ofcivil servants employed by the Ministryof Defence exceeded the combined uni-form strengths of the Royal Navy andthe Royal Air Force. When British forces

were deployed in both Iraq andAfghanistan, the feelings of servicemenand their families about the bonuses

(reportedly about 45m) paid annuallyto Ministry of Defence civilians are bestleft to the imagination.The costs of feeding the squid are visi-

ble in overall statistics. In the NHS,although real terms spendingincreased by 97 per cent between 1997and 2007, output rose by only 36 percent, representing a 31 per cent fall in

value-for-money.Governments, of both persuasions,

have hardly helped. In health, theConservatives fractured the previously-centralised NHS into an archipelago ofexpensively-managed trusts in pur-suit of the chimeras of choice andinternal markets. Labour imposed atarget system, which required man-

agers to fill in forms for other man-agers to read. Ritual bonfires of quan-gos turn into marginal exercises. Whenshortcomings are exposed, theresponse is depressingly familiar anew inspectorate is created, and expen-sive inquiries are set up (the Francisreport, which cost 13m, isthe fifth investigation into the Stafforddisaster).As we have seen in the Green Budget

published by the Institute for FiscalStudies, the governments deficit reduc-

tion plan is off target, with the deficitset to be 65bn above expectations in2015. Instead of crossing fingers in thehope of a recovery, which looks implau-sible in the absence of thoroughreform, government needs to tackle thecosts of the squid, and the huge handi-caps and inefficiencies that it imposeson the economy.We need a squid-killer, whose

weapons must include real transparen-cy and a system of rigorous sanctions.Can we find a new champion?Dr Tim Morgan is global head of research at

Tullett Prebon.www.tullettprebonresearch.com

visa rules deterring internationalstudents coming to the UK.

There are 40,000 Indian studentsin the UK who make a valuablecontribution to the economy. Wealso welcome a large number ofIndian tourists and businesstravellers, who have an importanteconomic footprint. Tackling the

perception that our visa system

places onerous restrictions onIndian visitors is inextricably linkedto bosting trade and investment.

It should not be forgotten thatthis is a two-way process. MoreIndian investment comes to the UKthan to the whole of the rest of theEU, while TATA is the largestmanufacturing employer in t he UK,

with 47,000 employees. Thisinvestment will ebb away if the UK

business environment is not seen tobe welcoming enough.

That is particularly importantbecause India like the UK iscurrently seeking long-termsolutions for infrastructurefinancing. At a recent conference

we hosted on this subject, a huge

range of opportunities for City

firms were outlined, ranging fromports to power generation and railto roads.

As part of its current five yearplan, India projects a need forinvestment of $1 trillion (631bn) ininfrastructure with 50 per centcoming from the private sectoracross the supply and financingchain. International investors needa stable and transparentenvironment a point I will bemaking when visiting India in

April.Recent moves to liberalise foreign

direct investment rules, and toincrease the investments thatforeign institutional investors canmake, were a step in the right

direction. We hope to see progress

on the long--awaited Insurance Billsoon.

Indias Banking Amendment Billcould build on recent progress by

bringing legislation up-to-date. Wealso hope to see progress towards alevel playing field for foreign banksin India as enjoyed by the growingnumber of Indian banks in the UK.

This in turn will help to bringgreater funding to Indiancompanies in need of capital.

The history of India and the UKare inextricably linked. But in orderfor us to have a shared future,policymakers in both countriesneed to take practical steps to createa more welcoming environment.

Mark Boleat is policy chairman of the

City of London Corporation.

CITYMATTERS

MARK BOLEAT

Practical steps towards improving Britains economic relationship with India

In association with

LUXEMBCITYSAVER RETURN FARE INCLUDES ALL TAXES. Correct as of 15 Feb. Non-refundable, non-changeable. Subject to conditions and availability

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17MONDAY 18 FEBRUARY 2013

Fiscal failure[RE: High inflation is denting recovery:The Bank of England must act now,Thursday]Andrew Sentance makes some very goodpoints. Quantitative easing (QE) hasresulted in inflation. As an importer ofwine, buying mainly in euros, weakersterling affects my prices directly and wehave no choice but to pass these on to theconsumer. However, I dont see what theBank of England can necessarily do aboutthis. QE cant just disappear . Its adifferent issue for George Osborne,however, Firstly, as a retailer the mostdamaging policy implemented by Osbornewas the increase in VAT. This has had ahugely damaging effect on my business.We are now paying less VAT to HMRC (due

to the damaging effect on our retail sales)than we were prior to him enacting therate rise. The VAT lost as a result of the fallin revenue has exceeded the extra 2.5 percent collected per sale. The intention ofthe policy, I presume, was to collect moretax. But the result is that my company ispaying less tax. And other policies havemade matters worse, such as the dutyescalator rises again government policyhas added to inflation. Green taxes arealso increasing our energy bills. Thebottom line is that the Bank of Englandhas done everything that can be expectedof it. But the current government hasthrown petrol on the fire through its failedpolicies.

Stephen Forward, Essentially Wine

ITS exactly a decade sinceLondons congestion charge wasintroduced. Its immediateimpact was a dramatic fall intraffic volumes, and there are

still around 60,000 fewer vehiclesentering the central zone every day.But with 23m journeys made onLondons roads each day, congestionis now back to pre-charge levels.

Over the next 20 years, populationgrowth will add the equivalent of a

city the size of Birmingham toLondon, making it even harder toachieve the right balance between thecompeting needs of motorists,freight, buses, cyclists and pedestri-ans. We cant have everything, every-where, all the time. So we need to bemore imaginative about solutions.And there are only three realistic

options: to manage traffic flows bet-ter; to provide new road capacity; orto reduce the number of vehicles onthe road by expanding and improvingthe congestion charge.The first of these options is a no-

brainer. Making traffic lights moreresponsive to actual traffic flows, andinvesting in modern control centresand technology, would reduce conges-tion. The Olympics showed what canbe done to shift freight movementsand deliveries to off-peak periods.Traffic flows could be improved bymaking those one-off measures per-manent.The second option adding new

road space is more of a challenge.The mayors recent announcement ofnew investment in remodelling junc-tions, like Old Street and Elephantand Castle, is great news. We have pro-gressed in the way we design roadssince the 1960s, and now know thatits possible to make junctions saferand more pleasant at the same timeas improving the flow of traffic .

But adjusting a few key junctionswill not on its own deliver the sort of

As the horse meat scandal continues, is it fairto lambast retailers for their role in the crisis?

YESThe horse meat scandal is evidence of the weaknesses within supply

chains of major food retailers. Businesses have still not shown thatthey are doing everything in their power to prevent such scandals inthe future. The golden rule which many retailers have not abidedby is to know your suppliers. As commerce becomes ever moreinternational, advanced due diligence of suppliers is vital. Constantfeedback and assessment must be built into trade contracts, which isstill not happening across the board. Suppliers should also becompelled to sign up to the same standards as a retailer, andretailers need to set up whistleblowing provisions. Members acrossthe supply chain must be able to report incidents including thoseof bribery and corruption. These tighter processes would havehelped to avoid this scandal, and would have protected thereputation of food retailers.Paul Huck is a director at Zolfo Cooper.

Helen Dickinson

NOPaul Huck

Retailers have taken decisive action to deal with fallout of the horse

meat scandal, and worked around the clock to gather meaningfuldata quickly. We have conducted more than a thousand tests in justthree weeks. And these have shown that only five own-brandproducts tested above the Food Standards Agencys (FSA) threshold those are all products that we already knew about, and they werewithdrawn. Two thirds of the processed beef products we set out totest have now been tested; but testing will continue, and moreresults will be published. We already operate rigorous auditing toensure confidence in what retailers buy from suppliers, but this maynot always pick up deliberate fraud. These events have shown theneed for better information sharing across Europe. We will workwith the FSA, government and supply chains to improve intelligenceand systems.Helen Dickinson is director general of the British Retail Consortium.

capacity we need to support Londonsgrowth. We must look at what can bedone to add new road space. This

doesnt mean brutalist new motor-ways, like the Hammersmith flyover.Cities like Stockholm and Oslo arelooking at how to shift key roadsunderground with tunnels and fly-unders. London must look and learn.How about some new flyunders toimprove links between the West End,the City and Canary Wharf?

Finally, 10 years on, its time to lookafresh at congestion charging. Despitethe original schemes detractors,reducing traffic has enabled morerational use of the available space, thecreation of new pedestrian spaces(like Trafalgar Square) and investmentin public transport.

But bigger and bolder decisions areneeded to keep London moving. Weneed a more sophisticated congestioncharging scheme, covering a greaterarea. Singapore could be an exampleto follow. Its electronic road pricingsystem sees prices vary by type of vehi-cle, direction of travel, location andtime of day. Its operated through asimple system of on-board units withpre-paid smart cards, and hasincreased average road speeds byaround 20 per cent. If applied toLondon, any revenue raised couldfund further improvements to ourroads. Congestion affects all thosewho live, work and travel aroundLondon. To stop our city grinding to ahalt, its time to get radical.Baroness Jo Valentine is chief executive of

London First.

JO VALENTINE

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FROM

URG 99om London City Airport visit cityjet

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com

RTN

Horsemeat has now been found in schoolfood. This whole problem looks like its goneundetected for far too long.@rebecca3t

Why is David Cameron slammingsupermarkets for horsemeat? He should beangry at the suppliers.@King_David

Quantitative easing has been attacked bythe Public Accounts Committee. Many of ushave been saying the same for a long time.@spygun

If the US is able to get free trade with the EU,without being in the Single Market, whycant Britain also?@DouglasCarswell

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Congestion charge

after ten years: Itstime to be bolder

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GETTY

I

NVESTMENT bankers have had atough time of late. Analytics firmCoalition announced on Friday

that the ten largest banks reducedthe number of front-office jobs by 12per cent in 2012. Remuneration hasalso taken a battering. The Centre forEconomics and Business Research hascalculated that bonuses have fallen by86 per cent since 2008.

But demand for the skills and experi-ence involved in investment bankingis still buoyant. If youre concernedabout your current situation, it maybe time to look at other options.

The traditional path for formerbankers is to enter a hedge fund or pri-vate equity firm. The work is similar tothat of investment banking model-ling, valuation, diligence, and so on and a professional with three to fouryears experience could start bringingin major deals and big bonuses veryquickly. There are some specificrequirements. Interviewers will typi-cally look for outgoing personalitieswho are able to thrive in a small team,strong technical knowledge, and abroad understanding of the industry.

OTHER OPTIONSBut joining a hedge fund or privateequity firm isnt easy especially ifyou are very specialised. An alternativeis to use your client list to join a corpo-rate development or strategy firm.

Here, you will work on the sameproducts you specialised in previously,but from the advisory side. This sector

is currently experiencing a shortage ofstrong candidates, and an associate canearn between 55,000 and 75,000 perannum, with a 30 to 70 per cent bonus.But corporate jobs of this kind come upinfrequently, and candidates oftenhave to source them through personalcontacts and networking.A slightly more accessible alternative,

which currently has high demand forformer investment bankers, is assetmanagement. Guy Emmerson, opera-tions director at Badenoch & Clark,

says that many senior individuals inasset management have made themove from investment banking, andsalary brackets are similar for the rightcandidate. Variable pay in the indus-try is still buoyant, with research fromPwC showing that bonuses rose bythree per cent last year.Applicants from a banking back-

ground should look to demonstrateexposure to project work, understand-ing of risk and controls, and appropri-ate product knowledge.

SOMETHING DIFFERENTAn oft-overlooked option is to work forgovernment. Kevin Trainor, consultantat Odgers Berndston, has noted a num-ber of former bankers moving into thepublic sector to the Treasury and theCabinet Office in particular. This isnt arelevant move for anyone seeking asalary equivalent to an investmentbank. But first-hand experience of theCitys inner workings is highly valuablein the public sphere, and formerbankers can often find a role there.

There are a wide range of industries in the City where former investment bankers could find their next role

Bankers looking for acareer change are indemand elsewhere,writes Chris Harlow

Tax advisory work can be interestingand lucrative. How to stand out andget your next promotion at every levelof your career.


cityam.com

Find your next step at

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For more stories, go to:

Moving from private practice to an in-house department can be lucrative forlawyers both financially andpersonally. Heres how to do it.

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Making the move in-house

Preparing your non-executiveportfolio can begin as early as in your30s. This is what to consider and howto find your next role.

Online recruiters are increasingly usingApplication Tracker Systems to filtercandidates for job openings. Find outhow to use them to your advantage.

Taking a non-executive role

Get your CV noticed online

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ACCOUNTING AND FINANCE

Divisional Chief Financial OfficerSalary: 120,000 to 140,000 per annum, plus bonus and benefitsCentral LondonA financial services group requires candidates capable ofoverseeing a large accounting division. Applicants will be qualified

accountants, with experience of risk management in financialservices.Text: JOB 34325 to 60066

Head of Product ControlSalary: 108,000 to 132,000 per annumLondonA large financial institution is lo oking to attract a product controlmanager with strong markets experience to lead a team of nine.Applicants must have five to seven years relevant experience.Text: JOB 34323 to 60066

Financial ControllerSalary: 108,000 per annumLondonA unique media organisation requires a financial controller on atemporary basis. Candidates must have excellent IT skills, beACA/ACCA qualified, and have strong knowledge of IFRS.Text: JOB 34310 to 60066

Tax PartnerSalary: 100,000 per annumLondonA leading accountancy firm is looking to recruit a tax partner to beresponsible for three offices. This is a challenging role, andcandidates must already be working as a tax partner.Text: JOB 34205 to 60066

Senior Manager -Business Performance ManagementSalary: 80,000 to 100,000 per annumLondon

A leading emerging markets bank is looking to develop its Londonoffering with a high calibre senior manager. Candidates must haverecognised accountancy qualification and excellent analytical skills.Text: JOB 34301 to 60066

Head of Financial Planning and AnalysisSalary: 90,000 to 100,000 per annum, plus benefits and bonusLondonA financial services technology firms wishes to fill this newly-filledposition to allow its finance director to focus on strategic initiatives.Candidates will have a background outside financial services.Text: JOB 340045 to 60066

Senior Commercial Finance ManagerSalary: 50,000 to 90,000 per annum, plus car and bonusHome CountiesA unique business, based in Berkshire, requires a finance managerto work closely with its board. Ideally, candidates will come from aretail environment and have highly-developed analytical skills.Text: JOB 34318 to 60066

Private Client Associate DirectorSalary: 70,000 to 80,000 per annumGuildford

A leading accountancy firm is looking to hire an associate directorfor its Guildford office. Candidates must be ACA or C TA calibre, andhave experience of generating new business.Text: JOB 34234 to 60066

European Fund Controller - Real EstateSalary: 65,000 to 85,000 per annum, plus 50 per cent bonusCentral LondonA US real estate power house is seeking to enter the Europeanmarket. It requires a financial controller to join its London offices.Candidates will ideally be qualified accountants from the Big Four.Text: JOB 34184 to 60066

Treasury Product Control ManagerSalary: 70,000 to 75,000 per annum, plus bonus and benefitsCentral LondonA leading bank requires a qualified accountant for its treasuryproduct control team. Candidates should have money marketsproduct knowledge, and previous management experience.Text: JOB 34140 to 60066

Management AccountantSalary: 60,000 per annumCentral LondonA qualified management accountant is required on a 12 monthfixed contract by a company based in Victoria. Property experienceis highly advantageous.Text: JOB 34248 to 60066

Group Financial AccountantSalary: 50,000 to 60,000 per annumCentral LondonA prestigious financial services firm requires a qualified accountantto join its group financial team. The role involves leading capitalproject accounting. Applicants must have good IFRS knowledge.Text: JOB 34298 to 60066

Corporate AccountantSalary: 50,000 to 55,000 per annum, plus bonus and benefitsCentral LondonAn expanding non-life insurance company requires an ACA/CAquali

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