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[email protected] me on Twitter: @allisterheath
Osborne and Clegg clashover way to fix economyGEORGE Osborne yesterday rejecteda call from the InternationalMonetary Fund’s chief economist toadopt a less aggressive stance on cut-ting the UK’s deficit. The IMF’s Daniel Blanchet suggest-
ed this year’s Budget, due in March,“would be a good time to take stock and make changes to the austerity plan” and “slower fiscal consolida-tion” may be appropriate.
But the chancellor, speaking at the World Economic Forum in Davos,rejected the proposal, saying any reduction in spending cuts wouldrisk Britain’s economic credibility.
“That credibility is very hard wonand easily lost and I think it would be a huge mistake to put that atrisk,” Osborne told an audience inthe Swiss alps.
Osborne’s views appeared to contra-dict those of deputy Prime MinisterNick Clegg, set out in an interview yesterday where he seemed to regretthe extent of the cuts to capitalexpenditure under the coalition.
“If I’m going to be sort of self-criti-cal, there was this reduction in capi-tal spending when we came into thecoalition government. I think wecomforted ourselves at the time thatit was actually no more than what[former chancellor] Alistair Darlingspelt out anyway, so in a sense every-
Fears over ECB funding schemeConcern is mounting among seniorbankers that the European Central Bank’sspecial longer-term funding scheme risksbackfiring, stigmatising the region’sweaker banks a year after it was launched.From the end of January banks have theopportunity to start paying back thecheap three-year money they borrowedunder the ECB’s longer-term refinancingoperation. Bankers fear the earlyrepayment window will hasten the a dventof a two-tier banking market in theregion.
Ikea founder questions expansionConflict appears to be brewing at the topof Ikea after the founder of the flat-packfurniture retailer expressed surprise overmanagement’s plans to double the paceof store openings.
EU carbon prices crash to record lowThe world’s biggest carbon market wasleft in disarray on Thursday, with pricesbriefly crashing almost 40 per cent in amatter of minutes, after Europeanpoliticians rejected a plan to prop upprices.
Moët billionaire boss movesThe richest man in France Bernard Arnaulthas transferred his multibillion-eurofortune to Belgium. Aides said he hadmade the move not for tax reasons but toensure LVMH remained in the family whenhe died.
Timpson cobbles Snappy Snaps dealThe family behind Timpson is diversifyingfrom shoe repairs into passport picturesthrough a deal to take over Snappy Snapsfor a price of between £2m and £3m.
Boris: Junk rhetoric of austerityBoris Johnson is to demand government“junks the rhetoric of austerity” and backsmulti-billion pound investments inhousing and transport. The Mayor willoutline a plan to leaders in Davos.
BoA issues bond crash Fed alertThe return of confidence and healthygrowth in the US risks setting off a “bondcrash” comparable to 1994 and triggeringa string of upsets across the world, Bankof America has warned.
Toyota, BMW to share technologyToyota and BMW said they will expand atechnology-sharing pact, the latest signof a deepening partnership. Toyota willprovide BMW with technical know-howfor fuel-cell vehicles.
Citi to pull SAC Capital investmentCitigroup’s private bank has decided topull its $187m investment from SACCapital, the latest client defections amidscrutiny of the hedge-fund firm.
THE size of the Federal Reserve’s balance sheet reached a record,Fed data released yesterday showed, due to the central bank’spurchases of Treasuries andmortgage-backed securities thatare part of its unconventionalpolicy aimed at supportingeconomic growth.
The Federal Reserve’s balancesheet – which is a broad gauge of its lending to the financialsystem – stood at $2.994 trillion(£1.897 trillion) on 23 January, upfrom $2.946 trillion on 16 January.
Fed data showsrecord balance
George Osborne said his austerity plans were keeping state borrowing costs low
2 NEWS
BY CITY A.M. REPORTER
SOCIAL network Twitter, thesocial network known for its 140-character messages, hinted at thedirection of its evolution yesterday
with the launch of a newstreaming video service forsmartphones.
The service, called Vine, recordssix-second-long video clips, whichcan then be seamlessly embedded
within tweets.Privately held Twitter is
expected by analysts to go public within two years.
Twitter rolls outvideo functionBY CITY A.M. REPORTER
BY JAMES WATERSON
To contact the newsdesk email [email protected]
TODAY is GDP day, when theOffice for National Statisticsreleases its first, early and ultra-preliminary estimate of the
growth of the UK economy. As ever,the media, the markets and thepolitical classes will massively over-react to whatever gross domestic
product (GDP) number is released,good or bad. I would urge everybody not to pay too much attention.
It is clear that the UK is performingpoorly, with real wages falling, retailsales stagnating and the budgetdeficit increasing again. But it is hardto accurately measure the size of theoverall economy and GDP figures arenot only spuriously accurate but alsosubject to shockingly large revisions. Vital research by Sam Williamson of
the University of Illinois, published oneconobrowser.com, shows that theextent of these revisions can be
EDITOR’SLETTER
ALLISTER HEATH
Why you should take economic statistics with a bucket of salt
FRIDAY 25 JANUARY 2013
extraordinarily significant.Until about 18 months ago, the
Office for National Statistics (ONS)thought UK GDP (in real terms, meas-ured in 2009 prices) had grown by 2.43 per cent per year over the past 62 years. Per person, GDP had grown by 2.06 per cent a year, from £6,428 in1948 to £22,410 in 2010. Then camethe Blue Book 2011 and 2012, the key annual documents about the econo-my, and everything changed, thanksseemingly to a decision to use a differ-
ent measure of inflation. The ONS now believes the economy
has been growing by 2.68 per cent a year over the past 62 years – muchfaster. GDP per person is now deemedto have grown by 2.31 per cent a year,from £5,559 in 1948 to £22,920 in2010. Our statistical masters have
decreed that the economy was actual-ly 14 per cent smaller than previously thought in 1948 – astonishingly, fig-ures first out more than six decadesago are still being revised, which sug-gests that today’s data will probably look very different by 2075. There are numerous other almost
unbelievable changes. The biggestrevisions are to our performance inthe 1950s (up almost 0.4 per cent a year) but every decade has beenimproved, at the stroke of a statisti-cian’s pen. Thousands of economicstudies, including hugely important
supposed quality improvements inthe public sector (such as better A-Level grades) started to be treated asincreased output. Then there are allthe short-term changes, the endlessrevisions going back a few years thatsometimes turn what we thought wasa terrible, negative quarter into a pos-
itive one. The inevitable problem isthat the ONS relies heavily on surveysof the activity of existing firms, thusmissing some new ones. The fact that statisticians can simply
rewrite the past is deeply depressing; what seems like objective reality is infact little more than a social con-struct (as an over-caffeinated Frenchphilosopher might put it). The econo-my is doing poorly – but don’t taketoday’s figures too seriously.
work, have become worthless –assuming, of course that the new data is more accurate than the old.Either way, it’s a disaster for ourunderstanding of economic history. The new numbers suggest the econ-
omy grew by 3.03 per cent a year inthe 1950s, peaking at 3.18 per cent a
year in the 1960s before slowing to2.07 per cent in the 1970s, accelerat-ing back to 3.09 per cent in the 1980s, before expanding by 2.77 per cent inthe 1990s and by a miserable 1.77 percent in the 2000s, the worst of thepost-war decades. These figures would be fascinating if they hadn’t emergedfrom such a breathtaking re-rewrit-ing of history.
Over the past decade, I have wit-nessed and written about other suchmassive revisions. There were hugechanges when new Europeanaccounts were introduced and when
body was predicting a significant dropoff in capital investment.”
Clegg added: “But I think we’ve allrealised that you actually need, inorder to foster a recovery, to try andmobilise as much public and privatecapital into infrastructure as possible,”Clegg told The House magazine.
Meanwhile Angela Merkel told theDavos conference that European lead-ers must keep down the cost of labourto ensure the EU remains competitive,adding that fiscal consolidation andgrowth “are two sides of the samecoin.”
The German chancellor also declinedto criticise David Cameron’s decisionto call for a referendum on Britain’scontinued membership of the EU andthe two leaders held private discus-sions yesterday afternoon. The Prime Minister used his speech
at the conference to repeat his attackson tax avoidance. “Companies need to wake up and smell the coffee, becausethe customers who buy from themhave had enough,” he said. “I am a low-tax Conservative. But I’m not a compa-nies-should-pay-no-tax Conservative,”he told business leaders.
The new jobs website for London professionalsCITYAMCAREERS.com
WHAT THE OTHER PAPERS SAY THIS MORNING
IN BRIEFPay cut for Morgan Stanley chiefnMorgan Stanley chief executive
James Gorman received lower pay for2012 after profits declined but thebank showed progress in reshaping itsbusinesses. Gorman received $6m(£3.8m) in total compensation for2012, including $800,000 in salary,$2.6m in deferred cash and $2.6m instock options, a person familiar withthe matter said yesterday. He did notreceive a cash bonus. Gorman made$8.56m for 2011.
Samsung posts record profitsn Samsung Electronics reported arecord quarterly profit of $8.3bn(£5.3bn) and kept its 2013 investmentplans at the previous year’s level,defying expectations that it mayreduce spending amid weakerdemand for computer chips. TheSouth Korean firm said October to
December operating profit increased89 per cent from a year ago to 8.84trillion korean won, in line with itsearlier estimate.
Amazon buys voice tech firmn Amazon said yesterday it hadsnapped up text-to-speechtechnology company Ivona Software,a sign that the world’s largest Internetretailer may be looking to developmore services similar to Apple’s Sirivoice-based search product. Ivona’stechnology already supports severalfeatures on Amazon’s Kindle Firetablet computers, such as text-to-speech, said Dave Limp, who overseesthe Kindle business.
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LONDON’S West End has leapfroggedHong Kong to regain its spot as the world’s most expensive location torent office space after rents declinedin the Asian city.
Property specialists DTZ’s annualGlobal Occupancy Costs survey pub-lished today shows that occupiers inLondon’s West End had to pay US$23,500 (£14,900) per workstationper annum at the end of 2012, whichis more than three times the globalaverage.
“These figures are a tangible reflec-tion of the fact that London is a high-ly attractive place to locate a business,” Richard Howard, head of DTZ West End, said, although he warned that prices in the West Endcan still vary greatly.
“While boutique specialist finan-cial sector companies are happy topay a premium to be based in one of the world’s premier business dis-tricts, recent transactions involvingGoogle, Expedia, Skype, Facebook and LinkedIn have all been at a con-siderable discount to Mayfair prices,reflecting the vibrancy of their dis-tinctive locations,” he added,
Facebook moved into larger 30,000sq ft offices in Covent Garden last
year although the exact amount it
West End ranks
as the world’spriciest officesBY KASMIRA JEFFORD
The Walbrook Building opposite Cannon Street station is now just over 15 per cent let
FRIDAY 25 JANUARY 20134 NEWS
cityam.com
After a three-year wait ... theWalbrook secures its first tenants THE WALBROOK Building oppositeCannon Street station has finally
clinched its first two tenants, nearly three years since it was first built.Property developer Minerva, said
it has secured the first deal withinsurance broker, Arthur JGallagher, which has taken officeson the ground floor and the wholeof the seventh floor amounting to just over 60,000 square feet (sq ft).
The company has signed a 15- year lease and is paying a rent of £57.50 per sq ft.
BY KASMIRA JEFFORDMinerva also announced that
Jones Lang LaSalle have signed a 12- year lease on 10,500 sq ft of officespace on the eighth floor.
The property agent, which ispaying £60 per sq ft, will use theoffice as its new City headquarters.
The Walbrook, designed by Fosterand Partners, comprises 445,000 sqft of office and retail space. It wasfirst completed in February 2010, but has been empty ever since.
The two deals mean it is now justover 15 per cent let.
The City’s EC2 postcode,traditionally dominated by the
financial service sector firms, hassuffered from a lacklustre lettingsmarket as companies shelve plansfor new space amid job cuts and the
threat of a triple dip recession. The main lettings over the past year have come from a wave of insurers looking for new officesnear the Lloyd’s of London building.
Minerva was bought in 2011 by aconsortium led by Jamie Ritblat’sDelancey and private equity group Area Property Partners. It also ownsthe City’s St Botolph building whichrecently signed insurer JardineLloyd Thompson as a tenant.
TECHNOLOGY, media andtelecoms (TMT) firms are pilinginto the City office market andtaking up some of the slack left by a downsizing of financial servicescompanies.
Research by property expertsColliers International shows in2012 TMT firms accounted for 30per cent of take-up in the City
market and 26 per cent in 2011, with companies such as Expedia,
Tech and media demand foroffice space soars in the City
BY KASMIRA JEFFORD Skype and Mind Candy moving toareas such as Farringdon andClerkenwell. That compares to just12 per cent in 2010 and 10 per centin 2009.
Simon Crotty, head of city officeat Colliers International said:“With take-up of the number of financial services offices in theCity significantly down year on
year, businesses in the technology and media sector are helping to
fill the void, with 835,232 squarefeet taken during 2012.”
5 MOST EXPENSIVE OFFICE LOCATIONS
1 London West End 23,500
2 Hong Kong 22,190
3 Geneva 17,560
4 Tokyo 17,280
5 Zurich 16,420
Location Cost per work stationper annum (US$)
paid is not known.In 2011, London’s West End lost its
top spot as the world’s least afford-able district when Hong Kong jumped from fourth to first place.
Karine Woodford, head of occupierresearch at DTZ said Hong Kong hasonce again been overtaken by Londonafter occupancy costs fell 12 per cent.
Overall in 2012, average global occu-pancy costs increased by one per centto US$7,495 per workstation in 2012.
In London’s Square Mile, the costfor companies to provide office spacefor their workers increased 3.7 percent while in the UK overall, costsincreased by 1.6 per cent.
DTZ said City occupiers showed“subdued demand” and remainedreluctant to move “unless compelled by factors outside of their control.”
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THE EUROZONE recession is getting deeper in most countries, with private sector outputplunging in France, Spain’sunemployment soaring further andItalian retail sales dropping again,according to a raft of datapublished yesterday.
But Germany is defying thetrend, with businesses reportingstrong growth in January, bouncing
back from a weak December andraising hope that it could continueto be a positive presence in the
blighted currency union.Markit’s purchasing managers’
index (PMI) for the Eurozone came
in at 48.2 in January, below the 50level and so indicating another
Eurozone recession deepens
as output in France plungesBY TIM WALLACE contraction in private output.
That is an improvement on the47.2 recorded in December, largely
because of a rebound in Germanoutput – its index jumped to 53.6.
But poor French performance weighed on the total score, fallingto 42.7 indicating the fastest fall inoutput since March 2009.
Meanwhile Spain’sunemployment rose to 26 per centin the final quarter of 2012 and
youth unemployment reached anew high of 60 per cent.
Italy saw its retail sales dipanother 0.4 per cent, officialfigures showed, and Belgian
business confidence declined fromminus 11.8 to minus 13.2, an index
reading suggesting recession is onthe way.
5NEWScityam.com
Empty offices look bleak nowbut are also a sign of optimism
THE City is changing, and not just because of the skyscrapersabout to reinvent its skyline. The firms that are taking office
space are changing as well. The trend for insurers to cluster in
EC3 around the Lloyd’s building is well-established. Equally striking has been the lack of demand in CannonPlace and the Walbrook, in an areaassociated with financial services.
The announcement of tenants atthe Walbrook is a relief, but it is toosoon to announce recovery. Theappearance of Cannon Place as afictional office location in the latestseries of TV crime drama Silent Witness is a quiet reminder of thelack of real occupants.
Meanwhile, not content with thefast-growing digital developmenthub around the Old Streetroundabout, technology firms arefinding the City itself an attractivechoice, according to research fromColliers International. And in the West End, even hedge funds must befeeling the pinch as rents rocket tothe highest in the entire world.
Such trends are the inevitableresult of the post-crisis adjustment
in the City, and the changing face of global demand. It has been a harshprocess for the commercial property sector, but even the stalleddevelopment of the Helter Skeltertower that had cast a metaphoricalshadow over the City in recent yearsseems to be moving again in 2013.
And empty offices are about visionas well as failure. The Empire StateBuilding was empty at first, havingopened at the height of the GreatDepression. It eventually became both profitable and an icon of itscity.The City is likely to opt outfrom the new decision to allow commercial office space to beconverted into housing, but it willdo so as an expression of faith that
office demand will return – for thefirms who can ride out the slump.
BOTTOMLINE
MARC SIDWELL
GERMANY
53.6
63% OPTIMISTICIPSOS MORI
PMI
BELGIUM
BUSINESSCONFIDENCE
LEADING INDEX
SPAIN
26%
60%YOUTH
GERMANY IS DEFYING THE RECESSION GRIPPING THE EUROZONE
EUROZONE
48.3PMI
48.3
47.5
FRANCE
42.7PMI
7% OPTIMISTICIPSOS MORI
-13.2
ITALY
0.4%€
MANUFACTURING
SERVICES
UNEMPLOYMENT
RETAIL SALES€
*A PMI below 50 indicates contractionAll PMI figures refer to January
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FINANCE firms looking to sellpayment protection products infuture should take care to properly identify their customers and check the product does what thecustomer thinks it does, theFinancial Services Authority (FSA)and Office of Fair Trading (OFT) said yesterday.
The new guidelines are intendedto explain to firms how they canavoid misselling PPI in future – banks are expected to pay a total of over £12bn in compensation tocustomers who were wrongly soldthe product in recent years.
Banks must also make surecustomers can easily compare theproduct on offer with other serviceson the market, the OFT stressed.
Lawyers urged care in designingthe products in future.
“Debt freeze or waiver products will attract close scrutiny,” says BillMcCaffrey from CMS CameronMcKenna. “Creditors will have toensure that cover meets customerneeds and be transparent over price– matters that ought to be coveredin the creditors’ required pre-contractual explanations tocustomers. Regarding consumercredit, particular care must betaken in documenting the product,considering whether the APR isimpacted and how best to advertise within the scope of regulation.”
New guidanceto stop future
PPI scandalsBY TIM WALLACE
EMAILS from Barclays’ former top bosses including Bob Diamond werepassed to regulators as part of theLibor fixing investigation, a courtrevealed yesterday, after a bid by thoselisted to remain anonymous failed. A total of 106 staff and former
employees had wanted to go un-named, including 25 people identifiedin the regulatory filing. Among those listed were ex-chief
executives Bob Diamond and John Varley, former operations chief Jerry Del Missier, current financedirector Chris Lucas andinvestment bank bossRich Ricci. New York fixed income bossHarry Harrison, fixedincome global boss EricBommensath, formerswaps trader RyanReich and ex-tradingdesk head Ritankar Pal were also named.
“It does not follow that the peo-p l e
Barclays staffin Libor probenamed in court
BY TIM WALLACE
London Stock Exchange boostsdata business as trading dipsLONDON Stock Exchange (LSE)managed to boost its profits in the
final three months of 2012, despitelow trading volumes hitting itscore capital markets business.
Income from fees on UK sharetrades dropped by 13 per cent,
while earnings from post-tradeservices – such as clearing –slumped from £58m to £49.6m.
However total group income wasup six per cent on the same periodlast year at £208.9m thanks to astrong performance from thestock exchange’s data business.
“The group has continued to
BY JAMES WATERSON benefit from a more diversifiedrange of businesses withparticularly strong performancesfrom our information services and
our technology operations,” saidchief executive Xavier Rolet.Income from the data division
rose 44 per cent to £76m, largely thanks to the integration of theFTSE International business, whichmaintains the famous stock marketindices. In December 2011 LSE paidFinancial Times publisher Pearson£450m for the 50 per cent of theFTSE business it did not own.
LSE also said it was makingprogress on its purchase of clearinghouse LCH.Clearnet, with
regulators in UK, Portugal, Spainand France backing the deal. Only the Dutch authorities and the UK’sFinancial Services Authority have
yet to give it the go-ahead.
London Stock Exchange Group PLC
24 Jan18 Jan 21 Jan 22 Jan 23 Jan
1,170
1,180
1,190
1,200
1,210 p 1,205.0024 Jan
GERMAN lender Commerzbank joined the flood of banks cutting jobs yesterday, telling staff thatthousands will get the chop in itslatest round of cost cutting.
Up to 6,000 of its 56,000 staff will go from the end of 2013.
Around three-quarters of itstotal headcount work in Germany,
but London is one of its majorcentres outside the bank’s homecountry and staff in the City arenot expected to be spared from theredundancies.
The bank, which has twice been bailed out by the German taxpayer,
Commerzbank set to cut 6,000
jobs in its latest savings driveBY TIM WALLACE is going through a major shake up,pulling out of areas like shippingfinance and commercial property lending as it cuts back on capital-intensive business lines.
And it is investing €2bn (£1.7bn)over the next three years to refocuson areas like the private customer
business and its small and medium-sized enterprise (SME) unit.
Commerzbank merged withDresdner Bank in 2008 and underthat agreement cannot cut any jobsuntil the end of this year.
But negotiations will begin nextmonth on the number of staff who
will lose their jobs, and the termsof the action.
FRIDAY 25 JANUARY 20136 NEWS
cityam.com
Chairman Martin Blessing is pushing through tough reforms at the bailed-out bank
ELECTRONIC trading firm KnightCapital posted a dismal set of figures yesterday, with an 84 percent drop in earnings and 16 percent decline in revenue.
The firm, which stood on the brink of collapse last summer aftera trading glitch delivered a $460m(£291m) loss to the business, iscurrently being taken over by rivalGetco in a $1.8bn deal.
Yesterday the firm, which usesalgorithmic programmes to trade,said net income for the last threemonths of 2012 fell to $6.5m, downfrom $40.2m last year.
Revenues of $287.7m were also 16per cent lower.
Chief executive Tom Joyce said:
Knight Capital suffers hugeprofit loss after volume drop
BY MICHAEL BOW “The financial results for thequarter were negatively impacted by the steep year-over-year declines inconsolidated US equity volume andmarket volatility as well as the writedown of an investment and
heightened professional fees.” The company has felt the force of declining fee volumes.
It said it traded an average of 41.2bn exchange-listed shares every day in the fourth quarter, a dropfrom 51bn in the same period in2011.
But there were reasons for cheersin its institutional sales and tradingdivision, which leapt to a $9.4mprofit in the quarter, compared with a $17.1m loss in the previous year.
Icap confirms probe over LiborICAP confirmed yesterday it was
being investigated by theFinancial Services Authority (FSA)over Libor setting, making the
world’s largest broker the firstnon-bank to confirm it has beenlinked with the scandal overfixing the lending rate.
As an inter-dealer broker, Icapacts as an intermediary betweenthe world's largest investment
banks, many of which areinvolved in setting the Libor rate.
Icap does not contribute to theLibor setting process but
regulators have called intoquestion the role that individual
BY CITY A.M. REPORTER brokers, at Icap and rival firms,may have played as conduits tomanipulation by traders workingat investment banks.
Icap said in a regulatory filing ithad been told by the FSA that oneof its subsidiaries was underinvestigation.
“The investigation isconfidential, accordingly nofurther comment will be made atthis stage,” the broker said in astatement.
More than a dozen banksaround the world have beenscrutinised by regulators as partof an investigation into the
suspected rigging of interbankrates, which are used to price
trillions of dollars of financialinstruments.
Shares in Icap closed down 0.95per cent at 324p yesterday, havingslumped as much as three percent in earlier trading.
ICAP PLC
24Jan18Jan 21Jan 22Jan 23Jan
315
310
320
325
330
335 p 324.0024 Jan
COFFEE chain Starbucks pleasedinvestors yesterday posting a rise inearnings per share after releasingresults in line with Wall Street’sexpectations.
The coffee brewer, which startedin 1971 in Seattle, posted netrevenue figures of $3.8bn (£2.4bn),up 11 per cent for the three monthsending December.
In the UK, the group said theclosure of underperforming storesacross the country, as well as the
sale of some airport stores tolicensees – who license the
Starbucks grinds out revenueincrease but UK disappoints
BY MICHAEL BOW Starbucks brand to run a coffeeshop – had led to a decline inrevenues from company operatedstores. The firm does not break down UK sales in its accounts butposted a revenue figure of $306.1mfor Europe, Middle East and Africa,a small one per cent increasecompared to last year. Starbucks was slammed this year for its UK taxaffairs. It subsequently promised topay £20m to the UK’s taxauthorities to make up for the lack of payments.
The firm opened seven stores
across EMEA during the quarter, versus 25 a year ago.
implicated in the regulatory findingare personally implicated. Others aresimply those whose emails were hand-ed over to the regulatory authorities,”said the judge, in a case which seesGuardian Care Homes claim Barclaysmissold an interest rate swap.
“This started as an alleged missellingcase which the bank considers has nomerit. The addition of a claim based on what happened with Libor does notchange the bank’s view,” said Barclays.
Meanwhile new chief executive Antony Jenkins vowed not to closedown the investment banking arm.
He is reviewing the bank’s opera-tions in the wake of the scandal, and
is set to cut 2,000 investment bank jobs. But that does not amount to
a scaling back of its ambitions, hesaid: “Barclays is a universal bank today, it will continue to be a uni-
versal bank, and it will continueto have very very significant,large investment bank.”
Ex-Barclays chiefBob Diamond was
named in court
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PUNCH TAVERNS boss Roger Whiteside will give up happy hoursfor elevenses when he becomes thenew chief executive of bakery chainGreggs next month. Whiteside, who has been a non-exec-
utive director at Greggs since 2008, will succeed Ken McMeikan on 4February, the firm said yesterday.
McMeikan, who drove the govern-ment to retreat on controversial pasty tax rises last year, is leaving the firmto take over at catering wholesalerBrakes Group.
Greggs chairman Derek Nethertonsaid Whiteside had been involved indeveloping group strategy in what has been a “period of signifi-cant change”.
“He is very wellrespected within thecompany and hisappointment willenable a smooth tran-sition in what is still achallenging consumerenvironment,” he said. The popular
chain suffereda 2.9 percent dropin like-for-
like sales
Boss at Punch
trades pints forGreggs pastiesBY KASMIRA JEFFORD over Christmas, blaming bad weather
conditions, and challenges facing thehigh street. As a result it has scaled back its
expansion plans in favour of refurbish-ing existing stores in a bid to reversefalling sales.
Greggs’ shares rose one per cent yes-terday on news of the appointment, which was welcomed by analysts.
“[Whiteside] brings with him signifi-cant experience that should be rele- vant to Greggs, having worked at businesses that have seen growth as well as faced significant challenges,”said Sanjay Vidyarthi at Espirito Santo. The 54-year-old was one of the found-
ing team of Ocado in 2000 before mov-ing to become chief executive of Threshers, where he led a turnaroundof the off-licence chain. Prior to thathe spent 20 years at M&S.
Allison Kirkby, finance chief atmedia production firm Shine willtake over from Whiteside as non-executive director.Punch, whose shares fell more than
two per cent yesterday, has made itschairman, Stephen Billingham,
executive chairman while thepub operator restructures
its business.
Wandisco leads the way for UK technology flotationsINSIDETRACK
DAVID HELLIER
FRIDAY 25 JANUARY 20138 NEWS
cityam.com
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W e have already seen the likesof Luxfer, Edwards andManchester United list inNew York when they might
have been expected to grace theLondon flotation markets. Now thereare rumblings that IntelligentEnergy, a clean energy technology,
might look overseas for a listing if itchooses to go for one. And my fellow columnist Mark Kleinman reported yesterday how Global Switch, thedata centre operator founded by theReuben brothers, might list just aseasily in New York or Singapore thanLondon.
Intelligent Energy is a growing com-pany that appears to be going places.Recently it appointed Bank of America Merrill Lynch to advise it on
a private placing and the suggestionis that it could float sometime. Although based in Loughborough, itsmanagement team is said to be wary of the London market, fearing itmight give it a lowish rating. So, justas with other industrial technology companies, like Luxfer and Edwards,it might well follow a path to the US.
Fleetmatics, an Irish GPS fleet track-
ing company recently floated in New York and Wonga, the pay-day lender,is threatening to list on the wrongside of the Atlantic as far as theLondon Stock Exchange is concerned.
Certainly at the higher value end,London’s IPO market is in a sorry state. At least housebuilder Crest
Nicholson’s intention to float,announced earlier this week, provid-ed a fillip but more is needed torestore the market to anything like itsformer health.
Says David Vaughan, IPO leader atErnst & Young: “In 2007 London wasdoing plenty of IPOs a year with amarket capitalisation of £50m ormore and in the last three years wehaven’t even got into double figures.”Statistics show that in 2007, there
were 46 main market deals, raising$33.2bn, whereas last year there wereeight deals that raised just $4.3bn.
Some new issue investors have beenmugged by a series of poorly perform-ing issues from the likes of Ocado,Betfair, Perform and now Bumi. Theseinvestors view private equity sellers as
too greedy. There are signs at the lower capital-isation end of the market of increas-ing activity, however, with Liberum’sSteven Tredget hearing that investorsare looking at an increasing numberof situations.
There have already been a numberof flotations recently where partici-pating investors appear to be sittingpretty. These include PanmureGordon’s float of Wandisco, a
provider of global collaboration soft- ware, whose shares were issued at180p last June and now trade at 548p. Another Panmure deal, Fusionex, aMalaysian software group, issuedshares at 150p each in December thatnow trade at near 250p.
Says Panmure’s veteran banker Alan
Pollock: “Our view is that if you show people a good company with theright prospects and good manage-ment, there will be strong demandfor it, especially if it is an entrepre-neur rather than a private equity group selling out.” Pollock says recentdeals have attracted the likes of M&G, Aviva and Blackrock, investors thatneed to come back onside to get themain market going again.
AG BARR, the maker of soft drinksIrn Bru, Tizer and Rubicon,
yesterday said it expected to haveoutperformed the soft drinksmarket in its final quarter despitea summer of bad weather.
The company, which is awaitingapproval from the Office of FairTrading on its merger with rivalBritvic, anticipates total sales in
the final quarter to be over fiveper cent ahead of the prior year.
Irn Bru maker AG Barr expectsrevenue growth as merger nears
KASMIRA JEFFORD Full year revenues are expectedto be around £253m, reflecting a
year-on-year growth of aroundseven per cent.
“Despite very poor summer weather and a competitive marketplace, all of our core brands grewin the year,” AG Barr said.
The group, which is building anew warehouse and productionsite at Milton Keynes for futureexpansion, said production at the
site is on track to start thissummer.
Punch’s outgoing chief
Roger Whiteside
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BUDGET airline EasyJet’s push toattract more cost-conscious business
travellers has helped the firm delivera 9.2 per cent rise in quarterly rev-enues to £833m.
Passenger numbers rose 6.2 per centto 13.7m while revenues per seat jumped 3.9 per cent to an average of £53.87 in the final three months of 2012, the firm said in a statement yesterday.
The low-cost carrier picked up cus-tomers from rivals, who cut their win-ter capacity by 800,000 seats, and onnew flights to Switzerland andFrance.
EasyJet also kept a close watch on itsexpenses, which coupled with mild weather in the period meant the costper seat rose by just 0.5 per cent,excluding fuel. The firm said it expects to report
pre-tax losses of £50m to £75m in thefirst half of the year, better than itsprevious forecast of £100m.
“EasyJet has made a strong start tothe year due to a combination of man-agement action, competitor capacity reductions and the benign operatingenvironment,” said chief executiveCarolyn McCall. The firm said it planned to increase
capacity by a “prudent” three to fiveper cent, in a nod to largest sharehold-er Sir Stelios Haji-Ioannou’s concernsabout the pace of expansion.
EasyJet’s shares closed up 5.1 percent at 898.5p –a record high.
EasyJet set tonarrow lossesas traffic rises
BY MARION DAKERS
INVESTMENT manager St James’sPlace yesterday reported a substan-tial hike in fourth-quarter sales, as wealthy customers regained confi-dence in the economy.
“Investor sentiment is up,” chief executive David Bellamy told City A.M. “People are settling down andadjusting to the new normal –interest rates will stay low. They’vegot to get on with their lives.”
“We seem to be winning some sig-nificant businesses from some of the more traditional wealth man-agers and banks who have, frankly,lost it with some of their clients,”
Bellamy added.New business hit £223.8m in the
last three months of 2012, up 46 percent on the same period last year.
St James’s Place sells investmentproducts via its in-house chain of financial advisers, with more than1,700 people now working for thecompany on this basis.
Bellamy says many of the newly recruited advisers are former City professionals in their late 30s who want a second career – but his com-
St James’s Placeup as investors
gain confidenceBY JAMES WATERSON
pany is also attractive to independ-ent financial advisers (IFAs) who want the security of working for alarge business.
“What’s coming out of the 2008/09period is more invasive regulation,greater compensation levies. If you’re a small IFA you may not besure you can keep up with all thisregulation,” he said. There was no update on specula-
tion surrounding Lloyds BankingGroup’s 60 per cent stake in St James’s Place, despite reports thatthe bank is looking to offload itsinterest. Total funds under management
grew by a fifth to reach £34.8bn.
Carolyn McCall has helped EasyJet attract business travellers
St. James's Place PLC PLC
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Revenue was strong; average revenue per seat at constant currency+8% – driven by tight industry capacity and the final quarter of the switch froma credit card charge to a higher admin fee. Lack of disruption would havehelped profit before tax.
ANALYST VIEWS
”“
The share price has been cruising to new altitudes of late and thisupdate provides further vindication. The strong increase in revenue, improvedload factors and largely booked advanced seats have all contributed towhat will likely be a much lower loss at the halfway stage.
”First half guidance for both revenues and costs has improved and the
company expects interim losses to be in the range of £50m to £75m... Overall, avery strong interim management statement which demonstratesEasyJet’s revenues per seat continue to grow strongly.
”
WHAT DO YOU MAKE OFEASYJET’S UPDATE?
By Marion Dakers
PETER HYDE LIBERUM
“
RICHARD HUNTER HARGREAVES LANSDOWN
“
GERT ZONNEVELD PANMURE GORDON
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IN BRIEFJapan logs record trade deficitn Japan logged a record annual tradedeficit in 2012 as exports extended aslide in December, signalling that PrimeMinister Shinzo Abe’s efforts to weakenthe yen have been slow to gaintraction. Despite polls suggestingJapanese manufacturing sentiment isimproving, the 2012 trade gap of ¥6.93trillion ($78.27bn) and a seventhconsecutive monthly drop in exportsshow that has yet to translate into hardeconomic data.
Italy’s Monti criticised over banksn Italian Prime Minister Mario Montisaid yesterday he would be prepared torecall parliament to report on thetroubled Banca Monte dei Paschi diSiena but rejected suggestions thatauthorities had failed in their oversightfunctions. “It’s an issue which is reallywithout any substance, but thegovernment is nonetheless ready toaddress parliament on it,” he said atthe World Economic Forum in Davos.
Bad loans up at Spanish lendersn Spanish banks Bankinter andSabadell both reported rising badloans yesterday. Mid-sized Bankinter
warned its bad loans could hit five percent of total loans this year, up from4.28 per cent at the end of 2012.Barcelona-based Sabadell,meanwhile, said its bad loan ratio jumped to 9.33 per cent of total loansat the end of December from 8.46 percent in September.
RETAIL sales growth slowed thismonth, a leading business survey showed yesterday, although the fig-ures were still slightly better thandownbeat shops had feared.
For the first two weeks of the year 41per cent of retailers reported risingsales compared with the same periodof last year, the Confederation of British Industry’s (CBI) study found. At the same time 24 per cent saw
sales drop, leaving a positive net bal-ance of 17 per cent. That is down onthe 19 per cent in December and 33per cent in November, showing a slow-down in shops’ fortunes.
But despite the slower pace, salesstill rose to almost exactly the leveldeemed normal for the time of year –an improvement on the below-aver-age figures recorded for the whole of 2012. By sector, non-store sales – which include online and mail-order – rose most strongly, with a net balance of 70 per cent of retailersreporting growth.
Christmas salesgrowth fizzles
out in JanuaryBY TIM WALLACE Furniture and carpets retailers fol-lowed closely with a balance of 64 percent seeing sales rise, and grocers witha balance of 43 per cent. Chemists per-formed worst, with a net balance of 56per cent reporting falling sales.
“The problem that retailers face isthat consumers’ purchasing powerhas come under some renewed pres-sure from a move back up in inflationand muted earnings growth,” said IHSGlobal Insight’s Howard Archer.
“Still strong employment growthoffers hope for consumer spending, but it is questionable whether this cancontinue.”
Bank lending to firms plungesagain despite government aidGOVERNMENT schemes to boostlending to companies have failed toturn around the firms’ deleveragingsince the crisis, according toindustry figures out yesterday.
Net lending to non-financialfirms plunged by £3.5bn inDecember, even faster than the£3.1bn fall in November and the biggest dip since June, the BritishBankers’ Association (BBA) revealed.
The decline is almost double the
BY TIM WALLACE £1.54bn average decline over the lastsix months and takes the stock of outstanding bank debt to £288.1bn.
That drop comes despite theefforts of the Treasury and the bank of England’s Funding for LendingScheme (FLS) which gives cheapfunding to banks on the basis thatthey lend it to households and firms.
The programme has been runningsince August, though the Bank of England maintains it will take sometime for the funding to pass throughthe system into actual credit
provided to customers.Mortgage lending expanded, but
only very slowly.Loans for home purchase grew by
£0.6bn in December, well above the£0.1bn average expansion seen in thepast six months. But that still leavesmortgage loans outstanding at£777.4bn, well below pre-crisis levels.
Consumer credit also edged up£0.3bn in the month, but that islikely to be associated withChristmas borrowing rather thanlong-term growth.
Retail sales growth slowed this month
2012 2013
0
10
-30
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-10
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405.0 %firms,netbalance
RECENT retail administrationscould lead to a doubling of storeclosures on Britain’s high streets,according to a report from theLocal Data Company (LDC).
The latest monthly figures fromthe LDC show that the shop
vacancy rate decreased for a thirdmonth in a row by 0.06 per cent to14.25 per cent in December 2012.
LDC director MatthewHopkinson said the number of
vacant shops declined slightly inDecember because of retailersusing empty space to open pop up
UK faces record vacancy ratesin 2013 as administrations rise
BY KASMIRA JEFFORD shops to attract shoppers in therun-up to Christmas.
Despite the fall in vacancy rateslast month, Hopkinson warned thenumber of vacant shops is likely torise as the likes of Blockbuster,HMV and Jessops fall by the
wayside. “In light of recentadministrations and the numberof distressed retailers beingquoted I fear that we will see a risein the number of vacant shops as
we enter 2013,” he said.The LDC said in 2013 as many as
1,400 stores will close as retailersscale back their estate and further
brands fall into administration.
FRIDAY 25 JANUARY 201310 NEWS
cityam.com
The Local Data Company said the number of store closures could double in 2013
EXPLORER EnQuest yesterday unveiled a nine-year retail bondpaying 5.5 per cent, becoming thefirst oil company to launch theproduct.
The bonds, which will matureon 15 February 2022, have aminimum initial subscriptionamount of £2,000.
They will also be admitted to theLondon Stock Exchange’s OrderBook for Retail Bonds.
The bond issue comes just a day after the FTSE 250-listed oilexplorer acquired an eight per
EnQuest becomes first oil firmto launch retail bond on LSE
BY CATHY ADAMS cent stake in the Alba field in theNorth Sea.
EnQuest chief executive AmjadBseisu yesterday hailed thecompany’s entrance onto themarket.
“The bond will allow thecompany to diversify its funding
base and extend the tenor of its borrowings and will complementour already strong balance sheet,”he added.
Yesterday City A.M. revealedthat retail bonds providers arelobbying for them to be includedin the government’s FinancialServices Compensation Scheme.
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F ACEBOOK’S recently openedLondon base is the type of relaxed environment theaverage undergraduate must
dream of entering the workforce in –skateboards strewn across the floor, boardgames stacked on top of eachother, and oddly-shaped sofas ratherthan stiff office chairs.
However, ambitious students
fantasising about being the nextMark Zuckerberg will have tomeet an unusually strict list of requirements even to apply for aninternship at the social network-ing company. An advert placed on
Facebook yesterday invitingapplications from businessstudents for a 12 week sales
internship at its Covent Garden hubasks budding Facebookers for “two tofour years of work experience, prefer-ably in strategy consulting, sales oper-ations or business development” andfor “superior PowerPoint and Excelmodelling skills”. The application process for the job –
made through Facebook’s web-site – certainly differs from the
Harvard University alcohol-fuelled hacking marathonsZuckerberg is rumoured tohave used to recruit some of
Facebook’s first interns.It appears that the successful
applicant will be richly rewarded,however. According to one recruit-
ment website, Facebook internsin the US are paid on average$5,602 (£3,550) a month, which equates to a salary of a whopping $67,000.
Mark Zuckerberg’s recruitingmethods have changed slightly
Presumably giddy with success,Bertrand de Mazieres became an
unexpected talking point at Wednesdayevening’s IFR banking awards by slippingover on the podium as he came up toaccept his honour for becoming Issuer ofthe Year. Despite being warned of theslippery floor surface ahead of thepresentations, the waistcoated directorgeneral of the European Investment Banklost his feet entirely, knocking over thelectern and a couple of glasses in theprocess.Luckily for him and his colleague, DeMazieres recovered his composure toreceive his award from actor StephenMangan, who congratulated him foravoiding hospital.Bank of the Year was BNP Paribas, whichdid what was expected of it by thehundreds of bankers present. As istraditional, the winning bank bid thehighest amount for the tombstoneauction, hosted by TV presenters NatashaKaplinsky and Jonny Gould, helping toraise funds for Save theChildren. Its
£350,000 helpedbring the grandtotal to £1.054m.More than onethousand bankersthen danced thenight away in theGrosvenor House’sballroom.
THE ART of the official apology isa difficult one to master (see:Tesco’s “hit the hay” tweet andNick Clegg’s video mea culpa), andrail operators are not known fortheir human warmth when trains
break or go missing.So The Capitalist is heartened to
hear of C2C’s act of contrition, which came in the form of free
mini eggs and chocolate buttons.C2C sent teams wearing bright
pink hairshirts to FenchurchStreet, Limehouse and West Hamstations to apologise for delayscaused by a broken down train lastThursday. Commuters took thetreats in good cheer – particularly those who weren’t even on thedelayed services last week.
C2C sent a sorry squad to hand out mini eggs and chocolate buttons to disgruntled customers
Sorry seems to be the sweetest
word for some C2C commuters
Tough demandsput on next lotof Zuckerbergs
13cityam.com FRIDAY 25 JANUARY 2013
cityam.com/the-capitalistTHECAPITALIST CALLY SQUIRES IS AWAY
Got A Story? [email protected]
The EIB’s Bertrandde Mazieres
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LADBROKES made its first
acquisition under chief executiveRichard Glynn yesterday, with the €30m (£25m) purchase of Irishexchange-betting website Betdaq.
The move will expand the bookie’s online offering, which hasstruggled to gain a foothold in theinternet betting market, a weakness rivals such as WilliamHill have exploited.
The deal follows abandonedattempts to buy online operatorsSportingbet – which William Hillrecently agreed a £485m deal to buy – and 888.com.
Betdaq operates an exchangesystem, in which customers can both back and “lay” – bet against –an outcome, with the oddsadjusting according to what betsare placed.
The exchange system is alsoemployed by Betfair, which is many
times bigger than Betdaq,although analysts highlighted theopportunity for the smaller firm tocompete if Ladbrokes gives it theright investment.
Betdaq is currently owned by Irish billionaire Dermot Desmond.
The deal, which Ladbrokesexpects to complete next month, ishalf in cash with the remainder incompany shares.
Ladbrokes betson online rallyin Betdaq deal
BY JAMES TITCOMB
NOKIA returned to profit in the finalquarter of 2012, as sales of its Lumiasmartphones finally picked up.
However, the Finnish company saidit would not be paying a dividend forthe first time in over 20 years, as itstruggles to preserve its cash pile.
Following a cost-cutting plan thatsaw tens of thousands of jobs go,Nokia reached a quarterly profit of €375m (£317m). This followed six suc-cessive quarters of losses thatreached €1bn at times.
Nokia, which was overtaken by Samsung as the world’s biggestmobile phone maker by handsets
sold after 14 years at the top, hasstruggled to establish itself amongthe elite smartphone manufacturers.
It abandoned development of itsown Symbian software in favour of Microsoft’s Windows Phone operat-ing system two years ago, but hasfailed to see meaningful sales of itsLumia smartphones until now. As announced earlier in the
month, the company sold 4.4m
Nokia hangs upon dividend to
preserve cashBY JAMES TITCOMB Lumias in the quarter – less than atenth of the 47.8m iPhones Applesold, but an encouraging improve-ment for Nokia.
Sales of its cheaper Asha phonesalso impressed, while a turnaroundin Nokia Siemens Networks, its net- work equipment joint venture withSiemens, boosted the figures.
Shares in Nokia, which had doubledin value since July to hit a nine-month high, fell by 5.5 per cent onnews of the dividend being abolished. The annual dividend cost the firm
€750m last year, around a sixth of its €4.4bn cash pile.
Michael Turner, the executive chair of Fuller’s, is eyeing further investments this year
Nokia
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CUSTOMERS flocked to Fuller’spubs over Christmas, as the
landlord and brewer reported a4.5 per cent like-for-like sales riseduring the festive period in itscore business.
After declining sales for muchof the year, improved trading inthe nine weeks to 19 January haspushed Fuller’s to a 2.6 per centrise in like-for-like sales for itsmanaged pubs and hotels divisionin the 42 weeks of the current
Fuller’s improves at Christmasafter watered-down summer
BY JAMES TITCOMB financial year.Fuller’s, which owns nearly 400
establishments mainly in thesouth east, including Square Mile
favourites The Counting Houseand The Swan, had blamed the wet
weather during the summer for adecline in revenues earlier in thefinancial year.
The company is pursuingacquisition opportunities, butmanaging director Simon Emeny said: “No matter how much money
we invest I would hope for better weather more than anything.”
FRIDAY 25 JANUARY 201314 NEWS
cityam.com
Margin caution from JaguarLand Rover hits Tata Motors JAGUAR Land Rover’s (JLR)runaway profit growth could hita speed bump in the nextquarter, the firm said yesterday in an announcement that sentparent firm Tata Motors’ sharesdown as much as ten per cent.
British carmaker JLR said that while revenues rose in the lastthree months of 2012, its profitmargin “is likely to be slightly lower than in the previous twoquarters”.
Earnings are likely to be flaton the prior six months.
The firm blamed currency movements and the new,cheaper Evoque model taking upa larger portion of overall sales.
Nevertheless, JLR said it plansto stick to its capital expenditureprogramme, splashing out £2bnon research, development and
BY MARION DAKERS other projects in fiscal 2013 asthe company tries to capitalise onits soaring growth rate in new markets.
Free cash flow for the threemonths to the end of December2012 is set to be negative as aresult of this spending drive.
JLR last week posted recordglobal sales figures for 2012,selling 357,773 vehicles in the year, a rise of 71 per cent.
The firm has said it will reportits full results for the finalquarter of 2012 some time inFebruary.
Mumbai-tradedshares
of Tata Motors, which hit an all-time high earlier this month, were knocked yesterday by thesurprisingly cautious outlook from its star performer JLR.
“Given that adverse currency movement and a weak productmix – led by Evoque – are theprimary factors driving downmargins, the pain may spill overto FY14,” Mumbai-based financialservices firm IDFC said in a report.
• HYUNDAI Motor Co’s
quarterly sales were dented by the strength of the Korean won,the firm said yesterday. The sixper cent profit decline to 1.89
trillion won (£1.12bn) cameeven as Hyundai sold arecord 1.23m vehicles inthe fourth quarter.
IN BRIEFSony fined over PlayStation hackn Sony has been fined by the UK’sdata protection watchdog over asecurity lapse that led to millions ofPlayStation users’ personal details,including credit card information,being compromised. The InformationCommissioner’s Office (ICO) fined theJapanese electronics giant £250,000and Sony said it would appeal the judgement. The ICO said the incident,which happened in 2011, would nothave happened if appropriate
security measures were in place.
Carphone Warehouse cheersn Carphone Warehouse, Europe’sbiggest independent mobile phoneretailer, beat sales growth forecasts,with strong demand for smartphonesand tablets in the UK more thanoffsetting weakness in France.Despite beating sales forecasts thefirm said it would not be changingearnings guidance as it had investedin margins to drive revenue. Sales atstores open over a year rose 7.8 percent in the final three months of last
year, with UK sales up 16 per cent.
Online shopping spurs PayPointn Credit card processing companyPayPoint yesterday said increasinginternet transactions led it to a fourper cent rise in revenues year-on-year for the three months to January.The firm, whose customers includeSainsburys Local, Asda and the Co-op, processed 193m transactionsduring the period, up five per cent onlast year. The rise in internetshopping over the Christmas periodmeant an 18 per cent leap in online
transactions.
Jaguar’s record sales pace maycome at the expense of margins
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D AVID Cameron’s promisedreferendum on Europe will be the first in my lifetime, which began the year afterthe 1975 vote to remain in
the Common Market. So to me thePrime Minister’s new commitmentfor a vote feels like both a victory anda defeat. It is a historic decision: aftermore than four decades (the vote still won’t happen until after 2015), theBritish public will issue a verdict onits relationship with the EU. It is alsoa national embarrassment: ourdemocratic deficit is so vast that ourelected elites have not dared to puttheir decisions on Europe to the votesince the fall of Saigon.
And Britain is hardly alone. One of
the main rallying cries of those
A BOUT two years ago, as amember of the Monetary Policy Committee, I used thetitle of the classic 1970sGenesis album Selling England
by the Pound to draw attention to the way in which the weakness of sterling was pushing up our inflation rate.
Between mid-2007 and early 2009,sterling depreciated by over 25 per cent– the biggest fall in its external valueover a short period of time since we leftthe Gold Standard in 1931. The pound
remained weak through 2010 and 2011,and recovered somewhat in 2012. Thismodest rise in our currency helped toreinforce the decline in the inflationrate we saw over the course of last year.But sterling is now falling again – andthere is a danger that this reneweddecline will continue and push infla-tion higher this year. Why has sterling weakened recently?
Three main factors appear to be at work. First, as the euro crisis took holdin late 2011 and 2012, sterling benefitedfrom a “safe haven” effect – attractingshort-term flows of finance looking fora more stable home outside the
cityam.com/forum
Over the past five
years, UK inflation hasaveraged 3.5 per cent
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.
‘
18FRIDAY 25 JANUARY 2013
ANDREW SENTANCE
Official policy of debasing sterlingis selling off England by the pound
Eurozone. With signs that the euro situ-ation may be stabilising, these “safehaven” currency flows are reversing – with the pound falling below €1.20 last
week for the first time since last March.Second, the UK has seen weak growth
and relatively high inflation over therecovery so far. This contributes to the view in financial markets that we arelikely to see a similar pattern in thefuture – and that UK economic funda-mentals are not very healthy. Third, and most crucially, a weak
pound appears to be an importantingredient of official economic policy.Government ministers, including thechancellor, have talked of rebalancingthe economy and emphasised the roleof a competitive currency in achievingthis. The governor of the Bank of
England has argued along the samelines. In his major speech earlier this week, he said that the 25 per cent fall inthe value of the pound was “certainly necessary for a full rebalancing of oureconomy”.
Unfortunately, this is a flawed policy. The thinking behind it is that a compet-itive pound will spur exporters intoaction and pave the way for an export-led recovery. But exporters in a matureindustrialised economy like the UK donot respond to short-term currency
movements in this way.British exports are also not highly
price-sensitive. Within manufacturing,our main exports are high value-addedproducts which sell on the basis of qual-ity and technology. Services exports – with the possible exception of tourism– also rely mainly on the professional-ism, high quality and new ideas that UK firms can offer relative to competitors.
Exporters need much stronger long-term reasons than a temporary priceadvantage to expand into new exportmarkets. They need the confidence thatthere will be a sustainable demand fortheir products and services which will
underpin profitable growth.In addition, the experience of UK
exporters from the past has been thatcurrency depreciations can be quickly reversed. The depreciation of sterling in1992-3 following the UK’s exit from theEuropean Exchange Rate Mechanism was wiped out four years later whenthe pound appreciated again in 1996-7.
It is not surprising that export-ledgrowth has not materialised. But what we have seen very clearly in response toa weakened pound has been a pro-longed period of high inflation. Overthe past five years, UK inflation hasaveraged around 3.5 per cent comparedto the 2 per cent target. The excess infla-tion of 1.5 per cent per year has been asevere drag on consumer spending andgrowth in the UK economy.
If we are to avoid a continuation of
this consumer squeeze, the UK govern-ment and the Bank of England shouldstop talking down sterling and avoidactions – like repeated rounds of quan-titative easing – which weaken our cur-rency on the foreign exchanges. Weshould recognise that a strong currency and a strong economy generally gohand in hand. Previous attempts by theUK to devalue our way out of economicproblems – starting in 1967 and contin-uing through the 1970s and into the1980s – did not work.
In his speech welcoming the deprecia-tion of the pound, Sir Mervyn King alsonoted that “currency wars” – in whichcountries seek to out-devalue eachother – are a recipe for economic tur-moil and conflict. He is right. What weneed to do is apply this insight to ourown currency. A stronger pound couldhave benefits for the UK economy – eas-ing the upward pressure on inflationand supporting the growth of con-sumer spending. We should stopSelling England by the Pound. Andrew Sentance is senior economic adviser
at PwC, and a former member of the Bank of England’s Monetary Policy Committee.
disaffected with the EU is its tenuouslink to democratic accountability. And even as we celebrate thepromise of a vote some have waited alifetime to make, our leaders are jetting off to party with the powerfulin Davos, a glittering bubble of groupthink for the globe’s self-segregating, self-congratulatory elite.
Cameron’s Tories came to power
waving the metaphorical banner of localism. It was never the sort of full- blooded commitment laid out inDaniel Hannan and DouglasCarswell’s 2008 manifesto The Plan,or evangelised in Michael Portillo’s2010 documentary Power to thePeople, but Cameron’s strategistshad at least heard of those trendsand pillaged a few of the lessshocking initiatives.
The results have been meagre.Elected mayors, apart from inLondon, have not excited thepopular imagination, with nine outof 10 cities voting against theproposal in 2012. Elected policecommissioner elections werescheduled for the worst possible
time last November, resulting in
record low turnouts. Regulatory tinkering to support favoured causesmeans businesses must study every move at the Treasury and theDepartment for Business, Innovationand Skills. Quantitative easing fromthe Bank of England has kept all eyeson Sir Mervyn King and the MPC.
The truth is, Cameron has shownlittle concern for the consent of thegoverned. His trademark policy, the big society, is about intrudinggovernment into civic voluntarism,not limiting state power. He hascreated a nudge unit to make usmake the decisions Number 10decides are right. He believes he canalways pick a winner, whetherthrough a national industrial policy
or by supporting green energy
development.It was always a mistake to imagine
such a man could lead us to greaterself-government. Even his decision tooffer this long-delayed referendum isless to do with trusting the peopleand more to do with politicalcalculation: an attempt to bring hisparty back under control whileensuring the verdict he wants. Buthis decision has offered the rest of usa glimmer of hope. While we wait forCameron’s plan to play out, this voteshould be a signal to reinvigoratedirect democracy as a popular cause.It’s not just Brussels we need torenegotiate our relationship with, but Westminster as well.
Mark Sidwell is managing editor of
City A.M.
THE LONGVIEW
MARC SIDWELL
Brussels and Westminster both fail to offer the public direct democracy
In association with
CITY BO
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19FRIDAY 25 JANUARY 2013
No renegotiation[Re: Cameron’s decision to call a referendum is absolutely right ,yesterday]There is no guarantee of any referendum,even in the event that David Cameron isre-elected. Francois Hollande is adamantthat powers stay at EU level, and he isbacked by legal precedent. EUinstitutions, like the European Council,are also legally bound to work towards anever-closer union – both economicallyand politically – so our only choice lookslike a straight in/out. The Prime Ministermay be returned to power in 2015, butwhat if the myriad of technicaldiscussions takes forever, and there’s noagreement to hold a referendum over?
Brian Mooney
Politics of Europe[Re: Conservative unity on Europe will break open deep Labour fractures ,yesterday]Yes, Labour should and must (if it wantsto win power) offer a referendum. But thequestion is: what sort? David Cameronhas suggested a reform-or-out choice.Perhaps there’s space for an alternative.But on the question of Tory unity, AndrewLilico is over-optimistic. Tory Europhileshave not emerged from the woodwork,and the Lib Dems have mostly beenkeeping their mouths shut. Both of thesegroups would put EU conformity over anyUK self-interest. We’ve heard an awful lotfrom Tory Eurosceptics, but the fightbackis coming. And it’s coming soon.
David Smuts
THE coalition received badnews this week, as figuresrevealed the UK added£15.4bn to its debt pile inDecember 2012 – up from
£14.8bn in the same month in 2011. The chancellor will now be forced toask ministers to prepare further cutsfor 2014-15. But the problem is not just fiscal. It’s political. The coalitionis extending a culture of dependency on the state, with damaging
implications for Britain’s long-termfinances.
Nowhere is this clearer than in itspension reform. A new single-tier pen-sion – paying out a flat rate of £144 a week – will merge the basic pensionand the earnings-related secondary pension. It’s been posed as a cheaper,simpler means of providing a reason-able retirement income to all. And itmay save the Treasury some money.But there’s trouble in the detail. Working people will have to make
national insurance contributions(NICs) for at least 35 years. But those who take time off – for a series of rea-sons deemed admissable by the state– will have a fantasy NIC “credit”made by the taxpayer. They will then be viewed as having paid their fullcontribution, and officially movedonto the flat £144. Women, we aretold, will be winners; so will the low-paid and self-employed.
But someone must pay for this. Theusual creative accounting will not do,despite projections in the pensions White Paper. As another White Paper(this time the blueprint for the wel-fare state) put it, the only affordable way to fund benefits over a long peri-od is if they’re paid for by the NICs of working people in times of earnings, with co-payments made by employersand the state. The assumption must be that every household has one breadwinner (a working spouse would pay for the non-working). It
After Apple reported disappointing profitsand sales, is it doomed to relative decline?
YESApple’s latest results were spectacularly good by any standard –
except their own. The company has been hyped up so far, and for solong, that failing to meet expectations was almost inevitable. Butthe real problem for Apple is that now the top has been called, themarkets are looking to justify their new-found scepticism. Everyfuture statement will be picked over for signs of weakness. If pricesare raised, Apple will be accused of abusing its powerful position; iflowered, they are scrambling to retain market share. Too manyproducts will mean the company has lost focus; too few and Apple’sexecutives are resting on their laurels. All this negative publicity willbe overstated, but it affects the way customers behave, so has a self-fulfilling quality. The bottom line is that Apple’s share price willnever fully recover. It has lost its mojo, and it won’t get it back.Julian Birkinshaw is professor of strategy and entrepreneurship at London Business School.
Julian Birkinshaw
NODominic Sunnebo
Apple is far from finished. Although its recent results disappointed,
iPad and iPad Mini sales were good. Apple still has a big future. It isexcellent at creating strong brand loyalty – a powerful resource thatits competitors struggle to emulate. There is no doubt that if, asexpected, Apple released a TV, it would see mega sales because itscustomers are linked into its mature and developed ecosystem –another strength. Importantly, consumers perceive that the AppStore is superior to its competitors, and that is a huge barrier toAndroid. Although there are more Android devices on the market,Apple customers are more likely to actually spend moneydownloading applications. And in terms of profits and development,Apple is way ahead. Its shares may have fallen from their peak, butthey still represent an incredible buying opportunity.Dominic Sunnebo is global consumer insight director at Kantar Worldpanel.
may sound unrealistic. But it’s a sim-ple principle that should underpinthe system’s affordability.
The problem is that incentives toearn and save are dampened whenthose who do not work can be as wealthy as those who do. As LordBeveridge (the designing hand behindthe welfare state) explained, the only affordable way to provide benefits isfor non-workers to receive a lower,subsistence, amount. And the new pension plan ignores
this. Unfortunately, it’s nothing new. The reform is one example of a seriesof damaging changes to the welfarestate, pursued by successive govern-ments. It began in the 1940s, whenClement Attlee played politics with welfare to pay out pensions withoutthe recipients meeting full contribu-tory conditions. The actuarily-basedfund to pay for this failed to materi-alise. Then, in the 1960s and 1970s, asthe number of workless householdsexpanded, the state invented a variety of cash payments from the publicpurse to support workless house-holds. The trend was set. The taxpayer became paymaster, with politiciansagreeable facilitators. Today, the principle of benefits in
return for contributions has beenturned on its head. Those who havepaid their way find themselves rela-tively penalised. And while mostrightly want to help the destitute orstruggling, it’s not feasible or desir-able for the taxpayer to take the placeof the breadwinner.
Sheila Lawlor is director of Politeia.
SHEILA LAWLOR
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NUSWith no queues, it’s a morerewarding experience usingLondon City Airport.
visit cityjet.com
Nick Clegg is throwing his toys out of thepram on an EU referendum. The Lib Demswill get a drubbing in 2015.@benhowlettcf
If the rest of Europe block renegotiation,they should know where Britain would head.Out the EU.@mgharfalkar
I’m more concerned about David Cameronmaking wrong claims about the nationaldebt than anything the IMF says.@philritchie
George Osborne in Davos: “We have acredible and flexible debt reduction plan”.Even as debt goes up.@labourpress
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Incentive to work
will be dampenedby pension reform
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21FRIDAY 25 JANUARY 2013
PROPERTY
Top schools fuel house price hike
Developments inWimbledon andNorth London provea hit with families
A GOOD EDUCATION can costparents more than justtuition fees. Trends show thattop performing schools drive
house prices in their localneighbourhoods by nearly a thirdmore than the national average.Little wonder, then, that developersare constructing luxury schemes inthese sought-after areas. Wimbledon Hill Park is going down
well with parents keen to enroll chil-dren in independent schools likeKings College, Wimbledon High and Wimbledon Chase primary school. The development offers eight tradi-tional and contemporary executivefamily homes, with prices starting
from £3.5m.Fifteen minutes south of the riveris Riverside Quarter, a new develop-ment in Wandsworth, which offers121 two to four bedroom apartmentsat prices starting from £500,000. The£100m development is a big draw for buyers looking to be near high-per-forming schools like Putney High,Emanuel School and Graveney,despite the premiums.
In the south east, prices near topschools are 37 per cent higher thanneighbouring areas and northLondon is another location that hasseen prices rise in response to thestrongly performing schools in thearea. Homes near Henrietta BarnettSchool, for example, trade at a premi-um of £394,282, a huge hike on theprices of properties in neighbouringareas. “This could be because exter-nal influences on house prices here
are much stronger and high popula-tion density means there’s more
competition for homes in London,even without the lure of living near atop primary school,” says PrimeLocation’s Nigel Lewis.
On the whole, London has experi-enced this trend noticeably less thanother regions. Homes near goodschools in the capital are, on average,only 7.4 per cent more expensive, thelowest such premium in the UK over-all. According to a report by Lloyds TSB
house prices in the postcodes of the30 state schools with the highest
2011 GCSE results in the country were £33,631 higher than average, or
12 per cent higher than prices inneighbouring locations. Thatamounts to house premiums nearly three times the average annual pri- vate school fee of £11,422. Overall,the typical price of a home in thepostal districts of England’s beststate schools is £303,902, nearly athird higher than the average houseprice across England of £236,321.
Outside London, developers contin-ue to build schemes aimed at ambi-tious parents. Less than half anhour’s drive from Harrow sits the
King’s Island development, home toPeterborough and St. Margaret’s
School. The gated island community is comprised of 24 three and four- bedroom conversion and new-buildfamily homes, as well as 127 one andtwo bedroom conversion and new build apartments and penthouses.Prices go from £201,995 to £669,995for properties on the development, which is located on the former William King Flour Mill site.Meanwhile the Grand Union Canaland River Colne border the property, which is situated amidst theMiddlesex countryside and
Uxbridge.Regionally, the north west has the
largest premium, with houses inpostal districts of the top ten stateschools trading at an average of 28per cent, or £43,437 above the aver-age house price in the county. In sec-ond place is the north, with houseprices near the top schools at close toa fifth higher than their county aver-age. At the same time, districts for top
schools in the south west tradehomes at a 16 per cent discount com-pared to neighbouring locations,such districts in the East Midlands
trade at a six per cent discount.Amelia Brust
The charming
greensurroundings inthe Kings Islanddevelopment
The exterior of thepopular RiversideQuarterdevelopment inWandsworth
Homes in theWimbledon HillPark are particularlyhighly sought after
cityam.com
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Scan Here For More Info
* = £47,500 for a 25% share of the full market value of £190,000for a 1 bedroom home.
† Contracts to be exchanged within 4 weeks and completebefore 22nd March 2013.
Images of Millennium Horizon exterior and of the show apartment.
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22 PROPERTY FOCUS ON
CURRENT MORTGAGE DEALS Source: MoneySupermarket.com
Lender Fixed/Flexible Rate Until APR Maximum Loan(per cent) (per ce nt) to Va lue (per cent)
Barclays Flexible 2.39 March 2015 3.8 70
Yorkshire BS Flexible 2.44 March 2015 4.6 75
Norwich & Peterborough BS Flexible 2.49 2 Years 4.7 75
ING Direct Flexible 2.49 2 Years 4.7 60
Virgin Money Flexible 2.55 April 2015 4.5 70
Yorkshire BS Fixed 1.99 March 2015 4.6 60
HSBC Fixed 1.99 March 2015 3.8 60
Santander Fixed 2.24 March 2015 4.5 60
Yorkshire BS Fixed 2.69 March 2016 4.5 75
KIDBROOKE PARKROAD, SE3Price: £319,950This two-bedroom ground floorconversion flat is situated in asemi-detached Victorian housewithin walking distance of theVillage. Both bedrooms aredoubles, the reception space isideal for entertaining and theproperty also comes with alarge communal garden.Contact Jones Lang LaSalle at joneslanglasalle.co.uk or 020 324 6921
FOCUS ON: BLACKHEATH
POND ROAD, SE3Price: £3.95mLocated in the highly soughtafter Cator Estate, this propertycomes with seven large bed-rooms, three bathrooms, anunderground gym and winecellar. The grounds are equallyimpressive. After drivingthrough electric gates, guestsare greeted with landscapedgardens.Contact John Payne at john- payne.com or 020 3324 7815
Named after the grassland that separates itfrom Greenwich and Lewisham, Blackheathis often described as one of the fewremaining villages in the heart of London.Many refer to it as south east London’sanswer to Hampstead because of itscharming, green surroundings andbustling village. While it does not have anunderground station, it has good NationalRail services, so London Bridge and CannonStreet can be accessed within 30 minutesand Lewisham DLR station is close by,creating easy links to Canary Wharf and
making it a popular area for professionals.“Blackheath has always been very popularbut the legacy of the Olympics has helpedto generate an increased amount ofinterest in the area with so many peopleflocking here last summer,” says Foxtonssales manager Mark Ruffell. “There reallyis something for everyone here; from thebeautiful green open spaces to the manyboutique shops and restaurants, someoutstanding schools and enough trendybars to sate the appetites of youngprofessionals.”
NEED TO KNOW | AREA INSIGHT
LOCAL AREA | PRICES SOURCE: HOME
Detached Semi-Detached Terraced Flats
£1.7m £888,734 £501,742 £288,997
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Discovery Dock West, South Quay Plaza E14
£1,200,000 leasehold
A magnifcent 12th oor 3 bedroom, 3 bathroom apartment with an un-demisedterrace boasting commanding views o the dock & Canary Whar. Discovery Dock Westis well located only 250m rom Canary Whar underground station.
EPC Rating C
Neutron ower, Blackwall Way E14
£725 per week
A stunning penthouse apartment with 2 bedrooms, 2 bathrooms & a large reception roomleading onto a balcony. Te apartment oers sweeping views o the Canary Whar skylineincorporating the River, O2, Canary Whar & the City.
EPC Rating C
Canary Whar & Docklands
020 7510 [email protected]
Canary Whar & Docklands
020 7510 [email protected]
Queen Elizabeth Street, ower Bridge SE1
£420,000 leasehold
A 1 bedroom, 2nd oor apartment set in this iconic Piers Gough designed building. Te property lies within the heart o Shad Tames & has a balcony & allocated secureparking. Te building benefts rom a 24hr porter & access to a gym.
EPC rating D
Alaska Building, Grange Road SE1
£675 per week
A split level 2 bedroom warehouse conversion set within a stunning Art Deco development.Located within close proximity to excellent transport links to the City & Canary Whar thisdevelopment also benefts rom superb communal areas including a south acing rootop, & 24hr security.
EPC rating F
ower Bridge & City
020 7357 [email protected]
ower Bridge & City
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FRIDAY 25 JANUARY 201324 cityam.comLIFE& STYLE PROPERTY
THE PAGODA, SE3Price: £3.5mWhile this property has a country feeling, it’s within easy commute of the City and Canary Wharf. The 6,000 sq ft building,which was once occupied by Queen Caroline, wife of George IV, boasts 7-bedrooms, four bathrooms and a third of an acre ofgardens. Contact Kershaws at kershaws.eu or 020 8297 2922
MORDEN ROAD, SE3Price: £1.3mThis property is ideal for those after a homethat boasts period features with a moderntwist. It is Grade II listed and located on theCator Estate but has a modern, well-equipped kitchen and dining room area. Ithas three large bedrooms with plenty natu-ral light and the property spreads over fourfloors. Blackheath station is nearby.Contact Your Move Premier on your-move.co.uk
LEE TERRACE, SE3Price: £900,000This three-bedroom maisonette is ideal for someone after ahistorically rich home. It boasts impressive high ceilings, agrand and spacious reception room and benefits from having acommunal and private entrance behind a gated driveway. The
master bedroom comes with an en-suite bathroom. Contact Foxtons on foxtons.co.uk or 020 7973 2020
LANGTON WAY, SE3Price: £1.3m
Located a short distancefrom the hub of restau-rants in the Village, thishouse comes with fou
double bedrooms that alcome with fitted
wardrobes. The propertyalso features hard wood
floors, a study, guestcloakroom and land-
scaped gardens. Contac Foxtons on foxtons.co.uk
or 020 7973 2020
RESTELL CLOSE, SE3Price: £400,000While the majority of properties in the area are either houses or flat conversions, many new luxury apart-ments are now available too. This one is located on the 6th floor in a sophisticated block adjacent to
Greenwich Park. It has two bedrooms and benefits from a 24-hour concierge and access to a roof terrace.Contact acorn.ltd.uk or 020 3324 6405
LISKEGARD GARDENS, SE3Price: £1.99mThis five-bedroom semi-detached property is one of many new developments in the area, designedto blend in with the Victorian style common in the area. It offers an open plan kitchen, dining areaand off-street parking and is within easy reach of both Greenwich Park and Blackheath station.Contact Jones Lang LaSalle at joneslanglasalle.co.uk or 020 324 6921
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FRIDAY 25 JANUARY 201328 cityam.com
Having correctly calledthe market last year, weare sticking our neck outagain this year. Despitethe general consensusthat there will be littlegrowth in London in2013, we are of theopinion that the lack ofsupply and continueddemand for propertyfrom abroad and at homeare even morepronounced, so eight per
cent growth in Centraland South West Londonshould be realised.However, we foreseelower growth in primecentral areas, but thiswill be balanced bystronger growth infamily markets likeSouthfields andHammersmith whereprices can be expectedto rise by as much as 10per cent.
There will be growth in London in 2013, particularly in family markets as a result of a lack of supply and continued demand for property
DOUGLAS & GORDON AVERAGE LONDON SALES PRICE INDEX
Q4 2011 Q1 2012 Q2 2012 Q3 2012
1 bed flat £ 387,500 £ 404,167 £ 408,333 £410,833
2 bed flat £ 579,583 £ 608,333 £ 620,833 £634,167
3 bed house £ 1,277,083 £ 1,340,000 £ 1,367,917 £1,369,167
4 bed house £ 1,933,333 £ 2,006,250 £ 2,025,000 £2,110,833
Supply
500
400
300
200
100
0Jan JunJulAugSepOctNovDecFebMarAprMay
2010 2011 2012July 2010high (448)
Dec 2006low (127)
Supply & Demand
Jan Jun JulAugSepOct NovDecFebMar AprMay
1600
1400
1200
1000
800
600
400
200
0
Demand 2012Demand 2011
Supply 2012Supply 2011
1200
1000
800
600
400
200
0
Demand
Jan JunJulAugSepOctNovDecFebMarAprMay
2010 2011 2012
Jan 2012high(1029)
Dec 2011low (211)
LONDONBAROMETER
ED MEAD DIRECTOR OF DOUGLAS & GORDON
PROPERTY PROPERTY OF THE MONTH
LOCATED IN the picturesqueSurrey countryside is thisunique property tucked away behind the private gates of the
highly sought after WentworthEstate. The location is known for being the home of theinternationally renowned Wentworth Club with itsexclusive facilities and world famous golf course,and the property is equally impressive.
Set on approximately four acres of land, guestsdriving up to the property
from its private gate aregreeted with impressivelandscaped gardens bordered by a sprawling woodland encompassingpool area and a largedouble garage.
The house boasts fivesubstantial bedrooms. Themaster bedroom comes with access to a roof terrace and all five feature dressingrooms, en-suite bathrooms and walk in wardrobes, making it idealfor accommodating large families. The property also features a brightdining room and a contemporary
kitchen, along with a utility andcloakroom located on the groundfloor.
A spacious reception withimpressive high ceilings can also be found on the ground floor, with
direct access and views of thegardens, while the secondreception room sits adjacent to theconservatory, allowing for plenty of natural light. Both rooms are vast,providing the perfect space to
entertain guests. The estate is close to the nearby
amenities of Virginia Water andEgham and is within easy reach of the M3 and M25 routes intoLondon and the south. The nearest
station is Longcross, which offersdirect access to London Waterloo inunder 50 minutes.
For more information contact FoxtonsWoking on 01483 43 44 455
Naomi Mdudu
Take in the views at this Surrey manorHave all of yourneeds catered for inthis comprehensive£4.75m home in theWentworth estate
While the property boasts an impressive array of unique features, the grounds are the big selling point
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NOW 50% SOLD
WIMBLEDON
VILLAGE
SW19
020 8879 0222 www.londonsquare.co.uk
WHERE GEORGIAN GRANDEUR
MEETS MODERN SPLENDOUR
Our sumptuous collection of four lavish 5 bedroom homes reflect the aesthetic
and generous proportions of traditional Georgian properties, yet have been
designed with modern luxury in mind. Set within an exclusive gated community, just a short walk from Wimbledon Village’s cafés, shops and restaurants.
PRICES FROM £2.95M
THE NEW GROSVENOR SHOW HOME NOW OPEN
Marketing Suite & Show Home open daily, 10am – 5.30pm
Edge Hill, Wimbledon Village, London SW19 4RB
Image depicts the Grosvenor Show Home at London Square Wimbledon Village. Details and prices are correct at time of going to press. All distances according to walkit.com.
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Pionner small bowl £25
La Rochere Dragonfly Tumbler £5
Tribal frame £20
Fallen fruits rusty folk hook £8
FRIDAY 25 JANUARY 201330 cityam.comLIFE& STYLE PROPERTY — INTERIORS
The must have items for 2013Whether you’re after a new look or simply items to refresh your home, these are John Lewis’ trends to know this year
“Botanist is a distinctly British trendand draws on our national obsessionwith gardening in all of its forms,” saysJohn Lewis Stratford City home designadviser, Jo Rickwood. “Ourspring/summer 2013 collection iscomprised of decorative accessoriesand soft furnishings in signature printsfrom the natural world. It also includesdecorative glass and tabl eware,coasters and placemats; everything ahome needs for a spring update.”
Just like with fashion, the world ofinteriors is going global by tappinginto the explorer trend that has beendoing the rounds for a while.“At John Lewis our inspiration is rootedin our pioneering ancestors,” saysRickwood. “We’re interested in themeeting point between different ideasand cultures, and have looked to placeslike the sun baked deserts andlandscapes of the Americansouthwest.”
Botanist herb tea towels £13
Botanist cork coasters £5
Dark blue meadow cushion £30
Dragonfly napkin ring £2.50
Green bud vases £2.50
Osler vase £20
Beechwood tealight holder £8
Pyramid Crewel Cushion £35
Kollur Rug in putty and ochre £145
Pioneer tree cushion £30
K e y T r e n d 2 :
B o t a n i s t K e y T r e n d 1 :
P i o n e e r
All items featured are available at John Lewis
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N e w W
a t e r s i d e
S h o w
A p a r t
m e n t
N o w O p
e n
London N1
Only two and threebedroom homes remaining
Floor plans, specification
and prices available online
Sales Suite open
Thursday to Monday
Book a viewing today
Call 0844 406 9299
www.kingslandwharves.co.uk
Photography depicts Showhome
at Kingsland Wharves.
Computer Generated Image
is indicative only.
Hertford Wharf – final phase selling now
WINNER 2012 – What House Awards Best Large Housebuilder | Building Awards Housebuilder of the Year
YOUR HOME MAY BEREPOSSESSED IF YOU DO NOT
KEEP UP REPAYMENTS ON
YOUR MORTGAGE OR ANY
OTHER DEBT SECURED ON IT.
Last release of 4 bedroom townhouses from
£382,500 – with Easy Start
Selling Agent: Cubitt & West*On selected homes only, subject to Easy Start terms and conditions and only available to customers where a primary mortgage is required to secure the purchase. £382,500 represents 85% of the full purchase price of £449,995.Mortgage applica tion will be subject to statu s. Prices correct at time of going to press. Photog raphs show Water Colour. Linden Limited. Reg. No. 01108676. Reg. O ce: Cowley Business Park, Cowl ey, Uxbridge, Middlesex UB8 2AL.
REDHILL
Surrey RH1 2LH
4 bedroom townhousesfrom £449,995 – or£382,500 with Easy Start*
With Easy Start* we can help you make that all-important move –here’s how it works:
You own 100% of your home – and pay just 85% of the price now
We’ll give you an interest free loan for 5 years for the remaining 15%
A 5% deposit is required to secure your mortgage
Ask for details of other ways we can help you move
0844 417 5662lindenhomes.co.uk/watercolour
Marketing Suite and Show Homeopen daily 10am – 5pm
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Prices from £51,875* * represents a 25% share
Tel: 0208 308 4193Email: [email protected]: www.parksideviewhomes.co.uk
OVER
70%RESERVED
1, 2 & 3 BED APARTMENTS Available through Shared Ownership
on selected
apartments for all
reservations by
28th Feb 2013.**
**Ask for details.Conditions may apply.
£500 TOWARDS LEGAL FEESOR WHITE GOODS
1, 2 & va a e
BED A oughhr Sha
TMENRed Owners
Sip
£50
ARDS LEGAL FTOWOR WHITE GOODS
on selected
apartments for all
eservations byr
28th Feb 2013.**
**Ask for details..Conditions may apply
ES
criP 5£sents a 25%prr*
os fr7,8ehar
:lTe 00Email: h
: ww
398 4130allesmidskrpa
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A FTER THE success of its one-
bedroom apartments,Kingsland Wharves is now entering into the final stages
of completing the development by launching a series of two and three
bedroom homes. The prestigious new development is
comprised of exclusive apartmentsoverlooking the banks of the historicKingsland Basin and is already goingdown well with City professionals onthe look out for a spacious pad withgreat views.
Kingsland Basin dates back to 1882and is one of the many basins housedalong the Regents Canal, and wasoriginally used to store and transportmaterials to the warehouses in thearea. Today the apartment buildings
on the canal are designed to blend in with the restored warehouseaesthetic the area is known for.
All of the properties come withsmart, contemporary finishes tomake the move just that little biteasier. Wooden veneer floors featurethroughout and each kitchen comesfully equipped with wooden andcoloured gloss finishes and a rangeof Bosch and Neff appliances. Large
balconies and patios have beenadded to make sure guests can take
full advantage of the impressive waterside views, too.
The development benefits from being located in the heart of what eastLondon has to offer. The areacontinues to be a melting pot of different cultures so residents have arange of restaurants with differentcuisines on their doorstep.
Aside from being within closeproximity of the City, residents also
benefit from being in the hub of the bustling Shoreditch and Hoxton area, with its independent cafes, thrivingnight scene and celebrated artsculture. Angel and Islington are close
by and can be accessed by the excellenttransport links.
The extension of the East LondonOverground has opened up a new
world of connections for the area.Haggerston overground station is only two minutes walk away; Canary
Wharf, the West End and London City Airport can be accessed in less thanthirty minutes and cyclists are welland truly catered for by the plethora of Boris bike docks in the area.
To view floor plans for KingslandWharves, or to register your interest in thenew homes now, visitkingslandwharves.co.uk or call the salesteam on 0844 406 9299. The new development is already proving popular with City professionals due to its impressive views and central location
32FRIDAY 25 JANUARY 2013 cityam.com
PROPERTYPROPERTY OF THE MONTH
Kingsland Wharvesoffers waterside
living near the City
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0333 666 2535 www.londonsquare.co.uk
LEONARD
STREET
EC 2
2 BE DROOM SHOW APARTME NT NOW OPE N
WHERE CITY SOPHISTICATION
MEETS SHOREDITCH COOL
Our 45 luxury 1 and 2 bedroom apartments and three stunning penthouses
offer superbly designed, spacious interiors on the edge of The City, with the
hip hangouts of Hoxton and Shoreditch just a 5 minute walk away.
PRI C E S FROM £590,000
Marketing Suite & Show Apartment open daily
28 Leonard Street, London EC2A 4BY (closest tube station is Old Street)
NOW 80% SOLD
Image depicts the two bedroom show apartment at London Square Leonard Street. Details and prices are correct at time of going to press. All distances according to walkit.com and tfl.gov.uk
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FRIDAY 25 JANUARY 201336 cityam.comPROPERTY RENTAL OF THE MONTH
BOW TRINITY E3
Stylish apartments in ZONE 2 with amazing transport links, under 20 minutes from Liverpool Street & Canary Wharf!
• Spacious studio, one, two & three bedroom apartments all with a private balcony or terrace
• High specification apartments with stylish interiors
• Close to Mile End Tube and Devons Road DLR for easy access to The City and Canary Wharf
• Ready for Move-in from June 2013
Prices £190,000 - £338,500*
Call: 020 3538 3476 www.bowtrinity.co.uk
Sales & Marketing Suite: 2 Eric Street, off Burdett Road, Bow, E3 4HG.
Opening hours: Monday - Saturday 10am - 6pm • Sunday11am - 5pm
*Prices correct at time of going to press. Photography of show apartment interiors. Map not to scale.
SHOW APARTMENTS AND SALES & MARKETING SUITE OPEN DAILY
A119 A 1 0 7
A 1 1
4
A 1 1 8
A 1 1 2 A 1 2 4
A 1 2 0 5
B U R D E T T R O A D
A 1 2 0 8
A 1 2 0 9
A 1
0 1 1
A 1 0 2 0
A 20 0 A 2 0
A12 11
A5 2 0 1
T H E HIG H W A Y
A 1 0
2
CITY OF
LONDON
A10
A1
A12
A11
A11
A12
A13
BLACKWALL
TUNNELTOWER
BRIDGE
ROTHERHITHE
TUNNEL
2012OlympicPark
LONDON
BRIDGE
LIVERPOOL
STREETSTATION
ROYAL
DOCKS
CANARY
WHARF
STRATFORD
BOW
ISLINGTON
SHOREDITCH
WAPPING
HOLBORN ALDGATE LIMEHOUSE
BASIN
A3
A1206
TheO2
A201
A3211
A201
M I L E E N
D R O A D
B O W R O A
D
NEW RELEASE OF STUDIOS, 1, 2 & 3 BEDROOM APARTMENTS NOW AVAILABLE
19th century gothic architecture at its best A
CHARMING Grade II listed Victorian gothic lodge,located at the entrance of a24-acre north London park
and cemetery, has become availableto rent this week.
East Lodge, which was built in 1855
on Willesden Lane at the entrance of Paddington Old Cemetery, was soldat auction by Brent Council in July and acquired by a local couple inter-ested in its heritage. It has since been lovingly restored and repaired by local master craftsmen and builders Jennings and DavidConstruction. The property is comprised of two
upstairs bedrooms and two groundfloor reception rooms, with a toiletand bathroom located adjacent tothe ground floor kitchen. Thedetached property has its own off-street entrance and has its own gar-den and outside space that has beenlandscaped and made over by CliftonNurseries of Maida Vale. It also hasopen access to the park and ceme-tery areas.
It was originally designed by archi-tect Thomas Little, who was the man
behind the Anglican chapel inNunhead cemetery. Today it enjoysconsiderable parkland space, grass-lands and walkways and is a popularsanctuary for local residents, dogowners and walkers. The property is located within
half a mile of the A5 Kilburn HighRoad, which is a major arterialroute in West London. It is also sit-uated within 10 minutes walk of Queen’s Park and Kilburn under-ground station and Brondesbury
Park station is close, too. Residentscan also benefit from being withinclose proximity to fashionableMaida Vale, St John’s Wood and West Hampstead, making it ideal
for commuters.The property is available to rent for £625
per week. For more information contact Paramount Properties on 020 7644 2314or go to paramountproperties.co.uk
Despite the moderninterior, thebuilding still retainsits charming periodfeatures
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New Phase Launching from the Brand New Sales and Marketing Suite
16th and 17th February 2013
Marine Wharf, Surrey Quays, is ideally located only minutes from Canada Water and Canary Wharf and offers an outstanding
choice of apar tments and penthouses. Forming part of a sustainable contemporary community, Marine Wharf will benefit from
shops and leisure facilities, including a Tesco Express, 24 hour concierge, residents’ gym, landscaped courtyards and a new park.
1, 2 and 3 bedroom apartments and penthouses available from £272,500
P r i c e s a n d d e t a i l s c o r r e c t a t t i m e o f p r e s s .
C o m p u t e r G e n e r a t e d
I m a g e o f b a l c o n y a t S i r i u s h o u s e
i s i n d i c a t i v e o n l y .
Marine Wharf will have
over 1.5 acres for
people to enjoy.
Our Vision. Your Future.
In the last ten years,
The Berkeley Group has
created 436 acres of
public open space.
Proud to be a member of the
Berkeley Group of companies
www.marinewharf.co.uk
Call 020 8694 3100 for more information
Sales Information Centre open daily 10am to 6pm (Thursday until 8pm)
Plough Way, Surrey Quays, London SE16 7UD
The exciting newvibrant destination forLondon’s Dockside
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FRIDAY 25 JANUARY 201338 cityam.com
Gísli Örn Garðarsson shines as Gregor Samsa
LIFE& STYLEGOING OUT
FILMLINCOLNCert 12A | By Alex Dymoke
hhhhi
E
NTITLED SIMPLY “Lincoln”,directed by Steven Spielberg and with a score by John Williams, you could be forgiven for
expecting a slick, grandiose epic. A small town mid-Westerner whoeducated himself, struck out on hisown, became a lawyer and eventually President, Abraham Lincoln’s life istailor made for the Great AmericanMovie.
But this is no biopic. Lincoln declinesthe romance of the man’s life story. The focus is narrow; one month, to beprecise. It’s the beginning of 1865 andthe American Civil War is drawing to aclose. Lincoln is conflicted. Like every-one else in the country he craves
ZERO DARK Thirty is military jargon for the precise time,12.30am, when US Navy SEALs firstset foot in Usama bin Laden's(“UBL”) hideout. It is also the nameof director Kathryn Bigelow'slatest collaboration withscreenwriter Mark Boal (they arethe Oscar winning duo of HurtLocker fame). The film wasreleased to wide critical acclaim –it received five Oscar nominations
– and a heavy onslaught of criticism for its alleged
glorification of torture:accusations that are more than alittle ridiculous.
Boal, a trained journalist, wentthrough a laborious, decade-longfact-gathering process (almost aslong as the CIA mission his filmdepicts), that included obtaining
first-hand accounts from counter-terrorist operatives. To omit any,
ahem, questionable methods of coercion he uncovered would besugarcoating history. In the event,the film does nothing to glorify these methods – quite the opposite,in fact. Bigelow’s film deliberately questions the efficacy of torture: itis a combination of bribery,surveillance, and the discovery of an old file by a CIA analyst, thatultimately leads agents to binLaden's compound.
Despite the controversy, it’s notlong until the torture scenes areover, and the focus shifts to
documenting the CIA’s frustratingstruggle to find a “needle in the
haystack”. Tension builds as they attempt to tap into bin Laden'slabyrinthine network – anoperation that takes almost adecade and is punctuated by aseries of attacks (London's 7/7, theTaj Mahal Hotel bombing).
Maya (played by Jessica Chastain)undergoes a radicaltransformation from wide-eyednovice to hardened navigator of the counter-terrorism world.For the first hour, she is adistant character, with thesupporting cast – JasonClarke and the consistently excellent Jennifer Ehle –taking centre stage. It’s only halfway through the film,
when Maya breaks hercalm during a heatedexchange, that you start to
see why Chastain should win theOscar she’s been nominated for.
The setting switchesfrom the clinical
corridors of Langley (doUS government officialsreally swear this much?
They never did in the West Wing) to the US
Embassy in Pakistan,as the small teamof CIA agents hitendlessstumbling blocks in theirprolongedintelligence
gatheringprocess.
When themuch-anticipated
finale arrives,after two
FILMZERO DARK THIRTYCert 12A | By Annabel Palmer
hhhhi
Jessica Chastain’s Maya
Lincoln is no ordinary biopicpeace. However, he is also aware of theneed to get the 13th amendment writ-ten into the constitution before theend of war, or risk the continuation of slavery in the surrendering southernstates. We are not presented with a simple
moral conflict: advocates of slavery (bad) vs abolitionists (good). Instead theplot is driven by the snags andnuances of American governmentinstitutions. The battle has already been won – the problem now is mak-ing government work. Spielberg and writer Toby Kushner take this toweringfigure of American history and bringhim down to where he rightfully belongs – in the knotty world of Washington DC.
When we first meet Daniel Day-Lewis’s Lincoln we cannot see his face. Throughout the film he is often par-tially cast in silhouette, a halo of lightoutlining his profile. It’s an aptmetaphor for the man: Lincoln’s great
moral victory was against slavery, butthe game at which he was most skilled was a dark and dirty one – politics.
In many scenes advisors and fellow politicians surround him, indignantly wrangling over Washington intrigue,until he crashes a heavy palm to thetable. Silence falls and Day-Lewis fills it with slow, heavy words, rich with wis-dom but delivered through a twin-kling smile.
He talks in stories and parables, and just as his face is obscured by darkness,it is often unclear what he is getting at. At one point he makes the enigmaticdeclaration, “Time thickens things”, to which his loyal secretary of stateresponds, “Yes I guess it does… Actually I have absolutely no idea what youmean.” With his mischievous smile, Day-
Lewis is predictably good at portrayingLincoln the astute politician whileretaining his aura as the ultimatechampion of liberty. The rest of the
Daniel Day -Lewis is on
superb form asthe title character
FRANZ KAFKA’S TheMetamorphosis, in whichprotagonist Gregor Samsa wakesup one morning to discover he hasturned into an “Ungeziefer”(usually translated as “beetle”) has
variously been interpreted as themost harrowing of autobiographies, a comment onthe alienation of modernity and,perhaps most profoundly, the bestliterary depiction of a hangover(thanks, Kingsly Amis).
In the hands of Gísli ÖrnGarðarsson – the co-director,
writer and star of the show – it is adarkly comic family melodrama,in which the metamorphosis isrealised through a gravity-defyingperformance that sees Samsaliterally crawling the walls as heloses touch with the world. It is a
bravado performance – at onceheartbreaking and physically impressive. Samsa’s grotesquefamily add a dry humour to whatcould easily have descended into a
grindingly miserable adaptation,and Jonathan McGuinness’sfascistic lodger is deliciously,camply menacing.
The staging is immaculate, warping the physical space of amiddle-class family home into asurreal climbing-frame for Samsa’sinsecurities to explore.
An original soundtrackcomposed by Nick Cave and
Warren Ellis completes this brilliantly realised, strangely airy adaptation.
A darkly comic
take on KafkaTHEATRETHE METAMORPHOSISHammersmith Lyric | By Steve Dinneen
hhhhi
cast is consistently excellent too, which is lucky given how talky the whole thing is (after half an hour I feltlike a constitutional scholar). Tommy Lee Jones is particularly good as theacid tongued radical, ThaddeusStevens.
In a Zen-like display of will-power,Spielberg manages to hold the senti-mental gloop at bay for almost theentire film. Almost. Unfortunately there is an almighty lapse in thefinal ten minutes, one that is diffi-cult to stomach precisely because therest of the film left us unpreparedfor it.
Overall, though, this is a classy polit-ical drama about the machinery of power. It has more in common withsomething like In the Loop than, say, Amazing Grace (the 2006 William Wilberforce biopic set over 20 years).Lincoln depicts a moral visionary, butfocuses on his pragmatism. Are youtaking notes, Mr Obama?
Zero Dark Thirty surpasses even Bigelow’s The Hurt Lockerhours of buildup, you feel like
you’ve earned it. And Bigelowdoesn’t disappoint: it’s a nail-bitingclimax, even though you know theoutcome. It’s filmed primarily through the SEALs’ night vision
goggles – a very effective tactic for building suspense when used well(not like Arnie's Eraser). The scene'srealism never falters: Bigelow’sproduction team built, brick by
brick, a 38,000 square footcompound based on blueprints;
black hawks were actually used.There can be little doubt thatBigelow is Hollywood’s foremostnarrator of 21st century warfare.
Zero Dark Thirty is a powerful, gripping thriller that evensurpasses Bigelow’s last outing – itdeserves to be judged on its ownmerits, rather than by the half-
baked controversy it unfairly findsitself mired within.
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39TV & GAMEScityam.com
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BBC1 BBC2 ITV1 CHANNEL4 CHANNEL5
FRIDAY 25 JANUARY 2013
THEGRAHAMNORTON SHOWBBC1, 10.35PMGraham is joined by Hollywood starMinnie Driver, comedian StephenMerchant, sports presenter ClareBalding and chart stars the Script.
GREAT BRITISH RAILWAY
JOURNEYS BBC2,6.30PM
Michael Portillo starts off inInvergordon on the final leg of his
journey to John O’Groats and hearsabout Scotland’s Victorian gold rush.
THELAST LEG
CHANNEL4,9.30PMComedian Adam Hills is joined by JoshWiddicombe and Alex Brooker toprovide a comic review of the pastseven days.
TVPICK
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A FTER what has been amost unwanted hiatusfrom National Huntracing we have to hope
and pray that tomorrow’sfantastic card at Cheltenhamgets the green light.
Festival clues will come thick and fast from the first race tothe last and the highlight formany will be the return of Sprinter Sacre in the resched-uled Victor Chandler Chase(1.50pm). There is very littlemore to be said about this ani-mal; just sit back and enjoy.
The other feature race is theGrade Two Argento Chase(2.25pm) and it is hugely disap-pointing that both Bobs Worthand Tidal Bay are likely to missout on the race.
The former would have beena strong fancy, but in the lead-ing duo’s absence I can’t seepast 2010 Gold Cup winnerIMPERIAL COMMANDER . Nigel Twiston-Davies’ 12-year-old has
been off the track for nearly two years, but his record when freshalleviates most concerns aboutthat absence.
In five seasonal reappear-ances he has only been beatenonce and that was a nose defeatto the great Kauto Star in the2009 Betfair Chase. He also hasto carry up to 10lb less than hisrivals tomorrow and I don’tthink there is anything to bescared of in the line-up.
Grands Crus would be athreat on the best of his form, while I would also give a littleeach-way squeak to WaywardPrince, although he has to carry a penalty and concede weight toa number of runners, includingmy selection.
THE NEW ONE is scheduledto line up in the followingNeptune Investment Novices’Hurdle Trial (3.00pm) and he will surely take all the beatingfollowing his demolition job at Warwick a fortnight ago.
It remains to be seen who willtake him on but the connec-tions of Puffin Billy seem happy enough to avoid him and thereis every chance Nigel Twiston-Davies’ contender is a futurestar in the making.
Yes, he has some minor jump-ing frailties, but he is unbeatenover hurdles, has won at thetrack and should strip even fit-ter for his Warwick run, whichis a very scary proposition forhis rivals.
The Cleeve Hurdle (3.35pm)looks a straight match betweenOscar Whisky and Reve DeSivola, with the stamina doubtsof the former the only thingstopping me putting him up. If he wins, he’ll be a very shortprice for the World Hurdle, butI’m happy to keep a watching brief.
It’s difficult to know who isrunning in the handicaps, butthe one I want to be with, if lin-ing up, is Jonjo O’Neill’s JOHNS
SPIRIT in the 2m 5f Novices’Handicap Chase (12.40pm).
He travelled brilliantly lasttime at Sandown before run-ning out of puff and a ninelength second to the progressiveKatenko over a trip too far is very strong form.
AP McCoy is jocked up and off 10st 11lb I fancy the pair to go very close indeed. Vino Griego,tipped up in this column last weekend for Ascot’s abandonedmeeting, should also run wellfor the in-form Gary Moore yard.
Follow me on Twitter@BillEsdaile for all my latest views.
Commander canreturn with a
bang in Argento
Chase with bigguns missing
2010 Gold Cup winner Imperial Commander can mark his comeback with a win
n Pointers…JOHNS SPIRIT e/w 12.40pm Cheltenham
(tomorrow)IMPERIAL COMMANDER 2.25pm Cheltenham
(tomorrow)THE NEW ONE 3.00pm Cheltenham
(tomorrow)
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FRIDAY 25 JANUARY 201340
THEPUNTER RACING TRADERBILL ESDAILE PREVIEWS CHELTENHAM’S TRIALS DAY
EACH week I will be bringing you aselection for the Cheltenham Festival thatI feel has the potential to shorten betweennow and mid-March.
Oscar Whisky is a prime candidate but,as I’ve already said, he is far fromguaranteed to stay in tomorrow’s CleeveHurdle. Instead, I’m going to focus on theRSA Chase as I’m keen to oppose DavidPipe’s hot favourite Dynaste, currentlyavailable at 5/2 with Star Sports.
There is no doubt that the seven-year-old grey gelding is the most excitingstaying novice chaser this season and it’s
all too lazy to draw comparisons with
stablemate Grands Crus, who was abeaten favourite in this race last year.
That said, the RSA is a war of attritionand I’m not sure this test of stamina iswhat he wants. He has been beaten bothtimes he has run at Cheltenham overthree miles, admittedly both times behindBig Buck’s. He’s also still in the Jewsonwhich connections may opt for.
The problem is finding one to beat him,but I’m pretty sure Willie Mullins’BOSTON BOB will start shorter than the
current 7/1 available with Star Sports.
He is due to run at Leopardstowntomorrow over 2m 5f and Mullins seemsto be adopting a similar strategy to whenCooldine won the RSA in 2009. Thetrainer campaigned him over shorter tripsbefore stepping him up to 3m ½f atCheltenham.
Boston Bob looks an out-and-out stayerto me and I can see him powering pastDynaste up that unforgiving hill.
nPointers…BOSTON BOB 7/1 RSA Chase
(Cheltenham Festival)
BY BILL ESDAILE
The Road to Cheltenham WWW.STARSPORTSBET.CO.UK 08000 521 321
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CHELSEA star Eden Hazard wasaccused of shaming Belgium andfaced the renewed threat of policeaction last night for appearing tokick a ball boy in Wednesday’sCapital One Cup exit at Swansea.
Football Association chiefs, howev-er, were still deciding whether the£32m midfielder’s actions warrantincreasing the three-match ban auto-matically triggered by his red cardfor violent conduct.
Belgian football’s chief executiveSteven Martens declared himself “not proud” of the 22-year-old’s alter-cation with the teenage ball boy, which he branded “unpleasant”.
“It’s unfortunate and of course it’snot something we are proud of. Nofootball authority or person interest-ed in football likes to see acts of vio-lence or lack of respect and this is what happened,” said Martens.
“Professionals have to be able tocontrol their emotions and whenthey don’t that’s unpleasant in gen-eral. But Eden is more than intelli-gent enough to understand that thisis going to be a lesson learned forhim. All of us make mistakes in life.”
South Wales Police have reopenedtheir investigation into the clashafter receiving three complaintsfrom members of the public.
The case had previously been con-
Belgian FAslam Hazardfor ball boy
altercationsidered closed after the ball boy, 17- year-old Charlie Morgan, the son of aSwansea director, told officers he didnot wish to pursue the matter.
Chelsea captain John Terry’s crimi-nal trial for alleged racism towardsQueens Park Rangers’ AntonFerdinand, in which he was acquittedlast year, arose only after a member of the public complained to police.
The FA spent yesterday scrutinising video recordings of the semi-final asthey ponder whether to take furtheraction against the former Lille player.
Hazard has argued that he was try-ing to kick the ball free from underthe boy, who was lying over it. Heappeared to connect with the youth, who then clutched his ribs.
Chelsea would be entitled to appealany charge, and Hazard, who hadnever been sent off before, apologised both to the boy and publicly immedi-ately after the match.
Players’ union chief Gordon Taylorcondemned Hazard but called for ameasured response.
“You can’t take the law into yourown hands,” said Taylor, chairman of the Professional Footballers’ Association. “He lost his head, hisactions were unacceptable and thereferee had no alternative. He madethe correct decision but you do not want people to be hung, drawn andquartered for things that happen inthe heat of the moment.”
CRYSTAL Palace and Englandforward Wilfried Zaha is poised toseal a dream £15m transfer toManchester United, but will remainin south London until the summerto help the Eagles bid for promotion.
The Ivory Coast-born 20-year-old, who was handed his firstinternational cap by Roy Hodgson inlast year’s friendly defeat in Sweden,is expected to cost United £10m upfront rising to a potential £15mdepending on appearances andperformance.
Zaha is believed to have agreed acontract until 2018 at Old Trafford
after the Premier League leaders’manager Sir Alex Ferguson heldtalks with the Palace academy product at the weekend.
But under the terms of the dealthe pacey, versatile attacker, who canplay on the wing or as a striker, is setto remain on loan at Selhurst Park until the end of the season.
Zaha has scored five goals in 27Championship appearances thisterm as Palace have climbed tof ourth in the second tier, despite thedeparture of boss Dougie Freedmanfor Bolton in October.
Securing his signature representsa transfer coup for United, amidinterest from other top flight sidesincluding Arsenal, although theirmanager Arsene Wenger insisted hehad not bid for the player last week.
Zaha’s summer arrival will increasedoubts over thelong-term futureof Portugal winger Nani, who is wanted by Russian clubsand has becomean increasingly peripheral figureat Old Traffordthis season.
United spend£15m on Palaceforward Zaha
NEWCASTLE continued theirFrancophile January spending lastnight by signing left-back MassadioHaidara and closing in on a deal formidfielder Moussa Sissoko.
Haidara, 20, joins from Nancy ona five-and-a-half-year contract and
will provide competition for DavideSanton, who has been linked with amove back to his native Italy.
Sissoko is set to swell the Frenchranks at St James’ Park furtherafter his club Toulouse yesterday said the 23-year-old, capped sixtimes, had agreed a move.
The Magpies have already luredMontpellier defender Mapou
Yanga-Mbiwa and Bordeauxforward Yoann Gouffran across the
Haidara and Sissoko sign up for
Newcastle’s French revolutionChannel this week, and signedright-back Mathieu Debuchy fromLille earlier this month.
Those arrivals take the numberof French players in Alan Pardew’ssquad to 11, with first-teamregulars Hatem Ben Arfa and
Yohan Cabaye the most prominent.The other Frenchmen currently
on Newcastle’s books aremidfielders Sylvain Marveaux,Gabriel Obertan, Romain
Amalfitano and Mehdi Abeid.Reading’s French forward Jimmy
Kebe yesterday sparked confusion when he joked on Twitter that he was also on his way to the northeast. But Kebe later wrote: “Oups[sic] i thought if you’re french and
play football u just pop in toNewcastle and sign a contract.”
THE OLYMPIC Stadium will mark theanniversary of last year’s Gamesopening ceremony by hosting theLondon Grand Prix athletics meetinglater this year.
The event, which has been movedfrom its traditional home of CrystalPalace, is set to take place on the weekend of 27 July – a year afterLondon 2012 got under way. Movingthe meeting means a huge potentialincrease in attendance – theStratford venue holds up to 80,000compared to Crystal Palace’s 22,000.
Olympic heptathlon champion Jessica Ennis said: “Hopefully I will be there and using the competition
as part of my preparation for the World Championships [in August].”
Track date for
Olympic ParkBY FRANK DALLERES
FRIDAY 25 JANUARY 201342
SPORTcityam.com/sport
BY FRANK DALLERES
BY FRANK DALLERES
BY FRANK DALLERES
TOTTENHAM have failed in theirlatest attempt to persuade Schalke tolet Germany midfielder Lewis Holtby join them and ease their midfieldinjury concerns.
Spurs have a deal in place forHoltby, who has an English father, to join them in the summer on a freetransfer when his contract expires.
But an injury to central midfielderSandro has increased their need forcover and prompted them to makeSchalke an offer to let the 22-year-oldleave this month.
The Bundesliga club’s generalmanager Horst Heldt said Tottenham would have to raise their
bid if they wanted to accelerate themove, but left the door open for
Schalke reject Tottenham bid
to accelerate Holtby transferfurther negotiations.
“Spurs have increased their offerfor Holtby, but only slightly,” headded. “It remains unacceptable. We will have to wait and see. Feasibility is what it’s about, not wishes.”
Sandro is likely to miss the rest of the season following knee surgery, while his replacement, Scott Parker,has a chequered injury record.
Manager Andre Villas-Boas canscarcely afford further casualties inmidfield or attack as he looks to lead Tottenham back into the ChampionsLeague in his first term.
Emmanuel Adebayor’s absence oninternational duty has left JermainDefoe as his only striker, althoughClint Dempsey proved his penalty-
box value with the equaliser againstManchester United on Sunday.
BY FRANK DALLERES
Zaha is set tostay at Palace onloan until thesummer
@cityam_sport
Hazard is waitingto hear whetherthe FootballAssociation plansto extend histhree-matchsuspension
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43
WARWICKSHIRE all-rounder Chris Woakes has been handed anextended England audition afterseamer Tim Bresnan was ruled outnext month’s tour of New Zealand.
Woakes, who has briefly featuredin the current one-day series in India but is uncapped in the five-day game, replaces Bresnan in the Testand Twenty20 squads.
The 23-year-old is also one of threeadditions to the one-day party, along with Yorkshire batsman Joe Root andMiddlesex seamer James Harris.
Root had been slated to captainthe England Lions, who tour Australia in February, but is instead
bound for New Zealand, where he will also be part of the Test squad.
Bresnan will fly home from Indiaafter Sunday’s final ODI to see aspecialist about a long-standingelbow injury.
Batsman Eoin Morgan and all-rounder Samit Patel have beendropped from the Test squad, while wicketkeeper Craig Kieswetter’sEngland future looks bleak after he was axed from the one-day side. Thefirst T20 in Auckland is on 9 February.
Bresnan andKieswetter out
of England trip
I was really panicking, but not because Icouldn’t convert my match point‘
cityam.comFRIDAY 25 JANUARY 2013
BY FRANK DALLERES
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Momentum behind
Murray as Brit aimsto end Federer curseSTATISTICS, it is said, can be used to justify any argument, but the weight of data in Andy Murray’sfavour ahead of the Briton’s Australian Open semi-final againstRoger Federer today is compelling.
The US Open champion hasenjoyed the better of their 19encounters and won nine of their 17meetings on hard courts, while hisprogress to the last four has beenunfettered by a single dropped set.
Yet to reach Sunday’s final, where world No1 Novak Djokovic awaits,Murray will have to achieve asignificant first: beating Federer, thesecond seed, in a grand slam.
Three times they have met atmajor tournaments, three times inthe final, and three times the Swisshas won, for the loss of just one setin last summer’s emotional climaxto Wimbledon.
But that match proved somethingof a turning point for the Scot. A
hitherto lukewarm British publicembraced him and he returned toCentre Court weeks later to thrashFederer and claim Olympic gold.
Murray’s biggest title yet was a watershed moment and has palpably galvanised the 25-year-old, whofollowed London 2012 success by becoming Britain’s first grand slamchampion since 1936 in New York the following month.
His unfussy procession throughthe draw in Melbourne lends weightto arguments that this is a new,
more confident Murray, at lastunintimidated by going toe to toe with the best on the biggest stage.
Federer himself praised Murray’smore assertive game this week, while trying to brush off fears thathis own five-set win over Jo-Wilfried Tsonga had left him drained.
Murray, by contrast, should strideout at the Rod Laver Arena at 8:30amBritish time in peak condition and with good reason to believe he canfinally end Federer’s grand slam hex.
BY FRANK DALLERES
Murray, who is on court at 8:30 this morning, has never beaten Federer in a grand slam
Victoria Azarenka denies tactical time-out claims in Australian Open semi
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