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ness” and fighting cartels. ness” andfighting times “meansstanding upto busi- place to dobusiness”again some- makingBritain“agood and saidthat to abankinglevy, attacked “greed” economy away Square fromthe Mile. UK centreofthe the wants to shift against City”butadmitted the he Cable deniedheholdsa“grudge recovery hassolidified. the until after arguing spendingcutsshouldbeleft ate attention, despite previously requires immedi- deficit suaded” the but to outagain.” bailthem governmentthe willhave nooption loans‘gobad’ those ment andthen be cajoled into govern- lendingby the spokesman banks said:“Shouldthe Institutethe A for EconomicAffairs. tobanks lendmorewere slammedby believe inopenmarkets.” am aliberal. Iamafreetrader. I of socialist,” alabelhedismissed.“I unfriendly pressassomekind in the was goingto haltredtape. coalitiongovernment the adding that could dowasto way”, “get outofthe government the most usefulthing ket economy. not asocialist andbelieves mar- inthe heinsisted though hewas – firms for notlendingenough to small VINCE Cableattackedyesterday banks socialist he isnot a Cable says B MCGRATH DEFEND But hisplansto force state-owned ▲ Y THEIR ROLES BANKING He alsoreiterated hiscommitment Speaking atCassBusinessSchool, Cable alsosaidhehadbeen“per- myself described “I sometimesfind inmanyHe saidthat cases,the PRU SEEKS S TEVE SUPPORT THIAM AND D INNEEN 5/04/10 -2/05/10is106,285 Certified Distribution Wicke AVAILABLE PREMIUM TICKET d TheMusical.co.uk FREE S P3 2 News CITYA.M. 4 JUNE 2010 UK must learn from Australia’s error NEWS | IN BRIEF Jittery banks park cash at ECB Nervous European banks parked just over €320bn at the European Central government’s top marginal tax rate of companies don’t respond to changes too has ordered his project leaders to Bank’s overnight deposit facility, a new 98 per cent in the 1970s and seems in tax rates are worthless – yet that is review all its Australian investments record that reflects heightened loan-loss almost deliberately designed to prove exactly the silly assumption that Rudd under a “worst-case scenario” tax and default fears spreading through the Arthur Laffer’s famous adage that appears to have made. model. It is not as if companies such as banking system. ECB data yesterday excessively high tax rates reduce the Xstrata yesterday threatened to Xstrata or Rio aren’t paying plenty gave more evidence of steady increases tax take by crippling effort, work and scrap $5.4bn of coal and copper proj- already: they are financing much of in the funds that banks would rather investment. ects, taking the industry-wide value of the Australian welfare state. Rio alone store at the central bank than loan to Shocked miners have been doing developments put on hold to above paid corporate taxes worth A$14.6bn other banks at higher rates available in EDITOR’S LETTER their maths and finding out that it is $20bn in just one month. Wherever and royalties of A$5.7bn to the the interbank money market, in which simply no longer worth their time to one looks, previously viable projects Australian government between 2000 banks loan short-term funds to each ALLISTER HEATH start new projects in Australia if have become uneconomic; uncertain- and 2009, making the firm one of other to help fund regular operations. returns are cut by 40 per cent; miners, ty and chaos now plague Australia’s Australia’s top taxpayers. The firm’s IT is not just Britain that is about to like everybody else, need to make a mining sector, which accounts for 58 effective tax rate is about 35 per cent Accounting delays criticised shoot itself in the foot with a crippling decent risk adjusted return on capital per cent of that country’s total and it has made huge investments in Michel Barnier, European Union internal and destructive tax hike on investors. for their shareholders and can’t afford exports. KPMG has studied the impact Australia, ploughing back its profits. market commissioner, has criticised the In our case, it is capital gains that are to work for free or for pathetically low of the tax on a typical greenfield proj- The parallels with the UK are obvi- way in which the world’s top accounting being targeted; in Australia’s case, profits (maybe someone should have ect with average costs and found that ous. It is high time politicians in rule makers have handled their decision however, it is the mining industry told Rudd). They are already deciding nickel, copper and gold mines in par- Britain as well as Australia finally to delay the deadline for creating a sin- that is the being subjected to a weird that their capital can better be allocat- ticular would no longer be viable. understood that tax rates matter. gle global accounting standard. experiment in irrationality. It is ed in other, less short-sighted coun- Australia is one of the very few devel- Hiking capital gains tax in this coun- unclear what Labour prime minister tries. The result is that far from raising oped economies to have completely try, as is currently being planned by Morgan Stanley focuses on retail Kevin Rudd was thinking when he billions of dollars a year, the tax will avoided the recession; this remarkable the coalition government, will inflict Morgan Stanley has formed a new retail dreamt up his 40 per cent super-tax on bring in no money at all at least until resilience is being ruined by Rudd’s huge damage and will at best yield products group to offer a wider choice mining profits but the move is likely 2015, calculates Ivor Ries of stupidity. very little money and at worst cut the of funds, according to Bloomberg. The to go down as one of the most absurd Melbourne broker EL & C Baillieu. Rio Tinto, led by boss Tom Albanese, Treasury’s tax take. Why do govern- unit will be led by Laya Khadjavi, who and counter-productive in fiscal histo- Static models of government revenues has rightly described the tax raid as ments never learn? previously ran Morgan Stanley’s markets ry. It is right there with the UK Labour which assume that individuals and another kind of “sovereign risk.” He [email protected] business. It will hire 35 new employees.

7th Floor, Centurion House, 24 Monument Street, Blackstone in London, EC3R 8AJ Tel: 020 7015 1200 Fax: 020 7248 1729 Email: [email protected] www.cityam.com Editorial Editor Allister Heath $1bn sale talks Deputy Editor David Hellier News Editor Ben Griffiths Night Editor Katie Hope ▲ Associate Editor David Crow PROPERTY Cumbria, Suffolk, Somerset and Lifestyle Editor Zoe Strimpel BY MARION DAKERS Nottingham, totalling around 1,600 Google chief Eric Schmidt wants to ease controversy over privacy violations Picture: REUTERS Art Director Darren Soulsby acres. There are also plans to open a Pictures Alex Ridley PRIVATE equity group Blackstone is new site in Bedfordshire in 2013. It in talks with fund manager M&G to does include Center Parcs locations Commercial sell it most of the property behind its across Europe. Google to hand over data Sales Director Jeremy Slattery Center Parcs holiday business. The company began in the Deputy Sales Director Harry Owen The deal could be worth more than Netherlands in 1968, and has grown Head of Distribution Nick Owen £1bn, making it one of the biggest to become an upmarket rival to property deals since the recession. Butlin’s and Pontin’s holiday villages. ▲ TECHNOLOGY “working hard” to provide authori- Distribution helpline The proposed sale would leave Center Parcs had 97 per cent occupan- ties with its data, and had already If you have any comments about the distribution BY MARION DAKERS of City A.M. Please ring 0207 015 1230, or email Blackstone running the holiday parks cy rates across its UK parks last year. handed over a Street View car. [email protected] it acquired in 2006. M&G refused to comment on the GOOGLE is set to hand over rogue It will also publish an external Blackstone is reported to be in the deal, while Blackstone and Center WiFi data it picked up through its audit into its practice of photograph- Editorial Statement final stages of creating a fund to hold Parcs were unavailable for comment. Street View cameras to European reg- ing streets for its Street View service. This newspaper adheres to the system of the holiday company’s £1.4bn of UK ulators within the next two days. “We recognise how important this self-regulation overseen by the Press Complaints property assets, in which M&G would Blackstone, headed by The company is keen to avoid fur- issue is and believe that we are close Commission. The PCC takes complaints about the then acquire a majority stake. ther criticism of its privacy record to resolving the legal issues we have editorial content of publications under the Editor’s Stephen Schwarzman, Code of Practice, a copy of which can be found at Blackstone is expected to retain a and potential criminal charges, and faced in order to make available the stake of up to 25 per cent in the fund, will retain a 25 per will provide information to the payload data we mistakenly ended up www.pcc.org.uk cent stake in the M&G Printed by Newsfax International, which is also likely to be open to German, Spanish, French and Italian collecting,” said chief executive Eric Beam Reach 5 Business Park, other institutions. sponsored fund data protection authorities. Schmidt. “We screwed up. Let’s be Marsh Way, Rainham, Essex, RM13 8RS The sale concerns the parks in The firm said in a statement it was very clear about that,” he added. WHAT THE OTHER PAPERS SAY THIS MORNING

state-backed China UnionPay to process international transactions for co-branded Visa and UnionPay credit TNK-BP STEP UP SALE OF GAS FIELD cards. The move comes as credit card DELAY NEW ELECTRIC TRAINS SYNERGY PROFITS RISE 50 PER CENT AT&T LIMITS SALE OF WEB DATA TNK-BP, BP’s Russian joint oil venture, companies are becoming increasingly Network Rail has singled out electrifi- Richard Steeves, chief executive of the In a significant shift in how phone ratcheted up the pressure for a sale of frustrated in China, where transac- cation of railway lines as a major area FTSE 250 company, said the health carriers bill customers, AT&T Inc. will its vast Kovykta gas field on Thursday, tions must be conducted through the of investment that could be cut back care market was continuing to look stop selling unlimited Internet data announcing that it was pushing the monopoly UnionPay, which is aggres- as public sector spending is squeezed. for efficiencies as government and pri- plans to new customers that buy unit that owns the licence to the field sively expanding beyond China’s bor- The £1bn electrification of the main vate sector budgets come under pres- smartphones and iPads, and will into bankruptcy. ders. rail route between London and Wales sure, and that Synergy was well instead begin charging more for The move raises the stakes over the and a line between Liverpool and positioned to capitalise on this need. heavy bandwidth users. future of the east Siberian field, BOOZ AND AT KEARNEY IN TALKS Manchester was announced by “We are more efficient and we raise New AT&T customers will have to which contains 2,000bn cubic metres Two of the best known names in Labour last summer. clinical standards,” said Mr Steeves, choose between two data plans with of gas and is strategically located for management consulting, Booz & Co adding that post-operative infection monthly usage limits—and pay addi- supplying China. and AT Kearney, are in talks over a VANTIS MAY MAKE SALES TO CUT rates at the hospitals which used tional fees for extra use. Existing cus- Negotiations with Rosneftegaz, the deal to bring the firms together to DEBT Synergy’s decontamination services tomers, however, can stick with their state-owned vehicle chaired by Igor form the world’s third-largest consul- Vantis, the beleaguered British were half that of their peers. current plans, AT&T said. Sechin, the powerful energy tsar, have tancy. People close to the situation accounting firm, is holding discus- been dragging on since March, while warned that no decision had yet been sions with potential investors about JOBS LOOKING AT CHINA DEATHS RISING SALES AT GE CONSUMER UNIT a previous deal in 2007, in which TNK- made and that discussions could yet selling part of the firm to reduce its Steve Jobs, the chief executive of The head of General Electric Co.’s BP agreed to sell the field to Gazprom fall apart. In addition, any deal would debts, it said yesterday. Apple, said he finds a string of sui- appliances and lighting unit, Jim for between $700m and $900m, never need to win the approval of the part- The AIM-listed accountant is also talk- cides at Foxconn, the Chinese manu- Campbell, has forecast rising revenue got off the ground. ners of the two firms. Shumeet ing to its lenders about restructuring facturer of the iPad, “troubling”. At and profit for 2010 and next year, Bannerji, Booz managing partner, has its balance sheet. Vantis owes more least 16 people have attempted suicide though he credited government stim- VISA AND CHINA CLASH ON PAYMENTS agreed several details of the proposed than £50 million to a consortium of at Foxconn, which assembles iPods ulus programs rather than the eco- Visa has told banks they must stop deal with Paul Laudicina, AT Kearney banks, including Lloyds TSB, Barclays and iPhones, so far this year, with 12 nomic recovery for boosting industry using the payment system of Chinese boss. and Royal Bank of Scotland. succeeding in killing themselves. sales so far. CITYA.M. 4 JUNE 2010 News 3 Pru tries to soothe Crozier gets £2.4m in last investors as AIA year at Mail

goes back into play ▲ ROYAL MAIL

THE main postal union reacted with ▲ INSURANCE meeting on Monday. The meeting, Clockwise from left: Fed chairman Ben “outrage” yesterday to the news BY OLIVER SHAH usually a staid affair, will be tense. Bernanke, AIG chief executive Robert Adam Crozier, Royal Mail’s former Thiam and McGrath are battling to Benmosche, Pru chief executive Tidjane boss, was paid £2.42m in his final year PRUDENTIAL was trying to mend stay at the top of the company while Thiam and Pru chairman Harvey McGrath with the group. bridges with its main shareholders shareholders want details of a new Pictures: REUTERS, GETTY The figure was revealed in Royal yesterday, as the US government strategy for Asian growth minus AIA. Mail’s annual report, which said Mr began exploring other options for Meanwhile, Europe’s third largest Crozier got a basic salary of £633,000. offloading AIG’s Asian arm, AIA. insurer, Assicurazioni Generali, is On top of this he had a bonus of Prudential chairman Harvey understood to be considering an offer £1.5m for meeting performance tar- McGrath has spent the past three for parts of AIA, which is effectively gets over three years, £206,000 in lieu days scrambling to save his and chief back on the market. A spokesperson of a pension, and £19,000 of other executive Tidjane Thiam’s positions said: “It’s premature to talk of deal.” benefits. after their $35.5bn (£24.3bn) tilt at A source close to the Italian compa- The Royal Mail said it needed to be AIA was shot down. A brief statement ny told City A.M. it had previously been able to attract the best talent. confirmed the deal had been termi- interested in AIA’s assets in the Crozier left the Royal Mail before nated. Prudential will pay a £153m Philippines, and would look at them Easter to take up the top job at ITV. break fee to AIG and £300m to a raft again. But the source added: The payout was attacked as “outra- of City advisers, hefty charges that “Generali doesn’t want to be Pru geous” by the Communication have irritated some investors. number two.” Workers Union, which said that Sources close to Prudential said the On Wednesday, US Treasury Crozier had left the company before board and shareholders were “gaug- Secretary Tim Geithner said AIG was its multibillion-pound modernisation ing what each other’s thinking” “now free to pursue a bunch of other programme had been completed. ahead of the insurer’s annual general options [for the disposal of AIA]”. FRU HAZLITT JOINS ITV: P16

Think-tank: CGT hike TM @ Search Google won’t make tax fair and go!

mates could cost the UK economy poorer and older people,” the insti- CITY A.M. between £3.2bn and £5.2bn, and lead tute added. CAMPAIGN to over 60,000 people losing their jobs. This newspaper is currently run- “The idea that one should increase ning a campaign against the govern- BY VICTORIA BATES CGT in the name of ‘fairness’, irrespec- ment’s CGT proposals, arguing that A LEADING economic think tank has tive of its effect on revenues and the such a move will strike a hammer @ rubbished the coalition government’s wider economy, is predicated on a fun- blow to enterprise and long-term claims that proposals to alter capital damental misconception: that CGT is investment in the UK economy. gains tax (CGT) would improve the paid primarily by the rich,” the ASI The campaign has so far won the fairness of the UK’s tax policy. said in its report, which analysed the support of influential City figures Business secretary Vince Cable yes- effects of past changes to CGT rates on such as Seymour Pierce boss Keith terday told the Commons that the tax revenues across the globe. Harris and Tullett Prebon chief execu- reforms would “lift very large num- “Intending to tax the rich, politi- tive Terry Smith. bers of low-earners out of tax” and cians, without understanding the Cable added yesterday that any “make the tax system fairer”. But the effects of their actions, are proposing eventual reforms to CGT, which are Adam Smith Institute (ASI) has pub- measures which will decrease the likely to be formalised at the Budget @ lished a report into the effects of Treasury’s tax take, harm the capital on 22 June, would “acknowledge the increasing CGT to levels in line with base on which the economy’s future role of entrepreneurship and not income tax rates – a proposal it esti- depends, and simultaneously punish damage it”. Baird Capital sees bid flurry For local knowledge, browse for as trade buyers flex muscles beach cafes, bistros and B&Bs.

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▲ nüvi 1690 sat nav with Google Local PRIVATE EQUITY Baird Capital chief executive Simon Robert W Baird, the boutique ™ BY OLIVER SHAH Havers said many of the approaches investment bank which is Baird Search and other nüLink! live services were from trade buyers, suggesting Capital’s immediate parent, saw its FREE for 1 YEAR* BAIRD Capital Partners Europe, the corporates are taking advantage of revenues climb 14 per cent to £15.9m mid-market buyout firm, has received the lull in buyout and flotation activ- but pre-tax profits fell by almost half garmin.co.uk/1690 bids on all but one of its 12 portfolio ity to make bolt-on acquisitions. “In to £4.2m. In accounts, the firm’s companies as trade buying activity other times we might have exited directors said it was in a “satisfactory” increases. Paddock to a [rival] private equity position but said it was a cyclical busi- The private equity firm, an arm of firm,” he remarked. ness exposed to market conditions. Milwaukee-based Baird Holding, said Accounts just filed with Companies Havers said he was “very happy” it had sold one investment and was House show Baird Capital Partners with Baird Capital’s performance looking to exit several more at attrac- Europe swung to the black last year, despite the small loss. “The portfolio MORE NEWS tive valuations. Last week it handed making a pre-tax loss of £120,000 on we have got in the current UK fund is ONLINE *see website for details Paddock, a Midlands-based locks man- slightly increased revenues of £3.4m. in fantastic shape. There’s not a single AVAILABLE FROM: ufacturer, to Swedish group Assa A year earlier it made a profit of company that has breached its [bank- www.cityam.com HALFORDS / AMAZON / CURRYS / JOHN LEWIS / BEST BUY Abloy for an undisclosed sum. £250,000. ing] covenants.” We are changing our tactics

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Chancellor George Osborne is consid- ering the future of the FSA ahead of Facebook rules out his Mansion House speech later this month. Picture: Micha Theiner an immediate float /City A.M.

▲ TECHNOLOGY control over what data they share with the public. BY HARRY BANKS But Zuckerberg said pushing the FACEBOOK chief executive Mark boundaries on other aspects of Zuckerberg yesterday said he had no Facebook, such as a new “instant per- date in mind to take the Internet sonalisation” feature that automati- social networking company public, cally shares users’ personal data with and defended changes to the service websites like Pandora and Yelp, was that have provoked privacy concerns. part of what made Facebook such an The world’s largest social network innovative company. Facebook will last week unveiled a set of features to continue to make what it believes are give its nearly half-billion users better the right changes, he said. Osborne mulls stripping FSA of its powers

▲ POLITICS England. BY STEVE DINNEEN The Tories have long been critical of the FSA, believing the role is better THE Financial Services Authority fulfilled centrally, but the body (FSA) looks set to lose the majority of appeared to have been thrown a life- its powers, with George Osborne line by the Lib Dems, who stood firm- understood to be determined to push ly behind it during coalition talks. It through plans to bring City regula- is not clear, if the plans go ahead, tion back to the Bank of England. whether the FSA would be main- The move, which is sure to anger tained in a lesser role or scrapped business secretary Vince Cable who altogether. has voiced support for the watchdog, A Tory spokesman told City A.M. no could be the first big test of the new final decision has been made on the Lib-Tory coalition. future of the regulator but that Whitehall sources say Osborne is detailed plans were being drawn up. keen to fall into line with other He said: “The coalition agreement nations, where the central bank has is that we are committed to reform- control over financial regulation. ing financial regulation to help pre- This was the case in the UK until vent a repeat of the financial crisis. Gordon Brown severed the ties, mak- “We are developing detailed plans ing the FSA independent. The plans to achieve that commitment and will have been seen as a signal of the Tory announce more at the Mansion intent to shake up current financial House speech later this month.” regulation, which has been branded partly responsible for the financial FAST FACTS | FSA meltdown. Speculation over the future of the ● The FSA was given powers over regulation in department has gone into overdrive a “tripartite” system by Gordon Brown in 1997. since the Queen’s speech last month, ● It is an independent body and receives no in which she said “oversight of micro- government funding. prudential supervision” would fall ● under the remit of the Bank of It is accountable to the Treasury. Washington Post BNP Paribas in secures four bids a bid to expand ▲ MEDIA ▲ BANKING AT least four interested parties appear FRENCH banking group BNP Paribas to have submitted bids for Newsweek, has its eye on expanding operations the magazine that The Washington in the UK as part of an effort to break Post put up for sale on 5 May. into the top flight of investment Newsmax Media and Thane banking. Ritchie, chief executive of Ritchie A newly created team of bankers Capital Management, said they sub- will try to strengthen ties with 200 mitted bids. Private equity firm top corporate clients in the UK and OpenGate Capital and Sidney across Europe, with a view to moving Harman, the founder of audio equip- the traditionally retail-focused group ment company Harman International into the top five M&A advisers. Industries, have also expressed inter- BNP hopes to build on its relatively est in the weekly news magazine. strong post-crisis position by fostering The Washington Post put investment and corporate deals, Newsweek on the block, citing several which currently make up a third of years of losses. its revenues. 6 News CITYA.M. 4 JUNE 2010 Insurers slate new solvency GEITHNER GETS TOUGH rules as plead for clemency

▲ INSURANCE some politicians want imposed on Including insurance wouldn’t be fair the financial sector, said senior mem- or commensurate,” he said. BY HARRY BANKS bers of the Geneva Association, an The Geneva Association was found- NEW rules governing solvency in the international insurance and risk ed in 1973 and comprises 80 chief European insurance industry are the management think tank. executives from the world’s leading right way to go, but insurers should “We don’t have anything against insurance and reinsurance compa- not be punished for bankers’ misde- regulation, even tight regulation, but nies. meanours in the crisis, leading insur- it has to be right regulation,” Geneva “We need comprehensive financial ance executives said yesterday. Association chairman and Munich Re regulation but let’s not put the insur- Unlike banks, insurers did not pose chief executive Nikolaus von ance and banking industries in one a systemic risk to the economy and Bomhard said at the think tank’s bucket,” said Michael Diekmann, should be spared special taxes and 37th general assembly in Zurich. chief executive of Allianz, Europe’s stiff regulation of capital levels that “Bank taxes are strictly not for us. biggest insurer.

US TREASURY secretary Tim Geithner yesterday vowed to push for greater transparency and tougher capital requirements for the world’s biggest banks ahead of this weekend’s G20 finance ministers meeting in Busan, South Korea. Geithner also said that he would be lobbying hard for new restrictions on derivatives trading, as part of an attempt to toughen up the global financial regulatory framework. Picture: REUTERS Top nations plan bank tax

▲ WORLD ECONOMY “I don’t think we’re on the verge of a global consensus on bank levy yet,” BY HARRY BANKS US Treasury Secretary Timothy THE world’s top nations will back Geithner told reporters in Seoul. general principles rather than a spe- There was support in Europe and oekYWd cific tax to make banks pay for their the US for a levy “but there’s not uni- own bailouts in future, finance minis- versal support for that across the G20, ters and diplomats said yesterday. at least at this stage. And I don’t think The Group of 20 has pledged a that’s going to change in Korea,” string of reforms to financial regula- Geithner said. tion to avert a rerun of the worst The International Monetary Fund financial crisis since the 1930s that proposed two bank taxes in April but forced governments to use trillions of G20 asked it to refine its ideas after dollars of taxpayer cash to shore up opposition from some countries, banks. such as Canada. Put your world in motion G20 finance ministers and central Canada and Brazil say their banks bankers meet in South Korean port needed no bailouts during the finan- city of Busan on Friday and Saturday cial crisis triggered by a meltdown in to find consensus for their leaders to US subprime mortgage market in endorse at a summit in Canada later August 2007, so there was no need for this month. a levy either. Speaking in London, Some officials are already playing Canadian Prime Minister Stephen down the chances of a uniform tax on Harper said different countries might banks, raising doubts about the G20’s end up going their separate ways on ability to agree on tricky issues. the issue of a bank levy. EU ministers set to back radical Demm_j^kfje changes to Eurozone budget rules

˜+&%Ð++YWi^XWYa ▲ EUROZONE ECONOMY in the 27-nation bloc in general and the Eurozone in particular to prevent EUROPEAN Union finance ministers future debt crises, like the one trig- are likely to back on Monday changes gered by Greece. to budget rules that will seek to disci- The broad proposals they approve Je[dj[hj^[fhecej_ed"fWhj_Y_fWdjickijfkhY^Wi[Wi[b[Yj[ZceZ[b\hecj^[B;=H?7YWcYehZ[hhWd][X[jm[[d pline countries for having excessive will be restricted only to moves that &'$&,$(&'&WdZ)'$&-$(&'&$ debt as well as excessive deficits in do not require changes to EU J^[Z[WZb_d[\ehh[Y[_fje\WbbYbW_ci_ic_Zd_]^jed)'$&.$(&'&$Kfedh[Y[_fjWdZl[h_ÓYWj_ede\j^[YbW_c"9WdedKa" future. treaties – difficult to make in prac- j^[fhecej[h"m_bb_iik[WY^[gk[fWoWXb[jej^[dWc[ikffb_[Zedj^[YbW_c\ehcj^[ÇYbW_cWdjÈ WdZfeijj^_iY^[gk[$ A “Task Force” of ministers is to tice – and will be put to a summit of

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*CMC Markets will refund net losses (netting off the value of any opposing short or long positions) on our special UK100 instrument on each trading day. A week runs Monday to Friday for this promotion. To trade risk-free for fi ve full days you must start trading at the beginning of the week – days cannot roll over to a following week. 8 Economic News CITYA.M. 4 JUNE 2010 Modest gains for house prices US private sector firms

▲ add to staff count in May PROPERTY Although sellers have been gradu- but easing supply shortages, overvalu- ally returning to the market, housing ation and, of course, the weak eco- BY JESSICA MEAD market conditions remain charac- nomic backdrop, all argue for HOUSE prices rose just 0.5 per cent in terised by thin transaction volumes renewed falls later this year.” ▲ US ECONOMY undershot the official private payroll May on the previous month, indicat- and a relative scarcity of properties He added: “With Wednesday’s numbers in nine of the past 10 ing that after a sharp recovery, the UK for sale. However, Martin Gahbauer, weak net mortgage lending data also PRIVATE sector firms in the US took months so it is a fair bet it will do the property market is finally starting to chief economist at Nationwide, said: pointing to a renewed mood of cau- on 55,000 more staff in May down same in May.” level off. “The current supply-demand balance tion among lenders, we find it hard from an upwardly-revised 65,000 in The ADP monthly survey only The latest monthly figures from on the market is still consistent with to avoid the conclusion that the April, the ADP payroll survey accounts for private sector jobs so it mortgage lender Nationwide revealed relatively stable to modestly upward house price revival will ultimately revealed yesterday. does not include the temporary cen- that house prices are now up 12.2 per trending prices.” prove unsustainable.” Analysts were disappointed as they sus hires. As a result, today’s US non- cent from their trough last February Ed Stansfield, chief property econo- Nationwide added that it was diffi- has expected a gain of around 70,000. farm payrolls report is expected to and are less than 10 per cent below mist at Capital Economics, said: “For cult to estimate the impact of any pos- Ian Shepherdson at High Frequency show an increase of 513,000 accord- their 2007 peak. now, house prices continue to rise, sible capital gains tax change. Economics said: “The survey has ing to a consensus of economists. US MULLS INTEREST RATE HIKE Eurozone hit Services stall by sharp drop as recovery in retail sales

▲ EUROPEAN ECONOMY fears weigh EUROZONE retail sales fell sharply in April, missing expectations for a small monthly rise, data showed yes- terday, as uncertainty over jobs and ▲ WORLD ECONOMY Although analysts still expect the government spending curbed con- UK economy to grow faster in the sec- sumer demand. BY JESSICA MEAD ond quarter than in the first, there The European Union’s statistics HOPES of a strong recovery in the are concerns that the recovery in the office said Eurozone retail sales, a services sector were dashed yesterday biggest part of the economy is strug- good indication of households’ after leading surveys suggested that gling to pick up pace. propensity to spend, fell 1.2 per cent April’s slowdown was not just a blip In the US, analysts pointed out month-on-month, the deepest fall as a result of the volcanic ash cloud. that the non-manufacturing survey since October 2008, for a 1.5 per cent The UK services purchasing man- had been underperforming because year-on-year drop. agers’ index (PMI) only edged up to manufacturing firms are more sensi- Economists had expected a 0.1 per 55.4 in May from 55.3 a month earli- tive to exports, which are rebound- cent monthly increase in retail sales er, while the US non-manufacturing ing, and are less sensitive to bank in the 16 countries using the euro ISM held steady at 55.4. In the belea- credit conditions, which are not. and a 0.2 per cent year-on-year guered Eurozone, strong activity in Across the Channel, France led the decline. “A sluggish labour market, France saw the PMI increase to 56.2 accelerated growth in the Eurozone’s tighter fiscal policy and rising uncer- from 55.6. services sector. Service sector expan- tainty about the economic outlook In Britain, Markit said there were sion reached a 44-month high in point to ongoing consumer weak- reports that the general election out- France and growth picked up mod- KANSAS City Federal Reserve Bank president Thomas Hoenig yesterday said that the cen- ness,” said Nick Kounis, economist at come and worries over the strength estly in both Spain and Ireland. But tral bank should raise rates to one per cent by the end of the summer to avoid having to Fortis Bank. of the economic recovery had result- the rate of expansion slowed in raise borrowing costs abruptly as the economic recovery gains momentum. His board Retailers in Europe have been strug- ed in a degree of client uncertainty Germany and Italy. Employment rose colleague Dennis Lockhart also said that the US economy is almost strong enough to gling with falling food prices and and the deferral of spending. for the first time since June 2008. allow the Fed to begin thinking about raising interest rates. Picture: REUTERS shoppers refusing to up spending.

CITY VIEWS: WHAT DO YOU THINK WILL HAPPEN TO TAKE HOME PAY THIS YEAR? Interviews by Emma Sadowski

DAVID HAYES | WILLIS HUGH MASTIN | MANJU RAO | BARCLAYS GLOBAL INVESTMENT TATA COMMUNICATIONS “Pay will basically remain stable. “Take home pay has been frozen in “There is still a lot of household and Some areas might see an increase both public sector industry and pri- company debt and it doesn’t seem and certain sectors will see a reduc- vate sector commerce for some like there will be a wage hike any tion. A lot of companies are looking to time. And I don’t foresee an time soon, and if there is one, it will keep costs down to avoid hav- increase in pay for people in be very small. Levels of pay for ing to cut staff numbers, work happening in either of workers will most probably which means a freeze on these areas for the next 12 stay the same for the next pay.” to 18 months.” year.” YOU READ HIM DAILY, NOW WATCH HIM EVERY FRIDAY Allister Heath gives his views on the the market and economic situation

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10 News CITYA.M. 4 JUNE 2010 Nielsen gears up for listing Extra sales of sportswear, TVs ▲ MEDIA Among the others, Hellman & and food could Friedman own about nine per cent top £2bn if BY HARRY BANKS and AlpInvest Partners about seven England reaches NIELSEN plans to raise up to $1.75bn per cent. The rest of the company is the World Cup (£1.2bn) in an initial public offering, held by management team and other final, according becoming the latest private-equity directors. to the Centre for backed company to sell shares into a Nielsen, which is loaded down with Retail Research. fragile market. debt, yesterday declined to comment Nielsen is best known for its viewer- on how many shares would be sold, Picture: GETTY ship ratings, which often determine whether they would be newly issued, the fate of TV shows. Its top 10 clients – or the timing of the sale. who account for about 23 per cent of The US market for IPOs has slowed, its business – include Coca-Cola, NBC with many deals cut or shelved as UK retailers set to net £126m per goal in World Cup Universal, Nestle, News Corp, Procter investors protect their portfolios and & Gamble and Unilever. wait to see if Europe’s debt crisis will The Dutch company was taken pri- stall economic recovery. That hasn’t vate in a $10bn deal in 2006 by a group stopped private equity portfolio com- ▲ WORLD CUP report by the Centre for Retail stock up on snacks for match parties. of private equity firms. panies from starting the IPO process. Research (CRR). TVs and other electricals could Kohlberg Kravis Roberts & Co and Toys R Us last week filed to raise as UK retailers could net a £126m sales Retail sales are projected to rise by make up a quarter (£250m), followed Thomas H Lee Partners first much as $800m. boost for every England goal scored £987m if the team reaches the quar- by sportswear (£200m) and barbeques approached management and formed Hospital operator HCA and Dutch after the group stages of the World ter final, with an additional boost of (£28m). Betting companies are expect- the rest of the consortium. THL and semiconductor company NXP Cup, according to research yesterday. £110m for pubs and clubs showing ed to make £1.2bn in additional rev- KKR each have about 20 per cent Semiconductors also recently filed to go The extra sales of sportswear, TVs the games. enues over the course of the stakes, as do Blackstone Group and public. Coffee chain Dunkin’ Donuts is and food could top £2bn if England Almost half this rise (£459m) would competition, with the tournament lift- Carlyle Group. also considering an IPO, analysts said. reaches the final, according to a come from food and drink, as fans ing overall spending by four per cent.

Quintain confident as losses Helical says profits will shrink and NAV slide slows double in 2011 and 2012 ▲ PROPERTY engineering company founded in 1919, has projects ranging from devel- ▲ PROPERTY significantly stronger shape and we cent at the end of March from 105 per COMMERCIAL property company opment of a headquarters for hedge anticipate a year of real progress,” cent a year ago, and leaving it with Helical Bar expects to double its after- fund manager Man Group in the City BY HARRY BANKS William Rucker, chairman of £248m of undrawn committed corpo- tax profit in both 2011 and 2012 and of London to retail units in Poland. PROPERTY developer Quintain Quintain, said in a statement. rate facilities. anticipates spending £150m on acqui- Slade said the increased profit Estates yesterday posted a 1.5 per cent The company, which specialises in Chief executive Adrian Wyatt said: sitions next year. would mostly be derived from annual fall in the value of its assets, redeveloping towns and cities across “Although the UK may well be facing Chief executive Michael Slade said Helical’s developed trading portfolio, narrowed its losses and said it was in Britain, announced in January a a period of slow economic growth, or yesterday he expected Helical, which which was about half of its whole a better financial position to proceed three-year plan to make £133.5m in even decline, this should not impede posted an after-tax profit of £9.6m for portfolio. with its growth plans. acquisitions and to grow its fund reaching our primary target of being the year to the end of March, to earn The £150m for acquisitions would Quintain said adjusted diluted net management arm. recurring casfhlow-positive.” £20m or more after tax in 2011 and at include 60 to 70 per cent of debt. asset value (NAV) per share at the end Quintain did not propose a final least £40m in 2012. Overall, Helical’s net borrowing in of March fell to 133p, from 135p a dividend, in line with the previous Quintain chairman “Our target is to increase invest- relation to its property portfolio value year ago, and the loss before tax year, and is currently deferring pay- William Rucker said ment income... because we’ve had it was 46 per cent and Slade said he reduced to £10.1m for the 12 months, ment of dividends until the business diminished,” Slade said. “I can look expected that level to remain broadly against the previous loss of £129.1m. becomes cash positive again, it said. the business was in a back and say we had a good recession flat. “Whilst the continued uncertainty Quintain said its rights issue com- “significantly stronger relative [to peers] and we’ve got a fan- Net gearing was 84 per cent at the in the markets will no doubt present pleted in December raised £183.1m, shape” after 2009 tastic future now.” end of March, compared with 95 per challenges, the business is now in a helping reduce its gearing to 46 per Helical, which traces its roots to an cent a year earlier. CITYA.M. 4 JUNE 2010 News 11

TIME LINE | TAX ROW

● 19 June 2008: Former UBS banker pleads guilty to helping a billionaire hide $200m UBS tax deal from US tax authorities, part of a broader probe. ● 12 November: Raoul Weil, head of UBS’s wealth management business, charged with conspiring to help wealthy Americans hide $20bn of assets from US authorities. inches closer ● 18 February 2009: Swiss regulator FINMA orders UBS to identify certain US clients to settle criminal fraud charges. ● ▲ 19 February: US authorities pursue civil President Doris Leuthard said when BANKING lawsuit to access details on 52,000 UBS clients. asked about the chances of the lower BY HARRY BANKS ● house supporting the UBS deal. 20 February: UBS warns it could go out A SWISS-US deal to end a tax dispute The upper house also voted yester- of business if it complies with an order to reveal that nearly crippled UBS and under- day against allowing a referendum on the names of suspected US tax dodgers and mined Swiss bank secrecy inched clos- the tax deal. But the question is still would require it to violate Swiss law. er to full parliament approval as the open on whether the lower house ● 2 April: US authorities arrest and charge Swiss upper house gave it its backing would do the same, Abate said. A ref- accountant in Florida in first of what they say yesterday. erendum would delay by several could be a series of tax evasion prosecutions of The deal is yet to be approved by the months the UBS agreement coming American clients of UBS. parliament’s lower house, which will into force. ● 10 July: CEO Oswald Gruebel sends mem- vote on it next week. Yet the chances The US agreed on 19 August 2009 to orandum to bank’s top executives saying it could of full parliamentary backing have drop tax evasion charges against UBS not comply with the US request to disclose the improved since Switzerland’s main after Berne promised it would dis- identity of the 52,000 account holders. party, the right-wing SVP, lifted its close to US tax officials bank details of ● 19 August: Switzerland says will hand objections in May. 4,450 of the bank’s US clients in over details of 4,450 bank accounts to US. “The vote of the SVP will be key also breach of Swiss bank secrecy laws. ● in the lower house. But I think in the But a Swiss court ruling in January 8 Januaray 2010: Swiss court rules end a majority should back the UBS blocked the data transfer, forcing the regulator FINMA broke bank secrecy law last deal,” Fabio Abate, a member of the government to bypass the court rul- year when it ordered UBS to hand over files of liberal party who sits in the lower ing with a legal patch that requires nearly 300 clients to US authorities. house, said. parliamentary approval and risks ● 24 February: Switzerland asks parlia- However a green light is not yet cer- delaying the sharing of bank client ment to turn into law a deal with Washington tain. “I think it will be slightly more information beyond a deadline that got UBS off the hook. UBS chief executive Oswald Gruebel is facing a referendum on his US tax deal Picture: GETTY difficult in the lower house,” Swiss agreed for the end of August. ● 15 April: Seven former US clients of UBS The US had accused UBS of helping charged with filing false tax returns. rich Americans hide almost $20bn of ● 3 June: Swiss back US tax deal. untaxed money in secret accounts.

Johnson & Johnson looks to medical device business

▲ HEALTHCARE agement would discuss anything tied to the recalls, now under investiga- JOHNSON & JOHNSON (J&J) sees its tion by the US Food and Drug medical device sales growing faster Administration. than the industry through 2014 and The maker of Band-Aids and Motrin plans about 80 “significant” regulato- told analysts it expects medical device ry submissions for its largest unit in sales to grow by an average of six per the next two years. cent per year between 2009 and 2014, J&J outlined its growth plans for outpacing industry growth, which it the medical device business – its top forecast at five per cent. In 2009, total product category with annual sales of company sales were $61bn. $25bn (£17bn) – as it tries to overcome Shares of J&J rose 0.5 per cent, out- a manufacturing crisis at its con- pacing a 0.1 per cent rise for the sumer unit that makes Tylenol and wider Standard & Poor’s 500 index. other products. The company said it still expects to Many analysts gathered at compa- seek approval in the United States ny’s headquarters in New Jersey yes- and Japan by 2012 for its experimen- terday also hoped for an update about tal bioabsorbable drug-coated heart J&J’s series of recalls of Children’s stent, called Nevo. It is made of a poly- RBS gets six advanced bids Tylenol and dozens of other over-the- mer that disintegrates soon after counter medications. being implanted to help open a dis- But it was not clear whether man- eased artery. for Global Merchant Services Drugmaker Elan says its ▲ FINANCIAL SERVICES Carson, Anderson & Stowe; Advent half the face-to-face credit and debit International and Bain Capital; card transactions in the UK, and RBS BY HARRY BANKS Canada’s Moneris Solutions; and TPG, is said to have been concerned a pure chief will quit in May 2012 ROYAL BANK OF SCOTLAND is review- the people said. private equity player would not have ing six second-round bids for its $4bn Previous suitor Warburg Pincus is the scale or expertise to run the busi- (£2.7bn) payment-processing arm, no longer bidding, they added. ness properly. ▲ and will soon pick two or three suit- RBS declined to comment. Moneris ANALYSIS l RBS PHARMACEUTICALS tract in order to “provide clarity and ors for a final round of bidding, peo- could not immediately be reached for p 46.00 continuity on the executive leader- ple familiar with the matter said. comment. The other bidding groups 60 3 Jun IRISH biotechnology firm Elan said its ship of the company”. RBS could pick the shortlist as early either declined to comment or had chief executive Kelly Martin will step Shareholders have voiced concerns as next week and aims to agree the no immediate comment. 55 down in May 2012, following months over the board, and of Martin in par- sale of its Global Merchant Services The bidding consortia are an eclec- 50 of disquiet from shareholders. ticular, since a botched attempt to sell (GMS) business during the third quar- tic mix of names because the bank The news comes just six weeks the company’s drug delivery division ter, one of the people said. has told private equity buyers they 45 after the firm’s chairman, Kyle in 2008. The six bidding groups are: need to team up with strategic part- McLaughlin, announced his retire- Martin will remain as an executive Clayton, Dubilier & Rice; American ners who will be able to grapple with 40 ment when 28 per cent of sharehold- adviser to the board until January Express Co and Permira; Atos Origin, the complex nature of the payments 35 ers opposed his re-election. 2013, while McLaughlin’s replacement CVC Capital Partners and Welsh, business. GMS handles more than 8 Mar 26 Mar 19 Apr 10 May 28 May Elan said it changed Martin’s con- will be announced in September. 12 EDITED BY CITYA.M. 4 JUNE 2010 VICTORIA BATES GOT A STORY? EMAIL The Capitalist [email protected] CITY BOSS DRUMMING UP SUPPORT FOR TALENTED POLE-DANCING WIFE

FANS of ITV’s Britain’s Got Talent, due to appear in the last of the live Mead and acrobatic gymnastics which has whipped up millions of semi-finals tonight. troupe Spelbound, among others. Britons into a frenzy yet again ahead I hear the limber lass is married to “Every vote from the City is more of this weekend’s final, will be sur- Harri Huuskonen, the managing than welcome!” Huuskonen tells The prised to know that one of the City’s director of Canary Wharf-based Capitalist, explaining his wife is actu- own has a claim to fame via the show. investment boutique St Andrews ally an ex-UK pole dancing champion. Those who’ve been following the Securities – who’s gunning for his “She’s very dedicated and practises series may remember Alesia missus to win the competition all the time – we’ve even got a pole in Vasmitzel, the scantily-clad blonde against those left in, including the middle of the living room,” he bombshell who has wowed the judges impressionist Paul Burling, singing continues. “Mind you, I’m not com- with her pole dancing moves and is group Connected, dancer Tobias plaining…”

Huuskonen is tremendously proud of his pole-dancing missus Alesia Vasmitzel

the (human) world record over the MOTORCYCLE CLUB distance with under 9.6 seconds, Clearly taking their inspiration from a while experts are apparently predict- bearded, leather-clad Euan McGregor ing that the horse could achieve a some years back, two French City time of under 12 seconds. workers have decided to embark on a Tickets cost £15 to watch the chal- motorcycle adventure across the lenge, though the equine sprinter is remoter parts of Europe. still a firm favourite to win… Florent Beluche, a soft commodi- ties options trader from ED&F Man, and Charles de Guerry, who works at TAKING A PUNT private equity real estate investment Intriguing goings-on over at spread- adviser MGPA, are due to set off next betting firm Extrabet prior to the Saturday from London – flying to start of the World Cup next week. I Moscow and then biking 14,000 hear England striker Wayne Rooney is uncomfortable kilometres through now 1/2 to score three goals or more Russia, Georgia, Azerbaijan, during the tournament, after a flood Turkmenistan, Uzbekistan and of support coming in from the City boys in recent days. That may not sound like too much of a long shot, but it does start to look less likely when you take into account that England, based on past World Cups, only usually manages to score around six or seven goals before being kicked out. Apparently, the rumour doing the rounds on the trading floors of the City is that Rooney will replace Frank Lampard as England’s preferred penalty-taker during match- es themselves, after Lampard missed two crucial penalties recently, for Beluche on his beloved vintage motorcycle England against Japan and for Chelsea against Portsmouth in the FA Kazakhstan to the finish in Mongolia. Cup final. For the trip, the daring duo have bagged themselves some replica 1930s Ural Sahara motorbikes, com- HIGH FLYER plete with vintage sidecars. Ping! An invitation arrives to “The model we’re driving hasn’t Guardian Media Group chief changed since World War II and was executive Carolyn McCall’s originally designed by the leaving party at the Germans,” Beluche says. Rotunda Bar in North “They’re not particularly London later this sophisticated, but we’ve month. done some training in the The invite is pep- English countryside to pre- pered with photo- pare us for the off-roading graphs of McCall, stints – it may not be much, aeroplanes, ash- but it’s a start.” filled skies and (The To follow them or chuck Capitalist’s favourite) them a few quid – they’re a superimposed vision of “selling” each kilometre Sir Stelios Haji- to sponsors for £1 a pop Ioannou’s face over an – visit www.roadofem- erupting volcano, all pires.com. designed to substitute in for words. “After 24 effortless SPURRED ON years at the controls of Horseracing aficionados, listen the no-frills Guardian up: there’s a new event happen- newspaper, [McCall] is ing at Kempton Park at the end moving to [easyJet] – of the month, and it’s not some- skillfully (sic) charting thing you’ll have experienced a flight path around the before. torrents of molten rock Olympic sprinter Jamie spewing from the Baulch (right) is descending on Stelyjakjallajoekull volcano,” the the course on 30 June to race invite reads, with footnotes about 100m against a thoroughbred keeping to strict baggage allowances racehorse. Now, it’s not such a and drinks and snacks being avail- crazy idea as you might think – able at competitive prices. speedy Jamaican Usain Bolt holds Very droll. CITYA.M. 4 JUNE 2010 News 13 BALLMER: RACE IS ON ARM bets on WaMu hit by Linux to help it hitch on exit to trump Nokia ▲ TECHNOLOGY ELECTRONIC chip designer ARM has teamed up with five of its major part- of chapter 11 ners to boost the use of free Linux software on cellphones, challenging Nokia’s Symbian and Microsoft. The chip companies said yesterday ▲ BANKING in US history and the event that they have set up a joint venture, BY HARRY BANKS pushed the holding company into called Linaro, to cut duplicate devel- bankruptcy. opment in using numerous Linux ver- WASHINGTON Mutual’s effort to exit They also want to know more sions and to speed up rollout of new bankruptcy encountered a setback about a settlement of lawsuits among phones -- hoping that would boost yesterday when the judge in the case JPMorgan Chase, Washington Mutual take-up of more advanced handsets. ordered the company to talk further and the Federal Deposit Insurance That would enable them to ship with shareholders about their Corp that is central to the bank hold- more advanced chipsets and increase requests for documents. ing company’s reorganisation plan. the average sales prices of their plat- The bank holding company had That deal divides disputed assets forms. Versions of the Linux operat- sought approval of its disclosure and provides about $7bn (£4.8bn) to ing system -- Google’s Android, statement, which must be cleared by distribute among creditors. operator-backed LiMo, MeeGo from a bankruptcy court before it can be Shareholders would receive nothing. Nokia and Intel and Palm’s webOS -- sent to those voting on the reorgani- Shareholders want information on have won increased share of the sation. what legal claims are resolved by the mobile device market. In the first Bankruptcy Judge Mary Walrath settlement, how those claims were val- quarter Linux phones’ total market declined to hear arguments on the ued and if those valuations are fair. share rose to 14 per cent from 8.5 per hundreds of objections to the disclo- They think the firm’s assets, including cent a year ago, according to Gartner. sure statement. Instead, she ordered legal claims, could be worth $20bn. “Linux’s trajectory has been estab- lawyers for the company to discuss lished. Its momentum is growing,” requests for information by attorneys FAST FACTS | WASHINGTON MUTUAL ARM’s chief executive, Warren East, for shareholders and bondholders said, adding he felt it was “inevitable” and report back on 17 June. She also ● Washington Mutual collapsed in 2008 and for Linux versions to have a very postponed discussions of the disclo- was the largest bank failure in US history. MICROSOFT’S chief executive Steve Ballmer said yesterday the “race is on” between the strong position in mobile phones. sure statement until that time. ● The FDIC sold Washington Mutual Bank to next generation of Windows and Mac products. “It’s not about Mac and PC any more, it The largest Linux version, Android, Shareholders want to investigate JPMorgan in September 2008 after regulators will be about the thing that replaces the Mac,” he told a conference in Los Angeles. He has beaten Microsoft to become the the collapse of Washington Mutual seized the lender. said spending on technology is expected to increase in developed countries this year, and fourth most popular operating sys- Bank in 2008, the biggest bank failure that Windows will be used in a new breed of touch-screen tablet computers. tem on smartphones. 14 News CITYA.M. 4 JUNE 2010 Baker & McKenzie elects Brazilian as its chairman

▲ LEGAL Conroy when he steps down later this mark for the legal sector, which tradi- year. tionally elects heads in either the UK BY EMMA SADOWSKI Chicago-based Conroy served two or the US. US LAW firm Baker & McKenzie has years at the helm and during his “Change is transforming the busi- appointed Brazilian Eduardo Leite as tenure saw the firm’s revenue grow ness world and, with it, the legal pro- chairman, marking the first time a by more than 70 per cent over five fession. We will continue to lead and large legal practice has turned to the years to $2.11bn (£1.44bn), while prof- embrace that change, to ensure that emerging markets for a leader. its have grown to $992,000. we stay ahead of the curve in meeting Leite, who currently practises in Leite was voted in by the firm’s our clients’ evolving needs,” said the firm’s Sao Paolo office and serves global partnership last week and will Leite. as executive vice president of the take over the post at the end of He will lead the eight partner exec- China-Brazil Business Council, will October. utive committee, which manages the replace outgoing chairman John The recent appointment is a land- firm’s business, for a four year period.

Eduardo Leite will take over as chairman in October CITYA.M. 4 JUNE 2010 News 15

The FSA’s Margaret Cole said: “JP Morgan committed a serious breach of Trio cleared as FSA our client money rules by failing to segregate billions of dollars of its clients’ money for loses NeuTec case nearly seven years.”

Picture: Micha Theiner/ CITY A.M ▲ ENFORCEMENT Rimmington with insider dealing during the £305m takeover of biotech BY STEVE DINNEEN firm NeuTec by Swiss drugmaker THE City watchdog lost a major crim- Novartis. inal trial for insider dealing yesterday FSA head of enforcement Margaret when a court acquitted a lawyer and Cole said: “Insider dealing cases are a finance director and a second challenging to prove but these were lawyer had charges against him serious charges and we considered dropped. that the evidence provided a proper The Financial Services Authority basis to put the case before a jury.” (FSA) had charged Andrew King, She added the FSA remains com- Michael McFall and Andrew mitted to battling market abuse. JP Morgan is slapped with a record fine

▲ ENFORCEMENT Margaret Cole said: “JP Morgan com- BY STEVE DINNEEN mitted a serious breach of our client money rules by failing to segregate THE Financial Services Authority yes- billions of dollars of its clients’ money terday slapped JP Morgan with the for nearly seven years.” biggest fine it has ever administered. JP Morgan declined to comment. It issued a mammoth £33.3m fine Mathew Rutter, financial services for “failing to protect client money” partner at law firm Beachcroft said: after it found the bank failed to keep “Firms should be taking this warning clients money in a special ring-fenced very seriously indeed as it clearly account. won’t be the last fine of this size. The issue relates to billions of He added: “It is significant that this pounds of transactions processed by is – by a long way – the biggest fine JP Morgan’s futures and options busi- from the FSA so far. It is almost as ness between 2009-2009. much as the total amount of fines The FSA says client balances trans- imposed by the FSA in the whole of ferred directly into JP Morgan’s cof- 2009 - itself a record year.” fers fluctuated between £1.3bn and £16bn. This means it would be at risk IN THE DOCK | PAST FSA FINES in the event of the bank becoming insolvent. £17,000,000 Royal Dutch/Shell Aug 2004 No clients suffered any losses from £13,900,000 Citigroup Jun 2005 the breach. But the FSA has been keen £8,000,000 UBS May 2009 to prove its mettle after battling accu- sations of failing to spot and halt the £7,000,000 Toronto Dominion Dec 2009 excessively risky banker behaviour £7,000,000 Alliance & Leicester Jul 2008 that helped trigger the worst credit £6,363,643 Deutsche Bank Nov 2006 crisis. £5,600,000 Credit Suisse Aug 2008 Because of its cooperation, the orig- £5,250,000 Aon Aug 2009 inal fine of almost £50m was reduced £4,000,000 CSFB Dec 2002 by 30 per cent, in line with FSA prac- £2,800,000 GMAC Oct 2009 tice. FSA head of enforcement First man extradited over insider dealing charges takes the stand

▲ ENFORCEMENT ing an insider trading operation span- ning almost a decade. They are cur- BY STEVE DINNEEN rently out on bail. Former Dresdner THE first man to be extradited to the Kleinwort adviser Christian UK to face insider trading charges Littlewood, 36, who worked for made his preliminary court appear- Shore Capital at the time of the ance yesterday. alleged illegal deals, stands accused Singaporean Helmy Omar Sa’aid, of 13 counts of insider trading, 33, who was extradited to Britain alongside his Singaporean wife from Mayotte, a French territory in Angie, 39. The married couple are the Comoros Islands, appeared at accused of scamming a staggering Southwark Crown Court. £670,000 through trading AIM listed The appearance precedes a full trial shares. The pair will now appear at over allegations he was involved in a Southwark Crown Court on 28 June. complex insider dealing ring with a All three are expected to plead not married couple. guilty. The FSA has so far secured five The couple are also due to appear convictions related to insider dealing after being accused of mastermind- across three cases since March 2009. 16 News CITYA.M. 4 JUNE 2010 Xstrata halts sites in super tax protest

▲ MINING which could create 15,000 positions spokesperson in London who said it for Australian workers, has been was “simply not true”. BY OLIVER SHAH put under review by the London “This is not a publicity trick or a XSTRATA ratcheted up pressure on and Zürich-listed behemoth. pressure campaign, this is business the Australian government over its Mining companies exploded sense,” the spokesperson said. controversial resources tax yester- with fury when Prime Minister day by suspending two projects in Kevin Rudd confirmed plans for ANALYSIS l Xstrata p 985.50 Queensland and putting A$22bn the Resource Super Profits Tax 3 Jun (£13bn) of investment on hold. (RSPT) last month. Industry execu- 1,300 The mining giant said it would tives say the levy is unfair because it 1,200 no longer be economically viable to does not take into account the spend A$586m on a coal site in the funding costs and risks borne by 1,100 Surat Basin and a copper facility in groups and their shareholders. Cloncurry given the prospect of a Rudd stirred further discontent 1,000 40 per cent super-tax on profits. In by suggesting Xstrata was already the first serious clash Xstrata said planning to halt work on the two 900 the move would cost 3,250 jobs. Queensland projects. Rudd’s accu- 800 A further A$22bn of investment, sation was angrily refuted by a 8 Mar 26 Mar 19 Apr 10 May 28 May

Christie’s and Former Yahoo boss Sotheby’s set lands plum ITV job for record sales

▲ MINING ▲ MEDIA forms and reducing our reliance on a single volatile revenue stream. RIVALS Christie’s and Sotheby’s are BY HARRY BANKS “She is renowned for her tremen- expecting to hold their biggest ever FORMER European Yahoo executive dous energy, her understanding of London sales later this month, reflect- Fru Hazlitt is to join ITV to run the both media and technology and her ing growing confidence in the art broadcaster’s TV and online sales ability to deliver real change and market boom. business in a move designed to better results on the ground.” Christie’s announced yesterday it link the company’s different plat- ITV has been working for several was offering a 1906 Monet water-lily forms. years to develop its online offering, painting worth an estimated £30m to Hazlitt, who previously ran the by using exclusive content from its 40m – the same price as a Blue radio group GCap Media and com- popular shows such as the X-Factor Period portrait by Pablo Picasso. mercial operations for Yahoo in the to draw in new viewers and advertis- The pair, plus 61 other works on UK and Europe, will take up the ers. offer, are expected to take the tally on newly-created role to develop online ITV is working on a new strategic 23 June to £164-231m which, if sales as the company looks to diver- review under Crozier, who joined realised, would be well above the sify and develop new revenue the firm in April. Hazlitt will start London record of £147m set at streams. work on 2 August. Sotheby’s in February. ITV chief executive Adam Crozier Sotheby’s said it expected to sell art said: “Fru’s background is in general Fru Hazlitt has worth £101-148m at its equivalent sale management. Her proven commer- experience running on 22 June, its highest pre-sale esti- cial skills and her online experience the commercial mate in London. with Yahoo make her the ideal can- Its auction centrepiece is a painting didate for this pivotal new role. operations for Yahoo by Edouard Manet valued at £20-30m, “We need to get better at exploit- in the UK and Europe. one of just two self-portraits by the ing our brands fully across all plat- Monet’s waterlily paintng is worth an estimated £30m to £40m. Picture: REUTERS artist. CITYA.M. 4 JUNE 2010 News 17

NEWS | IN BRIEF Network Rail profit Cemex hit by slumping euro Mexico’s Cemex, the world’s third- largest cement maker, blamed the slumping euro yesterday for a five per cent cut in its forecast of earnings slides as debt rises before interest, taxes, depreciation and amortisation for 2010. Chief executive Lorenzo Zambrano said Cemex expects EBITDA of $2.75bn this year and free ▲ TRANSPORT Net costs rose slightly to £3.69bn cash flow, after maintenance and capital due to lower than inflation pay rises, expenditures, of $800m. BY MARION DAKERS but the company has found £86m sav- NETWORK Rail’s pre-tax profits ings in maintenance costs. France Telecom, TDC kill merger dropped by more than 75 per cent The firm is obliged to find £1.1bn France Telecom and Danish telecom last year, amid a reduced budget and in savings by April 2014 under its five- group TDC yesterday abaondoned a pro- rising debt pile. year spending plan, a feat described posed deal to merge their Swiss opera- The owner of the British rail system as “challenging … tougher than we tions to take on market leader lost eight per cent of revenue, down assumed” by the Office of Rail Swisscom after competition regulators to £5.67bn, in the last financial year Regulation earlier this week. rejected it as bad for consumers. In due to a reduced government grant The company’s debts rose by seven April, Swiss regulators blocked the pro- and a fall in track charges paid by per cent to £23.84bn to help fund its posed deal on the grounds that it would train operators. investment programme, including create a two-player market in which the Pre-tax profits fell to £395m from the Thameslink, Crossrail and East companies would have incentives to £1.52bn last year, while post-tax prof- London rail projects. The firm said its raise prices. Since then, the companies its stood at £284m, down from debt to asset ratio fell last year, to 64 had said they were considering an £609m, according to results pub- per cent. appeal but have now decided to aban- lished yesterday. All earnings are rein- Executive bonuses will be don it. It is good news for Swisscom Network Rail chief Iain Coucher concedes there is more to do Picture: Micha Theiner/ CITY A.M vested in the railway. announced at the end of the month. which sees its closest rivals thwarted.

CITY MOVES | WHO’S SWITCHING JOBS Edited by Victoria Bates

Chitalu is a Zambian entrepreneur Deloitte specialising in private equity and The business advisory firm has appointed local private sector development. Vince Niblett as the new global leader of He previously worked for CDC Deloitte Touche Tohmatsu’s audit and enter- Capital Partners in London and prise risk services practice. Lusaka, focusing on identifying Niblett originally joined Deloitte in 1980 investment opportunities in southern and has since been seconded to a number of Africa. assignments across the globe, including posts in Australia, Luxembourg, the Middle AT Kearney East and South America. He is currently UK Elizabeth Sands has joined the man- head of audit at the firm. agement consultancy firm as princi- pal of its organisational Nomura Securities Asset Management, to establish a transformation and change practice. The investment bank has hired Aram new global equity business for the Sands joins from 3i, where she Rubinson as a managing director and firm. headed up its active partnership senior analyst for its US retail equity The pair co-managed the Odey activity in the buyouts business. research team. Allegra global fund in their previous Prior to that, she spent 12 years Rubinson joins from Highside role. Todd started his career at working as a consultant. Capital Management, where he man- Philips & Drew before joining MFS aged the retail and consumer com- Investment Management to manage Signia Wealth ponent of a global long/short equity global and European equity portfo- The wealth manager has hired portfolio. Prior to that, he was a sen- lios. Nickson previously worked at Matthew Stemp as an executive ior research analyst at Banc of MFS Investment Management and director in the investment manage- America Securities. Goldman Sachs. ment division and Greg Malone as a director in the private banking team. Majedie Asset Management CDC Group Stemp joins from UBS Global The boutique asset manager has The development finance group has Asset Management, while Malone appointed Simon Todd and Michael appointed Valentine Chitalu as a was a director at Arbuthnot Latham Nickson, both formerly of Odey non-executive director. Private Bank.

To appear in CITYMOVES please email your career updates and pictures to [email protected] Enquires & reservations 08442 64 64 40 18 CITYA.M. 4 JUNE 2010 Find out more at News www.No1Traveller.com &KDXƵHXUHGDLUSRUWWUDQVIHUV AIR PARTNER’S TRADING TAKES OFF Heathrow, Gatwick and Stansted IURPMXVW£58.20 PRIVATE aircraft broker Air Partner, said yesterday it expects like-for-like Price quoted from Piccadilly Circus to Heathrow. Instant quotes for all journeys including profits to be ahead a choice of Mercedes Benz E, S and V Class on our website. Also available, award-winning of company expec- airport lounges at Gatwick and Stansted, with entry from £14 when booked with car. tations this year. The group said the forecast, excluding associated re-struc- turing costs at its now closed unit the Private Jet @ Operating MORE NEWS Company, were a ONLINE result of improved trading conditions which were hit www.cityam.com hard by the reces- sion. Cabin crew strike costs BA £7m a day

▲ AVIATION by 11.5 per cent, placing it behind BY EMMA SADOWSKI rivals Air France KLM and Ryanair. Last month Air France and KLM, BRITISH AIRWAYS (BA) has lost rough- which trade as the same company, ly £98m during the last fortnight as a saw passenger traffic numbers climb result of the cabin crew strike, which by 4.3 per cent, while capacity has seen the airline’s passenger remained flat at 0.1 per cent. The capacity fall six per cent. group said it carried 6.2m passengers BA flew 392,000 less customers last last month and saw a 10 per cent hike month – a 14.2 per cent drop from in traffic numbers to Asia. last year as a result of the strike. Meanwhile, budget airline Ryanair The airline faced 14 days of strikes flew 6.4m passengers in May, mark- during May, crippling operations out ing a 17 per cent increase on last year of Heathrow Airport and costing up when it flew 5.5m. Ryanair said the to £7m a day. May figure includes up to 250,000 Monthly figures from BA show that passengers who were due to fly but the airline’s passenger capacity, meas- saw flights cancelled by the closure of ured in available seat kilometres, was European airspace. down 4.7 per cent, of which the strike accounted for six per cent of the fall. ANALYSIS l British Airways Yesterday marked the last day cabin 260 p 205.50 crew took to the picket lines during 250 3 Jun this current strike period with anoth- 240 er five-day period starting tomorrow. BA said that it plans to operate 80 230 per cent of long haul and 60 per cent 220 of short haul flights during the next 210 strike period, while maintaining a 200 full flight schedule to South Africa 190 for the duration of the World Cup. 180 Overall passenger traffic for BA fell 8 Mar 26 Apr 19 Apr 10 May 28 May Sportingbet eyes STMicro bullish a US settlement on 2010 demand ▲ LEISURE ▲ TECHNOLOGY ONLINE gaming firm Sportingbet is DIVERSIFIED semiconductor maker hoping to agree a settlement with the STMicroelectronics is enjoying strong US authorities before the end of the demand for the third quarter and a year to protect it from the threat of normal build-up of orders for the prosecution, chief executive Andrew fourth quarter, its chief executive said McIver said yesterday. yesterday. “I would hope for something in this The world’s fifth-largest chipmaker current year. It’s definitely progress- also said during a company presenta- ing and every day we move closer and tion to investors in London it was on closer,” McIver said. track to meet its target of 6-12 per Sportingbet has been in talks with cent sales growth this quarter versus the US Department of Justice for the first quarter of 2010. more than two years over a possible Alain Dutheil, chief operating offi- settlement which would remove a key cer, said the company planned to obstacle to it being taken over by a increase capacity by 20 per cent by larger rival. the fourth quarter. June is Mégane Month at Renault. There’s never been a better time to buy a new Mégane.

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Real Good UK first-quarter sales B&Q looks to Food makes £1.17bn a solid start (down two per cent) World Cup to

▲ CONSUMER BY HARRY BANKS £72m kick-off sales SUGAR and bakery ingredients com- profit in first quarter pany Real Good Food’s results for the first four months of the year were above expectations, the company ▲ CONSUMER ue, but we are in good shape and well said yesterday. BY JOHN DUNNE prepared.” Chairman Pieter Totté said the Kingfisher’s bank balance has group’s performance had been B&Q owner Kingfisher said yesterday it moved into the black with net cash of fuelled by Renshaws, its baking was pinning its hopes on the World £86m, according to the latest tally. ingredients business. Cup to fuel a sales rise after a first That figure has come down from Meanwhile expansion at £86m quarter blighted by poor weather. an overdraft of £250m at the end of Hayden’s, its bakery products busi- The group said it had almost sold January. ness, was also contributing. new net cash position out of a garden gnome dressed in the At its steepest the company had a He said: “I am optimistic that we after years of debt England team kit ahead of the tourna- debt pile of £1.6bn two years ago. will start to see growth in both vol- ment and was also selling wheelbar- Cheshire said he was cautious umes and profitability.” rows and gazebos decked with the about the outlook with the upcoming Totté added: “At Renshaws, the England flag. Budget key to any long-term revival growth in volumes and profitability Chief executive Ian Cheshire said: on the high street. He said: “It is not has been well in excess of our expec- “I’m also sure that some of the effects just about whether or not VAT is tations. This is a seasonal business of the World Cup will prompt people raised but what happens to the totali- and the first half is normally the low- to buy the odd barbecue late on.” ty of tax changes, and most impor- est trading period of the year. 14.5pc Kingfisher was hit by poor weather tantly how consumers behave after He said: “Growth is being driven by earlier in the year, with sales in the UK they have seen them.” strong export sales to the US, togeth- overall Kingfisher down two per cent on a like-for-like Kingfisher runs over 830 stores in er with increasing sales in the UK to basis at £1.17bn. However, profits rose eight countries, including the the home baking and sugar craft sec- group profit rise 13 per cent to £72m in the 13 weeks to Castorama and Brico Depot chains in tor. New product launches are on 1 May. France. schedule and are expected to con- Cheshire blamed the weather for tribute to a sustainable growth of the drop in like-for-like sales, adding ANALYSIS l Kingfisher plc this business.” it was “pretty rubbish against last p 229.60 He said the business is now mod- year when it was actually fairly nice”. 3 Jun ernising as it expands into 55,000 sq Once the French and other interna- 240 ft of additional space next month. tional businesses are included, group 300 230 Totté added: “The strength of its sales were flat at £2.64bn and profits relationships with key customers the number of B&Q rose 14.5 per cent at £146m. means we look forward to a good per- stores The chief executive added: “This is 220 formance in the seasonally stronger just the first quarter of what feels like second half of the year.” could be a very strong year. 210 The company bought Five Star Fish “The headwinds we anticipated at for £35m in 2007. B&Q parent company Kingfisher has seen its bank balance move into the black the start of the year look set to contin- 1 Mar 19 Mar 12 Apr 30 Apr 21 May

Visit London this Summer Young’s sees cask ale refresh profits                ▲ CONSUMER rent year, Young’s said comparable Goodyear said the company had BY JOHN DUNNE sales at its 120 managed pubs, made “steady progress”. which are directly operated by the He added: “We have not gone YOUNG’S reported a better-than- company, were up 2.2 per cent. with the crowd in that in that our expected full-year pre-tax profit yes- Young’s has one of the strongest food is that bit more expensive but terday – fuelled by cask ale and food balance sheets in the pubs sector better quality. sales. and cut its net debt by £3.1m to “Cask ales have also done really The company, which operates 219 £62.2m in the second half of the well and our pubs within the M25 pubs, saw pre-tax profit of £19.4m in year while still investing £8.2m in have performed. With our debt the year to 29 March. pub refurbishments. reducing and expansion plans in In the first eight weeks of the cur- Chief executive Stephen progress we are pleased.” ANALYST VIEWS: WHAT DO YOU MAKE OF YOUNG’S RESULTS IN THE STRUGGLING PUB SECTOR? Interviews by John Dunne

MARK BRUMBY | LANGTON CAPITAL

The brewery operation Wells & Young has once again turned in a ‘solid’ performance and the tenanted operation has been ‘comparatively strong’ and produced like-for-like revenue growth with volumes little changed. Young’s is well-posi- Summer in London from£99 incl VAT “tioned to meet the challenges that the trade will face during 2010 and beyond. Stay at the stylish Apex City of London Hotel from just £99 per room PAUL HICKMAN | KBC PEEL HUNT ” per night incl VAT or the luxurious Apex London Wall Hotel from just £129 per room per night incl VAT. We’ll even include continental breakfast! In a difficult year Young’s has outperformed our forecast, prompting our six per cent earnings upgrade. A well invested estate and quality operations position the company well for likely higher tourism in the capital. Young’s has an enviable apexhotels.co.uk T 0844 875 5113 “balance sheet and is well funded for expansion. "& "#$(#$'   !   "$  $ $" $##  "!  "% JAMES DAWSON | CHARLES STANLEY ”  #$ "$%"#"&$ &%#"!%"$$$   !# "##%$$  "  $ " &$(! Outlook shows promise, despite consumer concerns. The first eight weeks into the full year has seen like-for-like Apex Hotels )  ) %") % sales growth amongst the managed houses of +2.2 per cent and the prospect that the group has financial strength to make “further site purchases.. It has reported adjusted profit before tax four per cent ahead of our forecasts and net debt in line with our expectations. ” CITYA.M. 4 JUNE 2010 News 21 This is one the Premier League needs to lose

this year and even the year after. in the world of football this is not the ball creditors, which includes the overturn a voluntary liquidation at But in the world of football, for the case,” says David Olswang, a restruc- clubs, players and management. The Wimbledon on the ground that foot- high-earning players and managers turing partner at the law firm League argues that the rules give pro- ball creditors were being given prefer- alike, life seems to be going on pretty Olswang. tection against the possibility of clubs ential treatment. much as normal. “There’s a parallel universe out collapsing altogether, with players no Whatever the outcome of the case In the events following the recent there where all the normal rules of longer being paid in full, (poor there is a feeling that even by defend- administration of Portsmouth, there engagement do not apply,” he adds. things) leaving at will, putting credi- ing its rules, the Premier League is was little more depressing than learn- In the Portsmouth case HM tors at risk of even greater losses. making a public relations mistake. CITY COMMENT ing that the players – whose wages Revenue & Customs is owed more But the Revenue says these rules “For a club to hang on to tax probably exceed £50,000 a week in than £20m and now it is challenging are “unlawful” and “against public receipts while paying its players is DAVID HELLIER many cases – were largely receiving the so-called Football Creditor rules policy.” In taking out its writ, the grotesque,” says Roberts. “The League their pay in full while charities were that allow the anomalies just Revenue said: “Non football creditors should not be encouraging that HESE are economically strait- owed £4.3m and the people who described to happen. are being seriously short-changed and behaviour.” ened times. Times when the worked at matches for St John’s Under these controversial rules, enough is enough.” Football needs to get its house in Cabinet takes a five per cent pay Ambulance were going unpaid. the Premier League is able to divert There is no certainty the Revenue order – and fast. A defeat in this case Tcut and the governor of the “When an ordinary business fails, the club’s share of revenues from will win its case. Indeed, it failed in a may begin the process. Bank of England refuses a pay rise for the employees all suffer equally but media rights and sponsorship to foot- similar bid in 2004 when it tried to [email protected] Matthey hits full-year goal

▲ INDUSTRY half was harder to predict. Finance director Robert MacLeod BY HARRY BANKS said the group expects to perform JOHNSON Matthey, the world’s better in the first half than in 2006/7 largest supplier of catalytic convert- and 2007/8, but that it was too early ers, expects good progress in the first to predict how it would fare versus half of 2010/11 while considerable the record results in the first half of short-term uncertainties about the 2008/9. global economy remained. Martin Evans, an analyst at JP Underlying pre-tax profit declined Morgan, called the results encourag- five per cent to £254.1m in the year ing. “With a better outlook for auto- to the end of March as vehicle pro- motive catalysts in 2010/11, heavy duction was slashed amid the global duty diesel likely to see a steady recession. Ten analysts polled had on recovery in the truck market, and average expected a profit of £252.5m. robust commodity prices the market The speciality chemicals company is likely to look favourably on these expects underlying pre-tax profit in results.” the current first half to be signifi- Johnson Matthey raised its divi- cantly higher than in the weak year- dend to 39p, beating expectations of earlier period, but said the second a 37.1p payout. BEST OF THE BROKERS ANALYSIS l Vivendi VIVENDI 21 € 17.67 3 Jun JP Morgan Cazenove has issued Vivendi 20 with an “overweight” rating noting that management has indicated several times 19 this year its willingness to acquire the 44

18 per cent of French mobile operator, SFR it does not own. JP Morgan believes that this 17 could take place later this year or early next year after the completion of the sale 16 8 Mar 26 Mar 19 Apr 10 May 28 May of the 20 per cent stake in NBC Universal. ANALYSIS l EADS 16.30 EADS 17 € 3 Jun Royal Bank of Scotland (RBS) said that 16.5 2010 and 2011 are likely to be challenging 16 years for EADS but, looking ahead, said the 15.5 following factors could combine to gener- 15 ate a recovery in earnings: cost reductions, 14.5 the elimination of losses on the A380 pro- 14 gramme and higher aircraft prices. RBS 13.5 has issued EADS with a “buy” recommen- 13 8 Mar 26 Mar 19 Apr 7 May 27 May dation and a target price of €25. ANALYSIS l Rightmove 722.50 RIGHTMOVE 720 p 3 Jun Numis retains a “buy” recommendation on 700 Rightmove saying there has been some encouraging news in the property sector. 680 Numis has already upgraded 2010 fore- 660 casts in late February and May. Given the 640 group’s subscription model Numis sees 620 greater upside to 2011 forecasts and in anticipation of faster earnings growth it 600 8 Mar 26 Mar 19 Apr 10 May 28 May raises its target price to 855p. To appear in Best of the Brokers email your research to [email protected] 22 Markets&Investment CITYA.M. 4 JUNE 2010

LONDON’S TOP 250 Trade these shares from £1.50 with Interactive Investor - www.iii.co.uk Company Name Closing Price Price Change 52wk High 52wk low Company Name Closing Price Price Change 52wk High 52wk low Company Name Closing Price Price Change 52wk High 52wk low Company Name Closing Price Price Change 52wk High 52wk low (p) (p) (p) (p) (p) (p) (p) (p) (p) (p) (p) (p) (p) (p) (p) (p) 3i ...... 289.30 –1.00 314.80 216.75 COLT Group ...... 134.30 +3.20 144.20 98.25 Investec ...... 499.00 +6.60 565.00 309.75 Sainsbury(J) ...... 328.20* +2.90 373.00 306.50 3i Infrastructure ...... 110.00* +0.90 114.40 85.25 Compass ...... 561.50 +0.50 572.00 307.75 ITV ...... 56.20 +1.20 71.75 31.75 Schroders ...... 1359.00 +19.00 1450.00 764.00 A.B. Foods ...... 978.00* +12.50 1045.00 718.50 Cookson ...... 460.00 +1.00 616.00 220.00 Jardine Lloyd Thompson...... 565.00 +2.50 604.50 393.00 ...... 1079.00 +15.00 1185.00 643.50 ...... 143.90* –0.10 155.60 111.00 ...... 1010.00* +27.50 1047.00 498.50 ...... 1570.00 +15.00 1814.00 1077.00 Schroders N/V Aberdeen Asset Man Croda Intl Johnson Matthey Scot. & Sthrn Energy ...... 1100.00 +13.00 1206.00 357.50 Admiral ...... 1319.00 +12.00 1403.00 833.50 CSR ...... 394.10 +12.60 524.00 320.75 JPMorgan Emerg Mkts ...... 512.00 +2.00 549.00 350.50 ...... 112.40* –0.80 137.30 79.75 ...... 487.20 +6.30 539.00 264.25 ...... 1178.00 +19.00 1634.00 567.50 Scottish Mortgage ...... 580.00* +11.50 623.50 376.00 Aegis Daily Mail ‘A’ Kazakhmys ...... 289.00 +1.10 403.10 250.00 Afren ...... 90.50 –1.45 111.00 38.50 Dana Petroleum ...... 1076.00 +27.00 1549.00 968.50 .LQJÀVKHU ...... 229.60* +5.80 255.00 171.40 SEGRO Aggreko ...... 1333.00 +20.00 1345.00 476.25 Davis Service ...... 391.90 –2.00 442.30 307.00 Ladbrokes ...... 142.30 +3.10 176.88 114.60 Serco ...... 620.50 +8.50 656.50 394.30 Alliance Trust ...... 321.80 +6.60 352.70 260.25 De La Rue ...... 943.00 +17.50 1021.00 808.50 Lancashire Hldgs ...... 482.00 +1.20 540.00 416.70 Severn Trent ...... 1250.00 +17.00 1258.00 921.00 AMEC ...... 803.50* +17.50 891.00 603.50 Debenhams ...... 59.05 –0.45 96.25 55.90 Land Securities ...... 623.50 +6.00 743.50 415.25 Shaftesbury ...... 380.50 +1.80 426.50 284.00 Amlin ...... 381.40 +5.50 428.50 291.00 Derwent London ...... 1368.00* +11.00 1490.00 844.00 Legal & General ...... 80.65 +1.00 94.40 49.37 Shire ...... 1465.00 +19.00 1526.00 798.50 Anglo American ...... 2605.00 +13.50 3015.50 1540.00 Dexion Absolute ...... 140.80 +1.10 148.00 107.75 Lloyds Banking Gp ...... 57.30 +1.41 75.58 39.62 SIG ...... 117.90 +1.60 146.60 82.25 Antofagasta ...... 883.00* +8.50 1100.00 546.50 Diageo ...... 1080.00 +10.00 1176.00 829.00 Logica ...... 128.50 +0.90 149.10 70.00 Smith & Nephew ...... 642.00 +12.00 700.50 435.25 Aquarius Platinum ...... 379.80 +6.00 490.00 172.75 Dimension Data ...... 102.40 +2.10 105.00 53.75 London Stock Exchange ...... 642.00 +5.00 949.50 606.00 Smiths ...... 1056.00 +16.00 1177.00 649.00 ARM Holdings ...... 267.90 +12.70 268.10 103.00 Domino’s Pizza ...... 361.00 –0.90 371.20 192.75 Lonmin ...... 1660.00 +4.00 2198.00 950.00 ...... 1633.00 +40.00 1796.00 1068.00 ...... 766.00 +1.00 782.50 378.50 ...... 340.80 –0.90 496.50 321.50 ...... 243.10 +5.40 373.60 199.60 SOCO Intl Arriva Drax Man Spectris ...... 820.00* +21.50 928.00 493.50 Ashmore ...... 248.80 +1.80 311.20 183.25 DSG Intl ...... 25.50 –0.45 39.75 19.25 Marks & Spencer ...... 348.70* +1.00 412.70 277.75 ...... 1434.00 +24.00 1591.00 749.50 Ashtead ...... 113.20 +3.60 128.50 52.00 Dunelm ...... 363.80 +4.50 438.40 202.00 Meggitt ...... 310.00 +5.70 328.70 151.75 Spirax-Sarco Eng ...... 2977.00 +34.00 3136.00 2472.00 ...... 424.10 +8.20 499.90 260.00 ...... 224.50 +6.50 251.50 87.75 Spirent Comms ...... 111.10 +2.50 127.80 54.50 Astrazeneca Easyjet Melrose ...... 820.00 +20.00 893.50 481.25 Atkins(Ws) ...... 701.00 +15.00 730.00 513.50 Edinburgh Inv Tst ...... 396.00 +7.70 412.40 297.50 Mercantile IT ...... 929.00 +21.00 1002.00 716.50 SSL Intl Autonomy Corp ...... 1781.00 +12.00 1897.00 1121.00 Electrocomponents ...... 219.50 –0.10 245.00 134.25 Michael Page Intl ...... 372.00* +8.70 461.50 218.50 St James’s Place ...... 246.30 +1.70 296.90 168.25 Aveva ...... 1186.00 +7.00 1237.00 661.00 EnQuest ...... 104.20 +4.20 112.70 87.35 Micro Focus ...... 504.50 +9.60 550.00 300.90 Stagecoach ...... 192.20 +5.70 204.90 114.75 Aviva ...... 339.10 +13.20 474.00 274.75 Eurasian Nat Res ...... 1031.00* +42.50 1276.00 582.00 Millen & Copthorne ...... 414.80 +12.60 496.30 217.25 Standard Chartered ...... 1685.00 +33.50 1847.00 1115.00 Babcock International ...... 576.50 +3.50 660.50 448.50 Euromoney Inst Inv ...... 624.00* +14.00 630.00 191.25 Misys ...... 231.60 +2.60 264.50 157.25 Standard Life ...... 184.30 +2.20 237.00 172.60 BAE Systems ...... 324.20 –1.40 389.90 294.20 Experian ...... 636.00 +6.00 664.50 434.00 Mitchells & Butlers ...... 323.00 +1.10 343.90 221.75 TalkTalk ...... 128.00 +2.30 147.10 106.60 Balfour Beatty ...... 262.90* +6.60 328.85 238.50 F&C Comm Prop ...... 95.00 +0.10 96.80 73.50 MITIE ...... 231.60 +1.90 281.70 204.25 Talvivaara Mining ...... 373.00 +8.00 501.50 315.00 Barclays ...... 302.70* +6.20 394.25 255.00 Ferrexpo ...... 261.50* +7.90 396.20 112.00 Mondi ...... 401.10 –0.60 488.00 182.00 Tate & Lyle ...... 461.00 +11.00 481.40 284.75 Barratt Development ...... 107.70 +2.20 193.31 91.80 FirstGroup ...... 391.30 +7.90 448.80 322.75 Monks Inv Tst ...... 297.50 +5.60 321.20 222.00 ...... 33.70 +0.51 54.90 30.75 ...... 188.90 –0.60 220.00 105.00 ...... 278.50 +5.10 297.20 210.25 ...... 267.10* +2.10 306.30 234.25 Taylor Wimpey BBA Aviation Foreign & Col Inv Tst Morrison Wm Telecity ...... 396.00 +5.00 455.00 272.00 Beazley ...... 117.50 +4.30 122.00 86.00 Fresnillo ...... 928.50* +8.00 950.00 438.00 Murray Intl Tst ...... 828.00 +13.00 893.50 575.00 ...... 547.00 +14.00 598.00 346.50 Bellway ...... 695.50* +10.00 927.50 591.50 G4S ...... 263.90* +4.10 285.70 197.90 National Express ...... 236.30 +4.40 256.80 135.08 Templeton Emrg Mkts ...... 796.50 +6.50 989.50 716.50 .....464.00 +7.70 484.00 370.00 ...... 495.50* +8.00 607.65 466.71 Tesco ...... 416.55* +1.90 454.90 347.40 Berkeley Genesis Emerging Mkts Fd National Grid ...... 206.10 +1.00 277.20 191.90 BG ...... 1080.00 +17.00 1248.00 966.90 GKN ...... 128.70 +4.70 155.00 67.49 Next ...... 2100.00* +18.00 2360.00 1402.00 Thomas Cook BHP Billiton ...... 1839.50 –16.50 2346.00 1274.50 GlaxoSmithKline ...... 1193.00* +11.50 1347.00 1015.50 Northumbrian Water ...... 287.50 +3.40 296.30 219.90 Tomkins ...... 249.10* +4.30 258.50 135.00 BlackRock Mining ...... 581.00 — 654.50 346.00 Great Portland Estates ...... 313.30 +3.30 332.10 203.75 Old Mutual ...... 114.20* +0.70 127.20 70.70 Travis Perkins ...... 788.50 +11.50 915.00 461.00 BlueBay ...... 303.00 –13.20 393.00 178.25 Greene King ...... 396.40 –1.70 504.00 359.50 Partygaming ...... 267.20 +3.00 339.70 213.30 TUI Travel ...... 233.90 +4.20 313.90 215.50 Booker ...... 41.08* –0.16 49.50 31.75 Halfords ...... 505.50 +2.00 524.00 299.00 Pearson ...... 958.50 +13.00 1069.00 574.00 Tullett Prebon ...... 336.90 +3.90 436.20 261.20 BP ...... 432.25* +2.50 658.20 411.50 Halma ...... 253.10 +6.60 278.50 165.75 Pennon ...... 543.50 +5.00 558.00 434.40 Tullow Oil ...... 1148.00 +20.00 1375.00 834.50 Brit Insurance ...... 750.50 –0.50 831.60 709.00 Hammerson ...... 376.00 +4.30 460.30 272.25 Persimmon ...... 406.60 +6.10 534.50 340.25 UK Commercial Prop ...... 79.70 –0.30 84.90 59.50 British Airways ...... 205.70 +3.70 255.80 117.30 Hansen Trans ...... 91.40 +1.70 169.25 78.00 Petrofac ...... 1199.00 +59.00 1294.00 580.00 Ultra Electronics ...... 1634.00 –2.00 1678.00 1058.00 British Amer. Tob ...... 2155.50 +22.50 2335.50 1637.00 Hargreaves Lansdown ...... 357.70 +11.40 387.00 197.25 Petropavlovsk ...... 1251.00 –10.00 1370.00 515.00 ...... 1887.00* +10.00 2024.00 1419.00 ...... 437.00* +8.10 467.90 338.50 ...... 100.00 –0.70 119.00 80.00 ...... 222.50* +5.20 249.70 121.25 Unilever British Empire Tst Hays Premier Farnell United Utilities ...... 561.50 +5.50 575.00 429.00 British Land ...... 466.70 +5.20 532.00 353.00 Henderson ...... 133.80 +2.70 157.80 83.75 Premier Oil ...... 1198.00 +68.00 1431.00 984.00 ...... 482.00* +11.80 497.70 253.25 ...... 437.70 +5.90 630.00 409.80 ...... 826.00* +14.50 986.00 763.00 Utd Business Media ...... 519.00 +13.00 579.50 364.75 Britvic Heritage Oil Provident Financial ...... 2295.00 +10.00 2967.00 1262.00 Brown(N.) ...... 253.00 +4.00 284.30 204.25 Hikma Pharma ...... 699.00 +11.00 730.00 412.00 Prudential ...... 565.50 +4.50 665.00 350.25 Vedanta Resources BSkyB ...... 580.00 +15.00 637.50 423.75 Hiscox ...... 340.10 +1.70 369.30 279.50 PZ Cussons ...... 291.60 –8.40 305.50 168.00 Victrex ...... 1089.00 –3.00 1123.00 498.50 BT ...... 133.50 +2.20 151.00 91.10 Hochschild Mining ...... 291.50 +0.70 370.60 220.00 Qinetiq ...... 130.00 +0.60 179.10 113.90 Vodafone ...... 137.80* +2.70 153.80 111.20 Bunzl ...... 716.00* +1.50 784.50 478.50 Home Retail ...... 250.40* +1.30 336.50 235.30 Randgold Resources ...... 5975.00 –155.00 6285.00 3351.00 VT ...... 749.50 +6.50 773.00 416.00 Burberry ...... 734.50 +11.00 750.00 359.00 Homeserve ...... 2157.00 –3.00 2190.00 1336.00 Reckitt Benckiser ...... 3265.00 +21.00 3667.00 2649.00 Weir ...... 933.50* +17.50 1076.00 437.50 Cable & Wire Comms ...... 62.55 +1.60 150.00 53.00 HSBC Hldgs ...... 639.40* +5.60 766.80 487.00 Reed Elsevier ...... 478.30 +3.80 548.00 403.75 Wetherspoon(J.D.) ...... 439.60 +9.00 556.00 348.00 Cable & Wire Wwide ...... 85.95 +2.90 94.80 68.60 Hunting ...... 489.00 +18.90 659.50 377.00 Regus ...... 88.90 +2.55 125.50 58.75 WH Smith ...... 451.70* +7.30 551.00 405.25 Cairn Energy ...... 408.40 +10.60 441.50 306.80 ICAP ...... 391.30 +6.80 478.30 291.70 Rentokil Initial ...... 120.90 +1.00 140.20 81.50 Whitbread ...... 1422.00* +21.00 1645.00 778.50 Caledonia Invs ...... 1650.00 +22.00 1759.00 1459.00 IG ...... 395.70 +16.50 436.30 216.50 Resolution ...... 62.00 –0.25 99.50 59.30 ...... 181.70 +5.90 219.50 160.50 ...... 777.50 +0.50 829.50 643.50 ...... 244.40 +6.30 289.30 80.00 ...... 317.20* +1.70 330.50 222.50 William Hill Capita Imagination Tech Gp Rexam Witan Inv Tst ...... 443.50 +13.50 487.00 329.50 Capital & Counties ...... 105.60 +2.50 125.40 99.60 IMI ...... 666.00 +9.00 742.00 275.25 Rightmove ...... 722.50* +12.00 729.00 334.00 ...... 1672.00 +33.00 1742.00 986.00 Capital Shopping Centres ...... 341.90* +7.90 580.00 300.20 Imperial Tobacco...... 1930.00 +38.00 2159.00 1547.00 Rio Tinto ...... 3171.00 +33.00 4104.00 1822.00 Wolseley ...... 328.80* +4.90 361.90 236.75 ...... 286.60 –3.00 347.00 270.20 ...... 1095.00 +10.00 1159.00 861.50 Wood Group (John) ...... 317.30 +10.40 411.70 231.25 Carillion Inchcape RIT Capital Partners ...... 669.50 +22.50 744.00 380.50 Carnival ...... 2689.00* +56.00 2937.00 1431.00 Informa ...... 391.60 +12.10 439.40 216.00 Rolls Royce ...... 594.00* — 631.50 321.25 WPP Catlin ...... 339.30 +5.80 380.50 284.75 Inmarsat ...... 785.50 +20.50 819.00 491.00 Rotork ...... 1374.00 +20.00 1482.00 779.50 Xstrata ...... 985.50 –6.50 1344.50 555.10 Centrica ...... 284.70* +6.70 320.00 212.50 Intercontl Hotels ...... 1142.00* +33.00 1175.00 584.50 Royal Bank Of Scot ...... 46.00 +0.86 58.95 28.25 Yell Group ...... 32.50 +1.40 86.00 20.25 Charter Intl ...... 709.00 +18.50 855.50 395.25 Intermediate Capital ...... 271.60 +2.00 332.00 170.25 Royal Dutch Shell A ...... 1841.00* +27.50 2068.50 1431.00 Chemring ...... 3274.00 +74.00 3711.00 1910.00 Intertek ...... 1403.00* +12.00 1576.00 987.50 Royal Dutch Shell B ...... 1773.50* +29.50 1997.50 1437.00 LONDON TOP 250 BY MARKET CAPITALISATION Chloride Group ...... 282.00 +2.50 308.40 129.00 Intl Personal Fin ...... 224.60 +4.10 283.00 65.75 RSA Insurance ...... 119.30* +1.70 142.00 113.10 * Ex-Dividend † Suspended Close Bros ...... 732.00 +6.00 806.50 623.00 Intl Power ...... 300.40* +4.50 354.00 228.00 SABMiller ...... 1945.00 –4.00 2090.00 1210.00 Cobham ...... 235.30* +3.90 278.60 164.90 Invensys ...... 279.30 +3.60 350.30 212.25 Sage ...... 244.40* +3.90 260.50 167.20 www.interactivedata.com

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US President Barack Obama said on in at the moment and when you have supportive labour market data. Wednesday he believed that the May a market which is not unfairly valued The Dow Jones industrial average THELONDON employment report, due on Friday, and selling off, it tends to attract THENEW YORK edged up 5.74 points, or 0.06 per cent, would show strong growth in US pay- investors back in,” Peter Dixon, econo- to end at 10,255.28. The Standard & rolls. mist at Commerzbank said. Poor’s 500 Index added 4.45 points, or REPORT Weekly US jobs data out yesterday The upbeat sentiment drew pun- REPORT 0.41 per cent, to 1,102.83. The Nasdaq appeared to back up Obama’s upbeat ters in off the sidelines, attracting Composite Index rose 21.96 points, or RITAIN’S top shares snapped comment. them to stocks which have been hit 0.96 per cent, to 2,303.03. out of a three-session losing The number of US workers filing over the past few days. S stocks rose yesterday, led by a Technology shares, among the streak yesterday as hopes of new claims for jobless benefits fell Energy stocks were top performers. late-day surge in technology biggest beneficiaries of an economic Bstrong jobs data from the US last week, while private employers BP rose 0.5 per cent but fell away shares as investors geared up recovery, led the rally, with the spurred sentiment, sending investors added jobs in May, further evidence from session highs as the oil major’s Ufor what is expected to be a Philadelphia semiconductor index up bargain hunting in commodity- the labour market was improving. Gulf of Mexico oil disaster weighed strong unemployment report today 1.2 per cent. linked stocks and banks. However, a slowdown in new on the stock’s sentiment. Stocks moved up and down Microsoft rose 1.5 per cent to $26.86 The FTSE 100 ended up 59.86 orders received by US factories from Crude added 0.7 per cent, while BG throughout the session, shifting after chief executive Steve Ballmer points, or 1.2 per cent, at 5,211.18, March’s surprisingly robust gain con- Group and Royal Dutch Shell gained between optimism and pessimism on said the company will continue to closing at a two-week high but falling vinced investors to lock in some early 1.6 and 1.5 per cent respectively. Oil a variety of factors, including techni- prosper even as the transition from back from an intra-day high of profits. services firm Petrofac was the top cal resistance at the S&P 200-day mov- PCs to other devices poses a “potential 5,262.50. “It’s a very volatile situation we are riser, up 5.2 per cent. ing average, the euro’s weakness, and tumult.” CITYA.M. 4 JUNE 2010 Investment | Personal Finance 23 Choosing the right lender is crucial in a tough market When houses are vanishing fast, a quick turnaround from your mortgage provider makes all the difference, says Jessica Mead

OUSES are selling like hotcakes ple which route they need to go down to thanks to fierce competition get a mortgage,” he says. among buyers. The latest monthly If you need to get your mortgage Hsurvey from the Royal Institution approved within a matter of days, hiring of Chartered Surveyors (RICS) showed the services of a broker can be a good that houses are shifting quicker than move, even if it does cost you. The time it new ones could come on to the market, takes providers to turn an application despite the number of new sellers around can vary dramatically. For exam- increasing. Even the dreaded gazumping ple, those offering the best rates experi- is back. ence high volumes and therefore In such a market, if you come across a customer service and speed drop off. property you really want, you can’t While you can and should ask a lender afford to be waiting for paperwork to be what their current service levels are, a completed and your mortgage to be broker will have a much better idea of approved. The last thing you want is for which lenders are quicker and more flex- your mortgage lender to leave you hang- ible. Ideally, you should expect your ing when everything else is ready. mortgage application to take no longer So if you do require a quick turn- than two to three weeks from start to fin- around on your mortgage approval, ish, says Mark Harris, managing director what can you do to speed up the process? at Savills Private Finance, a City-based Lenders are requiring more evidence mortgage broker. from prospective borrowers nowadays, A recent survey by Which? Money When you see a house which can slow down the approval found that state-owned mortgage you want, you have to MORTGAGES | SHOULD YOU BE LOOKING TO FIX YOUR RATE NOW? process. Consequently, ensure you have providers are trailing behind smaller move quickly all the necessary information to hand – lenders and building societies for cus- THE recent surge in inflation has put increased ers who want to guard against rises in the ie, proof of income in the form of P60s. tomer satisfaction. For the third year Picture: pressure on the Bank of England to raise inter- Bank rate in the long-term take out five-year If you are self-employed, the days of running, First Direct topped the survey, Micha Theiner/ est rates, giving borrowers a bit of a dilemma – fixed products. But second-guessing what the self-certification are long gone and you with an 89 per cent score, followed by CITY A.M to fix or not to fix. central bank will do is a waste of time – you will have to provide accounts going back the Co-operative with 78 per cent and at least two years, says David the One Account scored 77 per cent. Those on variable or tracker rates have benefit- will only know in hindsight if you would have Hollingworth at London & Country, a Bank of Scotland received the lowest ed over the past 18 months after the central financially benefited from one product or mortgage broker. This may also be the overall score, with just 41 per cent of cus- bank slashed rates to a historic low of 0.5 per another. Therefore, it is better to choose the case if a large proportion of your annual tomers saying they were satisfied. cent. The Organisation for Economic product that suits you best rather than forever salary is paid in bonuses. However, Halifax, Northern Rock and Lloyds TSB lenders do reserve the right to ask more fared not much better, scoring 44 per Cooperation and Development (OECD) warned chasing competitive rates. questions and you can’t always pre-empt cent, 45 per cent and 48 per cent respec- last week that rates would have to rise to 3.5 Regardless of the rate, fixed mortgage rates what they will ask. tively. The smaller lenders such as per cent by the end of next year to fight infla- offer you certainty and peace of mind. You Hollingworth points out that if you Clydesdale, for example, pride them- tion. And Credit Suisse cautioned that lenders know exactly how much you will repay each are not a run-of-the-mill customer, then selves on a more personalised approach will increase profit margins on mortgages to month – ideal if you need to keep to a budget. you may have to settle for any mortgage while still offering top rates. But be provider that will lend to you. “The more aware that the best rates are often only 2.5 per cent above the cost of funding over the But if you are happy to take a risk with your difficult your scenario is to place, the available directly from the lender so next two years. The era of cheap, if not easily monthly mortgage payments then there is still chances are that you may not be getting using a broker might not be advanta- available, mortgages may be coming to an end. value to be had in a tracker product. Just make the sharpest rate. The value we as a bro- geous if you want market-leading rates. So in such an environment, should you be try- sure the penalty fees aren’t too high – no more ker are adding now is cutting through Whether you use a broker or not, find- the criteria to point people to the right ing out which lender can offer you the ing to lock in a favourable fixed rate now? than 1 to 2 per cent of the entire loan ideally – lender rather than just to the best rate. best product is the best way forward in Brokers are recommending that those borrow- just in case interest rates do start to soar. It’s now much more about advising peo- this tough market. PERSONAL FINANCE NEWS BY JESSICA MEAD

NO OVERSEAS FX FEES WITH KALIXA NEW BARCLAYS’ GROWTHBUILDER TOP 10 MOST USELESS PRODUCTS Whether you are heading to South Barclays Wealth has launched a new People could be wasting thousands of Africa for the World Cup or elsewhere version of its Growthbuilder investment pounds on financial products that they this summer, you ought to be thinking product, which aims to deliver a com- don’t need according to research from about your currency arrangements as petitive rate of return in low growth Which? Money Quarterly out today. It early as possible. Kalixa, the pre-paid market conditions. The six-year said that the top 10 most useless prod- Mastercard, has announced this week Growthbuilder offers a 6.6 per cent ucts are mobile phone insurance, that it will be waiving its standard for- locked-in return for each year that the extended warranties, structured prod- eign exchange fee for all point-of-sale FTSE 100 is at or above its starting ucts, ID fraud cover, payment protec- transactions made abroad. The offer level on any of the plan's six anniver- tion insurance, secured loans, store started earlier this week and it will run saries. The potential maximum is there- cards, debt management plans, with- until 30 September 2010. The Kalixa fore 39.6 per cent. Investors' capital is profits products such as endowments, card can be loaded with up to £3,000 fully returned at maturity, irrespective and packaged accounts. Which? Money by electronic bank transfer for 99p or of market performance. The maturity said that these products are often use- from another debit or credit card at date of the product is 18 August 2016 less and may be covered by another 1.95 per cent. and the minimum investment is £5,100. product that you already own. Some financial products aren’t always as useful as they appear Picture: SXC 24 In association with CITYA.M. 4 JUNE 2010 City Focus | Going It Alone TIME TO PAY Q& A Bubbly and with plenty of fizz What is the “time to pay” scheme and how does it Q.work? The “time to pay” scheme is a long- High Timber’s Neleen standing tax deferral scheme by A.HMRC that was not widely known Strauss is a City hit, prior to 2008, when the government re- launched it as part of a package of recession- says Kathleen Brooks busting measures. It allows businesses to delay paying a certain amount of tax for a period of time. Although during 2008 and ITY boys and girls can be a hard early 2009 HMRC relaxed the rules and bunch to please, but Neleen Strauss granted extra time for a wide range of busi- seems to have found the formula nesses to pay tax, now the Revenue has Cthat keeps them coming back to reverted to a more stringent approach and High Timber, the restaurant she co-owns access to “time to pay” has once again that is located on the north bank of the become harder. A company seeking more River Thames. time to pay any kind of tax – including PAYE High Timber has arguably one of the or income tax for an unincorporated business best views in the City: it overlooks – must call HMRC to outline a specific reason Shakespeare’s Globe and the Tate why the tax cannot be paid and a schedule Modern. It also has a South African feel – for paying it. For example, if a customer is Strauss’s birth place until she moved to taking some time to pay an invoice, a compa- the UK in 2001 – with bright Paul du Toit ny can ask that the deadline to pay the tax on paintings on the walls, a slate floor, thick that revenue be pushed back until the invoice wooden tables and a relaxed atmosphere: is paid. The re-launch of the scheme was “The restaurant is less fussy than fine din- designed to help companies during the down- ing,” says Strauss, who became a British turn, enabling the Revenue to show some dis- citizen three years ago. cretion towards otherwise successful High Timber was Strauss’ second foray businesses. into the restaurant business. Her first was as co-partner of Vivat Bacchus, which survive anything.” Neleen Strauss ness, so I had some strong female role Who is included and opened in 2003. After five years she sold Serving reams of bankers, lawyers and brings some South models.” how does one qualify? her shares in the business and set up High analysts each day must give Strauss a African charm to After conquering London, what she Q. Timber. sense of how things are going in the City: the City calls “the world’s city”, Strauss isn’t going “Back in 2003 you could set up a busi- “I like to call it my own champagne to stop there; she wants to take her brand HMRC decides on a case-by-case ness in the City for £500,000. You can’t do index. There was certainly less champers Picture: Micha of low-fuss, high quality dining to the basis which businesses are eligible to that now, High Timber cost the best part being drunk when we first opened the Theiner/ CITY A.M New World and has plans to open a A.have their tax payments delayed. One of £2m,” Strauss says as she shows me the restaurant, but now more people are branch of High Timber in New York. of the main factors involved in the decision is wine cellar, which has a delicious earthy indulging, which shows something is whether the business is viable in the long smell and contains over 20,000 dusty bot- going right, and is good for us.” CV | NELEEN STRAUSS term – HMRC is not keen to grant time to tles of wine lying on their bellies on High Timber is already starting to pay businesses that might go bust having not paid wooden racks. Strauss set up High Timber off: “I budgeted for it to break even in the Age: 45 and the Scoundrel Christ.” their tax. It might therefore be harder for with Jordan Wines, a vineyard based in first year, but it actually turned a tiny new companies with cash flow problems to the Stellenbosch. It’s been hard work to profit, and we think we will be in profit Family: Single, no children Strauss went into the restaurant be included in the scheme because it is neces- get High Timber started, it often includes this year as May was our best month Lives: The City business after studying acting at sary to provide proof of one’s ability to handle 15 hour days, five days a week. ever.” Drives: “I take cabs or walk.” the University of the Free State. cash flows in the longer-term, showing that Although she had planned High She says she isn’t intimidated by being Reading: “I am always reading “I went straight into waitressing this inability to pay tax is just a one-off. Such Timber for two years, Strauss didn’t open a restaurateur in what is a male-dominat- proof can take many forms, including balance the restaurant until April 2009, right in ed world: “I went to a very good girls even though I work long hours. after college because I realised sheets, bank statements, previous tax returns the middle of the credit crunch. “We have school that taught me I could do Right now I am reading Philip it paid more than acting,” says (which the HMRC will already have on file) or a saying in South Africa: “adapt or die”. If anything I want, and on top of that my Pullman’s The Good Man Jesus Strauss. a history of invoices (if, for example, a regular you can survive a recession then you can mother had a successful home crafts busi- customer always takes three months to pay, this must be shown with documentation). To get permission, documentation, good faith and reliability are important. As Baker Tilly’s Vincent Wood says: “If you’re a company that’s never been late with anything and you No lament for ask for an extra few months, the Revenue will take it that you probably are in difficulties rather than just trying it on or looking to use them as a bank.” the end of the Are there any limits on when and Q.how much tax one can delay? The only official limit on delaying tax family-run firm payments is for companies owing A.over £1m, who need to provide an independent business review to prove their need for more time. In terms of timing, Anita their labour.” Townrow also points out that The days of a family people will be less likely to sell their Monteith at the Institute of Chartered Entrepreneurs will strong businesses can attract high bids business are over businesses, says Jamie Shepherd, chief Accounts says: “Contact the revenue before which can be too good to turn down: executive and owner of Courtiers, the the payment is late. Don’t leave it until only stay on in future “People are willing to pay good money for Picture: GETTY investment services firm. “The trend to you’ve missed the deadline.” And when businesses, so more people are happy to build up a company and then sell it permission has been granted, Wood for tax reasons, writes cash in and use that money to fund a ven- rather than pass it on was created by the advises: “Once you’ve made ture started by their son or daughter rather UK’s tax system. There was a low rate of the arrangement you Kathleen Brooks than pass their own business down the capital gains tax (CGT) and this encour- really have to stick to it family line.” aged people to sell. But this could because, if not, next Another reason for the demise of family reverse if there are tax changes.” time they just won’t HE days of family-run firms could be succession is that it doesn’t fit with a mod- Shepherd says that as CGT goes up believe you.” numbered according to a survey car- ern economy, whereby firms have to be at and pension relief for high earners is Businesses that have ried out by Haines Watts, the their absolute fittest in order to survive an scaled back, more people may consider missed tax payments Taccountancy firm. It found that out exceptionally tough marketplace. David retaining their shareholding in the in the past might of the 650 small business owners it asked, a Fort, managing partner of Haines Watts, company, as this could be the more tax therefore find it diffi- paltry 16 per cent responded that they says that these days businesses need the efficient option: “You could still be a cult to push back planned to hand control of their business best people to survive: “This trend could majority shareholder, along with your their tax deadlines. to another family member. help businesses, since they don’t need to family, but you might not run the day- For viable companies So, what has led to this change? William take on a family member if they aren’t that to-day business of your firm, which permission can be Townrow from Vestra Wealth says that good.” would be passed over to other qualified granted instantly. lifestyle choice is a major factor. “You get Although the days of passing a firm staff members.” Juliet Samuel entrepreneurs who come to the end of down the generations might be over, In future entrepreneurs might stay on their careers and want to reap the fruits of changes to the tax system could mean that because of tax – not an inspiring reason.

26 CITYA.M. 4 JUNE 2010 Living | Commuter Property

BALLS PARK LUXURY, HERTFORDSHIRE, £549,995 Set in the stunning grounds of Balls Park, this house is one of a range available from the Townsend Collection. The houses are designed in the style of the park’s old mansion and offer under- floor heating, superb sound-proofing, oak fin- ished doors and stone tops in the fully fitted kitchens. Contact 0207 886 0331. www.explore- ELEGANT TOWNHOUSE, CHISLEHURST, £1.4M living.co.uk. The first development outside central London to adopt the “Belgravia style” this beautiful terrace of Georgian-style townhouses offers 3800 sq ft of living space and close proximity to parks and transport. It is designed by Urban Evolution, the company behind many stylish award-winning venues including the Pantechnicon Rooms, the Thomas Cubbitt and the recently opened The Orange in Pimlico. Contact 020 7861 1068. www.deneterrace.com. Opening up the Garden of England

some of Britain’s few remaining grammar Green space, fast rail links and schools. Meanwhile, further down the Stour river, Canterbury offers buyers thou- big houses makes for a perfect sands of years’ history as well as proximity to the sea and, as Sandersons estate agent town, writes Juliet Samuel Malissa Jones describes: “Unlike a lot of the other cities, Canterbury has held onto a lot of independent boutique shops on its cob- ITH the recent fresh spates of bled streets”. Centred around its stunning sunshine over the City, workers cathedral, the town has a wide range of commuting from office to apart- properties available, from townhouses on Wment might be thinking longing- tree-lined avenues to old Victorian brick OPULENT MANSION, CHISLEHURST, £5.5M ly uprooting from London for somewhere houses inside the ancient city walls. more rural. With expanding rail links con- Independent schools in Kent include This is the most substantial and opulent residence to be built in Chislehurst for necting more and more towns to London, Tonbridge School, Sevenoaks Schools and over half a century. This magnificent new home, set in nearly an acre of beautiful- property prices are on the up and it’s easier Benenden. ly landscaped grounds, backs onto the 17th fairway of the prestigious Chislehurst than ever to enjoy the pleasures of the coun- Golf Club. It forms part of the historic Camden Park Estate, home in exile in the tryside at home while keeping a lid on the HERTFORSHIRE: HERTFORD 1870’s to the French Emperor Napoleon lll. It offers easy access to Chislehurst length of your commute. So which areas Professionals looking for quick access to station and the village centre. Contact: 020 8295 7234. www.jdmonline.com. have the perfect combination of transport beautiful countryside could barely do bet- links, green space and spacious houses to be ter than Hertford. Locals in the area benefit a good commuter town? from scenic walking routes along canals and the four rivers that form a confluence KENT: CHISLEHURST in the town, which also boasts a rich histo- Just 20 minutes from London Bridge sta- ry symbolised by Hertford Castle, home to tion and half an hour to the City door-to- English Royalty for more than 300 years. door, Chislehurst offers a better-value and The town centre features a pretty square more convenient alternative to some more filled with pubs and restaurants and a spa- popular locations like Richmond and Esher cious central common. The famous to the west of London. Space is at less of a Haileybury School is nearby and the town’s premium here than in more crowded bor- many primary schools include Abel Smith oughs closer to the centre, enabling buyers School, St. Andrew’s School, the prestigious to take advantage of the many large town- Mill Mead Primary and Hollybush School. houses in the area. Chislehurst also hosts the start of the South East London Green BERKSHIRE: ASCOT Chain – a chain of parks and open spaces Eastern Berkshire offers buyers all the con- that runs all the way to Greenwich, and its venience of a quick rail link to London own golf club. Local schools include alongside beautiful countryside and excel- Beaverwood School for Girls, formerly a lent schools. Formerly the home of Ringo grammar school, and Edgebury Primary Starr and home to the most prestigious School, rated outstanding by Ofsted. racecourse in the country, Ascot is accessi- ble from Waterloo with just a 52-minute KENT: CANTERBURY AND ASHFORD train ride. Stunning local villages offer With the brand new high speed rail linking exceptional scenery and world-class restau- Ashford to central London within half an rants, with The Fat Duck just a short drive hour, and Canterbury in 56 minutes, prices away in Bray and The French Horn nearby LIGHT AND SPACIOUS APARTMENT, CANTERBURY, £279,995 have jumped in Kent and look set to rise as in Sonning. There is also easy access to the A short stroll to the city centre, this property is located in the highly desirable more buyers realise the new train link has Chilterns area of outstanding natural beau- area of south Canterbury. If you are looking for a spacious and light living space opened the “garden of England” to the ty for outdoor activities and excellent edu- with two double bedrooms and a large living room, then this could be ideal for commuting population of the City. cational options. Local schools include you. There are two bathrooms, one ensuite, and allocated parking for a car. This Ashford has been rated the fourth best Charters School, rated outstanding by would suit a professional couple looking for an easy commute and good capital place to live in Britain due to its pedestri- Ofsted, and the prestigious, independent St anised central streets and the presence of George’s School and Papplewick School. growth. Contact: 01227 784784. www.sandersons.info. LuxuryLiving Brand new homes set in the grounds of HERTFORD a 60 acre parkland estate in Hertford SG13 8FE Introducing Balls Park, a fabulous development of brand new high specification houses and apartments in the heart of a beautiful 60 acre parkland setting. All homes are set behind electronic gates and are located approximately 1 mile from Hertford East train station offering fast and frequent links into London.

Apartments from £294,995 Houses from £549,995

For further information & to request a brochure call: 0844 662 6041

D E R AR W 19 A1

STA NST EAD RD B1502

D HERTFORD OA EAST RE R Enfield Lock Liverpool St. WA HERTFORD TOWN Hertford M 18 24 33 49 ILL CENTRE MINS MINS MINS MINS W East A LO S N H D O N Cheshunt Tottenham Hale R OA D A10

A 414

Alexandra Palace Old St. P E LO G NDO S N R O Hertford L A A D

16 21 25 34 N

E MINS MINS MINS MINS North SG13 8FE

B Winchmore Hill Finsbury Park 11

Marketing Suite & Show Homes open 7 days a week 10am - 5.30pm www.exploreliving.co.uk Email [email protected]

Photography of Balls Park. Map not to scale. Travel times show shortest journey time as taken from train operators website. Prices correct at time of going to print.

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)RUPRUHLQIRUPDWLRQSOHDVHYLVLW NQLJKWIUDQNFRPLSKRQH L3KRQHLVDWUDGHPDUNRI$SSOH,QF 28 Living | Property of the Month CITYA.M. 4 JUNE 2010

Loft living goes west in a mews home with style Timothy Barber looks at a classy conversion of a building once used by canal boatmen

INDING hip, loft-style homes in west There are four bedrooms over two London can be rather tricky floors, the star attraction being the mas- – Notting Hill and Fulham are hard- ter bedroom which occupies a mezzanine Fly rife with the kind of ancient gallery space overlooking the main recep- industrial buildings that made east tion area. The living room is double London so fashionable in the Nineties. height and tremendously bright and airy What the west does have lots of is mews thanks to skylights inserted in the roof. streets – quiet, attractive, frequently cob- With white walls and simple wood floors bled little spaces that once housed the the style is fashionably minimalist, but stables to the grand mansions and town- it’s a cosy place too, with the old sloping houses of the main roads and squares. ceilings and wooden beams adding char- Those old stable buildings have proved acter and atmosphere. highly adaptable for those searching for For fans of tech-savvy modern living something a little different in areas the place is wired up to be adapted to the where the postcode starts with a W, and latest house-wide audio-visual systems, June’s Property of the Month is a case in and a media room in the basement has point. been designed for luxurious film viewing. On the market for £4m, The Boatman’s Wedged between the elegance of Institute, on Junction Mews between Marylebone and Connaught Village, near Marylebone and Bayswater, was built in the modern amenities of the sparkling 1827 and was originally a meeting house Paddington Basement regeneration and for the boatmen who operated long boats the bustle of the Edgware Road, it’s in the up the canals that join at Paddington heart of the action – but being a mews Basin. More recently the building became cul de sac, it’s quiet and secluded too. offices, and has now undergone a rather Call Simon Barnes Property Consultants on beautiful conversion. 020 7499 3434 or visit www.simonbarnes.com. STRONGER TOGETHER

One name, one promise ... one Colliers In markets around the world, Colliers professionals are working together to serve the needs of clients, to advance their interests and accelerate their success. www.colliers.com/uk

LONDON | NEW YORK | HONG KONG | SHANGHAI | SINGAPORE | SYDNEY | LOS ANGELES Accelerating success.

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FOCUS ON: BRENTWOOD, ESSEX

KUMRA HOUSE, KELVEDON HATCH, CM15 0JX Price: £1.7m A smart period family home, this property is set in about 1.5 acres of grounds. There are five bedrooms and the master bedroom comes with an en suite bathroom. There are two reception rooms, a dining room, a study and a conservatory. There is also a summer WARLEYS LEA, WARLEY ROAD, GREAT WARLEY, CM13 3HT house and a swimming pool in the gardens. Price: £3.75m Contact: Strutt&Parker on 01245 254600, www.struttandparker.com Architectural connoisseurs will love this early 19th century house that was remodelled by Sir Edwin Lutyens. It is ideally located just 1.25 miles from Brentwood railway station – around 30 minutes by train from Liverpool Street. Of particular note is the Jacobean staircase that Lutyens is believed to have brought from a house in Chester at the time of the alteration. There are four principal bedrooms and two secondary bed- rooms on the ground floor. There is also a library, a separate study, television room and cellar for extra storage. There is also a self-contained cottage, a swimming pool, tennis court and two double garages within the nine acres of grounds. Contact: Savills Chelmsford on 01245 293233, www.savills.co.uk

CURRENT MORTGAGE DEALS BY JESSICA MEAD

LENDER FIXED/FLEXIBLE RATE UNTIL STANDARD RATE APR MAXIMUM LOAN (PER CENT) (PER CENT) (PER CENT) TO VALUE (PER CENT) Yorkshire BS Flexible 2.39 To Jul 2012 4.99 4.7 75 First Direct Repayment Flexible 2.39 Term 3.69 2.9 65 Market Harborough BS Flexible 2.48 2 years 5.49 5.1 75 HSBC Special 70% LTV Flexible 2.49 Term 3.94 2.7 70 NatWest Purchase Flexible 2.59 To Aug 2012 4.00 4.0 60 Santander Direct Fixed 2.90 To Aug 2012 4.24 4.2 60 THE CLOCK TOWER, THE GALLERIES, CM14 5GF Yorkshire BS Fixed 2.95 To Jul 2012 4.99 4.8 75 Price: £499,995 For the price you get a three-bedroom flat in this converted clock Post Office Fixed 75% LTV Fixed 3.89 To Jul 2013 0 3.8 75 tower. The master bedroom benefits from an en suite bathroom, Britannia Fixed 3.99 To Aug 2015 4.24 4.3 75 while there is also a study and a smart fitted kitchen. The property is set in attractive surrounding gardens. The Co-operative Bank Purchase Fixed 5.29 To Aug 2020 4.24 5.8 75 Contact: Bairstow Eves on 01277 211654, Source: MoneySupermarket.com www.bairstowevescountrywide.co.uk

City to City Wembley City to the Square Mile in under 30 minutes!

Move to the heart of the action at Wembley City, London’s most exciting new lifestyle destination and see that commuting to The City or Canary Wharf has never been easier! Apartments within walking distance of three newly refurbished stations offering three underground and one overground line into Marylebone, the West End or The City.

Reserve before Wembley City Marketing Suite, Forum House, Engineers Way, Wembley. 30th June 2010 and Open six days a week, Monday to Saturday 10am to 5.30pm. we will pay your

annual tube fare* T: 0845 201 1205 A development by wembleycity.co.uk E: [email protected] CITYA.M. 4 JUNE 2010 Living | The Knowledge 31 BY JESSICA MEAD SELLING Q A being turned down for the & same reason will worsen your HANOVER PLACE, WARLEY, credit rating and increase your chances of CM14 5WE being turned down in the future. Better to Price: £800,000 address it straight away rather than find This large three storey townhouse Russell Hunt yourself running out of time. on the outskirts of Brentwood has MANAGING DIRECTOR, five bedrooms, making it an ideal PROPERTY HUNT Dear Russell, is the London resi- family home. Two of the bedrooms dential property market starting have en suites and there is also a Dear Russell, is it easier to get Q.to look like it is slowing down? shower room on the top floor. The a mortgage now and what’s Q.the best way for me to go The London residential market is kitchen is large and includes a cen- about getting one? certainly starting to slow down in tral preparation island. There are A.my opinion. It is being dictated three reception rooms and a ground It is certainly still difficult for indi- mainly by the level of stock available in the floor utility room. The property has viduals to get a mortgage but market and we are starting to see more ample parking space and a garage. A.lending is starting to pick up. price reductions. Contact: Bairstow Eves Brentwood However, mortgage lenders are tending to Buyers are still cautious given the cur- on 01277 211654, be more selective as to who they will rent economic uncertainty and sellers are www.bairstowevescountrywide.co.uk approve and are also demanding that you becoming a bit more flexible in their asking prove you meet certain criteria. prices and their willingness to negotiate. Some lenders tend to be more flexible If it is a good property with plenty going than others though – some will turn you for it, then it will still sell quickly. However, down if you don’t tick all the boxes where- if it has certain aspects that don’t appeal as others will deal with their customers on quite so much, then you may struggle more HIGH MYLES, ONGAR a more personal basis. to sell it. ROAD, STONDON MASSEY, There are lots of pitfalls when it comes For example, a property with tenants in, CM15 0LD to choosing the best mortgage rate for lower ground floor flats and dark flats in Price: £1.6m you and it is worth taking some time to mansion blocks can all put prospective This is an attractive country house get it right. While you can shop around buyers off. Even a pub across the road – built in the 1930s, which is located and look at comparison websites, it is however quiet its regulars may be – or a half way between Brentwood and often useful and less hassle to go through bed and breakfast next door, can deter Ongar. There are four double bed- independent financial advisers (IFAs). buyers. rooms, of which three are en suite, They will look for the best deal for you, There are more properties coming on to and four reception rooms. The both in terms of the rate and its suitability the market and there is a levelling off grounds total 8.1 acres and include given your circumstances. between buyers and sellers, which is caus- a heated indoor swimming pool, a What’s more, because they are being ing prices to level off as well. People cer- tennis court, a double garage with paid by the mortgage lender, their advice tainly aren’t rushing in to the market as studio above, and even your very and services are free. IFAs will usually much as they were. own lake. have their ears to the ground and will As for the future of the London residen- Contact: Savills Chelmsford on know what kind of service you could tial market, much will depend on the eco- 01245 293233, www.savills.co.uk expect to get from lenders. nomic situation and the level of sterling. For example, if you have a mortgage The more the pound weakens, the more provider that is dragging its feet, then you attractive London is to foreign property could lose the property. The longer it takes buyers, which could keep house prices in to get your mortgage approved, the less the capital rising. In parts of London, these the vendor will think you are a serious rises are sustainable; in others they are buyer and may even put the property back less so. COVERTSIDE, PRIESTS on the market. However, the summer is definitely a LANE, CM15 Ideally, you should have a survey good time for prospective buyers to look Price: £1.65m booked in no longer than two weeks after for properties. There is less competition as An Edwardian family house in a you applied for the mortgage. people tend to take their eyes off the mar- sought-after location, this six bed- However, the key is to agree your mort- ket in the summer. room property is close to Shenfield gage in principle before you start looking The mind-set is also changing – people railway station and is therefore for houses. This gives you time to get all just want to get on with moving especially ideal for City commuters. Many of your paperwork arranged and agreed. You if they have a big mortgage and want to its period features have been kept, also then know your budget exactly and free up the capital locked in their home. including an oak-panelled reception can tailor your property search appropri- We should see the London property market hall. There are three reception ately. If you don’t know how much money become more flexible and there should be rooms, two of which overlook the you can afford to spend, then you may be more opportunities for buyers to negotiate sizeable back garden and the patio wasting time looking at houses that are with vendors. terrace. completely out of your price range. Contact: John D Wood on 01245 Finally, if you do get turned down for a Russell Hunt is managing director of 344222, www.johndwood.co.uk mortgage, find out why and try to address Property Hunt, a search agent for London the situation. If it is your credit rating, and the Home Counties. then applying for another mortgage and www.property-hunt.co.uk

Live in Wembley City and enjoy:

Q Stunning specification that includes underfloor heating and 100MB broadband facility 19 mins Q 24/7 concierge service, landscaped courtyard and 9 mins Euston secure underground parking Square 29 Marylebone mins Q Surrounds the iconic Wembley Stadium and the future Liverpool inclusion of designer shops, restaurants, bars and gym can Street make Wembley City the most exciting new London address. 32 38 mins mins Studio apartments from £175,000 Jubilee Bakerloo London Canary 1 & 2 bedroom apartments from £215,000 Bridge Wharf Metropolitan 27 Duplex Penthouses from £499,000 National Rail mins

Prices correct at time of printing. Photographs taken at Wembley City. Train times approximate. Waterloo *For reservations taken on or before 30/6/10 that go onto exchange and complete. 32 CITYA.M. 4 JUNE 2010 Lifestyle | Fashion Be inspired by the

1 nautical look

Dress for the yacht, terrace or beach, say Zoe Strimpel 2 and Timothy Barber

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2 3 4 3

4 5 8

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7 6 7

1 Stripey blue and white dress, Lacoste, £130, www.lacoste.com 2 Sacha 1 Admiral’s Cup Competition, Corum, £2,795 www.corum.ch shell bracelet, Lola Rose, £65, www.lolarose.co.uk 3 Crystal detail sandals, Giuseppe Zanotti, £720, 2 ‘Jardigan’ cardigan-style blazer, Ede & Ravenscroft, £395, www.edean- www.netaporter.com 4 Big tote nylon bag, Marc by Marc Jacobs, £250, www.netaporter.com dravenscroft.co.uk 3 Striped polo shirt, Hackett and Monocle, £85, www.hackett.com 4 Khaki 5 Beige frame sunnies, Calvin Klein, tel: 0871 5207 165 6 Nautical stripe bardot top, Jaeger, £60, Amalfi shorts, Hackett, £90, www.hackett.com 5 Striped t-shirt, John Smedley, £122, www.jaeger.co.uk 7 Silk polka dot knee skirt with black belt detail, CH Carolina Herrera, £260, tel: www.johnsmedley.com 6 Love Espadrilles, £25, www.johnlewis.com 7 Dockside shoes, Russell & 020-3441 0965 8 Stab stitch jacket, Jaeger, £299, www.jaeger.co.uk Bromley, £100, www.russellandbromley.co.uk

HIS weekend I’m thinking close friends, finger nails? When you’re in sandals or peep- Rub the cream in again before you go to bed glass of rose, tantalizing aromas from toe shoes your feet are on show. People tend to give it time to work its magic, in the POLISH UP FOR the barbie, bare shoulders, and a scent to look at your face first, then your feet, and morning your feet will feel like rose petals. Tof roses – could it be a more perfect when bared and unkempt, they can cause Use M&S Essentials Double Hard clear English summer’s weekend? So it’s time to put quite a grimace. All week in the office we for- varnish (just £5) as a base, then add whatev- PEEP-TOE SEASON on that colourful maxi dress that’s been hang- get about them, but now it’s their time to er colour you like. I don’t have time to do this ing in your wardrobe for the last few freezing shine, so make them pretty. process too often, so I like M&S’s sparkly weeks, and take your new thong sandals out Give yourself a quick pedicure by soaking soft pink varnish (£2.50), as it makes your of the box, hurrah! For a successful barbeque, them in warm water for a couple of minutes toes look pretty without drawing too much Sara there’s preparation; so too, to unleash the and gently ease back the cuticles, removing attention. full impact of your new summery outfit. any dead skin around the nails with an For your hands, the process is similar with I’m sure you’ll have thought of shav- orange stick. Pumice your heels if necessary. Barielle Nail Strengthening Cream –it’s Hollamby ing your legs and underarms, and Dry them and trim the nails with sharp scis- brilliant for preventing splitting and flaking. maybe even some fake sors, straight across. Now rub in some Then use the Double Hard with or without a tan for a healthy Barielle Foot Care Cream (£16); this, along natural colour if you want it to last all week Style Mediterranean with Barielle Nail Strengthener Cream at work. glow, but (£16) is fantastic – my number one recom- Sara Hollamby is a business image consult- Counsel what about mendation for keeping nails strong and ant with WorkingVoices.com. Email: sarahol- your toes and healthy, and feet soft and supple. [email protected]. DE-STRESSING IN A 33 BALINESE PA RA DISE | Arts SEE MONDAY ’S Lifestyle TRAVEL SECTIO N Shocking but scintillating: a look into the dark heart of Americana Casey Affleck stars as a murderous sherriff in a controversial but captivating thriller

Film THE KILLER INSIDE ME Cert: 18 hhhhi

WITH this psychological thriller, Michael Winterbottom – the prolific English direc- tor whose work includes 24 Hour Party People and Angelina Jolie-starring A Mighty Heart – has made a film even more controversial than his 2004 film 9 Songs, which gained notoriety for featuring real sex. An adaptation of a 1952 pulp fiction novel by American writer Jim Thompson, The Killer Inside Me stars Casey Affleck as an unassuming Texan sheriff, Lou Ford, whose innocent appearance hides grue- some sexual and violent impulses that bubble to the surface with shocking bru- tality as the film progresses. Jessica Alba and Kate Hudson, two of Kate Hudson and The Crucible (until 19 June) has opened Hollywood’s most immaculate starlets, are Casey Affleck in The Preview this week, while Shakespeare’s farce, The among those on the receiving end of Lou Killer Inside Me. Comedy of Errors (24 June-31 July), will be Ford’s unbridled sadism. Hudson is Ford’s OUTDOOR THEATRE IN directed by Philip Franks later this month. girlfriend, Alba the hooker with whom LONDON THIS SUMMER Finally, what will no doubt be a highly Ford embarks on a torrid affair, while Elias atmospheric version of Stephen Koteas and Tom Bower are among the THERE’S something particularly atmos- Sondheim’s adaptation of the Brothers investigators gradually closing in on Ford. pheric about watching actors strut their Grimm, Into the Woods (6 August-11 The violence when it comes is indeed dif- stuff as the stars come out on a beautiful September) will round things off at the ficult to watch, and the dreadful image of summer’s evening, and something partic- Open Air Theatre, which also has comedy Alba’s disfigured face is difficult to forget. ularly English about huddling under a and music performances over the summer. But this is a fantastic film nevertheless. blanket with a hipflask and hoping the See www.openairtheatre.org for tickets and infor- Winterbottom’s point is that, while The rain will stay off just long enough for mation. Killer Inside Me makes for difficult viewing, Birnam wood to come to Dunsinane. Just along the river from violence – too often a lazy staple of so much Macbeth (until 27 June), indeed, is the Shakespeare’s Globe is another outdoor cinema – should make for difficult viewing. show that’s kicked off the season at theatre space, The Scoop at Southwark’s The film has a burning intensity and psy- London’s home of outdoor theatre, More London development, a riverside chological depth, the relocation of the noir Shakespeare’s Globe, with Elliott Cowan as August), about Henry VIII’s wife, while amphitheatre where you can sit and genre from its claustrophobic LA home to the murderous Scots king, and another both parts of Henry IV (6 June-3 October) watch performances for free. Its official sparse West Texas creating a chilling sense less-than-reputable Shakespearean and a revival of 2008’s hilarious The Merry free theatre festival runs during August, of isolation akin to that achieved in the monarch is now on state there too, in a Wives of Windsor (14 August-2 October) are bringing Kenneth Grahame’s characters Coen Brothers film Fargo. zinging production of the Bard’s less-often lined up to follow. See www.shakespeares- to life in Toad Hall!, and Jose Zorrilla’s It’s no surprise that the film is generat- performed Henry VIII (until 21 August). globe.org for tickets and information. Don Juan in Love. Before that, there are a ing column inches and TV headlines on a “Kings & rogues” – and indeed those Over in Regent’s Park, the beautiful series of Fringe performances, including par with last year’s Antichrist; but such is who fall under both banners – is this year’s amphitheatre that is the Open Air Theatre yet another version of Macbeth – this the skill and resonance of the theme at the Globe, where you can stand (pictured above) will be staging its own ver- time by the joyfully absurdist company Winterbottom’s filmmaking that it’s worth among the groundlings for a mere fiver, or sion of Macbeth (3-31 July) in a condensed The Pantaloons – that’s running ignoring the hysteria and finding out for pay a bit more to sit on benches in the gal- version that’s suitable for kids over six. throughout June. See www.morelondon.com yourself. leries. Opening next month is Howard Before that, a production of Arthur Miller’s for tickets and information. Rhys Griffiths Brenton’s play Anne Boleyn (24 July-21 allegory based on the Salem witch hunt, Timothy Barber ALSO OUT THIS WEEKEND FILMS, MUSIC, GAMES

FILM DVD MUSIC GAMES

THE BROTHERS BLOOM Comedy with Adrien ALICE IN WONDERLAND Tim Burton’s disappoint- JACK JOHNSON More inoffensive folky strumming THE SIMS 3: AMBITIONS (PC, MAC) Expansion Brody, Mark Ruffalo and Rachel Weicsz. ing take on Lewis Carroll. from surf dude Johnson, with album To the Sea. pack for the latest version of the simulation game.

4.3.2.1 Kidulthood’s Noel Clarke takes combines THE BOOK OF ELI Doomsday gubbins about a book TEENAGE FANCLUB Glasgow’s power-pop heros ROOMS: THE MAIN BUILDING (NINTENDO DS, hoody culture with slick, Hollywood-style action. that can save humankind, with Denzel Washington. return with ninth album, Shadows. WII) Puzzle game.

DEATH AT A FUNERAL Lame-brained US remake of ONE NIGHT IN TURIN Nostalgic documentary THE DIVINE COMEDY Neil Hannon’s new album is ASSASSIN’S CREED II: COMPLETE EDITION a weak Brit-com, with Peter Dinklage. about England’s Italia 90 World Cup campaign. called Bang Goes the Knighthood. (PS33, X360) Adventure game. 34 from 1 to 9 to solve this tricky Sudoku puzzle. Sudoku tricky this solve 9to 1to from numbers the all contains block 3x3 each and column row, each Place the from 1 numbers to 9 in each empty cell so that each    QUICK CROSSWORD SATELLITE & CABLE TERRESTRIAL 4 LAST ISSUE’S + * , 8*/ $ 17 , 635 7 56 , 67$ (0(5$/' 6<583 SOLUTIONS Lifestyle |TV&Games 3 ( < BBC1 5.30am-6am Golf 2.30am 2.30am Cricket 5am-6am 4.30am 1.30am 1.30am Golf Tour Golf IAAF Athletix Weekly World Sport 5.45pm BRITISH EUROSPORT 7pm SPORTSSKY 3 Total Access Super League 7pm SPORTSSKY 2 7pm SPORTSSKY 1 Game, Set andMats French OpenTennis World Superbikes Friday FightNight 4.15am-6am Dreams Revolution 1.45am Absolute Power. McGowan presents. Friday NightDraws: Alistair 11.35pm 10.35pm 10.25pm 10pm 9pm 8.30pm 8pm BBC News 7.30pm 7pm 6.30pm 6pm with Jonathan Ross     8 63$552: ( ' $ % 5am 12.30am 12.30am Tight Lines World Sport Live Darts The OneShow New Tricks BBC News EastEnders 7,&.(5 , 67 BBC News 3.45am Sign Zone:The Virtual    1am 2 The National Lottery 8,725 , 68 A Questionof Sport / Sailing ,&$586 MotoGP Friday FightNight Premier League World BBC London News Outtake TV 11pm 2.45am CHOICE Regional News ATP Tour Uncovered SUDOKU NFL: Total Access ,1$1( BBC News Super League 2 5 81'2 & 5.30am-6am 1am   IEX Magazine 10pm Golfing World 1997; Great BritishMenu 8 / 2am European Tour 11pm 8pm High Street * 5 $ 7.45pm 11.45pm FILM Darts 7.30pm 9pm 12am Friday Night 8 ' 7 11pm Weatherview     COFFEE BREAK Live PGA Tour Test Live PGA 5am NFL:   Live Copyright Puzzle Press Ltd, www.puzzlepress.co.uk 1 2 6 6 36 869 9 7    1 44 3 251 9 8 3 7 Were Beautiful 11.50pm Weather 11pm 10.30pm Eighties 10pm Met Juliet 3.50am-6am 2.10am FILM 1.10am 9pm 8.30pm Journeys 8pm 7pm banquet. Lastintheseries. winners prepare for the 6pm B2ITV1 BBC2 7pm BBC THREE Shopping Maury Chubby Children 2am Crime SceneInvestigation Criminal Minds Minds Ghost Hunters 7pm LIVING The Ultimate Fighter MMA Live 1am Manchester United: 2009/10 11pm 10pm Matches 6pm ESPN with Beasts Makeover Bowling 11.30pm-12.30am KAKURO 12 22 12 5 5 839     5 9 9 893 98 5 7 Live NHLIce Hockey The Geniusof Design CHOICE Great BritishMenu:The Great BritishRailway Exposed: Kate Moss Top Gear Ghost Whisperer FIFA World CupClassic The Review Show; Birmingham City v Grumpy Guideto the The Ultimate Fighter 10pm I’m inaRock ‘n’ Roll Band! 4.40am 512 36 8 7 Gardeners’ World 8pm Bon Jovi: WhenWe Newsnight    1 4 4 4 9 896 5.30am-6am 4.30am-5.30am Close 9pm Like Minds. 1 52 8 6 7 CSI: Miami When Romeo NBA Basketball 8pm 9pm 12am 1 4 8 5 38 7 60 Minute 3.50am Doctor Who 1 2 3 3 9 7 7 Ten Pin Walking Criminal CSI: 8pm 2006. Home 11pm separate block. a in be must it but column, or arow in once than more digit may same The occur ablock. in twice digit same the use not must you and 1-9 digits the use only You can it. of left the to or above box the in total the to up adds block each that so grid the Fill 3am 4am is at least one nine-letter word inis one the at nine-letter wheel. least only can be usedletters once in every word. There and letter central the contain must all more, or proper nouns. Each word be must of three letters or words foreign plurals, be may which of none ten minutes to find as many words as possible, Using only in the the letters Wordwheel, you have KAKURO WORDWHEEL The nine-letter word word nine-letter The WORDWHEEL was was Marvin. Cold War thriller,starringLee FILM 2.30am 9.30pm 9pm 7.30pm 7pm 6.30pm 6pm Headlines 12.30am Johnny Knoxville. Seann WilliamScott and Hazzard: Comedy, starring 10.35pm FILM 10.30pm 10pm Talent –The Results 4.45am-5.30am George BestRemembered 9pm 8pm 7pm HISTORY 5.05am-6am Swap Fix Scrubs My NameIs Earl 11.05pm Supersize vsSuperskinny 9pm Name Is Earl 7pm E4 Superskinny 5.10am Hustle Undercover Confidential 9.45pm La Land 1.45am 12.45am 2005. 10.30pm FILM CASTIGATE 2.35am 2.35am Emmerdale Coronation Street London Tonight Empire of theMongols Hollyoaks Playing theEnemy Gok’s Fashion Fix Becoming MuhammadAli 4.25am ITV News at Ten 12am 1979. 1979. 1.40am Britain’s Got Talent Coming of Age Bizarre ER SUDOKU CHOICE 2.40am Doctor Who ITV News Wife Swap The Zone;ITV News London News Coming of Age 4am Supersize vs 10pm 3.30am Family Guy Avalanche Express: 8pm Switched Everwood ITV Nightscreen 7.30pm Gok’s Fashion The Dukes of Kidulthood Touching Evil 12.40am The Real Britain’s Got 2005. Friends 4.10am- EastEnders 2.15am 12.10am Wife 45 45 51 6 16 15 16 12 11 915810 913 10pm My 10pm 21 8          712 17 La          29 39 316 23          17          11 3 Week’s 4MusicTop 20 5.25am-6.10am Ash. starring Keri Russell andWilliam Premiere. Romantic comedy, FILM Tour 1.15am Music Awards 11.45pm Show 11.10pm Show 10.35pm 9pm 8pm 7.35pm 7pm 6.30pm 6pm CHANNEL4 Lair It? Survivor Catch Than Fiction the MoonLandings:Stranger Steeds Mystery Investigator: Olly 9pm premature twins. 7pm HEALTH DISCOVERY HOME& 4.40am 3.50am 3am 8.30pm 8pm DISCOVERY 6am Complete History 12am 11pm 4am-5am Rise andFall of theBerlinWall Ancient Apocalypse          2.30am 2.30am 20 12 2000. 1.30am 1.30am 11pm          Channel 4News Fighting theRed Baron The Simpsons Glee Extreme Engineering Mad AboutMambo: Baby Days: Caringfor How DoesThat Work? Deaf andBlindTriplets How DoThey DoIt? 16 B Empire of theMongols E 1am Playing theEnemy Music on4:CTRL Student 10pm          Unreported World Hollyoaks 35 34 Treasure Quest How It’s Made World War Two: The The RickyGervais 2am Music on4:World The RickyGervais 4.40am 10 The Truth Behind          Hell’s Battlefield Bear Grylls:Born Music on4:This How It’s Made 12am 14          C Into theDragon’s 6 I How DoThey Do Countdown 24 11 Win MyWage 8pm 5.30am- O 21 4 8 Deadliest 3.15am 2am 11 7 N Hospital S 22 13 9pm 1am The 22 38 Y T FIVE 12.15am 11.55pm 10.55pm 10pm is exposed to adeadlyvirus. 9pm sandbank; Five News at 9 dangerously closeto a chemical tanker drifts 8pm England vBangladesh. 7.15pm 6.25pm 6pm and Away Neighbours Animal Rescue Squad 4.30am 4.05am Sell MetheAnswer Hello Goodbye Celebrity Parents’ SOS 3.30am scam artists. Road Wars: Tackling Russian Battle for theAmazon Morrissey. Abbey ClancyandNeil League of Their Own.With World Cupgoals. Goal: Aselectionof memorable America. The actor travels to South for theAmazon: Conclusion. Postal 6pm SKY1 10pm Unique Family From Here to Maternity Bringing HomeBaby Mystery 2am Autistic Kids:MyUniqueFamily Deaf andBlindTriplets Death: MedicalMystery The Mentalist:Ascientist Home andAway Sea Patrol UK:Astricken Life orDeath: Medical Terry Pratchett’s Going 15 12 10 7 6 1 ACROSS 22 21 20 18 13 CSI: NY Six Autistic Kids:My 10pm Motorsport Mundial Wildlife SOS Cricket onFive: Live from StudioFive Tru Calling 3am        SuperCasino Cops inCrisis 11pm Grey’s Anatomy 5.35am-6am 1am better (5) Heals, makes comprehensible (9) and (more) Make clear writing material (6) a as times ancient in used reeds Paper Nuclear (6) (6) aclan of Characteristic Declare invalid (5) invalid Declare star (3) Earth’s nearest Adult (6)Adult (6) Jupiter of Satellite (6) fable Myth, (9) in style Pompous or lofty 2.40am Ross Kemp: Battle QUICK CROSSWORD Hospital 11pm 5.10am-6am Celebrating the Ross Kemp: 12am 4.55am 5.10am 4.20am   Life or 5am-6am Cold Case Home 1.50am 4am 4.45am 1am A 12am Six  TV PICK a chanceto win£100,000. make itthrough to tomorrow's finalfor judges' verdicts. Onlytwo actswill Ant andDecannouncethepublic RESULTS BRITAIN’S GOT TALENT –THE and Juliet. performance of Shakespeare’s Romeo have eightweeks to putona New series.Pupils from two schools BBC2, 9PM WHEN ROMEO METJULIET Nitin Ganatra. and EastEnders starsNinaWadia and player AndyRoddick, actor LLCoolJ The hostisjoinedby Americantennis ROSS FRIDAY NIGHT JONATHAN WITH    19 19 17 16 14 11 9 8 5 4 3 2 1 DOWN BBC1, 10.35PM BBC1,     Close violently (4)Close (5) abeaver of Home sunset (5) after Time (5) dramatist Norwegian or learning (6) by conditioning Not established Moscow (6) Country, capital made or sold (9) is scent where Place Stony hillside (5) (9) ofdisequilibrium State (4) clergy the of who are not members of those Characteristic Talent Got Britain’s of series third the on singer and a contestant Scottish ___, Susan (5)Subject ITV1, 9.30PM ITV1, CITY  A.M. 4 JUNE2010  (5)

36 CITYA.M. 4 JUNE 2010 Punter | Racing

RACING TRADER | BILL ESDAILE, OUR RACING EXPERT, TAKES A LOOK AT THIS WEEKEND’S ACTION FROM EPSOM EPSOM TODAY live on BBC2 GOING: GOOD (Good to Firm in places) supplied by RACING POST DRAW: No significnat bias on round course, although high has good record in big fields over 1m4f [V] visor [B] blinkers [T] tongue strap [H] 1st-time 12 RUMOUSH 33 Bolger can land 4.05 INVESTEC OAKS 3YO 1m 4f 10y £208,119 1-17 ( ) 9-0 R Hills [2] M Tregoning Hamdan Al Maktoum 1 133-411 AKDARENA [VH,TH] (23) 9-0 K J Manning 13 1 SAJJHAA (15) 9-0 L Dettori [13] J Bolger Ire Miss K Rausing [9] M Jarvis Sheikh Ahmed Al Maktoum 2 1-11 AVIATE (23)9-0 T Queally 14 12439-1 SNOW FAIRY (16) 9-0 R L Moore [1] H Cecil K Abdulla hissecondOaks [15] E Dunlop Anamoine Ltd 3 02-21 AWE INSPIRING (35) 9-0 J A Heffernan 15 211-42 TIMEPIECE (27)(BF) 9-0 E Ahern [5] A O’Brien Ire D Smith, Mrs J Magnier, M Tabor [10] H Cecil K Abdulla 4 92-5245 BIKINI BABE (23) 9-0 K Fallon [12] M Johnston A D Spence 9-2 Aviate, 5 Rumoush, 6 Sajjhaa, Timepiece, 8 Remember When, 9 Akdarena, 12 Ceilidh House, 14 Gertrude Bell, Snow with Akdarena 5 2110-7 CABARET (23)(BF) 9-0 C O’Donoghue Fairy, 25 Awe Inspiring, Champagnelifestyle, 33 bar AKDARENA (8-9) 7-2 made all, sent clear from 3f out, stayed on strongly, [7] A O’Brien Ire Mrs John Magnier, M Tabor & D Smith very easily, bt Indiana Gal (9-9) 7l (9 ran) (Naas 1m2f 52,000 good). AVIATE (8-12) 11-4 held up, not clear run from over 3f out, headway on 6 1-3 CEILIDH HOUSE (27)9-0J Crowley inside just inside final furlong, finished fast to lead final strides, bt Gold 1 HERE is only one place to start when time and have to look elsewhere. Bubbles (8-12) hd (York 1m2 /2f (1) £36,901 good). [3] R Beckett J H Richmond-Watson looking for a potential winner of the Aviate showed a decent turn of foot to TIMEPIECE (9-1) 4-7 fav held up in touch, went 3rd halfway, chased leader 7 CHAMPAGNELIFESTYLE 30 entering final 3f, ridden to lead over 2f out, hanging left and raced awk- Investec Oaks; the master of Warren land the Musidora on the line last time. 10-3 ( ) 9-0 M Hills wardly after, headed final 75yds, btn 1l by Dyna Waltz (8-12) (5 ran) CEILIDH HOUSE (8-12) 4-1 chased leader after 2f, led 3f out, soon head- Place, Henry Cecil. He has won this Tom Queally has opted for her and she [8] B Hills Champagne Friday ed and ridden, kept battling on, driven and still pressing leader 1f out, T 1 race eight times in the past and has two must have a big chance. However, the sta- weakened final 100yds, 3rd (btn 3 1/2l) (Lingfield 1m3 /2f (1) £28,385 8 332-11 GERTRUDE BELL (30)9-0 W Buick live chances this afternoon with likely ble were worried about her staying 1m2f at good to firm). [14] J Gosden Ms Rachel D S Hood GERTRUDE BELL (8-12) 5-2 fav raced keenly, chased leader, ridden to lead favourite Aviate and Timepiece. York, so this step up to 1m4f on a stiffer over 1f out, ran on gamely when pressed inside final furlong, always doing 3 1 9 MARIE DE MEDICI 33 enough, bt Acquainted (8-12) /4 (Chester 1m3 /2f (1) £22,708 good). I tipped up the latter at 7/1 prior to her track is a major worry. 124-431 ( ) 9-0 J Fanning REMEMBER WHEN (9-0) 20-1 mid-division, 12th halfway, headway to chase disappointing performance in the She is vying for favouritism with leaders under 3f out, 4th under pressure over 1f out, ran on final furlong [6] M Johnston Sheikh Hamdan Bin Mohammed Al Maktoum 1 Lingfield Oaks Trial, but she remains the Rumoush and on breeding Marcus without reaching leaders, 4th of 19 (btn /2l) to Bethrah (9-0) (Curragh 1m 10 33-1 MEEZNAH (21)(D) 9-0 T E Durcan 188,500 good to firm). apple of her trainer’s eye. He knows just a Tregoning’s half-sister to Ghanaati has to RUMOUSH (9-0) 7-1 raced centre, chased leaders, ridden over 1f out, [11] D Lanigan Saif Ali & Saeed H Altayer stayed on, 2nd of 10 in group, finished 2nd (btn nose), to Jacqueline little more about fillies than I do, but I be another stamina doubt. The yard isn’t Quest (9-0) (17 ran) (Newmarket 1m (1) £227,080 good to soft). wasn’t impressed with her attitude last exactly firing on all cylinders, either. 11 2-34 REMEMBER WHEN (12) 9-0 J Murtagh SAJJHAA (8-7) 5-4 fav not well away but recovered steadily to track leaders after 4f, progress over 2f out, led over 1f out, pushed along firmly and [4] A O’Brien Ire Mrs John Magnier & M Tabor drew right away, bt Saggiatore (8-7) 7l (13 ran) (Sandown 1m2f (5) £3,238 good).

This looks to be one of the most open outing, but her trainer doesn’t fire many Oaks in recent memory and at the prices darts at the Classics and she could literally the one I want to be with is Jim Bolger’s be anything. In fact, I’d be tempted to buy I GET AKDARENA at 8/1 with William Hill. She her in a match bet against Rumoush with has progressed well this season, winning a Sporting Index. listed race at Navan before running away Followers of this column will already with a Group 3 contest at Naas. Unlike know that I’m a fan of Eve Johnson many of her rivals, she is bred to get the trip Houghton’s THE CHEKA. He wasn’t dis- 4 PLACES and Kevin Manning looks sure to set a graced when finishing fifth in the Group 1 stamina sapping pace from the front. Her Lockinge Stakes behind Paco Boy last time wily trainer has replaced the blinkers with and I’m prepared to give him another a visor for the first time to try to eke out a chance dropped to Group 3 level. Richard little more improvement and she looks a Hannon’s VITZNAU has been a measure of ON THE really decent each-way proposition. consistency this season and was unlucky The fly in the ointment could be Michael not to win a listed race at Goodwood last Jarvis’s once-raced Sajjhaa who was incredi- time. He is the best horse in what looks a bly impressive on her debut at Sandown weak Investec Mile at 2.10pm and has run just over two weeks ago. The trends fanatics well at Epsom in the past. Another top OAKS. will say that she can’t win after just one weight with a big chance is Michael Jarvis’s KINGS DESTINY in the 3.25pm. His reap- POINTERS... pearance win at Lingfield was very impres- sive and he should be too good for this lot. THE CHEKA e/w Epsom 1.40pm (today) Last but not least, the best bet of the day INVESTEC OAKS VITZNAU e/w Epsom 2.10pm (today) has to be FAME AND GLORY in the FAME AND GLORY Epsom 2.45pm (today) Coronation Cup. He doesn’t have Sea The 1 mile 4 furlongs, Epsom 4.05pm, Live on BBC TV. KINGS DESTINY Epsom 3.25pm (today) Stars to worry about this season and AKDARENA 11/2 Aviate 14 Snow Fairy e/w Epsom 4.05pm (today) although Sariska is a class act, Aidan Already Advised 6 Rumoush 20 Champagnelifestyle O’Brien’s inmate completely destroyed a TIMEPIECE Epsom 4.05pm (today) Group 1 field at the Curragh last time. 6 Sajjhaa 33 Awe Inspiring 15/2 Akdarena 33 Cabaret EPSOM TOMORROW live on BBC1 8 Remember When 33 Meeznah GOING: GOOD (Good to Firm in places) supplied by RACING POST 8 Timepiece 40 Marie De Medici DRAW: No significnat bias on round course, although high has good record in big fields over 1m4f [V] visor [B] blinkers [T] tongue strap [H] 1st-time 12 Ceilidh House 66 Bikini Babe 4.00 INVESTEC DERBY (GROUP 1) 10 21-21 REWILDING (17) 9-0 L Dettori 14 Gertrude Bell 3YO 1m 4f 10y £771,504 [11] M Al Zarooni Godolphin Each way one-fi fth the odds a place 1, 2, 3, 4*. 1 AL ZIR 35 11 713-1 TED SPREAD (30)(D) 9-0 M Hills Tatts Rule 4(c) may apply. Non-Runner-No Bet. 113-9 ( ) 9-0 K Fallon [2] S bin Suroor Godolphin [7] M Tompkins False Nose ‘N Glasses Partnership 2 51-23 AT FIRST SIGHT (27) 9-0 J A Heffernan 12 1-2 WORKFORCE (23) 9-0 R L Moore [6] A O’Brien Ire D Smith, Mrs J Magnier, M Tabor [8] Sir M Stoute K Abdulla £ 50 FREE BET 3 AZMEEL 29 S.P. F’CAST: 110-21 ( ) 9-0 W Buick 7-4 Jan Vermeer, 9-2 Workforce, 13-2 Midas Touch, 7 Bullet Train, 15-2 Rewilding, 10 Azmeel, 16 bar [5] J Gosden M Al-Qatami & K M Al-Mudhaf NEW ONLINE & PHONE CUSTOMERS MIDAS TOUCH (9-1) 2-1 jt fav held up in rear, moderate 4th halfway, took 4 1-21 BULLET TRAIN (28) 9-0 T Queally closer order 3f out, 3rd straight, ridden to lead over 100yds from finish, ran on well, bt Address Unknown (9-1) 2l (Leopardstown 1m2f 65,000 good Simply stake £20 today and we will give you a Free £50 Bet. [1] H Cecil K Abdulla to firm). AZMEEL (8-12) 7-2 held up, ridden and headway over 1f out, ran on to lead Quote promo code NP50.** 1 5 BUZZWORD 20 final 150yds, kept on well close home, bt Dancing David (8-12) /2l (7 ran) 1355-04 ( ) 9-0 A Ajtebi 1 (Chester 1m2 /2f (1) £39,739 good to soft). [10] M Al Zarooni Godolphin BULLET TRAIN (8-12) 11-4 made all, left clear over 3f out, ridden and drew well clear well over 1f out, in command after, comfortably, bt Dubawi 1 1 6 COORDINATED CUT 23 Phantom (8-12) 2 /4l (Lingfield 1m3 /2f (1) £36,901 good to firm). 10-13 ( ) 9-0 J P Spencer 1 BUZZWORD (9-2) 33-1 raced in midfield, ridden 2 /2f out, stayed on under 1 [9] M Bell Lawrie Inman pressure final furlong, never dangerous, 4th of 15 (btn 4 /2l+) to Lope De Vega (9-2) (Longchamp, France 1m good). 7 216-33 HOT PROSPECT (28) 9-0 P Robinson WORKFORCE (9-0) 2-1 held up towards rear, effort over 4f out, pushed along, hanging left over 3f out and bit went through mouth, ridden and [3] M Jarvis A D Spence headway when hung left 2f out, soon driven and kept on inside final fur- 1 long to take 2nd last 100yds, btn 3 /4l by Cape Blanco (9-0) (5 ran) (York 1 0800 44 40 40 williamhill.com 8 411-1 JAN VERMEER (13)9-0 J Murtagh 1m2 /2f (1) £85,155 good to firm). JAN VERMEER (9-8) 6-4 fav chased leaders in 3rd, travelling best straight, [12] A O’Brien Ire M Tabor, D Smith & Mrs John Magnier led over 1f out, soon quickened to assert, very easily, bt Bobbyscot (9-1) 3 1 /4l (7 ran) (Curragh 1m2f 35,750 good to firm). *Normal place terms apply if 2 or more non-runners.**Free Bet is a win single added to your account on settlement of fi rst bet. Free Bet must be on a different event 9 314-1 MIDAS TOUCH (27) 9-0 C O’Donoghue REWILDING (9-0) Evens fav tracked leaders in 5th, progress over 2f out, to the initial stake. Free Bet stake not included in any winnings/returns, valid for 7 days. Correct promo code must be used. All prices are subject to fl uctuation. pushed into lead over 1f out, soon clear, easily, bt Prizefighting (9-0) 4l (9 Prices correct as at 6.00pm yesterday.William Hill rules apply. Over 18s only. FOR ADVICE AND INFORMATION VISIT WWW.GAMBLEAWARE.CO.UK [4] A O’Brien Ire Mrs Magnier/M Tabor/D Smith/Denford Stud ran) (Goodwood 1m3f (1) £22,708 good). CITYA.M. 4 JUNE 2010 37

Strongly-fancied: Midas Touch Picture: ACTION IMAGES Midas Touch the golden Derby bet for O’Brien

ho do I think is the most likely trate on his rock solid two-year-old form on Betdaq. He was in front for a long time winner of the Investec Derby? It which included a comprehensive win in in the Dante and will be a different horse has to be Jan Vermeer. Who do I the Group 1 Criterium International. As a with some cover. Wthink is the best betting propo- son of Montjeu, he is bred to win a Derby The Derby day card is always fiendishly sition? It has to be MIDAS TOUCH. Aidan and he hasn’t shown anything on the race- difficult, but Alain de Royer-Dupre’s filly O’Brien hasn’t won English racing’s pre- course that suggests he is not up to the REGGANE should have far too much class mier Classic since 2002, but that looks set task. The one thing that puts me off is the for the rest of the field in the Group 3 to change tomorrow and his supposed sec- price and I simply cannot be backing him Princess Elizabeth Stakes. She has the ond string looks terrific each-way value at at as short as 13/8. Godolphin pair of Antara and 6/1 with William Hill. Midas Touch comes into the race on the Aspectoflove to beat, but Saeed bin The ante-post Derby picture has back of arguably a far more impressive Suroor’s horses haven’t been running well changed dramatically in recent weeks trial. Even though he only faced three lately. Reggane was second to Ghanaati at since the withdrawal of long-term market other rivals in the Derrinstown, the race Royal Ascot last year and on that form she leader St Nicholas Abbey. Jan Vermeer was was run in an exceptionally quick time would eat this lot for breakfast. trading at around 20/1 for this race before and he showed true battling qualities in Epsom’s ‘Dash’ (3.15pm) is the quickest making his successful seasonal reappear- the straight having looked in trouble. The five furlongs anywhere in Europe, so you ance at the Curragh and, even though he Ballydoyle team were under a slight cloud need a horse who can live with the fierce shortened drastically immediately after at the time and I expect plenty of improve- pace. Chris Wall’s FATHOM FIVE has won the race, it still appeared his target would ment from the son of Galileo. He finished twice over this course and distance and be the French Derby. However, in the behind his better fancied stablemate Jan finished sixth in this race two years ago space of about 10 days he has rattled to Vermeer on two occassions as a two-year- on his only other appearance at the track. the top of the betting as he has become old, but arguably is better bred for the He has an excellent draw in stall 18 right the chosen mount of stable jockey Johnny ‘Epsom challenge’ and is available at over against the stands rails and Wall’s stable is Murtagh in St Nicholas Abbey’s absence. three times the price. bang in form at the moment. He did look mightily impressive when Of the others, Workforce, Bullet Train winning that particular Group 3 at the and Rewilding all look set to run big races, POINTERS... Curragh without even coming off the bri- but just don’t look like Derby winners dle. Yet, even though he had to carry a 7lb waiting to happen. If there is to be an REGGANE Epsom 2.40pm (tomorrow) penalty, the quality of the field he beat upset, then Michael Bell’s Coordinated FATHOM FIVE e/w Epsom 3.15pm (tomorrow) has to be questioned. I’d far rather concen- Cut could outrun his odds of around 25/1 MIDAS TOUCH e/w Epsom 4.00pm (tomorrow)

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n 1st June I normally have two things on than at the Grand National. A field of 12 4.05pm looks a real cracker. None of the run- my mind, firstly, “Where is my top hat?” should be assembled by 4pm tomorrow after- ners seem outstanding but it is definitely high- and secondly, “So-and-so will be my noon but with the weather being a little ly competitive on paper. Henry Cecil has been ODerby bet”. This year was different. unpredictable at the moment we may have in terrific form so far this season and I would- Worryingly I have already found the hat and less at off-time. n’t be surprised to see him notch another win- for some strange reason it no longer fits like a My grandfather once told me to pick the ner or perhaps a one-two. However, I’m going glove. I think failing hair follicles are the issue! best horse and a likely stayer and back both. to be backing an Irish raider in the form of Also I couldn’t pick my Derby winner. Based on those criteria we can do better and Jim Bolger’s AKDARENA (3%). She has won Perhaps it was a blessing in disguise as this just pick JAN VERMEER (3%). twice this year and can make it three times week we seem to have had more ‘refusals’ The Investec Oaks this afternoon at lucky this afternoon. 38 Sport CITYA.M. 4 JUNE 2010 Results CRICKET TRIANGULAR TOURNAMENT: India v Zimbabwe (Harare Sports Club); India 194-9 (R A Jadeja 51) v Zimbabwe 197-3 Shahzad left (B R M Taylor 74, H Masakadza 66). Zimbabwe (2pts) beat India by 7 wickets. FRIENDS PROVIDENT T20 - NORTH DIVISION: Northamptonshire v Warwickshire (Edgbaston); Northamptonshire 147-5 (M B Loye 54) v Warwickshire 151- 2 (D L Maddy 88).Warwickshire (2pts) beat Northamptonshire by 8 wickets. Derbyshire v Yorkshire to sweat over (Headingley Carnegie); Derbyshire 222-5 (L L Bosman 94, C F Hughes 65, C J McKay 4-33) v Yorkshire 157. Derbyshire (2pts) beat Yorkshire by 65 runs. SOUTH DIVISION: Kent v Hampshire (The Rose Bowl); Kent 114-9 v Hampshire 117-5. Hampshire (2pts) beat Kent by 5 wickets. Sussex v Middlesex (Lord’s); Sussex 146-6 v Middlesex 118-6. Sussex (2pts) beat Middlesex by 28 runs. FOOTBALL Test debut INTERNATIONAL MATCHES Germany...... (0) 3 Bosnia-Herzegovina ...(1) 1

Lahm 51 Dzeko 15 ▲ Schweinsteiger 73 (pen), 78 (pen) Att: 48,000 CRICKET Yorkshire pace man Shahzad was Italy ...... (0) 1 Mexico...... (1) 2 BY JON COUCH 12th man for the eight-wicket first Bonucci 89 Vela 17 Test victory at Lord’s last week, while Att: 30,000 Medina 84 Spain...... (0) 1 South Korea...... (0) 0 CAPTAIN Andrew Strauss says Nottinghamshire’s Sidebottom was Jesus Navas 86 Att: 8,000 England will make an 11th hour deci- called into the squad as a replace- GOLF sion on team selection ahead of the ment for Bresnan after helping THE CELTIC MANOR WALES OPEN (The Celtic Manor second Test with Bangladesh, which England triumph at the recent World Resort, City of Newport, Wales)—1st rnd (Gbr & Irl unless starts this morning. Twenty20. stated, par 71): 65—C Wood; 66—A Dodt (Australia); B Strauss and the selectors are torn But Strauss insists being in the Dredge; 67—R McEvoy; R Davies; R Jacquelin (France); E Molinari (Italy); 68—R Ramsay; S Hansen (Denmark); F between handing Ajmal Shahzad a squad from the start does not give 24- Delamontagne (France); D Lee (NZ); R Rock; E Tage Test debut for the Old Trafford clash, year-old Shahzad the advantage over Johansen (Norway); S Thornton; G Fdez-Castano (Spain); or recalling Ryan Sidebottom in place his more experienced team-mate. 69—D McGrane; G Maybin; M Siem (Germany); D Clarke; P Larrazabal (Spain); J Manuel Lara (Spain); T Bjorn of the injured Tim Bresnan. “You pick the right side to win you (Denmark); N Fasth (Sweden); 70—F Molinari (Italy); C “They both bring different attrib- a Test match,” he added. “We’ll be Gane; J Kingston (S Africa); B Barham; O Wilson; M Kaymer utes that we are weighing up at the looking at that tonight and like I said (Germany); C Carranza (Argentina); A Noren (Sweden); S Lowry; C Montgomerie; P Price; M Lafeber (Holland); S moment,” Strauss admitted. “Ryan both have very obvious skills and Gallacher; M Angel Jimenez (Spain); J Ruth; R McGowan. Sidebottom is obviously an experi- strengths they can bring to the side TENNIS enced campaigner, we know pretty and we have just got to weigh up FRENCH OPEN (Paris, France)—Women’s Singles Semi-final: much what we are going to get from more which one will help us win this (7) S Stosur (Aus) bt (4) J Jankovic (Ser) 6-1 6-2, (17) F him. That experience might be valu- Test match.” Schiavone (Ita) bt (5) E Dementieva (Rus) 7-6 (7-3) ret, able on this wicket. Opener Strauss returned with Men’s Doubles Semi-final: (3) L Dlouhy (Cze) & L Paes (Ind) bt (10) J Knowle (Aut) & A Ram (Isr) 6-4 6-2, (2) D Nestor “On the other hand, Ajmal is new knocks of 83 and 82 at Lord’s having (Can) & N Zimonjic (Ser) bt (4) W Moodie (Rsa) & D Norman and exciting and has been in the sat out the Bangladesh tour earlier (Bel) 6-0 6-3. Mixed Doubles Final: (6) K Srebotnik (Slo) & N squad a while and this might be an this year, and admitted he was satis- Zimonjic (Ser) leads Y Shvedova (Kaz) & J Knowle (Aut) 2-1. opportunity to have a look at him. fied with his own performance. “These are the two arguments we “It was good to get a couple of 80s, TODAY’S DIARY are weighing up at the moment, it’s disappointed not to get a hundred,” (Football 7.45pm unless stated) not a bad situation to be in, we are he added. “You want to settle back International Match France v China PR (5pm) ...... pretty confident that both can do a quickly and as captain you want to Japan v Ivory Coast (11.20) ...... good job here at Old Trafford.” lead by example.” Shahzad was 12th man for the first Test at Lord’s. Picture: ACTION IMAGES Luxembourg v Faroe Islands (6pm) ...... Slovenia v New Zealand...... CRICKET Second Test Match—day 1 of 5: England v Bangladesh (Old Trafford). Friends Provident T20 - South Division: Glamorgan v Gloucestershire (The SWALEC Stadium). North Division: Sizzling Stosur reaches first slam final Durham v Lancashire (Riverside). Worcestershire v Yorkshire (New Road). LV County Championship - Division One—day 1 of 4: Warwickshire v Somerset (Edgbaston), Kent v mer world No1 Jelena Jankovic. Brisbane-based Stosur went into mark win inside an hour. Nottinghamshire (Tunbridge Wells), Hampshire v Essex (The FRENCH Schiavone was handed an even eas- the semi-final in excellent form, hav- Schiavone took her place in the Rose Bowl). Division Two—day 1 of 4: Middlesex v ier path when her opponent Elena ing seen off previous winners Justine final after fifth seed Dementieva Northamptonshire (Lord’s), Surrey v Leicestershire (Brit OPEN 2010 Dementieva retired injured after los- Henin and Serena Williams in succes- broke down with a calf problem that Insurance Oval). BY FRANK DALLERES RUGBY LEAGUE ing the first set of their semi-final. sive rounds. had troubled her in the quarter- THE women’s game will have a new Both Stosur, 26, and Schiavone, 29, And she picked up where she left finals. The Russian had just lost the engage Super League (8pm): Hull v St Helens, Leeds v Wakefield, Salford v Warrington. Grand Slam champion tomorrow now face by far the biggest match of off against Jankovic, wrapping up the first set tie-break and said afterwards RUGBY UNION after Sam Stosur and Francesca their lives, neither having reached opening set for the loss of just one that she had torn the muscle and Schiavone booked their places in the the final of a Grand Slam before. game in 24 minutes. might miss Wimbledon. International Match (7.45): Ireland v Barbarians. final at Roland Garros. In fact, Schiavone is the first Italian The Serb could offer little more A jubilant Schiavone said: “I’m very Australian Stosur, the No7 seed, woman ever to go that far, while the resistance in the second, and despite happy, I’m starting to feel like this is SPORTS EDITOR JON COUCH continued her outstanding French last of Stosur’s compatriots to do so earning an early break lost the next really history. They are very happy in email [email protected] Open with a 6-1, 6-2 trouncing of for- was Wendy Turnbull in 1980. six games as Stosur clinched a land- Italy also.” We’ll learn quickly to stun Wood boosts SPORT | IN BRIEF Earls blow for Ireland The Cardiff Blues star had been Ryder Cup hope RUGBY UNION: Ireland have suffered recalled by Wales coach Warren Gatland Wallabies, claims Easter another blow ahead of their summer tour following his infamous golf buggy inci- of New Zealand and Australia after Keith dent during the Six Nations ▲ GOLF Earls was ruled out with a groin injury. Championship. The Munster back has been suffering But a torn thigh muscle in training on ▲ RUGBY UNION “Our basics were good but we lost it CHRIS WOOD gave Ryder Cup captain with the on-going problem before even- Tuesday means he has now had to be a bit towards the end. At times our Colin Montgomerie a welcome nudge tually pulling out during a team training replaced by uncapped Scarlets flanker BY JON COUCH physicality in defence let us down after firing a sizzling six-under-par 65 camp in Limerick. Rob McCusker. NICK EASTER believes England can up and we tried to play too much in our in the Wales Open at Celtic Manor. Earls, who is being replaced by the ante when they head Down 22 but that’s game management The course, which hosts the tourna- Connacht’s Gavin Duffy, joins Paul Zimbabwe stun India again Under for their summer tour of which we can, and will, address. We’ll ment in October, proved easy meat for O’Connell, Rory Best and Kevin CRICKET: India suffered a second shock Australia and New Zealand. learn quickly. the 6ft 5in Englishman, who raced to McLaughlin in missing the tour, while defeat at the hands of Zimbabwe after The Harlequins No8 captained the “We’ve made this a six-game tour the top of the leaderboard, one shot Stephen Ferris, Luke Fitzgerald and Denis crashing by seven wickets in their trian- side to an encouraging 35-26 win over and importantly we started with a clear of Australia’s Andrew Dodt and Leamy sit out the game through injury. gular series match. the Barbarians at Twickenham on win. But it’s the tough games away home favourite Bradley Dredge. The Indians, who lost by six wickets Saturday and now has the six-game from home that you remember. “The Ryder Cup is completely in the Powell recall curtailed on Friday, made just 194 from their 50 series, including two Test with the “The Aussies are competitive and back of my mind,” Wood said. “I’m RUGBY UNION: Wales back-row forward overs with Greg Lamb taking 3-45. Wallabies, in his sights. it’s a hard place to go. They’ve been just looking to win and I’ve just got to Andy Powell has been ruled out of Hamilton Masakadza (66) and “We’re far from where we want to doing very well in the Super 14 and stay patient.” Saturday’s clash with South Africa and Brendan Taylor (74) put on 128 for the be but there were some good signs,” they’re exactly the kind of team we Captain Montgomerie, meanwhile, the subsequent two-Test tour of New first wicket as Zimbabwe reached their Easter said. need to test ourselves against.” shot a one-under-par 70. Zealand. victory target with 11.4 overs to spare. CITYA.M. 4 JUNE 2010 Sport | Football 39 James receives a boost through new poster campaign

in South Africa.” WORLD CUP Capello also boosted Peter Crouch’s 2010 hopes of a first-team start after the BY JON COUCH Tottenham striker was handed the No9 shirt, while Chelsea’s Joe Cole ENGLAND coach Fabio Capello was given No11. dropped the strongest hint yet that SQUAD NUMBERS: 1 David James, 2 David James will be his No1 goalkeep- Glen Johnson, 3 Ashley Cole, 4 Steven er for the World Cup – through an Gerrard, 5 Rio Ferdinand, 6 John Terry, 7 innovative advertising campaign. Aaron Lennon, 8 Frank Lampard, 9 Peter The 39-year-old Portsmouth stopper Crouch, 10 Wayne Rooney, 11 Joe Cole, 12 was back between the sticks for Robert Green 13 Stephen Warnock, 14 Sunday’s 2-1 friendly win over Japan, Gareth Barry, 15 Matthew Upson, 16 James and was yesterday handed the No1 Milner, 17 Shaun Wright-Phillips, 18 Jamie shirt for this month’s showcase in Carragher, 19 Jermain Defoe, 20 Ledley South Africa. King, 21 Emile Heskey, 22 Michael Carrick, News of Capello’s squad listings 23 Joe Hart. were leaked through an eye-catching Dalglish ideal man to poster campaign by kit manufactur- ers Umbro, who erected the appropri- ate squad numbers in the home neighbourhoods of each of England’s 23 squad members. James’ No1 sat pretty in his home rebuild troubled Reds town of Welwyn Garden City, while his rivals Robert Green and Joe Hart had to settle for No12 and No23 respectively. day footballer and has brought him An Umbro spokesman told City Liverpool icon Phil Thompson tells Jon Couch why back to the club he loves.” A.M.: “Focusing around the ‘Umbro, Thompson, himself, has been criti- Tailored by’ concept, we thought it Kenny is the perfect replacement for Rafael Benitez cal of Benitez while working as a pun- would be interesting to see where dit for Sky Sports’ Soccer Saturday each of the players were tailored, this season, but admits he has an ele- born and raised. IVERPOOL legend Phil stability. If it works, what a fantastic ment of sympathy for the out-going “It’s the first time that a campaign Thompson believes Kenny statement that would be, if it doesn’t, Spaniard. “He will be extremely well has coincided with such a team Dalglish is the ideal man to take well it is only a temporary measure.” remembered by everyone at Anfield. announcement and we think the con- Lthem forward in the wake of Dalglish played over 515 games for Winning the Champions League in cept works perfectly as the nation Rafael Benitez’s exit. the Reds, scoring 231 goals, while Istanbul in 2005 was a night no-one comes together in support of the boys Dalglish, 59, has not managed a managing the club for six years from will ever forget. side since leaving Celtic 10 years ago, 1985. After spells at Blackburn, “I can sympathise with him but after but ex-assistant boss Thompson insists Newcastle and Celtic, Dalglish spent finishing second in the league last sea- WORLD CUP NEWS | IN BRIEF his former Anfield team-mate is the nine years out of the game before son, we’ve only just managed to scrape perfect candidate to lead the club Benitez lured him back to Liverpool to into the Europa League in this, and through uncertain times at board- work with the club’s academy. after six years – the same as Gerard USA hit by Altidore injury blow that Kim Myong-Won will only be room level. His time away has sparked sugges- Houllier and myself spent in charge – ENGLAND’S opening-match opponents allowed to play in goal, rather than his With co-owners Tom Hicks and tions that he may out of touch with you get the feeling the time has come USA suffered an injury blow yesterday usual position of centre-forward. George Gillett admitting their inten- the cut and thrust of the Premier for him. when striker Jozy Altidore was hospi- A Fifa statement read: “The three play- tion to sell the club, Thompson is call- League, but Thompson, himself a “I just hope, for everyone’s talised with an ankle problem. ers listed as goalkeepers can only play as ing on the ex-Reds striking hero to stalwart at Anfield for 13 years, sakes, that it is done sooner Altidore, who spent last season on goalkeepers during the World Cup and take the reins on a temporary basis, at insists the Scot is in perfect work- rather than later and with as loan at Hull, underwent an X-ray and was cannot play outfield.” least until new owners are found. ing order. “He’s a true student of much dignity as possible.” diagnosed with a sprain. “Kenny is the ideal man to mind the game,” he added. “He loves his Phil Thompson was leading a penalty The 20-year-old, who has nine goals in Dunga blasts Fifa in ball bust-up the office for a while,” Thompson told football and has a vast knowledge shootout in the Square Mile as 25 international appearances, is a doubt BRAZIL boss Dunga has hit back at Fifa City A.M. “He’s the safest pair of hands of the game, whether it be part of the build-up to the for USA’s final warm-up match against in the row over the new World Cup ball. Liverpool could ask for right now and here or across Europe. Standard Chartered Australia tomorrow. The Villarreal player, Fifa secretary general Jerome Valcke it would be an appointment which “Being with the acad- Great City Race which a regular starter for his country, faces a dismissed criticism, saying there were everyone in the city would like, thus emy has kept him in takes place on race to be fit to face England on 12 June. similar complaints, which have since giving the club some much-needed touch with the modern- Thursday 15 July. evaporated, about the 2006 model. Goalkeeper ploy backfires But Dunga said: “He needs to play. If NORTH KOREA’S tactic of naming an he played with the ball he would have a extra striker instead of a third keeper has different opinion. He is a guy who never turned into a spectacular own goal. got on the field. We will give him the ball Benitez exit sparks protests World chiefs Fifa have warned Korea to see if he can control it.” ▲ PREMIER LEAGUE feeling that what was effectively a Aston Villa manager Martin O’Neill Gerrard hails Capello mentality BY FRANK DALLERES sacking was also motivated by a was the favourite to succeed Benitez desire to cut costs, with the club last night, with Dalglish and ANGRY Liverpool fans burned £350m in debt and seeking a buyer. Fulham’s Roy Hodgson also fancied. ▲ WORLD CUP took over team affairs in February American flags outside Anfield last Benitez remained a hugely popular In a statement that emphasised his 2008, he has changed the dynamic of night in protests against the club’s US figure among fans, despite deteriorat- close bond with the Reds faithful, STEVEN GERRARD says coach Fabio the side. “From when the manager owners following the departure of ing results and a mixed record in the Benitez, who looks bound for Inter Capello has given the England squad first took over, there has been a manager Rafael Benitez. transfer market. And hundreds of Milan, said he was “very sad” to leave. a “winning mentality”. change,” Gerrard said. Benitez (right) ended his six-year supporters showed their alle- “I’ll always keep in my heart the Capello’s squad touched down in “I think every player has gone on reign on Merseyside by accepting a giance to Benitez yesterday by good times I’ve had here, the strong Johannesburg to begin their World record to say that it was a tough time £6m pay-off to terminate a £4m-a- assembling outside the stadium and loyal support of the fans in the Cup preparation yesterday ahead of the to play for England a couple of years year contract that still had four and directing their anger at joint tough times and the love from first match against USA, on 12 June. ago as there was pressure. The man- years left to run. owners Tom Hicks and Liverpool,” he said. “Thank you so Gerrard has been a mainstay of the ager has given us a winning mentali- The Spaniard’s departure George Gillett. much once more and always remem- England squad since the days of previ- ty and confidence.” comes after a dire season in They also targeted man- ber: You’ll never walk alone.” ous coach Steve McClaren, who was Gerrard, 30, refuses to look too far which the Reds finished sev- aging director Christian Reds chairman Martin Broughton labelled the “wally with the brolly” ahead in the competition, but is con- enth in the Premier League Purslow, who, along with added: “Rafa will forever be part of after failing to get England through fident England can top their group. and suffered early exits former boss Kenny Liverpool folklore but after a disap- qualification for Euro 2008. “I think we can get out of the group from the Champions League Dalglish, has been aksed pointing season both parties felt a But the Liverpool midfielder says as winners and then we take the last- and FA Cup. But there is a to find a replacement. fresh start would be best for all.” right from the moment the Italian 16 challenges on,” he added.