BUSINESS WITH PERSONALITY

See LONDON ON A KNIFE EDGE Page 3 ISSUEREVOLUTION 1,626 FRIDAY 4 MAY 2012 www.cityam.com FREE IN THE CITY

BY JAMES WATERSON pledge that in future the board will listen SLY BAILEY ANDREW MOSS AXEL WEBER ANDREW SUKAWATY more closely to shareholder concerns. SHAREHOLDERS yesterday unleashed their It was only the fourth time that a FTSE 100 Trinity Mirror, CEO Aviva, CEO UBS, incoming chairman Inmarsat, chairman wrath on leading blue chip businesses with an firm has seen investors reject a remuneration unprecedented wave of rebellion against exec- report since advisory votes began in 2003. utive pay deals. “Shareholders are registering their displeas- Businesses including Aviva, UBS and ure with companies that have raised levels of Inmarsat suffered substantial rebellions compensation dramatically during the good against remuneration packages at AGMs held years and failed to reduce them following the yesterday. And last night Trinity Mirror boss Sly downturn,” said Adrian Hoggarth of law firm Bailey unexpectedly handed in her notice as Prolegal. leading shareholders prepared to mount a Swiss bank UBS was also embarrassed when campaign against her £1.7m pay package. more than one third of its shareholders reject- The largest revolt was at insurance giant ed its remuneration plans, including those for Aviva, where 59 per cent of shareholders failed incoming chairman Axel Weber and invest- to back proposed remuneration levels, protest- ment bank co-head Andrea Orcel. Rebellions by ing that executive pay at the insurer has con- large shareholder groups are a rarity in tinued to climb despite a persistently weak Switzerland but sub-par profits and a $2bn share price. Some called for directors – includ- rogue trading scandal energised a usually ing chief executive Andrew Moss – to quit. docile investor base. “The figures are evidence enough to con- British satellite company Inmarsat also saw demn your abject performance without reser- 37 per cent of shareholders reject a pay deal for vation,” said private investor Philip chairman Andrew Sukawaty who remains on Meadowcroft, who estimated Aviva’s total £614,000 despite handing over the chief execu- boardroom pay has risen 90 per cent in the last tive role to Rupert Pearce. A spokesman said four years as its shares fell 62 per cent. last night that this was a “transition phase” * The vote is advisory only and cannot block and that “the shareholders who voted against the insurer’s pay plans but it was enough to it are US proxy managers” who do not under- QUIT 59% 40% 40% force Aviva’s outgoing chairman, Colin stand the “unique” situation. ▲ Sharman, to issue an apology to investors and ▲ MORE: Page 2, Page 6, Page 12 * percentage of investors that did not vote in favour of pay plans ▲ ▼ ▼ Certified Distribution FTSE 100 5,766.55 +8.44 DOW 13,206.59 -61.98 NASDAQ 3,024.30 -35.55 £/$ 1.62 unc £/€ 1.23 unc €/$ 1.32 unc 27.02.2012 till 01.04.2012 is 99,462 FRIDAY 4 MAY 2012 2 NEWS To contact the newsdesk email [email protected] City pay revolt: Long live this most capitalist of revolutions

FF with their heads: the and hedgie firm Man Group a few It is vital to understand what the hikes while share prices plummet message from shareholders is days ago – are themselves large insti- growing revolt against inappropriate and returns on capital wither are Obecoming louder and angrier EDITOR’S tutional investors. But corporate capi- boardroom pay deals is about – and rightly no longer being tolerated. by the day. “Listen to us”, they talism has an astonishing ability to what it isn’t. This is not a socialist The City is also finally cracking are rightly telling company boards, LETTER reinvent itself. The fact that it’s all revolt against inequality. It is a capi- down on rewards for failure, long a “you work for us. We pay you. Stop kicking off in the City is a great sign talist revolt to boost returns to capital blight on the financial landscape. Sly behaving as if you own the place.” that the system is beginning to work and prevent boards from diverting Bailey, who yesterday quit as boss of And that’s exactly the point: CEOs are ALLISTER HEATH sensibly again. resources to themselves. This is not Trinity Mirror, the newspaper group, merely shareholders’ paid hands. The Checks and balances are built into a about the public defeating the City – presided over years of decline. The real capitalists are the buy-side properly functioning market econo- it is about one part of the City hold- mood has also turned against bosses financial institutions – long only failing to act as proper stewards of my: if institutional shareholders ing another part to account. The rows who demand special dispensation funds, hedge funds, pension funds, individuals’ savings and pocketing accept poor returns, their own are not even really a protest against because their firms’ share price has insurance companies and other too many fees for insufficient returns. investors moan and threaten to with- high pay in general: remember, fund been hit by circumstances beyond pooled investment vehicles. They are Absentee landlords are never a good draw their funds. When the equity managers are not exactly badly paid their control, such as the Eurozone the shareholders – and therefore the thing. Capitalism requires engaged markets are weak, as they are at the themselves. They are merely opposed crisis or new regulations forcing owners of corporate Britain. The fact proprietors and custodians who mon- moment, the pressure eventually to the wrong sort of high pay, the banks and insurance companies to that they have belatedly remembered itor and assess the performance and reaches breaking point. That is where kind which isn’t related to perform- hold more capital. The message from their responsibilities is the best news behaviour of their executives to we are at today, and it helps to explain ance and which implies a dangerous shareholders is loud and clear: “if we in the City for ages. ensure that capital is allocated to its the mounting anger. Booming mar- looseness with other people’s money. suffer, or if we gain, then so should In recent days, institutional most productive use. Paradoxically, kets are bad for corporate governance: Golden hellos to compensate execs for our CEOs.” Long live the revolution. investors have begun reasserting two of the major firms to have suc- only the worst excesses get stopped leaving their previous job now clearly themselves – they too had come cumbed to a shareholder rebellion on and everybody turns a blind eye to fall into that category. High pay for [email protected] under fire, rightly in some cases, for pay – insurance giant Aviva yesterday rent-seeking and bad behaviour. great results remains fine; but pay Follow me on Twitter: @allisterheath RBS to repay IN BRIEF US jobless numbers fall sharply Britain on course to lose n The number of Americans filing new £163bn of loans claims for jobless aid dropped by the most in a year last week, easing fears the labour market recovery was to government stalling, official data showed yesterday. But separate figures on the BY JAMES WATERSON vote on EU banking rules vast US services sector was less upbeat, with the rate of growth ROYAL Bank of Scotland (RBS) is BY JULIET SAMUEL slowing more than expected and a set to announce today that it will gauge of employment falling to its finish repaying £163bn in BRITAIN is on course to be outvot- lowest level in four months. Initial emergency loans it owes to the UK ed for the first time ever on a claims dropped 27,000 to a seasonally and US governments. major piece of EU financial regula- adjusted 365,000, the Labor RBS, which is 82 per cent owned tion, after EU officials said they Department said yesterday – the by the British government, will had a majority in favour of propos- largest fall since May last year. unveil the plan when it publishes als that Osborne said would make However, the Institute for Supply its first quarter results today – him look “like an idiot”. Management said its services index which are expected to show a Following 16 hours of negotia- fell to 53.5 last month from 56 in slight decline in retail profits for tions on a set of new EU banking March, missing economists' forecasts the first quarter but a smaller loss rules that broke up at 2am on for a modest decline to 55.5, but still across the whole group. Thursday, Britain was still far from above the 50 “no change” mark. The repayments cover £75bn securing the concessions it wants. that RBS received from the credit If it cannot get enough support guarantee programme, which was between now and the next meet- Spain’s borrowing costs up again a key plank of the government’s ing of EU finance ministers in two n Spain saw yields jump at a bond bailout of banks in October 2008 weeks, the UK faces the prospect of auction yesterday, the first after its at the height of the financial losing control over its bank regula- recent downgrade to triple-B by credit crisis. tions despite being home to GETTY ratings agency Standard and Poor’s. It also includes repayment of Europe’s biggest financial centre. Chancellor George Osborne had testy exchanges with EU commissioner Michel Barnier However, demand remained solid, the £36.6bn it received through Denmark, which holds the EU’s largely from domestic banks. The emergency liquidity assistance rotating presidency, said: “There is lenders safer. London to tack on an additional government raised €2.5bn (£2.03bn) from the Bank of England and a supporting qualified majority The key issues at stake are Britain’s three per cent in capital require- as planned, paying 4.96 per cent on $84.5bn (£52bn) loaned by the US but we would like to widen this ability to implement its new macro- ments to the EU minimum and use five-year debt, compared with 3.696 Federal Reserve. support even further. I hope that prudential regulatory regime, which tighter criteria defining what capital per cent at the last similar auction, RBS is still borrowing from the we can reach an agreement.” it says is not possible under the cur- counts – although not as tight as the and 4.03 per cent on three-year European Central Bank’s long- EU commissioner Michel Barnier rent draft, and a series of loopholes UK wants. bonds, up from 2.617 per cent. Other term refinancing operation but it echoed the sentiments, but hours inserted into the text by France and But many in the City have raised markets remained stable, with yields is thought that the €10bn (£8.1bn) earlier he had threatened chancel- Germany that Osborne wants taken doubts over the effectiveness of the on 10-year bonds down 0.068 of loans from this source is seen as lor George Osborne with being out- out. The rules are based on the inter- Basel regime. “Basel III is not a final percentage points over the day and a way of raising cheap funding. voted if Britain would not give in. national Basel III regulations, but panacea of banking regulations,” Separately Lloyds bank says that He said he “hoped” the vote would the UK says they are watered down. said BDO partner Charles Ilako. stocks on the IBEX 35 up 0.29 per it will have finished paying back be unanimous, but cited “a very Britain has won some concessions, Others argue the regulations will cent. But analysts worried the rising its debt to the UK government by large consensus” in favour of the however, and a Treasury source said produce huge distortions with yields showed the impact of central the end of this year. Lloyds’ debts current version of the banking it is too soon to judge the final out- unknown consequences. bank liquidity boosts is wearing off. ▲ peaked at £157bn. rules, which aim to make the EU’s come. The rules will now allow ▲ BASEL RULES TIGHTEN: Page 8 WHAT THE OTHER PAPERS SAY THIS MORNING unveiled proposals yesterday to force them to hold more capital against the risk of heavy losses when markets freeze. The Beijing to back nuclear Britain Banks look to farm out SME lending Basel Committee on Banking Supervision’s Former MG Rover workers to receive EU vs Russia in Serbian election Several large European banks are America’s largest nuclear generator has Serbia's national elections are turning “fundamental review of the trading book” £3 compensation weighing the idea of outsourcing a portion been approached by a consortium into a referendum on the country's future, aims to close loopholes that have allowed Former employees of MG Rover are set to of their core small business lending to a bankrolled by the Chinese government to with voters asked to choose between a banks to cut capital requirements by receive compensation of just £3 per new crop of loan funds, in a further sign of rescue Britain’s flagging reactor building strategy of ever-deeper ties with the EU parking assets in their trading books. worker despite a seven-year campaign to the growth of the “shadow banking” programme. Exelon would operate up to retrieve funds from the collapsed car or a policy of forging closer relations with industry in Europe. A number of banks Third Nespresso factory to open six new reactors on two sites in Anglesey maker. 6,500 workers will share £22,000. Russia. including UBS and Royal Bank of Scotland Nespresso, the fast-growing premium and Gloucestershire if the estimated how banks might give those funds access coffee brand owned by Switzerland’s £15bn cost of building them can be found. Pepsi brings back King of Pop to their corporate client bases. Nestlé, yesterday brushed off fears of Young Italians flock to be shepherds Yahoo chief accused of fake CV As Italy’s unemployment rate topped 10 Pepsi is resurrecting Michael Jackson to rising competition for high-margin An activist hedge fund calling for a shake- per cent this week, it emerged that young try to pump life into its flagship cola, New threat to prop trading capsules with plans for a third factory to Bank trading desks face a new threat to up of Yahoo! has accused the CEO of people are flocking to become shepherds. three years after the singer's death and boost output to meet surging global their profitability after global regulators embellishing his CV to make himself The profession has recently attracted over 25 years after his sponsorship deal to demand. appear more qualified for the job. 3,000 young Italians. become the brand’s voice. CITYAMCAREERS.com The new jobs website for London professionals FRIDAY 4 MAY 2012 cityam.com NEWS 3 Polls predict Facebook IPO close finish in mayoral race pricing values BY JAMES WATERSON LONDONERS yesterday went to the polls and selected their mayor for the next four years – but the result will not be known until late this firm at $96bn evening. A final YouGov poll issued yesterday morning suggested that BY KATIE HOPE Despite the hefty valuation – which Boris Johnson was on track for a 53- puts Facebook almost on a par with 47 victory over Ken Livingstone once FACEBOOK last night valued itself at Amazon in terms of market capitalisa- second preference votes are taken up to $96bn as it set out the pricing tion –the valuation is lower than the into account. range for its hotly anticipated IPO. $100bn anticipated and the $44 per Automated counting of ballot

In a new regulatory filing, the social share price Facebook shares sold for EPA papers will only begin at eight network said it would seek to sell recently on private company exchange o’clock this morning. 337.4m shares at between $28 and $35 SharesPost. Analysts said the “conserva- All recent polls have pointed to a a share, raising up to $13.6bn in total, tive target” could be tactical. narrow lead for the incumbent and netting founder Mark Zuckerberg, “The (price range) will be a relief to mayor despite the unpopularity of who plans to offload 30.3m of his some people who are concerned that his Conservative party at present. shares in the IPO, a potential $1bn if it they may try to take the highest possi- Both sides were reportedly prices at the top of the range. ble price because of high concerned by low turnout levels on Even with the sale, which demand….They will likely walk the a damp and overcast day. Zuckerberg plans to use to range up,” said Sam Schwerin of A victory for Johnson would be a pay off a tax bill, he will Millennium Technology Value boost for Prime Minister David still remain easily the Partners. Cameron in the face of poor poll largest shareholder in Facebook’s pricing could increase if ratings, especially since the the company with his demand proves high when the firm’s Conservatives are expected to lose quarter share enabling investment bankers, Morgan hundreds of seats in yesterday’s him to control approxi- Stanley, JP Morgan and Goldman local council elections held outside mately 57.3 per cent of Sachs, start pitching the deal to the capital. the voting power of out- investors in roadshows set to start on standing capital stock follow- Monday. Facebook said the “lock-up” ing the offering. period, during which READ OUR LIVE ELECTION BLOG employees cannot sell FOR RESULTS FROM 11AM: Mark Zuckerberg shares after the could net $1bn IPO, would range from the IPO from 151 days to www.cityam.com 181 days. Top: Boris Johnson reads City A.M. after voting, as Ken Livingstone heads to his polling station.

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FRIDAY 4 MAY 2012 4 NEWS cityam.com New figures reveal full extent of Legal & General sales flat as nervous Brits save less cash Heathrow passport control chaos BY MARION DAKERS premium equivalent basis, and the division saw £489m net outflows in LIFE insurance group Legal & the quarter as nervous customers BY MARION DAKERS Terminals 3 and 4, the Border contingency plans. General posted flat overall sales cashed out their savings. Force failed on 21 days. Simon Buck of airline group yesterday, as customers bought But the firm’s institutional THE FULL extent of the border Immigration minister Damian BATA said the meetings were more general insurance coverage investment business LGIM crisis at Heathrow was laid bare Green assured parliament on constructive but that “there won’t but shied away from saving or delivered net inflows of £2.6bn, up yesterday in new figures that Monday that passengers never be improvements overnight”. investing their cash. 29 per cent on a year ago, taking showed passengers wait up to wait more than 90 minutes, but Following the meeting, the The 176-year old insurer wrote assets under management up three three hours to clear immigration. BAA found instances on 30 April Border Force said that a further £434m of new business in the first per cent to £383bn. LGIM is Airport owner BAA showed of passengers queuing for three 400 immigration staff will be three months of the year, attracting more international that the UK Border Force failed to hours at terminal four. drafted in at Heathrow to help compared to £433m a year ago. funds, with business coming from hit time targets at Heathrow on And delays could get even worse deal with the huge influx of Gross premiums for general the US and Asia. “Despite the most days in April – and one in next week, when immigration staff tourists around the Olympics. insurance rose 17 per cent to £83m challenging economic backdrop we four passengers from outside walk out as part of a national “In the longer term our in the quarter, helped by growth in have strong positions in our chosen Europe are waiting longer than strike over public sector pensions. management and rostering the States, the Netherlands and markets,” outgoing chief executive the government’s 45 minute goal. Green and home secretary changes will address the issue of new ventures in emerging markets. Tim Breedon said. At Terminal 5, the target was Theresa May met with airlines queues,” a spokesperson said But savings fell six per cent on L&G shares closed 3.1 per cent missed on 23 out of 30 days. At yesterday to thrash out yesterday. last year to £300m on an annual down at 118p. China chews up BRIGHT FOOD’S SHOPPING LIST ADVISERS ROTHSCHILD JENNIFER YU HEAD OF GREATER MAY 2012 CHINA Weetabix in Agrees to buy 60% stake in Weetabix BRIGHT Foods was advised by Rothschild and Linklaters’ teams in Britain and China. Rothschild’s team here was made up of Akeel Sachak, global head of consumer, Robert Plowman, Jessica Gretton and £1.2bn buyout AUGUST 2011 Abhishek Wahi. In China the deal was Took 75% stake in Australian food firm led by Jennifer Yu, Rothschild’s head of BY PETER EDWARDS Greater China, and Ting-Jie Zhang. Last the Weetabix business.” Manassen, which produces Jelly Belly year Sachak led the team advising The deal, which is subject to regula- Labelux when it bought Jimmy Choo – A CONTROLLING stake in historic tory and government approval in his third involvement in a deal for the breakfast cereal firm Weetabix has China, values the Kettering-based firm shoe brand. Sachak was also an adviser been sold to China in a £1.2bn deal in at £1.2bn including debt. in the £110m sale of the luxury label by the latest swoop for British assets. Bright Food executives have said that Phoenix Equity Partners to Lion Capital State-owned Bright Foods, based in they are targeting overseas wine, sugar in 2004 and the £180m sale by Lion to Shanghai, has taken a 60 per cent and dairy assets but it has a mixed JULY 2010 Towerbrook Capital Partners. stake in the Weetabix Food Company record in bids. Buys 51% stake in the milk processing Two years ago Yu helped lead the deal in the largest foreign acquisition by a The firm, which turned over $12.2bn when carmaker Zhejiang Geely bought Chinese food group. last year, has invested in Australia’s arm of the New Zealand’s Synlait Weetabix, which also makes Alpen Manassen and New Zealand milk pro- Volvo Cars from Ford for $1.8bn, after and Ready Brek, is Britain’s second- ducer Synlait in the last two years but months of painstaking negotiations largest cereals group and turned over lost out in bids for United Biscuits,, over the future of the Swedish maker of £422m in 2010. It exports to 80 coun- French yoghurt-maker Yoplait and robust sedans. tries and the remaining 40 per cent is CSR’s sugar business. And the ones that got away... The Linklaters team was led by owned by buyout firm Lion Capital Weetabix, set up 80 years ago, was corporate senior consultant Richard Gu and the management. sold by the George family for £642m in ¥ July 2010 - trumped by Singaporean palm oil and corporate partner Teresa Ma in Bright Foods is expected to lead a 2004 to US private equity firm Hicks producer Wilmar International, which acquires Sydney- Shanghai and corporate partner further growth push in Asia and Muse Tate & Furst, which later restruc- based CSR’s sugar business. Clodagh Hayes and corporate sources close to the firm said they are tured and spun out its European buy- managing associate Tom Matthews in not looking to make immediate job out arm to form Lion Capital. ¥ November 2010- talks collapse over sale of United London. cuts in Britain. The Bright Foods deal comes three Biscuits, maker of McVities and Hula Hoops. Law firm Mills & Reeve advised the Chairman Zongnan Wang said: weeks after UK tailor Gieves & Hawkes Weetabix Food Company and Weil, “With Bright Food’s strong resources was sold to its Hong Kong licensee March 2011 - loses out to General Mills, which buys Gotshal & Manges acted for Lion and our expertise in both the Chinese Trinity. China’s sovereign wealth fund ¥ Capital. PETER EDWARDS and broader international markets, bought a minority stake in Thames controlling stake in French yoghurt brand Yoplait. we are excellently placed to develop Water in January. Soc Gen sees profits drop as it RSA moves away from motoring scales back its investment arm BY JULIET SAMUEL The disposals were needed to with growth in newer markets boost its core tier one capital ratio by FRENCH lender Société Générale 25 basis points under Basel III eight per cent rise in rates, and a two note that the update was “solid… (SocGen) yesterday reported a drop in standards, which will be phased in BY MARION DAKERS per cent dip in personal coverage in though lacking in anything that is profits after it cut lending in its from January next year. the UK. likely to shift existing perceptions.” investment bank, despite a rise in SocGen said it intends to add 70 INSURANCE group RSA said it was Overall UK premiums rose four Revenue growth fell slightly short of trading. basis points to its capital base by the off to a good start to the year as per cent to £725m. RSA’s commercial expectations due to a lack of M&A The bank’s net profits were down end of this year, implying that newer markets offset a slump at its arm posted an 11 per cent jump in gains in the year so far, they added. 20 per cent to €732m in the first billions more in deleveraging is car insurance business, More Than. written premiums to £395m, and three months of 2012 compared to ahead and raising the prospect of Net written premiums rose five there was good progress in its RSA Insurance Group PLC the same period last year, although, further losses. But despite shrinking per cent to £2.2bn in the first expanding pet insurance division. 107 p 105.10 stripping out the effect of an its balance sheet, the corporate and quarter of the year, thanks to a rate RSA’s investment portfolio shrank 3 May accounting loss, that rises to €851m. investment bank booked a rise in hike coupled with a one per cent slightly to total £14.4bn at the end of 106 But increasingly stringent capital revenues from €65m at the end of uptick in volumes. March, which was due to a £33m requirements are forcing SocGen to last year to €1.9bn this year. The bank Emerging markets delivered foreign exchange hit and other 105 continue with speedy deleveraging. also managed to pare down its loan- much of this growth, with net movements causing a £47m dent. 104 The bank ditched €6.4bn of to-deposit ratio to 118 per cent. written premiums rising 20 per cent The firm has not changed its full- investment banking assets during SocGen’s Frederic Oudea said the to £281m. This was enough to offset year outlook and expects good 103 the first quarter of this year, but it bank’s strong start to the year gave mixed results closer to home, with a premium growth and around £500m managed to contain the losses on him confidence in the future despite 17 per cent drop in car insurance of investment income for the year. them to a relatively light €226m. a “morose” economic outlook. premiums by value, following an Analysts at Credit Suisse said in a 27 Apr 30 Apr 1 May 2 May 3 May I AM THE MERCHANT. I ENTERTAIN MANY GUESTS, BUT NONE AS ESTEEMED AS MY DELICIOUS GUEST ALES. the outcry over outcry the FredGoodwin’s 2009, hardly surprisingconsidering cent revolt in against RBSreport the proxy voting agency Manifest. plus abstentions –wasgreater, says total dissent–votes cast against last decadewhere occasions inthe context. Therehave beenjust two Aviva, we needto putitinto some ballot, 54percentvoted against. whocast a per cent).Ofthose it (50percent)orabstaining (nine yesterday, by voting either against against “excessive” pay. mended itsmembersvote Consultants hadalreadyrecom- Investment Research suchasPensionsgroups & AGM but major shareholder most vocalthe atyesterday’s abstained. over voted halfeither against or package. Across allshareholders, of UKshareholdersvoted against the yet itis believed avast majority that take aninterest inexecutive pay. for major institutional investors to holders shows growing tendency the right to vote onsuchmatters. years sinceshareholdersgained the rejected nine tion reports inthe remunera-100 hadseentheir firms BEFORE yesterday FTSE only three I Shareholder revolts don’tget muchworse thanthis The first wasawhopping91 per The first To illustrate how isfor badthis “The difference this timeis this “The difference Individual investors were The identityofvoters wassecret, rebellionby AvivaBut the share- expected activisimto grow L&G’s Tim Breedon saidhe 6 REBELS? Who ar BY JAMES WATERSON Aviva’s remuneration report shareholders refusedto back percentof Fifty-nine this. T DOESN’Tget muchbigger than JONES DAVID NEWS REVOLT INTHECITY GUINNESS TIM AGM hadshenotstepped down. against herpackage atnextweek’s Investors were expected to vote Schroders, Legal & General andAviva Investors suchasStandard Life, despite fallingshareprice. the anger over her£1.7m pay packet eight years buthasseenmounting got to beagoodthing.” lective leverage isfargreater. That’s stock market, saidyesterday. “Thecol- biggestGroup, the investor UK inthe Tim Breedon,CEOofLegal &General active issueaswe onthis have been,” engaged andasvociferous andas morepeoplearebecomingas that inspired by GoodwinandGarnier. kindofstrong feelingswerethe that ously doesn’tevoke anything like Aviva’s AndrewMoss,butheobvi- troversial Garnier. bossJean-Pierre package ofGlaxoSmithKline’s con- voted against £23mseverance the in2003,when63percent occurred ridiculous pension.Thesecond LINE BOTTOM an American advisory servicethat an Americanadvisory provides guidanceto morethan Sly for BaileyhasledTrinityMirror Now say whatyou like about The rebellionatUBSwasledby ISS, e t ALLISTER HEATH 1,300 firms and Ethos, aSwiss andEthos, 1,300 firms foundation that ownsfoundation that shares in the bankand shares inthe DAVID CROW advises other clients. advises other F&C assetmanagement and fundmanager Hermes. They were joinedby he FARLEIGH RICHARD This a different kindofrevolt.This adifferent neration reports in 2010-11,neration reports nothing shareholders voted against remu- average 10.5 100 percentofFTSE increasefor someyearsthe now. An departure. anyonefind her whowillmourn next Thursday. You to willstruggle faceinvestors than plank rather boss Sly Baileydecidedto walkthe last week. Last night,TrinityMirror cosh Diamond wasalsounderthe votes, whileBarclays bossBob were victimsofsizeableprotest side. Yesterday, UBSandInmarsat buy no moreMrNiceGuyfromthe willbe and itisalreadyclearthere SHARE PRICEFALLS THAT GOT INVESTORS WORRIED has amarket capofjust £82m. but more than100regional newspapers – n n n n charge ofthecompany. cent inthe10years since SlyBailey took from ofAmericaMerrillLynch Bank inJuly. golden hellofor Andrea Orcel, whowilljoin a rogue trading scandallast year. write-offs duringthecrisis,andlost $2bnin 34.00 32.00 35.00 33.00 34.50 32.50 33.50 40 60 80 20 50 30 70 10 TRINITY MIRROR UBS Proxy seasonhasbarely started Shareholder activismhasbeenon 2007 UBS The group owns theDailyMirror plus Shareholders have alsocriticiseda The Swiss bankwas hitby hugesubprime VAN DAM Shares have plungedmore than90per 2004 Trinity Mirror plc CHF p LEX 2008 2006 FRIDAY 4MAY 2012 2009 2008 2010 3 May 11.44 2010 32.25 3 May 2011 Produced by 2012 2012 See thefullprogramme &buytickets today at noses is a sign of things tonoses isasignofthings come. between crisis. norm 2004andthe six to wasthe eightpercentthat the 2002-3, butmuchhigherthan compared to 16 the percentorsoin n n n n falling steadily since thestart of2010. amount aswhenhewas alsotheCEO. chairman Andrew Sukawaty thesame voted against thepay report, whichpays listen more closelyto concerns infuture. has apologisedto investors andpledgedto Andrew Mosstook over in2007. shares have fallen 58percent since CEO 400 300 450 2002-03 350 10 14 16 18 12 400 600 800 4 500 6 8 700 2 AVIVA INMARSAT Here’s hoping this flurry ofbloody flurry Here’s hopingthis The company’s chairmanColin Sharman Investors are angrybecausetheinsurer’s FTSE 100Average Yearly Remuneration Dissent Shares inthecompany have been Thirty-seven percent ofinvestors cityamactivetrader.com Aviva PLC Inmarsat PLC 2011 Jan 2010 % p p 24 THE GRANGEHOTEL, TOWER BRIDGE In associationwith 0203 201 8900 2005-06 TH Jan 2011 MAY 2012 LTIP resolutions Report Remuneration All resolutions or call 2008-09 311.30 3 May 2012 457.80 Jan 2012 3 May 2011

Source: Manifest Trinity Mirror Rise &fall of further 75journalists. further announcedplans tosacka firm year for beingonholidaywhenthe have beenCEOfor almostadecade. of theyear, bywhichtimeshewill well for thefuture.” an extendedperiodandwishher contribution andleadershipover grateful toSlyfor herimmense company andtheboard are Gibson saidinastatement:“The Bailey. said elsewhere,” opportunities challengesand seek new up thechallengeandfor meto hand over tosomeoneelsetake to 32punderhertenure. shares have plummetedfrom719p Mirror andtheDailyRecord but axing jobsandfreezingsalaries. despite costcutsthatincluded fell 15percentto£104m, profit while thecompany’soperating cash andshareawards lastyear, sales. and the midstoffallingprofits issue withherlargepaypackagein last nightaftershareholderstook handedinherresignation Bailey MirrorchiefexecutiveTRINITY Sly in last10years Biggest shareholder dissents She was criticisedearlierthis willstepdownattheend Bailey Non-executive chairmanIan “I feel thetimehascometo The groupownsDaily receivedBailey almost£1.8min BY JAMES WATERSON Champagne receptionsponsor Follow meonTwitter: @davidcrow83 [email protected] (July 2009) British Land (May 2009) AMEC (May 2009) Royal ofScotland Bank Grou (May 2003) GlaxoSmithKline Dissent (Abs t e cityam.com nt ion s +A 51.54% 63.16% 53.14% 91.51% gai p

n s t ) too bigto fail bankingmodel Tucker urges regulators to end cityam.com by hawk Draghi cut dealtblow Hopes for rate possible toretail customers,the collapses, doing aslittle damage as contains disorder whenabank a systemwhichsuccessfully Paul Tucker, which meanscreating governorguaranteed, saiddeputy never banksas againview saidyesterday.England official borrowing costs,atopBankof failed banksorfacehigher credible resolutionmechanismfor big tofail”bankingmodelwitha GOVERNMENTS mustendthe“too Sir Mervyn Kingclaimsheforesaw thefinancialcrisis,butwas powerless to stop it other he said space oftime.” short “in avery cuts andmarket reforms spending pushing through in efforts” “significant governments for their ItalianandSpanish the cuts. interestany rate further roomfor reducing the get nextyear –again before fallingcloserto tar- get wholeof2012, for the will stay above itstwo percenttar- rate atonepercent. baseinterest ECBheldthe while the prisingly hawkish announcement, low sur- against dollaronthe the yenthe andmoved atwo-week off struggling. ployment whichare –notjust those strong andlow growth with unem- Eurozone –includingcountries day whole saidhesetspolicyfor the Bank (ECB)bossMarioDraghi yester- agenda asEuropean Centralthe off easingisfirmly MORE monetary However, Draghi congratulated The ECBnow believes inflation The eurorose0.21 percentagainst States mustensuremarkets BY TIMWALLACE BY TIMWALLACE private sector andentrepre- growth ket fostering reforms, arguingthat continuedneedforstressed mar- the rected.” should becor- mediumterm this the expenditure,butin reduce current said. reducing capitalexpenditure,” he easiest road,raisingthe taxes and extreme urgency, governments take minimising taxrises. capital,spendingand than rather focus spendingcutsoncurrent, to whileallstatesefforts, shouldtry governments neededto step uptheir struggling banks. torecapitalise debt becomesequity favour of“bailin” bonds,where intheindustry.”variety offirms and thecomplexity reflecting ofbank/dealer,”different types work indifferent contexts for is nosilver bullet.” Tucker said–buthewarned, “there imprudence,” stability-threatening market disciplineandsoless system,withstronger financial sector orthegovernment. The ECB’sDraghi alsoyesterday andcomplex to “It ismoredifficult under “It isunderstandable that In particular TuckerIn particular arguedin “We needresolutiontoolsthat This “canleadtoamuchbetter neurship represents the best wayneurship representsthe to create jobsandsustainable economic growth inthe economic growth ty, Draghi added. between fis- andthe growth medium term. cal compact,” hesaid. one of which is fiscal stabili- one ofwhichisfiscal is basedonseveral pillars, “There isnocontradiction “Growth issustainable ifit must continue market reform Mario Draghi says ECB president

REUTERS Bank ofEngland’sroleBank incrisis Calls mount for probe into the claiming hisexplanationignored crisis, analysis of the partial” rejected governor’s the “narrow and his oppositionifonewasproposed. yesterday suggested hewould drop inquiry, Bankgovernor King building butwaspowerless to act. claimed hesaw bankproblems crisis yesterday, MervynKing after financial of England’sactionsinthe called for into Bank aninquiry the INFLUENTIAL MPAndrewTyrie Meanwhile someeconomists yearsAfter ofrefusingto holdan BY TIMWALLACE FRIDAY 4MAY 2012 currently before parliament.Yet we FinancialServicesBill, in the taking onconsiderable newpowers saidyesterday.Tyrie “TheBankis mistakes havethe that beenmade,” important for usallto from learn structure. Bank’s newregulatory comes too late to impact onthe but Committee Tyrie, chairman Select important, saidTreasury BankofEnglandisstill wrong atthe sector.correctly reform the planned solutionwould not his problemandthat much ofthe “As governor the himselfsaid,itis An investigation into whatwent his warnings wenthis warnings unheeded. crisiscoming,butthat had seenthe he was acreditboom.Kingsaidthat said Saunders,whobelieves there –istoolearnt narrow andpartial,” lessonstocrisis –andhenceofthe be causesofthe explanation ofthe as hissuggested solutions.“His aboom”,aswellwas abust without “this also hitoutatKing’sclaimthat is, presumably, seekingto address.” were legislation madeandwhichthe mistakesconclusions aboutthe that still andagreed donothave firm

Citi economist MichaelSaunders

▲ ▲ THE FORUMDEBATE: NEWS Page 33 7 FRIDAY 4 MAY 2012 8 NEWS cityam.com LinkedIn shares jump after the Brazilian banking mogul buys City office landmark for £500m bell on high profit and growth BY KASMIRA JEFFORD John Ritblat, when he was chief executive of British Land in 2004. THE OWNERS of One Plantation A consortium including Invista BY CITY AM REPORTER $188.5m, besting analysts’ average internet network, boasting of Place yesterday confirmed the sale Foundation Property Trust and forecast of $178.58m, according to 161m members across the planet. of the giant City office block to Stobart Group then bought the LINKEDIN reported better-than- Thomson Reuters. The company revised its 2012 one of Brazil’s richest men for building for £525m in 2006. expected revenue and profit last Shares of LinkedIn were up nine outlook, expecting revenue in the close to £500m, bringing an end to It has since been at the centre of night, after it racked up strong per cent in after-hours trading to range of $880m to $900m from a a drawn-out battle to solve its debt several bids and proposals to growth from its services that help $120.50 from their $109.41 close prior range of $840m to $860m. problems. restructure its £435m debt. companies find and hire in regular trading. Excluding special items, its first- An investment vehicle Delancey was close to taking employees and it revised upward The Mountain View, California- quarter earnings per share of 15 controlled by Brazilian banking control of the building last year its 2012 outlook. based company was one of the cents was well above analysts’ mogul Moise Safra has agreed to but this fell through after months The professional networking first prominent US social expectations of nine cents per buy the 550,000 square feet of negotiation. site also announced that it had networking sites to make its debut share. development, while Jamie Schroder Real Estate Investment acquired content sharing in an initial public offering a year Net income rose to $5m from Ritblatt’s Delancey will manage Trust, which acquired a 28.9 per company SlideShare for $118.75m ago, whetting the appetites of $2.1m in the same quarter a year the building on its behalf. cent stake via its takeover of (£73.4m) in a mix of cash and those eagerly awaiting Facebook’s ago. Adjusted earnings before Plantation Place, which is home Invista’s mandates, said it will stock. impending IPO. interest, tax, depreciation and to tenants including insurance pocket £11.73m from the sale First quarter revenue at LinkedIn describes itself as the amortisation (Ebitda) for the first giant Royal Sun Alliance, was while fellow shareholder Stobart LinkedIn rose 101 per cent to world’s largest professional quarter were $38.1m. developed by Ritblatt’s father Sir made a £8.1m profit. PROTESTERS TARGET ENERGY CONFERENCE Basel tightens Slowing service screw on banks BY JULIET SAMUEL

INTERNATIONAL regulators are sector boosts “tightening the screw” on banks by revising the rules that govern how they estimate balance sheet risks. The Basel Committee, a group of central bankers and regulators, has kicked off a consultation on how chance of QE3 banks should model risks and what rules should govern what they put in their trading books versus their BY TIM WALLACE ging down growth, as higher fuel banking books. prices hit the sector, squeezing The distinction is important BRITAIN’S all-important services margins, and demand growth because trading books, which largely sector expanded solidly last slowed. comprise wholesale operations, and month, according to data pub- As a result, some economists now more retail-focused banking books lished yesterday, although the pace expect the Bank of England to try use different accounting and risk of growth was slower than in to stimulate demand still further systems. And the Basel Committee March. with more monetary loosening says that lenders are engaging in Economists said slowing demand next week. “regulatory arbitrage” by moving may renew calls for more quantita- “The level of activity now report- assets between the two. tive easing (QE) from the Bank of ed appears to be consistent with Among its proposals are tighter England, as Markit’s purchasing more QE under its post-crisis reac- criteria for where an asset sits and a managers’ index for the sector tion function,” said Nomura’s greater use of standardised risk came in at 53.3, down from 55.3 in Philip Rush. “So we still expect dis- models alongside banks’ own March. appointment at demand growth to modelling. They even suggest that Nonetheless, the index remained prompt a final £25bn of QE in May.” using regulators’ models should be above the “no change” level of 50 “mandatory” and incur a surcharge. for the 16th consecutive month. UK services activity kept growing in April Bankers have privately criticised Business sentiment continued to 66 the proposals for not allowing for improve, with increasing numbers 62 radically different balance sheets of orders translating into a further 58 and business models and for using rise in staffing levels. “1980s mathematics”. “From what we are hearing from 54 PricewaterhouseCoopers’ Patrick

panellists, this certainly does not 50 AM LEAN/CITY LAURA Fell said: “This is a turn of the screw... sound like an economy in reces- ENVIRONMENTAL and anti-cuts protestors targeted a summit of power firms taking place Whether this will lead banks into a

PMI Services Activity Index Activity PMI Services 46 sion,” said Markit economist Chris 42 in the City yesterday, gathering outside the Grange Hotel close to St Paul’s Cathedral. The ‘back to basics’ move to traditional Williamson. Climate Justice Collective said more than 300 protestors had turned up to disrupt the banking, as some regulators would 38 However, there were factors drag- Jan 05 Jan 06 Jan 07 Jan 08 Jan 09 Jan 10 Jan 11 Jan 12 conference, which was attended by bosses of the Big Six energy companies. prefer, is an open question.” Renault-Nissan signs deal to take control of Russian carmaker Small financiers scramble to fill

BY CITY A.M. REPORTER “Today’s memorandum is the gap left by FSA-regulated lenders latest step in an expanding THE Renault-Nissan alliance collaboration that helps yesterday signed a long-awaited modernize the leader of Russia's BY JULIET SAMUEL TFP is tapping into pent-up demand its goods made, and then sells them deal to take control of Russia’s auto industry,” said Renault-Nissan due to a large gap in the market left the goods for selling on to a large largest car maker, AvtoVAZ, as it Alliance chairman and CEO Carlos SMALL-TIME finance companies are by deleveraging banks, which have customer such as Argos or Pepsi. seeks growth in fast-growing Ghosn in a statement. seeing explosive growth as banks been hit by tightening capital rules. Tebbit is critical of government markets outside sluggish Western Russian Technologies has agreed are priced out of the market for Its commercial director, William initiatives like credit easing that try Europe. to restructure its outstanding helping small businesses to export Tebbit – son of the former cabinet to make large banks lend more The car group would hold 67 per loans with AvtoVAZ to give it a their goods. minister Norman Tebbit and cheaply “because they will still lend cent of a joint venture with state “strong balance sheet with no Trade Finance Partners (TFP), previously a banker at Seymour at the same terms and conditions” corporation Russian Technologies liquidity constraints”, while the which extends credit to small Pierce and WestLB – told City A.M. and have no effect on the new to own 74.5 per cent of AvtoVAZ. alliance would accelerate exporters that includes firms that all 18 of the firm’s current regulations hitting lending. The non-binding preliminary technology transfer to AvtoVAZ. supplying Pepsi, Argos and a clients had been refused the By contrast, TFP is not FSA- agreement would give the Franco- The companies hope to sign a Tanzanian hydro-electic project, has financing they needed by banks. regulated. “We seem to have a Japanese alliance 50.01 per cent of definitive deal by the end of this booked a profit in its first year of “These small businesses are the number of people in government the maker of the Lada. year, with the transaction expected trading on a turnover of £12m. lifeblood of the economy and they who believe that if you say it is The alliance plans to invest to be completed by 2014, by which Like other firms targeting small are being starved of cash,” he said. getting better they think that is all about $750m in the deal, including time the venture will buy Russian business financing – such as He calls his model that of an “old- you have to do. It probably stems about $300m from Renault and investment company Troika Bluehone Secured Assets, fashioned merchant bank” that from never having had a job or run a the remainder from Nissan. Dialogs entire stake in AvtoVAZ. MarketInvoice and Funding Circle, extends credit to a small firm to get business,” he said. Bank Holiday This half the price, Weekend all the comfort 50% OFF MODA COLLECTION SOFAS

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Credit subject to acceptance. Credit is provided by external fi nance companies as determined by DFS. 4 years interest free credit from date of order. Delivery charges apply. After event prices apply from 02.07.12 - see instore or online for details. Mobile charges may apply when calling 0800 110 5000. DFS is a division of DFS Trading Ltd. Registered in England and Wales No 01735950. Redhouse Interchange, Doncaster, DN6 7NA. FRIDAY 4 MAY 2012 10 NEWS cityam.com IN BRIEF Hermes gets Asian lift yet warns BMI Baby to close in September returned to prison last September to serve his shortened sentence. n Budget airline BMI Baby is to close after previous owner Lufthansa failed to find a buyer. Loss-making BMI, which Sales melt away at Thorntons over drag from European crisis was taken over by IAG in April, said it n Chocolate shop chain Thorntons said would consult on plans to shutter the yesterday its third quarter sales had fall- division in September, with some flights en nearly three per cent to £62.4m, as CITY A.M REPORTER would continue to be a threat. European growth to brand loyalty ceasing as soon as next month. The firm ongoing store closures and a tough con- “It is going to be a very difficult and Asian tourism. year,” he said. “The beginning was The Asia Pacific region also drove still has hope that a buyer will be found sumer environment bit into turnover. HERMES’ first-quarter sales have easy ... but the trend is not good.” growth, with sales up 22 per cent, for BMI Regional. The firm said it will Excluding store closures as part of an grown strongly as Chinese buyers Hermes sales for the quarter grew excluding Japan. Thomas said he offer refunds or alternative flights for ongoing restructuring, total sales were flock to stores in both Europe and 17.6 per cent, excluding currency saw no slowdown in demand for disappointed holidaymakers. broadly flat, the company said. Asia, yet the French luxury goods fluctuations. Yet Hermes kept a goods in China, a market which is firm yesterday warned that the cautious target of roughly 11 per closely tied to the health of the Conrad Black to leave prison Deutsche star moves to Morgan Stan weak European economy could drag cent growth for 2012 and noted that luxury goods industry. n Former media tycoon Conrad Black is n Eric Heaton, a veteran investment down growth in 2012. operating margins might be hit by Shares in rival luxury company The slowdown was not yet commodity prices. LVMH, which owns a 22 per cent due to be released from a prison in Florida banker with a track record in M&A deals, evident in the April figures, chief European sales for the quarter stake in Hermes, fell slightly in today, marking the end of a sentence for has left Deutsche Bank to join Morgan executive Patrick Thomas said, were strong, up some 27 per cent in April when it intimated that fraud and obstruction of justice. The Stanley, according to people familiar noting that the month was broadly organic terms, excluding France demand in China was weakening mogul, who once owned the Telegraph, with his plans. Heaton, head of in line with the beginning of the where growth was weaker due to for items like Louis Vuitton bags was jailed in 2007 but released from Deutsche's North American financial year, but the turmoil of Europe supply problems. Thomas attributed and Dior perfumes. prison in July 2010 while he appealed. He institutions group, resigned on Monday. Diageo toasts Morrison rules new markets as sales grow out any further BY LAUREN DAVIDSON

DIAGEO, the world’s biggest distilled drinks company, yesterday reported a third quarter of sales growth despite disappointing trading in discount plans Europe. CEO Dalton Philips said that market share should not be sought for any cost The group posted a six per cent sales rise, excluding acquisitions, BY KASMIRA JEFFORD when Easter and the royal wedding which it put down to a three per took place. Excluding these events, DID MORRISON’S FIRST cent growth in the volume of drinks WM MORRISON’S chief executive said sales were flat in the quarter, he said. ANALYST VIEWS QUARTER FIGURES MEET sold as well as price increases and a yesterday the supermarket would not Total sales for the period, which take Interviews by Kasmira Jefford EXPECTATIONS? trend of customers buying more succumb to offering more vouchers store expansions and openings into expensive products. after aggressive discounting by rivals account, rose by 1.5 per cent, exclud- Diageo, whose brands include like Tesco hurt its first quarter sales. ing fuel. CLIVE BLACK SHORE CAPITAL Smirnoff, Captain Morgan, Baileys Dalton Philips warned that, as eco- The group also said it had increased and Guinness, also raised its glass to nomic conditions remained uncer- the number of products in its M Savers This is a disappointing update from Morrison, even if it is against its emerging markets where it saw tain, squeezed consumers would value range by 43 per cent to 500 since toughest comparatives for the year. There is no doubt about that to our minds continued rapid growth. continue to seek out even more pro- it launched at the start of the year and “and the performance recorded underscores our concerns about the per- In the nine months to 31 March, motions. that it is making good progress with formance of the group in recent weeks. sales in Latin America and the But he brushed off concerns that the roll-out of its M Local convenience Caribbean climbed 18 per cent, while the grocer was losing market share to stores, with 300 planned by 2014. Africa and Asia Pacific grew 12 and rivals offering more discounts, saying PHILIP DORGAN PANMURE GORDON ” 10 per cent respectively. North the firm “wanted to sit back” from American sales gained an extra five this activity “rather than pursue mar- WM Morrison Supermarkets PLC First quarter sales are at the bottom end of expectations, albeit by around per cent. p ket share gain at any cost”. 286 276.50 0.5 per cent... That said, it has a lot to do in order to achieve its 2016 vision...In the But sales fell by one per cent in “We believe in profitable growth – 3 May meantime, it has a number of self help levers which should sustain profit Europe, dragged down by economic 284 “ there are times to be in this market growth, but our Hold recommendation reflects the relative risk. conditions in Spain and Greece and there are times when to with- 282 despite a strong performance in draw,” he added. Germany. 280 HARGREAVES LANSDOWNE Sales at stores open over a year fell RICHARD HUNTER ” Diageo boss Paul Walsh said: “Our one per cent excluding fuel in the 13 278 year to date performance continues weeks to 29 April. Like-for-like sales numbers were lower, coming in against strong com- to demonstrate that Diageo is well Philips attributed the fall – the first 276 paratives from last year. In addition, Morrison’s market share has been inching in positioned with our balance of in seven years – to tough comparatives “the wrong direction according to the latest industry surveys, with its per- businesses across categories.” with the same quarter of last year 27 Apr 30 Apr 1 May 2 May 3 May ceived value offerings coming under pressure from discount rivals. ” Shares rose 1.5 per cent to £16.15. American ice-cream chain to double its number of UK stores

BY KASMIRA JEFFORD It already has around 100 of buy-out groups Bain Capital, franchises in the UK, including Thomas Lee Partners and the BASKIN-ROBBINS, the world’s largest restaurants and concessions in Carlyle Group. The ice-cream maker chain of ice cream parlours, said it other shops and cinemas. now has more than 6,700 franchises plans to double its stores in the UK, The new stores will be kitted out in almost 50 countries around the hiring 400 new staff. with larger topping stations and world. The 65-year old American high-tech interactive menus on lcd “Baskin-Robbins takes pride in company is best-known for its screens, with walls “reminiscent of delighting guests the world over wacky flavours such as “bombshell waffle cones” the group said. with its rich library of ice cream blondie” maple and sponge cake Baskin-Robbins was founded by flavours and wide array of frozen ice-cream and “Lunar Cheesecake” Irvine Robbins and his brother-in- treats,” said Nigel Travis, chief in celebration of the 1960s Nasa law, Burton Baskin in 1940s, who executive officer of Dunkin’ Brands. space missions. concocted flavours such as Jamoca “Baskin-Robbins further growth In a statement yesterday, the almond fudge and others named in the UK provides an excellent group said it will launch 80 restau- after events happening in American opportunity for those looking to rants over the next three years, with culture at the time such as Cocoa a develop a franchise business. It also the first three opening today in Go-Go, when go-go dancers were means hundreds of new jobs, which GETTY London, Middlesex and popular. It is now part of Dunkin’ we are particularly pleased to be Baskin-Robbins is famous for its extravagant flavours Hertfordshire. Brands and owned by a consortium supporting”, he added.

FRIDAY 4 MAY 2012 12 NEWS cityam.com Fuel costs send Lufthansa further Bailed-out AIG trumps forecasts into the red and prompt job cuts as its profits more than double BY CITY A.M. REPORTER catastrophe losses arising from the earthquake in Japan. The year-earlier BY MARION DAKERS “We can only safeguard jobs for lightened overall” recently, and it BAILED-OUT insurer American earnings also included a charge for the long term and create new has kept its full year operating International Group (AIG) said quarter- the termination of AIG’s credit GERMANY’S biggest airline openings if we reorganise the profit forecast of a figure in the ly profit more than doubled from a facility with the US Federal Reserve. yesterday announced plans to cut administrative functions and mid-hundreds of millions of euros. year earlier, exceeding expectations AIG’s global property insurance 3,500 office jobs in an attempt to accept job losses now,” chief The German carrier’s move came with the help of investment gains. unit, Chartis, earned $1bn, stem widening operating losses. executive Christoph Franz said in a as Scandinavian airline SAS blamed The company yesterday reported compared with a loss of $424m a Lufthansa reported an operating statement. high fuel prices for a quarterly loss first-quarter earnings of $1.65 a year earlier when the Japanese loss of €381m (£309m) for the first The firm aims to cut that was more than twice as large share on an operating basis, beating earthquake affected results. The three months of the year, more administrative costs by 25 per cent as analysts had forecast. the $1.12 estimated on average by company said its loss ratio improved than double its losses a year ago, as and slim down other operations to •Irish carrier Aer Lingus analysts. due to a shift to higher value high fuel and tax costs along with improve Lufthansa’s annual yesterday upgraded its 2012 AIG’s net income for the quarter businesses, pricing improvements fierce competition across Europe operating profits by at least €1.5bn operating profit forecast, saying it was $3.2bn, or $1.71 per share. That and risk selection. battered its bottom line. by the end of 2014. expected to match last year’s €49m compared with year-earlier net SunAmerica, AIG’s US life insurer, The loss came despite a 5.6 per Lufthansa said that despite the as higher revenue per passenger income of $1.3bn, or 31 cents per reported a profit of $1.3bn in the cent rise in revenues to a record economic turbulence that has mile compensated for growing share. In the corresponding quarter quarter, up from $1.2bn, helped by €6.6bn and higher traffic figures. weighed on its sales, “the mood has costs. last year, AIG racked up substantial reinvestment of cash during 2011. Hedgie Hendry forecasts Asian economic crash

opaque and bloated balance sheets. BY PETER EDWARDS “It is hard to escape the impression that Japan’s blue-chip companies are HEDGE fund boss Hugh Hendry has teetering on the brink of extinction,” warned the next phase of the eco- he wrote. Hendry has repeatedly nomic crisis will hit Asia as China warned that China has inflated a prop- feels the impact of a property bubble erty bubble while allowing govern- and falling demand for exports. ment debts to rise excessively. Three The Scot (below), who runs Eclectica years ago he posted a video on Asset Management, which has YouTube showing empty skyscrapers around $700m in assets, is known for in the city of Wuhan. his gloomy view of China but he said China will also struggle to maintain in his latest investor letter he was its export-supporting currency peg “more pessimistic on Chinese growth with the US dollar just as a slowdown than ever”. in European growth hits demand for “This makes us bearish on most its goods, he said. Asian stocks, bearish on industrial “It has long seemed to us to be the commodity prices, interested in some case that this economic crisis would US stocks, a seller of high variance start in the US and make its way to equities and deeply concerned that Europe. That has happened. However, Japan could become the focal point of we also think it will end in Asia.” the next global leg down,” Hendry In his latest letter Hendry also said said in the April-dated letter he was more bullish than most about He cited Japanese group Hitachi as US growth prospects, “too expensive” while buying five-year believing price credit default swaps on Toshiba. restructuring in Hendry, who set up the Bayswater- debt and labour based fund after leaving his job at markets as well as Odey Asset Management, said some huge advances Japanese companies are “corporate in shale oil zombies” which will sooner rather extraction will

than later fall prey to over exposure to maintain the Chinese exports, high leverage and economy’s posi-

tion as the Hugh Hendry says China world’s

faces a property bubble largest.

ARE YOU” PLEASED TO SEE A RETURN

CITYVIEWS IN SHAREHOLDER ACTIVISM? Interviews by Lauren Davidson KEVIN POWELL No,” I think businesses should be left to run

XL INSURANCE themselves. That’s what executives get paid for. If investors don’t approve of the way the company is being run, they can get rid of their shares. ANDY SWAN Yes” – if companies want to be on the stock JARDINE LLOYD THOMPSON exchange they have to be accountable. Shareholders should have their voices heard and compa- nies ignore this at their peril. FILIPE MARTINS I think it’s a good thing. The incentives of LONDON BUSINESS SCHOOL management are not always the same as those of investors, and it’s the responsibility of share- holders to get to the issues of the company.

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Apple,theApplelogoandiPadaretrademarksofAppleInc,registeredintheUSandothercountries.TMand©2010AppleInc.Allrightsreserved.1TheAppleiPhone4S16GBisonlyavailableat£26permonthwithanupfrontphonecostof£99onVodafone.Pricestatedisforalimitedpromotionalperiodonly.Appliestonewpaymonthlysubscriptionsonly.Askin-storefordetails. Paymonthlypricessubjecttocreditcheckandminimumtermof24monthsonselectednetworks&tariffs.Subjecttoavailability.Someexclusionsapply.Seewww.carphonewarehouse.comfordetails. FRIDAY 4 MAY 2012 14 NEWS cityam.com Can maker Rexam says trading Smith & Nephew climbs after restructuring starts to pay off is in line but its shares fizzle out BY CITY A.M. REPORTER continued to lag however, with sales down two per cent. ARTIFICIAL hip and knee maker S&N was the highest climber BY MARION DAKERS levels seen last year as profits come and return on capital employed.” Smith & Nephew (S&N) said on the FTSE 100 yesterday as off patent and fewer people than last Analysts at Singer Capital Markets yesterday the early fruits of a investors reacted well to the PACKAGING group Rexam pared year suffer from flu. said the shares now “lack fizz” after restructuring programme and a update, sending its share price back early gains yesterday to close Efforts to sell off Rexam’s personal a good run in the wake of Rexam’s strong performance in knee up almost four per cent to flat, after reporting that its sales care business are going to plan, it asset disposal plans. implants delivered a better-than- 629.50p. were in line with expectations. added in an interim management expected five per cent rise in The market for reconstructive Rexam, which manufactures statement ahead of its annual Rexam PLC first-quarter trading profit. surgery has been in the p products from drinks cans to shareholder meeting. 445 432.60 The group, which also makes doldrums for a couple of years as cosmetics packaging, reported good All motions at the meeting were 3 May wound therapy products, patients postpone surgery volumes in its European business. passed with at least 92 per cent 440 reported trading profit of $252m because of the costs and time off The firm said that its North approval. (£155m), $10m better than work required. American arm, which makes cans Graham Chipchase, Rexam chief 435 analysts expected, on revenue S&N’s chief executive Olivier for Pepsi, Jim Beam and Starbucks, executive, said in a statement: “The 430 three per cent higher at $1.08bn. Bohuon said it was too soon to was clawing back gains that were global economic outlook remains S&N said that its knee talk about a recovery in the US. lost in the last year, while South uncertain but, at this stage, we 425 franchise grew six per cent, “It’s still a very challenging America was also showing growth. continue to expect 2012 to be outperforming a market that environment, still unstable, However, Rexam’s healthcare another year of progress as we grew at three per cent. however it’s better than one business is trading slightly below maintain our focus on cash, costs, 27 Apr 30 Apr 1 May 2 May 3 May The group’s hips business could have expected,” he said. IN BRIEF Kesa sells stake in Darty Telecom Sales rise but n Electrical group Kesa has sold a majority stake in its French telecoms business to Bouygues Telecom, lifting shares 1.7 per cent yesterday. Under the agreement, Kesa will sell a 99.9 per cent stake in Darty Telecom for expansion hits €40m (£32m) and will receive a share of future revenues based on the existing and future subscriber numbers. Regus’ profits BMW posts record sales in China n BMW, the world's largest luxury carmaker, posted its strongest-ever first BY LAUREN DAVIDSON from new centres to diminish quarter yesterday, overcoming weakness through the remainder of the year. in Europe with surging sales in China,

REGUS, the flexible office space Headquartered in Luxembourg, GETTY which leapfrogged the United States to provider, yesterday posted strong Regus provides flexible working General Motors will announce its turnaround plan for Opel in the next few months become its single-biggest market. sales growth despite taking a hit space such as offices, meeting Earnings before interest and taxes rose from its rapid expansion plan. rooms, business lounges and recep- nearly 19 per cent to €2.13bn (£1.73bn). Turnover in the first quarter grew tion facilities. Profits were driven by a sharp rise in by 8.8 per cent to £299.3m, boosted While the majority of its revenues General Motors disappoints with sales of high-margin vehicles, including by a £26 increase in revenue per come from the Americas, it has its family of SUVs and more importantly occupied workstation to £1,883. “strong exposure” to emerging mar- the 7 Series flagship limousine. Sales in Regus said its mature business – kets where there is a heavy reliance outlook as Opel losses improve China, which eclipsed the US as BMW’s comprising the centres opened on virtual offices. largest market during the quarter, before the end of 2010, accounting Founded in Brussels in 1989, Regus jumped 37 per cent. for over 85 per cent of the compa- now counts Google, Disney, Starbucks BY CITY A.M. REPORTER related to pension accounting in ny’s global portfolio – grew rev- and BP among its clients. Europe, GM reported a profit of 93 enues 4.4 per cent to £282.2m. Its shares fell one per cent to 108.5p GENERAL MOTORS yesterday cents per share. Net income fell to Metro swings to a surprise loss “This like-for-like increase builds yesterday. offered investors a disappointing $1bn, or 60 cents a share, from further on the strong performance outlook for the upcoming six $3.1bn, or $1.77 a share, in the n Germany’s Metro, the world’s in 2011, reflecting continued Regus PLC months in North America, raising same quarter a year earlier. Last fourth largest retailer, said yesterday p healthy levels of occupancy,” the 111 108.50 questions about the US economy’s year’s quarter included a one-time that it would focus on fixing problems 3 May in its existing business before entering company said in a statement. 110 recovery. gain of $1.5bn from the sale of Regus’ accelerated pace of expan- While the world’s largest stakes in Delphi and Ally. new markets such as Indonesia as it sion, which has seen 37 new centres 109 carmaker posted a first-quarter Europe, which has struggled to reported a surprise operating loss in opened in the last three months 108 profit that surpassed forecasts, the return to profit, saw a $256m loss. the first quarter. The Duesseldorf, compared to 12 in the same period 107 outlook for its core market fell But that was an improvement on Germany-based group reported an last year, took its toll on profitability. short of expectations. the previous quarter’s $562m loss. operating loss of €9m (£7.2m) for the But the company said it is on track 106 “We’re clearly seeing some CEO Dan Akerson said he hopes first quarter, blaming investments at to open the planned 200 new cen- 105 improvement in the economy,” to provide details of a turnaround its Media-Saturn chain of electrical tres before the end of 2012, assuring finance chief Dan Ammann said. plan for GM’s Opel unit in the next goods stores. that it expects the financial drag 27 Apr 30 Apr 1 May 2 May 3 May Excluding one-time items mostly few months. House prices fall again in April Top think-tank predicts Britain will see zero growth this year as recession crushes consumers BY TIM WALLACE But NIESR expects a strong acceleration to two per cent growth THE ECONOMY will stagnate in in 2013, matching the OBR’s BY TIM WALLACE to house prices in early 2012 as Insight forecasts a three per cent 2012, recording no growth, a outlook. buyers brought forward purchases fall this year, arguing consumers leading think-tank predicted The think-tank argues for a HOUSE prices fell again in April, that would otherwise have taken are under sustained pressure. yesterday, contrasting starkly with short-term fiscal stimulus as “the Nationwide revealed yesterday, as place later in the year,” said official forecasts for an economic UK suffers from a lack of demand”, economists warned the new Nationwide’s Robert Gardner. House prices fell in the year to April expansion and raising calls for a which it believes would help the recession will keep the market very “This effect should fade in the 15% short-term fiscal boost. economy but not damage long-term weak. months ahead, and measures such 10% The fall in GDP in the first deficit reduction targets. Prices fell 0.2 per cent last month as the government’s NewBuy 5% quarter of the year, which took The weak state of the economy is to an average of £164,134, following scheme should provide some Britain back into recession, has in part influenced by the ongoing a one per cent fall in March. support to buyer demand. However, 0% dragged down the National Eurozone crisis – NIESR expects a That brings prices down 0.9 per the challenging economic backdrop -5% Institute for Economic and Social shallow recession followed by a cent on the year, in part because suggests that a significant Research’s (NIESR) outlook to delayed but successful resolution

Annual change in house prices -10% the rush to buy houses before the acceleration in prices or activity is forecast no growth for the year, to the crisis. stamp duty holiday expired in unlikely in the near term.” -15% compared with the Office for Meanwhile it forecasts global March has now dried up. Other analysts went further. -20% Budget Responsibility’s (OBR) 0.8 GDP growth of 3.7 per cent in 2012 “This provided a temporary boost Howard Archer from IHS Global Apr 9 Apr 10 Apr 11 Apr 12 per cent prediction. rising to four per cent in 2013. FRIDAY 4 MAY 2012 cityam.com NEWS 15 THE SCREAM SELLS FOR $120M AT AUCTION Assets jump to Schroders says record £31bn at St James’s

Eurozone woes BY PETER EDWARDS

ST JAMES’S Place yesterday overcame lingering fears over the Eurozone to post a record level of funds under hitting demand management. The wealth manager, 60 per cent owned by Lloyds Banking Group, BY PETER EDWARDS said assets rose nine per cent to 25 per cent stake in Axis AMC, the £31bn during the first quarter of this asset management subsidiary of Axis year, due in part to the performance THE CHIEF executive of Schroders Bank, the third largest private sector of its existing funds. yesterday warned of the impact of bank in India, as it aims to tap into Chief executive David Bellamy said more Eurozone turmoil as the asset the growing middle class in Asia’s retail clients were still “relatively manager posted an eight per cent third-largest economy. cautious” in their taste for drop in first quarter profits. “I think it’s a very exciting long- investment as total new business on Michael Dobson said he was wary term market, and I would emphasise an annual premium equivalent (APE) of events in Europe despite a recent long term,” Dobson said. basis fell 2.6 per cent to £152.6m easing in market swings. The update capped a mixed week from the same period last year. “You can trace investor demand for the industry. Aberdeen Asset “It’s been a good first quarter with pretty closely to what’s happening in Management said assets rose nine per the one caveat being the markets are the Eurozone and, below, reflected cent after strong fund performance a little challenging and volatile and in equity markets. There are signs of outweighed net outflows in its first- that makes investors a little bit a slowdown. The impact of market half but Henderson posted a net out- nervous and it just takes a bit uncertainty is seen most immediate- flow of £857m in the first quarter. longer,” Bellamy said. ly in the retail sector, but it also Strong retention of existing client impacts institutional clients.” funds and £1.26bn of new The blue-chip money manager post- Schroders PLC investments led to a net inflow of ed an eight per cent fall in pre-tax 1,470 p £700m to its funds, though this was profits to £95.5m due to lower vol- 1,460 slower than the £770m in the same umes in the three months to 31 1,412.00 period last year, the company said. 1,450 3 May March. Net inflows of £1.6bn were 1,440 James Pearce at UBS said: “Falling nearly 50 per cent lower than in the 1,430 sales make tough reading for a first quarter of last year. Private bank- company on a premium rating, LAURA LEAN/CITY AM LEAN/CITY LAURA ing saw outflows of £100m. 1,420 particularly with Lloyds’ 60 per cent Total funds under management 1,410 EDVARD Munch’s masterpiece “The Scream,” one of the world’s most recognisable shareholding... However, in our view rose 6.6 per cent from the end of last 1,400 works of art, sold for $120m (£74m) at Sotheby’s on Wednesday night, setting a new SJP has the most sustainable year to £199.6bn. record as the most expensive piece of art ever sold at auction. A so-far anonymous business model in the UK.” Schroders also said it had bought a 27 Apr 30 Apr 1 May 2 May 3 May telephone bidder secured the vibrant painting after a near 15-minute bidding war.

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HERE was a time when the competition in the market-place to months there has been no sign of the rights agency group Merlin the detriment of consumers and epithet in press releases or in the T dubbed itself the “virtual fifth independent music producers group’s lobbying at Brussels. major” in the music world, and rights agencies. A spokesperson for Merlin fancying itself as rubbing shoulders The deal, announced in told The Capitalist: “It’s a falla- with major record labels Universal, November, is currently cious argument that we Sony BMG, EMI and Warner. being considered by the are the fifth major, The description gave the group, European Commission because we’re not a which represents a series of inde- and Merlin has not shied record label. You would- pendent labels producing music away from voicing its n’t compare a newsagent from artists including Adele, Arctic opinion. to a department store Monkeys and Belle & Sebastian, a And while the “fifth just because they sense of importance in the music major” claim used to both stock news- world. appear proudly in papers. But The Capitalist has learnt that Merlin’s public state- “We have Merlin seems to have lost its star- ments, in recent never called splattered wizard’s hat somewhere ourselves the near the outskirts of Brussels. fifth major.” The indie group is vigorously Adele is signed to Probably a good opposing Universal’s £1.2bn takeover independent label XL idea to take the of EMI’s record label business, argu- Recordings, a member of claim off your website ing that the merger would damage Merlin then, Merlin.

Christie last year So it was farewell to Norman RBC backs Race for Kids Askew this week as Finsbury’s RBC, the Canadian bank that is busy grow- Roland Rudd hosted an evening for the ing its London presence, has been named former chief executive of British LONDON 2012 is joining up with British Airways Between now and the start of the as the title sponsor for the Great Ormond Nuclear Fuels and East Midlands to create Park Live, an outdoor venue set in the Olympics, City A.M. is publishing its Street Hospital Children’s Charity annual Electricity. Rudd made sure the retiring newly-created 250 acres of Olympic parklands. Olympic Image of the Week. If you 5km family fun run on Sunday 24 June. Askew’s preferred wines were on the A giant double-sided screen, sitting in the River have a shot you think our readers will Last year’s race (also sponsored by RBC) menu at the dinner which was attended Lea, will broadcast live Olympic coverage for like, please email [email protected] raised over £400,000 towards the redevel- by former colleagues including those without tickets for sporting events. Other with IOW2012 in the subject line. Full opment of the hospital, with Linford Vodafone’s Andy Halford and banking entertainment will include visits from athletes. details: cityam.com/london-2012 Christie joining in the fun. To sign up, go adviser Richard Broadbent. to raceforthekids.co.uk.

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*Price is per person, package includes accommodation and car hire, travel must be completed before 31 October 2012. Flights are not included. Prices subject to change according to dates of travel and availability of hotels. Taxes are not included. Promotion ends 31 October 2012. FRIDAY 4 MAY 2012 cityam.com NEWS 17 Bumi arm makes Samin Tan its Cobham sweetens its offer to £275m to secure Thrane deal president as his power grows BY CITY A.M. REPORTER warmed to a previously rejected proposal. The British company said AERO electronics group Cobham its revised offer takes into account BY CITY A.M. REPORTER joined BRM after 21 years with year, was made chairman in March. has agreed to buy Danish rival the dividend Thrane would have mining giant BHP Billiton in Former chairman Nat Rothschild Thrane & Thrane after its declared for the financial year to CHAIRMAN of mining company various executive and management and the Bakrie camp fell out in increased offer of £275m was the end of April 2012. Bumi, Samin Tan, was yesterday roles. November after a letter from accepted by the board of the “This is an outstanding named as president director of BRM holds various non-coal Rothschild demanding a “radical satellite communications opportunity to bring together two Bumi Resource Minerals (BRM). mineral operating, development cleaning up” on corporate equipment maker. world-class, highly complementary, BRM is a company listed on the and exploration properties in governance issues was leaked. Thrane & Thrane shareholders commercially focused SATCOM Jakarta Stock Exchange Indonesia and in West Africa. BRM The incendiary letter caused will be offered 435 Danish crowns businesses and is in line with our and the appointment has a mixed portfolio of minerals, uproar with the Bakries, who were (£47.54) in cash for each Thrane & aim of prioritising investment that was made at an including copper, gold, zinc, lead, furious at the way the issue was Thrane share, an increase of 15 will bring more balance” said extraordinary general iron ore and diamonds. publicly aired. Danish crowns per share over Cobham chairman John Devaney. meeting. Coal entrepreneur Tan, who Tan then stepped into the fold as Cobham’s offer announced on 10 Cobham said its offer Tan replaces Ken became a major investor in Bumi chairman while as part of a peace April, 2012,” the British company represented a premium of 48 per Farrell in the role, the alongside the Bakrie family last deal Rothschild has remained on said. cent to the closing price of Thrane company said in a market the board. Cobham last month renewed its & Thrane shares on 24 February, statement. Farrell, Samin Tan is now Bumi’s main operations are initial 420 Danish crowns per share the last trading day before Thrane an Australian, president of BRM. mining in coal rich Indonesia. bid for Thrane after some investors said it had received a takeover bid. IN BRIEF Antofagasta copper output hit BG Group sells n First-quarter copper production at Chilean miner Antofagasta fell 13 per cent on the previous three months amidst rising development costs, the London-listed firm said yesterday. Esperanza, a flagship growth project Comgas stake that hit troubles in its production build-up last year, saw damage to a key conveyor belt in the quarter which held up throughout February and March. It warned the mine’s full-year production would be at the lower end in a £1bn deal of forecast ranges. The problem also weighed on the miner’s total output for the quarter, down 12.9 per cent on BY HARRY BANKS Dutch Shell owns another 18.1 per cent. the last three months of 2011.

GAS and oil producer BG Group said Comgas is the largest distributor of GETTY yesterday it had agreed to sell its piped natural gas in Brazil with 4,000 Chief executive Mark Bristow was on the front line when Mali descended into chaos Avocet boosted by gold prices Brazil gas distribution business kilometres of pipelines that deliver n Gold miner Avocet Mining said yes- Comgas to Cosan for $1.8bn (£1.1bn) gas to customers in 57 cities. terday that its quarterly pre-tax profit as it unveiled soaring first quarter Meanwhile BG Group reported a 55 rose on higher gold prices, but lower profits on the back of higher oil per cent rise in underlying net profits Randgold profit rises as boss prices and production. to $1.27bn in its first trading quarter, production resulted in higher cash cost BG is selling its 60 per cent stake in broadly in line with analysts’ fore- per ounce produced. Profit before tax Comgas as part of a $5bn disposal casts. Chief executive Sir Frank and exceptionals from continuing oper- lifts lid on Mali coup tensions ations rose to $20.8m (£12.8m) from programme to channel resources Chapman said: “In addition to project from downstream distribution and delivery, the group continued to $12.6m a year ago. Avocet, which power generation assets into more enjoy exploration and appraisal suc- BY JOHN DUNNE leaders.” He said that the entered the FTSE 250 Index in March, lucrative upstream oil and gas pro- cess, maintaining our position as one company’s mining operation was maintained its production forecast of duction projects. of the industry’s leading explorers.” RANDGOLD Resources chief left untouched and has recently 160,000 ounces for the year at a cash The cash raised will ease fears executive Mark Bristow yesterday benefited from a drop in tax. cost of $800-$850 per ounce. about BG’s ability to meet the cost of BG Group PLC told how he had dug in at his However the coup dented the FTSE bringing big fields in Brazil and p 1,424.50 company’s Mali headquarters as 100 gold miner’s shares as Mondi reports weaker quarter Australia onstream. 1,480 the country teetered on the brink investors became jittery. 3 May n South African papermaker Mondi The announcement of deal talks 1,460 of civil war. The company said yesterday that last month hit Cosan shares as The South African said that he profit for the firm’s first quarter yesterday posted a drop in first-quarter underlying operating profit due to investors questioned what synergies 1,440 was leading by example and could rose to $104m (£64.2m), more than Brazil’s largest sugar and ethanol not leave his staff to face the crisis double that in the 2011 period but lower prices and volumes, but said producer could achieve from a deal, 1,420 engulfing the country alone. down on the previous quarter's demand for its products was picking and its impact on Cosan’s efforts to “I had to show leadership $145m – due to an expected fall as up. Mondi, also listed in London, said improve its debt rating. 1,400 qualities that’s what a good CEO it mined lower-grade ore at its first-quarter underlying operating prof- The sale price implies a premium of does. Life and limb was not Loulo-Gounkoto complex in Mali. it fell to €120m, (£97.5m) compared around 11 per cent to Comgas’s clos- threatened in the end and we had Bristow said the coup in March with €179m last year. ing share price on Wednesday. Royal 27 Apr 30 Apr 1 May 2 May 3 May contact with the country’s had had no impact on the figures. US corporate results round up Maple Group edges closer to £2bn takeover of Canada’s TMX

Viacom beats Street view Losses widen at MGM BGC hit by market chaos BY CITY A.M. REPORTER of Canadian stock trades. “We believe that the orders VIACOM posted a higher-than- LOSSES have widened at MGM PRE-TAX profits at financial MAPLE Group said yesterday that published today set out a expected quarterly profit Resorts in the last three trading intermediary BGC it would accept a regulator’s balanced framework that yesterday, boosted by an increase months, the casino operator Partners fell by 9.5 per cent in conditions on its C$3.8bn ensures strong regulatory in revenue from its cable said yesterday, despite an the first quarter of 2012, (£2.3bn) bid for TMX Group, oversight and accountability networks’ fees and digital increase in revenue. despite an increase in likely paving the way for the following the Maple transaction,” licensing of its TV shows and MGM reported losses of revenues. elusive takeover of the operator TMX chief executive officer Tom movies. $217.3m compared with $89.9m a A 10.5 per cent rise in of the Toronto Stock Exchange to Kloet said in a joint statement The parent of MTV and year earlier, as expenses rose by revenue to $403.9m, compared go ahead. with Maple. Nickelodeon benefited mainly 48 per cent. Casino revenue more to $365.5m in the same period The consortium of Canada’s In its document, the OSC made from an increase in affiliate fee than doubled, while room rev- last year, was not enough to largest banks, insurers and clear it was concerned about the revenue from cable and satellite enue lifted 6.9 per cent. offset what it called an pension plans said that if the transparency of the new exchange distributors. The group’s Las Vegas resorts “industry-wide decline in terms from the Ontario and was seeking controls on Net income rose to performed particularly activity across the Securities Commission (OSC) governance, including restrictions $588m in the second well, with revenue per financial markets”, survive a 30-day comment on the make-up of the board of quarter from $376m, room up 4.5 per cent which saw profits period, it would accept them, directors and limits on ownership a year earlier. as occupancy rose. dip 9.5 per cent. allowing Maple to win control of to ensure the new stock exchange the Toronto exchange in a deal operator acts in the public that will give it some 85 per cent interest. FRIDAY 4 MAY 2012 18 cityam.com

YOUR ONE-STOP SHOP FOR JOB MOVES, CITYDASHBOARD BROKER VIEWS AND MARKET REPORTS

in association with CITY MOVES WHO’S SWITCHING JOBS Edited by Tom Welsh NEW YORK REPORT KPMG Quilter Capital, an emerging markets private equity investment adviser. Tonelli also spent twelve years at Goldman Sachs, David Ellis has been appointed as The investment management firm has appointed Chris where she held a variety of positions in its global Wall St drops a partner and head of KPMG’s UK Meares as non-executive chairman. This is its first investment research division. reward practice, which specialises appointment since Quilter was acquired from Morgan in advising companies on how to Stanley by Bridgepoint. Meares was recently group chief ahead of data most effectively pay their executive of HSBC’s global private banking arm. He retired Vectura executives. He joins from BDO, from HSBC in 2011 after 32 years working for the bank. The pulmonary drug delivery company has announced that S stocks fell yesterday as where he was head of human Dr Trevor Phillips will join its board, effective 1 June. Phillips economic data sent mixed capital and a partner since 2004. Signia Wealth became chief executive of Vectura in July 2011, having U signals on the recovery a day Ellis has also previously worked joined the company in January 2010 as president of US Sonjoy Phukan has been appointed as managing director at before the April payrolls for Ernst & Young and qualified as operations. He has also served as president and chief report, while shares of Green a solicitor at Richards Butler, the City law firm. the wealth management firm. He will report to Nathalie executive of Critical Therapeutics, after six years as its chief Mountain plunged after poor results. Dauriac-Stoebe, founder and chief executive of Signia operating officer. Slower-than-expected growth in the Wealth. Phukan joins from Barclays Wealth, where he most Lloyds Bank Acquisition Finance dominant US services sector drove the recently held the position of market head. He has also day's trading. The retail sector The leveraged debt provider has made a number of senior worked at Goldman Sachs as an executive director. Bird & Bird dragged the market lower after sever- promotions. Mark Craig has been appointed as a managing Geraint Lloyd has joined the international corporate al chains, including Target and Gap, director, responsible for the origination of larger Helios Investment Partners practice group of Bird & Bird, the law firm. He arrives from fell after missing April sales esti- transactions, while Joelle Antmann and Riella Hollander BLP, where he headed the venture capital team. He has The Africa-focused private investment firm has appointed mates. have become senior directors. Craig joined in 2006 as a wide experience in technology, cleantech and healthcare, The Dow Jones industrial average senior director. He has previously worked in other senior Dabney Tonelli to the role of investor relations partner. with particular focus on private equity, venture capital, dropped 61.98 points, or 0.47 per cent, roles in the Lloyds Banking Group and at Societe Generale. Tonelli will be based in London. She was previously a mergers and acquisitions and funds formations. to 13,206.59 at the close. The managing partner and chief operating officer of Chayton Standard & Poor’s 500 Index fell 10.74 points, or 0.77 per cent, to 1,391.57. The Nasdaq Composite Index lost +44 (0)20 7092 0053 35.55 points, or 1.16 per cent, to SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT morganmckinley.com 3,024.30. With yesterday’s decline, the S&P 500 has fallen close to its 50-day To appear in CITYMOVES please email your career updates and pictures to [email protected] moving average of around 1,386.48. LONDON REPORT BESTof theBROKERS FTSE ticks up as UBS AG CHF 11.44 12.20 3 May defensives rise 12.00 11.80 11.60 RITAIN’S blue chip-index edged up in thin volume yesterday as 11.40 B gains among defensive stocks 11.20 offset disappointing trading updates among cyclicals and weak US macro data. 26 Apr 27 Apr 30 Apr 2 May 3 May The FTSE 100 closed 8.44 points high- er, or 0.2 per cent, at 5,766.55 points, UBS having traded only 87 per cent of its Deutsche Bank has changed its recommendation on the Swiss bank from “sell” 90-day volume average. to “hold” and increased its target price from SFr11.75 to SFr12, despite results Some investors were reluctant to that it calls “uninspiring”. The broker expects the investment bank operations take new positions until Friday’s US to continue losing share, but asset gathering to beat expectations. non-farm payrolls report provided some clarity on the pace of recovery in the world’s largest economy. Ziggo 24.40 The index pared gains yesterday 24.80 € 3 May afternoon after Institute for Supply 24.60 Management data showed the pace of 24.40 growth in the US services sector 24.20 slowed more than expected in April, 24.00 countering an estimate-beating manu- 23.80 facturing report published on Tuesday. 23.60 Defensive stocks shone yesterday, 23.40 with artificial hip and knee maker 23.20 Smith & Nephew topping the FTSE 100 chart on the back of better-than- 26 Apr 27 Apr 30 Apr 2 May 3 May expected first quarter results. Shares in the group hit a one-month ZIGGO high as they rose four per cent in vol- Goldman Sachs has initiated coverage of the the Netherlands’ largest cable ume more than double the average, operator with a “buy” rating. The broker calls Ziggo a “triple-play winner” Thomson Reuters data showed. in the market, despite the company reporting widening losses in late April Imperial Tobacco rose 2.3 per cent, despite strong sales, as the cost of its stock market listing weighed. helped by a target hike at Citigroup, which said the stock’s multiple was likely to expand on improving volume Bunzl PLC 1,063.00 momentum. The shares traded at 17.6 p times their expected earnings for the 1,070 3 May next 12 months, compared to multi- 1,060 ples of more than 19 for peers British American Tobacco and Philip Morris. 1,050 FTSE 1,040 5,820 5,766.55 1,030 3 May 5,800 1,020

5,780 27 Apr 30 Apr 1 May 2 May 3 May 5,760 BUNZL 5,740 JP Morgan has maintained its “overweight” stance on the distribution and 5,720 outsourcing group but upped its target price from 1,050p to 1,130p after three recent bolt-on acquisitions that the broker says will add 1.3 per cent 27 Apr 30 Apr 1 May 2 May 3 May to its earnings per share estimates. FRIDAY 4 MAY 2012 cityam.comLONDONTIME 19 Edited by Timothy Barber The world onyour wrist

World Timers: the executive watch P.21 Celebrating an icon: the Royal Oak P.24 Fast cars, fast watches P.26

FRIDAY 4 MAY 2012 cityam.com LONDONTIME 21 Watches for those with a global outlook Robin Swithinbank explains the appeal of the world timer

HERE’S a case to be made that in Traditionelle World Time, which can tell the time simul- the age of global business the taneously in 37 of the world’s time zones, including the Tultimate executive watch is a half and quarter hours of Myanmar and Nepal. world timer. For anyone whose Just as technical is Girard-Perregaux, whose collection work sees them regularly jetting of world time watches includes the WW.TC Financial, between time zones, or who simply which indicates the business hours of the stock markets needs to know the hour in different in New York, London, Hong Kong and Tokyo. Those of a markets around the globe at any politically correct persuasion look away now: GP also given moment, a world timer – in offers a ladies version – the WW.TC 24 Hour Shopping, which an adjustable ring around which swaps city names for the world’s most famous the dial shows cities in shopping districts, Bond Street and Rodeo Drive among numerous time zones and the them. corresponding time on a 24 hour Watches from this hallowed triumvirate occupy the scale – is the suave mark of a upper strata of the collectible market, but there are plen- truly internationalist outlook. ty of options under £10k, thanks largely to the rush of For this sophisticated design we new world timers being presented this year. have Louis Cottier to thank, a genius Zenith and IWC both launched a collection of pilot’s watchmaker who invented one of the watches: Zenith’s Pilot Doublematic (main picture, first such watches during the 1930s. £8,600 in steel) is loaded with functions, adding a Cottier‘s nifty world time mechanism chronograph, an alarm, an alarm power reserve and a could simultaneously display the hour grand date to its world time function, while IWC’s Pilot’s in 24 time zones around the world. It was Watch WorldTimer [2] (£7,500) has an anti-magnetic soft- a highly exclusive piece, but Cottier had iron inner case and has been designed to cater for sud- sussed that, with the rising popularity and den drops in air pressure. glamour of air travel, a world timer would Talking of aviation, Breitling’s Transocean hold a special appeal for the new, globe-trot- Chronograph Unitime [3] (£8,380 in steel,) is a looker ting elite. inside and out, fuelled as it is by the brand’s new Calibre Houses that adopted the mechanism included 05 in-house movement; and then there’s Bremont, the Vacheron Constantin, Rolex and Patek Philippe, who young British brand known for its love of the skies, used it to create some of the rarest and most desirable which has just launched the pilot-inspired ALT1-WT [4], watches ever made. Sotheby’s New York sold a 1937 its first world timer. Patek Philippe Ref 96 HU “Heure Universelle” at auction Two global time-keepers stood tall this year because of in December last year for a cool $482,500. their remarkable price points. Frédérique Constant The industry remains inspired by Cottier’s example, lived up to its mantra of accessible luxury with the hand- with Patek Philippe still one of the key protagonists, some Classic Manufacture Worldtimer [5], which is pow- eking out low volume specialities like the Ref 5131. The ered by an in-house movement, yet retails for a barely watch contains one of Patek’s lissome automatic move- believable £2,710. Also challenging the status quo on cost ments, but what makes it so collectable is its dial, which is Ball Watch (a brand worth keeping an eye on), whose is hand-decorated with cloisonné enamel in the form of Trainmaster World Time Chronograph [6] is a snip at a colourful world map. So rare are dials like this that £2,300. Patek will only sell you the 5131 if it’s absolutely sure One other watch worth mentioning is Seiko’s new you’re the right sort of chap to own one. Less hard to Astron GPS [7] (starting from £1,750), a whizzy piece of track down is the Ref 5130 [1] – without the beautiful electronic kit that automatically adjusts its display to tell world map, but this year newly available on a stunning the time wherever you are in the world by picking up sig- Patek-designed bracelet. nals from GPS satellites, which it also uses to correct Vacheron Constantin is none too shabby in this itself daily. Cleverer still is that this is all sustained by the department either, as proved by its Patrimony sun – the shiny dial is a solar panel.

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FRIDAY 4 MAY 2012 cityam.com LONDONTIME 23 The ‘70s icon that kept its cool Alex Doak pays tribute to a modern classic

HEN we decided to launch the and Omega’s Constellation under his belt Royal Oak 40 years ago,” Olivier before he embarked on the first and greatest W Audemars explains animatedly, “it of his trio of Seventies octagonal classics (the was the start of the worst crisis ever others being IWC’s Ingenieur SL and Patek to hit the Swiss watchmaking industry. Philippe’s Nautilus). People were throwing themselves from Legend has it that Genta dashed off the windows… But luckily,” he adds with a glint Royal Oak in a single night – which isn’t so in his eye, “watch factories tend to be just far-fetched, given how coherently this watch one storey high, so they survived.” hangs together. It’s a moreish cocktail of sig- Not only did they survive, but despite the nature details like the tapestry-weave dial 1970s onslaught of plastic Japanese digitals, pattern, a slick integrated bracelet and eight ye olde Swiss watch industry survived as hexagonal screws affixing that eight-sided well. Yet, on balance, Audemars Piguet’s bezel – it in itself inspired by the portholes of iconic octagonal watch really shouldn’t have. the Royal Navy’s 17th-century HMS Royal No one had made a luxury sports watch Oak. before, and the market simply wasn’t ready “The Royal Oak is extraordinary because, for a steel watch that cost the same as presti- amazingly, it remains unique and recognis- gious gold pieces of the time. able,” says Mansel Fletcher, fea- “Back then, the technology tures editor of men’s style didn’t exist to work the Royal portal, Mr Porter. “That’s part- Oak’s complex shapes in ly, but only partly, because steel,” Audemars contin- it's octagonal. Forty years ues. “It was more expen- later it retains the power to sive to machine the case shock – something for and bezel in steel than which Genta deserves gold. In fact, the very huge acclaim.” first prototype we made from white 40TH ANNIVERSARY gold. EDITIONS “The Royal Oak What this year’s 40th- broke the rules of anniversary launches the industry, at a prove also is the sheer ver- critical time, but at satility of the Royal Oak AP it seemed the logi- formula. This ranges from cal thing to do.” a £247,730 tourbillon edi- It took a few years for tion with a skeleton dial, the Royal Oak to start whose interior angles take a selling, famously to week to polish, right down entrepreneurs such as the to a £16,000 re-edition of the legendary head of Fiat, 1972 original, complete with Giovanni Agnelli, and fellow blue “petite tapisserie” dial, members of the glitzy interna- whose complex relief pattern tional jet set. But sure enough, is still milled using 40-year-old AP’s gamble of 1972 paid off hand- machines. There are chrono- somely, to the point where the Royal Oak graphs, perpetual calendars, diamond-set now forms the core collection of this venera- ladies pieces and more – somewhat paradox- ble family firm. ically, today these are available in gold as well as steel. FRESH, COOL In terms of sheer élan, are there any other It wasn’t just the bold choice of material that watches that even hold a candle to the Royal broke new ground, however. It was the Oak? “Very few are in the same league,” says design as a whole; a design that, like the Fletcher. “Patek’s Nautilus is the only one Porsche 911 or Fender Stratocaster, has that easily comes to mind and while it's remained virtually unchanged four decades hugely desirable it doesn’t define the brand down the line; a design that still feels fresh in the way that the Royal Oak defines and, let’s face it, achingly cool. Audemars Piguet.” It was the brainchild of a man called Gérald Nowadays, every high-end watch brand Genta, who passed away in August last year. offers a steel sports collection. But there’s lit- Universally acknowledged as the Greatest tle point looking elsewhere, when the Royal Watch Designer of Our Time, he already had Oak offers the original, real McCoy, with classics like Patek Philippe’s Golden Ellipse killer looks and faultless execution to boot.

OU think you have a brand pegged, and then it spins on its Yheel and does something completely unexpected. In the Bremont to unveil case of Bremont, a company that has fast become Britain’s leading producer of luxury watches, the proposition has been pretty simple: victorious tribute to super-tough, sweetly-designed modern chronographs that reflect the aviation passion of the brand’s founders, brothers Nick and Giles English, with a welcome dash of England’s naval past English understatement. Tool watches, but among the most elegant, charismatic tool watches on “Giles and I are ambassadors for the gold rotor. The dial, meanwhile, is a the market. Royal Navy Historic Flight, which classical affair recalling old pocket So the announcement this year of a keeps the old Fleet air Arm in the air,” watches, with retrograde seconds and high-luxury, classical piece incorpo- explains Nick English. “We heard that date. The engraving of the word rating engravings, gold and – can it HMS Victory was having a major “Victory” on the case is pure elegance. be, really? – wood was something of restoration and was being stripped A true collectors’ item of great style a surprise. But as it turns out, the rea- right back, and we managed to get and provenance, its assembly and sons for this are really pure Bremont. some original wood from it.” many of its decorative features are Launching this June, the Bremont The wood is incorporated into the being carried out in England. It’ll be Victory is a limited edition watch cel- watch’s caseback, which also features launched aboard HMS Victory in July. ebrating the greatest ship in the his- an engraving in the crystal of Nelson’s www.bremont.com tory of the British navy, HMS Victory. seal, and a stunning, anchor-shaped TIMOTHY BARBER FRIDAY 4 MAY 2012 24 LONDONTIME cityam.com Cameron Diaz brings the glitz to TAG Heuer The TAG Heuer Diamond star The brand is taking a leap forwards with women’s watches with the star’s help

AG Heuer is a company renowned for its ultra-sporty Twatches, with a history heavily bound up with the glamour and speed of motor sports (see the feature on page 26). It may not seem the most obviously ladylike brand, therefore, but things have got very ladylike indeed with the arrival of the movie star, Cameron Diaz, to bring some added gloss and sparkle to its fast-evolving women’s watches section. The wider story in women’s watches at the moment is the fact that the industry is finally wak- ing up to the notion

that women as well as men can be attracted to “proper” watches – mechanical pieces, rather than sim- ply bejewelled quartz watches that are more jewellery than watch. The Link Lady Diamond Star, which Diaz helped announce in Basel in March, is a concept piece that represents real groundbreak- ing in the field of women’s watch- es – something that’s still all too rare. Designed by London-based watch genius Christophe Behling the watch’s mechanical winding rotor, shaped like a series of shoot- ing stars, essentially floats around the outside of the dial itself. The watch emphasises the impor- tance a brand like TAG is placing on the women’s market, while its Link Lady series as a whole continues to offer some of the more elegant women’s watches on the market that are both relatively affordable and, well, “watchy”. MOVIE STARS AND THEIR WATCHES Nicole Kidman Leonardo Dicaprio 1 The Oscar-winning star of films 3 Most of TAG’s ambassadors are sports including Moulin Rouge, To Die For and the people, but the brand managed to bring Chronograph with date display, stainless steel Hours is a brand ambassador for Omega. As Dicaprio on board. We fancy he’ll be wear- bracelet and case water-resistant to 30 metres. such, she’s often seen on the red carpet ing something rather more retro than TAG’s CORUM automatic movement, COSC chronometer- sporting Omega’s impressive latest racing chronographs when he appears as certified. www.corum.ch women’s watch, the De Ville Ladymatic. Jay Gatsby in the forthcoming adaptation of F Scott Fitzgerald’s novel. Clive Owen 2 The British actor, whose films include Kate Winslet Duplicity, Closer and the International, was 4 The celebrated British actress joined seen at this year’s Salon Internationale de la Longines as a brand representative in 2010, Haute Horology in Geneva at the Jaeger- advertising its cinematically-inspired Fraser Hart Ltd LeCoultre stand. There, while helping unveil Longines Dolcevita watches. its latest high spec piece, he explained he 8 New Change Passage (St Paul’s) s Tel: 020 7236 4560 had become a long term fan of the brand Natalie Portman since discovering its Amvox watches, its 5 Announced this week, Portman is to Aston Martin-inspired racing range. be a new partner of the Richard Mille brand.

FRIDAY 4 MAY 2012 26 LONDONTIME cityam.com The worlds of fast cars and fabulous watches hold plenty of mutual appeal, writes Timothy Barber

OU don’t have to be a petrol head to like watches, but it Yhelps. Thanks to shared interests in cutting-edge technology, compelling design, glamorous exclusivity and the importance of time, watch companies produce a multitude of pieces inspired by the beauty of fast cars and the speed and drama of the racetrack. Which is why I found myself being hurled at colossal speed around the hairpin corners of the Mugello Circuit in Italy late last year. At an event to unveil a partnership between Hublot and Ferrari, I rode passenger in a Ferrari 458 Italia LAP TIMES which, souped-up for the race track, had all the easy-going serenity of a 1 2 3 4 ballistic missile. If the micro-parts of a mechanical watch can withstand these kind of juddering, screaming G-forces, they’ll withstand pretty much anything. “Until you actually drive a modern racing car it is hard to comprehend how violent the environment inside is, and this in my opinion is a fantas- tic way to really test the watches in real time,” says Stefan Johansson, the former Formula 1 ace. Like many rac- ing drivers Johansson became a col- lector of watches – I’m told that among F1 drivers their inbuilt com- petitiveness naturally spills over 5 6 7 8 from the track into competing over watch acquisitions. But Johansson took things several stages further by deciding to set up as a watch produc- er himself. His cool, ultra-tough chronographs can be bought through his website StefanJohansson.com (or from WestTime, Los Angeles’s famous watch boutique, if you happen to be passing through). “There’s a natural connection between these worlds,” says Johansson. “Young boys like mechan- ical things, and that can take you into cars or watches. The older you grow you appreciate nice things, and 1. Chopard, Mille Miglia GT XL Chrono you can’t have enough of a good Speed Silver, £6,000. www.chopard.com thing. If you get the car, you need the 2. Hublot, Big Bang Magic Gold, price on watch as well.” application. www.hublot.com 3. Stefan Johansson, Mark VIII Carbon ULTIMATE BOY’S TOY Fiber, $15,000, www.stefanjohansson.com In other words, as one CEO of a 4. Bulgari, Octo Maserati. £20,300 watch company told me this week, www.bulgari.com the only difference between little 5. Parmigiani, Bugatti SuperSport, price boys and grown men is the cost of on application. www.parmgiani.ch their toys. For racing fans, the ulti- 6. Omega Speedmaster Racing, price to be mate boy’s toy must be one of the confirmed. www.omegawatches.com watches produced by high-end mav- 7. Richard Mille, RM 050 Tourbillon split erick Richard Mille carrying F1 driver seconds chronograph Felipe Massa, price Felipe Massa’s. Ultra-lightweight, fan- on application. www.richardmille.com tastically strong and stupendously 8. Blancpain, L-Evolution flyback complicated, they incorporate futur- chronograph Super Trofeo. £14,860 istic materials like carbon nanofiber, www.blancpain.com and they’re tested by Massa in the cockpit of his Ferrari. Speaking of which, the Hublot announcement. The fashionable brand will be producing low-volume limited edition pieces aimed at those wealthy enough to buy the Italian supercars (you won’t see them in Ferrari airport duty free concessions any time soon, put it that way). The first, launched earlier this year, uses Hublot’s new alloy, Magic Gold – a sub- stance combining Today it pro- brand’s most Goodwood Festival of Speed this June. gold with ceramic duces its suave famous watch, The Carrera Panamerica is not the to make it exception- Amvox watches for the the Carrera, only race to have given its name to a ally hard and scratch venerable marque – Clive after the great line of watches. Italy’s glamorous Mille resistant. Owen is a collector of Mexican road race of the same Miglia race has inspired a vast number The wristwatch took Amvox pieces, by the way. name. For many years Heuer were of Chopard’s stupendous sporting over from the pocket the official timers of Formula 1 rac- chronographs – Chopard CEO Karl- watch just as the motor JACK HEUER ing, and its watches are worn to this Friedrich Scheufele actually drives in sports industry was tak- The watch brand with by far day by McClaren superstars Jenson the Mille Miglia himself. Likewise ing off, and they’ve grown the most celebrated association Button and Lewis Hamilton. This Marc Hayek, who runs Blancpain, is a together. Back in the with motor sports is TAG year it brought out one of its most regular participant in the Blancpain 1920s, for instance, Jaeger- Heuer. Back in the 1960s Jack dashing pieces in years – a retro- Endurance Series supercar races. LeCoultre used to create Heuer used to mix with the infused Carrera celebrating Jack Blancpain has a particular relation- dashboard instruments for world’s most famous, glam- Heuer’s 80th birthday (pictured far ship with Lamborghini, also sponsor- the likes of Aston Martin. orous drivers, and named the left), which will be unveiled at the ing its glitzy SuperTrofeo race series. HERITAGE COLLECTION AVIATION BR 03-92 42 mm VINTAGE BR 126 41 mm

EVOLUTION OF THE BR MILITARY WATCH Bell & Ross UK +44 207 096 08 78 . [email protected] . e-Boutique: www.bellross.com FRIDAY 4 MAY 2012 28 LONDONTIME cityam.com Basel stories: the best of the new Timothy Barber picks the highlights from BaselWorld 2012, the watch industry’s love-in

EVERY spring the Swiss city of Basel hosts the great gathering of the watch industry, at which Patek rediscovers the cushion thousands of luxury brands coalesce to impress retailers, distributors, collectors and shape and refines the Calatrava journalists with their latest creations. when you think of Patek you gold case. The generous spacing the Venerable Patek Philippe is probably beautifully refined round designers have managed in such a always a star attraction, with a watches, but Patek’s cushion- busy dial is remarkable – another stand the size of mansion towering shaped watches – or you may call it Patek speciality. It costs £61,530. over its neighbours. Of its many a “tonneau” (meaning “barrel”) Meanwhile, Patek’s basic novelties, one of the most shape – are among its most valued Calatrava range has an elegant new interesting was the cushion-shaped by collectors. This one is a typical edition, given zest by the sword- perpetual calendar, Ref 5940 (Patek beauty. It’s a perpetual calendar – a shaped hands and cross-hair relies on reference numbers, being speciality grand complication for subdial. It’s £18,060. too smart to use names). Generally Patek – in a beautiful ultra-slim www.patek.com

OMEGA is famous for its classic Speedmaster Professional chronograph which is known as the Omega takes to space with Moon Watch for having been picked by NASA in the 1960s to be worn by astronauts, and for having been worn a multi-function wonder on the moon by Buzz Aldrin. NASA’s space programme may be Apollo 17, which took place in 1972. 1970s in style. There’s very little this on the back foot at the moment, but Consequently 1,972 versions are watch doesn’t do. Designed with pilots Omega is in the mood for space travel being made, and a smattering of in mind, it has self-programmable pro- nonetheless. Its First Omega in Space these will be in the UK, complete with fessional pilot functions to lug flights, Speedmaster (£3,400) is a limited edi- a hand-embossed caseback based on as well as a perpetual calendar, alarm, tion celebrating the 50th anniversary the Mission Patch worn by the astro- alternative time zone, chronograph, of the first Speedy to be worn in nauts. countdown timer, all operated on a space, when astronaut Wally Schirra These may look to the past, but the rather stylish digital display. It’s not orbited the Earth for the first time. Spacemaster Z33 (pictured left, £3,400) often I’d get excited by an electronic Another retro version commemo- is rather more futuristic – even watch, but this one is special. rates the final NASA moon mission, though its case shape is resolutely www.omegawatches.com

Thought diamonds were a girl’s best friend? Well, it’s possible you were wrong, given the Feathers take on diamonds as buzz created by two brands incorporating feathers as decorative elements into their the ultimate chic decoration watches this year. Although fair enough – there’s a fair few shining such watches, using ethically you can watch it swing around as stones on these watches as well. sourced feathers including silver you move. The idea of the Dior VIII Harry Winston’s feathered pheasant, Lady Amherst pheasant Grand Bal Plume watch is to friends included the stunner that and peacock feathers. recreate the elegance and feel of is the Lady Amherst watch Over at Dior, meanwhile, the Christian Dior’s couture creations (pictured near left), with tiny feathers have been attached to the – the feathers represent the swish pheasant feathers emanating brand’s innovative Calibre Inverse of a ball gown as they fan out beautifully from the centre of the mechanism, which places the around the dial. dial. It’s part of the brand’s winding rotor of the automatic www.harrywinston.com Premier Feather range of three watch on top of the dial, meaning www.dior.com

THE French brand Bell & Ross has built a terrific reputation over the years for its sturdy-cut-chic Bell & Ross goes for old school squareform watches inspired by instruments from aeroplane cockpits. cool with its latest releases Those watches were particularly on song during the big watch craze a type of watch used by the something a little unusual. Jumping of the boom years – and they still sell navigators of bomber planes during hour watches display the hour in a well, particularly in the City – but the Second World War. The notched window in the dial, with a hand for lately Bell & Ross has shown an bezel gives it an unusual, tool-ish the minutes. In this case, there’s also impressive ability to adapt to more feel, while the “regulator” dial – it a sleek retrograde power reserve retro, classical tastes while keeping separates the hours, minutes and display. With a continuing line of its brand essence intact. seconds into three displays – has an avant garde square pieces based on Witness its new offerings at this alluringly vintage appeal. esoteric cockpit instruments, B&R year’s BaselWorld show. On the far On the near right is the WW1 are always interesting and never left is the Vintage WW2 Regulateur Jumping Hour watch (£17,000) – obvious. Heritage (£4,300), a piece inspired by another piece for those who like www.bellross.com

THE holy grail of watch manufacturing is for a Chopard and Hermes mix company to be able to make its own movements in-house. This is no mean thing – Breitling, one of the most famous brands around, only elegance with in-house tech released its first in-house movement in 2009 and spent years the moment. Developed in movements have been seen in its of research and millions of dollars partnership with Vaucher haute horological LUC watches. Its of investment in the process. Manufacture in Fleurier in gorgeous new Classic Manufacture The fact that this has now been Switzerland, the Hermes H1837 piece (£9,100), inspired by the look achieved by Hermes, the French movement is found in a new of old pocket watches, contains its luxury goods house, therefore version of its Dressage watch. It’s a first in-house movement intended shows the extent of the company’s highly elegant piece suitable for for production in industrial commitment to its watch side. In any boardroom, and costs £7,050. volumes, and signals a new chapter fact the company has a long history Chopard is famous for both its for this magnificent watch brand. in the watch industry, but it is watches and its jewellery, though so www.hermes.com stepping back to the front line at far its own incredibly high-spec www.chopard.com * Exact and Exultant. LONDON HARRODS-ARIJEASPREY | M ESURE

ET YORK D HARPERS| ÉMESURE CHELTENHAM * BEARDS www.parmigiani.ch Made inSwitzerland Hermès alligatorstrap Ultra-thin automaticmovement Rose gold TONDA 1950 FRIDAY 4 MAY 2012 30 LONDONTIME cityam.com YOU decide the Watch of the Year Blancpain FP Journe MB&F Jaeger-LeCoultre

Watch: Watch: Watch: X Fathoms CS Chronometre Souverain Watch: Legacy Machine No.1 Deep Sea Chronograph A charismatic, ultra-complex enhance- Description: Beautifully purist yet imbued with character, a Classicism meets pure design audaciousness – Description: Perfect proportions and effortless style com- Description: slimline beauty from one of the world’s finest watchmakers. Description: bine in Jaeger’s retro-inspired diving beauty. ment of Blancpain’s iconic 50 Fathoms diving watch. including a “flying” balance wheel above the dial. Price: £21,000 Price: £7,250 Price: £26,170 Price: £55,000

Montblanc Nomos Richard Mille Romain Jerome

Watch: Watch: Watch: Timewalker TwinFly Chronograph Zurich Weltzeit (World Timer) Watch: Tourbillon RM 038 Bubba Watson Steampunk Metal Chrono A sleek, uber-modern flyback chronograph Description: A future classic from the cool German brand Remarkable, ultra-lightweight piece of sporting Description: Part of Romain Jerome’s Titanic-inspired series, Description: mixing minimalism, perfectionism and affordability. Description: with oxidized steel bezel and a mobile propeller at 6 o’clock. with a second timezone and in-house movement. haute horology as sported by the newest Masters champ. Price: £3,620 Price: £10,500 Price: £8,500 Price: £324,324 The UK’s leading watch magazine is inviting City A.M. readers to cast their votes THE luxury magazine for watch lovers, 00/24 Voters have the option of being entered into a prize draw for which winners will receive a luxury leather watch box WatchWorld, is offering City A.M. readers the (pictured right) and a three year chance to vote in one of the subscription to 00/24 WatchWorld magazine. most prestigious competitions There are over 100 watches in competition. Those pictured above in the watch industry. are simply a sample of all the eligible watches in the The 00/24 WatchWorld Watch of the competition, and are in no way a Year competition rewards the best short list. watches across four price categories, The watches up for consideration plus an award for the best women’s have all been entered into the watch, as decided by a panel of esteemed competition for free by the brands industry judges. or their distributors. On top of that comes the Readers’ For the five main awards, the Award, which this year City A.M. is judging panel of industry figures proud to support. Readers of both City will whittle down a shortlist in A.M. and 00/24 WatchWorld are invited each category. Shortlisted watches TO VOTE: to vote for their single favourite watch will then be physically presented Please visit http://tinyurl.com/0024vote out of the entirety entered across all the at a judging session this summer, main categories. with winners announced – 00/24 WatchWorld is published quarterly, To vote, go to the awards page on including the City A.M. Readers’ with in-depth articles on the finest watches www.0024watchworld.com [special URL for Award winner – at a glamorous from the world's revered brands and competition page in box on right], browse ceremony in London this watchmakers. A year's subscription is £25. the watches in competition, and select the September. www.0024watchworld.com one that impresses you most. Thank you for voting! FRIDAY 4 MAY 2012 cityam.com MARKETS 31

FTSE 100 FTSE 250 FTSE ALL SHARE DOW NASDAQ S&P 500 /€ 1.2309 0.0007 €/$ 1.3147 0.0006 5766.55 11483.31 2999.54 13206.59 3024.30 1391.57 /$ 1.6181 0.0018 €/£ 0.8124 0.0005 8.44 7.42 3.96 61.98 35.55 10.74 /¥ 130.03 0.2012 €/¥ 105.64 0.2674

                                GILTS CONSTRUCTION & MATERIALS Camellia ...... 9845.0 45.010950.0 8800.0 GENERAL RETAILERS Jardine Lloyd Tho . . . . .703.5 -3.5 764.5 576.0 Eurasian Natural . . . . .553.0 -7.0 882.5 522.0 Derwent London . . . . .1776.0 5.0 1880.0 1400.0 Ladbrokes ...... 181.4 1.2 182.5 114.0 Charles Taylor Co . . . . .140.0 5.3 160.0 115.6 Lancashire Holdin . . . . .825.0 2.5 827.0 618.5 Fresnillo ...... 1561.0 -8.0 2150.0 1302.0 Great Portland Es . . . . .378.4 5.4 445.0 312.9 Marston's ...... 98.0 -0.6 112.0 84.6 Tsy 9.000 12 ...... 102.19 0.00 110.2 100.8 Balfour Beatty ...... 270.1 5.3 333.7 214.6 City of London Gr ...... 72.0 0.0 88.0 61.3 Brown (N.) Group . . . . .237.9 3.0 304.5 222.4 RSA Insurance Gro . . . . .105.1 -0.3 139.8 99.6 Gem Diamonds Ltd. . . .256.1 10.0 310.6 179.8 Hammerson ...... 420.7 -0.2 490.9 345.2 Millennium & Copt . . . .502.0 9.3 535.0 371.2 Tsy 5.250 12 ...... 100.44 -0.02 104.9 100.4 CRH ...... 1236.0 -24.0 1663.5 1053.0 Carpetright ...... 602.5 -4.5 741.0 375.0 City of London In . . . . .360.0 -5.0 440.0 304.3 LIFE INSURANCE Glencore Internat . . . . .426.4 0.8 531.1 348.0 Hansteen Holdings . . . . .73.0 -1.0 89.5 68.0 Mitchells & Butle ...... 265.7 -0.4 336.8 215.6 Tsy 2.500 13 ...... 283.75 -0.02 287.7 282.8 Galliford Try ...... 645.0 -3.5 653.0 383.8 Close Brothers Gr . . . . .745.5 -10.0 820.0 590.0 Debenhams ...... 85.5 1.3 85.8 51.2 Hochschild Mining . . . . .477.7 -2.2 580.0 365.9 Land Securities G . . . . .742.5 5.5 885.0 612.0 National Express . . . . .226.5 4.8 270.2 201.6 Tsy 4.500 13 ...... 103.44 -0.02 106.4 103.4 Kier Group ...... 1176.0 -6.0 1489.0 1095.0 F&C Asset Managem . . .68.7 1.0 81.7 56.1 Dignity ...... 855.5 1.5 866.0 727.0 Aviva ...... 311.3 0.2 447.1 275.3 Kazakhmys ...... 825.0 -25.0 1405.0 730.0 SEGRO ...... 222.3 0.0 326.1 195.0 Rank Group ...... 114.9 -6.1 153.7 109.5 Tsy 8.000 13 ...... 110.63 -0.02 116.4 110.5 Hargreaves Lansdo . . . .532.0 2.5 641.0 402.5 Dixons Retail ...... 18.8 0.7 19.9 9.4 Legal & General G . . . . .118.0 -3.8 135.0 89.8 Kenmare Resources . . . .50.4 -1.1 61.5 31.0 Shaftesbury ...... 523.5 2.0 539.0 441.2 Restaurant Group . . . . .286.9 -2.2 329.0 254.9 ELECTRICITY Dunelm Group ...... 524.0 1.0 533.0 389.0 Tsy 5.000 14 ...... 110.65 -0.01 112.9 110.4 Helphire Group ...... 1.7 0.0 13.3 1.4 Old Mutual ...... 150.3 2.1 188.1 112.1 Lonmin ...... 1043.0 -10.0 1601.0 941.0 SOFTWARE & COMPUTER SERV. Spirit Pub Compan . . . . .58.3 -1.5 62.8 35.3 Tsy 8.000 15 ...... 126.19 -0.02 129.2 125.4 Drax Group ...... 570.5 -3.5 581.5 443.1 Henderson Group . . . . .115.8 0.0 163.7 95.1 Halfords Group ...... 277.7 -0.3 405.9 268.6 Phoenix Group Hol . . . .523.0 -2.5 688.0 451.1 New World Resourc . . .399.2 -1.6 1060.0 396.3 Stagecoach Group . . . . .254.1 1.6 287.4 220.0 Tsy 4.750 15 ...... 113.65 -0.01 115.4 110.8 SSE ...... 1332.0 8.0 1423.0 1193.0 Highway Capital ...... 14.5 0.0 21.0 7.0 Home Retail Group . . . . .83.4 -4.2 228.5 72.5 Prudential ...... 747.5 -9.5 797.5 509.0 Petra Diamonds Lt . . . .148.4 -2.9 188.2 97.0 Aveva Group ...... 1664.0 -36.0 1799.0 1298.0 TUI Travel ...... 195.9 0.9 250.0 136.7 Tsy 4.000 16 ...... 113.20 0.01 114.7 107.7 ELECTRONIC & ELECTRICAL EQ. ICAP ...... 375.0 -1.5 515.0 311.6 Inchcape ...... 373.0 1.4 425.4 268.1 Resolution Ltd...... 222.7 -1.2 316.1 220.6 Petropavlovsk ...... 453.8 -8.4 913.0 451.5 Computacenter ...... 413.5 -1.5 490.0 324.7 Wetherspoon (J.D. . . . .400.0 -8.5 468.3 380.5 Tsy 2.500 16 ...... 343.58 -0.05 345.7 323.8 IG Group Holdings . . . .468.2 0.3 502.5 393.6 JD Sports Fashion . . . . .835.0 0.5 1030.0 570.0 St James's Place ...... 332.0 2.0 376.0 294.0 Polymetal Interna . . . .905.0 -8.0 1175.0 877.0 Fidessa Group ...... 1564.0 14.0 2109.0 1444.0 Whitbread ...... 2006.0 33.0 2008.0 1409.0 Tsy 1.250 17 ...... 115.76 -0.09 117.1 109.9 Domino Printing S . . . .596.0 -4.0 701.5 434.3 Intermediate Capi . . . . .261.5 0.2 345.0 197.9 Kesa Electricals ...... 57.0 1.0 151.4 52.8 Standard Life ...... 219.7 -4.5 250.7 172.0 Randgold Resource . .5150.0-200.0 7565.0 4580.0 Invensys ...... 216.0 3.4 333.9 180.9 William Hill ...... 280.6 6.1 281.7 183.3 Tsy 8.750 17 ...... 139.40 -0.28 141.9 135.6 Halma ...... 404.4 -1.5 429.6 306.3 International Per . . . . .259.8 -4.6 388.8 148.5 Kingfisher ...... 291.4 1.0 313.8 217.0 Rio Tinto ...... 3363.0 -76.0 4595.0 2712.5 Logica ...... 77.7 0.8 144.8 59.0 Laird ...... 212.0 -4.4 222.0 128.5 Marks & Spencer G . . . .355.5 -1.8 402.2 301.8 MEDIA AIM 50 Tsy 12.000 17 ...... 118.50 0.00 127.9 117.0 International Pub ...... 117.6 -0.9 121.7 112.7 Vedanta Resources . . .1180.0 -26.0 2220.0 928.0 Micro Focus Inter . . . . .468.3 0.4 476.7 242.9 Morgan Crucible C . . . . .332.8 1.4 360.0 224.0 Investec ...... 359.0 2.7 522.0 318.4 Next ...... 2990.0 19.0 3060.0 2153.0 4Imprint Group ...... 285.0 12.0 312.5 200.0 Xstrata ...... 1168.0 -1.0 1448.0 764.0 Misys ...... 349.0 0.1 420.2 214.9 Abcam ...... 374.3 2.3 460.0 320.0 Tsy 5.000 18 ...... 121.29 0.00 122.5 113.2 Oxford Instrument . . . .1218.0 -7.0 1285.0 714.0 Sports Direct Int ...... 315.6 2.9 315.6 190.0 Tsy 4.500 19 ...... 120.03 0.00 120.9 109.3 IP Group ...... 142.0 -4.0 151.0 36.0 Aegis Group ...... 177.2 -0.8 187.4 115.7 Sage Group ...... 289.6 1.5 312.4 231.7 Advanced Medical . . . . .74.0 -1.8 95.0 64.8 Renishaw ...... 1457.0 2.0 1886.0 800.0 Jupiter Fund Mana . . . .228.6 1.0 310.5 184.9 WH Smith ...... 529.5 4.5 559.0 451.6 Bloomsbury Publis . . . .108.0 2.0 138.0 91.3 MOBILE TELECOMS SDL ...... 721.0 -6.0 756.0 586.0 Albemarle & Bond . . . .324.0 -0.5 400.1 302.5 Tsy 3.750 19 ...... 115.26 0.00 115.9 103.4 Spectris ...... 1902.0 0.0 1909.3 1039.0 Tsy 4.750 20 ...... 122.81 -0.02 123.5 110.7 Liontrust Asset M ...... 115.0 -0.5 125.0 57.9 HEALTH CARE EQUIPMETN & S. British Sky Broad . . . . .704.0 2.5 850.0 618.5 Inmarsat ...... 457.8 15.7 620.0 389.3 Telecity Group ...... 816.0 7.5 825.0 450.5 Amerisur Resource . . . . .24.8 -0.8 29.0 9.5 LMS Capital ...... 60.5 2.3 64.8 54.0 Centaur Media ...... 33.3 0.8 56.3 30.5 Vodafone Group ...... 173.0 1.0 182.7 155.1 Andes Energia ...... 39.5 0.0 82.8 17.5 Tsy 2.500 20 ...... 366.76 -0.10 369.3 330.6 EQUITY INVESTMENT INSTRUM. Smith & Nephew . . . . .629.5 24.0 694.0 521.0 SUPPORT SERVICES Tsy 8.000 21 ...... 151.57 0.02 154.1 138.8 London Finance & . . . . .19.5 0.0 23.5 18.0 Chime Communicati . . .203.3 -2.8 298.5 163.0 NON EQUITY INVESTM. COMM. Andor Technology . . . .550.0 -3.0 685.0 471.8 Aberforth Smaller . . . .638.0 3.0 714.0 494.0 Synergy Health ...... 830.0 -8.5 981.0 809.5 ston ...... 61.0 0.0 121.0 47.0 Aggreko ...... 2278.0 8.0 2316.0 1522.0 Tsy 1.875 22 ...... 127.36 -0.10 129.2 114.9 London Stock Exch . . .1053.0 8.0 1093.0 756.5 Cre Archipelago Resou . . . . .62.0 2.5 79.0 56.5 Alliance Trust ...... 360.0 -0.6 392.7 310.2 Lonrho ...... 10.8 0.0 19.8 8.9 Daily Mail and Ge . . . . .420.5 4.0 505.5 343.4 Genesis Emerging . . . .506.5 3.0 543.5 424.0 Ashtead Group ...... 249.5 -1.1 271.1 99.4 ASOS ...... 1440.0 -40.0 2468.0 1142.0 Tsy 4.000 22 ...... 117.38 0.04 118.2 103.2 Bankers Inv Trust . . . . .414.8 -4.2 433.8 346.5 HHOLD GDS & HOME CONSTR. Man Group ...... 93.5 -1.3 259.6 92.6 Euromoney Institu . . . .804.0 -24.0 828.0 522.5 OIL & GAS PRODUCERS Atkins (WS) ...... 740.5 15.5 820.0 490.2 Aurelian Oil & Ga ...... 21.0 -0.8 71.0 16.0 Tsy 2.500 24 ...... 330.27 -0.09 334.7 288.9 BH Global Ltd. GB . . . . .1181.0 -9.0 1212.0 1085.0 Paragon Group Of . . . . .176.5 -5.4 206.1 134.6 Barratt Developme . . . .134.3 -0.9 151.5 67.5 Future ...... 11.3 0.0 19.5 8.3 Babcock Internati . . . . .844.5 15.5 851.0 570.5 Avanti Communicat . . .320.0 26.3 450.0 241.3 Tsy 5.000 25 ...... 128.79 0.07 130.6 111.5 BH Global Ltd. US ...... 11.8 -0.1 12.2 10.6 Provident Financi . . . .1204.0 4.0 1210.0 915.0 Bellway ...... 802.0 -6.0 859.5 540.5 Haynes Publishing . . . .190.0 0.0 255.0 190.0 Afren ...... 133.7 -1.4 171.0 73.6 Berendsen ...... 517.0 -7.5 568.0 402.7 Blinkx ...... 51.8 -3.0 158.0 41.3 Tsy 1.250 27 ...... 122.80 -0.19 127.0 107.6 BH Macro Ltd. EUR ...... 19.4 -0.1 20.2 16.5 Rathbone Brothers . . .1345.0 -6.0 1351.0 977.0 Berkeley Group Ho . . .1294.0 -4.0 1414.0 1025.0 Huntsworth ...... 44.3 -1.3 76.3 32.3 BG Group ...... 1424.5 -26.5 1547.0 1144.0 Bunzl ...... 1063.0 16.0 1070.0 676.5 Borders & Souther . . . . .88.0 -1.5 131.0 43.5 Tsy 4.250 27 ...... 119.82 0.02 122.7 101.7 BH Macro Ltd. GBP . . .2038.0 -13.0 2078.0 1698.0 Record ...... 18.3 -0.1 35.5 9.8 Bovis Homes Group . . .480.5 -7.4 518.5 326.5 Informa ...... 419.9 4.9 451.0 313.9 BP ...... 435.7 1.9 504.6 363.2 Cape ...... 405.7 -7.9 591.5 295.0 BowLeven ...... 89.0 -0.5 342.3 62.0 Tsy 6.000 28 ...... 144.14 0.01 148.0 123.7 BH Macro Ltd. USD ...... 19.3 -0.2 20.2 16.4 RSM Tenon Group ...... 6.8 -0.7 32.3 5.6 Persimmon ...... 626.0 -6.5 706.5 374.0 ITE Group ...... 225.4 -3.5 255.3 157.7 Cairn Energy ...... 342.0 1.7 501.4 291.9 Capita ...... 674.5 -2.5 767.0 611.5 Brooks Macdonald . . .1347.5 -17.5 1372.5 940.0 Tsy 4.125 30 ...... 311.54 -0.22 322.8 272.0 BlackRock World M . . .659.0 -11.0 782.0 574.5 Schroders ...... 1412.0 -9.0 1872.0 1183.0 EnQuest ...... 132.1 4.5 136.8 85.7 Carillion ...... 300.0 4.0 403.2 264.6 Cluff Gold ...... 83.0 -2.0 112.8 66.5 Tsy 4.750 30 ...... 126.10 -0.03 130.5 107.3 BlueCrest AllBlue ...... 160.5 0.0 176.2 160.3 Schroders (Non-Vo . . . .1112.0 -8.0 1521.0 970.0 Essar Energy ...... 145.1 -2.3 455.9 101.6 De La Rue ...... 988.5 -7.5 1001.0 730.0 Cove Energy ...... 224.5 -0.5 242.0 61.0 Tsy 4.250 32 ...... 118.29 -0.04 123.1 100.3 British Assets Tr ...... 124.7 -0.8 138.6 109.0 Tullett Prebon ...... 340.6 -2.4 422.9 262.3 MAIN CHANGES UK 350 Exillon Energy ...... 135.4 -6.2 460.0 123.0 Diploma ...... 458.0 -2.0 460.5 284.0 Daisy Group ...... 106.6 0.0 127.0 95.0 Tsy 4.250 36 ...... 117.74 -0.11 123.9 99.6 British Empire Se . . . . .420.0 0.7 533.0 404.0 Walker Crips Grou ...... 45.5 0.0 51.5 40.0 Heritage Oil ...... 148.0 -3.6 262.1 133.1 Electrocomponents . . .234.4 1.4 294.9 182.2 EMIS Group ...... 545.0 -5.0 583.0 397.5 Caledonia Investm . . .1405.0 -8.0 1800.0 1337.0 Tsy 4.750 38 ...... 127.07 -0.12 134.2 107.9 FIXED LINE TELECOMS   Ophir Energy ...... 569.0 2.0 587.0 184.5 Experian ...... 995.0 -2.5 1004.0 665.0 Faroe Petroleum ...... 177.0 1.3 177.8 130.0 Tsy 4.500 42 ...... 123.11 -0.21 130.8 104.1 City of London In . . . . .295.2 -2.9 306.9 257.0 Premier Oil ...... 374.4 -6.0 485.0 310.0 Filtrona PLC ...... 483.1 4.0 484.5 296.3 Gulfsands Petrole . . . . .126.0 -3.3 287.0 125.0 Dexion Absolute L . . . . .139.5 -0.3 149.4 130.0 BT Group ...... 215.9 2.4 232.1 161.0 COLT Group SA ...... 119.2 5.8 Talvivaara Mining ...... 168.2 -5.4 Royal Dutch Shell . . . .2184.5 8.5 2402.0 1883.5 G4S ...... 280.4 -0.7 292.1 219.9 GW Pharmaceutical . . . .88.0 -3.0 130.0 78.5 Edinburgh Dragon . . . .242.0 0.0 253.1 201.4 Cable & Wireless ...... 32.9 -0.1 48.9 30.1 Betfair Group ...... 839.5 5.7 Rank Group ...... 114.9 -5.0 Royal Dutch Shell . . . .2261.0 8.5 2489.0 1890.5 Hays ...... 91.0 -0.1 117.9 58.9 H&T Group ...... 287.0 -3.5 395.0 286.0 Edinburgh Inv Tru . . . .494.4 -0.9 504.0 422.5 Cable & Wireless ...... 33.0 -0.9 55.0 14.2 Perform Group ...... 313.4 4.5 Avocet Mining ...... 161.0 -5.0 Ruspetro ...... 192.0 5.0 230.0 125.0 Homeserve ...... 251.0 0.3 532.0 214.7 Hargreaves Servic . . . .1215.0 5.0 1264.0 855.0 Electra Private E . . . . .1698.0 -5.0 1750.0 1287.0 COLT Group SA ...... 119.2 6.5 149.5 84.1 Salamander Energy . . .208.0 0.3 235.8 148.0 Howden Joinery Gr . . . .119.7 -1.3 130.8 93.1 Healthcare Locums ...... 2.6 0.2 2.7 2.3 Fidelity China Sp ...... 80.8 -1.0 109.8 70.0 Gem Diamonds Ltd...... 256.1 4.1 Home Retail Group ...... 83.4 -4.8 KCOM Group ...... 72.5 -0.8 84.0 60.5 Dixons Retail ...... 18.8 4.0 Antofagasta ...... 1108.0 -4.4 Soco Internationa . . . .290.0 -4.1 397.5 278.0 Interserve ...... 289.3 0.9 341.3 270.1 Impellam Group ...... 357.0 -0.5 382.6 225.0 Fidelity European . . . .1075.0 -3.0 1280.0 912.0 TalkTalk Telecom . . . . .129.9 -0.1 150.0 118.9 Tullow Oil ...... 1557.0 12.0 1601.0 945.5 Intertek Group ...... 2532.0 -18.0 2605.0 1744.0 Iomart Group ...... 137.8 -2.3 151.0 85.5 Foreign and Colon . . . .305.3 -0.2 327.9 261.5 Smith & Nephew ...... 629.5 4.0 Exillon Energy ...... 135.4 -4.4 Telecom Plus ...... 700.0 8.0 802.0 472.0 OIL EQUIPMENT & SERVICES Michael Page Inte . . . .406.9 -3.1 552.5 323.0 James Halstead ...... 525.0 13.0 535.0 410.3 AEROSPACE & DEFENCE Herald Inv Trust ...... 513.0 -1.0 545.5 419.0 Bwin.party Digital ...... 156.1 3.8 Weir Group ...... 1616.0 -3.8 Mitie Group ...... 296.4 0.5 296.8 206.8 London Mining ...... 291.5 -9.5 427.0 257.5 HICL Infrastructu ...... 120.0 -0.2 123.6 112.7 FOOD & DRUG RETAILERS Inmarsat ...... 457.8 3.6 Randgold Resources ...... 5150.0 -3.7 Amec ...... 1130.0 2.0 1207.0 740.5 PayPoint ...... 648.0 1.5 670.0 450.0 Lupus Capital ...... 129.0 -4.0 140.0 86.0 BAE Systems ...... 288.6 -3.8 340.8 248.1 John Laing Infras . . . . .106.5 -0.3 110.6 103.8 Booker Group ...... 79.7 -0.2 85.3 60.0 EnQuest ...... 132.1 3.5 Premier Farnell ...... 208.5 -3.3 Hunting ...... 926.5 -9.5 968.0 530.0 Premier Farnell ...... 208.5 -7.2 301.0 144.5 M. P. Evans Group . . . . .525.0 24.0 525.0 371.0 Chemring Group ...... 361.1 -10.8 677.0 316.9 JPMorgan American . . .918.0 1.5 965.5 721.5 Greggs ...... 502.0 -3.0 558.0 445.0 Northgate ...... 205.6 2.8 Legal & General Gr ...... 118.0 -3.1 Kentz Corporation . . . .425.6 -9.0 508.0 375.0 Regus ...... 108.5 -1.3 117.5 64.0 Majestic Wine ...... 475.3 -1.8 510.0 315.0 Cobham ...... 224.3 0.0 239.5 165.9 JPMorgan Asian In . . . .195.3 -0.2 243.9 170.1 Morrison (Wm) Sup . . .276.5 -3.5 328.0 275.3 Lamprell ...... 364.9 -1.8 395.2 220.7 Rentokil Initial ...... 86.6 -0.8 100.9 58.2 May Gurney Integr . . . .235.0 -1.4 302.0 230.0 Meggitt ...... 413.0 5.0 413.9 304.9 JPMorgan Emerging . .544.0 -4.0 610.5 480.1 Ocado Group ...... 123.1 0.2 233.0 52.9         Petrofac Ltd...... 1764.0 4.0 1772.0 1108.0 RPS Group ...... 237.3 -2.1 253.0 156.6 Monitise ...... 35.8 0.5 40.0 24.0 QinetiQ Group ...... 156.1 -0.8 159.3 101.5 JPMorgan Indian I . . . . .325.8 -4.2 437.0 313.1 Sainsbury (J) ...... 307.8 -1.1 362.8 263.5 Wood Group (John) . . .798.0 9.0 803.0 469.9 Serco Group ...... 560.0 6.0 597.5 458.0 Mulberry Group . . . . .2472.0 55.0 2500.0 1290.0 Rolls-Royce Holdi . . . . .859.0 17.5 861.0 557.5 JPMorgan Russian . . . .536.5 -7.5 689.0 415.1 Tesco ...... 318.2 0.2 420.1 310.5 Reckitt Benckiser . . . .3614.0 11.0 3670.0 3100.0 ITV ...... 85.6 1.2 89.9 51.7 PERSONAL GOODS Shanks Group ...... 93.1 -0.2 130.9 90.8 Nanoco Group ...... 69.0 -0.5 90.0 38.0 Senior ...... 211.3 1.4 213.0 135.6 Law Debenture Cor . . . .384.4 4.7 398.7 323.0 Johnston Press ...... 5.9 0.1 8.0 4.1 SIG ...... 102.1 -1.2 153.5 77.0 Nautical Petroleu . . . . .342.0 2.0 379.0 223.5 Mercantile Invest . . . .1024.0 -11.0 1114.0 823.0 FOOD PRODUCERS Redrow ...... 123.5 -1.0 126.0 90.2 Ultra Electronics ...... 1716.0 -9.0 1780.0 1305.0 Taylor Wimpey ...... 51.7 -0.3 52.8 28.7 Mecom Group ...... 162.3 3.8 293.5 134.5 Burberry Group ...... 1536.0 21.0 1600.0 1092.0 Travis Perkins ...... 1043.0 2.0 1125.0 715.0 Nichols ...... 730.5 13.8 730.5 505.0 AUTOMOBILES & PARTS Merchants Trust ...... 375.0 -2.0 431.8 341.5 Associated Britis . . . . .1242.0 14.0 1244.0 977.0 Moneysupermarket. . . .134.7 -1.2 136.8 93.4 PZ Cussons ...... 343.5 1.4 387.9 285.0 Wolseley ...... 2390.0 -25.0 2558.0 1404.0 Numis Corporation . . . . .87.3 -2.8 119.6 72.0 Monks Inv Trust ...... 336.4 -0.4 361.2 298.1 INDUSTRIAL ENGINEERING Cranswick ...... 810.0 -1.0 841.0 588.5 Pearson ...... 1166.0 5.0 1255.0 1038.0 Supergroup ...... 330.9 -7.1 1600.0 324.6 TECHNOLOGY HARDW. & EQUIP. Pan African Resou ...... 15.8 -0.3 18.3 9.5 GKN ...... 204.9 -0.2 245.0 157.0 Murray Income Tru . . . .651.0 -4.5 674.0 568.0 Dairy Crest Group . . . . .303.7 0.2 409.7 290.4 Bodycote ...... 428.7 -4.2 437.6 225.6 Perform Group ...... 313.4 13.4 320.3 150.0 Patagonia Gold ...... 35.8 -1.0 70.0 34.0 Murray Internatio . . . . .964.0 1.0 1012.0 818.5 PHARMACEUTICALS & BIOTECH BANKS Devro ...... 306.1 -1.7 332.2 232.0 Fenner ...... 434.2 -13.4 483.7 280.0 Reed Elsevier ...... 523.5 8.0 578.0 461.3 ARM Holdings ...... 514.0 -1.5 645.0 464.0 Prezzo ...... 69.0 0.0 71.5 53.5 NB Global Floatin ...... 100.1 -0.4 103.0 92.5 Tate & Lyle ...... 713.5 14.5 720.5 544.5 IMI ...... 980.5 4.0 1119.0 636.5 Rightmove ...... 1600.0 21.0 1607.1 1036.0 AstraZeneca ...... 2727.5 24.5 3194.0 2543.5 CSR ...... 236.1 0.8 391.4 154.1 Rockhopper Explor . . . .339.8 0.3 393.5 141.0 Barclays ...... 212.9 -0.8 283.8 138.9 Perpetual Income . . . . .267.1 -0.4 276.0 236.5 Unilever ...... 2133.0 11.0 2189.0 1892.0 Melrose ...... 437.8 -2.1 442.9 268.0 STV Group ...... 112.5 0.3 163.0 76.3 BTG ...... 387.7 7.9 389.7 236.8 Imagination Techn . . . .661.5 16.5 717.0 296.9 RWS Holdings ...... 520.3 -5.0 560.0 389.0 HSBC Holdings ...... 563.3 1.9 656.2 463.5 Personal Assets T . . .34180.0 -70.0 35350.031750.0 Northgate ...... 205.6 5.6 341.8 190.0 Tarsus Group ...... 154.9 2.9 165.0 119.5 Genus ...... 1426.0 -31.0 1457.0 853.5 Spirent Communica . . .174.0 2.1 176.0 105.8 Secure Trust Bank . . . .1060.0 0.0 1077.5 755.0 Lloyds Banking Gr ...... 31.7 -0.4 58.0 21.8 Polar Capital Tec ...... 389.5 0.5 404.0 299.5 FORESTRY & PAPER Rotork ...... 2260.0 2.0 2274.0 1501.0 Trinity Mirror ...... 32.3 -0.3 54.3 30.8 GlaxoSmithKline . . . . .1446.0 13.5 1497.0 1205.0 TOBACCO Sirius Minerals ...... 17.8 -1.3 32.0 6.4 Royal Bank of Sco ...... 24.6 -0.2 42.9 17.3 RIT Capital Partn ...... 1161.0 -2.0 1360.0 1141.0 Mondi ...... 570.0 0.0 664.0 413.5 Spirax-Sarco Engi . . . .2325.0 16.0 2334.0 1649.0 UBM ...... 600.5 4.0 641.5 416.0 Hikma Pharmaceuti . . .637.5 -0.5 869.0 555.5 Songbird Estates ...... 120.0 0.0 160.3 103.0 Standard Chartere . . . .1454.5 1.5 1672.0 1169.5 Scottish Inv Trus ...... 479.7 3.4 524.0 417.0 GAS, WATER & MULTIUTILITIES Weir Group ...... 1616.0 -64.0 2236.0 1375.0 UTV Media ...... 141.0 -4.5 159.5 92.5 Shire Plc ...... 2039.0 12.0 2300.0 1818.0 British American . . . .3230.5 42.5 3248.5 2592.0 Valiant Petroleum . . . .558.0 -17.5 628.5 400.0 BEVERAGES Scottish Mortgage . . . .690.0 0.5 781.0 565.0 Evraz ...... 360.6 -6.3 460.5 315.0 Wilmington Group . . . . .97.0 -1.0 151.0 78.5 Imperial Tobacco . . . .2591.0 57.0 2597.0 1974.0 Young & Co's Brew . . . .615.5 -1.3 712.0 580.0 SVG Capital ...... 277.8 1.1 295.5 165.1 REAL ESTATE INVEST. & SERV. Centrica ...... 308.6 -0.4 330.3 278.8 Ferrexpo ...... 285.5 -4.3 495.3 238.7 WPP ...... 847.5 7.0 880.0 578.0 TRAVEL & LEISURE AG Barr ...... 1137.0 -21.0 1395.0 1031.0 Temple Bar Inv Tr . . . . .929.0 -5.0 970.0 791.0 International Pow . . . . .417.4 -0.1 418.0 279.4 Talvivaara Mining . . . . .168.2 -9.6 525.0 167.8 Yell Group ...... 3.6 0.1 11.0 3.4 Capital & Countie . . . . .200.0 1.5 203.7 158.1 Britvic ...... 381.3 2.5 444.0 289.9 Templeton Emergin . . .570.0 1.0 678.5 497.0 National Grid ...... 669.5 1.5 673.1 569.0 Daejan Holdings . . . . .3116.0 -93.0 3300.0 2282.0 Betfair Group ...... 839.5 45.0 901.0 567.0 Diageo ...... 1614.5 24.5 1617.0 1112.0 TR Property Inv T ...... 153.7 1.0 206.1 136.2 Pennon Group ...... 742.0 5.5 751.0 623.5 INDUSTRIAL TRANSPORTATION MINING F&C Commercial Pr . . . . .103.1 -0.6 108.0 92.6 Bwin.party Digita ...... 156.1 5.7 174.0 100.6 SABMiller ...... 2575.0 -5.0 2660.0 1979.0 TR Property Inv T ...... 64.8 0.2 94.0 59.8 Severn Trent ...... 1670.0 3.0 1720.0 1375.0 African Barrick G ...... 358.5 1.9 616.5 351.2 Grainger ...... 98.1 -0.6 133.2 77.3 Carnival ...... 2018.0 -11.0 2642.0 1742.0 Witan Inv Trust ...... 477.4 1.2 533.0 401.5 BBA Aviation ...... 202.6 2.5 223.4 156.0 CHEMICALS United Utilities ...... 629.0 8.5 637.0 560.0 Stobart Group Ltd . . . . .126.3 -0.2 149.5 112.0 Anglo American . . . . .2365.0 -10.0 3181.0 2138.5 London & Stamford . . . .111.0 0.0 140.0 103.9 Compass Group ...... 651.0 -7.5 671.0 512.5 FINANCIAL SERVICES GENERAL INDUSTRIALS NON LIFE INSURANCE Anglo Pacific Gro . . . . .305.0 -2.0 340.0 237.9 Savills ...... 372.0 3.7 427.1 256.2 Domino's Pizza UK . . . .440.0 -4.0 526.0 377.0 AZ Electronic Mat . . . . .323.5 4.5 338.1 206.1 Antofagasta ...... 1108.0 -51.0 1491.0 900.5 UK Commercial Pro . . . . .71.5 -0.7 85.5 65.1 easyJet ...... 519.0 1.5 521.5 302.5 Croda Internation . . . .2251.0 19.0 2282.0 1597.0 3i Group ...... 194.8 1.4 294.1 166.9 Cookson Group ...... 709.0 2.5 747.5 395.8 Aquarius Platinum . . . .129.5 -2.0 360.0 128.1 FirstGroup ...... 199.4 2.6 370.2 190.0 3i Infrastructure ...... 124.8 0.8 128.0 115.6 Admiral Group ...... 1177.0 3.0 1754.0 787.0 REAL ESTATE INVEST. TRUSTS Elementis ...... 206.2 -0.7 208.7 107.5 Rexam ...... 432.6 0.1 438.0 299.8 Amlin ...... 336.0 2.9 427.0 270.6 Avocet Mining ...... 161.0 -8.5 286.8 159.6 Go-Ahead Group . . . . .1135.0 2.0 1598.0 1125.0      Johnson Matthey . . . .2368.0 16.0 2408.0 1523.0 Aberdeen Asset Ma . . .283.8 0.7 286.5 167.8 RPC Group ...... 373.8 1.3 393.2 300.5 BHP Billiton ...... 1996.0 -21.5 2521.5 1667.0 Big Yellow Group . . . . .299.7 2.4 344.4 218.0 Greene King ...... 526.0 -1.5 531.5 410.0 Ashmore Group ...... 380.0 -1.0 420.0 306.4 Beazley ...... 141.4 -0.5 151.8 109.6  Victrex ...... 1435.0 -5.0 1590.0 1025.0 Smith (DS) ...... 163.9 -0.1 183.7 113.3 Catlin Group Ltd...... 425.0 1.7 449.0 337.0 Bumi ...... 545.0 6.5 1158.0 496.0 British Land Co ...... 499.7 2.7 629.5 444.0 InterContinental . . . . .1532.0 16.0 1544.0 955.0 Yule Catto & Co ...... 238.6 0.5 253.0 148.0 Brewin Dolphin Ho . . . .165.5 -1.5 177.0 113.7         Smiths Group ...... 1089.0 11.0 1255.0 869.5 Hiscox Ltd...... 398.7 -5.0 424.7 340.5 Centamin (DI) ...... 67.6 -0.3 141.5 63.1 Capital Shopping . . . . .323.5 -2.4 408.6 288.7 International Con ...... 177.8 -1.0 258.7 132.0

EU SHARES US SHARES         AIR LIQUIDE...... 98.45 0.14 102.30 80.90 3M...... 89.39 -0.13 98.19 68.63 ALLIANZ...... 84.89 0.61 107.45 56.16 ABBOTT LABS...... 63.05 0.40 63.20 46.29 ANHEUS-BUSCH INBEV...... 56.75 1.25 57.23 33.85 ALCOA...... 9.58 -0.15 17.96 8.45 ARCELORMITTAL...... 12.63 -0.24 25.40 10.47 ALTRIA GROUP ...... 32.55 0.18 32.62 23.20 AXA...... 10.54 0.00 15.94 7.88 AM INTL GRP...... 34.14 -0.62 35.05 19.18 BANCO SANTANDER...... 4.58 0.02 7.86 4.49 AMAZON.COM...... 229.45 -0.80 246.71 166.97 BASF SE...... 60.92 -0.39 70.22 42.19 AMERICAN EXPRESS...... 60.86 -0.19 61.42 41.30 BAYER...... 53.39 0.20 59.44 35.36 APPLE ...... 581.82 - 4.16 644.00 310.50 BBVA...... 4.88 -0.05 8.44 4.83 AT&T...... 33.11 0.07 33.33 27.29 BMW...... 71.68 0.61 73.95 43.49 BANK OF AMERICA ...... 8.00 -0.16 12.71 4.92 BNP PARIBAS...... 29.10 -0.95 55.20 22.72 BOEING CO...... 76.83 -0. 43 80.65 56.01 CARREFOUR ...... 14.75 -0.20 28.19 14.53 CATERPILLAR...... 100.67 -1.96 116.95 67.54 CRH PLC...... 15.27 -0.21 16.93 10.28 CHEVRON ...... 105.99 -1.04 112.28 86.68 DAIMLER ...... 40.71 -0.66 53.95 29.02 CISCO SYSTEMS...... 19.72 -0.12 21.30 13.30 DANONE ...... 54.39 0.59 54.81 41.92 CITIGROUP...... 32.48 -0.22 46.00 21.40 DEUTSCHE BANK ...... 31.23 -0.83 44.56 20.79 COCA-COLA...... 77.44 0.28 77.82 63.34 DEUTSCHE BOERSE...... 46.90 -0.13 57.68 35.65 COMCAST CLASS A...... 30.36 -0.06 30.88 19.19 DEUTSCHE TELEKOM...... 8.44 -0.01 11.38 7.88 CONOCOPHILLIPS ...... 54.26 -0.33 80.13 53.81 E.ON ...... 17.18 0.20 23.54 12.50 CVS/CAREMARK...... 46.14 0.22 46.22 31.30 ENEL...... 2.40 0.00 4.86 2.38 DU PONT(EI) DE NMR...... 53.26 -0.41 57.50 37.10 ENI...... 16.69 0.04 18.72 11.83 EMC CORP...... 28.22 -0.29 30.00 19.84 FRANCE TELECOM...... 10.29 0.05 15.96 9.86 EXXON MOBIL...... 85.65 -0.55 88.13 63. 47 GDF SUEZ...... 17.15 -0.18 28.00 17.03 GENERAL ELECTRIC...... 19.61 -0.16 21.00 14.02 GENERALI ASS...... 9.86 -0.14 16.38 9.79 GOOGLE A...... 611.02 3.76 670.25 473.02 IBERDROLA...... 3.44 0.03 5.94 3.38 HEWLETT PACKARD...... 24.48 -0.77 41.74 19.92 INDITEX...... 69.07 1.52 74.73 52.20 HOME DEPOT...... 52.47 -0.24 52.88 28.13 ING GROEP CVA...... 5.19 -0.06 9.07 4.21 IBM...... 207.24 -0. 82 210.69 157.13 INTESA SANPAOLO...... 1.06 -0.03 2.13 0.85 INTEL CORP ...... 28.56 -0.62 29.27 19.16 KON.PHILIPS ELECTR...... 14.30 0.10 20.75 12.01 J.P.MORGAN CHASE...... 43.01 -0.19 46.49 27.85 L'OREAL...... 92.84 0.26 94.80 68.83 JOHNSON & JOHNSON ...... 65.34 0.01 68.05 55.76 LVMH...... 129.35 0.95 136.80 94.16 KRAFT FOODS A ...... 39.59 -0.11 39.99 24.30 MUNICH RE...... 106.60 -1.35 118.35 77.80 WORLD INDICES MC DONALD'S CORP...... 97.04 -0.47 102.22 78.20 NOKIA...... 2.67 -0.03 6.36 2.60 MERCK AND CO. NEW...... 39.17 -0.12 39.50 29.47             REPSOL YPF...... 13.89 0.14 24.45 13.69 MICROSOFT...... 31.76 -0.04 32.95 23.65 FTSE 100 ...... 5766.55 8.44 0.15 S&P 500...... 1391.57 -10.74 -0.77 CAC 40 ...... 3223.36 -2.97 -0.09 BOVESPA SAO PAOLO...... 62104.15 -319.41 -0.51 RWE...... 32.23 0.06 44.48 21.15 OCCID.PETROLEUM...... 89.82 -2.56 117.89 66.36 FTSE 250 INDEX ...... 11483.31 7.42 0.06 NASDAQ COMPOSITE ...... 3024.30 -35.55 -1.16 SHANGHAI SE INDEX ...... 2440.08 1.64 0.07 ISEQ OVERALL INDEX ...... 3252.53 -15.92 -0.49 SAINT-GOBAIN...... 31.87 -0.13 47.43 26.07 ORACLE CORP...... 29.38 -0.33 36.50 24.72 FTSE UK ALL SHARE ...... 2999.54 3.96 0.13 FTSEUROFIRST 300...... 1044.39 0.74 0.07 HANG SENG...... 21249.53 -59.55 -0.28 STRAITS TIMES...... 3000.94 -5.20 -0.17 SANOFI...... 58.54 0.32 59.56 42.85 PEPSICO...... 66.91 0.08 71.89 58.50 FTSE AIM ALL SH...... 774.49 -1.41 -0.18 NIKKEI 225 ...... 9380.25 29.30 0.31 S&P/ASX 20 INDEX...... 2659.90 1.40 0.05 IGBM ...... 0.00 0.00 0.00 SAP...... 49.53 -0.34 54.85 32.88 DOW JONES INDUS 30 ...... 13206.59 -61.98 -0.47 DAX 30 PERFORMANCE ...... 6694.44 -16.33 -0.24 ASX ALL ORDINARIES...... 4494.50 -10.30 -0.23 SWISS MARKET INDEX ...... 6097.68 -11.09 -0.18 PFIZER ...... 22.60 -0.06 23.30 16.63 SCHNEIDER ELECTRIC...... 46.74 -0.03 60.28 35.00 PHILIP MORRIS INTL...... 89.96 -0.35 91.0 5 60.45 SIEMENS...... 68.98 0.03 99.07 62.13 COMMODITIES CREDIT & RATES PROCTER AND GAMBLE ...... 64.51 0.53 67.95 56.57 SOCIETE GENERALE...... 17.27 -0.77 46.60 14.32 QUALCOMM INC...... 63.55 -0.69 68.87 45.98 TELECOM ITALIA...... 0.85 0.02 1.03 0.70 LON GD ONCE FIX AM...... 1642.50 -10.00 TIN CASH...... 22225.00 -450.00 BoE IR Overnight...... 0.500 0.00 Euro Base Rate...... 1.500 0.00 SCHLUMBERGER...... 72.61 -1.56 95.53 54.79 TELEFONICA ...... 10.68 0.02 18.34 10.57 SILVER LDN FIX AM...... 30.43 -0.77 ZINC CASH...... 2028.00 -20.50 BoE IR 7 days...... 0.500 0.00 Finance house base rate...... 1.500 0.00 TRAVELERS CIES...... 64.75 0.01 65.27 45.97 BoE IR 1 month...... 0.500 0.00 US Fed funds ...... 0.250 0.00 TOTAL...... 36.16 0.02 43.61 29.40 MAPLE LEAF 1 OZ...... 32.39 0.75 BRENT SPOT INDEX...... 119.54 0.17 UNITED TECHNOLOGIE...... 80.91 -0.64 91.83 66.87 UNIBAIL-RODAMCO SE...... 142.55 0.70 162.95 123.30 LON PLATINUM AM ...... 1557.00 -8.00 BoE IR 3 months...... 0.500 0.00 US long bond yield...... 3.120 -0.01 US BANCORP DELAWRE...... 31.94 -0.10 32.98 20.10 SOYA...... 1480.00 -175.00 BoE IR 6 months ...... 0.500 0.00 European repo rate...... 0.134 0.00 UNICREDIT...... 2.70 -0.13 11.57 2.20 LON PALLADIUM AM...... 667.00 -8.00 VERIZON COMMS...... 40.64 0.0 4 40.84 32.28 COCOA ...... 2372.00 13.00 LIBOR Euro - overnight...... 0.255 0.00 Euro Euribor ...... 0.317 0.00 UNILEVER CVA ...... 26.27 0.04 27.16 20.96 ALUMINIUM CASH...... 2064.00 -2.00 VISA CL A ...... 116.41 -5.78 125.35 73.11 COFFEE...... 181.30 -1.55 LIBOR Euro - 12 months ...... 1.281 0.00 The vix index...... 17.13 0.25 VINCI...... 35.15 -0.03 45.48 28.46 COPPER CASH...... 8400.00 -127.00 LIBOR USD - overnight...... 0.147 0.00 The baltic dry index...... 1149.0 -3.00 WAL-MART STORES...... 58.99 -0.02 62.63 48.31 VIVENDI...... 13.79 -0.15 21.37 12.42 LEAD CASH...... 2143.00 -7.00 KRUG ...... 1702.60 -16.20 LIBOR USD - 12 months...... 1.049 0.00 Markit iBoxx...... 243.59 0.15 WALT DISNEY CO...... 43.81 0.27 44.50 28.19 VOLKSWAGEN VORZ ...... 145.00 2.60 152.20 86.40 NICKEL CASH...... 17425.00 -95.00 WHEAT ...... 171.20 -1.93 Halifax mortgage rate ...... 3.990 -0.02 Markit iTraxx...... 140.42 4.30 WELLS FARGO & CO...... 33.39 -0.18 34.59 22.58 FRIDAY 4 MAY 2012 32

In association with THEFORUM cityam.com/forum Sunday’s Greek elections are being ignored – but the tragedy plays on

N 6 May, Greece, like France, dropping living standards are not a will remain limited, as memories of more years of war, it didn’t seem quite is voting. So what? This may recipe for social stability. For the older the Colonels’ dictatorship in the late like that. be the reaction of many generation among us who watched 1960s and early 1970s are still very So where does Greece go from here? Opeople. The Greek economy is the downfall of Yugoslavia after about fresh with the over-50s. Given the cal- Many Greeks have got used to what under effective international 1988, there are some disturbing ibre of some, or perhaps most, one friend of mine calls “a status quo control; the country does not need to echoes, particularly the increasing Europeans currently governing from of crises”. Every family in the lower try to go back to borrowing on isolation of the Europe-controlled Athens, it is not surprising national- economic strata is involved in a daily international financial markets for JAMES PETTIFER political elite from the great majority ism is flourishing. They promise so battle for economic survival and emi- over two years, and so on. That is the of the people. For the Markovic period much and deliver so little, drawing gration is the main safety valve for official script. And the big story now in the last rotating presidency in the the young. Intellectuals regard the is Spain, where there may well be a assured early on from Brussels that all old Yugoslavia read the Venizelos nation as broken and as in the past, worse outcome. After all, the Greek the earlier bailouts starting in sum- leadership of PASOK in Athens. The As many as a third bad times for Greece mean a suscepti- economy only makes up about 2 per mer 2010 would work, that the Greek Brussels elite seem to see their own ‘ bility to bad external influences, prob- cent of the European Union total. people would accept reforms and role as modernisers and rationalisers of Greek workers are lems with Turkey and Cyprus and a Well, that is one way of looking at it large sums of money would be raised as popular, welcome and essential; in host of the usual tensions that plague and the situation with Spain and the from privatisation sales, and then in reality nobody much is listening to owed three months the eastern Mediterranean. The rich Spanish banks in particular is certain- some undefined way, the numbers them. gas finds off the coast of Cyprus that ly serious. But the problem is that the would add up. This is a fiction. As In these circumstances, the people back pay or more have been made recently should, in a people pushing this line, most of things stand, a future of endless insol- see the nation in danger from inter- rational world, ease international ten- them linked to Brussels, have been vency beckons. And like any business, national forces, and turn towards sions, but the reactions of the Turkish consistently wrong about every stage large or small, bankruptcy means nationalism, as in late Yugoslavia. The government in Ankara to the discov- of the Greek crisis, and the banking you’re unable to pay the wages. That big Greek communist parties have a large salaries and becoming rather eries do not give a lot of reasons for crisis in Europe in general. They have is a major problem for many enter- distinctly nationalist tinge, particular- well acquainted with the nicer Greek optimism. very little knowledge of the history of prises, with as many as a third of ly the powerful KKE which effectively islands at weekends. Again, there is The Greek crisis is far from over. Greece and the reasons for the disas- Greek workers owed three months controls the trade union movement. an uncomfortable echo of the “hour James Pettifer is a member of the Oxford ters of the last three years. Like a seri- back pay or more. On the right, the hitherto tiny neo-fas- of Europe”, when politicians from University History Faculty and St Cross ous illness, it is a good idea to get a With this year’s tourist bookings cist Golden Dawn party is gaining Brussels thought they would solve the College. His ebook, The Making of the Greek doctor who knows what is wrong with and cash numbers not looking very support, although from a very low problems of the old Yugoslavia in Crisis, published by Penguin Shorts is out you before trying to treat it. We were good, spiralling unemployment and base. I personally believe its support three months in 1990. After ten or now for £1.99.

Agree? Disagree? Got a sharp comment? The Forum wants you to join the debate. Twitter: @cityamforum on the web: cityam.com/forum or by email: [email protected] Top responses will be reprinted in The Forum. Everyone is building an app – but it’s not that easy to be like Facebook

OU know there’s a stock was working on his own project “the making the right choices again and can make serious money, but most market bubble when the face book” at the time. They now again, even as other social networks won’t. And Edison’s rule about the shoeshine boy starts giving THE LONG claim that he stole their idea and like Friendster and Myspace fell by proportions of perspiration and Yyou stock tips. In the same that, as the scale of Facebook’s the wayside. Facebook has earned its inspiration holds true, as the hours way, I can’t help but think VIEW success increases, it only reveals valuation the hard way. pulled by serious app entrepreneurs there’s plenty of froth in digital right more and more money that he has And where Facebook hasn’t lived in workspaces like TechHub prove. now, because everyone I know is cheated from them. up to that standard – notably in The author Dorothy L. Sayers building an app. MARC SIDWELL The courts have granted the mobile – its bottom line suffers. My wrote in The Mind of the Maker that As Facebook heads for its IPO on 18 Winklevosses a settlement including Facebook app for BlackBerry makes creation requires not just an idea, May, which could value the company shares that, at IPO, could be worth me want to throw my phone across but implementation and the user’s as high as $85-95bn (£53-59bn), it’s a Facebook shows this more clearly $200m+. But the idea that the room every time I use it. And engagement. Without all three, a seductive thought that so much than most. For one thing the ugly Zuckerberg and the teams he later Facebook evidently sees this problem global app market is no guarantee of value could be created from a simple legal dispute between Facebook hired were not the chief reason for too, which is why it just paid out free money for anyone with a good idea. More and more people want to founder Mark Zuckerberg and the Facebook’s spectacular growth is $1bn for Instagram, a mobile photo- idea. But until the froth gets blown believe that the digital economy has Winklevoss twins revolves around preposterous. He had demonstrated sharing app that is an absolute joy to off, it’s still a tempting dream. How created a space where business has this very question. The twins had an his ability to build an addictive, use. Equally, Facebook must defend about an app that helps you come up become a form of conceptual art, idea for a Harvard-only social popular site already, with the its valuation by showing it can turn with app ideas? Anyone know a good where idea is everything and network and thought all they had to controversial Facemash generating its user base into an audience for programmer? execution is almost irrelevant. do was commission Zuckerberg to 22,000 photo views in its first four effective advertisements. Marc Sidwell is City A.M.’s business They’re wrong though. In fact, program it for them. It turned out he hours. And Facebook succeeded by Execution is still everything. Apps features editor.

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EXCLUSIVE SERVICE DIRECT FROM LONDON CITY AIRPORT. FARE IS ONE WAY ECONOMY & INCLUDES TAXES & CHARGES. SUBJECT TO AVAILABILITY & TERMS & CONDITIONS. FRIDAY 4 MAY 2012 33 The Forum is open for you to take part. Got a sharp comment on one of today’s columns? Do you have another subject you want to share your opinion on? We want to hear your views. Email [email protected] or comment at cityam.com/forum RAPIDresponses La Belle France is Clueless Bank Russian bear TOP TWEETS voting for some Mervyn King prompts the question: Who is [Re: Mervyn King should have hiked rates to [Re: Time for Russia 2.0: Putin’s return actually capable of running the economy? deflate the bubble, yesterday] promises an economic revolution, Monday] I agree with you. Mervyn King has joined the As a Russian citizen, I couldn’t not comment @polleetickle long list of revisionist historians. To say he on this article. It assumes that the key pillars King is now happy to ignore CPI on the spotted the looming crisis is just not borne of the Russian economy (natural gas, oil, beastly politics upside, but wasn’t prepared to undershoot out by the facts and the Bank of England’s coal and precious metals) will disappear CPI to deflate the insane housing bubble. actions at the time. The loss of the Bank’s within six years. They won’t. There’s little @AndrewBeckett T’S the stuff Gallic political regulation division in no way compromised incentive for Vladimir Putin to reform. dramas are made of. A highly its ability to use responsible monetary Similarly, he won’t tackle corruption or Sarkozy’s problem is that he’s working to polarised campaign; a lively policy, i.e. to raise rates. Even ordinary improve corporate guidance. Corruption in the theory that Le Pen is mightier than the eleventh-hour debate between gossipers in City wine bars had a better grip Russia is part of the mindset, and any I sword. the candidates; a sense of on what was going on at HBOS and RBS at behavioural changes will take at least a @MichaelRosenYes emergency; a country cut in two as the time. And even property professionals generation to happen. Corporate on the fringe of civil war. know that, when average yields fall below 6 governance is different in Russia, especially Non EU passengers moaning about a 45 Incumbent Nicolas Sarkozy will FRANCK GUILLORY per cent, the bubble is about to burst, even the close relationship between corporate minute wait to get through customs. Try face his socialist challenger if no one remembered to tell King and the giants and government. Unfortunately going to America. Then you can moan. François Hollande and France’s years ago, millions had taken to Bank of England. there’s little evidence of any likely change. @Lolly11070 very fate is at stake. the streets to fight fascism and Matt Gash Alexandra B But compare today’s electoral save “la République”. This year, battle to 10 May 1981, when nothing. With 28.6 per cent and another François and another 27.1 per cent, Hollande and socialist, Mitterrand, defeated Sarkozy reached the second ballot president Valéry Giscard d’Estaing and everything seemed safe Is Mervyn King justified in saying that he and took power, even inviting the enough. But for how long? Communist Party to join his first Earlier this week, a poll showed government. 2012 is no 1981. If that 37 per cent of French voters was powerless to stop the financial crisis? Hollande wins a majority this share Le Pen fille’s values. The coming Sunday, France will not National Front’s leader hopes for wake up a democratic popular revenge at the parliamentary republic of the North Korean elections on 10 June and 17 June. stripe, neither will it leave the EU Despite an unfavourable electoral or bring back the French franc. system, she might bank a couple of Both final contenders have much MPs – and she may well be one of in common, though they promote them, representing a deprived area YES NO two different visions for France. near Calais where she got some 35 Crucially, they are both convinced per cent two weeks ago. This that, despite an unprecedented would once again make headlines financial and economic crisis, the worldwide. But the true challenge solutions to restore growth and for mainstream parties is 2017 and Bill Blain David Blanchflower prosperity are to be found inside the next presidential election. The the system as we know it. Paris is likely victory of Hollande may The financial lynch-mob seems determined to bury Mervyn King. It’s Mervyn King argued that “there seemed no reason to expect the neither Athens nor Rome – yet. provoke mayhem on the political easy to blame a lame duck. Even if Northern Rock had been more worst recession since the 1930s” and nobody saw it coming because This long-expected duel between right. The prospect of some aggressively addressed, would that have left the UK banking system “no-one believed it would happen.” Actually many people in the centre-right and centre-left Sarkozy supporters calling for an intact? No. That leaves the charge he failed to rein in banks before City did. They spotted that house price to earnings ratios had candidates hides a far more alliance with Le Pen’s troops can’t they nearly sank themselves. But from 1997 the Bank of England reached unsustainably high levels and the only way was down. Of worrying threat. I was living in be excluded. A failure of the Left in became a side-show, setting monetary policy with a nod to stability. course, banking crises are old as the hills; plus the 1929 Great Crash London on 21 April 2002 –when office would also strengthen the The convoluted multi-partite regulatory system post-1997 signalled started in the Florida housing market. King was too focused on Jean-Marie Le Pen qualified for a populist leader. She may approach that the civil servants had taken over. If anyone is to blame, it was inflation and missed the big picture. King also claimed that “with presidential run-off against the next presidential contest in a regulators who mistook form-filling for prudential regulation. The hindsight we should have shouted from the rooftops that a system Jacques Chirac. On 22 April this much stronger position. crisis of 2007/08 showed a lack of authority. The Bank saw its role as had been built in which banks were too important to fail.” Hindsight year, Le Pen’s daughter, Marine, 21 April 2017 risks repeating 21 an academic monetary arbiter rather than guardian of market isn't good enough. We pay the governor a large salary to have some got an outstanding 17.9 per cent April 2002. If we turn a blind eye, stability. Perhaps King’s academic bent can be blamed for his foresight. Blaming Gordon Brown, the FSA and the banks doesn’t and nearly 6.5m votes – better it will be too late. That’s a matter reluctance to take firm control. But the days when the Bank carried a wash. Ultimately, the buck stops at the top and King needs to take than her father by over 1 per cent. of worry for all of Europe, not just responsibility. The public interest requires an independent inquiry. The news made front pages for France. big stick to chastise bankers were over long before King’s watch. Franck Guillory is deputy editor in Bill Blain is senior director at Newedge UK Financial. David Blanchflower is a former member of the MPC. around the world. It went relatively quiet here in France. Ten chief at JOL Press. www.jolpress.com

4th Floor, 33 Queen Street, Editorial Editor Allister Heath | Deputy Editor David Hellier | Managing Editor & Head of News David Crow Distribution helpline London, EC4R 1BR Business Features Editor Marc Sidwell | Lifestyle Editor Zoe Strimpel | Sports Editor Frank Dalleres If you have any comments about the Tel: 020 3201 8900 distribution of City A.M. Fax: 020 7248 2711 Art Director Gavin Billenness | Pictures Alice Hepple please ring 0207 015 1230, or email Email: [email protected] Commercial Sales Director Jeremy Slattery | Commercial Director Harry Owen | Head of Distribution Nick Owen [email protected] Editorial Statement: This newspaper adheres to the system of self-regulation overseen by the Press Complaints Commission. The PCC takes complaints about the editorial content of publications under the Editor’s Code of Practice, a copy of which can be found at www.pcc.org.uk Printed by Newsfax International, Beam Reach 5 Business Park, Marsh Way, Rainham, Essex, RM13 8RS

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NEED TO KNOW | AREA INSIGHT COMMUTING AND AREA THINGS TO SEE AND DO Henley is in an unspoiled part of the Popular villages surrounding Henley include country but retains the buzz of London. It Wargrave, Shiplake, Hambleden (where hasdirect trains to Paddington which take many famous movies have been made, Henley-on- just over an hour, easy access to both the including Sleepy Hollow and Chitty Chitty Thames M4 and M40 and is only a short distance Bang Bang) and Turville (where Vicar of CENTRAL to Heathrow, which means it attracts both Dibley is filmed). Henley is world renowned LONDON international and London buyers. Situated for its rowing and the Henley Royal Regatta on a particularly scenic part of the but there are many other festivals which Thames, Henley has the feel of an old add to its status, such as the Henley Rewind market town and is surrounded by great Festival, the Henley Music Festival, the architecture with Georgian, Victorian and Henley Film Festival, the Henley Food medieval homes. Festival and the Henley Literary Festival. BARLOWS MEWS LOCAL AREA | PRICES SOURCE: LAND REGISTRY Price: £315,000 Detached Semi-Detached Terraced Flats This two bedroom red-brick property at the affordable end of the Henley market has a bath- room, sitting room, kitchen, cloakroom, courtyard garden and parking rent paid for two years. Henley on Thames £680,846 £424,755 £366,220 £266,229 Contact savills.co.uk or call 01491 843 000

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BUY Ed Mead Q A DIRECTOR OF ESTATE AGENT & DOUGLAS & GORDON

All my friends keep telling me that if I wait, prices will fall. It does seem that in my Q.area, North Kensington, some properties are coming down in price. Should I wait?

Over the last 10 years, flats in the area you mention have gone up on aver- age 79 per cent, according to the Savills Index. During that period there A.was one annual fall in values – otherwise it’s been a steady upward curve. Betting against that would seem counter-intuitive. However, a shortage of proper- ty and the frenzy among agents to get business has meant asking prices have gone too far – in fact, they’re at an all-time high. The result has been that buyers, still finding mortgages as difficult as ever, have said “enough is enough” and agents are being forced to be more realistic with sellers, bringing about some falls in asking prices. This may lead to individual situations where an owner is very keen to sell but, despite asking prices easing off, values are still showing a gentle upward trend. Make sure you can afford your mortgage and can live in your property for at least five years if interest rates rise (don’t forget that, despite three low years, more normal interest rates will take effect eventually).

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FREECALL 24 HRS 7 DAYS A WEEK email: [email protected] 0800 822 3600 www.claim4refunds.com IF YOU HAVE A PPI CLAIM THAT WE DO NOT WIN YOU DON’T PAY A PENNY Regulated by: The rts (Please see terms and conditions in our no obligation claims pack) Financial Claims Expe FRIDAY 4 MAY 2012 cityam.com 41 LIFE&STYLEGOING OUT Silent House is No Sparks in The Lucky One scary but it Zac Efron battles against a threadbare script in this cliched, limp-wristed adaptation feels grubby FILM FILM SILENT HOUSE THE LUCKY ONE Cert 15 | by Tom Latter Cert 12A | by Stevie Martin hhhii hiiii IF THE mark of a good horror film is THE LUCKY One, the latest Nicholas plunging the audience into an Sparks (The Notebook) adaptation, unrelentingly tense and amounts to little more than a group nightmarish world, then Silent of pretty people lurching from one House is a triumph. It’s certainly awkward, cringey scene to the next. very familiar, centring entirely on Zac Efron is Logan, a man who an isolated and inexplicably avoided death in Iraq thanks to a terrifying old house, and the plight photo of a mysterious stranger. He of a girl (Elizabeth Olsen), as she tracks her down after coming back attempts to escape its many leering and starts working at her family- and lurching horrors. owned kennels but feels he can’t tell Presented in claustrophobic real her the story of the photo for fear of time, it is basically an escape movie, appearing mental. with very little else on offer. No Sparks isn’t known for cutting- brainy twists, no knotty turns – it is, edge studies of humanity but at least in essence, a series of well- Dear John and The Notebook weren’t orchestrated bangs and jumps. This without their merits. Not so with The is horror – and cinema – stripped Lucky One. Efron does an alright job down to the bare bones and it’s no with the little he’s given and Taylor bad thing. Schilling’s Beth isn’t terrible but nei- But there is something else at the ther of them exactly set the screen alight. It’s hardly their fault the chemistry doesn’t crackle – the script is so threadbare and replete with cliché they have almost nothing to work with. Unless you’re 15 or just really, really like Zac Efron, avoid this. Zac Efron and Taylor Schilling have little to work with in this awkward romance Piggy squeals loudly but still disappoints

FILM making this a Danny Dyer free zone), but things fall apart pretty PIGGY dramatically in the final act. Cert 18 | by Stevie Martin Anderson remains the most watchable, and interesting, aspect hhiii of this Brit flick as the plot sadly Olsen stars in this teensploitation horror peters out after a truly unsettling THE latest London-based gangland first hour. heart of Silent House that’s thriller sees a quiet and listless What’s odd is that, although distinctly troubling. We’re delivery boy (Martin Compston) Martin Compston gives a fine presented with what is basically 90 blankly surviving a dull existence performance, you’re just waiting minutes of a pretty blonde teenage in the city after his brother is for him to start knifing people girl being chased around a gloomy attacked by a vicious gang. rather than being affected by his house, sobbing, vulnerable, with When Piggy (a charismatic Paul descent into violence. When it blood smeared on her plunging Anderson), an old friend he can happens, there’s nowhere for cleavage, as we nervously anticipate hardly remember, turns up and Hawkes to steer proceedings other all manner of eye-watering suggests he wreak violent revenge than some yawn-worthy brutalities to be inflicted by mystery on them, things escalate rather speculations on the nature of men. This may be a trope as old as quickly. Writer/direction Kieran revenge etcetera, etcetera. If ultra- the hills, but it’s still very, very Hawkes sets up an admirable violent gang fights are your thing, grubby. When it’s all over you’ll feel Paul Anderson is chilling as the ultra-violent Piggy tautness (and kudos to him for it’s worth a look for that first like taking a shower.

Chams (Maddox, L’Arc Paris) to popping champagne corks, beautiful Street in Soho, efforts are underway Mo*vida enters its third phase conduct an extensive refurbishment people and pumping sound systems, to launch yet another of the in line with the aesthetic of its you should reacquaint yourself. fabulously successful Vinoteca wine international sister club. Spread over Mari Vanna opened last month bar/shop/restaurants. Vinoteca and Soho gets yet more wine an expansive 13,000 square feet with and has already become popular consistently offers an excellent way a total capacity of more than 400, with the fashionable Knightsbridge to enjoy a relaxed bottle of great Mo*vida manages the tricky feat of set for its sophisticated Russian wine without a hefty mark up. This ast week one of London’s remaining intimate despite boasting cuisine and eccentric style. They’ve new venue is spread over two floors heaviest hitting hotspots four different rooms and four now opened a lounge bar downstairs with solid oak flooring, exposed L relaunched for its third different bars. A 25 metre video wall which is an intimate affair tucked brickwork and iron-framed Crittal WHERE incarnation, revitalising itself to running the length of the main underneath the main dining room windows. Finally, look out this remain fresh and keep pace with the room adds an impressive touch and and features the same quirky weekend for the newly relocated TO DRINK capital’s highly competitive is best viewed from the VIP area adornments of matryoshka dolls and Amika coming to South Molton entertainment market. Mo*vida has opposite. Its reinvention, refit and trinkets the main restaurant has Street in Mayfair. become a global brand and after relaunch every three years has become famous for – it’s a bit like Tim Badham is the founder of Innerplace, TIM BADHAM opening an installation in Dubai it helped it to maintain its iconic drinking in a glamorous version of London’s leading entertainment concierge has enlisted the help of Sammy status. If you like your clubs full of your grandmother’s house. On Beak service. www.innerplace.co.uk. FRIDAY 4 MAY 2012 42 TV & GAMES cityam.com

BBC1BBC1BBC2 ITV1 CHANNEL4CHANNEL4 CHANNEL5 TV PICK 6pm BBC News 6pm Eggheads 6pm London Tonight 6pm The Simpsons 6pm Home and Away 6.30pm BBC London News 6.30pm Great British Menu 6.30pm ITV News 6.30pm Hollyoaks 6.30pm 5Newsat6.30 7pm The One Show: BBC News 7pm Live Snooker: The World 7pm Emmerdale: Chas starts 7pm Channel 4 News 7pm Robson’s Extreme Fishing 8pm EastEnders Championship: The penultimate to think twice about Cameron. 7.55pm Foxes Live: Wild in the Challenge: 5 News Update 8.30pm WouldILietoYou? session of the opening semi- 7.30pm Coronation Street City 8pm Dirty Great Machines: 5 8pm 9pm Have I Got News for You final. 8pm Poms in Paradise Come Dine with Me News at 9 9pm 9.30pm Not Going Out 9pm CHOICE Maestro at the 8.30pm Coronation Street 8 Out of 10 Cats 9pm The Mentalist: A popular 10pm BBC News Opera 9pm CHOICE Piers Morgan’s 9.30pm Very Important teacher is murdered. MAESTRO AT THE OPERA 10.25pm Regional News 10pm QI Life Stories: Jason Donovan People 10pm Castle 10.35pm 10pm CHOICE Alan Carr: BBC2, 9PM TheGrahamNortonShow 10.30pm Newsnight 10pm ITV News at Ten 10.55pm Law & Order: 11.20pm The National Lottery Chatty Man Four celebrities compete for the 11.15pm Weather 10.30pm London News Criminal Intent Friday Night Draws 11.30pm The 11.05pm Stand Up for the Week chance to conduct a full act of a TERRESTRIAL 11.20pm 10.35pm FILM 12.05am Later with Jools American Pie 11.55pm FILM 2007. 11.55pm Inside Hollywood Matt Lucas Awards 2005. Hot Rod. performance on the main stage of the EastEnders 2am Weatherview Holland Presents Band Camp. 1.35am Random Acts 1.40am My 12am SuperCasino TERRESTRIAL Royal Opera House, Covent Garden. 2.05am Sign Zone: Titanic with Len 12.25am Snooker: The World 12.15am TheStore;ITVNews Name Is Earl 2.25am Dirty Sexy 4am Motorsport Mundial 4.25am Goodman 2.35am Countryfile Championship Headlines Money 3.50am Laid Off 4am St Michaela’s Wild Challenge 5.10am 3.30am Question Time 1.15am Taken 2.40am BBC News 2.15am FILM The Sting. 1973. Elsewhere 4.50am Smallville Wildlife SOS 5.35am-6am Wildlife 4.30am-6am BBC News 4.30am-6am Close 4.25am-5.30am ITV Nightscreen 5.30am-6.15am Countdown SOS SKY SPORTS 1 BRITISH EUROSPORT and Grayson fail to agree on joining 2.25am Rules of Engagement DISCOVERY HOME & 9pm 2.45am 3.30am 7pm Sky Sports News 7.30pm Live 5.30pm Live UEFA Under-17s their finances. Criminal Minds Switched Up! 10pm CSI: Crime Scene Greek 4.10am-6am Switched HEALTH Football League 10pm Premier Championship Football 7.15pm Investigation 11pm Bones 12am 7pm Supernanny US 8pm I Didn’t League Preview 10.30pm Take It Live Snooker: The World The Love Machine 1am Maury HISTORY Know I Was Pregnant 9pm Like a Fan 11pm SPL Round-Up Championship 10pm Boxing 1.50am Medium 2.40am Bones 7pm Storage Wars 7.30pm Pawn Sextuplets & The City 10pm 11.30pm Premier League Preview 10.30pm Cycling PIERS MORGAN’S LIFE STORIES: 3.30am 8pm 9pm World’s Worst Mom 11pm IDidn’t 12am 1.30am 11.30pm-12.30am Nothing to Declare Stars Storage Wars Football League SPL Cavendish: One 4.20am 12am JASON DONOVAN ITV1, 9PM CABLE America’s Next Top Model American Pickers 10pm American Know I Was Pregnant Round-Up 2am Premier League Man, Two Jerseys 5.10am-6am Jerry Springer Restoration 11pm Cash Cowboys Sextuplets & The City 1am World’s The actor recalls his relationship with Preview 2.30am Football League 12am Storage Wars 12.30am Worst Mom 2am I Didn’t Know I fellow Australian Kylie Minogue and CABLE & Weekend 3.30am Football League ESPN BBC THREE Pawn Stars 1am Swamp People Was Pregnant 3am Supernanny reflects on how his one-time addiction 5am SPL Round-Up 5.30am-6am 7pm 9pm Live ATP Tennis ESPN 7pm Doctor Who 8.05pm Great 2am The Universe 3am Ice Road US 4am ABabyStory5am-6am to cocaine nearly cost him his life.

& 9.15pm Premier League Preview Kicks: Extra Premier Movie Mistakes 2011: Not in 3D Truckers 4am Heir Hunters Baby Tales 9.45pm SKY SPORTS 2 League Preview ESPN 8.30pm World’s Craziest Fools 5am-6am Ancient Discoveries Kicks: Scottish Premier League 9pm Lip Service 10pm EastEnders SKY1 7pm 7.30pm 10pm Road to London Live Eredivisie Review Show 10.30pm Russell Howard’s Good DISCOVERY 7pm The Simpsons 7.30pm The 10pm 11pm Super League School of Russian Premier League News Extra 11.15pm Family Guy 7pm Bear Grylls: Born Survivor: Middle 8pm Modern Family 11pm 11.30pm Hard Knocks Tight Lines Review Press Pass 2012 2.55am Lip Service 3.50am Angry Enduring Iceland’s freezing 8.30pm The Simpsons. Guest 12am 2am 12am 12.30am Super League Trans Serie A Review Boys 4.20am-5.05am Russell conditions. 8pm World’s Toughest starring Ricky Gervais and Russell World Sport 3am Thrillseekers ATP Tennis 2.30am MMA Live Howard’s Good News Extra Expeditions with James Cracknell Brand. 9pm A League of Their 3.30am Road to London 3am Live UFC 4.15am ESPN Kicks: 9pm Whale Wars 10pm Wheeler Own 10pm Glee 11pm An Idiot 4am-6am Super League Extra 4.30am-7.30am Live E4 Dealers 11pm American Chopper: Abroad: Karl Pilkington reflects on Australian Rules Football 7pm Hollyoaks 7.35pm How I Met Senior Versus Junior – Build Off his travels. 12am Road Wars 1am ALAN CARR: CHATTY MAN SATELLITE SATELLITE SKY SPORTS 3 Your Mother 8pm Supernanny US Special 1am Whale Wars 2am Airline 2am Brit Cops: Frontline CHANNEL4, 10PM 7pm Tight Lines 8pm Live PGA SKY LIVING 9pm FILM Wayne’s World 1992. Real Prison Breaks 3am Deadliest Crime UK 2.55am My Holiday The host is joined by comedian Eddie Tour Golf 12am European Tour 6.30pm CSI: Crime Scene 11pm Shameless 12.05am The Big Catch 3.50am Ice Pilots 4.40am Hostage Hell 3.45am Showboaters Izzard, Britain’s Got Talent judges Golf: The Open de Espana. Investigation 7.30pm Criminal Bang Theory 1am Scrubs 2am Wheeler Dealers 5.30am-6am 4.35am Raising Hope David Walliams and Amanda Holden, 2am-6am PGA Tour Golf Minds 8.30pm Cougar Town. Jules How I Met Your Mother Destroyed in Seconds 5.05am-6am Best of Oops TV and the Made in Chelsea cast. COFFEE BREAK QUICK CROSSWORD Copyright Puzzle Press Ltd, www.puzzlepress.co.uk 

16 8 19 21 11 21 36 10 SUDOKU KAKURO 14 24  29 10 Place the numbers from 1 to 9 in each empty cell so that 23 Fill the grid so that each  each row, each column and each 3x3 block contains all the 39 block adds up to the total 10 38 17 numbers from 1 to 9 to solve this tricky Sudoku puzzle.     in the box above or to the 9 10 13 8 6 left of it. 35 11    You can only use the 25 9 18     digits 1-9 and you must not 15 19 14 use the same digit twice in 9 33     a block. The same digit may 30 11 20 6      occur more than once in a 7 24  row or column, but it must 26    be in a separate block. 8 8 12 27 13     12 28     ACROSS DOWN 1 Very warm (3) 1 Chaos (5)   3 Tightly curled and 2 Fleshy root (5) WORDWHEEL unopened flower (7) 3 Arm of the Indian   U C 6 Counterpane (9) Ocean between Africa Using only the letters in the Wordwheel, you have 8 Lyric poem (3) and Arabia (3,3)     ten minutes to find as many words as possible, A O 10 Woven floor 4 Made of clay (7) none of which may be plurals, foreign words or covering (6) 5 Explosion that fails proper nouns. Each word must be of three letters N 13 Vagrant, tramp (4) to occur (3) or more, all must contain the central letter and L R 14 Amount by 7 Even if (6) LAST ISSUE’S 9 letters can only be used once in every word. There which a salary is Perennial garden plant increased (5) with large brightly- SOLUTIONS is at least one nine-letter word in the wheel. KAKURO ES 16 Blackthorn fruit (4) coloured flowers (6) QUICK CROSSWORD 17 Writing 11 General rule regarding 1 3 4 2 1 2 38 implement (6) moral conduct (7) 9 687 6 4 8 9 SUDOKU   20 12 MAPS HUSKS 4 9 631 Seventh letter of the Give money as I OL I O W A   41 9 417 Greek alphabet (3) a reward for a ARMY M E G   21 M EASTEREGG 52148 7 639 Self-service service (3) ILL T I TRY 4 6 5 9          restaurant (9) 15 Clandestine (6) IONIANSEA 7 635 1 2 8 4 9 WORDWHEEL    22 Sign of something 18 Discontinue (5) DAD N O NBC 2 4 9 2 1 6   19 ARROGANCE O about to happen (7) Place for temporary 9 83 9 3          Z A R URAL The nine-letter word was 23 Cambridgeshire parking (3-2) E M AVER D 9 2 8 71523 WOMANISER    cathedral city (3) 21 Artificial covering DIARY TAPS 2 173 7 8 5 9     for a tooth (3) FRIDAY 4 MAY 2012 cityam.com 43 TORRES THEPUNTER FOOTBALL TRADER RETURNS BEN CLEMINSON BRINGS YOU THIS WEEK’S BEST FOOTBALL BETS CHELSEA V LIVERPOOL IF FERNANDO TORRES SCORES THE FINAL GOAL Cup kings Chelsea set for WE’LL REFUND another win at Wembley LOSING BETS

...... the truth is that, despite massive CHELSEA investment, the Carling Cup hold- LIVERPOOL...... ers are lacking in quality. And they came very close to blowing that Saturday – 5.15pm, ITV 1 opportunity, needing penalties to overcome Cardiff. Liverpool have to RADITION might have gone be opposed at 2/1 with Coral. out the window when it Chelsea are 7/10 to lift the tro- Tcomes to the scheduling of phy and if they manage that then the FA Cup final, but there is it will be the fourth time they have TOMORROW’S FA CUP FINAL still no other game quite like it. won the competition in six years. Playing the final a week early The fact that the ‘Chelsea Four’ of 7/5 11/ 5 2/1 affected both Chelsea’s and John Terry, Branislav Ivanovic, Raul Chelsea Draw Liverpool Liverpool’s midweek Premier Meireles and Ramires will all miss Kick-off 5.15pm, Live on ITV1 League fixtures, although at least the Champions League final is it showed where the clubs’ priori- going to make the team even more First Goalscorer ties lie. They will be desperate to determined. Both managers can 6/1 8/1 lift the trophy tomorrow evening. call on plenty of players with big D. Drogba (C) J. Mata (C) Chelsea kick-off as favourites, at game experience, but Di Matteo’s 6/1 L. Suarez (L) 9/1 S. Gerrard (L) 7/5 with Coral, and had looked in men also have the edge in 6/1 F. Torres (C) 9/1 A. Carroll (L) great shape until Wednesday’s this department. 8/1 F. Lampard (C) 10/1 D. Kuyt (L) defeat at home to Newcastle. The Because of the nature of the Blues’ demanding schedule forced occasion I wouldn’t be surprised to Correct Score Roberto Di Matteo to shuffle the see a tight game. The last five pack at Stamford Bridge, but his finals have seen an aggregate of Chelsea Liverpool Chelsea Liverpool team still put in a lacklustre per- just six goals scored in normal 7/1 0-0 7/1 9/1 2-1 10/1 formance. They will be back to full time so the spread betting advice 13/2 1-0 15/2 14/1 2-2 14/1 strength at Wembley and should is to sell goals at 2.35 with 11/2 11/2 25/1 33/1 have the edge. Sporting Index. 1-1 3-0 Liverpool are in danger of suffer- The focus in the build-up will 11/1 2-0 14/1 22/1 3-1 28/1 ing the dual disappointment of understandably be on Fernando TORRES RETURNS: Applies to First / Last Goalscorer, recording their worst-ever Premier Torres, but I expect to see him on Correct Score and Scorecasts in tomorrow’s Live FA Cup Final. League finish and ending the cam- the bench with Didier Drogba Prices subject fl uctuation. paign below Everton. The Reds restored to the starting XI. Drogba haven’t managed to find any sort loves playing at Wembley and he’s of consistency this term, and at no worth a punt at 6/1 with Coral to point have they managed a win- score first, especially as the firm is ning run of more than two league refunding losing bets on first/last games. They have only done that goalscorer, correct scores and on three occasions and not once scorecasts on the match if Torres in 2012. gets the last goal of the game. During this calendar year n Pointers… Liverpool have lost 10 of 17 top flight games and have won just Chelsea at 7/5 with Coral CLASSIC OR GRANDSTAND four times. Clearly their twin cup Didier Drogba to score first at 6/1 with Coral MEMBERSHIP AVAILABLE runs have been a distraction, yet Sell total goals at 2.35 with Sporting Index Chelsea captain John Terry has lots of big-game experience Up to £100 worth of Free Bets Weekly Prize Draws for British Champions Series Tickets NEWCASTLE ...... finishing fourth. The Magpies have won flair in abundance and whose front line Follow the progress of our three Club Racehorses seven of their last eight games and their is so confident. Be a Racehorse Owner for the Day MANCHESTER CITY...... in-form strikers, Papiss Cisse and Demba The Magpies also need to go for a win VIP Hospitality Packages & More... Ba, have been wreaking havoc. and it would be no surprise if they got Sunday – 1.30pm, Sky Sports However, City have the title within on the scoresheet. Both teams have Sign up in shop or visit coralchampionsclub.co.uk touching distance and it just looks as scored in their last five meetings and THIS has been one of the most dramatic though now is their time. Coral have City have won four of those contests, title races I can remember and I’d be them as 8/13 favourites and although with the other a 2-2 draw. An opening surprised if there aren’t some more that is fairly short, I still think they’ll goal for Newcastle would really light the twists and turns over the final two win. They perhaps should have beaten touch paper and we may end up with a £30 FREE BET! weekends. Manchester City got the Manchester United more comfortably high-scoring contest. FOR NEW CUSTOMERS result they desperately needed on on Monday, but their defence was My gut feeling is that City will have Monday night and Roberto Mancini rock solid, led by the outstanding enough to win and with both sides going Text MOBILE knows that a win against Newcastle on Vincent Kompany. for three points, I can certainly see both coral.co.uk Sunday will virtually guarantee The shape of the match will depend goalkeepers having a busy afternoon. If I to 65559 the league. on the opening exchanges. If City take was to have a spread bet, I’d buy goals at It isn’t going to be easy for the an early lead, Mancini may try to shut 3.1 with Sporting Index. 1700+ Shops Citizens, though, as Newcastle’s victory up shop and hit Newcastle on the break, n Pointers… 0800 242 232 at Stamford Bridge on Wednesday night but that is a dangerous policy against nationwide Mon-Sat from 8.30am was a massive boost to their chances of Alan Pardew’s side, who have attacking Manchester City at 8/13 with Coral MANCHESTER UNITED...... Swansea at home looks a better chance No ground has witnessed more goals of swelling the ‘for’ column than this season than the Theatre of Dreams, SWANSEA...... Sunderland away on the final day so all with an average of 3.83 to date, so even out attack could be the order of the day. Sporting Index’s hefty quote of 3.7 goals Sunday – 4.00pm, Sky Sports The Swans have won the hearts of can be bought. neutrals this season thanks to Brendan It certainly looks a better choice than a HAD things worked out differently at the Rodgers’s stubborn application of an easy- bet on the outright market – United are no Etihad on Monday then Manchester United on-the-eye passing game, no matter who bigger than 1/5 for victory. Even if the hosts would have approached this game expecting they are playing. Even at Old Trafford don’t hammer Swansea, it will probably be TORRES RETURNS: Singles only on specifi ed markets qualify. Max refund £100 per customer per market. Pre-match bets only. Applies to tomorrow’s LIVE FA Cup Final. Any remote refunds will be credited within 24hrs. Coral rules apply. For additional it to mark another championship Rodgers is unlikely to waver and it might because they’ve let in one or two going for terms see coral.co.uk. Where a bet qualifi es for this offer and ‘Consolation Cash Back’, stakes will only be refunded once regardless of the number of concessions to which the bet qualifi es. CHAMPIONS CLUB: £20 Free Bets is part of the coronation. They could still win a 13th be his side’s undoing. them at the other end. free ‘Grandstand’ Membership. £100 Free Bets is a benefi t of the £30 ‘Classic’ Membership. See coralchampionsclub. co.uk for full terms & conditions. NEW ACCOUNT OFFER: Available on mobile, coral.co.uk and by phone. New Premier League title, but if Manchester City They shared eight goals evenly with customers, 18s+ & UK residents only. Deposit and stake up to £30 on any sporting event(s) to receive a matched deposit free aren’t going to drop points then the only way Wolves last time out and we could be in for n Pointers… bet on selected markets. Free bet stake not returned with any winnings. Full terms at coral.co.uk/30tc You will be charged the cost of a standard SMS by your mobile network provider. Mobile service compatible with all internet enabled handsets. they can do it is with a major goal swing. another high-scoring encounter here. Buy total goals at 3.7 with Sporting Index Bet Responsibly. Gambleaware.co.uk - Call 0808 802 0133 44 THEPUNTER RACING TRADER FRIDAY 4 MAY 2012 cityam.com BILL ESDAILE, OUR RACING EXPERT, PREVIEWS THIS WEEKEND’S QIPCO GUINEAS MEETING NEWMARKET SATURDAY — LIVE ON CH4

6 1158-1 CASPAR NETSCHER (14) 9-0 ...... S W Kelly 13 1482-4 REDACT (17) 9-0 ...... J Crowley Series. It is run over a mile and is for three year old horses only. It is (5) Runs: 11 Wins: 4(S,F,GS,G) Places: 4 £170,363 (13) Runs: 6 Wins: 2(F,A) Places: 1 £30,745 Trainer: A McCabe Owner: Mr Charles Wentworth Trainer: R Hannon Owner: Kennet Valley Thoroughbreds last season – who will follow the great horse into history on Saturday? 7 1151-5 COUPE DE VILLE (16)(BF,C,D) 9-0 ...... P Hanagan 14 1328-5 RED DUKE (35) 9-0 ...... T Queally (3) Runs: 7 Wins: 4(F,GS,G) Places: 1 £297,780 (10) Runs: 7 Wins: 2(F,G) Places: 1 £92,745 QIPCO 2000 GUINEAS STAKES (204TH RUNNING) (GROUP 1) Trainer: R Hannon Owner: Macdonald, Wright, Creed, Smith & Jiggins Trainer: J J Quinn Owner: Maxilead Limited 3.10 (1) 1m 3yo Only Winner £213,513 8 313- FENCING (196) 9-0 ...... W Buick 15 53362- SAIGON (196)(BF) 9-0 ...... R Havlin (15) Runs: 3 Wins: 1(G) Places: 1 £37,829 1 211-2 ABTAAL (30)(D) 9-0 ...... C Soumillon (7) Runs: 7 Wins: 2(F) Places: 2 £34,469 (2) Runs: 4 Wins: 2(GS) Places: 2 £17,424 Trainer: J Gosden Owner: Mr George Strawbridge Trainer: J Toller Owner: P C J Dalby & R D Schuster Trainer: J C Rouget (FR) Owner: Mr Hamdan Al Maktoum 9 1121-1 FRENCH FIFTEEN (30)(D2) 9-0...... O Peslier 16 1975-1 TALWAR (21)(D) 9-0 ...... L Dettori 2 222-2 BOOMERANG1 BOB (14) 9-0 ...... S Sanders (16) Runs: 7 Wins: 5(S,GS) Places: 1 £76,744 (6) Runs: 8 £59,910 (8) Runs: 5 Wins: 1(A) Places: 4 £32,181 Trainer: N Clement (FR) Owner: H H Sheikh Mohammed Bin Khalifa Trainer: J Noseda Owner: Mr Vimal Khosla Trainer: J Hills Owner: Mr R J Tufft 10 1-3 HERMIVAL (30)(D) 9-0 ...... G Benoist 17 1- TOP OFFER (267) 9-0 ...... J Doyle BORN TO SEA 3 12- (188)(BF) 9-0 ...... J P Murtagh (4) Runs: 2 Wins: 1 Places: 1 £20,345 (9) Runs: 1 £4,140 (14) Runs: 2 Wins: 1(S) Places: 1 £30,194 Trainer: M Delzangles (FR) Owner: Sheikh Mohammed Bin Khalifa Al Tha Trainer: John Oxx (IRE) Owner: Mr Christopher Tsui Trainer: R Charlton Owner: Mr K Abdulla 11 11212- POWER (210)(BF) 9-0 ...... R L Moore 4 114-3 BRONTERRE (14)(BF) 9-0 ...... J P Spencer 18 1415-1 TRUMPET MAJOR (16)(CD) 9-0 ...... R Hughes (11) Runs: 4 £39,779 (17) Runs: 6 Wins: 4(S,F,G) Places: 2 £284,539 (18) Runs: 9 Wins: 4(F,GS) Places: 2 £93,405 Trainer: R Hannon Owner: Mr Michael Pescod Trainer: A P O’Brien (IRE) Owner: Mr M Tabor, D Smith & Mrs John Magnier Trainer: R Hannon Owner: Mr John Manley 5 11- CAMELOT (196)(D2) 9-0 ...... J P O’Brien 12 4012-4 PTOLEMAIC (16)(V) 9-0 ...... T Eaves 2011: Frankel 9 0, T Queally 1-2 Fav (Sir H Cecil), drawn (1), 13 ran. (12) Runs: 2 £141,679 (1) Runs: 5 Wins: 1(F) Places: 1 £10,626 BETTING FORECAST: 5-4 Camelot, 7 Abtaal, Born To Sea, 8 Top Offer, Trumpet Major, 10 French Trainer: A P O’Brien (IRE) Owner: Mr D Smith, Mrs J Magnier, Mr M Tabor Trainer: B Smart Owner: Mrs F Denniff Fifteen, 12 Power, 14 Hermival, 25 Others. French can upset Ballydoyle hotpots in this weekend’s opening Classics

HE QIPCO British Champions when being asked to quicken at the that, combined with the ground and Christophe Soumillon has a strong chance in both Classics this weekend Series, now in its second year, furlong pole and lost out to my other shorter trip, could find them out. Tis designed to throw the selection French Fifteen. Goodwood plays second fiddle to spotlight on Britain’s best flat Now, both of these Gallic con- Newmarket tomorrow, but Sir Henry be delighted to get into races and the first of the 35-race tenders are proven on soft ground Cecil looks to have found the ideal the places. programme is tomorrow and the deluge Newmarket received opportunity for VITA NOVA in the FRANKIE’S My best chance of a winner afternoon’s 2000 Guineas. on Thursday will ensure that there is Listed Daisy Warwick Stakes tomorrow is probably Mariner’s Even though Aidan O’Brien hasn’t plenty of juice in the surface tomor- (2.15pm). She has at least a stone in THOUGHTS Cross in the 4.55pm. He gave me saddled the winner of the opening row. They were also both Group win- hand with all bar one of her rivals on a really good feel in the Wood Classic of the season since ners over a mile as two-year-olds official figures, goes on the ground Ditton and he should run a Henrythenavigator back in 2008, the which means they will stay every and has won first time up for the last FRANKIE DETTORI big race. Ballydoyle maestro will fancy his yard of the trip and the softer two seasons. I’m afraid I can’t reveal who chances with the highly-regarded ground will blunt the speed of some Aidan O’Brien saddles hot I’m going to be riding in Camelot. Last season’s emphatic of their rivals. favourite Maybe in Sunday’s QIPCO THE QIPCO British Champions Sunday’s QIPCO 1000 Guineas, Racing Post Trophy winner is My main worry with Abtaal is the 1000 Guineas and the unbeaten Series kicks off again tomorrow but I can tell you that both unbeaten in two career starts and draw as the runners tend to come daughter of Galileo will be hard to and it’s going to be another Lyric Of Light and Discourse arrives in Newmarket as Coral’s over to the stand’s side rail when beat. She handles any ground, stays hugely exciting season. I had have excellent chances. Sheikh 6/4 favourite. it’s soft. He’s in stall two on the far the trip and has reportedly been some really decent wins last Mohammed will be making up The son of Montjeu is ultimately side which could be the wrong working well at home. I think she’ll year and I’m hoping for more of his mind this morning, but being aimed at the Investec Derby place to be, but it’s always worth win, but instead of backing her at the same. there really isn’t much between but has obviously shown plenty of having one on each side and French 5/4 with Coral, I’m taking a chance We could see another these fillies and they are both speed at home. He demonstrated an Fifteen could be ideally housed in on French raider MASHOORA at superstar emerge at Newmarket in really good order. electric turn of foot when last seen stall 16. 8/1. She also has no ground worries tomorrow afternoon as I Maybe is another hot in action at Doncaster and is with- The rest of tomorrow’s card looks and her ability to move up the honestly don’t think Camelot favourite from Ballydoyle, but I out doubt the one they all have to fiendishly difficult, but FIORENTE is gears could prove decisive. can be beaten in the QIPCO 2000 think our fillies are as good as beat. However, he lacks experience worth backing each-way in the The British Champions Series is Guineas. His form is red hot and anybody’s and I’m certainly not and at the current prices, I’m pre- Jockey Club Stakes at 2.30pm. Sir also launching a free racing fantasy he has been well backed over afraid to take her on. We won pared to take him on. Michael Stoute is a master at improv- game which will include the chance the past few weeks which is this race last year with Blue Both Born To Sea and Top Offer ing horses between three and four to win a VIP trip to QIPCO British always a good sign when it Bunting and let’s hope I’ll be have huge potential, but with only and this Monsun colt was second Champions Day at Ascot. You have to comes to the Ballydoyle horses. doing another flying dismount three racecourse appearances behind Nathaniel in the King select five trainers and five jockeys Richard Hughes has a good on Sunday. between them, they arguably hold Edward VII at Royal Ascot last sum- which are fixed for the course of the each-way chance on Trumpet Frankie Dettori is an too prominent a position in the mar- mer on soft ground. season and then pick two horses to Major, as does Johnny Murtagh ambassador for the QIPCO ket on what they have achieved on It’s a hot race tomorrow and run for you in each race. Log-on to on Born To Sea. I ride Talwar British Champions Series. For the track. Trumpet Major definitely Andre Fabre’s Meandre is the big www.britishchampionsseries.com for for Jeremy Noseda and he will more information, or to buy warrants a second look, as his danger. He won the Grand Prix de more details. love the cut in the ground. tickets, visit Craven win was impressive, but I’m Paris at Longchamp last summer Follow me on Twitter @BillEsdaile Whether he’s quite good www.britishchampionsseries.co keen on the chances of French before finishing a decent sixth in the for all my views on this weekend's enough, I don’t know, but we’d m or call 0870 727 1234. raiders ABTAAL and FRENCH FIF- Prix de l’Arc de Triomphe. Anything racing. TEEN at 9/1 and 10/1 respectively. Fabre sends over here has to be n Pointers… The former was an impressive win- respected, but I’m not sure Meandre ner of a Group Three over a mile on will love the ground and he’s likely VITA NOVA 2.15pm Goodwood (tomorrow) his final start as a two-year-old and to be short enough. FIORENTE e/w 2.30pm Newmarket (tomorrow) he was arguably unlucky not to Melbourne Cup winner Dunaden ABTAAL e/w 3.10pm Newmarket (tomorrow) make a winning reappearance in the and St Leger winner Masked Marvel FRENCH FIFTEEN e/w 3.10pm Newmarket (tomorrow) Prix Djebel last month. He stumbled have to shoulder 5lb penalties and MASHOORA e/w 3.15pm Newmarket (Sunday) cityam.com FRIDAY 4 MAY 2012 SPORT 45 Results EGFN Easter eager to lock horns with :Xi[`]]%%%%%%%%%%%%%%%%%%% '  ' N\jk?Xd%%%%%%%%%%%%%%%%%% ) ) 8kk1)*#')0 :fcc`jfe0#+( 9CL<JHL8I<9 Clkfe%%%%%%%%%%%%%%%%%%%%%% )  ) Ni\o_Xd%%%%%%%%%%%%%%%%%%% '  ' >iXp)) =c\\knff[*' 8kk10#'() Powell and guarantee top spot :CP;L< :\ck`Z%%%%%%%%%%%%%%%%%%%%%% (  ( JkAf_ejke\%%%%%%%%%%%%%%% '  ' Jkfb\j)/ :I@:B:_Xggc\+$++ %Xe[())$) ,(%'fm\ij CXeZj(+- ,/%' THE PERMUTATIONS fm\ij28I8[Xdj.$*) %;li_XdmNXin`Zbj_`i\ City A.M. ahead of <[^YXjkfe 1;li_Xd(-* ,'%*fm\ij2B?;9Xib\i,$**#:A Fixtures :Ni`^_k+$+( %NXin`Zbj_`i\(0,$. -.%'fm\ij2@I9\cc ('-ef %J<:FE;;@M@J@FEÇ;\iYpj_`i\m>cflZj ;\iYp 1 final-day Sale clash Leicester v Bath, 2pm ;\iYpj_`i\*// 0/%(fm\ij2NCDX[j\e('(#NA;lijkfe-/#; London Irish v Gloucester, 2pm AI\[]\ie,, %>cflZj(.)$0 ,+%'fm\ij2:;A;\ek,,#8G GXccX[`ef,$+. %cXdfi^Xe K_\JN8C<:JkX[`ld 1 What happened the last Northampton v Worcester, 2pm  time you played Sale in the Sale v Harlequins, 2pm >NX^^+$-( %>cXdfi^Xe($' *%'fm\ij %Efik_Xekjm?Xdgj_`i\ Aviva Premiership? Efik_Xdgkfe 1Efik_Xekj)(/ .-%+fm\ij2:GNff[+$,) % Saracens v Exeter, 2pm ?Xdgj_`i\+)$* (.%'fm\ij %PfibjmC\`Zj JZXiYfifl^_ 1Pfibj Q ++. (**%'fm\ij2AD9X`ijkfn(/)#8DZ>iXk_0'#8N>Xc\/'2 Wasps v Newcastle, 2pm N8N_`k\,$0' %C\`Zj((- ,)%)fm\ij28DZ>iXk_+$)( Xe[*$( I was at the World Cup last )%'fm\ij % time but I know we won 48- At The Top 41. I won money off Mark Harlequins, Leicester and Saracens KF;8PËJ;@8IP Cueto as we had a bet on the A could all still finish top, while .%+,gdlec\jjjkXk\[ outcome but he still hasn’t paid Northampton are set for fourth egfn\i:_j_`gGcXp$F]]jJ\d`$=`eXc=`ijkC\^ up so I’ll ask him to show me the 9cXZbgffcm9`id`e^_Xd%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% money after the game At The Bottom IL>9PC<8>L< JkfYXikJlg\iC\X^l\ /gd 1Jk?\c\ejmNXb\]`\c[# What type of game can Newcastle need a bonus-point win N`^Xem?lccBI% supporters expect to see over Wasps, or to beat them by at tomorrow? IL>9PLE@FE least 24 points, to avoid relegation K_\:_j_`gGcXpF]]J\d`=`eXc(jkC\^ .%+, 19\[]fi[m

Q GETTY Cfe[feN\cj_% Sale’s back three like to run Easter missed the win over Sale earlier this season because he was at the Rugby World Cup JEFFB

SPORTcityam.com/sport Mikel: Forget the league, we Hodgson ticks Allardyce urges caution after want the cups BY DECLAN WARRINGTON all boxes for CHELSEA midfielder Jon Obi Mikel has urged his team-mates to forget the disappointment of missing out on the Premier League’s top four before it consumes their hopes of England post, a famous Champions League and FA Cup double. Wednesday evening’s 2-0 defeat at home to Newcastle effectively ended any chance Chelsea had of domestically securing Champions League qualification, but Mikel, says Curbishley determined to avoid further regret, has demanded an immediate response for tomorrow’s FA Cup final against Exclusive: Former West Ham boss on why Liverpool at Wembley. “We have to make sure now that coaching needs reform and West Brom we win on Saturday in the cup final and make sure that we don’t let the cup final go past us,” said BY DECLAN WARRINGTON Curbishley told City A.M.. “Firstly, I’m Mikel. “It was just one of those glad the new manager’s English, days. We played Barcelona the FORMER West Ham and Charlton because I think we’ve needed that. other day. They created God knows manager Alan Curbishley has backed I’ve got admiration for what Roy’s how many chances, but we scored. Roy Hodgson to succeed as England’s done over the years so I hope they get new boss, but says a major overhaul behind him, because that’s what of the national coaching set-up is we need.” long overdue. Yet despite admiring Hodgson’s Curbishley, out of management appointment, Curbishley, who was Two goals for Wales international midfielder Jack Collison, second right, gave West Ham a vital since resigning from West Ham in interviewed to replace Sven-Goran 2008, also admits he misses day-to- Eriksson in 2006 after impressively day involvment in the game and establishing Charlton as a top-flight ence, but very rarely do English man- the club’s transfer policy resulted in revealed to City A.M. his interest in club, remains adamant that a pro- agers get the top jobs to be in the him resigning from the club. replacing Hodgson at gressive development plan for Champions League. I thought it was The Hammers are on their third Premier League West Brom. English coaches, finally coming to a very good plan, but it manager since his departure, with The Football Association fruition at the FA’s new St never materialised.” under-pressure boss Sam Allardyce in moved for Hodgson this George’s Park base, should have Curbishley, 54, has emerged as an the process of trying to negotiate the week after cooling their been put in place far sooner. early favourite to succeed Hodgson at Championship’s play-offs, and interest in recruiting book- Curbishley was among those dis- the Hawthorns and admits to some- though Curbishley is sympathetic makers’ favourite Harry cussed for a coaching role during times contemplating tactics and about the East End club’s expectation Redknapp and, while Eriksson’s time as the national decisions as though still in the levels, he expects them to secure Curbishley believes the team manager, though dugout, such is his desire to resume their much sought-after Premier Tottenham manager only Steve McClaren, a promising career. League return. was a deserving can- Eriksson’s eventual suc- “I think that everyone knows I “If they get to Wembley, whoever didate, he insists cesor, was recruited. want to get back into the Premier they play, I think they will be classed the new man, for- “That was the plan,” League, so West Brom is a Premier as favourites,” he added. “I think that merly of said Curbishley. League club, and obviously I was the expectation at West Ham was Mikel hopes Chelsea can win the FA Cup Switzerland and “Eriksson took the linked with the Wolves job recently, that they were going to go straight Inter Milan, mer- England job and the so it’s something I’d be interested in, up, and because they haven’t, there’s This is football.” its his chance. plan was that three or yeah,” he said. “Of course I do [miss going to be criticism. But at the end Mikel concedes that Chelsea’s “When the FA four young English football, particularly] when I go to of the season, if they’ve won promo- only hope of playing in next have sat down coaches would join in live games – I was sitting there tion, they’ll all accept that, because season’s Champions League is by and said ‘what and get the experience, watching the Manchester United it’s a different ball game in the beating Bayern Munich in this sort of man do because we’re talking against Manchester City game think- Premier League.” season’s 19 May final though, we want?’, about English managers ing ‘what would I do? How would I Alan Curbishley wears McCann Bespoke. as yet, he is refusing to look they’ve put a getting European experi- do it?’” For more information on McCann beyond Liverpool. description in Curbishley’s time at Charlton pre- Bespoke’s exceptional tailoring service to London’s business & sporting elite visit “Now we have to concentrate,” and Roy obviously Smartly dressed: Curbishley ceded a shorter spell at West Ham, he said. “Everyone is going to say ticks more boxes who he has supported since child- www.mccannbespoke.com or call our Savoy that the only chance we have now than anyone else,” is keen for a dugout return hood, where a dispute surrounding Office on 02071860320 is to win the Champions League final. It is what everyone wants. We have to forget about it [the Newcastle result] and just make sure we put it right on Saturday.” Liverpool blame £50m loss on American truck tycoon closes Any attempt to overcome Bayern will have to be done without the suspended Raul Meireles, £35m stadium move write-off in on £11m Rangers takeover Branislav Ivanovic and Ramires, who received yellow cards against BY FRANK DALLERES amounted to £8.4m, while signings BY FRANK DALLERES conforms to Uefa Financial Fair Barcelona, and captain John Terry, such as Andy Carroll hiked net Play regulations but also such that who was sent off. Each, however, is LIVERPOOL have announced a huge transfer spend to £41m. PROSPECTIVE Rangers owner Bill Rangers will never have to suffer available for Roberto di Matteo to loss of almost £50m, which Anfield But Ayre insisted it was the Miller has vowed to make the club this kind of anguish again. From select for tomorrow’s showpiece. chiefs have blamed largely on wasted decision of Fenway Sports Group, live within its means – “no now on, Rangers will live within The Italian will also decide spending on abandoned plans to who took over in 2010, to settle costs excuses” – if, as expected, he seals its means - no excuses.” between Didier Drogba and build a new stadium. related to the previous regime’s a £11m takeover of the financially Fernando Torres for a lone Managing director Ian Ayre said lavish stadium plans that cast the stricken Scottish side next week. striker’s role. £35m in design fees and legal and figures in an unhealthy light. Administrators made Miller WHO IS BILL MILLER? Like Chelsea, Liverpool have also administrative costs relating to the “It is a big write-off but it means preferred bidder yesterday after been inconsistent. They have, proposed move to Stanley Park that it’s gone forever now and we the American tycoon removed n Founded and grown rich from however, already won this season’s contributed to £59m of exceptional can move forward now without that conditions from his offer, raising Tennessee towing and recovery truck Carling Cup at Wembley, and are items and an increase in losses from around our neck,” he said. “It also hope that Rangers will avoid a company Miller Industries expected to recall Pepe Reina, Luis £19.9m to £49.4m. means that we are in pretty good further points penalty and n Now 65, he grew up in Detroit and Suarez and captain Steven Gerrard Contract terminations, including shape in being a sustainable overturn their transfer embargo. has a degree and MBA in engineering after manager Kenny Dalglish those of incoming England manager business. It’s a positive step forward.” Miller said: “Rangers will be n Failed with TRAC racing venture, rested them for Tuesday’s 1-0 Roy Hodgson and former managing Stadium costs are not included in managed with fiscal discipline which was set up as a rival to NASCAR league defeat at home to Fulham. director Christian Purslow, Financial Fair Play calculations. such that the club not only FRIDAY 4 MAY 2012 cityam.com 47 Premiership D-Day: Three clubs target top spot and exclusive Nick Easter Q+A Rugby Union: Page 45 Storm over Gayle Collison’s brace gives West Ham vital play-off advantage Windies return

“The clean sheet and two goals is BY FRANK DALLERES CHAMPIONSHIP everything we have been looking for and it is a great contribution from SOMERSET have threatened legal CARDIFF CITY...... 0 all the players. But the bottom line is action against West Indies ...... 2 to make sure we are through into batsman Chris Gayle after he WEST HAM UNITED the final after 90 minutes.” reneged on a deal with them in When Ricardo Vaz Te refused to the hope of making his BY DECLAN WARRINGTON give up in his pursuit of a seemingly- international return against doomed loose ball and crossed from England this month. the left wing, Collison pounced to Gayle had agreed to be WEST HAM manager Sam Allardyce head West Ham in front in the ninth Somerset’s designated overseas praised his side’s efforts after they minute after his initial shot was player for their Twenty20 earned a crucial advantage before superbly saved by David Marshall. campaign but, following talks to Monday’s Championship play-off Cardiff’s subsequent attacking end his dispute with the West semi-final decider at Upton Park, intent proved to be futile with West Indies Cricket Board, has pulled though he remains adamant that Ham, particularly James Tomkins, out of the contract. they are not yet safe. defending so resiliently before Somerset chief executive Guy Two goals from Welshman Jack scoring another goal that would Lavender said he was “very Collison were enough to secure the suitably serve as a microcosm of disappointed” by Gayle’s decision, win as the Hammers’ impressive their style. just weeks before the 32-year-old away record continued, but Carlton Cole played for a corner, had been due to arrive, and hinted Allardyce maintained that they and though Mark Hudson headed that they make seek redress. cannot afford to relax. clear, the confident Collison’s “A contract is a contract,” said “We were excellent,” said impressively-struck shot, from just Lavender. “We are exploring our Allardyce. “We asked the lads to outside the penalty area, took a options and will decide what is control their emotions and I thought substantial deflection off of Ben best for Somerset in due course.” they handled the pressure Turner and travelled beyond Gayle has not played for West excellently. It has been a great night Marshall into the back of the net. Indies since the 2011 World Cup for us and it is only 90 minutes of a The home side pressured West but is keen to return for the three- two-legged affair. Ham intensely as the game Test series against England, which “Anything could still happen and progressed, knowing a solitary goal begins at Lord’s on 17 May, and the the onus is on us to see it through, would be enough to change the subsequent one-day and T20 and there is no pressure on Cardiff. dynamic of Monday’s second leg, but matches. He said: “I understand But we are really pleased and not West Ham’s stubborn resistance held that by making this decision, it 2-0 lead ahead of Monday’s second-leg Championship play-off semi-final at Upton Park getting too carried away. for a crucial two-goal lead. may place me in a position of considerable risk.”

“ May the best stable win. That’s mine,

Brian Meehan, not yours.” British Champions Series Trainer

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