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REGISTER NOW! Visit www.sgmarketmaster.co.uk BUSINESS WITH PERSONALITY BYE BYE UMBRELLAS THAT MAKE BEST BUY YOU SING IN THE RAIN CARPHONE TO SELL OUT OF JOINT WE PICK THE BEST BROLLIES P33 VENTURE IN US P4 Issue 1,505 Monday 7 November 2011 www.cityam.com FREE Fear stokes GREEK PM AGREES search for jobs in City

▲ EMPLOYMENT TO FALL ON SWORD BY JULIAN HARRIS CITY workers are staking out new job ▲ EUROZONE CRISIS opportunities as the threat of redun- BY STEVE DINNEEN dancy lingers over the financial sector. Despite fewer vacancies becoming THE unfurling Greek tragedy claimed available, the number of professionals its biggest scalp yet last night as entering the jobs market spiked in Prime Minister George Papandreou October, according to two separate sur- finally agreed to stand down. veys released this morning. A new government of national Morgan McKinley reported a nine unity will now be formed, with per cent rise in the number of people Papandreou yielding control when seeking new employment opportuni- the deal is finalised. ties in financial services. The decision followed crisis talks “Whilst the increase may be last night with conservative opposi- enhanced by recent redundancies, it tion leader Antonis Samaras and also reflects the uncertainty hanging President Karolos Papoulias. over the hiring market,” said chief The new government faces the operations officer Andrew Evans. “The unenviable task of approving the uncertainty is encouraging individu- country’s €130bn (£112bn) bailout als to examine their options before the package, with the eyes of the world traditional slowdown in hiring that upon it and the future of the comes towards the end of the year.” Eurozone hanging in the balance. Fellow recruitment firm Astbury Papandreou and his opponents Marsden reported an eye-watering 48 were desperate to hammer out a deal per cent jump in the number of City ahead of a meeting by Eurozone George Papandreou agreed to resign to make way for a coalition of national unity Picture: GETTY workers looking for new jobs. finance ministers today, in a bid to Bankers and fund managers are show that Greece is serious about tak- later. He survived a vote of no confi- last. An increasing groundswell in Moscow has said it is willing to talk “beginning to window shop” for roles ing the steps needed to stave off bank- dence on Saturday before the talks Greece, led by sections of the media, bilaterally with affected countries but at rival companies, the report said. The ruptcy. that led to his resignation. is calling on the coalition to abandon has been very careful in pledging result excludes any impact from the The latest €8bn tranche of its Former vice-president of the the euro altogether and return to the cash to the Eurozone as a whole. impending bankruptcy of MF Global. bailout package was due this month European Central Bank Loukas drachma. Even France and Germany, Russia has so far pledged $10bn Although Morgan McKinley found a but the EU and IMF said it would not Papademos, former minister Petros the Eurozone’s biggest cheerleaders, (£6.24bn) to be used by the IMF – a very slight (0.4 per cent) rise in vacan- receive it until they were convinced Molyviatos and finance minister have acknowledged that a Greek exit fraction of the €1 trillion that cies last month compared to Greece could stick to its austerity pro- Evangelos Venizelos are seen as front from the single currency is no longer Europe’s leaders have earmarked for September, both surveys showed a gramme. runners for the leadership. inconceivable. the European Financial Stability huge fall in available jobs compared to The Greek government was in tur- After the bailout deal is decided an Meanwhile IMF head Christine Facility (EFSF). the same time last year. moil last week after Papandreou pro- election will be held, although no Lagarde arrived in Russia last night in Lagarde will then fly on to China In October 2010 nearly 5,000 new posed a referendum on the bailout, time-frame has been given on how a bid to persuade Moscow to chip in and Japan for further talks on the cri- jobs were recorded by Morgan only for it to be withdrawn hours long the interim government could to the Eurozone bailout fund. sis. ALLISTER HEATH: P2 McKinley, down to 3,859 last month.

t t t Certified Distribution FTSE 100 5,527.16 -18.48 DOW 11,983.24 -61.23 NASDAQ 2,686.15 -11.82 £/$ 1.60 unc £/¤ 1.16 unc ¤/$ 1.38 unc 29/08/11 till 02/10/11 is 98,447 2 News CITYA.M. 7 NOVEMBER 2011 Time to think about euro’s break-up NEWS | IN BRIEF Theresa May faces border row Home secretary Theresa May will today give an emergency statement on the UK the Eurozone will be happier to waive finances. The rising yields on Greek contemplate. There was no Plan B. Border Agency, following claims it had its chequebook. There will be smiles debt are partly due to the markets The City was wrong to endorse and secretly relaxed checks on passport con- all around and even claims that the assigning an increasing probability of campaign for the launch of the euro trol. Brodie Clark, head of the border euro and Greece’s membership have a euro exit caused by the fallout from in the late 1990s. In doing so it aligned force has been suspended over the alle- been saved; hopes will be expressed this longer-term, slow burning com- itself with the Foreign Office and gations. Investigations are also being that Italy’s ridiculous Silvio Berlusconi petitiveness and demographic crisis. much of the UK establishment. This held into whether port operators, includ- will be the next leader to be thrown So what would happen were the was partly because many firms gen- ing BAA which runs most of the UK’s out. It is all so pathetically predictable. Eurozone to break up? The Ernst & uinely believed the euro would boost major airports, were involved in the EDITOR’S LETTER Yet even if Greece’s new coalition Young Item Club thinks it will be very growth – and partly out of self-inter- decision because they wanted to avoid actually materialises and doesn’t col- painful; the CEBR is more relaxed. est. One economist once told me how queues. ALLISTER HEATH lapse immediately, and even if it There are 15-20 per cent more euros he was sacked from a big institution pledges to implement all the agreed than dollars in global circulation, for being sceptical. European govern- France speeds up older retirement IT is finally all over for George measures, that doesn’t mean that the though when it comes to metrics such ments also bullied banks, warning A new wave of 2012 budget saving Papandreou, the Greek prime minis- deficit will shrink as planned. And as global reserves and use as a unit of that they would only deal with sup- measures designed to help France meet ter. Barring yet another u-turn, he will even if it does, that won’t be enough account (for trade invoicing and com- portive institutions. its deficit reduction targets will include step down and a so-called national to save Greece: the original deal was modities) the greenback remains But having got it wrong last time speeding up its higher retirement age. unity government will be created with flawed, with the Athens government dominant. But the euro has major sig- around, the City should now help Last week, France lowered its growth the help of opposition leader Antonis still set to be saddled with debts of 120 nificance for firms, transactions, cen- devise solutions for an orderly break- projections for next year to one per cent Samaras. It’s not as if the two men are per cent of GDP by 2020. tral banks, pension funds, insurance up. There is an incentive for smaller from 1.7 per cent – raising the need for strangers: astonishingly, they were Italy’s woes are different. The coun- companies and governments. players too: Lord Wolfson, Next’s further belt-tightening measures by the roommates at Amherst College in the try is richer; even though it is facing a Yet nobody has worked out a prop- enlightened boss, has kindly put up a centre-right government of President US in the 1970s. If you thought liquidity crisis, it is not insolvent. Its er, orderly break-up plan – just as £250,000 prize for whoever comes up Nicolas Sarkozy. That saving plan, to be Britain’s political elite is insufficiently problem is longer-term, one of com- nobody bothered to work out how with the best solution for how to announced today, will include accelerat- diverse, wait until you meet Greece’s. petitiveness: Italy’s GDP growth has large universal banks could be dis- organise an orderly break-up. ing the transition to the retirement age Now that democracy has been sus- been negligible for years. Eventually, mantled if they failed. Foolishly, it was Thinking caps on, please. of 62 from 60 in either 2016 or 2017, pended – it no longer matters which that will trigger either a painful read- assumed that the euro’s demise was [email protected] instead of 2018, Les Echos newspaper party won or lost the last election – justment or a crisis in the public either impossible or too grim to even Follow me on Twitter: @allisterheath reported on its website yesterday.

4th Floor, 33 Queen Street, London, EC4R 1BR Tel: 020 3201 8900 Fax: 020 7283 5334 BP’s £4bn Pan Am deal fails Email: [email protected] www.cityam.com

Editorial ▲ OIL & GAS spill. Editor Allister Heath BY KASMIRA JEFFORD Suggestions that the deal was on the Deputy Editor David Hellier brink of collapse have been circulating News Editor David Crow BP’S long-awaited deal to sell a majori- for weeks as the parties neared the 1 Acting Night Editor Marion Dakers ty stake in Argentina’s second-largest November deadline when the transac- Business Features Editor Marc Sidwell oil producer Pan American Energy for tion was due to be completed. Lifestyle Editor Zoe Strimpel $7bn (£4bn) collapsed in acrimony yes- Bob Dudley initially said at the Sports Editor Frank Dalleres terday after the buyer walked away. group’s third quarter results last Art Director Jo Simpson Bridas, the oil and gas firm owned month that it was waiting on regulato- Pictures Alice Hepple by Cnooc of China and Argentina’s ry approval and “fully expected the 1 Bulgheroni family, said BP was to November deadline to be extended”. Commercial blame for the collapse of the deal The failure of the sale will put pres- Sales Director Jeremy Slattery because it had failed to resolve various sure on Dudley, who last month Commercial Director Harry Owen legal issues. announced plans to increase the size Head of Distribution Nick Owen BP confirmed yesterday that it had of its disposal programme to a total of received “a notice of termination”, $45bn (£28bn). The group has so far BP, led by boss Bob Dudley said it will now look at all of it options for PAE Picture: REUTERS Distribution helpline adding that the closing of the transac- raised about $26bn in asset sales. If you have any comments about the distribution ANALYSIS l BP PLC of City A.M. Please ring 0207 015 1230, or email tion had been delayed because it had The group also said it aimed to dou- ceeds that would have been received [email protected] not secured certain regulatory ble cashflow by 2014, restart a pro- from the PAE transaction 470 p approvals. gramme of share buybacks and from The cancellation of the deal means 452.55 465 4 Nov “Under the terms of the agreement, next year begin to pay investors higher BP will now have to repay Bridas’ Editorial Statement 460 This newspaper adheres to the system of Bridas Corporation had exclusive dividends. $3.53bn deposit received for the PAE self-regulation overseen by the Press Complaints responsibility for obtaining these Nevertheless Dudley insisted at the stake at the end of 2010, which will 455 Commission. The PCC takes complaints about the approvals,” BP added in a statement. time that Pan American deal was not not impact its level of gearing. 450 editorial content of publications under the Editor’s Code of Practice, a copy of which can be found at The oil major first struck a deal to as important to the firm’s cashflow BP said it “will now be considering 445 www.pcc.org.uk sell 60 per cent of Pan American in today as it was a year ago, when oil all its strategic options regarding 440 Printed by Newsfax International, November last year, in a move prices were low. PAE,” while Bridas said it would be Beam Reach 5 Business Park, designed to help raise funds to pay for BP said yesterday it does not plan to willing to continue negotiations Marsh Way, Rainham, Essex, RM13 8RS the cleanup of its Gulf of Mexico oil divest additional assets to offset pro- despite the deal’s termination. 31 Oct 1 Nov 2 Nov 3 Nov 4 Nov WHAT THE OTHER PAPERS SAY THIS MORNING

assets under management, due in large part to the Eurozone crisis, has hired Yifei Li, one of China’s leading GREEK BANKS ISSUE €6.4BN IN BONDS businesswomen, as its “China chair” FIGHT LOOMS FOR SLICE OF THE CLEAN BRITISH BANKS FACING CLAIMS RISK CITIGROUP TRIES TO CALM A Three of Greece’s biggest banks have to oversee the push. COAL PIE IN SAUDI FRAUD CASE JAPANESE WATCHDOG issued €6.4bn of government-guaran- A £1bn government fund to subsidise HSBC and Standard Chartered could Citigroup is moving to try to quell teed bonds likely to be used as securi- SHOPS OFFERED £1 RENTS ON HARD-UP Britain’s first clean coal power plant be dragged into a multi-billion dollar anger among regulators in Japan who ty to obtain financing from central STREETS is likely to be carved up between dispute between warring Saudi fac- are growing increasingly impatient at banks, a move that points to worsen- Pound shops, selling cheap house- developers after ScottishPower with- tions after the banks were forced to what they see as the bank’s inability ing market conditions amid talk of a hold goods and plastic toys, have drew from the project. The energy hand over thousands of potentially to fix regulatory problems that have disorderly Greek default. Alpha Bank, become a familiar sight on high group said that the subsidy offered by incriminating documents. A court in led to three scandals in seven years. EFG and Piraeus on Friday issued the streets as the downturn has bitten. the Government was not enough. New York ordered the two British The New York company has hired a floating-rate notes, which analysts say But the term takes on another mean- Even so, under plans outlined to The banks together with Citi and Bank of recruiting firm to find a slate of new will probably be used as part of a new ing with reports of knock-down rents Times by the Energy Minister Charles America to disclose confidential senior executives for Citigroup’s oper- €30bn liquidity facility created for of just £1-a-year on hard-to-let shops. Hendry, developers will have to fight client documents, over-ruling plead- ations in Japan, possibly including its cash-strapped Greek banks earlier to share the same pot of money and ings that the evidence could be used top executive, according to people this year. ANGER OVER GOLDMAN INTEREST ON so make do with less than half the against them. The documents relate familiar with the situation. TAX BILL original up-front sum. to bank accounts held by Maan Al- MAN GROUP IN CHINA PUSH The row over a tax deal struck Sanea, the Saudi billionaire. YEN LIKELY TO DENT TOYOTA RESULTS Man Group, the world’s second between Revenue & Customs and ROYAL MAIL TO SPEND ‘EXTRA £15M’ Toyota is set to report lacklustre largest hedge fund manager, is posi- Goldman Sachs took a fresh twist GETTING CHRISTMAS SORTED GLAXOSMITHKLINE SCIENTIST FACE results for the July-September quarter tioning itself for an expansion into after the FT confirmed suspicions The Royal Mail is to plough an extra THEIR OWN DRAGONS DEN tomorrow, battered by the yen’s surge mainland China as part of a drive that the UK tax authority had not £15m into its Christmas operation to GlaxoSmithKline is set to decide to record highs against the dollar and beyond its base in Europe and the pursued the investment bank for pay- ensure that it delivers Britain’s two which of its scientists receive money lost production in the aftermath of a Middle East. The FTSE 100 listed ment of £10m in interest relating to a billion items of seasonal post on time. to support research projects by hold- massive March earthquake. Analysts group, which has suffered over the long-running legal dispute over The postal service will invest the addi- ing a “Dragon’s Den”-style review to are keen to see if that prompts Toyota past quarter from a painful fall in bonuses. tional funds in nine “packet hubs”. find the most promising assets. to reduce its earnings forecast. CITYA.M. 7 NOVEMBER 2011 Focus | Euro crisis 3 UK may give £40bn to IMF ▲ POLITICS tions without fear of being defeated ing without a vote in Parliament.” BY DAVID CROW in the Commons by an alliance of Labour, which has said IMF Eurosceptic Tory backbenchers and resources should not be used to bail BRITAIN could hand a staggering Labour MPs. out countries that have structural £40bn of taxpayers’ cash to the IMF Alexander said: “We have two sorts problems, hit out at Alexander. without getting backing from of money that we give to the IMF. Chris Leslie, Labour’s shadow Parliament, Danny Alexander, the There’s a £20bn ceiling for each, so Treasury minister, said: “Extra chief secretary to the Treasury, there’s a maximum of £40bn that we resources for the IMF must be subject revealed yesterday. can make available to the IMF. to the normal parliamentary scruti- That means the coalition would be “Currently only about £5bn of that ny, in order to ensure we safeguard able to help bail out countries such as is actually in use, so we have the the best interests of British taxpay- Danny Alexander said the coalition did not need parliamentary approval Pic: REUTERS Greece by increasing its IMF contribu- capacity to go up to that £40bn ceil- ers.” ECB could Euro split stop buying may cost less Italy’s bonds than feared ▲ EUROZONE ▲ EUROZONE CRISIS BY HARRY BANKS BY STEVE DINNEEN THE European Central Bank (ECB) has THE cost of a break-up of the discussed the possibility of ending the Eurozone could cost the UK far less purchase of Italian government bonds than has been feared, according to if it concludes Italy is not adopting new research by the Centre for promised reforms, ECB governing Economics and Business Research council member Yves Mersch has said. (CEBR). “If we observe that our interventions It estimates that an immediate exit are undermined by a lack of efforts by THERE ARE STORIES THAT DESERVE TO BE CAPTURED FOREVER. by Greece would cause the Eurozone national governments then we have to economy as a whole to contract by an pose ourselves the problem of the additional two per cent, taking it to a incentive effect,” Mersch said, accord- two per cent contraction next year. ing to extracts of an interview with The CEBR estimates this would lead Italian daily La Stampa published over to a hit on UK exports of around 1.5 the weekend. Asked if this meant the per cent, reducing total UK GDP by ECB would stop buying Italy’s bonds if half a per cent. If this were to happen it did not adopt reforms it has prom- in the short-term it would cause the ised to the EU, Mersch, who heads UK’s growth to grind to a standstill Luxembourg’s central bank, replied: and a downturn in business invest- “If the ECB board reaches the conclu- ment would push the UK back into sion that the conditions that led it to recession. take a decision no longer exist, it is The UK has relatively little expo- free to change that decision at any sure to Greek sovereign debt, at just moment. We discuss this all the time.” £2.1bn, compared to Germany’s Since the ECB resumed its bond buy- £14.1bn, although it holds significant- ing programme around three months ly more Italian and Portuguese debt. ago it has purchased some €100bn However, the CEBR says the initial (£86bn) of government bonds. pain could give way to greater stabili- ty in the medium and long-term. It says preserving the Eurozone will lead to ten years of austerity whereas the UK would be on at least a level playing field after five years in the Whether it’s a transatlantic crossing on a sailboat with friends, or the birth of a child, there are precious, life-changing moments that deserve to be recorded event of a break-up. forever. What will yours be? Let our engraving, enamelling and gemsetting artists A spokesman said: “Our central immortalise your legend. A Reverso just for you. GRANDE REVERSO ULTRA THIN. Jaeger-LeCoultre Calibre 822. Patent 111/398. expectation is that the Eurozone will not break up in the immediate future YOU DESERVE A REAL WATCH. because, having seen some of the potential consequences, Greeks and others will not dare to be tarred with London Boutique the responsibility of causing what, in the short term, will be considerable 1A Old Bond Street economic pain.” W1S 4PA Mayfair, London However, he added: “It seems (0)20 7491 6970 unlikely it will survive very long www.jaeger-lecoultre.com because of the political unpopularity Italian Prime Minister Silvio Berlusconi has of taking austerity measures seeming- said Italy will adopt key reforms by the end ly to please foreign leaders and rescue of the month. Picture: REUTERS foreign bankers.” TUI renegotiates contracts in drachma SNB ready to weaken franc ▲ EUROZONE tect it from a switch back to the The president of the Greek ▲ EUROZONE quoted as saying by Swiss Sunday drachma, whose value would likely Tourism Association said hoteliers newspaper NZZ am Sonntag. BY ELIZABETH FOURNIER drop sharply if it replaced the sin- should not feel pressured into sign- THE Swiss National Bank is ready to “If that was not the case, it could GERMAN travel operator TUI Travel gle currency. ing new contracts, which would take further measures to weaken the lead to deflationary trends and weigh has already written to Greek hotel A spokesman for TUI said the allow TUI to pay them in “the new Swiss franc if the economic outlook strongly on the economy. If the eco- proprietors, asking them to prospect of Greece returning to the currency” as well as ensuring ongo- and deflationary development make it nomic outlook and the deflationary explain how they would plan to drachma was “more than theoreti- ing payments are received. necessary, its chairman said yesterday development make it necessary, we are honour payment obligations if cal”. In its most recent quarterly in a newspaper interview. ready to take further measures.” Greece were to leave the Euro. The tour operator also said it was results at the end of August, TUI “The franc is still highly valued ver- SNB board member Jean-Pierre TUI confirmed reports in putting the interests of holiday- Travel said the volume of its cus- sus the euro at the current exchange Danthine also insisted on the bank’s German newspaper Das Bild that it makers first in protecting itself tomers visiting Greece was up 11 rate. We expect it to weaken further readiness to take action in a speech was renegotiating contracts to pro- against currency fluctuations. per cent. over time,” Philipp Hildebrand was earlier last week. 4 News CITYA.M. 7 NOVEMBER 2011 Exchanges cut Carphone will margins to stop sell its stake MF Global calls ▲ FINANCIAL SERVICES TWO major US futures exchanges have cut the initial margin that speculators in US venture must hold against futures trades, to avoid market instability as traders scramble to cover positions transferred out of the bankrupt broker MF Global. ▲ TELECOMS spell a bumper pay-day for CPW Exchange owner CME Group said it BY STEVE DINNEEN investors, with the funds likely to be would set its initial margin upcharge returned as a special dividend. Carphone founder Charles Dunstone is thought to have agreed a US sale at zero, lowering the risk of wide- CARPHONE Warehouse (CPW) is set to Best Buy will maintain its stake in spread margin calls after a US bank- announce a major overhaul of its tie- CPW’s UK high street business and it TIME LINE | CARPHONE’S BEST BUY TIE-UP ruptcy court ruled that as customer up with Best Buy, including shutter- is understood the two may explore positions were moved out of MF ing a string of UK stores and selling rolling out the successful mobile Global, 40 per cent of their margin its stake in its US joint venture for retailer formula into fast growing May 2008 February 2011 would remain at the clearing house. almost $1bn (£620m). markets including China and India. Best Buy and Carphone Warehouse Best Buy chief executive Scott Wheway If margin requirements were main- The British firm will finally pull CPW may bring its results forward announce a joint venture, Best Buy Europe, announces he is stepping down from his tained, many customers would have the plug on 11 super-sized “Big Box” from tomorrow to this morning to tasked with rolling out Best Buy stores position. been forced to post large deposits to electrical retailers when it posts its coincide with the announcement. It throughout Europe. cover the shortfall, sparking fears that first half results. It is not yet known if is expected to post a further loss on June 2011 a domino effect would roll through any outlets will be bought by rivals. the Big Box venture of around £35m. November 2008 The company announces a freeze on the the markets as traders were forced into The loss-making stores – once seen SEE RETAIL NEWS P16 AND 17 Amid the turmoil of the financial crisis after opening of new stores after reporting a loss liquidating positions. as the lynch-pin of Best Buy’s IntercontinentalExchange also said ANALYSIS l Carphone Warehouse Group PLC Lehman Brothers collapses, Best Buy issues of £62m for the year on the six stores so far European expansion – have been a profits warning. opened. it was lowering its initial margin rate, under review since the summer, with p 345.00 matching it to the maintenance rate 355 consumer demand for expensive elec- 4 Nov March 2009 November 2011 common across its contracts. tricals at rock bottom. Best Buy had 350 The company says it will delay opening its Carphone Warehouse is expected to ICE said the action was being taken originally hoped to roll out up to 200 345 first UK stores to early 2010, having original- announce the closure of the 11 Big Box to “mute the impact of the transfer of of the stores across Europe by 2013. accounts from MF Global Inc. to other 340 ly planned to launch in the summer of 2009. stores as the economic turmoil continues to But the decision to sell its stake in hit the consumer electronics market. It is clearing members”. CME Group said: the blisteringly successful US mobile 335 “the intent and effect of these changes also set to sell its stake in its US joint venture phone business has come out of the April 2010 is to decrease the size of any margin 330 mobile retailer business, which has proved a blue. If the deal – which was first The first Best Buy ‘Big Box’ store in the UK calls resulting from the bulk transfer reported by Sky News’ Mark finally opens at the West Thurrock Retail blistering success since its launch. Cash from of MF Global customers to new clear- 31 Oct 1 Nov 2 Nov 3 Nov 4 Nov Kleinman – goes through, it could Park in Essex. the deal is likely to be returned to investors. ing members”. …for 3 January 2012? The Low Emission Zone covers most of Greater London and operates 24 hours a day, every day of the year. Larger vans and other specialist vehicles (between 1.205 tonnes unladen and 3.5 tonnes gross vehicle weight) over 10 years old as of 1 Jan 2012 may not meet the required LEZ standard of Euro 3 for particulate matter and will have to pay a £100 daily charge to drive within the zone. To avoid paying the daily charge there are a number of options, some of which can take up to three months to complete, so act now. Visit tfl .gov.uk/lezlondon 6 Focus | G20 in Cannes CITYA.M. 7 NOVEMBER 2011 World leaders kick the Cannes down the road

start by telling you the heavens were promises and fine words. managed to take the headlines at this It would be too mean to say that fully open from start to finish. Cannes Unsubstantiated commitments to meeting away from that pesky upstart some progress wasn’t made on all was wetter than Borrowdale. growth and jobs and to rebalancing Greece. That takes some doing and I fronts. Madame Lagarde will get more If the markets were looking for economies. The leaders all grinned wish you well in your umpteenth con- firepower for her IMF at some stage something from the official agenda to their way through the post-match fidence vote this coming week. and that is a good thing. Elsewhere, scare them then they may have pressers. To those who accuse our British systemically important banks will get focused on French ambitions regard- The falsest smile was on the face of leaders of being peripheral figures in more scrutiny, again surely few would ing transaction taxes, capital controls Silvio Berlusconi though, because slap Cannes, I ask only one question: “Are disagree with that. CNBC COMMENT and foreign exchange reform. If the bang in the first few paragraphs of the you seriously saying you wanted them So as we look forward to another same markets were looking for some- Communique was a statement putting near the centre of this non-event?” If I week of debt crises in Europe, STEVE SEDGWICK thing to cheer them up then they Italy on the naughty step. Yes, Italy was were Messrs Cameron and Osborne I’d Monsieur Sarkozy has handed the might have sought some firm commit- basically told “we don’t trust you to be chuffed to bits. Think about it – no baton of G20 presidency over to IPLOMATS are useful only in fair ments on debt and more specifically come up with what you’ve promised” . British money promised for the EFSF, Mexico. What mark would we give the weather. As soon as it rains they debt reduction. You will now show your books to the no transaction tax looming and no French performance this past year? drown in every drop”. So said The truth is, those looking for firm IMF and European Commission to focus on our own shaky economic per- Why, in the best traditions of the DFrance’s most famous post-war action in the final G20 Communique prove you are delivering on your prom- formance. Turn up, smile, talk the Eurovision Song Contest it has to be leader Charles de Gaulle. So in my would have had a hard time finding ises. talk, smile again and get home as “Nil Points”. analysis of the G20 in Cannes, let me much to get their teeth into. Lots of So well done Berlusconi, you alone quickly as possible. Steve Sedgwick is an anchor at CNBC Italian job a rare piece of G20 progress

Politicians like deadlines, especially the whooshing sound they make as they fly by. Aside from a nudge at Italy, Cannes was a waste of time, says Julian Harris

POLITICIANS adore pomp and cere- rot in time for the week’s Cannes mony, yet last week’s sight of grin- summit,” reminded Andrew ning world leaders lining up for their Kenningham of Capital Economics in grand group photograph in Cannes a note. “They failed to meet this dead- seemed somewhat inappropriate. line in spectacular fashion.” While the glamorous French sea- Any hopes that the wider world side town may be used to film stars would come to the rescue – including coveting the limelight, on this occa- parts that actually have decent eco- sion one may have expected a little nomic growth – were dashed, with no more humility and even embarrass- commitments made. Instead, we ment from the protagonists of the were left with sadly predictable diplo- Eurozone saga. matic spin: “We stand ready to ensure Credulous investors piled back into additional resources could be risk assets when Eurozone leaders mobilised in a timely manner,” the finally announced some parts of a res- G20 assured. cue package at the end of last month, A classic schoolboy trick followed – having pushed back their deadline to a solemn pledge to meet (yet another) 4am. deadline, as finance ministers were However, the failure of the G20 to urged to work on “a range of various achieve anything of substance – com- options” in time for the group’s bined with ongoing political farce in February meeting. Greece – has come as a timely There was some solid progress, reminder that the metaphorical can however, with the Italian representa- continues to be kicked down the tives agreeing to a “Staff Monitored road. With Italy’s economy looking in Programme” from the IMF – essential- a more perilous state every day, a con- ly allowing external evaluation of the vincing solution to the debt crisis country’s efforts to get its finances remains elusive. under control, even without the sup- “At the G20 finance ministers’ posed benefit of a bulked up IMF meeting on 15 October, the Eurozone loan. The additional pressure, ana- governments were tasked with com- lysts hope, may finally see reforms ing up with a credible plan to stop the being passed in Rome.

FAST FACTS | WHAT COULD THE G20 DO TO HELP? ● European leaders hoped that governments ● A proposal for the IMF to issue Special from emerging economies might contribute to a Drawing Rights (SDRs) was reportedly knocked new special investment vehicle (SPIV) through back by German chancellor Angela Merkel. If which Eurozone authorities could ease pressure agreed to, the SDRs could be used by one mem- in the bond markets of troubled member states. ber state to lend to others, as well as increase However, while such a deal remains on the the reserves of a country, thereby providing table, no agreement was reached. more financial stability. ● Finance ministers have been tasked with ● Yet shadow chancellor Ed Balls hit out at the looking at more conventional methods – “includ- promotion of the IMF as a solution: “The IMF’s ing bilateral contributions to the IMF, SDRs, and job is not de facto to become the central bank of voluntary contributions to an IMF special struc- Europe”, he said. “The IMF resources should not ture such as an administered account.” bail out Spain and Italy, that’s the ECB’s job.”

8 News CITYA.M. 7 NOVEMBER 2011 Japanese exchanges set for merger by autumn next year

▲ MARKETS as early as next spring through a pub- strengths, with the Tokyo bourse con- lic tender offer, the Nikkei said. trolling more than 90 per cent of BY HARRY BANKS The two would then merge opera- cash-equity trading volume in Japan TOKYO Stock Exchange (TSE) and tions and the OSE would remain list- and the Osaka exchange the top play- Osaka Securities Exchange (OSE) are ed as the surviving entity. er in Nikkei index futures and other in the final stages of talks to merge, Merger talks between the derivatives. with the aim of combining forces in exchanges began in March with the The head of the Tokyo exchange, the autumn of 2012. aim of better competing amid weak Atsushi Saito, who originally said he Under one likely scenario being dis- stock market conditions in Japan and wanted to list it before a merger, said cussed, the unlisted Tokyo bourse a wave of mergers and alliances last month that avoiding an initial would first take a majority stake in among global exchanges. public offering might speed up the the smaller but listed Osaka exchange The two have complementary process.

Lloyds chief António Horta-Osório is on leave due to extreme exhaustion Picture: REX All eyes on Lloyds’ bulky balance sheet

▲ BANKING Markets are also sceptical about its net interest margin target, which BY JULIET SAMUEL remains at 2.15-2.3 per cent despite a LLOYDS is expected to announce that rise in funding costs recently. The it lost over £2bn to bad loans in a close- bank is thought to be mulling new ly watched quarterly results presenta- guidance on the target tomorrow. tion tomorrow, with investors keen to Lloyds is also understood to have judge how it will manage its credit risk begun contingency planning in case without the leadership of António Horta-Osório does not return from Horta-Osório, who departed on sick leave in eight weeks. The bank had leave last week. some rare good news on Friday, howev- Horta-Osório had accelerated the er, when the Co-operative Group con- shrinkage of the group’s balance sheet firmed it will bid on the 632 branches in a drastic attempt to scale down its Lloyds is selling. reliance on wholesale funding, but analysts expect the process to have ANALYSIS l Lloyds Banking Group PLC slowed recently due to tough sale con- p ditions in Europe. 38 A note by Société Générale analysts predicts that the speed with which it is 36 selling non-core assets will have halved 34 28.57 from offloading £8bn in the second 4 Nov quarter to £4bn in the third. 32 “Faster run-off would be positive for 30 the shares given that these assets are responsible for the majority of Lloyds’ credit risk,” they wrote. 31 Oct 1 Nov 2 Nov 3 Nov 4 Nov Successor’s challenge will be to keep up the speed of non-core shrinkage HEN Lloyds chief António in the second half of this year. Horta-Osório retreated on Horta-Osório promised to bring its to eight weeks’ sick leave LTD funding ratio down to 130 per Wlast week (perhaps never to cent, but given that Europe is awash return), analysts were quick to point with non-core assets being flogged the finger at the bank’s 144 per cent by desperate lenders, the question is loan-to-deposit (LTD) ratio as the like- whether his successor (temporary or liest source of stress. otherwise) can keep up the same With European interbank mar- momentum. kets largely closed for anything but covered bonds, some suspect the bank has had trouble placing the BOTTOMLINE £15bn in debt it had planned to issue Analysis by Juliet Samuel You wanted tighter commodity spreads So here they are

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Apple, the Apple logo, iPhone and iPad are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc. 10 Politics CITYA.M. 7 NOVEMBER 2011 Willetts: Over-borrowing in the boom years was immoral ▲ POLITICS ing”. the services and goods we could sell BY DAVID CROW He said: “We were living beyond abroad.” our means on borrowed money. Willetts said he hoped the elec- INDIVIDUALS and politicians made a Government was borrowing the torate would understand the govern- “moral mistake” by borrowing too money, individuals were borrowing ment was attempting to rebalance much during the boom years, David the money and that was not just an the economy to put it “back in touch Willetts, the universities minister, economic mistake, it was a moral with people’s mainstream values”. said yesterday. mistake as well.” Last month, David Cameron pro- Willetts told Sky News the “values He added: “There was too much voked the ire of retailers, after an of our economy” had “gone wrong” trading and not enough manufactur- early draft of his conference speech under Labour, because there “was too ing. There was too much importing of called on families to repay their cred- much borrowing and not enough sav- goods and not enough focusing on it and store card bills. David Willetts said individuals were living beyond their means Picture: REUTERS Protests must be heard, says Labour party

▲ POLITICS is a system of irresponsible, predatory BY DAVID CROW capitalism based on the short-term, rather than productive, responsible THE protesters campaigning outside behaviour which benefits business St Paul’s cathedral reflect the con- and most people in the long term.” cerns of millions of people and it Miliband cited soaring energy bills would be “reckless” to ignore or dis- and a survey showing a 49 per cent miss them, Labour leader Ed Miliband increase in the pay of FTSE 100 execu- said yesterday. tives as two examples of what he The comments, which were made called a “fast buck” society. in a Sunday newspaper article, consti- Yesterday, Labour’s shadow foreign tute the strongest signal of support secretary Douglas Alexander for the protesters from a mainstream defended the party’s position politician since they erected their on the St Paul’s camp and camp outside St said the protesters were Paul’s on 15 October. speaking “to a much deeper “They reflect a crisis unease in society about the of concern for millions rules by which society is of people about the being run”. biggest issue of our time: David Cameron, the gap between their the Prime Minister, values and the way our has been more cau- country is run,” tious in his Miliband wrote in the response to the Observer. protests, saying the “The warning lights on the freedom to demon- dashboard are flashing. And strate should not only the most reckless will allow someone to ignore or, still worse, dismiss pitch a tent any- the danger signals.” where in London. He added: “The problem THE FORUM: P29 David Cameron to preach moral markets and responsible business

▲ POLITICS Cameron will draw attention to coalition policies designed to help DAVID Cameron is planning to preach small firms but not large ones – such the importance of “moral markets” as a moratorium on new regulation due to fears that Labour’s attacks on for businesses with ten or fewer MPs. big business are playing well with vot- He will also point out he has taken ers. a high profile role in efforts to boost Although the Prime Minister will the number of women in board- pour scorn on what he sees as Ed rooms, a project that was started by Miliband’s crude distinction between Lord Mervyn Davies while he was a “good” and “bad” companies, he will minister in the previous Labour gov- maintain the Tories are committed to ernment. the so-called “good business” agenda. Cameron’s decision to fight Labour The phrase “moral markets” was on the “good business” agenda means almost made famous by David all major political parties – along with Miliband, who planned to coin the the Church of England – are now tak- term in a speech to the Labour party if ing a moralising approach to capital- he won the leadership election. ism. CITYA.M. 7 NOVEMBER 2011 News 11 City expects more St Paul’s-style activism over the next few years

▲ POLITICS cent who said th ey expected less. Meanwhile, the Church’s handling BY DAVID CROW Almost three quarters of panel- of th e protests came in for short lists (72 per cent), who have been shrift from our panel, with a Should the protesters be forced to move? Do you expect more or less protests of PROTESTS like th e one outside St recruited to represent a cross-sec- majority (62 per cent) saying this kind in the City? Paul’s cath edral will become a regular tion of people working in business th ey were unfavourable to its 3 feature of life in th e Square Mile, and finance in London, said the reaction. 12 1 according to the City A.M. / curr ent protesters should be Panellists described th e 7 2 PoliticsHome.com Voice of th e City forced to move th eir camp, com- church’s response as “dithering”, Panel. pared to 21 per cent who said “confused”, “foolish”, “naive” 5 5 Eighty-two per cent of panellists th ey should not. and “impotent”. 21 46 said th ey expected more protests of A similar amount (76 per City A.M. and Po liticsHome this kind to take place over the next cent) said th e protesters’ inte rviewed 482 panellist s % % few years, compared to just four per aims were unclear. by email last week 72 36

Yes No Don’t know A lot more Slightly more No change Slightly fewer A lot fewer Don’t know

In partnership with PoliticsHome.com In association with PoliticsHome.com Apply to join today at www.cityam.com/panel 12 News CITYA.M. 7 NOVEMBER 2011 Paddy Power exec to take Betfair reins

▲ LEISURE College Dublin and Insead, has been at operating officer and became a mem- share price has slumped from 1,300p on BY HARRIET DENNYS Paddy Power for over a decade. ber of the firm’s risk committee in listing last October to 769.6p at the He joined the company in April 2001 August 2010. close of Friday. BRIAN Corcoran, the chief operating and was tasked with developing the He is responsible for the group’s Shareholders have also witnessed the officer at Paddy Power, is poised to take company’s non-retail business. online businesses and its technology departure of Robin Osmond, the head the reins at online betting exchange Previously he worked at JP Morgan and and HR functions, as well as its of Betfair’s LMAX betting exchange, Paddy Power. Bankers Trust, as well as with a number Australian operations. while chairman Ed Wray has also Corcoran replaces David Yu following of start-ups. At 39, his annual remuneration at expressed his desire to step down. a five-month search that also consid- He was appointed to the board of Paddy Power, including share options But Corcoran was a favourite for the ered internal candidates including Paddy Power on 31 August 2004, rising and bonus, is estimated at about Betfair chief executive role, and with chief financial officer Stephen Morana through the ranks from commercial €785,000 (£675,458). form helping turn Paddy Power into and independent non-executive direc- director to managing director of non- There will be hurdles ahead when one of Britain’s fastest-growing tor Ian Dyson. retail and development. Corcoran relocates to London to take up betting brands, the odds Corcoran, a graduate of Trinity Corcoran secured the role of chief the challenge at Betfair, where the could be in his favour. 3i expected to announce dividend rise

▲ PRIVATE EQUITY “The shares are trading at quite a BY KASMIRA JEFFORD discount to the net asset value just now and we think a buy-back would BRITAIN’S oldest private equity firm be better value than a dividend 3i is this week expected to announce increase,” one investor told City A.M. plans to double its dividend in an Laxey Partners, an activist share- attempt to appease investors con- holder with a one per cent stake in cerned over its falling stock price. 3i, has been calling for the firm to sell The firm, which backs companies its 35 per cent holding in 3i infra- including the Early Learning Centre structure, a fund which Laxey says and Hobbs, the fashion retailer, does not fit with the firm’s strategy. announced in September that it “We were suggesting a distribution would reveal changes to the annual in specie of their holding in the infra- dividend at the time of its half year structure fund which would be much results this Thursday. bigger than just receiving a slightly Analysts expect the interim divi- bigger dividend,” said Laxey’s co- dend to substantially increase, with founder co-founder Colin Kingsnorth. some predicting the annual payout 3i declined to comment. could rise to pre-2009 levels of 8p a share compared with 3.6p paid last ANALYSIS l 3i Group PLC year. 215 p Chief executive Michael Queen has come under fire from investors, 210 including Standard Life, Schroders, 195.80 and Scottish Widows, who have been 205 4 Nov increasingly frustrated by the firm’s 200 share price performance. Shares in the FTSE 100 company 195 have fallen 38p over the past year, closing at 195.8p on Friday, giving 3i a market value of £1.9bn. 31 Oct 1 Nov 2 Nov 3 Nov 4 Nov G4S to conduct formal review following failed £5.2bn ISS deal

▲ SUPPORT SERVICES the role played by Deutsche Bank and RBS Hoare Govett in the run-up to the G4S is to conduct a formal review of announcement of the deal, it is the role played by its financial advis- understood. ers in the wake of the firm’s botched The financial advisers last week attempt to buy Danish cleaning came under fire from investors frus- group ISS. trated at the way the transaction was The security services firm aban- handled, as they feel they were given doned the unpopular £5.2bn merger too little time to consider the deal. last week at the eleventh hour after It has been said that the review is shareholders expressed concerns likely to focus in part on the motives about the takeover strategy and size of some institutional shareholders of a rights issue to fund the deal. who showed support following pre- Investors including M&G, Artemis, marketing meetings by offering to and Schroders were all set to vote sub-underwrite the deal, which was SubjectSubject to terms, conditions and availabilitavailability.y. VValidalid fforor travel until 24 Mar ‘12. Book bbyy 21 Nov. Limited availabilitavailabilityy over peakpeak travel periods,periods, holidayholiday against the transaction if last taken as a nod of approval by advi- periodsperiods and sportingsporting events. HandlinHandlingg fefeee per passenpassengerger per one-waone-wayy fl ight:ight: £6 perper credit/debit card transaction maymay apply.apply. SupplementSupplement appliesapplies forfor traveltravel Fri - SuSun.n. Wednesday’s vote had gone ahead. sors. The board of G4S will now look at G4S was unavailable for comment. Are you looking

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SIMON CARTER | TM LEWIN Virgin’s founder Richard Branson says the IAG bid is bad for competition Picture: REUTERS Virgin attacks AIG’s BMI bid

▲ TRANSPORT £300m – would increase BA’s share of Heathrow’s slots from 45 to 53 per cent. BY KASMIRA JEFFORD Meanwhile Virgin, BA’s main rival on VIRGIN Atlantic has lashed out at British long-haul transatlantic routes, only Airways owner International Airline holds three per cent of Heathrow slots. Group’s (IAG) bid to buy the loss-making Ridgeway warned that British BMI from Germany’s Lufthansa, warn- Airways’ hold of Heathrow airport was ing that it still faces competition con- “already too dominant” and that the cerns before it can proceed. purchase of BMI “would be disastrous Virgin responded to IAG’s announce- for consumer choice and competition”. ment on Friday that it had “reached an “With government limiting growth agreement in principle” to buy BMI by at London Heathrow, they cannot afford confirming it had also made a bid for to turn a blind eye to the deterioration HOUSEOFFRASER.CO.UK BMI and was still working with of competition that would result from a Lufthansa on the next stage of the BA purchase of BMI,” Ridgeway said in a process. statement. Chief executive Steve Ridgeway said ANALYSIS l Deutsche Lufthansa AG yesterday that its rival IAG still had “a massive competition mountain to 10.60 € 10.06 climb”, stressing that the deal was far 10.40 4 Nov from sealed. 10.20 BMI would be a significant coup for 10.00 IAG as it holds nine per cent of the covet- 9.80 ed take-off and landing slots at London 9.60 Heathrow, Europe’s busiest airport, 9.40 which is now operating at full capacity 9.20 after plans to build a third runway were scrapped. 31 Oct 1 Nov 2 Nov 3 Nov 4 Nov The deal – believed to be worth

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Martin WWolfolf MerrynMerryn Somerset WWebbebb Jeffrey Currie Russ Mould Steve WardWard Dominic Frisby Julian Mayo Eoin TreacyTreacy CITYA.M. 07 NOVEMBER 2011 News 15 Qantas gives away free tickets as strike apology

▲ CAPITAL MARKETS two years. ward into this period of stability.” The airline said it also intends to The free economy tickets on offer BY THOMAS MCMAHON compensate foreign passengers, and would cost the company up to A$20m THOUSANDS of Qantas passengers will announce how at a later date. (£12.97m), roughly equal to the esti- left stranded during industrial action “Throughout the long period of mated cost of each day of the dispute will be offered free flights as compen- industrial activity we have been last month. sation, the airline announced yester- acutely aware of the impact on our Qantas has promised the offer will day. customers,” chief executive Alan Joyce come on top of refunds, and will The offer so far only applies to resi- said. email eligible passengers this week. dents of Australia, who will be given a “This ticket offer is one of a range All Qantas Flights were grounded free return ticket within Australia of initiatives we will be launching as in the last weekend of October, with and New Zealand, redeemable within a way of saying sorry as we move for- flights resuming on the Monday.

Qantas said it would compensate foreign passengers at a later date Picture: GETTY

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Unlimited texts Standard UK texts 500MB UK mobile internet 1GB Wi-Fi access with BT OpenZone within UK Call 08080 990 000 before 4pm for next day phone delivery Visit vodafone.co.uk/galaxys2 or go to your local Vodafone store MORE NEWS Lines open 7 days a week, 8am-8pm, except bank holidays. Call us free on your landline; standard network charges apply to all calls made from a mobile phone. ONLINE Terms apply. Subject to credit check. www.cityam.com 16 Retail News CITYA.M. 7 NOVEMBER 2011 Shops have a Selfridges to tough start to buck the high fourth quarter ▲ RETAIL THE RETAIL sector began the final quarter of the year with a demoralis- street gloom ing 3.1 per cent drop in annualised like-for-like sales, according to accountancy group BDO. An identical 3.1 per cent fall was ▲ RETAIL The group’s success is also likely also recorded in like-for-like fashion BY HARRY BANKS down to its popularity with high net sales, compared to the same time worth tourists, who are flocking to last year, as shoppers delayed winter SELFRIDGES, the British chain of London to take advantage of the weak purchases partly due to the mild high-end department stores, will this pound and high levels of choice. October weather. week report a surge in profits thanks Despite a worsening consumer out- Slow spending remains under to the resilience of the luxury goods look, which has seen middle-market pressure from “rock bottom” con- market. retailers such as Argos owner Home sumer confidence, BDO said, as well The company, which is owned by Retail group fall upon hard times, the as the “rumbling crisis in the Canadian billionaire Galen Weston, is luxury sector is still booming. Eurozone”. expected to report a 19 per cent jump Last month, LVMH, the world’s Yet non-store sales, which include in profits later this week, after sales largest luxury goods company, posted internet purchases, are up 20.7 per at is stories in London, Birmingham forecast-beating third-quarter sales cent year-on-year, with the report cit- and Manchester increased by 11 per growth and said it was bullish for the ing companies such as Next that cent to £950m in the year to January. rest of 2011. have used the web to offset weak Managing director Anne Pitcher Selfridges also attributed its suc- high street demand. said the company had bucked the cess to its innovative window displays “Despite the unremitting flow of downturn in consumer spending by and customer experience, with bleak news, the non-stores sales mixing cheap brands such as Primark Pritchard saying other retailers might show consumers’ underlying desire with the luxury labels for which it is be faring better if they had more to spend is still there,” said an best known. “entertaining and inspiring” shops. upbeat Don Williams, head of retail In recent weeks, the company has In 2003, the Selfridges chain was and wholesale at BDO. added high-end concessions such as acquired for £598m by Canada’s “Rather than slapping the ‘sale’ Prada, Dior and Tom Ford to its Weston, a retailing expert who is the sign on everything, our best retailers menswear offering while also intro- owner of department store chains continue to plan a series of regular ducing brands that appeal to the such as Holt Renfrew and Brown discounts that will get people over value conscious consumer, such as Thomas as well as major supermarket the threshold without eating into Cheap Monday and Primark. chains in Canada. Selfridges boss Anne Pitcher (inset) has seen profits jump Picture: REUTERS margins too much.”

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TOP TEN FTSE RETAIL STOCKS ON LOAN Company % of shares out on loan Dixons Retail 14.19 Hedge funds betting on Carpetright 13.57 Home Retail Group 12.63 further woe for retailers Ocado 10.09 ▲ Mothercare 9.71 CAPITAL MARKETS Retail to fashion chain Next, retailers of their shares out on loan. BY ALISON LOCK have 3.5 per cent of their shares out But even the most high-profile are on loan on average – twice as much as not immune: M&S has more than Next 6.93 HEDGE funds are betting on further the 1.77 per cent on the entire FTSE four per cent of its shares on loan falls in the share prices of some of all-share index. Dixons, which operates as Currys Kesa Electricals 6.52 Britain’s best-known retailers, accord- “Despite the share price recovery in and PC World, tops the list with 14.19 ing to new data from Data Explorers. October, short sellers remain scepti- per cent of its shares on loan. Its stock Halfords 4.09 Hedge funds and other investors cal about retailers,” said Data has lost 60 per cent of its value in the borrowed large amounts of retailers’ Explorers research director Will Duff past year as sales of electronics and Marks & Spencer 4.07 shares in October, allowing them to Gordon. white goods have slumped. sell the stock when the price declines Mid-market groups battered by Carpetright has 13.57 per cent of its WH Smith 3.71 and pocket the difference. falling consumer spending have fared shares out on loan after five profit in October Source: DataExplorers From electricals seller Dixons worst, with about nine to 14 per cent warnings in a year. Dixons chief John Browett Picture:REX NEWS | IN BRIEF

Julius Baer lifts bid for Sarasin Luminar has queue to buy clubs Swiss private bank Julius Baer has raised Collapsed nightclub operator Luminar its bid for unlisted Rabobank's stake in has received a dozen expressions of inter- Swiss bank Sarasin and is now making est for parts of the group. Oakley Capital, an all cash offer, the SonntagsZeitung Sun European Partners, R Capital, Hugh reported yesterday. Baer had initially Osmond and Luminar founder Stephen offered to pay in cash and Julius Baer Thomas are said to be among those con- shares for the stake in Sarasin, a bank sidering an offer. Last week the firm catering for rich clients. Swiss coopera- closed 11 venues, with the loss of around tive lender Raiffeisen is also interested in 300 jobs. The remaining 65 clubs are still Zero happy acquiring a stake in Sarasin. trading.

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Take a fresh approach to maths: start in the playground. Some children assume they ‘can’t do’ maths. As a teacher, you can find interesting and unusual ways to prove them wrong – like taking a lesson Sir Terry Leahy is an adviser to CD&R Picture: REUTERS out of the classroom and into the playground. For those up to the challenge, you could progress to a salary of £36k* (inner London – £45k) as a classroom teacher. To find out more about teaching, text your e-mail address to 61300.† Leahy outfit teach.gov.uk 0800 389 2500 Turn your talent to teaching. considers bid for Greencore ▲ CONSUMER The Irish company then diverted its BY THOMAS MCMAHON attention to British sandwich maker Uniq, which it agreed to purchase for THE mystery investor considering a bid £113m in July. for Irish food company Greencore is The Office of Fair Trading reported understood to be private equity firm that the tie-up would give the compa- Clayton Dubilier & Rice (CD&R), the ny between 30 and 40 per cent of the new employer of former Tesco chief British sandwich market. executive Sir Terry Leahy. Rumours over the identity of this Greencore confirmed on 25 October month’s bidder had even touched on 2 that an unidentified party had made Sisters, although analysts had also sug- an approach that could lead to an gested a management buyout. offer. Fierce competition in the prepared The company, which makes sand- food sector is seen to be driving consol- wiches for Tesco, is one of the super- idation. market giant’s biggest suppliers. It also makes ready meals for Weight ANALYSIS l Greencore Group 0.78 Watchers, and Bisto gravy. € CD & R, which appointed Sir Terry as 0.74 a senior adviser in February, has expe- 0.76 4 Nov rience in the sector after acquiring ready-meal maker US Foods in 2007. 0.74 Any deal would cap a tumultuous year for the Irish firm. 0.72 Poultry giant 2 Sisters Food Group * Classroom teacher salary range £21k-£36k (inner London £27k-£45k). Progress further to £56k (inner London – £64k) as an Advanced Skills Teacher. †Messages charged at your standard network rate. We will use your data in accordance with our privacy statement scuppered Greencore’s merger with tda.gov.uk/privacy Northern Foods in March, by snapping up the company for £342m. 31 Oct 1 Nov 2 Nov 3 Nov 4 Nov CITYA.M. 7 NOVEMBER 2011 News 19 Police probe City grandees fireworks role in M5 carnage

start battle at ▲ TRANSPORT BY ELIZABETH FOURNIER

POLICE were last night investigat- court tribunal ing whether smoke from a local firework display could have caused the crash on the M5 motorway on Friday night that left seven people ▲ FUND MANAGEMENT any claims of bullying. dead and injured more than 50. BY HARRIET DENNYS Evershed joined New Star in 2002 to Several eyewitnesses have report- manage the Select Opportunities ed seeing fog or black smoke on FORMER friends Patrick Evershed and Fund, which had assets under manage- the stretch of road in Somerset John Duffield will this morning meet ment of £200m at its peak. where the accident happened, and in court to thrash out a bitter employ- He was “initially friends” with police have said a bonfire and fire- ment dispute. Duffield, Evershed told City A.M., but work display held at nearby Evershed claims he was unfairly dis- became concerned that Duffield’s Taunton Rugby Club is a “major missed from New Star after sending a behaviour was “seriously demoralis- line of inquiry”. whistleblowing email alleging that ing” New Star’s fund managers. On 18 The crash, between junction 24 John Duffield, the founder of the firm, September 2008 he made a formal and 25 of the southbound lane of was bullying staff to such an extent complaint via email to New Star’s HR the M5, involved 34 vehicles and that the performance of the compa- department, alleging that Duffield caused a huge fireball as fuel from ny’s funds was suffering. had been “vile to most of the fund the cars and lorries was ignited. Evershed, 70, is seeking £1.5m dam- managers for several years”. The northbound side of the road ages from Henderson Group, which Evershed claims he was asked to was reopened last night along with inherited the case when it bought New leave the building within 15 minutes two of the southbound lanes, with Star in 2009. He is represented by of sending the email by New Star’s only the outside southbound lane Daphne Romney QC of Cloisters, the chief executive Howard Covington. remaining closed. employment specialist who defended Subsequently, Evershed alleges, his All the damaged vehicles have Dennis Wise in his unfair dismissal solicitors received a letter from New now been removed from the scene case against Leicester City FC. Star saying he was suspended from and the death toll is not expected The case hinges on whether work until he had been seen by a psy- to rise, though local hospitals are Evershed was unfairly dismissed, as he chiatrist approved by the company. still treating many of those injured claims, or whether he resigned, as “I am saying that sending that letter in the crash. Duffield maintains. Duffield, 72, now constituted constructive dismissal,” The seven people who died as a a senior partner at Brompton Asset said Evershed. A verdict is expected by result of the pile-up have not yet Management, has repeatedly denied the end of the month. Patrick Evershed (top) today brings his case against John Duffield Pictures: REX been formally identified. 20 News CITYA.M. 7 NOVEMBER 2011 Crown Estate unveils its £300m redevelopment

▲ PROPERTY its 200,000 square feet of office space. “[Quadrant 3] delivers a wholesale Organic food retailer Whole Foods transformation to this prominent part BY KASMIRA JEFFORD has also agreed to open a 17,000 square of the West End. It is the largest and The Crown Estate today unveiled its ft store next year while fashion house most ambitious scheme we have ever £300m redevelopment of Regent Coach and menswear brands Jack undertaken”, Roger Bright, the Crown Palace Hotel, just behind Piccadilly Spade and Wolsey are also understood Estate’s outgoing chief executive said. Circus in London’s West End, into lux- to be close to signing leases. The Quadrant development will ury offices and shops. The Regent Palace site forms part of also see the historic Cafe Royal on The Queen’s property company said the Crown Estate’s Quadrant develop- Regent Street transformed into a 160- it has signed its first office tenant, the ment, an ambitious £1bn scheme to bedroom five-star hotel, due to be com- fund manager Generation, co-founded revitalise and open up the south end pleted in time for London’s 2012 by former US Vice President Al Gore, to of Regent Street. Olympics.

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This has provided them with wide- spread coverage, generally led from Panasonic -4 technology blogs or topical sites, At the end of 2010, The Co-operative Group shared over £70.5m in profi ts but spreading to various regional EDF 10 with its members. And you can also bank with us in 245 branches of publications. Samsung Olympic mentions by category Change to a bank you can bank on by calling 0800 169 9369. 5.8% Blogs 12.4% 2.6% Discussion 5.8% Industry National News 42.2% 4.9% % Topicals 18.8% Twitter Video As a member you are required to hold and retain one share in The Co-operative Group, this will be paid for through the deduction of £1 from your first share of the profits payment. To qualify for a share of the profits payment members must have earned a minimum of £2 worth of membership points, within the qualifying period. Membership Regional News terms and conditions apply. 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Brought to you by CITYA.M. 7 NOVEMBER 2011 News 21 Apple hands Buffett says out millions to Berkshire hit key executives ▲ TECHNOLOGY BY STEVE DINNEEN APPLE has dished out hundreds of by derivatives millions to its senior executives in a bid to keep hold of its top staff in the wake of Steve Jobs’ death. Key men including marketing boss ▲ FINANCIAL SERVICES the indexes covered by the contracts Phil Schiller, chief financial officer BY HARRY BANKS fell anywhere from 11 per cent to 23 Peter Oppenheimer and operations per cent in the quarter. director Jeff Williams will each WARREN Buffett’s conglomerate Berkshire reported a net profit of receive packages worth $60m Berkshire Hathaway reported a small- $2.28bn compared with a year-earlier (£37.4m). The packages are intended er third-quarter profit over the week- profit of $2.99bn. to tie them to the firm for the next end, after losing more than $2bn Cash at the end of the quarter was five years, with half of the stock (£1.24bn) on derivatives related to $34.78bn, down from $47.89bn at the grants vesting in 2013 and half in stock market performance. end of June. During the third quarter 2016. That was nearly three times what Berkshire funded the purchase of New Apple chief executive Tim Berkshire lost on the same instru- chemical maker Lubrizol and a $5bn Cook received a package worth ments a year ago. Buffett has criticised investment in Bank of America. around $40m after taking over from derivatives in general, but said these Operating income rose across seg- Steve Jobs in the summer. particular contracts were safe and ments, except for the company’s Apple said in a regulatory filing: would ultimately be lucrative. finance business, where it fell slightly. ANALYSIS l Apple Inc “The company’s success depends But Berkshire was Profits in the insurance business $ largely on the continued service and hurt, like many rose as a rebound in reinsurance offset 407.5 400.24 availability of key personnel, includ- other insurance sharp declines at auto insurer Geico. 405.0 4 Nov ing its chief executive, its executive companies in Reinsurance benefitted from a reduc- team and highly skilled employees. particular, by tion in liabilities, while Geico’s profits 402.5 “Experienced personnel in the tech- sharp declines in a fell on higher catastrophe losses. 400.0 nology industry are in high demand broad range of Earnings were also nearly 10 per 397.5 and competition for their talents is market values. In a cent higher at Berkshire’s next- intense, especially in the Silicon quarterly report to biggest unit, the Burlington 395.0 Valley, where most of the company’s the US Securities and Northern railroad, as key personnel are located.” Exchange revenue per car 31 Oct 1 Nov 2 Nov 3 Nov 4 Nov Apple announced in September its Commission, rose by double quarterly revenue rose 39 per cent to Berkshire said digits. Apple chief executive Tim Cook says it is vital to hang on to key men Picture: REUTERS $28.27bn, slightly missing forecasts.

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THERE WAS only one sour note at the chairman and chief executive of UK’s “prime minister who never Goldman Sachs and Financial Times Goldman Sachs, announced Poor was”, as one admirer put it. Business Book of the Year awards – the Economics – “a rich book on the Also dining at The Wallace Roquefort-flavoured ice-cream, which ethics of poverty” – as this year’s win- Collection were City veteran Sir went down about as well as sovereign ner, while BBC Trust chairman Lord David Arculus, steel magnate debt exposure at MF Global. “I’m not Patten of Barnes gave the keynote Lakshmi Mittal and Simon Davies, sure about this,” said Jonathan Taylor address. “One of my books turned the Linklaters leader handling the from HM Treasury as he laid down his into a bestseller when a well-known liquidation of MF Global’s Asian busi- spoon with a grimace. media group dropped it from their ness and a friend of resting Lloyds Thankfully, the rest of the evening catalogue… and I still remember Mr boss António Horta-Osório. was more palatable. Lloyd Blankfein, Murdoch in my prayers,” opened the And so the conversation turned to

Santander chairman Lord Burns and British Land’s honorary president Sir John Ritblat

stress, where it seems Horta-Osório is writer Beazley crossed swords in a not alone in feeling the strain. “Don’t duel at Devonshire Square. be alarmed if you hear a whirring Not to settle a professional liabili- sound,” one 50-something Linklaters ty claim, you understand, but as partner notified Davies in a recent part of a fencing demonstration by meeting. “It’s just my heart monitor.” eight Olympic and Paralympic pro- fessionals organised in the run-up to London 2012 by the firm that GOING WITH A BANG started its £1m sponsorship of THE RECENT reunion for those who British fencing in January. worked on the floor of the London On hand to adjudicate as City Stock Exchange pre-1985 almost went passers-by “had a go” in a series of with a Big Bang in more ways than short public fights were the BBC’s one, The Capitalist hears. Graham Bell and 1998 As the City veterans relived their Commonwealth silver medallist lost decades upstairs at Drapers’ Hall, Karim Bashir. downstairs the Occupy London pro- testers were threatening to cause a dis- turbance. “We have been told there are bankers inside drinking cham- pagne,” the St Paul’s campers berated one Stock Exchange stalwart. By the time the police arrived at 9.30pm, the protesters were starting to disperse, having been assured there were no Moët-guzzling masters of the universe inside, “only old people drinking soft drinks”. “But can you imagine the damage they could have caused?” said one horrified mole. ON THE FENCE MEANWHILE, William Pitt and Chris Branch of Lloyd’s of London under- Foiled: William Pitt and Chris Branch

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Forex trading carries a high level of risk & is not suitable for all investors. The leverage associated with Forex trading can result in losses which may exceed your initial investment. Consider your objectives & level of experience carefully before trading & if necessary seek advice from a financial advisor. The Trader Management Company Ltd. is authorised and regulated in the United Kingdom by the Financial Services Authority under FSA Registration Number 525164. TMC is compensated through subscriptions to its live trading room service. Real thinking - Real trading 24 News CITYA.M. 7 NOVEMBER 2011 Reform urged Greek affairs so labyrinthine to avoid new even Theseus would struggle ANALYSIS l FTSE ANALYSIS l DAX 5966.16 5,527.16 4 Nov MARTIN ON 4 Nov 6,400 5,800 6,200 UK recession THE MARKETS 5,600 6,000 5,400 5,800 5,600 5,200 ▲ UK ECONOMY measures considered – such as road 5,400 5,000 BY JULIAN HARRIS pricing and privatisation – to attract 5,200 private capital into the public infra- THE UK could already be suffering structure,” added Hemington. 8 Aug 26 Aug 16 Sep 6 Oct 26 Oct 8 Aug 26 Aug 15 Sep 5 Oct 25 Oct from the start of a double dip reces- Businesses expect their turnover sion, according to new data from to shrink over the next three looks as if the Greek parliament has Production and the Swiss National accountancy group BDO. months, according to the BDO secured its next bailout tranche. So Bank Chairman Philipp Hildebrand Revealing the latest bearish news index, which sank to 92.6 in October MARTIN SLANEY this week, Italy and France should speaks later in the day. On from its business trends report, BDO from 93.3 in September, its lowest come back into focus. Italian yields Wednesday we have Chinese inflation partner Peter Hemington has called level since June 2009. continue to rise and this is having a data and the Bank of England’s MPC on the government to confront “It is also the third consecutive NVESTORS and traders alike spent knock-on effect on French bonds. releases its Rate Statement on the downturn with radical month that the index has been most of last week dazed and con- These are under pressure as the coun- Thursday. We will also hear from Fed reforms to taxation and infra- below the critical 95 mark indicat- fused. Equity, bond, commodity try’s banks have a significant expo- chairman Ben Bernanke and commit- structure. ing on-trend growth, showing that Iand FX markets swung around sure to Italian sovereign debt. tee members Janet Yellen and Charles “We urge chancellor Osborne the UK economy could already be wildly as they responded to headline The FTSE 100 index is called to Evans as well. [pictured] to tackle the slow- contracting,” the report said. news out of Greece and G20. There open up 33 points at 5,327. The The third quarter US earnings sea- ing recovery head on in his The UK largest sector – was no time available for detailed German DAX is expected to open up son begins to wind down now, Autumn Statement,” services – is being particu- analysis, and even Theseus would 34 points at 6,000 and the French although there are still nearly 700 Hemington said. “Supply larly hit by current econom- have struggled to navigate the CAC 40 up 16 points at 3,140. companies reporting this week. side reforms, in particular ic woes, the report showed. labyrinth that is Greek politics. Following last week’s EU summit Overall, earnings have been positive, reform of the tax system, The output index for the While outgoing Greek Prime and G20, today sees EU finance minis- but there have been significant miss- will be crucial if the UK is summer was down from Minister Papandreou’s call for a refer- ters gather in Brussels for Ecofin es, such as Apple and Wells Fargo. But to promote investment.” 93.9 to 92.9. Confidence in endum was wildly disruptive, it pro- meetings. We will also get an update it is the Eurozone debt crisis which Boosting capital spend- the sector for the coming six vided a smokescreen for other issues. on Eurozone retail sales and German should exert the greatest influence ing could kick start the months also dropped, from Though final details of the coun- industrial production. Tomorrow sees on markets again this week. economy, BDO said. “We 94.8 in September to 94.1 try’s new coalition government will the latest updates on the UK’s Martin Slaney is director of global product would like to see radical last month. not be known until later today, it Manufacturing and Industrial management at GFT CITYA.M. 7 NOVEMBER 2011 News 25

BANK OF ENGLAND SET TO STICK WITH LOW RATES

Deteriorating THE BANK of England is expect- ed to hold interest rates at the historic low of 0.5 per cent for the 33rd outlook for straight month this Thursday. Mervyn King’s committee voted last month to boost the Bank’s quantitative easing SME factories programme by a further £75bn. Picture: REX

▲ UK ECONOMY time since April 2009 – the peak of the recession – that sentiment over BY JULIAN HARRIS exports has dropped. THE OUTLOOK for small and medium “A balance of minus 26 per cent of sized manufacturers is increasingly firms reported that they were less opti- bleak, according to figures released mistic than three months ago,” the today by employers’ organisation the report said. “Sentiment about export CBI. prospects also deteriorated (minus 19 Factories expect no growth in orders per cent).” and for stocks to whittle down in the Employment at small and medium More inflationary pressures could be coming three months, with output set sized (SME) factories has continued to to fall. grow despite weakening economic “Small and medium-sized manufac- conditions, with a positive balance of turers have seen domestic demand 16 per cent reporting an increase in looming on horizon, economists warn flat-lining in the past three months, headcount for the three months to and will have been particularly disap- October. pointed by an unexpected fall in Yet the impending squeeze is set to export orders,” commented Lucy reduce manufacturing job opportuni- ▲ UK ECONOMY Impending domestically-generat- “Our analysis suggests the rise in Armstrong of the CBI. ties, with only a small positive balance ed inflation renders the Bank of margins will hold back the recovery BY JULIAN HARRIS A negative balance of minus eight (four per cent) expecting to increase England’s two per cent consumer in real wages,” the report states. per cent of respondents indicated that headcount over the next three months. INFLATION is likely to dip next year price index (CPI) target “unsustain- “This pressure on the UK’s workforce export orders fell in the three months “Investment intentions for the year but only temporarily, with further able in the medium term”, Item could last much longer than conven- to October. Domestic orders were flat, ahead have not improved,” Armstrong price hikes set to pile more misery argues. tional models of the economy sug- according to the survey. added, “with firms still planning to on savers and shoppers, a prominent CPI has been above two per cent gest. Consumers need to enjoy next The poor figures have hammered spend less on buildings (minus 20 per group of economists will warn today. for 22 consecutive months, spiking year’s respite as much as they can.” sentiment in the industry, with cent) and plant and machinery (minus Strong price pressures will bite to an eye-watering 5.2 per cent in The Item Club wants to see the morale collapsing at its fastest rate nine per cent) relative to the previous again once the recovery finally gears September. Inflation figures for Bank of England “relax” its two per since April 2009. It was also the first twelve months.” up, the Ernst & Young Item Club says. October are released next week. cent CPI target. 26 News CITYA.M. 7 NOVEMBER 2011

CITY MOVES | WHO’S SWITCHING JOBS Edited by Harriet Dennys in association with

Segro Financial Services in 2002, is promot- Peeters, previously head of the region- five years delivering asset manage- The European real estate investment trust has ed following a four-year tenure as head al ICT projects team at Pinsent ment activities. promoted Andy Gulliford (pictured) and Phil of sales in the south east. Masons in Leeds, as a partner to lead Redding to the new roles of chief operating offi- a northern technology law team. The Dechert cer and chief investment officer respectively, Hogan Lovells firm has also promoted Claire The international law firm has reporting to chief executive David Sleath. The law firm has strengthened its Reynolds and Julitta Yates to partner appointed Charles Malpass as a part- Gulliford, who will oversee the group’s opera- international litigation and arbitra- in the employment & pensions and ner in its London office, effective from tional property teams in the UK and continental tion practice by hiring Patric real estate divisions respectively. January 2012. Malpass was most Europe, was formerly managing director of McGonigal in the firm’s Tokyo office. recently a partner at LG. Segro’s business in continental Europe. Redding McGonigal was formerly a partner in Redefine rises from business unit director for London mar- Barlow Lyde & Gilbert’s international Redefine International Property Europa Capital kets to manage the group’s investment strategy. commercial arbitration practice, lead- Management has appointed Nick Tim Turnbull, previously chief invest- ing a team in Singapore. Gregory as senior retail asset manag- ment officer at Hermes Real Estate, appointed Mark Riches as sales direc- er to manage its £250m portfolio of has joined the fund manager’s man- Bibby Financial Services tor of its international trade finance DAC Beachcroft UK shopping centres. He joins from agement team, with the brief of The invoice finance specialist has business. Riches, who joined Bibby The law firm has hired Michael Hammerson, where he spent the last expanding Europa’s fund relationships.

To appear in CITYMOVES please email your career +44 (0)20 7092 0053 updates and pictures to [email protected] SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT morganmckinley.com BEST OF THE BROKERS

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WALL STREET WEEK AHEAD

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Book advance tickets now and receive £50 off your next YourGolfTravel such as keeping countries like Italy And the US unemployment rate from going the way of Greece. Two slipped to nine per cent. It had been overseas golf holiday... Plus under 14s go free!* years of crisis have taught investors to stuck at 9.1 per cent for three straight be vigilant of new risks emerging from months. With results in from some Europe’s debt debacle. 433 of the S&P 500 companies, 70 per The interactive golf experience under one roof! “It takes away the risk of a referen- cent have beaten forecasts on third- dum or renegotiating new terms. 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These wild swings in com- modity, equity and currency markets can and Ventures, what sorts have created major problems for those busi- nesses that have not had the support and of businesses he likes advice to steer them through it. For instance, for businesses that import or export there have been huge currency swings, WO things matter hugely when it and more are set to follow. Your profits could comes to selecting a business for be wiped out unless you hedge effectively investment,” says Patrick Reeve, the against these adverse movements. This week Tfounder and managing partner of alone we have seen how quickly markets can Albion Ventures, a venture capital firm. turn. Greece has thrown the latest bailout “The business needs to offer an interest- package back in the policy makers’ faces. A ing market opportunity and the entrepre- disorderly default by Greece is now a likely neur heading it up has to be someone event. Greece is not a Lehmans, but an entire who is very bright and adaptable.” But country. If one country goes, where does that what exactly does Reeve think is an “inter- leave other peripheral countries within the esting” market opportunity? Every entre- Eurozone? Contagion is spreading like wild preneur thinks his business is interesting. fire, evidenced by Italian borrowing costs He explains: “There’s no formula for reaching euro-era highs this week. weighing up the different factors affect- This volatility also affects small business in ing the choice to invest. You have to look other ways. Looking at what happened when at each business on a case-by-case basis.” Lehmans collapsed, we saw a dramatic reduc- He talks us through his choices, using tion in bank lending, spending by all sorts of three recent examples. businesses and the world tip into recession. Patrick Reeve, the founder of Albion Ventures Businesses need to conserve cash and not HIGH RISK: DEXELA have bad creditors on their books if they are What: Dexela develops technology that utive directors and the aforementioned freehold asset.” to survive any re-occurrence of this. detects breast cancer. It was different chief executive, we had to restructure the Reservation: “It was a start-up, so we Europe is the UK’s largest trading partner from the existing technology because it whole business.” never quite knew whether people would and turmoil in Europe has a direct impact on used low-dose X-rays to create three- actually sign their kids up. Also, we’d our own economy. Add this to the slowdown dimensional images. MEDIUM RISK: RADNOR HOUSE SCHOOL never been in the market before.” in the UK and the lack of a clear recovery, evi- Attraction: “It had something unique in a What: Radnor House School is a new co- denced by a further round of quantitative eas- market that needed to change. The chief educational independent school for stu- LOW RISK: HOLIDAY INN EXPRESS, STANSTED ing only recently. executive was bright, adaptable and dents aged 7-18 in Twickenham. It has What: Albion Ventures invested £9.5m to Emerging markets not long ago were all understood where we were coming from specialist science labs, an art suite, music fund the construction of the 254-bed- surging through the turmoil, but now are because he had worked in finance before.” school and all-weather play area. It room Holiday Inn Express at Stansted starting to slow. China notably saw a drop in Reservation: “It was a pre-revenue busi- already has over 130 pupils, greatly Airport. growth figures only recently. This is signifi- ness. Very rarely do venture capital folk exceeding Reeve’s target expectations. Attraction: “It was an obvious market. cant as China is seen as an engine for growth. invest in things that have not yet proved Attraction: “There was a considerable There weren’t any budget hotels around The US as well is still in trouble, with policy- they can sell. Also, the inventor parts of market in the area for a private school. the airport at the time.” makers there hinting at a third round of quan- the business were not right for us and we There weren’t many of them, and it is a Reservation: “Since we did the construc- titative easing to stimulate the world’s largest had to get rid of them. wealthy area. We also got the building at tion and bought the land, it was a very economy. In fact, apart from a handful of non-exec- a good price, so we now have a strong big initial investment.” The current market situation is so concern- ing that even Qatar, with its huge exposure to CV | PATRICK REEVE oil, has started to hedge its oil prices. This is something that very rarely happens, and is a strong indication of how serious the situation Company name: Albion Ventures Lives: Bayswater Awards: Albion Ventures was named Venture in the world market is. If countries are hedg- Company turnover: £230m under management Studied: French and Spanish, New College, Capital Trust of the Year, 2009, Venture Capital ing in this way, businesses certainly should be. Number of staff: 25 Oxford Trust Manager of the Year 2009 and Healthcare All of these events are current and real Exit history: 43 exits over 15 years. “The aver- Drinking: White Burgundy Investor of the Year 2011 concerns. The issues creating volatility are not age multiple is 1.6 x cost and our best so far has Reading: Tristram Shandy Motto: “Vina liques et spatio brevi spem longam going away in a hurry. Many would argue that Idol: current concerns are on a much larger scale been 10.5 x cost.” Marcus Aurelius reseces.” Translation: Be wise, strain the wine, than during the 2008 crisis. If we see nations Job title: Managing partner Talents: “Not trying to do anything too quickly.” and scale back your long hopes to a short period. within the Eurozone default, there will be rip- Age: 51 Favourite business book: William Pitt the First ambition: “Sadly, doing approximately ple effects throughout the world. We are talk- Born: Kensington Younger: A Biography by William Hague what I’m doing now.” ing entire countries going bankrupt, not just a bank or two. Britain’s businesses simply have no choice but to take action before it’s too late. In 2008 ENTREPRENEURS NEWS | IN BRIEF sterling lost 42 per cent of its value against the US dollar and 35 per cent against the euro. For businesses importing products from SMES TO HIRE MORE STAFF THIS YEAR BANKS TO LEND MORE SOON WOMEN TO BECOME BUSINESS MENTORS China or Europe, who had not hedged against Over two-thirds of small and medium-sized NatWest and RBS plan to increase lending by Home secretary Theresa May announced that these moves, it was catastrophic and in some businesses owners intend to hire new staff in 15 per cent in the next three months. A new 5,000 women will be recruited and trained to cases the Lehmans path was followed. the next six months. This has emerged as the low interest fixed-rate loan, ranging from mentor aspiring businesswomen over the next Take action now and implement protection. results of research done by the London £25,000 to £250,000, will also be available three years. May hopes recruiting the mentors Secure your profits for next year by looking to Entrepreneurial Exchange (LEE). The majority for small businesses. This loan does not have will help encourage and stimulate female entre- what others are doing and also thinking about of business owners also agree with the gov- any arrangement fees or required down pay- preneurs to counter this male dominance: “We what happened just three years ago when ernment’s decisions to extend the unfair ments, leading to a discount of up to 1.5 per want the UK to be the best place in the world to Lehmans collapsed. Being over-exposed to employee dismissal rules from one to two cent. Additionally, the banks will provide start and grow a business, and for the next another 2008 simply should not be an option. years and to not hold a referendum on access to guides, hotlines and other decade to be the most entrepreneurial and Britain’s membership in the EU. The survey resources. This means that a business bor- dynamic in Britain’s history. Women can be at Stewart Blake is chief executive of Global was completed by more than 250 company rowing £75,000 can save as much as 60 per the heart of that.” This happened in the wake of Reach Partners. owners and chief executives representing cent on the cost of the loan over three years, a leaked report showing that the Tories lacked small and medium-sized businesses. and face no penalties for early redemption. female support. 28 CITYA.M. 7 NOVEMBER 2011 The Forum cityam.com/forum We cannot improve schools from the centre: A bold call for more choice in education

Y AND large, British families do not and their communities and a host of misguided far behind many of those widening their lead choose the education their children and ineffectual strategic interventions from in the international performance tables. receive. For the majority of parents that Whitehall, the integrity of the teaching profes- Meanwhile, the free school policy has brought Bchoice is made for them, by the distance sion had been compromised. The message was choice to only a very few neighbourhoods. More from their front door to the school gate, and clear that responsibility needed to be restored radical voucher-style reforms that might liber- whether they have the means to buy into the to headteachers and that teachers needed to be ate for-profit supply and break down the divide catchment of another school or avail them- trusted to get on with the job. between state and independent sectors seem a selves of a private alternative. In spite of its ostensible commitment to alle- distant possibility. In short, we are far from the Advocates of local schooling maintain that viating the burden on schools and giving teach- flexible school system, responsive to demand what we need is a single good school in every ers greater autonomy, the government has in and accountable to parents, that we need. community and that the most effective way fact increased regulation of schools, while balk- For competition to work, and parental that parents can support improvement is by ing at the challenge of deregulating teacher choice to drive up quality, we need a market showing loyalty to their local primary or sec- training and recruitment and the process by framework that will enable successful schools ondary. In encouraging competition for places, which headteachers are accredited. Moves to to grow, failing schools to close, and significant they argue, new schools on the block attract lift the requirement for qualified teacher status new capacity to be brought to the system. away aspirational parents and divert resources from free schools and to allow those certified Establishing a national funding formula that from the schools that need them most. If it had overseas to practice in the UK without needing better incentivises good schools to get bigger, its priorities right, they maintain, the govern- and makes failing schools face the conse- ment would be investing its resources in quences of pupil shortfalls would be a step in improving existing schools. the right direction. Even better would be a lift- However, while community-based schooling Despite its rhetoric, the ing of the restrictions on private school firms has obvious social benefits, experience suggests and education management organisations and that school improvement on this model, with government has increased a funding system designed to activate con- no competitive challenge, can at best deliver sumer choice. Most fundamentally however, only slow, incremental progress towards urgent effort is needed to establish a new standard for educational goals, and not without significant the regulation of schools. policy success. We must place the right of par- investment. Massive increases in public spend- ents to choose the education that best suits ing in the decade to 2010 ensured that most their children’s needs at the heart of schools schools had more than adequate resources to to retrain are welcome, but national pay and policy, and place responsibility for outcomes effect change, but this did not translate to conditions have been retained, which has ham- with individual schools. improved educational outcomes. According to pered mainstream headteachers’ scope to relate James Croft is the director of the Centre for Market OECD Pisa benchmarking, national attainment pay to performance and to undertake more fun- Reform of Education. www.cmre.org.uk relative to overseas competitors in fact fell in damental rethinking of how to recruit and this period — in reading, from 7th place in 2000 deploy teachers and other personnel. down to 25th, and in mathematics, from 8th Successive government attempts to stimulate Agree? Disagree? Got a sharp comment? place down to 28th. Clearly increasing govern- innovation and competition in UK education by The Forum wants you to join the debate. ment spending alone is not enough; I believe opening up supply to both private and not-for- we need a system that allows for diverse profit sectors have gained only limited traction, COMMENT NOW ON approaches to school improvement. largely due to the conservative influence of Contrary to the belief of successive Labour unions and local authorities’ vested interest in Twitter: @cityamforum; governments between 1997 and 2010, the right keeping services in-house. Where the private on the web: cityam.com/forum; outcomes cannot be engineered from the cen- sector has been allowed to contribute, efficien- tre. At the time of the 2010 general election, the cy gains have been startling, yet today only 5 or by email: [email protected]. Conservatives seemed to recognise that, after per cent of primary and 28 per cent of second- Top responses will be reprinted in The Forum. more than a decade of steady expansion of the ary age pupils in the UK are enrolled at state JAMES CROFT statutory responsibilities of schools to families schools which receive input from private firms, CITYA.M. 7 NOVEMBER 2011 29 In association with Email: [email protected] Twitter: @cityamforum The Forum

RAPID RESPONSES Bailouts vs zombies Speak your mind The debate over As Marc Sidwell says [The Zombie manage to turn a profit. Some The Forum is open for you to Menace of Anti-capitalist Thought, criticisms of contemporary capi- take part. Got a sharp comment Friday], the Occupy London talism are not simply atavistic. on one of today’s columns or protest is leaderless, yet he lumps These people are appalled at rapid response topics? Do you chief executives’ all the protesters together as anti- Anglo-Saxon capitalism in particu- have another subject relating to capitalist. From what I’ve gath- lar. Not all wish to live in a commu- business and the economy you ered, some may be anti-capitalist nist utopia, some would simply want to share your opinion on? but there is a range of views; many prefer a more caring form of capi- We want to hear your views. are simply disgusted with the way talism, along the lines of Germany, Readers are invited to comment that banks have been bailed-out at which still manages to be the on the web: cityam.com/forum; pay isn’t simple the taxpayers’ expense or the way European economic powerhouse. by email: [email protected]; that bankers continue to receive To lump all protesters together as and on Twitter: @cityamforum. bonuses in the six or seven figures, anti-capitalist is just disingenuous. The best responses will be when their company cannot even Ian Marsden reprinted in The Forum. New research on a wider timescale Reclaim the City from disputes findings Robin Hood tax risks of huge increases NCOME Data Services (IDS) released a report on executive pay last week, draw- ing hysterical condemnation of business BY STUART FRASER Ileaders from unions, politicians and jour- nalists. However, research by Harvey Nash’s UCH has been further at the G20 meeting in Cannes last week. Board Practice and the London Business written in With one study suggesting that 62 per cent of the School’s MBA Consulting Team reveals th at recent weeks revenues generated by an EU-wide transaction tax FTSE 100 chief executive pay is just not as sim- Mabout the would come from the UK, it is clear that any such ple as many would like us to believe. protest camp outside St measure would represent more of a tax on London First, since the downturn started in 2007 not Paul’s and about the City than on the EU. a single chief executive listed in th e report’s ALBERT ELLIS of London Corporation’s However, the impact of such a tax would be felt top ten earners had a significant rise in base attitude to it. right across the EU. salary. In fact, th e average rise was in total 1.6 I would like to take The European Commission’s own impact assess- per cent over four years, well below th e gr owth sionals and is th e sort of digital company this opportunity to bring ment says that an EU-FTT could lose more money in UK average earnings during th at time. which Britain needs to champion if it is to a degree of clarity to the situation. than it raises as a result of 70 per cent to 90 per cent So, much of th e gr owth has come from per- rebalance its economy. With a £250,000 loan, The City fully supports the democratic right to of all derivatives trading – much of which takes place formance-related pay. But for th e report ’s Sorr ell grew WPP from £1m to a global winner protest and at no point have we tried to prevent peo- in London – moving to more welcoming financial cen- authors to pick one year where th e economy worth £8bn over 26 years. His contract prov ides ple from doing so. tres overseas. started to recover and performance improved, fo r dismissal at will and over 50 per cent of his However, as the local authority for the Square European policymakers could be pricing all of the places th e report out of context. Over th e last package is performance-related. WPP competes Mile, we also have responsibilities to our local resi- EU’s financial centres out of the global marketplace. four years, the picture is very different: since in a global market where 12 per cent of rev- dents and businesses as well as to tourists and other What is the use of creating a level playing field within 2007 chief executives’ performance-related pay enues are generated in the UK and almost a visitors. the EU, if we can no longer compete with other finan- has actually declined by 2 per cent. th ird are from emerging markets. Compare Just like any other local authority, the City of cial centres outside the Union? Second, th e IDS report , in some inst ances, is th at to a US-based competitor of WPP: Time London has a legal obligation to maintain access to its Put simply, how can you tax something that is no actually misleading. Four of th e top ten earn- Warn er paid its chief executive Jeff Bewkes highways and to ensure they remain fit for purpose. longer here? ers’ compensation is st ated in th eir annual $26m in 2010, acknowledging that the compa- That is why we are engaged in regular discussions If policy-makers truly believe in a Transaction Tax accounts in US dollars. To simply convert this ny had a history of waste ful acquisitions. with the protesters with a view to reaching a peace- then any such proposals must – as the UK govern- to sterling during a period where sterling has London has become one of the most success- ful resolution at the earliest possible opportunity. ment has made clear time and again – proceed on a devalued 25 per cent furth er artificially over- ful capital markets for global companies, St Paul’s is one of the world’s great buildings and global basis and have their impact on growth careful- st ates th e so-called rise in pay. employing executives from all over th e world. the City of London Corporation is committed to ly examined. Third, th e report st ated th at chief execu- In seeking to attract the very best talent avail- ensuring it remains accessible to all. Indeed, the City The G20 has achieved a significant amount in tives’ rewards were not in line with share price able, boards must offer compensation pack- has provided considerable support – both financial recent years and it is only right that it should contin- movement, suggest ing rewards for failure. ages in global curr ency and increasingly and otherwise – to the cathedral in recent years, not ue to set the agenda for change, with the UK and the Looking at th e IDS data just for 2010 th is compete with Asia in hiring wealth-creators. least when we donated £1.8m to support its 300th EU driving forward this process. seems corr ect, but th e Harvey Nash/London When UK plc is being encouraged to seek anniversary campaign in 2004. I suspect a lot of those camping outside St Paul’s Business School research found th at between new gr owth in stronger emerging markets, it I did, however, find myself disagreeing with the would be in favour of an FTT and while I might not January 2006 and December 2010 changes in is disappointing th at both th e Prime Minister church over one particular issue last week: the agree with their views, I will certainly accept their share price explained about 30 per cent of the and th e leader of th e opposition did not take Archbishop of Canterbury Rowan Williams’s com- right to protest. variation in direct pay of continuously- serving th is opport unity to make th e case for attract- ments supporting the implementation of a Financial But protesting does not require a permanent chief executives. Longer-term, chief executives ing global wealth-creating organisations to th e Transaction (FTT) or “Robin Hood” Tax. campsite on a public highway. are being judged on share performance. UK for th e whole country’s benefit. This is an idea that has already gained serious trac- Stuart Fraser is the policy chairman at the City of Let’s take Sir Martin Sorrell, chief executive Albert Ellis is the chief executive of Harvey Nash tion within the European Union and was discussed London Corporation. of WPP, which employs 153,000 creative profes- Group. 30 Wealth Management | Spread Betting

THE TIPSTER RETAIL IS Fibonacci – WEARING A BIT THIN T HAS been a tough year for retail- ers, in particular clothing retailers, either to-do who’ve been subjected to not only Iweakening consumer demand, but also higher cotton prices. With the share price down some 15 per cent so far this year, investors will be hoping that Tuesday’s numbers might spark or voodoo something for Marks and Spencer. Capital Spreads quotes 318.4p-319.1p. Mobile phone giant Vodafone may have been on the asset disposal path of Philip Salter asks two experts for late, but the accompanying impact on income could lead to a rather mixed their opinions on retracements reception for this week’s interim earn- ings. Uncertainty over the global eco- AMED for introducing the Some traders turn to nature nomic outlook is also weighing, but Hindu-Arabic positional for inspiration many analysts are dialling up bullish number system to Europe, target prices for the stock. If Vodafone Leonardo Fibonacci was one F ANALYSIS l Gold's recent Fibonacci moves can continue to leverage the smart- of the greatest mathematicians of 1,920.00 phone market, then the future may his day (c.1170-c.1250) and 80 /oz 100.0% 1,919.76 well be bright, even if it’s not orange. years is not a bad spread for the 1,880.00 IG Index quotes 174.4p-174.8p. Middle Ages. He didn’t discover 1,840.00 This week sees the release of the lat- Fibonacci numbers, but in Liber 1,800.00 61.8% 1,772.07 est trading update from Lloyds Abaci he enlightened Europeans 1,760.00 Banking Group 1,720.00 50.0% 1,725.62 after RBS’s better on this Indian intellectual innova- 1,680.00 38.2% 1,680.36 than expected results last week. tion. He explained Fibonacci num- 1,640.00 Markets will be hoping for a similarly bers by asking, under contrived 1,600.00 robust performance despite the uncer- circumstances, how many pairs of 1,560.00 tainty surrounding the health of the rabbits are created by one pair of 1,520.00 0.0% 1,532.67 CEO. CMC Markets offers a quote of rabbits in one year? The following 1,480.00 28.434p-28.473p. numbers are revealed: 1, 1, 2, 3, 5, 1,440.00 Associated British Foods updates 8, 13, 21, 34, 55, 89, 144, 233, 377 Jun 2011 Jul 2011 Aug 2011 Sep 2011 Oct 2011 Nov 2011 the markets tomorrow. Its shares etc. A Fibonacci sequence is also popped above strong resistance on simply the sum of the two previ- ANALYSIS l Long and short Fibonacci Retracements Friday at the 1,100p level. The 100-day ous numbers in the chain. (1 divided by 2). moving average is strong support at Fascinatingly, nature is laced l 0.382 (or 38.2 per cent): the 1,073p, so it might be a good play to though with Fibonacci patterns – reciprocal of the golden ratio buy on any dips back around 1,100p, in seashells, branches and stems, squared (i.e. 89 / 233). 38.2% with a stop-loss around 1,055p. Spread in the heads of sunflowers, flow- l 0.236 (or 23.6 per cent): the 50.0% Co offers a spread of 1,123.2p-1,125.5p. ering artichokes, and the patterns reciprocal of the golden ratio 68.2% The telecommunications world has of pineapples and pinecones. cubed (i.e. 55 / 233). been shaken up over recent years with Each step in the Fibonacci competition being upped by the likes of moves us closer to what is called Some traders plot these Apple, HTC and Google. And with the the golden ratio – approximately Fibonacci retracements on charts LONG recent record-breaking sales of the 1.618, and from this the Fibonacci to try to predict levels of support iPhone 4S, will Carphone Warehouse ratios, beloved by some traders for and resistance based on previous be able to defy the bearish chart plotting Fibonacci retracements, highs and lows (see, right). 68.2% watchers out there when they bring are worked out: Here we ask two experts for 50.0% their earnings release to the public eye their thoughts on this tool of tech- 38.2% tomorrow? Capital Spreads quotes a l 0.618 (or 61.8 per cent): the nical analysis. One a proponent of price of 342.5p-345.0p. reciprocal of the golden ratio. the use, the other a detractor of Philip Salter l 0.50 (or 50 per cent): the sec- the abuse, of Fibonacci retrace- ond number divided by the third ments. SHORT

THE WEEK AHEAD in association with

COMPANY NEWS COMPANY NEWS ECONOMICS POLITICAL NEWS l Today, Rentokil Initial announces. The global busi- l SSE, formerly Scottish and Southern Energy, l Tomorrow, the Office for National Statistics l The government will organise a new export drive ness services company – which is active in Europe, also announces on Wednesday. The energy com- releases Manufacturing Production statistics, a key this week in an effort to encourage firms to pro- America, Africa and Asia – will be looking for pany formed in 1998 when a merger was indicator in determining the short-term strength of mote international trade to clients. Lord Green, min- results that aren’t a pest. sparked between Scottish Hydro-Electric and the economy. It is currently at 1.5 per cent. ister for trade and investment, believes increasing Southern Electric. exports, as well as shifting focus to small and medi- l Tomorrow, Vodafone and Marks & Spencer both l On Wednesday, China’s the National Bureau of um-sized business, will help boost the UK economy. announce. The former is the world’s largest mobile l On Thursday, Experian, the Dublin-based glob- Statistics of China will release the Consumer Price telecommunications company, and the latter is the al credit information group announces. Index inflation l The South Korean and United States militaries food and clothing retailer – a stalwart of the UK’s will link to practise simulation exercises Tomorrow highstreets. l Land Securities Group announces on the same l The Bank of England will announce its interest and Wednesday. The joint exercises are in prepara- day. The Group is the UK’s largest commercial rate decision on Thursday. Rates will almost certain- tion for the possibility of a North Korean nuclear l On Wednesday, HSBC Holdings announces. The property company, investing in a wide range of ly remain at 0.5 per cent, even though Retail Price threat. Kim Jong-il, the “Dear Leader” of North holding company for the HSBC Group is headquar- properties from offices and retail locations to Index inflation is currently ripping through the Korea recently revealed his love of Chinese dolphins tered in Canary Wharf – for now. industrial and warehouse facilities. economy at 5.2 per cent. and French poodles. 31

DRAGHI TURNOVER RAISES ECB MOVES LIOR ALKALAY SENIOR RESEARCH ANALYST, ETORO

N THURSDAY, the world’s equity The currency markets, on the other hand, markets got an unexpected, but thor- didn’t. The euro took a swift, hard hit oughly welcome present: a 25 basis against the dollar immediately after the Opoints reduction in the European announcement, losing nearly 100 pips Central Bank’s (ECB) key lending rate. And before regaining some traction. the generous benefactor? None other than While Draghi did not make any promises Mario Draghi, its newly installed head. or, indeed, hints as to future rate cuts, by Analysts had not expected the move, virtue of the fact that he acted today, at a not least because Draghi only assumed his time when very few expected him to, new role a few days ago. With the legacy speaks volumes as to the type of central of Jean-Claude Trichet still fresh, many banker we can expect – one who jumps presumed Draghi would ease slowly into into action when action is what’s desper- the job, reluctant to tarnish his predeces- ately needed. sor’s good name with a rate cut this soon. As the former head of the Italian WHAT TO EXPECT? ANALYSIS l Last week's euro-dollar ANALYSIS l Last week's FTSE Central Bank, Mario Draghi brings with Right now, it’s a little too early to make a $ 5,800 him a briefcase full of skills and character decisive call as to whether the ECB is mov- 100.0% 1.49360 1.48000 5,750 traits that should serve him, and the ECB, ing in a definitive direction of proactive, 5,700 1.46000 5,650 well. Critics and admirers alike say he is a growth encouraging monetary policy. The 1.44000 5,600 politically intuitive, pragmatic, calculating extremely low bond yields in short-term US, 5,550 individual. In some ways, the classic central German and UK debt instruments signal to 1.42000 61.8% 1.42560 5,500 banker – conservative, thoughtful, cautious, me that there are large quantities of cash on 1.40000 5,450 50.0% 1.40465 5,400 deliberate, discreet – yet he’s also flexible the sidelines. Adding to that the extreme 1.38000 38.2% 1.38330 5,350 and open-minded. but legitimate scenario of a Greek financial 5,300 1.36000 Major support level It is, perhaps, that open-mindedness collapse being priced into equities, perhaps 5,250 1.34000 5,200 which brought Friday’s interest rate cut. more easing from the ECB, and a short 5,150 Economists and market participants have squeeze could be around the corner. 1.32000 5,100 been demanding one for quite some time, With the Greek debacle looming, equities 01 Apr 02 May 01 June 01 July 01 Aug 01 Sept 03 Oct 01 Nov 12 13 14 16 18 19 20 21 23 25 26 27 28 30 Nov 02 03 04 condemning previous rate hikes as ill-timed in either direction aren’t exactly a safe play, and unnecessary. The numbers prove it. though commodities such as gold and oil Throughout the Eurozone, even within the could actually benefit from the easing of TO-DO tum buyers can often accelerate us who use technical analysis to powerhouse economies of Germany and monetary conditions along the way. Hence, IAN O’SULLIVAN the move in your favour. make this approach to markets France, the data is bland at best, dismal at I continue to preserve my positive outlook SPREAD CO You only need to look at recent much more complicated than it worst. Confidence and sentiment among for both precious metals and oil. movements in gold to see a big really needs to be. households, businesses and investors polled After analysing the aggregation of ONE of the picture Fibonacci move (see graph I am all in favour of a pragmatic has regularly struck new lows. traders in the eToro investment community, greatest chal- above, left), with the rebound approach to markets. Ultimately Manufacturing is down, inflation is up, and and comparing the result to their targets lenges and from the September slide being the name of the game is making the outlook is grim. And after the recent from the previous week, it’s evident that dilemmas for held repeatedly by the 38.2 per money, so if that is the end result events in the Eurozone and Greece, mar- eToro traders make very sound, very accu- any trader when cent Fibonacci level at $1,680. of whatever analysis technique kets needed to be buoyed. rate predictions. However, even though the contemplating a trade is where is Selling here would have yielded then more power to your elbow, There was surely no disagreement from euro has surpassed the $1.4 level, eToro the best possible entry point, exit multiple profitable trades. Then, but I think lots of people make anyone, anywhere, that something had to traders still view this as a key pivot position, point and where to place a stop when it broke through, it reached life more difficult than it has to be done. And many believed that only the with 30,730 net positions short on the euro, loss. This can take years of prac- the 50 per cent level of $1,735 in be. head of the ECB, in the form of Mario targeting $1.354 which is only slightly lower tice, tests and learning from mis- just two days, where it offered The various Fibonacci tech- Draghi, would be able to make magic. The than the last month’s review. That means takes and even then it can still be support. The 61.8 per cent level niques are a great case in point – I question was, did he believe it too? that the euro fall, at least in the minds of a challenge. This is one of the rea- was almost reached on Friday at can remember (sadly) many, many The answer is yes, he believes; markets eTorians, is still rather limited. Nevertheless, sons why most traders these days $1,772. The dip to the 50 per cent hours spent in the early days of see that now. But what does that single, 37 per cent of positions are on the euro, turn to technical analysis to aid level on 2 November was a great my career figuring out how to much needed, act signify? Does it repre- with a ratio of 2 to 1 in favour of short. their decision making, with case for supporting evidence for apply this almost mystical set of sent a turning point for the ECB? Will they Fibonacci retracements being one the trade, with the moving aver- numbers to the markets. become more proactive? Will markets see Asset Allocation of the most popular. age convergence-divergence I think the reason that the more aggressive stimuli, perhaps even Of course sceptics will say that (MACD) crossing to the upside and more complicated and esoteric quantitative easing? Simply put, will the technical analysis methods, such also support being offered from approaches appeal is because of markets be getting a new ECB; one which OTHERS GBP/JPY 16% as Fibonaccis, just become self-ful- the 100-day moving average. the belief amongst many in the could bring some stability to the system? 4% EUR/USD 37% filling prophecies. That is, as so And even on Friday, a beautiful beginning that there is some sort Of course, that stability comes with a EUR/JPY many traders tend to trade the trade in euro-dollar was possible of hidden magic system to the caveat; it is at the expense of a significantly 4% same patterns then the chances of (see graph above, middle) by sell- markets and if this can only be lower euro. The equity markets loved the AUD/USD % a reversal happening at a certain ing around $1.3833, the 38.2 per found then an abundance of interest rate cut. Indeed, the news of the 4% GOLD/USD point increases. But there-in also cent Fibonacci of the April to Lamborghinis will result. rate cut pushed the European bourses 14% lies the opportunities for traders. September fall (orange line), plus One of the problems I have with higher, with investors hopeful that they GBP/USD When you place a trade you the 38.2 per cent Fibonacci of last Fibonacci (and other approaches) could recoup some of the losses they 21% should always be looking for a week’s highs to Monday’s lows at is the idea that there is a hidden incurred in the past few trading sessions. trade with the probabilities in $1.3852 (blue line). Also check out precise order to markets – and your favour, and you should the high on 27 October, with an more so the over complication always look at the bigger picture. overbought RSI. that it implies. So try to find a significant So, the advice is look at Ultimately, markets can do one Fibonacci level that a price is Fibonaccis – they can be powerful of three things – up, down or side- approaching, look for other sup- aids to help decision making and ways. I am a big fan of keeping it porting indicators – such as a position planning. But remember, simple, looking at big levels in the hinging relative strength index no one tool is the golden ticket markets to identify trading oppor- (RSI) or stochastic – and then and they can be blown out of the tunities and/or following trends. place your trade. water by significant economic There is a great example of this When placing a trade, look for a news or developments. approach in the FTSE last week Fibonacci level above or below (see graph above, right) – despite which you could place your stop the Greek inspired turmoil, once losses, to put the probabilities of VOODOO again the FTSE buyers returned it surviving on your side. DAVID JONES ahead of what had been a major Remember, if everyone is looking IG INDEX level for the FTSE in October, to sell at a Fibonacci level, the 5,330. Weakness back to here had resistance will be strong. ONE of my proved tempting in the past – and Conversely, if you are a momen- favourite ranti- again last week it was a nice low tum trader, look to go long as a ng topics is the risk, high reward potential trade. price breaks through a Fibonacci tendency And not needing any hint of mar- level, as stop losses and momen- among those of ket voodoo to identify it. 32 Wealth Management CITYA.M. 7 NOVEMBER 2011

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OW many times have you bought a dud umbrella? One that embarrass- es you when it violently flips inside Hout? One that can’t quite stand up 1 to the limp November rain, or an occa- sional bluster on the way to work? Well, worry no longer and consider one of these fine specimens. These umbrellas not only look good, but are built to last. Jamie Milestone, design- er and founder of London Undercover, thinks that a well-con- sidered umbrella is the mark of a true City gent – perhaps the updat- ed incarnation of John Steed. “The umbrella is a status symbol for the modern gentleman,” he says. “It’s GET THE LOOK part of a certain look – the modern 1 James Smith, Slim-rolled British look.” If you’re willing to invest in a well-made bag or a pair of bespoke London Umbrella with Whangee shoes, then care should be taken in the Cane Crook, www.james-smith.co.uk choice of the umbrella as an accessory also worth spending money on. Milestone 2 Swaine Adeney Brigg, Golfing Umbrella, believes that a man who carries a quality £99, www.mrporter.com umbrella probably has a good attitude: “It 3 London Undercover, Maharishi, DPM Bamdazzle 1, shows that you’re well-prepared for every- thing.” London Underground’s City Gent £120, www.londonundercover.co.uk 3 umbrella is lightweight, but sturdy, and 4 Paul Smith, Multi Stripe Trim Umbrella, £65, won’t do that flighty thing of snapping inside out. Think of a strong, slimline www.mrporter.com number that’s made with smooth maple- 5 Fred Perry, Double Sided Tartan Umbrella, wood and a nice curve for a handle. It’s £45, www.fredperry.com certainly something that you’d be happy to be seen out and about with hanging 6 London Undercover, City Gent Lifesaver from your arm. Umbrella, £95, www.londonundercover.co.uk

5 4

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I am always cold but find fitting fabric with an element of knit to greater or lesser effect. A London is our go-to for a classic cut HOW TO GET wool knits unflattering on stretch will help to define your silhou- modern alternative to a wool jumper in this innovative use of fabric. Keep Q.my petite frame. What are ette. Belgian designer Anne Valerie is a shell top in a fine wool felt. This warm and toasty with an oversized DRESSED Q A the alternatives? Hash has produced the perfect scoop form of wool is just as warm but the scarf. Even the lightest silk will trap a & neck and roll neck tops in a super more tightly compacted nature of the layer of warm air against your body Oversized chunky winter soft yet durable machine washable fabric creates a contemporary struc- and is an easy way to add an injec- knits look great on the run- fabric. If you like the look of wool, tural shape for a chic alternative. We tion of colour to light up your com- Clare Rous & A.way but unless you are tall, but not the weight, then add a deli- love this season’s version by Spanish plexion on dark winter days. require stacked heels to balance your cate fine knit piece. Rebecca Taylor designer Angel Schlesser. A wool or Remember that most of your heat is Kara Iland proportions. The secret to staying has some beautiful examples this jersey blazer as a third layer is just as lost through your head so finish your FOUNDERS OF ROUS elegant (but still warm and comfort- winter in intricate web-like knits. comfortable as a chunky roll neck, outfit off with this season’s wide ILAND MEMBERS’ able) at this time of year is layering. Change the colour of your base layer but again is more closely fitted to the brimmed felt hat. BOUTIQUE A long-sleeved base layer in a tight to play on the transparency of the body to define your waist. Laark www.rousiland.com 34 Lifestyle | Travel CITYA.M. 31 OCTOBER 2011 In the snow in British Columbia

Whistler Blackcomb and Vancouver’s smaller resorts provide a family-friendly paradise for snowsports, says Lisa Young

UNNING through Vancouver in snowboarding events during Vancouver’s Skeleton experience at Whistler’s Olympic down the track in one piece. bright ski gear, carrying boots, 2010 Winter Olympic Games. Sliding Centre (www.whistlerslidingcen- Our instructor looked at us sternly. boards and skis is an experience in At sea level it was raining, but at Cypress tre.com). “Once you are on the sled, just lie there like Ritself. Before hitting the steep and it was snowing heavily. Just 30 minutes In February 2011, the Centre launched a a sack of potatoes, do absolutely nothing, deep slopes of Whistler Blackcomb – British from the sea, we were in a winter wonder- new program called the Skeleton Sports head down, don’t look up and hold on Columbia’s powder playground – we decid- land, skiing on fresh deep powder snow. I Experience, allowing members of the pub- tight to the hand rail,” he said ed to find our ski legs at Vancouver’s near- was surprised to see such quality powder. lic to try the skeleton on their Olympic clearly. by family resorts of Cypress, Seymour and Who knew you could have such good snow track. My heart was pounding and adrenalin Grouse Mountains. at this altitude and be so close to a major The notorious track is the fastest of its was pumping as I hiked to the starting The local resorts are so close to down- sea level city? kind and covers 1,458m of tight curves, point at Maple Leaf. On the way up I had a town Vancouver that at certain times of the Cypress (1,440m), Grouse (1,371m) and banks and stretches of straight fast ice. good look at the steep wall at corner 13 year, it is possible to shop in the morning, Seymour (1,265m) are family-oriented Professional skeleton athletes are able to called 50/50 (50/50 chance of staying on the golf in the afternoon and ski in the resorts offering plenty of challenging runs reach speeds of over 135kmph – Canada’s sled) and Thunderbird, the last big corner evening. for advanced skiers and less demanding Jon Montgomery, male skeleton Gold that you hurtle through before it spits you As we stood waiting for the Sea Bus, a 15- slopes for beginners and novice skiers. All medalist 2010, reached 144 kmph during out past the finish point and into the minute ferry service from Vancouver’s three local resorts offer fantastic day and his winning run. uphill braking outrun. Waterfront to Lonsdale Quay in North night skiing and are all within 30 minutes Starting a third of the way down the My name was called out and I Vancouver, we rubbed shoulders with of the City. They are perfect for finding track at Maple Leaf, which is just below cor- approached the metal sled. The ice was so smartly suited businessmen chatting your ski legs before taking on the more ner 10, participants can reach speeds slick I could barely stand. I got into position urgently into their mobile phones. challenging runs further north. between 90-100 kmph or more. and apprehensively looked down the track. Safely across the Burrard Inlet, we Only 800 people have tried the skeleton My face was within licking distance of the stepped off the ferry and straight onto an AND SO TO WHISTLER AND THE SKELETON since the start of the programme in ice. awaiting transfer bus that carries skiers Our next pit stop was Whistler February 2011 and the end of the season in Someone took my feet, gave me a shove and boarders from the shore to the snow in Blackcomb – 2,182m in altitude. March 2011 – all survived. and I started to slide. The instructor yelled 30 minutes. It was my first day here, but skiing was The 3.5-hour programme starts with an out: “Hang on tight, don’t let go and enjoy We were heading to Cypress Mountain on the back burner. The focus of the day introduction to the skeleton, the equip- the ride.” I responded with a few choice (1,200m) – host to the freestyle skiing and was plucking up the courage to try the new ment we were about to use, and how to get CONTINUED ON PAGE 36 DINING IN STYLE | GOURMET AND WINE AT THE RITZ MADRID BY HARRIET BUD Tired after a day of museums and walking in the mag- of Spanish wines was provided by 2010 Gourmetour Gemma Vela presented us with a Conde San Cristobel nificent, enormous Parc Retiro where the Madrileños Sommelier of the year, Gemma Vela. 2008 also from a vineyard north of Madrid in the area relax, talk and play, we entered the cool and peaceful After a glass of fizz (Cava Pares Balta Brut Nature) of Ribera del Duero. Ritz Madrid. We received a warm welcome from the we were presented with a consommé “sevigne”, We finished with crepe suzette first served in 1944, doormen who swept our bags inside and led us to the first served at the Ritz in March 1912, which paired with a Pacharan Baines from Navarra. reception. The location could not be better. Positioned was accompanied by a dry sherry As a digestif, we sipped nothing less than minutes by foot to the Prado, the Ritz is an icon. It was (Olorisa Tradición 30 años vors). The an Andalucian Brandy Carlos I. It was a founded 100 years ago by King Alfonso XIII, who want- braised crayfish tails in cabbage superb meal – the sommelier was ed to build a luxury hotel to rival the Ritz in Paris. He leaves presented to Francois unusually charming and skilled. succeeded, and Orient Express, which now owns and Mitterrand at a lunch at the Ritz in We retired to our room, slept the sleep manages it, has maintained the hotel as an opulent, old- 1982 was now served in the tranquil of the sated, and woke up to a gourmet world place worthy of the “Ritz” name. surroundings, uplifted by the piano breakfast buffet, which shone for its Stepping out of reception through the circular mar- Princess Grace of Monaco, all patrons of the Ritz music softly playing. The dish was skillfully selection of cold meats and fish. Well-rested ble, pillared foyer, we entered an elegant lounge lit by a Madrid? accompanied by an Albarino do Ferriera 2010. and fortified, guidebook in hand, we were ready resplendent glass chandelier. The opulent armchairs But I digress. It was time to refresh ourselves and Next followed a hake loin in a crispy bread crust, green to take on the Prado. invited us to pause for a rest and to imagine that the change for dinner. That night we were to dine on the pepper nectar and Iberian Vinaigrette (2010) served Gourmet & Wine Tour from €555 per night, through Maharaja of Kapurthaler and his wife, a Spanish dancer, terrace in the warm evening air (it was still warm in with a Fuente Elvira Verdeja 2010 from Northern Spain. Orient Express. The Leading Hotels of the World offers visitors to the Madrid Ritz in 1907, were joining us. Or Madrid). The menu was designed by Basque-born Jorge The beef tenderloin “centre Perigueux” was selected stays at Hotel Ritz Madrid from €259 per per night would it be the Emperor of Japan or Prince Ranier and Gonzalez, formerly of the Crillon in Paris, and a selection from a New Year’s Eve dinner in 1936 and for this based on two people sharing. www.lhw.com when visitors say there’s electricity in the air, it’s because there is.

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mexicotoday.org

la ventosa, oaxaca 36 Lifestyle | Travel CITYA.M. 31 OCTOBER 2011

WHISTLER | NEED TO KNOW

l Hotels Stay at the five-star Fairmont Chateau Whistler for 7 nights on a room-only basis with prices starting from £899 per person based on two sharing and including direct return flights with BA from London Heathrow to Vancouver and resort transfers. l Skiing Ski pack items can be pre-booked: Six day adult ski and boot hire starts from £82. Six day snowboard and boot hire starts from £103. Three-day ski or snowboard tuition (4hr/day) starts from £137. A 6 day Whole Area Pass (covers Whistler and Blackcomb) starts from £287. l Best restaurants in Whistler The Wine Room Fairmont Chateau Whistler - www.fairmont.com/whistler/ Sushi Village – www.sushivillage.com La Rua Restaurante – www.larua.ca lSkiing in Vancouver Skiing at Cyprus Mountain www.cypressmountain.com Skiiing at Seymour www.mountseymour.com Skiing at Grouse www.grousemountain.com

CONTINUED FROM PAGE 34 Above: Whistler’s In case you don’t know, Dave Murray was need to do to improve your skiing skills. He team for some unbelievable skiing with words and I was off down the track. The Olympic Sliding one of the legendary “Crazy Canucks” has the knack of using simple demonstra- Extremely Canadian – you will not regret noise of the sled was intense as it bumped Center track, and Canadian downhill ski team in the 70s and tions, definitions and anecdotes that are it. It was our last day on Whistler and it and jolted along the ice. inset, Lisa Young gets 80s. The run was named after him for the easy to interpret. was an early start. At 7.00 am we were at I was open to the elements, hammering set to go. 2010 Winter Olympics. We started with 7th Heaven chair lift the bottom of Whistler Village Gondola for down the track with no real protection and We moved on to Low Roll and then to and a warm up run down Cloud 9. From an early ride up to the Roundhouse Lodge hitting a speed of over 95kmph. I was going Boomer Bowl, a steep off-piste powder sec- there, we headed to the Glacier Express to experience Fresh Tracks Breakfast, open so fast I could only see a white flash and a tion, both black diamonds. We did a little chair, took our skis off and hiked up 50- to a maximum of 650 skiers and boarders. sense of high speed as I went up numerous bit of Little Whistler into Glacier Bowl metres to the entrance of Blackcomb You head up the mountain early, eat all banked curves. accessed by T-Bars and then to Bagel Bowl, Glacier to Spanky’s Ladder and Diamond you want and then have the use of certain It was exhilarating, powerful, exciting which was fairly steep. Bowl. The sun was out and visibility was lifts and runs for around an hour before and extremely quick – riding an out of con- After a hard day on the snow we had unlimited: the perfect day. the main lifts servicing the mountain trol roller coaster might feel similar. Overall worked up a good appetite. We kicked off Whistler Blackcomb has a total mile of open. I had the fifth fastest time out of the 20 our boots and headed straight for Sushi vertical between the two mountains and is Emerald Lift and Big Red Express lifts people in the group, reaching 99.3kmph in Village, a spectacular and popular restau- the only resort in North America where are available to all Fresh Trackers, but a time of 30.14 seconds. Not bad for a rook- rant serving huge portions of delicious you can ski or ride on a glacier. They’re don’t ski all the way to the bottom of the ie slider. Japanese food. After a few servings of sake blessed with an average of 10-metres of mountain, because you will not be allowed The following morning we met up with we retreated to the Fairmont Chateau snow per year. back up before the regular opening time British ski instructor Ollie Nixon for a tour Hotel for a nightcap and an early night. The glacier is amazing: skiing off the without purchasing another ticket. of Whistler Blackcomb. It was snowing edge of the mountain down into the bowl Breakfast was a large buffet style affair, a heavily, visibility was limited, but as always LEARNING WITH SUPERSTAR PETER SMART with fresh powder was heavenly. The area bit greasy spoon, but we were not there for the snow was great and we ploughed on Another early start, this time with Peter is wide-open, with unbelievable views, the food. We were there to ski Whistler’s regardless. Smart. He’s the founder of Extremely chutes, untracked lines, cliffs and loads of fresh untouched powder before the rest of Whistler has 8,171 acres of skiable terrain Canadian Ski Clinics. Peter revolutionised fluffy snow. If you are looking for steep the village got up the mountain and cut it and backcountry, the most in North ski instruction when he founded the com- and deep, this is the place to go. all up. It was great; we had the mountain to America. It also boasts spectacular snow pany in 1994. You may know him from We skied down to Accelerator chair and ourselves, almost, if only for a short time. conditions, pristine scenery and fantastic Warren Miller films or judging extreme Jersey Cream chair and then down Peter Smart is with Extremely Canadian Ski heli-skiing and cat-skiing opportunities. contests. Christmas Run, trying out Peter’s “hop- Clinics (www.extremelycanadian.com), which Throughout the day we skied a lot off He’s named among the top 100 ski ping” exercises to improve skiing balance offers two days of expert “free skiing” guiding over piste, starting out with the Dave Murray instructors in North America. Apart from and to help make quicker and tighter 8000 acres of North America’s toughest terrain Downhill (not off-piste) into Tokum and being an amazing skier, Peter is an amica- turns in narrow places. with 5,000 acres of vertical. then worked our way over to Harmony ble, friendly and funny guy. He’s encourag- If you are going to Whistler, treat your- Lisa Young travelled with Inghams, www.ing- Ridge for some fun in the powder. ing and can tell in an instant what you self to a few of days with Peter and his hams.co.uk. 020 8780 4447 In which I star in my very own video game

towards you at ever increasing speeds. I had a a helmet mounted camera, was a success – the only saving grace being that I hadn’t dream about it once. The Tetris music still but only because killing the actor in real life stormed the vehicle completely naked. brings me out in a cold sweat. wasn’t really an option. Otherwise they would As proof of the speed of AMD’s chips I was So when I was asked to star in my own have been scraping her up with a spoon. Here handed a laptop powered by its technology to hostage rescue video game, I said “pass me my are some things I learned from the experience: edit and render the footage. And it’s fast. sniper rifle. And my axe” (yes, I rescue hostages 1) Military helmets are too big for my head. Video rendering is usually a process several with an axe). Chipmaker AMD organised the If I end up making a career as a special forces notches duller than watching an infinite loop event on the slightly spurious logic operative someone needs to look into this. of Lewis Hamilton eating a scotch egg. In the that its chips allow graphics to ren- 2) My hostage rescue tactics consist time I have wasted staring at a screen, shed- der so seamlessly that the only way entirely of shouting “Put it down” over and ding tears of pure, congealed hatred, I could to get closer to the action is to actu- over again, until the kidnapper eventually have written the great American novel. But GEEK SPEA K ally be inside a game. capitulates, presumably out of sheer bore- this was painless. To a fully signed-up Apple I was led to a “top secret” location in dom or some kind of hypnosis. fanboy, it was an unexpected reminder of why Milton Keynes, where former special 3) Finding a key during a hostage res- people still grapple with Windows. @steve _dinneen forces operatives trained me in disciplines cue situation is impossible, even when No amount of processing power, though, including sniper rifle shooting, axe throwing, the kidnappers are whispering “It’s on could disguise the inevitable truth of the situ- hand to hand combat and pistol drawing. the hook over there. No, over there. On ation: I may have starred in my own video eing inside your own video-game After that I was pointed in the direction of an the hook. Right in front of you.” game but, given my performance, that game sounds like fun. Unless that game is armoured personal carrier and told to bring Back at the briefing room I got my was more Kinectimals than Call of Duty. Tetris; then you’d be locked inside an back a hostage. Preferably alive. hands on the video footage, which Check out the video of my hostage rescue Bendless cycle of rotating blocks, falling The rescue, which was captured by way of played like a tangible anxiety dream, at tinyurl.com/bvk6mhl CITY A.M. from 1 to 9 to solve Sudoku thispuzzle. tricky numbers the all contains block 3x3 each and column row, each Place thefrom 1 numbers to 9 in each empty cell so that each SATELLITE & CABLE TERRESTRIAL    QUICK CROSSWORD MOA LAST ISSUE’S CLEF CS I COM U BOWSER ASTROLABE KEEN L I 7 MOVEMBER 2011 SOLUTIONS D E BBC1 K PRS3 SPORTS SKY 10am 2 SPORTS SKY Football League 7pm 1 SPORTS SKY 7pm Unlimited Afterburn Line Bottom 10pm 3.55am-6am Mundial Bits Best Review All Classic Tour PGA Golf of World Wonderful Championship Golf Jumping Show 11.30pm World Golfing Round-Up 10pm Football League Premier Scottish 3.40am-6am Know to Need You Things 3.10am Cooking Simple Slater’s Nigel Revolution and Painting – Impressionists 1.40am Revisited Off Bake British Great The Weatherview Show Norton Graham Britain Bishop’s Sport of Question A 10.25pm odnNews London on Apprentice Young Panorama – Bill? 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Davies Greg Buzzcocks: 10pm Wives Military 4am-6am 1.05am 9pm Prof 8.30pm 8pm series. the in Last Trip: 7pm –ItTakesTwo6.30pm 6pm B2ITV1 BBC2 League Premier Scottish Kicks: ESPN Interruption the Pardon Lines the Between udsiaRve Show Review Bundesliga 1.30am 12am Union Rugby 14 Top French Union Rugby Premiership 7pm LIVING SKY 6.30pm ESPN Confidential 11.45pm-12.15am Championship Car Touring World 9.45pm Man Strongest 6pm EUROSPORT BRITISH mrc’ etTpModel Top Next America’s ih Raw – Night 2am-4.15am 1am KAKURO 14 99 9 2 2 7 5 5   1 68 386 2 33 5 essionals W itg Collection Vintage WWE rmnlMinds Criminal ieWeightlifting Live eert niusRoad Antiques Celebrity CHOICE Eggheads nvriyChallenge University ieNLCountdown NFL Live ee idthe Mind Never 1 6 9 3 5 77 11.30pm B News BBC ieNFL Live Eurogoals ako h Terrace the of Talk tityCm Dancing Come Strictly atrhf The MasterChef: 147 9 8 8 7 3 55 ilI Snow? 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98I:C8PJGIL< JXkli[Xp 8ij\eXc%%%%%%%%%%%%%%%%%% )  * N\jk9ifd%%%%%%%%%%%%%%%% '  ' Olympic torch: mXeG\ij`\))#M\idX\c\e*0 8ik\kX.+ 8kk1-'#'0( 8jkfeM`ccX%%%%%%%%%%%%% (  * Efin`Z_%%%%%%%%%%%%%%%%%%%%%% (  ) 9\ek*'#-) G`cb`e^kfe),#Dfi`jfe.. 8^YfecX_fi+/ 8kk1*,#)0' 9cXZbYlie%%%%%%%%%%%%%% '  ' :_\cj\X%%%%%%%%%%%%%%%%%%%%%% ' ( 8kk1)(#0/, CXdgXi[,( London route C`m\igffc%%%%%%%%%%%%%%% '  ' JnXej\X%%%%%%%%%%%%%%%%%%%% '  '  8kk1+,#'(* DXeLk[%%%%%%%%%%%%%%%%%% (  ( Jle[\icXe[%%%%%%%%%%%%%%% '  ' 9ifne+, f^  8kk1.,#,.' E\nZXjkc\%%%%%%%%%%%%% )  ) ; Gkj minate in a comprehensive seven- DXe:`kp%%%%%%%%%%%%%%%%%%%%%%%%%(( (' ( ' *0 (' )0 *( DXeLk[%%%%%%%%%%%%%%%%%%%%%%%%%(( / ) ( )/ () (- )- day tour of the capital’s 32 boroughs E\nZXjkc\%%%%%%%%%%%%%%%%%%%%%%(( . + ' (. / 0 ), and the City. :_\cj\X%%%%%%%%%%%%%%%%%%%%%%%%%%%%(( . ( * )+ (, 0 )) The flame will be transported on Kfkk\e_Xd%%%%%%%%%%%%%%%%%%%%%(' . ( ) )( (, - )) C`m\igffc%%%%%%%%%%%%%%%%%%%%%%%%(( , + ) (+ (' + (0 horseback, bicycle, tram and steam- 8ij\eXc%%%%%%%%%%%%%%%%%%%%%%%%%%%%(( - ( + )* )( ) (0 train during a 70-day route through 8jkfeM`ccX%%%%%%%%%%%%%%%%%%%%%(( * - ) (- (, ( (, every corner of the British Isles, Efin`Z_%%%%%%%%%%%%%%%%%%%%%%%%%%(( * + + (- (/ $) (* from the Shetlands to the Channel JnXej\X%%%%%%%%%%%%%%%%%%%%%%%%%(( * + + () (, $* (* HGI%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%(( * * , (' )' $(' () Islands and most places in between. Jkfb\%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%(( * * , / (0 $(( () Famous landmarks such as Nfcm\j%%%%%%%%%%%%%%%%%%%%%%%%%%%%%(( * ) - () (/ $- (( Stonehenge, Mount Snowdon and N\jk9ifd%%%%%%%%%%%%%%%%%%%%(( * ) - 0 (- $. (( Jle[\icXe[%%%%%%%%%%%%%%%%%%%(( ) + , (+ (* ( (' Loch Ness will provide the backdrop =lc_Xd%%%%%%%%%%%%%%%%%%%%%%%%%%%%%(( ) + , (+ (, $( (' to stages of the relay, which begins in ; Gkj where 8,000 volunteers will carry 9 Bexley Jflk_Xdgke%%%%%%%%%%%%%%%%%(- (( * ) *. (. )' *- the flame on its 8,000-mile trek. 28 City N\jk?Xd%%%%%%%%%%%%%%%%%%%%%(- 0 + * )/ (* (, *( Organisers say the torch will pass 23 JULY 2012 29 Southwark D`[[c\jYifË%%%%%%%%%%%%%%%%%%%(- / - ) )' () / *' 30 Lambeth :Xi[`]]%%%%%%%%%%%%%%%%%%%%%%%%%%%%%(- . - * )0 )' 0 ). within 10 miles of more than 95 per 10 Lewisham 9cXZbgffc%%%%%%%%%%%%%%%%%%%%%%%(- . + , )- (0 . ), cent of the population. 11 Bromley 31 Kensington :ipjkXcGXc%%%%%%%%%%%%%%%%%%%%%(- . + , (/ (+ + ), The national tour will begin in 12 Croydon 32 Hammersmith C\\[j%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%(- . + , )- ), ( ), 33 Westminster ;\iYp%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%(- . * - )) )* $( )+ Land’s End, Cornwall on 19 May and 13 Sutton ?lcc%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%(, . * , (+ (, $( )+ take in every single county in 14 Merton 9i`^_kfe%%%%%%%%%%%%%%%%%%%%%%%%%(- - , , (0 (. ) )* England and all local authority areas 15 Wandsworth 27 JULY 2012 G\k\iYfif%%%%%%%%%%%%%%%%%%%%%(- . ( / *) )0 * )) 34 Journey down C\`Z\jk\i%%%%%%%%%%%%%%%%%%%%%%%%%(- - + - )' (0 ( )) in Scotland, Northern Ireland and 9`id`e^_d%%%%%%%%%%%%%%%%%%%%(* - * + (/ (+ + )( Wales. 24 JULY 2012 the Thames and I\X[`e^%%%%%%%%%%%%%%%%%%%%%%%%%%%(- , - , (- (, ( )( Nominations for torchbearers 16 Kingston ending up at the @gjn`Z_%%%%%%%%%%%%%%%%%%%%%%%%%%%(, - ) . )( ). $- )' 17 Richmond Olympic Stadium Gfikjdflk_%%%%%%%%%%%%%%%%%%(- , + . (0 (/ ( (0 have closed and the first names will D`ccnXcc%%%%%%%%%%%%%%%%%%%%%%%%%%%(- + - - (0 (/ ( (/ be confirmed in February. 18 Hounslow in Stratford 9liec\p%%%%%%%%%%%%%%%%%%%%%%%%%%%%(, , * . )' )* $* (/ For full details of the route and an inter- 19 Hillingdon 9Xiejc\p%%%%%%%%%%%%%%%%%%%%%%%%%(- + - - (. )( $+ (/ Efkkd=fi%%%%%%%%%%%%%%%%%%%%%%(- , ) 0 (, ). $() (. active map see www.london2012.com NXk]fi[%%%%%%%%%%%%%%%%%%%%%%%%%%(- + + / (, )- $(( (- 9i`jkfc:`kp%%%%%%%%%%%%%%%%%%%%(- * + 0 (+ ). $(* (* :fm\ekip%%%%%%%%%%%%%%%%%%%%%%%%%(- ) - / (* )+ $(( () ;feZXjk\i%%%%%%%%%%%%%%%%%%%%%%(- * * (' (* )/ $(, () EGFNL<( 9flie\dflk_%%%%%%%% (  ) JZlek_fig\%%%%%%%%%%%%%%% '  ' SPORT | IN BRIEF :_Xickfe%%%%%%%%%%%%%%%% +  , Gi\jkfe%%%%%%%%%%%%%%%%%%%%%% '  ) Wolves win six-pointer :_\jk\i]`\c[%%%%%%%%%%% (  ) P\fm`c%%%%%%%%%%%%%%%%%%%%%%%%%% (  ) L<) FOOTBALL Edwards and Stephen Ward sealed one of several options.” Raikkonen quit claimed her second title in as many 8=:N`dYc\[fe%%%% '  ( 9Xie\k%%%%%%%%%%%%%%%%%%%%%%%%% (  ( the win, while Wigan’s Antolin Formula One for the World Rally circuit weeks with victory over Austria’s Yvonne 8ZZi`e^kfeJkXec\p% )  ) 9i`jkfcIfm\ij%%%%%%%%%%% '  ( 9iX[]fi[%%%%%%%%%%%%%%%% '  ' :_\ck\e_Xd%%%%%%%%%%%%%%%% (  ( WOLVES ended a run of eight games Alcaraz could be in hot water after in 2009. Meusberger in Ismaning, Germany. It fol- 9likfe8cY`fe%%%%%%%% (  ( DXZZc\j]`\c[%%%%%%%%%%%%% '  ' without victory with a win over fel- appearing to spit at Christophe Berra. lows her win at another ITF event in :i\n\%%%%%%%%%%%%%%%%%%%% '  ' KfihlXp%%%%%%%%%%%%%%%%%%%%%% (  * Hoy claims track gold for Britain Barnstaple and means she ends the sea- ;X^I\[%%%%%%%%%%%%%% '  ' J_i\njYlip%%%%%%%%%%%%%%% (  ) CYCLING: Britain’s Sir Chris Hoy won son on a high. Elsewhere former world >`cc`e^_Xd%%%%%%%%%%%%% *  + Efik_Xdgkfe%%%%%%%%%%%%% (  * ?\i\]fi[%%%%%%%%%%%%%%%%% (  ( :iXnc\pKfne%%%%%%%%%%%% (  ( gold in the men’s sprint at the first leg of No1 Roger Federer won his first ATP title Gcpdflk_%%%%%%%%%%%%%%%% (  ( Dfi\ZXdY\%%%%%%%%%%%%%%% '  ( the World Track Championships in for 10 months at the Swiss Indoors GfikMXc\%%%%%%%%%%%%%%% '  ' Jn`e[fe%%%%%%%%%%%%%%%%%%%%% ( ) Astana, Kazakhstan. The four-time event. Ifk_\i_Xd%%%%%%%%%%%% )  ) 8c[\ij_fk%%%%%%%%%%%%%%%%%% '  ' Bolton end home slump Jflk_\e[%%%%%%%%%%%%%%%% (  ) Fo]fi[Lk[%%%%%%%%%%%%%%%% '  ( Olympic champion beat Russia’s Denis Dmitriev 2-0 in the final. Team-mate Dani Champ Stoner wins in Valencia IL>9PLE@FE BOLTON safety and gained revenge for last sea- King took silver in the women’s omnium. MOTO GP: World champion Casey Stoner 8M@M8GIcflZ\jk\i%%%%%%%%%%%%%%%%%%%%%%%)+ STOKE win of the campaign. HORSE RACING: Three-time Breeders tribute to the late Marco Simoncelli. C\`Z\jk\i%%%%%%%%%%%%%%%%%%%%%%%%%%%)+ Cfe[fe@i`j_%%%%%%%%%%%%%%%%%%%%)+ 0 Kevin Davies and Chris Eagles had Cup Mile winner Goldikova will retire as Competitors from all three classes P\jk\i[Xp one of the greats despite failing to win remembered Simoncelli, who died last ▲ the home side two ahead at the break, JXiXZ\ej%%%%%%%%%%%%%%%%%%%%%%%%%%%)* JXc\%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% (' FOOTBALL NXjgj%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%(* Efik_Xdgkfe%%%%%%%%%%%%%%%%%%%)+ and in the second half another from the race a record fourth time, says train- month at the Malaysian GP, before the Eagles was sandwich by an Ivan er Freddie Head. The six-year-old was race, which Stoner won by overtaking email [email protected] BOLTON moved to within a point of Klasnic brace. beaten into third place at Churchill Ben Spies on the final corner. CITYA.M. 7 NOVEMBER 2011 Sport 39 Europe next target Race row caddie in for seven-up Sarries clear as chiefs say Woods case closed SARACENS 23 PARTY POOPERS | Saints ruin Edwards’ day ▲ said they regarded the matter closed SALE GOLF 10 BY FRANK DALLERES following an apology from Williams. “The International Federation of

▲ RACE row caddie Steve Williams has PGA Tours feels strongly there is no RUGBY UNION escaped sanction for his remarks place for any form of racism in ours BY FRANK DALLERES about former world No1 Tiger or any other sport,” they said in Woods, despite world golf a joint statement. “We con- SARACENS boss Mark McCall predict- chiefs calling them sider the remarks of Steve ed a much-improved European cam- “entirely unacceptable Williams, as reported, paign after seeing his side close to in whatever context”. entirely unacceptable within four points of Premiership New Zealander in whatever context. leaders Harlequins with a seventh Williams (inset), We are aware that he successive league win. sacked by Woods in has apologised fully Tries from England pair David July after 13 years, told and we trust we will Strettle and Matt Stevens and the reli- a caddies’ awards din- not hear such remarks able boot of young fly-half Owen ner on Friday that he rel- again. Based on this, we Farrell eased Sarries to a clinical victo- ished his new employer consider the matter ry blighted only slightly by two late, Adam Scott’s victory over closed, and we will have no unconverted Sale tries. the American in August because further comment.” It means the domestic champions he wanted “to shove it right up that The statement is unlikely to placate go into the weekend’s first Heineken black a***hole”. anti-racism groups, who have called Cup fixtures on a roll and fuels direc- The two heads of the world’s pre- for Williams to be investigated. tor of rugby McCall’s belief they can mier tours, the European Tour’s Scott confirmed he would retain improve on last season’s disappoint- George O’Grady and Tim Finchem of Williams for this week’s Australia ing showing in the competition. the PGA, yesterday joined worldwide Open, where, as fate would have it, “We learned lessons very quickly condemnation of the comments but they will cross paths with Woods. during last season’s Heineken Cup and, hopefully we haven’t got the same failings we had back then,” he said. “I believe we are capable of having a good impact on the Heineken Cup Resurgent Kaymer out to and that we have the strength and quality within the squad to take advantage of last season’s experi- ences. We open our Heineken pro- scupper Donald’s double gramme at home to Benetton Treviso next Sunday and there is always a

sense of anticipation when this com- ▲ petition comes around.” GOLF Donald’s lead of almost £900,000 in McCall singled out former England the Race to Dubai may prove too captain Steve Borthwick for praise FORMER world No1 Martin Kaymer great, despite a return to form that and predicted the lock would spear- has not given up hope of denying saw him overhaul a five-shot head the club’s renewed assault on England’s Luke Donald a PGA and overnight deficit to win by three. Europe. European Tour double after storming “He deserves to be No1 in Europe,” “I believe Steve’s form is the best he to victory in the WGC-HSBC Kaymer said of Donald. “It will be dif- has enjoyed in the past two and a half Championship in Shanghai. ficult [to catch him], but that is what years,” McCall added. “His impact on Kaymer’s birdie-strewn back nine the sport is about, to challenge your- and off the field, his leadership and earned him a 10th European Tour tri- self, challenge the other players that his form as a lock forward are all WASPS slipped to a 24-13 defeat at home to Northampton in coach Shaun Edwards’ last umph and lifted him to second in the you play with week in, week out, and magnificent. Against Sale he was a match with the London club. Saints props Brian Mujati (above) and Soane Tonga’uiha circuit’s money list, which PGA Tour of course I’ll try.” big factor in our success against their scored the tries and Ryan Lamb kicked 14 points to lift the visitors to sixth in the winner Donald currently heads with Kaymer’s nine birdies in the final lineout and in Europe we could not Premiership. Riki Flutey and Ross Filipo went over for Wasps, who are eighth in the just a handful of events remaining. 12 holes left him on 20 under par, be led by a better skipper.” table. Edwards has been linked with an England role. Picture: GETTY But the German, 26, admits beating Sweden’s Freddie Jacobson.

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OLYMPIC TORCH ROUTE REVEALED WHEN DOES THE FLAME COME TO Sport YOU? PAGE 38 Gutsy Spurs provide Harry with perfect get well gift

charged from hospital last Thursday. FULHAM The 64-year-old watched yesterday’s 1 events unfold from his Dorset home, rather than the stands as he had orig- TOTTENHAM inally intended, and admitted there 3 was no chance of him returning to work before the end of the interna- ▲ FOOTBALL tional break. He said: “Doctors recommend I BY JAMES GOLDMAN AT CRAVEN COTTAGE shouldn’t even think about football TOTTENHAM manager Harry for four or five weeks – but I’ll see how Redknapp revealed his recovery from I go. I’m hoping to be back before minor heart surgery could keep him then.” out of action for up to five weeks but In Redknapp’s absence first team his side prospered in his absence affairs will be handled by his assis- yesterday, producing a spirited tants Joe Jordan, Kevin Bond rearguard action to emerge and Clive Allen, and the for- from Craven Cottage with mer admitted the tense three points. nature of yesterday’s win A seventh win in eight would have done little to games looked likely to improve his boss’s health. prove a formality at half- He said: “The last 30 time with the visitors two minutes may have been a goals ahead thanks to their bit of a tester for him. But wingers Gareth Bale and if he passes that, which I’m Aaron Lennon. sure he will, hopefully he will But a spirited Fulham come- be back a bit earlier.” back yielded an own goal from Younes Defeat, meanwhile was harsh on Kaboul and Spurs were indebted to Fulham, who peppered Friedel’s goal goalkeeper Brad Friedel, who pre- after the break and were denied a served their lead on numerous occa- penalty in injury-time when Kyle sions, before Jermaine Defoe’s Walker handled. Bale put Spurs deflected volley sealed matters with Manager Martin Jol said: “Today we ahead in the 10th the last kick of the game. had 28 attempts on goal. They had minute Redknapp, meanwhile, had hoped seven and scored three goals. I felt we to be back on the training pitch with- really deserved a point. We are in a Picture: ACTION in two weeks of having been dis- false position.” IMAGES Rodwell and Sturridge given Ban countries over fixing, England chance by Capello urges ex-corruption chief ▲ CRICKET well. If a board is not doing enough to prevent corruption they should also ▲ FOOTBALL Metropolitan Police investigations ENGLAND SQUAD | V SPAIN AND SWEDEN THE FORMER anti-corruption chief of suffer consequences and the nuclear over an alleged racist remark. the International Cricket Council option is teams would sadly have to BY JAMES GOLDMAN Former skipper Rio Ferdinand has Goalkeepers: Joe Hart, Scott Carson, (ICC) has called on the world govern- be excluded from world cricket if they CHELSEA striker Daniel Sturridge and again been left out, while his David Stockdale. Defenders: Glen ing body to consider banning are not getting their act together.” Everton midfielder Jack Rodwell have Manchester United team-mate Wayne Pakistan over the spot-fixing scandal. The comments follow last week’s been handed their first senior Rooney, who will miss the start of Johnson, Phil Jones, Gary Cahill, John Lord Condon urged the ICC to jailing of Pakistan trio Salman Butt, England call-ups ahead of the upcom- Euro 2012 through suspension, has Terry, Ashley Cole, Leighton Baines, Phil prove its credibility by imposing the Mohammad Asif and Mohammad ing friendlies against Spain and also been omitted. Jagielka, Joleon Lescott, Kyle Walker. toughest sanctions possible for coun- Amir after they were found guilty of Sweden. Liverpool’s Glen Johnson returns to Midfielders: Frank Lampard, Jack tries who do not do enough to pre- conspiracy to cheat and conspiracy to The pair have graduated from the squad after injury, which means vent corruption in their teams. accept corrupt payments. The charges Stuart Pearce’s Under-21 squad after no place for Micah Richards, despite Rodwell, Stewart Downing, Gareth Barry, “This is another big wake-up call relate to their deliberate bowling of enjoying impressive starts to the sea- his excellent form for Manchester Adam Johnson, James Milner, Scott for cricket,” said former Met Police no-balls during a Test match against son for their clubs. City. Richards, who captained his side Parker, Theo Walcott. Strikers: Darren commissioner Condon. “The ICC has England at Lord’s last year. As expected, skipper John Terry has to a 3-2 win over QPR on Saturday, Bent, Daniel Sturridge, Gabriel Agbonlahor, to get tougher. It has to be prepared to Former captain Butt was sentenced been included despite being the sub- wrote on Twitter: “Well well well!!!! give the harshest sentences it can – to 30 months, Asif for 12 months and ject of Football Association and Disappointed is an understatement!!” Bobby Zamora, Danny Welbeck. not just to cricketers but boards as Amir for six months. YOU COULD SOON BE HANDLING A SUPERCAR.

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