BUSINESS WITH PERSONALITY

GUIDE TO LIVE JAZZ, SOUL & BLUES MUSIC EVERY NIGHT MONDAY TO SATURDAY Gsj!Kvmz!26! TBSBI!KBOF!NPSSJT ! ! ! ! ! ! FOR MORE INFORMATION ON ALL THE :/11qn ! ! ! ARTISTS PERFORMING & TO BUY TICKETS ÕMfbwf!zpvs!qsfdpodfqujpot!bu!ipnf-Ö!jt!pof!Mpoepo!dsjujdÖt!bttfttnfou!pg! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! tfotvbm!tjohfs.tpohxsjufs!Tbsbi!Kbof!Npssjt-!xip!tusbeemft!spdl-!cmvft-!kb{{! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! PLEASE VISIT: WWW.BOISDALE.CO.UK boe!tpvm!xjui!b!hpptf!cvnq!sbjtjoh!gpvs.pdubwf!sbohf/ ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! OR CALL: 020 7715 5818 ! ! ! Tbu!Kvmz!27! OBUBMJF!XJMMJBNT ! ! ! ! ! ! ! ! ! :/11qn ! ! ! Pof!pg!uif!VLÖt!mfbejoh!tpvm.kb{{!tubst!xjmm!cf!qfsgpsnjoh!b!njy!pg!dmbttjd!tpvm! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! boe!kb{{!bmpohtjef!ifs!pxo!cfbvujgvmmz!dsbgufe!psjhjobm!nbufsjbm/!B!gboubtujd! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! BOISDALE OF CANARY WHARF tjohfs!boe!b!nbttjwf!ubmfou/ ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! JULY & AUGUST Npo!Kvmz!29!' ! ! ! ! ! ! ! !Uvf!2:!:/11qn KVEZ!DBSNJDIBFM ! ! ! ! Hsbnnz! opnjobufe! qjbojtu! Kvez! Dbsnjdibfm! xjmm! cf! qfsgpsnjoh! xjui! ifs! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! JAZZ, SOUL & BLUES LISTINGS usjp/!Dpvou!Cbtjf!ojdlobnfe!ifs!ÓTusjefÔ-!bdlopxmfehjoh!uif!dpnnboe!xjui! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! xijdi!tif!qmbzt!uijt!ufdiojdbmmz!efnboejoh!wjoubhf!kb{{!qjbop!tuzmf/!B!gbcvmpvt! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! qfsgpsnfs!boe!tifÖt!gvooz!upp"

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PRIVATE SECTOR IN JOBS BOOM P8 BUSINESS WITH PERSONALITY Issue 1,404 Thursday 16 June 2011 www.cityam.com FREE GREECE IN TURMOIL

▲ EUROZONE round of austerity cuts, which parlia- BY JULIET SAMUEL ment must pass to receive its next tranche of rescue money. CROWDS in Athens exchanged fire- As the deadlock between the bombs and stones with police using Eurozone’s key players continued, EU teargas yesterday as protests in the officials began to talk of dispensing Greek capital’s Syntagma Square Athens’ next €12bn (£10.5bn) in turned violent. bailout funds in early July, whether or Street battles raged amid shattered not an agreement has been reached storefronts as tens of thousands joined on Greece’s new aid package. protests on the back of a 24-hour strike Eurozone ministers have set a dead- called by Greece’s civil service and pub- line of 20 June to decide what form the lic sector unions. latest rescue, which could cost as The unrest played havoc with the much as €120bn, will take. But with lit- markets, helping send the price of tle sign of a compromise between the brent crude oil down five per cent to European Central Bank (ECB) and $113.60 a barrel and the Dax down 1.3 Germany on the key issue of private per cent, the Nasdaq 1.8 per cent and sector involvement in the deal, offi- the FTSE 100 one per cent as investors cials are privately admitting that next bet that a wave of Greek chaos could week is unlikely to see a deal signed. engulf the world economy. In a sign of growing anxiety about Following an emergency cabinet the contagion effects of the Greek cri- meeting, embattled Prime Minister sis, Moody’s put France’s three biggest George Papandreou issued a plea for lenders on review for a credit down- his political opposition to join him in a grade due to their exposure to Athens. coalition government after failing to The agency said that BNP Paribas, muster enough support for another Credit Agricole and Societe Generale are all vulnerable to the rising chance of a Greek default. Greek Prime Minister Yields on Athens’ two-year debt set George Papandreou is yet another record of 28 per cent, scrambling to form a while ten-year rates reached 17.9 per coalition government to cent. The euro dropped 1.85 per cent against the greenback and 0.95 pass his cuts package. against the Swiss franc. Protestors clashed with riot police in Athens as global markets fell on the threat of Greek contagion

King: we were right to hold rates SPECIAL INVESTIGATION: CITY AT WAR

▲ UK ECONOMY Mayor’s banquet at Mansion House. economy,” said King, adding support BY JULIAN HARRIS Such an eventuality would have for chancellor George Osborne’s aus- Qatari conglomerate pulls IPO risked “undesirable volatility of out- terity plans. THE Bank of England could have put”, which the Bank is tasked to Much of the West could face “seven stopped inflation rising above target avoid, King said. lean years” of post-crisis slump, he ▲ EXCLUSIVE the earliest fo llowing a meeting with but chose to prioritise economic out- His words suggest the Bank is target- warned, due to the “failure to tackle advisers yesterday. BY RICHARD PARTINGTON put by keeping rates at their historic ing economic growth as an equal part the imbalances during the seven years The $2.4bn-valued company’s fail- low, governor Sir Mervyn King told the of its remit, alongside inflation, in a of plenty before 2007.” QATARI conglomerate Aamal has ure to list follows a string of aban- City last night. similar manner to the US Federal Interest rates are only likely to rise pulled its plans to sell up to $600m doned London share issues, amid a Raising interest rates “would have Reserve. The Fed has a dual mandate once “domestically generated infla- (£371m) in shares on the London crippling City war over the pricing of meant a weaker recovery, or even fur- which includes fostering employment. tion” is observed, with King also citing Stock Exchange . IPOs. ther falls in output, despite our having “With the freedom granted from the wide spreads between the Bank Management at the comp any, “Investo rs are holding onto their experienced the worst downturn in having our own currency, the mix of rate and many commercial rates. which ow ns a range of industrial cash rather than agreeing to the valu- output and spending since the Great tight fiscal and loose monetary policy ALLISTER HEATH: P2 businesses in the Middle East, will ation of the company,” a source close Depression,” King said at the Lord is necessary for a rebalancing of the MORE: P2-3 postpone the listing until autumn at to the deal told City A.M..

▼ ▼ ▼ ▼ ▲ ▼ Certified Distribution FTSE 100 5,742.55 -60.58 DOW 11,897.27 -178.84 NASDAQ 2,631.46 -47.26 £/$ 1.62 -0.02 £/¤ 1.14 +0.01 ¤/$ 1.42 -0.02 02/05/11 till 29/05/11 is 103,467 2 News CITYA.M. 16 JUNE 2011 Chancellor right Mansion House that banks must Osborne: the be allowed to fail Rock will be banks to fail in a controlled manner, protecting the overall system. Crucially, he emphasised that he wants “Britain to be the home of some of the world’s leading banks, but those banks cannot be underwrit- re-privatised ten by the British taxpayer”. He said that he would assess the findings of the Independent Commission on

EDITOR’S LETTER ▲ Banking (ICB) against four conditions: POLITICS banks – said the government could ALLISTER HEATH All banks should be allowed to fail BY DAVID CROW earn twice as much by auctioning safely without affecting vital banking Northern Rock off as opposed to IT is a shame that much of the City services; this should happen without CHANCELLOR George Osborne last mutualising it. will be focused on the crisis in Greece imposing costs on the taxpayer; it night announced that Northern “Mutualisation would be virtually and its repercussions on global mar- should be in a manner applicable Rock – the first casualty of the finan- giving it away,” an aide to Osborne kets this morning, for there were across the sector; and it should be cial crisis – will be re-privatised. said. some surprisingly good ideas on consistent with EU and international Treasury sources said they hoped However, Treasury sources sug- banking regulation at Mansion House law. That is exactly right – and the auction, which is expected to gested that Northern Rock could still last night. There was a clear shift in Osborne outlined all the ways that raise around £1bn for the exchequer, become a mutual in essence if it attitude on display: the chancellor’s the government is now retreating would be completed before the end were sold to a building society such pronouncements were by far the best from underwriting the financial sys- of the year. as Coventry or Yorkshire, which is speech to date from any government tem, including the looming reprivati- The chancellor, who made the said to be interested. minister on the reform of the finan- sation of Northern Rock; the opening announcement in his annual Osborne said: “Any interested par- cial system. True, he endorsed the of the Credit Guarantee Scheme to Mansion House speech, is keen to ties can bid for it, including mutu- ringfencing of the retail divisions of early redemption; and the early use the sale to help create a new als, which this government is universal banks, an incomplete solu- repayment of the Bank’s special liq- “challenger” bank that could boost actively committed to promoting.” tion that fails to realise that mort- uidity scheme. competition. On the block is a bank with gage lending is actually often more It is not just the ringfencing part of That suggests the big four – HSBC, around 70 branches, retail deposits dangerous than investment banking. the ICB that Osborne has pre- Barclays, Santander and Lloyds – are of £16.7bn and mortgage loans Its other big flaw – apart from the endorsed: he also accepts the call for unlikely to end up buying the bank. worth £12.2bn. fact that it would have done nothing a bail-in system to replace bailouts, by He said: “Images of the queues The so-called “bad bank” – with to stop the demise of pure-play firms which debt would be transformed outside Northern Rock branches £44bn of mortgages made by the such as Lehman, Bear Stearns, into equity in a crisis, thus recapitalis- were a symbol of all that went Rock before it was taken over by the Northern Rock, HBOS, the Spanish ing a bank by hurting security-hold- wrong, and its chaotic collapse did government – will remain under Cajas and so on – is that it introduces ers, not taxpayers. Osborne also great damage to Britain’s interna- state-ownership, however. an incentive-distorting explicit stated that deposit insurance was 100 tional reputation. Although the re-privatisation of bailout guarantee for retail banks. per cent only up to £85,000 and that “Its return now to the private sec- Northern Rock will mark a symbolic Or so it would seem – but Osborne “there is no implicit taxpayer guaran- tor would help to rebuild that repu- moment in the government's was at pains to put that policy in a tee for sums above that level” – in tation.” attempt to return its banking stakes broader context, which was much other words, even depositors with Sources said the chancellor had to private ownership, Osborne more pro-free market than expected large holdings would be expected to decided to reject calls for Northern acknowledge that it was just the tip and rightly supportive of a reformed, share in the cost of a bailout, not just Rock to be mutualised or turned of the iceberg. sustainable yet prosperous and grow- bondholders. Osborne sees the into a building society after advisers He said: “Our direct shareholdings ing City. The key idea is one which “British problem” in the right way: it said an auction would raise consid- in banks still remain. It will take has received lengthy airings in this is in our national interest to attract erably more for the exchequer. some time – possibly several years – newspaper: bailouts should never very large banks to London, but we Deutsche Bank, which is advising before we can sell them all. But we happen again, taxpayers should need to find a way to make sure they UK Financial Investments – the body can start that process.” always be protected and new mecha- don’t bankrupt the UK if they run that manages the taxpayer’s stake in RINGFENCING: P6-7 nisms need to be found to allow all into trouble. In his own speech, Sir Mervyn King argued that “until we find a solution to the ‘too important to fail’ problem, WHAT THE OTHER PAPERS SAY THIS MORNING ...our banking system will remain too large for the taxpayer credibly to sup- 7th Floor, Centurion House, port in future”. He is right – hence 24 Monument Street, London, EC3R 8AJ why Osborne is spot on to focus on Tel: 020 7015 1200 Fax: 020 7283 5334 mechanisms to deal with failure, Email: [email protected] www.cityam.com rather than deciding that the City is CQS SHUTS FUND BUILT ON SUBPRIME AIRPORTS CALL FOR HIGHER TAX ON DAVID CAMERON'S NHS REFORMS ARE inherently too dangerous. In a fasci- TO NEWCOMERS PASSENGERS FLYING FROM LONDON NOW A CAR CRASH, SAYS MILBURN Editorial nating (and in my view unconvinc- CQS, the London-based credit hedge A coalition of 12 regional airports David Cameron’s watered down Editor Allister Heath ing) argument, King addressed the fund that is one of the biggest of its including Newcastle, Manchester, health reforms are “the biggest car Deputy Editor David Hellier key issue that sterling’s collapse is a kind globally, is preparing to shut to Birmingham and Bristol will today crash in NHS history” a government News Editor David Crow major reason for price pressures and new investors its asset-backed securi- urge the Government to impose a advisor warns today. In a devastating Night Editor Katie Hope conceded the MPC “could have raised ties fund – known for its successful “congestion charge” on passengers critique published in The Daily Business Features Editor Marc Sidwell the Bank Rate significantly so that bets in the US subprime mortgage using London’s crowded terminals in Telegraph, Alan Milburn says that the Lifestyle Editor Zoe Strimpel inflation today would be closer to the market. The move marks a further an attempt to lure traffic away from changes announced this week in the Sports Editor Frank Dalleres target”. But it chose not to because, step in the rebound of CQS, run by the capital. The regional collective is wake of demands from the Liberal Art Director Craig Gaymer in his view, this would not have pre- Michael Hintze, after it ran into diffi- calling on the Chancellor to impose a Democrats and opposition from the Pictures Alice Hepple vented the squeeze on living stan- culties during the financial crisis. higher rate of air passenger duty per health establishment represent a “dis- Commercial dards from higher commodity prices, Like many large fund managers spe- ticket on flights from airports that aster.” Sales Director Jeremy Slattery would have meant a weaker recovery, cialising in esoteric trading strategies, are operating at more than 75 per Commercial Director Harry Owen forced wage cuts in cash terms CQS was nearly sunk at the time as cent of capacity. OPEC TO HAUL IN $1 TRILLION AS OIL Head of Distribution Nick Owen (rather than real terms), and created large brokerages. PRICES INCREASE RISK OF DOUBLE-DIP “undesirable volatility in output”, in JAPANESE GOVERNMENT OFFERS RECESSION Distribution helpline contradiction to the second part of INVESTORS IN TMX TORN OVER RIVAL TEPCO ITS BACKING The cartel of oil-producing countries If you have any comments about the distribution the Bank’s remit. In other words, the BIDS Shares in the owner of the stricken will have $1 trillion (£600bn) in rev- of City A.M. Please ring 0207 015 1230, or email Bank has deliberately downgraded its Shareholders in Canada’s TMX Group Fukushima nuclear reactor soared by enues for the first time this year, ben- [email protected] battle against inflation in a bid to are torn between competing bids 32 per cent yesterday after the efiting from high prices that may promote growth. To me, that is play- from the London Stock Exchange and Japanese Government outlined a cause a “double-dip recession”. Editorial Statement ing with fire. He also highlighted a group of domestic financial institu- bailout plan to prevent the utility col- Forecasts from the US government This newspaper adheres to the system of wage settlements, the broad money tions, suggesting that neither bidder lapsing beneath mounting costs and show that the Organisation of self-regulation overseen by the Press Complaints supply and the spread between Bank has yet gained a decisive upper hand. a compensation bill likely to top $100 Petroleum Exporting Countries Commission. The PCC takes complaints about the editorial content of publications under the Editor’s rates and consumer rates as key vari- “It’s a tough call,” said a portfolio billion. Analysts said that the plan (Opec), whose key members include Code of Practice, a copy of which can be found at ables that will determine when mon- manager at one Canadian life assurer makes it more likely that Tokyo Saudi Arabia and Iran, will collect a www.pcc.org.uk etary policy will be tightened. Great with a sizeable TMX stake, adding Electric Power Company (Tepco) will third more in revenues because prices Printed by Newsfax International, stuff, whatever one thinks of it. that he had not yet decided which to stave off insolvency or a delisting have averaged $111 per barrel this Beam Reach 5 Business Park, [email protected] support. from the Tokyo stock exchange. year. Marsh Way, Rainham, Essex, RM13 8RS Follow me on Twitter: @allisterheath CITYA.M. 16 JUNE 2011 News 3

Left: Paul Tucker, deputy governor of the Bank of England; Above: Lord Levene, chairman of Lloyd’s; Right: Barclays chair Marcus Agius

Above Left: Chancellor George Osborne and Mervyn King, governor of the Bank of England Above: Lord Marshall, chairman of Nomura Europe Left: Sir Michael Rake, chairman of BT; shadow chancellor Ed Balls Below left: Michael Bear, Lord Mayor of the City of London Below centre: Michael Spencer, chief executive of Icap Below: Antonio Horta-Osorio, chief executive of Lloyds Banking Group

Pictures: Micha Theiner / CITY A.M.

King defends his new role as super-regulator

▲ REGULATION that the committee would not BY JULIAN HARRIS endorse central micro-management and heavy regulation. MERVYN King last night defended “Process – more reporting, more the Bank of England’s new regulato- regulators, more committees – does ry powers, arguing that the finan- not lead to a safer banking system,” cial crisis demonstrated the limits he said. King also dismissed the of monetary policy in maintaining claim that “light touch regulation” stability. was to blame. “Before 2007, central banks suc- “Is it light touch regulation? No,” cessfully set short-term interest he said. “It is the mistaken belief rates to combine steady growth of that by compromising on unduly output with low and stable infla- low capital requirements and inade- tion,” King said, speaking at the quate limits on leverage, regulators Lord Mayor’s banquet at Mansion can compensate by a detailed over- House. sight of every aspect of a bank’s “But this did not prevent the activities.” emergence of unsustainable pat- Instead, the FPC would be “draw- terns of demand and unstable ing attention to system-wide devel- financial systems.” opments” for the authorities, he The Bank’s new Financial Policy said, and help overcome the “too Committee (FPC), which meets for important to fail” problem. the first time today, “aims to deal “London is a natural home for an with that problem by expanding international banking system,” he the range of instruments available said. “But it cannot be allowed to to the authorities,” King warned. benefit from an unsustainable The FPC’s first report will be pub- dependence on the UK taxpayer. To lished on 24 June, he confirmed. allow that would be unfair to mil- King moved to reassure the City lions of people, not here tonight.”

CITYA.M. 16 JUNE 2011 News 5

FREE

BUSINESS WITHwww.cityam.com PERSONALITY City cheers Issue 1,403 Wednesday 15 June 2011 CTORY FOR CITY A.M. CAMPAIGN +++++++++ +++++++++BUREAUCRATS VI LOSE

BROADGATEis weight behind BATTLE hrew h y to hat are Next, also t re secretar o buildings t or the cultu roup’s on the site of tw . our calls f ed for demolition dismiss the conservation hinkingg ▲ earmark ning that “unt EXCLUSIVE rce close to the process said advice, war he UK”. A sou ith English acy is fossilising t BY DAVID CROW reed w ate bureaucr or the Cities of unt will Hunt disag ion that Broadg he MP f y Jeremy H e’s opin Mark Field, t inster, whose con- CULTURE secretar e from Heritag tanding quality” in estm ate ate estat ted “outs ec- London and W o the Broadg not save the Broadg eal, represen s of its archit e t w City A.M. can rev term torical stituency is hom r calls to allo Hunt decision demolition, paign ture or his e, also backed ou ory for our cam estat marking a vict interest. eloped. ation t it to be redev orpor agains The source added The City of London C or crats re secretary mission f bureau ITY S the cultu en planning per SONAL had giv building, H PER IPSOS EYE o our t UBS ed SS WIT OVATE USINE SYN CH tened t that want B GERS RESEAR had lis Land AEGIS ETCH the new 700,000 sq f ritish he Fs COULD F y B ect t ARM P3 paign. His deci- to prot WHY FUND MANAO LOVE ET £500M cam which is being built b orth, site. MUST LEARN T P21 FREE sion was based on by Ken Shuttlew he ... rchi- and designed m O ects behind t tyam.co IF S ing’s a www.ci ON? he archit Hunt is ALAN MILLER COMMENTR CAMER the build one of t o e 2011 NESS, M erits and ed t day 6 Jun SI al m Mon BU expect Issue 1,396 N FOR tectur ALLY OPE ors Gherkin. e threat- ounce HE UK RE historical fact ann IS T English Heritag he today that he alone. o scupper t paign ened t ter is rejecting DON'T LIST The cam redevelopment, af acted the sup- he existing i- attr t advice from pr nique ity’s u usi- it said e C b of th se as a ite’s urpo that eral s ry p d of the ma ct”, an wishes f the distri tangle o the needs o ness cratic iority t as the bureau away t of sev BROADGATEpr ll e ms we th fir or ove , as b. r sh p conservation m ers hu llo pu s to wn ial nce ld S hope d- o financ ch, cha cou on. ant UB an hea ity as a in Mar urrent Lond ant to buildings should be n e t m w rent te Europ e C Budge the c fro truly c s Cur uilt f th his said ack we omi pose-b f two o In orne held b “If econ orie a pur ite o in Osb as “ s nt y into the s pened George tem h tortion pport ernme he s s u v ters on first o g to ng sy ted di e, s the go he TY quar ldings, aimin planni nd crea ompet rowth der t ▲ R ui rs a s c g in luential T PE b pe nt se h PRO RS ate’s evelo estme sines th”. not rovide inf ody English st d u b AKE e e ct. inv t b row ust p D th je ha g m to because t N h o t d MARIO mpaign 85, wit the pr rmis- way ent an aul ability for the BY es a ca - 19 0m on ning pe in the velopm overh City’s space listed h d 4 n e to ce d y launc ed buil end £3 ing pla pment erring d ent elop- le offi s an M. toda ive list ’s sp e winn develo det governm of dev suitab ing firm - CITY A. als to g Mile Despit e site’s fter r the favour roj- ’s lead ive pro yor of pos are , th ed a Fo in m p rld lat f st pro Squ he pril ardis - laws £340 wo legis ,” he again to the s on t ion in A n jeop ed giv nning ing a l. future t this ph o e, which l s d w a c s al ee en pla llo tic y fle statu , and c pen ow b comm ate hile a ypocri a an ust re ing estate UK is o has n tage re he est ment w ld be h unce sals m such as Ma Heritag ate the Heri n t wou nno po adg ove s. h s o r- all o a Bro t to pr he plan Englis uilding chitectu ct to st ected t ly. rns. : P2 rnmen cting t list l 13 b The ar r- e is exp d of Ju wa HEATH were a “trium gove by reje es to ing al tatus. prope Hunt the en e City STER siness t decid op listed s at the sion by day, th ALLI for bu rnmen edevel rade II aims th me and al deci A.M. to that E: P17 e gove ans to r st- G dog cl heir ti fin n City warns MOR ended If th hen pl r inve l watch lars of t iting i ecutive ent m s site t ters fo a xemp Wr op ex ld prev 0 r e t on Boris e 198 eadqua be torn s “are r the ndon’s ws cou rld’s th new h ave to t tie ning fo of Lo ning la he wo Lond recom to a ill h tha ”. paig ow- lan ing t e g p it in UBS w essage plac is cam ead, all existin attract anism”. t bank nd a m stina- y A.M. o go ah the from s is- en se de Cit t t on ue urb m ould rious pmen ain in Lond s. ) arg . This w er a se develo to rem l to panie ictured g ho up long new ank igna p com r (p nnin t) will d no al b a s to ase la ndon is s com- a glob ending orld art Fr same p n- Lo obal firm itage re ing e and s the w Stu g the he cou he 1980s for gl h Her oggo- re Mil ound vel- mposin s on t f ion glis F ua ar de i aw t o t day, En Peter Sq firms fresh that ation l the res emy Hunt (lef Fri d be cial mes serv as ALLISTER n he t Johnson, w that t O t t houl inan elco d pre ntre oun tha tate s f ity w an ial ce e acc ended ate es t the C cul- inanc not tak etary Jer m adg tha ith y’s f es “ ed Bro atus. re- t. rests w s tr try do ted ign d st o p en on thi un e secr des iste ed t pm cisi nd e co e’s by l ly us o al de nt, a th otected ormal l treas- he fin emy Hu give Cultur r n a T o p bel is itectur tary Jer nister t ve) to be lis la ch gs re i The and ar buildin ure sec es the m istoric ven to of t er urg glish Heritag e h r gi re pap ate (abo rv e a s complex be se only ev f they new i HEATH: P2 s res. It i ars old u 30 ye or Broadg than lity”. escribed En less qua d g h standin ut iss calls f awarded wit “o ted as “ludi- w we m ted or the site to be lis Left: Ho Grade II* lis call f rvative launched our status. vestment crous”. he Conse ill allow in Lord Wolfson, t campaign The move w with plans ecutive of retailer o press ahead peer and chief ex bank UBS t headquarters to build a new £340m ect taxpayers” banks safer and prot ed to empha- mendations. Osborne is also expect endorse one of its recom b- tance of competition in on Broadgate s. ne will back su sise the impor hough it is inancial shock Although Osbor till Osborne to endorse ring-fencing the withstands f her financial cri-of highheory, street it is s e. high streetbanks banking, illalt back Vickers’ sidiarisation in t as contained in In the event of anot vernment y what form it will tak hether he w y” plan, which w ission on y is the go unclear exactl unclear w o sell “substantiall ent Comm sis, the theor he retail o the chancellor said call for Lloyds t eing ▲ es it is b POLITICS Independ erim report. o bail out t A source close t he 632 branch ) int y will would be able t ors while letting hickness and height of wallstill more than t law. Banking’s (ICB d lthe Treasur k d its deposit “the t b idiaries s di t under EU

▲ PROPERTY future needs of occupiers whilst main- BY MARION DAKERS taining the sense of space and place The Broadgate estate now (left) and for which it is rightly renowned how UBS’s new building will fit in THE City of London’s top executive around the globe,” said British Land yesterday thanked City A.M. for its cam- chief Chris Grigg. paign to allow the redevelopment at English Heritage, which had recom- Broadgate, after culture secretary mended to the government that most CITY VIEWS: ARE YOU GLAD BROADGATE HAS NOT BEEN LISTED? Jeremy Hunt confirmed that he would of the Broadgate estate be given Grade Interviews by Phoebe Torrance not award the estate listed status. II* listed protection, said yesterday: Stuart Fraser, chairman of policy at “We are of course disappointed that the City of London, said: “I would like the secretary of state has declined our ANDY REASON | CITYNET PETER THORNHILL | STEVENI KESSLER to thank City A.M. for their support on recommendation to list Broadgate this vital issue. By running such a Square, but we respect his decision high-profile campaign, the secretary and welcome the public debate that “It's different from most buildings in “The building was a disaster, nothing of of state will have been left in no doubt the case has prompted.” London, but it doesn't have anything merit which warrants attention; they need as to the strength of feeling within the Mayor of London Boris Johnson and inside which has any particular use for modern architecture to be relevant and por- Square Mile.” Next chief Lord Wolfson were among people that work in the City.” tray the City of London.” Shares in estate co-owner British those supporting our campaign to Land surged as much as 2.8 per cent at allow redevelopment. one point, after the company put out a statement confirming it would go FAST FACTS | BROADGATE ahead with its 700,000 square foot SEAN GATES | GATES AND PARTNERS headquarters for tenant UBS ● The Broadgate estate near Liverpool Street is following our exclusive story. co-owned by British Land and Blackstone “I am delighted by today’s decision ● It was designed by architect Peter Foggo and “I am very glad, now there is room for innovation. The building was not so wonderful as to secure as it allows Broadgate to continue to completed in the mid-1980s, with construction preservation, now there can be room for more exciting and modern things.” evolve as a sustainable and flexible on UBS’s new HQ due to begin this summer office location that will meet the 6 News CITYA.M. 16 JUNE 2011 Markets shun RINGFENCE PROPOSAL | WINNERS AND LOSERS banks on fear of ringfence

▲ BANKING ● Barclays saw its shares drop 2.7 ● Lloyds’ share price dropped 1.77 ● HSBC’s shares lost 1.2 per cent, ● RBS’s shares fell 1.93 per cent chancellor sheds more light on the per cent to 257p as investors bet per cent to 47.7p. Chief executive closing at 608.8p. The bank is to 40.7p as it, like Barclays, suf- BY JULIET SAMUEL specific details of retail ringfencing, that it will suffer most from a Antonio Horta-Osorio (pictured) already highly subsidiarised and fered from its reliance on its BRITAIN’S four biggest banks saw the banking industry is not much ringfence because the majority of has voiced his support for a derives most of its revenues from investment banking arm for most £3.5bn wiped off their value yesterday closer to understanding the full ram- its revenues come from investment ringfence, saying it would “protect abroad in divisions that would not of its revenues. as investors fretted that chancellor ifications.” banking. consumers”. be subject to the ringfence. ● Chief executive Stephen George Osborne’s support for a ring- The only consensus was the propos- ● Chief executive Bob Diamond ● The bank would be best off ● The bank, run by Stuart Gulliver Hester (pictured) has said that fence of their retail arms could push al will raise costs for the industry, with up costs and erode returns. some of that likely to be passed on to (pictured) insists that there is no with as broad a ringfence as possi- (pictured), has so far come up with any ringfence should be as “tight Barclays and RBS were the biggest consumers. PricewaterhouseCoopers’ cross-funding between the bank’s ble, since it is largely UK-focused the only concrete proposal for how and narrow as possible” to avoid fallers, losing 2.7 per cent and 1.9 per Steve Davies said: “Forcing banks to retail and wholesale divisions and with a small investment bank. a ringfence would work, suggest- including risky activities. cent respectively due to their reliance ringfence their retail banking business says the bank could live with a ● Lloyds is more concerned with ing that all assets that must be ● This formulation would also on their investment banking arms for could prove a costly exercise with ringfence. whether it will be forced to sell marked to market be classified as benefit RBS the most, because it the lion’s share of their revenues. unproven benefits for both the bank- ● But analysts have also said that more than the 632 branches wholesale and all loans as retail. could simply segregate its retail The slump in prices was driven ing industry and consumers.” Barclays is most at risk from already on the block, but the chan- But some derivatives used to deposits and some liquid assets mainly by uncertainty, with analysts So far, only one concrete proposal ringfencing, with some estimating cellor made no mention of the hedge retail loans like mortgages on the retail side and continue its saying that they are none the wiser as for a ringfence has emerged, with an impact of £1bn in post-tax costs. issue yesterday. would stay on the retail side. investment banking operations. to how the ringfence proposed by the HSBC suggesting in its submission to ANALYSIS l Barclays ANALYSIS l Lloyds 47.70 ANALYSIS l HSBC ANALYSIS l RBS Vickers Commission might work, the Treasury Select Committee that 265 15 Jun 625 40.70 despite Osborne’s backing. banks could segregate their assets on p 257.00 p p 41.50 p 15 Jun One analyst said of the chancellor’s an accounting basis. 15 Jun 48.60 620 stance: “What is he telling us that’s The proposal would see all assets 263 48.40 608.80 41.25 new? As to the impact, it really depends that must be marked to market such 615 15 Jun on the form the ringfence takes.” The as derivatives and other tradeable 261 48.20 41.00 government seemed similarly at a loss, products in the wholesale bank, while 48.20 610 with a Treasury source saying: “The all loans would be classified as retail. 259 thickness and height of the [ringfence] But the plan is fraught with practical 600 40.75 walls still need to be designed”. difficulties and would harm retail 8:00 10:00 12:00 2:00 8:00 10:00 12:00 2:00 8:00 10:00 12:00 2:00 8:00 10:00 12:00 2:00 KPMG’s David Sayer said: “Until the banks’ ability to hedge loans. CITYA.M. 16 JUNE 2011 News 7

ANALYSIS l How ring-fencing might work This policy wouldn’t have saved PERMITTED PERMITTED IN RETAIL IN NON-RETAIL BANKS BANKS Northern Rock or Lehman Bros Current accounts Trading, including for Saving accounts clients and market Investment products making in instruments ular bank that ringfencing could be is what will enable banks to respond to Retail Wealth management such as derivatives, helpful in making its activities more the demands of different types of cus- deposit-taking advice equities and forex Debt transparent. But this measure should tomer. Tempting as it may be for the Consumer loans and equity underwriting not be a matter for government legisla- government to further intervene in Business loans Client hedging services/ tion and certainly not a blanket the structure of banks, it will not Trade finance risk management approach applied to the whole sector. make them safer. Project finance Securitisation Mortgages structuring, Ill-conceived regulation is partly The Independent Commission on (individual, buy to distribution and what got the banks in a mess in the Banking has been set up to look at how let, commercial) trading M&A GUEST COMMENT first place. The central change banking to reform the banking sector. It’s Credit cards restructadvice and reform must make is to ensure that unfortunate to say the least that the finance Prop RUTH PORTER banks are able to fail – in much the Government doesn’t just wait until its trading same way other businesses do, with final report is published rather than THE chancellor’s support for ringfenc- the appropriate people facing the con- jumping in ahead of time. ing the retail sections of banks from sequences so that risky behaviour is Ruth Porter works at the Institute of Source: Independent Commission on Banking interim report their investment arms might have not encouraged by taxpayer bailouts. Economic Affairs made headlines – but it won’t solve At a time when consumers are feel- any future banking crises. ing the squeeze from rising inflation, Ringfencing wouldn’t have prevent- regulations that threaten to push up ed the financial crash, the resulting the cost of banking for customers are recession or the bailout of banks by moving in the wrong direction. the taxpayer. Ultimately banking reform should Northern Rock and Lehman be about making sure that the people Brothers were both relatively simple who take the risks bear the costs. banks, one focused on retail, the other If consumers want the possibility of on investment; both would still have high returns they need to know their failed in exactly the same way under money may not be safe. On the other the measures the chancellor has pro- hand if consumers want caution and posed. are happy to bear the cost of safe bank- It is possible – in certain cases – that ing they should be able to opt for that. the Bank of England as financial regu- Ringfencing is not the structure to lator might feel in the case of a partic- deliver this. Allowing orderly collapse 8 News

Private sector jobs rose by half a million in a year Picture: Micha Theiner/City A.M. Private sector boom for jobs

▲ EMPLOYMENT ment’s own fiscal watchdog forecast unemployment of 8.2 per cent this year. BY JULIAN HARRIS The number of people claiming OVER half a million new jobs were creat- unemployment benefit jumped by ed by the private sector in the 12 almost 20,000 in May, with close to 1.5m months to March, official data revealed in receipt of jobseekers’ allowance (JSA). yesterday. The hike was due to changes in gov- Employment in the commercial sec- ernment policy that saw people switch- tor rose to over 23m, growing by 520,000 ing to JSA from incapacity benefits and Albir 7 nights 3Ì SC from £199pp** since March 2010. The rise more than income support, the Department for offset the 143,000 government sector Work and Pensions said. ** positions shed over the same period. The number of unemployed young Benidorm 7 nights 4Ì AI from £419pp Over 6.1m people are still employed people, a key matter of concern for poli- by the government, the Office for cy analysts, fell by 79,000 in the three ** National Statistics revealed. Just 24,000 months to April. Benidorm 7 nights 5Ì B&B from £469pp public sector jobs were cut in the first Total unemployment for people aged quarter of the year, driven entirely by between 16 and 24 measured 895,000 in 27,000 jobs slashed from local govern- the three months to April, although the ment. Employment in the civil service figure includes full time students who actually increased, by 7,000, although are also seeking work. this was attributed to the census. “The fall in the number of unem- In total, employment grew to 29.2m ployed young people also means that We fl y from Gatwick, Luton and Stansted. *Price correct as at 3 June 2011. Available to book now for travel from 18 June in the three months to April, up by the total is now lower than it was before to 17 August 2011. **easyJet holidays prices shown are for seven nights from 22 June 2011 with fl ights from Stansted and 80,000 on the previous three months. the general election,” commented are per person based on two people sharing. 3* Albir accommodation is the Aparthotel Albir Gardens on a Self Catering Unemployment dropped to 2.4m, or 7.7 employment minister Chris Grayling. basis, 4* Benidorm accommodation is at the Hotel Mediterraneo Benidorm on an All Inclusive basis and the 5* Benidorm per cent. Regular pay, excluding bonuses, rose accommodation is the Gran Hotel Villaitana on a Bed and Breakfast basis. Variable charges for hold baggage apply and some The figures provided a boon for chan- by two per cent in February to April, payment methods may attract a handling fee. The arrangements for your holiday are made by easyJet acting as principal for fl ights, and as disclosed agent for travel insurance, car rental and airport parking; and by Lowcostbeds acting as agent for cellor George Osborne, ahead of his compared to a year earlier. accommodation and transfers. Mansion House speech. The govern- OECD UNEMPLOYMENT DROPS: P21 FOR 50% LESS UP TO Introducing our lowest spreads. Ever.Ever.

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Barclays chief executive Bob Diamond is keen to persuade investors he can deliver on ambitious targets Barclays cuts down Protium by a third

▲ BANKING accounting for the rest of the saw the bank’s shares drop 2.7 per BY JULIET SAMUEL decrease. cent yesterday. Missier, who was speaking at the “Ringfencing would not be our BARCLAYS has already sold off bank’s investor day, said: “We’re first option... we can see ways it almost half of the assets that it previ- now more confident that we can would work, though clearly there is ously tried to hive off in the Protium make further sales of legacy assets a lot more work to do on the accounting trick that it reversed in and we expect a reduction of £29bn specifics,” he told investors. April, BarCap co-head Jerry del (by 2013).” That will mean that the Barclays favours operational sub- Missier told investors yesterday. bank has to put aside less capital to sidiarisation over retail ringfencing, Protium, the name given to a meet the Basel III requirements. a proposal that would turn banks’ $12bn (£7.4bn) pile of risky assets Analysts welcomed the news, but infrastructure into a separate com- that Barclays converted into a loan said that it was unlikely the rest of pany rather than segregating its in 2009 to avoid marking them to the book would shrink quite as retail assets. market, has shrunk by a third or quickly, since the most saleable The bank also announced a tar- $2bn in just six weeks since the assets were probably offloaded first. get of £6bn in extra revenue by 2013 bank brought it back onto its books Chief executive Bob Diamond via efficiency savings driven on 27 April. Some of the assets had also addressed the prospect of the through by Diamond. That would already been marked down and a government imposing a ringfence be an almost 20 per cent rise on last chunk of the Protium loan repaid, around Barclays’ retail bank, which year’s revenues. ENRC to accelerate governance review

▲ BANKING The Kazakh miner last week underperforming shares. BY KASMIRA JEFFORD announced a three-month review of Analysts at Bank of America its corporate governance. But Merill Lynch, who met with the com- ENRC will speed up its corporate gov- sources close to the company expect pany, also think that corporate gov- ernance review, City A.M. under- the results to be published sooner, ernance review will be completed as stands, after concerns over its after last week’s boardroom shake- quickly as practicable and said: “The structure continue to damage up followed by a fifth director chairman understands the impor- investor confidence. resigning on Tuesday failed revive its tance of restoring confidence.” CITYA.M. 16 JUNE 2011 News 11 Landlords agree deal with Southern Cross

▲ PROPERTY The firm and the landlords of both the landlords and lenders BY MARION DAKERS issued a joint statement after the in the delivery of this important meeting assuring care home resi- task,” the statement said. STRUGGLING care homes manager dents that “continuity and quality The co-operation of the landlords Southern Cross has agreed a deal of care…will be maintained”, and was vital to the survival of with landlords to give it more time that the two sides will have a say in Southern Cross, which has racked to solve its financial problems. the future structure of the firm in up a £5bn rent bill under a sale-and- Southern Cross and its landlords talks over the next four months. leaseback arrangement put in place sat down with the department of “The business, including the between 2005 and 2007. health and other stakeholders yes- delivery of care, will continue to be Options for the firm include terday to thrash out a longer term the responsibility of the Southern handing back some of its care agreement, following a short-term Cross Board, management team homes to landlords, who would in rent reprieve granted last month. and staff who have the full support turn find new operators. Liontrust posts a AVIVA CONFIRMS MCFARLANE AS CHAIR loss of £1.7m due to restructuring

▲ FUND MANAGEMENT BY RICHARD PARTINGTON FUNDS management house Liontrust has posted a full year pre-tax loss of £1.7m, after restructuring costs dented the group’s profitability. The London-listed firm said it had paid out several million in related one-off costs, including severance compensation pay- ments totaling £1.5m. Restructuring efforts also included the rebranding and refocusing of some of its funds and the sale of its credit team. Performance fees at the fund manager fell to £1.3m, down from £3.4m a year ear- lier, further knocking the firm’s profits. Liontrust also had to pay £420,000 into the Financial Services Compensation Scheme levy, the charge raised on City investment houses for the collapse of Keydata. The firm did however post an increase in assets under management to £1.3bn, up from £1.1bn a year earlier. “It has been a challenging start with INSURANCE group Aviva yesterday named former Australian bank chief your company but I believe we are now John McFarlane as its next chairman, replacing Lord Colin Sharman who well positioned to take the company for- retires at the age of 70. Scottish-born McFarlane spent 20 years in senior ward. I relish the challenge,” chief execu- City positions before moving to Australia to head up the Australia and New tive John Ions said. Zealand Banking Group (ANZ) for a decade until 2007. 12 News CITYA.M. 16 JUNE 2011 Civil servants say they will strike with teachers

▲ UK ECONOMY Services (PCS) union said yesterday date from our members is that we 250,000 workers have voted for a 24- will take national strikes with other BY STEVE DINNEEN hour walkout on 30 June, joining the unions and we believe this will be the CIVIL servants will join teachers in a two main teaching unions, which first of a number of those.” mass walkout that could see 750,000 announced strike action on Tuesday. The government argues public sec- public sector workers strike over pen- PCS general secretary Mark tor pensions have become unsustain- sion reforms. Serwotka said: “Schools will be shut, able because people are living longer. The strike will run parallel to a job centres closed, driving licences Ministers say they are also unfair to month-long ban on overtime and won’t be issued, queues will form at private sector workers, who retire could be followed up by a second, airports and ports. later and receive fewer benefits. even bigger, wave of action in the “There will not be any person in Unions say the plans will mean autumn. the UK that will not see the effective- people will have to work longer and The Public and Commercial ness of this action. The ballot man- pay more for worse pensions. Union boss Mark Serwotka says everyone in the UK will be hit by the strikes NEWS | IN BRIEF

Hammerson bags tower tenant Carlyle Group gets closer to IPO Hammerson’s Principal Place development Private equity giant Carlyle Group is mov- has secured its first pre-let office tenant, ing closer to an initial public offering, and four years before the firm expects to could raise around $1bn based on what move in. Law firm CMS Cameron banks are pitching, one source familiar McKenna will take up to 200,000 square with the process said last night. Carlyle feet in the 50-storey main tower in was valued at $20bn in September 2007, Shoreditch - around a third of the total when an investment unit of the Abu office space. CMS plans to move in 2015, Dhabi government bought a 7.5 per cent /FX
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Aegon chief executive Alex Wynaendts said the group had turned a corner Aegon repays bailout in full

▲ INSURANCE management.” The obligations of the bailout forced BY ALISON LOCK Aegon to change a lot of its internal LIFE insurance group Aegon yesterday processes and de-risk its structure. Over bought back the final tranche of its the past three years it has strengthened shares held by the Dutch government its balance sheet, “substantially since its €3bn (£2.6bn) bailout, return- reduced” its risk profile and divested or ing it to private hands after three years. put into run-off underperforming or SHARE SURF The life insurance and pensions risky businesses. The things you love Browse the internet giant repaid a total €1.13bn to the Wynaendts said Aegon was grateful Dutch central bank, including the last for the Dutch state support “during the €750m of its state aid in the form of period of extreme economic turmoil convertible securities, and a €375bn and uncertainty” it experienced. premium charge. The company had been buying back Including interest and premium the government-owned securities since charges on the bailout amount, Aegon November 2009. has paid back a total of €4.1bn. Repayment means it is now free to start ANALYSIS l Aegon Join in paying dividends to its investors and 5.6 plan new acquisitions. € 4.60 Chief executive Alex Wynaendts said 15 Jun Aegon had “turned a decisive corner 5.2 and is today a significantly trans- formed company.” With the aid repaid, he said the com- 4.8 Visit samsung.com/uk/smarttv to find out more. pany had “set our sights toward captur- ing the substantial opportunities for ©2011 Samsung Electronics Co. Ltd. Screen image simulated. Internet connection required. Subscription charge applies to some movies on demand services. Camera required to use Skype available to purchase separately. our core business of life insurance, pen- 4.4 Features dependent on model. sion and retirement services and asset 4 Apr 22 Apr 12 May 1 Jun

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© Pinsent Masons LLP 2011 14 EDITED BY CITYA.M. 16 JUNE 2011 HARRIET DENNYS Got A Story? Email [email protected] The Capitalist Follow The Capitalist on Twitter: @citycapitalist

Kevin Doyle, O BROTHER the owner of WHERE ART Mayfair club Tramp, sold THOU? LATE memberships to well-heeled TIP PAYS OFF race-goers in THEY thought it was all over, but City A.M.’s tips finally came good at Royal Ascot’s Royal Ascot yesterday, when Rhythm of Life beat including chairman Peter Robinson and Dubai Queen in the day’s final race. Enclosure head of corporate finance David Collins. Ben Dascombe, otherwise known as Some things don’t change, though. The Insider on City A.M.’s racing column “There are now more than twice as many The Punter, had been tipping Rhythm of lawyers at BLP as in 2001,” continued Life all day – mainly because the horse Late in the day: Rhythm of Life overtakes Dubai Queen to win the 5.35pm at Ascot Picture: GETTY Eisenberg. “But more than 20 per cent of is owned by his brother Tom Dascombe, our people were in the firm at the time of the Cheshire racehorse trainer whose so watch this space to see which City lumi- trip for four on the Raikkonen’s yacht at the merger. Including, of course, me.” Manor House stables are part-owned by naries Doyle managed to persuade to the Monaco Grand Prix. footballer Michael Owen. enjoy a night on the tiles in the near David Turcan of Sporting Index and future… POETS’ CORNER Ranald Macdonald, the owner of Boisdale BACK TO THE FUTURE YOU DON’T often find Mayfair wealth restaurants, were among the group that BERWIN Leighton Paisner hit the roof managers writing poetry, but James celebrated “cleaning up” with the CROWD PLEASERS of the Grange Hotel near St Paul’s for Dunn, a partner at Killik & Co (above) , is Dascombe brothers at the City A.M table, WHO do you think was the big attraction its cocktail party to mark ten years the exception to the rule thanks to his while elsewhere in the Royal Enclosure, at the Royal Ascot Charity Ball in the since the merger of Berwin Leighton epic account of his cycle ride from Nancy Dell’Olio was “eye-catching” in Ascot Pavilions on Monday night? and Paisner & Co. Land’s End to John O’Groats. fuchsia and TalkSport presenter Alan Not actors Hugh Grant (right) and Over cocktails to represent the “Torrential rain in Preston Brazil enjoyed the hospitality in the Dougray Scott, as measured by the size of company’s international offices – soaked our clothes throughout. Michelin-starred Waterside Inn. the donations from City firms including Pimm’s Classics, Moscow Mules, They said that Spring had been so The Capitalist also hears business was JP Morgan, BGC Partners, Citigroup and Orange Belgians and Sand Dunes – dry, but we could see no drought,” booming for Kevin Doyle, the owner of BAE Systems in the charity auction, but managing partner Neville he wrote on the Lancashire leg, Tramp, who took advantage of “the Ascot Finnish racing driver Kimi Raikkonen. Eisenberg outlined how far the while his experiences further business opportunity” to sell 12 member- The golf day with the two actors firm has come in the last decade. south inspired: “In Devon I got ships to the private Mayfair club to well- raised £10,000 for Cancer Research and “The oak tree over there signi- problems. Three punctures in a heeled racegoers. The names of the the Injured Jockeys Fund, but an anony- fies our growth and transforma- row. Repairs all done, we strug- dancefloor dozen have yet to be revealed, mous banker parted with £24,000 for a tion,” he told colleagues gled on, with tyre pressure low.” CITYA.M. 16 JUNE 2011 News 15 Banks and politicians must unite on Brussels

MEPs? The greatest peace time project is happening in Brussels will decide directive, the securities law directive, But we are barely at the table. The since the Second World War, bringing how big your profits are. market abuse directive, the financial financial services industry is not prop- peace, prosperity and harmony to We discuss at length what London activity tax, the European Market erly geared up to cope with this new Europe’s grateful hordes? Or delicious MPs think about banks, but the reality Infrastructure Regulation and then deluge, and punches below its weight. delirium-inducing Trappist ales? is that it doesn’t really matter. Almost more on short selling, OTC derivatives, The UK government has quite rightly Mine’s a Chimay Bleue, please. all financial services regulation comes e-signatures, and so it goes on. called on the industry to do more to The chances are you don’t think from Brussels now. All this legislation – being haggled fight its corner in Brussels; the indus- about Brussels a lot. Few of us do. It is Largely unnoticed by the political over by the European Commission, the try in return insists the government THURSDAY VIEW something that happens. Over there, and media class, Brussels has European Parliament and the Council must not relinquish its responsibility with a safe invasion-preventing stretch unleashed a tsunami of legislation and of Ministers – is aimed four-square at to fight for a key sector of the UK econ- ANTHONY BROWNE of sea in between. Trying to compre- regulation at Britain’s most profitable, an industry where the UK is over- omy. In truth, the government and hend the incomprehensible gives us a biggest tax-paying industry. whelmingly market leader in Europe, industry must march together arm in HAT do you think of when headache, and so it is best not to try. It is not just MiFID II, and the three and which is critical to our future arm: each has too much to lose if we you think of Brussels? The trouble is that Brussels matters. new EU supervisory authorities. There growth. Get this wrong, and it could don’t win in Brussels. Incomprehensible bureau- A lot. Particularly if you work in finan- is packaged retail investment products cost us hundreds of thousands of jobs, Anthony Browne is a board member of Wcracy? Plush expenses for cial services. It is quite likely that what legislation, the insurance mediation and tens of billions in tax. theCityUK. [email protected] NEWS | IN BRIEF

European Goldfields reduces losses Catalpa bids for Newcrest Mining London-based European Goldfields has Australia's Catalpa Resources has made a ForexForex & CFD Trading.Trading. Worldwide. said Greece would decide within three A$298m (£194.5m) bid for Conquest weeks on awarding the miner a permit to Mining and agreed to buy interests from run two goldmines, a key project in the Newcrest Mining in a deal to create a northern part of the country that has A$1.1bn gold miner. The firms said they been delayed by a year. The company also wanted to create a mid-tier gold company posted a narrower pre-tax loss of $4.9m with strong growth prospects to fill a void for the quarter ended 31 March. Sales left following a string of deals over the past rose nearly 30 per cent to $13.5m, driven few years, including Newcrest's A$9.9bn mainly by higher prices of metals. takeover of Lihir Gold last year.

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Weekly Fuel Game slumps Sainsbury’s Group sales up transactions up accounted for after console 7. 3% 5% 3% to £22m per week of total sales sales tail off Like-for-like sales Convenience store sales rise but excluding fuel and sales up VAT up ▲ RETAIL 0.9% 20% BY STEVE DINNEEN SHARES in Game Group plunged fuel costs bite more than 13 per cent yesterday as slowing Wii sales and a lack of block- ANALYST VIEWS: IS THERE ANYTHING TO buster games hit its forecasts. It warned its total sales for 2011 ▲ RETAIL its “Feed your family for £50” budget FEAR IN SAINSBURY’S RESULTS? Interviews by Alison Lock will be around three per cent lower BY ALISON LOCK programme had jumped more than a than last year. fifth, he said. Chief executive Ian Shepherd UK SHOPPERS are spending £10 per Convenience store sales also rose 20 CLIVE BLACK | SHORE CAPITAL blamed a stagnant hardware market, week less on food now than two years per cent as people spent less on the with the next wave of console releases ago because of the cost of petrol, weekly shop but “topped up” with from Nintendo, Microsoft and Sony Sainsbury’s chief executive Justin extra purchases during the week. Its recent de-rating was broadly justified as its outperformance against not expected until next year. King (pictured) warned yesterday, as He said Sainsbury’s non-food sales the pack had ended. But performance convergence at a time of material capital He said: “Until we see some of that the supermarket said sales rose 0.9 were growing at twice the pace of investment must be a growing cause for concern. It needs a stronger momentum new hardware arrive in the market per cent in the past quarter. food products, and it was extending “if margins are to build and returns grow to justify its capital expenditure. place, you are very much managing Sales excluding petrol but includ- stores to add more non-food space. the end of the previous hardware ing VAT rose 1.9 per cent, while sales “The backdrop for non-food sales has cycle. This is most obviously true for ex-VAT were about one per cent less. never been more challenging,” he said, DAVE MCCARTHY | EVOLUTION SECURITIES ” the Wii, which is showing quite sharp Fuel purchases now accounted for but added that as a single-destination year-over-year drop.” three per cent of all Sainsbury’s sales. shop Sainsbury’s could attract sales. Sales in the UK fell almost 12 per “It’s punching a real hole in cus- Like for like growth was slightly behind our forecast but we are not cent year on year, with its internation- tomers’ weekly budgets,” King said. ANALYSIS l J Sainsbury greatly concerned given the effects of the bank holidays. Sainsbury’s trades in line al sales dropping nine per cent. The performance beat rival Tesco’s 370 p with the sector, but we believe its model is higher risk than its competitors, high- It received a timely boost from the 0.1 per cent sales fall in the period, “lighted by the poor free cash generation and dividend paid out of debt. release of Rockstar’s new LA Noire 323.60 but Sainsbury’s still missed consen- 360 15 Jun detective game last month, slightly sus expectations of 2.1 per cent narrowing the sales drop. 350 growth excluding fuel. RICHARD HUNTER | HARGREAVES LANSDOWN ” Game says it will continue to cut King outlined a number of signs 340 costs, slashing up to £8m from its that customers were struggling to pay expenditure this year. for their food shop. Customers 330 The update narrowly missed estimates but Sainsbury’s was noticeably As expected, Chris Bell was appoint- bought more of Sainsbury’s own- upbeat. Its reliance on the UK and the remaining Qatari stake are issues investors ed non-executive chairman after 70- brand ranges and products included 320 cannot ignore. Its share price has reflected this discomfort, falling 13 per cent in year-old Peter Lewis stepped down in meal deals. Sales of items named in 21 Mar 8 Apr 4 May 24 May 14 Jun “the past six months compared with a one per cent fall in the FTSE 100. following the firm’s annual meeting. ” FREE INVESTMENT SEMINARS

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This advertisement is issued in the UK by the London Branch of Société Générale. Société Générale is a French credit institution (bank) authorised by the Autorité de Contrôle Prudentiel (the French Prudential Control Authority). Société Générale is subject to limited regulation by the Financial Services Authority in the UK. Details of the extent of our regulation by the Financial Services Authority are available from us on request. Investors’ capital is at risk. Investors should not deal in this product unless they understand its nature and the extent of their exposure to risk. We recommend that retail investors consult their own independent professional advisers. Exchange Traded Funds and Exchange Traded Notes are issued by Société Générale Acceptance, a member of the SOCIETE GENERALE group of companies. Any failure of Société Générale Acceptance to perform obligations when due may result in the loss of all or part of an investment. CITYA.M. 16 JUNE 2011 News 17 SALES GROWTH SLOWS AT H&M New markets help Zara owner boost its profits

▲ RETAIL profit in the past three months as net in fast-growing emerging markets. sales rose 11 per cent to €2.96bn from Inditex runs 5,154 stores in 78 BY ALISON LOCK February to April. countries and opened 110 new stores SPANISH fashion group Inditex, the It said sales continued to grow at in 29 different countries in the past world’s biggest clothes retailer, post- that rate, which analysts said equates quarter alone. It intends to open its ed a 10 per cent rise in net profit in to like-for-like growth of about three first shops in South Africa, Taiwan the past quarter yesterday as its grow- per cent, up to 12 June. and Peru before the end of the year, it ing Asian presence offset gloom in Inditex has benefited from buying said in its trading update. Europe’s retail sector. a large proportion of its garments in Zara will begin selling online in the Inditex, which owns brands such as Europe and north Africa, where wage US in September, while the same Zara and Bershka, beat market expec- increases have been much lower than month six other Inditex brands tations with a net €332m (£292m) in Asia, and from its strong presence launch online in various countries.

SWEDISH fashion retailer Hennes & Mauritz yesterday said its sales growth slowed to two per cent in May, less than half the level analysts expected, due to a sharp apprecia- tion in the krone. H&M, the world’s second-biggest clothes seller with 2,300 stores in 40 countries, said turnover in the March to May quarter rose to 27.6bn krone (£16.8bn), excluding VAT. Analysts had expected 5.4 per cent growth. Picture: GETTY MSc in Banking Practice and Management FreeFree seminar:semseminseminarmminar: VirtualVirtual OLOLAPLAPAPcuP cubcubesbees Develop the in-depth industry knowledge and high-level management skills ForFor thoseosses wwhoho fafacfaceacce OOLOLAPAPAP ccubcubebe necessary to undertake nighnightmarestmaress butb whowhow wantwant toto tataktakee leadership roles in adaad-hoc,dh-h-hooc, exploratoryexppploplorlolorratory analyticsanallyyyticscs the retail and ttoo nenewewwh hheighheightse ts commercial banking sector. Dates:DDates:e 6/76/ July,Juulyy,, 20112012011 - 4 sessionssses availableavailaaableble VVenue:enueue: CanaryCananararry WWharfharf WWhohho shouldd attend?atttend?d?? CIOs,CIOs, DataDaata Analysts,Analnnalyalylyststss, DBAs,DDBAs, BII aandnd DataData WWarehousingarehousingousing professionalsproffesesssioionaalslss Visit our open evening Wednesday 22 June London City campus RegisterRRegegggisteer Now!Now!! Venue: ifs School of Finance, Peninsular House, www.kognitio.com/stopdreamingwww.kkoggngnitionitioo.comm/stopdreaammimingm 36 Monument Street, EC3R 8LJ

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© Citigroup, Inc., 2011. All rights reserved. Citi, Citi and Arc Design and CitiFX Pro are trademarks and service marks of Citigroup Inc. and used and/or registered throughout the world. CitiFX Pro offers trading on margin. The leverage created by trading on margin can work against you as well as for you, and losses can exceed your entire investment. Before opening an account and trading, you should ensure that you understand the risks and can withstand the losses and that you seek advice from your advisors as appropriate, please see www. citifxpro.com for further details. This information is directed only at persons in the UK who qualify as Professional Clients (as defi ned in the rules of the Financial Services Authority) and CitiFX Pro is only available to Professional Clients in the UK. Classifi cation as a Professional Client may require an assessment of the person’s experience and knowledge (in roll- ing spot or similar instruments or markets). CitiFX Pro is a service offered to you by Citibank International plc which is authorized and regulated by the Financial Services Authority. Registered Offi ce: Canada Square, Canary Wharf, London E14 5LB. VAT registration number GB 429 625 629. The main business of Citibank International plc is banking and securities business. It is entered on the FSA register under number 122342. *See www.citifxpro.com for details of our premium account pricing. CITYA.M. 16 JUNE 2011 News 19 Facebook hires Pandora sees Clinton’s former stock surge press secretary ▲ TECHNOLOGY FACEBOOK has hired Bill Clinton’s former press secretary to head up its on its debut policy and corporate comms team. Joe Lockhart was the chief spokesman and senior adviser to President Clinton between 1998 and ▲ TECHNOLOGY “Chinese Facebook” kicked things off 2000. BY STEVE DINNEEN in May with a listing that valued it at Lockhart is the latest marquee $5.1bn. It surged as high as $8bn appointment for the world’s largest PANDORA yesterday became the lat- before later falling back to below its social network. In May it hired two est technology IPO to set the markets float price. Russian search engine former officials who worked for for- on fire, climbing over 60 per cent dur- Yandex raised $1.3bn in a float that mer President George W Bush, includ- ing the day after pricing well above gave it a market cap in excess of $11bn ing Joel Kaplan, who served as Bush’s the top of its range. before climbing 55 per cent on its deputy chief of staff. The music streaming service float- debut. A Facebook spokesman said: “His ed at $16 (£9.86) a share after naming The stage is now set for even bigger experience building and running a a range of between $10-12, a price that players to try their luck at market, press office at the White House gives had already been increased from $7-9. with Facebook eyeing a $100bn float Chief executive Joe Kennedy cheers his company’s first day performance him particular appreciation for the Its market cap after the float, in the first quarter of 2012 and demands of a global 24-hour news which raised $235m, was around Groupon hoping to achieve a valua- SUCCESSFUL TECH INITIAL PUBLIC OFFERINGS THIS YEAR cycle and the challenges of respond- $2.6bn. Yesterday its stock reached as tion of around $30bn. ing effectively to intense scrutiny.” Company Market cap Timing Amount Sector high as $23.75, following the blister- on float raised Lockhart will initially be based in ing lead set by LinkedIn last month, ANALYSIS l Pandora Media Washington DC before moving out to though it closed at a more sedate 17.42 Facebook’s headquarters in 24 $ 1 Renren $5.1bn May $743.4m Social media $17.42. 15 Jun California. Loss-making Pandora’s float has 22 The appointment comes as once again stoked discussions of a sec- 2 LinkedIn $4.25bn May $352.8m Social media Facebook is increasingly in the spot- ond dot.com bubble, with its valua- light for its privacy practices. tion an eye watering 19 times its sales. 20 Facebook last month shed 6m users This pales in comparison to LinkedIn, 3 Yandex $11.2bn May $1.3bn Search engine in the US to fall below 150m and lost which floated at 30 times its sales. 18 a further 100,000 in the UK. Canada, Unlike an otherwise tepid IPO mar- Russia and Norway also registered a ket, technology floats have met with 16 4 Pandora $2.6bn June $235m Music service similar fall, according to data gath- roaring success this year. RenRen, the 10am 12noon 2pm 4pm ered by a Facebook marketing tool. 20 News CITYA.M. 16 JUNE 2011 Miner rocked by Tanzania tax Amec eyes new growth in

▲ Australasia and America MINING implemented or whether he had Dimitry Kalachev, an analyst at already discussed the proposed levy Cannacord Genuity. BY KASMIRA JEFFORD with existing mining operations. The group reported last week that ▲ THE Tanzanian government has The government said earlier this it has not been contacted by the ENGINEERING and Australasia,” finance chief Ian approved a five-year development week that it will negotiate with exist- Tanzanian Chamber of Minerals and McHoul said at a conference this plan that includes a proposal for a ing companies about the super-tax, Energy with regards to the super tax BRITISH engineering group Amec week. super-profit tax on mining compa- which would help finance its $27bn and that it was unlikely that the com- has zoomed in on growth opportu- The company – which designs and nies. (£16.6bn) development plan. pany would be impacted by the levy. nities in South America and builds infrastructure for companies Mustafa Mkulo, the Tanzanian African Barrick Gold, the biggest “Any super tax that would be Australia, said the firm’s chief in the oil and gas, nuclear, mining minister of finance, told City A.M.: gold producer in Tanzania, experi- imposed would not impact our opera- financial officer, as he shrugged off and renewable energy sectors – said “The proposal is in the white paper, enced a rocky day in FTSE trading yes- tions because we are bound by the impact of a tax hike in the North in March it would consider return- however the tax has not been includ- terday, finishing up 0.28 per cent, Mineral Development Agreements Sea. ing cash to shareholders next year ed in my tax measures for the next despite the threat of fresh taxes. with the government that require “Brazil and South America and should a major deal not materialise. financial year.” “Any tax levy could spell more bad that any change in that status would Australasia we would see as a focus “We have a pipeline of transac- Mkulo, who announced Tanzania’s news for African Barrick Gold, who have to be agreed upon by ABG itself,” for development. Where we are tions which has been okay in the annual budget last week, could not downgraded its production twice last a spokesperson for the gold miner underweight, where we see good past and is now better than okay,” confirm when the tax would be year, disappointing investors,” said said. growth, it would be South America said McHoul Mouchel says Symbolic sacrifice of FD won’t save the day WHEN Costain offered 164.3p-a- chance”. In the event, it is finance contains £1.5bn of work against share for Mouchel, someone should director David Tilston who has had £1.9bn a year ago, while the compa- have bitten its hand off. Yesterday, to walk the plank. ny is making fewer bids on an ever- its shares closed at 59.75p, less than His sacrifice – largely symbolic – dwindling amount of work. half of the amount that was on the is unlikely to make much differ- Management are blaming the trading will table. Management said the bid was ence. Mouchel, like other firms that fact that the company has struggled too low – but it wasn’t as low as a rely on public sector outsourcing, to win orders on five months of bid preceding offer from Interserve, has a bleak future. Yesterday it talks, but this is an excuse that which reduced its own bid from admitted conditions were still masks underlying weaknesses. The 176p to 135p following due dili- tough with no respite in sight. shares might be cheap, but we’d gence. Local authorities have slashed steer well clear. remain tough After talks between the parties their property budgets, with school [email protected] broke up in April, a fund manager building, refurbishment and main- at Schroders – which holds a fifth of tenance contracts thin on the the equity – said chief executive ground after the comprehensive BOTTOMLINE ▲ SUPPORT SERVICES “It need a rights issue or to sell Richard Cuthbert had “one last spending review. The order book Analysis by David Crow something large quite quickly,” BY RICHARD PARTINGTON said Geoff Allum, analyst at Arden TROUBLED support services firm Partners. ANALYSIS l Mouchel's failed bid talks Mouchel has said it faces “very chal- “They could do a disposal with Mouchel says it is in advanced 180 discussions with a preferred trade lenging” trading conditions over current management in place but p the coming year. whether they could do a rights purchaser, later revealed to The firm said government cuts issue I don’t know. They need a Mouchel shares Costain improves be Interserve and cost cutting measures had wholesale change of management,” surge on bid offer, Mouchel snubs 24/25 February 2011 slashed its clients’ budgets and he added. 160 speculation the £170m bid 6 December 2010 20 January 2011 could further impact on its finan- Mouchel also Mouchel walks away cial performance. said its finance from both Costain and It also said a protracted offer peri- boss David Costain makes first 140 £119m bid, Mouchel Interserve’s approaches, od for the company, which included Tilston is leav- its share price falls off repeated bids from peers Costain ing the firm rejects it 22 December 2010 a cliff and Interserve, had left it unable to after just eight 28 March 2011 make enough bids for new business. months in his 120 Mouchel’s share price fell off a current role. City A.M. reveals disquiet cliff after it snubbed the approach- amongst Mouchel’s top shareholders, who are Mouchel says it faces es. “very challenging” It said its order book at the 100 calling for a sale. Angry shareholders speak out at trading conditions end of May stood at £1.5bn, 15 June 2011 down from £1.9bn at the same the firm’s AGM time a year earlier. 28 January 2011 The firm’s debt stood at 80 £109m at the end of last month, up from £97m at Costain improves offer to £152m, the half year. 60 Led by Richard Cuthbert Mouchel turns down the overture (pictured), the firm added 6 January 2011 that it would pay back £30m of debt by the end 40 of May next year. Dec 2011 Feb Mar Apr May Jun Rio Tinto to accelerate $676m iron ore Baltic Oil suspended from expansion plans on growing demand trading on accounts delay ▲ MINING from 220m to 333m tonnes by 2015. iron ore capacity to 155m tonnes. ▲ ENERGY company’s local records had been “Thanks to this faster pace of Rio Tinto has also said that it destroyed, and an attempt made to BY KASMIRA JEFFORD expansion we will be bringing extra would need to spend $2.6bn to bring SHARES in Aim-listed Baltic Oil replace them with false data. RIO Tinto will spend US$676m tonnes to the market earlier,” Sam on new production at the Marandoo Terminals were suspended yesterday, Under Aim’s rules, listed companies (£418m) to speed up its iron ore Walsh, the chief executive of Rio and Hope Downs mines to replace after the company admitted it would have six months to file audited results expansion plans in western Australia, Tinto Australia said in a statement. other mines in decline. It flagged two miss a deadline to provide sharehold- after their year end, which for Baltic benefitting from strong demand as “The demand outlook continues to projects, Yandicoogina Junction ers with its audited accounts. Oil fell on 31 December. new supplies from other miners con- be strong with supply lagging else- South West and Western Range, that Baltic was forced to refile its Though the company insists results tinue to lag behind. where in the industry and we are see- would require extra “sustaining capi- accounting records after irregularities will be in line with expectations and The mining group said yesterday it ing new supplies proving slower than tal”. were uncovered relating to its opera- denies any uncertainty around its intends to bring forward work on its predicted.” The plans are not expected to add tions in Kaliningrad in Russia. Russian operations, the suspension mines, ports and railways by six Fortescue Metals Group, Rio Tinto’s any overall cost. London-listed shares Changes in the senior management will add further pressure to its shares, months, increasing its annual capaci- larger rival in the Pilbara region, also in Rio Tinto closed at 4,111.50p, down team at Kaliningrad earlier this year which have lost more than 80 per cent ty in the Pilbara region by 50 per cent announced plans recently to triple its 0.78 per cent. led to the discovery that some of the of their value since its float in 2006. CITYA.M. 16 JUNE 2011 Economics 21 Unemployment LONDON’S CURIOUS HOLD ON ITS RESIDENTS DESPITE three- Core inflation falls across the quarters of Londoners think- ing that rental OECD members and house prices in the capital rep- resent bad value

▲ edges up in US for money, a EMPLOYMENT majority of the city’s residents UNEMPLOYMENT rates in the would be loathe to ▲ US ECONOMY The housing sector, which was at the Organisation for Economic Co-opera- relocate. BY JULIAN HARRIS epicentre of the US financial crisis and tion and Development (OECD) area According to a recession, also showed little sign of fell to 8.1 per cent in April, continu- YouGov survey, 74 AMERICA is facing the dreaded healing. Following a renewed decline ing the downward trend that began per cent of renters prospect of “stagflation”, key economic in home prices in recent months, a in October 2010, while Euro area fig- and 68 per cent of data releases suggested yesterday. homebuilder sentiment index pub- ures remained stable at 9.9 per cent. homeowners do Underlying inflation rose to its high- lished by an industry group plunged to Just five of the 34 member coun- not agree that est in almost three years in May, while its lowest since November 2010 this tries of the OECD reported a rise in their living separate reports exposed disappoint- month. unemployment, including the US arrangements are ingly flat industrial and manufactur- US inflation proved firmer than and Japan. good value. But ing activity. expected in May despite lower fuel Joblessness remained high in 52 per cent and US industrial output edged up just costs. The overall consumer price index Portugal, Ireland and Spain – where 54 per cent respec- 0.1 per cent in May as supply chain dis- rose 0.2 per cent, when analysts had the rate of unemployment has been tively agreed that ruptions from Japan’s earthquake been looking for a 0.1 per cent rise. at more than 20 per cent since May at the moment, stalled auto production for another In the year to May, prices climbed 3.6 2010. they wouldn’t month, the Federal Reserve said. per cent, the largest rise since October In April 2011 there were 44.1m want to live else- “Although the weak reading was 2008. unemployed people in OECD coun- where in the UK. caused by the unstable utilities index Core inflation jumped from 1.3 per tries, down 3.1m from this time last component, the data adds to anxiety cent to 1.5 per cent. “This leaves the year, but still 13.2m higher than in about the economy’s trajectory,” said core inflation rate bang in the middle April 2008. Tim Ohlenburg of the Centre for of the Fed’s implicit comfort zone,” In the so-called Major Seven coun- Economics and Business Research. said ING’s Rob Carnell, “and ignoring tries – comprising Canada, France, And a survey of New York State man- the activity side of the argument, is Germany, Italy, Japan, the UK and ufacturing activity plummeted to -7.79 utterly inconsistent with the Fed’s cur- the US – employment rose by 0.1 per- in June, the lowest since November rent policy of exceptionally accom- centage point to 7.7 per cent. 2010, from a reading of 11.88 in May. modative monetary policy.” France’s inflation figures tread water during May ▲ ECONOMICS The price of food bounced upwards BY ELIZABETH FOURNIER by 3.4 per cent in May, having fallen by two per cent the previous month. CONSUMER price inflation (CPI) in Exceptionally warm spring weath- France rose by 0.1 percentage point in er in the country has brought for- May, but the annual rate of increase ward the usual seasonal price decline slowed to two per cent, the country’s for many vegetables. national statistics institute Insee said Non-energy industrial goods yesterday. remained flat on the month, surpris- Energy prices declined 1.6 per cent, ing analysts at Barclays Capital, who but remained above analysts’ expecta- had forecast a decline. tions due to a smaller than expected In EU-harmonised terms, France’s drop in the cost of petrol and heating CPI remained unchanged at 2.2 per oil. cent, in line with expectations. Industrial output lifts for Euro area PART TIME MBA

slowing in the wake of high oil prices, ▲ FULL TIME BENEFITS fiscal tightening and Japan-related sup- EUROZONE ECONOMY Studying for an MBA at Westminster Business School can give your career BY JULIAN HARRIS ply chain disruptions, but retains for- ward momentum,” van Vliet added. a boost, as well as increase your salary by 40%. It can also help you to INDUSTRIAL production in the Energy production was down 3.7 per change industry, sector, or to become an entrepreneur, or even change the Eurozone edged up by 0.2 per cent in cent on the month, yet offset by an April, surprising economists who had increase of 1.3 per cent in durable con- world through work with charities and other not-for-profit organisations. expected a slight dip. sumer goods. Join them. Join us. In March production had remained “Survey evidence on the Eurozone level across the 17-nation single curren- manufacturing sector is markedly Find out more and apply now for September 2011. cy area. Compared to the same time weaker, with the May purchasing man- westminster.ac.uk/mba the previous year, industrial output agers’ survey showing overall activity at was up 5.2 per cent. a seven-month low,” noted Howard “This is a better outcome than Archer of IHS Global Insight. WESTMINSTER expected,” said ING’s Martin van Vliet. Across the wider European Union “But it would take some fairly strong area, industrial production was up 0.1 BUSINESS monthly production gains in both May per cent on the month, and 4.7 per SCHOOL and June for industry to make a signif- cent from the same point last year. icant contribution to overall GDP Official figures on inflation and growth in the second quarter. employment in the Eurozone are “Overall, today’s production figures expected to be released by the Eurostat confirm that the Eurozone economy is office this morning. 22 News CITYA.M. 16 JUNE 2011 Rothschild’s buyout firm ups its stake in Indonesian miner

▲ MINING Bumi, Asia’s biggest thermal coal the FTSE 100. exporter. The Bakrie group will own 43 per- BY ELIZABETH FOURNIER Under the agreement, the Bakrie cent in the combined London-listed NAT Rothschild’s acquisition vehicle Group, run by the family of company, named Bumi. Vallar has completed its tender offer Indonesian politician and tycoon Rothschild announced his inten- for Indonesian coal miner Berau, Aburizal Bakrie, is joining Berau Coal tion to float his second acquisition boosting its stake in the company to with prize asset Bumi in a share swap vehicle Vallares, focused on oil and almost 85 per cent. deal with Vallar. gas assets, last week. He also said that Vallar bought up 75 per cent of Vallar lifted its stake in Bumi to 50 there were “categorically” no plans Berau last November, as part of a per cent late last week, as part of its for further projects. joint investment with its minor drive to streamline the business into JP Morgan Cazenove is sole advisor shareholder Bakrie Group, which a new acquisitions-focused holding to Vallar and joint broker with Credit also saw it take a 25 per cent stake in company that could vie for a spot in Suisse.

Nat Rothschild’s Vallar has completed its tender offer for Indonesia’s Berau Coal Qantas cuts spending and drops orders ▲ AVIATION Qantas now expects its domestic BY HARRY BANKS capacity to grow by just 5.5 per cent, below the eight per cent projected AUSTRALIA’S Qantas Airways will earlier and the airline will cancel or slash spending by A$700m (£459m) defer a fifth of its aircraft deliveries and plans to cancel aircraft orders as next year. it battles waning demand, soaring Australia’s economy contracted by fuel costs and investor displeasure, the fastest rate in 20 years in the first with its shares trading near multi- quarter and recent data on retail year lows. spending and consumer sentiment Qantas, which suffered a blow to indicates households are feeling its reputation after an Airbus A380 more pain than earlier thought and accident last year forced it to ground were unlikely to sharply raise con- its flagship aircraft, said it will cut sumer spending. capital expenditure by A$400m In addition, households have through the end of fiscal 2012 and sharply raised their savings as they will reduce aircraft leasing costs by expect interest rates and mortgage A$300m. costs, to go even higher. With its shares at two-year lows, ANALYSIS l Qantas Airways Limited Team Up, Get Cooking, pilots threatening strike action, costs soaring and the Australian economy 2.20 AU$ 1.86 going through a rough patch, Qantas 15 Jun Build Better Lives has been under pressure to take deci- sive action, with some analysts sug- 2.10 gesting its credit rating could come under pressure. 2.00 For all who enjoy cooking, novice to The airline has already offered cabin crew voluntary redundancy in 1.90 talented, Big City Cook is the ideal challenge hopes of cutting 350 jobs and raised fares several times to combat its 21 Mar 4 Apr 18 Apr 9 May 23 May 6 Jun A$3.7bn fuel bill. Heats kick off 10th September 2011 thelordmayorsappeal.org.uk/cookthelordmayorsappeal.org.uk/cook Profit at Russia’s Sistema drops 020 7520 0425 by a third as exchange rates bite

Enter your trio ▲ INDUSTRIALS oil asset Bashneft and Russia’s top mobile phone operator MTS. of chefs now! RUSSIAN oil-to-telecoms holding com- Operating income before amortisa- pany Sistema reported a 33 per cent tion and depreciation rose 13 per cent Kindly sponsored by fall in first-quarter net profit due to a to $1.85bn, said Sistema, which also smaller foreign exchange gain yester- owns banking, retail, healthcare and Official Media Partner day. defence assets. Net profit fell to $97.2m (£59.7m), “Our solid financial position and while net profit before one-offs rose our stable portfolio mean that 30.5 per cent to $102.3m. Sistema is well placed to focus on new The Thomas CorCoramam FFoundationoundation fofforor Children (registered charitycharity no.no. 312278) waswas establishedestablished byby RoyalRoyal CharterCharter in 1739. RedR UK is registered charitycharity no.no. 1079752. The company said sales rose 25.8 M&A opportunities,” chief executive per cent to $7.8bn, driven by mid-size Mikhail Shamolin said. CITYA.M. 16 JUNE 2011 News 23

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

was also e-commerce director. where he was group head of internation- moted from group sales and marketing Advertising Association al and UK operations. Bischoff joins from director, joined Portmeirion in 2004. Gavin Patterson, chief executive of BT Retail, has WSP Environment & Energy LCH.Clearnet, where he was director of been appointed as president of the Advertising The global consultancy has promoted global technical services. Irwin Mitchell Association, the representative body for market- Ian Bailey to lead the organisation’s John Nicholson, formerly a partner at ing communications in the UK, representing European region as managing director, Future Capital Partners Speechly Bircham, has joined Irwin agencies, media companies and advertisers. In following his appointment as strategic The investment boutique has appointed Mitchell as a partner to boost its fam- his new role as president, Patterson will bring director for Europe in January. Bailey Robert Jolliffe in a senior investment ily law team. Nicholson will shortly be the three sectors together to champion the role was formerly president and chief operat- advisory capacity, initially to develop the joined by colleague Kate Clark, an of advertising and protect its rights. Prior to BT, ing officer for Europe at Environ. Sanctuary Fund. Jolliffe joins from The assistant who worked alongside Patterson developed his marketing experience at Princedale Partnership, the investment Nicholson at Speechly Bircham. Procter & Gamble and Telewest. Betfair consultancy he founded in 2008. The online gaming business has appoint- Ropes & Gray ed Ian Chuter as group operations direc- Portmeirion Tax lawyer John Baldry, formerly of Karen Millen director to lead the global strategy for tor and Michael Bischoff as director of The homeware manufacturer has Kirkland & Ellis, has joined Ropes & The British fashion brand has appointed Karen Millen’s website. Ritson joins information systems. Chuter joins follow- appointed Michael Haynes as UK manag- Gray as a partner in the law firm’s Lynn Ritson as its first e-commerce Karen Millen from All Saints, where she ing a nine-year career at William Hill, ing director. Haynes, who has been pro- tax and benefits department.

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ANALYSIS l 3i ANALYSIS l French Connection ANALYSIS l Faroe Petroleum 310 130 190 £ 267.30 £ £ 15 Jun 152.75 15 Jun 290 110 170 75.5 15 Jun 270 90 150

250 70 130 21 Mar 8 Apr 4 May 24 May 14 Jun 21 Mar 8 Apr 4 May 24 May 14 Jun 21 Mar 8 Apr 4 May 24 May 14 Jun 3i GROUP FRENCH CONNECTION FAROE PETROLEUM Killik & Co notes that 3i issued a release this week announcing the sale of Numis says that following a year of dramatic earnings recovery, which saw Evo Securities notes that due to its high impact nature, the result of the its stake in Ålö, a manufacturer of front-end loaders for tractors, for the shares reach a three year high, French Connection shares have suffered Lagavulin well has hung over Faroe for a while. Now, with the well completed, €240m. The sale sees 3i make approximately a four times money multiple a 40 per cent decline since March. With forecasts solid after first quarter albeit with a disappointing outcome, Evo believes it is time to focus on the on its original investment. The broker says 3i trades on a 22 per cent dis- trading was in line with expectations, the group trades on just five times broader Faroe investment case. With rising production in a more favourable count to estimated net asset value and has spotted five separate director cash-adjusted price to earnings ratio. Numis sees value and reiterates its pricing environment and four exploration and appraisal wells to spud by the share purchases since May. Killik remains a buyer. “buy” recommendation. end of the year, Evo believes its positive stance on the company remains valid. Weak banks help drive FTSE Two day rally ends to three-month closing low on Greek worries

tain amount of shareholder protec- six months under UK takeover certainly remains intact, and I sus- tion built in, if the retail part of rules, after the commodities trader pect it will remain intact until we get THELONDON the bank is protected from any sort said it was not actively considering THENEW YORK more concrete data with regard to the of collapse of the bank.” a bid. second quarter,” said Thomas Villalta, Anxiety over the debt crisis in Negative newsflow on the high portfolio manager for Jones Villalta REPORT Greece also heaped pressure on the street weighed on retailers. Marks REPORT Asset Management. sector. and Spencer and Next fell 1.7 per The CBOE Volatility Index jumped RITAIN’S top shares ended Eurozone finance ministers cent and 0.4 per cent respectively S stocks sank on Wednesday as 14 per cent to 20.82 -- its highest level lower yesterday, weighed failed to agree over aid to the coun- after Swedish clothes retailer Greek debt woes, US data and since 23 March. down by banks on worries try, and rating agency Moody’s said Hennes & Mauritz missed sales disappointing profit forecasts The core US Consumer Price Index, Bover the UK government’s it may cut the credit ratings of forecasts, while J Sainsbury shed Ufueled bearish sentiment, put- which excludes volatile food and drive for tougher regulation and French banks, citing exposure to one per cent as it warned of tough ting the market back on its down- energy prices, rose more than expect- Europe’s debt crisis, while com- Greek debt. times ahead. trend after a two-day rally. ed in May, while the New York Federal modity stocks also pressured the Against this backdrop, UBS, in a Some analysts, however, pointed Forecasts from companies, includ- Reserve’s Empire State manufactur- index. note, suggested looking for compa- to relatively healthy growth in UK ing Nucor Corp, Owens Illinois and ing index unexpectedly shrank in The FTSE 100 closed down 60.58 nies with strong earnings momen- private sector employment as a Ford, underscored concern that eco- June, falling below zero for the first points, or 1.0 per cent, at 5,742.55, tum and low macro sensitivity. positive sign for retailers. nomic sluggishness will hit earnings. time since November. its lowest finish since March 18. The broker highlighted the fol- Elsewhere, British Land Bank stocks helped lead the decline The data confirmed views that the Banks fell ahead of chancellor lowing UK companies: ITV, advanced 0.4 per cent on news the after Moody’s Investors Service said it economy is getting weaker even as George Osborne’s Mansion House Kingfisher, Marks & Spencer, J firm’s and Blackstone Group’s plan may cut the credit ratings of French prices are rising. Those economic wor- speech, which endorsed ring-fenc- Sainsbury, Tesco, Legal & General, to build UBS’ new European head- banks, citing exposure to Greek debt. ries have been behind a roughly eight ing of their retail businesses from Old Mutual and Carillion. quarters in central London will go The French banks have $65bn in over- per cent slide in the S&P 500 since its riskier investment banking – a UBS said it does not like high- ahead, after a bid to preserve the all net exposure, versus $40 bn for near three-year high on 2 May. move that would put costs up in quality companies because, while location as a heritage site failed. Germany and $41bn for the United Worries about the Greek debt crisis the short term. they would benefit from a deepen- 3i Group fell after going ex-divi- States, according to the Bank for escalated as Moody’s Investors Service Barclays and Royal Bank of ing of the sovereign debt crisis, dend. International Settlements. said it may cut the credit ratings of Scotland were the worst off, down they are already expensive. Declines in shares of insurers also French banks, citing exposure to ANALYSIS l FTSE 100 2.7 per cent and 1.9 per cent The mood was further soured by 5,742.55 outpaced the broader market, with Greek debt. respectively. a negative reading on New York 6,100 15 June the KBW insurance index down 2.8 The Dow Jones industrial average Analysts, however, argued this State manufacturing, and a high- percent. Allstate lost 2.4 per cent to was down 183.65 points, or 1.52 per development would make the sec- er-than-expected US inflation $29.49. cent, at 11,892.46. The Standard & tor more resilient and, therefore, report. 5,900 The KBW bank index was down two Poor’s 500 Index was down 22.94 attractive to investors. Commodity stocks fell in tan- per cent. Manufacturer 3M fell 1.6 per points, or 1.78 per cent, at 1,264.93. “If you’re a slightly longer-term dem with metals and crude prices, cent to $91.13 and ranked among the The Nasdaq Composite Index was player, from an investment point with Glencore leading the market 5,700 biggest drags on the Dow. An index of down 43.05 points, or 1.60 per cent, at of view, that makes banks a slight- lower, off 5.4 per cent at 506.7p, semiconductor stocks dropped 1.7 per 2,635.67. ly safer bet,” Michael Hewson, mar- against its 530p initial offer price. cent, weighing on the Nasdaq. Moody’s also said it may down- ket analysts at CMC Markets, said. Glencore will be barred from bid- 5,500 “The downward trend that’s been grade the ratings of some subsidiaries “Obviously there will be a cer- ding for embattled miner ENRC for 14 Mar 11 Apr 21 Apr 17 May 7 Jun in place for the last couple of months of Portuguese banks in Brazil. 24 CITYA.M. 16 JUNE 2011 Business Features | Careers Fed up at work? Don’t slow down, gear up for an entrepreneurial adventure

There is no such 8 out of 10 “The website thing as stuck in a City professionals is a sort of career rut for those plan to change jobs jobs board for with City skills, within two years high-flying says Donata Huggins professionals

VER 60 per cent of people confess 7 out of 10 who want to to not being engaged by their work, City professionals change and 30 per cent of employees feel hope to change Otheir strengths would be better suited to another career, according to a industry within direction” Towers Perrin/Gallup poll. A lot of people clearly want to work elsewhere. But for all two years Sources: Escape the City survey/ the talk of “transferable skills,” moving Towers Perrin/ Gallup into a radically different job to the one you have now is not easy. This was certainly what Rob Symington and Dom Jackman thought (pictured). They did a lot of googling, looking for 60 per cent alternatives to their management consul- of workers are tancy jobs at Ernst & Young, only to find “more of the same,” says Symington. So not engaged in they started their own jobs board website what they do that advertises alternative jobs for City workers, called Escape the City. And it’s taking off fast. The website was launched in January 2010 and already has over 24,000 members and 1m page views. but I knew I wanted to work in a fast- Rob Symington (left) the stage where I can employ anyone yet, keenest to 30 per cent A 33-man IT start-up called Qubit Digital growing company and be part of creating and Dom Jackman but I’ve made all the connections I need escape. But of employees feel has recruited five members of staff something.” He’s now a senior business (right) founded the to get started, using the site.” McKay isn’t Jackson through the website in the last year. Ian and financial analyst, working with recruitment website unique. There are adverts for business insists: their strengths McCaig, one of the founders of Qubit, Qubit’s four founders. Escape the City. partners across the message board. “The site would be better says: “We wanted City people who under- The site even helps people make their Symington says: “The City skillset is really has never stand business and finance, not webby, own job. Anna McKay left Ernst & Young desirable for early-stage employers and been about suited to another tech people. The site has been great for two months ago to set up Spinach Health, Picture: Micha entrepreneurs. Escape the City simply bashing corpo- career getting the type of bright analytical busi- a company that sells corporates health Theiner/ CITY A.M. tries to put these people together.” rate jobs, it’s just ness minds we want without paying and well-being training. “I used the con- Jackman and Symington keep a close about linking up expensive recruitment agency fees.” nections board on the Escape the City eye on the addresses clicking through people with jobs that suit Simon Jaffery was Qubit’s first City website to link up with people who could their site and they say the “Big Four” them better than the one they have now.” escapee: “I really liked working at PwC, help me,” McKay explains. “I’ve not got to accounting firms’ employees are the www.escapethecity.org

NEWS | IN BRIEF

Interexec, as the market leader, has a unique Short sighted CEOs need to re-focus track record in maximising the careers of busy 60 per cent of management consultants think chief executives need to focus on top executives and a reputation for results and long term planning rather than short professionalism. term cost savings, according to a survey by FreshMinds Talent, the recruitment con- sultancy. When the consultants were Thirty fi ve years of global networking with asked what issue they believe is at the top headhunters and employers provides in-depth of current chief executives’ agendas, long knowledge and unrivalled access to current term plans were given a tiny 11 per cent ranking. Cost savings, on the other hand, opportunities which are seldom published polled 54 per cent. The consultants at this executive level. thought chief executives were prioritising High Achievers short-term savings at the cost of long term plans. If you are earning £150k to £1m+ do call to arrange an exploratory meeting. Confi dential Market Access Ernst & Young coaching mums In an effort to retain female staff, Ernst & Young have started coaching mums and UK and International H.O. mums-to-be among its staff. The coaching sessions are given before, during and after +44 (0)207 562 3482 a member of staff’s maternity leave. They [email protected] cover managing relationships with clients and colleagues, exploring alternative www.interexec.co.uk work patterns, and re-integrating into the workplace. Even line managers who have someone in their team going on materni- ty leave receive coaching on how to pro- vide support. Liz Bingham, a partner at Ernst & Young, says: “Maternity coaching isn’t about informing staff about our cor- porate policies. It’s about giving our peo- London, Manchester and Birmingham ple the confidence to have conversations about their working arrangements.” CITYA.M. 16 JUNE 2011 25 Wealth Management | Funds

ANALYSIS l Comparable gross income from investing £1,000 in the Marlborough UK Leading Companies Fund and the FTSE 100

1,600 1,300 £

Rewarding 1,400

Marlborough UK Leading Companies Fund 1,200 deductions at 1,000 1,155 FTSE 100 800

Source: Morningstar Baker Street 600 01 07 2008 01 01 2009 01 07 2009 01 01 2010 01 07 2010 01 01 2011 Richard Hallett’s Marlborough Leading Companies fund could steer you through tough times, says Philip Salter

ROM their offices in Baker growth from international markets. Street, Richard Hallett and his Although the share price has been colleagues at Hargreave Hale are astronomical, in the medium to long- Fsuccessfully detecting the right term he can see it only going one way. companies to bring in considerable Immunodiagnostic Systems is a returns. Alongside Giles Hargreave, world leader in vitamin D diagnostic Hallett manages the Marlborough testing. He describes vitamin D diag- Leading Companies fund. Although nostics as a “very fast-growing subset he is concerned about the macroeco- of the diagnostic testing market,” so nomic outlook – particularly in sees a lot of growth, particularly in Europe – he sees plenty of companies the US. Blinkx is an Aim-listed tech that offer growth opportunities. company, which develops advertising revenue from video content on the GREEK BEARINGS internet. He notes that following the Hallett was much more bullish on acquisition of Burst Media it looks markets six to twelve months ago: strong and has broken into cash flow “Since the beginning of this year, the and profit generation. markets have been very volatile and rangebound, principally because of BIG GROWTH the macro data coming from the US, Although as a generalisation, Hallett Europe and the Far East – in fact, all acknowledges that small caps can around the world – have been very present higher risks by being less geo- volatile and hard to judge.” Although graphically diversified and less he sees the decline in the pace of mature in their relative industries, he China’s growth as quite healthy, he doesn’t subscribe to the view that believes it isn’t clear if the industrial small caps are necessarily higher risk slowdown in the US is a soft patch or than large caps. He thinks it is much something more worrying. On better to drill down into the inherent Europe, he is much more pessimistic risk within each business. Also, he is and finds it “very difficult to see a keen to point out that not all big way through.” He says there is “far too stocks are defensives. On this front he much debt in peripheral nations” likes Hargreaves Lansdown, Intertek, and the authorities are just “chuck- Shire and Aggreko, all of which he ing more debt at them – which is just thinks are still very good growth kicking the can down the road.” stocks. Given these uncertain times, Hallett If you are invested in the FTSE 100, likes companies with structural secu- you are up to your neck in interna- lar growth opportunities, which are tional oil companies, mining compa- not overly affected by a slowdown. nies and domestic banks. This might be what you want, but investors need SMALL PROFITS to be aware that these are the indus- The Marlborough Leading Companies tries they are backing. The fund is fairly small, with around Marlborough Leading Companies £56m in assets under management – fund is exposed to fluctuations in but Hallett believes it has room to commodities to the tune of 4 per grow. He thinks a key feature of the cent, while the FTSE 100 exposes fund is its flexibility in being able to investors to around 15 per cent in put up to 25 per cent in small cap commodity fluctuations, companies. This, he says, gives him Hallett likes the sup- the “capability to switch in and out of ply side factors for small funds, depending upon where being invested in we are in the economic cycle and copper miners how we feel about the environment over the medium going forward.” In the downturn, he to long-term, but was biased towards large caps, then, not iron ore min- through 2009 and 2010, he upped his ers. Far from ele- ante in small caps. At present, the mentary, as soon fund has about 15 per cent in small as Hallett has elimi- caps, 25 per cent in FTSE 250 compa- nated the unprof- nies and 60 per cent in the FTSE 100. itable, whatever Three small cap compa- remains is in nies Hallett particularly his portfo- likes are ASOS, lio. Immunodiagnostic Systems and Blinkx, all of which he personally owns. He believes ASOS – the online retailer – has the potential for multi- ple years of 26 Wealth Management

TRADE IN...... MORE CORNERS...

Not subtle Picture: REX An indelicate approach to regulation

agers are expected to establish the risk that expect to be able to simply write a cheque Though blunt, a letter from the FSA to CEOs has a customer is willing and able to take and for their portfolio manager and to receive then make a suitable investment selection. one back in five years time with an extra highlighted the differences between prudent wealth However, establishing what constitutes ade- zero on the end. quate assessment of a client’s appetite for At the same time, customers should be management companies and the rest, says Craig Drake risk is a difficult thing to do. Gemma aware that not all wealth managers are Godfrey, head of research for Credo Capital, equal, and should be paying attention to says that there are a number of challenges the process. As Gemma Godfrey points out, ARLIER this week, the chief executive come into effect from 1 January 2013, the when making this assessment. “Wealth “while it may be an attractive proposition to officers of wealth management firms FSA’s published letter will probably not be managers need to obtain sufficient infor- go for a manager that offers an easy sign-up woke up, rubbed the sleep out of their the most welcome arrival. The regulator’s mation about their clients, and also man- with a minimum of effort, this isn’t neces- Eeyes, and found a letter from the bull-in-a-china shop approach to public rela- age expectations. In doing so, they also sarily a good idea. Clients should make sure Financial Services Authority on their door- tions may not have enamoured it to the need to avoid emotive language that could that they’re aware of the process, and there mat. The letter pertained to the results of industry, but there could be a silver lining lead a client down the path to a particular is responsibility on both sides.” the FSA’s wealth management review. for some wealth managers. According to choice.” Wealth managers also need to The review claimed that in a sample of 16 Lee Robertson, chief executive of make sure that the information that they POISON OR CURE firms, 14 were judged to pose a high or Investment Quorum, a boutique wealth hold is current. But how current is current? With wealth managers and independent medium-high risk of detriment to their cus- manager, the report will benefit those on “Wealth managers used to work on a time financial advisers (IFA) dealing with regula- tomers, based on the number of client files the right side of the fence. Robertson says: horizon of three years,” says Godfrey, “but tion from all directions, the industry won’t which had a high risk of unsuitability or “We are probably going to see more of a this time scale is shrinking, and managers relish public castigation from its regulator. where the suitability could not be deter- split between wealth managers who take an need to keep abreast of the requirements of But given the choice between another bar- mined. Overall, 79 per cent of files active, personalised role in managing their their clients.” rage of regulations and a sniping letter reviewed had a high risk of unsuitability or client’s portfolio and maintain a long term from the FSA, chief executives will probably the suitability could not be determined. 67 view, and those who simply assess a client’s CONSIDERATIONS FOR CLIENTS have been more content with a letter. per cent of the files reviewed were not con- suitability for a one size fits all portfolio. We Though the Dear CEO letter released by the What is clear is that the wealth manage- sistent with one or more of the following: consider ourselves to be in the first category FSA was intended by the authority as a boot ment industry as a whole is heading for a the firm’s house models; the client’s docu- and it’s the latter who are really going to to the posterior for below-par wealth man- shake up over the next year and the IFA sec- mented attitude to risk; and the client’s struggle when new regulations kick in.” agers – albeit seen by some as a boot on the tor is expected to shrink over the next 12 investment objectives. head of managers already treading water – months by some 10-12 per cent. As a result, With many wealth management firms COMMUNICATING RISK the letter also serves to remind clients what it will be the consumer that will be hurt the currently shouldering the expense of put- The bulk of the seven-page letter and appen- to be aware of when choosing who man- most, as competition decreases and costs ting staff through training in order to dix focuses on the inability of some firms to ages their hard-earned funds. are passed down the food chain with achieve compliance with the outcome of demonstrate that client portfolios are suit- Wealth managers should temper the increased fees. Once again, regulation that the Retail Distribution Review that will able. In assessing suitability, wealth man- expectations of clients, who should not meant to aid will instead hinder. PERSONAL FINANCE NEWS BY CRAIG DRAKE ...OF THE GLOBE BLOWING THE PENSION ON FAST CARS HOUSING MARKET POSITIVE 24/7 online equities trading According to research from Prudential, The June 2011 BSA Property Tracker 8 in 10 pensioners with company and survey indicates that consumers are 18 international markets private funds are taking lump sums slightly less negative about the outlook Search online for Barclays Stockbrokers averaging £21,500. They report that the for the housing market. The report from 26 exchanges average withdrawal is down 11 per cent the Building Societies Association found International Trader on 2008, but an increasing number are the proportion that did not think that it blowing the cash on holidays, cars and is currently a good time to buy dropped If you are unsure about investing DIY – potentially reducing the monthly to 21 per cent, from 29 per cent in If you want to deal in international equities, please income they get from their pension fund March. 41 per cent think it is a good seek independent advice. dramatically as a result. time to buy, the same proportion as in on the world stage, Shares can fall in value and March. you may get back less SUNSHINE MAKES PEOPLE HAPPY International Trader than you invested. Last month’s Nationwide Consumer PRIVATE INVESTMENT IN FOHFS can take you there. Overseas investments Confidence Index survey showed that According to S&P Fund Services, funds- may lose value due consumer confidence was up 11 points in of-hedge-funds (FOHF) managers are to currency May. The month saw the Confidence starting to target smaller investors. Over fluctuations. Index register one of its largest ever the past 12 months, assets under man- increases. The report says that warm agement in aggregate hedge funds have weather, bank holidays and the royal grown by more than twice as much as wedding are likely to have boosted senti- those in FOHFs. According to S&P Fund ment. Significant increases in expecta- Services, the FOHF model is of value to tions and spending indices were smaller and private investors but the rel- recorded during the month, but atively high minimum investment thresh- This is an advertisement. Barclays Stockbrokers is the group name for the Consumer Confidence is still low at 55 – olds of many FOHFs appear to have Registered No. 920880. All companies are registered in England at business of Barclays Stockbrokers Limited, a member of the London Stock 1 Churchill Place, London, EH14 5HP; the registered VAT No. is 243 8522 62. Exchange and PLUS. Registered No. 1986161. Barclays Sharedealing, 9 points below the same period in 2010. discouraged. them. All companies are authorised and regulated by the Financial Services Registered No. 2092410. Barclays Bank Trust Company Limited, Authority.

28 Wealth Management | Markets CITYA.M. 16 JUNE 2011

FTSE 100 FTSE 250 FTSE ALLSHARE DOW NASDAQ S&P 500 / 1.1421 0.0068 /$ 1.4173 0.0027 5742.55 11763.43 3001.84 11897.27 2631.46 1265.42 /$ 1.6186 0.0191 /£ 0.8759 0.0058 -60.58 -98.00 -30.13 -178.84 -47.26 -22.45 /¥ 131.04 0.8373 /¥ 114.75 1.5400 Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low GILTS Yule Catto & Co . . . . .225.0 2.2 240.5 112.7 Brewin Dolphin Ho . .157.1 -2.5 185.4 114.0 Rexam ...... 378.9 -7.5 400.0 290.4 Amlin ...... 408.2 -8.3 433.0 375.3 Centamin Egypt Lt . .118.0 -0.5 197.1 115.5 Hammerson ...... 478.6 0.2 486.3 336.3 JD Wetherspoon . . . .429.4 -0.6 468.3 386. CONSTRUCTION & MATERIALS Camellia ...... 10949.5 -0.510975.0 7600.0 RPC Group ...... 335.8 -6.2 361.1 192.3 Beazley ...... 123.5 -2.7 139.2 109.1 Eurasian Natural . . .744.0 -17.5 1125.0 742.0 Hansteen Holdings . . .86.2 -0.1 89.3 59.4 Ladbrokes ...... 150.4 1.4 152.2 122. Tsy 3.250 11 . . . . .101.33 -0.01 103.8 101.3 Charles Taylor Co . . .134.5 2.1 235.0 122.0 Smiths Group . . . . .1123.0 -6.0 1429.0 1043.0 Catlin Group Ltd. . . .414.0 -5.7 421.4 325.0 Fresnillo ...... 1346.0 -31.0 1682.0 950.0 Land Securities G . . .841.5 4.0 848.0 545.0 Marston's ...... 101.3 0.3 117.1 90. Tsy 9.000 11 . . . . .100.61 -0.03 108.9 100.6 Balfour Beatty ...... 306.2 -4.6 357.3 229.8 City of London Gr . . . .83.5 0.0 93.6 65.8 Hiscox Ltd...... 413.7 -6.1 424.7 336.1 Gem Diamonds Ltd. .251.8 -20.4 306.0 186.3 SEGRO ...... 320.0 -1.1 331.3 250.2 Millennium & Copt . .483.3 -8.1 600.5 392. Tsy 2.500 11 . . . . .307.55 0.00 310.0 307.5 Keller Group ...... 490.0 -38.0 698.5 487.9 City of London In . . .424.0 -2.3 461.5 273.5 GENERAL RETAILERS Jardine Lloyd Tho . . .681.5 -6.0 709.0 521.5 Hochschild Mining . .469.6 -5.4 680.0 289.4 Shaftesbury ...... 539.0 1.5 542.5 349.3 Mitchells & Butle . . . .325.2 -1.3 361.0 274. Tsy 5.000 12 . . . .103.22 -0.02 107.2 103.1 Kier Group ...... 1305.0 -1.0 1418.0 886.5 Close Brothers Gr . . .758.0 -20.0 888.5 664.0 Brown (N.) Group . . .276.9 4.9 311.2 221.0 Lancashire Holdin . . .653.5 -1.5 662.5 491.1 Kazakhmys ...... 1282.0 0.0 1671.0 965.0 National Express . . .251.5 -1.4 270.2 213. Tsy 5.250 12 . . . .104.47 0.00 108.5 104.4 Collins Stewart H . . . .78.5 1.5 90.8 67.3 Carpetright ...... 724.0 -9.0 835.5 631.0 RSA Insurance Gro . .134.6 -1.8 143.5 117.9 Kenmare Resources . .48.5 -0.9 50.3 11.5 SOFTWARE & COMPUTER SERV. Punch Taverns ...... 71.8 -1.2 90.4 58. Tsy 9.000 12 . . . .109.34 0.00 116.7 108.6 ELECTRICITY Evolution Group . . . . .65.5 -0.3 97.8 65.0 Debenhams ...... 68.0 -1.1 77.4 53.0 LIFE INSURANCE Lonmin ...... 1431.0 -32.0 1983.0 1355.0 Autonomy Corporat 1746.0 -39.0 1975.0 1271.0 Rank Group ...... 150.8 -0.7 153.0 94. Tsy 4.500 13 . . . .106.33 0.06 109.2 105.8 Drax Group ...... 474.6 -2.3 488.3 353.6 F&C Asset Managem .74.7 -1.4 92.9 47.5 Dignity ...... 753.0 -2.0 785.0 627.5 Petropavlovsk ...... 708.5 -11.5 1365.0 707.5 Aveva Group ...... 1743.0 18.0 1759.0 1127.0 Restaurant Group . . .295.5 -3.2 335.0 208. Tsy 2.500 13 . . . .287.73 0.10 287.8 274.2 Scottish & Southe . .1371.0 -3.0 1410.0 1108.0 Hargreaves Lansdo .621.5 -3.0 646.5 317.4 Dixons Retail ...... 17.5 -0.2 28.5 11.8 Aviva ...... 425.1 -7.1 477.9 305.8 Randgold Resource 4711.0 -17.0 6655.0 4425.0 Computacenter . . . . .450.0 -2.6 489.7 260.0 Stagecoach Group . .242.2 -0.8 249.8 160. Tsy 8.000 13 . . . . .115.95 0.07 121.3 115.8 ELECTRONIC & ELECTRICAL EQ. Helphire Group ...... 3.5 0.0 44.5 3.2 Dunelm Group ...... 425.2 -0.3 550.0 325.3 Legal & General G . . .114.5 -1.9 123.8 75.6 Rio Tinto ...... 4111.5 -32.5 4712.0 2880.5 Fidessa Group . . . . .1967.0 7.0 2006.8 1300.0 Thomas Cook Group 133.2 -3.0 205.5 132. Tsy 5.000 14 . . . . .111.39 0.13 114.1 109.2 Henderson Group . . .142.2 -1.3 173.1 118.1 Halfords Group . . . . .390.0 -1.8 550.0 348.2 Old Mutual ...... 125.8 -1.5 145.2 102.0 Vedanta Resources 1983.0 -32.0 2583.0 1839.0 Invensys ...... 306.4 0.6 364.3 230.2 TUI Travel ...... 215.1 3.8 271.9 190. Tsy 7.750 15 . . . .104.28 -0.08 110.8 76.0 Domino Printing S . .660.0 6.5 705.0 433.0 Highway Capital . . . . .15.5 0.0 21.0 6.0 Home Retail Group . .170.7 -4.0 244.5 165.5 Phoenix Group Hol . .631.0 -14.0 758.0 584.5 Xstrata ...... 1259.5 -33.5 1550.0 845.8 Kofax ...... 459.2 -9.1 535.0 231.0 Whitbread ...... 1536.0 9.0 1887.0 1361. Tsy 8.000 15 . . . .126.56 0.15 131.6 123.7 Halma ...... 390.1 -1.1 395.8 260.9 ICAP ...... 456.6 -11.4 570.5 380.2 Inchcape ...... 389.5 -0.3 414.0 237.1 Prudential ...... 710.0 -10.5 777.0 489.2 MOBILE TELECOMS Logica ...... 129.1 -2.9 147.2 101.7 William Hill ...... 220.5 0.0 223.5 155. Tsy 4.750 15 . . . . .112.05 0.15 114.7 108.6 Laird ...... 137.3 1.3 179.0 98.8 IG Group Holdings . .432.1 -4.4 553.0 420.0 JD Sports Fashion . .924.0 10.5 1005.0 683.0 Resolution Ltd...... 304.8 -4.9 316.1 211.3 Micro Focus Inter . . .367.8 -4.2 541.5 276.0 AIM 50 Tsy 2.500 16 . . . .334.12 0.35 334.2 304.4 Morgan Crucible C . .307.0 0.3 333.0 179.5 Intermediate Capi . . .313.2 -2.9 360.3 240.4 Kesa Electricals . . . .140.4 -1.6 174.0 108.9 St James's Place . . . .339.6 -1.9 360.4 204.2 Inmarsat ...... 585.0 -9.0 779.5 575.0 Misys ...... 390.8 0.9 392.0 232.8 Tsy 4.000 16 . . . .109.21 0.22 111.4 104.9 Renishaw ...... 1689.0 -31.0 1819.0 709.0 International Per . . . .355.3 -18.0 386.6 183.3 Kingfisher ...... 272.1 -2.7 287.1 198.5 Standard Life ...... 204.5 -2.5 244.7 173.0 Vodafone Group . . . .159.7 -1.1 181.9 136.5 Sage Group ...... 284.7 -3.2 302.0 222.7 Abcam ...... 417.0 2.5 428.5 237. Tsy 12.000 17 . . .126.81 0.23 185.9 126.0 Spectris ...... 1581.0 32.0 1602.0 740.5 International Pub . . . .116.2 -0.8 118.3 108.6 Marks & Spencer G . .362.0 -6.1 427.5 327.2 SDL ...... 708.0 -3.5 712.5 450.0 Albemarle & Bond . .349.9 -2.1 353.8 218. Tsy 1.250 17 . . . . .112.18 0.39 112.2 104.9 MEDIA NONEQUITY INVESTM. COMM. EQUITY INVESTMENT INSTRUM. Investec ...... 487.3 -7.8 538.0 429.2 Mothercare ...... 395.6 -6.2 627.5 382.0 Telecity Group ...... 548.0 6.5 557.0 377.0 Amerisur Resource . .26.3 -0.5 29.0 11. Tsy 8.750 17 . . . .136.58 -0.18 142.2 132.9 IP Group ...... 50.8 0.8 53.8 27.9 Next ...... 2232.0 -8.0 2326.0 1868.0 4Imprint Group . . . . .285.3 0.5 295.0 195.0 Genesis Emerging . .517.0 -5.0 568.0 439.1 Archipelago Resou . . .62.9 0.8 66.8 32. Tsy 5.000 18 . . . . .114.80 0.24 117.6 109.7 SUPPORT SERVICES Aberforth Smaller . . .704.5 -9.5 715.5 506.0 Jupiter Fund Mana . .267.7 -6.0 337.3 180.3 Sports Direct Int . . . .221.0 -5.4 234.1 101.1 Aegis Group ...... 146.8 -2.6 152.0 103.6 OIL & GAS PRODUCERS ASOS ...... 2450.0 -18.0 2508.0 746. Tsy 4.500 19 . . . . .110.97 0.29 113.8 105.4 Alliance Trust ...... 371.9 -1.5 385.0 293.5 LMS Capital ...... 63.4 0.1 64.8 40.0 WH Smith ...... 473.8 -1.1 523.0 398.2 Bloomsbury Publis . .130.0 1.0 138.0 108.5 Aggreko ...... 1897.0 -14.0 1935.0 1346.0 Aurelian Oil & Ga . . . .60.0 -0.3 92.0 35. Tsy 3.750 19 . . . .105.10 0.29 107.7 99.4 Bankers Inv Trust . . .417.0 -5.9 428.0 337.0 London Finance & . . .21.5 0.0 23.5 16.5 British Sky Broad . . .834.0 -1.0 849.0 693.5 Afren ...... 164.6 -0.8 171.2 79.2 Ashtead Group . . . . .178.0 -4.0 207.9 77.0 Avanti Communicat .361.5 -22.5 735.0 359. HEALTH CARE EQUIPMENT & S. Tsy 4.750 20 . . . . .112.30 0.28 115.9 106.6 BH Global Ltd. GB .1100.0 -8.0 1174.0 1058.0 London Stock Exch .955.0 -13.5 990.0 544.0 Centaur Media ...... 54.8 0.4 73.0 45.8 BG Group ...... 1346.0 -20.0 1564.5 1002.0 Atkins (WS) ...... 805.0 -5.5 820.0 650.0 Avocet Mining ...... 182.5 -5.3 253.5 112. Tsy 2.500 20 . . . .341.04 0.47 341.2 303.8 BH Global Ltd. US . . . .10.8 -0.0 11.6 10.4 Man Group ...... 232.6 -7.6 311.0 206.4 Smith & Nephew . . . .657.0 1.5 742.0 537.5 Chime Communicati .285.0 -3.0 298.5 158.0 BP ...... 435.5 -5.0 509.0 302.9 Babcock Internati . . .692.0 -9.0 704.5 492.8 Blinkx ...... 125.0 -7.0 148.8 33. Tsy 8.000 21 . . . .140.81 0.31 147.1 133.8 BH Macro Ltd. EUR . . .17.0 -0.0 17.2 15.8 Paragon Group Of . .199.1 -1.7 206.6 114.4 Synergy Health . . . . .901.5 -8.5 948.0 640.0 Creston ...... 116.5 -1.8 121.0 78.5 Cairn Energy ...... 410.9 -9.0 493.2 366.0 Berendsen ...... 491.4 -0.6 519.5 360.2 Borders & Souther . . .53.8 -1.0 93.0 53. Tsy 4.000 22 . . . .104.53 0.32 108.4 99.0 BH Macro Ltd. GBP 1766.0 -6.0 1780.0 1630.0 Provident Financi . . .984.0 0.5 1033.0 728.5 Daily Mail and Ge . . .443.5 -0.5 594.5 433.0 EnQuest ...... 126.7 -2.3 158.5 96.0 Bunzl ...... 759.5 -5.5 783.0 658.0 BowLeven ...... 319.3 -3.0 398.0 126. Tsy 1.875 22 . . . . .117.83 0.59 117.9 108.5 BH Macro Ltd. USD . . .17.1 0.2 17.1 15.8 Rathbone Brothers .1130.0 -4.0 1257.0 762.5 HHOLD GDS & HOME CONSTR. Euromoney Institu . .670.0 0.0 736.0 575.5 Essar Energy ...... 429.7 -7.9 589.5 387.1 Capita Group ...... 739.5 -14.5 810.0 635.5 Caledon Resources .108.5 3.8 109.3 23. Tsy 2.500 24 . . . .298.99 0.58 299.2 262.1 BlackRock World M .729.0 -12.0 815.5 533.0 Real Estate Credi . . . . .1.4 0.0 2.4 0.9 Barratt Developme . .112.6 2.0 119.0 70.1 Future ...... 17.5 -1.3 30.0 15.8 Exillon Energy ...... 413.4 -6.6 469.7 166.5 Carillion ...... 368.1 -6.6 403.2 291.2 Cape ...... 556.0 4.0 567.0 200. Tsy 5.000 25 . . . . .113.19 0.32 118.5 107.4 BlueCrest AllBlue . . .174.2 -0.7 176.2 163.8 RSM Tenon Group . . .25.3 -0.8 66.3 21.3 Heritage Oil ...... 231.0 -4.4 486.0 227.8 De La Rue ...... 782.5 -4.5 979.0 549.5 Conygar Investmen .114.9 -0.1 120.0 101. Tsy 1.250 27 . . . . .111.01 0.47 111.2 100.5 British Assets Tr . . . .131.5 -2.5 140.5 105.0 S & U ...... 620.0 0.0 708.5 482.5 JKX Oil & Gas ...... 280.3 -4.5 335.1 228.0 Electrocomponents .286.8 0.8 294.9 205.7 Cove Energy ...... 80.5 -2.8 112.8 47. Tsy 4.250 27 . . . .103.41 0.22 108.8 97.9 British Empire Se . . .524.5 -3.5 533.0 404.1 Schroders ...... 1547.0 -39.0 1922.0 1154.0 MAIN CHANGES UK 350 Premier Oil ...... 476.3 -3.5 535.0 292.8 Experian ...... 785.0 -15.5 819.0 578.0 Daisy Group ...... 117.0 0.0 119.3 86. Tsy 6.000 28 . . . .125.56 0.19 132.7 119.5 Caledonia Investm .1723.0 -42.0 1928.0 1539.0 Schroders (Non-Vo .1294.0 -27.0 1554.0 950.5 Royal Dutch Shell . .2121.5 -22.0 2326.5 1624.0 Filtrona PLC ...... 369.5 -1.0 385.5 196.1 Desire Petroleum . . . .16.0 -2.0 168.5 11. Tsy 4.750 30 . . . .108.91 0.17 115.0 103.0 City of London In . . .292.5 -3.5 303.2 235.0 Tullett Prebon ...... 355.6 -9.2 428.6 307.5 Risers%% Fallers Royal Dutch Shell . .2134.0 -21.5 2336.0 1554.0 G4S ...... 278.9 -4.3 291.0 237.7 EMIS Group ...... 540.0 7.5 555.5 303. Tsy 4.125 30 . . . .284.20 0.39 284.5 248.7 Dexion Absolute L . .145.8 -0.2 151.0 131.2 Walker Crips Grou . . .49.0 0.0 50.9 46.5 Salamander Energy .260.9 -5.3 317.6 210.0 Hays ...... 106.0 -1.8 133.6 88.4 Encore Oil ...... 57.5 -3.3 151.5 28. Tsy 4.250 32 . . . .101.90 0.15 107.8 96.0 Senior ...... 162.4 2.3 Gem Diamonds Ltd. .251.8 -7.5 Edinburgh Dragon . .238.0 -2.0 262.1 205.3 FIXED LINE TELECOMS Soco Internationa . . .375.0 -5.3 484.2 292.0 Homeserve ...... 526.5 2.0 532.0 398.6 Faroe Petroleum . . . .152.3 -2.8 218.3 114. Tsy 4.250 36 . . . .101.19 0.12 107.4 95.0 Edinburgh Inv Tru . . .471.0 -13.3 492.2 372.2 Spectris ...... 1581.0 2.1 Keller Group ...... 490.0 -7.2 Tullow Oil ...... 1277.0 -24.0 1493.0 991.5 Howden Joinery Gr . .105.1 -1.5 127.5 56.8 Gulfsands Petrole . . .241.3 -7.8 401.5 234. Tsy 4.750 38 . . . .109.69 0.09 116.5 102.8 Electra Private E . . .1706.0 -18.0 1755.0 1177.0 BT Group ...... 197.4 -3.0 201.9 126.3 Intertek Group . . . . .1967.0 -15.0 2148.0 1437.0 GW Pharmaceutical .119.0 0.0 141.0 83. Tsy 4.500 42 . . . .105.95 0.00 112.8 98.9 Regus ...... 110.2 2.0 ITE Group ...... 222.0 -6.8 OIL EQUIPMENT & SERVICES F&C Inv Trust ...... 309.0 -2.3 317.5 251.4 Cable & Wireless . . . .39.5 0.1 61.4 39.2 Barratt Developmen .112.6 1.8 Supergroup ...... 818.5 -6.5 Michael Page Inte . . .526.5 -4.5 567.0 349.4 Hamworthy ...... 652.0 -32.5 684.5 293. Fidelity China Sp . . . . .96.4 -2.6 128.7 96.1 Cable & Wireless . . . .49.5 -0.9 92.0 46.6 TUI Travel ...... 215.1 1.8 Glencore Internati . . .473.0 -5.4 Amec ...... 1097.0 -17.0 1251.0 805.5 Mitie Group ...... 234.6 -2.1 241.1 188.7 Hargreaves Servic .1051.0 11.0 1058.0 556. ALTERNATIVE ENERGY Fidelity European . .1240.0 -19.0 1287.0 916.0 COLT Group SA . . . .144.4 -3.3 156.2 109.0 Hunting ...... 733.0 -3.5 817.0 439.4 Premier Farnell . . . . .274.6 -3.9 308.8 210.2 Healthcare Locums . .112.5 0.0 112.5 112. Brown (N.) Group . . .276.9 1.8 International Pers . . .355.3 -4.8 Glencore Internat . . .473.0 -27.0 531.1 472.3 Fidelity Special . . . . .558.0 -9.0 595.0 503.0 TalkTalk Telecom . . .149.5 1.0 168.3 114.3 John Wood Group . .639.5 -10.5 706.0 308.4 Regus ...... 110.2 2.2 119.0 66.1 Immunodiagnostic . .963.0 -4.0 980.0 575. Herald Inv Trust . . . . .518.0 -8.5 541.0 352.5 Telecom Plus ...... 615.0 -2.0 621.6 327.0 Fenner ...... 393.8 1.5 Talvivaara Mining . . .421.8 -4.3 Lamprell ...... 344.0 -11.4 364.4 186.3 Rentokil Initial ...... 95.2 -0.8 121.7 84.3 Impellam Group . . . .365.0 0.0 387.5 84. AEROSPACE & DEFENCE HICL Infrastructu . . . .116.7 -0.9 121.3 112.0 Elementis ...... 160.0 1.3 Petrofac Ltd...... 1515.0 -3.6 Petrofac Ltd...... 1515.0 -56.0 1685.0 1141.0 RPS Group ...... 244.4 -1.6 251.4 169.8 James Halstead . . . . .450.0 -12.5 485.0 306. FOOD & DRUG RETAILERS BAE Systems ...... 313.9 -1.2 369.9 294.7 Impax Environment .118.3 -0.6 130.5 106.5 Telecity Group ...... 548.0 1.2 Aquarius Platinum . .313.3 -3.3 PERSONAL GOODS Serco Group ...... 571.0 -6.0 640.0 529.5 Kalahari Minerals . . .238.0 -2.0 301.0 142. Chemring Group . . . .657.0 -2.0 736.5 519.6 JPMorgan American .840.0 -12.0 909.0 673.0 Booker Group ...... 68.4 -0.4 70.3 39.5 JD Sports Fashion . .924.0 1.2 Lamprell ...... 344.0 -3.2 Shanks Group ...... 126.8 -1.3 130.9 96.5 London Mining . . . . .352.5 -8.0 436.5 204. Cobham ...... 213.0 -1.1 247.6 192.3 JPMorgan Asian In . .225.1 -2.9 250.8 187.1 Greggs ...... 510.0 -5.5 542.0 418.7 Burberry Group . . . .1320.0 0.0 1365.0 739.5 SIG ...... 143.7 -0.5 153.5 90.7 Lupus Capital ...... 118.0 2.0 150.0 72. Meggitt ...... 357.2 -0.7 380.9 261.7 JPMorgan Emerging .579.5 -4.0 639.0 479.5 Morrison (Wm) Sup .295.9 0.7 308.3 260.9 Price Chg High Low Price Chg High Low PZ Cussons ...... 368.0 -6.9 409.0 317.9 SThree ...... 395.4 -6.5 447.6 231.1 M. P. Evans Group . .439.3 -0.8 500.5 329. QinetiQ Group ...... 119.3 -1.0 136.3 96.7 JPMorgan European .910.0 -15.5 983.5 618.0 Ocado Group ...... 218.0 -1.7 285.0 123.5 Supergroup ...... 818.5 -56.5 1820.0 673.5 Travis Perkins . . . . .1032.0 -12.0 1127.0 709.0 Majestic Wine ...... 465.0 4.8 470.3 289. Rolls-Royce Group . .606.5 -5.5 665.0 535.0 JPMorgan Indian I . . .415.0 -4.0 502.0 394.1 Sainsbury (J) ...... 323.6 -3.2 395.0 317.2 Bellway ...... 725.5 -2.0 753.5 511.0 Haynes Publishing . .246.0 0.0 262.5 202.5 AstraZeneca ...... 3095.0 -34.5 3385.0 2801.5 Wolseley ...... 1912.0 -29.0 2261.0 1223.0 May Gurney Integr . .285.0 8.0 285.0 177. Senior ...... 162.4 3.7 164.2 111.2 JPMorgan Russian .658.5 -12.0 755.0 502.0 Tesco ...... 404.4 -3.0 440.7 377.5 Monitise ...... 28.5 0.0 29.5 17. Berkeley Group Ho .1153.0 3.0 1170.0 761.0 Huntsworth ...... 73.5 0.5 87.5 65.0 PHARMACEUTICALS & BIOTECH TECHNOLOGY HARDW. & EQUIP. Ultra Electronics . . .1627.0 -28.0 1895.0 1522.0 Law Debenture Cor . .361.7 -6.2 372.4 273.3 Bovis Homes Group .432.5 -0.3 464.7 326.6 Informa ...... 426.8 -2.2 461.1 342.1 Mulberry Group . . . .1335.0 -15.0 1610.0 200. Mercantile Inv Tr . . .1071.0 -19.0 1137.0 840.0 FOOD PRODUCERS BTG ...... 268.4 0.5 282.5 188.0 ARM Holdings ...... 577.0 -0.5 651.0 270.5 Nanoco Group ...... 84.5 -1.5 115.8 68. AUTOMOBILES & PARTS Persimmon ...... 468.0 -0.3 502.5 336.5 ITE Group ...... 222.0 -16.3 258.2 136.2 Merchants Trust . . . .410.7 -7.8 431.8 320.0 Associated Britis . .1060.0 -5.0 1182.0 940.0 Reckitt Benckiser . .3397.0 -32.0 3648.0 3015.0 ITV ...... 67.0 -1.2 93.5 48.3 Genus ...... 1013.0 -7.0 1046.0 704.5 CSR ...... 310.9 -5.2 447.0 280.9 Nautical Petroleu . . .331.3 -8.8 547.0 128. GKN ...... 208.5 -3.0 237.1 109.3 Monks Inv Trust . . . .347.0 -3.9 367.9 275.5 Cranswick ...... 749.0 -13.5 907.5 735.0 Redrow ...... 118.9 -1.4 139.0 97.5 Johnston Press ...... 4.4 0.0 20.0 4.3 GlaxoSmithKline . . .1287.0 -1.0 1348.5 1095.0 Imagination Techn . .480.0 0.1 502.0 273.0 Nichols ...... 575.5 16.0 578.0 378. Murray Income Tru . .646.5 -8.0 672.0 518.0 Dairy Crest Group . . .388.0 -5.2 424.9 339.7 Hikma Pharmaceuti .778.0 -19.0 900.0 674.5 Pace ...... 108.3 0.3 231.8 93.0 Numis Corporation . .102.6 -1.0 146.5 94. BANKS Taylor Wimpey ...... 36.4 -0.2 43.3 22.3 Mecom Group ...... 244.5 -2.3 310.0 162.0 Murray Internatio . . .940.5 -7.0 966.0 805.5 Devro ...... 270.0 -5.4 296.9 180.0 Moneysupermarket. .108.7 0.8 110.0 64.6 Shire Plc ...... 1848.0 -15.0 1961.0 1341.0 Spirent Communica .150.5 -0.4 160.3 107.6 Patagonia Gold ...... 45.5 1.3 59.3 12. Barclays ...... 257.4 -7.2 344.0 255.4 Perpetual Income . . .266.3 -3.8 276.0 212.0 Premier Foods ...... 28.2 0.3 35.1 16.0 INDUSTRIAL ENGINEERING Pursuit Dynamics . . .260.0 -38.5 700.0 196. Pearson ...... 1165.0 -10.0 1175.0 864.0 REAL ESTATE INVEST. & SERV. TOBACCO HSBC Holdings . . . . .608.6 -7.4 730.9 596.2 Polar Cap Technol . .347.0 0.0 391.2 275.6 Tate & Lyle ...... 648.0 3.0 656.0 409.1 Bodycote ...... 361.8 -2.8 397.7 185.0 Reed Elsevier ...... 539.5 -2.5 590.5 490.2 Rockhopper Explor .273.3 2.8 510.0 202. Lloyds Banking Gr . . .47.7 -0.9 77.6 46.9 RIT Capital Partn . . .1293.0 -18.0 1328.0 1107.0 Unilever ...... 1936.0 -9.0 2000.0 1688.0 Charter Internati . . . .736.0 -14.5 853.5 567.0 Rightmove ...... 1098.0 2.0 1104.0 596.5 Capital & Countie . . .180.0 -0.3 180.7 104.1 British American . .2645.5 -18.0 2745.5 2091.0 RWS Holdings ...... 462.6 -9.4 475.0 239. Royal Bank of Sco . . .40.8 -0.8 52.1 37.6 Schroder Asia Pac . .219.5 0.5 233.6 182.8 Daejan Holdings . . .2731.0 -81.0 2919.0 2251.0 Imperial Tobacco . .1988.0 -22.0 2231.0 1784.0 Songbird Estates . . .160.3 2.3 160.3 135. FORESTRY & PAPER Fenner ...... 393.8 5.9 395.0 192.2 STV Group ...... 130.6 0.6 168.0 66.0 Standard Chartere .1556.5 -17.5 1950.0 1525.0 Scottish Inv Trus . . . .489.5 -6.1 517.0 401.5 IMI ...... 1030.0 -1.0 1112.0 657.5 Tarsus Group ...... 144.5 -0.3 165.0 112.5 F&C Commercial Pr .107.7 -0.2 108.5 88.0 Sterling Energy ...... 35.0 0.0 145.3 35. Scottish Mortgage . .709.0 -13.0 764.0 533.0 Mondi ...... 609.5 0.5 630.0 367.6 Grainger ...... 126.4 0.9 128.2 86.3 TRAVEL & LEISURE Valiant Petroleum . . .594.0 6.0 761.5 504. BEVERAGES Melrose ...... 335.2 0.7 355.5 203.4 Trinity Mirror ...... 41.8 -0.8 124.3 41.5 SVG Capital ...... 258.2 -4.5 279.8 137.8 GAS, WATER & MULTIUTILITIES Northgate ...... 318.4 -3.9 346.7 152.3 United Business M . .540.5 -9.0 725.0 483.8 Helical Bar ...... 251.7 -1.6 339.5 249.7 Avis Europe ...... 310.7 0.0 311.0 184.0 Vatukoula Gold Mi . . .107.0 -2.5 227.0 84. AG Barr ...... 1325.0 -24.0 1395.0 1035.0 Temple Bar Inv Tr . . .917.0 -12.0 947.5 717.0 Rotork ...... 1622.0 -25.0 1895.0 1254.0 UTV Media ...... 129.8 0.8 151.0 106.0 London & Stamford .132.7 -0.5 140.0 110.3 Betfair Group ...... 840.5 -15.0 1550.0 753.0 Young & Co's Brew . .654.5 0.0 685.0 510. Britvic ...... 402.5 -4.2 518.0 364.5 Templeton Emergin .622.0 -9.5 689.5 515.0 Centrica ...... 322.1 -3.9 346.1 292.8 Spirax-Sarco Engi . .1900.0 -7.0 2063.0 1346.0 Wilmington Group . .122.3 4.8 183.0 114.0 Savills ...... 392.4 -11.1 427.1 273.1 Bwin.party Digita . . .141.6 -2.0 309.5 127.5 Diageo ...... 1260.0 0.0 1301.0 1033.0 TR Property Inv T . . .193.4 -0.1 201.0 132.3 International Pow . . .313.6 -0.8 448.6 295.9 Weir Group ...... 2040.0 -16.0 2064.0 1024.0 WPP ...... 739.0 -7.0 846.5 614.5 St. Modwen Proper . .183.3 -1.8 192.0 135.4 Carnival ...... 2220.0 -18.0 3153.0 2037.0 SABMiller ...... 2159.5 -27.5 2306.0 1827.0 TR Property Inv T . . . .89.1 -0.2 91.0 59.5 National Grid ...... 590.5 -3.5 632.5 485.0 Ferrexpo ...... 443.0 -14.0 499.0 235.0 Yell Group ...... 5.9 -0.1 30.7 5.8 UK Commercial Pro . .84.0 -1.4 85.5 74.3 Compass Group . . . .586.0 -6.5 598.5 501.0 CHEMICALS Witan Inv Trust . . . . .501.5 -5.0 528.0 409.9 Northumbrian Wate .380.0 1.8 387.0 295.5 Talvivaara Mining . . .421.8 -18.7 622.0 352.3 Unite Group ...... 221.7 -2.4 229.8 170.5 Domino's Pizza UK . .381.1 -0.8 586.0 361.1 Pennon Group ...... 658.5 -6.5 675.0 545.5 MINING easyJet ...... 352.4 -2.8 479.0 322.3 FINANCIAL SERVICES REAL ESTATE INVEST. TRUSTS AZ Electronic Mat . . .306.5 -5.1 338.1 248.5 Severn Trent ...... 1440.0 -13.0 1517.0 1216.0 INDUSTRIAL TRANSPORTATION African Barrick G . . .400.0 1.1 670.0 398.2 Enterprise Inns ...... 72.9 -2.2 122.7 72.7 Croda Internation . .1917.0 1.0 1962.0 971.0 3i Group ...... 267.3 -6.6 340.0 254.1 United Utilities . . . . .598.5 -7.5 632.0 520.0 BBA Aviation ...... 210.2 1.5 240.8 175.0 Anglo American . . .2863.5 -39.0 3437.0 2254.0 Big Yellow Group . . .319.0 -1.0 353.3 287.1 FirstGroup ...... 328.1 -0.9 412.6 311.3 3i Infrastructure . . . . .119.9 -2.9 125.2 108.9 British Land Co . . . . .591.5 2.5 605.0 429.0 Go-Ahead Group . . .1490.0 -2.0 1504.0 1042.0 Elementis ...... 160.0 2.0 169.8 58.8 GENERAL INDUSTRIALS Stobart Group Ltd . . .137.2 -0.9 163.6 124.1 Anglo Pacific Gro . . .315.0 -0.8 369.3 247.5 http://corporate.webfg.com Johnson Matthey . .1974.0 -19.0 2119.0 1460.0 Aberdeen Asset Ma .225.3 -3.7 240.0 123.0 Antofagasta ...... 1240.0 -17.0 1634.0 761.0 Capital Shopping . . .386.8 0.8 424.8 301.3 Greene King ...... 484.9 -6.1 502.5 392.1 mailto: Victrex ...... 1490.0 -5.0 1525.0 1049.0 Ashmore Group . . . .393.9 0.9 397.8 236.5 Cookson Group . . . . .656.0 0.0 724.5 367.4 NON LIFE INSURANCE Aquarius Platinum . .313.3 -10.8 419.0 227.1 Derwent London . . .1865.0 -6.0 1884.0 1208.0 InterContinental . . .1188.0 -2.0 1435.0 982.0 Berkeley Technolo . . . .4.3 0.0 9.0 2.2 DS Smith ...... 216.5 0.2 226.0 116.0 Admiral Group . . . . .1709.0 -8.0 1754.0 1390.0 BHP Billiton ...... 2283.5 -26.5 2631.5 1684.5 Great Portland Es . . .435.7 -1.0 442.2 281.0 International Con . . .232.6 -0.1 305.0 186.5 [email protected]

EUSHARES USSHARES Price Chg High Low Price Chg High Low AIR LIQUIDE...... 92.78 -1.64 100.65 79.85 3M ...... 91.03 -1.56 97.95 7 6.8 ALLIANZ ...... 92.72 -1.20 108.85 78.99 Don’t miss breaking ABBOTT LABS ...... 51.31 0.02 5 4.24 44.5 ALSTOM ...... 42.27 -0.28 45.32 30.78 ALCOA ...... 14.96 -0.45 1 8.47 9.8 ANHEUS-BUSCH INBEV ...... 39.70 -0.43 46.33 38.70 ALTRIA GROUP ...... 26.61 -0.76 28.13 19.5 ARCELORMITTAL...... 22.35 -0.27 28.55 20.26 AMAZON.COM...... 185.98 -3.98 206.39 105.8 AXA...... 15.15 0.01 16.16 10.88 news with our AMERICAN EXPRESS...... 47.28 -0.87 51.97 37.3 BANCO SANTANDER...... 7.62 -0.24 10.23 7.00 AMGEN INC...... 57.89 -0.64 61.53 50.3 BASF SE...... 63.10 -1.43 70.22 40.74 APPLE ...... 326.75 -5.69 3 64.90 236.7 BAYER ...... 56.23 -0.78 59.44 43.27 10:30 AM EMAIL AT&T...... 30.35 -0.44 3 1.94 23.8 BBVA...... 7.50 -0.23 10.71 6.75 BANK OF AMERICA ...... 10.50 -0.30 1 6.10 10.4 BMW ...... 62.38 -1.02 65.49 37.80 BERKSHIRE HATAW B...... 73.83 -1.28 87.65 73.2 BNP PARIBAS...... 51.30 -1.31 59.93 43.13 BOEING CO...... 73.85 -0.79 8 0.65 59.4 CARREFOUR ...... 28.75 -0.84 41.28 28.69 Each day we’ll cover the morning’s breaking news, BRISTOL MYERS SQUI...... 27.42 -0.27 28.99 24.2 CREDIT AGRICOLE ...... 9.90 -0.25 12.92 8.13 CATERPILLAR ...... 95.65 -2.21 11 6.55 58.0 CRH PLC ...... 14.17 -0.38 19.92 11.51 CHEVRON ...... 98.41 -2.19 1 09.94 66.8 DAIMLER ...... 46.63 -0.52 59.09 37.03 give you current market analysis and CISCO SYSTEMS...... 14.84 -0.24 2 6.00 14.7 DANONE...... 50.84 0.43 51.72 41.00 CITIGROUP ...... 38.00 -0.78 51.50 36.2 DEUTSCHE BANK ...... 39.73 -0.49 51.61 35.93 the most up-to-date financial headlines. COCA-COLA ...... 64.97 -0.64 68.77 49.4 DEUTSCHE BOERSE ...... 53.15 0.15 62.48 46.33 COLGATE PALMOLIVE ...... 85.76 -0.84 8 7.58 73.1 DEUTSCHE TELEKOM ...... 10.35 -0.22 11.38 9.37 CONOCOPHILLIPS...... 70.57 -1.30 8 1.80 48.0 E.ON...... 19.13 -0.30 25.54 18.25 to ensure you DU PONT(EI) DE NMR...... 49.54 -0.75 57.00 33.7 ENEL...... 4.50 -0.07 4.86 3.42 Sign up now EMC CORP...... 26.49 - 0.60 2 8.73 17.8 ENI ...... 15.84 -0.29 18.66 14.62 receive our free email. EXXON MOBIL...... 78.66 -1.72 8 8.23 55.9 FRANCE TELECOM...... 14.28 -0.31 17.45 14.01 GENERAL ELECTRIC...... 18.39 -0.21 21.65 13.7 GDF SUEZ ...... 23.96 -0.35 30.05 22.64 GOLDMAN SACHS GRP ...... 134.87 -2.25 17 5.34 129.5 GENERALI ASS...... 14.26 -0.29 17.05 13.31 GOOGLE A...... 502.95 -5.42 642.96 433.6 IBERDROLA ...... 5.97 -0.14 6.50 4.38 HEWLETT PACKARD ...... 34.26 -0.47 49.39 33.9 ING GROEP CVA...... 8.04 -0.13 9.50 5.92 Visit: www.CityAM.com/newsletter HOME DEPOT...... 33.88 -0.87 3 9.38 26.6 INTESA SANPAOLO ...... 1.72 -0.09 2.53 1.65 IBM...... 162.33 -1.79 173.54 120.6 KON.PHILIPS ELECTR ...... 17.60 -0.33 26.87 17.55 INTEL CORP ...... 21.42 -0.40 26.78 17.6 L'OREAL...... 85.40 -0.69 90.00 75.03 J.P.MORGAN CHASE ...... 40.68 -0.93 48.36 35.1 LVMH...... 115.00 -1.80 129.05 84.85 WORLD INDICES JOHNSON & JOHNSON...... 66.16 -0.94 6 7.37 56.8 MUNICH RE ...... 102.25 -1.55 126.00 99.62 KRAFT FOODS A...... 34.02 -0.24 3 5.44 24.3 Price Chg %chg Price Chg %chg Price Chg %chg Price Chg %chg NOKIA...... 4.19 -0.17 8.49 4.12 MC DONALD'S CORP ...... 81.24 -0.23 83.08 65.3 FTSE 100 ...... 5742.55 -60.58 -1.04 S&P 500 ...... 1265.42 -22.45 -1.74 CAC 40 ...... 3806.85 -57.73 -1.49 BOVESPA SAO PAOLO . . 61603.74 -601.09 -0.97 REPSOL YPF...... 22.04 -0.44 24.90 16.30 MERCK AND CO. NEW ...... 35.17 -0.47 3 7.68 31.0 FTSE 250 INDEX...... 11763.43 -98.00 -0.83 NASDAQ COMPOSITE . . . 2631.46 -47.26 -1.76 SHANGHAI SE INDEX . . . . 2705.43 -24.61 -0.90 ISEQ OVERALL INDEX . . . 2888.22 -33.33 -1.14 RWE ...... 37.91 -0.95 58.10 37.44 MICROSOFT...... 23.74 -0.48 2 9.46 22.7 FTSE UK ALL SHARE . . . . 3001.84 -30.13 -0.99 FTSEUROFIRST 300 . . . . . 1088.99 -11.87 -1.08 HANG SENG...... 22343.77 -152.23 -0.68 STI ...... 3054.82 -2.57 -0.08 SAINT-GOBAIN ...... 41.09 -1.08 47.64 27.81 OCCID. PETROLEUM...... 102.15 -2.63 117.89 72.1 FTSE AIM ALL SH ...... 867.82 -4.71 -0.54 NIKKEI 225 AVERAGE . . . . 9574.32 26.53 0.28 S&P/ASX 20 INDEX ...... 2745.80 -12.20 -0.44 IGBM ...... 1008.67 -20.93 -2.03 SANOFI...... 51.91 -1.00 56.50 44.01 ORACLE CORP...... 31.16 -0.92 36.50 21.2 DOW JONES INDUS 30 . . 11897.27 -178.84 -1.48 DAX 30 PERFORMANCE . . 7115.08 -89.71 -1.25 ASX ALL ORDINARIES . . . 4635.40 -15.70 -0.34 SWISS MARKET INDEX. . . 6198.17 -57.51 -0.92 SAP ...... 42.21 -0.58 46.15 34.13 PEPSICO ...... 68.48 -1.09 7 1.89 60.3 SCHNEIDER ELECTRIC ...... 110.70 -1.90 123.65 79.70 COMMODITIES CREDIT & RATES PFIZER ...... 20.19 -0.39 21.45 14.0 SIEMENS ...... 90.87 -0.38 99.39 70.02 PHILIP MORRIS INTL ...... 67.51 -1.41 71.75 44.6 SOCIETE GENERALE...... 38.78 -1.02 52.70 32.50 LON GD ONCE FIX AM...... 1519.00 -5.70 TIN CASH...... 25340.00 765.00 BoE IR Overnight ...... 0.500 0.00 Euro Base Rate ...... 1.250 0.00 PROCTER AND GAMBLE ...... 63.76 -1.00 6 7.72 56.5 TELECOM ITALIA...... 0.93 -0.03 1.16 0.89 SILVER LDN FIX AM ...... 35.76 0.73 ZINC CASH ...... 2247.00 32.50 BoE IR 7 days ...... 0.500 0.00 Finance house base rate ...... 1.000 0.00 QUALCOMM INC ...... 54.10 -1.48 5 9.84 31.6 BoE IR 1 month ...... 0.500 0.00 US Fed funds...... 0.250 0.00 TELEFONICA ...... 16.02 -0.32 19.69 14.95 MAPLE LEAF 1 OZ ...... 54.00 1.00 BRENT SPOT INDEX...... 119.95 0.70 SCHLUMBERGER ...... 82.66 -1.84 95.64 52.9 TOTAL...... 37.74 -0.59 44.55 35.66 LON PLATINUM AM...... 1789.00 -15.00 BoE IR 3 months ...... 0.500 0.00 US long bond yield ...... 4.020 0.03 TRAVELERS CIES ...... 57.54 -1.11 6 4.17 48.1 SOYA ...... 1368.00 -13.75 BoE IR 6 months ...... 0.545 0.00 European repo rate ...... 1.277 0.00 UNIBAIL-RODAMCO SE...... 153.75 -0.95 159.30 111.60 LON PALLADIUM AM ...... 790.00 -15.00 UNITED TECHNOLOGIE ...... 83.27 -0.75 9 0.67 63.6 COCOA ...... 3014.00 13.00 LIBOR Euro - overnight ...... 1.211 -0.06 Euro Euribor ...... 1.267 0.00 UNICREDIT...... 1.47 -0.05 2.24 1.46 ALUMINIUM CASH ...... 2575.00 15.50 VERIZON COMMS ...... 35.12 -0.46 3 8.95 25.8 COFFEE...... 269.25 1.80 LIBOR Euro - 12 months...... 2.113 0.00 The vix index ...... 21.32 -1.56 UNILEVER CVA...... 22.17 -0.13 24.11 20.68 COPPER CASH ...... 9009.00 114.50 LIBOR USD - overnight...... 0.128 0.00 The baltic dry index ...... 1.400 -0.01 WAL-MART STORES...... 52.32 -0.59 5 7.90 47.7 VINCI...... 42.25 -0.56 45.48 33.01 LEAD CASH ...... 2550.00 38.00 KRUG...... 1586.30 9.10 LIBOR USD - 12 months ...... 0.721 0.00 Markit iBoxx...... 220.51 0.08 WALT DISNEY CO ...... 38.39 -0.20 4 4.34 30.7 VIVENDI ...... 18.17 -0.57 22.07 16.25 NICKEL CASH...... 22220.00 -25.00 WHEAT ...... 175.12 -2.00 Halifax mortgage rate ...... 3.500 0.00 Markit iTraxx ...... 95.06 0.00 WELLS FARGO & CO...... 26.55 -0.47 3 4.25 23.0 THE GREEN 29 LANTERN IN REVIEWS Lifestyle TOMORROW

Time for dads NICK BOOTH to pad up TECH TALK

T’S Father’s Day this Sunday, and for Apps for the modern dad there’s really only one present this year that’s essential I– a tablet, paticularly for modern dads who commute. those who While the iPad, aided by its improved second edition, continues to storm all quar- ters, Android pads developed by Apple’s DELL STREAK 7 rivals are now seriously competing with it. fancy a bit The big development for them has been Slightly held back by running Android 2.2 rather the launching earlier this year of Android 3.0 (and now 3.1 – as ever, things move on than the latest Android 3.0 Honeycomb technology, very fast in the tech world), also known as this is a smart, tactile tablet from ever-reliable Dell of a gamble Honeycomb, developed by Google specifi- nevertheless. £299 www.dell.com/uk cally for larger-screened tablet devices rather than phones. That means accelerat- ed graphics processing, support of multi- UMOUR has it that some City types like core processors and a whole slew of new to gamble, so they’re probably the ideal interface features to streamline the user target market for the first real-money experience – and, of course, there’s the Rpoker app for the iPhone. Launched by perennial fact that Android devices sup- online betting company Bwin, the app’s clever port Flash websites, something Apple’s design creates a pocket-sized poker table that devices still fail to do. displays your hand automatically, offers you Timothy Barber hand histories and can also help you calculate ASUS EEE PAD your winning odds. It works simply by keying you into Bwin’s online poker platform, meaning TRANSFORMER you’re not simply playing against other users For dads who need to of the app but the thousands of online players ARCHOS 101 out there. You can also play for free for fake be eased through the money if you need to brush up on your skills transition from laptop to INTERNET TABLET and learn those odds. tablet, this smart gizmo Slimline and affordable, Archos’s 10.1-inch If you want games that will exercise your comes with a detach- widescreen tablet comes with Wi-Fi and bluetooth fiendish cunning, razor sharp intellect and number crunching skills, there’s more in the able keyboard, turning it as standard but not 3G – you’ll need to tether your app world than Angry Birds. into a nifty notepad. mobile phone for internet on the move. £199.99 Crunch for iPhone is a bit like Tetris, only Running up-to-date www.archos.com you use mental arithmetic to clear the blocks Android 3.0 Honeycomb from the screen. At the moment it’s pretty tame, but a more hardcore tournament ver- technology, as a touch- sion, where you play for money, is in the offing. screen pad it’s one of If you really want to impress people with the best out there. your brainpower, the new quiz game £429 uk.asus.com Quizaniac should offer you the perfect plat- form. It currently involves quizzes played on Facebook, but the future is in mobile, and the MOTOROLA XOOM APPLE IPAD 2 SAMSUNG GALAXY TAB real money is in gambling. So the next big launch will be a series of specialist online Arguably the iPad’s strongest competitor, There’s no getting around the fact that the Samsung's Wi-Fi capable, flash-compatible, quizzes, played on your phone, where you can the Xoom was one of the first out of the iPad remains way out in front of the compe- two-camera pad is a great piece of kit. win serious money. Look out for the City Quiz, which will test your knowledge of money and blocks with Android 3.0. It’s both 3G and tition, and City A.M.’s own iPad app will be A new version, running Honeycomb, is com- the markets. Wi-Fi capable, and can be upgraded to 4G. appearing soon – watch this space. ing later this summer. Booth edits www.mobbed-online.com. Follow £448.75 www.motorola.com From £399 www.apple.com £299, www.samsung.co.uk him on Twitter: @OhThisBloodyPC 30 Lifestyle CITYA.M. 16 JUNE 2011 Life as a young, professional woman hasn’t changed so much in 50 years Rona Jaffe’s Fifties portrait of life in Manhattan as a girl rings true even today, writes Lucie Greene

THE BEST OF EVERYTHING BY RONA JAFFE Penguin, £8.99 hhhhi by Lucie Greene

This gem of a book – first published in 1958 – has witnessed a new wave of affec- tion after being featured in top TV series Mad Men (being read by Don Draper) transforming it into an instant cult hit. Penguin saw a surge of sales after the appearance and have reissued the novel, the debut of Rona Jaffe, in both the US and UK to wide affection in the literary press in the past month. And, with good reason it turns out. The book is a fantasti- cally entertaining and witty read, follow- ing the lives of three young women, very well thought out. There are recipes A woman in search of his double-0 status. That sounds promis- CLEOPATRA Caroline, Gregg, and April working on the for one pot meals, fancy dinner party “the best of every- ing, and the book drops us straight into BY STACY SCHIFF New York publishing scene as they search recipes and a quick meals, including hot thing”: Joan Holloway, the action, with a speeding train, incom- Ebury, £7.99 for love while trying to succeed in the Nicoise salad, tuna and ginger burgers, Mad Men. Below, petent Serbian sidekicks, a rucksack of metropolis. (It’s not surprising the novel courgette flowers with anchovies and Elizabeth Taylor as explosives and a load of toxic chemicals. hhhii has been widely heralded as the “original” mozzarella, and bluberry pavlova all with Cleopatra. As the book unfurls though, it never lives by Lucie Greene Sex and the City.) easy-to-recreate instructions. For vegans up to this promise. Instead we get heavy- The Best of Everything was considered there are tips for exchanging ingredients. handed topical jokes: “‘I’m beginning to As paperback releases go, this is certainly highly controversial when it came out but Some of the stereotypically “health food” feel a bit like Lehman Brothers,’ he a timely one. Cleopatra – A Life, the well- became an instant bestseller and later a shop ingredients Paltrow mentions seem thought. ‘My debts vastly outweigh my received biopic by Pulitzer prize-winning movie starring Joan Crawford. Today, a bit unnecessary, but then she also goes assets.’” Stacy Schiff is coming out in paperback though the issues Jaffe touches on (abor- through each of these explaining why she While Carte Blanche is less dull than next month at a time when a new film tion, affairs, homosexuality) are less uses them. Notes from my Kitchen is a Sebastian Faulks’s ill-advised piece of lit- version of the book, set to star Angelina shocking, the book’s portrait of young tribute to Paltrow’s father Bruce Paltrow, erary slumming from 2008, it is too long Jolie, has hit the headlines for its contro- women at a vibrant stage in their life, the inspiration, she says, behind all her and lacks edge. The villain is weird rather versial casting (there has been outcry that their excitement, fun, struggles and cooking. To that end, there’s a series of than scary, the henchman more caucasian Jolie is playing an Egyptian friendships in the city, is accurate and intimate snapshots of her growing up Smithers from The Simpsons than Jaws Queen.) timeless. A fabulous summer novel best with him, along with a dedication at the or Oddjob. Deaver’s Bond knows his Then there’s the fact that Elizabeth consumed poolside with a cigarette and beginning. It gives an authenticity to the wine and has a nifty smartphone, Taylor, the starlet who originally immor- martini. book which previously – reading all the but there’s not enough ice shak- talised Cleopatra on the silver screen, is hype – you might have doubted. The en with the martini. He pines for reportedly set to become the subject of a NOTES FROM MY recipes are pretty good, too. a meaningful relationship and new movie directed by Martin Scorsese, KITCHEN TABLE at one point actually turns drawing on her love affair with Richard BY GWYNETH PALTROW CARTE BLANCHE down a woman who wants to Burton (whom she met on the set of the Macmillan, £20.00 BY JEFFREY DEAVER sleep with him. He drinks Old film.) It would be worth whipping Hodder & Stoughton, £19.99 Fashioneds, but anyone hop- through Schiff’s book to establish yourself hhhii ing for an old-fashioned and as an authority for dinner party chat by Lucie Greene hhiii unrepentant Bond needs to alone. But it’s also a very engaging read. by Marc Sidwell look elsewhere. Happily, the Cleopatra – a Life, tracks the icon’s story So, it wasn’t enough for Gyneth Paltrow to 007 novels written by John from becoming queen aged 18 to the lav- be a Hollwood actress turned lifestyle The latest James Bond novel Gardner are being reissued ish pageantry of her reign in Egypt (all guru/blogger/singer. Now she’s got her offers more white flag than this summer, starting with told with cinematic flair: it’s already excit- sights set on Jamie Oliver’s apron strings. carte blanche. Experienced Licence Renewed. Here you ing to imagine how this will translate to Notes from my Kitchen Table is offered as thriller writer Jeffrey Deaver will find Commander the screen.) Schiff’s portrait of the queen a modern take on the family cookbook, as has updated Bond to the Bond making the most of is evocative, entertaining and well- penned by Paltrow, an avid foodie (diffi- twenty-first century, a veter- the 1980s, an altogether researched, drawing its own conclusions cult to imagine with that whippet-thin fig- an of the Royal Naval more enjoyable bout about the fabled queen by taking a critical ure, but anyway). I wanted to dislike this Reserve in Afghanistan, of look at classical sources and how her life book. I mean, really, I did. But it’s actually only three years into escapism. has been documented by others.

OUT OF OFFICE LUCIE GREENE

FATHER AND SON GOLFING SALE TIME AT SELFRIDGES MEMORIES OF AFGHANISTAN This week the first British Father and Son Sharpen your elbows! The Selfridges sale Ex-Apache pilot Ed Macy is set to recount his Gold Championship was announced, due to launched earlier this week offering dis- experiences in Afghanistan as part of a one- be held from July 31st at the prestigious counts of up to 75 per cent on designer off talk at the National Army Museum set to De Vere Belton Woods course in gear, not least Mulberry Alexa bags be hosted Thursday 23 June. Macy was on Lincolnshire. The event joins the down from £785 to £549 and Alice active service in Afghanistan and received the already-famous European version, Temperley evening gowns down from Military Cross for Bravery. He is the first held annually at El Rompido Golf £1015 to £415. For men, Zegna suits Apache pilot to speak about combat in these Resort, Costa de la Luz in Spain. are down more than 50 per cent to sophisticated helicopters. He will also address Entry is open to any both amateurs £599. Meanwhile, Dries Van Noten shirts their current use in Libya. This is his only pub- and professionals. Top prize winners can be found for £99 (down from £250.) A lic speaking event and is not to be missed. get a free trip to attend the European selection of sale products are also on the store Starts 7pm. Tickets £10. Father and son: European 2010 winnerscompetition. www.fatherandsongolf.co.uk Mulberry bag on sale website. www.selfridges.com www.nam.ac.uk/whats-on/celebrity-speakers 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 WIRES O O DOH R LAST ISSUE’S RIPE N EAU SAGO YON 16 JUNE2011 SOLUTIONS BBC1 1am Weekly Athletix World League Premier Cricket Test World League Premier Uncovered ue egesSupermen League’s Super League Rugby Cricket a Cricket Day 2.55pm 3 SPORTS SKY Weekly Athletix IAAF Uncovered Tour Access Total NFL: 12am Club. Country Congressional the at day opening 3pm 2 SPORTS SKY 11pm 10pm 7pm 1 SPORTS SKY 10pm Britain 3.55am-6am Face My Love Me, Love Thing Big Next Britain’s Roadshow Antiques Panorama – Bank? 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RACING TRADER BILL ESDAILE, OUR RACING EXPERT, GIVES US HIS BEST BETS OF DAY THREE AT ROYAL ASCOT ROYAL ASCOT TODAY live on BBC 2 GOING: GOOD (Good to soft in places on Round course; GoingStick Stands’ Supplied by RACING POST side 9.4, Centre 10.0, Far side 9.5, Rnd 8.4) (Tue-Thu: Round course rail positioned 3m out from inside line 9f to home straight increasing dists by approx: 1m4f+ by 12yds, 1m2f by 9yds) 8 653-413 KASBAH BLISS (47) 9 9-2 T Thulliez DRAW: Too variable to call on straight track, with pace a key factor. No definite [4] F Doumen FR Henri De Pracomtal edge on round course, although low best in big fields. 3.45 GOLD CUP (BRITISH CHAMPIONS’ SERIES) 9 52573-3 MANIGHAR (34) 5 9-2 K Fallon [8] L Cumani OTI Racing & The Hon Earle Mack (GROUP 1) (1) 2m 4f £154,698 10 43-2234 OPINION POLL (25)(C) 5 9-2 M Barzalona 1 2831-54 AAIM TO PROSPER (21)(C) 7 9-2 R L Moore [1] M Al Zarooni Godolphin [15] B Meehan CGA Racing Partnership 2 11 86241-2 TASTAHIL (43) 7 9-2 R Hills 2 875-316 ASKAR TAU [V] (34)(C) 6 9-2 G Baker [11] B Hills Hamdan Al Maktoum [6] M Tregoning Nurlan Bizakov 12 9342-14 THE BETCHWORTH KID (50)6 9-2 Hayley Turner 3 4/2-621 BLUE BAJAN (21)(C) 9 9-2 D Tudhope [5] A King W H Ponsonby [10] D O’Meara Dr John Hollowood 131d16-941 BRIGANTIN (25) 4 9-0 P Boudot 4 22410-1 DUNCAN (34)(C) 6 9-2 W Buick [13] A Fabre FR Team Valor [12] J Gosden Normandie Stud Ltd 14 6611-34 FICTIONAL ACCOUNT (18)(C) 6 8-13 F M Berry 5 1115-11 FAME AND GLORY (18) 5 9-2 J P Spencer [7] V Ward Ire Cill Choca Syndicate [3] A O’Brien Ire D Smith/Mrs J Magnier/M Tabor/Mrs F Hay 15 111332- MOTRICE (243)(BF) 4 8-11 S Sanders 6 125133/ GEORDIELAND (643)(BF) 10 9-2 R Hughes [14] Sir M Prescott Miss K Rausing [9] J Osborne A Taylor, K Conlan & D Carberry S.P. F’CAST: 2 Fame And Glory, 6 Duncan, 9 Holberg, 12 Blue Bajan, 7 15216-3 HOLBERG (21)(C)(BF) 5 9-2 L Dettori 14 Brigantin, Kasbah Bliss, Manighar, Motrice, 16 Opinion Poll, Tastahil, 20 Askar Tau, Fictional Account, Geordieland, [2] S bin Suroor Godolphin 40 The Betchworth Kid, 50 Aaim To Prosper. Fictional Account value at 20/1 in the Gold Cup

HE rain clouds predicted to gather over Ascot this afternoon are bad news for the thousands flocking to TBerkshire for Ladies Day, but good news for me, as my big price fancy in the day’s feature will relish the emphasis on stamina. At first glance, FICTIONAL ACCOUNT may not leap off the page as an obvious winner of the Gold Cup (3.45pm). Let’s face it, only one mare has won this race in the last 50 years and Indian Queen’s victory came 20 years ago. Our selection has also chased home this afternoon’s red-hot favourite Fame And Glory on both starts so far this campaign and is actually 4lb worse off at the weights. However, two and a half miles is just about the ultimate test of a flat horse’s stamina and I have a sneaky suspicion that this afternoon’s field is packed full of non- stayers. Fame And Glory is as short as 7/4 with William Hill but didn’t look like he last seen in action at Cork just four days The three that stand out are Bapak was in need of a six furlong step up in trip ago, but she seems to be thriving with rac- Chinta, EVERYDAY DAVE and PYMAN’S last time. Don’t get me wrong, if the mul- ing. THEORY. The former had Frederick Engels tiple Group One-winning, former Irish She will be having her seventh start of behind on his only racecourse start to Derby-winner does stay, he’ll win. It’s just the campaign, but the key to her seems to date, but looks skinny on the back of that that really is a big ‘if’ and I’d far rather be be trips in excess of a mile – her only two run and this represents a huge step up for a layer on Betdaq than a backer. defeats this season have been over eight one so inexperienced. As for the rest, Duncan is another with furlongs. The Group Three she won over I was at Sandown when Pyman’s Theory bundles of class and he’s got decent course this trip on Sunday may not have been the bolted up in the National Stakes. She form here. However, he has never raced strongest of affairs, but she took it in real- showed electric pace that day, will relish over two miles, let alone two and a half, ly striking fashion and looks the one to be any rain that falls and was more impres- and is too short considering there are on at 9/4 with William Hill. sive than her narrow margin of victory plenty of doubts about him getting home. Her biggest danger will surely come may suggest. She is a decent each-way The same can also be said for Blue Bajan from the Frankie Dettori-ridden Rumh proposition at 7/1 with William Hill. who certainly stays two miles, but seems who looked a really progressive filly last It’s also worth having a few quid each- to struggle going any further. time when winning by six lengths in a way on US raider Everyday Dave who Fictional Account has won at Ascot Listed race at Newbury. I’m not sure that showed blistering speed at Chantilly last before over two miles and was only getting was the greatest race in the world and time. It’s not clear what he beat that day, going late over inadequate trips on both she’ll have to step up again to take a hand but he was eased down to an eight-length starts this campaign. Her biggest danger here. victory so could be anything and mustn’t may well be the Godolphin-trained The Norfolk Stakes (2.30pm), the open- go unbacked at 8/1. Holberg if the rain stays away, but at 20/1 ing race on this afternoon’s card, looks a with Star Sports, she has to be the bet really tricky puzzle to solve particularly as Pointers... each-way. five of the 21 runners were in action on It’s strange that two of the leading con- Tuesday. They include impressive Windsor PYMAN’S THEORY e/w 2.30pm Ascot tenders for the Ribblesdale Stakes (3.05pm) Castle Stakes winner Frederick Engels who EVERYDAY DAVE e/w 2.30pm Ascot have both run within the last seven days. will definitely be the one to beat if lining BANIMPIRE 3.05pm Ascot Jim Bolger’s BANIMPIRE was amazingly up again. FICTIONAL ACCOUNT e/w 3.45pm Ascot 33

Chain Lightning to rule Britannia for Hannon

ICHARD Hannon made a tremen- Gosden is a man to be feared in these big Doncaster a couple of weeks ago, beating dous start to this year’s Royal Ascot handicaps and the first-time blinkers on the well regarded Buthelezi easily. with Canford Cliffs’ defeat of his TROPICAL BEACH certainly catches Cumani excels with this type of young RGoldikova in the Queen Anne. That the eye. This fellow has only won once horse and it will take a good one to stop was the main target for the champion from five career starts, but his last two the stable following up on last year’s win. trainer over the five days, but he has a runner-up efforts have been excellent and The main danger is Sir Michael Stoute’s number of other decent chances and one the blinkers could spark the necessary Tazahum who has won both his starts this I’m particularly sweet on is CHAIN LIGHT- improvement needed. He is also drawn up season at Sandown. He did well to beat NING in this afternoon’s Britannia the stands side, which did seem the place Fury last time and is undoubtedly a top Handicap (4.25pm). to be on Tuesday, and is worth a saver at quality individual. However, he is yet to The son of Hurricane Run won really 12/1 with Star Sports. race beyond a mile and while a step up to well on his seasonal reappearance at Dangers abound in this race and the 1m2f is likely to suit, you can never be Sandown and has reportedly bloomed ones I’d be most worried about are Kuala sure. Aidan O’Brien’s Marksmanship has since then. He has form on good to firm Limper, Sagramor and Common Touch. only had one run in his life, but that was and soft, so the forecast rain holds no con- The former has been in cracking form; an impressive win in a hot maiden at the cerns and it’s difficult to know at this stage Sagramor won the Silver Bowl at Curragh and he could be anything. 8/1 if his draw in 11 is going to be a positive or Haydock; and Common Touch is going for with William Hill a negative. The draw bias at Royal Ascot a hat-trick, although I’d be slightly con- The obvious place to start when looking often changes during the week and with cerned about the form of Richard Fahey’s at the closing King George V Stakes the ground likely to change, it may just be stable with him. (5.35pm) is Mark Johnston. He has trained that the far side has an advantage today. Luca Cumani and Kieren Fallon teamed the winner three times in the past 10 He is available at 14/1 with William Hill. up to land the Tercentenary Stakes (for- years and goes to war with five this time. There are scheduled to be 30 runners, merly the Hampton Court) last year with It’s difficult to know which one will be so it’s obviously very difficult to find the Afsare and they seem to have laid out their best chance, so watch the market, winner and I always like to throw two ALKIMOS for the race this year. He was an but I’d marginally favour Eternal Heart darts at a race like the Britannia. John impressive winner of a Conditions race at who is going for a four-timer. However, I’m going to head to Jeremy Noseda’s yard for the main selection as I IN-RUNNING TRADING HINTS think SUD PACIFIQUE could be a very decent animal indeed. The Montjeu colt sluiced up on his seasonal debut at HERE probably isn’t a better race on won’t be many finishing the race stronger. Doncaster and then won again at York last the flat racing calendar for in-running It would be a huge surprise if she doesn’t month. The yard is absolutely flying and exchange punters than this after- trade considerably bigger than the 22.0 Ryan Moore is in the saddle, so all looks Tnoon’s Gold Cup (3.45pm). currently available before contracting. set for a big run. All eyes will be on multiple Group One Looking at the other races and I’m also There are plenty of dangers and the one winner Fame And Glory as he hopes to fol- keen to lay the Sir Michael Stoute-trained I’d be most worried about would be Tom low in former stablemate Yeats’ hoof Tazahum in-running in the 5.00pm. He Dascombe’s Brown Panther. He came with prints by winning the marathon contest. may travel like the winner, but there is a a rattling late run to collar Fadhaa at However, I have serious concerns about chance he may not get home. Chester’s May meeting, but stepped up on his stamina and will be looking to lay him Finally, Pyman’s Theory and Everyday that to easily land a decent handicap at in-running at odds-on if he is still travelling Dave both look classic back-to-lay materi- Haydock. There’s a slight doubt that he’d well with half a mile to go. al in the last. The pair have bundles of be suited by softer ground, as those two I’ll also be keeping a close eye out for speed and will trade short if blazing the wins came on good to firm, but he did fancy in-running prices available about my trail. However, that may be the time to win his two-year-old debut at Southwell main race selection Fictional Account. She reach for the lay button as they could get which bodes well. may not travel that well early on, but there reeled in. Pointers... WHAT ARE YOU WAITING FOR? CHAIN LIGHTNING e/w 4.25pm Ascot LOG-ON TO BETDAQ AND JOIN NOW TROPICAL BEACH e/w 4.25pm Ascot TO PAY JUST 2.5% COMMISSION UNTIL 30 JUNE. WWW.BETDAQ.COM 0870 178 1221 ALKIMOS 5.00pm Ascot SUD PACIFIQUE e/w 5.35pm Ascot 34 Sport CITYA.M. 16 JUNE 2011 One of golf’s greatest tests to bring out the best in showman Poulter

the case at the Masters or the US PGA, the courses are exceptionally demanding and require thought, ONES TO WATCH | SAM TORRANCE’S US OPEN PICKS imagination and discipline. There’s been a lot made of the course having been lengthened since the tournament was last played here Poulter and in 1997. It makes for a talking point Kuchar have the but it really won’t be of concern to games to suit GOLF COMMENT the shorter hitters, who still send the Congressional ball miles in relative terms. Pictures: GETTY SAM TORRANCE Power off the tee is not a prerequi- site for success at Congressional; hit- F YOU were to rank the Majors in ting it straight certainly is. The rough terms of importance and prestige will be thick and unforgiving and then I’d have no problem putting you’ve got to get the ball on the fair- Ithe US Open in there just behind way if you want to impart the spin our Open as the second most signifi- that is key in keeping it on greens cant event on the golfing calendar. that are normally firm. A number of the world’s leading Success at the US Open depends on players have described this tourna- playing great golf, of course, but also ment as the ultimate test and from resisting the temptation to get personal experience I can confirm sucked into taking chances. That’s that’s the case. why you don’t get many surprise win- As well as dealing with an ultra ner of this event and consistency is competitive field, which isn’t always normally rewarded. @

T’S pleasing to see the likes to front of them. It won’t make a dif- and when he does find himself in a Lee Westwood and Luke Donald ference to either of them and I bit of trouble, as you invariably will at the head of the betting for the know they’ll have their prepara- round here, he’s got a super short Isecond Major tournament of the tions spot on. game to dig him out of trouble. year and they’re there on merit. Few people win the US Open two Without Tiger Woods in the field They’ll undoubtedly mount years on the trot but Graeme the tournament does lose a bit of its strong challenges over the course of McDowell has the game to do well lustre. He’s probably the best golfer the weekend and I don’t buy into here, while fellow Northern I’ve ever seen and he leaves a mas- @ the fact either of them have got a Irishman Rory McIlroy won’t let his sive gap that not even Phil mental block when it comes to win- final round Masters capitulation Mickelson can fill. ning one of the big four events. cloud his mind. In the absence of the former They’ve both got enough titles Having said that, I expect Ian world No1 I see Matt Kuchar leading under their belts to know how to Poulter to mount the strongest the American charge. He’s risen qui- handle pressure. A big tournament British challenge at Congressional. etly to sixth in the rankings and if is a big tournament, it’s just that He’s normally immaculate from tee his putting, which can be his down- @ some have got the word ‘Major’ in to green, hits it long and straight fall, is on the money he’ll go close. Chelsea fail with £22m Nolan move sparks bid for Spurs ace Modric Barton outburst WEST HAM manager Sam

▲ Allardyce is set to step up his FOOTBALL rebuilding operation by raiding BY JAMES GOLDMAN he renewed in 2010 - for £16m from his former club Newcastle and Dynamo Zagreb and despite the bringing their skipper Kevin Nolan CHELSEA have seen a £22m bid for headlines and personal awards col- to Upton Park, much to the dis- Tottenham’s Croatia midfielder Luka lected by Gareth Bale, is accepted by tress of Joey Barton. Modric rebuffed by their north his club’s fans as their most effective The former England interna- London rivals. performer. tional performed with distinction After a trophyless season, owner Manchester United had also been alongside Nolan last season and Roman Abramovich is keen to tracking the availability of the play- feels let down by the club’s board. rebuild his aging squad, whose mid- maker, who said last month he He wrote on Twitter: “Just on field is lacking the creative qualities would miss not performing in the my way to Ascot, feel sick. #what- Modric would supply in abundance. Champions League, but have turned goinonatthetoonffs [What’s going Chelsea, who are still to appoint a their attentions to Chile winger on at the Toon, for ***** sake]’. successor to their former Double win- Alexis Sanchez, leaving Chelsea in He later added: “(Kevin is a) ning coach Carlo Ancelotti, are pole position. great player, leader, captain, per- expected to return with an improved Tottenham manager Harry son, trainer and mostly a friend for www.cityam.com offer having seen their opening gam- Redknapp has already stated that it is life. Devastated to see him SOLD! bit dismissed within two hours of its crucial for Spurs to retain Modric, #mejoseandjonasnext [Me, Jose MORE NEWS submission. describing him as “key” to his team’s (Enrique) and Jonas (Gutierrez) ONLINE Modric, 25, arrived at Spurs in fortunes but may be willing to sell for next”. 2008 — signing a six-year deal which a figure closer to the £35m mark. CITYA.M. 16 JUNE 2011 Sport 35 dƌĞĂƚLJŽƵƌƐĞůĨ͘͘͘ Fabregas won’t ask for Barca transfer

▲ dows and are thought to be ready- Fabregas is FOOTBALL ing a third attempt to re-sign a play- wanted by EŽǁLJŽƵ ĐĂŶ ĞŶũŽLJ ƚŚŝƐ ĐŚĂŵƉŝŽŶƐŚŝƉ ĐŽƵƌƐĞ ďLJ ƚĂŬŝŶŐ  BY JAMES GOLDMAN er who slipped through their Barcelona ƵƉŽƵƌ ĞdžĐůƵƐŝǀĞ ϰ ďĂůů ŽīĞƌ ĨŽƌ ŝƚLJ D ƌĞĂĚĞƌƐ fingers eight years ago. Picture: GETTY ARSENAL captain Cesc Fabregas But the 24-year-old insists no deci- appeared to offer the club’s fans sion has been made on his future hope he might resist the overtures and said: “I owe myself to Arsenal. I  of Barcelona again this summer by have not spoken to the manager, he claiming he “owes himself” to the takes decisions. Gunners. “I am very happy at Arsenal. I am /ŶĐůƵĚĞƐddǁǁŽ The reigning Spanish and not going to talk about any team. I &ƌĞĞƵŐŐŝĞƐ άάϮϱϬϮϱϬ European champions have failed to have values and after all that I have force Arsenal’s hand in each of the done in eight years I am not going previous two summer transfer win- to say a word that would ruin it all.”    SPORT | IN BRIEF Strauss is boosted by /dzD ^W/> Clijsters to miss Wimbledon &ƌĞĞDŝĚǁĞĞŬ ƌĞĂŬĨĂƐƚ TENNIS: World No2 Kim Clijsters has withdrawn from next week’s Wimbledon YƵŽƚĞ͚ŝƚLJDϭ͛ ǁŚĞŶ LJŽƵ Ŭ ŝŶ Anderson return in his Championships because of a foot injury. The 28-year-old, who would have been ĂŶĚƌĞĐĞŝǀĞ Ă &ƌĞĞ ĞůƵdžĞ ƌĞĂŬĨĂƐƚ  seeded two at SW19, had a recurrence ǁŽƌƚŚάϵ͘ϱϬ ǁŚĞŶ LJŽƵ ƉůĂLJ ŵŝĚǁĞĞ of a foot problem at the Unicef Open in bid for total perfection Holland on Tuesday. ;ůůŽīĞƌƐ ĂƌĞ ƐƵďũĞĐƚ ƚŽ ĂǀĂŝůĂďŝůŝƚLJ ʹ &ƌĞĞďƌĞĂŬĨĂƐƚ ŵƵƐƚ ďĞ ďŽŽŬĞĚ ŝŶ ĂĚǀĂŶĐĞͿ

▲ Fresh Woodward RFU doubt CRICKET “We all know what an impor- RUGBY UNION: Former England head BY JAMES GOLDMAN tant part of our bowling he is,” coach Clive Woodward is set to lead ϬϭϳϯϳϴϯϮϭϴϴ said Strauss of Anderson, who is Team GB at the Youth Olympic Games in ENGLAND captain Andrew likely to replace Steven Finn. January 2012, casting further doubt on     Strauss admits he’s hoping the “He’s been very consistent and any possible move to the RFU. The gov- return of seamer James accurate in his per- erning body is searching for a new per- ǁǁǁ͘ŬŝŶŐƐǁŽŽĚͲŐŽůĨ͘ĐŽ͘ƵŬ Anderson will provide the spark formances for a long formance director and hope to appoint that was missing during the sec- time now, so hope- their chosen candidate after November’s ond Test at Lord’s. fully he’ll be fit and World Cup in New Zealand. ͚ƌĂŝĚ͛͛ƐƐĮŶĞƐƚ ƉĂƌŬůĂŶĚ ĐŽƵƌƐĞ ŝŶ ŶŐůĂŶĚ͛͘͘͘ Sri Lanka arrive at the Rose leading the attack.” Bowl ahead of today’s final Test On England’s per- Wembley favourite for 2013 final <ŝŶŐƐǁŽŽĚ'Θ͕ ^ĂŶĚLJ >ĂŶĞ͕ <ŝŶŐƐǁŽŽĚ͕  of the three-match series need- formance at FOOTBALL: Wembley is the frontrunner ^ƵƌƌĞLJIFLG9 +%),(Alc`\eXj <8_\ie ()$();XeZ\8e[;XeZ\ ICDffi\ .$(=Xm But the return of match is FOOTBALL: England left themselves :q\Z_I\g%%%%%%%%%%%%%%%%%%% '  ' JgX`e%%%%%%%%%%%%%%%%%%%%%% %%%%%%% (  ) *@em`j`Yc\DXe C;\kkfi` )'$(+G\e[iX^fe AHl`ee **$(%,%''( Anderson (right), cou- going to be needing to win their final European LbiX`e\%%%%%%%%%%%%%%%%%%%%%%% '  ' B`e^jZfk\ /$();lYX`Hl\\e B=Xccfe 0$)Ak=Xm*N`ek\iËjE`^_k the tourists’ skipper us. But we still to avoid crashing out of the tournament IFP8C8J:FK1)%*'(Jkife^Jl`k I?l^_\j (($():f[\dXjk\i CDfii`j (($) Tillakaratne Dilshan, is likely should be aim- after stumbling to a 0-0 draw against ;Xe\FËe\`cc .$+=Xm*N\jk\ie8i`jkfZiXk AGDlikX^_ 0$)%*%', KF;8PJ;@8IP to see an improved output ing and striv- Ukraine. Danny Welbeck missed (Cfccp=fi;fccp NDCfi[Xe (($():_XZ_XdX`[\\ KGHl\Xccp  from an England attack ing for the England's best chance when put clean (-$(*=`ijk:`kp AGJg\eZ\i ),$(%*%+,(I\n`c[`e^ C;\kkfi` (.$) >FC= which fell below its recent perfect Test through by Daniel Sturridge, who also )JfPflK_`eb ICDffi\ +$((=Xm*Ji`GlkiX E:XccXe --$(% LJFG

THE FULHAM SEASON TICKET FROM £379 ADULTS AND ONLY £125 JUNIORS (UNDER 16s) Visit fulhamfc.com/seasontickets or call 0843 208 1234 36 CITYA.M. 16 JUNE 2011

SPURS STAND FIRM OVER THEIR STAR MAN MODRIC CHELSEA’S OPENING £22M Sport BID IS REJECTED: PAGE 34 O’Brien error McIlroy sees an opening lets in Dettori with Woods and Rewilding out of action

▲ GOLF l So You Think defeat down to me, says trainer NORTHERN IRELAND’S Rory McIlroy is saddened by Tiger Woods’ absence l Nine-day suspension sours Dettori’s victory from the US Open which starts today but knows that with the former

▲ world No1 out of action his chances HORSE RACING success for Rewilding on his of a first Major win are greatly BY JAMES GOLDMAN first start since winning the enhanced. Dubai Sheema Classic in Woods, out with knee and Achilles FORMER Champion trainer Aidan March. injuries, has failed to make it back to O’Brien accepted the blame for So You “That was probably the the Congressional course near Think’s shock defeat at Royal Ascot at best fight I’ve been in for Washington where he first became the hands of Rewilding in the Prince a while – the two world number one 14 years ago. of Wales’s Stakes. horses wanted to “It’s obviously not great for the golf The multiple Group One winner win and they are tournament – it would have been was sent off as the 4-11 favourite and two great cham- great to see him play,” said McIlroy. looked set to justify those odds having pions,” said “But I suppose it leaves the door a been sent clear by Ryan Moore, but Dettori, little bit open for a few of the guys. was ground down by Frankie Dettori’s whose “Every time you have Tiger in the mount, who won by a neck, only for excitement field you’ve got to think that he’s the jockey to incur a nine-day ban for was later going to have a good chance. To have excessive use of the whip. tempered as one of the main contenders not here O’Brien said: “I will take responsi- the stew- gives the rest of us a little bit more of bility for this personally. After he won ards ruled he a chance.” his first two races so easily I had gone had hit McIlroy led after 54 holes at easy on him. Rewilding 24 times inside the final Augusta in the first Major of the year “It was a big step up on his last two two furlongs and banned him for before a final round 80 saw his hopes races. He ran keen for the first two fur- nine days. of claiming the Masters slip away. But longs with Ryan and it was a strong- “My fellow has not had the credit the 22-year-old won’t let that bitter run race. He went and won his race and he showed what he’s made of. experience hamper him here. but just got very tired in the last half a “He showed what a fighter he is. I’ve He said: “No doubt it was a great furlong. only got three days here this year (due experience for me,” he said. “I took “I think it was trainer error, I didn’t to suspension) and the Prince of the positives from the week – there have him fit enough for this kind of Wales’s is one of the great races of the weren’t many to take from the race and he’s given a good blow after- year. To win again is a thrill.” Sunday. wards. I would think there’s improve- Meanwhile, Walter Swinburn’s “It’s hard. It was my first time in ment to come.” Julienas won the Royal Hunt Cup in that situation, you’re going to be feel- While O’Brien goes back to the fine fashion, while Richard Hannon’s ing the pressure a little bit and I cer- drawing board with the Australian Best Terms held off Shumoos in the tainly did.” import, victory marked a landmark Queen Mary Stakes. Dettori celebrated his 45th Royal Ascot win Picture: GETTY SAM TORRANCE’S PREVIEW: P34 ! ! ! ! ! Npo!Bvhvtu!12! Uvf!Bvhvtu!27! :/11qn NPKP!NPOEBZT :/11qn TUFWF!GJTIXJDL!RVJOUFU ! ! ! ! ! ! ! ! ! ! ! Uif!cftu!pg!uif!VLÖt!joefqfoefou-!dppm-!ojdif!vq.boe.dpnjoh!cboet!fwfsz! ÓJodsfejcmf/!Uiftf!bsujtut!bsf!uif!qsftfswfst!pg!uif!dmbttjd!ÕCmvf!OpufÖ!Ibse! ! ! ! ! ! ! ! ! ! ! Npoebz/!Gfbuvsjoh!nvtu!tff!cboet!tvdi!bt!Wjoubhf!Uspvcmf!xjui!Uz!Ubzmps-! Cpq0Cf!Cpq!tpvoe!pg!uif!2:71t/Ô!Topxcpz

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