Cityam 2012-01-04

FTSE 100 5,699.91 +127.63 DOW 12,397.46 +179.90 NASDAQ 2,648.72 +43.57 /$ 1.56 +0.01 / 1.20 unc /$ 1.
/ 1.20 unc /$ 1.31 +0.01

GLOBAL markets staged a new year
rally yesterday on signs that the
worlds largest economy is spluttering
back to life.
A raft of strong economic data from
the US, including faster-than-expected
growth in its factory sector and higher
construction spending, convinced
traders to snap up equities.
The widely regarded Institute of
Supply Management (ISM) said facto-
ries grew for the 29th month in a row
in December. Its purchasing manag-
ers index (PMI) jumped by 1.2 percent-
age points to 53.9.
With little other good news float-
ing around, these figures will help
support the appetite for risk, said
INGs Rob Carnell.
In London, the FTSE 100 marked the
first day of trading in 2012 by rising to
its highest close in over five weeks,
gaining 127.63 points (2.29 per cent).
At 5,699.91 the blue chip index is
well above its 200-day moving average
of roughly 5,610 points.
Data showing a slower than expect-
ed contraction in UK manufacturing
for December also helped reassure
investors.
In Europe the FTSEurofirst 300 rose
1.6 per cent to hit its highest close
since early August, while across the
pond the Dow Jones industrial average
rose 1.47 per cent to 12,397.
European and American stocks took
their cue from Asia, which closed up
overnight on the back of similarly pos-
itive manufacturing figures. Hong
Kongs Hang Seng ended up 2.4 per
cent after Chinas official PMI jumped
back into growth territory.
This morning Asian equity markets
continued the rally, with the Nikkei
opening 1.3 per cent higher.
More good news from the US came
in the form of official construction
spending data, with spending increas-
ing by 1.2 per cent in November,
although the gain was partly offset by
a downward revision to Octobers
data.
Nonetheless the figures provided
hope that the US could have the
resilience to survive global shocks
such as the Eurozone debt crisis.
Later this week all eyes will be on
Fridays official payroll data, which
could provide a further sign of a
strong US recovery.
A quickly recovering economy
would provide a boost to the re-elec-
tion hopes of Barack Obama, who will
this morning get a hint as to which
Republican he must fight in
November.
Last night, voters in Iowa had the
opportunity to choose a Republican
candidate, with Mitt Romney and
Rock Santorum hotly tipped along
with the more libertarian Ron Paul.
Meanwhile, oil rose on fears of a
confrontation between Tehran and
Washington that could cut off oil
exports from the region. ICE Brent
crude futures climbed 2.45 per cent to
a high of $110.35 a barrel.
DAVID CROW: P2
ECONOMICS: P7-8
www.cityam.com Issue 1,541 Wednesday 4 January 2012 FREE
BUSINESS WITH PERSONALITY
Certified Distribution
31/10/11 till 27/11/11 is 100,007
BY JULIAN HARRIS
WORLD ECONOMY
STOCKS RALLY
AS AMERICAN
ECONOMYSEES
SIGNS OF LIFE
ANALYSIS l FTSE
08:00 10:00 12:00 14:00 16:00
5,700
5,680
5,660
5,640
5,620
5,600
5,580
5,699.91
3 Jan
SOME
JUSTICE
AT LAST
Parents of
Stephen
Lawrence wait
18 years for
guilty verdict
THE MOTHER of Stephen Lawrence last
night hit out at the Metropolitan Police
after two men were finally convicted of the
black teenagers murder. Doreen Lawrence
said police had not done their job properly
after her son was killed at a south London
bus stop in 1993. She and Stephens father,
Neville, had earlier wept in court as Gary
Dobson, 36, and David Norris, 35, were
found guilty. The Met was forced to reform
after its initial probe failed and an official
inquiry branded it institutionally racist.
ANALYSIS l Dow Jones
10:00 12:00 14:00 16:00
12,500
12,450
12,400
12,350
12,300
12,250
123,97.46
3 Jan
News
2 CITYA.M. 4 JANUARY 2012
Eurozone banks living hand
to mouth on loose ECB funds
THERE are growing fears that some
Eurozone banks could be in severe
financial difficulties based on data
released by the European Central
Bank (ECB) yesterday.
Figures revealed that the Banks
overnight emergency funding facility
is still in high demand despite the
ECB having flooded Eurozone lenders
with money in recent weeks.
On Monday, banks drew 14.8bn of
overnight loans from the ECBs mar-
ginal lending facility, which offers
day-to-day funds at the above-market
rate of 1.75 per cent.
Thursdays figures showed that
banks needed 17.3bn in overnight
support last week, the highest figure
since March last year.
Economists said that the sustained
demand is particularly unexpected
given the 489bn banks took out in
three-year loans just two weeks ago.
The data suggests that an unknown
number of Eurozone banks have seen
their funding situation worsen signif-
icantly in the last week so that they
were unable to wait for yester-
days more economical
auction of weekly money
to supplement the
longer-term cash.
Last week one could
have argued that it was
for the end of the year [to
make balance sheets look
good], but youd have
expected it to unwind, said
Hendersons Simon Ward.
Overall, demand for
the ECBs short-
e r - t e r m
cash has
dropped:
it conducted an auction of cheaper
weekly cash yesterday, in which total
demand dropped by 15bn to
130.6bn.
But the overnight figure shows that
some banks needed tiding over on
Monday before the weekly cash was
available.
The ECB is unlikely to tighten
the purse strings any time soon.
The Bank has appointed a new
chief economist to replace
Jurgen Stark, who resigned last
year in protest at the decision to
bail out governments by buying
their bonds.
Peter Praet (pictured left), the
doveish Belgian member of the
ECBs executive committee, will
take over from the
h a w k i s h
German to
head up the
economi c
forecasting on which the Bank bases
many decisions.
But despite the ECBs apparent will-
ingness to act as a backstop for the
financial system, Fitch has suggested
that it might not be enough.
The rating agency said in a report
that some Spanish banks do not have
enough collateral of sufficient quality
to get ECB funding that would cover
the value of their debt that will
mature this year.
BY JULIET SAMUEL
BANKING
MINISTER ATTACKS GREEN LOBBY

The climate change minister has
rounded on the environmental
Taliban of green campaigners, insist-
ing they are wrong to accuse the gov-
ernment of abandoning its
commitment to a low carbon agenda.
Greg Barker said: There is nothing
environmental about exporting man-
ufacturing jobs abroad. Barker has
led the contentious efforts to rein in
solar generation costs.
1.2BN APP DOWNLOADS AT CHRISTMAS
More than 1.2bn apps were down-
loaded on to mobile phones and
tablet devices during Christmas
week, a new study says, marking the
first time that more than 1bn app
downloads have been recorded in a
week. About 20m Android and Apple
devices were activated during
Christmas week, according to mobile
analytics firm Flurry.
RIM CONSIDERS NEW CHAIRMAN
Research In Motion, the Canadian
manufacturer of the BlackBerry
smartphones, may bow to investor
pressure and name an independent
director as chairman of the belea-
guered company. Under the plan
Mike Lazaridis and Jim Balsillie, co-
chief executives of RIM, would relin-
quish their additional titles of
co-chairman to make way for a new
chairman. Barbara Stymiest, an inde-
pendent director, is said to be the
frontrunner for the position.
WAVE OF CHINA DELISTINGS IN US
The value of Chinese companies
delisting from US exchanges in 2011
exceeded the amount Chinese compa-
nies raised via initial public offerings
in the US, a stark sign of how fraud
allegations and slowing growth have
made many foreign investors bearish
on Chinese groups. Chinese compa-
nies with a combined equity value of
$3.5bn were taken private in 2011.
SNB GOVERNORS WIFE SAID TO
SHORT THE SWISSIE
The Governor of Switzerlands central
bank is under pressure to explain
why his wife transferred $500,000 of
Swiss currency into US dollars shortly
before authorities intervened to cap
the value of the soaraway franc. Mrs
Hildebrand bought half a million dol-
lars on 15 August, three weeks before
the Swiss National Bank plunged into
the currency markets to put a cap on
the value of the Swissie.
DIAGEO CHIEF EXECUTIVE SWITCHES
TO AVANTI
Paul Walsh, the long-serving chief
executive of Diageo, has moved into
the satellite industry after being
appointed as a non-executive director
of Avanti Communications, adding
heavyweight City experience to the
board. Avantis share price rose by
four per cent, or 11p, to 301p.
EQUITY RED STAR ESCAPES 1M FINE
Equity Red Star has avoided a 1m
fine by the Lloyds of London insur-
ance market following an investiga-
tion into its underwriting standards.
The home and motor insurer has been
ordered to pay 95,000 towards the
costs of the investigation after admit-
ting two charges of detrimental con-
duct. The charges relate to losses
incurred by the underwriting syndi-
cate, which has been hit heavily by a
rise in personal injury claims.
ANALYST WARNS BARCLAYS OVER TAX
Barclays has been warned that its rep-
utation is being tarnished by the
persistent use of complicated finan-
cial structures to boost profits. Bruce
Packard at Seymour Pierce said
Barclays risks a customer backlash if it
does not reduce its exposure to off-
shore tax havens or limit legitimate
tax avoidance.
SEARS HIRES RETAIL VETERAN
Sears Holdings, long criticised for giv-
ing short shrift to the shopping expe-
rience, has hired a retail veteran, the
chief exec of Brookstone, to oversee a
revamping of its Sears and Kmart
stores. Ron Boire, who previously
served in top merchandising roles for
Toys R Us and Best Buy, instantly
becomes one of the most seasoned
retail executives at the struggling
chain-store holding company.
OLYMPUS HOTLINE DIDN'T BLOW
WHISTLE
The two Olympus executives who
allegedly masterminded the conceal-
ment of $1.5bn in losses also oversaw
the companys whistleblowing hot-
line. Employees were afraid to
express views that were different
from those held by the company's
autocratic leadership, according to
a recent independent report.
Britain needs to take Chinese lessons
IT is quite fashionable to be bearish on
China these days. Few think the Asian
superpower will be able to brush off
the Eurozone woes, inflation is sky
high and its housing market bubble is
about to go pop. Ive noticed a certain
smugness in those who predict pain
for the Chinese, as though it will
somehow staunch the huge flow of
power from west to east.
But make no mistake: America and
Europes reign as Kings of the World is
fast coming to an end. The IMF pre-
dicts that China will overtake the US
as the largest global economy in 2016,
an event that would end up dominat-
ing the legacy of whoever wins this
years presidential race.
Few doubt that Chinas economic
expansion will slow in 2012, but it is
all relative. Growth of around seven
per cent might be less than the nine
per cent pencilled in for 2011, but it is
still significantly better than the grim
outlook for Europe or the slightly
more positive picture in the US.
There is still plenty of proof that
China is hot. Yesterday we learned
that gambling revenues in Macau
jumped by 42 per cent last year to
$33.47bn, making it five times larger
than Las Vegas, and that Temasek is
launching a new $2.5bn fund to invest
in the region.
So what part is Britain playing in
the Chinese growth story? Last sum-
mer, the Prime Minister trumpeted
trade deals worth 1.4bn as proof the
UK wasnt missing out, but we still lag
behind our peers. According to the
World Trade Organisation, Germany
sold $71bn of merchandise to China
in 2010, accounting for 5.6 per cent of
exports, while the UK sold just
$11.4bn, accounting for 2.8 per cent.
Of course, Germany has long been
better at exports than us. As a nation
of shopkeepers, restaurateurs and
hoteliers, youd expect us to be capital-
ising on the huge growth in Chinese
tourism instead but youd be wrong.
According to the UN World Tourism
Organisation, the Chinese spent
$54.9bn on tourism in 2010, a fourfold
increase over the previous decade. The
UKs share of the pie was a paltry 0.4
per cent.
In a list of our closest rivals, which
ignores countries like the Bahamas
and Greece, Britain also performs
abysmally. Among our eight nearest
competitors, our share of outbound
Chinese visits fell from five per cent in
2005 to three per cent in 2010. We lost
out to France, which had a 30 per cent
share in 2010; the US (20 per cent); and
Switzerland (seven per cent).
Even if our market share stays the
same, we should in theory benefit
from more Chinese tourism over the
next decade. Oxford Economics reck-
ons the number of visitors to Britain
could jump by almost two thirds to
290,000 by 2020. But this assumes
London solves its crippling airport
capacity problem, which is already
stopping people from visiting.
Although the overall number of
Chinese tourists has rocketed over the
past five years, airline seat capacity
from the countrys airports to the UK
has remained stable at 40,000 per
annum.
The Tories have backed themselves
into a corner with their idiotic,
Nimby-ish opposition to more run-
ways at Heathrow, Gatwick or
Stansted. Now they need to find an
alternative solution urgently, or
forego the billions of pounds that
Chinese tourists could soon be spend-
ing here.
Rather than standing on the side-
lines, rubbing our hands with glee at
any sign of a slowdown in China,
Britain needs to work out how to cash
in on the boom.
david.crow@cityam.com
Follow me on Twitter @davidcrow83
Allister Heath is away
NEWS | IN BRIEF
City Airport gets traffic lift
Londons City Airport has smashed
through the 3m passenger mark in 2011
after growing its traffic by 7.6 per cent
over the year. Traffic in December was
up a hefty 33 per cent on a year ago.
The airport has grown faster than
Heathrow, which added 3.7 per cent to
its passenger numbers in the year to
November, and outpaced a 3.4 per cent
drop at Stansted. The airport is still
operating below its 2008 peak of 3.27m
passengers, though chief executive
Richard Gooding is optimistic ahead of
the Olympics.
Activists set to leave Old Street
Protesters who have taken over the dis-
used Old Street Magistrates Court have
said they will leave by 23 January. The
activists, part of Occupy London,
claimed they had reached an agreement
with owner Mastcraft after a hearing at
Clerkenwell and Shoreditch County
Court. The group still intends to hold
trials of the one per cent for the
bankers and politicians it blames for the
financial crisis. Mastcraft said it had
spoken to the activists about the depar-
ture date but did not reveal full details.
EDITORS LETTER
DAVID CROW
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Editorial
Editor Allister Heath
Deputy Editor David Hellier
News Editor David Crow
Acting Night Editor Marion Dakers
Business Features Editor Marc Sidwell
Lifestyle Editor Zoe Strimpel
Sports Editor Frank Dalleres
Art Director Gavin Billenness
Pictures Alice Hepple
Commercial
Sales Director Jeremy Slattery
Commercial Director Harry Owen
Head of Distribution Nick Owen
ANALYSIS l Use of ECB overnight funds
bn
1 Jan 1 Mar 1 May 1 Jul 1 Sep 1 Nov
20
18
16
14
12
10
8
6
4
2
2011
WHAT THE OTHER PAPERS SAY THIS MORNING
THE EVENTS group behind the
Reading, Leeds and Latitude festivals
is set to battle investment group
Oakley Capital for the live music arm
of ailing retailer HMV.
City A.M. understands Festival
Republic, run by Melvin Benn, is inter-
ested in a deal and could make a move
in a matter of days. There is no guaran-
tee, however, it would take on all of
HMV Live, which includes London fes-
tival Lovebox and 13 UK gig venues.
Oakley, the owner of Time Out, is
also one of several others considering
a purchase of HMVs Live events and
digital division.
Citi, which is advising HMV, has
reached out to a number of investors
to offer them details of the division.
Sources said Citi had approached a
large number of interested parties of
which most said yes to the offer of
more information, but the process was
at an early stage.
Investment house Pacific Capital is
also said to be interested but private
equity firm Permira, which made a
762m bid for HMV in 2006, is not.
HMV acquired the live division for
about 60m in 2007 and aims to sell it
for a similar sum, but Seymour Pierce
analyst Freddie George said he was
sceptical, adding: In this sort of mar-
ket and in a forced sale it isnt easy.
HMV, which has a 163m debt pile,
put the division up for sale in
December as it reported a first-half
pre-tax loss of 45.7m.
Citi and Festival Republic both
declined to comment.
Bidders tune
in for fire sale
of HMV Live
THE FEDERAL Reserve will from this
month onwards publish quarterly pro-
jections of future interest rates, in a
move widely seen as a further attempt
to stimulate the economy.
The policy change could provide an
opportunity for a back door policy eas-
ing in January, said Harm Bandholz
of UniCredit last night. If for example
most participants would not pencil in
any rate hike until the end of 2014, the
market would certainly take this as a
strong signal, he explained.
Fed chief Ben Bernanke has previ-
ously stressed his desire for more
transparency at the bank, and has not
hidden the intention to hold rates at
their historic low.
A third phase of quantitative easing
is unlikely to be announced this
month, according to Paul Dales of
Capital Economics.
The Fed noted the recent accelera-
tion in economic growth and,
although it stated there were still sig-
nificant downside risks, there was no
real QE3 discussion, Dales said. Not
very surprising when the incoming
news has been fairly upbeat.
The Feds minutes cited evidence
that economic activity was expand-
ing at a moderate rate, notwithstand-
ing some apparent slowing in global
economic growth.
Fed says it will
publish interest
rate projections
Pop star Kelis performing at Lovebox, the festival run by Simon Foxs HMV Picture: REX
BY PETER EDWARDS AND ALISON LOCK
RETAIL
News
ANALYSIS l HMV Group PLC
p
23Dec28Dec 29Dec 30Dec3Jan
3.60
3.40
3.20
3.00
2.80
3.35
3 Jan
BY JULIAN HARRIS
US ECONOMY
BP yesterday launched legal action

in a bid to make contractor
Halliburton cough up the estimated
$42bn (26bn) paid out in compen-
sation and expenses for the
Deepwater Horizon oil spill disaster.
Halliburton cemented the failed
well that caused the United States
biggest offshore spill.
In a US court filing, BP said it was
suing to recover costs and expenses
from cleaning up the oil spill, lost
profits, and all other costs and
damages incurred by BP related to
the Deepwater Horizon incident
and resulting oil spill.
The company did not put a figure
on how much it expected
Halliburton to pay.
BP and Halliburton are locked in a
protracted a legal battle with a trial
expected to begin in February to set-
tle damages claims.
The explosion on the Deepwater
Horizon rig in April 2010 killed 11
workers and spewed more than 4m
barrels of oil into the Gulf. It has
triggered series of lawsuits as com-
panies jostle to avoid blame for the
disaster.
Last month, Cameron
International agreed a $250m settle-
ment with BP to help pay for costs
associated with the Gulf of Mexico
oil spill, raising hopes that deals
between the British oil firm and two
other contractors could follow.
BP also remains in legal action
with Transocean, the owner and
operator of the Deepwater Horizon
rig.
BP puts spill
bill at door of
Halliburton
Total seals 2.3bn shale
gas deal with Chesapeake
BY JOHN DUNNE
ENERGY
News
FRENCH oil group Total is ploughing
$2.3bn (1.47bn) into the develop-
ment of US shale gas reserves in Ohio
in the latest example of global energy
companies piling into new energy
sources made economic by the high
price of crude.
In a deal with Chesapeake Energy,
which the US group announced in
November without identifying its
partners, Total will take a 25 per cent
stake in a joint venture covering the
Utica Shale area of eastern Ohio.
North America has seen a boom in
investment in energy resources such
as shale gas in recent years, raising
the prospect of the US reducing its
dependence on imported energy.
Mining giant BHP Billiton spent
nearly $17bn buying shale gas pro-
ducer Petrohawk Energy and shale
gas assets from Chesapeake Energy
earlier this year.
BY HARRY BANKS
ENERGY
Barack Obama hit

out at Bob Dudleys
BP after the oil
spill.
Picture: REUTERS
ANALYSIS l BP PLC
p
470
465
460
455
471.05
3 Jan
Total, led by Christophe De Margerie, is investing in US shale gas Picture: REUTERS
News
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@
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MORE NEWS
ONLINE
www.cityam.com
Stakes are high for firms and Obama
ALMOST exactly a year ago, Barack
Obama received his independent
report into the Deepwater Horizon
tragedy, having called for whose ass
to kick over the spill a few months
earlier.
His experts rightly slammed BP,
Transocean and Halliburton for mis-
takes that caused the worst oil spill in
US history. They also pointed out that
if BP, or a similar oil behemoth, had
not been a culprit in the blow-out,
victims might never have been com-
pensated as quickly or thoroughly.
It would be disproportionate to
praise BP for its reaction to the disas-
ter chief Tony Hayward and chair-
man Carl-Henric Svanbergs quips
will go down in the annals of corpo-
rate gaffe history but its $20bn com-
pensation pot has gone some way to
getting some of those suffering in the
Gulf of Mexico back on track.
But even this massive stack of dol-
lars, and BPs eagerness to end its
lingering share price spill dis-
count, will eventually run dry. And
as this weeks court filings have
shown, others like Halliburton are
reluctant to chip in until its
absolutely necessary.
Obama thundered at the time that
every single person affected should
be compensated, as he halted deep-
water drilling in the Gulf for almost a
year standing in stark contrast to
the drill, baby, drill mindset of
many in the Republican party.
In 2012, a move to bash some
heads together could ensure that
meaningful progress is made during
the next tranche of court hearings in
February.
It could also neutralise the kind of
career kryptonite that felled top brass
at BP which could be particularly
dangerous in an election year.
BOTTOMLINE
Analysis by Marion Dakers
GREECE will have to leave the
Eurozone if the latest bailout pack-
age is not agreed by March, a govern-
ment spokesman said yesterday.
The government is attempting to
finalise a 100bn (83.4bn) voluntary
haircut on privately held debt as
part of a wider 130bn bailout pack-
age.
If it cannot make investors
agree by mid-March, the gov-
ernment will run out of cash
around 14.5bn in debt
matures in the month,
which will not be paid if the
bailout is not in place.
We will be out of the mar-
kets, out of the
euro, warned
g ov e r nme nt
s p o k e s ma n
Pantelis Kapsis
(pictured).
As the state continues to struggle
under its vast debt burden, he also
told TV station Skai there is a
chance that there will be a need for
additional measures nobody can
rule this out.
Analysts believe the government
has taken the unusual step of speak-
ing so plainly about its difficulties to
put pressure on the private investors.
Greece is going to run out of
money at some point soon they
cannot hide this fact, although it
is surprising to hear them say
it, Open Europes Raoul
Ruparel told City A.M.
Negotiations have dragged
on for some time, and the gov-
ernment wants to stress that if
investors do not take a haircut on
their bonds, the situation will
be much worse for every-
one. It would not surprise
me if these negotiations
again went right to the
edge of the timeframe.
Greece says it
may exit euro
BY TIM WALLACE
EUROZONE
UNEMPLOYMENT rose for the fifth

consecutive month in Spain, data
published yesterday showed, as rat-
ings agency Fitch cut its economic
growth forecasts for the country.
However, German unemployment
fell to 6.8 per cent, or 2.88m, from 6.9
per cent in November its lowest level
since reunification in 1991, according
to the Federal Labour Agency.
Spains claimant count rose slightly,
increasing by 1,897 to 4.42m, com-
pared with a 59,536 jump in November.
The data confirmed the deteriorat-
ing economic situation in the second
half of the year, said employment
minister Engracia Hidalgo.
Meanwhile Fitch cut its economic
growth forecasts for the country to
zero in 2012, and one per cent in 2013,
from forecasts of 0.5 and1.5 per cent.
The agency believes a resolution of
the Eurozone crisis is vital to boosting
Spains banks and the wider economy.
However, its 2012 outlook also
claims banks are unlikely to return to
the cheap funding costs that were
available to them in the past, and that
an improvement in the real estate sec-
tor is unlikely in the short term.
Economists believe the gap between
the countries will continue to grow.
Labour market conditions will
remain markedly healthier in
Germany than in most other countries
in Europe in the months ahead, espe-
cially since key leading indicators
have shown stabilisation and even a
tentative rebound at the end of 2011,
said IHS Global Insights Timo Klein.
BY TIM WALLACE
EUROZONE ECONOMY
Fitch slashes Spain

growth predictions
HUNGARIAN bond yields soared after
tens of thousands of protestors gath-
ered in the country to oppose a new
Basic Law which activists fear could
unfairly support the ruling party and
undermine the independence of the
central bank.
Critics also believe the new law,
which replaced the existing constitu-
tion on new years day, curtails the
jurisdiction of the top court.
Ruling party Fidesz is able to change
the constitution because Prime
Minister Viktor Orban won a two-
thirds majority in elections in 2010.
The dispute has cast doubt over
ongoing talks with the EU and IMF
about a new financing agreement,
seen as crucial for Hungary to shore up
market confidence.
Yields on 10-year bonds rose to
10.373 per cent yesterday, up from 8.47
per cent a month ago and below seven
per cent in September, reflecting
investors growing fears that Hungary
will not be able to pay its debts.
Investors flee
Hungary as law
anger grows
EUROPEAN ECONOMY
News
NEWS | IN BRIEF
Belgian borrowing costs down
Short-term Belgian debt issued yester-
day was snapped up by investors with
yields at 18-month lows, after Belgiums
new government appeared to restore
markets confidence in its ability to man-
age its finances. The government sold
2.44bn of three-month and six-month
bills, higher than the 2.2bn initially
planned. The auction registered an aver-
age yield of 0.264 per cent on the three-
month bills, down from 0.78 per cent
paid last month. The six-month bills sold
at 0.364 per cent, down from 2.438 per
cent in November. Fears had mounted in
November that Belgium after almost
600 days without a government would
be unable to pay its bills. Yields on 10-
year bonds rose close to
six per cent, echoing those of troubled
nations like Greece and Italy. A six-
party coalition formed a government
in December.
Dublin houses down 64 per cent
House prices in the Irish capital fell 16.9
per cent in the last year, according to
research out yesterday from property
and mortgage advisory firm the Sherry
FitzGerald Group. Since their peak in
2006, the average house price in Dublin
has fallen 64.2 per cent in real terms,
while the average price nationwide has
fallen 59.8 per cent. Dublin prices are
now back to levels last seen in early
2000. Meanwhile, data from property
website myhome.ie showed prices across
the country fell by 2.4 per cent in the
final three months of 2011 and 13 per
cent over the year as a whole. That com-
pares with 2.8 per cent in Dublin in the
last quarter and 14.7 per cent in the year.
It believes prices are down 43 per cent
on their peak nationwide and by over 50
per cent in Dublin. Average asking prices
now stand at 236,000 for the country
as a whole, and 268,000 in Dublin.
GOVERNMENTS of the worlds top
economies face $7.6 trillion (4.9 tril-
lion) of debts maturing in 2012, after
a year in which weak countries saw
borrowing costs soar.
Japan tops the list, with $3 trillion
of repayments, while the US follows
with $2.8 trillion.
However, it is Italy that econo-
mists fear may fail to pay.
Investor appetite for German, US
and Japanese debt is very pro-
nounced they will have no trou-
ble, said Holger Schmieding of
Berenberg Bank. The crucial test for
Italy comes with major refinancing
in February. Only IMF or ECB help
will persuade investors to buy its
bonds.
$7.6 trillion rollover: top
economies debt maturity
BY TIM WALLACE
WORLD ECONOMY
DEBT REPAYMENT: GOVERNMENT DEBTS MATURING THIS YEAR

1 Japan $3 TRILLION
2 USA $2.8 TRILLION
3 Italy $438bn
4 France $367bn
5 Germany $285bn
6 Canada $221bn
7 Brazil $169bn
8 UK $165bn
9 China $121bn
10 India $57bn
11 Russia $13bn
Source: Bloomberg
ORDEM E PROGRESSO
RISING exports held up UK manufac-
turing output last month, according
to Markits purchasing managers
index out yesterday, though output
declined over the final quarter of
2011 as a whole.
Coming in at 49.6, the monthly
PMI figure showed a small decline in
output, compared with a larger con-
traction of 47.7 in both November
and October.
Any figure above 50 represents
expanding output.
Although 2011 began strongly,
with manufacturing PMI of 61.3 in
January, five of the past six months
have seen falls in the sectors output.
The final quarter of the year saw
the largest decline in the sector since
the second quarter of 2009, and total
levels of work have now fallen for six
consecutive months.
However, new export orders grew
for the first time in five months,
largely due to rising demand from
Germany, eastern Europe and China.
Looking ahead, manufacturers
are currently relying heavily on back-
logs of work to prop up production,
said David Noble from the Chartered
Institute of Purchasing and Supply.
This is only a temporary fix, and
the trend in overall order books
needs to improve if the sector is to
avoid a protracted period of lacklus-
tre performance.
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Factory sector gets help
as exports to China rise
BY TIM WALLACE
UK ECONOMY
News
MORE NEWS
ONLINE
@
www.cityam.com
ECONOMISTS VIEWS: HOW STRONG IS THE
UKS MANUFACTURING SECTOR? Interviews by Tim Wallace
ANDREW GOODWIN | ERNST AND YOUNG ITEM CLUB

The pickup in export demand is a welcome development, but thats
coming from a very low base. Activity is still, at best, stagnating.
HOWARD ARCHER | IHS GLOBAL INSIGHT

The data suggest domestic demand for manufactured goods contract-
ed significantly, and employment fell for a third month running.
DAVID TINSLEY | BNP PARIBAS

The PMI figures offer a glimmer of hope. New orders are contracting,
but the rate has slackened considerably, and export orders actually rose.
British manufacturing has had a bad quarter, though export orders rose in December
SPORTS DIRECT, the retailer con-
trolled by the billionaire football
tycoon Mike Ashley (pictured), is
understood to be one of four interest-
ed buyers expected to place a bid for
the ailing outdoor retailer Blacks
Leisure within the next two days.
Blacks, which put itself up for sale
last month after failing to secure
extra funding, is expected to be
sold in a controversial pre-pack
administration, whereby assets
are sold off debt-free ahead
of a formal administra-
tion process.
While the other
bidders are
unknown, City A.M
understands that
Blacks rival Go
Outdoors has
expressed interest
in some of the
groups brands
and its stores, especially in city centres
where the out-of-town retailer is look-
ing it expand its presence.
Mountain Air and Edinburgh
Woollen Mills, which bought a third of
collapsed retailer Jane Normans stores
in June, are also said to have registered
an interest with Blacks sale adviser,
KPMG.
The debt-laden company, which
owns brands including Millets
and Peter Storm and employs
3,500 people, has seen its share
price plummet from 42p at the
beginning of last year to 0.88p
yesterday, leaving the company
valued at just 0.84m.
It recently warned
that its full-year per-
formance would be
worse than expected
after dire trading
conditions.
All parties
declined to com-
ment or were
unavailable.
Deadline for
Blacks bids
draws closer
DEBT issuance by companies dropped
dramatically in the second half of
2011 as the worsening economic cli-
mate and Eurozone crisis weighed on
the debt market, new data from
Dealogic yesterday showed.
Companies issued $5.76 trillion
(3.71 trillion) of bonds in 2011, down
six per cent from 2010s level, with 60
per cent issued in the first half and
just $2.31 trillion issued in the rest of
the year the lowest since 2008.
In Europe, debt issuance fell two
per cent to $2.14 trillion in 2011 but
this trailed off in the final quarter.
MARKS & Spencer has become the lat-
est high street retailer to be targeted
by hedge funds betting that its share
price will fall, new figures from Data
Explorers show.
M&S has seen demand to borrow its
shares a sign that hedge funds are
taking short positions on it rise from
3.9 per cent in August to almost five
per cent by December, making it the
most-shorted FTSE 100 retailer.
Short interest in retail stocks is now
3.4 per cent, double the 1.6 per cent
average in the FTSE all-share index.
Short sellers have been bearish
towards retailers for over six months
and companies exposed to the much-
maligned UK high street account for
six of the top 10 most shorted FTSE all-
share stocks, Data Explorers said.
Debt markets
faltered in 2011
BY KASMIRA JEFFORD
RETAIL
CAPITAL MARKETS
News
CITYA.M. 4 JANUARY 2012
BY ALISON LOCK
CAPITAL MARKETS
9
TOP TEN FTSE RETAIL STOCKS ON LOAN
% of shares on loan
1 Carpetright 14.10
2 Home Retail Group 14.03
3 Mothercare 12.32
4 Dixons Retail 11.34
5 Ocado 9.07
6 Game 5.86
7 Marks & Spencer 4.88
8 Kesa Electricals 4.73
9 WH Smith 4.68
10 Next 4.00
Source: Data Explorers
Hedge funds short M&S
shares amid retail gloom
US prosecutors accused three Swiss
bankers last night of conspiring with
wealthy US taxpayers to hide more
than $1.2bn in assets from tax author-
ities, and sources briefed on the mat-
ter said the three worked for Wegelin
& Co, one of Switzerlands oldest pri-
vate banks.
Prosectutors said the indictment
charges the bankers with trying to
capture business lost by UBS and
another bank in 2008 and 2009.
Swiss bankers
charged in USA
TAXATION
HOME FROM
HOME SOHO
LAUNCH FOR
iPAD CROWD
IF THE late Lucian Freud had owned a
crash-pad in Soho, what would it have
looked like? Such was the starting point
for Apartment 58, the first in a new breed
of members clubs for the iPad generation.
We wanted something that works for a
busy executive in a major metropolis,
said Notting Hill Arts Club founder Alan
Grant, who devised the concept of the
technology-equipped home from home
with business associate Ronald Ndoro.
We looked at a number of members
club models, and to me it is pretty alien
that you cant use your smartphone in
Soho House, says Grant of his 1 February
launch. Our members can let them-
selves in with their own key, access the
Cloud to work off an iPad or Mac, pick up
their mail, and park their bicycle.
The Soho club, at 58 Poland Street, is
the first of three planned Apartment 58
openings this year. Grant and Ndoro are
three to four weeks away from secur-
ing a site near Portobello Road for the
second club, to open before the
Olympics, with a third due to open in
Shoreditch or Dalston in time for London
Fashion Week in September.
Grant refuses to name the City invest-
will point barfly traders in the right
direction. The dress code, in case you
were wondering, is Would Gordon
approve?. Probably not.
SEEING THE LIGHT
IN 2005, Rohan Narse was a Goldman
Sachs investment banker with a double
chin, spending 20 days a month travelling
and eating more than his exercise regime
justified. In 2012, Narse (pictured left)
looks younger than his 46 years, and
spends his days teaching hedge fund man-
agers and Big Four partners how to restore
balance in their lives.
The turning point came in 2008, when
Narse almost died in a car crash on the
M3. I experienced a lot of stillness in
that accident, says Narse. I realised I
didnt want to come back to putting on a
blue suit and tie every day and doing the
same old transactions.
A two-year quest around the ashrams of
India later, and Narse is helping finan-
ciers stop living the unreal life of a vam-
pire or a ghost and to sleep more
soundly through his seminars at The
Light Centre in Belgravia. Stressed-out
banking executives, take note.
ment manager who has put up seed capi-
tal for the project, but says the 600,000
to fund the first two clubs has been cov-
ered, anticipating self-generated returns
that will bankroll expansion into a chain
of Vietnamese restaurants and a string of
brasseries, three of which will be located
underneath the Apartment 58 sites.
Names on the shortlist for the
Apartment 58 advisory board include
Topshops creative director Kate Phelan,
model Alexa Chung, and musicians
Dizzee Rascal and Kanye West. Cocktails
will be served from 6pm at each club but
some work will still get done, claims
Grant. This is not a classic late-night
venue; it is a useful work, networking and
pre-socialising place. Whatever you say.
SUPPLY AND DEMAND
SOME inventive free market eco-
nomics from the Margaret
Thatcher-themed club Maggies,
where from next Wednesday drinks
prices will rise and fall according to
the demand on the live trading
screens behind the bar.
Once the clubs drinks menu has
floated on the stock market,
its anyones guess how much
you will end up paying for a
round on the weekly Wall
Street Wednesdays
although insider tips
leaked on the Twitter
feed @maggies_club
Alexa Chung, Dizzee Rascal and Kate Phelan will be asked to advise on Apartment 58 Pictures: REX
Actors Jim Broadbent and
Meryl Streep as Denis and
Margaret Thatcher in the
film The Iron Lady
The Capitalist
EDITED BY
HARRIET DENNYS
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @dennysharriet
View all our awards at samsung.com/uk/galaxys2
Fizzingly Fast
Dual Core Processor
Sparklingly Bright
Stunningly Slim
Start 2012 with a bang.
Galaxy S II, Phone of the Year.
Screen images simulated. 2011 Samsung Electronics Co. Ltd. 2011 award Stuff and T3.
THE WORLDS largest bond fund had
$1.4bn (895m) in outflows in
December, according to fund analytics
firm Morningstar.
The Pimco Total Return Fund, led
by Bill Gross, suffered total redemp-
tions of $5bn in 2011, a year when the
fund underperformed benchmarks
after betting heavily against US
Treasuries, which rallied on the year.
Gross fund has had investor
redemptions on and off for more
than year. Morningstar estimates that
total redemptions from the $241bn.
Total Return Fund have exceeded
$13bn since November 2010.
UK COMPANIES could be forced to pay
an estimated 1 trillion of extra funds
into their pension schemes if EU plans
to regulate them in the same way as
banks take effect, a leading actuary
warned yesterday.
Firms may have to push at least
600bn into their schemes under new
proposals that aim to make pension
schemes hold solvency capital against
risky assets, in line with rules affecting
insurance groups and banks.
Widely quoted estimates of a
600bn bill on UK companies could in
fact be as much as 1,000bn depend-
ing on how the rules are introduced,
said Charles Cowling, managing direc-
tor of JLT Pension Capital Strategies,
part of insurance broking group JLT.
Cowling said such contributions
would clearly be disastrous for our
economy, and would accelerate the
fall of the UKs few remaining defined
benefit schemes.
It is probably too late for this
Pandoras box to be closed, he added.
The onus is now on companies with
large pension obligations to accelerate
plans for managing their way out of
these very expensive liabilities.
In a separate statement, the
Brussels-based European Private
Equity & Venture Capital Association
(EVCA) added its opposition to the
plans, which it says will affect 25 per
cent of all EU workers.
In its response to insurance regula-
tor EIOPA, EVCA chairman Karsten
Langer said the plans would stop
schemes from both funding their lia-
bilities and investing in vital capital
projects via private equity funds.
In their efforts to minimise sys-
temic risk, regulators are in danger of
negating the stabilising effect of long-
term investors in global financial mar-
kets and reducing the ability of
institutions to invest in the real econo-
my, he said.
UK firms may
face 1trn bill
for pensions
LABOUR is set for a U-turn on its social
welfare policy after Liam Byrne
claimed that the benefits system had
skewed social behaviour.
The shadow work and pensions sec-
retary highlighted the work in the
1940s of William Beveridge often
considered the father of the welfare
state who said long-term unemploy-
ment benefits should be conditional
upon attending work or training.
Byrne called for tough-minded
reform and criticised the rising cost of
housing benefit. His comments are
likely to anger left-wingers who have
already opposed coalition welfare cuts.
Labour U-turn
over benefits
Pimco fund hit
by $1.4bn exit
BY ALISON LOCK
PENSIONS
FINANCIAL SERVICES POLITICS
News
12
No, but there isnt much
opposition. Not many US cit-
izens want a Republican in
power. The economy in the
US has flat-lined, much like
ours, and he
tried fiscal
stimulus
but that
clearly did-
nt work.
Yes. He has the character
and he hasnt made a mas-
sive faux pas yet. Also, the
capture of Bin Laden will
persuade the American
public to
vote for
him.
www.RateSetter.com Customer Phoneline: 08442490115
In association with RateSetter: A better way to Save and Borrow, Peer to Peer
CITY VIEWS: HAS BARACK OBAMA DONE ENOUGH TO
SECURE RE-ELECTION? Interviews by James Stevenson and Phoebe Torrance
SCOTT BAILEY
CFC UNDERWRITING
Probably not. He hasnt
delivered on his previous
promises. Its a troublesome
time with the economic cli-
mate, and hell be the scape-
goat. It could
have hap-
pened to
any leader
faced with
those prob-
lems.
PETER GODFREY
JRP UNDERWRITING
ANDREW WALLEN
GREENWOODS SOLICITORS
* These views are those of the individuals below and not necessarily those of their company
MOVIE maker Paramount Pictures has

been crowned the worlds number
one film studio as it enters the year of
its 100th anniversary, beating old
favourite Warner Bros to the coveted
top spot.
Americas oldest existing film stu-
dio amassed a record $5.17bn (3.3bn)
in 2011, $1.96bn of which was in
North America, with a further
$3.21bn from the internation-
al market. Even the release of
the final Harry Potter film was
not enough to give Warner
Bros the lead, which came in
second with $4.67bn.
Paramount, which is
owned by media con-
glomerate Viacom, put
its successful year
down to the release of
the latest films in the
T r a n s f o r me r s ,
Paranormal Activity
and Mission
Impossible franchises
and its distribution
deals with Dreamworks
Animation and Marvel, the
companies behind 2011
box office hits Kung Fu Panda 2 and
Captain America respectively.
Transformers: Dark of the Moon
was Paramounts first ever film to
pass the $1bn mark and is currently
ranked as the fourth highest grossing
film. Rango, the film studios first
original CGI film, took $123.5m in
America alone.
Brad Grey (pictured), Paramounts
chief executive, said: This achieve-
ment reflects the combined efforts of
our entire team across the globe and
the careful process by which we
select the project and partners we
believe in.
We product pictures that aspire
to entertain audiences around the
world, while at the same
time we have sought to
find innovative ways to
reach movie-goers in this
changing entertain-
ment environment.
Paramount, which
also released Steven
Spielbergs Super8 and
Tintin in 2011, will this
year send to the screens
World War Z, the zombie
thriller starring Brad Pitt,
and The Dictator, from
the team behind Borat.
THIS week we are asking members
of the City A.M. Voice of the City
panel, run with PoliticsHome.com,
where they think the worlds mar-
kets are headed over the next twelve
months.
Is the new years boost to the
FTSE a signal for gains through the
coming months, or should investors
brace for another rocky year?
And does the next round of meet-
ings to solve the Eurozone debt cri-
sis fill you with hope, or just dread,
for the worlds economies in 2012?
To have your say on these ques-
tions and more, you can apply to
join at cityam.com/panel. Results
will be published in Mondays news-
paper.
TALKTALK will enter the handset mar-
ket in the second quarter as it contin-
ues its push to become a player in the
mobile sector.
The firm, which launched its SIM-
only mobile offering last year, has just
50,000 customers but hopes the addi-
tion of devices will bolster its num-
bers. To lead its new drive TalkTalk has
appointed O2s head of direct trading
as its new mobile director.
The TalkTalk mobile service, which
piggybacks on Vodafones network,
hopes to capitalise on the companys
position as a budget broadband
provider.
Commercial director Tristia Clarke
said: Were established as the value
player in phone and broadband and
weve been able to bring those princi-
ples to our partnership with Vodafone.
One year in, weve made a good start
with a SIM-only offer and we now have
the opportunity to offer a range of con-
tracts and handsets.
TalkTalk to expand its
mobile offering in 2012
SAMSUNGS Galaxy S II handset
fought off competition from Apples
iPhone 4S to maintain its top spot in
the mobile phone war over
Christmas.
The phone has now led tables for
eight consecutive months, according
to uSwitch.coms tracker, which is
based on internet searches as well as
sales.
The race appears to have been close-
run, with other calculations placing
the 4S at the head of the pack by mid-
December.
Apple does not confirm sales fig-
ures until its quarterly results,
although it is understood the 4S has
been a hit with consumers despite a
mixed critical reaction.
Korean manufacturer Samsungs
Galaxy Ace handset ranked third, fol-
lowed by HTCs Wildfire S.
Overall Samsung has five handsets
in the top 10, including the recently
released Galaxy Nexus collaboration
with Google.
The only other manufacturer to
make the top 10 was Sony Ericsson.
The biggest loser appears to be
BlackBerry, which failed to rank a sin-
gle phone in the list following a disas-
trous year in which its network
collapsed for almost three days.
Nokia, whose flagship Lumia hand-
set was released in time for Christmas,
also failed to make the top 10.
Samsung
edges Apple
to top spot
YELL, the online services directory,
has appointed a new chief strategy
and business development officer
after a turbulent few years packed
with debt and digital competition.
Matt Anderson, the first to fill this
new global role, will guide the strug-
gling company in its continuing
transformation from Yellow Pages
distributor to a leader in the emerg-
ing local e-marketplace.
The transition has not been
smooth for Yell so far, due to a 2.6bn
stack of debt and increasing competi-
tion from other business search
engine providers that impinges on
the companys print revenues.
Anderson will attempt to turn the
company around by building strate-
gic partnerships and developing new
online ideas. He is already familiar
with the business, having advised
Yell on its new business strategy
launched last summer, the establish-
ment of relationships with
Bazaarvoice and Netbiscuits and the
acquisition of Znode.
Currently a partner in the con-
sumer, media and digital practice at
consulting firm Booz & Co, Anderson
has worked with several Fortune 100
companies on significant corporate
transformations and is considered to
be an expert in digital strategy.
He said: I relish the chance to be a
major part of driving the transforma-
tion and believe my expertise will
help position Yell to lead in this
space.
Yell is becoming a global digital
solutions player in the e-marketplace
and its assets will differentiate it to
capture value in the digital world.
Chief executive Mike Pocock said:
As a key member of my executive
team, Matt will bring his strategic
insights and relationships directly to
the centre of Yell's ongoing transfor-
mation.
Yell also appointed Freshfields
Libby Chambers, formerly of Barclays
Bank and Bank of America, as a non-
executive director and member of
the renumeration committee.
Shares in the directories group
remain at a constant 5p a frac-
tion of the 3 they were
before March 2008, when
Yell was listed on the FTSE
100.
BY LAUREN DAVIDSON
TECHNOLOGY
VOICE OF THE CITY
Paramount at
peak of world
film industry
BY LAUREN DAVIDSON
ENTERTAINMENT
News
THE BEST OF
THE REST
HARRY
POTTER
PoliticsHome.com PoliticsHome.com
Apply to join today at www.cityam.com/panel
In association with PoliticsHome.com
In partnership
with
How hopeful are you for the new year?
$
3
6
6
m
illion
CAPTAIN
AMERICA
$665.7
million
KUNG FU
PANDA 2
$
1.12
bn
TRANSFORMERS: DARK
OF THE MOON
THE HANGOVER
PART 2
Digital services company Yells for help
MATT ANDERSON
BY STEVE DINNEEN
TELECOMS
BY STEVE DINNEEN
TELECOMS
$
324
m
illion*
*so far
T
O
TA
L
$
5
.17
bn
MISSION
IMPOSSIBLE 4
Rival studio Warner made a total of
$4.67
bn
SSE, one of the UKs biggest utilities,
has revealed it has exceeded more
than one gigawatt of onshore wind
farm capacity for the first time,
enough to power around a million
homes.
The company, previously known
as Scottish and Southern Energy,
said in a statement yesterday that
good progress made on sites in
Northern Ireland and Scotland
meant it had increased its capacity
from just 40 megawatts (MW) six
years ago.
The FTSE 100 firm said that wind
has overtaken its conventional
hydro electric capacity of 1,150MW
for the first time and now represents
just over a tenth of the energy
giants generation capacity.
Ian Marchant, SSEs chief execu-
tive, said: The safe and timely deliv-
ery of new assets is a key priority for
SSE and passing the one gigawatt
milestone for onshore wind farm
capacity is a very positive develop-
ment as we start the New Year.
With construction work continu-
ing at sites in Scotland, Northern
Ireland and the Republic of Ireland,
we expect that our operating
onshore wind farm capacity will
continue to grow significantly in the
coming months, he added.
Installed onshore wind capacity
currently stands at 4.4GW or 5.9GW
including offshore wind farms,
according to figures from
Renewable UK, the industry body.
The government wants the indus-
try to reach a total of 31 GW by 2020
and we are confident that we can
achieve that, as long as the policy
framework remains supportive and
ministers continue to back the
industry, a spokesperson said.
The news from SSE came as more
100,000 homes lost their electricity
supply yesterday following violent
storms of up to 90 miles per hour.
SSE lifts its
capacity for
wind power
BY KASMIRA JEFFORD
ENERGY
CENTRICAs US arm Direct Energy

has completed a $39m (25m) cash
acquisition of natural gas retailer
Vectren Source from Vectren
Corporation, a move it said will
boost its customer base in the US
North East.
Indiana-based Vectren Source has
more than 146,000 residential and
small commercial customer
accounts, with the majority of cus-
tomers located in Ohio, New York
State and Indiana.
In a statement released yesterday,
Direct Energy said the deal could
deliver significant cost savings and
will add to its existing Ohio residen-
tial base of 210,000 customers.
Competitive retail markets in
the US Northeast provide us with
valuable opportunities to grow our
business, Direct Energy president
and chief executive Chris Weston
said.
The acquisition of Vectren
Source supports Direct Energys
strategy to add scale to our down-
stream activities and forms part of
Centricas strategic priority to build
a leading integrated North
American business.
Last year, Direct Energy acquired
the New York-based energy retailer
Gateway Energy Services, taking its
total number of accounts in the
region to more than 800,000.
In September it also agreed to
Texas-based energy retailer First
Choice Power for $270m.
Centrica completes acquisition of US
energy firm Vectren Source for $39m
THE FOUNDER of Somerset-based
hardware store Toolstation netted a
24m windfall yesterday after Travis
Perkins owner of DIY chain Wickes
bought the company.
Mark Goddard-Watts set up the busi-
ness in 2003 after leaving rival
Screwfix, which he also founded, fol-
lowing its takeover by B&Q owner
Kingfisher.
Yesterday he sold the remaining 70
per cent of Toolstation to Travis
Perkins, almost three years after the
UKs largest builders merchant and
home improvement retailer paid
18m for a 30 per cent stake in the
company.
Since the first investment, Goddard-
Watts has grown Toolstation from 12
outlets to 103, and established a strong
internet and catalogue-based business.
Toolstation is a great addition to
our consumer division and will add to
our growth in market share and
returns, said Travis Perkins chief
executive Geoff Cooper.
Travis Perkins buys out
Toolstation from founder
RETAIL
BMW expects the global premium car

market to grow more than twice as
fast as overall auto sales this year, the
carmakers finance chief has told a
German newspaper.
Around the world, we see market
growth of four per cent and more
than eight per cent in the premium
market, Friedrich Eichiner told
Sueddeutsche Zeitung in an inter-
view published yesterday.
He said he sees the European car
market remaining flat this year,
while the US and China offer growth
opportunities.
Eichiner added that BMW would be
able to cope with some economic
headwinds by having workers take
time off in lieu of overtime worked.
And while the worlds biggest pre-
mium car maker is committed to the
German market, it will produce more
and more vehicles where the demand
is, in Latin America, India and China.
We will make a final decision on
Brazil in the coming weeks. After that
we could look at other sites. It is also
possible that we expand existing
plants, Eichiner said.
Asked about BMWs investment in
carbon fibre maker SGL, Eichiner said
the carmaker had no plans to further
raise its stake. Last month, SGL said
BMWs stake in the company had
grown to 15.7 per cent.
There are currently no plans to do
that, we feel comfortable with our
holding,Eichiner said.
BMW predicts 2012 growth
BY HARRY BANKS
TRANSPORT
BY KASMIRA JEFFORD
ENERGY
News
NEWS | IN BRIEF
JP Morgan faces Bear Stearns suit
JP Morgan Chase has been sued for $95m
by the trustee for securities marketed in
2005 by the former Bear Stearns Cos over
alleged misrepresentations regarding the
underlying mortgage loans. US Bank NA
wants to force JP Morgan to buy back the
mortgage loans because of alleged breach-
es of representations and warranties
regarding the Bear Stearns Asset Backed
Securities Trust 2005-4, for which it
serves as trustee. JP Morgan declined to
comment on the case.
Carillion wins M6 contract
Carillion has won a 105m contract from
the UK government to manage the M6
motorway in Birmingham. The building
firm will transform the section between
junctions five and eight into managed
motorway. This would mean variable speed
limits, which the company says will lead to
improved safety and journey times. The
contract begins at the end of the month
and is scheduled to be complete by 2014-
15. This is the third contract Carillion has
won for the management of motorways
around Birmingham.
Unions plea to save Petroplus jobs
A pan-European group of unions has
called on governments in the UK, France,
Belgium and Switzerland to support
employment at oil refineries threatened
with closure after refiner Petroplus had
its credit lines frozen. Last week
Petroplus said it would begin shutdowns
at its Antwerp, Petit Couronne and
Cressier plants after its banks froze a
$1bn credit facility.
ANALYSIS l SSE PLC
p
1,300
1,290
1,280
1,270
1,260
1,250
1,303.00
3 Jan
powers approx
1M homes
(1,000 homes per megawatt)
powers approx
4.4M
homes
WIND POWER IN THE UK
FRANCE must invest billions of euros
to improve the safety systems of its
nuclear facilities so they can with-
stand the kind of extreme shocks that
triggered the worst nuclear accident
in 25 years at Fukushima, the nuclear
watchdog ASN said yesterday.
French nuclear power operator EDF
will need to install flood-proof diesel
generators and bunkered remote
back-up control rooms at its 19 plants
across the country or face shutting
down some of its 58 reactors, the ASN
added.
State-controlled EDF will also have
to set up, before the end of 2012, an
emergency nuclear task force to inter-
vene on the site of an accident within
less than 24 hours.
We believe that facilities can only
continue to operate if investments are
made in the timeframe were setting,
otherwise we may have to suspend
some operations, ASN president
Andre-Claude Lacoste said.
The ASN handed the French govern-
ment the conclusions of a safety
assessment of nuclear facilities nearly
10 months after an earthquake and
tsunami crippled Japans Fukushima
Daiichi nuclear plant
France has carried out stress
testson its nuclear facilities as part of
an EU-wide move to assess the resist-
ance of European nuclear power
plants to extreme cases of natural
catastrophe or bad weather.
The EU is due to publish its conclu-
sions in June.
French nuclear
plants told to
invest in safety
ENERGY
Overall UK onshore wind farm generating capacity

(excluding Ireland) = 4.4 GW+
1GW of onshore wind
power equates to around
160 kilotonnes of oil
equivalent (Ktoe).
SSE operates
43
wind farms
SSE onshore wind farm generating capacity in
UK and Ireland = 1GW+
160 kilotonnes
of oil
equivalent
INFRASTRUCTURE group Balfour
Beatty has won preferred bidder sta-
tus for an 800m Essex waste con-
tract.
The project is a 28-year public-pri-
vate partnership (PPP) contract to
design, build and operate a new sus-
tainable waste treatment facility for
Essex County Council and Southend-
on-Sea Borough Council.
The group will invest around 7m,
or around 30 per cent of the required
equity. The project is a joint venture
with Spanish outfit Urbaser, which
will invest the remaining 70 per cent.
The deal is expected to close in the
first half of 2012, and construction
due to end in 2015. Urbaser will oper-
ate the waste plant once it is built.
Balfour Beatty chief executive Ian
Tyler said the deal strengthens the
firms position in the waste manage-
ment sector.
News
MINER Anglo American yesterday
reaffirmed its refusal to sell any
shares in its Chilean unit Anglo
American Sur to state-owned copper
miner Codelco.
Anglo American received a letter
from Codelco earlier this week seek-
ing to exercise an option to take a 49
per cent stake in AA Sur.
But Anglo claims Codelco is in
breach of contract and has no right to
exercise the option.
The UK-listed miner said: Given
that Codelco has breached the con-
tract, Codelco has no right to exercise
the option with respect to Anglo
American and, as a result, any
attempt to exercise the option can
have no effect. Codelco has already
said Anglos actions have no basis in
law or in fact.
It filed a legal complaint against
Codelco for breach of contract seek-
ing the termination of the option
agreement and damages.
As a result of Codelcos alleged
breach of the contract, it is no longer
entitled to enforce the option on
Anglo American. The company
alleges the breach consists of
Codelcos illegitimate premature
attempt to exercise the option and
Codelcos actions aimed at prevent-
ing Anglo from exercising its contrac-
tual rights.
Codelco, the worlds biggest copper
miner by production, said its rights
extended to 49 per cent of shares in
Anglo American Sur, which also
includes a smelter and exploration
properties.
Gerardo Jofr, the company presi-
dent, told a news conference: We
have a right to 49 per cent or the
equivalent value. We have right and
the law on our side.
In November, Anglo defensively
sold 24.5 per cent of Sur to
Mitsubishi, the Japanese industrial
group, for $5.4bn. Anglo claims a
residual 24.5 per cent stake is all that
remains up for grabs.
SHARES in Talvivaara Mining shot
up more than 27 per cent yesterday
after the Finnish nickel miner said
it has met its downgraded produc-
tion targets.
The FTSE 250-listed firms stock
was caught in a downward spiral
last year as it repeatedly slashed its
output targets in the wake of
longer-than-expected maintenance
stoppages.
But the firm said it had surpassed
its latest nickel target of 16,000 met-
ric tons during 2011, as well as hit-
ting a quarterly record for zinc
production of 10,525 metric tons.
It added that since the produc-
tion facilities were brought back
online in mid-October, the firm has
been on track to meet its 2012 pro-
duction targets.
A goal of 25,000 to 30,000 tons of
nickel for the year was set in
November.
Pekka Per, Talvivaaras chief
executive, said: In the months to
come, we will remain focused on
production ramp-up and on further
improving the consistency of all our
operational processes.
The company is due to report its
full year results on 16 February.
Talvivaaras London-listed shares
closed at 255.4p, valuing the compa-
ny at 540m. Its Helsinki-listed
shares rose 16 per cent.
Talvivaara looks to the future as it hits
its downgraded nickel output targets
Balfour Beatty in 800m
government contract win
Anglo shoots
back in war
with Codelco
BY JOHN DUNNE
MINING
BY MARION DAKERS
MINING
BENTLEY REVS UP AS CHINESE MARKET GROWS

VOLKSWAGENS
extravagant
Bentley brand has
jumped back to
pre-recession levels
of demand after it
saw a 37 per cent
rise in sales for
2011, strengthened
by booming sales
in China. The US is
still Bentleys num-
ber one market,
with sales up by
over a third to
2,021 cars an
increase of 32 per
cent. China took
second place for the
first time ever after
sales virtually dou-
bled to 1,839,
smashing the previ-
ous years record.
The luxury car-
maker, based at
Crewe in Cheshire,
sold 1,059 cars in
December, in
Bentleys best sin-
gle month of sales
since the recession.
Phoebe Torrance
NEWS | IN BRIEF
Vialogy lifted by contract hopes
Shares in seismic data analysis software
company Vialogy soared by up to 30 per
cent yesterday after the group said it
was confident of securing future oil and
gas work with major exploration compa-
nies. Vialogy said that in Asia, a contract
with a national oil company is waiting
for government approval before it is
signed.
Fiberweb loses finance chief
Industrial materials group Fiberweb
said its finance chief, Daniel Abrams,
will be leaving the group at the end of
March 2012. Abrams has held the role
since 2008, and prior to joining
Fiberweb he was finance chief at
Cambridge Display Technology and was
finance director of Xenova Group.
Replacing Abrams will be Kate Miles,
currently finance director of Fiberwebs
hygiene division.
Lonrho raises 25m for expansion
London-listed Lonrho, which invests in
infrastructure projects and other invest-
ments in Africa, said yesterday it had
completed a 25.4m fundraising to bol-
ster its war chest going into the new
year.
Steady climb to the top for British Airways
BRITISH Airways had a difficult time
in 2010 with strikes, snow and the
Icelandic ash cloud all causing flight
delays and cancellations and the
first two of these impacted heavily on
consumer perceptions on YouGovs
BrandIndex. The brands Index score
(a composite of six key measures of
perception: general impression, quali-
ty, value, corporate reputation, satis-
faction and recommend), which had
been +25 in the middle of December
2009, twice dropped into minus num-
bers following the strikes. Although it
had recovered some of that ground by
the end of the year, British Airways
remained as only the fifth best per-
ceived airline in the UK, well below its
traditional place scrapping with
Virgin Atlantic for top spot.
But British Airways has always had
a resilient brand, with the public pre-
pared to forgive and forget quickly.
That allows it to recover from these
dips quicker than most (one only has
to look at the 2010 chart to see how
quick the rebound was after the first
two strikes for evidence of that: the
decline was very steep but the recov-
ery started almost instantaneously
and was nearly as steep). In 2011, the
PR crises of 2010 were avoided and
that has allowed BA to continue its
recovery this time without the fall-
backs, seeing a slow but steady rise
from +17 to +26. The climb saw it over-
take Qantas and Singapore Airlines
early in 2011, move past Emirates in
the late summer to take second place,
and it is now closing in on Virgin
Atlantic, which has seen a very slight
decline through 2011 from +30 to +27.
If current trends continue and
British Airways suffers no more set-
backs then 2012 could well be the
year where it regains its mantle as
Britains favourite airline.
Stephan Shakespeare is the chief executive
of YouGov
BRANDINDEX
STEPHAN SHAKESPEARE
ANALYSIS l Airlines Index 2010
Dec Jan FebMarAprMayJun Jul AugSep Oct NovDec
Virgin Atlantic
British Airways
Singapore Airlines
Qantas
Emirates
40
35
30
25
15
20
10
5
0
-5
ANALYSIS l Airlines Index 2011
Dec Jan FebMarAprMayJun Jul AugSep Oct NovDec
VirginAtlantic
BritishAirways
Singapore Airlines
Qantas
Emirates
35
30
25
15
20
10
5
0
BY JAMES STEVENSON
INFRASTRUCTURE
ANALYSIS l Anglo American PLC

p
2,500
2,475
2,450
2,425
2,375
2,400
2,350
2,497.00
3 Jan
News
IVSC
Michel Prada has stepped down from
the board of trustees of the
International Valuation Standards
Council, following his appointment as
chairman of the International Financial
Reporting Standards Foundation
trustees. The IVSC nominating commit-
tee has started recruiting for a new
chair for the IVSC board of trustees.
Bluefin Corporate Consulting
The employee benefits and technology
consultancy has appointed Ryan Hall
as group health and risk consultant.
Hall joins from Aon Hewitt, where he
was associate consultant.
Neuberger Berman
The employee-controlled asset man-
ager has appointed Robert Schlichting
as managing director, head of distri-
bution Germany and Austria.
Schlichting, who will be based in
Frankfurt, joins from Schroder
Investment Management, where he
was head of institutional business for
Germany and Austria. Prior to
Schroder, he worked at Merrill Lynch
Investment Management and JP
Morgan Asset Management.
Assura Group
The primary care property company has
appointed David Richardson, senior
independent director of Serco Group, as
a non-executive director. Richardson is
also chairman of Bilfinger Berger Global
Infrastructure Sicav SA and a board
member of Worldhotels AG.
Just Retirement
The Aim-listed financial services
provider for the retired market has
appointed Keith Haggart as director of
retirement needs. Haggart joins from
Prudential, where he was business
director for equity release.
Oriel Securities
The stockbroker has strengthened its
research team by appointing Chris
Wickham to cover the consumer sec-
tor, John Karidis to cover telecoms,
Justin Smith to cover pharmaceuticals,
and Vugar Aliyev to cover oil and gas.
Smith, Wickham and Karidis join as
partners and Aliyev joins as associate
partner. Wickham most recently
worked at Matrix Group, Karidis and
Smith move from MF Global, and
Aliyev joins from Matrix Securities.
CITY MOVES | WHOS SWITCHING JOBS Edited by Harriet Dennys
+44 (0)20 7092 0053
morganmckinley.com
To appear in CITYMOVES please email your career
updates and pictures to citymoves@cityam.com SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT
in association with
US markets begin
the year on a high
S
TOCKS and the euro started the
year with a sharp rally yesterday,
boosted by better-than-expected
global data and hopes the Fed
could ease monetary policy further,
even as crude surged on tensions
between the US and Iran.
A number of Federal Reserve offi-
cials believed economic conditions
could well warrant a further easing
of monetary policy, according to 13
December meeting minutes released
yesterday.
This month the Fed will begin issu-
ing policymaker forecasts for its bench-
mark interest rate and when officials
expect the first rate rise to occur.
The euro hit a session high as the
minutes were released, advancing to
$1.3076 before paring gains to 0.93 per
cent, or $1.3048.
The Fed minutes came after data
were released showing growth in US
manufacturing accelerated in
December to its fastest pace since June,
while a sharp drop in German jobless-
ness to the lowest in two decades whet-
ted global risk appetite.
Omer Esiner, chief market analyst at
Commonwealth Foreign Exchange in
Washington, said: The dollar was
already on the defensive today, but the
minutes do suggest that the Fed is still
open to easing monetary policy, which
is negative for the dollar.
Asian markets rose after data
showed Chinas big manufacturers
avoided a contraction in December,
though downward risks persist.
US stock indexes rallied sharply, hit-
ting multi-month highs. The Dow
Jones industrial average climbed as
much as 2.15 per cent, hitting its high-
est since July, before paring gains to
close up 1.47 per cent. The Nasdaq
Composite Index added 1.67 per cent.
The Standard & Poors 500 Index
gained 1.55 per cent after having
notched its highest intraday level since
late October.
Another report showed US construc-
tion spending surged to a near 18
month high in November, adding to
recovery hopes.
US Treasuries prices fell in thin trad-
ing as investors cashed in year-end
gains. The safe-haven appeal of US gov-
ernment debt diminished after the
December factory report.
The beginning of the year tends to
start out positive as people want to put
money to work, but the overseas data
cant be overstated in its importance,
especially since the US data has been
so strong as well, said Sal Catrini, a
managing director for equities at
Cantor Fitzgerald & Co in New York.
Global stocks as measured by the
MSCI world equity index rose 1.8 per-
cent and hit a near one-month high.
B
RITAINS top shares powered
ahead at the start of the new
trading year yesterday as
upbeat economic data from
the United States, Europe and China
boosted risk appetite and helped
investors set aside fears over the
Eurozone debt crisis.
The pace of growth in the US man-
ufacturing sector accelerated in
December, its best month since June,
as US construction spending in
November surged to a near 18-month
high.
The data added to earlier opti-
mism triggered by better Chinese
manufacturing and service data and
German unemployment which fell
more than forecast.
Stefan Angele, head of investment
management at Swiss & Global Asset
Management, which has around Sw
Fr 80bn (55m) of funds under man-
agement, said that while the
European sovereign debt crisis posed
a big threat, any positive news that
reduces uncertainty and improves
sentiment might lead to a re-pricing
of equities on a higher level.
The UK benchmark ended up
127.63 points, or 2.3 per cent, at its
session peak of 5,699.91 its highest
close since 28 October. The index
ended well above its 200-day moving
average around 5,610.
Miners, which fell around 30 per
cent in 2011, contributed more than
a third of the FTSE 100s gains, led
higher by a 9.5 per cent jump in
Kazakhmys, as the strong manufac-
turing data from the United States
and China buoyed the outlook for
demand in the sector.
Jefferies International said that
equities are cheap compared to
bonds, but the asset class could be
trapped in a range until the velocity
of money increases in the global
economy.
Equities will show modest dou-
ble digit returns but for the best part
of the year will be range bound, in
our view. The implicit faith equity
investors have in policy makers will
be tested again and may mean trend-
less markets until QE [quantitative
easin] is adopted, the investment
bank said in a note.
Lex van Dam, hedge fund manag-
er at Hampstead Capital which man-
ages $500m (319m) of assets, said
that if the market remains firm
people will have to buy because of
the fear of missing out.
The fundamentals wont be as
important right now unless they
really change significantly either
way, he said.
Buyers came in for banks, with
Barclays the best off, up 5.8 per cent,
as Citigroup upped its target price
for the lender to 245p from 230p and
repeated its buy rating, saying it
believes BarCap can be a winner in
the consolidating world of capital
markets.
Banks around 30 per cent lower
in 2011 also climbed as investors
dipped into riskier assets perceived
to have been dealt with harshly in
2011 on the back of fears over the
health of the global economy.
Meanwhile European stocks rose
to their highest close in five months
after US and Chinese manufacturing
data boosted investor confidence
and helped shift attention away
from the Eurozone.
The FTSEurofirst 300 index of top
European shares rose 1.6 per cent to
end the session provisionally at
1,027.67 points, the highest close
since early August.
The STOXX Europe 600 Basic
Resources Index jumped 5.4 per
cent, as copper prices hit three-week
highs.
Manufacturing data sparks
FTSEs racing start to 2012
THELONDON
REPORT
THENEW YORK
REPORT
BEST OF THE BROKERS
To appear in Best of the Brokers email your research to notes@cityam.com
ANALYSIS l Afren PLC
95
100
90
85
80
75
Nov Dec Jan
p
103.20
3 Jan
AFREN
Brewin Dolphin rates the oil group add and has put its 128p target price
under review following a group production update this week. The broker
notes that Afren has underperformed on its original production targets for
the year, though it beat its revised figures after ramping up work on its
Nigerian project. But Brewin adds that Afren has significant upside poten-
tial in its 15-well exploration programme.
ANALYSIS l Afren PLC
95
100
90
85
80
75
Nov Dec Jan
p
103.20
3 Jan
CLOSE BROTHERS
Shore Capital has raised its recommendation for the financial services
group from hold to buy and has given it a sum-of-the-parts fair value of
760p. Shore believes the firm is well-positioned to weather the UKs rough
economy thanks to its strong balance sheet and relatively small exposure to
problem asset classes. However, the broker points out that revenue pres-
sures at its Winterflood arm are likely continue through the next year.
ANALYSIS l Dolphin Capital Investors
30
32
28
26
24
22
Nov Dec Jan
p
22.25
3 Jan
DOLPHIN CAPITAL INVESTORS
Panmure Gordon rates the Aim-listed resorts investor as a buy but has
scaled back its target price from 83p to 79p, following a 8.5m share issue
agreed at the end of last year. The broker is still satisfied by Dolphins cash
balances, which would cover around one years costs, and availability of fur-
ther loans. Panmure also reckons the firms price to net asset value ratio is
anomalous at just 0.86 times.
p
21 Oct 3Oct 10Nov 30Nov 20Dec
5,800
5,200
5,400
5,000
5,600
ANALYSIS l FTSE
5,699.91
3 Jan
Avanti Communications Group
Paul Walsh, chief executive of Diageo, has joined
the board of satellite data company Avanti
Communications as a non-executive director. He
is also a non-executive director of FedEx
Corporation and Unilever. Prior to joining
Diageo, Walsh held financial and commercial
positions with InterContinental Hotels and in
the GrandMet food business, becoming CEO of
the Pillsbury Company in 1992. He was appoint-
ed to the GrandMet board in October 1995, and
to the Diageo board in December 1997.
17
T
HE last few weeks have been
uncharacteristically quiet on
the European crisis front but
pessimists may just view this
as the calm before the next inevitable
storm. The optimistic view could be
that surely all of the bad news is get-
ting close to being priced in for the
euro and its death has been consis-
tently overstated. IG Index quotes
euro-dollar at $1.3049-$1.3050.
Traders were watching dollar-
yen with interest after coming back
from the Christmas break. The pair
extended last weeks losses below
77.00 and headed towards the sig-
nificant support around 76.50, the
lows reached after the tsunami in
March. Buy orders were being lined
up from 76.50 to 76.0, anticipat-
ing an official response. If replicat-
ing this trade, a stop loss below
75.50 would be recommended.
Spread Co quotes 76.729-76.749.
The end of the festive period
should welcome back significant vol-
ume in all asset classes. With the
absence of any tangible progress on
Europes debt crisis and the US
budget imbalance, the commodity
currencies are likely to be in focus.
On Australian dollar-dollar Alpari
quotes $1.0348-$1.0350.
Sterling-euro has battled hard to
win over the 1.2000 level without
much success, despite the ongoing
problems in the Eurozone. Even
stronger than expected UK manu-
facturing data was not enough to
attract traders back to the pound.
With the major resistance barrier of
1.2000 remaining in place, its hard
to see sterling pushing beyond there.
Capital Spreads quotes 1.1960-
1.1963.
With manufacturing picking up in
the US, China, and India, risk
appetite is back on for forex traders.
The Kiwi dollar jumped to a three
week high against its US counter-
part, as traders moved out of the
safe haven US dollar. This trend
could continue in the short term, as
the Kiwi is well supported. Capital
Spreads quotes New Zealand dol-
lar-dollar at $0.7883-$0.7887.
The UKs manufacturing activity
survey indicated that the pace of
contraction slowed last month, giv-
ing the currency a lift. Sterling-dol-
lar has fallen back from above
$1.56, with the downtrend line from
the 14 November highs the main
barrier to the $1.57 level. Longer-
term resistance at $1.5770 may
come into play, should sterling
rebound past that point. CMC
Markets quotes $1.55836-
$1.55845.
Philip Salter
THE TIPSTER
REPORTS OF EUROS END
MAY BE EXAGGERATED
Wealth Management | Foreign Exchange
2012 will mimic 2011 in
Aussie dollar volatility
Traders can profit from this years twists and turns of the forex markets, although
they will have to know when to hold, fold, walk away and run, says Philip Salter
A
S THE currency markets opened for trading at the start of
the new year, investors remained in a party mood, bidding up
the Australian dollar, after PMI readings from the region
printed better than expected. Chinas official PMI
Manufacturing report crossed back above the 50 boom/bust level,
GEOPOLITICAL
THREATS TO
2012 TRADING
BORIS SCHLOSSBERG
DIRECTOR OF CURRENCY RESEARCH, GFT
allaying concerns that the Asian giant was heading into a recession,
while the Australian AIG Manufacturing report came in above 50
for the first time in six months.
Yet, while the news from Asia stoked a rally in risk, events else-
where cast a dark cloud over the future. In the Persian Gulf, Iran
successfully fired a missile that could reach Israeli and US bases in
the Middle East, taking brinkmanship to a new level, after Western
powers threatened further economic sanctions in the wake of the
countrys continuing nuclear program.
The latest jockeying in the Middle East may be nothing more
than just another round of sabre rattling, but it does present a very
serious risk to global economic growth in 2012. Furthermore, I
remain sceptical that China can engineer a soft landing, as its real
estate bubble continues to deflate. The decline in Chinas real
estate values will spill over into the countrys construction sector
and will have a negative impact on the investment component of
its GDP, which makes up nearly 50 per cent of the countrys econo-
my.
On the other hand, the US economy continues to show slow but
nevertheless steady improvement in demand and employment. This
dynamic is setting up one of my favourite trades for 2012: short
Australian dollar-Canadian dollar as a bet that North America will
outperform Asia this year. Last year the trend favoured the
Australian dollar, as the pair rose from Ca$0.9500 to Ca$1.0500
against the loonie. However, if Asian growth begins to slow that
trade will begin to reverse in 2012 and if the standoff in the Strait
of Hormuz turns violent, oil prices will surge, boosting the
Canadian dollar even further. Presently, the pair continues to range
quietly, but if it breaks the recent lows at Ca$1.0250, parity will
soon follow, as optimism gives way to caution.
M
ARKETS across the globe are
suddenly hinting at the
promise of economic renew-
al. Apart from the earth suc-
cessfully travelling once more around
the sun, to the delight of the planets
Homo sapiens, has anything really
changed from jittery 2011?
For a short time at least, confidence
is high. Traders and investors seem
prepared to take on risk again, says
Michael Derks of FX Pro. Back in mid-
December, dollar-Aussie dollar was
under parity and looking quite vulner-
able, he adds, but it has bounced
back impressively since then.
Yesterday, Aussie dollar-dollar surged
to $1.0384, while the euro recorded a
record low of Au$1.2578 against the
Aussie dollar.
The Aussie dollar an archetype
risk-on currency is on the up, as
Christmas spirits spill over into the
new year. But alas, the pessimists
should be equally confident in their
gloom the odds are that traders will
face similar market volatility to 2011.
THE OUTLOOK OUTBACK
Derks explains that there are two glob-
al forces pushing the Aussie in oppo-
site directions. Pushing against Aussie
strength are concerns about global
growth, which are encouraging
investors to tread warily. Working for
Aussie strength is the inability of the
authorities managing major curren-
cies to convince investors they offer a
store of value in contrast, the
Australian currency is freely floating,
with strong banks and a solid federal
balance sheet. Alaparis George
Tchetvertakov thinks 2012 will see
quantitative easing measures
announced in the US, UK and Europe.
If this happens, he says, commodity
currencies and Scandis will appreciate
strongly against dollar, euro and yen
as these will be used for funding pur-
poses to attain a higher yield in the
Australian and New Zealand dollars.
The fate of Australias economy, and
thus its currency, is intimately tied to
how fast China grows and if it crashes, 2010 May Sep May 2011 Sep Jan
1.60
1.40
1.35
1.30
1.45
1.50
1.55
ANALYSIS l Euro-Aussie dollar
plumbing new depths
Au$
how hard it comes back to earth.
China grows on the iron ore, coal and
copper extracted from Australias
land. Tchetvertakov notes: 26.4 per
cent of Australias annual exports in
agricultural and manufactured prod-
ucts and 11.2 per cent of all its services
based exports go to China. However,
whether and how hard China will
crash is anyones guess it would be
like predicting the collapse of the
Soviet Union.
TRADING PLACES
Traders should expect volatile trading
conditions for the Australian dollar
again in 2012. Derks thinks it would
be remarkable if we did not see the
Aussie below parity for some part of
the year. He says: Apart from the
slowing pace of global growth, espe-
cially in Europe and Asia, the Aussie
dollar also needs to contend with a
much weaker domestic economy. Ian
O'Sullivan of Spread Co thinks it is
very hard to call whether it will hold
above parity by the end of the year,
but thinks we will almost certainly see
a similar pattern to the last 15
months, where it swings 3 to 4 cents
below parity and 6 to 10 cents above.
Derks recommends traders keep an
eye on euro-Aussie dollar, which has
declined 38 per cent in just three
years. It would not be surprising, he
thinks, if this currency pair reached
parity within the next couple of
years. Last years successful Aussie dol-
lar traders were fleet-footed, says
Derks, the best approach was to catch
one of these waves for no more than
three weeks, get out completely, and
wait for the trend to reverse before re-
entering. It will be a bumpy ride.
Expect plenty of
ups and downs
Picture: GETTY
27Dec 28Dec 29Dec 30Dec 3Jan
1.040
1.020
1.015
1.010
1.025
1.030
1.035
ANALYSIS l A strong start to 2012
for Aussie dollar-dollar
$
A
N OPEN letter to the Prime Minister
argued for reform of social care fund-
ing yesterday. But we have been here
before. Fifteen years ago the Joseph
Rowntree Foundation (JRF) published the
results of their Inquiry into the Costs of
Continuing Care. The 1997 Labour govern-
ment made reforming the funding of care a
priority. A Royal Commission reported in 1999
and it took until 2009 for the government to
set out options for fundamental reform. Now
it is 2012 and we are still waiting for a final
approach to funding these services.
These delays are a problem. Someone who
was 40 when the JRFs inquiry was first pub-
lished would now be 55 and have little chance
of significantly building up assets for retire-
ment. This is not only bad for the individuals
affected but it also causes problems for
England as a whole. Population ageing means
that the longer it takes us to make a change
the larger the number of people caught
between two systems. Delay makes change
more costly.
Costs must be reduced as the longer-term
outlook for the governments accounts is
bleak. The fiscal time-bomb of population age-
ing is already exploding, with the baby-
boomer generation retiring and the
proportion of the population of working age
falling. As a result the cost of health and care
is projected to increase by 40bn (in todays
money) by 2041 and the cost of pensions is
projected to increase by 32bn. This is money
that the government simply does not have.
It is easy to see why politicians want to
delay reform. Many people believe that the
state will cover the cost of care as it does with
the free at point of use NHS. Yet the reality
is different and many people only discover
they need to pay for care when they or a fami-
ly member enter it. It is a rare politician who
will acknowledge that families have to pay for
care and, indeed, that for the future system of
care to be affordable contributions will have
to increase.
The obvious source for contributions is the
equity in assets like housing. Yet too often dis-
cussions on elderly care reforms are con-
cerned with protecting childrens
inheritances. So England persists with a sys-
tem that is patently unfair, where too many
people only find out they are required to pay
for care in a moment of crisis. The political
consensus favours people being caught short
rather than admitting to the reality of hard
choices.
So what should be done? Some answers can
be found in the report of last years
Commission on Funding of Care and Support.
This commission, chaired by Andrew Dilnot,
rightly emphasised that people should make
provision for their own long term care. Yet
while many of the ideas raised by this com-
mission were right, the price tag (1.7bn) of
its proposals was wrong. In an environment
where budgets are being cut and population
ageing is driving up costs, proposals for large
increases in spending tend to end up in the
long grass. As Liam Byrne, the former Labour
Treasury minister, famously wrote, theres
no money left.
Perhaps the best idea of the commission
was to cap how much people are required to
pay towards the costs of their care. Although
the proposed level (35,000) was too low, a cap
would provide greater clarity over entitle-
ments and expectations. It would mean that
people could pay for the bulk of the costs of
the care that they need but would be protect-
ed when these costs rise to catastrophic levels.
The certainty a cap provides would encourage
people to look to vehicles like insurance,
annuities and equity release to help manage
these costs and make the market more attrac-
tive for private providers.
Greater certainty could also encourage an
honest conversation on the real costs of an
ageing population and how we are going to
deal with them.
Everyone knows we are getting older but
few people seem to grasp the fundamental
challenge this poses for the welfare state. The
welfare state was designed for a young and
growing population. Like a pyramid scheme,
entitlements to retired and other families in
need would be paid for by a younger genera-
tion of workers. This younger generation
would, in turn, receive benefits in later life
funded by the next generation of younger
workers. Population ageing turns this model
on its head.
Politicians have been paralysed by the scale
of the challenge of funding long-term care.
But they should focus on the opportunities. If
they grasp the nettle now then by the end of
this year we could be in a much better place,
with a better educated population, families
preparing for their own futures, higher levels
of saving and insurance and, eventually, lower
burdens on the taxpayer.
Dr Patrick Nolan is the chief economist for the
independent public policy think tank Reform.
18
The Forum
We know were getting older
but few see the challenge it
poses to the welfare state.
Politicians have been thumb
twiddling over care reforms
for 15 years. Its time to act
cityam.com/forum
PATRICK NOLAN
Agree? Disagree? Got a sharp comment?
The Forum wants you to join the debate.
COMMENT NOW ON
Twitter: @cityamforum;
on the web: cityam.com/forum;
or by email: theforum@cityam.com.
Top responses will be reprinted in The Forum.
19
A domain name
expert offers his
view of the new
internet frontier
Why dot London
is a capital plan
for a digital age
I
CANN, the governing body for internet
web addresses, last year gave the green
light to the most significant shake-up to
the domain name structure in 25 years.
The decision to widen the current system of
internet domain names means that from 12
January until 12 April this year, organisa-
tions can apply for the domain name suffix
of their choice. So as well as .com or .co.uk,
we may see web addresses ending in .music
or .shop, or brand names such as .Canon or
.Deloitte.
This not only presents a huge opportunity
for companies, but also for high profile city
brands like our very own capital, London.
This is why Boris Johnson and London and
Partners, the official promotions agency for
London, have invited organisations to sub-
mit responses by noon tomorrow to the pro-
posal to apply for dot London. Brand
London is stronger than ever, with all eyes
recently upon us for the royal wedding, as
they will be again for the much-anticipated
London 2012 Olympic Games. That brand
can be extended online with dot London.
It is not just about national pride and pub-
licising big events though. With dot London,
our city could champion and support the
many businesses that lie within its perime-
ter by giving small businesses based in the
city the opportunity to take advantage of
being associated with London. Whether its
blackcab.london or plumbers.london, com-
panies can align themselves to the capital to
attract consumers looking for a local service.
For dot London to be successful it will
need the support of major well known
London institutions and websites to actively
use the dot London name for instance,
rebranding visitlondon.com to Visit.London,
citypridelondon.co.uk to CityPride.London,
or museumoflondon.org.uk to
Museum.London. This support, as well as
direct awareness raised by the operators of
dot London, will ultimately determine
whether small businesses will see value in
the name.
Dot London has the capacity to provide a
revenue stream to the city in the longer
term through initial registrations and ongo-
ing annual domain renewal fees through
potentially valuable names like
hotels.london, concerts.london and fly.lon-
don. The city could retain such names and
have a licensing model that allows it to
increase the prices as the value of dot
London as a trusted identifier grows. There
are also options to earn revenue from auc-
tioning premium names. The full value of
such names, however, can only be realised
once dot London becomes well known to
consumers.
I have barely scratched the surface here
the potential uses for a dot London web
address are truly huge. While there will be
costs associated with establishing and mar-
keting a dot London domain ICANNs
application fee alone is $185,000 (118,712)
investing in this online opportunity will
help lift brand London to new heights and
start realising our citys digital potential.
Stuart Durham is European head of sales at
Melbourne IT DBS.
Cogs and couches
Interesting article from Dennis
Hayes [2012 should be the year
we get off the couch and make
companies more productive, yes-
terday]. I would be intrigued to
know how the likes of Google,
Facebook and Amazon view the
point he makes. I suspect that
employee well-being is core to
their respective strategies. Where
the (exceptionally) successful com-
panies get it right is by having a
balance between helping employ-
ees to develop as people (rather
than cogs in the workforce wheel),
and expecting excellence in return.
Its about a culture where the two
go hand in hand. I agree with
Dennis that far too many compa-
nies fail to achieve the balance
they simply try to copy the well-
being element of the Google strat-
egy without defining clear
expectations in return. That said, I
wouldnt give up on well-being just
yet, Dennis. Those that get it right
are reaping the rewards.
Paul Williams
Speak your mind
The Forum is open for you to
take part. Got a sharp comment
on one of todays columns or
rapid response topics? Do you
have another subject relating to
business and the economy you
want to share your opinion on?
We want to hear your views.
Readers are invited to comment
on the web: cityam.com/forum;
by email: theforum@cityam.com;
and on Twitter: @cityamforum.
The best responses will be
reprinted in The Forum.
RAPID RESPONSES
STUART DURHAM
BY JAMIE WHYTE
The Forum
A
FEW days before
Christmas, a by-
election chose a
new MP for
Feltham and Heston.
Voter turnout was only
29 per cent. This prompt-
ed familiar laments about
public disengagement
from politics. Yet the problem with British democracy is
not that too few people vote but that too many do.
To see why, consider a question from banking. How
many bankers should decide whether to approve a
loan application? The ideal number may vary with an
applications complexity but the right answer is always
very few.
If a loan officers decision required sign-off by a
majority of 100 colleagues, his own judgment would
have little effect on the outcome. So he would have lit-
tle incentive to think hard about the applications mer-
its. Since this would be equally true for each of the
other 100 bankers, none would bother to think hard.
This is the position of voters in a general election.
Each individuals vote makes no difference to the out-
come. Even marginal constituencies are won with
majorities of hundreds. If you stay home instead of
voting, the same candidate will win.
Why then do so many people vote? The answer,
according to the economist Geoffrey Brennan, is that
people enjoy it. Voting is imagined to display demo-
cratic virtue. And, by ticking one box rather than oth-
ers, people can feel themselves to be pragmatic or
progressive or something else they like to be.
Enjoying such feelings is worth two hours travel
and queuing once every five years. But it is not worth
the effort of learning anything about law, economics or
even the parties policies. Research into voters knowl-
edge reveals great ignorance. Most would be as likely
to vote for the best candidate if they entered the
polling booth blindfolded.
In fact, blindfolds would improve voters perform-
ance. As Bryan Caplan shows in his Myth of the
Rational Voter, voters dont make their mistakes ran-
domly. They are biased towards certain errors under-
estimating the benefits of trade and believing prices
are determined by corporate greed rather than by sup-
ply and demand, to take but two of many examples.
Hence the many foolish policies followed by demo-
cratic governments. And hence politicians sentimental
and fatuous rhetoric. Democratic politics are just as
you should expect when votes are cast by ignorant
people taking advantage of a low-cost source of emo-
tional gratification.
Democracy would work better if the number of vot-
ers were reduced to the point where each realised that
his vote will matter. Something like 12 voters per con-
stituency should be about right. If you were one of
these 12 voters then, like one of 12 jurors deciding if
someone should be imprisoned, you would take a seri-
ous interest in the issues. And, with 647 constituen-
cies, a random selection of voters would mean that the
national total of 7,764 voters would provide a repre-
sentative cross-section of the population another
virtue missing from the current system.
Nor would anyone be disenfranchised, because
everyone would be eligible for selection. Admittedly,
each persons chance of selection would be tiny. But,
on the current system, the chance of any individuals
vote affecting the election result is equally tiny. The
difference with this jury system is that those whose
votes matter would know who they are. Which would
give them a reason to take the job seriously.
Jamie Whyte is a senior fellow of the Cobden
Centre.
Fewer voters would be
a boost for democracy
Email: theforum@cityam.com
Twitter: @cityamforum
In association with
20
Wealth Management
LON GD ONCE FIX AM...........1590.00 15.50
SILVER LDN FIX AM ..................29.63 1.28
MAPLE LEAF 1 OZ ....................32.08 1.75
LON PLATINUM AM................1408.00 27.00
LON PALLADIUM AM...............655.00 19.00
ALUMINIUM CASH .................1970.00 -5.00
COPPER CASH ......................7553.50 182.50
LEAD CASH...........................1979.50 35.00
NICKEL CASH......................18275.00 325.00
TIN CASH.............................18945.00 245.00
ZINC CASH ............................1827.00 30.00
BRENT SPOT INDEX................107.62 -0.44
SOYA .....................................1198.50 11.00
COCOA..................................2109.00 26.00
COFFEE...................................226.85 2.60
KRUG.....................................1653.00 27.50
WHEAT ....................................155.00 0.88
AIR LIQUIDE........................................97.47 0.34 100.65 80.90
ALLIANZ..............................................78.07 1.36 108.85 56.16
ANHEUS-BUSCH INBEV ....................47.19 -1.13 48.35 33.85
ARCELORMITTAL...............................15.18 0.33 28.55 10.47
AXA......................................................10.58 0.15 16.16 7.88
BANCO SANTANDER...........................6.02 0.06 9.20 5.05
BASF SE..............................................56.35 1.21 70.22 42.19
BAYER.................................................51.62 0.81 59.44 35.36
BBVA......................................................6.84 0.04 9.17 4.94
BMW ....................................................55.29 2.13 73.85 43.49
BNP PARIBAS.....................................31.34 0.05 59.93 22.72
CARREFOUR ......................................18.31 0.19 31.98 14.66
CRH PLC .............................................15.68 0.32 17.40 10.28
DAIMLER.............................................36.67 1.31 59.09 29.02
DANONE..............................................49.79 0.55 53.16 41.92
DEU.BOERSE OFFRE ........................41.94 -0.43 55.75 35.46
DEUTSCHE BANK..............................30.68 0.33 48.70 20.79
DEUTSCHE TELEKOM.........................9.21 0.04 11.38 7.88
E.ON.....................................................17.58 0.16 25.54 12.50
ENEL......................................................3.25 0.02 4.86 2.78
ENI .......................................................16.49 0.29 18.66 11.83
FRANCE TELECOM............................12.36 0.00 16.65 11.12
GDF SUEZ ...........................................21.73 -0.07 30.05 17.65
GENERALI ASS...................................12.28 0.22 17.05 10.34
IBERDROLA..........................................4.83 0.02 6.30 4.16
INDITEX ...............................................63.90 -0.34 69.40 50.92
ING GROEP CVA...................................5.78 0.07 9.50 4.21
INTESA SANPAOLO.............................1.33 0.00 2.47 0.85
KON.PHILIPS ELECTR.......................16.56 0.07 25.45 12.01
L'OREAL..............................................82.12 0.32 91.24 68.83
LVMH..................................................112.15 0.80 132.65 94.16
MUNICH RE.........................................98.25 0.38 126.00 77.80
NOKIA....................................................4.00 0.10 8.49 3.33
REPSOL YPF.......................................23.97 -0.11 24.90 17.31
RWE.....................................................28.95 0.35 55.70 21.15
SAINT-GOBAIN...................................30.96 0.72 47.64 26.07
SANOFI ................................................57.29 -0.13 57.42 42.85
SAP......................................................41.80 0.14 46.15 32.88
SCHNEIDER ELECTRIC.....................43.26 1.70 61.83 35.00
SIEMENS .............................................76.78 1.34 99.39 62.13
SOCIETE GENERALE.........................17.60 -0.09 52.70 14.32
TELECOM ITALIA..................................0.86 0.01 1.16 0.70
TELEFONICA ......................................13.71 0.05 18.75 12.50
TOTAL..................................................40.45 0.45 44.55 29.40
UNIBAIL-RODAMCO SE...................138.25 0.45 162.95 123.30
UNICREDIT............................................6.33 -0.16 20.25 6.33
UNILEVER CVA...................................26.90 -0.21 27.16 20.90
VINCI ....................................................34.76 0.31 45.48 28.46
VIVENDI ...............................................17.41 -0.11 22.07 14.10
VOLKSWAGEN VORZ ......................122.85 3.05 152.20 86.40
Price Chg High Low
EUSHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 5699.91 127.63 2.29
FTSE 250 INDEX . . . . . . . 10361.95 259.05 2.56
FTSE UK ALL SHARE . . . . 2923.63 65.75 2.30
FTSE AIMALL SH . . . . . . . . 703.33 10.15 1.46
DOWJONES INDUS 30 . . 12397.46 179.90 1.47
S&P 500 . . . . . . . . . . . . . . . 1277.06 19.46 1.55
NASDAQ COMPOSITE . . . 2648.72 43.57 1.67
FTSEUROFIRST 300 . . . . . 1028.00 26.61 2.66
NIKKEI 225 . . . . . . . . . . . . . 8455.35 56.46 0.67
DAX 30 PERFORMANCE. . 6166.57 91.05 1.50
CAC 40 . . . . . . . . . . . . . . . . 3245.40 23.10 0.72
SHANGHAI SE INDEX . . . . 2199.42 25.86 1.19
HANG SENG. . . . . . . . . . . 18877.41 443.02 2.40
S&P/ASX 20 INDEX . . . . . . 2475.40 25.70 1.05
ASX ALL ORDINARIES . . . 4155.20 44.20 1.08
BOVESPA SAO PAOLO. . 58927.86 1098.59 1.90
ISEQ OVERALL INDEX . . . 2960.52 58.70 2.02
STRAITS TIMES . . . . . . . . . 2688.36 42.01 1.59
IGBM. . . . . . . . . . . . . . . . . . . 874.79 1.65 0.19
SWISS MARKET INDEX. . . 6050.93 114.70 1.93
Price Chg %chg
3M........................................................83.49 1.76 98.19 68.63
ABBOTT LABS ...................................56.72 0.49 56.84 45.07
ALCOA ..................................................9.23 0.58 18.47 8.45
ALTRIA GROUP..................................28.56 -1.09 30.40 23.20
AMAZON.COM..................................179.03 5.93 246.71 160.59
AMERICAN EXPRESS........................48.39 1.22 53.80 41.30
AMGEN INC.........................................64.11 -0.10 65.19 47.66
APPLE ...............................................411.23 6.23 426.70 310.50
AT&T....................................................30.38 0.14 31.94 27.20
BANK OF AMERICA.............................5.80 0.24 15.31 4.92
BERKSHIRE HATAW B.......................77.68 1.38 87.65 65.35
BOEING CO.........................................74.22 0.87 80.65 56.01
BRISTOL MYERS SQUI ......................35.01 -0.23 35.44 20.05
CATERPILLAR....................................93.98 3.38 116.55 67.54
CHEVRON .........................................110.37 3.97 110.99 86.68
CISCO SYSTEMS................................18.63 0.55 22.34 13.30
CITIGROUP.........................................28.33 2.02 51.50 21.40
COCA-COLA.......................................70.14 0.17 71.77 61.29
COLGATE PALMOLIVE......................91.08 -1.31 94.89 74.86
CONOCOPHILLIPS.............................74.17 1.30 81.80 58.65
CVS/CAREMARK................................41.52 0.74 41.72 31.30
DU PONT(EI) DE NMR........................46.51 0.73 57.00 37.10
EXXON MOBIL....................................86.00 1.24 88.23 63.47
GENERAL ELECTRIC.........................18.36 0.45 21.65 14.02
GOOGLE A........................................665.41 19.51 668.15 473.02
HEWLETT PACKARD.........................26.62 0.86 49.39 19.92
HOME DEPOT.....................................42.14 0.10 42.90 28.13
IBM.....................................................186.30 2.42 194.90 145.96
INTEL CORP .......................................24.54 0.29 26.78 19.16
J.P.MORGAN CHASE.........................34.98 1.73 48.36 27.85
JOHNSON & JOHNSON.....................65.88 0.30 68.05 57.50
KRAFT FOODS A................................37.27 -0.09 38.05 24.30
MC DONALD'S CORP ........................98.84 -1.49 101.59 72.14
MERCK AND CO. NEW......................38.30 0.60 38.56 29.47
MICROSOFT........................................26.77 0.81 29.46 23.65
OCCID. PETROLEUM.........................96.63 2.93 117.89 66.36
ORACLE CORP...................................25.87 0.22 36.50 24.72
PEPSICO.............................................66.40 0.05 71.89 58.50
PFIZER ................................................21.97 0.33 22.00 16.63
PHILIP MORRIS INTL .........................78.59 0.11 79.96 55.85
PROCTER AND GAMBLE ..................66.83 0.12 67.72 56.57
QUALCOMM INC ................................55.27 0.57 59.84 45.98
SCHLUMBERGER ..............................70.09 1.78 95.64 54.79
TRAVELERS CIES..............................58.99 -0.18 64.17 45.97
UNITED TECHNOLOGIE ....................74.66 1.57 91.83 66.87
UNITEDHEALTH GROUP...................51.49 0.81 53.50 35.72
VERIZON COMMS ..............................39.73 -0.39 40.48 32.28
WAL-MART STORES..........................60.33 0.57 61.06 48.31
WALT DISNEY CO ..............................38.31 0.81 44.34 28.19
WELLS FARGO & CO.........................28.43 0.87 34.25 22.58
COMMODITIES CREDIT & RATES
BoE IR Overnight ............................0.500 0.00
BoE IR 7 days.................................0.500 0.00
BoE IR 1 month ..............................0.500 0.00
BoE IR 3 months ............................0.500 0.00
BoE IR 6 months ............................0.500 0.00
LIBOR Euro - overnight ..................0.345 0.14
LIBOR Euro - 12 months ................1.893 -0.02
LIBOR USD - overnight...................0.149 0.00
LIBOR USD - 12 months.................1.130 0.00
HaIifax mortgage rate .....................3.990 -0.02
Euro Base Rate ...............................1.500 0.00
Finance house base rate................1.500 0.00
US Fed funds...................................0.250 0.00
US Iong bond yieId .........................2.950 0.03
European repo rate.........................0.141 0.00
Euro Euribor ....................................0.626 -0.05
The vix index ...................................23.09 -0.31
The baItic dry index ........................1.738 0.00
Markit iBoxx...................................241.96 -0.56
Markit iTraxx..................................172.13 -0.44
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
USSHARES
BAE Systems . . . . . .294.9 9.8 361.1 248.1
Chemring Group . . . .410.4 10.5 736.5 368.8
Cobham . . . . . . . . . . .185.2 1.8 236.5 165.9
Meggitt . . . . . . . . . . . .358.0 5.2 397.6 304.9
QinetiQ Group . . . . . .133.6 1.0 137.4 101.5
RoIIs-Royce Group . .757.0 10.5 767.0 557.5
Senior . . . . . . . . . . . . .172.4 1.4 190.6 132.6
UItra EIectronics . . .1478.0 0.0 1830.0 1305.0
GKN . . . . . . . . . . . . . .191.5 8.5 245.0 157.0
BarcIays . . . . . . . . . . .186.3 10.3 333.6 138.9
HSBC HoIdings . . . . .504.9 13.9 730.9 463.5
LIoyds Banking Gr . . .27.0 1.1 69.6 21.8
RoyaI Bank of Sco . . .21.0 0.8 49.0 17.3
Standard Chartere .1454.0 45.0 1769.0 1169.5
AG Barr . . . . . . . . . .1250.0 37.0 1395.0 1031.0
Britvic . . . . . . . . . . . . .328.3 6.6 477.1 289.9
Diageo . . . . . . . . . . .1428.0 21.5 1438.0 1112.0
SABMiIIer . . . . . . . . .2330.5 64.0 2354.5 1979.0
AZ EIectronic Mat . . .248.1 8.1 338.1 206.1
Croda Internation . .1837.0 33.0 2081.0 1456.0
EIementis . . . . . . . . . .137.3 0.1 187.4 107.5
Johnson Matthey . .1922.0 86.0 2119.0 1523.0
Victrex . . . . . . . . . . .1129.0 33.0 1590.0 1025.0
YuIe Catto & Co . . . . .170.7 6.4 253.0 148.0
C/$ 1.3056 0.0120
C/ 0.8342 0.0001
C/ 100.13 0.6760
/C 1.1990 0.0005
/$ 1.5655 0.0146
/ 120.05 0.7828
FTSE 100
5699.91
127.63
FTSE 250
10361.95
259.05
FTSE ALLSHARE
2923.63
65.75
DOW
12397.46
179.90
NASDAQ
2648.72
38.39
S&P 500
1277.06
19.46
RPC Group . . . . . . . .360.3 2.3 384.8 231.5
Smiths Group . . . . . .948.5 33.5 1429.0 869.5
Brown (N.) Group . . .237.6 4.7 311.2 227.0
Carpetright . . . . . . . . .491.9 11.9 835.5 375.0
Debenhams . . . . . . . . .59.9 1.3 74.8 51.2
Dignity . . . . . . . . . . . .830.0 9.0 854.5 648.5
Dixons RetaiI . . . . . . .10.2 0.4 23.9 9.4
DuneImGroup . . . . . .443.2 9.4 530.0 383.9
HaIfords Group . . . . .309.5 20.5 457.0 268.6
Home RetaiI Group . . .94.2 10.8 235.0 72.5
Inchcape . . . . . . . . . .303.5 10.1 425.4 268.1
JD Sports Fashion . .623.5 -0.5 1030.0 570.0
Kesa EIectricaIs . . . . .71.6 4.3 164.0 60.2
Kingfisher . . . . . . . . .250.0 -0.7 287.1 217.0
Marks & Spencer G . .317.0 6.0 402.2 301.8
Next . . . . . . . . . . . . .2741.0 4.0 2810.0 1868.0
Sports Direct Int . . . .215.2 1.8 266.2 159.0
WH Smith . . . . . . . . . .538.0 6.5 558.0 433.8
Smith & Nephew . . . .626.0 0.5 742.0 521.0
Synergy HeaIth . . . . .865.0 18.5 981.0 808.0
Barratt DeveIopme . . .92.5 -0.4 119.0 67.5
BeIIway . . . . . . . . . . . .705.0 -7.5 776.5 540.5
BerkeIey Group Ho .1264.0 -12.0 1360.0 884.5
BaIfour Beatty . . . . . .280.5 15.7 357.3 214.6
CRH . . . . . . . . . . . . .1305.0 25.0 1700.0 1053.0
GaIIiford Try . . . . . . . .484.2 9.2 530.0 298.5
Kier Group . . . . . . . .1405.0 45.0 1458.0 1097.0
Drax Group . . . . . . . .550.5 5.5 581.5 368.3
SSE . . . . . . . . . . . . . .1303.0 12.0 1423.0 1159.0
Domino Printing S . .535.0 23.0 705.0 434.3
HaIma . . . . . . . . . . . . .347.5 17.1 429.6 306.3
Laird . . . . . . . . . . . . . .155.0 0.8 207.0 127.9
Morgan CrucibIe C . .277.5 14.5 357.1 224.0
Oxford Instrument . .990.0 40.0 1010.0 600.5
Renishaw . . . . . . . . .1044.0 39.0 1886.0 800.0
Spectris . . . . . . . . . .1325.0 36.0 1679.0 1039.0
Aberforth SmaIIer . . .515.0 14.0 714.0 494.0
AIIiance Trust . . . . . .350.1 7.3 392.7 310.2
Bankers Inv Trust . . .398.9 13.3 428.0 346.5
BH GIobaI Ltd. GB .1185.0 10.5 1212.0 1058.0
BH GIobaI Ltd. US . . . .11.5 -0.1 12.2 10.4
BH Macro Ltd. EUR . . .19.9 -0.1 20.2 15.9
BH Macro Ltd. GBP 2041.0 1.0 2078.0 1650.0
BH Macro Ltd. USD . . .19.8 0.1 20.2 15.9
BIackRock WorId M .642.0 10.5 815.5 574.5
BIueCrest AIIBIue . . .168.0 0.9 176.2 162.4
British Assets Tr . . . .119.0 4.0 140.5 109.0
British Empire Se . . .419.0 5.0 533.0 404.0
CaIedonia Investm .1409.0 44.0 1928.0 1337.0
City of London In . . .293.2 8.3 306.9 257.0
Dexion AbsoIute L . .137.8 1.3 151.0 130.0
Edinburgh Dragon . .225.8 8.8 262.1 201.4
Edinburgh Inv Tru . . .482.0 8.5 492.2 414.9
EIectra Private E . . .1440.0 27.0 1755.0 1287.0
F&C Inv Trust . . . . . .294.0 5.5 327.9 261.5
FideIity China Sp . . . . .74.4 0.9 120.9 70.0
FideIity European . .1031.0 28.0 1287.0 912.0
HeraId Inv Trust . . . . .466.0 11.0 545.5 419.0
HICL Infrastructu . . . .118.4 0.6 121.3 112.7
Impax Environment . .97.1 1.4 130.5 88.5
John Laing Infras . . .109.5 1.0 109.5 103.4
JPMorgan American .873.0 14.0 916.0 721.5
JPMorgan Asian In . .190.1 4.6 250.8 170.1
JPMorgan Emerging .523.0 5.0 639.0 480.1
JPMorgan European .673.0 23.0 983.5 624.0
JPMorgan Indian I . . .328.0 8.0 486.0 313.1
JPMorgan Russian .489.0 12.9 755.0 415.1
Law Debenture Cor . .345.0 11.5 385.0 321.0
MercantiIe Inv Tr . . . .874.5 17.5 1137.0 823.0
Merchants Trust . . . .378.0 12.3 431.8 341.5
Monks Inv Trust . . . .317.8 4.9 367.9 298.1
Murray Income Tru . .636.0 15.0 673.0 568.0
Murray Internatio . . .952.5 36.0 991.5 818.5
PerpetuaI Income . . .260.5 7.5 276.0 236.5
PersonaI Assets T .33760.0 305.0 34060.030210.0
PoIar Cap TechnoI . .330.0 4.0 391.2 299.5
RIT CapitaI Partn . . .1259.0 35.0 1360.0 1173.0
Scottish Inv Trus . . . .458.0 6.0 524.0 417.0
Scottish Mortgage . .600.0 10.0 781.0 565.0
SVG CapitaI . . . . . . . .208.0 3.0 279.8 165.1
TempIe Bar Inv Tr . . .885.0 27.0 952.0 791.0
TempIeton Emergin .557.0 7.3 689.5 497.0
TR Property Inv T . . .143.0 5.1 206.1 136.2
TR Property Inv T . . . .62.0 1.3 94.0 59.8
Witan Inv Trust . . . . .459.9 9.9 533.0 401.5
3i Group . . . . . . . . . . .187.8 6.8 340.0 166.9
3i Infrastructure . . . .121.3 1.3 124.0 113.1
Aberdeen Asset Ma .218.0 6.0 240.0 167.8
Ashmore Group . . . .338.4 4.4 420.0 301.5
Brewin DoIphin Ho . .139.9 2.9 185.4 113.7
CameIIia . . . . . . . . . .9825.0-139.010950.08800.0
CharIes TayIor Co . . .125.0 -2.1 166.5 115.6
City of London Gr . . . .62.5 0.0 93.6 61.3
City of London In . . .317.0 -6.9 458.3 304.3
CIose Brothers Gr . . .634.5 15.0 888.5 590.0
CoIIins Stewart H . . . .89.5 3.0 90.8 48.5
F&C Asset Managem .64.5 -1.0 92.9 56.1
Hargreaves Lansdo .437.0 6.5 646.5 402.5
HeIphire Group . . . . . . .1.9 -0.1 17.4 1.4
Henderson Group . . .106.1 3.7 173.1 95.1
Highway CapitaI . . . . .12.0 0.0 21.0 6.5
ICAP . . . . . . . . . . . . . .352.0 5.1 570.5 311.6
IG Group HoIdings . .502.5 25.6 528.0 393.6
Intermediate Capi . . .238.8 10.0 360.3 197.9
InternationaI Per . . . .186.2 14.7 388.8 156.5
InternationaI Pub . . .121.5 0.6 121.5 108.6
Investec . . . . . . . . . . .344.1 5.1 538.0 318.4
IP Group . . . . . . . . . . . .78.8 0.5 80.8 30.4
Jupiter Fund Mana . .220.0 2.9 337.3 184.9
Liontrust Asset M . . . .73.0 -0.1 87.5 57.9
LMS CapitaI . . . . . . . . .55.8 0.1 64.8 45.0
London Finance & . . .23.5 0.0 24.9 19.0
London Stock Exch .812.5 17.5 1076.0 756.5
Lonrho . . . . . . . . . . . . . .9.7 0.4 19.8 8.9
Man Group . . . . . . . . .128.3 2.6 311.0 123.6
Paragon Group Of . .181.5 -1.5 206.1 134.6
Provident Financi . . .942.5 1.5 1124.0 862.5
Rathbone Brothers .1106.0 46.0 1257.0 977.0
Record . . . . . . . . . . . . .12.9 -0.1 36.8 12.5
RSM Tenon Group . . . .9.4 -0.1 66.3 8.8
Schroders . . . . . . . .1354.0 40.0 1922.0 1183.0
Schroders (Non-Vo .1113.0 40.0 1554.0 970.0
TuIIett Prebon . . . . . .277.2 7.2 428.6 266.3
WaIker Crips Grou . . .45.0 0.0 51.5 44.0
BT Group . . . . . . . . . .199.1 8.2 204.1 161.0
CabIe & WireIess . . . .38.4 0.2 51.2 31.3
CabIe & WireIess . . . .18.5 2.2 76.9 14.2
COLT Group SA . . . . .90.8 -0.4 156.2 84.1
KCOM Group . . . . . . . .70.3 0.3 84.0 57.5
TaIkTaIk TeIecom . . .136.6 1.3 165.2 119.8
TeIecomPIus . . . . . . .750.0 -23.0 802.0 433.0
Booker Group . . . . . . .73.8 -0.3 80.0 54.5
Greggs . . . . . . . . . . . .526.0 20.0 550.5 445.0
Morrison (Wm) Sup .328.0 1.8 339.7 262.7
Ocado Group . . . . . . . .60.2 5.8 285.0 52.9
Sainsbury (J) . . . . . . .310.3 7.4 391.5 263.5
Tesco . . . . . . . . . . . . .411.3 7.8 436.7 356.3
Associated Britis . . .1115.0 8.0 1181.0 940.0
Cranswick . . . . . . . . .750.0 8.0 882.0 588.5
Dairy Crest Group . . .340.0 4.0 423.4 318.8
Devro . . . . . . . . . . . . .258.0 0.2 296.9 223.5
Tate & LyIe . . . . . . . . .720.5 16.0 729.5 518.0
UniIever . . . . . . . . . .2189.0 26.0 2191.1 1793.0
Mondi . . . . . . . . . . . . .479.6 24.6 664.0 413.5
Centrica . . . . . . . . . . .297.1 7.8 345.8 278.8
InternationaI Pow . . .344.2 7.0 437.6 279.4
NationaI Grid . . . . . . .631.5 6.5 649.5 530.0
Pennon Group . . . . . .728.0 14.0 737.5 584.5
Severn Trent . . . . . .1520.0 24.0 1600.0 1368.0
United UtiIities . . . . .611.5 5.5 637.0 543.5
Cookson Group . . . . .536.0 27.0 724.5 395.8
DS Smith . . . . . . . . . .206.1 8.1 266.2 164.4
Rexam . . . . . . . . . . . .365.5 12.7 400.0 299.8
Price Chg High Low
Bovis Homes Group .431.8 -7.4 499.6 326.5
Persimmon . . . . . . . .471.5 1.5 518.5 374.0
Reckitt Benckiser . .3279.0 99.0 3617.0 3015.0
Redrow . . . . . . . . . . . .116.7 3.4 138.0 103.5
TayIor Wimpey . . . . . . .37.4 -0.1 43.3 28.7
Bodycote . . . . . . . . . .281.0 18.2 397.7 225.6
Charter Internati . . . .944.0 -1.0 955.0 538.5
Fenner . . . . . . . . . . . .404.5 3.9 422.5 280.0
IMI . . . . . . . . . . . . . . . .803.0 43.0 1119.0 636.5
MeIrose . . . . . . . . . . .349.1 9.1 365.4 268.0
Northgate . . . . . . . . . .196.6 4.3 346.7 191.8
Rotork . . . . . . . . . . .1979.0 49.0 1979.2 1501.0
Spirax-Sarco Engi . .1928.0 55.0 2063.0 1649.0
Weir Group . . . . . . .2085.0 53.0 2218.0 1375.0
Evraz . . . . . . . . . . . . .391.5 16.8 412.0 315.0
Ferrexpo . . . . . . . . . . .292.5 23.7 499.0 238.7
TaIvivaara Mining . . .255.3 55.3 622.0 195.2
BBAAviation . . . . . . .180.7 2.7 240.8 156.0
Stobart Group Ltd . . .121.5 1.6 163.6 112.0
AdmiraI Group . . . . . .880.0 28.0 1754.0 787.0
AmIin . . . . . . . . . . . . .324.8 10.9 427.0 270.6
Huntsworth . . . . . . . . .34.8 -0.9 85.0 34.0
Informa . . . . . . . . . . . .365.6 4.3 461.1 313.9
ITE Group . . . . . . . . . .206.9 2.9 258.2 157.7
ITV . . . . . . . . . . . . . . . . .70.4 2.2 93.5 51.7
Johnston Press . . . . . . .6.8 0.5 12.8 4.1
MecomGroup . . . . . .211.0 5.8 310.0 134.5
Moneysupermarket. .103.1 -1.9 120.4 75.7
Pearson . . . . . . . . . .1234.0 24.0 1252.0 983.0
PerformGroup . . . . .215.0 7.0 234.5 150.0
Reed EIsevier . . . . . .523.5 4.5 590.5 461.3
Rightmove . . . . . . . .1279.0 35.0 1408.0 770.0
STV Group . . . . . . . . . .82.1 -1.4 168.0 79.5
Tarsus Group . . . . . .132.5 2.5 165.0 114.0
Trinity Mirror . . . . . . . .48.8 0.8 93.0 37.5
UBM . . . . . . . . . . . . . .498.0 20.6 725.0 416.0
UTV Media . . . . . . . . . .97.5 5.0 150.0 92.5
WiImington Group . . .84.0 -1.0 183.0 82.0
WPP . . . . . . . . . . . . . .682.0 6.5 846.5 578.0
YeII Group . . . . . . . . . . .5.3 -0.0 14.8 3.4
African Barrick G . . .456.5 -2.3 616.5 393.5
AIIied GoId Minin . . .149.0 4.0 281.3 34.4
AngIo American . . .2497.0 118.0 3437.0 2138.5
AngIo Pacific Gro . . .273.0 -3.5 369.3 237.9
Antofagasta . . . . . . .1305.0 90.0 1622.0 900.5
Aquarius PIatinum . .164.0 7.3 419.0 149.0
BeazIey . . . . . . . . . . . .137.8 3.5 139.2 109.6
CatIin Group Ltd. . . .399.9 1.2 421.4 334.0
Hiscox Ltd. . . . . . . . . .382.7 9.2 424.7 340.5
Jardine LIoyd Tho . . .701.0 11.5 764.5 576.0
Lancashire HoIdin . . .715.5 -9.0 774.5 532.5
RSA Insurance Gro . .107.8 2.6 143.5 99.6
Aviva . . . . . . . . . . . . . .311.9 11.1 477.9 275.3
LegaI & GeneraI G . . .106.3 3.5 123.8 89.8
OId MutuaI . . . . . . . . .139.8 4.3 144.8 98.1
Phoenix Group HoI . .525.0 0.0 688.0 451.1
PrudentiaI . . . . . . . . .645.0 6.5 777.0 509.0
ResoIution Ltd. . . . . .259.4 8.0 316.1 229.5
St James's PIace . . . .332.6 8.1 376.0 265.7
Standard Life . . . . . . .205.5 -0.8 244.7 172.0
4Imprint Group . . . . .225.0 -6.5 295.0 200.0
Aegis Group . . . . . . .143.5 -0.9 158.5 115.7
BIoomsbury PubIis . . .97.0 -1.5 138.0 91.3
British Sky Broad . . .742.0 9.5 850.0 618.5
Centaur Media . . . . . . .33.1 0.0 73.0 32.8
Chime Communicati .175.0 4.0 298.5 163.0
Creston . . . . . . . . . . . .69.8 -0.8 121.0 68.9
DaiIy MaiI and Ge . . .412.7 12.9 594.5 343.4
Euromoney Institu . .650.0 25.0 736.0 522.5
Future . . . . . . . . . . . . . . .8.8 -0.1 30.0 8.4
Haynes PubIishing . .220.0 5.0 257.0 210.0
BHP BiIIiton . . . . . . .1993.0 115.5 2631.5 1667.0
Bumi . . . . . . . . . . . . . .865.0 0.0 878.5 852.5
Centamin (DI) . . . . . . . .86.3 3.9 176.4 80.8
Eurasian NaturaI . . .673.5 38.0 1125.0 522.0
FresniIIo . . . . . . . . . .1594.0 67.0 2150.0 1296.0
GemDiamonds Ltd. .192.4 -1.8 306.0 179.8
GIencore Internat . . .418.2 26.2 531.1 348.0
HochschiId Mining . .408.0 22.2 680.0 365.9
Kazakhmys . . . . . . .1015.0 88.0 1671.0 730.0
Kenmare Resources . .45.4 -0.6 59.9 29.0
Lonmin . . . . . . . . . . .1029.0 49.0 1966.0 941.0
New WorId Resourc .487.7 44.8 1060.0 409.4
PetropavIovsk . . . . . .654.5 39.5 1144.0 543.5
PoIymetaI Interna . .1130.0 36.0 1130.0 877.0
RandgoId Resource 6910.0 325.0 7555.0 4425.0
Rio Tinto . . . . . . . . .3325.0 200.0 4712.0 2712.5
Vedanta Resources 1066.0 51.0 2518.0 928.0
Xstrata . . . . . . . . . . .1032.5 54.5 1550.0 764.0
Inmarsat . . . . . . . . . . .419.9 15.2 719.5 389.3
Vodafone Group . . . .180.8 1.9 182.9 155.1
Genesis Emerging . .466.9 15.3 568.0 424.0
Afren . . . . . . . . . . . . . .103.2 17.5 171.2 73.6
BG Group . . . . . . . . .1428.5 52.0 1564.5 1144.0
BP . . . . . . . . . . . . . . . .471.1 10.6 509.0 363.2
Cairn Energy . . . . . . .268.3 3.0 469.7 257.8
EnQuest . . . . . . . . . . . .99.2 6.7 158.5 85.7
Essar Energy . . . . . .183.0 11.6 580.0 168.6
ExiIIon Energy . . . . . .269.5 18.4 469.7 184.2
Heritage OiI . . . . . . . .200.2 7.7 486.0 160.0
Ophir Energy . . . . . . .302.2 13.4 305.4 184.5
Premier OiI . . . . . . . . .365.4 2.4 535.0 310.0
RoyaI Dutch SheII . .2380.0 9.0 2386.0 1883.5
RoyaI Dutch SheII . .2477.0 23.0 2481.5 1890.5
SaIamander Energy .212.0 10.1 317.6 182.3
Soco Internationa . . .300.8 8.2 400.0 278.0
TuIIow OiI . . . . . . . . .1416.0 14.0 1493.0 945.5
Amec . . . . . . . . . . . . .933.0 25.5 1251.0 740.5
Hunting . . . . . . . . . . .764.0 14.0 817.0 530.0
Kentz Corporation . .444.2 22.2 508.0 322.0
LampreII . . . . . . . . . . .285.0 16.3 395.2 220.7
Petrofac Ltd. . . . . . .1459.0 18.0 1685.0 1108.0
Wood Group (John) .655.5 14.5 715.8 469.9
Burberry Group . . . .1243.0 58.0 1600.0 1030.0
PZ Cussons . . . . . . . .359.4 9.4 404.0 308.7
Supergroup . . . . . . . .545.0 37.5 1820.0 435.2
AstraZeneca . . . . . .3050.0 75.0 3194.0 2543.5
BTG . . . . . . . . . . . . . .325.6 11.9 327.0 210.1
Genus . . . . . . . . . . . .1037.0 -6.0 1111.0 831.5
GIaxoSmithKIine . . .1484.5 13.0 1497.5 1127.5
Hikma Pharmaceuti .646.5 26.5 900.0 555.5
Shire PIc . . . . . . . . . .2225.0 -18.0 2278.0 1543.0
CapitaI & Countie . . .188.7 4.1 203.7 142.8
Daejan HoIdings . . .2790.0 15.0 2954.0 2282.0
F&C CommerciaI Pr .103.7 2.1 108.0 92.6
Grainger . . . . . . . . . . .107.5 0.5 133.2 77.3
London & Stamford .109.0 1.0 140.0 103.9
SaviIIs . . . . . . . . . . . . .341.8 14.2 427.1 256.2
UK CommerciaI Pro . .69.5 0.4 85.5 65.1
Unite Group . . . . . . . .172.3 4.3 224.1 152.9
Big YeIIow Group . . .255.0 9.7 352.2 218.0
British Land Co . . . . .467.9 5.4 629.5 444.0
CapitaI Shopping . . .315.2 2.9 424.8 288.7
Derwent London . . .1591.0 31.0 1880.0 1400.0
Great PortIand Es . . .331.0 8.0 445.0 312.9
Hammerson . . . . . . . .363.1 3.1 490.9 345.2
Hansteen HoIdings . . .75.5 -1.0 89.5 68.0
Land Securities G . . .642.0 6.5 885.0 612.0
SEGRO . . . . . . . . . . . .211.5 3.0 331.3 195.0
Shaftesbury . . . . . . . .470.4 3.2 539.0 436.4
Aveva Group . . . . . .1490.0 60.0 1799.0 1298.0
Computacenter . . . . .343.6 9.0 490.0 324.7
Fidessa Group . . . . .1546.0 33.0 2109.0 1444.0
Invensys . . . . . . . . . . .221.5 10.5 364.3 180.9
Logica . . . . . . . . . . . . .68.5 6.8 147.2 59.0
Micro Focus Inter . . .386.7 0.5 426.2 239.4
Misys . . . . . . . . . . . . .243.3 11.0 420.2 214.9
Sage Group . . . . . . . .299.9 5.7 306.3 231.7
SDL . . . . . . . . . . . . . . .650.5 -14.5 711.5 586.0
TeIecity Group . . . . . .629.0 -18.0 651.0 430.0
Aggreko . . . . . . . . . .2063.0 46.0 2076.4 1394.5
Ashtead Group . . . . .230.2 4.2 230.8 99.4
Atkins (WS) . . . . . . . .645.5 25.5 820.0 490.2
Babcock Internati . . .737.0 1.5 751.5 542.0
Berendsen . . . . . . . . .450.9 15.7 568.0 402.7
BunzI . . . . . . . . . . . . .883.0 -1.0 898.5 676.5
Cape . . . . . . . . . . . . . .344.4 16.4 591.5 295.0
Capita Group . . . . . . .649.5 21.0 786.5 611.5
CariIIion . . . . . . . . . . .316.8 16.0 403.2 281.0
De La Rue . . . . . . . . .896.0 4.5 936.0 667.0
DipIoma . . . . . . . . . . .353.1 13.4 414.3 263.5
EIectrocomponents .209.4 21.2 294.9 182.2
Experian . . . . . . . . . . .880.0 4.5 895.0 665.0
FiItrona PLC . . . . . . . .394.2 13.8 397.1 242.9
G4S . . . . . . . . . . . . . . .270.5 -1.3 291.0 219.9
Hays . . . . . . . . . . . . . . .67.1 3.0 133.6 58.9
Homeserve . . . . . . . .308.4 21.8 532.0 218.5
Howden Joinery Gr . .104.0 3.5 127.5 93.1
Interserve . . . . . . . . . .320.0 -0.7 341.3 231.0
Intertek Group . . . . .2072.0 37.0 2148.0 1715.0
MichaeI Page Inte . . .361.7 12.9 567.0 323.0
Mitie Group . . . . . . . .248.0 5.0 258.1 195.9
Premier FarneII . . . . .191.5 11.5 308.8 144.5
Regus . . . . . . . . . . . . . .89.3 4.8 119.0 64.0
RentokiI InitiaI . . . . . . .65.7 3.1 104.9 58.2
RPS Group . . . . . . . . .180.1 0.1 253.0 156.6
Serco Group . . . . . . .483.2 9.2 618.5 458.0
Shanks Group . . . . . . .95.5 4.7 130.9 90.8
SIG . . . . . . . . . . . . . . . .86.8 2.8 153.5 77.0
Travis Perkins . . . . . .834.0 38.5 1127.0 715.0
WoIseIey . . . . . . . . .2146.0 14.0 2261.0 1404.0
ARM HoIdings . . . . . .604.0 12.0 651.0 423.3
CSR . . . . . . . . . . . . . .190.0 6.5 447.0 154.1
Imagination Techn . .564.5 15.5 570.5 296.9
Spirent Communica .121.4 3.5 160.0 105.8
British American . .3079.0 23.5 3120.0 2282.5
ImperiaI Tobacco . .2444.0 9.0 2488.0 1784.0
Betfair Group . . . . . . .795.5 43.0 1054.0 567.0
Bwin.party Digita . . .167.2 3.2 214.7 100.6
CarnivaI . . . . . . . . . .2176.0 50.0 3153.0 1742.0
Compass Group . . . .616.0 5.0 623.5 512.5
Domino's Pizza UK . .413.8 11.3 586.0 377.0
easyJet . . . . . . . . . . . .398.6 5.8 474.0 301.0
FirstGroup . . . . . . . . .344.0 6.0 412.6 301.8
Go-Ahead Group . . .1381.0 0.0 1598.0 1190.0
Greene King . . . . . . .495.2 8.0 518.0 410.0
InterContinentaI . . .1180.0 23.0 1435.0 955.0
InternationaI Con . . .151.2 3.8 305.0 132.0
JD Wetherspoon . . . .429.4 14.2 468.3 380.5
Ladbrokes . . . . . . . . .134.8 4.8 155.3 114.0
Marston's . . . . . . . . . . .92.5 0.8 114.5 84.6
MiIIennium& Copt . .407.0 0.5 600.5 371.2
MitcheIIs & ButIe . . . .238.1 4.3 361.0 215.6
NationaI Express . . .226.4 3.4 270.2 201.6
Rank Group . . . . . . . .127.0 0.3 153.7 109.5
Restaurant Group . . .293.0 -4.9 335.0 254.9
Stagecoach Group . .269.5 -2.3 275.0 200.0
TUI TraveI . . . . . . . . . .169.5 3.7 271.9 136.7
Whitbread . . . . . . . .1598.0 34.0 1887.0 1409.0
WiIIiamHiII . . . . . . . . .202.6 -0.2 244.1 168.6
Abcam . . . . . . . . . . . .370.5 5.5 460.0 307.0
Advanced MedicaI . . .94.0 2.0 96.0 64.8
AIbemarIe & Bond . .333.0 1.5 400.1 272.0
Amerisur Resource . .16.8 0.0 29.0 9.5
Andor TechnoIogy . .603.0 8.0 685.0 387.1
ArchipeIago Resou . . .68.3 -0.9 79.0 55.5
ASOS . . . . . . . . . . . .1330.0 94.0 2468.0 1142.0
AureIian OiI & Ga . . . .17.0 0.3 92.0 16.0
Avanti Communicat .301.5 11.5 678.0 248.5
BIinkx . . . . . . . . . . . . . .73.8 -2.8 158.0 50.5
Borders & Souther . . .67.5 4.0 72.3 43.5
BowLeven . . . . . . . . . .70.0 2.8 398.0 62.0
Brooks MacdonaId 1075.0 -15.5 1372.5 940.0
Cove Energy . . . . . . .113.5 -2.5 119.5 61.0
Daisy Group . . . . . . .100.0 4.5 127.0 88.0
EMIS Group . . . . . . . .497.5 -5.0 580.0 416.0
Encore OiI . . . . . . . . . .75.0 1.0 151.5 40.8
Faroe PetroIeum . . . .159.0 4.0 218.3 130.0
GuIfsands PetroIe . . .185.0 0.0 401.5 142.5
GWPharmaceuticaI . .86.8 -0.9 130.0 78.5
H&T Group . . . . . . . . .319.9 -1.1 395.0 277.0
Hamworthy . . . . . . . .823.0 -2.0 833.5 406.3
Hargreaves Servic .1094.0 9.0 1180.0 814.5
HeaIthcare Locums . . . .3.3 0.2 3.5 2.9
Immunodiagnostic . .445.0 -15.0 1218.0 425.3
ImpeIIamGroup . . . .267.5 -0.5 387.5 180.5
James HaIstead . . . . .429.0 -6.0 495.0 368.3
KaIahari MineraIs . . .242.5 1.0 301.0 198.3
London Mining . . . . .305.0 8.5 436.5 278.5
Lupus CapitaI . . . . . .113.0 1.0 150.0 86.0
M. P. Evans Group . .435.0 0.0 499.0 371.0
Majestic Wine . . . . . .329.0 4.0 510.0 318.3
May Gurney Integr . .285.0 3.6 302.0 234.0
Monitise . . . . . . . . . . . .29.8 -0.3 40.0 18.5
MuIberry Group . . . .1500.0 24.0 1920.0 902.5
Nanoco Group . . . . . . .55.0 3.5 103.0 38.0
NauticaI PetroIeu . . .257.8 1.0 547.0 223.5
NichoIs . . . . . . . . . . . .530.0 -0.8 579.0 410.0
Numis Corporation . . .74.5 1.5 131.0 71.0
Pan African Resou . . .15.0 -0.3 17.0 9.5
Patagonia GoId . . . . . .48.0 5.3 70.0 37.3
Prezzo . . . . . . . . . . . . .55.0 -1.5 71.5 53.5
Pursuit Dynamics . . . .77.0 10.0 500.0 65.0
Rockhopper ExpIor .272.5 2.3 386.0 141.0
RWS HoIdings . . . . . .440.0 7.5 481.6 328.0
Songbird Estates . . .116.8 1.8 160.3 104.0
VaIiant PetroIeum . . .432.0 -7.3 672.0 400.0
Young & Co's Brew . .662.5 2.8 712.0 565.0
TaIvivaara Mining . . .255.3 27.7
Afren . . . . . . . . . . . . .103.2 20.4
CabIe & WireIess W . .18.5 13.5
Home RetaiI Group . . .94.2 13.0
EIectrocomponents .209.4 11.3
Logica . . . . . . . . . . . . .68.5 10.9
Ocado Group . . . . . . . .60.2 10.6
New WorId Resource 487.7 10.1
Kazakhmys . . . . . . .1015.0 9.5
Ferrexpo . . . . . . . . . .292.5 8.8
TeIecom PIus . . . . . . .750.0 -3.0
TeIecity Group . . . . . .629.0 -2.8
SDL . . . . . . . . . . . . . . .650.5 -2.2
Moneysupermarket.c 103.1 -1.8
Bumi . . . . . . . . . . . . . .865.0 -1.7
Bovis Homes Group .431.8 -1.7
Restaurant Group . . .293.0 -1.6
F&C Asset Manageme 64.5 -1.5
Hansteen HoIdings . . .75.5 -1.3
AngIo Pacific Grou . .273.0 -1.3
Risers FaIIers
MAIN CHANGES UK 350
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 Price Chg High Low
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Tsy 5.000 12 . . . .100.79 -0.05 105.0 100.7
Tsy 5.250 12 . . . .102.08 -0.03 106.3 102.0
Tsy 9.000 12 . . . .105.10 0.00 112.7 104.0
Tsy 4.500 13 . . . .104.88 -0.04 107.3 104.8
Tsy 2.500 13 . . . .283.35 -0.04 287.7 279.0
Tsy 8.000 13 . . . . .113.18 -0.05 118.3 113.1
Tsy 5.000 14 . . . . .112.21 -0.10 112.9 109.2
Tsy 4.750 15 . . . . .114.93 -0.20 115.4 108.6
Tsy 8.000 15 . . . .128.26 -0.20 129.2 123.7
Tsy 7.750 15 . . . .100.15 -0.31 107.3 99.8
Tsy 4.000 16 . . . . .114.05 -0.21 114.7 104.9
Tsy 2.500 16 . . . .340.89 -0.15 342.7 312.1
Tsy 8.750 17 . . . .141.10 -0.53 141.9 132.9
Tsy 1.250 17 . . . . .115.15 -0.16 115.6 106.7
Tsy 12.000 17 . . .122.36 0.00 130.7 122.3
Tsy 5.000 18 . . . .121.85 -0.30 122.4 109.7
Tsy 4.500 19 . . . .120.07 -0.30 120.6 105.4
Tsy 3.750 19 . . . . .114.96 -0.30 115.5 99.4
Tsy 2.500 20 . . . .362.60 -0.36 364.7 314.0
Tsy 4.750 20 . . . .122.88 -0.38 123.5 106.6
Tsy 8.000 21 . . . .152.50 -0.41 153.4 133.8
Tsy 4.000 22 . . . . .117.42 -0.51 118.2 99.0
Tsy 1.875 22 . . . .127.04 -0.42 128.0 111.3
Tsy 2.500 24 . . . .329.62 -0.44 332.2 275.6
Tsy 5.000 25 . . . .129.61 -0.56 130.6 107.4
Tsy 4.250 27 . . . .121.50 -0.56 122.6 97.9
Tsy 1.250 27 . . . .124.61 -0.53 125.9 104.8
Tsy 6.000 28 . . . .146.46 -0.55 147.8 119.5
Tsy 4.750 30 . . . .128.78 -0.52 130.0 103.0
Tsy 4.125 30 . . . .317.46 -0.54 321.0 262.1
Tsy 4.250 32 . . . .121.32 -0.53 122.5 96.0
Tsy 4.250 36 . . . .121.77 -0.66 123.2 95.0
Tsy 4.750 38 . . . .131.79 -0.64 133.4 102.8
Tsy 4.500 42 . . . .128.01 -0.66 129.6 98.9
% %
Lifestyle | Motoring
LISTEN OUT FOR FAKE ENGINE SOUNDS FROM KIA
If you're travelling in Korea keep an eye out for the Kia Ray EV.
Funny-looking it may be, but the car is significant because its fitted
with a virtual sound system which broadcasts the sounds of a con-
ventional petrol-engine to warn pedestrians of the cars presence, the
first time such tech has been fitted on a production EV.
CAR TALK BY RYAN BORROFF
LEXUS CONCEPT TO BE UNVEILED IN DETROIT
Lexus has released some teaser images of the new LF-LC sports
coupe it will unveil at the North American International Auto Show
(NAIAS) in Detroit next week. The clean sheet futuristic-looking
four-seater concept was created at Lexuss Californian design studio
and word is Lexus is considering building it.
GIRLS ARE DEFINITELY ALLOWED IN CUSTOM RENAULT TWINGO
As part of a marketing initiative to promote Renault's new Twingo,
Nicola Roberts from Girls Aloud has created this Twingo with her
own bespoke interior. A recording studio, coffee machine, clothes,
hair dryer and a make-up counter have all been incorporated into the
one-off city car. Thought-provoking stuff.
Tiguan shows 4x4s can be city cars
I
ts taken me years to come around to
the 4x4. I wouldnt say I was anti-SUV
its just that Ive never understood the
attraction. For a life in the country-
side, fine, go right ahead, it makes a lot of
sense. Off-road, in a Landie, Im having as
much fun as the next guy. I could even buy
into the green-laning scene, all hiking
boots and CAMRA pub stops. It would make
for some memorable days out, Im sure. But
for people who live in London, I didnt get
it.
Now the penny has dropped. Having
spent the week with Volkswagens latest
compact Tiguan, Ive converted. The key
appeal of this car is its sheer VW-DNA sim-
plicity it does what it promises in a
straight-as-a-die fashion. Its comfortable,
practical, safe and pleasing to drive. The
advantageous viewpoint afforded by high
seating long since the SUVs most entic-
ing proposition for urban owners no
longer equates to boat-like handling. On
road, this 4x4 drives well.
For a start, its an attractive motor. SUVs
arent exactly known for being show-stop-
pingly cool. And most mainstream SUVs
are let down by questionable looks. But this
new Tiguan is a handsome beast. Our
Tiguan SE BlueMotion 2.0-litre TDI test car
is delivered in an autumnal brown Ive not
seen since my Dad wore bell-bottomed
cords back in 1973. Amazingly, in this
colour the Tiguan looks more stylish than
my Dad ever did and a new grille at the
front gives it a modern look. Before this
refresh, the Tiguan spoke dull rather than
fun but this version passes the were-par-
ents-but-we-still-have-some-taste test.
The clean simplicity is continued on the
inside. The interior is pleasingly restrained;
the seats are conventional but very com-
fortable and theres lots of leg-room. The
boot is spacious and offers more than
enough room for detritus. The trim is a lit-
tle plasticky in places but the dash has an
elegant, soft-touch covering with tasteful
metal elements and the leather steering
wheel is comfortable to the touch. The feel-
ing is one of restrained and thoughtful sim-
plicity.
The layout of the Tiguans dash is almost
childlike, with big dials and buttons but
VWs new SUV is
more than an urban
tractor its a great
drive, both off-road
and in the burbs
THE VERDICT:
DESIGN hhhhi
PERFORMANCE hhhhi
PRACTICALITY hhhhi
VALUE FOR MONEY hhhhi
THE FACTS: VW TIGUAN
PRICE: 25,645
0-62MPH: 10.2secs
TOP SPEED: 116mph
CO2 G/KM: 150g/km
MPG COMBINED: 48.7mpg
the information is delivered in an intuitive
and intelligent way. The set-up might be
designed with the luddite in mind but it
means that its also enjoyably straightfor-
ward. Volkswagen carries this approach
through to the infotainment and sat nav
system too, which is very simply laid out.
VW seems to have seen through the com-
mon misconception that technology needs
to be complex and multilayered in order to
be of value. On the contrary, were inundat-
ed with data on a second-by-second basis
these days, so an information system that
cuts to the chase comes as a welcome relief.
Docking your phone with the Bluetooth
is a cinch, so you wont have to sheepishly
request that your seven-year-old set it up,
either. This all makes the car safer and less
stressful to drive. After all, its a car youre
driving, not a submarine.
Theres a relaxed and easy feel to the
driving, too. Steering is communicative
and the Tiguan offers a refined ride. At
80mph, with the cruise control on, theres
no road noise, and little tyre or wind noise.
ability. Overall the feeling is one of quiet
satisfaction that youre driving a very com-
plete, very capable and extremely well-built
4x4. The new Tiguan is good right across
the board and comes highly recommend-
ed. As an all-rounder for a young family its
a very enticing proposition.
WORDS BY
RYAN BORROFF
21
On country roads the Tiguan feels surpris-
ingly agile, with little body roll making it
very well-mannered for a car of this size.
The 140PS 2.0-litre TDI engine is responsive
and progress feels quick, comfortable and
efficient and fuel economy and emissions
are improved to the point of fiscal accept-
The Tiguan came in
the same colour as my
dads bell-bottoms
from the 70s and it
still managed to look
cool.
Correction: The Russell Norman pictured on the front page of yesterdays City A.M. was not the London restaurateur, as intended, but New Zealand politician Russel Norman. We apologise.
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COUNTRYFILE
BBC1, 8PM
Exploring the farming seasons through
the programmes archives, featuring
sheep farming in Snowdonia and
potato picking in Jersey.
EMMERDALE
ITV1, 7PM
Cain stops Aaron when he lunges at
Jai, who leaves the pub. After going to
see Declan, he confronts Cain, kicking
one of his crutches away.
ONE BORN EVERY MINUTE
CHANNEL 4, 9PM
New series. Fly-on-the-wall
documentary observing the lives of
staff and patients on a busy maternity
ward in Leeds.
BBC1
SKY SPORTS 1
7pmSky Sports News at Seven
7.30pmLive Football Special
10.30pmYoure on Sky Sports!
11.25pm-6amLive Test Cricket
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Footballs Greatest 2amFIFA
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Weekly 9pmTrans World Sport
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12amNFL: Total Access 1amMax
Power 2amExtreme Carp
2.30am-3amFIBA Basketball
BRITISH EUROSPORT
6.50pmEquestrian 8.50pmRiders
Club 8.55pmGolf Club 9pmYacht
Club 9.05pmWednesday Selection
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WATTS 10pmDakar Rally 11pm
Motorcycling 11.40pm-12.30am
Dakar Rally
ESPN
6.45pmPremier League World
7.15pmGoal Show7.45pmESPN
Kicks: Extra 8pmFIA GT1 World
Championship Review10pm
Snowboard FIS World Cup
Magazine 10.30pmFA Cup Preview
Show11pmPremier League World
11.30pmPress Pass 2012 12am
ESPN Kicks: Scottish Premier
League 12.15amESPN Kicks: Extra
12.30amLive NBA Basketball 3am
FIS Alpine Ski World Cup Report
3.30amSnowboard FIS World Cup
Magazine 4amFA Cup Preview
Show4.30amPress Pass 2012
5amSerie A Rivals 5.30am-6am
Goal Show
SKY LIVING
7pmCriminal Minds 8pmFat and
Proud 9pmBigger Than Beyonce
10pmCriminal Minds 11pmBones
12amCSI: Crime Scene
Investigation 1.50amMaury
3.30amBones 4.20amNothing to
Declare 5.10am-6amJerry
Springer
BBC THREE
7pmWallace & Gromit: A Grand
Day Out 7.30pmFILMWALL.E
2008. 9pmLive at the Apollo
10pmRussell Howards Good News
11.05pmFamily Guy 11.50pm
American Dad! 12.35amLittle
Britain 1.05amLive at the Apollo
1.35amLee Nelsons Well Good
Show2.05amLive at the Apollo
2.35amRussell Howards Good
News 3.05amEdinburgh Comedy
Fest Live 2011 4.05am-5.05am
Being Human
E4
7pmHollyoaks 7.35pmHow I
Met Your Mother 8pmCharlies
Angels 9pmBig Fat Quiz of the
Year 2011 11.10pmRhod Gilbert
and the Award-Winning Mince Pie
12.10amThe Big Bang Theory
1.05amHow I Met Your Mother
1.35amScrubs 2.20amRhod
Gilbert and the Award-Winning
Mince Pie 3.15amGreek 3.55am
Wildfire 4.40am-6amSwitched
HISTORY
7pmStorage Wars 7.30pmPawn
Stars 8pmMonster Moves 9pm
Lost JFK Tapes: The Assassination
10pmMounted in Alaska 11pm
Swamp People 12amMonster
Moves 1amMounted in Alaska 2am
Swamp People 3amHeir Hunters
4amAmerica: The Story of the US
5am-6amAmerican Pickers
DISCOVERY
7pmMythbusters 8pm2012
Apocalypse 9pmAmerican
Chopper: Senior Versus Junior
10pmInside the Aryan
Brotherhood 11pmDeadliest Catch
12amBear Grylls: Born Survivor
1amAmerican Chopper: Senior
Versus Junior 2amInside the Aryan
Brotherhood 3amWheeler Dealers
3.50amMythbusters 4.40am
Mark Williams on the Rails
5.30am-6amDestroyed in Seconds
DISCOVERY HOME &
HEALTH
7pm19 Kids and Counting 8pm
Sextuplets and Twins: One Year
Later 9pmTrauma Team10pm
Medics 11pmUntold Stories of the
ER 12amTrauma Team1amMedics
2amUntold Stories of the ER 3am
19 Kids and Counting 4amA Baby
Story 5am-6amBringing Home
Baby
SKY1
8pmEmergency with Angela
Griffin 9pmBrit Cops: War on
Crime 10pmRoad Wars 11pm
Ross Kemp Back on the Frontline
12amSpartacus: Blood and Sand
1.10amDog the Bounty Hunter
2.10amNight Cops 3.05am
Deadwood 4amVinnie Jones
Excellent Adventure 4.50amBite
Size Brainiac 5.10am-6amDont
Forget the Lyrics
BBC2 ITV1 CHANNEL4 CHANNEL5
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TVPICK
6pmBBC News 6.30pmBBC
London News 7pmCelebrity
Mastermind 7.30pmFake Britain.
A raid on a house selling counterfeit
fashion items: BBC News: Regional
News 8pmCHOICE Countryfile:
Weather for the Week Ahead 9pm
Public Enemies 10pmBBC News
10.25pmRegional News 10.35pm
The National Lottery Wednesday
Night Draws 10.45pmMatch of the
Day: National Lottery Update
11.45pmFILMTombstone: 1993.
1.45amWeatherview1.50amSign
Zone: Worlds Most Dangerous
Roads 2.50amSign Zone: Bibles
Buried Secrets 3.50amSign Zone:
MasterChef: The Professionals
4.50am-6amBBC News
6pmEggheads
6.30pmGreat British Railway
Journeys
7pmHairy Bikers Best of
British.
8pmNatures Weirdest Events:
Part two of two. The disap-
pearance of a lake in Florida.
9pmKing George and Queen
Mary: The Royals Who Rescued
the Monarchy
10.30pmNewsnight: Weather
11.20pmThree Men Go to
New England
12.20amAn Island Parish
12.50amBBC News
4.10am-6amClose
6pmLondon Tonight
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Fill the grid so that each block
adds up to the total in the box
above or to the left of it.
You can only use the digits 1-9
and you must not use the
same digit twice in a block.
The same digit may occur
more than once in a row or
column, but it must be in a
separate block.
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Copyright Puzzle Press Ltd, www.puzzlepress.co.uk
KAKURO
QUICK CROSSWORD
LAST ISSUES
SOLUTIONS
KAKURO
WORDWHEEL
Using only the letters in the Wordwheel, you have
ten minutes to nd as many words as possible,
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters
or more, all must contain the central letter and
letters can only be used once in every word. There
is at least one nine-letter word in the wheel.
SUDOKU
Place the numbers from 1 to 9 in each empty cell so that each
row, each column and each 3x3 block contains all the numbers
from 1 to 9 to solve this tricky Sudoku puzzle.
SUDOKU
QUICK CROSSWORD
ACROSS
1 Fragrant oily resin
used in perfumes (6)
6 Heart condition
marked by chest
pain (6)
7 Bird house (6)
10 Betrayal of trust (9)
12 Form of theological
rationalism (5)
13 US musician and
record producer,
former husband of
Tina Turner (3)
15 Cook in an oven (5)
18 Measure or
standard used for
comparison (9)
20 Agree (6)
21 Travelling show (6)
22 Martial art (6)
DOWN
1 Committee having
supervisory powers (5)
2 Marks left by old
wounds (5)
3 Ancient South American
civilisation (4)
4 Fully alert and
watchful (4,5)
5 One of a class of
woodland deities (5)
8 Planned route or
journey (9)
9 Failing in what
duty requires (6)
11 Priest or religious
leader (6)
14 Kill without legal
sanction (5)
16 Arise (5)
17 Particular items (5)
19 Chore (4)
T
I
N
G
E H
R
O
V

4
4

4

S T A L L S N J
C N A M U S E D
R A T E V R W
E H R E F E R E E
E N E M Y Y L
N M E A S L E S U
A N A V I A N
I N S T E A D M I
N I L B O S S
C O Y O T E N O
Y N C A N Y O N
5 2 1 8 3 9
8 4 7 6 9 4 1 2
2 1 5 3 1 2
9 3 6 8 9 8 9
2 5 1 6 7 8 4 3
4 3 5 1
9 8 1 2 3 6 4 5
7 6 4 2 8 9 5
9 8 7 6 7 1
9 7 5 1 4 2 6 3
2 3 1 9 7 8
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter word was
FILTERING
Lifestyle | TV&Games
CITYA.M. 4 JANUARY 2012 22
ENGLANDS interim head coach
Stuart Lancaster received a boost yes-
terday with the news that
Northampton lock Courtney Lawes is
expected to have recovered in time for
the start of next months Six Nations.
Lawes damaged his knee in
Northamptons Premiership win at
Newcastle on New Years Eve, but
Saints boss Jim Mallinder revealed
the injury suffered by the lineout spe-
cialist is unlikely to rule him out for
anything more than a few weeks.
I think hell be out for a few
weeks. Its not a serious one but its
really disappointing for him. We need
to look after him and hopefully he
can come back fit and raring to go,
said Mallinder.
Lawes, who proved a key compo-
nent in Englands Six Nations win-
ning side last year, is among a clutch
of youngsters around who Mallinder
is expected to sculpt his team follow-
ing the international retirements of
former skipper Lewis Moody and
World Cup winning fly-half Jonny
Wilkinson.
England begin their Six Nations
defence on 4 February with a testing
trip to Murrayfield to face Scotland,
followed by a visit to Rome a week
later where they will take on Italy.
TOTTENHAM manager Harry
Redknapp insists he has no plans to
delve into the transfer market despite
losing three more players to injury as
Jermain Defoes strike kept them
breathing down the necks of the
Premier Leagues top two.
Defoes nimble second-half goal
moved Spurs to within three points of
second-placed Manchester United,
who play tonight, and lifted them
five clear of fourth-placed Chelsea
with a game in hand.
An attritional victory over a robust
West Brom side came at a cost, howev-
er, with calf injuries condemning
William Gallas and Sandro to pro-
longed spells on the sidelines and
substitute Jake Livermore departing
with a mouth wound.
It leaves Spurs short in centre mid-
field, where Scott Parker remains
sidelined, and centre-back, where
Gallas joins Ledley King in the treat-
ment room, yet Redknapp dampened
talk of signing reinforcements in the
January transfer window.
I havent thought about it, he
said. To be honest I havent really got
any targets. You think youre ok, but
then you get a couple of knocks and it
all changes. Theres nobody I could be
saying to the chairman: Weve got to
get this fella in.
Spurs, missing Parker and right-
winger Aaron Lennon, lacked fluency
in the first half and had only Rafael
Van der Vaarts snapshot, tipped over
by Ben Foster, to show from a tepid
opening 45 minutes.
The loss of Sandro after half an
hour did not aid their plight, but they
looked sharper straight after the
break, when Defoe volleyed over and
then backheeled just wide.
Tottenham finally made their supe-
rior possession count in the 63rd
minute, Gareth Bale driving the ball
back into the heart of the penalty
area, where Defoe swivelled amid a
crowd of defenders and shot low into
the bottom right corner.
Spurs survived a couple of late
scares with Somen Choyis rising
drive forcing Brad Friedel to tip over
and Bale also cleared off the line fol-
lowing an inswinging corner.
FORMER England captain David
Beckham looks set to extend his stay
with MLS side LA Galaxy after Paris
Saint Germain chiefs yesterday admit-
ted defeat in their attempts to lure
him back to Europe.
The 36-year-old had emerged as a
potential marquee signing for the
French club, recently acquired by the
Qatar Investment Authority, after his
contract with the Galaxy expired
following last seasons MLS
championship success.
PSG sporting director
Leonardo confirmed the
deal to bring Beckham
(right), who is determined
to prove his fitness
ahead of Julys
Olympic football
tournament, to the
French capital is
dead with the player
now expected to sign a new
contract that will keep him
California.
Its over, said
Leonardo, who helped
bring former Chelsea
boss Carlo Ancelotti to
the club last week.
Its a shame. But the
welfare of his family,
and the wish not to
change everything in
his life, weighed heavily.
Saints expect Lawes to
be fit for Six Nations
BRITAINs Andy Murray insists he will
be fit for this months Australian
Open despite struggling with injury
as he laboured to victory in his first
match of 2012.
Murray lost the first set to Mikhail
Kukushkin and needed more than
two hours to complete a 5-7, 6-3, 6-2
comeback win over the world No91 at
the Brisbane International.
Perhaps more worryingly, the Scot
called for medical assistance twice in
the first set due to pains in his knee,
despite wearing heavy strapping.
But he said: Ive had a few little
niggles over the past couple of weeks
but theyll be gone by the Australian
Open.
I just need to play through them
now and hopefully feel better. Ive
always turned up for the first few
matches a bit sore, so its nothing to
worry about.
Murrays mobility problems raise
concerns ahead of the first grand
slam of the season, which begins in
Melbourne on 16 January. The world
No4, who faces Gilles Muller of
Luxembourg today in Brisbane, has
reached the final on his last two visits
to the Australian Open, and last week
bolstered his back-room team by sign-
ing up Ivan Lendl as coach.
Murray shrugs off injury
fears with Brisbane win
BY FRANK DALLERES AT WHITE HART LANE
FOOTBALL
1
0
TOTTENHAM
WEST BROM
Defoe struck the winner in the 63rd minute Picture: ACTION IMAGES
Results
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email sport@cityam.com
SPORT | IN BRIEF
Rangers appeal Barton red card
FOOTBALL: QPR have confirmed they
will appeal the red card their captain
Joey Barton received in Mondays 2-1
defeat against Norwich. Barton was
given his marching orders for an off-the-
ball incident involving Canaries midfielder
Bradley Johnson. After the match Barton
and his manager Neil Warnock suggested
referee Neil Swarbrick and his assistant
had been conned by Johnsons reaction
to Bartons challenge.
Sunderland increase Wigan woe
FOOTBALL: Sunderland climbed into the
top half of the Premier League table
after a 4-1 win at struggling Wigan last
night. Craig Gardner struck Sunderlands
first with a 30-yard free-kick and James
McClean nodded in a close-range second,
his first goal for the club. Hugo Rodellega
reduced the deficit but late goals from
Stephane Sessegnon and David Vaughan
secured a fourth win in six games since
Martin ONeill was appointed manager in
place of Steve Bruce.
Kallis marks landmark with ton
CRICKET: South Africa all-rounder
Jacques Kallis marked his 150th Test by
joining the elite band of players to have
made centuries against every Test-play-
ing nation. The Proteas were put in to bat
in the series-deciding third Test in Cape
Town and a stand of 205 between Kallis,
who finished the day 159 not out, and
Alviro Petersen led them to 347-3 by the
close of play.
Queens Club to host tour finale
SQUASH: Britains James Willstrop will
appear at the ATCO World Series Finals
at Queens Club today as world No1 for
the first time in his career. The 28-year-
old will compete at the event, which runs
until Sunday, along with fellow Brit, and
the man he usurped at the head of the
sport, Nick Matthew.
Sport
l Aston Villa have completed the sign-
ing of left-back Enda Stevens from
Shamrock Rovers for an undisclosed fee.
l Wolves midfielder Karl Henry is ready
to stay and fight for his place despite
rumoured interest from QPR, who have
allowed loanee Jason Puncheon to return
to Southampton.
l Joint Championship leaders West
Ham have seen a bid for Reading winger
Jimmy Kebe rejected.
l Former England boss Steve McClaren
is expected to rejoin FC Twente.
WHEELER DEALER | TRANSFER NEWS
BY JAMES GOLDMAN
FOOTBALL
BY FRANK DALLERES
TENNIS
BY JAMES GOLDMAN
RUGBY UNION
Deadly Defoe
keeps Spurs
in title hunt
PSG say Beckham deal is dead
Terry fumes at use of image
on Indian cigarette packets
CHELSEA and England captain John
Terry has become embroiled in anoth-
er legal row this time over use of his
image in Indian anti-smoking propa-
ganda.
Terry is considering suing after
what appears to be his likeness was
given smoke-damaged lungs and plas-
tered on packets of cigarettes (right)
on the subcontinent.
The image resembling the 31-year-
old defender appears on boxes of Gold
Flake cigarettes and was approved for
use by the Indian government.
A spokesman for Terry said: Its
been brought to our attention that an
image of our client has been
used on some cigarette packag-
ing without our consent or
knowledge. Weve now
instructed our legal team to
investigate this matter.
The apparent unauthorised
use of Terrys image on tobac-
co packaging threatens to
embarrass Indian govern-
ment officials. KS Dhatwalia,
of the Directorate of Visual
Publicity, said: We sent the
creative to the health ministry and
they then cleared it and circulated it.
But how Terrys picture got to be used
is not clear.
It comes as Terry fights
an ongoing legal battle
against claims he racially
insulted QPR defender
Anton Ferdinand in a
Premier League fixture in
October. He was charged
with a racially aggravated
public order offence last
month and is due in court
next month. He has strenu-
ously denied the allegations.
EPSOM Downs will today begin repair
work on its 38m Duchess Stand after
the racecourse was damaged by the
storm-force winds that battered
Britain yesterday.
Large amounts of insulation
escaped after gusts that reached
100mph in some areas of the country
dislodged part of the roof of the
stand, which only opened in 2009.
The Surrey venue had to be evacu-
ated for safety reasons but will reopen
this morning, when technicians are
due to begin the clean-up operation.
A statement read: Following
severe weather conditions and turbu-
lent winds at Epsom Downs
Racecourse this morning, the
Duchess Stand roof has been dam-
aged. There were no injuries but as a
result and after liaising with the
emergency services, the racecourse
has been evacuated and all non-essen-
tial members of staff sent home. The
emergency services are on site and
are monitoring the situation.
No races are scheduled until April
and any other events will be moved to
the Queens Stand if necessary while
repairs continue.
It came as organisers at Ayr race-
course were forced to abandon yester-
days meeting, after damaged trees
caused accessibility problems.
HORSE RACING
Epsom roof damaged as

100mph gusts batter UK
Sport
DEFOE STRIKE KEEPS
SPURS IN THE HUNT
BUT INJURIES MOUNT
FOR REDKNAPP: P23
BY FRANK DALLERES
FOOTBALL
CITY SLICKERS
TALKING POINT
Though City appear to be over their mini
blip, it will be interesting to note how they
cope without midfield powerhouse Yaya
Toure, now bound for the African Cup of
Nations. For Liverpool, with Luis Suarez out
until mid February, it really is a case of now
or never for 35m misfit Andy Carroll.
GAME STATS
MAN CITY 3 - 0 LIVERPOOL
8 ATTEMPTS ON TARGET 10
2 ATTEMPTS OFF TARGET 8
5 CORNERS 6
36% POSSESSION 64%
2 YELLOW CARDS 1
1 RED CARDS 0
0 OFFSIDES 0
DUGOUT VIEW
If you want to be a successful team,
and they are one, you have got to be clin-
ical. Weve got to get that into our make-
up. Its a lesson learned for us. We have
to take it on the chin and make sure we
dont repeat it
Liverpool boss Kenny Dalglish
MATCH ANALYSIS
BY JAMES GOLDMAN
Mancinis men put Sunderland defeat behind them
with comprehensive win that moves them three
points clear of clear of title rivals Man United
MANCHESTER CITY manager Roberto
Mancini last night hailed a signifi-
cant win in his sides pursuit of the
Premier League title following a com-
prehensive victory over Liverpool at
Etihad Stadium.
Sergio Agueros 16th goal of the
season, a dipping 25-yard drive which
squirmed under the body of Pepe
Reina, put City ahead in the 10th
minute and Yaya Toures header dou-
bled the lead when he beat Glen
Johnson to David Silvas near post cor-
ner.
The possibility of a Liverpool come-
back was enhanced when Gareth
Barry was sent off for a second book-
able offence. But when Martin Skrtel
ended Toures 50-yard surge into the
penalty area with a clumsy tackle just
two minutes later, James Milner
emphatically accepted the invitation
to seal three valuable points from 12
yards with a quarter of an hour
remaining.
Having collected just one point
from their festive fixtures before last
night, Mancini admitted it was vital
his side returned to winning ways
just 48 hours after slipping to an
injury-time defeat at Sunderland.
This was a very important win,
said Mancini, whose side moved three
points clear of Manchester United,
who face a tough fixture at Newcastle
tonight. It was a difficult game
because Liverpool is a fantastic team
and also because Liverpool played
four days ago and we played two days
ago. This was terrible for us.
It was a great response, the result
against Sunderland was crazy. We
deserved to win 3-0 that game, so I am
pleased we responded so well after
that setback.
Liverpool, minus Luis Suarez, who
was serving the first match of an
eight-game ban handed down after he
was found guilty by the Football
Association of racially abusing
Manchester Uniteds Patrice Evra,
dominated possession but were less
than efficient in attack.
For City, Vincent Kompany was
again outstanding at the back, while
Toure, playing his last game before
departing for the African Cup of
Nations, was by some distance the
most impressive midfielder on show.
I try to find another Yaya in the
squad but there isnt one. He is very
important to the team and he is a big
influence on the side, so we will miss
him, added Mancini.
BY JAMES GOLDMAN
FOOTBALL
3
0
MANCHESTER CITY
LIVERPOOL
Man City 20 15 3 2 56 16 48
Man United 19 14 3 2 49 17 45
Tottenham 19 13 3 3 36 20 42
Chelsea 20 11 4 5 39 25 37
Arsenal 20 11 3 6 36 28 36
Liverpool 20 9 7 4 24 18 34
TOP SIX
TEAM PLD W D L F A PTS
Liverpool opt not to
appeal Suarezs ban
LIVERPOOL will not appeal the eight-game
ban handed to Luis Suarez for racially abus-
ing Manchester Uniteds Patrice Evra. The
club issued a statement last night in which
they again took issue with the FAs verdict,
while the player himself said he would
carry out the suspension with the resigna-
tion of someone who has done nothing
wrong. The ban kicked in last night and is
likely to end before 11 February when
Liverpool face United at Old Trafford.

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