# FOUNDER OF PAYPAL TALKS TO CITY A.M.

BUSINESS WITH PERSONALITY
ISSUE 2,248 MONDAY 3 NOVEMBER 2014
FOUNDER OF
PAYPAL
TALKS TO
CITY A.M.
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cityam.com
BEST OF
BRITISH:
LEWIS
BREAKS
UK RECORD
See Page 29
POLITICIANS NOT
TRUSTED TO BUILD
THE UKвЂ™S FUTURE
SOUTHERN SPAIN
GUIDE TO A
SUNSHINE
GETAWAY
IN THE MED
SPECIAL SUPPLEMENT
in English
A SUR IN ENGLISH SUPPLE
MENT
NOVEMBER 2014
Southern Spain
Everything you ever wanted
from a holiday destination
as more of a hindrance than a help
when it comes to improving the UKвЂ™s
infrastructure, with the vast majority
wanting power to be transferred to an
independent commission.
Two separate surveys published this
slamming Westminster over the state
of BritainвЂ™s transport and energy capacities. A poll by the Confederation of
British Industry (CBI) shows that over
infrastructure to worsen over the next
five years, while 57 per cent predict
that transport will decline.
The CBI figures reveal that 71 per cent
of infrastructure providers see political
uncertainty due to the electoral cycle
as significantly discouraging investment, while 97 per cent see it as at least
somewhat discouraging.
As a result, 89 per cent of firms want
to see the creation of an independent
infrastructure body that would be less
according to the CBI.
Meanwhile a separate report published today by manufacturersвЂ™ organisation EEF also backs the creation of a
permanent UK infrastructure authority.
concern that the quality of business
critical infrastructure is declining
rather than improving, with the
deterioration of the road network of
Plans to build a tunnel
under Stonehenge to
relieve the A303
bottleneck are under
consideration
particular concern,вЂќ said EEF chief
executive Terry Scuoler.
EEF wants the government to
well as bringing forward delayed road
A303 past Stonehenge and the A1
stretching from London to Edinburgh.
The CBI found that 96 per cent of
firms believe political uncertainty is
discouraging investment, while 93 per
cent identify political rhetoric as a
problem, damaging confidence.
вЂњReversing decades of under-investment in our national infrastructure is
at the heart of the governmentвЂ™s longterm economic plan,вЂќ said a Treasury
spokesperson.
FTSE 100 s6,546.47 +82.92 S&P 500 s2,018.05 +23.4 DOW s17,390.52 +195.10 NASDAQ s 4,630.74 +64.60 ВЈ/$в–ј1.600 unc ВЈ/в‚¬ s1.277 +0.009 в‚¬/$ в–ј1.253 -0.008
MONDAY 3 NOVEMBER 2014
NEWS
2
To contact the newsdesk email [email protected]
TODAYвЂ™S COMMENT: US elections, Remembrance Sunday, Abenomics and Lord HillвЂ™s new role See Forum pages 22-23
The only way is Oyster, as Essex
commuters tap in with new tech
BY GABRIELLA GRIFFITH
THOUSANDS of commuters based
in Essex will benefit from Oysterstyle travel cards on trains from
today.
The c2c Smart card will allow c2c
season ticket holders to вЂњtap and
go,вЂќ for journeys into LondonвЂ™s
Fenchurch Street, as well as
outside the capital, speeding up
the commuting process and
making season tickets more secure.
It is part of the governmentвЂ™s
push to introduce smart tickets for
all train operators in London and
the south east.
Thousands of people commute into the City from
Essex via Fenchurch Street station every day
Darling to step
down as MP at
2015 election
BY GUY BENTLEY
LABOUR veteran and former
chancellor Alistair Darling last
night announced he is standing
down as an MP at the next election.
Together campaign against
Scottish independence, gaining
victory in SeptemberвЂ™s
referendum.
Last night Darling threw his
support for the Scottish Labour
вЂњJim has the enthusiasm, the
energy and above all heвЂ™s a fighter.
For too long we have sat back
when we needed to fight,вЂќ Darling
told the Financial Times.
that the Labour party had not used
the 10 point win in the Scottish
independence referendum to
renew itself in time for the general
election.
And Darling hinted
he could campaign
in future for the
UK to remain in
the EU.
в–І
в–І
JIM MURPHY:
Page 5
Darling was
chancellor
through the
credit crunch
popular on local journeys, with
over 1,000 journeys made using the
cards last week. It will be rolled
out to daily tickets in the next few
months.
вЂњSmart ticketing goes a long way
in giving passengers a better
experience, providing greater
choice and security and making it
easier to get around,вЂќ rail minister
Baroness Kramer said.
вЂњThe government and the
industry are working hard
together to build a more efficient
public transport network.вЂќ
Meanwhile, some of BritainвЂ™s
Monte dei Paschi plans to
sell units and raise capital
BY TIM WALLACE
TROUBLED Italian Bank Monte dei
Paschi plans to tap capital markets to
plug its в‚¬2.1bn (ВЈ1.6bn) capital hole,
the worldвЂ™s oldest lender said last
night.
The bank is also considering selling
some business units to bolster its position further.
Monte dei Paschi was the worst performer in the European Central
BankвЂ™s stress tests, which identified
the capital hole. If the economy worsens and bad debts rise, the bank
would be left with a dangerously
small capital buffer, the tests found.
Banks which failed the tests a week
ago were given two weeks to unveil a
plan to fill the hole.
If the plans are approved by regulators, the banks will get six months to
plug any urgent gaps, and another
three months to get back on track to
get their overall buffers on the right
track.
вЂњCurrently, the remedial actions
being evaluated envisage the coverage
of the entire capital shortfall through
a capital increase,вЂќ Monte dei Paschi
said in a statement last night.
вЂњThe capital plan also envisages
other non-dilutive and non interest
bearing measures for the bank вЂ“
including disposals of selected financial assets вЂ“ in order to further
biggest bus operators today
announced plans to launch Oysterstyle smart ticketing across
EnglandвЂ™s largest city regions,
including Manchester, Tyne and
Wear, Merseyside, Yorkshire,
Nottingham, Leicester and Bristol.
The move is the result of a
pledge between companies such as
and National Express, who have all
been liaising with the Department
of Transport.
Smart ticketing plans are part of
a longer-term commitment by bus
operators to deliver further
benefits for passengers.
IN BRIEF
Lisbon Treaty could cost ВЈ18.3bn
n The regulatory burden brought in under
the Lisbon Treaty could have cost UK
Britain, a group campaigning for EU reform,
today said the annual cost is ВЈ5.9bn. Car
manufacturers have faced particularly high
costs with extra red tape on emission
standards and a swathe of detailed and
prescriptive rules on standards that motor
vehicles and trailers have to meet before
Brits more prosperous than French
n Britain is the 13th most prosperous
nation, according to a study from the
Legatum Institute which puts the UK ahead
of Germany and France. The report looked
at indicators including the economy, health
and education. Norway came top, with
Switzerland in second place and New
Zealand in third. Britain climbed three
places on the year, driven by a rise in the
proportion of people who believe they are
free to choose the course of their lives.
Ethnic mix on boards promoted
Monte dei Paschi is the worldвЂ™s oldest bank and fared worst in the EUвЂ™s stress tests last week
improve on the bankвЂ™s capital
position, which has already passed the
asset quality review exercise.вЂќ
The capital plan also rules out converting the government bail out funds
into shares, as that would mean the
part-nationalisation of the bank.
And the lender has also ruled out
taking any more funds from the
Italian state.
It may prove a difficult time to raise
funds вЂ“ stock markets were buoyant
earlier this year when Monte dei
Paschi raised в‚¬5bn from investors, but
since then conditions have worsened,
as has the outlook for the Italian economy.
After the bank failed the stress tests
its shares tanked as investors fled the
bank. Its shares peaked at в‚¬2.73 in July,
but have since collapsed to just в‚¬0.61
at closing time on Friday.
n Businesses will be encouraged to increase
the ethnic diversity of their boards under an
initiative this month from business secretary
Vince Cable. He wants 20 per cent of
positions to be held by minority directors by
2020. вЂњSkills, business expertise and the
climate for progress all need to be doggedly
improved across the whole community,вЂќ
said the Institute of DirectorsвЂ™ Simon Walker.
вЂњA well-developed pipeline of diverse talent,
in all its forms, is the only lasting solution.вЂќ
WHAT THE OTHER PAPERS SAY THIS MORNING
IHS in $2bn African fundraising round Merkel warns Cameron over EU freedom of movement Angela Merkel, the German Chancellor, is reported to have warned the UK Prime Minister that she is prepared to consider a British exit from the EU if there is a move to change the rules on freedom of movement. According to the news magazine Der Spiegel, Merkel fears that Cameron is leading the UK to the вЂњpoint of no returnвЂќ. She is said to have made clear to him that any attempt to restrict immigration from fellow member states will result in Germany withdrawing support for efforts to keep Britain in the union. Der Spiegel reported that Berlin now regards a British exit as a possibility. The largest African fundraising since the start of the 2008 financial crisis shows the Ebola crisis has not deterred investor interest in the continent. Nigeria-based IHS, the telecoms infrastructure group, has raised$2.6bn in equity
and debt in one of the biggest private funding
Katara takes stake in the Savoy Hotel
MPs expenses paperwork destroyed
Publicis in talks to buy Sapient
Hong Kong takes on London IPOs
Qatar has added a significant stake in the Savoy
Hotel to its bulging collection of British assets.
Lloyds Banking Group confirmed last night that it
had sold its 50 per cent stake in the London
landmark for an undisclosed price to a joint
venture led by Katara Hospitality, controlled by
the Qatari government.
MPs accused of abusing the expenses system will
escape official investigation after the House of
Commons authorities destroyed all record of their
claims. John Bercow, the Speaker, faces
accusations he has presided over a fresh cover-up
of MPsвЂ™ expenses after tens of thousands of
pieces of paperwork were shredded.
Publicis is in talks to buy Sapient as the French
advertising giant seeks to speed up its
transformation into a digital-technology
company and bounce back from its failed attempt
to merge with Omnicom. A deal to buy Sapient,
which has a market capitalisation of around
$2.5bn, could be announced today. Hong Kong is gearing up for an end-of-year listings push with two big initial public offerings that could vault the cityвЂ™s exchange into second place globally this year from fourth. The listings of CGN Power and Dalian Wanda Commercial Properties would leave Hong Kong trailing New York, but ahead of London and Nasdaq. Carbon price floor pushing up bills Research by Nera, the economic consultancy, says chancellor George OsborneвЂ™s carbon price floor is inflating the cost of power by seven per cent and, if it remains in place, could lead to two-thirds of the UKвЂ™s coal-fired power stations being closed as commercially unviable. Diageo to swap whiskey for tequila Republicans ahead in Congress polls Diageo is poised to take full control of tequila brand Don Julio as it nears an asset-swap agreement that would see it hand over Bushmills Irish whiskey to MexicoвЂ™s Beckmann family. The latest Wall Street Journal/NBC News poll found 46 per cent of likely voters favour a Congress led by Republicans, while 45 per cent preferred Democratic control. cityam.com MONDAY 3 NOVEMBER 2014 NEWS GUY FAWKES FIREWORKS SHOWS LIGHT UP LONDONвЂ™S SKIES LONDONERS celebrated the approach of 5 November this weekend with fireworks at Alexandra Palace on Saturday and at Richmond Park last night. A fireworks barge will end the Lord MayorвЂ™s show on the Thames next Saturday. Tesco loses out to Germans in global market BY TIM WALLACE BATTERED retailer Tesco is losing market share on the global stage as German discount chains continue to steal ground from the British giant, researchers at Euromonitor International said today. Tesco has now been bumped from fourth-largest retail chain in the world into fifth place by German value group Schwarz Beteiligungs. Its dominant position in the UK is also being eaten away by high-end supermarkets like Waitrose, and hard discounters Aldi and Lidl. The top three retailers remain Wal-Mart, Carrefour and Seven and I. TescoвЂ™s poor performance comes even as the global groceries market booms вЂ“ Euromonitor International believes the global market will grow by 5.3 per cent this year. And by 2019, the analysts expect retail sales to hit$19.6
trillion
(ВЈ12.3 trillion).
In groceries, the discounters are set
to perform most strongly, with growth
of 3.4 per cent per year over the next
five years.
In terms of online growth, clothing
will stay in the lead as the biggest seller at $360bn in 2019. But the fastest growth will come from grocers. Food and drink sales online are forecast to rocket by 18.2 a cent per year to 2019. Tesco declined to comment. The supermarket has been in trouble, with profits diving 92 per cent in its latest quarterly results. An accounting error cut ВЈ263m from its reported profits, and new boss Dave Lewis is looking to cut costs and squeeze efficiencies from the business empire. One option is selling units вЂ“ the retailer is considering floating Tesco Bank on the stock market, selling a stake which would value the lender at up to ВЈ1bn, according to the Sunday Telegraph. news muse SFQBTTJWFGVOETUIF 2" GVUVSFPGJOWFTUJOH ":&4 #/0 "nswer our daily poll at DJUZBNDPNOVUNFH for your chance to win a ВЈ1,000 Nutmeg Portfolio. Terms and conditions apply. Yesterday we asked : )PXXJMM NBSLFUTSFBDUUPUIF FOEPG2& A % - 1PTJUJWFMZ B % - NFHBUJWFMZ Ambition is... knowing where the smart money goes. From software start-ups to mobile-tech titans, 98% of the best global brands rely on ICAEW Chartered Accountants. Connect with their talent. icaew.com/ambition New chief Dave Lewis aims to turn the firm around Year-long crash investigation to push back Virgin Galactic launch BY OLIVER SMITH AN INVESTIGATION into the crash of Virgin GalacticвЂ™s SpaceShipTwo in CaliforniaвЂ™s Mojave Desert on Friday, that resulted in the death of one pilot, will take up to a year and could delay plans for the start of commercial space flights next year. Billionaire entrepreneur and GalacticвЂ™s founder Richard Branson vowed on Saturday to find out what caused the British space tourism companyвЂ™s passenger spaceship to crash during its test flight, but said he would press on with the dream of commercial space flight. The head of the US transport safety agency Christopher Hart said the full investigation into FridayвЂ™s events would take вЂњabout 12 months or soвЂќ. He said Virgin would be able to continue test flights in the meantime. Before FridayвЂ™s setback, Virgin had hoped to start taking commercial passengers into space in 2015. Virgin did not respond to a request for further comment yesterday. NO ORDINARY BUSINESS MINDS icaew.com 3 cityam.com MONDAY 3 NOVEMBER 2014 NEWS 5 Jim Murphy resigns from Labour front bench to focus on Scotland BY KATE McCANN LABOUR MP Jim Murphy has resigned his post as shadow international development secretary on Ed MilibandвЂ™s front bench team in order to focus on his campaign to become the next Labour leader in Scotland. The move follows the resignation of Johann Lamont, who quit the post last month and accused the Labour party in Westminster of neglecting its branch north of the border. Jim Murphy has launched a bid to become the next Scottish Labour party leader M&S likely to join Next and Tesco in slump BY TIM WALLACE AND OLIVER SMITH THE SLUMP in British retail is set to hit Marks and Spencer hard this week, after poor financial results from rival Next and supermarket Tesco. Weak sales figures will pile increasing pressure on chief executive Marc Bolland вЂ“ like-for-like sales have already fallen for the past 13 quarters, despite the growing economic recovery. The consensus among analysts is that Marks and Spencer will on Wednesday report a 3.7 per cent decline in like-for-like general merchandise (GM) sales and a 0.2 per cent rise in food sales during its second quarter. Such forecasts represent a substantial slowdown from the 1.5 per cent fall in GM and 1.7 per cent rise in food it reported in the first quarter. Investors are increasingly shunning the high street stalwart вЂ“ its shares currently stand at 406.7p, down from this yearвЂ™s peak of 512p in February. Official figures show hedge fund Lone Pine is vigorously shorting the firmвЂ™s shares. Lone Pine has borrowed 1.56 per cent of the retailerвЂ™s shares, the Financial Conduct Authority said, making the size of its interest on a par with the biggest 20 shareholders in the company. Major retailers have taken a beating in recent months. Next was forced to put out a profit warning last week as the firm cut its central profit guidance by three per cent. And Tesco last month reported a 92 per cent crash in profits for the third quarter. Analysts also believe Marks and Spencer is failing to make the most of the growing online market. вЂњThe waiting game continues. We believe the recent sell-off in the shares reflects the market discounting likely disappointing first half results,вЂќ said Investec in a note. вЂњWith like-for-like sales figures looking set to be negative in both business [Investec forecasts a 0.1 per cent decline in food sales] and no improvement in the M&S.com runrate likely, we donвЂ™t expect much hard evidence to support a recovery thesis yet.вЂќ Mick DavisвЂ™ X2 Resources bid for Anglo assets not yet tabled BY CAITLГЌN MORRISON A SOURCE close to private mining company X2 Resources yesterday cast doubts on reports that the firm, led by Mick Davis, had tabled a bid for some key Anglo American assets. Davis, who sold Xstrata to Glencore for$27bn (ВЈ17bn)
in 2013, set up X2
earlier this year
with the aim of
building a new
mid-tier
diversified mining and metals
group. In October, the company
revealed that it had raised almost
$5bn from a number of investors. Meanwhile, Anglo announced in June that it was looking to sell off a number of assets at a variety of sites. However, the source said reports of a bid are premature. Both Anglo American and X2 declined to comment when contacted yesterday. Former Xstrata boss and X2 Resources founder Mick Davis Murphy, the bookieвЂ™s favourite, throws his hat into the ring alongside MSPs Sarah Boyack and Neil Findlay. Findlay has already secured the backing of Unison, the biggest trade union in Scotland, delivering a blow to MurphyвЂ™s campaign before it even gets off the ground. Launching his bid on Friday, Murphy apologised to Scots, claiming Labour failed to listen to voters in previous years. MurphyвЂ™s move came as two opinion polls suggested that Labour is facing a potentially dramatic loss in support in Scotland to the SNP. Murphy, 47, is the MP for East Renfrewshire and was born in Glasgow in 1967. He was elected as a Labour MP in 1997, has a majority of over 10,000 and was secretary of state for Scotland from 2008-2010. He toured 100 Scottish towns in 100 days as part of the Scottish referendum campaign, which ended in a вЂњnoвЂќ vote. 6 Ramsay selling 50 per cent of his food empire BY OLLIE GORDON GORDON Ramsay is looking to sell a 50 per cent stake in Kavalake, the holding company for the celebrity chefвЂ™s expansive set of restaurants, which includes RamsayвЂ™s eponymous flagship eatery in Chelsea and Bread Street Kitchen in the City. Ramsay is in discussions with accountancy and business advisory firm BDO in a bid to find an investor willing to fund an expansion of the business. Market sources have indicated that a deal could value the company at up to ВЈ80m. The deal would represent a big comeback for Ramsay, who pumped millions into the business to fight off administration during the economic recession. Along with KavalakeвЂ™s managing director Stuart cityam.com MONDAY 3 NOVEMBER 2014 NEWS Gillies, Ramsay has since successfully cut costs and shut down under-performing ventures abroad. Last year, the business achieved earnings before interest, tax and other charges of ВЈ5m, from sales of approximately ВЈ45m. Ramsay and Gillies open their 12th restaurant in London вЂ“ the Heddon Street Kitchen вЂ“ in the West End on 8 November. The pair are also embarking on a new wave of overseas expansion, looking to add to an international network that includes 12 restaurants spread across Europe, the United States and the Middle East. The first new addition, soon to open in Hong Kong, will be a new Bread Street Kitchen, following on from the success of the St PaulвЂ™s-based restaurant of the same name. Gordon Ramsay wants to sell half of his restaurant empire RED BULL IN TALKS TO BUY OUT LEEDS UNITED IkeaвЂ™s UK sales reach ВЈ1.4bn after web lift BY TIM WALLACE RED BULL is planning to add Leeds United to its portfolio of sports clubs with a ВЈ40m price tag reported to be on the table. It currently owns two F1 teams, FC Salzburg, the New York Red Bulls, and several other teams. SelfridgesвЂ™ storybook ending to year includes record high profits BY JENNY FORSYTH SELFRIDGES yesterday announced record profit of ВЈ150m for last year, boosted by the launch of its international delivery service. The quintessentially English department store chain, which has just revealed its storybook themed window displays for Christmas, said sales were ВЈ1.2bn for the year to the end of January, up 10.4 per cent on the previous year. Operating profit rose 12.3 per cent to a record high. Managing director Paul Kelly said: вЂњDespite challenging trading conditions in 2014 we are accelerating our investment in multi-channel and continuing our ВЈ300m redevelopment programme of our Oxford Street store.вЂќ The company, which bought the chain 10 years ago, said sales were boosted by the launch of an international delivery service in August last year, which now serves over 60 countries including China. Other innovations included a UK click and collect service. STRONG growth in online sales and in the childrenвЂ™s department have pushed IkeaвЂ™s UK sales up 11.3 per cent to ВЈ1.4bn in the last 12 months, the Scandinavian home shop announced this weekend. Web sales expanded by 26.8 per cent on the year and now make up 10 per cent of the UK armвЂ™s sales. And in-store sales increased by five per cent on the year. Bathroom sales rose 21 per cent, bedrooms 10 per cent, childrenвЂ™s products 17 per cent and living room 11 per cent, the firm said. It is spending more time on market research, with 250 visits to local customersвЂ™ homes. вЂњOver the past year we have been focused on really understanding how our customers live at home here in the UK,вЂќ said UK boss Gillian Drakeford, pledging a ВЈ27m investment into price cuts. Ten per cent of Ikea sales are online 8 cityam.com MONDAY 3 NOVEMBER 2014 NEWS Fantasy football firm Picklive plans ВЈ10m float MORNING UPDATE Sign up to our 10:30am newsletter at cityam.com BY OLIVER SMITH Left to right: Giles Whitman, YFM Equity Partners; chairman of Springboard Tim Bittleston, chief exec Steve Booth and marketing and insights director Diane Wehrle YFM Equity Partners invests in ВЈ6m buyout of Springboard BY OLLIE GORDON YFM Equity Partners has invested ВЈ3m into the ВЈ6m management buyout of Springboard ResearchвЂ”a retail performance monitoring firm. The cash injection is aimed at allowing the Bedfordshire-based Springboard to build its business in the UK among retailers and property owners, and further expand in North America and Europe. As part of the deal, Thomas Bittleston вЂ“ former chief executive of Avery Berkel, Pennine Retail Systems and Digipos вЂ“ will become nonexecutive chairman. He joins the core management team of chief executive Steve Booth, marketing and insights director Diane Wehrle and retail director Stuart Margetts. Having led the deal, Giles Whitman, investment director at YFM Equity Partners, said: вЂњWe look forward to helping Steve and the team deliver on the increasing number of enquiries from landlords and retailers looking to improve their rental yields and sales performance.вЂќ FANTASY sports operator Picklive will announce plans this morning to raise ВЈ5m through a listing on LondonвЂ™s Alternative Investment Market (Aim) that will value the firm at ВЈ10m. PickliveвЂ™s fantasy games cover football, baseball and American football where players pick and bet on a team based on real-life players, get points based on playerвЂ™s performance and have the opportunity to win cash prizes. Unlike traditional fantasy sports, which generally run over the course of a sporting season, PickliveвЂ™s games run over single matches. The fundraise is aimed at financing PickliveвЂ™s growth and developing cricket, ice hockey and baseball games to compliment its portfolio. вЂњPicklive offers investors access to a business with an early mover advantage in the UK. In the US we have a strong partnership with Sportech, where we have recently launched our American football and baseball game,вЂќ said chief executive David Galan. вЂњWe believe that this is the opportune moment to seek a listing on Aim to accelerate the companyвЂ™s growth, drive PickliveвЂ™s highly-scalable proprietary technology platform and develop global appeal.вЂќ ZAI Corporate Finance is acting as nominated adviser and broker to Picklive. Fever-Tree float priced tonight BY OLLIE GORDON At the smaller end of the market, broking houses such as Zeus Capital, Numis and Investec are having more success with raising money. Investec is currently doing the rounds with Fever-Tree, unperturbed by market turbulence. BANKERS to the drinks mixers group Fever-Tree expect to price its stock market flotation tonight, confounding a poor market for new issues. Floating on LondonвЂ™s Aim, the City A.M. drew attention to the possible listing will see 50 per cent of the success of niche flotations, two weeks ago drinks group bought by outside buyout division of LloydвЂ™s Banking investors. The company is looking to Group вЂ“ bought a 25 per cent stake raise just ВЈ4m of new money from in Fever-Tree. the listing. Investec is acting as the sole In March last year, LDC вЂ“ the VIP TICKETS RUGBY WORLD CUP 2015 Hospitality ВЈ545 for games at Twickenham from For more information please visit: www.rugbyworldcup.com/hospitality Or call us on: 0330 900 2015 Rugby Travel & Hospitality Ltd is the exclusive provider of ofп¬Ѓcial hospitality for Rugby World Cup 2015TM В© RWC Ltd 2008. adviser on the deal. Founded in 2005 by Tim Warrillow and Charles Roth, FeverTree was initially founded to provide an upmarket tonic water to tap into the artisan gin revival. The company has since launched nine other soft drinks and has expanded into the American and Spanish markets, with 70 per cent of its profits now coming from exports. The float goes ahead despite others recently being pulled, such as Aldermore and Virgin Money. 10 cityam.com MONDAY 3 NOVEMBER 2014 NEWS Why the UKвЂ™s future is up in the air Heathrow boss John Holland-Kaye tells Kate McCann itвЂ™s time the City spoke up for airport expansion F OR MOST of us, airports are a necessary headache a couple of times a year. For others, they are the root of all evil. Which is probably why the debate over airport expansion has rumbled on for so long and become one of the most divisive in modern British politics. Somehow along the way, the worldвЂ™s busiest international airport, Heathrow, quietly hit full capacity. Now, politicians, planners and airport bosses are racing to catch up. In an economic climate where growth is the pot of gold and exports the rainbow that transports us there, politicians appear to have forgotten that we need planes to do much of the exporting. Even when plans for expansion are agreed upon, it will take 10 years for the UK to see any benefit, by which time the country will have been losing out to rival airports on the continent for decades. Given the context then, you might expect the man in charge of the campaign to win a new runway at Heathrow to be battle-weary, yet John Holland-Kaye, who took the top job in July, is anything but. The former strategy consultant, who has worked as both commercial director and development director for Heathrow, is an enthusiastic cheerleader for the airport (вЂњI love the sense of possibility you get, that you take a plane from this gate to north Africa and the next gate will take you to Singa- вЂњ We have always fought for our place in the world; the last thing we should do is give up at this point, that would be crazy. Heathrow boss John Holland-Kaye wants UK business leaders to back his airportвЂ™s bid for expansion to grow the economy and exports poreвЂќ). He is also measured in his analysis of Gatwick (arguing that the business case doesnвЂ™t stack up) and gracious in his assessment of political involvement so far. This last point despite Liberal Democrat members recently voting against any UK airport expansion. вЂњThe choice has come down to two different ways in which Britain can operate in the future, given that Heathrow is full,вЂќ he explains. вЂњThis is a debate about the kind of country we want to have вЂ“ do we want to be connected to the global economy or are we going to focus on European connections?вЂќ It is a question that has troubled successive governments, foxed even the biggest airlines (British Airways tried to expand at Gatwick twice and failed) and remains unresolved. Not to mention residents under the flightpath and climate change campaigners who want to block the plans. Yet Holland-Kaye has hope. He is encouraged by the open na- ture of the Davies commission on the future of the UKвЂ™s airports and by meetings with politicians, who he says recognise the decision can not be ducked. вЂњEither we expand Heathrow or we are going to have to accept as a country that to get to those emerging markets we will have to go through somebody elseвЂ™s country,вЂќ he says. This is not an option that will appeal to chancellor George Osborne or Prime Minister David Cameron, who are both keen for the UK to stand firmly on its own two feet. вЂњIt isnвЂ™t in our national interest to do that,вЂќ Holland-Kaye adds, вЂњover time we will lose out to the French and the Germans, who have taken the opportunity that could have been ours.вЂќ Heathrow is operating at 98 per cent capacity and has had to force some airlines wishing to add routes into London to wait over seven years. вЂњWe do 20 times more trade if we have a direct flight than if we have an indirect flight with those countries,вЂќ Holland-Kaye says, explaining that without expansion the UK will continue to miss out on inward investment, particularly from China, which will go instead to our neighbours on the continent. вЂњWe have 40 flights a week from Heathrow to mainland China, the Netherlands have the same, and we both have the same level of tourism and investment. So basically the Dutch, a country the third of the size of us, is doing just as well as we are in China,вЂќ he says, raising his eyebrows. вЂњWe have to fight for our role in the world. We need to see more business people come out and support us to make sure that when politicians are making those decisions they know theyвЂ™ve got the support of the country behind them. We need to stand up and be counted on this,вЂќ he says. Without business backing, Holland-Kaye says, that fight will be much harder to win. SOCIETE GENERALE ONE BANK 32 MILLION CLIENTS 76 COUNTRIES ONE TEAM SPIRIT SOCIETEGENERALE.COM Societe Generale is a French credit institution (bank) and an investment services provider (entitled to perform any banking activity and/or to provide any investment service under MiFID except the operation of Multilateral Trading Facilities) authorised and regulated by the French AutoritГ© de ContrГґle Prudentiel et de RГ©solution (вЂњACPRвЂќ) (the French Prudential and Resolution Control Authority) and the AutoritГ© des MarchГ©s Financiers (В«AMFВ»). This document is issued in the U.K. by the London Branch of Societe Generale, authorized in the U.K. by the Prudential Regulation Authority and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Details about the extent of our authorisation and regulation by the Prudential Regulation Authority, and regulation by the Financial Conduct Authority are available from us on request. В© 2014 Societe Generale Group and its afп¬Ѓliates. В© Societe Generale historical archives. FRED & FARID cityam.com MONDAY 3 NOVEMBER 2014 12 THECAPITALIST THREE THINGS YOU DIDNвЂ™T KNOW ABOUT... Chief executive at British Property Federation Liz Peace Peace is a massive fan of Star Trek and 1 certainly doesnвЂ™t hide the fact sheвЂ™s a Trekkie вЂ“ she has a poster of Scotty on her office wall. 2 Before she joined the MoD she worked in a chocolate factory during university holidays. She was told that she would lose the taste for chocolate after about three weeks working there, but for some reason that never happened. up to her 3 Living name, she is a fully signed up member of Greenpeace. Got A Story? Email [email protected] cityam.com/the-capitalist WHAT better way to banish those Monday blues than a. finding out itвЂ™s British Sausage Week and b. realising you can get a free sausage sandwich if youвЂ™re in the vicinity of Finsbury Square вЂ“ all you need to do is send a tweet. Sausage purveyor Debbie & AndrewвЂ™s has a pop up restaurant in the square today replete with barnyard mise-en-scene вЂ“ you just need to tweet @d_a_sausages #ideserveasausage and explain why you should be a recipient of the meaty treat. If the chef likes the cut of your tweet, youвЂ™ll get a free sarnie. EDITED BY GABRIELLA GRIFFITH Luke Johnson reveals he has a secret stalker RISK Capital Partners chairman and entrepreneur Luke Johnson looks to be paying the price of fame вЂ“ the private equity star has got himself an obsessive fan. вЂњI appear to have a stalker. She attends many of my speaking engagements and then comes up to me at the end...and says вЂ�I want you,вЂ™вЂќ he writes in Management Today magazine. SheвЂ™s also been to his office and left вЂњweirdвЂќ letters. Johnson knows who she is but has not yet tried to obtain a restraining order. But why write about it now and how long has this been going on, we wondered? вЂњI first noticed her in 2012 when I was doing a lot of live events promoting my book Start It Up,вЂќ he told The Capitalist. вЂњI wrote about her because it seemed odd and I thought it might intrigue readers.вЂќ You can say that again, on both counts. Stalkers in the City arenвЂ™t as rare as weвЂ™d like to think. Natwest/RBS has its very own stalker who sent a vial purporting to be poison to then-CEO Stephen Hester and sent Sir Philip Hampton a number of abusive messages. FTI ConsultingвЂ™s Dubai MD Marcus Pepperell also has a restraining order out on a woman who harassed him on LinkedIn. Has Johnson sought the advice of his peers? вЂњOne writer I know has suffered from some over-ardent admirers, but I havenвЂ™t really discussed it widely,вЂќ he told us. LetвЂ™s hope she gets bored of him soon. Luke Johnson has a big fan В© Robert Hardy:DONLQJWKHGRJGHWDLOH[KLELWRU To celebrate INGвЂ™s continuing association with arts charity The Discerning Eye, ING Commercial Banking has teamed up with CityAM to offer you the chance to win up to ВЈ1,000 of art. The ING Discerning Eye Exhibition showcases the work of unknown artists alongside their more established contemporaries. This year a total of 650 pieces of art, representing the work of 321 artists, KDYHEHHQVHOHFWHGE\SURPLQHQWГЂJXUHVIURPWKHDUWZRUOG:RUNLV selected from open submission and from artists invited by the individual selectors. Each selection is hung separately to give each its own distinctive identity. For a chance to win ВЈ1,000 to spend on the artwork of your choice from the ING Discerning Eye exhibition, simply answer the question below: How many pieces of art will be displayed at this yearвЂ™s ING Discerning Eye exhibition? Please enter at www.cityam.com/discerningeye providing your full name and daytime telephone number. PRICE PROMISE Mall Galleries 7KH0DOO/RQGRQ6: Thurs 13 - Sun 23 Nov 2014, 10am to 5pm Admission free, all works for sale www.discerningeye.org online | in store | call free from a mobile 68700 If you find an upgrade or pay monthly deal for less at 02, Orange, T-Mobile, EE or Vodafone, weвЂ™ll match it and pay the equivalent of your first monthвЂ™s standard line rental via cheque. Applies to published prices only where the handset is in stock and available for immediate purchase or dispatch. Proof of competitor price required. Applies to deals on a like for like basis, offered in the same sales channel and may be claimed at the time of purchase or up to 14 days after. Cannot be used in conjunction with other deals, including cash back, personalised variations offered directly to individual customers, offers via third parties or pre-order incentives. Terms and conditions apply вЂ“ see www.carphonewarehouse.com/pricepromise or ask staff for details. Terms and conditions The winner will be entitled to choose an artwork from the ING Discerning Eye exhibition up to the value of ВЈ1,000. The prize is non transferable, non negotiable and no cash alternative is offered. Entry to the prize draw is free and is open to anyone aged 18 years and over and resident in the UK, except employees of ING, their families, agents or anyone else professionally associated with the draw. Only one entry per person. The closing date is midnight on Sunday 9 November 2014. The winning answer XJMMCFESBXOBUSBOEPNGSPNBMMFMJHJCMFFOUSJFTSFDFJWFEBOEUIFXJOOFSXJMMCFOPUJК”FECZQIPOFPO.POEBZ/PWFNCFS 5IFXJOOFSNVTUCFBWBJMBCMFPO5VFTEBZ/PWFNCFSBUUIF.BMM(BMMFSJFTJO-POEPOUPDIPPTFUIFJSBSUXPSL*/(BTTVNFT no responsibility and is not liable for any costs, charges or expenses which the winner may be required to pay at any time in connection with the prize. The winner, by accepting the prize, agrees to participate in non paid publicity accompanying or SFTVMUJOHGSPNUIJTESBXJGSFRVJSFE5IF&EJUPSnTEFDJTJPOJTК”OBMJOBMMNBUUFSTDPODFSOJOHUIJTQSPNPUJPO/PDPSSFTQPOEFODF will be entered into about a decision regarding eligibility. ING reserves the right to suspend, cancel, or amend this promotion and/or review and revise these terms and conditions at any time without giving prior notice. By continuing to take part in the promotion, subsequent to any revision of these terms and conditions, entrants shall be deemed to have agreed to any such new or amended terms. These terms and conditions are governed by and construed in accordance with the laws of England and Wales and the English Courts will have exclusive jurisdiction to determine any proceedings in connection with this competition. SOCIETE GENERALE ONE BANK 32 MILLION CLIENTS 76 COUNTRIES ONE TEAM SPIRIT SOCIETEGENERALE.COM Societe Generale is a French credit institution (bank) and an investment services provider (entitled to perform any banking activity and/or to provide any investment service under MiFID except the operation of Multilateral Trading Facilities) authorised and regulated by the French AutoritГ© de ContrГґle Prudentiel et de RГ©solution (вЂњACPRвЂќ) (the French Prudential and Resolution Control Authority) and the AutoritГ© des MarchГ©s Financiers (В«AMFВ»). This document is issued in the U.K. by the London Branch of Societe Generale, authorized in the U.K. by the Prudential Regulation Authority and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Details about the extent of our authorisation and regulation by the Prudential Regulation Authority, and regulation by the Financial Conduct Authority are available from us on request. В© 2014 Societe Generale Group and its afп¬Ѓliates. В© Getty / xPACIFICA - FRED & FARID 14 cityam.com MONDAY 3 NOVEMBER 2014 NEWS Confidence hit by election and Eurozone worry BY CHRIS PAPADOPOULLOS UNCERTAINTY surrounding the outcome of the general election, the threat of a skills shortage, and a weak Eurozone has hit UK business confidence вЂ“ but it is still high by historic standards. A confidence index produced by the Institute of Chartered Accountants in England and Wales (ICAEW) fell to 28.6 for the fourth quarter of the year, down from 32.3 last quarter. Confidence reached its highest level for a decade earlier in the year but has since fallen back slightly. One reason is the weak Eurozone economy вЂ“ the UKвЂ™s largest export market. вЂњExports have been weakening, while domestic sales are much more buoyant,вЂќ said Michael Izza, ICAEW chief executive. However, businesses remain confident overall, with hiring plans at their second highest level since the financial crisis of 2008. Another finding of the survey is the report of a skills shortage вЂ“ a concern that has previously been voiced by a number of recruitment firms. A fifth of surveyed firms reported a lack of availability of non-management skills. The skills shortage is most prevalent in the construction where 33 per cent of firms said they were struggling to with getting non-management skills. вЂњThe outcome of the upcoming general election is creating uncertainty amongst business leaders not only around what shape our domestic future might take, but potentially also our place within the EU,вЂќ said Scott Barnes, chief executive of Grant Thornton UK LLP. Michael Izza is chief executive of the ICAEW Survey shows dip in risk level for small firms BY CHRIS PAPADOPOULLOS Vacancies are rising in accounting, engineering, finance, IT, media and marketing sectors Demand for professional talent soars after year of strong growth BY CHRIS PAPADOPOULLOS THE JOBS market for professional workers is booming on the back of a strong year of economic growth in the UK. Professional recruitment firms now have 41 per cent more vacancies on their books than this time last year, reveals survey data released today by the Association of Professional Staffing Companies (APSCo). The latest research comes as the TreasuryвЂ™s GDP growth forecast for 2014 was put at 3.1 per cent in the middle of October вЂ“ much stronger than expected at the start of 2014. Permanent vacancies across engineering, finance & accounting, IT and media & marketing are up year-on-year вЂ“ 48, 19, 25 and 20 per cent respectively. Skills shortages have been reported most predominantly in the marketing sector where vacancies have risen by 20 per cent year-on-year. However, placements in marketing have only risen by six per cent, implying a skills shortage. BRITAINвЂ™S small and medium enterprises (SMEs) are feeling more confident about the risks they face, despite the fact that financial difficulties still remain for many. The Zurich SME risk index, which measures the perceived level of business risk faced by SMEs, fell to 39.92 points in the third quarter of the year from 42.17 in the second quarter. The highest level of risk is 100, while one means no risk at all. Despite the improvement, 21 per cent of SMEs say their business shrunk during the third quarter. One third of SMEs said they face a medium to high risk of going out of business over the next 12 months from September. Two thirds of SMEs had doubts that the economic situation will not improve within the next quarter. вЂњItвЂ™s great to report again thatВ SMEsВ are continuing to feel better about the risks their businesses face, reflecting wider signs of growth in the UK economy,вЂќ said Richard Coleman of Zurich. вЂњHowever, itвЂ™s clear that the wider economic environment is a source of increasing concern forВ SMEs even as their concerns over some of the more specific risks reduce.вЂќ 16 cityam.com MONDAY 3 NOVEMBER 2014 NEWS In need of a holiday... buyout Finncap extends execsвЂ™ busiest summer since вЂ�09 lead atop junior BY MICHAEL BOW UK PRIVATE equity dealmakers had their busiest quarter over the summer after the number of deals clinched rose by more than a third. The traditionally quiet summer lull between June and September sparked back into life with 511 deals signed in the UK, the busiest period since 2009. This was up 35 per cent on the second quarter and about five per cent higher than the same quarter last year. Of the 511 deals clinched, 404 of them were trade acquisitions and the rest were private equity sales, according to the figures from BDO. вЂњWhile we are seeing capital markets take a pause for breath, the appetite for deals in the private company arena is undiminished,вЂќ BDO partner Roger Buckley said. вЂњThere is a lot of cash chasing good quality deals and private equity funds continue to take advantage of the excellent conditions during 2014.вЂќ Buckley added firms were trying to get deals done before next yearвЂ™s general election. The figures also show deal multiples вЂ“ calculated as enterprise value to Ebitda вЂ“ on trade deals remained resilient at 10 times earnings, versus a drop to eight times earnings on private equity deals, a four-year low. market rankings BY MICHAEL BOW FINNCAP extended its lead at the top of the junior stock market broker rankings last quarter after winning four new clients, a poll out today reveals. The broker now has 105 clients listed on the alternative investment market, up from 101 at the end of last quarter. It means Finncap has a 20 client lead over its nearest rival in the space, Cenkos Securities, which had 85 clients for the quarter ending September. Cenkos and Peel Hunt also did well on the FTSE 100 Aim list вЂ“ a list of biggest junior stock market listed companies вЂ“ moving up to joint second place from third and fourth respectively with 14 clients each. Canaccord Genuity tops the list, with 16 clients. Finncap was also top of the list for nominate adviser rankings on Aim, according to the poll, which is compiled by Adviser Rankings. TOTAL AIM CLIENTS Rank Broker Clients (prior) 1 Finncap 105 (101) 2 Cenkos Securities 85 (86) 3 N+1 Singer 74 (76) 4 WH Ireland 71 (76) 5 Numis Securities 66 (65) DS EN ER ER FF MB Y O VE RR H NO HU 1T1 THE UKвЂ™S LOWEST PRICED BUSINESS BROADBAND For the п¬Ѓrst 12 months, from ВЈ13 a month thereafter. Plus line rental for only ВЈ10.50 a month. Excludes 20% VAT. FROM ВЈ2A M.O5NT0H Small businesses of Britain! DonвЂ™t miss out on the UKвЂ™s lowest priced business broadband. YouвЂ™ll get: + Installation at no extra cost + 24/7 free phone UK call centre + Dedicated business support team Call us today for an unmissable offer on unlimited business broadband. 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7KH%DODQFH3LQIROG6WUHHW6KHIГђHOG6*85HJLVWHUHGLQ(QJODQGQR$OOULJKWVUHVHUYHG cityam.com MONDAY 3 NOVEMBER 2014 SOUTH WEST WATER WINS GOVERNMENT GRANT NEWS 17 HMRC to detail its spend BY OLLIE GORDON HM REVENUE and CustomsвЂ™ (HMRC) first annual tax summary вЂ“ breaking down exactly how tax is spent by the exchequer вЂ“ will become available to 24m taxpayers from today. Some 8m taxpayers who have completed self-assessment returns will be able to access their tax summaries online, while the remaining 16m PAYE taxpayers, who received a tax coding notice from HMRC for 2013 to 2014, will receive their summaries in the post over the next seven weeks. The concept was first announced by chancellor George Osborne in the 2012 Budget, in a bid to make tax more transparent and easier to understand. The move was hailed as a positive move by PwCвЂ™s head of tax Kevin Nicholson, who said: вЂњRather than going into some nebulous pot, people can now see everything they help pay for. The research from our future of tax project shows people are more likely to accept taxes if they can see how they are spent. Some people may question the way the tax cake is sliced, but getting more people engaged in tax policy can only be a good thing.вЂќ director and senior manager level in five years, from 502,000 to 739,000. In the whole labour force the total has risen 21 per cent to 4.57m. regime, accountants at UHY Hacker Young said today. If the rate goes up from 45p to 50p, high earners in Britain will pay 24 per cent more in tax than the current global average. The tax would leave high earners taking home just 50.1 per cent of their income, pushing the UK from the 14th to the eight-most heavily taxed country among the 25 studied by the analysts. IN BRIEF Professionals quit to be contractors SOUTH West Water has become the first company in the UK to win government funding to help replenish its ageing workforce, the business secretary Vince Cable will announce today. The money is part of TomorrowвЂ™s Engineers Week funding to help businesses employ new staff, particularly women, in the engineering sector. Lloyds Banking Group may sell Avant for ВЈ170m BY CAITLГЌN MORRISON BUILDING firm Avant Homes is considering an offer from a consortium of investment companies made up of Alchemy Partners, Angelo Gordon and Avenue Capital, a source close to the discussions has confirmed. All three of the bidding companies are focused on making distressed investments. Avant is being sold by Lloyds Banking Group, with KPMG advising on the deal. The three companies are reported to have offered up to ВЈ170m for the housebuilder. The source said Avant was вЂњhappy to be considering the offerвЂќ. Lloyds took on Avant when it acquired HBOS in 2009. The company was previously known as Gladedale, but changed its name in the last year as part of a rebranding process ahead of a sale. Avant, which operates mainly in the north of England and Scotland, turned over ВЈ660m in 2007 but was hit hard by the financial crisis and fell to a ВЈ171m loss in 2009. In November 2013 investment bankers at Rothschild were hired to conduct an auction of the firm, and at the time Lloyds was expected to make ВЈ100m from the deal, with a target price of ВЈ200m. Private equity firms such as Blackstone, Starwood Capital and Patron were all previously named as potential buyers for the firm. Avant is the last housebuilding asset Lloyds has on its books, however it is not under pressure to sell up and may keep the firm on if these talks fail. Both Avant and Lloyds declined to comment. Avant Homes builds houses across the UK Funding for oil and gas sector to suffer if brent prices keep falling BY CAITLГЌN MORRISON LONDONвЂ™S mid-market oil and gas sector raised almost$1bn (ВЈ626m)
last year, but law firm Berwin
Leighton Paisner (BLP) has warned
that this level of fundraising is
unlikely to continue.
BLP analysed all oil and gas
fundraisings announced on Aim
and the main market of the London
Stock Exchange, greater than ВЈ1m
and excluding the FTSE 100,
between 1 October 2013 and the end
of September 2014. It found that the
average amount raised was $24m, broadly in line with the London market generally. African projects received around$453.5m, despite
accounting for only a quarter of
deals completed.
infrastructure partner at BLP,
commented: вЂњWith demand for oil
and gas rising more slowly than
anticipated, downward pressure on
oil price has reduced appetite for
equity.вЂќ
n Hundreds of thousands of senior
professionals are leaving their full-time jobs to
become more flexible contractors, according to a
study out today from professional services
consultancy Procorre. It found a 47 per cent rise
in the number of self-employed contractors at
50p tax rate puts UK at disadvantage
n Hiking the top rate of income tax to 50 per
cent would undermine the UKвЂ™s competitive tax
18
CITY MOVES WHOвЂ™S SWITCHING JOBS
Cunningham Lindsey
Simon How has been appointed
global specialty markets
and claims management firm.
He most recently worked as a
senior manager at LloydвЂ™s,
where he was responsible for
its claims strategy. How has
also held claims consultancy
roles at PwC and EY.
NewSmith Asset Management
The asset management firm has announced two
cityam.com
MONDAY 3 NOVEMBER 2014
NEWS
MORNING UPDATE AT CITYAM.COM/CITY-MOVES
Edited by Tom Welsh
appointments. Michael Wahnich joins as head of risk
from International Asset Management, where he was
also head of risk. Wahnich has held senior positions at
Brevan Howard. Guy Jackson joins as head of
compliance from Nutmeg, where he was compliance
officer and money laundering reporting officer. Jackson
was also previously head of compliance at Rexiter
Capital Management and Inscape, SantanderвЂ™s wealth
management division.
Reed Smith
Simon Gough has been appointed partner at the law
firm. He joins Reed SmithвЂ™s tax, benefits, and wealth
planning group from DLA Piper, where he was a partner
and a former head of UK tax. Gough has a particular
interest in structured and asset finance transactions, and
in investment funds and structures.
FxPro
The online broker has announced the appointment of Ed
Anderson. He will be responsible for e-FX sales and joins
from Price Markets, where he was head of global FX
sales. Anderson has also held roles at Icap, ACM (now
Swissquote), and Thomson Reuters.
Brecher
The property law firm has announced the appointment
of Edward Southall as a solicitor in its construction team.
He joins from Hogan Lovells.
Eames Consulting Group
The recruitment and search consultancy has announced
the appointment of Guy Day as group chief operating
officer. He was most recently chief executive of
Ambition Group, where he established and led the
organisation in Asia.
Lakehouse
The asset and energy support services firm has
appointed Sean Birrane as chief executive. He started his
career at Lakehouse in 1996, and has been its managing
director since 2008.
Camelot profits
rise despite fall
in Lottery sales
BY OLLIE GORDON
operator of the National Lottery, has
reported a boost in profits last year,
despite falling ticket sales and charitable contributions.
The companyвЂ™s accounts yesterday
revealed that its profits before income
tax for the year up to March stood at
ВЈ76.8m, increasing from ВЈ72.2m for
last year.
The company attributed the boost to a
a partial offset by a reduction in
net income. However, gross
ticket sales for the same
period valued at ВЈ6.73bn,
down from ВЈ6.98bn last
year. Within those revenues, sales for draw-based
games fell by 6.6 per cent,
largely driven by a poor
performing EuroMillions,
which failed to
repeat last yearвЂ™s
sales boom.
In contrast,
scratchcards
and
instant
win
games
saw an increase of 3.8 per cent. The
total amount raised for good causes fell
to ВЈ1.75bn for the year, representing
26 per cent of sales, from ВЈ1.95bn for
2013, which made up 28 per cent of
total sales.
Camelot attributed the sales decline
to the drop in sales for draw-based
games, which return more in percentage terms than scratchcards.
CamelotвЂ™s chief executive designate
Andy Duncan commented: вЂњAs we look
forward to celebrating 20 years of the
National Lottery next month, weвЂ™re
determined to build on this momentum. WeвЂ™ve just successfully launched
a major new online and mobile platform, which is transforming the
way players interact with our
games across all devices. On top of
that, weвЂ™ve got really exciting plans
for the second half of the year.вЂќ
Duncan replaced CamelotвЂ™s outgoing chief
Dianne
Thompson CBE, who
retired on Friday after
17 years with the firm.
Former Camelot CEO
Dianne Thompson CBE
Banker arrested
in Hong Kong
murder probe
BY LISA JUCCA
Prime Minister Shinzo AbeвЂ™s shock move on Friday has raised the spectre of the sales tax
Bank of Japan stimulus puts
controversial sales tax on agenda
BY LINDA SIEG
A SHOCK move by the Bank of
Japan on Friday to expand its
programme вЂ“ in the hope it will
stoke inflation вЂ“ could boost the
chances of a rise in the sales tax
levy from October.
When Prime Minister Shinzo Abe
(pictured) raised JapanвЂ™s sales tax
from April, he was betting he could
break a jinx that has doomed
leaders who raised the levy to
losing their jobs.
Now, wounded by cabinet
to revive an economy scarred by
years of deflation, Abe must decide
whether to roll the dice again.
Concerns that his popularity has
election calendar are certain to
weigh as heavily as economic data
when Abe decides in coming weeks
whether to press ahead with a
planned rise to 10 per cent.
Raising the sales tax requires a
strong nerve and reserves of
political capital вЂ“ the issue has been
regarded as the вЂњthird rail" of
Japanese politics ever since it was
first promoted in 1979.
Abe is expected to wait for final
data on third quarter GDP, due out
on 8 December, before deciding on
the tax rise.
Reuters
A BRITISH banker has been arrested
in Hong Kong in connection with the
grisly murder of two women, a rare
occurrence in a city known for its low
homicide rate.
Hong Kong police said in a
statement that a 29-year-old foreign
man had been detained earlier that
day after two women were found
dead in an expensive apartment in
Wan Chai, a central city district
known for its night life. The man has
been charged with murder.
Police declined to give the name
or the nationality of the man, whom
local media and a source with
knowledge of the situation have
identified as being a Bank of
America Merrill Lynch banker.
A spokesman for Bank of America
Merrill Lynch said that the US bank
bearing the same name as a man
Hong Kong media have described as
the chief suspect in the double
murder case.
Bank of America Merrill Lynch
would not give more details nor
clarify when the person had left
the bank.
The UK Foreign Office said on
Saturday a British national had been
arrested in Hong Kong, without
specifying the nature of any
suspected crime. There were 14
homicides in Hong Kong, a city of
seven million, between January
and June.
Reuters
Lufthansa pilotsвЂ™ union vows to
shelve strike action during talks
BY EDWARD TAYLOR AND
VICTORIA BRYAN
GERMAN pilotsвЂ™ union Vereinigung
Cockpit (VC) will abstain from
industrial action during negotiations
with airline Lufthansa over pay and
early retirement benefits, GermanyвЂ™s
Focus magazine reported over the
weekend.
A dispute between Lufthansa and
the union has resulted in repeated
strikes at Lufthansa this year
affecting thousands of passengers.
Shares in Lufthansa have lost 15
per cent of their value over the last
three months due to the strikes as
well as concerns over Ebola.
вЂњWe are currently in talks with
Lufthansa. During the talks we will
not strike,вЂќ Ilja Schulz, president of
Vereinigung Cockpit, was quoted as
telling Focus, according to an
advance excerpt of its edition out
today.
Vereinigung Cockpit could not
immediately be reached for
comment.
The pilots and Lufthansa are
negotiating over a scheme that
allows pilots to retire at the age of 55
and still receive a portion of their
pay until regular pension payments
start in Germany.
increase the age at which pilots who
started work with the airline from
Jan 2014 can make use of the early
retirement scheme.
The pilots want the current
scheme maintained for all pilots and
not just those starting before 2014.
over pay increases for the contract
period from May 2012, although the
pilots say the strikes are mainly
Reuters
Pilots will not strike during negotiations between their union, VC, and Lufthansa
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cityam.com
MONDAY 3 NOVEMBER 2014
20
CITY
CITYDASHBOARD
LONDON REPORT
Manufacturing
figures point to
slower growth
M
ANUFACTURING figures due
out today are likely to show a
loss of momentum in the UK
economyвЂ™s growth.
The manufacturing purchasing managersвЂ™ survey for October is forecast to
sit at 51.5, the same as for September
and weaker than the rates of 52.2 in
August and 54.7 in July. A reading of 50
shows no change.
Howard Archer, of IHS Global Insight,
said: вЂњThe clear overall impression is
that manufacturing activity has lost
appreciable momentum compared to
the early months of 2014. This is disappointing for hopes that UK growth can
be broad based on a sustained basis
going forward and less dependent on
services sector.вЂќ
(PMI) reports are due out during the
week, with construction figures tomorrow and services figures on Wednesday.
Office for National Statistics industrial and manufacturing output results
are due on Thursday, as well as the
Bank of EnglandвЂ™s latest interest rate
decision. In other economic news, figures due on Friday are likely to show
the trade deficit widened in September
and in the third quarter overall.
Meanwhile October data from the
Halifax, due this week, are likely to add
to the evidence that house prices are
correcting from a peak earlier this year.
The corporate week starts today with
reports from HSBC Holdings, Telecity
and Sacoil Holdings.
Software, Associated British Foods,
888 Holdings, Glencore, Imperial
Tobacco, Jardine Lloyd Thompson,
Legal & General, One Savings Bank,
Persimmon, Unite and Weir are all
due to give figures.
On Wednesday Avocet Mining, Drax
Group, Esure, First Derivatives, Girst
Group, Hilton Food, Hunting,
Lancashire Holdings, Marks &
Spencer, Meggitt, Old Mutual,
Wetherspoon and Wincanton will
update the market.
Thursday is a busy day for reporting,
with news from AstraZeneca, Beazley,
Cable & Wireless Communications,
Cobham, Costain Group, Coca-Cola
HBC, Croda, Dairy Crest, Experian,
Halfords, Hikma Pharmaceuticals,
Intu Properties, Wm Morrison,
Promethean World, Rentokil,
Rightmove, RSA Insurance,
Schroders, Shanks Group, Stock
Spirits Group, Synthomer and Tate &
Lyle. Finally on Friday, Admiral, Ark
Therapeutics Group, Bovis Homes,
Capital & Counties, Capital &
Regional, Spirax-Sarco and Tullett
Prebon will report.
FTSE
BESTof the BROKERS
To appear in Best of the Brokers, email your research to [email protected]
Direct Line Insurance Group PLC
286 p
27 Oct
27 Oct
409.20
31 Oct
28 Oct
29 Oct
30 Oct
31 Oct
IAG
Cantor Fitzgerald reiterated its вЂњholdвЂќ recommendation, with a target price of 470p. In its recent
third quarter results IAG reported continued strong trading, with profits and earnings up,
however Cantor stated that the firm вЂњis vulnerable to any softening of trade on Trans-AtlanticвЂќ.
Royal Bank of Scotland Group PLC
p
388.00
31 Oct
385
380
375
370
365
360
355
RBS
31 Oct
31 Oct
410
405
395
390
385
380
27 Oct
28 Oct 29 Oct 30 Oct
30 Oct
International Consolidated Airlines Group SA
415 p
6,450
27 Oct
29 Oct
DIRECT LINE
6,500
6,350
28 Oct
28 Oct
29 Oct
30 Oct
31 Oct
S&P Capital IQ reiterated its вЂњbuyвЂќ rating for RBS, after the company reported third-quarter
income of ВЈ896m, ahead of the brokerвЂ™s ВЈ567m consensus. The broker also noted that the bank
has made further progress with strengthening capital due in part to its third-quarter profit.
THE
US markets are
searching for
rates insight
31 Oct
Numis reiterated its вЂњholdвЂќ rating following Direct LineвЂ™s results for the third quarter. The broker
noted that the вЂњrecent trend of reducing in-force policiesвЂќ slowed in the quarter, and said this
was a positive sign that Direct LineвЂ™s pricing and efficiency initiatives were taking effect.
31 Oct
6,400
276.00
284
282
280
278
276
274
6,546.47
6,550
BROKER VIEWS AND
MARKET REPORTS
In association with
A
SERIES of Federal Reserve
officials are due to give
speeches after the Fed
surprised some investors
last week with a hawkish-sounding
policy statement that confidently
predicted only temporary
weakness in inflation.
Now that the Fed has ended its
financial markets are keen for any
insight on how quickly it will raise
interest rates after nearly seven
years near zero.
US employers likely expanded
their payrolls by a healthy 233,000
in October, according to a Reuters
poll. The jobless rate is seen holding at the six-year low reached in
September.
The report on Friday will be the
highlight of a data-heavy week that
services and manufacturing sectors.
The ISMвЂ™s services sector report on
Wednesday is likely to show a similar pattern. Tomorrow, the government is expected to report that the
September, while data from payroll
expected to show private payroll
growth accelerated in October.
Walt Disney and AOL will report
quarterly results on Thursday and
Warren BuffettвЂ™s conglomerate,
Berkshire Hathaway, reports third
quarter results on Friday.
The worldвЂ™s largest steel producer
ArcelorMittal presents third quarter results on Friday, and media
groups Discovery
Communications and Twenty-First
Century Fox are due to report quarterly results tomorrow. On
Wednesday, Time Warner and CBS
will report third-quarter results.
Trade FTSE 100 equities with no stamp duty, 0.05%
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21
cityam.com
MONDAY 3 NOVEMBER 2014
MARKETS
FTSE 100
FTSE 250
FTSE ALL SHARE
DOW JONES
NASDAQ
S&P 500
/в‚¬ 1.2764
0.0007 в‚¬/$1.2509 0.0016 6546.47 82.92 15501.37 203.05 3503.46 44.55 17390.52 195.10 4630.74 64.60 2018.05 23.40 /$ 1.5966
0.0029 в‚¬/ВЈ 0.7834
0.0004
/ВҐ 179.96
0.2842 в‚¬/ВҐ 141.15
0.4517
Price Chg High Low
Price Chg High Low
Keller Group . . . . . . . . .834.0 7.5 1299.0 750.0
Kier Group . . . . . . . . . .1490.0 4.0 1939.0 1477.0
GILTS
Tsy 8.000 15 . . . . . .108.30
Tsy 4.750 15 . . . . . . .103.65
Tsy 4.000 16 . . . . . . .106.12
Tsy 2.500 16 . . . . . . .333.18
Tsy 1.250 17 . . . . . . .108.42
Tsy 8.750 17 . . . . . . .121.70
Tsy 5.000 18 . . . . . . .112.65
Tsy 3.750 19 . . . . . . .110.41
Tsy 4.500 19 . . . . . . .113.03
Tsy 4.750 20 . . . . . .116.00
Tsy 2.500 20 . . . . . .364.67
Tsy 8.000 21 . . . . . .138.56
Tsy 4.000 22 . . . . . .114.38
Tsy 1.875 22 . . . . . . .122.05
Tsy 2.500 24 . . . . . .339.56
Tsy 5.000 25 . . . . . .125.40
Tsy 4.250 27 . . . . . . .119.78
Tsy 1.250 27 . . . . . . .123.78
Tsy 6.000 28 . . . . . .141.60
Tsy 4.750 30 . . . . . . .127.45
Tsy 4.125 30 . . . . . . .327.81
Tsy 4.250 32 . . . . . . .121.24
Tsy 1.250 32 . . . . . . .132.35
Tsy 4.250 36 . . . . . . .122.14
Tsy 4.750 38 . . . . . .132.29
Tsy 0.625 40 . . . . . .127.27
Tsy 4.500 42 . . . . . .129.76
Tsy 3.500 45 . . . . . . .110.11
Tsy 4.250 46 . . . . . .126.56
Tsy 4.025 49 . . . . . .128.23
Tsy 4.000 99 . . . . . .100.83
-0.06
-0.04
-0.07
-0.07
-0.12
-0.11
-0.10
-0.13
-0.12
-0.15
-0.11
-0.15
-0.17
-0.18
-0.17
-0.20
-0.22
-0.21
-0.23
-0.20
-0.16
-0.21
-0.21
-0.24
-0.29
-0.37
-0.33
-0.37
-0.37
-0.39
-0.29
115.8
108.0
109.3
343.2
112.8
128.6
115.8
112.0
114.9
117.7
369.5
141.1
116.6
123.6
343.4
128.4
123.1
125.8
145.6
131.2
332.2
125.1
135.3
126.5
137.3
131.8
135.2
113.7
132.4
134.4
101.8
108.3
103.6
106.0
333.0
108.2
121.4
111.7
108.0
111.2
113.5
358.4
135.7
109.1
118.8
320.1
116.7
109.1
115.5
129.7
115.7
304.0
109.3
120.7
109.2
118.0
112.0
114.7
100.6
110.8
111.9
92.6
AEROSPACE & DEFENCE
BAE Systems . . . . . . . . .458.7
Cobham . . . . . . . . . . . .290.9
Meggitt . . . . . . . . . . . . . .451.1
QinetiQ Group . . . . . . . .201.9
Rolls-Royce Holdi . . . . .843.0
Senior . . . . . . . . . . . . . .267.5
Ultra Electronics . . . . . .1745.0
6.7
3.6
4.9
0.0
27.5
7.2
15.0
475.1
327.8
572.5
236.7
1289.0
315.5
1971.0
376.0
254.9
423.9
193.0
779.5
254.6
1665.0
AUTOMOBILES & PARTS
GKN . . . . . . . . . . . . . . . .318.0 3.8 414.9 286.5
BANKS
Bank of Georgia H . . .2560.0
Barclays . . . . . . . . . . . .240.8
HSBC Holdings . . . . . . .639.5
Lloyds Banking Gr . . . . . .77.1
Royal Bank of Sco . . . . .388.0
Standard Chartere . . . .939.6
TSB Banking Group . . . .270.2
58.0
18.3
10.4
2.0
22.7
-4.0
3.4
2678.0
296.5
703.0
86.3
389.9
1519.0
297.0
1974.0
207.9
589.0
70.9
295.5
928.8
247.5
BEVERAGES
Barr (A.G.) . . . . . . . . . . .590.5
Britvic . . . . . . . . . . . . . .680.5
Coca-Cola HBC AG . . . .1359.0
Diageo . . . . . . . . . . . . .1838.0
SABMiller . . . . . . . . . . .3525.0
Stock Spirits Gro . . . . . .305.0
5.5
21.0
10.0
28.5
37.5
-7.8
672.0
777.5
1802.0
2030.0
3740.0
315.0
520.0
585.0
1267.0
1709.5
2661.0
225.0
4.0
35.0
6.9
81.0
1.3
33.0
369.2 299.4
2633.0 1990.0
297.8 227.6
3440.0 2743.0
291.8 189.5
2026.0 1553.0
CHEMICALS
Alent . . . . . . . . . . . . . . .338.0
Croda
Internation
. . . .2295.0
CONSTRUCTION
& MATERIALS
Elementis . . . . . . . . . . .263.9
Johnson Matthey . . . .2974.0
Synthomer . . . . . . . . . .203.3
Victrex plc . . . . . . . . . .1694.0
CONSTRUCTION & MATERIALS
Balfour Beatty . . . . . . . .153.7 0.7 321.4 148.7
CRH . . . . . . . . . . . . . . .1386.0 4.0 1788.0 1266.0
Galliford Try . . . . . . . . .1224.0 20.0 1354.0 1062.0
ELECTRICITY
Drax Group . . . . . . . . . .594.5 17.5 822.5 577.0
Inп¬Ѓnis Energy . . . . . . . .215.8 -2.8 273.0 200.0
SSE . . . . . . . . . . . . . . . .1599.0 18.0 1599.0 1300.0
ELECTRONIC & ELECTRICAL EQ.
Domino Printing S . . . .603.0
Halma . . . . . . . . . . . . . .623.0
Hellermanntyton G . . .304.0
Laird . . . . . . . . . . . . . . . .315.0
Oxford Instrument . . .1080.0
Renishaw . . . . . . . . . . .1778.0
Spectris . . . . . . . . . . . .1802.0
-0.5
12.5
9.0
0.9
0.2
30.0
-2.0
47.0
863.0
636.5
335.6
330.0
365.0
1814.0
2223.0
2561.0
554.5
543.5
276.5
246.5
264.9
963.0
1470.0
1643.0
EQUITY INVESTMENT INSTRUM.
Aberforth Smaller . . .1086.0 13.0 1232.0 980.0
Alliance Trust . . . . . . . .462.8 8.0 465.8 426.0
Bankers Inv Trust . . . . .563.0 10.5 595.0 519.0
BH Macro Ltd. GBP . . .2002.0 8.0 2110.0 1920.0
BlackRock World M . . .349.0 -6.0 518.5 347.8
BlueCrest AllBlue . . . . .186.6 0.6 187.5 171.0
British Empire Se . . . . .507.5 6.5 523.0 473.0
Caledonia Investm . . .2245.0 30.0 2280.0 1870.0
City of London In . . . . . .373.3 4.4 389.2 352.0
Edinburgh Inv Tru . . . .630.0 8.0 637.0 571.0
Electra Private E . . . . .2550.0 12.0 2775.0 2260.0
Fidelity China Sp . . . . . .121.0 1.9 122.9 97.2
Fidelity European . . . . .154.2 1.2 161.0 140.0
Foreign and Colon . . . .402.4 7.7 404.0 363.0
Genesis Emerging . . . .556.0 10.5 583.0 476.6
HICL Infrastructu . . . . . .148.2 -0.2 148.6 128.7
International Pub . . . . .138.7 -0.7 139.5 124.1
John Laing Infras . . . . . .124.6 -0.5 125.6 112.8
JPMorgan American . . .271.9 3.9 274.7 226.2
JPMorgan Emerging . .599.0 10.0 603.5 501.0
Law Debenture Cor . . . .519.0 12.0 560.0 475.0
Mercantile Invest . . . . .1417.0 20.0 1664.0 1341.0
Monks Inv Trust . . . . . .386.0 9.0 404.9 354.0
Murray Internatio . . . .1093.0 13.0 1127.0 921.0
NB Global Floatin . . . . . .97.5 0.7 106.5 94.4
Perpetual Income . . . .388.0 5.6 394.0 348.0
Personal Assets T . . .34200.0 180.0 34350.031860.0
Polar Capital Tec . . . . . .527.0 14.5 527.0 431.0
RIT Capital Partn . . . . .1402.0 23.0 1410.0 1235.0
Riverstone Energy . . . .838.0 -22.0 970.0 830.0
Scottish Inv Trus . . . . . .598.0 12.0 606.5 547.5
Scottish Mortgage . . . .243.5 5.1 245.5 189.2
Temple Bar Inv Tr . . . .1188.0 6.0 1285.0 1127.0
Templeton Emergin . . .577.5 5.0 623.5 493.5
TR Property Inv T . . . . .264.7 7.2 274.0 219.0
Witan Inv Trust . . . . . . .727.5 7.5 734.0 636.0
Worldwide Healthc . . .1643.0 48.0 1645.0 1179.0
FINANCIAL SERVICES
3i Group . . . . . . . . . . . .396.9
3i Infrastructure . . . . . .146.4
Aberdeen Asset Ma . . .434.0
Arrow Global Grou . . . .254.5
Ashmore Group . . . . . . .318.6
Brewin Dolphin Ho . . . .283.9
Charles Taylor . . . . . . . .245.0
City of London Gr . . . . . .21.0
City of London In . . . . .320.0
Close Brothers Gr . . . .1464.0
Hargreaves Lansdo . . .993.5
Henderson Group . . . . .210.8
ICAP . . . . . . . . . . . . . . . .418.6
IG Group Holdings . . . .601.0
Intermediate Capi . . . . .410.1
International Per . . . . .485.8
Investec . . . . . . . . . . . . .572.0
8.3
-0.8
12.3
4.5
16.7
6.9
5.0
0.0
5.0
34.0
27.0
10.7
8.3
2.0
12.1
10.0
22.5
435.3
147.4
500.0
270.3
410.0
356.3
287.0
60.0
337.8
1470.0
1549.0
270.3
458.7
652.5
485.3
631.5
572.0
346.1
125.9
363.3
212.3
288.0
246.4
220.0
17.3
225.3
1223.0
851.5
184.6
342.8
560.5
366.0
428.3
384.2
Price
IP Group . . . . . . . . . . . .206.9
Jupiter Fund Mana . . . .357.6
Liontrust Asset M . . . . . .215.5
LMS Capital . . . . . . . . . . .81.0
London Finance & . . . . .31.5
London Stock Exch . . .2015.0
Man Group . . . . . . . . . . .123.8
OneSavings Bank . . . . .206.0
Paragon Group Of . . . .361.0
Provident Financi . . . .2123.0
Rathbone Brothers . . .1934.0
Real Estate Credi . . . . . .165.5
Record . . . . . . . . . . . . . . .32.0
S&U . . . . . . . . . . . . . . .1940.0
Schroders . . . . . . . . . . .2411.0
SVG Capital . . . . . . . . . .427.0
Tullett Prebon . . . . . . . .284.1
Walker Crips Grou . . . . .42.8
Chg High Low
6.9 227.5 146.5
10.8 436.8 318.0
0.1 283.5 211.5
0.0 87.8 72.0
0.0 34.5 30.5
44.0 2040.0 1432.4
3.6 126.1 80.5
0.8 211.0 159.8
6.6 418.7 317.9
0.0 2284.0 1549.0
44.0 2166.0 1490.0
-0.8 167.0 147.8
0.0 43.8 28.3
5.0 2105.0 1430.0
80.0 2727.0 2146.0
5.0 466.0 382.2
6.5 393.0 239.0
0.0 52.8 40.0
FIXED LINE TELECOMS
BT Group . . . . . . . . . . . .367.5
Cable & Wireless . . . . . .48.2
COLT Group SA . . . . . . . .138.0
TalkTalk Telecom . . . . .300.1
Telecom Plus . . . . . . . .1412.0
-0.4 418.1 356.2
0.1 57.4 43.4
4.2 153.9 118.2
7.8 333.1 248.6
7.0 1929.0 1179.0
FOOD & DRUG RETAILERS
Booker Group . . . . . . . .140.3
Morrison (Wm) Sup . . .154.8
Ocado Group . . . . . . . . .248.7
Sainsbury (J) . . . . . . . . .245.5
SSP Group . . . . . . . . . . .239.5
Tesco . . . . . . . . . . . . . . .173.6
UDG Healthcare Pu . . . .329.2
3.2
-0.8
4.3
-1.0
-0.5
0.3
0.3
176.5
281.6
617.0
414.6
266.4
368.0
373.0
116.3
151.7
220.6
224.8
215.8
168.8
294.0
FOOD PRODUCERS
Associated Britis . . . . .2754.0
Cranswick . . . . . . . . . . .1410.0
Greencore Group . . . . .262.4
Tate & Lyle . . . . . . . . . .606.0
Unilever . . . . . . . . . . . .2514.0
-7.0
37.0
5.3
-2.5
39.0
3125.0 2208.0
1461.0 1066.0
301.0 180.1
821.0 576.5
2729.0 2306.0
FORESTRY & PAPER
Mondi . . . . . . . . . . . . .1053.0 16.0 1123.0 904.5
GAS, WATER & MULTIUTILITIES
Centrica . . . . . . . . . . . . .302.5
National Grid . . . . . . . .926.0
Pennon Group . . . . . . .833.5
Severn Trent . . . . . . . .1996.0
United Utilities . . . . . . .854.5
2.7
12.0
13.0
3.0
5.0
363.9
927.0
838.5
2002.0
908.0
286.6
746.0
631.0
1637.0
641.5
GENERAL INDUSTRIALS
Rexam . . . . . . . . . . . . . .476.0
RPC Group . . . . . . . . . . .544.5
Smith (DS) . . . . . . . . . .264.7
Smiths Group . . . . . . . .1165.0
Vesuvius . . . . . . . . . . . .426.2
3.7
2.0
8.6
15.0
6.3
547.5
658.5
355.3
1525.0
510.5
454.2
479.3
238.1
1121.0
400.0
4.7
-3.9
11.0
1.0
-10.0
2.1
13.5
10.8
3.0
12.5
12.3
5.0
9.1
1.8
15.0
378.0
599.0
239.7
103.1
1599.0
398.9
1014.0
511.5
223.3
699.5
474.4
312.0
444.2
511.0
7215.0
154.0
286.6
197.5
57.8
1300.0
251.8
763.5
417.6
159.5
556.5
284.0
197.0
289.2
383.9
5335.0
GENERAL RETAILERS
AO World . . . . . . . . . . . .165.9
Brown (N.) Group . . . . .335.2
Card Factory . . . . . . . . .236.7
Debenhams . . . . . . . . . .64.9
Dignity . . . . . . . . . . . . .1570.0
Dixons Carphone . . . . .395.2
Dunelm Group . . . . . . .843.5
Halfords Group . . . . . . .495.7
Home Retail Group . . . .183.3
Inchcape . . . . . . . . . . . .695.0
JD Sports Fashion . . . . .462.3
Just Eat . . . . . . . . . . . . .307.6
Kingп¬Ѓsher . . . . . . . . . . .302.5
Marks & Spencer G . . . .406.7
Next . . . . . . . . . . . . . .6445.0
Price
Pets at Home Grou . . . .193.2
Poundland Group . . . . .315.0
Saga . . . . . . . . . . . . . . . .167.9
Sports Direct Int . . . . . .644.5
Ted Baker . . . . . . . . . .1945.0
WH Smith . . . . . . . . . . .1125.0
Chg High Low
1.7 246.0 167.0
0.1 390.0 287.0
4.4 188.0 148.4
4.0 922.0 574.0
-10.0 2327.0 1660.0
20.0 1227.0 901.0
HEALTH CARE EQUIPMETN & S.
AL Noor Hospitals . . . .1019.0
NMC Health . . . . . . . . . .495.0
Smith & Nephew . . . . .1057.0
Spire Healthcare . . . . .280.0
Synergy Health . . . . . .1868.0
-3.0
0.0
3.0
0.0
9.0
1168.0
540.0
1100.0
292.3
1890.0
805.0
346.3
797.0
210.0
1015.0
9.1
31.0
3.0
20.0
2.9
19.0
55.0
2.9
2.4
451.8
1760.5
2780.0
943.5
412.6
1471.0
5495.0
344.5
131.0
310.7
1351.0
2061.0
732.5
298.9
1136.0
4537.0
228.7
101.3
HHOLD GDS & HOME CONSTR.
Barratt Developme . . . .418.8
Bellway . . . . . . . . . . . .1749.0
Berkeley Group Ho . . .2280.0
Bovis Homes Group . . .842.0
Crest Nicholson H . . . . .335.5
Persimmon . . . . . . . . .1463.0
Reckitt Benckiser . . . .5250.0
Redrow . . . . . . . . . . . . .288.9
Taylor Wimpey . . . . . . .118.4
INDUSTRIAL ENGINEERING
Bodycote . . . . . . . . . . .624.0 12.0 828.5 557.5
Fenner . . . . . . . . . . . . .308.0 4.5 485.0 288.1
Price Chg High Low
Lancashire Holdin . . . .669.0 4.0 820.0 591.5
RSA Insurance Gro . . . .483.3 4.1 573.0 399.9
LIFE INSURANCE
Aviva . . . . . . . . . . . . . . .521.0
Friends Life Grou . . . . . .323.4
Just Retirement G . . . . .133.0
Legal & General G . . . . .231.0
Old Mutual . . . . . . . . . . .193.5
Phoenix Group Hol . . . .753.0
Prudential . . . . . . . . . .1442.5
St James's Place . . . . . .745.0
Standard Life . . . . . . . . .393.7
3.0
9.6
0.2
3.3
2.4
1.0
13.0
32.5
4.8
535.5
382.6
272.0
243.5
209.4
786.5
1455.0
879.5
421.6
412.7
277.0
119.8
204.7
169.5
619.0
1204.0
622.0
334.4
-0.3
3.0
4.0
0.4
0.3
1.5
2.6
16.0
-0.2
0.0
0.0
5.1
-1.8
791.8
188.5
947.0
76.0
374.3
115.5
360.0
1388.0
19.1
225.0
72.0
573.5
322.3
615.0
146.3
785.0
52.8
265.0
81.0
236.7
960.0
5.9
170.0
39.4
445.9
161.0
MEDIA
4Imprint Group . . . . . . .787.3
Bloomsbury Publis . . . .160.0
British Sky Broad . . . . .886.0
Centaur Media . . . . . . . . .57.9
Chime Communicati . . .277.3
Creston . . . . . . . . . . . . . .115.5
Entertainment One . . . .313.2
Euromoney Institu . . .1051.0
Future . . . . . . . . . . . . . . . .7.9
Haynes Publishing . . . . .171.5
Huntsworth . . . . . . . . . .44.5
Informa . . . . . . . . . . . . .481.0
ITE Group . . . . . . . . . . . .170.3
Barclays . . . . . . . . . . . . . . . . . . .240.8
Regus . . . . . . . . . . . . . . . . . . . . . .197.3
Royal Bank of Scot . . . . . . . . . . .388.0
Ashmore Group . . . . . . . . . . . . .318.6
Henderson Group . . . . . . . . . . . .210.8
Card Factory . . . . . . . . . . . . . . . .236.7
Hays . . . . . . . . . . . . . . . . . . . . . . .123.3
International Cons . . . . . . . . . . .409.2
St James's Place . . . . . . . . . . . . .745.0
Fidessa Group . . . . . . . . . . . . . .2341.0
%
8.2
6.8
6.2
5.5
5.4
4.9
4.8
4.7
4.6
4.5
Fallers
%
Bwin.party Digital . . . . . . . . . . . .89.7 -10.2
Centamin (DI) . . . . . . . . . . . . . . . .51.2 -6.7
Supergroup . . . . . . . . . . . . . . . .830.0 -6.2
EnQuest . . . . . . . . . . . . . . . . . . . .69.4 -4.4
African Barrick Go . . . . . . . . . . .206.0 -3.8
Ophir Energy . . . . . . . . . . . . . . . .185.3 -3.1
Randgold Resources . . . . . . . .3678.0 -2.7
Fresnillo . . . . . . . . . . . . . . . . . . .697.5 -2.7
Riverstone Energy . . . . . . . . . .838.0 -2.6
Stock Spirits Grou . . . . . . . . . . .305.0 -2.5
354.0 171.5
340.9 167.1
216.6 107.5
684.0 463.2
5235.0 3608.0
3627.5 2927.5
1191.0 775.0
MOBILE TELECOMS
Inmarsat . . . . . . . . . . . .685.0 7.0 771.0 666.0
Vodafone Group . . . . . .207.3 0.9 252.3 184.5
SUPPORT SERVICES
OIL & GAS PRODUCERS
Afren . . . . . . . . . . . . . . . .77.3
BG Group . . . . . . . . . . .1040.0
BP . . . . . . . . . . . . . . . . .449.0
Cairn Energy . . . . . . . . . .145.1
EnQuest . . . . . . . . . . . . .69.4
Nostrum Oil & Gas . . . .675.0
Ophir Energy . . . . . . . . .185.3
Premier Oil . . . . . . . . . .257.9
Royal Dutch Shell . . . .2235.5
Royal Dutch Shell . . . .2312.5
Soco Internationa . . . . .328.5
Tullow Oil . . . . . . . . . . .485.8
-1.5
13.5
5.0
-3.6
-3.2
5.0
-6.0
-1.2
8.0
5.0
5.8
1.7
169.3 74.5
1351.5 1008.5
523.9 416.7
285.2 141.8
147.9 69.0
1387.5 659.0
362.1 180.5
355.4 249.5
2453.0 2013.5
2592.0 2096.0
474.8 317.1
949.0 478.7
14.0
11.0
19.0
2.0
1262.0
910.0
1463.0
818.0
OIL EQUIPMENT & SERVICES
990.0
724.5
962.0
634.5
PERSONAL GOODS
Burberry Group . . . . . .1531.0 29.0 1544.0 1374.0
PZ Cussons . . . . . . . . . .369.0 -1.7 398.0 337.1
Supergroup . . . . . . . . .830.0 -55.0 1744.0 774.4
PHARMACEUTICALS & BIOTECH
AstraZeneca . . . . . . . .4543.5
BTG . . . . . . . . . . . . . . . .755.0
Dechra Pharmaceut . . .758.0
Genus . . . . . . . . . . . . . .1235.0
GlaxoSmithKline . . . . . .1417.5
Hikma Pharmaceuti . .1895.0
Shire Plc . . . . . . . . . . . .4163.0
43.5
12.0
0.5
-5.0
19.5
26.0
-1.0
4823.5 3267.0
756.5 414.5
773.0 657.0
1414.0 940.0
1690.5 1324.0
1900.0 1170.0
5455.0 2654.0
REAL ESTATE INVEST. & SERV.
Price Chg High Low
IMI . . . . . . . . . . . . . . . .1222.0
Melrose Industrie . . . . .256.1
Rotork . . . . . . . . . . . . .2555.0
Spirax-Sarco Engi . . . .2850.0
Weir Group . . . . . . . . .2283.0
10.0
6.2
32.0
49.0
27.0
1608.0 1135.0
328.5 236.3
2894.0 2352.0
3101.0 2561.0
2761.0 2050.0
INDUSTRIAL METALS & MINING
Evraz . . . . . . . . . . . . . . .129.2 1.3 145.0 54.4
Ferrexpo . . . . . . . . . . . . .84.2 -1.7 199.0 82.9
INDUSTRIAL TRANSPORTATION
BBA Aviation . . . . . . . . .353.7 8.8 354.6 293.0
Fisher (James) & . . . .1306.0 9.0 1552.0 1078.0
Royal Mail . . . . . . . . . . .441.2 5.8 615.0 390.0
ITV . . . . . . . . . . . . . . . . .203.0
Johnston Press . . . . . . . . .3.5
Mecom Group . . . . . . . .130.0
Moneysupermarket. . .200.0
Pearson . . . . . . . . . . . .1170.0
Perform Group . . . . . . .261.0
Reed Elsevier . . . . . . . .1027.0
Rightmove . . . . . . . . . .2110.0
STV Group . . . . . . . . . . .370.0
Tarsus Group . . . . . . . . .203.5
Trinity Mirror . . . . . . . . .164.0
UBM . . . . . . . . . . . . . . .569.0
UTV Media . . . . . . . . . . .207.5
WPP . . . . . . . . . . . . . . .1218.0
Zoopla Property G . . . . .207.2
2.5
-0.1
4.0
2.5
10.0
1.0
12.0
-13.0
10.0
1.1
2.8
7.0
0.5
10.0
1.7
222.0
8.4
153.0
201.3
1352.0
560.0
1029.0
2805.0
379.0
252.3
233.5
722.5
263.8
1383.0
269.0
169.5
3.1
64.5
153.4
998.0
180.0
854.5
1981.0
297.0
191.0
129.0
507.0
190.0
1117.0
197.0
-8.1
-4.0
12.0
-5.0
-3.7
-19.0
2.8
-2.4
320.0
1648.0
959.0
2096.0
75.0
1031.0
377.5
204.0
152.6
1226.5
661.5
1601.5
38.6
674.5
297.0
98.2
MINING
NON LIFE INSURANCE
Admiral Group . . . . . . .1335.0
Amlin . . . . . . . . . . . . . .455.4
Beazley . . . . . . . . . . . . .262.0
Brit . . . . . . . . . . . . . . . . .251.0
Catlin Group Ltd. . . . . . .536.5
Direct Line Insur . . . . . .276.0
esure Group . . . . . . . . .243.4
Hiscox Ltd (CDI) . . . . . . .681.0
Jardine Lloyd Tho . . . . .952.5
Price Chg High Low
10.0
4.6
0.0
3.7
8.5
-5.5
5.3
11.0
-5.0
1575.0
490.8
280.3
260.0
586.5
304.2
291.0
737.6
1095.0
1195.0
410.2
228.1
204.8
483.7
221.4
212.3
626.0
905.0
African Barrick G . . . . .206.0
Anglo American . . . . . .1316.5
Antofagasta . . . . . . . . .702.5
BHP Billiton . . . . . . . . .1610.5
Centamin (DI) . . . . . . . . .51.2
Fresnillo . . . . . . . . . . . . .697.5
Glencore . . . . . . . . . . . .319.9
Hochschild Mining . . . . .99.0
Price Chg High Low
SOFTWARE & COMPUTER SERV.
Aveva Group . . . . . . . .1536.0
Computacenter . . . . . . .619.5
Fidessa Group . . . . . . .2341.0
Micro Focus Inter . . . . .992.0
Playtech . . . . . . . . . . . .706.0
Sage Group . . . . . . . . . .377.7
Telecity Group . . . . . . . .770.5
Amec . . . . . . . . . . . . . .1040.0
Hunting . . . . . . . . . . . . .735.5
Petrofac Ltd. . . . . . . . .1060.0
Wood Group (John) . . .662.0
MAIN CHANGES UK 350
Risers
Price Chg High Low
Kazakhmys . . . . . . . . . .230.2 7.4
Lonmin . . . . . . . . . . . . . .174.6 1.7
Petra Diamonds Lt . . . .166.0 -0.2
Polymetal Interna . . . . .515.0 5.0
Randgold Resource . .3678.0 -101.0
Rio Tinto . . . . . . . . . . . .2971.5 25.0
Vedanta Resources . . .822.0 11.5
Capital & Countie . . . . . .341.2
Countrywide . . . . . . . . .458.0
Daejan Holdings . . . .4994.0
F&C Commercial Pr . . . .128.4
Foxtons Group . . . . . . . .168.2
Grainger . . . . . . . . . . . .189.0
Kennedy Wilson Eu . .1040.0
Redeп¬Ѓne Internat . . . . . .51.8
Savills . . . . . . . . . . . . . .644.0
St. Modwen Proper . . .362.6
UK Commercial Pro . . . .85.5
Unite Group . . . . . . . . . .427.0
6.7
-3.5
44.0
0.0
5.3
3.0
0.0
0.3
9.5
5.4
0.2
2.1
392.0 315.4
696.0 450.7
5125.0 3965.0
128.6 116.2
398.8 155.4
248.0 171.6
1113.8 990.0
61.0 47.0
679.5 571.5
418.0 334.0
85.5 75.1
452.3 387.8
6.0
12.0
37.0
11.5
10.5
0.6
5.1
17.0
3.1
4.4
9.5
18.0
571.5 459.5
733.0 592.5
2991.0 2382.0
688.5 555.0
619.0 489.6
114.2 99.3
348.4 275.5
1108.0 927.0
149.0 125.5
384.4 319.3
716.0 582.0
656.5 478.5
REAL ESTATE INVEST. TRUSTS
Big Yellow Group . . . . .546.5
British Land Co . . . . . . .728.5
Derwent London . . . . .2971.0
Great Portland Es . . . . .686.5
Hammerson . . . . . . . . .613.0
Hansteen Holdings . . . .106.0
Intu Properties . . . . . . .340.4
Land Securities G . . . . .1107.0
LondonMetric Prop . . . .147.4
SEGRO . . . . . . . . . . . . . .380.2
Shaftesbury . . . . . . . . . .716.0
Workspace Group . . . . .656.5
Aggreko . . . . . . . . . . . .1522.0
Ashtead Group . . . . . .1044.0
Atkins (WS) . . . . . . . . .1357.0
Babcock Internati . . . .1095.0
Berendsen . . . . . . . . . .1010.0
Bunzl . . . . . . . . . . . . . .1695.0
Capita . . . . . . . . . . . . .1097.0
Carillion . . . . . . . . . . . . .332.6
DCC . . . . . . . . . . . . . . .3494.0
De La Rue . . . . . . . . . . .522.5
Diploma . . . . . . . . . . . .695.5
Electrocomponents . . .228.8
Essentra . . . . . . . . . . . .686.5
Experian . . . . . . . . . . . .938.5
G4S . . . . . . . . . . . . . . . .255.5
Grafton Group Uni . . . .636.0
Hays . . . . . . . . . . . . . . . .123.3
Homeserve . . . . . . . . . .345.0
Howden Joinery Gr . . . .342.3
Interserve . . . . . . . . . . .633.5
Intertek Group . . . . . .2722.0
Michael Page Inte . . . . .388.5
Mitie Group . . . . . . . . . .300.9
Northgate . . . . . . . . . . .490.0
PayPoint . . . . . . . . . . . .861.5
Premier Farnell . . . . . . .189.2
Regus . . . . . . . . . . . . . . .197.3
Rentokil Initial . . . . . . . .123.2
RPS Group . . . . . . . . . . .234.4
Serco Group . . . . . . . . . .297.7
SIG . . . . . . . . . . . . . . . . .146.4
Travis Perkins . . . . . . .1652.0
Wolseley . . . . . . . . . . .3317.0
AIR LIQUIDE......................................................96.25
AIRBUS GROUP ................................................47.60
ALLIANZ N.......................................................126.70
ANHEUS.-BUSCH INBEV.....................................88.11
ASML HLDG.......................................................79.45
AXA....................................................................18.41
BANCO SANTANDER............................................7.03
BASF N .............................................................70.24
BAYER N...........................................................113.45
BBVA...................................................................8.91
BMW.................................................................85.32
BNP PARIBAS-A- ..............................................50.14
CARREFOUR......................................................23.37
DAIMLER N .......................................................62.03
DANONE...........................................................54.22
DEUTSCHE BANK N...........................................24.88
DEUTSCHE POST N............................................25.06
DEUTSCHE TELEKOM N ......................................12.02
E.ON N...............................................................13.73
ENEL...................................................................4.07
ENI ....................................................................17.00
ESSILOR INTL.....................................................88.10
GDF SUEZ..........................................................19.36
GENERALI..........................................................16.34
IBERDROLA ........................................................5.64
INDITEX ............................................................22.42
ING GROUP.........................................................11.41
INTESA SANPAOLO..............................................2.34
L'OREAL ...........................................................125.10
LVMH...............................................................135.35
MUENCH RUECKVERS N...................................156.85
NOKIA................................................................6.66
ORANGE ............................................................12.72
REPSOL..............................................................17.82
ROY.PHILIPS .....................................................22.29
RWE ................................................................28.26
SAINT GOBAIN..................................................34.25
SANOFI.............................................................73.66
SAP ..................................................................54.24
SCHNEIDER ELECTRIC........................................62.88
SIEMENS N ........................................................89.91
SOCIETE GENERALE...........................................38.42
TELEFONICA ......................................................12.00
TOTAL................................................................47.42
UNIBAIL-RODAMCO........................................204.45
UNICREDIT..........................................................5.76
UNILEVER CERT ................................................30.95
VINCI ...............................................................45.48
VIVENDI ............................................................19.48
VOLKSWAGEN VZ ............................................170.05
15.0
25.0
3.0
17.0
31.5
15.0
-4.0
9.1
56.0
5.0
9.5
5.5
17.5
1.5
4.6
15.5
5.6
2.1
5.7
11.0
-11.0
6.2
5.5
-1.0
-8.0
2.8
12.6
2.2
1.4
1.9
1.6
25.0
51.0
2617.0 1357.0
718.5 572.5
2615.0 2001.0
1078.0 721.5
836.5 579.0
435.5 337.1
806.0 631.0
1774.0 1452.0
1059.0 636.5
1502.0 1225.0
1297.0 1021.0
1128.0 894.5
1699.0 1340.0
1235.0 969.5
382.9 288.3
3683.0 2732.0
916.0 472.9
775.0 612.5
302.0 203.0
915.0 647.0
1270.0 916.0
273.5 228.0
679.5 538.0
156.0 110.7
353.5 233.6
392.1 288.3
745.0 563.0
3332.0 2440.0
507.0 371.9
345.6 274.6
615.5 397.3
1196.0 860.5
240.5 166.2
234.5 165.5
133.1 101.5
359.6 220.0
557.0 277.0
216.3 144.8
1982.0 1574.0
3531.0 3020.0
TECHNOLOGY HARDW. & EQUIP.
ARM Holdings . . . . . . . .875.0
CSR . . . . . . . . . . . . . . . .838.0
Pace . . . . . . . . . . . . . . .346.5
Spirent Communica . . . .75.1
36.5 1110.0 806.0
1.0 857.0 477.9
0.8 483.5 288.7
1.6 112.2 71.2
TOBACCO
British American . . . .3547.0 80.5 3633.5 2881.0
Imperial Tobacco . . . .2711.0 37.0 2774.0 2182.0
TRAVEL & LEISURE
Betfair Group . . . . . . . .1210.0
Bwin.party Digita . . . . . .89.7
Carnival . . . . . . . . . . . .2488.0
Cineworld Group . . . . .335.0
Compass Group . . . . .1006.0
Domino's Pizza Gr . . . . .635.5
easyJet . . . . . . . . . . . .1500.0
Enterprise Inns . . . . . . .127.9
FirstGroup . . . . . . . . . . . .112.2
Go-Ahead Group . . . .2460.0
Greene King . . . . . . . . .802.0
InterContinental . . . .2369.0
International Con . . . . .409.2
Ladbrokes . . . . . . . . . . . .118.1
Marston's . . . . . . . . . . . .150.8
Merlin Entertainm . . . .352.5
Millennium & Copt . . . .568.0
Mitchells & Butle . . . . .380.0
National Express . . . . .249.0
EU SHARES
Price
33.0
13.0
101.0
-2.0
2.0
2.1
3.0
22.0
-10.2
21.0
1.0
8.0
6.5
40.0
1.1
1.4
7.0
3.0
32.0
18.5
0.9
0.8
1.0
1.0
14.8
2.8
1213.0 933.5
133.9 80.2
2600.0 2090.0
398.3 291.3
1053.6 891.7
637.0 469.0
1827.0 1200.0
168.1 112.0
145.9 106.4
2565.0 1598.0
925.0 740.0
2475.0 1803.0
454.6 316.2
193.9 110.7
155.5 136.6
391.5 328.7
605.0 543.0
491.3 325.7
304.9 220.0
Price
Rank Group . . . . . . . . . .164.9
Restaurant Group . . . . .676.5
Stagecoach Group . . . .387.0
Thomas Cook Group . . .124.2
TUI Travel . . . . . . . . . . .398.6
Wetherspoon (J.D. . . . .842.5
Whitbread . . . . . . . . .4364.0
William Hill . . . . . . . . . .360.5
Chg High Low
-0.1 175.8 128.0
16.5 713.0 544.0
-8.6 400.0 344.2
1.9 189.0 102.5
-2.2 450.0 330.5
16.5 882.0 680.0
51.0 4487.0 3363.0
2.6 410.2 320.3
AIM 50
Abcam . . . . . . . . . . . . .399.8
Advanced Medical . . . .118.0
Alternative Netwo . . . .440.5
Amerisur Resource . . . . .54.5
Arbuthnot Banking . .1200.0
ASOS . . . . . . . . . . . . . .2656.0
Avanti Communicat . . .236.3
Blinkx . . . . . . . . . . . . . . .28.0
Brooks Macdonald . . .1372.5
Clinigen Group . . . . . . .467.0
Daisy Group . . . . . . . . . .183.5
Dart Group . . . . . . . . . . .261.0
DX (Group) . . . . . . . . . . .98.0
EMIS Group . . . . . . . . . .750.0
Faroe Petroleum . . . . . . .91.8
First Derivatives . . . . .1265.0
Gemп¬Ѓelds . . . . . . . . . . . .47.3
GLOBO . . . . . . . . . . . . . . .43.0
GW Pharmaceutical . . .385.6
Hargreaves Servic . . . .655.0
IGas Energy . . . . . . . . . .80.0
Iomart Group . . . . . . . .210.0
James Halstead . . . . . .283.0
M. P. Evans Group . . . . .452.0
Majestic Wine . . . . . . . .377.8
Monitise . . . . . . . . . . . . .32.5
Mulberry Group . . . . . . .727.0
Nanoco Group . . . . . . . .114.8
Nichols . . . . . . . . . . . . .935.0
Numis Corporation . . . .250.3
Pan African Resou . . . . .12.0
Parkmead Group (T . . . .176.5
Plexus Holdings . . . . . .250.0
Polar Capital Hol . . . . .464.3
Prezzo . . . . . . . . . . . . . .124.8
Quadrise Fuels In . . . . . .28.3
Quindell . . . . . . . . . . . . .134.0
Rockhopper Explor . . . . .73.5
RWS Holdings . . . . . . . .725.0
Secure Trust Bank . . . .2624.5
Smart Metering Sy . . . .352.9
Songbird Estates . . . . .262.5
Staffline Group . . . . . . .808.5
Telit Communicati . . . .236.5
Tungsten Corporat . . . .298.8
Utilitywise . . . . . . . . . .280.0
Velocys . . . . . . . . . . . . .186.0
Vertu Motors . . . . . . . . . .57.5
Young & Co's Brew . . . .980.0
7.8
1.0
1.0
17.6
0.8
0.0
131.0
20.5
-0.5
-9.0
4.5
-0.3
9.0
1.5
19.0
0.8
31.0
-0.5
-0.8
10.0
15.0
2.0
3.0
-2.3
-2.0
14.8
-1.0
52.0
-0.5
11.3
2.5
0.0
-3.5
-1.0
44.3
-6.3
-0.8
2.5
1.5
17.3
24.5
0.0
3.0
-3.5
-3.5
-2.3
-3.0
0.3
-1.5
0.3
520.0
127.8
130.5
585.5
66.3
1490.0
7050.0
328.0
230.0
1809.0
675.0
204.0
300.5
145.3
776.5
153.0
1583.0
53.5
71.8
523.5
897.0
160.3
295.0
334.8
493.5
590.0
80.0
1075.0
162.5
1201.0
344.8
15.8
294.5
321.0
563.0
162.0
49.0
660.0
158.5
1018.0
2975.0
425.5
264.5
1010.0
277.3
399.0
370.0
236.9
66.5
1097.5
350.5
89.3
96.8
352.5
42.0
1010.0
1785.0
170.3
27.5
1351.0
359.3
137.0
190.0
95.5
562.5
87.5
822.5
30.5
40.8
146.0
524.0
74.0
174.0
260.3
425.8
324.0
26.0
636.5
86.0
907.5
214.3
11.5
154.5
234.5
385.5
120.0
23.6
124.3
68.8
692.0
2175.0
292.5
152.0
469.5
110.5
203.0
194.0
125.0
51.5
915.0
http://corporate.webfg.com
mailto:
[email protected]
US SHARES
Chg
High
Low
Price
Chg
High
Low
1.13
1.70
2.50
0.95
2.43
0.54
0.19
1.67
3.50
0.22
2.29
1.68
0.34
1.42
1.52
0.58
0.67
0.35
0.41
0.16
0.43
1.65
0.43
0.49
0.10
0.61
0.34
0.09
2.90
2.65
3.40
0.08
0.35
0.35
0.53
0.53
0.98
1.75
1.58
2.18
2.55
1.25
0.31
0.43
4.90
0.24
0.71
1.56
0.36
4.90
101.85
57.33
139.00
89.82
79.43
20.64
7.96
88.28
114.20
9.91
96.10
61.82
29.57
71.27
57.44
38.15
28.47
12.97
15.37
4.49
20.46
87.90
21.19
17.70
5.77
24.35
11.95
2.66
134.75
147.20
170.40
6.98
12.85
20.55
27.33
32.98
45.75
89.95
63.30
72.22
101.35
48.69
12.99
54.71
213.70
6.89
32.78
57.36
21.31
205.00
83.45
41.05
115.05
69.14
57.51
16.43
5.72
64.27
90.71
8.10
74.74
43.28
21.42
55.10
47.25
22.66
21.55
10.07
12.23
2.98
15.31
70.51
16.02
14.40
4.28
19.29
8.93
1.63
114.55
121.00
141.10
4.89
8.39
15.82
20.69
24.35
29.51
68.29
50.08
52.59
80.17
32.44
10.76
40.57
174.25
5.01
26.97
39.98
17.26
147.40
3M ...................................................................153.77
ABBVIE.............................................................63.46
AMAZON.COM ................................................305.46
AMERICAN EXPRESS ........................................89.95
AMGEN ............................................................162.18
APPLE ............................................................108.00
AT&T.................................................................34.84
BANK OF AMERICA.............................................17.16
BERKSHIRE HATHAWY-B.................................140.16
BOEING CO.......................................................124.91
CATERPILLAR....................................................101.41
CHEVRON ........................................................119.95
CISCO SYSTEMS.................................................24.47
CITIGROUP .......................................................53.53
COCA-COLA CO..................................................41.88
COMCAST-A ......................................................55.35
CVS HEALTH......................................................85.81
DU PONT NEMOURS&CO ...................................69.15
EXXON MOBIL ...................................................96.71
GENERAL ELECTRIC ...........................................25.81
GOLDMAN SACHS GROUP...............................189.99
HOME DEPOT ....................................................97.52
IBM.................................................................164.40
INTEL ................................................................34.01
JOHNSON & JOHNSON.....................................107.78
JPMORGAN CHASE...........................................60.48
MCDONALD'S....................................................93.73
MERCK..............................................................57.94
MICROSOFT ......................................................46.95
NIKE -B-...........................................................92.97
ORACLE............................................................39.05
PEPSICO............................................................96.17
PFIZER .............................................................29.95
PHILIP MRRS INT ..............................................89.01
PROCTER&GAMBLE...........................................87.27
QUALCOMM .......................................................78.51
SCHLUMBERGER ..............................................98.66
TRAVLR COMP ................................................100.80
UNION PACIFIC.................................................116.45
UNITEDHEALTH GROUP ....................................95.01
UTD TECHNOLOGIES........................................107.00
VERIZON COMM ...............................................50.25
VISA-A............................................................241.43
WAL-MART STORES..........................................76.27
WALT DISNEY-DISNEY.......................................91.38
WELLS FARGO..................................................53.09
1.67
2.28
6.39
1.21
0.60
1.02
0.33
0.13
0.62
1.09
1.25
2.75
0.39
0.38
0.48
1.00
0.26
1.49
2.26
0.88
0.14
-2.22
3.02
7.60
8.77
0.00
0.05
1.43
0.74
1.09
0.35
0.63
0.90
-0.03
0.55
0.52
0.11
0.66
0.33
1.14
1.04
0.80
-0.33
1.45
1.13
0.66
0.35
4.78
-0.18
1.16
0.63
154.44
63.99
408.06
96.24
161.58
107.37
37.48
18.03
142.45
144.57
111.46
135.10
26.08
55.28
44.87
57.49
87.16
72.92
104.76
81.16
28.09
114.35
190.00
614.44
604.83
99.26
199.21
35.56
108.77
61.85
103.78
61.33
47.57
94.14
43.19
96.74
32.96
91.81
87.36
81.97
118.76
101.19
74.73
117.10
95.67
120.66
53.66
242.50
81.37
91.98
53.80
123.61
45.50
284.00
78.41
108.20
70.51
31.74
13.80
108.12
116.32
81.87
106.65
20.22
45.18
36.89
46.58
61.93
59.35
86.91
43.55
23.69
63.50
151.65
502.50
502.80
73.96
161.10
23.40
86.09
51.30
89.34
44.62
34.63
69.85
33.22
77.01
27.51
75.28
75.26
66.25
84.91
79.89
29.51
75.72
67.95
97.30
45.45
194.84
72.27
66.72
41.71
COMMODITIES
Gold.............................................................1164.25
Silver..............................................................16.20
Brent Crude ...................................................84.84
Krugerrand.................................................1172.00
Platinum.....................................................1227.00
Tin Cash Official ........................................20112.50
Zinc Cash Official........................................2334.75
-37.75
-0.58
-1.48
-35.50
0.00
-16.00
187.50
11.00
52.25
CREDIT & RATES
Copper Cash Official..................................6835.00
Aluminium Cash Official ...........................2056.75
Nickel Cash Official ...................................15812.50
Aluminium Alloy Cash Official .................2080.00
Cocoa Futures ...........................................2899.00
Coffee 'C' Futures .........................................188.28
Feed Wheat Futures .....................................117.50
Soybeans Futures Continuation Contract .1046.50
50.25
41.50
500.00
-10.00
-47.00
0.75
-1.00
-3.45
BoE IR Overnight.........................................0.500
BoE IR 7 days..............................................0.500
BoE IR 1 month...........................................0.500
BoE IR 3 months.........................................0.500
BoE IR 6 months ........................................0.500
LIBOR Euro - overnight ...............................0.043
LIBOR Euro - 12 months................................0.311
LIBOR USD - overnight................................0.088
LIBOR USD - 12 months................................0.553
Halifax mortgage rate ................................3.990
0.00
0.00
0.00
0.00
0.00
0.03
0.00
-0.01
0.01
0.00
Euro Base Rate............................................0.050
Finance house base rate .............................1.000
US Fed funds.................................................0.05
US long bond yield........................................3.07
European repo rate....................................-0.019
Euro Euribor ..............................................-0.005
The vix index................................................14.03
The baltic dry index.................................1428.00
Markit iBoxx................................................272.61
Markit iTraxx.................................................65.16
0.00
0.00
-0.02
0.03
0.00
-0.02
-0.49
4.00
-0.48
-4.04
WORLD INDICES
Price
Chg %chg
FTSE 100. . . . . . . . . . . . . . . . . . . . . 6546.47 82.92 1.28
FTSE 250. . . . . . . . . . . . . . . . . . . . . 15501.37 203.05 1.33
FTSE All-Share . . . . . . . . . . . . . . . . 3503.46 44.55 1.29
FTSE AIM All-Share . . . . . . . . . . . . . . 720.17
5.59 0.78
Price Chg %chg
S&P 500 . . . . . . . . . . . . . . . . . . . . . 2018.05 23.40 1.17
Dow Jones I.A. . . . . . . . . . . . . . . . 17390.52 195.10 1.13
Nasdaq Composite . . . . . . . . . . . . 4630.74 64.60 1.41
Xetra DAX. . . . . . . . . . . . . . . . . . . . 9326.87 212.03 2.33
Price
CAC 40 . . . . . . . . . . . . . . . . . . . . . . 4233.09
Swiss Market Index . . . . . . . . . . . . 8837.78
ISEQ Overall Index . . . . . . . . . . . . . 4763.13
FTSEuroп¬Ѓrst 300 . . . . . . . . . . . . . . . 1351.96
Chg %chg
91.85 2.22
118.75 1.36
96.96 2.08
25.60 1.93
Price
Chg %chg
Hang Seng. . . . . . . . . . . . . . . . . . 23998.06 296.02 1.25
Shanghai Composite . . . . . . . . . . . 2420.18 29.10 1.22
Straits Times. . . . . . . . . . . . . . . . . . 3274.25 39.94 1.23
ASX All Ordinaries. . . . . . . . . . . . . 5505.00 47.90 0.88
MONDAY 3 NOVEMBER 2014
22
THEFORUM
cityam.com/forum
US elections: Obama can only salvage
his failing presidency if his party loses
T
HERE is a lovely story about how
President John F Kennedy вЂ“ for
all its intellectual glitter and
panache вЂ“ managed to get
Vietnam so wrong. Coming back from
his first cabinet meeting, vice president
Lyndon Johnson told his mentor and
great friend Sam Rayburn, a crafty
giant of the House of Representatives,
how intellectually overpowering the
new team was, from national security
adviser McGeorge Bundy to secretary of
defence Robert McNamara. Rayburn
presciently replied, вЂњWell, Lyndon, you
may be right and they may be every bit
as intelligent as you say, but IвЂ™d feel a
whole lot better about them if just one
of them had run for sheriff onceвЂќ. And
of course, this is the heart of the
matter: intellectual brilliance without
practical experience can be very
dangerous indeed.
I remember thinking of this anecdote
when the Obama team вЂ“ which six long
years ago was also thought intellectually impressive and stylish вЂ“ came to
power. However, my variant on the
theme went like this: вЂњI wish one of
them had managed an ice cream
Agree? Disagree? Got a sharp comment?
The Forum wants you to join the debate.
nJOHN HULSMAN
stand,вЂќ a reality especially true of the
President. And as defeat stares the
Democrats in the face in elections to
the
Senate
and
House
of
Representatives tomorrow, this original
sin вЂ“ unfamiliarity with the realities of
the world, of how to implement ideas вЂ“
is precisely what is dooming the White
House and its Democratic allies to an
electoral rout.
Obamacare, the White HouseвЂ™s signature effort at health care reform,
remains desperately unpopular. A CBS
News poll on 27 October found that
only 36 per cent are in favour, with a
decisive 55 per cent against. The
botched roll-out of the Obamacare website, an entirely unforced management
error, will probably be remembered as
the beginning of the end of this once
hopeful presidency.
Nor has the White HouseвЂ™s record for
competence improved. Islamic State
was once disparaged by the President as
the вЂњJV teamвЂќ; an American idiom
meaning it was not a serious problem.
The Internal Revenue Service, the countryвЂ™s feared tax-collecting authority, has
been mired in scandal as it specifically
targeted conservative organisations;
(which would amount to a crime) or it
was managerially asleep at the switch.
Over the Ebola crisis, government protocols have been confidently announced,
only to change a day later. The VA
looks after elderly and wounded serviceman) has shamefully neglected US
soldiers.
In each case, the narrative of Obama
morphing from global saviour to
flawed manager has amounted to an
Olympian fall from grace. This is especially telling for a President who is
unabashedly (unlike Bill Clinton) on the
centre-left of the Democratic Party,
apostles of the American progressive
creed. But Progressivism вЂ“ with its belief
in an ever-larger role for a government
run by technocrats who know better вЂ“
on the web: cityam.com/forum
can only work if those in charge are
competent managers. Any American
who has ever tried to get their driverвЂ™s
For almost no one alive wants big,
intrusive, and incompetent governance.
And that notion, more than anything
else, is what is dooming the Democrats
to defeat tomorrow. If you are the party
of government, and government effectiveness is found wanting, it is bound to
be a long electoral night.
But there is an unmerited ray of sunshine for the President. For it is the
Democratic leader in the Senate Harry
Reid вЂ“ normally a staunch ally of the
White House вЂ“ who has almost singlehandedly stalled its major foreign
policy initiatives, the huge putative
trade deals with Asia (the Trans-Pacific
Partnership, or TPP) and Europe (the
Partnership, or TTIP). These have the
potential to do nothing less than fundamentally secure closer economic and
political links with AmericaвЂ™s allies in
both pivotal continents.
In thrall to the unions and fearing a
backlash from the increasingly protectionist Democratic Party base, Reid
or by email: [email protected]
Authority (TPA) to the Senate floor,
despite the President asking him to do
so in January 2014. TPA allows for a simple up-or-down congressional vote on
trade deals, and is the only practical
way they can be enacted. Easily discouraged, Obama declined to challenge his
ally.
But with the more free trading
Republicans in charge of the Senate,
there is every chance TPA can be adopted. This is plainly good for the country;
ironically, it is also very good for the
from now is likely to point to the enactment of both trade deals as the
moment when the US began to craft
the shape of the multipolar era.
Dr John C Hulsman is senior columnist at
City A.M. He is a life member of the Council on
Foreign Relations, and author of Ethical
Realism, The Godfather Doctrine, and
Lawrence of Arabia, To Begin the World Over
Again. He is president and co-founder of John
C Hulsman Enterprises (www.johnhulsman.com), a global political risk consultancy, and available for corporate speaking
and private briefings at www.chartwellspeakers.com
Top responses will be reprinted in The Forum.
The City will never forget the sacrifices of those who fought for our liberties
E
VERY year, the pageantry
and fun of the Lord MayorвЂ™s
Show is followed by a more
solemn occasion, one that is
of great significance to each
new lord mayor: Remembrance
Sunday.
The CityвЂ™s link with the military
is ancient and rich, with every Lord
MayorвЂ™s Show being honoured by
the participation of some of the
countryвЂ™s oldest regiments. Their
involvement in every part of the
Show helps to mark their immense
contribution to London throughout
history, and makes the following
dayвЂ™s events вЂ“ when the lord mayor
lays a wreath at the memorial to
the fallen by the Royal Exchange вЂ“
even more poignant.
CITY
MATTERS
nFIONA WOOLF
This year, Remembrance Day
marks 100 years since the start of
the First World War. We have never
forgotten, and must never forget,
the toll that war has taken and
continues to take. At this time of
year in particular, we should reflect
on those who gave their lives for
their country and their freedom,
protecting liberties that, today, are
all too easy to take for granted.
I recently visited Paul CumminsвЂ™s
Blood Swept Lands and Seas of Red
art installation at the Tower of
London. A sea of ceramic poppies,
each representing a British military
fatality during the First World War,
it has captured the imaginations of
so many Londoners, and has
enthralled millions of tourists who
still flock to see it. Wherever they
come from, visitors to the Tower are
fascinated by the sheer scale of the
installation. They reflect on what it
represents: lives lost and families
torn apart in the First, and Second,
World Wars, as well as so many
other conflicts that the world has
seen.
We are fortunate in the UK. Few
of us have encountered conflict. We
enjoy the privilege of peace, earned
by the hard work and sacrifice of
those who died in conflict вЂ“ both
the Armed ForcesвЂ™ personnel and
the many who died here in the City
during the Blitz.
Today, I will open the Royal
British Legion Garden of
Remembrance at St PaulвЂ™s
Cathedral, an annual ceremony
which marks the start of a month
in which the lives of those lost in
war are remembered. I will plant a
cross in memory of those who have
given their lives in war. It is a
humbling experience.
As lord mayor, I am president of
the City of London Reserve ForcesвЂ™
to promote the many benefits that
reservists can bring to employers. I
am a member of the Council of the
London Regiment, which was the
first regiment of reservists to be
deployed to mainland Europe in
the First World War. In the early
stages of its deployment, the
regiment held a hill near Ypres
against the German army. A
hundred years later, its men and
women are still risking their lives
in service, having been an
unbroken presence on British
military operations for the last
in London and scaling up to meet
the challenges of the future. I am
proud to know them.
Fiona Woolf is lord mayor of London.
Avoid high charges and poor service
when making international payments
MONDAY 3 NOVEMBER 2014
23
WE WANT TO HEAR YOUR VIEWS
E: [email protected] | Comment: cityam.com/forum |
Lord Hill should not fear ambition
in pursuing capital markets union
LETTERS to the editor
Rent seeking
Loosen up
[Re: Free enterprise will crumble if we fail to make the
moral case for capitalism, Friday]
David Sokol is, of course, right that there is nothing evil
about money or profit. But part of the problem is that
true free enterprise has been tarnished by the economic
rent seekers. When the public sees people getting very
rich through connections to political elites, or because
the burden of regulation makes certain markets nearly
impossible to disrupt, it is perfectly reasonable that
they see such money-making as corrupt and immoral.
But their anger is then unfairly translated onto business
people who have done nothing but provide a good or
service that people want to buy.
Matthew Watt
[Re: UK drug policy is decades out of date вЂ“ itвЂ™s high
time we faced up to the evidence, Friday]
Charlotte Bowyer hits the nail on the head. Our drug
policy in the UK is shaped by little more than inertia and
fear. The crucial point for me is that relaxing laws
internationally hasnвЂ™t led to the kind of surge in usage
that weвЂ™ve been led to believe would happen. Given
that looser legislation doesnвЂ™t seem to lead to an
enormous uptick, and that the current state of affairs
(the so-called War on Drugs) is extremely costly and in
some places draconian, what kind of justification could
there be for maintaining the status quo? LetвЂ™s hope we
finally crack this one soon.
Name withheld
Could the wheels be falling off
Abenomics, as Japan boosts QE?
YES
NO
Diana Choyleva
Tom Stevenson
The wheels havenвЂ™t fallen off Abenomics, but Japan is
careering towards a dangerous mix of inflation and no
growth. The last thing it needs is more QE, which will
debase the yen and feed directly into inflation. Deflation
in Japan isnвЂ™t the disease but a symptom of its structural
malaise. Printing more money has little chance of
generating real growth without reforms, which arenвЂ™t
even on the agenda. JapanвЂ™s structural weaknesses are
excessive corporate savings, an obsolete export
machine, and a dysfunctional labour market. The Bank
of Japan is now locked in perma-QE. The plunge in the
yen will make it difficult to avoid currency wars. The
eventual upshot could be a new financial crisis.
Diana Choyleva is head of macroeconomic research at
Lombard Street Research.
Turning the Japanese economy around after 20 years of
stagnation was never going to be easy вЂ“ or quick. With
inflation falling back to half the governmentвЂ™s 2 per cent
target, the authorities have sensibly gone for coordinated shock and awe. The need to throw money at
the stock market and crank up the printing presses
reflects the strength of the sales tax headwind. ItвЂ™s a sign
that monetary policy needs to do the heavy lifting in the
face of an ongoing fiscal squeeze. Abenomics is not
broken, but it has barely started JapanвЂ™s long journey
back to regional importance. That will require Tokyo to
rediscover its economic mojo and get serious about
corporate reform.
Tom Stevenson is investment director at Fidelity Personal
Investing.
Fountain House,
3rd Floor, 130 Fenchurch Street,
London, EC3M 5DJ
Tel: 020 3201 8900
Fax: 020 7248 2711 Email: [email protected]
Certified Distribution
from 25/08/14 till 28/09/14 is 113,862
@cityamforum
T
ODAY is Jonathan HillвЂ™s first
day
as
European
commissioner for financial
stability, financial services
and capital markets union.
He takes on the role at an inflection
that Europe needs deep, healthy,
and diverse financial markets if it is
to unlock economic growth. Banks
still provide the major proportion of
EuropeвЂ™s finance, while markets
deliver much less: a mirror image of
the position in the US. Things have
to change, and the vehicle for that
change is capital markets union
(CMU), at the heart of the new
commissionerвЂ™s mandate.
It has been said, somewhat unfairly, that CMU is a slogan waiting for a
policy programme. Arguably, it has
been an implicit goal of EU policy
since the Single European Act in
1986. Now it is an explicit aim, with
strong support from the commission president. AFME and our members, EuropeвЂ™s cross-border banks,
support the goal of an efficient
CMU, covering all 28 Member States
and offering competition and
choice to savers, investors and firms
across Europe. We propose three
objectives for the CMU initiative
which, taken together, should provide a framework for action. These
are the three вЂњIвЂ™sвЂќ: instruments,
investment and market infrastructure.
The first I is developing broader,
stable and more liquid markets for
financial instruments, particularly
equity and debt. Funding markets
for sovereigns and large companies
are generally well-integrated and
effective, whereas market funding
for SMEs and intermediate companies across much of Europe remains
patchy and expensive. The focus
should be on removing barriers, of
whatever kind, which prevent the
formation of a broader, more efficient and more liquid pan-European
market for these products.
The second is harnessing long-
nSIMON LEWIS
term savings across Europe to promote productive investment. Policy
and regulation must provide the
right framework for institutional
investors to make sound long-term
investments in EuropeвЂ™s capital markets.
The third is promoting open and
integrated capital markets infrastructure. Notwithstanding the
reforms underway through MiFID
(the
Markets
in
Financial
Instruments Directive) and EMIR
(the
European
Market
Infrastructure Regulation), aspects
of EuropeвЂ™s capital markets infrastructure remain fragmented in
ways which increase costs for endusers and mean that capital is not
allocated where it is most needed.
The focus should be on steps to
reduce costs and widen access.
It is also essential to remember
that capital markets need to be not
just more European, but more global. A European capital markets
union that is not closely integrated
into the wider global capital
markets will not achieve its aims.
An early exercise at AFME suggested that there are more than 30 separate issues that need to be addressed
than enough to occupy commissioner Hill during his five year term.
But to encourage some early
progress, we urge that near-term priorities should include:
Developing standards for high
quality securitisation (HQS).
Working towards common and
reliable standards for cross-border
credit information on SMEs.
Facilitating the development of a
European market for private place-
Editorial Editor David Hellier | Executive Editor Marc Sidwell
News Editor Julian Harris | Business Features Editor Tom Welsh
Lifestyle Editor Steve Dinneen | Sports Editor Frank Dalleres | Creative Director David Riley
Commercial Sales Director Jeremy Slattery | Head of Distribution Nick Owen
ments.
Removing the remaining barriers
to an integrated EU market for clearing and settlement services.
Eliminating divergences in listing
requirements for exchanges.
Streamlining reporting regimes
and the operation of trade repositories in Europe.
Pursuing a securities law which
would provide the basis for a single
market in financial instruments.
Considering harmonisation of
insolvency law across Europe. As we
have seen in resolution, what happens at the end of the life of a corporation has a major impact on what
happens during its life.
Reviewing tax incentives for SMEs
This is undoubtedly an ambitious
policy agenda: but we should not
fear ambition. Since the crisis, we
have learned that many things that
nobody thought could be achieved
are in fact achievable. Just five years
ago a system of European
Supervisory
Authorities
was
thought to be a generation away вЂ“
now they are part of the landscape.
Building a European resolution
framework was considered impossible because it would impact countriesвЂ™ insolvency laws. Now we have
one. And the idea of a banking
union in Europe, with a single
supervisor and single resolution
mechanism could quite simply not
be imagined. And yet later this
week, the ECB starts to supervise
banks in the Eurozone.
Finally, the discussion should not
new institutions. What Europe
needs is a single rulebook so that
there is a clear and level playing
field, not a single supervisor. The
work should be driven by reform
and focus on practical measures to
promote growth and integration of
capital markets among the EU28.
Simon Lewis is chief exec of AFME
(Association for Financial Markets in
Europe)..
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cityam.com
MONDAY 3 NOVEMBER 2014
24
ENTREPRENEURS
Harriet Green and
Guy Bentley talk
quarter-life crises
and how to tackle
the state with the
PayPal co-founder
Thiel thinks sharing
economy firm
Airbnb could be a
$100bn business I TвЂ™S NOT every day that you get to speak to Silicon Valley royalty. And Peter Thiel, co-founder of PayPal, first outside investor in Facebook, fund manager, and leader of multiple firms, is a dynasty heavyweight. Having just published his new book, Zero to One, heвЂ™s keen to talk about some of his latest ideas. A line those familiar with Thiel will recognise comes up quickly: вЂњI think luck is just an atheistic word for God.вЂќ The message is obviously an important one вЂ“ he devotes a whole chapter in the book to the subject: You are not a Lottery Ticket. For Thiel, whose net worth is estimated to be$2.2bn (ВЈ1.4bn), skill
and merit get you places вЂ“ not sitting
back and leaving it to chance. вЂњItвЂ™s a
bad way to think. When we ascribe
luck to things, itвЂ™s not a metaphysical
truth about the world, but often just a
sign of our laziness.вЂќ
Thiel concedes that there were
aspects of his own life which, at the
very least, put him in a fortunate position. He answers immediately when we
ask who his greatest role models were
growing up: вЂњmy parentsвЂќ. But convention never felt quite right to him. вЂњI
was tracked in the elite university system. That was good in some ways, but
it also meant I didnвЂ™t think very much
about the future. I didnвЂ™t need to think
about the future.вЂќ The blur of an
law school and the (arguably
inevitable) move to a big law firm in
New York left him feeling unsatisfied.
вЂњOn the outside, everybody wanted to
get in. On the inside, everybody
wanted to leave. And so I had this quarter-life crisis in my twenties where I
realised that the sort of default, of
sense, had brought me to a relatively
unhappy place.вЂќ
CASTLE-BUILDER
THE REALTHIEL
through the Thiel Foundation вЂ“ which
possibly demonstrate what is closest to
ThielвЂ™s heart вЂ“ include support for antiaging research via the SENS
Foundation, funding for Modern
Meadow, a biotech company that produces cultured meat and leather products with no animal slaughter, and the
technological and scientific progress
large institutions are not really able to
push it in different ways.вЂќ In the US, he
says, itвЂ™s now вЂњinconceivableвЂќ that the
government could deliver something
like the Manhattan Project or Apollo
programme again. WeвЂ™ll see an increasing tip towards smaller businesses, he says вЂ“ вЂњprogress will
happen there.вЂќ
ThielвЂ™s vocal concern over
stale institutions undergoing a
вЂњsort of shocking declineвЂќ isnвЂ™t
surprising. A long-time libertarian and supporter of the US
Libertarian Party, his criticism
of the state and state privilege
has, over the years, been wideranging. He has, however, been
mellowed by age (heвЂ™s now 47) вЂ“
more interested in usurping, rather
than conquering. вЂњAs an undergraduate and into my twenties, IвЂ™d have all
these late-night political discussions...
IвЂ™d love to tackle [the state] head on вЂ“
we could have a society thatвЂ™s vastly
better in all these different ways. But
itвЂ™s people building these new technology companies that has changed the
world more вЂ“ rather than political
debates.вЂќ
think it is incumbent on all of
вЂ�us toI dothink
Being a long-term thinker
is
something
Thiel
practises and preaches. вЂњI
do think itвЂ™s incumbent on
all of us to think really
to do with our lives.вЂќ And
for those that decide to
build a startup, heвЂ™s clear
about the individual benefits, as well as the impact youвЂ™ll have
more widely: вЂњyou can have agency not
just over your own life, but over a small
and important part of the world. It
begins by rejecting the unjust tyranny
of chance,вЂќ he says in Zero to One.
ThielвЂ™s frustration with humanity,
really, is that people just donвЂ™t think
big enough. вЂњThey get too focused on
their iPhones and all the other products to see the lack of any
revolutionary age. If you want to
become the next Apple, donвЂ™t set up a
restaurant.вЂќ This attitude comes across
in where he puts his money. His
Founders Fund invested in Elon MuskвЂ™s
SpaceX, along with British artificial
intelligence
firm
Deep
Mind
Technologies, which was bought by
Google at the beginning of 2014 for
ВЈ240m. More recent investments
want to do with our lives... You canвЂ™t
just count on the system to save you.
establish autonomous ocean communities (pictured). And itвЂ™s unlikely the
indefatigable billionaire will slow
down вЂ“ or believe anyone else should.
but thereвЂ™s tremendously more that
can be done.вЂќ That, as a society, weвЂ™ve
made вЂњalmost no progressвЂќ in the war
against AlzheimerвЂ™s and dementia concerns him: вЂњItвЂ™s shocking that this
hasnвЂ™t caused greater outrage, and
that weвЂ™re not trying to do more.вЂќ
TOPPLING LEVIATHAN
ThielвЂ™s belief in the small, innovative
game-changers is paired with a profound doubt over the ability of larger
institutions to deliver the same: вЂњthe
issue IвЂ™m always most concerned about
is whether weвЂ™re going to have enough
one meant that number two вЂ“ Tim
Cook вЂ“ вЂњhas almost impossible shoes to
fillвЂќ. Thiel is optimistic about the
improvements Apple will continue to
make on existing products, but not so
hot on Apple Pay. He says that most
people wonвЂ™t gain a huge benefit from
it compared to the payment methods
He has invested in Lyft, the peer-topeer ridesharing company. HeвЂ™s upbeat
about the sector, and the sharing economy more widely, although he has less
excitement for Uber than many
investors. Some, he says, overestimate
the value of services they or those they
know use, and underestimate the
value of those they donвЂ™t. But exemplar
of the evolving industry, Airbnb,
gets a bullish thumbs up вЂ“ it
could, he says, вЂњbe an $100bn companyвЂќ. ThielвЂ™s positivity comes through even in areas heвЂ™s sceptical about. HeвЂ™s known for being a critic of higher education, believing it to be вЂњan enormous bubble,вЂќ with a trillion dollars of student debt equalling вЂњa trillion dollars worth of lies about the value of education.вЂќ But he readily admits that thinking of a viable alternative is hard. Of course, heвЂ™s come up with his own response: annually, the Thiel Fellowship gives 20 promising young people$100,000, spread over
two years, to allow them to shelve their
education and focus on setting up a
business. The move has proved controversial, but ThielвЂ™s sticking to his guns:
вЂњItвЂ™s not what people want to hear. The
rather disturbing message that I have
is rather like that of a sixteenth century religious reformer: you need to
think really hard about what youвЂ™re
doing. You canвЂ™t just count on the system to save you.вЂќ
SHIFTING UP A GEAR
And youвЂ™d be hard-pressed to find
someone better placed to talk about
these
revolutionary firms вЂ“ and
Jobs is lauded by Thiel several times in
Zero to One. вЂњJobs saw that you can
change the world through careful
planning.вЂќ But the vision of number
One of the designs for Seasteads вЂ“ the
worldвЂ™s first floating cities вЂ“ in which
Thiel has invested
cityam.com
MONDAY 3 NOVEMBER 2014
25
MARKETING
A digital billboard revolution
Liam Ward Proud looks at the top eight out-of-home advertising sites changing the face of the capital
I
DAVE TROTT
1
2
City
8
a
lse
4
ark
thw
Sou
6
7
he
5
3
Westminster
&C
Digital outdoor is the thinking clientвЂ™s
choice. The channel has helped build awareness for some of the biggest brands, and itвЂ™s
interesting that itвЂ™s often the choice of media
companies вЂ“ think of The Independent newspaperвЂ™s famous вЂњIt is. Are you?вЂќ campaign, as
well as Sky and ITVвЂ™s huge presence on
outdoor screens at the moment.
Interestingly, it seems to be the same for
political parties. The right outdoor campaign
can have as much of an impact as which way
the newspapers swing ahead of a general election. Surely no one can forget the legendary
вЂњLabour isnвЂ™t workingвЂќ posters designed for
the Conservatives by Saatchi & Saatchi in the
run-up to the 1979 general election.
Digital outdoorвЂ™s growth potential is huge.
And the opportunity for creatives to do some
of their best work on the platform is evident.
With the right idea and a good public relations
team on board, itвЂ™s one of the quickest ways to
get into the national conversation and make
Dave Trott was interviewed by City A.M. Trott is
chairman of The Gate London, an integrated, full service advertising agency, and his latest book is Predatory
Thinking: A Masterclass in Out-Thinking the
Competition. He was the winner of the 2004 D&AD
PresidentвЂ™s Award for outstanding contributions to
creativity.
Brent
ton
creative departments yet
Owner: Outdoor Plus (pictured above)
Near Warren Street station and where
Tottenham Court Road meets the A501, the site
targets over 150,000 car travellers every week
with its two digital screens placed on both the
east and west sides of the underpass.
Advertisers prize the site due to its unmissable
location for wealthy commuters heading to the
City, while its digital connectivity allowed the
Sound of Success campaign to promote Brit
Award winners within minutes of the ceremony.
Famous campaigns: Huge Jaguar billboards
told drivers to вЂњF the meetingвЂќ in April this year.
g
sin
The potential of digital
вЂ�outdoor
hasnвЂ™t permeated
n
Ke
can be split into вЂњhotвЂќ and вЂњcoolвЂќ media.
This distinction was first put forward by
50 years ago. The difference is that hot media
grabs you, whereas people actively choose to
get involved with cool media вЂ“ the audience
does the grabbing. Print, cinema, online and
mobile are cool. TV and out-of-home are hot.
As a creative, when youвЂ™re thinking about
outdoor, you can safely assume that the audience will be doing something else when they
jam or waiting for a bus, which means youвЂ™ve
got to be short and punchy with the words,
using very powerful graphics. Outdoor is a
potent media. Done well, it can be more commanding than any other channel.
and mobile ads all the time. TheyвЂ™re known as
вЂњconversion mediaвЂќ; outdoor, on the other
hand, is вЂњawareness mediaвЂќ вЂ“ it has the power
to open doors, get your brand noticed and,
most importantly, get you into the public conversation. Everyone is exposed to your brand.
I watch ads on digital out-of-home screens
the same way I watch a TV break. The
channelвЂ™s capabilities are well-understood by
media agencies. TheyвЂ™re thrilled with digital
out-of-home because itвЂ™s so effective, flexible
and can reach a mass audience so quickly. But
the problem is that the potential of digital outdoor hasnвЂ™t permeated the creative departments of many ad agencies yet.
Owner: JCDecaux
Only fully digitised since April this year, this
site sits at the heart of an area that has
become synonymous with LondonвЂ™s startup
community and booming technology scene.
The site comprises four large digital screens
covering the major entrances to Silicon
Roundabout, which are mounted onto a giant
cube-like structure supported by two looping
arches. It captures the passing traffic heading
towards the City from the north, as well as
Tube-goers using Old Street station.
Famous campaigns: So far, brands to use the
site have been a reflection of the tech-focused
initial space to promote some of its most
popular subscriber channels, including Vice
Media, Zoella and The Slow Mo Guys.
6. TWO TOWERS WEST
Owner: Ocean Outdoor
With a similar demographic to the Chiswick site,
Two Towers West delivers one of the highest
audience figures in the UK вЂ“ 6.63m every two
weeks. Ocean Outdoor claims that 46 per cent of
the siteвЂ™s вЂњimpactвЂќ views come from UK
travellers going to Heathrow Airport, which
probably explains why some of the brands using
the screens also have a heavy presence in the
departure lounge, including Burberry, which
advertised its Body fragrance at the site.
Famous campaigns: Bentley used the space to
reach wealthy petrol-heads with the release of
its fastest ever car, the GT Speed.
Owner: Clear Channel
In the heart of LondonвЂ™s West End, Piccadilly
Lights reaches an estimated 2m people each
week, many of them pedestrians. Because its
audience includes a huge number of tourists,
and the minimum tenure is five years, the site
tends to appeal to large global brands with big
advertising budgets, like Coca-Cola (which has
long occupied the main strip along the top),
McDonaldвЂ™s and the car company Hyundai.
Famous campaigns: The McDonaldвЂ™s Little
Piccadilly campaign used an app to allow people
to create characters that appeared on its screen.
5. CHISWICK TOWERS
4. VAUXHALL CROSS
Owner: Outdoor Plus
This state of the art digital screen sits in the middle of the Vauxhall Cross gyratory, visible
to drivers using Wandsworth Road and Nine Elms Lane (only just avoiding the start of the
congestion charge zone to the east). Around 75,000 drivers approach the screen on a
typical day, which is relatively unique in sitting close to eye-level when in a car.
Famous campaigns: ItвЂ™s been a favourite of musicians so far, with Calvin Harris (pictured)
and Sam Smith using the high-quality screens to promote new albums.
7. THE EYE, HOLBORN
Owner: Outdoor Plus
The Eye screen, not too far away from Holborn
Station, is prized by advertisers because of its
relative exclusivity and scale in an area
previously devoid of any large-format out-ofhome screens. Built across four lanes on Proctor
Street, its 410,000 weekly audience is
predominantly comprised of affluent urbanites
with high disposable incomes. The site is near
media agencies including WPPвЂ™s Group M, and
big-spending brands like Warner Bros.
Famous campaigns: Pepsi used the space to
promote its Pepsi Max drink вЂ“ вЂњmaximum taste,
no sugar.вЂќ
Owner: Clear Channel UK
Situated on the M4 near Chiswick, these two
screens catch commuters travelling towards the
centre from relatively affluent areas of west
London, as well as international business
travellers making the same journey from
Heathrow Airport. The towers are seen by
roughly 2.3m road users each month.
Famous campaigns: The site is probably best
known for the British Airways Look Up
campaign last year, which many regard as the
finest piece of out-of-home work in a decade.
The digital screens were fed flight information
from Heathrow, and every time a BA flight went
across the sky, a child on the screen would look
up, pointing and following it. The screens would
also show the destination of the plane and a
web URL to book a similar journey.
8. SOUTHERN GATEWAY
DOMINATION
Owner: Primesight
These four screens in the middle of Elephant
and Castle roundabout face all lanes of traffic
heading north from the A3 towards Waterloo,
the City and the West End. This siteвЂ™s LED
screens are claimed to deliver an audience of
around 1.7m every two weeks, acting as a
gateway for anyone heading towards or from
south London. The screens have a maximum of
four ad slots on a 40-second loop.
Famous campaigns: Sky recently used the site
for its вЂњYour new movie store now in hereвЂќ
campaign promoting its film packages.
cityam.com
MONDAY 3 NOVEMBER 2014
26
LIFE&STYLE TRAVEL
NICE
WHERE TO STAY
For a unique experience on the Cote dвЂ™Azur, try Le
Hi-Hotel, with its eye-wateringly bright interiors,
private stretch of beach and roof terrace. Its 38
rooms are split into nine innovative designs, from
sofas with in-built speakers to beds that turn into
bathtubs. Visit Hi-hotel.net
Cycle one of
the Tour de
FranceвЂ™s most
feared routes
There is both pleasure and pain to be found
in Crillon-le-Brave, says Simon Miller
T
WHERE TO GO
A resplendent marble landmark in the middle of
the city, the MusГ©e d'Art Moderne et d'Art
Contemporain (MAMAC) is home to one of the best
collections of modern art outside Paris.
Free, visit mamac-nice.org
WHERE TO DRINK
he wonderfully named Crillon-leBrave is a picture postcard
Provencal village that lies at the
foot of the Mt Ventoux. The
village suffix вЂ“ le Brave вЂ“ was added by
Henry IV in the 14th century in honour
of his swashbuckling general Louis des
Balbes de Berton de Crillon. He was
apparently вЂњthe brave of the braveвЂќ,
which is the opposite of how I feel as I
stand beside my bike at the foot of the
1,912m mountain, quivering at the
thought of having to cycle up it.
The four-day trip sounded so
appealing when it first popped into my
inbox a few weeks ago. A long weekend
of cycling in Provence, based at the
luxurious вЂ“ and by that I mean
luxurious вЂ“ boutique hotel Crillon-leBrave. All standards of cyclist are
catered for, I was assured, and with the
confidence of a London commuter (my
bike is so basic its flashiest parts are a
kick-stand, ding-dong bell and child
seat), I signed up.
This inaugural cycling weekend is the
brainchild of the hotelвЂ™s owners, Peter
Chittick and Craig Miller. Before they
went into the hotel business 25 years
ago, they ran cycling tours around
The south of France is all about wine, and La
Cave de lвЂ™Origine is the most stylish wine bar
in Nice. Proprietors Carlo Ferreira and Isabelle
Ponsolle keep punters on their toes with a
wide and varied selection.
Tel. 0033 4835 00960
WHERE TO EAT
LвЂ™Acchiardo was opened in 1927, and now the
Acchiardo grandchildren are the ones serving
up Provencal classics like cod stew and fresh
seafood. A vast cellar of wine lies underneath
the restaurant, too. Call +33 4 93 85 51 16
The Hotel Crillon-le-Brave
Europe and this showed in their
knowledge of local routes through olive
groves, vineyards, lavender fields and
their knack for finding a great place for
lunch (inevitably at the top of a hill). But
itвЂ™s their ability to seamlessly and
sensitively manage a group of strangers
(cyclists & non cyclists) that proved key
to the success of the weekend. The size
of the group is purposefully capped at
around 25 to prevent the hotel
becoming over-run with middle-aged,
lycra clad bodies; a tactful concession to
other hotel guests.
Peter and Craig manage the bike
rental if required and provide official
timing equipment (no cheating on this
one). I requested the lightest piece of
carbon fibre available, having seen the
seriously expensive kit my fellow guests
The weekend is geared to appeal to
the pleasure-pain seeker in all of us. The
pain is delivered by the lung-busting
climb of Mt Ventoux, the pleasure from
the hotel spa, the food and the goldstandard service of this wonderful place.
Each day has a ride with varying levels
of intensity, each evening a meal of
delicious locally sourced cuisine. Pigeon
Tom Simpson
British professional
cyclist Tom Simpson
tragically died on Mt
Ventoux while riding
the 1967 Tour de
France. He is fondly
remembered by
cycling communities
around the world.
served with a pumpkin puree and onion
sauce вЂ“ food fit for an athlete.
Predictably, as the group relaxed into the
trip, the Vacqueyras from the nearby
vineyard also flowed more freely.
Mt Ventoux itself is simple rather
than spectacular. At 1,912m, it isnвЂ™t that
high, and it has none of the majesty of
the Matterhorn or the imposing might
of Mont Blanc. But with 1,600m of
vertical elevation, over 22kms of
In fact, itвЂ™s considered to be one of the
most fearsome climbs in the Tour de
France.
Intriguingly Mt Ventoux lays claim to
being the first mountain to have been
climbed for pleasure in 1336 by Italian
poet, Francesco Petrarch. Apparently
PetrarchвЂ™s observations on how he felt
climbing Mt Ventoux even lead some to
claim that it marked the beginning of
the Renaissance, no less. So would it be
as pleasurable over 650 years later on a
bike?
A modest start turns nasty after about
5km, at which point the next 10km are
at an unrelenting average gradient of
nine per cent until you emerge from the
tree line and, mercifully, things flatten
out a shade for a few kilometres. The
final 1km is perhaps the cruelest, with
the gradient rising to 10 per cent. A
poignant reminder of the arduous
nature of this physical challenge вЂ“ as if
any were needed вЂ“ is the memorial to
British professional cyclist Tom Simpson
who died attempting the climb during
the 1967 Tour de France.
Once at the top, the agony of getting
there disappears, and IвЂ™m immediately
filled with an immense feeling of
with my fellow cyclists. Walter from El
cityam.com
MONDAY 3 NOVEMBER 2014
27
@
@cityamlife
NEED TO
KNOW:
FLIGHTS:
Crillon-le-Brave is
drive from Marseille.
There are three
British Airways
flights per day from
Heathrow.
ACCOMODATION:
Prices range from
в‚¬970/ВЈ770 for single
occupancy and
в‚¬1,370/ВЈ1,088 for two
people sharing a
Superior room
including dinner and
breakfast each day
during the three
night cycling
weekend.
To book, email
[email protected]
lebrave.com, or
telephone +33 (04)
90 65 61 61.
Paso, Texas, easily in his 60s, had flown
in because Mt Ventoux had been on his
вЂњbucket-listвЂќ. Mils from Belgium was
treating himself to this weekend for his
67th birthday. Mike and Cindy from San
Francisco (eventually) cycled their
tandem to the top.
A non-cycling member of the party
bewilderment at our collective
Mt Ventoux is seen
as one of the
toughest cycles in
the Tour de France
foolishness. Why put yourself through
all that pain when thereвЂ™s a perfectly
good massage at the hotel spa followed
by a beautifully prepared lunch served
on a terrace overlooking a gorgeous
autumn scene in Provence? I guess she
had a point. The hotel is a delight; a
higgledy-piggledy collection of seven
different buildings with umpteen
nooks, crannies and terraces.
Above: cyclists on Mt Ventoux; Below: Crillon-le-Brave; Inset left: cyclists
tackling the notorious stretch of the Tour de France
The hotel feels restorative. It has
distilled the good-life of Provence вЂ“
outstanding local food, great wine and a
leisurely pace вЂ“ and added service and
luxury. Peter and CraigвЂ™s passion for
cycling made them love Provence and
they have created an environment that
allows guests to embrace this, whether
wannabe pro cyclist or complete
amateur; walker or pool-sider.
This place is good for the soul. If I
had to find fault I could moan that the
wifi coverage was patchy. ItвЂ™s very much
an adultвЂ™s hotel as opposed to a family
getaway. And if you want nightlife
forget it.
Having set a less than record breaking
time for my climb up Mt Ventoux, I am
now committed to returning next year.
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cityam.com
MONDAY 3 NOVEMBER 2014
28
OFFICEPOLITICS
Subtle signals are crucial in business
Even the smallest actions can make a huge impression вЂ“ think carefully before asking questions, says William Buist
S
for example, is subtly implying that he
wonвЂ™t pay close attention to detail with
ATTENTION TO DETAIL
I recently attended the launch of a new
business; it was a glitzy, high-profile
event. The management spoke glowingly of all the things they were proud
of, and we could sense the shared
enjoyment of their success.
But they also talked about one group
of staff key to the future expansion of
the business. It was clear that the management felt this team had let them
down and needed to do more. It was
probably just two sentences out of 200,
but the subtle signal was вЂњwe bear
grudges.вЂќ The takeaway point вЂ“ think
hard about the perceptions of others
when giving feedback.
Things go wrong, and people sometimes fail to deliver. But the question
thatвЂ™s often missed is: вЂњhow will others
вЂ“ who donвЂ™t necessarily know the
details of this case вЂ“ judge my commentary?вЂќ
UBTLE signals exist in all of our
interactions, and the best
command over the messages
they are sending.
New Tesco boss Dave Lewis, for example, quickly decided to sell the firmвЂ™s
fleet of private jets after coming into
the job. ItвЂ™s not the kind of decision
that will rapidly turn around the ailing
retailer, but he knows how dangerous
such signs of opulence can be in a business struggling to maintain its market
share. There are many ways in which
or career. Here are three examples.
When I was working for a menвЂ™s
clothes shop in the 1970s, the owner
made a point of ensuring that the suits
always hung extremely neatly. The job
was to make sure that things were
вЂњjust perfectвЂќ, and his attention to
detail was intense. In his words: вЂњwe
care for the clothes so our customers
know that we will care for them.вЂќ It
worked вЂ“ he attracted a large clientele.
In a City office, similar messages can
be expressed through interactions
with your clients or customers. An
intellectual property (IP) lawyer who
sends out emails with spelling errors,
At networking events, IвЂ™m frequently
asked questions that appear to have
been thought of on the spot.
Paying attention
to the details
sends a strong
message to your
clients
Sometimes they seem vague, and lack
context or content. It can be difficult
to know what the questioner really
wants to know.
These types of questions send the
subtle signal that you donвЂ™t really
have a grasp of what youвЂ™re asking,
nor why you are asking it. Maybe this
is a little harsh, but the fact that many
other people react in this way is proof
that a subtle signal is being given. Yet
often there is more depth to the ques-
tion than is immediately apparent.
вЂњHow many people are there in
subtlety built into business models: a
specialist firm may outsource support functions, others may choose to
keep everything in-house. Was the
question
to
determine
size,
resilience, capability to scale, or
maybe value?
And giving the right answers to
these open-ended questions can be
just as important. If the concern is
number of employees may not give
the right impression. But exploring
the intention behind the question
gives a subtle signal that you want to
understand, as well as respond.
with clarity and context avoids misunderstandings, and helps to build
trust, fast.
By paying attention to the details
and clarifying the context of questions, youвЂ™ll make sure that youвЂ™re
sending the right subtle signals. This
helps to rapidly grow a profitable
William Buist is chief executive and
owner
of
Abelard
Collaborative
Consultancy and founder of the xTEN
Club, an executive level advisory council.
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MONDAY 3 NOVEMBER 2014
cityam.com/sport
SPORT
Hamilton edges
closer to glory
after outwitting
rival Rosberg
BY ROSS MCLEAN
BRITAINвЂ™S Lewis Hamilton took a significant step towards securing his second World Championship crown after
overtaking title rival Nico Rosberg and
claiming his fifth consecutive win at
the United States Grand Prix in Austin
yesterday.
The 29-year-old snatched his 10th victory of the season with a late move
down the inside of Rosberg, with the
lead over his Mercedes team-mate now
standing at 24 points, with 75 available in the two remaining races.
Hamilton overcame brake problems
experienced in qualifying to secure
the 32nd win of his career, which pro-
STANDINGS
1. Lewis Hamilton, Mercedes
2. Nico Rosberg, Mercedes
3. Daniel Ricciardo, Red Bull
4. Valtteri Bottas, Williams
5. Sebastian Vettel, Red Bull
6. Fernando Alonso, Ferrari
7. Jenson Button, McLaren
8. Felipe Massa, Williams
316
292
214
155
149
149
94
83
pels his status to the most prominent
Briton in Formula One history in
terms of race victories, surpassing
1992 champion Nigel Mansell.
Although the double points
available during the final race in Abu
Dhabi means the destination of the
driversвЂ™ championship will not be
determined until proceedings reach
Yas Marina, Hamilton took time to
achknowledge his achievement.
вЂњIвЂ™ve been so fortunate, this is an
incredible team, I have an incredible
car and IвЂ™m really grateful to be up
front,вЂќ said Hamilton. вЂњIвЂ™m also so
proud to be representing my country
and to be top of the driver wins is
quite special.вЂќ
While Hamilton won on American
soil for the second time in three years,
Red BullвЂ™s Daniel Ricciardo again pro-
challenging for the BMW Masters
crown had not even flickered on his
Malaren Golf Club in Shanghai before
producing a stirring comeback and
losing a dramatic play-off yesterday.
GermanyвЂ™s Marcel Siem passed up
the opportunity to secure victory by
missing a six-foot putt on the 72nd
hole before returning to claim his
fourth European Tour title by
chipping in for a birdie on the first
hole of sudden death.
=FFK98CC
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K_\LeY\kDXjk\ij#<[eYli^_#JZfkcXe[HlXik\i$=eXcj1 DBe^<e^ YkAGg\<e^ ('$-#ANX[\<e^ Yk8C\nj
<e^ ('$-#GKXpcfi<e^ Yk>8e[\ijfeJZf ('$-#DmXe
>\in\eE$Yk;:_jeXcc<e^ ('.%J\d]eXcj1ANX[\ <e^ YkGKXpcfi<e^ ((0#DBe^<e^ YkDmXe>\in\e E\[ ((0%=eXc1ANX[\<e^ YkDBe^<e^ ((('% Lewis HamiltonвЂ™s ranking in British Formula One remains up for debate. He has surged ahead of Nigel Mansell and left the likes of Jackie Stewart, Jim Clark and Damon Hill trailing in his wake with race wins. The acid test is surely the number of driversвЂ™ championships and while it has taken some time since his first triumph in 2008, Hamilton stands on the cusp of his second. Success would equal the tally achieved by Clark and Graham Hill. However, Stewert has three Play-off heartache for Fisher as Siem recovers to secure crown BY ROSS MCLEAN Results Is Lewis the best Briton? duced another strong showing to finish third which ends the AustralianвЂ™s mathematical hunt for honours, although the destination of the championship has been heading to the Mercedes stable for some considerable time. Brazilian driver Felipe Massa finished in front of Williams teammate Valtteri Bottas in fourth, while FerrariвЂ™s Fernando Alonso crossed the line in sixth ahead of outgoing fourtime champion Sebastian Vettel. McLarenвЂ™s Kevin Magnussen came home in eighth with Jean-Eric Vergne ninth, while LotusвЂ™ Pastor Maldonado placed 10th to finish in the points for the first time this season. Fisher had set the clubhouse target of 16 under par after a superb final round of 67, which wiped out an 11-shot deficit to FranceвЂ™s Alexander Levy and would have set a European Tour record had he ultimately tasted victory. вЂњGoing out 11 behind you never expect to have a chance,вЂќ said Fisher. вЂњIвЂ™m thinking, just go out there and shoot a good score and if it gets me a top-10, that would be great. вЂњObviously it was playing tough but I think I had the best round of the day by quite some margin. I can only walk away very pleased.вЂќ 29 =FIDLC8( Lek\[JkXk\j>iXe[Gio#:iZlkF]K_\8d\iZXj# 8ljke#K\oXj#Lek\[JkXk\j=eXcGfjkfej,-CXgj 1(C ?Xdckfe>Yi D\iZ\[\j>G(_i+'dej'+%./,j\Zj#)E IfjY\i^>\i D\iZ\[\j>G(1+'1'0%'00#*;IZZXi[f8lj I\[9lcc(1+'1*'%*+,#+=DXjjX9iX NccXdj(1+'1*(%.'0#, M9fkkXj=e NccXdj(1+'1*,%...#-=8cfejfJgX =\iiXi (1+(1+'%'(-#.JM\kk\c>\i I\[9lcc(1+(1+'%,(0#/B DX^eljj\e;\e DZCXi\e(1+(1+,%+-.#0AM\i^e\=iX JZl[\iXKfifIfjjf(1+(1+/%-+/%Nfic[:_Xdgfej_g JkXe[e^j1;im\ij1(C?Xdckfe>Yi D\iZ\[\j>G*(-gkj# )EIfjY\i^>\i D\iZ\[\j>G)0)#*;IZZXi[f8lj I\[ 9lcc)(+#+M9fkkXj=e NccXdj(,,#,JM\kk\c>\i I\[ 9lcc(+0#-=8cfejfJgX =\iiXi(+0#.A9lkkfe>Yi DZCXi\e0+#/=DXjjX9iX NccXdj/*#0E?lcb\eY\i^ >\i =fiZ\@e[X.-#('BDX^eljj\e;\e DZCXi\e,*% DXel]XZkli\ij1(D\iZ\[\j>G-'/gkj#)I\[9lcc*-*#* NccXdj)*/#+=\iiXi(0-#,DZCXi\e(+.% >FC= :fccXk\[]eXcifle[jZfi\jkfkXcjek_\<lifg\XeKfli# 9DNDXjk\ij#CXb\DXcXi\e>fc]:clY#:_eXГ‡>[email protected] lec\jjjkXk\[#gXi.) 1).)DJ\d>\i -/---,.*DXiZ\c J\dnfeXkk_$ijk\okiXgcXp$f]]_fc\ #I=j_\i.'-.-/ -.#8C\mp=iX -,---*./#).*AIfj\.)-,-+.)#A ;feXc[jfe-/-/-).,#).+INXkk\c=iX ---..(.'#E :fcjX\ikj9\c ---+.*.(#).,<>iccf8i^ ---/-0.)#I GXcd\iLJ8 .'-.-/.'#)[email protected]\e=e .'---0.(#= QXefkkGXi .'-/-0-0#>:f\kq\\IjX .(-.-..(% :fccXk\[]flik_ifle[jZfi\jkfkXcjek_\<lifg\Xe :_Xcc\e^\Kfli1EXkfeXc9Xebf]FdXe>fc]:cXjjZ# 8cdfla>fc]#K_\NXm\#DljZXk#FdXeГ‡>[email protected]\jj jkXk\[#GXi.) 1)/(DFiie<e^ .(.(-/.(#)/*AGXcd\i <e^ -0.).+-/#)/,DKlccf:_ .*.*--.*#A9Xie\j <e^ -,.,..-/#)/-9p\fe^$_le8eBfi .)-,.*.-#D
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AI\X>Yi ?fe[X**1,(%,+*#,;>l^c[email protected] ;lZXk
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Lewis Hamilton claimed his 10th win of the season at the United States GP yesterday
IN BRIEF
Skipper Misbah enters record books
n CRICKET: Pakistan skipper Misbah-ul-
Haq scored the quickest half century in
Test cricket history and proceeded to
match the record for the speediest ton on
day four of the second Test against
Australia in Abu Dhabi. The 40-year-old
reached 50 in 21 balls to eclipse South
AfricaвЂ™s Jacques Kallis, who took 24 balls
in 2005. Misbah brought up three figures
in 56 balls, which levelled Viv RichardsвЂ™s
effort in 1986.
Bale in frame for Liverpool clash
n FOOTBALL: Real MadridвЂ™s Gareth Bale
returned to training yesterday ahead of
his sideвЂ™s Champions League clash with
Liverpool at the Santiago Bernabeu
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tomorrow. Bale has been missing from
RealвЂ™s five matches since the
international break after being diagnosed
with a gluteal muscle injury. Bale was
absent during RealвЂ™s 3-0 annihilation of
Brendan RodgersвЂ™ charges at Anfield in
the last round of Champions League
fixtures.
McNamara left to rue video ruling
n RUGBY LEAGUE: England coach Steve
McNamara was left to rue a late video
ruling which stripped winger Ryan Hall of
a late match-saving try during his sideвЂ™s
16-12 defeat to Australia in the Four
Nations in Melbourne. McNamara said:
вЂњLooking at it, it looks like RyanвЂ™s fingers
are on the ball when the ball hit the
ground so it is very disappointing.вЂќ
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MONDAY 3 NOVEMBER 2014
30
SPORT
Sarries brush off
Quins and target
trophy sweep
BY ROSS MCLEAN
SARACENS assistant coach Joe
Shaw insists his side plan an assault
on all fronts this term after
starting their LV=Cup campaign
with a 25-20 success over
Harlequins at Allianz Park
yesterday.
With both clubs selecting strong
line-ups, the hosts took full
advantage of a sluggish Quins start
to lead 15-3 at the break before the
visitors staged a second-half revival.
Duncan Taylor, Mike Ellery and
Jack Wilson touched down for
Sarries as Ben Spencer kicked two
penalties, while Mark Lambert and
Charlie Walker crossed the line for
Quins in the second half with Tim
Swiel and Louis Grimoldby both
And while the Premiership and
the European Champions Cup may
feature at the forefront of minds at
Saracens aim to be challenging for
of the season.
Duncan Taylor touched down for Saracens
вЂњEach competition is important
to us from the A League up,вЂќ said
Shaw. вЂњObviously you have to put
youth in at certain stages but we
want to win every game.
вЂњWe were in control but had two
tries ruled out by the TMO. We
tried to force things too much in
the final quarter and let them grow
into the game.
вЂњHowever, Quins had a bit of
experience in their line-up and a lot
of talent so we are more than
happy with the result.вЂќ
Despite being content with the
resurgence of his side during the
second period, Quins boss Conor
OвЂ™Shea hinted that he might be
tempted to lean towards greater
experience for their next clash with
Newport-Gwent Dragons on Friday.
вЂњWe showed great mental
fortitude as we reacted to a massive
challenge as the game went on,вЂќ
internationals in the pack and
some serious performers. We may
play a few more senior players
against the Dragons as it would be
nice to have something to play for
in the LV=Cup after Christmas.вЂќ
cityam.com/sport
@cityam_sport
Angry Van Gaal
labels sent off
Smalling stupid
PREMIER LEAGUE
MANCHESTER CITY......................1
MANCHESTER UNITED ...............0
BY ROSS MCLEAN
PERPLEXED Manchester United boss
Louis van Gaal was forced to question
the intelligence of one of his players
for the second week in a row after
Chris Smalling saw red during yesterdayвЂ™s narrow defeat to bitter rivals
Manchester City.
The former Fulham defender was
dismissed for the first time in his senior career after committing two bookable offences in quick succession
during the opening period of a frenetic derby, which was settled by Sergio
AgueroвЂ™s clinical second-half finish.
The Dutch tactician had warned his
players to guard against ill-discipline
in the build-up to his first Manchester
derby, with UnitedвЂ™s tally of 13 points
from 10 games the lowest since 1986, a
sequence which ushered in the Sir
Alex Ferguson era.
вЂњThe sending off is not one of those
things,вЂќ said Van Gaal. вЂњAs a player you
have to control your aggression. The
second yellow card, you know as a
player you already have a yellow so
you have to handle it differently.
вЂњI said that to the players. In the
derby you have to be careful. The second yellow card was stupid. You cannot do what he has done with the
second yellow. That is not very smart.
It had a big influence on our
opponent but also ourselves.вЂќ
Spanish stopper David de Gea twice
came to UnitedвЂ™s rescue midway
through the opening half, first
Lewis Hamilton wins
United States Grand Prix
Formula One: Page 29
Argentina striker
Sergio Aguero netted
his 10th league goal
of a prolific season as
City edged the
Manchester derby
yesterday
thwarting Jesus Navas following
AgueroвЂ™s defence-splitting pass before
denying the Argentine forward who
ran onto FernandoвЂ™s exquisite cross
with the outside of his boot.
when Smalling saw red after a lunging
foul on James Milner, following a
more than avoidable booking
moments earlier for standing in front
of Joe Hart and preventing the City
keeper launching a ball downfield.
City poured forward in the latter
stages of the half intent on making
their extra man count with referee
Michael Oliver waving away strong
penalty claims as Aguero and Yaya
Toure looked to be felled by Marouane
Fellaini and Marcos Rojo respectively.
With substitute Michael Carrick
already pressed into unfamiliar centre-half duties, UnitedвЂ™s defensive
options were stretched further shorlty
after the break as Rojo was withdrawn
with a dislocated shoulder and
replaced by teenager Patrick McNair.
The home side opened the scoring in
the 63rd minute, Gael Clichy latching
onto ToureвЂ™s pass before cutting the
ball back to Aguero to fire past De Gea
for his 10th league goal of the season.
United refused to buckle despite
being a man light, with Hart deflecting Van PersieвЂ™s low effort behind
while at the other end Navas struck De
GeaвЂ™s near post from a tight angle.
With the game approaching the
final 10 minutes, a surging Wayne
Rooney run ended with Hart repelling
Di MariaвЂ™s drilled shot while Fellaini
was off-target with a header from the
ArgentineвЂ™s pinpoint free-kick.
Toure was close to settling matters
with two minutes remaining, his flick
deceiving McNair only for his curling
attempt to fly wide of the post.
Wins keep wolves from City and Spurs door
W
INS are vital to the top clubs
and when you go a couple of
games without a victory
then itвЂ™s a crisis so
Manchester City manager Manuel
Pellegrini and Tottenham counterpart
Mauricio Pochettino will have slept
more easily last night having bagged
the points as the pressure can mount.
Who wants to get the pressure, who
wants their job threatened? Manuel
Pellegrini has said he does not feel the
pressure but he has to. Money is not
an issue for these people, it is about
personal pride and career development and those results yesterday have
just nipped any criticism or any threat
to their jobs in the bud.
They were absolutely crucial
victories for both clubs because had
the results gone the other way, there
FOOTBALL
COMMENT
TREVOR STEVEN
would have been more and more negative issues being raised about those
two managers. In equal measure, they
have beaten the wolves from the door.
One player I would like to raise from
the weekend is Alexis Sanchez, who
once again played a leading role for
the Gunners. He came to Arsenal from
Barcelona for big money and with a
great reputation. There is certainly
some mileage in the comparison with
Luis Suarez in my mind as this guy can
single-handedly make the difference
and literally be the key player, the player who week in, week out is pulling
out wonderful performances.
Suarez managed to keep it going
throughout the whole of last season,
the challenge for Alexis is to keep his
current level of performance. The difficulty is there are no secrets in the
Premier League, every game and move
is covered, teams are well-versed in
But the really good players have pace
and fire in their belly and a determination to stand out and make a difference and so far he has proven he has
all those ingredients. However, we will
all spot when he has a dip in form
because the results will tell, thatвЂ™s how
important he is to Arsenal.
Crystal PalaceвЂ™s fixture with
Sunderland tonight is a must-win
game. I know it is early to be saying
such things but when Sunderland are
in the kind of form they are, now is
the time to be playing them.
Neil Warnock is someone who
knows how to fight his corner when
the threat of relegation is whispered
and Palace need to be accumulating
points prior to Christmas.
Any takeovers that might happen
would certainly be more likely with
Crystal Palace a fairly certain bet for
Premier League football next season.
It would also be important for the
value of the club. A win is crucial.
Trevor Steven is a former England international footballer who played at two
World Cups. He now works as a media
commnetator
MONDAY 3 NOVEMBER 2014
GermanyвЂ™s Marcel
Siem claims BMW
Masters title
Golf: Page 29
cityam.com 31
England left to rue late try
ruling as Australia prevail
Rugby League: Page 29
Kane earns his spurs in late Tottenham salvo
PREMIER LEAGUE
ASTON VILLA...............................1
TOTTENHAM HOTSPUR ..............2
BY ROSS MCLEAN
TOTTENHAM manager Maurico
Pochettino hinted that matchwinner Harry Kane finally
warrants a starting berth in his
side after the England Under-21
forward climbed off the bench to
complete SpursвЂ™ comeback against
Aston Villa yesterday.
The White Hart Lane clubвЂ™s
miserable run of form looked set to
be extended to one win in eight
league games until Belgium striker
Christian BentekeвЂ™s second-half
dismissal, with goal-shy Villa in the
ascendency courtesy of Andreas
WeimannвЂ™s deserved opener.
Former Twente forward Nacer
secured maximum points in the
dying stages through Kane, who is
yet to make a league start for
Tottenham this term despite
with with eight goals in Europa
League and Capital One Cup ties.
вЂњWe are all happy because he
[Harry Kane] scored to give us
victory and it was perfect,вЂќ said
Pochettino. вЂњHis situation was a big
impact for us and he deserved his
reward. We analyse and we pick
the team but it is true from the
beginning of the season he is
getting better and has improved
and this is a decision. Maybe he
deserves to play in the next game,
why not?вЂќ
since returning to the Villa fold
after a six-month lay-off with an
achilles injury and came close to
opening the scoring early on,
cross from Matthew Lowton.
hit the target with a close-range
LlorisвЂ™ right-hand post with a
thunderous left-footed effort
moments before VillaвЂ™s vibrant
start was rewarded when Weimann
Harry Kane climbed off
the bench to score his
ninth goal this term
in over nine hours of football but
regained their goalscoring touch on
16 minutes when Weimann slid in
to meet Charles NвЂ™ZogbiaвЂ™s centre
and fire past Lloris.
Togo frontman Emmanuel
to equalise shortly before the halfhour mark, latching onto SoldadoвЂ™s
flicked ball beyond a retreating
Villa defence but unable to beat
Benteke posed a threat all game
and his sending off 20 minutes into
the second half destabilised Villa
and proved the turning point, with
the 23-year-old shown a straight red
card for raising his hands to
Tottenham midfielder Ryan Mason.
After failing to make much
headway in the final third, Spurs
levelled matters with six minutes
remaining when LamelaвЂ™s
inswinging corner was prodded
home at the far post by Chadli for
his fifth goal of the season.
TottenhamвЂ™s winner came in the
90th minute, Kane taking charge of
a free-kick before his effort took a
heavy deflection off Villa defender
Nathan Baker to deceive Guzan.
prime form after Paris success
BY ROSS MCLEAN
WORLD No1 Novak Djokovic eased
claim his third consecutive
Paris Masters crown and secure
the sixth title of another
prolific year.
SerbiaвЂ™s Djokovic brushed
aside Raonic 6-2, 6-3 in one
hour and 23 minutes to
record his 600th career
win, a feat only achieved
by four other active
players вЂ“ Roger
Lleyton Hewitt and
David Ferrer.
The 27-year-old also
strengthened his position in the
race to end the season at the
summit of the world rankings,,
with a lead of 1310 points over
Federer making Djokovic the
hot favourite to land the
accolade for a third time. He
will end the year as world No1
should he secure three match
wins at next weekвЂ™s ATP
World Tour Finals at
LondonвЂ™s O2 Arena
and enters the
tournament with 27
Novak Djokovic has
won six titles this year
consecutive indoor victories to his
name.
The line up for the season finale
is confirmed with Djokovic to be
joined by Federer, BritainвЂ™s Andy
Murray, Stanislas Wawrinka,
Tomas Berdych, Kei Nishikori,
Marin Clic and Raonic.
And after winning his first
tournament since becoming a
father, Djokoic sent out an
ominous message for his rivals by
insisting he will arrive in London
in prime form after saving his best
until last in Paris. вЂњI played the
best match of the week,вЂќ said
Djokovic. вЂњIвЂ™m very happy to stand
here with the trophy.вЂќ
TO GET AHEAD, LEAVE SPECULATION BEHIND
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