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BUSINESS WITH PERSONALITY
ISSUE 2,248 MONDAY 3 NOVEMBER 2014
FOUNDER OF
PAYPAL
TALKS TO
CITY A.M.
See Page 24
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cityam.com
BEST OF
BRITISH:
LEWIS
BREAKS
UK RECORD
See Page 29
POLITICIANS NOT
TRUSTED TO BUILD
THE UK’S FUTURE
SOUTHERN SPAIN
YOUR 24-PAGE
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
BY CHRIS PAPADOPOULLOS
BRITISH businesses see politicians
as more of a hindrance than a help
when it comes to improving the UK’s
infrastructure, with the vast majority
wanting power to be transferred to an
independent commission.
Two separate surveys published this
morning show business leaders
slamming Westminster over the state
of Britain’s transport and energy capacities. A poll by the Confederation of
British Industry (CBI) shows that over
two-thirds of businesses expect energy
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
concerned about the electoral cycle,
according to the CBI.
Meanwhile a separate report published today by manufacturers’ organisation EEF also backs the creation of a
permanent UK infrastructure authority.
“These results highlight widespread
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,” said EEF chief
executive Terry Scuoler.
EEF wants the government to
increase road investment three-fold as
well as bringing forward delayed road
projects including upgrades to the
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.
“Reversing decades of under-investment in our national infrastructure is
at the heart of the government’s longterm economic plan,” 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 £/$ ▼1.600 unc £/€ s1.277 +0.009 €/$ ▼1.253 -0.008
MONDAY 3 NOVEMBER 2014
NEWS
2
To contact the newsdesk email [email protected]
TODAY’S COMMENT: US elections, Remembrance Sunday, Abenomics and Lord Hill’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 “tap and
go,” for journeys into London’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 government’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.
Darling headed the Better
Together campaign against
Scottish independence, gaining
victory in September’s
referendum.
Last night Darling threw his
support for the Scottish Labour
leadership behind Jim Murphy.
“Jim has the enthusiasm, the
energy and above all he’s a fighter.
For too long we have sat back
when we needed to fight,” Darling
told the Financial Times.
He added he was “frustrated”
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
The scheme has already proven
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.
“Smart ticketing goes a long way
in giving passengers a better
experience, providing greater
choice and security and making it
easier to get around,” rail minister
Baroness Kramer said.
“The government and the
industry are working hard
together to build a more efficient
public transport network.”
Meanwhile, some of Britain’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 €2.1bn (£1.6bn) capital hole,
the world’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
Bank’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.
“Currently, the remedial actions
being evaluated envisage the coverage
of the entire capital shortfall through
a capital increase,” Monte dei Paschi
said in a statement last night.
“The capital plan also envisages
other non-dilutive and non interest
bearing measures for the bank –
including disposals of selected financial assets – in order to further
biggest bus operators today
announced plans to launch Oysterstyle smart ticketing across
England’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
Stagecoach, First, Arriva, Go Ahead
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
businesses ВЈ18.3bn to date. Business for
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
being made available for sale.
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 world’s oldest bank and fared worst in the EU’s stress tests last week
improve on the bank’s capital
position, which has already passed the
asset quality review exercise.”
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 – stock markets were buoyant
earlier this year when Monte dei
Paschi raised €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 €2.73 in July,
but have since collapsed to just €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. “Skills, business expertise and the
climate for progress all need to be doggedly
improved across the whole community,”
said the Institute of Directors’ Simon Walker.
“A well-developed pipeline of diverse talent,
in all its forms, is the only lasting solution.”
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 “point of no return”. 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
packages for an African business.
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 MPs’ 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 city’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 Osborne’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 UK’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 Mexico’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 LONDON’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
Mayor’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.
Tesco’s poor performance
comes even as the global groceries market booms –
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 – 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.
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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 Galactic’s SpaceShipTwo in
California’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
Galactic’s founder Richard Branson
vowed on Saturday to find out what
caused the British space tourism
company’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 Friday’s events
would take “about 12 months or so”.
He said Virgin would be able to
continue test flights in the meantime.
Before Friday’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
Miliband’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 – 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 – its shares
currently stand at 406.7p, down
from this year’s peak of 512p in
February.
Official figures show hedge fund
Lone Pine is vigorously shorting the
firm’s shares. Lone Pine has
borrowed 1.56 per cent of the retailer’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.
“The waiting game continues. We
believe the recent sell-off in the
shares reflects the market discounting likely disappointing first half
results,” said Investec in a note.
“With 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 don’t expect much
hard evidence to support a recovery
thesis yet.”
Mick Davis’ 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 bookie’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 Murphy’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.
Murphy’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 “no” 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
chef’s expansive set of restaurants,
which includes Ramsay’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
Kavalake’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 – the Heddon
Street Kitchen – 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 Paul’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
Ikea’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.
Selfridges’ 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: “Despite challenging trading
conditions in 2014 we are
accelerating our investment in
multi-channel and continuing our
ВЈ300m redevelopment programme
of our Oxford Street store.”
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 children’s department have
pushed Ikea’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 arm’s sales.
And in-store sales increased by
five per cent on the year.
Bathroom sales rose 21 per cent,
bedrooms 10 per cent, children’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 customers’ homes.
“Over the past year we have been
focused on really understanding
how our customers live at home
here in the UK,” 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 Research—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 – former chief
executive of Avery Berkel,
Pennine Retail Systems and
Digipos – 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: “We
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.”
FANTASY sports operator Picklive will
announce plans this morning to raise
£5m through a listing on London’s
Alternative Investment Market (Aim)
that will value the firm at ВЈ10m.
Picklive’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 player’s
performance and have the
opportunity to win cash prizes.
Unlike traditional fantasy sports,
which generally run over the course
of a sporting season, Picklive’s games
run over single matches. The
fundraise is aimed at financing
Picklive’s growth and developing
cricket, ice hockey and baseball
games to compliment its portfolio.
“Picklive 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,” said chief executive
David Galan. “We believe that this is
the opportune moment to seek a
listing on Aim to accelerate the
company’s growth, drive Picklive’s
highly-scalable proprietary
technology platform and develop
global appeal.” 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 London’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 Lloyd’s Banking
investors. The company is looking to
Group – 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 – the
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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 UK’s future is up in the air
Heathrow boss John Holland-Kaye tells Kate McCann it’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 world’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 (“I 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-
“
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 airport’s bid for expansion to grow the economy and exports
pore”). He is also measured in his analysis of Gatwick (arguing that the business case doesn’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.
“The choice has come down to two
different ways in which Britain can operate in the future, given that Heathrow
is full,” he explains. “This is a debate
about the kind of country we want to
have – do we want to be connected to
the global economy or are we going to
focus on European connections?”
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 UK’s airports and by meetings with politicians, who he says recognise the decision can not be ducked.
“Either 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
else’s country,” 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. “It isn’t in our national interest to
do that,” Holland-Kaye adds, “over time
we will lose out to the French and the
Germans, who have taken the opportunity that could have been ours.”
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. “We do 20
times more trade if we have a direct
flight than if we have an indirect flight
with those countries,” 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.
“We 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,”
he says, raising his eyebrows.
“We 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
they’ve got the support of the country
behind them. We need to stand up and
be counted on this,” 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 Autorité de Contrôle Prudentiel et de Résolution (“ACPR”) (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. © 2014 Societe Generale Group and its affiliates. © Societe Generale historical archives. FRED & FARID
cityam.com
MONDAY 3 NOVEMBER 2014
12
THECAPITALIST
THREE THINGS YOU DIDN’T KNOW ABOUT...
Chief executive at British Property Federation Liz Peace
Peace is a massive fan of Star Trek and
1 certainly doesn’t hide the fact she’s a
Trekkie – 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 it’s
British Sausage Week and b. realising you
can get a free sausage sandwich if you’re in
the vicinity of Finsbury Square – all you
need to do is send a tweet. Sausage
purveyor Debbie & Andrew’s has a pop up
restaurant in the square today replete with
barnyard mise-en-scene – 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, you’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 – the private equity star
has got himself an obsessive fan. “I appear
to have a stalker. She attends many of my
speaking engagements and then comes up
to me at the end...and says �I want you,’” he
writes in Management Today magazine.
She’s also been to his office and left
“weird” 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?
“I first noticed her in 2012 when I
was doing a lot of live
events promoting my
book Start It Up,” he told
The Capitalist. “I wrote
about her because it
seemed odd and I thought it might
intrigue readers.” You can say that again,
on both counts.
Stalkers in the City aren’t as rare as we’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 Consulting’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? “One writer I know has suffered from some over-ardent admirers, but I haven’t really discussed it
widely,” he told us. Let’s hope she
gets bored of him soon.
Luke Johnson has a big fan
В© Robert Hardy:DONLQJWKHGRJGHWDLOH[KLELWRU
To celebrate ING’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
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Please enter at www.cityam.com/discerningeye
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SOCIETE GENERALE
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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 Autorité de Contrôle Prudentiel et de Résolution (“ACPR”) (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
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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 – 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 – the
UK’s largest export market.
“Exports have been
weakening, while
domestic sales
are much more
buoyant,” 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 – 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.
“The 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,” 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
Treasury’s GDP growth forecast for
2014 was put at 3.1 per cent in the
middle of October – much stronger
than expected at the start of 2014.
Permanent vacancies across
engineering, finance & accounting,
IT and media & marketing are up
year-on-year – 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.
BRITAIN’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.
“It’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,”
said Richard Coleman of Zurich.
“However, it’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.”
16
cityam.com
MONDAY 3 NOVEMBER 2014
NEWS
In need of a holiday... buyout Finncap extends
execs’ busiest summer since �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.
“While we are seeing capital
markets take a pause for breath,
the appetite for deals in the
private company arena is
undiminished,” BDO partner Roger
Buckley said. “There is a lot of cash
chasing good quality deals and
private equity funds continue to
take advantage of the excellent
conditions during 2014.”
Buckley added firms were trying
to get deals done before next year’s
general election.
The figures also show deal
multiples – calculated as
enterprise value to Ebitda – 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 – a list of biggest
junior stock market listed companies –
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
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ER ER
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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 Customs’ (HMRC)
first annual tax summary – breaking
down exactly how tax is spent by the
exchequer – 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 PwC’s head of tax Kevin
Nicholson, who said: “Rather 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.”
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 Tomorrow’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 “happy to be
considering the
offer”.
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
LONDON’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.
Adam Dann, energy and
infrastructure partner at BLP,
commented: “With demand for oil
and gas rising more slowly than
anticipated, downward pressure on
oil price has reduced appetite for
equity.”
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 UK’s competitive tax
18
CITY MOVES WHO’S SWITCHING JOBS
Cunningham Lindsey
Simon How has been appointed
global specialty markets
director at the loss adjusting
and claims management firm.
He most recently worked as a
senior manager at Lloyd’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
SIGN UP TO RECEIVE THE NEW CITY MOVES
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, Santander’s wealth
management division.
Reed Smith
Simon Gough has been appointed partner at the law
firm. He joins Reed Smith’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.
To appear in CITYMOVES please email your career updates and pictures to [email protected]
Camelot profits
rise despite fall
in Lottery sales
BY OLLIE GORDON
CAMELOT UK Lotteries, the licensed
operator of the National Lottery, has
reported a boost in profits last year,
despite falling ticket sales and charitable contributions.
The company’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
fall in administrative expenses, despite
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 year’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.
Camelot’s chief executive designate
Andy Duncan commented: “As we look
forward to celebrating 20 years of the
National Lottery next month, we’re
determined to build on this momentum. We’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, we’ve got really exciting plans
for the second half of the year.”
Duncan replaced Camelot’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 Abe’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
massive asset-buying stimulus
programme – in the hope it will
stoke inflation – could boost the
chances of a rise in the sales tax
levy from October.
When Prime Minister Shinzo Abe
(pictured) raised Japan’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
scandals and growing doubts about
his radical Abenomics prescription
to revive an economy scarred by
years of deflation, Abe must decide
whether to roll the dice again.
Concerns that his popularity has
peaked and worries about the
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 – the issue has been
regarded as the “third 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
had, until recently, an employee
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 pilots’ union vows to
shelve strike action during talks
BY EDWARD TAYLOR AND
VICTORIA BRYAN
GERMAN pilots’ union Vereinigung
Cockpit (VC) will abstain from
industrial action during negotiations
with airline Lufthansa over pay and
early retirement benefits, Germany’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.
“We are currently in talks with
Lufthansa. During the talks we will
not strike,” 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.
Lufthansa wants to gradually
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.
In addition, they are negotiating
over pay increases for the contract
period from May 2012, although the
pilots say the strikes are mainly
about the retirement benefits.
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
economy’s growth.
The manufacturing purchasing managers’ 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: “The 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.”
Further purchasing managers’ index
(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 England’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.
Tomorrow Advanced Computer
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 “hold” 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 “is vulnerable to any softening of trade on Trans-Atlantic”.
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 “buy” rating for RBS, after the company reported third-quarter
income of £896m, ahead of the broker’s £567m consensus. The broker also noted that the bank
has made further progress with strengthening capital due in part to its third-quarter profit.
THE
WEEK AHEAD
US markets are
searching for
rates insight
31 Oct
Numis reiterated its “hold” rating following Direct Line’s results for the third quarter. The broker
noted that the “recent trend of reducing in-force policies” slowed in the quarter, and said this
was a positive sign that Direct Line’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
YOUR ONESTOP SHOP
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
massive bond-buying stimulus,
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
includes readings on trade and the
services and manufacturing sectors.
The ISM’s services sector report on
Wednesday is likely to show a similar pattern. Tomorrow, the government is expected to report that the
nation’s trade gap narrowed in
September, while data from payroll
processor ADP on Wednesday is
expected to show private payroll
growth accelerated in October.
Walt Disney and AOL will report
quarterly results on Thursday and
Warren Buffett’s conglomerate,
Berkshire Hathaway, reports third
quarter results on Friday.
The world’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.
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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
/€ 1.2764
0.0007 €/$ 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 €/£ 0.7834
0.0004
/ВҐ 179.96
0.2842 €/¥ 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
Infinis 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
Morgan Advanced M . .282.5
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
Kingfisher . . . . . . . . . . .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
Redefine 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 Computer . .108.0
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
Gemfields . . . . . . . . . . . .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
FACEBOOK-A....................................................74.99
GENERAL ELECTRIC ...........................................25.81
GILEAD SCIENCES ............................................112.00
GOLDMAN SACHS GROUP...............................189.99
GOOGLE-A.......................................................567.87
GOOGLE-C......................................................559.08
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
TWITTER ...........................................................41.47
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
Palladium....................................................784.00
Platinum.....................................................1227.00
Tin Cash Official ........................................20112.50
Lead Cash Official.......................................2014.75
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
FTSEurofirst 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
the administration of US
President John F Kennedy – for
all its intellectual glitter and
panache – 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, “Well, Lyndon, you
may be right and they may be every bit
as intelligent as you say, but I’d feel a
whole lot better about them if just one
of them had run for sheriff once”. 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 – which six long
years ago was also thought intellectually impressive and stylish – came to
power. However, my variant on the
theme went like this: “I 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,” 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 – unfamiliarity with the realities of
the world, of how to implement ideas –
is precisely what is dooming the White
House and its Democratic allies to an
electoral rout.
Obamacare, the White House’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.
Twitter: @cityamforum
Nor has the White House’s record for
competence improved. Islamic State
was once disparaged by the President as
the “JV team”; an American idiom
meaning it was not a serious problem.
The Internal Revenue Service, the country’s feared tax-collecting authority, has
been mired in scandal as it specifically
targeted conservative organisations;
either the White House knew about this
(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
(Veterans Affairs administration, which
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 – with its belief
in an ever-larger role for a government
run by technocrats who know better –
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 driver’s
license renewed knows better.
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 – normally a staunch ally of the
White House – 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
Trans-Atlantic Trade and Investment
Partnership, or TTIP). These have the
potential to do nothing less than fundamentally secure closer economic and
political links with America’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]
refused to bring Trade Promotion
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
stalled administration, which years
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 Mayor’s
Show is followed by a more
solemn occasion, one that is
of great significance to each
new lord mayor: Remembrance
Sunday.
The City’s link with the military
is ancient and rich, with every Lord
Mayor’s Show being honoured by
the participation of some of the
country’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
day’s events – when the lord mayor
lays a wreath at the memorial to
the fallen by the Royal Exchange –
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 Cummins’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 – both
the Armed Forces’ 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 Paul’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 Forces’
and Cadets’ Association, and work
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
decade, while maintaining careers
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 – it’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 hasn’t led to the kind of surge in usage
that we’ve been led to believe would happen. Given
that looser legislation doesn’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? Let’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 haven’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 isn’t the disease but a symptom of its structural
malaise. Printing more money has little chance of
generating real growth without reforms, which aren’t
even on the agenda. Japan’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 – or quick. With
inflation falling back to half the government’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. It’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 Japan’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 Hill’s first
day
as
European
commissioner for financial
stability, financial services
and capital markets union.
He takes on the role at an inflection
point: there is broad recognition
that Europe needs deep, healthy,
and diverse financial markets if it is
to unlock economic growth. Banks
still provide the major proportion of
Europe’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
commissioner’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, Europe’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 “I’s”: 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 Europe’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 Europe’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
under these three headings, more
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
to start and grow businesses.
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 –
now they are part of the landscape.
Building a European resolution
framework was considered impossible because it would impact countries’ 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
be sidetracked by wrangling about
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
T’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, he’s keen to talk about
some of his latest ideas. A line those
familiar with Thiel will recognise
comes up quickly: “I think luck is just
an atheistic word for God.” The message is obviously an important one – 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 – not sitting
back and leaving it to chance. “It’s a
bad way to think. When we ascribe
luck to things, it’s not a metaphysical
truth about the world, but often just a
sign of our laziness.”
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: “my parents”. But convention never felt quite right to him. “I
was tracked in the elite university system. That was good in some ways, but
it also meant I didn’t think very much
about the future. I didn’t need to think
about the future.” The blur of an
undergraduate degree (at Stanford),
law school and the (arguably
inevitable) move to a big law firm in
New York left him feeling unsatisfied.
“On 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
doing what conventionally made
sense, had brought me to a relatively
unhappy place.”
CASTLE-BUILDER
THE REALTHIEL
through the Thiel Foundation – which
possibly demonstrate what is closest to
Thiel’s heart – 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
in the decades ahead. I worry that
large institutions are not really able to
push it in different ways.” In the US, he
says, it’s now “inconceivable” that the
government could deliver something
like the Manhattan Project or Apollo
programme again. We’ll see an increasing tip towards smaller businesses, he says – “progress will
happen there.”
Thiel’s vocal concern over
stale institutions undergoing a
“sort of shocking decline” isn’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 (he’s now 47) –
more interested in usurping, rather
than conquering. “As an undergraduate and into my twenties, I’d have all
these late-night political discussions...
I’d love to tackle [the state] head on –
we could have a society that’s vastly
better in all these different ways. But
it’s people building these new technology companies that has changed the
world more – rather than political
debates.”
think it is incumbent on all of
�us toI dothink
really hard about what we
Being a long-term thinker
is
something
Thiel
practises and preaches. “I
do think it’s incumbent on
all of us to think really
hard about what we want
to do with our lives.” And
for those that decide to
build a startup, he’s clear
about the individual benefits, as well as the impact you’ll have
more widely: “you 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,” he says in Zero to One.
Thiel’s frustration with humanity,
really, is that people just don’t think
big enough. “They 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, don’t set up a
restaurant.” This attitude comes across
in where he puts his money. His
Founders Fund invested in Elon Musk’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 can’t
just count on the system to save you.
Seasteading Institute, which plans to
establish autonomous ocean communities (pictured). And it’s unlikely the
indefatigable billionaire will slow
down – or believe anyone else should.
“We’ve made tremendous progress,
but there’s tremendously more that
can be done.” That, as a society, we’ve
made “almost no progress” in the war
against Alzheimer’s and dementia concerns him: “It’s shocking that this
hasn’t caused greater outrage, and
that we’re not trying to do more.”
TOPPLING LEVIATHAN
Thiel’s belief in the small, innovative
game-changers is paired with a profound doubt over the ability of larger
institutions to deliver the same: “the
issue I’m always most concerned about
is whether we’re going to have enough
one meant that number two – Tim
Cook – “has almost impossible shoes to
fill”. 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 won’t gain a huge benefit from
it compared to the payment methods
they already use.
He has invested in Lyft, the peer-topeer ridesharing company. He’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 don’t. But exemplar
of the evolving industry, Airbnb,
gets a bullish thumbs up – it
could, he says, “be an $100bn
company”.
Thiel’s
positivity
comes
through even in areas he’s sceptical
about. He’s known for being a critic of
higher education, believing it to be “an
enormous bubble,” with a trillion dollars of student debt equalling “a
trillion dollars worth of lies about the
value of education.” But he readily
admits that thinking of a viable alternative is hard. Of course, he’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 Thiel’s sticking to his guns:
“It’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 you’re
doing. You can’t just count on the system to save you.”
SHIFTING UP A GEAR
And you’d be hard-pressed to find
someone better placed to talk about
these
revolutionary firms – and
where they’re heading. Apple’s Steve
Jobs is lauded by Thiel several times in
Zero to One. “Jobs saw that you can
change the world through careful
planning.” But the vision of number
One of the designs for Seasteads – the
world’s first floating cities – 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 client’s
choice. The channel has helped build awareness for some of the biggest brands, and it’s
interesting that it’s often the choice of media
companies – think of The Independent newspaper’s famous “It is. Are you?” campaign, as
well as Sky and ITV’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
“Labour isn’t working” posters designed for
the Conservatives by Saatchi & Saatchi in the
run-up to the 1979 general election.
Digital outdoor’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, it’s one of the quickest ways to
get into the national conversation and make
your brand famous.
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
President’s Award for outstanding contributions to
creativity.
2. PICCADILLY LIGHTS
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 “F the meeting” in April this year.
g
sin
The potential of digital
�outdoor
hasn’t permeated
1. EUSTON ROAD UNDERPASS
n
Ke
N CREATIVE terms, advertising mediums
can be split into “hot” and “cool” media.
This distinction was first put forward by
Canadian media critic Marshall McLuhan
50 years ago. The difference is that hot media
grabs you, whereas people actively choose to
get involved with cool media – the audience
does the grabbing. Print, cinema, online and
mobile are cool. TV and out-of-home are hot.
As a creative, when you’re thinking about
outdoor, you can safely assume that the audience will be doing something else when they
see your ad. They are probably stuck in a traffic
jam or waiting for a bus, which means you’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.
We read about the explosive growth of online
and mobile ads all the time. They’re known as
“conversion media”; outdoor, on the other
hand, is “awareness media” – 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
channel’s capabilities are well-understood by
media agencies. They’re thrilled with digital
out-of-home because it’s so effective, flexible
and can reach a mass audience so quickly. But
the problem is that the potential of digital outdoor hasn’t permeated the creative departments of many ad agencies yet.
3. OLD STREET ROUNDABOUT (EC1)
Owner: JCDecaux
Only fully digitised since April this year, this
site sits at the heart of an area that has
become synonymous with London’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
area, with Google-owned YouTube buying
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 – 6.63m every two
weeks. Ocean Outdoor claims that 46 per cent of
the site’s “impact” 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 London’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),
McDonald’s and the car company Hyundai.
Famous campaigns: The McDonald’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: It’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 WPP’s Group M, and
big-spending brands like Warner Bros.
Famous campaigns: Pepsi used the space to
promote its Pepsi Max drink – “maximum taste,
no sugar.”
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 site’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 “Your new movie store now in here”
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 d’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
France’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 – le Brave – 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 “the brave of the brave”,
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 – and by that I mean
luxurious – 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 hotel’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 l’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
L’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
it’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
had brought.
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 – 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 isn’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
unrelenting gradient, it’s hard going.
In fact, it’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
Petrarch’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 – as if
any were needed – 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 I’m immediately
filled with an immense feeling of
achievement, elation and camaraderie
with my fellow cyclists. Walter from El
cityam.com
MONDAY 3 NOVEMBER 2014
27
@
@cityamlife
NEED TO
KNOW:
FLIGHTS:
Crillon-le-Brave is
about 75 minutes
drive from Marseille.
There are three
British Airways
flights per day from
Heathrow.
ACCOMODATION:
Prices range from
€970/£770 for single
occupancy and
€1,370/£1,088 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
“bucket-list”. 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
merely shakes her head in
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 there’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 –
outstanding local food, great wine and a
leisurely pace – and added service and
luxury. Peter and Craig’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. It’s very much
an adult’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 – think carefully before asking questions, says William Buist
S
for example, is subtly implying that he
won’t pay close attention to detail with
your IP. It’s about consistency, in everything.
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 “we bear
grudges.” The takeaway point – think
hard about the perceptions of others
when giving feedback.
Things go wrong, and people sometimes fail to deliver. But the question
that’s often missed is: “how will others
– who don’t necessarily know the
details of this case – judge my commentary?”
UBTLE signals exist in all of our
interactions, and the best
businesspeople have a firm
command over the messages
they are sending.
New Tesco boss Dave Lewis, for example, quickly decided to sell the firm’s
fleet of private jets after coming into
the job. It’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
subtle signals can affect your business
or career. Here are three examples.
When I was working for a men’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
“just perfect”, and his attention to
detail was intense. In his words: “we
care for the clothes so our customers
know that we will care for them.” It
worked – 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,
CHOOSE YOUR WORDS CAREFULLY
ASK THE RIGHT QUESTIONS
At networking events, I’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 don’t really
have a grasp of what you’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.
“How many people are there in
your business?” There can be a lot of
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
about capability, simply stating the
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.
Asking, and answering, questions
with clarity and context avoids misunderstandings, and helps to build
trust, fast.
By paying attention to the details
and clarifying the context of questions, you’ll make sure that you’re
sending the right subtle signals. This
helps to rapidly grow a profitable
business, and can accelerate careers.
William Buist is chief executive and
owner
of
Abelard
Collaborative
Consultancy and founder of the xTEN
Club, an executive level advisory council.
No more
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MONDAY 3 NOVEMBER 2014
cityam.com/sport
SPORT
Hamilton edges
closer to glory
after outwitting
rival Rosberg
BY ROSS MCLEAN
BRITAIN’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
drivers’ championship will not be
determined until proceedings reach
Yas Marina, Hamilton took time to
achknowledge his achievement.
“I’ve been so fortunate, this is an
incredible team, I have an incredible
car and I’m really grateful to be up
front,” said Hamilton. “I’m also so
proud to be representing my country
and to be top of the driver wins is
quite special.”
While Hamilton won on American
soil for the second time in three years,
Red Bull’s Daniel Ricciardo again pro-
ENGLAND’S Ross Fisher admitted
challenging for the BMW Masters
crown had not even flickered on his
radar ahead of the final day at Lake
Malaren Golf Club in Shanghai before
producing a stirring comeback and
losing a dramatic play-off yesterday.
Germany’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.
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Lewis Hamilton’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 drivers’
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 Australian’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
Ferrari’s Fernando Alonso crossed the
line in sixth ahead of outgoing fourtime champion Sebastian Vettel.
McLaren’s Kevin Magnussen came
home in eighth with Jean-Eric Vergne
ninth, while Lotus’ 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 France’s
Alexander Levy and would have set a
European Tour record had he
ultimately tasted victory.
“Going out 11 behind you never
expect to have a chance,” said Fisher.
“I’m thinking, just go out there and
shoot a good score and if it gets me a
top-10, that would be great.
“Obviously 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.”
29
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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
Africa’s Jacques Kallis, who took 24 balls
in 2005. Misbah brought up three figures
in 56 balls, which levelled Viv Richards’s
effort in 1986.
Bale in frame for Liverpool clash
n FOOTBALL: Real Madrid’s Gareth Bale
returned to training yesterday ahead of
his side’s Champions League clash with
Liverpool at the Santiago Bernabeu
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tomorrow. Bale has been missing from
Real’s five matches since the
international break after being diagnosed
with a gluteal muscle injury. Bale was
absent during Real’s 3-0 annihilation of
Brendan Rodgers’ 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 side’s
16-12 defeat to Australia in the Four
Nations in Melbourne. McNamara said:
“Looking at it, it looks like Ryan’s fingers
are on the ball when the ball hit the
ground so it is very disappointing.”
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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
adding three points.
And while the Premiership and
the European Champions Cup may
feature at the forefront of minds at
Allianz Park, Shaw is adamant
Saracens aim to be challenging for
silverware come the business end
of the season.
Duncan Taylor touched down for Saracens
“Each competition is important
to us from the A League up,” said
Shaw. “Obviously you have to put
youth in at certain stages but we
want to win every game.
“We 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.
“However, Quins had a bit of
experience in their line-up and a lot
of talent so we are more than
happy with the result.”
Despite being content with the
resurgence of his side during the
second period, Quins boss Conor
O’Shea hinted that he might be
tempted to lean towards greater
experience for their next clash with
Newport-Gwent Dragons on Friday.
“We showed great mental
fortitude as we reacted to a massive
challenge as the game went on,”
said O’Shea.“They had six
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.”
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 yesterday’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
Aguero’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 United’s tally of 13 points
from 10 games the lowest since 1986, a
sequence which ushered in the Sir
Alex Ferguson era.
“The sending off is not one of those
things,” said Van Gaal. “As 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.
“I 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.”
Spanish stopper David de Gea twice
came to United’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
Aguero’s defence-splitting pass before
denying the Argentine forward who
ran onto Fernando’s exquisite cross
with the outside of his boot.
United’s task became mountainous
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, United’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 Toure’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 Persie’s low effort behind
while at the other end Navas struck De
Gea’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 Maria’s drilled shot while Fellaini
was off-target with a header from the
Argentine’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 it’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
your strengths and weaknesses.
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, that’s how
important he is to Arsenal.
Crystal Palace’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
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Siem claims BMW
Masters title
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cityam.com 31
England left to rue late try
ruling as Australia prevail
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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 Spurs’ comeback against
Aston Villa yesterday.
The White Hart Lane club’s
miserable run of form looked set to
be extended to one win in eight
league games until Belgium striker
Christian Benteke’s second-half
dismissal, with goal-shy Villa in the
ascendency courtesy of Andreas
Weimann’s deserved opener.
Former Twente forward Nacer
Chadli restored parity before Spurs
secured maximum points in the
dying stages through Kane, who is
yet to make a league start for
Tottenham this term despite
spearheading the club’s attack
with with eight goals in Europa
League and Capital One Cup ties.
“We are all happy because he
[Harry Kane] scored to give us
victory and it was perfect,” said
Pochettino. “His 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?”
Benteke made his second start
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,
heading wide from an enticing
cross from Matthew Lowton.
After Roberto Soldado failed to
hit the target with a close-range
header, Benteke struck Hugo
Lloris’ right-hand post with a
thunderous left-footed effort
moments before Villa’s vibrant
start was rewarded when Weimann
Harry Kane climbed off
the bench to score his
ninth goal this term
broke the deadlock.
The hosts had not found the net
in over nine hours of football but
regained their goalscoring touch on
16 minutes when Weimann slid in
to meet Charles N’Zogbia’s centre
and fire past Lloris.
Togo frontman Emmanuel
Adebayor missed a glorious chance
to equalise shortly before the halfhour mark, latching onto Soldado’s
flicked ball beyond a retreating
Villa defence but unable to beat
Brad Guzan from point-blank range.
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 Lamela’s
inswinging corner was prodded
home at the far post by Chadli for
his fifth goal of the season.
Tottenham’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.
Djokovic heading to London in
prime form after Paris success
BY ROSS MCLEAN
WORLD No1 Novak Djokovic eased
past Canada’s Milos Raonic to
claim his third consecutive
Paris Masters crown and secure
the sixth title of another
prolific year.
Serbia’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 – Roger
Federer, Rafael Nadal,
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 week’s ATP
World Tour Finals at
London’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, Britain’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. “I played the
best match of the week,” said
Djokovic. “I’m very happy to stand
here with the trophy.”
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