BUSINESS WITH PERSONALITY ISSUE 2,248 MONDAY 3 NOVEMBER 2014 FOUNDER OF PAYPAL TALKS TO CITY A.M. See Page 24 FREE cityam.com BEST OF BRITISH: LEWIS BREAKS UK RECORD See Page 29 POLITICIANS NOT TRUSTED TO BUILD THE UKвЂ™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 UKвЂ™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 BritainвЂ™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 manufacturersвЂ™ organisation EEF also backs the creation of a permanent UK infrastructure authority. вЂњThese 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,вЂќ 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. вЂњReversing decades of under-investment in our national infrastructure is at the heart of the governmentвЂ™s longterm economic plan,вЂќ said a Treasury spokesperson. FTSE 100 s6,546.47 +82.92 S&P 500 s2,018.05 +23.4 DOW s17,390.52 +195.10 NASDAQ s 4,630.74 +64.60 ВЈ/$ в–ј1.600 unc ВЈ/в‚¬ s1.277 +0.009 в‚¬/$ в–ј1.253 -0.008 MONDAY 3 NOVEMBER 2014 NEWS 2 To contact the newsdesk email [email protected] TODAYвЂ™S COMMENT: US elections, Remembrance Sunday, Abenomics and Lord HillвЂ™s new role See Forum pages 22-23 The only way is Oyster, as Essex commuters tap in with new tech BY GABRIELLA GRIFFITH THOUSANDS of commuters based in Essex will benefit from Oysterstyle travel cards on trains from today. The c2c Smart card will allow c2c season ticket holders to вЂњtap and go,вЂќ for journeys into LondonвЂ™s Fenchurch Street, as well as outside the capital, speeding up the commuting process and making season tickets more secure. It is part of the governmentвЂ™s push to introduce smart tickets for all train operators in London and the south east. Thousands of people commute into the City from Essex via Fenchurch Street station every day Darling to step down as MP at 2015 election BY GUY BENTLEY LABOUR veteran and former chancellor Alistair Darling last night announced he is standing down as an MP at the next election. Darling headed the Better Together campaign against Scottish independence, gaining victory in SeptemberвЂ™s referendum. Last night Darling threw his support for the Scottish Labour leadership behind Jim Murphy. вЂњJim has the enthusiasm, the energy and above all heвЂ™s a fighter. For too long we have sat back when we needed to fight,вЂќ Darling told the Financial Times. He added he was вЂњfrustratedвЂќ 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. вЂњSmart ticketing goes a long way in giving passengers a better experience, providing greater choice and security and making it easier to get around,вЂќ rail minister Baroness Kramer said. вЂњThe government and the industry are working hard together to build a more efficient public transport network.вЂќ Meanwhile, some of BritainвЂ™s Monte dei Paschi plans to sell units and raise capital BY TIM WALLACE TROUBLED Italian Bank Monte dei Paschi plans to tap capital markets to plug its в‚¬2.1bn (ВЈ1.6bn) capital hole, the worldвЂ™s oldest lender said last night. The bank is also considering selling some business units to bolster its position further. Monte dei Paschi was the worst performer in the European Central BankвЂ™s stress tests, which identified the capital hole. If the economy worsens and bad debts rise, the bank would be left with a dangerously small capital buffer, the tests found. Banks which failed the tests a week ago were given two weeks to unveil a plan to fill the hole. If the plans are approved by regulators, the banks will get six months to plug any urgent gaps, and another three months to get back on track to get their overall buffers on the right track. вЂњCurrently, the remedial actions being evaluated envisage the coverage of the entire capital shortfall through a capital increase,вЂќ Monte dei Paschi said in a statement last night. вЂњThe capital plan also envisages other non-dilutive and non interest bearing measures for the bank вЂ“ including disposals of selected financial assets вЂ“ in order to further biggest bus operators today announced plans to launch Oysterstyle smart ticketing across EnglandвЂ™s largest city regions, including Manchester, Tyne and Wear, Merseyside, Yorkshire, Nottingham, Leicester and Bristol. The move is the result of a pledge between companies such as 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 worldвЂ™s oldest bank and fared worst in the EUвЂ™s stress tests last week improve on the bankвЂ™s capital position, which has already passed the asset quality review exercise.вЂќ The capital plan also rules out converting the government bail out funds into shares, as that would mean the part-nationalisation of the bank. And the lender has also ruled out taking any more funds from the Italian state. It may prove a difficult time to raise funds вЂ“ stock markets were buoyant earlier this year when Monte dei Paschi raised в‚¬5bn from investors, but since then conditions have worsened, as has the outlook for the Italian economy. After the bank failed the stress tests its shares tanked as investors fled the bank. Its shares peaked at в‚¬2.73 in July, but have since collapsed to just в‚¬0.61 at closing time on Friday. n Businesses will be encouraged to increase the ethnic diversity of their boards under an initiative this month from business secretary Vince Cable. He wants 20 per cent of positions to be held by minority directors by 2020. вЂњSkills, business expertise and the climate for progress all need to be doggedly improved across the whole community,вЂќ said the Institute of DirectorsвЂ™ Simon Walker. вЂњA well-developed pipeline of diverse talent, in all its forms, is the only lasting solution.вЂќ WHAT THE OTHER PAPERS SAY THIS MORNING IHS in $2bn African fundraising round Merkel warns Cameron over EU freedom of movement Angela Merkel, the German Chancellor, is reported to have warned the UK Prime Minister that she is prepared to consider a British exit from the EU if there is a move to change the rules on freedom of movement. According to the news magazine Der Spiegel, Merkel fears that Cameron is leading the UK to the вЂњpoint of no returnвЂќ. She is said to have made clear to him that any attempt to restrict immigration from fellow member states will result in Germany withdrawing support for efforts to keep Britain in the union. Der Spiegel reported that Berlin now regards a British exit as a possibility. The largest African fundraising since the start of the 2008 financial crisis shows the Ebola crisis has not deterred investor interest in the continent. Nigeria-based IHS, the telecoms infrastructure group, has raised $2.6bn in equity and debt in one of the biggest private funding 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 MPsвЂ™ expenses after tens of thousands of pieces of paperwork were shredded. Publicis is in talks to buy Sapient as the French advertising giant seeks to speed up its transformation into a digital-technology company and bounce back from its failed attempt to merge with Omnicom. A deal to buy Sapient, which has a market capitalisation of around $2.5bn, could be announced today. Hong Kong is gearing up for an end-of-year listings push with two big initial public offerings that could vault the cityвЂ™s exchange into second place globally this year from fourth. The listings of CGN Power and Dalian Wanda Commercial Properties would leave Hong Kong trailing New York, but ahead of London and Nasdaq. Carbon price floor pushing up bills Research by Nera, the economic consultancy, says chancellor George OsborneвЂ™s carbon price floor is inflating the cost of power by seven per cent and, if it remains in place, could lead to two-thirds of the UKвЂ™s coal-fired power stations being closed as commercially unviable. Diageo to swap whiskey for tequila Republicans ahead in Congress polls Diageo is poised to take full control of tequila brand Don Julio as it nears an asset-swap agreement that would see it hand over Bushmills Irish whiskey to MexicoвЂ™s Beckmann family. The latest Wall Street Journal/NBC News poll found 46 per cent of likely voters favour a Congress led by Republicans, while 45 per cent preferred Democratic control. cityam.com MONDAY 3 NOVEMBER 2014 NEWS GUY FAWKES FIREWORKS SHOWS LIGHT UP LONDONвЂ™S SKIES LONDONERS celebrated the approach of 5 November this weekend with fireworks at Alexandra Palace on Saturday and at Richmond Park last night. A fireworks barge will end the Lord MayorвЂ™s show on the Thames next Saturday. Tesco loses out to Germans in global market BY TIM WALLACE BATTERED retailer Tesco is losing market share on the global stage as German discount chains continue to steal ground from the British giant, researchers at Euromonitor International said today. Tesco has now been bumped from fourth-largest retail chain in the world into fifth place by German value group Schwarz Beteiligungs. Its dominant position in the UK is also being eaten away by high-end supermarkets like Waitrose, and hard discounters Aldi and Lidl. The top three retailers remain Wal-Mart, Carrefour and Seven and I. TescoвЂ™s poor performance comes even as the global groceries market booms вЂ“ Euromonitor International believes the global market will grow by 5.3 per cent this year. And by 2019, the analysts expect retail sales to hit $19.6 trillion (ВЈ12.3 trillion). In groceries, the discounters are set to perform most strongly, with growth of 3.4 per cent per year over the next five years. In terms of online growth, clothing will stay in the lead as the biggest seller at $360bn in 2019. But the fastest growth will come from grocers. Food and drink sales online are forecast to rocket by 18.2 a cent per year to 2019. Tesco declined to comment. The supermarket has been in trouble, with profits diving 92 per cent in its latest quarterly results. An accounting error cut ВЈ263m from its reported profits, and new boss Dave Lewis is looking to cut costs and squeeze efficiencies from the business empire. One option is selling units вЂ“ the retailer is considering floating Tesco Bank on the stock market, selling a stake which would value the lender at up to ВЈ1bn, according to the Sunday Telegraph. news muse SFQBTTJWFGVOETUIF 2" GVUVSFPGJOWFTUJOH ":&4 #/0 "nswer our daily poll at DJUZBNDPNOVUNFH for your chance to win a ВЈ1,000 Nutmeg Portfolio. Terms and conditions apply. Yesterday we asked : )PXXJMM NBSLFUTSFBDUUPUIF FOEPG2& A % - 1PTJUJWFMZ B % - NFHBUJWFMZ Ambition is... knowing where the smart money goes. From software start-ups to mobile-tech titans, 98% of the best global brands rely on ICAEW Chartered Accountants. Connect with their talent. icaew.com/ambition New chief Dave Lewis aims to turn the firm around Year-long crash investigation to push back Virgin Galactic launch BY OLIVER SMITH AN INVESTIGATION into the crash of Virgin GalacticвЂ™s SpaceShipTwo in CaliforniaвЂ™s Mojave Desert on Friday, that resulted in the death of one pilot, will take up to a year and could delay plans for the start of commercial space flights next year. Billionaire entrepreneur and GalacticвЂ™s founder Richard Branson vowed on Saturday to find out what caused the British space tourism companyвЂ™s passenger spaceship to crash during its test flight, but said he would press on with the dream of commercial space flight. The head of the US transport safety agency Christopher Hart said the full investigation into FridayвЂ™s events would take вЂњabout 12 months or soвЂќ. He said Virgin would be able to continue test flights in the meantime. Before FridayвЂ™s setback, Virgin had hoped to start taking commercial passengers into space in 2015. Virgin did not respond to a request for further comment yesterday. NO ORDINARY BUSINESS MINDS icaew.com 3 cityam.com MONDAY 3 NOVEMBER 2014 NEWS 5 Jim Murphy resigns from Labour front bench to focus on Scotland BY KATE McCANN LABOUR MP Jim Murphy has resigned his post as shadow international development secretary on Ed MilibandвЂ™s front bench team in order to focus on his campaign to become the next Labour leader in Scotland. The move follows the resignation of Johann Lamont, who quit the post last month and accused the Labour party in Westminster of neglecting its branch north of the border. Jim Murphy has launched a bid to become the next Scottish Labour party leader M&S likely to join Next and Tesco in slump BY TIM WALLACE AND OLIVER SMITH THE SLUMP in British retail is set to hit Marks and Spencer hard this week, after poor financial results from rival Next and supermarket Tesco. Weak sales figures will pile increasing pressure on chief executive Marc Bolland вЂ“ like-for-like sales have already fallen for the past 13 quarters, despite the growing economic recovery. The consensus among analysts is that Marks and Spencer will on Wednesday report a 3.7 per cent decline in like-for-like general merchandise (GM) sales and a 0.2 per cent rise in food sales during its second quarter. Such forecasts represent a substantial slowdown from the 1.5 per cent fall in GM and 1.7 per cent rise in food it reported in the first quarter. Investors are increasingly shunning the high street stalwart вЂ“ its shares currently stand at 406.7p, down from this yearвЂ™s peak of 512p in February. Official figures show hedge fund Lone Pine is vigorously shorting the firmвЂ™s shares. Lone Pine has borrowed 1.56 per cent of the retailerвЂ™s shares, the Financial Conduct Authority said, making the size of its interest on a par with the biggest 20 shareholders in the company. Major retailers have taken a beating in recent months. Next was forced to put out a profit warning last week as the firm cut its central profit guidance by three per cent. And Tesco last month reported a 92 per cent crash in profits for the third quarter. Analysts also believe Marks and Spencer is failing to make the most of the growing online market. вЂњThe waiting game continues. We believe the recent sell-off in the shares reflects the market discounting likely disappointing first half results,вЂќ said Investec in a note. вЂњWith like-for-like sales figures looking set to be negative in both business [Investec forecasts a 0.1 per cent decline in food sales] and no improvement in the M&S.com runrate likely, we donвЂ™t expect much hard evidence to support a recovery thesis yet.вЂќ Mick DavisвЂ™ X2 Resources bid for Anglo assets not yet tabled BY CAITLГЌN MORRISON A SOURCE close to private mining company X2 Resources yesterday cast doubts on reports that the firm, led by Mick Davis, had tabled a bid for some key Anglo American assets. Davis, who sold Xstrata to Glencore for $27bn (ВЈ17bn) in 2013, set up X2 earlier this year with the aim of building a new mid-tier diversified mining and metals group. In October, the company revealed that it had raised almost $5bn from a number of investors. Meanwhile, Anglo announced in June that it was looking to sell off a number of assets at a variety of sites. However, the source said reports of a bid are premature. Both Anglo American and X2 declined to comment when contacted yesterday. Former Xstrata boss and X2 Resources founder Mick Davis Murphy, the bookieвЂ™s favourite, throws his hat into the ring alongside MSPs Sarah Boyack and Neil Findlay. Findlay has already secured the backing of Unison, the biggest trade union in Scotland, delivering a blow to MurphyвЂ™s campaign before it even gets off the ground. Launching his bid on Friday, Murphy apologised to Scots, claiming Labour failed to listen to voters in previous years. MurphyвЂ™s move came as two opinion polls suggested that Labour is facing a potentially dramatic loss in support in Scotland to the SNP. Murphy, 47, is the MP for East Renfrewshire and was born in Glasgow in 1967. He was elected as a Labour MP in 1997, has a majority of over 10,000 and was secretary of state for Scotland from 2008-2010. He toured 100 Scottish towns in 100 days as part of the Scottish referendum campaign, which ended in a вЂњnoвЂќ vote. 6 Ramsay selling 50 per cent of his food empire BY OLLIE GORDON GORDON Ramsay is looking to sell a 50 per cent stake in Kavalake, the holding company for the celebrity chefвЂ™s expansive set of restaurants, which includes RamsayвЂ™s eponymous flagship eatery in Chelsea and Bread Street Kitchen in the City. Ramsay is in discussions with accountancy and business advisory firm BDO in a bid to find an investor willing to fund an expansion of the business. Market sources have indicated that a deal could value the company at up to ВЈ80m. The deal would represent a big comeback for Ramsay, who pumped millions into the business to fight off administration during the economic recession. Along with KavalakeвЂ™s managing director Stuart cityam.com MONDAY 3 NOVEMBER 2014 NEWS Gillies, Ramsay has since successfully cut costs and shut down under-performing ventures abroad. Last year, the business achieved earnings before interest, tax and other charges of ВЈ5m, from sales of approximately ВЈ45m. Ramsay and Gillies open their 12th restaurant in London вЂ“ the Heddon Street Kitchen вЂ“ in the West End on 8 November. The pair are also embarking on a new wave of overseas expansion, looking to add to an international network that includes 12 restaurants spread across Europe, the United States and the Middle East. The first new addition, soon to open in Hong Kong, will be a new Bread Street Kitchen, following on from the success of the St PaulвЂ™s-based restaurant of the same name. Gordon Ramsay wants to sell half of his restaurant empire RED BULL IN TALKS TO BUY OUT LEEDS UNITED IkeaвЂ™s UK sales reach ВЈ1.4bn after web lift BY TIM WALLACE RED BULL is planning to add Leeds United to its portfolio of sports clubs with a ВЈ40m price tag reported to be on the table. It currently owns two F1 teams, FC Salzburg, the New York Red Bulls, and several other teams. SelfridgesвЂ™ storybook ending to year includes record high profits BY JENNY FORSYTH SELFRIDGES yesterday announced record profit of ВЈ150m for last year, boosted by the launch of its international delivery service. The quintessentially English department store chain, which has just revealed its storybook themed window displays for Christmas, said sales were ВЈ1.2bn for the year to the end of January, up 10.4 per cent on the previous year. Operating profit rose 12.3 per cent to a record high. Managing director Paul Kelly said: вЂњDespite challenging trading conditions in 2014 we are accelerating our investment in multi-channel and continuing our ВЈ300m redevelopment programme of our Oxford Street store.вЂќ The company, which bought the chain 10 years ago, said sales were boosted by the launch of an international delivery service in August last year, which now serves over 60 countries including China. Other innovations included a UK click and collect service. STRONG growth in online sales and in the childrenвЂ™s department have pushed IkeaвЂ™s UK sales up 11.3 per cent to ВЈ1.4bn in the last 12 months, the Scandinavian home shop announced this weekend. Web sales expanded by 26.8 per cent on the year and now make up 10 per cent of the UK armвЂ™s sales. And in-store sales increased by five per cent on the year. Bathroom sales rose 21 per cent, bedrooms 10 per cent, childrenвЂ™s products 17 per cent and living room 11 per cent, the firm said. It is spending more time on market research, with 250 visits to local customersвЂ™ homes. вЂњOver the past year we have been focused on really understanding how our customers live at home here in the UK,вЂќ said UK boss Gillian Drakeford, pledging a ВЈ27m investment into price cuts. Ten per cent of Ikea sales are online 8 cityam.com MONDAY 3 NOVEMBER 2014 NEWS Fantasy football firm Picklive plans ВЈ10m float MORNING UPDATE Sign up to our 10:30am newsletter at cityam.com BY OLIVER SMITH Left to right: Giles Whitman, YFM Equity Partners; chairman of Springboard Tim Bittleston, chief exec Steve Booth and marketing and insights director Diane Wehrle YFM Equity Partners invests in ВЈ6m buyout of Springboard BY OLLIE GORDON YFM Equity Partners has invested ВЈ3m into the ВЈ6m management buyout of Springboard ResearchвЂ”a retail performance monitoring firm. The cash injection is aimed at allowing the Bedfordshire-based Springboard to build its business in the UK among retailers and property owners, and further expand in North America and Europe. As part of the deal, Thomas Bittleston вЂ“ former chief executive of Avery Berkel, Pennine Retail Systems and Digipos вЂ“ will become nonexecutive chairman. He joins the core management team of chief executive Steve Booth, marketing and insights director Diane Wehrle and retail director Stuart Margetts. Having led the deal, Giles Whitman, investment director at YFM Equity Partners, said: вЂњWe look forward to helping Steve and the team deliver on the increasing number of enquiries from landlords and retailers looking to improve their rental yields and sales performance.вЂќ FANTASY sports operator Picklive will announce plans this morning to raise ВЈ5m through a listing on LondonвЂ™s Alternative Investment Market (Aim) that will value the firm at ВЈ10m. PickliveвЂ™s fantasy games cover football, baseball and American football where players pick and bet on a team based on real-life players, get points based on playerвЂ™s performance and have the opportunity to win cash prizes. Unlike traditional fantasy sports, which generally run over the course of a sporting season, PickliveвЂ™s games run over single matches. The fundraise is aimed at financing PickliveвЂ™s growth and developing cricket, ice hockey and baseball games to compliment its portfolio. вЂњPicklive offers investors access to a business with an early mover advantage in the UK. In the US we have a strong partnership with Sportech, where we have recently launched our American football and baseball game,вЂќ said chief executive David Galan. вЂњWe believe that this is the opportune moment to seek a listing on Aim to accelerate the companyвЂ™s growth, drive PickliveвЂ™s highly-scalable proprietary technology platform and develop global appeal.вЂќ ZAI Corporate Finance is acting as nominated adviser and broker to Picklive. Fever-Tree float priced tonight BY OLLIE GORDON At the smaller end of the market, broking houses such as Zeus Capital, Numis and Investec are having more success with raising money. Investec is currently doing the rounds with Fever-Tree, unperturbed by market turbulence. BANKERS to the drinks mixers group Fever-Tree expect to price its stock market flotation tonight, confounding a poor market for new issues. Floating on LondonвЂ™s Aim, the City A.M. drew attention to the possible listing will see 50 per cent of the success of niche flotations, two weeks ago drinks group bought by outside buyout division of LloydвЂ™s Banking investors. The company is looking to Group вЂ“ bought a 25 per cent stake raise just ВЈ4m of new money from in Fever-Tree. the listing. Investec is acting as the sole In March last year, LDC вЂ“ the VIP TICKETS RUGBY WORLD CUP 2015 Hospitality ВЈ545 for games at Twickenham from For more information please visit: www.rugbyworldcup.com/hospitality Or call us on: 0330 900 2015 Rugby Travel & Hospitality Ltd is the exclusive provider of ofп¬Ѓcial hospitality for Rugby World Cup 2015TM В© RWC Ltd 2008. adviser on the deal. Founded in 2005 by Tim Warrillow and Charles Roth, FeverTree was initially founded to provide an upmarket tonic water to tap into the artisan gin revival. The company has since launched nine other soft drinks and has expanded into the American and Spanish markets, with 70 per cent of its profits now coming from exports. The float goes ahead despite others recently being pulled, such as Aldermore and Virgin Money. 10 cityam.com MONDAY 3 NOVEMBER 2014 NEWS Why the UKвЂ™s future is up in the air Heathrow boss John Holland-Kaye tells Kate McCann itвЂ™s time the City spoke up for airport expansion F OR MOST of us, airports are a necessary headache a couple of times a year. For others, they are the root of all evil. Which is probably why the debate over airport expansion has rumbled on for so long and become one of the most divisive in modern British politics. Somehow along the way, the worldвЂ™s busiest international airport, Heathrow, quietly hit full capacity. Now, politicians, planners and airport bosses are racing to catch up. In an economic climate where growth is the pot of gold and exports the rainbow that transports us there, politicians appear to have forgotten that we need planes to do much of the exporting. Even when plans for expansion are agreed upon, it will take 10 years for the UK to see any benefit, by which time the country will have been losing out to rival airports on the continent for decades. Given the context then, you might expect the man in charge of the campaign to win a new runway at Heathrow to be battle-weary, yet John Holland-Kaye, who took the top job in July, is anything but. The former strategy consultant, who has worked as both commercial director and development director for Heathrow, is an enthusiastic cheerleader for the airport (вЂњI love the sense of possibility you get, that you take a plane from this gate to north Africa and the next gate will take you to Singa- вЂњ We have always fought for our place in the world; the last thing we should do is give up at this point, that would be crazy. Heathrow boss John Holland-Kaye wants UK business leaders to back his airportвЂ™s bid for expansion to grow the economy and exports poreвЂќ). He is also measured in his analysis of Gatwick (arguing that the business case doesnвЂ™t stack up) and gracious in his assessment of political involvement so far. This last point despite Liberal Democrat members recently voting against any UK airport expansion. вЂњThe choice has come down to two different ways in which Britain can operate in the future, given that Heathrow is full,вЂќ he explains. вЂњThis is a debate about the kind of country we want to have вЂ“ do we want to be connected to the global economy or are we going to focus on European connections?вЂќ It is a question that has troubled successive governments, foxed even the biggest airlines (British Airways tried to expand at Gatwick twice and failed) and remains unresolved. Not to mention residents under the flightpath and climate change campaigners who want to block the plans. Yet Holland-Kaye has hope. He is encouraged by the open nature of the Davies commission on the future of the UKвЂ™s airports and by meetings with politicians, who he says recognise the decision can not be ducked. вЂњEither we expand Heathrow or we are going to have to accept as a country that to get to those emerging markets we will have to go through somebody elseвЂ™s country,вЂќ he says. This is not an option that will appeal to chancellor George Osborne or Prime Minister David Cameron, who are both keen for the UK to stand firmly on its own two feet. вЂњIt isnвЂ™t in our national interest to do that,вЂќ Holland-Kaye adds, вЂњover time we will lose out to the French and the Germans, who have taken the opportunity that could have been ours.вЂќ Heathrow is operating at 98 per cent capacity and has had to force some airlines wishing to add routes into London to wait over seven years. вЂњWe do 20 times more trade if we have a direct flight than if we have an indirect flight with those countries,вЂќ Holland-Kaye says, explaining that without expansion the UK will continue to miss out on inward investment, particularly from China, which will go instead to our neighbours on the continent. вЂњWe have 40 flights a week from Heathrow to mainland China, the Netherlands have the same, and we both have the same level of tourism and investment. So basically the Dutch, a country the third of the size of us, is doing just as well as we are in China,вЂќ he says, raising his eyebrows. вЂњWe have to fight for our role in the world. We need to see more business people come out and support us to make sure that when politicians are making those decisions they know theyвЂ™ve got the support of the country behind them. We need to stand up and be counted on this,вЂќ he says. Without business backing, Holland-Kaye says, that fight will be much harder to win. SOCIETE GENERALE ONE BANK 32 MILLION CLIENTS 76 COUNTRIES ONE TEAM SPIRIT SOCIETEGENERALE.COM Societe Generale is a French credit institution (bank) and an investment services provider (entitled to perform any banking activity and/or to provide any investment service under MiFID except the operation of Multilateral Trading Facilities) authorised and regulated by the French AutoritГ© de ContrГґle Prudentiel et de RГ©solution (вЂњACPRвЂќ) (the French Prudential and Resolution Control Authority) and the AutoritГ© des MarchГ©s Financiers (В«AMFВ»). This document is issued in the U.K. by the London Branch of Societe Generale, authorized in the U.K. by the Prudential Regulation Authority and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Details about the extent of our authorisation and regulation by the Prudential Regulation Authority, and regulation by the Financial Conduct Authority are available from us on request. В© 2014 Societe Generale Group and its afп¬Ѓliates. В© Societe Generale historical archives. FRED & FARID cityam.com MONDAY 3 NOVEMBER 2014 12 THECAPITALIST THREE THINGS YOU DIDNвЂ™T KNOW ABOUT... Chief executive at British Property Federation Liz Peace Peace is a massive fan of Star Trek and 1 certainly doesnвЂ™t hide the fact sheвЂ™s a Trekkie вЂ“ she has a poster of Scotty on her office wall. 2 Before she joined the MoD she worked in a chocolate factory during university holidays. She was told that she would lose the taste for chocolate after about three weeks working there, but for some reason that never happened. up to her 3 Living name, she is a fully signed up member of Greenpeace. Got A Story? Email [email protected] cityam.com/the-capitalist WHAT better way to banish those Monday blues than a. finding out itвЂ™s British Sausage Week and b. realising you can get a free sausage sandwich if youвЂ™re in the vicinity of Finsbury Square вЂ“ all you need to do is send a tweet. Sausage purveyor Debbie & AndrewвЂ™s has a pop up restaurant in the square today replete with barnyard mise-en-scene вЂ“ you just need to tweet @d_a_sausages #ideserveasausage and explain why you should be a recipient of the meaty treat. If the chef likes the cut of your tweet, youвЂ™ll get a free sarnie. EDITED BY GABRIELLA GRIFFITH Luke Johnson reveals he has a secret stalker RISK Capital Partners chairman and entrepreneur Luke Johnson looks to be paying the price of fame вЂ“ the private equity star has got himself an obsessive fan. вЂњI appear to have a stalker. She attends many of my speaking engagements and then comes up to me at the end...and says вЂ�I want you,вЂ™вЂќ he writes in Management Today magazine. SheвЂ™s also been to his office and left вЂњweirdвЂќ letters. Johnson knows who she is but has not yet tried to obtain a restraining order. But why write about it now and how long has this been going on, we wondered? вЂњI first noticed her in 2012 when I was doing a lot of live events promoting my book Start It Up,вЂќ he told The Capitalist. вЂњI wrote about her because it seemed odd and I thought it might intrigue readers.вЂќ You can say that again, on both counts. Stalkers in the City arenвЂ™t as rare as weвЂ™d like to think. Natwest/RBS has its very own stalker who sent a vial purporting to be poison to then-CEO Stephen Hester and sent Sir Philip Hampton a number of abusive messages. FTI ConsultingвЂ™s Dubai MD Marcus Pepperell also has a restraining order out on a woman who harassed him on LinkedIn. Has Johnson sought the advice of his peers? вЂњOne writer I know has suffered from some over-ardent admirers, but I havenвЂ™t really discussed it widely,вЂќ he told us. LetвЂ™s hope she gets bored of him soon. Luke Johnson has a big fan В© Robert Hardy:DONLQJWKHGRJGHWDLOH[KLELWRU To celebrate INGвЂ™s continuing association with arts charity The Discerning Eye, ING Commercial Banking has teamed up with CityAM to offer you the chance to win up to ВЈ1,000 of art. The ING Discerning Eye Exhibition showcases the work of unknown artists alongside their more established contemporaries. This year a total of 650 pieces of art, representing the work of 321 artists, KDYHEHHQVHOHFWHGE\SURPLQHQWГЂJXUHVIURPWKHDUWZRUOG:RUNLV selected from open submission and from artists invited by the individual selectors. Each selection is hung separately to give each its own distinctive identity. For a chance to win ВЈ1,000 to spend on the artwork of your choice from the ING Discerning Eye exhibition, simply answer the question below: How many pieces of art will be displayed at this yearвЂ™s ING Discerning Eye exhibition? Please enter at www.cityam.com/discerningeye providing your full name and daytime telephone number. PRICE PROMISE Mall Galleries 7KH0DOO/RQGRQ6: Thurs 13 - Sun 23 Nov 2014, 10am to 5pm Admission free, all works for sale www.discerningeye.org online | in store | call free from a mobile 68700 If you find an upgrade or pay monthly deal for less at 02, Orange, T-Mobile, EE or Vodafone, weвЂ™ll match it and pay the equivalent of your first monthвЂ™s standard line rental via cheque. Applies to published prices only where the handset is in stock and available for immediate purchase or dispatch. Proof of competitor price required. Applies to deals on a like for like basis, offered in the same sales channel and may be claimed at the time of purchase or up to 14 days after. Cannot be used in conjunction with other deals, including cash back, personalised variations offered directly to individual customers, offers via third parties or pre-order incentives. Terms and conditions apply вЂ“ see www.carphonewarehouse.com/pricepromise or ask staff for details. Terms and conditions The winner will be entitled to choose an artwork from the ING Discerning Eye exhibition up to the value of ВЈ1,000. The prize is non transferable, non negotiable and no cash alternative is offered. Entry to the prize draw is free and is open to anyone aged 18 years and over and resident in the UK, except employees of ING, their families, agents or anyone else professionally associated with the draw. Only one entry per person. The closing date is midnight on Sunday 9 November 2014. The winning answer XJMMCFESBXOBUSBOEPNGSPNBMMFMJHJCMFFOUSJFTSFDFJWFEBOEUIFXJOOFSXJMMCFOPUJК”FECZQIPOFPO.POEBZ/PWFNCFS 5IFXJOOFSNVTUCFBWBJMBCMFPO5VFTEBZ/PWFNCFSBUUIF.BMM(BMMFSJFTJO-POEPOUPDIPPTFUIFJSBSUXPSL*/(BTTVNFT no responsibility and is not liable for any costs, charges or expenses which the winner may be required to pay at any time in connection with the prize. The winner, by accepting the prize, agrees to participate in non paid publicity accompanying or SFTVMUJOHGSPNUIJTESBXJGSFRVJSFE5IF&EJUPSnTEFDJTJPOJTК”OBMJOBMMNBUUFSTDPODFSOJOHUIJTQSPNPUJPO/PDPSSFTQPOEFODF will be entered into about a decision regarding eligibility. ING reserves the right to suspend, cancel, or amend this promotion and/or review and revise these terms and conditions at any time without giving prior notice. By continuing to take part in the promotion, subsequent to any revision of these terms and conditions, entrants shall be deemed to have agreed to any such new or amended terms. These terms and conditions are governed by and construed in accordance with the laws of England and Wales and the English Courts will have exclusive jurisdiction to determine any proceedings in connection with this competition. SOCIETE GENERALE ONE BANK 32 MILLION CLIENTS 76 COUNTRIES ONE TEAM SPIRIT SOCIETEGENERALE.COM Societe Generale is a French credit institution (bank) and an investment services provider (entitled to perform any banking activity and/or to provide any investment service under MiFID except the operation of Multilateral Trading Facilities) authorised and regulated by the French AutoritГ© de ContrГґle Prudentiel et de RГ©solution (вЂњACPRвЂќ) (the French Prudential and Resolution Control Authority) and the AutoritГ© des MarchГ©s Financiers (В«AMFВ»). This document is issued in the U.K. by the London Branch of Societe Generale, authorized in the U.K. by the Prudential Regulation Authority and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Details about the extent of our authorisation and regulation by the Prudential Regulation Authority, and regulation by the Financial Conduct Authority are available from us on request. В© 2014 Societe Generale Group and its afп¬Ѓliates. В© Getty / xPACIFICA - FRED & FARID 14 cityam.com MONDAY 3 NOVEMBER 2014 NEWS Confidence hit by election and Eurozone worry BY CHRIS PAPADOPOULLOS UNCERTAINTY surrounding the outcome of the general election, the threat of a skills shortage, and a weak Eurozone has hit UK business confidence вЂ“ but it is still high by historic standards. A confidence index produced by the Institute of Chartered Accountants in England and Wales (ICAEW) fell to 28.6 for the fourth quarter of the year, down from 32.3 last quarter. Confidence reached its highest level for a decade earlier in the year but has since fallen back slightly. One reason is the weak Eurozone economy вЂ“ the UKвЂ™s largest export market. вЂњExports have been weakening, while domestic sales are much more buoyant,вЂќ said Michael Izza, ICAEW chief executive. However, businesses remain confident overall, with hiring plans at their second highest level since the financial crisis of 2008. Another finding of the survey is the report of a skills shortage вЂ“ a concern that has previously been voiced by a number of recruitment firms. A fifth of surveyed firms reported a lack of availability of non-management skills. The skills shortage is most prevalent in the construction where 33 per cent of firms said they were struggling to with getting non-management skills. вЂњThe outcome of the upcoming general election is creating uncertainty amongst business leaders not only around what shape our domestic future might take, but potentially also our place within the EU,вЂќ said Scott Barnes, chief executive of Grant Thornton UK LLP. Michael Izza is chief executive of the ICAEW Survey shows dip in risk level for small firms BY CHRIS PAPADOPOULLOS Vacancies are rising in accounting, engineering, finance, IT, media and marketing sectors Demand for professional talent soars after year of strong growth BY CHRIS PAPADOPOULLOS THE JOBS market for professional workers is booming on the back of a strong year of economic growth in the UK. Professional recruitment firms now have 41 per cent more vacancies on their books than this time last year, reveals survey data released today by the Association of Professional Staffing Companies (APSCo). The latest research comes as the TreasuryвЂ™s GDP growth forecast for 2014 was put at 3.1 per cent in the middle of October вЂ“ much stronger than expected at the start of 2014. Permanent vacancies across engineering, finance & accounting, IT and media & marketing are up year-on-year вЂ“ 48, 19, 25 and 20 per cent respectively. Skills shortages have been reported most predominantly in the marketing sector where vacancies have risen by 20 per cent year-on-year. However, placements in marketing have only risen by six per cent, implying a skills shortage. BRITAINвЂ™S small and medium enterprises (SMEs) are feeling more confident about the risks they face, despite the fact that financial difficulties still remain for many. The Zurich SME risk index, which measures the perceived level of business risk faced by SMEs, fell to 39.92 points in the third quarter of the year from 42.17 in the second quarter. The highest level of risk is 100, while one means no risk at all. Despite the improvement, 21 per cent of SMEs say their business shrunk during the third quarter. One third of SMEs said they face a medium to high risk of going out of business over the next 12 months from September. Two thirds of SMEs had doubts that the economic situation will not improve within the next quarter. вЂњItвЂ™s great to report again thatВ SMEsВ are continuing to feel better about the risks their businesses face, reflecting wider signs of growth in the UK economy,вЂќ said Richard Coleman of Zurich. вЂњHowever, itвЂ™s clear that the wider economic environment is a source of increasing concern forВ SMEs even as their concerns over some of the more specific risks reduce.вЂќ 16 cityam.com MONDAY 3 NOVEMBER 2014 NEWS In need of a holiday... buyout Finncap extends execsвЂ™ busiest summer since вЂ�09 lead atop junior BY MICHAEL BOW UK PRIVATE equity dealmakers had their busiest quarter over the summer after the number of deals clinched rose by more than a third. The traditionally quiet summer lull between June and September sparked back into life with 511 deals signed in the UK, the busiest period since 2009. This was up 35 per cent on the second quarter and about five per cent higher than the same quarter last year. Of the 511 deals clinched, 404 of them were trade acquisitions and the rest were private equity sales, according to the figures from BDO. вЂњWhile we are seeing capital markets take a pause for breath, the appetite for deals in the private company arena is undiminished,вЂќ BDO partner Roger Buckley said. вЂњThere is a lot of cash chasing good quality deals and private equity funds continue to take advantage of the excellent conditions during 2014.вЂќ Buckley added firms were trying to get deals done before next yearвЂ™s general election. The figures also show deal multiples вЂ“ calculated as enterprise value to Ebitda вЂ“ on trade deals remained resilient at 10 times earnings, versus a drop to eight times earnings on private equity deals, a four-year low. market rankings BY MICHAEL BOW FINNCAP extended its lead at the top of the junior stock market broker rankings last quarter after winning four new clients, a poll out today reveals. The broker now has 105 clients listed on the alternative investment market, up from 101 at the end of last quarter. It means Finncap has a 20 client lead over its nearest rival in the space, Cenkos Securities, which had 85 clients for the quarter ending September. Cenkos and Peel Hunt also did well on the FTSE 100 Aim list вЂ“ a list of biggest junior stock market listed companies вЂ“ moving up to joint second place from third and fourth respectively with 14 clients each. Canaccord Genuity tops the list, with 16 clients. Finncap was also top of the list for nominate adviser rankings on Aim, according to the poll, which is compiled by Adviser Rankings. TOTAL AIM CLIENTS Rank Broker Clients (prior) 1 Finncap 105 (101) 2 Cenkos Securities 85 (86) 3 N+1 Singer 74 (76) 4 WH Ireland 71 (76) 5 Numis Securities 66 (65) DS EN ER ER FF MB Y O VE RR H NO HU 1T1 THE UKвЂ™S LOWEST PRICED BUSINESS BROADBAND For the п¬Ѓrst 12 months, from ВЈ13 a month thereafter. Plus line rental for only ВЈ10.50 a month. Excludes 20% VAT. FROM ВЈ2A M.O5NT0H Small businesses of Britain! DonвЂ™t miss out on the UKвЂ™s lowest priced business broadband. YouвЂ™ll get: + Installation at no extra cost + 24/7 free phone UK call centre + Dedicated business support team Call us today for an unmissable offer on unlimited business broadband. Helping The Coffee Jar brew the best coffee in town Call 0800 9520278 www.plus.net/business UKвЂ™s Lowest Priced Business Broadband when compared to major business broadband providers, check plus.net/business for details. Available to new Plusnet Business customers who sign up to a 24 month contract and take Plusnet Unlimited Business Broadband with Plusnet Business Line Rental. For customers signing up by 11th November 2014 at www.plus.net/business or by calling Plusnet Business. For Unlimited Business Broadband, if you are located in a low cost area and take Plusnet Business /LQH5HQWDODWdDPRQWK\RXSD\dDPRQWKIRUWKHГђUVWPRQWKVWKHQdDPRQWKIURPPRQWKRWKHUZLVH d D PRQWKIRUWKHГђUVWPRQWKV WKHQdDPRQWKIURPPRQWK([FOXVLRQV DSSO\3D\PHQWE\'LUHFW'HELW UHTXLUHGdFKDUJHIRUURXWHUGHOLYHU\VKRXOG\RXFKRRVHRQH3ULFHVH[FOXGH9$7DW3OXVQHWSOF5HJLVWHUHG2IГђFH 7KH%DODQFH3LQIROG6WUHHW6KHIГђHOG6*85HJLVWHUHGLQ(QJODQGQR$OOULJKWVUHVHUYHG cityam.com MONDAY 3 NOVEMBER 2014 SOUTH WEST WATER WINS GOVERNMENT GRANT NEWS 17 HMRC to detail its spend BY OLLIE GORDON HM REVENUE and CustomsвЂ™ (HMRC) first annual tax summary вЂ“ breaking down exactly how tax is spent by the exchequer вЂ“ will become available to 24m taxpayers from today. Some 8m taxpayers who have completed self-assessment returns will be able to access their tax summaries online, while the remaining 16m PAYE taxpayers, who received a tax coding notice from HMRC for 2013 to 2014, will receive their summaries in the post over the next seven weeks. The concept was first announced by chancellor George Osborne in the 2012 Budget, in a bid to make tax more transparent and easier to understand. The move was hailed as a positive move by PwCвЂ™s head of tax Kevin Nicholson, who said: вЂњRather than going into some nebulous pot, people can now see everything they help pay for. The research from our future of tax project shows people are more likely to accept taxes if they can see how they are spent. Some people may question the way the tax cake is sliced, but getting more people engaged in tax policy can only be a good thing.вЂќ director and senior manager level in five years, from 502,000 to 739,000. In the whole labour force the total has risen 21 per cent to 4.57m. regime, accountants at UHY Hacker Young said today. If the rate goes up from 45p to 50p, high earners in Britain will pay 24 per cent more in tax than the current global average. The tax would leave high earners taking home just 50.1 per cent of their income, pushing the UK from the 14th to the eight-most heavily taxed country among the 25 studied by the analysts. IN BRIEF Professionals quit to be contractors SOUTH West Water has become the first company in the UK to win government funding to help replenish its ageing workforce, the business secretary Vince Cable will announce today. The money is part of TomorrowвЂ™s Engineers Week funding to help businesses employ new staff, particularly women, in the engineering sector. Lloyds Banking Group may sell Avant for ВЈ170m BY CAITLГЌN MORRISON BUILDING firm Avant Homes is considering an offer from a consortium of investment companies made up of Alchemy Partners, Angelo Gordon and Avenue Capital, a source close to the discussions has confirmed. All three of the bidding companies are focused on making distressed investments. Avant is being sold by Lloyds Banking Group, with KPMG advising on the deal. The three companies are reported to have offered up to ВЈ170m for the housebuilder. The source said Avant was вЂњhappy to be considering the offerвЂќ. Lloyds took on Avant when it acquired HBOS in 2009. The company was previously known as Gladedale, but changed its name in the last year as part of a rebranding process ahead of a sale. Avant, which operates mainly in the north of England and Scotland, turned over ВЈ660m in 2007 but was hit hard by the financial crisis and fell to a ВЈ171m loss in 2009. In November 2013 investment bankers at Rothschild were hired to conduct an auction of the firm, and at the time Lloyds was expected to make ВЈ100m from the deal, with a target price of ВЈ200m. Private equity firms such as Blackstone, Starwood Capital and Patron were all previously named as potential buyers for the firm. Avant is the last housebuilding asset Lloyds has on its books, however it is not under pressure to sell up and may keep the firm on if these talks fail. Both Avant and Lloyds declined to comment. Avant Homes builds houses across the UK Funding for oil and gas sector to suffer if brent prices keep falling BY CAITLГЌN MORRISON LONDONвЂ™S mid-market oil and gas sector raised almost $1bn (ВЈ626m) last year, but law firm Berwin Leighton Paisner (BLP) has warned that this level of fundraising is unlikely to continue. BLP analysed all oil and gas fundraisings announced on Aim and the main market of the London Stock Exchange, greater than ВЈ1m and excluding the FTSE 100, between 1 October 2013 and the end of September 2014. It found that the average amount raised was $24m, broadly in line with the London market generally. African projects received around $453.5m, despite accounting for only a quarter of deals completed. Adam Dann, energy and infrastructure partner at BLP, commented: вЂњWith demand for oil and gas rising more slowly than anticipated, downward pressure on oil price has reduced appetite for equity.вЂќ n Hundreds of thousands of senior professionals are leaving their full-time jobs to become more flexible contractors, according to a study out today from professional services consultancy Procorre. It found a 47 per cent rise in the number of self-employed contractors at 50p tax rate puts UK at disadvantage n Hiking the top rate of income tax to 50 per cent would undermine the UKвЂ™s competitive tax 18 CITY MOVES WHOвЂ™S SWITCHING JOBS Cunningham Lindsey Simon How has been appointed global specialty markets director at the loss adjusting and claims management firm. He most recently worked as a senior manager at LloydвЂ™s, where he was responsible for its claims strategy. How has also held claims consultancy roles at PwC and EY. NewSmith Asset Management The asset management firm has announced two cityam.com MONDAY 3 NOVEMBER 2014 NEWS 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, SantanderвЂ™s wealth management division. Reed Smith Simon Gough has been appointed partner at the law firm. He joins Reed SmithвЂ™s tax, benefits, and wealth planning group from DLA Piper, where he was a partner and a former head of UK tax. Gough has a particular interest in structured and asset finance transactions, and in investment funds and structures. FxPro The online broker has announced the appointment of Ed Anderson. He will be responsible for e-FX sales and joins from Price Markets, where he was head of global FX sales. Anderson has also held roles at Icap, ACM (now Swissquote), and Thomson Reuters. Brecher The property law firm has announced the appointment of Edward Southall as a solicitor in its construction team. He joins from Hogan Lovells. Eames Consulting Group The recruitment and search consultancy has announced the appointment of Guy Day as group chief operating officer. He was most recently chief executive of Ambition Group, where he established and led the organisation in Asia. Lakehouse The asset and energy support services firm has appointed Sean Birrane as chief executive. He started his career at Lakehouse in 1996, and has been its managing director since 2008. 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 companyвЂ™s accounts yesterday revealed that its profits before income tax for the year up to March stood at ВЈ76.8m, increasing from ВЈ72.2m for last year. The company attributed the boost to a 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 yearвЂ™s sales boom. In contrast, scratchcards and instant win games saw an increase of 3.8 per cent. The total amount raised for good causes fell to ВЈ1.75bn for the year, representing 26 per cent of sales, from ВЈ1.95bn for 2013, which made up 28 per cent of total sales. Camelot attributed the sales decline to the drop in sales for draw-based games, which return more in percentage terms than scratchcards. CamelotвЂ™s chief executive designate Andy Duncan commented: вЂњAs we look forward to celebrating 20 years of the National Lottery next month, weвЂ™re determined to build on this momentum. WeвЂ™ve just successfully launched a major new online and mobile platform, which is transforming the way players interact with our games across all devices. On top of that, weвЂ™ve got really exciting plans for the second half of the year.вЂќ Duncan replaced CamelotвЂ™s outgoing chief Dianne Thompson CBE, who retired on Friday after 17 years with the firm. Former Camelot CEO Dianne Thompson CBE Banker arrested in Hong Kong murder probe BY LISA JUCCA Prime Minister Shinzo AbeвЂ™s shock move on Friday has raised the spectre of the sales tax Bank of Japan stimulus puts controversial sales tax on agenda BY LINDA SIEG A SHOCK move by the Bank of Japan on Friday to expand its massive asset-buying stimulus programme вЂ“ in the hope it will stoke inflation вЂ“ could boost the chances of a rise in the sales tax levy from October. When Prime Minister Shinzo Abe (pictured) raised JapanвЂ™s sales tax from April, he was betting he could break a jinx that has doomed leaders who raised the levy to losing their jobs. Now, wounded by cabinet 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 вЂ“ the issue has been regarded as the вЂњthird rail" of Japanese politics ever since it was first promoted in 1979. Abe is expected to wait for final data on third quarter GDP, due out on 8 December, before deciding on the tax rise. Reuters A BRITISH banker has been arrested in Hong Kong in connection with the grisly murder of two women, a rare occurrence in a city known for its low homicide rate. Hong Kong police said in a statement that a 29-year-old foreign man had been detained earlier that day after two women were found dead in an expensive apartment in Wan Chai, a central city district known for its night life. The man has been charged with murder. Police declined to give the name or the nationality of the man, whom local media and a source with knowledge of the situation have identified as being a Bank of America Merrill Lynch banker. A spokesman for Bank of America Merrill Lynch said that the US bank 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 pilotsвЂ™ union vows to shelve strike action during talks BY EDWARD TAYLOR AND VICTORIA BRYAN GERMAN pilotsвЂ™ union Vereinigung Cockpit (VC) will abstain from industrial action during negotiations with airline Lufthansa over pay and early retirement benefits, GermanyвЂ™s Focus magazine reported over the weekend. A dispute between Lufthansa and the union has resulted in repeated strikes at Lufthansa this year affecting thousands of passengers. Shares in Lufthansa have lost 15 per cent of their value over the last three months due to the strikes as well as concerns over Ebola. вЂњWe are currently in talks with Lufthansa. During the talks we will not strike,вЂќ Ilja Schulz, president of Vereinigung Cockpit, was quoted as telling Focus, according to an advance excerpt of its edition out today. Vereinigung Cockpit could not immediately be reached for comment. The pilots and Lufthansa are negotiating over a scheme that allows pilots to retire at the age of 55 and still receive a portion of their pay until regular pension payments start in Germany. 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 "Getting great exchange rates meant my dream property became a reality" Save money on your international currency transfers For competitive rates and expert guidance: 0808 115 3718 www.cityam.com/intpay cityam.com MONDAY 3 NOVEMBER 2014 20 CITY CITYDASHBOARD LONDON REPORT Manufacturing figures point to slower growth M ANUFACTURING figures due out today are likely to show a loss of momentum in the UK economyвЂ™s growth. The manufacturing purchasing managersвЂ™ survey for October is forecast to sit at 51.5, the same as for September and weaker than the rates of 52.2 in August and 54.7 in July. A reading of 50 shows no change. Howard Archer, of IHS Global Insight, said: вЂњThe clear overall impression is that manufacturing activity has lost appreciable momentum compared to the early months of 2014. This is disappointing for hopes that UK growth can be broad based on a sustained basis going forward and less dependent on services sector.вЂќ Further purchasing managersвЂ™ 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 EnglandвЂ™s latest interest rate decision. In other economic news, figures due on Friday are likely to show the trade deficit widened in September and in the third quarter overall. Meanwhile October data from the Halifax, due this week, are likely to add to the evidence that house prices are correcting from a peak earlier this year. The corporate week starts today with reports from HSBC Holdings, Telecity and Sacoil Holdings. 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 вЂњholdвЂќ recommendation, with a target price of 470p. In its recent third quarter results IAG reported continued strong trading, with profits and earnings up, however Cantor stated that the firm вЂњis vulnerable to any softening of trade on Trans-AtlanticвЂќ. Royal Bank of Scotland Group PLC p 388.00 31 Oct 385 380 375 370 365 360 355 RBS 31 Oct 31 Oct 410 405 395 390 385 380 27 Oct 28 Oct 29 Oct 30 Oct 30 Oct International Consolidated Airlines Group SA 415 p 6,450 27 Oct 29 Oct DIRECT LINE 6,500 6,350 28 Oct 28 Oct 29 Oct 30 Oct 31 Oct S&P Capital IQ reiterated its вЂњbuyвЂќ rating for RBS, after the company reported third-quarter income of ВЈ896m, ahead of the brokerвЂ™s ВЈ567m consensus. The broker also noted that the bank has made further progress with strengthening capital due in part to its third-quarter profit. THE WEEK AHEAD US markets are searching for rates insight 31 Oct Numis reiterated its вЂњholdвЂќ rating following Direct LineвЂ™s results for the third quarter. The broker noted that the вЂњrecent trend of reducing in-force policiesвЂќ slowed in the quarter, and said this was a positive sign that Direct LineвЂ™s pricing and efficiency initiatives were taking effect. 31 Oct 6,400 276.00 284 282 280 278 276 274 6,546.47 6,550 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 ISMвЂ™s services sector report on Wednesday is likely to show a similar pattern. Tomorrow, the government is expected to report that the nationвЂ™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 BuffettвЂ™s conglomerate, Berkshire Hathaway, reports third quarter results on Friday. The worldвЂ™s largest steel producer ArcelorMittal presents third quarter results on Friday, and media groups Discovery Communications and Twenty-First Century Fox are due to report quarterly results tomorrow. On Wednesday, Time Warner and CBS will report third-quarter results. Trade FTSE 100 equities with no stamp duty, 0.05% commission and no grizzly surprises пЈї Available on iOS and Android. Spread betting I CFDs I Forex Leveraged products are high risk and losses may exceed your initial deposit Open an account today www.spreadco.com 21 cityam.com MONDAY 3 NOVEMBER 2014 MARKETS FTSE 100 FTSE 250 FTSE ALL SHARE DOW JONES NASDAQ S&P 500 /в‚¬ 1.2764 0.0007 в‚¬/$ 1.2509 0.0016 6546.47 82.92 15501.37 203.05 3503.46 44.55 17390.52 195.10 4630.74 64.60 2018.05 23.40 /$ 1.5966 0.0029 в‚¬/ВЈ 0.7834 0.0004 /ВҐ 179.96 0.2842 в‚¬/ВҐ 141.15 0.4517 Price Chg High Low Price Chg High Low Keller Group . . . . . . . . .834.0 7.5 1299.0 750.0 Kier Group . . . . . . . . . .1490.0 4.0 1939.0 1477.0 GILTS Tsy 8.000 15 . . . . . .108.30 Tsy 4.750 15 . . . . . . .103.65 Tsy 4.000 16 . . . . . . .106.12 Tsy 2.500 16 . . . . . . .333.18 Tsy 1.250 17 . . . . . . .108.42 Tsy 8.750 17 . . . . . . .121.70 Tsy 5.000 18 . . . . . . .112.65 Tsy 3.750 19 . . . . . . .110.41 Tsy 4.500 19 . . . . . . .113.03 Tsy 4.750 20 . . . . . .116.00 Tsy 2.500 20 . . . . . .364.67 Tsy 8.000 21 . . . . . .138.56 Tsy 4.000 22 . . . . . .114.38 Tsy 1.875 22 . . . . . . .122.05 Tsy 2.500 24 . . . . . .339.56 Tsy 5.000 25 . . . . . .125.40 Tsy 4.250 27 . . . . . . .119.78 Tsy 1.250 27 . . . . . . .123.78 Tsy 6.000 28 . . . . . .141.60 Tsy 4.750 30 . . . . . . .127.45 Tsy 4.125 30 . . . . . . .327.81 Tsy 4.250 32 . . . . . . .121.24 Tsy 1.250 32 . . . . . . .132.35 Tsy 4.250 36 . . . . . . .122.14 Tsy 4.750 38 . . . . . .132.29 Tsy 0.625 40 . . . . . .127.27 Tsy 4.500 42 . . . . . .129.76 Tsy 3.500 45 . . . . . . .110.11 Tsy 4.250 46 . . . . . .126.56 Tsy 4.025 49 . . . . . .128.23 Tsy 4.000 99 . . . . . .100.83 -0.06 -0.04 -0.07 -0.07 -0.12 -0.11 -0.10 -0.13 -0.12 -0.15 -0.11 -0.15 -0.17 -0.18 -0.17 -0.20 -0.22 -0.21 -0.23 -0.20 -0.16 -0.21 -0.21 -0.24 -0.29 -0.37 -0.33 -0.37 -0.37 -0.39 -0.29 115.8 108.0 109.3 343.2 112.8 128.6 115.8 112.0 114.9 117.7 369.5 141.1 116.6 123.6 343.4 128.4 123.1 125.8 145.6 131.2 332.2 125.1 135.3 126.5 137.3 131.8 135.2 113.7 132.4 134.4 101.8 108.3 103.6 106.0 333.0 108.2 121.4 111.7 108.0 111.2 113.5 358.4 135.7 109.1 118.8 320.1 116.7 109.1 115.5 129.7 115.7 304.0 109.3 120.7 109.2 118.0 112.0 114.7 100.6 110.8 111.9 92.6 AEROSPACE & DEFENCE BAE Systems . . . . . . . . .458.7 Cobham . . . . . . . . . . . .290.9 Meggitt . . . . . . . . . . . . . .451.1 QinetiQ Group . . . . . . . .201.9 Rolls-Royce Holdi . . . . .843.0 Senior . . . . . . . . . . . . . .267.5 Ultra Electronics . . . . . .1745.0 6.7 3.6 4.9 0.0 27.5 7.2 15.0 475.1 327.8 572.5 236.7 1289.0 315.5 1971.0 376.0 254.9 423.9 193.0 779.5 254.6 1665.0 AUTOMOBILES & PARTS GKN . . . . . . . . . . . . . . . .318.0 3.8 414.9 286.5 BANKS Bank of Georgia H . . .2560.0 Barclays . . . . . . . . . . . .240.8 HSBC Holdings . . . . . . .639.5 Lloyds Banking Gr . . . . . .77.1 Royal Bank of Sco . . . . .388.0 Standard Chartere . . . .939.6 TSB Banking Group . . . .270.2 58.0 18.3 10.4 2.0 22.7 -4.0 3.4 2678.0 296.5 703.0 86.3 389.9 1519.0 297.0 1974.0 207.9 589.0 70.9 295.5 928.8 247.5 BEVERAGES Barr (A.G.) . . . . . . . . . . .590.5 Britvic . . . . . . . . . . . . . .680.5 Coca-Cola HBC AG . . . .1359.0 Diageo . . . . . . . . . . . . .1838.0 SABMiller . . . . . . . . . . .3525.0 Stock Spirits Gro . . . . . .305.0 5.5 21.0 10.0 28.5 37.5 -7.8 672.0 777.5 1802.0 2030.0 3740.0 315.0 520.0 585.0 1267.0 1709.5 2661.0 225.0 4.0 35.0 6.9 81.0 1.3 33.0 369.2 299.4 2633.0 1990.0 297.8 227.6 3440.0 2743.0 291.8 189.5 2026.0 1553.0 CHEMICALS Alent . . . . . . . . . . . . . . .338.0 Croda Internation . . . .2295.0 CONSTRUCTION & MATERIALS Elementis . . . . . . . . . . .263.9 Johnson Matthey . . . .2974.0 Synthomer . . . . . . . . . .203.3 Victrex plc . . . . . . . . . .1694.0 CONSTRUCTION & MATERIALS Balfour Beatty . . . . . . . .153.7 0.7 321.4 148.7 CRH . . . . . . . . . . . . . . .1386.0 4.0 1788.0 1266.0 Galliford Try . . . . . . . . .1224.0 20.0 1354.0 1062.0 ELECTRICITY Drax Group . . . . . . . . . .594.5 17.5 822.5 577.0 Inп¬Ѓnis Energy . . . . . . . .215.8 -2.8 273.0 200.0 SSE . . . . . . . . . . . . . . . .1599.0 18.0 1599.0 1300.0 ELECTRONIC & ELECTRICAL EQ. Domino Printing S . . . .603.0 Halma . . . . . . . . . . . . . .623.0 Hellermanntyton G . . .304.0 Laird . . . . . . . . . . . . . . . .315.0 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 Kingп¬Ѓsher . . . . . . . . . . .302.5 Marks & Spencer G . . . .406.7 Next . . . . . . . . . . . . . .6445.0 Price Pets at Home Grou . . . .193.2 Poundland Group . . . . .315.0 Saga . . . . . . . . . . . . . . . .167.9 Sports Direct Int . . . . . .644.5 Ted Baker . . . . . . . . . .1945.0 WH Smith . . . . . . . . . . .1125.0 Chg High Low 1.7 246.0 167.0 0.1 390.0 287.0 4.4 188.0 148.4 4.0 922.0 574.0 -10.0 2327.0 1660.0 20.0 1227.0 901.0 HEALTH CARE EQUIPMETN & S. AL Noor Hospitals . . . .1019.0 NMC Health . . . . . . . . . .495.0 Smith & Nephew . . . . .1057.0 Spire Healthcare . . . . .280.0 Synergy Health . . . . . .1868.0 -3.0 0.0 3.0 0.0 9.0 1168.0 540.0 1100.0 292.3 1890.0 805.0 346.3 797.0 210.0 1015.0 9.1 31.0 3.0 20.0 2.9 19.0 55.0 2.9 2.4 451.8 1760.5 2780.0 943.5 412.6 1471.0 5495.0 344.5 131.0 310.7 1351.0 2061.0 732.5 298.9 1136.0 4537.0 228.7 101.3 HHOLD GDS & HOME CONSTR. Barratt Developme . . . .418.8 Bellway . . . . . . . . . . . .1749.0 Berkeley Group Ho . . .2280.0 Bovis Homes Group . . .842.0 Crest Nicholson H . . . . .335.5 Persimmon . . . . . . . . .1463.0 Reckitt Benckiser . . . .5250.0 Redrow . . . . . . . . . . . . .288.9 Taylor Wimpey . . . . . . .118.4 INDUSTRIAL ENGINEERING Bodycote . . . . . . . . . . .624.0 12.0 828.5 557.5 Fenner . . . . . . . . . . . . .308.0 4.5 485.0 288.1 Price Chg High Low Lancashire Holdin . . . .669.0 4.0 820.0 591.5 RSA Insurance Gro . . . .483.3 4.1 573.0 399.9 LIFE INSURANCE Aviva . . . . . . . . . . . . . . .521.0 Friends Life Grou . . . . . .323.4 Just Retirement G . . . . .133.0 Legal & General G . . . . .231.0 Old Mutual . . . . . . . . . . .193.5 Phoenix Group Hol . . . .753.0 Prudential . . . . . . . . . .1442.5 St James's Place . . . . . .745.0 Standard Life . . . . . . . . .393.7 3.0 9.6 0.2 3.3 2.4 1.0 13.0 32.5 4.8 535.5 382.6 272.0 243.5 209.4 786.5 1455.0 879.5 421.6 412.7 277.0 119.8 204.7 169.5 619.0 1204.0 622.0 334.4 -0.3 3.0 4.0 0.4 0.3 1.5 2.6 16.0 -0.2 0.0 0.0 5.1 -1.8 791.8 188.5 947.0 76.0 374.3 115.5 360.0 1388.0 19.1 225.0 72.0 573.5 322.3 615.0 146.3 785.0 52.8 265.0 81.0 236.7 960.0 5.9 170.0 39.4 445.9 161.0 MEDIA 4Imprint Group . . . . . . .787.3 Bloomsbury Publis . . . .160.0 British Sky Broad . . . . .886.0 Centaur Media . . . . . . . . .57.9 Chime Communicati . . .277.3 Creston . . . . . . . . . . . . . .115.5 Entertainment One . . . .313.2 Euromoney Institu . . .1051.0 Future . . . . . . . . . . . . . . . .7.9 Haynes Publishing . . . . .171.5 Huntsworth . . . . . . . . . .44.5 Informa . . . . . . . . . . . . .481.0 ITE Group . . . . . . . . . . . .170.3 Barclays . . . . . . . . . . . . . . . . . . .240.8 Regus . . . . . . . . . . . . . . . . . . . . . .197.3 Royal Bank of Scot . . . . . . . . . . .388.0 Ashmore Group . . . . . . . . . . . . .318.6 Henderson Group . . . . . . . . . . . .210.8 Card Factory . . . . . . . . . . . . . . . .236.7 Hays . . . . . . . . . . . . . . . . . . . . . . .123.3 International Cons . . . . . . . . . . .409.2 St James's Place . . . . . . . . . . . . .745.0 Fidessa Group . . . . . . . . . . . . . .2341.0 % 8.2 6.8 6.2 5.5 5.4 4.9 4.8 4.7 4.6 4.5 Fallers % Bwin.party Digital . . . . . . . . . . . .89.7 -10.2 Centamin (DI) . . . . . . . . . . . . . . . .51.2 -6.7 Supergroup . . . . . . . . . . . . . . . .830.0 -6.2 EnQuest . . . . . . . . . . . . . . . . . . . .69.4 -4.4 African Barrick Go . . . . . . . . . . .206.0 -3.8 Ophir Energy . . . . . . . . . . . . . . . .185.3 -3.1 Randgold Resources . . . . . . . .3678.0 -2.7 Fresnillo . . . . . . . . . . . . . . . . . . .697.5 -2.7 Riverstone Energy . . . . . . . . . .838.0 -2.6 Stock Spirits Grou . . . . . . . . . . .305.0 -2.5 354.0 171.5 340.9 167.1 216.6 107.5 684.0 463.2 5235.0 3608.0 3627.5 2927.5 1191.0 775.0 MOBILE TELECOMS Inmarsat . . . . . . . . . . . .685.0 7.0 771.0 666.0 Vodafone Group . . . . . .207.3 0.9 252.3 184.5 SUPPORT SERVICES OIL & GAS PRODUCERS Afren . . . . . . . . . . . . . . . .77.3 BG Group . . . . . . . . . . .1040.0 BP . . . . . . . . . . . . . . . . .449.0 Cairn Energy . . . . . . . . . .145.1 EnQuest . . . . . . . . . . . . .69.4 Nostrum Oil & Gas . . . .675.0 Ophir Energy . . . . . . . . .185.3 Premier Oil . . . . . . . . . .257.9 Royal Dutch Shell . . . .2235.5 Royal Dutch Shell . . . .2312.5 Soco Internationa . . . . .328.5 Tullow Oil . . . . . . . . . . .485.8 -1.5 13.5 5.0 -3.6 -3.2 5.0 -6.0 -1.2 8.0 5.0 5.8 1.7 169.3 74.5 1351.5 1008.5 523.9 416.7 285.2 141.8 147.9 69.0 1387.5 659.0 362.1 180.5 355.4 249.5 2453.0 2013.5 2592.0 2096.0 474.8 317.1 949.0 478.7 14.0 11.0 19.0 2.0 1262.0 910.0 1463.0 818.0 OIL EQUIPMENT & SERVICES 990.0 724.5 962.0 634.5 PERSONAL GOODS Burberry Group . . . . . .1531.0 29.0 1544.0 1374.0 PZ Cussons . . . . . . . . . .369.0 -1.7 398.0 337.1 Supergroup . . . . . . . . .830.0 -55.0 1744.0 774.4 PHARMACEUTICALS & BIOTECH AstraZeneca . . . . . . . .4543.5 BTG . . . . . . . . . . . . . . . .755.0 Dechra Pharmaceut . . .758.0 Genus . . . . . . . . . . . . . .1235.0 GlaxoSmithKline . . . . . .1417.5 Hikma Pharmaceuti . .1895.0 Shire Plc . . . . . . . . . . . .4163.0 43.5 12.0 0.5 -5.0 19.5 26.0 -1.0 4823.5 3267.0 756.5 414.5 773.0 657.0 1414.0 940.0 1690.5 1324.0 1900.0 1170.0 5455.0 2654.0 REAL ESTATE INVEST. & SERV. Price Chg High Low IMI . . . . . . . . . . . . . . . .1222.0 Melrose Industrie . . . . .256.1 Rotork . . . . . . . . . . . . .2555.0 Spirax-Sarco Engi . . . .2850.0 Weir Group . . . . . . . . .2283.0 10.0 6.2 32.0 49.0 27.0 1608.0 1135.0 328.5 236.3 2894.0 2352.0 3101.0 2561.0 2761.0 2050.0 INDUSTRIAL METALS & MINING Evraz . . . . . . . . . . . . . . .129.2 1.3 145.0 54.4 Ferrexpo . . . . . . . . . . . . .84.2 -1.7 199.0 82.9 INDUSTRIAL TRANSPORTATION BBA Aviation . . . . . . . . .353.7 8.8 354.6 293.0 Fisher (James) & . . . .1306.0 9.0 1552.0 1078.0 Royal Mail . . . . . . . . . . .441.2 5.8 615.0 390.0 ITV . . . . . . . . . . . . . . . . .203.0 Johnston Press . . . . . . . . .3.5 Mecom Group . . . . . . . .130.0 Moneysupermarket. . .200.0 Pearson . . . . . . . . . . . .1170.0 Perform Group . . . . . . .261.0 Reed Elsevier . . . . . . . .1027.0 Rightmove . . . . . . . . . .2110.0 STV Group . . . . . . . . . . .370.0 Tarsus Group . . . . . . . . .203.5 Trinity Mirror . . . . . . . . .164.0 UBM . . . . . . . . . . . . . . .569.0 UTV Media . . . . . . . . . . .207.5 WPP . . . . . . . . . . . . . . .1218.0 Zoopla Property G . . . . .207.2 2.5 -0.1 4.0 2.5 10.0 1.0 12.0 -13.0 10.0 1.1 2.8 7.0 0.5 10.0 1.7 222.0 8.4 153.0 201.3 1352.0 560.0 1029.0 2805.0 379.0 252.3 233.5 722.5 263.8 1383.0 269.0 169.5 3.1 64.5 153.4 998.0 180.0 854.5 1981.0 297.0 191.0 129.0 507.0 190.0 1117.0 197.0 -8.1 -4.0 12.0 -5.0 -3.7 -19.0 2.8 -2.4 320.0 1648.0 959.0 2096.0 75.0 1031.0 377.5 204.0 152.6 1226.5 661.5 1601.5 38.6 674.5 297.0 98.2 MINING NON LIFE INSURANCE Admiral Group . . . . . . .1335.0 Amlin . . . . . . . . . . . . . .455.4 Beazley . . . . . . . . . . . . .262.0 Brit . . . . . . . . . . . . . . . . .251.0 Catlin Group Ltd. . . . . . .536.5 Direct Line Insur . . . . . .276.0 esure Group . . . . . . . . .243.4 Hiscox Ltd (CDI) . . . . . . .681.0 Jardine Lloyd Tho . . . . .952.5 Price Chg High Low 10.0 4.6 0.0 3.7 8.5 -5.5 5.3 11.0 -5.0 1575.0 490.8 280.3 260.0 586.5 304.2 291.0 737.6 1095.0 1195.0 410.2 228.1 204.8 483.7 221.4 212.3 626.0 905.0 African Barrick G . . . . .206.0 Anglo American . . . . . .1316.5 Antofagasta . . . . . . . . .702.5 BHP Billiton . . . . . . . . .1610.5 Centamin (DI) . . . . . . . . .51.2 Fresnillo . . . . . . . . . . . . .697.5 Glencore . . . . . . . . . . . .319.9 Hochschild Mining . . . . .99.0 Price Chg High Low SOFTWARE & COMPUTER SERV. Aveva Group . . . . . . . .1536.0 Computacenter . . . . . . .619.5 Fidessa Group . . . . . . .2341.0 Micro Focus Inter . . . . .992.0 Playtech . . . . . . . . . . . .706.0 Sage Group . . . . . . . . . .377.7 Telecity Group . . . . . . . .770.5 Amec . . . . . . . . . . . . . .1040.0 Hunting . . . . . . . . . . . . .735.5 Petrofac Ltd. . . . . . . . .1060.0 Wood Group (John) . . .662.0 MAIN CHANGES UK 350 Risers Price Chg High Low Kazakhmys . . . . . . . . . .230.2 7.4 Lonmin . . . . . . . . . . . . . .174.6 1.7 Petra Diamonds Lt . . . .166.0 -0.2 Polymetal Interna . . . . .515.0 5.0 Randgold Resource . .3678.0 -101.0 Rio Tinto . . . . . . . . . . . .2971.5 25.0 Vedanta Resources . . .822.0 11.5 Capital & Countie . . . . . .341.2 Countrywide . . . . . . . . .458.0 Daejan Holdings . . . .4994.0 F&C Commercial Pr . . . .128.4 Foxtons Group . . . . . . . .168.2 Grainger . . . . . . . . . . . .189.0 Kennedy Wilson Eu . .1040.0 Redeп¬Ѓne Internat . . . . . .51.8 Savills . . . . . . . . . . . . . .644.0 St. Modwen Proper . . .362.6 UK Commercial Pro . . . .85.5 Unite Group . . . . . . . . . .427.0 6.7 -3.5 44.0 0.0 5.3 3.0 0.0 0.3 9.5 5.4 0.2 2.1 392.0 315.4 696.0 450.7 5125.0 3965.0 128.6 116.2 398.8 155.4 248.0 171.6 1113.8 990.0 61.0 47.0 679.5 571.5 418.0 334.0 85.5 75.1 452.3 387.8 6.0 12.0 37.0 11.5 10.5 0.6 5.1 17.0 3.1 4.4 9.5 18.0 571.5 459.5 733.0 592.5 2991.0 2382.0 688.5 555.0 619.0 489.6 114.2 99.3 348.4 275.5 1108.0 927.0 149.0 125.5 384.4 319.3 716.0 582.0 656.5 478.5 REAL ESTATE INVEST. TRUSTS Big Yellow Group . . . . .546.5 British Land Co . . . . . . .728.5 Derwent London . . . . .2971.0 Great Portland Es . . . . .686.5 Hammerson . . . . . . . . .613.0 Hansteen Holdings . . . .106.0 Intu Properties . . . . . . .340.4 Land Securities G . . . . .1107.0 LondonMetric Prop . . . .147.4 SEGRO . . . . . . . . . . . . . .380.2 Shaftesbury . . . . . . . . . .716.0 Workspace Group . . . . .656.5 Aggreko . . . . . . . . . . . .1522.0 Ashtead Group . . . . . .1044.0 Atkins (WS) . . . . . . . . .1357.0 Babcock Internati . . . .1095.0 Berendsen . . . . . . . . . .1010.0 Bunzl . . . . . . . . . . . . . .1695.0 Capita . . . . . . . . . . . . .1097.0 Carillion . . . . . . . . . . . . .332.6 DCC . . . . . . . . . . . . . . .3494.0 De La Rue . . . . . . . . . . .522.5 Diploma . . . . . . . . . . . .695.5 Electrocomponents . . .228.8 Essentra . . . . . . . . . . . .686.5 Experian . . . . . . . . . . . .938.5 G4S . . . . . . . . . . . . . . . .255.5 Grafton Group Uni . . . .636.0 Hays . . . . . . . . . . . . . . . .123.3 Homeserve . . . . . . . . . .345.0 Howden Joinery Gr . . . .342.3 Interserve . . . . . . . . . . .633.5 Intertek Group . . . . . .2722.0 Michael Page Inte . . . . .388.5 Mitie Group . . . . . . . . . .300.9 Northgate . . . . . . . . . . .490.0 PayPoint . . . . . . . . . . . .861.5 Premier Farnell . . . . . . .189.2 Regus . . . . . . . . . . . . . . .197.3 Rentokil Initial . . . . . . . .123.2 RPS Group . . . . . . . . . . .234.4 Serco Group . . . . . . . . . .297.7 SIG . . . . . . . . . . . . . . . . .146.4 Travis Perkins . . . . . . .1652.0 Wolseley . . . . . . . . . . .3317.0 AIR LIQUIDE......................................................96.25 AIRBUS GROUP ................................................47.60 ALLIANZ N.......................................................126.70 ANHEUS.-BUSCH INBEV.....................................88.11 ASML HLDG.......................................................79.45 AXA....................................................................18.41 BANCO SANTANDER............................................7.03 BASF N .............................................................70.24 BAYER N...........................................................113.45 BBVA...................................................................8.91 BMW.................................................................85.32 BNP PARIBAS-A- ..............................................50.14 CARREFOUR......................................................23.37 DAIMLER N .......................................................62.03 DANONE...........................................................54.22 DEUTSCHE BANK N...........................................24.88 DEUTSCHE POST N............................................25.06 DEUTSCHE TELEKOM N ......................................12.02 E.ON N...............................................................13.73 ENEL...................................................................4.07 ENI ....................................................................17.00 ESSILOR INTL.....................................................88.10 GDF SUEZ..........................................................19.36 GENERALI..........................................................16.34 IBERDROLA ........................................................5.64 INDITEX ............................................................22.42 ING GROUP.........................................................11.41 INTESA SANPAOLO..............................................2.34 L'OREAL ...........................................................125.10 LVMH...............................................................135.35 MUENCH RUECKVERS N...................................156.85 NOKIA................................................................6.66 ORANGE ............................................................12.72 REPSOL..............................................................17.82 ROY.PHILIPS .....................................................22.29 RWE ................................................................28.26 SAINT GOBAIN..................................................34.25 SANOFI.............................................................73.66 SAP ..................................................................54.24 SCHNEIDER ELECTRIC........................................62.88 SIEMENS N ........................................................89.91 SOCIETE GENERALE...........................................38.42 TELEFONICA ......................................................12.00 TOTAL................................................................47.42 UNIBAIL-RODAMCO........................................204.45 UNICREDIT..........................................................5.76 UNILEVER CERT ................................................30.95 VINCI ...............................................................45.48 VIVENDI ............................................................19.48 VOLKSWAGEN VZ ............................................170.05 15.0 25.0 3.0 17.0 31.5 15.0 -4.0 9.1 56.0 5.0 9.5 5.5 17.5 1.5 4.6 15.5 5.6 2.1 5.7 11.0 -11.0 6.2 5.5 -1.0 -8.0 2.8 12.6 2.2 1.4 1.9 1.6 25.0 51.0 2617.0 1357.0 718.5 572.5 2615.0 2001.0 1078.0 721.5 836.5 579.0 435.5 337.1 806.0 631.0 1774.0 1452.0 1059.0 636.5 1502.0 1225.0 1297.0 1021.0 1128.0 894.5 1699.0 1340.0 1235.0 969.5 382.9 288.3 3683.0 2732.0 916.0 472.9 775.0 612.5 302.0 203.0 915.0 647.0 1270.0 916.0 273.5 228.0 679.5 538.0 156.0 110.7 353.5 233.6 392.1 288.3 745.0 563.0 3332.0 2440.0 507.0 371.9 345.6 274.6 615.5 397.3 1196.0 860.5 240.5 166.2 234.5 165.5 133.1 101.5 359.6 220.0 557.0 277.0 216.3 144.8 1982.0 1574.0 3531.0 3020.0 TECHNOLOGY HARDW. & EQUIP. ARM Holdings . . . . . . . .875.0 CSR . . . . . . . . . . . . . . . .838.0 Pace . . . . . . . . . . . . . . .346.5 Spirent Communica . . . .75.1 36.5 1110.0 806.0 1.0 857.0 477.9 0.8 483.5 288.7 1.6 112.2 71.2 TOBACCO British American . . . .3547.0 80.5 3633.5 2881.0 Imperial Tobacco . . . .2711.0 37.0 2774.0 2182.0 TRAVEL & LEISURE Betfair Group . . . . . . . .1210.0 Bwin.party Digita . . . . . .89.7 Carnival . . . . . . . . . . . .2488.0 Cineworld Group . . . . .335.0 Compass Group . . . . .1006.0 Domino's Pizza Gr . . . . .635.5 easyJet . . . . . . . . . . . .1500.0 Enterprise Inns . . . . . . .127.9 FirstGroup . . . . . . . . . . . .112.2 Go-Ahead Group . . . .2460.0 Greene King . . . . . . . . .802.0 InterContinental . . . .2369.0 International Con . . . . .409.2 Ladbrokes . . . . . . . . . . . .118.1 Marston's . . . . . . . . . . . .150.8 Merlin Entertainm . . . .352.5 Millennium & Copt . . . .568.0 Mitchells & Butle . . . . .380.0 National Express . . . . .249.0 EU SHARES Price 33.0 13.0 101.0 -2.0 2.0 2.1 3.0 22.0 -10.2 21.0 1.0 8.0 6.5 40.0 1.1 1.4 7.0 3.0 32.0 18.5 0.9 0.8 1.0 1.0 14.8 2.8 1213.0 933.5 133.9 80.2 2600.0 2090.0 398.3 291.3 1053.6 891.7 637.0 469.0 1827.0 1200.0 168.1 112.0 145.9 106.4 2565.0 1598.0 925.0 740.0 2475.0 1803.0 454.6 316.2 193.9 110.7 155.5 136.6 391.5 328.7 605.0 543.0 491.3 325.7 304.9 220.0 Price Rank Group . . . . . . . . . .164.9 Restaurant Group . . . . .676.5 Stagecoach Group . . . .387.0 Thomas Cook Group . . .124.2 TUI Travel . . . . . . . . . . .398.6 Wetherspoon (J.D. . . . .842.5 Whitbread . . . . . . . . .4364.0 William Hill . . . . . . . . . .360.5 Chg High Low -0.1 175.8 128.0 16.5 713.0 544.0 -8.6 400.0 344.2 1.9 189.0 102.5 -2.2 450.0 330.5 16.5 882.0 680.0 51.0 4487.0 3363.0 2.6 410.2 320.3 AIM 50 Abcam . . . . . . . . . . . . .399.8 Advanced 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 Gemп¬Ѓelds . . . . . . . . . . . .47.3 GLOBO . . . . . . . . . . . . . . .43.0 GW Pharmaceutical . . .385.6 Hargreaves Servic . . . .655.0 IGas Energy . . . . . . . . . .80.0 Iomart Group . . . . . . . .210.0 James Halstead . . . . . .283.0 M. P. Evans Group . . . . .452.0 Majestic Wine . . . . . . . .377.8 Monitise . . . . . . . . . . . . .32.5 Mulberry Group . . . . . . .727.0 Nanoco Group . . . . . . . .114.8 Nichols . . . . . . . . . . . . .935.0 Numis Corporation . . . .250.3 Pan African Resou . . . . .12.0 Parkmead Group (T . . . .176.5 Plexus Holdings . . . . . .250.0 Polar Capital Hol . . . . .464.3 Prezzo . . . . . . . . . . . . . .124.8 Quadrise Fuels In . . . . . .28.3 Quindell . . . . . . . . . . . . .134.0 Rockhopper Explor . . . . .73.5 RWS Holdings . . . . . . . .725.0 Secure Trust Bank . . . .2624.5 Smart Metering Sy . . . .352.9 Songbird Estates . . . . .262.5 Staffline Group . . . . . . .808.5 Telit Communicati . . . .236.5 Tungsten Corporat . . . .298.8 Utilitywise . . . . . . . . . .280.0 Velocys . . . . . . . . . . . . .186.0 Vertu Motors . . . . . . . . . .57.5 Young & Co's Brew . . . .980.0 7.8 1.0 1.0 17.6 0.8 0.0 131.0 20.5 -0.5 -9.0 4.5 -0.3 9.0 1.5 19.0 0.8 31.0 -0.5 -0.8 10.0 15.0 2.0 3.0 -2.3 -2.0 14.8 -1.0 52.0 -0.5 11.3 2.5 0.0 -3.5 -1.0 44.3 -6.3 -0.8 2.5 1.5 17.3 24.5 0.0 3.0 -3.5 -3.5 -2.3 -3.0 0.3 -1.5 0.3 520.0 127.8 130.5 585.5 66.3 1490.0 7050.0 328.0 230.0 1809.0 675.0 204.0 300.5 145.3 776.5 153.0 1583.0 53.5 71.8 523.5 897.0 160.3 295.0 334.8 493.5 590.0 80.0 1075.0 162.5 1201.0 344.8 15.8 294.5 321.0 563.0 162.0 49.0 660.0 158.5 1018.0 2975.0 425.5 264.5 1010.0 277.3 399.0 370.0 236.9 66.5 1097.5 350.5 89.3 96.8 352.5 42.0 1010.0 1785.0 170.3 27.5 1351.0 359.3 137.0 190.0 95.5 562.5 87.5 822.5 30.5 40.8 146.0 524.0 74.0 174.0 260.3 425.8 324.0 26.0 636.5 86.0 907.5 214.3 11.5 154.5 234.5 385.5 120.0 23.6 124.3 68.8 692.0 2175.0 292.5 152.0 469.5 110.5 203.0 194.0 125.0 51.5 915.0 http://corporate.webfg.com mailto: [email protected] US SHARES Chg High Low Price Chg High Low 1.13 1.70 2.50 0.95 2.43 0.54 0.19 1.67 3.50 0.22 2.29 1.68 0.34 1.42 1.52 0.58 0.67 0.35 0.41 0.16 0.43 1.65 0.43 0.49 0.10 0.61 0.34 0.09 2.90 2.65 3.40 0.08 0.35 0.35 0.53 0.53 0.98 1.75 1.58 2.18 2.55 1.25 0.31 0.43 4.90 0.24 0.71 1.56 0.36 4.90 101.85 57.33 139.00 89.82 79.43 20.64 7.96 88.28 114.20 9.91 96.10 61.82 29.57 71.27 57.44 38.15 28.47 12.97 15.37 4.49 20.46 87.90 21.19 17.70 5.77 24.35 11.95 2.66 134.75 147.20 170.40 6.98 12.85 20.55 27.33 32.98 45.75 89.95 63.30 72.22 101.35 48.69 12.99 54.71 213.70 6.89 32.78 57.36 21.31 205.00 83.45 41.05 115.05 69.14 57.51 16.43 5.72 64.27 90.71 8.10 74.74 43.28 21.42 55.10 47.25 22.66 21.55 10.07 12.23 2.98 15.31 70.51 16.02 14.40 4.28 19.29 8.93 1.63 114.55 121.00 141.10 4.89 8.39 15.82 20.69 24.35 29.51 68.29 50.08 52.59 80.17 32.44 10.76 40.57 174.25 5.01 26.97 39.98 17.26 147.40 3M ...................................................................153.77 ABBVIE.............................................................63.46 AMAZON.COM ................................................305.46 AMERICAN EXPRESS ........................................89.95 AMGEN ............................................................162.18 APPLE ............................................................108.00 AT&T.................................................................34.84 BANK OF AMERICA.............................................17.16 BERKSHIRE HATHAWY-B.................................140.16 BOEING CO.......................................................124.91 CATERPILLAR....................................................101.41 CHEVRON ........................................................119.95 CISCO SYSTEMS.................................................24.47 CITIGROUP .......................................................53.53 COCA-COLA CO..................................................41.88 COMCAST-A ......................................................55.35 CVS HEALTH......................................................85.81 DU PONT NEMOURS&CO ...................................69.15 EXXON MOBIL ...................................................96.71 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 FTSEuroп¬Ѓrst 300 . . . . . . . . . . . . . . . 1351.96 Chg %chg 91.85 2.22 118.75 1.36 96.96 2.08 25.60 1.93 Price Chg %chg Hang Seng. . . . . . . . . . . . . . . . . . 23998.06 296.02 1.25 Shanghai Composite . . . . . . . . . . . 2420.18 29.10 1.22 Straits Times. . . . . . . . . . . . . . . . . . 3274.25 39.94 1.23 ASX All Ordinaries. . . . . . . . . . . . . 5505.00 47.90 0.88 MONDAY 3 NOVEMBER 2014 22 THEFORUM cityam.com/forum US elections: Obama can only salvage his failing presidency if his party loses T HERE is a lovely story about how the administration of US President John F Kennedy вЂ“ for all its intellectual glitter and panache вЂ“ managed to get Vietnam so wrong. Coming back from his first cabinet meeting, vice president Lyndon Johnson told his mentor and great friend Sam Rayburn, a crafty giant of the House of Representatives, how intellectually overpowering the new team was, from national security adviser McGeorge Bundy to secretary of defence Robert McNamara. Rayburn presciently replied, вЂњWell, Lyndon, you may be right and they may be every bit as intelligent as you say, but IвЂ™d feel a whole lot better about them if just one of them had run for sheriff onceвЂќ. And of course, this is the heart of the matter: intellectual brilliance without practical experience can be very dangerous indeed. I remember thinking of this anecdote when the Obama team вЂ“ which six long years ago was also thought intellectually impressive and stylish вЂ“ came to power. However, my variant on the theme went like this: вЂњI wish one of them had managed an ice cream Agree? Disagree? Got a sharp comment? The Forum wants you to join the debate. nJOHN HULSMAN stand,вЂќ a reality especially true of the President. And as defeat stares the Democrats in the face in elections to the Senate and House of Representatives tomorrow, this original sin вЂ“ unfamiliarity with the realities of the world, of how to implement ideas вЂ“ is precisely what is dooming the White House and its Democratic allies to an electoral rout. Obamacare, the White HouseвЂ™s signature effort at health care reform, remains desperately unpopular. A CBS News poll on 27 October found that only 36 per cent are in favour, with a decisive 55 per cent against. The botched roll-out of the Obamacare website, an entirely unforced management error, will probably be remembered as the beginning of the end of this once hopeful presidency. Twitter: @cityamforum Nor has the White HouseвЂ™s record for competence improved. Islamic State was once disparaged by the President as the вЂњJV teamвЂќ; an American idiom meaning it was not a serious problem. The Internal Revenue Service, the countryвЂ™s feared tax-collecting authority, has been mired in scandal as it specifically targeted conservative organisations; 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 вЂ“ with its belief in an ever-larger role for a government run by technocrats who know better вЂ“ on the web: cityam.com/forum can only work if those in charge are competent managers. Any American who has ever tried to get their driverвЂ™s 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 вЂ“ normally a staunch ally of the White House вЂ“ who has almost singlehandedly stalled its major foreign policy initiatives, the huge putative trade deals with Asia (the Trans-Pacific Partnership, or TPP) and Europe (the 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 AmericaвЂ™s allies in both pivotal continents. In thrall to the unions and fearing a backlash from the increasingly protectionist Democratic Party base, Reid or by email: [email protected] 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 MayorвЂ™s Show is followed by a more solemn occasion, one that is of great significance to each new lord mayor: Remembrance Sunday. The CityвЂ™s link with the military is ancient and rich, with every Lord MayorвЂ™s Show being honoured by the participation of some of the countryвЂ™s oldest regiments. Their involvement in every part of the Show helps to mark their immense contribution to London throughout history, and makes the following dayвЂ™s events вЂ“ when the lord mayor lays a wreath at the memorial to the fallen by the Royal Exchange вЂ“ even more poignant. CITY MATTERS nFIONA WOOLF This year, Remembrance Day marks 100 years since the start of the First World War. We have never forgotten, and must never forget, the toll that war has taken and continues to take. At this time of year in particular, we should reflect on those who gave their lives for their country and their freedom, protecting liberties that, today, are all too easy to take for granted. I recently visited Paul CumminsвЂ™s Blood Swept Lands and Seas of Red art installation at the Tower of London. A sea of ceramic poppies, each representing a British military fatality during the First World War, it has captured the imaginations of so many Londoners, and has enthralled millions of tourists who still flock to see it. Wherever they come from, visitors to the Tower are fascinated by the sheer scale of the installation. They reflect on what it represents: lives lost and families torn apart in the First, and Second, World Wars, as well as so many other conflicts that the world has seen. We are fortunate in the UK. Few of us have encountered conflict. We enjoy the privilege of peace, earned by the hard work and sacrifice of those who died in conflict вЂ“ both the Armed ForcesвЂ™ personnel and the many who died here in the City during the Blitz. Today, I will open the Royal British Legion Garden of Remembrance at St PaulвЂ™s Cathedral, an annual ceremony which marks the start of a month in which the lives of those lost in war are remembered. I will plant a cross in memory of those who have given their lives in war. It is a humbling experience. As lord mayor, I am president of the City of London Reserve ForcesвЂ™ and CadetsвЂ™ 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 вЂ“ itвЂ™s high time we faced up to the evidence, Friday] Charlotte Bowyer hits the nail on the head. Our drug policy in the UK is shaped by little more than inertia and fear. The crucial point for me is that relaxing laws internationally hasnвЂ™t led to the kind of surge in usage that weвЂ™ve been led to believe would happen. Given that looser legislation doesnвЂ™t seem to lead to an enormous uptick, and that the current state of affairs (the so-called War on Drugs) is extremely costly and in some places draconian, what kind of justification could there be for maintaining the status quo? LetвЂ™s hope we finally crack this one soon. Name withheld Could the wheels be falling off Abenomics, as Japan boosts QE? YES NO Diana Choyleva Tom Stevenson The wheels havenвЂ™t fallen off Abenomics, but Japan is careering towards a dangerous mix of inflation and no growth. The last thing it needs is more QE, which will debase the yen and feed directly into inflation. Deflation in Japan isnвЂ™t the disease but a symptom of its structural malaise. Printing more money has little chance of generating real growth without reforms, which arenвЂ™t even on the agenda. JapanвЂ™s structural weaknesses are excessive corporate savings, an obsolete export machine, and a dysfunctional labour market. The Bank of Japan is now locked in perma-QE. The plunge in the yen will make it difficult to avoid currency wars. The eventual upshot could be a new financial crisis. Diana Choyleva is head of macroeconomic research at Lombard Street Research. Turning the Japanese economy around after 20 years of stagnation was never going to be easy вЂ“ or quick. With inflation falling back to half the governmentвЂ™s 2 per cent target, the authorities have sensibly gone for coordinated shock and awe. The need to throw money at the stock market and crank up the printing presses reflects the strength of the sales tax headwind. ItвЂ™s a sign that monetary policy needs to do the heavy lifting in the face of an ongoing fiscal squeeze. Abenomics is not broken, but it has barely started JapanвЂ™s long journey back to regional importance. That will require Tokyo to rediscover its economic mojo and get serious about corporate reform. Tom Stevenson is investment director at Fidelity Personal Investing. Fountain House, 3rd Floor, 130 Fenchurch Street, London, EC3M 5DJ Tel: 020 3201 8900 Fax: 020 7248 2711 Email: [email protected] Certified Distribution from 25/08/14 till 28/09/14 is 113,862 @cityamforum T ODAY is Jonathan HillвЂ™s first day as European commissioner for financial stability, financial services and capital markets union. He takes on the role at an inflection 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 EuropeвЂ™s finance, while markets deliver much less: a mirror image of the position in the US. Things have to change, and the vehicle for that change is capital markets union (CMU), at the heart of the new commissionerвЂ™s mandate. It has been said, somewhat unfairly, that CMU is a slogan waiting for a policy programme. Arguably, it has been an implicit goal of EU policy since the Single European Act in 1986. Now it is an explicit aim, with strong support from the commission president. AFME and our members, EuropeвЂ™s cross-border banks, support the goal of an efficient CMU, covering all 28 Member States and offering competition and choice to savers, investors and firms across Europe. We propose three objectives for the CMU initiative which, taken together, should provide a framework for action. These are the three вЂњIвЂ™sвЂќ: instruments, investment and market infrastructure. The first I is developing broader, stable and more liquid markets for financial instruments, particularly equity and debt. Funding markets for sovereigns and large companies are generally well-integrated and effective, whereas market funding for SMEs and intermediate companies across much of Europe remains patchy and expensive. The focus should be on removing barriers, of whatever kind, which prevent the formation of a broader, more efficient and more liquid pan-European market for these products. The second is harnessing long- nSIMON LEWIS term savings across Europe to promote productive investment. Policy and regulation must provide the right framework for institutional investors to make sound long-term investments in EuropeвЂ™s capital markets. The third is promoting open and integrated capital markets infrastructure. Notwithstanding the reforms underway through MiFID (the Markets in Financial Instruments Directive) and EMIR (the European Market Infrastructure Regulation), aspects of EuropeвЂ™s capital markets infrastructure remain fragmented in ways which increase costs for endusers and mean that capital is not allocated where it is most needed. The focus should be on steps to reduce costs and widen access. It is also essential to remember that capital markets need to be not just more European, but more global. A European capital markets union that is not closely integrated into the wider global capital markets will not achieve its aims. An early exercise at AFME suggested that there are more than 30 separate issues that need to be addressed 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 вЂ“ now they are part of the landscape. Building a European resolution framework was considered impossible because it would impact countriesвЂ™ insolvency laws. Now we have one. And the idea of a banking union in Europe, with a single supervisor and single resolution mechanism could quite simply not be imagined. And yet later this week, the ECB starts to supervise banks in the Eurozone. Finally, the discussion should not 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).. Distribution helpline If you have any comments about the distribution of City A.M. please ring 0203 201 8955, or email [email protected] Printed by Trinity Mirror Printing, St Albans Road, Watford Herts, WD24 7RG Our terms and conditions for external contributors can be viewed at cityam.com/terms-conditions For competitive rates and expert guidance: 0808 115 3718 www.cityam.com/intpay cityam.com MONDAY 3 NOVEMBER 2014 24 ENTREPRENEURS Harriet Green and Guy Bentley talk quarter-life crises and how to tackle the state with the PayPal co-founder Thiel thinks sharing economy firm Airbnb could be a $100bn business I TвЂ™S NOT every day that you get to speak to Silicon Valley royalty. And Peter Thiel, co-founder of PayPal, first outside investor in Facebook, fund manager, and leader of multiple firms, is a dynasty heavyweight. Having just published his new book, Zero to One, heвЂ™s keen to talk about some of his latest ideas. A line those familiar with Thiel will recognise comes up quickly: вЂњI think luck is just an atheistic word for God.вЂќ The message is obviously an important one вЂ“ he devotes a whole chapter in the book to the subject: You are not a Lottery Ticket. For Thiel, whose net worth is estimated to be $2.2bn (ВЈ1.4bn), skill and merit get you places вЂ“ not sitting back and leaving it to chance. вЂњItвЂ™s a bad way to think. When we ascribe luck to things, itвЂ™s not a metaphysical truth about the world, but often just a sign of our laziness.вЂќ Thiel concedes that there were aspects of his own life which, at the very least, put him in a fortunate position. He answers immediately when we ask who his greatest role models were growing up: вЂњmy parentsвЂќ. But convention never felt quite right to him. вЂњI was tracked in the elite university system. That was good in some ways, but it also meant I didnвЂ™t think very much about the future. I didnвЂ™t need to think about the future.вЂќ The blur of an undergraduate degree (at Stanford), law school and the (arguably inevitable) move to a big law firm in New York left him feeling unsatisfied. вЂњOn the outside, everybody wanted to get in. On the inside, everybody wanted to leave. And so I had this quarter-life crisis in my twenties where I realised that the sort of default, of doing what conventionally made sense, had brought me to a relatively unhappy place.вЂќ CASTLE-BUILDER THE REALTHIEL through the Thiel Foundation вЂ“ which possibly demonstrate what is closest to ThielвЂ™s heart вЂ“ include support for antiaging research via the SENS Foundation, funding for Modern Meadow, a biotech company that produces cultured meat and leather products with no animal slaughter, and the technological and scientific progress in the decades ahead. I worry that large institutions are not really able to push it in different ways.вЂќ In the US, he says, itвЂ™s now вЂњinconceivableвЂќ that the government could deliver something like the Manhattan Project or Apollo programme again. WeвЂ™ll see an increasing tip towards smaller businesses, he says вЂ“ вЂњprogress will happen there.вЂќ ThielвЂ™s vocal concern over stale institutions undergoing a вЂњsort of shocking declineвЂќ isnвЂ™t surprising. A long-time libertarian and supporter of the US Libertarian Party, his criticism of the state and state privilege has, over the years, been wideranging. He has, however, been mellowed by age (heвЂ™s now 47) вЂ“ more interested in usurping, rather than conquering. вЂњAs an undergraduate and into my twenties, IвЂ™d have all these late-night political discussions... IвЂ™d love to tackle [the state] head on вЂ“ we could have a society thatвЂ™s vastly better in all these different ways. But itвЂ™s people building these new technology companies that has changed the world more вЂ“ rather than political debates.вЂќ think it is incumbent on all of вЂ�us toI dothink really hard about what we Being a long-term thinker is something Thiel practises and preaches. вЂњI do think itвЂ™s incumbent on all of us to think really hard about what we want to do with our lives.вЂќ And for those that decide to build a startup, heвЂ™s clear about the individual benefits, as well as the impact youвЂ™ll have more widely: вЂњyou can have agency not just over your own life, but over a small and important part of the world. It begins by rejecting the unjust tyranny of chance,вЂќ he says in Zero to One. ThielвЂ™s frustration with humanity, really, is that people just donвЂ™t think big enough. вЂњThey get too focused on their iPhones and all the other products to see the lack of any revolutionary age. If you want to become the next Apple, donвЂ™t set up a restaurant.вЂќ This attitude comes across in where he puts his money. His Founders Fund invested in Elon MuskвЂ™s SpaceX, along with British artificial intelligence firm Deep Mind Technologies, which was bought by Google at the beginning of 2014 for ВЈ240m. More recent investments want to do with our lives... You canвЂ™t just count on the system to save you. Seasteading Institute, which plans to establish autonomous ocean communities (pictured). And itвЂ™s unlikely the indefatigable billionaire will slow down вЂ“ or believe anyone else should. вЂњWeвЂ™ve made tremendous progress, but thereвЂ™s tremendously more that can be done.вЂќ That, as a society, weвЂ™ve made вЂњalmost no progressвЂќ in the war against AlzheimerвЂ™s and dementia concerns him: вЂњItвЂ™s shocking that this hasnвЂ™t caused greater outrage, and that weвЂ™re not trying to do more.вЂќ TOPPLING LEVIATHAN ThielвЂ™s belief in the small, innovative game-changers is paired with a profound doubt over the ability of larger institutions to deliver the same: вЂњthe issue IвЂ™m always most concerned about is whether weвЂ™re going to have enough one meant that number two вЂ“ Tim Cook вЂ“ вЂњhas almost impossible shoes to fillвЂќ. Thiel is optimistic about the improvements Apple will continue to make on existing products, but not so hot on Apple Pay. He says that most people wonвЂ™t gain a huge benefit from it compared to the payment methods they already use. He has invested in Lyft, the peer-topeer ridesharing company. HeвЂ™s upbeat about the sector, and the sharing economy more widely, although he has less excitement for Uber than many investors. Some, he says, overestimate the value of services they or those they know use, and underestimate the value of those they donвЂ™t. But exemplar of the evolving industry, Airbnb, gets a bullish thumbs up вЂ“ it could, he says, вЂњbe an $100bn companyвЂќ. ThielвЂ™s positivity comes through even in areas heвЂ™s sceptical about. HeвЂ™s known for being a critic of higher education, believing it to be вЂњan enormous bubble,вЂќ with a trillion dollars of student debt equalling вЂњa trillion dollars worth of lies about the value of education.вЂќ But he readily admits that thinking of a viable alternative is hard. Of course, heвЂ™s come up with his own response: annually, the Thiel Fellowship gives 20 promising young people $100,000, spread over two years, to allow them to shelve their education and focus on setting up a business. The move has proved controversial, but ThielвЂ™s sticking to his guns: вЂњItвЂ™s not what people want to hear. The rather disturbing message that I have is rather like that of a sixteenth century religious reformer: you need to think really hard about what youвЂ™re doing. You canвЂ™t just count on the system to save you.вЂќ SHIFTING UP A GEAR And youвЂ™d be hard-pressed to find someone better placed to talk about these revolutionary firms вЂ“ and where theyвЂ™re heading. AppleвЂ™s Steve Jobs is lauded by Thiel several times in Zero to One. вЂњJobs saw that you can change the world through careful planning.вЂќ But the vision of number One of the designs for Seasteads вЂ“ the worldвЂ™s first floating cities вЂ“ in which Thiel has invested cityam.com MONDAY 3 NOVEMBER 2014 25 MARKETING A digital billboard revolution Liam Ward Proud looks at the top eight out-of-home advertising sites changing the face of the capital I DAVE TROTT 1 2 City 8 a lse 4 ark thw Sou 6 7 he 5 3 Westminster &C Digital outdoor is the thinking clientвЂ™s choice. The channel has helped build awareness for some of the biggest brands, and itвЂ™s interesting that itвЂ™s often the choice of media companies вЂ“ think of The Independent newspaperвЂ™s famous вЂњIt is. Are you?вЂќ campaign, as well as Sky and ITVвЂ™s huge presence on outdoor screens at the moment. Interestingly, it seems to be the same for political parties. The right outdoor campaign can have as much of an impact as which way the newspapers swing ahead of a general election. Surely no one can forget the legendary вЂњLabour isnвЂ™t workingвЂќ posters designed for the Conservatives by Saatchi & Saatchi in the run-up to the 1979 general election. Digital outdoorвЂ™s growth potential is huge. And the opportunity for creatives to do some of their best work on the platform is evident. With the right idea and a good public relations team on board, itвЂ™s one of the quickest ways to get into the national conversation and make 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 PresidentвЂ™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 вЂњF the meetingвЂќ in April this year. g sin The potential of digital вЂ�outdoor hasnвЂ™t permeated 1. EUSTON ROAD UNDERPASS n Ke N CREATIVE terms, advertising mediums can be split into вЂњhotвЂќ and вЂњcoolвЂќ 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 вЂ“ the audience does the grabbing. Print, cinema, online and mobile are cool. TV and out-of-home are hot. As a creative, when youвЂ™re thinking about outdoor, you can safely assume that the audience will be doing something else when they see your ad. They are probably stuck in a traffic jam or waiting for a bus, which means youвЂ™ve got to be short and punchy with the words, using very powerful graphics. Outdoor is a potent media. Done well, it can be more commanding than any other channel. We read about the explosive growth of online and mobile ads all the time. TheyвЂ™re known as вЂњconversion mediaвЂќ; outdoor, on the other hand, is вЂњawareness mediaвЂќ вЂ“ it has the power to open doors, get your brand noticed and, most importantly, get you into the public conversation. Everyone is exposed to your brand. I watch ads on digital out-of-home screens the same way I watch a TV break. The channelвЂ™s capabilities are well-understood by media agencies. TheyвЂ™re thrilled with digital out-of-home because itвЂ™s so effective, flexible and can reach a mass audience so quickly. But the problem is that the potential of digital outdoor hasnвЂ™t permeated the creative departments of many ad agencies yet. 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 LondonвЂ™s startup community and booming technology scene. The site comprises four large digital screens covering the major entrances to Silicon Roundabout, which are mounted onto a giant cube-like structure supported by two looping arches. It captures the passing traffic heading towards the City from the north, as well as Tube-goers using Old Street station. Famous campaigns: So far, brands to use the site have been a reflection of the tech-focused 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 вЂ“ 6.63m every two weeks. Ocean Outdoor claims that 46 per cent of the siteвЂ™s вЂњimpactвЂќ views come from UK travellers going to Heathrow Airport, which probably explains why some of the brands using the screens also have a heavy presence in the departure lounge, including Burberry, which advertised its Body fragrance at the site. Famous campaigns: Bentley used the space to reach wealthy petrol-heads with the release of its fastest ever car, the GT Speed. Owner: Clear Channel In the heart of LondonвЂ™s West End, Piccadilly Lights reaches an estimated 2m people each week, many of them pedestrians. Because its audience includes a huge number of tourists, and the minimum tenure is five years, the site tends to appeal to large global brands with big advertising budgets, like Coca-Cola (which has long occupied the main strip along the top), McDonaldвЂ™s and the car company Hyundai. Famous campaigns: The McDonaldвЂ™s Little Piccadilly campaign used an app to allow people to create characters that appeared on its screen. 5. CHISWICK TOWERS 4. VAUXHALL CROSS Owner: Outdoor Plus This state of the art digital screen sits in the middle of the Vauxhall Cross gyratory, visible to drivers using Wandsworth Road and Nine Elms Lane (only just avoiding the start of the congestion charge zone to the east). Around 75,000 drivers approach the screen on a typical day, which is relatively unique in sitting close to eye-level when in a car. Famous campaigns: ItвЂ™s been a favourite of musicians so far, with Calvin Harris (pictured) and Sam Smith using the high-quality screens to promote new albums. 7. THE EYE, HOLBORN Owner: Outdoor Plus The Eye screen, not too far away from Holborn Station, is prized by advertisers because of its relative exclusivity and scale in an area previously devoid of any large-format out-ofhome screens. Built across four lanes on Proctor Street, its 410,000 weekly audience is predominantly comprised of affluent urbanites with high disposable incomes. The site is near media agencies including WPPвЂ™s Group M, and big-spending brands like Warner Bros. Famous campaigns: Pepsi used the space to promote its Pepsi Max drink вЂ“ вЂњmaximum taste, no sugar.вЂќ Owner: Clear Channel UK Situated on the M4 near Chiswick, these two screens catch commuters travelling towards the centre from relatively affluent areas of west London, as well as international business travellers making the same journey from Heathrow Airport. The towers are seen by roughly 2.3m road users each month. Famous campaigns: The site is probably best known for the British Airways Look Up campaign last year, which many regard as the finest piece of out-of-home work in a decade. The digital screens were fed flight information from Heathrow, and every time a BA flight went across the sky, a child on the screen would look up, pointing and following it. The screens would also show the destination of the plane and a web URL to book a similar journey. 8. SOUTHERN GATEWAY DOMINATION Owner: Primesight These four screens in the middle of Elephant and Castle roundabout face all lanes of traffic heading north from the A3 towards Waterloo, the City and the West End. This siteвЂ™s LED screens are claimed to deliver an audience of around 1.7m every two weeks, acting as a gateway for anyone heading towards or from south London. The screens have a maximum of four ad slots on a 40-second loop. Famous campaigns: Sky recently used the site for its вЂњYour new movie store now in hereвЂќ campaign promoting its film packages. cityam.com MONDAY 3 NOVEMBER 2014 26 LIFE&STYLE TRAVEL NICE WHERE TO STAY For a unique experience on the Cote dвЂ™Azur, try Le Hi-Hotel, with its eye-wateringly bright interiors, private stretch of beach and roof terrace. Its 38 rooms are split into nine innovative designs, from sofas with in-built speakers to beds that turn into bathtubs. Visit Hi-hotel.net Cycle one of the Tour de FranceвЂ™s most feared routes There is both pleasure and pain to be found in Crillon-le-Brave, says Simon Miller T WHERE TO GO A resplendent marble landmark in the middle of the city, the MusГ©e d'Art Moderne et d'Art Contemporain (MAMAC) is home to one of the best collections of modern art outside Paris. Free, visit mamac-nice.org WHERE TO DRINK he wonderfully named Crillon-leBrave is a picture postcard Provencal village that lies at the foot of the Mt Ventoux. The village suffix вЂ“ le Brave вЂ“ was added by Henry IV in the 14th century in honour of his swashbuckling general Louis des Balbes de Berton de Crillon. He was apparently вЂњthe brave of the braveвЂќ, which is the opposite of how I feel as I stand beside my bike at the foot of the 1,912m mountain, quivering at the thought of having to cycle up it. The four-day trip sounded so appealing when it first popped into my inbox a few weeks ago. A long weekend of cycling in Provence, based at the luxurious вЂ“ and by that I mean luxurious вЂ“ boutique hotel Crillon-leBrave. All standards of cyclist are catered for, I was assured, and with the confidence of a London commuter (my bike is so basic its flashiest parts are a kick-stand, ding-dong bell and child seat), I signed up. This inaugural cycling weekend is the brainchild of the hotelвЂ™s owners, Peter Chittick and Craig Miller. Before they went into the hotel business 25 years ago, they ran cycling tours around The south of France is all about wine, and La Cave de lвЂ™Origine is the most stylish wine bar in Nice. Proprietors Carlo Ferreira and Isabelle Ponsolle keep punters on their toes with a wide and varied selection. Tel. 0033 4835 00960 WHERE TO EAT LвЂ™Acchiardo was opened in 1927, and now the Acchiardo grandchildren are the ones serving up Provencal classics like cod stew and fresh seafood. A vast cellar of wine lies underneath the restaurant, too. Call +33 4 93 85 51 16 The Hotel Crillon-le-Brave Europe and this showed in their knowledge of local routes through olive groves, vineyards, lavender fields and their knack for finding a great place for lunch (inevitably at the top of a hill). But itвЂ™s their ability to seamlessly and sensitively manage a group of strangers (cyclists & non cyclists) that proved key to the success of the weekend. The size of the group is purposefully capped at around 25 to prevent the hotel becoming over-run with middle-aged, lycra clad bodies; a tactful concession to other hotel guests. Peter and Craig manage the bike rental if required and provide official timing equipment (no cheating on this one). I requested the lightest piece of carbon fibre available, having seen the seriously expensive kit my fellow guests 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 вЂ“ food fit for an athlete. Predictably, as the group relaxed into the trip, the Vacqueyras from the nearby vineyard also flowed more freely. Mt Ventoux itself is simple rather than spectacular. At 1,912m, it isnвЂ™t that high, and it has none of the majesty of the Matterhorn or the imposing might of Mont Blanc. But with 1,600m of vertical elevation, over 22kms of unrelenting gradient, itвЂ™s hard going. In fact, itвЂ™s considered to be one of the most fearsome climbs in the Tour de France. Intriguingly Mt Ventoux lays claim to being the first mountain to have been climbed for pleasure in 1336 by Italian poet, Francesco Petrarch. Apparently PetrarchвЂ™s observations on how he felt climbing Mt Ventoux even lead some to claim that it marked the beginning of the Renaissance, no less. So would it be as pleasurable over 650 years later on a bike? A modest start turns nasty after about 5km, at which point the next 10km are at an unrelenting average gradient of nine per cent until you emerge from the tree line and, mercifully, things flatten out a shade for a few kilometres. The final 1km is perhaps the cruelest, with the gradient rising to 10 per cent. A poignant reminder of the arduous nature of this physical challenge вЂ“ as if any were needed вЂ“ is the memorial to British professional cyclist Tom Simpson who died attempting the climb during the 1967 Tour de France. Once at the top, the agony of getting there disappears, and IвЂ™m immediately filled with an immense feeling of 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 в‚¬970/ВЈ770 for single occupancy and в‚¬1,370/ВЈ1,088 for two people sharing a Superior room including dinner and breakfast each day during the three night cycling weekend. To book, email reservations@crillon lebrave.com, or telephone +33 (04) 90 65 61 61. Paso, Texas, easily in his 60s, had flown in because Mt Ventoux had been on his вЂњbucket-listвЂќ. Mils from Belgium was treating himself to this weekend for his 67th birthday. Mike and Cindy from San Francisco (eventually) cycled their tandem to the top. A non-cycling member of the party 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 thereвЂ™s a perfectly good massage at the hotel spa followed by a beautifully prepared lunch served on a terrace overlooking a gorgeous autumn scene in Provence? I guess she had a point. The hotel is a delight; a higgledy-piggledy collection of seven different buildings with umpteen nooks, crannies and terraces. Above: cyclists on Mt Ventoux; Below: Crillon-le-Brave; Inset left: cyclists tackling the notorious stretch of the Tour de France The hotel feels restorative. It has distilled the good-life of Provence вЂ“ outstanding local food, great wine and a leisurely pace вЂ“ and added service and luxury. Peter and CraigвЂ™s passion for cycling made them love Provence and they have created an environment that allows guests to embrace this, whether wannabe pro cyclist or complete amateur; walker or pool-sider. This place is good for the soul. If I had to find fault I could moan that the wifi coverage was patchy. ItвЂ™s very much an adultвЂ™s hotel as opposed to a family getaway. And if you want nightlife forget it. Having set a less than record breaking time for my climb up Mt Ventoux, I am now committed to returning next year. 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Airline Failure Protection & booking fees apply. в–јFor Lowest Airfare Guarantee details, we confirm availability by searching based on the exact itinerary, cabin class & conditions as per the competitorвЂ™s quote. Full terms & conditions see flightcentre.co.uk cityam.com MONDAY 3 NOVEMBER 2014 28 OFFICEPOLITICS Subtle signals are crucial in business Even the smallest actions can make a huge impression вЂ“ think carefully before asking questions, says William Buist S for example, is subtly implying that he wonвЂ™t pay close attention to detail with your IP. ItвЂ™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 вЂњwe bear grudges.вЂќ The takeaway point вЂ“ think hard about the perceptions of others when giving feedback. Things go wrong, and people sometimes fail to deliver. But the question thatвЂ™s often missed is: вЂњhow will others вЂ“ who donвЂ™t necessarily know the details of this case вЂ“ judge my commentary?вЂќ UBTLE signals exist in all of our interactions, and the best businesspeople have a firm command over the messages they are sending. New Tesco boss Dave Lewis, for example, quickly decided to sell the firmвЂ™s fleet of private jets after coming into the job. ItвЂ™s not the kind of decision that will rapidly turn around the ailing retailer, but he knows how dangerous such signs of opulence can be in a business struggling to maintain its market share. There are many ways in which subtle signals can affect your business or career. Here are three examples. When I was working for a menвЂ™s clothes shop in the 1970s, the owner made a point of ensuring that the suits always hung extremely neatly. The job was to make sure that things were вЂњjust perfectвЂќ, and his attention to detail was intense. In his words: вЂњwe care for the clothes so our customers know that we will care for them.вЂќ It worked вЂ“ he attracted a large clientele. In a City office, similar messages can be expressed through interactions with your clients or customers. An intellectual property (IP) lawyer who sends out emails with spelling errors, CHOOSE YOUR WORDS CAREFULLY ASK THE RIGHT QUESTIONS At networking events, IвЂ™m frequently asked questions that appear to have been thought of on the spot. Paying attention to the details sends a strong message to your clients Sometimes they seem vague, and lack context or content. It can be difficult to know what the questioner really wants to know. These types of questions send the subtle signal that you donвЂ™t really have a grasp of what youвЂ™re asking, nor why you are asking it. Maybe this is a little harsh, but the fact that many other people react in this way is proof that a subtle signal is being given. Yet often there is more depth to the question than is immediately apparent. вЂњHow many people are there in your business?вЂќ 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, youвЂ™ll make sure that youвЂ™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 mental maths Percentage Calculator Free Back of an envelope calculations are fine, but we all know how easy it is to forget how to perform even simple percentage operations. This app helps you to quickly work out the percentage of a number, the percentage of a partial number, the change from one value to another, and many more calculations. MONDAY 3 NOVEMBER 2014 cityam.com/sport SPORT Hamilton edges closer to glory after outwitting rival Rosberg BY ROSS MCLEAN BRITAINвЂ™S Lewis Hamilton took a significant step towards securing his second World Championship crown after overtaking title rival Nico Rosberg and claiming his fifth consecutive win at the United States Grand Prix in Austin yesterday. The 29-year-old snatched his 10th victory of the season with a late move down the inside of Rosberg, with the lead over his Mercedes team-mate now standing at 24 points, with 75 available in the two remaining races. Hamilton overcame brake problems experienced in qualifying to secure the 32nd win of his career, which pro- STANDINGS 1. Lewis Hamilton, Mercedes 2. Nico Rosberg, Mercedes 3. Daniel Ricciardo, Red Bull 4. Valtteri Bottas, Williams 5. Sebastian Vettel, Red Bull 6. Fernando Alonso, Ferrari 7. Jenson Button, McLaren 8. Felipe Massa, Williams 316 292 214 155 149 149 94 83 pels his status to the most prominent Briton in Formula One history in terms of race victories, surpassing 1992 champion Nigel Mansell. Although the double points available during the final race in Abu Dhabi means the destination of the driversвЂ™ championship will not be determined until proceedings reach Yas Marina, Hamilton took time to achknowledge his achievement. вЂњIвЂ™ve been so fortunate, this is an incredible team, I have an incredible car and IвЂ™m really grateful to be up front,вЂќ said Hamilton. вЂњIвЂ™m also so proud to be representing my country and to be top of the driver wins is quite special.вЂќ While Hamilton won on American soil for the second time in three years, Red BullвЂ™s Daniel Ricciardo again pro- ENGLANDвЂ™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. GermanyвЂ™s Marcel Siem passed up the opportunity to secure victory by missing a six-foot putt on the 72nd hole before returning to claim his fourth European Tour title by chipping in for a birdie on the first hole of sudden death. =FFK98CC 98I:C8PJGI<D@<IC<8>L< 8jkfeM`ccX%%%%%%%%%%%%%( ( Kfkk\e_Xd?fkjgli%%' ) N\`dXee(- :_X[c`/+ 8kk1*)#'+0 BXe\0' DXe:`kp%%%%%%%%%%%%%%%%' ( DXeLk[%%%%%%%%%%%%%%%%%%%%%' ' 8^l\if-* 8kk1+,#*,/ G N ; C = 8 >; Gkj :_\cj\X%%%%%%%%%%%%%%%%%%%%%%%%%%%%(' / ) ' )- (' (- )Jflk_Xdgke%%%%%%%%%%%%%%%%%(' . ( ) )( , (- )) DXe:`kp%%%%%%%%%%%%%%%%%%%%%%%%%(' - ) ) )' (' (' )' 8ij\eXc%%%%%%%%%%%%%%%%%%%%%%%%%%%%(' + , ( (/ (( . (. N\jk?Xd%%%%%%%%%%%%%%%%%%%%%(' , ) * (0 (+ , (. JnXej\X%%%%%%%%%%%%%%%%%%%%%%%%%(' + * * (* (' * (, C`m\igffc%%%%%%%%%%%%%%%%%%%%%%%%(' + ) + (* (* ' (+ Kfkk\e_Xd?fkjgli%%(' + ) + (* (+ $( (+ <m\ikfe%%%%%%%%%%%%%%%%%%%%%%%%%%%(' * + * (0 (. ) (* DXeLk[%%%%%%%%%%%%%%%%%%%%%%%%%(' * + * (- (+ ) (* N\jk9ifd%%%%%%%%%%%%%%%%%%%%(' * + * (* (* ' (* E\nZXjkc\%%%%%%%%%%%%%%%%%%%%%%(' * + * (( (, $+ (* Jkfb\%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%(' * * + (' () $) () ?lcc%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%(' ) , * (* (+ $( (( 8jkfeM`ccX%%%%%%%%%%%%%%%%%%%%%(' * ( - , (- $(( (' :ipjkXcGXc%%%%%%%%%%%%%%%%%%%%%%0 ) * + (* (- $* 0 C\`Z\jk\i%%%%%%%%%%%%%%%%%%%%%%%%%(' ) * , (( (- $, 0 Jle[\icXe[%%%%%%%%%%%%%%%%%%%%0 ( , * / (. $0 / HGI%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%(' ) ( . 0 )' $(( . 9liec\p%%%%%%%%%%%%%%%%%%%%%%%%%%%%(' ' + - , (0 $(+ + ;8IKJ K_\Le`Y\kDXjk\ij#<[èYli^_#JZfkcXe[HlXik\i$=èXcj1 DBè^<e^ YkAG`g\<e^ ('$-#ANX[\<e^ Yk8C\n`j <e^ ('$-#GKXpcfi<e^ Yk>8e[\ijfeJZf ('$-#DmXe >\in\eE\[ Yk;:_`jeXcc<e^ ('$.%J\d`$]èXcj1ANX[\ <e^ YkGKXpcfi<e^ (($0#DBè^<e^ YkDmXe>\in\e E\[ (($0%=èXc1ANX[\<e^ YkDBè^<e^ (($('% Lewis HamiltonвЂ™s ranking in British Formula One remains up for debate. He has surged ahead of Nigel Mansell and left the likes of Jackie Stewart, Jim Clark and Damon Hill trailing in his wake with race wins. The acid test is surely the number of driversвЂ™ championships and while it has taken some time since his first triumph in 2008, Hamilton stands on the cusp of his second. Success would equal the tally achieved by Clark and Graham Hill. However, Stewert has three Play-off heartache for Fisher as Siem recovers to secure crown BY ROSS MCLEAN Results Is Lewis the best Briton? duced another strong showing to finish third which ends the AustralianвЂ™s mathematical hunt for honours, although the destination of the championship has been heading to the Mercedes stable for some considerable time. Brazilian driver Felipe Massa finished in front of Williams teammate Valtteri Bottas in fourth, while FerrariвЂ™s Fernando Alonso crossed the line in sixth ahead of outgoing fourtime champion Sebastian Vettel. McLarenвЂ™s Kevin Magnussen came home in eighth with Jean-Eric Vergne ninth, while LotusвЂ™ Pastor Maldonado placed 10th to finish in the points for the first time this season. Fisher had set the clubhouse target of 16 under par after a superb final round of 67, which wiped out an 11-shot deficit to FranceвЂ™s Alexander Levy and would have set a European Tour record had he ultimately tasted victory. вЂњGoing out 11 behind you never expect to have a chance,вЂќ said Fisher. вЂњIвЂ™m thinking, just go out there and shoot a good score and if it gets me a top-10, that would be great. вЂњObviously it was playing tough but I think I had the best round of the day by quite some margin. I can only walk away very pleased.вЂќ 29 =FIDLC8( Le`k\[JkXk\j>iXe[Giò#:ìZl`kF]K_\8d\i`ZXj# 8ljkè#K\oXj#Le`k\[JkXk\j=èXcGfj`k`fej,-CXgj 1(C ?Xd`ckfe>Yi D\iZ\[\j>G(_i+'dèj'+%./,j\Zj#)E IfjY\i^>\i D\iZ\[\j>G(1+'1'0%'00#*;I`ZZ`Xi[f8lj I\[9lcc(1+'1*'%*+,#+=DXjjX9iX N`cc`Xdj(1+'1*(%.'0#, M9fkkXj=è N`cc`Xdj(1+'1*,%...#-=8cfejfJgX =\iiXi` (1+(1+'%'(-#.JM\kk\c>\i I\[9lcc(1+(1+'%,(0#/B DXêljj\e;\e DZCXi\e(1+(1+,%+-.#0AM\iê\=iX JZl[\i`XKfifIfjjf(1+(1+/%-+/%Nfic[:_Xdg`fej_`g JkXe[è^j1;i`m\ij1(C?Xd`ckfe>Yi D\iZ\[\j>G*(-gkj# )EIfjY\i^>\i D\iZ\[\j>G)0)#*;I`ZZ`Xi[f8lj I\[ 9lcc)(+#+M9fkkXj=è N`cc`Xdj(,,#,JM\kk\c>\i I\[ 9lcc(+0#-=8cfejfJgX =\iiXi`(+0#.A9lkkfe>Yi DZCXi\e0+#/=DXjjX9iX N`cc`Xdj/*#0E?lcb\eY\i^ >\i =fiZ\@e[`X.-#('BDXêljj\e;\e DZCXi\e,*% DXel]XZkli\ij1(D\iZ\[\j>G-'/gkj#)I\[9lcc*-*#* N`cc`Xdj)*/#+=\iiXi`(0-#,DZCXi\e(+.% >FC= :fccXk\[]èXcifle[jZfi\jkfkXcjèk_\<lifg\XeKfli# 9DNDXjk\ij#CXb\DXcXi\e>fc]:clY#:_èXГ‡>Yi@ic lec\jjjkXk\[#gXi.) 1).)DJ`\d>\i -/---,.*DXiZ\c J`\dnfeXkk_\]ìjk\okiXgcXp$f]]_fc\ #I=`j_\i.'-.-/ -.#8C\mp=iX -,---*./#).*AIfj\.)-,-+.)#A ;feXc[jfe-/-/-).,#).+INXkk\c=iX ---..(.'#E :fcjX\ikj9\c ---+.*.(#).,<>i`ccf8i^ ---/-0.)#I GXcd\iLJ8 .'-.-/.'#).-D@cfe\e=è .'---0.(#= QXefkk`GXi .'-/-0-0#>:f\kq\\IjX .(-.-..(% :fccXk\[]flik_ifle[jZfi\jkfkXcjèk_\<lifg\Xe :_Xcc\e^\Kfli1EXk`feXc9Xebf]FdXe>fc]:cXjj`Z# 8cdfla>fc]#K_\NXm\#DljZXk#FdXeГ‡>Yi@iclec\jj jkXk\[#GXi.) 1)/(DFiiè<e^ .(.(-/.(#)/*AGXcd\i <e^ -0.).+-/#)/,DKlccf:_` .*.*--.*#A9Xie\j <e^ -,.,..-/#)/-9p\fe^$_le8eBfi .)-,.*.-#D AfeqfeJn\ .+-0.,-/#)/.EHlèkXi\cc`@kX .).(.* .(#>DliiXpJZf .'.*.+.'% DFKF Nfic[Jlg\iY`b\:_Xdg`fej_`gI[()#CfjX`c @ek\ieXk`feXc:ìZl`k#CfjX`c#HXkXi=èXc(jkIXZ\1(J >lèkfc`=iX 8gi`c`X**dè+-%.*/j\Zj#)C9Xq=iX BXnXjXb`**1+0%*//#*KJpb\j>Yi BXnXjXb`**1,'%-0*#+ AI\X>Yi ?fe[X**1,(%,+*#,;>`l^c`Xef@kX ;lZXk` **1,+%,00%IXZ\)1(J>lèkfc`=iX 8gi`c`X'1**1+(%/'*#)A I\X>Yi ?fe[X'1**1+,%*.(#*KJpb\j>Yi BXnXjXb` '1**1+-%/0,#+DD\cXe[i`@kX 8gi`c`X'1**1,'%('/#,: ;Xm`\j>Yi ;lZXk`'1**1,'%(0*%:_Xdg`fejJkXe[è^j1(J >lèkfc`=iX +(-gfèkj#)KJpb\j>Yi +('#*AI\X>Yi **+#+DD\cXe[i`@kX ***#,C9Xq=iX *((% IL>9PC<8>L< Lewis Hamilton claimed his 10th win of the season at the United States GP yesterday IN BRIEF Skipper Misbah enters record books n CRICKET: Pakistan skipper Misbah-ul- Haq scored the quickest half century in Test cricket history and proceeded to match the record for the speediest ton on day four of the second Test against Australia in Abu Dhabi. The 40-year-old reached 50 in 21 balls to eclipse South AfricaвЂ™s Jacques Kallis, who took 24 balls in 2005. Misbah brought up three figures in 56 balls, which levelled Viv RichardsвЂ™s effort in 1986. Bale in frame for Liverpool clash n FOOTBALL: Real MadridвЂ™s Gareth Bale returned to training yesterday ahead of his sideвЂ™s Champions League clash with Liverpool at the Santiago Bernabeu 8ljkiXc`X%%%%%%%%%%%%%%%%%%%%%%%%%%% (- <e^cXe[%%%%%%%%%%%%%%%%%%%%%%%%%%%% () G N ; C = 8 Gkj E\nQ\XcXe[%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%) ) ' ' ++ )+ + <e^cXe[%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%) ( ' ( ++ +) ) 8ljkiXc`X%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%) ( ' ( )/ +) ) JXdfX%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%) ' ' ) */ +- ' IL>9PLE@FE JXiXZ\ej%%%%%%%%%%%%%%%%%%%%%%%%%%%), ?Xic\hlèj%%%%%%%%%%%%%%%%%%%%%%%%)' tomorrow. Bale has been missing from RealвЂ™s five matches since the international break after being diagnosed with a gluteal muscle injury. Bale was absent during RealвЂ™s 3-0 annihilation of Brendan RodgersвЂ™ charges at Anfield in the last round of Champions League fixtures. McNamara left to rue video ruling n RUGBY LEAGUE: England coach Steve McNamara was left to rue a late video ruling which stripped winger Ryan Hall of a late match-saving try during his sideвЂ™s 16-12 defeat to Australia in the Four Nations in Melbourne. McNamara said: вЂњLooking at it, it looks like RyanвЂ™s fingers are on the ball when the ball hit the ground so it is very disappointing.вЂќ JEFFB<I @ek\ieXk`feXc:_Xdg`fej_`g:_\e^[l:_èXГ‡=èXc1I NXc[\e<e^ YkD8cc\eE@ic ('$.% K<EE@J 8KG9EGG8I@98JD8JK<IJGXi`j#=iXeZ\ Г‡]èXcj1( E ;afbfm`ZJ\i Yk. DIXfe`Z:Xe -$)-$*% NK8>8I8EK@BFQ8KFLIE8D<EKF=:?8DG@FEJ Jf]`X#9lc^Xi`X Г‡]èXcj1+ 8G\kbfm`Z>\i Yk* = G\ee\kkX@kX ($--$+-$*% NK8P@EQ?FL98EB@EK<IE8K@FE8CNFD<EГ‹JK<EE@J FG<EEè^Yf#:_èX Г‡]èXcj1DCè\kk\Gfc Yk- HNXe^ :_e *$-.$,-$(% KF;8PГ‹J;@8IP .%+,gdlec\jjjkXk\[ 9XiZcXpjGi\d`\iC\X^l\ :ipjkXcGXcXZ\mJle[\icXe[/gd %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% JZfkk`j_Gi\d`\ij_`g Ifjj:flekpm8Y\i[\\e%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% :I@:B<K J\Zfe[K\jkDXkZ_Г‡[Xp(f],19Xe^cX[\j_mQ`dYXYn\ B_lceX#*%*' % K<EE@J 8\^fe>9Gif$J\i`\jD\eГ‹j<m\ek9Xk_Le`m\ij`kpf]9Xk_ % 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 вЂњEach competition is important to us from the A League up,вЂќ said Shaw. вЂњObviously you have to put youth in at certain stages but we want to win every game. вЂњWe were in control but had two tries ruled out by the TMO. We tried to force things too much in the final quarter and let them grow into the game. вЂњHowever, Quins had a bit of experience in their line-up and a lot of talent so we are more than happy with the result.вЂќ Despite being content with the resurgence of his side during the second period, Quins boss Conor OвЂ™Shea hinted that he might be tempted to lean towards greater experience for their next clash with Newport-Gwent Dragons on Friday. вЂњWe showed great mental fortitude as we reacted to a massive challenge as the game went on,вЂќ said OвЂ™Shea.вЂњThey 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.вЂќ cityam.com/sport @cityam_sport Angry Van Gaal labels sent off Smalling stupid PREMIER LEAGUE MANCHESTER CITY......................1 MANCHESTER UNITED ...............0 BY ROSS MCLEAN PERPLEXED Manchester United boss Louis van Gaal was forced to question the intelligence of one of his players for the second week in a row after Chris Smalling saw red during yesterdayвЂ™s narrow defeat to bitter rivals Manchester City. The former Fulham defender was dismissed for the first time in his senior career after committing two bookable offences in quick succession during the opening period of a frenetic derby, which was settled by Sergio AgueroвЂ™s clinical second-half finish. The Dutch tactician had warned his players to guard against ill-discipline in the build-up to his first Manchester derby, with UnitedвЂ™s tally of 13 points from 10 games the lowest since 1986, a sequence which ushered in the Sir Alex Ferguson era. вЂњThe sending off is not one of those things,вЂќ said Van Gaal. вЂњAs a player you have to control your aggression. The second yellow card, you know as a player you already have a yellow so you have to handle it differently. вЂњI said that to the players. In the derby you have to be careful. The second yellow card was stupid. You cannot do what he has done with the second yellow. That is not very smart. It had a big influence on our opponent but also ourselves.вЂќ Spanish stopper David de Gea twice came to UnitedвЂ™s rescue midway through the opening half, first Lewis Hamilton wins United States Grand Prix Formula One: Page 29 Argentina striker Sergio Aguero netted his 10th league goal of a prolific season as City edged the Manchester derby yesterday thwarting Jesus Navas following AgueroвЂ™s defence-splitting pass before denying the Argentine forward who ran onto FernandoвЂ™s exquisite cross with the outside of his boot. UnitedвЂ™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, UnitedвЂ™s defensive options were stretched further shorlty after the break as Rojo was withdrawn with a dislocated shoulder and replaced by teenager Patrick McNair. The home side opened the scoring in the 63rd minute, Gael Clichy latching onto ToureвЂ™s pass before cutting the ball back to Aguero to fire past De Gea for his 10th league goal of the season. United refused to buckle despite being a man light, with Hart deflecting Van PersieвЂ™s low effort behind while at the other end Navas struck De GeaвЂ™s near post from a tight angle. With the game approaching the final 10 minutes, a surging Wayne Rooney run ended with Hart repelling Di MariaвЂ™s drilled shot while Fellaini was off-target with a header from the ArgentineвЂ™s pinpoint free-kick. Toure was close to settling matters with two minutes remaining, his flick deceiving McNair only for his curling attempt to fly wide of the post. Wins keep wolves from City and Spurs door W INS are vital to the top clubs and when you go a couple of games without a victory then itвЂ™s a crisis so Manchester City manager Manuel Pellegrini and Tottenham counterpart Mauricio Pochettino will have slept more easily last night having bagged the points as the pressure can mount. Who wants to get the pressure, who wants their job threatened? Manuel Pellegrini has said he does not feel the pressure but he has to. Money is not an issue for these people, it is about personal pride and career development and those results yesterday have just nipped any criticism or any threat to their jobs in the bud. They were absolutely crucial victories for both clubs because had the results gone the other way, there FOOTBALL COMMENT TREVOR STEVEN would have been more and more negative issues being raised about those two managers. In equal measure, they have beaten the wolves from the door. One player I would like to raise from the weekend is Alexis Sanchez, who once again played a leading role for the Gunners. He came to Arsenal from Barcelona for big money and with a great reputation. There is certainly some mileage in the comparison with Luis Suarez in my mind as this guy can single-handedly make the difference and literally be the key player, the player who week in, week out is pulling out wonderful performances. Suarez managed to keep it going throughout the whole of last season, the challenge for Alexis is to keep his current level of performance. The difficulty is there are no secrets in the Premier League, every game and move is covered, teams are well-versed in 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, thatвЂ™s how important he is to Arsenal. Crystal PalaceвЂ™s fixture with Sunderland tonight is a must-win game. I know it is early to be saying such things but when Sunderland are in the kind of form they are, now is the time to be playing them. Neil Warnock is someone who knows how to fight his corner when the threat of relegation is whispered and Palace need to be accumulating points prior to Christmas. Any takeovers that might happen would certainly be more likely with Crystal Palace a fairly certain bet for Premier League football next season. It would also be important for the value of the club. A win is crucial. Trevor Steven is a former England international footballer who played at two World Cups. He now works as a media commnetator MONDAY 3 NOVEMBER 2014 GermanyвЂ™s Marcel Siem claims BMW Masters title Golf: Page 29 cityam.com 31 England left to rue late try ruling as Australia prevail Rugby League: Page 29 Kane earns his spurs in late Tottenham salvo PREMIER LEAGUE ASTON VILLA...............................1 TOTTENHAM HOTSPUR ..............2 BY ROSS MCLEAN TOTTENHAM manager Maurico Pochettino hinted that matchwinner Harry Kane finally warrants a starting berth in his side after the England Under-21 forward climbed off the bench to complete SpursвЂ™ comeback against Aston Villa yesterday. The White Hart Lane clubвЂ™s miserable run of form looked set to be extended to one win in eight league games until Belgium striker Christian BentekeвЂ™s second-half dismissal, with goal-shy Villa in the ascendency courtesy of Andreas WeimannвЂ™s deserved opener. Former Twente forward Nacer 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 clubвЂ™s attack with with eight goals in Europa League and Capital One Cup ties. вЂњWe are all happy because he [Harry Kane] scored to give us victory and it was perfect,вЂќ said Pochettino. вЂњHis situation was a big impact for us and he deserved his reward. We analyse and we pick the team but it is true from the beginning of the season he is getting better and has improved and this is a decision. Maybe he deserves to play in the next game, why not?вЂќ 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 LlorisвЂ™ right-hand post with a thunderous left-footed effort moments before VillaвЂ™s vibrant start was rewarded when Weimann Harry Kane climbed off the bench to score his ninth goal this term 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 NвЂ™ZogbiaвЂ™s centre and fire past Lloris. Togo frontman Emmanuel Adebayor missed a glorious chance to equalise shortly before the halfhour mark, latching onto SoldadoвЂ™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 LamelaвЂ™s inswinging corner was prodded home at the far post by Chadli for his fifth goal of the season. TottenhamвЂ™s winner came in the 90th minute, Kane taking charge of a free-kick before his effort took a heavy deflection off Villa defender Nathan Baker to deceive Guzan. Djokovic heading to London in prime form after Paris success BY ROSS MCLEAN WORLD No1 Novak Djokovic eased past CanadaвЂ™s Milos Raonic to claim his third consecutive Paris Masters crown and secure the sixth title of another prolific year. SerbiaвЂ™s Djokovic brushed aside Raonic 6-2, 6-3 in one hour and 23 minutes to record his 600th career win, a feat only achieved by four other active players вЂ“ Roger 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 weekвЂ™s ATP World Tour Finals at LondonвЂ™s O2 Arena and enters the tournament with 27 Novak Djokovic has won six titles this year consecutive indoor victories to his name. The line up for the season finale is confirmed with Djokovic to be joined by Federer, BritainвЂ™s Andy Murray, Stanislas Wawrinka, Tomas Berdych, Kei Nishikori, Marin Clic and Raonic. And after winning his first tournament since becoming a father, Djokoic sent out an ominous message for his rivals by insisting he will arrive in London in prime form after saving his best until last in Paris. вЂњI played the best match of the week,вЂќ said Djokovic. вЂњIвЂ™m very happy to stand here with the trophy.вЂќ TO GET AHEAD, LEAVE SPECULATION BEHIND LIVE EVERY TRADE All trading involves risk, and losses can exceed your deposits IG.com INDICES | SHARES | FOREX | COMMODITIES | BINARIES