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WEDNESDAY 18 NOVEMBER 2015 ISSUE 2,508 CITYAM.COM

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BRITAIN’S

SPACE RACE

WORTH £40BN

Engineers urge government to clear the

UK’s burgeoning satellite industry for lift-off

BILLY BAMBROUGH

THE VALUE of the British space industry

could rocket to £40bn in the next 15

years, creating 100,000 new jobs in the

process, but the government risks holding

the sector back with restrictive

regulations and insufficient

invest ment, a report out today

has warned.

The UK’s booming space

sector is currently growing

by around nine per cent

year-on-year and commands

a seven per cent share of the

global space market, with

firms such as Inmarsat

and Avanti leading the

way.

However, the Institution

of Mechanical

Engineers (IMechE) has said the UK

could miss its goal of turning it into a

£40bn-a-year industry by 2030.

Helen Meese, from the Institution of

Mechanical Engineers, said: “Technology

advances in the last few years mean that

different players are able to enter the

market and provide cheaper, off

the shelf satellite technology.”

The report claims the UK

must “capitalise on the

recent surge in small satellite

development” if it is to

reach its targets by 2030.

According to the report,

regulation needs to be relaxed

on the fast growing small satellite

sector and more skilled

workers are required to

avoid businesses

moving overseas.

This rise in small satellite development

is though not expected to remove

demand for larger satellites.

Meese said: “While smaller satellites

can provide a lot of data, they are not

going to completely replace the larger

ones.”

There are, however, concerns that

sending more satellites into space will

contribute to the growing problem of

so-called “space junk”.

Satellite operator Inmarsat is concerned

that if there is an increase in

debris in space it will become more difficult

to launch larger satellites.

An Inmarsat spokesperson told City

A.M.: “Inmarsat focuses on larger satellites

and though the rise in the smaller

satellite industry is well known, we have

to deal with the problem of space junk

before that becomes viable.”

IMechE is, however, calling for more to

be done by the Research Councils

to boost investment in small satellite

research.

Outdated licence regimes and expensive

third-party liability insurance, managed

by the UK Space Agency, were

pointed to by IMechE as needing to be

remedied for the industry to reach its

potential.

“In order to enable the sector to

flourish, government also needs to look

to increase the amount of money

made available to SMEs through the

Satellite Finance Network from £20m

to £70m over the next five years,”

Meese added.

Green Party left red-faced after accusing oil firm of buying from Isis

EXCLUSIVE

LAUREN FEDOR

AND RAVENDER SEMBHY

THE GREEN Party has been forced

into a humiliating climbdown after

its foreign affairs spokesperson

wrongly claimed that a company

backed by City financier Nat

Rothschild has been funding

terrorists.

Tony Clarke, the Green Party’s

foreign affairs spokesperson and a

former Labour MP for Northampton

South, had accused Genel Energy, a

London-listed oil producer, of

buying oil from the so-called Islamic

State – allegations that the company

vehemently denied.

Clarke told BBC Radio 5 yesterday

morning: “There are British oil

companies such as Genel Energy,

run by Nathaniel Rothschild, one of

George Osborne’s friends, who are

making money, who are buying oil

from Isis, who are putting money

into the pot, allowing Isis therefore

to fuel their evil across the world.”

Rothschild is a non-executive

director at Genel Energy and one of

the company’s biggest backers.

Former BP boss Tony Hayward is

Genel’s chairman, and Murat Ozgul

is the company’s chief executive.

Rothschild attended Oxford

University at the same time as

chancellor George Osborne.

The Green Party retracted

Clarke’s comments late last night.

“The Green Party and Tony Clarke

apologise to Genel Energy for this

false statement, which they have

withdrawn and have undertaken

not to repeat,” the statement said.

“The Green Party and Tony Clarke

wish to publicly retract this

statement and accept it to be untrue

and without foundation. Genel

Energy… is not, and never has been,

a purchaser of oil from anyone.”

The BBC removed part of Clarke’s

interview from its website yesterday.

When asked about the decision, a

BBC spokesperson told City A.M.:

“We have edited this part of the

programme on legal advice.”

Earlier in the day, Clarke tweeted

a link to an audio file of the

interview. The tweet was later

deleted.

FTSE 100 ▲ 6,268.76 +122.38 FTSE 250 ▲ 17,084.79 +240.41 DOW ▲ 17,489.50 +6.49 NASDAQ ▲ 4,986.02 +1.40 £/$ ▲ 1.521 +0.001 £/€ ▲ 1.429 +0.007 €/$ ▼ 1.064 -0.004


02 NEWS WEDNESDAY 18 NOVEMBER 2015

CITYAM.COM

THE CITY VIEW

Out-of-touch Corbyn

is way out of his depth

ALASTAIR Campbell knows a thing or two about winning

elections, and though the current Labour party isn’t in a

very pro-Blair kind of mood, they would be wise to listen

to the old spin doctor just one last time. “You cannot win

a general election if [you are] behind on [the] economy and

leadership,” he tweeted last night, concluding: “Add security as a

negative, and it is rout time.” He was sharing his analysis after a

period in which Jeremy Corbyn has substituted serious politics

for student union-style tokenism. Having already lamented the

death at American hands of Osama bin Laden, the Labour leader

now refuses to distance himself from the appalling views of the

Stop the War Coalition – an organisation of which he was, until

very recently, the chairman. This rag-bag collection of the angry

and the ignorant has claimed that France bears responsibility for

the horrendous attacks in Paris because of its military action in

the Middle East. Then came

Corbyn’s confession that he is

“not happy with a shoot-tokill

policy” against terrorists

rampaging on British streets.

These views, which belong to

the pacifist fringe of student

politics, will ensure that

Labour, in its present guise, will never be taken seriously by an

electorate who are alive to the threat posed by terrorists and

who expect a government to do all it can to keep them safe.

Basing your political response to the threat of heavily armed

suicide bombers taking over a British theatre or shopping

centre on some misty-eyed belief that such attackers could be

reasoned with is simply not good enough. Much has been said

about the damage Labour’s economic policies will do to its

credibility in the eyes of voters, but this damage will be as

nothing to that done by a perception that its leader simply

isn’t up to the fight that now presents itself. When it comes to

security, Corbyn has failed every grim test with which he has

been met. If he wants to be little more than an anti-violence

campaigner, he should return to the backbenches and write

pamphlets. If he wishes to become Prime Minister, he should

wake up to the reality of the threat posed and to the

expectations of the British public, with whom he is wildly out

of step.

Follow us on Twitter @cityam

When it comes to

security, Corbyn

has failed every

grim test he’s faced

FOOTBALL UNITED David Cameron and Prince William in show

of solidarity with French people before international friendly

PRIME Minister David Cameron and Prince William applauded the French and England national sides before last night’s

friendly at Wembley. Supporters of both sides – usually fierce rivals – joined in solidarity with the victims of last Friday’s

terror attack in Paris and belted out in unison the French national anthem, La Marseillaise £ MATCH REPORT, PAGES 26-27.

Libor brokers tell court

that banks hold power

CLARA GUIBOURG

A FORMER Icap broker accused of

Libor rigging told a London court yesterday

that brokers have too low a status

to affect bankers’ decision

making.

At the opening of the defence’s

case in the second London Libor

trial, Darrell Read told the jury that

brokers are routinely

ignored by bankers when it comes

to setting the benchmark rate, describing

brokers as “barrow boys”

next to better-educated bankers.

“Banks hold all the power. The

old image is of East End barrow

boys paid to give prices and

be entertaining,” he

said.

Read is one of six

brokers from firms

Icap, RP Martin and

Former Icap

broker Darrell

Read

Tullett Prebon standing trial on

charges of conspiring to defraud, and

is suspected of having helped convicted

trader Tom Hayes to

manipulate Libor.

The six are the first brokers to be

tried over allegedly rigging the

benchmark rate as the focus of the

Serious Fraud Office’s (SFO) war on financial

misconduct shifts from

the role of the traders to that

of brokers.

Libor is the rate at which

banks lend to one another,

and the SFO claims that the

accused conspired to move

the benchmark up or

down to suit

them. In August,

trader Tom Hayes

became the first person to be convicted

over the Libor rate-rigging

scandal. Hayes was sentenced to 14

years in prison for manipulating the

rate while working at UBS and Citigroup

between 2006 and 2010.

Read told the jury it would have

been “financially suicidal” to show

favouritism towards Hayes, or any

one trader, saying brokers “need to

be on good terms with all banks”.

He said: “It does not matter if you

have all the orders from the biggest

bank in the market, if you do not

have the customers on the other

side of the trade you will never be

able to function as a broker.”

The trial, which is being heard

at Southwark Crown Court,

opened in the beginning of October

and is expected to last into

the new year.

FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNAL

BARCLAYS FACES ANOTHER

HEAVY FOREX FINE

Barclays is set to pay at least another

$100m to resolve allegations it abused

foreign exchange markets through its

electronic trading platform by next

month, presenting an early test for the

bank’s incoming chief Jes Staley. The

New York Department of Financial

Services is likely to impose a smaller

penalty for the alleged electronic

trading abuses than the $485m the

bank agreed to pay New York’s banking

regulator in May over manipulation of

forex spot trading.

MONSANTO MULLS CASE FOR

NEW SYNGENTA BID

Monsanto has evaluated whether it

WHAT THE

OTHER

PAPERS SAY

THIS

MORNING

should seek to buy a rival agribusiness,

including Syngenta, less than three

months after the US company aband -

oned a $46bn hostile pursuit of the

Swiss group.

HBOS REPORT SET TO DAMN

LAX REGULATION

The Bank of England’s much-delayed

report into the failure of HBOS is expected

to paint a damning picture of the lax

regulation of the boom years. The report is

likely to make for uncom fort able reading

for John Tiner, the former regulator who

was in charge of the Financial Services

Authority between 2003 and 2007.

GATWICK PROCESSES 40M

PASSENGERS IN OCTOBER

Gatwick is processing 40m passengers a

year for the first time after a record Oct -

o ber. Stewart Wingate, chief exec, used

the landmark to press his case for the

airport’s expansion, rather than

Heathrow.

BANK FEARS CHALLENGERS

WON’T DE-THRONE GIANTS

The gulf between Britain’s challenger

banks and their larger counterparts may

be too big to bridge, the head of the

country’s banking watchdog, Andrew

Bailey, chief executive of Prudential

Regulation Authority, has admitted.

IPHONES COULD CONTAIN

EYE-TRACKING SOFTWARE

The next generation of iPhones could

contain software designed to track the

path of your gaze, and only display

notifications, such as when someone

mis-spells a word, when your eyes are

focused on a certain part of the display,

a new patent – first filed in 2012, but

now granted – has revealed.

US TARGETS RBS AND JP

MORGAN EXECS IN PROBES

Federal prosecutors are actively

pursuing criminal cases against

executives from Royal Bank of Scotland

and JP Morgan for allegedly selling

flawed mortgage securities, people

familiar with the probes said, as the

clock ticks down for bringing cases from

the 2008 financial crisis.

AIR LIQUIDE TO BUY AIRGAS

FOR $10.3BN

France’s Air Liquide SA agreed to pay

$10.3bn for US-based Airgas, which

produces cylinders of gases used in

manufacturing, food production, health

care and to fill helium balloons. Includ -

ing debt, the deal is valued at $13.4bn.


CITYAM.COM

Osborne: Britain

could be hit by

Isis cyber attack

LAUREN FEDOR

CHANCELLOR George Osborne has

announced that the government will

almost double its investment in cyber

security initiatives over the next five

years, spending an additional £1.9bn.

Speaking to intelligence officials at

GCHQ yesterday morning, Osborne

said that while British authorities are

already monitoring cyber threats

against 450 companies across the

aerospace, defence, energy, water,

finance, transport and telecoms sectors,

the government will do more to

protect firms and individuals from

the threats posed by the so-called

Islamic State (Isis) and other terrorist

groups.

“The starting point must be that

every British company is a target, that

every British network will be attacked,

and that cyber crime is not something

that happens to other people,”

Osborne said. “Isis are already using

the internet for hideous propaganda

purposes; for radicalisation, for oper-

ational planning too. They have not

been able to use it to kill people yet by

attacking our infrastructure through

cyber attack. They do not yet have that

capability. But we know they want it,

and are doing their best to build it.”

Osborne’s speech came after Prime

Minister David Cameron’s announcement

on Monday that the government

would hire an additional 1,900

security specialists at MI5, MI6 and

GCHQ following the coordinated

attacks in Paris that killed at least 129

people last week.

Osborne also said that he has

reached provisional agreements for

spending cuts in 11 Whitehall departments

ahead of next week’s Comprehensive

Spending Review. He said that

the department for energy and climate

change, the department for

work and pensions, HM Revenue and

Customs, the cabinet office and the

Scotland, Wales and Northern Ireland

offices would see their real-term

spending reduced by 24 per cent by

the end of the decade.

MORE VIDS, GROMIT Tea-loving duo join

tech giant YouTube’s new kid-friendly app

YOUTUBE’S standalone app for family-friendly content lands in the UK today, 10

months after its US launch. YouTube Kids also comes with a number of parental

controls, such as a timer that limits screen time and a block on certain search terms.

WEDNESDAY 18 NOVEMBER 2015

NEWS

CITY A.M.

CHRISTMAS

APPEAL

03

VentureFounders

has joined City

A.M. to raise

funds to bring a

new Maggie’s

Centre to the City.

Once open,

Maggie’s Barts

will be a unique and welcoming place

offering comfort and peace of mind for

anyone affected by cancer across

London. Help us make the Centre a

reality.

Visit VentureFounders

and make a donation:

venturefounders.co.uk/

maggies

*There is a minimum donation of £20

through VentureFounders website. If you

would like to donate less than £20, please do

so by texting MAGG10 £5 to 70070. You will be

charged for your donation plus your standard

network rate and Maggie’s will receive 100

percent of your donation.

PROUD TO SUPPORT


04 NEWS WEDNESDAY 18 NOVEMBER 2015

Ofcom slams BT:

Openreach won’t

foot any of EE bill

CLARA GUIBOURG

BT HAS been slammed by Ofcom for

trying to let its Openreach division

foot part of the bill for its acquisition

of rival EE, as the deadline draws near

for the telco watchdog’s probe into

the UK broadband market.

Openreach, which controls the

country’s broadband network, has

been charged £1.7m for BT’s takeover

of EE, Ofcom has found. This is a fraction

of the total £12.5bn, but the regulator

was unimpressed by the move,

writing in a consultation document:

“BT must not attribute costs in

connection with BT Group’s acquisition

of EE to business connectivity

services.”

BT's acquisition of EE has been

given a provisional thumbs-up by

the Competition and Markets Authority,

despite the regulator initially

saying the merger

raised “significant” competition

concerns.

Yesterday’s move will

further fuel accusations from BT’s rivals

that the telco giant’s control over

the country’s broadband network

causes a conflict of interests. If BT

shifts costs to Openreach unnecessarily,

its competitors argue, these can

then be passed on to rivals by charging

them more to use the network.

Sky, TalkTalk and Vodafone have all

called for Openreach to be split off

into a separate authority. Vodafone

chief Vittorio Colao recently accused

BT of trying to “re-monopolise” the

sector, and was immediately backed

by Sky and TalkTalk – although

their rival furiously refuted

the claims.

Ofcom has launched a

probe into the market, and

is due to deliver its verdict

on whether or not Openreach

should be carved out

from BT by January.

BT boss Gavin

Patterson

A pint of your favourite now costs 4.5 per cent less than last year

UK inflation at minus 0.1 per cent

as food and booze costs drop

CHRIS PAPADOPOULLOS

PRICES in the UK fell for the second

consecutive month in October,

figures from the Office for National

Statistics revealed yesterday.

The annual inflation rate was

minus 0.1 per cent, led by sharper

falls in the prices of food and

booze and a slower rise in tobacco

prices.

Food prices were down three per

cent on the year while alcoholic

beverages are 4.5 per cent cheaper.

Tobacco prices rose four per cent,

but weighed down on the inflation

be cause the rate of price growth has

slowed.

Education costs also contributed

downward pressure, as the effect of

higher tuition fees faded out of the

annual comparison.

CITYAM.COM

US prices rise

0.2pc as energy

costs rebound

CHRIS PAPADOPOULLOS

ANNUAL inflation in the US

climbed to 0.2 per cent in October

from zero per cent in September as

energy prices rebounded and

medical costs climbed.

Compared with September, the

consumer price index – the basket

of goods and services used to

measure inflation – climbed 0.2 per

cent, lifting the annual figure.

Energy prices rose 0.3 per cent

compared with a 4.7 per cent drop

in September, according to the

figures released today by the Bureau

of Labor Statistics (BLS).

“Advances in the indexes for

shelter and medical care were the

largest contributors to the increase

[in core inflation], with the indexes

for personal care, airline fares,

recreation, alcoholic beverages, and

tobacco also rising,” the BLS said.

Meanwhile, investors are gearing

up for an imminent US interest rate

hike and are piling cash into stocks,

real estate and alternative

investments, according to new data.

Four fifths of the 201 panelists –

who have $576bn (£379bn) under

management – said they expected a

rate hike before the end of the year,

the data set from a Bank of Amer -

ica Merrill Lynch survey reveals.

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CITYAM.COM

WEDNESDAY 18 NOVEMBER 2015

NEWS

05

More than half of firms to

feel rising wages’ impact

HAYLEY KIRTON

MORE than half (54 per cent) of

employers predict the introduction of

National Living Wage will affect their

staffing bill, according to research

released today by the Chartered Institute

of Personnel and Development

(CIPD) and think tank the Resolution

Foundation.

In the survey of 1,037 employers,

nearly one in five (18 per cent) said

the increased wage requirement

would affect them to a large extent.

When asked what they thought they

should do to cope with introducing a

new minium wage for over-25s, which

will be payable from April 2016 at

£7.20 per hour, almost a third (30 per

cent) of employers said they intended

to improve their efficiency and productivity.

Conor D’Arcy, analyst at the Resolution

Foundation, said: “It’s encouraging

that so many firms say that they’ll

respond to the new higher wage floor

by improving efficiency. But actually

delivering this will prove challenging

in many sectors, and it’s important

that firms are given the necessary

support to boost productivity.”

Speaking to City A.M., Mark Beatson,

chief economist, CIPD, said that the

plans to improve productivity were a

positive sign that businesses were

“starting to wake up and smell the

coffee”, adding that, although the

research did not examine how firms

would become more efficient, he

expected to see tactics such as changing

job designs, making better use of

technology and upskilling staff.

However, Beatson also remarked

that “what we’ve got at this stage is

just intentions”.

Meanwhile, one in five (22 per cent)

said they would absorb the costs and

take lower profits to help them cope

with the higher wage levels and 16 per

cent said they would slash overtime

and bonuses.

Businesses are planning to boost their productivity to cope with higher wage bills

WELCOME TO MY WORLD

BREITLING.COM

CHRONOMAT 44

Energy demand set to

beat supply next year

Shunning fossil fuels could burn off

£1m a year from City Hall pensions

BILLY BAMBROUGH

THE CLOSURE of energy plants

across the country means the UK

is on the verge of an energy crisis,

according to a report published by

the Centre for Policy Studies

today.

Coal-fired plants due to close in

March next year mean the 54,000

megawatts of forecast demand will

not be covered by the National

Grid’s output of 52,000MW.

Report author Tony Lodge told

City A.M.: “There will be massive

strains on the grid next year and

that could mean spikes in prices

for electricity. It could also be a

deterrent on investment coming

into the country.

“A lack of energy could impact

on the UK’s reput ation as a

business leader.”

Recent tax hikes on carbonproducing

plants and new rules

meant coal-fired plants closed

earlier than clean energy came

online. Renewable power suppliers

faced scrapped subsidies this year,

which could further hit supply.

The World Energy Council

knocked down the UK energy

rating from “AAA” to “AAB” due to

concerns over supply.

HAYLEY KIRTON

GOING green might be good for the

environment, but it could eat into the

Greater London Authority’s (GLA) pension

fund.

GLA Conservatives budget spokes -

man and assembly member Gareth

Bacon has said that the pension fund

could potentially lose out on £1m per

year if it stops investing in fossil fuels.

“Recent calls to stop the City Hall’s

pension fund from investing in fossil

fuels are frankly irresponsible,” said

Bacon.

“At a possible loss of £25m over 25

years, this could put thousands of people

severely out of pocket, and all for

a mere political statement. Investment

is not about making personal

statements, it’s foremost about making

a good return for pensioners.

“Picking and choosing which publicly

traded business is good or evil is

entirely foolhardy. Continuing down

this path means revaluating every investment

made. After fossil fuels

what’s next? Sugar, automobiles,

quinoa? It’s playing with hard working

people’s financial future and

[is] entirely politically driven.”

Bacon intends to quiz Boris Johnson

on these matters at the Mayor’s Question

Time this morning, and seek

some assurance that the City Hall pension

fund will not be divesting of its

fossil fuel holdings .

Earlier this year, research from Community

Reinvest, Platform, 350.org

and Friends of the Earth revealed that

UK local government pension funds

had invested £14bn into fossil fuels,

which is something the researchers

described as risky.

In particular, the data highlighted

that, while six per cent of local government

pensions were invested in

fossil fuels, the proportion was

notably higher in Merton (11 per cent),

Worcestershire (10.7 per cent) and

Camden (9.5 per cent).


06 NEWS WEDNESDAY 18 NOVEMBER 2015

China economy

is stabilising

after declines

CHRIS PAPADOPOULLOS

CHINA’S economy is stabilising,

according to business survey figures

published yesterday, with the manufacturing

and services maintaining

their growth rates in November after

months of deceleration.

World Economics’ sales managers’

index (SMI) posted a score of 51.6, the

same score as in October. Any score

above 50 signifies expansion, with

higher scores marking faster growth.

“The value indicates that Chinese

economic activity is growing at a

slower rate than in the summer

months, but that the rate of growth

has now stabilised after the long slowdown,”

World Economics said.

The SMI is compiled from a range of

data on confidence, prices, sales and

hiring.

The survey also found that only 13.2

per cent of Chinese sales managers

believe the value of the yuan is negatively

impacting business, down from

15.2 per cent the previous month.

World Economics chief executive Ed

Jones said: “The Headline SMI Index in

November was unchanged on the

level reported in October, the lowest

level since the start of the survey. Services

activity rose slightly while the

manufacturing sector fell marginally,

but business confidence declined to

its lowest level on record.”

The overall picture is still one of

slow economic growth after the prolonged

slowdown since the mid- 2014.

The latest data set from China shows

the economy grew 6.9 per cent in yearon-year

in the three months to September,

the country’s slowest rate

since 2009.

Its central bank has cut interest rates

five times this year in a bid to cushion

the economy’s decline.

More than $1 trillion (£657bn) was

wiped off the value of the world’s top

companies on 24 August, as panic on

China’s trading floors sent shockwaves

through global markets.

UP, UP AND AWAY Plans and fund finally

align for new City tower at 22 Bishopsgate

THE CITY’S next glass-and-steel megalith, now known as 22 Bishopsgate, has been

given planning approval by unanimous vote at a City of London planning committee.

The building has been stuck at seven storeys since the financial crisis set in.

Copper price

hits a new

six-year low

SARAH SPIKERNELL

CITYAM.COM

THE PRICE of copper plunged to a

new six-year low yesterday, as

investors continue to shy away

from the risky commodity in light

of the Paris attacks.

Yesterday morning, it dropped to

below $4,600 per tonne on the

London Metal Exchange for the

first time since 2009. This followed

on from a huge sell-off on the

Shanghai Futures Exchange, which

sent the metal down 3.5 per cent.

It is the second day of declines

for the metal, which closed 2.8 per

cent lower at $4,690 on Monday.

The nervousness spread by the

attacks in the French capital has

sent investors running from assets

with risk associated with them,

such as commodities.

But the attacks are not the only

cause of copper’s decline – since

May 2015, it has lost around 25 per

cent of its value, due to the

increasing strength of the US dollar

and diminishing demand in China.

“Essentially, we have a copper

market that is oversupplied at a

time when there is weakening

demand, primarily because of

China,” said Robin Bhar, metals

analyst at Societe Generale.

German investor sentiment rebounds

despite Paris attacks and VW scandal

Emissions case hurts

Europe’s top car brand

CHRIS PAPADOPOULLOS

GERMAN investor sentiment rebound -

ed this month, according to new

survey figures published yester day,

suggesting a limited impact on

confidence from the Paris attacks.

The data set also shows that

investors are upbeat despite the

evolving emissions cheating scandal

that has plagued Volkswagen since

September.

ZEW’s indicator of economic

sentiment for Germany rose in

November to a score of 10.4, ending a

run of seven consecutive declines.

While climbing 8.5 points, the

figure remains below its long-term

average of 24.8 points and is far

below the heights it reached earlier

this year – it hit 54.8 in March.

“The outlook for the German

economy is brightening again

towards the end of the year.

Economic pessimism appears not to

have increased after the terror

attacks in Paris,” said ZEW president

Clemens Fuest.

“The currently high level of

consumption in Germany, the recent

decline in the external value of the

euro, and the ongoing recovery in

the United States are likely to bolster

the robust development of the

German economy.”

CHRIS PAPADOPOULLOS

THE NUMBER of Volkswagens rolling

onto Europe’s roads declined in

October, a sign that the continent’s

most popular car brand was hit in the

wake of its emissions cheating probe.

New VW registrations across the

EU reached 136,345 in October, down

0.2 per cent on the same month last

year, according to figures released by

a European car makers association.

The fall in sales compares with

gains in sales for BMW, Ford, Fiat,

Hyundai, Kia and Volvo. Registrat -

ions of Vauxhall, Nissan and Toyota

vehicles also declined.

October registrations in the EU

were up 2.9 per cent when compared

with the same month last year.

Meanwhile, the number of new

cars registered in the EU so far this

year is 10,650,747, up 8.2 per cent on

the same period in 2014.

ARRIVE

REVIVED.

Rest up before you touch down in the U.S. with a 180° flat-bed seat from Delta One .


CITYAM.COM

WEDNESDAY 18 NOVEMBER 2015

NEWS

07

Aldi and Lidl

gain ground in

war on Big Four

CATHERINE NEILAN

BUDGET supermarkets Aldi and Lidl

now account for 10 per cent of all

spend on the British grocery market

for the first time since they launched

in the country, new figures reveal.

The two grocers have stolen market

share from the Big Four: Tesco, Sainsbury’s,

Asda and Morrisons. Just three

years ago, the German discounters’

combined market share was five per

cent. Aldi’s market share stands at 5.6

per cent – where it has remained for

five consecutive months – while Lidl

has reached a record high of 4.4 per

cent, according to Kantar Worldpanel.

Fraser McKevitt, head of retail and

consumer insight at Kantar, said: “In

the last 12 weeks, the two retailers

have attracted another additional million

shoppers compared with last year

while average spend per trip has

increased by four per cent to £18.85,

which is 78p ahead of the total

retailer average. The discounters show

no sign of stopping and with plans to

open hundreds of stores between

them, they’ll noticeably widen their

reach to the British population.”

Their growth comes at a time when

the rest of the sector is struggling.

Sales in the 12 weeks to 8 November

rose just 0.5 per cent, despite the

launch of a series of high profile

Christmas adverts. Grocery deflation

is not helping, with prices dropping

1.7 per cent in the 12 week period.

Tesco and Asda fared the worst, with

spend falling 2.5 per cent and 3.5 per

cent respectively. Morrisons also registered

declines, albeit at a lower rate

of 1.7 per cent.

Sainsbury’s was the only one of the

big four in growth, up 1.5 per cent for

the three months.

McKevitt said: “Sainsbury’s has seen

its fourth consecutive period of

growth, flying in the face of tough

market conditions”.

Shares in the food retailer closed up

2.14 per cent yesterday.

Shoppers across the UK have been ditching Asda and Tesco in favour of Lidl and Aldi

Easyjet hikes

dividend but

shares dive

CATHERINE NEILAN

EASYJET’S share price closed down

more than four per cent last night,

despite giving its shareholders a 22

per cent hike in dividends as it

delivered another set of record

profits.

Total revenue climbed 3.5 per

cent to £4.69bn, while revenue per

seat grew 1.5 per cent on a constant

currency basis. Cost per seat,

meanwhile, has fallen 3.4 per cent

thanks to the drop in fuel prices as

well as Easyjet’s own cost-savings

measures, which have yielded

£46m.

As a result, profit grew to record

levels for a fifth consecutive year,

up 18 per cent to £686m.

The budget airline’s share price

closed down 4.09 per cent at 1,710p

per share.

Pre-tax profit margins increased

1.8 percentage points to 14.6 per

cent. Gearing has been reduced to

14 per cent. Return on capital

reached a record 22.2 per cent.

All that means Easyjet is able to

give something back to its

shareholders, with a proposed 22

per cent increase in dividends,

which will return £219m back in

total.

Asda revenues hit by supermarket

war as parent Wal-Mart ups sales

Business to ministers:

Slash tax admin costs

CATHERINE NEILAN

ASDA’S boss Andy Clarke will be

coming under greater pressure, as the

troubled supermarket reveals another

drop in sales.

Back in August, Clarke said the

supermarket had reached its nadir,

but yesterday it appears to have

fallen further.

Like-for-likes at the Wal-Martowned

grocer fell 4.5 per cent for the

13 weeks to 30 September. That

comes as the US-based parent

company posted a 1.5 per cent

growth in total sales.

Speaking in London yesterday,

Clarke admitted it was “another

challenging quarter”.

“Sales volumes remain under

pressure from price deflation and

the intensely competitive

background remains throughout the

food sector,” he said.

However, he insisted Asda had “the

financial strength and clear plan to

sustain us through this period”,

highlighting the 18-month

turnaround plan called Project

Renewal that he launched in

October.

Clarke said this project would

involve “a simpler way of doing

business” in order to “deliver marketleading

value in a way customers

will notice”.

LAUREN FEDOR

A LEADING business group has written

to ministers asking for new measures

to cut the costs of tax administration

in next week’s Autumn Statement.

In an open letter to cabinet office

minister Oliver Letwin and business

secretary Sajid Javid, the British

Chambers of Commerce (BCC) said

that the cost of complying with tax

requirements has “risen up the

ranks” to become one of firms’

“principal regulatory complaints”.

“The cost of complying with the

UK’s ever-more complicated tax code

has rocketed up the list of business

complaints in recent years,” said BCC

head of policy Adam Marshall.

“Ministers need to put a brake on the

number of changes to tax

administration and compliance rules,

much as they have done with other

forms of regulation in recent years.”


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CITYAM.COM

WEDNESDAY 18 NOVEMBER 2015

NEWS

09

George Osborne hires bankers to

look into privatising Land Registry

LAUREN FEDOR

CHANCELLOR George Osborne is once

again considering privatising the

Land Registry, hiring bankers to look

at selling off the state-owned agency.

The government has reportedly

asked Rothschild, the investment

bank, to consider options for selling

Land Registry, which is part of the

department for business, innovation

and skills and maintains records of

all property transactions in England

and Wales. Earlier estimates have put

the Land Registry’s value at £1.2bn.

Sky News first reported yesterday

that the chancellor could lay out

plans for a partial sale as soon as next

week’s Autumn Statement.

Ministers have already considered

privatising part of the Land Registry,

but in the coalition government,

former business secretary Vince Cable

argued against a sell-off.

A Rothschild spokesperson

contacted by City A.M. declined to

comment last night. A business

department spokesperson said: “The

government keeps all the assets it

holds or manages under review in

order to ensure we’re getting best

value for taxpayers.”

Shortly after the General Election

in May, Osborne pledged to privatise

£23bn of government assets by the

end of next year.

Expensive, and getting more expensive as the average house price nears £290,000

UK house prices

rising at fastest

rate since March

EMMA HASLETT

THE AVERAGE UK house price hit

£286,000 in September this year,

according to figures released yesterday

by the Office for National Statistics,

setting yet another record, after

August’s average of £285,000.

Prices rose 6.1 per cent in the year to

30 September, up from 5.5 per cent in

the year to 31 August.

Between August and September,

prices rose 0.8 per cent on a seasonally-adjusted

basis, with first-time

buyers found themselves paying an

average of 4.3 per cent more than in

September last year.

It’s an encouraging sign for the market,

after figures over the summer

suggested chancellor George Osb -

orne’s cooling measures – which included

a hike to stamp duty and rules

limiting how much mortgage customers

can borrow – were beginning

to take their toll.

House price annual inflation was 6.4

per cent in England, 10.2 per cent in

Northern Ireland and 1.1 per cent in

both Scotland and Wales.

Annual house price increases in Eng-

land were driven by an annual increase

in the east (8.4 per cent) and

the south east (7.4 per cent).

Excluding London and the south

east, UK house prices increased by five

per cent in the 12 months to 30 September.

On a seasonally adjusted basis, average

house prices increased by 0.8 per

cent between August and September,

while year-on-year, prices paid by firsttime

buyers were 4.3 per cent higher

on average.

“The scale of disparity between

house prices in different regions of

the country illustrates the need to not

only build more homes, but also to

ensure that more properties are built

of the right size and in the right

places,” pointed out Jeremy Duncombe,

director of the Legal & General

Mortgage Club.

“The level of demand clearly varies

by location and this is something the

country should take into account

when planning the construction of

new properties. Ultimately, we need

to bring supply in line with demand,

not just on general terms but also

specifically to each area.”

Remortgaging soars in October

SARAH SPICKERNELL

THE NUMBER of remortgage

valuations that took place in the UK

last month was 53 per cent higher

than a year earlier, according to a

survey by Connells Survey &

Valuation.

There was also a rise in buying

activity, with home mover valuations

rising 14 per cent over the same

period. This was driven largely by

buy-to-let and first-time buyers,

where valuations went up by 25 per

cent and 20 per cent, respectively.

“The housing market’s forward

indicators remain strong. Activity in

all sectors is up on last year – a

reflection of a positive combination

of economic growth, rising

consumer confidence and increasing

real-terms wages,” said John

Bagshaw, corporate services director

of Connells Survey & Valuation.

“The buy-to-let sector continues to

thrive, albeit it at a steadier pace

than in previous months. Demand

for housing still exceeds supply and

very low mortgage rates remain in

abundance.” He added that the rise

in remortgage activity was likely the

result of people wanting to take

advantage of lower rates.

“Those looking for cheaper rates

have likely been tempted to

remortgage,” he said.


10 NEWS WEDNESDAY 18 NOVEMBER 2015

CITYAM.COM

Pesky ad-blockers mean advertisers need a rethink

INCREASED use of consumers

using ad-blocking software is posing

a serious threat to brands and

publishers and creative agencies.

Self-playing videos and pop-up ads

have given the medium a bad name

among consumers, and one in five (20

per cent) of us uses the software – up

about five percentage points from earlier

in the year.

This figure increases to 40 per cent

among 18-24 year olds.

YouGov research shows that people

want to shut out adverts for two broad

reasons. First, they find online ads

“annoying” (80 per cent). Second, be-

Stephan

Shakespeare

cause they often make using the

device harder and that ad-blocking

reduces visual clutter and speeds up

browsing.

However, consumers recognise the

role advertising plays in allowing

sites to exist and flourish. More than

three-quarters (77 per cent) of consumers

understand that publishers

need advertising revenue to exist and

six in 10 don’t mind online ads as

they mean that websites can continue

to be free.

YouGov’s findings show that while

people are prepared to receive advertising

in order to get content for free,

the advertising has to be relevant, interesting

and done in an unobtrusive

way.

Yet, currently, only 12 per cent say

they find online advertising useful

and informative.

But it doesn’t have to be this way.

Consumers respond well to good advertising

that is relevant to them.

When advertising is done right and is

interesting, informative and relevant,

it is still the best way for brands to

communicate with consumers.

Ultimately, it is in the interests of all

parties – publishers, brands, agencies

MAIN REASONS FOR INSTALLING AD BLOCKERS

80%

Ads are

annoying

55% 50% 47%

Reduces

visual

clutter

and the public – to make ads hit

home. Doing so will mean advertisers

can better engage with audiences,

allowing consumers to consume

content for free and publishers to

continue publishing.

£ Stephan Shakespeare is the chief

executive of YouGov

Speed up

browsing

source: YouGov

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A MONTH’S supply of AstraZeneca’s

new cancer drug Tagrisso will cost a

massive $12,750 (£8,944) per person,

the UK drugs giant has revealed.

Taken daily, the medicine is used to

treat a specific kind of lung cancer for

which there are currently no other options.

It received US Food and Drug

Administration approval last week.

Previously, AstraZeneca said it

expected the drug to generate sales of

about $3bn per year, making it one of

the biggest money-spinners among its

oncology medicines.

Ketan Patel, associate fund manager

at EdenTree, told City A.M.: “The company

is first to market with treatment

for this particular type of lung cancer,

so it will get the biggest market share.

Its rivals have been delayed. If it

achieves $3bn in sales, this will be a

blockbuster product. They don’t come

along that often, but when they do

they have a huge impact not just on

top-line but also on profit.”

AstraZeneca chief executive Pascal

Soriot said: “We have built on our heritage

in this area and acted on the

breakthrough clinical evidence to ensure

this next-generation medicine

reaches patients in record time.”

AstraZeneca shares rose 3.26 per

cent to 4,397p on the news.

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11 Nov 12 Nov 13 Nov 16 Nov 17 Nov


12 NEWS WEDNESDAY 18 NOVEMBER 2015

CITYAM.COM

THECAPITALIST

EDITED BY EDITH HANCOCK

Firms more advanced

than Oxford on emojis?

SPORTS PERSONALITY OF THE YEAR

We bring you… banker top trumps

MARK CARNEY

GOVERNOR, BANK OF ENGLAND

Got A Story? Email

thecapitalist@cityam.com

ANTONY JENKINS

(FORMER) CHIEF, BARCLAYS

THE OXFORD English Dictionary, that

bastion of the English language,

yesterday revealed its choice for word of

the year – “laugh-cry emoji”.

Boiling the blood of English teachers

nationwide is nothing new for the OED;

other words that have achieved this most

prestigious title include “vape”,

“selfie” and “omnishambles”. The

Capitalist suspects the Square

Mile’s interns are busily

explaining the definitions of

these to their bosses as we

speak.

Other words to nearly make

the list were Brexit and Sharing

Economy, which our readers may

be better acquainted with.

But perhaps the OED is really behind

the times when it comes to putting

emojis centre-stage. Major businesses

have been making up their own for

months now.

Back in September, Coca-Cola

became the first company to purchase

an emoji for marketing purposes, striking

a deal with Twitter that meant a

tiny picture displaying two Coca-Cola

bottles leaning toward each other

in a gesture of multinational

commercial affection app -

eared every time someone

typed the phrase #shareacoke

on the social network.

This may have been the first

time a company paid for an

emoji as part of an ad deal, but

Twitter has been creating custom

emojis for some time. Earlier this year,

Star Wars-themed emojis appeared on

the site to advertise the film’s imminent

release. Bosses these days…

Age: 50

Last Paycheque: £880k

Chosen Sport: Marathon

Best Time: 03:31:22

Time in role: 2 years,

4 months

Known for: Dashing

good looks

PAUL PESTER

CHIEF EXECUTIVE, TSB

Age: 51

Last Paycheque: £651,588

Chosen Sport: Triathlon

Best Time: 01:18:00

Time in role: 2 years,

3 months

Known for: Really loving

triathlons

CANARY Wharf Group has just launched

this year’s Sports Personality of the year

competition, asking Wharfers to

nominate East London’s biggest athletic personalities who do the most work

to improve life in the Docklands. The list of winners from years gone by is

impressive, don’t get us wrong, but we’ve noticed that a large chunk of Canary

Wharf is misrepresented here – the financial district. That’s why we’ve cobbled

together our own list of sporty financiers, economists and bankers who’ve

been bossing London’s athletics scene this year. From the London Marathon to

mini-triathlons to 1km speed cycles, who would you crown finance’s sports

personality 2015?

Age: 54

Last Paycheque: £1.1m

Chosen Sport: Marathon

Best Time: 04:59:47

Time in role: 2 years,

10 months

Known for: Getting

sacked

ROSS MCEWAN

CHIEF EXECUTIVE, RBS

Age: 58

Last Paycheque: £1.35m

Chosen Sport: Speed-cycling

Best Time: 00:01:13

Time in role: 2 years

1 month

Known for: Handing back

£1m in shares

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JOBSEEKERS GET IN A TWIST OVER TESCO

Tesco’s human resources department has

had a busy week after an advert for a

“professional Christmas lights un-tangler”

role was posted at the super -

market’s Wrexham store. The role,

which promises to offer hours of fun

for a “patient and

persistent” individual

with a “genuine passion” for

untangling fairy lights, was offered

up after a survey found that the

people of Wrexham hate the

annual chore most out of all Brits.

POORLY WORKERS COST FIRMS BILLIONS

It’s that time of year when

half the office seems to be

off with a cold. But maybe

it’s time to just struggle

through it, as apparently

pulling a sickie is having a

multi-billion pound im -

pact on the economy. UK

firms are losing an average

of 23.5 productive days

per employee each year

and when translated into

monetary terms, workers’

unhealthy lifestyles and

sickness bugs are costing

£57bn. The study, from

VitalityHealth, found that

over a third of us have a

chronic condition which

researchers say is directly

caused by the notoriously

unhealthy City diet of

drinking and posh dinners.

AN EASIER WAY TO WORK WITH ALAN SUGAR

The Apprentice has been on for a good few weeks now,

and the twists and turns have left us cringing every time.

The contestants are desperately working to curry favour

with Lord Sugar and eventually go into

business with him, but little do they know

there’s an easier route to working with

the big boss. He’s just posted an opening

for a recruitment role for his Essexbased

recruitment firm, seeking a

“driven recruitment manager with a

passion for science and technology”. It’s

part of the same firm that

Apprentice 2013 winner

Ricky Martin now works

for – definitive proof there

really is life after the show.

TENDER RENOUNCMENT

TENDER NO. (2) IN 2015

TENDER OF CONSULTANCY SERVICES

FOR RENOVATION OF A

BUILDING BELONG TO

THE IRAQI EMBASSY IN LONDON

The embassy of the Republic of Iraq in

London would like to invite qualified

consultants to submit their offers for the

design, supervision and consultancy

works for the renovation works for the

building located at 7-10 Leadenhall

street. EC3V, 1NL London, UK.

Consultants can collect tender

documents and requirements from the

Iraqi Embassy in London against a nonrefundable

amount of (£100).

Proposals shall be submitted in stamped

and sealed envelope (showing the tender

number) to the Embassy before 1:00 pm

on Monday 07/ 12 /2015. Offers delivered

after this date shall be ignored. The

Embassy has the right to reject any offer

without prior justification.

Qualified bidder shall bear the cost of this

advertisement.

For more information, kindly refer to the

Iraqi Embassy in London at the following

address:

21 Queen’s Gate, London, SW7 5JE

Tel: 02075907650 Fax: 02075907679

Email: lonemb@mofa.gov.iq


13 NEWS WEDNESDAY 18 NOVEMBER 2015

CITYAM.COM

House buyers in the capital have to

have £100k income for the first time

LYNSEY BARBER

THE AVERAGE income of London’s

homebuyers has shot up in the past

three months, putting it at a sixfigure

sum for the first time since

records began.

Buyers’ income now stands at

£104,000, a rise of six per cent on the

previous three months, according to

the latest figures on house prices

from the Office of National Statistics.

The increase comes as the average

house price across the country hit an

all-time high of £286,000 in

September.

The rising income needed to buy a

home may not necessarily be down to

rising wages, however. The ONS in -

come data is based on information

filled in on mortgage applications

and may therefore include the

combined income on joint

applications. However, it’s clear the

amount of money needed to buy a

property is heading ever upwards.

Despite the increase in income, the

gap between that and house prices in

the capital widened – hitting an alltime

high of £442,443.

Across the UK, the gap between

income and house prices stood at

£224,000 – another record – and for

first-time buyers it was £158,000, its

second highest since the second

quarter of 2014.

Manhattan, home to the Empire State building, has the world’s highest retail rents

Bond St ranks

first in UK for

shop rental rates

MADELINE RATCLIFFE

BOND Street is the world’s fourthmost

expensive shopping street,

with rents of $1,321 (£868) a year per

square foot, according to research

released today by Cushman & Wakefield.

The northern blocks of New York’s

Fifth Avenue, home to the jewellery

store made famous in the film Breakfast

at Tiffany’s along with Apple’s

glass cube and Saks Fifth Avenue, top

the chart with yearly rent of $3,500

per square foot.

In second place is Causeway Bay in

Hong Kong, followed by the Champs

Elysees in Paris, which is the most

expensive retail location in Europe,

the Middle East and Africa, with

shops paying $1,372 per square foot.

The survey shows rents have risen

35 per cent around the world. New

Bond Street rents rose 12 per cent,

but on Fifth Avenue rents only

increased 3.6 per cent year-on-year.

Covent Garden recorded some of

biggest rent rises, up 25 per cent year

on year to, $762 per square foot.

Brompton Road in Knightsbridge

was another climber, up 25.9 per

cent to yearly rates of $682.

In the regions, Manchester and

Edinburgh experienced year-on-year

rental growth rates of four per cent,

Sheffield was at five per cent and

Leeds at 2.3 per cent.

Looking ahead, Cushman & Wakefield

expects rents to keep rising

around the world “despite any economic

and political uncertainties”.

Even in Asia, despite weakening

retail figures, the outlook is “largely

positive” with sales predicted to rise

8.5 per cent year-on-year. Lower rents

are still attractive for global luxury

brands despite the China slowdown.

Justin Taylor head of EMEA retail

said: “Improving employment pros -

pects, rising real wages and healthier

consumer confidence in

ad vanced economies are set to offer

more positive momentum for the retail

sector.

“Indeed, a strong retail sales

growth forecast, robust occupier demand

and a lack of supply in many

locations mean rents will keep rising

in the most popular high streets.

street markets outwards.”

Properties near heritage sites

command £80,000 premium

LYNSEY BARBER

HOMEOWNERS living near the

landmarks of maritime Greenwich or

leafy Kew Gardens are sitting on a

premium worth nearly £80,000,

according to online estate agents

Zoopla.

Along with another 27 spots across

the country – from Devon to Orkney –

homes nearby command more

thanks to their status as a World

Heritage Site.

While the average property price

across the UK comes in at £284,127,

those located near to a Unesco site of

world heritage climb to £362,120.

“World Heritage sites have contrib -

uted massively to our history and our

research shows that living near to one

can add significantly to a property’s

value,” said Lawrence Hall of Zoopla.

London’s World Heritage sites

command the highest prices in the

country with pads around Westmin -

ster Abbey which was awarded the

status in 1987 coming with a £1.7m

price tag.


14 NEWS WEDNESDAY 18 NOVEMBER 2015

Former Aviva Investors

analyst gets £139,000

fine for cherry picking

MADELINE RATCLIFFE

THE FINANCIAL Conduct Authority

(FCA) has hit a former investment analyst

at Aviva Investors with a £139,000

fine and banned him from taking part

in any regulated activity in the financial

services industry.

Mothahir Miah deliberately delayed

booking and placing the trades of

hedge funds by several hours, in order

to allocate those that had benefited

from favourable price movements

to funds which paid

higher performance fees, a practice

known as “cherry picking”.

Mark Steward, director of enforcement

and market oversight

at the FCA, said he failed to act

with honesty and integrity:

“Miah abused the trust

given to him by his

clients in a very clear and deliberate

way. We have taken into account that

Miah admitted his misconduct at a

very early stage to both Aviva

Investors and the FCA and showed

remorse for his actions.”

The regulatory body said the culture

in the fixed-income business, which

was heavily focused on performance

and promotions, motivated Miah.

The FCA said because he

expressed remorse it may lift

Miah’s ban from performing

any regulated activity after five

years.

Had Miah not settled early

on in the FCA’s investigation,

his fine would have been

£198,600.

Mark Steward director of

enforcement at the FCA

Eleven large companies debated their tax dealings with MEPs for five hours

Corporate giants blasted by MEPs

HAYLEY KIRTON

MEMBERS of the European Parliament

(MEPs) grilled 11 multinational

firms, including Google and Facebook,

for five hours over their corporate

tax practices late on Monday.

In particular, the Special

Committee on Tax Rulings grilled

the firms about their transfer

pricing arrangements, which affect

the prices companies transact within

a group, and their feelings towards

the Organisation for Economic

Cooperation and Development’s

proposals on base erosion and profit

shifting, which are designed to

tighten mismatches in tax rules that

allow companies to move profits to

countries with lower tax rates.

Greeks sign

deal to unlock

bailout cash

CHRIS PAPADOPOULLOS

CITYAM.COM

GREECE has struck a deal with its

creditors to unlock €12bn (£8.4bn)

for the country, its finance minister

announced yesterday.

“We have reached agreement on

everything, including the 48

additional measures,” finance

minister Euclid Tsakalotos told

reporters. The funds are expected to

be paid out on Friday. Jeroen

Dijsselbloem, president of the group

of Eurozone finance ministers, said

the money would be paid to Greece

once Greek parliament adopts fresh

reforms tomorrow.

“Upon the completion of the

agreed conditionality and the

implemented legislation, the

Eurogroup stand ready to support

the disbursement,” he said. Most of

the funds will be used to recapitalise

the country’s banks. The cash is part

of a major bailout agreed in July

after months of negotiations.

Women execs may harm

chances of other females

SARAH SPICKERNELL

IF THERE are already women in a

company’s top management team it

is it more difficult for other women

to reach their position, according to

new research published yesterday in

the Strategic Management Journal.

In a study of the number of

women on the boards of S&P 1,500

firms over a 20-year period, US

researchers found that there was

often an

“im pli cit quota” on the number of

women who could occupy the top

spots.

“The likelihood that a given

position in a top management team

is occupied by a woman is lower if

another position on the same team

is occupied by a woman,” the

researchers from several top US

universities said.

They found that companies

tended to make a big

effort to ensure there

were at least some

women in high

positions, but that

this effort

completely

diminished once the

initial aim had been

achieved. They added

that in some cases there

was even a “resistance” to

hav ing many women on boards.

The proportion of S&P 1,500

board pos itions occupied by

women went up from 1.6 per cent

in 1992 to 5.8 per cent in 2000, and

then to 8.7 per cent in 2011. But

the researchers said the trend-lines

had “flattened somewhat” in

recent years, and had

“even turned negative in

some cases”.

Female representation

on boards has risen

The report said:

“Women are particularly

under rep resented among

positions with profit-and-loss

respons ibility, holding only 3.7 per

cent of chief executives officer

positions and 6.1 per cent of line

Payroll mishaps cost blue-chip

companies up to £30m a year

HAYLEY KIRTON

PAYROLL slip-ups are costing the

average FTSE 100 company between

£10m and £30m a year.

According to a PwC study of 193

global organisations, which was

released yesterday, the increasingly

international nature of today’s

workforces in particular is creating

issues for payroll, as individuals’ statuses

need to be tracked across a

variety of different tax regimes.

The problem looks set to increase,

as 89 per cent of those surveyed are

planning to increase the global

mobility of their workforce, and are

focusing more on short-term contracts,

rather than traditional longterm

secondments.

“Organisations are struggling with

the increasing complexity and

global nature of payroll,” said Chris

Watt, business leader of PwC’s managed

payroll business Payright. “As

they increasingly look beyond

domestic boundaries, the complexity

of their payroll operations grows

too. It’s crucial businesses have a

payroll that’s not just fit for today,

but is capable of dealing with the increased

complexity and regulations

coming in the future.”

The audit giant pointed out that

employment taxes now account for

38 per cent of global tax takings on

average and 43 per cent of government

revenue in the UK.

Earlier this year, a study by payroll

software provider Sage discovered

that people are unforgiving of payroll

errors, with 35 per cent revealing

they would hunt for a new job

if their employer failed to pay them

correctly even once and 44 per cent

saying that being paid late or incorrectly

would lower their levels of

job enjoyment.


CITYAM.COM

WEDNESDAY 18 NOVEMBER 2015

15

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or bank finance routes, giving them greater

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investors have registered with Crowdcube,

helping to raise over £55m of equity finance for

over 190 UK businesses. It now offers minibonds

from more established companies.

TESTPLANT

TestPlant is an international software business

based in London. It was founded in 2008 by

George Mackintosh and Jon Richards with

venture capital backing and it has shown rapid

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acquisitions of Redstone Software and Facilita.

TestPlant’s products are used in more than 30

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SPENCER OGDEN

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DIAMOND LOGISTICS

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16 NEWS WEDNESDAY 18 NOVEMBER 2015

CITYAM.COM

HomeServe fixes up a profit of

£26.2m for 2015 half-year results

Private jet industry is

forecast to nosedive

HAYLEY KIRTON

HOMESERVE yesterday revealed

adjusted profit before tax of £26.2m

for the six months ended 30

September 2015, up less than one per

cent from £26m for the same period

last year.

However, adjusted profit before tax

on a constant currency basis would

have been £28m, an increase of eight

per cent.

Net debt for the company almost trebled,

going from £75.8m in the six

months ended 30 September, to

£202.2m in this most recent set of

results.

The emergency home cover company

now serves 2.1m customers in the UK,

thanks in part to increased marketing

activity. The business also recently

bought a heating firm with more than

150 engineers to help improve its delivery

of gas-related services.

Richard Harpin, chief executive,

HomeServe, highlighted that custo -

mer growth had been strong globally,

with customer numbers up 24 per

cent in the USA. The business now has

6.6m customers in total.

Harpin added: “We remain confident

in our expectations of good growth for

the full year.”

However, its share price dropped

after the results were released, down

1.91 per cent at the close.

JAMES NICKERSON

SALES of private business jets are

predicted to slow down next year as

weakening economies and political

conflicts have reduced demand, acc -

ording to an industry forecast.

Honeywell International has found

that the “business aviation industry is

not immune” to a global slowdown.

The group forecasts up to 9,200

new business jet deliveries worth

$270bn (£177.5bn) from 2015 to 2025,

down from the 9,450 jets worth

$280bn it forecast last year.

Brian Sill, president, business and

general aviation, Honeywell Aero -

space said: “While the sluggish

economic growth and political ten s -

ions are driving a more reserved

approach to purchasing, we are

seeing operators invest in retrofits

and upgrades for their existing

aircraft.”

Paddy Powers

to strong growth

in tough times

JAMES NICKERSON

BETTING firm Paddy Power yesterday

reported strong underlying growth for

the three months to mid-November following

a positive first-half performance.

Total net revenue rose nine per cent

between 1 July and 15 November.

Online sports betting stakes saw a rise

of 23 per cent, while online total net

revenue grew seven per cent. In its

retail arm, sports stakes grew 12 per

cent, while total net revenue growth

was reported at seven per cent.

As of 15 November the group had net

debt of €96m (£67.4m), equivalent to

half of its 2014 earnings before interest,

tax, depreciation and amort isation

(Ebitda).

The company didn’t mince its words

when it referred to its impending merger

with Betfair, saying: “Relevant filings

have been submitted to applicable regulators

and we expect to publish shareholder

documentation in the coming

weeks. Further updates will be announ -

ced to the market as they become

known.”

The deal, announced in August, will

create one of the world’s largest online

gambling companies by revenue.

Under its terms, Paddy Power will own

52 per cent of the business, with Betfair

holding the remaining 48 per cent.

Bookies have been on a losing streak

in recent years, which has caused

increased consolidation in the market.

The online gambling industry has

also been hit by increased regulation

and taxation in recent months, while

the chancellor’s increased machine

gaming duty and the introduction of

“UK point of consumption” gaming tax

have weighed heavily on some of Paddy

Power’s competitors.

It said: “Following on from a very

strong first-half performance, trading

in the period has been in line with our

expectations. While sports results in

the period were unfavourable across

the sector, for Paddy Power this has

been offset by strong underlying

growth. Accordingly, the board continues

to expect full-year 2015 reported

operating profit to be a mid- to highsingle-digit

percentage increase above

2014.”

Shares rose 2.43 per cent to €115.50.

PADDY POWER


CITY MOVES WHO’S SWITCHING JOBS

116

115

114

113

112

111

110

109

115.50

17 Nov

11 Nov 12 Nov 13 Nov 16 Nov 17 Nov

Vinicius and Tom are, respectively, mascots of the Rio Olympics and Paralympics

UK businesses have won £100m

in contracts for Rio Olympics

MADELINE RATCLIFFE

UK COMPANIES are set to cash in on

the next Olympic Games in Rio de

Janeiro next year.

Around 25 British businesses

have already benefited from

contracts worth more than £100m

for the 2016 Olympics in Brazil, and

will be “working closely” with local

companies, according to UK Trade

and Investment.

Government figures suggest the

London Olympics boosted trade

deals and investment in the UK

economy to the tune of almost

£10bn, including £1.5bn in

lucrative overseas contracts, such as

helping other host nations design

venues, almost beating the £11bn

four-year target in just 12 months.

The minister for trade and

investment Lord Maude, who is in

Brazil this week looking to

strengthen bilateral trade links,

said: “It’s great to see UK

companies collaborating with

Brazil to build a successful Rio 2016

Olympics.

“The expertise of British

businesses was one of the keys to

the success of London 2012: and

with £100m and counting of

business contracts won, they are set

to make a great contribution to the

Rio Games as well.”

IN ASSOCIATION WITH

BP explores the

sale of Decatur

Alabama plant

MAMIDIPUDI SOUMITHRI

OIL GIANT BP said yesterday it was

exploring the sale of a petrochemical

plant in Decatur, Alabama as part of a

res truct uring of its petrochemicals

business.

The announcement comes a month

after BP announced a third round of

spending cuts and asset sales as it

attempts to deal with extended

period of low oil prices and raise cash

to help fund its £35bn US oil spill

settlement. The company said the

plant, which makes purified

terephthalic acid (PTA) used in flatscreen

televisions and high-strength

tyre cord, no longer fitted with its

strategy of focusing on world-scale,

low-cost facilities.

BP said it was spending $200m

(£131.5m) to cut costs at PTAproducing

plants in Cooper River,

South Carolina and Geel, Belgium.

The Alabama plant, which has a

workforce of more than 400, can

produce one million tons of PTA per

year, the company said.

“The decision to explore a sale of

this facility was not taken lightly. It

has been a significant part of our

company and of the Decatur

community for a very long time,” said

Rita Griffin, chief operating officer of

BP Global Petrochemicals in a

statement. We believe the site – and

its more than 400 employees – would

be a very attractive addition to the

portfolio of another operator. We’re

determined to find a buyer who will

recognise its value and keep it a

viable and vibrant part of the region

for years to come.”

Reuters

CAPITAL GROUP

The investment management

company has appointed Chris

Miles as director, financial

intermediaries. He joins from

Fidelity Worldwide

Investment, where he was

associate director, wealth

manager sales, responsible for

the sales and relationship

management of discretionary

accounts.

PWC

The professional services firm has appointed Leo Ring

and Hannah Carter to its pensions and investment

consulting team. Ring joins as director from KPMG’s

pensions actuarial team, having started his career at

Towers Watson. Carter joins PwC’s pensions

investment advisory team from Aon Hewitt.

NOMURA

John Moran has been appointed senior adviser to the

financial services firm’s investment banking division,

focusing on financial institutions. He has over 25 years’

experience in the financial services and legal

industries, and was most recently secretary general for

the Department of Finance in Ireland. Moran has also

held senior roles at the Central Bank of Ireland, Zurich

Bank, McCann FitzGerald and GE Capital Aviation.

CANACCORD GENUITY WEALTH MANAGEMENT

Duncan Reid has been appointed senior investment

director in the financial services firm’s UK wealth

management business. He has over 20 years’

experience and was most recently senior investment

director at Investec Wealth & Investment Management.

Reid has also held roles at Williams de Broë (bought by

Investec in 2012), Lloyds Private Banking, Hill Samuel,

SG Hambros, and Lloyds TSB.

BARNETT WADDINGHAM

The firm of actuaries and consultants has appointed

David Gulland and Tom Cannings to its life insurance

consulting team. Gulland will lead the firm’s strategic

and transactional services to life insurance companies.

He joins from Marine & General Mutual, where he was

most recently chief executive, and has also held roles

at RGA. Cannings has over 15 years’ experience in the

life insurance industry.

SEDDONS

The law firm has announced three appointments to its

employment team in London. Madeleine Thomson

joins as partner and head of employment from

Hamlins. She has also held roles at Sprecher Grier

Halberstam and ASB Law. Helen Crossland joins as

partner from Hamlins. She has also worked at SGH

Martineau. Tom Solesbury joins as an associate. He is a

former elite-level rower, and represented Great Britain

in the Beijing 2008 and London 2012 Olympics.

Gorkana covers the latest industry news for the PR community. Find people news, pitch wins and information about the latest campaigns on www.Gorkana.com

GorkanaPRNews


Kelsey Grammer and 2014 winner Arnold Schwarzenegger…

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18 MARKETS WEDNESDAY 18 NOVEMBER 2015

CITYAM.COM

CITYDASHBOARD

YOUR ONE-STOP SHOP BROKER

VIEWS AND MARKET REPORTS

In association with

LONDON REPORT BEST OF THEBROKERS NEW YORK

To appear in Best of the Brokers, email your research to notes@cityam.com REPORT

FTSE investors

remain bullish

on UK defence

NEWS yesterday that UK

consumer price inflation

remained in negative

figures for the second

straight month – largely

due to falls in food and fuel prices –

pushed the FTSE up.

The blue-chip index rose by 122.4

points, or 1.99 per cent, to close at

6268.7 pushing up the combined

value of UK listed companies by

£30bn.

Consumer prices slipped 0.1 per

cent from a year ago, the same rate

of decline as seen in September,

coming in line with economists’

expectations.

“[The] inflation data from the UK

continued to show deflationary

pressures persisting but these are

likely to abate in the coming months

as last year’s decline in energy prices

begin to fall out of the data,” said

Craig Erlam, senior market

economist at OANDA.

Engineering company Smiths

Group was the biggest winner, up by

10 per cent, after investors piled in

following its first-quarter results and

an overhaul of how it would fund its

pension plan.

The firm’s ties to the defence

industry were also seen as a boon to

the company.

Other defence companies did well.

Rolls-Royce continued its rally,

climbing five per cent, the second

best FTSE performer.

Expectation for a spike in

government defence spending pulled

up shares just days after Rolls-Royce

issued a profit warning.

BAE Systems also rode the wave,

despite last week revealing it was to

axe hundreds of jobs, up two per

cent.

“What can’t go down must go up,”

said Jasper Lawler, market analyst at

CMC Markets. “Investors felt

confident enough to dip a toe back

in the water after markets held

steady in spite of the largest drop

since August last week and the

terrorist attack in Paris,” he added.

In Russia, President Vladimir Putin

ordered his military to cooperate

with France against Syria and US

secretary of state John Kerry said

that a “major effort” against the

Islamic State extremist group is

underway.

Easyjet dived by four per cent as

the market dismissed its fifth year of

record profits in a row, bringing to

an end a long run of share price rises

for the budget airline.

British Airways owner IAG and

tour operator TUI both rallied

following significant dips after the

Russian plane crash and the Paris

attack earlier in the week.

FTSE

6,350

6,300

6,250

6,200

6,150

6,100

6,268.76

17 Nov

11 Nov 12 Nov 13 Nov 16 Nov 17 Nov

STANDARD CHARTERED

605

600

595

590

585

580

P

582.40

17 Nov

575

11Nov 12 Nov 13 Nov 16 Nov 17 Nov

Jefferies believes the $17bn revenues implied in Standard Chartered’s 2018 returns

on an equity target of eight per cent will be “tough to achieve”, given the ongoing

pressure at the bank. Five per cent returns would be more achievable in 2018 the

broker says. Jefferies has slashed earnings estimates for 2015-17 by 60 per cent and

dropped its target price to 400p from 602p at an “underperform” rating.

ASOS

3,450

3,400

3,350

3,300

3,250

3,200

P

3,150

11Nov 12 Nov 13 Nov 16 Nov 17 Nov

Online fashion retailer Asos has been named as Barclays’ top pick, with an

“overweight” rating and target price of 4,500p on the back of “positive feedback

from last week’s fashion preview for spring/summer 2016, strong current trading

and a solid outlook” for 2016. The broker says there is a clear plan for the year ahead

to build on good guidance of around 20 per cent sales growth, and leave behind the

past few challenging years.

RESTAURANT GROUP

710

700

690

680

670

660

650

640

P

3,200.00

17 Nov

639.50

17 Nov

11Nov 12 Nov 13 Nov 16 Nov 17 Nov

Restaurant Group, which owns Frankie & Benny’s, has had its rating downgraded

from “buy” to “hold” at Canaccord Genuity, with a target price of 700p down from

760p. The broker says the Uefa football championships and Olympics will be a

distraction next year. The living wage kicking in will put pressure on operating

margins, which will hit the group hard as “we do not think [it] has any pricing power,

especially outside London”.

Indices hit

after German

bomb scare

AFALSE alarm which caused the

cancellation of the Germany-

Netherlands football match last

night put the brakes on what was an

otherwise good day on Wall Street.

The Dow Jones industrial average

ended up 0.04 per cent at 17,489.5

and the S&P 500 lost 0.13 per cent to

2,050.44. The Nasdaq Composite

added 0.03 per cent to finish at

4,986.02.

All three major US indexes had

ventured into positive territory

following upbeat earnings reports

from Walmart and Home Depot. But

they quickly relinquished those gains

after the friendly was cancelled less

than two hours before its start due to

indications of a planned attack with

explosives at the stadium in

Hannover.

“These situations create

uncertainty and in uncertain times

everyone goes to cash,” said

Mohannad Aama, managing director,

Beam Capital Management LLC in

New York.

Despite the broad market’s

reversal, Walmart ended 3.54 per

cent higher and Home Depot

climbed 4.42 per cent, pushing the

S&P 500 retail index up one per cent.

The healthy quarterly performance

of Wal-Mart and Home Depot stood

in contrast to results from

department stores Macy’s and

Nordstrom last week that sent some

retail stock sharply lower.

Home Depot rival Lowe’s rose 1.69

per cent and Target added 0.83

percent. Both report their quarterly

results today.

Underscoring the uneven

performance among retailers, Urban

Outfitters dropped 3.84 per cent and

Dick’s Sporting Goods lost 9.43 per

cent after handing in quarterly report

cards that disappointed investors.

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Gold............................................................1079.20 -5.55

Silver ..............................................................14.25 -0.11

Brent Crude ....................................................43.71 0.12

Krugerrand ................................................1076.90 -9.80

Palladium....................................................543.00 1.00

Platinum .....................................................862.00 -4.00

Tin Cash Official ........................................14797.50 -45.00

Lead Cash Official.......................................1588.50 -8.00

Zinc Cash Official ........................................1552.75 -24.75

Copper Cash Official .................................4699.00 -65.75

Aluminium Cash Official ............................1462.75 5.50

Nickel Cash Official ....................................9162.50 -240.00

Aluminium Alloy Cash Official ..................1605.00 20.00

Cocoa Futures............................................3354.00 -15.00

Coffee 'C' Futures...........................................118.10 -0.35

Feed Wheat Futures.....................................114.00 2.00

Soybeans Futures Continuation Contract...864.40 4.40

AIR LIQUIDE.....................................................123.65 3.05 123.95 93.01

AIRBUS GROUP .................................................66.17 2.71 67.88 39.64

ALLIANZ N ......................................................160.70 2.60 170.15 129.35

ANHEUS.-BUSCH INBEV ...................................117.85 3.85 119.65 85.63

ASML HLDG ......................................................86.68 1.71 104.85 70.25

AXA ..................................................................24.92 0.43 25.40 17.56

BANCO SANTANDER.............................................5.11 0.16 7.02 4.51

BASF N..............................................................76.35 2.14 97.22 63.00

BAYER N..........................................................124.85 4.50 146.45 106.80

BBVA...................................................................7.70 0.15 9.67 7.03

BMW.................................................................97.26 2.55 123.75 72.05

BNP PARIBAS-A-...............................................56.51 1.01 61.00 43.14

CARREFOUR ......................................................29.81 0.72 32.49 21.74

DAIMLER N ........................................................77.75 1.74 96.07 60.23

DANONE...........................................................64.68 1.44 66.15 50.29

DEUTSCHE BANK N...........................................24.07 0.40 33.42 22.95

DEUTSCHE POST N............................................26.64 0.70 31.19 22.93

DEUTSCHE TELEKOM N.......................................17.20 0.58 17.30 12.01

E.ON N................................................................8.89 0.17 15.06 7.08

ENEL....................................................................4.21 0.10 4.50 3.36

ENGIE ...............................................................16.47 0.41 20.57 13.80

ENI....................................................................14.86 0.50 17.66 12.98

ESSILOR INTL...................................................122.90 2.80 123.65 82.75

FRESENIUS .......................................................68.48 1.57 68.82 40.73

GENERALI..........................................................17.69 0.53 19.21 15.16

IBERDROLA.........................................................6.55 0.10 6.58 5.21

INDITEX ............................................................33.35 0.64 34.60 21.56

ING GROUP .......................................................13.44 0.28 16.00 9.68

INTESA SANPAOLO...............................................3.17 0.04 3.65 2.18

L'OREAL ..........................................................170.80 4.65 181.30 127.70

LVMH ..............................................................165.40 5.25 176.60 118.74

MUENCH RUECKVERS N...................................182.50 1.80 206.50 153.35

NOKIA ................................................................6.84 0.11 7.87 4.91

ORANGE ............................................................16.85 0.49 16.70 12.21

ROY.PHILIPS ......................................................25.15 0.71 28.00 20.48

SAFRAN............................................................68.22 1.87 72.45 47.75

SAINT GOBAIN..................................................40.35 1.27 44.84 31.36

SANOFI.............................................................82.64 2.53 101.10 69.77

SAP...................................................................73.86 1.40 74.22 52.92

SCHNEIDER ELECTRIC .........................................57.91 1.47 75.29 48.57

SIEMENS N........................................................94.77 2.59 106.35 77.91

SOCIETE GENERALE...........................................44.23 0.82 48.77 31.85

TELEFONICA ......................................................12.40 0.40 14.31 10.38

TOTAL ...............................................................46.46 1.68 48.88 36.36

UNIBAIL-RODAMCO ........................................248.50 7.45 262.00 193.05

UNICREDIT..........................................................5.62 0.12 6.61 4.82

UNILEVER CERT..................................................41.31 1.11 42.75 30.28

VINCI ................................................................61.83 2.30 62.60 39.65

VIVENDI ...........................................................20.30 0.59 24.83 19.05

VOLKSWAGEN VZ .............................................98.64 1.18 262.45 86.36

Price Chg High Low

EU SHARES

3M ...................................................................157.03 -1.18 170.50 134.00

ALPHABET-A...................................................745.98 -4.44 769.08 490.91

ALPHABET-C...................................................725.30 -3.66 741.00 486.23

ALTRIA GROUP.................................................56.68 -0.09 61.74 47.31

AMAZON.COM ................................................643.30 -4.51 675.96 285.25

AMERICAN EXPRESS ...........................................71.11 -0.55 94.89 70.21

AMGEN............................................................157.60 3.10 181.81 130.09

APPLE..............................................................113.69 -0.49 134.54 92.00

AT&T.................................................................33.26 0.22 36.45 30.97

BANK OF AMERICA ............................................17.42 -0.01 18.48 14.60

BERKSHIRE HATHAWY-B ................................133.09 -0.21 152.94 125.50

BOEING CO......................................................146.08 1.66 158.83 115.14

BRISTOL-MYERSSQUIBB....................................65.73 0.71 70.54 51.82

CATERPILLAR ...................................................69.39 -1.00 107.12 62.99

CHEVRON..........................................................91.03 -0.42 118.91 69.58

CISCO SYSTEMS .................................................26.81 0.02 30.31 23.03

CITIGROUP .......................................................53.49 -0.20 60.95 46.60

COCA-COLA CO ..................................................41.67 -0.29 45.00 36.56

COMCAST-A........................................................61.13 -0.22 64.99 50.01

CVS HEALTH .....................................................93.79 0.17 113.65 81.37

DU PONT NEMOURS&CO ...................................67.07 -0.17 76.49 47.11

EXXON MOBIL...................................................79.96 -0.94 97.20 66.55

FACEBOOK-A....................................................105.13 1.09 110.65 72.00

GENERAL ELECTRIC...........................................30.32 -0.04 30.90 19.37

GILEAD SCIENCES............................................104.53 0.72 123.37 85.95

GOLDMAN SACHS GROUP ...............................190.57 -1.59 218.77 167.49

HOME DEPOT ...................................................126.18 5.34 126.34 92.17

IBM..................................................................133.82 0.11 176.30 131.65

INTEL................................................................32.64 0.54 37.90 24.87

JOHNSON & JOHNSON ....................................101.50 0.28 109.06 81.79

JPMORGAN CHASE............................................66.13 -0.38 70.61 50.07

MASTERCARD-A...............................................98.07 -0.23 101.76 74.61

MCDONALD'S...................................................110.94 -0.12 114.99 87.50

MERCK...............................................................53.71 0.01 63.62 45.69

MICROSOFT.......................................................52.97 -0.80 54.98 39.72

NIKE -B- .........................................................122.58 -0.88 133.52 90.69

ORACLE .............................................................38.13 0.01 46.71 35.14

PEPSICO ...........................................................98.83 -0.73 103.44 76.48

PFIZER..............................................................32.87 -0.29 36.46 28.47

PHILIP MRRS INT..............................................83.84 -0.51 90.08 75.27

PROCTER&GAMBLE...........................................75.07 -0.23 93.89 65.02

SCHLUMBERGER ...............................................76.74 -1.59 99.21 66.57

TRAVLR COMP ..................................................112.74 -0.15 114.78 95.21

TWITTER...........................................................25.23 -0.18 53.49 21.01

UNITEDHEALTH GROUP ...................................114.39 0.57 126.21 95.00

UTD TECHNOLOGIES..........................................97.55 -0.28 124.45 85.50

VERIZON COMM ...............................................45.08 0.04 51.42 38.06

VISA-A..............................................................78.83 -0.07 80.25 60.00

WAL-MART STORES..........................................59.92 2.05 90.97 56.30

WALT DISNEY-DISNEY ......................................116.13 0.21 122.08 88.75

WELLS FARGO..................................................54.96 -0.31 58.77 47.75

COMMODITIES

CREDIT & RATES

BoE IR Overnight.........................................0.500 0.00

BoE IR 7 days..............................................0.500 0.00

BoE IR 1 month...........................................0.500 0.00

BoE IR 3 months.........................................0.500 0.00

BoE IR 6 months ........................................0.500 0.00

LIBOR Euro - overnight...............................-0.182 0.00

LIBOR Euro - 12 months...............................0.072 0.00

LIBOR USD - overnight..................................0.131 0.00

LIBOR USD - 12 months................................0.932 0.00

Halifax mortgage rate ................................3.990 0.00

Euro Base Rate............................................0.050 0.00

Finance house base rate .............................1.000 0.00

US Fed funds ..................................................0.13 0.00

US long bond yield .......................................3.04 -0.03

Euro Euribor................................................-0.154 0.00

The vix index................................................18.84 0.68

The baltic dry index...................................537.00 -13.00

Markit iBoxx EUR........................................221.59 0.14

Markit iBoxx GBP .......................................285.62 -0.76

Markit iTraxx.................................................71.65 -2.13

Price Chg High Low

US SHARES

€/$ 1.0646 0.0041

€/£ 0.6994 0.0035

€/¥ 131.40 0.3050

/€ 1.4296 0.0070

/$ 1.5216 0.0014

/¥ 187.82 0.4554

FTSE 100

6268.76

122.38

FTSE 250

17084.79

240.41

FTSE ALL SHARE

3441.97

62.38

DOW JONES

17489.50

6.49

NASDAQ

4986.02

1.40

S&P 500

2050.44

2.75

CONSTRUCTION & MATERIALS

BAE Systems . . . . . . . . .473.8 9.1 547.0 425.5

Cobham . . . . . . . . . . . . .283.1 7.5 345.1 251.1

Meggitt . . . . . . . . . . . . .382.8 8.9 587.5 347.3

QinetiQ Group . . . . . . . .234.5 4.0 240.1 181.9

Rolls-Royce Holdi . . . . .555.0 27.0 1054.0 513.5

Senior . . . . . . . . . . . . . .228.9 4.7 358.5 219.2

Ultra Electronics . . . . .1896.0 36.0 1899.0 1635.0

GKN . . . . . . . . . . . . . . . .292.3 8.9 386.0 254.6

Aldermore Group . . . . .279.0 8.0 316.0 231.0

Bank of Georgia H . . .1900.0 26.0 2304.0 1616.0

Barclays . . . . . . . . . . . . .227.5 3.1 289.0 223.6

HSBC Holdings . . . . . . . .519.2 7.9 649.3 485.6

Lloyds Banking Gr . . . . . .73.8 1.2 89.0 72.3

Royal Bank of Sco . . . . .311.0 2.6 403.9 308.1

Shawbrook Group . . . .340.0 5.5 382.0 301.0

Standard Chartere . . . .582.4 6.6 1141.0 574.2

Virgin Money Hold . . . .370.3 -0.7 464.0 279.5

Barr (A.G.) . . . . . . . . . . .530.0 1.0 684.0 513.0

Britvic . . . . . . . . . . . . . .724.5 12.0 776.5 642.0

Coca-Cola HBC AG . . . .1555.0 48.0 1589.0 1057.0

Diageo . . . . . . . . . . . . .1888.0 41.0 2022.5 1640.0

SABMiller . . . . . . . . . . .4010.0 -6.5 4050.0 2877.5

Alent . . . . . . . . . . . . . . .502.0 1.5 502.0 321.0

Croda Internation . . . .2798.0 49.0 3137.0 2425.0

Elementis . . . . . . . . . . .232.2 2.8 320.5 208.2

Johnson Matthey . . . .2416.0 30.0 3571.0 2318.0

Synthomer . . . . . . . . . . .313.7 0.1 361.3 201.0

Victrex plc . . . . . . . . . .1879.0 25.0 2187.0 1617.0

Balfour Beatty . . . . . . . .251.7 2.7 272.5 155.8

CRH . . . . . . . . . . . . . . . .1801.0 19.0 1969.0 1354.0

Dunelm Group . . . . . . .962.0 20.0 970.5 825.5

Halfords Group . . . . . . .393.8 8.5 561.0 385.1

Home Retail Group . . . .100.0 2.7 218.1 97.3

Inchcape . . . . . . . . . . . .785.0 11.5 894.0 680.5

JD Sports Fashion . . . . .955.0 4.0 984.5 433.2

Just Eat . . . . . . . . . . . . .422.6 -2.0 494.3 290.8

Kingfisher . . . . . . . . . . .350.5 12.0 383.0 291.3

Lookers . . . . . . . . . . . . .176.0 0.9 183.2 125.5

Marks & Spencer G . . . .518.0 9.0 596.5 446.9

Next . . . . . . . . . . . . . .7860.0 135.0 8015.0 6325.0

Pets at Home Grou . . . .274.6 7.6 311.2 198.0

Poundland Group . . . . .281.0 -1.3 418.9 268.0

Saga . . . . . . . . . . . . . . .208.9 0.0 221.5 147.1

Sports Direct Int . . . . . .696.0 13.0 817.5 604.5

Ted Baker . . . . . . . . . .3457.0 -1.0 3467.0 1950.0

WH Smith . . . . . . . . . .1670.0 22.0 1705.0 1225.0

AL Noor Hospitals . . . .1170.0 13.0 1191.0 814.0

NMC Health . . . . . . . . . .764.0 1.5 889.5 445.5

Smith & Nephew . . . . .1101.0 31.0 1203.0 1019.0

Spire Healthcare . . . . .308.4 -4.6 401.6 302.2

Barratt Developme . . . .575.5 13.5 662.5 423.6

Bellway . . . . . . . . . . . .2455.0 49.0 2621.0 1711.0

Galliford Try . . . . . . . .1409.0 22.0 1813.0 1146.0

Keller Group . . . . . . . . .798.0 -12.0 1099.0 790.5

Kier Group . . . . . . . . . .1286.0 4.0 1513.0 1113.1

Marshalls . . . . . . . . . . . .324.8 -2.5 370.8 217.5

Drax Group . . . . . . . . . .226.5 -4.8 609.5 225.6

SSE . . . . . . . . . . . . . . . .1465.0 27.0 1696.0 1400.0

Halma . . . . . . . . . . . . . .813.0 57.0 820.5 633.5

Hellermanntyton G . . . .475.1 -0.5 481.0 282.0

Morgan Advanced M . .238.0 5.0 356.8 229.4

Renishaw . . . . . . . . . .1880.0 29.0 2648.0 1840.0

Spectris . . . . . . . . . . . .1648.0 19.0 2394.0 1626.0

Aberforth Smaller . . . .1133.0 19.0 1234.0 1020.0

Alliance Trust . . . . . . . . .501.5 6.5 528.5 440.1

Bankers Inv Trust . . . . .618.5 8.5 668.0 562.0

BH Macro Ltd. GBP . . .2009.0 9.0 2190.0 1995.0

BlueCrest AllBlue . . . . . .190.1 0.1 191.8 185.0

British Empire Tr . . . . . .471.0 7.5 555.0 446.0

Caledonia Investm . . .2407.0 7.0 2515.0 2115.0

City of London In . . . . . .381.8 6.9 415.9 362.2

Edinburgh Inv Tru . . . . .707.0 16.0 713.0 627.5

Electra Private E . . . . .3595.0 -31.0 3735.0 2551.0

Fidelity China Sp . . . . . .133.3 -0.3 177.3 112.0

Fidelity European . . . . .163.4 -0.5 186.7 155.8

Finsbury Growth & . . . .574.5 10.0 609.0 514.0

Foreign and Colon . . . .436.0 4.0 465.0 401.6

GCP Infrastructur . . . . . .122.7 -1.1 124.1 112.8

Genesis Emerging . . . .459.0 -4.4 572.0 400.5

HICL Infrastructu . . . . . .153.7 -0.1 160.5 148.3

International Pub . . . . .135.6 1.4 140.0 130.3

John Laing Infras . . . . . .118.0 0.3 128.1 114.0

JPMorgan American . . .273.6 4.2 295.8 243.0

JPMorgan Emerging . .546.5 2.5 671.0 494.0

Mercantile Invest . . . . .1740.0 17.0 1752.0 1399.0

Monks Inv Trust . . . . . . .409.1 5.1 456.9 374.0

Murray Internatio . . . . .831.0 7.0 1082.0 791.0

NB Global Floatin . . . . . .92.9 -0.2 99.8 92.1

P2P Global Invest . . . . .998.0 11.0 1184.0 970.0

P2P Global Invest . . . . .989.0 9.5 1033.0 950.0

Perpetual Income . . . .413.0 9.2 428.5 381.7

Polar Capital Tec . . . . . .602.0 8.0 612.0 517.0

RIT Capital Partn . . . . .1587.0 -8.0 1628.0 1381.0

Riverstone Energy . . . .831.0 -6.0 1105.0 820.0

Scottish Inv Trus . . . . .600.0 9.0 668.0 560.0

Scottish Mortgage . . . .264.8 5.6 281.8 234.5

Temple Bar Inv Tr . . . .1060.0 12.0 1230.0 1023.0

Templeton Emergin . . .421.0 5.2 604.5 379.1

TR Property Inv T . . . . . .291.7 1.0 324.0 265.4

Witan Inv Trust . . . . . . .778.0 9.5 847.0 688.5

Woodford Patient . . . .103.0 2.0 119.3 101.0

Worldwide Healthc . . .1801.0 24.0 2097.0 1609.0

3i Group . . . . . . . . . . . . .491.8 12.0 569.5 413.8

3i Infrastructure . . . . . . .175.2 0.3 178.3 145.8

Aberdeen Asset Ma . . . .331.5 10.4 507.5 293.0

Allied Minds . . . . . . . . .450.2 -1.0 725.0 289.5

Arrow Global Grou . . . .247.5 -2.5 288.0 218.0

Ashmore Group . . . . . .249.3 4.6 333.9 240.7

Brewin Dolphin Ho . . . .259.6 1.6 359.6 249.0

Charles Taylor . . . . . . . .270.0 -10.0 280.0 205.0

City of London In . . . . . .347.8 -0.8 367.5 315.0

Close Brothers Gr . . . . .1514.0 14.0 1664.0 1385.0

Hargreaves Lansdo . . .1498.0 55.0 1498.0 909.0

Henderson Group . . . .296.0 6.3 301.6 198.9

ICAP . . . . . . . . . . . . . . . .510.5 7.5 566.5 386.0

IG Group Holdings . . . .776.0 3.0 807.0 625.0

Intermediate Capi . . . .569.5 19.5 602.1 418.6

International Per . . . . .370.9 5.8 504.5 352.6

Investec . . . . . . . . . . . . .510.5 16.8 647.0 493.7

IP Group . . . . . . . . . . . .234.5 -2.1 264.7 193.6

John Laing Group . . . . .193.9 1.9 233.8 187.0

Jupiter Fund Mana . . . .466.3 8.0 475.1 342.6

Liontrust Asset M . . . . .290.0 -6.0 374.8 258.0

LMS Capital . . . . . . . . . . .71.6 0.0 81.3 68.1

London Finance & . . . . .37.0 0.0 40.5 31.0

London Stock Exch . . .2550.0 53.0 2699.0 2056.0

Man Group . . . . . . . . . .164.0 3.0 217.6 134.2

OneSavings Bank . . . . .404.4 7.2 404.4 196.3

Paragon Group Of . . . .424.0 8.3 455.5 363.5

Provident Financi . . . .3616.0 37.0 3638.0 2161.0

PureTech Health . . . . . .164.5 -4.0 170.0 123.0

Rathbone Brothers . . .2225.0 -11.0 2313.0 1910.0

Real Estate Credi . . . . . .171.3 1.3 183.0 159.0

Record . . . . . . . . . . . . . . .29.1 0.0 39.8 28.3

S&U . . . . . . . . . . . . . . .2387.5 0.0 2560.0 1920.0

Sanne Group . . . . . . . . .358.0 7.0 365.0 251.0

Schroders . . . . . . . . . .2942.0 56.0 3423.0 2505.0

SVG Capital . . . . . . . . . .468.5 6.5 522.0 412.5

Tullett Prebon . . . . . . . .355.3 9.3 414.8 243.0

VPC Specialty Len . . . . . .98.0 0.0 104.0 96.0

Walker Crips Grou . . . . .42.0 0.0 53.8 38.3

BT Group . . . . . . . . . . . .492.9 13.4 493.0 375.6

Cable & Wireless . . . . . .77.7 4.0 79.9 47.4

TalkTalk Telecom . . . . .244.5 2.5 408.8 214.2

Telecom Plus . . . . . . . .1073.0 9.0 1338.0 752.5

Booker Group . . . . . . . .185.4 4.5 190.0 141.4

Greggs . . . . . . . . . . . . .1181.0 6.0 1355.0 621.5

Morrison (Wm) Sup . . .155.6 1.9 208.2 149.9

Ocado Group . . . . . . . . .342.3 0.5 470.8 303.6

Sainsbury (J) . . . . . . . .248.4 5.2 284.7 223.7

SSP Group . . . . . . . . . . .297.8 4.8 315.6 245.0

Tesco . . . . . . . . . . . . . . .169.0 2.8 251.0 164.8

UDG Healthcare Pu . . . .535.0 33.0 549.5 326.9

Associated Britis . . . . .3443.0 38.0 3507.0 2712.0

Cranswick . . . . . . . . . .1680.0 6.0 1750.0 1310.0

Dairy Crest Group . . . . .618.0 11.0 652.0 439.7

Greencore Group . . . . . .325.3 0.1 358.0 254.0

Tate & Lyle . . . . . . . . . .606.5 8.5 679.0 502.0

Unilever . . . . . . . . . . .2820.0 62.0 3015.0 2524.0

Mondi . . . . . . . . . . . . .1470.0 33.0 1611.0 1004.0

Centrica . . . . . . . . . . . . .212.2 3.6 300.4 208.6

National Grid . . . . . . . .925.3 13.2 960.5 817.2

Pennon Group . . . . . . . .812.5 12.5 919.5 713.0

Severn Trent . . . . . . . .2198.0 50.0 2270.0 1913.0

United Utilities . . . . . . .961.5 21.5 1042.0 828.0

Rexam . . . . . . . . . . . . . .554.5 4.5 590.0 425.0

RPC Group . . . . . . . . . . .705.0 6.0 712.5 478.6

Smith (DS) . . . . . . . . . . .408.1 7.2 421.0 282.7

Smiths Group . . . . . . .1020.0 94.5 1234.0 925.5

Vesuvius . . . . . . . . . . . . .341.1 1.8 520.0 332.8

AA . . . . . . . . . . . . . . . . .269.3 3.0 431.8 262.5

AO World . . . . . . . . . . . .159.3 3.6 330.0 119.7

Auto Trader Group . . . .386.0 5.5 390.0 262.0

B&M European Valu . . .308.0 -11.6 358.5 259.5

Brown (N.) Group . . . . .349.1 -0.9 451.3 290.0

Card Factory . . . . . . . . .354.8 -4.6 399.0 225.0

Debenhams . . . . . . . . . .82.5 -0.5 96.0 70.0

Dignity . . . . . . . . . . . .2470.0 -30.0 2621.0 1548.0

Dixons Carphone . . . . .466.2 8.9 484.7 407.0

Price Chg High Low

Berkeley Group Ho . . .3141.0 72.0 3540.0 2285.0

Bovis Homes Group . . .991.5 37.0 1201.0 768.0

Crest Nicholson H . . . . .516.5 6.5 591.0 334.0

Persimmon . . . . . . . . .1865.0 39.0 2135.0 1449.0

Reckitt Benckiser . . . .6327.0 111.0 6418.0 4978.0

Redrow . . . . . . . . . . . . .451.0 10.0 499.2 258.6

Taylor Wimpey . . . . . . .185.0 4.1 205.0 124.1

Bodycote . . . . . . . . . . . .538.0 39.9 786.0 494.0

IMI . . . . . . . . . . . . . . . . .890.0 20.0 1445.0 870.0

Melrose Industrie . . . . .281.0 4.7 307.3 242.7

Rotork . . . . . . . . . . . . . .173.0 1.1 265.1 164.8

Spirax-Sarco Engi . . . .3023.0 115.0 3569.4 2750.0

Weir Group . . . . . . . . . .1129.0 32.0 2112.0 1027.0

Evraz . . . . . . . . . . . . . . . .80.4 1.3 207.4 63.0

BBA Aviation . . . . . . . . .189.9 2.1 257.6 187.4

Clarkson . . . . . . . . . . .2200.0 12.0 2797.0 1835.0

Royal Mail . . . . . . . . . . .454.7 12.9 527.0 389.9

Creston . . . . . . . . . . . . .134.0 2.5 162.0 114.6

Entertainment One . . .229.9 4.3 326.3 214.2

Euromoney Institu . . . .963.5 3.5 1261.0 940.5

Future . . . . . . . . . . . . . . . .11.5 0.3 11.5 6.6

Haynes Publishing . . . . .112.5 0.0 171.5 106.5

Huntsworth . . . . . . . . . . .41.3 -0.3 52.5 35.0

Informa . . . . . . . . . . . . .607.5 17.0 607.5 451.9

ITE Group . . . . . . . . . . . .149.5 1.5 196.8 128.0

ITV . . . . . . . . . . . . . . . . .269.9 5.0 280.7 201.5

Johnston Press . . . . . . . .61.8 -0.8 172.8 60.0

Moneysupermarket. . . .322.4 2.4 338.0 210.0

Pearson . . . . . . . . . . . . .789.0 24.0 1508.0 763.0

Relx plc . . . . . . . . . . . . .1170.0 23.0 1188.0 1011.0

Rightmove . . . . . . . . .3930.0 30.0 3956.0 2101.0

Sky . . . . . . . . . . . . . . . .1091.0 26.0 1141.0 860.0

STV Group . . . . . . . . . . .455.0 15.0 485.0 340.0

Trinity Mirror . . . . . . . . .163.0 -3.0 206.0 128.0

UBM . . . . . . . . . . . . . . . .512.5 7.0 576.0 435.9

UTV Media . . . . . . . . . . .180.5 4.5 204.0 139.0

WPP . . . . . . . . . . . . . . .1514.0 39.0 1611.0 1277.0

Zoopla Property G . . . .235.0 1.0 278.0 150.8

Acacia Mining . . . . . . . .158.4 1.1 313.5 155.6

Anglo American . . . . . .431.0 -23.0 1380.0 427.7

Antofagasta . . . . . . . . .472.4 -2.9 807.5 470.9

Admiral Group . . . . . . .1631.0 9.0 1657.0 1201.0

Amlin . . . . . . . . . . . . . .658.0 0.0 661.5 430.9

Beazley . . . . . . . . . . . . .386.8 15.2 387.4 258.9

Direct Line Insur . . . . . .404.2 4.3 404.4 279.3

esure Group . . . . . . . . .253.2 -0.4 271.3 193.5

Hiscox Limited (D . . . .1009.0 11.0 1013.0 711.9

Jardine Lloyd Tho . . . . .898.5 1.5 1093.0 840.5

Lancashire Holdin . . . . .747.0 2.0 752.0 506.0

RSA Insurance Gro . . . .437.2 0.6 526.5 391.7

Aviva . . . . . . . . . . . . . . .496.2 11.7 571.5 428.4

Just Retirement G . . . . .159.0 -1.0 199.5 124.0

Legal & General G . . . . .267.6 5.0 294.4 230.4

Old Mutual . . . . . . . . . . .198.9 7.3 240.3 176.4

Phoenix Group Hol . . . .874.0 14.0 896.5 763.5

Prudential . . . . . . . . . . .1513.5 43.5 1752.0 1330.5

St James's Place . . . . . .975.0 29.0 994.5 745.0

Standard Life . . . . . . . . .403.1 9.2 499.9 375.5

4Imprint Group . . . . . .1235.0 -1.0 1349.0 780.0

Bloomsbury Publis . . . .165.0 1.3 184.5 145.3

Centaur Media . . . . . . . . .71.3 -0.8 85.5 61.0

BHP Billiton . . . . . . . . . .877.1 -0.6 1668.5 871.9

Centamin (DI) . . . . . . . . .61.4 -0.2 72.1 45.3

Fresnillo . . . . . . . . . . . .672.0 -2.0 924.5 588.0

Glencore . . . . . . . . . . . . .88.8 -0.7 336.3 68.6

Kaz Minerals . . . . . . . . . .88.6 12.3 269.9 72.7

Petra Diamonds Lt . . . . .54.0 -1.7 208.8 53.0

Polymetal Interna . . . .559.0 7.0 614.0 427.1

Randgold Resource . .3929.0 -99.0 5685.0 3625.0

Rio Tinto . . . . . . . . . . .2214.0 -7.0 3237.5 2111.0

Vedanta Resources . . .402.0 4.7 823.0 371.0

Inmarsat . . . . . . . . . . .1051.0 11.0 1054.0 722.5

Vodafone Group . . . . . .225.6 4.3 255.4 204.2

BG Group . . . . . . . . . . .1008.0 30.5 1199.5 794.7

BP . . . . . . . . . . . . . . . . .378.6 9.9 484.2 322.9

Cairn Energy . . . . . . . . .146.4 4.2 208.3 137.1

Nostrum Oil & Gas . . . .340.5 -3.6 655.0 333.4

Ophir Energy . . . . . . . . .95.8 6.6 192.1 79.3

Premier Oil . . . . . . . . . . . .75.1 1.2 246.0 63.1

Royal Dutch Shell . . . . .1618.0 42.0 2283.5 1508.5

Royal Dutch Shell . . . . .1637.5 49.5 2391.0 1514.5

Tullow Oil . . . . . . . . . . . .196.1 5.9 505.0 157.6

Amec Foster Wheel . . . .478.1 4.0 1105.0 474.1

Hunting . . . . . . . . . . . . .315.0 5.7 710.5 308.5

Petrofac Ltd. . . . . . . . . .781.5 16.0 1193.0 596.5

Wood Group (John) . . .553.5 15.5 733.5 527.0

Burberry Group . . . . . .1276.0 23.0 1921.0 1253.0

Jimmy Choo . . . . . . . . .150.7 -2.3 181.4 134.0

PZ Cussons . . . . . . . . . .320.0 2.3 373.4 287.1

Supergroup . . . . . . . . .1620.0 14.0 1674.0 769.0

AstraZeneca . . . . . . . .4397.0 139.0 4863.0 3903.5

BTG . . . . . . . . . . . . . . . .599.0 19.0 830.0 520.5

Circassia Pharmac . . . . .271.1 -4.1 353.5 246.0

Dechra Pharmaceut . . .960.0 11.0 1060.0 758.0

Genus . . . . . . . . . . . . . .1414.0 31.0 1512.0 1200.0

GlaxoSmithKline . . . . .1345.5 31.5 1642.0 1237.5

Hikma Pharmaceuti . .1953.0 12.0 2574.0 1886.0

Indivior . . . . . . . . . . . . .200.1 0.8 266.4 141.1

Shire Plc . . . . . . . . . . .4663.0 168.0 5730.0 4321.0

Vectura Group . . . . . . . .168.0 -1.3 184.3 119.5

Capital & Countie . . . . .431.6 12.9 473.4 345.0

CLS Holdings . . . . . . . .1765.0 -64.0 2010.0 1372.0

Countrywide . . . . . . . . .411.6 3.3 599.0 407.9

Daejan Holdings . . . .5960.0 -20.0 6575.0 4920.0

F&C Commercial Pr . . . .138.0 -2.0 148.7 128.5

Foxtons Group . . . . . . . .189.5 2.5 285.0 147.7

Grainger . . . . . . . . . . . .244.3 5.6 254.0 182.0

Kennedy Wilson Eu . . .1194.0 19.0 1220.0 1026.0

Savills . . . . . . . . . . . . . .894.0 5.0 986.5 596.0

St. Modwen Proper . . .424.2 6.2 493.6 370.0

UK Commercial Pro . . . . .84.1 -0.6 93.5 84.1

Unite Group . . . . . . . . .643.5 11.5 702.5 436.3

Big Yellow Group . . . . .756.5 9.0 764.0 547.5

British Land Comp . . . .838.5 18.5 886.0 730.5

Derwent London . . . .3780.0 86.0 3880.0 2870.0

Great Portland Es . . . . .869.0 13.5 889.5 690.0

Hammerson . . . . . . . . .601.0 16.5 705.5 576.0

Hansteen Holdings . . . .114.5 0.9 128.2 101.7

Intu Properties . . . . . . .324.5 7.5 376.4 307.6

Land Securities G . . . .1246.0 16.0 1363.0 1114.0

LondonMetric Prop . . . .165.5 2.5 171.5 146.0

Redefine Internat . . . . . .54.7 0.5 59.7 49.2

SEGRO . . . . . . . . . . . . . .433.3 10.2 463.8 365.0

Shaftesbury . . . . . . . . .926.5 18.0 971.0 742.0

Tritax Big Box Re . . . . . .128.5 3.5 129.1 105.8

Workspace Group . . . . .932.0 -0.5 980.0 670.0

Aveva Group . . . . . . . .2042.0 -6.0 2300.0 1255.0

Computacenter . . . . . . .763.5 -0.5 781.5 590.8

Fidessa Group . . . . . . .1940.0 -11.0 2508.0 1758.0

Micro Focus Inter . . . . .1274.0 9.0 1437.0 1028.0

Playtech . . . . . . . . . . . .874.0 8.0 924.0 619.5

Sage Group . . . . . . . . . .545.0 6.5 577.5 390.6

Sophos Group . . . . . . . .282.7 4.7 291.0 224.6

Telecity Group . . . . . . .1210.0 6.0 1219.2 771.5

Aggreko . . . . . . . . . . . .977.0 55.5 1719.0 876.0

Ashtead Group . . . . . .1021.0 30.5 1217.0 883.0

Atkins (WS) . . . . . . . . .1454.0 92.0 1579.0 1238.0

Babcock Internati . . . . .978.5 28.5 1195.0 878.0

Berendsen . . . . . . . . . .1027.0 16.0 1157.0 967.5

Bunzl . . . . . . . . . . . . . .1880.0 28.0 1950.0 1671.0

Capita . . . . . . . . . . . . .1236.0 36.0 1326.0 1002.0

Carillion . . . . . . . . . . . . .309.1 6.3 370.4 296.2

DCC . . . . . . . . . . . . . . .5790.0 55.0 5810.0 3325.0

Diploma . . . . . . . . . . . .703.0 -13.0 865.5 608.0

Electrocomponents . . . .227.4 3.5 251.9 172.5

Essentra . . . . . . . . . . . .805.5 13.5 1064.0 720.0

Experian . . . . . . . . . . . .1193.0 8.0 1255.0 982.5

G4S . . . . . . . . . . . . . . . .234.3 3.5 308.8 227.4

Grafton Group Uni . . . .630.0 10.5 858.5 618.0

Hays . . . . . . . . . . . . . . . .143.4 4.3 172.8 125.0

Homeserve . . . . . . . . . .411.8 -8.0 444.6 322.5

Howden Joinery Gr . . .506.5 6.5 530.0 375.0

Interserve . . . . . . . . . . .545.0 -1.5 663.0 495.9

Intertek Group . . . . . .2646.0 83.0 2750.0 2149.0

Michael Page Inte . . . .502.0 9.9 560.5 385.3

Mitie Group . . . . . . . . . .327.9 3.8 335.6 265.3

Northgate . . . . . . . . . . .401.2 -0.1 656.0 400.2

PayPoint . . . . . . . . . . .1000.0 0.0 1091.0 799.5

Regus . . . . . . . . . . . . . .340.8 1.5 342.8 191.1

Rentokil Initial . . . . . . . .155.2 1.9 155.8 113.4

Serco Group . . . . . . . . . .99.7 2.5 184.4 91.5

SIG . . . . . . . . . . . . . . . . .126.6 0.7 211.2 119.0

Travis Perkins . . . . . . . .1941.0 41.0 2260.0 1720.0

Wolseley . . . . . . . . . . .3653.0 67.0 4384.0 3432.0

ARM Holdings . . . . . . .1055.0 14.0 1205.0 848.5

Laird . . . . . . . . . . . . . . . .347.5 2.5 409.5 291.1

Pace . . . . . . . . . . . . . . . .380.1 4.5 447.0 316.0

British American . . . .3812.0 71.0 3893.0 3335.5

Imperial Tobacco . . .3600.0 11.0 3648.0 2680.0

Betfair Group . . . . . . .3464.0 14.0 3487.0 1308.2

Bwin.party Digita . . . . .109.4 -0.9 118.0 78.4

Carnival . . . . . . . . . . .3448.0 65.0 3617.0 2617.0

Cineworld Group . . . . .540.0 3.0 597.0 336.3

Compass Group . . . . .1049.0 19.0 1219.0 991.0

Domino's Pizza Gr . . . .1094.0 14.0 1095.0 654.5

easyJet . . . . . . . . . . . . .1710.0 -73.0 1915.0 1525.0

Enterprise Inns . . . . . . . .101.1 6.1 136.0 95.0

FirstGroup . . . . . . . . . . .106.3 -1.4 127.7 91.0

Go-Ahead Group . . . . .2627.0 50.0 2706.0 2330.0

Greene King . . . . . . . . .801.0 18.5 887.5 716.0

InterContinental . . . .2500.0 39.0 2880.0 2209.0

International Con . . . . .591.5 15.5 617.0 425.6

Ladbrokes . . . . . . . . . . .109.3 0.8 140.0 93.4

Marston's . . . . . . . . . . . .156.7 2.5 173.5 139.2

Merlin Entertainm . . . .403.6 10.1 470.7 357.4

Millennium & Copt . . . .480.0 0.3 600.5 468.7

Mitchells & Butle . . . . . .340.1 4.9 475.3 310.9

National Express . . . . .321.8 3.8 323.5 239.0

Rank Group . . . . . . . . . .271.2 -3.8 279.4 156.0

Restaurant Group . . . . .639.5 1.0 738.5 615.5

Stagecoach Group . . . .345.9 6.7 419.6 327.1

Thomas Cook Group . . .104.4 2.5 161.3 100.9

TUI AG Reg Shs (D . . . .1110.0 22.0 1271.0 1007.0

Wetherspoon (J.D. . . . .702.5 5.5 835.0 692.0

Whitbread . . . . . . . . .4544.0 145.0 5440.0 4399.0

William Hill . . . . . . . . . .340.9 6.3 425.3 314.8

Wizz Air Holdings . . . .1820.0 20.0 2047.0 1340.0

Abcam . . . . . . . . . . . . .568.0 5.5 616.0 391.3

Advanced Medical . . . .166.8 -3.3 182.0 116.0

Alternative Netwo . . . .466.5 1.5 541.0 420.0

Amerisur Resource . . . . .24.8 -0.5 48.5 20.5

Arbuthnot Banking . . .1462.5 -30.0 1625.0 1250.0

ASOS . . . . . . . . . . . . . .3200.0 63.0 4194.0 2167.0

Avanti Communicat . . .223.3 0.5 320.8 195.0

Brooks Macdonald . . .1960.0 12.0 1960.0 1320.0

Camellia . . . . . . . . . . .9310.0 150.0 9880.0 8716.0

Clinigen Group . . . . . . .615.0 6.0 761.0 488.8

CVS Group . . . . . . . . . . .727.5 13.0 728.0 387.5

Dart Group . . . . . . . . . .468.0 9.3 501.5 252.5

Earthport . . . . . . . . . . . . .35.3 -0.5 47.0 33.0

EMIS Group . . . . . . . . .1088.0 25.0 1109.0 743.5

Faroe Petroleum . . . . . .56.8 1.8 94.5 54.8

Fevertree Drinks . . . . . .550.0 0.0 560.0 164.5

First Derivatives . . . . .1562.5 -15.5 1582.0 1094.0

Gamma Communicati .406.9 3.1 412.6 223.5

GB Group . . . . . . . . . . .268.0 0.3 283.8 141.5

Gemfields . . . . . . . . . . . .44.0 -0.4 68.3 43.5

Gooch & Housego . . . .856.0 -3.0 929.0 657.0

GW Pharmaceutical . . .455.8 15.5 696.0 351.3

Hvivo . . . . . . . . . . . . . . .254.5 0.0 342.5 235.0

Iomart Group . . . . . . . .300.0 0.0 302.5 160.0

James Halstead . . . . . . .451.8 3.8 469.5 280.0

Johnson Service G . . . . .85.5 1.0 92.5 57.0

M&C Saatchi . . . . . . . . .333.0 -1.1 395.0 290.0

M. P. Evans Group . . . . .381.0 -3.6 442.4 345.5

Majestic Wine . . . . . . . .334.0 11.5 471.3 299.8

Mulberry Group . . . . . .900.0 -5.5 934.5 726.0

Nichols . . . . . . . . . . . . .1393.0 2.0 1492.0 838.5

Numis Corporation . . . .250.5 -1.0 276.3 202.0

Patisserie Holdin . . . . .325.0 -10.0 347.8 197.5

Polar Capital Hol . . . . . .371.5 -9.0 495.0 350.3

Quadrise Fuels In . . . . . . .15.3 0.3 29.3 9.2

Quindell . . . . . . . . . . . . .99.5 1.0 145.0 32.5

Redcentric . . . . . . . . . . .187.8 0.3 197.5 130.5

Redde . . . . . . . . . . . . . .173.5 -2.0 181.0 73.0

Renew Holdings . . . . . .340.0 0.0 343.5 240.5

RWS Holdings . . . . . . . .185.5 1.0 194.8 119.5

Scapa Group . . . . . . . . .198.3 1.3 220.8 125.8

Secure Trust Bank . . . .2910.0 90.0 3005.0 2690.0

Sirius Minerals . . . . . . . . .18.5 1.0 24.0 7.0

Smart Metering Sy . . . .315.0 -4.8 400.1 305.5

Staffline Group . . . . . .1357.0 -73.0 1623.0 730.0

Telford Homes . . . . . . . .387.5 2.5 492.0 343.3

Telit Communicati . . . . .180.0 -37.8 356.0 179.0

Thorpe (F.W.) . . . . . . . . .213.4 -2.0 227.5 135.0

Vernalis plc . . . . . . . . . . .61.5 -2.8 86.5 44.9

Vertu Motors . . . . . . . . . .75.0 0.5 77.0 54.0

Young & Co's Brew . . .1220.5 -10.5 1310.0 970.0

Kaz Minerals . . . . . . . . . . . . . . . . .88.6 16.1

Smiths Group . . . . . . . . . . . . . .1020.0 10.2

Bodycote . . . . . . . . . . . . . . . . . .538.0 8.0

Halma . . . . . . . . . . . . . . . . . . . . .813.0 7.5

Ophir Energy . . . . . . . . . . . . . . . .95.8 7.3

Atkins (WS) . . . . . . . . . . . . . . . .1454.0 6.8

UDG Healthcare Pub . . . . . . . . .535.0 6.6

Enterprise Inns . . . . . . . . . . . . . . .101.1 6.4

Aggreko . . . . . . . . . . . . . . . . . . .977.0 6.0

Cable & Wireless C . . . . . . . . . . . .77.7 5.4

Anglo American . . . . . . . . . . . . .431.0 -5.1

easyJet . . . . . . . . . . . . . . . . . . . .1710.0 -4.1

B&M European Value . . . . . . . . .308.0 -3.6

CLS Holdings . . . . . . . . . . . . . . .1765.0 -3.5

Petra Diamonds Ltd . . . . . . . . . . .54.0 -3.1

Randgold Resources . . . . . . . .3929.0 -2.5

Drax Group . . . . . . . . . . . . . . . . .226.5 -2.1

Homeserve . . . . . . . . . . . . . . . . .411.8 -1.9

Diploma . . . . . . . . . . . . . . . . . . .703.0 -1.8

Jimmy Choo . . . . . . . . . . . . . . . .150.7 -1.5

Risers

Fallers

MAIN CHANGES UK 350

Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low

Price Chg High Low Price Chg High Low

GILTS

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mailto:

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AUTOMOBILES & PARTS

AEROSPACE & DEFENCE

BANKS

BEVERAGES

CHEMICALS

CONSTRUCTION & MATERIALS

ELECTRICITY

ELECTRONIC & ELECTRICAL EQ.

EQUITY INVESTMENT INSTRUM.

FINANCIAL SERVICES

FIXED LINE TELECOMS

FOOD & DRUG RETAILERS

FOOD PRODUCERS

FORESTRY & PAPER

GAS, WATER & MULTIUTILITIES

GENERAL INDUSTRIALS

HEALTH CARE EQUIPMETN & S.

HHOLD GDS & HOME CONSTR.

INDUSTRIAL TRANSPORTATION

MEDIA

MINING

OIL & GAS PRODUCERS

OIL EQUIPMENT & SERVICES

PERSONAL GOODS

PHARMACEUTICALS & BIOTECH

REAL ESTATE INVEST. & SERV.

REAL ESTATE INVEST. TRUSTS

SUPPORT SERVICES

TECHNOLOGY HARDW. & EQUIP.

TOBACCO

TRAVEL & LEISURE

AIM 50

Tsy 8.000 15 . . . . . . .106.51 -0.07 113.8 106.5

Tsy 4.750 15 . . . . . . .102.64 -0.04 106.8 102.6

Tsy 4.000 16 . . . . . .105.79 -0.03 108.3 105.7

Tsy 2.500 16 . . . . . . .327.52 -0.01 339.1 327.3

Tsy 1.250 17 . . . . . . . .107.61 0.03 110.9 107.3

Tsy 8.750 17 . . . . . . . .121.21 0.05 126.3 121.1

Tsy 5.000 18 . . . . . . .113.51 0.10 114.4 111.7

Tsy 3.750 19 . . . . . . .113.00 0.20 113.0 108.0

Tsy 4.500 19 . . . . . . .115.07 0.16 115.1 111.2

Tsy 4.750 20 . . . . . .119.04 0.23 119.0 113.5

Tsy 2.500 20 . . . . . .366.72 0.08 370.4 359.4

Tsy 8.000 21 . . . . . .142.92 0.32 143.0 135.7

Tsy 4.000 22 . . . . . .119.85 0.45 119.8 110.4

Tsy 1.875 22 . . . . . . .124.78 0.18 125.8 119.1

Tsy 2.500 24 . . . . . .350.74 0.27 353.6 322.5

Tsy 5.000 25 . . . . . .134.70 0.68 134.8 119.4

Tsy 4.250 27 . . . . . . .131.90 0.84 132.0 112.1

Tsy 1.250 27 . . . . . . .130.83 0.42 131.4 116.0

Tsy 6.000 28 . . . . . .155.76 0.85 155.7 132.9

Tsy 4.750 30 . . . . . . .142.51 0.89 142.5 118.3

Tsy 4.125 30 . . . . . . .347.31 0.33 350.7 304.4

Tsy 4.250 32 . . . . . .136.85 0.98 136.9 111.7

Tsy 1.250 32 . . . . . . .143.94 0.53 144.8 120.7

Tsy 4.250 36 . . . . . .140.37 1.13 140.4 111.6

Tsy 4.750 38 . . . . . .153.30 1.21 153.2 120.4

Tsy 0.625 40 . . . . . .144.56 0.66 146.5 112.2

Tsy 4.500 42 . . . . . . .153.16 1.33 153.1 117.1

Tsy 3.500 45 . . . . . . .132.31 1.50 132.2 100.6

Tsy 4.250 46 . . . . . .152.26 1.50 152.3 113.3

Tsy 4.025 49 . . . . . . .156.13 1.64 156.4 114.4

Tsy 4.000 99 . . . . .100.00 0.00 101.8 94.9

INDUSTRIAL METALS & MINING

GENERAL RETAILERS

WORLD INDICES

FTSE 100 . . . . . . . . . . . . . . . . . . . . . 6268.76 122.38 1.99

FTSE 250 . . . . . . . . . . . . . . . . . . . . 17084.79 240.41 1.43

FTSE All-Share . . . . . . . . . . . . . . . . 3441.97 62.38 1.85

FTSE AIM All-Share . . . . . . . . . . . . . 728.88 0.64 0.09

S&P 500. . . . . . . . . . . . . . . . . . . . . 2050.44 -2.75 -0.13

Dow Jones I.A. . . . . . . . . . . . . . . . 17489.50 6.49 0.04

Nasdaq Composite . . . . . . . . . . . . 4986.02 1.40 0.03

Xetra DAX . . . . . . . . . . . . . . . . . . . 10971.04 257.81 2.41

CAC 40 . . . . . . . . . . . . . . . . . . . . . . . 4937.31 133.00 2.77

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MARKETS

CITYAM.COM


20 OPINION WEDNESDAY 18 NOVEMBER 2015

FORUM

Paris attacks: There’s no case for

rushing in illiberal snooping laws

LEST my position on current

events be misunderstood, let

me restate a basic truth I’ve

set out in these pages before.

Killing terrorists is good.

However, achieving that desirable

end does not mean that the state

needs to become more powerful. Nor

does it mean that the state should

snoop on all of us, “just in case”.

Lord Carlile QC, former

Independent Reviewer of Terrorism

Legislation, disagrees. In the aftermath

of the Paris attacks, he has

argued that recent events mean that

Parliament should fast-track the government’s

new surveillance legislation,

the Investigatory Powers Bill,

into law. He tried this argument not

once but twice in the last Parliament

while advancing the “snooper’s charter”

– in 2013, for example, he used

the killing of Lee Rigby to claim that

the soldier’s murder should “haunt”

Nick Clegg.

It’s pretty astonishing that Carlile

was ever regarded as “independent”.

The Snowden leaks showed that

GCHQ coordinated with the Home

Office in 2009 to line up “talking

heads” such as Carlile to defend the

use of intercept evidence. His role as

tubthumper-in-chief for further powers

for the intelligence services has

continued since (coincidentally, he’s

earned £400,000 from a private consultancy

he co-founded with a former

head of MI6 in 2012).

But even notwithstanding Carlile’s

impartial point of view, powerfully

coupled with public anger and the

desperate desire for “something to be

done”, it is hard to see how mass surveillance

would have helped to prevent

the Paris atrocities beforehand

or to solve them afterwards, when

THE ever-increasing cost of

watching Premier League

matches on live TV is hitting

fans where it hurts.

UK fans pay at least twice

as much to watch half the games

as fans in Europe. In Germany,

France, Spain and Italy, all their

live games are available to watch at

a much lower cost than in the UK.

Research commissioned by

Virgin Media reveals that fans

believe they are getting a raw deal

from this situation. More than

three quarters of those surveyed

believe that they pay too much to

watch live football.

Put simply, football is fast

becoming out of reach for fans in

the very country which gave the

world the beautiful game. The

problem is the way the Premier

League sells the TV rights

exclusively, most recently to Sky

and BT.

Economics would usually

dictate that two competitors

the Paris gunmen were already on

the radar of the French intelligence

services. Just as Lee Rigby’s killers

were known to the British

authorities. The Charlie Hebdo shooters

were known to the French authorities.

The Boston bombers were

known to the Americans. Indeed, in

every major terrorist attack in the

West in recent years, the perpetrators

were already known to the authorities.

Equally, France already had the

kind of state surveillance powers that

Carlile and the rest of the UK securocrat

lobby are urging for. Sadly, the

Paris murders still took place.

Claiming that having measures that

France had already would prevent

what happened in Paris from happening

here is so plainly illogical that

only the raw emotion of current

events permits people to take that

position without criticism or ridicule.

None of those calling for more powers

for the security services can

explain how their garnering more

powers, or Parliament retrospectively

legitimating the snooping they do

already, would actually prevent atrocities.

Good surveillance is targeted

and proportionate – it is specific to

actual concerns and can be warranted,

authorised, by a judge or even a

minister. Bad surveillance tries to

watch all of us, all the time, “just in

case”. We’re presently going for the

latter.

This is the kind of rational and

objective analysis that needs to be

conducted. The instinct that “something

must be done” is all too

natural. We are hurting, and we want

to feel like someone is acting against

those who caused the pain. But as we

know, from the Dangerous Dogs Act

going head to head would work to

the benefit of consumers. That

doesn’t seem to have been the

case in the battle for the exclusive

rights to broadcast live Premier

League football.

The Premier League doesn’t

allow all the football games to be

broadcast live on TV. This means

that UK fans are unable to watch

all the games. And the price of the

TV rights has skyrocketed, which

ultimately hits the pockets of

fans.

In the last auction, held in

February for three years’ worth of

TV rights, only 168 live games per

season were up for grabs in the

UK out of 380 games played in

total. Sky forked out £4.2bn for

126 games per season and BT

scooped up the remaining 42

games for £960m. In the US,

meanwhile, all 380 games are

available to watch. This means

that football fans living in the

States can enjoy more live Premier

Alex

Deane

France already had

the kind of state

surveillance powers

that Carlile and the

rest of the UK

securocrat lobby are

urging for

to random Stop and Search to the

aftermath of the Birmingham and

Guildford bombings, the

“something” introduced in a

kneejerk legislative environment can

often go on to cause even greater

problems. In truth, even if all I’ve set

out here is wrong and ultimately our

security services do indeed need

more powers, it is simply too early to

say whether the Paris attacks suggest

that any legal change in the UK

League football on TV than those

in the UK.

Furthermore, these games were

won on an exclusive basis,

meaning that fans either have to

buy BT and Sky packages

separately, or subscribe to a Virgin

Media bundle.

Just look at the facts: in 2006,

£1.7bn bought three seasons of

live football for fans to watch.

Earlier this year, Sky and BT

signed up to pay £1.7bn for just

one year’s worth of football on TV.

At this rate, football will soon be

out of reach for all but the

privileged few.

would help – and it is sheer opportunism

to suggest otherwise.

So it is good to see the home secretary

Theresa May resisting requests

from Labour’s Andy Burnham to rush

the “snooper’s charter” through

Parliament. While acceleration will

not help our intelligence agencies, or

the detection of terrorism, it may

undermine the fate of the Bill.

Burnham’s macho chestbeating is

perhaps an understandable over-reaction

to his leader’s cackhanded position,

but that does nothing to make it

more rational.

But to the final objection of the

scoundrel – “if you’ve got nothing to

hide, you’ve got nothing to fear” –

that can be rebutted with recent

examples on both the widespread

and specific levels. Widespread: that’s

what TalkTalk customers thought.

Specific: that’s what Nick Gargan, former

chief constable of Avon and

Somerset, might have thought,

before a vindictive investigation into

him, having failed to turn up anything

by conventional means, resorted

to RIPA legislation meant for

terrorist plots to find saucy text messages

stored on his phone. Hence him

now being the ex-chief constable. If

they can do it to a serving chief constable,

they can do it to you. If you’ve

got nothing to hide, why do you have

curtains?

As a society, we would do well to

resist what legal commentator David

Allen Green has termed the Carlile

Doctrine: “any act of terrorism will

justify more legal powers for security

forces, regardless of what it is.”

£ Alex Deane is a public affairs

consultant and City of London Common

Councilman.

Why it’s time for Ofcom to red card the

rising cost of watching live football on TV

Tom

Mockridge

Like me, you are probably

wondering if there is a better deal

for football fans. There is.

At Virgin Media, we’re proud to

be the only place that fans can

watch all the games that are

broadcast. But because we buy the

rights from BT and Sky, the eyepopping

sums paid mean that, in

the end, it’s the consumer who

foots the bill.

It has been one year since

media watchdog Ofcom acted on

our complaint and launched its

investigation into the way the

Premier League auctions exclusive

rights to broadcast live football

on TV.

We are convinced there has to

be a better way for football, for

fans and for business. It’s now

time for Ofcom to hold a red card

to the Premier League and the

way it sells TV football.

£ Tom Mockridge is chief executive of

Virgin Media. @TomMockridgeVM

DEBATE

Shaun

Richards

YES

Laith

Khalaf

NO

CITYAM.COM

Q: With consumer

price index (CPI)

inflation negative

but house price

rises strong, is CPI

failing to capture

the cost of living?

A fundamental problem with the UK

official CPI inflation measure is its

exclusion of owner-occupied housing

costs. Without them, it arrives at an icecold

annual rate of inflation of -0.1 per

cent for October. However, our official

statisticians also report house prices

rising at an annual rate of 6.1 per cent

(albeit for September) which is 0.8 per

cent higher than a month before. So if

not red-hot, then simply too hot. Both

first-time buyers and those looking to

trade up the housing ladder have good

reason to rue the wide gap between

those two numbers. This is before we

factor in the fact that house prices are

growing at around double even the new

improved level of wage growth. And

that’s ignoring the fact that, in the credit

crunch era, house prices across the UK

rose by 18.5 per cent, while real wages

fell by around 6 per cent, meaning that,

for many, CPI has not matched the cost

of living. In recent times, rents have

accelerated too, so renters are on their

way to joining the same club.

£ Shaun Richards is an independent

economist.

There is no such thing as the perfect

measure of inflation, and any attempt to

generalise the rise in the cost of living

will necessarily gloss over regional

differences – not to mention individual

buying habits. The important thing is

that the calculation method is consistent

so the measure can be compared against

itself at different times; that is, after all,

what gives us the headline rate of

inflation. As with any economic statistic,

whether it’s CPI inflation, GDP growth, or

unemployment, it pays to understand

the limitations of the measure and not to

hang too much on just one number. All

of these figures help to build up a picture

of the huge moving beast which is the

UK economy, but none has the rich detail

of an Attenborough wildlife

documentary. Rather, what we are

getting from economic data are more

like sonar scans from different vantage

points and at different times, so we just

need to be a bit cautious about the

conclusions we draw.

£ Laith Khalaf is senior analyst at

Hargreaves Lansdown.


CITYAM.COM

WEDNESDAY 18 NOVEMBER 2015

OPINION

21

WE WANT TO HEAR YOUR VIEWS › E:theforum@cityam.com COMMENT AT:cityam.com/forum

LETTERS

TO THE EDITOR

Ring-fencing

whines

[Re: Top Tory MP tells banks: quit whining,

yesterday]

Ring-fencing was always a flawed idea. First,

given that it was intended to protect “safe”

retail banks from “casino” investment banks,

it assumed that investment banks are always

riskier than retail banks. The evidence from

the financial crisis – when the likes of

Northern Rock and Bradford & Bingley, which

did not have investment banks, had to be

rescued – suggests otherwise. Second, in

terms of culture, the perception is that risktaking

investment banking practices

“infected” staid retail banks after the Big

Bang. That is just not true. Many retail banks

took on aggressive lending tactics all on their

own. So ring-fencing is a very expensive

solution to a problem that doesn’t really exist.

Ben Bourne

Ageing challenge

[Re: An ageing population doesn’t need to

be a disaster, yesterday]

There are two simple solutions to the

problems caused by population ageing. First,

the state needs to make it very clear that it will

be unable to afford current levels of pensioner

benefits indefinitely. In fact, it should explicitly

signal a cut-off point, after which people will

not receive those benefits. This will make it

possible for people to plan for their own future

in retirement without unrealistically assuming

that they will have a large state pension.

Second, it needs to be a lot easier to save for

the long term. Currently, the leading savings

product, the pension, is too inflexible and is

bedevilled by overly-frequent policy changes.

Jack Hughes

BEST OF

TWITTER

UK inflation continues to

hover around zero but likely

to rise in next few months as

big petrol/diesel price falls

drop out of annual rate.

@asentance

Average London house price

rises to £531,000 or

$800,000.

@minefornothing

It’s not just food and fuel.

The changing price of fun is

dragging UK inflation down

too.

@RBS_Economics

“I can’t answer for Jeremy”

is not a credible long-term

position for the shadow

foreign secretary. It’s not as if

it’s a minor matter.

@philipjcowley

Surely the time has come for

those relatively sensible

shadow ministers to realise

their mistake and resign?

@wallaceme

Goldman says five

companies have contributed

100 per cent of S&P 500’s

year to date return.

@steve_hanke

Cameron in HoC: We have

opportunity to carry out

checks at our borders as we

didn’t join Schengen.

@OpenEurope

We’ve nothing to fear from jobkilling

automation – and the pace

of change will be manageable too

THE CHIEF economist of the

Bank of England Andy

Haldane has been in the

news with his prediction

that up to 15m jobs in the

UK are at risk of being lost to automation.

This is a huge number, around

half the total number of people in

work today.

Haldane injected a note of

humour into his address to the

Trades Union Congress (TUC), by

suggesting that his own job was not

at risk. It was unlikely, he said, that

an “Andy robot” would be giving this

speech to the TUC even ten years

from now. Given the Bank’s recent

track record in economic

forecasting, a cynic might respond

in kind. Surely Ernie, the name of

the random number generator used

to draw Premium Bonds, could do

just as well.

His speech was far more

thoughtful and balanced than the

more lurid attention-grabbing points

seized on by the media suggest,

however. Haldane pointed out that,

since the start of the Industrial

Revolution over 250 years ago, there

has been a steady and continuous

stream of labour-saving advances in

technology. It is these which drive

productivity, the amount of output

produced per worker. This has risen

at an annual average rate of 1.1 per

cent since 1750. In the UK,

meanwhile, the employment rate

today as a proportion of the total

population is around 50 per cent,

Paul

Ormerod

very similar to levels in the early

nineteenth century. The same is true

in other countries.

The good news does not end there.

The share of wages in the overall

economy is very similar to what it

was in the eighteenth century. Real

wages, living standards, have risen

in line with productivity, in

complete contradiction to Marx’s

prediction that capitalism would

make workers worse off. And

technology has enabled people to

work fewer hours and have longer

holidays. Compared to a century ago,

the average working week has fallen

from 50 hours to 30.

The potential problem, according

Output per worker

has risen by an

average rate of 1.1

per cent annually

since 1750

:@cityam

to Haldane, arises through the sheer

scale of disruption which might take

place. Eventually, automation will

benefit society. But it might take a

long time for the effects to be

absorbed.

Such pessimism may not be

justified. The labour market is far

more dynamic and evolutionary

than most people imagine. The US

Bureau of Labor Statistics describes

the “vast amount of job churn”

which takes place every single

quarter. Millions of companies

decide to either expand or contract

their workforce on a quarterly basis.

Hundreds of thousands of firms

open or close from one quarter to

the next. Even in recessions, large

numbers of jobs are created.

The net changes in employment,

the difference between jobs created

and jobs lost, in any single quarter

are small. But they conceal a vast

whirlpool of constant change and

flux. The old Soviet Union had

“secure” jobs, but eventually it

collapsed. Towns in our regions have

a large proportion of their workers

employed in “secure” public sector

jobs, but they are poor. Western

economies are used to change. It is

their life blood and it is what makes

them successful.

£ Paul Ormerod is an economist at

Volterra Partners, a visiting professor at

University College, London, and author of

Positive Linking: How Networks can

Revolutionise the World.

Fountain House,

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22 FEATURE WEDNESDAY 18 NOVEMBER 2015

CITYAM.COM

PERSONAL FINANCE

DEFLATION

STATION

Fidelity International’s Maike Currie explains where to invest in a world of no inflation

Maike

Currie

IT IS likely that I will have to write further

open letters to you over the coming

months…”

If you think these are the words of a

hopeless romantic penning a letter to

their long-distance love, you’re wrong.

It’s the Bank of England governor Mark

Carney, writing to chancellor George

Osborne to explain why UK inflation

remains so far below the Bank’s 2 per

cent target.

The words come from the fourth letter

Carney has sent to the chancellor

this year. It followed an unexpectedly

benign November Inflation Report, and

with UK consumer price inflation having

see-sawed either side of zero since

February, the governor is going to need

a good stock of stationery.

GOOD VERSUS BAD DEFLATION

With consumer price index inflation

dipping into negative territory three

times this year – in April, September

and October – the concern is that the

UK economy is treading a fine line

between “good” and “bad” deflation.

While Carney has made it clear in his

letters explaining the inflation undershoot

that UK price rises are likely to

remain below the 1 per cent mark

until the second half of next year, he

has also continually stressed that we’re

not experiencing bad deflation.

The primary driver of the UK’s record

low inflation is the collapse in commodity

prices, driven in large part by a

slowdown in the emerging world. The

strong pound has also kept a lid on

import prices. These are external factors,

and while they’re capping food

and fuel prices, they’re not changing

consumer behaviour.

No-one is going to delay their weekly

trip to the supermarket or stop filling

up their car’s petrol tank because they

expect prices to fall next month. You

need to eat and get to work. Deflation

is dangerous because it causes consumers

to do the exact thing that causes

more deflation – delay spending in

the hope of further price falls in the

future. Japan remains a salutary

reminder of the devastating impact a

self-perpetuating spiral of deflation

can have.

But what happens when these temporary

pressures fall out of the equation?

The Bank of England’s chief economist

Andy Haldane argues that, over time,

the external factors weighing on UK

inflation will wane, and then the key

factor that will determine the future

path of inflation will be domestic

costs, specifically labour costs.

The UK labour market has been an

unpredictable beast in recent years,

with wage growth remaining lacklustre

despite the strong rise in jobs. One

There’s little

chance that falling

prices will prompt

consumer

spending to

collapse

reason why wages are staying relatively

low could be that technology has made

it easier and cheaper to substitute

machine for man. Interest rates could

stay low for the foreseeable future if

low inflation turns out to be less cyclical

than structural.

CONSUMER’S GAIN,

INVESTOR’S PAIN

Of course no-one is going to complain

about falling prices. The pound in our

pockets is going a little bit further than

it did a year ago, which boosts our

spending power. That’s good news, not

least because consumer spending

remains the backbone of the UK economy.

But the consumer’s gain is the saver’s

pain. The trajectory of interest rate rises

is expected to be as muted as the outlook

for inflation. On the basis of the

Bank’s own projections, the only way

inflation will be back above the 2 per

cent target in two years’ time is if any

rate rises are limited to two quarter

point increases in 2017. That means

interest rates will be just 1 per cent a

decade after the start of the financial

crisis.

Persistently low interest rates mean

that, for investors and savers, the

search for income continues. This

should boost the case for equities and

equity income funds, further underpinned

by an ageing population seeking

ways of securing a decent return in

retirement. The inflows enjoyed by Neil

Woodford’s equity income fund are testament

to this.

Investors seeking equity income with

added oomph can look to enhanced

income funds like the Fidelity

Enhanced Income fund, managed by

Michael Clark, who also runs the

Fidelity MoneyBuilder Dividend fund.

The Enhanced Income fund aims to

generate a higher income than the

ordinary equity income version by selling

to other investors the right to buy

shares owned by the fund at a slightly

higher price than they would have to

pay in the market today. It receives an

upfront payment, or premium, in

exchange for that right (known as a covered

call option), and the premium is

passed on to investors in the form of a

higher dividend.

While the demand for income solutions,

specifically in the multi-asset

space, will increase, growth will be at a

premium. Quality companies that

boast strong cash flows, don’t rack up

debt and have pricing power will

become more expensive, because

they’re far more valuable in a world

characterised by low growth, low inflation

and low interest rates. Just ask

fund managers like Terry Smith of the

Fundsmith Equity fund, Nick Train of

the CF Lindsell Train UK Equity fund,

and Clyde Rossouw of the Investec

Global Franchise fund, who all seek out

these types of companies.

£ Maike Currie is associate investment

director at Fidelity International.

UK CONSUMER PRICE INDEX INFLATION

6

4

2

0

2010 2012 2014

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CITYAM.COM

WEDNESDAY 18 NOVEMBER 2015

FEATURE

23

OFFICE POLITICS

It’s all in the

shape: Inside

the psychology

of your logo

There’s a reason Gap’s redesign was such

a failure, says Amitava Chattopadhyay

WHILE they’re commonly

called “intangible

assets”, logos matter.

Gap learned this lesson

in 2010 when it attempted

to change its logo, but quickly

abandoned the endeavour after it met

with a furious backlash from followers

on Twitter and Facebook. What

the retailer hadn’t realised was how

the subtle aspects of its logo were perceived,

and how a complete revamp

might affect those perceptions.

We wanted to probe further. As my

colleagues and I point out in a new

paper, a logo’s shape can have a

sizeable impact on the judgements

people make about a firm or product.

SOFT OR HARD

First, and perhaps unsurprisingly, we

found that circular or angular logos

activate associations of “softness”

and “hardness” respectively.

Obviously, these associations extend

beyond physical notions of softness

and hardness. For example, if a

person is reading an ad for a services

company, the notion of softness may

give the reader an image of the firm

as being more sensitive to its

customers.

HOW DO YOU WANT TO BE

PERCEIVED?

We took this further by presenting

an ad for a specific product – in this

case, a sports shoe – to see whether

the effect of the logo’s shape

influenced perception of that

product. The circular logo led to

perceptions of comfortableness,

Consumer

impressions of

products diverge

sharply based on

the logo

whereas the angular logo led to

perceptions of durability.

In a later experiment, we used a

different type of logo, with sofas as

the product category. This had the

same effect: consumers associated

the sofas with softness if a rounded

logo was present and hardness when

an angular logo was present.

ADDING TO THE VIEW

While logo shape has a big part to

play in consumer perception, it can

also be accentuated or reduced by

accompanying visual imagery in an

advertisement. If the inference from

the logo shape opposes the visual

imagery, that inference will be less

powerful.

We also found that the attributes

of circular or angular logo shapes

BETTER

BEER

Untapped

Free

This is a social

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new varieties of

your favourite

beverages. Use

it to find nearby

pubs and bars,

discover what

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are trending in

different areas,

and what

people around

you are

choosing. The

app also gives

personalised

suggestions for

you to browse

through. And if

you’re in the

mood for

sharing, you can

post your own

photos and

reviews to other

users.

were made more noticeable if the

headline of the ad reflected similar

attributes. This effect was again

diminished when the headline

focused on other aspects. In our shoe

ad for instance, the logo shape’s

effect on the perception of

comfortableness was accentuated

with a headline that illustrated

comfortableness – but this effect was

diminished when the ad headline

focused on durability. It’s no wonder

that advertising guru David Ogilvy

described the headline as 80 per cent

of the ad.

We also found that consumers had

a greater willingness to pay for the

product if the logo shape inferences

were consistent with the verbal

information of the ad.

WHAT IT SAYS ABOUT YOUR

FIRM’S BEHAVIOUR

In another experiment, participants

were shown the scenario of a

passenger carrying overweight

baggage trying to board a plane

operated by a company with either a

circular or angular logo. They were

asked how likely the passenger was to

be allowed to board without a

penalty.

As expected, participants reckoned

that the airline would be more likely

to allow the passenger to bring their

bag on board without a penalty if it

had a circular logo. Conversely, an

airline with an angular logo was

thought to be less willing to respond

to passenger needs and care about its

customers.

£ Amitava Chattopadhyay is professor of

marketing at Insead.


24 LIFE&STYLE WEDNESDAY 18 NOVEMBER 2015

CITYAM.COM

FOOD&DRINK

The latest trend on

Bermondsey Street

Andrew

Baggs

@ARBaggs

The Bermondsey Yard Cafe

40 Bermondsey Street, SE1 3UD

Tel: 020 7378 8978

FOOD

VALUE

ATMOSPHERE

£ Cost for two with wine: £80

hhhii

hhiii

hhiii

The times they are a changin’

down on Bermondsey Street.

One of the finest Italian

kitchens in London and a

long-time standard bearer of

transpontine dining, is set to close before

Christmas. Rising rent prices have

reportedly forced the closure. The arrival

of Fulham Shore-owned Franco

Manca further points to an area of

London commanding increasingly

high rents.

This has led to an inevitable landgrab.

The latest reclaimed space to

open its doors is The Bermondsey Yard

Cafe. Occupying a former car park at

the very north end of the street, the

entrance is tucked round the back of

a building and is, when I first tried to

visit, not particularly welcoming.

I swung open the heavy iron gate

and found the door. Behind it was

someone looking at a laptop. I asked

if I could eat.

“No, we’re closed,” she said.

“It’s just that your Facebook page,

your sign outside and your website say

you’re open.”

“Ah. Yeah, sorry, we’re closed.”

It’s a rough start, for sure, but everyone

deserves a second chance. So I

went back for lunch a week later and

this time they were miraculously

open. The menu is slightly different

from what I expected – things

arranged on toast, things arranged on

boards – there’s little to order that requires

more than a quick squizz

under a salamander grill. It’s very

much a cafe rather than a dining concept.

There is no sign of the splashes

of colour or the cosy booths described

online. It’s a stark, cold, industrial

space, all bare brick, painted concrete

floor and a sweeping wooden bar.

The charcuterie board I ended up

There’s no sign of

splashes of colour

or cosy booths

described online.

It’s a stark, cold,

industrial space

with beheld beautifully arranged

meats served with lightly-grilled artichoke

hearts and sharp, caper berries.

A pistachio cookie, pomegranate and

chopped date trifle sounds good, but

failed to meet expectations. A biscuit

topped with cream does not a trifle

make.

But there remained enough hope for

me to try again in the evening. The

menu, now slightly closer to that advertised

on the web and outside, is

still a little disjointed and we find it

difficult to put together a coherent

meal. Apart from a soup of the day

(red lentil, not ordered) little fits the

bill as a starter.

We shared some padron peppers and

an assembly of butternut squash, ricotta

and hazelnuts. The peppers lack

the blistered blackness that makes

them sing, the three thick wedges of

squash are blackened on the outside

and raw within. The cooking of a

pumpkin softens the flesh,

caramelises the sugars and allows

Americans to push it into a pie for

pudding but we needed a knife to

carve into it.

A minute steak was topped with a

Top left: poached eggs and kippers; above, pulled pork on smokey black beans

whole roasted shallot and lay over two

Stilton croquettes; three good things

that would have been more impressive

had they not been clumsily piled

on top of each other.

We also try a venison tagliata, perfectly

cooked and sliced thin, that is

fanned across a king-size bed of red

mustard frills and blanketed with

Parmesan. It’s nice, in parts, but it

doesn’t work as a main course.

A flourless chocolate rosewater cake

with milk ice cream and blackberries

starts to lift the spirits and a plate of

cheeses from Neal’s Yard is generous,

served French-style, with decent bread

from Flour Station.

The Bermondsey Yard Cafe is an interesting

space, with its outside space

and DJ booth, it has potential to be a

great venue, especially when it simply

assembles great local ingredients.

But it fails to shine next to other

great Bermondsey restaurants like

José, Village East, and Casse-Croûte,

who continue to thrive, serving authentically

dazzling food at reasonable

prices.

The Bermondsey Yard Cafe is a curious,

spacious, diversion from a host of

more brilliant, intimate restaurants

down the road, meaning it’s a sign of

the times rather than the start of a

trend.

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CITYAM.COM

WEDNESDAY 18 NOVEMBER 2015

LIFE&STYLE

25

:@cityamlife

Warm up with classic

cocktails at The Goring

MIX

IT UP

Philip

Salter

@philip_salter

It must be a sign of age but I'm

increasingly uneasy hanging out

around youngsters on a night

out. It's probably because I've

been there, done that and made

the same "mistakes" already. They

were awful the first time so I’d

would rather not relive them (not

even vicariously).

Perhaps that’s why I found

myself propping up the bar at The

Goring Hotel last week. I’d

never visited before; it

doesn’t shout all that

loud on the hotel

bar circuit but

then I suppose

it’s so famous

it doesn’t

need to.

The crowd

outside was

mostly

young, but

inside was a

mixture of

ages, with

quite a few

elderly married

couples who were

sharply dressed. I

associate this delightful

effort with French and Italian

men and women of a certain age.

And here, Goring guests seem to

play by the same rules.

The hotel has just turned its

small terrace, which overlooks its

large private garden, into an alpine

Ski Bar. The story goes that this is

following the unearthing of a

couple of photos by Jeremy Goring

– the fourth member of his family

to run the hotel – of his greatgrandfather

and grandfather on

the slopes of St Moritz.

I'm not a keen skier so can't

attest to its authenticity, but the

terrace's powerful heaters mean it’s

warm enough to sit comfortably

outside. The cashmere rugs and

sheepskins help, but, if that's not

enough, order a glass of the

Glühwein (mulled wine).

The terrace cocktail list is

reassuringly limited with just four

options (though you can also order

off the main list). The recipes were

given to them by Andrea Delvo of

Badrutt’s Palace in St Moritz. In

addition to the excellent Glühwein,

you can order the San Moritzino,

Bellini or Suisesse.

The San Moritzino is an

appealing mix of vodka, Cointreau,

almond syrup and lemon juice. And

the Bellini is obviously a classic – in

this case, the peach purée is mixed

with Ayala Champagne. But the

Suisesse is something

special.

The Suisesse is a

delicious shake of

Absinthe Green

The Goring’s

St Moritzthemed

Ski

Bar, resplendent

with sheepskin

rugs

Velvet 340, Orzata

Fabbri almond

syrup, lemon juice,

egg white and sugar. It's

the first time I've tried the

combination of anise-flavoured

absinthe and almond and it's a

revelation. The Suisesse is

dangerously tasty, but the terrace is

only open between 6pm and 9pm so

you won't be able to do too much

damage.

The service is familial, the air is

scented with pine and filled with

gentle jazz.

Maybe I had one too many

Suisesses, but there is something

very special about this gentle oasis

that merits a return visit.

MAN-FOOD FROM M,

THREADNEEDLE ST

Our favourite City restaurant’s intrepid executive chef,

Michael Reid, goes for the glands in our man food series

CHORIZO

SAUSAGE,

BEANS &

DUCK EGG

This is a new

breakfast dish

that hits our

menu today. It’s

the perfect winter

warmer with a little spice to wake

you up in the morning from the

South African inspired beans

created by our head chef Jarad.

Accompanied with one of my

favorite sausages, Spanish chorizo,

and finished with a decadent duck

egg.

BEANS:

125g haricot beans

50g dry cured streaky bacon

100g onions, brown

1 Tsp ginger

20g butter, unsalted

1 tbsp vegetable oil

½ red pepper

30g tomatoes

1 Tsp hot smoked paprika

1 red birds eye chili

1 fresh bay leaves (dried if you can’t

get fresh)

¼ bunch coriander

1 garlic clove

½ lime leaf

1 tbsp tomato puree

1/2 tsp curry powder

250ml chicken stock

METHOD:

1. Soak your beans overnight

2. Sweat down your bacon and onion

in the oil and butter until the onion

becomes translucent before adding

your curry powder, garlic, ginger,

chili, peppers and cook out for a

further few minutes

3. Add your tomato puree and cook

out for a couple of minutes before

adding the beans, tomatoes, bay

leaves, lime leaves and chicken stock

4. Bring to the boil and then reduce

to a gentle simmer before covering

with a piece of baking paper. It will

take about 2-3 hours to cook, so

check regularly and give it a stir.

5. When cooked finished with the

chopped coriander and season to

taste

TO FINISH:

4 chorizo sausages

320g beans

4 duck eggs

4 sourdough toast

METHOD:

1. Grill the sausage directly on the

grill until just cooked

2. Re-heat your beans in a pan

3. Add your duck eggs to a pan with

some vegetable oil that has been on

a low heat; this will ensure your

whites don’t cook too fast. You want

to end up with a just cooked white

and runny yolk; use the oil to spoon

over the top of the white and yolk to

ensureit’s cooked all over.

4. Add your beans to the base of the

plate and put your sausage on top.

Cover with duck egg and enjoy.

www.mrestaurants.co.uk

WINNER!

‘Best New Restaurant 2015’ Harpers Awards

M, 2 & 3 Threadneedle

Walk, 60 Threadneedle

Street, London, EC2R 8HP

020 3327 7770

Tis the season to get tipsy on our pick of Christmas wines

Christmas is coming, the

geese are getting fat and it

is time to start planning

Christmas lunch. While the

true meaning of Christmas

is peace and goodwill to all, a delicious

lunch and good wine comes in

a strong second. Sometimes the only

way to get through TV re-runs, that

protracted and competitive game of

monopoly or ‘family debates’ is a

good glass of red.

If you like to make the most of

Christmas day and get started early,

Champagne is the perfect tipple for

the morning. With smoked salmon

on the side, it really takes care of

itself.

The perennial question is what to

drink with the turkey, a low fat,

medium weight and medium

flavoured bird. It is customary also to

Paul

Hammond

serve turkey with an assortment of

sweet sauces and accompaniments.

Too much tannin or power will take

away from the turkey. Red wine is

the obvious choice, yet a medium

bodied white wine can also go very

well.

The obvious choice for a white

wine Christmas is a Chardonnay,

ideally a creamy white Burgundy, or

a Chablis. To this end, a Californian

Chardonnay or a white Rhone will do

very nicely, too. These will marry

well with the delicate turkey and

some of the lighter sauces.

The rule with reds is to pick a

medium to full bodied red

with medium tannin. Old

favourites are aged

Châteauneuf-du-Pape,

Rioja or a red

Burgundy. A grand

bottle of Bordeaux can

work perfectly if it has

sufficient bottle age to

have softened the

tannins. The same is true

of Bordeaux Blends with age,

such as a super Tuscan, or a

Californian.

Cabernet Franc is a grape that

complements turkey, yet does not

overpower it. It is largely used today

as a grape to blend with Cabernet

Sauvignon and Merlot, although it

takes pride of place in the Loire

Valley. Outside of this we are

beginning to see more and

more Cabernet Francs from

around the world. The

reason is that it is a less

Are you dreaming of a

white wine Christmas?

tannic wine, with the

virtue of wonderful

raspberry, redcurrant, spicy

aromas and perfume. Cabernet

Franc’s easy nature, finesse and

elegant fruit will delight along with

the turkey and its many sauces.

Moreover, they tend to be attractively

priced, so you can get a lot more for

your money.

The perfect way to end the day is

with cheese and a vintage Port or a

late Bottled Vintage can finish off

the whole occasion sweetly.

With the City A.M. Wine Club,

choosing wines for Christmas lunch

need not be a daunting task. To help

our members we have compiled a

selection of Christmas boxes to cater

for all budgets and tastes. These

make superb gifts, be it a festive

treat for yourself or a fellow wine

lover.

The City A.M. Wine Club is also

pleased to advise you on selecting

the perfect wines to drink over

Christmas lunch and the entire

festive period. Just get in touch by

filling in the registration form at

cityam.com/city-am-wine-club/sign-up


26 SPORT WEDNESDAY 18 NOVEMBER 2015

SPORT

CRICKET

Taylor stars as

tourists close in

on series glory

ROSS MCLEAN

ENGLAND skipper Eoin Morgan

saluted the performance of James

Taylor after the diminutive batsman

struck a composed half-century to

guide his side to a six-wicket victory

against Pakistan in the third one-day

international in Sharjah yesterday.

Taylor struck 67 not out and shared

an unbroken stand of 117 with the

under-pressure Jos Buttler, who

amassed 49, as England chased down

their victory target of 209 with 19

overs to spare to take a 2-1 series lead.

For the second match in succession

all-rounder Chris Woakes starred with

the ball, taking 4-40 from 9.5 overs, as

Pakistan collapsed from a position of

strength at 132-2, losing their final

nine wickets for just 116 runs.

Taylor did not feature for England

during their one-day series against

New Zealand in the summer despite

captaining the side against Ireland in

May, but has become a principal cog

in Morgan’s limited-overs plans.

“Every role we have given him in

the team he has excelled in and

James Taylor struck his seventh ODI 50

tonight was no different, particularly

given the tricky circumstances,” said

Morgan of Taylor, who averages 63.67

in his last eight ODI innings.

England’s 2-1 advantage in the fourmatch

tussle means they can clinch a

first one-day series win in Asia since

beating Bangladesh in 2010 by

avoiding defeat in Dubai on Friday.

“The performance was hugely

satisfying and one of the most pivotal

things in the performance was the

chase. The pitch turned a lot more

than we expected it to and I thought

the partnership between Buttler and

Taylor was outstanding.

“It was a huge step forward for us,

particularly our middle-order and

batting unit having absolute clarity in

what we were doing and playing in

such a positive way. It was a

magnificent win and we’ve earned

the right to go and win the series.”

England were teetering at 93-4

having initially been reduced to 27-2

after the early departures of opener

Jason Roy and Yorkshire’s Joe Root,

before Taylor snatched the reins and

registered his seventh ODI 50.

While Buttler’s return to form was

significant – the wicketkeeperbatsman

had accumulated just 16

runs in his previous four innings – so

was that of Woakes.

Prior to the past two ODIs, in

which the 26-year-old has claimed

eight scalps, Woakes had failed to

take a wicket in his previous six.

FOOTBALL

INTERNATIONAL FRIENDLY

ENGLAND 2

FRANCE 0

FRANK DALLERES

WEMBLEY STADIUM

ENGLAND manager Roy Hodgson

expressed his pride after Wembley

came together in an unprecedented

display of unity for an emotional

friendly with France last night, just

four days after terrorists killed 129

people in Paris.

Home supporters joined in with

the French national anthem, Le

Marseillaise, the Duke of Cambridge

presented the visitors with a

floral tribute, and players mixed

among each other for an immaculate

minute’s silence.

The match, won by England

thanks to goals in each half from

19-year-old Tottenham midfielder

Dele Alli and record goalscorer

Wayne Rooney, went ahead despite

security alerts causing matches in

Germany and Belgium to be cancelled.

“I think we in England can be

rightly proud that we were able to

put this event on. It wasn’t us pushing

them; it was them saying ‘we

want to do this because an act of defiance

is more important than the

alternative’,” said Hodgson.

“We were focused on two things:

making certain we conducted the

remembrance ceremony in the

right way, showing the respect, solidarity

and unity we wanted to express;

and then concentrating on

playing a good game of football

when the referee blew his whistle.”

France coach Didier Deschamps

thanked “not just the people at

Wembley but the whole English nation”

for showing solidarity. “We

have had a moment of communal

grief and it has been good for us,”

he added.

Hodgson also praised Alli, who

only made his senior international

debut as a substitute in Friday’s 2-0

defeat to Spain in Alicante but enhanced

his hopes of gatecrashing

England’s Euro 2016 squad with a

barnstorming performance.

“It was close to a faultless performance,”

he added. “It is amazing

TENNIS

Going home British eventer

William Fox-Pitt discharged

from hospital a month after fall

Liberté, égalité,

All for one and one for Dele Alli as England host France in

at that age, to go in and do what he

did tonight was quite outstanding.

He’ll get a lot of praise for that performance;

he certainly deserves a

lot of praise.”

The sombre pre-match mood

made for a subdued opening in

which the visitors looked the

sharper team, with Crystal Palace

midfielder Yohan Cabaye shooting

narrowly over and Manchester

United forward Anthony Martial

forcing Joe Hart into a low save.

England grew into the half,

Federer ends Djokovic’s winning

streak to secure last-four place

ROSS MCLEAN

FORMER world No1 Roger Federer

delivered an unmistakable statement

of intent after ending top seed Novak

Djokovic’s 23-match winning run

with a scintillating

performance at the ATP

World Tour Finals at

London’s O2 Arena last

night.

Six-time champion

Federer beat the Serb 7-

5, 6-2 to seal a

semi-final place, a

result which represented

Djokovic’s first defeat in

39 indoor matches, while the

28-year-old had also won his last

15 clashes at the season-ending

finale.

Eighth seed Kei Nisikori,

meanwhile, reignited his bid to

reach the tournament’s knockout

stages after battling past Czech

Tomas Berdych, having been

annihilated by Djokovic in his

opening clash.

In the first singles match not to be

won in straight sets, Nishikori,

who reached the semi-finals

on his competition debut

last year, emerged

victorious, winning 7-5,

3-6, 6-3 after saving a

break point in the

deciding set.

Britain’s Jamie Murray

and his doubles partner

John Peers of Australia

suffered their first reverse of

the tournament in their second

group match, losing 6-3, 7-6 (7-5) to

India’s Rohan Bopanna and Florin

Mergea of Romania, who reached the

last four.

though, and it was Alli who enjoyed

their first clear sight of goal, only

for the former MK Dons youngster

to mis-control Spurs team-mate

Harry Kane’s pass when charging

into the penalty area unattended.

Rooney, who switched between

the two flanks, was next to

threaten following another slidrule

pass from Kane, the England

captain turning Arsenal defender

Laurent Koscielny this way and that

before bending a shot inches wide.

Alli made the breakthrough six

RUGBY UNION

ROSS MCLEAN

NEW Zealand was last night in

mourning after the unexpected

death of All Blacks great Jonah

Lomu, aged 40.

Lomu, who scored 37 tries in 63

Tests for New Zealand during 1994

and 2002, suffered health

problems since his retirement,

undergoing a kidney transplant in

2004 and receiving dialysis

treatment for the past decade.

Former All Blacks doctor John

Mayhew confirmed the news last

night.

“I can confirm that Jonah Lomu

died this morning. It was totally

unexpected, Jonah and his family

arrived back from the United

Kingdom last night,” he said.

New Zealand rugby chief Steve

Tew added: “Jonah was a legend of

minutes before half-time, winning

a crunching 50-50 tackle with

United midfielder Morgan Schneiderlin

and then receiving the ball

from Rooney to beat erstwhile club

colleague Hugo Lloris from long distance,

via a slight deflection.

Rooney ended the contest, such as

it was, moments after the interval

with a far-post volley that squirmed

through Lloris’s grasp following a

dinked cross by Raheem Sterling

and another vital upfield interception

from man-of-the-match Alli.

New Zealand rocked by death of

marauding wing Lomu, aged 40

our game and loved by his many

fans both here and around the

world.

“We’re lost for words and our

heartfelt sympathies go out to

Jonah’s family.”

Lomu had recently travelled to

England for the Rugby World Cup,

during which he was a

spokesperson for Heineken.

Marauding winger Lomu

famously destroyed England in the

semi-final of the 1995 World Cup

and provided one of the sports

most iconic images when he

steamrolled Mike Catt.

He scored four tries against

England as the All Blacks won 45-

29 in that last-four tussle and

seven in total at the tournament,

although New Zealand missed out

in the final as Francois Pienaar’s

South Africa prevailed.


CITYAM.COM WEDNESDAY 18 NOVEMBER 2015 SPORT 27

Staying put England rugby

captain Chris Robshaw signs

new contract with Harlequins

fraternité

emotional friendly

Genuine friendly fixture between two traditional rivals was truly special occasion

SPORT

COMMENT

Frank

Dalleres

YOU know it must be a special

occasion when more than

70,000 English rise to belt out

a stirring rendition of one of

their traditional rivals’ national

anthems.

When supporters greet the emergence

of the opposition team for their

warm-up, some 50 minutes before kickoff,

with a standing ovation.

England and France show their solidarity (left), while Dele Alli (above) celebrates

after opening the scoring and Wayne Rooney (below) volleys home a second

Or when the parading of a huge Tricolore

on the pitch prompts sections of

the crowd to rise and affectionately applaud.

And last night at Wembley was

a truly special occasion. Not for the

football -- which for all of England’s

moments of promise was naturally

something of sideshow, even by international

standards -- but for the palpable

sense of something bigger than

that. For England to show how much it

cared for France, still grieving for the

129 slaughtered by terrorists in Paris

on Friday. For a friendly fixture to be

genuinely that: friendly. And for a

match’s mere occurrence, while games

in Germany and Belgium were being

cancelled due to security concerns, to

feel like a triumph. Home supporters

did themselves proud with a hearty

FOOTBALL

German game

off after threat

ROSS MCLEAN

GERMANY’S international friendly

match against Holland at the HDI

Arena in Hanover was cancelled last

night less than two hours before

kick-off following a bomb scare.

Evacuation of the 49,000-capacity

stadium began after information

was received relating to the threat of

explosives at a contest which

German chancellor Angela Merkel

was set to attend.

“We had concrete evidence that

someone wanted to set off an

explosive device in the stadium,”

said German police chief Volker

Kluwe.

Lower Saxony interior minister

Boris Pistorius later confirmed that

despite threats being received by

police, no explosives were found

near the stadium in Hanover, or

anyhwere else in the city.

Events in Hanover came just four

days after world champions

Germany’s match against France in

Paris was targeted by terrorists as

part of a coordinated attack on the

capital which killed a total of 129

people.

Belgium’s friendly showdown

against Spain in Brussels, which was

also scheduled to take place last

night, was called off late on Monday

evening amid security concerns

following the terrorist attacks in

Paris.

stab at Le Marseillaise, while the floral

tribute presented by the Duke of Cambridge

was one of several classy gestures

for which the Football

Association deserves credit.

Perhaps the most poignant moment

of all, however, was the impeccably observed

moment’s silence -- a spectacular

quiet, heavy with sorrow and

dignity. Special indeed.

IN BRIEF

ENGLAND’S TORMENTOR

JOHNSON BOWS OUT

£ CRICKET: Australia paceman

Mitchell Johnson has retired from the

international game, bowing out with

two wickets on the final day of the

drawn second Test against New

Zealand in Perth. The 34-year-old

terrorised England in Australia’s 5-0

Ashes series landslide in 2013-14 and

was his country’s fourth-highest Test

wicket-taker with 313 from 73 matches.

He said: “I feel now is the best time to

say goodbye.”

WILLETT ABSOLVES TOUR IN

MCILROY ELIGIBILITY ROW

£ GOLF: England’s Danny Willett

insists the European Tour was right to

grant Race To Dubai rival Rory McIlroy

special permission to remain eligible for

the prize despite not playing the

required number of events. World No3

McIlroy, bidding to top the order of

merit for a third time in three years, is

just ahead of Willett, 28, going into

tomorrow’s season finale, the DP World

Tour Championship. “It’s avery difficult

one,” said Willett. “I think [they] made

the correct decision.”

CHELSEA MOVE CLOSER TO

WIMBLEDON STADIUM DEAL

£ FOOTBALL: AFC Wimbledon’s

owners have agreed to sell their

stadium, Kingsmeadow, to Chelsea in

another step towards returning to their

spiritual home, Plough Lane. Chelsea

intend to use the ground, currently

shared with non-league Kingstonian, to

host their women’s and youth teams.

The Dons Trust voted for the deal

subject to Merton council approving

plans for a new 20,000-capacity venue

at Wimbledon Greyhound Stadium.

SWEDEN AND UKRAINE BOTH

SECURE PLACE AT EURO 2016

£ FOOTBALL: Sweden reached their

fifth successive European

Championships after a 2-2 draw in

Denmark last night secured a 4-3

aggregate win. Leading 2-1 from the

first leg, Sweden extended their

advantage through a Zlatan

Ibrahimovic double before Denmark

rallied with two late goals. Ukraine also

made it to Euro 2016 after a 1-1 draw in

Slovenia. Forward Andriy Yarmolenko

scored a last-gasp leveller to make the

aggregate score 3-1.

RESULTS

FOOTBALL

EUROPEAN CHAMPIONSHIP

PLAY-OFF SECOND LEG

Denmark........ (0) 2 Sweden ......... (1) 2

Agg: 3-4.

Slovenia ..........(1) 1 Ukraine .........(0) 1

Agg: 1-3.

INTERNATIONAL MATCHES

Austria ...........(1) 1 Switzerland ..(2) 2

Azerbaijan ......(1) 2 Moldova ........ (1) 1

Belgium ............... P Spain .................. P

Postponed - due to safety reasons.

England ..........(1) 2 France ...........(0) 0

Germany .............. P Holland ............... P

Postponed - due to security concerns.

Italy ............... (0) 2 Romania ........ (1) 2

Poland .............(2) 3 Czech Rep ..... (1) 1

Russia .............(1) 1 Croatia ..........(0) 3

Slovakia ......... (0) 3 Iceland .......... (1) 1

Luxembourg .. (0) 0 Portugal ........ (1) 2

Turkey ............ (0) 0 Greece ...........(0) 0

Estonia .................. (1) 3 St. Kitts & Nevis (0) 0

Macedonia .... (0) 0 Lebanon ........(0) 1

THE FA CUP

FIRST ROUND REPLAYS

Morecambe....(2) 2 Dag & Red .....(2) 4

Newport Co ....(2) 4 Brackley........ (1) 1

Oldham .......... (0) 2 Mansfield .....(0) 0

Oxford Utd .....(1) 3 Braintree Tn . (1) 1

LADBROKES SCOTTISH

CHAMPIONSHIP

Hibernian ...... (0) 2 Livingston .....(0) 1

SCOTTISH LEAGUE 1

Peterhead ......(1) 1 Stranraer ...... (1) 1

Albion .................. P Cowdenbeath .... P

SCOTTISH LEAGUE 2

Montrose .......(1) 1 Queen’s Park .(3) 6

CRICKET

SECOND TEST MATCH—South Africa v

India (Bangalore): South Africa 214 (59.0

overs; A B de Villiers 85; R A Jadeja 4-50,

R Ashwin 4-70). India 80-0 (22.0 overs).

No play Tuesday due to rain.

SECOND TEST MATCH—Australia v New

Zealand (Perth): Australia 559-9 dec

(133.0 overs; D A Warner 253, U T

Khawaja 121) and 385-7 dec (103.0 overs;

S P D Smith 138, A C Voges 119; T G

Southee 4-97). New Zealand 624 (153.5

overs; L R P L Taylor 290, K S Williamson

166; M A Starc 4-119) and 104-2 (28.0

overs). Australia drew with New Zealand.

THIRD ONE DAY INTERNATIONAL—

Pakistan v England (Sharjah): Pakistan

208 (49.5 overs; C R Woakes 4-40).

England 210-4 (41.0 overs; J W A Taylor

67no). England beat Pakistan by 6 wickets.

TENNIS

BARCLAYS ATP WORLD TOUR FINALS

(O2 Arena, London)—Singles Group A: R

Federer (Swi) bt N Djokovic (Ser) 7-5 6-2,

K Nishikori (Jpn) bt T Berdych (Cze) 7-5

3-6 6-3. Doubles Group A: B Bryan (USA)

& M Bryan (USA) bt S Bolelli (Ita) & F

Fognini (Ita) 6-3 6-2, R Bopanna (Ind) & F

Mergea (Rom) bt J Murray (Gbr) & J Peers

(Aus) 6-3 7-6 (7-5).

TODAY’S DIARY

(7.45pm unless stated)

FA Cup First Round Replay

Bradford v Aldershot ...................................................

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