Cityam 2015-06-23

LADBROKES last night confirmed it was inmerger talks with rival bookie Gala Coral ina deal to create the UK’s largest gamblingcompany.

The FTSE-250 listed firm, which has 2,150betting shops across the UK, said it wasweighing plans to buy Gala Coral’s 1,800Coral betting shops, its online business andItalian brand Eurobet.

No price was disclosed. Ladbrokes said it

EuropeanCommissionpresident Jean-Claude Juncker saida deal with AlexisTsipras would befinalised this week.

BY MICHAEL BOW

FTSE 100 ▲6,825.67 +115.22 FTSE 250 ▲17,906.29 +201.30 DOW ▲18,119.78 +103.83 NASDAQ ▲ 5,153.97 +36.97 £/$ ▼ 1.582 -0.006 £/€ ▼ 1.395 -0.004 €/$ ▼ 1.134 -0.001

BY CHRIS PAPADOPOULLOS

GREECE’S creditors said yesterday thatthe country had submitted its first setof comprehensive reform proposalssince negotiations began in February,causing European markets to rally onhopes that a deal would be struckwithin days.

After a Brussels meeting of Eurozonefinance ministers, European Councilpresident Donald Tusk said the newdraft of proposals sent in by theGreeks were “the first real proposalsin many weeks”.

Jeroen Dijsselbloem, the Dutchfinance minister and president of thegroup of finance ministers known asthe Eurogroup, said the proposalswere “broad and comprehensive”. Itstands in stark contrast with com-ments on earlier drafts of proposalsthat officials labelled vague, insuffi-cient and incomplete.

But he said that more time would beneeded to fully analyse them.

Stocks in Athens rocketed by nineper cent and substantial gains weremade in other European markets. TheFrench Cac 40 and German Dax bothclimbed 3.81 per cent.

Leading the rally in Greece werebanking shares. Shares in three ofGreece’s four largest retail bankssoared by more than 20 per cent.However, most are still below levelsseen in May.

Eurozone heads of state met later in

the day, after which a defiantEuropean Commission president Jean-Claude Juncker said: “We will finalisethe process this week.”

He said the Greek reforms were “amajor step taken by the Greek author-ities into the direction of the expecta-tions of the three institutions”.

Eurozone finance ministers will

meet again tomorrow, Juncker said,and will hope to produce results to besubmitted to the European Council onThursday.

Juncker denied that there had beenany discussion of capital controls forGreek banks at the heads of statemeeting. He also said that now wasnot the time to talk about debt relief.

BUSINESS WITH PERSONALITYcityam.com FREEISSUE 2,403 TUESDAY 23 JUNE 2015

could launch a share placing to raise cashfrom investors to strengthen its balancesheet if a deal is reached.

“My plans are well advancedand I look forward topresenting them toshareholders,” Ladbrokesboss Jim Mullen said. “Amerger with Gala Coralcould create a combinedbusiness with significantscale and has the potential

to generate substantial cost synergies,creating value for both companies’

shareholders.”A deal would put Ladbrokes well

ahead of William Hill – which hasover 2,400 shops – as the UK’slargest betting company, but thiscould prompt scrutiny fromcompetition regulators.

Gala Coral’s Gala Bingo is notpart of the deal, Ladbrokes said

last night.

HOPE OF GREEKBREAKTHROUGHSPURS MARKET

DON’T DELAYON NEWRUNWAYDECISION

See Page 3 and 18

Ladbrokes in takeover talks with rival Gala Coral

TUESDAY 23 JUNE 20152 To contact the newsdesk email [email protected]

Tesco suppliers stack up themost protests in new codeTESCO has been the subject of morethan half of issues raised by supplierswith the new Groceries Code adjudi-cator in the last year.

The troubled supermarket was atthe receiving end of 54 per cent ofcomplaints made, with 11 per cent ofTesco’s suppliers going to the newgovernment ombudsman, accordingto a YouGov survey yesterday.

The next most-troublesome wasMorrisons, which received 26 per centof complaints, meaning six per centof its suppliers had gone to adjudica-tor Christine Tacon. Then came Asdaand the Co-operative, followed bySainsbury’s and Iceland.

Marks & Spencer, Waitrose and Lidleach had a small number of com-plaints – one per cent of the total –with only Aldi registering none.

In fact, 44 per cent of suppliers saidthe German discounter always com-plied with the code – compared withjust four per cent of Tesco’s suppliers.

Tesco has been at the centre of astorm around its handling of supplierrelationships, which caused the com-pany to overstate its profits by £263m,prompting a swathe of investigationsboth internal and external.

Most recently, the UK’s auditingbody the Financial Reporting Councilput retailers’ relationships with sup-

PRIME Minister David Cameronhas vowed to end what he calledthe “ridiculous merry-go-round” oftaxing low earners only to givethem generous welfare handouts.

Speaking at a school in Cheshire,the Prime Minister said yesterday:“We need to move from a low wage,high tax, high welfare society to ahigher wage, lower tax, lowerwelfare society.”

Cameron’s comments came justone day after chancellor GeorgeOsborne and work and pensionssecretary Iain Duncan Smithannounced their intention to pushahead with plans to cut £12bn ayear in welfare spending. Osbornesaid on Sunday the governmentwould deliver on its campaignpromise to reduce the benefit capfrom £26,000 to £23,000, addingthat further details about changesto in-work benefits would come inthe summer budget next month.

The opposition attacked thegovernment’s positions yesterday,with shadow chancellor ChrisLeslie demanding the PM specifythe exact cuts he is proposing,saying he “concealed his proposalsfrom public view throughout theelection campaign”.

“It is time for him to spell themout and let people judge whetheror not they are fair,” Leslie said.

PM says he willstop the welfaremerry-go-round

Tesco has been under fire on multiple fronts recently, this time it was from its suppliers

BY LAUREN FEDOR

BY CATHERINE NEILAN

pliers under the microscope in partbecause of Tesco’s behaviour. Whilechief executive Dave Lewis has beenbusy turning the UK’s biggest retaileraround, it seems those crucialsupplier relationships are still fraught.

But it was Iceland that came outworst: five per cent of its supplierssaid it never complied with the code,while just six per cent said it was con-sistent in sticking with it.

But overall, there was a drop in thenumber of suppliers reporting issuesin their dealing with the top 10 retail-ers in the last year, down from 79 percent in 2014 to 70 per cent in the last12 months.

Tacon said her “collaborative”approach with the retailers was mak-ing a difference – although sheacknowledged an ongoing investiga-tion had also had an impact.

IN BRIEF

EU extends Russia sanctionsn The EU yesterday opted to extendeconomic sanctions against Russia until theend of January 2016, keeping up pressureon Moscow to help resolve the Ukraineconflict. Russia described the move as atriumph for the “Russophobe” lobby in theEU and moved to extend a ban on Westernfood imports, imposed in response to USand European sanctions, for a further sixmonths. NATO Secretary-General JensStoltenberg welcomed the EU’s decision.

Tory rebel warning on EU talksn David Cameron has been told byConservative rebels to grab EU referendumnegotiations by the scruff of the neck. Theformer children’s minister, Tim Loughton,said leaving the reform plan to civil servantswould end up with the negotiations turningto mush. He also criticised the review ofhow EU laws impacted the UK in the lastparliament as a damp squib, saying “civilservants go for the lowest commondenominator”.

Senate report slams Takatan Air bag maker Takata may have putprofits before safety in a way that forcedone of the most complex auto recalls ever,Democrats on a US Senate committee said ina report yesterday. The report comes theday before a hearing on Takata’s defectiveinflators. Those faulty parts have beenlinked to hundreds of injuries and at leasteight deaths globally - all in Honda vehicles- because some air bags deploy with toomuch force metal shards at passengers.

REGULATORS will bow to Citywarnings that new pay rulesthreaten to undermine the UK’scompetitiveness when they unveilproposals to change the waybonuses are treated whenbankers quit their jobs to join arival firm.

The Prudential RegulationAuthority (PRA) and FinancialConduct Authority (FCA) areexpected to announce today thatthey have decided not to impose

BY CAITLÍN MORRISON an outright ban on so-calledbonus “buy-outs”, according to aSky News report last night.

They involve the cancellation ofunvested compensation by theexisting employer, with the newemployer picking up the tab.

The City watchdogs are insteadlikely to opt for less draconianmeasures to police the practice.

The regulators’ decision is to bepublished after a consultationlasting nearly a year, in animportant move towards theradical overhaul of bankers’ pay

in the aftermath of the 2008financial crisis and subsequenttrading scandals.

Bonus buy-outs have been acommon feature of banks’ effortsto lure rivals’ star traders andadvisers.

Sources told Sky News last nightthat regulators had acknowledgedan absolute prohibition onbuyouts would have had anunacceptable impact on the City’scompetitiveness, reflectingremarks made in last year’sconsultation paper.

TODAY’S COMMENT: Greece’s place in the Eurozone and Scandinavia’s welfare state See The Forum pages 18-19

NEWS

City watchdogs expected to curbrestrictions on bonus buy-outs

A Swedish “megacar” has smashed the record for acceleration and deceleration, making itthe fastest sprinting car in the world. Koenigsegg’s One:1 managed to go from stationaryto 300km/h in just 17.95 seconds during a test run in Angelholm, Sweden.

SWEDEN’S SUPERCAR SMASHES RECORD

Planet Fitness files for an IPOUS budget fitness chain, Planet Fitness, whichsays it prides itself on offering members a “non-intimidating environment” dubbed “thejudgement free zone” has filed for an initialpublic offering. The Newington, New Hampshire-based company, which had more than 7.1mmembers at the end of March, said it's seeking$100m (£63m) Such figures in filings are oftenpreliminary. The fitness chain operated 918 gymsat the end of last year, more than double theamount in 2010.Uber’s total funding nears $10bnUber’s latest financings will bring its totalfunding to $10bn, setting a new record for a US

tech company before it goes public, as it closes inon a new credit line and equity round. Much ofthat equity and debt has been raised in the pastsix months, as the San Francisco-based car-hailing company takes advantage of hugeinvestor appetite for its fast-growing business.The funds will go towards funding its costlyexpansion to more than 300 cities.Gove wants criminal courts overhaulThe UK court system is in need of urgent reformssuch as using technology to streamlineinefficient bureaucracies, Michael Gove will saytoday, as he warns the current set-up is failingvictims of crime. In his first speech since beingappointed justice secretary, Gove will attempt todistance himself from his predecessor’s stringentcuts to legal aid.

Ramadan brings £100m grocery surge Britain’s biggest supermarkets have had an upliftin sales because of the holy month of Ramadan,with the Islamic festival becoming the mostimportant retail event after Christmas and Easter.At sundown Muslims break their fast by feastingwith friends and family. The food bought isleading to a rise in sales of meat.

Households fight against junk mailRoyal Mail is piloting a major initiative to curbunwanted direct marketing as it was revealed thenumber of households choosing to block junk mailwill surpass 6m this year. By the end of summeralmost one in four households is expected to havejoined the mailing preference service.

Era of cheap labour coming to an endWage growth should accelerate over the comingmonths and years as business investmentincreases and productivity takes off, Bank ofEngland deputy governor Sir Jon Cunliffe saidyesterday. “The period of very cheap labourseems to be ending,” he said.Carnival cruises higher after upgradeCarnival cruised towards the top of the FTSE 100after Deutsche Bank upgraded the stock ahead oftoday’s second-quarter results. The bank revisedits target price to £35.25, lifting its rating from“hold” to “buy” as it expects earnings to be wellabove its guidance, thanks to strong bookingvolumes and a pricing recovery.

Williams shares surge after rejectionShares of Williams, a large natural-gas pipelineoperator, surged yesterday after it rejected anearly $5bn (£3.2bn) buyout offer. The gain putspressure on Williams to find a richer deal or proveit can deliver better results as a stand-alonecompany, Wall Street analysts said.Supreme court rejects raisin policyThe Supreme Court yesterday struck down a NewDeal-era raisin price-support program, ruling itunconstitutionally requires growers to surrendertheir crop to the government for future sale. Chiefjustice John Roberts said the programme violatesthe fifth amendment.

WHAT THE OTHER PAPERS SAY THIS MORNING

those public appear-ances.Business group the

London Chamber ofCommerce and Industry

(LCCI) raised concerns about anypotential further delays to the report,which was initially expected to be pub-lished before May’s General Election.

A spokesperson for LCCI said lastnight: “We’re going to need a decision,and quickly, if the infrastructure devel-opment is going to bring about eco-nomic benefits.”

TUESDAY 23 JUNE 20153NEWScityam.com

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SIR HOWARD Davies will not join theboard of RBS Group as a non-executivedirector at today’s annual generalmeeting, as delays plague his AirportsCommission’s report on a new run-way. While he will still become

the bank’s chairman on 1September, his initialpost as a non-executivedirector, which wasmeant to start withimmediate effect today,is now to be delayed.

RBS still believes that hewill become a non-execu-tive director beforeSeptember. However, theappointment will not happen until theAirports Commission, which Davieschairs, delivers its final report on air-port expansion.

RBS yesterday scrapped a resolutionto the AGM to appoint Davies to theboard, citing his commitments to thecommission and its delayed report.

The commission is expected to report

BY CHARLOTTE HENRY its findings shortly, with an announce-ment due either next week or the weekafter. The government will thenrespond.

Davies is appearing at events in themiddle of July, and the decision on

whether to expand the runway ateither Gatwick or Heathrow is

expected before he makes

A FEMALE cyclist died duringyesterday morning’s rush hour afterbeing hit by a tipper truck outsidethe Bank of England.

The junction was closed to alltraffic after the cyclist was hit justbefore 9am. After paramedics wereon the scene for just under an hour,the City of London police said justbefore 10am that the cyclist haddied.

“The six-way junction at Bank is adreadful throwback to a past, car-

BY EMMA HASLETT dominated era. Without knowingthe precise circumstances of today’stragedy, fatalities like this underlinehow urgently we need proper,protected space for cycling,especially at junctions,” said AshokSinha, chief executive of the LondonCycling Campaign yesterday.

The news comes just days after acyclist in her late 20s was knockeddown and seriously injured by a skiplorry at London Bridge duringmorning rush hour last week.

The woman is the eighth cyclist todie on London streets in 2015.

Cyclist dies after being hit bytruck outside Bank of England

Howard Davies’RBS date facesrunway delays

COMPANIES House, the UK registrarof companies, yesterday announcedthe launch of its public beta searchservice allowing users to access all ofits digital data free of charge.

This means users will be able toaccess over 170m digital records oncompanies and directors includingfinancial accounts, company filingsand details on directors andsecretaries. Prior to this users had

BY JESSICA MORRIS been required pay a nominal fee ofup to £1.

The Department for Business,Innovation and Skills has previouslysaid that customers spent a total of£8.7m accessing the companyinformation held by CompaniesHouse over the year ending 31March 2014.

“In making this move to free datawe’ll be giving £6m back to UK Plcbut more importantly removing abarrier to accessing the public

information on companies,” TimMoss, registrar of companies, said.

“When we’ve previously releaseddata for free we see increases in itsuse. This can only be good for theeconomy as it encourages people touse the data in new and innovativeways, carry out more analyses oncompanies, and make betterdecisions.”

Companies House will also releasenew search features over the nextfew months.

Companies House launches itsfree service for digital data

Sir Howrd Davies will notjoin the RBS board today

The market for e-cigarettes nearly doubled in sized from 2013 to reach $6bn (£3.8bn) in2014, according to data released yesterday by Euromonitor International (EI). “Since itsintroduction to the market in 2005, vapour products have grown by nearly 70 per cent,eclipsing nicotine replacement therapy products,” said Zora Milenkovic from EI.

E-CIGARETTE SALES NOT SMOKE AND MIRRORS

RUNWAY DRAMA: Page 18

▲ ▲

The group is famous for itsFerrero Rocher chocolates

TUESDAY 23 JUNE 20154 NEWS cityam.com

ITALIAN confectionery giant FerreroInternational is hoping to treat itself toanother box of chocolates after offeringto buy Thorntons for £112m yesterday,sending shares in the ailing retailersoaring by 43 per cent.

The family-owned chocolatier behindNutella, Kinder and FerreroRocher has offered to pay 145pper share in cash for Thorntons,reflecting a 43 per cent premi-um to Friday’s closing price.

Thorntons’ managementhas urged shareholders toback the offer.

“Ferrero is a successfulglobal confectionerybusiness with a strongfamily heritage andas such represents agood cultural fitfor Thorntons,”chairman PaulWilkinson said.

The deal comesafter a tough year

Italy’s Ferrerogoes hazelnuts for Thorntons

BY KASMIRA JEFFORD for Thorntons amid rising competitionfrom newer brands and declining foot-fall at its high street stores.

In December, the 104 year-old compa-ny issued a profit warning after a cut inorders from two grocery chains andproblems at its Derbyshire warehouse.

Ferrero said that following a deal itwould launch a review to identifypotential cost savings. However, it ruledout closing the factory and will also

keep the Thorntons brand.Ferrero said it has bought a 29.9

per cent stake in Thorntons andhas the backing of owners of

another 4.5 per cent.Chief executive Giovanni

Ferrero said: “We deliveredour best ever results in theUK in 2014, giving us confi-

dence that now is theright time to broadenour roots in this impor-tant market.”

Thorntons was founded in Sheffield in 1911 and has 242 owned stores across the UK

When Pietro Ferrero came up with his ideaof starting a new confectionery business inthe 1940s, Italy’s Piedmont region wasalready famous for its chocolate. Its capitalcity Turin was the birthplace of Gianduja, asweet chocolate spread containing about 30per cent hazelnut paste, which wasinvented during Napoleon’s regencyperiod. However, chocolate wasexpensive – particularly after the SecondWorld War – and reserved for the wealthyor special occasions. In 1946 Ferrerodecided to create an affordable version thatcould be enjoyed by everyone. He launched“pasta gianduja”, an early and solidifiedversion of Nutella, that was sold wrappedin tinfoil. A spreadable version calledSupercrema was launched a few years later.It was Ferrero’s son Michele Ferrero whorenamed it Nutella in 1964 and relaunchedthe spread in its glass jar. He took over thebusiness following his father’s death in1949 and grew the chocolate firm into thegiant it is today, developing Kinder in 1968,Tic Tacs the following year and FerreroRocher in 1982. With sales of around £6bn,the chocolatier is widely seen as Italy’smost valuable privately-owned companyand turned Michele Ferrero into Italy’srichest man. The billionaire died at inFebruary aged 89 and his son Giovanni tookover as chief executive. Ferrero has madethree acquisitions over the last three yearsthat have included two hazelnut factories inTurkey and Italy and a Belgiumconfectionery supplier. Thorntons would beits first significant acquisition of a brandedname after reportedly vetoing the idea of abid for Cadbury in 2009.

COLIN CHRISTIE

1 Flin started his broking career with Dresdner Kleinwort in 2000, working inthe mid-market with a large number of listed companies.

3 David is an economics graduate from University College London and an avid Tottenham Hotspurfan. When Spurs aren’t playing, he can be found on the golf course.

DAVID FLIN – INVESTEC BEHIND THE DEAL

Also advising...Investec is joint broker to Thorntons alongside Peel Hunt as well as acting as their financial adviser. Ferrero’slongstanding financial adviser is Rothschild, whose team is led by managing director Akeel Sachak.

2 He joined Investec in 2009 and has worked on a number of IPOs including SCS Group. Healso worked on Johnson Services’ £65.4m acquisition of London Linen Supply in May.

BRIEF HISTORY: FERRERO


BREITLING.COM

WELCOME TO MY WORLD

CHRONOMAT 44

A NEW report from business leaders isgiving momentum to an increasinglywell-organised group of euroscepticswho stand to vote “no” - in favour ofthe UK leaving the European Union –in an in/out referendum.

“Change, or go,” a new report fromthe eurosceptic Business for Britaincampaign group, argues that the UK“could prosper and gain influence out-side an unreformed European Union.”

The 1,000-page report, which is beingserialised in the Daily Telegraph,counts Risk Capital Partners chairmanLuke Johnson, Newton InvestmentManagement chief executive HelenaMorrissey and Institute of Economic

Report sets thestage for Brexit

BY LAUREN FEDOR Affairs director general MarkLittlewood among its authors, comesas the “no” campaign takes shape.

In recent weeks, MPs from both sidesof the chamber have drummed up sup-port, with Steve Baker setting upConservatives for Britain and LabourMP Kate Hoey recruiting anti-EU mem-bers of her own party. A cross-partycommittee has been also been set upwith input from former governmentadviser Dominic Cummings, whileUkip donor Arron Banks has said thathe will set up his own non-party cam-paign group in the autumn.

It is understood that one group willeventually take on the role of the offi-cial “no” campaign and receive publicmoney in the run-up to a vote.

Aggreko to split itself into twonew business units after reviewPOWER services firm Aggreko issplitting in two, separating itsrental business from its powerbusiness.

As part of a company review,announced in March, the board hasdecided to move the group from itscurrent regional structure to thenew structure, which will compriseof Aggreko Rental Solutions andAggreko Power Solutions.

Aggreko, which specialises inhiring out power generators andtemperature control technology,among other things, said thischange, which takes effect inAugust, will allow the firm to

BY CAITLÍN MORRISON “better address [its] markets andimprove operational efficiency”.

The rental solutions division willinclude all of the group’s localbusinesses in developed markets.

Meanwhile, the power solutionsarm will include existing powerprojects business and localbusinesses in developing markets.

The split will see AsteriosSatrazemis, currently regionaldirector for America, becomepresident of the rental solutionsbusiness, while Aggreko PowerSolutions is to be run by group chiefexecutive Chris Weston on aninterim basis, until a permanentleader is found.

Regional directors Debajit Das

and David Taylor-Smith will stepdown after the transition to thenew structure is made.

Aggreko is conducting its reviewwith the ultimate aim of producinga “set of core business priorities forthe next growth phase” of thecompany, which will be announcedwhen it publishes its interim resultson 6 August.

“I look forward to sharing theoutput of this review,” said Weston.

“As part of this process, we havetaken the decision to reorganise thebusiness to be as efficient and aseffective as we can be for ourcustomers and our markets.”

Shares in Aggreko were up by 1.5per cent yesterday.

ARRON BANKSNO THANKS: WE’RE GOING GLOBAL

Banks, a majorUkip donor, isspearheading hisown euroscepticcampaign, due tolaunch inSeptember. He isreportedly goingafter sports starsto join the group.

NIGEL FARAGE MEPUKIP

Despite beingshunned as of lateby othereurosceptics,embattled Ukipleader Nigel Faragesays he would be“prepared” to leadthe “No” campaignif given the chance.

STEVE BAKER MP CONSERVATIVES FOR BRITAIN

The euroscepticTory backbencherhas been a drivingforce behindConservatives forBritain, a newgroup of more than100 MPs “preparingthe ground” for an“out” campaign.

DOMINIC CUMMINGS FORMER GOVERNMENT ADVISER

The former adviserto Michael Gove isparticipating inmeetings of across-party groupof MPs – includingBaker and Hoey –who want to helpform the eventual“No” campaign.

MATTHEW ELLIOTT BUSINESS FOR BRITAIN

The Business forBritain chiefexecutive is aseasonedcampaigner, havingfounded theTaxPayers’ Allianceand led the “No toAV” campaign inthe last parliament.

KATE HOEY MP LABOUR FOR BRITAIN

Hoey set up Labourfor Britain withfellow MPs GrahamStringer and KelvinHopkins. Withbacking from donorJohn Mills, they arepushing for radicalreform of the UK’sEU membership.

WHO IS BEHIND THE “NO” CAMPAIGN FOR BREXIT?

Aggrekosuppliedpower to theGlastonburyfestival in 2014


ONLINE gaming firm Bwin.party hascashed in its chips in the World PokerTour, selling it to Ourgame.

It is a profitable fold for Bwin, as ithas sold the tour to the Hong Kong-listed social gaming firm for $35m(£22m), having purchased it for$12.3m in 2009.

In a statement released yesterday,Bwin chief financial officer MartineWeigold said that the sell off was partof the firm’s strategy “of divesting ournon-core assets.”

“We believe that now is the righttime to release that value for share-holders so that we can focus our ef-forts on our core real money gamingand technology business,” he added.

However, Bwin is still going to spon-sor some of the events on the WorldPoker Tour, as well as television pro-grammes in both the US and Europeuntil the end of December next year.

Bwin flush withits World PokerTour stake sale

BY CHARLOTTE HENRY It also has a right of first refusal oversimilar sponsorship opportunities un-til that date.

World Poker Tour announced rev-enue of €10.4m (£7.4m) for the theyear ending 31 December 2014. It alsoreported a loss of €4.1m for earningsbefore interest, depreciation, taxationand amortisation.

Shares in Bwin ended up 2.25 percent at 100p a share yesterday, afternews of the sale was made public.

Bwin has itself been the subject of atakeover bid in recent weeks. At theend of last month, a tussle for the firmbroke out between online gamingcompany 888 Group, and a joint bidfrom GVC and the Canadian poker gi-ant Amaya.

The GVC Amaya bid is worth around£1bn, but some analysts believe a dealwith 888 Group is a better match forBwin.

Those takeover discussions are ex-pected to be resolved very soon. Bwin.party said it would sell its stake in non-core assets such as the World Poker Tour

PRIVATE equity firm Agilitas hasadded to its portfolio of recyclingcompanies by backing a managementbuyout of Danish firm MH Group.

The UK-headquartered firm willback current MH boss ChristianRindbol by acquiring the financialinterests of Michael HenriksenHoldings. MH was founded byMichael Henriksen in 1997, but hedied last year.

MH has around 240 employees andis one of Copenhagen’s largestproviders of soil recycling throughits subsidiary Norrecco.

The deal, thought to be in theregion of €180m (£129m), is Agilitas’fourth acquisition and secondtakeover in the waste managementsector after it agreed to buy UK firmImpetus in December 2013.

Agilitas managing partner MartinCalderbank said: “The wastemanagement sector is one we knowand like. We see excellentopportunities to continue the rapidgrowth of the business.”

Rindbol said: “MH Group hasevolved significantly since itsestablishment in 1997 and isentering the next phase of thatevolution.”

BY MICHAEL BOW

PHILIP Smith, former chiefexecutive of insurer RSA’s Irishbusiness, won a €1.25m (£900,000)compensation payment in aconstructive dismissal case, hislawyer’s firm said yesterday.

Smith had sued British insurerRSA in Dublin, arguing he waseffectively forced out of thecompany in late 2013 and madethe “fall guy” after the Irish centralbank began to examine its policy

BY CONOR HUMPHRIES on cash reserves because of anincrease in claims.

Lawyers for RSA said Smith failedto set aside enough money to coverpotential claims, contributing tothe insurer having to inject £200minto its Irish operation in 2013.

“He won and was awarded€1.25m,” a representative of TomMallon, Smith’s lawyer, toldReuters. The award was the highestever made by the tribunal, the IrishTimes reported.

RSA said in a statement that it

was “extremely disappointed” withthe decision and intended toappeal.

The employment tribunal saidthe verdict would not be releasedto the public for 15 days andrepresentatives of both RSA andSmith declined to give details.

State broadcaster RTE, citing acopy of the ruling it said it hadseen, said the tribunal found theRSA’s dismissal process was a “fact-finding exercise” to justify itspredetermined decision.

TULLOW Oil will pay the Ugandangovernment a $250m (£158m)settlement, bringing to an end a twoyear dispute over capital gains tax.

The London-listed company hasalready paid $142m, and theremaining $108m is being paid inthree separate $36m installments,one of which has already been paid.The total sum will be fully paid in2017.

Analysts yesterday deemed thefinal settlement figure a “betterthan expected” result for Tullow,which originally faced a $473m

Tullow agrees $250m settlementto wrap up Ugandan tax dispute

BY CAITLÍN MORRISON payment, as assessed by the UgandanRevenue Authority. A second morerecent assessment put the figure at$407m.

Tullow boss Aidan Heavey saidyesterday: “The settlement of thislong-running dispute is good newsfor Tullow and Uganda. In recentmonths, the government of Ugandahas proposed welcome and necessarychanges to its tax regime for oil andgas investments which it is hopedwill enable substantive progress tobe made towards the sanction of theLake Albert oil development.”

Shares in the firm were up by 1.33per cent yesterday.

Former RSA Ireland top boss winsrecord €1.25m from dismissal case

Private equityfirm snaps upDanish group

Reuters

Taylor Swift knew Apple’s freestreaming would be trouble

POP SUPERSTAR Taylor Swifthas taken on Silicon Valleygiant Apple, forcing thebiggest company in the worldto U-turn on its paymentpolicies for its new AppleMusic service.

Swift raised objections toApple offering the service freefor three months, as a trial, asartists would not be paid foraudiences listening to their

BY CHARLOTTE HENRY music during that time.In an open letter to Tim

Cook’s firm, Swift wrote:“Three months is a longtime to go unpaid, and it isunfair to ask anyone towork for nothing.”

As a consequence ofApple’s plan, Swift saidthat her album 1989would not be available

on the service, in a movereminiscent of her recent snub tostreaming service Spotify.

Apple has now announced that itwill pay all artists during the threemonth trial period.

Senior Apple executive Eddy Cuetweeted yesterday: “We hear you@taylorswift13 and indie artists.Love, Apple.”

It is not known yet if Swift willnow make her music available tofans on Apple Music when itlaunches at the end of this month.

TWITTER has announced that it isformally searching for its new chiefexecutive to replace Dick Costolo,who will step down at the beginningof next month.

Co-founder Jack Dorsey has beennamed interim chief executive of thesocial media giant. However, in astatement, the firm said it has nowestablished a search committee inorder to find a permanent boss.

The statement said: “Thecommittee will only considercandidates for recommendation tothe full board who are in a position

Twitter rules out Dorsey as it upssearch for its next chief executive

BY CHARLOTTE HENRY to make a full-time commitment toTwitter.”

This will effectively rule outDorsey becoming chief executive ofthe firm for a second time, if hecontinues to also be the chiefexecutive of Square, the mobilepayment company he founded.

Peter Currie, who will chair thesearch committee, said: “In our nextchief executive, we are looking for abold thinker and proven leadercapable of helping Twitter fullycapitalise on its unique platform forthe benefit of users, advertisers andemployees, and to maximise valuefor investors in the years ahead.”

Apple shakes off Swift battle andwill pay artists during music trial


TELECOMS group Altice has con-firmed that it has made an offer forBouygues, via its French subsidiaryNumericable-SFR.

Shares in both Altice and Bouyguesclosed up yesterday, after the state-ment in the morning. Altice endedtrading in Amsterdam up 14.55 percent at €129.65. Bouygues closed trad-ing in Paris up 13.24 per cent, at€38.07.

In a statement to the market, Alticeconfirmed that the move was beingmade, and would be conductedthrough Numericable-SFR.

Bouygues also put out a market state-ment, in which it acknowledged thebid, which it described as “an unso-licited offer”. Its board will meet todayto discuss the approach.

Altice, founded by billionaire PatrickDrahi,is thought to be offering €10bn(£7.1bn) in cash for all of Bouygues.

French telecomtycoon revealsBouygues bid

BY CHARLOTTE HENRY However, that price is reportedly toolow for Bouygues founder MartinBouygues, who is looking for €11bn.

In a note released yesterday evening,Moody’s commented: “An acquisitionof Bouygues Telecom, which offers thepotential of significant cost savingsfrom duplicative operations and cor-porate structures, would make strate-gic sense for Numericable-SFR.”

Drahi has recently been involved insimilar telecom acquisitions.

Billionaire Patrick Drahi has been buying up slices of the telecommunications market

US HOME home resales surged to afive and a half-year high in May asfirst-time buyers stepped into themarket, the latest indication thathousing and overall economicactivity were gathering steam in thesecond quarter.

The strengthening economicoutlook likely keeps the FederalReserve on course to raise interestrates later this year.

The National Association ofRealtors said yesterday existinghome sales increased 5.1 per cent toan annual rate of 5.35m units, thehighest level since November 2009.That put sales this year on track fortheir strongest gain since 2007.

“It suggests that the US housingmarket recovery is back on trackafter the missteps earlier this year.We expect this upbeat tone in thehousing recovery to continue as thefavorable domestic fundamentalsbegin to reassert themselves,” saidMillan Mulraine, deputy chiefeconomist at TD Securities in NewYork.

Tightening labour marketconditions are starting to spurstronger wage growth, boostingdemand for housing.

BY LUCIA MUTIKANI

New buyers liftUS home salesto 2009 levels

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DRAHI: THE MAN WITH THE GOLDEN REMOTEAltice boss, the Morrocan-bornentrepreneur Patrick Drahi is apugnacious character. Over the courseof the last 18 months he has beeninvolved in lots of acquisition activity,purchasing the US cable companySuddenlink, and Portugal Telecom, aswell as French mobile provider SFR. Itwas that SFR deal in 2014 that put Drahion the Paris business map, and also led

to a clash with Martin Bouygues, the bosswhose company he is now trying to buy.Bouygues was also vying to buy SFR fromVivendi. The two billionaires were engagedin a bidding war. During the heat of thebattled, Bouygues visited French PresidentFrancoise Hollande to discuss the mobilebusiness, and Drahi also met with variousministers. Drahi won out in the end,claiming victory with an $23bn offer.

Reuters


BY LAUREN FEDOR

BY MADELINE RATCLIFFE

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SOUTH African investment firmRemgro acquired a 29.9 per cent stakein UK private healthcare companySpire in a deal worth £431.7m yester-day.

Remgro, the 41.4 per cent majorityshareholder in Mediclinic, SouthAfrica’s largest private hospital owner,bought the shares at 360p from fundsmanaged by Cinven. The intention isfor Mediclinic to purchase the stakefrom Remgro in the near future.

Mediclinic, which has operations inthe UAE and Switzerland, plans to raisefunds for the acquisition via a rightsissue worth 10bn rand (£522m).

Mediclinic boss Danie Meintjes saidRemgro’s deal would allow the compa-ny to diversify, making the most of thegrowing market for private healthcare.Both companies have confirmed theyhave no intention to purchase thewhole of Spire.

Robert Roger, chief executive of Spire,said: “This is an exceptional opportuni-

Remgro takes ahealthy slice ofcare firm Spire

BY MADELINE RATCLIFFE ty for us to gain a strategic investorwho understands our growth ambi-tions as we develop our asset base tomeet the significant capacity growthwe expect for the UK private healthcaresector in the medium to long term.”

Remgro, or in due course Mediclinic,will have the right to nominate onenon-executive director to the board ofSpire, provided they still hold morethan 15 per cent of shares. Cinven’sresidual shareholding in Spire is 8.4per cent of the issued share capital.

The deal saw Spire’s shares increaseby 10.94 per cent yesterday. NHS ENGLAND yesterday awarded

Capita the contract to become soleprovider of administrative servicesfor primary care across the UK.

The four-year sole provider dealto manage and deliver services inEngland has a maximum value of£1bn, with an initial seven-to-tenyear contract worth around £400m.

Capita, along with itssubcontractor Anglian CommunityEnterprise, was awarded thepreferred bidder status over two

Capita is awarded NHS Englandadmin contract worth up to £1bn

Capita has won a lucrative deal to run administration for NHS England’s GPs and staff

BY MADELINE RATCLIFFE other firms. The company will nowdiscuss options for running theservices with NHS England for sixto nine weeks before the deal issigned off by government.

It will provide a range of servicessuch as payment administration,management of medical records,and eligibility lists for practitionersfor GPs, opticians and dentists.

Capita already holds a number ofstate contracts, including forrunning the London congestioncharge, the MoD pension schemeand police radio systems.

PUB OPERATOR Greene Kingyesterday toasted the competitionwatchdog’s approval of its £774mtakeover of Spirit.

The Competition and MarketsAuthority (CMA) said it was satisfiedthe proposed sale of 16 pubs by thecombined group would fix concernsraised by the company’s acquisitionof Spirit Pub Company, and wouldnot be referring the deal to an in-depth phase two investigation.

The decision follows aconsultation on the offerings, whichno-one participated in. The CMA saidin May it did not have “majorconcerns”, but was worried the dealcould result in substantial lesseningof competition in 16 areas.

Last week Greene King said it wassubmitting plans to the regulator todispose of 16 pubs and would pressahead with the takeover regardlessof the CMA’s decision, which wasexpected to be positive.

The deal will create the largestdirectly-managed pub group in theUK pub group with over 3,000establishments. It is set forcompletion today, and the enlargedGreene King group is expected tobegin trading on Wednesday.

Spirit was first founded by GreeneKing rivals Punch Taverns in 1999.

Government pumps millions intoaerospace technology companiesSMALL technology firms will be ableto compete for £10m in subsidiesunder a new government schemeannounced yesterday.

Speaking at the opening of a newaerospace research facility inCoventry, small business ministerAnna Soubry said that thecompetition aimed to find “game-

changing” aerospace technologies. Soubry also announced four new

projects with larger firms that wouldreceive £23m in government support,including a £7.2m grant for aircraftmanufacturer Airbus to researchairplane wings, and £6.4m formanufacturer Spirit AeroSystems toexplore new supply chaintechnologies.

“Demand for new aircraft is atrecord levels. Around 45,000 new

aircraft and 40,000 helicopters areneeded between now and 2032,worth over $5 trillion (£3.16 trillion),”Soubry said. “This will providebillions of pounds of work to the UKeconomy given our leading capabilityin wings, engines, helicopters,advanced systems and services.”

She added: “Getting this right willdeliver economic benefit through ourlarge, mid-sized and small companiesacross the breadth of the country.”

Popped corks aspub partnershipgets green light

Small business minister Anna Soubry plans to pump millions of taxpayer money into tech

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cent. Sales, however,were flat after it

offloaded 12 non-core clubs. Revenue and underlying earn-

ings across Virgin’s 114 clubs in SouthAfrica and Namibia rose 12 per cent.

Virgin spent £82.2m last year onrevamping existing sites and launching

TUESDAY 23 JUNE 201510 cityam.comNEWS

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Don’t miss your special report on the world of business

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Setting the business agenda

VIRGIN Active, one of the world’slargest gym chains, said yesterday itwill step up growth in Asia and Africa,and embark on a complete over-haul of its online platform thisyear following, its acquisi-tion by South African bil-lionaire Christo Wiese.

The fitness group wason course for a listingon the Johannesburgstock market beforeWiese’s firm Brait madea swoop for the business,acquiring an 80 per centstake for £682m in April.

The deal, which will leave SirRichard Branson’s Virgin Groupwith a 20 per cent stake, is expected tocomplete this summer and is subject toapproval by the South African andNamibian competition authorities.

Virgin Active to bulk upin size in Asia and Africa

BY KASMIRA JEFFORD In a trading statement released yester-day for the year to 31 December, thechain said underlying earnings jumped13 per cent to £124m, driven by growthacross all of its territories, with revenueup four per cent to £638.6m.

In Europe, where Virgin Activehas 146 clubs, including 101

in the UK, underlyingearnings grew by 17 per

11 sites including its first in Thailand. The group said it will step up its

expansion by launching in new territo-ries including Kenya, with more sitesalso due to open in Namibia, Singaporeand Bangkok over the next 12 months.

It is also overhauling its digital opera-tions so that gym-goers can track theirfitness progress and follow workoutregimes online. It will launch its first“tech-focussed” gym at Cannon Streetin the City in the next few months.

Chief executive, Paul Woolf, said: “Asconsumers the world over seek outways to improve and maintain theirhealth and wellness levels, I am confi-dent that 2015 will be another year ofgrowth for Virgin Active.”

“With the backing of two long-termsupportive shareholders, Brait andVirgin Group, continued investment inour brand, a solid pipeline of newclubs, and a talented team, we are wellplaced to achieve our ambitious goalsfor the future,” he added.

Virgin Active chiefexecutive Paul Woolf

Virgin Active is planning to launch more tech-focussed gyms, with one planned for the City

New strategy in playfor eDreams Odigeo THE BOSS of eDreams Odigeo laidout a new six-point growth strategyfor the Spanish travel company as itseeks to draw a line under last year’sticketing woes that caused shares totank on its market debut.

eDreams, which is the world’slargest online travel company, madeits debut on the Madrid stock marketin April last year, but was forced tosuspend trading in October aftershares plummeted 50 per cent.

The fall came after Iberia andBritish Airways alleged thateDreams’ booking processes did notmeet EU regulations and pulledticket listings from the site.

The group was also hit by changesto Google’s algorithm, which itwarned would make full-yearearnings “difficult to discern”.

It resumed trading on 27 Octo berafter the airlines agreed to resumeselling tickets on its sites.

In a trading statement releasedyesterday for the year to 31 March,eDreams said revenue margin grewby one per cent to €436m (£276m),while adjusted net income fell by 36per cent to €13.4m.

The Opodo and Travellink owner

BY KASMIRA JEFFORD said its non-flights business, whichincludes car rental and hotelreservations, continued to drivegrowth with its revenue margin upseven per cent to €87.6m year-on-year.Revenue margins at its flightbusiness were flat at €348.3m.

The online giant’s chief executiveDana Dunn said it plans to tacklechanging consumer habits byfocusing on six areas such asexpanding into non-flight relatedproducts and improving its mobileplatform as people increasingly bookholidays on their smartphones.

“We have thoroughly assessed thechallenges and developed a robustaction plan with a strong andrenewed senior management team todrive the business forward,” he said.

EMPIRIC Student Property saidyesterday it has bought the freeholdsof a portfolio of seven properties inLiverpool and Stoke-on-Trent for£22.8m as the company continues itsbuying spree.

The listed student accommodationprovider said the portfolio, whichcomprises of 502 beds, have beenacquired from Urban Sleep, whichwill continue to manage theoperation of the properties on behalfof Empiric.

Six of the properties are inLiverpool, which has over 40,000students, while one is in Stoke-on-Trent. Empiric said the portfolio wasalready 92 per cent let for the nextacademic year starting in Septemberis are being acquired with a rentguarantee for the year.

The deal comes less than a monthafter the company bought a portfolioof five properties in Leicester andLancaster from CityBlock for £26.5m,as well as another building inDurham for £5m.

In total it has made over nineacquisitions this year in citiesincluding Exeter, Manchester,Newcastle and Leeds.

Empiric buys inLiverpool andStoke-on-Trent

BY KASMIRA JEFFORD

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THE WORLD’S largest plumbingsupplies group Wolseley yesterdaysaid it was changing auditors andhiring Deloitte to carry out itsstatutory audits, instead of rival PwC.

PwC has been the FTSE 100company’s auditor since before itwas listed in 1961 and the change,which is subject to approval byshareholders at the 2015 AGM,comes after a formal tender process.

BY MADELINE RATCLIFFE Wolseley has almost 40,000employees and ongoing revenue forthe year ended 31 July 2014 was£12.8bn, ongoing trading profit was£761m.

In recent months investors havestarted to lose patience withcompanies who are too cosy withtheir auditors and risked losingindependent analysis, so insteadpushed for regular rotation, ratherthan endless reappointments.

The focus on auditor

independence rose in the aftermathof the financial crisis. Questionswere raised about why the big fouraccounting firms either failed tospot or failed to highlight mountingproblems in the banking sector.

The US regulator, the Securitiesand Exchange Commission, spokelast week about forcing firms todisclose their audit tenure.

Earlier in June Proctor & Gambleended their 125 year-long auditrelationship with Deloitte.

Wolseley gives PwC the flush


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A CONSORTIUM of investors led byCVC Capital Partners, and includingSingapore-based sovereign wealthfund Temasek and Vatera HealthcarePartners, yesterday acquired a control-ling stake in Alvogen, the US pharma-ceutical company.

The bilateral deal values theprivately held company at$2bn (£1.3bn), includingdebt.

The shares come fromPamplona CapitalManagement’s stake, andthe investment managerswill retain a small interest.

This is the latest pharmadeal in a global trend whichhas seen $250bn worth ofpharmaceutical mergersand acquisitions so far thisyear.

Alvogen has delivered dou-ble digit revenue and profitgrowth since it was foundedin 2009, expanding from itsNorth American base to

BY MADELINE RATCLIFFE operate in 35 countries, mainly in east-ern Europe and Asia. Alvogen’scurrent revenue stands at $750m.

The company’s founder and chiefexecutive, Robert Wessman, formerboss of Actavis, will remain in positionand as a minority stake holder. He onlysold a stake to Pamplona last year.

Wessman said: “I am delighted towelcome such a prestigious consor-

tium of new investors on board.Collectively they will help takeAlvogen towards its ambition of

being one of the leading generic[drug] players in the world today.”

He has previously said he aims tomake Alvogen one of the industry’stop ten within the next five years.

Generics are manufactured andpriced cheaper once the patent fora branded drug has expired,mainly in developing markets.

On Friday CVC bought theGerman theatre production com-pany Stage.

HOMEMAKING maven MarthaStewart’s media and merchandisingfirm Martha Stewart LivingOmnimedia is selling itself in a$353m cash-and-stock deal toSequential Brands Group.

Sequential Brands, which buysand licenses out brands, also ownsJustin Timberlake’s clothing brand.

Sequential’s $6.15 per share offerrepresents a premium of 21 percent to Martha Stewart Living’sclosing on 17 June, a day before the

BY SRUTHI RAMAKRISHNAN media first reported the deal.The per-share offer is a sliver of

what the stock was valued at in1999 – it touched nearly $47.50 onthe day it listed.

Stewart founded the firm in 1997and has found fame with hercookbooks and TV shows. She wasimprisoned after her conviction, in2004, in an insider trading case.

Stewart, who owns 46.2 per centof Martha Stewart Living, willbecome a significant shareholder inSequential and serve as its chiefcreative officer.

Martha Stewart Living well asmedia empire sells for $353m

CVC leads effortto buy stake inpharma Alvogen

BREWING giant SABMiller is aimingto boost sales in Latin Americathrough stronger marketing, thecompany said yesterday.

The brewer of Fosters and Peroniaims to make beer the drink that issuitable for more occasions in LatinAmerica. It expects three to six percent growth in sales volumes over thenext three to five year period.

In the year ended 31 March 2015,

BY CHRIS PAPADOPOULLOS Latin America generated the largestproportion of SABMiller’s earningsbefore interest, taxes, depreciationand amortization, at $2.22bn(£1.40bn).

“We have grown beer’s share oftotal alcohol in our Latin Americanmarkets from 55 per cent to 59 percent in the past four years. This hasbeen achieved primarily by takingshare from cheaper spirits, anduntaxed and inexpensive illegalalcohol. Our beers provide a safe,

attractive and affordable alternativeto illegal alcohol, which representsmore than a fifth of the total alcoholmarket in some Latin Americancountries,” said Karl Lipper, presidentof SABMiller’s Latin American branch.

“As we look to expand the beercategory in Latin America, we plan tohave an attractive beer choice foreveryone, for men and for women,while having dinner with friends,relaxing at home, or out in asophisticated high-end club.”

SABMiller turns its sights to LatinAmerica for future sales growth

CVC Capital Partners lead Temasekand Vatera to get a stake in Alvogen

Reuters

M restaurants is to open a second venue half a year ahead of schedule, the firm saidyesterday, after a strong first six months. In the first three months of 2015 the MThreadneedle Street venue enjoyed results 24.8 per cent above its earnings beforeinterest, tax, depreciation and amortization budget.

M RESTAURANTS TO SERVE UP SECOND SITE


TROUBLED oil firm Afren has set up amicrosite to gain support from share-holders for its controversial debt refi-nancing plan, announced in March.

The site features videos with manage-ment, the refinancing prospectus, andquestions and answers about the vote.

But it appeared to do little to consoleinvestors with shares down 8.54 percent yesterday.

The Nigeria-focused business agreeda $300m (£200m) debt-for-equity dealafter defaulting on its $15m loan inter-est payment, leaving equity holderswith just 11 per cent of share capitaland prompting its share price to tum-ble nearly 30 per cent.

Its share price had already taken ahammering after it fired its chief exec-utive Osman Shahenshah and chiefoperating officer Shahid Ullah for

BY CATHERINE NEILAN gross misconduct. But the company said it was confi-

dent it would be able to push on underthe new terms, and build a strongerfoundation for the future.

“Afren shareholders have beenthrough an incredibly difficult periodin the life of the business, and the nextsteps, while complex, are essential ifwe want to successfully emerge fromthis period on a value growth trajecto-ry,” said Afren chair Egbert Imomoh.

New chief executive Alan Linn added:“The recommended restructuring,combined with the open offer, is theonly viable opportunity for our share-holders to realise any value from theirinvestment in the company.

“I urge all Afren shareholders torecognise this fact and vote to retaintheir active interest in the company byvoting in favour of the proposed debtrestructuring and refinancing.”

PRIVATE equity firm Lone StarFunds said it had agreed to buyreal estate investment trust HomeProperties for about $7.6bn(£4.8bn), including debt.

Lone Star, which invests in realestate, equity, credit, and otherfinancial assets, offered to buyHome Properties for $75.23 pershare in cash, a 3.4 per centpremium to the stock’s Fridayclose.

The deal will give Lone Star an

BY ANKIT AJMERA additional 121 communities with41,917 apartment units and is thecompany’s second largestapartment purchase since itbought a 64-property, 20,439-unitportfolio for $1.8bn in 2014.

The Lone Star bid comes with a“go shop” provision, under whichHome Properties can solicitalternative proposals from thirdparties in the next 30 days.

Home Properties will become aprivate company after the dealcloses at the end of the year, thegroup said.

Private equity firm Lone Star tobuy Home Properties for $7.6bn

Afren explainsrefinancing toshareholders

CONFIDENCE among smallbusinesses grew markedly in thesecond quarter of 2015, according toresearch from the Federation ofSmall Businesses (FSB).

The latest FSB small businessindex (SBI) reveals that firms are ina robust mood, with growth andinvestment intentions reachingnew highs since the index began in2010.

BY CAITLÍN MORRISON The research shows thatcompanies are very positive on theirprospects for the coming months,with almost two thirds (65.3 percent) aspiring to grow moderatelyor rapidly in the next three months.This is the highest figure ever seenin the SBI.

The index also shows the highestever number of firms planning toinvest in their business. Nearly onethird of businesses (32 per cent)plan to increase capital investment

over the next 12 months. John Allan, FSB national

chairman, said the results of the SBIfor the second quarter “show themajor role that small businessesplay in the growth of the UK’seconomy”.

He added: “It is critical the newgovernment continues to developthe right environment to supportbusinesses planning to grow, investand take on new staff in the next 12months.”

Small business confidence is upas firms plan to grow investment

Burberry today launches a striking new ad campaign for its autumn/winter collection. Thecampaign features candid, paparazzi-style images of a host of British actors, musiciansand models, including Ranald McDonald and Amber Anderson (pictured above).

BURBERRY SNAP-HAPPY AT PAPARAZZI SHOOT

Reuters

TUESDAY 23 JUNE 201513

cityam.com/the-capitalistTHECAPITALIST EDITED BY EDITH HANCOCK

Got A Story? Email [email protected]

AUSTRALIAN diplomats had their bestsporting powerhouses on show lastnight, as the Australian cricket teammet the media and introduced theirplayers for the upcoming Ashes tour –just over two weeks away.

The Australian team,known to some as “Dad’sArmy” for their higher thanaverage age range, are firmfavourites for an Ashesseries win in England forthe first time in a decade.

Alexander Downer, theAustralian Commissioner tothe UK, found it “at leastflattering” to see theEngland team, wholast won the Ashes in2013, have hired an

Aussie cricketteam welcomedahead of Ashes

Australian coach to train them aheadof next month.

The Aussie team, who are currentlytraining for the games at MerchantTaylor’s School near Watford, were puton the back foot this weekend after afriendly match with the boys’ cricket

team left them bowled out. Australian captain Michael

Clarke said: “We are very gratefulto Merchant Taylor’s School forwelcoming us and letting us train

in the run up to the game.”“It shows we’ve got a lot of work todo, but they’ve been great hosts

and great to play with.” Good luck everyone!

ESCAPE from the City rat-race foran hour or two tomorrowafternoon at an authentic Italianstreet market seconds away fromGreen Park underground.

Esteemed restaurant Novikov istransforming its airy dining roominto a bustling summer market,where it will be offering oysters,seafood and fish (courtesy of TheWright Brothers), premium beef,veal, sausages and black pudding(from O’Shea’s), mozzarella and

Why not take a lunch break in Italy tomorrow afternoon?

charcuterie (from Natoora), andItalian olive oils and vinegars (fromApulia), as well as a host of freshingredients from its very own BrentEleigh Victorian kitchen garden inSuffolk.

The event – which will run from11am to 4pm – will also host anumber of interactive events,including wine tastings andbutchery demonstrations.

Novikov Restaurant & Bar, 50Berkeley Street, W1

It may have been overcast, but Mondaymorning was far from dull after commuterswere greeted by rainbow brights from CanaryWharf to London Bridge. Barclays and TfL haveteamed up to wrap a DLR train in rainbows forPride in London, which takes place this week.The train, which runs from Canary Wharf toStratford, will stay on tracks till later this year.Meanwhile in London Bridge, Radio 1 DJGemma Cairney has designed a rainbowwalkway for commuters travelling fromSouthwark to the Square Mile. It’s part of theSpark Your City project, turning cities into“living playgrounds”. Playground is theoperative word, as some commuters said thewalkway reminded them of Mario Kart...

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Aussie Captain MichaelClarke at Australia House

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Carlyle was co-founded by David

Rubenstein


Reuters

CARLYLE Group will invest up to$500m (£316m) in Magna Energy, anew India-focused upstream oil andgas company co-founded by two for-mer Cairn Energy executives, includ-ing the man credited with theexplorer’s Indian drilling successes.

Carlyle said yesterday the investmentthrough Carlyle International EnergyPartners – a fund that aims to invest inoil and gas exploration andproduction outside NorthAmerica – was its firstlarge-scale energy com-mitment in India.

Bob Maguire, managingdirector of the Carlyle unit,said the group had madean initial commit-ment of $250m,and wouldinvest a fur-ther $250m,dependingon proj-ects

Ex-Cairn execsturn to Carlylefor $500m fund

BY NIDHI VERMA brought by the company, andapprovals by Carlyle’s investment com-mittee.

Led by Mike Watts and former CairnEnergy chief financial officer JannBrown, Magna Energy wants tobecome a full-cycle oil and gas compa-ny through acquisitions and licensingrounds in the Indian sub-continent.

Watts, who oversaw Cairn’sRajasthan finds in India as head ofexploration but stood down as deputychief executive of Cairn Energy last

year, said Magna was looking,among other options, at the Indiangovernment's plans to developmarginal fields, due to beannounced later this year. He saidthe firm would also look at other

options to build acreage,including asset purchas-

es, farm-ins and evenmore buy ups.

AFRICAN budget airline Fastjet soldits loss-making subsidiary airlineFly540 Ghana yesterday.

It sold the business to airlineDWG-G for $1 (£0.63).

Operations in Ghana weresuspended in May 2014 and sincethen the Fastjet management hasbeen exploring opportunities torestructure or dispose of this loss-making business.

In the year ended 31 December2014, Fly540 Ghana recorded lossesbefore tax of $11.3m. The company

Fastjet finally manages to sell itsloss-making Fly540 Ghana for $1

Fastjet bought Fly540 Ghana in 2012, but last year the subsidiary made losses of $11.3m

BY CHRIS PAPADOPOULLOS was bought by Fastjet from LonrhoAviation in July 2012.

“The disposal of Fly540 Ghana is agreat step forward in Fastjet’srestructuring plans for our legacybusinesses,” said Fastjet chiefexecutive Ed Winter.

“While west Africa remains ofinterest to us as a low-cost market inthe future, our current focus is onexpanding our footprint in easternand southern Africa.”

The company said it plans toextend the Fastjet brand into westAfrica when economic conditionsare more favourable.

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Oil down on gasoline buildup fearn Crude oil futures fell for a second straightday yesterday on concerns that US demandfor petrol may fade after a strong stretchand on worries about the potential falloutfrom the Greek debt crisis. The slide camedespite data from market intelligence firmGenscape suggesting a big draw on theweek on stockpiles at the Cushing,Oklahoma delivery point for US crudefutures. Gasoline futures prices fell almosttwo per cent.

Amazon to pay for pages read n It could soon pay more to write lengthierbooks, if you are an author self-publishingon Amazon.com’s Kindle e-book platform.Starting next month, the e-commerce giantwill pay independent authors based on thenumber of pages read, rather than thenumber of times their book has beenborrowed. Amazon’s Kindle DirectPublishing platform lets authors set listprices, decide rights and edit the book atany time.

Wall Street mourns Jimmy Leen Mourners nearly filled St Patrick’sCathedral in New York yesterday for thememorial service of Wall Street legendJames Bainbridge Lee, known to many asJimmy Lee. The 62-year-old vice chairmanin investment banking at JP Morgan diedunexpectedly on Wednesday morning afterworking out on a treadmill and growingshort of breath. The service was attended byformer New York mayor Michael Bloombergand a host of Wall Street bosses.

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US HEALTH insurer Anthem yesterdaysaid it is committed to buying Cigna ,saying it had found $2bn (£1.3bn) incost synergies within two years, afterthe smaller rival publicly rejected thedeal.

Anthem on Saturday publicly dis-closed that it had offered to buy Cignafor cash and stock worth $47bn, butthat Cigna had said no primarilybecause it had not given the CEO job toCigna’s top executive.

Cigna on Sunday said that it hadreceived a proposal but turned it down.Cigna chairman Isaiah Harris, Jr. andchief executive David Cordani wrote aletter to Anthem’s board outlining rea-sons why the company was rejectingAnthem’s stock and cash offer.

Issues outlined included the Anthemcyber breach earlier this year thataffected about 80m people,antitrust concerns related toAnthem’s Blue Cross BlueShield membership and con-cerns about Anthem’s man-agement team.

“We have attempted toengage in dialogue so that wecan understand and consid-er these issues,” the let-ter said.

“Unfortunately,you have con-

BY JENNIFER SABA tinued to avoid addressing these keyconcerns and have failed to demon-strate what has changed over the pastfew months.”

Cigna’s board is also concerned overAnthem’s “insistence” that one per-son – Joseph Swedish, Anthem’s presi-dent and chief executive – assume fourroles of the combined company: chair-man, chief executive, president andhead of integration.

Anthem said it expected at least $17per share in earnings from the deal by2018.

Anthem’s now rebuffed offer forsmaller rival Cigna is part of a daisychain of potential deals in the healthinsurance sector.

The biggest players are seeking acqui-sitions to boost membership in govern-ment-paid healthcare plans andemployer-based insurance. The biggerthe insurer, the more negotiating

power it has with prices andimproving its doctor net-works.

In another strand of theconsolidation efforts, Cignaand Aetna are also bothvying to acquire Humana.Cigna has seen its shares

rise by over 80 per cent in thepast year.

CALEDONIA Investments, a selfmanaged investment trust firm,yesterday announced that it will beacquiring up to 94 per cent of SevenInvestment Management (7IM) byinvesting £77m in cash.

London-listed 7IM’s managementteam will subscribe £5m for theremaining equity, with the balanceto be provided by £25m of bankdebt.

The deal, instigated by Caledoniaand which requires approval from

BY DOTUN ABIODUN the Financial Conduct Authority,values 7IM at £100m.

The private investment group hasa successful history in fund-management and as at 31 December2014 its reported profit before taxwas £8.6m and gross assets were£42.9m

Tom Sheridan, 7IM’s chiefexecutive, yesterday said that he ispleased with the Caledoniapartnership.

Sheridan described the Caledoniaculture as “perfectly aligned” withthat of 7IM.

Caledonia pays £77m for SevenInvestment Management stake

Anthem keepsCigna deal hopealive after snub

Cigna boss David Cordani wrotea letter against Anthem’s bid

BLP InsuranceThe insurer has appointedCraig Parfitt as chiefoperating officer. He joinsfrom Deutsche Bank, wherehe was managing directorspecialising in financialmanagement, operationalexcellence, transformationalchange and projectmanagement.

JP Morgan Asset ManagementThushka Maharaj has been appointed global strategist

and executive director in the asset management firm’sglobal strategy team. She joins from Credit Suisse,where she was a director in its European interest ratestrategy team. In her new role, Maharaj will beresponsible for determining global economic and assetallocation strategies for institutional and retail clients.

StephensonsThe law firm has appointed Declan Gilroy and MatthewHalton as senior solicitors in its commercial team inLondon. Gilroy is a licensed insolvency practitioner andwas the co-founder of M&D Law and one of thefounding partners of Wilde and Partners. Halton worksin debt collection litigation, insolvency and commercial

disputes. He was the co-founder of M&D Law andpreviously an equity partner with Wilde and Partners.

Lloyds BankStephen Hand has been promoted to area director inthe bank’s global transaction banking team. He beganhis career at Lloyds in 2003, and has since worked as asenior manager in its commercial banking divisionbefore joining its global transaction banking team in2014.

Tilney for IntermediariesThe discretionary investment manager forintermediaries has appointed John Alexander as

business development director. He joins fromMomentum Global Investment Management, where hehas been business development manager since 2013.Alexander has also held roles at RBS, Brewin Dolphin,AIG Life and Miton Group.

Sycomore Asset ManagementJean-Guillaume Peladan has been appointed directorof the asset management firm’s energy transition andecology strategy. He was previously head of greeninnovation funding at ADEME, a French governmentbody in charge of energy and environmental issues.Peladan has also held roles at Boston Consulting Groupand Suez Environnement.

WHO’S SWITCHING JOBS Edited by Tom WelshCITY MOVES

To appear in CITYMOVES please email your career updates and pictures to [email protected]

Reuters


Reuters

Reuters

ROAD TRAFFIC REGULATION ACT 1984THE GLA ROADS AND GLA SIDE ROADS (CITY OF LONDON) RED ROUTE CONSOLIDATION TRAFFICORDER 2007 A201 NEW BRIDGE STREET AND FARRINGDON STREET VARIATION ORDER 2015THE A201 GLA ROAD NEW BRIDGE STREET (CITY OF LONDON) BANNED TURN TRAFFIC ORDER 2015THE GLA ROADS (CITY OF LONDON) (BUS PRIORITY) CONSOLIDATION ORDER 2009 A201 GLA ROADBLACKFRIARS BRIDGE, NEW BRIDGE STREET AND FARRINGDON STREET VARIATION ORDER 2015 THE A201 GLA ROAD NEW BRIDGE STREET (CITY OF LONDON) (CYCLE LANE) TRAFFIC ORDER 2015THE A201 GLA ROAD NEW BRIDGE STREET AND FARRINGDON STREET (CITY OF LONDON) PRESCRIBEDROUTE TRAFFIC ORDER 2015THE A201 GLA ROAD NEW BRIDGE STREET (CITY OF LONDON) NO ENTRY TRAFFIC ORDER 2015

Transport for London Public Notice

MAYOR OF LONDON

1. Transport for London, hereby gives notice that itintends to make the above named Orders undersection 6 of the Road Traffic Regulation Act 1984.

2. The general nature and effect of the Orders willbe to:(1) change the underlying single red line

restriction on New Bridge Street andBlackfriars Bridge from No Stopping Mondayto Saturday 8am to 7pm to No StoppingMonday to Saturday 7am to 7pm;

(2) introduce double red line restrictions (NoStopping at Any Time) on New Bridge Streetand Farringdon Street between its junctionswith Blackfriars Bridge and Stonecutter Street(except at loading, parking bays and a 12metre section outside Nos. 16 to 18 NewBridge Street);

(3) introduce a City of London controlled bayoutside Nos. 83 to 86 Farringdon Street;

(4) move the disabled persons, vehicles bayoutside Nos.83 to 86 Farringdon Street tooutside No. 25 Farringdon Street and reduceits length to 6.5 metres.;

(5) relocate the solo motor cycle bay in thecentre of the carriageway opposite No. 88Farringdon Street to the western side ofFarringdon Street outside Nos. 107 to111(Ludgate House) Fleet Street and reduceits length to 13 metres;

(6) remove the solo motor cycle bays in thecentre of the carriageway opposite Nos.77 to81 and 87 Farringdon Street;

(7) relocate the loading, unloading and disabledpersons’ vehicles bay outside Nos. 90 to 101New Bridge Street to outside No.20Farringdon Street changing its times ofoperation to No Stopping Monday toSaturday 7am to 7pm except 10am to 4pmloading 20 mins disabled persons’ vehicles 3hours;

(8) relocate the loading, unloading and disabledpersons’ vehicles bay outside Nos. 8 to 12New Bridge Street northwards by 7 metreschanging its times of operation to NoStopping Monday to Saturday 7am to 7pmexcept 10am to 4pm loading 20 minsdisabled persons’ vehicles 3 hours;

(9) relocate the loading, unloading and disabledpersons’ vehicles bay outside Nos. 4 to 6New Bridge Street southwards by 6 metreschanging its times of operation to NoStopping Monday to Saturday 7am to 7pmexcept 10am to 4pm loading 40 minsdisabled persons’ vehicles 3 hours;

(10) relocate the loading, unloading and disabledpersons’ vehicles bay outside Nos. 1 to 6Farringdon Street to outside No. 20Farringdon Street changing its times ofoperation to No Stopping Monday toSaturday 7am to 7pm except 10am to 4pmloading 20 mins disabled persons’ vehicles 3hours;

(11) introduce a loading, unloading and disabledpersons’ vehicles bay outside No.14Farringdon Street with times of operation ofNo Stopping Monday to Saturday 7am to7pm except 10am to Noon and 2pm to 4pmloading 20 mins disabled persons’ vehicles 3hours;

(12) introduce a loading, unloading and disabledpersons’ vehicles bay outside Nos.77 to 81Farringdon Street with times of operation ofNo Stopping Monday to Saturday 7am to7pm except 10am 4pm loading 20 minsdisabled persons’ vehicles 3 hours;

(13) introduce a cycle lane on New Bridge Street

between Queen Victoria Street and theVictoria Embankment southern slip road;

(14) permit pedal cycles to turn left from NewBridge Street into Queen Victoria Street;

(15) prohibit all vehicles except pedal cyclesmaking a two stage turn from turning rightfrom New Bridge Street into Ludgate Hill;

(16) prohibit vehicles over 40 feet in length andpedal cycles travelling southbound on thesegregated cycle track from enteringBridewell Place at its Junction with NewBridge Street;

(17) alter the lengths of the bus lanes onBlackfriars Bridge and on the southboundcarriageway of Farringdon Street;

(18) alter the description of the bus only routebetween the southbound carriageways ofNew Bridge Street at its junction with QueenVictoria Street;

(19) prescribe that pedal cycles proceedwestwards between the southboundcarriageway of New Bridge Street and thesegregated cycle track at its junction with theVictoria Embankment southern slip road;

(20) prescribe that pedal cycles travelling in eitherdirection on the segregated cycle track onNew Bridge Street proceed straight ahead atits junction with the Victoria Embankmentnortherly slip road;

(21) prescribe that pedal cycles proceedwestwards between the southboundcarriageway of Farringdon Street and thesegregated cycle track at its junction with theStonecutter Street.

3. The roads which would be affected by the Ordersare Blackfriars Bridge, New Bridge Street, andFarringdon Street.

4. A copy of the Orders, a statement of Transportfor London’s reasons for the proposals, a mapindicating the location and effect of the Order andcopies of any Orders revoked, suspended or variedby the Order can be inspected during normaloffice hours at the offices of:

Transport for London Streets Traffic Order Team (RSM/PI/STOT)Palestra, 197 Blackfriars Road London, SE1 8NJ

Planning Enquiry DeskNorth WingCorporation of LondonGuildhallLondon EC2P 2EJ

5. All objections and other representations to theproposed Orders must be made in writing andmust specify the grounds on which they are made.Objections and representations must be sent toTransport for London, Streets Traffic Order Team,Palestra, 197 Blackfriars Road, London, SE1 8NJquoting reference RSM/PI/STOT/TRO,GLA/2015/0431-0436, to arrive before 14th July2015. Objections and other representations maybe communicated to other persons who may beaffected.

Dated this 23rd day of June 2015Mufu Durowoju Transition Manager, Network Impact Management,Road Space ManagementTransport for London

GERMAN airline Lufthansa faces a 30June deadline to make concessions tocabin crew over pay and pensions orsuffer further strikes that would com-pound the effects of a costly disputewith its pilots.

Lufthansa has been in protractedtalks with various staff groups as itseeks to bring down costs and revisepension schemes to better competewith low-cost airlines and expandingMiddle Eastern rivals, such as Emirates.

The UFO flight attendants’ union saidyesterday its members would strike on1 July if an agreement was not reachedwith Lufthansa by then.

Further one-day strikes would followthat could last to 16 September, disrupt-ing travel over the lucrative peak sum-mer season, the union added.

“Everyone... will have the chance toopt for modes of transport other thanLufthansa on the days for which we areto announce strikes,” the union’s boss,Nicoley Baublies, told a news confer-ence.

UFO, which represents 19,000 cabincrew at Lufthansa, said over the week-end it would not resume talks with thecompany after mediation failed. Theairline said it remained ready to talk.

“We call on UFO to use its self-imposed 30 June deadline for a con-structive way forward and to actually

Cabin crew giveairline deadlineto avoid strike

BY LUDWIG BURGERengage with us in the proposed discus-sions.

“Our joint goal must be to avoidstrikes under all circumstances,” aspokesman said in a written statement.

Lufthansa has already been hit by overa dozen walk-outs over the last year byits pilots, who are also in talks over pen-sion benefits and pay and are now alsoin a mediation process, ruling outstrikes until the end of July.

The carrier’s stock pared gains totrade up 1.1 per cent at in early tradingyesterday, while Germany’s blue chipDAX index was up 2.8 per cent.Lufthansa Group, which also ownsAustrian Airlines and Germanwings,closed the session up 1.37 per cent to€11.76.

Strikes by pilots will cost Lufthansa€100m (£72.1m) in lost profit and book-ings in the first half of 2015, the compa-ny said last month.

JAPAN’S Softbank, together withBharti Enterprises and Taiwan’sFoxconn, will invest about $20bn insolar projects in India, in one of thebiggest investment pledges to date inthe country’s renewable energysector.

Softbank, which had said it wouldinvest $10bn (£6.32bn) in India overtime, said yesterday the firms hadagreed a minimum commitment ofgenerating 20 gigawatts of energy.

SoftBank and partners eye $20bnIndian solar power projects stake

Lufthansa is the largest airline group in Europe, but has faced union issues in recent months

BY TOMMY WILKES SoftBank will have majoritycontrol in the newly formedcompany, SBG Cleantech, with Bhartiand Foxconn as minoritystakeholders.

Softbank boss Masayoshi Son said:“India has two times the sunshine (of)Japan. The cost of construction of thesolar park is half of Japan. Twice thesunshine, half the cost, that meansfour times the efficiency.”

The rapidly falling cost of solarpower is expected to reach paritywith conventional energy by 2017.

11.90

11.80

11.70

11.60

11.50

11.40


DEUTSCHE LUFTHANSA€

22 June

11.80

NEW YORKREPORT

LONDON REPORT

TUESDAY 23 JUNE 2015cityam.com

B ID SPECULATION boostedmedia group Sky and utilitySevern Trent, pushing theFTSE 100 equity index upwards

yesterday, while hopes of a Greekdebt deal lifted stock marketsworldwide.

The blue-chip index rose 115.22points, or 1.7 per cent, to 6,825.67points at the close, its strongest dailygain since the results of the GeneralElection in May.

Volatility on the FTSE, a crude meas-ure of investor concern, was downnearly three points to hit a three-weeklow.

Sky was among the best-perform-ing FTSE 100 stocks, rising 3.4 per centafter The Sunday Telegraph newspa-per reported that the Murdoch familymight be planning a new attempt totake full control of Sky.

The report said that Murdoch hadrebuffed bids from Vodafone andVivendi, and UBS said that Sky couldbe an attractive option for several buy-ers.

“We think the Telegraph reporthighlights the potential strategicvalue of Sky to a number of differentparties and this is not reflected in thecurrent share price,” analysts at UBSsaid in a note, giving the stock a “buy”rating.

“We remain fundamentally positiveon Sky and believe investors haveunderestimated the upside to growthfrom new initiatives and the benefitsof scale from the Sky Europe deal,”analysts added.

Severn Trent advanced six per cent,

making it the top FTSE riser, after theSunday Times reported that Canadianinvestment company BorealisInfrastructure was considering a bid,while small-cap chocolate firmThorntons surged more than 40 percent after Ferrero International madea bid.

Cruise operator Carnival rose 3.8 percent to a two month high afterDeutsche Bank lifted its rating on thestock to “buy” from “hold”.

Berenberg also published a positivenote about the travel firm, statingthat Carnival “remains at a discountto the market and is still set to seesuperior earnings growth going into2017”.

Given previous instances of hopesfor an easing of Greece’s debt crisisbeing thwarted, some tradersremained cautious.

“I’d rather wait to see them sign onthe dotted line on Greece and thenbuy into the market rather than buyinto it right now,” said Hantec Marketsanalyst Richard Perry.

Sky and SevernTrent bids talkpushes FTSE up

6,780

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6,820

18 June 19 June 22 June16 June 17 June

6,825.6722 June

FTSE

Stocks rise onflurry of newM&A activity

S ENTIMENT was liftedyesterday as hopes grew thata deal would be reached toprevent Greece from

defaulting on loans, as well as bymerger and acquisition activity,helping the Nasdaq to close at arecord.

The Dow Jones industrial averagerose 104.53 points, or 0.58 per cent,to 18,120.48, the S&P 500 gained 13points, or 0.62 per cent, to 2,122.99and the Nasdaq Composite added36.97 points, or 0.72 per cent, to5,153.97. With the day’s gains, theNasdaq ended at a record while theS&P closed 0.3 per cent away fromits own record close.

Energy Transfer Equity con-firmed it had made a $48bn(£30bn) unsolicited bid forWilliams Companies, hours afterWilliams rejected the offer as sig-nificantly too low.

Shares of Williams surged 26 percent to $60.90 and were the biggestpercentage gainer on the S&P 500by far.

Separately, Cigna rose 4.8 percent to $162.65 after the healthinsurer rebuffed Anthem’s $47bnmerger proposal on Sunday.Anthem rose 3.6 per cent to$171.04.

Homebuilders rose as existinghome sales grew more than expect-ed in May, surging to their highestin five-and-a-half years. The PHLXHousing index rose 0.9 per centwhile Lennar added 1.7 per cent to$49.49.

Martha Stewart LivingOmnimedia slumped 12.5 per centto $6.11 on heavy volume afterSequential Brands agreed to buythe company in a deal that valuesit at about $353m, or $6.15 a share.

TED BAKER Canaccord Genuity raised its target price for the apparel and footwear label to 3,450p from3,180p, and maintained a “buy” rating. The broker said a recent trading update covering the 18weeks to January 2016 confirmed that the iconic British brand is carrying strong momentum.

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WS ATKINS The engineering consultancy was downgraded by Panmure Gordon from a “buy” to a “hold”rating, with target price of 1,630p. The broker said the downgrade was made on valuationgrounds, with insufficient upside remaining to the target price to justify a “buy” stance.

SEVERN TRENT Despite rumours of a takeover by Borealis Infrastructure, Whitman Howard kept a “hold” ratingwith a target price of 2200p a share on the utility firm. Analysts believe that such a deal remainsfeasible, with numerous similar transactions having occurred over the past few years.

To appear in Best of the Brokers, email your research to [email protected]

BESTof the BROKERS

In association with

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17

BRUCE Springsteen may havebeen “Born in the USA”, but hesays he’d prefer the US to bemore like Sweden. With itsgenerous welfare state, many

hold up the Swedes, and otherScandinavian countries, as role modelsfor what can be achieved by a largeredistributive state. With high lifeexpectancy and relative incomeequality, Sweden is thought to be arepudiation of Anglo-Saxon “neo-liberalism”. That’s why, in 2005, PollyToynbee claimed Sweden was “the mostsuccessful society the world has everknown”.

More recently, there has been acooling in this praise. Prior to the coun-try’s 2014 election, any problems arising– such as the 2011 Swedish riots – wereblamed on rising inequality, austerity,cuts to public spending, or any otherbogeyman associated with Sweden’s rel-

ACCORDING to recent mediareports, the decision to build anew runway could face furtherdelay. It seems the governmentmay not respond to the

Airports Commission’s imminentreport until the end of this year, orpossibly early next year. This is slow: theAirports Commission it helpedestablish has already spent the best partof three years examining the issue, andconcluded over 18 months ago thatLondon needs one new runway by 2030.The time has surely come for thepolitical procrastination to stop and forthe green light to be given.

The need for new runways is obviousand a decision to expand should havebeen taken years ago. Heathrow – ouronly international hub airport – hasbeen full for 10 years, while Gatwick,our second busiest airport, is alreadyfull at peak times and will reach itscapacity limits by 2020. All of London’sother airports will be full by the end ofthe next decade unless we have a deci-sion to build a new runway in the com-ing year.

cityam.com/forumTHEFORUM

Twitter: @cityamforum on the web: cityam.com/forum or by email: [email protected]? Disagree? Got a sharp comment?The Forum wants you to join the debate. Top responses will be reprinted in The Forum.

18 TUESDAY 23 JUNE 2015

nGAVIN HAYES

Airport expansion is now too urgentfor the government to delay further

Given the urgency of the situation,building a new runway should be thenumber one infrastructure priority ofthe new government. Once the AirportsCommission makes its final recommen-dation in the coming weeks, the trans-port secretary should give an immediatein-principle agreement to airport expan-sion. Whitehall has known for years thetimetable for the Airports Commissionprocess, and so has had plenty of time todo the necessary planning and prepara-tions for such a decision. There can sure-ly be no more excuses for further ditherand delay.

In a country whose trade gap recentlyreached a four-year high, it’s worthreminding ourselves of the economicprize on offer. The London business

community cares about this issuebecause this debate isn’t just aboutplanes and runways, it’s about securingfuture jobs and economic growth. Wetrade up to 20 times more with coun-tries with which we have a direct air linkand 40 per cent of our exports by valuego by air. Airports Commission analysisshows Heathrow expansion could deliv-er up to £214bn in economic benefit andGatwick expansion £127bn. All theoptions for expansion could deliver ajobs bonanza across a range of sectors –construction, airports, airlines, retail,professional services, tourism andfreight, to name but a few.

Opponents of airport expansion com-plain about increased noise and citeconcerns over climate change. Yetthanks to major improvements in air-craft technology, the latest generation ofplanes such as the A380 and theDreamliner are around 33 per cent qui-eter than the older planes they replace,and around a third more fuel efficient,with further improvements expectedwell into the future. As a result, evenwith airport expansion, the noise foot-

prints of both Heathrow and Gatwickare forecast to shrink. Meanwhile, theindependent Committee on ClimateChange, a public body, has concludedthat a 60 per cent growth in flights to2050 compared to 2005 levels is compat-ible with the UK’s overall carbon reduc-tion targets.

Those with concerns about the envi-ronment must also surely recognisethat there are environmental conse-quences of highly congested airports.Stacking planes over London becausethere’s no room for them to land is notan efficient use of fuel. Neither isleaving them taxiing on the runwayqueuing for take-off. In fact, an aircrafttaxiing on the runway for 40 minutesburns as much fuel as it would take topropel the plane the distance fromLondon to New York once it’s in the air.

Yet even if the government fast-tracksa decision to build a new runway, it willrealistically be 10 years before it opens.Britain’s complex planning systemmeans there will be around five years oflegal wrangling and bureaucracy, fol-lowed by the five years it takes to build.

Given these timings, strong actionmust also be taken to ensure we fullyutilise spare capacity at other Londonairports in the intervening years so thatthe capital remains open for business. Inthis context, it’s mind-boggling that themayor of London recently blocked CityAirport’s modest modernisation plans,which would have allowed it to makefull use of its existing flight cap. Thisdecision will simply put even more pres-sure on the rest of London’s airport sys-tem. The government should also get onand swiftly upgrade the rail link toStansted so that it’s transformed into atruly “express” service.

What we urgently need is for our polit-ical leaders to prioritise the long-termnational interest over short-term politi-cal needs. Once the AirportsCommission publishes its final report,the government must respond in a swiftand positive manner and then get onwith it. Kicking the can down the roadfor another year is no longer an option.

Gavin Hayes is director of Let Britain Fly, thepro-airport expansion campaign initiated byLondon First www.letbritainfly.com

ative shift away from its big governmentmodel since the 1990s. But the idea thatthe Scandinavian countries show“another way” remains. In particular,the social democratic era of the 1970s to1990s is seen by the left as the basis ofSweden’s success.

This is a huge misreading of thehistory and evidence – as a new IEAbook, Scandinavian Unexceptionalismby Nima Sanandaji, shows. The truth is,many of the outcomes the left lovesabout Sweden pre-date the era when itswelfare state was most significant.

Sweden in fact performed very welleconomically prior to its welfare state –and had the fastest growth rate in theindustrialised world between 1870 and1936. By 1975, it was the fourth richestnation in the world, but after twodecades during which the welfare statewas most intrusive, it fell to thirteenth.

A similar story is found when one looksat social outcomes. Sweden is held up forits high life expectancy at birth, with theimplication being that generous health-care and safety net welfare are responsi-ble. Yet, relative to other countries,Sweden performed better on lifeexpectancy in 1960 than in 2005 – i.e.prior to the large expansion of the state.This historical pattern, coupled with thestrong performance of Iceland (whichhas a much smaller government), sug-gests that it might be cultural character-istics and the way services are deliveredthat set the Nordic countries apart.

Sweden’s low level of income inequali-ty also pre-dates the huge expansion ofwelfare and higher taxes. Other culturaland historical factors – such as the highdegree of homogeneity in the popula-tion – seem more important in explain-ing egalitarianism. This becomes clearerif one considers that the Czech Republicis also relatively egalitarian, and unlikeSweden has low and flat taxes.

Indeed, attributing good outcomes tocultural explanations becomes morepowerful still when one considers thatthose of Scandinavian descent in the US(with less welfare, lower taxes and freermarkets) have higher median incomesthan average Americans, and lowerpoverty rates than both Americans andcitizens of Nordic countries.

So almost everything that the Britishleft thinks about Sweden andScandinavia more broadly is wrong. Inthe period prior to its welfare state,

Sweden experienced robust growth. Itwasn’t the creation of the welfare statethat fostered high levels of trust, buttrust that created the culture for ahighly redistributive state. The long peri-od of ever more intrusive welfare, how-ever, led to stagnant jobs growth, onlypartially reversed by some modestreforms since the 1990s. As a hangoverof “big welfare”, Sweden now has highlevels of disability and sickness benefits,despite unusually good health, andproblems integrating migrants.

Certainly, Sweden shows that a highlyredistributive state need not lead to dis-astrous outcomes – but the evidencesuggests that Sweden could be evenmore successful economically andsocially with a more liberal, free marketeconomy, given its strong institutionsand culture.

Ryan Bourne is head of public policy at theInstitute of Economic Affairs.

nRYAN BOURNE

The left is wrong: The welfare state didn’t make Scandinavia successful

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19TUESDAY 23 JUNE 2015

Oxford Street [Re: West End will be fatally undermined if wedon’t pedestrianise Oxford Street, yesterday]Andrew Adonis is right to call for thepedestrianisation of Oxford Street as the onlyanswer to the nightmares of congestion,casualties and appalling air quality. He did notdeal, though, with the intransigence ofWestminster Council. We shall continue tocampaign on this issue, but lets hope that a newLondon mayor in 2016 takes the issue a little moreseriously. He or she could start by adding OxfordStreet to the other strategic roads that Transport for London owns, thus forcing Westminster to act. Peter Hartley, chair, Westminster Living Streets

Eurozone mess[Re: The EU is dead: The Grexit crisis has laid bareEurope’s inability to rescue itself, yesterday]The scary thing is that the EU is more than capableof rescuing itself from the mess the singlecurrency has created. Perfectly timed proposalsfrom the European Commission and otherinstitutions, released this weekend, are nowpushing for further integration in order to furtherthe cause of monetary union. This leaves Britain ina worrying position. We will continually beoutvoted by an increasingly coherent Eurozonebloc, and our influence at the “top table” is set tofade even further.Name withheld

Has the Greek government been its ownworst enemy during debt negotiations?

YESRarely has a new government done so much damage so fast. Withoutactually passing many laws, the left-right radicals in Athens have scaredGreek savers and entrepreneurs so badly that about €60bn in capital has fledthe country within six months, equal to one third of Greek GDP. Comparableto what could be expected of, say, a coalition of Ukip with Britain’s Greens,their policy proposals have insulted common sense. Even worse, they havelashed out at the only willing creditors Greece has, accusing the IMF of“criminal responsibility” for their own malaise. That is not the way to get anew credit from the only bank still willing to talk to you. By causing massivecapital flight and pushing Greece back into a Tsipras recession after theSamaras recovery of 2014, the rulers in Athens have weakened their publicfinances and their bargaining position. Restoring fiscal health will now bemuch more painful than it would have been otherwise.Dr Holger Schmieding is chief economist at Berenberg.

Holger Schmieding

NOSam Bowman

Greece has been badly mistreated by the rest of the EU. The structuralreforms demanded by the Troika are desirable, though difficult in the currenteconomic climate, but Greece has already cut state spending by 20 per centand cut state employment by 30 per cent. Greece has been running a primarysurplus since 2013, and most of the €240bn in bailout money lent to thecountry was intended to service existing debt. Irresponsible borrowers,which Greece undoubtedly was, need irresponsible lenders too. At the onsetof the crisis, European banks owned nearly $54bn of Greek government debt,and a Greek default would have damaged many of them. These werebailouts for Europe’s banks, not just for Greece. The Eurozone’s refusal torestructure Greece’s debt, perhaps indexing it to nominal GDP as Greece’sfinance minister has suggested, is therefore highly unreasonable. Greece hasbeen at fault, but so have many other players in this sorry saga.Sam Bowman is deputy director at the Adam Smith Institute.

nRUTH LEA

Primary danger for Greece isn’t what Syriza standsfor. It’s their lack of competence.@ianbremmer

Tomorrow ECB will have to boost ELA by up to €2.5bnto offset weekend and Monday deposit run.@zerohedge

Greece bank deposits now at 66% of GDP comparedto Eurozone average of 94%.@RaoulRuparel

Not to burst all the euphoria, but even withoutcapital controls Greek banks are still banjaxed.@economistmeg

BEST OF TWITTER

LETTERS to the editor

WE WANT TO HEAR YOUR VIEWSE: [email protected] | Comment: cityam.com/forum | @cityamforum

T HERE are, apparently, stillhopes that some deal can bedone with Greece this week sothat the final €7.2bn trancheof the current €240bn bailout

can be released. If this is the case then,presumably, talks will go ahead for athird bailout and thus the Greek sagastruggles on. Sadly, however, all thisactivity is little more than “kickingthe can down the road” becauseGreece’s very basic economic problem,lack of competitiveness, remainsunresolved.

Ever since the Greek crisis explodedin 2010, the debate about Greece’s dif-ficulties has focused on its financialproblems and, indeed, theimplications for the rest of theEurozone of its financial problems.There is more than an element oftruth in the claim that Greece’s rescuepackages have been partly driven bythe need to shore up the Eurozone andrelieve Greece’s foreign creditors,mostly French and German banks.

Greece’s financial situation is, ofcourse, dire. Government debtamounts to over 175 per cent of GDP.No one, surely, believes that Greece canpay this back. But even if Greecedefaulted on this debt it would bringlittle economic relief. Interest pay-ments due on the debt have alreadybeen significantly reduced, so any sav-ings to the Greek exchequer of defaultwould be modest.

If Greece’s financial problemsremain dire, the economic situation isworse. After showing some signs ofrecovery in the middle of last year, theeconomy fell back into recession in thefourth quarter. GDP has fallen byabout a quarter since 2007-08. Theunemployment rate is currently 25 percent and youth unemployment is 50per cent, a shocking waste of lives.

Greece needs an economic shock tostimulate demand. The Greek govern-ment, understandably, makes much ofan “end to austerity” and the need to

alleviate restrictions on the public sec-tor balance. But within the Eurozone,it is difficult to see its creditors makingany major concessions because, quitesimply, fiscal rectitude is one of therules of the Eurozone club. And evenoutside the Eurozone, any Greek gov-ernment’s fiscal policy would berestrained by the demands of thefinancial markets. More positively,Greece needs to improve its competi-tiveness and stimulate the externalsector in order to stimulate exports,principally tourism, and encourageimport substitution.

Within the Eurozone, Greece’s onlymeans of improving price competitive-ness is through internal devaluation.Given German low inflation rates (say),this is extraordinarily painful andslow. Accordingly, Greece has experi-enced deflation since 2013, but I doubtthat this is sustainable in the longerterm. It is the economic equivalent of awar of attrition. A preferable optionwould be to leave the Eurozone. Thenew drachma would then surely rapid-ly depreciate and provide the much-needed economic shock.

No one can guarantee a return toprosperity if Greece left the Eurozone.But at least the country would have afighting chance. And I would be opti-mistic that growth would return,unemployment would fall and livingstandards rise. In the Eurozone’sstraightjacket, I see no chance at all.Indeed, Greece’s Eurozone member-ship seems to guarantee little butongoing immiseration.

Ruth Lea is economic adviser to theArbuthnot Banking Group.

Greece will only have afighting chance of revivalif it leaves the Eurozone

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TUESDAY 23 JUNE 201520 cityam.com

TRADINGMANAGEMENTWEALTH

Their economies were deemedvulnerable as many believed theirdeficits were too high. If the USraised interest rates, thesecountries would struggle, or so thethinking went. Seeminglyovernight, market participantsstarted selling out of their holdingsin these countries. Their equitymarkets, currencies and govern-

ment bonds were smashed upovernight.

They were all grouped togetherunder the Fragile Five banner andafter the rout it took over a year fortheir economies to recover.

COMPARISONSInterestingly, the average deficit ofa Fragile Five economy was 4.6 percent in the current account, and3.5 per cent in their governmentbudgets. This was deemed too high– but the UK’s deficits are muchlarger at 5.5 per cent and 5.3 percent respectively.

McQuaker says this could be asource of trouble further down theline. “The pain may not be feltinstantly, but recall how marketsturned on the so-called Fragile Fiveemerging markets during 2013...Perhaps we’re fragile too?”

INVESTMENT SLOWSThe UK economy is very different tothe emerging markets. One of therichest countries in the world, wehave long been perceived as a safeand stable place to invest.

But that does not mean the UK isimmune to negative sentimentfrom international investors.Interestingly, over the last year for-eign direct investment (FDI) in theUK has begun to weaken.

This reflects the risk of Britain

Alarm bellssound overrecord deficit

THE UK economy has giveninvestors little cause forconcern recently. But one ofour vital statistics is

worrying, and experts are warningof trouble ahead.

Our current account deficit –which shows how much more wepay out overseas than bring in – isthe worst since records began in1948. In simple terms, cash is flow-ing out of the UK at a much fasterrate than it comes in, and this hasonly worsened in the last year.Inward investment in the UK hasnot been strong enough to act as acounterbalance.

GIANT DEFICITLatest figures from the Office forNational Statistics show the deficitstood at £97.9bn for the whole of2014, up from a considerably lower£76.7bn in 2013. This equates to 5.5per cent of GDP at current marketprices, and is the widest the deficithas been for 60 years.

The Bank of England’s financialpolicy committee has alreadywarned the current account deficitis high compared to other nations,and is watching the figures closely.

VULNERABLEMeanwhile, the fiscal deficit – orgovernment spending in excess ofrevenue – is 5.3 per cent. Now someexperts are concerned that, setagainst the uncertainty of theupcoming Europe referendum,markets could turn against the UKeconomy.

“One particular vulnerability isthe very sizeable fiscal and currentaccount deficits the UK has beenrunning in recent years. These mayweigh much more heavily oninvestor sentiment when setagainst a febrile politicalbackdrop,” says Bill McQuaker fromHenderson Global Investors.

FRAGILE FIVEHe worries the UK could face a“Fragile Five” moment similar towhat happened back in 2013, wheninternational investors suddenlyturned against five of the most pop-ular emerging markets – Brazil,India, Indonesia, Turkey and SouthAfrica.

Experts warn the growing gap in thecurrent account could mean markets turnagainst the UK, says Annabelle Williams

leaving the EU, and it “is alreadyhaving an impact,” says NathanSweeney from Architas.

“FDI flows into the UK have beennegative for 12 months and reallythis is being driven by the uncer-tainty around the politicalsituation in the UK.”

STERLINGIf investors do believe the UK looksfragile and outflows accelerate,sterling is likely to suffer. Anextreme fall in our currency hap-pened on Black Wednesday in 1992,when hedge funds bet on a massiveslump in sterling, and the Treasuryspent £27bn propping up the cur-rency.

“If we are [fragile] the cost will bea weak currency and, in the worstcase, higher interest rates. Manyyears have passed since the Banklast raised rates to protect sterlingafter Black Wednesday. It is notunthinkable they would do soagain,” says McQuaker.

FIXING THE DEFICITAnna Stupnytska from FidelityWorldwide Investment says thecurrent account deficit is “concern-ing” at recent levels. “We are inquite a vulnerable position giventhe uncertainty around the Europereferendum,” she says.

But Stupnytska is more positivefor the longer term, and believesthe overall balance of paymentsdeficit should rectify itself whengrowth accelerates in the rest ofthe world.

This is because the imbalance hasnot come from the balance oftrade, which has been shrinking.

Instead, the problem is with theaccount balance, which is the dif-ference between what UK investorsare getting from their investmentsabroad, and what overseasinvestors gain from the UK. This ispartly because the UK has beengrowing faster than other nations,she says.

“This is what has been driving thedeficit in the current account,”Stupnytska says. “It seems to me asthe rest of the world picks up andinterest rates rise, this [deficit]should naturally reverse and closeback.”

The very sizeablefiscal and currentaccount deficits the UKhas been runningleave us vulnerable

‘

The growing current account deficit could leave sterling exposed

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STEVE SEDGWICK

I’m nostalgic about the past – but then remember life is so much better today

player, something nostalgic rises to thesurface. Then I remember having to getout a Bic biro and trying to wind themissed tape back in. Life is so much bet-ter now in so many ways.

I’m not sure if it is a midlife crisis or amidlife epiphany, but I’m suddenly get-ting overly excited about a whole host oftechnologies. And at the same time, Iam getting more and more suspicious oftechnology market valuations.

I have had countless arguments on setabout tech company IPOs. Every time anAO, an Etsy or an Ocado comes to mar-ket, someone is there to tell me abouthow they are disrupters, how they aregoing to change the world, etc.

There are, of course, true disrupters,from Tesla to Apple, and yet those stocks

My mid-life crisis over technology stocksN OSTALGIA is a dangerous thing.

A couple of years ago I broke agolden rule of mine. I went to aLIFFE market reunion. It was a

big mistake. There is nothing worsethan a bunch of greying, balding,slightly tubby middle aged men (mostly)banging on about how great times were“back on the floor”.

Don’t get me wrong, it was great to seeso many old faces. But I got to thinkingthat we should have left the 1990s in the90s and moved on. Too many people justcouldn’t. Yes, open outcry was the bestjob a young man who loved the Citycould have had in his 20s. It was fast,exciting and stunningly well paid. But itwas also rife with front running, dodgydeals, huge cost for the clients and slowby today’s microsecond trading times.

Open outcry is now toast for a wholehost of good reasons, and marketswhere it is still the main way of orderexecution outside Portobello Road orRomford market are quite possiblydoing clients a disservice

In the same way, every time I see a pic-ture of a TDK 90 minute tape or a VHS

normally come with groupies. Being abit of a contrarian at heart, it is hard tofall in love with stocks so adored by suchlarge herds. So to recap, I seeminglydon’t like any tech stocks either becausethey are overpriced and unprofitable orthey are profitable and owned by somany unquestioning fans as opposed tocold hearted investors. So much for put-ting growth in my portfolio.

On the other hand, as a consumer, myepiphany is becoming a bit tiresome tomy younger colleagues. “Have you triedUber?”, “Oh my god, this Spotify lark isamazing?” Shut up you sad old man isone of the kinder responses.

And now I’ve been asked to work on alive blog. Truth is, it will probably be awork in progress but I’m genuinelyexcited. The days of me just spreadingmy very often contrarian but as oftenincoherent stream of consciousnesspurely for three hours on SquawkBoxare over. As a late adopting technologyjunkie I can only apologise in advance.

Steve Sedgwick is co-anchor of Squawk BoxEurope on CNBC. @steve_sedgwickwww.cnbc.com/squawkboxlive

ALEJANDRO ZAMBRANO

CURRENCY STRATEGISTCHRIS VECCHIO

My pick: Long dollar-yen, long euro-AussieExpertise: Fundamental and technical analysis with risk managementAverage time frame of trades: A few hours to a few weeks

Dollar-yen has experienced a bit of a pullback but has thus far stabilised above ¥122.40. Asa recent (since 27 May) dynamic support/resistance zone at ¥123.75/90 looms, there is stillsome work to be done before a “buy” can be made. Ultimately, clearing out the 17 June H4key reversal bar at ¥124.44 would prove to be the surest sign of the uptrend resuming.Elsewhere, euro-Aussie continues to consolidate in its bull flag since 4 June, after breakingout of a symmetrical triangle that formed between 4 April (start of consolidation) and 28May (breakout day). A break of recent swing highs near A$1.4768 would signal aresumption of the long-term falling wedge reversal towards A$1.5300.

ANALYST’S PICKHow to use crowd behaviour to trade the marketsMOST retail traders consistently try tofade an ongoing trend. We don’t knowwhy they do this, but it appears to bethe “default” trading strategy of mostnew traders.

We know this because retail brokerspublish “sentiment” indicators showingthe positioning of their clients, and wecan compare these with the price trendof the market. This information is oftenpublished exclusively for the broker’sclients, yet the latter keep ignoring it.But these indicators are highly useful.

A recent example was the sterling-dollar decline from $1.68 to $1.50.Throughout this 1,800 pips decline,traders decided to buy sterling. As theprice trend shifted to bullish, mosttraders decided to sell sterling, even as

FXCM), we can use them as trendindicators. The idea is to trade onlyagainst market positioning. The latestreading shows that for every long euro-dollar position there are 2.2 shortpositions. In the case of sterling-dollar,there are 1.18 short positions. Withthis in mind we should aim to be longeuro-dollar or sterling-dollar. In thecase of Kiwi-dollar, traders are net longby three times the value of shortpositions. This bodes well for ourbearish forecast. Indeed, the FXCM SSIindex has been bearish Kiwi-dollarsince $0.7550 or +665 pips.

For more about sentiment and marketpositioning see http://bit.ly/Sentiment2015

Alejandro Zambrano is a currency strategyanalyst at DailyFX.

the value was increasing. Price is 900 pipshigher since the switch in positioning.

This example applies to most major FXpairs and equity markets. As an example,retail traders have consistently beenshort the S&P 500 since early 2013!

Given the success of the sentimentindicators and their frequent updates(minimum twice a day for brokers like

TIPS & PICKS

TUESDAY 23 JUNE 2015cityam.com 21

Gold.............................................................1185.50 -17.90Silver ...............................................................16.19 0.07Brent Crude ...................................................62.82 -0.33Krugerrand .................................................1180.70 -20.70Palladium ...................................................699.00 -19.00Platinum....................................................1068.00 -17.00Tin Cash Official ........................................15162.50 -15.00Lead Cash Official .......................................1764.75 -19.25Zinc Cash Official........................................2027.25 -12.25

Copper Cash Official ..................................5645.75 -16.75

Aluminium Cash Official ............................1650.25 0.00

Nickel Cash Official ...................................12587.50 -7.50Aluminium Alloy Cash Official...................1775.00 10.00

Cocoa Futures ...........................................3290.00 20.00

Coffee 'C' Futures..........................................132.03 1.93

Feed Wheat Futures .....................................111.00 0.00

Soybeans Futures Continuation Contract...989.20 17.60

AIR LIQUIDE .....................................................118.65 5.40 123.95 87.17AIRBUS GROUP ................................................60.64 1.70 66.10 39.64ALLIANZ N ......................................................146.50 6.40 170.15 115.05ANHEUS.-BUSCH INBEV...................................110.75 2.35 118.80 78.75ASML HLDG......................................................99.06 2.96 104.85 61.58AXA ..................................................................23.30 0.88 24.64 16.43BANCO SANTANDER...........................................6.79 0.38 7.44 5.52BASF N ..............................................................84.61 3.69 97.22 64.27BAYER N..........................................................133.60 5.90 146.45 94.22BBVA..................................................................9.40 0.38 9.77 7.11BMW...............................................................102.30 4.56 123.75 74.74BNP PARIBAS-A-..............................................56.32 2.71 59.69 43.14CARREFOUR .....................................................29.66 1.15 33.25 21.42DAIMLER N .......................................................85.48 3.88 96.07 55.10DANONE............................................................60.61 1.50 66.15 48.67DEUTSCHE BANK N ...........................................27.70 0.95 33.42 22.66DEUTSCHE POST N ............................................27.00 0.84 31.19 21.55DEUTSCHE TELEKOM N.......................................16.16 0.82 17.11 9.77E.ON N...............................................................12.75 0.35 15.06 11.92ENEL...................................................................4.23 -0.03 4.50 3.36ENI.....................................................................16.81 0.77 20.46 12.98ESSILOR INTL ...................................................110.20 3.95 115.80 71.16GDF SUEZ ..........................................................17.66 0.59 20.90 16.17GENERALI ..........................................................17.04 0.67 19.21 14.40IBERDROLA ........................................................6.36 0.30 6.46 5.00INDITEX ...........................................................30.62 1.16 31.05 19.29ING GROUP .......................................................15.30 0.72 15.24 9.49INTESA SANPAOLO..............................................3.39 0.16 3.39 2.00L'OREAL ..........................................................168.20 6.40 181.30 117.05LVMH ..............................................................168.00 8.05 175.40 109.41MUENCH RUECKVERS N...................................164.45 3.80 206.50 141.10NOKIA ................................................................6.50 0.15 7.87 5.38ORANGE............................................................14.85 1.04 16.45 10.20REPSOL .............................................................16.59 0.46 18.54 13.84ROY.PHILIPS......................................................23.78 0.51 28.00 20.69RWE ................................................................20.04 0.46 32.98 19.11SAINT GOBAIN ..................................................42.74 2.12 43.74 29.07SANOFI ............................................................90.80 4.38 99.23 69.58SAP ..................................................................66.29 2.30 70.81 50.08SCHNEIDER ELECTRIC.........................................65.51 2.45 75.29 52.59SIEMENS N .......................................................96.66 3.14 106.35 80.17SOCIETE GENERALE...........................................43.75 1.35 46.95 31.85TELEFONICA .......................................................13.37 0.57 13.96 10.35TOTAL................................................................45.42 1.30 53.98 37.74UNIBAIL-RODAMCO .........................................235.10 10.30 262.00 180.70UNICREDIT..........................................................6.50 0.35 6.81 4.82UNILEVER CERT.................................................38.52 0.98 42.75 28.75VINCI ...............................................................54.34 2.14 57.66 39.65VIVENDI.............................................................24.13 0.83 24.42 17.26VOLKSWAGEN VZ.............................................217.90 7.90 262.45 147.40

Price Chg High Low

EU SHARES

3M...................................................................159.68 0.73 170.50 130.60ALLERGAN ......................................................307.25 4.88 317.72 201.91AMAZON.COM ................................................436.29 1.37 452.65 284.00AMERICAN EXPRESS .........................................81.25 1.06 96.24 76.53AMGEN ...........................................................162.22 1.50 173.60 114.93APPLE ..............................................................127.61 1.01 134.54 89.65AT&T.................................................................35.04 0.05 37.48 32.07BANK OF AMERICA ............................................17.47 0.30 18.21 14.84BERKSHIRE HATHAWY-B .................................141.53 0.57 152.94 122.72BOEING CO......................................................145.70 0.57 158.83 116.32BRISTOL-MYERSSQUIBB ...................................67.06 0.26 69.86 47.34CATERPILLAR....................................................88.27 0.75 111.46 78.19CHEVRON.......................................................100.29 0.82 135.10 98.81CISCO SYSTEMS ................................................28.94 -0.09 30.31 22.49CITIGROUP ......................................................56.95 0.72 57.50 46.55COCA-COLA CO .................................................40.48 0.08 45.00 39.06COMCAST-A ......................................................60.97 0.46 60.89 49.33CVS HEALTH ....................................................106.14 0.67 106.50 74.64DU PONT NEMOURS&CO ..................................69.99 0.15 80.65 63.70EXXON MOBIL....................................................85.17 -0.04 104.76 82.68FACEBOOK-A ....................................................84.74 2.23 86.07 62.21GENERAL ELECTRIC ...........................................27.42 0.18 28.68 23.41GILEAD SCIENCES.............................................121.49 1.69 121.78 79.68GOLDMAN SACHS GROUP ................................216.51 3.32 216.81 161.53GOOGLE-A......................................................559.68 2.16 608.91 490.91GOOGLE-C .......................................................538.19 1.50 598.01 486.23HOME DEPOT ...................................................113.07 0.64 117.99 77.95IBM..................................................................167.73 0.74 196.40 149.52INTEL ................................................................32.26 0.19 37.90 29.31JOHNSON & JOHNSON ...................................100.09 0.23 109.49 95.10JPMORGAN CHASE...........................................68.96 0.88 69.29 54.26MCDONALD'S....................................................96.87 0.79 102.18 87.62MEDTRONIC .......................................................77.21 0.50 0.00 0.00MERCK..............................................................58.83 0.79 63.62 52.49MICROSOFT ......................................................46.23 0.13 50.05 40.12NIKE -B- .........................................................106.79 0.26 107.45 74.40ORACLE.............................................................41.49 -0.10 46.71 35.82PEPSICO...........................................................95.60 0.74 100.76 87.46PFIZER ..............................................................34.31 0.13 35.53 27.51PHILIP MRRS INT...............................................83.13 0.47 91.24 75.27PROCTER&GAMBLE ..........................................80.45 -0.09 93.89 77.10SCHLUMBERGER...............................................86.97 0.35 118.76 75.60TRAVLR COMP ................................................100.04 0.59 110.49 88.81TWITTER...........................................................35.55 -0.31 55.99 33.51UNITEDHEALTH GROUP ..................................120.25 -0.08 123.76 78.74UTD TECHNOLOGIES.........................................115.28 0.39 124.45 97.30VERIZON COMM ................................................47.53 0.07 53.66 45.09VISA-A.............................................................69.09 0.40 70.69 48.80WAL-MART STORES ..........................................72.79 0.05 90.97 71.70WALT DISNEY-DISNEY......................................113.53 0.91 114.47 78.54WELLS FARGO ...................................................57.91 0.86 58.04 46.44

COMMODITIES CREDIT & RATESBoE IR Overnight.........................................0.500 0.00BoE IR 7 days..............................................0.500 0.00BoE IR 1 month...........................................0.500 0.00BoE IR 3 months.........................................0.500 0.00BoE IR 6 months ........................................0.500 0.00LIBOR Euro - overnight...............................-0.178 0.00LIBOR Euro - 12 months................................0.174 0.00LIBOR USD - overnight .................................0.124 0.00LIBOR USD - 12 months ...............................0.766 0.00Halifax mortgage rate ................................3.990 0.00

Euro Base Rate............................................0.050 0.00Finance house base rate .............................1.000 0.00US Fed funds ..................................................0.13 0.00US long bond yield........................................3.05 0.00Euro Euribor ................................................-0.131 0.00The vix index ................................................12.57 -1.39The baltic dry index ..................................779.00 6.00Markit iBoxx EUR........................................215.84 -0.28Markit iBoxx GBP.......................................279.80 -2.03Markit iTraxx ................................................69.55 -4.18

Price Chg High Low

US SHARES

€/$ 1.1337 0.0032

€/£ 0.7167 0.0004

€/¥ 139.87 0.0977

/€ 1.3950 0.0040

/$ 1.5817 0.0073

/¥ 195.17 0.0082

FTSE 100

6825.67115.22

FTSE 250

17906.29201.30

FTSE ALL SHARE

3718.1858.12

DOW JONES

18119.78103.83

NASDAQ

5153.9736.97

S&P 500

2122.8512.86

CONSTRUCTION & MATERIALS

BAE Systems . . . . . . . . .479.0 4.6 547.0 416.4Cobham . . . . . . . . . . . .282.2 1.2 345.1 263.7Meggitt . . . . . . . . . . . . .467.6 2.0 587.5 423.9QinetiQ Group . . . . . . . .232.0 4.8 239.2 181.9Rolls-Royce Holdi . . . . .914.0 8.0 1085.0 779.5Senior . . . . . . . . . . . . . .310.4 4.5 358.5 254.6Ultra Electronics . . . . .1855.0 11.0 1893.0 1667.0

GKN . . . . . . . . . . . . . . . .356.6 5.3 386.0 286.5

Bank of Georgia H . . . .1881.0 -7.0 2590.0 1684.0Barclays . . . . . . . . . . . . .272.5 6.7 273.0 207.9HSBC Holdings . . . . . . .602.0 11.2 663.6 559.9Lloyds Banking Gr . . . . . .87.1 0.6 89.0 71.9Royal Bank of Sco . . . . .354.8 5.2 403.9 314.1Standard Chartere . . .1062.0 17.0 1277.0 881.0TSB Banking Group . . . .339.7 0.7 343.4 247.5Virgin Money Hold . . . .439.9 -3.4 464.0 279.5

Barr (A.G.) . . . . . . . . . . .614.5 10.5 684.0 565.0Britvic . . . . . . . . . . . . . .730.5 15.0 776.5 610.0Coca-Cola HBC AG . . .1446.0 45.0 1480.0 1057.0Diageo . . . . . . . . . . . . .1907.0 28.0 2022.5 1709.5SABMiller . . . . . . . . . . .3401.0 61.5 3768.0 3132.0

Alent . . . . . . . . . . . . . . .366.8 8.6 403.7 301.3Croda Internation . . . .2849.0 44.0 3007.0 1990.0Elementis . . . . . . . . . . .308.2 7.4 320.5 227.6Johnson Matthey . . . . .3153.0 39.0 3571.0 2743.0Synthomer . . . . . . . . . .328.4 5.1 354.8 189.5Victrex plc . . . . . . . . . .1975.0 9.0 2187.0 1553.0

Balfour Beatty . . . . . . .254.4 8.9 258.7 148.7CRH . . . . . . . . . . . . . . . .1914.0 57.0 1916.0 1266.0Galliford Try . . . . . . . . .1757.0 22.0 1763.0 1062.0

Marks & Spencer G . . . .549.0 5.5 596.5 383.9Next . . . . . . . . . . . . . . .7450.0 75.0 7620.0 6325.0Pets at Home Grou . . .300.0 10.0 300.0 167.0Poundland Group . . . . .314.2 2.0 418.9 294.0Saga . . . . . . . . . . . . . . . .215.1 -6.4 221.5 147.1Sports Direct Int . . . . . .702.5 19.0 769.0 574.0Ted Baker . . . . . . . . . .2949.0 50.0 2966.0 1660.0WH Smith . . . . . . . . . . .1519.0 17.0 1573.0 995.5

AL Noor Hospitals . . . . .979.0 4.0 1168.0 819.0NMC Health . . . . . . . . . .815.0 0.0 875.0 441.0Smith & Nephew . . . . .1087.0 5.0 1200.0 906.0Spire Healthcare . . . . .355.0 35.0 390.0 210.0Synergy Health . . . . . .1775.0 25.0 2416.0 1352.0

Barratt Developme . . .640.0 15.5 641.0 334.1Bellway . . . . . . . . . . . .2413.0 39.0 2419.0 1461.0Berkeley Group Ho . . .3451.0 46.0 3481.0 2061.0Bovis Homes Group . . .1150.0 16.0 1153.6 737.5Crest Nicholson H . . . . .581.5 19.0 583.0 298.9Persimmon . . . . . . . . .2051.0 53.0 2051.0 1199.0Reckitt Benckiser . . . .5708.0 121.0 6116.0 4964.0Redrow . . . . . . . . . . . . .456.4 8.4 457.1 228.7Taylor Wimpey . . . . . . .195.3 6.9 195.3 104.5

Keller Group . . . . . . . .1048.0 18.0 1099.0 750.0Kier Group . . . . . . . . . .1453.0 21.0 1479.0 1113.1

Drax Group . . . . . . . . . .364.3 4.8 710.0 353.7SSE . . . . . . . . . . . . . . . .1641.0 34.0 1696.0 1438.0

Halma . . . . . . . . . . . . . .774.5 11.5 776.0 558.5Hellermanntyton G . . . .361.9 2.3 375.0 276.5Morgan Advanced M . . .332.3 3.0 355.1 264.9Renishaw . . . . . . . . . .2323.0 0.0 2648.0 1470.0Spectris . . . . . . . . . . . .2212.0 44.0 2394.0 1643.0

Aberforth Smaller . . .1204.0 6.0 1224.0 980.0Alliance Trust . . . . . . . .497.0 5.5 528.5 426.0Bankers Inv Trust . . . . .657.0 8.5 668.0 519.0BH Macro Ltd. GBP . . .2065.0 10.0 2190.0 1920.0BlueCrest AllBlue . . . . . .188.8 0.0 191.8 182.5British Empire Se . . . . .518.0 6.0 555.0 482.4Caledonia Investm . . .2439.0 34.0 2515.0 2115.0City of London In . . . . .405.9 5.3 415.9 352.0Edinburgh Inv Tru . . . .684.5 10.5 702.5 579.0Electra Private E . . . . .3175.0 -5.0 3260.0 2350.0Fidelity China Sp . . . . . .158.4 0.3 177.3 101.8Fidelity European . . . . .179.7 4.2 186.7 140.0Finsbury Growth & . . . .592.5 9.5 609.0 470.3Foreign and Colon . . . .445.0 4.3 465.0 372.2Genesis Emerging . . . .516.5 -1.5 583.0 502.0HICL Infrastructu . . . . . .153.5 -0.8 160.5 139.4International Pub . . . . .135.6 -0.4 140.0 130.7John Laing Infras . . . . . .122.2 -0.2 128.1 114.9JPMorgan American . . .277.0 3.5 295.8 242.9JPMorgan Emerging . . .588.5 3.5 671.0 550.0Mercantile Invest . . . . .1702.0 12.0 1722.0 1341.0Monks Inv Trust . . . . . .433.6 3.1 456.9 354.0Murray Internatio . . . . .995.0 11.5 1123.0 981.0NB Global Floatin . . . . . .98.3 -0.5 99.8 94.2Perpetual Income . . . .418.0 2.5 428.1 356.7Polar Capital Tec . . . . . .582.5 -7.5 612.0 463.5RIT Capital Partn . . . . .1539.0 7.0 1612.0 1285.0Riverstone Energy . . . .1019.0 -11.0 1105.0 830.0Scottish Inv Trus . . . . . .635.0 0.0 668.0 547.5Scottish Mortgage . . . .266.5 3.4 281.8 205.0Shawbrook Group . . . .372.6 -5.7 382.5 301.0Temple Bar Inv Tr . . . . .1193.0 14.0 1268.0 1127.0Templeton Emergin . . .515.0 5.0 623.5 506.0TR Property Inv T . . . . .299.3 3.5 324.0 238.3Witan Inv Trust . . . . . . .806.5 9.0 847.0 655.0Woodford Patient . . . . .115.9 0.4 116.5 102.3Worldwide Healthc . . .1891.0 13.0 1997.0 1273.0

3i Group . . . . . . . . . . . .540.0 13.5 569.5 352.13i Infrastructure . . . . . .166.3 0.6 170.4 133.2Aberdeen Asset Ma . . . .419.7 12.7 507.5 383.4Allied Minds . . . . . . . . . .571.5 -6.5 725.0 185.8Arrow Global Grou . . . .256.3 6.0 278.3 218.0Ashmore Group . . . . . .299.9 2.9 377.0 252.7Brewin Dolphin Ho . . . .295.0 4.9 359.6 246.4Charles Taylor . . . . . . . .233.0 9.8 295.0 205.0City of London Gr . . . . . .23.8 0.0 27.0 17.3City of London In . . . . .345.3 11.8 360.0 272.0Close Brothers Gr . . . .1609.0 22.0 1664.0 1223.0Hargreaves Lansdo . . .1239.0 30.0 1293.0 851.5Henderson Group . . . . .273.7 3.0 301.6 184.6ICAP . . . . . . . . . . . . . . . .536.0 2.0 566.5 342.8IG Group Holdings . . . . .757.5 7.0 794.5 563.5Intermediate Capi . . . .575.0 10.5 600.5 366.0International Per . . . . . .478.1 8.8 605.0 417.7Investec . . . . . . . . . . . . .578.5 15.5 647.0 491.6IP Group . . . . . . . . . . . .207.6 -1.7 264.7 177.4

John Laing Group . . . . .216.5 -1.0 233.8 194.0Jupiter Fund Mana . . . .462.1 10.3 469.8 318.0Liontrust Asset M . . . . .305.0 0.0 305.0 211.5LMS Capital . . . . . . . . . . .78.0 0.0 87.0 75.0London Finance & . . . . .35.5 0.0 37.0 31.0London Stock Exch . . .2455.0 51.0 2595.0 1709.7Man Group . . . . . . . . . . .168.4 6.2 217.6 100.9OneSavings Bank . . . . .299.0 -0.5 328.0 159.8Paragon Group Of . . . .428.8 6.8 455.5 317.9Provident Financi . . . .2947.0 46.0 3151.0 1988.0Rathbone Brothers . . .2155.0 5.0 2313.0 1830.0Real Estate Credi . . . . . .182.5 3.8 182.8 159.0Record . . . . . . . . . . . . . . .39.5 1.3 40.6 29.5S&U . . . . . . . . . . . . . . .2280.0 0.0 2365.0 1700.0Sanne Group . . . . . . . . .278.5 0.0 283.0 276.6Schroders . . . . . . . . . .3294.0 62.0 3423.0 2146.0SVG Capital . . . . . . . . . .503.0 3.0 522.0 382.2

BT Group . . . . . . . . . . . .465.0 10.8 470.6 360.1Cable & Wireless . . . . . .68.4 2.9 70.3 43.4COLT Group SA . . . . . . . .191.5 3.5 191.5 118.2TalkTalk Telecom . . . . .390.4 6.1 408.8 264.7Telecom Plus . . . . . . . . .821.0 1.5 1515.0 752.5

Booker Group . . . . . . . . .172.1 1.6 183.3 116.3Greggs . . . . . . . . . . . . .1186.0 34.0 1211.0 500.0Morrison (Wm) Sup . . .178.3 2.0 208.2 151.7Ocado Group . . . . . . . . .394.9 6.4 440.0 220.6Sainsbury (J) . . . . . . . . .265.7 2.8 325.7 224.8SSP Group . . . . . . . . . . .289.0 0.7 315.6 215.8Tesco . . . . . . . . . . . . . . .214.0 3.2 292.0 164.8UDG Healthcare Pu . . .506.0 13.0 549.5 316.5

Associated Britis . . . .3094.0 44.0 3284.0 2466.0Cranswick . . . . . . . . . . .1613.0 11.0 1622.0 1236.0Dairy Crest Group . . . . .533.0 5.0 543.0 369.0Greencore Group . . . . . .313.2 1.2 358.0 229.6Tate & Lyle . . . . . . . . . . .551.5 2.0 743.5 545.0Unilever . . . . . . . . . . .2855.0 83.0 3015.0 2406.0

Mondi . . . . . . . . . . . . .1428.0 18.0 1521.0 943.5

Centrica . . . . . . . . . . . . .279.9 3.6 325.2 235.5National Grid . . . . . . . . .861.0 4.5 960.5 837.0Pennon Group . . . . . . .853.5 33.0 919.5 761.5Severn Trent . . . . . . . .2176.0 121.0 2215.0 1814.0United Utilities . . . . . . .987.0 35.0 1042.0 784.5

Rexam . . . . . . . . . . . . .566.5 2.5 590.0 425.0RPC Group . . . . . . . . . . .655.5 20.0 659.0 445.7Smith (DS) . . . . . . . . . . .381.4 6.9 381.4 238.1Smiths Group . . . . . . . .1169.0 25.0 1360.0 1013.0Vesuvius . . . . . . . . . . . .419.9 8.9 520.0 397.8

AA . . . . . . . . . . . . . . . . .386.9 4.0 431.8 227.9AO World . . . . . . . . . . . .147.0 -1.9 330.0 144.7Auto Trader Group . . . .307.6 2.1 313.0 262.0B&M European Valu . . .348.7 -1.6 357.9 234.3Brown (N.) Group . . . . .357.6 -2.9 456.8 286.6Card Factory . . . . . . . . .329.9 -2.1 375.0 197.5Debenhams . . . . . . . . . .92.4 2.7 96.0 57.8Dignity . . . . . . . . . . . .2082.0 3.0 2205.0 1343.0Dixons Carphone . . . . .463.0 6.2 484.7 302.4Dunelm Group . . . . . . .945.0 6.5 965.5 763.5Halfords Group . . . . . . .533.0 10.5 535.0 423.3Home Retail Group . . . .165.0 4.5 218.1 149.9Inchcape . . . . . . . . . . . .855.0 6.5 894.0 610.0JD Sports Fashion . . . . .670.0 0.0 679.5 371.9

Price Chg High Low

Bodycote . . . . . . . . . . . .770.0 20.0 786.0 557.5IMI . . . . . . . . . . . . . . . .1180.0 11.0 1531.0 1135.0Melrose Industrie . . . . .259.1 2.3 307.3 237.9Rotork . . . . . . . . . . . . . .240.6 2.1 284.6 216.0Spirax-Sarco Engi . . . .3443.0 15.0 3569.4 2564.1Weir Group . . . . . . . . .1785.0 -6.0 2761.0 1608.0

Evraz . . . . . . . . . . . . . . .146.8 0.0 207.4 88.5

BBA Aviation . . . . . . . . .315.0 1.1 360.0 300.2Clarkson . . . . . . . . . . .2637.0 58.0 2647.0 1835.0Fisher (James) & . . . .1385.0 19.0 1436.0 1007.0Royal Mail . . . . . . . . . . .510.0 7.5 527.0 389.9

Admiral Group . . . . . .1449.0 14.0 1629.0 1195.0Amlin . . . . . . . . . . . . . . .487.5 9.4 530.0 425.2Beazley . . . . . . . . . . . . .298.4 1.1 317.5 236.0Direct Line Insur . . . . . .340.1 2.5 346.4 264.4esure Group . . . . . . . . .256.4 4.9 279.0 193.5Hiscox Limited (C . . . . .842.0 7.0 893.7 659.8Jardine Lloyd Tho . . . .1030.0 -5.0 1093.0 840.5Lancashire Holdin . . . . .623.5 8.0 689.0 506.0

Johnston Press . . . . . . .154.3 -0.5 218.5 142.0Moneysupermarket. . . .289.5 0.1 306.1 178.4Pearson . . . . . . . . . . . .1265.0 17.0 1508.0 1087.0Reed Elsevier . . . . . . . .1071.0 19.0 1188.0 917.0Rightmove . . . . . . . . .3376.0 62.0 3393.5 1981.0Sky . . . . . . . . . . . . . . . .1074.0 36.0 1105.0 843.5STV Group . . . . . . . . . . .440.0 20.0 440.0 322.0Trinity Mirror . . . . . . . . .154.3 -2.0 214.0 137.0UBM . . . . . . . . . . . . . . . .546.5 6.5 576.0 393.6UTV Media . . . . . . . . . . .161.3 -5.0 222.0 150.0WPP . . . . . . . . . . . . . .1490.0 27.0 1611.0 1117.0Zoopla Property G . . . . .267.5 3.0 276.0 150.8

Acacia Mining . . . . . . . .306.0 0.9 313.5 195.0Anglo American . . . . . .995.1 8.5 1648.0 965.6Antofagasta . . . . . . . . . .715.5 2.5 855.0 650.0BHP Billiton . . . . . . . . .1346.5 21.0 2096.0 1276.0Centamin (DI) . . . . . . . .64.0 -0.9 75.0 45.3Fresnillo . . . . . . . . . . . . .703.5 -9.0 1031.0 644.0Glencore . . . . . . . . . . . .273.6 2.1 377.5 240.6Kaz Minerals . . . . . . . . .223.6 2.5 354.0 170.4Lonmin . . . . . . . . . . . . .129.0 2.0 259.6 110.7Petra Diamonds Lt . . . . .159.1 0.5 216.6 151.5Polymetal Interna . . . .550.0 -5.0 614.0 463.2

RSA Insurance Gro . . . .422.5 6.4 496.2 409.2

Aviva . . . . . . . . . . . . . . .518.5 13.5 571.5 463.3Just Retirement G . . . . .181.0 -2.5 184.0 119.8Legal & General G . . . . .258.4 4.1 294.4 213.9Old Mutual . . . . . . . . . .208.9 4.4 240.3 169.5Phoenix Group Hol . . . .827.0 10.0 888.0 625.0Prudential . . . . . . . . . .1606.5 36.0 1752.0 1318.5St James's Place . . . . . .908.0 16.5 994.5 648.0Standard Life . . . . . . . .484.0 11.0 499.9 367.7

4Imprint Group . . . . . .1089.0 9.0 1150.0 618.5Bloomsbury Publis . . . .172.8 4.5 184.5 145.3Centaur Media . . . . . . . .75.5 3.5 82.5 56.3Chime Communicati . .268.0 2.5 365.0 242.3Creston . . . . . . . . . . . . . .137.0 0.0 138.0 103.5Entertainment One . . . .341.9 -3.0 360.0 268.4Euromoney Institu . . . .1126.0 -4.0 1261.0 960.0Future . . . . . . . . . . . . . . .10.6 -0.1 11.5 6.6Haynes Publishing . . . .130.0 0.0 196.0 112.5Huntsworth . . . . . . . . . .46.0 -0.5 56.5 37.3Informa . . . . . . . . . . . . .557.0 9.5 600.5 445.9ITE Group . . . . . . . . . . . .179.3 3.5 244.8 128.0ITV . . . . . . . . . . . . . . . . .269.9 4.0 274.5 169.5

Randgold Resource . .4413.0 -85.0 5685.0 3678.0Rio Tinto . . . . . . . . . . .2770.0 38.0 3515.0 2616.5Vedanta Resources . . .590.0 11.5 1161.0 371.0

Inmarsat . . . . . . . . . . . .964.0 20.5 1022.0 674.0Vodafone Group . . . . . .239.3 5.7 255.4 184.5

BG Group . . . . . . . . . . .1093.0 16.0 1276.0 794.7BP . . . . . . . . . . . . . . . . .439.4 8.1 523.9 373.3Cairn Energy . . . . . . . . .177.4 1.4 208.3 143.2Nostrum Oil & Gas . . . .550.0 -18.5 813.0 374.9Ophir Energy . . . . . . . . .118.0 3.1 250.4 114.3Premier Oil . . . . . . . . . . .157.3 2.8 351.9 120.2Royal Dutch Shell . . . .1875.0 31.5 2453.0 1843.5Royal Dutch Shell . . . .1902.5 32.5 2567.0 1870.0Tullow Oil . . . . . . . . . . .366.2 4.8 875.0 281.2

Amec Foster Wheel . . .853.0 5.0 1249.0 777.0Hunting . . . . . . . . . . . . .623.5 33.0 910.0 394.3Petrofac Ltd. . . . . . . . . .869.5 13.0 1245.0 596.5Wood Group (John) . . .679.5 3.5 818.0 527.0

Burberry Group . . . . .1664.0 18.0 1921.0 1410.0Jimmy Choo . . . . . . . . .162.0 9.0 180.0 140.0PZ Cussons . . . . . . . . . .370.0 6.0 392.1 292.5Supergroup . . . . . . . . .1238.0 12.0 1250.0 769.0

AstraZeneca . . . . . . . .4242.0 53.0 4863.0 4092.5BTG . . . . . . . . . . . . . . . .652.5 8.0 830.0 581.0Dechra Pharmaceut . . .960.5 13.5 1060.0 681.0Genus . . . . . . . . . . . . . .1457.0 15.0 1505.0 1017.0GlaxoSmithKline . . . . .1377.0 20.0 1642.0 1324.0Hikma Pharmaceuti . . .1911.0 -36.0 2574.0 1604.0Indivior . . . . . . . . . . . . .235.2 5.6 241.0 141.1Shire Plc . . . . . . . . . . .5325.0 80.0 5685.0 3718.0

Capital & Countie . . . . . .413.5 3.0 433.0 315.4CLS Holdings . . . . . . . .1875.0 -25.0 2010.0 1276.0Countrywide . . . . . . . . .595.0 -0.5 602.5 414.0Daejan Holdings . . . . .5750.0 -40.0 5995.0 4687.0F&C Commercial Pr . . . .140.2 -1.0 147.9 119.2Foxtons Group . . . . . . .262.4 1.4 309.0 147.7Grainger . . . . . . . . . . . .220.0 -0.1 222.0 171.6Kennedy Wilson Eu . . .1140.0 8.0 1208.0 1023.0Redefine Internat . . . . . .51.8 0.3 59.7 49.5Savills . . . . . . . . . . . . . .941.5 1.5 975.5 571.5St. Modwen Proper . . .456.3 5.2 490.0 334.0UK Commercial Pro . . . . .91.4 0.7 93.5 80.7Unite Group . . . . . . . . .583.5 0.5 625.0 392.7

Big Yellow Group . . . . .647.5 7.5 705.0 481.9British Land Comp . . . .824.5 12.0 886.0 662.5Derwent London . . . . .3471.0 32.0 3702.0 2567.0Great Portland Es . . . . .797.0 9.5 875.5 614.5Hammerson . . . . . . . . .641.0 11.0 705.5 543.5Hansteen Holdings . . . .116.2 0.1 128.2 100.0Intu Properties . . . . . . . .317.4 7.2 376.4 304.6Land Securities G . . . .1256.0 24.0 1363.0 1004.0LondonMetric Prop . . . .163.3 1.8 170.5 133.5SEGRO . . . . . . . . . . . . . .414.4 3.0 443.4 339.4Shaftesbury . . . . . . . . .873.5 5.0 903.0 636.0Tritax Big Box Re . . . . . .114.0 -0.5 117.5 104.0Workspace Group . . . . .874.5 -2.0 980.0 565.5

Aveva Group . . . . . . . .1920.0 -1.0 2198.0 1255.0Computacenter . . . . . . .719.5 14.5 760.0 590.8

Fidessa Group . . . . . . .2228.0 23.0 2508.0 2024.0Micro Focus Inter . . . . .1363.0 3.0 1381.0 826.3Playtech . . . . . . . . . . . . .818.5 12.5 860.0 601.0Sage Group . . . . . . . . . .540.5 1.5 577.5 350.1Telecity Group . . . . . . .1055.0 9.0 1115.0 666.5

Aggreko . . . . . . . . . . .1488.0 22.0 1774.0 1405.0Ashtead Group . . . . . .1144.0 24.0 1217.0 827.0Atkins (WS) . . . . . . . . .1533.0 -12.0 1545.0 1238.0Babcock Internati . . . .1120.0 14.0 1195.0 933.5Berendsen . . . . . . . . . .1030.0 6.0 1157.0 919.5Bunzl . . . . . . . . . . . . . .1891.0 45.0 1950.0 1519.0Capita . . . . . . . . . . . . .1262.0 30.0 1280.0 1002.0Carillion . . . . . . . . . . . . .347.6 9.2 370.4 302.2DCC . . . . . . . . . . . . . . .5090.0 25.0 5305.0 3105.0Diploma . . . . . . . . . . . .800.0 14.5 865.5 619.5Electrocomponents . . .228.9 4.3 268.7 200.6Essentra . . . . . . . . . . . .1022.0 15.0 1064.0 647.0Experian . . . . . . . . . . . .1218.0 31.0 1255.0 916.0G4S . . . . . . . . . . . . . . . .285.0 3.8 308.8 245.0Grafton Group Uni . . . .799.0 4.0 858.5 549.5Hays . . . . . . . . . . . . . . . .167.5 1.8 169.3 110.7Homeserve . . . . . . . . . .434.8 8.3 437.2 299.5Howden Joinery Gr . . .526.0 6.5 526.0 290.2Interserve . . . . . . . . . . .663.0 3.0 678.0 495.9Intertek Group . . . . . .2467.0 14.0 2880.0 2149.0Michael Page Inte . . . .540.0 -1.5 560.5 371.9Mitie Group . . . . . . . . . .325.8 6.7 325.8 265.3Northgate . . . . . . . . . . .623.5 11.0 656.0 450.0PayPoint . . . . . . . . . . .1032.0 -8.0 1147.0 799.5Premier Farnell . . . . . . .178.9 2.0 209.9 158.1Regus . . . . . . . . . . . . . .260.0 2.2 264.8 165.5Rentokil Initial . . . . . . . .154.0 1.7 154.1 111.0Serco Group . . . . . . . . . .123.5 3.5 299.3 118.3SIG . . . . . . . . . . . . . . . . .205.2 6.5 211.2 144.8Travis Perkins . . . . . . .2208.0 59.0 2238.0 1574.0Wolseley . . . . . . . . . . .4215.0 63.0 4215.0 3020.0

ARM Holdings . . . . . . .1133.0 15.0 1205.0 806.0CSR . . . . . . . . . . . . . . . .879.5 7.5 886.5 512.5Laird . . . . . . . . . . . . . . .379.7 4.7 409.5 262.5Pace . . . . . . . . . . . . . . .385.0 2.4 447.0 292.1

British American . . . .3593.5 46.5 3892.5 3335.5Imperial Tobacco . . . .3247.0 33.0 3393.0 2483.0

Betfair Group . . . . . . .2400.0 0.0 2698.0 966.2Bwin.party Digita . . . . .100.0 2.2 119.1 78.4Carnival . . . . . . . . . . . .3288.0 120.0 3370.0 2090.0Cineworld Group . . . . . .457.5 1.9 520.0 303.0Compass Group . . . . . .1116.0 10.0 1219.0 938.0Domino's Pizza Gr . . . . .787.5 5.5 835.0 504.0easyJet . . . . . . . . . . . .1585.0 4.0 1915.0 1228.0Enterprise Inns . . . . . . .129.6 3.3 136.0 98.0FirstGroup . . . . . . . . . . .127.7 2.8 133.0 91.0Go-Ahead Group . . . .2690.0 9.0 2710.0 2150.0Greene King . . . . . . . . .835.0 14.0 887.5 716.0InterContinental . . . .2730.0 32.0 2880.0 2120.0International Con . . . . .526.5 21.0 617.0 316.2Ladbrokes . . . . . . . . . . . .122.1 -0.8 142.4 101.9Marston's . . . . . . . . . . . .166.1 2.5 173.5 136.6Merlin Entertainm . . . .445.3 6.8 470.7 328.7Millennium & Copt . . . .580.0 0.0 602.5 543.0Mitchells & Butle . . . . . .475.3 4.3 485.1 325.7National Express . . . . . .311.0 -0.5 318.7 220.0Rank Group . . . . . . . . . .216.1 1.7 222.6 151.9Restaurant Group . . . . .695.0 8.5 738.5 570.5

Spirit Pub Compan . . . .119.4 5.2 120.5 70.3Stagecoach Group . . . .408.3 1.7 414.6 336.0Thomas Cook Group . . .146.6 4.0 161.3 102.5TUI AG Reg Shs (D . . . .1180.0 24.0 1270.0 1070.0Wetherspoon (J.D. . . . .795.5 -2.5 842.5 700.0Whitbread . . . . . . . . .5255.0 110.0 5440.0 3958.0William Hill . . . . . . . . . .406.9 3.2 425.3 325.0

Abcam . . . . . . . . . . . . . .517.0 6.0 546.0 358.5Advanced Medical . . . .148.5 6.3 159.8 108.8Alternative Netwo . . . . .513.0 8.0 541.0 419.9Amerisur Resource . . . . .36.8 0.5 66.3 20.5Arbuthnot Banking . . .1442.5 -25.0 1577.5 1010.0ASOS . . . . . . . . . . . . . .3800.0 62.0 4194.0 1785.0Avanti Communicat . . .214.0 1.0 320.8 170.3Blinkx . . . . . . . . . . . . . . . .31.5 0.5 66.0 23.5Brooks Macdonald . . .1743.5 -5.5 1807.5 1320.0Camellia . . . . . . . . . . .9750.0 -25.0 11220.0 8501.0Clinigen Group . . . . . . .638.0 -3.5 670.0 359.3CVS Group . . . . . . . . . . .639.0 4.0 695.0 316.3Dart Group . . . . . . . . . . .413.0 3.0 420.8 190.0DX (Group) . . . . . . . . . . .86.5 0.5 126.3 76.5EMIS Group . . . . . . . . . .935.0 -12.5 975.0 677.5Faroe Petroleum . . . . . .83.0 -0.5 127.0 59.0First Derivatives . . . . .1400.0 13.0 1525.0 860.0Gemfields . . . . . . . . . . . .59.8 -4.0 68.3 45.0GW Pharmaceutical . . .669.5 14.0 680.5 320.3Hargreaves Servic . . . . .375.5 -4.5 800.0 367.8IGas Energy . . . . . . . . . . .31.3 -0.5 132.0 19.5Iomart Group . . . . . . . .250.0 12.0 284.6 160.0James Halstead . . . . . .405.5 -12.8 420.0 260.3M. P. Evans Group . . . . .430.3 7.8 492.3 364.3Majestic Wine . . . . . . . .408.5 -10.3 450.0 299.8Monitise . . . . . . . . . . . . . .12.8 -0.5 59.5 9.8Mulberry Group . . . . . .905.0 1.8 934.5 661.5Nichols . . . . . . . . . . . . .1270.0 11.0 1297.0 838.5Numis Corporation . . . .271.0 -5.3 277.8 202.0Pan African Resou . . . . .10.0 -0.3 15.5 9.8Plexus Holdings . . . . . .220.0 -4.0 306.6 165.5Polar Capital Hol . . . . .449.5 3.0 514.0 358.0Quadrise Fuels In . . . . . . .11.5 0.5 42.5 10.3Quindell . . . . . . . . . . . . .125.3 -0.8 240.0 32.5Redde . . . . . . . . . . . . . .125.0 0.5 129.0 53.3Rockhopper Explor . . . . .70.3 1.5 99.5 51.8RWS Holdings . . . . . . . .129.8 3.3 181.8 124.5Secure Trust Bank . . .2840.0 2.0 3005.0 2245.0Sirius Minerals . . . . . . . . .16.8 -1.3 24.0 7.0Smart Metering Sy . . . .355.8 4.8 414.8 315.5Staffline Group . . . . . .1348.0 33.0 1350.0 730.0Telford Homes . . . . . . . .437.5 -4.8 492.0 267.3Telit Communicati . . . .288.0 3.0 290.0 195.0Tungsten Corporat . . . . .56.0 -2.8 399.0 55.3Utilitywise . . . . . . . . . . .272.0 5.5 310.3 197.3Velocys . . . . . . . . . . . . .129.0 -0.8 236.9 115.0Vernalis . . . . . . . . . . . . . .70.0 -0.5 73.0 31.0Vertu Motors . . . . . . . . . .63.0 0.8 65.3 51.5Young & Co's Brew . . .1220.0 -70.0 1310.0 955.0

Spire Healthcare G . . . . . . . . . . .355.0 10.9Severn Trent . . . . . . . . . . . . . . .2176.0 5.9Jimmy Choo . . . . . . . . . . . . . . . .162.0 5.9Hunting . . . . . . . . . . . . . . . . . . .623.5 5.6Spirit Pub Company . . . . . . . . . .119.4 4.6Cable & Wireless C . . . . . . . . . . . .68.4 4.4International Cons . . . . . . . . . . .526.5 4.2Pennon Group . . . . . . . . . . . . . .853.5 4.0Man Group . . . . . . . . . . . . . . . . .168.4 3.8Carnival . . . . . . . . . . . . . . . . . .3288.0 3.8

Nostrum Oil & Gas . . . . . . . . . . .550.0 -3.3Saga . . . . . . . . . . . . . . . . . . . . . . .215.1 -2.9Randgold Resources . . . . . . . .4413.0 -1.9Hikma Pharmaceutic . . . . . . . . .1911.0 -1.9Shawbrook Group . . . . . . . . . . .372.6 -1.5Just Retirement Gr . . . . . . . . . . .181.0 -1.4CLS Holdings . . . . . . . . . . . . . . .1875.0 -1.3Centamin (DI) . . . . . . . . . . . . . . .64.0 -1.3AO World . . . . . . . . . . . . . . . . . . .147.0 -1.3Polar Capital Tech . . . . . . . . . . . .582.5 -1.3

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AIM 50

Tsy 8.000 15 . . . . . . .106.51 -0.07 113.8 106.5Tsy 4.750 15 . . . . . . .102.64 -0.04 106.8 102.6Tsy 4.000 16 . . . . . .105.79 -0.03 108.3 105.7Tsy 2.500 16 . . . . . . .327.52 -0.01 339.1 327.3Tsy 1.250 17 . . . . . . . .107.61 0.03 110.9 107.3Tsy 8.750 17 . . . . . . . .121.21 0.05 126.3 121.1Tsy 5.000 18 . . . . . . .113.51 0.10 114.4 111.7Tsy 3.750 19 . . . . . . .113.00 0.20 113.0 108.0Tsy 4.500 19 . . . . . . .115.07 0.16 115.1 111.2Tsy 4.750 20 . . . . . .119.04 0.23 119.0 113.5Tsy 2.500 20 . . . . . .366.72 0.08 370.4 359.4Tsy 8.000 21 . . . . . .142.92 0.32 143.0 135.7Tsy 4.000 22 . . . . . .119.85 0.45 119.8 110.4Tsy 1.875 22 . . . . . . .124.78 0.18 125.8 119.1Tsy 2.500 24 . . . . . .350.74 0.27 353.6 322.5Tsy 5.000 25 . . . . . .134.70 0.68 134.8 119.4Tsy 4.250 27 . . . . . . .131.90 0.84 132.0 112.1Tsy 1.250 27 . . . . . . .130.83 0.42 131.4 116.0Tsy 6.000 28 . . . . . .155.76 0.85 155.7 132.9Tsy 4.750 30 . . . . . . .142.51 0.89 142.5 118.3Tsy 4.125 30 . . . . . . .347.31 0.33 350.7 304.4Tsy 4.250 32 . . . . . .136.85 0.98 136.9 111.7Tsy 1.250 32 . . . . . . .143.94 0.53 144.8 120.7Tsy 4.250 36 . . . . . .140.37 1.13 140.4 111.6Tsy 4.750 38 . . . . . .153.30 1.21 153.2 120.4Tsy 0.625 40 . . . . . .144.56 0.66 146.5 112.2Tsy 4.500 42 . . . . . . .153.16 1.33 153.1 117.1Tsy 3.500 45 . . . . . . .132.31 1.50 132.2 100.6Tsy 4.250 46 . . . . . .152.26 1.50 152.3 113.3Tsy 4.025 49 . . . . . . .156.13 1.64 156.4 114.4Tsy 4.000 99 . . . . .100.00 0.00 101.8 94.9

INDUSTRIAL METALS & MINING

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WORLD INDICES

FTSE 100 . . . . . . . . . . . . . . . . . . . . . 6825.67 115.22 1.72FTSE 250 . . . . . . . . . . . . . . . . . . . . 17906.29 201.30 1.14FTSE All-Share . . . . . . . . . . . . . . . . . 3718.18 58.12 1.59FTSE AIM All-Share. . . . . . . . . . . . . . 769.73 1.80 0.23

S&P 500 . . . . . . . . . . . . . . . . . . . . . 2122.85 12.86 0.61Dow Jones I.A. . . . . . . . . . . . . . . . . 18119.78 103.83 0.58Nasdaq Composite . . . . . . . . . . . . . 5153.97 36.97 0.72Xetra DAX . . . . . . . . . . . . . . . . . . . 11460.50 420.40 3.81

CAC 40 . . . . . . . . . . . . . . . . . . . . . . 4998.61 183.24 3.81Swiss Market Index . . . . . . . . . . . . 9021.37 154.05 1.74ISEQ Overall Index . . . . . . . . . . . . . 6333.67 62.77 1.00FTSEurofirst 300 . . . . . . . . . . . . . . . 1565.68 35.82 2.34

Hang Seng. . . . . . . . . . . . . . . . . . 27080.85 320.32 1.20Shanghai Composite. . . . . . . . . . . 4478.36 -306.99 -6.42Straits Times . . . . . . . . . . . . . . . . . . 3315.13 14.17 0.43Sao Paulo Bovespa. . . . . . . . . . . . 53749.41 -489.18 -0.90

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TUESDAY 23 JUNE 201522MARKETScityam.com

Rise | ShineCITY A.M. MORNING UPDATE

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TUESDAY 23 JUNE 201523cityam.com

although BMW remains tight-lippedabout figures for now.

Our 7 Series wasn’t allowed to leavethe confines of the test track. However,we tried it on a wide variety of roadsand surfaces, from handling circuit tohigh-speed bowl. It’s clear this is nowafty, luxury barge. For a big car, theBMW changes direction withadmirable agility. That’s partly due tolightweight aluminium panels and asuper-stiff carbon-fibre-reinforced pas-senger cell. Together, these contributeto a 130kg weight saving – about the

same as two average-sized adults. Standard air suspension with dynam-

ic damper control also helps. Flickingbetween Comfort and Sport modeschanges the character of the 7 fromboulevardier to B-road blaster. Or youcan switch to Adaptive and let the cardecide by assessing your driving andusing GPS data to see what kind ofroad you’re on. It really does seem tooffer the best of both worlds.

Lastly, no car this size will be easy topark, yet BMW has a world-first solu-tion – parking by remote control.

Using the key fob, you can step outand let the car park itself, evensqueezing into spaces too narrow toopen the doors. How the non-BMWdriver next to you is then supposed toget out of their car is a separate prob-lem.

On sale this autumn, the new 7Series might not move the game on interms of style, but for dynamics anduser-friendly technology, it’s still thekeen driver’s choice.

Tim Pitt works formotoringresearch.com

LIFE&STYLE MOTORING

NOT CONVINCED?CHECK OUT THESE ALTERNATIVES...

THE VERDICT: DESIGN hhhhiPERFORMANCE hhhiiPRACTICALITY hhhiiVALUE FOR MONEY hhhhi

PRICE: £69,1550-62MPH: 5.7 secsTOP SPEED: 155mphCO2 G/KM: 224g/kmMPG COMBINED: 30mpg

JAGUAR XJ 3.0 V6 PREMIUM LUXURY LWB MASERATI QUATTROPORTE V6 S MERCEDES S500L AMG LINE

THE VERDICT: DESIGN hhhhiPERFORMANCE hhhhhPRACTICALITY hhhiiVALUE FOR MONEY hhhhi

PRICE: £81,5650-62MPH: 5.1 secsTOP SPEED: 177mphCO2 G/KM: 244g/kmMPG COMBINED: 26.9mpg

THE VERDICT: DESIGN hhhiiPERFORMANCE hhhhiPRACTICALITY hhhiiVALUE FOR MONEY hhiii

PRICE: £88,4000-62MPH: 4.7 secsTOP SPEED: 155mphCO2 G/KM: 208g/kmMPG COMBINED: 31.7mpg

From city traders to third-worlddictators, the Mercedes S-class hastraditionally been the defaultlimo of choice. BMW’s 7 Series

won fans among those who prefer todrive than be driven, but it could nevermatch the S-class for all-round appeal.

The new 7 Series, though, could takethe lustre off Mercedes’ three-pointedstar. It’s lighter and more efficientthan the car it replaces, yet still fabu-lously, decadently luxurious. We flewto BMW’s top-secret proving ground insouthern France to sample a final pro-totype, before it goes on sale thisOctober.

It’s clear the Bavarians played it safewhen styling their new flagship. That’sunderstandable – luxury car buyers area conservative bunch – but also some-what disappointing. After the head-turning i3 and i8 hybrids, the 7 Serieslooks a bit BMW-by-numbers.

However, it’s anything but conven-tional under the skin. The original 19877 Series famously packed more comput-ing power than NASA used to send aman to the moon. This sixth-generationmodel could probably unravel quan-tum physics, given half a chance.

Fortunately, making use of that tech-nology is easier than you might think.BMW’s already-excellent iDrive info-tainment system gains a touchscreenfor the first time, with swipe andpinch-to-zoom capabilities like an iPad.There’s also voice control, and you canperform certain functions using pre-defined hand movements.

We tried this so-called “gesture con-trol” and, having successfully resistedthe urge to make rude hand signals atthe camera, found it very effective. Youcan twirl your finger to adjust theaudio volume, prod the dashboard tonavigate to home or give a nonchalantwave to reject an incoming call. It takesa bit of practice, but unlike much ofthe tech on modern cars, it actuallyimproves safety by allowing you tokeep your eyes on the road.

Our test car was a long-wheelbase740i. Its straight-six turbo petrol enginewon’t make it especially popular in theUK, where the diesel 730d dominatessales, but it’s quick and very refined.Big efficiency gains are promised, too,

BMW’s new 7 Series is so futuristic it even allows you to communicate with the car using hand signals

THE VERDICT: DESIGN hhhiiPERFORMANCE hhhiiPRACTICALITY hhhiiVALUE FOR MONEY hhhhi

THE FACTS: BMW 740LI

PRICE: £70,0000-62MPH: 5.6 secsTOP SPEED: 155mphCO2 G/KM: 180g/kmMPG COMBINED: 37mpg

BY TIM PITT

Wave goodbye to stressful driving

24 cityam.comTUESDAY 23 JUNE 2015

OFFICEPOLITICSTravelling made

simpleTripitFree

Still considered oneof the best travelapps out there, Tripittakes the stress outof journeys. The appcreates acomprehensive buteasy-to-useitinerary, enablingyou to keep all yourarrangements andappointments in oneplace. It’ll alsocollate weatherforecasts, maps andeven directions toyour locations. All you have to do isforwardconfirmation emailsfor flights, hotelsand anything else,and it’llautomatically buildyour itinerary foryou.

Businesses needto maintain anenvironment thatallows women tobalance familywith a fulfillingcareer

How to retainfemale talent inthe workplace

L ORD Davies’s report, published inMarch this year, showed thatrepresentation of women on FTSE100 boards has almost doubled in

the past four years to 23.5 per cent. Thegovernment’s target for 25 per cent ofboard positions to be held by womenby the end of this year is in sight, andthere can be little doubt that Britishbusinesses are taking strides towardsgender diversity at a senior level. Whilewe should be celebrating thesesuccesses, we shouldn’t lose focus onthe challenges that still exist forcompanies wishing to achieve lastingchange on gender diversity. How do weensure that we retain enough women

in the workplace over the longer termto ensure that this progress continues?

Harness all talent and ensure theenvironment is rightThis is not a new problem. Across theCity, companies have taken steps toidentify and support talented womenwithin their organisations. Whilemany have explicitly sought to recruitmore women – both at entry level andas experienced joiners – retaining thesewomen over the longer term remains achallenge. Companies invest heavily inthe recruitment and earlydevelopment of women, only to seethem exit the business after starting a

family. For some, the decision to exit ismade following a period where theyhave tried, and failed, to balance theircareer and family life; others simplywish to spend the early years with theirchildren.

Businesses need to create and main-tain an environment that enableswomen to balance family with a fulfill-ing career. At Deloitte, our focus onagile working – from splitting time inthe office and working remotely, tooffering flexible hours – has enabled usto provide a working environmentwhere our women and all our peopleare able to work in a way that suitsthem and the business. However, this is

only part of the solution. The otherpart is attracting these women backinto the workplace in the first place.

Providing women with a route backto workTo do this in our business, we haveintroduced a return-to-workscheme – a 12-week paid internshipfor women who have been out of theprofessional services workforce forbetween three and six years. Thescheme will run from September toDecember, during term-time only.The ambition is for at least 80 percent of participants to take up longer-term roles with the firm at the endof the period. Each intern will have atailored role to fit with their skills,and we will provide extensive coach-ing and development throughoutthe programme.

Getting the balance rightFirms need to provide a workplacethat enables agility, but which alsoaddresses any unconscious bias –both in the recruitment process andthroughout employees’ careers.Remember, their lives have funda-mentally changed, but the officeenvironment may not have alteredvery much. This means giving theadditional support necessary forwomen returning to the workplace,whether after maternity leave or acareer break, to develop their poten-tial and ensure that they can findtheir place again. If we get thesethings right, I for one believe thatlong-term progress will be made.

Emma Codd is managing partner for tal-ent at Deloitte.

Offering agile working and tailored supportis crucial, explains Deloitte’s Emma Codd

25SPORTcityam.com/sport TUESDAY 23 JUNE 2015

ResultsCRICKETLV COUNTY CHAMPIONSHIPFIRST DIVISION—Nottinghamshire v Yorkshire (Headingley Carnegie): Nottinghamshire 169-8 (47.3 overs). Somerset v Hampshire (The Ageas Bowl): Somerset 346 (105.1 overs; T B Abell 88, J C Hildreth 76, M E Trescothick 53; G K Berg 4-64). Hampshire 147 (43.2 overs; C Overton 4-24) and 41-2 (13.0 overs). Middlesex v Worcestershire (Uxbridge): Middlesex 309 (103.0 overs; J E C Franklin 135, J A Burns 57; J D Shantry 4-66, J Leach 4-81). Worcestershire 195-3 (71.0 overs; T C Fell 75no, M M Ali 54). SECOND DIVISION—Glamorgan v Leicestershire (The SWALEC Stadium): Glamorgan 278 (79.0 overs; G G Wagg 94, C B Cooke 84). Leicestershire 37-1 (15.0 overs). Surrey v Derbyshire (Derby): Surrey 239 (72.5 overs; G C Wilson 65) and 77-2 (26.0 overs). Derbyshire 207 (65.0 overs; H D Rutherford 59; L J Fletcher 4-58). Essex v Gloucestershire (Bristol): Essex 319 (96.0 overs; R N ten Doeschate 73, J S Foster 63). Gloucestershire 116 (39.5 overs; G R Napier 4-27) and 126-3 (49.0 overs; M Klinger 62no). Kent v Northamptonshire (Northampton): Kent 140 (36.2 overs; Mohammad Azharullah 5-31, R K Kleinveldt 5-41) and 151 (38.5 overs; O P Stone 5-44). Northamptonshire 246 (71.0 overs; R I Keogh 68, R E Levi 50, A G Wakely 50; M T Coles 4-83) and 46-2 (9.0 overs). Northamptonshire (20pts) beat Kent (3pts) by 8 wickets.

GOLFUS OPEN (Chambers Bay GC, University Place, Washington) Final rd scores—(USA unless stated): (x) denotes amateurs) 275 J Spieth 68 67 71 69, 276 D Johnson 65 71 70 70, L Oosthuizen (Rsa) 77 66 66 67, 277 C Smith (Aus) 70 70 69 68, A Scott (Aus) 70 71 72 64, B Grace (Rsa) 69 67 70 71, 278 C Schwartzel (Rsa) 73 70 69 66, 279 B Snedeker 69 72 70 68, 280 R McIlroy (Nirl) 72 72 70 66, S Lowry (Irl) 69 70 70 71, J Day (Aus) 68 70 68 74, 281 M Kuchar 67 73 72 69, K Kisner 71 68 73 69, 282 T Finau 69 68 74 71, A Romero (Arg) 71 69 71 71, J Senden (Aus) 72 72 70 68, P Reed 66 69 76 71, 283 H Matsuyama (Jpn) 70 71 72 70, J Dufner 68 72 73 70, B Koepka 72 72 70 69, S Garcia (Spa) 70 75 70 68, G Ogilvy (Aus) 69 72 75 67, C Beljan 69 75 69 70, J Lovemark 70 68 75 70, 284 T Aiken (Rsa) 74 71 73 66, B Horschel 72 72 73 67, 285 F Molinari (Ita) 68 73 72 72, K Bradley 73 71 72 69, J.B. Holmes 72 66 71 76, J Rose (Eng) 72 70 72 71, M Warren (Sco) 68 74 72 71, T Fleetwood (Eng) 74 69 73 69, J Gunn 72 73 70 70, M Hoffmann 71 74 74 66, (a) Brian Campbell 67 72 78 68, D Summerhays 70 67 78 70, H Stenson (Swe) 65 74 72 74, A Levy (Fra) 70 69 73 73.CHEPSTOW2.00 1 Mill Springs (R Havlin) 2-1 2 Paddys Runner (William Twiston-Davies) 7-2 3 Ballynanty (David Probert) 15-8 Fav2.30 1 Dandy (Catherine Gannon) 11-2 2 Prim And Proper (R Havlin) 8-1 3 Mister Mayday (P Cosgrave) 7-13.05 1 Farletti (David Probert) 9-4 Jt Fav 2 Elle Shade (R Havlin) 9-4 Jt Fav 3 Potternello (Charles Bishop) 16-13.40 1 Teosroyal (F Norton) 9-2 2 Carnachy (Martin Lane) 9-4 3 Noblest (P Cosgrave) 8-11 Fav4.10 1 Guiding Light (David Probert) 7-4 Fav 2 Orlando Rogue (P Cosgrave) 5-2 3 Spirit In Time (Catherine Gannon) 20-14.45 1 Gold Club (Martin Lane) 9-2 2 Bonjour Steve (Tom Marquand) 9-2 3 Jaganory (Edward Greatrex) 7-25.15 1 Gower Princess (F Norton) 20-1 2 Chester Deelyte (Shirley Teasdale) 50-1 3 Spray Tan (Tom Marquand) 12-1WETHERBY6.10 1 King’s Pavilion (P Mulrennan) 11-10 Fav 2 Rioca (Ryan Powell) 2-1 3 Rockliffe (F Lynch) 8-16.40 1 Father Bertie (D Allan) 4-5 Fav 2 Isntshesomething (Connor Beasley) 16-1 3 Brasted (J Fanning) 15-87.15 1 Windforpower (J Fanning) 12-1 2 Eleusis (T E Durcan) 10-3 3 Bondi Beach Boy (George Chaloner) 6-17.45 1 Hallstatt (P Mulrennan) 9-1 2 Dr Irv (P Mcdonald) 2-1 Fav 3 Gran Maestro (G Lee) 5-28.15 1 Harwoods Volante (P Makin) 5-2 Fav 2 Twin Point (R Winston) 7-1 3 Slingsby (Graham Gibbons) 16-18.50 1 Thornaby Nash (P Makin) 9-1 2 Red Charmer (P Mcdonald) 7-4 Fav 3 Barren Brook (Graham Gibbons) 9-29.20 1 Call Of Duty (Emma Sayer) 8-1 2 Yawail (J P Sullivan) 25-1 3 Zruda (A Mullen) 50-1WINDSOR6.30 1 Flying Empress (Andrea Atzeni) 5-1 2 Clever Bob (J F Egan) 25-1 3 Stormy Antarctic (G Baker) 3-17.05 1 Tunnel Creek (Dane O’neill) 7-4 2 Burmese (K T O’neill) 20-1 3 Stars And Stripes (A Kirby) Evens Fav7.35 1 Laidback Romeo (A Kirby) 5-2 Fav 2 Divine Law (S M Levey) 7-2 3 Alcatraz (P Cosgrave) 3-18.05 1 Mullionheir (Kieren Fox) 11-4 Jt Fav 2 Acolyte (P Cosgrave) 11-4 Jt Fav 3 Upstaging (M Harley) 7-28.40 1 Dalmarella Dancer (Jordan Vaughan) 11-2 2 Choral Festival (William Carson) 4-1 3 Movie Magic (Aaron Jones) 33-19.10 1 Akavit (William Twiston-Davies) 10-1 2 Al (Kevin Stott) 9-4 Fav 3 Bold Appeal (R Kingscote) 8-1WOLVERHAMPTON2.15 1 Layline (Mr R Birkett) 8-1 2 Edgar (Miss P Bridgwater) 50-1 3 Scribe (Miss Becky Smith) 9-22.45 1 Stocking (F Tylicki) 3-1 2 Middle East Pearl (D Allan) 11-2 3 Most Tempting (M Harley) 9-23.20 1 Koptoon (R Kingscote) 2-1 Jt Fav 2 Just Marion (Philip Prince) 25-1 3 Gerrard’s Slip (A Carter) 2-1 Jt Fav3.55 1 Rouleau (W Buick) 1-4 Fav 2 Rasheeq (M Harley) 33-1 3 Binzart (M M Monaghan) 11-14.25 1 Zamperini (S W Kelly) 11-8 Fav 2 Motion Picture (Louis Steward) 11-2 3 Le Notre (M M Monaghan) 2-15.00 1 Zaeem (D Nolan) 10-3 Fav 2 Idol Deputy (Racheal Kneller) 7-1 3 Rafaaf (R Kingscote) 11-25.30 1 Pipers Piping (Rob Hornby) 11-2 2 Beggers Luck (Joey Haynes) 14-1 3 Baileys Pursuit (J Quinn) 8-16.00 1 Admirable Art (F Tylicki) 3-1 Fav 2 Black Truffle (Charlotte Jenner) 7-2 3 Kodiac Lady (D C Costello) 16-1

TENNISWTA AEGON INTERNATIONAL (Eastbourne)—1st rnd: C Giorgi (Ita) bt C McHale (USA) 6-2 6-2, B Zahlavova Strycova (Cze) bt I Begu (Rom) 6-4 6-2, H Watson (Gbr) bt V Lepchenko (USA) 7-6 (7-5) 6-2, D Cibulkova (Svk) bt H Dart (Gbr) 6-1 6-3, T Pironkova (Bul) bt M Erakovic (Nzl) 6-2 6-2, I Falconi (USA) bt A Dulgheru (Rom) 6-1 6-1, P Hercog (Slo) bt M Brengle (USA) 7-5 6-4, S Kuznetsova (Rus) bt M Rybarikova (Svk) 7-6 (7-5) 6-4, J Gajdosova (Aus) bt L Davis (USA) 2-6 6-2 6-1.ATP AEGON NOTTINGHAM OPEN (Nottingham)—1st rnd: S Bolelli (Ita) bt G Soeda (Jpn) 6-3 6-2, A Bedene (Gbr) bt D Sebastian Schwartzman (Arg) 6-1 6-7 (5-7) 6-2, M Jaziri (Tun) bt K Edmund (Gbr) 7-6 (7-4) 7-6 (7-5), D Sela (Isr) bt D Gimeno-Traver (Spa) 7-5 6-4, S Giraldo (Col) bt A Haider-Maurer (Aut) 6-1 1-6 6-1.

West Ham handed Lusitans tie:know your Andorran part-timersWEST Ham have been pitted againstAndorran minnows FC Lusitans inthe first qualifying round of theEuropa League. New manager SlavenBilic’s first competitive game is set totake place at Upton Park on 2 July,with the second leg a week later inAndorra. Here are five key things toknow about FC Lusitans.

FORMER CHAMPIONSLusitans, also known as FC Lusitanos,were only founded in 1999. The teamcompete in the Andorran PrimeraDivisio, which only consists of eightteams, and finished second lastseason, having won the title in 2012.

BY MANNY SARPONGEURO FLOPSLusitans have twice appeared in theEuropa League and failed to progressbeyond the first qualifying round onboth occasions. In 2010-11 they lostheavily to Rabotnicki, shipping fiveaway and six at home. In 2011-12 theybowed out to Croatian side Varazdinafter losing 6- 1 away on aggregate.

SEMI-PROSWhile West Ham’s highest paid playerAndy Carroll is thought to earn closeto £100,000 a week, Andorran top-flight players have to make do on farless. The league is semi -professional,so all of the clubs and most of theplayers are part -time.

RANK OUTSIDERSLusitans, at 411 out of 926, are morethan 250 places below West Ham inUefa’s 2015 coefficient list. TheHammers, at 126, were seeded for thedraw despite only qualifying for thecompetition via fair play rules.

GROUNDS FOR PESSIMISMThey play their home games at EstadiComunal, whcih is based in thecapital, Andorra la Vella, and has acapacity of just 899 – a fraction ofWest Ham’s 35,000-seater Upton Parkhome. All club stadiums in theprincipality are owned by theAndorran federation rather than theindividual clubs.

Cech could win Arsenal the title, says TerryCHELSEA skipper John Terrybelieves goalkeeper Petr Cech couldprove a title-winning acquisitionfor Arsenal should the Gunnerscomplete the prospective signing ofthe veteran Czech Republic stopper.

Cech has won four PremierLeague titles during 11 years atStamford Bridge but is tipped tojoin Arsenal in search of first-teamfootball after losing his place asChelsea’s No1 to Thibaut Courtoislast season.

Arsene Wenger’s side finishedthird in the Premier League last

BY ROSS MCLEAN term, 12 points adrift of championsChelsea, and Terry insists thecapture of Cech could be sufficientto bridge that gap.

“There is obviously talk ofArsenal signing Petr and if they doget Pete, that will strengthenthem for sure. He will save them12 to 15 points a season,” saidTerry.

“I am sure if he does leave theclub, which nobody wants tosee, but we understand he wants

to play football, he is going to besorely missed. He will improvewhatever side he goes to.”

Should Arsenal conclude a dealfor the 33-year-old ex-Rennes

keeper, Cech’s first game forhis new club could beagainst former employersChelsea in theCommunity Shield on 2August.

Former Hollandgoalkeeper Maarten

Stekelenburg,meanwhile,last nightjoined

Southampton on a season-long loandeal from Championship sideFulham. The 32-year-old was on-loan at Monaco last season.

Former Crystal Palace boss TonyPulis strengthened West Brom’ssquad ahead of the new campaignby sealing the £1.5m transfer ofRepublic of Ireland winger JamesMcClean from Wigan.

Premier League newcomersNorwich City also bolstered theirsquad by signing DR Congointernational midfielder YoussoufMulumbu, who was released byWest Brom in May, on a freetransfer.

Terry insists Cechwill be sorely missed

ENGLAND made history last night asMark Sampson’s side reached the quar-ter-finals of the Women’s World Cupwith their first ever victory in a knock-out match at the tournament.

Full-back Lucy Bronze proved thematch-winner with a stunning latestrike after skipper Steph Houghtonhad earlier cancelled out Norway’sopener from midfielder SolveigGulbrandsen.

England’s prize for beating Norway isa last-eight showdown with hostsCanada on Saturday, in a competitionthis year expanded to 24 teams, whileSampson’s side will bid to exorcise thedemons of their most recent quarter-final defeats in 2007 and 2011.

Fifth-placed England are six places

England reachlast eight withhistoric victory

ahead of Norway in the world rankingsbut failed to make much headway inthe first half, while the Scandinaviansthreatened shortly before the breakwhen prolific striker Ada Hegerbergforced goalkeeper Karen Bardsley intoevasive action.

England entered the game havingwon just four of their last 13 meetingsagainst sides ranked in the top-12 andNorway duly took the lead nine min-utes after the restart.

Bardsley conceded a needless corner,palming behind a shot which washeading well wide, and from the result-ing set-piece Gulbrandsen glancedhome off the underside of the bar.

England levelled moments after thehour mark when Houghton met a FaraWilliams corner and powered a headerbeyond Norway stopper IngridHjelmseth from the edge of the six-yard box. The winner arrived in the76th minute as Manchester Citydefender Bronze lashed home a fero-cious effort from the edge of the penal-ty area after neat build-up play fromJill Scott and substitute Jodie Taylor. Full-back Lucy Bronze scored a sensational winner as England reached the last eight

IN BRIEFWatson enjoys seaside breezen TENNIS: British No1 Heather Watsonwon her first match on grass this year,beating American Varvara Lepchenko7-6 (7-4), 6-2 to reach the secondround of the Aegon International inEastbourne yesterday.

Adams nails down medal in Bakun BOXING: Olympic champion NicolaAdams is guaranteed at least a bronzemedal at the European Games afterbeating Bulgarian Stoyka Petrova toreach the semi-finals in Baku.

Middlesex halted by Moeen knockn CRICKET: England all-rounderMoeen Ali struck 54 as Worcestershirefinished day two of their CountyChampionship Division One clash withMiddlesex on 195-3, in reply to thehome side’s 309 all out.

NORWAY .....................................1ENGLAND ...................................2

BY ROSS MCLEAN

WOMEN’S WORLD CUP


England win first ever knockoutmatch at Women’s World Cup

Page 25SPORT cityam.com/sport@cityam_sport

US OPEN winner Jordan Spieth hasplayed down his burgeoning rivalrywith Rory McIlroy but admits he ishungry to replace the NorthernIrishman as golf’s world No1.

Spieth, 21, became the youngestplayer for 93 years to win multipleMajors before his 22nd birthday whenhe followed up April’s Masters victorywith success at Chambers Bay late onSunday night.

The American is only the sixth manto don the Green Jacket and win theUS Open in the same season, andcould yet become the first in history toclaim all four Majors in the same cal-endar year.

This latest win edged the world No2closer to McIlroy, and although Spiethinsists he does not yet deserve compar-ison with the 26-year-old, he isadamant he is ready to snatch top spotin the rankings.

“I don’t think there is much of arivalry. I’ve said that from the begin-ning. Rory has four majors and dozensof wins and I’m just starting out,” saidthe Texan.

“I’m certainly quite a bit youngerthan he is. I’m just happy to have this[US Open title] and to be chasing thatNo1 spot that he holds. So I’m certain-ly focused on that.”

Fallen former world No1 TigerWoods has come closest to achievingan unprecedented clean sweep of allMajors in a calendar year when hewon four in succession between 2000

and 2001. Spieth believes he can outdothat by landing the OpenChampionship at St Andrews nextmonth and the US PGA Championshipat Whistling Straits in August.

“I think it’s in the realm of possibili-ty,” he added. “I think that the GrandSlam is something that I never couldreally fathom somebody doing, con-sidering I watched Tiger win when hewas winning whatever percentage ofthe majors he played in and he wonthe Tiger Slam, but he never won thefour in one year. And I figured if any-body was going to do it, it would behim, which he still can.”

Spieth held his nerve on a tortuousfinal day at the controversial links-likeChambers Bay course to win by oneshot from compatriot Dustin Johnson,who three-putted at the last hole.

“I’ve proven to myself that I can winon a British-style golf course now,” hesaid. “Now I take it to the truestBritish-style golf course of any in theworld. I’m just excited for the opportu-nity coming then, and I’m not goingto think about what could possiblyhappen after.”

McIlroy, 26, insists his game is ingood shape after he briefly chargedinto contention with six birdies in thefirst 13 holes before dropped shots at15 and 17 left him tied for ninth.

“The last few holes have not beenkind to me this week and that’s whereI will rue some missed opportunities,”he said. “I feel like it’s one that gotaway. I feel like I’ve never hit the ballas well in a major championship.”

BY FRANK DALLERES

ENGLAND head coach StuartLancaster has admitted thewithdrawal of former Saracenswinger David Strettle from hisWorld Cup training camp was theright call once it emerged he didnot want to delay his new career atClermont Auvergne.

Strettle was part of the Saracensside that won the Premiership titlelast month with victory over Bathat Twickenham before announcinghe would be leaving Allianz Parkfor the French Top 14 side.

Bath’s Semesa Rokoduguni, whomade his England debut in theautumn international clash againstNew Zealand in October, has beencalled up to England’s trainingsquad, which reported to theirbase at Pennyhill Park yesterday.

“After visiting France recentlyand discussing it with his family, hehas made the decision to moveearly to get settled before the

season in France starts,” saidLancaster.

“Obviously it is disappointingbut David and I have chatted andhe feels that, having made themove, he wants to get on withforging his new career and we bothagreed it was the best course ofaction for him to withdraw fromthe squad.”

Strettle has won 14 England capssince making his internationaldebut against Ireland at Croke Parkin 2007, and was a shock omissionfrom Martin Johnson’s World Cupsquad four years ago, havingmissed the previous tournamentwith a broken foot.

While his decision is set to endthe 31-year-old’s hopes ofrepresenting his country at aWorld Cup, Stettle – Saracens’record try-scorer in Premiershiphistory – is confident in the meritsof his stance.

“Having now committed to athree-year move at what I feel is theright time in my career and for myfamily, I would like to begin thatchallenge right away,” said Strettle.

“With the England training campbeginning this week, I wanted to befair to Stuart and the rest of thesquad before that started.”

Clermont-boundStrettle to missWorld Cup again

BY ROSS MCLEAN

Red hot Spiethtargets McIlroyworld No1 spot

Winger David Strettle has 14 England caps

England’s one-day revival canstoke Ashes bid, insists BillingsENGLAND newcomer Sam Billingsbelieves the transformation of hisside’s one-day fortunes cangalvanise the Test team’s bid tobeat Australia and regain theAshes.

Billings made his one-dayinternational debut andplayed all five matches asEngland showcased anexhilarating and aggressivebrand of cricket tooverpower New Zealand3-2 in a thrilling serieswhich climaxed atChester-le-Street onSaturday. Focus nowturns to Old Traffordtoday and a tour-

BY ROSS MCLEAN concluding T20 international clashwith New Zealand, before a two-week interlude precedes the start ofthe Ashes at Cardiff on 8 July.

While there will be a turnover inpersonnel as white-ball cricket givesway to red, the 24-year-old insiststhe renewed faith in England’s one-day capabilities can have a positiveeffect on the rest of the summer.

“Hopefully the vibe around thisteam can be taken forward into the

Ashes and the one-day seriesagainst Australia,” said Billings.

“It’s been a great advert forone-day cricket and a fantasticresult. Hopefully it’s generateda bit of interest around the

country and got people behind theEngland cricket team going into theAshes. That momentum is with usand that has to be a good thing.”

Today’s showdown will only beEngland’s third fixture in theshortest format of he game sincetheir dismal group-stage exit at theWorld T20 in 2014, a tournamentcapped by a 45-run dead-rubberdefeat to the Netherlands.

It is also one of just four furtherscheduled matches before thenext World T20 in April andBillings is intent on ensuringEngland’s new-found confidencein limited-overs circles is notshort-lived.

“It is a great start but it is only astart,” added Billings. “We want totake this team further forward.”

AUSTRALIA batsman Shaun Marshinsists his side will match theirrivals’ brand of aggressive cricket ina bid to end their Ashes woe inEnglish conditions.

Marsh is fighting for his place atthe top of the Australian battingorder having averaged 28 in theirtwo-Test series in the West Indies lastmonth, while opener Chris Rogers incontention for a recall followingconcussion. Despite whitewashingEngland Down Under in the winterof 2013-14, Australia have not won aseries in this country since 2001.

“It is really important to get outthere and show your aggression andput your stamp on the game, that isthe Australian way,” said Marsh.

“We’re really looking forward togetting out there and putting itright up to them.”

Marsh: Aussieswill relish fight

BY ROSS MCLEAN

Sam Billings made his ODI debutagainst New Zealand at Edgbaston

27

Chelsea skipper Terry predictsCech could win Arsenal title

All you need to know aboutWest Ham’s Europa Leagueopponents FC Lusitanos

LEGENDS

TICKETS AND HOSPITALITY

0800 023 2557 senioropengolf.com Sunningdale Golf Club

23-26 JULY

#LEGENDS

YOU COULDN’T have asked for abetter US Open. It was linksgolf to a tee and throughlyenjoyable to watch as the

extremity of the Chambers Baycourse saw the lead change handsagain and again.

I had to feel for Dustin Johnsonafter he missed out on a first Majortitle and then a play-off bycatastrophically three-putting thelast hole. He hit a brilliant secondshot at 18 which more often thannot ought to roll back down towardsthe hole. Instead he was left with atricky 12-footer, and it wouldn’t goin. It breaks your heart; he deserveda play-off at least.

You felt that if Johnson was to slipup then Jordan Spieth would be bestplaced to win. Spieth’s double bogeyat 17 briefly threw that into doubtbut he took it in his stride andproduced a great drive at 18. All thatmatters is that his name is on thetrophy so let’s give the 21-year-oldall the plaudits.

There may have been a little luckinvolved in Spieth’s second Majorwin but that is the case with links-style golf. It happens. It is down toyour preparation and how well youhave got to know the course.

South African Charl Schwartzelsaid he was no fan of Chambers Baywhen he first arrived last week. Buthe gave himself plenty of practicehours to acclimatise, and as the dayswent by he enjoyed it more andmore. People have said that about StAndrews; it’s very strategic. That

made for a gripping spectacle, withAdam Scott and Louis Oosthuizenboth looking like they could win attimes on Sunday.

The greens came in for somecriticism and of course organiserswould have liked to have had themin perfect condition. But that’s okay.Champions take that in, recognisethat it’s the same for everybody andmake the best of it. Spieth had atough time during his third roundbut did not let it throw his wholetournament.

Spieth is now in with a chance ofwinning an unprecedented calendar-year grand slam. I think it’sabsolutely conceivable that he winsmore Majors this year. St Andrews,where the Open Championships isbeing staged next month, suitsplayers like him who draw the ball.

His rivalry with Rory McIlroy iscertainly getting closer. He finishedtied for ninth but Rory was sublimeover the last 36 holes. If the greenshad been perfect he’d have won by10 shots, he was that good. Still,there were huge positives for himand when you swing the club as well

as he does it is only a matter of timebefore he wins again.

A couple of other players deservehonourable mentions. AustralianCameron Smith, 21, holed an eagle atthe last to share fourth place on hisMajor debut. And Jimmy Gunn, afellow Scot who as a child had CityA.M. founder Lawson Muncaster as ababysitter, finished tied for 29th. Healso came through qualifying to playhis first Major so it was a great result.

The McIlroy and Spieth of theseniors scene, Bernhard Langer andColin Montgomerie, will be aimingto continue their dominance of theMajors at this week’s Senior USOpen. Between them they have wonsix of the last seven Majors, and bothare set to join a stellar field at nextmonth’s Senior Open Championshippresented by Rolex at Sunningdale.

Discounted advanced tickets to see thelegends of the game in action are on sale

at www.senioropengolf.comSeason tickets cost just £70, while one

day tickets are £25 and Wednesdaypractice day tickets are £12. Under-16sare admitted free when accompanied by

an adult and parking is also free.

GOLF COMMENT

SAM TORRANCE

Jordan Spieth deservesall the plaudits forrecovering from awobble at the 17th hole

Greens weren’t perfect but that’sokay, champions make best of it

GOLF’S TWO PRODIGIES:MCILROY V SPIETHRory McIlroy Jordan Spieth26 Age 212007 Turned pro 20121 World ranking 211 PGA Tour wins 411 Euro Tour wins 03 Other wins 24 Major wins 24 Money lists 0

KEY NUMBERS: JORDANSPIETH’S US OPEN WINJordan Spieth, 21, is the youngestman to win the US Open for 92years – since Bobby Jones in 1923.The Texan is just the sixth player towin the Masters and the US Open, thefirst two Majors of the season, in thesame year. He follows Tiger Woods,Jack Nicklaus, Arnold Palmer, BenHogan and Craig Wood.Spieth is the first player since GeneSarazen in 1922 to win multiple Majorsbefore turning 22.Further wins at the Open and US PGAwould make him the first man in golfhistory to win all four Majors in thesame calendar year. Woods has comeclosest, achieving the so-called TigerSlam when he won four in a rowacross the 2000 and 2001 seasons.


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Transcript of Cityam 2015-06-23