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BUSINESS WITH PERSONALITY

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The final day of afantastic games

Pages 2, 3, 6, 8, 10,14, 15, 18, 19 and 20

BUSINESS WITH PERSONALITY

THE GLORIOUS success of the last 16days must be used as a springboard toboost British business as well as sportfor years to come, the governmentannounced yesterday, appointing LordCoe to the new position of Olympicslegacy ambassador.

Coe is charged with using his globalimage to travel the world pushing

new trade and investment deals, driv-ing forward regeneration and volun-teering plans and advising onprojects from infrastructure develop-

www.cityam.com FREE

ment to school sport.Speaking at last nights closing cere-

mony, Coe told those in the stadiumand watching round the world:When our time came Britain we didit right. Thank you!

UK Sport called Team GBs 29 goldmedals without doubt one of thegreatest sporting achievements in thisnations history, while DavidCameron praised the efforts of ath-

letes, volunteers, the armed forces andpolice as the best of this country.But the Prime Minister also stressed

that the event itself is not the end for

the London 2012 project.I am determined to make the most

of the economic opportunities onoffer from hosting the Games mak-ing sure that we turn these Gamesinto gold for Britain. I cannot think ofa better person than Seb to be ourambassador to the global market-placeand make sure we achieve our ambi-tious legacy target, he said.As well as pumping an extra 125m

into sport each year from the taxpayerand the Lottery, he hopes to squeeze13bn of economic benefit out ofthe event.

If that target is hit it would firmlyoutweigh the 8.5bn official cost aswell as the lost tourism revenue andproductivity of visitors and workersavoiding central London. But econo-mists stressed there is more to boost-ing the economy than appointing aglobe-trotting business ambassador.

To take best benefit from [theGames], the government will need towork harder on bringing down taxes

and limiting regulation, said theCentre for Economics and BusinessResearch in a report published today.The analysts added that the govern-

FTSE 100 M5,847.11 -4.40 DOW 13,207.95 +42.76 NASDAQ3,020.86 +2.22 /$ 1.57 +0.01 / 1.28 +0.01 /$ 1.23 unc

BY TIM WALLACE

ISSUE 1,694 MONDAY 13 AUGUST 2012

Certified Distribution

28/05/2012 till 01/07/2012 is 132,857

BRITAIN, WE DID IT RIGHT

Lord Coe tasked with striving for an Olympian legacyment must act carefully, pointing toprevious host countries that havestruggled after the games.

The Montreal Olympics in 1976 ledto the citys bankruptcy; the AthensOlympics coincided with the begin-nings of the Greek spending boomthat eventually led to the Greek eco-nomic crisis.

However it also added that eastLondon is regenerating strongly

already and the industries that havemoved into the area are very much theindustries of the future, with goodgrowth potential.

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2

HOPES were high in sportingcircles that Great Britainwould enjoy a vintageOlympics; after all, host

nations typically experience a spikein performance. But few imaginedthe last two weeks could go as wellas they did, with recordstumbling like dominoes,new talent emergingand a few starsascending to truegreatness.

Mo Farahs exhilarating 5kand 10k victories, roared on by anenraptured Olympic Stadium, stoodout as defining moments, as didJessica Ennis crowning her hep-tathlon triumph with a virtuoso800m run on that magical middleSaturday night although therewere heart-rending, nerve-shredding,shout-at-the-TV moments on a dailybasis.

Sir Chris Hoys sixth gold, makinghim Britains most successfulOlympian of all time, followed a riv-

eting mens keirin competition thatredefined gutsy. The tears that fol-lowed, and those of VictoriaPendleton, for whom this was alsoboth an emotional homecoming anda farewell, will live almost as long inthe memory as their single-mindedbrilliance.

Bradley Wiggins attained nationaltreasure status by adding the roadcycling time trial gold medal to hisrecently acquired Tour de Francetitle, just to underline Britainsomnipotence on two wheels, whileBen you dont want to make meangry Ainslie showed just why he isnow the greatest Olympic sailor of alltime.To a certain extent those triumphs

were expected, but there were oth-ers, too, that we had only dared tohope for, but no more. AndyMurrays straight-sets thrashing ofRoger Federer in the mens singlesfinal at Wimbledon, just weeksafter the same man had swept himaside on the same Centre Court,felt like a watershed moment.Alistair Brownlee overcame anAchilles problem to claim atriathlon title that seemed fatedto be his, while KatherineGrainger finally, cathartically won

the rowing gold that had eluded herall these years.

Inevitably, there were disappoint-ments. Injuries trampled on thedreams of Paula Radcliffe and PhillipsIdowu, while Britains swimmerswere thoroughly eclipsed by superbAmerican and Chinese opponents.But those low points were out-weighed by unexpected delights,such as Gemma Gibbons winning

judo silver, Greg Rutherford leap-ing from nowhere to long jump gold,track cyclist Laura Trotts pair ofgolds in her first Olympic Games and

"The Games have gonefantastically well. Theyveprovided us with someincredible performancesfrom the likes of Michael Phelps and UsainBolt, while from a British perspective its

been wonderful to see our athletes havingsuch a successful Games. Perhaps the mostpleasing aspect has been how the vastmajority of competitors have conductedthemselves a credit to their sports in both

victory and defeat. Parts of London havebeen transformed, sports facilities haveimproved and so many people have had the

chance to participate. Seeing people acrossthe UK embrace the Games has been great.

To contact the newsdesk email [email protected] 13 AUGUST 2012

a surprise 1-2 in the mens doubleslalom canoe.

Britains boxers were outstanding,delivering just as much success ashad been hoped, with Nicola Adamsentering the record books as the firstever female Olympic champion. Theequestrians excelled themselves too,with Charlotte Dujardin another tomake history, while the gymnastsalso boosted the medal total.

It had long been chalked up as a bigmoment for Tom Daley. The teenagediver endured a testing start, comingfourth in the 10m platform synchro,

thanks largely to an error by partnerPete Waterfield. Yet Daley, who losthis father last year, showed hugematurity amid the setback, defend-ing Waterfield to the hilt, and onSaturday night received his rewardwith bronze in the individual event.

Daley came of age at London 2012.But then so did so many of his Britishteam-mates, surpassing UK Sportsmedal target of 48 and most of ourgiddiest expectations with 29 golds.Our Greatest Team, they were billed,and they were.We may never see the like again.

Disappointmentswere outweighed byunexpected delights,such as a silver at judo

OLYMPICCOMMENT

FRANK DALLERES

Sir Richard BransonPresident, Virgin Group

"The Games have had anextremely strong positiveimpact on Brand Britain andGBs standing in the world.The torch run, the Business Olympics, theopening ceremony, the gold medalextravaganzas at the stadium and

velodrome, Team GBs performance theyall electrified the nation and impressedoverseas observers. Clearly, theres anemotional, intangible benefit. Quantitatively,theres the impact on East London and itsinfrastructure and the impact on youth thetwo promises that Lord Coe and his team

made in the bid some seven years ago inSingapore."

Sir Martin SorrellChief executive, WPP

The London Olympics havebeen truly spine tingling,stupendous and stunning.My highlights include thecheerful spirit of our Olympic volunteers,Christine Ohuruogus fantastic effort todefend her 400m title, the double gold forLaura Trott in the velodrome and SuperSaturday six golds for team GB achievedon six legs, six wheels and with eight oars.But if Im honest, this Saturday night in thestadium with Mo Farah, roared on to

victory in the 5,000 metres and double gold,topped it all. Add Jamaicas world record

and Usain Bolt's Mo-bot and you have theessence of London 2012. It was magical!

Boris JohnsonMayor of London

Ive always been a mad cyclist so being in theVelodrome was fantastic. I got to go there ontwo occasions. I also enjoyed the rowing atEton Dorney, which was a brilliant location. Ialso went to the Beach Volleyball which had a

great view of the London skyline.

Colin GrannellExecutive vice president, partnership marketingVisa Europe

Westfield Stratford City has broken crowdrecords and welcomed over 5m peopleduring the Olympic Games. The centre hadan electric atmosphere where spectators

and customers shopped and dined withtheir favourite sporting heroes.

Michael GutmanManaging director, Westfield UK

Brit athletes

came of age

Britains business champions cheer on Olympic success

OLYMPICS REVIEW

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MONDAY 13 AUGUST 20123OLYMPICS REVIEW

THE USFor a fortnight, astiff upper lip curlsinto a smile,declared the New

York Times, hailing the feelgoodatmosphere of London 2012 as asurprising change of pace from

the usually reserved Brits. Fromthe properly spectacular anddeeply, ironically and absurdlyBritish spectacle of the openingceremony to the first superSaturday when the whole ofBritain seemed nearly to comeunglued, the US press has beenmore than happy to jumpfirmly on the London 2012

bandwagon, with oneWashington Post journalist evendeclaring: I like to be on the

winning side, and the winningside in this Olympics is British.

CHINAThe Chinese mediawas also surprisedby Britainsnewfound abilityfor joy and nationalpride. The majesty and the

misery is what we have come toexpect from the British, said theSouth China Morning Post. For17 days, though, in the summerof 2012, it was far more majestythen misery. The Peoples Dailywas less fawning though, raisingconcerns of an anti-Chinese biasfrom both crowds and judgesthat is hard to explain asinadvertent missteps it mightbe closer to the truth to see it asdeliberate attacking andinterference.

AUSTRALIAThe Sydney Heralds Oz vsThem-o-metermay have looked

badly judged asTeam GBs medalcount rose, butthe Aussies were

generous in defeat: London,you didnt half do a decent job,said the Sydney MorningHerald. These Olympics had

Sydneys vibrancy, Athensspanache, Beijings efficiency,and added British know-howand drollery. Though onetabloid may have created an

AusZealand medal table inprotest at Team GBscomponent countries, overall

Australia was caught in theincandescent glow overLondon today.

DENMARKAfter the special and uniquelyBritish demonstration of theOlympic spirit that was theopening ceremony, it was downto business for the Danes, withthe Copenhagen Post declaring

sea wars onTeam GB sailinglegend BenAinslie as he tookto the water tochallenge rival Jonas HoeghChristensen. Though it wassilver for Denmark in

Weymouth, Lasse NormanHansen was the national heroafter breaking Team GBsdomination of the velodromeand taking home gold in theOmnium. The countrys CrownPrince Frederik, meanwhile,floated the idea of a Gameshosted jointly by Denmark,Sweden and Norway as apotential future bid.

FRANCEMavic wheels or magic wheels?asked LEquipe, the day after TeamGB cycling coach Dave Brailsford

joked that theres no secret aboutour wheels: theyre round. Cyclingrivalry aside, Libration wasimpressed with Londons carnival

spirit and the wave ofeuphoria in the capital.It was, however, lessenamoured with Dutchdomination of the beersupply Do not bother to

look for a good English ale or lager,there is none possibly the firsttime the French have ever expresseda fondness for British cuisine.

Elizabeth Fournier

All eyes on London: how the world saw 2012

TEAM GBS GOLD MEDAL WINNERS

n Nicola Adams (Boxing)

n Ben Ainslie (Sailing)

n Tim Baillie (Canoe)

Etienne Stott (Canoe)

n Laura Bechtolsheimer(dressage)

Carl Hester (Dressage)

n Scott Brash (Equestrian)

Peter Charles (Equestrian)Ben Maher (Equestrian)

Nick Skelton (Equestrian)

n Alistair Brownlee (Triathlon)

n Steven Burke (Cycling)

Edward Clancy (Cycling)

Peter Kennaugh (Cycling)

Geraint Thomas (Cycling)

n Luke Campbell (Boxing)

n Katherine Copeland (Rowing)

Sophie Hosking (Rowing)

n Charlotte Dujardin (Dressage)

n Jessica Ennis (Heptathlon)

n Mo Farah (Track)

n Helen Glover (Rowing)

Katherine Grainger (Rowing)

n Alex Gregory (Rowing)

Tom James (Rowing)

Pete Reed (Rowing)

Andrew Triggs Hodge (Rowing)

n Chris Hoy (Cycling)

n Philip Hindes (Cycling)

n Jade Jones (Taekwondo)

n Anthony Joshua (Boxing)

n Jason Kenny (Cycling)

n Dani King (Cycling)

n Ed Mckeever (Canoe)

n Andy Murray (Tennis)

n Victoria Pendleton (Cycling)

n Joanna Rowsell (Cycling)

n Greg Rutherford (Long jump)

n Laura Trott (Cycling)

n Anna Watkins (Rowing)

n Bradley Wiggins (Cycling)

n Peter Robert Russell Wilson

(shooting)

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City grandee Sir David Walker expects all banks to change pay and bonus structures

Barclays PLC

9 Aug 10 Aug6 Au g 7 Au g 8 Aug

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170.00

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NEW BARCLAYS chairman SirDavid Walker is already working onfinding a new chief executive for

the beleaguered bank, it emergedover the weekend, and hopes tomake his choice within the next six

weeks well before he formallytakes up the position in November.

The incoming boss also said hewants to clamp down on excessivepay, and plans a shakeup ofincentive structures to promote

good behaviour.He told the Sunday Times he is

only in favour of big pay providedbig pay is earned and structured.

The city grandee, who headed a

Sir David Walker plans to stoprewards for failure at Barclays

BY TIM WALLACE 2009 investigation into the way thesector works, also said he wants torapidly implement the Vickersplans, ring-fencing the retail bankfrom the investment operations

ahead of the 2019 deadline.

MONDAY 13 AUGUST 20124 NEWS cityam.com

Lines open 7 days a week, 8am-8pm, except bank holidays. Call us free on your landline; standard network charges apply to all calls made from a mobile phone.

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Posen in parting shot at KingAn outgoing member of the Bank of EnglandsMonetary Policy Committee has challenged thegovernor Sir Mervyn King for his insistence thatcentral banks should buy only government

bonds in quantitative easing programmes tostimulate growth.

G20 plans response to rising food pricesG20 countries are to step in to try and co-ordinate a response to surging food prices,after the worst US drought in half a century.

WHAT THE OTHER PAPERS SAY THIS MORNING

BRITISH banks stock marketvaluations could rocket by 20 percent by 2014 and even double in thenext three to f ive years as investorsregain confidence in a sector,according to a PwC report out today.

Shareholders have beenpummelled since the financialcrisis, as uncertainty and newregulatory costs have plagued theindustry.

BY TIM WALLACE But stability should return as

scandals are addressed and newrules and practices make the firmsstronger in future, the report says.

In particular, PwC argues risingcapital levels are hittingprofitability currently but shouldimprove stability in the future.

The market has yet to takeaccount of capital structures cost ofequity, explained author MilesKennedy.

The report predicts banks cost of

equity will fall to eight to 10 per

cent, while the return on equitywill stabilise at nine to 11 percent leaving a healthy margin forbanks relative to the years sincethe crisis.

However the full scale of shareprices rises will depend on otherfactors There are manyunknowns including when theeconomy will stabilise, but when itdoes that should see further booststo bank stocks, said Kennedy.

Big Four attack plan to raise finesTop accountants have hit back at plans byauditing regulators to drastically increasethe fines they will face for misconduct,describing the proposals as irrational

and fundamentally misconceived.Barclay bros hotel deal deemed legalThe Barclay brothers moved close to seizingcontrol of Claridges, the Connaught and theBerkeley yesterday after the High Courtdismissed allegations they acted illegally inseeking to acquire them.

Banks could learn from GamesBanks could learn a thing or two about fairplay from the Olympic movement, said theBank of Englands Mervyn King.

Shareholders call for Anglo Americanchief Carrolls exitCynthia Carroll, chief executive of AngloAmerican, is under attack from shareholderswho have demanded an immediate change of

management.

Before Vacation, a Sandy IPOThe US IPO market is delivering one last dealbefore it settles into its usual summer hiatus.Hi-Crush Partners LP produces sand used toimprove the recovery of oil and gas duringhydraulic fracturing, known as fracking.

Barnes & Noble Cuts Nook PricesBarnes & Noble Inc. dropped the prices of althree of its tablets yesterday, including

slashing $50 from its 16 GB Nook Tablet.

STANDARD Chartered hopes to movea step closer to resolving its disputewith US authorities at a hearing onWednesday where regulators wantto hear why the bank should keep itslicence to operate in New York state.

The UK bank has been accused bythe Department of Financial Services

Standard Chartered looks toclear up scandal at US hearing

BY TIM WALLACE in New York of hiding $250bn(159bn) of transactions for Iranianclients in breach of US sanctions.

But the institution disputes theclaim, arguing that only $14m across236 transactions were in breach ofthe US rules.

However, even that smaller sumcould see the bank pay a f ine to theregulators.

PwC forecasts 100pc risein UK bank share values

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THE CITYS bonus culture is backon the rise, with three-quarters offinancial services staff receivingpay-outs in the last year, according

to London job market datareleased today.Morgan McKinleys London

employment monitor reportshows that 70 per cent of Cityemployees received a similar orhigher bonus in 2011/12 than theprevious year, and one in six wereawarded pay-outs above theirexpectations.

The report also said that morethan one in three employees

City bonuses start to recover asjob market at nine-month high

BY JAMES TITCOMB expect bonuses to return to theirprevious highs once the financialservices market improves.

Jobs in the Square Mile continueto show signs of recovery, with thenumber of newly available

positions rising 17 per cent fromApril to May to 3,915 - the highestsince August last year.

Earlier this year, there was a lotof discussion of limited bonuspayments, however, our resultsshow that the majority ofprofessionals still continue to get

bonuses and 29 per cent at ahigher level than last year, saidMorgan McKinleys chiefoperating officer Andrew Evans.

REPUBLICAN Mitt Romneyspresidential campaign took on acelebratory tone yesterday, asRomney and his new vicepresidential running mate, Paul

Ryan, basked in the support ofcheering crowds in North Carolina.Thousands of people lined a

highway in High Point to greetRomney and Ryan, who stopped toshake hands and exchange high-fives with some of them.

We can turn this around, saidRyan, 42, speaking of the economyand budget.

We can do this. We can get thiscountry back on track, he added.

Republicanshit the road

BY CITY A.M. REPORTER


Brought to you by

IN ASSOCIATION with Repskan.com,City A.M. is measuring the relative Olympicmedia buzz around the London 2012Olympic and Paralympic Games partners,week by week. The leaderboard, right,reflects their ranking over the past week, inthis case from Wednesday 2 August toWednesday 9 August.

BMW saw asurge inmentions, asmore peoplenotice andcomment onthe colourfullywrapped BMWcars drivingaround London.Another key point of interest has beenregarding the use of electric Mini cars (aBMW product) to carry javelins and othercompetitor equipment back to the athletes.

OLYMPIC MEDIA BUZZLONDON 2012 PARTNERS

Brand Position change

Samsung -

Visa 1

BMW 2

McDonalds -1

Adidas 2

EDF -

Coca-Cola -3

BT -

Lloyds TSB 4

Omega 5

TOP TEN PARTNERS BY MENTIONS

Blogs

Regionals

National News

Topicals

Twitter

Other

BMWMENTIONS BY

CATEGORY

The average salary for

a new job in the City is

Other

Its is a good thing bonus payments are moresubdued than they once were.

We have seen the last of substantial bonuspayments in financial services.

Its worth considering a move to another country

to get an improved bonus payment.

Bonus payments will increase significantly oncethe London financial services market improves.

receivedhigherthanexpectedbonuses

financial services

workers received

a bonus in 2011/12

13%

31%

13%

36%

7%

3/4

70%

EXPECTATIONS FOR FUTURE REWARDS

received similar

or higher bonuses

than the previous year

%

7

52

6

820

6

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TRADING across Londons high

streets finally started to pick up inthe second week of the Olympics asshoppers were lured back to the city.

The British Retail Consortium,which is set to unveil figures thisweek for the Olympic period said itwas confident that the gamesdelivered a boost to overall retailsales, despite a slow start.

Researchers Springboard alsonoted a turnaround, with footfall up8.3 per cent and 5.4 per cent on theSaturday and Sunday of the firstweekend of August compared withthe same time last year.

This was a huge improvementafter a fall of 21 per cent over thefirst games weekend, when touristsand Britons stayed away. Meanwhilecredit agency Experian reported afurther 13.5 per cent year-on-year riselast Tuesday, as people flocked towatch the triathlon in Hyde Park.

The New West End company said itexpects the area to continue tobenefit long after the Olympics, with250m of investment and 50 storeopenings over the next months.

Capitals shopsenjoy delayedOlympic boost

BY KASMIRA JEFFORD

GETTY

SENIOR directors at London house-builder Berkeley Group have lined upa 280m bonus pot due to an unusu-al incentive scheme revealed in thecompanys annual report.

Six board members includingchairman Tony Pidgley and manag-ing director Rob Perrins will receive19.6m shares between them if theymeet targets to pay out a 13 sharedividend over the next nine years.At Berkeleys current price the

share options would land the direc-tors 280m. Pidgley and Perrinswould receive 71.6m each, and ifthe companys share price continues

to rise, the bonus pot would expand.Analysts at Peel Hunt value Berkeleyat 16.35, a price that would net thedirectors 320m.The bonus pot is one of the biggest

Berkeley Groupdirectors set up

280m payoutBY JAMES TITCOMB outside the FTSE 100, and is depend-ent on regular dividends to share-holders. Shareholders passed thescheme at last years annual meeting.

Berkeley, which has avoided thetroubles facing the housing sectordue to its focus on London and thesouth east, has seen its share pricerise 16 per cent since the bonusscheme was agreed last September.

Julius Baer to snap up MerrillLynch global wealth businessSWISS bank Julius Baer is thisweek expected to announce adeal to buy Bank of AmericasMerrill Lynch internationalwealth management business.

Julius Baer, which firstrevealed its interest in the unitin June, is set to pay as much as$2bn (1.27bn) to acquire itsnon-US operations.

Merrill Lynch WealthManagement has more than15,000 f inancial advisershelping clients with assets of$250,000 or more, but does notreveal how many of its staff arebased outside of the US.

BY MARION DAKERS Bank of America Merrill Lynchput the unit up for sale in April,part of its efforts to cut costs andsell businesses as it shores up itscapital base.

For the bank, the units $90bnin client funds was not t houghtto be large enough to generatesufficient income.

For Julius Baer, however, thedeal would boost its client assetsby a whopping 50 per cent. Theprivate bank reported assetsunder management of SFr179bn(116.8bn) alongside its half-yearresults last month.

Like many Swiss banks, JuliusBaer is keen to replace incomelost in the wake of an

international backlash againstSwiss banking secrecy laws.

It has beaten rival biddersincluding Credit Suisse and RoyalBank of Canada to clinch theMerrill Lynch assets.

Berkeley Group Holdings PLC

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1.433.0010 Aug

Julius Baer Gruppe AG

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35.60

CHF36.00

35.80

35.4310 Aug

PRIME MINISTER David Cameronyesterday said the government didnot plan on permanently relaxingSunday trading laws, despite

sources hinting that there could bea future consultation after theadditional hours provided someretailers with a welcome trading

boost over the Olympics period.

David Cameron rules out plansto relax Sunday trading hours

BY KASMIRA JEFFORD His comments at Downing Streetyesterday came after ConservativeMP Mark Pritchard warned in TheSunday Telegraph that apermanent relaxation would be amajor breach of trust by the

Coalition.Scrapping restrictions has

divided both MPs and retailers,with some ministers arguing itcould stimulate the economy.


David Cameron was warned permanently relaxing rules would be a breach of trust

SOMETIMES its best to startwith a confession: heresmine. Apparently Ive beenat work the last two weeks

but frankly I dont remember.The only thing I remember is thekaleidoscopic haze of an amazingparty called London 2012.

There was a brief moment lastweek when the dancing stoppedto change the music. On the oneday Britain wasnt winning goldmedals, the Bank of Englanddelivered a big downgrade to theMPCs forecasts for economicgrowth. It served as reminderthat, yes, this is a fantastic bashbut when we wake up well stillbe facing a big hangover from thelast party. But there is some AlkaSeltzer. The fall in inflation

should lessen pressures on realhousehold income and the

British Retail Consortium suggeststhe Olympics did help food anddrink sales in the final week ofJuly. As the Games only got intofull swing in August, that couldprove a useful boost, if short-lived.

Capital Economics says theeconomy will contract again inthe fourth quarter and by thetime it starts to grow at a healthypace again, we could be getting

ready to celebrate the nextOlympics. A sobering thought.

CNBCCOMMENT

ROSS WESTGATE

Drunk on golden memories of the Olympics but reality will still make its sobering return

Still, the FTSE 100 hasnt donetoo badly, up nearly four per centin the last two weeks. In the lastfive weeks, Germanys Dax andFrances Cac 40 are both up overeight per cent, thanks to MarioDraghi ensuring there will be noEurozone breakup this month.

Still, I can worry aboutpolicymakers finally getting on topof the euro problem in September,leave concerns over deleveragingto the autumn and put to the backof my mind challenging Chinesetrade data. For the rest of thesummer all I want to do is stay inmy Olympic bubble, watch endlessreruns of great sporting momentsand enjoy the emotion of puffingmy chest out with national pride.

Ross Westgate co-hosts Worldwide

Exchange daily from London andanchors Strictly Money on CNBC.

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IN BRIEFEA downloads to top digital salesn Games manufacturer ElectronicArts (EA) expects revenue from digitaldownloads of its games to overtakesales of boxed game software within afew years, its chief operating officersaid yesterday. The creator of gamesincluding the popular Fifa series isexpanding its range of mobile andfree-to-play games, chief operatingofficer Peter Moore said. There willcome a point, whether it is two orthree years from now, when we saywe are doing more in digital medianow than we are in physical media,'and it's clearly... not far away, headded. EA and major rivals ActivisionBlizzard and Take-Two are strugglingto sustain revenue growth as gamersmigrate to casual and social games onthe internet and on mobile devices.

Kazakhmys narrows chair searchn Copper miner Kazakhmys hasreportedly singled out Philip Aiken asits favoured candidate to replaceVladimir Kim as chairman. Aiken, whohas been a non-exec at the FTSE 100company since 2006, is also on theboard at recruiter Robert Walters,energy firm Essar and National Grid.Kazakhmys has hired headhunters inrecent weeks, after top shareholderKim said that in May he would stepdown to make way for an independentchairman. Kazakhmys, part-owned bythe Kazakh government, is one ofseveral foreign-owned, London-listedminers to have come under scrutiny inthe past year over corporategovernance rules and the protectionof minority investors. Kazakhmysdeclined to comment yesterday.

AMERICAN TV network HBO today announced a deal with online streaming serviceblinkbox, bringing shows such as Game of Thrones (pictured) and Boardwalk Empire tothe UK. Users of blinkbox, which was bought by Tesco last year, can watch some showsbefore their DVD releases. Other HBO favourites include The Wire and The Sopranos.

BLINKBOX SETS UP EXCLUSIVE TV DEAL WITH HBO

CRITICS of Manchester UnitedsNew York share listing will be

watching closely at how tradinggoes this week, as market-watchersspeculate that the clubs banks had

supported the share price duringthe first day of trading.The stock closed flat at the float

price of $14 on Friday but slippedto $13.83 after hours.

Manchester United shares fallbelow IPO price in extra time

BY MARION DAKERS

MONDAY 13 AUGUST 20129NEWScityam.com

Red Devils fail to soar its nocrash but its still a risky result

DESPITE a last-minute discount,the Glazers have got their wishwith Manchester United: a highvaluation and a significant

windfall for the US-based family thatacquired the club in 2005.

As of Friday, Manchester United isworth an implied 1.43bn, making

it the most valuable football team inthe world. The wealthy fans knownas the Red Knights, includingGoldman Sachs chairman JimONeill, prepared for a bid of around1bn in 2010, but the Glazers alwaysbelieved the team was worth more,despite the clubs significant debts.Even after cutting the IPO price to$14 from the expected range of $16-$20 on Friday, they have beenproved right.

However, as so often, you have to

be careful what you wish for. TheGlazers prevented new shareholdersfrom exercising any real powerthrough a dual-class structure, butthat isnt the only danger. Putting apublic valuation on Man U, and alower one than the Glazers wishedfor, leaves the door open for offersthey will no longer find so easy todismiss out of hand especially ifshares continue to trade lower.

Manchester United PLC

13.00 14.0010.00 11.00 12.00

14.00

14.06

14.08

$14.16

15.0016.0

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BOTTOMLINE

MARC SIDWELL

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3,000 yesterday, with a day left tobid.

Offers for a relay baton used byone of the medal-winning teams in

the historic mens 4x100m race, inwhich Usain Bolt and pals tor-

pedoed the world record,were nudging 2,000, while astatue of London 2012 mas-cot Wenlock (pictured)dressed as a Queens Guard,staggeringly, exceeded4,000. The Capitalist would

expect a real Beefeater for that.More miserly punters can snap

up used shuttlecocks for 125,for when you want to throw a

match in the privacy ofyour own garden, andwarm-up bibs worn by

those superstar basketball play-ers are around 100. Bargain.

10

LONDON 2012 has left us all

with some unforgettablememories, but for those wholike something a bit more

tangible and, well, soiled, help isat hand.Youll need deep pockets,

however, so if you baulkedat the price of tickets tothe Olympics, then theauction of Games artifacts,from a signed BradleyWiggins cycling jersey to anofficial torch used in the relay,may not be for you.A basketball used in yester-

days mens final between

the USA and Spain, andtherefore caressed by thesweaty palms of LeBronJames and Kobe Bryant, wasalready fetching more than

Going once:

Bolts baton

MONDAY 13 AUGUST 2012 cityam.com

MORNING UPDATE

Sign up toour 10:30amnewsletter atcityam.com

THECAPITALISTATLONDON2012

LONDON 2012 IMAGE OF THE DAY

The City of London was

buzzing with Olympicsspectators yesterday asthe Mens Marathon tookin the Square Mile. HereEmmanuel KipchirchirMutai of Kenya andYared Asmerom ofEritrea run throughLeadenhall Market.Restaurants such as theMercer in ThreadneedleStreet opened speciallyfor the occasion.

Throughout theOlympics, City A.M.will be publishing itsOlympic Image of theDay. If you have a shotyou think our readerswill like, please [email protected]

LOOKS like the first lady oftrack cycling, Victoria

Pendleton, fancies trying her handas a pop star now that shes hungup her lycra and helmet. And shesnot the only one; David Beckham,

Team GB boxer Nicola Adams,Jessica Ennis and Sir Chris Hoy allchannelled their inner FreddieMercury as they mimed along toQueens Dont Stop Me Now in atongue-in-cheek video forsponsors Adidas that neatly tapsinto our collective grief at the endof London 2012. Sob.

ARNOLD Schwarzeneggersbeen having a grand old time

at the Olympics. First he wassnapped careering round Piccadillyon one of Boriss Bikes, andyesterday he got to meet thehaystack-haired man himself on aride over the Thames on the newEmirates Air Line. The formerCalifornian governor said it was anunbelievable experience to seethe city again, having last visited in

March 2011. Said a gleeful Boris:When Arnold said he would beback this summer, I had absolutelyno reason to doubt him.

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SOURCE: Lloyds TSB / YouGov

CONFIDENCE in the manufacturingsector has shot up, though to a levelthat still indicates an expecteddecline, while the outlook for theservice sector has slipped, accordingto a report from BDO released today.

Manufacturing confidence for thecoming two months jumped to 90.5in July, from 83.8 in June, the largestmonthly bump for well over a year.This came largely due to exporters

diversifying their sales and reducingtheir exposure to the debt-pressuredEurozone, though since the valueremains below 95 it still indicatesdecline.

But the optimism index showedthat overall confidence hit a seven-month low after falling for five con-secutive months to 93.1 in July. Thiscame from a 2.1 drop to 93.8 in theservice sector index, which out-weighed the improved manufactur-ing forecasts.

This months figures serve as astark reminder of the continuing dif-

Confidence inmanufacturing

sector is risingBY BEN SOUTHWOOD ficulties the UK economy faces, saidPeter Hemington at BDO.

Where there is cause for cautiousoptimism is in the revived confidencein the manufacturing sector. The sec-tor should be applauded for taking apragmatic and adaptable approach todiversify exports away from thevolatile Eurozone.

Output figures in the report alsorecorded a fall, but the situation wasless severe with the overall indexdropping to 93.9 from 94.8, from amanufacturing slip of 1.3 and a serv-ice sector drop-off of 0.8.

IN BRIEFSupply shocks prompt on-shoringn Firms are bringing production backinside the firm after suffering shocksand disruptions to their supply chains,according to a survey released by EEFtoday. Eighty-two per cent ofrespondents said that their supplychains were disrupted by recession,with some two fifths seeing a majorsupplier fail. Therefore, a quarterreported moving to more local supply,and some 40 per cent said they werebringing supply back in-house. LeeHopley, chief economist at EEF, saidthat policy was needed to welcomeproduction back in by removingobstacles to investment, and creating abusiness environment that pulls in

every pound of vital investment.

Germany prepared to use aid veton Germany will veto aid to Greece if itis not satisfied with the findings of theso-called troika, a top official told anewspaper yesterday. Michael Fuchs,deputy head of Chancellor AngelaMerkels ruling conservative bloc in theBundestag, Germanys parliament, toldbusiness daily Handelsblatt that evenglass half-full results wouldnt begood enough. The troika, made up ofEU, IMF, and European Central Bank(ECB) representatives, is currentlypreparing a report, expected mid-September, on the diligence with whichGreece is carrying out structural reform.In the same interview, Fuchs also cameout in opposition to further ECB

emergency loans.

Business confidence and output are on the decline

Jul12Nov11Mar11Jul10Nov09Mar09Jul08Nov07

85

80

90

95

100105

100= averagetrendgrowthGreaterthan95 =positive growth

Optimism

Output

FIRMS are holding onto staff theydont need, due to worries thatmaking skilled staff redundantcould backfire on them shouldgrowth return, said a reportreleased today.

However the same studyforecasts businesses will lay offworkers soon if the economicpicture fails to brighten up,

Companies intend to booststaffing over the third quarter, thereport by YouGov at the CharteredInstitute of Personnel andDevelopment (CIPD) said.

On balance, five per cent offirms planned to increasetheir rolls, with particularoptimism in small andmedium enterprises, butpessimism in the publicsector.

But some 31 per cent

Industry group warns strengthof job market could fade soon

BY BEN SOUTHWOOD of firms reported that their stafflevels were higher than requiredby their production over the lastyear, with 62 per cent of themputting this tendency down tomaintaining their skills base.

The tenacity with whichemployers are hanging on toskilled labour is a reflection of thehigh value they place on it andthe damage they fear will be doneto their businesses if they areforced to start making moreredundancies, said GerwynDavies at CIPD.

The spare capacity implied bythe research suggests that firmsare ready to increase theiroutput quickly if demand grows but there is only so long they

can hold out for growth,Davies added.

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category sponsors

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whos made the shortlist, visitwww.cityamawards.com

MONDAY 13 AUGUST 201211NEWScityam.com

PMI Business Activity Index

Darker colours show fastergrowth in business activity

544944UK

49.4July 2012

LONDON

53.3July 2012

BUSINESS SURVEY POSITIVE FOR LONDON BUT GLOOMY FOR THE REST OF THE UK

A RESURGENT London bucked anational downward trend in

business activity during July, saysa survey released by Lloyds today.

London hit a two-month high of

53.3 on the purchasing managersindex (PMI) survey of businessactivity for July, well up on Junes51.6. But the country as a wholecollapsed to a 39-month low of49.4 from last months positive51.4 a figure of 50 wouldindicate no change in activity.

Stark contrasts in outputtrends were seen across theregions, said David Oldfield atLloyds.

London defiesnational slump

BY BEN SOUTHWOOD

Chancellor George Osbornehopes for more growth in UK

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IN BRIEFItalian airline Wind Jet stops flights Italian low-cost airline Wind Jetyesterday halted all of its flights, afterfellow carrier Alitalia pulled out of arescue deal. Wind Jet customers cantransfer their tickets to other airlinesincluding Alitalia providing they pay asurcharge, Italys civil aviation bodyENAC said over the weekend. However,there were reports of stranded

passengers in Rome yesterday. Around300,000 customers have bookedflights with Wind Jet over the peaksummer period, mostly on domesticroutes. Alitalia had been in talks to buyWind Jet since the start of the year,but abandoned the deal as relationsbetween the firms soured.

David Weinstein to join Cherie fund Former Fidelity Investments seniorexecutive David Weinstein has signedup to Cherie Blairs private equityhealthcare venture the Allele Fund.Weinstein, who served as chief ofadministration at Fidelity during his 24years at the asset manager, will be onthe advisory board as Blair attempts toraise 75m to build 100 private health

centres across the UK. It has raisedaround 5m since the barrister startedthe fund with Dr Gail Lese, who alsomanaged a fund at Fidelity. Lese saidshe was truly delighted aboutWeinstein joining the fund, and that hehas an unparalleled reputation in theindustry.

MONDAY 13 AUGUST 2012 cityam.com

BESTof the BROKERSCineworld Group PLC

6 Aug 7 Aug 8 Aug 9 Aug 10 Aug

p227

225

224

223

226

222

224

224.0010 Aug

CINEWORLDNumis rates the cinemagroup as add with atarget price of 240p andexpects a 10 per cent rise inpre-tax profit to 13.6mwhen it posts half-yearresults on Thursday, basedon a 4.1 per cent boost tobox office revenue.

DASHBOARDCITY YOUR ONE-STOP SHOP FOR JOB MOVES,BROKER VIEWS AND MARKET REPORTSAmor GroupThe business technologysolutions company hasappointed Joe Harley as astrategic adviser. He retiredfrom the Civil Service earlierthis year, and was most recentlythe UK Government chiefinformation officer, and alsoserved as chief informationofficer at the Department ofWork and Pensions. Harley willalso sit on Amors board ofdirectors.

City UniversityProfessor John Fothergill has been appointed pro vice-chancellor for research and enterprise at the Londonuniversity. He joins from the University of Leicester, wherehe was head of engineering. Fothergill is an electrical

engineering graduate, and also a fellow of the Institute ofElectrical and Electronics Engineers.

Aspect SoftwareStewart Bloom has been appointed chief executive of thesoftware firm, effective immediately. He was most recentlychief executive of Escalate Retail, the e-commerce softwarebusiness, prior to its acquisition by RedPrairie. Bloom hasalso served as vice president, Americas technology, atCapgemini, and chief executive of GERS Retail Services.

CommunicateThe recruitment consultancy has appointed Daley Pritchardas director of its new non-core banking and financialservices division. He joins after several years founding start-ups in the risk management and technology sectors.

Lester AldridgeThe law firm has appointed Ian White as its head of

marketing. He joins from the niche employment practice,Doyle Clayton, where he also worked in its marketingdepartment. In his new role, White will be responsible formanaging Lester Aldridges marketing and businessdevelopment activities.

King.comThe social games company has appointed Rob Miller as itschief legal officer. He joins from LivingSocial, the e-commerce firm, where he was its head of legal. Miller wasalso previously general counsel at Skype, where he was amember of the executive team that negotiated majorcommercial partnerships with Google, Sony and HutchinsonWhampoa.

HydrodecThe industrial oil refining group has appointed AlanCarruthers to its board as a non-executive director. He hasover 27 years experience in financial services, and wasglobal head of equities at Cazenove from 2003 to 2010.

WHOS SWITCHING JOBS Edited by Tom Welsh

+44 (0)20 7092 0053morganmckinley.comSPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT

CITY MOVES

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

in association with

EASYJET founder Sir Stelios Haji-Ioannou is today expected to lose a

vote to oust chairman Sir MichaelRake but he plans to continue inhis efforts to remove him.

The tycoon will not attend theshareholder meeting he called, butis understood to have drawn up alist of questions for the board onthe suitability of Sir Michael, whois also deputy chairman at scandal-hit Barclays, as well as chair of BT.

Sir Stelios, who owns around 37per cent of easyJets shares, has

Stelios plans fresh pressure oneasyJet to sack chair Sir Michael

BY MARION DAKERS

VIRGIN Trains is preparing tomount a legal challenge to itsexpected loss of the West Coastmain line franchise this week.The Department for Transport is

ready to announce as soon as tomor-row that FirstGroup has won the6bn-plus franchise, which will runfrom December 2012 to March 2026.Virgin Trains has run the London

to Glasgow route since 1997, but isbelieved to have lost out to First,which tabled a bid around 1bn bet-ter than its rivals.

Virgin to fightfranchise loss

BY MARION DAKERS

Hikma Pharmaceuticals PLC


p760

740

730

720

750

710

700

701.0010 Aug

HIKMAPHARMACEUTICALSShore Capital rates thepharma group as a buywith a target price of 704p,expecting a strong reboundin its first-half results duethis Thursday, after last yearwas negatively hit by theArab Spring.

Ocado Group PLC


p82

78

76

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71.0010 Aug

OCADOPanmure Gordon rates thegroceries delivery service atsell with a target price of50p. The broker says thefirm is standing aloneagainst the largest retailersin the country with a pile ofdebt, and falling marketshare isnt sustainable.

been asking the firm to replace SirMichael for almost a year, in anincreasingly fraught dispute overplane orders, share awards andalleged conflicts of interest.

But based on proxy votes, easyJetinvestors look set to emphatically

reject Sir Stelioss demands today.Seven of the firms biggestshareholders, along with advisory

bodies ISS and Glass Lewis, havealready come out in support of SirMichael. In February, the chair won56.8 per cent approval for his re-election rising to 99.6 per cent ifSir Stelioss vote is excluded.

Standard Lifeends reportsfor insurance

STANDARD Life is set to endthe life insurance reportingseason tomorrow, following asolid first quarter where

assets under administration rosemore than expected.The Edinburgh group is hoping

for a boost soon from auto-enrol-ment, where employees will beautomatically enrolled into theirexisting employers pensionscheme or a new personal account.

It is also keen to gain marketshare from the introduction of theretail distribution review, whichwill ban commission payments tointermediaries. Standard Lifealready operates on the preferredfee-based model.Wednesday will see the release of

the minutes from the August meet-ing of the Bank of Englands policy-making team, the Monetary PolicyCommittee (MPC). Economists willbe looking with interest to seewhether all members agreed withgovernor Mervyn King that nomore financial stimulus is neces-sary.

Other economic highlightsinclude inflation data tomorrowand unemployment data onWednesday.

Britains biggest recruiterMichael Page is set to report today,along with Petrofac.Tomorrow sees reports or updates

from Henderson Group,JohnMenzies,Anglo Pacific Group,Mears Group,John Menzies,Standard Life and Essar Energy.

On Wednesday constructiongroup Balfour Beattyupdates themarket, along with ENRC,Eurasian Natural Resources andInterserve. HMVis also set to holdan extraordinary general meeting.

On ThursdayCineworld is set toreport, while Dairy Crestwill haveits annual general meeting. Theestimated retail sales for July willalso be released.

On FridayRank Groupwillrelease its full-year results.

LONDONREPORT

ITS another one of those momentsthat always follow a big move in thestock market: Either youre a

believer or youre not. Right now,the market has its fair share of both.The S&P 500 is up 12 per cent so far this

year. Through July, it had its best firstseven months since 2003 and its second-best seven-month run since 1998. Thatsounds like a bull market.

But there is clearly a disconnect betweenthe way markets have performed and thehigh level of caution among manyinvestors. That is mainly due to the percep-tion that things have the potential to gohorribly wrong incredibly fast.The danger for investors is that they

focus too much on the potential risks,such as the break-up of the Eurozone, andend up getting left on the sidelines whenmarkets move higher as they have donesince the start of June, said Doug Cote,chief market strategist at ING InvestmentManagement, in New York.

We are in a bull market, he said. Themistake investors have made is too much

attention on global risk, and not enoughattention on fundamentals that are very

resilient.Cote believes that record high aggregate

earnings for S&P 500 companies this year

and signs of improvement in the labourmarket mean investors should be takingon more risk rather than fretting aboutthe dangers stemming from Europes debtcrisis.

But for the more equivocal souls, themarket is presenting a difficult dilemma,and strong convictions either way are elu-sive.

David Joy, chief market strategist atAmeriprise Financial in Boston, says its anuncomfortable time for many investors,who are caught between missing a rallyand getting blindsided by some nastyevent that sends markets into a tailspin.Joy says the rally is being driven by the

hope of more easy money policies fromcentral banks in the United States, Europeand China.

Both the European Central Bank and theFederal Reserve are due to meet duringthe first half of September. Investors arehoping the ECB will buy bonds of troubled

European nations in a bid to ease the debtcrisis.

Experts split on whether recordS&P earnings point to bull market

THE WEEK AHEAD

12

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control that he wanted, in the form ofrestrictive covenants.Under the contracts terms, I would

be a Caudwell employee under theguise of running my own business. Nooffence to Caudwell, who is a brilliantbusinessman, but if I ever want towork for someone else again, Ill goback to my prestigious job as aMcKinsey consultant. I didnt becomean entrepreneur to run a Caudwellportfolio company.

Fortunately, I have a good network offriends and family in corporatefinance who took one look at the offerand warned me against it. Otherfounders of start-ups should be equal-ly wary. It is important for anyoneentering into an investment to lookbeyond the percentage equity that theinvestor asks for. Copious additional

clauses could havelasting adverse

effects.Personal con-

tacts can be vital.Get as muchadvice as you canfrom other entre-preneurs whohave successfullyraised money,and from lawyersand financiers

who can dissectcontracts.Melissa is chief execu-

tive and founder ofNetwork Locum

www.networklocum.com

13MONDAY 13 AUGUST 2012cityam.com

WHEN I lived in Monaco, Ihad Ferraris. Now, livingin London, I have a basiccar but barely use it. Thehassle of parking and

traffic have made me a cab andminicab user, and Ive recentlynoticed interesting things going onin their business world.

Cabs have had two unique sellingpoints. Unlike minicabs, they can belegally hailed from the street ahuge advantage when so muchhiring is done on the street ondemand. Secondly, they have TheKnowledge. Cabbies have such anamazing and unmatched memoryof streets and locations thatresearch has been done into theirability and techniques. At times, its

been a booming business. I

remember a number of years agowhen they increased their prices

and were the most expensive in theworld. That has probably changedwith time and the weakness of thepound. Cabs have also benefittedfrom their awesome reputation and

branding, while minicabs have beenseen as unregulated and evendisreputable.

Then a number of years ago, thatstarted to change. The minicabcompany Addison Lee started to get

organised and eat the cabbiesbreakfast. Its distinctive branding

and recognisable name brought anew respectability to minicabs. Butit was more than that. It hit at theheart of the cabbies USPs. Firstly,the advent of GPS has probablymeant a severe devaluation in the

value of The Knowledge. Relativelynovice and even foreign drivers canfind their way around London bysimply inputting apostcode. Secondly,smartphone appshave made bookinga car really easy forthe consumer. Theyfind the location, canremember pastdestinations and give youfixed price before the journeystarts. Its not been a surprise tosee Addison Lee cars more and

more on London streets.To me, there is a huge question

looming: if you stand on the streetand use an app to order a nearbycar, is that not hailing a car, just

because you dont wave a hand inthe air? If you can hail a car soeasily, whats the justification of anexpensive cab license? And I dontknow if its this competition or therecession or just exaggeration in

recent gossip about cabbiesbeing grumpy lately. Iftheyre struggling forbusiness, perhaps they

could lower their prices,which Im not sure

theyve ever done.What they have

done, though, isto finally

release anapp of their

own.

Hailoworks wonderfully andmakes ordering a cab inexpensiveand easy, so maybe theyll claw backsome market share. Its certainlyinteresting.

A US company, Uber, haslaunched a luxury car app service ata reasonable price. They asked meto be their first London customerand I have to say I enjoyed it.

Whoever wins this battle, it isprobably good for you and me. Nomore standing in the rain, jostlingagainst others, looking for a cab

while a few streets away a driverlooks unknowingly for passengers.In this age of information, thatshouldnt be possible.

Richard Farleigh has operated as a businessangel for many years, backing more early-

stage companies than anyone else in the UK.www.farleigh.com

ILEFT my job at McKinsey, theglobal management consultingfirm, as I wanted the freedomto solve problems in my ownway. And I am not prepared to

give up this independence lightly.

While working at McKinsey, I sawthe cost and time difficulties thatthe National Health Service hadwhen employing locum (freelance)doctors. Out of this experience, myidea of Network Locum was born. Ituses technical advances to create anonline marketplace, connectinglocums and GP practices for a frac-tion of the cost and time.The company needed finance to

move from beta trials so we couldprovide a national solution. So Idecided to take part in Skys TVshow The Angel. I won the show,but after months of negotiation I

ENTREPRENEURS

Battle of the cabs: Hailing competition in Londons transport

finally decided to turndown the offer offunding.

Many people turnDragons Den typei n v e s t m e n t sdown because ofthe dilutiveeffects of sharingo w n e r s h i p .However, for me,it wasnt the eco-nomics of the dealthat were a causefor concern. Theinvestor, billionaireJohn Caudwell, agreedwith the valuation I placedon the company. The repellentfor me was the unusual level of

Success and failure:The line is very fine

of a SERIALENTREPRENEUR

RICHARD FARLEIGH

CONFESSIONS

INNOVATIONDIARY

PHILIP SALTER

THE road to success is not only longand winding, but it can also berather rocky. There are alwaysobstacles to trip you up along theway and many are outside of your

control.Consider the example of London

businesses selling bicycles. When the Mayorof London launched his eponymous Borisbikes with Barclays, owners of bicycle shopsacross the capital must have looked on indespair. Anyone renting bicycles must haveshut up shop. How could they compete?

However, lady luck sometimes steps in tohelp. And good fortune took the form, in thefirst instance, in the remarkable victory ofBradley Wiggins in the Tour de France thefirst Brit to win in its 109-year history.Wiggins took this success into LondonsOlympics, winning the mens individualtime trial. In the velodrome, Jason Kenny,Chris Hoy, Victoria Pendleton and LauraTrott all also struck gold. Suddenly, cyclingis fast-becoming a significant national sport.Wiggos annus mirabilis will have inspiredBritish competitors to take on the mightyEuropean nations of France, Belgium andSpain. The business of cycling just got a lotbigger.

For start-ups, the margin between profitand loss can be as small as the gap betweensuccess and failure in the velodrome. Nomatter how much research you do, eventscan always trip you up. But the benefit ofbeing small means that start-ups are better

able to react to obstacles in the road. Largecompanies might know that demand isdecreasing for what they offer, butrefocusing a huge business can beimpossible.

But as with so much in life, including sportand business, a little bit of luck can make ahuge difference. But when the windchanges direction entrepreneurs can be thequickest to cash in. Creative destructionmeans failure is always just around thecorner, but this is what makes us all moreprosperous. As Britains Olympic successshows, even if this proves to be our bestOlympics for a century, it will have beenworth it.

Twitter: @Philip_Salter

MATT ROBINSONW

HETHER to raiseinvestment dependslargely on the natureof your business, butalso the quality of the

investment terms and theinvestors themselves; and then,obviously, how much yourcompany needs the money.

For us, it made absolute sense.Our business has significant up-front costs, and it must achieve aserious level of scale to becomeprofitable. As a result, we neededexternal investment to fund opera-tions before the income came in.Also, there was a lot of value to bederived from the involvement ofpeople who have helped build this

kind of business before. Because ofour progress, we were able to attractgood investors at the terms we want-ed, and because we definitely neededthe money, the decision was a no-brainer.

For other types of business it maynot make sense. There may be aviable path of self-funding whichmakes more sense for you to take; or

your business may not beable to deliver the level ofreturns required byinvestors.

Crucially, even if it doesmake sense, that pointmay not be now. Raisinginvestment is one of the hard-est things Ive ever done and willabsorb a significant amount ofyour fledgling companys limitedtime and focus. If you try to dothis too early, the most likely out-come is that you fail, your compa-ny stagnates and you waste yourmost precious resource, time.

If it makes sense for your busi-ness to raise investment, themost important thing is to

wait until you have some tangi-ble traction normally user

growth or some compellingproxy. It will be much easi-

er; you will attract muchbetter investors; andyou will be offered

much more gener-ous terms.Matt Robinson is co-founder ofGoCardless, an

online payments com-pany which raised

$1.5m investmentfrom leadinginvestors, Accel

Partners and PassionCapital.

MELISSA MORRIS

The dilemma of angel funding

... And another ex-McKinsey employee who took a heap of cash for his start-up

A former consultantwho turned downJohn Caudwells cash

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ANOTHER week and,seemingly, another scandal.This summer of discontentfor the banking sectorshows no sign of drawing

to a close, as Standard Chartered isjust the latest in a line of UK banksfacing accusations of wrongdoing.In this case, the allegation is wire-stripping on U-turn transactionswith Iranian entities.

It is important to stress thatthese accusations are precisely justthat accusations. StandardChartered emphatically deniesthem, so I will not prejudge theoutcome of this specificinvestigation. Nevertheless, it is thelatest in a series of blows to the

banking industrys reputation.

WITH the closing ceremony

bringing the stupendouslysuccessful Olympic Gamesto an end, we shouldrecognise what the Games

has taught us about our nationalcharacter. The Games have taught ussomething about ourselves that wenever dared believe. The combinedpower of the British people, whoembraced the Games, and ourOlympians who have made us soproud through their achievements,

has proven to us that our nation canhave a new confidence.

Before the Games, the conventionalwisdom was that a London Olympicswould give rise to a string of failures.But lets look at what actually hap-pened.The construction of the Olympic

Park, the largest and most ambitiousproject in Europe, was delivered ontime and half a billion pounds underbudget. It is a glorious park withworld-class sporting venues that willgive pride and pleasure for years tocome. The largest logistical operationthat our country has ever performed

Spread betting, CFDs Trade today atwww.cityindex.co.uk

Unlike Gold, Silver has yet to break

under its 4-year trendline support.

FACT OF

THE DAY

cityam.com/forum

Regular sport is

the best medicinethat we have to tacklechildhood obesity

THEFORUM

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.

14MONDAY 13 AUGUST 2012

TESSA JOWELL

London 2012 must be the startinggun in a race for a stronger Britain

in peacetime has succeeded, largelywithout a hitch.

We didnt look back from the open-

ing ceremony, when Danny Boyle helda mirror to our collective soul. Beforethe Games, we hardly dared to hopethat our medal success would matchBeijing. But 29 gold, 17 silver and 19bronze medals later, and we have hadour best performance in over 100years. London 2012 has shown theworld how talented and ambitiousour nation really is.Whether the 13m people who cele-

brated the torch relay, or the 70,000Games Makers who really did makethe Games, the millions of peopleringing their bells on the day of theopening ceremony, or the 120,000

people who kept the secret of theopening ceremony this has trulybeen the peoples Olympics.

The Games have been an expressionof the unsung decency of individuals,finding their part and their placewhere they mattered in the creationof this national moment that was somuch bigger than any of us.And long overdue, women are strid-

ing to an equal place in sport. AfterHeather Stanning and Helen Gloverbecame Team GBs first ever female

rowing gold medallists, two otherfemale crews did the same.The victory of the boxer Nicola

Adams will remain one of the endur-ing images of the Games. Her goldmedal was not just a reward for bril-liant athleticism, but also anothermilestone in the long road to genderequality. In Beijing, she would nothave been allowed to compete. Thisweek, she and our other female boxersdemonstrated that women can pull inthe crowds just like the men.

Laura Trott and Victoria Pendletonsperformances also marked the end ofinequality in track cycling, both of

whom would have had fewer opportu-nities to win gold when there werepreviously just three races for women.The best way that we can honour

this extraordinary time is to seize theopportunity created by our athletes and fulfil our Olympic promise toinspire a generation through sport.Team GBs success has inspired the

nation, and the amazing experienceof the Games in London has given us aonce-in-a-lifetime chance to get ourchildren excited about playing moresport, more often.

Schools need to be able to build onthe excitement, so that they can makesport a habit for all children, whichwill help keep them fit and healthy

for their lives. Schools that do a lot ofsport tend to have better behaviour,less truancy and more children arriv-ing on time.This is a task that is bigger than any

one politician or political party but anational project that needs to draw intalent from every corner of our coun-try. It needs to bring together every-one who makes sport happen:national sports bodies, dedicatedteachers and the thousands of volun-teers who are vital to providing com-

petition.Thats why Labour is offering its full-

hearted co-operation with a 10-yearcross-party plan for sport.

Regular sport is the best medicinethat we have to tackle childhood obe-sity, motivate kids to do their best andbuild self-esteem. Our athletes havemade our country proud. Lets worktogether to build another sportinggeneration that can do the same.Dame Tessa Jowell is Labour shadow min-

ister for the Olympics, shadow minister forLondon and MP for Dulwich and WestNorwood. She bid for the Olympics Games tocome to London when culture secretary.

Some politicians and leadingCity figures have suggested thatrecent events may stem from ananti-London agenda on the part ofsmall sections of the rather largeUS regulatory community. It iscertainly true to say that people inLondon are not familiar with theNew York State Department of

Financial Services. Well be

interested to see the basis of whatthey are saying in particularwhether it is taking an even-handed approach by looking at allbanks, not just one.

There is clearly an issue hereabout whether this regulatorsactions and the inflammatorylanguage it has used areappropriate. Something is clearlyamiss when an untrailed andunilateral report can lead to a 25per cent drop in a banks shareprice overnight.

That is not to say that anywrongdoing should not be exposedor punished. But, as Mervyn Kingpointed out, the behaviour of theNew York State Department of

Financial Services is very dif ferent

to that of other regulators involvedin this or the Libor investigation.

A coordinated and cautiousapproach, based on the basic legalpremise of innocent until provenguilty, should hold just as true forbanks and bankers as othersections of society. Otherwise,there is a danger of suchinvestigations being perceived asmotivated by protectionistsentiment on the part of the USauthorities.

There are, of course, lessons wecan take from the US on how ittreats white collar crime. Tougherenforcement is an inevitableoutcome of these scandals. Thebanking sector needs to clean up

its house, and be clearly seen to

clean up its house.These investigations date back

several years to before the financialcrisis. Subsequent regulatoryreform by UK authorities hastackled many of the underlyingissues. But there is no room forcomplacency, and the sector mustreview its practices to ensure thatthey stand up to the current mediaand political spotlight.

Financial institutions exist toserve their clients, customers andshareholders. That means taking along-term approach and ensuringthat remuneration and compliancearrangements are in tune withstated values.

Mark Boleat is policy chairman at the

City of London Corporation

CITYMATTERS

MARK BOLEAT

US regulators should treat British finance as innocent until proven guilty

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Boriss 90,000 bill[Re: Why Boris owes me 90,000 forOlympic damage, Friday]I have great sympathy with Neleen Straussssituation, with no customers at her lovelyrestaurant due to the Mayor encouraging amass exit of Londoners. Some of our clientshave experienced similar drops in footfalland its a heavy cost to bear. The mayorclearly recognised the problem. He pulledthose messages from the tube. And I thinkStrauss hits on the answer. A rebate onbusiness rates for all London businesseswould go a long way to redressing thesituation. A rebate might help ease the painand, savvy Boris, swing business supportbehind you again.Greig Mccallum, managing director of Balloon

Dog

I had a chuckle at the Olympian moaner,Strauss. If youre sat on a restaurant thatdoes 45,000 per week in turnover, yourenot doing too badly. Throw another chop onthat braai and relax.Charles Bell

Strauss should have charged more than90,000 to compensate for potential loss offuture business. Its high time that someonepacified politicians by making thempersonally liable for the reckless decisionsthat infringe on the livelihood of others.Boris Johnsons call to maintain the Olympicdream, through big infrastructure projects,wont deliver economic growth in itself.Companies must be allowed to thrive.

Simon Saidi

IT WAS once famously said thatwhatever women do, they mustdo twice as well as men to bethought half as good. While Itend not to subscribe to clichs,

when I started in the City in the late1990s, the dearth of senior womensuggested something was awry.Just 15 years later, we have come a

long way in terms of attitude andapproach towards women. ChristineLagarde now advises the world on

financial matters as managing direc-tor of the IMF and, following LordDaviess 2011 report on the lack ofdiversity in top companies leader-ship, women now make up 16.7 percent of all board posts in FTSE 100companies, up from 12.5 per cent ayear ago.

However, old habits die hard and,against a backdrop of continuing badeconomic news, gender stereotypesare in danger of creeping back. Someare beginning to ask whetherwomen have less of an appetite forrisk.The debate has been sparked by

Credit Suisse. The banks researchinstitute has released a report show-ing that boards with female mem-bers outperformed those without by26 per cent over the last six years.

On the surface, the research showsthe clear value of a more gender-diverse boardroom. But it concludesthat the reason for this is circumstan-tial womens natural risk aversionhelps financial institutions get onthe straight and narrow in a periodof volatility and contraction, whencaution is more valued.The inference is clear. Female exec-

utives are good for a slump when riskis off, but less suited to a boom whenrisk is on. Its another unfortunatetypecast that takes us back to womenbeing thought of as half as good,despite doing twice as well.

In truth, there is no male or female

TOP TWEETSPainting postboxes gold in the hometownsof gold medal winners is a genius exampleof British eccentricity.@MandaJJennings

Its great that Boris wants to take advantageof the Olympic buzz, but more must be doneto help us get around London on bikes.@sustrans

Sir John Majors star continues to rise,deservedly. We should all praise his Olympiclegacy.@IONeal87

Where is George Osborne? Zero growth thisyear, and not a peep. There should be wallto wall coverage of what he plans to do.@IfIwasZen

Following its record medal haul in London,is Team GB likely to win even more in Rio?

YESI dont think theres any question that we can improve on ourLondon 2012 medal tally in Rio 2016. But theres a pathway to elitesuccess. To build on our performance in London, we need to putseveral things in place. First, school sport must be strong. Thatmeans having teachers with proper PE training to bring out thebest in our children. Without the confidence to do the basics,children wont be able to turn their hands to the more complicatedtechniques of sport. Then we have to invest in our communityclubs so that the coaches and facilities, which all athletes haveaccess to, are the very best we can afford. We then have to makesure that the links between our schools and our clubs are seamless so that no one falls between the cracks. Finally, our talentidentification, and our investment in that talent, has to stayfocused. This is the recipe if Team GB is to go nuts in Brazil.Tim Lamb is chief executive of the Sports and Recreation Alliance.

Tim Lamb

NOStefania Lovo

Team GB has been improving its performance in the Olympic Games

since Atlanta 1996. But part of this years remarkable success isattributable to a home advantage. I tried to predict the number ofmedals Britain would win in London, but overestimated itsperformance by a significant margin. My prediction considered ahost premium, based on data from the last six Olympic Games,which tends to give host nations a 40 per cent increase in medalswon. The host premium enjoyed by Team GB has been smaller and ishighly unlikely to be retained at the Rio 2016 Games. The last sevenGames show that only two host countries Spain and South Korea have been able to sustain their medal haul at the next Olympics. Aparticularly remarkable example of the failure to maintainmomentum is that of Greece, which went from 16 medals in Athens2004 to only four in the following Beijing Games.Stefania Lovo is an econometrician at the Legatum Institute.

RAPIDresponses Women in the City

are more than justvoices for caution

appetite for risk. According toMcKinseys annual Women Matterreport, European companies with

the highest gender diversity outper-formed others on all fronts, includ-ing return on equity, operating resultand stock price growth over the peri-od 2005-2007 before the creditcrunch started. What were really see-ing highlighted by Credit Suisse isthe value of board diversity.

Having a range of perspectives onthe board leads to a managementteam that is more likely to ask awk-ward questions. Women can bringdifferent perspectives and voices tothe table. By helping to minimisegroup-think, this results in a moreconstructive debate, leading to moresound and reasoned policies in goodtimes as well as bad.

Events in the banking sector overthe last several years have reiteratedthe value of questioning voices anddiverse views. But that doesnt meanthe value of that ends when the diffi-culties do. The City is based ondynamism, competition and merit thats what has made it so strongover the centuries. But, if it is to stayat the top, it needs to become evenmore dynamic and competitive.Greater diversity at the highest levelswill be key to that effort, whereverwe are in the business cycle. Its timethat more businesses recognisedwomen for being just as good as theyreally are.

Sue Langley is director of market develop-ment at Lloyds of London, and sits on the

governments Womens Business Council.

MONDAY 13 AUGUST 2012

SUE LANGLEY

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Fill the grid so that each

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Place the numbers from 1 to 9 in each empty cell so that

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numbers from 1 to 9 to solve this tricky Sudoku puzzle.

Copyright Puzzle Press Ltd, www.puzzlepress.co.uk

KAKURO

QUICK CROSSWORD

LAST ISSUESSOLUTIONS

KAKURO

WORDWHEEL

SUDOKU

SUDOKU

QUICK CROSSWORD

WORDWHEEL

20 10

11 3

19 6

16 30

45

9 9 14

45

10 4

24 8

6 29

13 14

11

17

7

34

35

30

12

18

5

23

4

16

8

21

15

33

22

23

11

ACROSS

1 Haemorrhage (5)

3 Wild animal (5)

7 Brine-cured (6)

9 Wind direction

pointer (4)

10 Recuperate after an

illness or medical

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14 Abbreviation for

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19 Large luxurious

car (abbr) (4)

20 Emphasis (6)

22 Assembly of

witches (5)

23 Durable aromatic

wood (5)

DOWN

1 Cut in two (6)

2 Consume (3)

4 Mischievous fairies (5)

5 Tall perennial

woody plant (4)

6 Alpine perennial

plant (9)

8 Language, jargon (5)

11 Law passed by

Parliament (3)

12 And so forth (abbr) (3)

13 Cut thinly (5)

15 Light tanker for

supplying water

or fuel (6)

17 Not a single

person (2-3)

18 Group of countries in

special alliance (4)

21Fish eggs (3)

N

L

I

B

RO

T

G

U

S I G H T B A T C H

E R I B U

T R O O P S A C R E

F W C A N O E

R E S I Z E D O S S

E N N O E

E L S E T U N D R A

E E R I E R L

P A N T D E B A S E

P I V M G

U S U A L A M A S S

6 3 8 9 7 6 9

9 2 1 4 7 6 8 3 5

5 4 2 8 4 9

8 9 4 6 3 9 6

1 2 3 4 2 1

4 7 8 9 7 1 3 2

2 5 1 8 5 4

1 3 6 4 9 1 3

9 1 2 1 5 7

1 2 8 5 3 6 4 7 9

7 9 7 5 9 6 8

The nine-letter word was

ABJECTION

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MONDAY 13 AUGUST 2012

EASTENDERSBBC1,8PMPhil thinkshisplan tokeepIan awayfrom everyoneis unravelling andthearrival ofhis oldflame Sharonconfusesmatters further.

THERIOTS:IN THEIR OWN

WORDS BBC2,9PMEyewitness accountsof the events ofAugust 2011, whenriots broke outacross England following a protestagainst police in Tottenham.

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TVPICK

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CHELSEA.....................................2MANCHESTER CITY .....................3

BY DECLAN WARRINGTON

DISTANCE running hero Mo Farahmay compete in next years Londonmarathon, the double gold winningBriton said yesterday.

Despite storming to a thrilling vic-tory in Saturdays 5,000m Olympicfinal adding to his 10,000m gold Farah is hungry for more success inorder to cement his place in history.

Im not sure about next year but Ido want to run the Londonmarathon, Farah said yesterday. Iam quite excited about it, the crowd,it would be amazing to do thatevent.

Farah will talk to his coaches about

moving to the longer distance, yetwarned that he may be advised tostick to the track for now and jokedthat he could be rubbish atmarathons.

Alberto [Salazar, Farahscoach] will probably sayits too early, he said,adding that it mayinstead be an option forlater in his career.

London 2012 chief SebCoe poured praise onFarah on the weekend,insisting that the Somalia-bornLondoner is now the greatest run-ner weve produced in this country.

Farahs 5,000m win was absolutely

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