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FTSE 100 6017.54 +27.78 DOW CLOSED NASDAQ CLOSED /$ 1.61 unc / 1.11 unc /$ 1.45 unc
Murdoch
tabloid in
fresh blow
A PRIVATE detective working for News
of the World hacked into murdered
schoolgirl Milly Dowlers mobile
phone while police were searching for
her in March 2002, a lawyer for her
family said yesterday.
Mark Lewis, solicitor at Taylor
Hampton, said police had told the par-
ents of Milly Dowler that Glenn
Mulcaire illegally accessed and delet-
ed their daughters voicemails spark-
ing false hope she might still be alive.
Milly Dowler, a 13-year-old Surrey
schoolgirl, disappeared as she made
her way home. Last month a former
nightclub doorman Levi Bellfield was
convicted of her murder.
Lewis said the Dowler family was
pursuing a claim for damages against
the paper, owned by News
International, part of Rupert
Murdochs News Corp.
The allegations prompted Labour
peer John Prescott to repeat calls for
News Corps bid to buy the rest of
BSkyB to be blocked as Murdoch is not
a fit and proper person to own it.
But a source close to culture secre-
tary Jeremy Hunt said it would be vir-
tually impossible for the government
to block News Corpss deal to buy the
rest of BSkyB in light of the allega-
tions.
The only thing Hunt can consider is
whether the deal reduces media plu-
rality in the UK, because that was
what the probe announced original-
ly by business secretary Vince Cable
set out to determine.
BY KASMIRA JEFFORD
MEDIA
Credit Suisse chief Brady Dougan will wield the axe this summer Picture: REUTERS
INVESTMENT bankers are facing the
prospect of mass lay-offs as the City
struggles to cope with an ongoing peri-
od of low trading volumes and
depressed revenues.
City A.M. understands that Credit
Suisse plans to announce hundreds of
job cuts this Thursday following a
headcount freeze put in place in
London last month. The bank has
warned publicly that it will be adjust-
ing capacity to meet client needs.
One source familiar with the situa-
tion said that the majority of the cuts
are likely to be in equities, with fixed
income, commodities and currencies
(FICC) also being hit hard. The source
put a figure of 300 on the global cuts,
though others have estimated as the
cull to be as high as 600.
The groups latest quarterly results
showed revenues down 13 per cent
quarter on quarter, while headcount
grew four per cent.
Another source said that Credit
Suisse also launched a consultation on
jobs at its UK bank last week, meaning
that London will see over 100 jobs cut
100 being the lowest level at which a
consultation is legally required.
According to two well-placed indus-
try sources, UBS has also privately told
several of its City contacts that there is
an unofficial headcount freeze in its
London FICC division, though a
source close to the bank denied this.
BANKERS FACING
JOBS BLOODBATH
BY JULIET SAMUEL
BANKING
www.cityam.com Issue 1,417 Tuesday 5 July 2011 FREE

RANKS
REVERSALS
IAN BURKE BACK
AS FIRM DITHERS
OVER BUYOUT P8
MARCUS WAREING SETS
UP SHOP IN ST PANCRAS
RESTAURANT REVIEW P21
BUSINESS WITH PERSONALITY
One of the sources added that Bank of
America/Merrill Lynch also has a head-
count freeze in equities and FICC in
the UK.
The stagnation follows rounds of job
cuts already announced at Barclays
Capital and Goldman Sachs, each of
which are slashing hundreds of roles
due to slow trading volumes.
But only developed countries will
see cuts, with competition for talent
still fierce in fast-growing economies
like Hong Kong and Singapore.
One industry source said: The
banks now have more inflexible cost
bases due to regulation and a higher
fixed compensation costs. The EU
introduced the worlds most restrictive
bonus laws last year, prompting some
banks to raise base salaries.
The cuts also follow a year in which
some say banks over-hired due to opti-
mism about global growth.
Nick Stevens, chief executive of
recruiter Eximius Group, said: We saw
heavy increases in investment banking
headcount through 2010 following
strong 2009 profits and in anticipation
of increased demand. Broadly growth
has been slower than expected.
The jobs crunch has also felled City
recruiters, with Kinsey Allen
International forced into administra-
tion last month.
The bad news for front-of-house staff
contrasts to a boom forecast in back-
office compliance and risk roles due to
new regulation, suggesting that City
workers could see a two-tier recovery.
Certified Distribution
02/05/11 till 29/05/11 is 103,467
News
2 CITYA.M. 5 JULY 2011
FTSE exceeds
6,000 mark
THE FTSE pushed on from last weeks
bullish trading yesterday, edging past
the morale-boosting 6,000 mark to
print its highest score since May.
The blue-chip index added half a
per cent (27.78 points) during the day
to close at 6,017.54.
Strong gains in oil stocks more
than offset a dip in the fortunes of
several leading banks, which were
widely hit by Standard & Poors warn-
ing that a potential Greek debt deal
would amount to a default.
Lloyds Banking Group was the
worst sector performer, off 1.8 per
cent, followed by Royal Bank of
Scotland, down 1.5 per cent, as
investors fretted that the Eurozone
debt crisis could be far from over.
Yet BG Group and peer Royal Dutch
Shell both rose on the back of positive
broker notes from HSBC and
Goldman Sachs respectively.
Conversely, British Land was one of
the days best performers, up 2.3 per
cent after Deutsche Bank recom-
mended that investors buy shares in
the estate group in anticipation of
strong net asset value growth.
The upturn in equities was seen
elsewhere in Europe, with the
FTSEurofirst 300 index of top
European shares rising by 0.2 per cent
to 1,121.58 points, the highest close in
a month.
BY JULIAN HARRIS
MARKETS
Britain needs its own Ronald Reagan

HERO-WORSHIP is always a mistake.
No statesman is perfect: all make mis-
takes. But Ronald Reagan of whom a
statue was unveiled in Grosvenor
Square yesterday was one of the few
major figures of the 20th century to
leave their country in a hugely better
state than they inherited it. He helped
America regain its confidence, trans-
formed its economy from the
appalling basket-case he inherited
from Jimmy Carter and played a cen-
tral role in defeating communism.
Reagans soundbites were brilliant;
they still have much resonance in
todays Britain, where the economy is
shackled by Kafkaesque burdens and
an increasingly defeatist, declinist
mindset. As he once put it, govern-
ments view of the economy can be
summed up in a few short phrases: If
it moves, tax it. If it keeps moving, reg-
ulate it. And if it stops moving, sub-
sidise it. Tragically, despite the
coalitions best efforts, this remains
true in the UK today.
Reagan realised that cutting taxes is
a way of liberating the economy,
incentivising entrepreneurs and risk-
takers and stimulating growth. He
also realised that reducing marginal
rates on labour and capital can often
partly pay for themselves and in
some cases, especially but not only
when rates are crippling, can actually
bring in more revenue, even in the
short-term. By contrast to this
dynamic, supply-side approach to
tax, the static approach remains the
orthodoxy in benighted Westminster:
even under the coalition, the rule of
thumb remains that every 1 fore-
gone by HMRC is 1 less than can be
spent by politicians and that the only
way tax cuts can stimulate is by boost-
ing consumer spending.
In fact, Reagan wasnt even that
original. The best exposition of how
tax cuts can reinvigorate an economy
remains Democratic president John F
Kennedys spectacular 1964 reforms,
which reduced the top rate from 94
per cent to 70 per cent (Kennedy was
assassinated in 1963, of course, but his
tax cuts were agreed prior to his
death). Two years later, the federal tax
haul was 11 per cent higher than fore-
cast: more people made more money
and their taxable efforts more than
compensated for the reduced tax rate.
Kennedy had been proved spectacular-
ly right when he had argued that an
economy hampered by restrictive tax
rates will never produce enough rev-
enues to balance our budget just as it
will never produce enough jobs or
enough profits In short, it is a para-
doxical truth that tax rates are too
high today and tax revenues are too
low and the soundest way to raise the
revenues in the long run is to cut the
rates now.
In 1981, Reagan reduced the top
rate of income tax to 50 per cent. In
1986, he cut it again to 28 per cent. Of
course, this benefited the richest dis-
proportionately but they neverthe-
less ended up shouldering a greater
tax burden and paying for a greater
proportion of public spending. The
share of tax raised from the best-paid
1 per cent jumped from 19 per cent in
1980 to 25.6 per cent in 1990. The
moral: to squeeze more tax out of the
rich, lower the top tax thresholds. We
learnt that in Britain starting in
1979 but with top earners now taxed
at 52 per cent and millions paying 42
per cent, the lessons have been forgot-
ten again. Britain needs to discover its
very own Ronald Reagan, a hopeful,
optimistic, pro-individual liberty, pro-
growth politician with an uncanny
ability to communicate. Any takers?
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
FORMER IMF boss Dominique Strauss-
Kahn will try to counter-sue French
writer Tristane Banon if she files a
claim of attempted rape against him
as expected later today.
The revelation is the latest twist in
the ongoing sex claims surrounding
Strauss-Kahn. Banon says the politi-
cian attacked her in early 2003 when
she was 22. Strauss-Kahn has
appeared resurgent in recent days
after the sex case launched against
him by a New York hotel maid looks
set to collapse amid allegations she
lied to prosecutors.
Meanwhile, Strauss-Kahns chances
of running in the French Presidential
election next year appeared to fade as
his Socialist party admitted it would
be the weakest of all possibilities.
The party said it will not block a
surprise late entry into its primaries
in October long after the June dead-
line but feel his participation is
increasingly unlikely.
BY STEVE DINNEEN
WORLD ECONOMY
DSK election hopes fade

The French Socialists said it is unlikely Dominique Strauss-Kahn will be able to run
NEWS | IN BRIEF
C&WW investors alerted
Cable & Wireless Worldwide sharehold-
ers have been warned that the telecoms
companys corporate governance could
cause further problems as the firm
attempts to right itself following three
profit warnings. The Association of
British Insurers is thought to have told
shareholders that it has concerns over
top executives at C&WW standing to
gain from the companys currently low
share price. The amber top warning is
one level below the ABIs most serious
level of concern about a firms gover-
nance.
Knight Vinke has plan for Comet
Kesa Electricals' largest investor said it
has put forward a plan to the retailer's
board for its loss-making Comet busi-
ness in the UK that it wants considered
as an alternative to disposal. Activist
shareholder Knight Vinke, which has a
19.3 per cent stake in Kesa, Europe's
third-biggest electrical goods retailer,
said yesterday it met with Kesa last
week and had made it clear that it
would not support any plan to close
down or liquidate Comet if there were
other options for the 250-store chain.
EDITORS LETTER
ALLISTER HEATH
Editorial Statement
This newspaper adheres to the system of
self-regulation overseen by the Press Complaints
Commission. The PCC takes complaints about the
editorial content of publications under the Editors
Code of Practice, a copy of which can be found at
www.pcc.org.uk
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British Land CEO Chris
Grigg saw his firms
stock jump by 2.3 per
cent in strong trading
yesterday
7
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Email: news@cityam.com www.cityam.com
Editorial
Editor Allister Heath
Deputy Editor David Hellier
News Editor David Crow
Acting Night Editor Marion Dakers
Business Features Editor Marc Sidwell
Lifestyle Editor Zoe Strimpel
Sports Editor Frank Dalleres
Art Director Craig Gaymer
Pictures Alice Hepple
Commercial
Sales Director Jeremy Slattery
Commercial Director Harry Owen
Head of Distribution Nick Owen
PAULSON ENJOYS $500M LEHMAN
BOOST AS VALUE OF BOND RECOVERS
Paulson & Co, the hedge fund that
made billions from betting on a col-
lapse in mortgage-backed securities
during the financial crisis, has made
more than $550m from a recovery in
the value of bonds it bought in failed
investment bank Lehman Brothers.
BRUNSWICK TO CHANGE OWNERSHIP
STRUCTURE
Brunswick, the public relations com-
pany co-founded by Alan Parker more
than two decades ago, is preparing to
change its ownership structure and
hand over equity to its partners. The
ownership changes reflect growing
pressure from partners for a broader
distribution of equity in Brunswicks
US operations, which are growing
fast. The move will allow shares to be
traded between partners, putting a
value on the firm for the first time.
PRINCESS YACHTS SET TO INVEST IN
NEW FACTORY
Britain may be braced for an age of
austerity but Princess Yachts, the lux-
ury boat maker, is planning to invest
35m in a superyacht construction
facility in Plymouth. Yacht sales
plummeted during the recession as
the super-rich tightened their belts
and shunned ostentatious signs of
wealth.
CDB $10BN FUND TO TARGET ASIAN
SMES
China Development Bank, one of the
countrys largest state-owned banks,
is emerging as an increasingly active
overseas investor, using its $10bn CDB
capital fund to take stakes in private
equity and hedge funds. The CDB
fund is seeking to develop its expert-
ise in and understanding of intellec-
tual property associated with lending
to small and medium-sized compa-
nies, a market Chinese banks have
never felt comfortable with due to
the risk of default.
HOW MANY CLUBCARD POINTS DO YOU
GET FOR A CONSERVATORY?
The door-to-door double glazing sales-
man may finally have met his match:
Tesco is inviting customers to add
PVC windows and conservatories to
their shopping baskets. In the latest
chapter of Tescos voyage beyond gro-
ceries, Britains biggest supermarket
group is to offer customers conserva-
tories, windows and doors through a
contract with Job Worth Doing, a
home maintenance company.
THIS INVESCO FUND IS A FAKE,
INVESTORS WARNED
Fraudsters are trying to sell bogus
funds under the Invesco Perpetual
brand name, the City regulator said
yesterday. The FSA said that an organ-
isation with the website,
www.invescoperpetualfunds.com, has
been marketing the Invesco Asian
Precious Metals Fund a fake.
SWITCHING BANKS IS TO BE MADE
EASIER
Bank business and retail customers
will be given a guarantee that they
can switch banks hassle free within
seven working days, the Payments
Council has said. The industry body
has said improvements can be made
to the way that banks handle cus-
tomers transferring to rivals and that
reforms will take place over the next
two years.
GOVERNMENTS UK PATENT PROJECT IN
AMERICAN ENGLISH
Concerns have been raised about the
poor implementation of a
Government patent website after it
emerged that large sections have been
lifted from an equivalent project in
the US without even changing the
spellings in some cases. The UK Peer
to Patent site calls the initiative a
program, for example.
TURKEY SEIZES ASSETS FROM LIBYAN
BANK
Turkey seized control of Libyan bank
assets yesterday, one day after recog-
nising Libyas opposition in Benghazi
as the country's legitimate govern-
ment, in moves that effectively sev-
ered remaining ties to Col. Moammar
Gadhafi. In a statement, Turkeys
Savings Deposit Insurance Fund said
it had taken temporary control of
Libyas 62.37 per cent stake in A&T
Bank, formerly known as the Arab-
Turkish Bank.
IEA DEFENDS OIL RELEASE
The International Energy Agency says
its release of strategic crude reserves
is working, despite oil prices rebound-
ing to the level they were before the
stockpiles were tapped. The IEA said
it decided to release 60m barrels of oil
of emergency stocks to compensate
for the loss of Libyan crude.
WHAT THE OTHER PAPERS SAY THIS MORNING
STANDARD & Poors has dealt a bruis-
ing blow to Europes efforts to get
banks involved in a second bailout for
Greece, claiming that the proposal
currently on the table would be an
effective default by the sovereign.
EU officials and governments have
been scrambling to strike a burden-
sharing deal to share the cost of a
new bailout with European banks. But
they have been constrained by the
need for any deal to avoid a credit
event thought to involve a ratings
agency downgrade to default.
Last week, French and German
banks agreed to participate in a
Greek Brady plan, in which they
would roll over most of their Greek
debt in return for high interest rates
and high-quality collateral.
But S&P says that even with its gen-
erous terms, the plan would constitute
a Greek default because the exposure
that banks would have to maintain to
Athens would involve extending the
maturity of the countrys debt and
restricting banks use of the bonds
until their new maturity date.
S&P said the Greek Brady plan
would be an effective default because
the transaction is viewed by us as dis-
tressed rather than purely opportunis-
tic.
The agencys stance could make it
much more difficult for European
politicians to pursue the face-saving
plan to get banks involved, throwing
negotiations into chaos.
A default, or credit event would
force the ECB to ignore its own rules in
order to continue to accept Greek debt
as collateral, without which it could
not supply the emergency liquidity on
which the countrys banks depend.
People familiar with the ECB have
previously suggested the central bank
would accept Greek debt even if some
ratings agencies downgrade.
S&P: Greece
plan is default
BY JULIET SAMUEL
EUROZONE
BRITISH GAS is poised to announce

the rise of gas and electricity prices as
early as this month, with families fac-
ing increased bills of up to 20 per cent.
Analysts expect its parent company
Centrica to announce price increases
of at least 15 per cent ahead of its half
year results on 28 July to protect mar-
gins in the face of rising wholesale
prices. Prices could go up even higher,
however, in line with rival Scottish
Powers 19 per cent gas hike and 10
per cent electricity price rise last
month.
Centricas rival blamed a 30 per
cent rise in wholesale gas costs for the
increases, and others are expected to
follow suit.
Consumer groups have already
slammed the widely expected indus-
try-wide price hikes as unfair on the
poorest households.
British Gas to announce hike in
its energy bills later this month
ENERGY
BRITAINS biggest business lobby has

demanded an investigation into how
much proposals to ring-fence the retail
operations of UK-based banks will cost
the economy.
The CBI called on the Independent
Commission on Banking (ICB) to carry
out a rigorous cost-benefit analysis
of the plans, adding it remained
unconvinced the policy will support
recovery.
John Cridland, director-general of
the CBI, said: The ICB should not pro-
ceed with the idea unless it stands up
to a rigorous cost-benefit analysis.
The presence of a ring-fence around
retail banks, which would have an
implicit state guarantee in the event of
another financial crisis, could lead to
riskier lending, Cridland argued.
A one-size-fits-all solution would
also force banks to have exactly the
same business model, reducing com-
petition, increasing costs for business-
es and hampering growth, he added.
The main banking lobby group
echoed the CBIs call for the ICB to
examine the effect of its plans on
growth before making its final recom-
mendations.
The ICB must do the analysis of the
impact on the economy of their
options... and that analysis must be
made public, said British Bankers
Association chief executive Angela
Knight.
CBI calls for probe into the
cost of ring-fencing proposal
BY DAVID CROW
BANKING
News
HACKERS TAKE A BITE OUT OF APPLE
The Internet vigilante group Anonymous claimed to have broken into an Apple server
and published a small number of usernames and passwords for one of Apples websites.
Anonymous said on Twitter that Apple could be a target and released the data as part
of its Anti Security campaign. Apple, led by Steve Jobs (pictured), did not comment.
MARKET participants have called on
the London Stock Exchange to consid-
er a tie-up with Nasdaq, the US
bourse, after its failed bid for
Canadian group TMX made it vulner-
able as a takeover target.
Speculation has been rife in the
City that Nasdaq could table a bid for
the LSE, given the lack of a partner
for both bourses in the midst of fren-
zied exchange takeover activ-
ity worldwide.
Nasdaq boss Bob Greifeld is
said to be under pressure to
act, as biggest rival NYSE
Euronext is in the throes of cre-
ating a transatlantic super-
exchange with Deutsche
Boerse.
LSE boss Xavier Rolet
(pictured) is said to have
not yet spoken with the
Nasdaq chief since the
failed TMX merger.
Several City players, from traders
to analysts, have said they view the
LSE as a natural target for Nasdaq in
the current climate.
The LSE needs to do
something, because as the
other exchanges get bigger
they get smaller, which
can only lead to them
being swallowed up, said a
senior trader at an interna-
tional broker in London.
City players view LSE as
Nasdaq merger target
BY RICHARD PARTINGTON
FINANCIAL MARKETS
News
ANALYST VIEWS: CAN THE LONDON STOCK
EXCHANGE SURVIVE ALONE? Interviews by Richard Partington
WILL RHODE | TABB GROUP

They definitely could. They could be more nimble as a result. But its a big
bet to say Im going to be better off small and nimble than big and global.
JAMES HAMILTON | NUMIS SECURITIES

It can, although the question is if it will. The LSE is no longer what
youd call a large exchange. There are plenty of bigger animals out there.
DAVID BUIK | BCG PARTNERS

In the long term it has no chance. If theyre going to make a quantum
leap forward then theyve got to do it with a major player like Nasdaq
Nasdaq chief Bob Greifeld is said to be keen on a deal with the LSE
THE TOTAL value of global mergers
and acquisitions (M&A) surged by 40
per cent in the first six months of this
year as dealmakers returned to making
transactions.
The value of worldwide M&A
totalled $1.5 trillion (934bn) in the
first six months of this year, the
strongest first half total since before
the recession hit in 2008, according to
Thomson Reuters.
Banks have benefited from the deals
bonanza, seeing their combined total
taken in fees increase by 18 per cent
year-on-year to a massive $16.7bn dur-
ing the first half of 2011, according to
estimates by Thomson Reuters and
Freeman Consulting.
Morgan Stanley trousered the most
in fees for M&A advisory work, raking
in $975.8m in fees in the first six
months of this year.
The Wall Street bank toppled rival
Goldman Sachs, the highest placed
lender at this point last year, as the top
bank for fees taken from completed
M&A transactions.
Dealmaking has returned to global
markets thanks to a surge in private
equity M&A, the data show.
The volume of private equity-backed
M&A deals worldwide shot up by 54
per cent in the first six months of the
year compared to the same period a
year earlier. The total value of deals hit
$123.4bn, boosted by European buy-
outs.
Private equity deal making in the
UK, Sweden, France, Italy and Germany
has accounted for nearly three-quarters
of activity in Europe so far this year.
The energy sector was the most
active for M&A in the first six months
of this year, accounting for 17.2 per
cent of announced deals.
Total value of
M&A deals up
40 per cent
THE TOTAL value of equity deals done
in the first half of this year has shot up
by 27 per cent on the same period a
year earlier, handing investment
banks a boost from transaction fees.
Equity market transactions, such as
company floats and share issuance, in
the first six months of 2011 hit $412bn
(256.5bn), according to data provided
by Thomson Reuters.
The bumper period handed invest-
ment banks a 22 per cent increase on
the fees they recorded for the same
period a year earlier, according to esti-
mates from Freeman Consulting.
Fees from equity deals during the
first half of 2011 totalled $10.8bn.
Goldman Sachs topped the league
table for fees taken from equity mar-
ket deals, taking $42.4bn from 137
deals and increasing its market share
by 3.2 per cent.
Meanwhile, the total value of glob-
al debt market deals hit $3 trillion in
the first six months of this year, a ten
per cent increase on the same period
a year earlier.
JP Morgan topped the list of banks
handling debt market deals, with
total proceeds of $212bn from just
over 700 deals. Based on first half
underwriting fees, JP Morgan topped
all other underwriters with an esti-
mated $932.8m.
Equity market
deals shoot up
in the first half
CAPITAL MARKETS
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Proceeds (US$b) # of Issues
Morgan Stanley chief
James Gorman has seen
his bank shoot to the
top of the pile for fees
earned from M&A deals
Top ten global debt market banks
Global equity market deals
Worldwide cross-border M&A volume
Top five M&A banks for fee earnings
Financial 2011 2010 No. of Advisor
Advisor Rank Rank Deals Fees $m
Morgan Stanley 1 3 174 975.8
Goldman Sachs & Co 2 1 162 845.2
JP Morgan 3 2 133 811.7
Citi 4 4 97 408.8
Bank of America Merrill Lynch 5 9 119 581.8
VAST deposits of rare earth minerals,
crucial in making high-tech electron-
ics products, have been found on the
floor of the Pacific Ocean and can be
readily extracted, Japanese scientists
said yesterday.
The deposits have a heavy concen-
tration of rare earths. Just one square
kilometre (0.4 square mile) of
deposits will be able to provide one-
fifth of the current global annual
consumption, said Yasuhiro Kato, an
associate professor of earth science at
the University of Tokyo.
The discovery was made by a team
led by Kato and including researchers
from the Japan Agency for Marine-
Earth Science and Technology.
They found the minerals in sea
mud extracted from depths of 3,500
to 6,000 metres below the ocean sur-
face at 78 locations. One-third of the
sites yielded rich contents of rare
earths and the metal yttrium, Kato
said in a telephone interview.
The deposits are in international
waters in an area stretching east and
west of Hawaii, as well as east of
Tahiti in French Polynesia, he said.
A chronic shortage of rare earths,
vital for making a range of high-tech-
nology electronics, magnets and bat-
teries, has encouraged mining
projects for them in recent years.
PENNON the French waste manage-
ment firm, is to build a new energy
from waste plant in the UK that will
treat 60,000 tonnes of household rub-
bish.
The companys subsidiary, Viridon,
which specialises in recycling, has
signed a deal with Devon county
council and will spend 45m build-
ing the plant on the site of the former
incinerator at Marsh Barton, near
Exeter.
TIRU, a French firm which operates
a similar waste facility in
Lincolnshire, won the contract to run
the plant on behalf of Viridor for five
years.
The Exeter project is part of its
long term strategic partnership with
Devon County Council designed to
assist Devon in achieving its landfill
diversion targets, Colin Drummond,
chief executive of Viridor, said in a
statement.
The new plant will have an electri-
cal power generation capacity of
around 3MW and will come on
stream by 2014.
At that time Viridor is expected to
have around 1m tonnes of energy
from waste disposal capacity and
200MW of renewable energy capaci-
ty.
Landfill is an increasingly unattrac-
tive option for waste management as
landfill tax, currently set at 46 per
tonne, is set to rise steeply each year
by 8 until it reaches 80 per tonne in
2014.
Pennon group has several projects,
including two other plants in the UK
and has submitted planning applica-
tions for four more energy from
waste plants across the UK.
Viridors UK projects also include
Runcorn in Cheshire, which will be
the biggest waste management plant
in Europe.
Pennon signs
energy from
waste deal
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Rare earth mineral discovery in
Pacific a boon for electronics
BY KASMIRA JEFFORD
ENERGY
MINING
News
THE EXETER INCINERATOR PLANT
Q.
WHERE DOES THE WASTE COME
FROM?
A.
The plant will collect residual
household rubbish, which is left
over after recycling has taken place
in the Exeter and East Devon area.
Q.
HOW IS THE RUBBISH
PROCESSED?
A.
The waste goes into a bunker
where it is then fed into a com-
bustion chamber. An oscillating kiln,
heated at 850 degrees celsius, moves
the waste around and mixes it with
oxygen to ensure a complete burn.
Q.
HOW IS THE ELECTRICITY GEN-
ERATED?
A.
The heat from the combustion
chamber is used to raise steam
that then drives a turbine which in
turn produces the
electricity. The steam
is then cooled down
and fed back through the system.
Q.
WHAT IS AN AIR QUALITY CON-
TROL SYSTEM?
A.
Hot gases created by the com-
bustion process have potential
pollutants inside then, which are
removed using activated lime and
carbon. The cleaned gases are then
released through a stack into the
atmosphere.
Q.
WHAT HAPPENS TO THE BOTTOM
ASH?
A.
The leftover product, bottom
ash, will be recycled by a local
aggregate company and turned into
road building material and concrete.
Q A
&
ANALYSIS l Pennon Group PLC
p
29Jun 30Jun 1 Jul 4Jul
700
680
690
670
705.00
4 Jul
ANALYSIS l How the energy from waste process works
Combustion
Unit & Boiler
Fly Ash
Waste In
Storage
Storage
Bunker
Flue Gases
& Fly Ash
Filter System
Bottom Ash
For Recycling
Filter
System
Filter
System
Steam
Heat &
Electricity
Air Quality
Control System
Air
Quality
Control
System
Steam
Turbine Generator
IN YET another twist at gaming firm
Rank Group, Ian Burke has been reap-
pointed as chief executive less than a
week after he quit over a takeover
scrap with bidder Guoco.
The announcement coincided with
a dizzying fourth U-turn in as many
weeks on the firms advice to share-
holders regarding Guocos bid for the
company. The board has now reverted
to its original advice to reject the 150p
a share offer, which it maintains sig-
nificantly undervalues the company.
The confusion is partly down to the
unclear motives behind the Hong
Kong-based gaming firms bid. The
board argues that if Guoco takes con-
trol of more than 75 per cent of the
company the remaining shareholders
would be left with stock they could
not trade.
The latest change of heart was
brought about by a Guoco assurance
yesterday that if it was to reach a level
of 75 per cent on the closing offer
closing date of 15 July, it would give
the remaining shareholders a further
seven days to sell their stock.
An open offer to shareholders at
150p a share received a higher than
expected take-up, triggering a manda-
tory bid for the entire firm. Guoco
expressed surprise that 15.6 per cent
of shareholders accepted its offer. It
already owned 41 per cent of the firm.
Burke has emerged from the crisis
even more powerful than before, tak-
ing on the role of chairman in addi-
tion to his regular duties until the
offer closes.
Rank makes
yet another
U-turn on bid
PAI Partners has
completed its sale
of Kwik Fit, the
UKs biggest tyre
retailer, to Itochu
Cor por at i on,
confirming the
news reported
by City A.M. in
early March
(see right) that
the Japanese
conglomerate
had won the
auction for
the auto repair business.
Itochu paid 637m, including
acquiring net debt of 457m, for part
of the business that PAI bought in
2005 for 800m. But PAI has sold off
parts of the business since then, mak-
ing it hard to determine the private
equity investors loss or gain on the
asset.
Colm OSullivan, a partner at PAI,
said: Kwik Fit moves into new own-
ership in a much more robust posi-
tion than when PAI bought the
business.
Baker & McKenzie and Nomura
advised Itochu, while Morgan Stanley
and Credit Suisse advised PAI on the
auction.
PAI completes
sale of KwikFit
to Itochu Corp
Ian Burke is back in the top job at Rank despite quitting last week
BY STEVE DINNEEN
GAMING
BY JULIET SAMUEL
M&A
News
TIME LINE | THE ASTONISHING 720 DEGREE TURN AT RANK
6 May 2011
Guoco raises its stake in Rank Group to 40.8
per cent, triggering a mandatory offer when-
ever a shareholder crosses 29.9 per cent.
Rank board urges shareholders to reject the
150p a share bid.
8 June 2011
An unexpectedly high 15.6 per cent accept
the offer, giving Guoco a controlling stake
without paying a premium. The Rank board
responds the next day with a strongly word-
ed statement urging remaining shareholders
not to accept the bid.
23 June 2011
Rank performs an astonishing U-turn by
endorsing Guocos hostile bid, saying t he
decision is based on the increasing possibility
of Guoco taking control of 75 per cent of the
firm, at which point it is entitled to delist
from the stock exchange.
27 June 2011
The board once again changes its recom-
mendation to investors, saying they should
reject the offer if they are worried about the
risk of Ranks shares being delisted.
28 June 2011
Ian Burke, chief executive and Paddy
Gallagher, finance director both quit as the
firm flip-flops again, telling shareholders to
accept the offer, citing the same reasons.
30 June 2011
The Takeover Panel grants shareholders a
two-week reprieve to allow them more time
to make sense of the situation.
4 July 2011
In perhaps the strangest twist in this bizarre
tale, Ian Burke is reappointed as the board
tells baffled investors to reject the offer after
all. Burke cites Guocos new terms.
ANALYSIS l Rank Group PLC
p
151.5
150.5
151.0
148.5
149.0
150.0
149.5
149.70
4 Jul
J
a
p
a
n
ese
sn
a
p
u
p
K
w
ik
-F
it
BRITAINS largest tyre retailer, Kwik-
Fit, has been sold to a Japanese con-
glomerate, ITOCHU Corporation, City
A.M. can reveal. The deal, details of which will be
announced publicly this morning fol-
lowing its signing yesterday, sees
European private equity firm PAI
Partners cash out of its six-year owner-
ship of the auto repair chain for
637m, which includes net debts of
457m.
The sale follows a bidding process
that kicked off in December, with law
firm Baker & McKenzi
ITOCHU
and M
FREE
s
0
BY JULIET SAMUEL
EXCLUSIVE
CITY experts welcomed sweeping pro-

posed changes to how care for the eld-
erly is funded yesterday, as they
would allow financial services firms
to help people meet their costs.
Economist Andrew Dilnot (pic-
tured) called for the current system,
which forces people with more than
23,250 in assets to fund their care in
full, to be scrapped to stop people los-
ing their life savings.
His Fairer Care Funding report pro-
posed capping the amount individu-
als pay and raising the means-test
threshold more than four times to
ensure care never swallows more
than a third of peoples assets.
About one in ten currently
pay more than 100,000 for
care, usually by selling their
house, due to the unlimited
liability rule.
Dilnots report said care
costs should be capped at
between 30,000 and 50,000
per person with the rest paid by
the state and said this
could create a new
space for finan-
cial services firms to help cover that
cost. Care is the one major area of
our lives where, at the moment, there
is no way for people to protect them-
selves against the risk of high costs,
Dilnot said in the report.
By defining the amount people
must pay, Dilnots system would
allow banks or insurers to offer sav-
ing products an equity release on a
property, or a life insurance, pension
or annuity-type product to generate
the full contribution.
But with many in the UK already
failing to save enough to fund a pen-
sion it is unclear whether they could
save extra for care.
We need a clear and sustainable
framework to work from, so insur-
ers can help to establish a func-
tioning market, said
Association of British Insurers
chairman Tim Breedon.
PwC partner David Brown
said both new financial
products and more educa-
tion was needed. The propos-
als should provide the impetus
needed for the financial serv-
ices sector to confidently
re-enter this mar-
ket, he said.
City ready for
role in elderly
care funding
BY ALISON LOCK
POLITICS
News
CITY VIEWS: WOULD YOU WELCOME HIGHER TAXES TO FUND ELDERLY CARE? Interviews by Richard Partington
No. When the new government came in I thought
they should change the way tax money is used in the
public sector. I thought that under Labour there was
too much bureaucracy. They could take enough in tax
to pay for these things if they changed the way it
was distributed.
JOHN WILD | WILLIS
Yes. There should be a small increase in tax to pay for elderly care. There are people that wouldnt have the
ability to pay for care if there wasnt enough taken in tax to pay for it. The rich should have to subsidise the
poor, within reason.
NIGEL MEADE | IMPERIAL COLLEGE
No. I think its not sustainable in the long run. The pri-
vate sector has to take up the slack in the system. I
though the Dilnot report came up with some terrible
ideas. Its not easy but, in the situation we are in
financially, its something the private sector has to
handle instead.
MARK LEWIS | C LEWIS & CO
l Peoples contributions to social care in
old age should be capped to prevent
them selling their home and losing their
life savings to pay for their care.
lAn individuals personal liability for
care costs should be capped at between
25,000 and 50,000, with the state
contributing the rest. Dilnot suggests
that 35,000 is a fair figure for this.
l The current system that forces people
with assets totalling more than 23,250
to pay their care costs in full should end
and only those with more than 100,000
would have to pay for their care in full.
l Nobody should spend more than 30
per cent of their assets on care costs.
lPeople would have to contribute
about 7,000 to 10,000 per year to
cover living costs such as food and
accommodation when in residential care.
lAnyone entering adulthood with a
care or support need would be immedi-
ately eligible for full free state support
without a means test.
lAll eligibility criteria for care should
be standardised nationally to end the
postcode lottery currently in evidence.
lA 35,000 cap would cost the gov-
ernment 1.7bn in the first year, equiva-
lent to just 0.22 per cent of UK GDP. The
cost would rise to 3.6bn at current
prices by 2015.
lA cap on contributions would benefit
the middle classes more than the poor-
est, as they pay far more towards their
care than those on the lowest incomes.
IN FIGURES | THE DILNOT COMMISSIONS RECOMMENDATIONS
NO LUNCH
FOR BLAIRS
AT BANKING
AIDES BASH
SO MANY social engagements, so little
time for Tony and Cherie Blair, who only
had time for a quick drink at the fiftieth
birthday for Russell Chambers the man
dubbed Blairs favourite banker before
rushing off without sitting down to eat.
Chambers, the Credit Suisse senior
adviser who famously lent Blair a pair of
swimming trunks while on holiday in
Barbados with the former PM, chose the
terrace of the River Caf for his birthday
lunch on Saturday, as one of the restau-
rants most loyal customers.
River Caf owner Ruth Rogers and her
architect husband Lord Richard Rogers
were among the 150 guests, as were CBI
boss Roger Carr and former M&S chair-
man Sir Stuart Rose; RBS group chief exec-
utive Stephen Hester; News
Internationals Will Lewis and his brother
Simon, the head of AFME; and former
Lloyds chairman Sir Victor Blank.
Advertising boss Johnny Hornby of CHI
seized the moment by convincing the
River Caf staff to join in a rendition of
Happy Birthday, while PR chief Roland
Rudd of Finsbury who has known
Chambers since the age of nine provided
after-lunch anecdotes about how
there but no matter how hard the Citys
headhunters try, the identity of the Alan
Partridge of recruitment who is causing
chaos by exposing his callings unethical
practices remains a mystery.
Not even the colleague who sits next to
the turncoat writing the Recruitment
Rehab blog is any the wiser. Who are
you and why are you giving our industry
such a bad name? he unwittingly
emailed to his office neighbours
Fred Bayr pseudonym.
Because, as Bayr explained to The
Capitalist speaking in a disguised
voice: There are a lot of cowboy
recruitment companies who are
lying to candidates and lying to
clients, and the more they give
our industry a bad name, the
more banks will bypass the
search specialists and take their
recruitment in-house.
Bayr will reveal his identity
when the time is right in the
meantime, the only clues to go
on are that he has made a lot
of money in recruitment but
has no plans to retire soon
Chambers wooed his Barbadian-born wife
Margaret, known as Monkey.
Of course, there was no competition
with Rudds high-powered fiftieth just
two weeks earlier although an obvious
comparison is that both parties clashed
with another top-level City social event:
Rudds with George Osbornes fortieth
and Chambers with PR leader Matthew
Freuds summer party.
Which may have had something to
do with the swift exit to Freuds home
in Gloucestershire made by Will Lewis
and Carphone Warehouse boss Charles
Dunstone, one of Chambers longest-
standing clients
ROYAL PROTOCOL
SECURITY has been stepped up at
SABMiller now the world knows that
Pippa Middletons boyfriend Alex Loudon
(right) works in the Woking office of the
South African brewer, as exclusively
revealed in this column back on 24 May.
When The Capitalist called Loudon for a
chat about his advisory role in his
firms hostile 6.2m bid for Fosters, not
his stop-start relationship with Miss
Middleton, obviously the well-
briefed receptionist informed: We
have to filter calls to Alex now.
No luck at SABMillers London-
based press office, either. I can
confirm Alex Loudons job title,
but that is all, said a battle-
weary spokesperson. Hes a cor-
porate finance and development
analyst, just in case you missed
it the first time around.
MAN OF MYSTERY
THEY SEEK him here, they seek him
Sold down the river: Russell Chambers (inset) chose the River Caf for his fiftieth Picture: REUTERS
Recruitings Alan Partridge remains an enigma
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Credit Suisse
banker Russell
Chambers
invited his
Barbados
companions
the Blairs to
his riverside
birthday
The Capitalist
EDITED BY
HARRIET DENNYS
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @citycapitalist
News
SIMON Melling, chief executive of
mid-market stockbroker Cenkos,
resigned after two years at the helm
yesterday.
The 50-year-old is believed to be leav-
ing for personal reasons after a City
career spanning 23 years.
Melling became Cenkos chief exec-
utive two years ago after serving as its
chief operating officer and finance
director since its listing on Londons
AIM in 2006.
He moved up to head Cenkos in
2009 to allow its founder, racehorse
owner Andrew Stewart, to step back
from day-to-day running after his son
was paralysed from the waist down in
a snowboarding accident.
No successor for Melling was
announced, suggesting no internal
candidate had been selected, and he
will continue in post for the next
three months until one is recruited.
The news surprised the market, send-
ing Cenkos shares down 8.7 per cent.
Cenkos chairman Peter Sullivan
said the board will be sorry to see
him move on and he will leave with
our best wishes.
His commitment has been a driv-
ing force since day one and we are
very grateful for all that he has done,
he added.
Cenkos chief Simon Melling steps down
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MOST of Europes insurance compa-
nies are well capitalised against big
shocks but a minority still need more
capital, the latest industry stress tests
results showed yesterday.
Ninety per cent of insurers that
reported results met the minimum
capital requirements to withstand a
shock such as a severe recession, the
European Insurance and
Occupational Pensions Authority said.
But it found that 13 firms would
have too little capital as set out in
new Solvency II rules and would need
a further 4.4bn (4bn) between them
to meet the minimum level.
Another ten companies did not
have the capital to cope with a sce-
nario where rising inflation causes
interest rates to rise rapidly.
EIOPA, which reports to the EUs
internal market and services commis-
sioner Michel Barnier, said the sector
remains robust in the occurrence of
major shocks. But it said many firms
were vulnerable to a downward spiral
in sovereign bond markets.
The results covered 129 insurance
and reinsurance groups from March
and May.
Insurers pass stress test
BY ALISON LOCK
INSURANCE
BIG-NAME high street chains and con-

sumer-driven firms currently account
for eight out of the top ten most short-
ed stocks in the FTSE All Share index,
according to DataExplorers.
Short sellers have targeted the trou-
bled firms, as high street chains strug-
gle to battle tough market conditions
and a slump in consumer spending.
Troubled electrical goods retailer
Dixons leads the list of most shorted
stocks from the high street, with 18.41
per cent of its shares out on loan.
Meanwhile, the percentage of
shares held short in troubled enter-
tainment retailer HMV has fallen.
Short sellers have covered their
positions in the music retailer, with it
now just having 12.6 per cent of its
shares out on loan, down from 19.39
per cent a month earlier.
Will Duff Gordon, research director,
DataExplorers said: The tough retail-
ing environment continues to fuel
interest amongst short sellers.
Short sellers
target high
street firms
INVESTORS frequently fail to read
auditor and audit committee reports
as they dont see their findings as
meaningful, a survey published by
PwC today shows.
Investment professionals chal-
lenged the timing of audit reports,
arguing it was not effective to
announce companies preliminary
results before they were audited.
They also argued that closed-door
talks between auditors and audit
committees should be made public to
share valuable information, though
they conceded that more disclosure
could reduce the frankness of debate.
PwC partner Richard Sexton said
investors had laid down the gaunt-
let on audit information.
Investment professionals inter-
viewed do not believe they currently
receive adequate information about
the audit process, Sexton said. Most
of those interviewed are under the
misapprehension that information
published in preliminary statements
is always audited.
A total of 73 per cent of the 22 inter-
viewees said audits mattered to them
and 81 per cent said they would be
unlikely to invest in a firm if the audi-
tor said the accounts were not correct.
But half said audits arrived too late
to add value to their assessment of a
company, while others heavily criti-
cised their content.
However little I read the audit
opinion, it doesnt compare with how
little I read the audit committee
reports, one respondent said.
Audits have come under the spot-
light since the financial crisis, when
major institutions collapsed despite
being given a clean bill of health by
auditors. The Financial Reporting
Council has said auditors did not use
enough professional scepticism when
challenging large clients accounts.
Audit data
slammed by
investors
CREDIT rating agency Moodys yester-
day urged UK motor insurers to fol-
low AXA UKs lead and stop taking
referral fees from car injury claims.
Moodys said it believes AXAs
stance on referral fees was good for
the industry and increased pressure
on its peers to follow suit. The fees
have led to a surge in personal injury
claims related to car accidents and
caused motor premiums to leap 40
per cent in the past year.
It believes insurers legal fees from
such injury claims more than out-
weigh the referral-fee income that
insurers receive when they refer
claims to lawyers so any reduction in
referrals will benefit the firms prof-
itability and creditworthiness.
But it warned that AXAs small size
in the motor market may give its
peers less incentive to follow its lead.
Call to end referral fees
INSURANCE
BY ALISON LOCK
FINANCIAL SERVICES
BY ALISON LOCK
FINANCIAL SERVICES
CAPITAL MARKETS
TOP TEN SHORTED STOCKS ON 4 JULY

Rank Firm Shares Out (%)
1 Yell Group PLC 19.39
2 Dixons Retail PLC 18.41
3 Home Retail Group 17.89
4 Provident Fin 17.87
5 HMV Group 12.60
6 Carpetright PLC 11.44
7 Lonrho PLC 11.12
8 Betfair Group PLC 10.10
9 Kesa Electricals 9.88
10 Next PLC 9.69
Source: DataExplorers
Michel Barnier,
EU markets
commissioner
Picture: REUTERS
STANDARD Chartered Private
Equity has snapped up a 10 per cent
stake in Redington India, the IT sup-
ply chain manager, disclosures on
the Bombay Stock Exchange showed
yesterday.
StanChart Private Equity, which is
based in Mauritius, bought 39.7m
shares at 91.89 rupees each for a total
outlay of just over 51m. ECL Finance,
an arm of the investment bank
Edelweiss, also bought into
Redington India with a two per cent
stake yesterday.
The sellers in the block deals
were Redington itself, which
offloaded a 7.7 per cent stake, and
Taiwan-based Synnex Technology.
Both benefited from a 3.7 per cent
premium to the firms share price
of 88.5 rupees yesterday.
Redington, whose clients include
Microsoft, Canon and Hewlett
Packard, specialises in distributing
and providing warrantees on a vari-
ety of electronic goods in India, the
Middle East, Africa and Singapore,
although StanChart Private Equity
has bought a stake only in the
Indian business.
StanChart was said to be vying
with Blackstone to buy a significant
chunk of the company, seeing it as a
play on growing emerging market
demand for consumer goods.
The deal saw Redington Indias
share price spike to the deal price
before retreating yesterday.
StanChart Private Equity did not
return calls for comment.
StanChart PE
spends 51m
in Indian deal
A NEW poll of market players shows
ongoing mistrust between the vari-
ous parties involved in listing compa-
nies.
The survey of 100 market partici-
pants in Europe showed particularly
strained relations when it comes to
bookbuilding, the behaviour of asset
managers when taking stock in new
issues and the role of independent
advisers, according to Financial News.
The poll confirms a City A.M. investi-
gation that revealed widespread dis-
cord among those bringing
companies to the London market.
Ninety five per cent of respondents
to the survey said they either did not
trust what bookrunners told them
about demand during a float or
would prefer more transparency.
More than four in ten said the
prices set for IPOs were inconsistent,
and a further 34 per cent said the ini-
tially IPO prices were too high, forcing
them to be cut before the float.
Over 70 per cent of respondents to
a bookrunner survey said independ-
ent advisers were damaging to
investors. Just over 60 per cent called
on regulators to intervene for the sake
of market transparency.
Poll shows more
discord in the
IPO markets
Standard Chartered, led by Peter Sands, has a stake in Redington India Picture: REUTERS
BY JULIET SAMUEL
PRIVATE EQUITY
CAPITAL MARKETS
News
ANALYSIS l Standard Chartered PLC
p
28May 1 Jul 4Jul
1700
1600
1650
1550
1,660.00
4 Jul
CITY AT WAR
IKEA said yesterday it was seeking
to open three superstores in
London but was being
stymied by planning regu-
lations.
Chief executive Mikael
Ohlsson (pictured) said he
wanted to build his stores
in the capital in run-down
industrial areas.
But he said traffic
planning rules
were standing in
his way.
The Swedish
retailer already
has four stores in
the capital.
He told the
Wall Street
Journal: In the
UK, they want
retail to get into the
city. But thats not
good for furniture
retail. Especially in
bulk. We prefer to
be farther away from
the city centre.
But the permits
are taking a lot of time. Rules are
rules.
On a more upbeat note he said the
company would keep prices low
despite the soaring costs of materi-
als, including cotton.
Speaking days after Habitats
administrators announced the
closure of all but three London
stores, which are being sold to
Home Retail Group, Ohlsson
said he was not concerned about
higher commodity prices and
will cut prices this year
and next.
What decides
how much a lamp
should cost? Only
imagination sets
the limits, he said.
Separately the
company said it
was set to press
ahead with its
expansion in
China.
Ikea now has
nine stores in
China but the
company has
plans to have 15
outlets in place in
the country by 2015.
THE chief executive of the frozen food
producer Birds Eye Iglo, Martin Glenn
(pictured), has rejected a swoop to
make him chief executive at Premier
Foods.
Premier, the owner of the Hovis and
Mr Kipling brands, is using head-
hunters to find a replacement for
Robert Schofield, who is leaving the
company.
Glenn has run Birds Eye since soon
after it was bought by Permira, the
private equity firm, in 2006, and was
approached over a potential move
to Premier, which issued a profit
warning last week. It is under-
stood that some shareholders
are pressing for a new chief to
be appointed quickly so that the
ship can be steadied. Glenn, a
former chief executive of
Pepsico in the UK, is a
respected figure in the
food industry. Premier
would not comment on
its recruiting process
but a source said yester-
day said it was making good
progress in hiring a new leader.
Meanwhile Warburg Pincus,
the private equity group that
owns more than 20 per cent of
Premier, is understood to be
among investors open to the
idea of Schofield being
replaced on an inter-
im basis by Tim Kelly,
the companys chief
operating officer.
Premiers shares
closed up 9.5 per cent
at 18.7p yesterday.
FRENCH retail giant Carrefour yester-
day said its board had agreed a merg-
er between its Brazil unit and the
countrys biggest retailer Grupo Pao
de Acucar (GPA).
But its rival Casino warned that it
would block any deal using its con-
trolling stake in GPA.
The French groups, both massive
brand names at home, are slugging it
out over the fast-growing Brazil mar-
ket as their European sales fade.
In Paris, Casino issued a statement
telling Carrefour that its board could
be held liable for accepting the deal
without Casinos consent.
Casino has begun arbitration pro-
ceedings against the current GPA
chairman, Brazilian tycoon Abilio
Diniz, for allegedly negotiating with
Carrefour without informing it.
I think Casino has all the aces,
said RBS analyst Justin Scarborough.
They dont need the cash. Theyve
got every right to say were not doing
a deal.
Carrefour board supports
plans for Brazilian merger
RETAIL
NEXT has sold its third party cus-

tomer contact arm in a deal worth
65m.
The retailer offloaded Ventura to
the outsourcer Capita.
Next said it would use the pro-
ceeds of the sale to buy back and
cancel its own shares.
Earlier this year, Next outlined the
potential for 160m of share buy-
backs in the current year. It has now
updated that guideline to 225m.
Ventura manages more than 50
million customer contacts each year
for a range of additional private and
public sector clients.
The sale consideration is 65m on
a cash free, debt free basis, of which
63m is payable in cash on comple-
tion.
In the year to January 2011
Ventura reported turnover of 156m
and operating profit of 8m.
Capita said the acquisition would
increase its capacity for customer
management services.
Next offloads its Ventura
arm to Capita for 65m
RETAIL
HOTEL chain Travelodge today

announced 22 new hotels, including
five in London, as part of a 165m
expansion across Britain.
The company has also entered a
partnership with clothing retailer
Arcadia Group. This partnership will
see the construction of a 96-room
Travelodge hotel above the Topshop
store in Princes Street, Edinburgh,
with the establishment due to open
in summer 2012.
Other new Travelodges include
hotels at Gatwick airport in West
Sussex, at Glasgow airport, at
Newquay in Cornwall and at
Sittingbourne in Kent. The 22 hotels
represent 2,198 rooms. The company
has opened 18 hotels in the first half
of 2011 and is currently building 43.
Travelodge to splash out
165m on new UK hotels
LEISURE
BAKERY chain Greggs said yesterday

it has started a trial with Iceland
Frozen Foods to test the potential for
the supermarket to sell frozen Greggs
branded sausage rolls for shoppers to
bake at home.
This is a trial which will enable
Greggs to assess the potential for its
savoury foods to be sold into the
frozen take home market, and to
identify any impact this could have
on its existing shop business, the
firm said.
The trial will see a four-pack of
Greggs branded sausage rolls sold in
10 Iceland shops in Liverpool, and
other areas in the north west of the
country.
Separately Greggs said that cus-
tomers would for the first time be
able to pay for purchases over 3 with
a debit or credit card. Previously only
cash payments have been accepted.
Greggs chief executive Ken
McMeikan said the firm planned to
attack the end of day take-home mar-
ket as it seeks new revenue streams
in a trading environment which he
does not expect to improve any time
soon. Shares in Greggs have increased
by nearly a quarter over the last year.
Greggs opened 68 new shops in the
UK last year and plans to add another
80 by the end of this one. There are
now more than 1,500 places to pick
up their famous steak bakes and
sausage rolls. More than 10m break-
fast rolls have been sold since last
February. The firm is also planning to
sell healthier options.
Greggs set for
frozen market
in Iceland deal
RETAIL
Ikea growth
is stunted by
traffic rules
BY JOHN DUNNE
RETAIL
News
FOREVER 21 TO OPEN AT LAKESIDE
US FASHION giant Forever 21 has announced it will open a new flagship store at Capital
Shopping Centres Lakeside, in Essex. Forever 21 will open for Christmas 2013 after a
revamp at Lakeside, which will also see new flagship stores for BHS and TopShop/TopMan.
A total of 35,000 sq ft of new space will be created.
Casino would be mad not to fight deal
ITS hard to argue with Carrefours
rationale for merging its Brazilian
operations with Grupo Pao de
Acucar (GPA), Brazils number one
retailer.
The combined company would
be a force to reckon with, with
almost a third (27 per cent) of the
Brazilian grocery market and over
$40bn in annual sales.
Brazil is already Carrefours sec-
ond largest market after France.
After the deal, the worlds second
largest retail group by revenue
would garner 40 per cent of its sales
from emerging markets.
Around 50m Brazilians have
joined the supermarket-shopping
middle classes over the last
decade and growth projections
suggest tens of millions more will
follow.
The Brazilian economy is project-
ed to grow 3.94 per cent this year
and 4.1 per cent next, according to
the countrys central bank.
Theres just one problem.
Carrefours biggest rival Casino,
which has a controlling stake in
GPA, is trying to block the deal. We
think the Seine will freeze over in
July before management at
Casino let the deal go through.
Some have suggested that Casino
could walk away with a tasty premi-
um for its stake in GPA, considering
the 600m-800m that Carrefour
reckons it could save annually from
the merger.
That would leave it free to con-
centrate on other, even faster-grow-
ing Latin American markets.
We still think there is plenty of
easy money to be made in the
Brazilian grocery market. Casino
which holds all the cards would
be mad to give up without a fight.
BOTTOMLINE
Analysis by David Crow
Birds Eye chief exec rejects top job
offer from struggling Premier Foods
BY JOHN DUNNE
RETAIL
GROWING demand for office space

and a booming London market are
offering some hope for the UKs ailing
commercial property market, a new
survey revealed today.
And while the residential property
sector continues to slump across the
UK, house prices at the top end of the
London market are expected to rise by
nine per cent this year in another
sign of the capital producing a two
tier property market.
Estate agent Knight Frank hiked its
forecast for prices on Londons top
homes, following a surge in demand
by 52 per cent.
The soaring market has attracted
investors to build over 20bn-worth of
new luxury London homes, according
to research by EC Harris LLP, also pub-
lished yesterday.
Yet sluggish activity in the rest of
the UKs residential market has con-
tributed towards a 12th straight quar-
ter of negative housing equity
withdrawal, separate data released by
the Bank of England showed.
Outstanding mortgage debt fell by
5.8bn in the first three months of the
year a slower decline than the record
7.1bn drop recorded in the final quar-
ter of 2010.
Large reductions in equity with-
drawal are largely due to a fall in the
number of housing transactions,
according to the Bank.
When more houses are bought and
sold, there tends to be an increase in
the net flow of lending secured on
properties, the Bank has found.
In the commercial property sector,
London is the only region in which rev-
enues from rent are expected to
increase in the next quarter.
Across the UK as a whole, a negative
balance for four per cent of respon-
dents expect rents to fall, according to
provisional results from the Royal
Institution of Chartered Surveyors
(RICS).
In central London, a positive balance
of 16 per cent of surveyors expect rents
to increase, while greater London
leads the way, with 18.5 per cent more
surveyors expecting a rise in rents
than those anticipating a fall.
Across the country, office space is
the only sub-sector in which rents are
expected to increase. Expectations of
revenue from industrial and retail
property have picked up, but still
remain in negative territory.
Moreover, within the capital it is
the office sector which has enjoyed the
most pronounced recovery, said RICS
economist Simon Rubinsohn. Yet
there is little reason to believe that this
improvement in London will fan out to
other parts of the UK any time soon.
London defies
slow UK real
estate market
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THE construction industry contin-
ued to grow last month, data
released yesterday confirmed.
The sector printed 53.6 in a pur-
chasing managers index (PMI) sur-
vey, down only slightly from the
54 recorded in May.
All scores above 50 indicate eco-
nomic growth.
June data rounds off a further
solid quarter of growth, albeit
down on the first quarter, said
economist Sarah Bingham from
Markit, which compiled the data.
This contrasts with the surpris-
ing weakness seen in the official
data for the first three months of
the year.
Some economists have raised
eyebrows at official figures from
the Office of National Statistics
(ONS) which show the construc-
tion industry significantly hold-
ing back the UKs GDP growth.
A sharp slowdown in new
orders (from 56.3 to 53.2) dragged
on the headline index, while con-
fidence plummeted to its first sub-
60 reading of the year.
Expectations for future business
were still positive, yet the level of
optimism was severely hit, falling
from 66.8 to 59.1 in the sub-index.
Job cuts in the industry, mean-
while, were the most severe in five
months. After growth in construc-
tion sector employment was
recorded in May with a score of
51.3, the level in June sank to 47.8.
Nearly one in five (18 per cent)
of respondents noted a decrease in
staffing levels at their companies.
The manufacturing sector hit a
21-month-low in June, according
to Markit data published late last
week.
Progress in services, the UKs
largest sector, will be revealed in
todays PMI figures, providing evi-
dence of the economys overall sec-
ond quarter performance.
Construction industry still growing
yet one in five firms are cutting jobs
BY JULIAN HARRIS
UK ECONOMY
UK families
need 20pc
more cash
FAMILIES with children need to earn
up to 20 per cent more than last year
just to hit an acceptable standard of
living, the Rowntree Foundation
will argue today.
A working couple with two chil-
dren need to earn 36,800 per
annum simply to cover the familys
basic costs, a report by the founda-
tion has found.
The squeeze in living standards
caused by the combination of rising
prices and stagnant incomes is hit-
ting people on low incomes hard,
said author Donald Hirsch, an aca-
demic from Loughborough
University.
Over the last 10 years the cost of a
minimum basket of goods has
rocketed by 43 per cent, Hirsch found
higher than the 27 per cent
increase in the wider consumer price
index.
In the future, if rising world
demand continues to push up com-
modity prices, minimum costs could
again rise faster than the official
inflation rate in the UK, Hirsch
added.
The lot of families has declined
more sharply than that of child-free
individuals, the report found, due to
reductions on tax credits covering
childcare. Furthermore, child benefit
has been frozen.
For families who need to use
childcare, it has substantially
reduced the incentive to work on rel-
atively low pay, Hirsch said.
BY JULIAN HARRIS
UK ECONOMY
RONALD REAGAN STATUE UNVEILED IN LONDON

A bronze statue of the late Ronald Reagan was unveiled at the American embassy in
Mayfair yesterday to mark the US presidents 100th birthday. Foreign secretary William
Hague and Condoleeza Rice, US secretary of state under George W Bushs administra-
tion, both spoke at the unveiling ceremony yesterday morning. Pic: REUTERS
NEWS | IN BRIEF
Sole traders stunted by red tape
One in three sole traders looking to
expand their business would be
encouraged to take on staff if they
were exempt from employment laws, a
survey from the British Chambers of
Commerce has found. Half of the sur-
veyed traders said that a reduced rate
of National Insurance Contributions
(NIC) would incentivise them to recruit
their first employees. Only six per cent
of sole traders were unemployed
before going into business alone, the
report also uncovered.
Eurozone producer prices slip
Producer prices in the Eurozone
slipped more than expected in May,
declining by 0.2 per cent, after a 0.9
per cent jump the previous month.
However, underlying data suggest that
price pressures remain intense, accord-
ing to Barclays Capital: The annual
inflation rate for the core (excluding
food and energy) consumer goods PPI
reached 1.3 per cent annualised in May,
up from 1.1 per cent previously in
April. Industrial producer prices were
6.2 per cent higher than last year.
Investor morale boost for Euro
Investor sentiment across the
Eurozone has taken a surprising upturn
this month. The German-based Sentix
investor confidence index climbed to
5.3 months in its July reading, up from
3.5 in June. Relaxed commodity prices,
and particularly the sharp downward
turn in the price of oil, helped ease
investor concerns. The recent support
package for Greece also boosted
morale, according to the survey, which
was carried out between 30 June and
2 July.
News
MOBILE computer manufacturer
Psion tanked more than 17 per cent
to 74.25p yesterday after issuing a
shock profit warning.
It said it will report a loss of 4m
for the first half of the year, with rev-
enues around four per cent lower.
The firm, which brands itself as a
seller of rugged handheld technol-
ogy, blamed the decidedly flimsy per-
formance on supply chain issues and
a weak pound.
The FTSE All Share company also
said launch expenses for its new
enterprise personal desktop assistant
(PDA) device the EP10 has weighed on
its first half figures.
In the same period last year the
firm recorded a 700,000 profit. Its
profits for the last year hit 5.7m on
revenues up 2.6 per cent to 174.5m.
However, Psion, which competes
with US-based Intermec, said the
shortfall in the first half would be
partly mitigated by the new, lower
cost EP10 and new roaming technolo-
gy for the US market.
It also said hardware orders
booked in the first half are 16 per
cent ahead of last year on a constant
currency basis. It added that units
shipped in the half are approximate-
ly three per cent higher than the
same period last year.
The firm says it plans to press ahead
with its strategy of building its busi-
ness in the US, which it says is its
largest potential geographic market.
Psion, whose clients include car-
makers Volkswagen and BMW has
seen its share price gain by nearly a
quarter over the past year. It is valued
at around 125m.
A company spokesman said: The
Board expects that the Groups full
year performance will be below man-
agements expectations for the year
with a shortfall in the first half of the
year partly mitigated by second half
improvement.
NORWEGIAN oil firm DNO and
Emirates-based RAK Petroleum have
signed an agreement to merge
RAKs Middle East and North
African subsidiaries into a sub-
sidiary of DNO, the Norwegian com-
pany said yesterday.
The two companies signed a non-
binding heads of agreement for
DNO shares to be issued to RAK
Petroleum in a price range of
between 8.25 and 10 Norwegian
crowns against RAK regional assets
valued at between $250m (155m)
to $300m, DNO said.
The heads of agreement pro-
vides the basis of negotiation of
definitive merger documents,
including an integration announce-
ment, DNO said in a statement.
DNO said that when the transac-
tion closes, RAK Petroleum, based
in the United Arab Emirates, is
expected to have a total ownership
interest in DNO of about 40 per
cent, compared with 30 per cent
today.
DNO managing director Helge
Eide added: The enlarged DNO will
be a more robust company with
higher production and stable cash
flow from a more diversified portfo-
lio.
DNO investors welcomed the
announcement, sending the compa-
nys shares up more than 16 per
cent yesterday to close at 6.99
Norwegian crowns, valuing the
company at 5,699m crowns.
Norway's DNO and RAK agree to merge
assets in Middle East and North Africa
VOLKSWAGEN clinched a 55.9 per
cent stake in Munich-based truck-
maker MAN yesterday, clear-
ing the way for the
carmaker to start
building its European
truck empire.
Vo l k s wa g e n s
majority stake allows
it to determine seats
on the supervisory
board, a way to accel-
erate cooperation between MAN and
VWs Swedish brand Scania.
Volkswagen is more than pleased
with the result, Volkswagen chief
executive Martin Winterkorn
said.
VWs influential chairman
Ferdinand Piech has been
itching to create Europes
biggest truckmaker to
compete with rivals such
as Volvo and Daimler and
expand the reach of
Volkswagens sphere.
Volkswagen clinches key
stake in truckmaker MAN
AUTOMOTIVE
SHARES in newspaper distributor

and aviation services group John
Menzies jumped 7.9 per cent to 545p
yesterday after the company said it
was set to exceed expectations
thanks to a strong start to the finan-
cial year.
John Menzies aviation division,
which provides services such as
checking passengers and baggage on
to planes and cargo management,
said it was enjoying increased con-
tract win momentum and generally
positive trading, the company said.
The newspaper arm, Menzies
Distribution, continues to operate
in challenging markets but manage-
ments proven track record of inno-
vating and delivering cost savings
continues to keep the division on
track.
Edinburgh-based John Menzies
was founded in 1833 and is one of
Scotlands biggest companies. It used
to be best known as the operator of a
large chain of newsagents.
John Menzies soars after
upbeat trading statement
SUPPORT SERVICES
VODAFONE has sealed a long-awaited

deal to buy out its Indian JV partner
Essar for an eye-watering $5.46bn
(3.4bn).
Vodafone said it will buy the 33 per
cent stake owned by a collection of
Essar companies, giving it a majority
74 per cent shareholding in the
Vodafone Essar venture. The deal
brings to an end a highly fractious
relationship.
The price includes an $880m pay-
ment for Indian taxes, which neither
Vodafone nor Essar believe is due and
will be returned to Essar if they are
proved correct.
Vodafone is now likely to pursue an
IPO of a small part of the business
between one and two per cent on
the Mumbai stock exchange after sur-
passing Indian foreign ownership
rules.
However, Vodafone boss Vittorio
Colao has signalled this could be
dependent on a satisfactory resolu-
tion to the ongoing $2.5bn tax dispute
with Indian authorities. He has previ-
ously said it would be a positive move
for the Indian stock market to have a
firm of Vodafones international
standing on its books.
The deal is part of Vodafones strate-
gy to only own assets where it has con-
trol, and follows the sale of its stake in
Polish operator Polkomtel last week.
Vodafone buys out Essar JV
BY STEVE DINNEEN
TELECOMS
Psion slumps
after warning
on its profits
BY STEVE DINNEEN
TECHNOLOGY
BY HARRY BANKS
ENERGY
News
NEWS | IN BRIEF
PetroChina buys Ineos assets
PetroChina has completed its purchase of
UK chemical group Ineos assets for $1bn
(621m), the firm said in a filing to the
Shanghai stock exchange yesterday.
PetroChina will acquire a 50 per cent
stake in Ineos European refining business,
including plants at Grangemouth in
Scotland and Lavera in France.
Essar Energy to vote on Stanlow
Essar Energy plans to ask shareholders to
approve the acquisition of the Stanlow oil
refinery near Ellesmere Port from Shell
UK for $350m (218m) at a general
meeting on 18 July. The meeting will be
held at Deutsche Bank in London at 9am.
Baidu in Microsoft Bing tie-up
Baidu, which has three-quarters of Chinas
search market, signed a deal with
Microsofts Bing to offer English-language
search to Baidu users, as it eyes an over-
seas expansion and Microsoft aims to
increase its presence in the worlds largest
Internet market. Baidu dominates China's
search-engine market after Google pulled
out last year following a high-profile fall-
out with Beijing over censorship.
Fenner buys Tasmanian company
Conveyor belt maker Fenner has bought a
belting privately owned company in
Tasmania. Fenner is buying Statewide, a
privately owned company based in Burnie,
Tasmania, with gross assets of A$3.95m
(2.63m) as of the end of June 2010.
Statewide specialises in the provision of
belting products, accessories and installa-
tion services to the mining and manufac-
turing industries in Tasmania.
Sony restores PSN worldwide
Sony said it will fully restore all
Playstation Network videogame services
in Japan, marking the resumption of all
network services worldwide after a mas-
sive security breach forced the company
to shut them down in April.
ANALYSIS l Vodafone Group PLC
p
166
164
165
162
163
165.00
4 Jul
ANALYSIS l Psion PLC
p
90
80
85
70
75
74.25
4 Jul SHARES in Australias Treasury Wine
Estates surged 11 per cent to a record
yesterday, valuing the worlds second-
largest winemaker at $2.6bn (1.6bn),
following a report that Chinas Bright
Food Group was considering a bid for
the company.
Treasury Wine, with brands includ-
ing Wolf Blass, Rosemount and
Lindemans, was spun off by Fosters
Group in May to its shareholders after
the brewer failed with an expansion
into wine that resulted in nearly
A$3bn in writedowns. Following the
split, both companies were seen as
potential takeover targets and Fosters
has already rejected a $10bn takeover
offer from brewing giant SABMiller.
Bright Food could bid for Treasury
Wines assets and make good use of
its existing distribution network
mainly in supermarkets, one analyst
said.
Chinese interest boosts
shares in Treasury Wines
Treasury Wines owns brands like Lindemans and Wolf Blass Picture: REX
BY HARRY BANKS
CONSUMER
News
Evolution Securities
The investment bank has appointed
Mike Bessell to the research team to
focus on the property and housebuild-
ing sector. Bessell joins from Standard
Life Investments, where he was invest-
ment director on the larger companies
team, responsible for covering the
chemicals, real estate and housebuild-
ing and construction sectors.
Novo Altum
Roy Barden has joined Novo Altum as
shared services practice leader.
Barden joins from The Hackett Group,
where he was the global leader for
global business services advisory
practice, focusing on shared services
and outsourcing advisory.
Fairfax
Carole Ferguson has been hired as a
member of the research team at the
stockbroker. Ferguson was previously
director of UK equities at Socit
Generale Asset Management, manag-
ing the mining and oil and gas sectors.
Berenberg
Richard Brass is to join the manage-
ment team of Berenbergs UK private
banking business. Brass, a former
client director at Schroders Private
Banking, will help expand the business
alongside Ross Elder and Fred Hervey,
who founded Berenbergs private
banking arm at the start of the year.
Towergate Insurance
Truett Tate, group executive director,
wholesale at Lloyds Banking Group
will join the board of Towergate
Insurance as a non-executive director.
Tate will also be appointed to the
board of sister firm Cullem Capital
Ventures, subject to FSA approval.
Temenos
The banking software provider has
appointed Guy Dubois as chief execu-
tive and as a member of the Temenos
board of directors. Dubois, formerly
chief executive of mobile firm MACH
Group, succeeds Andreas Andreades,
who becomes chairman.
Jefferies
Frank Cerveny, formerly managing
director at Credit Suisse, has joined
the investment bank as a managing
director and co-head of the
International Credit business.
CITY MOVES | WHOS SWITCHING JOBS Edited by Harriet Dennys
+44 (0)20 7092 0053
morganmckinley.com
To appear in CITYMOVES please email your career
updates and pictures to citymoves@cityam.com SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT
in association with
Global shares up
after Greek deal
W
orld stocks hit a 4-1/2 week
high yesterday as investors
grew confident over global
economic prospects after
Greece avoided an early debt default
and data pointed to a moderate slow-
down in Chinas growth.
Shanghai stocks hit a six-week high
after data last week showed Chinese
manufacturing growth moderated in
June, raising expectations that the
economy may not be heading for a
sharp slowdown despite monetary
policy tightening.
Over the weekend, Eurozone
finance ministers approved a 12bn
installment of aid for Greece and said
the details of a second aid package
would be finalised by mid-September.
But the euro erased gains after rat-
ings agency Standard & Poors said a
debt rollover plan being considered
for Greece may still put the country
into selective default.
Banks effectively own Greece, and
Greece, as an asset, is under pressure.
I think banks will be under pressure
for some time, said Richard
Greenwood, fund manager at Bedlam
Asset Management, which manages
$700m.
However, the companies with pric-
ing power, stable demand and good
management will just do their busi-
ness. Some healthcare and consumer
staples will continue to be very stable.
M&A activities will also help stocks.
The MSCI world equity index rose
0.47 per cent to hit its highest since
June 1.
The benchmark index rose more
than 5 per cent last week, its biggest
weekly gain since July 2010.
European stocks gained 0.2 per
cent while emerging stocks rose 1 per
cent, helped by Shanghai stocks
which rose nearly 2 per cent.
US markets were closed for the
Independence Day holiday.
European markets look much hap-
pier than they did just a week ago.
Bears have been banished to the side-
lines, said Darren Sinden, senior
sales trader at Silverwind Securities.
We may see some profit-taking
across the rest of the week, but that
would be as expected given the signif-
icant gains posted by major European
indices in the last sessions.
Fund tracker EPFRs data showed
investors piled back into emerging
market equity funds in the week to
June 29 as hopes that Greece would
avoid imminent default encouraged
risk taking.
Inflows into global emerging mar-
ket funds tracked by EPFR hit a 12-
week high during the week, following
three straight weeks of outflows.
I
NTEGRATED oil and property
stocks helped Britains top shares
end higher yesterday, when gains
were limited by weaker banks
after Standard & Poors warned a
potential Greek debt deal would
amount to a default.
The FTSE 100 index rose for a sev-
enth straight day, adding 27.78
points, or 0.5 per cent, to 6,017.54,
closing above 6,000 for the first time
since mid-May.
With US markets closed for
Independence Day, volume on the
FTSE 100 was only 52 per cent of the
90-day average.
Integrated oil stocks added the
most points to the blue-chip index,
despite a steadying crude price/
BG Group was up 0.8 per cent as
HSBC became the latest broker to lift
its target price for the company
which last week doubled its estimate
of its share of reserves in Brazil.
Peer Royal Dutch Shell climbed one
per cent as Goldman Sachs said the
firm, likely to be supported by strong
second-quarter results, remains one
of its top two picks in the integrated
oils sector.
Oil explorer Cairn Energy shed 3.3
per cent. It was the heaviest FTSE 100
faller following a JPMorgan target
price cut, after the deal to sell a stake
in its Cairn India unit to Vedanta was
repriced last week.
British Land was up 2.3 per cent, as
Deutsche Bank recommended that
investors buy shares in the blue-chip
real estate group in anticipation of
strong net asset value growth.
Bullish broker comment also
helped temporary power provider
Aggreko, up 1.9 per cent, with
Citigroup lifting its target price and
earnings forecasts, praising its strong
performance and pipeline.
Imperial Tobacco climbed 1.2 per
cent after lifting prices across its
Spanish cigarette portfolio broadly to
pre-price war levels, prompting
Citigroup to raise its earnings esti-
mates and target price.
Elsewhere, banks fell after last
weeks heady gains as credit rating
agency Standard & Poors warned
Greece would likely be in default if it
followed a debt rollover plan promot-
ed by French banks.
Lloyds Banking Group was the
worst sector performer, off 1.8 per
cent, followed by Royal Bank of
Scotland, down 1.5 per cent, as
investors fretted the Eurozone debt
crisis is far from over.
My feeling is that with the short-
term resolution on Greece, and the
payment likely to be made, we did
have a relief rally last week. Whether
it continues, I think the market is
fairly sceptical on that, Martin
Dobson, head of trading at
Westhouse Securities, said.
Traders said Fridays release of June
US non-farm payrolls will be moni-
tored since investors are keen to put
to one side remaining worries that
the US economy has struck a soft
patch.
Some of last weeks US data offered
cause for optimism, with equity mar-
kets receiving a fillip after a forecast-
beating ISM manufacturing survey,
which built on surprisingly strong
regional business data.
But one swallow does not make a
summer, said Michael Hewson, mar-
ket analyst at CMC Markets.
Thats just typical of these mar-
kets they cherry-pick the data they
want to see. Im not saying its wrong,
but it highlights the fickle nature of
markets.
What I would like to see is a good
payrolls report, and I have a feeling
that were lining ourselves up for a bit
of a disappointment on that.
Buoyant integrated oil stocks
power FTSE past 6,000 mark
THELONDON
REPORT
THEWORLD
REPORT
BEST OF THE BROKERS
To appear in Best of the Brokers email your research to notes@cityam.com
ANALYSIS l National Express
270
250
240
p
May Jun
259.10
4 Jul
NATIONAL EXPRESS
Nomura rates the transport group as a buy with a target price of 320p, and
calculates that its year-on-year growth in both its US schoolbus and Spanish
operations have improved sequentially in the second quarter. The broker sees
momentum at the company as positive at the moment, with a successful bid-
ding season underpinning forecasts for 2012. Nomura forecasts earnings per
share of 28p for 2011, around eight per cent ahead of consensus.
ANALYSIS l L'Oreal
90
86
82
May Jun
89.71
4 Jul
LOREAL
UBS reiterates its buy rating on the cosmetics and beauty giant with a tar-
get price of 100 following a trip to its Indian operations in Mumbai. The bro-
ker says that although India is still a small market for LOreal, with sales of
171m in 2010, China was in a similar position 10 years ago, and manage-
ment predicts 1bn of revenue from Indian sales in the next ten years. UBS
sees substantial medium term upside in the shares.
ANALYSIS l Imperial Tobacco
2,300
2,100
1,900
p
May Jun
2,143.00
4 Jul
IMPERIAL TOBACCO
Citi changes its rating of the tobacco group from hold/low risk to
hold/medium risk with a target price of 2260p. The broker says that
Imperials price raises in Spain mean it is more optimistic about tobacco pric-
ing in general, and increases its full year estimates for 2011 by 1.8 per cent
and for 2012 and beyond by about five per cent. Though Citi expects the rest
of the industry to follow on pricing, it may wait for tax changes instead.
p
4Apr 26Apr 18May 8Jun 28Jun
6,100
5,700
5,800
5,900
6,000
ANALYSIS l FTSE
6,017.54
4 Jul
Compact GTL
The modular gas solution for oil and gas fields
has appointed Simon Clark (pictured) as its
first chief operating officer. Clark joins
Compact GTL after spending the majority of
his career at Centrica, where he developed
large-scale energy infrastructure projects such
as the North Sea oil and gas production busi-
ness and the offshore windfarm operation. The
company has also promoted Iain Baxter, who
has worked at the firm for five years, to direc-
tor of business development.
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S
TARING at a blank page, chewing
on your pencil and trying to work
out a trading strategy can be a
daunting task. There are plenty of
guide books out there to aid you, of
course. But is there any merit in taking
an off-the-shelf trading strategy devised
by an experienced trader and using it
yourself tweaking it to suit your needs?
By taking an existing plan, you are
adopting a strategy which has been devel-
oped and tested. Also, the key to a good
strategy lies as much in when to exit a
trade as when to enter into it. Declan
Fallon is senior market technician for
Zignals.com. He points to the many
advantages when looking for an off-the-
shelf plan: with a pre-existing strategy,
you can filter during the selection
process to screen for strategies by stock,
sector, risk, initial stop, trade frequency,
percentage winners and more.
Social trading platform eToro has a
simple way of adopting another traders
strategy via their copytrader function.
Much like following somebody on
Twitter, you can copy an expert trader by
simply clicking on a follow button in
their profile, and selecting how much
money you want to invest in their per-
formance. You can look at an expert trad-
ers profits, trading style, portfolio
strategy and risk level.
CAVEAT NEGOTIATOR
Though looking at existing trading strate-
gies can set you off on your way, traders
should bear in mind that these should
only be used as a guide, and you should-
nt unquestioningly take on a third
partys strategy. Erik Voges, chief operat-
Using an experts
existing plan can
help point you in the
right direction,
writes Craig Drake
Looking at off-the-shelf
CFD trading strategies
T
HE first half of the year came to a close last
Thursday. Events in the final few days of June helped
to lift equity markets and temper earlier losses. The
FTSE 100 ended the month virtually unchanged,
while the Dax finished in positive territory rallying over 5
per cent from its low-point. In the US, the Dow, Nasdaq
and S&P ended 1 to 2 per cent lower in June, and while
effectively flat for the quarter, all three indices are now up
over 5 per cent for the year. The first day of July brought
further stock market gains, boosted by some desperate
short-covering from traders anticipating a sell-off once the
Feds QE2 stimulus programme concluded.
Helping to lift equities, the Greek parliament voted
yes to further austerity measures, and even agreed over
how spending cuts, tax rises and its privatisation pro-
gramme should be implemented. This was enough for the
EU/IMF/ECB to release its next 12bn bailout tranche to
Greece, and will also help the troubled country secure
agreement from the troika for a second bailout. Yet most
analysts believe that Greece will struggle to follow
through on its commitments, and that default is post-
poned, not avoided.
Meanwhile, precious metals have come under intense
selling pressure. No sooner did they appear to recover fol-
lowing the vicious May sell-off, than they suffered anoth-
er concerted attack, driving them back to test significant
support levels.
Initially, gold and silver appeared to be victims of a
generalised risk-off trade, which also saw steep falls in
equity and commodity prices. But the stock market rally
has countered that argument to some extent. Another
possibility is that leveraged long-side speculators are fly-
ing out of precious metals following the conclusion of the
Feds $600bn asset purchase programme. After all, the
Feds stimulus has found its way into just about every
asset class imaginable, as primary dealers have soaked
up the extra liquidity and hosed it back into riskier mar-
kets. If so, then this could be the speculative froth finally
being blown off precious metals. There could be more to
come, but the bulls will be hoping that the selling pres-
sure now subsides, and that support holds on a closing
basis around $1,475 and $1,450 for gold, and $33.80 fol-
lowed by $31 for silver.
AT HALF-TIME
GOLD NEEDS
A PEP TALK
DAVID MORRISON
CFD MARKET STRATEGIST, GFT
ing officer of Autochartist, advises cau-
tion when simply taking the trading
strategy developed by a professional trad-
er and using it yourself. He points out
that the advantage of building your own
strategy is that you will have a much bet-
ter fundamental understanding of the
attributes and idiosyncrasies of your sys-
tem.
As with all important designs, sim-
plicity invariably ends up winning the
prizes, says Voges. However, this does
not necessarily mean that its easy to
develop. Simplicity is what you want to
have as an end-result. Voges adds:
During the process of formulating your
trading system, you will develop a multi-
tude of tiny little theorems, that will
each be tested and, if they hold up, some-
how weaved into your masterpiece.
Voges advises that there are three
things to keep in mind when considering
an off-the-shelf strategy. Firstly, you
should never trade a system you dont
understand. Secondly, the process of
building a trading system automatically
creates tacit knowledge with the develop-
er, and adapting or tweaking a system
without having that tacit knowledge is a
bit like searching in the dark.
There are a range of strategies available to you Picture: REX
Wealth Management| CFDs
LON GD ONCE FIX AM...........1495.25 2.50
SILVER LDN FIX AM ..................34.08 0.19
MAPLE LEAF 1 OZ ....................47.00 -4.00
LON PLATINUM AM................1720.00 17.00
LON PALLADIUM AM...............758.00 6.00
ALUMINIUM CASH .................2485.50 -23.00
COPPER CASH ......................9404.50 104.50
LEAD CASH...........................2636.00 14.00
NICKEL CASH......................23110.00 10.00
TIN CASH.............................25800.00 -50.00
ZINC CASH ............................2339.00 25.00
BRENT SPOT INDEX ................111.03 -1.11
SOYA .....................................1322.25 16.00
COCOA..................................3137.00 -33.00
COFFEE...................................263.45 -1.90
KRUG.....................................1549.70 9.10
WHEAT ....................................162.12 2.12
AIR LIQUIDE........................................98.77 -0.26 100.65 79.85
ALLIANZ..............................................97.35 -0.08 108.85 78.99
ALSTOM ..............................................42.76 0.41 45.32 30.78
ANHEUS-BUSCH INBEV ....................40.76 0.72 46.33 38.68
ARCELORMITTAL...............................24.01 -0.19 28.55 20.26
AXA......................................................15.77 -0.08 16.16 10.88
BANCO SANTANDER...........................8.13 -0.04 10.23 7.00
BASF SE..............................................67.70 -0.14 70.22 40.74
BAYER.................................................56.43 0.76 59.44 43.27
BBVA......................................................8.27 -0.07 10.71 6.75
BMW ....................................................68.82 1.05 70.02 37.80
BNP PARIBAS.....................................53.95 -0.59 59.93 43.13
CARREFOUR ......................................27.69 -0.48 41.28 25.95
CREDIT AGRICOLE............................10.65 -0.15 12.92 8.13
CRH PLC .............................................15.24 -0.25 17.40 11.51
DAIMLER.............................................52.35 0.76 59.09 37.03
DANONE..............................................51.37 -0.18 52.94 41.00
DEUTSCHE BANK..............................41.52 -0.29 51.61 35.93
DEUTSCHE BOERSE .........................53.76 0.83 62.48 46.33
DEUTSCHE TELEKOM.......................10.70 0.01 11.38 9.50
E.ON.....................................................19.84 -0.11 25.54 18.25
ENEL......................................................4.45 -0.05 4.86 3.42
ENI .......................................................16.55 0.06 18.66 14.62
FRANCE TELECOM............................14.61 -0.06 17.45 14.01
GDF SUEZ ...........................................25.34 0.02 30.05 22.64
GENERALI ASS...................................14.79 -0.10 17.05 13.31
IBERDROLA..........................................6.20 -0.02 6.50 4.38
ING GROEP CVA...................................8.63 -0.04 9.50 5.92
INTESA SANPAOLO.............................1.90 -0.01 2.53 1.65
KON.PHILIPS ELECTR.......................17.50 -0.16 26.43 15.56
L'OREAL..............................................89.71 0.12 90.00 75.03
LVMH..................................................125.50 -0.35 129.05 84.85
MUNICH RE.......................................106.45 0.15 126.00 99.62
NOKIA....................................................4.44 -0.01 8.49 4.03
REPSOL YPF.......................................24.09 -0.06 24.90 16.30
RWE.....................................................39.14 0.32 56.49 36.71
SAINT-GOBAIN...................................44.80 -0.26 47.64 27.81
SANOFI ................................................55.57 0.07 56.50 44.01
SAP......................................................42.00 0.20 46.15 34.13
SCHNEIDER ELECTRIC ...................116.70 -0.25 123.65 79.70
SIEMENS .............................................94.41 -0.49 99.39 70.02
SOCIETE GENERALE.........................41.87 -0.57 52.70 32.50
TELECOM ITALIA..................................0.95 -0.01 1.16 0.89
TELEFONICA ......................................16.88 -0.11 19.69 14.95
TOTAL..................................................39.87 -0.04 44.55 35.66
UNIBAIL-RODAMCO SE...................159.85 -0.15 160.45 111.60
UNICREDIT............................................1.52 -0.02 2.24 1.31
UNILEVER CVA...................................23.05 0.26 24.11 20.68
VINCI ....................................................44.16 -0.35 45.48 33.01
VIVENDI ...............................................19.02 -0.04 22.07 16.25
Price Chg High Low
EUSHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 6017.54 27.78 0.46
FTSE 250 INDEX . . . . . . . 12102.27 61.99 0.51
FTSE UK ALL SHARE . . . . 3134.94 14.61 0.47
FTSE AIMALL SH . . . . . . . . 870.60 6.37 0.74
DOWJONES INDUS 30 . . 12582.77 168.43 1.36
S&P 500 . . . . . . . . . . . . . . . 1339.67 19.03 1.44
NASDAQ COMPOSITE . . . 2816.03 42.51 1.53
FTSEUROFIRST 300 . . . . . 1121.58 2.22 0.20
NIKKEI 225 AVERAGE. . . . 9965.09 97.02 0.98
DAX 30 PERFORMANCE. . 7442.96 23.52 0.32
CAC 40 . . . . . . . . . . . . . . . . 4003.11 -4.24 -0.11
SHANGHAI SE INDEX . . . . 2812.82 53.46 1.94
HANG SENG. . . . . . . . . . . 22770.47 372.37 1.66
S&P/ASX 20 INDEX . . . . . . 2782.90 5.50 0.20
ASX ALL ORDINARIES . . . 4670.40 22.50 0.48
BOVESPA SAO PAOLO. . 63891.31 496.97 0.78
ISEQ OVERALL INDEX . . . 3015.54 21.36 0.71
STI . . . . . . . . . . . . . . . . . . . . 3153.44 14.43 0.46
IGBM. . . . . . . . . . . . . . . . . . 1061.58 -2.63 -0.25
SWISS MARKET INDEX. . . 6245.78 7.97 0.13
Price Chg %chg
3M........................................................96.67 1.82 97.95 77.04
ABBOTT LABS ...................................53.10 0.48 54.24 44.59
ALCOA ................................................16.31 0.45 18.47 9.81
AMAZON.COM..................................209.49 5.00 210.27 105.80
AMERICAN EXPRESS........................52.34 0.64 52.50 37.33
AMGEN INC.........................................58.28 -0.07 61.53 50.34
APPLE...............................................343.26 7.59 364.90 236.78
AT&T....................................................31.68 0.27 31.94 23.88
BANK OF AMERICA...........................11.09 0.13 15.72 10.40
BERKSHIRE HATAW B.......................78.09 0.70 87.65 73.23
BOEING CO.........................................74.27 0.34 80.65 59.48
BRISTOL MYERS SQUI ......................29.15 0.19 29.54 20.05
CATERPILLAR..................................108.62 2.16 116.55 58.06
CHEVRON.........................................104.09 1.25 109.94 66.83
CISCO SYSTEMS................................15.86 0.25 26.00 14.78
CITIGROUP.........................................42.88 1.24 51.50 36.20
COCA-COLA.......................................68.09 0.80 68.77 49.47
COLGATE PALMOLIVE......................88.47 1.06 89.36 73.12
CONOCOPHILLIPS.............................75.88 0.69 81.80 48.06
DU PONT(EI) DE NMR........................54.47 0.42 57.00 33.73
EMC CORP..........................................27.83 0.28 28.73 17.87
EXXON MOBIL....................................82.01 0.63 88.23 55.94
GENERAL ELECTRIC.........................19.20 0.34 21.65 13.75
GOLDMAN SACHS GRP..................136.60 3.59 175.34 128.30
GOOGLE A........................................521.03 14.65 642.96 433.63
HEWLETT PACKARD.........................37.05 0.65 49.39 33.95
HOME DEPOT.....................................36.73 0.51 39.38 26.62
IBM.....................................................174.54 2.99 174.65 120.61
INTEL CORP .......................................22.53 0.37 26.78 17.60
J.P.MORGAN CHASE.........................41.58 0.64 48.36 35.16
JOHNSON & JOHNSON.....................67.30 0.78 67.37 56.86
KRAFT FOODS A................................35.47 0.24 35.50 24.30
MC DONALD'S CORP ........................85.65 1.33 85.80 65.31
MERCK AND CO. NEW......................35.60 0.31 37.68 31.06
MICROSOFT........................................26.02 0.02 29.46 22.73
OCCID. PETROLEUM.......................105.52 1.48 117.89 72.13
ORACLE CORP...................................33.05 0.14 36.50 21.24
PEPSICO.............................................70.19 -0.24 71.89 60.32
PFIZER ................................................20.75 0.15 21.45 14.00
PHILIP MORRIS INTL .........................66.75 -0.02 71.75 45.55
PROCTER AND GAMBLE ..................64.27 0.70 67.72 56.57
QUALCOMM INC ................................57.88 1.09 59.84 31.63
SCHLUMBERGER ..............................87.60 1.20 95.64 52.91
TRAVELERS CIES ..............................59.11 0.73 64.17 48.17
UNITED TECHNOLOGIE ....................90.13 1.62 90.67 63.62
UNITEDHEALTH GROUP...................53.13 1.55 53.27 27.13
VERIZON COMMS ..............................37.80 0.57 38.95 25.80
WAL-MART STORES..........................53.51 0.37 57.90 47.77
WALT DISNEY CO ..............................39.72 0.68 44.34 30.72
WELLS FARGO & CO.........................28.67 0.61 34.25 23.02
COMMODITIES CREDIT & RATES
BoE IR Overnight ............................0.500 0.00
BoE IR 7 days.................................0.500 0.00
BoE IR 1 month ..............................0.500 0.00
BoE IR 3 months ............................0.500 0.00
BoE IR 6 months ............................0.545 0.00
LIBOR Euro - overnight ..................0.846 -0.05
LIBOR Euro - 12 months ................2.153 0.01
LIBOR USD - overnight...................0.125 0.00
LIBOR USD - 12 months.................0.734 0.00
HaIifax mortgage rate .....................3.500 0.00
Euro Base Rate ...............................1.250 0.00
Finance house base rate................1.000 0.00
US Fed funds...................................0.250 0.00
US Iong bond yieId .........................4.020 0.03
European repo rate.........................0.854 -0.05
Euro Euribor ....................................1.168 0.00
The vix index ...................................15.87 -0.65
The baItic dry index ........................1.422 -0.00
Markit iBoxx...................................219.12 0.48
Markit iTraxx....................................95.06 0.00
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
USSHARES
C/$ 1.4531 0.0007
C/ 0.9030 0.0009
C/ 117.43 0.2640
/C 1.1078 0.0056
/$ 1.6093 0.0017
/ 130.05 0.1048
FTSE 100
6017.54
27.78
FTSE 250
12102.27
61.99
FTSE ALLSHARE
3134.94
14.61
DOW
12582.77
168.43
NASDAQ
2816.03
42.51
S&P 500
1339.67
19.03
Rexam . . . . . . . . . . . .391.8 -3.2 400.0 290.4
RPC Group . . . . . . . .371.2 2.6 374.1 199.9
Smiths Group . . . . .1212.0 12.0 1429.0 1051.0
Brown (N.) Group . . .261.8 -1.3 311.2 221.0
Carpetright . . . . . . . . .624.5 -12.5 835.5 615.5
Debenhams . . . . . . . . .69.6 -0.4 77.4 56.1
Dignity . . . . . . . . . . . .774.5 -8.0 790.0 633.0
Dixons RetaiI . . . . . . .15.8 -0.9 28.5 11.8
DuneImGroup . . . . . .392.9 -6.4 550.0 325.3
HaIfords Group . . . . .369.8 -0.4 525.0 348.2
Home RetaiI Group . .165.7 1.0 244.5 159.1
Inchcape . . . . . . . . . .418.1 -7.3 426.9 241.8
JD Sports Fashion . .920.0 -24.5 1005.0 723.5
Kesa EIectricaIs . . . .137.7 -0.3 174.0 109.8
Kingfisher . . . . . . . . .266.4 0.2 287.1 198.5
Marks & Spencer G . .366.8 -0.8 427.5 329.3
Mothercare . . . . . . . .404.4 1.2 627.5 381.5
Next . . . . . . . . . . . . .2303.0 3.0 2326.0 1868.0
Sports Direct Int . . . .233.3 -6.7 240.0 101.1
WH Smith . . . . . . . . . .492.0 -1.0 523.0 398.2
Smith & Nephew . . . .672.0 -2.5 742.0 537.5
Synergy HeaIth . . . . .901.0 -7.0 948.0 640.0
Barratt DeveIopme . .116.6 0.8 119.0 70.1
YuIe Catto & Co . . . . .230.0 3.4 240.5 112.7
BaIfour Beatty . . . . . .314.0 2.0 357.3 234.0
KeIIer Group . . . . . . .468.7 -1.3 698.5 432.0
Kier Group . . . . . . . .1384.0 5.0 1418.0 886.5
Drax Group . . . . . . . .499.7 1.6 503.5 353.6
Scottish & Southe . .1402.0 4.0 1411.0 1108.0
Domino Printing S . .701.5 6.5 712.5 440.0
HaIma . . . . . . . . . . . . .423.7 4.8 423.7 269.0
Laird . . . . . . . . . . . . . .203.6 0.6 206.4 101.0
Morgan CrucibIe C . .325.0 3.6 333.0 181.7
Renishaw . . . . . . . . .1786.0 -1.0 1819.0 725.0
Spectris . . . . . . . . . .1607.0 -3.0 1631.0 749.0
Aberforth SmaIIer . . .695.0 7.5 714.0 507.0
AIIiance Trust . . . . . .390.4 1.4 390.4 294.6
Bankers Inv Trust . . .420.5 0.5 428.0 341.0
BH GIobaI Ltd. GB .1105.0 -3.0 1174.0 1058.0
BH GIobaI Ltd. US . . . .10.9 0.0 11.6 10.4
BH Macro Ltd. EUR . . .17.1 0.0 17.3 15.8
BH Macro Ltd. GBP 1763.0 -8.0 1778.5 1630.0
BH Macro Ltd. USD . . .17.0 -0.1 17.2 15.8
BIackRock WorId M .760.5 -3.5 815.5 533.0
BIueCrest AIIBIue . . .172.7 -1.0 176.2 164.5
British Assets Tr . . . .136.2 0.2 140.5 107.0
British Empire Se . . .523.5 -6.5 533.0 404.1
CaIedonia Investm .1753.0 23.0 1928.0 1543.0
City of London In . . .301.8 0.6 303.2 239.0
Dexion AbsoIute L . .145.0 -0.2 151.0 131.2
Edinburgh Dragon . .247.0 0.0 262.1 209.1
Edinburgh Inv Tru . . .474.9 -0.1 492.2 377.9
EIectra Private E . . .1730.0 2.0 1755.0 1230.0
F&C Inv Trust . . . . . .324.9 1.7 324.9 256.7
FideIity China Sp . . . .101.6 -0.7 128.7 93.0
FideIity European . .1272.0 4.0 1287.0 920.5
FideIity SpeciaI . . . . .578.0 0.0 595.0 517.5
HeraId Inv Trust . . . . .531.5 -0.5 541.0 352.5
HICL Infrastructu . . . .114.8 -0.1 121.3 112.0
Impax Environment .117.0 -0.1 130.5 106.5
JPMorgan American .897.0 6.0 909.0 673.0
JPMorgan Asian In . .236.5 -1.0 250.8 190.5
JPMorgan Emerging .602.5 2.0 639.0 486.0
JPMorgan European .948.0 2.5 983.5 624.5
JPMorgan Indian I . . .430.0 3.0 502.0 394.1
JPMorgan Russian .680.0 -1.5 755.0 509.0
Law Debenture Cor . .378.5 1.0 380.0 277.5
MercantiIe Inv Tr . . .1082.0 5.0 1137.0 859.5
Merchants Trust . . . .422.1 -3.9 431.8 322.5
Monks Inv Trust . . . .353.9 1.1 367.9 276.0
Murray Income Tru . .665.0 0.0 672.0 532.0
Murray Internatio . . .985.0 -6.5 991.5 817.0
PerpetuaI Income . . .270.5 -0.2 276.0 215.4
PoIar Cap TechnoI . .362.0 0.0 391.2 275.6
RIT CapitaI Partn . . .1309.0 -7.0 1328.0 1107.0
Scottish Inv Trus . . . .520.5 1.0 520.5 403.9
Scottish Mortgage . .769.5 -0.5 772.0 542.5
SVG CapitaI . . . . . . . .264.2 -0.8 279.8 148.9
TempIe Bar Inv Tr . . .937.0 -4.0 947.5 734.0
TempIeton Emergin .666.0 3.0 689.5 520.0
TR Property Inv T . . .206.1 3.3 206.4 132.3
TR Property Inv T . . . .92.8 0.3 93.1 60.4
Witan Inv Trust . . . . .527.0 3.0 528.0 412.0
3i Group . . . . . . . . . . .287.6 2.5 340.0 254.1
3i Infrastructure . . . .120.7 -0.3 125.2 108.9
Aberdeen Asset Ma .223.7 -1.0 240.0 123.0
Ashmore Group . . . .406.5 2.0 407.4 236.8
BerkeIey TechnoIo . . . .4.3 0.0 9.0 2.2
Brewin DoIphin Ho . .152.0 4.6 185.4 114.0
CameIIia . . . . . . . . .10050.0-150.010950.07600.0
CharIes TayIor Co . . .149.0 -4.0 234.0 122.0
City of London Gr . . . .77.5 -1.0 93.6 70.7
City of London In . . .439.0 -1.0 461.5 273.5
CIose Brothers Gr . . .795.5 12.5 888.5 664.0
CoIIins Stewart H . . . .70.3 1.3 90.8 69.0
EvoIution Group . . . . .64.0 0.5 92.0 62.3
F&C Asset Managem .75.9 0.3 92.9 47.5
Hargreaves Lansdo .629.0 13.0 646.5 317.4
HeIphire Group . . . . . . .3.6 -0.3 44.0 3.2
Henderson Group . . .153.5 -1.1 173.1 118.7
Highway CapitaI . . . . .18.5 0.0 21.0 6.0
ICAP . . . . . . . . . . . . . .498.8 1.6 570.5 380.2
IG Group HoIdings . .455.3 9.8 553.0 416.2
Intermediate Capi . . .326.3 0.5 360.3 243.5
InternationaI Per . . . .381.2 -7.6 390.0 185.2
InternationaI Pub . . . .117.2 -0.7 118.3 108.6
Investec . . . . . . . . . . .512.5 0.0 538.0 430.6
IP Group . . . . . . . . . . . .51.0 -1.0 53.8 27.9
Jupiter Fund Mana . .256.0 -4.0 337.3 180.5
Liontrust Asset M . . . .79.5 -0.3 95.3 70.0
LMS CapitaI . . . . . . . . .62.4 -0.4 64.8 40.0
London Finance & . . .21.0 0.0 23.5 16.5
London Stock Exch 1059.0 26.0 1061.0 548.0
Lonrho . . . . . . . . . . . . .17.5 -0.5 19.8 10.0
Man Group . . . . . . . . .243.0 0.7 311.0 206.4
Paragon Group Of . .197.4 1.1 206.1 117.6
Provident Financi . . .978.0 3.5 1033.0 728.5
Rathbone Brothers .1138.0 -1.0 1257.0 803.5
Record . . . . . . . . . . . . .31.5 -0.3 52.8 20.3
RSM Tenon Group . . .24.5 0.0 66.3 21.3
Schroders . . . . . . . .1596.0 13.0 1922.0 1154.0
Schroders (Non-Vo .1345.0 6.0 1554.0 955.0
TuIIett Prebon . . . . . .379.1 -0.9 428.6 314.0
WaIker Crips Grou . . .51.0 0.0 52.9 46.5
BT Group . . . . . . . . . .200.5 0.6 201.9 126.3
CabIe & WireIess . . . .41.0 0.4 61.4 37.5
CabIe & WireIess . . . .48.0 1.7 90.0 45.0
COLT Group SA . . . .143.0 -0.4 156.2 109.0
TaIkTaIk TeIecom . . .144.0 -1.1 168.3 114.3
TeIecomPIus . . . . . . .658.0 -31.5 700.0 327.0
Booker Group . . . . . . .69.4 0.9 70.3 39.5
Greggs . . . . . . . . . . . .546.0 -1.5 553.4 418.7
Morrison (Wm) Sup .297.5 2.5 308.3 262.7
Ocado Group . . . . . . .194.8 6.9 285.0 123.5
Sainsbury (J) . . . . . . .330.2 1.3 395.0 319.2
Tesco . . . . . . . . . . . . .404.4 3.2 440.7 378.1
Associated Britis . .1086.0 8.0 1182.0 940.0
Cranswick . . . . . . . . .727.0 3.0 907.5 724.0
Dairy Crest Group . . .374.6 4.5 424.9 339.7
Devro . . . . . . . . . . . . .272.4 2.4 296.9 198.8
Premier Foods . . . . . . .18.7 1.6 35.1 16.0
Tate & LyIe . . . . . . . . .632.0 13.0 656.0 409.1
UniIever . . . . . . . . . .2037.0 25.0 2038.0 1688.0
Mondi . . . . . . . . . . . . .645.0 6.0 650.0 367.6
Centrica . . . . . . . . . . .328.9 3.0 346.1 292.8
InternationaI Pow . . .320.8 0.0 448.6 295.9
NationaI Grid . . . . . . .614.5 -1.0 632.5 487.6
Northumbrian Wate .425.5 3.5 426.6 295.5
Pennon Group . . . . . .705.0 4.0 710.0 557.0
Severn Trent . . . . . .1496.0 2.0 1517.0 1226.0
United UtiIities . . . . .611.0 0.5 632.0 526.0
Cookson Group . . . . .690.0 1.0 724.5 379.0
DS Smith . . . . . . . . . .258.6 2.6 260.9 120.8
GIencore Internat . . .481.1 -8.0 531.1 466.7
BAE Systems . . . . . .319.0 0.1 369.9 294.7
Chemring Group . . . .638.5 4.0 736.5 519.6
Cobham . . . . . . . . . . .212.3 -1.5 247.6 192.3
Meggitt . . . . . . . . . . . .385.5 3.4 387.8 261.7
QinetiQ Group . . . . . .127.6 -1.5 136.3 96.7
RoIIs-Royce Group . .648.0 0.5 665.0 541.5
Senior . . . . . . . . . . . . .186.0 -1.6 193.6 111.2
UItra EIectronics . . .1709.0 5.0 1895.0 1528.0
GKN . . . . . . . . . . . . . .234.4 0.5 237.1 112.1
BarcIays . . . . . . . . . . .262.7 -2.9 344.0 237.3
HSBC HoIdings . . . . .627.0 -2.1 730.9 596.2
LIoyds Banking Gr . . .49.9 -0.9 77.6 43.4
RoyaI Bank of Sco . . .39.1 -0.6 52.1 35.1
Standard Chartere .1660.0 -12.0 1950.0 1519.0
AG Barr . . . . . . . . . .1305.0 -10.0 1395.0 1035.0
Britvic . . . . . . . . . . . . .399.5 5.6 518.0 364.5
Diageo . . . . . . . . . . .1297.0 15.0 1301.0 1033.0
SABMiIIer . . . . . . . . .2290.0 24.5 2306.0 1827.5
AZ EIectronic Mat . . .316.3 5.6 338.1 248.5
Croda Internation . .1985.0 72.0 1994.0 1004.0
EIementis . . . . . . . . . .178.0 5.5 183.4 61.0
Johnson Matthey . .2008.0 7.0 2119.0 1479.0
Victrex . . . . . . . . . . .1540.0 25.0 1547.0 1055.0
Price Chg High Low
BeIIway . . . . . . . . . . . .723.5 4.5 753.5 511.0
BerkeIey Group Ho .1289.0 0.0 1304.0 773.0
Bovis Homes Group .445.7 3.3 464.7 326.6
Persimmon . . . . . . . .491.7 9.2 502.5 336.5
Reckitt Benckiser . .3488.0 35.0 3648.0 3015.0
Redrow . . . . . . . . . . . .125.4 0.1 139.0 97.5
TayIor Wimpey . . . . . . .38.9 -0.0 43.3 22.3
Bodycote . . . . . . . . . .377.2 -2.5 397.7 185.8
Charter Internati . . . .828.5 12.0 853.5 538.5
Fenner . . . . . . . . . . . .415.6 8.6 419.9 192.3
IMI . . . . . . . . . . . . . . .1078.0 11.0 1112.0 657.5
MeIrose . . . . . . . . . . .366.6 6.2 367.7 207.0
Northgate . . . . . . . . . .323.7 -0.3 346.7 169.3
Rotork . . . . . . . . . . .1700.0 14.0 1895.0 1269.0
Spirax-Sarco Engi . .2027.0 5.0 2063.0 1356.0
Weir Group . . . . . . .2185.0 44.0 2202.0 1049.0
Ferrexpo . . . . . . . . . . .484.4 4.7 499.0 237.8
TaIvivaara Mining . . .455.6 -1.4 622.0 361.7
BBAAviation . . . . . . .220.8 2.4 240.8 175.0
Stobart Group Ltd . . .143.0 -2.0 163.6 124.1
AdmiraI Group . . . . .1671.0 -2.0 1754.0 1398.0
Haynes PubIishing . .253.5 0.0 262.5 202.5
Huntsworth . . . . . . . . .73.9 -0.1 86.0 65.0
Informa . . . . . . . . . . . .439.0 2.5 461.1 347.1
ITE Group . . . . . . . . . .216.1 3.3 258.2 136.2
ITV . . . . . . . . . . . . . . . . .73.7 -0.1 93.5 48.3
Johnston Press . . . . . . .5.5 -0.1 20.0 4.4
MecomGroup . . . . . .215.5 -3.5 310.0 162.0
Moneysupermarket. .104.0 0.2 109.3 64.6
Pearson . . . . . . . . . .1202.0 25.0 1207.0 867.0
Reed EIsevier . . . . . .573.0 0.0 590.5 494.8
Rightmove . . . . . . . .1217.0 10.0 1217.1 596.5
STV Group . . . . . . . . .127.0 0.0 168.0 69.8
Tarsus Group . . . . . .149.8 0.0 165.0 112.5
Trinity Mirror . . . . . . . .42.3 0.0 124.3 40.8
United Business M . .559.5 2.5 725.0 493.5
UTV Media . . . . . . . . .130.3 1.0 151.0 106.0
WiImington Group . . .117.9 0.9 183.0 114.0
WPP . . . . . . . . . . . . . .779.0 4.0 846.5 624.0
YeII Group . . . . . . . . . . .6.8 0.6 30.2 5.1
African Barrick G . . .420.0 -0.3 638.0 393.5
AngIo American . . .3115.0 13.0 3437.0 2254.0
AngIo Pacific Gro . . .322.2 11.1 369.3 249.0
Antofagasta . . . . . . .1431.0 11.0 1634.0 761.0
Aquarius PIatinum . .317.0 1.7 419.0 227.1
BHP BiIIiton . . . . . . .2473.0 13.5 2631.5 1684.5
AmIin . . . . . . . . . . . . .409.2 4.4 433.0 375.3
BeazIey . . . . . . . . . . . .126.0 -1.1 139.2 110.4
CatIin Group Ltd. . . .412.2 6.1 421.4 325.0
Hiscox Ltd. . . . . . . . . .415.5 -2.0 424.7 341.5
Jardine LIoyd Tho . . .684.0 0.0 709.0 525.0
Lancashire HoIdin . . .652.0 -0.5 660.0 500.0
RSA Insurance Gro . .136.9 1.1 143.5 118.4
Aviva . . . . . . . . . . . . . .444.6 -1.7 477.9 315.1
LegaI & GeneraI G . . .119.9 -0.1 123.8 75.6
OId MutuaI . . . . . . . . .135.1 -0.4 145.2 103.0
Phoenix Group HoI . .604.0 -6.0 758.0 584.5
PrudentiaI . . . . . . . . .736.5 3.0 777.0 490.3
ResoIution Ltd. . . . . .292.6 -0.9 316.1 211.3
St James's PIace . . . .362.0 8.5 362.4 208.0
Standard Life . . . . . . .214.5 0.9 244.7 174.9
4Imprint Group . . . . .273.0 3.0 295.0 195.0
Aegis Group . . . . . . .162.3 1.1 163.0 105.3
BIoomsbury PubIis . .130.0 1.5 138.0 108.5
British Sky Broad . . .850.0 1.0 850.8 693.5
Centaur Media . . . . . . .46.8 -0.3 73.0 44.8
Chime Communicati .275.0 -2.0 298.5 158.0
Creston . . . . . . . . . . . .115.0 0.3 121.0 78.5
DaiIy MaiI and Ge . . .467.7 3.3 594.5 434.4
Euromoney Institu . .652.0 -1.0 736.0 575.5
Future . . . . . . . . . . . . . .18.0 0.8 30.0 15.8
Centamin Egypt Lt . .130.1 3.9 197.1 114.5
Eurasian NaturaI . . .809.5 9.5 1125.0 695.5
FresniIIo . . . . . . . . . .1404.0 5.0 1682.0 950.0
GemDiamonds Ltd. .229.0 -4.0 306.0 186.3
HochschiId Mining . .461.0 9.4 680.0 289.4
Kazakhmys . . . . . . .1395.0 -4.0 1671.0 967.5
Kenmare Resources . .58.7 1.0 59.3 11.5
Lonmin . . . . . . . . . . .1451.0 6.0 1983.0 1360.0
New WorId Resourc .919.5 -9.0 1060.0 861.5
PetropavIovsk . . . . . .748.5 0.5 1252.0 678.0
RandgoId Resource 5160.0 -15.0 6655.0 4425.0
Rio Tinto . . . . . . . . .4536.5 4.5 4712.0 2880.5
Vedanta Resources 2088.0 -7.0 2583.0 1832.0
Xstrata . . . . . . . . . . .1394.0 5.0 1550.0 851.0
Inmarsat . . . . . . . . . . .563.0 4.0 756.5 542.5
Vodafone Group . . . .165.0 0.9 181.9 136.5
Genesis Emerging . .532.5 -0.5 568.0 445.0
Afren . . . . . . . . . . . . . .161.0 1.9 171.2 82.6
BG Group . . . . . . . . .1439.0 11.5 1564.5 1003.5
BP . . . . . . . . . . . . . . . .462.9 3.2 509.0 322.0
Cairn Energy . . . . . . .404.7 -13.8 493.2 366.0
EnQuest . . . . . . . . . . .126.7 3.0 158.5 97.5
Essar Energy . . . . . .422.1 6.1 589.5 385.7
ExiIIon Energy . . . . . .438.3 3.3 469.7 166.5
Heritage OiI . . . . . . . .234.4 4.4 486.0 210.0
JKX OiI & Gas . . . . . .267.0 2.0 335.1 235.9
Premier OiI . . . . . . . . .452.2 9.2 535.0 330.8
RoyaI Dutch SheII . .2245.5 22.5 2326.5 1635.5
RoyaI Dutch SheII . .2255.5 17.5 2336.0 1561.0
SaIamander Energy .283.7 -1.1 317.6 210.0
Soco Internationa . . .362.5 0.4 484.2 292.0
TuIIow OiI . . . . . . . . .1253.0 1.0 1493.0 1041.0
Amec . . . . . . . . . . . . .1110.0 7.0 1251.0 817.0
Hunting . . . . . . . . . . .785.0 11.5 817.0 441.0
John Wood Group . .694.0-157.1 907.7 410.5
LampreII . . . . . . . . . . .394.3 7.6 398.4 200.0
Petrofac Ltd. . . . . . .1549.0 22.0 1685.0 1164.0
Burberry Group . . . .1484.0 13.0 1491.0 739.5
PZ Cussons . . . . . . . .361.0 2.5 409.0 320.5
Supergroup . . . . . . . .848.0 -10.5 1820.0 745.0
AstraZeneca . . . . . .3150.0 26.0 3385.0 2801.5
BTG . . . . . . . . . . . . . .286.0 6.0 291.3 192.6
Genus . . . . . . . . . . . .1032.0 -8.0 1057.0 704.5
GIaxoSmithKIine . . .1343.5 9.5 1348.8 1095.0
Hikma Pharmaceuti .772.5 1.5 900.0 687.5
Shire PIc . . . . . . . . . .1961.0 14.0 1968.0 1350.0
CapitaI & Countie . . .197.2 -1.7 198.9 106.8
Daejan HoIdings . . .2775.0 15.0 2919.0 2251.0
F&C CommerciaI Pr .106.2 0.0 108.0 88.0
Grainger . . . . . . . . . . .133.2 0.9 134.0 86.3
London & Stamford .134.0 0.2 140.0 110.3
SaviIIs . . . . . . . . . . . . .397.1 6.0 427.1 280.7
St. Modwen Proper . .190.7 0.7 192.0 135.4
UK CommerciaI Pro . .82.0 -0.1 85.5 74.3
Unite Group . . . . . . . .221.4 0.3 229.8 170.5
Big YeIIow Group . . .315.5 -1.5 353.3 287.1
British Land Co . . . . .629.5 14.0 634.0 436.3
CapitaI Shopping . . .401.7 1.2 424.8 301.6
Derwent London . . .1874.0 28.0 1875.0 1223.0
Great PortIand Es . . .443.0 3.4 444.5 281.0
Hammerson . . . . . . . .490.9 5.2 491.9 336.3
Hansteen HoIdings . . .88.0 0.0 89.3 59.4
Land Securities G . . .880.5 14.0 884.5 545.0
SEGRO . . . . . . . . . . . .319.0 3.6 331.3 253.1
Shaftesbury . . . . . . . .537.0 5.0 539.0 351.0
Autonomy Corporat 1739.0 36.0 1915.0 1271.0
Aveva Group . . . . . .1756.0 14.0 1770.0 1141.0
Computacenter . . . . .474.4 -5.6 489.7 260.0
Fidessa Group . . . . .2059.0 90.0 2087.0 1314.0
Invensys . . . . . . . . . . .327.1 3.4 364.3 230.2
Kofax . . . . . . . . . . . . .464.0 19.0 535.0 231.0
Logica . . . . . . . . . . . .134.9 0.6 147.2 101.7
Micro Focus Inter . . .352.8 13.3 452.4 276.0
Misys . . . . . . . . . . . . .417.7 -2.5 421.2 233.6
Sage Group . . . . . . . .289.8 -0.6 302.0 222.7
SDL . . . . . . . . . . . . . . .695.0 1.5 711.5 456.3
TeIecity Group . . . . . .549.5 -7.5 557.0 377.0
Aggreko . . . . . . . . . .1980.0 36.0 1984.0 1346.0
Ashtead Group . . . . .173.7 0.5 207.9 77.0
Atkins (WS) . . . . . . . .746.5 1.0 820.0 650.0
Babcock Internati . . .733.0 12.5 736.0 492.8
Berendsen . . . . . . . . .537.0 2.0 545.0 360.2
BunzI . . . . . . . . . . . . .793.5 -7.5 801.0 658.0
Capita Group . . . . . . .709.0 -8.0 794.5 635.5
CariIIion . . . . . . . . . . .383.9 4.6 403.2 291.2
De La Rue . . . . . . . . .760.5 -2.0 952.5 549.5
EIectrocomponents .274.3 0.4 294.9 205.7
Experian . . . . . . . . . . .806.0 4.5 819.0 578.0
FiItrona PLC . . . . . . . .370.4 1.0 385.5 209.2
G4S . . . . . . . . . . . . . . .282.3 1.9 291.0 237.7
Hays . . . . . . . . . . . . . .103.6 -1.0 133.6 88.4
Homeserve . . . . . . . .503.0 3.0 532.0 399.2
Howden Joinery Gr . .108.9 1.1 127.5 58.6
Intertek Group . . . . .1963.0 18.0 2148.0 1450.0
MichaeI Page Inte . . .552.5 1.5 567.0 349.4
Mitie Group . . . . . . . .235.2 -1.5 242.5 188.7
Premier FarneII . . . . .247.5 -0.1 308.8 210.2
Regus . . . . . . . . . . . . .111.7 0.8 119.0 66.1
RentokiI InitiaI . . . . . . .95.9 1.0 114.0 84.3
RPS Group . . . . . . . . .253.0 8.0 257.2 169.8
Serco Group . . . . . . .542.0 -6.5 633.0 529.5
Shanks Group . . . . . .127.1 1.3 130.9 96.5
SIG . . . . . . . . . . . . . . .141.9 0.1 153.5 90.7
SThree . . . . . . . . . . . .413.1 1.9 447.6 231.1
Travis Perkins . . . . .1011.0 11.5 1127.0 747.0
WoIseIey . . . . . . . . .2077.0 13.0 2261.0 1223.0
ARM HoIdings . . . . . .609.5 16.0 651.0 270.5
CSR . . . . . . . . . . . . . .319.4 -2.2 447.0 280.9
Imagination Techn . .410.5 12.7 502.0 275.2
Pace . . . . . . . . . . . . . .114.7 7.4 231.8 93.0
Spirent Communica .149.5 0.1 160.3 110.1
British American . .2787.0 33.0 2793.0 2119.0
ImperiaI Tobacco . .2143.0 26.0 2231.0 1784.0
Avis Europe . . . . . . . .310.5 0.0 312.0 184.0
Betfair Group . . . . . . .745.0 -25.5 1550.0 726.5
Bwin.party Digita . . .150.0 -1.0 309.5 127.0
CarnivaI . . . . . . . . . .2465.0 8.0 3153.0 2037.0
Compass Group . . . .606.5 1.5 608.5 501.0
Domino's Pizza UK . .407.9 -7.0 586.0 377.0
easyJet . . . . . . . . . . . .366.2 4.7 479.0 322.3
Enterprise Inns . . . . . .67.5 1.8 122.7 64.1
FirstGroup . . . . . . . . .349.8 6.8 412.6 311.3
Go-Ahead Group . . .1580.0 -6.0 1598.0 1053.0
Greene King . . . . . . .506.0 8.1 518.0 398.0
InterContinentaI . . .1300.0 25.0 1435.0 982.0
InternationaI Con . . .257.9 3.4 305.0 186.6
JD Wetherspoon . . . .443.4 1.1 468.3 389.9
Ladbrokes . . . . . . . . .154.2 1.4 154.7 122.7
Marston's . . . . . . . . . .105.9 2.9 117.1 92.0
MiIIennium& Copt . .515.5 -1.5 600.5 395.0
MitcheIIs & ButIe . . . .318.0 0.9 361.0 277.4
NationaI Express . . .259.1 3.3 270.2 213.4
Punch Taverns . . . . . .73.0 0.0 90.4 58.1
Rank Group . . . . . . . .149.7 0.2 153.0 98.8
Restaurant Group . . .300.9 4.9 335.0 212.4
Stagecoach Group . .261.8 -6.7 269.0 160.7
Thomas Cook Group 134.5 0.0 204.8 125.7
TUI TraveI . . . . . . . . . .227.0 0.2 271.9 190.0
Whitbread . . . . . . . .1642.0 16.0 1887.0 1367.0
WiIIiamHiII . . . . . . . . .230.6 1.0 231.3 155.5
Abcam . . . . . . . . . . . .456.0 18.0 460.3 245.0
AIbemarIe & Bond . .378.1 2.6 379.5 218.0
Amerisur Resource . .24.3 -1.0 29.0 11.5
Andor TechnoIogy . .627.0 -13.0 659.0 268.0
ArchipeIago Resou . . .57.0 0.0 66.8 32.3
ASOS . . . . . . . . . . . .2382.0 26.0 2468.0 840.0
AureIian OiI & Ga . . . .57.0 -0.3 92.0 35.8
Avanti Communicat .408.3 22.8 735.0 339.0
Avocet Mining . . . . . .208.5 -6.5 253.5 112.0
BIinkx . . . . . . . . . . . . .122.0 1.8 148.8 33.5
Borders & Souther . . .51.0 -0.8 93.0 49.5
BowLeven . . . . . . . . .337.5 -3.5 398.0 134.0
Brooks MacdonaId 1302.5 2.5 1372.5 767.5
CaIedon Resources .111.5 0.3 111.5 25.5
Conygar Investmen .110.5 1.0 120.0 101.3
Cove Energy . . . . . . .101.0 2.5 112.8 48.5
Daisy Group . . . . . . .125.0 5.0 129.0 86.0
EMIS Group . . . . . . . .517.8 -2.3 555.5 303.5
Encore OiI . . . . . . . . . .61.5 -2.0 151.5 49.0
Faroe PetroIeum . . . .161.8 -0.8 218.3 117.0
GuIfsands PetroIe . . .213.0 0.0 401.5 207.3
GWPharmaceuticaI .125.3 -4.8 133.0 83.0
Hamworthy . . . . . . . .647.0 -6.5 684.5 297.5
Hargreaves Servic .1049.0 3.0 1056.5 585.0
HeaIthcare Locums . .112.5 0.0 112.5 112.5
Immunodiagnostic .1091.0 -38.0 1129.0 710.0
ImpeIIamGroup . . . .365.0 2.4 387.5 84.0
James HaIstead . . . . .475.0 -10.9 492.4 306.0
KaIahari MineraIs . . .235.8 0.8 301.0 142.0
London Mining . . . . .375.5 8.5 436.5 211.0
Lupus CapitaI . . . . . .115.0 -0.5 150.0 72.5
M. P. Evans Group . .469.6 9.6 500.5 334.0
Majestic Wine . . . . . .495.8 -7.8 509.1 295.5
May Gurney Integr . .275.0 1.3 285.0 177.0
Monitise . . . . . . . . . . . .34.0 2.8 34.5 18.5
MuIberry Group . . . .1650.0 8.0 1690.0 237.5
Nanoco Group . . . . . . .81.8 2.8 115.8 68.0
NauticaI PetroIeu . . .320.0 3.5 547.0 128.0
NichoIs . . . . . . . . . . . .552.8 -5.3 578.0 392.5
Numis Corporation . .100.3 0.0 146.5 94.0
Pan African Resou . . .11.0 0.0 12.3 5.9
Patagonia GoId . . . . . .52.3 -2.0 59.3 12.5
Prezzo . . . . . . . . . . . . .67.0 -0.5 71.5 37.8
Pursuit Dynamics . . .311.0 10.0 700.0 196.0
Rockhopper ExpIor .262.8 -7.0 510.0 202.5
RWS HoIdings . . . . . .440.0 1.0 472.0 239.0
Songbird Estates . . .153.0 1.3 160.3 135.0
VaIiant PetroIeum . . .595.0 0.0 761.5 504.0
Young & Co's Brew . .665.0 10.0 685.0 510.0
Premier Foods . . . . . . .18.7 9.5
Pace . . . . . . . . . . . . . .114.7 6.9
Fidessa Group . . . . .2059.0 4.6
Kofax . . . . . . . . . . . . .464.0 4.3
Micro Focus Intern . .352.8 3.9
Croda Internationa .1985.0 3.8
Ocado Group . . . . . . .194.8 3.7
CabIe & WireIess W . .48.0 3.6
AngIo Pacific Grou . .322.2 3.6
RPS Group . . . . . . . . .253.0 3.3
John Wood Group . .694.0 -18.5
Dixons RetaiI . . . . . . .15.8 -5.5
TeIecom PIus . . . . . . .658.0 -4.6
Betfair Group . . . . . . .745.0 -3.3
Cairn Energy . . . . . . .404.7 -3.3
Sports Direct Inte . . .233.3 -2.8
JD Sports Fashion . .920.0 -2.6
Stagecoach Group . .261.8 -2.5
Carpetright . . . . . . . .624.5 -2.0
InternationaI Pers . . .381.2 -2.0
Risers FaIIers
MAIN CHANGES UK 350
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
Price Chg High Low Price Chg High Low
GILTS
AEROSPACE & DEFENCE
CONSTRUCTION & MATERIALS
ELECTRICITY
ELECTRONIC & ELECTRICAL EQ.
EQUITY INVESTMENT INSTRUM.
FINANCIAL SERVICES
FIXED LINE TELECOMS
FOOD & DRUG RETAILERS
FOOD PRODUCERS
FORESTRY & PAPER
GAS, WATER & MULTIUTILITIES
GENERAL RETAILERS
HEALTH CARE EQUIPMENT & S.
HHOLD GDS & HOME CONSTR.
INDUSTRIAL ENGINEERING
INDUSTRIAL TRANSPORTATION
MEDIA
LIFE INSURANCE
PERSONAL GOODS
PHARMACEUTICALS & BIOTECH
REAL ESTATE INVEST. & SERV.
SOFTWARE & COMPUTER SERV.
SUPPORT SERVICES
TECHNOLOGY HARDW. & EQUIP.
TOBACCO
TRAVEL & LEISURE
AIM 50
NON LIFE INSURANCE
REAL ESTATE INVEST. TRUSTS
http://corporate.webfg.com
mailto:
globaltechsales@webfg.com
AUTOMOBILES & PARTS
BANKS
ALTERNATIVE ENERGY
CHEMICALS
BEVERAGES
GENERAL INDUSTRIALS
MOBILE TELECOMS
OIL & GAS PRODUCERS
OIL EQUIPMENT & SERVICES
MINING
NONEQUITY INVESTM. COMM.
Tsy 3.250 11 . . . . .101.18 -0.01 103.7 101.2
Tsy 9.000 11 . . . . .100.00 0.16 108.5 100.0
Tsy 2.500 11 . . . . .307.21 0.00 310.0 307.2
Tsy 9.000 12 . . . .108.87 0.00 116.4 107.9
Tsy 5.000 12 . . . .102.97 -0.03 107.1 102.9
Tsy 5.250 12 . . . .104.22 -0.01 108.3 104.2
Tsy 2.500 13 . . . .287.00 -0.03 287.7 274.9
Tsy 8.000 13 . . . . .115.50 0.00 121.3 115.5
Tsy 4.500 13 . . . .106.12 -0.01 109.2 105.8
Tsy 5.000 14 . . . . .111.04 0.06 114.1 109.2
Tsy 7.750 15 . . . .103.93 -0.43 110.6 76.0
Tsy 8.000 15 . . . .125.94 0.09 131.6 123.7
Tsy 4.750 15 . . . . .111.64 0.09 114.7 108.6
Tsy 2.500 16 . . . .330.48 0.07 334.1 304.4
Tsy 4.000 16 . . . .108.74 0.13 111.4 104.9
Tsy 12.000 17 . . .126.14 0.00 185.9 126.0
Tsy 1.250 17 . . . . .110.59 0.02 112.1 104.9
Tsy 8.750 17 . . . .135.80 -0.19 142.2 132.9
Tsy 5.000 18 . . . . .114.33 0.16 117.6 109.7
Tsy 4.500 19 . . . . .110.50 0.18 113.8 105.4
Tsy 3.750 19 . . . .104.58 0.18 107.7 99.4
Tsy 4.750 20 . . . . .111.47 0.18 115.9 106.6
Tsy 2.500 20 . . . .334.81 0.04 341.2 303.8
Tsy 8.000 21 . . . .139.60 0.20 147.1 133.8
Tsy 4.000 22 . . . .103.55 0.17 108.4 99.0
Tsy 1.875 22 . . . . .115.32 0.19 117.8 108.5
Tsy 2.500 24 . . . .293.65 0.22 298.9 262.1
Tsy 5.000 25 . . . . .111.72 0.22 118.5 107.4
Tsy 1.250 27 . . . .108.98 0.21 111.2 100.5
Tsy 4.250 27 . . . .101.94 0.19 108.8 97.9
Tsy 6.000 28 . . . .123.93 0.19 132.7 119.5
Tsy 4.750 30 . . . .107.49 0.20 115.0 103.0
Tsy 4.125 30 . . . .280.89 0.17 283.9 248.7
Tsy 4.250 32 . . . .100.55 0.22 107.8 96.0
Tsy 4.250 36 . . . . .99.78 0.21 107.4 95.0
Tsy 4.750 38 . . . .108.17 0.22 116.5 102.8
Tsy 4.500 42 . . . .104.31 0.00 112.8 98.9
% %
Wealth Management | Markets
CITYA.M. 5 JULY 2011 19
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G
YM bunnies looking for the top-
flight places to keep fit should head
to the citys leading hotels. Lavish
surroundings, less-crowded gymna-
siums and access to magnificent spas
make exercise a pleasure, even an indul-
gence. Here are five of the best.
CORINTHIA HOTEL
Plush, in a word. The new Corinthia Hotel
is a place of dazzling, no-expense-spared
opulence, and its Espa Life spa and gym
all four floors of it is no different. The
emphasis is more on the spa side there
are treatments and treatment rooms galore
but the gym has its fair share of cardio,
weights, powerplates and rowing
machines, plus private personal training
Timothy Barber says top hotels
are the places to get fit in style
The pool at Chuan spa
at the Langham Hotel.
Lifestyle | Health
Gyms with added
five star luxuries
FIT IN
THE CITY
BY LAURA WILLIAMS
FITNESS & DIET EXPERT
Goodbye,
Stella Belly
N
O need to quiver in fear at the prospect
of sporting a pair of Speedos/a bikini
(delete as appropriate) this summer
weve sourced the very best ways to
whittle that tum into shape in double time for
your summer hols.
GO TECHNO
If state-of-the-art equipment in heavenly sur-
roundings is your thing (lets face it whose
thing isnt it?), head to Lime Wood Spa Hotel in
the New Forest. Less than 2 hours from the
Square Mile, you can shape up in the highest of
hi-tec environments in the Technogym-
equipped fitness centre complete with forest
views. Enjoy rooftop circuits in the herb garden
(among the same herbs that are then picked
for your dinner), or keep tabs on your workout
intensity with the latest big brother-style
Technogym Wellness key. Visit www.techno-
gym.com for more info.
QUALITY OVER QUANTITY
Rev your metabolism,
sculpt your pecs and
best of all, have some
change leftover from
35 with the new 30
minute express per-
sonal training sessions
from Nordic Balance.
These pit-stop sessions
are ideal for the worka-
holic who wants to
shape up and get noticed
on the beach without get-
ting fired for his/her gym
addiction.
www.nordicbalance.co.uk
GET A CHEF
Okay, so a chef proper may really
only be the remit of Jennifer
Aniston et al but delicious, calorie-
counted, delivered meals can still
be a reality for the rest
of us. Pure Package,
the capitals top
food delivery
company, have
launched their
Summer
Stunner pro-
gramme with
a menu that
ensures tum-
mies are de-
bloated and
flattened, while foods
packed with vits B, D and E
mean youll get that holiday glow before youve
even packed your bag. www.purepackage.com
PRACTISE LIVING ROOM SCULPTING
Do this exercise every night in front of
the telly until you board the plane and I prom-
ise youll have a flatter tum by the time you
order your first mojito. Lie on your back with
your arms by your side and your legs directly
up in the air at a right angle. Start making cir-
cles with your legs: 10 in a clockwise direction;
10 anti-clockwise. Do for 60 seconds. Rest and
repeat. www.laurawilliamsonline.co.uk
EPISODE 17: airborne, sleeping beside a beautiful colleague
I
AWAKE in darkness. My mouth is dry. Just
for a moment I am uncertain as to my
whereabouts. Then I turn and see Juliettes
lustrous brunette curls, loose and spread
across her pillow. I watch her sleep, peacefully,
the sheet rising and falling with her breath.
Juliette stirs. I know I should turn away, that
theres a certain etiquette on such occasions.
She stretches and then, inevitably, turns
CITY DAD
towards me.
David.
She sounds surprised. Good morning
Juliette I reply, rather formally.
Oh, is it morning already?
Actually, Ive no idea, I answer, truthfully.
Juliette smiles.
After a moment I ask, Do you want any-
thing? I could ask for tea. Or juice?
No thank you. She looks away.
David, actually I wanted to apologise for,
well, explain really, what happened at your
friend Carolines barbeque. She turns towards
me once more. There hasnt really been an
opportunity until now. Sandy, hes my godfa-
ther. He and my father were at university
together. The hands She looks away. Holding
hands. Ive known him all my life. Hes just very
tactile. I wouldnt want you to think
Juliette, its none of my business, I interject,
although I cannot deny that I am curious to
know more. More about her, rather than about
Sandy. She looks at me intently. And I wanted
you to know that Im 100 per cent committed
to the bank.
Its my turn to smile. I would never have
thought otherwise, Juliette.
Please dont laugh at me. Its important to
me, David.
Im not laughing at you. Im touched,
impressed. By your sincerity.
And Sandy She hesitates. He can be
rather possessive. And of course, he helped me
to get the job in the first place. She is evidently
troubled.
Yes, I understand. But you more than merit
your position Juliette. I assure you.
Lights fade up in the first class cabin. Good
morning ladies and gentlemen, this is the first
officer speaking. I trust youve all had a pleas-
ant night.
Thank you David she says, suddenly com-
posed. Im going to brush my teeth. I turn to
see a stewardess enter the cabin, bearing a tray
of assorted fruit juices. I hear Juliette slip from
the first class seat adjacent to mine.
To be continued next Tuesday. For previous City
Dad episodes, see www.cityam.com.
pods for those whod rather get fit away
from prying eyes. Stunning, sofa-lined pool
too. Whitehall Place, SW1A 2BD. Membership fee
on enquiry. www.corinthia.com
LANDMARK HOTEL
If you like swimming to be a significant
part of your workout, the chlorine-free, 15
metre pool in the spa and gym of this
Marylebone institution will be a big draw.
Each piece of cardio training equipment is
equipped with its own integrated audiovi-
sual system and screen too. 222 Marylebone
Road, NW1 6JQ. Membership: from 108 per
month, plus 125 joining fee. Its also signed up
to the discount service for one-off visits, payasy-
ougym.com, which offers access for 19.99 a ses-
sion. www.landmarklondon.co.uk
BERKELEY HOTEL
The rooftop health club at the famous
Knightsbridge hotel where the treadmills
have a panoramic view across Hyde Park
comes into its own at this time of year
thanks to its glorious open-air swimming
pool (the roof slides over for chilly days).
The surrounding sun terrace has this year
been given a temporary summer conver-
sion along the theme of an English country
garden, with plenty of flowers and foliage
to get lost in. The hotel can also press your
suit while youre doing your work out.
Wilton Place, SW1X 7RL. Membership is 1,850
per year. www.the-berkeley.co.uk
SOHO HOTEL
Bang in the heart of the West End, the
Soho Hotels smart little Soholistic studio
gym is also open 24 hours. The strength
and aerobic machines all have integrated
entertainment systems and touchscreen
technology, while personal training is
overseen by renowned body guru Gina
Hemmings. 4 Richmond Mews, W1D 3DH.
Annual 24 hour membership 850, or 700 for
annual off peak memebership (9am-10pm).
www.sohohotel.com
LANGHAM HOTEL
The large, luxurious pool of the recently-
launched Chuan spa and health club in
Marylebones Langham hotel is situated in
what was once a large bank vault. As the
name suggests, the place has a Chinese
flavour, with the spa offering treatments
based on traditional Chinese medicine. As
well as the pool and a fully-equipped gym,
theres a separate vitality pool and a salt
sauna, plus separate sauna and steam
rooms. 1c Portland Place, Regent W1B 1JA T
Membership is 155 per month with 200 one-off
joining fee. London.langhamhotels.co.uk
EXQUISITE CHAMPAGNE FEAST AT THE
LANGHAM HOTEL: TONIGHT
What are you doing ce soir? If youve got a bit
of cash burning a hole in your pocket and you
consider yourself a foodie (who likes
champagne), you should be at the Langham
Hotels Evening with Roux dinner at its fine
dining restaurant, the Landau. Michel Roux
Jnr and David Hesketh MW, the
Managing Director of Laurent-Perrier UK, will
host a seven course dinner featuring the likes
of Orkney scallop with Aquitaine caviar sauce
paired with the refreshingly dry
Laurent-Perrier Ultra Brut and Seared Landes
foie gras paired with Laurent-Perrier Cuvee
Alexandra 1998. Tickets are 225 per person,
to book call 020 7965 0165; london.lang-
hamhotels.co.uk.
SALAD IN A GLASS AT PEARL
The folks at Holborns most respectable bar
and restaurant, Pearl, are trying to make your
summer healthier with a range of salad-esque
cocktails. The Waldorf is home-infused
walnut vodka muddled with celery, pressed
apple and grapes: celery on the side. The Greek
involves tomato consomm and fresh tomato,
cucumber ice cubes and feta salad on the side.
Cocktails are 13.75 with side salads. 252
High Holborn, London WC1V 7EN, tel: 020
7829 7000.
BISHOPSGATE
KITCHEN OPENS
The guys behind
Benugo have
just opened
Bi shopsgate
Kitchen by
Spitalfields,
adding a
range of tasty
rustic dishes
and sharing
boards to your
lunch options.
Brushfield Street,
E1 6AN.
The Gilbert Scott
St Pancras Renaissance Hotel,
Euston Road, NW1 2AR thegilbertscott.co.uk
FOOD hhhii
SERVICE hhhii
ATMOSPHERE hhhhi
Cost per person without wine: 35
A
S locations go, you cant really beat
it. St Pancras Station is of the most
iconic buildings of the Victorian
industrial age, designed by Sir
George Gilbert Scott in 1868 with the addi-
tion of the Midland Grand Hotel in 1873.
And, after 200 million makeover this
year into The Renaissance St. Pancras
Hotel, the gothic-revival building has lost
none of its grandeur.
The Gilbert Scott is the hotels flagship
restaurant. Named after its architect, it is
situated in the original entrance hall of
the original hotel and is equally lavish in
scale and presence: cavernous ceilings,
dramatic arches and stonework galore.
Walking around it you can imagine the
early years of rail travel, the glamour, the
steam engines and crinolines sweeping
across the marble. And yet, thanks to skil-
ful design by interiors luminary David
Collins, the place still feels remarkably
fresh with contemporary touches such as
red booth seating and modern light metal
light fittings.
The Gilbert Scott comes courtesy of
Marcus Wareing under the management
of his protg Chantelle Nicholson. Its con-
cept is British brasserie nodding to the
old fashioned traditional British cooks
such as Florence White, Isabelle Beeton,
Agnes Marshall and John Nott as inspira-
tion. As such, the entire menu reads like a
tomb once found in a quintessential
Victorian kitchen all matronly cooks and
servants bells with Mushrooms on
Sippets (bone marrow) Queens Pottage,
Suffolk Stew and Eccles Cakes and Kendal
mint cake coke ices for dessert.
For starter I opt for Dorset Crab with
brown and white crab, pear and hazel-
nuts. The crab is light, delicately flaked; its
British food thats on the right track
GILBERT SCOTT BAR
Londons rise as a cocktail destination is everywhere
apparent: and no more so than in the opening of brilliant
restaurant bars that are destinations in themselves. The
Gilbert Scott has one of these: its airy and antique, with
buttery popcorn served in pewter chalices as a free
snack, and cocktails from ages old and new, with good
spirits and beautiful glassware. Info as above.
BOOKING OFFICE
Since it opened with a lavish, celebrity-studded party in
May, the St Pancras Renaissance Hotels main bar the
Booking Office has been one of my favourite spots. Its
gin fizz is divine, and booze historians will enjoy a full list
of antique-sounding punches, temperance drinks and
lots with brandy, apples and milk. Reasonable snacks
and food for a light supper too. Tel: 0207 841 3540
ST PANCRAS GRAND
This was the first restaurant to open with a bang in the
station and its proximity to the Eurostar trains was quite
piquant at the time and, to be honest, still is. While the
food has faded out of the limelight after earning some
plaudits originally, its still an elegant room with a good
champagne and oyster bar. Upper concourse, St
Pancras. searcys.co.uk/st-pancras-grand
sweetness highlighted by wafer thin strips
of pear and earthy crunch from the hazel-
nuts. Its nicely balanced, if slightly under-
whelming. My guest, meanwhile, goes hell
for leather with a Cornish lobster salad
with rose marie sauce, fennel, baby gem
and lobster oil. Its pink, juicy, full of pep
and after audible sighs my guest confirms
it is a stunner.
We continue the fish theme with our
mains. (The heartier meat dishes Kentish
pigeon in a pot and farm pork belly sound
good but its too much for this muggy
summer evening.) I opt for the intriguing
sounding soles in coffins, with ver-
mouth cream and Morecombe bay
shrimps. Its slightly textureless fish, a
tad overcooked, melds in to mash, melts
in to creamy sauce and I find myself
again scalded with jealousy as my friend
devours Scottish Halibut poached in
Camel Valley brut with mussels, cooked
perfectly with mussels scattered around.
By the time we reach desert I have a new
strategy. This time, we will share deserts
and she will pick (aha!). Our server tells us
that the specialty is Mrs. Beetons snow
eggs, a dish of poached floating
meringues, with Everton toffee crunch
and peanuts, served atop burnt honey cus-
tard. These are outstanding. The salt of the
peanuts punctuated the rich warm but-
tery sweetness of the toffee perfectly and
the snow eggs are firm but still light as air.
We also try Manchester Tart, a pastry
filled with cold banana, custard, raspberry
jam and rum cream. This is less wow,
but the pastry is buttery, crumbly, and
addictive with perfectly ripe banana.
The Gilbert Scott is the latest step in St.
Pancras transformation into a luxury air-
port-style hotspot and is already buzzing
with activity (which may explain the
slightly slow service). After the stations
overhaul, the hotel and restaurant, and
Searcys spectacular champagne bar in the
main station, designer fashion brands
including Prada and Mulberry are said
to be next to move in. The Gilbert Scott
has been pitched as the glittering culinary
addition to this line-up, a place to show-
case brilliant British cuisine to incoming
international visitors (notably, snobby
French foodies from the Eurostar), and
entertain business people in the rapidly
transforming Kings Cross area. In look
and setting terms it does this with bells on
(its abundantly clear why Collins is being
tapped to design just about every new bar
and hotel these days.) Its just a shame the
food doesnt quite yet have the same
sparkle.
FOOD & BOOZE
NEWS
ZOE STRIMPEL
THE RISE OF ST PANCRAS: WHERE TO EAT AND DRINK
ZOE STRIMPEL
The stunning interior
of the Gilbert Scott is
more remarkable,
perhaps, than its her-
itage food.
Marcus Wareings
dazzling Victorian
eaterie at St Pancras
left Lucie Greene
wanting a bit more
JEEPS NEW
GRAND CHEROKEE
IN MOTORING
TOMORROW
T
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LUTHER
BBC1, 9PM
The cop is on a knife-edge as he tries
to cover up a death, appease Baba and
protect Jenny from any further harm,
while also somehow finding the killer.
EMMERDALE
ITV1, 7PM
Alicia tells Leyla she cannot stop her
moving to Spain, and Chas sacks
Charity following another lacklustre
shift at the pub.
UNDERCOVER BOSS
CHANNEL 4, 9PM
New series. Ann Summers CEO
Jacqueline Gold sends her sister and
Deputy MD Vanessa to work
undercover in stores across the UK.
BBC1
SKY SPORTS 1
5.30pmLive Twenty20 Cup
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Time of Our Lives 11pmTwenty20
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BBC THREE
7pmTotal Wipeout: Champion of
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Parents 9pmKill It, Cut It, Use It
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1.40amTotal Wipeout: Champion
of Champions 2.40amWorlds
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E4
7pmHollyoaks 7.30pmFriends
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Show11pmThe Ricky Gervais
Show12.10amBig Bang Theory
1amHow I Met Your Mother
1.50amMy Name Is Earl 2.30am
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Reaper 4.45am-6amSwitched
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7pmAmerica: The Story of the US
8pmReagan 10pmOnly in
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Down Under 12amReagan 2am
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Story of the US 4amHow the
Earth Was Made 5am-6amIce
Road Truckers
DISCOVERY
7pmMythbusters 9pmGold Rush.
The crew remains in financial
trouble. 10pmRiver Monsters
11pmAmerican Loggers 12am
Bear Grylls: Born Survivor 1am
Gold Rush 2amRiver Monsters
3amDeadliest Catch 3.50am
Massive Nature 4.40amThrough
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in Seconds
DISCOVERY HOME &
HEALTH
7pmBringing Home Baby 8pm
Little People, Big World 9pmI
Didnt Know I Was Pregnant
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Morbidly Obese 11pmHospital
Sydney 12amI Didnt Know I Was
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Have OCD 1.30amIm Pregnant
and Morbidly Obese 2amHospital
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World 4amA Baby Story
5am-6amBringing Home Baby
SKY1
8pmNext Door Nightmares 9pm
A League of Their Own. James
Corden hosts. 10pmFILMTotal
Recall 1990. 12.10amBrit Cops:
Zero Tolerance 1.10amDanny
Dyers Deadliest Men 2am
Stargate Atlantis 3.30amRoss
Kemp on Gangs 4.20amAirline
5.10am-6amSell Me the Answer.
BBC2 ITV1 CHANNEL4 CHANNEL5
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6pmBBC News
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10pmBBC News
10.25pmRegional News;
National Lottery Update
10.35pmImagine
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Weatherview
12.20amSign Zone: The Country
House Revealed 1.20amBritains
Secret Seas 2.20amFake Britain
3.05amAn Island Parish
3.35am-6amBBC News
6pmEggheads
6.30pmGreat British Railway
Journeys: A rail route that
transported coffins from
Waterloo to a Surrey cemetery.
7pmCoast: The Western Isles
and Shetland.
8pmRestoration Home
9pmShould I Test My Genes?
The Price of Life
10pmLead Balloon
10.30pmNewsnight: Weather
11.20pmWomens World Cup
Highlights
12amThe Tudors
12.50amBBC News
3.35am-6amClose
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10pmITV News at Ten
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10.35pmFILMPitch Black:
Sci-fi horror, starring Vin
Diesel and Radha Mitchell.
2000.
12.30amThe Zone; ITV News
Headlines
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Show4.55amGrudge Match
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at 9
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Fill the grid so that each block
adds up to the total in the box
above or to the left of it.
You can only use the digits 1-9
and you must not use the
same digit twice in a block.
The same digit may occur
more than once in a row or
column, but it must be in a
separate block.
COFFEE BREAK
Copyright Puzzle Press Ltd, www.puzzlepress.co.uk
KAKURO
QUICK CROSSWORD
LAST ISSUES
SOLUTIONS
KAKURO
WORDWHEEL
Using only the letters in the Wordwheel, you have
ten minutes to nd as many words as possible,
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters
or more, all must contain the central letter and
letters can only be used once in every word. There
is at least one nine-letter word in the wheel.
SUDOKU
Place the numbers from 1 to 9 in each empty cell so that each
row, each column and each 3x3 block contains all the numbers
from 1 to 9 to solve this tricky Sudoku puzzle.
SUDOKU
QUICK CROSSWORD
ACROSS
1 Displayed (5)
3 Addictive narcotic
extracted from poppies (5)
7 State parliament
of Russia (4)
9 Chaufeur (6)
10 Succulent plant with
spikes of showy
owers (4)
11 Ice cream container (4)
12 Sings the praises of (5)
15 Stony hillside (5)
17 Fish-eating diving duck (4)
19 Keen on (4)
20 Be preoccupied with
something (6)
21 Share a boundary (4)
22 Physical strength (5)
23 Fence made of shrubs (5)
DOWN
1 Entice away from
principles or proper
conduct (6)
2 Cetacean
mammal (5)
4 Thick stew made of
rice and chicken (5)
5 Female horse (4)
6 Alpine perennial
plant (9)
8 Frenzied (5)
13 Retire from military
service (5)
14 Enveloping
bandage (6)
16 Minor parish
ofcial (5)
17 Platform (5)
18 Potage (4)
E
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E
D
I
4

4

4
C R A S H O F F E R
A A T R I O E
R E M U S E R E C T
O D E S I
B A S I N G S T O K E
D A R C I
B O U R N E M O U T H
I A T U A
P R O B E U S U R Y
E W I R E I D
D I N A R U N I O N
2 8 9 7 8 9 6
2 1 5 3 4 7 1 2
9 7 8 1 9 5
1 3 4 6 3 5 2 1
3 5 7 8 9 6 3 2
4 6 7 2
9 4 9 6 8 4 7 3
5 3 4 7 1 2 5 2
1 3 5 2 9 1
8 7 9 3 1 2 6 4
3 2 1 7 6 9 8
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter word was
STRANGELY
Lifestyle | TV&Games
CITYA.M. 5 JULY 2011 22
Sport
T
HREE games into his reign as
Englands one-day captain and
Alastair Cook could be forgiven
for thinking his Test opening
partner Andrew Strauss called it right
when he announced his retirement
from the 50 over game after the
World Cup.
The appointment of a new captain
putting aside any individual feel-
ings on Cooks suitability for the role
ought to have ushered in a new
dawn. On the evidence of what is
turning out to be a very one-sided
series, however, England are in dan-
ger of wasting a golden opportunity
to move forward.
Losing to Sri Lanka is no disgrace,
but being beaten by them having not
attempted anything remotely differ-
ent, both in terms of personnel and
approach, is pretty criminal.
This England one-day unit is con-
servative, inflexible and built with
worst case scenarios in mind. Its
great that Graeme Swann, Stuart
Broad and Tim Bresnan can all bat,
but you dont win one-day matches
on the strength of your tail.
At a time when the best sides are
experimenting and taking risks in
order to win matches, Alastair Cook is
relying on the same formula which
brought about abject humiliation at
the hands of Ireland and Bangladesh
in the spring.
If England are to improve under
Cook he needs to give himself more
options, particularly with the ball,
and that might mean making some
incredibly tough decisions.
Jonathan Trott is a magnificent
batsman but he simply doesnt score
quickly enough to warrant a place at
No3 in limited overs cricket.
Cook and Trott batted magnificent-
ly together during the Ashes and have
no doubt built up a solid friendship
as a result. But captaincy, I can tell
you from experience, is often about
putting personal feelings and bonds
aside. Axing Trott would send out the
right message and dismiss sugges-
tions that Team England is some sort
of cosy club.
There are players, like leg-spinner
Adil Rashid, who could add a bit of
fizz and unpredictability. He might
not be the answer but England are in
desperate need of a fresh approach.
England treading familiar sorry path
CRICKET COMMENT
ANDY LLOYD
SPORT | IN BRIEF
Easter spots England advantage
RUGBY UNION: Englands Nick Easter
believes the staging of the Tri-Nations
between Australia, New Zealand and
South Africa in July will given northern
hemisphere teams an advantage at
Septembers World Cup. This time the
northern hemisphere teams might have a
little bit of an advantage over the south-
ern hemisphere teams in terms of the
scheduling because weve had a break,
he said. They might be over-cooked.
Singh clings to Open hope
GOLF: Former world number one Vijay
Singh has been offered an Open
Championship place but may not be fit
enough to take it. The double USPGA
winner pulled out of last weeks AT&T
National in America with back trouble.
Wimbledon was Djokovics eighth title of a remarkable year Picture: ACTION IMAGES
1
NOVAKS parents, Srdan and
Dijana, wanted their eldest son to
become a skier but, despite play-
ing on the slopes near their
Belgrade pizza restaurant, he took to
tennis from an early age and was
spotted, aged eight.
2. Djokovic puts his incredible pur-
ple patch he has won 50 of his last
51 matches, hoovering up two grand
slams and six other titles en route
down to the galvanising effect of
delivering Davis Cup success to his
native Serbia in December.
3. His coach, former player Marian
Vajda, insists the 24-year-olds marked
improvement is down to a more con-
sistent serve, an ability to handle pres-
sure and defeat better and cutting
out wheat. We found he had a gluten
allergy and since hes cut that out, he
is able to breathe better and take in
more oxygen. His body is much
healthier and this is the key, says
Vajda.
4. While he may lack the brute
force of Rafael Nadal, Djokovic makes
up for it in guile and spontaneity.
Pundits say one of his best weapons is
his subtlety: his shot selection is hard-
er to read from body shape and he is
able to flit between backhand and
forehand with ease.
5. Novak may just be the start of a
Djokovic tennis dynasty. The elder of
his brothers, 19-year-old Marko, is a
keen player and his practice partner
at major tournaments, while 15-year-
old Djordje is rated by some as even
better than Novak was at that age.
Diets, skiing
and subtlety
Results
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email sport@cityam.com
Five things you may not know about new
Wimbledon champion and world No1
Novak Djokovic. By Frank Dalleres
FORMER Manchester United star Paul
Scholes believes Arsenals quest for
honours next season will be doomed
before it has even begun should
Samir Nasri and captain Cesc
Fabregas follow left-back Gael Clichy
out of the club.
France international Clichy ended
his eight-year association with
the north London club yes-
terday by signing for FA
Cup holders Manchester
City in a deal worth 7m.
Fabregas, who arrived
for pre-season training
at London Colney yester-
day, continues to be
linked with a return to
Barcelona, while Nasri is
refusing to pen an extension to
his contract which runs out next
summer and is attracting interest
from both Manchester giants.
And Scholes (inset), who is set to
join the United coaching staff in
September, said: They do play the
best football to watch at times, but
what is the point if you are not win-
ning anything? Not only that, they
are potentially going to lose their best
players, in [Cesc] Fabregas, [Samir]
Nasri and [Gael] Clichy.
Arsenal just flatter to deceive.
They play the prettiest football but it
doesnt always produce the results
they need. It doesnt irritate me that
people say theyre the best footballing
team because, while theyre doing
that, were winning games.
Arsenal manager Arsene Wenger is
expected to meet both of his want-
away midfielders this week in an
attempt to persuade them to stay but
appears to be fighting a losing battle.
Clichy, 25, meanwhile, who
was the last remaining
member of Arsenals 2004
title winning Invincibles,
was delighted at the
prospect of joining up
with his former team-
mates Patrick Vieira and
Kolo Toure at Eastlands.
He said: I am really
happy to be joining such a
great club. I cant wait to get
started and I think anything is possi-
ble with this team.
City were, however, rocked last
night by the news that star striker
Carlos Tevez is determined to leave
the club this summer.
The 27-year-old said: It is with
great regret that I have to inform
Manchester City of my wish to leave
the club. I hope that the people
understand the difficult circum-
stances I have been living under in
regards to my family.
Wimbledon hero Djokovic
vows to keep on the grass
WIMBLEDON champion Novak
Djokovic has vowed to reprise his
eccentric grass-eating celebration if
he ever repeats his breakthrough tri-
umph at the All England Club on
Sunday.
Djokovic capped his ascent to world
No1, confirmed after Fridays semi-
final win, by beating defending cham-
pion Rafael Nadal to claim his first
triumph at SW19.
The Serb, who is known on the tour
as much for his repertoire of imper-
sonations as his arsenal of shots, cele-
brated by dropping to the turf, pick-
ing up a few blades of grass and
eating them.
And the 24-year-old yesterday prom-
ised to recreate the moment that
delighted and bemused Centre Court
if, as he hopes, his maiden
Wimbledon triumph turns out to be
the first of many.
I will taste the grass every year I
win its going to become a tradi-
tion, he said.
Djokovics remarkable 2011 he
was won eight titles and lost just one
match has seen him break the
grand slam stranglehold of Nadal and
former world No1 Roger Federer.
And while he believes it is too early
to talk of an end to that great rivalry,
he insists the mens game is as open
as it has been for years and is tip-
ping Britains Andy Murray to profit
by winning his first grand slam.
Im sure Federer wants to come
back and win more majors. Nadal is
still on top of his form and Murray in
the last three or four months has
been a real contender for a Grand
Slam title, he added. It feels good for
the sport to have so many faces.
SECRETS OF DJOKOVICS RISE: P23
MARK CAVENDISH blasted Tour de
France sprint rival Romain Feillu for
kamikaze tactics and insisted he
should not be written off after being
beaten to victory on stage three in
Brittany by American Tyler Farrar.
Farrar claimed the United States
victory on the 198-kilometres route
from Olonne-sur-Mer to Redon ahead
of Feillu (Vacansoleil) and Jose
Joaquin Rojas (Movistar), who was
third.
Cavendish (HTC-Highroad)
stripped of 10 points gained in the
intermediate sprint for clashing with
Thor Hushovd, with the yellow jersey
rider also punished was fifth and
later complained of being impeded by
Feillu on the final corner.
The 26-year-old said: I was fighting
with Rojas into the last corner and
kamikaze Feillu came flying in.
I thought I was going to crash. I
thought I was coming down. I was 40
metres behind coming out of the last
corner with no speed whatsoever.
I went full gas. I gained 40m and
finished with the front four and I
gained points it just shows my form.
Some people will write me off as
they always do, some people will
write my team off as they always do,
but it would take a very uneducated
person to do that right now.
CYCLING
Cavendish livid with rival

for kamikaze approach
United legend
Scholes cant
see the point
of Arsenal
Sport
ITS CRUNCH TIME
FOR COOK ALREADY
ANDY LLOYD CRICKET
COLUMN: PAGE 23
BY JAMES GOLDMAN
FOOTBALL
BY FRANK DALLERES
TENNIS
GREENWICH PASSES ITS OLYMPIC TEST

RIDERS gave Greenwich Park their seal of approval after the London 2012 venue underwent its first test event ahead of next summers
Olympic Games. Dozens of the worlds leading competitors took part in the Greenwich Park Eventing Invitational at the historic site,
just across the Thames from Canary Wharf. When you walk in you just go wow, said British star William Fox-Pitt, while Olympic
silver medallist Pippa Funnell (above) added: The surfaces seem very good. Picture: ACTION IMAGES
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Real thinking - Real trading

www.cityam.com Issue 1,417 Tuesday 5 July 2011 FREE

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