Cityam 2011-08-05

FTSE 100 5,393.14 -191.37 DOW 11,383.68 -512.76 NASDAQ 2,556.39 -136.68 /$ 1.63-0.01 / 1.15 unc /$ 1.41 -0.
02
STOCKS in Japan collapsed this
morning, following a catastrophic
day of trading throughout the world
yesterday, as lingering debt crises
and doubts over the strength of the
global recovery terrified investors.
Already-sinking markets went
into meltdown after ECB president
Jean-Claude Trichet failed to reas-
sure investors that bond-buying
would be implemented to prevent
contagion in the troubled Eurozone.
Trichet said you will see what we
do [on bond purchases] yet it was
soon revealed that only Irish and
Portuguese bonds would be bought,
sending markets tumbling.
This morning, Japans Nikkei
tanked four per cent in early trad-
ing. The Dow Jones yesterday
dropped nearly 513 points or 4.3 per
cent, its worst decline since 2008.
The S&P 500 had its worst one-day
percentage drop since February
2009, falling over 60 points (4.78 per
cent). The Nasdaq fared worse, losing
over five per cent. Chaos struck equi-
ty markets, with the CBOE Volatility
Index jumping by 35 per cent, its
highest leap since 2007.
Today all eyes will be on the US
non-farm payroll data, a key indica-
tor for the American jobs market.
The figures showed a pitiful increase
of 18,000 new jobs in June. New
claims for unemployment benefit
came in at 400,000 yesterday only
slightly down from last week.
Despite agreeing to raise the debt
ceiling, pared-down growth fore-
casts have marred Americas week.
On this side of the Atlantic the
FTSE slumped yesterday, closing
lower for the fifth consecutive trad-
ing day. The blue chip index lost 3.4
per cent on worries over the
Eurozone and global economic
prospects. Commodity trader
Glencore tumbled seven per cent.
The Euro STOXX 50 index fell by
3.3 per cent, to close at 2,414.97
points, its lowest since mid-2009.
European Commission president
Jos Manuel Barroso called on lead-
ers to accelerate changes to the
regions 440bn bailout fund
through their parliaments so that it
can start intervening in bond mar-
kets and funding EU banks.
And he pleaded with Europes
political elites to stop stoking the cri-
sis through undisciplined commu-
nication and suggested that they
agree quickly to boost the funds
size. Analysts have said the fund
needs to be boosted to 1 trillion to
shore up confidence, which will fur-
ther enrage taxpayers in Europes
paymaster economies like Germany.
But Barroso issued a warning in a
bid to get politicians to act against
voter pressure: It is clear that we are
no longer managing a crisis just in
the euro-area periphery.
Even gold and silver fell in price as
the value of investors collateral on
trading positions plummeted, trig-
gering margin calls from brokers
and forcing them to sell high-value
assets to close their positions or post
more collateral. MORE: P2-3
BY JULIAN HARRIS AND JULIET SAMUEL
DEBT CRISIS
www.cityam.com Issue 1,440 Friday 5 August 2011 FREE

BUSINESS WITH PERSONALITY
Certified Distribution
30/05/11 till 03/07/11 is 102,636
FTSE slumps to 5,393.14, its
lowest level this year and 11.3 per
cent below May peak
ANALYSIS l FTSE
29Jul
5,393.14
4 Aug
6,000
5,900
5,800
5,700
5,600
5,500
5,400
1 Aug 2Aug 3Aug 4Aug
ANALYSIS l Glencore
p
29Jul
391.00
4 Aug
500
480
460
440
420
400
ANALYSIS l DOW
29Jul
12,400
12,200
12,000
11,800
11,600
11,400
11,383.68
4 Aug
DOWN, DOWN, DOWN
Markets around the
world went into a tailspin
as recession fear spread
Picture: REUTERS
35bn wiped off the value of
Britains blue-chips; Glencore
down 26 per cent since float
After a torrid week, Dow
Jones suffers its sharpest one
day drop since October 2008
Markets in crisis
2 CITYA.M. 5 AUGUST 2011
Trichet fails
to convince
MARKETS were unimpressed yester-
day after European Central Bank pres-
ident Jean-Claude Trichet attempted
to calm fears over the debt crisis by
announcing a return to its bond buy-
ing programme.
Denying that the Securities
Markets Programme had been frozen,
Trichet told reporters in Frankfurt:
We were not unanimous but we
were an overwhelming majority on
the operation with regards to bond
purchases.
Trichet said he would not be sur-
prised if bond purchases were under-
way during the conference itself,
despite inaction for over four
months.
Yet a Eurozone monetary source
said the European Central Bank was
only planning to buy Portuguese and
Irish bonds.
We fail to understand the logic of
the ECB purchasing yet more Irish
and Portuguese bonds at the current
juncture when both countries are
fully financed under a European
Financial Stability Fund and IMF pro-
gramme until at least 2013, com-
mented Tobias Blattner of Daiwa
Capital Markets in a note.
Investors had expected the ECB to
reassure markets that it would act to
prevent contagion across the 17-
nation single currency area; yet ana-
lysts said that growing concerns over
Spain and Italy remain unaddressed.
Yields on government bonds
dropped after Trichet announced
ECB bond purchases, yet rose again
once cynicism crept in.
Spanish 10-year yields touched 6.33
per cent yesterday, while Italian 10-
year yields printed nearly 6.23 per
cent above the six per cent crisis
line, and edging up to the seven per
cent mark that would technically see
Italy requiring a bailout.
The 10-year Italian/German bond
yield spread widened to 392 basis
points, the most since the launch of
the euro in 1999.
Trichet was speaking after the ECB
confirmed that it would keep interest
rates at 1.5 per cent, in a notably less
hawkish statement than in previous
months.
After keeping the door open last
month, the ECB have firmly shut it,
with rates likely to remain the same
for some time due to the economic
uncertainty in the region, said
Moneycorps Chris Redfern. The euro
has been remarkably resilient up to
now but cracks have started appear-
ing recently.
BY JULIAN HARRIS
EUROZONE
ECB president Jean-Claude Trichet was unconvincing over fresh bond purchases
NEWS | IN BRIEF
Tories mull cutting 50p tax rate
Chancellor George Osborne and senior
Tories are considering cutting the 50p
top rate of income tax once HMRC com-
pletes its review of the revenue the high-
er tax band brings in. Senior Tories are
backing a cut in the rate to 45p, citing
Treasury analysis showing that about 70
per cent of revenue would come from
raising the rate to 45p from 40p, while
just 30 per cent would come from an
additional 5p raise. The next revenue
analysis should come next year after tax
returns are submitted in January.
Lagarde investigated by court
Christine Lagarde, the newly-elected
head of the International Monetary
Fund, is to face a judicial inquiry into
whether she was wrong to approve a
large out of court settlement to a con-
troversial French businessman, Bernard
Tapie. Tapie, a close supporter of presi-
dent Nicolas Sarkozy, was paid 285m
(249m) from the French state in 2008
to settle a decade-long court battle with
the bank Credit Lyonnais, but a court
has ruled that Lagardes decision should
be investigated over concerns that she
ignored expert advice.
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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
Eurozone may cripple global revival
F
OR weeks now, a global market
rout had looked inevitable so
the chaos should hardly have
come as a surprise when it finally
began in earnest in the last couple of
days. The fact that the US stepped
back from the brink earlier this week
provided some short-lived respite; but
nobody believed America would really
default, or at least not permanently.
There were always two bigger threats
to world prosperity: an intensifying
growth slowdown; and the gradual
implosion of the Eurozone, a dysfunc-
tional grouping which cannot survive
in its present form. It is these twin
threats causing the market bloodbath.
Proof of the slowdown can be found
in this weeks manufacturing purchas-
ing managers indices: they were down
in the US, Eurozone, China, Taiwan
and elsewhere and factory output
shrank in the UK. Services are still
doing better so the situation is poor
but not disastrous not yet, anyway.
What could tip the world economy
over the edge is the Eurozone. Its woes
could be ignored when the only casual-
ties were small, misgoverned states
such as Greece. But now that it is
becoming apparent that Italy, a mem-
ber of the G8 yet a country which has
barely seen any growth at all in ten
years, is on a trajectory that guarantees
long-term insolvency, shell-shocked
investors are finally paying attention.
When the euro was launched, critics
(such as myself) argued it would never
work, urged the UK to stay outside and
warned the project would end in tears.
We were ridiculed but we were right.
The single currencys internal contra-
dictions are the real problem today;
the latest pronouncement or blunder
from Jos Manuel Barroso, the
European Central Bank or Silvio
Berlusconi are merely amusing colour.
Diverse economies can only successful-
ly share a single currency but retain
their fiscal independence if two key
conditions are meant.
Wages must be flexible because
countries lose the ability to devalue
their currencies. The only way for
firms and workers to price themselves
back into world markets after a major
economic problem is for wages and
prices to drop an internal devalua-
tion, as opposed to an external devalu-
ation caused by a lower currency.
People must also be prepared and able
to move in large numbers to anywhere
in the currency area in search of work.
Because neither of these conditions
properly hold across the Eurozone, the
only answer is either a break-up or
full political unification, complete
with massive, permanent handouts
from successful countries to incompe-
tent ones, combined with compulsory
reforms. There is no appetite for this in
paymaster Germany, or in Italy or
Greece, which means the single cur-
rency wont survive. It may limp on for
a while, with politicians calling ever
more absurd meetings, agreeing to
anti-democratic treaties and to feder-
alise or even monetise everybodys
debts but none of this will work.
The global over-borrowing crisis is
now well into its most dangerous
phase, almost four and a half years
after the credit bubble began to burst.
It was in February 2007 that HSBC
wrote down the value of its portfolio of
US mortgage backed securities by
$10.5bn, in the first major subprime
loss. The problem then was toxic mort-
gages; today it is toxic IOUs from
incompetent, stupid governments that
thought that they could ignore eco-
nomic reality in the pursuit of
grandiose political dreams. Hold on
tight the ride will be bumpy.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
EDITORS LETTER
ALLISTER HEATH
E-PETITIONS SITE CRASHES ON
LAUNCH
A new e-petitions website allowing
members of the public to put forward
motions for debate by MPs has
crashed under the weight of 1,000 vis-
itors a minute trying to register pro-
posals on issues such as the return of
capital punishment and leaving the
European Union.
ICBC TO BUY 80PC OF STANDARDS
ARGENTINE ARM
Chinas ICBC has agreed to buy 80 per
cent of the Argentine operations of
South Africas Standard Bank for
$600m, according to people familiar
with the plans. The deal is the most
high-profile move by a Chinese bank
into Latin America, a resource rich
key trading partner, and is set to be
announced after Jiang Jianqing, ICBC
chairman, meets Cristina Fernndez,
the Argentine president, on Thursday.
BENEFIT REFORMS HIT CHILDCARE
SUPPORT CASH
Ministers are locked in tense negotia-
tions about the future of childcare
benefits after the department for
work and pensions calculated its
plans for a universal system could
leave a quarter of a million families
worse off. Iain Duncan Smith, the
work and pensions secretary, plans to
put existing childcare benefits under
a single benefit system called the uni-
versal credit.
KNIGHT CAPITAL TO CUT WORKFORCE
BY SIX PER CENT
Knight Capital Group, one of the
largest market-making firms in the
world, has announced it will cut 6 per
cent of its workforce as its restruc-
tures its business due to a broad
decline in trading activity. At the
same time, Chicago Board Options
Exchange, the US options market,
said it was slashing expenses despite
seeing a boost in trading of its volatil-
ity indices.
SOUTHERN CONVERTS PROVIDE VIMTO
BOOST
Southerners growing thirst for
Vimto drove a 20 per cent rise in first
half profits at Nichols as the typically
Northern drink poured south of the
Watford Gap. Brendan Hynes,
Nichols chief executive, said: Going
back to the sixties Vimto was a north-
ern or Scottish brand but in recent
years weve tried to broaden it out
and make Vimto more national.
MUSIC BUSINESS LEFT BEGGING FOR
ENCORE AS CONCERT AND RECORD
SALES FALL 7 PER CENT
The British music industry has long
relied on lucrative tour revenues
from rock dinosaurs like the Rolling
Stones to offset sliding CD sales, but a
slowdown in stadium gigs last year
left the sector 215 million poorer.
Industry revenues shrank almost 5
per cent in 2010 to 3.8 billion.
UN CRITICISES SHELL OVER OIL SPILLS
IN NIGERIA
The United Nations has criticised
Royal Dutch Shell for contributing to
oil spills in the Niger Delta that will
need the world's largest-ever environ-
mental clean-up operation. The UN
said ridding Ogoniland's rivers and
drinking water of pollution could
take 30 years and cost billions.
COUNCILS BEING URGED TO SELL OFF
BILLIONS OF POUNDS OF ASSETS TO
SAVE MONEY
The Department for Communities
and Local Government published a
list today of thousands of assets
owned by 600 councils and public sec-
tor bodies. It includes shops, restau-
rants, pubs, golf clubs, theatres,
hotels, football clubs and leisure cen-
tres. Many are highly valued by com-
munities and provide cost-effective
access to disadvantaged groups.
SOUTHWEST PREPS FOR TURBULENCE
Southwest Airlines Co. posted a 44
per cent rise in its second-quarter
profit but executives said they plan to
cut flights next year as they fretted
over high fuel costs. The largest carri-
er of U.S. domestic passengers said
Thursday it doesn't think it can pass
through more ticket price increases,
after unrolling eight fare increases
since mid-December to counter soar-
ing fuel prices.
SHELL CONSIDERS REVERSAL OF
HOUMA-TO-HOUSTON PIPELINE
Royal Dutch Shell said it is consider-
ing a reversal of its Houma-to-Houston
pipeline system in order to provide
additional crudes to the U.S. Gulf of
Mexico refining complex. Such a
move would reverse the existing Ho-
Ho service to connect the Houston
and Port Arthur, Texas, markets with
the Louisiana markets.
WHAT THE OTHER PAPERS SAY THIS MORNING
Markets in crisis
IN a shock move, Italian police raided
the offices of ratings agencies
Standard & Poors and Moodys and
seized documents yesterday, accusing
the firms of causing anomalous
movements in Italian stock prices.
Prosecutors said the raid was aimed
at verifying whether these agencies
respect regulations as they carry out
their work.
S&P in Italy said in a statement it
believed the probe was groundless.
Moody's said it takes its responsibili-
ties surrounding the dissemination of
market sensitive information very seri-
ously.
TRADING in Lloyds shares had to be
suspended for a five-minute time out
yesterday as its stock plunged more
than 10 per cent in a few minutes.
The sell-off came after it revealed
that it had dropped back into the red,
booking a 3.3bn loss for the first half
of this year.
Investors fears were stoked by a
worsening of its Irish loan book, which
saw impairments rise 14 per cent to
1.8bn.
The bank warned that the improve-
ments in its Irish portfolio would be
gradual but emphasised that overall,
impairments dropped 17 per cent to
5.4bn.
At a results presentation overshad-
owed by the bleak market mood, the
banks chief Antnio Horta-Osrio said
that the Eurozone needs to seriously
pursue further integration in order to
halt growing panic.
Its not easy when you have coordi-
nated monetary policy and no coordi-
nated fiscal policy, he said. You have
17 countries around the table. You will
have to have a significantly more coor-
dinated fiscal policy going forwards.
The bank added that it has dramati-
cally cut its exposure to the regions
banks from 2.7bn at the end of last
year to 620m by the end of the first
half.
It also boosted gross lending to
small businesses (SMEs) by 6.8bn,
equating to a two per cent increase in
net lending.
However, Lloyds has also seen mar-
gins contract to two per cent from 2.17
per cent during the last six months,
which it blamed on continued high
funding costs, repayment of govern-
ment and central bank facilities, and
competitive deposit markets.
The bank repaid nearly 60bn in
government funding over the period
and issued 25bn of debt.
Lloyds shares
suspended
after 10pc fall
WHILE the crisis in world markets
continues to worsen, Britains most
senior politicians are away on holiday.
David Cameron, the Prime Minister, is
in Tuscany while chancellor George
Osborne is in LA.
Yesterday, Whitehall sources said
neither was currently planning to cut
their vacation short, although that
could change should the situation
deteriorate . An aide to Osborne said
he was closely monitoring the situa-
tion and getting regular updates.
Spanish Prime Minister Jos Luis
Rodrguez Zapatero has cancelled his
holiday.
Osborne to get
regular updates
Italy raids S&P
and Moodys
BY JULIET SAMUEL
BANKING
EUROZONE
POLITICS
Antonio Horta-Osrio is trying to shore his banks position Picture: APF

ANALYSIS l Lloyds Banking Group PLC
p
29Jul 1 Aug 2Aug 3Aug 4Aug
42.50
40.00
37.50
35.00
34.99
4 Aug
US bank BNY Mellon yesterday said so
many investors were storing short-
term cash with it as they fled market
turmoil that its balance sheet stability
was under threat.
The bank said it would levy a new
charge on cash deposits higher than
$50m (30.6m) after a crash in market
confidence saw investors making
extraordinarily high deposits.
Investors have fled from riskier
asset classes including equities as US
and Eurozone states wrestle with sov-
ereign debt burdens.
Deposits have swelled as investors
en-masse de-risk and become highly
liquid, BNY Mellon said in a letter to
clients, resulting in sudden, signifi-
cant increases in its balance sheet.
The transient nature of these new
deposits prevents us from investing
our balance sheet to cover the costs
from regulatory ratios and deposit
insurance, it added.
The new fee will be 0.13 per cent,
but could increase if one-month
Treasury bill yields go below zero.
We have notified certain clients
with extraordinarily high deposit lev-
els that we will begin implementing a
13 basis point fee on the excess
deposits, BNY Mellon said in a sepa-
rate statement.
BNY to charge extra fee on
cash as investors flee market
BY ALISON LOCK
BANKING
Vickers in
Lloyds branch
sale rethink
THE Independent Commission on
Banking (ICB) is preparing to drop one
of its main demands regarding Lloyds
sale of 632 branches, City A.M. has
learned.
The commission, headed by Sir John
Vickers, is close to accepting that the
bank should shrink the package of
assets on sale despite having previous-
ly said that doing so would make it
below the scale required to mount an
effective competitive challenge to
incumbents.
It is understood that after talking to
bidders on the package NBNK
Investments and the Co-operative
Group the ICB is willing to sacrifice
its demand that Lloyds sell more than
the 68bn in assets and 632 branches
currently on the block.
It could instead focus only on its
desire that Lloyds sell more branches
or a greater share of the personal cur-
rent account (PCA) market, allowing
the bank to shrink the mortgage book
on sale, which it sees as less important.
The rethink comes after City A.M.
revealed in June that the Treasury was
not keen on intervening to overhaul
the sale despite Vickers requesting it
to do so. Instead, Vickers is moving
towards the Treasurys point of view.
In April, the ICB said that the sale
needed to be substantially enhanced
in order to ensure that a buyer would
have enough market share to shake up
competition in retail banking.
It warned that there is a serious
prospect that the structure of the
divestiture will be different from the
4.6 per cent of PCAs and 19.2 per cent
of Lloyds mortgage assets set out in
the state aid agreement, and that the
sale would therefore need altering.
However, Lloyds chief Antnio
Horta-Osrio revealed yesterday that
several interested parties in the sale
have expressed interest in buying
fewer assets in order to shrink the
packages 30bn funding gap.
He also appeared to suggest that
Lloyds has recently had more positive
discussions with the ICB on the topic,
a marked shift from previous state-
ments.
Sir John Vickers could have a change of heart Picture: REUTERS
News
Talking growth, but preparing for crisis
J
UST over a month ago, Lloyds
chief Antnio Horta-Osrio told
investors to see his bank as a
proxy for the UK economy. It
would see a long and slow recov-
ery, he said, as consumers gradual-
ly found jobs and paid off their
debts.
But prospects for the UK and
global economy have only grown
bleaker since then. And while Horta-
Osrio talks about recovery, he is
preparing for crisis.
Lloyds has spent the last six
months in a flurry of activities to
build up its balance sheet.
The bank paid back a whopping
57.8bn in government loans during
the first half of this year so that its
state loans now stand at 37bn.
As part of those repayments, City
A.M. understands that it has fully
repaid the loans it took under the
special liquidity scheme (SLS).
Individual banks are not allowed to
declare when they have done so for
fear of making it obvious which
other banks have failed to pay back
the aid so far.
It also issued 25bn in debt while
markets were relatively stable,
meaning that it only needs to sell
another 5-10bn to get through the
year.
But it might not be enough if the
banks growing resilience cant
keep up with a spiralling crisis that
could send its struggling customers
finances into tailspin. The markets
are now closed, Horta-Osrio admit-
ted ominously yesterday.
He says he wants to turn the busi-
ness back into a boring bank serv-
ing British customers. Unfortunately
for Lloyds and its home market, the
coming months look set to be any-
thing but boring.
BOTTOMLINE
Analysis by Juliet Samuel
DUTCH bancassurer ING will not be
launching a stock market flotation
for its insurance operations any time
soon and trade buyers are expressing
interest, it said yesterday.
European Commission regulators
seeking payback for the state bailout
the bank received in the financial cri-
sis have insisted ING dispose of its
19bn (16.6bn) insurance business
by the end of 2013.
This is not a good time to do an
IPO now. Markets are not receptive.
Maybe they will be in the future,
ING chief executive Jan Hommen
said on a results day that delivered
better-than-expected second-quarter
profits.
ING wavers on
plans to float
BANKING
SME lender Aldermore is talking to

potential investors as it seeks fresh
growth capital, City A.M. understands.
The two-year-old high street lender
has hired corporate advisory firm
Hawkpoint to help it raise new funds,
and a number of private equity firms
have been approached as a result.
Aldermore is currently backed by
private equity houses AnaCap and
Morgan Stanley Alternative
Investment Partners.
An Aldermore spokesman said
Hawkpoint had advised it for more
than a year, but the bank was con-
tinuing to speak to interested
investors about the success of
Aldermore and its plans.
Aldermore to
raise new funds
BANKING
BY JULIET SAMUEL
EXCLUSIVE
SATELLITE communications firm

Inmarsat plunged nearly 20 per cent
yesterday after ripping up its growth
forecasts.
The firm said a turndown in its
maritime mobile satellite services
(MSS) business, where customers are
switching from voice calls to cheaper
data services, means revenues will
now be lower than the two to four per
cent forecast. It expects its maritime
revenues to be broadly flat.
Its five year forecast is also under
review, with chairman and chief exec-
utive Andrew Sukawaty saying it will
take time for new services to realise
their potential. However, the firm,
which provides voice and data services
to ships, aircraft and remote locations,
said its spectrum-sharing deal in
North America would keep full-year
profit on track.
The group reported a 32 per cent
rise in second quarter core earnings
to $222.7m (136m) on 24 per cent
higher revenue of $359m. Revenue in
its maritime unit was $181.3m, down
form $181.7m a year ago.
Sukawaty said: While we believe
that a return to more normalised rev-
enue growth in our maritime busi-
ness is only a matter of time, we
expect near-term factors will con-
strain growth for longer than previ-
ously anticipated.
Forecast fears
hit Inmarsat
BY STEVE DINNEEN
TELECOMS
News
Andrew Sukawaty still expects longer-term growth Picture: Micha Theiner/City AM
ANALYSIS l Inmarsat
p
550
500
450
400
394.50
4 Aug
NEWS | IN BRIEF
Misys takeover talks break down
Software firm Misys talks to be bought
by Fidelity have collapsed after the com-
panies couldn't agree on price, sending its
shares down nearly 19 per cent. Fidelity
had been close to an agreement to buy
Misys about two weeks ago before talks
broke down. Misys had been valued at
1.4bn, though its market cap sank to
1.2bn yesterday. Last week, Misys chief
executive Mike Lawrie declined to com-
ment on the progress of the offer talks
beyond saying they were continuing. The
company said it is confident that its
strategy will deliver growth as its head-
line earnings met analysts' expectations
with a 12 per cent rise.
Deutsche Telekom sticks to targets
Deutsche Telekom is on track to meet its
2011 targets, it said, despite a poor per-
formance in the US, continued economic
weakness in southeastern Europe and
sluggish growth in Germany. Second-
quarter group net profit dropped 26.7
per cent to 348m (302.4m), mainly
due to 600m in one-off expenses for an
early retirement plan in Germany, where
sales fell 3.4 per cent. Group sales were
down 6.8 per cent at 14.5bn, slightly
missing average estimates.
Hitachi and Mitsubishi mull merger
Hitachi and Mitsubishi Heavy Industries
have begun talks on what would be
Japans biggest domestic merger, it is
understood, heralding a long awaited
shake-up of the nation's industrial behe-
moths. However, officials from both firms
denied the talks, saying no announcement
is planned. A merger would create a
$150bn revenue infrastructure firm, sec-
ond only to GE, and could provide impe-
tus for essential cost cuts.
Google slams Apple collusion
Google, fresh from losing a bid to buy thou-
sands of patents from bankrupt Nortel,
lashed out at its biggest rivals, accusing
them of banding together to block the
internet giant in the red-hot smartphone
arena. In a rare public outburst, Google
blasted Microsoft, Apple, Oracle and other
companies for colluding to hamper the
increasingly popular Android mobile soft-
ware by buying up patents, effectively
imposing a tax on Android cellphones.
Apart from increasing costs for consumers,
snapping up the patents will stifle techno-
logical innovation,said the company.
Microsoft and Apple had teamed up to
acquire patents previously owned by soft-
ware maker Novell.
ANALYST VIEWS: ARE THE RESULTS AS BAD
AS THEY SEEM? by Steve Dinneen
MORTEN SINGLETON | INVESTEC

First half numbers are fine, but MSS outlook has been revised down for
2011 and five-year guidance is under review due to continued acceleration in the
upgrade dilution effect. This is offset by a slight hike in the dividend and a new
$250m share buyback. We recommend buying into any weakness.
MARK JAMES | LIBERUM CAPITAL

We remain of the view that the current level materially undervalues
both the core business and the US spectrum. Soft revenues in the core have
undoubtedly disappointed but the company is still posting growth, through the
LightSquared arrangements, that many would envy.
JONATHAN JACKSON | KILLIK & CO

Poor interim results. Income from the groups agreement with
LightSquared is driving growth, and offsetting a slowdown in the growth of
Inmarsat Global MSS revenue. The group expects near-term factors will constrain
growth for longer than previously anticipated.
RIO TINTO, the global mining giant,

reported record half year profits yes-
terday, but material costs and harsh-
er exchange rates left the company
trailing behind market expectations.
Pre-tax profits rose by 26 per cent
to $11.01bn (6.77bn) compared
with $8.81bn in 2010, while under-
lying earnings increased by 35 per
cent to $7.8bn. The boost was due
to high commodity prices and
strong demand from the Asian
market, which offset weaker pro-
duction volumes.
But Rios booming profits missed
analyst expectations, and warnings
on costs and risks helped send Rios
shares down by 3.6 per cent.
A weak US dollar the currency
of its earnings and strong
Australian and Canadian dollars
reduced its underlying earnings by
$810m in the first half.
The company also said first half
net profits would have been $1.23bn
more had it not been for costs relat-
ed to weather disruption in
Queensland.
Rio Tinto joins major rivals Anglo-
American and Xstrata in reporting
first-half profit growth of a third or
more while struggling to overcome
spiralling costs and restive labour
unions.
The group also said it is raising its
share buyback from $5bn to $7bn.
Rios chief economist Vivek
Tulpul also warned yesterday of
risks of monetary tightening in
emerging markets and sovereign
debt fears in the West were threat-
ening to destabilise commodity
markets.
Earlier this month the miner said
it will spend 418m to speed up its
iron ore expansion plans in western
Australia.
Rio Tinto falls short
despite record profit
BY KASMIRA JEFFORD
MINING
RANDGOLD Resources saw a 6.6

per cent surge yesterday as
spooked investors rushed to gold-
focused stocks as a safe-haven
asset.
The bounce came as profits at
the West African-focused miner
more than trebled in the second
quarter on strong gold prices,
higher production and a resur-
gence in sales from the Ivory
Coast.
Profits jumped to a record
$128.4m (78.9m) from $36.4m in
the same quarter last year, as pro-
duction almost doubled to
184,711 ounces due to contribu-
tions from its two new
Tongon and Gounkoto
mines, the firm said.
Were confident
that the positive trends
on production, profit
and costs will be sus-
tained in the third and
fourth quarters and
consequently the
company will com-
fortably be within
its guidance for the
year, said chief executive Mark
Bristow (pictured) .
The FTSE 100 miner expects to
produce between 750,000 and
790,000 ounces of gold this year,
up 70 to 80 per cent on 2010.
Randgold was the best perform-
ing stock on the FTSE 100 market
as Europes sovereign-debt woes
spur demand for pre-
cious metals as
a haven.
Randgold shares soar as investors
rush to gold and its profits treble
COMMODITIES
News
NEWS | IN BRIEF
Shaftesbury sees Olympic boost
Real estate investment trust Shaftesbury,
the owner of over 500 restaurants, shops
and bars in London's West End, said next
year's London Olympic Games would drive
up rental income and dividends. The com-
pany said improvements to public areas
and transport links in the Leicester Square
and Piccadilly Circus areas of the city
would increase visitor numbers to its 1.6m
square foot estate, where it said trading
was already very healthy. Finance direc-
tor Brian Bickell will become chief execu-
tive on 1 October and his replacement will
probably be an external appointment.
EasyJet passenger numbers up
Passenger numbers continue to grow at
low cost airline easyJet, with total num-
bers for July up eight per cent on the year
before. The company said 5.4m people
flew in July, up from 5.02m a year earlier.
In the full 12 months to the end of July,
easyJet said total passenger numbers
were up 12 per cent to 53m. It said it had
filled 91.7 per cent of available seats in
July, up slightly from 90.9 per cent the
previous year.
Slow progress at Enterprise Inns
Average income at pubs group Enterprise
Inns rose just one per cent from a year
ago in the 18 weeks to April, it said yes-
terday. The company blamed the slow
growth on a difficult comparative period
last year, including the FIFA World Cup. British Land has pressed ahead with its Cheesegrater building on Leadenhall Street
BRITISH Land, one of the countrys
biggest landlords, saw the value of its
assets rise as it made more acquisi-
tions and pressed ahead with its
1.1bn office development pipeline
that includes the Cheesegrater sky-
scraper in east London.
The property developer said its port-
folio value increased by 1.5 per cent to
9.9bn during the quarter, with office
values up 3.7 per cent and retail up 0.4
per cent.
Underlying pre-tax profit rose to
65m, in the three months ended 30
June, from 64m a year earlier, the
company said in a statement.
We do expect the British consumer
to remain under pressure for some
time said chief executive Chris Grigg
in a news conference, adding that the
situation appears to have worsened in
recent months.
Despite the gloomy retail sector,
Grigg said British Land was dispropor-
tionately exposed to those more suc-
cessful retailers.
Occupancy across the companys
London-centric office portfolio was
97.8 per cent, while in its retail book
occupancy was 98.7 per cent.
Grigg said the group plans to add
2.2m square feet of office space by
2014 in central London, where a short-
age of space is driving up rents.
The company has made 326m of
acquisitions since March including
17 Virgin Active sports centres and an
office development in Maidenhead
which it said will help boost its rental
income.
British Land will maintain a quarter-
ly dividend of 6.5p a share. The group
closed down 2.6 per cent at 563p.
British Land sees
asset values jump
to almost 10bn
BY KASMIRA JEFFORD
PROPERTY
ANALYSIS l Rio Tinto

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News
AXA, Europes second-biggest insurer,
said yesterday that first-half net
income quadrupled, beating fore-
casts, helped by 1.44bn in one-off
gains related to asset sales.
AXA said its net income for the six-
month period rose to 3.999bn from
944m in a year-ago period that was
depressed by a 1.478bn exceptional
loss.
The net result, boosted by gains
from the sale of AXAs stake in
Chinese insurer Taikang Life and of
its Australia and New Zealand opera-
tions, beat the average estimate of
3.588bn in a poll of nine analysts.
Underlying profit rose 11 per cent
to 2.22bn, bolstered by improved
property and casualty results, com-
pared with the poll average of
2.187bn.
AXA said it was taking a 92m
impairment for losses stemming
from the Greek sovereign debt
bailout.
The insurer did not provide any
forecasts for the rest of the year, but
AXA chief executive Henri de Castries
said that the results showed it was
off to a good start in meeting our
objectives.
In May, the insurer said it was con-
fident it would raise profits this year
in spite of a drop in first-quarter sales.
In June, AXA said it was targeting
underlying growth of 10 per cent in
earnings per share by 2015 on a com-
pound annual growth rate basis.
AXA earnings quadruple
on gains from asset sales
INSURANCE
BAILED-OUT insurer American

International Group reported a profit
for the second quarter yesterday, as
tax benefits and its one-third stake in
Asian insurer AIA offset a decline in
operating income at its main busi-
nesses.
AIG reported a net profit of $1.84bn
(1.1bn), compared with a year-earlier
loss of $2.66bn.
The companys chief executive also
confirmed it is working on taking its
aircraft leasing business public,
though that may not happen this
year.
Sources had previously said that
the company was working on hiring
bankers to pursue an IPO.
Sale boosts
AIG growth
INSURANCE
SOUTH African asset management

group Investec confirmed it was the
mystery bidder for City broker and
wealth manager Evolution Group yes-
terday.
Evolution sparked a flurry of specu-
lation on Wednesday when it said it
had received an early stage takeover
approach, with banks such as Societe
Generale and Royal Bank of Canada
named as potential acquirers.
Evolution did not specify whether
the interest was unsolicited, but said
the potential buyer was interested in
taking over the entire group.
Investecs managing director
Bernard Kantor said the approach
should be taken seriously.
We dont put in letters of inten-
tion flippantly, he told City A.M., but
said it had not yet hired advisers.
Kantor added that Investec was
interested in Evolutions fast-growing
wealth management arm Williams de
Broe. We understand the business [of
wealth management], which would
be of some interest, he said.
Evolution is in late stage talks with
BNP Paribas to buy its private client
business, part of its wealth manage-
ment arm, to bolster Williams de Broe.
Investec bids
for Evolution
BY ALISON LOCK
BANKING
Piers Morgan could face questions

ANALYSIS l Evolution Group PLC
p
82
80
78
76
74
80.00
4 Aug
* These views are those of the individuals above and not necessarily those of their company.
CITY VIEWS: DO YOU THINK PIERS MORGAN SHOULD COME BACK TO THE UK TO
ANSWER QUESTIONS ABOUT THE PHONE HACKING SCANDAL?
Interviews by Eshe Nelson and Helen Thompson
Yes, it is definitely worthwhile; although he
doesn't necessarily need to be questioned in
the UK. He was in a position of authority at
the time and needs to take responsibility
for what happened on his watch.
PAUL MEADOWS | CHADLEY HOUSE TRAINING
Yes, but only if the allegations are relevant to his editorship and attributable to him.
It's also a matter of consistency. If other former editors of media organisations are
being held accountable then he should be too.
KEVIN BURGESS | BELL MICROSYSTEMS
GARY DUNION | SYSTEMS ACCOUNTANTS
No, I do not think that he should come back to
the UK, as he is being accused of events that
happened years ago. If he is made to return to
answer questions, where will authorities
draw the line. Where does it stop?
FORMER Daily Mirror editor Piers
Morgan has very serious questions
to answer about his newspapers role
in the hacking scandal, according to
media select committee chair John
Whittingdale. However, the commit-
tee has no plans to call Morgan in for
a grilling unless more evidence
emerges. Heather Mills has alleged
the Mirror hacked her phone.
Meanwhile, News Corps insurers
expect to lose out on the $180m they
have exposed with the firm following
the wave of phone hacking lawsuits.
MPs want answers from Morgan
MEDIA
NEWS | IN BRIEF
Schroders gets 5.1bn new work
Fund firm Schroders said clients repre-
senting a better-than-expected 5.1bn of
net new business have backed the firm to
help them ride out stormy investment
markets. The blue chip asset manager
reported a 15 per cent rise in profits yes-
terday. Its assets under management
rose to a record 204.8bn in the first
half of a year.
GM almost doubles its profits
General Motors quarterly profit shot
past Wall Street expectations yesterday,
but its share price fell as investors looked
to the risks of a choppy economy. For the
second quarter, GM's net income rose to
$2.52bn from $1.33bn a year earlier.
Revenue rose 19 per cent to $39.4bn,
thanks in part to the Japan quake caus-
ing supply problems for other firms.
EU opens NYSE-Deutsche probe
EU anti-trust regulators have opened an
in-depth probe into the proposed $9bn
(5.5bn) merger of Deutsche Boerse and
NYSE Euronext, citing concerns about
competition in derivatives trading and
clearing. Sources close to the deal expect
it to be conditionally cleared after the
investigation, with some interoperability
conditions applied.
Catlin suffers widened losses
Insurer Catlin Group reported a wider-
than-expected loss for the first half, hurt
by soaring claims after a spate of disas-
ters, but said it was confident of the sec-
ond half. January-June pre-tax loss was
$201m, compared with a profit of $86m
a year ago, though the firm raised its div-
idend by five per cent.
Blackstone buys Emdeon
Healthcare IT provider Emdeon has
agreed to be taken private for $3bn
(1.84bn) by Blackstone, the latest in a
slew of private equity deals in the health-
care space. The offer of $19 per Emdeon
share represents a 17 per cent premium
to Emdeons Wednesday close of $16.25
on the New York Stock Exchange.
News
AVIVAs decision to focus its business
on just 12 core markets was vindicat-
ed yesterday as it reported better-than-
expected first half profits.
The general and life insurer said it
made 1.33bn IFRS operating profit
over the past six months, four per
cent higher than the consensus esti-
mate for 1.28bn, while its net asset
value per share also beat forecasts.
Profit growth was driven by a
strong performance in its life and pen-
sions arm, which generated 15.4bn
of new business sales, ahead of fore-
casts for 15bn.
Its general insurance operating
profits grew 2.5 per cent to 455m.
Profits were also boosted by 21 per
cent growth in Europe, to 525m,
where it said saving rates were up
12 per cent since 2008.
Aviva also emphasised its
strong capital position, saying
it had a 4bn IGD surplus at
the end of June and generated
800m of cash in the
period.
Markets may well
continue to be
volatile, but our
strong balance sheet
and capital position
underpins our confi-
dence in our contin-
ued momentum,
chief exec Andrew
Moss (pictured) said.
Aviva said it held a
total 1.4bn exposure to sovereign
debt from Greece, Ireland, Italy,
Poland and Spain.
It said it had no exposure to
Portugal, just 1m to Greece and
200m to Ireland but held
300m of Spanish debt and
900m of Italys.
Panmure Gordon analyst
Barrie Cornes said Aviva
was likely to sell more
assets. We anticipate
more disposals fol-
lowing on from the
part sale of its stake
in Delta Lloyd and
the RAC business,
including the Asian oper-
ations which are deemed
non-core, he said.
Avivas strategy pays off as profits rise
5pc and cash generation hits 800m
INSURANCE
SWISS RE and Munich Re both

declared sunnier outlooks yesterday,
following a turbulent 12 months for
the insurance market.
Swiss Re posted an 18 per cent rise
in net income to $960m (588.9m),
ahead of expectations, thanks to high-
er demand for catastrophe cover in the
US, New Zealand and Australia.
The reinsurance market has start-
ed to turn, and Swiss Re expects fur-
ther improvements over the next 6-18
months, the firm said in a statement.
The group said it had no exposure to
Greek sovereign bonds and held a total
of $78m in peripheral Eurozone state
debt.
Meanwhile Munich Re said it
expects to be profitable this year after
rising premiums helped offset a hit
from tornadoes in the US and write-
downs on Greek debt and pushed
quarterly net profit above expecta-
tions.
Despite the exceptionally heavy
claims burdens we aim to achieve a
positive result for the year, said chief
executive Nikolaus von Bomhard.
Net profit after minorities rose 3.8
per cent to 736m (639.5m) in the sec-
ond quarter, the worlds biggest rein-
surer reported yesterday, better than
the 660m average estimate.
Munich Re said net profit took a
125m hit in the quarter from a
703m writedown on its Greek sover-
eign debt exposure to reflect market
values as of the end of June.
Swiss Re and Munich Re
both strike upbeat notes
INSURANCE
ROYAL & Sun Alliance chief executive

Andy Haste stood down on a high yes-
terday after the home and car insurer
posted profits ahead of all market
expectations.
RSA made 467m operating profit
in the first half of the year, up 22 per
cent on the same period in 2010 and
well over the highest analyst forecast
of 441m.
Pre-tax profit came in at 376m, up
25 per cent compared with the first
half of 2010, despite its commercial
lines business making a 19m loss
due to catastrophes in the period.
Haste said he would step down by
the end of the year after eight years
as group chief executive, handing
over to the groups head of interna-
tional operations, Simon Lee.
While market conditions remain
challenging, we continue to expect to
deliver targeted profitable growth in
the UK, around ten per cent growth
in international and double digit
growth in emerging markets, Haste
said in a statement.
RSA, which operates in 34 coun-
tries, wrote 4.2bn of premiums in
the first half, ten per cent more than
a year ago.
Investec analyst Kevin Ryan said
the results were consensus-smash-
ing and a significant achievement.
RSA praised
for its results
BY ALISON LOCK
INSURANCE
ANALYSIS l RSA Insurance

p
134
130
126
122
118.10
4 Aug
RSAs outgoing chief executive Andy
Haste will be well remembered as the
man who turned the British insur-
ance companys fortunes around.
After taking on the floundering
insurer in 2003, when its market
value stood at 1bn, his eight years at
the helm have proved ultimately suc-
cessful.
Faced with huge losses, Haste was
quick to make bold decisions;
offloading failing non-core business
and cutting thousands of jobs. Other
measures to restore the company
included several acquisitions and
moving the firms offices out of
Mayfair. Now, RSA has a market cap
of 4.6bn, and profits rising 25 per
cent in the first half of the year.
But Hastes tenure has not been
without turbulence. Last year his
5bn bid to buy the UK, Irish and
Canadian general insurance opera-
tions of Aviva was turned down flat.
Hes also received public retribution
over his 2009 pay package of 2.3m.
He received a 14 per cent pay rise,
despite RSAs profits falling by 27 per
cent in the same year.
Haste is said to be a hands-on but
relaxed employer, avoiding, when
possible, the formal suits of other
chief execs. However, he does keep an
emergency stash of ties in his office,
wary of unexpected visitors.
Relatively unknown before he took
the top job at RSA, Haste was previ-
ously chief executive of AXA Sun Life,
but had no experience in life insur-
ance before he joined the French
company. He started his career with a
16 year stint at NatWest, rising to be
chief executive of NatWest Offshore.
At 49, Haste, a non-executive
director of ITV, surely has a
lot to come, with many
surprised that he does-
nt have another role
on the horizon.
Given RSAs suc-
cess, one would
expect he has
many offers.
BY ESHE NELSON
INSURANCE
ANDY HASTE
Haste goes out on a high as business
he rebuilt turns in solid performance
News
MORE NEWS
ONLINE AT
@
@
www.cityam.com
London 2012
IMAGE OF THE WEEK
DOW Chemical has been confirmed as the sponsor
of the Olympic stadiums wrap. The wrap was
rejected for public funding last year, but thanks to
private sponsorship can now go ahead after all.
In the run-up to the 2012 Olympic and
Paralympic Games, City A.M. is publishing
its Olympic Image of the Week. If you
have a shot you think our readers will like,
please email pictures@cityam.com with
IOW2012 in the subject line. Full details:
www.cityam.com/london-2012.
ITS A WRAP| OLYMPIC STADIUM
Pru: Time to forget AIA
A
t the end of a torrid week in
which the UKs insurers and
banks have all reported
financial figures, today is
the turn of the Prudential, the
insurer that has been given the
hardest of times over recent
months for its botched attempt last
year to take-over AIA.
The Prudential and its super
clever chief executive Tidjane
Thiam has paid a high price for fail-
ing to complete that transaction,
with calls for its chairman to go
still ringing in the ears.
But it is time for the back-biting
to stop. The Prudentials perform-
ance, as I am sure will be con-
firmed today, shows a group that is
firing on all cylinders, making the
most of its propitious exposure to
the growing economies of the east.
Prudential makes 25 per cent its
profit from Asia, 35 per cent in the
US and 40 per cent in the UK, and is
less dependent on the shaky UK
market than most of its other
rivals. Not surprisingly, those look-
ing for excitement find organic
growth less attractive than go-get-
ting mergers. But in the end sensi-
bly planned organic growth can
often be more sustainable than the
mergers route, whatever fee hun-
gry investment bankers might say.
When Thiam joined the
Prudential from Aviva, where he
had been CEO of Europe, in 2008,
the two insurers market capitalisa-
tions were roughly equal at a little
more than 13bn. The Prudential
was worth around 18bn at the
half-year, way above Avivas 12.6bn
valuation. Thiam deserves to be
judged on the figures and the strat-
egy going forward rather than for
the ill-fated venture over AIA.
INSIDE TRACK
DAVID HELLIER
KRAFT said yesterday it would split
into two listed companies, compris-
ing its global snacks business and its
North American grocery business,
less than two years after swallowing
Cadbury in a controversial takeover.
The company is the latest in a host
of firms moving to separate their dis-
parate operations,
including Fortune
Brands, Sara Lee
and ITT.
The maker of
Cadbury chocolate
bars, Oreo cookies
(pictured) and
Velveeta cheese told
its shareholders it
would spin off its
North American
grocery business.
The grocery busi-
ness -- which would
have annual revenue of about $16bn
(9.7bn) -- would include its US bever-
ages, cheese and convenient meals
with brands like Maxwell House cof-
fee and Jell-O desserts.
The global snacks company will
consist of its Europe and developing
markets units and its North
American snacks and confectionery
businesses. The new firm -- with
annual sales of $32bn -- will have
brands like Oreo cookies and
Cadbury.
Kraft aims to
complete the
spin-off by the
end of 2012.
Kraft also
announced that its
s econd- quar ter
earnings climbed
four per cent to
$976m, or 55 cents
per share, from
$937m, or 53 cents
per share, a year ago.
Revenue rose 13 per cent to
$13.88bn from $12.25bn. It also
raised its full year forecasts for rev-
enue and operating earnings.
Kraft to split
itself in two
as sales rise
Blacks chairman steps down
THE chairman of struggling outdoor
goods retailer Blacks Leisure has quit a
week after the firms largest investor,
Sports Direct, voted against his reap-
pointment at the annual sharehold-
ers meeting.
Blacks Leisure, which runs the
Blacks and Millets chains, said yester-
day that David Bernstein (pictured),
who is also chairman of Englands
Football Association, had resigned as
chairman and as a director
of the company with
immediate effect. His
departure comes just
three days after Julia
Reynolds started as Blacks
chief executive, succeeding
Neil Gillis.
This month
Blacks, which
struck a res-
cue deal
with credi-
tors in
2009 that saw it close more than 100
stores, said sales had missed fore-
casts, driving up debts and forcing
it to look at raising capital.
At its annual general meeting on
27 July, Bernstein, who had chaired
Blacks since 2001, received more
than 78 per cent of proxy votes in
favour of his reappoint-
ment. But Sports Direct
boss Mike Ashley voted
his firms 21 per cent
holding against
Bernstein.
BY JOHN DUNNE
RETAIL
BY JOHN DUNNE
RETAIL
CONSUMER goods giant Unilever

raised its prices sharply in the second-
quarter to offset a hike in commodity
costs, helping to beat forecasts with
7.1 per cent rise in quarterly sales.
The firm behind Ben & Jerrys ice
cream and Dove soaps said growth
was driven by the groups big emerg-
ing market presence in Asia, Africa
and Latin America, helped by hot
weather in Europe for its ice cream
and beverage business as well as a
price hike across the board. Half-year
earnings were up 10 per cent.
Chief executive Paul Polman stuck
to his 2011 goals of profitable sales
volume growth ahead of its markets
and higher profit margins, despite
cost inflation and tough trading in
the mature markets of Western
Europe and the US.
Unilever beats forecasts
thanks to price increases
CONSUMER
News
HOLLISTER BRAND BOOSTS ABERCROMBIE
ABERCROMBIE & Fitch said yesterday that net sales rose 23 per cent to $916.8m (563.1m)
in the second quarter from a year ago, as shoppers flocked to its stores, especially its surf-
themed Hollister chain. Revenue in stores open at least one year rose nine per cent overall,
while international sales jumped 74 per cent to $231.9m. Picture: GETTY
NEWS | IN BRIEF
Adidas raises 2011 forecast
Adidas raised its year forecasts again
yesterday after demand for its three-
stripe branded sportswear from Chinese
and US customers led to a five per cent
rise in second quarter sales. Adidas, the
world's second-largest sports clothing
company after Nike, has already raised
its sales outlook twice this year as
demand for sportswear soars. The
German group said it now expects sales
this year to be up 10 per cent and earn-
ings per share up by 15 per cent, with
demand in North America also remain-
ing strong.
Ladbrokes profits slump
Betting firm Ladbrokes reported a
worse-than-expected 33 per cent
decline in first half pre-tax profit, and
said it remained cautious on the outlook
for the UK economy. The company,
which has more than 2,700 betting
shops, said pre-tax profit fell to 76.6m
from 114.7m the year before, reflecting
a one off interest rebate which boosted
the previous year's figure. Market expec-
tations for underlying pre-tax profit had
ranged between 77m and 84m. The
company said it remained on track to
meet expectations for the full year.
Ocado adds new Oxford base
Online retailer Ocado is to open a new
regional depot near Oxford to tackle
capacity problems at the online grocer.
Due to open in November this year, the
43,000 sq ft warehouse will be able to
process 10,000 orders a week. The new
site will take pressure off existing sites
in Weybridge and Coventry, as well as
the central depot in Hatfield. We are
fully focussed on increasing our capacity
to meet customer demand, it said.
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ABERDEEN
SETS SAIL
FOR COWES
IN STYLE
THE RECEIVED wisdom about sailing is
that it is equivalent to standing under a
cold shower tearing up 20 notes.
Make that standing under a fire
hydrant tearing up 50 notes and the
description is spot on, said double gold-
winning Olympian Sarah Gosling, as she
sheltered from the rain in Bow
Churchyard outside Aberdeen Asset
Managements offices.
However, Gosling, brought in to front
the fund managers three-year sponsor-
ship of Cowes Week as its first ambassa-
dor, stressed sailing is not a gin and tonic
sport at all. Absolutely, agreed Chris
Ellyatt, the funds head of distribution
and amateur sailor, who can often be
spotted sailing dinghies in the wilds of
somewhere out by Heathrow at the low-
key Queen Mary Sailing Club.
Not quite at the level of super-yacht
owners such as Microsoft founder Paul
Allen, who owns the eight-level monster
Octopus, or even Vincent Tchenguiz, who
entertains aboard the 130-foot Veni Vidi
Vici. People think of sailing as a rich
mans sport but there is a broad spec-
trum, admitted Ellyatt ahead of his week-
long trip to Cowes, where he hopes to
and [then executive chairman] Michael
Greens plans for the business, said the
mole, who has the princely wager of 1
riding on a general election being called
by 2013. He is a true heir to Blair.
BUYERS AND CELLARS
DO YOU know your Chassagne
Montrachet from your Chateau Leoville
Barton? The Capitalist is pleased to offer
readers the chance to win dinner for two
at the next Wine Society dinner at 1
Lombard Street (above) on Monday 8
August, where sommelier Matthew
Mawtus will open up the cellar he claims
is one of the largest in the City.
All you have to do is to answer three
questions, so here goes: Mas de Daumas
Gassac was established in the 1970s, and
since then has come to be described by
some as the Grand Cru of Languedoc.
Where is Mas de Daumas Gassac?
Question two: What is the
grape/grapes in a Blanc de Blancs
Champagne? And finally: What
does the term cru relate to?
The winner will also be invited
with a guest to the next Wine Dinner
on 19 September. Email entries by
midday on Monday 8 August to
el@jessen.co.uk
catch up with friends from Nomura, JP
Morgan, Credit Suisse and Barclays aboard
their no doubt opulent vessels.
MONEY FOR NOTHING
WHAT HAS Eric Daniels been up to since
announcing his retirement as Lloyds
Banking Group CEO last September?
Working flat-out in a special advisory
role for the bank, which will run until his
contract expires on 21 September.
Except, as chairman Sir Win Bischoff
revealed at Lloyds annual results yester-
day: We have not yet had occasion to call
on his advice. Equally vague is where
exactly Daniels is fulfilling this demand-
ing schedule. Hes in London, in one of
our offices, came Bischoffs evasive reply.
At least there is a definite figure for
how much Daniels (right) is being paid to
sit in an unspecified central London loca-
tion waiting for the phone to ring:
1,035,000. Nice work if you can get it.
HEIR TO BLAIR
DAVID Camerons yes-men have made
much political stock of the Prime
Ministers time in the communications
team at Carlton, holding it up as proof he
can hack it in the working world.
The reality, says a TV insider, is that
Cameron was rather disconnected
in the role. Peter Rushton ran the PR
operations for the front-facing
Carlton TV when the PM worked at
the broadcaster; Cameron worked
on the corporate side handling PR
for Carlton plc, where his sole pur-
pose was to say no comment.
That was his stock media
response to everything: On
Digital, Carltons balance sheets
Until the Cowes come home: Chris Ellyatt and Sarah Gosling with Aberdeens 27-ft Dragon boat
Chris Ellyatt
of Aberdeen
Asset
Management
plans to boat
hop with his
banker friends
at Cowes
Week
The Capitalist
16
EDITED BY
HARRIET DENNYS
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @citycapitalist
CITYA.M. 5 AUGUST 2011
News
Wall St sees worst
selloff in two years
I
nvestors fled Wall Street yesterday
in the worst stock-market selloff
since the depths of the recession
in early 2009, in what has turned
into a full-fledged correction.
The Dow and the S&P tumbled
more than four per cent and the
Nasdaq lost five per cent on fears that
the US is staring at another recession
and that Europes sovereign debt cri-
sis is swallowing two of its largest
economies.
Analysts predicted further losses
even though stocks have fallen on
nine of the last ten days. Two-year
Treasury yields fell to a record low as
investors sought safety in short-term
government bonds.
People are throwing in the towel
because they cant find relief on any
front, said Milton Ezrati, market
strategist at Lord Abbett in Jersey City,
New Jersey, which manages $110bn
(67bn) in assets.
The S&P 500s drop puts it more
than ten per cent below its April 29
high, considered a correction.
More than 13bn shares changed
hands, the busiest trading day in
more than a year. Decliners beat
advancers on the New York Stock
Exchange by about 19 to 1.
The markets recent malaise stems
from a number of factors. US econom-
ic data has worsened, suggesting
slowing growth from already sluggish
pace in the first half. Europes sover-
eign debt crisis has defied remedies
and threatens to engulf large euro-
zone economies Spain and Italy.
The debt troubles in Europe, espe-
cially with the yields on Italian and
Spanish government bonds soaring,
are making investors gather as much
liquidity as possible, said Stephen
Massocca, managing director of
Wedbush Morgan in San Francisco.
The Dow Jones industrial average
was down 512.46 points, or 4.31 per
cent, at 11,383.98. The Standard &
Poor's 500 Index fell 60.21 points, or
4.78 per cent, at 1,200.13. The Nasdaq
Composite Index lost 136.68 points, or
5.08 per cent, at 2,556.39.
Losses occurred in all sectors.
Among stocks hitting new 52-week
lows were Bank of America, down 7.4
per cent at $8.83, Citigroup, down 6.6
per cent at $34.81, and Hewlett-
Packard, down 5.1 per cent at $32.54.
Among sectors, losses in energy
and materials outpaced others, with
S&P energy down 6.8 per cent and
materials down more than 6.6 per
cent. US crude futures settled down
$5.30 to $86.63 a barrel in New York.
The CBOE Volatility index jumped
35.4 per cent to 31.66, its highest since
July 2010. It was the biggest rise since
February 2007.
B
RITAINS top share index tum-
bled and closed lower for the
fifth consecutive trading day
yesterday, depressed by global
growth concerns and sovereign debt
worries ahead of key US jobs data.
Inmarsat shares plunged 19.3 per
cent, hitting their lowest level in
more than two and a half years after
the satellite operator abandoned
growth forecasts for its core business.
But commodity and banking
stocks were the main drag on
Londons blue chip index, as
investors fled from risk on worries
the stalling global economic recovery
would feed through to what has so
far been mainly robust corporate per-
formance.
This economic recovery will be
slower and more difficult because
both nations and [some] consumers
are overladen with debt, said Louise
Cooper, market analyst at BGC
Partners.
Repaying the loans will take
longer and be more painful than we
had previously anticipated. We are in
a catch 22 situation, we desperately
need growth to pay off the debt, but
we cannot grow because of the
amount of debt we owe.
The FTSE 100 index plummeted
191.37 points, or 3.4 per cent, to
5,393.14, closing below 5,400 for the
first time since 2 September 2010.
Investors bailed out of equities
ahead of US non-farm payroll data
today that will be scrutinised for
signs of how quickly the US economy
can regain its momentum.
New US claims for unemployment
benefits were little changed last
week, data showed yesterday,
Wall Street was down more than
two per cent as London closed.
Disappointing earnings from glob-
al miner Rio Tinto and part state-
owned Lloyds Banking Group also
weighed on the mining and banking
sectors respectively.
Shares in Lloyds and several other
companies were suspended for a
short period after their asking price
fell too quickly.
The [banking] sector remains in
the long shadow of the banking crisis
and continuing global economic dif-
ficulties, not to mention regulatory
uncertainty. There was never going
to be a quick way out of the woods,
Paul Mumford, senior fund manager
at Cavendish, which has 700m of
assets under management.
Britains central bank left interest
rates at a record low yesterday and
kept up its sleeve the option of more
stimulus under its quantitative eas-
ing programme should an already
struggling economy weaken further.
Spanish bond yields soared to their
highest level since the inception of
the euro as a still-deepening debt cri-
sis threatened to swallow the larger
economies of Italy and Spain.
The sell-off in European equities
including London this week has
wiped out around 288bn from com-
pany market capitalisation, about
two-thirds of the 440bn capacity of
the rescue fund set up by the
European Union.
Gold rose to fresh all time highs as
investors plumped for the precious
metals safe haven qualities.
That lifted precious metals miner
Randgold up 6.6 percent as investors
bought the firm as an equity proxy
for gold.
Elsewhere on the upside, Unilever
rose 2.7 per cent as the consumer
goods giant beat forecasts with sec-
ond-quarter sales growth of 7.1 per
cent.
Other defensively-perceived stocks
benefited from a knock to investors
risk appetite, with Imperial Tobacco
up 1.3 per cent.
FTSE crashes to lowest level
in 11 months on Euro turmoil
THELONDON
REPORT
THENEW YORK
REPORT
ANALYSIS l FTSE
p
9May 27May 17Jul 7Jul 27Jul
6,100
5,700
5,500
5,900
5,393.14
4 Aug
Nomura Code
John Johnston has been appointed as
head of sales EMEA to lead the
expanded sales team, one of the
largest small cap sales desks in
London. Johnston joins the Japanese
bank from Seymour Pierce, where he
was most recently head of institu-
tional sales.
UniCredit
Jakob Groot has been appointed as
global head of institutional distribution
for the banks rates, FX and credit divi-
sion, based in London and Munich.
Groot previously worked at RBS,
where he was global head of local
sales and head of CEEMEA regional
sales.
Hambledon Mining
The Kazakhstan-focused gold miner
has appointed Jeffrey OLeary as a
non-executive director. Until 2009,
OLeary was a non-executive director
of Moto Goldmines; most recently, he
has been developing gold projects.
+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
Kentz Corporation
The holding company of the Kentz engineer-
ing and construction group has appointed
Christian Brown as group chief operating
officer. Brown, who had a 17-year career with
Kellogg Brown and Root before joining Foster
Wheeler in 2009, will initially be based in the
London office before transferring to Houston
in June 2012. Paul Lewis, most recently presi-
dent of global sales at Fluor, has also joined
the firm as group development officer.
CITY MOVES | WHOS SWITCHING JOBS
Edited by Harriet Dennys
BEST OF THE BROKERS
ANALYSIS l Cairn Energy
425
325
375
Jun Jul Aug
p
311.00
4 Aug
CAIRN ENERGY
Deutsche Bank rates the oil explorer buy
but has cut its target price from 480p to
450p in light of the firms failure to find oil
in Greenland. However, the broker sees the
share price slump as a buying opportunity,
particularly below a floor price of 345p.
Deutsche reckons Greenland contributed
34p to the firms net asset value.
ANALYSIS l AstraZeneca
3,200
3,000
2,800
Jun Jul Aug
p
2,714.00
4 Aug
ASTRAZENECA
Jefferies has upgraded the pharma group
from underperform to hold with a tar-
get price of 26. The broker thinks the
coming patent expiries will affect the firm
deeply, but thinks management has suc-
cessfully supported its share price through
buybacks and dividends. It has also low-
ered its risk outlook on the Brilinta drug.
Asia boosts Robert Walters
BRITISH recruitment firm Robert
Walters has posted a 23 per cent
increase in firsthalf net fees, boosted
by international growth.
Markets outside the UK contributed
74 per cent to its net fee income, with
the companys Asia Pacific business
growing 29 per cent.
Both China and Thailand enjoyed a
doubling of net fee income, after
Robert Walters committed to focusing
expansion in markets offering the best
prospects for growth.
The European market also boasted
strong growth at 34 per cent, a figure
underpinned by France, the firms
largest business in the region. The
company has said that additional
offices in Indonesia, Taiwan and
Germany are planned during the sec-
ond half of the year to exploit the
growing international market.
Rival recruiter Hays reported slug-
gish conditions in the UK market, but
Robert Walters posted a six per cent
rise in domestic net fee income.
The accountancy, engineering and
IT recruitment specialist, now valued
at 240m, has boosted its interim divi-
dend by five per cent. Its shares
dropped 1.4 per cent yesterday, outper-
forming the FTSE All-Share.
BY HELEN THOMPSON
RECRUITMENT
THE FSA has charged former Mizuho

investment banker Thomas Ammann
and two of his associates with insider
dealing, the regulator said yesterday.
Ammann, who was fired from the
bank shortly after he was arrested in
November last year, was also charged
with money laundering and encourag-
ing insider dealing.
Christina Weckwerth, who is based
in Germany, and Jessica Mang were
both charged with insider dealing, the
FSA said. Weckwerth was also charged
with money laundering.
The charges relate to trading in
shares of Canon-owned Dutch print
maker Oce between February and
November 2009, the FSA said.
The FSA has not expressed any con-
cern about Mizuho International or its
systems and controls, said the bank.
All three are due to appear at City of
Westminster Magistrates Court in
London on 23 August.
FSA charges ex-Mizuho
man with insider dealing
ENFORCEMENT
ANALYSIS l Robert Walters

p
326
322
318
314
309.00
4 Aug
LON GD ONCE FIX AM...........1664.25 -3.25
SILVER LDN FIX AM..................41.71 0.10
MAPLE LEAF 1 OZ ....................71.50 -0.60
LON PLATINUM AM ...............1757.00 -39.00
LON PALLADIUM AM...............788.50 -35.50
ALUMINIUM CASH .................2529.00 -11.00
COPPER CASH ......................9549.00 -76.00
LEAD CASH...........................2522.00 -17.00
NICKEL CASH......................23875.00 -635.00
TIN CASH.............................26700.00-1090.00
ZINC CASH ............................2361.50 -45.50
BRENT SPOT INDEX................116.42 0.00
SOYA.....................................1364.00 0.00
COCOA..................................2916.00 0.00
COFFEE...................................241.90 0.00
KRUG.....................................1735.80 7.10
WHEAT ....................................161.25 -3.00
AIR LIQUIDE........................................90.32 -3.47 100.65 80.00
ALLIANZ..............................................82.83 -2.07 108.85 79.46
ALSTOM..............................................32.29 -1.66 45.32 30.78
ANHEUS-BUSCH INBEV ....................37.82 -0.83 46.33 37.78
ARCELORMITTAL ..............................18.32 -1.16 28.55 18.28
AXA......................................................11.71 -0.32 16.16 10.88
BANCO SANTANDER...........................6.37 -0.30 10.19 6.37
BASF SE..............................................56.63 -1.88 70.22 40.74
BAYER.................................................50.65 -1.51 59.44 45.18
BBVA.....................................................6.47 -0.28 10.71 6.45
BMW ....................................................61.27 -4.28 73.85 40.16
BNP PARIBAS.....................................40.62 -1.19 59.93 40.05
CARREFOUR ......................................18.57 -0.67 36.06 18.51
CREDIT AGRICOLE..............................7.14 -0.33 12.92 7.05
CRH PLC .............................................12.14 -0.43 17.40 11.51
DAIMLER.............................................43.86 -1.47 59.09 37.03
DANONE..............................................48.21 -1.11 53.16 41.00
DEUTSCHE BANK..............................33.88 -1.50 51.61 33.59
DEUTSCHE TELEKOM.......................10.15 -0.11 11.38 9.50
E.ON.....................................................17.79 -0.43 25.54 17.71
ENEL......................................................3.73 -0.11 4.86 3.60
ENI .......................................................13.85 -0.33 18.66 13.82
FRANCE TELECOM............................13.62 -0.22 17.45 13.56
GDF SUEZ ...........................................21.01 -0.90 30.05 21.00
GENERALI ASS. .................................12.00 -0.39 17.05 12.00
IBERDROLA..........................................5.25 -0.19 6.50 5.08
ING GROEP CVA ..................................6.46 -0.37 9.50 6.40
INTESA SANPAOLO.............................1.23 -0.14 2.53 1.23
KON.PHILIPS ELECTR.......................15.51 -0.75 25.45 15.39
L'OREAL..............................................79.01 -2.10 91.24 75.03
LVMH.................................................115.20 -5.95 132.65 89.12
MUNICH RE.........................................95.52 -2.29 126.00 95.11
NOKIA....................................................3.60 -0.13 8.49 3.58
REPSOL YPF.......................................19.39 -1.18 24.90 17.31
RWE.....................................................33.68 -0.86 56.49 33.44
SAINT-GOBAIN...................................35.28 -2.27 47.64 27.81
SANOFI ................................................50.51 -1.32 56.82 44.11
SAP......................................................40.24 -1.29 46.15 34.13
SCHNEIDER ELECTRIC.....................90.04 -3.58 123.65 81.40
SIEMENS .............................................78.04 -3.21 99.39 70.02
SOCIETE GENERALE.........................27.70 -1.89 52.70 27.45
TELECOM ITALIA.................................0.80 -0.03 1.16 0.80
TELEFONICA ......................................14.69 -0.44 19.69 14.69
TOTAL .................................................35.31 -0.84 44.55 35.17
UNIBAIL-RODAMCO SE...................143.75 -5.35 162.95 125.68
UNICREDIT............................................1.04 -0.11 2.24 1.04
UNILEVER CVA...................................22.70 0.61 24.08 20.68
VINCI ....................................................35.60 -1.93 45.48 33.38
VIVENDI ...............................................15.58 -0.56 22.07 15.52
Price Chg High Low
EU SHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 5393.14 -191.37 -3.43
FTSE 250 INDEX . . . . . . . 10570.64 -423.95 -3.86
FTSE UK ALL SHARE . . . . 2802.51 -100.51 -3.46
FTSE AIM ALL SH . . . . . . . . 786.07 -40.12 -4.86
DOWJONES INDUS 30 . . 11383.68 -512.76 -4.31
S&P 500 . . . . . . . . . . . . . . . 1200.07 -60.27 -4.78
NASDAQ COMPOSITE . . . 2556.39 -136.68 -5.08
FTSEUROFIRST 300 . . . . . . 993.35 -34.17 -3.33
NIKKEI 225 AVERAGE. . . . 9659.18 22.04 0.23
DAX 30 PERFORMANCE. . 6414.76 -225.83 -3.40
CAC 40 . . . . . . . . . . . . . . . . 3320.35 -134.59 -3.90
SHANGHAI SE INDEX . . . . 2684.04 5.55 0.21
HANG SENG. . . . . . . . . . . 21884.74 -107.98 -0.49
S&P/ASX 20 INDEX . . . . . . 2553.90 -32.00 -1.24
ASX ALL ORDINARIES . . . 4352.90 -55.40 -1.26
BOVESPA SAO PAOLO . 52829.18-3188.04 -5.69
ISEQ OVERALL INDEX . . . 2545.51 -93.64 -3.55
STI . . . . . . . . . . . . . . . . . . . . 3107.01 -23.33 -0.75
IGBM. . . . . . . . . . . . . . . . . . . 879.01 -34.68 -3.80
SWISS MARKET INDEX. . . 5285.25 -197.90 -3.61
Price Chg %chg
3M........................................................82.23 -3.95 98.19 78.40
ABBOTT LABS ...................................48.77 -1.52 54.24 45.07
ALCOA ................................................12.94 -1.32 18.47 9.92
ALTRIA GROUP..................................25.49 -0.87 28.13 22.07
AMAZON.COM..................................201.48 -8.48 227.45 119.68
AMERICAN EXPRESS........................46.84 -2.02 53.80 37.33
AMGEN INC.........................................51.56 -1.76 61.53 50.34
APPLE...............................................377.37 -15.20 404.50 236.78
AT&T....................................................28.78 -0.72 31.94 26.20
BANK OF AMERICA.............................8.83 -0.71 15.31 8.77
BERKSHIRE HATAW B......................70.99 -3.02 87.65 70.82
BOEING CO.........................................63.09 -4.25 80.65 59.48
BRISTOL MYERS SQUI......................27.18 -1.11 29.73 20.05
CATERPILLAR....................................89.55 -6.73 116.55 63.34
CHEVRON...........................................96.84 -5.92 109.94 72.57
CISCO SYSTEMS................................14.82 -0.67 24.87 14.78
CITIGROUP.........................................34.81 -2.45 51.50 34.75
COCA-COLA.......................................65.82 -2.58 69.82 54.92
COLGATE PALMOLIVE......................82.58 -1.74 89.43 73.12
CONOCOPHILLIPS.............................66.92 -3.64 81.80 52.00
DU PONT(EI) DE NMR........................47.24 -3.26 57.00 38.71
EXXON MOBIL....................................73.84 -3.88 88.23 58.05
GENERAL ELECTRIC.........................16.47 -1.00 21.65 14.25
GOLDMAN SACHS GRP..................126.40 -5.73 175.34 125.50
GOOGLE A........................................577.52 -23.65 642.96 448.00
HEWLETT PACKARD.........................32.54 -1.74 49.39 32.50
HOME DEPOT.....................................31.70 -1.25 39.38 27.10
IBM.....................................................171.48 -7.35 185.63 122.28
INTEL CORP .......................................20.85 -0.96 26.78 17.60
J.P.MORGAN CHASE.........................37.92 -1.98 48.36 35.55
JOHNSON & JOHNSON.....................61.84 -1.57 68.05 56.99
KRAFT FOODS A................................33.78 -0.52 36.30 24.30
MC DONALD'S CORP ........................84.28 -1.26 89.57 69.84
MERCK AND CO. NEW......................31.51 -1.19 37.68 31.06
MICROSOFT........................................25.94 -0.98 29.46 23.32
OCCID. PETROLEUM.........................87.76 -6.47 117.89 72.13
ORACLE CORP...................................28.88 -1.31 36.50 21.66
PEPSICO.............................................63.35 -1.13 71.89 62.05
PFIZER ................................................17.36 -0.67 21.45 15.66
PHILIP MORRIS INTL.........................67.40 -2.56 72.74 50.54
PROCTER AND GAMBLE..................59.58 -1.15 67.72 56.57
QUALCOMM INC ................................51.25 -2.48 59.84 37.54
SCHLUMBERGER ..............................80.79 -6.40 95.64 52.91
TRAVELERS CIES..............................53.31 -0.91 64.17 48.46
UNITED TECHNOLOGIE ....................74.37 -4.94 91.83 64.57
UNITEDHEALTH GROUP...................45.07 -2.11 53.50 30.82
VERIZON COMMS ..............................34.92 -1.05 38.95 29.10
WAL-MART STORES..........................50.10 -1.18 57.90 50.00
WALT DISNEY CO..............................35.35 -2.08 44.34 31.55
WELLS FARGO & CO.........................25.74 -1.56 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 ............................0.500 0.00
LIBOR Euro - overnight ..................0.817 -0.01
LIBOR Euro - 12 months ................2.157 -0.01
LIBOR USD - overnight...................0.153 -0.25
LIBOR USD - 12 months.................0.766 0.00
HaIifax mortgage rate .....................3.990 0.00
Euro Base Rate ...............................1.500 0.00
Finance house base rate................1.000 0.00
US Fed funds...................................0.250 0.00
US Iong bond yieId .........................3.730 -0.17
European repo rate.........................0.797 0.02
Euro Euribor ....................................1.269 0.07
The vix index ...................................28.75 5.44
The baItic dry index ........................1.260 0.01
Markit iBoxx...................................228.05 1.11
Markit iTraxx..................................126.45 3.57
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
US SHARES
6/$ 1.4137 0.0181
6/ 0.8683 0.0034
6/ 111.78 0.9844
/6 1.1520 0.0050
/$ 1.6284 0.0143
/ 128.41 2.1400
FTSE 100
5393.14
-191.37
FTSE 250
10570.64
-423.95
FTSE ALL SHARE
2802.51
-100.51
DOW
11383.68
-512.76
NASDAQ
2556.39
-136.68
S&P 500
1200.07
-60.27
RPC Group . . . . . . . .335.0 -12.3 384.8 202.2
Smiths Group . . . . .1006.0 -60.0 1429.0 997.5
Brown (N.) Group . . .271.3 -4.3 311.2 221.0
Carpetright . . . . . . . . .593.0 16.0 835.5 569.0
Debenhams . . . . . . . . .60.9 -1.7 77.4 56.1
Dignity . . . . . . . . . . . .819.5 -13.5 850.0 633.0
Dixons RetaiI . . . . . . .13.0 -0.4 28.5 11.8
DuneImGroup . . . . . .465.0 6.0 550.0 371.3
HaIfords Group . . . . .300.0 -10.1 504.5 291.5
Home RetaiI Group . .118.1 -2.9 235.2 117.7
Inchcape . . . . . . . . . .344.5 -21.8 425.4 253.2
JD Sports Fashion . .896.0 -19.0 1030.0 723.5
Kesa EIectricaIs . . . .119.6 -1.5 174.0 109.8
Kingfisher . . . . . . . . .230.6 -7.3 287.1 198.5
Marks & Spencer G . .330.5 -8.7 427.5 329.3
Mothercare . . . . . . . .388.0 -5.1 627.5 381.5
Next . . . . . . . . . . . . .2352.0 -6.0 2426.0 1868.0
Sports Direct Int . . . .242.7 -13.9 266.2 101.1
WH Smith . . . . . . . . . .482.7 -23.8 523.0 398.2
Smith & Nephew . . . .564.0 -34.0 742.0 537.5
Synergy HeaIth . . . . .923.0 -17.0 981.0 640.0
Barratt DeveIopme . . .83.9 -7.3 119.0 70.1
BeIIway . . . . . . . . . . . .629.0 -37.0 753.5 511.0
YuIe Catto & Co . . . . .185.0 -12.5 253.0 135.2
BaIfour Beatty . . . . . .268.5 -10.5 357.3 234.6
KeIIer Group . . . . . . .406.7 -18.3 698.5 406.7
Kier Group . . . . . . . .1237.0 -12.0 1418.0 970.0
Drax Group . . . . . . . .516.0 -4.0 535.0 353.6
Scottish & Southe . .1300.0 -17.0 1423.0 1108.0
Domino Printing S . .611.0 -26.5 705.0 440.0
HaIma . . . . . . . . . . . . .374.1 -7.0 429.6 270.0
Laird . . . . . . . . . . . . . .153.8 -5.2 207.0 121.1
Morgan CrucibIe C . .284.0 -14.8 357.1 189.1
Renishaw . . . . . . . . .1452.0 -97.0 1886.0 835.0
Spectris . . . . . . . . . .1350.0 -65.0 1679.0 869.5
Aberforth SmaIIer . . .657.5 -3.5 714.0 507.0
AIIiance Trust . . . . . .350.2 -9.4 392.7 307.6
Bankers Inv Trust . . .385.8 -5.2 428.0 353.6
BH GIobaI Ltd. GB .1104.0 4.0 1174.0 1058.0
BH GIobaI Ltd. US . . . .11.0 0.1 11.6 10.4
BH Macro Ltd. EUR . . .17.4 0.0 17.7 15.8
BH Macro Ltd. GBP 1790.0 0.0 1809.0 1630.0
BH Macro Ltd. USD . . .17.4 0.2 17.5 15.8
BIackRock WorId M .720.0 -21.5 815.5 554.5
BIueCrest AIIBIue . . .170.2 -1.4 176.2 164.5
British Assets Tr . . . .124.4 -1.0 140.5 115.3
British Empire Se . . .497.1 -4.4 533.0 422.5
CaIedonia Investm .1595.0 -26.0 1928.0 1543.0
City of London In . . .274.5 -8.5 306.9 249.3
Dexion AbsoIute L . .140.0 -0.3 151.0 131.2
Edinburgh Dragon . .227.0 -6.0 262.1 212.8
Edinburgh Inv Tru . . .440.2 -10.8 492.2 392.4
EIectra Private E . . .1561.0 -73.0 1755.0 1289.0
F&C Inv Trust . . . . . .291.2 -8.7 327.9 263.8
FideIity China Sp . . . . .89.8 -0.2 128.7 89.6
FideIity European . .1117.0 -40.0 1287.0 937.5
FideIity SpeciaI . . . . .522.0 -2.0 595.0 510.0
HeraId Inv Trust . . . .489.4 -6.2 545.5 383.5
HICL Infrastructu . . .115.2 0.5 121.3 112.0
Impax Environment .111.4 -1.1 130.5 106.5
JPMorgan American .822.5 5.5 916.0 673.0
JPMorgan Asian In . .229.0 0.0 250.8 195.3
JPMorgan Emerging .548.0 -5.5 639.0 517.5
JPMorgan European .805.0 -34.0 983.5 641.0
JPMorgan Indian I . . .399.0 -3.6 502.0 394.1
JPMorgan Russian .622.0 -2.0 755.0 549.0
Law Debenture Cor . .353.4 -3.6 385.0 295.1
MercantiIe Inv Tr . . . .974.0 -28.0 1137.0 907.5
Merchants Trust . . . .376.5 -2.5 431.8 345.0
Monks Inv Trust . . . .323.5 -5.8 367.9 290.0
Murray Income Tru . .613.5 -8.0 673.0 553.5
Murray Internatio . . .905.0 -17.0 991.5 824.0
PerpetuaI Income . . .253.1 -2.4 276.0 217.8
PoIar Cap TechnoI . .330.0 -9.0 391.2 275.6
RIT CapitaI Partn . . .1238.0 8.0 1334.0 1107.0
Scottish Inv Trus . . . .465.0 -5.0 524.0 409.0
Scottish Mortgage . .690.0 -15.5 781.0 566.0
SVG CapitaI . . . . . . . .264.0 -4.0 279.8 148.9
TempIe Bar Inv Tr . . .869.5 -3.5 952.0 754.0
TempIeton Emergin .616.0 -16.5 689.5 539.0
TR Property Inv T . . .180.2 -6.3 206.1 142.0
TR Property Inv T . . . .84.9 -2.2 94.0 64.5
Witan Inv Trust . . . . .474.6 -9.3 533.0 426.1
3i Group . . . . . . . . . . .239.2 -11.2 340.0 239.1
3i Infrastructure . . . .120.4 0.2 125.2 111.7
Aberdeen Asset Ma .202.9 -4.7 240.0 132.3
Ashmore Group . . . .370.0 -18.9 414.5 281.8
Brewin DoIphin Ho . .136.8 -5.1 185.4 117.0
CameIIia . . . . . . . . . .9210.0-539.010950.07900.0
CharIes TayIor Co . . .140.5 -1.5 234.0 122.0
City of London Gr . . . .78.0 0.0 93.6 73.1
City of London In . . .377.0 -22.0 461.5 278.5
CIose Brothers Gr . . .694.5 -10.0 888.5 664.0
CoIIins Stewart H . . . .73.3 -1.8 90.8 69.0
EvoIution Group . . . . .80.0 0.3 92.0 62.3
F&C Asset Managem .68.2 3.2 92.9 50.5
Hargreaves Lansdo .492.2 -13.3 646.5 369.3
HeIphire Group . . . . . . .2.4 -0.4 40.0 2.3
Henderson Group . . .145.0 -8.2 173.1 119.1
Highway CapitaI . . . . .17.5 0.0 21.0 6.0
ICAP . . . . . . . . . . . . . .409.1 -16.3 570.5 380.2
IG Group HoIdings . .404.3 -23.7 553.0 404.1
Intermediate Capi . . .223.6 -22.0 360.3 223.6
InternationaI Per . . . .271.0 -26.0 388.8 228.6
InternationaI Pub . . .116.5 0.0 118.3 108.6
Investec . . . . . . . . . . .425.6 -25.1 538.0 425.6
IP Group . . . . . . . . . . . .36.0 -9.3 54.5 27.9
Jupiter Fund Mana . .211.0 -6.5 337.3 193.3
Liontrust Asset M . . . .76.0 0.5 95.3 72.0
LMS CapitaI . . . . . . . . .62.0 -1.0 64.8 40.0
London Finance & . . .22.0 0.0 23.5 16.5
London Stock Exch .919.0 -37.0 1076.0 640.0
Lonrho . . . . . . . . . . . . .15.8 -1.0 19.8 10.5
Man Group . . . . . . . . .199.7 -10.3 311.0 199.0
Paragon Group Of . .170.4 -13.4 206.1 126.4
Provident Financi . .1075.0 -5.0 1116.0 728.5
Rathbone Brothers .1090.0 -10.0 1257.0 815.0
Record . . . . . . . . . . . . .32.4 0.1 52.0 20.3
RSM Tenon Group . . .30.0 0.3 66.3 21.3
Schroders . . . . . . . .1562.0 -13.0 1922.0 1330.0
Schroders (Non-Vo .1285.0 -5.0 1554.0 1071.0
TuIIett Prebon . . . . . .356.7 -12.2 428.6 337.0
WaIker Crips Grou . . .48.5 -0.5 51.5 47.5
BT Group . . . . . . . . . .194.3 -2.4 204.1 130.6
CabIe & WireIess . . . .33.2 -0.7 61.4 32.8
CabIe & WireIess . . . .36.7 -0.7 78.4 36.1
COLT Group SA . . . .117.6 -0.4 156.2 109.0
TaIkTaIk TeIecom . . .137.3 -2.3 168.3 120.0
TeIecomPIus . . . . . . .633.0 1.5 700.0 352.5
Booker Group . . . . . . .69.9 -2.1 77.9 43.3
Greggs . . . . . . . . . . . .503.0 -3.5 550.5 418.7
Morrison (Wm) Sup .290.0 -0.1 308.3 262.7
Ocado Group . . . . . . .144.0 -2.3 285.0 123.5
Sainsbury (J) . . . . . . .288.5 -6.8 395.0 287.4
Tesco . . . . . . . . . . . . .370.2 -6.9 440.7 370.1
Associated Britis . .1031.0 -24.0 1182.0 940.0
Cranswick . . . . . . . . .641.0 6.5 901.5 620.5
Dairy Crest Group . . .346.5 -7.9 424.9 339.7
Devro . . . . . . . . . . . . .256.7 -6.4 296.9 217.5
Premier Foods . . . . . . .15.9 -0.9 35.1 15.9
Tate & LyIe . . . . . . . . .561.0 -21.5 656.0 409.1
UniIever . . . . . . . . . .1957.0 52.0 2203.9 1688.0
Mondi . . . . . . . . . . . . .531.5 -33.5 664.0 447.0
Centrica . . . . . . . . . . .302.9 -2.4 346.1 301.5
InternationaI Pow . . .293.1 -9.7 448.6 293.1
NationaI Grid . . . . . . .599.5 -10.0 632.5 527.5
Northumbrian Wate .468.8 -0.4 470.4 295.5
Pennon Group . . . . . .716.5 -21.0 749.5 560.0
Severn Trent . . . . . .1441.0 -22.0 1517.0 1288.0
United UtiIities . . . . .588.5 -9.5 632.0 543.5
Cookson Group . . . . .547.5 -29.5 724.5 412.3
DS Smith . . . . . . . . . .203.5 -21.5 266.2 125.8
Rexam . . . . . . . . . . . .368.5 0.5 400.0 293.0
GIencore Internat . . .391.0 -35.4 531.1 390.1
BAE Systems . . . . . .271.6 -13.3 369.9 270.8
Chemring Group . . . .513.0 -19.5 736.5 513.0
Cobham . . . . . . . . . . .174.2 -7.3 245.6 169.5
Meggitt . . . . . . . . . . . .364.0 -16.0 397.6 261.7
QinetiQ Group . . . . . .104.8 -6.0 136.3 96.7
RoIIs-Royce Group . .591.5 -33.5 665.0 552.0
Senior . . . . . . . . . . . . .163.0 -16.4 190.6 111.2
UItra EIectronics . . .1410.0 -76.0 1895.0 1375.0
GKN . . . . . . . . . . . . . .205.5 -9.4 245.0 135.6
BarcIays . . . . . . . . . . .196.0 -16.5 339.9 170.0
HSBC HoIdings . . . . .578.5 -15.3 730.9 575.8
LIoyds Banking Gr . . .35.0 -4.0 77.6 35.0
RoyaI Bank of Sco . . .30.3 -2.0 52.1 29.9
Standard Chartere .1502.0 -43.0 1950.0 1493.5
AG Barr . . . . . . . . . .1195.0 -11.0 1395.0 1035.0
Britvic . . . . . . . . . . . . .316.4 -11.0 503.5 315.1
Diageo . . . . . . . . . . .1193.0 -22.0 1307.0 1050.0
SABMiIIer . . . . . . . . .2103.0 -62.0 2340.0 1841.0
AZ EIectronic Mat . . .236.0 -12.8 338.1 234.0
Croda Internation . .1760.0-113.0 2081.0 1230.0
EIementis . . . . . . . . . .148.0 -8.9 187.4 82.0
Johnson Matthey . .1817.0 -83.0 2119.0 1550.0
Victrex . . . . . . . . . . .1301.0 -53.0 1590.0 1076.0
Price Chg High Low
BerkeIey Group Ho .1110.0 -71.0 1299.0 789.5
Bovis Homes Group .382.1 -16.0 464.7 326.6
Persimmon . . . . . . . .406.5 -24.8 502.5 336.5
Reckitt Benckiser . .3224.0 -49.0 3648.0 3015.0
Redrow . . . . . . . . . . . .123.4 -5.1 139.0 97.6
TayIor Wimpey . . . . . .33.0 -0.7 43.3 22.3
Bodycote . . . . . . . . . .315.4 -31.6 397.7 214.5
Charter Internati . . . .693.0 -54.5 853.5 538.5
Fenner . . . . . . . . . . . .325.4 -26.8 422.5 198.0
IMI . . . . . . . . . . . . . . . .875.0 -67.5 1119.0 657.5
MeIrose . . . . . . . . . . .325.0 -9.0 378.0 212.5
Northgate . . . . . . . . . .284.0 -8.0 346.7 180.8
Rotork . . . . . . . . . . .1647.0 -79.0 1895.0 1437.0
Spirax-Sarco Engi . .1738.0 -77.0 2063.0 1499.0
Weir Group . . . . . . .1860.0-156.0 2218.0 1130.0
Ferrexpo . . . . . . . . . . .399.5 -29.8 499.0 278.0
TaIvivaara Mining . . .330.0 -40.5 622.0 325.2
BBA Aviation . . . . . . .179.0 -12.5 240.8 175.0
Stobart Group Ltd . . .134.3 -0.2 163.6 124.1
AdmiraI Group . . . . .1524.0 -9.0 1754.0 1459.0
AmIin . . . . . . . . . . . . .324.9 -5.1 433.0 323.3
Huntsworth . . . . . . . . .67.0 -1.1 86.0 65.0
Informa . . . . . . . . . . . .367.2 -17.3 461.1 365.1
ITE Group . . . . . . . . . .201.5 -9.3 258.2 150.3
ITV . . . . . . . . . . . . . . . . .63.8 -1.7 93.5 49.8
Johnston Press . . . . . . .4.5 -0.5 18.0 4.4
MecomGroup . . . . . .200.0 -2.3 310.0 189.0
Moneysupermarket. .115.5 -3.7 123.1 69.3
Pearson . . . . . . . . . .1119.0 -18.0 1207.0 926.0
PerformGroup . . . . .170.0 -2.0 234.5 169.0
Reed EIsevier . . . . . .496.7 -15.3 590.5 495.5
Rightmove . . . . . . . .1185.0 -24.0 1250.0 596.5
STV Group . . . . . . . . .117.9 -1.6 168.0 83.5
Tarsus Group . . . . . .154.0 3.3 165.0 112.5
Trinity Mirror . . . . . . . .37.5 -1.3 124.3 36.3
United Business M . .485.6 -23.9 725.0 480.3
UTV Media . . . . . . . . .104.0 -11.5 151.0 103.0
WiImington Group . .108.3 -2.5 183.0 107.8
WPP . . . . . . . . . . . . . .628.0 -30.5 846.5 628.0
YeII Group . . . . . . . . . . .5.7 -0.6 23.8 5.1
African Barrick G . . .491.6 -20.9 638.0 393.5
AngIo American . . .2610.0-169.5 3437.0 2254.0
AngIo Pacific Gro . . .287.0 -21.1 369.3 249.0
Antofagasta . . . . . . .1214.0 -97.0 1634.0 977.5
Aquarius PIatinum . .240.9 -29.2 419.0 237.6
BHP BiIIiton . . . . . . .2013.0-108.0 2631.5 1767.0
BeazIey . . . . . . . . . . . .116.9 -3.8 139.2 110.4
CatIin Group Ltd. . . .375.3 -17.8 421.4 325.0
Hiscox Ltd. . . . . . . . . .366.5 6.5 424.7 341.5
Jardine LIoyd Tho . . .618.0 -12.5 709.0 561.0
Lancashire HoIdin . . .695.5 -2.0 720.0 515.0
RSA Insurance Gro . .118.1 -6.6 143.5 114.7
Aviva . . . . . . . . . . . . .357.5 -17.3 477.9 354.6
LegaI & GeneraI G . . . .99.0 -5.6 123.8 87.1
OId MutuaI . . . . . . . . .113.1 -6.1 145.2 113.1
Phoenix Group HoI . .501.5 -13.5 758.0 485.1
PrudentiaI . . . . . . . . .630.0 -20.5 777.0 547.0
ResoIution Ltd. . . . . .258.5 -9.2 316.1 211.3
St James's PIace . . . .330.5 -9.1 376.0 236.2
Standard Life . . . . . . .180.6 -6.9 244.7 180.6
4Imprint Group . . . . .245.9 -14.1 295.0 195.0
Aegis Group . . . . . . .137.3 -7.6 163.5 110.7
BIoomsbury PubIis . .102.0 -4.9 138.0 102.0
British Sky Broad . . .659.5 -30.5 850.0 649.5
Centaur Media . . . . . . .46.0 -1.4 73.0 44.8
Chime Communicati .220.0 -21.3 298.5 165.8
Creston . . . . . . . . . . . .90.8 -0.3 121.0 78.5
DaiIy MaiI and Ge . . .383.0 -8.6 594.5 380.1
Euromoney Institu . .633.0 0.5 736.0 578.0
Future . . . . . . . . . . . . . .13.0 0.3 30.0 11.8
Haynes PubIishing . .249.0 -3.5 262.5 202.5
Centamin Egypt Lt . .100.0 -8.7 197.1 99.0
Eurasian NaturaI . . .663.0 -57.5 1125.0 657.5
FresniIIo . . . . . . . . . .1906.0 -1.0 1967.0 990.0
GemDiamonds Ltd. .194.0 -16.0 306.0 186.3
HochschiId Mining . .480.5 -29.5 680.0 309.0
Kazakhmys . . . . . . .1099.0-100.0 1671.0 1073.0
Kenmare Resources . .46.4 -6.3 59.9 13.8
Lonmin . . . . . . . . . . .1190.0 -45.0 1983.0 1188.0
New WorId Resourc .692.0 -50.0 1060.0 690.0
PetropavIovsk . . . . . .720.5 -47.5 1252.0 678.0
RandgoId Resource 5920.0 365.0 6655.0 4425.0
Rio Tinto . . . . . . . . .3796.5-218.5 4712.0 3105.0
Vedanta Resources 1486.0-154.0 2583.0 1425.0
Xstrata . . . . . . . . . . .1085.0-101.0 1550.0 976.1
Inmarsat . . . . . . . . . . .394.5 -94.4 741.5 366.0
Vodafone Group . . . .168.3 -2.2 181.9 149.4
Genesis Emerging . .480.0 -17.0 568.0 462.0
Afren . . . . . . . . . . . . . .118.6 -14.5 171.2 94.7
BG Group . . . . . . . . .1300.0 -70.5 1564.5 1003.5
BP . . . . . . . . . . . . . . . .420.5 -12.5 509.0 375.2
Cairn Energy . . . . . . .310.5 -24.3 493.2 309.8
EnQuest . . . . . . . . . . .108.0 -8.2 158.5 104.1
Essar Energy . . . . . .307.5 -24.0 589.5 307.5
ExiIIon Energy . . . . . .396.2 -21.8 469.7 166.5
Heritage OiI . . . . . . . .200.9 -34.6 486.0 194.2
JKX OiI & Gas . . . . . .217.8 -5.7 335.1 210.3
Premier OiI . . . . . . . . .355.0 -31.8 535.0 354.4
RoyaI Dutch SheII . .2003.0-109.5 2326.5 1703.0
RoyaI Dutch SheII . .2010.0-110.5 2336.0 1642.0
SaIamander Energy .275.0 2.4 317.6 210.0
Soco Internationa . . .327.0 -22.6 484.2 292.0
TuIIow OiI . . . . . . . . .1074.0 -72.0 1493.0 1072.0
Amec . . . . . . . . . . . . .933.0 -61.0 1251.0 848.5
Hunting . . . . . . . . . . .720.0 -35.0 817.0 519.0
John Wood Group . .587.5 -37.0 715.8 346.0
LampreII . . . . . . . . . . .321.3 -27.4 395.2 223.9
Petrofac Ltd. . . . . . .1258.0 -75.0 1685.0 1239.0
Burberry Group . . . .1312.0-115.0 1600.0 820.5
PZ Cussons . . . . . . . .362.9 -6.7 409.0 320.5
Supergroup . . . . . . . .850.0 -90.0 1820.0 818.5
AstraZeneca . . . . . .2714.0 -69.5 3385.0 2713.0
BTG . . . . . . . . . . . . . .265.0 -11.0 309.7 200.1
Genus . . . . . . . . . . . . .924.5 -0.5 1046.0 710.5
GIaxoSmithKIine . . .1305.0 -15.5 1385.0 1127.5
Hikma Pharmaceuti .608.0 -22.0 900.0 605.0
Shire PIc . . . . . . . . . .1904.0 -41.0 2136.0 1376.0
CapitaI & Countie . . .172.2 -9.1 203.7 112.3
Daejan HoIdings . . .2726.0 -24.0 2954.0 2300.0
F&C CommerciaI Pr .102.1 -0.7 108.0 88.0
Grainger . . . . . . . . . . .109.7 -3.8 133.2 86.3
London & Stamford .123.4 -3.6 140.0 110.3
SaviIIs . . . . . . . . . . . . .337.3 1.3 427.1 296.6
St. Modwen Proper . .165.1 0.1 196.2 135.4
UK CommerciaI Pro . .76.2 -2.3 85.5 74.3
Unite Group . . . . . . . .202.5 -4.7 229.8 176.8
Big YeIIow Group . . .268.8 -9.8 353.3 268.8
British Land Co . . . . .563.0 -17.0 629.5 446.8
CapitaI Shopping . . .347.9 -8.2 424.8 320.9
Derwent London . . .1720.0 -62.0 1880.0 1364.0
Great PortIand Es . . .391.0 -13.2 445.0 307.8
Hammerson . . . . . . . .432.9 -25.4 490.9 352.2
Hansteen HoIdings . . .78.3 -1.5 89.5 61.4
Land Securities G . . .810.5 -23.0 885.0 598.0
SEGRO . . . . . . . . . . . .277.5 -17.9 331.3 262.5
Shaftesbury . . . . . . . .481.5 -15.9 539.0 396.0
Autonomy Corporat 1544.0 -47.0 1857.0 1271.0
Aveva Group . . . . . .1530.0 -48.0 1799.0 1330.0
Computacenter . . . . .434.6 -33.4 490.0 265.0
Fidessa Group . . . . .1675.0 -16.0 2109.0 1350.0
Invensys . . . . . . . . . . .261.1 -21.3 364.3 230.2
Kofax . . . . . . . . . . . . .305.3 -4.7 535.0 231.0
Logica . . . . . . . . . . . .102.9 -5.1 147.2 102.8
Micro Focus Inter . . .249.3 -23.7 426.2 248.2
Misys . . . . . . . . . . . . .291.3 -66.8 420.2 257.4
Sage Group . . . . . . . .246.9 -12.0 302.0 236.8
SDL . . . . . . . . . . . . . . .659.0 -18.0 711.5 510.0
TeIecity Group . . . . . .508.5 -20.0 559.5 424.7
Aggreko . . . . . . . . . .1739.0 -82.0 2034.0 1351.3
Ashtead Group . . . . .125.5 -10.4 207.9 77.0
Atkins (WS) . . . . . . . .638.0 -12.0 820.0 635.5
Babcock Internati . . .626.0 -30.5 733.0 492.8
Berendsen . . . . . . . . .514.0 -15.0 568.0 363.1
BunzI . . . . . . . . . . . . .711.5 -28.0 801.0 679.0
Capita Group . . . . . . .698.0 -15.0 794.5 635.5
CariIIion . . . . . . . . . . .327.0 -10.9 403.2 291.2
De La Rue . . . . . . . . .765.5 0.5 853.5 549.5
EIectrocomponents .207.3 -7.9 294.9 205.7
Experian . . . . . . . . . . .735.5 -38.0 833.5 606.0
FiItrona PLC . . . . . . . .338.0 -2.4 385.5 227.5
G4S . . . . . . . . . . . . . . .255.5 -9.0 291.0 237.7
Hays . . . . . . . . . . . . . . .78.0 -3.6 133.6 76.7
Homeserve . . . . . . . .452.0 -14.8 532.0 408.0
Howden Joinery Gr . .104.0 -6.2 127.5 63.0
Intertek Group . . . . .1886.0 -13.0 2148.0 1646.0
MichaeI Page Inte . . .434.2 -20.4 567.0 368.0
Mitie Group . . . . . . . .219.4 -6.1 242.5 188.7
Premier FarneII . . . . .175.5 -10.5 308.8 174.1
Regus . . . . . . . . . . . . . .90.6 -8.3 119.0 66.1
RentokiI InitiaI . . . . . . .82.2 -2.6 107.1 81.5
RPS Group . . . . . . . . .228.4 -8.5 253.0 169.8
Serco Group . . . . . . .507.5 -18.0 633.0 507.5
Shanks Group . . . . . .113.6 -5.4 130.9 96.5
SIG . . . . . . . . . . . . . . .109.7 -2.5 153.5 90.7
SThree . . . . . . . . . . . .307.6 -15.9 447.6 231.1
Travis Perkins . . . . . .770.5 -37.5 1127.0 747.0
WoIseIey . . . . . . . . .1602.0 -57.0 2261.0 1223.0
ARM HoIdings . . . . . .524.5 -27.0 651.0 305.8
CSR . . . . . . . . . . . . . .244.5 -14.9 447.0 243.4
Imagination Techn . .326.6 -26.5 502.0 303.5
Pace . . . . . . . . . . . . . . .99.0 -7.1 231.8 92.9
Spirent Communica .124.1 -1.8 160.3 123.1
British American . .2752.0 -54.0 2871.0 2166.0
ImperiaI Tobacco . .2106.0 26.0 2231.0 1784.0
Avis Europe . . . . . . . .312.0 0.0 314.9 184.0
Betfair Group . . . . . . .567.0 -17.5 1550.0 562.5
Bwin.party Digita . . .116.9 -7.1 301.1 113.7
CarnivaI . . . . . . . . . .1912.0 -57.0 3153.0 1906.0
Compass Group . . . .544.5 -7.0 612.0 501.0
Domino's Pizza UK . .482.0 -18.0 586.0 377.0
easyJet . . . . . . . . . . . .321.6 -16.7 479.0 301.0
Enterprise Inns . . . . . .44.2 -2.3 122.7 41.8
FirstGroup . . . . . . . . .341.1 -11.6 412.6 311.3
Go-Ahead Group . . .1374.0 -82.0 1598.0 1073.0
Greene King . . . . . . .454.7 -10.5 518.0 398.0
InterContinentaI . . .1047.0 -69.0 1435.0 982.0
InternationaI Con . . .196.1 -16.3 305.0 195.9
JD Wetherspoon . . . .429.7 7.1 468.3 389.9
Ladbrokes . . . . . . . . .141.8 -5.7 155.3 122.7
Marston's . . . . . . . . . . .95.8 -3.0 117.1 92.0
MiIIennium& Copt . .500.0 -4.5 600.5 469.1
MitcheIIs & ButIe . . . .239.0 -15.9 361.0 238.2
NationaI Express . . .243.3 -8.3 270.2 220.1
Rank Group . . . . . . . .140.0 1.8 153.7 103.3
Restaurant Group . . .272.3 -9.3 335.0 226.0
Spirit Pub Compan . . .42.0 -6.0 55.0 42.0
Stagecoach Group . .231.8 -10.4 268.5 160.7
Thomas Cook Group .55.8 -3.8 204.8 55.3
TUI TraveI . . . . . . . . . .173.8 -8.1 271.9 173.0
Whitbread . . . . . . . .1485.0 -36.0 1887.0 1368.0
WiIIiamHiII . . . . . . . . .218.0 -8.0 237.3 155.5
Abcam . . . . . . . . . . . .355.8 3.5 460.0 299.8
AIbemarIe & Bond . .360.9 -9.1 400.1 218.0
Amerisur Resource . .20.0 -1.5 29.0 11.5
Andor TechnoIogy . .550.0 -72.5 685.0 288.5
ArchipeIago Resou . . .79.0 1.0 79.8 32.3
ASOS . . . . . . . . . . . .1977.0-116.0 2468.0 840.0
AureIian OiI & Ga . . . .51.3 -4.5 92.0 37.0
Avanti Communicat .320.0 0.0 735.0 305.0
Avocet Mining . . . . . .214.5 -11.8 253.5 112.0
BIinkx . . . . . . . . . . . . . .95.3 -3.5 148.8 54.8
Borders & Souther . . .50.0 -7.5 93.0 49.5
BowLeven . . . . . . . . .140.0 -25.0 398.0 130.0
Brooks MacdonaId 1005.0 -60.0 1372.5 817.5
CaIedon Resources .111.5 0.3 111.8 44.3
Conygar Investmen .101.0 -2.3 120.0 101.0
Cove Energy . . . . . . . .68.0 -12.0 112.8 57.0
Daisy Group . . . . . . .111.5 -3.5 127.0 86.0
EMIS Group . . . . . . . .563.5 -16.5 580.0 303.5
Encore OiI . . . . . . . . . .47.0 -8.0 151.5 45.0
Faroe PetroIeum . . . .141.5 -5.8 218.3 137.3
GuIfsands PetroIe . . .199.0 -4.0 401.5 194.3
GWPharmaceuticaI . .97.9 -9.1 130.0 83.0
Hamworthy . . . . . . . .601.0 -22.5 705.0 328.0
Hargreaves Servic . .990.0 -10.0 1076.0 605.0
HeaIthcare Locums . . . .0.0 0.0 0.0 0.0
Immunodiagnostic .1015.0-114.0 1218.0 710.0
ImpeIIamGroup . . . .350.0 14.5 387.5 96.5
James HaIstead . . . . .462.4 -6.0 495.0 306.0
KaIahari MineraIs . . .232.5 -5.0 301.0 142.0
London Mining . . . . .356.8 -24.3 436.5 240.3
Lupus CapitaI . . . . . .109.4 2.0 150.0 78.0
M. P. Evans Group . .410.0 8.0 500.5 343.0
Majestic Wine . . . . . .435.0 -5.5 510.0 301.5
May Gurney Integr . .284.5 -7.3 295.0 177.0
Monitise . . . . . . . . . . . .30.3 -4.0 39.0 18.5
MuIberry Group . . . .1765.0 -12.0 1920.0 311.5
Nanoco Group . . . . . . .68.0 -9.8 115.8 67.0
NauticaI PetroIeu . . .270.0 -22.8 547.0 138.0
NichoIs . . . . . . . . . . . .555.3 16.8 579.0 410.0
Numis Corporation . .104.6 -0.4 146.5 94.0
Pan African Resou . . .12.0 -0.5 13.8 5.9
Patagonia GoId . . . . . .61.3 -6.8 68.0 15.3
Prezzo . . . . . . . . . . . . .57.9 -1.1 71.5 41.5
Pursuit Dynamics . . .193.3 -60.8 700.0 181.8
Rockhopper ExpIor .160.0 -45.8 510.0 148.0
RWS HoIdings . . . . . .423.0 -2.0 472.0 239.0
Songbird Estates . . .130.0 -12.0 160.3 128.3
VaIiant PetroIeum . . .530.0 -36.0 761.5 504.0
Young & Co's Brew .700.0 9.5 712.0 520.0
RandgoId Resources5920.0 6.6
F&C Asset Manageme 68.2 4.9
Carpetright . . . . . . . .593.0 2.8
UniIever . . . . . . . . . .1957.0 2.7
Hiscox Ltd. . . . . . . . .366.5 1.8
JD Wetherspoon . . . .429.7 1.7
BH Macro Ltd. USD . .17.4 1.3
DuneIm Group . . . . . .465.0 1.3
Rank Group . . . . . . . .140.0 1.3
ImperiaI Tobacco G 2106.0 1.3
Inmarsat . . . . . . . . . . .394.5 -19.3
Misys . . . . . . . . . . . . .291.3 -18.7
Heritage OiI . . . . . . . .200.9 -14.7
Spirit Pub Company . .42.0 -12.5
Kenmare Resources . .46.4 -11.9
TaIvivaara Mining . . .330.0 -10.9
Afren . . . . . . . . . . . . .118.6 -10.9
Aquarius PIatinum . .240.9 -10.8
LIoyds Banking Gro . .35.0 -10.2
Supergroup . . . . . . . .850.0 -9.6
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
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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 9.000 11 . . . . . .0.00 0.00 0.0 0.0
Tsy 2.500 11 . . . .306.68 0.00 310.0 306.7
Tsy 3.250 11 . . . .100.94 0.00 103.5 100.9
Tsy 9.000 12 . . . .108.29 0.00 108.3 108.3
Tsy 5.000 12 . . . .102.61 -0.02 106.8 102.6
Tsy 5.250 12 . . . .103.91 0.00 108.1 103.9
Tsy 4.500 13 . . . .106.14 0.01 109.2 105.8
Tsy 2.500 13 . . . .287.03 0.01 287.7 276.3
Tsy 8.000 13 . . . .115.54 0.04 121.3 115.4
Tsy 5.000 14 . . . .112.36 0.12 114.1 109.2
Tsy 4.750 15 . . . .113.91 0.19 114.7 108.6
Tsy 7.750 15 . . . .103.35 0.00 342.1 102.7
Tsy 8.000 15 . . . .128.26 0.19 131.6 123.7
Tsy 4.000 16 . . . .111.83 0.22 111.9 104.9
Tsy 2.500 16 . . . .339.97 0.01 340.1 308.3
Tsy 8.750 17 . . . .139.44 -0.06 142.2 132.9
Tsy 12.000 17 . . .125.99 0.00 126.0 126.0
Tsy 1.250 17 . . . .114.37 0.09 114.4 106.6
Tsy 5.000 18 . . . .118.59 0.29 118.6 109.7
Tsy 4.500 19 . . . .115.40 0.37 115.4 105.4
Tsy 3.750 19 . . . .109.68 0.40 109.7 99.4
Tsy 2.500 20 . . . .349.25 -0.11 350.2 309.6
Tsy 4.750 20 . . . .117.01 0.44 117.1 106.6
Tsy 8.000 21 . . . .146.49 0.43 147.1 133.8
Tsy 1.875 22 . . . .121.34 0.42 121.5 111.0
Tsy 4.000 22 . . . .109.37 0.62 109.4 99.0
Tsy 2.500 24 . . . .308.86 0.52 309.2 269.2
Tsy 5.000 25 . . . .118.41 0.68 118.5 107.4
Tsy 4.250 27 . . . .108.33 0.71 108.8 97.9
Tsy 1.250 27 . . . .114.96 0.61 115.1 103.5
Tsy 6.000 28 . . . .131.53 0.75 132.7 119.5
Tsy 4.750 30 . . . .114.23 0.87 115.0 103.0
Tsy 4.125 30 . . . .292.73 0.64 293.0 256.0
Tsy 4.250 32 . . . .107.07 0.89 107.8 96.0
Tsy 4.250 36 . . . .106.44 1.03 107.4 95.0
Tsy 4.750 38 . . . .115.44 1.06 116.5 102.8
Tsy 4.500 42 . . . .110.11 0.00 110.1 110.1
% %
18
Wealth Management| Markets
CITYA.M. 5 AUGUST 2011
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for illustrative purposes only
www.kestonwaterside.com
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Living | Focus On
19
BROMYARD AVENUE
Price: 275,000
This one-bedroom, one-bath-
room flat has a communal
garden, parking and a pri-
vate-gated entrance with a
24 hour concierge. Westfield
Shopping Centre, Acton
Green Common and the River
Thames are all close by.
Contact: Knight Frank on
020 7861 5336. or go to
www.knightfrank.com.
NAPIER AT WEST 3
Price: 270,000
This one-bedroom apartment
is the last remaining flat in the
soon-to-be finished Napier at
West 3 development. It is spa-
cious with an open plan
kitchen-living area and a
north-facing balcony. The
building is opposite Bromyard
House, the former 1920s
Ministry of Pensions building.
Contact: Berkeley Homes on
020 8811 2336 or go to
www.napierwest3.co.uk.
SOUTHFIELD ROAD
Price: 575,000
This three-bedroom house
has been recently reno-
vated. It has a reception,
living room, master bed-
room with en suite, two
further bedrooms, a bath-
room and rear garden.
Southfield Road is close
to local shops and
Bedford Park
Conservation area.
Contact: Hamptons
International Chiswick on
020 8987 8444 or go to
www.hamptons.co.uk
Q.
I am contemplating putting my
flat on the market, but have
been told that the summer is
not the best time as many people are
away and the market is quieter. What
do you think?
A.
While this is true and many people
do wait until September, there are
a number of advantages to acting
now. Firstly, the market does not come to
a complete standstill, people do still buy
during the summer months and those who
do are generally more serious. There is a
good chance that those looking now will
go straight through to sale. Secondly,
there is generally less on the market now,
so there is competition. This increases your
chances of getting the offer price.
Q.
I have tenants in my property
at the moment, but want to
sell. Should I serve notice on
them and only put the property on
the market when I have a vacant
property to show? Ideally, I would
like to keep the rental income coming
in, but I understand viewings can be
tricky when tenants are in situ?
A.
It is always a difficult call to make.
In an ideal world, you want the
property to be vacant or lived in
by the owner when it is shown for sales
viewings as there is never any guarantee
that the tenant will leave it in a tidy condi-
tion prior to viewings. Furthermore, unless
you are within the prescribed period
toward the end of the tenancy, they are
perfectly entitled to point blank refuse you
access. That said, I understand your con-
cerns about retaining rental income. I
think you should advise the tenant that (a)
you are thinking of selling the property
and rather than serve notice you are
happy for them to stay on provided they
allow access at either 24 hours notice or
alternatively on specific days at specific
times or (b) that you are prepared to
reduce the rent slightly on the proviso that
they facilitate viewings for the purpose of
sale.
Martin Bikhit
MANAGING DIRECTOR
OF CENTRAL LONDON
ESTATE AGENCY KAY & CO
Q A
&
Commuting: With four tube stations,
Acton is well connected to the City.
North, East and West Acton stations
are all on the Central Line, while
Acton Town station is also on the
Piccadilly Line. The area is also served
by overland stations with Acton
Central, South Acton and Acton
Mainland nearby.
Education: While there are plenty of
state schools in the area, Actons
access to central London allows par-
ents to send their children to practi-
cally any of the top notch
independent schools. St. Pauls,
Westminster, Harrow, Latymer and
Godolphin and Dulwich College are
with commutable distance.
NEED TO KNOW | AREA INSIGHT
SELL
ACTON, W3 BY DONATA HUGGINS
SPIELBERGS ALIEN
ADVENTURE
SUPER 8 REVIEWED ON
PAGE 24
CURRENT MORTGAGE DEALS BY DONATA HUGGINS Source: MoneySupermarket.com
Lender Fixed/Flexible Rate Until apr Maximum Loan to
(per cent) (per cent) Value (per cent)
Skipton BS Flexible 1.98 2 years 4.8 60
Chelsea BS Flexible 1.99 August 2013 5.4 70
Chelsea BS Fixed 2.39 August 2013 5.4 70
Skipton BS Fixed 2.48 November 2013 4.9 60
Santander Fixed 2.49 August 2013 4.2 60
ACTON | PRICES
Detached Semi-Detached Terraced Flats
Acton 702,437 566,322 437,870 249,064
Ealing 896,104 441,218 386,178 242,719
Source: Savills
Living | Second Homes
T
HE Victorians invented the idea
of the British seaside as a holi-
day escape, and our coastal
towns remain excellent options
for second homes today. Even given
the property markets recent blip,
seaside prices in England and Wales
have increased by 128 per cent in the
last decade. Seven out of 10 seaside
towns have experienced greater
increases in property values than the
country as a whole. This means a
home on our island shores is a clever
investment as well as a smart lifestyle
choice. Here are five hot coastal towns.
1FOWEY, CORNWALL
This old port town in Cornwall is
already a second home favourite, com-
manding prices that demonstrate it.
This year, however, it hit the jackpot,
climbing into the top five most
sought-after seaside towns, according
to a ranking by Halifax. Lucian Cook,
Savillss head of research, says the
market has surged lately and that top
quality stock in Fowey will always sell.
Fowey is traditionally prime second
home territory, but the local
area is heavily reliant on peo-
ple from London buying
down there.
2LYMINGTON,
HAMPSHIRE
This is sailing
heaven, says
George Wade, a
director at buying
agent Property
Vision. Its prox-
imity to the New
Forest also makes it really appealing.
This year, like Fowey, Halifax ranked it
as one of the most expensive seaside
towns in the UK.
3
ALNWICK, NORTHUMBERLAND
Aside from the footballer ghettos,
Alnwick stands head and shoulders
above other coastal towns in the
north, says Cook. The beauty of the
area, however, is that it is far less
flashy than places the stars reside.
The areas prices have been rocketing
the average price hit 220,228 this
year, compared to 125,259 for the
North East as a whole.
4 RHYL, WALES
Rhyl is one of the best seaside bargains
in Wales, with an average house price
of 121,838. The areas traditionally
unfashionable reputation actually
gives it some get-away appeal. The
fewer numbers of Londoners in Rhyl is
often appreciated by the people who
opt to buy there, says Cook.
5 TENBY, WALES
Unlike Rhyl, Tenby is quick to
attract the capitals cash. It has
some of the highest prices outside of
southern England. The prices in
Tenby are cer-
tainly not as
punchy as
Cornwalls, but
it can offer
many of the
same benefits,
says Cook.
Oh, we Brits do
like to have a
second home
by the seaside..
With prices climbing along the British
coastline, now is the time to buy.
Donata Huggins looks at ve hotspots.
BEACH HOUSE, LYMINGTON
Price: 1.295m
This coast-front property is arranged over two floors. It has two bedrooms, two
shower rooms, one of which is en suite, a kitchen-dining room, utility room and play-
room. The house has underfloor heating.
Contact: John D Wood & Co on 01590 677233 or go to www.johndwood.co.uk
Living
CUSTOM HOUSE HILL, FOWEY, CORNWALL
Price: 2m
This is an atmospheric, four-storey harbourside townhouse with views out over the
boats bobbing on the water. It has four bedrooms, four bathrooms, a series of bal-
conies and terraces, with private steps to the shore and gated parking. Fowey is 22
miles to Truro, 23 miles to Newquay Airporta and 34 miles to Plymouth.
Contact: Savills Truro on 01872 243200 or go to www.savills.co.uk.
HECKLEY HOUSE, ALNWICK, NORTHUMBERLAND
Price: 1.35m
This grade II-listed house has a detached cottage, stable block, outbuildings and
almost 14 acres of woodland and paddock. As well as seven bedrooms and plenty of
reception rooms, this grand imposing example of Georgian order has extensive cel-
lars and beautifully manicured gardens.
Contact: Strutt & Parker Morpeth on 01670 516 123 or go to www.struttandpark-
er.com
NORTHCLIFFE, TENBY
Price: 550,000
The living room with its own sun terrace has to be the seller in this airy property.
There four bathrooms and bedrooms and ample parking space on the long drive way.
Contact: Savills 02920 368 931or go to www.savills.co.uk
SEASIDE | PRICES
SOUTHWINDS, RHYL
Price: 1.5m
People who value cool mod-
ern design will be drawn to
this four-bedroom house
with its huge glass walls,
curving balconies, cinema
room, plentiful outdoor
spaces and architectural
clean lines.
Contact: Strutt & Parker
Chester office 01244
354888 or www.struttand-
parker.com
TOP FLIGHT LOCATIONS CHEAPER OPTION
Average House Prices Average House Prices
Dartmouth 309,634 Maypool 272,779
Croyde 267,394 Woolacombe 209,195
Aldeburgh 405,008 Thorpeness 215,931
Southwold 353,400 Cromer 196,027
Rock / Polzeath 486,249 Mousehole 221,997
Salcombe 626,123 East Prawle 339,556
Sandbanks 680,165 Poole 208,952
Sandsend 207,057 Saltburn 184,943
Tenby 223,193 Saunders Foot 223,031
Brighton 365,284 Rye 301,223
West Wittering 295,623 Cowes 214,864
St Ives 318,419 Coverack 301,638
Source: Savills
A bargain estate
in bucolic Ireland
Half an hour from Dublin, this country pile
is now going for a song, says Timothy Barber
T
O say the Irish property market has
had a bit of a rocky patch is like say-
ing Brian ODriscolls relatively tasty
when it comes to scoring tries. As
the Irish economy came apart in the reces-
sion, the property market fell, and fell,
and fell. Then it fell a bit more.
Now, those prepared to make canny
longterm property purchases have an easy
way into a devalued market. In particular,
people with deep pockets looking for sen-
sational getaway homes are able to get
vastly more bang for their buck if they
look in Ireland.
A couple of years ago Hollywood House,
a sensational country pile built in 1760
and sitting amid 50 acres of spellbinding
County Wicklow countryside, would have
been worth around 10m. Its now on the
market for precisely half that amount,
and even in such a soft market, its some-
thing of a find. County Wicklow, on
stretching from east of Dublin to the Irish
Sea, might roughly be described as
Dublins Berkshire a pretty landscape
thats popular with well-to-do commuters.
That means its well-serviced and easy to
reach and, indeed, Hollywood House is
about a 35-minute from Dublin airport.
In the south of Ireland there are plenty
of splendid, grand properties, but to find
one on the market in such proximity to
the capital its 30 miles to Dublin city
centre is rather rare. And its a very fine
place. On the outside, a gleaming, white-
stuccoed Georgian block, a stable block
with a courtyard, an outlying guest house,
a gate lodge, and 50 surrounding acres of
woodland and paddocks.
Inside there are six bedrooms, a semi
basement with a staff apartment, a games
or party room and a wine cellar, and
superbly opulent reception and dining
rooms on the ground floor. Columned
arches, marble fireplaces, ornate chande-
liers, sparkling parquet floors the best of
high Georgiana. And if you wish to mod-
ernise, Irish labour costs are cheap too.
Contact Knight Frank on 00353 6623255 or
Colliers Jackson-Stops on 00353 633 3700.
Draker Lettings : HoLcn acc KcnsncLon London SW:W 8NS
L: ozo ,oz :oo : ozo ,oz :oz n: o,88< zoo <o: c: Ln.hasscCdakc.co.uk www.draker.co.uk
Specialising in property to rent
in Chelsea, Belgravia,
Kensington and Pimlico
Living | Property of the Month
CITYA.M. 5 AUGUST 2011 22
1.Based on average rental values achieved in local area. 2. Based on 2 year tracker mortgage, on Apartment 67, with a 25%deposit, subject to status. (Figures provided by the Independent Financial Advisor for West Central) 3. Average saving comparing mortgage
payment to rental gures. For full details please speak to the Sales Advisor. Terms and conditions apply. Example based on Plot 67. Prices correct at time of going to press. Photography taken at West Central. Crest Nicholson South, a division of Crest Nicholson Opera-
tions Limited, Crest House, Pyrcroft Road, Chertsey, Surrey, KT16 9GN.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
www.crestnicholson.com/westcentral 0870 755 1647
W3
West Central West Central W3 | Gunnersbury Lane | Acton | W3 9BP
Marketing Suite and Show Apartments open daily 10am to 5pm
Tel: 0870 755 1647 Email: westcentral@crestnicholson.com
Selling Agent: Rolfe East
why rent
can buy?
when you
At West Central, Acton.
These new apartments are perfectly located and highly
specied, benetting from:
QA balcony or terrace to selected apartments
QCycle stores and lift access to all oors
QWalking distance to Acton Central and Ealing
Common tube stations
QWithin easy reach of Westeld Shopping Centre
and Chiswick High Road
QOnly 9 minutes to London Paddington from
Acton Mainline station
QGetting to the West End in just 23 minutes from
Acton Town tube station
Own your own home at West
Central in the heart of Acton
and be better off every month!
Buy now at this vibrant location, close to
everything that central London has to offer.
1 & 2 bedroom show apartments now open to view
1 & 2 bedroom apartments priced from 249,950
Call or visit us today to nd out more!
How it could work for you:
Apartment 67, 1 bedroom priced at 254,950
Typical monthly mortgage payment: 860

1
Typical rental payment: 1200
2
You could save 340
3
per month!
Films
SUPER 8
Cert: 12A
hhhII
SOMETIMES it can be a pleasure to see a
childrens movie with real grit and pathos
(especially after youve watched Mr
Poppers Penguins see the review below).
Of course, Super 8 has an A-grade pedigree,
having been produced by Steven Spielberg
and written and directed by J.J. Abrams, the
man behind Lost and Cloverfield. If these
two cant make a high-intensity alien
movie to please the masses, who can?
Set in an Ohio mining town in the sum-
mer of 1979, it features a group of young
friends hell bent on making a movie. One
night, theyre filming at a remote train sta-
tion when a train goes past and, headed off
by a pickup truck, crashes. Its a massive
explosion, cars everywhere, the kids left
puking and shocked in the rubble. Looking
back at their footage (yes, the camera is
saved), they see something monstrous
clamber out of the train. And why is the US
Air Force the first to swoop in among the
wreckage? As with all such films, the
knowledge, guts and intuition lie with the
kids, while the power lies with the discipli-
narian, despotic and generally stupid
grownups.
The retro feel of Super 8 is amazingly
gratifying think old Fords and walkmans
and drug stores. And the kids form a
charming, believable unit as they grapple
with hormones, parents and terror.
But I felt sorely let down by numerous
unexplained plot threads and red herrings.
The turning point in the action is a blink-
and-youll-miss-it affair, and the teemingly
complex backdrop to the alien situation is
left virtually left unexplained. The result is
a sense of random messing around with
special effects and themes, and in the end
its not clear what happened and why.
Cute, smart kids clubbing together will
take a film like this a long way, but without
a coherent plot, it stops short of being
great.
Zoe Strimpel
MR POPPERS PENGUINS
Cert: PG
hhIII
MR Popper, played with the usual facial
elasticity by Jim Carrey, is hardworking,
wealthy, and in possession of a massive
bachelor pad overlooking Central Park.
One day he comes home to find a package
from his late father, who was a naturalist
and explorer. Its a frozen penguin for the
man who has everything. The penguin
appears stuffed until whoops! it turns
out to be alive. From here the film
becomes a gushier version of Careys Ace
Ventura. We watch him cohabiting with
penguins (which soon multiply), speaking
to them, hiding them from the neigh-
bours and parading around Manhattan
with them.
Unlike the quirkily misanthropic Ace
Ventura, though, Mr Popper is driven by
love for his family (aww) his two kids and
his ever-less estranged ex-wife. Keeping the
penguins (all six of them) is his chance to
show he is capable of love as well as
money-making. That hes a family man
really, not just a money-man.
Its cheesy, predictably sugar-coated
stuff. The penguins themselves live
in that uncomfortable land
between being real animals and car-
toons. They understand English, for
example, and can run baths and poo
in the toilet. But they also have normal
penguin requirements, like sardines and
ice.
There are some superior moments,
though, revolving around Careys fascinat-
ing face. His meditation on a penguin
eggs failure to hatch, while freezing on
his outdoor balcony in a parka, is very
funny.
Mr Popper should mildly please kids
under ten, but for anyone even a tiny bit
older, Id stick them in front of Ace
Ventura Pet Detective any day. ZS
SARAHS KEY
Cert:15
hhhII
KRISTIN Scott Thomas is an actress who
apparently never gives a weak performance
one reason being that, acting mostly in
French films, shes able to find the meaty
roles that rarely crop up in British and
American cinema. Mores the pity. Sarahs
Key, a slow, uneven film looking back from
the present at the Nazi Holocaust as it
played out in France a subject that has
rarely been examined in film is not alto-
gether successful, but again shows the
acute emotional intensity and intelligence
Scott Thomas brings to her roles.
She plays an American journalist in
Paris, who by accidental circumstance
finds herself investigating the deportation
of Parisian Jews in 1942. She and her hus-
band move into a house that during the
war was the home to a small French Jewish
girl called Sarah, who was rounded up with
her family. Sarah hid her brother in a clos-
et, locking it and taking the key with her,
eventually escaping to try and save him.
In the present, Scott Thomass character
Julia is dealing with her own familial issues
while looking into this tragic history. The
problem is that her story hardly gels with
Sarahs, and the parallels are superficial at
best. Its strange that such potentially
weighty material should end up feeling
rather superfluous, Scott Thomass beauti-
ful performance is worth catching in itself.
Timothy Barber
A pair of cinematic titans are behind this
old-fashioned alien mystery, but the messy
plot leaves too many questions unanswered
A gritty kids
adventure that
isnt quite great
THE TREE Charlotte Gainsbourg stars in this trau-
matic family drama set in the Aussie outback.
KNUCKLE Hard-as-nails documentary about bare
knuckle boxers.
FRENCH CANCAN Reissue for one of the finest films
from French cinematic pioneer, Jean Renoir.
FILM
LIMITLESS Bradley Cooper is an unexpected suc-
cess in this strange tale of power and excess.
SUBMARINE Whimsical indie-as-thou teen
romance from director Richard Ayoade.
SUPER Rainn Wilson stars in this postmodern
superhero caper that perfectly defies its title.
DVD
PAUL OAKENFOLD Never Mind the B*llocks, Heres
Paul Oakenfold is the title of his new album. Dear me.
FOUNTAINS OF WAYNE The indie veterans are back
with their latest collection, Sky Full oof Holes
RHYDIAN The operatic chancer and X-Factor also-
ran has an album out called Waves.
MUSIC
INSANELY TWISTED SHADOW PLANET (XBOX
LIVE ARCADE) Action game set on an alien planet.
GARSHASP: THE MONSTER SLAYER (PC) Third
person adventure set in ancient Persia.
PARAMEDIC SIMLUATOR (PC) Deliver CPU via
your computer. If you must.
GAMES
ALSO OUT THIS WEEK
FILMS, MUSIC, GAMES
Above, Super 8.
Right Kristin Scott
Thomas in Sarahs
Key. Below, one of
Mr Poppers
Penguins.
Lifestyle| Reviews
T
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MY FAVOURITE JOKE
BBC1, 11.05PM
Comedians discuss their favourite
comedy moments, featuring Tommy
Cooper, Peter Cook and Dudley Moore,
and Monty Pythons Life of Brian.
LIVE ATHLETICS
BBC2, 6.30PM
The London Grand Prix. John Inverdale
introduces coverage of the first day of
the Diamond League meeting at
Crystal Palace.
SOMEONES DAUGHTER,
SOMEONES SON ITV1, 9PM
New series. Murder victims friends
and families talk about how they have
adjusted after the loss of their loved
ones. Narrated by Sue Johnston.
BBC1
SKY SPORTS 1
6.30pmFootball League Weekend
7.30pmLive Football League
10pmFootball League Weekend
11pmThe Sky Sports Years 12am
Road to London 12.30amFootball
League Weekend 1.30amWorld
Golf Championship 5.30am-6am
Road to London
SKY SPORTS 2
7pmLive World Golf
Championship 11pmLadies
European Tour Golf 12amShow
Jumping 1amRacemax 2amThe
Sky Sports Years 3amFootball
League Weekend 4amTrans
World Sport 5amIAAF Athletix
5.30am-6amPremier League
World
SKY SPORTS 3
4.30pmLive ECB 40 League
Cricket 10pmWWE: Late Night
Smackdown 12amWWE: Late
Night Bottom Line 1amTight
Lines 2amRoad to London
2.30amAerobics Oz Style 3am
NFL: Total Access 4amRacemax
5amKings of the Surf
5.30am-6amAerobics Oz Style
BRITISH EUROSPORT
6.30pmWTA Tennis 7.30pm
Triathlon 8pmCycling 9pm
Strongest Man 10pmOlympic
Magazine 10.35pmWATTS
10.45pm-1amLive Under-20s
World Cup Football
ESPN
6.45pmLive Premiership Rugby
Sevens Series 10.30pm
Bundesliga 12.15amWRC: Access
All Areas 1.15amESPN MMA Live
2amLive Friday Night Fights 4am
UFC Unleashed 5am-6amWRC:
Access All Areas
SKY LIVING
7pmCSI: Crime Scene
Investigation 8pmNikita 9pm
Medium10pmCSI: Miami 11pm
Criminal Minds 12amCSI: Crime
Scene Investigation 1.50am
Ghost Whisperer 2.40am
Charmed 4.20amNothing to
Declare 5.10am-6amMaury
BBC THREE
7pmDoctor Who 8.30pmThe
Real Hustle: Celebrity Scammers
9pmWorlds Craziest Fools
9.30pmThe Pranker 10pm
EastEnders 10.30pmRussell
Howards Good News 11pmFamily
Guy 11.45pmAngry Boys
12.15amGeordie Finishing School
for Girls 1.15amMongrels 1.45am
Worlds Craziest Fools 2.15amThe
Pranker 2.45amRussell Howards
Good News 3.15amAngry Boys
3.45amMongrels
4.15am-5.10amGeordie Finishing
School for Girls
E4
7pmHollyoaks 7.30pmHow I
Met Your Mother 8pmFriends
9pmGoks Clothes Roadshow
10pmSupersize vs Superskinny
11pmEmbarrassing Teenage
Bodies 12.05amDirty Sexy Things
1.10amMy Name Is Earl 1.55am
How I Met Your Mother 2.15am
Supersize vs Superskinny 3.10am
Glee 4amHeartland 4.45am-6am
Switched
HISTORY
7pmInside the World of Henry
VIII 8pmStorage Wars 9pm
American Pickers 10pmAncient
Aliens 11pmMysteryQuest 1am
How London Was Built 2am
Warriors 3amInside the World
of Henry VIII 4amAncient
Discoveries 5am-6amPrehistoric
Megastorms
DISCOVERY
7pmMythbusters 8pmChilean
Miners Rescue 9pmSurviving the
Cut 10pmMan, Woman, Wild
11pmFlying Wild Alaska 12am
Bear Grylls: Born Survivor 1am
Surviving the Cut 2amPowering
the Future 3amDeadliest Catch
3.50amRaging Planet 4.40am
Nasas Greatest Missions
5.30am-6amDestroyed in
Seconds
DISCOVERY HOME &
HEALTH
7pmSpecial Delivery: Baby ER
8pmLittle People, Big World 9pm
Little Parents, Big Charlie 10pm
Little People, Big World 11pm
Emergency 12amLittle Parents,
Big Charlie 1amLittle People, Big
World 2amEmergency 3amLittle
People, Big World 4amA Baby
Story 5am-6amBringing Home
Baby
SKY1
8pmFuturama 9pmAn Idiot
Abroad 10pmWall of Fame
10.30pmTrollied 11.30pmBrit
Cops: Rapid Response 12.30am
Miami SWAT 2.20amStargate
Universe 3.50am99 Most Bizarre
4.40amAirline 5.10am-6amSell
Me the Answer
BBC2 ITV1 CHANNEL4 CHANNEL5
S
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&
C
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TVPICK
6pmBBC News
6.30pmBBC London News
7pmThe One Show
7.30pmThe Good Cook: BBC News
8pmEastEnders 8.30pmA
Question of Sport 9pmMy Family
9.30pmMiranda 10pmBBC News
10.25pmRegional News 10.35pm
John Bishops Britain 11.05pm
CHOICE My Favourite Joke
11.35pmThe National Lottery
Friday Night Draws 11.45pmFILM
Paycheck: Thriller, starring Ben
Affleck. 2003; Weatherview
1.40amSign Zone: Rick Steins
Spain 2.40amSign Zone:
Restoration Home 3.40amSign
Zone: Royal Upstairs Downstairs
4.10am-6amBBC News
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30 24
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33
29
10
27
11
12
29
8
20
6
27
15
19
15
20
16
17
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14
12
11
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.
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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 Scene (5)
3 Tartan (5)
7 Prevents from
speaking out (4)
9 Honourable or
admirable (6)
11 Express in speech (5)
13 Ocean-going vessel (5)
14 Contributor (5)
15 Grow old (3)
16 Bounded, as if by
an oath (5)
17 At a distance (5)
20 Punctuation mark (5)
22 Steering mechanism at
the stern of a vessel (6)
23 Pack (4)
24 Furze (5)
25 Deadbeat (5)
DOWN
1 Devotional watch (5)
2 Appreciation (5)
4 One who waits
on another (9)
5 Appliance that
removes moisture (5)
6 Be in debt (3)
8 Explosive associated
with Guy Fawkes (9)
10 Severe or trying
experience (6)
12 Dreamlike state (6)
16 Branchlet (5)
18 Sat for a portrait (5)
19 Structure taller than
its diameter (5)
21 Sphere (3)
E
C
I
S
F E
A
E
R

4
4

4

4

S E R I A L S M U T
U E M E M O I
R S E E D T W I N
F A T N C H N
L C A M O M I L E
E G G B U P O D
R A I L L E R Y R
A B E T S E W
S U E T S I L O A
E O B O E L I
D U S T B R I D A L
9 5 8 7 6 2 1 3
2 1 4 3 8 3 7 9
4 9 5 2 1
4 2 9 5 4 1
2 3 1 5 8 7 4 9 6
7 9 3 1
8 1 4 6 2 9 5 7 3
9 2 8 1 6 9
9 7 4 1 8
1 3 7 2 8 6 9 7
5 6 8 4 1 2 5 3
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter word was
EXTRACTOR
Lifestyle | TV&Games
T
HE city of Manchester dominated
English football last season with
Manchester United winning the
Premier League and making the
final of the Champions League, while
MANCHESTER CITY collected the FA Cup,
their first trophy in 35 years. The gap is
narrowing between the two clubs and
although United are the favourites to win
a 13th Premier League title at 2/1 with
William Hill, the value lies with City at
9/2.
Roberto Mancini looked in trouble at
one stage last season, but he was always
going to be judged on securing
Champions League football. He can still be
negative in the big matches, but the
defence has been strengthened with the
arrival of Gael Clichy and Sergio Aguero
has the potential to take the Premier
League by storm. Carlos Tevez will clearly
be missed if he leaves, but Aguero is the
perfect replacement and Citys side is drip-
ping with quality in every department.
My main concern is that the Champions
League will demand even more from the
squad, but they were starting to look set-
tled at the back-end of last season and they
should only get better. Chelsea need to
improve under Andre Villas-Boas, which is
certainly not impossible, but it looks like it
could be another fruitless season for
Arsenal.
United are obviously a massive danger
and they have brought in Ashley Young,
David de Gea and Phil Jones so far this
summer. They were consistent last cam-
paign, without being spectacular, but
their away form was patchy. Wayne
Rooney could be set for a huge season after
a long summer break and his partnership
with Javier Hernandez will be crucial. I
cant see them being out of the first two
and the CITY-UNITED straight forecast is
worth backing at 11/1 with 888sport.
The Championship looks as open as
ever, but its still hard to get away from the
two favourites, LEICESTER and West Ham.
Both have top-class managers for this divi-
sion and Sven-Goran Eriksson has been
active in the transfer market. The Foxes
main problem last season was their
defence and that seems to have been
addressed with the arrivals of Kaspar
Schmeichel, Matt Mills, Sean St Ledger,
John Paintsil and Paul Konchesky. David
Nugent should do well up front and they
are going to be hard to beat at 5/1 with
William Hill.
Sam Allardyce has had a break from
football management, but his no-non-
sense style should mean West Ham dont
have to wait too long before getting back
into the top flight. Kevin Nolan could
prove an inspired buy and if they can hold
on to some of their best players before the
end of the window, they will be extremely
hard to beat. Norwich secured back-to-
back promotions last season and it would-
nt be the biggest shock to see either
Brighton or Southampton launch a seri-
ous promotion challenge having come up
from League One.
We made money selling BIRMINGHAMs
points with Sporting Index in the Premier
League last season and theres every reason
to do the same again this year in the
Championship. Blues finances are a mess
and although Chris Hughton won the sec-
ond tier title with Newcastle two seasons
ago, he may have his work cut out this
time. Sporting Index offer a points spread
of 65.5-67.5 and Id definitely be a seller at
that price.
If the Championship is open, then
League One is positively gaping. Favourites
dont have a great record in this division
and although Huddersfield, Sheffield
Wednesday and Preston are accorded
respect, Id prefer to take a chance on
CHARLTON at 9/1 with William Hill.
Bradley Wright-Phillips is a very decent
striker at this level and although Chris
Powell is inexperienced as a manager, he
has brought in plenty of fresh faces.
CRAWLEYlanded a monster punt in last
years Blue Square Premier League and
they have been smashed into a best-price
10/3 in this years League Two market.
Theyre odds-on to get promoted and after
bringing in another batch of top quality
players for this level, the Red Devils look
like good things to bash the bookies again.
Throughout the season, many of the
tips will be informed by Football Form Lab,
the most effective betting tool on the mar-
ket. You can find out more at
www.footballformlabs.com or for free tips
and trends on the Premier League and
other matches follow @Footballformlab
on Twitter.
FOOTBALL TRADER BEN CLEMINSON BRINGS YOU THE BEST BETS
AHEAD OF THE NEW FOOTBALL SEASON
Punter | Sport
26
POINTERS...
Man City at 9/2 with William Hill
City-United straight forecast at 11/1 with 888sport
Leicester at 5/1 with William Hill
Sell Birmingham points at 65.5 with Sporting Index
Charlton at 9/1 with William Hill
Crawley at 10/3 with William Hill
City to emerge from the
shadows of bitter rivals
THE FA Community Shield can often be a
lacklustre, tepid affair, but that seems
unlikely with the Manchester Derby kick-
ing things off for the season. The local
rivals met here in the semi-final of the FA
Cup in April and it was City who came out
on top that day.
Sir Alex Ferguson would never admit it,
but City should turn out to be the champi-
ons biggest threat of securing back-to-
back titles and both clubs will be
desperate not to lose this one. Roberto
Mancini tends to adopt a defensive policy
against the best sides and he could set his
stall out to try to frustrate his opponents.
Last seasons 3-1 win for United against
Chelsea in this fixture was the first
Community Shield that hadnt gone to
penalties in the past four years. There is
no extra-time and with the draw available
at 3.35 on Betdaq, that has to be the best
option.
I wouldnt be surprised to see both sides
get on the scoresheet as there are bound
to be a couple of rusty players at the back
and the 1-1 scoreline is worth backing at
6/1 with William Hill. Its anyones guess
who would win on penalties, although Id
probably just favour United at around 11/2
thanks to their extra experience of
shootouts.
The spread betting call has to be a sell
of goals at 2.35 with Sporting Index. There
have been two or more goals in seven of
the last eight Community Shields, but a
tight contest is definitely on the cards.
SUNDAY 2.30PM SKY SPORTS
MANCHESTER CITY
MANCHESTER UNITED
POINTERS...
Draw at 3.35 on Betdaq
1-1 correct scoreline at 6/1 with William Hill
Sell total goals at 2.35 with Sporting Index
Sport
ENGLAND star Ian Bell has revealed
his personal ambitions mirror
those of his side as he strives to
become the worlds No1 Test bats-
man.
The 29-year-old is set to win his
68th cap on Wednesday as England
look to wrap up the series against
India at his home ground of
Edgbaston.
But despite that wealth of experi-
ence, only since a career defining
innings in Cape Town the winter
before last has he been regarded an
automatic choice.
Over the last year Bell has accu-
mulated over 1,000 Test runs at an
average of just over 100. That golden
run of form has seen him rise to
fifth in the ICC world rankings, but
hes not finished there.
It means a huge amount and its
a massive goal of mine at some
point in my career to become No1
batsman in the world and hopefully
Im getting that step closer, he said.
I think this is the best period of
my cricket career. At 29 Ive still got
some good years to come. But I
think Ive matured into a decent
Test cricketer and Im hoping
theres a lot more to come from me.
But Id like to work my way up
the world rankings both with the
team and personally, and keep put-
ting in performances like last week
that help us win Test matches.
Bell reveals a
No1 Test goal
all of his own
BY JAMES GOLDMAN
CRICKET
ITS only 67 days since the last ball

was kicked in the Championship but
the race for the 90m ticket to the top
flight gets under way again tonight.
QPR made the leap in May but have
been replaced among the London
contingent in English footballs sec-
ond tier by West Ham.
Big names abound from former
England managers Steve McClaren
and Sven-Goran Eriksson to would-be
national boss Sam Allardyce while
the harsh economic climate is sure to
make it more competitive than ever.
London clubs ready for Championships big kick-off
BY FRANK DALLERES
FOOTBALL
Paving the way for the best of British

to take on the best in the world.
Were delighted to be sponsoring the Aviva London Grand Prix where our British champions will challenge
the biggest international names in track and field. Follow the athletes live on the BBC today and tomorrow.
aviva.co.uk/athletics
Results
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email sport@cityam.com
SPORT | IN BRIEF
Williams set for Palace date
ATHLETICS: British sprinting sensation
Jodie Williams, 17, will make her
Diamond League debut in the Aviva
Grand Prix over 200m at Crystal Palace
this evening, where she faces the worlds
fastest woman, Shalonda Solomon.
British fans turn out in force
GENERAL: Sports fans turned out in
record numbers this year as Britains
largest sporting events Wimbledon,
the British Grand Prix, Royal Ascot and
Cheltenham Festival reported signifi-
cant attendance rises, research by
PricewaterhouseCoopers revealed.
Canford Cliffs put out to stud
HORSE RACING: Five-time Group One
winner Canford Cliffs has been retired to
stud. The four-year-old colt, trained by
Richard Hannon, suffered a leg injury
when second to Frankel at Glorious
Goodwood last week.
Fulham ease through Euro test
FOOTBALL: Fulham progressed to the
final qualifying round of the Europa
League with a 2-0 home win over RNK
Split. Andrew Johnson and Danny
Murphy were both on target.
WEST HAM MILLWALL CRYSTAL PALACE
First match Cardiff (H), Sunday
Players in Kevin Nolan, Abdoulaye Faye,
Matthew Taylor, Joey OBrien
Players out Danny Gabbidon, Kieron
Dyer, Manuel Da Costa, Radoslav Kovac,
Demba Ba
Prospects Hammers have gambled on a
manager with pedigree in Sam Allardyce,
and hell be expected to steer one of the
divisions strongest squads to promotion
First match Reading (A), Saturday
Players in Jordan Stewart, Ryan Allsop,
Therry Racon, Darius Henderson
Players out Kiernan Hughes-Mason, Marc
Laird, Theo Robinson, Danny Schofield, John
Sullivan, Ashley Grimes, Neil Harris, Andy
Frampton, Steve Morison, Patrick OConnor
Prospects Fans will be happy with a repeat
of last years ninth place, but Kenny Jackett
must manage without striker Steve Morison
First match Peterborough (A), Saturday
Players in Andrew Davies (loan), Ryan
McGivern (loan), Jonathan Parr, Mile
Jedinak, Kagisho Dikgacoi, Glenn Murray
Players out Adam Barrett, Kieran Djilali,
Alassane NDiaye (loan), Neil Danns,
Claude Davis, Charlie Mann
Prospects Dougie Freedman enhanced
his hero status by avoiding the drop and
survival looks the most realistic goal again
Jacques Kallis: 883 points, 11,947 runs,
57.43 Ave, 40 hundreds, 145 Tests.
Kumar Sangakkara: 838 points, 8,428
Runs, 56.18 Ave, 25 Hundreds, 97 Tests.
Sachin Tendulkar: 831 points, 14,810
Runs, 56.52 Ave, 51 Hundreds, 179 Tests.
Jonathan Trott: 792 points, 1,965 Runs,
57.79 Ave, 6 Hundreds, 23 Tests.
Ian Bell: 776 points, 4,758 Runs, 47.58
Ave, 15 Hundreds, 67 Tests.
TOP 4 BATSMEN | ICC TEST RANKINGS
DRAB FAB: CESC FORCED TO PLAY WAITING GAME
ARSENAL fans were treated to the site of Cesc Fabregas at Emirates Stadium yesterday,
but the Spaniard cut a glum figure as the uncertainty surrounding his future remains.
Fabregas was supposed to take part in the traditional first team photo, but the weather
prevented the shot being taken, which may prove extremely convenient should he eventu-
ally complete a move to his boyhood club Barcelona. Picture: GETTY
ARSENAL manager Arsene Wenger
could force Barcelonas hand by field-
ing a fit-again Cesc Fabregas in tomor-
rows friendly against Benfica and
upcoming Champions League qualifi-
er.
The two clubs are still to agree a fee
for the player, who until yesterday
hadnt featured in his sides pre-sea-
son programme due to a hamstring
injury.
But the Spaniard took a full part in
yesterdays open training session in
front of the clubs members at
Emirates Stadium, suggesting a
return to first team action is immi-
nent.
Barcelona may finally be forced to
table a suitable bid should Wenger
declare his intention to select
Fabregas in a Champions League qual-
ifier, the draw for which takes places
today, as the player would be cup tied
should the Gunners reach the lucra-
tive group stages.
Fabregas was joined by contract
rebel Samir Nasri yesterday, whose
future is still far from clear with
Manchester City still keen on the
Frenchman who has one year remain-
ing on his current deal.
Theo Walcott, meanwhile, who was
sent home from a training camp in
Germany last week with an ankle
injury that was described as requiring
further investigation by Wenger,
now looks likely to be ready for the
start of the domestic season next
Saturday at Newcastle.
Wenger set
for fresh
Fabregas
conundrum
England new
boy ready to
smash Wales
Sport
HAMMER TIME
LONDON SIDES SET FOR
CHAMPIONSHIP: P27
BY JAMES GOLDMAN
FOOTBALL
Tuilagi vows to carry on hitting

them hard as Johnson and
Wilkinson hail youngster as the
national teams future
CONTROVERSIAL England youngster
Manu Tuilagi, the man hailed yester-
day as the future of the national
team, insists he will never lose the
urge to smash people.
Manager Martin Johnson has
offered Tuilagi, 20, the chance to
gatecrash his World Cup squad by
handing him an international debut
in tomorrows Test against Wales at
Twickenham.
The Leicester centre has already
earned a reputation as a tough cus-
tomer, having been banned for the
end of last season for punching Chris
Ashton, now an England colleague.
But Samoa-born Tuilagi shows no
signs of curbing his aggression,
which he attributes to his native
country, as he prepares for the
biggest match of his fledgling career.
I consider myself fully English as a
rugby player, but that Samoan side to
just come out the line and smash peo-
ple, you never lose it. Its good fun,
said last years Premiership Young
Player of the Year.
Im really proud to be winning my
first cap. There is a lot of competition
for places and I just want to take this
chance and do the best I can for the
team.
Johnson, who has also recalled
long-term absentees Matt Stevens,
Delon Armitage and Riki Flutey,
called Tuilagi explosive.
He likes to come out of the line
and hit people and he can carry the
ball very powerfully, he added.
He is not just a power runner. He
has all the talents to develop into a
top player.
Veteran fly-half Jonny Wilkinson,
who is also set to start, went as far as
to compare Tuilagi with some of the
games greats.
Manu has that aura about him,
that Jason Robinson uniqueness
about his ability to impact on a
game, said Wilkinson.
When someone has that ability as
an individual to change a game you
know he has to be special. I saw it a
bit in Toulon with Sonny-Bill
Williams.
He has the power, the speed and
he reads the game incredibly well. His
focus is very sharp, he doesnt drop
off. Youd think hes all about run-
ning over people but he has got the
footwork and the passing skills and
he can kick a ball pretty well.
You have to sit back and acknowl-
edge that you are seeing the future of
the game right here, with this breed
of youngster coming through.
BY FRANK DALLERES
RUGBY UNION
Starting XV D Armitage (London Irish);

M Banahan (Bath Rugby), M Tuilagi
(Leicester Tigers), R Flutey (London
Wasps), M Cueto (Sale Sharks); J
Wilkinson (Toulon), D Care (Harlequins);
A Corbisiero (London Irish), D Hartley
(Northampton Saints), M Stevens
(Saracens), S Shaw (Unattached), T
Palmer (Stade Francais), T Croft
(Leicester Tigers), L Moody (Bath Rugby,
capt), J Haskell (Ricoh Black Rams)
Replacements L Mears (Bath Rugby), D
Wilson (Bath Rugby), M Botha (Saracens),
T Wood (Northampton Saints), R
Wigglesworth (Saracens), C Hodgson
(Saracens), C Sharples (Gloucester Rugby)
ENGLAND TEAM | TO FACE WALES

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www.cityam.com Issue 1,440 Friday 5 August 2011 FREE

Antonio Horta-Osrio is trying to shore his banks position Picture: APF

SME lender Aldermore is talking to

SATELLITE communications firm

MORTEN SINGLETON | INVESTEC

MARK JAMES | LIBERUM CAPITAL

JONATHAN JACKSON | KILLIK & CO

RIO TINTO, the global mining giant,

RANDGOLD Resources saw a 6.6

ANALYSIS l Rio Tinto

BAILED-OUT insurer American

SOUTH African asset management

Piers Morgan could face questions

SWISS RE and Munich Re both

ROYAL & Sun Alliance chief executive

ANALYSIS l RSA Insurance

CONSUMER goods giant Unilever

THE FSA has charged former Mizuho

ANALYSIS l Robert Walters

Typical monthly mortgage payment: 860

ITS only 67 days since the last ball

Paving the way for the best of British

Tuilagi vows to carry on hitting

Starting XV D Armitage (London Irish);

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