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Former IMF
boss walks
after judge
drops case
DOMINIQUE Strauss-Kahn yesterday
walked from a New York court along-
side his wife after a judge dropped the
sex charges against him.
The former IMF boss smiled to the
scrum of reporters, branding the last
four months a nightmare and say-
ing he is looking forward to returning
to a more normal life.
He also said he was most deeply
grateful to my wife and family, and
thanked his friends who believed in
my innocence.
Strauss-Kahn was last night still
awaiting the outcome of a last-ditch
appeal from the lawyers of hotel maid
Nafissatou Diallo, who maintains the
former French presidential hopeful
forced her to perform a sex act and
tried to rape her.
Legal experts said the appeal for a
special prosecutor to be drafted in to
work on the case has almost no
chance of succeeding.
State prosecutors had recommend-
ed the case be dropped after Diallo
repeatedly lied about her past. They
told the judge that if they could not
believe her testimony beyond reason-
able doubt that there was no reason a
jury should.
Strauss-Kahn faces a civil lawsuit
against him, and a separate inquiry in
France, where a writer alleged Strauss-
Kahn tried to rape her during an inter-
view in 2003.
BY STEVE DINNEEN
WORLD POLITICS

LIBYAN rebels ransacked Colonel

Gaddafis compound last night and
declared the end of the dictators rule
as celebratory gunfire rang through
Tripoli.
Fighters raised the rebel flag in the
Bab al-Aziziya bastion as all but a few
districts fell under their control. They
celebrated the apparent fleeing of the
dictator from his base after 42-year
rule by seizing weapons and treasure
and shouting: Its over.
The triumphant army began to
destroy the emblems of Gaddafis
tyranny by beheading a bronze statue
of him, crushing his sculpture of a
hand clasping an American warplane
and setting fire to one of his Bedouin
tents.
But as the extraordinary scenes con-
tinued into the early hours, Colonel
Gaddafi resurfaced, taking to the air-
waves to say his withdrawal from the
Tripoli compound was a tactical
move following Nato airstrikes.
He repeated his pledge to fight to
the death in a tirade broadcast by
local radio in Tripoli.
The Gaddafi family is believed to
have the use of a series of safe houses
in the capital and beyond.
Mahmoud Jibril, head of the Libyan
rebel government, promised to move
the country towards democracy, after
a conflict that has claimed at least 400
lives in recent days, but pleaded with
his people not to issue summary jus-
tice or slip into the inter-ethnic con-
flict that left Iraq a bloody quagmire.
The whole world is looking at
Libya. We must not sully the final
BY PETER EDWARDS
WORLD NEWS

Saif al-Islam, Colonel

Gaddafis son and chosen
heir, is believed to have
escaped from the rebels
and fled to a safe house
www.cityam.com FREE
BUSINESS WITH PERSONALITY
page of the revolution, said Jibril.
William Hague, the UK foreign sec-
retary, said: This is not yet an ordered
or secure situation in Tripoli or other
parts of Libya. Its not over yet but we
are in the death throes here of a despi-
cable regime.
The new Libyan regime said oil pro-
duction the backbone of the coun-
trys economy will re-start very soon
and asked Qatar and the United Arab
Emirates to supply it with fuel and help
rebuild its war-torn infrastructure.
Aref Ali Nayed , the rebels ambassa-
dor to the UAE, said Libyas Zawiya
refinery had not been badly damaged
in fighting and that it would be the
first to resume production. The news
was enough to slightly cool the surg-
ing price of Brent crude oil, which
rose 1.4 per cent to $109.77 a barrel
during trading yesterday.
The rebel National Transitional
Council has asked for $2.5bn (1.52bn)
in international aid by the end of the
month and its members will today
meet representatives from the US,
France, Italy, Britain, Turkey and
Qatar in Doha, Jibril said.
There are some minor damages
and they are being fixed judicially
and legally we are able to go forward,
Aref Ali Nayed added.
Issue 1,453 Wednesday 24 August 2011
Certified Distribution
04/07/2011 till 31/07/2011 is 93,093
DSK faces one last appeal from Diallo
CLAIM A FREE
DRINK AT THE
ANTHOLOGIST
See page 10
REBELS STORM
GADDAFI BASE
Brought low: Rebel fighters stripped treasure and symbols of Gaddafi from the dictators compound at Bab al-Aziziya Picture: AP
News
2 CITYA.M. 24 AUGUST 2011
Japan hit by
downgrade
RATINGS agency Moodys downgraded
the Japanese government this morn-
ing, painting a gloomy picture for the
troubled Asian economy.
Yet investors shrugged off the news,
with the Nikkei rising 0.6 per cent in
early trading today.
The upbeat start followed a strong
day of trading in New York yesterday,
during which the Dow Jones grew
three per cent.
Nonetheless, Japans rating with
Moodys is now Aa3, down from Aa2,
with a stable outlook.
The rating downgrade is prompted
by large budget deficits and the build-
up in Japanese government debt since
the 2009 global recession, Moodys
said.
Several factors make it difficult for
Japan to slow the growth of debt-to-
GDP and thus drive this rating action.
Political changes to the government
have prevented effective and durable
policies from being implemented,
Moodys said.
Japan is set to elect its sixth prime
minister in five years, following the
resignation of current head Naoto
Kan.
Moodys also attributed some eco-
nomic setback to the horrific earth-
quake and tsunami that hit the
country in March.
MARKETS AWAIT JACKSON HOLE: P20
BY JULIAN HARRIS
JAPANESE ECONOMY

SHIPOWNER THREATENS TO SEIZE

CHINA VESSELS
One of Greeces most high-profile
shipowners has threatened to seize
ships belonging to Chinas biggest
shipping company, after it halted pay-
ments on high-priced charter con-
tracts. George Economou said that
Coscos stance over contracts struck
during the 2008 shipping boom
might reflect a failure to understand
the importance of honouring past
deals.
MINERS AND INVESTORS JOIN YUKON
GOLD RUSH
Canadas Yukon territory has again
become a magnet for miners seeking
the next gold rush. Drawn by the
soaring gold price, exploration com-
panies have staked more than 85,000
claims in the territory since January,
compared with 83,000 for the whole
of 2010 and 10,000-15,000 in a normal
year, according to the Yukon Mining
Recorders office in Whitehorse.
TECHNOLOGY DEALS BACK TO PRE-
RECESSION LEVELS
Deals in the technology and telecoms
industry have returned to pre-reces-
sion levels this year, thanks to a num-
ber of big acquisitions such as AT&Ts
$39bn purchase of T-Mobile. After two
years in the doldrums, the value of
merger and acquisition activity in the
sector is close to levels last seen in
2008.
AIRSHIP DEVELOPMENT SET FOR TAIL
WIND
A British company will take a big step
towards returning airships to comme-
cial service after more than 70 years
today when it announces its first cus-
tomer in a deal that could lead to
orders for up to 45 air vehicles worth
more than 2bn. Hybrid Air Vehicles,
a privately owned company based in
Cranfield, has signed an agreement
with Canadas Discovery Air.
LINDT UNWRAPS SALES DECLINE IN
BRITAIN
You might think that nobody could
resist the appeal of the gold foil-
wrapped rabbits that appear magical-
ly on shops shelves at Easter, or those
familiar soft-centred Lindor choco-
late balls, but apprently Britons can
and are. The Swiss chocolatier Lindt &
Sprngli has said in its latest results
that Britain is the only market that
failed to meet its expectations in the
first half blaming the especially
difficult economic climate.
NEW FUND KEEN TO DECANT VINTAGE
RETURNS
A fund management company in
Shanghai has become the first in
China to merge the twin passions of
the countrys emerging wealthy elite:
a bottle of full-bodied premier cru
and eye-watering returns on invest-
ments.
PENTAGON EVACUATED AS STRONG
EARTHQUAKE RATTLES WASHINGTON
A strong earthquake measuring 5.9
struck the US east coast on Tuesday,
rattling buildings in downtown
Washington and causing evacuations
of buildings as far away as New York.
An earthquake of at least 5.9 magni-
tude and centred in Virginia shook
much of the east coast, being felt as
far as Canada and prompting the evac-
uation of buildings in Washington.
LUMINAR DITCHES AUDITOR PWC
AMID DEBT TALKS
The company said it wanted a fresh
audit relationship, as the account-
ants had been working with it since
2003. It had gained approval to re-
elect PwC as auditor just six weeks ago
at its annual meeting. The company
is at a critical point in debt talks with
its lenders, after difficult trading for
the whole of this year.
AMERICAN HURRICANE SET TO CHURN
NORTHWARD
US authorities warned yesterday that
Hurricane Irene could threaten the
entire East Coast, not just the South
East, as the powerful storm churns
northward in the Atlantic Ocean over
the next several days. Authorities cau-
tioned it is difficult to project the
path of a hurricane beyond 48 hours.
WEALTHY FRENCH PUSH FOR EXTRA
TAX ON RICH
France's richest woman, who recently
ran into trouble for allegedly evading
taxes, said Tuesday she wished to
stand by her country as it is going
through hardships, urging the gov-
ernment to create a one-time levy on
the nation's most well-off taxpayers.
Liliane Bettencourt, along with 15
other wealthy individuals, made the
unusual plea for a special though
"reasonable" tax.
WHAT THE OTHER PAPERS SAY THIS MORNING
Wealth destruction the new normal
WEALTH preservation is now the
name of the game in the West. The
challenge, for most people, is not to
make more money: it is to try and pre-
serve what they have. Declining equity
and property prices, ultra-low interest
rates, lowish pay rises, elevated infla-
tion and increasing taxes are combin-
ing to squeeze nearly everybody. This
shouldnt come as a surprise: the UK
economy shrank by about six per cent
during the recession; and there has
been far too much borrowing from
future expected production to fund
consumption today. A country that
produces less (which is what it means
to have a smaller economy) must con-
sume less; the value of its land and
companies will also be worth less.
There is wealth destruction almost
everywhere one looks. Inflation on
the retail price index is at five per
cent: the real value of everything is
falling by that amount. Take cash. To
beat inflation, a basic rate taxpayer
needs to find a savings account paying
5.50 per cent, a 40 per cent taxpayer
needs to find an account paying at
least 7.33 per cent, and somebody pay-
ing the 50 per cent tax rate...well, they
shouldnt even bother. Basic rate tax-
payers can choose from just eight
accounts that negate the effects of tax
and inflation, all of which are fixed-
rate ISAs; in the main, it is a disaster
for savers, especially for those who
have cash that is not eligible for tax
protection and who pay higher rates
of tax. Moneyfacts calculates that the
effect of inflation on savings means
that 10,000 invested five years ago
allowing for average interest and tax
at 20 per cent would have the spend-
ing power of just 9,374 today.
Average total pay is increasing at 2.6
per cent a year, which translates into
an annual real pay cut of around 2.4
per cent. No wonder an Ipsos Mori poll
for the Resolution Foundation reveals
that just 48 per cent of people in low-
to-middle income households have
cash left over at the end of each
month. Just 27 per cent of these make
monthly savings. The middle classes
are also being hammered.
What about property? Prices in
London, especially in prime areas, are
holding up or even increasing as a
result of global demand from
investors keen to protect themselves
against instability. But across the UK,
they are down 0.3 per cent over the
past year which in real terms is a
drop of over five per cent. Residential
property in the UK as a whole has fur-
ther to fall, especially in real terms;
prices have yet to readjust to earnings.
Equities are hardly any better. The
FTSE 100 closed at 5,129.42 yesterday;
its 52-week range has been a miserable
4,791-6,105.80. Once adjusting for
inflation, returns are even worse than
the index performance would suggest.
This is hammering the middle classes
and those with pension pots. Many
individual stocks look cheap; but the
markets are terrified of the possibility
of a Eurozone led recession.
Apart from precious metals (though
gold tumbled in New York yesterday)
the only relative success story has
been gilts: their price has risen as
yields have fallen. But government
bonds are over-valued; that bubble
will burst. And once the effects of
inflation are factored in, there is little
to celebrate. Of course, those with
debt are also seeing its real value cut;
low rates have also boosted those with
floating rate loans. But the real story
for Britains asset owners and investor
class is that the ongoing process of
wealth destruction has further to go.
It is time for a brutal reality check.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
GREECE could end up using its own
land as collateral for its bailout pack-
age as part of plans under discussion
between Eurozone governments.
As Finland threatened to quit the
bailout programme if its request for
collateral was turned down, minis-
ters considered asking Greece to put
up non-cash reserves such as gold,
industrial assets and even real estate.
Finland could renege on last weeks
bilateral deal with Greece that saw
the struggling Eurozone nation offer
to provide cash collateral for
Finlands part of the support fund.
A minister in Angela Merkels
German government backed Finland
yesterday, saying in a television inter-
view: Several states are making big
efforts to service their debt. This must
be honoured.
But to keep up those efforts in the
long term, collateral is needed,
added Christian Democrat deputy
leader Ursula von der Leyen.
BY MARION DAKERS
EUROZONE

Greek collateral needed

DEMAND for migrant workers has
reached a record high as school-
leavers lack the skills needed for the
workplace, new research says.
One in four employers now plan to
hire migrant workers in the third
quarter of the year, according to the
Chartered Institute of Personnel and
Development (CIPD) quarterly survey.
Thirty-four per cent of employers
are hiring more workers from the EU
rather than improving the skills of
existing workers (23 per cent) or
recruiting more graduates (18 per
cent), the study said.
Gerwyn Davies, public policy advis-
er at the CIPD, the migration cap is
cutting the flow of skilled migrant
workers from outside the EU but
increasing the supply of workers from
the continent.
School-leavers
lack workplace
skills, CIPD says
Greek prime minister George Papandreou could put up the countrys land as collateral
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SHARES in Bank of America tumbled
more than six per cent during trad-
ing yesterday, as the price of insur-
ing its debt rocketed to an all-time
high.
The spread on the banks five-year
credit default swaps (CDS) climbed
to 435 basis points in early trades,
meaning it would cost 435,000 a
year over five years to insure $10m of
BofA debt. The highest the spread on
the banks CDS has previously traded
was in March 2009, when it hit
386bp.
Shares fell as low as $6.01 in morn-
ing trade, extending losses which
have seen 34 per cent wiped off the
price so far this month.
The bank has been hit by resurfac-
ing fears that it will not have enough
capital to cover the cost of mortgage
disputes it is embroiled in.
At the end of last year, BofA chief
executive Brian Moynihan referred
to the disputes as day-to-day, hand-
to-hand combat, that would contin-
ue to dog the bank well into 2011.
Analysts in the US seem to be split
over BofAs cash position, with
debate fuelling volatility in the
shares throughout yesterday after-
noon.
The market is forcing BAC into a
capital raise and the lower stock
price goes, the worse it gets, said
Layla Peruzzi at Jeffries, who esti-
mated the bank would need around
$40-$50bn (24-30bn) to maintain
minimum regulatory capital levels.
Ex-analyst Henry Blodget who is
permanently banned from the secu-
rities industry after a fraud settle-
ment in 2003 put the amount of
cash needed at closer to $200bn.
Bank of America was quick to
quash Blodgets accusations yester-
day, calling his claims exaggerated
and unwarranted. We have more
than enough capital to run our busi-
ness and run our strategy, said a
spokesman.
Shares in Bank of America closed
1.87 per cent down at 630 cents.
Cost to insure
BofA debt at
record high
BY ELIZABETH FOURNIER
US BANKING

News
3 CITYA.M. 24 AUGUST 2011
ANALYSIS l Bank of America Corp
$
23Aug Aug Jul Jun
11
10
9
8
7
6.30
23 Aug
ANALYSIS l Price to book value
$
98 00 02 04 06 08 10
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
0.306
23 Aug
ANALYSIS l Bank of America CDS
Curve Inversion
Jan11 Apr 11 Jul 11
600
bps
400
300
200
100
Bankof America1YCDS
Bankof America5YCDS
Bank of America
chief executive
Brian Moynihan
THE EUROZONE economy has contin-
ued to grow this month despite esca-
lating political turmoil over the debt
crisis, fresh data suggested yesterday.
A flash estimate of activity across
the 17-nation single currency area
came held steady at 51.1 in a purchas-
ing managers index (PMI).
All figures above 50 point to eco-
nomic growth, yet the number still
paints a very subdued picture, said
INGs Martin van Vliet.
The manufacturing part of the sur-
vey pointed to contraction in the
Eurozone-wide industry for the first
time in two years.
And investor confidence has plum-
meted in recent weeks, a German Zew
survey confirmed yesterday.
The widely-regarded Zew index col-
lapsed to -37.6 in the latest analysis,
down from -15.1 the previous month.
The surveys take on the current eco-
nomic situation dropped to an even
more severe extent, printing 53.5,
from 90.6 the previous month.
The gloomy European data was mir-
rored in China, where a PMI survey
showed the manufacturing sector still
in decline.
Factory output came in at 49.8 in
August although this was an
improvement on Julys score of 49.3 in
July. HSBC, which publishes the fig-
ures, said the August PMI was consis-
tent with manufacturing growth of
around 13 per cent from a year earlier.
We maintain our forecast of a soft
landing in growth [for China], said
Ting Lu of BAML.
Eurozone staggers forwards
BRITAINS manufacturing sector has
held up surprisingly well this month,
the Confederation of British Industry
(CBI) claimed yesterday.
The CBI survey for August was
notably more upbeat than other
recent studies such as a purchasing
managers index showing the factory
sector contracting this summer.
Manufacturing order books are
holding up, and expectations for out-
put growth are above their historical
average, although they are less strong
than earlier this year, said the CBIs
Richard Woolhouse.
The business groups industrial
trends survey found a positive balance
of plus one per cent of manufacturers
reporting above normal orders
well above the long-term average of
minus 18 per cent.
Exports also picked up, according to
the survey. The proportion of British
factories recording above normal
export orders was level with those
reporting below normal an
improvement from a negative balance
of minus eight per cent in July, and
considerably better than the long term
average of minus 21 per cent.
But the risks to manufacturing
activity and business confidence have
if anything increased, due to market
volatility and the recalibration of
growth expectations worldwide,
warned Woolhouse. Concerns
around growth in the US and the euro
area present further challenges to the
manufacturing recovery.
Samuel Tombs of Capital Economics
advised against jumping to any bullish
conclusions: The message of the sur-
vey does go against the grain of recent
news on manufacturing, and it has
occasionally been too upbeat relative
to the official data in the past, he said.
The CBIs figures also contrasted
with another negative manufacturing
survey from across the pond. The
Richmond Federal Reserves composite
index of factory activity in its district
slumped to -10 from -1 in July, it
revealed yesterday.
UKs factories
bounced back
this month
Growth in the Eurozone remains sluggish, adding to the problems faced by Angela Merkel and Nicolas Sarkozy Picture: REUTERS
BY JULIAN HARRIS
ECONOMY

News
4 CITYA.M. 24 AUGUST 2011
EUROZONE ECONOMY

INVESTORS are pushing for a new 50-

year index-linked gilt for UK govern-
ment bonds this autumn, it emerged
yesterday.
The Debt Management Office (DMO)
held a quarterly meeting with so-
called Gilt-Edged Market Makers
(GEMMs) -- primary dealers -- and with
gilt investors on Monday to discuss its
issuance plans for the next three
months.
The 50-year note was the most popu-
lar choice for October and November,
although the minutes also revealed
support for a 30-year conventional gilt,
dated either 2041 or 2043, and for a 40-
year gilt maturing in 2052.
Meanwhile, strong demand for safe
havens saw yields on American two-
year Treasury notes drop to an all-time
low yesterday. Yields on two-years sank
to 0.22 per cent, officials said.
In Spain, average yields on the three-
month bill yesterday touched their
lowest since March at 1.357 per cent --
although the yield remained a long
way above levels of around 0.3 per cent
paid prior to the Eurozone debt crisis.
Spains Treasury saw solid demand
for a short-term T-bill sale in yester-
days auction, supported by the
European Central Banks bond-buying
programme.
Prime minister Jose Luis Rodriguez
Zapatero yesterday announced plans
to put a constitutional cap on govern-
ment debt before elections in
November, in a bid to prove it has its
finances under control.
Investors ask
for 50-yr gilt
BY JULIAN HARRIS
ECONOMY

News
5 CITYA.M. 24 AUGUST 2011
How is Europe handling the crisis?
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or working towards closer fiscal inte-
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NEWS | IN BRIEF
Weak demand holding back lending, banks say
Gross mortgage lending stagnated in July, the British Banking
Association (BBA) said yesterday. The BBA reported 7.6bn in
lending, the same level as in June and slightly below the six-
month average of 7.8bn. Net loan and overdraft lending also
remained sluggish, coming in at minus 200m; net lending to
non-financial companies was flat. Demand for borrowing from
both households and companies continues to be weak reflect-
ing the slow growth in the economy, the BBA said.
US housing market remains in the doldrums
Sales of new single-family houses in the US fell more than
expected in July to hit a five month low according to a report
released by the Commerce Department yesterday. The report
showed that new home sales for July slipped 0.7 per cent from
the revised June rate of 300,000 to 298,000. Compared to
July of 2010, however, the new home sales rate was up by 6.8
per cent in July. The median price for a new home sold in July
2011 was 134,480, down about 5.5 per cent from June but up
8.8 per cent from 12 months earlier.
Denmark to expand government spending
Denmark's centre-right government is set to attempt a fiscal
stimulus package, it announced yesterday. In a bid to revive an
economy mired in recession, and to address fears of a sputter-
ing real estate market, the government said it hopes a 10.8bn
Danish crown injection will boost growth rates from next year.
Huge drop in consumer confidence in the Eurozone
Consumer confidence in the Eurozone has dropped at its
sharpest rate since the default of Lehman Brothers in
September 2008, according to new data from the European
Commission. The initial estimate of high street morale across
the single currency area came in at -16.6, down from -11.2 in
July. Consumer confidence also dipped across the wider
European Union area down to -16.8 from -12.4 in July 2011.
Strong Norwegian GDP growth in second quarter
Norways mainland economy grew by one per cent in the three
months to June, compared to the first quarter of the year, offi-
cial data revealed yesterday.

Mar Apr Jul

4.99
23 Aug
6.5
6
5.5
5
May Jun Aug
$
Mar Apr Jul
2.1
23 Aug 3.4
3.2
3.0
2.8
2.6
2.4
2.2
May Jun Aug

Mar Apr Jul

2.38
23 Aug 3.6
3.4
3.2
3.0
2.8
2.6
2.4
May Jun Aug
STILL SINKING | YIELDS ON GOVERNMENT BONDS FELL FURTHER
Spanish 10-year notes
US 10-year Treasury notes
UK 10-year gilts
SWITZERLANDS biggest bank UBS
became the latest major global bank
to announce swingeing job cuts yes-
terday as it set out the detail of a 2bn
Swiss franc (1.5bn) cost-cutting plan.
UBS said it would cut 3,500 jobs,
about five per cent of its global work-
force, by the end of 2013 as it copes
with falling revenues, growing regula-
tory limits on its business and pain
from the strong Swiss currency.
Almost half of the job losses will be
felt in its investment bank, which has
been hit hardest by the downturn in
the global economy.
London is also likely to bear many
of the job cuts as a major investment
banking centre. City A.M. understands
about 300 jobs are likely to be lost in
the City out of about 1,575 from the
investment bank globally.
The measures announced today
are designed to improve operating
efficiency. UBS will continue to be vig-
ilant in managing its cost base while
remaining committed to investing in
growth areas, it said in a statement.
Nearly 1,600 jobs will be lost from
its wealth management arms in
Switzerland and the Americas, while
350 will go from its global asset man-
agement division.
UBS said the cuts would cost about
550m francs to implement, with most
borne in the second half of the year.
The emphasis on scaling back
harder in investment banking than
wealth management recognises
where the value in the group lies,
said Collins Stewart analyst Matthew
Czepliewicz.
UBS slashes
3,500 jobs to
shrink costs
BY ALISON LOCK
BANKING

News
7 CITYA.M. 24 AUGUST 2011
ANALYSIS l UBS
$
Jun Jul Aug
16
17
19
18
15
14
13.88
23 Aug
CITY VIEWS: DO YOU THINK JOB SECURITY IN THE CITY IS GETTING WEAKER?
Interviews by Phoebe Torrance and Lydia Ellis
Probably yes, I think companies are
reluctant to hire and are using
agencies a lot more. With the debt
and share prices down its not a
great environment for many indus-
tries hiring.
PAUL POLEVION | CST
People working in the City
aren't worried, companies are
being very strategic by con-
tinuously keeping people on
who add value and making
cuts where necessary.
RHYS EVANS | DEVONSHIRE LTD
In general there are only certain markets that are being hit harder but not necessarily getting
weaker. I think it is a lot harder to get a job in the City now but more secure when you have a job
than it was a couple of years ago.
MATTHEW WATSON | NOVAE GROUP
ll ANALYSIS l Bank job cuts announced so far this year
30,000
15,000
6,000
3,500
3,000
2,000
2,000
1,000
* These views are those of the individuals above and not necessarily those of their company.
RETAIL businesses hit by the UK
riots lost more than 7,500 trading
hours during the disruption,
according to a survey by the British
Retail Consortium (BRC).
A total of 7,599 lost trading
hours were reported by the bodys
retail members, whose stores make
up more than a quarter of the UK
sector by sales.
Thats the equivalent of more
than two-and-a-half years of trad-
ing, based on an eight-hour aver-
age day.
The cost of cleaning up areas of
the UK hit by rioting and looting at
the beginning of August has been
estimated at around 200m,
though the eventual bill could be
much higher as some businesses
remain closed.
As part of a package to support
retailers, the government has
announced that a fund of 30m
will be made available to repair
high streets, and an extra 28 days
will be allowed for businesses to
claim for damages they have suf-
fered.
The survey also found that more
than 11,000 members of staff at
shops had been affected by the vio-
lence, with many reluctant to
return to retail positions having
been inside shops that were
attacked.
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Riot-hit shops lost more
than 7,500 trading hours
BY ELIZABETH FOURNIER
RETAIL

News
8 CITYA.M. 24 AUGUST 2011
MORE NEWS
ONLINE
@
www.cityam.com
STANDARD and Poors president
Deven Sharma yesterday
announced that he would leave the
ratings agency.
In a move described as having
nothing to do with the reaction
to the US credit downgrading,
Sharma will stand down next
month to pursue other
opportunities.
The president of four
years has always had a
rebellious streak, and has
faced accusations of incon-
sistencies in S&Ps ratings.
It was under
Sharmas watch that S&P gave top
ratings to numerous mortgage-
backed securities, which the US
Justice Department said last week it
will investigate as part of a probe
into the companys role in the
financial crisis.
Douglas Peterson, who is current-
ly chief operating officer
at Citibank, will replace
Sharma from 12
September.
Peterson has been
with Citi for 25
years, working in
Japan, Costa Rica
and Uruguay and as
a corporate banker in
New York and
Argentina.
He holds an
MBA from the
Wh a r t o n
b u s i n e s s
school.
S&P president leaves
after US downgrade
BY LYDIA ELLIS & MARION DAKERS
PROFILE

DEVEN SHARMA
SECURITY group G4S has unveiled a
plan to make half of its annual rev-
enues from emerging markets by
2018.
The FTSE 100 company, whose
operations include airport security, is
to start the process with a 200m
investment, which could include
some acquisitions. G4S also reported
a five per cent increase in half-year
profits from 142m to 149m.
The group said it aimed to boost
revenues from emerging markets
from the current 29 per cent to at
least half of its total turnover by 2018.
Chief executive Nick Buckles said:
We would be focusing a chunk of
our acquisition spend on new mar-
kets, so we are currently looking at
places such as Brazil, Ecuador,
Thailand, Malaysia and South Korea.
G4S, which is Europes biggest pri-
vate sector employer with 625,000
staff, said that half-year revenues
from emerging markets rose to
910m, up from 818m in the same
period last year.
Brazil will require major security
measures at the 2014 World Cup and
2016 Olympics, with G4S looking for
a chunk of that business. The compa-
ny already has won the contracts for
the London 2012 games.
G4S said on UK government con-
tracts: We expect that to pick up by
the end of the year.
Shares in G4S surged 8.5 per cent
yesterday to close at 264.4p.
G4S focuses
on emerging
market gains
TAKEOVER target Charter
International saw its shares bounce
more than 18 per cent yesterday as it
said it was in talks with a second
potential bidder.
Charter has rejected two offers
from investment group Melrose, the
highest valuing it at 1.4bn, as too low.
But it said it had started talks with
another bidder likely to put in a rival
offer, in a clear indication it was
happy to sell the business.
The company confirms that it is in
discussions with a potential offeror
other than Melrose regarding a possi-
ble offer for the company, Charter
said in a statement.
The move turns up the heat on
Melrose, which has said it requires
access to Charters books before it
could consider raising its 840p per
share offer. Analysts expect bids to
reach about 900p per share before
Charters board would sell.
Lincoln Electric, the worlds biggest
welder, had been seen as a potential
buyer due to its interest in Charters
welding tools division ESAB, the world
number two, but is understood not to
be the company in talks with Charter.
The worlds third-biggest welder,
Illinois Tool Works, may also be keen.
Lincoln made and then withdrew a
500p offer for Charter in 2000.
New bidder for
Charter as sale
talks heat up
Chief exec Nick Buckles wants to move into new markets Picture: REUTERS
BY JOHN DUNNE
SUPPORT SERVICES

ENGINEERING

News
CITYA.M. 24 AUGUST 2011 9
ANALYSIS l G4S
p
Jun Jul Aug
250
260
290
280
270
240
230
264.40
23 Aug
Safe stock for scary times
Riots on the streets on London, riots
on the streets of Birmingham
riots just about everywhere. Prisons
are filling up; magistrates courts
are working through the night. For
most firms, a less safe world is bad
news, but not so for G4S, the securi-
ty giant formed from the merger of
Securicor and G4 in 2004.
Yesterday, it reported a strong set
of first half results, with pre-tax
profits of 149m and revenues of
3.76bn both ahead of expectations.
With more prisoners to transport
and a heightened state of security
for firms, both in response to
unrest and the forthcoming
Olympics, G4S is unsurprisingly
upbeat about the future.
Investing in equities is also a
risky business these days, but G4S
shares are a safe bet. The firm offers
the kind of defensiveness youd
expect from a utility, along with
the kinds of growth prospects you
wouldn't.
Its new markets division, which
covers China, the Middle East and
India, grew organic revenues by
nine per cent in the first half, for
example, compared to growth of
three per cent in developed mar-
kets. New markets now represent
some 29 per cent of turnover and
management have set a target of
eventually earning half of revenues
from these countries.
Analysts at BNP yesterday said
the shares were at least 60p too
cheap. A safe stock for scary times.
BOTTOMLINE
Analysis by David Crow
GOODMANS
RAISES THE
STEAKS IN
MAYFAIR
CONTINUING the theme of the boom in
the Citys resurgent restaurant scene, as
reported yesterday, The Capitalist hears
steakhouse Goodmans is plotting not one
but two launches for November.
One is a traditional Goodmans restau-
rant on the South Quay at Canary Wharf
to complement the City and Mayfair ven-
ues. The other marks a new direction for
the independent restaurant group
majority-owned by Russian entrepreneur
Mikhail Zelman: Goodman Restaurants
has paid a substantial premium for a
leasehold on the former pub The Field at
29 Clarges Street.
In a completely off-market deal,
Goodmans moved quickly to secure this
site ahead of other operators, said
Nathan Wogman at agents Shelley
Sandzer. The fact a substantial premium
was paid underlines the strength of the
Central London restaurant market.
We are going to surprise Mayfair in a
good way, added George Bukhov-
Weinstein, director of Goodman
Restaurants UK, as he starts recruiting
staff for the lively venue to be called
Burger and Lobster that will have just
two things on its menu.
industry in the run-up to the Independent
Commission on Banking report.
The blog is a brief series of entries
on each of the 11 working days leading
up to the reports publication on 12
September and, just three days in,
Knight is off to a racing start.
Day one: an overview of the objectives
of the banking reform programme. Day
two: an exposition of why the banking
industry remains concerned. And this
morning: an argument about the
potentially serious adverse conse-
quences of a retail ring fence.
Stirring stuff well, Knight does warn
readers the discussion on banking
remains very emotional.
LAW AND ORDER
IT HAS been an eventful month for the
City, but one of the few upsides is a
revitalised sense of community, said
Eximius CEO Nick Stevens, who is
mobilising donations for the support
services who risked their lives to con-
trol the civil unrest. See www.justgiv-
ing.com/eximiusgroup to add to the
2,150 raised so far.
No prizes for guessing what those two
dishes are although the tank of live lob-
sters in the basement might be a give-
away; the restaurant with a big bar also
plans to serve the cheapest champagne in
Mayfair. Although its all relative in W1
DESIGNER BAG LADY
THE DESIGNER bag world has already
brought us the Kelly and the Birkin; next
on every City executives wish-list will be
the Middleton, as Pippa Middleton fol-
lows Grace Kelly and Jane Birkin to
become the latest designer bag lady.
Middleton (right) was sent a tan design
by Charlotte Lamb, an associate at a
Magic Circle law firm who combines
finance law with running her new hand-
bag business, launched in April after
Lamb struggled to find stylish quality
handbags at affordable prices.
Lamb sent a bag to Middleton, a
friend of a friend of the designer,
and the marketing coup was com-
plete when the fashion influencer
was spotted on the streets of
London clutching her free gift. For
the record, Middleton did write to
say thank you.
KNIGHTS RIDER
A NEW BLOG from Angela Knight,
the chief executive of the British
Bankers Association, who has
started posting daily updates on
the issues facing the banking
Lobster pot: Goodmans new surf and turf restaurant will surprise Mayfair locals in a good way
Steakhouse
Goodmans
has paid a
premium to
turn The Field
in Mayfair
into Lobster
and Burger
The Capitalist
10
EDITED BY
HARRIET DENNYS
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @citycapitalist
CITYA.M. 24 AUGUST 2011
Emotional: BBA chief executive Angela Knight
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R
E
X
FRANCES number two bank Societe
Generale has bucked the downward
trend hitting many City brokers by
snapping up an equities team from
its rival Evolution Securities.
SocGen, which employs about
2,300 people in the UK, hired
Evolutions four-man former con-
sumer research and sales team head-
ed by Warren Ackerman, a food,
home and personal care analyst.
The other hires are analysts Andrew
Holland and Chas Manso de Zuniga,
on beverage research and household
and personal care respectively, and
sales director Jamie Norman.
All four left Evolution in May as the
brokerage shed about 30 of its 200
staff to cut costs in the face of falling
revenues and rising fixed costs.
The four were originally hired by
Evolution in 2009 when it took on
about 60 staff from former German
investment bank Dresdner Kleinwort.
The three analysts will report to
SocGens head of equity research
Matthew Jordan, also formerly of
Dresdner Kleinwort. Norman will
work under SocGens head of special-
ist sales Paul Jackson.
SocGen bucks
broking slump
with Evo hires
BY ALISON LOCK
FINANCIAL SERVICES

News
11 CITYA.M. 24 AUGUST 2011
BP has now paid
out more than
$5bn to 204,434
victims of last
years massive Gulf
of Mexico oil spill,
fund administra-
tor Kenneth
Feinberg said yes-
terday. The pay
outs amount to
roughly 25 per cent
of the $20bn fund,
known as the Gulf
Coast Claims
Facility, which was
set up a year ago
following the April
2010 spill.
Picture: GETTY
ANALYSIS l Societe Generale

Jun Jul Aug

30
40
35
25
21.00
23 Aug
BP PAYS OUT $5BN IN GULF COMPENSATION

RACHAEL WARING | PANMURE GORDON

Persimmon delivered a confident but prudent presentation at todays
analysts meeting. In our view, despite ongoing challenging market conditions, the
group will continue to deliver increased profitability, primarily driven by improving
net margins... though our 2012 forecasts remain conservative for now.

PERSIMMON saw a pickup in sum-

mer sales and enjoyed a surge in first
half pre-tax profits as the UKs third
largest housebuilder improved its
operating margins and clamped
down on development costs.
The York-based company, whose
brands include Charles Church and
Westbury, made an underlying pre-
tax profit of 59.7m in the six
months to the end of June, up 52 per
cent on the previous year.
Chief executive Mike Farley said a
slightly stronger market in its north-
ern business helped boost sales in the
last eight weeks by four per cent,
while its total order book is now 10
per cent ahead of last year at 1bn.
This comes after a slowdown in the
first half of the year when the num-
ber of new homes sold fell to 4,439
from 4,657 the previous year.
The average selling price also
decreased to 162,647 from 168,936
in the first half of 2010 but
Persimmon said the figure should
improve due to a mix of larger pri-
vate homes on its order book going
forward.
Farley said the housing market
remains stable helped by constant
prices but would continue to be chal-
lenging due to the overall economic
situation.
The company will pay an interim
dividend of 4p a share, up from 3p a
year earlier.
Persimmons shares climbed 3.4
per cent to 396p last night.
Persimmon
profits surge
and costs fall
SEGROs net asset value inched for-
ward in the first half of the year
while pre-tax profits halved, as the
industrial landlord continued to
weather tough conditions in the
European industrial property mar-
kets.
Pre-tax profit fell to 64.6m from
148.9m a year earlier, while net
asset value per share was up by one
pence to 377p for the six months to
the end of June, the company said in
a statement yesterday.
Chief executive David Sleath said:
Against a backdrop of slowly recover-
ing occupier markets, our key priori-
ty has remained operational delivery,
focused on customer retention, leas-
ing, cost control and pre-let develop-
ment.
The company, strongly focused on
the UK market and in particular
around Heathrow airport, said the
vacancy rate across its portfolio fell to
11.4 per cent at 30 June, from 14 per
cent a year earlier, as fewer cus-
tomers returned unwanted space.
That contributed to a gain in like-
for-like net rental income of 5.1 per
cent.
Segro, which has been the worst
performer among the retail invest-
ment trusts over the past month,
rose 2.68 per cent to 244.9p yesterday.
Segro earnings
slump despite
improving rents
Chief exec Mike Farley said the housing market remained challenging Picture: GETTY
BY KASMIRA JEFFORD
CONSTRUCTION

CONSTRUCTION

News
12 CITYA.M. 24 AUGUST 2011
ANALYSIS l Persimmon
p
Jun Jul Aug
420
440
500
480
460
400
380
396.00
23 Aug
HOW WERE PERSIMMONS RESULTS? by Kasmira Jefford

CHRIS MILLINGTON | NUMIS

Persimmon's results are better than expected mainly due to a lower than
expected finance charge. With the sharp fall in the share price in the last couple of
weeks and progress in the net asset value, the company is trading on 0.72x tangible
NAV, which is low given we forecast ROCE to hit double digit levels in 2012.

SIMON BROWN | NORTHLAND CAPITAL

The run of improving margins through self-help is seen continuing well into
2012 as more higher-margin sites replace old underperforming outlets. The consensus
forecast predicts around 129m pre-tax for the year up from 2010s 91m. There is a
real opportunity now for Persimmon to demonstrate its land potential.

RECRUITMENT agency Hays was

forced to apologise to banking giant
RBS yesterday after one of its staff
mistakenly emailed out the rates it
was paying its temporary staff.
The email included the salaries of
about 3,000 contract staff and was
sent to about 800 RBS temps after
the wrong attachment was inadver-
tently used, a source confirmed to
City A.M.
Some of the salaries shown were
up to 2,000 per day.
RBS had no part in the error and
said it was extremely disappointed
that confidential personnel data
has been shared.
This is unacceptable and we are
taking action to address this issue,
it said it a statement.
Hays said no bank account or
national insurance numbers had
been sent. Hays recognises that the
correct treatment of data is of the
utmost importance and has apolo-
gised to RBS for this error, it said.
Hays says sorry
after it revealed
RBS pay figures
BANKING

News
13 CITYA.M. 24 AUGUST 2011
LONDON & STAMFORD SEALS 100M FINANCING
London & Stamford, the
property investor, said it
has completed the 100m
refinancing with
Santander Corporate
Banking and DekaBank
against a number of its
City of London office assets
acquired over the past three
years. The property compa-
ny, which moved from
Londons junior Alternative
Investment Market to the
main board last October,
was set up 2007 to invest in
cut-price UK commercial
property opportunities
thrown up by the global
financial crisis. It was the
brainchild of veteran real
estate entrepreneurs Patrick
Vaughan, Humphrey Price
and Raymond Mould. The
group has refinanced
against office buildings at
One Fleet Place (pictured)
and One Carter Lane,
which it bought in January
2009 and April 2011 respec-
tively. In May, the company
announced it had lined up
a 1bn war chest for new
acquisitions in Londons res-
idential market.
@
@
@
MORE NEWS
ONLINE
www.cityam.com
UK COMMERCIAL Property Trust, the
largest UK-focused trust of its kind,
has announced a slight decline in its
net asset value per share in the first
half of 2011 to 76.9p, from 77p in the
previous six months, as a slow eco-
nomic recovery continued to take its
toll.
In its half-year results the trust said
that the value of its property portfo-
lio increased by 1.4 per cent to
1.014bn, delivering a total net asset
value return of 3.3 per cent.
Total income for the half year
slumped to 39.66m from 64.4m a
year ago, offset in part by fourteen
new lettings in the period creating
1.4m of annualised income.
Chairman Chris Hill said despite
ongoing challenges in the macroeco-
nomic environment, the trust
remained positive about the long-
term outlook for commercial proper-
ty, helped by demand from overseas
investors for prime and London prop-
erties.
With the new debt facility now in
place, the company is well positioned
to enhance its income and capital
returns through selective acquisi-
tions and asset management initia-
tives, he said.
UKCPT made two acquisitions in
the first half the St. Georges Retail
Park in Leicester for 49.9m and the
Rotunda Leisure Complex in
Kingston upon Thames.
These two prime properties add
over 6m of annualised revenue and
also present us with further opportu-
nities to enhance returns through
asset management, typifying the
type of acquisitions we are currently
seeking, said Hill.
The group also reduced its void
rate excluding pre-lets at June to 3.6
per cent compared to industry aver-
age of 8.6 per cent.
It has also secured a fresh 150m
borrowing facility, taking its gearing
up to 10.2 per cent.
Shares in the firm, which tried
unsuccessfully to merge with a
branch of F&Cs property operations
last summer, closed up 1.58 per cent
at 80.25p yesterday.
UKCPT profit
and net asset
values slide
BY KASMIRA JEFFORD
PROPERTY

ANALYSIS l UK Commercial
Property Trust Ltd
p
Jun Jul Aug
85.00
82.50
80.00
77.50
75.00
72.50
70.00
79.50
23 Aug
THE spotlight yesterday fell back onto
David Camerons relationship with
Andy Coulson after it emerged the
former News of the World editor
failed to disclose regular severance
payments from News Corp while
advising the Tory leader.
It is understood Coulson, who was
arrested earlier this year on suspicion
of being involved in phone hacking,
received several hundred thousand
pounds from the Murdoch empire as
part of a severance package that ran
in installments until the end of 2007.
While payments of this kind are
not uncommon, Coulson had denied
receiving any other income when he
worked for the Tories during a parlia-
mentary committee hearing in 2009.
A spokesman for the Tories said
senior party officials had not known
about the severance arrangements.
Labour jumped on the issue, call-
ing for greater transparency over
Camerons relationship with Coulson
and ties to Rupert Murdoch.
Cameron has said he regrets
appointing Coulson and will apolo-
gise to parliament if it emerges he
lied over his knowledge of phone
hacking.
Downing Street declined to com-
ment but noted that the events
occurred before Cameron became
Prime Minister. A News Corp
spokesman declined to comment.
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registered trademarks or trademarks of Adobe Systems.
Coulson paid by Murdoch
while working for Tories
BY STEVE DINNEEN
MEDIA

News
14 CITYA.M. 24 AUGUST 2011
Andy Coulsons relationship with Cameron was back in the spotlight last night
DAILY Mail publisher DMGT has
agreed to sell its US-focused events
business George Little Management
(GLM) to private equity outfit
Providence Equity Partners in a deal
worth 106m.
DMGT says it will receive 90m in
cash, which it will use to reduce debt,
and will take the remainder in the
form of an interest-bearing note.
Barring any regulatory hurdles, the
deal will close by the end of
September.
GLM runs 15 major US events,
including the New York International
Gift Fair. Its events attract around
150,000 visitors a year.
The sale to the media-focused pri-
vate equity firm follows a strategic
review of the company launched in
June.
Providence will purchase GLM
through a new holding company led
by Charles McCurdy, who most
recently served as chief executive of
Canon Communications.
Providence managing director
Michael Dominguez said: We believe
there are significant opportunities to
grow GLMs tradeshow brands in the
US and internationally both organi-
cally and through acquisition, as well
as to develop exciting new digital and
data services.
Last month DMGT, which earns
most of its money from its business-
to-business operations, reported an
improved outlook for its national
newspaper division, with the decline
in advertising revenue slowing.
DMGT to net
106m from
GLM unit sale
Investors chance their ARM
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SHARES in chip designer ARM
Holdings continued to creep up yes-
terday as investors eyed further con-
solidation in the technology sector.
It has been buoyed by HPs shock
$10.2bn (6.2bn) deal to buy UK soft-
ware firm Autonomy. Intel, which has
been out-manoeuvred by ARM in the
mobile chip market, has been persist-
ently linked to the firm.
ARMs most high-profile client
Apple, which uses ARM chips in its
iPhone and iPad products and has a
gigantic cash pile behind it, is also
seen as a potential suitor.
However, ARM chief executive
Warren East has warned a takeover
would be difficult without devaluing
the firm.
ARM, whose technology is also
used by firms including Samsung,
Qualcomm and Texas Instruments,
last month reported a 25 per cent rise
in quarterly profit but warned it is
not counting on a Christmas sales
boom.
The group was among the top five
risers in the FTSE 100 yesterday, gain-
ing 4.5 per cent to close at 514p.
BY STEVE DINNEEN
MEDIA

BY STEVE DINNEEN
TECHNOLOGY

News
15 CITYA.M. 24 AUGUST 2011
ANALYSIS l Daily Mail and General Trust
p
Jun Jul Aug
380
360
420
400
460
480
440
386.70
23 Aug
ANALYSIS l ARM Holdings
p
Jun Jul Aug
500
600
550
450
514.00
23 Aug
LORD Bells Chime Communications
saw its shares slump more than five
per cent yesterday despite its pre-tax
profits surging 15 per cent.
The PR outfit was boosted by
strong growth in its sports marketing
and advertising divisions.
Bell, who is a former media adviser
to Margaret Thatcher, expects 2012 to
be a good year for the firm in terms
of sport and sponsorship, with oppor-
tunities arising from the Olympic
Games.
The firm also expects to benefit
from the political upheaval in the
Middle East. It is currently working
with the National Transitional
Council in Libya, as well as the gov-
ernments of Bahrain and Yemen.
Revenue from its sports market-
ing division was up 62 per cent in its
first half. Pre-tax profit was 14.2m,
compared with 12.3m a year ago.
Revenue rose 13 per cent to
153.4m.
Shares in Chime have fallen by a
third since its high of 300p each in
May, to 201p last night.
Chime profits
jump by 15pc
MEDIA

DMGT opted for boutique financial

advisor The Jordan, Edmiston Group
to guide it through the transaction.
The New York investment bank spe-
cialises in media, communications and
marketing deals, recently advising
AdJug in its takeover by digital mar-
keting firm IgnitionOne and Big Fuel in
its sale of a majority stake to French
firm Publicis Groupe.
The Jordan, Edmiston Group was
founded and is still run by Wilma
Jordan. Since its inception in 1987 it
has advised on more than 500 trans-
actions.
Jordan shot to prominence when
she participated in the sale of Esquire
Magazine Group, in which DMGT was
a shareholder.
She also serves as a director of
magazine publisher Guideposts and
was formerly on the board of inde-
pendent Nasdaq-listed Lin Television.
She is also a director at magazine
publisher Guideposts.
ADVISER: THE JORDAN, EDMISTON GROUP
WILMA JORDAN
FOUNDER
DMGT chief executive Martin Morgan ordered a strategic review of GLM in June
Google and Apple have both tightened
their grip on the smartphone market, at
the expense of struggling rivals RIM and
Microsoft. Android handsets represented
57 per cent of the market in the last quar-
ter, up from a third last year, according to
market research firm NPD Group. Apple
also consolidated its position, taking an
additional seven per cent of the total mar-
ket share to command 29 per cent.
Canadian BlackBerry-maker RIM was the
biggest loser, seeing its market share fall
from 28 per cent to just 11 per cent.
Microsofts failure to set the market alight
was highlighted once again, with its
Windows Phone 7 platform making up
just one per cent and its superceded
Windows Mobile just four per cent.
Google is preparing to deploy its newly
acquired patents against Apple as the
Cold War-style arms race continues to
hot up. Google is understood to have
identified 18 patents it can turn against
Apple from the portfolio of 17,000 it
acquired from Motorola earlier this
month.
Meanwhile, Apple is understood to
have begun manufacturing a lower-
priced version of its iPhone 4 featuring
less storage space and aimed at the mid-
dle market. Suppliers say the 8GB iPhone
4 is being manufactured by a Korean
company. Industry insiders say Apple is
targeting an end-September launch for
its next-generation iPhone 5.
SMARTPHONE ROUNDUP
Lord Bell, a former
adviser to Margaret
Thatcher, expects
2012 to be a good
year for Chime
CHILEAN copper miner Antofagasta
doubled its half-year dividend yester-
day after a 54 per cent jump in earn-
ings, confident that strong demand
in China and a pickup in Japan and
the United States would help under-
pin volatile copper prices.
Copper is down over 10 per cent
this month, as investors grow uneasy
about economic recovery prospects
and Chinas outlook.
London-listed Antofagasta which
has been hit by production setbacks
and, along with rivals, is suffering
from higher costs and volatility said
yesterday that prices for the red metal
were likely to remain volatile with
downside risks, but it was well-
placed to weather the storm.
While markets are likely to
remain volatile, especially in the near-
term, we remain confident that cop-
per fundamentals will remain
supportive of a strong pricing envi-
ronment, chief executive Marcelo
Awad said.
Antofagasta said Chinese demand
had remained strong over the period
and saw it recovering demand in
Japan and the US. It also pointed to an
underperforming supply side, hit by
strikes and declines in ore grades,
technical failures, the slow ramp-up
of new projects and bad weather.
The group, which also produces
gold and molybdenum, used in steel
alloys, said fundamentals would con-
tinue to support these metals, with
good demand, low stock levels and
limited new supply fuelling a recov-
ery for molybdenum in the second
half.
Net earnings rose to $696.2m
(422m) over the period, within the
range of analysts forecasts, on rev-
enues of $3.05bn, up over 73 per cent.
The group doubled its interim divi-
dend to 8 cents per share, above
expectations, but did not repeat its
March special dividend sweetener.
ENERGY services firm John Wood
Group raised its interim dividend and
gave an upbeat outlook on 2011, with
its oil exploration customers expected
to increase their spending.
Earnings before interest, tax and
amortisation were $192m (116m) in
the six months to 30 June, the compa-
ny said yesterday, up 25 per cent from
a year ago. Sales rose 17 per cent to
$2.8bn.
Wood Group, led by Allister
Langlands (pictured), builds oil and
gas facilities, constructs pipelines.
The firm said it continued to see
good momentum despite mar-
ket volatility.
The longer term fundamen-
tals for oil and gas develop-
ment and production, and gas
fired power generation remain
strong. Reflecting continu-
ing confidence in our
longer term outlook,
we have declared a 15
per cent increase in the interim divi-
dend, it said.
The company, which in May said it
would return $1.7bn to sharehold-
ers following the disposal of its
well support unit, said it planned
to pay an interim dividend of 3.9
cents.
Wood, whose customers include
BP and Royal Dutch Shell, said
market conditions con-
tinued to improve. Its
shares closed up 4.6
per cent.
Wood Group upbeat as oil explorers
raise spending and markets improve
BRITAINS biggest coal company UK
Coal has posted its first profit for four
years, but the groups debt levels
remain a concern.
Pre-tax profits at UK Coal were
22.2m, up from a loss of 92m last
year.
Revenue also rose, increasing from
141m to 256m over the same period.
But the groups net debt remained
high at 207.3m, despite a drop of
34.9m from last years figure, as the
company absorbed some of the pro-
ceeds from recent property disposals.
The firms real estate sell-off in the
first half came close to satisfying dis-
posal targets the whole of 2011.
Production in the first half rose to
4.1m tonnes of coal from 2.7m tonnes
in the corresponding period of 2010.
UK Coal chairman Jonson Cox, who
joined the firm in November, said: I
am pleased to report on reasonable
progress. Production has improved
and revenues over the period have
increased 81 per cent.
UK Coal says it is back in
the black after four years
MINING

IDENTITY protection provider CPP

Group said its first-half profits had
jumped by a third yesterday but
warned that a probe into its selling
practices had hurt its business.
York-based CPP, which also insures
credit cards, said it made 23.1m pre-
tax profit on revenues of 172.1m in
the first half, but said its performance
had been worsened by a Financial
Services Authority investigation into
some of its sales.
CPP chief executive Eric Woolley
blamed the overhang from the investi-
gation, which launched in March into
how its ID protection insurance was
sold over the phone, for loss of con-
tracts and ongoing uncertainty.
Costs and lost revenues as a result
of the ongoing FSA investigation in
the UK have impacted profitability, he
said. The group stopped selling the
products by telephone in response to
the investigation.
CPP shares closed up 0.9 per cent at
138.8p on the back of the results.
Earnings rise at insurer
CPP despite FSA probe
INSURANCE

BRITISH oil firm Cairn Energy con-

firmed yesterday that it is lining up
exploration opportunities in Lebanon,
as its long-running deal to sell a stake
in its Indian business nears an end.
In June, India granted conditional
approval for Vedanta to buy a stake in
Cairn India from Cairn Energy in a
$6bn deal that was first announced a
year ago.
Should state-controlled partner
ONGC give its consent, the finalisa-
tion of the sale could come by the end
of September, said Cairns chief finan-
cial officer yesterday.
With a fair wind and all the stars
aligning, it could complete by the end
of September, chief financial officer
Jann Brown said, adding that given
past delays she was wary of making
predictions.
With the drawing to a close of the
Indian deal, Cairn said it was now
looking to Lebanon and the potential
to find oil and gas in the Eastern
Mediterranean.
The company said it planned to par-
ticipate in a licencing round in
Lebanon due to take place next year,
where its success would add acreage
in a politically-sensitive part of the
world.
Shares in Cairn, which have fallen
26 per cent in the last month, closed
up 1.45 per cent to 293.9p.
Cairn pins hopes on Lebanon
BY HARRY BANKS
ENERGY

Antofagasta
ups dividend
as profits rise
BY HARRY BANKS
MINING

BY HARRY BANKS
ENERGY

News
16 CITYA.M. 24 AUGUST 2011
BUFFETT-BACKED BYD STRUGGLES
CHINESE carmaker BYDs profit warning and failure to deliver its promised electric car sent
shares to a more than two-year low, as the Warren Buffett-backed company struggles with
sales declines. Shares in BYD fell more than 14 per cent yesterday after the company warned
it may post a third-quarter loss. The drop put a spotlight on Buffett, whose investment in
BYD has lost around $2bn in value since he took a stake in 2009. Picture: REUTERS
NEWS | IN BRIEF
Gains for new Medtronic boss
Medtronic posted quarterly earnings in
line with analyst targets yesterday, as
sales of its diabetes products, heart
stents and other devices offset chal-
lenges for its important implantable
heart and spine products. First-quarter
net income was $821m (497m) or 77
cents a share, compared with $830m, or
76 cents a share, a year ago, as new
chief executive Omar Ishrak outlined his
growth plans for the firm.
Spectris earnings up 74 per cent
British electrical engineering firm Spectris
has posted a 74 per cent rise in first-half
adjusted pre-tax profit on strong demand
from all its markets, and said it was confi-
dent of making good progress for the year.
January-June pretax profit before certain
items was 77.7m, compared with
44.7m last year. Revenue grew 25 per
cent to 507.2m. The company also raised
its interim dividend 15 per cent to 8.2p.
Spirax-Sarco says growth is slow
Spirax-Sarco Engineerings first-half
adjusted pre-tax profit has risen 15 per
cent, helped by higher demand for its
products in emerging markets, but the
firm said the pace of growth had slowed
in the second half. The firm, which sup-
plies steam traps, pumps and boiler con-
trols, said it would not be immune to a
further slowdown in the global economy.
Pre-tax profit rose to 63m, on revenue
up 11 per cent at 307.7m.
Fenner buys Aussie seal maker
FTSE 250-listed engineering firm Fenner
has bought Transeals, an Australian manu-
facturer of sealant. Fenner will acquire
A$5.6m (3.6m) of assets through its
wholly owned subsidiary Hallite Seals
Australia, in a deal expected to be com-
pleted early next year. Nicholas Hobson,
chief executive, said: It improves our cov-
erage, expands our product offering and
strengthens Hallite's position.
ANALYSIS l Antofagasta PLC
p
Jun Jul Aug 23Aug
1,400
1,300
1,200
1,100
1,206.00
23 Aug
ANALYSIS l Cairn Energy
p
Jun Jul Aug 23Aug
350
325
300
425
400
375
275
293.90
23 Aug
headline sponsor champagne reception sponsor
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The Square Miles
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AUSTRALIAN brewer Fosters Group
yesterday piled the pressure on
SABMiller to raise its hostile takeover
offer, unveiling a A$500 (315m) capi-
tal return to shareholders.
The countrys largest brewer pro-
posed to return money via a share
buyback or capital reduction in an
effort to get SABMiller to increase its
7bn offer, which Fosters has twice
rejected as too low.
The defensive move came as
Fosters reported a slide in annual
profits, beer margins falling for the
first time in a decade and beer vol-
umes under pressure, with analysts
saying SABMiller, which makes
Peroni, Grolsch and Miller Lite, needs
only to offer a little more to succeed.
It is probably one of the few
options that they have, so its not
unexpected that theyre doing that,
said Theo Maas, a portfolio manager
at Arnhem Investment Management.
But Im not sure if in the bigger
scheme of things itll make any differ-
ence, added Maas, saying that he
struggles to see a materially higher
bid emerging for Fosters.
SABMiller declined to comment on
the results or the capital return, but
analysts in London said after such
underwhelming results SABMiller
may only have to raise its bid to
around A$5.10 a share to win over
Fosters shareholders.
Fosters, the maker of Victoria
Bitter, Carlton Draught and Pure
Blonde, reported a nine per cent slide
in second-half profit to A$378.9m.
Its market share shrank with its
profit margins.
The figures were hit by poor weath-
er and weak consumer demand too
its toll.
But chief executive John Pollaers
said: The turnaround of this compa-
ny is clearly on track. Market share
has stabilised, correcting a long-term
period of decline.
CAR dealer Pendragon reported a
higher first-half profit yesterday,
helped by an increase in used-vehicle
volumes, and said it continues to per-
form in line with expectations for the
year despite the end of the car scrap-
page scheme.
Britains largest motor retailer said
like-for-like used-car volumes rose
13.2 per cent over the last year.
But the company, whose Stratstone
dealerships sell premium models
such as Maserati and Mercedes-Benz,
said performance at this division was
below the first half of 2010, with
retail registrations falling almost 13
per cent.
Pendragon posted a pre-tax profit
of 17.7m compared with 15.7m a
year ago. But revenue for the six
months to June was two per cent
lower at 1.77bn. The dealers 75.2m
right issue this month was taken up
by just 67 per cent of shareholders.
Pendragon weathers end of scrappage
scheme as its earnings and volumes rise
Fosters buy
back to fend
off SAB bid
BY JOHN DUNNE
CONSUMER

BY JOHN DUNNE
AUTOMOTIVE

News
18 CITYA.M. 24 AUGUST 2011
NEWS | IN BRIEF
H&T boosted by gold price
Pawnbroker H&T Group said it expected
full-year results to be above the top end
of current market expectations, driven
mainly by surging gold prices that boost-
ed its first-half pre-tax profit. Spot gold
prices soared above $1,910 yesterday,
scoring a record high for a fourth consec-
utive day, as persistent worries about
global economic growth burnished bul-
lion's safe-haven appeal. H&T, whose
services also include cheque cashing,
payday advances and unsecured loans,
raised its interim dividend by seven per-
cent to 3.75p.
Cash Converters in record profit
Payday loans and pawn broking specialist
Cash Converters yesterday unveiled a
record net profit of $27.6m (16.7m) for
the year to the end of June 27.5 per
cent up on last year. Revenues rose by
47.6 per cent to $186.1m and earnings
before interest, tax, depreciation and
amortisation increased by 28.6 per cent
to $43.6m.
Shard steel firm slashes dividend
Structural steel company Severfield-
Rowen reported a lower first-half pre-tax
profit yesterday, hurt by a weak con-
struction market in the UK, but said it
would meet its full-year expectations.
The company, which is supplying steel for
the Shard London Bridge, cut its interim
dividend by 70 per cent to 1.5p a share.
For the six months ended 30 June, the
companys underlying pre-tax profit was
3.4m, compared with 8.2m in the
same period last year.
Room to improve for new Waterstones owner
E
ARLIER this summer A&NN
Capital Fund Management
bought Waterstones, the
bookseller, from HMV.
So this week weve looked at some
of the detailed BrandIndex scores to
see what opportunities and threats
the brand faces.
Arguably Waterstones biggest
challenge over the past few years
has been the emergence of Amazon
as an online retailer whose lack of
high street presence has enabled it
to offer a value proposition that
Waterstones struggles to compete
with.
This is reflected in the
BrandIndex scores of Waterstones
with quality at +48, satisfaction at
+37 but value as low as +19.
Amazon scores +58 on both qual-
ity and value, meaning that
Waterstones trails on both those
measures, but on quality there is
just a 10 point gap, compared to a
massive 39 point gap on value.
Unsurprisingly this effect is exac-
erbated among younger customers,
with a value score of +16 amongst
18-34 yr olds and 35-49 yr olds that
rises to +25 for those aged 50 and
over.
Indeed for much of the period
looked at in the chart, that differ-
ence in opinion between age
groups was even more marked.
YOUTH APPEAL
So although it is not scoring as
highly as Amazon, Waterstones
does generally perform well on
most of the BrandIndex perception
measures (scoring between +37 and
+48 for all other measures) but it
falls much further behind on
value.
That gap is particularly acute
among younger age groups.
The challenge for the new own-
ers will be to build on the positive
perceptions to ensure that it main-
tains its relevance in a market that
is increasingly dominated by
online retailers.
BRANDINDEX
STEPHAN SHAKESPEARE
ANALYSIS l Waterstones measures
Satisfaction
1 Jan10 1 Jun10 1 Nov10 1 Feb11 1 Aug11
60.0
50.0
40.0
30.0
20.0
10.0
0
Value
Quality
ANALYSIS l Value by age
Age 50+
1 Jan10 1 Jun10 1 Nov10 1 Feb11 1 Aug11
35.0
30.0
25.0
20.0
15.0
10.0
5.0
0
Age 35-49
Age 18-34
ANALYSIS l Fosters Group Ltd
AUD
Jun Jul Aug 23Aug
5.00
4.75
4.50
4.99
24 Aug
ANALYSIS l Pendragon PLC
p
Jun Jul Aug 23Aug
18
16
14
12
10
10.25
24 Aug
Heinz beats profit forecast on growth
in emerging markets but shares slide
HEINZ yesterday reported quarter-
ly profit that beat analysts expecta-
tions, with a boost from by growth
in emerging markets.
However, the groups shares fell
as much as three per cent as a
gloomy outlook on costs unnerved
investors.
The company has made recent
acquisitions in China and Brazil,
which has helped to offset sluggish
growth in developed markets,
including the US.
The company, whose products
include baked beans and ketchup,
had 23 per cent of its sales in
emerging markets in the quarter.
Excluding acquisitions, divesti-
tures and the effect of foreign cur-
rency fluctuation, sales rose 13 per
cent in emerging markets.
However, they were flat in North
America where price increases due
to rising commodity costs caused
less demand a pressure the firm
said was likely to continue.
Heinz said in May that it
planned to close five factories, cut-
ting 800 to 1,000 jobs, and set up a
European supply chain hub in the
Netherlands.
Yet the company is less exposed
to recent commodity market
spikes than some rivals, since
some of its biggest food purchas-
es tomatoes and potatoes -- have
been less volatile.
Revenue rose 15 per cent to
$2.85bn (1.7bn) fuelled by price
increases and a weaker dollar.
Analysts had forecast $2.79bn.
CONSUMER

News
19 CITYA.M. 24 AUGUST 2011
BTIG
The financial services firm has expand-
ed its New York-based fixed income
group by hiring William Freihofner,
Jeffrey Gould, Kevin McDonald,
Mayank Patel and William Tillinghast.
The five new hires will specialise in
convertible trading and high yield sales.
Herbert Smith
The law firm has strengthened its debt
capital markets service by hiring
Andrew Roberts, a former partner at
Linklaters. Roberts specialises in debt
capital markets across EMEA and
India, and in Islamic finance.
UPS
The NYSE-listed logistics firm has
appointed Jim Barber as president of
the UPS Europe region with responsi-
bility for EMEA, succeeding Wolfgang
Flick, who is retiring. Barber, who
started his career at UPS as a delivery
driver, was most recently chief opera-
tions officer for the Europe region.
Grant Thornton
David Newstead, formerly a director at
PwC, has been appointed as an assur-
ance partner at Grant Thornton in
Milton Keynes. His appointment brings
the partner and director team covering
Hertfordshire, Bedfordshire and
Northamptonshire to 15.
Mercer
Dominic McNamara has joined the HR
groups outsourcing practice as a client
service manager in its discontinued
schemes unit, based in Leeds.
McNamara joins from the Financial
Assistance Scheme, where he was a
customer account manager.
FFTW
Fischer Francis Trees & Watts, the
global fixed income partner of BNP
Paribas Investment Partners, has pro-
moted Kenneth ODonnell to head of
short duration. ODonnell started his
career at FFTW in June 2002 as a
portfolio manager.
Elite Insurance
The legal expenses and niche lines
insurer has hired Mike Payne as gen-
eral manager and Deborah Ranger as
business development manager in the
companys London office. The firm
has also hired Daniel Quinn and David
Green as underwriters.
CITY MOVES | WHOS SWITCHING JOBS Edited by Harriet Dennys
+44 (0)20 7092 0053
morganmckinley.com
To appear in CITYMOVES please email your career
updates and pictures to citymoves@cityam.com SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT
in association with
Banking and tech
stocks lead surge
U
S stocks shot three per cent
higher yesterday on specula-
tion Federal Reserve chairman
Ben Bernanke this week would
signal new help for the economy, giv-
ing investors hope a four-week rout
was nearing an end.
Weak data in housing and regional
factory activity triggered the latest
round of bets that Bernanke will act,
even though the Feds options appear
limited. Bernanke speaks to a central
bank conference on Friday in Jackson
Hole, Wyoming.
I dont think anybody wants to be
too short or negative in front of
Bernankes speech, said Jim Awad,
managing director at Zephyr
Management in New York.
The Dow Jones industrial average
was up 322.11 points, or 2.97 per
cent, at 11,176.76. The Standard &
Poors 500 Index was up 38.53 points,
or 3.43 per cent, at 1,162.35. The
Nasdaq Composite Index was up
100.68 points, or 4.29 per cent, at
2,446.06.
Technology and other growth
stocks drove much of the gains, with
the Nasdaq rising more than four per
cent. The sharp rise echoed the wild
swings the market experienced two
weeks ago after Standard & Poors
downgraded the US long-term cred-
it.
Volume was a solid 9.35bn shares
traded on the New York Stock
Exchange, the American Stock
Exchange and Nasdaq. The daily aver-
age for last year was about 8.47bn.
Even financials, which had been
knocked lower earlier by shares of
Bank of America, ended positive,
with the S&P Financials Index up 3.2
per cent.
Bank of America Corp remained
under pressure on fears of possible
write-offs and the need for capital. Its
stock fell 1.9 per cent to $6.30 but
well off the days lows.
The market has been battered by
concerns of another US recession and
the worsening Eurozone debt crisis.
This is how the start of a rally in
an oversold market usually looks
like: an aggressive short-term gain
like today, said Jack De Gan, chief
investment officer at Harbor
Advisory Corp in Portsmouth, New
Hampshire, suggesting the market
may have hit the bottom.
The rally briefly stalled in the
afternoon on news of a magnitude of
5.9 earthquake, which struck in
Virginia andforced some building
evacuations along the East Coast and
Canada, but no major damage or
injuries were reported. Big percent-
age gainers on the S&P included
Nvidia Corp and JDS Uniphase Corp.
B
ritains top shares rose
yesterday on hopes the US
Federal Reserve is close to
announcing new stimulus
measures, and China and euro zone
purchasing data were not as bad as
feared.
Strong results and an upbeat out-
look statement propelled security
services firm G4S up 8.5 per cent to
top the FTSE 100 list in volume
more than double of its 90-day daily
average.
Investors were hoping a speech by
Bernanke in Jackson Hole,
Wyoming, on Friday would give
some form of assurance to help the
struggling US economy such as fur-
ther stimulus measures.
St. Louis Fed President James
Bullard, however, told a Japanese
newspaper the time was not yet
right, but the Fed could buy more
bonds or make a commitment on
the size of its balance sheet if the
US economy stalled further.
All eyes are on Bernanke clearly
investors are looking for a sizeable
bond buyback, said Howard
Wheeldon, senior strategist at BGC
Partners.
Adding to the positive sentiment
was news that purchasing manufac-
turing index (PMI) data from China
and the eurozone although slowing
were still showing some signs of
growth.
Investors are data watching in
hope of a second half recovery, said
Richard Batty, global investment
strategist at Standard Life
Investments, which has 157bn of
assets under management.
Oil stocks added the most points
to the FTSE 100 after the PMI data
supported hopes there was still
demand for the commodity.
Royal Dutch Shell and BP were
the stand out gainers up 1.8 per
cent and 1.5 per cent respectively.
British energy services firm John
Wood Group gained 4.6 per cent to
feature in the FTSEs 100 best per-
formers list in volume more than
its 90-day daily average following
forecast beating results and a posi-
tive outlook statement.
The FTSE 100 index closed up
34.12 points, or 0.7 per cent, at
5,129.42 in choppy trade having
been up as much as 5,193.17 and
down as low as 5,076.74, with vol-
ume close to its 90-day daily aver-
age.
The index held above a key sup-
port level its 23.6 per cent retrace-
ment or 5,096.17 from its low in
March 2009 to February 2011 high
after briefly dipping below it.
The next resistance level was seen
at 5,284.76 or its 38.2 per cent
retracement.
Many traders were unconvinced
the rally would last, however, and
said it was just bargain hunting fol-
lowing the recent July-August sell-
off which has seen the FTSE 100 fall
15.7 per cent and overall the data
still showed there were weak spots.
The market remains volatile,
although the PMIs were not as bad
as feared there is still not much evi-
dence growth is strong and we are
still in the midst of a soft patch,
Batty said.
European shares extended their
low-volume bounce into a second
day, led by demand for defensive
stocks and investor hopes for a fur-
ther easing of US monetary policy.
Lacklustre Eurozone data and
weak US new-home sales figures led
a brief dip into the red although
subsequent gains across the
Atlantic helped the FTSEurofirst
300 close up 0.8 per cent at 923.87
points.
FTSE 100 rallies on hope of
new stimulus from the Fed
THELONDON
REPORT
THENEW YORK
REPORT
BEST OF THE BROKERS
To appear in Best of the Brokers email your research to notes@cityam.com
ANALYSIS l Tui Travel
220
200
180
160
Jun Jul Aug
p 148.80
23 Aug
TUI TRAVEL
RBS rates the tour operator as a buy with a target price of 300p, and says
market misconceptions about the sector and general market volatility have
creating a buying opportunity. The brokers believe package holidays will sur-
vive the competitive threat of DIY holidays, and says Thomas Cooks struggles
have had a unwarranted drag on its stock price. Instead, the broker says TUI
should benefit from its rivals reduction of capacity in the UK market.
ANALYSIS l PhosAgro OAO
14.00
14.50
13.50
13.00
12.50
12.00
11.50
Jul Aug
$ 11.90
23 Aug
PHOSAGRO
Citi initiates coverage of the phosphate fertiliser producer with a buy/high
risk rating and a target price of $21. The broker foresees solid demand from
the fertiliser market for at least 2-3 years, with average annual increases in
demand up four per cent compared to a 2.5 per cent yearly rise in global
capacity. Citi says PhosAgro has long-term access to the EU market, and
highlights its impressive pre-tax margin of 34.4 per cent.
ANALYSIS l Davide Campari Milano
5.80
5.60
5.40
5.20
5.00
Jun Jul Aug

5.36
23 Aug
CAMPARI
JP Morgan upgrades the beverage group to neutral from underweight
and ups its target price to 5.50 following its first-half results earlier this
month. The broker had seen Campari as expensive in the sector, but changes
its rating after spirits sales growth accelarated to low double digits. It
upgrades its earnings per share estimates by one per cent for 2011 and six
per cent for 2012, and sees 14 per cent earnings growth on average to 2013.
22Jun 23May 21 Jul 19Aug
6,200
5,400
5,000
4,800
5,600
5,800
6,000
ANALYSIS l FTSE
5129.42
23 Aug
Sciens Management Holdings
The provider of fund of funds and managed
account services has hired two senior execu-
tives to its London team. Stavros Siokos (pic-
tured) has joined as president and Michael
Hart joins as senior marketing director. Siokos
was formerly head of investment manage-
ment at Piraeus Bank in Greece and an MD in
the equities division at Citigroup. Hart previ-
ously worked at bfinance, where he developed
the institutional pension fund business in the
UK and Ireland.
W
HEN Ben Bernanke makes his
speech at the Jackson Hole sym-
posium on Friday, the markets
will be hanging on his every
word. Helicopter Bernanke picked up his
nickname after referring to a Milton
Friedman statement about using a heli-
copter drop of money to fight deflation,
and market watchers will be listening for
any sign that the Fed chair-
man will again be
dropping money
onto the fire of US
financial worries.
It is impor-
tant to note
that the
Jackson Hole
event is not
an FOMC
meeting, and
so Bernanke will not
announce de facto
Federal Reserve monetary
policy. However, the speech
is a key gauge of his
intentions. At the
Wyoming event last
year, the Fed chairman
first indicated that he
intended to fire up the print-
ing presses for a second round of
quantitative easing (QE). So are we going
to have to brace ourselves for QE3?
It is plain to see why many are braying
for a flood of more cheap money into the
economy. It would push up the prices of
assets, including equities and commodi-
ties. While more cheap money sloshing
The symposium will be a chance for the
markets to gauge what approach the Fed
may take to US woes, writes Craig Drake
What Bernanke
might dig up at
Jackson Hole
P
ITY the poor Japanese policymakers. As global
economic growth slows, the yen continues to
appreciate against all reason, hurting the export
driven economy thats already been battered by
natural disaster and chronic deflation. At the end of
last week dollar-yen hit a fresh record low of 75.95
as the trend intensified. The strength in the yen is no
way a reflection of positive investor sentiment
towards the Japanese economy. Rather it is simply a
function of the unwinding of the risk trade, much of
which is financed with low interest rate yen loans.
On Monday, Japanese finance minister Yoshihiko
Noda warned that the government might once again
step into the currency market to weaken the yen.
Speaking to reporters Noda stated: I have become
more concerned about the worsening of the yens
one-sided movements. I will take bold actions if nec-
essary and wont rule out any possible options.
The comments by Noda are a clear sign of the
frustration amongst Japanese fiscal officials as they
face the conundrum of an ever-strengthening cur-
rency amidst rapidly deteriorating economic condi-
tions. Japans export driven economy is trapped in a
horrible cycle, as its currency strengthens at the
worst possible time, just as global economic demand
is beginning to slow. This leaves Japanese officials
with no choice but to intervene in the market, even if
their policy actions prove to be futile over the long
run. For the time being the goal of Japanese authori-
ties may be to simply slow the rate of appreciation
rather than reverse the overall trend. If dollar-yen
continues to drift towards the 75.00 level, they are
likely to make their stand sooner rather than later.
In the meantime yen bulls will no doubt try to
probe the 75.00 barrier, especially if economic
data in the G10 deteriorates further. On Friday, Fed
chairman Ben Bernanke will make his statement
from Jackson Hole. If he hints that the Fed may ease
further in order to combat the deceleration in
growth, the greenback could sell off into the week-
end and possibly push dollar-yen to the key 75.00
figure.
STRONG YEN
COULD INVITE
INTERVENTION
BORIS SCHLOSSBERG
DIRECTOR OF CURRENCY RESEARCH, GFT
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around may be good news for vested
interests, including those who own and
want to sell such assets, it is not such
good news for the US economy as a
whole.
I give it a 40 per cent chance that Ben
Bernanke will announce something out
of the ordinary this Friday, says
Alejandro Zambrano, market strategist at
FXCM, pointing out that many had
expected it to happen earli-
er.
The sticking
point for
those licking
their lips in
anticipation
of cashing in on
another payday
thanks to Ben
Bernanke and his FOMC
colleagues is that of defla-
tion.
In the past, deflation
has been seen as a pre-
requisite in the justifica-
tion of money printing by
the Fed. And dissecting
the remains of the US
economy, the aruspices
suggest that QE could be
ruled out for the time being. Last year,
core measures of inflation the Feds
core indicator, which excludes volatile
food and energy prices were around 1
per cent and falling, and are now at 1.5
per cent and rising, says Chris
Beauchamp, research analyst for IG Index.
Core inflation is the Feds preferred indi-
cator, and if this is not flashing a defla-
tion warning then it will be reluctant to
risk ever-higher inflation with QE.
LETS TWIST AGAIN
QE isnt the only move in the Feds reper-
toire. It may consider a repeat of the Feds
1961 tactics to address public debt wor-
ries. Dubbed Operation Twist, the Fed
tried to flatten the US yield-curve by buy-
ing long-term Treasuries and issuing
short-term bills to mop up the liquidity
created. This is seen as less like political
Wealth Management | Foreign Exchange
20
suicide for the Fed, as they can avoid accu-
sations of printing money, says Nick
Beecroft, senior markets consultant at
Saxo Bank.
Minutes from the FOMC seem to back
up the prediction that QE3 is unlikely,
with three board members dissenting a
big number for the FOMC, which usually
likes to rely on consensus the biggest for
18 years. But one should not underesti-
mate Bernankes sense of his place in his-
tory. We need to take into account the
way that Bernanke sees things, says
Beecroft. Do not forget that when he
talks about Japans lost decades he thinks
that it was due to insufficient monetary
stimulus too little, too late in terms of
printing and asset buying. He adds that
Bernankes personal stance increases the
chance of a central bank intervention.
His legacy is on the line. We constantly
fail to understand how bureaucrats and
politicians will do anything, and I mean
anything, to keep the illusion going.
FOREX EFFECTS
So what can we expect in the lead up to
Bernankes big day? Until the Fed chair-
man dismisses the prospect of the print-
ing presses being fired up on Friday, the
dollar is going to be on the back foot.
Until Friday afternoon, we could witness
the dollar fall to a record low versus the
Japanese yen in the anticipation that the
Federal Reserve will signal more stimulus
measures to revive the slowing US econo-
my, says Yannick Naud, portfolio manag-
er at Glendevon asset management. But
whatever the outcome of the symposium,
investors may dive for cover in safe-haven
currencies. Because of growing concerns
that the EUs sovereign debt crisis could
now turn into a run on European banks,
we should not expect in the medium
term any weakening of the demand for
safe-haven assets mainly gold and Swiss
franc with or without QE3
And as Beecroft points out, you should
never underestimate a public figures
desire to build a monument to himself,
regardless of what those around them
may be saying.
FOREX ANALYST PICKS
FOREX STRATEGIST
JOEL KRUGER
My pick: Looking to buy dollar-yen
Expertise: Technical analysis
Average time frame of trades: 1 day to 1 week
FOREX STRATEGIST
ILYA SPIVAK
My pick: Stay short euro-dollar
Expertise: Global macro
Average time frame of trades: 1 week to 6 months
I sold euro-dollar four weeks ago at $1.4328, expecting escalation in
the EU debt crisis, compounded by a downward revision in investors
expectations of global economic growth. While the focus this week
will be on Ben Bernankes speech at the Jackson Hole central
bankers summit, I expect these larger themes to reclaim dominance
thereafter and will remain short, initially targeting a close below
$1.3975. A stop-loss will be triggered on a daily close above $1.4535.
While we are not ready to pull the trigger just yet, we are looking for
an opportunity to get long on dollar-yen, especially with the market
trading record lows, and showing no downside follow-through on the
break to hit fresh lows below 76.00 last Friday. This could suggest
that the formation of some form of a base is imminent, and we will look
for a daily close back above 77.30 to confirm these prospects for a
bullish reversal.
FOREX STRATEGIST
JOHN KICKLIGHTER
My pick: Long dollar-yen and euro-dollar. Short euro-Swiss franc
Expertise: Fundamental analysis with risk management
Average time frame of trades: 1 day to 1 week
We are facing huge fundamental themes that could dramatically alter
the course of the markets, depending upon developments in the coming
weeks. The setups Im looking at play to specific scenarios. A long euro-
dollar on a break above $1.4550 is a dollar-bearish reaction should QE3
be passed. Should that program falter, dollar-yen could finally charge a
reversal (athough currently that goes against my risk rules). And, euro-
Swiss franc below SFr1.12 is a short-term technical option.
S
TERLING rose sharply
against the dollar yes-
terday as traders
sought alternative cur-
rencies amid the continued
concern over US and
European debt levels. Spread
betters were targeting a
potential test of highs of
$1.6618, touched last week.
However, analysts are voicing
caution over a possible fall in
the strength of the pound on
Friday should GDP figures
come in worse than expect-
ed. Spreadex offers a spread
of $1.6567-$1.6570 for ster-
ling-dollar.
Trading ranges between
the euro-dollar pair have
been quite tight at the start
of this week. The euro spiked
higher on the back of
Chinese PMI figures, show-
ing that manufacturing grew
at a slower pace in August
against July. Another reason
for the shallow trading
ranges is that traders are
awaiting Fed chairman
Bernanke's speech on Friday,
in which he will discuss steps
to boost the US economy.
The pair has rebounded off
its support level at $1.4497,
which may signal further
upside. Capital Spreads
quotes $1.4490-$1.4491.
The US dollar has contin-
ued its recent recovery
against the Swiss franc on
fears that the Swiss National
Bank will intervene further
to weaken the currency. The
drop on Tuesday in Swiss
exports highlights the extent
of the problem, but history
tells us that the Swiss
authorities may only be able
to slow the rise of the franc,
and not halt it. CMC Markets
offers a spread on dollar-
Swiss franc of SFr0.78873-
SFr0.78892.
Theres been little move-
ment in the yen against the
dollar of late. Speculation
that the Bank of Japan will
intervene again is lending
some support. However,
with the US economy look-
ing perilous and expecta-
tions building that were
going to see QE3 at some
stage, another jump lower
for the pair is seen as
inevitable by many. IG Index
offers dollar-yen at 76.51-
76.52.
The greenback may be
under pressure across the
board, although against the
Singaporean dollar weve
seen the S$1.20 level pro-
vide notable support in
recent weeks. That said,
Singapore is building itself
something of a safe-haven
status and with risk appetite
unlikely to build in the near
term, the expectation is that
the plunge towards parity
could be nothing more than
a matter of time. Current IG
Index price on dollar-
Singaporean dollar is
S$1.2054-S$1.2060.
Philip Salter
THE TIPSTER
GDP RELEASE WILL SHOW
IF THE POUND IS STERLING
21
Another $600bn
monument to
Bernanke could be
on the cards
Picture: REUTERS
LON GD ONCE FIX AM...........1886.50 8.75
SILVER LDN FIX AM ..................43.29 -0.50
MAPLE LEAF 1 OZ ....................44.25 2.38
LON PLATINUM AM................1899.00 5.00
LON PALLADIUM AM...............764.00 10.00
ALUMINIUM CASH .................2324.50 16.50
COPPER CASH ......................8811.00 30.00
LEAD CASH...........................2295.00 -20.50
NICKEL CASH......................21070.00 -480.00
TIN CASH.............................23095.00 -550.00
ZINC CASH ............................2140.00 -22.00
BRENT SPOT INDEX................107.45 0.05
SOYA .....................................1376.50 16.75
COCOA..................................3043.00 45.00
COFFEE...................................264.70 -1.45
KRUG.....................................1941.50 -5.10
WHEAT................................169,25.00 3.75
AIR LIQUIDE........................................86.22 2.39 100.65 80.00
ALLIANZ..............................................68.87 -0.49 108.85 67.58
ALSTOM ..............................................29.96 0.22 45.32 28.36
ANHEUS-BUSCH INBEV ....................38.07 0.07 46.33 33.85
ARCELORMITTAL...............................13.48 -0.25 28.55 13.03
AXA......................................................10.25 -0.04 16.16 9.27
BANCO SANTANDER...........................6.14 0.00 9.80 5.54
BASF SE..............................................48.28 0.44 70.22 40.74
BAYER.................................................44.18 0.78 59.44 41.33
BBVA......................................................5.98 -0.06 10.21 5.52
BMW ....................................................51.37 1.28 73.85 40.16
BNP PARIBAS.....................................32.98 0.26 59.93 32.10
CARREFOUR ......................................18.76 0.12 36.06 16.68
CREDIT AGRICOLE..............................6.06 0.04 12.92 5.63
CRH PLC..............................................11.15 -0.14 17.40 10.87
DAIMLER.............................................34.27 0.31 59.09 33.27
DANONE..............................................46.83 0.17 53.16 41.00
DEU.BOERSE OFFRE ........................37.30 -1.00 55.75 37.03
DEUTSCHE BANK..............................26.68 -0.29 48.70 26.20
DEUTSCHE TELEKOM.........................9.56 0.44 11.38 8.80
E.ON.....................................................14.59 0.07 25.54 13.19
ENEL......................................................3.31 -0.03 4.86 3.20
ENI .......................................................13.39 0.12 18.66 11.83
FRANCE TELECOM............................12.91 0.21 17.45 11.97
GDF SUEZ ...........................................20.58 0.42 30.05 18.32
GENERALI ASS...................................11.79 -0.23 17.05 10.34
IBERDROLA..........................................5.04 0.00 6.50 4.66
ING GROEP CVA...................................5.37 -0.03 9.50 5.30
INTESA SANPAOLO.............................1.10 -0.01 2.53 1.07
KON.PHILIPS ELECTR.......................13.56 0.06 25.45 12.85
L'OREAL..............................................79.85 0.72 91.24 71.00
LVMH..................................................109.20 1.70 132.65 89.12
MUNICH RE.........................................88.92 1.14 126.00 84.67
NOKIA....................................................4.13 0.09 8.49 3.33
REPSOL YPF.......................................18.22 -0.11 24.90 17.31
RWE.....................................................25.52 -0.09 55.88 24.53
SAINT-GOBAIN...................................32.14 0.42 47.64 27.81
SANOFI ................................................49.95 0.83 56.82 42.85
SAP......................................................35.25 0.83 46.15 32.88
SCHNEIDER ELECTRIC.....................86.63 1.77 123.65 81.17
SIEMENS .............................................69.23 0.62 99.39 66.50
SOCIETE GENERALE.........................21.00 -0.07 52.70 20.16
TELECOM ITALIA..................................0.82 -0.01 1.16 0.77
TELEFONICA ......................................14.08 0.09 19.69 13.01
TOTAL..................................................33.09 0.38 44.55 30.34
UNIBAIL-RODAMCO SE...................141.25 1.35 162.95 124.50
UNICREDIT............................................0.88 -0.02 2.05 0.86
UNILEVER CVA...................................23.52 0.17 24.08 20.68
VINCI ....................................................34.18 0.81 45.48 32.05
VIVENDI ...............................................15.75 0.30 22.07 14.10
Price Chg High Low
EUSHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 5129.42 34.12 0.67
FTSE 250 INDEX . . . . . . . . 9922.10 67.32 0.68
FTSE UK ALL SHARE . . . . 2661.10 17.49 0.66
FTSE AIMALL SH . . . . . . . . 745.66 3.49 0.47
DOWJONES INDUS 30 . . 11176.76 322.11 2.97
S&P 500. . . . . . . . . . . . . . . . 1162.35 38.53 3.43
NASDAQ COMPOSITE . . . 2446.06 100.68 4.29
FTSEUROFIRST 300 . . . . . . 923.87 7.09 0.77
NIKKEI 225 AVERAGE. . . . 8733.01 104.88 1.22
DAX 30 PERFORMANCE. . 5532.38 58.60 1.07
CAC 40 . . . . . . . . . . . . . . . . 3084.37 33.01 1.08
SHANGHAI SE INDEX . . . . 2554.02 38.16 1.52
HANG SENG. . . . . . . . . . . 19875.53 388.66 1.99
S&P/ASX 20 INDEX . . . . . . 2516.60 52.30 2.12
ASX ALL ORDINARIES . . . 4239.80 89.00 2.14
BOVESPA SAO PAOLO. . 53786.63 1346.40 2.57
ISEQ OVERALL INDEX . . . 2438.06 -14.01 -0.57
STI . . . . . . . . . . . . . . . . . . . . 2765.15 33.34 1.22
IGBM. . . . . . . . . . . . . . . . . . . 839.66 -0.80 -0.10
SWISS MARKET INDEX. . . 5230.58 86.56 1.68
Price Chg %chg
3M........................................................79.67 2.72 98.19 76.50
ABBOTT LABS ...................................50.51 1.13 54.24 45.07
ALCOA.................................................11.68 0.45 18.47 9.92
ALTRIA GROUP..................................26.43 0.57 28.13 22.26
AMAZON.COM..................................193.55 16.01 227.45 122.46
AMERICAN EXPRESS........................46.42 1.82 53.80 37.33
AMGEN INC.........................................53.62 1.31 61.53 47.66
APPLE...............................................373.60 17.16 404.50 236.78
AT&T....................................................28.98 0.53 31.94 26.20
BANK OF AMERICA.............................6.30 -0.12 15.31 6.01
BERKSHIRE HATAW B.......................69.59 1.79 87.65 66.51
BOEING CO.........................................60.77 2.39 80.65 56.01
BRISTOL MYERS SQUI ......................28.76 0.71 29.73 20.05
CATERPILLAR....................................82.98 3.09 116.55 63.34
CHEVRON...........................................97.33 4.03 109.94 72.57
CISCO SYSTEMS................................15.44 0.43 24.60 13.30
CITIGROUP.........................................27.32 1.26 51.50 25.40
COCA-COLA.......................................69.06 1.79 69.82 54.92
COLGATE PALMOLIVE......................87.01 1.81 89.43 73.12
CONOCOPHILLIPS.............................65.71 2.38 81.80 52.00
DU PONT(EI) DE NMR........................45.42 1.60 57.00 38.71
EXXON MOBIL....................................73.66 3.48 88.23 58.05
GENERAL ELECTRIC.........................15.54 0.43 21.65 14.25
GOOGLE A........................................518.82 20.65 642.96 448.00
HEWLETT PACKARD.........................24.54 0.09 49.39 22.75
HOME DEPOT.....................................33.11 0.83 39.38 27.10
IBM.....................................................164.32 5.34 185.63 122.28
INTEL CORP .......................................19.71 0.33 26.78 17.60
J.P.MORGAN CHASE.........................34.78 1.37 48.36 32.31
JOHNSON & JOHNSON.....................64.97 1.68 68.05 56.99
KRAFT FOODS A................................34.09 0.54 36.30 24.30
MC DONALD'S CORP ........................89.53 1.77 89.57 72.14
MERCK AND CO. NEW......................31.94 0.63 37.68 29.47
MICROSOFT........................................24.72 0.74 29.46 23.32
OCCID. PETROLEUM.........................82.69 2.23 117.89 72.13
ORACLE CORP...................................26.20 1.14 36.50 21.66
PEPSICO.............................................63.48 1.56 71.89 60.10
PFIZER ................................................18.24 0.56 21.45 15.66
PHILIP MORRIS INTL .........................70.27 1.55 72.74 50.54
PROCTER AND GAMBLE ..................63.02 1.31 67.72 56.57
QUALCOMM INC ................................48.06 1.66 59.84 37.65
SCHLUMBERGER ..............................76.13 3.64 95.64 52.91
TARGET CORP...................................50.63 0.58 60.97 45.28
TRAVELERS CIES..............................49.35 0.23 64.17 48.46
UNITED TECHNOLOGIE ....................69.93 2.25 91.83 64.57
UNITEDHEALTH GROUP...................44.87 1.26 53.50 30.82
VERIZON COMMS ..............................35.96 1.14 38.95 29.10
WAL-MART STORES..........................53.21 1.02 57.90 48.31
WALT DISNEY CO...............................32.11 0.09 44.34 29.60
WELLS FARGO & CO.........................23.94 1.05 34.25 22.58
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 ..................0.835 0.00
LIBOR Euro - 12 months ................2.043 0.00
LIBOR USD - overnight...................0.144 0.00
LIBOR USD - 12 months.................0.792 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 .........................3.450 0.05
European repo rate.........................0.837 0.00
Euro Euribor ....................................1.119 0.00
The vix index ...................................38.53 -3.91
The baItic dry index ........................1.515 0.05
Markit iBoxx...................................230.55 -0.06
Markit iTraxx..................................163.22 8.74
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
USSHARES
C/$ 1.4419 0.0061
C/ 0.8740 0.0019
C/ 110.54 0.2000
/C 1.1439 0.0021
/$ 1.6500 0.0038
/ 126.47 0.0939
FTSE 100
5129.42
34.12
FTSE 250
9922.10
67.32
FTSE ALLSHARE
2661.10
17.49
DOW
11176.76
322.11
NASDAQ
2446.06
100.68
S&P 500
1162.35
38.53
RPC Group . . . . . . . .300.5 -1.5 384.8 209.2
Smiths Group . . . . . .917.5 1.5 1429.0 907.5
Brown (N.) Group . . .261.3 1.3 311.2 221.0
Carpetright . . . . . . . . .513.5 -4.5 835.5 513.5
Debenhams . . . . . . . . .56.7 -0.9 77.4 55.3
Dignity . . . . . . . . . . . .727.0 -11.0 833.0 633.0
Dixons RetaiI . . . . . . .11.4 -0.4 28.5 11.3
DuneImGroup . . . . . .432.2 -0.2 550.0 371.3
HaIfords Group . . . . .288.4 -2.4 504.5 284.8
Home RetaiI Group . .125.2 1.4 235.0 118.1
Inchcape . . . . . . . . . .296.5 -1.8 425.4 253.2
JD Sports Fashion . .864.5 -8.5 1030.0 726.0
Kesa EIectricaIs . . . .100.9 -1.1 174.0 100.9
Kingfisher . . . . . . . . .226.6 1.5 287.1 198.5
Marks & Spencer G . .327.9 -1.6 427.5 325.3
Mothercare . . . . . . . .367.3 -0.7 627.5 363.6
Next . . . . . . . . . . . . .2238.0 24.0 2426.0 1868.0
Sports Direct Int . . . .206.2 2.9 266.2 103.5
WH Smith . . . . . . . . . .475.0 11.6 523.0 403.6
Smith & Nephew . . . .563.0 1.5 742.0 521.0
Synergy HeaIth . . . . .877.5 2.0 981.0 670.0
Barratt DeveIopme . . .71.2 2.6 119.0 67.5
BeIIway . . . . . . . . . . . .568.0 8.5 753.5 511.0
YuIe Catto & Co . . . . .169.8 8.6 253.0 136.8
BaIfour Beatty . . . . . .230.7 -0.4 357.3 229.1
KeIIer Group . . . . . . .346.4 -5.6 698.5 346.0
Kier Group . . . . . . . .1164.0 -16.0 1418.0 970.0
Drax Group . . . . . . . .481.2 8.0 535.0 353.6
Scottish & Southe . .1244.0 11.0 1423.0 1108.0
Domino Printing S . .540.5 0.5 705.0 440.0
HaIma . . . . . . . . . . . . .335.9 4.0 429.6 270.0
Laird . . . . . . . . . . . . . .154.9 7.9 207.0 121.1
Morgan CrucibIe C . .236.3 2.3 357.1 189.1
Renishaw . . . . . . . . .1238.0 1.0 1886.0 835.0
Spectris . . . . . . . . . .1373.0 93.0 1679.0 869.5
Aberforth SmaIIer . . .587.5 -2.5 714.0 507.0
AIIiance Trust . . . . . .327.0 -0.3 392.7 307.6
Bankers Inv Trust . . .364.5 -3.9 428.0 353.6
BH GIobaI Ltd. GB .1132.0 4.0 1174.0 1058.0
BH GIobaI Ltd. US . . . .11.4 0.0 11.6 10.4
BH Macro Ltd. EUR . . .19.0 0.2 19.1 15.8
BH Macro Ltd. GBP 1964.0 29.0 1964.0 1630.0
BH Macro Ltd. USD . . .18.9 0.3 19.2 15.8
BIackRock WorId M .669.0 1.0 815.5 557.0
BIueCrest AIIBIue . . .166.1 -0.8 176.2 162.4
British Assets Tr . . . .117.0 -0.8 140.5 113.0
British Empire Se . . .471.1 -3.1 533.0 422.5
CaIedonia Investm .1580.0 9.0 1928.0 1543.0
City of London In . . .264.5 1.1 306.9 249.3
Dexion AbsoIute L . .137.7 0.1 151.0 135.2
Edinburgh Dragon . .217.1 2.1 262.1 213.0
Edinburgh Inv Tru . . .445.0 2.8 492.2 392.4
EIectra Private E . . .1440.0 1.0 1755.0 1289.0
F&C Inv Trust . . . . . .271.1 0.8 327.9 263.8
FideIity China Sp . . . . .84.5 0.7 128.7 80.0
FideIity European . .1009.0 24.0 1287.0 937.5
FideIity SpeciaI . . . . .472.1 -7.4 595.0 469.0
HeraId Inv Trust . . . . .452.0 -0.5 545.5 383.5
HICL Infrastructu . . . .115.3 0.1 121.3 112.0
Impax Environment . .99.1 -3.0 130.5 98.0
JPMorgan American .721.5 -15.5 916.0 673.0
JPMorgan Asian In . .201.0 0.5 250.8 196.3
JPMorgan Emerging .505.0 5.1 639.0 496.5
JPMorgan European .746.0 -3.5 983.5 641.0
JPMorgan Indian I . . .362.5 6.5 502.0 354.8
JPMorgan Russian .510.0 -1.0 755.0 509.0
Law Debenture Cor . .335.9 -0.1 385.0 295.1
MercantiIe Inv Tr . . . .933.5 24.5 1137.0 895.0
Merchants Trust . . . .365.5 2.1 431.8 345.0
Monks Inv Trust . . . .325.2 5.2 367.9 292.1
Murray Income Tru . .598.0 -2.0 673.0 553.5
Murray Internatio . . .875.0 20.0 991.5 824.0
PerpetuaI Income . . .248.6 2.6 276.0 218.0
PoIar Cap TechnoI . .299.5 -1.0 391.2 275.6
RIT CapitaI Partn . . .1250.0 -4.0 1334.0 1110.0
Scottish Inv Trus . . . .427.1 -0.9 524.0 409.0
Scottish Mortgage . .636.0 -3.0 781.0 566.0
SVG CapitaI . . . . . . . .245.0 2.3 279.8 148.9
TempIe Bar Inv Tr . . .818.5 -7.0 952.0 754.0
TempIeton Emergin .555.0 1.0 689.5 539.0
TR Property Inv T . . .165.1 1.2 206.1 142.0
TR Property Inv T . . . .75.8 0.3 94.0 64.5
Witan Inv Trust . . . . .438.0 3.4 533.0 426.1
3i Group . . . . . . . . . . .200.7 -2.7 340.0 200.4
3i Infrastructure . . . .120.1 0.2 125.2 112.9
Aberdeen Asset Ma .189.5 2.5 240.0 132.9
Ashmore Group . . . .353.8 3.8 414.5 283.1
Brewin DoIphin Ho . .129.3 0.6 185.4 117.0
CameIIia . . . . . . . . . .8975.0 75.010950.0 8050.0
CharIes TayIor Co . . .140.0 -2.8 198.3 122.0
City of London Gr . . . .77.3 0.0 93.6 77.0
City of London In . . .359.3 11.3 461.5 278.5
CIose Brothers Gr . . .668.0 3.5 888.5 656.5
CoIIins Stewart H . . . .67.8 -1.0 90.8 65.0
EvoIution Group . . . . .86.5 -0.8 92.0 62.3
F&C Asset Managem .67.0 0.1 92.9 58.0
Hargreaves Lansdo .429.6 -1.7 646.5 386.0
HeIphire Group . . . . . . .2.7 -0.3 39.0 2.4
Henderson Group . . .125.8 1.0 173.1 119.1
Highway CapitaI . . . . .14.5 0.0 21.0 6.0
ICAP . . . . . . . . . . . . . .427.3 2.3 570.5 391.3
IG Group HoIdings . .418.4 9.0 553.0 393.6
Intermediate Capi . . .214.4 2.8 360.3 204.8
InternationaI Per . . . .230.0 -1.2 388.8 227.2
InternationaI Pub . . . .115.6 -0.6 118.3 108.6
Investec . . . . . . . . . . .389.0 4.9 538.0 378.7
IP Group . . . . . . . . . . . .44.8 0.8 54.5 27.9
Jupiter Fund Mana . .188.0 -0.7 337.3 186.6
Liontrust Asset M . . . .80.0 1.0 95.3 72.0
LMS CapitaI . . . . . . . . .62.1 0.9 64.8 41.5
London Finance & . . .21.5 0.0 23.5 16.5
London Stock Exch .805.0 15.0 1076.0 640.0
Lonrho . . . . . . . . . . . . .15.8 0.0 19.8 10.5
Man Group . . . . . . . . .196.1 3.4 311.0 178.0
Paragon Group Of . .140.5 0.8 206.1 126.4
Provident Financi . .1049.0 1.0 1116.0 728.5
Rathbone Brothers .1001.0 1.5 1257.0 826.5
Record . . . . . . . . . . . . .29.3 0.0 52.0 20.3
RSM Tenon Group . . .28.0 0.3 66.3 21.3
Schroders . . . . . . . .1429.0 14.0 1922.0 1330.0
Schroders (Non-Vo .1160.0 10.0 1554.0 1071.0
TuIIett Prebon . . . . . .338.8 3.3 428.6 329.8
WaIker Crips Grou . . .49.0 1.0 51.5 45.0
BT Group . . . . . . . . . .162.8 0.0 204.1 130.6
CabIe & WireIess . . . .31.7 0.3 61.1 31.1
CabIe & WireIess . . . .35.1 0.0 78.4 34.0
COLT Group SA . . . . .112.0 0.5 156.2 109.0
TaIkTaIk TeIecom . . .123.0 0.0 168.3 119.8
TeIecomPIus . . . . . . .635.0 1.0 700.0 355.0
Booker Group . . . . . . .67.3 0.3 77.9 43.3
Greggs . . . . . . . . . . . .482.0 6.1 550.5 429.1
Morrison (Wm) Sup .285.7 0.9 308.3 262.7
Ocado Group . . . . . . .114.5 -2.8 285.0 113.0
Sainsbury (J) . . . . . . .302.9 1.2 395.0 280.4
Tesco . . . . . . . . . . . . .377.2 -0.5 440.7 360.1
Associated Britis . .1049.0 8.0 1182.0 940.0
Cranswick . . . . . . . . .619.0 -8.5 896.0 606.0
Dairy Crest Group . . .349.0 2.4 424.9 334.1
Devro . . . . . . . . . . . . .244.0 -2.7 296.9 218.0
Premier Foods . . . . . . .13.8 0.5 35.1 13.0
Tate & LyIe . . . . . . . . .570.0 0.5 656.0 409.1
UniIever . . . . . . . . . .2042.0 4.0 2072.0 1688.0
Mondi . . . . . . . . . . . . .494.5 4.7 664.0 447.0
Centrica . . . . . . . . . . .303.4 2.6 346.1 287.3
InternationaI Pow . . .301.7 -0.2 448.6 279.4
NationaI Grid . . . . . . .596.5 -4.0 632.5 530.0
Northumbrian Wate .459.0 0.0 469.5 295.5
Pennon Group . . . . . .639.5 -1.5 737.5 560.0
Severn Trent . . . . . .1434.0 -1.0 1517.0 1288.0
United UtiIities . . . . .579.5 -1.0 632.0 543.5
Cookson Group . . . . .463.0 10.4 724.5 412.3
DS Smith . . . . . . . . . .184.7 0.7 266.2 125.8
Rexam . . . . . . . . . . . .345.1 4.0 400.0 293.0
GIencore Internat . . .367.5 12.5 531.1 348.0
BAE Systems . . . . . .258.8 0.7 369.9 248.1
Chemring Group . . . .498.6 1.9 736.5 485.0
Cobham . . . . . . . . . . .177.8 1.7 245.6 173.4
Meggitt . . . . . . . . . . . .314.5 -3.1 397.6 261.7
QinetiQ Group . . . . . .113.9 0.6 136.3 96.7
RoIIs-Royce Group . .586.5 -0.5 665.0 553.0
Senior . . . . . . . . . . . . .142.9 -1.9 190.6 111.2
UItra EIectronics . . .1349.0 22.0 1895.0 1305.0
GKN . . . . . . . . . . . . . .177.0 -2.2 245.0 138.5
BarcIays . . . . . . . . . . .145.5 -0.8 333.6 143.0
HSBC HoIdings . . . . .512.1 1.1 730.9 507.0
LIoyds Banking Gr . . .28.3 0.7 77.6 27.6
RoyaI Bank of Sco . . .20.0 0.3 50.2 19.6
Standard Chartere .1321.5 -7.5 1950.0 1311.5
AG Barr . . . . . . . . . .1178.0 0.0 1395.0 1031.0
Britvic . . . . . . . . . . . . .309.2 4.0 503.5 302.0
Diageo . . . . . . . . . . .1122.0 1.0 1307.0 1050.0
SABMiIIer . . . . . . . . .2087.0 42.5 2340.0 1841.0
AZ EIectronic Mat . . .210.0 -5.0 338.1 207.5
Croda Internation . .1658.0 38.0 2081.0 1230.0
EIementis . . . . . . . . . .135.9 -1.1 187.4 86.0
Johnson Matthey . .1667.0 24.0 2119.0 1550.0
Victrex . . . . . . . . . . .1216.0 3.0 1590.0 1076.0
Price Chg High Low
BerkeIey Group Ho .1048.0 9.0 1299.0 789.5
Bovis Homes Group .336.1 6.1 464.7 326.5
Persimmon . . . . . . . .396.0 12.9 502.5 336.5
Reckitt Benckiser . .3286.0 33.0 3648.0 3015.0
Redrow . . . . . . . . . . . .110.1 0.0 139.0 97.6
TayIor Wimpey . . . . . . .29.1 0.2 43.3 22.3
Bodycote . . . . . . . . . .264.7 0.3 397.7 214.5
Charter Internati . . . .747.0 125.0 853.5 538.5
Fenner . . . . . . . . . . . .312.6 2.0 422.5 198.0
IMI . . . . . . . . . . . . . . . .761.5 11.5 1119.0 657.5
MeIrose . . . . . . . . . . .295.0 8.2 365.4 205.4
Northgate . . . . . . . . . .267.3 -1.7 346.7 180.8
Rotork . . . . . . . . . . .1557.0 27.0 1895.0 1501.0
Spirax-Sarco Engi . .1691.0 26.0 2063.0 1558.0
Weir Group . . . . . . .1720.0 7.0 2218.0 1130.0
Ferrexpo . . . . . . . . . . .331.7 7.3 499.0 278.0
TaIvivaara Mining . . .307.0 -0.9 622.0 297.2
BBAAviation . . . . . . .156.0 -3.0 240.8 154.2
Stobart Group Ltd . . .130.4 -0.6 163.6 124.1
AdmiraI Group . . . . .1535.0 14.0 1754.0 1397.0
AmIin . . . . . . . . . . . . .308.4 -2.1 427.0 307.5
Huntsworth . . . . . . . . .66.0 1.0 86.0 59.8
Informa . . . . . . . . . . . .333.0 4.0 461.1 326.7
ITE Group . . . . . . . . . .165.8 5.3 258.2 151.0
ITV . . . . . . . . . . . . . . . . .55.7 1.2 93.5 54.2
Johnston Press . . . . . . .5.0 0.0 16.3 4.4
MecomGroup . . . . . .165.0 0.3 310.0 163.0
Moneysupermarket. .107.0 0.5 120.4 70.3
Pearson . . . . . . . . . .1066.0 -7.0 1207.0 926.0
PerformGroup . . . . .160.0 2.5 234.5 150.0
Reed EIsevier . . . . . .482.3 2.6 590.5 461.3
Rightmove . . . . . . . .1111.0 11.0 1250.0 596.5
STV Group . . . . . . . . .109.0 -1.0 168.0 89.3
Tarsus Group . . . . . .146.0 -0.5 165.0 112.5
Trinity Mirror . . . . . . . .45.8 0.8 124.0 37.5
United Business M . .435.3 5.5 725.0 428.3
UTV Media . . . . . . . . .110.0 4.5 151.0 101.0
WiImington Group . . .93.0 -1.8 183.0 93.0
WPP . . . . . . . . . . . . . .580.0 1.5 846.5 572.5
YeII Group . . . . . . . . . . .5.0 0.2 17.8 4.7
African Barrick G . . .549.0 1.0 638.0 393.5
AngIo American . . .2234.0 -15.5 3437.0 2208.5
AngIo Pacific Gro . . .295.8 -4.2 369.3 251.0
Antofagasta . . . . . . .1206.0 -6.0 1634.0 977.5
Aquarius PIatinum . .229.2 -0.8 419.0 216.9
BHP BiIIiton . . . . . . .1890.0 11.5 2631.5 1767.0
BeazIey . . . . . . . . . . . .114.1 0.3 139.2 109.6
CatIin Group Ltd. . . .367.2 1.6 421.4 325.0
Hiscox Ltd. . . . . . . . . .347.0 0.1 424.7 341.5
Jardine LIoyd Tho . . .616.0 9.5 709.0 561.0
Lancashire HoIdin . . .652.0 12.0 700.0 521.0
RSA Insurance Gro . .113.7 0.7 143.5 109.5
Aviva . . . . . . . . . . . . . .318.8 0.8 477.9 315.3
LegaI & GeneraI G . . . .95.5 -1.6 123.8 89.4
OId MutuaI . . . . . . . . .111.1 1.0 145.2 103.2
Phoenix Group HoI . .528.5 -5.0 758.0 458.0
PrudentiaI . . . . . . . . .590.0 6.5 777.0 547.0
ResoIution Ltd. . . . . .255.6 0.2 316.1 211.3
St James's PIace . . . .316.5 0.5 376.0 236.2
Standard Life . . . . . . .194.2 -0.7 244.7 172.0
4Imprint Group . . . . .227.5 -2.5 295.0 195.0
Aegis Group . . . . . . .133.5 2.4 163.5 110.7
BIoomsbury PubIis . .102.3 -0.3 138.0 98.8
British Sky Broad . . .618.5 -4.0 850.0 614.0
Centaur Media . . . . . . .39.0 0.0 73.0 37.0
Chime Communicati .201.0 -11.0 298.5 174.8
Creston . . . . . . . . . . . .91.0 1.0 121.0 78.5
DaiIy MaiI and Ge . . .386.7 9.0 594.5 363.3
Euromoney Institu . .575.5 -10.0 736.0 575.5
Future . . . . . . . . . . . . . .13.5 0.5 30.0 11.8
Haynes PubIishing . .230.0 1.5 262.5 202.5
Centamin Egypt Lt . .106.3 -3.5 197.1 89.7
Eurasian NaturaI . . .612.0 -1.5 1125.0 585.5
FresniIIo . . . . . . . . . .1892.0-147.0 2078.0 997.5
GemDiamonds Ltd. .194.0 -0.3 306.0 179.8
HochschiId Mining . .461.9 3.9 680.0 320.5
Kazakhmys . . . . . . . .931.5 6.0 1671.0 915.5
Kenmare Resources . .40.3 -0.1 59.9 16.3
Lonmin . . . . . . . . . . .1145.0 11.0 1983.0 1103.0
New WorId Resourc .550.0 14.5 1060.0 514.5
PetropavIovsk . . . . . .789.5 10.5 1252.0 676.0
RandgoId Resource 6640.0-230.0 6965.0 4425.0
Rio Tinto . . . . . . . . .3426.0 5.0 4712.0 3105.0
Vedanta Resources 1225.0 -17.0 2559.0 1211.0
Xstrata . . . . . . . . . . . .938.2 4.8 1550.0 922.3
Inmarsat . . . . . . . . . . .442.9 6.5 724.5 389.7
Vodafone Group . . . .164.7 1.7 181.9 149.4
Genesis Emerging . .446.2 1.7 568.0 443.9
Afren . . . . . . . . . . . . . . .97.3 -5.1 171.2 92.5
BG Group . . . . . . . . .1250.5 13.5 1564.5 1049.5
BP . . . . . . . . . . . . . . . .396.1 5.9 509.0 375.2
Cairn Energy . . . . . . .293.9 4.2 472.3 281.4
EnQuest . . . . . . . . . . .106.4 -0.9 158.5 98.0
Essar Energy . . . . . .255.5 7.6 589.5 247.6
ExiIIon Energy . . . . . .298.0 -7.0 469.7 172.0
Heritage OiI . . . . . . . .214.2 3.0 486.0 190.0
JKX OiI & Gas . . . . . .194.7 1.9 335.1 190.0
Premier OiI . . . . . . . . .339.3 0.2 535.0 327.3
RoyaI Dutch SheII . .1953.5 34.5 2326.5 1703.0
RoyaI Dutch SheII . .1964.0 28.0 2336.0 1642.0
SaIamander Energy .223.5 4.6 317.6 210.0
Soco Internationa . . .284.9 -7.1 484.2 279.8
TuIIow OiI . . . . . . . . . .946.5 1.0 1493.0 939.0
Amec . . . . . . . . . . . . .920.5 -6.5 1251.0 834.0
Hunting . . . . . . . . . . .649.5 1.0 817.0 554.0
John Wood Group . .542.5 24.0 715.8 350.4
LampreII . . . . . . . . . . .273.5 -12.5 395.2 223.9
Petrofac Ltd. . . . . . .1199.0 -12.0 1685.0 1110.0
Burberry Group . . . .1199.0 8.0 1600.0 820.5
PZ Cussons . . . . . . . .350.0 1.9 409.0 320.5
Supergroup . . . . . . . .898.5 -47.0 1820.0 818.5
AstraZeneca . . . . . .2832.5 10.5 3385.0 2543.5
BTG . . . . . . . . . . . . . .252.3 3.0 309.7 200.1
Genus . . . . . . . . . . . . .905.0 -2.0 1046.0 710.5
GIaxoSmithKIine . . .1297.5 20.0 1385.0 1127.5
Hikma Pharmaceuti .622.0 9.0 900.0 561.5
Shire PIc . . . . . . . . . .1979.0 25.0 2136.0 1376.0
CapitaI & Countie . . .162.0 -1.0 203.7 115.5
Daejan HoIdings . . .2529.0 50.0 2954.0 2282.0
F&C CommerciaI Pr .102.7 0.9 108.0 88.0
Grainger . . . . . . . . . . . .97.5 1.5 133.2 86.3
London & Stamford .120.2 1.3 140.0 110.3
SaviIIs . . . . . . . . . . . . .308.3 -0.7 427.1 296.6
St. Modwen Proper . .133.4 -2.8 196.2 131.5
UK CommerciaI Pro . .80.3 1.3 85.5 70.4
Unite Group . . . . . . . .152.9 -7.2 229.8 152.9
Big YeIIow Group . . .237.9 -7.3 353.3 236.9
British Land Co . . . . .531.5 -0.5 629.5 447.5
CapitaI Shopping . . .315.0 -2.5 424.8 311.7
Derwent London . . .1555.0 -33.0 1880.0 1374.0
Great PortIand Es . . .355.3 -9.7 445.0 310.7
Hammerson . . . . . . . .393.3 -2.9 490.9 352.2
Hansteen HoIdings . . .76.0 -1.0 89.5 62.4
Land Securities G . . .741.0 3.0 885.0 598.0
SEGRO . . . . . . . . . . . .244.9 6.4 331.3 232.4
Shaftesbury . . . . . . . .467.4 -2.4 539.0 403.5
Autonomy Corporat 2490.0 4.0 2495.0 1271.0
Aveva Group . . . . . .1464.0 -31.0 1799.0 1385.0
Computacenter . . . . .362.8 -10.3 490.0 276.2
Fidessa Group . . . . .1550.0 -25.0 2109.0 1350.0
Invensys . . . . . . . . . . .235.9 4.7 364.3 221.7
Kofax . . . . . . . . . . . . .312.0 9.0 535.0 231.0
Logica . . . . . . . . . . . . .81.4 0.9 147.2 80.5
Micro Focus Inter . . .272.9 18.9 426.2 239.4
Misys . . . . . . . . . . . . .260.0 1.5 420.2 234.7
Sage Group . . . . . . . .245.2 4.0 302.0 231.7
SDL . . . . . . . . . . . . . . .630.5 -8.5 711.5 534.0
TeIecity Group . . . . . .524.5 4.5 559.5 430.0
Aggreko . . . . . . . . . .1755.0 39.0 2034.0 1351.3
Ashtead Group . . . . . .99.4 -1.2 207.9 77.0
Atkins (WS) . . . . . . . .539.5 3.0 820.0 531.5
Babcock Internati . . .602.5 21.5 733.0 492.8
Berendsen . . . . . . . . .492.2 13.5 568.0 363.1
BunzI . . . . . . . . . . . . .727.5 24.5 801.0 676.5
Capita Group . . . . . . .690.0 3.5 794.5 635.5
CariIIion . . . . . . . . . . .311.3 8.2 403.2 291.2
De La Rue . . . . . . . . .789.5 -0.5 853.5 549.5
EIectrocomponents .192.7 1.5 294.9 190.0
Experian . . . . . . . . . . .670.5 2.5 833.5 606.0
FiItrona PLC . . . . . . . .314.9 3.2 385.5 227.5
G4S . . . . . . . . . . . . . . .264.4 20.8 291.0 237.7
Hays . . . . . . . . . . . . . . .71.9 0.1 133.6 69.4
Homeserve . . . . . . . .451.4 1.1 532.0 408.0
Howden Joinery Gr . . .94.8 -0.5 127.5 63.0
Intertek Group . . . . .1874.0 26.0 2148.0 1675.0
MichaeI Page Inte . . .362.5 11.8 567.0 350.7
Mitie Group . . . . . . . .212.9 4.9 242.5 188.7
Premier FarneII . . . . .175.8 0.7 308.8 168.4
Regus . . . . . . . . . . . . . .67.0 1.0 119.0 64.9
RentokiI InitiaI . . . . . . .76.8 0.3 107.1 74.5
RPS Group . . . . . . . . .193.3 -2.8 253.0 169.9
Serco Group . . . . . . .532.0 10.0 633.0 495.7
Shanks Group . . . . . .115.1 0.3 130.9 96.5
SIG . . . . . . . . . . . . . . .101.9 -1.3 153.5 90.7
SThree . . . . . . . . . . . .239.4 -0.5 447.6 231.1
Travis Perkins . . . . . .750.0 4.5 1127.0 723.5
WoIseIey . . . . . . . . .1435.0 7.0 2261.0 1223.0
ARM HoIdings . . . . . .514.0 22.0 651.0 327.7
CSR . . . . . . . . . . . . . .221.0 1.2 447.0 218.5
Imagination Techn . .314.0 4.2 502.0 296.9
Pace . . . . . . . . . . . . . . .94.5 0.7 231.8 91.0
Spirent Communica .118.8 1.4 160.3 116.0
British American . .2728.0 28.0 2871.0 2177.5
ImperiaI Tobacco . .2068.0 20.0 2231.0 1784.0
Avis Europe . . . . . . . .312.2 -0.8 313.5 184.0
Betfair Group . . . . . . .596.0 -12.0 1550.0 567.0
Bwin.party Digita . . .101.1 0.5 297.9 99.9
CarnivaI . . . . . . . . . .1750.0 0.0 3153.0 1728.0
Compass Group . . . .533.5 -4.0 612.0 504.5
Domino's Pizza UK . .485.4 19.7 586.0 377.0
easyJet . . . . . . . . . . . .317.8 -2.9 479.0 301.0
Enterprise Inns . . . . . .39.2 -1.9 122.7 38.0
FirstGroup . . . . . . . . .347.3 3.9 412.6 311.3
Go-Ahead Group . . .1426.0 10.0 1598.0 1073.0
Greene King . . . . . . .428.3 7.5 518.0 403.8
InterContinentaI . . . .955.0 -5.5 1435.0 947.0
InternationaI Con . . .164.0 -3.5 305.0 163.6
JD Wetherspoon . . . .402.1 6.0 468.3 389.9
Ladbrokes . . . . . . . . .124.2 2.1 155.3 120.3
Marston's . . . . . . . . . . .89.0 0.9 117.1 87.1
MiIIennium& Copt . .410.0 1.6 600.5 408.4
MitcheIIs & ButIe . . . .235.5 -0.6 361.0 229.1
NationaI Express . . .225.5 0.6 270.2 220.7
Rank Group . . . . . . . .121.6 2.9 153.7 103.3
Restaurant Group . . .269.7 5.3 335.0 238.3
Spirit Pub Compan . . .41.6 -0.4 55.0 37.0
Stagecoach Group . .244.7 2.7 268.5 170.0
Thomas Cook Group .43.9 -1.9 204.8 43.4
TUI TraveI . . . . . . . . . .148.8 0.8 271.9 147.2
Whitbread . . . . . . . .1445.0 -9.0 1887.0 1368.0
WiIIiamHiII . . . . . . . . .219.1 -2.3 237.3 155.5
Abcam . . . . . . . . . . . .329.5 2.5 460.0 307.0
AIbemarIe & Bond . .390.0 -7.0 400.1 237.0
Amerisur Resource . .16.5 0.8 29.0 11.5
Andor TechnoIogy . .540.0 -5.0 685.0 311.0
ArchipeIago Resou . . .71.5 -1.0 79.0 32.3
ASOS . . . . . . . . . . . .1755.0 2.0 2468.0 908.0
AureIian OiI & Ga . . . .44.3 0.0 92.0 42.5
Avanti Communicat .295.8 -5.3 735.0 288.8
Avocet Mining . . . . . .260.8 3.5 268.0 112.0
BIinkx . . . . . . . . . . . . .100.3 -0.5 148.8 69.0
Borders & Souther . . .47.3 0.8 93.0 44.8
BowLeven . . . . . . . . .117.0 1.8 398.0 114.8
Brooks MacdonaId 1017.5 -2.5 1372.5 907.5
CaIedon Resources .111.5 0.0 112.0 46.0
Conygar Investmen . .97.3 0.3 120.0 95.4
Cove Energy . . . . . . . .70.8 6.5 112.8 57.0
Daisy Group . . . . . . .108.5 -2.1 127.0 88.0
EMIS Group . . . . . . . .555.0 -10.0 580.0 303.5
Encore OiI . . . . . . . . . .44.3 -0.3 151.5 40.8
Faroe PetroIeum . . . .138.0 -1.5 218.3 133.0
GuIfsands PetroIe . . .146.0 3.5 401.5 142.5
GWPharmaceuticaI .101.8 -2.0 130.0 83.0
Hamworthy . . . . . . . .495.0 -10.0 705.0 330.0
Hargreaves Servic . .875.0 0.0 1076.0 605.0
HeaIthcare Locums . .84.6 0.0 84.6 84.6
Immunodiagnostic .1059.0 -6.0 1218.0 720.0
ImpeIIamGroup . . . .300.8 11.4 387.5 122.0
James HaIstead . . . . .460.0 5.0 495.0 315.0
KaIahari MineraIs . . .228.5 1.5 301.0 142.0
London Mining . . . . .295.0 8.0 436.5 248.0
Lupus CapitaI . . . . . . .95.0 -2.0 150.0 80.0
M. P. Evans Group . .410.0 8.8 500.5 350.3
Majestic Wine . . . . . .416.5 -2.5 510.0 306.0
May Gurney Integr . .252.5 2.5 295.0 177.0
Monitise . . . . . . . . . . . .34.0 0.8 39.0 18.5
MuIberry Group . . . .1429.0 -26.0 1920.0 333.5
Nanoco Group . . . . . . .62.0 -3.5 115.8 57.5
NauticaI PetroIeu . . .247.0 2.0 547.0 151.0
NichoIs . . . . . . . . . . . .520.0 -10.0 579.0 410.0
Numis Corporation . . .94.0 2.1 146.5 90.0
Pan African Resou . . .13.3 0.3 13.8 6.2
Patagonia GoId . . . . . .61.8 0.3 68.0 15.3
Prezzo . . . . . . . . . . . . .59.0 -0.5 71.5 42.8
Pursuit Dynamics . . .198.0 -3.0 700.0 160.5
Rockhopper ExpIor .214.3 -3.3 510.0 141.0
RWS HoIdings . . . . . .438.0 -22.0 479.8 255.0
Songbird Estates . . .117.0 -3.0 160.3 110.3
VaIiant PetroIeum . . .500.0 9.8 761.5 490.0
Young & Co's Brew . .650.0 -19.0 712.0 525.0
Charter Internatio . . .747.0 20.1
G4S . . . . . . . . . . . . . . .264.4 8.5
Micro Focus Intern . .272.9 7.4
Spectris . . . . . . . . . .1373.0 7.3
Laird . . . . . . . . . . . . . .154.9 5.4
YuIe Catto & Co . . . . .169.8 5.3
John Wood Group . .542.5 4.6
ARM HoIdings . . . . . .514.0 4.5
Domino's Pizza UK .485.4 4.2
Barratt DeveIopmen . .71.2 3.8
FresniIIo . . . . . . . . . .1892.0 -7.2
Afren . . . . . . . . . . . . . .97.3 -5.0
Supergroup . . . . . . . .898.5 -5.0
Enterprise Inns . . . . . .39.2 -4.5
Unite Group . . . . . . . .152.9 -4.5
LampreII . . . . . . . . . . .273.5 -4.4
Thomas Cook Group .43.9 -4.2
Dixons RetaiI . . . . . . .11.4 -3.6
RandgoId Resources6640.0 -3.4
Centamin Egypt Ltd .106.3 -3.2
Risers FaIIers
MAIN CHANGES UK 350
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
Price Chg High Low Price Chg High Low
GILTS
AEROSPACE & DEFENCE
CONSTRUCTION & MATERIALS
ELECTRICITY
ELECTRONIC & ELECTRICAL EQ.
EQUITY INVESTMENT INSTRUM.
FINANCIAL SERVICES
FIXED LINE TELECOMS
FOOD & DRUG RETAILERS
FOOD PRODUCERS
FORESTRY & PAPER
GAS, WATER & MULTIUTILITIES
GENERAL RETAILERS
HEALTH CARE EQUIPMENT & S.
HHOLD GDS & HOME CONSTR.
INDUSTRIAL ENGINEERING
INDUSTRIAL TRANSPORTATION
MEDIA
LIFE INSURANCE
PERSONAL GOODS
PHARMACEUTICALS & BIOTECH
REAL ESTATE INVEST. & SERV.
SOFTWARE & COMPUTER SERV.
SUPPORT SERVICES
TECHNOLOGY HARDW. & EQUIP.
TOBACCO
TRAVEL & LEISURE
AIM 50
NON LIFE INSURANCE
REAL ESTATE INVEST. TRUSTS
http://corporate.webfg.com
mailto:
globaltechsales@webfg.com
AUTOMOBILES & PARTS
BANKS
ALTERNATIVE ENERGY
CHEMICALS
BEVERAGES
GENERAL INDUSTRIALS
MOBILE TELECOMS
OIL & GAS PRODUCERS
OIL EQUIPMENT & SERVICES
MINING
NONEQUITY INVESTM. COMM.
Tsy 3.250 11 . . . . .100.67 -0.15 103.5 100.7
Tsy 2.500 11 . . . . .306.37 0.00 310.0 306.4
Tsy 9.000 12 . . . .107.92 0.00 115.8 106.7
Tsy 5.000 12 . . . .102.37 -0.05 106.8 102.4
Tsy 5.250 12 . . . .103.68 -0.03 108.1 103.7
Tsy 4.500 13 . . . .105.98 -0.03 109.2 105.8
Tsy 2.500 13 . . . .285.53 -0.07 287.7 277.5
Tsy 8.000 13 . . . . .115.32 -0.03 121.3 115.3
Tsy 5.000 14 . . . . .112.45 -0.04 114.1 109.2
Tsy 4.750 15 . . . . .114.43 -0.03 114.8 108.6
Tsy 7.750 15 . . . .102.25 -0.74 342.1 102.3
Tsy 8.000 15 . . . .128.71 -0.04 131.6 123.7
Tsy 4.000 16 . . . . .112.78 -0.03 113.1 104.9
Tsy 2.500 16 . . . .339.95 -0.18 340.9 310.2
Tsy 8.750 17 . . . .140.70 -0.35 142.2 132.9
Tsy 12.000 17 . . .125.50 -0.17 185.9 125.2
Tsy 1.250 17 . . . . .114.31 -0.28 115.0 106.7
Tsy 5.000 18 . . . . .120.11 -0.07 120.8 109.7
Tsy 4.500 19 . . . . .117.56 0.03 118.2 105.4
Tsy 3.750 19 . . . . .111.87 0.02 112.5 99.4
Tsy 4.750 20 . . . . .119.52 0.06 120.2 106.6
Tsy 2.500 20 . . . .352.76 -0.27 355.6 312.4
Tsy 8.000 21 . . . .149.07 0.04 150.2 133.8
Tsy 1.875 22 . . . .121.94 -0.37 122.8 111.3
Tsy 4.000 22 . . . . .112.00 0.02 112.8 99.0
Tsy 2.500 24 . . . .313.67 -0.45 316.1 273.5
Tsy 5.000 25 . . . .122.13 0.05 122.8 107.4
Tsy 4.250 27 . . . . .111.93 -0.17 112.7 97.9
Tsy 1.250 27 . . . . .117.28 -0.93 118.6 104.6
Tsy 6.000 28 . . . .135.70 -0.15 136.6 119.5
Tsy 4.750 30 . . . . .117.98 -0.15 118.9 103.0
Tsy 4.125 30 . . . .297.38 -0.89 300.8 261.2
Tsy 4.250 32 . . . . .110.51 -0.18 111.4 96.0
Tsy 4.250 36 . . . .109.29 -0.26 110.3 95.0
Tsy 4.750 38 . . . . .118.17 -0.35 119.4 102.8
Tsy 4.500 42 . . . . .114.03 0.00 114.3 98.9
% %
Wealth Management
22 CITYA.M. 24 AUGUST 2011
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Lifestyle | Motoring
23
WORDS BY
RYAN BORROFF
ly no-frills, even no thrills the most excit-
ing thing about this little MPV is its name
but as a practical way of getting to the
hills, as cheaply as possible, stuffed full
with bikes and gear, its a clever choice.
KIA SALOON
Believe it or not, this rear-wheel drive four-seater saloon is a Kia.
The car a concept that will be launched at the Frankfurt motor
show still doesnt have a name and has been designed to explore
new segments for Kia and to excite potential car buyers. It will cer-
tainly do that by the look of it.
CAR TALK BY RYAN BORROFF
SMART BIKE
City car maker smart has designed an electric ebike for commuters.
Battery charge should last for 62 miles and the bike can be charged
by peddling or at the socket at home. Clever features include energy
recuperation during braking and an integrated USB port for smart-
phones. The bike will be on sale next year. No word on prices yet.
VW CITY CAR
The is Volkswagens tiny city car which is being launched at next
months Frankfurt motor show. Small but as spacious as possible
inside, the four-seater will go on sale with a 60PS or75PS three-
cylinder petrol engine capable of up to 67mpg with less than
100g/km of CO2. An electric version is coming too.
No frills and certainly no thrills
The Bipper Tepee isnt going to win any beauty contests.
T
HE name Bipper Tepee promises a
fun, nifty little car, something with
quirky styling and even quirkier per-
sonalisation options on the inside,
perhaps. And, while its no Nissan Cube on
the styling front, its fair to say that
Peugeots Bipper Tepee is a reasonably fun-
looking car. That said, it does bear more
than a passing resemblance to two other
members of a trio of people-moving mini-
MPV vanettes available in the UK the
Fiat Qubo and Citroen Nemo because
underneath they are essentially the same
car. With its boxy shape and a face with a
neat snout and exaggerated underbite,
roof bars and a slightly higher ride height
give the Bipper Tepee a spot of sportiness.
Presented as an economical and sensi-
ble choice of family car, the Bipper Tepee
promises to be a frugal runaround for
commuting during the week and a practi-
cal load lugger for outdoor adventures at
the weekend.
Unfortunately, youll not be able to go
too far, too fast in the Bipper Tepee. Okay,
so you cant expect sports car thrills from
a vehicle that takes 16.8 seconds to reach
62mph, with a top speed of 99mph, but in
this day and age it feels quite unusual to
be in a car as slow as this. Around town
the car is fine but out on the motorway it
feels slow and noisy. This is not a car that
majors in refinement. It has evolved from
a van after all.
On a sweep down the A2 I was expecting
a less than earth-moving experience. Even
so I wasnt expecting to have to push the
Bipper Tepee quick so hard to get there: a
trip out into the middle lane felt indul-
gent, into the outside lane positively fool-
hardy. Instead I sat in the slow lane and
enjoyed the view. Which is good, thanks to
the huge windscreen and high driving
position. The view out of it is one of the
cars greatest assets, with a sloping dash
and huge windows in the front and size-
able ones in the back, so passengers too
get plenty of glass to look through.
Space and practicality is what the
Bipper Tepee does best. Theres plenty of
space for handbags, toys, snacks, books,
drinks, newspapers and other weekend-
away paraphernalia. The interior, though,
The cars name is
probably the most fun
thing about it. But at
least its affordable
THE VERDICT:
DESIGN hhiii
PERFORMANCE hhiii
PRACTICALITY hhhhi
VALUE FOR MONEY hhhhi
THE FACTS: PEUGEOT BIPPER
TEPEE OUTDOOR CAR
PRICE: 13,245
0-62MPH: 16.8secs
TOP SPEED: 99mph
CO2 G/KM: 113g/km
MPG COMBINED: 65.6mpg
is plain dull and plasticky. But then its
also easy to clean. Which, as any dog
owner or rearer of children will tell you, is
a decision that is paramount in the buy-
ing process. If you need even more space
the rear seat can be folded to return the
Bipper Tepee to the van it once was. The
sliding doors are very practical for rear-
seat passengers, especially if youre shoe-
horned between two Range Rovers in a
Sainsburys car park.
Rear parking sensors are another option
that might prove useful particularly as the
rugged bumpers stick out quite so much.
You wouldnt want to back too close to a
wall though if you wanted to get shopping
into this car because its tailgate door is so
tall. Having said that, its excellent for
sheltering from the rain if youre caught
in a sudden downpour in the Peak
District. If youre looking for something
cheap and cheerful and practical then the
Bipper Tepee could be for you. Its certain-
T
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HARRYS ARCTIC HEROES
BBC1, 9.00PM
Part one of two. Prince Harry joins
four disabled Afghanistan veterans,
two of them amputees, in training for
a trek to the North Pole.
WILDLIFE PATROL
ITV1, 7.30PM
Two sets of lemurs held at the Animal
Reception Centre as part of a police
investigation are given a new home.
Last in the series. Mark Strong narrates.
RANDOM
CHANNEL 4, 10.00PM
Debbie Tucker Greens adaptation of
her play about a family whose
ordinary day is shattered by a single
event. Starring Nadine Marshall.
BBC1
SKY SPORTS 1
4.30pmLive ECB 40 League
Cricket 10pmRevista De La Liga
11pmFootball Asia 11.30pm
Footballs Greatest 12amUEFA
Champions League Goals 12.30am
Football Asia 1amFootballs
Greatest 1.30amUEFA Champions
League Goals 2amPoker 4am
UEFA Champions League Goals
4.30amFootballs Greatest 5am
Football Asia 5.30am-6amUEFA
Champions League Goals
SKY SPORTS 2
7pmLive UEFA Champions League
10pmUEFA Champions League
Goals 10.30pmPoker 12.30am
Revista De La Liga 1.30amShow
Jumping 2.30am-3.30amSports
Unlimited
SKY SPORTS 3
7pmCycle Sports World 7.30pm
Live Greyhound Racing. The
Betfred Steel City Cup. 10pm
Golfing World. Magazine show.
11pmChallenge Series Golf
11.30pmSports Unlimited
12.30amCycle Sports World
1amWild Spirits 1.30amGolfing
World 2.30am-3amChallenge
Series Golf
BRITISH EUROSPORT
7pmBoxing 10pmWorld Series
by Renault 10.30pmSport
Traveller 10.45pmMotoGP
12.15am-12.30amMotorsports
Weekend
ESPN
7pmRussian Premier League
Review7.45pmAFL Review
Show8.45pmBaseball Tonight
9.15pmPlanet Speed 9.45pm
ESPN Kicks: Scottish Premier
League 10pmPremier League
Review11pmEredivisie Review
Show12amRussian Premier
League Review12.30amESPN
Press Pass 1amLive Major League
Baseball 4amPlanet Speed
4.30amESPN Press Pass
5am-6amPremier League Review
SKY LIVING
7pmCriminal Minds 8pmBritain
& Irelands Next Top Model 9pm
Four Weddings US 10pmCriminal
Minds 11pmCSI: Crime Scene
Investigation 12amDating in the
Dark 1amCSI: Crime Scene
Investigation 1.50amMaury
3.30amNothing to Declare
4.20amCharmed 5.10am-6am
Jerry Springer
BBC THREE
7pmTotal Wipeout 8pmCherrys
Body Dilemmas 9pmJono: So
What If My Baby Is Born Like Me?
10pmEastEnders 10.30pm
Wilfred 10.55pmFamily Guy
11.40pmAmerican Dad! 12am
Russell Howards Good News
12.30amWilfred 12.55amThree
@ the Fringe 2.20amJono: So
What If My Baby Is Born Like Me?
3.20amCherrys Body Dilemmas
4.20amRussell Howards Good
News 4.50am-5.20amUnderage
and Pregnant
E4
7pmHollyoaks 7.30pmHow I Met
Your Mother 8pmFriends 9pm
Smallville 10pmThe Cleveland
Show11pmThe Big Bang Theory
11.55pmHow I Met Your Mother
12.50amMy Name Is Earl 1.40am
How I Met Your Mother 2.05am
Glee 2.50amSkins 3.45am
Heartland 4.30am-6amSwitched
HISTORY
7pmHow Britain Was Built 8pm
American Pickers 10pmOnly in
America 11pmChasing Mummies
12amTony Robinson Down Under
1amOnly in America 2amMega
Movers 3amHow Britain Was
Built 4amExtreme Trains
5am-6amThe Universe
DISCOVERY
7pmMythbusters 9pmMan,
Woman, Wild 10pmReturn to the
Bermuda Triangle 11pmAmerican
Loggers 12amBear Grylls: Born
Survivor 1amMan, Woman, Wild
2amReturn to the Bermuda
Triangle 3amDeadliest Catch
3.50amWildest Africa 4.40am
Treasure Quest 5.30am-6am
Destroyed in Seconds
DISCOVERY HOME &
HEALTH
7pmA Baby Story 8pmLittle
People, Big World 9pm
Embarrassing Bodies 10pmMy
Brand New Face 11pmHospital
Sydney 12amEmbarrassing
Bodies 1amMy Brand New
Face 2amHospital Sydney 3am
Little People, Big World 4amA
Baby Story 5am-6amBringing
Home Baby
SKY1
8pmEmergency with Angela
Griffin 9pmFILMCrimson Tide
1995. 11.15pmCop Squad
12.15amCaribbean Cops 2am
Sun, Sea and A&E 2.50am
Stargate Universe 4.20amThe
Filth Files 5.10am-6amOops TV
BBC2 ITV1 CHANNEL4 CHANNEL5
S
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L
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&
C
A
B
L
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TVPICK
6pmBBC News
6.30pmBBC London News
7pmThe One Show
7.30pmEastEnders: BBC News
8pmHolby City
9pmHarrys Arctic Heroes
10pmBBC News 10.25pm
Regional News; National Lottery
Update 10.35pmIm Pregnant with
Their Baby 11.30pmTulisa My
Mum and Me: Weatherview
12.35amSign Zone: Britains
Bravest Cops 1.20amSign Zone:
Wonderstuff 1.50amSign Zone:
Royal Upstairs Downstairs 2.20am
Sign Zone: Antiques Road Trip
3.05amSaints and Scroungers
3.35am-6amBBC News
6pmEggheads
6.30pmEggheads Celebrity
Special
7pmDragons Den.
8pmThe Great British Bake
Off: The remaining bakers
make a quiche.
9pmThe Hour: The team defies
government instruction. Last in
the series.
10pmTwenty Twelve
10.30pmNewsnight: Weather
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16 12
28 20
14 34
4 7 11
29
29 27
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35 7
13 26
18 14
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11
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9
37
3
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30
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17
Fill the grid so that each block
adds up to the total in the box
above or to the left of it.
You can only use the digits 1-9
and you must not use the
same digit twice in a block.
The same digit may occur
more than once in a row or
column, but it must be in a
separate block.
COFFEE BREAK
Copyright Puzzle Press Ltd, www.puzzlepress.co.uk
KAKURO
QUICK CROSSWORD
LAST ISSUES
SOLUTIONS
KAKURO
WORDWHEEL
Using only the letters in the Wordwheel, you have
ten minutes to nd as many words as possible,
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters
or more, all must contain the central letter and
letters can only be used once in every word. There
is at least one nine-letter word in the wheel.
SUDOKU
Place the numbers from 1 to 9 in each empty cell so that each
row, each column and each 3x3 block contains all the numbers
from 1 to 9 to solve this tricky Sudoku puzzle.
SUDOKU
QUICK CROSSWORD
ACROSS
1 Adult male deer (4)
3 Presents (5)
6 Dense growth
located on the head,
for example (4)
7 Fully developed (4)
9 Join back together (9)
11 Inated pride (3)
12 Make a sucking sound,
as when walking
through mud (7)
14 Flow back (3)
16 Expectation,
prospect (9)
18 Regrettably (4)
19 Stitches together with
needle and thread (4)
20 Requires (5)
21 Eager (4)
DOWN
1 Tennis stroke
that puts the ball
into play (5)
2 Claried butter used
in Indian cookery (4)
3 Tiny grains (8)
4 Ride a bicycle with
the pedals at rest,
especially downhill (9)
5 Number indicated by
the Roman LX (5)
8 Stretched out and
lying at full length
along the ground (9)
10 Wife of an earl (8)
13 In many cases or
instances (5)
15 Bowl-shaped
vessel (5)
17 Undertaking (4)
I
E
I
T
N U
M
A
R

4


4

C O P I E S T P
R U C O O K E R
O E D E M A W A
S D A R R E A R S
S A I L S O D D L Y
B N T U J M
A N G L E S T A M P
R E S E R V E C A
W V A D V E N T
A E G E A N N H
L R E A R T H Y
1 9 2 4 2 9 6 8
3 8 1 2 1 3 2 5
3 6 8 9 5 9
8 6 4 7 9 1 3 6
4 1 3 5 4 2 1
9 4 8 5 9 4 8 3
3 6 1 2 5 9 7
8 7 9 3 2 6 4 1
9 5 2 8 6 7
5 2 4 1 7 8 1 2
7 9 8 3 8 9 3 1
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter words were
CELANDINE and DECENNIAL
Lifestyle | TV&Games
24 CITYA.M. 24 AUGUST 2011
UNCAPPED Wasps scrum-half Joe
Simpson insists his lack of interna-
tional experience does not faze him
as he prepares to play in his first
World Cup.
Simpson was the surprise inclusion
in Martin Johnsons 30-man squad
yesterday and could make his debut
in Saturdays warm-up match against
Ireland in Dublin.
I have been around the team and I
know the moves and the patterns and
I know what we want to achieve, he
said.
A lack of international experience
is something I will have to adapt to,
but I believe I have the ability to take
it in my stride. I am desperate to rep-
resent England in such a major tour-
nament.
Australian-born, English-educated
Simpson said he had received no
indication yet whether he would
play against Ireland, adding: But as a
passionate Englishman, I would love
to represent England in every match I
can. I just have to make sure I am in
the right frame of mind if I am
required this weekend.
The 23-year-old benefited from
Johnsons decision to take three
scrum-halves, following an injury to
the Harlequins No9 and leading con-
tender to start to the tournament,
Danny Care.
Results
H
E MAY not get the five-fers, the
double centuries or the big
headlines but there is one man
who has been instrumental yet
often unsung in making this England
team so complete not to mention
world No1 and destroyers of India
and that man is Matt Prior.
The bowling attack is great and so
are the batsmen, we all know that,
but having a wicketkeeper-batsman
of Priors quality has really rounded
the team off and helped to cement
their place at the very top.
Versatile with the bat, he can adapt
perfectly to whatever the situation
demands. If quick runs are needed he
is able to cut loose and sacrifice his
wicket, but when its called for he
will get his head down and defend.
He is also a superb wicketkeeper
and, Im sure, has a great influence
on the decision-making of captain
Andrew Strauss.
SATISFYING
When he stands there with Strauss at
first slip no-one knows what theyre
saying. But you can be sure they are
chatting about the way the ball is
moving on that particular wicket and
that Prior is having a big say.
As a captain I always relied heavily
on my wicketkeeper for insight on
how the ball was moving.
Priors success is particularly satis-
fying because it is an area England
have struggled with in recent years.
They have experimented with Craig
Kieswetter and Steven Davis, and per-
haps having rivals around the set-up
has brought the best out of Prior.
NIT-PICKING
Amid the glow of a 4-0 whitewash of
India and Englands ascent to world
No1 Test-playing nation hardly seems
the time for nit-picking. But if I do
harbour one slight concern about the
current set-up it is the lack of spin-
bowling cover.
If Graeme Swann was to pick up an
injury it would dramatically reduce
Englands effectiveness, especially in
the fixtures on foreign pitches
against Sri Lanka and Pakistan over
the next few months.
Coach Andy Flower is well-stocked
with batsmen and seamers but there
is no-one near Swanns quality in the
same department.
With all due respect to Monty
Panesar, he has been around for seven
years and I dont think he is any bet-
ter than he was then. He does not bat
or bowl like Swann, and if Panesar is
next in line that is a problem.
There is no obvious contender for
reserve spinner at county level, but I
am sure it is something the selectors
and their advisors will be looking
around at.
CAMEO PLAYER
Strauss may not be Englands best
ever captain but there is no denying
that he represents a safe pair of hands
and his character certainly comes
over in his team.
Unfortunately for India, so does
that of their skipper Mahendra Singh
Dhoni.
Dhoni made his mark in one-day
cricket and is an individual, a cameo
player. That type does not always fit
well with the hard graft of Test crick-
et, which is better suited to someone
like Rahul Dravid, who reminded us
during the fourth Test at The Oval
how great he is at grinding out runs.
Where Dhoni could shine, howev-
er, is in the forthcoming one-day
series against England. I think he will
be far more upbeat and will relish the
occasion rather than sending out
the vibes of a beaten man.
Versatile Prior is unsung hero
in Englands ascent to pinnacle
Simpson: Ill take
Tests in my stride
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email sport@cityam.com
BY FRANK DALLERES
RUGBY UNION

SPORT | IN BRIEF
Mourinho rejects Real quit talk
FOOTBALL: Former Chelsea boss Jose
Mourinho insists he is not quitting Real
Madrid despite Spanish chiefs vowing to
investigate his conduct against
Barcelona last week. Rumours about
Mourinhos future gathered pace after
the probe was launched into an incident
with Barca coach Tito Vilanova in which
he appeared to put a finger in his oppo-
nents eye. But Mourinho wrote in an
open letter to fans: There is no way Im
leaving. No way!
Morgan backed for captaincy
CRICKET: Coach Andy Flower has hailed
Eoin Morgans leadership qualities as the
batsman prepares to captain England
for the first time in tomorrows one-day
match against Ireland. Irish-born
Morgan stands in for the rested Alastair
Cook and Flower said: Hes a confident
young man, he is confident in his ideas
about the game, he chooses his words
carefully and he doesnt waste words.
People will follow a man like that.
Serena US Open seeding blow
TENNIS: Bookies favourite Serena
Williams faces a tricky route at the US
Open after tournament organisers seed-
ed her 28th. Williams has won the
grand slam three times and has just
claimed back-to-back hard court tourna-
ments, but seedings are based on world
rankings, in which she is No29. World
No1 Caroline Wozniacki is top seed at
Flushing Meadows, with No2 Vera
Zvonareva second, but No3 Kim Clijsters
misses out with an injury.
Sport
25 CITYA.M. 24 AUGUST 2011
TOUR DE FRANCE hero Mark
Cavendishs hopes of winning a first
road race World Championship next
month suffered a blow last night
after he withdrew from the Vuelta a
Espana.
The Briton, who had yet to score
any points, got off his bike 40km
from the mountain-top finish to the
fourth stage in Sierra Nevada, near
Granada in southern Spain.
Cavendish, 26, riding for the HTC-
Highroad team, had been planning to
use the Vuelta as preparation for the
World Championship in Copenhagen.
The Manxman is one of the
favourites, having won the green jer-
sey in the Tour de France last month
and the London 2012 Olympic test
event which started and finished in
London earlier this month.
But he now faces an uncertain
build-up to the Worlds, which begin
on 25 September, as he will need per-
mission from the organisers of the
Vuelta and world governing body the
UCI to ride in other events that over-
lap the Spanish race.
Cavendish struggled from the start
of the Vuelta, becoming detached in
the opening team time trial on
Saturday and suffering a puncture on
Monday. By the start of yesterdays
stage he was 16 minutes and 48 sec-
onds behind the leaders.
His retirement is HTC-Highroads
second of the race, following
Australian Matt Goss who quit on the
first day.
Cavendish Worlds bid in
doubt as he quits Vuelta
CRICKET COMMENT
ANDY LLOYD
A ne wicketkeeper
and an adaptable
batsman, he is nal
piece in the jigsaw
Prior can bat aggressively or defensively depending on what the situation requires. Picture: PA
BY FRANK DALLERES
CYCLING

QPR lost 2-0 at home to Rochdale as

all three Premier League newcomers
crashed out of the Carling Cup at the
first hurdle last night.
Norwich were thumped 4-0 at
home by MK Dons and Swansea lost
3-1 at Shrewsbury, while Sunderland
were the other top-flight casualties
in the second round, going down 1-0
at Brighton after extra-time.
QPR came into the game in high
spirits, with Saturdays victory at
Everton following Tony Fernandes
takeover of the west London club last
week.
But a side featuring eight changes
went behind after just five minutes
against the League One outfit when
Jean-Louis Akpa Akpro netted a
rebound. Gary Jones completed the
upset with nine minutes left when he
found the top left-hand corner.
Aston Villa needed a pair of late
goals to defeat Hereford 2-0, West
Brom swept Bournemouth aside 4-1
and Wolves were even more emphatic
in despatching Northampton 4-0.
Crystal Palace, Charlton and
Millwall boosted the London presence
in the competition by seeing off
Crawley Town, Morecambe and
Reading respectively.
QPR crash
on bad night
for big guns
EMBATTLED Arsenal manager Arsene
Wenger goes into tonights 40m
Champions League play-off with
Udinese admitting he fears the depar-
tures of Samir Nasri and Cesc
Fabregas could inflict psychological
wounds on his already injury-hit
team at the worst possible time.
Midfielder Nasri left the squad yes-
terday to complete his protracted
24m move to Manchester City, just
seven days after Wenger admitted
defeat in his battle to keep captain
Fabregas from Barcelona.
Wenger concedes the loss of
arguably his two best players in suc-
cessive weeks could further damage
the morale of a side who have
amassed more red cards than they
have points from their first two
Premier League matches.
But he insists the high-profile loss-
es cannot be used as an excuse if they
fail to transform the slimmest of first-
leg leads into a result that prevents
their season from unravelling almost
before it has begun.
There is always a concern [that
players can be affected] but it is not
an excuse. You are always concerned
about the consequences it can have
on the team, said Wenger. It can
have a positive consequence as well. If
you are strong mentally it can
increase the solidarity, knowing you
have to fight more. That is what you
want from mentally strong players.
Victory would guarantee Arsenal a
place in the group stages and a tilt at
the knockout rounds, which together
is worth around 40m in prize, TV
and matchday revenue. A run to the
later stages would be worth even
more. Defeat, however, would banish
them to the Europa League, where
central cash pots are hugely reduced.
Tonight will therefore determine
Wengers budget for the rest of the
transfer window as well as how attrac-
tive a destination Arsenal remain.
Compounding the departures of
Nasri and Fabregas is an injury that is
likely to sideline midfielder Jack
Wilshere until after the weekend trip
to Manchester United, while full-back
Kieran Gibbs and centre-half Laurent
Koscielny remain injured.
However Wenger will take his place
on the touchline after all, following
governing body Uefas decision to sus-
pend his ban until an appeal is heard.
Alex Song, Gervinho and Emmanuel
Frimpong are all available despite
domestic bans.
Wenger is amid the most turbulent
period of his 15-year reign, yet he said
the pressure he felt was not more,
not less. He added: I want to win
every single game I play for Arsenal.
The rest of the pressure is created by
your [the medias] environment but I
have enough experience to take a dis-
tance from that.
WENGERS 40M
BY FRANK DALLERES
FOOTBALL

United DHL contract to trigger copycat deals

MANCHESTER UNITEDS ground-
breaking 40m training kit sponsor-
ship with logistics company DHL will
spark a stampede among their rivals
to secure copycat deals, experts pre-
dicted last night.
But they warned most will struggle
to rake in anything like the 10m a
season attracted by United, who can
boast truly global reach and have
developed the blueprint for max-
imising commercial revenue.
And that is likely to see the Old
Trafford outfit, and a handful of
European giants such as Barcelona
and Real Madrid, strengthen their
position as the games international
superpowers. Uniteds deal with DHL
(as seen on David de Gea, right) is
thought to be the first of its kind in
the Premier League, and leading fig-
ures in the sponsorship industry told
City A.M. they expect it to prompt
other teams to seek similar tie-ups.
Other clubs will follow its a log-
ical thing. Training kit is often seen in
warm-ups and photos from training
grounds, so it does get quite a bit of
exposure, said John Taylor, chairman
of agency Sports Impact.
However, all but a handful of rivals
could find it difficult to attract large
sums as they cannot match Uniteds
worldwide appeal and presence,
according to Dominic Curran, deputy
managing director of Synergy.
Theyre a global juggernaut. Thats
the truth of it and thats what United
offer. I think many other teams would
struggle to do that, he said. Im sure
theres quite a lot of other teams in
the Premier League today looking at
it but I dont think there are many
that could do it to that level.
United have led the way in max-
imising commercial revenues in the
top division, securing a host of territo-
ry-specific deals with telecommunica-
tions companies, beer brands and
even tyre-makers. Man United is
almost a blueprint for other clubs in
the Premier League and even the
Championship, said Taylor, whose
company set up npowers Test spon-
sorship and have also worked with
insurers AXA and beer Amstel.
Curran, whose company manage
the RBS Groups global account and
Coca-Colas British football activity,
added: When you talk about Man
United and one or two others in the
Premier League youre talking about
global teams. Nowadays you have to
compare them to the likes of
Barcelona, Real Madrid, Inter, AC
Milan, Bayern Munich.
The ability of United, and the rest
of the Continents elite, to tap new
commercial revenue streams seems
likely only to cement their position at
the top and increase the gap between
European superclubs and the rest.
The more successful you are, the
more TV and sponsorship income you
get, the more fans you attract global-
ly, the more money you produce to
buy new players and so it goes on,
said Taylor. If you are at the bottom
of the Premier League youd call it a
vicious circle, if you are at the top
youd call it a virtuous circle. There is
hope for those lower down the
food chain, however, as more
successful clubs could mean yet-
bigger broadcast contracts,
whose revenue is distrib-
uted among clubs.
There is some
trickle down
effect, said
Curran.
The whole
cake is get-
ting better,
albeit the
b i g g e r
slices are
getti ng
propor-
tionate-
l y
larger.
BY FRANK DALLERES
BUSINESS OF SPORT

Sport
26
Neil Warnocks QPR lost 2-0 at home to
Rochdale. Picture: ACTION IMAGES
26m amount Arsenal earned last
term for reaching Champions League
last 16, in prize and TV money alone
15m estimated amount they earned
on top in matchday revenue
47m amount finalists Man Utd
earned in prize and TV money alone
7m what Europa League winners
Porto took home in prize and TV money
KEY FIGURES | EURO MILLIONS
Arsenal boss fears high-prole departures
could derail his team ahead of match that
will dene his budget and campaign
Wenger is in the
toughest spell of his
15-year reign.
Picture: GETTY
BY FRANK DALLERES
FOOTBALL

(0)
(1)
UDINESE
ARSENAL
PLAYMAKER Samir Nasri was pulled
out of Arsenals trip to Udinese at the
11th hour after Manchester City final-
ly ironed out the disagreements
delaying his 24m transfer.
Nasri trained with the Gunners
squad yesterday morning (right)
and looked set to board the
plane to Italy with the rest of
the squad, amid an ongoing
stand-off over who would pick
up the tab for agents pay-
ments.
But a deal was finally struck
before lunch and Nasri
instead set off for
Manchester, where
he was due to under-
go a medical and
complete a move
that has edged
towards comple-
tion over a num-
ber of weeks.
City boss
Roberto Mancini
had been keen to
tie it up before
Arsenal faced
Udinese in this
e v e n i n g s
Champions League
play-off. If selected,
Nasri would have
become ineligible to play for City in
the same competition this season.
Arsenal manager Arsene Wenger
had initially wanted to keep Nasri,
and remarked earlier in the summer
that the Gunners could not be consid-
ered ambitious if they sold both
him and captain Cesc Fabregas.
But yesterday, a week after Fabregas
left for Barcelona, Wenger
took comfort in the fact that
there were no immediate
doubts over the futures of his
remaining first-team players.
You want to have players
who do not play and think they
go the next morning. Its not
ideal. So you want players
who are completely com-
mitted to the long-
term, to defend our
chances, he said.
The summer was
very difficult
because we had
Cesc Fabregas and
Nasri on perma-
nent transfer
negotiations and
that is draining
in the end.
We lost two great
players and thats a sad
side of the story but at
some stage it has to be
over, because you want to
focus on the future.
Spurs to drop stadium appeal
TOTTENHAM are expected to aban-
don their legal battle over the
Olympic Stadium and could do so as
early as today clearing the way for
West Ham to move in after London
2012.
Spurs are instead likely to revert to
plans to build a new stadium next to
their current home White Hart Lane,
contingent on Mayor Boris Johnson
freeing up public sector cash to aid
the project.
The north Londoners are due in the
High Court today for the latest round
of their legal challenge to West Hams
selection as preferred bidders for the
brand new 530m venue in the
Olympic Park.
But the appeal looked set to be
dropped providing talks last night
between Tottenham chiefs and the
Mayors office succeeded in breaking
a long-running impasse over how
much central funding the club will
be granted.
The outcome suits all parties, with
ceaseless campaigning helping Spurs
achieve the help they have always felt
entitled to, while West Ham will toast
a hugely significant hurdle cleared.
Spurs argue they should not have
to pay for all upgrades to transport
links a new stadium would entail.
Man City leave
it late but seal
Nasri swoop
WORRY
BY FRANK DALLERES
FOOTBALL

BY FRANK DALLERES
OLYMPICS

27
ALL HAIL THE UNSUNG HERO
OF ENGLANDS RISE TO GLORY
ANDY LLOYD ON WHY MATT PRIOR IS
FINAL PIECE OF THE JIGSAW: PAGE 25
TOP 10 PREMIER LEAGUE SHIRT DEALS OF 2011-2012
Club Sponsor Value
Man Utd Aon 20m
Liverpool Standard Chartered 20m
Man City Etihad 20m
Chelsea Samsung 13.8m
Tottenham Aurasma (Autunomy) 10m
Aston Villa Genting 8m
Arsenal Fly Emirates 5.5m
Fulham FxPro 4m
Everton Chang Beer 4m
Newcastle Northern Rock 2.5m
source:sportingintelligence.com
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Alberto Contador
Three time Tour de France winner.
Tim De Waele Team Saxo Bank - SunGard
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