Rothschild Outguns Turks in Oil Deal: Tesco Plots South East Asia Expansion After Failure in Japan

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Certified Distribution
04/07/2011 till 31/07/2011 is 93,093
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Tesco plots South East Asia expansion after failure in Japan
VALLARES, the investment vehicle
set up by Nat Rothschild and former
BP boss Tony Hayward, yesterday
agreed a deal to buy Turkish oil giant
Genel Enerji in a $2.1bn (1.3bn)
transaction that sees the owners vir-
tually frozen out of the management
of the group.
Vallares negotiated a share struc-
ture that sees both companies take
an equal economic interest in the
new company. But due to Genel only
being offered suspended voting
shares, it will have voting rights of
just 30 per cent.
The 10-strong board will only have
two Genel representatives on it, both
in lieu of major shareholders.
Genels current chief executive
EVERY RUGBY
WORLD CUP
FIXTURE
PAGE 36-37
TESCO is mulling a move into a new
market in South East Asia, City A.M.
has learned, and has been scoping
out opportunities in Indonesia.
City A.M. understands that the
supermarket giant has been exam-
ining an entry strategy for the
regions most populous country for
over a year and, with its withdrawal
from Japan announced last week,
could be ready to launch its push
into new territory.
If Tesco does pursue the opportu-
nity, its strategy is likely to involve
building the business from scratch
due to a lack of suitable assets for
purchase.
The move would set it head to
head with its main rival in the
region, French supermarket chain
Carrefour.
Indonesia, which is in the grip of
a commodities boom and has a
growing middle class, is an attrac-
tive market for multinationals.
But it could prove hard to dis-
lodge Carrefour, which has part-
nered with Indonesian billionaire
Chairul Tanjung in order to smooth
its path to growth.
Tesco already has a presence in
China, Thailand, India, Malaysia and
South Korea but received a setback
in Thailand last year when it missed
out on buying Carrefours assets as
its rival withdrew from the country.
The setback left Tesco with capital
to deploy in the region and the exit
from Japan will supply further fire-
power.
A spokesman for Tesco said: We
dont comment on speculation.
Mehmet Sepil, who was fined
967,005 by the Financial Services
Authority last year after he bought
and sold shares in a joint venture
partnership company with Heritage
Oil using inside information, will not
be on the board.
Instead, Sepil will become presi-
dent of the new group, and has nom-
inated Genel general counsel Murat
Yazici to represent him on the board.
Genels majority owner Mehmet
Karamehmet will be represented by
his daughter, Gulsun Nazli
Karamehmet Williams.
The remainder of the board will be
made up of eight Vallares representa-
tives, including ex-Corus boss Jim
Leng and George Rose, the former
finance director at BAE Systems. Two
more non-executive directors will be
appointed after the merger.
Advisers said last night that the
group was anxious to avoid being
compared to miner ENRC, where
controlling Kazakh shareholders
forced two non-executive directors
off the board in an episode that
raised concern in the City.
This was a condition of the deal,
said one adviser last night. We want-
ed to avoid some sort of corporate
finance discount.
In a statement released yesterday,
Vallares non-executive chairman
Rodney Chase said: Genel Energy
will have a majority of independent
directors and is expected to be fully
compliant with UK corporate gover-
nance rules from closing.
The all-share reverse takeover will
create a combined business worth
2.6bn. The new company, Genel
Energy PLC, aims to join the FTSE
100 by early 2012.
Vallares will issue new shares
worth $2.1bn at a price of 10 per
share to buy 100 per cent of Genel,
giving Vallares and Genels current
owners equal stakes.
Genel has stakes in two world-scale
producing oil fields, a major gas con-
densate discovery and significant
exploration acreage, all in the
Kurdistan Region of Iraq. MORE: P9
ROTHSCHILD OUTGUNS
TURKS IN OIL DEAL
BY DAVID HELLIER & KASMIRA JEFFORD
ENERGY
BY JULIET SAMUEL
EXCLUSIVE
Genels major shareholders Mehmet Karamehmet (left) and Mehmet Sepil (far right) will not sit on the board of the new company alongside Nathaniel Rothschild (centre)
News
2 CITYA.M. 8 SEPTEMBER 2011
Market relief
sees Dow rise
TEMPORARY relief lifted stocks across
the pond yesterday, with the Dow
Jones industrial average ending up
2.47 per cent, paring recent losses.
Investors took comfort from a
German court decision that deemed
bailouts to Greece to be legal, avoid-
ing a potential banana skin in efforts
to resolve the Eurozone crisis.
Optimism also spread from
rumours that President Barack
Obama is set to announce $300bn
(188bn) in tax cuts and government
spending as part of an effort to boost
jobs, in a televised speech delivered
late tonight.
The Nasdaq gained three per cent,
rising to 2,548.94; and the S&P 500
rose 2.86 per cent to close at 1,198.62.
Meanwhile the FTSE trumped its
US counterparts, rising 3.14 per cent
for the second straight day of gains.
However, the broad-based rise in US
stocks was delivered only amidst light
trading, while the CBOE volatility
index (VIX) which has rocketed in
recent days falling 9.6 per cent.
Gold, conversely to stocks, eased to
$1,817 an ounce, as investors contin-
ued to cash in on recent gains, switch-
ing across to equities.
Oil was lifted, with Brent crude
fetching over $115.80 a barrel in trad-
ing in New York its highest print in
over a month.
BY JULIAN HARRIS
US ECONOMY
Its time to abolish the 50p tax rate

T
HERE are many reasons why
the top 50p rate of tax should
be axed. It sends a message
that the UK doesnt like suc-
cessful people; it has made Britain
less competitive in the race for tal-
ent and capital; and the job losses
and reduced economic growth it
will cause means that the overall
revenue raised by the government
will be lower, over time, than had
the tax not been introduced.
The 50p taxs sole purpose is to
hurt a few people and fuel class war-
fare. Even those on low incomes
who will never pay the tax will be
worse off because of it. It is also a
myth to believe that the rich do
not pay much or enough tax in
todays Britain.
If you dont believe me, take a
look at the facts. There are 29.9m
income tax payers (out of a popula-
tion of 61.8m) who earn at least
7,475. Roughly 727,000 people have
an income of at least 100,000 a
year. Of these, 369,000 earn 100-
150k; 157,000 earn between 150-
200k; 158,000 earn 200-500k,
29,000 between 500k-1m and
14,000 earn a 1m or more.
This implies that 358,000 people
earn 150,000 or more; roughly
308,000 of these pay the 50p rate.
Some of these will be non-doms,
who pay full UK income tax on UK
earnings (but also derive earnings
from overseas, which are not taxed).
These figures do not include capital
gains.
A huge share of the tax take and
hence of the money used to fund
the NHS, schools and welfare is
accounted for by a tiny minority on
high incomes. The top one per cent
of taxpayers (roughly speaking,
those on 150k and above) will pay a
record 27.7 per cent of the total
income tax take in 2011-12, accord-
ing to HMRC (they earned 12.6 per
cent of total income, down from
13.4 per cent five years ago). This
has increased from 26.6 per cent the
previous year, 21.3 per cent in 1999-
2000, 14 per cent in 1986-87 and 11
per cent in 1981-2. History tells us
that cuts to the top rate actually
increase the share of tax paid for by
the rich; there was no need for
Gordon Browns raid.
Another astonishing statistic is
that the 14,000 people on 1m a
year or more will pay 14.2bn in
income tax this year. They will con-
tribute almost as much to the
exchequer as the total paid by the
13.93m people earning up to
20,000 a year, who will fork out
14.9bn. Those on 1m or more now
pay 45.5 per cent of their income in
income tax, up from 35.7 per cent
in 2008-09 (they also pay national
insurance).
No wonder many are questioning
whether they should stay in the UK,
and many global firms are now cre-
ating high-paying roles outside of
the UK.
The more rich people, the more
tax receipts. Paradoxically, of
course, that means axing the 50p
tax rate. Just as crucially, it must
not be replaced by any other tax and
certainly not by a wealth tax or
mansion tax.
All sections of society already pay
far too much tax. A wealth tax
would be a moral and economic dis-
aster, double or triple taxing
income and making a mockery of
property rights. We need growth
and jobs, not hate and punitive tax-
ation. It is time to halt the war on
wealth.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
ITALYS senate yesterday approved the
governments controversial austerity
plan, which aims to balance the belea-
guered countrys budget by 2013.
The package, originally approved by
the cabinet last month, has been radi-
cally overhauled on several occasions
during its passage through the Senate,
under pressure from the European
Central Bank and the EU.
Last night Silvio Berlusconis govern-
ment yielded to growing calls for the
package to be reinforced, increasing
value added tax, extending the retire-
ment age for women in the private sec-
tor and introducing a tax on very high
earners.
Police used tear gas and baton
charges to disperse demonstrators
protesting against the measures out-
side the Senate while the vote took
place.
The mix of tax hikes and spending
cuts amount to more than 54bn over
the next three years, the Treasury said.
BY HARRY BANKS
EUROZONE ECONOMY
Italy passes austerity plan

Protestors took to the streets in Italy yesterday ahead of the vote Picture: REUTERS
NEWS | IN BRIEF
BNP reassures on liquidity fears
France's biggest listed bank BNP Paribas
said yesterday it had an excess of
short-term US dollar liquidity and had
access to a wide variety of funding, as it
sought to calm money-market jitters.
The bank, which is strongly exposed to
the Eurozone and mature Western mar-
kets, said however that the cost of turn-
ing to alternative US dollar funding
sources had impacted pricing. Many
European banks are trading at depressed
valuations due to fears the sovereign tur-
moil is hurting their ability to fund them-
selves affordably. The information was
posted on BNPs website as part of a
question-and-answer factsheet.
Japan machinery orders tank
Japan's core machinery orders fell 8.2
per cent in July from the previous
month, government data showed this
morning, in a sign companies remain
hesitant about boosting capital spending
due to the yens strength and slowing
global growth. The fall was much bigger
than economists median forecast of a
4.1 per cent drop. Compared with a year
earlier, the volatile measure of core
orders increased four per cent in July.
EDITORS LETTER
ALLISTER HEATH
Editorial Statement
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President Barack
Obama is expected to
announce another bout
of fiscal stimulus in a
speech late tonight
4th Floor, 33 Queen Street, London, EC4R 1BR
Tel: 020 3201 8900 Fax: 020 7283 5334
Email: news@cityam.com www.cityam.com
Editorial
Editor Allister Heath
Deputy Editor David Hellier
News Editor David Crow
Acting Night Editor Marion Dakers
Business Features Editor Marc Sidwell
Lifestyle Editor Zoe Strimpel
Sports Editor Frank Dalleres
Art Director Craig Gaymer
Pictures Alice Hepple
Commercial
Sales Director Jeremy Slattery
Commercial Director Harry Owen
Head of Distribution Nick Owen
LIBOR ENQUIRY EYES CRIMINAL ANGLE
The US investigation into alleged
manipulation of interbank lending
rates is focusing on possible viola-
tions of a commodities law that has
previously been used to send finan-
cial executives to prison. According to
people familiar with the probe into
the setting of London and Tokyo
interbank offered rates, US authori-
ties are modelling their investigation
on an earlier prosecution of three
energy companies for violations of
the Commodity Exchange Act, which
resulted in criminal settlements and
prison terms of up to 14 years.
WEETABIX IN TALKS WITH BANKS
OVER 900M DEBT REFINANCING
Weetabix has started talks with
bankers about a potential 900m
debt refinancing following the recent
appointment of a new chief executive
for the UK cereal maker. The compa-
ny, has begun talks with its historic
loan arrangers, which include JP
Morgan, about refinancing all or part
of its debt.
MOBILE PAYMENTS UNDER ATTACK BY 3
Mobile operator 3 is mounting a cam-
paign to scupper a mobile payments
joint venture between its bigger
rivals, urging regulators in Brussels
and London to block the plan on com-
petition grounds. The smallest of the
British operators, 3 claims it was
frozen out of an industry-wide agree-
ment to promote the use of mobile
phones as a payment mechanism
alongside traditional credit and debit
cards.
BEIJING ASKS FOR NEW OIL SPILL PROBE
Wen Jiabao, the Chinese premier, has
called for a fresh probe into the off-
shore oil spill at Penglai 19-3, the
clearest sign yet of Beijings displeas-
ure over the incident that has forced
ConocoPhillips to shut down its
largest oilfield in China.
QATARIS TO BUYING THE W HOTEL
A Qatari sovereign wealth fund is
poised to exchange contracts to buy
the trendy W Hotel on Central
Londons Leicester Square for almost
200m, The Times has learnt. The
award-winning luxury hotel opened
in February on the site of the former
Swiss Centre and has already become
a popular celebrity hangout.
EDF STOPS SELLING ON DOORSTEPS
EDF Energy has become the third of
Britains Big Six electricity suppliers
to stop doorstep sales amid mounting
complaints about mis-selling. Jim
Poole, the director of residential cus-
tomers, said that EDF was suspend-
ing the practice after accepting that
the majority of customers do not
want to be sold energy on their
doorstep via unsolicited calls. About
300 field sales staff could lose their
jobs.
UTILITY COMPANIES WRITE DOWN
600M OF COAL ASSETS
Major energy companies have written
down the value of coal and oil power
station assets by 600m, with RWE
npower poised to cut around 440 jobs
linked to closing plants. The falling
profitability of coal stations is linked to
costly restrictions from Europe on car-
bon dioxide emissions and lower
wholesale electricity prices last year.
ASTRAZENECA REVEALS PAYMENTS
AstraZeneca will for the first time dis-
close the multi-million dollar pay-
ments it makes to American doctors
for meals, travel and clinical research
in an effort to be more transparent
about its relationship with physicians.
The firm, which already discloses how
much it pays to US doctors represent
the company, has launched a search-
able database with other payments
made to doctors and institutions.
BOEING SEES CHINA ON THE RISE
Boeing raised its two-decade forecast
for China's spending on commercial
aircraft by 25 per cent, citing interna-
tional expansion in what the company
expects will become the worlds sec-
ond-biggest aircraft market, after the
US. Boeing it expects Chinese carriers
and others to spend $600bn for 5,000
new commercial airplanes from
Boeing, Airbus and other manufactur-
ers.
FRANCE TLCOM GIRDS FOR MOBILE-
SERVICE PRICE WAR
France Tlcom SA unveiled a low-cost
mobile brand aimed at young adults,
the latest sign that Europe's second-
largest telecom market is bracing for a
price war as a new mobile operator
prepares to enter the fray. The compa-
ny said that the new brandcalled
Sosh, short for socialwill be sold
exclusively over the Internet.
WHAT THE OTHER PAPERS SAY THIS MORNING
CONSUMER spending increased
slightly in most US Federal Reserve
Districts, according to the central
banks latest Beige Book, published
last night.
Published eight times a year, yester-
days edition highlighted the risks fac-
ing the US economy as activity slowed
in several regions.
Economic uncertainty is blamed for
reduced forecasts across the country,
and New York suffered especially
because of Hurricane Irene. Car sales
have been knocked by lingering sup-
ply disruptions following tsunami in
Japan in March.
Economic activity continued to
expand at a modest pace, though
some districts noted mixed or weaken-
ing activity, the Fed said in its collec-
tion of anecdotal reports of economic
conditions in 12 American districts.
Meanwhile, the Chicago Feds
Charles Evans heightened expecta-
tions of more quantitative easing in a
speech yesterday. Conditions arent
much different from a recession, he
said, fearing that unemployment will
remain at 9.1 per cent for some
time.
We need to take strong action
now, Evans told the European
Economics and Financial Centre in
London.
LABOURS ex-Treasury minister Kitty
Ussher will today call on her party to
propose alternative fiscal measures to
replace the 50p top rate of income
tax, such as cuts to tax-breaks on pen-
sions for high-earners, or capital-
gains tax on sales of primary
residences.
And yesterday a Labour party-sup-
porting economist and two former
Bank of England officials prompted a
political storm by calling for the end
of the 50p top rate.
Labour party member Professor
Keith Pilbeam of Londons City
University was one of 20 like-minded
academics including former mone-
tary policy committee voters DeAnne
Julius and Sushil Wadhwani to urge
the government to ditch the 50p rate.
The twenty economists wrote in
the Financial Times that the 50p rate
gives the UK one of the highest per-
sonal tax regimes in the industri-
alised world making us less
attractive as a destination for both
foreign investment and talented
workers. They said the rate should be
scrapped to stimulate growth.
Like Ussher, the Liberal Democrats
are also believed to favour replacing
the 50p rate with a tax on high-end
properties. That was in our mani-
festo, a levy on homes worth in excess
of 2m, a Liberal Democrat
spokesperson told City A.M.
And the coalition agreement clear-
ly states that if theres any money
sloshing around, it should go to peo-
ple at the bottom, or on middle
incomes so raising the tax thresh-
old remains our priority.
Liberal think tank Centre Forum
said yesterday that it favoured mov-
ing from taxes on income to taxes on
land. The distribution of wealth is
even more unequal than the distribu-
tion of income, it argued.
Yet Brendan Barber of the Trades
Union Council (TUC) said yesterday
that scrapping the tax would be
monstrously unfair. And shadow
chancellor Ed Balls defended the 50p
tax, introduced at the end of Labours
previous reign. Millions of strug-
gling families and pensioners on mid-
dle and low incomes will wonder why
the only tax rise or spending cut
George Osborne is willing to reconsid-
er is the top rate of tax for the very
richest, Balls said.
Ex-Labour MP
joins calls to
end top rate
SOCIAL network Facebooks revenue
doubled to $1.6bn (1bn) in the first
half of the year, it emerged last
night.
Net income in the first half of
2011 came to almost $500m, accord-
ing to Reuters. The figures under-
score the sites appeal to advertisers
while it grapples with intensifying
competition from the likes of
Google and looks ahead to a public
offering in 2012.
Facebooks stronger results come
as investors have pushed its valua-
tion to roughly $80bn in private
markets, with many industry
observers expecting the worlds
biggest social network to go public
next year.
It was not clear what portion of
Facebooks $1.6bn in revenue in the
first half of the year came from
advertising sales. Facebook also gets
a 30 per cent cut of sales of virtual
goods, such as digital cars or ani-
mals, that enhance the experience
in social games such as FarmVille.
In January, Facebook said it had
raised $1.5bn from investors includ-
ing Goldman Sachs and Digital Sky
Technologies, as well as through a
private offering to overseas investors
conducted by Goldman Sachs.
Facebook bolsters IPO hopes
with $500m first-half profits
Americas consumers perk up yet
recovery is still slow and bumpy
BY JULIAN HARRIS
POLITICS
US ECONOMY
BY HARRY BANKS
TECHNOLOGY
News
Mark Zuckerberg has steered the firm to strong profit growth
YIELDS on Greeces one-year debt
climbed to 96 per cent yesterday,
meaning that investors are demand-
ing almost double their money back
to pay for the risk of lending to the
sovereign for just 12 months.
The increase in yields came after
the chairman of the Eurogroup,
Jean-Claude Juncker, warned that
Athens might not receive its next
instalment of aid: Greece has to
know that the targets we have laid
out have to be reached... If not it can-
not be taken for granted that the
next disbursement will take place,
he said.
THE GERMAN constitutional court
delivered a welcome decision for
chancellor Angela Merkel yesterday,
ruling that Berlins decision to fund
a rescue of Greece is legal.
But the news was double-edged:
the court also decided that the gov-
ernment will have to consult the
budget committee of Germanys
lower house in order to spend any
more on bailouts.
That will slow down the process
for approving new rescues, but is less
dire than feared for Merkel, who
could have been forced to hold a par-
liamentary vote to approve new aid
packages.
The ruling also gives Germanys
ruling coalition a way to stem the
rebellion among its members by leg-
islating to enshrine the budget com-
mittees role in any future bailout
decisions.
In mock-votes earlier this week, 25
members rebelled by voting against
or abstaining on Greeces new rescue
deal, but some might be persuaded
to support it if they believe that par-
liament is guaranteed a role in fur-
ther decisions.
Analysts at Citi gave a cautious wel-
come to the court ruling but warned:
Other euro area states might follow
the German [and Finnish] example
and therefore the approval of EFSF
[European Financial Stability Facility
bailout] packages is likely to become
even more lengthy.
Already, ratifying Greeces latest
109bn bailout could take until
December, when the Slovakian par-
liament is currently due to vote,
although European Central Bank
(ECB) president has called for this
process to be accelerated.
In parliament following the rul-
ing, Merkel told MPs: We must make
it very clear to people that the cur-
rent problem of excessive debt built
up over decades, cannot be solved in
one blow, with things like euro
bonds or debt restructurings. No, this
will be a long, hard path, but one
that is right for the future of Europe.
Dutch prime minister Mark Rutte
laid down a hard line last night, argu-
ing that Europe needed a commis-
sioner for budgetary discipline, and
that member states that break fiscal
rules could be put under guardian-
ship by Brussels authorities.
German court
sets limits on
Euro bailouts
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FALLING exports mean Irish econom-
ic growth will be lower than expect-
ed.
Forecasts for 2011 were cut from
0.6 per cent to 0.4 per cent by the
International Monetary Fund (IMF)
yesterday. Lower demand from key
trading partners was blamed.
Irelands fiscal reforms were
praised by the body, however, which
says the country had strong
prospects in terms of debt and inter-
est rate costs.
The forecast for 2012 was cut too,
from 1.9 per cent to 1.5 per cent as
the international picture worsens.
IMF cuts Irish
GDP forecasts
Greek 1yr yields
approach 100pc
BY JULIET SAMUEL
EUROZONE
EUROZONE
IRELAND ECONOMY
CHINESE authorities are set to

approve the trading of the renminbi
by British banks in London, it
emerged last night.
China has been gradually relaxing
its control of the yuan over the last 12
months.
The news came after a think tank
under Chinas cabinet endorsed inter-
nationalising the yuan, particularly
to neighbouring markets. The stride
towards an international yuan may
be slow, but it is essential as China is
still a small player in global financial
markets, which is at odds with its sta-
tus as a world economic and political
power, the think tank said.
British officials told the Financial
Times newspaper that a joint state-
ment will be made later this week,
backing the growth of renminbi trad-
ing in London.
China set to allow
UK renminbi trades
US ECONOMY
A German high
court has ruled
that the bailouts of
Greece were legal,
yet handed more
power over future
decisions to a par-
liamentary com-
mittee
Picture: GETTY
News
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TERRA Firma chief Guy Hands has
launched a second legal attempt to
claw music group EMI back from the
hands of its lender Citigroup, it
emerged yesterday.
Hands is understood to have filed a
High Court suit against EMIs adviser
PwC to make it produce the evidence
it used to propose the pre-pack admin-
istration that handed EMI back to Citi.
A preliminary hearing was held yes-
terday as PwC refused to hand the
report over to Hands private equity
house Terra Firma, as it contains com-
mercially sensitive information.
PwC was charged with solving the
situation at EMI for all stakeholders, it
was a standard procedure, one source
familiar with the situation told City
A.M. Since then, Terra Firma has been
trying to get hold of the information,
particularly the valuation informa-
tion for EMI.
The move is Hands latest salvo in
an acrimonious battle with Citi over
EMI, and his second attempt to use
the courts to recoup damages from
Terra Firmas disastrous investment in
the company. Hands bought EMI for
4.2bn in 2007 using 2.6bn of Citi
debt, but took the bank to court last
year claiming he was tricked into pay-
ing far over the odds for EMI.
Guy Hands starts a fresh
court salvo to regain EMI
Guy Hands is restarting hostilities over his investment in EMI Picture: REUTERS
BY ALISON LOCK
PRIVATE EQUITY
News
NEWS | IN BRIEF
Ophir storms into FTSE 250
Ophir Energy, a Lakshmi Mittal-backed
oil exploration group, has stormed into
the FTSE 250 following the reshuffle of
the index, two months after its success-
ful IPO. It is joined by fellow new
entrants to the FTSE index Cape, the
industrial services group, and engineering
firm Kentz. Four firms were promoted
from the FTSE small cap index yesterday:
manufacturing firm Oxford Instruments,
wind turbine designer Hansen, support
services group Interserve and public
services network KCOM Group. Dropping
out of the 250 index are JKX Oil & Gas ,
Fidelity Special Values, the recently de-
merged Spirit Pub Company, Kofax, St
Modwen, Keller and Enterprise Inns.
Bumi, which some analysts had tipped
for a FTSE 100 placing, had a big enough
market capitalisation for the 250 index
but failed a liquidity test.
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LEHMAN Brothers Holdings, whose
North American business was taken
over by Barclays in 2008, asked a US
judge yesterday to force the British
bank to return $500m (312.9m) it
says was meant to go to employees.
In the latest round of a long legal
dispute, Lehman told a hearing in US
Bankruptcy Court in Manhattan that
Barclays was required to pay $2bn in
bonuses to employees it inherited
when it acquired its US investment
bank and brokerage operations, but
paid only $1.5bn.
Lehman claims that the remainder
should go back to its estate for the
benefit of creditors.
A Barclays attorney rejected that
argument, saying the $2bn figure
was an estimate of what it would
need to spend to keep its employees
and it never agreed to a hard num-
ber.
It was a question of exposure,
Barclays attorney Hamish Hume said
at the hearing.
Hume said the estimate also
included potential severance and tax
considerations and that Barclays has
paid nearly the full $2bn when those
costs are included.
Lehman, however, said the $2bn
figure included only bonus pay-
ments.
US.Bankruptcy Judge James Peck
did not make a ruling, but he seemed
skeptical of Lehman's argument.
If it turned out that all of the
bonus obligations could be valued at
$1.5bn instead of $2bn, and as a
result no employee was out of pocket
and Lehman didnt have any claims
against it, I dont see how Lehman is
damaged, Peck said.
The legal battle stems from the
purchase by Barclays of Lehmans
North American broker-dealer in the
days following the investment banks
September 2008 bankruptcy filing -
by far the largest in US history
Lehman lost a bid to recover what
it said was an $11bn windfall that
went to London-based Barclays.
Lehman wars
with Barclays
over bonuses
A US court yesterday rejected HSBCs
proposed $62.5m (38.8m) settlement
with investors in an Irish fund that
lost money in Bernard Madoffs Ponzi
scheme.
District Judge Richard Berman said
the accord announced on 7 June is
not fair, reasonable or adequate --
even at this preliminary stage to
investors in Thema International
Fund.
HSBC said it had acted as a custodi-
an to the fund, and provided adminis-
tration and other services. It was sued
in January 2009, one month after
Madoffs fraud was uncovered.
HSBC also yesterday confirmed
that 3,000 jobs will be cut from its
Hong Kong operations over the next
three years as it targets its first wave
of an aggressive cost-cutting plan in
five countries.
The losses, first announced last
month, are among 30,000 jobs going
as chief executive Stuart Gulliver
aims to cut annual costs by $3.5bn.
However, Gulliver has said that
15,000 new roles were likely to be
added in Asia and other emerging
markets over the long-term.
His restructuring will see HSBC exit
or scale back in countries such as
Poland, Russia and the United States,
where it lacks scale.
HSBC deal to
settle Madoff
case rejected
BY HARRY BANKS
FINANCIAL SERVICES
BANKING
News
Aer Lingus could be put on the block to help the Irish government pay down its debts
Ireland may sell Aer Lingus stake
IRELAND is considering the sale of its
25 per cent stake in airline Aer Lingus
as it no longer considers it a strategic
asset, the transport minister said yes-
terday.
The governments stake would be
worth 84m (74m) at yesterdays
share price.
Its certainly under consideration,
its definitely one of the candidates,
Leo Varadkar said yesterday.
The government has indicated its
priority is to maintain competition in
the aviation sector, making a sale to
rival Ryanair, which already holds
close to a 30 per cent stake, unlikely.
Ryanair said in a statement it would
not bid for the stake if the government
indicated that such an offer would be
unwelcome. It said it would work with
any new investor and would consider
selling its own 30 per cent stake.
Concerns that Aer Lingus may have
to contribute to cover a 400m deficit
in a pension fund for staff has weighed
on its share price in recent months
and could hamper a sale.
I cant see an institutional investor
coming forward until there is clarity
over the pension deficit, said Stephen
Furlong an analyst with Davy
Stockbrokers in Dublin.
TRANSPORT
THE SPOTLIGHT has fallen on

Groupon boss Andrew Mason as news
of the deal websites postponed float
begins to sink in.
Its ambitions of achieving a $20bn
valuation have been put on indefinite
hold, with Masons souring relations
with the Securities and Exchange
Commission (SEC) thought to be
among the reasons.
Tensions have been simmering
since the SEC took exception to an
unusual accounting method in
Groupons IPO filing, known as
ACSOI, which excludes customer
acquisition marketing costs from its
expenses.
Groupon had rectified the issue
and was due to begin its IPO road-
show next week. However, Mason last
week risked the ire of the SEC again
by responding to what he deemed
unfair criticism of his company in a
furious 2,500-word email.
Although ostensibly directed to
staff, the email was inevitably leaked,
appearing to breach SEC rules, given
that Groupon is in a quiet period.
He said: The degree to which
were getting the s*** kicked out of us
in the press had finally crossed the
threshold from annoying to hilari-
ous.
Feel a little bad about how down-
hearted the critics will be when we
dont turn out to be a Ponzi scheme
those are good impulses for journal-
ists to have, and I hope our non-evil
ways dont destroy their spirits.
It is unclear whether the email
will have any long-term conse-
quences, with some people close to
the deal saying it could be resurrect-
ed within weeks.
Mason has long been seen as a
black sheep in the Silicon Valley set.
He eschewed the usual route to dot-
com stardom, which includes a com-
puter science degree from an Ivy
League university, instead studying
music at Northwestern University in
Chicago. He does, however, possess
the eccentric streak often associated
with US tech bosses his online biog-
raphy falsely claimed he lives in a
house with 20 cats.
Mason says he has never been more
confident about the future of
Groupon. The next few weeks could
show whether investors still share his
vision.
Groupon boss
in spotlight
as IPO halted
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BY STEVE DINNEEN
TECHNOLOGY
News
Vallares shows the art of the possible
IN A MARKET for corporate deals as
dead as this one, there are plenty of
investment bankers sitting on their
hands, not knowing where the next
IPO, merger or rights issue is coming
from.
But not the ones, like Goldmans
Mark Sorrell and JP Morgans Ian
Hannam, who work for Nat
Rothschild, Julian Metherell and for-
mer BP chief executive Tony
Hayward.
This triumvirate of men, who
recently formed a blank cheque
company called Vallares, dont seem
to be living in the same universe as
the rest of us. Not for them, it seems,
the worries over the Eurozone, the
volatility index or bank defaults.
How to explain the extraordinary
ease with which these men have
charmed the markets? One senior
corporate financier said: Its all
about their track records.
Rothschild has a very wide fan club
and hes done well so far with his
other blank cheque company Bumi.
Metherells a skilled operator from
Goldman and Hayward may have
lost his position at BP due to some
unfortunate PR gaffes but he was
very well thought of both inside the
company and within the oil indus-
try. The market will know that he
can get deals done that other people
just can not.
The personalities behind the $2bn
oil merger announced yesterday are
certainly key to the deal. But there
are other examples of resource-
based companies beating the
malaise; such as Ophir Energy, an
Africa-focused group, which is mov-
ing up to the FTSE 250 following its
recent IPO. Resources sector is good
and personalities are good too. The
two combined are unbeatable.
BOTTOMLINE
Analysis by David Hellier
Groupon boss Andrew Mason has risked the ire of the SEC Picture: REUTERS
FINANCIER Nat Rothschild is in line
for a $214m payout after his cash shell
Vallares signed a deal with Turkeys
Genel valuing the firm at $4bn
(2.5bn).
Vallares four founders are set to
receive 6.67 per cent, or $286m worth,
of the companys share capital after
the merger with Genel, in return for
injecting a total 100m when the
investment vehicle was formed.
Rothschild contributed 80 per cent
of the founders share capital, and is
now in line for a stake worth more
than $228m giving a profit of just
under $100m once his original invest-
ment is taken into account.
Former BP boss Tony Howard and
Julian Metherell, the former Goldman
Sachs investment banker, both con-
tributed eight per cent and are set to
receive $22.9m of shares while Tom
Daniel, a partner in Rothschilds
Vallar, is set for $11.44m.
Genel buy-out nets
Rothschild $100m
ENERGY
LORD FINK
WARMS UP
FOR PARTY
MARATHON
HE HAS survived running the worlds
largest hedge fund and managing the
books for the Conservative Party. But the
test that will really prove the making of
Lord Stanley Fink is a 24-hour, country-
hopping bender from London to Spain.
Next Thursday, Fink and his business
associate David Johnstone, who co-found-
ed the luxury brands holding company
Free Holdings in 2010, will board the
Orient Express at London Victoria for a
black-tie cocktail party as the train steams
deep into the countryside and back again,
before flying to the Costa del Sol for a
party co-hosted with property investor
Daniel Shamoon at the Marbella Club.
I think by that stage we will be on our
knees, said Johnstone, who is joining
Fink in the international party-hop as co-
host of The Global Party: a philanthropic
first inspired by the adventures of Jules
Vernes literary invention Phileas Fogg
that will link together 80 parties in 73
cities in 42 countries and all taking
place within 24 hours.
The invitations to the event weigh 122
tonnes perhaps inevitable when you
have invited 80,000 guests with each of
the global venues, from the Taj Mahal to
None of this means we have broken
the insurance cycle, he warned Nelson,
also in attendance before starting his new
job next month. But at least the firms
reputation has improved from on the
floor to the gold standard in insurance.
No-one could ask for more,he said.
NOT-SO-SUPERGROUP
A CONFERENCE call with SuperGroup
boss Julian Dunkerton (above) went badly
awry when the firms PRs dialled in
City A.M. without hanging up on a
previous call, meaning they chatted
away as their conversation was
recorded on voicemail.
Its going well, youre saying all
the right things, one young spin-
ner reassured Dunkerton between
interviews on his companys inter-
im results. We keep looking at
the share price it looks like the
plan is coming together.
The hapless PR was less compli-
mentary about the editor of an
industry trade magazine, however.
Shes got a bit confused. Perhaps
not the only one?
the Ocean Club in Copenhagen, splitting
the proceeds between a local charity of
their choice and the Global Partys 15 des-
ignated charities, which include Ark and
the Raisa Gorbachev Foundation.
Johnstone was speaking to The Capitalist
ahead of tonights The World Wide
Launch Party a party to launch a party
at the Natural History Museum where
surprise guest Bryan Ferry will entertain
2,000 VIPs including Sir Philip Green and
Sir Richard Branson as a warm-up to the
main event next Thursday and Friday.
So how much do he and Fink hope to
raise for good causes? How long is a
piece of string? We have just been hit by
another global credit crunch in the last
four months, so everyone is taking a
deep breath. But to make one million
pounds would be amazing.
LEVENES SWAN SONG
LLOYDS of London has got its moneys
worth out of figurehead Lord Levene in
his final stretch before handing over to
Kingfisher deputy chairman John
Nelson the first six months of this
year have been the toughest since he
took the reins back in 2002.
Floods, earthquakes, tsunamis and
storms the man has a point. But the
billions of pounds of claims paid out
does not detract from our success
in sorting ourselves out after the
losses in the 1990s and post-9/11, said
Levene (right) as he opened his final
Lloyds City Dinner in front of dignitaries
including Barclays chairman Marcus
Agius, Trinity Mirror CEO Sly Bailey and
Prudential chairman Harvey McGrath.
Twenty-four hour party people: Lord Stanley Fink and his Global Party co-host David Johnstone
Lord Stanley
Fink and his
business
partner David
Johnstone
are hosting
80 global
parties within
24 hours
The Capitalist
EDITED BY
HARRIET DENNYS
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @citycapitalist
News
THE chief executive of PhosAgro said
he did not plan to cash in his shares in
the fertiliser group, as it announced its
maiden results since its $538m
(337m) listing in London in July.
Maxim Volkov told City A.M. he was
not inclined to sell his stock after
PhosAgro went public, in a float that
valued the firm at $5.2bn.
Russian oligarch Andrei Guriev, who
owns more than 80 per cent of the
shares in the company, sold a 10-15 per
cent stake but at nearly a third below
analysts top-end estimates.
PhosAgro posted a 156 per cent rise
in first half net profit to 12.3bn roubles
(261m) yesterday. Group revenue rose
35 per cent to 48.8bn roubles during
the period.
Moscow-based Volkov said PhosAgro
chose London because of its proximity
to other markets but several other
Russian firms, such as Nord Gold, steel
pipe maker Chelpipe and coking coal
producer Koks, have scrapped or post-
poned IPOs amid market turmoil.
They probably pulled because the
economy was not so good, Volkov said
but declined to discuss the plans of
gold and silver miner Polymetal to list
in London. He also said he did not
expect a fresh economic crisis.
We see continued tightness in soft
commodities markets at least through
the end of the year supporting fertiliser
prices and volumes globally as farmers
invest, Volkov said in a statement.
Phosagro added that the impact of
new phosphate production by Saudi
Arabias Maaden had yet to materi-
alise, while Chinese exports were down
due to internal demand.
Green shoots
for PhosAgro
Roots manoeuvre: Maxim Volkov has steered PhosAgro to first-half growth
BY PETER EDWARDS
CAPITAL MARKETS
ANALYSIS l PhosAgro
$
1 Sep 5Sep 6Sep 7Sep 2Sep
13.50
12.50
13.55
7 Sept
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FOUR months and half a million
transactions after putting inflation-
linked bonds on the market, National
Savings and Investments (NS&I) has
withdrawn the product to new cus-
tomers.
On 12 May the five-year certificates
offering a tax-free interest rate of
retail price index (RPI) inflation plus
0.5 per cent became available.
They were part of a fundraising
drive after chancellor George
Osborne told the institution to raise
an extra 2bn for the year.
As inflation is pushing the five per
cent mark while the headline interest
rate is just 0.5 per cent, the product
proved a popular way to raise those
funds.
Over 500,000 transactions took
place in the four months since May,
and NS&I had to withdraw the prod-
uct for fear of overshooting its financ-
ing target.
Although figures on individual
products are not released, NS&Is
results show that gross inflows from
April to June, during which the infla-
tion linked certificate was first
offered, hit 6.5bn. The figure has
risen from 5.5bn of inflows in the
same period in 2010, suggesting the
product brought in around 1bn
extra in the its first two months
alone.
NS&I may have been doing its cus-
tomers a favour, but other industry
players are less pleased.
NS&I has unique privileges, which
can distort the market, said the
Building Society Associations Rachel
Wylie. It is hard for building soci-
eties to raise funds currently anyway,
and products like this make the situa-
tion tougher. That has implications
for the amount they can lend, and so
has a knock on effect on the housing
market, too.
It is sensible to withdraw the prod-
uct, opening up competition for
other deposit takers who dont have
special privileges.
But NS&Is Jonty Alone rebuffed
the criticisms. We are always aware
of our place in the savings market,
and balance the needs of our stake-
holders. We try to offer a fair rate to
savers, provide cost-effective fundrais-
ing for the government, and ensure
we do not destabilise the financial
services market.
NS&I closes
inflation-link
saving plans
BY TIM WALLACE
PERSONAL FINANCE
News
NS&I, led by Jane Platt, has withdrawn its inflation-linked bonds Picture: Sarah Lee
WHAT ARE THE ALTERNATIVES?
Institution Rate Minimum Maximum Term
(%) investment investment (Years)
NS&I RPI+0.5 100 15,000 Five
Post Office RPI+1.5 500 1m Five
Cambridge BS RPI+1 5,000- 85,000 Five
Yorkshire BS RPI or 2.5 3,000 85,000 Six
CITY VIEWS: ARE YOU HAVING TROUBLE FINDING AN ATTRACTIVE SAVINGS
OPTION? Interviews by William Turvill and Max Faulkner
I meet a lot of people in the City
whose employer takes care of invest-
ing money for them so I don't think it
worries everyone. Personally, though,
I am struggling to find an attractive
rate at the moment.
MIREILLE DOLONEN | RSA
I think the fact that the NS&I has
removed the index-limited option will
be a shame for many people, but not
me right now. My money is tied up in
building a house extension so currently
I'm not looking to invest.
GAVIN BROWN | BEAZLEY
I wasn't considering the NS&I index-linked bond, but I'm finding the whole process of decid-
ing where to invest my money a real hassle. There just aren't any stand-out options for me at
the moment.
LOIS PERKINS | LEWIS SILKIN
* These views are those of the individuals above and not necessarily those of their company.
News
CONTROVERSIAL Yahoo chief execu-
tive Carol Bartz was unceremonious-
ly axed yesterday, ending her
strained tenure at the helm of the
struggling internet giant.
In typically frank style, she
informed staff by sending a mass
email saying the chairman had just
fired her over the phone.
Few employees will shed tears for
their notoriously ruthless former
boss, with Bartz famed for several
rounds of mass-redundancies (she
once said she likes to do her firing in
the mornings). Her approval rating
among staff is said to have dipped
from 90 per cent when she joined to
just 33 per cent this summer.
Her no-nonsense approach was
mirrored in her dealings with the
media, encapsulated by the now
infamous live interview in which
she gave the editor of a US online
magazine a four letter word telling
off. She has also revealed her more
caring side when she said she hugs
her employees all the time.
Unfortunately her unorthodox
style did not spark the turnaround
the Yahoo board had hoped for, with
the company still struggling to stem
the exodus of users and set to be
superceded by Facebook in terms of
display advertising revenue.
Analysts point to the companys
strained relationship with its
Chinese partners in the Alibaba ven-
ture, in which Yahoo owns a 40 per
cent stake, as a key factor in her
departure.
The market immediately
endorsed the firing, with Yahoo
shares closing up 5.5 per cent yester-
day not the ringing endorsement
of her leadership Bartz may have
Yahoo faces struggle after sacking Carol Bartz
BY STEVE DINNEEN AND MAX FAULKNER
TECHNOLOGY
hoped for.
But the 63-year-old is unlike-
ly to remain unemployed for
long. She has held a senior
position at Sun Microsystems
and was chief executive of soft-
ware-maker Autodesk. She has
also been awarded doctorates
from three prominent US uni-
versities.
Chief financial
officer Timothy
Morse has been
parachuted in as
chief executive
on a temporary
basis.
He faces an
uphill struggle
to succeed
where Bartz
could not. She
arrived in the
aftermath of a
failed merger
with Microsoft
that would have
valued Yahoo at
$47bn. It is now
worth just
$16bn.
CAROL BARTZ
THE battle for medical staff provider
Healthcare Locums heated up yester-
day as rebel investors lobbied share-
holders to reject plans for a 60m
fundraising that would virtually wipe
out all minority holdings.
US funds Permian Investment
Partners and Arundel Capital urged
shareholders to vote against the
fundraising at next weeks general
meeting, arguing that the share place-
ment is far more destructive to minor-
ity investors than it needs to be.
Permian and Arundel, who believe
they have the support of 21.6 per cent
of HCLs investors, say the board has
failed to consider alternatives to the
proposed plan, which would raise 15.5
per cent shareholder Toscafunds
stake to 40-42 per cent but dramatical-
ly cut almost all others.
We believe the Boards proposal
results in excessive and unnecessary
dilution and favours certain large
shareholders at the direct expense of
minority and individual sharehold-
ers, they said in a statement.
The dispute is the latest setback for
Healthcare Locums, which is being
managed by an interim board after
investors forced out the previous
directors for allowing accounting
irregularities so severe its shares were
suspended in January.
The current board, chaired by Peter
Sullivan, has produced fresh accounts
and said the rescue fundraising is the
companys only option to avoid bank-
ruptcy as it struggles to repay 135m
in loans signed just before the
accounting problems came to light.
Investors are due to meet on 12
September to vote on the plan but the
rebel shareholders have called for a
four week delay for bidders keen to
buy the debt, such as US fund
Mockingbird Holdings, to conduct
due diligence. The board has
acknowledged to Permian that multi-
ple interested parties exist, they said.
HCLs board hit back before the
report was published, again denying
any alternative plans had been tabled.
HCL investors
fight to block
fundraising
BY ALISON LOCK
SERVICES
News
Have your say on planning reforms
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REUTERS HQ FOR SALE AS PART OF 1BN LONDON PROPERTY DISPOSAL
Thomson Reuters head-
quarters in Canary
Wharf, Olswangs
Holborn office and
Deutsche Banks
Winchester House site
are among the proper-
ties being put on the
market by German real
estate fund KanAm, the
firm said yesterday.
Knight Frank is thought
to be handling the sale,
which could bring as
much as 1bn in total.
The group abandoned a
previous attempt to sell
some of its UK sites last
year.
NEWS | IN BRIEF
Centrica cuts agency staff
Energy giant Centrica has overhauled its
use of temporary staff to avoid a 2m a
year bill caused by stringent new rules on
agency workers coming into force on 1
October. Centrica cut the number of
temps it uses from 1,300 to 670 and re-
hired more than 300 former temps as
permanent employees to prepare for the
new European-imposed agency workers
directive. The new rules, which will give
agency staff the same rights on pay and
working conditions as permanent staff,
have faced severe lobbying by UK busi-
ness groups such as the Confederation of
British Industry, which fear it could limit
the flexibility of the UKs labour market.
Glencore reveals record fatalities
Commodities group Glencore released its
first sustainability report yesterday,
showing it paid $780,000 in major envi-
ronmental fines last year and had 18
fatalities. This compares with three
deaths for Rio, five at BHP Billiton and
26 at India-focused Vedanta Resources
during its 2010-2011 financial year to
the end of March. The 106-page report
said the company incurred four major
environmental fines each worth more
than $10,000, relating to encroachment
on protected land at unidentified loca-
tions and for emissions, water discharge
and tailings disposal in Kazakhstan.
BP appeals against Russian raid
BPs subsidiary BP Exploration Operating
Company has filed an appeal against a
Russian court ruling that allowed bailiffs
to search the companys Moscow offices
last week. The search was carried out by
black-clad armed bailiffs after minority
shareholders in BP's Russian joint ven-
ture TNK-BP obtained a court order
against the oil major. TNK-BP is seeking
compensation for alleged losses following
the failure of BP's Arctic exploration
agreement with Rosneft. BP said the
raid cannot be lawful or reasonable as
BP EOC is not a shareholder in TNK-BP.
YOUTH fashion retailer SuperGroup
expects to buck the high street gloom
and achieve a solid Christmas after
recording strong summer sales.
The fast-growing firm, whose
SuperDry clothes are worn by David
Beckham and Leonardo DiCaprio,
reported a 66 per cent rise in sales to
54m in the 13 weeks to 31 July.
The group, which listed 18 months
ago, aims to win back investor confi-
dence after its shares fell by more
than a third over the last six months.
Julian Dunkerton, chief executive,
told City A.M. that its customers had
spent heavily on jackets, knitwear and
accessories in the first-quarter.
We are getting better at what we
do. The brand is getting stronger.
First-quarter retail sales of the
firms trademark T-shirts, hooded
tops, check shirts and jogging bot-
toms rose 51 per cent to 34m and
wholesale sales jumped 98 per cent to
21m thanks to overseas demand.
The firm said it is on track for its
roll-out plans both in the UK, where it
now has over 60 stores, and globally.
Retailers have been hit by the high
street slowdown but Dunkerton said
his customers seen as young and
fashion conscious still had money to
spend.
We just keep our heads down and
carry on doing what we do. We are
quite confident that Christmas is
going to be fine. We are nevertheless
operating in a difficult retail market
which reflects the macro economic
environment.
Shares closed up 6.97 per cent at
10.59 yesterday.
SuperGroup
bucks high
street gloom
BY PETER EDWARDS
RETAIL
DIXONS is cutting more costs and

trimming investment plans to counter
a drop in sales and profit margins as
shoppers rein in spending.
Europes second-largest electricals
retailer and home to the Currys and
PC World chains said it would cut an
extra 10m of costs and limit capital
spending to 100m, down from an
original plan of 110m-160m.
John Browett, chief executive, said
Dixons had every prospect of repay-
ing the chains 150m bond due in
November 2012.
Sales at Dixons stores open at least a
year fell seven per cent in the 12 weeks
to 23 July, its first quarter, including a
10 per cent decline in the UK.
The falls were broadly in line with
expectations and the drop was exag-
gerated by a strong performance the
same time last year, when sales of TVs
surged ahead of the World Cup and
Apples popular iPad was launched.
Gross profit margins dropped one
per cent as the firm strove to gain mar-
ket share abroad.
Analysts at Singer said: A reassur-
ing trading statement from Dixons in
the context of all the negative recent
press.
Dixons shares jumped after the
results but faded during the day to
close up 0.4 per cent at 10.63p.
Dixons cuts costs and vows
to pay 150m bond on time
RETAIL
Sales of Julian Dunkertons Super Dry labels are rising despite the economic climate
News
ANALYST VIEWS: WHAT DID YOU MAKE OF
SUPERGROUPS RESULTS? By Peter Edwards
WAYNE BROWN | COLLINS STEWART

We feel with pressures on the UK consumer growing and execution risk
high, it is appropriate to be cautious with the stock trading on a full rating and the
lack of visibility over underlying retail momentum is unhelpful.
NICK BUBB | ARDEN PARTNERS

Given the grim consumer outlook, we had all our fingers crossed for
what super SuperGroup would have to say.... and it looks fine... We are happy with
our 70m full-year pre-tax profit forecast.
AMISHA CHOHAN | MERCHANT SECURITIES

The Q1 trading update for the 13 weeks to 2 May to 31 July is better
than expected... The UK roll-out is on track, with two new stores opened in Q1
bringing the total to 62.
ANALYSIS l Supergroup
p
1,060
1,020
980
1,059.00
7 Sept
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you can invest in these markets using Exchange Traded Products.
In this interactive seminar, you will have plenty of opportunities to ask questions and
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SPORTS Direct, Britains biggest sport-
ing goods retailer, said it would meet
its year profit target even though it
had to fork out a 2m success fee to
golfer Darren Clarke for winning the
Open Championship in July.
Clarke wears the firms Dunlop
brand.
Sports Direct, controlled by
Newcastle United owner Mike Ashley,
said yesterday it was on track to make
its 2011-12 target for underlying earn-
ings before tax, interest, depreciation
and amortisation (Ebitda) of 215m
before staff bonus scheme costs.
It made underlying Ebitda of
200.4m in 2010-11, inclusive of
bonus costs.
The firm, which owns Sports World
and Lillywhites stores as well as
brands including Slazenger, Lonsdale
and Dunlop, said total sales rose 0.5
per cent to 410m in the 13 weeks to
25 July, although gross profit fell 5.7
per cent to 174m.
Retail sales increased 0.8 per cent
to 368m, against tough compara-
tives as footballs World Cup was tak-
ing place in the same period last year.
Revenue in the brands division fell
2.3 per cent.
Shares in Sports Direct, 71 per cent
of which are owned by Ashley, have
increased by 85 per cent over the last
year.
Most investors in Sports Direct yes-
terday gave their approval to the
firms plan to buy 32 retail properties
from Ashley, handing the founder a
windfall of 86.8m.
Sports Direct
says it will hit
profit target
THORNTONS has reported a loss for
the year ending 25 June despite record-
ing record sales figures.
Despite revenues of 218.3m, the
chocolate maker, currently in the
process of closing a number of high-
street stores, made a pre-tax loss of
1.1m, down from a 6.1m profit in
2010.
Even deducting exceptional costs
largely made up of ongoing lease pay-
ments for closed high street stores
profits remain nearly 30 per cent
weaker than last year at 4.3m.
Thorntons sales
fail to stem loss
BY HARRY BANKS
RETAIL
RETAIL
News
BRITISH pizza restaurant chain Prezzo
reported a 17 per cent higher first-half
profit yesterday as it continued to
open new restaurants and said it
expected positive results for the year.
The company currently has 168
restaurants, compared with 145 last
year. Earlier this year it launched a
new range of pizza, designed by Italian
chef Aldo Zilli.
Prezzo, which opened seven new
restaurants during the first half and
closed two, said its current trading
was in line with expectations.
The company expects to have about
20 new restaurants by the end of the
year. For the January-June period,
adjusted pre-tax profit was 7.3m,
compared with 6.2m a year ago.
Revenue rose 23 per cent to 59.6m.
Overall branch profit margin was 15
per cent, compared with 14.4 per cent
last year.
Upbeat Prezzo plans to
open 20 new restaurants
Celebrity chef Aldo Zilli has designed a range of pizzas for Prezzo
BY HARRY BANKS
CONSUMER
ANALYSIS l Sports Direct International

p
220
210
219.00
7 Sept
HOME emergency and repair expert,
HomeServe, yesterday saw its shares
rise by 2.7 per cent after it announced
plans to expand its manufacturer war-
ranty service into the US.
Following success in the UK market,
the Walsall-based company has con-
firmed its interest in the US and
reached an agreement with AO Smith
Water, one of North Americas largest
water heater manufacturers.
HomeServe will be seeking to build
on its 117.1m profit announced in
March, a 16 per cent increase on 2010.
HomeServe to
expand in USA
CONSUMER
THE WPP acquisition drive continued

yesterday with the purchase of consul-
tancy group Global Market Insite
(GMI).
The media group acquired the
stock of Washington-based GMI, a
provider of online panels to the mar-
ket research industry, through its
wholly-owned Kantar business. GMI
had revenues of $64m (40m) last
year.
The deal marks WPPs twelfth
acquisition this year, maintaining its
focus on digital agencies.
It has also strengthened its position
in fast growing markets, with deals in
countries including Vietnam, Brazil,
the Philippines and India, as well as
developed markets such as Germany,
Canada, the US and Japan.
WPP last month reported a 37 per
cent surge in pre-tax profits but said it
expects to feel the impact of the eco-
nomic slowdown next year. It upgrad-
ed its 2011 outlook in April after it
outperformed peers in the first quar-
ter.
A company spokesman said: This
investment continues WPPs strategy
of investing in fast-growing markets
and sectors and further strengthening
the capabilities of Kantar, which is
one of the worlds largest insight,
information and consultancy groups.
Ad giant WPP
snaps up yet
another firm
BY STEVE DINNEEN
ADVERTISING
EU REGULATORS are set to give the

music industry a boost by extending
copyright protection by 20 years.
Recordings will now be under copy-
right for 70 years, making it illegal for
anyone to distribute them without
permission.
The EU council will rubber-stamp
the changes on Monday, meaning
member states will be required to
write them into law within two
years.
Recordings that were due to fall
out of copyright protection over the
next month, meaning anyone can
package and resell the material,
include Elvis Presleys Little Sister and
Shirley Basseys Reach for the Stars.
The changes have been hailed as a
victory for rights holders, who are
desperate to protect their existing rev-
enue streams in the face of intense
pressure from illegal file-sharing.
Ian De Freitas, an intellectual prop-
erty partner at City law firm Berwin
Leighton Paisner, said: This is the
end of a long campaign for change by
the music industry.
It is another victory for IP rights
holders in what has been a very good
year for them coming on the back of
court decisions requiring internet
service providers to block access to
websites distributing infringing con-
tent and the failure of the challenge
to the Digital Economy Act.
Music industry claims victory
as EU extends copyright laws
BY STEVE DINNEEN
MEDIA
News
Elvis Presleys music will now be under copyright for an extra 20 years Picture: REX
ANALYSIS l WPP
p
640
620
600
618.00
7 Sept
WPP DEALS ACROSS THE GLOBE (AND THATS JUST THIS YEAR)
Global Market
Insite
07/09/2011
Rockfish
Interactive
19/08/2011
Gringo
03/06/2011
Commarco
19/04/2011
DA Consortium
30/08/2011
F.biz
02/06/2011
Mindset
06/07/2011
Campaigns and Grey
04/08/2011
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News
FLOODING and cyclones knocked
Australian GDP at the start of 2011,
but the country has bounced back
with strong figures released yesterday.
Consumer spending and mining
exports both increased, driving 1.2 per
cent growth in the second quarter.
There are challenges ahead though.
The Australian economy has
increasing depended for growth on
the export of natural resources, large-
ly to Asia, said Carole Bain of the
Economist Intelligence Unit. For next
year, there will be concern in Australia
about the expected slowdown in
Chinas demand.
MANUFACTURING in the UK barely
increased in July, according to new fig-
ures out today, and industrial output
as a whole declined.
The 0.1 per cent rise in manufactur-
ing continues the years volatility
output fell by 0.4 per cent in June and
increased by 1.8 per cent in May.
Output over the three months to
July was up 2.3 per cent on the same
three months in 2010, data from the
Office of National Statistics (ONS)
showed.
Overall industrial production fell
0.2 per cent in July, though. Mining
led the decline, with output falling by
1.4 per cent on the previous month.
Utilities also slumped, with 1.1 per
cent off production.
Good news came from the textiles
industry, with leather and clothing
sales up 3.8 per cent on the previous
three month period.
Some analysts believe there is a
chance that the slowdown across the
economy could prompt a reaction
from the Bank of Englands monetary
policy committee (MPC).
At the margin, the weakness of the
data strengthens the hand of those on
the MPC seeking to extend quantita-
tive easing soon, said Samuel Tombs
at Capital Economics. We doubt that
it will be long before the committee
reports to further stimulus.
Meanwhile, German industrial out-
put increased by four per cent in July,
well above expectations of 0.5 per
cent. That is a sizeable rebound from
the one per cent fall experienced in
June.
Economists say the future statistics
may not remain this strong, however.
Recent data show that demand has
fallen, meaning production looks set
to weaken in coming months as firms
seek to reduce an unplanned build up
of inventories, said Chris Williamson
at Markit.
Producers are struggling in the
face of weak foreign demand and a
drop in business confidence in the
home market.
Production survey data also indi-
cate a rise in unsold stock in Germany,
which could lead to a fall in output
next month.
Mining slump
drags down
UK output
DESPITE rising in May, June and July,
house prices fell in August, according
to the figures from Halifax released
yesterday.
The data shows a 1.2 per cent fall
last month, taking prices down 2.6
per cent compared with the second
quarter of 2010.
Nationally, average prices now
stand at 161,743, meaning the price-
to-earnings ratio has fallen to 4.38.
Low sales tends to make house
prices volatile from month to
month, said economist Martin Ellis,
and looking at the last three months
together, prices rose by one per cent.
Property prices
drop in August
Oz economy
defies disasters
BY TIM WALLACE
UK ECONOMY
AUSTRALIAN ECONOMY
HOUSING
The schools revolution should be above ideology

A
little revolution is quietly
starting around the country
this week but its long-term
effects will be profound. In
the face of opposition from teach-
ers unions and left wing campaign-
ers, 24 free schools set up by char-
ities, teachers or parents are open-
ing their doors to pupils. They are
state funded, but free from local
authorities, able to set their own
curriculum, and employ who they
want.
Opponents have denounced it is
an experiment, gambling with chil-
drens future. They have delighted
in the fact that some have been
undersubscribed, although many
were massively oversubscribed.
Critics have rounded on the edu-
cation secretary Michael Gove, say-
ing 24 is too small a number to
make a difference. Local authorities
complain about the effect it has on
their funding. The Liberal
Democrats have made clear they
support the schools so long as those
who run them dont make a profit.
All of which is putting partisan
beliefs above the interests of chil-
dren. Those in the best position to
decide parents would only send
their children to a new school if
they judged that it would provide a
better education than that given by
the local education authority.
BOLDER STEPS ARE NEEDED
We have been tinkering with
reforms of education for half a cen-
tury, and too many children are
still let down it is time to be bold-
er. Given how long it takes to set
anything up, launching 24 in a year
is actually breakneck speed, and a
tribute to the energy and enthusi-
asm of teachers, parents and chari-
ties. That number is set to rise
sharply in the next couple of years.
Some schools wont work out,
but most will, and the successful
ones will grow. Opposition from
the vested interests of teachers
unions and local authorities will
wilt as they see parents voting with
their children.
Those who oppose the opening of
these new schools wont dare risk
the wrath of parents by closing
them down: these free schools are
here to stay.
Which leaves the question of the
profit motive. More important than
education is water, food, shelter
and health and water companies,
food companies, housing compa-
nies and drugs companies all make
profits.
There is a lot of evidence that the
profit motive, in education and
elsewhere, raises standards,
increases supply, and spreads best
practice.
Isnt banning free schools from
making profits putting ideology
above the interests of children?
Anthony Browne is the former director
of Policy Exchange
ANTHONY BROWNE
BRITAINS economy is now the tenth
most competitive in the world, accord-
ing to the World Economic Forums
(WEF) rankings released yesterday.
That position is two places above
last years place, helped by high levels
of labour market efficiency, business
sophistication and perhaps surpris-
ingly infrastructure quality.
George Osborne still has his work
cut out for him, though, as the fiscal
deficit must be reined in to provide a
more sustainable economic footing,
said the report.
The US slipped down the rankings
for the third year running, its slide to
fifth place caused by deterioration in
its macroeconomic environment.
Political wrangling and concerns
over the sustainability of public
debt are key factors highlighted.
Switzerland held pole position for
the third year in a row, topping the
rankings in categories like innovation
and technological readiness.
Europes nations spread right
across the table, though. Italy comes
in at number 47, with poorly devel-
oped financial markets.
Unsurprisingly, Greece rounded off
the EUs showing in 90th place, suffer-
ing both financially and in terms of
weak public institutions. There is
cause for hope, though the WEF
found a well educated workforce open
to new technologies.
UK makes gains yet budget
crises blight competitiveness
BY TIM WALLACE
GLOBAL ECONOMY
Chancellor George Osborne was urged to cut the deficit Picture: REUTERS
News
ALLISTER HEATH | CITY A.M.
The Eurozone debt crisis is throwing everything out of kilter,
with uncertainty hammering markets and the financial system
under renewed pressure. We should therefore hold interest rates
until the picture becomes clearer again. But we don't need any
more quantitative easing.
SIMON WARD | HENDERSON
Hold this month because of global financial instability but raise
rates as soon as conditions normalise. The economy is not suffer-
ing from a shortage of money broad liquidity rose by 4.5 per
cent in the year to July. More QE would trigger sterling weakness,
boosting import prices and inflation rather than activity.
GEORGE BUCKLEY | DEUTSCHE BANK
"Hold. Market fragility and a weaker economic outlook has
closed the window of opportunity for raising rates. However,
the hurdle for further easing, either in terms of lower rates or
more asset purchases, remains high."
VICKY PRYCE | FTI CONSULTING
Hold, but give serious thought to quantitative easing as part of
stimulus package. The US and European economies are stalling,
UK forecasts are continuously being downgraded, and recent
indicators all point to a serious chance of weak growth ahead.
JONATHAN LOYNES | CAPITAL ECONOMICS
Immediate 50bn increase of the asset purchase programme.
We at Capital Economics have long warned that the recovery
would run out of steam and that the economy would need
more support. With inflation worries subsiding and recession
risks rising by day, there is no point in waiting.
TREVOR WILLIAMS | LLOYDS TSB
Hold. The financial market uncertainty, the issues in the US and
potential fallout from Euro defaults have added too much uncer-
tainty to the economic outlook. QE is not the solution, though.
Inflation is a worry, and rates will have to be raised in the medi-
um term to combat it.
HOWARD ARCHER | IHS GLOBAL INSIGHT
No change on interest rates or quantitative easing. The econo-
mys current weakness and the worrying domestic and global
outlook means that the case for more QE is strengthening but I
would hold fire for now at least given current elevated infla-
tion.
GRAEME LEACH | IOD
50bn expansion of the asset purchase programme. The time
to launch QE2 is drawing near. We cant rely on an increase in
the velocity of money to avoid a continued L-shaped recovery
or a double-dip.
JAMIE DANNHAUSER | LOMBARD STREET
Hold. Acute tensions are once again appearing in bank funding
markets. The MPC should stand ready for additional monetary
easing, if market conditions worsen materially. For the moment,
the MPC should stay put though.
CITY A.M. | SHADOW MPC
AILING Swedish carmaker Saab
sought breathing space from credi-
tors yesterday, filing with a local
court for bankruptcy protection
while it continues to wait for prom-
ised new investments from two
Chinese firms.
Obviously a restructuring is
preferable to bankruptcy. But
receivership is still a step closer to
bankruptcy. Weve always warned
investors it was extremely risky, said
Jan Maarten Slagter, director of the
Dutch shareholders association, VEB.
Saab, rescued from closure by
General Motors in early 2010 by
Amsterdam-listed Spyker Cars --
which was later renamed Swedish
Automobile (Swan) -- has struggled for
several months while it pursues fund-
ing from an assortment of Chinese
and other investors.
Production at its Swedish plant has
been at an almost unbroken stand-
still since April because suppliers
refused to provide parts until they
received payment.
In June, Saab said two Chinese car
companies, Pangda Automobile Trade
and Zhejiang Youngman Lotus
Automobil, had agreed to take a com-
bined majority stake in the firm for a
total of 245m (216m).
The deals are still awaiting
approval from the Chinese authori-
ties, but the regulators have halted
planned investments in the past,
such as Saabs failed deal with Hawtai
Motor Group in May and Sichuan
Tengzhongs bid for GMs Hummer.
Saab files for
bankruptcy
protection
FRENCH catering group Sodexo has
bought Puras do Brasil for about
525m (462.8m) to take advantage of
demand in the fast-growing Brazilian
market. Puras do Brasil provides serv-
ices from food catering to the man-
agement of public spaces.
This is in line with our strategy to
consolidate Sodexos position in high-
potential emerging economies by
seizing the best opportunities, chief
executive Michel Landel said.
Sodexo expands
in Brazil market
BY HARRY BANKS
TRANSPORT
CONSUMER
News
ANALYSIS l Swedish Automobile
Jul Aug Sep 7Sep

3.00
2.50
2.00
1.50
1.00
0.50
0.72
7 Sept
RUSSIAN telecoms operator
Vimpelcom posted a 29 per cent fall
in its second-quarter net profit yester-
day, blaming higher interest and
depreciation costs following its acqui-
sition of Wind Telecom.
The company, which bought a con-
trolling stake in Italys Wind Telecom
in April, said its net profit fell to
$239m (150m), including the results
of the newly acquired assets.
Vimpelcom saw debt jump to more
than $20bn as a result of the deal.
Vimpelcom net
income drops
TELECOMS
RICHEMONT WARNS OF TOUGH TIMES AHEAD

RICHEMONT, the luxury group behind Cartier watches and jewellery, has cautioned the
strong sales growth it has seen so far this year may not last as economic uncertainty
makes consumers more hesitant about splashing out on pricey goods. The worlds sec-
ond-largest luxury goods group, which competes with Swatch and LVMH, posted a 35
per cent jump in five-month sales in constant currencies yesterday, beating expectations.
SPECIALITY pharmaceutical group
Alliance said yesterday that its first
half sales were 24.3m, an increase of
1m from last years figures.
As pre-tax profits for the first six
months hit 7m, the firm also said it
had expanded its portfolio by buying
the UK marketing rights of six prod-
ucts from Beacon Pharmaceuticals.
The new products garnered sales of
around 2m for Beacon last year,
mainly from acne treatment
Rizuderm.
Alliance is funding the acquisition
through a loan from its 20m revolv-
ing credit facility.
AUSTRALIAS top investment bank
Macquarie Group has lowered the
profit outlook for key divisions that
account for close to half of its earn-
ings, hurt by weak markets.
However, Macquarie reaffirmed
expectations of stronger earnings for
the year to March 2012 on growth in
its funds-management unit, and cor-
porate and asset finance business.
The bank said its trading and invest-
ment banking units had faced diffi-
cult conditions in August and the
outlook for the year was based on the
assumption that markets would
improve.
Macquarie has seen its annual prof-
its fall in two of the last three years as
it moved more towards traditional
investment banking after the finan-
cial crisis, shifting from a business
model of buying and pooling of assets,
listing them and charging fees for
managing.
With its marquee investment bank
and trading business struggling,
Macquarie is bulking up its annuity-
style businesses such as lending, cor-
porate and asset finance to diversify
revenue and sidestep market volatility.
Some fund managers and analysts
were not convinced of the companys
earnings outlook for the year.
We still see their FY12 guidance as
a risk as they are leaving it to the end
of the year to catch up, said Ben Lyons,
a fund manager at ATI Asset
Management.
There is a lower degree of trans-
parency in their earnings.
ATI has sold its Macquarie holding
in the last few months and Lyons said
the fund manager would continue to
avoid it.
Macquarie shares closed up 1.6 per
cent yesterday, in line with the mar-
ket. They have fallen 37.5 per cent so
far this year.
Weak market
hits outlook
at Macquarie
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COMMERCIAL dispute financier
Burford Capital yesterday said half-
yearly revenue rose to $11.5m (7.19m).
The 187.5 per cent rise for the six
months to 30 June comes after the
Aim-listed firm expanded its range of
litigation-related investments.
Pre-tax profit increased more than
sixfold to $7.14m.
The investment company, registered
in Guernsey, is headed by Sir Peter
Middleton, the former Treasury offi-
cial and chairman of Barclays.
Sir Peter said the firm had benefit-
ted as litigation as an asset class
evolved rapidly.
Upbeat Burford
sees sales soar
Alliance spends
as profits grow
BY HARRY BANKS
BANKING
PHARMA
LAW
News
The Miles Partnership
Dee Stirling has joined the boutique
search firm as a partner. Stirling began
her career in executive search at
Whitehead Mann, before establishing
her own executive coaching business,
Dee Stirling Executive Coaching.
PKF
Penny Cassell has been hired as a
director in the accountancy firms cor-
porate recovery & insolvency practice.
Cassell, a fellow of the Institute of
Accountants and a licensed insolvency
practitioner, specialises in litigation,
drug trafficking and fraud.
DLA Piper
The law firm has expanded its projects
and energy team across EMEA by
appointing Trevor Butcher as a partner
in the finance and projects team.
Butcher was previously a partner with
CMS Cameron McKenna.
Merrill Lynch
Jean-Marc Guillot has been hired as
Geneva office manager for EMEA
clients for Merrill Lynch Bank (Suisse),
and Valrie Bastardoz becomes head of
marketing, also based in Geneva.
Guillot joins from Banque Bndict
Hentsch & Cie, and Bastardoz joins
from Banque Cantonale Vaudoise.
Mayer Brown
The law firm has appointed Colin
Scagell, formerly a partner at
Debevoise & Plimpton, to its London
corporate and securities practice and
insurance industry group.
Electra Partners
The private equity fund manager has
appointed Chris Hanna as investment
partner. Hanna was most recently at
Phoenix Equity Partners, where his
investments included Nationwide
Autocentres, NFT and Ashtead
Technology Rentals.
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
Ogier Jersey Legal
The offshore legal services provider has
appointed Matthew Swan as managing part-
ner, replacing Matthew Thompson, whose
term of office has come to an end after four
years in the role. Swan (pictured) is head of
the firms business and trust law group and the
Jersey banking team. Thompson, who spe-
cialises in commercial litigation, asset tracing,
fraud and money laundering, will continue to
take an active role in the litigation team.
ANALYSIS l Macquarie
AUD
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7 Sept
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News
BEST OF THE BROKERS
To appear in Best of the Brokers email your research to notes@cityam.com
ANALYSIS l Kingfisher
245
240
235
230
225
p 236.10
7 Sept
KINGFISHER
Nomura has upgraded the DIY specialist a
buy with a 320p target price in the view
that it offers 40 per cent upside potential,
with earnings growth driven by its sourc-
ing initiatives, common ranges and strong
execution despite short term economic
worries. The broker says it sees scope for
Kingfisher to achieve double-digit earnings
growth until 2014-15.
ANALYSIS l Ferrovial
9.00
8.80
8.60
8.40
8.20
8.38
7 Sept
FERROVIAL
Credit Suisse rates Ferrovial outperform
with a 13.20 target price based on its sum
of the parts analysis, but has taken the firm
off its focus list as it has outperformed the
Eurofirst 300 by 30 per cent and the infra-
structure sector by 26 per cent. The broker
still sees a 60 per cent upside to the target
price but warns of risk from its plan to sell
stakes in BAA and Stansted airport.
ANALYSIS l Redrow
124
122
120
118
116
114
p 116.50
7 Sept
REDROW
Panmure Gordon rates the housebuilder a
hold with an 122p target price as while
the business is moving in the right direc-
tion, it believes this is reflected in its cur-
rent valuation by net asset value. Redrow
trades on the highest valuation of its peers
but holds 89m net debt, also the highest
of its peers. Panmure says there are better
value opportunities elsewhere at the pres-
ent.
Wall St rises as EU debt worries ease
W
all Street bounced more
than two per cent on
Wednesday, reversing three
days of losses after
Germany's top court smoothed the
way for Berlins participation in
bailouts that could ease Europe's
debt crisis.
But investor caution that there
remains a long road to recovery was
underscored by light trading and
continued high volatility as shown
in the CBOE VIX volatility index.
In almost a mirror image of the
previous session, financial stocks
rebounded sharply, with the KBW
Bank Index up nearly six per cent.
Bank of America Corp jumped seven
per cent, helped by a management
shake-up.
European stocks rallied off a two-
year low after the German court
rejected lawsuits aimed at blocking
the country from joining efforts to
aid Greece and other nations.
Germanys DAX index leapt more
than four per cent.
The Dow Jones industrial average
gained 275.56 points, or 2.47 per
cent, to 11,414.86. The Standard &
Poors 500 Index rose 33.38 points,
or 2.86 per cent, to 1,198.62. The
Nasdaq Composite Index added
75.11 points, or 3.04 per cent, to
2,548.94.
B
ritains top share index notched
up solid gains yesterday, led by
banks and commodities, as
investors sought out bargains
among battered stocks, but analysts,
eckoned the rally was unsustainable.
The FTSE 100 ended 161.75 points, or
3.1 per cent, higher at 5,318.59, build-
ing on Tuesdays 1.1 per cent advance.
It had shed nearly six per cent in the
previous two sessions.
I think that investors are very nerv-
ous, Peter Dixon, economist at
Commerzbank, said. Theyll pick up
bargains when they think there is a
good opportunity (but) they probably
won't want to hold them for too long
and theyll probably sell in any decent
rally.
Banks were among the top sector
performers -- led by Lloyds Banking
Group , up 6.4 per cent, while Barclays
and Royal Bank of Scotland climbed
6.1 per cent.
Other perceived higher risk assets
found favour, with integrated oil
stocks and miners tracking strong
advances in the crude and metals
prices. BP added 4 per cent, helped by
news its partner Chevron has made a
discovery in the Gulf of Mexico.
The markets risk-on mode hit gold
miner Randgold Resources, the FTSEs
heaviest faller, down 2.3 per cent.
Investors looking for bargains among
battered stocks power the FTSE rally
THELONDON
REPORT
THENEW YORK
REPORT
13Jun 01 Jul 21 Jul 31 Aug 10Aug
6,200
5,400
5,000
5,800
ANALYSIS l FTSE
5,318.59
7 Sept
On International Paralympic Day
Sainsburys is relishing the Games
Gwyn Burr explains
the business case for
leading the way as the
first Paralympics-only
corporate sponsor
Q.
WHAT WAS YOUR BRANDS PRIMARY
REASON FOR BEING INVOLVED WITH
THE GAMES?
A.
I think that the Paralympics move-
ment and Sainsburys have a
very similar brand ethos.
The idea of an active lifestyle for
all is something that really
chimes with us. If you look
what weve done with Active
Kids in providing schools
with equipment that gets
everyone involved in sports
the philosophy of sport for all
and everything the
Paralympics embodies are
absolutely aligned with our
thoughts.
Q.
HOW DID YOU STRUCTURE THE
CASE FOR INVOLVEMENT TO THE
BOARD?
A.
Because we start with the values
being fairly well aligned, it wasnt
leftfield for us to want to be involved
in the Paralympics. The Paralympics is full
of inspiring stories that we thought would
resonate particularly well with customers
and colleagues. Throughout, colleagues
have been absolutely central to our think-
ing of why were so keen to sponsor the
Paralympics, which we see as more of a
challenger brand. So the conversations at
the board table were really about how we
can we maximise an investment. We start-
ed to look at who we would be working in
partnership with for example, our spon-
sorship of Channel 4,
who has sole rights to
broadcast the Paralympics.
Then we could start to mone-
tise the media value of our sponsorship.
Therefore, it wasnt the toughest decision
we have made by any means.
Q.
WHAT WAS THE BIGGEST CHALLENGE
YOU FACED?
A.
The biggest challenge was the chal-
lenge of a unique opportunity. In
our lifetime we are unlikely to have
another Olympics in our home city. There
has to be a bit of a leap of faith, as we cant
put on a case study of whats happened in
the past. Inevitably, everything you do is
pioneering on this turf, so that always
requires us to run worst case scenarios
but we are working with a number of very
clear commercial parameters. We have
sales targets, brand recognition targets
and colleague engagement targets. We
agreed those as a board and we are moni-
toring and tracking those.
Q.
HOW HAVE YOU STRUCTURED YOUR
BUSINESS TO MAXIMISE
OPPORTUNITIES?
A.
We were well structured for that
already, because we already have a
sponsorship team and in addition to
Active Kids we do a lot of work around
Comic and Sport Relief. Another thing that
enabled us to see a great fit with the
Paralympics was our national store struc-
ture, because the Paralympians, as
opposed to many Olympians, tend to train
in their local community right up to
Games time. Thats allowed us to have an
infrastructure of Paralympians that weve
linked to our store regions and depots
around the country, so that we literally
have those stores sponsoring their individ-
ual Paralympian as they track towards the
Games. So they are getting our support
and a fan base who understand the sport
that they are going into.
Q.
HOW DID THE ANNOUNCEMENT THAT
YOU WERE INVOLVED AFFECT YOUR
BUSINESS?
A.
Our colleague reaction was quite
stunning. They absolutely got that
this was right for us as a business
they wanted to get involved. We immedi-
ately got on with choosing the Games
Makers, as we had the opportunity to have
150 of our colleagues take part in the
Games making process. We launched a
programme with diversity champions
right across the chain to look at how we
can ensure that Sainsburys is the best
place to work and shop for people who are
less able, and thats had the most over-
whelmingly positive response. Across our
supply base a number of our suppliers are
also supporting the Paralympics step for-
ward. For example, we have been able to
have great conversations with P&G and
Coca-Cola about how to work collaborative-
ly to ensure that the total is greater than
the sum of the parts around our sponsor-
ships. Super Saturday, the big concert we
are holding in Clapham Common on the
10 September, is co-sponsored by P&G. The
idea around Super Saturday is to have
music stars Pixie Lott, Sugababes and
Olly Murs take part in Paralympics sports
alongside the Paralympics GB team. Some
sports, like goalball and boccia, people
arent used to watching on a daily basis.
Q.
HOW WILL YOU LEVERAGE YOUR
SPONSORSHIP AFTER THE GAMES?
A.
We are planning a legacy program.
For example, we are selling
Paralympics-branded Bags for Life in
our stores, which will generate a fund that
will be used to sponsor individuals to be
trained to conduct classes that are wholly
inclusive of those with disabilities. We
worked with the gold-winning
Paralympian Chris Holmes and Deloitte
who launched the Holmes Report and this
was identified as a real need. That is some-
thing that we are going to take forward as
part of our legacy, as we move on towards
Rio 2016.
Gwyn Burr is customer service and colleague
director of Sainsburys and is leading its
Paralympic Games programme.
The biggest
challenge
was the
challenge of a
unique
opportunity
356 DAYS TO GO
COUNTDOWN
TO THE LONDON
PARALYMPIC
GAMES
2012
Q A
&
News
WORDS BY PHILIP SALTER
Sainsburys chief executive Justin King (left) and Sebastian Coe (right) are leading the charge Picture: Robin Mayes
Wealth Management| Bonds
PERSONAL FINANCE NEWS
BY CRAIG DRAKE
NEW MOBILE APP FOR INVESTORS
Hargreaves Lansdown has released a new
smartphone app, allowing investors to view
their Isa, Sipp and other investments on both
iPhone and Android systems. Ofcom figures
show that 27 per cent of UK adults now own
a smartphone.The age of connected comput-
ing is with us, says Richard Hunter, head of
equities at Hargreaves Lansdown.
Hargreaves Lansdown launched its mobile
device app to meet the increasing demand
for high quality mobile access and trading on
the move.
TEACHING OLD DOGS NEW TRICKS
Research by Pay Your Way reveals that only
one in three people could correctly identify
what an APR was. Seven per cent were
unable to recognise any payment terms, such
as Pin, ATM and Bacs, when asked to identify
them. Older consumers admitted to being
less confident when it comes to online bank-
ing, but surprisingly the over-55s were the
most confident of all the age groups making
contactless payments using their card 55
per cent were confident doing so, compared
to just 39 per cent of those under 35.
HIGH SPENDING FOR THE UNDER-50
The Big Money Index report from AXA
shows that under-50s are cutting back on
saving and borrowing more to fund their
lifestyles. The report indicates that financial
optimism in the UK is increasing among the
under-50s, although this is still notably far
off the levels at the beginning of 2010.
However, for those nearing retirement, confi-
dence in their financial future remains bleak,
especially for the group defined by the report
as under-funded seniors, whose optimism is
nearing rock bottom.
LET OUT A ROOM TO CUT THE MORTGAGE
First Direct say that by renting out a spare
room for just five years, homeowners with an
offset mortgage could shave more than two
years off their mortgage. Now is the perfect
time for offset mortgage holders to rent out
their spare room, save money and reduce the
term of their mortgage, says a report from
the lender. By using monthly rent to make
mortgage overpayments, the typical home-
owner could shave 29 months off their mort-
gage and save over 1,028 in interest in just
five years.
C
ONCERNS about the prospects for
global growth haunt the managers
of the nations wealth. Bonds have
broadly provided better returns than
equities, but investors should be mindful
of the sting in the tail that could come
with hyperinflation.
A FLIGHT TO SAFETY
The West is currently a tale of two bond
markets. Phil Tyson of MF Global explains:
Bond yields have moved to record lows in
recent months, as recession fears have
grown globally. 10-year yields in the US
have fallen to around 2 per cent, while
those in Germany are now trading just
under this level, with the UK at about 2.3
per cent. He explains that a flight to safety
has also contributed to the recent price
action, as concerns about the situation in
the Eurozone have continued to mount. It
is hard to see this situation changing in the
foreseeable future.
Yannick Naud, portfolio manager at
Glendevon King Asset Management notes
that at the beginning of the year most mar-
ket commentators were writing off govern-
ment bonds as low return, because of low
yields, and risky, because of the chance of
high inflation. Not now. We are nine
months into 2011 and a purchase of a 10
year Gilt on 1 January generated a 11.5 per
cent return so far, versus losing 10.5 per
cent for the FTSE 100. Naud adds that UK
government bonds are tax-free.
NOT ALL BONDS ARE EQUAL
Most people dont deal directly in govern-
ment bonds, but are exposed through their
funds and pensions. Investors assume
bonds to be the most stable asset class on
the market a safe store for your wealth,
particularly when approaching retirement.
However, Jason Witcombe of Evolve says
not all bond funds are the same. He says
some funds gain or lose more than 30 per
cent of their value per year. As Witcombe
advocates using bonds to reduce volatility
within portfolios, he looks at the low risk
end of the spectrum, treating bonds as
the water and equities as the whisky.
Witcombe suggests that holders of bond
funds become familiar with the average
Investors need to look
into how volatile their
bond exposure is and
watch out for a long
tail, says Philip Salter
This year bonds have kept investors on track in troubled times Picture: GETTY
The vagaries of lending
money to governments
I
NFLATION can seriously erode the value of
your wealth, so investing wisely is impera-
tive. While the current outlook sees inter-
est rates on hold for longer, inflation
continues to surprise on the upside. UK GDP
grew a measly 0.2 per cent over the last quar-
ter and data released yesterday showed indus-
trial production contracted in July after
stagnating in June. With such weakness in the
economy, the government is unlikely to raise
rates until at least the latter part of next year
and indeed the Bank of Englands Monetary
Policy Committee voted unanimously to main-
tain rates last month. However, inflation figures
are not only above the 3 per cent mid-term tar-
get for price stability, but at 4.4 per cent are
even higher than the majority of economist
forecasts.
With prices rising, your pound doesnt go as
far as it used to. And with rates on hold, the
situation is deteriorating, so its worthwhile
deciding how you should be positioned if high-
er inflation kicks in.
In general, inflation is bad for traditional
bonds, can make equities a controversial call
but is superb for hard assets. A typical bond
pays a fixed rate of income; as inflation drives
interest rates above this level, its price will fall
to maintain an attractive yield and compete
with the return, for example, building societies
will be offering. When it comes to equities,
focus on the top line can be illusory. A compa-
nys sales may not increase as prices increase,
due to falling demand, but even if it does, so
will costs and expansion plans will have to be
funded with more expensive debt. In contrast
gold is a store of value and property can pro-
vide attractive returns if supply is limited.
However, there is always a caveat.
Maintaining a diversified portfolio is impera-
tive to generate steadier returns and each
asset class can still have a place in portfolios.
With respect to bonds, there are inflation-
linked bonds which target a return above
inflation. For equities, there are companies
better able to pass on price increases without
substantial change in demand. For example, a
consumer staple may provide essential, price
agnostic products. Furthermore, firms with
strong balance sheets have low levels of debt
to service. When it comes to gold, a fall of
over 7 per cent over just two days last month
shows the asset isnt as safe as investors may
hope. And property remains a very broad clas-
sification, with many factors determining
return.
Therefore, a diversified portfolio among the
different asset classes, paying particular
attention to the investments chosen for each
should stand you in good stead.
Gemma Godfrey is chairman of the invest-
ment committee at Credo Capital. A former
hedge fund manager and quantum physicist,
she has regular slots on CNBC and Sky News.
INVESTING IN
THESE TIMES
OF INFLATION
GEMMA GODFREY
CREDO CAPITAL
maturity and credit worthiness of their
funds holdings, the charges that they are
paying and their performances. On the lat-
ter point, he suggests that as well as look-
ing at the cumulative performance,
investors should look at the annual per-
formance of their fund by calendar year. If
they are yo-yoing up and down, there is a
risk you arent getting what you want.
Of course, you can buy into bonds to
turn a profit hence the subclass of high-
yield bond funds. Provided you are pre-
pared to take on the added risk, these can
be a profitable part of your portfolio. But as
always performance isnt guaranteed. Carl
Astorri, global head of economics and asset
strategy at Coutts expects high-yield bonds
to experience higher volatility because of
the more uncertain growth outlook, while
he thinks emerging-market bonds offer
attractive yields with a good chance of cur-
rency appreciation as well. Although
Witcombe advises UK investors worried
about currency swings impacting upon
performance to buy a fund that hedges
back to sterling.
LESSONS FROM JAPAN
Despite the risk of Greece going under, it is
rare that governments go bust.
Occasionally the authorities pull their
socks up and stop spending more than
they take in tax revenues. More often they
deleverage public and private debt through
inflation, as is happening now in the UK.
However, even if the country survives bank-
ruptcy, it might find itself suspended in
purgatory as Japan now is. In deflation-
ary Japan, interest rates are on the floor,
stimulus after stimulus has failed to ignite
spending, equities are shunned and timid
investors faith rests in the bonds of their
insanely over-indebted government. If
Japan is the model for where the rest of the
West is going, bonds might trump equities.
Adrian Lowcock of Bestinvest says with US
Treasuries offering rates not seen since the
1950s, markets are currently pricing in a
Japanese scenario, which is deflationary.
The yield on Japanese debt is currently 1
per cent. However, the best diagnosticians
of Japans disease Albert Edward of
Societe General and Bill Bonner, president
of Agora Publishing also foresee this story
ending with hyperinflation. If their admit-
tedly bleak scenario plays out, you certain-
ly wont want much of your wealth tied up
in bonds. Investors will need to be nimble.
Wealth Management | Institutional FX
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Institutions
wont cut
off Swissie
O
N Tuesday, the Swiss National
Bank (SNB) made an announce-
ment that it would put in place a
floor on the Euro-Swiss franc
exchange rate, with the SNB indicating
that it was prepared to buy foreign cur-
rencies in unlimited quantities.
So how does this move affect institu-
tional investors and currency hedging
policy?
There were reports following the SNB
move that JP Morgan had been stopped
out of its long Swiss franc positions and
that the banks long positions in Swiss
franc against euro, sterling and dollar
were now obsolete.
However, while banks were under-
standably cagey about whether they or
their clients had been caught short or
The big cheeses of the banking
world will not have greatly shifted
their positions, writes Craig Drake
Some may have had
holes in their Swissie
strategy
Picture: REX
long as the case may be by the SNB
move and resulting Swiss franc sell off,
the SNB announcement didnt have insti-
tutions scrambling to move their posi-
tions as much as one might have
expected.
According to Geoff Yu, G10 FX
Strategist for UBS, the SNB move doesnt
seem to have been a big issue, and most
have kept their Swiss franc positions in
place. Banks will have had stops in place
for the event of a change in SNB policy.
On the question of where haven flows
may now head, Yu says that there have
been flows into the Norwegian krone,
but it doesnt have the liquidity and so
there is a risk of the position unwinding.
And as James Wood-Collins, chief exec-
utive of Record Currency Management,
explains, the sell off of Swiss franc will
help Swiss franc institutions trying to
hedge the non-Swiss franc positions
within their portfolio. Before the move,
the banks were struggling to offset the
short position they would take to bal-
ance the hedgers long position. Rather
than the market being one-sided, it
makes it easier to hedge your non-Swiss
franc holdings.
YOUR MOVE, BANK OF JAPAN
After the SNBs announcement, many
will be looking to the Bank of Japan (BoJ)
for a tit-for-tat move. They have already
been active this year in defending the
yen, and institutions may be looking for
the Japanese central bank to make a
move. A move as aggressive as that made
by the SNB wouldnt fit the form book
for the Japanese authorities, but the new
finance minister, Jun Azumi, is seen by
many as a bit of a lightweight, and he
may make a bold move to curb capital
flows in order to stamp his authority on
his new office. Institutional investors
will be restructuring and placing ade-
quate protection just in case the BoJ fol-
lows suit and acts aggressively to weaken
the yen, says Jamie Jemmeson, a trader
at Global Reach Partners. Repositioning
and finding the safe haven is the key,
gold is the obvious choice but other
instruments could be 10-year German
bonds and 10-year UK gilts.
LON GD ONCE FIX AM...........1844.00 -47.00
SILVER LDN FIX AM ..................41.26 -0.75
MAPLE LEAF 1 OZ ....................44.27 0.60
LON PLATINUM AM................1837.00 -40.00
LON PALLADIUM AM...............749.00 -17.00
ALUMINIUM CASH .................2345.50 -17.50
COPPER CASH ......................8919.00 -15.50
LEAD CASH...........................2423.50 -19.00
NICKEL CASH......................20620.00 -405.00
TIN CASH.............................23890.00 20.00
ZINC CASH ............................2151.00 19.00
BRENT SPOT INDEX ................111.53 -1.64
SOYA .....................................1436.00 0.00
COCOA..................................3092.00 0.00
COFFEE...................................289.20 0.00
KRUG.....................................1964.90 0.00
WHEAT ....................................170.75 1.73
AIR LIQUIDE........................................90.68 3.10 100.65 80.90
ALLIANZ..............................................65.21 2.32 108.85 62.07
ALSTOM ..............................................29.00 1.08 45.32 27.63
ANHEUS-BUSCH INBEV ....................37.68 0.40 46.33 33.85
ARCELORMITTAL...............................13.84 0.84 28.55 12.83
AXA......................................................10.02 0.40 16.16 9.27
BANCO SANTANDER...........................5.76 0.11 9.80 5.54
BASF SE..............................................46.25 1.85 70.22 42.09
BAYER.................................................39.05 1.30 59.44 35.36
BBVA......................................................5.72 0.13 10.21 5.50
BMW ....................................................53.71 3.05 73.85 43.47
BNP PARIBAS.....................................31.64 1.98 59.93 29.26
CARREFOUR ......................................16.68 0.21 36.06 16.35
CREDIT AGRICOLE..............................5.75 0.18 12.92 5.44
CRH PLC..............................................11.91 0.60 17.40 10.87
DAIMLER.............................................34.27 1.91 59.09 32.13
DANONE..............................................46.49 0.36 53.16 42.08
DEU.BOERSE OFFRE ........................40.25 2.08 55.75 37.03
DEUTSCHE BANK..............................24.57 1.07 48.70 23.10
DEUTSCHE TELEKOM.........................8.44 0.20 11.38 8.22
E.ON.....................................................13.95 0.49 25.54 13.19
ENEL......................................................3.19 0.09 4.86 3.08
ENI .......................................................13.56 0.54 18.66 11.83
FRANCE TELECOM............................12.15 0.18 17.45 11.91
GDF SUEZ ...........................................20.49 0.86 30.05 18.32
GENERALI ASS...................................11.70 0.45 17.05 10.34
IBERDROLA..........................................4.78 0.17 6.50 4.59
ING GROEP CVA...................................5.25 0.27 9.50 4.94
INTESA SANPAOLO.............................1.04 0.04 2.53 0.95
KON.PHILIPS ELECTR.......................13.04 0.29 25.45 12.68
L'OREAL..............................................72.70 0.62 91.24 71.00
LVMH..................................................114.50 5.25 132.65 96.06
MUNICH RE.........................................84.90 1.34 126.00 82.60
NOKIA....................................................4.49 0.17 8.49 3.33
REPSOL YPF.......................................19.15 0.69 24.90 17.31
RWE.....................................................23.44 0.67 55.88 22.71
SAINT-GOBAIN...................................32.10 1.43 47.64 30.00
SANOFI ................................................49.92 1.04 56.82 42.85
SAP......................................................37.24 1.45 46.15 32.88
SCHNEIDER ELECTRIC.....................42.10 1.94 61.83 39.82
SIEMENS .............................................68.30 2.60 99.39 64.80
SOCIETE GENERALE.........................19.38 0.46 52.70 18.82
TELECOM ITALIA..................................0.80 0.03 1.16 0.76
TELEFONICA ......................................13.59 0.35 19.69 13.01
TOTAL..................................................32.86 1.17 44.55 30.34
UNIBAIL-RODAMCO SE...................144.45 3.65 162.95 124.50
UNICREDIT............................................0.83 0.04 2.05 0.76
UNILEVER CVA...................................23.37 0.17 24.08 20.82
VINCI ....................................................34.27 1.12 45.48 32.05
VIVENDI ...............................................16.07 0.48 22.07 14.10
Price Chg High Low
EUSHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 5318.59 161.75 3.14
FTSE 250 INDEX . . . . . . . 10321.33 250.16 2.48
FTSE UK ALL SHARE . . . . 2758.63 80.38 3.00
FTSE AIMALL SH . . . . . . . . 768.12 10.54 1.39
DOWJONES INDUS 30 . . 11414.86 275.56 2.47
S&P 500. . . . . . . . . . . . . . . . 1198.62 33.38 2.86
NASDAQ COMPOSITE . . . 2548.94 75.11 3.04
FTSEUROFIRST 300 . . . . . . 930.69 26.82 2.97
NIKKEI 225 AVERAGE. . . . 8763.41 172.84 2.01
DAX 30 PERFORMANCE. . 5405.53 211.56 4.07
CAC 40 . . . . . . . . . . . . . . . . 3073.18 107.54 3.63
SHANGHAI SE INDEX . . . . 2516.09 45.57 1.84
HANG SENG. . . . . . . . . . . 20048.00 337.50 1.71
S&P/ASX 20 INDEX . . . . . . 2512.20 69.30 2.84
ASX ALL ORDINARIES . . . 4262.90 102.20 2.46
BOVESPA SAO PAOLO. . 56607.30 1608.89 2.93
ISEQ OVERALL INDEX . . . 2519.42 71.49 2.92
STI . . . . . . . . . . . . . . . . . . . . 2832.13 57.80 2.08
IGBM. . . . . . . . . . . . . . . . . . . 823.51 21.28 2.65
SWISS MARKET INDEX. . . 5501.26 134.02 2.50
Price Chg %chg
3M........................................................80.57 2.49 98.19 76.50
ABBOTT LABS ...................................52.30 1.01 54.24 45.07
ALCOA ................................................12.25 0.48 18.47 10.70
ALTRIA GROUP..................................26.99 0.16 28.13 22.75
AMAZON.COM..................................219.90 3.72 227.45 136.45
AMERICAN EXPRESS........................49.98 1.92 53.80 37.33
AMGEN INC.........................................55.38 0.86 61.53 47.66
APPLE...............................................383.93 4.19 404.50 254.50
AT&T....................................................28.13 0.30 31.94 27.06
BANK OF AMERICA.............................7.48 0.49 15.31 6.01
BERKSHIRE HATAW B.......................70.70 2.33 87.65 66.51
BOEING CO.........................................64.90 2.13 80.65 56.01
BRISTOL MYERS SQUI ......................29.91 0.67 30.00 20.05
CATERPILLAR....................................88.69 2.99 116.55 68.80
CHEVRON...........................................99.29 3.68 109.94 76.97
CISCO SYSTEMS................................15.88 0.60 24.60 13.30
CITIGROUP.........................................28.98 1.28 51.50 25.40
COCA-COLA.......................................70.80 1.37 71.10 57.09
COLGATE PALMOLIVE......................91.81 2.82 91.82 73.62
CONOCOPHILLIPS.............................67.31 1.61 81.80 53.59
CVS/CAREMARK................................37.03 1.22 39.50 28.11
DU PONT(EI) DE NMR........................47.44 1.30 57.00 41.86
EXXON MOBIL....................................73.65 2.50 88.23 60.36
GENERAL ELECTRIC.........................15.80 0.55 21.65 14.82
GOOGLE A........................................534.03 11.85 642.96 463.02
HEWLETT PACKARD.........................24.14 0.51 49.39 22.75
HOME DEPOT.....................................32.87 0.82 39.38 28.13
IBM.....................................................167.31 2.20 185.63 125.39
INTEL CORP .......................................20.08 0.54 26.78 17.75
J.P.MORGAN CHASE.........................34.82 1.38 48.36 32.31
JOHNSON & JOHNSON.....................65.43 0.79 68.05 57.50
KRAFT FOODS A................................34.78 0.70 36.30 24.30
MC DONALD'S CORP ........................89.29 0.47 91.22 72.14
MERCK AND CO. NEW......................32.96 0.71 37.68 29.47
MICROSOFT........................................26.00 0.49 29.46 23.65
OCCID. PETROLEUM.........................84.54 1.82 117.89 73.86
ORACLE CORP...................................27.63 1.14 36.50 22.57
PEPSICO.............................................61.62 -0.83 71.89 60.10
PFIZER ................................................19.01 0.36 21.45 16.21
PHILIP MORRIS INTL .........................68.96 1.15 72.74 53.11
PROCTER AND GAMBLE ..................62.72 0.34 67.72 56.57
QUALCOMM INC ................................51.69 2.24 59.84 39.76
SCHLUMBERGER ..............................76.79 2.47 95.64 56.61
TRAVELERS CIES..............................50.22 1.69 64.17 46.62
UNITED TECHNOLOGIE ....................72.96 2.46 91.83 67.12
UNITEDHEALTH GROUP...................47.21 1.50 53.50 32.91
VERIZON COMMS ..............................35.62 0.40 38.95 29.69
WAL-MART STORES..........................52.42 0.74 57.90 48.31
WALT DISNEY CO ..............................32.63 0.87 44.34 29.60
WELLS FARGO & CO.........................24.96 1.04 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 ..................0.831 0.00
LIBOR Euro - 12 months ................2.043 0.00
LIBOR USD - overnight...................0.143 0.00
LIBOR USD - 12 months.................0.815 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 .........................3.340 0.09
European repo rate.........................0.785 0.00
Euro Euribor ....................................1.086 0.00
The vix index ...................................33.88 -3.12
The baItic dry index ........................1.767 0.01
Markit iBoxx...................................230.95 -0.14
Markit iTraxx..................................186.23 6.69
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
USSHARES
C/$ 1.4063 0.0057
C/ 0.8816 0.0034
C/ 108.90 0.3940
/C 1.1343 0.0086
/$ 1.5950 0.0007
/ 123.52 0.1486
FTSE 100
5318.59
161.75
FTSE 250
10321.33
250.16
FTSE ALLSHARE
2758.63
80.38
DOW
11414.86
275.56
NASDAQ
2548.94
75.11
S&P 500
1198.62
33.38
Smiths Group . . . . . .963.5 35.0 1429.0 907.5
Brown (N.) Group . . .273.9 8.1 311.2 229.4
Carpetright . . . . . . . . .517.5 -1.5 835.5 507.5
Debenhams . . . . . . . . .54.5 1.6 77.4 52.3
Dignity . . . . . . . . . . . .798.0 25.0 833.0 633.0
Dixons RetaiI . . . . . . .10.6 0.0 28.5 10.4
DuneImGroup . . . . . .430.0 8.0 550.0 378.4
HaIfords Group . . . . .286.6 6.1 502.0 280.5
Home RetaiI Group . .115.5 -0.2 235.0 114.5
Inchcape . . . . . . . . . .295.1 10.0 425.4 280.7
JD Sports Fashion . .833.5 -8.5 1030.0 726.0
Kesa EIectricaIs . . . . .98.2 3.2 174.0 94.7
Kingfisher . . . . . . . . .236.1 10.5 287.1 211.1
Marks & Spencer G . .313.8 12.0 427.5 301.8
Mothercare . . . . . . . .345.1 0.6 627.5 343.7
Next . . . . . . . . . . . . .2317.0 13.0 2426.0 1868.0
Sports Direct Int . . . .219.0 9.0 266.2 117.0
WH Smith . . . . . . . . . .502.0 14.0 523.0 422.0
Smith & Nephew . . . .609.0 10.0 742.0 521.0
Synergy HeaIth . . . . .896.0 2.0 981.0 690.0
Barratt DeveIopme . . .81.0 5.0 119.0 67.5
BeIIway . . . . . . . . . . . .584.5 11.5 753.5 511.0
BerkeIey Group Ho .1256.0 31.0 1299.0 789.5
BaIfour Beatty . . . . . .243.4 8.7 357.3 228.6
KeIIer Group . . . . . . .354.6 1.6 698.5 346.0
Kier Group . . . . . . . .1179.0 43.0 1418.0 1030.0
Drax Group . . . . . . . .525.0 9.0 536.5 353.6
Scottish & Southe . .1296.0 27.0 1423.0 1108.0
Domino Printing S . .557.5 12.5 705.0 469.0
HaIma . . . . . . . . . . . . .350.0 6.3 429.6 282.5
Laird . . . . . . . . . . . . . .149.1 5.0 207.0 127.9
Morgan CrucibIe C . .268.2 13.0 357.1 203.9
Renishaw . . . . . . . . .1358.0 36.0 1886.0 865.0
Spectris . . . . . . . . . .1453.0 49.0 1679.0 963.0
Aberforth SmaIIer . . .569.5 10.0 714.0 526.0
AIIiance Trust . . . . . .339.0 7.5 392.7 322.5
Bankers Inv Trust . . .369.4 5.3 428.0 357.9
BH GIobaI Ltd. GB .1179.0 6.0 1180.0 1058.0
BH GIobaI Ltd. US . . . .11.6 -0.1 11.8 10.4
BH Macro Ltd. EUR . . .19.4 0.0 19.5 15.8
BH Macro Ltd. GBP 2015.0 8.0 2015.0 1630.0
BH Macro Ltd. USD . . .19.4 0.0 19.5 15.8
BIackRock WorId M .699.5 23.0 815.5 589.0
BIueCrest AIIBIue . . .169.4 0.4 176.2 162.4
British Assets Tr . . . .119.0 0.4 140.5 113.0
British Empire Se . . .470.2 -0.9 533.0 445.5
CaIedonia Investm .1577.0 6.0 1928.0 1545.0
City of London In . . .273.0 7.6 306.9 257.0
Dexion AbsoIute L . .141.8 0.7 151.0 135.2
Edinburgh Dragon . .229.4 6.4 262.1 213.0
Edinburgh Inv Tru . . .445.7 6.9 492.2 414.9
EIectra Private E . . .1370.0 -14.0 1755.0 1295.0
F&C Inv Trust . . . . . .284.4 7.8 327.9 268.6
FideIity China Sp . . . . .85.5 1.8 128.7 80.0
FideIity European . .1050.0 47.0 1287.0 985.0
FideIity SpeciaI . . . . .472.9 4.8 595.0 465.5
HeraId Inv Trust . . . . .450.7 4.5 545.5 401.5
HICL Infrastructu . . . .115.1 -0.4 121.3 112.0
Impax Environment . .99.5 1.0 130.5 98.0
JPMorgan American .774.0 20.0 916.0 716.5
JPMorgan Asian In . .208.5 5.5 250.8 198.5
JPMorgan Emerging .540.0 15.0 639.0 499.3
JPMorgan European .751.0 7.0 983.5 683.5
JPMorgan Indian I . . .386.3 11.0 502.0 354.8
JPMorgan Russian .534.5 9.5 755.0 510.0
Law Debenture Cor . .329.1 0.3 385.0 306.9
MercantiIe Inv Tr . . . .930.0 14.5 1137.0 895.0
Merchants Trust . . . .361.8 3.8 431.8 348.7
Monks Inv Trust . . . .337.4 4.4 367.9 311.0
Murray Income Tru . .616.0 18.0 673.0 577.0
Murray Internatio . . .907.5 25.5 991.5 845.5
PerpetuaI Income . . .249.0 1.0 276.0 225.9
PoIar Cap TechnoI . .321.0 7.2 391.2 295.1
RIT CapitaI Partn . . .1240.0 20.0 1334.0 1110.0
Scottish Inv Trus . . . .450.0 13.0 524.0 423.5
Scottish Mortgage . .689.0 23.5 781.0 601.5
SVG CapitaI . . . . . . . .260.4 4.4 279.8 153.8
TempIe Bar Inv Tr . . .848.0 3.0 952.0 782.0
TempIeton Emergin .596.5 23.0 689.5 554.0
TR Property Inv T . . .169.3 0.6 206.1 147.8
TR Property Inv T . . . .76.8 0.5 94.0 66.0
Witan Inv Trust . . . . .448.0 10.0 533.0 428.0
3i Group . . . . . . . . . . .203.3 6.3 340.0 197.0
3i Infrastructure . . . .121.1 0.4 125.2 112.9
Aberdeen Asset Ma .198.9 2.9 240.0 136.9
Ashmore Group . . . .400.9 2.7 414.5 301.4
Brewin DoIphin Ho . .129.9 1.4 185.4 117.0
CameIIia . . . . . . . . . .9270.0 20.010950.0 8350.0
CharIes TayIor Co . . .142.0 5.0 198.3 122.0
City of London Gr . . . .76.3 0.0 93.6 76.3
City of London In . . .385.0 12.8 461.5 278.5
CIose Brothers Gr . . .697.0 6.0 888.5 656.5
CoIIins Stewart H . . . .68.5 1.0 90.8 67.0
EvoIution Group . . . . .91.0 0.0 93.0 62.3
F&C Asset Managem .66.6 1.1 92.9 58.7
Hargreaves Lansdo .486.2 2.7 646.5 386.0
HeIphire Group . . . . . . .2.4 0.0 39.0 2.2
Henderson Group . . .126.2 7.1 173.1 119.1
Highway CapitaI . . . . .14.5 0.0 21.0 6.0
ICAP . . . . . . . . . . . . . .479.8 16.8 570.5 391.3
IG Group HoIdings . .435.1 -2.8 553.0 393.6
Intermediate Capi . . .238.5 8.1 360.3 204.8
InternationaI Per . . . .246.2 7.2 388.8 228.0
InternationaI Pub . . . .115.1 -0.2 118.3 108.6
Investec . . . . . . . . . . .427.3 14.3 538.0 378.7
IP Group . . . . . . . . . . . .49.0 1.0 54.5 27.9
Jupiter Fund Mana . .202.1 4.1 337.3 184.9
Liontrust Asset M . . . .75.5 0.0 95.3 72.0
LMS CapitaI . . . . . . . . .62.0 0.5 64.8 43.5
London Finance & . . .21.5 0.0 23.5 16.5
London Stock Exch .876.0 16.0 1076.0 675.0
Lonrho . . . . . . . . . . . . .15.0 0.5 19.8 10.5
Man Group . . . . . . . . .220.4 11.4 311.0 178.0
Paragon Group Of . .152.9 2.6 206.1 134.6
Provident Financi . .1094.0 14.0 1124.0 728.5
Rathbone Brothers .1045.0 12.0 1257.0 828.0
Record . . . . . . . . . . . . .29.4 -0.1 52.0 20.3
RSM Tenon Group . . .28.0 0.5 66.3 21.3
Schroders . . . . . . . .1477.0 41.0 1922.0 1373.0
Schroders (Non-Vo .1167.0 11.0 1554.0 1123.0
TuIIett Prebon . . . . . .364.4 7.6 428.6 329.8
WaIker Crips Grou . . .49.0 0.0 51.5 45.0
BT Group . . . . . . . . . .169.8 7.2 204.1 138.6
CabIe & WireIess . . . .38.2 1.3 61.1 31.3
CabIe & WireIess . . . .33.5 0.7 78.4 32.1
COLT Group SA . . . .107.0 3.4 156.2 102.5
TaIkTaIk TeIecom . . .130.0 0.0 168.3 119.8
TeIecomPIus . . . . . . .670.0 -5.5 700.0 364.5
Booker Group . . . . . . .69.8 0.3 77.9 45.0
Greggs . . . . . . . . . . . .481.2 -2.7 550.5 429.1
Morrison (Wm) Sup .289.4 -2.0 308.3 262.7
Ocado Group . . . . . . .109.2 2.2 285.0 107.0
Sainsbury (J) . . . . . . .293.5 4.6 395.0 280.4
Tesco . . . . . . . . . . . . .374.7 -0.1 440.7 360.1
Associated Britis . .1076.0 22.0 1182.0 940.0
Cranswick . . . . . . . . .643.0 -3.0 896.0 606.0
Dairy Crest Group . . .350.0 -4.5 424.9 334.1
Devro . . . . . . . . . . . . .255.3 -2.9 296.9 218.0
Premier Foods . . . . . . .12.4 0.2 35.1 12.0
Tate & LyIe . . . . . . . . .590.5 13.5 656.0 450.8
UniIever . . . . . . . . . .2049.0 28.0 2081.0 1743.0
Mondi . . . . . . . . . . . . .525.5 13.5 664.0 468.8
Centrica . . . . . . . . . . .298.3 11.5 346.1 286.3
InternationaI Pow . . .329.9 7.6 448.6 279.4
NationaI Grid . . . . . . .632.5 17.5 633.1 530.0
Northumbrian Wate .462.2 0.7 469.5 295.5
Pennon Group . . . . . .659.0 19.5 737.5 579.5
Severn Trent . . . . . .1473.0 45.0 1517.0 1306.0
United UtiIities . . . . .601.5 16.0 632.0 543.5
Cookson Group . . . . .465.2 22.6 724.5 442.6
DS Smith . . . . . . . . . .200.0 4.0 266.2 145.9
Rexam . . . . . . . . . . . .338.6 -1.3 400.0 301.5
RPC Group . . . . . . . .310.4 -4.5 384.8 215.4
BAE Systems . . . . . .275.1 10.7 369.9 248.1
Chemring Group . . . .540.0 19.0 736.5 485.0
Cobham . . . . . . . . . . .188.2 6.2 245.6 173.4
Meggitt . . . . . . . . . . . .327.6 9.6 397.6 274.6
QinetiQ Group . . . . . .120.8 3.3 136.3 96.7
RoIIs-Royce Group . .639.5 23.5 665.0 557.5
Senior . . . . . . . . . . . . .144.5 4.5 190.6 122.4
UItra EIectronics . . .1469.0 56.0 1895.0 1305.0
GKN . . . . . . . . . . . . . .190.0 12.1 245.0 147.7
BarcIays . . . . . . . . . . .160.0 9.2 333.6 145.5
HSBC HoIdings . . . . .525.6 16.4 730.9 503.8
LIoyds Banking Gr . . .32.7 2.0 77.6 27.6
RoyaI Bank of Sco . . .22.5 1.3 50.2 19.7
Standard Chartere .1359.0 64.0 1950.0 1295.0
AG Barr . . . . . . . . . .1126.0 9.0 1395.0 1031.0
Britvic . . . . . . . . . . . . .315.3 10.7 503.5 289.9
Diageo . . . . . . . . . . .1225.0 5.0 1307.0 1070.0
SABMiIIer . . . . . . . . .2226.0 46.5 2340.0 1925.5
AZ EIectronic Mat . . .229.0 4.8 338.1 210.0
Croda Internation . .1785.0 112.0 2081.0 1342.0
EIementis . . . . . . . . . .143.5 -0.6 187.4 87.8
Johnson Matthey . .1624.0 55.0 2119.0 1566.0
Victrex . . . . . . . . . . .1285.0 61.0 1590.0 1149.0
YuIe Catto & Co . . . . .173.6 5.8 253.0 146.5
Price Chg High Low
Bovis Homes Group .405.5 5.3 464.7 326.5
Persimmon . . . . . . . .445.7 9.4 502.5 336.5
Reckitt Benckiser . .3295.0 89.0 3648.0 3015.0
Redrow . . . . . . . . . . . .116.5 1.1 139.0 98.4
TayIor Wimpey . . . . . . .32.6 1.7 43.3 22.3
Bodycote . . . . . . . . . .280.5 13.5 397.7 237.8
Charter Internati . . . .788.5 14.5 853.5 538.5
Fenner . . . . . . . . . . . .345.5 10.5 422.5 214.7
IMI . . . . . . . . . . . . . . . .822.0 30.5 1119.0 718.0
MeIrose . . . . . . . . . . .281.5 4.5 365.4 250.1
Northgate . . . . . . . . . .266.4 7.4 346.7 198.5
Rotork . . . . . . . . . . .1682.0 59.0 1895.0 1501.0
Spirax-Sarco Engi . .1812.0 61.0 2063.0 1637.0
Weir Group . . . . . . .1866.0 110.0 2218.0 1319.0
Ferrexpo . . . . . . . . . . .383.0 29.8 499.0 292.4
TaIvivaara Mining . . .334.4 16.8 622.0 297.2
BBAAviation . . . . . . .165.8 4.8 240.8 156.0
Stobart Group Ltd . . .133.0 -0.5 163.6 124.1
AdmiraI Group . . . . .1397.0 61.0 1754.0 1279.0
AmIin . . . . . . . . . . . . .296.5 -2.4 427.0 292.7
BeazIey . . . . . . . . . . . .116.0 3.3 139.2 109.6
Informa . . . . . . . . . . . .348.4 13.9 461.1 325.1
ITE Group . . . . . . . . . .176.4 2.8 258.2 154.5
ITV . . . . . . . . . . . . . . . . .55.2 1.4 93.5 53.8
Johnston Press . . . . . . .4.9 -0.1 16.3 4.4
MecomGroup . . . . . .153.0 1.3 310.0 150.3
Moneysupermarket. .110.7 3.4 120.4 71.5
Pearson . . . . . . . . . .1095.0 31.0 1207.0 926.0
PerformGroup . . . . .185.0 13.5 234.5 150.0
Reed EIsevier . . . . . .493.5 10.9 590.5 461.3
Rightmove . . . . . . . .1244.0 34.0 1307.0 691.5
STV Group . . . . . . . . .110.0 0.0 168.0 89.8
Tarsus Group . . . . . .142.0 2.0 165.0 112.5
Trinity Mirror . . . . . . . .41.8 0.5 124.0 37.5
United Business M . .445.3 13.4 725.0 428.4
UTV Media . . . . . . . . .126.8 2.8 151.0 101.0
WiImington Group . . .87.8 0.5 183.0 87.3
WPP . . . . . . . . . . . . . .618.0 26.0 846.5 578.5
YeII Group . . . . . . . . . . .4.5 -0.2 16.7 4.3
African Barrick G . . .599.5 -4.0 638.0 393.5
AngIo American . . .2475.5 92.5 3437.0 2234.0
AngIo Pacific Gro . . .297.0 10.8 369.3 257.1
Antofagasta . . . . . . .1329.0 85.0 1634.0 1076.0
Aquarius PIatinum . .230.1 4.8 419.0 216.9
BHP BiIIiton . . . . . . .2036.0 58.5 2631.5 1846.0
Centamin Egypt Lt . .110.0 3.8 197.1 89.7
CatIin Group Ltd. . . .351.2 8.3 421.4 325.0
Hiscox Ltd. . . . . . . . . .356.1 6.4 424.7 340.5
Jardine LIoyd Tho . . .638.5 5.0 709.0 561.0
Lancashire HoIdin . . .658.0 9.5 700.0 529.0
RSA Insurance Gro . .112.2 2.9 143.5 109.3
Aviva . . . . . . . . . . . . . .315.2 13.4 477.9 301.8
LegaI & GeneraI G . . . .97.0 3.0 123.8 91.3
OId MutuaI . . . . . . . . .118.0 4.3 145.2 103.2
Phoenix Group HoI . .505.0 -15.0 737.0 458.0
PrudentiaI . . . . . . . . .591.5 26.0 777.0 564.5
ResoIution Ltd. . . . . .251.7 -0.2 316.1 211.3
St James's PIace . . . .340.9 13.5 376.0 236.2
Standard Life . . . . . . .199.0 6.9 244.7 172.0
4Imprint Group . . . . .219.0 -11.0 295.0 195.0
Aegis Group . . . . . . .127.9 4.4 163.5 114.5
BIoomsbury PubIis . .101.0 0.5 138.0 98.8
British Sky Broad . . .675.0 29.5 850.0 618.5
Centaur Media . . . . . . .38.4 0.4 73.0 37.0
Chime Communicati .180.8 0.0 298.5 173.0
Creston . . . . . . . . . . . .87.0 -1.0 121.0 78.5
DaiIy MaiI and Ge . . .380.5 8.5 594.5 363.3
Euromoney Institu . .550.0 2.5 736.0 544.5
Future . . . . . . . . . . . . . .10.8 -2.3 30.0 10.8
Haynes PubIishing . .235.0 0.0 262.5 202.5
Huntsworth . . . . . . . . .56.5 -1.8 86.0 56.5
Eurasian NaturaI . . .662.5 32.0 1125.0 585.5
FresniIIo . . . . . . . . . .2057.0 -7.0 2129.0 1100.0
GemDiamonds Ltd. .214.0 4.0 306.0 179.8
GIencore Internat . . .405.8 20.6 531.1 348.0
HochschiId Mining . .528.5 19.5 680.0 360.0
Kazakhmys . . . . . . .1050.0 56.5 1671.0 918.0
Kenmare Resources . .42.4 0.9 59.9 17.2
Lonmin . . . . . . . . . . .1260.0 51.0 1983.0 1103.0
New WorId Resourc .586.5 26.0 1060.0 514.5
PetropavIovsk . . . . . .865.0 6.0 1252.0 676.0
RandgoId Resource 6780.0-160.0 6940.0 4425.0
Rio Tinto . . . . . . . . .3697.0 148.0 4712.0 3387.5
Vedanta Resources 1390.0 48.0 2559.0 1225.0
Xstrata . . . . . . . . . . .1031.0 52.7 1550.0 933.4
Inmarsat . . . . . . . . . . .467.7 9.9 724.5 389.7
Vodafone Group . . . .163.2 3.1 181.9 155.1
Genesis Emerging . .478.5 13.5 568.0 444.5
Afren . . . . . . . . . . . . . . .98.8 5.5 171.2 92.5
BG Group . . . . . . . . .1293.5 71.0 1564.5 1065.5
BP . . . . . . . . . . . . . . . .386.5 14.9 509.0 363.2
Cairn Energy . . . . . . .319.1 13.7 469.7 281.4
EnQuest . . . . . . . . . . . .99.0 4.0 158.5 95.1
Essar Energy . . . . . .254.1 13.1 589.5 235.1
ExiIIon Energy . . . . . .232.0 10.0 469.7 175.0
Heritage OiI . . . . . . . .221.2 14.0 486.0 190.0
JKX OiI & Gas . . . . . .164.1 1.1 335.1 157.8
Premier OiI . . . . . . . . .328.2 18.2 535.0 310.0
RoyaI Dutch SheII . .2047.5 69.5 2326.5 1803.0
RoyaI Dutch SheII . .2077.0 84.0 2336.0 1749.0
SaIamander Energy .213.0 8.2 317.6 204.8
Soco Internationa . . .344.0 18.7 467.9 279.8
TuIIow OiI . . . . . . . . .1171.0 85.0 1493.0 945.5
Amec . . . . . . . . . . . . .899.0 35.0 1251.0 834.0
Hunting . . . . . . . . . . .656.5 15.5 817.0 592.5
LampreII . . . . . . . . . . .271.1 -6.8 395.2 254.5
Petrofac Ltd. . . . . . .1374.0 93.0 1685.0 1110.0
Wood Group (John) .573.0 18.0 715.8 383.3
Burberry Group . . . .1340.0 68.0 1600.0 871.5
PZ Cussons . . . . . . . .361.6 2.1 409.0 320.5
Supergroup . . . . . . .1059.0 69.0 1820.0 818.5
AstraZeneca . . . . . .2855.0 85.5 3385.0 2543.5
BTG . . . . . . . . . . . . . .260.5 0.9 309.7 200.1
Genus . . . . . . . . . . . . .989.5 59.5 1046.0 717.0
GIaxoSmithKIine . . .1316.5 29.0 1385.0 1127.5
Hikma Pharmaceuti .588.5 10.0 900.0 561.5
Shire PIc . . . . . . . . . .1999.0 53.0 2136.0 1405.0
CapitaI & Countie . . .167.4 4.1 203.7 128.3
Daejan HoIdings . . .2536.0 49.0 2954.0 2282.0
F&C CommerciaI Pr .102.0 0.7 108.0 88.0
Grainger . . . . . . . . . . .104.0 3.9 133.2 86.3
London & Stamford .123.2 6.8 140.0 110.3
SaviIIs . . . . . . . . . . . . .293.1 4.9 427.1 287.1
St. Modwen Proper . .129.2 5.7 196.2 123.5
UK CommerciaI Pro . .79.3 1.8 85.5 70.4
Unite Group . . . . . . . .185.4 5.2 229.8 152.9
Big YeIIow Group . . .277.0 3.5 353.3 234.2
British Land Co . . . . .515.5 16.4 629.5 464.0
CapitaI Shopping . . .332.9 10.7 424.8 312.5
Derwent London . . .1602.0 61.0 1880.0 1411.0
Great PortIand Es . . .364.7 12.1 445.0 324.7
Hammerson . . . . . . . .396.3 9.9 490.9 374.2
Hansteen HoIdings . . .79.7 0.1 89.5 64.3
Land Securities G . . .741.0 20.0 885.0 620.5
SEGRO . . . . . . . . . . . .258.9 8.0 331.3 232.4
Shaftesbury . . . . . . . .474.3 14.3 539.0 426.3
Autonomy Corporat 2515.0 -3.0 2525.0 1271.0
Aveva Group . . . . . .1590.0 83.0 1799.0 1385.0
Computacenter . . . . .390.0 3.0 490.0 284.1
Fidessa Group . . . . .1605.0 5.0 2109.0 1409.0
Invensys . . . . . . . . . . .250.0 7.4 364.3 221.7
Kofax . . . . . . . . . . . . .300.0 15.4 535.0 242.0
Logica . . . . . . . . . . . . .82.4 1.5 147.2 80.3
Micro Focus Inter . . .317.4 12.7 426.2 239.4
Misys . . . . . . . . . . . . .284.2 7.1 420.2 234.7
Sage Group . . . . . . . .254.7 6.9 302.0 231.7
SDL . . . . . . . . . . . . . . .625.5 -0.5 711.5 548.0
TeIecity Group . . . . . .570.0 7.0 574.0 430.0
Aggreko . . . . . . . . . .1892.0 59.0 2034.0 1394.5
Ashtead Group . . . . .143.6 10.4 207.9 92.5
Atkins (WS) . . . . . . . .546.0 18.0 820.0 513.5
Babcock Internati . . .619.0 18.0 733.0 513.5
Berendsen . . . . . . . . .469.9 2.9 568.0 382.6
BunzI . . . . . . . . . . . . .800.0 15.0 812.5 676.5
Capita Group . . . . . . .714.0 18.5 794.5 635.5
CariIIion . . . . . . . . . . .335.1 0.3 403.2 298.8
De La Rue . . . . . . . . .806.0 2.0 853.5 549.5
EIectrocomponents .207.0 5.9 294.9 190.0
Experian . . . . . . . . . . .705.0 19.5 833.5 649.0
FiItrona PLC . . . . . . . .348.7 11.4 385.5 227.5
G4S . . . . . . . . . . . . . . .258.2 3.3 291.0 237.7
Hays . . . . . . . . . . . . . . .74.6 2.7 133.6 69.4
Homeserve . . . . . . . .475.0 12.4 532.0 408.0
Howden Joinery Gr . .102.4 4.6 127.5 67.9
Intertek Group . . . . .1975.0 64.0 2148.0 1698.0
MichaeI Page Inte . . .358.1 3.6 567.0 349.5
Mitie Group . . . . . . . .223.9 8.3 242.5 191.2
Premier FarneII . . . . .171.5 -0.2 308.8 168.4
Regus . . . . . . . . . . . . . .77.5 8.2 119.0 64.0
RentokiI InitiaI . . . . . . .78.8 2.7 107.1 74.5
RPS Group . . . . . . . . .197.1 0.8 253.0 177.7
Serco Group . . . . . . .510.5 13.7 633.0 491.9
Shanks Group . . . . . .112.4 0.5 130.9 99.0
SIG . . . . . . . . . . . . . . .103.0 2.5 153.5 96.0
SThree . . . . . . . . . . . .240.2 4.2 447.6 236.0
Travis Perkins . . . . . .781.5 33.5 1127.0 723.5
WoIseIey . . . . . . . . .1609.0 100.0 2261.0 1353.0
ARM HoIdings . . . . . .564.5 28.5 651.0 338.9
CSR . . . . . . . . . . . . . .218.3 6.3 447.0 211.6
Imagination Techn . .342.3 17.3 502.0 296.9
Pace . . . . . . . . . . . . . .109.4 5.7 231.8 91.0
Spirent Communica .124.0 2.4 160.3 116.0
British American . .2766.5 22.0 2871.0 2282.5
ImperiaI Tobacco . .2065.0 -40.0 2231.0 1784.0
Avis Europe . . . . . . . .313.6 -0.3 313.9 184.0
Betfair Group . . . . . . .669.5 14.5 1550.0 567.0
Bwin.party Digita . . . .116.0 5.0 297.9 100.6
CarnivaI . . . . . . . . . .1979.0 112.0 3153.0 1742.0
Compass Group . . . .550.0 15.0 612.0 511.5
Domino's Pizza UK . .520.0 14.5 586.0 377.0
easyJet . . . . . . . . . . . .334.3 12.6 479.0 301.0
Enterprise Inns . . . . . .34.3 0.4 122.7 32.9
FirstGroup . . . . . . . . .355.4 4.5 412.6 311.3
Go-Ahead Group . . .1437.0 21.0 1598.0 1085.0
Greene King . . . . . . .445.4 10.5 518.0 410.0
InterContinentaI . . .1039.0 34.0 1435.0 955.0
InternationaI Con . . .162.4 6.8 305.0 155.6
JD Wetherspoon . . . .417.0 6.3 468.3 389.9
Ladbrokes . . . . . . . . .124.2 2.7 155.3 120.3
Marston's . . . . . . . . . . .94.7 2.7 117.1 87.1
MiIIennium& Copt . .410.0 1.6 600.5 402.5
MitcheIIs & ButIe . . . .226.3 9.9 361.0 216.4
NationaI Express . . .234.0 1.9 270.2 220.7
Rank Group . . . . . . . .128.0 1.4 153.7 109.5
Restaurant Group . . .271.7 0.3 335.0 254.9
Spirit Pub Compan . . .37.5 -1.5 55.0 37.0
Stagecoach Group . .252.5 7.2 268.5 180.4
Thomas Cook Group .38.1 -0.8 204.8 36.0
TUI TraveI . . . . . . . . . .143.9 6.7 271.9 137.2
Whitbread . . . . . . . .1610.0 47.0 1887.0 1409.0
WiIIiamHiII . . . . . . . . .223.1 6.2 237.3 155.5
Abcam . . . . . . . . . . . .353.0 3.0 460.0 307.0
AIbemarIe & Bond . .363.3 -0.3 400.1 242.3
Amerisur Resource . .16.8 0.8 29.0 11.5
Andor TechnoIogy . .560.0 -1.5 685.0 322.5
ArchipeIago Resou . . .78.0 -0.5 79.0 32.3
ASOS . . . . . . . . . . . .1875.0 94.0 2468.0 960.5
AureIian OiI & Ga . . . .46.0 0.5 92.0 42.5
Avanti Communicat .329.0 2.5 735.0 288.8
Avocet Mining . . . . . .280.0 -1.3 283.8 127.0
BIinkx . . . . . . . . . . . . .120.0 5.0 148.8 70.5
Borders & Souther . . .50.0 1.5 93.0 44.8
BowLeven . . . . . . . . .130.0 1.5 398.0 115.3
Brooks MacdonaId 1070.0 17.5 1372.5 907.5
Conygar Investmen . .95.5 -0.5 120.0 95.0
Cove Energy . . . . . . . .69.0 4.0 112.8 59.5
Daisy Group . . . . . . .108.0 -2.5 127.0 88.0
EMIS Group . . . . . . . .526.3 -8.8 580.0 303.5
Encore OiI . . . . . . . . . .50.0 1.8 151.5 40.8
Faroe PetroIeum . . . .159.5 9.0 218.3 133.0
GuIfsands PetroIe . . .158.3 5.0 401.5 142.5
GWPharmaceuticaI .107.6 2.6 130.0 83.0
Hamworthy . . . . . . . .554.0 10.5 705.0 334.3
Hargreaves Servic . .900.0 -6.5 1076.0 620.0
HeaIthcare Locums . .84.6 0.0 84.6 84.6
Immunodiagnostic .1100.0 48.0 1218.0 768.5
ImpeIIamGroup . . . .339.5 7.0 387.5 128.5
James HaIstead . . . . .441.5 16.5 495.0 315.0
KaIahari MineraIs . . .245.0 11.5 301.0 142.0
London Mining . . . . .338.0 5.5 436.5 260.3
Lupus CapitaI . . . . . . .92.0 2.0 150.0 83.0
M. P. Evans Group . .397.0 2.0 500.5 371.0
Majestic Wine . . . . . .412.8 7.8 510.0 309.0
May Gurney Integr . .246.5 4.0 295.0 177.0
Monitise . . . . . . . . . . . .35.3 -0.5 39.0 18.5
MuIberry Group . . . .1548.0 48.0 1920.0 366.0
Nanoco Group . . . . . . .62.0 -1.1 115.8 57.5
NauticaI PetroIeu . . .245.0 1.5 547.0 171.5
NichoIs . . . . . . . . . . . .527.0 13.5 579.0 410.0
Numis Corporation . . .98.5 -7.5 145.0 91.9
Pan African Resou . . .13.3 0.0 13.8 7.8
Patagonia GoId . . . . . .65.0 -0.8 69.8 19.5
Prezzo . . . . . . . . . . . . .61.0 2.0 71.5 47.5
Pursuit Dynamics . . .199.0 4.0 700.0 160.5
Rockhopper ExpIor .218.8 10.3 510.0 141.0
RWS HoIdings . . . . . .414.4 2.4 479.8 255.0
Songbird Estates . . .118.5 0.5 160.3 110.3
VaIiant PetroIeum . . .464.0 1.0 761.5 460.1
Young & Co's Brew . .652.5 0.0 712.0 525.0
Regus . . . . . . . . . . . . . .77.5 11.8
Ferrexpo . . . . . . . . . .383.0 8.4
Perform Group . . . . .185.0 7.9
TuIIow OiI . . . . . . . . .1171.0 7.8
Ashtead Group . . . . .143.6 7.8
Petrofac Ltd. . . . . . .1374.0 7.3
Supergroup . . . . . . .1059.0 7.0
Antofagasta . . . . . . .1329.0 6.8
GKN . . . . . . . . . . . . . .190.0 6.8
Heritage OiI . . . . . . . .221.2 6.8
Spirit Pub Company . .37.5 -3.9
Phoenix Group HoId .505.0 -2.9
LampreII . . . . . . . . . . .271.1 -2.5
RandgoId Resources6780.0 -2.3
Thomas Cook Group .38.1 -2.0
ImperiaI Tobacco G .2065.0 -1.9
RPC Group . . . . . . . .310.4 -1.4
Dairy Crest Group . . .350.0 -1.3
Devro . . . . . . . . . . . . .255.3 -1.1
EIectra Private Eq . .1370.0 -1.0
Risers FaIIers
MAIN CHANGES UK 350
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
Price Chg High Low Price Chg High Low
GILTS
AEROSPACE & DEFENCE
CONSTRUCTION & MATERIALS
ELECTRICITY
ELECTRONIC & ELECTRICAL EQ.
EQUITY INVESTMENT INSTRUM.
FINANCIAL SERVICES
FIXED LINE TELECOMS
FOOD & DRUG RETAILERS
FOOD PRODUCERS
FORESTRY & PAPER
GAS, WATER & MULTIUTILITIES
GENERAL RETAILERS
HEALTH CARE EQUIPMENT & S.
HHOLD GDS & HOME CONSTR.
INDUSTRIAL ENGINEERING
INDUSTRIAL TRANSPORTATION
MEDIA
LIFE INSURANCE
PERSONAL GOODS
PHARMACEUTICALS & BIOTECH
REAL ESTATE INVEST. & SERV.
SOFTWARE & COMPUTER SERV.
SUPPORT SERVICES
TECHNOLOGY HARDW. & EQUIP.
TOBACCO
TRAVEL & LEISURE
AIM 50
NON LIFE INSURANCE
REAL ESTATE INVEST. TRUSTS
http://corporate.webfg.com
mailto:
globaltechsales@webfg.com
AUTOMOBILES & PARTS
BANKS
ALTERNATIVE ENERGY
CHEMICALS
BEVERAGES
GENERAL INDUSTRIALS
MOBILE TELECOMS
OIL & GAS PRODUCERS
OIL EQUIPMENT & SERVICES
MINING
NONEQUITY INVESTM. COMM.
Tsy 3.250 11 . . . . .100.57 -0.01 103.3 100.6
Tsy 5.250 12 . . . .103.50 -0.02 107.9 103.5
Tsy 9.000 12 . . . .107.30 -0.32 115.4 106.7
Tsy 5.000 12 . . . .102.21 -0.02 106.5 102.2
Tsy 4.500 13 . . . .105.86 -0.05 108.9 105.8
Tsy 2.500 13 . . . .284.47 -0.10 287.7 277.5
Tsy 8.000 13 . . . . .115.04 -0.10 121.0 115.0
Tsy 5.000 14 . . . . .112.40 -0.11 114.1 109.2
Tsy 7.750 15 . . . .102.25 0.00 342.1 102.0
Tsy 4.750 15 . . . . .114.48 -0.10 114.8 108.6
Tsy 8.000 15 . . . .128.68 -0.11 131.3 123.7
Tsy 2.500 16 . . . .338.13 -0.07 340.9 310.2
Tsy 4.000 16 . . . . .112.95 -0.07 113.2 104.9
Tsy 1.250 17 . . . . .113.60 0.03 115.0 106.7
Tsy 8.750 17 . . . .140.92 -0.01 142.1 132.9
Tsy 12.000 17 . . .125.34 0.00 185.9 124.8
Tsy 5.000 18 . . . .120.57 -0.01 120.8 109.7
Tsy 4.500 19 . . . . .117.99 0.13 118.2 105.4
Tsy 3.750 19 . . . . .112.39 0.16 112.5 99.4
Tsy 2.500 20 . . . .350.26 0.15 355.6 312.4
Tsy 4.750 20 . . . . .119.99 0.15 120.2 106.6
Tsy 8.000 21 . . . .150.39 0.11 150.5 133.8
Tsy 1.875 22 . . . . .121.11 0.00 122.8 111.3
Tsy 4.000 22 . . . . .112.97 0.04 113.1 99.0
Tsy 2.500 24 . . . .310.71 0.08 316.1 273.5
Tsy 5.000 25 . . . .123.21 0.06 123.4 107.4
Tsy 1.250 27 . . . . .115.94 0.17 118.3 104.6
Tsy 4.250 27 . . . . .113.20 0.11 113.4 97.9
Tsy 6.000 28 . . . .137.22 0.12 137.5 119.5
Tsy 4.125 30 . . . .293.92 -0.06 299.8 261.2
Tsy 4.750 30 . . . . .119.31 0.05 119.6 103.0
Tsy 4.250 32 . . . . .111.81 -0.05 112.2 96.0
Tsy 4.250 36 . . . . .110.87 -0.17 111.5 95.0
Tsy 4.750 38 . . . . .119.81 -0.20 120.5 102.8
Tsy 4.500 42 . . . . .113.35 0.00 114.3 98.9
% %
Wealth Management
I
TS probably fair to say that 3D is a
technology thats still finding its feet.
Hollywood is finding that its efforts
to release more and more of its
biggest films in 3D are no longer being
received so enthusiastically by audiences,
though it would help if it didnt insist on
using the technology in such mind-numb-
ing, CGI-enhanced ways. Films like auteur
director Werner Herzogs Cave of
Forgotten Dreams, which took us in 3D
into the Chauvet Caves, home to the earli-
est known cave paintings, can be spell-
binding in completely new ways.
A more exciting prospect at the moment
is sports broadcasting the BBC broadcast
Wimbledon in 3D for the first time, and
London 2012 is set to be the first Olympic
Games to be seen in three dimensions by
people who arent actually at events.
There are plenty of 3D TVs on the mar-
The German companys latest
TV mixes great visuals and cool
design, says Timothy Barber
Lifestyle | Technology
Loewe raises
the bar for
3D television
NICK
BOOTH
TECH TALK
Keep football
safe from the
stats bores
F
OOTBALL magazine FourFourTwo has
launched Stats Zone, which will change
the way you watch football. For the
worst, if you ask me. I cant stand the
kind of name tag and goody bag corporate
football fan who spends all game staring at
his iPhone working out pass rates and pos-
session percentages. If you think football is
about stats and bragging rights (ie mar-
keting) this is for you.
I have similar doubts about
Sharethematch. None of the developers, I
suspect, has ever had any stitches in his
face or played through a groin injury. Still,
many fans certainly will enjoy sharing pho-
tos and videos during a game and down-
loading information.
If we cant keep the armchair stats-
bores out of football, we might as well
exploit them. How about creating a mobile
app version of FIFA 2011, only with fag-
puffing, overweight, know-it-all Sunday
league footballers, who trap a ball further
than they can kick it?
Mobile games developer Neon Play will
develop your game if you can convince
them theres money in it. Oli Christie, CEO,
offers this advice. It has to be unique and
very simple. The mantra for a successful
game is Easy to play, but a challenge to
master.
Search the AppStore to make sure no-
ones already done it. Youll need a designer
and a programmer. T
The UK developers will be too expensive
and busy, or beginners going for a bit of on-
the-job training. Indian and Ukrainian pro-
grammers are good and affordable, but,
well, good luck with managing them.
You could try Game Salad, a programme
that lets you create your own game, but
has its limitations. Focus on Apple first and
Android later.
Dont quit your day job though nobodys
made a profit on an app since Angry Birds,
and probably never will. But a good app
will get you headhunted by a talent scout,
or win you a new client.
Now promote it like bejeebers on
Facebook and Twitter, with a promo video
for YouTube.
As Matt Smith says on the ITV footie
coverage: its all about bragging rights.
Nick Booth is the editor of www.mobbed-
online.com and www.mobileb2b.co.uk.
B
EARING in mind that mechanical
watches have followed the same engi-
neering principles for centuries,
horology may not seem like an area
for frontline, this-is-the-future engineering.
Wrong. Take, for instance, the Advanced
Research Unit at Patek Philippe, which is
doing very remarkable things indeed with
very tiny components, using materials
more commonly associated with cutting-
edge medical technology. Deep Reactive Ion
Etching (DRIE) is a way of producing multi-
ple identical components made of silicon,
the 14th element. Silicon (not silicone,
Jordan fans) is lighter, harder and stronger
than metal, and can be formed into high-
ly unlikely shapes for very tiny parts.
Take the bowtie-shaped module
pictured its the balance wheel
for a watch, the element which
combines with the hairspring to gov-
ern the frequency of a timepiece.
Naturally, balance wheels are normally
wheel-shaped; but thanks to silicon, Patek
has been able to create a balance wheel Above, Patek Philippes new Ref 550P watch.
The tiny part thats big news for Patek
ket now, but some are rather more worth-
while investments than others.
One of the newest and most impressive
so far is the Individual Compose 3D from
Loewe the richness, depth and smooth-
ness of its 3D visualisation is pretty
superb. Loewe may be later to the party
than some companies, but its clearly been
spending the time getting the best out of
its R&D team.
The German company has been produc-
ing top-notch tellies forever and a day
(well, since 1923, to be precise), these days
with a speciality in noticeably sleek, mini-
malist designs.
Speaking of which, one of the cool
aspects of the Individual Compose is that
you can customise its look to suit your
room. Its chrome silver inlay comes as
standard, but you can swap this for high-
gloss black, ebony, light oak and other
options for a little extra cost.
The TV comes in 32 inch, 40 inch, 46
inch and 55 inch versions, at prices
between 2,650 and 4,800.
www.loewe-uk.com
with a far more streamlined form, aug-
mented by miniscule gold weights distrib-
uting weight away from its centre.
That means it uses up a lot less
energy than a normal balance
wheel, and that means important
improvements for Patek Philippe.
Its part of an assembly called
Oscillomax, comprising the most impor-
tant inner-parts of the watch, that may well
change watch-making as we know it.
Such is the painstaking detail of the
Advanced Research Units work that itll be
10 years before Oscillomax is found in a
wide selection of Patek pieces, but for now
its in a limited edition perpetual calendar,
Ref 550P. Due to the Oscillomax mechanics,
the watchs power reserve is increased from
48 hours to 70 hours meaning you can
leave it for the weekend and itll still be run-
ning on Monday morning.
Add to that the improved reliabilty, dura-
bility and accuracy silicon can afford, and
youve got a lot of reasons why such tiny
parts mean a revolution in watches.
Y
OUR gay friends are probably all
glued to it. Well as of today, Grindr
the hookup app that changed the
whole way the gay community
finds love, sex and quite often friendship
has a social, non-sexual counterpart,
called Blendr.
Joel Simkhai, the diminutive, Israeli-
born founder of Grindr, insisted to me
over coffee at a Bloomsbury that the new
app, long-referred to as Project Amicus, is
not primarily sexual, but social.
And I think he might be right. Heres
how it works: like Grindr, its a location-
based app. Unlike Grindr, members
upload profile information beyond body
parts, from languages spoken to colleges
attended. Therefore, this is a truly effi-
cient way to meet people who share sim-
ilar interests and who are actually in the
same place as you. At a bar and want a
fellow fan of a particular football team?
New social app from Grindr makers
Look on Blendr and find a friend. Sitting
in a coffee shop and need help translat-
ing a tricky article in French? See if
theres a native French speaker huddling
at the next table, also on Blendr.
In an age of multi-dimensional hyper-
connectivity, Blendr is the natural
but ingenious next step.
What about Facebook Places?
Simkhai says that Facebook is
about closed networks of friends,
while Blendr is about open networks.
Hes right.
Perhaps the thing that really makes
Blendr a useful social tool rather than
a sexual one is the check-in to venues,
where you can browse how many others
are at those venues, and determine
whether to venture to the trending hot
spot or not. Lest you worried about losing
out on other key networks, Blendr allows
users to share and update their Blendr
activity on Facebook, Twitter and
Foursquare. Phew.
Available from today on the
iTunes store. Free.
Zoe Strimpel
Joel Simkhai: app
mastermind.
bringing attention back to the novel for
those of us who didnt experience the
classic 1970s BBC series with Alec
Guinness (or this years exhaustive Radio
4 adaptation with Simon Russell Beale),
Hodder has released a special edition.
The plot hinges on the discovery of a
secret agent in the highest echelon of
intelligence, known as the Circus.
British agent Ricki Tarr discovers,
through an affair with the wife of a
Moscow Centre intelligence officer, that
theres a high-ranking Soviet mole within
the Circus, the elite echelon of British
intelligence. Once alerted, spy boss Lacon
enlists Peter Guillam and retired agent
George Smiley to investigate without
Circus leadership finding out.
Smiley, who seems breathtakingly
ordinary, is recalled from forced retire-
ment and shows, once again, that he is
anything but. Spying on spies is never
going to be straightforward, but this
labyrinthine novel is well-managed
and fluent as it pits Smiley against
his Cold War rival Karla, in what is
surely one of the great struggles in
all 20th century fiction.
Like so much other Le Carre, this
book is like a racehorse: fast-paced,
good pedigree, incredibly lean and
very well put together.
PORTRAIT OF A SPY
BY DANIEL SILVA
Harper Collins, 20
hhhhi
by Zoe Strimpel
Moving forwards 30 years, Israeli-born
Gabriel Allon is one of the great spy char-
acters in modern times, something of a
fusion of James Bond and Jason Bourne;
consequently Allon books by former
Middle East foreign correspondent Daniel
Silva are frequent New York Times best-
sellers. Allon is unique, however: intense-
ly brave and suave in all matters of
intelligence, yes, but obsessed with all
things beautiful hes a master art restor-
er as well as a spy.
In this, the 11th Allon story, Gabriel
and his beautiful Venetian wife (what
other type is there for a spy) visit London
for a pleasant weekend only to bear wit-
ness to a suicide attack. Haunted by his
failure to stop the massacre of innocents,
Gabriel returns to his isolated cottage on
the cliffs of Cornwall, until a summons
brings him to Washington and he finds
himself at the heart of the war on global
terror.
At the centre of the threat is an
American-born cleric in Yemen to whom
Allah has granted a beautiful and seduc-
tive tongue. Gabriel and his team devise
a daring plan to destroy the network of
death from the inside, and its risky, to say
the last. Gabriels bloody past comes to
the fore as he forms a dangerous alliance
with a reclusive Saudi heiress and art col-
lector, the daughter of an old enemy.
Cutting between the corridors of power
in Washington, to the glamorous auction
houses of New York and London, to the
terrifying expanse of the Saudi desert, the
books imagery is rich and tense, and the
final twist will leave you haunted long
after you put the book down.
Oh my, Darling: the former
chancellor aims for Brown
Worst of times:
Brown and Darling
together.
Picture: PA
Alistair Darlings
account of his torrid
time at the top will
prove to be a difficult
read for the last
Prime Minister
BACK FROM THE BRINK
BY ALISTAIR DARLING
Atlantic, 19.99
hhhii
by Marc Sidwell
Its not the economy, stupid. The reason to
read Alistair Darlings account of his time
as chancellor of the exchequer is to see
exactly how far in he chooses to stick the
knife. Happily, his autopsy of the Gordon
Brown years at times seems almost glee-
fully brutal, especially as he confirms that
Brown tried to sack him in 2009 and
replace him with Ed Balls. As Darling puts
it: Fighting economic and financial fires
was the easy bit of the job. I was tired of
the atmosphere of feuding and the perpet-
ual sniping. In closing, he adds that
Brown seemed to have no conception of
the effects of his sometimes appalling
behaviour on those close to him, or of the
political damage his way of operating
indirectly, through a cabal could cause.
Still, however entertaining this sort of
political drive-by is to witness, it shouldnt
allow Darling to distract attention from
his own culpability for the economic deci-
sions made in that period, notably intro-
ducing the 50p tax rate. In the one page
that addresses this issue, he tries to shift
all the blame onto Brown. That wont do.
The change took place on Darlings watch,
and he chose not to stand up against it in
public. When he admits the negative
message we were sending out on aspira-
tion contradicted everything we had
argued for over the past fifteen years, it
was a message he agreed to deliver.
But for the real value of this book, leaf
straight to the index, where under Brown,
Gordon you will find the gory details of
discontent among cabinet members and
leadership challenges; divisions over
economy between Darling and; and
wanting to remove Darling from chancel-
lorship and decision to let him stay.
Enjoy.
TINKER, TAILOR, SOLDIER ,
SPY
BY JOHN LE CARRE
Sceptre, 7.99
hhhii
by Zoe Strimpel
This classic 1974 spy novel star-
ring intelligence expert
George Smiley the first
in the Karla Trilogy
has just been
released as a film
starring Gary
Oldman and
Colin Firth and
has earned rave
reviews at the Venice
Film Festival. Its Le
Carres masterful handling
of the intersection between
British reserve and real danger that
drives the discerning thriller-lovers
to distraction. Now that the film is
Lifestyle | Books
CITYA.M. 8 SEPTEMBER 2011 32
THE SENSE OF AN ENDING, JULIAN
BARNES (Jonathan Cape)
The only novella on the list: but
just because its small doesnt
mean it isnt powerful. This is
City AMs pick of the bunch:
British icon Barnes has dished
up a book so terse in ideas,
heavy in impressions and unre-
lenting in theme that youll be left scratching
your head and craving more in equal measure.
CANONGATE, CAROL BIRCH
(Jamrachs Menagerie)
The 11th novel from the author
of the Naming of Eliza Quinn,
this historical novel features a
compelling narrator and sets
out its diverse wares in the
murky alleys and waterways
of 19th century Wapping.
Based on the real-life sinking of the whale-
ship Essex in 1820, it meanders down numer-
ous other paths with great intelligence and
art.
THE SISTERS BROTHERS, PATRICK
DEWITT (Granta Books)
The second novel from sallow
Canadian Patrick de Witt, this
is a literary cowboy book of
sorts, set in the gun-happy
landscape of the 1850s
Californian gold rush. The odd
title refers to the brothers Eli and
Charlie Sisters, instructed by their boss to
hunt down and kill one Hermann Kermit
Warm. Full of the hostilities of life, as well as
its good and funny moments.
SERPENTS TAIL, ESI EDUGYAN
(Half Blood Blues)
An unusual book about Afro-
German experience, focusing on
Hiero, a superbly gifted jazz
trumpeter whose band, the
Hot Time Swingers, are forbid-
den from playing live in late
1930s Berlin because the
Nazis have banned such degenerate music.
Hiero and fellow African American bannd-
mates Sid and Chip move to Paris and go into
hiding when the Nazis occupy.
PIGEON ENGLISH, STEPHEN KELMAN
(Bloomsbury)
A debut novel based on the
story of Peckham schoolboy
Damiloa Taylor, this wildly
impressive book tells the tale
of Harrison Opuku, newly
arrived from Ghana with his
mother and older sister.
Author Kelman is a former (redundant) coun-
cil worker.
SNOWDROPS, A D MILLER
(Atlantic Books)
Another debut novel, AD
Millers dark psychological
drama unfolds over the course
of one Moscow winter.
Snowdrop refers to a dead
body found under the ice
when the city thaws the Moscow of this
book is lawless, murderous and corrupt.
Riveting stuff.
THE MAN BOOKER PRIZE SHORTLIST
T
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TORCHWOOD: MIRACLE DAY
BBC1, 9PM
The Torchwood members find
themselves forced to strike a bargain
with the devil himself. Mekhi Phifer,
Eve Myles and John Barrowman star.
ADOPTING ABROAD: SAIRAS
STORY BBC2, 9PM
After she and her husband are
approved as potential adoptive
parents, Saira Khan flies alone to
Karachi to meets her new daughter.
RED OR BLACK?: RESULTS
ITV1, 9.30PM
The two remaining finalists compete
for the chance to win 1million by
correctly guessing red or black on the
spin of a wheel. Ant and Dec host.
BBC1
SKY SPORTS 1
4pmLive US Open Tennis 10pm
Ronaldo Tested to the Limit
11pmPremier League World
11.30pmWhats Your Goal? 12am
Live US Open Tennis 4amATP
Tour Uncovered 4.30amPremier
League World 5am-6amRonaldo
Tested to the Limit
SKY SPORTS 2
7pmWhats Your Goal? 7.30pm
Premier League World 8pm
Ronaldo Tested to the Limit 9pm
Ringside 10pmWWE: Late Night
Raw12amWWE: NXT
1am-4.30amLive NFL
SKY SPORTS 3
7pmNRL Fulltime 7.30pmLive
Championship Rugby League
9.30pmSuper Leagues Supermen
10pmLive Poker 12amRingside
1amNRL Fulltime 1.30am
Championship Rugby League
3.30amSuper Leagues
Supermen 4amWhats Your Goal?
4.30amAmericas Cup Uncovered
5am-6amBadminton
BRITISH EUROSPORT
6.50pmMotoGP 7.50pmCycling:
Vuelta a Espana 9pmLive Cycling
10.30pm-12.30amSnooker
ESPN
5.30pmDarts 8.30pmLive
Football 10.30pmGoal! 11pm
UFC: The Ultimate Fighter 12am
Goal! 12.30amESPN Press Pass
1amLive College Football 4am
UFC: The Ultimate Fighter 5am
ESPN Press Pass 5.30am-6am
Goal!
SKY LIVING
7pmCriminal Minds 8pmTeen
Wolf 9pmBritain & Irelands Next
Top Model 10pmPushy & Proud:
Pamper Parlour Mums 11pm
Criminal Minds 12amClaire
Richards: Slave to Food 1amCSI:
Crime Scene Investigation
2.40amMaury 3.30amNothing
to Declare 4.20amCharmed
5.10am-6amJerry Springer
BBC THREE
7pmTop Gear 8pmDont Tell the
Bride 9pm9/11 Conspiracy Road
Trip 10pmEastEnders 10.30pm
Lee Nelsons Well Good Show
11pmFamily Guy 12.10am
Wilfred 12.30am9/11 Conspiracy
Road Trip 1.30amLee Nelsons
Well Good Show2amReal Hustle:
New Recruits 2.30amDont Tell
the Bride 3.30amSex, Lies and
Gagging Orders 4.25am-5.25am
Dont Tell the Bride
E4
7pmHollyoaks 7.30pmHow I Met
Your Mother 8pmThe Big Bang
Theory 8.30pmPerfect Couples
9pmHow I Met Your Mother
9.30pmHappy Endings 10pm
Hollyoaks Later 11.05pmChris
Moyles Quiz Night 11.55pmThe
Big Bang Theory 12.55am
Hollyoaks Later 1.50amScrubs
2.40amHow I Met Your Mother
3.05amReaper 3.45amGlee
4.30am-6amSwitched
HISTORY
7pmMaya: Rivals in the Jungle
8pmPawn Stars 8.30pm
American Restoration 9pm
Storage Wars 10pmMaking the
9/11 Memorial 11pmDeep Sea
Salvage 12amPawn Stars 1am
Making the 9/11 Memorial 2am
Deep Sea Salvage 3amMaya:
Rivals in the Jungle 4amPawn
Stars 4.30amStorage Wars
5am-6amAncient Discoveries
DISCOVERY
7pmMythbusters 8pmRising:
Rebuilding Ground Zero 9pmIce
Pilots 10pmDeadliest Catch 11pm
Surviving the Cut 12amBear
Grylls 1amIce Pilots 2am
Deadliest Catch 3.50amMutant
Planet 4.40amHow the Universe
Works 5.30am-6amDestroyed in
Seconds
DISCOVERY HOME &
HEALTH
7pmFrom Here to Maternity 8pm
19 Kids and Counting 9pmI Didnt
Know I Was Pregnant 10pmIm
Pregnant and HIV Positive
10.30pmIm Pregnant and A
Drug Dealer 11pmHospital
Emergency 12amI Didnt Know I
Was Pregnant 1amIm Pregnant
and HIV Positive 1.30amIm
Pregnant and A Drug Dealer 2am
Hospital Emergency 3am19 Kids
and Counting 4amA Baby Story
5am-6amTest Tube Babies
SKY1
7.30pmFuturama 8.30pmThe
Simpsons 9pmTrollied 9.30pm
Wall of Fame 10pmA League of
Their Own 11pmTrollied 11.30pm
Law & Order 12.30amBig Trouble
in Thailand 2.15amJustin Lee
Collins: High Diver 3.05amLaw &
Order 4.45amThe Filth Files
5.10am-6amBeauty School
BBC2 ITV1 CHANNEL4 CHANNEL5
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&
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B
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TVPICK
6pmBBC News
6.30pmBBC London News
7pmThe One Show
7.30pmEastEnder; BBC News
8pmWatchdog
9pmCHOICE Torchwood:
Miracle Day
10pmBBC News
10.25pmRegional News
10.35pmQuestion Time 9/11
Special
11.35pmFILMThe Unbearable
Lightness of Being: 1988; Holiday
Weatherview2.25amSign Zone:
Gerry and the GPs Panorama
2.55amSign Zone: Countryfile
3.55amSign Zone: Food Fighters
4.40am-6amBBC News
6pmEggheads
6.30pmReel History of Britain:
The lives of Welsh miners in the
1930s.
7pmLive Athletics: The
Diamond League meeting from
Zurich.
9pmCHOICE Adopting
Abroad: Sairas Story.
10pmMock the Week
10.30pmNewsnight; Weather
11.20pmThe Conspiracy Files
9/11 Ten Years On
12.20amThe Tudors: Henry is
troubled by visions.
1.15amBBC News 4.40am-6am
Close
6pmLondon Tonight
6.30pmITV News
7pmEmmerdale
7.30pmWhat Price Justice?:
Tonight
8pmRed or Black?
9pmCoronation Street
9.30pmCHOICE Red or
Black?: Results
10pmITV News at Ten
10.30pmLondon News
10.35pmThe Jonathan Ross
Show: 11.35pmStrictly Kosher
12.35amThe Zone; ITV News
Headlines 2.35amBritish Touring
Car Championship Highlights
3.50am-5.30amITV Nightscreen
6pmThe Simpsons
6.30pmHollyoaks
7pmChannel 4 News
7.55pm4thought.tv
8pmCountry House Rescue
9pmThe Killing
10pmUndercover Boss USA
11.05pmSeven Dwarves
12.05amMusic on 4: Laura
Marling Special
12.25amMusic on 4: Hollyoaks
Music Show12.50amMusic on 4:
4Play: Penguin Prison 1.05am
Music on 4: Sounds from the Cities
1.30amFILMBasic: 2003. 3.05am
Brothers & Sisters 3.50am
Smallville 4.30amCountdown
5.15am-6.10amCookery School
6pmHome and Away
6.25pmOK! TV
7pm5 News at 7
7.30pmMeerkat Manor;
5 News Update
8pmNew Cowboy Builders;
5 News at 9
9pmCelebrity Big Brother:
Live Final
11pmCelebrity Big Brothers
Bit on the Side
12amSuperCasino
3.55amChinese Food in Minutes
4.10amNew Cowboy Builders 5am
Rough Guide to Cities 5.10am
Wildlife SOS 5.35am-6amHouse
Doctor
1 2 3 4 5
6
7 8
9 10
11
12
13 14
15
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17
18 19
18 11
10 11
13 5 23
11 20
33 7
45
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41
21
6
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27
9
39
4
13
10
26
5
10
9
29
10
15
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 Economises (5)
4 Boat built by Noah (3)
6 Green salad
vegetable (5)
7 Consumer (5)
9 Distinguished (7)
11 Just right (7)
13 Prisoner held as a
form of insurance (7)
15 Cheerio (7)
16 Pools (5)
17 Lively ballroom dance
from Brazil (5)
18 Colouring agent (3)
19 Connections (5)
DOWN
1 Drowsy (6)
2 Sloping mass of
loose rocks at the
base of a clif (5)
3 Send (payment) (5)
4 Find out (9)
5 Held back (4)
8 Blue-green colour (9)
10 Star Treks original
Doctor (5)
12 Against (6)
13 Atomic exploding
device (1-4)
14 Floral leaf (5)
15 Framework (4)
L
M
I
L
N O
E
D
A

4

4

R I G I D S A C K S
O R I M P E U
T S A R S E L L I S
O W N H E L H
R E T R E A D O B I
E V C R
N T H E L A S T I C
O A L M O A R
S W I R L E X T R A
E R E A R E Z
D O S E D A D D L E
6 2 3 9 7 8 9
8 3 1 8 9 3 6
9 8 6 8 9 7
4 1 3 5 2 4 1
1 8 6 3 6 8
3 1 5 6 2 4 8 9 7
1 4 2 1 2 7
9 7 8 4 1 2 9
5 9 2 6 3 7
1 2 1 3 7 5 8
2 3 3 8 9 1 6
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter word was
CURIOSITY
Lifestyle | TV&Games
I
N the autumn of 2003 an
England squad jetted off Down
Under, marshalled by Martin
Johnson, then captain, and pro-
pelled by the unerring boot of one
Jonny Wilkinson, on a mission to
bring back the Webb Ellis Cup.
Eight years on and the countrys
hopes of repeating that famous World
Cup triumph in another southern
hemisphere setting will again rest in
no small part on the Johnson-
Wilkinson axis, albeit now with the
former as manager.
Yet they departed last week amid a
climate of increasing scepticism and
anxiety, the confidence and momen-
tum that Johnson had amassed over
the past year seeming to recede a little
more with every passing day.
FLUENCY
Warm-up performances have been
patchy and injuries have taken their
toll, with captain Lewis Moody out of
Saturdays first fixture against
Argentina, at the very least, having
battled a knee injury for much of
2011.
A nascent fluency among a youth-
ful back section has recently faltered,
with injuries restricting the involve-
ment and hampering the form of the
likes of scrum-half Ben Youngs and
wing Chris Ashton.
Full-back Ben Foden, too, has gone
off the boil while fly-half Toby Flood,
whose Leicester half-back partnership
with Youngs seemed set to flourish in
the Test arena, finds himself displaced
by Wilkinson.
But it would be hasty to write off
England yet. To do so would be to
ignore their undeniable backs-against-
the-wall grit, as witnessed during the
improbable run to the final in France
four years ago.
It would also disregard the obvious
improvements seen since the summer
of 2010, when Johnsons youthful side
achieved a watershed victory over
Australia in Sydney.
CATAPULTED
They followed that with a resounding
defeat of the Wallabies in the
autumn, albeit amid losses to New
Zealand and South Africa, and a first
Six Nations title since 2003 earlier this
year.
The question now is: can Johnson
go one better? This World Cup will
answer that and more and it is noth-
ing less than a pivotal tournament for
both him and Wilkinson.
For the latter, now 32, it surely rep-
resents one last opportunity to shine
at the tournament which catapulted
him to Beckham-like fame and
could even mark his final acts as an
England player.
For Johnson, it is his biggest chal-
lenge since taking the reins more
than three years ago; a chance to
prove beyond doubt that the last 12
months have not been a false dawn
and that he is the right man to lead
England when the tournament comes
to these shores in 2015.
England look to take
ENGLAND
Time for manager Martin Johnson to
prove a year of improvements has not
been a false dawn, says Frank Dalleres
Martin Johnson took charge in sum-
mer 2008. His overall record is:
P 33; W 17; L 15; D 1; Win % 53.03
Key stats:
Tries 60; Conversions 46; Penalties 84;
Drop goals 11
Results by home/away:
Home: P 21; W 13; L 8; D 0
Away: P 12; W 4; L 7; D 1
Results under Johnson by captains:
Lewis Moody: P 7; W 3; L 4 D 0
Mike Tindall: P 6; W 5; L 1; D 0
RECORD | JOHNSONS ENGLAND REIGN
POOL B | THE OTHERS
Lowdown
The surprise package in France four
years ago, Argentina are unlikely to be
underestimated this time around.
Santiago Phelan has crafted a side that
is more than just a powerful scrummag-
ing unit, with full-back Martin Rodriguez
one of several talented youngsters.
Phelan believes he will have his
strongest possible team available for
Saturdays crunch opener against
England, although that is of course with-
out injured fly-half Juan Martin
Hernandez, one of the stars of their run
to the semi-finals in 2007.
Key matches
v England, 10 September, 9:30am
v Scotland, 25 September, 9:30am
ARGENTINA
Lowdown
Scotland might not have a Scottish
coach these days but Georgia do in
Richie Dixon, who coached his homeland
in the 1990s before being sacked by
Murrayfield chiefs making for a clash
between the two teams laced with sub-
plots. Dixon leads the former Soviet
state into their third successive World
Cup, although they are yet to make it
past the pool stage. Much of the former
Scotland B players squad have forged
their club careers in France, including
lock Mamuka Gorgodze, who was
recently voted best overseas player
across the Channel.
Key matches
v Romania, 28 September, 7:30am
GEORGIA
Lowdown
The rank outsiders in this pool, Romania
look set to vie with Georgia for the
wooden spoon. Former centre Romeo
Gontineac coaches a team that includes
one of Europes leading hookers,
Perpignans Marius Tincu.
Key matches
v Georgia, 28 September, 7:30am
ROMANIA
Sport | Rugby World Cup Preview 34 CITYA.M. 8 SEPTEMBER 2011
STAR MAN
Manu Tuilagi: The Samoa-born
Leicester centre has been the discovery
of 2011 and looks set to form a key
partnership with Mike Tindall, despite
having just two caps to his name.
SCOTLAND are protecting a proud tra-
dition of having never failed to qualify
for the knockout stages of the World
Cup, but the physically demanding
nature of their schedule is likely to
threaten that record.
For a coach as meticulous as Andy
Robinson it would seem he has taken
a gamble by arriving in New Zealand
on the back of just two warm-up
matches against Ireland and Italy.
Moreover, the Scottish squad were
the last team to arrive and have been
afforded less than 72 hours to prepare
for two must-win games against oppo-
nents, Romania and Georgia, who
compensate for their lack of technical
skills with aggressive intensity.
The same could be said of Scotland,
though Robinson has attempted to
add a more aesthetic quality to their
game, with the athletic centre Joe
Ansbro providing some much needed
thrust and invention to the midfield.
That said, if Scotland are to cause a
stir against the All Blacks, their poten-
tial quarter-final opponents, they will
surely revert to a territorial based
approach which helped them shock
South Africa in November.
E
NGLAND have had some diffi-
cult moments in the build-up to
this World Cup but I think they
should be fairly happy as they
prepare to get their tournament
underway tomorrow in Dunedin.
There have been injuries, but not
too many, and results in warm-up
matches those games that matter
but not really are always tricky and
should not be over-analysed.
But more than that, the last few
weeks have seen two massive positives
arrive in the re-emergence of Jonny
Wilkinson and the extraordinary
promise of Manu Tuilagi.
Jonny is deservedly back in front of
Toby Flood in the fly-half pecking
order. Its fascinating to see Wilkinson,
who has played so well at Toulon, con-
trol and win a game. Flood is a good
kicker but there is no-one in the
world at delivering at crucial
moments like Jonny.
The hype round
Tuilagi, meanwhile,
is absolutely justi-
fied and it
would not
surprise me
if he
turned out
to be the
player of the
tournament.
He is young
but already a
hulk of a man,
quick and skilful. He
has brought a com-
pletely new dimension to Englands
play and although I didnt think his
centre partnership with Mike Tindall
would work, it definitely has so far.
A slight negative is the unavailabili-
ty of Lewis Moody against Argentina.
There is no-one else like him any-
where; he is Mad Dog and gets out
there and leads by example. Having
said that, England can play without
their regular captain, as they have
shown this year.
Johnson has got his squad about
right, in my opinion. I was surprised
to see Riki Flutey miss out but, for
fringe players, much rests on versatili-
ty and Matt Banahan offers options on
the wing as well as midfield. Three
scrum-halves are probably necessary
and Richard Wigglesworth has come
through very well indeed.
England have the ability to play a
wide game, as they did at times in the
Six Nations and in Australia last year.
But I dont think they are massively
comfortable playing that way from
anywhere. I expect theyll play a very
powerful game with Tuilagi,
and a very controlled one
they have forwards
who can really batter
the opposition.
My tip for glory is
New Zealand, if only to
heap more pressure on
the hosts. But with
Wilkinson, a great back
three, Tuilagi coming
through, power in
the pack and a World
Cup winner as man-
ager, England look a
good outside bet.
Kyran Bracken
was speaking cour-
tesy of GamePlan
Solutions: Managing
high profile and popu-
lar sport stars; speakers,
leaders, motivators and
a m b a s s a d o r s
www. gamepl ansol u-
tions.co.uk
False start not an
option for Scots
world by storm
BY JAMES GOLDMAN
SCOTLAND
Lock Gray only made his debut in February 2010 Picture: ACTION IMAGES
Plenty to cheer in emergence of Tuilagi
and return to spotlight of Wilkinson, says
former England scrum-half star
RUGBY UNION COMMENT
KYRAN BRACKEN
STAR MAN
Richie Gray: Despite his relative inex-
perience the easily recognisable and
imposing lock is the key man in
Scotlands lineout and is an underrated
weapon in the loose.
Punter | Rugby World Cup Betting
W
ILL hosts New Zealand final-
ly manage to shake off their
underachiever status at the
2011 World Cup? An entire
nation of devoted rugby union fans
expect them to go all the way and lift
the Webb Ellis Cup for the first time
since the inaugural tournament in
1987 and its a view shared by the
bookies. The All Blacks are a best-
priced 4/6 outright and, for me, thats
too short for a side that will be under
more pressure than they have ever
experienced in the quadrennial con-
test.
On paper, Richie McCaws men are
the best team in the tournament and
have been for the last few years. But
this is a familiar scenario exactly
the same compliment could have
been paid to the class of 2007. While I
wouldnt take the 11/8 for New
Zealand not to win the World Cup
there are better value bets based on
the All Blacks performance than
backing them to win at odds-on.
PROLIFIC
Not having won the World Cup for 24
years has not stopped the side being
by far the most prolific in terms of
tries scored. In their 30 World Cup
matches since 1987, the All Blacks
have crossed the try line no fewer
than 189 times, 62 more than
Australia, their closest rivals.
Forty-six tries were scored in their
four pool matches in 2003. Thats an
impressive tally, and while some may
argue that South Africa and Australia
perhaps have easier groups this year,
neither is able to boast quite as many
talented and creative players as the
All Blacks. Get on New Zealand to be
the top try-scoring team at 11/10 with
Boylesports, which is offering to
refund bets on top try-scoring team
or top tournament try-scorer (on any
Tri or Six Nations team) if New
Zealand fail to make the final.
England have an outside chance
despite an apparent lack of creativity
in Martin Johnsons squad selection
and a frustratingly inconsistent build-
up. The current crop is undoubtedly
more talented than the side that
reached the final four years ago in
France. With standout players like
Courtney Lawes and Chris Ashton
among them, topping Pool B should
be fairly straightforward as long as
they can perform closer to the level
which saw them beat Australia last
November than that in defeat to
Wales last month.
PROFIT
Taking top spot in the group is likely
to set up a quarter final with France
a side that England have beaten in
the last two World Cup semi-finals
and in three of the last four meet-
ings so back the Red Rose to reach
the semi-finals at 5/4 with Paddy
Power. A spread market that particu-
larly appeals is a buy of yellow cards
at 38 with Sporting Index. Thirty sin-
bins dished out in 2003 and 35 in
2007 shows an upward trend, while
referees have been told to take a hard-
er stance on anything that illegally
slows play. Inferior sides have long
taken to questionable tactics in the
face of superior opposition and
should referees take heed of advice
from the top, we can expect a profit.
RUGBY TRADER DAVID WILD, OUR RUGBY BETTING EXPERT, SURVEYS THE MARKET AHEAD OF THE BIG KICK-OFF
POINTERS...
New Zealand to be top try-scoring team at 11/10
with Boylesports
England to reach semi-finals at 5/4 with Paddy
Power
Buy yellow cards at 38 with Sporting Index
Back All Blacks for tries not trophies and England to reach last four
Sport | Rugby World Cup Preview
Sport | Rugby World Cup Preview 36 CITYA.M. 8 SEPTEMBER 2011
Danger lurks for home nations
DESPITE their far from encouraging
pre-tournament preparations only a
series of freak results would see
Ireland fail to reach the quarter-finals
for the second successive World Cup.
Declan Kidneys side are rooted in a
transitional phase with the stars of
the 2009 Grand Slam-winning side on
the wane, and the young upstarts
vying to replace them lacking the
nous to negotiate their way through a
gruelling tournament.
That said, the barnstorming per-
formance against England in Dublin
back in March, which prevented
Martin Johnsons men from complet-
ing a northern hemisphere clean
sweep, demonstrated the old guard,
including British Lions stalwarts
Brian ODriscoll and Paul OConnell,
are still capable of rousing vintage
performances on the biggest stage.
Four years ago Ireland found them-
selves in a group of death comprising,
among others, France and Argentina.
This time around Italy offer the only
potential roadblock to qualification.
Assuming buoyant Tri-Nations vic-
tors Australia, influenced heavily by
the maverick skills of fly-half Quade
Cooper and the only man capable of
rivalling New Zealands Richie McCaw
as the worlds best No7, David Pocock,
top Pool C with a 100 per cent
record,Irelands hopes of making the
last eight will boil down to the clash
against the improving, if still work-
manlike, Azzurri.
Also-rans USA and Russia will offer
little resistance but an Italian side pre-
pared by a man as coveted as coach
Nick Mallet, who will be leaving his
post at the end of the tournament,
deserves the utmost respect.
Victories over France and Scotland
this spring highlight the threat
offered by Italy, but Ireland should be
capable of averting disaster.
THE TEAMS from the Pacific Islands,
chiefly Fiji and Samoa, often provide
the World Cup with plenty of footage
for the highlights reels with their
determination to bring a Sevens-style
approach to the 15-a-side game.
Often, however,
their greatest
moments have
come at the
expense of a
Wales team
who were no
doubt less
than thrilled
by their pres-
ence in a huge-
ly competitive Pool D.
Fiji ensured Wales
suffered an embar-
rassing first-
round exit in
1995, a result
that saw coach
G a r e t h
J e n k i n s
s a c k e d ,
w h i l e
S a m o a
t r i -
umphed against the odds in 1991 and
1999. Injuries have already provided a
significant headache to Wales native
Kiwi coach Warren Gatland, even
before his side are subjected to the
inevitable physical pounding theyll
receive from three of the tourna-
ments most intimidating sides.
Wales head into the tournament
without their skipper
Matthew Rhys, but their front
row, bolstered by the presence of
British Lions props Gethin
Jenkins and Adam Jones, and
any side boasting a pair of
wingers as incisive as Shane
Williams and George North
(left) are to be respected.
Unfortunately, as well as
the quality of opposition
theyll face, the schedule has
also been unkind to the Welsh.
Theyll open up against the world
champions South Africa, in with
every chance of defending their
crown, and are likely to be placed on
the back foot right from the off.
IRELAND
WALES
Ireland cannot rely
on the old guard to
carry them through,
says James Goldman
Wales must confront the obvious physical
threat offered by Pool D opponents head
on or risk early exit, says James Goldman
STAR MAN
Jonathan Sexton: Its pushing
it to suggest the fulcrum of the
ultra successful Leinster side
represents the antithesis of the
deposed Ronan OGara, but the
25-year-old is certainly a more
daring and adventurous style of
fly-half. Much of Irelands hopes
rests on his shoulders.
The recent Tri-Nations series did little to
suggest New Zealand will finally be suc-
cessful in their quest to add a second
world title to the one they garnered way
back in 1987.
Man-for-man the All Blacks still appear
to boast the strongest side, but Kurtley
Beales winning interception try 30 sec-
onds from the end of the tournament
decider in Brisbane last month represent-
ed another confidence-sapping experi-
ence.
Still, progression to the last eight
should be nothing more than a formality,
with the match in Auckland against an
out of sorts and typically enigmatic
French side likely to determine who fin-
ishes on top of Pool A.
POOL A | NEW ZEALAND OUT TO FINALLY BANISH CHOKERS TAG
STAR MAN
George North: In contrast to the fleet of
foot shane Williams, the 19-year-old is
more of crash-bang-wallop style of winger.
Thats not to say hes any less of a try scor-
ing threat hes crossed six times in his
first eight international appearances.
Sport | Rugby World Cup Preview
POOL C
Australia
Italy
Ireland
Russia
USA
11 September 4.30am
Australia v Italy Auckland
11 September 7.00am
Ireland v USA New Plymouth
15 September 8.30am
Russia v USA New Plymouth
17 September 9.30am
Australia v Ireland Auckland
20 September 8.30am
Italy v Russia Nelson
23 September 9.30am
Australia v USA Wellington
25 September 6.00am
Ireland v Russia Rotorua
27 September 7.30am
Italy v USA Nelson
1 October 3.30am
Australia v Russia Nelson
2 October 8.30am
Ireland v Italy Dunedin
POOL D
South Africa
Fiji
Wales
Samoa
Namibia
10 September 4.30am
Fiji vNamibia Rotorua
11 September 9.30am
South Africa v Wales Wellington
14 September 3.30am
Samoa v Namibia Rotorua
17 September 7.00am
South Africa v Fiji Wellington
18 September 4.30am
Wales v Samoa Hamilton
22 September 9.00am
South Africa v Namibia Auckland
25 September 3.30am
Fiji v Samoa Auckland
26 September 7.30am
Wales v Namibia New Plymouth
30 September 8.30am
South Africa v Samoa Auckland
2 October 6.00am
Wales v Fiji Hamilton
POOL A
New Zealand
France
Tonga
Canada
Japan
9 September 9.30am
New Zealand v Tonga Auckland
10 September 7.00am
France v Japan Auckland
14 September 6.00am
Tonga v Canada Whangarei
16 September 9.00am
New Zealand vJapan Hamilton
18 September 9.30am
France v Canada Napier
21 September 8.30am
Tonga v Japan Whangarei
24 September 9.30am
New Zealand v France Auckland
27 September 5.00am
Canada v Japan Napier
1 October 6.00am
France v Tonga Wellington
2 October 3.30am
New Zealand v Canada Wellington
POOL B
England
Argentina
Scotland
Georgia
Romania
10 September 2.00am
Scotland v Romania Invercargil
10 September 9.30am
Argentina v England Dunedin
14 September 8.30am
Scotland v Georgia Invercargill
17 September 4.30am
Argentina v Romania Invercargill
18 September 7.00am
England v Georgia Dunedin
24 September 7.00am
England v Romania Dunedin
25 September 8.30am
Argentina v Scotland Wellington
28 September 7.30am
Georgia v Romania Palmerston Nth
1 October 8.30am
England v Scotland Auckland
2 October 1.00am
Argentina v Georgia Palmerston Nth
QUARTER-FINAL
8 October 8.30am
W Pool B v RU Pool A Auckland
8 Octber 6.00am
W Pool C v RU Pool D Wellington
9 October 6.00am
W Pool D v RU Pool C Wellington
9 October 8.30am
W Pool A v RU Pool B Auckland
SEMI-FINAL
15 October 9.00am
W QF1 v W QF2 Auckland
16 October 9.00am
W QF3 v W QF4 Auckland
BRONZE-FINAL
21 October 8.30am
L SF1 v L SF2 Auckland
FINAL
23 October 9.00am
W SF1 v W SF2 Auckland
MATCH SCHEDULE
Sport
38
EUROPEAN football clubs could be
banned from making transfers or
have prize money withheld if they fail
to meet Financial Fair Play (FFP) rules,
they were warned yesterday.
Governing body Uefa clarified the
range of sanctions at the annual con-
gress of the European Club
Association (ECA), which represents
200 leading teams, in Geneva.
Uefa has the power to exclude per-
sistent offenders from all European
competition but is keen to have a vari-
ety of punishments at its disposal.
This will give the push that some
clubs need, said Inter Milan chief
executive Ernesto Paolillo. Its good
Uefa is thinking penalties that fit the
crime better than the usual sporting
sanctions.
It comes amid concerns that few
clubs are bringing their business
models into line with FFP, which has
come into effect this season.
The rules state that losses must not
exceed 40m over a rolling three-year
period, with that amount decreasing
over time in a bid to make clubs break
even.
But this summer saw teams in
England, Spain, Italy and France
spend far more than last year, to the
puzzlement of football finance
experts.
Always buying, buying, buying
isnt rational, said Karl-Heinz
Rummenigge, ECA chairman and
chief executive of Bayern Munich.
We unanimously signed up to FFP
in 2009 and we are ready for it now.
The ECA will help clubs meet the cri-
teria, its an obligation.
Paolillo added: Football clubs
understand rules, so we wanted to
hear more about the penalties.
Uefa finds itself under pressure to
show it is serious about FFP, as ques-
tions are raised about whether clubs
will fall into line or even break away
and form a rival European league.
Manchester City, who are them-
selves ECA members, have attracted
attention with their lavish spending
and enormous losses. Other English
ECA members include Manchester
United, Chelsea, Liverpool, Arsenal
and Tottenham.
Footballs big spenders risk transfer ban
BY FRANK DALLERES
BUSINESS OF SPORT
ARSENAL have been given a timely fit-

ness boost with the news that Theo
Walcott will be ready to face Swansea
this weekend.
The 22-year-old was left out of
Englands 1-0 win over Wales on
Tuesday as a precaution due to a ham-
string niggle.
Walcott, unlike his team, who are
still searching for their first Premier
League win of the season, has started
the campaign in splendid form having
score three goals in all competitions.
Meanwhile, new signings Mikel
Arteta, Per Mertesacker, Yossi
Benayoun and Andre Santos are in
line to make their debuts.
Walcott fit to
face Swansea
FOOTBALL
LONDON 2012 chief Lord Coe has

sidestepped the row over double
amputee runner Oscar Pistorius, who
wants to compete in both Olympics
and Paralympics next year.
British Paralympic great Baroness
Tanni Grey-Thompson has called on
the South African, nicknamed Blade
Runner, to opt for one or the other.
Asked yesterday whether Pistorius
should choose, Coe said: I dont
think its for the organising commit-
tee to make those judgments its
very much a case for Oscar Pistorius
and the organisations involved.
What I will tell you is that, as vice-
president of the International
Athletics Federation [IAAF], we wel-
comed Oscar to [the recent World
Championships in] Korea and he was
a significant attraction.
Pistorius continues to provoke
debate, despite athletics chiefs accept-
ing his carbon fibre prosthetic legs
did not confer an unfair advantage
over able-bodied runners.
This week he cut short an interview
after a reporter asked if he felt South
African track bosses considered him
an inconvenient embarrassment.
For 95 per cent of positivity there
is a bit of negativity, Pistorius said.
London 2012 Paralympics tickets go
on sale from tomorrow.
Coe brushes off
Pistorius dual
Games row
Lord Coe talked up South African Pistorius
popularity Picture: ACTION IMAGES
ENGLAND manager Martin Johnson
will take his most significant step yet
towards global domination today
when he names his team to take on
Argentina on Saturday with a warn-
ing from former skipper Martin
Corry ringing in his ears.
Johnson has been hampered by
injuries to his captain Lewis Moody,
scrum-half Ben Youngs and winger
Mark Cueto, who was ruled out yes-
terday with a back problem.
London Irishs versatile back Delon
Armitage is expected to
cover for the experienced
Sale star, while Richard
Wigglesworth, promoted
in the absence of Danny
Care, will step in for
Youngs, who is still recov-
ering from knee surgery.
Johnson, and the rest
of his squad, took
time out from
their Argentine
preparations
yesterday to
visit the earth-
quake-ravaged
city of
Christchurch
which was
scheduled
to play host
t o
Engl and s
game against
the Pumas.
Sadly, the iconic Lancaster Park,
now known as the AMI Stadium, still
bears the scars of the disaster which
claimed 182 lives and caused damage
estimated at 15.5 billion.
England will instead head to
Dunedin for what promises to be one
of the highlights of the early stages of
the tournament against the surprise
semi-finalists from four years ago.
Santiago Phelan has been denied
the services of talismanic fly-half
Juan Martin Hernandez, and his side
come into the tournament cold hav-
ing played only one Test, which they
lost comprehensively against Wales in
Cardiff, this year.
Despite the lack of form indicators
Corry (left), who played in the Paris
final back in 2007, said England can-
not afford to take the South
Americans lightly.
He said: They are a tough side but
Argentinas style of play has not
changed much since 2007,
and they have not played
much rugby, but people
underestimated them
in France and look
what happened.
I think England have
been inconsistent, so
there is not a huge
amount of confi-
dence.
But England have
been very good at
times and in the
last 12 months they
have beaten everyone in
their side of the draw.
Corry warns
England not to
take Pumas
threat lightly
BY JAMES GOLDMAN
RUGBY UNION
Johnson is expected
to pick Armitage
in place of Cueto
Pictures: ACTION
IMAGES, GETTY
lUefa devised FFP rules in an attempt
to make clubs live within their means
and reduce number of teams in debt
lFFP rules state that losses for the
three-year period starting 2011-12 and
ending 2013-14 must not exceed 40m
lMaximum losses permitted will
shrink to less than 10m over three
years by 2018 or one fifth of a Torres
l Spending on transfers and wages is
key money spent on stadia, training
facilities, youth set-ups and scouting is
exempt from the calculation
FAST FACTS | FINANCIAL FAIR PLAY
BY FRANK DALLERES
OLYMPICS
39
FOUR-PAGE WORLD CUP
PREVIEW SPECIAL
KYRAN BRACKEN ON ENGLANDS
CHANCES DOWN UNDER: P34-37
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email sport@cityam.com
SPORT | IN BRIEF
Russia hockey stars among crash fatalities
ICE HOCKEY: A leading professional ice hockey team
was on board a Russian plane which crashed on take off
yesterday, killing 43 people. The plane was carrying the
Lokomotiv team, who play in the Kontinental Hockey
League, whose website confirmed that Canadian coach
Brad McCrimmon and Czech Republic internationals Jan
Marek and Josef Vasicek were among the dead.
Dernbach and Kieswetter earn ECB deals
CRICKET: Surrey pace bowler Jade Dernbach and the
Somerset wicketkeeper Craig Kieswetter have both
been awarded England increment contracts. Both play-
ers qualify for the contracts by virtue of having played
in two Twenty20 internationals and seven one-day
matches for England this summer.
Froome wins Vuelta a Espana 17th stage
CYCLING: Britains Chris Froome won the 17th stage of
the Vuelta a Espana after a pulsating final hill climb. The
Team Sky rider edged out Spains Juan Jose Cobo of
Geox, who retained the overall leaders red jersey. The
hardest stages are over but well still go out there and
look to make it hard for Cobo, said Froome.
Murray and Nadal unite to
criticise tournament chiefs
DEFENDING champion Rafael Nadal and
British No1 Andy Murray spearheaded an
angry players revolt at the US Open with
the pair claiming tournament organisers
had jeopardised their safety by forcing
them to play on unsuitable courts.
With Tuesdays play completely lost to
the weather the prospect of the tourna-
ment stretching into a third week already
looked a possibility, before last nights del-
uge accounted for the day session and
plunged the event into further chaos.
After an initial delay of around 90 min-
utes, and with moisture still in the air, the
fourth round matches between Nadal and
Gilles Muller, Murray and Donald Young
and home favourite Andy Roddick and
David Ferrer finally got underway.
However, it took only 15 minutes for the
heavens to open again and a clearly unim-
pressed Nadal, who was eight minutes
late leaving the locker room for his match
before conceding a 3-0 lead, was heard to
say: Its the same old story, all you think
about is money.
After joint consultation Nadal, Murray
and Roddick then paid tournament refer-
ee Brian Earley a visit and voiced their
concerns before the Spanish second seed
added: We dont want to go on court if it
is raining.
If I have to go on court, I go on court,
but I think its not fair. I understand the
fans but the health and the players are
important and we dont feel protected.
The rain really never stopped. The
court was dry for 10 minutes and they
know we have to go out there. The health
of the players is important. We are here
working hard and we want to feel good
when were playing a tournament.
Murray was similarly concerned that
the Grandstand Court on which he played
Young for only nine minutes, with the
American 2-1 up on serve, was still wet
near the back of the playing area.
Everyones relaxed about it now,
Murray said later, But, when we went out
on court, it was still wet, and the balls too.
It doesnt make sense to get out there
for seven or eight minutes and I dont
think that will happen again. I knew that
Rafa was going to see [Brian Earley].
I spoke to David Ferrer, and he was say-
ing: It was still raining when we went on
there. The lines are slippy and very dan-
gerous. I said I will go in and mention it as
well, then Andy [Roddick] came.
Roddick added: I think if its up for dis-
cussion, its probably not playable. We
wanted to make it known we probably
didnt want to be put in that position
again.
Murray and Nadal were among the
eight men waiting to complete their
fourth-round matches, leaving them
behind the likes of Novak Djokovic and
Roger Federer, who are already through.
BY JAMES GOLDMAN
TENNIS
Murray claimed the back of the Grandstand Court was still wet Picture: ACTION IMAGES
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Rothschild Outguns Turks in Oil Deal: Tesco Plots South East Asia Expansion After Failure in Japan

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