Cityam 2011-07-01

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FTSE 100 5,945.71 +89.76 DOW 12,414.34 +152.92 NASDAQ 2,773.52 +33.03 /$ 1.60 -0.01 / 1.11 unc /$ 1.45 unc
Trichet: no
to Tobin tax
in Europe
EUROPEAN Central Bank president
Jean-Claude Trichet yesterday made a
passionate appeal to EU lawmakers to
abandon plans for a devastating tax on
financial transactions.
The European Commission wants to
raise what it claims would be 200bn
(172bn) by imposing a 0.05 per cent
fee on every type of financial transac-
tion across the EU, to fund higher
spending from 2014 onwards.
But in frank words to the EU parlia-
ment, Trichet warned that plans to
levy such a Tobin tax on the financial
services sector would cause lasting
harm to Europes financial services
hubs and would be regretted. He com-
pared the controversial plan with
putting sand in the machine of the
financial system.
I call for great, great prudence in
introducing something which is not
done at a global level, Trichet said.
Lets be sure we dont do some-
thing we might regret one day, he
warned. If certain transactions are
considerably more costly in Europe
than in other parts of the world, they
will be done overseas.
But supporters of the tax, such as EC
president Jose Manuel Barroso, have
said it would create appropriate disin-
centives for overly risky or purely spec-
ulative transactions and would also
address concerns about excessive
profits in the financial sector.
Critics of the tax say that there is no
way it would raise the billions of
pounds promised by proponents.
BY ALISON LOCK
REGULATION
Greek rioters have not taken the parliamentary votes sitting down Picture: REUTERS
MARKETS rallied after the Greek par-
liament fell into line yesterday and
voted through the budget laws needed
to qualify for a 12bn (10.8bn) aid
tranche.
The result means that Greece has
passed the last hurdle standing in the
way of the rescue funds that prevent a
disorderly default in the next month.
The aid will now be paid out despite
the fact that few believe that Athens
can deliver the 28bn of cuts it prom-
ised to implement yesterday, after the
government missed its 2010 deficit tar-
get by 0.9 per cent of GDP.
The IMF and EU had claimed that
they could not continue to pay for
Greeces bailout if the sovereign did
not meet its legal let alone its actual
obligations.
But the vote merely buys time. The
EU is still racing to put together anoth-
er bailout, likely to be worth over
100bn, to forestall a default in 2012.
As part of the second rescue,
German banks have now agreed to par-
ticipate in a scheme dubbed the
Greek Brady plan, which will see
banks roll over Athens debt in return
for an eye-watering interest rate.
German banks will agree to reinvest
3.2bn of their maturing Greek debt in
GREECE VOTES TO
CUT ITS DEFICIT
BY JULIET SAMUEL
EUROZONE
www.cityam.com Issue 1,415 Friday 1 July 2011 FREE

OSRIOS
OVERHAUL
LLOYDS SHARES
SOAR AS CUTS
ARE UNVEILED P5
KEVIN SPACEY MAKES A
CRACKING RICHARD III
FRIDAY REVIEWS P24
BUSINESS WITH PERSONALITY
new 30-year bonds issued by Athens.
But Greece will not be free to spend
all of that money and will have to lend
some of it to a special purpose vehicle
that will buy a stock of triple-A rated
bonds to underwrite banks exposure.
Economists estimate the deal will
see Athens pay an effective interest
rate of 11.2 per cent to banks, making
it a mere face-saving measure to get
nominal private sector involvement in
a new bailout, rather than a restruc-
turing to address Athens insolvency.
If I were Greece, I wouldnt sign up
to this, says James Nixon, chief
European economist at Societe
Generale. The banks limit their down-
side risk while getting a high interest
rate on the debt.
In effect, banks participation in the
bailout will be far from the 30bn pol-
icymakers have trumpeted. Instead,
taxpayers in Europes solvent nations
will bear the vast majority of the costs.
The euro rallied over a cent against
the dollar to $1.45 yesterday, Greek 30-
year yields fell to 11.4 per cent, the
Eurostoxx 50 closed up 1.64 per cent
and the CBOE volatility index fell to its
lowest level in a month.
Certified Distribution
02/05/11 till 29/05/11 is 103,467
(but if you believe it can do it you'll believe anything)
News
2 CITYA.M. 1 JULY 2011
Lloyds: we are
too vital to fail
LLOYDS chief Antonio Horta-Osrio is
lobbying for reforms that would see
most of his bank rescued again in the
event of another financial crisis.
The CEO said yesterday that Lloyds
performs key economic functions
that should be inside any retail
ringfence the government introduces.
Horta-Osrio spoke recently in sup-
port of the Independent Commission
on Bankings (ICB) proposal for a fire-
wall around retail banks.
But yesterday was the first time that
he has argued for a broad ringfence
that would protect most of his bank.
He said that under the ringfence
model he favours: Given that Lloyds is
mainly a retail and commercial bank,
concentrated in key economic func-
tions payments, deposits, the flow of
credit to the economy it would be
mostly inside the ringfence.
In a crisis, the ringfence would help
the state to resolve a failing bank,
determining which parts were vital and
must be propped up, and which could
be cut loose. Most of Lloyds, its chief
says, should fall into the first category.
City A.M. also understands that
Lloyds was not included on the Basel
Committees draft list of systemically
important financial institutions (SIFIs),
which means it could escape an inter-
national capital surcharge.
Its exclusion from the list explains
why UK regulators are so anxious to be
allowed to gold-plate Basel standards:
they want to designate Lloyds a nation-
al SIFI, so that it will in fact have to
meet a ten per cent capital ratio.
Lloyds is working to a ten per cent
capital ratio and has stressed that it
supports new capital and liquidity
rules to prevent failure, intending to
become a boring, low-risk bank.
BY JULIET SAMUEL
BANKING
Sorry, money doesnt grow on trees

AT LAST, an interesting idea to tackle
the something for nothing culture
that has corrupted so much of
Britains political debate. Sajid Javid,
the MP for Bromsgrove and one of the
Tories rising stars, will be introducing
the National Debt Cap Bill (under the
ten minute rule) in the House of
Commons later this month. The idea is
to limit by law how much the govern-
ment can borrow as a percentage of
GDP and eventually, even off-balance
sheet liabilities would be included,
and progress monitored by the inde-
pendent Office for Budget
Responsibility.
Javid, a former executive at
Deutsche Bank, would ideally like to
cap the national debt at 40 per cent of
GDP, though such a laudable goal
would be at least a decade away given
the current explosion in the UKs lia-
bilities. Writing down a debt limit
would be a good idea because it will
help remind everybody that money
doesnt grow on trees if a govern-
ment wants to spend, it needs to raise
the funds somehow. The temptation
will always be to add to the national
credit card a debt cap would make
that much more difficult.
Of course, there may be emergen-
cies that made it necessary to increase
the cap. But while a government that
hit the limit could always pass a law to
increase the cap, even for the wrong
reasons Parliament is sovereign and
can always undo previous laws the
scheme would help focus the debate
on the national debt, not merely on
levels of spending or on the budget
deficit. If Javids Bill passes regret-
tably, an unlikely prospect a govern-
ment that wishes to borrow vast
amounts would not only have to pass a
Budget (as is currently the case) but
would also have to change the debt
ceiling, with dire reputational conse-
quences.
The problem, as we saw yesterday
both in Greece and in the UK, is that a
large chunk of the public just doesnt
understand the concept of a budget
constraint. This needs to change. A
country cant consume more than it
produces for ever which means that
spending needs to be brought back
into line with reality. It is also vital
for moral as well as budgetary reasons
that taxpayers are not made to sub-
sidise privileged groups of workers.
A debt cap would be no panacea but
it would send a powerful message that
the UK wants to start living within its
means again.
CHEAP DEBT
IF Goldman Sachs is to be believed, the
latest leg of the bull run in 10-year US
Treasury bonds, which saw yields col-
lapse to ultra-low levels, is finally over.
Yields are back to 3.151 per cent, up
from a six-month low of 2.842 per cent
earlier this week. But this is not the
real story. At some point maybe in
two years time, maybe in ten the
decades-long declines in long-term real
interest rates which started in the
1980s will start to reverse themselves
and bond yields will shoot up to
heights that the present generation of
investors can barely conceive of. This
will happen when Asia starts to save
less perhaps if the Chinese authori-
ties bolster domestic demand by fiat
or if ageing populations worldwide dip
into their nest eggs all at the same
time. Ultra-low long-term rates were
the main driver for the bubble but
when they finally normalise, we will
face an almighty bust. This is the num-
ber one risk to the global economy
and there is little any of us can do
about it.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
POLICE arrested 30 people in London
yesterday as 15,000 of the capitals
teachers and civil servants took part in
the biggest strike in a generation.
Strikers clashed with police after a
number broke away from the main
march and staged a sit in on
Whitehall. The violence left one police
officer and six protesters injured.
But government officials said the
walkouts had a minimal impact
nationwide as less than 106,000 civil
servants and under half of Public and
Commercial Services Union members
joined the strikes.
The vast majority of hard-working
public sector employees do not sup-
port todays premature strike, said
cabinet office minister Francis Maude.
About 11,000 UK schools closed
while the Met Police said 95 per cent of
999 call handlers had walked out.
The strikes follow government
efforts to address the pension deficit
as people live longer in retirement.
BY ALISON LOCK
POLITICS
London arrests at strikes

More than half a million public sector workers went on strike
NEWS | IN BRIEF
Corn stocks prompt price dive
Corn futures prices nosedived yesterday
after US government data showed big-
ger-than-expected stockpiles and a large
grain crop. The Department for
Agriculture said both acreage and
stocks were high, scuppering fears that
food prices would rise. Corn prices have
jumped to record highs over recent
weeks as the market feared stocks were
too low. But the price rises depressed
demand, leaving June 1 stockpiles 11 per
cent higher than anticipated while corn
sowing was two per cent up.
Rank investors win more time
The Takeover Panel has granted share-
holders in Mecca Bingo owner Rank
Group a two-week reprieve to allow
them more time to understand the
appetite for Malaysian bidder Guocos
150p per share bid for the company.
Institutional shareholders had voiced
concern that they may have been rushed
into either accepting the offer, which
was due to expire today, or being left as
small shareholders in an unlisted compa-
ny. Ranks board has repeatedly changed
its stance on the bid, which was just a
one per cent premium to its share price.
EDITORS LETTER
ALLISTER HEATH
Editorial Statement
This newspaper adheres to the system of
self-regulation overseen by the Press Complaints
Commission. The PCC takes complaints about the
editorial content of publications under the Editors
Code of Practice, a copy of which can be found at
www.pcc.org.uk
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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
MAD MEN PARENT EYES STARDOM
The dapper, hard-drinking, advertis-
ing executives of Mad Men made the
show one of the big television hits of
recent years. Now Mad Mens parent
company is vying to be a star on the
stock market. Shares in AMC
Networks will begin regular trading
on the Nasdaq today, following the
companys spin-off to shareholders of
Cablevision, a major US cable opera-
tor.
QUEEN TO PROFIT FROM INCOME
SHAKE-UP
A mood of austerity may be stalking
Britain, but the champagne is still
flowing at Buckingham Palace
thanks to a government plan to put
the queen on what might be seen as
profit-related pay. George Osborne,
the chancellor, has proposed to do
away with government grants to the
royal household.
SOUTHERN CROSS ALARM BELLS WENT
UNHEEDED
Warnings were issued to the health
department more than two years ago
that Southern Cross, the financially
troubled care home operator, faced
severe problems, but it failed to inter-
vene. Documents seen by the
Financial Times show regulators were
concerned about the groups financial
arrangements as well as the quality of
its care as early as February 2009.
CONCERN AS TURKISH GROWTH HITS
11 PER CENT
Turkey has outpaced China with first-
quarter annualised economic growth
of 11 per cent, but its red-hot econo-
my is proving more of a headache for
policymakers than a cause of
celebration. The data, showing quar-
ter-on-quarter growth of 1.4 per cent
driven mainly by consumer spending,
will fuel doubts over the central
banks unorthodox attempts to cool
the economy by limiting banks lend-
ing, rather than raising interest rates.
PLANNING RULES PAVE THE WAY FOR A
GREEN BELT HOUSING BONANZA
Large tracts of countryside will be
developed under new planning guid-
ance that could trigger a building
boom by weakening environmental
safeguards. Developers will find it
easier to get permission to build
housing estates, offices and retail
parks in the green belt, under the
plan to revive the economy by creat-
ing a presumption in favour of sus-
tainable development.
NOW WERE COOKING: BIOFUEL FLIGHT
CLEARED FOR TAKE-OFF
It may yet go down in aviation history
as the launch of the deep-fat flyer.
Chips are seen as an essential part of
many holidays in Majorca, but one
operator hopes to make the oil that
fries chips an integral ingredient of
the fuel burnt to fly the holidaymak-
ers there.
GOOGLE SEES INSANE DEMAND FOR
INVITES TO ITS GOOGLE+ SOCIAL NET-
WORK
The search giant rolled Google+ out to
a small cadre of users on Tuesday,
much as it did when it launched its
Gmail email service, but what was
intended as a limited launch turned
into a frenzy for invitations. Each user
was given around a dozen invitations
to pass on to friends and family, in
order to test the social networking
capabilities of the site.
SALLY BERCOW FEELS WRATH OF
CARPETRIGHT'S LAWYERS
Sally Bercow, the Speakers wife, has
been threatened with legal action by
Carpetright, one of Britains biggest
retailers, after she suggested the com-
pany was going under. Her incor-
rect remarks came as part of a
message she posted on Twitter to her
25,000 followers.
KODAK'S STOCK PLUNGES ON ITC
RULING
Eastman Kodaks shares plunged near-
ly 20 per cent late Thursday, after the
International Trade Commission
delivered a mixed verdict on the com-
panys patent fight with Apple and
Research in Motion. The International
Trade Commission reversed parts of
an earlier ruling in Kodaks patent
fight against the two companies and
sent other parts of the ruling to be
reviewed by a judge.
CHRYSLER CITES 35 PER CENT DROP IN
LABOUR COST
The average cost of union labor at
Chrysler Group fell to $49 an hour in
2010 as a result of cost-cutting deals
with the United Auto Workers union,
the company said on its web site. That
represents a reduction of 35% since
2006, according to figures posted by
the auto maker.
WHAT THE OTHER PAPERS SAY THIS MORNING
News
PLANS to overhaul the way the for-
eign profits of UK headquartered
multinational companies are
taxed could fall foul of European
law, according to a top legal firm.
The existing Controlled
Foreign Companies (CFC) regime
currently breaks EU law, follow-
ing a landmark 2006 case involv-
ing Cadbury Schweppes.
At that time, the European
Commission said the British gov-
ernment was wrong to try
and tax foreign prof-
its that were not
purely artificial.
However, Gary
Richards, tax part-
ner at Berwin
Leighton Paisner,
yesterday warned the new rules
designed to be much more attractive
for multinational firms
could still break EU law.
He said: One issue
which remains is
whether HMRCs
view that EU law
permits a UK tax
charge on artificial-
ly diverted profits is
right, or whether
even these reforms
may yet be open to
challenge.
Richards warning came after the
government published its proposals
on reforming the CFC regime, which
were broadly welcomed by businesses
and tax experts.
The most important change is that
genuinely earned profits from for-
eign jurisdictions will not be taxed in
the UK.
The much-hated motive test,
which demanded firms prove that
profits were genuine has been
dropped. Multinationals said it was
almost impossible to pass the test,
hence the reason why a raft of them,
including advertising giant WPP, quit
UK shores for tax purposes.
Sir Martin Sorrell, chief executive
of WPP (pictured), has he will ask
the advertising firms board to vote
on making a return to the UK should
he agree with the governments pro-
posals.
New rules on foreign
profit could anger EU
BY DAVID CROW
POLITICS
VEDANTA and Cairn investors cheered

as the Indian government gave the
green light for the firms $6bn
(3.7bn) oil deal yesterday afternoon.
After close to a year of talks with
regulators, mining group Vedanta has
been permitted to buy a controlling
stake in Cairn India, with certain pre-
conditions.
Cairn Energy agreed last August to
sell a majority stake in Cairn India to
Vedanta in a deal that was initially val-
ued at up to $9.6bn.
But the sale, one of the largest in
Indias energy sector, has been delayed
due to a disagreement over royalty
payments linked to Cairn Indias
onshore oil assets.
Vedanta must now share the bur-
den of paying royalties on the sites
with state-run Oil and Natural Gas
Corp, which has a 30 per cent holding
in the fields but currently pays 100
per cent of the royalties.
Earlier this week, Cairn and
Vedanta agreed to cut the price of a 40
per cent stake by more than $600m in
a hint that the firms would accept the
costly royalty burden was part of the
deal. The total royalty payments over
the life of the asset are estimated at
180bn rupees (2.5bn).
Vedanta shares closed up three per
cent at 20.94, having stayed roughly
flat before the announcement, while
Cairn gained 2.1 per cent to 414.8p.
Vedanta, which aims to own 28.5
per cent of Cairn India within the
next two weeks, can now buy up fur-
ther tranches through an open offer
and from large shareholder Petronas,
using the 1bn it raised in a bond
issue last year.
Vedanta and Cairn
finally win green
light for $6bn deal
BY MARION DAKERS
M&A
@
@
@
MORE NEWS
ONLINE
www.cityam.com
SHARES in the London Stock
Exchange shot up yesterday on specu-
lation that it might be vulnerable to a
bid.
The LSE was put into play after it
failed to tie-up a transatlantic merger
with Toronto bourse operator TMX
Group, leaving speculators to suggest
it could become an acquisition target.
The exchange group pulled the
plug on its agreed deal earlier this
week after it emerged it was likely to
lose out to a hostile bid from a group
of Canadian banks and pension
funds.
Key to any sale of the LSE would be
its Middle East-based majority share-
holders Borse Dubai and the Qatar
Investment Authority.
Both groups, which together hold
more than 36 per cent of the LSE,
bought in at significantly higher
prices to the bourse operators cur-
rent share price. Dubai bought in at
17.00 and the Qatar at 15.00.
Shares in the LSE closed up 11 per
cent at 10.60 per unit.
LSE shares rise
sharply on bid
speculation
FINANCIAL MARKETS
GLENCORE, the newly-listed com-

modities group that released its
maiden quarterly results two weeks
ago, may switch to reporting half
yearly, analysts have said.
Some of the leading investment
banks who worked on Glencores
float began their coverage on the
commodities giant yesterday.
Analysts at Credit Suisse said: The
company hopes to move from quar-
terly to half yearly reporting, which
we would view as a positive develop-
ment reducing the focus on short
term earnings moves.
Glencore missed forecasts despite
posting a dramatic 45 per cent jump
in first-quarter earnings, after its key
metals trading arm was hit by a drop
in Japanese demand and lower
volatility.
Last month City A.M. reported that
Glencore was reviewing its relation-
ship with Xstrata, in which it holds a
34 per cent stake, after its results
prompted a three per cent drop in
Xstratas share price.
Glencores quarterly results includ-
ed a net income figure of $554m
from associates nearly all of which
relates to its Xstrata stake.
That figure suggests an Xstrata
first-quarter net income about
$1.6bn, which analysts said was
much lower than they had been
assuming.
Xstrata has until recently given its
biggest shareholder a more detailed
breakdown of its ongoing financials
than it releases to the markets,
which only receive a quarterly pro-
duction update.
BY KASMIRA JEFFORD
COMMODITIES
Glencore may switch reporting

TIMOTHY Geithner, the US Treasury
Secretary, may step down this year
but will hold off on any decision until
after the negotiations to fix the US
national debt limit are resolved,
sources close to him said yesterday.
A US Treasury official confirmed
that Geithner, a critical member of
president Barack Obamas adminis-
tration, had not yet made a decision
on whether to leave.
Reports have suggested that
Geithners family considerations
were among factors he has been con-
sidering ahead of a decision. Sources
said the Treasury chief sees a poten-
tial window to depart after a deal to
raise the debt limit and reduce the US
deficit is reached.
Geithner is the last remaining top
member of Obamas original econom-
ic team. Council of Economic
Advisers chairman Austan Goolsbee
is also planning to return to the
University of Chicago in August.
BY ALISON LOCK
US ECONOMY
Geithner considers future

Geithner has repeatedly warned US lawmakers to raise the national debt limit
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Models shown AYGOGo! 1.0 3 door manual 9,195, includes 300 customer saving and 255 Centre contribution from the manufacturers list price. Yaris T Spirit 1.0 3 door manual 11,495, includes 1,000 customer saving and 200 Centre contribution from the manufacturers
list price. Auris TR 1.33 3 door manual at 13,825, includes 1,500 customer saving and 730 Centre contribution from manufacturers list price. Verso TR 1.6 7 seat MPV 19,610. All prices correct at time of going to press. Metallic paint 420 extra. 6 months free fuel amount is
equivalenI Io 503.38 Ior AYCC, 557.99 on Yaris, 645.36 on Auris, 437.86 on Auris Hvbrid and 596.61 on Verso which will be loaded on a prepaid Visa card. These amounIs are based on o cial Iuel consumpIion gures Ior an AYCC1.0 manual 61.4mpg (Combined), Yaris 1.0
TR manual 55.4mpg (Combined), Auris 1.33 TR 47.9mpg (Combined), Auris Hvbrid 1.8 T SpiriI 70.6mpg, Verso 2.0 TR Diesel manual 53.3 mpg (Combined) over an average oI 5,000 miles (Source: Parkers Cuide - www.parkers.co.uk). Fuel cosI based on UK average Ior unleaded 95
ocIane peIrol oI 136.0p per liIre, and Diesel oI 139.9p per liIre as per www.peIrolprices.com on Thursdav 26Ih Mav 2011. Cer available on newreIail sales when ordered beIween 1sI June and 30Ih SepIember 2011 and regisIered bv 31sI December 2011. 5 vear/100,000 mile
manuIacIurer warranIv subiecI Io Ierms and condiIions. *Free servicing oer and 6.9% APR represenIaIive onlv available Ior newreIail orders oI model shown beIween 1 June and 30 SepIember 2011 and regisIered and nanced Ihrough TovoIa Financial Services, CreaI Burgh,
Burgh HeaIh, Epsom, Surrev, KT18 5UZ, beIore 31 December 2011 on a 2 vear AccessTovoIa (PCP) plan. ndemniIies mav be required. Finance subiecI Io sIaIus Io over 18s. TovoIa CenIres are independenI oI TovoIa Financial Services. Free servicing oer includes Ihe rsI Iwo
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AVGO Go! l.D VVT- 3 door manual O cal Fuel ConsumpLon Fgures n mpg (l/lDDkm): Urban 5l.4 (5.5), ELra Urban 7D.6
(4.D), Combned 6l.4 (4.6). CO
2
Emssons lD5g/km. Vars T SprL l.D VVT- 3 door manual O cal Fuel ConsumpLon Fgures
n mpg (l/lDDkm): Urban 45.6 (6.2), ELra Urban 6l.4 (4.6), Combned 55.4 (5.l). CO
2
Emissions 118g/km. Auris TR 1.33
VVT- 3 door manual O cal Fuel ConsumpLon Fgures n mpg (l/lDDkm): Urban 39.2. (7.2), ELra Urban 55.4 (5.l), Combned
47.9 (5.9). CO
2
Emssons l36g/km. Verso TR l.6 VVT- 5 door manual O cal Fuel ConsumpLon Fgures n mpg (l/lDDkm):
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Emissions 158g/km.
Enjoy 6 months
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whenorderedthis summer
+ +
It all adds up.
LLOYDS has announced plans to slash
15,000 jobs over the next three years in
one of the biggest banking payroll cuts
in living memory.
The announcement formed part of
a highly anticipated strategic review
that saw investors pile into the banks
shares, sending its stock soaring to
close up 9.73 per cent.
The lions share of the job cuts will
come from paring down the banks
middle management, with chief exec-
utive Antonio Horta-Osrio promising
a much flatter organisation in
which all the control functions are in
one place.
In effect, this means that functions
like the banks treasury and human
resources will be condensed into cen-
tral divisions rather than duplicated
across different parts of the bank.
The job cuts are intended to con-
tribute to annual savings of 1.5bn
from 2014, furthering Horta-Osrios
reputation as a ruthless cost-cutter. But
he expressed little satisfaction at hav-
ing to embark upon the mass lay-offs.
I do regret that we have to do this. I
would much prefer to be able to put
this bank on its feet without 15,000
job reductions, he said. We will man-
age this very sensitively.
He also said that the number refers
to jobs, not people, suggesting that
many could be cut through attrition
while some employees made redun-
dant could be re-hired into other roles.
The job losses include a withdrawal
from 15 of the 30 countries in which
Lloyds currently has a presence, with
its banks in the Netherlands, Dubai
and Spain likely to face the chop.
Horta-Osrio said that the overhaul
is essential to get this bank back on
its feet again.
That means concentrating on its
domestic UK bank, he added, claiming
that Lloyds fate is inextricably linked
with that of the British economy.
The bank also re-jigged many of its
financial targets and said that the
Halifax brand will be dramatically
relaunched in the autumn so as to
compete head-on with Nationwide,
Santander and Lloyds TSB.
I strongly believe you should have
internal competition to avoid compla-
cency, Horta-Osrio said.
Job cuts of
15,000 send
Lloyds up 10pc
BY JULIET SAMUEL
BANKING
News
Horta-Osrio is betting on UK recovery
EARLIER this month, we spotted
Antonio Horta-Osrio and Danny
Alexander, the chief secretary to the
Treasury, deep in conspiratorial con-
versation at a Mansion House dinner.
When they realised that certain
guests were trying to eavesdrop, they
moved on to an empty room.
For both men, success depends
entirely on the health of the British
economy. If there is a double-dip,
unlikely in our view, then
Alexanders Lib Dems and their Tory
coalition partners will almost cer-
tainly lose the next election. There
are other, more probable, economic
shocks that could also dent their
chances. Persistently high inflation
combined with ultra-loose monetary
policy may lead to sharper rate rises
in the future, meaning some voters
could struggle to keep their homes.
A significant correction in house
prices, overdue in our view, would
push others into negative equity.
For Horta-Osrio, either of these
events sharply higher rates or
sharply lower house prices could
make it impossible to hit the targets
he set out yesterday. The targets
themselves, to be reached by 2014,
are sensible: reduce the loan-to-value
ratio of its book from 146 per cent to
130 per cent (still too high, but better
nonetheless); and increase the net
interest margin to 215-230 basis
points (more realistic than Eric
Daniels 250bps target).
A play on Lloyds, then, is essential-
ly a play on the health of the UK
economy. While were not among
the bears, the bank is still being too
optimistic about the housing mar-
ket. Horta-Osrio says he expects
house prices to fall by just two per
cent before the end of the year.
It is little wonder Alexander and
Osrio were as thick as thieves at
Mansion House: their fates are inex-
tricably linked.
BOTTOMLINE
Analysis by David Crow
The bank established a return on
equity target of 12.5-14.5 per cent by
2014.
It cut its net interest margin target
from 2.5 per cent, widely considered
to be unrealistic, to 2.15-2.3 per cent.
Its loan-to-deposit ratio target was
cut from 140 per cent to 130 per cent.
Horta-Osrio denied rumours that
the bank could sell Scottish Widows
Investment Partnership, saying the
insurance and asset management arm
is core to the group.
He also designated Halifax as a core
brand, and announced plans to
relaunch it as a challenger to both
Lloyds TSB and his old charge,
Santander UK.
The bank did not deny it has plans to
sell its 60 per cent stake in St James
Place but said it is currently very
happy with that business.
Despite having appointed former
CEO Eric Daniels as an adviser to the
board, the bank revealed that it has
not yet called on him for help.
LLOYDS STRATEGIC REVIEW | KEY POINTS
ANALYSIS l Lloyds
p
27Jun 28Jun 24Jun 29Jun 30Jun
48
46
44
49.00
30 Jun
Lloyds chief Antonio Horta-Osrio finally talked his banks stock up Picture: PA
SHARES in online gaming firm
Bwin.party surged yesterday after key
rival Full Tilt had its licence suspend-
ed.
A US investigation into the firms
founders led the gambling commis-
sion of the Channel Island of Alderney
to order the firm to stop trading with
immediate effect while it conducts its
own investigation.
Full Tilt was indicted in the US for
alleged gambling offences, money
laundering and bank fraud.
In a research note, UBS analyst
Simon Whittington says the news is
positive for remaining European poker
operators.
He said: We estimate that Full Tilt
has a 10-15 per cent share of the non-
US poker market. With a similar share
themselves, we believe Bwin.party
should be a prime beneficiary of any
market vacuum created.
Austrian Bwin merged with rival
PartyGaming earlier this year. The
company is based in Gibraltar, a popu-
lar location for online gaming compa-
nies due to its relaxed tax laws and
well-regulated gambling system. After
their initial surge its shares fell back to
close 1.2 per cent up last night.
JEREMY Hunt finally waved through
News Corps proposed bid for BSkyB
yesterday after accepting a string of
concessions over Sky News.
The decision from the culture secre-
tary (pictured) marks the end of a
long period of negotiations
between the media giant,
Department of Culture offi-
cials, the Office of Fair
Trading and Ofcom.
The decision will now be
put out for one last seven day
period of consultation but ana-
lysts expect it to be passed with-
out further delay.
Rupert Murdochs compa-
ny has agreed to hive off
Sky News to an new compa-
ny that exists to ensure the
independence of the
channel.
News Corp has agreed
to put guidelines in
place around who can
become an independ-
ent director at the new
Sky News company,
such as banning anyone who has
worked for News Corp within the past
five years.
Independent directors will also
have to be present at board meetings
if decisions on editorial issues are
taken. Media watchdog Ofcom yester-
day made public its recommendation
over the bid, saying News Corp had
allayed its concerns over media plu-
rality.
A year ago, News Corp said it
had offered 700p a share around
7.8bn for the 61 per cent of
BSkyB it did not already own.
Skys independent directors
then demanded at least 800p
but, after a blockbuster year
that has seen the broadcast-
er smash through the 10m
subscribers barrier, some
investors are now calling
for a price of up to 11.
Sources close to News
Corp say it will not be bul-
lied into paying over the
odds for the broadcaster.
On Wednesday, News
Corp sold MySpace for
$35m, compared with the
$580m it paid in 2005.
News Corps
bid for BSkyB
gets approval
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Bwin.party surges after Full Tilt
has its trading licence suspended
BY STEVE DINNEEN
MEDIA
ENGINEERING group Charter

International rejected an approach
from turnaround house Melrose yes-
terday, saying its unsolicited 780p-per-
share offer substantially undervalued
it.
Charters shares jumped 28 per
cent after Melrose made the surprise
approach for the firm, which has
issued three profit warnings on its
two divisions -- welding company
ESAB and air and gas handling arm
Howden -- in the past year.
The board of Charter reviewed the
proposal with its advisers and reject-
ed it. The offer is opportunistic and
substantially undervalues the compa-
ny and its prospects, Charter said in
a statement.
Analysts at Killik said Melroses
approach was welcome but that the
price would have to rise. We believe
Melrose will probably need to sweet-
en its offer, in part to persuade
Charter to open its books, they said.
Collins Stewart analyst Mark
Wilson said Melrose could face coun-
terbidders, while a sum-of-the-parts
analysis showed buyers could gain
value at even a 1000p per share offer.
Charters chief executive Mike
Foster resigned on Tuesday following
a profit warning last week that
caused its shares to drop 25 per cent.
Charter rejects 1.3bn offer
from Melrose as too cheap
ENGINEERING
News
Charters executive chairman Lars Emilson rejected Melroses offer
BY STEVE DINNEEN
MEDIA
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VODAFONE yesterday completed the
900m (814m) sale of its 24.4 per cent
stake in Polands Polkomtel.
The deal, which values the Polish
company at around 3.6bn, is the lat-
est in a string of high-profile Vodafone
disposals. It has already sold its minor-
ity interest in China Mobile for 4.3bn
and in Japans Softbank for 3.1bn.
Meanwhile, Vodafone chief financial
officer Andy Halford said the firms
liabilities over its ongoing tax dispute
with Indian authorities could double
to $5bn (3bn).
The worlds largest telecoms opera-
tor has placed $2.5bn in an escrow
account pending the resolution of the
dispute but has not set aside the penal-
ty fees that could be applied.
Vodafone says it is still confident it
will win the dispute, which centres
around the $11.2bn purchase of
Hutchison Telecoms operations in
2007. The action could have far-reach-
ing ramifications for Vodafone in
India, with the firm unlikely to press
ahead with a planned IPO of a stake in
its Essar venture if the case is lost.
Vodafone nets
800m from
its Polish sale
BY STEVE DINNEEN
TELECOMS
News
As the Bribery Act takes effect, almost half of UK plc is unaware
NEARLY half of UK businesses are
still not aware of the UKs new
anti-corruption legislation, despite
the Bribery Act finally coming into
force this morning.
A survey of 400 businesses across
the country found that 46 per
cent have no knowledge of the
Act at all, according to business
insurer QBE.
Most worryingly, four in ten
of those with no knowledge of
the Acts new requirements
and powers were those classed
as large businesses, with 250 or
more employees.
Big businesses with multiple
offices and international operations
are likely to be most at risk
from the new rules, which
focus on areas such as cor-
porate hospitality, facilita-
tion payments and
director liability.
T h o u g h
much of the
Act, pioneered
by justice sec-
retary Ken
Clarke (pic-
tured, left)
just brings
the UKs
outdated
ant i - cor-
ruption laws in line with best prac-
tices across global markets, there
are several areas where it is gold-
plated with UK requirements
going above and beyond those that
international companies are used to
dealing with.
In particular, companies are wor-
ried about the lack of an exception
for facilitation payments some-
times made to third-party suppliers
or officials to speed up services.
Most international companies
that implemented OECD standards
from 1998 probably wont have too
much to do, said Philip Urofsky, a
former US Department of Justice
prosecutor and partner at City law
firm Shearman & Sterling. But the
UK will be the only common law
country to not have an exception.
Despite concerns around corpo-
rate hospitality regularly making
headlines during the drafting of the
Act, according to the QBE research
just 16 per cent of businesses sur-
veyed said they had reviewed their
policies on hospitality.
MAKING AN EXAMPLE
With its new teeth firmly in place
as of this morning, lawyers say the
Serious Fraud Office (SFO), led by
Richard Alderman (pictured, right)
will be looking to prove that the Act
has bite, though it could take a
while for prosecutions to filter
through the system.
The SFO and the FSA will both be
eager to flex their new muscles,
says Eoin OShea, a partner at law
firm Laurence Graham.
They will want to
bring at least one or
two successful prosecu-
tions or enforcement
actions in the next 12-
18 months, pos-
sibly sooner,
and are like-
ly to have
some intel-
l i g e n c e
a l r e a d y
a b o u t
promising
cases.
GOVERNMENT-backed Royal Bank of
Scotland agreed a deal to offload a
1.4bn portfolio of toxic commercial
property loans to US private equity
giant Blackstone yesterday.
City A.M. understands RBS will work
with Blackstone to manage the pack-
age of property loans following the
sale, which will remove the assets
from its balance sheet.
Blackstone will take a 25 per cent
stake in the portfolio under the deal,
while RBS will hold the remainder
but sell it down over time.
The deal is the largest such sell-off
of its kind and follows speculation
that either Blackstone or Lone Star
would be chosen to partner RBS.
The move is part of RBSs efforts to
return its balance sheet to health and
follows other sales of non-core assets
such as international subsidiaries, or
recently a portfolio of Spanish com-
mercial property loans.
Both RBS and Blackstone declined
to comment.
RBS sells toxic loan book
BANKING
RBS chief executive Stephen Hester has led the banks sell-off of non-core assets
ANALYSIS l Vodafone
p
167
165
163
165.30
30 Jun
THE COST of bringing in new
Solvency II insurance regulation will
cost Lloyds of London far more than
previously estimated, its finance head
warned yesterday.
The insurance market initially said
it would spend about 250m to pre-
pare for Solvency II, which will
change the amount of regulatory cap-
ital it holds against different risks.
But in a briefing yesterday Lloyds
finance director Luke Savage said the
true cost would be considerably
higher.
Savage said Lloyds may have to
hold two thirds more capital under
Solvency IIs stringent requirements
than it does today an extra 10bn.
He said that would require Lloyds
to generate 2.1bn more profit every
year just to maintain its average
return on capital over the past five
years. To us, thats a nonsense, he
added.
Solvency II will replace the current
insurance regulatory regime in
January 2013 and will require insur-
ers to hold more capital against risk
than at present.
Lloyds sees far
higher cost of
Solvency II
INSURANCE
BY ELIZABETH FOURNIER
REGULATION
20-27 November
The O2
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er of his bosss telecoms pedigree,
who knows what could have hap-
pened to Alexander that evening
POLITICAL PARTY
TO THE Foreign and Commonwealth
Office for Skys summer party last
night but not for business secretary
Vince Cable, whose invitation is still
in the post following his declaration
of war on BSkyBs would-be full
owner Rupert Murdoch.
Also giving the party a miss was
culture minister Jeremy Hunt, who is
at pains to be seen to be completely
independent from Skys senior fig-
ures as his decision on whether
Murdoch can win complete control of
BSkyB moves into the end game.
In fact, the position is so sensitive
that Sky wouldnt even confirm
whether Hunt had been invited.
Even if we had that information, we
wouldnt share it with you, said a
stonewalling Sky spinner.
So who did make the party hosted
by the broadcasters chief executive
Jeremy Darroch? News Corp heir
James Murdoch, Credit Suisse media
banker Gillian Sheldon and Numis
executive director Lorna Tilbian.
VILLAGE PEOPLE
A DIPLOMATIC crisis was solved at
City Hall yesterday at the launch of
Boris Johnsons Team London, the
4.5m volunteering scheme backed
by business giants including Barclays,
Bloomberg, Citigroup and KMPG.
When people say which London
team do I support Spurs, Chelsea,
West Ham I can now say Team
London, said the London mayor (pic-
tured below with the schemes sup-
porter Samantha Cameron) on the
programme that will bring the vil-
lage to the city by recruiting 10,000
community volunteers to six large-
scale projects.
Inevitably, the grass-roots
project drew comparisons
with David Camerons
much-criticised Big Society.
Is the prime minister
pleased to see a physical man-
ifestation of his Big Society
in action? wondered
one City Hall guest as
Boris fielded questions
from the floor.
These are philosoph-
ical questions, hedged
the mayor. Even if you
think the Big Society is
some kind of obesity proj-
ect, you can still join Team
London it is simply a
practical exercise to get
people volunteering. So
thats a no, then.
TRADING PLACES
SEPARATED at birth: Price-
WaterhouseCoopers partner Geoff
Lane and actor Richard Gere of Pretty
Woman and Indecent Proposal fame.
The uncanny likeness was dis-
covered at this weeks AGM of PwCs
climate change team, where partner
Richard Gledhill was compared to
Studio 54 scenester Andy Warhol
between discussions on corporate
sustainability.
The Capitalist was also going to bring
you the two PwC employees who bear
a spooky resemblance to George
Osborne and singer Nicole
Scherzinger until the Big Four audi-
tors fearsome legal team vetoed the
idea. Disappointing.
INDEPENDENCE DAY
CALLING all wine lovers: 1 Lombard
Street is launching its new Wine
Society next Monday, 4 July, with an
American Independence Day wine
tasting celebrating the American
Greats.
Head sommelier Matthew Mawtus
will present five of Americas best vin-
tages, accompanied by an American-
themed menu created by chef
Herbert Berger. Email Elena Leva at
el@jessen.co.uk to
reserve a place.
BARRED: MOBILE BOSS TALKS HIS
WAY INTO HIS OWN GLASTO PARTY
IF YOUR names not down, youre
coming in not even if your name is
Tom Alexander, chief executive of
Everything Everywhere, and you are
trying to get in to your own party at
Glastonbury.
As the other partygoers got stuck
in to the free drinks inside the VIP
farmhouse rented by the mobile
phone giant for the festival,
Alexander was left on hold outside
in the rain, as the bouncer refused to
believe he was the CEO hosting the
invitation-only affair.
Nothing could convince the gate-
keeper not even inside knowledge
of the official Glastonbury mobile
app provided by Everything
Everywhere so, in a last-ditch bar-
gaining attempt, the bouncer sug-
gested: Okay, if youre really Tom
Alexander, youll have a top-of-the-
range mobile phone.
Unfortunately, the man who led
Orange through its merger with T-
Mobile to preside over the telecom-
munications empire with more than
700 high street stores and a cus-
tomer base of 27m only carries an
old Motorola handset.
If an Everything Everywhere PR
hadnt turned up in the nick of time
to persuade the disbelieving bounc-
Call waiting: Everything Everywhere boss Tom Alexander was put on hold at his own party
ew Iuxuy
IuveI sIoe n
Iondon CIy
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l Geoff Lane l Richard Gere
The Capitalist
10
EDITED BY
HARRIET DENNYS
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @citycapitalist
CITYA.M. 1 JULY 2011
BRITISH lender Barclays has sold a
520m (460m) portfolio of private
equity fund investments to French
firm Axa Private Equity.
Led by Bob Diamond, the bank is
seeking to sure up its capital position
in the face of tough new regulation.
The lender said the portfolio includ-
ed investments in private equity funds
as well as several direct private equity
interests held by Barclays Capital, its
investment banking division.
Banks are looking to shed private
equity assets in order to refocus their
funds towards meeting tough new
European regulations, expected to
force banks to hold higher levels of
Core Tier 1 capital.
Barclays said the sale would return
a small profit, as the sale price
exceeded the book value of the assets.
It added that the deal would be com-
pleted in phases, with the initial
move expected to take place later this
year.
This transaction is further evi-
dence that we are delivering on our
commitment to increase our balance
sheet efficiency, said Chris Lucas,
Barclays finance director. We are
pleased with this transaction and con-
tinue to look for similar opportunities
going forward.
Barclays offloads private
equity assets for 460m
Barclays boss Bob Diamond has sold some of the banks private equity assets Pic: PA
BY RICHARD PARTINGTON
PRIVATE EQUITY
News
JAMES Burdett acted as
lead legal advisor to Axa
Private Equity on its
460m purchase of
Barclays portfolio of
assets for Baker &
McKenzie in London.
As head of the City law
firms London funds team,
and as co-head of its glob-
al funds group, Burdett
has advised on a wide
range of private equity
deals.
He specialises in the
formation of private equi-
ty and hedge fund struc-
tures, fund reviews and
due diligence for
investors.
Last year, he worked in
the Baker legal team
advising the Ontario
Teachers Pension Plan, a
Canadian investment firm,
on its 389m deal to buy
British National Lottery
operator Camelot.
Bakers Paris private
equity partner Bruno
Bertrand led on the trans-
action for the firm from
the French capital.
Scottish law firm
Burness also provided
legal advice to AXA
Private Equity. Freshfields
Bruckhaus Deringer and
Brodies advised Barclays.
Campbell Lutyens, led
by managing director
Andrew Sealey, acted as
the intermediary in the
sale.
ADVISERS:
BAKER & MCKENZIE
JAMES
BURDETT
BAKER &
MCKENZIE
Dixons Pixmania
wins Carrefour deal
Electronics retailer Dixons
subsidiary Pixmania has
signed a deal with French
supermarket group
Carrefour to develop its
non-food internet offer.
Pixmania a leading
multi-specialist e-tailer
will provide a multichan-
nel website in a number of
European countries for
Carrefours non-food offer.
Southern Cross gets
lending reprieve
Troubled care-home
provider Southern Cross
yesterday said it had
reached agreement with
its lenders to extend its
banking facilities until the
end of July. The firm said
the reprieve, plus its rent
cut agreed in June, means
the firm can focus on its
restructuring process. The
news sent its shares up
8.28 per cent to 7.83p.
Synchronica buys
Nokia arm for $25m
Synchronica, the AIM list-
ed mobile messaging serv-
ices company yesterday
announced the acquisition
of Nokia's Operator
Branded Messaging
Business in a deal worth
$25m. The firm says the
acquisition will provide it
with a strong foothold in
North America and
increase its immediate
user base from 3m to 10m
worldwide.
TJ Hughes finally in
administration
Department store chain TJ
Hughes finally slipped into
administration yesterday,
appointing accountants
Ernst & Young to manage
the process. Endless, the
Liverpool-based owner of
TJ Hughes, led a manage-
ment buyout of the chain
in March but has been
unable to turn it around.
Endless said TJ Hughes
sales were significantly
down on last year while a
loss of confidence in it by
its credit insurers further
weakened the firm. The
chain, founded in 1912,
currently employs more
than 4,000 people.
NEWS |
IN BRIEF
Wood Group is on track
Energy services firm Wood
Group said its performance is
on track this year, with rea-
sonable activity levels in the
North Sea and strong per-
formance in the US. But the
firm added that its oil and
gas maintenance arm is being
impacted by downtime on
several projects. Investors
yesterday approved a special
dividend of 1.40 per share,
which will be delivered via
new B-shares. The payout
comes from Woods recent
asset sale.
NEWS |
IN BRIEF
News
BRITISH gas producer BG Group
said it had doubled its best estimate
of its oil and gas reserves in Brazils
Santos basin to 6bn barrels follow-
ing new tests.
The upgrade of the fields, co-
owned with Petrobras and Spains
Repsol, highlights the prospectivity
of the area, which represents one of
the industrys largest new provinces
in recent decades.
Chief executive Frank Chapman
said production capacity would rise
steadily to reach more than 2.3m
barrels of oil equivalent per day by
2017.
I believe this ... will transform
the scope, scale and value of BG
Group, he said in a statement.
A spokesman said the economics
of developing the reserves were also
improving, partly because the per
barrel costs fell with higher reserves
estimates.
Broker Evolution Securities said
that, significantly, 96 per cent of the
new reserves figure is based on
existing discoveries with the risked
upside stretching to 8bn barrels of
oil equivalent.
The broker says yesterdays
announcement should also add fur-
ther confidence to the production
growth target of six to eight per
cent per annum to 2020.
Shares in BG Group jumped 4.7
per cent on the news to close at
14.14.
BG shares jumps as
Brazil reserves rise
BY HARRY BANKS
OIL & GAS
FRENCH luxury group LVMH

secured EU approval yesterday for
its 3.7bn (3.3bn) purchase of
Italian peer Bulgari to boost its
presence in emerging markets.
The acquisition will help LVMH,
which owns Louis Vuitton,
improve margins and better com-
pete with bigger watch and jew-
ellery companies Richemont and
Swatch.
The companies announced the
deal in March.
The European Commission, the
EUs competition watchdog, said
the deal would not have a negative
impact on the market.
The investigation showed that
the combined activities of LVMH
and Bulgari do not give rise to
high market shares under any
plausible market definition, the
Commission said in a statement.
LVMH shares rose 1.3 per cent
on the news.
EU clears LVMH to acquire Bulgari
M&A
NEWS | IN BRIEF
Order delays halve Hampson profit
Engineering group Hampsons shares fell 10
per cent yesterday after it reported a 57 per
cent drop in pre-tax profit to 10.8m.
Revenues rose 17 per cent to 197.5m, but
its bottom line was also hit by a 34.6m
impairment charge. The company, which is
trying to sell off assets to reduce debt, had
previously warned that US order delays
would hit profits.
Petrofac bullish on growth prospects
Oil services firm Petrofac said yesterday it
was confident of delivering profit growth of
at least 15 per cent in 2011, after strong per-
formances from projects in Iraq. The groups
order book stood at $11.4bn at the end of
the half. The group also said chief financial
officer Keith Roberts will retire at the end of
the year, and be replaced by Cable &
Wireless Worldwide CFO Tim Weller.
BRITISH LAND has agreed to buy
Wardrobe Court, a residential invest-
ment property in the City for 57m.
Wardrobe Court, which is being
sold by the Warnford Group, a family
company, will mark British Lands
first residential acquisition in the
square mile.
The FTSE 100 group, best known for
its retail and office schemes, is
expanding its high-end residential
property portfolio in central London,
where demand from international
investors remains strong.
If the deal is completed, the compa-
nys residential properties will be
worth more than 250m, including
its luxury apartments in Regents
Place.
Wardrobe Court, near St Pauls
Cathedral, is a collection of 92 serv-
iced apartments. Known as the
kings wardrobe, the name dates
back to when King Edward III occu-
pied the site in the 14th century with
a vast wardrobe of regalia.
British Land snaps up City
apartment block for 57m
PROPERTY
SHARES in Flybe remained buoyant

yesterday despite the Exeter airline
reporting heavy losses after last years
Icelandic volcanic eruption and arctic
winter conditions disrupted flights.
The company made an annual pre-
tax loss of 4.3m, compared with a
profit of 24.6m the previous year. Yet
analysts remained upbeat, saying the
results were no surprise after the
company issued a profit warning in
May.
The effects of ash cloud together
with severe weather conditions
across the UK last winter forced Flybe
to cancel 5,157 flights.
The airline, which operates largely
across UK regional airports, estimat-
ed that the total impact on the com-
pany was 18.1m.
Flybe said its underlying profit
excluding these losses was 22.3m,
and expects to make pre-tax profits of
about 22m in the current year.
Andrew Fitchie, head of Investecs
UK research team said profits were on
target.: Current trading is encourag-
ing, with an increase in forward tick-
et sales growth since early May.
The regional airline, which floated
for 60m last year, confirmed it was
in talk with several European airlines
regarding expansion opportunities.
Shares in Flybe were pushed up
16.00p, or 9.5 per cent.
Flybe profits hit by volcano
BY KASMIRA JEFFORD
AVIATION
ANALYSIS l Flybe
p
Dec Feb Apr Jun
350
300
250
200
150
184.00
30 Jun
ANALYSIS l BG Group
p
1,425
1,375
1,325
1,275
1,414.00
30 Jun
A RIVAL firm has hit out at the likely
extension of Camelots licence as the
provider of the UK National Lottery.
Camelot has announced a plan to
install thousands of new lottery termi-
nals in rural areas in a bid to persuade
the National Lottery Commission to
extend its licence by five years.
The Commission says it is studying
the proposal and has not yet made a
decision on whether to extend the
licence. However, industry watchers
believe the Commission will accept
the proposals and extend Camelots
position as the only National Lottery
organiser since the institution was
formed.
Rival hits out at Lottery regulators
over the extension of Camelot licence
GAMING
Camelot boss Dianne Thompson

Rival firm Peoples Postcode Lottery
says not putting the contract up for
tender is bad both commercially and
for the good causes the National
Lottery promotes. Director Annemiek
Hoogenboom said: This is a social lot-
tery but Camelots proposal to install
more terminals is simply based on
commercial reasons. There should not
be this automatic extension of the
licence.
Camelots current ten-year licence is
due to end in 2019, with the process
for awarding the new licence begin-
ning in 2015, although the commis-
sion says it can grant a licence
extension. Peoples Postcode Lottery co-
founder Boudewijn Poelmann is also
chairman of City A.M.
www.canon.co.uk
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DOWNBEAT mortgage lenders fear
that defaults on payments could rise
again in the coming months, a Bank of
England survey revealed yesterday.
Despite a broadly unchanged
number of defaults in the second quar-
ter of this year, losses made on defaults
rose for the third quarter in a row
and lenders expected the default rate
to rise in the coming quarter.
The balance of lenders expecting a
rise in the default rate of secured loans
rose to its highest level since the end of
2009, noted Vicky Redwood of Capital
Economics.
The flat housing market probably
is not helping either. One factor pre-
venting banks from wanting to lend
could be the outlook for bad debts,
she added.
Lenders have not increased the
availability of secured credit to house-
holds in the last three months, the
Banks credit conditions survey
revealed and availability is likely to
remain flat in the next three months.
Mortgage providers reported that
demand had increased a little in the
last three months, yet was also expect-
ed to decline again in the third quarter
of the year.
However, the grip on unsecured
credit could be relaxed in the coming
three months, the survey showed.
Demand for borrowing on credit
cards is expected to see a slight
increase in the coming months.
Borrowing on plastic has been slug-
gish this year, according to separate
studies, yet many credit cards are
extending interest-free periods to
tempt customers into spending, the
website Moneyfacts revealed this week.
Clashes between companies and
bank could emerge later this year,
with the survey unveiling rising
demand for credit at both small and
large firms, yet a reluctance from
lenders to loosen the supply.
The availability of credit to corpo-
rates of all sizes is expected to remain
broadly unchanged in quarter three,
the report said.
Banks expect
more defaults
on mortgages
BY JULIAN HARRIS
UK ECONOMY
News
HOUSE prices flatlined in June, with
the market seeming to be in the midst
of an extended period of stagnation.
Prices were unchanged in June after
a 0.3 per cent rise in May and a 0.2 per
cent drop in April, according to a
Nationwide survey released yesterday.
The property market has moved
sideways over the past six months, and
Junes data suggest that trend is being
maintained through the summer
months, said Nationwide economist
Robert Gardner.
Its hard to make the case for prices
rising or falling sharply over the
remainder of 2011 if the economy
develops as we expect, Gardner
added.
Prices were up 0.3 per cent on the
three-monthly measures, which irons
out some monthly volatility, yet
remain 1.1 per cent below price levels
in June 2010.
Nationwide: flat housing
market is going nowhere
House prices have stagnated, according to Nationwide Picture: Micha Theiner/City A.M.
BY JULIAN HARRIS
HOUSING
NEWS | IN BRIEF
Mutuals increase their lending
Lending by mutuals jumped by 20 per
cent in May, compared to the same time
the previous year, research from the
Building Societies Association (BSA)
found this week. Gross lending totalled
1.8bn, while mortgage approvals also
hit 1.8bn a 15 per cent increase on
May 2010.
Record level of French state debt
The French governments debt reached a
record high of 84.5 per cent of GDP in
the first three months of the year, offi-
cial data revealed yesterday. The propor-
tion of debt was up from 82.3 per cent
at the end of 2010. Meanwhile, French
household consumption decreased by
0.8 per cent in May compared to the
previous month, after a 1.4 per cent dip
in April.
Inflation sticks at 2.7pc for Euro
Inflation in the Eurozone was level at 2.7
per cent in June, according to a flash
estimate from the Eurostat office
released yesterday. Despite expectations
that consumer price inflation could have
edged up to 2.8 per cent, the European
Central Bank is still expected to raise
interest rates in July.
More jobs misery for Americans
New claims for unemployment benefits
in the US fell by just 1,000 to a season-
ally adjusted 428,000 in the week
ended 18 June, the Labor Department
said yesterday. It was the 12th straight
week that claims have been above
400,000, a level that is usually associat-
ed with a stable labor market.
Employment stumbled badly in May,
with employers adding just 54,000
jobs the fewest in eight months.
STRUGGLING retailer HMV has said it
will cut back on stocking CDs and
DVDs to focus on consumer electron-
ics and live music events.
The music group, which has been
selling off assets in a bid to secure its
future, posted a 61 per cent drop in
annual profit yesterday.
HMV said it had seen pre-tax profit
slide to 28.9m in the year to 30 April,
down from the 74.2m it made a year
earlier.
Including impairment charges
related to the sale of Waterstones
and its Canadian assets, the retailer
swung to a 123.1m full-year loss.
HMVs new strategy will see it
make a push into selling more elec-
tronic gadgets, such as headphones,
iPods and other MP3 players.
Electronics products currently
account for about eight per cent of
HMVs UK sales, although it hopes to
push this to more than 30 per cent.
It also said it will focus on live
opportunities, an area that has been
viewed as one of the most profitable
in the music industry.
However, the firm said its current
profit from live music stood at just
3m.
HMV recently sold Waterstones,
the high-street book chain, for 53m
to a company controlled by Russian
billionaire Alexander Mamut.
It also sold its 121 Canadian stores
to restructuring firm Hilco for 2m
earlier this week.
The retailer said it would use the
proceeds from the sales to complete a
refinancing deal with its lenders.
HMV said its net debt stood at
170.7m from 67.6m a year earlier.
Chief executive Simon Fox said:
We now have a clear focus and strat-
egy to drive cash generation and cost
reduction, reinvigorate the customer
offer and further diversify the group
into the growth areas of live, ticket-
ing and digital.
PENT-UP demand and tight supply will
prop up the UK housing market well
into 2012, British housebuilder Taylor
Wimpey predicted after it reported
stronger margins and said it sees full-
year profit forecasts being nudged
higher.
Overall, we expect it [full-year pre-
tax profit] to be slightly better than the
market is currently expecting, chief
executive Pete Redfern said yesterday.
We would expect them to upgrade a
little after today, he added.
Confidence is slowly creeping back
to the housing market after a shaky
close to 2010, and London-focused
builder and developer Berkeley said
last week it would return 1.7bn to
shareholders over the next 10 years, as
its profit soared by nearly a quarter.
[There are] still significant levels of
demand, and reasonable levels of
demand [from buyers] that can actual-
ly get a mortgage ... Against that back-
drop, we have a market with a pretty
tight supply, said Redfern.
Taylor Wimpey said it expects to
complete 4,550 homes in the first half
of the year against 4,804 homes in the
same period last year, as it chases mar-
gins over volumes. Average selling
prices ticked up slightly to 170,000
from 168,000 this time last year.
The company also announced the
appointment of Mike Hussey as an
independent non-executive director
with effect from 1 July. Hussey is the
chief executive of private property
investment and development compa-
ny Almacantar.
Confidence returns as Taylor Wimpey
sees demand pushing up its forecasts
GREENE King, the leading pub retailer
and brewer in the UK, yesterday
reported a 14 per cent rise in pre-tax
profits to 140m for the year.
The company said that rising
demand for pub meals, which account
for 60 per cent of its business, con-
tributed to a revenue increase of six
per cent, topping the 1bn mark and
making it a record year.
Despite the figures, Greene King
warned inflationary pressure and gov-
ernment cutbacks will see another
tough year ahead.
The companys
share price fell
5.9 per cent yes-
terday to close at
487.4p, but fol-
lowed a 6.1 per
cent rally lead-
ing up to the
announcement
in the previous
week.
Greene King shares drop
despite jump in revenues
PREMIER FOODS shares crashed 22 per
cent after the firm issued a profit
warning to the stock market late yes-
terday afternoon.
Premier blamed high commodity
costs, which have knocked 15m from
its profits, and the temporary loss of
major customer Marks & Spencer
when Premier raised its prices.
The maker of Hovis and Mr Kipling
also said its grocery and bread markets
have shrunk by five per cent, which it
said was partly due to the unusually
warm weather.
The FTSE 250-listed firm said trad-
ing profit in the first half will be
between 65m and 70m when it
reports in August, compared with
94m in the same period last year.
Premier, which was already offload-
ing assets including the Quorn brand
to tackle its debt pile, is also cutting its
capital expenditure this year to miti-
gate the fall in trading. But it warned
that the second half is also expected to
be down year-on-year.
Premier Foods tumbles
following profit warning
CONSUMER
TRANSPORT group National Express

said first half revenues grew across its
bus and rail businesses and that it
expects to continue performing well in
the second half of the year.
I expect National Express to deliver
a significant improvement in financial
performance this year, chief executive
Dean Finch said.
The company said revenues at its UK
rail and coach units increased seven
per cent in the six months to the end
of June, with British bus sales rising six
per cent.
The news follows peer Stagecoachs
strong results on Wednesday.
Nat Express
profits rise
TRANSPORT
DEBENHAMS said yesterday it would

meet forecasts for the years profit as
it defied the general gloom in the
retail sector with a jump in second-
half sales.
The company said that consumers
were still buying treat items like cos-
metics while childrenswear was also
performing well.
Debenhams, currently led by Rob
Templeman (pictured), said sales at
stores open more than a year, exclud-
ing VAT, were up 1.5 per cent in the 17
weeks to 25 June.
Deputy chief exec Michael
Sharp, who replaces
Templeman in the autumn,
said: We are very pleased
with the figures. Cosmetics
have been selling well and also
mens clothes, which is
surprising as when
times are tough those
sales usually go down.
The store said it had
kicked its summer sale
off a few days early but
that trading had been
resilient.
On the international
front Sharp said the
Middle East had been strong, with
its Danish Magasin Du Nord also
producing positive figures.
He added: The Middle East has
been very strong for us. We have
always emphasised the
importance of our interna-
tional reach.
On the rising prices
of raw material costs,
especially cotton,
Sharp said that
customers could
expect an average
five per cent price
rise across all prod-
uct ranges.
Debenhams defies retail gloom
BY JOHN DUNNE
RETAIL
FRENCH retailer Casino has tight-

ened its grip on Grupo Pao de Acucar,
as it battles with arch-rival Carrefour
for control of Brazils top retailer.
Casino yesterday raised its stake in
Pao de Acucar to 43.1 per cent from
37 per cent, spending 550m (497m)
to buy 16.1m preferred shares in the
market.
It came after Carrefour said it was
discussing a deal with Pao de Acucar
chairman Abilio Diniz to merge Pao
de Acucar with Carrefour Brazil, the
countrys second-largest retailer.
RETAIL
HMV to move
away from
stocking CDs
BY RICHARD PARTINGTON
RETAIL
BY LOTTIE RIDLEY
LEISURE
ANALYST VIEWS: WILL HMVS CHANGE IN

TACK HELP SAVE THE BUSINESS?
Interviews by Richard Partington
JOHN STEVENSON | PEEL HUNT

Adjusted profit before tax is broadly in line with regularly downgraded
market expectations. There is no radical change in strategy, with a much larger
footprint set to be dedicated to technology, while live earnings are likely to be off-
set by the decline in the core business.
NICK BUBB | ARDEN PARTNERS

We remain cautious on how the technology push will go this
Christmas, expect the group to break-even at best this year and still expect an
equity raise after Christmas, whatever happens. There is no current trading
update, but we can safely assume that the new-year has started badly.
KATE CALVERT | SEYMOUR PIERCE

There are plenty of players in the high street not making money in tech-
nology and live is immaterial; they have much bigger concerns to sort out. If they
dont make money in the stores and they dont close down their stores then theyll
make a huge loss. The biggest concern is to sort out the HMV stores.
HMV boss Simon Fox is battling to save the music retailer Picture: Rex
ANALYSIS l HMV
p
12
10
8
9.69
30 Jun
News
Casino ups
Brazil stake
PROPERTY
Goldman Sachs
Goldman Sachs Group has hired Andrew
Benito from the Bank of England as a
senior European economist. Benito
joined Goldmans New York office on
Monday, following 11 years at the BoE.
Stadia Trustees
The boutique pensions company has
recruited Jason Burman and Gordon
Banks from Suffolk Life as head of SIPP
operations and financial controller
respectively. In addition, Alison
Redgewell has been promoted to busi-
ness development manager.
MKP Capital Management
The alternative asset manager has
hired Andrew Quessy as portfolio
manager in its new London office.
Most recently, Quessy was managing
director at UBS in the Proprietary
Macro Directional Trading Group.
BNP Paribas
The investment bank has promoted
Benjamin Jacquard from global co-head
of credit trading to global head of credit
trading. Prior to joining BNP Paribas in
2008, Jacquard managed credit trad-
ing teams at Bank of America, Credit
Agricole and CPR.
LDC
The mid-market private equity firm
has appointed Yann Souillard as man-
aging director of its Southern region.
Yann joined the business in 2004, fol-
lowing seven years working at
Barclays Leveraged Finance.
AXA Investment Managers
The asset manager has appointed
Irshaad Ahmad as head of UK and
Nordics, taking overall responsibility for
AXA IM in the UK and Nordic markets.
Ahmad also becomes a member of the
AXA IM executive committee.
Sportingbet
The online gambling firm has appointed
Rory Macnamara as a non-executive
director of the company and chairman
of the Audit Committee. Macnamara
joined Morgan Grenfell, later Deutsche
Morgan Grenfell, in 1981, rising to the
position of deputy chairman.
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
...as Wall St keeps
up its winning run
U
S stocks ended a volatile quar-
ter yesterday with their biggest
four-day rally since September
as positive economic data and a
temporary resolution of Greeces debt
crisis indicated further gains in July.
Midwest business activity showed
surprising strength this month, lifted
by a jump in new orders, the Institute
for Supply Management-Chicago said.
That helped calm concerns about the
economy that have weighed on mar-
kets for two months.
Overseas, Greeces parliament
approved measures to implement
budget cuts and assets sales, making
Greece eligible for financial aid to
avoid a debt default.
Major indices rose, including the
benchmark Standard & Poors 500,
which climbed above its 50-day mov-
ing average at 1,317, suggesting an
accelerated move higher was possible.
The index is up 4.1 per cent so far this
week, its best four-day rally since
September 2010.
The resolution in Greece allows us
to throw away one more question
mark, and as we do that we become
more confident, said Peter Andersen,
portfolio manager at Congress Asset
Management in Boston. Managers
are also using the occasion to trim
their cash positions at the midway
point through the year, meaning
well start July with optimism.
For the second quarter, the Dow
rose 0.8 per cent while the S&P 500
cut sharp losses to end down 0.4 per
cent and the Nasdaq slipped 0.3 per
cent. In June, the S&P fell 1.8 per cent,
the Dow lost 1.3 per cent and the
Nasdaq shed 2.2 per cent.
Concerns that a Greek default
could spark another global credit
freeze had been a major headwind for
stocks since May, sending the S&P
down more than five per cent at one
point, though most of those losses
were recouped this week.
All ten S&P business sectors rose
yesterday, led by industrials, up 1.7
per cent, and information technolo-
gy, up 1.4 per cent. Heavy-equipment
maker Joy Global rose 5.7 per cent to
$95.24 (59.44) for the biggest per-
centage gain on the S&P while soft-
ware company NetApp added 5.6 per
cent to $52.78.
The Dow Jones industrial average
was up 152.92 points, or 1.25 per cent,
at 12,414.34. The S&P 500 Index was
up 13.23 points, or 1.01 per cent, at
1,320.64. The Nasdaq Composite
Index advanced 33.03 points, or 1.21
per cent, at 2,773.52.
Part of the rally came from end-of-
quarter window dressing by fund
managers, who typically sell losers
and buy winners to make their portfo-
lios look better.
B
RITAINS top shares rose
sharply yesterday after the
Greek parliament passed a sec-
ond austerity bill to secure
emergency funds, with riskier assets
such as oil stocks, banks and miners
leading the charge higher.
The FTSE 100 index closed up 89.76
points, or 1.5 per cent, at 5,945.71, its
fifth consecutive day of gains, manag-
ing to close out the quarter in slightly
positive territory.
Lloyds Banking Group led the
banks higher, jumping 9.7 per cent,
as investors welcomed plans by its
new chief executive Antonio Horta
Osorio to target a leaner group in a
radical overhaul.
There will be some material down-
grades near term, but in the medium
term [the review promises] a marked
improvement, said Atif Latif, director
of trading at Guardian Stockbrokers.
Lloyds peer Royal Bank of Scotland
advanced 4.6 per cent, partly in sym-
pathy with its banking peer.
RBS was also boosted by reports
that Mitsubishi UFJ Financial Group
is in advanced talks to buy an
Australia-based infrastructure adviso-
ry unit of RBS and its portfolio of pub-
lic-private project-finance assets.
BG Group was the standout per-
former among integrated oils, ahead
4.7 per cent, after the British gas pro-
ducer doubled its best estimate of its
oil and gas reserves in Brazils Santos
basin to six billion barrels.
British oil services firm Petrofac,
however, fell two per cent, shedding
some of the gains it made in the run
up to its latest update. Despite this
being in-line, an analyst said he was
surprised by the announcement of
the impending retirement of
Petrofacs chief financial officer.
The Greek vote yesterday cleared
the last obstacle to the next slice of
aid from the European Union and the
International Monetary Fund, but
strategists and traders cautioned that
the country is merely kicking the
can down the road.
We seem to be heading back
towards the 6,000 barrier again but
Im still far from confident. Obviously
its another short-term successful
solution to the crisis, but I've got no
confidence that any measures voted
in by the Greek parliament will actu-
ally be enacted by the Greek people,
said Martin Dobson, head of trading
at Westhouse Securities..
Strategists also warned that the
FTSE 100s rally could have been
inspired by end-of-quarter window
dressing by fund managers to make
their portfolios look better, and the
fact that the Federal Reserves bond-
buying programme has drawn to an
end could make further gains from
equity markets more difficult.
Dont get suckered into thinking
that the sell-off is over... I think were
on rather dangerous grounds, said
David Morrison, market strategist at
GFT Global.
One factor traders said could
counter these potentially negative
catalysts would be a resurgence of
merger and acquisition activity.
The market has been awash with
bid rumours of late, with shares in
interdealer broker ICAP and free-to-
air broadcaster ITV rising strongly on
Wednesday on talk they could be tar-
gets.
On the FTSE 250, the London Stock
Exchange advanced 11 per cent on
speculation it could become a
takeover target for Middle East
investors Borse Dubai and the Qatar
Investment Authority, after its abort-
ed $3.5bn bid for Canadas TMX
Group. Nasdaq OMX Group could also
be assessing an approach to LSE,
according to reports.
Banks take FTSE 100 to its
fifth straight day of gains...
THELONDON
REPORT
THENEW YORK
REPORT
6,100
5,900
5,700
11 May 1 Jun 21 Jun 15 Apr 28 Mar
ANALYSIS l FTSE 100
5,945.71
30 June
BEST OF THE BROKERS
To appear in Best of the Brokers email your research to notes@cityam.com
ANALYSIS l Pirelli & C. Spa
7.25
6.75
6.25
28Jun 18May 4Apr

7.45
30 Jun
PIRELLI
Citi initiates coverage of the auto parts manufacturer as a buy at medium
risk, and with a target price of 9 (8.14). The brokers sees Pirelli as a
good access point to the premium tyre space at a time when demand for
replacement tyres has lessened in the NAFTA region (US, Canada and
Mexico). The brokers positive view on the premium tyre sector is based on
a growing consumer focus on fuel efficiency and safety.
ANALYSIS l Imagination Technologies
550
450
350
p
28Jun 8Jun 18May 26Apr 4Apr
375.61
30 Jun
IMAGINATION TECHNOLOGIES
Goldman Sachs rates the chipmaker as a conviction buy with a target
price of 630p, seeing fears around its participation within the Android mar-
ket as overblown. The broker sees more sustainable market share, with
Imagination in a prime position to profitably capitalise on high-growth end-
market opportunities such as smartphones and tablets. Goldman forecasts
a three-year compound annual revenue growth of 22 per cent.
ANALYSIS l Britvic
450
430
410
390
370
p
28Jun 8Jun 18May 26Apr 4Apr
394.50
30 Jun
BRITVIC
Nomura rates the company buy and has a target price of 391p. The bro-
ker expects the third quarter trading statement to show subdued growth
in the face of tough competition, but with easier comparisons in the fourth
quarter does not change its full-year estimates. Though it expects a contin-
uing decline in Ireland, a cost-cutting programme should deliver 5m
(4.5m) mainly in the second quarter, which should underpin the full year.
Penningtons
Penningtons Solicitors has boosted its corporate
practice by appointing James Klein as a partner.
Klein, who was previously a partner with
Berwin Leighton Paisner, will lead the corporate
team at Penningtons City office, bringing the
number of partners at the firm to 63. Klein has a
strong track record of corporate finance trans-
actions, including corporate restructurings and
private equity deals. Recent clients include Tate
& Lyle, BT Global Services and Barclays.
News
City A.M. Awards 2011: Sponsors
Saxo Bank is a global investment
bank specialising in online trad-
ing and investment across the
international financial markets.
Saxo Bank enables private
investors and institutional clients
to trade forex, contracts for dif-
ference, exchange-traded funds,
stocks, futures, options and
other derivatives via multi-
award winning online trading
platforms, as well as offering
professional portfolio and fund
management.
Saxo Bank is headline sponsor of
the City A.M. Awards for the
second year. Torben Kaaber,
Saxos UK chief executive, said
Saxo Bank is proud to support
the City A.M. Awards for 2011,
not only as headline sponsor, but
as sponsor of the personality of
the year award. The financial
services sector remains enor-
mously important to Britain and
the awards are once again an
opportunity to celebrate the
best performers in the City.
Among the first financial institu-
tions in the world to develop an
internet-based information and
investment trading platform,
Saxo Bank was founded in 1992
by co-chief executives Lars Seier
Christensen and Kim Fournais.
From the outset, the bank
emphasised technology as a vital
element for being competitive in
the online trading industry. A
fully licensed and regulated
European bank, Saxo Bank has
built a global base of individual
retail clients, corporations and
financial institutions from its
headquarters in Denmark and
numerous regional offices. Since
receiving European bank status
in June 2001, Saxo Bank has
positioned itself as a leading
player in online trading thanks to
its superior client service, com-
petitive pricing and its focus on
developing industry-leading
trading platforms.
HEADLINE
SPONSOR AND
PERSONALITY
OF THE YEAR
SPONSOR
British Airways at London City is
sponsor to the City A.M. Awards
champagne reception that will
begin the evenings festivities on
Wednesday 21 September 2011.
After the sensational success of
the City A.M. awards in 2010,
British Airways at London City is
proud to be a sponsor for the sec-
ond year running. It is a great
opportunity to recognise those
companies and individuals at the
forefront of development, in the
RECEPTION SPONSOR
heart of the City.
British Airways at London City
has also evolved over the last
year and now operates over 400
flights a week from London City
airport, which is over 40 per cent
more than last year. In response
to customer demand, capacity
has been increased on key busi-
ness routes to Scotland and
British Airways at London City
has also added more leisure
routes to Malaga and Faro after
the success of Ibiza and Palma
last year.
Grange St Pauls Hotel, located in
the heart of the City of London, is
proud to host once again the City
A.M. Awards, on Wednesday 21
September 2011, for a drinks
reception, three-course dinner, an
evening of excellent entertain-
VENUE SPONSOR
ment and, most important of all,
the City A.M. Awards ceremony.
With a sophisticated blend of
contemporary style and modern
flair, the stunning Grange St
Pauls Hotel sets new standards
for luxury and elegance. Perfectly
located in the heart of the Citys
financial district and in the shad-
ow of Sir Christopher Wrens
magnificent English baroque
cathedral, yet just moments from
the myriad delights of Londons
renowned West End, the Grange
St Pauls provides a perfect venue
for any visit to the capital, with
deluxe bedrooms and suites offer-
ing understated luxury and ele-
gance and, in its spectacular glass
atrium, an unrivalled selection of
restaurants and bars.
OTHER PRIZE SPONSORS BY CATEGORY
FOR THIS YEARS CITY A.M. AWARDS
CLS Communication
works with the asset
management, invest-
ment banking, private
banking and investor
relations divisions of
more than 1,000 finan-
cial institutions. It is one
of the worlds leading
providers of translation,
writing and editing serv-
ices. With offices around
the world, it has the
expertise to tailor com-
panies fund commen-
taries, prospectuses, and
other communications to
their local markets.
LAW FIRM
OF THE YEAR
Alpari is an award-win-
ning foreign exchange,
contracts for difference
and precious metals bro-
ker headquartered in the
heart of the City of
London and with sub-
sidiaries in Germany,
Japan and India as well
as a representative office
in China.
With a history dating
back to 1998, the Alpari
companies are among
the worlds fastest grow-
ing providers of online
foreign exchange trading
services.
RISING STAR
OF THE YEAR
Nothing matters more
to BDO than its clients
and it delivers excep-
tional service. Thats
why it seeks out and
develops talented, free-
thinking people and
operates cross-disci-
pline teams who get the
job done. And its why it
will be there anytime,
anywhere: as the UK
member firm of BDO,
the worlds fifth largest
accountancy network, it
gives access to over
1,000 offices in over
100 countries.
DEALMAKER
OF THE YEAR
Cass Business School,
which is part of City
University London,
delivers innovative edu-
cation, training, consul-
tancy and research.
Located in one of the
worlds leading financial
centres, Cass is the busi-
ness school for the City
of London. It is ranked
in the top 10 UK busi-
ness schools for busi-
ness, management and
finance research and 90
per cent of the research
output is internationally
significant.
ENTREPRENEUR
OF THE YEAR
Finsbury is one of the
leading financial, regula-
tory and political com-
munications agencies in
the world. Founded by
Roland Rudd, a former
PROFESSIONAL
SERVICES FIRM
OF THE YEAR
financial journalist, in
1994, Finsbury acts as
advisers to Glencore,
Standard Chartered and
a host of other FTSE 100
companies, and vies with
Brunswick for top place
in the UK financial PR
market. A global firm, it
has offices in London,
New York, Brussels, Abu
Dhabi and Dubai. It pro-
vides strategic communi-
cations advice to clients
on their interaction with
the media, financial mar-
kets, governments and
key stakeholders.
Chief executive Lou
McLeod says, William &
Son is very pleased to be
sponsoring this years
City A.M. Awards as its
another way to work
ALTERNATIVE
MANAGER
OF THE YEAR
closely with the newspa-
pers superb sales and
editorial team. After
attending the inaugural
awards last year, luxury
goods company William
& Son decided it would
be a perfect way to con-
tinue its strong relation-
ship with City A.M.
William & Son, estab-
lished by William Asprey
in 1999, has two stores
on Mayfairs Mount
Street, specialising in
exclusive and bespoke
luxury goods, country
clothing, guns and rifles.
CNBC is the leading glob-
al broadcaster of live
business and financial
news, reporting directly
from all the major finan-
cial markets, with three
regional networks in
Asia, EMEA and the US.
The EMEA channel is
available in 130m homes,
1,400 banks and finan-
cial institutions and lead-
ing hotels. CNBC.com
has live streams of all
three CNBC regional net-
works and a comprehen-
sive archive of business
news videos.
ANALYST
OF THE YEAR
The Color Company is
Central Londons leading
digital print company,
with centres located in
the heart of the Square
Mile, Canary Wharf,
Soho, Aldwych, central
Victoria and a 24-hour
centre in the heart of
Mayfair. It constantly
supports many City A.M.
readers with their proj-
ects, both large and
small including the
Citys investment banks
and this is its second
year supporting the City
A.M. awards.
INVESTMENT
BANK OF THE YEAR
Thomas Eggar is a lead-
ing law firm with offices
in London and the South
providing personal and
commercial legal advice
to a diverse range of UK
and international clients
including entrepreneurs
and high net worth indi-
viduals. Many of its
lawyers are recognised
as leaders in their
respective fields.
Thomas Eggar is ambi-
tious for its clients and
offers a distinctive legal
alternative, to individu-
als and businesses alike.
INSURANCE
FIRM OF THE YEAR
GFT congratulates the
brilliant individuals and
businesses nominated in
this years City A.M.
Awards. GFT has
launched some exciting
products over the past
year, providing traders in
the City of London and
around the globe with
even greater access to
spread bet, forex and
CFD markets. Active
traders know great exe-
cution makes all the dif-
ference and GFT is proud
to continue to provide its
industry this leadership.
TRADER
OF THE YEAR
Visit fairview.co.uk/bestinvest to find out more!
Rents increasing to record highs
and property prices are rising!
Its time to make the HASSLE

FREE move back into property
investment!
Pembroke Park, Haslett Avenue, Crawley, West Sussex RH10 1AW
We are open every day from 10am - 5pm,
call: 0800 883 8014
Limited collection of ready-let apartments
with qualified tenants just released for sale,
achieving up to 6.3% gross yields
*
Pembroke Park is the fastest selling brand
new development in central Crawley,
just 6 miles from Gatwick airport
2 bedroom apartments with en suite
from just 156,995
All offers are available on selected homes for a limited period subject to agreement & contract, terms & conditions apply. The availability of any incentive is strictly
subject to utilising the services of a Fairview approved I.F.A. & panel solicitor/licenced conveyancer. *Gross yields based on actual rentals achieved and exclude
any agents fees, void periods & service charges. Prices correct at time of publication. Photograph of Pembroke Park.
Sources: LSL Property Services Survey April

2011, Daily Express 31 May 2011.
O
N
CE IN
A
LIFETIM
E
INVESTMENT OPPORTUNITY!
Ready-letapartments
with qualified tenants...
Hurry, limited number
available and must be sold!
Currently achieving upto
6
.3
%
gross yields
*
...
Living| Focus On
CROYDON ROAD
Price: 249,950
This apartment has two double
bedrooms, an entrance hall and
a fully fitted kitchen. The
lounge-diner and kitchen are
open plan and the master bed-
room has an en-suite bathroom.
There are communal gardens
and allocated parking that is
accessible by electric gates.
Contact: 01883 331000 or go
to www.cubittandwest.co.uk
OXTED, SURREY BY LAURA MOWAT
BLUEHOUSE LANE
Price: 325,000
This double bedroom first-floor apartment
is a converted Edwardian house with far-
reaching views over the communal gar-
dens. It has high ceilings, wood-panelled
doors throughout, a communal cellar and a
private covered balcony.
Contact: Jackson Stops on 01883 712375
or go to www.jackson-stops.co.uk
LITTLE COURT,
OLD OXTED
Price: 3.85m
This property is set in well
maintained grounds that
include an outbuilding and
heated swimming pool. The
main house has six bedrooms,
a study, drawing, dining, sit-
ting and sun room that has
great views over the gardens.
Contact: Knight Frank on
020 7861 1505 or go to
www.knightfrank.co.uk
Commuting to the City: Taking the train
from Oxted overground station to
London Bridge takes 40 minutes, adding
a further seven minutes on the Jubilee
line for those who need to reach Canary
Wharf.
Education: Oxted School, a state school in
the area, achieves good results with 73 per
cent of its students scoring GCSEs at A*-C.
Those keen to go private, however, are
within easy reach of the independent
schools Sevenoaks and Tonbridge.
NEED TO KNOW | AREA INSIGHT
OXTED | PRICES
Detached Semi-Detached Terraced Flats
Oxted 722,215 343,865 290,772 283,047
Surrey 667,441 324,745 282,169 210.820
Source: Savills
Tim Hassell
DIRECTOROF CENTRAL
LONDONFIRMDRAKER
LETTINGS,
SPECIALISINGIN
CHELSEA, KENSINGTON
AND PIMLICO.
RENT
Q.
We have just let our property
out to a banker. My husband
and I were very excited at
first but all he seems to do is
complain about the little things in
our property, is quite abrupt and
calls us constantly. Do you have
any advice as to what we need to
do differently?
A.
Firstly, most white-collar profes-
sionals will enter into the letting
of a property on a professional
and non-personal basis. It is always
advisable to try your best to do the
same. Corporate or corporate-quality
tenants nowadays often expect a pro-
fessional and responsive service from
whoever is managing the property,
especially in Central London. Tenants
often do not realise that the owner of
the property is the person with whom
they are dealing after they move in.
This can very often be a failing of the
estate agent who may not have
explained that after a tenant takes
occupancy of the property their role
diminishes.
I always try to advise my clients that
they should meet their tenants when
they move in and, at the
very least, should for-
merly introduce them-
selves by phone and email at
the beginning of the tenancy.
Again, try your best to keep all commu-
nication pleasant, but formal, so that
there is no opportunity for things to get
too personal.
Q.
I want to let my property
privately through a well-
known website, having had
enough of estate agents. In your
opinion, is there anything I need to
look out for when going down this
route?
A.
As long as you have a certain
amount of experience of being
a landlord, the process should
be quite simple and familiar to you. I
would, however, try to remain scepti-
cal, asking why any prospective tenant
has chosen to sidestep estate agents.
Often it is for financial reasons: either
because they are unable to meet nor-
mal referencing criteria or because
they can think that they can obtain a
lower rent. Try to get a detailed back
story on this. Things are rarely what
they seem and you may end up with a
more difficult or problematic tenant
than you bargained for. If you are
unsure of a tenant in anyway, my
advice would be to move on to the
next one. You never know, you might
meet a kindred spirit who shares your
disdain for our professional breed.
Q A
&
Prices from 1,475,000
Only 7 Houses remain
chestertonhumberts.com
For further details please
contact our New Homes team:
t: 020 7288 8303
e: newhomes@chestertonhumberts.com
parsonsgatemews.co.uk
Secure Gated Development moments away from Parsons Green
Of Street parking or Garage with every property
Home Media systems as standard alongside a High Level Specifcation
Available for occupation from Winter 2011
For more information please scan the QR code on the right.
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0800 542 7558
www.streamlightE14.co.uk
Fabulous
Docklands
apartments
High quality 1, 2 and 3 bedroom
apartments and penthouses with
exceptional views over the Thames.
Prices starting from 300,000
Sales & Marketing Suite
Thursday, Friday, Monday 10am - 6 pm,
Saturday 10am - 5pm, Sunday 11am - 4pm
Province Square, London, E14
4 SOLD IN THE
LAST FEW WEEKS!
ONLY 30 MINS TO
CENTRAL LONDON!
BEAUTIFUL
VILLAGE SETTING
Leading sustainable developments
High glamour on
the Dorset coast
A ritzy alternative to the Sandbanks life is on
the market for 3.85m, says Timothy Barber
F
OR years theres only been one place
on the South Coast for the rich and
glamorous to live (if ever properties
became available) the Sandbanks
peninsula near Poole Harbour. Metre for
metre, at one point it had the most expen-
sive land value in the world plots go for
as much as 10,000 per square metre and
mansions are crammed into its confines.
The competitive showiness of the locale
and proximity of the properties on
Sandbanks wont be to everyones taste
though. Christchurch, a town a little way
along the coast, is a beautiful town over-
looking a famous natural harbour, and at
the centre of an area that offers many of
the same pleasures of Sandbanks won-
derful marine views, proximity to the
great sailing territory around the Solent
with more space and privacy and much
better value for money.
Harbour Hide is one of the first
Sandbanks-style properties to appear here.
Built over the past couple of years at a cost
of over 2m, its an extraordinary, ziggu-
rat-shaped building with a vast roof-ter-
race, a spectacular basement swimming
pool and rooms that have been designed
to maximize the view out over the har-
bour to the Needles.
At its centre is a spiral staircase, wind-
ing up through the house and acting as a
spine around which the rest of the circu-
lar building revolves. As youd expect in a
place like this, its as high-tech a building
as they come the bottom of the pool can
even be electronically raised to be level
with the floor for hosting parties.
The finish is of the first order too, with
plenty of natural materials burr oak
doors, waltnut trim staircases, natural
stone and slate flooring, including some
fossilized pieces.
The garden leads down to the water
where the house has its own dock, and it
comes with a larger mooring in
Christchurch harbour. It stands in a pri-
vate area within the grounds of the
Christchurch Harbour Hotel, whose room
service and spa can also be used.
Call Winkworth on 01425 270 055 or visit
www.winkworth.co.uk
The circular house is
based around a
central spiral stair-
case, which is lit from
a glass atrium ceiling
in the centre of the
roof terrace.
Living | Property of the Month
Leading sustainable developments
A T P A P E R M I L L P L A C E
W A L T H A M S T O W, E 17
GET CONNECTED WITH
ZONE 3 LIVING
Rapid connections to The City of London & Stratford Black Horse Road tube station on the Victoria line less than a 10 minute walk
Apartments include kitchen appliances & all flooring Exemplary Customer Service with 24/7 support for the first 2 years
Modern, stylish apartments with secured basement parking less than 20 minutes from Kings Cross St Pancras International & the West End
.
From 147,500
*
Visit the Sales Centre & Show Homes - Call or see website for daily times
0800 883 8983or (out-of-hours) 0800 032 0077 www.vellumapartments.co.uk
*Price correct at time of going to press. Photographs depict Vellum exterior and show apartment interiors. Times are approximate and are courtesy of www.tfl.gov.uk.
LON GD ONCE FIX AM...........1508.00 2.00
SILVER LDN FIX AM ..................34.79 0.18
MAPLE LEAF 1 OZ ....................52.00 0.00
LON PLATINUM AM................1724.00 14.00
LON PALLADIUM AM...............759.00 17.00
ALUMINIUM CASH .................2491.00 -11.50
COPPER CASH ......................9175.00 180.00
LEAD CASH...........................2585.00 33.00
NICKEL CASH......................22880.00 395.00
TIN CASH.............................25305.00 60.00
ZINC CASH ............................2260.00 26.00
BRENT SPOT INDEX................110.82 3.05
SOYA .....................................1334.25 3.50
COCOA ..................................3114.00 96.00
COFFEE...................................260.25 2.35
KRUG.....................................1564.00 4.10
WHEAT ....................................157.12 -11.50
AIR LIQUIDE........................................98.84 1.22 100.65 79.85
ALLIANZ..............................................96.33 1.42 108.85 78.99
ALSTOM ..............................................42.52 0.88 45.32 30.78
ANHEUS-BUSCH INBEV ....................40.00 -0.05 46.33 38.68
ARCELORMITTAL...............................24.00 0.23 28.55 20.26
AXA......................................................15.67 0.41 16.16 10.88
BANCO SANTANDER...........................7.96 0.17 10.23 7.00
BASF SE..............................................67.57 1.26 70.22 40.74
BAYER.................................................55.44 0.65 59.44 43.27
BBVA......................................................8.09 0.20 10.71 6.75
BMW ....................................................68.81 -0.05 70.02 37.80
BNP PARIBAS.....................................53.23 1.23 59.93 43.13
CARREFOUR ......................................28.32 0.21 41.28 25.95
CREDIT AGRICOLE............................10.37 0.21 12.92 8.13
CRH PLC .............................................15.27 0.44 17.68 11.51
DAIMLER.............................................51.90 0.56 59.09 37.03
DANONE..............................................51.45 -0.24 52.94 41.00
DEUTSCHE BANK..............................40.75 0.58 51.61 35.93
DEUTSCHE BOERSE .........................52.40 0.30 62.48 46.33
DEUTSCHE TELEKOM.......................10.82 0.24 11.38 9.50
E.ON.....................................................19.59 0.35 25.54 18.25
ENEL......................................................4.50 0.06 4.86 3.42
ENI .......................................................16.31 0.19 18.66 14.62
FRANCE TELECOM............................14.67 0.25 17.45 14.01
GDF SUEZ ...........................................25.24 0.46 30.05 22.64
GENERALI ASS...................................14.55 0.20 17.05 13.31
IBERDROLA..........................................6.14 0.09 6.50 4.38
ING GROEP CVA...................................8.49 0.25 9.50 5.92
INTESA SANPAOLO.............................1.84 0.05 2.53 1.65
KON.PHILIPS ELECTR.......................17.71 0.61 26.43 15.56
L'OREAL..............................................89.56 0.58 90.00 75.03
LVMH..................................................124.10 1.60 129.05 84.85
MUNICH RE.......................................105.45 1.85 126.00 99.62
NOKIA....................................................4.47 0.08 8.49 4.03
REPSOL YPF.......................................23.94 0.75 24.90 16.30
RWE.....................................................38.24 0.50 56.49 36.71
SAINT-GOBAIN...................................44.66 0.81 47.64 27.81
SANOFI ................................................55.44 0.99 56.50 44.01
SAP......................................................41.75 0.42 46.15 34.13
SCHNEIDER ELECTRIC ...................115.20 1.80 123.65 79.70
SIEMENS .............................................94.70 1.22 99.39 70.02
SOCIETE GENERALE.........................40.92 1.10 52.70 32.50
TELECOM ITALIA..................................0.96 0.02 1.16 0.89
TELEFONICA ......................................16.86 0.35 19.69 14.95
TOTAL..................................................39.88 0.77 44.55 35.66
UNIBAIL-RODAMCO SE...................159.45 1.95 159.60 111.60
UNICREDIT............................................1.46 0.04 2.24 1.31
UNILEVER CVA...................................22.61 -0.01 24.11 20.68
VINCI ....................................................44.17 0.75 45.48 33.01
VIVENDI ...............................................19.18 0.16 22.07 16.25
Price Chg High Low
EUSHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 5945.71 89.76 1.53
FTSE 250 INDEX. . . . . . . . 11934.04 134.89 1.14
FTSE UK ALL SHARE . . . . 3096.72 44.67 1.46
FTSE AIMALL SH . . . . . . . . 857.96 11.04 1.30
DOWJONES INDUS 30 . . 12414.34 152.92 1.25
S&P 500 . . . . . . . . . . . . . . . 1320.64 13.23 1.01
NASDAQ COMPOSITE . . . 2773.52 33.03 1.21
FTSEUROFIRST 300 . . . . . 1110.97 12.26 1.12
NIKKEI 225 AVERAGE. . . . 9816.09 18.83 0.19
DAX 30 PERFORMANCE. . 7376.24 82.10 1.13
CAC 40 . . . . . . . . . . . . . . . . 3982.21 57.98 1.48
SHANGHAI SE INDEX . . . . 2762.08 33.59 1.23
HANG SENG. . . . . . . . . . . 22398.10 336.92 1.53
S&P/ASX 20 INDEX . . . . . . 2787.30 43.00 1.57
ASX ALL ORDINARIES . . . 4659.80 80.00 1.75
BOVESPA SAO PAOLO. . 62403.64 69.67 0.11
ISEQ OVERALL INDEX . . . 2953.29 11.24 0.38
STI . . . . . . . . . . . . . . . . . . . . 3120.44 40.70 1.32
IGBM. . . . . . . . . . . . . . . . . . 1049.76 21.96 2.14
SWISS MARKET INDEX. . . 6187.07 85.52 1.40
Price Chg %chg
3M........................................................94.85 1.74 97.95 76.85
ABBOTT LABS ...................................52.62 0.46 54.24 44.59
ALCOA ................................................15.86 0.04 18.47 9.81
ALTRIA GROUP..................................26.41 0.31 28.13 19.85
AMAZON.COM..................................204.49 0.31 206.39 105.80
AMERICAN EXPRESS........................51.70 0.78 51.97 37.33
AMGEN INC.........................................58.35 0.57 61.53 50.34
APPLE...............................................335.67 1.63 364.90 236.78
AT&T....................................................31.41 0.15 31.94 23.88
BANK OF AMERICA...........................10.96 -0.18 15.72 10.40
BERKSHIRE HATAW B.......................77.39 0.36 87.65 73.23
BOEING CO.........................................73.93 1.21 80.65 59.48
BRISTOL MYERS SQUI ......................28.96 0.42 29.54 20.05
CATERPILLAR..................................106.46 3.10 116.55 58.06
CHEVRON.........................................102.84 1.56 109.94 66.83
CISCO SYSTEMS................................15.61 0.28 26.00 14.78
CITIGROUP.........................................41.64 0.14 51.50 36.20
COCA-COLA.......................................67.29 0.58 68.77 49.47
COLGATE PALMOLIVE......................87.41 0.67 89.36 73.12
CONOCOPHILLIPS.............................75.19 1.17 81.80 48.06
DU PONT(EI) DE NMR........................54.05 0.73 57.00 33.73
EMC CORP..........................................27.55 0.45 28.73 17.87
EXXON MOBIL....................................81.38 1.13 88.23 55.94
GENERAL ELECTRIC.........................18.86 0.30 21.65 13.75
GOOGLE A........................................506.38 8.81 642.96 433.63
HEWLETT PACKARD.........................36.40 0.85 49.39 33.95
HOME DEPOT.....................................36.22 0.24 39.38 26.62
IBM.....................................................171.55 1.01 173.54 120.61
INTEL CORP .......................................22.16 0.77 26.78 17.60
J.P.MORGAN CHASE.........................40.94 0.49 48.36 35.16
JOHNSON & JOHNSON.....................66.52 0.21 67.37 56.86
KRAFT FOODS A................................35.23 0.40 35.47 24.30
MC DONALD'S CORP ........................84.32 -0.25 84.91 65.31
MERCK AND CO. NEW......................35.29 0.19 37.68 31.06
MICROSOFT........................................26.00 0.38 29.46 22.73
OCCID. PETROLEUM.......................104.04 1.16 117.89 72.13
ORACLE CORP...................................32.91 0.48 36.50 21.24
PEPSICO.............................................70.43 0.47 71.89 60.32
PFIZER ................................................20.60 -0.07 21.45 14.00
PHILIP MORRIS INTL .........................66.77 0.60 71.75 45.54
PROCTER AND GAMBLE ..................63.57 1.02 67.72 56.57
QUALCOMM INC ................................56.79 1.36 59.84 31.63
SCHLUMBERGER ..............................86.40 1.19 95.64 52.91
TRAVELERS CIES..............................58.38 -0.19 64.17 48.17
UNITED TECHNOLOGIE ....................88.51 2.04 90.67 63.62
UNITEDHEALTH GROUP...................51.58 0.04 52.64 27.13
VERIZON COMMS ..............................37.23 0.51 38.95 25.80
WAL-MART STORES..........................53.14 0.50 57.90 47.77
WALT DISNEY CO ..............................39.04 0.69 44.34 30.72
WELLS FARGO & CO.........................28.06 -0.01 34.25 23.02
COMMODITIES CREDIT & RATES
BoE IR Overnight ............................0.500 0.00
BoE IR 7 days.................................0.500 0.00
BoE IR 1 month ..............................0.500 0.00
BoE IR 3 months ............................0.500 0.00
BoE IR 6 months ............................0.545 0.00
LIBOR Euro - overnight ..................0.925 0.85
LIBOR Euro - 12 months ................2.125 0.01
LIBOR USD - overnight...................0.128 0.00
LIBOR USD - 12 months.................0.733 0.00
HaIifax mortgage rate .....................3.500 0.00
Euro Base Rate ...............................1.250 0.00
Finance house base rate................1.000 0.00
US Fed funds...................................0.250 0.00
US Iong bond yieId .........................4.020 0.03
European repo rate.........................0.972 0.06
Euro Euribor ....................................1.207 0.00
The vix index ...................................16.55 -0.72
The baItic dry index ........................1.420 -0.01
Markit iBoxx...................................219.71 0.66
Markit iTraxx....................................95.06 0.00
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
USSHARES
C/$ 1.4515 0.0080
C/ 0.9034 0.0047
C/ 117.06 0.4790
/C 1.1072 0.0042
/$ 1.6074 0.0007
/ 129.58 0.1861
FTSE 100
5945.71
89.76
FTSE 250
11934.04
134.89
FTSE ALLSHARE
3096.72
44.67
DOW
12414.34
152.92
NASDAQ
2773.52
33.03
S&P 500
1320.64
13.23
Rexam . . . . . . . . . . . .382.8 1.7 400.0 290.4
RPC Group . . . . . . . .363.2 15.1 363.2 199.9
Smiths Group . . . . .1201.0 20.0 1429.0 1043.0
Brown (N.) Group . . .263.0 -4.0 311.2 221.0
Carpetright . . . . . . . . .651.0 -4.0 835.5 631.0
Debenhams . . . . . . . . .69.0 0.7 77.4 53.0
Dignity . . . . . . . . . . . .790.0 19.0 790.0 627.5
Dixons RetaiI . . . . . . .16.8 0.4 28.5 11.8
DuneImGroup . . . . . .389.0 -5.2 550.0 325.3
HaIfords Group . . . . .371.2 -6.3 525.0 348.2
Home RetaiI Group . .163.7 3.7 244.5 159.1
Inchcape . . . . . . . . . .417.9 4.4 421.1 237.1
JD Sports Fashion . .930.0 7.0 1005.0 723.5
Kesa EIectricaIs . . . .137.7 -0.6 174.0 109.8
Kingfisher . . . . . . . . .267.2 -0.9 287.1 198.5
Marks & Spencer G . .361.4 -0.2 427.5 327.2
Mothercare . . . . . . . .398.0 9.9 627.5 381.5
Next . . . . . . . . . . . . .2325.0 52.0 2331.0 1868.0
Sports Direct Int . . . .236.3 2.6 237.0 101.1
WH Smith . . . . . . . . . .489.9 -0.1 523.0 398.2
Smith & Nephew . . . .665.0 16.0 742.0 537.5
Synergy HeaIth . . . . .915.0 10.5 948.0 640.0
Barratt DeveIopme . .114.2 1.9 119.0 70.1
YuIe Catto & Co . . . . .227.4 2.6 240.5 112.7
BaIfour Beatty . . . . . .308.5 2.6 357.3 229.8
KeIIer Group . . . . . . .466.2 26.2 698.5 432.0
Kier Group . . . . . . . .1360.0 38.0 1418.0 886.5
Drax Group . . . . . . . .503.5 9.3 505.0 353.6
Scottish & Southe . .1393.0 -5.0 1410.0 1108.0
Domino Printing S . .682.0 12.0 705.0 440.0
HaIma . . . . . . . . . . . . .414.3 7.5 416.5 265.4
Laird . . . . . . . . . . . . . .202.5 -0.2 203.2 98.8
Morgan CrucibIe C . .307.9 6.2 333.0 179.5
Renishaw . . . . . . . . .1753.0 -10.0 1819.0 725.0
Spectris . . . . . . . . . .1592.0 17.0 1600.0 740.5
Aberforth SmaIIer . . .685.5 4.5 714.0 507.0
AIIiance Trust . . . . . .385.9 5.4 385.9 293.5
Bankers Inv Trust . . .416.4 1.9 428.0 337.0
BH GIobaI Ltd. GB .1108.0 3.0 1174.0 1058.0
BH GIobaI Ltd. US . . . .11.0 -0.1 11.6 10.4
BH Macro Ltd. EUR . . .17.2 0.0 17.3 15.8
BH Macro Ltd. GBP 1773.0 3.0 1779.0 1630.0
BH Macro Ltd. USD . . .17.2 0.0 17.3 15.8
BIackRock WorId M .756.5 12.0 815.5 533.0
BIueCrest AIIBIue . . .174.1 0.5 176.2 163.8
British Assets Tr . . . .136.0 2.5 140.5 105.0
British Empire Se . . .523.5 6.5 533.0 404.1
CaIedonia Investm .1713.0 4.0 1928.0 1539.0
City of London In . . .301.3 3.9 303.2 235.0
Dexion AbsoIute L . .145.7 0.7 151.0 131.2
Edinburgh Dragon . .247.3 5.8 262.1 206.6
Edinburgh Inv Tru . . .470.8 3.0 492.2 372.2
EIectra Private E . . .1733.0 4.0 1755.0 1195.0
F&C Inv Trust . . . . . .319.8 4.5 319.8 251.4
FideIity China Sp . . . .102.5 2.0 128.7 93.0
FideIity European . .1260.0 27.0 1287.0 916.0
FideIity SpeciaI . . . . .570.5 8.5 595.0 503.0
HeraId Inv Trust . . . . .528.5 3.5 541.0 352.5
HICL Infrastructu . . . .114.9 -0.1 121.3 112.0
Impax Environment .116.5 0.5 130.5 106.5
JPMorgan American .890.0 16.5 909.0 673.0
JPMorgan Asian In . .237.3 6.3 250.8 187.1
JPMorgan Emerging .597.5 12.5 639.0 479.5
JPMorgan European .935.0 30.0 983.5 618.0
JPMorgan Indian I . . .426.6 4.4 502.0 394.1
JPMorgan Russian .674.0 9.0 755.0 502.0
Law Debenture Cor . .372.8 3.8 372.9 274.1
MercantiIe Inv Tr . . .1067.0 17.0 1137.0 840.0
Merchants Trust . . . .418.9 4.7 431.8 320.0
Monks Inv Trust . . . .347.5 2.5 367.9 275.5
Murray Income Tru . .659.5 6.5 672.0 518.0
Murray Internatio . . .987.0 13.0 987.0 805.5
PerpetuaI Income . . .271.3 2.3 276.0 212.0
PoIar Cap TechnoI . .357.7 4.7 391.2 275.6
RIT CapitaI Partn . . .1296.0 -7.0 1328.0 1107.0
Scottish Inv Trus . . . .515.0 8.5 517.0 401.5
Scottish Mortgage . .760.0 15.0 764.0 533.0
SVG CapitaI . . . . . . . .262.0 0.2 279.8 146.1
TempIe Bar Inv Tr . . .937.0 12.0 947.5 717.0
TempIeton Emergin .651.0 10.0 689.5 515.0
TR Property Inv T . . .200.2 7.2 201.0 132.3
TR Property Inv T . . . .92.1 1.2 92.1 59.5
Witan Inv Trust . . . . .522.0 9.5 528.0 409.9
3i Group . . . . . . . . . . .281.1 4.2 340.0 254.1
3i Infrastructure . . . .121.0 0.5 125.2 108.9
Aberdeen Asset Ma .223.1 -0.2 240.0 123.0
Ashmore Group . . . .398.4 -1.5 400.0 236.5
BerkeIey TechnoIo . . . .4.3 0.0 9.0 2.2
Brewin DoIphin Ho . .148.5 0.9 185.4 114.0
CameIIia . . . . . . . . .10155.0 -45.010950.0 7600.0
CharIes TayIor Co . . .151.5 -3.5 234.0 122.0
City of London Gr . . . .78.5 -0.5 93.6 70.7
City of London In . . .429.3 2.3 461.5 273.5
CIose Brothers Gr . . .772.0 9.0 888.5 664.0
CoIIins Stewart H . . . .70.3 -0.8 90.8 70.0
EvoIution Group . . . . .62.3 -1.8 92.0 62.3
F&C Asset Managem .75.0 0.6 92.9 47.5
Hargreaves Lansdo .607.5 -2.0 646.5 317.4
HeIphire Group . . . . . . .3.8 -0.3 44.0 3.2
Henderson Group . . .152.6 1.6 173.1 118.1
Highway CapitaI . . . . .18.5 0.0 21.0 6.0
ICAP . . . . . . . . . . . . . .473.0 -5.8 570.5 380.2
IG Group HoIdings . .436.4 5.3 553.0 416.2
Intermediate Capi . . .322.7 -1.2 360.3 240.4
InternationaI Per . . . .367.9 24.4 386.6 183.3
InternationaI Pub . . . .118.0 0.3 118.3 108.6
Investec . . . . . . . . . . .504.5 8.3 538.0 429.2
IP Group . . . . . . . . . . . .49.5 -0.5 53.8 27.9
Jupiter Fund Mana . .252.9 3.7 337.3 180.3
Liontrust Asset M . . . .78.5 1.5 95.3 70.0
LMS CapitaI . . . . . . . . .62.3 0.0 64.8 40.0
London Finance & . . .21.0 0.0 23.5 16.5
London Stock Exch 1061.0 105.0 1064.0 544.0
Lonrho . . . . . . . . . . . . .17.8 -0.3 19.8 10.0
Man Group . . . . . . . . .237.0 3.3 311.0 206.4
Paragon Group Of . .198.4 5.4 206.1 114.4
Provident Financi . . .963.0 15.5 1033.0 728.5
Rathbone Brothers .1131.0 51.0 1257.0 762.5
Record . . . . . . . . . . . . .33.3 0.1 52.8 20.3
RSM Tenon Group . . .24.8 0.0 66.3 21.3
Schroders . . . . . . . .1547.0 26.0 1922.0 1154.0
Schroders (Non-Vo .1313.0 37.0 1554.0 950.5
TuIIett Prebon . . . . . .354.3 -0.2 428.6 307.5
WaIker Crips Grou . . .51.0 0.0 51.0 46.5
BT Group . . . . . . . . . .201.5 2.9 201.9 126.3
CabIe & WireIess . . . .40.5 1.1 61.4 37.5
CabIe & WireIess . . . .46.1 -1.6 90.0 45.0
COLT Group SA . . . .143.0 -0.7 156.2 109.0
TaIkTaIk TeIecom . . .143.0 -1.0 168.3 114.3
TeIecomPIus . . . . . . .665.0 5.0 700.0 327.0
Booker Group . . . . . . .67.7 -0.4 70.3 39.5
Greggs . . . . . . . . . . . .530.5 6.5 542.0 418.7
Morrison (Wm) Sup .297.7 3.8 308.3 262.7
Ocado Group . . . . . . .182.3 -2.2 285.0 123.5
Sainsbury (J) . . . . . . .329.4 1.0 395.0 317.2
Tesco . . . . . . . . . . . . .402.0 4.3 440.7 377.5
Associated Britis . .1083.0 5.0 1182.0 940.0
Cranswick . . . . . . . . .728.5 -3.5 907.5 725.5
Dairy Crest Group . . .370.0 -1.6 424.9 339.7
Devro . . . . . . . . . . . . .269.9 -0.1 296.9 196.8
Premier Foods . . . . . . .19.0 -5.5 35.1 16.0
Tate & LyIe . . . . . . . . .616.0 0.0 656.0 409.1
UniIever . . . . . . . . . .2006.0 11.0 2006.2 1688.0
Mondi . . . . . . . . . . . . .620.5 10.5 630.0 367.6
Centrica . . . . . . . . . . .323.3 -1.6 346.1 292.8
InternationaI Pow . . .321.7 4.7 448.6 295.9
NationaI Grid . . . . . . .612.5 4.5 632.5 485.0
Northumbrian Wate .415.6 2.5 417.0 295.5
Pennon Group . . . . . .698.0 3.0 698.0 546.0
Severn Trent . . . . . .1472.0 9.0 1517.0 1216.0
United UtiIities . . . . .599.0 0.5 632.0 522.0
Cookson Group . . . . .672.5 16.0 724.5 367.4
DS Smith . . . . . . . . . .251.1 1.1 252.2 118.0
GIencore Internat . . .491.0 4.5 531.1 466.7
BAE Systems . . . . . .318.5 1.1 369.9 294.7
Chemring Group . . . .640.0 10.0 736.5 519.6
Cobham . . . . . . . . . . .211.6 1.5 247.6 192.3
Meggitt . . . . . . . . . . . .381.5 2.4 383.3 261.7
QinetiQ Group . . . . . .120.7 3.4 136.3 96.7
RoIIs-Royce Group . .645.0 10.5 665.0 535.0
Senior . . . . . . . . . . . . .181.8 5.8 182.2 111.2
UItra EIectronics . . .1716.0 60.0 1895.0 1522.0
GKN . . . . . . . . . . . . . .231.8 4.1 237.1 109.3
BarcIays . . . . . . . . . . .256.5 7.2 344.0 237.3
HSBC HoIdings . . . . .618.4 6.0 730.9 596.2
LIoyds Banking Gr . . .49.0 4.4 77.6 43.4
RoyaI Bank of Sco . . .38.5 1.7 52.1 35.1
Standard Chartere .1638.0 28.0 1950.0 1519.0
AG Barr . . . . . . . . . .1317.0 2.0 1395.0 1035.0
Britvic . . . . . . . . . . . . .394.5 4.5 518.0 364.5
Diageo . . . . . . . . . . .1273.0 9.0 1301.0 1033.0
SABMiIIer . . . . . . . . .2271.5 62.0 2306.0 1827.0
AZ EIectronic Mat . . .307.0 -7.8 338.1 248.5
Croda Internation . .1887.0 34.0 1962.0 971.0
EIementis . . . . . . . . . .172.5 3.0 173.2 61.0
Johnson Matthey . .1966.0 21.0 2119.0 1460.0
Victrex . . . . . . . . . . .1500.0 21.0 1525.0 1049.0
Price Chg High Low
BeIIway . . . . . . . . . . . .715.0 8.0 753.5 511.0
BerkeIey Group Ho .1288.0 -7.0 1310.0 763.5
Bovis Homes Group .442.0 12.8 464.7 326.6
Persimmon . . . . . . . .482.3 7.4 502.5 336.5
Reckitt Benckiser . .3440.0 40.0 3648.0 3015.0
Redrow . . . . . . . . . . . .124.3 1.3 139.0 97.5
TayIor Wimpey . . . . . . .37.8 1.3 43.3 22.3
Bodycote . . . . . . . . . .371.9 11.3 397.7 185.0
Charter Internati . . . .792.0 5.0 853.5 538.5
Fenner . . . . . . . . . . . .401.5 9.9 402.3 192.2
IMI . . . . . . . . . . . . . . .1053.0 30.0 1112.0 657.5
MeIrose . . . . . . . . . . .362.0 5.0 362.3 203.4
Northgate . . . . . . . . . .327.9 18.1 346.7 168.5
Rotork . . . . . . . . . . .1686.0 51.0 1895.0 1254.0
Spirax-Sarco Engi . .2001.0 44.0 2063.0 1346.0
Weir Group . . . . . . .2127.0 37.0 2128.0 1024.0
Ferrexpo . . . . . . . . . . .469.6 0.0 499.0 235.0
TaIvivaara Mining . . .465.0 30.1 622.0 359.6
BBAAviation . . . . . . .217.5 3.3 240.8 175.0
Stobart Group Ltd . . .145.0 1.7 163.6 124.1
AdmiraI Group . . . . .1661.0 15.0 1754.0 1390.0
Haynes PubIishing . .253.5 0.0 262.5 202.5
Huntsworth . . . . . . . . .73.0 0.1 86.0 65.0
Informa . . . . . . . . . . . .432.1 8.1 461.1 342.1
ITE Group . . . . . . . . . .218.3 6.8 258.2 136.2
ITV . . . . . . . . . . . . . . . . .71.5 -0.5 93.5 48.3
Johnston Press . . . . . . .5.3 -0.1 20.0 4.4
MecomGroup . . . . . .215.8 -1.3 310.0 162.0
Moneysupermarket. .101.7 1.9 109.3 64.6
Pearson . . . . . . . . . .1176.0 14.0 1181.0 864.0
Reed EIsevier . . . . . .566.0 12.0 590.5 490.2
Rightmove . . . . . . . .1192.0 25.0 1215.0 596.5
STV Group . . . . . . . . .127.0 0.0 168.0 66.0
Tarsus Group . . . . . .150.0 2.0 165.0 112.5
Trinity Mirror . . . . . . . .41.5 -0.8 124.3 40.8
United Business M . .556.5 18.5 725.0 483.8
UTV Media . . . . . . . . .124.3 2.3 151.0 106.0
WiImington Group . . .117.0 0.0 183.0 114.0
WPP . . . . . . . . . . . . . .780.0 10.0 846.5 614.5
YeII Group . . . . . . . . . . .5.8 -0.1 30.2 5.1
African Barrick G . . .414.3 2.7 638.0 393.5
AngIo American . . .3087.5 72.5 3437.0 2254.0
AngIo Pacific Gro . . .319.3 7.2 369.3 249.0
Antofagasta . . . . . . .1394.0 29.0 1634.0 761.0
Aquarius PIatinum . .318.0 5.0 419.0 227.1
BHP BiIIiton . . . . . . .2452.0 47.5 2631.5 1684.5
AmIin . . . . . . . . . . . . .406.1 1.8 433.0 375.3
BeazIey . . . . . . . . . . . .125.0 3.0 139.2 109.1
CatIin Group Ltd. . . .402.1 2.0 421.4 325.0
Hiscox Ltd. . . . . . . . . .418.9 8.5 424.7 336.1
Jardine LIoyd Tho . . .681.0 11.0 709.0 521.5
Lancashire HoIdin . . .652.5 16.0 660.0 494.5
RSA Insurance Gro . .134.9 2.1 143.5 117.9
Aviva . . . . . . . . . . . . . .439.0 10.2 477.9 305.8
LegaI & GeneraI G . . .118.2 1.6 123.8 75.6
OId MutuaI . . . . . . . . .133.4 3.0 145.2 102.0
Phoenix Group HoI . .609.5 9.5 758.0 584.5
PrudentiaI . . . . . . . . .720.0 11.5 777.0 489.2
ResoIution Ltd. . . . . .294.0 0.4 316.1 211.3
St James's PIace . . . .340.0 16.0 360.4 204.2
Standard Life . . . . . . .210.5 5.3 244.7 173.0
4Imprint Group . . . . .268.5 3.5 295.0 195.0
Aegis Group . . . . . . .160.0 1.5 160.8 103.6
BIoomsbury PubIis . .129.8 2.3 138.0 108.5
British Sky Broad . . .846.5 -1.5 850.5 693.5
Centaur Media . . . . . . .46.5 1.8 73.0 44.8
Chime Communicati .277.0 0.0 298.5 158.0
Creston . . . . . . . . . . . .114.9 1.4 121.0 78.5
DaiIy MaiI and Ge . . .464.4 9.3 594.5 433.0
Euromoney Institu . .653.0 5.0 736.0 575.5
Future . . . . . . . . . . . . . .18.3 -0.3 30.0 15.8
Centamin Egypt Lt . .126.0 0.0 197.1 114.5
Eurasian NaturaI . . .781.5 11.5 1125.0 695.5
FresniIIo . . . . . . . . . .1402.0 -13.0 1682.0 950.0
GemDiamonds Ltd. .229.3 -1.0 306.0 186.3
HochschiId Mining . .459.6 15.3 680.0 289.4
Kazakhmys . . . . . . .1380.0 30.0 1671.0 965.0
Kenmare Resources . .59.0 2.0 59.5 11.5
Lonmin . . . . . . . . . . .1453.0 18.0 1983.0 1355.0
New WorId Resourc .915.0 45.0 1060.0 861.5
PetropavIovsk . . . . . .730.0 14.5 1252.0 678.0
RandgoId Resource 5255.0 55.0 6655.0 4425.0
Rio Tinto . . . . . . . . .4490.5 78.5 4712.0 2880.5
Vedanta Resources 2094.0 62.0 2583.0 1832.0
Xstrata . . . . . . . . . . .1371.5 30.0 1550.0 845.8
Inmarsat . . . . . . . . . . .556.0 6.5 756.5 542.5
Vodafone Group . . . .165.3 -0.1 181.9 136.5
Genesis Emerging . .528.5 8.5 568.0 439.1
Afren . . . . . . . . . . . . . .157.9 0.9 171.2 79.2
BG Group . . . . . . . . .1414.0 64.0 1564.5 1002.0
BP . . . . . . . . . . . . . . . .458.7 9.3 509.0 318.9
Cairn Energy . . . . . . .414.8 8.5 493.2 366.0
EnQuest . . . . . . . . . . .123.0 -0.1 158.5 96.0
Essar Energy . . . . . .409.1 5.8 589.5 385.7
ExiIIon Energy . . . . . .434.8 -0.8 469.7 166.5
Heritage OiI . . . . . . . .219.4 3.0 486.0 210.0
JKX OiI & Gas . . . . . .265.0 1.3 335.1 228.0
Premier OiI . . . . . . . . .446.6 5.6 535.0 306.5
RoyaI Dutch SheII . .2218.0 45.0 2326.5 1624.0
RoyaI Dutch SheII . .2224.0 48.0 2336.0 1554.0
SaIamander Energy .280.7 6.5 317.6 210.0
Soco Internationa . . .356.2 0.6 484.2 292.0
TuIIow OiI . . . . . . . . .1240.0 -4.0 1493.0 991.5
Amec . . . . . . . . . . . .1088.0 13.0 1251.0 805.5
Hunting . . . . . . . . . . .765.0 9.0 817.0 439.4
John Wood Group . .647.5 10.0 706.0 310.9
LampreII . . . . . . . . . . .377.1 15.0 377.1 186.3
Petrofac Ltd. . . . . . .1514.0 -31.0 1685.0 1141.0
Burberry Group . . . .1450.0 1.0 1461.0 739.5
PZ Cussons . . . . . . . .356.0 -0.5 409.0 320.5
Supergroup . . . . . . . .862.0 12.0 1820.0 720.0
AstraZeneca . . . . . .3108.0 21.5 3385.0 2801.5
BTG . . . . . . . . . . . . . .280.0 2.0 288.1 191.0
Genus . . . . . . . . . . . .1030.0 7.0 1046.0 704.5
GIaxoSmithKIine . . .1334.0 11.5 1348.5 1095.0
Hikma Pharmaceuti .760.0 -4.5 900.0 687.5
Shire PIc . . . . . . . . . .1945.0 15.0 1961.0 1341.0
CapitaI & Countie . . .197.0 3.4 197.0 106.8
Daejan HoIdings . . .2765.0 4.0 2919.0 2251.0
F&C CommerciaI Pr .106.1 -0.1 108.0 88.0
Grainger . . . . . . . . . . .129.9 2.9 130.0 86.3
London & Stamford .130.4 1.1 140.0 110.3
SaviIIs . . . . . . . . . . . . .390.9 2.9 427.1 274.8
St. Modwen Proper . .185.0 0.0 192.0 135.4
UK CommerciaI Pro . .82.2 -0.1 85.5 74.3
Unite Group . . . . . . . .217.6 5.4 229.8 170.5
Big YeIIow Group . . .307.7 7.7 353.3 287.1
British Land Co . . . . .609.0 9.5 609.0 429.0
CapitaI Shopping . . .399.5 4.5 424.8 301.3
Derwent London . . .1826.0 3.0 1871.0 1208.0
Great PortIand Es . . .436.0 2.7 442.2 281.0
Hammerson . . . . . . . .481.4 6.5 486.3 336.3
Hansteen HoIdings . . .87.5 0.5 89.3 59.4
Land Securities G . . .852.5 14.5 854.0 545.0
SEGRO . . . . . . . . . . . .312.3 2.4 331.3 250.2
Shaftesbury . . . . . . . .528.0 3.0 539.0 349.3
Autonomy Corporat 1707.0 13.0 1915.0 1271.0
Aveva Group . . . . . .1713.0 2.0 1743.0 1130.0
Computacenter . . . . .480.0 10.0 489.7 260.0
Fidessa Group . . . . .1937.0 12.0 1971.0 1300.0
Invensys . . . . . . . . . . .321.9 3.2 364.3 230.2
Kofax . . . . . . . . . . . . .443.0 -9.0 535.0 231.0
Logica . . . . . . . . . . . .134.0 0.8 147.2 101.7
Micro Focus Inter . . .335.3 -0.7 452.4 276.0
Misys . . . . . . . . . . . . .420.0 1.3 420.0 232.8
Sage Group . . . . . . . .288.9 2.1 302.0 222.7
SDL . . . . . . . . . . . . . . .698.0 -3.5 711.5 450.0
TeIecity Group . . . . . .554.0 -0.5 558.0 377.0
Aggreko . . . . . . . . . .1929.0 46.0 1935.0 1346.0
Ashtead Group . . . . .170.0 0.4 207.9 77.0
Atkins (WS) . . . . . . . .748.0 9.5 820.0 650.0
Babcock Internati . . .712.0 -0.5 718.0 492.8
Berendsen . . . . . . . . .545.0 39.5 548.0 360.2
BunzI . . . . . . . . . . . . .780.0 13.0 783.0 658.0
Capita Group . . . . . . .715.5 -3.0 794.5 635.5
CariIIion . . . . . . . . . . .376.1 -0.4 403.2 291.2
De La Rue . . . . . . . . .764.5 12.0 952.5 549.5
EIectrocomponents .272.6 3.6 294.9 205.7
Experian . . . . . . . . . . .793.5 10.5 819.0 578.0
FiItrona PLC . . . . . . . .367.6 8.6 385.5 209.2
G4S . . . . . . . . . . . . . . .279.8 3.2 291.0 237.7
Hays . . . . . . . . . . . . . .103.0 2.5 133.6 88.4
Homeserve . . . . . . . .503.0 2.5 532.0 399.2
Howden Joinery Gr . .107.0 -1.0 127.5 56.8
Intertek Group . . . . .1973.0 -14.0 2148.0 1437.0
MichaeI Page Inte . . .535.0 4.5 567.0 349.4
Mitie Group . . . . . . . .237.9 4.4 242.5 188.7
Premier FarneII . . . . .249.0 9.4 308.8 210.2
Regus . . . . . . . . . . . . .110.7 1.2 119.0 66.1
RentokiI InitiaI . . . . . . .95.1 2.1 114.0 84.3
RPS Group . . . . . . . . .245.2 0.8 251.4 169.8
Serco Group . . . . . . .552.5 0.0 633.0 529.5
Shanks Group . . . . . .127.8 1.1 130.9 96.5
SIG . . . . . . . . . . . . . . .136.5 3.5 153.5 90.7
SThree . . . . . . . . . . . .397.0 20.2 447.6 231.1
Travis Perkins . . . . . .989.5 0.0 1127.0 709.0
WoIseIey . . . . . . . . .2032.0 35.0 2261.0 1223.0
ARM HoIdings . . . . . .588.0 -6.5 651.0 270.5
CSR . . . . . . . . . . . . . .309.6 -0.4 447.0 280.9
Imagination Techn . .377.1 0.4 502.0 273.1
Pace . . . . . . . . . . . . . .106.5 -1.2 231.8 93.0
Spirent Communica .149.0 -0.4 160.3 108.5
British American . .2731.0 45.5 2745.5 2091.0
ImperiaI Tobacco . .2071.0 29.0 2231.0 1784.0
Avis Europe . . . . . . . .310.3 0.1 311.1 184.0
Betfair Group . . . . . . .756.5 -15.0 1550.0 726.5
Bwin.party Digita . . .150.0 1.8 309.5 127.0
CarnivaI . . . . . . . . . .2413.0 0.0 3153.0 2037.0
Compass Group . . . .601.0 9.0 603.5 501.0
Domino's Pizza UK . .403.7 1.2 586.0 377.0
easyJet . . . . . . . . . . . .359.1 1.2 479.0 322.3
Enterprise Inns . . . . . .64.1 0.0 122.7 63.7
FirstGroup . . . . . . . . .340.9 0.4 412.6 311.3
Go-Ahead Group . . .1579.0 15.0 1598.0 1042.0
Greene King . . . . . . .487.4 -30.6 518.0 392.3
InterContinentaI . . .1275.0 -4.0 1435.0 982.0
InternationaI Con . . .253.7 2.1 305.0 186.5
JD Wetherspoon . . . .431.3 -4.7 468.3 386.5
Ladbrokes . . . . . . . . .152.4 3.4 152.7 122.7
Marston's . . . . . . . . . .101.8 -0.5 117.1 90.4
MiIIennium& Copt . .508.5 6.5 600.5 392.0
MitcheIIs & ButIe . . . .315.0 -3.8 361.0 274.0
NationaI Express . . .253.2 3.3 270.2 213.4
Punch Taverns . . . . . .71.8 -0.2 90.4 58.0
Rank Group . . . . . . . .149.5 -0.3 153.0 94.8
Restaurant Group . . .294.0 -1.0 335.0 208.2
Stagecoach Group . .255.3 0.1 261.0 160.7
Thomas Cook Group 133.0 3.7 204.8 125.7
TUI TraveI . . . . . . . . . .224.4 -1.3 271.9 190.0
Whitbread . . . . . . . .1615.0 -8.0 1887.0 1361.0
WiIIiamHiII . . . . . . . . .228.4 3.4 228.6 155.5
Abcam . . . . . . . . . . . .416.8 -4.5 428.5 244.0
AIbemarIe & Bond . .372.0 8.0 372.0 218.0
Amerisur Resource . .24.3 1.0 29.0 11.5
Andor TechnoIogy . .651.5 11.5 659.0 258.0
ArchipeIago Resou . . .61.8 0.1 66.8 32.3
ASOS . . . . . . . . . . . .2400.0 -5.0 2468.0 840.0
AureIian OiI & Ga . . . .57.0 1.5 92.0 35.8
Avanti Communicat .371.0 1.0 735.0 339.0
Avocet Mining . . . . . .215.3 1.0 253.5 112.0
BIinkx . . . . . . . . . . . . .120.0 1.8 148.8 33.5
Borders & Souther . . .50.8 0.0 93.0 49.5
BowLeven . . . . . . . . .335.3 8.8 398.0 126.3
Brooks MacdonaId 1300.0 -20.0 1372.5 767.5
CaIedon Resources .111.0 0.0 111.0 23.3
Conygar Investmen .109.5 1.0 120.0 101.3
Cove Energy . . . . . . . .97.3 -1.0 112.8 47.5
Daisy Group . . . . . . .127.0 0.0 128.4 86.0
EMIS Group . . . . . . . .517.5 1.5 555.5 303.5
Encore OiI . . . . . . . . . .63.3 1.8 151.5 49.0
Faroe PetroIeum . . . .161.0 -1.0 218.3 115.0
GuIfsands PetroIe . . .211.5 1.8 401.5 207.3
GWPharmaceuticaI .124.0 -1.0 129.4 83.0
Hamworthy . . . . . . . .650.0 0.5 684.5 297.5
Hargreaves Servic .1046.0 -4.0 1055.0 560.0
HeaIthcare Locums . .112.5 0.0 112.5 112.5
Immunodiagnostic .1058.0 60.8 1080.0 710.0
ImpeIIamGroup . . . .362.5 1.5 387.5 84.0
James HaIstead . . . . .478.4 -3.6 495.3 306.0
KaIahari MineraIs . . .234.0 -1.3 301.0 142.0
London Mining . . . . .357.8 20.8 436.5 211.0
Lupus CapitaI . . . . . .113.0 -0.5 150.0 72.0
M. P. Evans Group . .437.5 0.9 500.5 334.0
Majestic Wine . . . . . .490.0 24.0 490.0 295.0
May Gurney Integr . .277.5 2.3 285.0 177.0
Monitise . . . . . . . . . . . .30.0 0.5 30.3 17.8
MuIberry Group . . . .1640.0 130.0 1650.0 237.5
Nanoco Group . . . . . . .82.0 1.0 115.8 68.0
NauticaI PetroIeu . . .313.0 13.0 547.0 128.0
NichoIs . . . . . . . . . . . .547.3 -0.3 578.0 392.5
Numis Corporation . . .96.0 0.0 146.5 94.0
Pan African Resou . . .10.8 0.5 12.3 5.9
Patagonia GoId . . . . . .54.8 4.0 59.3 12.5
Prezzo . . . . . . . . . . . . .66.5 -0.3 71.5 37.8
Pursuit Dynamics . . .309.8 1.8 700.0 196.0
Rockhopper ExpIor .269.0 3.8 510.0 202.5
RWS HoIdings . . . . . .449.5 -0.4 472.0 239.0
Songbird Estates . . .153.5 -0.3 160.3 135.0
VaIiant PetroIeum . . .590.0 -2.0 761.5 504.0
Young & Co's Brew . .655.0 -2.0 685.0 510.0
London Stock Excha1061.0 11.0
LIoyds Banking Gro . .49.0 9.7
Berendsen . . . . . . . . .545.0 7.8
InternationaI Pers . . .367.9 7.1
TaIvivaara Mining . . .465.0 6.9
KeIIer Group . . . . . . .466.2 6.0
Northgate . . . . . . . . . .327.9 5.8
SThree . . . . . . . . . . . .397.0 5.4
New WorId Resource 915.0 5.2
St James's PIace . . . .340.0 4.9
Premier Foods . . . . . . .19.0 -22.3
Greene King . . . . . . .487.4 -5.9
CabIe & WireIess W . .46.1 -3.3
AZ EIectronic Mate . .307.0 -2.5
Petrofac Ltd. . . . . . .1514.0 -2.0
Kofax . . . . . . . . . . . . .443.0 -2.0
Betfair Group . . . . . . .756.5 -1.9
HaIfords Group . . . . .371.2 -1.7
Brown (N.) Group . . .263.0 -1.5
DuneIm Group . . . . . .389.0 -1.3
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:
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AUTOMOBILES & PARTS
BANKS
ALTERNATIVE ENERGY
CHEMICALS
BEVERAGES
GENERAL INDUSTRIALS
MOBILE TELECOMS
OIL & GAS PRODUCERS
OIL EQUIPMENT & SERVICES
MINING
NONEQUITY INVESTM. COMM.
Tsy 3.250 11 . . . . .101.19 -0.02 103.7 101.2
Tsy 9.000 11 . . . . .100.25 -0.03 108.6 100.3
Tsy 2.500 11 . . . . .307.27 0.00 310.0 307.3
Tsy 5.250 12 . . . .104.23 -0.05 108.4 104.2
Tsy 9.000 12 . . . .108.98 0.00 116.5 107.9
Tsy 5.000 12 . . . .102.97 -0.05 107.1 103.0
Tsy 4.500 13 . . . .106.14 -0.05 109.2 105.8
Tsy 2.500 13 . . . .286.88 -0.03 287.7 274.9
Tsy 8.000 13 . . . . .115.54 -0.08 121.3 115.5
Tsy 5.000 14 . . . . .111.05 -0.14 114.1 109.2
Tsy 7.750 15 . . . .103.85 -0.13 110.7 76.0
Tsy 8.000 15 . . . .125.99 -0.17 131.6 123.7
Tsy 4.750 15 . . . . .111.67 -0.15 114.7 108.6
Tsy 4.000 16 . . . .108.75 -0.19 111.4 104.9
Tsy 2.500 16 . . . .330.48 -0.10 334.1 304.4
Tsy 8.750 17 . . . .135.30 -0.60 142.2 132.9
Tsy 12.000 17 . . .126.34 0.00 185.9 126.0
Tsy 1.250 17 . . . . .110.55 -0.24 112.1 104.9
Tsy 5.000 18 . . . . .114.22 -0.28 117.6 109.7
Tsy 4.500 19 . . . . .110.37 -0.26 113.8 105.4
Tsy 3.750 19 . . . .104.47 -0.31 107.7 99.4
Tsy 4.750 20 . . . . .111.38 -0.39 115.9 106.6
Tsy 2.500 20 . . . .334.97 -0.42 341.2 303.8
Tsy 8.000 21 . . . .139.47 -0.49 147.1 133.8
Tsy 1.875 22 . . . . .114.85 -0.35 117.8 108.5
Tsy 4.000 22 . . . .103.39 -0.38 108.4 99.0
Tsy 2.500 24 . . . .292.39 -0.24 298.9 262.1
Tsy 5.000 25 . . . . .111.58 -0.37 118.5 107.4
Tsy 1.250 27 . . . .108.39 -0.10 111.2 100.5
Tsy 4.250 27 . . . .101.80 -0.27 108.8 97.9
Tsy 6.000 28 . . . .123.76 -0.24 132.7 119.5
Tsy 4.750 30 . . . .107.43 -0.21 115.0 103.0
Tsy 4.125 30 . . . .279.63 -0.06 283.9 248.7
Tsy 4.250 32 . . . .100.44 -0.22 107.8 96.0
Tsy 4.250 36 . . . . .99.62 -0.20 107.4 95.0
Tsy 4.750 38 . . . .108.00 -0.22 116.5 102.8
Tsy 4.500 42 . . . .104.37 0.00 112.8 98.9
% %
23
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LARRY CROWN
Cert: 12A
iiiii
Oh dear. Could this be really happening?
Really? Please tell me no. No, no no..Oh.
My. God. It is. These were the thoughts of
the people in the screening room this
week watching Larry Crown, a feelgood
romantic comedy with Tom Hanks by
Julia Roberts. Why either of them
went anywhere near a film that
resembles a poor high school play is a
mystery.
Anyway. The story though its
more a weird gelatinous sprawl of
random (mostly) jolly occurrences
begins when Hankss Larry is fired
from his supermarket job. Hes
canned, hes told, for not hav-
ing a college degree. So he
enrols in two classes at the
Community College, ditches his
gas guzzler for a scooter, and gives his
house back to the bank.
At the College, two major things hap-
pen. One: he meets a young and beautiful
fellow scooter-rider who takes a bizarre
amount of interest in his wellbeing
from his hairstyle (so not cool) to his fur-
niture (so not feng shui). Two: he meets
Julia Roberts, a world-weary teacher
whom he charms with his good guyness.
They snog. Its weird. Its like seeing your
parents snog.
Dont see this film. Unless youre inter-
ested in a crash course on how not to
ever make a film or when Hollywood
gets it incredibly wrong.
Zoe Strimpel
Film
TRANSFORMERS 3:
DARK OF THE MOON
Cert: PG
hiiii
RIGHT now Hollywoods suffering a bit of a
crisis people are stopping going to see 3D
films. If you ask me, this film sums up why.
Its an endless slog of CGI willy-waving. The
climactic battle lasts a full hour as ugly,
interchangeable robots smash up Chicago
and each other. It is dizzying, deafening
and utterly deadening for mind and soul.
The story? Lord only knows. Theres a
conspiracy thriller in there somewhere
about the original moon landings being a
mission to investigate a crashed alien craft;
fratboy Shia Lebouef mooning about in the
usual way, model Rosie Huntingdon-
Whitely providing the eye candy (she cer-
tainly cant act, and director Michael Bay
doesnt seem to require her to the
first view of her is a libidinous, protracted
shot of her derriere), while scientists, sol-
diers, Autobots, Decepticons clatter
about with neither rhyme nor reason. This
is just $400m sprayed at the screen to
see what sticks. The answer: pretty much
nothing.
Timothy Barber
THE CONSPIRATOR
Cert: 15
hhhii
In his first directorial outing since 2007s
Lions for Lambs, Robert Redford tells the
true story of Mary Surratt (Robin Wright)
the owner of a boarding house
where Abraham Lincolns assassins con-
spired. When Surratt is charged with aid-
ing them, it soon becomes clear that not
only is she trying to protect her son who
has absconded, but also that the
government has its own reasons for
wanting a swift guilty verdict from the
trial.
James McAvoy plays Frederick Aiken,
the army captain and lawyer who
reluctantly accepts the task of defend-
ing Surratt before a military tribunal.
He is supported by a cast of familiar faces
including Kevin Kline and Tom
Wilkinson, who manage to execute
imposing yet understated performances
while sporting Lincoln-style beards.
Its a bit bland. On some levels its
refreshing not to see the usual court-
room drama cliches, but its hard to real-
ly invest in the story, intriguing though
its premise is. A classy production thats
less than the sum of its parts.
Hayley Wright
Theatre
RICHARD III
The Old Vic
hhhhi
SHAKESPEARE, for all that he stands alone,
is not always easy to follow. His language is
too rich, his jokes too subtle and layered, his
wit too quick, his plots and complots too
complex for modern minds and ears to nat-
urally absorb.
So when you find yourself hanging on
every word, hating small-time dukes and
hoping for the demise of earls, laughing in
real time along with a characters quips or
insults, then you know that you are at a
very, very good Shakespeare production.
And that is exactly what Sam Mendess
final transatlantic Bridge Project produc-
tion, starring Kevin Spacey as Richard,
absolutely is. Spacey is a good Richard,
hunched and contorted with a leg brace,
but with his doe eyes, big body and campish
American-neutral accent, not my ideal pick
for the part, nor the element that makes
the play great.
It crackles in its forward rush, relentless-
ly hurtling towards catharsis. It shimmers
and hums, pregnant with death and curses,
foreboding and hell. Royal mothers are rav-
aged as their children are slaughtered by
their uncles, men kill, lie and die quickly.
Heads are delivered in boxes. Mendess pro-
duction is not showy, but it picks its props
and effects incredibly well.
The firecrackers at the heart of this siz-
zler are the three central women. Haydn
Gwynne is mesmerisingly elegant as Queen
Elizabeth even as she falls into grief and out-
rage. Her final tete a tete with Richard as he
demands to marry her daughter is outra-
geously tense. Gemma Jones as the ban-
ished Queen Margaret is terrifying as she
curses the kingdom and spits venomous
truths. And Annabel Scholey as Lady Anne
is electric, seemingly literally, as her hatred
and grief turn to lust. Zoe Strimpel
CGI robots fall flat,
as do Julia Roberts
and Tom Hanks
Please Hollywood, no more robots
AS IF I AM NOT THERE Gritty, gripping drama set
during the Bosnian War.
A SEPARATION A beautifully made, small-scale
Iranian drama of life and love.
DELHI BELLY A Bollywood gross-out comedy, about
three flatmates getting into scrapes in Delhi.
FILM
SEASON OF THE WITCH Nicolas Cage is a medieval
knight yeah, right caught up in spooky hokum.
NEVER LET ME KNOWKeira Knightley, Carey Mulligan
and Andrew Garfield star in this strange drama.
NO STRINGS ATTACHED Ghastly rom com with
Natalie Portman and Ashton Kutcher.
DVD
BEYONCE The megastar who lit up Glastonbury at
the weekend releases new album, simply titled 4.
KAISER CHIEFS The rockers knew album is called
the Future is Medieval. For some reason.
GILLIAN WELCH The classy singer-songwriters
new album is called the Harrow & the Harvest.
MUSIC
RESIDENT EVIL: THE MERCENARIES 3D (NINTEN-
DO 3DS) More third person shooter gubbins.
TOUR DE FRANCE: THE OFFICIAL GAME (X360) A
more relaxing way to climb the Alpe dHuez.
UFC PERSONAL TRAINER (PS3) Keep fit for fans of
ultra-violence.
GAMES
OUT THIS WEEKEND
PREVIEWS
Below, Kevin Spacey
as Richard III at the
Old Vic.
A CGI trans-
former, far left,
and Juila Roberts
and Tom Hanks
in Larry Crown
Lifestyle| Reviews
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THE KENNEDYS
BBC2, 9PM
JFK prepares for the possibility that
Premier Khrushchev may try to seize
control of Berlin after Russian troops
move into the city.
PAUL OGRADY LIVE
ITV1, 9PM
The presenter is joined by musician
and political activist Bob Geldof,
singer Janet Jackson and Joe from
American boy band Jonas Brothers.
ALAN CARR: CHATTY MAN
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The host is joined by actress Thandie
Newton and actor-turned-director Ben
Miller, who discuss their latest film
Huge.
BBC1
SKY SPORTS 1
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Fill the grid so that each block
adds up to the total in the box
above or to the left of it.
You can only use the digits 1-9
and you must not use the
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WORDWHEEL
Using only the letters in the Wordwheel, you have
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letters can only be used once in every word. There
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SUDOKU
Place the numbers from 1 to 9 in each empty cell so that each
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from 1 to 9 to solve this tricky Sudoku puzzle.
SUDOKU
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ACROSS
1 Shop where hairdressers
work (5)
3 Ill-tempered (5)
6 Get up (4)
8 Italian brandy made
from residue of grapes
after pressing (6)
9 Tit for ___, getting even (3)
11 Russian pancake (5)
12 Twilled woollen fabric (5)
13 Common type of rodent (3)
14 Inhumane treatment (5)
15 Dodge (5)
18 Grandmother (3)
19 Glassy compound fused
to the surface of an
object for decoration (6)
20 Appear (4)
21 Level betting (5)
22 Brag (5)
DOWN
1 Scour vigorously (5)
2 Huge sea (5)
3 Baptise (8)
4 At a convenient or
suitable time (9)
5 Empty area (5)
7 Specify as a
condition or
requirement (9)
10 With unagging
vitality (8)
14 Sharp, narrow ridge
found in rugged
mountains (5)
16 Lariat (5)
17 Insect such as
an ant (5)
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S M E L T S L O T
E D U R G E W
W U T R A B B I
N E C R O S I S C
D E E R D O U S E
I G N E
S T O I C W E L L
I S O L I D I F Y
D O L T S G T O
L E T C H R L
E M I R T W E A K
3 1 7 4 5 8 7 9
1 2 6 2 1 3 4 6
9 7 8 3 1 4 6 7
4 1 6 9 8
1 7 9 8 3 1 5 2
7 9 7 9 2 9 6
3 2 1 4 7 3 2 1
8 2 9 9 5
5 3 2 1 3 4 7 5
7 6 9 8 5 1 9 7
4 1 8 3 2 2 8 9
4
4
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WORDWHEEL
The nine-letter word was
WHISPERED
Lifestyle | TV&Games
1 Mile 2 Furlongs 7 Yards, Sandown 3.10pm,
Live on CH4
So You Think 4/5
Workforce 7/4
Snow Fairy 8/1
Sri Putra 33/1
Confront 66/1
Punter | Sport
CITYA.M. 1 JULY 2011 26
T
HERE have been some titanic
battles in the Coral Eclipse over
the years and the market sug-
gests that were going to see
another one tomorrow afternoon at
3.10pm. Aidan OBriens So You
Think, who was beaten by Rewilding
at Royal Ascot just a couple of weeks
ago, is the red-hot 4/5 favourite with
the sponsors after being heavily
backed all week.
However, the former Australian-
trained four-year-old has to redeem
his reputation after Ascot and his
trainer said he might have been
undercooked that day. OBrien would-
nt have had much time to work on
his fitness since then and at this stage
he is something of a hype horse.
Sir Michael Stoute has been going
through an uncharacteristically quiet
spell, but WORKFORCE is a Derby and
Arc winner and he is simply too big at
7/4 with Coral. He won really well
over course and distance in the
Brigadier Gerard and he should have
come on bundles for that.
The tactics are going to be fascinat-
ing, as it could become slightly messy
with just five in the line-up. Snow
Fairy would be a big threat on her
best form, but this is a very tough
race for her seasonal debut, while Sri
Putra is unlikely to finish better than
third.
Make sure you take a look at Corals
excellent Green Tick service, which
offers enhanced win only prices. In
addition, to celebrate the firms 36th
year of this famous sponsorship, they
are betting to 100% on coral.co.uk in
the build up to the big race.
Haydock stages the Lancashire
Oaks tomorrow (2.50pm) and its a
shame that the remarkable Barshiba
isnt back to try to win the race for
the third year in a row. It looks an
open contest, but Sir Henry Cecil can
claim victory for the first time since
2001 with VITA NOVA. She has won
three of her four career starts and
was only just touched off by Ferdoos
at this track last time.
The dangers are headed by
Gertrude Bell, who won well at
Goodwood on her seasonal debut,
Dorcas Lane, third in the Ribblesdale,
and Pollys Mark, the runner-up to
Barshiba in this 12 months ago.
There is another decent fillies con-
test at Sandown this afternoon where
Roger Varians unbeaten Nahrain
looks set to be sent off favourite in
the Coral Distaff (4.15pm). She could
be anything, but is hugely inexperi-
enced and I prefer the chances of
Roger Teals COCHABAMBA.
Although this daughter of Hurricane
Run has only won one of her six
career starts, she has some excellent
placed form and comes out best at
the weights.
For those of you who cant wait
until tomorrow, there is a cracking
card at Sandown this afternoon and I
cant let our old friend CHAIN LIGHT-
NING go unbacked in the 4.35pm. He
was sent off the 6/1 favourite in last
months Britannia, but just couldnt
live with the pace over a mile. Prior to
that, he won a handicap here over
todays 10 furlong trip in April, beat-
ing Dominant who romped home at
Newmarket last time.
I would also advise having an each-
way bet on John Gosdens EX ORI-
ENTE in the maiden at 3.25pm. He
was the subject of major support on
debut at Newmarket a fortnight ago,
but didnt handle the softer ground
and todays conditions will suit much
better.
You can follow me on Twitter
@BillEsdaile.
Top class Workforce
to land Coral Eclipse
SPORT TRADER BILL ESDAILE AND DAVID WILD BRING YOU THE
BEST RACING AND TENNIS BETS OF THE WEEKEND
POINTERS...
EX ORIENTE e/w 3.25pm Sandown (today)
CHAIN LIGHTNING 4.35pm Sandown (today)
VITA NOVA 2.50pm Haydock (tomorrow)
WORKFORCE 3.10pm Sandown (tomorrow)
COCHABAMBA e/w 4.15pm Sandown (tomorrow)
FOR the second consecutive Grand Slam tour-
nament, Rafael Nadal and Andy Murray meet
at the penultimate stage. But, while the
Spaniard had the upper hand on the clay
courts of Roland Garros, winning their
French Open meeting 3-0, we can expect a
much closer contest on the grass of SW19s
Centre Court.
Murray has not had the best of success
against Nadal in the past and trails in head-to-
heads by 11 to four. In the pairs five Grand
Slam meetings Nadal leads three to two. Of
their two meetings on grass, both at
Wimbledon (in the quarters in 2008 and at
this stage in 2010), Nadal won in straight sets
each time.
Yet the gulf in class between Murray and
Nadal is smaller than ever. After a fairly slow
start, with his professional dismantling of
Richard Gasquet and Feliciano Lopez two
talented players with contrasting styles
Murray has shown that he is arguably the best
returner of serve in the game. The difference
between success and failure therefore
depends on getting his serve right, and he is
serving solidly. His 61 aces so far compares
favourably to Nadals 38, but it is the percent-
age of points won on Murrays first serve (83%)
that shows how important it is for the Scot to
serve well.
Crucially, Murray has improved steadily
throughout the tournament, most recently
allowing himself just 11 unforced errors
against Lopez, down from
19 in his second round
match against Tobias
Kamke. Without tak-
ing anything away
from Nadals last
opponent, if Mardy
Fish can take a set off
the Spaniard, then a dis-
ciplined Andy Murray can
certainly win this
match. At 7/4
with Coral,
Im will-
ing to
b a c k
Murray to do so and therefore become the
first Briton to make the All England Club final
since Bunny Austin in 1938.
Whatever the outcome, I believe that this
contest will go the distance. Sporting Index
quote a fairly high 39-41 total games, but
there is little downside to buying neither
player is likely to be racking up any bagels in
this one. I also think that the longer the
match goes on the more it favours Murray as I
have a suspicion that Nadal is playing down
the foot injury he suffered against Juan
Martin Del Potro on Monday. It was deemed
necessary for Rafa to be jacked up with
painkillers for his match against Fish and
although he showed no signs of discomfort
then the injury may be exposed when
Murray sends him to all corners of the
court in long rallies.
Supposing Murray does progress, I
dont see anything in the other semi-
finalists to overly trouble him. Novak
Djokovic appears far less at home on
grass than on any other type of court,
while Murray beat Jo-Wilfried Tsonga
recently in the final at Queens. With
just a hint of patriotism, but more
based on the fact that the Scot is play-
ing the best tennis of those remain-
ing, I advise getting on Andy Murray
to end 75 years of hurt and win
Wimbledon, at 9/2 with Betdaq.
Prepare for magic Murray to make history
TODAY - FROM 1PM, BBC
ANDY MURRAY
RAFAEL NADAL
Workforce in action
Picture: ACTION IMAGES
POINTERS...
Andy Murray to win at 7/4 with Coral
Buy total games at 41 with Sporting Index
Andy Murray to win Wimbledon at 9/2 on Betdaq
Every leader needs a great
team supporting them.
IG Markets are proud to partner
Team Sky at the Tour de France.
igmarketscycling
IG_Cycling
Image from Criterium du Dauphine 2011
FORMER undisputed heavyweight
champion of the world Lennox
Lewis believes Wladimir Klitschkos
size advantage will prove crucial
when he finally locks horns with
David Haye in tomorrows eagerly
anticipated unification grudge
match.
Klitschko will enjoy a major size
and weight advantage and Lewis
also feels Wladimir will benefit
from the expert advice offered by
his former trainer Emanuel
Steward.
But Lewis, who beat Wladimirs
older brother Vitali on his final ring
appearance in 2003, still believes
Haye is capable of cancelling out
Klitschkos strengths with his own
speed and punch power.
When you look at it on paper
and you see Wladimir, hes the nat-
ural heavyweight, Lewis said. Hes
bigger, he weighs more, plus he has
a great trainer in his corner.
Plus he fights in his hometown,
you know his home country and for
David he has an uphill battle.
But if theres a fighter that can
do it in this era its David Haye. Hes
got the speed, hes got the stamina,
the quickness to be able to do it and
the power.
Wladimirs chin has been hit
before and he has
gone down
before and I
know David
knows that and
is going to try
a n d
expose
that.
Lennox fears
Haye faces an
uphill battle
BY JAMES GOLDMAN
BOXING
MINES A DOUBLE: CONTADOR AFTER RARE FEAT

SPAINS Alberto Contador will begin his challenge to become the first man for 13 years to
complete the Giro dItalia and Tour de France double as he defends his title, starting in
Passage du Gois in the Vendee region of western France, tomorrow. As time goes by, I feel
more and more rested [after the Giro] but Im still a bit in the dark because all I did was
rest. I dont know how I will respond, he said. Picture: REX
Results
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email sport@cityam.com
SPORT | IN BRIEF
Wasps make Young appointment
RUGBY UNION: Wasps have named Dai
Young as their new director of rugby, on
a four-year deal. Young teams up with
Wales defence coach Shaun Edwards
and ex-Cardiff fly-half Nicky Robinson.
Cardiff concedes its Test status
CRICKET: Glamorgan have been
stripped of the right to host England's
Test against the West Indies in Cardiff
in 2012. The ECB made the decision
after Glamorgan said they would be late
paying the fee they owe for hosting
Mays Sri Lanka Test.
Sport
FORMER champion Maria Sharapova
recovered from a dreadful start to
beat Sabine Lisicki and reach her first
Wimbledon final since she won the
title in 2004.
The fifth-seeded Russian will play
Petra Kvitova tomorrow after winning
6-4 6-3 in an hour and 26 minutes.
Its amazing to be back in the
final, its been a while, she said. Im
really happy, even through I didnt
play my best tennis today.
Sharapova
delighted by
final return
THE GAME
OF HIS LIFE
Sport
28
HAYE ABOUT TO FIND
OUT SIZE MATTERS
LEWIS FEARS FOR
BRITISH BOXER: P27
MANCHESTER CITY look set to begin
their traditional summer spending
spree with the 7m purchase of
Arsenal left-back Gael Clichy.
The France international is enter-
ing the final year of his contract and
is ready to end his eight-year associa-
tion with the north London club.
But he is unlikely to be joined at
Eastlands by Samir Nasri after City
last night distanced themselves from
rumours suggesting the former
Marseille star was on the brink of a
20m move north.
The 24-year-old has been attracting
significant interest from Citys local
rivals Manchester United.
City close in
on Clichy
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Murray knows hell have to go through the
pain barrier to beat Nadal and reach the final
Aces: 61
First serve in %: 60.2
% 1st serve points won: 83.4
% 2nd serve points won: 55.8
Winners: 203
ANDY MURRAY | WIMBLEDON 2011
Aces: 38
First serve in %: 69.8
% 1st serve points won: 78.8
% 2nd serve points won: 60.4
Winners: 207
RAFAEL NADAL | WIMBLEDON 2011
BRITISH No1 Andy Murray is
confident he can produce the
performance of a lifetime to
dethrone world No1 Rafael
Nadal and end a 73-year wait for
a home Wimbledon finalist.
Nadal, who has beaten the
Scot on their two previous
SW19 clashes without having
dropped a set, represents a for-
midable opponent even
accounting for the foot injury
which has hampered him since
his fourth round win over Juan
Martin del Potro.
But Murray is confident he
can upset the odds and move
one step closer clinching the
grand slam title which would
rubber-stamp his place amongst
the sports elite.
I know Ill have to run and
run, I know it will be physically
and mentally tough, but I
also know I can win when I
play him, said Murray.
Its another chance for
me to take him on in a
Wimbledon semi-final and I go
into it knowing that Ive
learned something from all 15
matches weve played last
years defeat as well as the
times Ive won.
What is for certain in any
match against Rafa is that both
tactically and mentally you
have to be ready for some long
rallies, lots of punishment, and
you mustnt panic.
Nadal has broken a whole
host of records, particularly on
clay, on his way to collecting 10
grand slam titles and Murray
hopes hell be able to look back
on his career having made a sig-
nificant mark on history.
He said: When Im on the
court Im not thinking about
my place in history but when I
look back on my career, Ill
want to see where I was in the
grand scheme of things.
If I can get past Rafa it will
give me more than enough
belief that I can go on and win
the tournament. Ive beaten
him before but Ill need to play
great tennis to do it again.
FOOTBALL
TENNIS
BY JAMES GOLDMAN
TENNIS

Cityam 2011-07-01

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