Cityam 2011-08-04

FTSE 100 5,584.51 -133.88 DOW 11,896.44 +29.82 NASDAQ 2,693.07 +23.83 /$ 1.64 +0.01 / 1.15 unc /$ 1.
1.15 unc /$ 1.43 +0.01

Former CEO
of the Rock
mulls a bid
NBNK Investments is eyeing a bid for
Northern Rock, City A.M. has learned.
The investment vehicle headed by
Lord Levene had been ruled out of the
running because it was forbidden
from making a bid for the Rock for a
period of 12 months after poaching its
former chief executive Gary Hoffman
last year.
However, City A.M. understands that
the Rock auction is running well
behind schedule, and so NBNK is con-
sidering entering the fray in October
when its prohibition on bidding ends.
The loose timetable will help. An
adviser familiar with the sale said:
Its not at all clear as to price or
process. And its not clear when it will
become clear.
If NBNK does decide to bid, it could
have a significant advantage over
rivals due to Hoffmans familiarity
with the assets.
News of another potential buyer
will be welcome for the government
given that the only known bidders so
far are Virgin Money and JC Flowers.
The Rock posted a loss of 78.8m in
its half-year results yesterday a 44
per cent improvement on last year
and said it expects to return to prof-
itability late in 2012.
It also reported a total equity value
of 1.1bn, meaning that chancellor
George Osborne is unlikely to get the
1bn he wants for the assets, let alone
the 1.4bn injected into the bank by
the government. With a sector dis-
count of some 20 per cent and more
losses on the way, a price around
850m is more likely.
Italian prime minister Silvio Berlusconi, left, will hope that his reassurances calm investors
MARKETS continued their sell-off yes-
terday as Eurozone leaders failed to
contain the financial crisis that is
engulfing Italy and Spain countries
viewed as too big to fail.
Italian Prime Minister Silvio
Berlusconi waited until markets closed
to address parliament for fear of exac-
erbating the turmoil.
He then sought to reassure
investors: The country is economical-
ly and financially solid. In difficult
moments, it knows how to stay togeth-
er and confront difficulties, he said.
The government and parliament
will act, I hope, with a large political
and social consensus to fight every
threat to our financial stability.
MARKETS HIT BY
FRESH TURMOIL
BY JULIET SAMUEL
DEBT CRISIS
www.cityam.com Issue 1,439 Thursday 4 August 2011 FREE

EVOLUTION
APPROACHED
BANK PURSUED BY
MYSTERY SUITOR
PAGE 5
LONDONS LOVE AFFAIR
WITH FRO-YO HOTS UP
US CULT BRAND ARRIVES P22
BUSINESS WITH PERSONALITY
He was speaking after yields on
Italian and Spanish debt both closed
above six per cent for the third day in a
row, a level dangerously close to the
seven per cent threshold seen as unaf-
fordable for both countries finances.
The FTSE 100 fell 2.3 per cent to its
lowest level so far this year and the
Dax fell by over two per cent for a third
day running. European banking stocks
also closed down, with Italys biggest
bank Intesa Sanpaolo falling 2.7 per
cent, Lloyds Banking Group dropping
almost 2.5 per cent and Deutsche Bank
losing 1.93 per cent.
Now anxiety is building that
Europes political system will be
unable to stop the rot.
Capital Economics Ben May said
that markets will only be calmed by a
significant increase in the [European
bailout] facilitys firepower. But the
regions paymaster countries have yet
to even vote through changes to the
bailout funds powers, let alone any
further increase in its capital.
US markets initially crashed but
broke their eight-day falling streak by
the close of trading as talk of another
round of American quantitative eas-
ing circulated. As a result, the dollar
lost 1.2 per cent against the euro
throughout yesterday. Newedges Bill
Blain said: [It] all feels a bit 2008... and
you know that didnt end well. There is
doubt and fear in the air.
Underlining the depth of concern,
the Swiss National Bank cut interest
rates in a surprise attempt to weaken
the Swiss franc, which has surged as
investors seeking a save haven have
fled the dollar and euro.
Certified Distribution
30/05/11 till 03/07/11 is 102,636
FTSE slumps to
lowest level this year
Swiss authorities
slash interest rates
Berlusconi: We
will fight for Italy
BY JULIET SAMUEL
EXCLUSIVE
News
2 CITYA.M. 4 AUGUST 2011
Surprise after
services grow
THERE was a rare piece of good news
for George Osborne yesterday, after a
survey showed the all-important serv-
ices sector growing at its fastest pace
in four months in July.
The Markit / CIPS services purchas-
ing managers index rose to 55.4 last
month, ahead of Junes reading of 53.9
and confounding expectations for a
slowdown to 53.2. The figure is com-
fortably above the 50 watermark that
separates contraction from expansion.
Markit, which described the figures
as surprisingly strong, said the data
suggested the economy was growing
at a rate of around 0.5 per cent a quar-
ter last month, better than the slug-
gish 0.2 per cent growth recorded in
second quarter.
Although the government has
talked up manufacturing as the sector
that will buoy the recovery, a strong
services sector which accounts for
about three-quarters of GDP is much
more important for growth.
Stripping out the drag from indus-
try, which was highlighted in a sepa-
rate manufacturing PMI earlier in the
week, the economy is growing at a rel-
atively robust 0.7 to 0.8 per cent,
Markit said.
But the picture wasnt all rosy for
Osborne. Robert Chote, head of the
independent Office of Budgetary
Responsibility, warned in an interview
the UK will need to downgrade its 1.7
per cent growth forecast for this year.
And Markit also warned that auster-
ity measures and the sovereign debt
crisis in the Eurozone a crucial
export market would mean that the
recovery would continue to be choppy.
Sterling rallied briefly on the data,
BY DAVID CROW
ECONOMICS
Evolutions turn in the bid spotlight

volution chief executive Alex
Snow, a former rugby player for
Harlequins, is said to have been
looking less than enthusiastic
about things recently.
Like others in the small cap market
in the City he has been bemoaning a
lack of corporate finance activity,
including a dearth of share offerings
(the IPO of Nat Rothschilds Vallares,
which Evolution advised on very prof-
itably, notwithstanding) and low trad-
ing volumes.
News that Evolution is the target of
a bid approach that could value the
broker and asset manager at up to
200m, however, is bound to focus
the mind and there was speculation
yesterday that Snow, who is on holi-
day, would make a rapid return to
attend to discussions.
How serious the approach is diffi-
cult to fathom at this stage. The iden-
tity of the bidder remains a mystery
too, although several names, includ-
ing Royal Bank of Canada, have been
put forward as potential suitors.
Analysts have been predicting the
consolidation of the broking market
for months now but little has so far
happened, leaving a plethora of
groups fighting over a smaller and
smaller chunk of business.
Evolution, with its dual strategy of
being an asset manager under the
William de Broe name, and a broking
business that has been pruned back
in terms of headcount in recent
times, looks a good prospect for some-
body. Snow, who is certain to return
from holiday, will want to ensure he
gets a decent price.
ANALYSE THIS
The profits warning and the subse-
quent tumble in the share price of
recent IPO-er, the jewellery maker
Pandora, has renewed the debate
about how to shore up confidence in
new issues when investors are largely
on strike (thankfully, the UK strike
isnt totally solid; witness Panmure
Gordons float of Escher Group on
p15 of todays paper).
Some, like Bank of America Merrill
Lynch, argue that more independent
analysts should be brought into the
pre-IPO process. Merrill argues that
institutional shareholders would like
to see research from banks and bro-
kers that are not on the syndicate
running the deal.
Although all research is conducted
behind so-called Chinese Walls in an
investment bank, investors dont
always feel they will get the, how
should we put it, full picture.
Frequently you have meetings
with analysts at the same time as the
bankers are pitching to be put on the
deal, says Owen Wild from IFR, the
industry trade journal. The analyst
will always be aware that what they
say will influence getting a place on
the mandate.
There were four analysts publish-
ing research ahead of the flotation,
all linked to the book-runners, and all
were broadly enthusiastic of the com-
panys prospects as you would expect.
After the flotation last October
there were some analysts who were
less than enthusiastic about
Pandoras prospects.
Soren Lontoft from the Danish
bank Sydbank looks especially pre-
scient: We see a real risk that con-
sumers at some point will turn their
backs on Pandoras charm-bracelet
concept, which would threaten sales
and profits. Not even he, though,
forecast the massive rise in the price
of silver that has decimated profits.
The fragile IPO market could have
done without Pandora right now.
Allister Heath is away
david.hellier@cityam.com
THE latest iPhone or Blackberry may
be a must-have fashion accessory but a
new survey suggests smartphones are
now shaping the way we behave.
Over a quarter of adults and nearly
half of all teens own a smartphone,
with uptake increasing at a blistering
rate, according to a study by media reg-
ulator Ofcom.
When asked about the use of their
smartphones, 37 per cent of adults
and 60 per cent of teens said they are
highly addicted. This is backed up by
far higher usage figures for smart-
phones than their non-smart counter-
parts, with 81 per cent of users making
calls every day compared to just 53 per
cent. The smartphone is also making it
easier to take work home, with seventy
per cent of adults saying they have
taken work calls while on holiday.
Smartphones
are taking over
our daily lives
There was some rare good news for the chancellor yesterday Pic: Micha Theiner/City AM
TELECOMS
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
Printed by Newsfax International,
BeamReach 5 Business Park,
Marsh Way, Rainham, Essex, RM13 8RS
Distribution helpline
If you have any comments about the distribution
of City A.M. Please ring 0203 2018900, or email
distribution@cityam.com
4th Floor, 33 Queen Street, London, EC4R 1BR
Tel: 020 3201 8900
Email: news@cityam.com www.cityam.com
Editorial
Editor Allister Heath
Deputy Editor David Hellier
News Editor David Crow
Acting Night Editor Marion Dakers
Business Features Editor Marc Sidwell
Lifestyle Editor Zoe Strimpel
Sports Editor Frank Dalleres
Art Director Craig Gaymer
Pictures Alice Hepple
Commercial
Sales Director Jeremy Slattery
Commercial Director Harry Owen
Head of Distribution Nick Owen
hitting a two-month high against the
euro, as some traders bet stronger
growth could force the Bank of
England to hike rates. However,
George Buckley, a Deutsche Bank econ-
omist, said the services PMI needs to
rise by a further three points before
the Bank considered tightening.
There was worse news for the servic-
es sector in the Eurozone, which grew
at its weakest rate in nearly two years.
The Markit Eurozone PMI tumbled
to 51.6 last month from 53.7 in June,
its lowest level since it hit 51.34 in
September 2009. Worst of all, there
were signs of softness even in France
and Germany, not just troubled
peripheral nations like Spain and Italy.
Howard Archer, economist at IHS
Global Insight, said the weak services
data would mean the ECB will not
hike rates today.
HEFNER SON-IN-LAW SETTLES CASE
The son-in-law of Hugh Hefner,
founder of Playboy Enterprises, has
been sued by the US Securities and
Exchange Commission for allegedly
trading shares based on secret infor-
mation he learnt from his wife, the
magazine publishers long-time chief
executive. William Marovitz, who is
married to Hefners daughter
Christie, agreed to pay $168,352 to set-
tle the civil fraud case. He neither
admitted nor denied wrongdoing.
INDONESIA EYES OWNERSHIP LIMITS
Indonesia is looking at introducing
rules that would cut the limit on
ownership of local banks from 99
per cent to 50 per cent in a move
that would force the likes of
Temasek and some Malaysian banks
to divest lucrative stakes, according
to banking industry executives and
investors.
ILFC BUYS AEROTURBINE FOR $228M
International Lease Finance Corp, the
aircraft leasing unit of American
International Group, has agreed to
buy an aircraft teardown and parts
supply company in a move that will
help it manage the older jets in its
fleet but also underscores the groups
return to financial health. ILFC is one
of the worlds largest aircraft leasing
companies.
HUAWEI STEPS UP SALES DRIVE
Huawei Technologies, the worlds sec-
ond-largest mobile network equip-
ment maker by revenue, is stepping
up an aggressive sales push in the
consumer handset market. Mirroring
similar moves by other handset mak-
ers, Huawei launched the Vision, a
smartphone that is notable for giving
users access to cloud computing serv-
ices. It follows the launch last week of
a cloud-based mobile operating sys-
tem by Alibaba, Chinas largest e-com-
merce company, which will provide
similar services.
CHINA ACCUSED OF CYBER ATTACK
The most widespread series of cyberat-
tacks on computer networks of govern-
ments, companies and organisations
around the world yet discovered are
thought to have been carried out by
China. Security company McAfee,
which uncovered the 72 intrusions,
said it believed there was one state
actor behind the attacks but declined
to name it, although one expert said
that evidence pointed to China.
IRISH DEMAND BANKERS WATCH
The Irish Government yesterday
demanded that Michael Fingleton,
who quit as chief executive of Irish
Nationwide in April 2009, hand back
both a 1m cash bonus and the
watch. The retirement present,
bought at a Dublin jewellery bou-
tique, was given to Mr Fingleton
shortly after Irish Nationwide had
announced a 243m loss.
MILLS CLAIMS PHONE WAS HACKED
Heather Mills has claimed that a sen-
ior Mirror journalist admitted hack-
ing into her voicemail messages left
by Sir Paul McCartney, her former
husband. Mills told the BBCs
Newsnight that the journalist had
called her in 2001 and quoted verba-
tim messages that the former Beatle
had left.
MUBARAK PLEADS NOT GUILTY
An ailing, 83-year-old Hosni
Mubarak, lying on a hospital bed
inside a metal defendants cage
pleaded innocent to charges of cor-
ruption and complicity in the killing
of protesters at the start of his his-
toric trial. The spectacle, aired live
on state television, was a stunning
moment for Egyptians, many of
whom savoured the humiliation of
the man who ruled with unquestion-
able power for 29 years.
CHRYSLER BOARD TO CHANGE
Chrysler and Fiat chief executive
Sergio Marchionne said he will
change Chryslers board by months
end and said he could retire some-
time after 2015. There is going to be
a guy after me, I guarantee you, he
said. Don't focus on the date, I would
focus on the process. Meanwhile,
plans by Chinese companies to export
autos pose an enormous risk to
established car makers based in
Europe and North America,
Marchionne said
PFIZER SEEKS TO WIDEN LIPITOR SALES
Pfizer wants to introduce a version of
its popular cholesterol pill Lipitor
that consumers could buy without a
prescription. The effort could help
Pfizer squeeze new sales life out of
the worlds best-selling drug in the
years after Lipitor loses US patent pro-
tection in November.
WHAT THE OTHER PAPERS SAY THIS MORNING
EDITORS LETTER
DAVID HELLIER
RBS is planning to lay off thousands of
investment bankers over the next
eighteen months as it concludes its
integration of ABN Amro.
The bank could lay off some 2,000
people by the end of 2012 in its global
banking and markets division.
But a source told City A.M. that it is
not clear exactly where the axe will
fall within the business and the final
numbers have not yet been decided, so
there is unlikely to be a definitive
announcement on jobs during its
results statement on Friday.
Analysts are expecting a slump in
profits for RBSs investment bank
when it unveils its half-year earnings,
with some suggesting that it could fall
back into the red.
The job cuts at RBS come as rival
investment banks also shed thousands
of workers due to over-hiring last year
followed by a slowdown in trading vol-
umes in 2011.
Credit Suisse is downsizing its work-
force by 2,000, with cuts likely to fall
most heavily on fixed income and
equities. Barclays is expecting to lay off
3,000 people by the end of the year,
while Goldman Sachs will reduce its
headcount by 1,000. HSBC has said it
will cut 30,000 roles over the next two
to three years, and thousands of job
cuts are also expected at UBS.
At the same time, banks are having
to contend with higher fixed costs due
to pay regulation on bonuses. Instead
of varying bonus pay-outs, banks have
had to compete for staff by raising base
salaries, making it harder to adjust
their costs without lay-offs.
RBS set to cut
thousands of
banker jobs
EAST London will no longer benefit
from the tech city promised by the
Wellcome Trust as part of its 1bn
post-Olympics development, after the
health science charity yesterday
dropped out of the Olympic Park race.
City A.M. understands the bid put
forward by the Wellcome Trust with
Hutchison Whampoa will no longer
be progressed, with Delancey and
Qatari Diar expected to be formally
appointed as the preferred bidder by
the Olympic Development Agency.
The Wellcome Trust, Britains
biggest charity, planned to convert
the Olympic Media Centre into a glob-
al hub for research and innovation
called the Life Sciences Innovation
Centre.
The Trusts bid was conditional on
also being handed the Athletes
Village, as part of its single entity
vision for the East London site that
promised to create up to 7,000 jobs.
The consortium of Delancey and
Qatari Diar, the sovereign real estate
arm of the Qatari Royal family, is
understood to have entered into
exclusive talks with the ODA to take
ownership of the entire 2,800-home
Athletes Village plus adjacent plots.
The Wellcome Trust declined to
comment.
Wellcome Trust
out of Olympic
legacy running
BY JULIET SAMUEL
BANKING
News
Cable recruits Sir John
Rose for investor probe
FORMER Rolls-Royce chief executive
Sir John Rose will join Vince Cables
inquiry aimed at stopping short-ter-
mism among equities investors.
The industrialist held the top job at
Rolls-Royce for almost 15 years. Cable
is a long-standing admirer of Sir John,
calling him a champion of UK manu-
facturing when he stepped down ear-
lier this year. This is understood to be
Sir Johns first major role since leaving
the engine manufacturer.
The probe, which will be headed up
by Professor John Kay, was announced
by the business secretary in June.
Two other City figures James
Anderson, partner at Baillie Gifford;
and Chris Hitchen, chief executive of
the Railways Pension Trustee
Company will also join the inquiry.
Cable said he wants to investigate
the way to best support the long-
term interests of British business.
Sir John Rose has taken his first major role since leaving Rolls-Royce
BY STEVE DINNEEN
POLITICS
BY HARRIET DENNYS
OLYMPICS
ANALYSIS l Royal Bank of Scotland Group

p
28Jul 29Jul 1 Aug 2Aug 3Aug
37
35
36
34
33
32.12
3 Aug
STANDARD Chartered beat expec-
tations with an 17 per cent jump
in pre-tax profit, it revealed yester-
day, with a drop in impairments
and a rising in top-line income
boosting the banks earnings to
3.6bn.
But chief executive Peter Sands
warned that our biggest risk by far
remains regulatory risk, over and
above the prospect of a Chinese
slowdown or western debt crises.
He said that banks are mired in
uncertainty, with the UK alone
introducing three overlapping capi-
tal regimes stemming from the
Financial Stability Board, the EU
and the Independent Commission
on Banking (ICB).
The process is chaotic.
Unintended consequences pose a
risk too many actors doing too
many things at once without think-
ing about the consequences, he
said. Theres a need for greater pol-
icy coordination.
He added, though, that StanChart
remains above the fray due to its
strong 11.8 per cent core tier one
capital ratio, but that the chaotic
policy reform could have severe con-
sequences for financial stability.
We have multiple enginges of
growth when one or two are slow,
others run fast, he said. That
showed up in the banks half-year
results, where its Hong Kong private
banking business saw income soar
63 per cent, while its Indian banks
revenues slumped 12 per cent.
Despite suffering from rising
wage inflation in Asia, the bank
kept a lid on costs, with expenses
flat on last year. Unlike other
lenders, it is hiring and expects to
have boosted its headcount by 2,000
by the end of this year to 86,000.
StanChart upbeat
as its revenues rise
BY JULIET SAMUEL
BANKING
News
SocGen boss Frederic Oudea says he wont pressure his bankers to take risks Pic: REUTERS
FRENCH bank Societe Generale
showed the scars of its share of a
Greek bailout in its second quarter
results, helping to push its 2012 profit
goal out of reach.
Frances second-biggest bank
warned its aim of 6bn (5.2bn) in net
profit in 2012, reiterated as recently as
May this year, would now be difficult
to achieve because of a tougher eco-
nomic and financial backdrop.
SocGen, whose investment bank
struggled in some areas, took a 395m
pre-tax hit on its exposure to Greece
because of its contribution to a
bailout plan.
The banks second-quarter net
income fell 31 per cent from a year
ago to 747m, well below the 1.15bn
average forecast from analysts.
The results are below consensus,
even without the Greek provision,
said Alex Koagne, financial analyst at
Natixis.
Chief executive Frederic Oudea
pointed to its corporate and invest-
ment (CIB) banking performance as
one of the main drags on profit goals
as economic fears unnerved investors.
The generation of revenues in CIB
will be weaker than expected, he said.
I dont want to put my traders
under pressure ... to take stupid credit
risks to reach a number, he added.
SocGen said its core Tier 1 ratio
improved to 9.3 per cent at the end of
June.
This appears robust, but on a like-
for-like basis with peer banks, then
SocGen has a Basel III ratio more like
7.2 per cent by our analysis, said
Joseph Dickerson, an analyst at
Espirito Santo.
Greek bailout hits
SocGen as profits
miss expectations
BY HARRY BANKS
BANKING
747M
second quarter
net income
395M
hit from contribution
to Greek bailout
9.3%
Core Tier 1 ratio at
end of June
ANALYSIS l Standard Chartered
p
1,600
1,580
1,560
1,540
1,545.00
3 Aug
HOW DO YOU RATE STANCHARTS LATEST RESULTS? By Juliet Samuel
GARETH HUNT | INVESTEC

While the first half has come in
ahead of expectations, we do not expect full
year consensus to move... While the head-
line cost performance was strong, it was
flattered by one-offs, particularly in the
other Asia Pacific reporting segment,
which benefited from $86m of cost recov-
eries... As ever with Standard
Chartered, the issue is valuation.
FRANK BRADEN |
S&P EQUITY RESEARCH
Cost containment was better than
expected and the bank reported higher
income growth than cost growth, even if an
accrual for the UK bank levy were included.
We expect the bank to maintain its strong
revenue growth, but forecast costs to slow-
ly creep up again due to investments in
growth and wage inflation.
However... we recommend a buy.
JONATHAN JACKSON | KILLIK & CO

With its geographic exposure, Standard Chartered is very well positioned to benefit from opportunities in
high-growth emerging markets. With the current valuation of 12.8 times 2011 earnings and 11.4 times 2012 earnings,
it is at a significant premium to the other UK-listed banks, and appears fairly valued. We continue to prefer
HSBC, which has similar emerging markets exposure, but trades at a 25 per cent discount to StanChart.
ITALYS biggest bank UniCredit could

meet analysts forecast for 2011 results
despite being pummelled by a spread-
ing Eurozone debt crisis, chief execu-
tive Federico Ghizzoni said yesterday.
Ghizzoni said the bank completed
85 per cent of its 2011 funding plan
last month, insulating itself from
higher costs as Italian government
bond yields hit euro-era records.
Speaking after the lender posted
forecast-beating second-quarter net
profit, he said UniCredit and other
Italian banks had become targets for
speculative short-sellers of liquid
shares as fears spread that the euro
zones third-largest economy is being
sucked into a widening debt crisis.
Its really difficult to make fore-
casts with this volatility, but its cer-
tain that we will close 2011 better than
in 2010, Ghizzoni said.
Net profit was 511m (445.5m)
despite a 105m writedown on Greek
government bonds, the bank said in a
statement.
UniCredit sticks
to forecasts as
results impress
BANKING
LIFE insurance giant Legal & General

has delivered half-year profits ahead
of expectations and said its high cash
generation allowed it to hike its divi-
dend by a quarter yesterday.
It made 523m operating profit,
almost three per cent ahead of con-
sensus market expectations and post-
ed 498m cash generation, 19 per
cent up on 2010s level. Its sales rose
four per cent to 920m.
LGIM, its fund management arm,
saw assets under management hit
362bn in June, 42bn higher than
June 2010, as it made a record 117m
half-year profit.
BANK and broker Evolution Group
admitted yesterday it had received an
early-stage takeover approach from an
unidentified potential bidder.
The surprise announcement
sparked feverish speculation as to the
likely bidder and why they targeted
Evolution, which had not previously
been seen as for sale. Evolutions
shares closed 8.5 per cent higher.
Brokers are witnessing a wave of
consolidation as they cope with a new
business drought caused by low
appetite for deals in volatile markets.
Its broking arm, Evolution
Securities, expects to make no profit
this year and its most recent half-year
results showed operating profit fell 28
per cent as income per client-facing
employee sank by a fifth.
Analysts pointed to an internation-
al banking group keen to build a
London footprint. They have guided
to zero profits for this year in the con-
text of weak markets and over capaci-
ty. It is hard to see a bidder for this
business unless it is a new entrant
such as a foreign bank seeking a
foothold in London, said Keith Baird
of Oriel Securities.
There is generally consolidation
taking place in the industry and
Evolution is priced quite cheaply so
there was always the potential that
this could happen, said Peel Hunt
analyst Henry Biddle.
Evolutions wealth manager
Williams de Bro is however growing
fast and in late stage talks to buy a pri-
vate client business from BNP Paribas.
Mystery firm
makes move
on Evolution
Stanley Gibbons (Guernsey) Ltd
18 Le Bordage, St. Peter Port, GY1 1DE
Telephone: 0845 026 7170
Email: investment@stanleygibbons.com
Do you want
100% capital security?
the potential to earn unlimited returns
- historically 10% per annum?
If you answer YES to all the above then
call us on 0845 026 7170 or visit
stanleygibbons.com/ADCA for a free 16 page report.
Invest in a surprising asset class with strong
historical returns. Contact us today.
Stamps and certain other collectibles are not designated investments for the purposes of the Financial Services and Markets Act 2000 (Regulated Activities)
Order 2001 and as such are not subject to regulation by the Financial Services Authority (FSA) or otherwise. Stamps and certain other collectibles are not Con-
trolled Investments for the purposes of the Protection of Investors (Bailiwick of Guernsey) Law, 1987 (as amended) and as such are not subject to regulation
by the Guernsey Financial Services Authority (GFSC). However Stanley Gibbons (Guernsey) Limited has registered with the GFSC under the Registration of
Non-Regulated Financial Services Businesses (Bailiwick of Guernsey) Law, 2008 (as amended) as a fnancial services business and therefore is regulated by the
GFSC in respect of Anti-Money Laundering and Countering Financial Crime and Terrorist Financing matters.
F&C Asset Management said it
attracted a net 800m of new fund
inflows in the first half of 2011 but
posted weaker than expected under-
lying profits yesterday.
Assets under management rose to
108bn, up from 105.8bn at the end
of December while net revenues
increased 28 per cent to 137m in
the six months to the end of June.
But some analysts said its expense
base since the acquisition of Thames
River Capital was growing fast, and
underlying pre-tax profit of 22.6m
was ten to 15 per cent short of con-
sensus expectations.
F&C inflows up
but costs rise
L&G profits help
hike its dividend
BY ALISON LOCK
CAPITAL MARKETS
FUND MANAGEMENT
FUND MANAGEMENT
News
ANALYSIS l Evolution
p
82
78
74
79.75
3 Aug
Evolution Group chief executive Alex Snow has fielded an early-stage takeover approach
Deal drought leads to survival of fittest
WHY would anyone want to buy a
City stockbroker right now?
Londons brokerages are in a lam-
entable state after a dismal first half
of the year and feel they are being
squeezed until their pips squeak.
The uncertainty and volatility
plaguing markets has caused a deal
drought among UK corporates that
has slashed broking revenues.
Adding to the woes is a surfeit of
broking boutiques creating chronic
overcapacity in the sector, while
depressed commission levels and ris-
ing salary costs are further threats.
Broking chiefs have warned for
months that consolidation has to
come soon as weaker firms are
squeezed out of a shrinking market.
That is now translating into a
survival of the fittest scenario as
brokers become takeover targets or
face extinction.
The first casualties are already
becoming apparent. Arbuthnot, the
investment bank and wealth manag-
er, put its brokerage up for sale as
the divisions first-half profits fell to
just 200,000 from 2.3m a year ear-
lier. Matrix Group is cutting about
two thirds of its broking operation.
But this squeeze also puts far
healthier brokers in the spotlight for
acquisitive groups to snap up cheap-
ly. Evolutions solid reputation and
broad client base make it an attrac-
tive buy, while the security of a larg-
er group would bolster it against the
current uncertainty.
Whether this news heralds the
start of a shakedown in City broking
remains to be seen. But such deals
may just produce a healthier overall
industry in the end.
BOTTOMLINE
Analysis by Alison Lock
BRITISHAirways parent company IAG
yesterday reported a 3.5 per cent
jump in traffic for July.
The figure, measured in revenue
passenger kilometres, grew to 16.1bn.
However, the actual number of pas-
sengers decreased 2.7 per cent to 5m.
IAG, which was formed by the
merger between Spanish carrier
Iberia and BA, was boosted by a 10 per
cent growth in passengers in Latin
America and the Caribbean and a
nine per cent rise in Asia.
Traffic in the UK and Spain, howev-
er, dropped more than 20 per cent.
British Airways traffic rose by 6.2
per cent overall, with Iberias falling
by more than two per cent.
Premium traffic grew at a faster
rate than economy traffic and the
company also saw its passenger load
factor the number of full seats per
plane inch up by 0.6 percentage
points to 85.7 per cent.
IAG saw its shares fall by more than
four per cent yesterday.
Meanwhile, Europes largest low-
cost airline Ryanair saw passenger
numbers increase to 8.1m in July, a
six per cent increase from a year ago.
Ryanair said its load factor a
measure of how well a carrier is sell-
ing available seats was 89 per cent
for the month, up one percentage
point from July 2010.
Fuel consumption gures for the CR-V 2.0 i-VTEC SE Manual in mpg (l/100km): Urban 26.9 (10.5),
Extra Urban 40.9 (6.9), Combined 34.4 (8.2). CO
2
emissions: 190 g/km. Model shown is CR-V 2.0 i-VTEC
SE Manual in Urban Titanium Metallic at 22,365 including metallic paint. Offers valid on new retail CR-V ordered from 1 July to 30 September 2011
and registered on or before 31 December 2011. Offers applicable at participating Dealers and are at the Promoters absolute discretion. Subject
to model, colour and stock availability. Honda Hire Purchase (HP): Indemnities may be required in certain circumstances. Finance is only available
to persons aged 18 or over, subject to status. All gures are correct at time of publication but may be subject to change. Promoter is Honda (UK), 470
London Road, Slough, Berkshire SL3 8QY. Servicing: Four years complimentary servicing or 50,000 miles, whichever comes rst, and includes a
maximum of four services. Complimentary servicing covers the manufacturers scheduled servicing only. Roadside Assistance: Covers the vehicle and
authorised drivers for four years emergency breakdown, subject to the vehicle being maintained in accordance with the manufacturers servicing schedule.
0845 200 8003
honda.co.uk
CR-V 2. 0 SE MANUAL
WI TH METALLI C PAI NT
22, 365
4 y e servicing
4 years free roadside assistance
4 years 0% APR Representative
For only 235 a month
with 50% deposit
4 years free
HOW VERY HONDA
Lines open 7 days a week, 8am-8pm, except bank holidays.
SIM only from
10
.50
a month
Switch to a network you can depend on
Call 08080 022 050
Free SIM on great value 12-month plans
Terms apply. Subject to credit check. Call us free on your landline; standard network charges
apply to all calls made froma mobile phone.
Search online for Vodafone press
or go in store today
30-day
contract
also
available
SIMprices on a
12-month contract
10
.50
a month
15
.50
a month
Mins to all UK mobiles & UK
landlines (starting 01, 02, 03)
300
mins
600
mins
Standard UK texts
3000
texts
3000
texts
British Airways owner and Ryanair
post increase in passenger traffic
BY STEVE DINNEEN
AVIATION
News
MORE NEWS
ONLINE
@
www.cityam.com
IAG chief executive Willie Walsh
NEWS | IN BRIEF
Iron ore use drives Ferrexpo
Ukrainian iron ore producer Ferrexpo yes-
terday posted an 86 per cent jump in
core profit in the first half, in line with
expectations, and said demand for the
key steelmaking ingredient is expected to
remain strong in the medium term. Pre-
tax earnings surged to a record $401m
(244m) on a 50 per cent increase in
iron ore prices and a 1.2 per cent rise in
higher grade pellet production.
GKN upbeat as profits rise
British industrials group GKN beat first-
half profit forecasts, driven by new prod-
ucts and strength in emerging markets in
its automotive business, and tipped its
aerospace division to improve in the com-
ing years. GKN, which produces compo-
nents for Airbus and Boeing, reported a 14
per cent rise in pre-tax profit to 200m on
sales 11 per cent higher at 2.98bn for the
six months to the end of June.
ANALYSIS l Int Consolidated Airlines
p
5May 27May 19Jun 11 Jul 3Aug
258.7
235.6
212.4
212.40
3 Aug
THOMAS Cook yesterday announced
that chief executive Manny Fontenla-
Novoa was quitting the company
after a disastrous year punctuated by
three profit warnings.
The tour operator has been strug-
gling against a backdrop of political
unrest in holiday destinations in
North Africa and the Middle East and
a tough UK market.
Industry insiders said that
Fontenla-Novoa was told that his
position was untenable after a profit
warning on 12 July, which caused the
companys shares to tank.
An emergency board meeting was
called in which the Spanish chief
executive agreed that his resignation
was needed to get the City back on
side and shore up the share price.
Other question marks had been
raised over the companys acquisition
of the Co-operatives travel business at
a time when the holiday industry is
struggling.
He will receive a pay-off of at least
2m and has 930,000 shares.
Fontenla-Novoa, who had been chief
for seven years, will be replaced in the
interim by his deputy Sam Weihagen.
Steve Endacott, chief executive of
rival tour operator On Holiday
Group, said: The industry is strug-
gling as costs go up and people have
less money. Mannys departure was
not a surprise in the City.
Holidays 4U, the UK tour operator,
collapsed yesterday, leaving tens of
thousands of British holidaymakers
stranded abroad.
Thomas Cook
chief quits as
profits plunge
Next sales rise defies gloom
RETAILER Next saw total sales rise 3.2
per cent as the companys directory
business fuelled growth, it said in its
half yearly trading statement yester-
day.
Next Directory, which consists of its
home shopping catalogue and online
store, reported a 15.1 per cent rise in
sales in the 26 weeks to 30 July com-
pared to the same period last year
well ahead of the retailers store net-
work, which experienced a 1.7 per cent
decline.
Next said it expected full-
year profit forecasts to be in
line with previous guidance of
between 527m and 577m.
Chief executive Simon
Wolfson (pictured) said: My
view is that the underlying
economy remains sub-
dued. Theres nothing in
any of the numbers that
I look at, whether it be
inflation, or employ-
ment or unemploy-
ment numbers, that
would suggest that the situations
going to get any worse.
He predicted pressure from rising
costs, like higher cotton prices,
would ease next year, and said
price cuts for shoppers
were a possibility.
Nexts average sell-
ing prices rose about
seven per cent in its
first half and Wolfson
expects them to be up
about eight per cent in
the second half before
stabilising.
BY JOHN DUNNE
LEISURE
BY JOHN DUNNE
RETAIL
News
ANALYSIS l Thomas Cook
p
62
60
58
64
66
68
59.50
3 Aug
Online. The notion of using a travel
agent is a romantic one but its unnec-
essary with self-made bespoke holi-
days so easy online. The DIY approach
provides a satisfaction you dont get
when you rely on travel agents.
I bought my last holiday online. It
cuts out the middleman and avoids
the sales spiel and hard sell of extras
and upgrades. The only reason I
would use a travel agent was if I
couldn't find what I wanted online.
I bought it online, but not because I necessarily prefer the do-it-yourself approach,. It is just really
hard to find a travel agent in the City there are not enough. I would rather someone do the work
for you than having to spend hours of your own time researching and coordinating the holiday.
GEORGE FRANCE | GOLDMAN SACHS
* These views are those of the individuals above and not necessarily those of their company.
The main reasons for this
shortfall are the higher than
previously forecast impact of
the ongoing political unrest in
the Middle East and North
Africa, particularly on our
French operations.

Our cost experience in the UK has not
been as favourable as expected, partic-
ularly in the airline, and this will result
in a net impact of around 10m on the
underlying group operating profit.

Its tough in the UK ... I certainly
dont foresee an upturn in con-
sumer confidence right now.

CITY VIEWS: HOW DID YOU BUY YOUR LAST HOLIDAY? Interviews by Helen Thompson
PROFIT WARNING 2: 9 May 2011
PROFIT WARNING 1: 28 September 2010
PROFIT WARNING 3: 12 July 2011
EDWARD HUNT | IHS JOHN HENSON | WILLIS
Manny Fontenla-
Novoa is leaving
the top job at
Thomas Cook
INTERIOR furnishings firm Walker
Greenbank said it had performed
well during the last six months and
is currently trading ahead of compa-
ny forecasts.
The group, which makes home-
ware under brand names such as
Morris & Co and Harlequins
Momentum for the likes of John
Lewis, said turnover increased 11
per cent in the six months ended
31 July compared to the same time
a year earlier.
Sales at Walker
Greenbank jump
RETAIL
UK SUPERMARKET Tesco announced

plans yesterday to trial a series of
smaller stores in the US, in an attempt
to offset losses at its chain of Fresh &
Easy outlets.
Tesco launched in the US in 2007
and runs around 175 stores across the
country, but has struggled to make a
profit, with trading losses of 186m in
the year to 26 February. The Fresh &
Easy Express stores will be around
3,000 square foot, around the same
size as the average Tesco Express.
US convenience
launch for Tesco
RETAIL
No deposit
- ever and
no interest
- ever
All nance is
free at dfs -
Its effortlessly
affordable
Credit subject to acceptance. Credit is provided by external nance companies as determined by DFS. 4 years free credit from date of order. Delivery charges apply. DFS may alter or extend promotions at any time.
Mobile charges may apply when calling 0800 110 5000. DFS is a division of DFS Trading Ltd. Registered in England and Wales No 01735950. Redhouse Interchange, Doncaster, DN6 7NA.
Save Time - Order Direct at www.dfs.co.uk or call Free on 0800 110 5000 24 hours a day 7 days a week
with 4 years interest free credit
or pay nothing until Easter 2012
then take 3 years interest free credit
Available in a choice of 5 colours at no
extra cost.
THE MALIBAR
Corner sofa
After Sale Price 1798. Save 899
899
HALF
PRICE
in 100% real leather. Available in a
choice of 10 colours at no extra cost.
THE MOLINARI
3 seater sofa
599
HALF
PRICE
Available in a choice of 6 colours at
no extra cost. 2 accent cushions FREE.
THE WALCOT
3 seater sofa
399
NOW
ONLY
Available in a choice of 6 colours at
no extra cost. 2 accent cushions FREE.
THE EVELYN
3 seater sofa
649
NOW
ONLY
in 100% real leather. Available in
a choice of 29 colours at no extra cost.
THE FINLAY
3 seater sofa
549
HALF
PRICE
For your nearest store details call 0800 110 5000.
Also at Basildon, Colchester, Hove, Luton, Maidstone, Milton Keynes,
Peterborough, Reading, Slough, Stevenage, Tunbridge Wells.
Croydon Valley Park, off Purley Way, Daniell Way. 020 8688 0083
Enfield Great Cambridge Road. 020 8364 5404
Brent Cross BX Shopping Park, Tilling Road. 020 8452 1560
Sidcup Crittalls Corner, Sidcup Bypass. 020 8308 9177
South Ruislip Victoria Retail Park, Victoria Road. 020 8842 2503
New Malden Shannon Retail Park, Shannons Corner. 020 8949 7066
Beckton Beckton Triangle Retail Park, Clapsgate Lane. 020 8507 3880
Romford Gallows Corner Retail Park. 01708 335588
Watford Colne Valley Retail Park. 01923 219693
MASTERCARD, the worlds second
biggest payment processor, has posted
a better-than-expected second quarter
income, increasing from last years
279.4m to 370.9m.
Revenue rose 22 per cent to 1bn,
while analysts had forecasted 945.6m.
An increase in volume and
processed transactions is said to have
fuelled the double-digit revenue
growth this quarter. The use of credit
cards outside of customers home
countries increased by 19 per cent last
year. Operating expenses increased
20.8 per cent to 477m, compared to
the same period in 2010.
PRIVATE equity group KKR said it suf-
fered a more than 27 per cent drop in
quarterly profits yesterday, compared
with the same period in 2010, as its
investments brought in less income.
KKR, which held assets of $61.9bn
(38bn) under management at the
end of June, said it made $315m eco-
nomic net income in its second quar-
ter, down from $433m in 2010.
That loss was softened dramatically
in its half-year result, which showed
economic net income of $1.06bn, just
4.5 per cent down on 2010.
KKR said the profit fall was due to
a lower level of investment income
earned from our principal invest-
ments, which saw lower apprecia-
tion than in 2010.
But it claimed its investee compa-
nies had outperformed the Standard
& Poors 500 US stock index and said
business had held up despite a diffi-
cult global climate.
In an increasingly challenged glob-
al economic environment, our busi-
ness continued its growth trajectory
across all segments, co-founders
Henry Kravis and George Roberts said
in a statement. Activity has been par-
ticularly robust despite the market
volatility.
KKRs NYSE-listed shares closed
more than four per cent lower after it
said its net quarterly profit for the
quarter was $0.36 per share, below
analyst expectations for $0.41 per
share. It made $0.48 per share in the
same quarter in 2010.
Its performance also diverged from
its major rival Blackstone, which
delivered a forecast-beating $86.2m
profit for its second quarter, up from
a loss of $193.3m in the second quar-
ter of 2010.
KKRs funds under management
rose almost 14 per cent compared
with June 2010.
KKR profits
fall 27pc as
income stalls
DUNKIN Brands said yesterday its
franchisees are raising prices at
Dunkin Donuts and Baskin-Robbins
stores to cover the higher costs of key
ingredients such as coffee and milk.
The company, which floated in
New York last week, also reported
profits in the most recent quarter
were down slightly from a year ago.
Dunkin Brands second-quarter
net income slipped to $17.2m
(10.5m) from $17.3m a year earlier,
while adjusted profit fell to $24.7m
from $25.6m.
Revenue rose more than four per
cent to $157m.
Earnings dip at
Dunkin Brands
Revenues climb
at MasterCard
BY ALISON LOCK
PRIVATE EQUITY
FINANCE
CONSUMER
KKR co-founders Henry Kravis (left) and George Roberts said the economic climate had been tough
News
NEWS | IN BRIEF
Time Warner grows its sales
Media giant Time Warner has reported a
second quarter net income of $638m
(388.8m), 14 per cent higher than this
time last year. Its sales outdid expecta-
tions, rising 10 per cent to $7bn, reflecting
its film revenue rising by 13 per cent. The
firms success has been accredited to
blockbusters like the Hangover 2 and
video games such as Mortal Kombat 9.
ICE profits top Street forecasts
IntercontinentalExchanges quarterly prof-
it jumped 19 per cent on brisk energy-
futures trading as another transatlantic
exchange operator beat analysts' expecta-
tions. Revenue from increasingly valuable
areas like market data helped the compa-
ny, known as ICE, keep pace with CME
Group and other rival US markets.
MORE NEWS
ONLINE AT
@
www.cityam.com
ANALYSIS l KKR and Co LP
$
13.39
3 Aug 15.00
14.50
14.00
13.50
13.00
BROCKET
DIGS DEEP
IN SPORTS
CARS HUNT
IT IS almost 13 years to the day since Lord
Brocket walked free from Springhill open
prison after serving two-and-half years for
insurance fraud, and The Capitalist hears a
party is potentially in the offing to mark
the happy occasion.
This will be no ordinary celebration
though, if the outlandish suggestion actu-
ally becomes a reality on the anniversary
of Brockets release date of 7 August the
idea is to stage a giant game of Find the
Buried Sports Car around the grounds of
Brockets ancestral seat.
If anyone finds a piece of the three
Ferraris or the Maserati that Brocket dis-
mantled and buried in 1991 as part of the
4.5m fake car insurance claim that land-
ed him two-and-a-half years inside, party-
goers will receive free membership to the
Halls golf club for a year.
Dieter Klostermann, the chairman and
chief executive of CCA International,
which took up the 60-year lease for the
Hall in 1996, finds the theoretical notion
highly amusing. That would be so
funny, he exclaimed when presented
with the idea by a regular golfer at the
conference venue and golf resort.
Although the joke could be on
ed version of his philosophy now referred
to as Boom Boom Bust.
There are very few jokes about the
subject of regulation, wrote the comedi-
an in his email to The Capitalist. Spot on
and there may be a good reason for that
MANN POWER
HIS GREAT grandfather was one of the
youngest-ever chairmen of Hambros and
his father was a partner at the stockbro-
ker Myers & Co.
So there was deep shock and hor-
ror when Mike dAbo, the singer of
Manfred Mann, turned his back on
the City to go into the music busi-
ness. Lucky for the City that he did,
as dAbo and his current line-up The
Manfreds are hitting Boisdale in
Canary Wharf tomorrow night to
perform all 15 of their top ten hits
from 1964 to 1969. We actually per-
form better than we did in the 60s, as you
learn your trade over the years, the 67-
year-old told The Capitalist. Tickets, at 22
to 55, can be booked by calling 0207 715
5818 or at www.boisdale-cw.co.uk.
Klostermann, if the party turns out to
be merely the latest in a string of market-
ing stunts to promote Brocket Hall
International, the arm of CCA that runs
the Hall, which posted a pre-tax loss of
almost 900,000 in its accounts for 2009
BLAGGING IT
GALLOWS humour at News International,
as former News of the World staff called
in to discuss their three-month redundan-
cy pay-off in TMS 2 the HR office in
Thomas More Square are being greeted
by a poster urging them to Blag It.
The slogan refers to a campaign
where NI staff blagged luxury gifts
for young peoples charity Fairbridge
but, as one irate ex-NoTW hack said: It
is an extremely unfortunate title when
the companys blagging activities have
become a legal concern.
The Capitalists man in Wapping
added: The innocent News of the
World staff are already resentful
they have been tarred with the
same brush as the phone hackers, and
to be hit between the eyes with this blag
campaign is the final straw.
BASEL BRUSH
WATCH out Mervyn King
theres a new comedian in
town: a City A.M. reader who is
keen to share his joke on the pro-
posed Basel III banking rules.
It is a little-known fact that Basel II
is actually named after the British
economist and childrens enter-
tainer Basel Brush who developed
the New Labour economic policy
known as Boom Boom, starts the joke.
And the punchline? Basel III is an updat-
The young ones: Manfred Manns 1960s line-up
Brocket Halls
new owner is
considering a
game of Find
The Missing
Sports Car
for Brockets
13-year prison
anniversary
The Capitalist
10
EDITED BY
HARRIET DENNYS
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @citycapitalist
CITYA.M. 4 AUGUST 2011
Burying the past: The sports cars hidden by Lord Brocket (inset) could see the light of day Picture: Rex
News
BALFOUR Beatty has won a 230m
contract to install and maintain
Northamptonshires street lights, the
firm announced yesterday.
The infrastructure group said it has
a 25-year mandate to design, build
and repair around 46,000 street
lights, and will run the public-private
partnership alongside a similar con-
tract in Cambridgeshire.
Balfour said it will invest 6.5m in
equity as part of the deal. It now runs
street light works for six UK councils.
Balfour shares, which have been
sliding since February, closed down
1.4 per cent yesterday.
CAIRN Energy dropped by more than
five per cent yesterday after the
Edinburgh-based explorer failed to
find oil at one of its wells off the coast
of Greenland.
The FTSE 100 explorer said it was
plugging and abandoning the well in
the Lady Franklin block 300km off-
shore from Greenlands capital Nuuk
and moving its rig northwards to a
second prospect.
Chief executive Simon Thomson,
however, said the group remained
optimistic about the campaign and
was encouraged by further indica-
tions of pre-Tertiary oil-prone rocks in
the Greenland acreage.
Cairn is one of several companies
including ExxonMobil and Shell that
has been granted licenses over the
past decade to the Arctic region,
believed to be among the worlds
largest untapped hydrocarbon
reserves.
The group agreed last year to sell a
majority stake in its Indian arm to
Vedanta to concentrate on frontier
exploration in Greenland.
The Franklin block was one of the
largest of four wells Cairn plans to
drill this year, costing around $600m
(400m).
The campaign has sparked fierce
protests from environmental groups
over the impact it could have on the
largely untouched territory. Last
month, 60 Greenpeace campaigners
occupied Cairns headquarters in
Edinburgh after the group
announced that had started drilling.
The announcement dampened
investor hopes, sending Cairns
shares to their lowest in 18 months
before closing at 334.8p last night.
Cairn shares
drop as well
is found dry
Balfour Beatty
wins light deal
BY KASMIRA JEFFORD
ENERGY
SUPPORT SERVICES
NEWS | IN BRIEF
Carnival splashes out on ships
The world's largest cruise ship company,
Carnival Corporation, has ordered three
new ships for two of its European brands.
Carnival Corporation agreed to pay near-
ly 485m for one 132,500-ton vessel for
its Costa Cruises brand and two
125,000-ton ships that total 792m for
its AIDA Cruises brand based in
Germany. The ships will be the largest
ever constructed for these two cruise
lines.
Cobham cost cuts aid bottom line
Aerospace electronics group Cobham has
posted slightly higher adjusted earnings
in the first half as cost cuts helped com-
pensate for tough conditions in the US
defence and security market, which it
said would persist. Cobham reported a
three per cent rise in underlying pre-tax
profit of 149m on seven per cent lower
revenue of 892m.
Allianz moves into US property
European insurance giant Allianz has
penned $300m deal to invest in the US
real estate market, it announced yester-
day. The firm has created a joint venture
with property specialist Archstone and
the Canada Pension Plan Investment
Board and will put in $108m initially. The
venture will invest in properties in Boston
and Washington DC already run by
Archstone.
L&S takes on Tesco warehouse
London & Stamford Property has
snapped up a warehouse belonging to
Tesco for 22.9m in the latest in a string
of acquisitions, the firm announced yes-
terday. The company said the deal
reflected a yield of 7.5 per cent, and that
the distribution centre in Harlow will be
rented out to Tesco for the remaining
12.5 years on the lease.
Nuclear plant shuts on Japan fear
Britain's MOX nuclear fuel plant at
Sellafield will be closed due to loss of
business from Japan following the
Fukushima nuclear crisis, the UK Nuclear
Decommissioning Authority (NDA) said
yesterday. The closure affects 600 jobs,
though the NDA said there was scope for
moving workers to other Sellafield opera-
tions. The NDA said heightened commer-
cial risks arising from the loss of
Japanese business made the plant's
future untenable.
ANALYSIS l Cairn Energy
p
370
350
330
334.80
3 Aug
Activists barricade Cairns headquarters in June dressed as polar bears
OIL giant Shell has admitted liability
for two spills in Nigeria, leaving it in
the firing line for up to an estimated
250m in compensation payments.
The Bodo community in the Niger
Delta, which sued the firm in the
English courts earlier in the year, said
it would now seek payments for envi-
ronmental damage done in 2008 and
2009.
One of Shells pipelines in Nigeria
was closed yesterday thanks to a sepa-
rate leak.
The Shell subsidiary involved said
yesterday it will pay compensation in
accordance with Nigerian law.
Shell admits its
Nigeria liability
ENGINEERING
RIGHTMOVE, the property website,

saw its half year pre-tax profits jump
by 17 per cent as estate agencies
spent more on advertising to attract
customers in a challenging housing
market.
The companys pre-tax profit rose to
28.7m in the year to June, compared
with 24.5m in the previous year.
Revenue was up 20 per cent at 47m.
The average spend per advertiser
jumped by 18 per cent at 430 a
month after Rightmove increased its
prices by 10 per cent and introduced
new products to its website.
Housebuyers flocked to its new
iPhone, iPad and mobile phone appli-
cations, which together accounted for
14 per cent of all Rightmove searches
by June.
The number of property transac-
tions remained at historically low lev-
els in the past months, reflecting an
uncertain economy.
We do not believe that flat or
modest falls in house prices would
materially affect the outlook, provid-
ed that transaction volumes do not
take a sharp downward turn, and
expect to make further progress in
2012, the company said in a state-
ment.
The group raised its interim divi-
dend by 40 per cent and returned
23m by buying back shares.
Rightmove closed down 0.6 per cent
1,209p.
Rightmove
defies gloom
in real estate
BY KASMIRA JEFFORD
PROPERTY
CAPITAL & Counties, the London

focused property developer, posted a
four per cent rise in the value of its
assets, boosted by an increase in value
of its Covent Garden estate.
Net asset value per share rose four
per cent to 154p, while pre-tax profit
was up 28 per cent at 70.2m from
54.8m a year ago.
Chief executive Ian Hawksworth
said the company had enjoyed a suc-
cessful and active half year and was
well positioned in the central London
property market, particularly in the
retail and residential sectors.
In May it raised 100.6m in a share
sale to help fund more acquisitions
around Covent Garden.
Capco, which also owns Earls Court
& Olympia exhibitions business, said
its total property value was 1.5bn, up
2.9 per cent on a like-for-like basis.
Capital & Counties asset value
boosted by Covent Garden site
PROPERTIES
HOUSE builder Taylor Wimpey said

first half profits rose 32 per cent as it
benefited from a stable housing mar-
ket and cutting down its costs follow-
ing the economic crisis.
Britains second largest builder by
market value said pre-tax profit in the
year to June was 28.9m against a loss
of 2.3m in the same period last year.
Operating profit stood at 67.2m com-
pared with 51.1m last year.
Chief executive Pete Redfern said
the company had gone through a
transformational six months after
selling its North American business
to concentrate on it UK investments
and going through a second refi-
nancing.
Redfern said: Although there is
ongoing uncertainty in the wider eco-
nomic environment, current condi-
tions in the housing market remain
stable.
He expects the stability to continue
for the rest of the year but identified
the scarcity of mortgages as the
biggest constraint.
The group completed 4,707 homes
in the first half against 4,804 homes
in the same period last year, as it chas-
es margins over volumes. The average
selling price remained flat at
168,000 in the same period last year.
Shares in Taylor Wimpey closed
down 2.34 per cent at 33.74p, valuing
the company at 1.1bn.
Taylor Wimpey profits from
slow but steady progress
BY KASMIRA JEFFORD
PROPERTY
Harry Hill, the former boss of Countrywide, founded Rightmove in 2000

News
ANALYSIS l Rightmove
p
1,260
1,220
1,180
1,209.00
3 Aug
We are a global leader in FX trading.
Citi has a legacy of over 100 years in the FX markets. During this period, we have served leading corporations, hedge funds and
other investors, banks and governments.
CitiFX Pro is only available to professional individual traders and small to mid-sized institutions. Trading with CitiFX Pro means
you have a direct relationship with a leading FX brand, institutional grade research and commentary, special events with CitiFX
strategists, tight spreads and more.
Professionals Trade FX with Citi
CitiFX Pro
www.citifxpro.com | 0800 279 4772 | citifxpro.sales@citi.com

*
See www.citifxpro.com for details of our premium account pricing.
Tight spreads on 130+ currency pairs
Trade 130+ currency pairs including
major, minor and exotic pairs on tight
spreads. CitiFX Pro offers 3 different
pricing models depending on your
needs and initial account opening size.
Premium accounts trade from 1.2 pips
on EURUSD and 2 pips in GBPUSD*
Tools for professionals
Our trading platforms offer you
sophisticated trading functionality,
intuitive to navigate and easily
tailored to your needs.
Trade with trust
In a market with many smaller and
newer providers that dont have an
established track record, clients can
be assured of the security of funds
and technological excellence that a
reputable bank like Citi offers.
CitiFX research
Citis research and commentary offers
a unique perspective on a complex,
global market from a highly regarded
team of analysts.
Trade FX with a leading bank
Trading foreign exchange involves a high degree of risk and losses can exceed your entire investment.
CitiFX Pro is only available to persons in the UK who qualify as Professional Clients.
Citigroup, Inc., 2011. All rights reserved. Citi, Citi and Arc Design and CitiFX Pro are trademarks and service marks of Citigroup Inc. and used and/or registered throughout the world.
CitiFX Pro offers trading on margin. The leverage created by trading on margin can work against you as well as for you, and losses can exceed your entire investment. Before opening
an account and trading, you should ensure that you understand the risks and can withstand the losses and that you seek advice from your advisors as appropriate, please see www.
citifxpro.com for further details. This information is directed only at persons in the UK who qualify as Professional Clients (as dened in the rules of the Financial Services Authority)
and CitiFX Pro is only available to Professional Clients in the UK. Classication as a Professional Client may require an assessment of the persons experience and knowledge (in roll-
ing spot or similar instruments or markets). CitiFX Pro is a service offered to you by Citibank International plc which is authorized and regulated by the Financial Services Authority.
Registered Ofce: Canada Square, Canary Wharf, London E14 5LB. VAT registration number GB 429 625 629. The main business of Citibank International plc is banking and securities
business. It is entered on the FSA register under number 122342.
>> Contact us on: 0800 279 4772 | www.citifxpro.com
Spreads from 1.2 pips in EURUSD*
Commission based pricing available
130+ currency pairs
CitiFX research & market commentary
Dedicated account manager
At a glance, clients have access to:
EUROPES largest drinks can maker
Rexam has beaten forecasts with a 19
per cent rise in first-half profit,
helped by demand for energy and ice
tea drinks and a growing trend
among cash-strapped shoppers to con-
sume at home.
The UK firm, which makes Red Bull
and PepsiCo cans as well as packaging
for food, healthcare and cosmetic
products, said yesterday lower financ-
ing costs also helped to boost profit
before tax and one-off items to
236m, despite flat sales.
That beat analysts consensus profit
forecast of 217m, according to a poll
provided by the company.
We are pleased with the first half...
Looking ahead, we expect continued
good performance for the rest of the
year, chief executive Graham
Chipchase said.
Rexam, whose beverage packaging
unit makes around 80 per cent of its
sales, producing 60bn cans each year,
said trading in that division had been
better than expected with sales up
five per cent to 1.8bn.
In Europe, volumes were up seven
per cent as home consumption
increased and demand for speciality
cans for energy drinks grew.
Standard can volumes in North
America fell a fifth due to lost con-
tracts and an overall decline in the US
soft drinks market, but was offset by
speciality can growth of 24 per cent.
Last month Rexams US rival Ball
Corp posted lower-than-expected sec-
ond-quarter results due to weaker can
demand in North and South America.
Chipchase said the US soft drinks
slowdown was expected and would be
offset by growth elsewhere, as well as
still healthy demand for speciality ice
tea and beer cans in America.
We have 32 per cent of our sales in
emerging markets... over the medium
term they will achieve better returns
and growth than the developed mar-
kets, so we are pretty comfortable
with what we are seeing, he said.
Rexam led the FTSE 100s biggest
risers yesterday, climbing four per
cent to close at 368p, valuing the com-
pany at 3.1bn.
Rise in profits
blows lid off
Rexam shares
BY HARRY BANKS
CONSUMER
ESCHER Group, a Dublin-based

provider of outsourcing software to
the postal industry, is planning to
raise 13.4m by floating on
Londons Alternative Investment
Market (AIM), in a listing that
would value the company at
28.7m.
The company, which has grown
pretax profits from $700,000 in
2008 to $4.3m in 2010, is raising the
money via a placing of ordinary
shares, with the stock expected to
make its debut on AIM on 8 August.
Eschers flagship product is its
Riposte automated postal counters,
used by customers including
Austria Post, Deutsche Post, and
Norways Posten.
The technology is even installed
in one pub on the Isle of Man,
allowing patrons to weigh letters
and print postage while indulging
in a pint of the local brew.
Escher is run by chief executive
Liam Church, who worked for the
Irish postal service for 22 years
before joining Anshe, a rival compa-
ny that was taken over by Escher in
2000.
Church, who owns 28.75 per cent
of the company, will not sell any
shares as part of the float, nor will
vice president of sales and market-
ing Fionnuala Higgins, who also
has a 28.75 per cent stake.
The terms of the admission docu-
ment include a 12-month lock in
period, meaning that the directors
will not be able to sell out of the
company until a year after its first
day of trading.
Were looking forward to life as
a public company and to being able
to take advantage of the many
growth opportunities open to us,
said Church.
Panmure Gordon was sole broker
and co-financial adviser on the
float, with Chrystal Capital
Partners as co-financial adviser.
Software provider Escher Group
plans to raise 13.4m in AIM float
BY ELIZABETH FOURNIER
TECHNOLOGY
Huge cyber
attack hits
72 targets
MCAFEE, the US-based computer
security company, yesterday issued a
report revealing the largest series of
cyber-attacks to date that targeted 72
organisations internationally.
The hacking campaign, dubbed
Operation Shady RAT, dates back to
at least mid-2006.
McAfee has declined to specifically
identify the victims of what is
believed to be the largest ever theft
of intellectual property, but the
organisations are said to include the
US, South Korean and Indian govern-
ments, the UN, the International
Olympic Committee and US and UK
defence contractors.
Findings of the report suggest that
the attackers were targeting mili-
tary, diplomatic and economic infor-
mation, leading to speculation that
a national government, who would
have the most to gain, is behind the
operation.
Some security experts have been
quick to point the finger at China,
but the countrys government has
been just as quick to deny any state
involvement in the attacks.
The hackings are the latest in a
string of attacks on high-profile tar-
gets.
Security experts have pointed
towards a lack of global legislation to
govern what to do in the face of com-
puter crime and inefficient support
for private companies facing risks as
a factor in putting organisations at
risk.
BY ESHE NELSON
TECHNOLOGY
News
RIM refreshes BlackBerry
line up with new models
RESEARCH In Motion took the
wraps off two more powerful ver-
sions of its touchscreen BlackBerry
Torch yesterday, aiming to buy time
until it can introduce a radically
new software package in its smart-
phones.
The new phones, along with a
Bold upgrade unveiled earlier, are
part of what the Canadian company
called its biggest global launch ever
as it seeks to claw back North
American market share losses from
Apples iconic iPhone and a slew of
devices running on Googles
Android software.
The three touchscreen phones,
running on the new BlackBerry OS
7, each boast an improved screen
display and pack a 1.2 GHz proces-
sor from Qualcomm, the most pow-
erful ever for a BlackBerry phone.
The devices will launch with global-
ly by the end of August, RIM said.
Research by Ipsos Mori revealed
yesterday that Apple which
already dominates the business
tablet market with 91 per cent mar-
ket share is making a dent in
BlackBerrys diminishing smart-
phone monopoly, with close to a
third of business users now choos-
ing the iPhone over RIMs
BlackBerry rivals.
TECHNOLOGY
ANALYSIS l Rexam
p
380
370
360
350
368.00
3 Aug
HANNAH Woodley, an associate
director in the corporate broking
team, led the team at Panmure
advising Escher Group on its AIM
listing.
Woodley joined the stockbroker
from marketing hedge fund
Essential Capital Management,
and previously worked in equity
sales at Noble, having cut her
broking teeth at Collins Stewart.
Since starting at Panmure in
April last year, Woodley has
worked on fundraisings for sever-
al AIM-listed companies, includ-
ing a 69.8m rights issue for
Faroe Petroleum in April 2010
and a 16.6m fundraising for UK
drug discovery and development
company e-Therapeutics.
She also worked on Lonrhos
19m share placement in May
this year, after the company
transferred its listing onto the
LSEs main market the previous
month.
Woodley graduated with an
undergraduate degree in sociolo-
gy from the University of
Birmingham, before studying for
her MSc in international manage-
ment at Kings College in London.
MEET THE ADVISERS
HANNAH
WOODLEY
PANMURE
GORDON
Bold 9900/9930
BlackBerrys thinnest ever
handset, which includes a
contactless payment chip
Torch 9850/9860
BlackBerrys first all-touch
smartphone with a 3.7in
screen and 4GB of storage
Torch 9810
With a touchscreen plus
slide-out keyboard, a 5MP
camera and 8GB of storage
At TMC, we believe that learning
FX takes more than one day...
Real thinking - Real trading
Forex trading carries a high level of risk & is not suitable for all investors. The leverage associated with Forex trading can result in
losses which may exceed your initial investment. Consider your objectives & level of experience carefully before trading & if
necessary seek advice from a financial advisor. The Trader Management Company Ltd. is authorised and regulated in the United
Kingdom by the Financial Services Authority under FSA Registration Number 525164. TMC is compensated through subscriptions
to its live trading room service.
Learning to trade Foreign Exchange successfully isn't something
that can be done in a day. That's why our trading seminar is but
the first step in helping you on your way to forecasting market
movements. Covering a range of topics; including candlestick
formations, price patterns and trending indicators; our seminar
provides you with the necessary insights to understand how trading
opportunities may be identified in the Foreign Exchange market.
Better yet, with TMC, all seminar attendees will receive free 3 month
access to TMC's live trading room. See our team of expert Forex
traders apply the techniques and strategies discussed in realtime,
with all trades called as they are taken, from the comfort of your
own home or office.
Reading candlesticks
Candlestick formation and which ones
are the most powerful
Chart formation triangles / channels
How to use the Fibonacci indicator
properly and what it can tell us.
Symmetrical Patterns and how to spot
them (and trade them) Bat / Butterfly
Brief introduction to Elliott Wave - pros
and pitfalls
Trend Indicators
How to trade short time frames with a
long term bias
Live Trading (market permitting)
That's why our seminars come with three months
free access to our live trading room service
Book online now at: http://www.tradermanagement.com/august-fx-seminar
Date: Thursday, 18th August 2011
Time: 08:30 to 16:30 hours
Venue: Capital Spreads, 2nd floor, 6 Devonshire Square,
London, EC2M 4AB
Price: 400 per person (Includes TMC subscription*)
*All attendees will receive complementary access to TMC's live
trading room for a period of 3 months; normal value 400.
Seminar Topics
News
Hamworthy
The marine handling systems manufac-
turer has appointed Simon Nicholls to
the board as a non-executive director,
effective from 1 September. Nicholls is
currently group finance director of the
manufacturing group Senior, having
previously been chief finance officer for
Hansons North American operations.
Schroders
The asset manager has appointed
Gareth Isaac, formerly fund manager of
the GLG Core Plus Sterling Bond fund,
as a senior portfolio manager.
Schroders has also appointed
Nicholette MacDonald-Brown as a fund
manager on the European Equities
team. She joins after spending 11 years
at Goldman Sachs as a senior investor
for the European portfolio at Goldman
Sachs Investment Partners.
Kent Reliance Provident Society
John Paddick has been appointed as
chief operating officer at the newly
launched mutual organisation.
Paddicks career includes senior roles
at NatWest, RBS and United
Customer Management Solutions.
Exotix
The boutique investment bank has
launched a new corporate finance
team, named the alternative financing
group. The team will be led by Yves
Soyfer and Alfonso de Leon, who join
as managing directors, and Javier
Andres, who joins as a director. All
three move from Mizuho
Internationals strategic finance and
solutions team.
Mothercare
Alan Parker CBE as been appointed as
non-executive chairman of
Mothercare, effective from 15 August,
taking over from Ian Peacock who
will be stepping down from the role
after nine years as chairman.
CITY MOVES | WHOS SWITCHING JOBS Edited by Harriet Dennys
Barclays
Andrew Hall will move to Barclays as a
wealth adviser from Towry, where he worked
from August 2010. Previously he worked
with Bank of Scotland Investment Service,
part of Lloyds Banking Group. Hall will be
based in Glasgow Office, starting on the 25
July. He will be joined by Robin Clements,
who joins the team as a wealth adviser, also
from Towry, where he worked for five years.
+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
BEST OF THE BROKERS
ANALYSIS l Vodafone
175
165
160
170
Jun Jul Aug
p
171.15
3 Aug
VODAFONE
Citigroup rates the telecoms group buy
with a target price of 195p. The broker
reckons Vodafones dividend will rise 52 per
cent to 13.5p next year thanks to partner
Verizons payout pledge, and predicts a 44
per cent rise in free cash flow. However,
Verizons new dividend policy will barely
affect the firms earnings, Citi adds.
ANALYSIS l Admiral
1,750
1,650
1,550
1,500
Jun Jul Aug
p
1,535.00
3 Aug
ADMIRAL
Nomura has started covering the insurance
group with a buy rating and a target
price of 20. The broker thinks that recent
rates growth in the sector has yet to boost
Admirals earnings, and expects a 19 per
cent compound annual growth rate in the
three years to 2013. This year could also
yield earnings surprises, Nomura thinks.
B
RITAINS top share index fell
more than two per cent yester-
day, driven lower by uncertain-
ty over global growth, with
commodity stocks heading the list of
fallers.
The FTSE 100 sank to its lowest clos-
ing level since November 2010, drop-
ping 133.88 points, or 2.3 per cent, to
5,584.51, extending its losing streak
to four days.
Integrated oil stocks took the most
points off the index as investors fret-
ted about demand.
The sector was also under pressure
as Royal Dutch Shell, BG Group and
BP went ex-dividend.
Glencore was the top faller, down
seven per cent on funding worries.
Commodities make
losing streak worse
THELONDON
REPORT
ANALYSIS l FTSE
p
9May 27May 17Jul 7Jul 27Jul
6,100
5,700
5,800
5,900
6,000
5,584.51
3 Aug
US markets close ahead
US STOCKS ended higher yesterday,
snapping a seven-day losing streak by
the S&P 500, but worries about the
economy kept trading volatile.
The Dow Jones industrial average
jumped 29.82 points, or 0.25 per cent,
to end at 11,896. The Standard & Poors
500 Index was up 6.29 points, or 0.5
per cent, at 1,260. The Nasdaq
Composite Index was up 23.83 points,
or 0.89 per cent, at 2,693.
Earlier in trading stocks tumbled to
a new low for the year after another
round of soft economic data. credit
card processor MasterCard jumped
after second-quarter profit rose 33 per
cent on gains in card transactions.
THENEW YORK
REPORT
T
O BE a successful lawyer an
excellent knowledge of the
law is, of course, expected. But
it is the successful application
of that knowledge that will get you
noticed. Anyone can clock an impres-
sive number of hours in the office,
but it is the quality of the work you
produce that will really make you
stand out as partner material. Heres
my advice on how to make it to the
top of a commercial law firm.
1. NEGOTIATING SKILLS
It is vital to learn early on how to
negotiate with the other side of the
case. No one (usually) wants an
impasse, so resolving problems in
your clients favour is the real skill.
Dont be afraid to get some training
if you feel you still need it.
Preparation is key, make sure you
have your arguments well rehearsed.
You must understand what your
clients bottom line is and where
there is room to compromise.
2.ORGANISATIONAL SKILLS
Organisation is important as you
will have a challenging workload.
Not only do you have to be on top of
what you are doing, but you have to
be seen to be on top of it. If people
think you are behind, those who are
giving you the work will lose confi-
dence in you and you wont get such
important cases. When people give
you tasks, make sure you know
when they need them to be complet-
ed by. As with any job, if the tasks
begin to pile up and too many peo-
ple want everything done urgently,
be honest and tell them what you
have on and how long it will take.
They will respect you for that.
3. BUSINESS NOUS
It is amazing how many lawyers are
academically brilliant yet oblivious
to the commercial workings of their
P
EOPLE often describe inter-
national travel as eye open-
ing, but rarely do they say
it is good for your career.
But research published in the
Harvard Business Review shows
that people who have internation-
al experience or identify with
more than one nationality are
better problem solvers and dis-
play more creativity. Better still, it
seems that they get promoted
faster too particularly in the
field of management consultan-
cy.
Mark Clarke, a senior manager
at Accenture, who worked for
Procter & Gamble in Geneva for
four years in his twenties, says it
did his career wonders. The UKs
high tax, high regulation environ-
ment means that the centre of
gravity in many businesses is
gradually shifting abroad. For
employees, this means that if you
want to be at the heart of a busi-
nesss decision-making you need
to relocate. Simon Kent, the man-
aging director of consulting firm
Navigant, had a similar experi-
ence: Working abroad often gets
you great exposure to higher
level, more complex issues sooner
in your career. He spent just
short of three years in Tanzania,
Singapore, Thailand and Hong
Kong, returning to take his cur-
rent role and settle down.
Its not just the greater respon-
sibilities abroad that give ex-pats
a competitive edge. As Paul
Polman, Unilevers chief execu-
tive, says in the McKinsey
Quarterly, business leaders are
required to be frankly, increas-
ingly more global these days.
And that is certainly the senti-
ment of Daren Cox, the founder
and managing director of Project
Brokers, another consultancy
firm, who spent time abroad
while working for Deutsche Bank.
Having international experience
is a huge benefit, especially if you
work in a multinational firm or
with international businesses.
People who havent had that sort
of experience can sometimes be
held back a bit at least at first.
There are downsides, however.
Clarke warns that staying away
for too long can leave you
removed from important cultural
information at home. Just think,
if youd been away during the
entire X-Factor phenomenon, you
would never know that Brits had
an appetite for mass phone-in
competitions thats really
important information if youre
involved in marketing.
You will experience personal
difficulties too. In international
business communities, people
dont stick around long. As soon
as youve made a good friend,
they are usually ready to be
shipped off elsewhere, warns
Clarke.
But the career boost, Clarke rea-
sons, more than makes up for its
drawbacks. Indeed, Cox says hell
always look twice at a CV that
demonstrates some international
experience.
Working abroad has
huge career benefits
Consultants should ship themselves
overseas if they are looking for rapid
promotion, writes Donata Huggins
Business Features| Careers
17
How to reach the top of the legal ladder
Tim Care, a partner at the law firm
Dickinson Dees gives trainee solicitors
his advice on how to make it to the top
This isnt the only advantage of working abroad Picture: GETTY
It can be tricky to
navigate your
way to the top
Picture: GETTY
TIM CARE
PARTNER AT DICKINSON DEES
clients. Fine if you want to be in the
backroom, not so great otherwise.
You should have a good general
understanding of the business world
and understand how your advice
works from your clients point of
view, especially if it is a corporate
client. Demonstrating an under-
standing of how your own firm
works is also essential, e.g. under-
standing the importance of business
development, client-focused service,
time recording, billing and cash col-
lection.
4.HAVING A GO
In my experience theres nothing
worse than having a junior lawyer
coming to me to say they couldnt do
the task they were given because
they were unsure about something.
By all means ask questions, but the
best way to learn is to try and not to
consider the red pens corrections as
a knock back. If you have got it
wrong, then learn from it and move
on. I respect those who come to me
with a draft document, showing that
they have thought about the issues
and considered some solutions
even if it wasnt the answer I wanted.
Tim Care is a partner in the Public
Services Practice at solicitors Dickinson
Dees and was formerly with Freshfields, in
London.
An Aim portfolio
can help avoid the
dreaded death tax,
writes Philip Salter
W
RONGLY written off as too risky
by many, investing in a managed
Alternative Investment Market
(Aim) portfolio can be a powerful
weapon in the arsenal of avoiding paying
more inheritance tax (IHT) than you need.
APATHETIC ADULTS
Investec has exclusively released the details
of a new study to City A.M. that reveals just
one in four people over 35 who expect to
face a bill for inheritance tax have acted, or
intend to shelter their assets. The research
also finds that of the 3.3m people in the UK
expecting to exceed the current IHT thresh-
old of 325,000, 2.5m (74 per cent) have nei-
ther set up a trust nor plan to. Loss of access
(37 per cent), cost (34 per cent) and the
seven year wait before their assets escape
IHT (30 per cent) were cited by respondents
as the main reasons given for their lack of
action. One solution for those looking to
circumvent these concerns is to protect
wealth in Aim companies. Business
Property Relief (BPR), which has been in
force since 1984, was brought in to allow
the passing of small family businesses with-
out the taxman putting them out of busi-
ness. Shares in unlisted trading companies
are covered by BPR and ever since its forma-
tion in 1995, companies on Aim qualify
and so the 40 per cent inheritance tax,
chargeable on assets over 325,000, can be
avoided.
NOT WITHOUT RISKS
Investing in Aim companies isnt without
risks. Adrian Lowcock of Bestinvest cau-
tions: The tax breaks are attractive, howev-
er the simple rule is that the better the tax
break the greater the risk. He explains:
AIM shares are generally considered high-
er risk than other shares partly because
the companies tend to be smaller in size
and partly because the regulatory require-
ment for listing is not as onerous. Jason
Witcombe of Evolve agrees, saying: While
the tax breaks of holding AIM shares are
attractive, investors need to make sure they
are comfortable with the investment risks.
But tarring all Aim companies with the
same brush would be a mistake they are
an eclectic bunch. And this diversity makes
stockpicking both fruitful and risky.
Still the rules for determining Aim com-
panies that qualify for BPR, though not
insurmountable, do make the work of
active management more taxing. For exam-
ple, if companies are listed on other
exchanges or mainly engaged in dealing
shares, securities, land, buildings or invest-
Passing on wealth
without it jarring
Picture: GETTY
PERSONAL FINANCE NEWS
BY PHILIP SALTER
INVESTORS TAKE A MEGA BITE OF APPLE
Clients of Barclays Stockbrokers have named
Apple their favourite technology stock. 57
per cent favoured Apple over other technolo-
gy stocks, 11 per cent Google, while 10 per
cent said they would be interested in invest-
ing in Facebook and Twitter if and when they
float. Cisco Systems, the US computer net-
working company, came fourth with 8 per
cent. 63 per cent of respondents said tech-
nology stocks are on their investment radar.
However, only 18 per cent currently owned
some.
MILLIONAIRES THE PIPS ARE SQUEAKING
According to a survey carried out by the invest-
ment website Skandia, more than half of the
UKs millionaires are relocating, or thinking of
relocating abroad. Seamus Murphy, senior tax
manager at taxback.com says: These results
come hard on the heels of a recent report com-
piled for HMRC indicating that 1 in 4 large busi-
nesses are also considering leaving the UK. And
realistically, it is probably no surprise that those
with means are looking for the exit. He adds:
The coalition needs to consider giving a firm
date for the reduction in the 50 per cent rate.
DONT BANK ON PEOPLE SAVING
Moneysupermaket.com has some bleak sta-
tistics on the UKs savings rate. It has found
out that the average age of first time savers
in the UK is 25, that 40 per cent of con-
sumers are not currently saving and a quarter
dont expect they will ever start saving again.
Of the 40 per cent currently not saving, 40
per cent have never saved at all. For those
who have never saved at all, the average will
only start doing so at 38 thirteen years
behind the national average of those who
already saved or have done so in the past.
Taking Aim to pass on your wealth
ments they dont qualify. Also, as assets
must have been owned for at least two
years before death, the trick lies in ensur-
ing that the company activities continue to
satisfy the BPR requirements throughout
the ownership period, changing to another
if activities change so as to maintain BPR
eligibility, explains Simon Leney, tax part-
ner at Cripps Harries Hall. As such, Patrick
Connolly of AWD Chase de Vere and most
others advise taking professional advice if
you are looking to invest in AIM shares to
mitigate inheritance tax.
BUT WITH THE RIGHT PORTFOLIO
Investing in all equities involves taking on a
certain amount of risk. Connolly notes:
We have seen that with seemingly safe
and secure companies such as the Royal
Bank of Scotland, Lloyds TSB and even to an
extent with BP. And despite the liquidity
and volatility risks, Leney says that risk
can be managed by stock selection. He
adds: if the right adviser is used the inclu-
sion of an element of Aim investment as a
sensible component of IHT planning is one
recommended avenue. This is a key point,
as a portfolio set up for IHT purposes will
be by its very nature focused on the conser-
vative side of the Aim market in stocks
more liquid and less volatile than most.
Barry Anysz, director of the AIM Portfolio
IHT Plan at Investec, says the investments
must stand up as on their own, noting his
fund focuses upon mature companies. The
flexibility of being able to sell off Aim
shares is particularly attractive, says Anysz:
Trusts have traditionally been used to shel-
ter assets from IHT, but many investors rule
them out because they dont want to lose
access to their investments. Danny Cox of
Hargreaves Lansdown says: Unlike other
IHT planning such as gifting, the stock
remains yours and can be cashed in at any
time, although as soon as you do you lose
the BPR benefit. Being able to access some
of your intended inheritance is particularly
important given the unknown costs associ-
ated with long-term care the potential of
technological leaps in future healthcare,
no doubt unaffordable through the govern-
ment, makes access a must.
You might be too young to worry about
IHT now, but everyone has family members
who could benefit from taking aim to
avoid this most hated tax.
SAVERS SHOULD DIRECT THEIR EFFORTS
Research carried out by Opinion Matters for
First Direct has found that 47.7 per cent of
savers hold only one savings account and less
than half know exactly how much they have
saved. Also, 36.9 per cent of savers dont
know what interest rate theyre being paid,
while 34 per cent rarely or never check their
balance. Bruno Genovese of First Direct com-
ments: In the current environment its wor-
rying to see what little attention people are
paying to their savings. Its important for
people to review their savings regularly.
Wealth Management| Tax
Advantages
l It is non-contentious HMRC approved
l Assets are effectively removed from the
taxable estate after 2 years much
faster than the standard 7 years for
many other forms of planning by making
gifts
l It can be helpful for older people for
whom 7 years seems a long period
l Not expensive to set up
Disadvantages
l Investing in very small listed companies
is inherently risky and could result in the
investments falling in value
l Specialist knowledge is essential
l Annual management fees can be expen-
sive so independent advice is essential
Source: Capital Asset Management
USING AIM TO LESSEN INHERITANCE TAX
Wealth Management | Institutional FX
FOR THOSE WHO DONT
LOSE THEIR TOUCH
NEW BINARY TOUCH OPTIONS
FOR THOSE WHO UNDERSTAND THE MARKET.
Think you can call the FX market? If youve got a view, its time to take a look at our new trading product
Forex Binary Touch Options. Prices now available for: EURUSD, USDJPY, GBPUSD, EURJPY, EURGBP and
AUDUSD. To nd out more, login or contact us today 020 7151 2100
Although the maximum nancial loss and return are xed, Forex Binary Touch Options carry a high degree of risk
to your capital. Other products offered on our platform are traded on margin and you risk incurring losses that
exceed your initial deposit. You should ensure you understand the risks involved.
FX FX OPTIONS CFDs STOCKS ETFs FUTURES BONDS
Saxo Bank A/S is authorised by Finanstilsynet,
the Danish Financial Supervisory Authority.
Winner of 6 Euromoney FX Awards 2011
Alberto Contador Three time Tour de France winner.
Tim De Waele Team Saxo Bank - SunGard
www.saxobank.co.uk Use a QR scanner
on your mobile to
get the demo
The optimal
locations for
HFT systems
A
S forex traders arbitraging across
exchanges attempt to eke out every
possible advantage, they are reach-
ing the point where they are being
held back by the laws of physics.
For the HFT industry, the holy grail of
zero latency eludes them. No matter how
rapid trading software becomes at generat-
ing trades, the march towards zero latency
is limited by the speed of light, as all data
needs to be sent along a fibre-optic cable.
Light propogation in a fibre-optic cable car-
ries a constant latency of 5 microseconds
per kilometre. As a result, traders are not
just looking at the most advanced low-
latency platforms but also the physical
positioning of where their dealing takes
place. The location of trading servers in
relation to the matching engines is para-
mount to pursuing latency sensitive trad-
ing strategies, says Tim Bevan, director of
global electronic trading services at
Traders are being limited by the
speed of light, writes Craig Drake
The positioning of
strategies is
increasingly
important
Picture: THE
NOAA PHOTO
LIBRARY
Otkritie Capital. When you have execu-
tion venues trying to shave off nano-sec-
onds from their technology to compete
with each other, line latency is likely to be
the major cost component in terms of
speed. Bevan adds: Theres no point
building a Formula One car and trying to
run it up a dirt track.
And, much as Formula One teams focus
on everything from the choreography of
the pit-crews to achieve the perfect tire
change to shaving off every unnecessary
gram from the car itself, high frequency
traders are looking for every opportunity
to get the winning edge. According to
Pierre-Francois Filet, chairman and co-
founder of QuantHouse: There is certain-
ly a growing market demand for
low-latency trading infrastructure within
the FX market. Most firms have focused on
addressing the three major technology
areas to address the latency issue: network
optimisation, low-latency connectivity
and proximity.
In a paper written by physicist
Alexander Wissner-Gross and mathemati-
cian Cameron Freer titled Planetary-
scale computing architectures for
electronic trading the two propose ideal
locations for the positioning of trades,
depending on the financial instrument
involved. And its not just a case of being
equidistant between the two exchanges. If
traders are seeking to mechanically arbi-
trage the difference in speed between one
location and the other, then the ideal posi-
tion moves towards the faster exchange.
For example, when trading between New
York and London, they identified an opti-
mal position off the coast of
Newfoundland. For obvious reasons, it is
difficult to persuade traders to leave their
Fulham and Upper East Side homes and
set up shop in a dinghy in the middle of
the Atlantic. But as Toby Corballis, chief
executive of Rapid Addition points out:
Trading desks themselves are not neces-
sarily moving in order to optimise latency
advantage, but the siting of their algo
boxes is critical. So while it is becoming
increasingly important for the strategies
themselves to be located in the right
place, the location of the desk is becoming
less so.
LON GD ONCE FIX AM...........1667.50 43.50
SILVER LDN FIX AM..................41.61 1.59
MAPLE LEAF 1 OZ ....................72.10 1.10
LON PLATINUM AM ...............1796.00 6.00
LON PALLADIUM AM...............824.00 -7.00
ALUMINIUM CASH .................2540.00 -65.00
COPPER CASH ......................9625.00 -201.50
LEAD CASH...........................2539.00 -88.00
NICKEL CASH......................24510.00 -550.00
TIN CASH.............................27790.00 -765.00
ZINC CASH ............................2407.00 -71.00
BRENT SPOT INDEX................116.42 -1.74
SOYA.....................................1373.00 0.00
COCOA..................................2933.00 0.00
COFFEE...................................243.20 0.00
KRUG.....................................1728.70 34.70
WHEAT ....................................164.25 3.13
AIR LIQUIDE........................................93.79 -0.21 100.65 80.00
ALLIANZ..............................................84.90 -1.69 108.85 79.46
ALSTOM..............................................33.95 -0.71 45.32 30.78
ANHEUS-BUSCH INBEV ....................38.64 -1.20 46.33 38.32
ARCELORMITTAL ..............................19.48 -1.17 28.55 19.28
AXA......................................................12.03 -0.37 16.16 10.88
BANCO SANTANDER...........................6.66 -0.08 10.19 6.59
BASF SE..............................................58.51 -1.64 70.22 40.74
BAYER.................................................52.16 -0.87 59.44 44.33
BBVA.....................................................6.75 -0.06 10.71 6.66
BMW ....................................................65.55 -0.42 73.85 40.16
BNP PARIBAS.....................................41.81 -0.80 59.93 41.56
CARREFOUR ......................................19.24 -0.31 36.06 19.07
CREDIT AGRICOLE..............................7.47 -0.53 12.92 7.38
CRH PLC .............................................12.57 -0.09 17.40 11.51
DAIMLER.............................................45.33 -2.09 59.09 37.03
DANONE..............................................49.32 -0.19 53.16 41.00
DEUTSCHE BANK..............................35.38 -0.70 51.61 34.56
DEUTSCHE TELEKOM.......................10.26 -0.10 11.38 9.50
E.ON.....................................................18.22 -0.22 25.54 17.92
ENEL......................................................3.84 -0.05 4.86 3.60
ENI .......................................................14.18 -0.53 18.66 14.14
FRANCE TELECOM............................13.83 -0.14 17.45 13.56
GDF SUEZ ...........................................21.91 0.11 30.05 21.64
GENERALI ASS. .................................12.39 -0.02 17.05 12.09
IBERDROLA..........................................5.44 0.01 6.50 5.08
ING GROEP CVA ..................................6.82 -0.31 9.50 6.59
INTESA SANPAOLO.............................1.37 -0.04 2.53 1.34
KON.PHILIPS ELECTR.......................16.26 -0.40 25.45 15.56
L'OREAL..............................................81.11 -0.79 91.24 75.03
LVMH.................................................121.15 -1.90 132.65 89.12
MUNICH RE.........................................97.81 -1.23 126.00 96.58
NOKIA....................................................3.73 -0.11 8.49 3.71
REPSOL YPF.......................................20.56 -0.30 24.90 17.31
RWE.....................................................34.53 -0.62 56.49 34.32
SAINT-GOBAIN...................................37.54 -0.27 47.64 27.81
SANOFI ................................................51.83 -0.61 56.82 44.11
SAP......................................................41.52 -0.53 46.15 34.13
SCHNEIDER ELECTRIC.....................93.62 -2.31 123.65 81.40
SIEMENS .............................................81.25 -2.83 99.39 70.02
SOCIETE GENERALE.........................29.59 -2.92 52.70 29.36
TELECOM ITALIA.................................0.83 0.00 1.16 0.80
TELEFONICA ......................................15.12 0.00 19.69 15.03
TOTAL .................................................36.15 -0.65 44.55 36.02
UNIBAIL-RODAMCO SE...................149.10 -2.60 162.95 125.68
UNICREDIT............................................1.15 0.02 2.24 1.06
UNILEVER CVA...................................22.10 -0.35 24.08 20.68
VINCI ....................................................37.53 -0.65 45.48 33.38
VIVENDI ...............................................16.14 -0.03 22.07 15.96
Price Chg High Low
EU SHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 5584.51 -133.88 -2.34
FTSE 250 INDEX . . . . . . . 10994.59 -194.05 -1.73
FTSE UK ALL SHARE . . . . 2903.02 -67.19 -2.26
FTSE AIM ALL SH . . . . . . . . 826.19 -21.85 -2.58
DOWJONES INDUS 30 . . 11896.44 29.82 0.25
S&P 500 . . . . . . . . . . . . . . . 1260.34 6.29 0.50
NASDAQ COMPOSITE . . . 2693.07 23.83 0.89
FTSEUROFIRST 300 . . . . . 1027.52 -21.19 -2.02
NIKKEI 225 AVERAGE. . . . 9637.14 -207.45 -2.11
DAX 30 PERFORMANCE. . 6640.59 -156.16 -2.30
CAC 40 . . . . . . . . . . . . . . . . 3454.94 -67.85 -1.93
SHANGHAI SE INDEX . . . . 2678.49 -0.77 -0.03
HANG SENG. . . . . . . . . . . 21992.72 -428.74 -1.91
S&P/ASX 20 INDEX . . . . . . 2585.90 -58.90 -2.23
ASX ALL ORDINARIES . . . 4408.30 -102.00 -2.26
BOVESPA SAO PAOLO . 56005.29-1305.49 -2.28
ISEQ OVERALL INDEX . . . 2639.15 -71.21 -2.63
STI . . . . . . . . . . . . . . . . . . . . 3130.34 -46.75 -1.47
IGBM. . . . . . . . . . . . . . . . . . . 913.69 -7.13 -0.77
SWISS MARKET INDEX. . . 5483.15 -63.79 -1.15
Price Chg %chg
3M........................................................86.18 0.91 98.19 78.40
ABBOTT LABS ...................................50.29 0.09 54.24 45.07
ALCOA ................................................14.26 0.10 18.47 9.92
ALTRIA GROUP..................................26.36 0.18 28.13 22.07
AMAZON.COM..................................209.96 -1.74 227.45 117.57
AMERICAN EXPRESS........................48.86 0.34 53.80 37.33
AMGEN INC.........................................53.32 0.01 61.53 50.34
APPLE...............................................392.57 3.66 404.50 236.78
AT&T....................................................29.50 0.32 31.94 26.20
BANK OF AMERICA.............................9.54 0.05 15.31 9.32
BERKSHIRE HATAW B......................74.01 0.64 87.65 72.85
BOEING CO.........................................67.34 -0.36 80.65 59.48
BRISTOL MYERS SQUI......................28.29 0.25 29.73 20.05
CATERPILLAR....................................96.28 -0.90 116.55 63.34
CHEVRON.........................................102.76 -0.69 109.94 72.57
CISCO SYSTEMS................................15.49 0.03 24.87 14.78
CITIGROUP.........................................37.26 0.22 51.50 36.30
COCA-COLA.......................................68.40 1.33 69.82 54.92
COLGATE PALMOLIVE......................84.32 -0.46 89.43 73.12
CONOCOPHILLIPS.............................70.56 -0.07 81.80 52.00
DU PONT(EI) DE NMR........................50.50 0.45 57.00 38.71
EMC CORP..........................................25.04 -0.04 28.73 17.90
EXXON MOBIL....................................77.72 -0.12 88.23 58.05
GENERAL ELECTRIC.........................17.47 0.26 21.65 14.25
GOLDMAN SACHS GRP..................132.13 0.88 175.34 125.50
GOOGLE A........................................601.17 8.77 642.96 448.00
HEWLETT PACKARD.........................34.28 -0.07 49.39 33.72
HOME DEPOT.....................................32.95 0.13 39.38 27.10
IBM.....................................................178.83 0.78 185.63 122.28
INTEL CORP .......................................21.81 0.09 26.78 17.60
J.P.MORGAN CHASE.........................39.90 0.06 48.36 35.55
JOHNSON & JOHNSON.....................63.41 -0.02 68.05 56.99
KRAFT FOODS A................................34.30 0.16 36.02 24.30
MC DONALD'S CORP ........................85.54 0.48 89.57 69.84
MERCK AND CO. NEW......................32.70 -0.20 37.68 31.06
MICROSOFT........................................26.92 0.12 29.46 23.32
OCCID. PETROLEUM.........................94.23 -0.37 117.89 72.13
ORACLE CORP...................................30.19 0.64 36.50 21.66
PEPSICO.............................................64.48 1.30 71.89 62.05
PFIZER ................................................18.03 -0.11 21.45 15.10
PHILIP MORRIS INTL.........................69.96 0.21 72.74 50.54
PROCTER AND GAMBLE..................60.73 -0.14 67.72 56.57
QUALCOMM INC ................................53.73 0.72 59.84 37.54
SCHLUMBERGER ..............................87.19 -0.43 95.64 52.91
TRAVELERS CIES..............................54.22 0.06 64.17 48.46
UNITED TECHNOLOGIE ....................79.31 0.38 91.83 64.57
VERIZON COMMS ..............................35.97 0.48 38.95 29.10
WAL-MART STORES..........................51.28 -0.40 57.90 50.00
WALT DISNEY CO..............................37.43 0.46 44.34 31.55
WELLS FARGO & CO.........................27.30 0.12 34.25 23.02
COMMODITIES CREDIT & RATES
BoE IR Overnight ............................0.500 0.00
BoE IR 7 days.................................0.500 0.00
BoE IR 1 month ..............................0.500 0.00
BoE IR 3 months ............................0.500 0.00
BoE IR 6 months ............................0.500 0.00
LIBOR Euro - overnight ..................0.821 -0.02
LIBOR Euro - 12 months ................2.160 0.00
LIBOR USD - overnight...................0.178 0.01
LIBOR USD - 12 months.................0.765 0.00
HaIifax mortgage rate .....................3.990 0.00
Euro Base Rate ...............................1.500 0.00
Finance house base rate................1.000 0.00
US Fed funds...................................0.250 0.00
US Iong bond yieId .........................3.900 0.00
European repo rate.........................0.813 -0.02
Euro Euribor ....................................1.200 0.01
The vix index ...................................23.31 -0.96
The baItic dry index ........................1.253 0.00
Markit iBoxx...................................226.94 0.52
Markit iTraxx..................................122.88 0.65
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
US SHARES
6/$ 1.4318 0.0122
6/ 0.8717 0.0001
6/ 110.22 0.8200
/6 1.1470 0.0003
/$ 1.6427 0.0135
/ 126.47 0.9400
FTSE 100
5584.51
-133.88
FTSE 250
10994.59
-194.05
FTSE ALL SHARE
2903.02
-67.19
DOW
11896.44
29.82
NASDAQ
2693.07
23.83
S&P 500
1260.34
6.29
RPC Group . . . . . . . .347.3 -7.7 384.8 202.2
Smiths Group . . . . .1066.0 -32.0 1429.0 1058.0
Brown (N.) Group . . .275.6 -0.2 311.2 221.0
Carpetright . . . . . . . . .577.0 8.0 835.5 565.0
Debenhams . . . . . . . . .62.6 -0.7 77.4 56.1
Dignity . . . . . . . . . . . .833.0 8.0 850.0 633.0
Dixons RetaiI . . . . . . .13.4 0.1 28.5 11.8
DuneImGroup . . . . . .459.0 -2.5 550.0 371.3
HaIfords Group . . . . .310.1 6.1 504.5 298.5
Home RetaiI Group . .121.0 -2.6 244.5 120.3
Inchcape . . . . . . . . . .366.3 -1.1 425.4 253.2
JD Sports Fashion . .915.0 -15.0 1030.0 723.5
Kesa EIectricaIs . . . .121.1 -1.9 174.0 109.8
Kingfisher . . . . . . . . .237.9 -1.4 287.1 198.5
Marks & Spencer G . .339.2 3.6 427.5 329.3
Mothercare . . . . . . . .393.1 -4.6 627.5 381.5
Next . . . . . . . . . . . . .2358.0 -4.0 2426.0 1868.0
Sports Direct Int . . . .256.6 1.5 266.2 101.1
WH Smith . . . . . . . . . .506.5 -3.0 523.0 398.2
Smith & Nephew . . . .598.0 -17.5 742.0 537.5
Synergy HeaIth . . . . .940.0 -4.0 981.0 640.0
Barratt DeveIopme . . .91.2 -1.5 119.0 70.1
BeIIway . . . . . . . . . . . .666.0 -9.0 753.5 511.0
YuIe Catto & Co . . . . .197.5 -6.4 253.0 134.2
BaIfour Beatty . . . . . .279.0 -3.9 357.3 234.6
KeIIer Group . . . . . . .425.0 -12.1 698.5 425.0
Kier Group . . . . . . . .1249.0 -31.0 1418.0 970.0
Drax Group . . . . . . . .520.0 -9.5 535.0 353.6
Scottish & Southe . .1317.0 27.0 1423.0 1108.0
Domino Printing S . .637.5 -5.5 705.0 440.0
HaIma . . . . . . . . . . . . .381.1 -3.0 429.6 270.0
Laird . . . . . . . . . . . . . .159.0 -2.0 207.0 121.1
Morgan CrucibIe C . .298.8 -13.5 357.1 189.1
Renishaw . . . . . . . . .1549.0 -51.0 1886.0 835.0
Spectris . . . . . . . . . .1415.0 -80.0 1679.0 869.5
Aberforth SmaIIer . . .661.0 -13.0 714.0 507.0
AIIiance Trust . . . . . .359.6 -6.9 392.7 307.6
Bankers Inv Trust . . .391.0 -10.0 428.0 353.6
BH GIobaI Ltd. GB .1100.0 -13.0 1174.0 1058.0
BH GIobaI Ltd. US . . . .11.0 -0.0 11.6 10.4
BH Macro Ltd. EUR . . .17.4 0.1 17.7 15.8
BH Macro Ltd. GBP 1790.0 15.0 1809.0 1630.0
BH Macro Ltd. USD . . .17.2 0.1 17.5 15.8
BIackRock WorId M .741.5 -13.5 815.5 554.5
BIueCrest AIIBIue . . .171.6 0.0 176.2 164.5
British Assets Tr . . . .125.4 -3.2 140.5 115.3
British Empire Se . . .501.5 0.5 533.0 422.5
CaIedonia Investm .1621.0 -29.0 1928.0 1543.0
City of London In . . .283.0 -3.0 306.9 249.3
Dexion AbsoIute L . .140.3 -1.2 151.0 131.2
Edinburgh Dragon . .233.0 -4.1 262.1 212.8
Edinburgh Inv Tru . . .451.0 -9.0 492.2 392.4
EIectra Private E . . .1634.0 -20.0 1755.0 1289.0
F&C Inv Trust . . . . . .299.9 -5.2 327.9 263.8
FideIity China Sp . . . . .89.9 -3.6 128.7 88.9
FideIity European . .1157.0 -8.0 1287.0 937.5
FideIity SpeciaI . . . . .524.0 -11.5 595.0 520.0
HeraId Inv Trust . . . .495.6 -14.4 545.5 383.5
HICL Infrastructu . . .114.7 -0.2 121.3 112.0
Impax Environment .112.5 -1.0 130.5 106.5
JPMorgan American .817.0 -24.0 916.0 673.0
JPMorgan Asian In . .229.0 -6.0 250.8 195.3
JPMorgan Emerging .553.5 -15.5 639.0 517.5
JPMorgan European .839.0 -25.5 983.5 641.0
JPMorgan Indian I . . .402.6 -7.4 502.0 394.1
JPMorgan Russian .624.0 -28.5 755.0 549.0
Law Debenture Cor . .357.0 -12.6 385.0 295.1
MercantiIe Inv Tr . . .1002.0 -9.0 1137.0 907.5
Merchants Trust . . . .379.0 -8.8 431.8 345.0
Monks Inv Trust . . . .329.3 -4.8 367.9 290.0
Murray Income Tru . .621.5 -12.5 673.0 553.5
Murray Internatio . . .922.0 -10.0 991.5 824.0
PerpetuaI Income . . .255.5 -5.7 276.0 217.8
PoIar Cap TechnoI . .339.0 -4.0 391.2 275.6
RIT CapitaI Partn . . .1230.0 -27.0 1334.0 1107.0
Scottish Inv Trus . . . .470.0 -16.0 524.0 409.0
Scottish Mortgage . .705.5 -18.0 781.0 566.0
SVG CapitaI . . . . . . . .268.0 0.5 279.8 148.9
TempIe Bar Inv Tr . . .873.0 -11.0 952.0 754.0
TempIeton Emergin .632.5 -15.0 689.5 539.0
TR Property Inv T . . .186.5 -3.4 206.1 142.0
TR Property Inv T . . . .87.0 -1.1 94.0 64.5
Witan Inv Trust . . . . .483.9 -10.1 533.0 426.1
3i Group . . . . . . . . . . .250.4 -8.5 340.0 248.8
3i Infrastructure . . . .120.2 -0.3 125.2 111.7
Aberdeen Asset Ma .207.6 -2.6 240.0 132.3
Ashmore Group . . . .388.9 -3.5 414.5 281.8
Brewin DoIphin Ho . .141.9 -0.6 185.4 117.0
CameIIia . . . . . . . . . .9749.0-122.010950.07900.0
CharIes TayIor Co . . .142.0 -4.3 234.0 122.0
City of London Gr . . . .78.0 0.0 93.6 73.1
City of London In . . .399.0 -11.8 461.5 278.5
CIose Brothers Gr . . .704.5 -1.0 888.5 664.0
CoIIins Stewart H . . . .75.0 0.0 90.8 69.0
EvoIution Group . . . . .79.8 6.3 92.0 62.3
F&C Asset Managem .65.0 -1.1 92.9 50.5
Hargreaves Lansdo .505.5 -1.0 646.5 369.3
HeIphire Group . . . . . . .2.8 -0.3 40.0 2.8
Henderson Group . . .153.2 -3.5 173.1 119.1
Highway CapitaI . . . . .17.5 0.0 21.0 6.0
ICAP . . . . . . . . . . . . . .425.4 -7.1 570.5 380.2
IG Group HoIdings . .428.0 -12.0 553.0 411.4
Intermediate Capi . . .245.6 -4.4 360.3 242.4
InternationaI Per . . . .297.0 -9.1 388.8 228.6
InternationaI Pub . . .116.5 0.3 118.3 108.6
Investec . . . . . . . . . . .450.7 -11.6 538.0 444.4
IP Group . . . . . . . . . . . .45.3 -2.5 54.5 27.9
Jupiter Fund Mana . .217.5 -3.6 337.3 192.0
Liontrust Asset M . . . .75.5 1.8 95.3 72.0
LMS CapitaI . . . . . . . . .63.0 -1.0 64.8 40.0
London Finance & . . .22.0 0.0 23.5 16.5
London Stock Exch .956.0 -9.0 1076.0 640.0
Lonrho . . . . . . . . . . . . .16.8 -0.3 19.8 10.5
Man Group . . . . . . . . .210.0 -3.0 311.0 206.4
Paragon Group Of . .183.8 -2.7 206.1 126.4
Provident Financi . .1080.0 -4.0 1116.0 728.5
Rathbone Brothers .1100.0 -10.0 1257.0 815.0
Record . . . . . . . . . . . . .32.3 0.5 52.0 20.3
RSM Tenon Group . . .29.8 -0.3 66.3 21.3
Schroders . . . . . . . .1575.0 -61.0 1922.0 1330.0
Schroders (Non-Vo .1290.0 -47.0 1554.0 1071.0
TuIIett Prebon . . . . . .368.9 14.1 428.6 337.0
WaIker Crips Grou . . .49.0 -1.5 51.5 47.5
BT Group . . . . . . . . . .196.7 -3.8 204.1 130.6
CabIe & WireIess . . . .34.0 -1.5 61.4 33.9
CabIe & WireIess . . . .37.4 -1.1 78.4 37.1
COLT Group SA . . . .118.0 -3.3 156.2 109.0
TaIkTaIk TeIecom . . .139.6 -1.2 168.3 120.0
TeIecomPIus . . . . . . .631.5 -29.0 700.0 352.5
Booker Group . . . . . . .71.9 -1.7 77.9 43.1
Greggs . . . . . . . . . . . .506.5 -9.0 550.5 418.7
Morrison (Wm) Sup .290.1 -1.1 308.3 262.7
Ocado Group . . . . . . .146.3 -5.9 285.0 123.5
Sainsbury (J) . . . . . . .295.3 -5.6 395.0 294.5
Tesco . . . . . . . . . . . . .377.1 -2.9 440.7 373.9
Associated Britis . .1055.0 -15.0 1182.0 940.0
Cranswick . . . . . . . . .634.5 1.5 907.5 620.5
Dairy Crest Group . . .354.4 -2.7 424.9 339.7
Devro . . . . . . . . . . . . .263.1 1.1 296.9 214.8
Premier Foods . . . . . . .16.8 -0.2 35.1 16.0
Tate & LyIe . . . . . . . . .582.5 -7.5 656.0 409.1
UniIever . . . . . . . . . .1905.0 -30.0 2065.0 1688.0
Mondi . . . . . . . . . . . . .565.0 -6.0 664.0 447.0
Centrica . . . . . . . . . . .305.3 3.4 346.1 298.5
InternationaI Pow . . .302.8 -0.2 448.6 299.0
NationaI Grid . . . . . . .609.5 7.0 632.5 525.0
Northumbrian Wate .469.2 -0.3 469.5 295.5
Pennon Group . . . . . .737.5 2.0 744.5 560.0
Severn Trent . . . . . .1463.0 12.0 1517.0 1288.0
United UtiIities . . . . .598.0 7.0 632.0 543.5
Cookson Group . . . . .577.0 -20.0 724.5 412.3
DS Smith . . . . . . . . . .225.0 -6.5 266.2 125.8
Rexam . . . . . . . . . . . .368.0 14.2 400.0 293.0
GIencore Internat . . .426.4 -32.1 531.1 423.1
BAE Systems . . . . . .284.9 -4.1 369.9 282.2
Chemring Group . . . .532.5 4.0 736.5 516.5
Cobham . . . . . . . . . . .181.5 -7.3 245.6 177.2
Meggitt . . . . . . . . . . . .380.0 3.7 397.6 261.7
QinetiQ Group . . . . . .110.8 -0.2 136.3 96.7
RoIIs-Royce Group . .625.0 -8.5 665.0 552.0
Senior . . . . . . . . . . . . .179.4 -4.1 190.6 111.2
UItra EIectronics . . .1486.0 -44.0 1895.0 1477.0
GKN . . . . . . . . . . . . . .214.9 -2.1 245.0 135.6
BarcIays . . . . . . . . . . .212.5 -4.3 342.8 207.7
HSBC HoIdings . . . . .593.8 -16.3 730.9 591.0
LIoyds Banking Gr . . .39.0 -1.0 77.6 38.8
RoyaI Bank of Sco . . .32.2 -1.2 52.1 32.0
Standard Chartere .1545.0 -9.0 1950.0 1519.0
AG Barr . . . . . . . . . .1206.0 -20.0 1395.0 1035.0
Britvic . . . . . . . . . . . . .327.4 -6.3 503.5 326.3
Diageo . . . . . . . . . . .1215.0 -12.0 1307.0 1050.0
SABMiIIer . . . . . . . . .2165.0-110.5 2340.0 1841.0
AZ EIectronic Mat . . .248.8 -13.2 338.1 244.3
Croda Internation . .1873.0 -20.0 2081.0 1230.0
EIementis . . . . . . . . . .156.9 -2.6 187.4 81.8
Johnson Matthey . .1900.0 -68.0 2119.0 1550.0
Victrex . . . . . . . . . . .1354.0 -61.0 1590.0 1076.0
Price Chg High Low
BerkeIey Group Ho .1181.0 -26.0 1299.0 789.5
Bovis Homes Group .398.1 -3.4 464.7 326.6
Persimmon . . . . . . . .431.3 -10.9 502.5 336.5
Reckitt Benckiser . .3273.0-121.0 3648.0 3015.0
Redrow . . . . . . . . . . . .128.5 0.1 139.0 97.6
TayIor Wimpey . . . . . .33.7 -0.8 43.3 22.3
Bodycote . . . . . . . . . .347.0 -18.8 397.7 214.5
Charter Internati . . . .747.5 -27.0 853.5 538.5
Fenner . . . . . . . . . . . .352.2 -17.9 422.5 198.0
IMI . . . . . . . . . . . . . . . .942.5 -48.0 1119.0 657.5
MeIrose . . . . . . . . . . .334.0 -4.0 378.0 212.5
Northgate . . . . . . . . . .292.0 -10.1 346.7 180.8
Rotork . . . . . . . . . . .1726.0 31.0 1895.0 1437.0
Spirax-Sarco Engi . .1815.0 -24.0 2063.0 1499.0
Weir Group . . . . . . .2016.0 -56.0 2218.0 1130.0
Ferrexpo . . . . . . . . . . .429.3 -1.4 499.0 278.0
TaIvivaara Mining . . .370.5 -15.9 622.0 362.3
BBA Aviation . . . . . . .191.5 -6.1 240.8 175.0
Stobart Group Ltd . . .134.5 -1.5 163.6 124.1
AdmiraI Group . . . . .1533.0 30.0 1754.0 1459.0
AmIin . . . . . . . . . . . . .330.0 -5.0 433.0 316.3
Huntsworth . . . . . . . . .68.1 -0.4 86.0 65.0
Informa . . . . . . . . . . . .384.5 -7.2 461.1 372.0
ITE Group . . . . . . . . . .210.8 -3.7 258.2 150.3
ITV . . . . . . . . . . . . . . . . .65.5 -1.7 93.5 49.8
Johnston Press . . . . . . .5.0 0.3 18.0 4.4
MecomGroup . . . . . .202.3 -20.0 310.0 189.0
Moneysupermarket. .119.2 -1.2 123.7 68.8
Pearson . . . . . . . . . .1137.0 -39.0 1207.0 926.0
PerformGroup . . . . .172.0 2.0 234.5 170.0
Reed EIsevier . . . . . .512.0 -17.5 590.5 505.5
Rightmove . . . . . . . .1209.0 -7.0 1280.0 596.5
STV Group . . . . . . . . .119.5 -4.5 168.0 83.5
Tarsus Group . . . . . .150.8 -7.3 165.0 112.5
Trinity Mirror . . . . . . . .38.8 -1.8 124.3 38.8
United Business M . .509.5 -8.5 725.0 504.5
UTV Media . . . . . . . . .115.5 -5.8 151.0 106.0
WiImington Group . .110.8 0.0 183.0 107.8
WPP . . . . . . . . . . . . . .658.5 -12.5 846.5 633.0
YeII Group . . . . . . . . . . .6.2 -0.0 24.1 5.1
African Barrick G . . .512.5 19.9 638.0 393.5
AngIo American . . .2779.5 -23.0 3437.0 2254.0
AngIo Pacific Gro . . .308.1 -6.0 369.3 249.0
Antofagasta . . . . . . .1311.0 -17.0 1634.0 977.5
Aquarius PIatinum . .270.1 2.7 419.0 253.1
BHP BiIIiton . . . . . . .2121.0 -93.5 2631.5 1767.0
BeazIey . . . . . . . . . . . .120.7 -6.8 139.2 110.4
CatIin Group Ltd. . . .393.1 -3.4 421.4 325.0
Hiscox Ltd. . . . . . . . . .360.0 -16.0 424.7 341.5
Jardine LIoyd Tho . . .630.5 0.5 709.0 561.0
Lancashire HoIdin . . .697.5 3.5 700.5 515.0
RSA Insurance Gro . .124.7 -2.6 143.5 120.1
Aviva . . . . . . . . . . . . .374.8 -9.8 477.9 354.6
LegaI & GeneraI G . . .104.5 -5.2 123.8 87.1
OId MutuaI . . . . . . . . .119.2 -3.7 145.2 118.5
Phoenix Group HoI . .515.0 -25.0 758.0 507.5
PrudentiaI . . . . . . . . .650.5 -12.5 777.0 547.0
ResoIution Ltd. . . . . .267.7 -5.5 316.1 211.3
St James's PIace . . . .339.6 -14.2 376.0 236.2
Standard Life . . . . . . .187.5 -3.0 244.7 186.0
4Imprint Group . . . . .260.0 -7.3 295.0 195.0
Aegis Group . . . . . . .144.9 -4.4 163.5 110.7
BIoomsbury PubIis . .106.9 -0.9 138.0 105.3
British Sky Broad . . .690.0 -10.0 850.0 685.5
Centaur Media . . . . . . .47.4 -1.9 73.0 44.8
Chime Communicati .241.3 -8.0 298.5 165.8
Creston . . . . . . . . . . . .91.0 -6.0 121.0 78.5
DaiIy MaiI and Ge . . .391.6 -9.3 594.5 389.8
Euromoney Institu . .632.5 -38.5 736.0 578.0
Future . . . . . . . . . . . . . .12.8 0.0 30.0 11.8
Haynes PubIishing . .252.5 -2.5 262.5 202.5
Centamin Egypt Lt . .108.7 -0.9 197.1 107.0
Eurasian NaturaI . . .720.5 -8.0 1125.0 695.5
FresniIIo . . . . . . . . . .1907.0 94.0 1915.0 990.0
GemDiamonds Ltd. .210.0 -2.2 306.0 186.3
HochschiId Mining . .510.0 23.9 680.0 306.5
Kazakhmys . . . . . . .1199.0 -56.0 1671.0 1073.0
Kenmare Resources . .52.7 -1.6 59.9 13.3
Lonmin . . . . . . . . . . .1235.0 29.0 1983.0 1171.0
New WorId Resourc .742.0 -18.0 1060.0 724.0
PetropavIovsk . . . . . .768.0 15.5 1252.0 678.0
RandgoId Resource 5555.0 -10.0 6655.0 4425.0
Rio Tinto . . . . . . . . .4015.0-161.0 4712.0 3105.0
Vedanta Resources 1640.0 -65.0 2583.0 1635.0
Xstrata . . . . . . . . . . .1186.0 -49.5 1550.0 976.1
Inmarsat . . . . . . . . . . .488.9 -18.1 745.0 477.9
Vodafone Group . . . .170.5 1.6 181.9 148.1
Genesis Emerging . .497.0 -5.0 568.0 462.0
Afren . . . . . . . . . . . . . .133.1 -3.9 171.2 94.7
BG Group . . . . . . . . .1370.5 -42.5 1564.5 1003.5
BP . . . . . . . . . . . . . . . .433.0 -14.1 509.0 375.2
Cairn Energy . . . . . . .334.8 -17.9 493.2 328.0
EnQuest . . . . . . . . . . .116.2 -5.0 158.5 110.2
Essar Energy . . . . . .331.5 -10.9 589.5 329.6
ExiIIon Energy . . . . . .418.0 -1.8 469.7 166.5
Heritage OiI . . . . . . . .235.5 -12.5 486.0 210.0
JKX OiI & Gas . . . . . .223.5 -3.5 335.1 221.5
Premier OiI . . . . . . . . .386.8 -6.6 535.0 370.0
RoyaI Dutch SheII . .2112.5-103.5 2326.5 1703.0
RoyaI Dutch SheII . .2120.5-100.5 2336.0 1642.0
SaIamander Energy .272.6 -4.4 317.6 210.0
Soco Internationa . . .349.6 -8.6 484.2 292.0
TuIIow OiI . . . . . . . . .1146.0 -69.0 1493.0 1122.0
Amec . . . . . . . . . . . . .994.0 -37.0 1251.0 848.5
Hunting . . . . . . . . . . .755.0 -30.0 817.0 519.0
John Wood Group . .624.5 -26.5 715.8 346.0
LampreII . . . . . . . . . . .348.7 -19.6 395.2 223.9
Petrofac Ltd. . . . . . .1333.0 -31.0 1685.0 1272.0
Burberry Group . . . .1427.0 -23.0 1600.0 820.5
PZ Cussons . . . . . . . .369.6 -4.0 409.0 320.5
Supergroup . . . . . . . .940.0 -33.5 1820.0 794.5
AstraZeneca . . . . . .2783.5-113.0 3385.0 2774.5
BTG . . . . . . . . . . . . . .276.0 -5.4 309.7 200.1
Genus . . . . . . . . . . . . .925.0 -36.5 1046.0 710.5
GIaxoSmithKIine . . .1320.5 -38.5 1385.0 1127.5
Hikma Pharmaceuti .630.0 -40.5 900.0 628.0
Shire PIc . . . . . . . . . .1945.0 -81.0 2136.0 1376.0
CapitaI & Countie . . .181.3 -4.3 203.7 112.3
Daejan HoIdings . . .2750.0 24.0 2954.0 2300.0
F&C CommerciaI Pr .102.8 -1.2 108.0 88.0
Grainger . . . . . . . . . . .113.5 1.5 133.2 86.3
London & Stamford .127.0 -1.0 140.0 110.3
SaviIIs . . . . . . . . . . . . .336.0 -3.5 427.1 296.6
St. Modwen Proper . .165.0 -5.1 196.2 135.4
UK CommerciaI Pro . .78.5 -1.0 85.5 74.3
Unite Group . . . . . . . .207.2 -7.5 229.8 176.8
Big YeIIow Group . . .278.6 -7.6 353.3 275.1
British Land Co . . . . .580.0 -7.0 629.5 446.8
CapitaI Shopping . . .356.1 -13.7 424.8 320.9
Derwent London . . .1782.0 -18.0 1880.0 1364.0
Great PortIand Es . . .404.2 -5.4 445.0 307.8
Hammerson . . . . . . . .458.3 -8.6 490.9 352.2
Hansteen HoIdings . . .79.8 -2.4 89.5 61.4
Land Securities G . . .833.5 -15.5 885.0 598.0
SEGRO . . . . . . . . . . . .295.4 -3.8 331.3 262.5
Shaftesbury . . . . . . . .497.4 -7.1 539.0 396.0
Autonomy Corporat 1591.0 -33.0 1857.0 1271.0
Aveva Group . . . . . .1578.0 -72.0 1799.0 1330.0
Computacenter . . . . .468.0 2.5 490.0 265.0
Fidessa Group . . . . .1691.0 7.0 2109.0 1350.0
Invensys . . . . . . . . . . .282.4 -9.9 364.3 230.2
Kofax . . . . . . . . . . . . .310.0 -17.0 535.0 231.0
Logica . . . . . . . . . . . .108.0 -3.1 147.2 106.3
Micro Focus Inter . . .273.0 -2.0 426.2 268.9
Misys . . . . . . . . . . . . .358.1 -22.9 420.2 257.4
Sage Group . . . . . . . .258.9 -5.3 302.0 236.8
SDL . . . . . . . . . . . . . . .677.0 -4.0 711.5 510.0
TeIecity Group . . . . . .528.5 -21.5 559.5 420.5
Aggreko . . . . . . . . . .1821.0 -52.0 2034.0 1351.3
Ashtead Group . . . . .135.9 -3.9 207.9 77.0
Atkins (WS) . . . . . . . .650.0 -28.5 820.0 650.0
Babcock Internati . . .656.5 -2.0 733.0 492.8
Berendsen . . . . . . . . .529.0 -1.5 568.0 363.1
BunzI . . . . . . . . . . . . .739.5 -7.0 801.0 679.0
Capita Group . . . . . . .713.0 -5.5 794.5 635.5
CariIIion . . . . . . . . . . .337.9 -8.1 403.2 291.2
De La Rue . . . . . . . . .765.0 -14.0 853.5 549.5
EIectrocomponents .215.2 -6.3 294.9 205.7
Experian . . . . . . . . . . .773.5 -15.0 833.5 606.0
FiItrona PLC . . . . . . . .340.4 -4.3 385.5 227.5
G4S . . . . . . . . . . . . . . .264.5 -1.6 291.0 237.7
Hays . . . . . . . . . . . . . . .81.5 -1.5 133.6 80.0
Homeserve . . . . . . . .466.8 -11.7 532.0 408.0
Howden Joinery Gr . .110.2 -0.5 127.5 63.0
Intertek Group . . . . .1899.0 -58.0 2148.0 1646.0
MichaeI Page Inte . . .454.6 -16.4 567.0 368.0
Mitie Group . . . . . . . .225.5 -3.1 242.5 188.7
Premier FarneII . . . . .186.0 -7.1 308.8 182.2
Regus . . . . . . . . . . . . . .98.9 -1.1 119.0 66.1
RentokiI InitiaI . . . . . . .84.8 -2.3 107.1 84.3
RPS Group . . . . . . . . .236.9 -1.9 253.0 169.8
Serco Group . . . . . . .525.5 -7.5 633.0 522.0
Shanks Group . . . . . .119.0 -1.8 130.9 96.5
SIG . . . . . . . . . . . . . . .112.2 -1.2 153.5 90.7
SThree . . . . . . . . . . . .323.5 -18.0 447.6 231.1
Travis Perkins . . . . . .808.0 -19.0 1127.0 747.0
WoIseIey . . . . . . . . .1659.0 -25.0 2261.0 1223.0
ARM HoIdings . . . . . .551.5 -18.5 651.0 305.8
CSR . . . . . . . . . . . . . .259.4 -7.0 447.0 255.3
Imagination Techn . .353.1 -31.9 502.0 303.5
Pace . . . . . . . . . . . . . .106.0 -4.0 231.8 93.0
Spirent Communica .125.9 -2.2 160.3 124.1
British American . .2806.0 -50.5 2871.0 2166.0
ImperiaI Tobacco . .2080.0 -15.0 2231.0 1784.0
Avis Europe . . . . . . . .312.0 1.0 312.5 184.0
Betfair Group . . . . . . .584.5 -16.0 1550.0 578.0
Bwin.party Digita . . .124.0 -2.0 308.9 122.4
CarnivaI . . . . . . . . . .1969.0 -60.0 3153.0 1952.0
Compass Group . . . .551.5 -9.0 612.0 501.0
Domino's Pizza UK . .500.0 1.9 586.0 377.0
easyJet . . . . . . . . . . . .338.3 -4.6 479.0 301.0
Enterprise Inns . . . . . .46.5 -3.8 122.7 46.5
FirstGroup . . . . . . . . .352.7 -6.2 412.6 311.3
Go-Ahead Group . . .1456.0 -48.0 1598.0 1073.0
Greene King . . . . . . .465.2 -5.8 518.0 398.0
InterContinentaI . . .1116.0 -31.0 1435.0 982.0
InternationaI Con . . .212.4 -9.2 305.0 208.7
JD Wetherspoon . . . .422.6 -5.4 468.3 389.9
Ladbrokes . . . . . . . . .147.5 0.8 155.3 122.7
Marston's . . . . . . . . . . .98.8 -1.2 117.1 92.0
MiIIennium& Copt . .504.5 -10.5 600.5 469.1
MitcheIIs & ButIe . . . .254.9 -2.6 361.0 252.2
NationaI Express . . .251.6 -5.3 270.2 220.1
Rank Group . . . . . . . .138.2 -2.9 153.7 103.3
Restaurant Group . . .281.6 -2.8 335.0 226.0
Spirit Pub Compan . . .48.0 -2.0 55.0 46.2
Stagecoach Group . .242.2 -2.6 268.5 160.7
Thomas Cook Group .59.5 -1.3 204.8 59.5
TUI TraveI . . . . . . . . . .181.9 -2.2 271.9 178.2
Whitbread . . . . . . . .1521.0 -6.0 1887.0 1368.0
WiIIiamHiII . . . . . . . . .226.0 -2.4 237.3 155.5
Abcam . . . . . . . . . . . .352.3 -27.8 460.0 299.8
AIbemarIe & Bond . .370.0 -7.3 400.1 218.0
Amerisur Resource . .21.5 0.5 29.0 11.5
Andor TechnoIogy . .622.5 -57.5 685.0 288.5
ArchipeIago Resou . . .78.0 0.5 78.0 32.3
ASOS . . . . . . . . . . . .2093.0 -61.0 2468.0 840.0
AureIian OiI & Ga . . . .55.8 -7.5 92.0 37.0
Avanti Communicat .320.0 4.0 735.0 311.0
Avocet Mining . . . . . .226.3 -6.8 253.5 112.0
BIinkx . . . . . . . . . . . . . .98.8 -8.0 148.8 54.8
Borders & Souther . . .57.5 -1.5 93.0 49.5
BowLeven . . . . . . . . .165.0 -13.5 398.0 154.3
Brooks MacdonaId 1065.0 -80.0 1372.5 817.5
CaIedon Resources .111.3 0.3 111.8 44.3
Conygar Investmen .103.3 -3.6 120.0 101.3
Cove Energy . . . . . . . .80.0 -5.3 112.8 57.0
Daisy Group . . . . . . .115.0 -1.5 127.0 86.0
EMIS Group . . . . . . . .580.0 0.0 580.0 303.5
Encore OiI . . . . . . . . . .55.0 -3.0 151.5 54.5
Faroe PetroIeum . . . .147.3 -9.3 218.3 138.5
GuIfsands PetroIe . . .203.0 -4.0 401.5 201.5
GWPharmaceuticaI .107.0 -8.0 130.0 83.0
Hamworthy . . . . . . . .623.5 -16.5 705.0 328.0
Hargreaves Servic .1000.0 -51.0 1076.0 605.0
HeaIthcare Locums . . . .0.0 0.0 0.0 0.0
Immunodiagnostic .1129.0 -47.0 1218.0 710.0
ImpeIIamGroup . . . .335.5 -24.5 387.5 96.5
James HaIstead . . . . .468.4 -6.8 495.0 306.0
KaIahari MineraIs . . .237.5 -2.3 301.0 142.0
London Mining . . . . .381.0 11.0 436.5 240.3
Lupus CapitaI . . . . . .107.4 -2.6 150.0 78.0
M. P. Evans Group . .402.0 -14.0 500.5 343.0
Majestic Wine . . . . . .440.5 -20.3 510.0 301.5
May Gurney Integr . .291.8 -1.3 295.0 177.0
Monitise . . . . . . . . . . . .34.3 -0.3 39.0 18.5
MuIberry Group . . . .1777.0 44.0 1920.0 300.0
Nanoco Group . . . . . . .77.8 -1.3 115.8 68.0
NauticaI PetroIeu . . .292.8 -12.8 547.0 138.0
NichoIs . . . . . . . . . . . .538.5 -3.8 579.0 410.0
Numis Corporation . .105.0 -3.0 146.5 94.0
Pan African Resou . . .12.5 -0.3 13.8 5.9
Patagonia GoId . . . . . .68.0 4.5 69.8 15.3
Prezzo . . . . . . . . . . . . .59.0 -2.5 71.5 41.5
Pursuit Dynamics . . .254.0 -10.0 700.0 218.5
Rockhopper ExpIor .205.8 -9.0 510.0 202.5
RWS HoIdings . . . . . .425.0 -7.8 472.0 239.0
Songbird Estates . . .142.0 -3.5 160.3 135.0
VaIiant PetroIeum . . .566.0 1.0 761.5 504.0
Young & Co's Brew .690.5 -2.0 712.0 520.0
FresniIIo . . . . . . . . . .1907.0 5.2
HochschiId Mining . .510.0 4.9
African Barrick Go . .512.5 4.0
Rexam . . . . . . . . . . . .368.0 4.0
TuIIett Prebon . . . . . .368.9 4.0
Lonmin . . . . . . . . . . .1235.0 2.4
Scottish & Souther .1317.0 2.1
PetropavIovsk . . . . . .768.0 2.1
HaIfords Group . . . . .310.1 2.0
AdmiraI Group . . . . .1533.0 2.0
Imagination Techno .353.1 -8.3
Enterprise Inns . . . . . .46.5 -7.6
GIencore Internati . . .426.4 -7.0
Hikma Pharmaceutic 630.0 -6.0
Misys . . . . . . . . . . . . .358.1 -6.0
Euromoney Institut . .632.5 -5.7
TuIIow OiI . . . . . . . . .1146.0 -5.7
Spectris . . . . . . . . . .1415.0 -5.4
BeazIey . . . . . . . . . . .120.7 -5.3
LampreII . . . . . . . . . . .348.7 -5.3
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:
globaltechsales@webfg.com
AUTOMOBILES & PARTS
BANKS
ALTERNATIVE ENERGY
CHEMICALS
BEVERAGES
GENERAL INDUSTRIALS
MOBILE TELECOMS
OIL & GAS PRODUCERS
OIL EQUIPMENT & SERVICES
MINING
NONEQUITY INVESTM. COMM.
Tsy 3.250 11 . . . .100.94 -0.02 103.5 100.9
Tsy 9.000 11 . . . . . .0.00 0.00 0.0 0.0
Tsy 2.500 11 . . . .306.69 -0.01 310.0 306.7
Tsy 9.000 12 . . . .108.29 0.00 115.8 107.8
Tsy 5.000 12 . . . .102.63 -0.05 106.8 102.6
Tsy 5.250 12 . . . .103.91 -0.03 108.1 103.9
Tsy 4.500 13 . . . .106.13 -0.02 109.2 105.8
Tsy 2.500 13 . . . .287.01 -0.08 287.7 276.3
Tsy 8.000 13 . . . .115.49 -0.02 121.3 115.4
Tsy 5.000 14 . . . .112.23 0.02 114.1 109.2
Tsy 4.750 15 . . . .113.69 0.07 114.7 108.6
Tsy 7.750 15 . . . .103.35 0.00 342.1 102.7
Tsy 8.000 15 . . . .128.02 0.04 131.6 123.7
Tsy 4.000 16 . . . .111.58 0.12 111.6 104.9
Tsy 2.500 16 . . . .339.95 -0.03 340.1 308.3
Tsy 8.750 17 . . . .139.53 -0.19 142.2 132.9
Tsy 12.000 17 . . .125.99 0.00 185.9 125.2
Tsy 1.250 17 . . . .114.27 -0.08 114.4 106.6
Tsy 5.000 18 . . . .118.25 0.16 118.3 109.7
Tsy 4.500 19 . . . .114.98 0.18 115.0 105.4
Tsy 3.750 19 . . . .109.24 0.21 109.3 99.4
Tsy 4.750 20 . . . .116.50 0.21 116.6 106.6
Tsy 2.500 20 . . . .349.64 -0.04 350.2 309.6
Tsy 8.000 21 . . . .145.87 0.20 147.1 133.8
Tsy 1.875 22 . . . .120.83 -0.07 120.9 111.0
Tsy 4.000 22 . . . .108.70 0.31 108.8 99.0
Tsy 2.500 24 . . . .307.25 0.01 307.5 269.2
Tsy 5.000 25 . . . .117.61 0.39 118.5 107.4
Tsy 4.250 27 . . . .107.57 0.69 108.8 97.9
Tsy 1.250 27 . . . .114.26 0.30 114.3 103.5
Tsy 6.000 28 . . . .130.55 0.70 132.7 119.5
Tsy 4.750 30 . . . .113.24 0.94 115.0 103.0
Tsy 4.125 30 . . . .290.86 0.40 291.1 255.9
Tsy 4.250 32 . . . .106.13 0.98 107.8 96.0
Tsy 4.250 36 . . . .105.35 1.10 107.4 95.0
Tsy 4.750 38 . . . .114.23 1.15 116.5 102.8
Tsy 4.500 42 . . . .110.11 0.00 112.8 98.9
% %
Wealth Management | Markets
Dont miss breaking
news with our
10:30 AM EMAIL
Each day well cover the mornings breaking news,
give you current market analysis and
the most up-to-date financial headlines.
Sign up now to ensure you
receive our free email.
Visit: www.CityAM.com/newsletter
GOING
OUT
TIM BADHAM
City is where
the action is
A
SIDE from Bunga Bunga (see below), the
main action is in the City. The Door
Oyster Bar and Grill opened this Monday
across from the Royal Exchange on
Cornhill, and their beautiful bar may become the
best place to unwind after work with a fine drink
and a plate of bivalves. Design features include a
reclaimed copper bell covered in verdigris, dark
mosaic tiling, a gleaming pressed tin ceiling and
plenty of marble and mahogany throughout
which bestow the bar with the gentility youd
expect for the locale. Theres an extensive cham-
pagne list and great cocktails.
Heading back further west, Holborn House
has opened on High Holborn and aims to cater
to all of a slick young professionals cravings. Its
set over two floors and they hope to offer the
opulence and grandeur of a members club
without the associated fees. Theyve already
been throwing club nights on the weekends
with champagne popping and DJs spinning
tracks until the early morning. The cocktail bar
remains open throughout the week and the
brasserie will follow next week. After a sum-
mer slow period, the scene hots up in
September. Autumn horizon. Members club
Dorsia, which borrows its name from American
Psychos ever-elusive restaurant, is due to make
quite a splash, while Cirque de Soir is relocating
to a sexier locale and Mayfair marvel The Arts
Club is undergoing a major overhaul. Also note-
worthy is the Bar 45 on Park Lane which will
accompany Wolgang Pucks first restaurant on
this side of the pond. Tim Badham is the
founder of Innerplace, Londons leading
providers of VIP entertainment, including film
premieres, fashion shows, launch parties and
members club access. www.innerplace.co.uk
Y
ESTERDAY was a big day
for fans of icy treats as
Pinkberry, the cult US frozen
yoghurt brand, opened a con-
cession in Selfridges. Stars from
David Beckham to Alexandra Burke
have publicly rejoiced and
Americans all over the city are
in raptures.
Scheduled to open here in
2008, Pinkberry delayed its
UK opening after Lehman
Brothers fell. Into the vacuum
flooded British entrepreneurs
attracted to the high volume,
high profit, low-cost product
theyd seen Pinkberrys raging success
and wanted in on it.
And boy has Londons snackscape
changed since 2008. Back then it was
all about cupcakes. Now: sleek, airy
shops like Frae, Snog, Yog, Yu-Foria,
Yogurtry, Yoo Moo, Lick and Samba
Swirl specialise in low or non-fat
yoghurts many with calorie
counts around 100 for a small cup.
Some of them are also probiotic
meaning they contain live organ-
isms that are good for you.
I love the fro yo trend, says
Maria Black, a City lawyer. Im on
Turning up the
heat on fro yo
Weight Watchers and its got a pretty
low point value. Its a brilliant loophole
for dieters. I live in Notting Hill and
theres a Frae there Im a regular.
Meanwhile, the City and Canary
Wharf are waiting with bated
breath for their share of the fro-
yo phenomenon. Itsu, cur-
rently the only purveyor
of zero-fat frozen yogurt
in the area, is flooded
with health-conscious
City snackers. Toppings are
far from naughty: fruit, gra-
nola, cashews. An Itsu spokes-
woman says: Weve seen City
sales quadruple over the sum-
mer months and are
delighted to have launched
our zero hero probiotic
yoghurt in Canary Wharf
last month.
I wish we had more
choice, though, says Diane
Rosen, a banker based in
Canary Wharf. Apart from
Itsu we dont have Snog or
any of the others. Its an obvi-
ous next step, surely. I cant get
enough nor can my colleagues.
(City A.M. rang round and none
of the main players confessed
to plans to open in the City
yet.)
But why is the rest of
London going
mad for fro yo
n o w ?
Pinkberry start-
ed the whole
craze, says Tanya
McMullen, a
Selfridges buying man-
ager. Its an it brand
that also fits with the fashion customer,
which is why it works well at Selfridges.
In the UK, Snog is the market leader.
Alice Keown, of Davis Coffer Lyons, a prop-
erty consultancy that represents landlords
of frozen yogurt outlets, says: Snog has the
Pinkberry look and feel, the Japanese
school girl aesthetic, with plastics, neons
and so on. The Hello Kitty aspirational vibe.
By contrast, places like Yuforia have gone
for natural route reclaimed timber and
recycled to reflect the natural goodness of
the actual product.
Frozen yoghurt is about hanging
out, not just eating. The coffee
boys have opened up the early
evening craze, says Keown.
Instead of going for alcohol, its
one of the alternatives. Theyre very
women-friendly, and popular with
young people. Pinkberry is at Selfridges.
www.pinkberry.com
Tis the season for
frozen yogurt.
Picture: GETTY
The arrival of a US
cult brand is a sign of
the cold n creamy
times, says
Zoe Strimpel
Lifestyle| Food &Drink
Q: Charlie: You first showed your interest in
nightlife and parties aged 13 when you
arranged a party at Crazy Larrys. Duncan, you
werent far on his heels. What was it about that
world that drew you so powerfully?
A (Charlie): I realised it was something I could
do at the same time as studying both at school
and university. Eventually we became frustrated
with promoting places that werent ours and
concepts we didnt fully believe in, which led us
to opening our first club, Kitts. I was often far
from impressed from the service and lack of
creativity at other clubs and felt it was some-
thing we could do better.
A (Duncan): Like Charlie, organising parties and
club nights was something I enjoyed doing as
well as other things, and I felt there were ways
we could improve on what was on offer
already.
Bunga Bunga everyone: Italy comes to Battersea
Zoe Strimpel meets
Chelsea nightlife
supremos Duncan
Crossley and Charlie
Gilkes as they open
their raciest joint yet
Q: Whats the key to opening the right club
and at the right time?
A: Its important to be sensitive to the economic
climate of the time and to whats in fashion. For
example, when we opened Barts it was
February 2009 and the height of the financial
crisis fifty pubs a week were shutting in
London. Chain bars were suffering the most. In
keeping with the time we felt a need to create
something affordable, different as well as dis-
creet. Maggies was born out of a visible 1980s
revival with music, fashion and film from the
decade coming back in to vogue.
Q: How has London nightlife evolved over the
past few years?
A: Nightclubs used to be all about ostentation,
about how expensive everything was from the
chandeliers to the nebuchadnezzars of cham-
pagne on the menu. Obviously such places still
exist, but people are embracing creativity and
turning away from the more predictable vulgar
London venues. The economic downturn hugely
affected nightlife in London as operators had to
create places on smaller budgets leading them
to think more about how money was spent and
to be more creative with it. For example we cre-
ated Barts on a shoe string, visiting car boot
sales for bric-a-brac and plundering eBay for
the wall decorations.
Q: Tell us about the thinking behind Bunga
Bunga its a provocative name!
A: Much in the same vein as Maggies, we are
not making any sort of political statement.
Maggies is an 80s club not a Thatcher club
for us she best represents the entire decade,
having been Prime Minister from 1979-90 as
opposed to other 80s icons who were famous
for only a part of the 80s. The concept of Bunga
Bunga is again not a Berlusconi-themed venue
but An Englishmans Italian and is very tongue
in cheek, a theme that is echoed throughout the
venue. It has everything from live entertain-
ment on a colosseum stage to a gondola shaped
Left: Duncan Crossley,
30. Right: Charlie
Gilkes, 27.
bar to drinking vessels in the shape of iconic
Italian monuments. Theres also objects of inter-
est and amusement from the Leaning Tower of
Pisa to a Fiat 500. While we fully understand
that political figures can be divisive, love him or
hate him Berlusconi is still a key cultural figure
in Italy and we couldnt ignore his influence on
the country when developing this concept. We
wanted to create a place that is fun and doesnt
take itself too seriously we came up with so
many names that we didnt feel fully conveyed
this idea and that made us sound like any other
serious Italian restaurant in London.
Q: Whats your favourite thing to do on a
night off?
A (Charlie): I love going to check out other bars
and restaurants to see what is happening
around London. I also love going to the the-
atre its great escapism. (Charlie)
A: (Duncan): Like Charlie I love eating and drink-
ing out and also play a lot of tennis which helps
me unwind.
Q: What direction would you like to move in
after Bunga Bunga?
A: A big dream for both of us is also to one day
open a hotel which, in keeping with our other
venues, would of course not be your traditional
place to stay!
Bunga Bunga: 37 Battersea Bridge Road, SW11
3BA. bungabunga-london.com
www.kittslondon.co.uk, barts-london.com, mag-
gies-club.com
T
E
R
R
E
S
T
R
I
A
L
RICK STEINS SPAIN
BBC2, 8PM
The chef heads for the Extremadura
region, famous for paprika and Iberico
ham, before heading south to the city
of Seville. Last in the series.
SINGLE-HANDED
ITV1, 9PM
Jack confronts Killian about the fire at
the housing development. Drama,
starring Owen McDonnell, Simone
Lahbib and Conor Mullen.
THE KILLING
CHANNEL4, 9PM
Linden and Holder question the wife
and neighbours of suspect Bennet
Ahmed, and Stan decides to take
matters into his own hands.
BBC1
SKY SPORTS 1
7pmLive World Golf
Championship 11pmSky Sports
Years 12amPremier League
World 12.30amFootballs
Richest Prize 2am-6amWorld
Golf Championship
SKY SPORTS 2
4.30pmLive ECB 40 League
Cricket 10pmFootballs Richest
Prize 11.30pmTime of Our Lives
12.30amNFL 1.30amThe Sky
Sports Years 2.30am-3am
Premier League World
SKY SPORTS 3
7pmRacemax 8pmPremier
League World 8.30pmATP Tour
Uncovered 9pmLive ATP Tennis
12.30amAmericas Cup
Uncovered 1amNRL Fulltime
1.30amChampionship Rugby
League 3.30amSuper Leagues
Supermen 4am-4.30am
Americas Cup Uncovered
BRITISH EUROSPORT
7pmBritish Superbikes 8pm
Cycling 9pmUnder-20s World
Cup Football 10.35pmWATTS
10.45pm-1amLive Under-20s
World Cup Football
ESPN
7pmESPN Kicks: Extra 7.15pm
Major League Soccer 9pmCopa
America Football 10pmUFC
Unleashed 11pmUFC 12amGoal!
12.30amESPN Press Pass 1am
NFL 4amUFC 5am-6amAFL
Review Show
SKY LIVING
7pmCSI: Crime Scene
Investigation 8pmTeen Wolf
9pmBritain & Irelands Next Top
Model 10pmCriminal Minds
11pmChick Fix 12amCSI: Crime
Scene Investigation 1.50am
Ghost Whisperer 2.40am
Charmed 4.20amNothing to
Declare 5.10am-6amMaury
BBC THREE
7pmTop Gear 8pmThe Worlds
Strictest Parents 9pmOur War
10pmEastEnders 10.30pmThe
Pranker 11pmFamily Guy
11.45pmAmerican Dad!
12.50amThe Pranker 1.20am
The Worlds Strictest Parents
2.20amUnderage and Pregnant
2.50amBizarre ER 3.20amOur
War 4.20am-5.20amYoung,
Rich and Househunting
E4
7pmHollyoaks 7.30pmHow I
Met Your Mother 8pmFriends
9pmThe Big Bang Theory
9.30pmHow I Met Your Mother
10pmLittle Box of Horrors
10.30pmPhoneShop 11pm
Beaver Falls 12amFILMTheres
Something About Mary: Comedy,
starring Cameron Diaz. 1998.
2.15amMy Name Is Earl
3amHow I Met Your Mother
3.20amLittle Box of Horrors
3.50amGlee 4.40amHeartland
5.25am-6amThe Class
HISTORY
7pmAmerica: The Story of the
US 8pmIce Road Truckers 9pm
Pawn Stars 10pmStorage Wars
11pmDeep Sea Salvage 12am
Pawn Stars 1amStorage Wars
2amDeep Sea Salvage 3am
America: The Story of the US
4amAncient Discoveries
5am-6amPrehistoric
Megastorms
DISCOVERY
7pmMythbusters 9pm
American Loggers 10pm
Catastrophe 11pmSurviving
Death 12amBear Grylls: Born
Survivor 1amAmerican Loggers
2amCatastrophe 3amDeadliest
Catch 3.50amRaging Planet
4.40amNasas Greatest
Missions 5.30am-6am
Destroyed in Seconds
DISCOVERY HOME &
HEALTH
7pmSpecial Delivery: Baby ER
8pmLittle People, Big World
9pmParalysed and Pregnant:
Four Years Later 10pm
Embarrassing Bodies 11pm
Hospital Emergency 12am
Paralysed and Pregnant: Four
Years Later 1amEmbarrassing
Bodies 2amHospital Emergency
3amLittle People, Big World
4amA Baby Story 5am-6am
Bringing Home Baby
SKY1
7.30pmFuturama 8.30pmThe
Simpsons: Homer discovers a
talent for styling hair. 9pm
Trollied 10pmAn Idiot Abroad
11pmLaw & Order 12amMiami
SWAT 2amStargate Universe
3.30am99 Most Bizarre
4.20amAirline 5.10am-6am
Sell Me the Answer
BBC2 ITV1 CHANNEL4 CHANNEL5
S
A
T
E
L
L
I
T
E
&
C
A
B
L
E
TVPICK
6pmBBC News
6.30pmBBC London News
7pmThe One Show
7.30pmEastEnders: BBC News
8pmTraffic Cops
9pmTorchwood: Miracle Day
10pmBBC News
10.25pmRegional News
10.35pmKids Behind Bars
11.35pmFILMThe Human Stain:
Drama, starring Anthony Hopkins.
2003; Holiday Weatherview1.15am
Sign Zone: Dying for a Drink
Panorama 1.45amCountryfile
2.40amFake Britain 3.25amRoyal
Upstairs Downstairs 3.55amSaints
and Scroungers 4.25am-6amBBC
News
6pmEggheads
6.30pmCelebrity Eggheads: A
team from The One Show takes
on the quiz champions.
7pmMadagascar: The wildlife
in the west and south of the
island. Last in the series.
8pmCHOICE Rick Steins
Spain
9pmTown with Nicholas Crane
10pmHave I Got Old News for
You
10.30pmNewsnight: Weather
11.20pmThe Hour
12.20amThe Tudors
1.10amBBC News 4.25am-6am
Close
6pmLondon Tonight
6.30pmITV News
7pmEmmerdale
7.30pmThe Repossessed:
Tonight
8pmEmmerdale
8.30pmCoronation Street
9pmCHOICE Single-Handed
10pmITV News at Ten
10.30pmLondon News
10.35pmPiers Morgans Life
Stories: Ronnie Corbett
11.35pmOdd One In 12.20amThe
Zone; ITV News Headlines 2.20am
The Repossessed: Tonight 2.50am
ITV Nightscreen 4.35am-5.30am
The Jeremy Kyle Show
6pmThe Simpsons 6.30pm
Hollyoaks 7pmChannel 4 News
7.55pmChannel 4 Presents Joe
Bestwick 2012 8pmHelp! My
House Is Falling Down 9pm
CHOICE The Killing 10pmCoppers
11.05pm4thought.tv 11.10pmLee
Evans: Access All Arenas 12.10am
Music on 4: The Album Chart Show
12.40am4Play: Viva Brother
12.55amThe Album Chart Show:
Spotlight 1.10am4Play: Fitz and
the Tantrums 1.25amHollyoaks
Music Show1.50amCast Offs
2.45amThe Sex Education Show
3.40amBrothers & Sisters 4.30am
Wogans Perfect Recall 4.55am
Cookery School 5.50am-6amThe
Treacle People
6pmMeerkat Manor
6.25pmOK! TV
7pm5 News at 7
7.30pmHow Do They Do It?: 5
News Update
8pmAircrash: Hudson River
Landing
9pmNew Cowboy Builders
10pmAmy Winehouse: The
Untold Story
11pmCandy Bar Girls
12amSuperCasino
3.55amAnimal Rescue Squad
4.10amHouseBusters 4.35am
HouseBusters 5amCounty Secrets
5.10amWildlife SOS 5.35am-6am
House Doctor
1 2 3 4 5 6
7
8 9 10
11 12 13
14 15
16 17 18
19
20 21
22 23 24
25
26 27
29 12
10 27
13 8
6 14 5
45
16 4
45
11 9 15
20 9
13 30
23 11
11
6
17
6
15
3
9
21
12
24
10
41
22
7
40
9
6
10
9
8
13
35
12
7
12
10
Fill the grid so that each block
adds up to the total in the box
above or to the left of it.
You can only use the digits 1-9
and you must not use the
same digit twice in a block.
The same digit may occur
more than once in a row or
column, but it must be in a
separate block.
COFFEE BREAK
Copyright Puzzle Press Ltd, www.puzzlepress.co.uk
KAKURO
QUICK CROSSWORD
LAST ISSUES
SOLUTIONS
KAKURO
WORDWHEEL
Using only the letters in the Wordwheel, you have
ten minutes to nd as many words as possible,
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters
or more, all must contain the central letter and
letters can only be used once in every word. There
is at least one nine-letter word in the wheel.
SUDOKU
Place the numbers from 1 to 9 in each empty cell so that each
row, each column and each 3x3 block contains all the numbers
from 1 to 9 to solve this tricky Sudoku puzzle.
SUDOKU
QUICK CROSSWORD
ACROSS
1 Periodical (6)
5 Speck of soot (4)
7 Ofce note (4)
8 Small hard fruit (4)
9 One of a pair (4)
11 Overweight (3)
14 White-owered plant
used medicinally (8)
16 Hens produce (3)
18 Case for 8 Across (3)
19 Light teasing
repartee (8)
20 Stitch together (3)
22 Type of fat (4)
24 Cylindrical store-
tower (4)
25 Double-reed woodwind
instrument (4)
26 Fine specks of
detritus (4)
27 Nuptial (6)
DOWN
1 Foam (4)
2 Relaxation (4)
3 Open to persuasion (8)
4 Went in advance
of others (3)
5 Chronic drinker (3)
6 Canned (6)
10 Flog (4)
12 Primitive chlorophyll-
containing, mainly
aquatic organism (4)
13 Monarchs companion
or adviser (8)
15 Traditional
knowledge (4)
16 Wiped out (6)
17 Taunt (4)
20 Exchanged for
money (4)
21 Cry in despair (4)
23 Brandy measure (3)
24 Weep (3)
T
O
E
R
C R
X
T
A
4

4
4

S T R U T S A R M
E E E A T E R A
E S S E N O R T
S E O O V A L S
A D R E N A L I N E
W A V E W O G E E
T A L E N T L E S S
P A T S Y O M T
A I R T E E T H
I O V I N E N E
N U N E S I T A R
6 4 3 8 5 1 2
8 6 3 7 9 8 9 4
2 1 5 2 3 4 1
3 9 2 7 1 4
5 8 9 6 3 9 7 8
2 7 6 6 9 2
1 5 2 4 9 7 5 4
1 6 9 7 4 1
1 4 3 2 6 1 6
2 1 5 7 6 5 8 9
6 9 8 8 5 1 8
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter word was
TRACKSUIT
Lifestyle | TV&Games
P
REPARATION comes in all sorts
of guises. As an Olympic Sailor I
spent four years preparing for
one event; our thoughts encom-
passed all possibilities and we pre-
pared and practised for everything
that was in our control.
Walking around Cowes last week-
end it was clear that preparations to
the town were nearly complete the
tents were up, the flags were raised,
and as the weekend approaches the
marinas will fill up.
Competitors will have done all
their on-the-water practice. There will
be some taking it seriously like my
husband who spent Saturday evening
checking the positions of all the rocks
along the shore line at low tide and
some who will simply dust off the
boat and go out for some fun.
Saturday brings us the first day of
Aberdeen Asset Management Cowes
Week, the worlds best known sailing
regatta. With eight days of racing
ahead, you could be forgiven for
thinking that was what the week was
all about.
But it is as much about the shore-
side activities as it is about the racing.
I think success on the water is cer-
tainly affected by ability to juggle
nights out versus the days racing! I
will be there this year to keep you up
to date with the action as it happens,
and here are my top 10 things not to
be missed if youre in Cowes too.
XOD starts
The XODs 21ft wooden keelboats
are celebrating their 100th year and
there will be over 140 boats. During
the week they will be starting on the
Royal Yacht Squadron Start line but
on Thursday at 10am HRH The
Princess Royal will start their race.
That many boats on one start line will
be incredible to watch!
Cowes Week Radio
The only Radio station to listen to
during Aberdeen Asset Management
Cowes Week. I even listened to it
whilst I was in China before the
Olympic Games in 2008 just so I
could know what was going on! Find
it on 87.7fm and online at
http://www.aamcowesweek.co.uk
Extreme 40s
These state of the art 40ft catamarans
which mean fast and furious will
be racing close enough to see all the
action from the shore every day, start-
ing at 3pm. With 12 boats and a line
up of Olympic sailors including
2007 Americas Cup winners Alinghi
it will be easy and fun to watch.
Family Day
A first for Cowes week, and as a new
mum something to look forward to.
A range of free events including
model boat racing and viewings of
the Sea Cadets training ship a per-
fect day out for Sunday!
Red Arrows
I just love them, and they will be per-
forming a typically eye-catching dis-
play over Cowes on Saturday 7:30pm.
Fireworks
Cowes Week and spectacular fire-
work displays are synonymous, and
this years is on Friday 12th August at
9:30pm.
Toe in the Water Curry Night
Wednesday sees this charity night,
which boasts curry cooked by The
Queens Own Gurkha Logistics
Regiment.
The Beer Tent
The Yacht Haven hosts a number of
eating and drinking establishments,
not least the beer tent, a must for an
after sailing beverage or two!
Taking in the atmosphere
The Marinas, the High Street, the
Parade and the Green will all provide
excitement and entertainment, and
there will be racing to watch all day.
Sail for a day
For just 5 you can go out for an
hours sail, (15 on the Sunday for a
family of four) with UKSA. For
enquiries contact
susann.jerry@uksa.org
Milking Cowes Week: How to get
most out of worlds best regatta
Sport 24 CITYA.M. 4 AUGUST 2011
COWES WEEK DIARY
SARAH GOSLING
World-beating sailor
lends her expertise
ahead of the Isle of
Wight extravaganza
Double Olympic
champ in City A.M.
SARAH GOSLING OBE, winner of gold
medals at the last two Olympic Games,
will write an exclusive diary for City
A.M. every day next week from Cowes.
A sailor from the age of six, she was
part of the Three Blondes in a Boat
who achieved Yngling glory for Britain
in Athens in 2004. Four years, with a
slightly different trio, later she repeat-
ed the feat in Beijing.
Sarah is a veteran of Cowes week
but will not be competing this year.
T
I
C
K
E
T
S
A
V
A
I
L
A
B
L
E

F
R
O
M

1
5
LONDON IRISH v HARLEQUINS KO 2PM
SARACENS v LONDON WASPS KO 4.30PM
Sport
W
ITH the countdown to next
summers London Olympics
well under way and the
nation rapidly warming to
the prospect of staging an event of
such global importance, one of
Britains greatest multi-eventers is
resisting the temptation to let her
mind wander.
Kelly Sotherton, 34, a former
Olympic bronze medallist, has never
been one for toeing the party line
during the course of a career that
has known as much triumph as it
has heartache.
Before London had even secured
the right to stage the 2012
Games, Sotherton (right)
feared the Olympic site
would become a
white elephant,
while four
years ago at
the world
c h a mp i -
onships in
Osaka she had
no qualms
about branding
her rival Lyudmila
Blonska a cheat.
On this occasion,
however, Sothertons
attempts to swerve the
justifiable pre-
Olympic hype are not
designed be controver-
sial, but stem from a
fear that injury and loss of form
could see her miss out on quali-
fication altogether.
I let the media and the gen-
eral public get excited because
thats what its all about really.
Im sure a lot of the athletes just
want to get their heads down
and forget about it until next
winter, she told City A.M.
I think the experience
helps when it comes to not
getting sidetracked. You
have to keep a level head
and keep everything in
check.
For me its way too soon
to get excited and I dont
know if Im actually
going to be there. Ive
got to qualify.
I know Im not
in a position to
crow about going.
Im nowhere near
good enough to be
going at the
moment.
Sotherton, whose
career has been regular-
ly been disrupted by injury,
is no longer able to compete in
the heptathlon and her hopes
of competing in London next
year, and indeed at the world
championships later this
month, rest on whether she
can meet the qualifying stan-
dard for the 400m.
While many athletes are already
eulogising about the futuristic,
multi-million pound venues they are
likely to be competing in next sum-
mer, Sotherton is yet to visit the
Olympic site.
I havent actually been to the
Olympic site yet. Ive seen bits and
pieces on TV but I havent given it my
full attention really, she said after
being photographed by Fergus Greer
as part of a campaign for Heart
Research UK and AlfaRomeo.
I dont want to go to the site until
I go there for the first time as an ath-
lete. Id like to keep that special.
I know I can get there and have
the ability to be there. It is going to
be ultra competitive but I wouldnt
expect it to be any other way. Itll
give me a bigger push to run well.
Alfa Romeo, official car supplier to UK
Athletics (UKA), will donate 100 to Heart
Research UK for every red Alfa MiTo sold in
the month of August. Visit
www.facebook.com/AlfaRomeoUK to view
the full photo gallery.
Athens bronze medallist tells James Goldman
why she wont allow herself to be swept
along by a tide of pre-London 2012 hype
1976: Born in Newport
1997: Won three gold medals at the
Island Games in Jersey.
2004: Won bronze in the
Heptathlon at the Athens Olympics.
2005: Won silver in the European
Indoor Championships in the
Pentathlon.
2006: Won gold in the Heptathlon
at the Commonwealth Games
2007: Claimed bronze in the
Heptathlon at the World
Championships in Osaka.
2008: Took silver at the World
Indoor Championships.
CV | KELLY SOTHERTON
Sotherton hopes to compete in her third Olympics next year Picture: Fergus Greer
Sotherton
reveals naked
truth about
Olympic hopes
INDIAS already fragile hopes of fend-
ing off Englands bid to steal their
world No1 Test ranking took a fur-
ther blow yesterday with the news
that neither Yuvraj Singh or
Harbhajan Singh will play any fur-
ther part in the series.
Yuvraj, a mainstay in Indias World
Cup winning one-day side, initially
made an encouraging return to the
Test team, standing in for Gautam
Gambhir, after a year out with a first
innings knock of 62.
But he struggled badly in the face
of a barrage of short stuff from Tim
Bresnan second time around. And
the broken finger the all-rounder sus-
tained shortly before he was bounced
out by the Yorkshireman will rule
him out of the final two Tests and
part of the subsequent one-day series.
Meanwhile, spinner Harbhajan,
the worlds leading active wicket-
taker, has cut a sorry looking figure
during the opening two Tests and his
performances have drawn stinging
criticism back in India.
But it transpired Harbhajans effec-
tiveness has been hindered by bowl-
ing through the pain of what has
been diagnosed as a grade one lower
abdominal tear, which will prevent
him playing for the next three weeks.
The Board Of Control For Cricket In
India said: Yuvraj Singh has frac-
tured his left index finger, and
Harbhajan Singh has an abdominal
muscle strain.
While Yuvraj Singhs injury may
take around four weeks to recover,
Harbhajan Singh is likely to recover
in three weeks time.
The pair will be replaced by left-
arm spinner Pragyan Ojha and bats-
man Virat Kohli, who have played just
14 Tests between them.
India are hopeful, however, that
their main strike bowler Zaheer Khan
will return from the hamstring strain
that kept him out of the Nottingham
defeat, while destructive opening
batsman Virender Sehwag will link
up with the squad today having
undergone successful surgery on his
damaged shoulder.
Weary India
suffer double
injury blow
BY JAMES GOLDMAN
CRICKET
CHELSEA captain John Terry has

hailed Andre Villas-Boas communica-
tion skills, insisting the new Blues
managers low-key manner has not
stopped him getting his point across.
Language has been a decisive factor
for the Portugueses predecessors,
with Jose Mourinho the master of the
barbed remark, Carlo Ancelotti bene-
fiting from intensive lessons prior to
his appointment and both Luiz Felipe
Scolari and Claudio Ranieri strug-
gling with English.
But while Mourinho made indul-
gent verbal posturing his calling card,
his former scout and protege Villas-
Boas prefers to keep his message suc-
cinct and his skipper has been
impressed.
He wont mumble on for 20 or 30
minutes at a time. Its quite short,
quite brief, but he covers everything,
whether that be in training or in the
team meetings, Terry said.
Hes come in and, really, from day
one, hes been on the ball and on the
button with us all. So were all
intrigued to see what he can bring
over the next few weeks and the
forthcoming season.
Chelsea face Rangers on Saturday
in their final pre-season friendly,
before their Premier League cam-
paign starts at Stoke on 14 August.
Terry: Language
not constricting
boss Villas-Boas
Sport
26
Buy online at fulhamfc.com/tickets or call 0843 208 1234 today
Saturday 13 August
FFC v Aston Villa
KO 3pm
Sunday 11 September
FFC v Blackburn
KO 4pm
Saturday 17 September
FFC v Man City
KO 3pm
KIDS FOR A QUID
Terry says new manager Villas-Boas does
not mumble on Picture: ACTION IMAGES
FULHAM manager Martin Jol played
down the injury scare surrounding
striker Bobby Zamora ahead of
tonights Uefa Europa League qualifi-
er, despite seeing his bid for Cameron
Jerome rejected by Birmingham City.
Zamora broke his hand during the
Europa League win over NSI Runavik,
prompting Jol to make an offer,
believed to be in the region of 3m,
for the Blues striker.
Fulham must score tonight to have
a chance of progressing to the Europa
League following a goalless draw in
the away leg at RNK Split last week.
Speaking ahead of the vital second
qualifying round clash, Jol recognised
the importance of Zamora and admit-
ted to lining up replacements should
Fulhams main goal threat become
sidelined through injury.
Jol said: If it had been his foot, we
wouldve had a problem, and that is
why we made a bid for this other
striker [Jerome]. We made a bid we
thought was realistic, and they reject-
ed that, so that was that.
Jol said that while 24-year-old
Jerome was not prolific, he had other
qualities he admired.
The Dutchman added: Hes good
in the air, quick, and he would be a
good back-up for Bobby.
Jol cool on Jerome as Zamora recovers
BY FRANK DALLERES
FOOTBALL
BY KEITH KIRK
FOOTBALL
27
ITS WAY TOO SOON FORM ME
TO BE EXCITED BY OLYMPICS
SOTHERTON WILL LEAVE THE HYPE
GAMES TO OTHER ATHLETES: P25
ARSENAL captain Cesc Fabregas
looks set to don a red and white shirt
for the final time today at an open
training session for the clubs mem-
bers at Emirates Stadium.
Arsenal are bracing themselves for
an improved offer of around 35m
from Barcelona for the Spaniard, but
are still expecting the 24-year-old to
turn up for their team photo today.
One man unlikely to be in atten-
dance is Ivory Coast defender
Emmanuel Eboue, who was last
night on the verge of becoming the
second full-back to be sold by Arsene
Wenger this summer.
Eboue is expected to follow Gael
Clichy, who joined Manchester City
last month, out of the club after
agreeing terms with Turkish club
Galatasaray.
Defender Kyle Bartley has signed a
new long-term contract, while
Wenger is also in the race to sign
Real Madrids 16-year-old striker Jose
Rodriguez.
Cesc set for final curtain call
Toshiba is a trademark of the Toshiba Corporation. *Offer on selected models only purchased between 1
st
July 2011 and
2
nd
September 2011 and subject to availability. You must register at www.toshiba.co.uk/rugbyworldcup within 7 days of
purchase. Terms & Conditions apply; see www.toshiba.co.uk/rugbyworldcup for full terms and conditions. **In the event
that Toby Flood is substituted or does not play in a World Cup match for any reason the points scored by his replacement
count towards the total cashback amount. Intel, the Intel Logo, Intel Inside, Intel Core, and Core Inside are trademarks
of Intel Corporation in the U.S. and other countries. ***Compared to previous generation Intel processors, see
www.intel.com/en_uk for more information. TM Rugby World Cup Limited 2008 2011. All rights reserved.
Buy a Toshiba laptop* with an Intel
Core
processor before
2
nd
September 2011 and claim 1 cashback for every
Rugby World Cup 2011 point Toby Flood** scores
Rugby World Cup 2011 kicks off on 9
th
September 2011 in New Zealand
and to celebrate our sponsorship of this fantastic sporting event
were offering you the chance to claim 1 cashback for every point
Toby Flood scores at the Tournament. To take part buy a qualifying
Toshiba laptop with an Intel
Core
i3, i5 or i7 processor for

visibly smart performance***, register online within 7 days
of purchase and watch as the points and pounds build up.
For full details go in store or visit www.facebook.com/toshibauk
For full terms and conditions see www.toshiba.co.uk/rugbyworldcup
EVERY TRY
EVERY CONVERSION
EVERY PENALTY
EVERY DROP GOAL . . .
CONVERT POINTS
INTO POUNDS
SPORT | IN BRIEF
Malmo spoil Rangers Euro hopes
FOOTBALL: Rangers are out of the
Champions League after losing 2-1 on
aggregate against Malmo. The Scottish
champions, who had two men sent off,
lost the first leg 1-0 at Ibrox but looked
to be taking the tie to extra time until
Jiloan Hamad struck in the 80th minute.
Wasps sign full-back Southwell
RUGBY UNION: Wasps have signed
Scotland international full-back Hugo
Southwell from Stade Francais on a two-
year deal. Southwell is currently injured
and wont feature at the World Cup.
Results
L<=8:?8DG@FEJC<8>L<K?@I;
HL8C@=P@E>IFLE;J<:FE;C<>
DXcdf==%%%%%%%%%%%%%%% ' ( IXe^\ij%%%%%%%%%%%%%%%%%%%%%%( (
H+m+ 8O Je|+1|c ZJ
Aaa. Z 8kk1(0#'/+
:I@:B<K
CM:FLEKP:?8DG@FEJ?@G$;@M@J@FEFE<%$<d`iXk\j
;li_Xd@:>. Dar|+m J5 |89.Z a1ers. V J D| Verata JZ. P
Vast+r 88ra. A R A+ms 58Z +r oO |J a1ers. Natts
Zo |.4 a1ers. O V w Re+ JJra. A O Vaaes 8O. O Or|ars
o95. K_\Ifj\9fnc1Yar|s 5JZ |.Z a1ers. A VcOr+t|
5. J A Raa|p| 99. O S B+||+rce o. A w O+|e 54. O l
Brap|] 5J. lmr+r T+||r oJZ. H+rts oZ |Z9.O a1ers.
KXlekfe1Sasset Z45 |8. a1ers. E O Ja]ce 59. V w
OaaW|r 55. A O T|am+s ooO +r 944 |Zo a1ers.
Samerset Z8o |8J.5 a1ers. J O Batt|er OO. V S P+res+r
5J. C`m\igffc1 l+rcs 89 |4o.5 a1ers. S O Vaare o. N V
O+rter oJO +r J49 |Z a1ers. S J Oraft ZZ. K R BraWr
9. w+rW|c|s Z8O |8Z. a1ers. O R wa+|es oO. ;@M@J@FE
KNF%$K_\JN8C<:JkX[`ld1 O|+mara+r J99 |Z.Z a1ers.
A N Peterser JJ. O P Rees o. T R Or+ac| 489. Esset
oOZ |oZ a1ers. >iXZ\IfX[1le|cesters||re Z5 |.4
a1ers. O w Herersar 54. w A w||te 5O. w+|+| R|+/ 494
+r 485 |49.Z a1ers. Kert Z9 |59.4 a1ers. D l Ste1ers o.
V 1+r J++rs1e| oO. J K H N+|| 5J4. KFLID8K:?%$
JZXiYfifl^_1 Era|+r l|ars Z99 |8 a1ers. J w A T+]|ar
o. S R P+te| 5Z. J V B+|rstaW 5O. A D H+|es 5O. S V S V
Ser+r+]+|e 54. Sr| l+r|+ A JZ98 |88.Z a1ers. J K S||1+
89. P B B R+j+p+|s+ o.
email sport@cityam.com
ENGLANDS Matt Banahan insists he
is ready to sacrifice witnessing his
new sons first few weeks if it means
achieving his World Cup dream.
Bath star Banahan, who can play at
centre but has been tipped to feature
on the wing against Wales on
Saturday, is less than three months
into fatherhood.
But the 24-year-old admits he has to
put family commitments on the back-
burner as he strives for a place in
Martin Johnsons final 30-man squad.
Its tough when I go home, said
the Channel Islander.
But thats part and parcel of life,
youve got to take all the stuff on the
chin and live with it. There are people
in the world with a lot tougher lives
so playing rugby and having a son
isnt too tough. There are a lot of dads
in the squad so we all know how
each other feel.
Johnson will today name his team
to face Wales, the first of three World
Cup warm-ups, with a return trip to
the Millenium Stadium followed by a
clash with Ireland in Dublin.
Fit-again flanker Lewis Moody is
expected to resume the captaincy,
while Johnson is likely to experiment
as he looks to trim his party from 40
down to 30 by 22 August.
He axed five, including 2003 World
Cup winner Joe Worsley and Saracens
wing David Strettle, from his training
squad earlier this week.
Banahan: Fatherhood can
wait till after World Cup
Oval to play host
to extra Twenty20
matches against
West Indies
ENGLANDS already overworked play-
ers will have two more fixtures to con-
tend with this summer after the
England and Wales Cricket Board
announced the Oval will host two
Twenty20 matches in September.
The confirmation of these games
means that England, whose players
complained of burnout last winter, will
have just 19 days between the second
Twenty20 match against the West
Indies and the start of their five match
one-day series in India.
The matches will take place on 23
September and 25 September, both
will be day night affairs.
The ECB first announced only in
mid-June their intention to stage the
fixtures, which were not originally in
this year's international schedule.
Surrey chief executive Richard
Gould said: Surrey CCC is really
pleased to be able to host these games
at the Oval in what will be a colourful
and exciting end to the international
summer.
Meanwhile, ticket sales for next
weeks third Test against India, which
could see England clinch the coveted
status of No1 Test team in the world,
have exceeded expectation.
Around 85,000 tickets have been
sold for the Test which begins next
Wednesday. Its been like a bombard-
ment, said James McLaughlin,
Warwickshires commercial director.
Yuvraj had his
finger fractured
by a Bresnan
bouncer
Picture: GETTY
BY JAMES GOLDMAN
FOOTBALL
BY FRANK DALLERES
RUGBY UNION

Cityam 2011-08-04

Uploaded by

Document Information

Original Description:

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Cityam 2011-08-04

Uploaded by

Copyright:

Available Formats

FTSE 100 5,584.51 -133.88 DOW 11,896.44 +29.82 NASDAQ 2,693.07 +23.83 /$ 1.64 +0.01 / 1.15 unc /$ 1.

1.15 unc /$ 1.43 +0.01

www.cityam.com Issue 1,439 Thursday 4 August 2011 FREE

Evolutions turn in the bid spotlight

ANALYSIS l Royal Bank of Scotland Group

GARETH HUNT | INVESTEC

JONATHAN JACKSON | KILLIK & CO

ITALYS biggest bank UniCredit could

LIFE insurance giant Legal & General

UK SUPERMARKET Tesco announced

RIGHTMOVE, the property website,

CAPITAL & Counties, the London

HOUSE builder Taylor Wimpey said

Harry Hill, the former boss of Countrywide, founded Rightmove in 2000

www.citifxpro.com | 0800 279 4772 | citifxpro.sales@citi.com

ESCHER Group, a Dublin-based

CHELSEA captain John Terry has

i3, i5 or i7 processor for

You might also like