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Greek aid
talks fail to
agree plan
LAST-DITCH talks to prevent Greece
from running out of money will drag
on into next week after international
leaders again failed to strike a firm
deal with politicians in Athens.
The markets are today expected to
take a dim view of the delay, created
when a two-hour conference call
between officials from the European
Commission, the European Central
Bank, the International Monetary
Fund and Greek finance minister
Evangelos Venizelos ended last night
without a formal resolution.
The troika said merely that good
progress had been made and that it
will return to Greece early next week.
Athens said there would also be a
chance for discussions at the annual
meeting of the IMF in Washington
this weekend and stated its confi-
dence Greece would clinch the
release of the 8bn (6.96bn) aid
tranche that it needs by next month.
The last-ditch talks are the second
time in three months that Greece has
brought the Eurozone to the brink of
disaster. In July the troika threatened
to withhold its fifth tranche of aid
unless ministers showed more deter-
mination to meet deficit-reduction
targets, but eventually gave in as mar-
kets veered towards a panic.
Meanwhile, Germanys governing
coalition has drawn up a draft bill to
authorise Greeces second bailout
package, which will cost around
109bn. EUROZONE TURMOIL: P8-9
FORUM: P24-25
BY PETER EDWARDS & JULIET SAMUEL
EUROZONE
THE GLOBAL economy has hit a dan-

gerous new phase, the International
Monetary Fund (IMF) warned yester-
day, as it slashed growth forecasts for
nearly every corner of the world.
The UKs economy will grow by just
1.1 per cent this year, the IMF expects,
knocking 0.4 per cent off its projec-
tions from June.
And stock market falls this quarter
point to roughly a one in six chance of
a British double dip, the IMF said.
France faces a similar likelihood of
another downturn, the groups World
Economic Outlook said, while the US
is looking at a more worrying 38 per
cent chance of a double-dip.
Despite the global nature of the eco-
nomic slowdown, the news piles more
pressure on chancellor George
Osbornes deficit reduction plans,
which largely depend on economic
growth. The latest data on the UK gov-
ernment finances is released today.
The Office for Budget Responsibility
expected growth of 1.7 per cent for
2011, in its most recent forecast in
March. And as recently as last
November, the governments fiscal
watchdog optimistically predicted
growth of 2.1 per cent this year
around double the current outlook.
Central government current spend-
ing has slowed in recent months, yet
remained 6.6bn higher in April to
GLOBAL ECONOMY
PUT ON RED ALERT
BY JULIAN HARRIS
WORLD ECONOMY
www.cityam.com Issue 1,472 Wednesday 21 September 2011 FREE

A FREE PINT
OF BEER FOR
EVERY
READERP17
IN THE FORUM TODAY: GREECE MUST
QUIT THE EURO ANDREW LILICO
ALSO: JAMIE WHYTE; JOHN LONGWORTH P24-25
BUSINESS WITH PERSONALITY
July compared to the same time last
year. Shadow chancellor Ed Balls yes-
terday repeated his call for the govern-
ment to delay its deficit reduction.
The IMFs chief economist Olivier
Blanchard stayed on the fence: Fiscal
consolidation cannot be so fast that it
kills growth, nor so slow that it kills
recovery.
The government could bring for-
ward 5bn worth of spending on infra-
structure, BBC television said last
night. The Treasury denied the claim,
yet senior Liberal Democrats are
believed to be keen. Business secretary
Vince Cable has spoken of flexibility
built into the existing fiscal plans.
The IMFs Blanchard also singled
out the ongoing Eurozone crisis.
There is a wide perception that pol-
icymakers are one step behind mar-
kets, Blanchard said. Europe must
get its act together. Eurozone growth
for this year was also slashed to 1.6 per
cent in yesterdays report.
Next year, the single currency area
will progress at an even more sluggish
rate of 1.1 per cent, the IMF expects,
knocking 0.6 percentage points off its
June forecast.
Even harsher estimates were
dropped on the US, with a whole per-
centage point taken off its growth out-
look for this year.
The worlds largest economy is
expected to expand by just 1.5 per cent
this year and 1.8 per cent next year.
Across the pond, new construction
of US homes fell more than expected
in August. Housing starts dropped five
per cent, the most since April, to a sea-
sonally adjusted annual rate of
571,000 units, data revealed yesterday.
ALLISTER HEATH: P2
STEPHAN SHAKESPEARE: P16
Certified Distribution
01/08/11 till 28/08/11 is 92,745
THE IMF SLASHED GROWTH FORECASTS THROUGHOUT THE WORLD
The International Monetary Fund, led by Christine Lagarde (above), has warned of a possible double-dip Picture: PA
New New Change from
forecast forecast last forecast
2011 2012 2011 2012
WORLD 4.0 4.0 -0.3 -0.5
US 1.5 1.8 -1.0 -0.9
UK 1.1 1.6 -0.4 -0.7
GERMANY 2.7 1.3 -0.5 -0.7
ITALY 0.6 0.3 -0.4 -1.0
EUROZONE 1.6 1.1 -0.4 -0.6
EMERGING MARKETS 6.4 6.1 -0.2 -0.3
News
2 CITYA.M. 21 SEPTEMBER 2011
TESCO BANK FACES MORTGAGE DELAY
Tesco faces a fresh delay to the roll-
out of Tesco Bank, with mortgages
unlikely to be launched until early
next year.
Britains biggest retailer by sales had
been expected to introduce mort-
gages this autumn but, having
bought out Royal Bank of Scotlands
50 per cent share in their financial
services joint venture three years ago,
it has experienced teething problems
since moving from RBSs systems to
its own.
CHARTER DEFENDS COLFAX BREAK FEE
Charter International, the engineer
that has recommended a 1.5bn
takeover by Colfax, has defended an
arrangement to pay its favoured suit-
or 15m if shareholders back another
bidder. The two parties struck the
arrangement just days before the
Takeover Panel prohibited such deals.
COGNETAS PORTFOLIO TARGETED
A European financial investor has
made a proposal to buy out the port-
folio of companies in a fund of private
equity group Cognetas. The move
emerged only days before an investor
meeting on Thursday where Cognetas
management aims to present its own
plan to restructure the fund, the
groups second, which was set up in
2005 with 1.25bn euros (900m) in
investor commitments.
CROMBIE TO SELL TOMMY NUTTER
Crombie has put up for sale the
Tommy Nutter brand, a legacy of the
clothing companys association with
the legendary tailor, who dressed a
roster of celebrities in the 1960s and
1970s. Crombie, owned by Alan Lewis,
the millionaire retail and property
entrepreneur, has not put a price on
the potential deal which, along with
the Tommy Nutter trademark,
includes a small collection of original
garments and designs sketched by
the tailor.
LLOYDS POACHES TWO MORE EXECS
Antnio Horta-Osrio has poached
two senior executives from
Santander, adding to the bevy of exec-
utives that the Lloyds chief executive
has recruited from his previous
employer. Toby Rougier, who oversaw
Santanders deals strategy, and
Miguel ngel Rodrguez Sola, its head
of corporate finance, have joined
Lloyds from the Spanish bank.
NUCLEAR CHIEF QUITS PUBLIC SECTOR
The former BP executive brought into
the Nuclear Decommissioning
Authority has quit after less than two
years into the post. Tony Fountain,
the chief executive, found it hard to
adjust to working in the public sector
for the state-controlled body, which
owns 19 nuclear sites around Britain,
including Sellafield. Fountain, the
highest paid civil servant, earnt
680,000 including benefits last year.
SHELL WINS ARCTIC OIL PERMITS BUT
WITH ENVIRONMENTAL CONDITIONS
Royal Dutch Shell has moved a step
closer to drilling for oil in the Arctic,
after US authorities granted it two
crucial permits with strict environ-
mental conditions. The
Environmental Protection Agency
(EPA) awarded two air-quality permits
for drilling ships, clearing another
hurdle in Shells battle to be allowed
to drill in the Arctic.
GOLDMAN DISCOUNTS OCADO'S SHARE
PRICE
Goldman Sachs has taken the axe to
Ocados share price for the second
time in as many months after the
online grocer warned that sales were
slowing. The investment bank, which
helped lead Ocados flotation in July
last year, has lowered its six-month
share price target down from 225p to
190p.
GOOGLE+ SOCIAL NETWORK OPENED
TO PUBLIC
Google yesterday broadened its
assault on rival Facebook by opening
its Google+ online social network to
the public. The company also intro-
duced new features to Google+,
including the ability to search for
information about topics such as
cooking and photography, and along
with the ability to see relevant
Google+ users and their posts.
COURT DELIVERS MIXED YUKOS
RULING
Europes top human-rights court
found Russian authorities violated
the rights of OAO Yukos when they
broke up the oil giant but rejected
the companys allegation that the
actions were politically motivateda
split decision that both sides hailed
as victory in their long-running battle
in Europes courts.
WHAT THE OTHER PAPERS SAY THIS MORNING
Chancellor must ignore siren voices
HOW fast the world can change. A
year ago, the data and corporate sur-
veys suggested we would be undergo-
ing a square root shaped recovery. The
collapse of 2008-09 looked like it
would be followed by a mini rebound
in 2010-11 (with annual growth of up
to 2 per cent), before a return to quasi-
stagnation. This best case scenario
always looked much gloomier than
the implausibly optimistic forecast by
the Office for Budget Responsibility of
a very strong rebound in subsequent
years, a v-shaped recovery. But we now
know that the mini-rebound turned
out to be truly tiny and has already
run out of steam.
In its latest set of forecasts, the IMF
predicts UK growth of 1.1 per cent this
year and 1.6 per cent in 2012 and
guesses there is a one in six chance
the economy could fall back into
recession. In part, this is because of a
global slowdown: the IMF is slashing
its growth forecasts across the
Western world. Another reason is the
actual and psychological fallout from
the Eurozone crisis but there are
also two big UK-specific problems.
Inflation has been even higher than
feared, slashing real take home pay
and slashing the value of bank
accounts and homes. UK Plc had con-
vinced itself that the coalition was
serious when it said Britain would
now once again be open for business.
But instead of the supply-side reforms
it hoped for, there has been an ava-
lanche of new rules. The good news
from reduced corporation tax has
been swamped by the bad. None of
this has been conducive to corporate
confidence and investment.
The IMF thinks UK final domestic
demand will be the real drag, falling
0.5 per cent in 2011, which as
Citigroup reminds us, would make it
the weakest performance in the G7.
This would rise by just one per cent
year on year in 2012. The big danger in
the forecasts is that the IMF expects
net trade to add 1.4 per cent to GDP
this year, making it the biggest contri-
bution since 1977. If this doesnt mate-
rialise because of the Eurozone crisis,
even these gloomy figures would have
to be cut further. To my mind, it is
clear that the bulk of the drag on
demand doesnt come from the gov-
ernments austerity plans but from
inflation and subdued businesses. But
the IMF said that if activity continues
to slow, ministers should also consid-
er delaying some of their planned
adjustment.
The Treasury must not listen to
such siren voices: it is already likely to
borrow at least 126bn this year, sever-
al billion more than it hoped for.
Increasing that by another 5bn or
even 10bn will merely rattle investors
and companies while doing virtually
nothing to boost demand. The 0.7 per
cent cut to total public spending pen-
cilled in by George Osborne for this
year is the minimum he can get away
with while convincing those global
funds that are lending him so much
money that he is serious about deficit
reduction. If this figure slips, it would-
nt take long for investors to realise
that Britain is actually in a very precar-
ious position. The chancellor plans to
borrow more over this parliament
than Labour did in 13 years. Certainly,
Labours published plan would have
been even worse, increasing debt by
59 per cent, against the Tories 51 per
cent. But with a deficit which remains
among the worst in Europe (and with
the added issue that we have the most
indebted households in the G7) the UK
remains worryingly vulnerable. Now
is not the time to borrow even more.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
NEWS | IN BRIEF
Hedgies in US downgrade probe
Securities regulator the SEC is believed
to have sent subpoenas to hedge funds
and other trading firms as it probes pos-
sible insider trading before the US gov-
ernment's long-term credit rating was
cut last month. Securities and Exchange
Commission officials demanded more
information about specific trades made
shortly before Standard & Poors down-
graded the country's rating to AA+ from
AAA in August. SEC officials are said to
be zeroing in on firms that bet the stock
market would tumble.
Full Tilt accused of Ponzi scheme
Prosecutors yesterday accused the Full
Tilt Poker website of running a Ponzi
scheme that defrauded gamers out of
$440m (289m). Full Tilt Poker did not
maintain funds sufficient to repay all
players, and in addition, the company
used player funds to pay board mem-
bers and other owners more than
$440m since April 2007, the office of
Manhattan US Attorney Preet Bharara
said in a statement. Howard Lederer
and professional poker champion
Christopher Ferguson, as well as other
directors, are caught up in the case.
EDITORS LETTER
ALLISTER HEATH
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Editorial
Editor Allister Heath
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News Editor David Crow
Acting Night Editor Marion Dakers
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Huhne: energy
prices will fall
A CRACKDOWN on energy companies
will boost competition, secretary of
state Chris Huhne claimed yesterday,
promising that consumers will be
better off in 2020 thanks to our low
carbon policies.
Huhne has recently dismissed rising
energy prices by calling on Britons to
shop around for better deals.
We are determined to get tough
with the big six energy companies to
ensure that the consumer gets the
best possible deal, Huhne said yester-
day.
Utilities will no longer be able to
delay Ofgem rulings by up to a year by
forcing the independent regulator to
seek a second opinion from the
Competition Commission.
Yet Huhnes claim that households
will be better off by 2020 was attacked
by critics of the governments energy
policy.
The Departments [of Energy and
Climate Change] previous estimate
that prices would only see small
increases were based in fantasy land,
said Matthew Sinclair of the
Taxpayers Alliance. But this is several
steps further it is a bit of a joke.
To meet their targets, around
200bn needs to be spent on the ener-
gy sector, and someone has to foot that
bill, Sinclair added.
The government said that new sta-
tistics showing a rosier outlook for
consumers were not yet published.
On the penultimate day of the
Liberal Democrats conference in
Birmingham, another member of the
government pensions minister Steve
Webb laid out the coalitions plan on
pensions, claiming that the new auto-
enrolment scheme would help peo-
ple save for their retirements.
The scheme will see millions of pri-
vate sector employees automatically
enrolled in their employers pension
schemes, unless they actively decide to
opt out. Webb also signalled the gov-
ernments intention to consolidate
savers multiple pensions into individ-
ual big fat pots.
Elsewhere at the conference, Lib
Dem president Tim Farron brushed off
claims that he was after party leader
Nick Cleggs job. Insisting that Deputy
Prime Minister Clegg is doing a bril-
liant job, Farron said: I want him to
be leader of this party for so long that,
by the time the vacancy comes up, I'll
be too decrepit to take it.
Farron has won applause from Lib
Dem activists this week by stressing
the partys independence from its
Conservative coalition partners.
CITY VIEWS ON ENERGY BILLS: P16
Chris Huhne has promised consumers they will be better off Picture: PA
BY JULIAN HARRIS
LIB DEM
CONFERENCE
News
ORACLE last night posted quarterly
revenue above expectations, defying a
weak outlook for global technology
spending, while Microsoft and Adobe
also gave reasons for optimism in the
sector.
Bellwether firm Oracle, which sells
software to corporations and public
agencies, reported revenue of $8.37bn
(5.32bn) in the three months to 31
August, up 12 per cent from $7.5bn in
the same period last year. Net income
came to $1.84bn, up 36 per cent.
New software sales, a gauge of
future profit because they generate
high-margin long-term service con-
tracts, rose 17 per cent compared
with expectations for 15 per cent.
Microsoft last night pledged to
raise its quarterly dividend by 25 per
cent, in a move that it hopes will satis-
fy investors clamouring for some of
its $53bn cash pile. The raise was
ahead of Wall Street expectations.
Meanwhile Adobe Systems allayed
investor concerns over slowing sales
in Europe as it forecast market-top-
ping fourth-quarter revenue.
The company, which reported
third-quarter revenue below expecta-
tions, projected sales of $1.08bn
(686m) to $1.13bn for the fourth
quarter, ahead of the average forecast
of $1.07bn.
MANCHESTER United may be flying
on the pitch but its IPO in Singapore
appears to have stalled.
Sources close to the transaction
told City A.M. the club is struggling to
convince cornerstone investors to
invest at its target price against a
backdrop of volatile markets.
The club is hoping to raise in the
region of 640m when it floats
around a third of its equity, giving it
a market cap of almost 2bn a
huge mark-up on the Glazer familys
heavily leveraged 790m takeover in
2005.
The source added the terms of the
IPO, which would see new shares
receive half the voting rights of those
held by the Glazers, could also be a
sticking point.
It is understood retail investor
demand is high, buoyed by the sky-
high popularity of the team in Asia,
but state investors including
Temasek are taking longer to con-
vince.
The club is still thought to be aim-
ing to float in the fourth quarter but
is open to the prospect of waiting
until next year depending on the per-
formance of equity markets. It is
keen to cut its debt pile, which totals
more than 300m.
However, its prospects have been
hindered by a choppy IPO market
that has seen high profile firms
including Groupon and, in Hong
Kong, Fitness First pull their floats.
Credit Suisse is lead adviser to
Manchester United, supported by JP
Morgan and Morgan Stanley.
The Singapore exchange last week
gave permission for the float to go
ahead.
The clubs hopes of forging ahead
with the IPO were boosted earlier
this month when it revealed a swing
into the black in its full year results.
It reported a pre-tax gain of
29.7m, compared with a loss of
79.2m last year. Its total revenue
also soared 16 per cent to 331.4m
surpassing the 300m mark for the
first time.
Commercial revenue was up 27
per cent, driven by an 80m shirt
sponsorship deal with Aon. Media
income grew 10 per cent to 119m,
witha new Premier League TV rights
deal coming into effect. Match day
income was 108.6m.
United could
be forced to
delay its IPO
MARK Byrne, the former reinsurance
executive who has launched a bid for
25 per cent of the Lloyds of London
insurer Omega, will be entitled to a
2m payment if the company termi-
nates his employment within 12
months of any change of control.
The entrepreneur will be on a
rolling contract as executive chairman
of Omega, which will have a 24
months notice period with a bonus
equal to 200 per cent of his 400,000
annual salary.
When Byrne, who would be invest-
ing 50m in Omega, left the reinsur-
ance group Flagstone in December he
went with a $2.2m pay-off and the
firm paid $91.9m to buy out his shares.
Byrnes offer to buy 25 per cent of
Omega at a maximum price of 83p a
share faces competition from a possi-
ble full all-cash offer, again at 83p,
from the insurance group Canopius.
Much hangs on the decisions of Neil
Woodford of Invesco, whose funds
hold 29.9 per cent of Omega. Canopius
is expected to discuss the matter with
Woodford over the next few days.
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Insurance chief secures hefty
fees if Omega bid turns sour
Tech titans beating forecasts
despite dire consumer outlook
BY STEVE DINNEEN
BUSINESS OF SPORT
TECHNOLOGY
The Glazer family hope to raise $1bn in the Man Utd float Picture: REUTERS
BY DAVID HELLIER
INSURANCE
Mark Byrne stands to

gain 2m if Omega sever
ties within 12 months of
a change of control at
the Lloyds insurer
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EMBATTLED bank UBS faces new
pressure after its largest shareholder
broke its silence to criticise the fail-
ures that led to the $2.3bn (1.5bn)
rogue trading scandal.
The Government of Singapore
Investment Corp, which has a 6.4 per
cent stake in UBS, has met senior
managers and urged them to take
firm action to restore confidence,
although it also offered a general
statement of support.
GIC expressed disappointment
and concern at the lapses and urged
UBS to take firm action to restore
confidence in the bank, it said.
GICs view of UBSs fundamental
strength as a well-capitalised bank
with a strong private wealth manage-
ment franchise remains unchanged.
The eastern sovereign wealth fund
runs more than $100bn of assets
around the world but makes few pub-
lic comments. It has lost about 77 per
cent of its 11bn Swiss franc (7.86bn)
investment in UBS.
GIC is not thought to be consider-
ing selling its shares, however,
despite a torrid few days for UBS,
which has seen the bank face a wave
of international criticism and several
ratings reviews ahead of a possible
credit downgrade.
It has emerged, however, that
UBSs plans for a new 340m London
home are continuing. Sources said
that British Land, co-owner of the site
with private equity giant Blackstone,
held its usual weekly project meeting
with stakeholders yesterday.
UBS, which declined to comment,
is currently the largest tenant in the
Citys Broadgate development.
It had just started to rebound from
near collapse during the financial
crisis -- as well as a damaging US
investigation into the bank allegedly
aiding wealthy Americans to dodge
taxes -- when the rogue trading
scandal struck.
London trader Kweku Adoboli has
been charged with fraud and false
accounting.
Investor piles
pressure on
troubled UBS
BY PETER EDWARDS
BANKING
Focus on UBS
BANKS are eyeing the possibility of
poaching UBSs most talented staff,
taking advantage of the uncertainty
plaguing its investment bank.
Recruiters have told City A.M. that
there is strong interest in snapping up
rising stars from the bank, where this
years bonus pool for its UK equity cap-
ital markets (ECM) team is likely to
take a hit from its $2.3bn loss due to a
rogue trader.
One front-office recruiter said: Its
inevitable really. If the banks in trou-
ble, those who might have wanted to
stay for career opportunities or
because they thought it was doing
well might be having second
thoughts. But the recruiter added
that given that theres not a lot of hir-
ing going on, the headhunting is
focused on top talent rather than mass
recruitment.
The bank is conducting a strategic
review of its investment bank that is
expected to downsize the division dras-
tically. The overhaul could see many of
its 6,800 London employees jobs cut.
UBS was already planning to reduce
its headcount by 3,500, but the savings
it hoped to make by doing so have now
been wiped out, meaning it could cut
more.
UBS chief executive Oswald Gruebel
will this week ask directors to back
plans for a deep overhaul of its invest-
ment banking division.
The board begins a two-day meet-
ing in Singapore tomorrow although
it is understood the sessions were
arranged before the rogue trading
crisis broke.
UBS is under pressure to scale
down, ringfence or even split off its
risky investment banking business
from its core wealth management
unit in order to shield private clients.
One source said Gruebel will scale
back proprietary trading and fixed
income but will not do away with
them completely.
Gruebel has vowed to bear the
consequences of the loss but yester-
day faced unconfirmed reports he
will be subject to a vote of confidence
at the board meeting.
Headhunters
circling talent
at Swiss bank
Gruebel bids to overhaul
investment banking arm
Helping hand: Oswald Gruebel needs the support of UBS directors
BY PETER EDWARDS
BANKING
BY JULIET SAMUEL
BANKING
NATIONAL Australia Bank (NAB) has

slapped down suggestions that it
could rush headlong into a deal with
NBNK Investments, the buy-out vehi-
cle led by Gary Hoffman and Lord
Levene.
NAB is in talks with NBNK over
selling its UK business the
Clydesdale and Yorkshire banks but
yesterday insisted that it is in no
hurry to do so.
A director of the bank told an
Australian newspaper that although
it has been in talks, nothing has
changed since before NBNK sus-
pended its shares due to the discus-
sions, and suggested that there is
unlikely to be an imminent deal.
The timing is sensitive because
NBNK is also a bidder for the 632
branches that Lloyds is selling, with
the second bid deadline just over a
week away.
The Independent Commission on
Banking (ICB) has stated that it
would prefer to see the branches sold
to a buyer who will be able to have at
least six per cent of the personal cur-
rent account (PCA) market.
NBNK would either need to ensure
that Lloyds beefs up its PCA offering
or would need to combine the
branches with NABs UK business in
order to cross that threshold.
However, the ICBs recommenda-
tion has yet to directly affect the sale.
NAB playing hard to get
with Lloyds bidder NBNK
Gary Hoffman is leading buyout vehicle NBNK along with Lord Levene
BY JULIET SAMUEL
BANKING
News
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BREVAN Howard, the hedge fund run
by Alan Howard, is planning to return
$2bn (1.27bn) to investors to fulfil a
deal with its clients, who want to cap
the size of the firms flagship fund at
$25bn.
The size of the fund currently
stands at $26.9bn, after it made gains
of 6.2 per cent last month.
A source close to the firm said
investors in the Brevan Howard
Master Fund have insisted for some
time that the size of the vehicle be
capped at $25bn, due to fears that
larger funds struggle to make as large
returns.
The source insisted that the deci-
sion had nothing to do with the
opportunities in the market or the
funds ability to make money.
Brevan Howard would be happy to
grow the fund further, the source
added, and is only returning the cash
because it had promised clients it
would do so.
A Brevan Howard spokesman said
the firm was considering how best to
return the cash to clients. The
process could prove difficult, espe-
cially as some clients are likely to
want to keep their cash invested in
the fund.
It could either return the cash on a
pro-rata basis or pick clients based on
their commitment to the fund and
the length of time they have been
invested in it.
The Brevan Howard Master Fund,
which is run by Howard and a group
of traders, has outperformed the mar-
ket in recent years, gaining 18.7 per
cent in 2009; 20.4 per cent in 2008;
and 25.2 per cent in 2007. However, it
only added one per cent last year.
Brevan fund
returns $2bn
to its clients
MOST hedge fund strategies were
wrong-footed by plunging stock mar-
kets in August, according to data
released yesterday.
The EDHEC Risk Institute, which
tracks the performance of hedge
funds, said managers following a
short-selling strategy were the only
ones to post significant gains last
month, with an average return of 6.97
per cent.
Short sellers benefited from falling
share prices, with the S&P 500 index
suffering a 5.43 per cent loss, its most
severe since May 2010.
Convertible arbitrage funds posted
an average loss of 2.09 per cent in
August, as falling convertible bond
prices and a shrinking credit spread
took their toll.
Event driven funds lost 3.78 per cent
on average; long short equity funds
were down 4.07 per cent; and dis-
tressed securities funds were off 4.08
per cent. However, all managed to out-
perform the wider stock market.
Commodity trading adviser funds,
which try to play the technical factors
in different niche markets, also eked
out a tiny gain of 0.27 per cent.
The funds of funds strategy also out-
performed the stock market with an
average return of -2.57 per cent, the
EDHEC Risk Institute said.
AMERICAN conglomerate United
Technologies is negotiating final
terms of an all-cash acquisition of air-
craft components maker Goodrich
with the goal of reaching a deal in
the next few days, people familiar
with the matter said last night.
An acquisition of Goodrich, which
has a market capitalisation of about
$14bn (8.9bn), would be the biggest
deal in a decade for United
Technologies, which makes Pratt &
Whitney aircraft engines, Otis eleva-
tors and Carrier heating and air con-
ditioning systems.
Sources familiar with the discus-
sions declined to elaborate on the
likely price, and cautioned that the
talks could still fall apart.
Last week it emerged that United
Tech was lining up financing of
$10bn to $20bn for a takeover of a US
company.
Hedgies fail
to beat falling
share prices
United Tech nears all-cash
bid to take over Goodrich
United Technologies chief Louis Chenevert is eyeing up a takeover Picture: REUTERS
BY DAVID CROW
HEDGE FUNDS
HEDGE FUNDS
Brevan Howard is Europes second largest

hedge fund, measured by assets under manage-
ment
It was founded by Alan Howard, now 48, and
a group of Credit Suisse traders in 2002.
FAST FACTS | BREVAN HOWARD
News
BY HARRY BANKS
M&A
ENGINEERING group Siemens fluc-

tuated between denial and uncer-
tainty yesterday, as it addressed
reports that it had withdrawn more
than 500m (435m) in cash
deposits from Socit Gnrale and
moved it to the European Central
Bank (ECB).
Shares in the French bank fell 6.6
per cent by lunchtime yesterday
after it was named as the institu-
tion that Siemens had deserted in
favour of the ECB, despite early
reports suggesting the German
group had denied the story.
But a Siemens spokesman in
Munich then told City A.M. that no
statement of denial had been
issued, and that it would be making
no further comment on the trans-
ferring of funds.
Siemens currently has up to 6bn
in one-week deposits at the ECB,
which was last week paying a 1.01
per cent interest rate on funds that
could be withdrawn with seven
days notice.
At the same time, Eurozone
banks were paying an average of
0.95 per cent on overnight deposits.
French banking sources later said
that the transfer was due to the
underperformance of a specific
Socit Gnrale investment vehi-
cle, rather than any concerns
around the overall financial health
of the bank.
Two of Frances biggest banks
SocGen and Crdit Agricole had
their long-term credit ratings down-
graded by rating agency Moodys
last week, which cited concerns
over their risk exposure to Greece.
Siemens is one of a limited num-
ber of corporates that is allowed to
deposit funds with the ECB, after it
applied for a banking licence last
year so it could expand into finan-
cial services.
Shares in Socit Gnrale closed
3.08 per cent down at 17.15.
Siemens does
flip-flop over
SocGen funds
MONEY market strains worsened yes-
terday after Standard & Poors cut
Italys credit rating and the Bank of
China halted foreign exchange swaps
with several European banks.
Eurozone bank borrowing at the
European Central Banks weekly ten-
der surged to 201bn, the highest in
seven months in a sign of growing
stress in the sector. Three-month dollar
Libor edged up to its highest in more
than a year at 0.35500 per cent and the
premium for European banks to swap
euros into dollars also rose.
The Bank of China, a big market-
maker in Chinas onshore foreign
exchange market, has stopped forex
forwards and swaps trading with sev-
eral European banks due to the
Eurozone debt crisis, sources said.
The sources identified French
lenders Socit Gnrale, Crdit
Agricole and BNP Paribas as among
the affected banks.
On the dollar Libor panel, Crdit
Agricoles indicated cost of borrowing
was among the highest at 0.425 per
cent with those for BNP Paribas and
Societe Generale also above average.
Another Chinese bank also halted
interest rate swaps trading with some
European banks, a source at the bank
said, indicating Chinese lenders had
joined the ranks of institutions cutting
exposure to the Eurozone.
Funding pressure
as China pulls out
of Eurozone forex
Country S&P Moodys Fitch 5yrCDS*
Greece CC Ca CCC 5,235
Ireland BBB+ Ba1 BBB+ 842
Portugal BBB- Ba2 BBB- 1,137
Spain AA Aa2 AA+ 372
Italy A Aa2 AA- 448
Belgium AA+ Aa1 AA+ 255
Germany AAA Aaa AAA 82
* End of day
ANALYSIS l Eurozone credit ratings
2010 2011
2500
2500
1500
1000
500
0
Greece Ireland
Portugal Spain
Italy
BY ELIZABETH FOURNIER
EUROZONE
EUROZONE
News
EUROZONE SEARCHES FOR SOLUTION
German Chancellor Angela Merkel's coali-
tion agreed a draft law on an enhanced
Eurozone bailout fund
Greek Prime Minister George Papandreou
has been locked in bailout talks with the
parties funding his bailout
ANALYSIS l Cumulative bond purchases by the ECB, in billions
2011 2010
125
100
75
50
25
0
Source: ECB; Royal Bank of Scotland

SPAIN saw the cost of its debt rise to
three-year highs at an auction yes-
terday, despite a solid level of
investor demand.
Madrid sold at the higher end of
its 3.5-4.5bn target range, but buy-
ers demanded yields on the one-
year and 18-month bonds that were
around 20 basis points higher than
at the last equivalent sale. The aver-
age yield came in at about 3.59 per
cent.
It is not clear whether the
European Central Bank (ECB) inter-
vened in the sale. The Bank recently
restarted its bond-purchasing pro-
gramme in order to keep a lid on
yields for Spain and Italy, but it is
thought that its actions have cen-
tred upon Italy, which has the
fourth biggest bond market in the
world.
Italys surprise downgrade by
credit ratings agency Standard &
Poors yesterday was bad timing for
the bond sale, with Spains second-
ary market yields spiking in the
morning as the auction got under-
way.
MORE: P26
Spanish debt costs rise to three-year
high despite solid demand at debt sale
BY JULIET SAMUEL
EUROZONE
News
Ireland shows austerity does work
IRELAND has experienced more aus-
terity than most during its troubled
history. Its 2011 budget was no potato
famine, but tough nonetheless.
Social welfare payments were cut by
an average of four per cent the first
cuts since 1924 and public sector
pay was slashed by between five and
ten per cent. Last month, the number
of people claiming jobless benefits
hit a record high.
So it is hurting, but is it working?
The short answer is yes, at least as far
as its creditors are concerned. The
yield on its 10-year bonds was 8.65 per
cent yesterday, much lower than fel-
low bailout countries Portugal and
Greece (11.65 per cent and 23 per cent
respectively).
In dollar terms Irish bonds with a
maturity of more than a year have
returned 17.4 per cent since 17 June
the best returns of any sovereign.
Despite the cuts equals recession
mantra, the IMF expects the econo-
my to eke out growth of 0.4 per cent
this year and 1.5 per cent next hard-
ly firing on all cylinders but growth
nonetheless.
The ECB is very impressed with
its deficit reduction performance so
far. Unlike Greece, there is no emer-
gency conference call for Ireland
every time it is due another tranche
of aid.
Instead of constant talk of a Plan B,
Irelands finance minister wants to
make a budgetary adjustment of
4bn (3.5bn) in 2012, compared to
the planned 3.6bn, despite being
confident of meeting the terms of its
bailout. Economic sovereignty high-
ly valued by the Irish should be
restored in 2015.
There is room for improvement.
Capping capital spending at just 3.6
per cent of GDP was a silly move,
especially for a nation full of con-
struction companies. Nor can Ireland
stare smugly at Greece: its exit from
the Eurozone would surely see the
emerald isle come back into focus.
Still, Ireland has taken the medi-
cine and is getting better. If only
Greece could do the same.
david.crow@cityam.com
BOTTOMLINE
Analysis by David Crow
ECB president Jean Claude-Trichet urged
banks in the Eurozone to strengthen their
balance sheets
Silvio Berlusconi lashed out at S&Ps down-
grade of Italy, claiming the agency had
been led astray by the media
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The Capitalist
10
EDITED BY
HARRIET DENNYS
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thecapitalist@cityam.com
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RESTAURANT
KING CLAIMS
RAMSAY BID
IS A GAMBLE
THE jury is out as to whether Gordon
Ramsays Bread Street Kitchen the One New
Change venture dubbed the acceptable face
of high street food will prove a hit.
Whatever anyone says about Gordon, he
knows what people want and he is incredibly
resilient, said restaurant expert Simon
Davis, speaking at last nights pre-opening
party ahead of the venues opening next
Monday.
But Cheapside is not a particularly easy
location; people tend not to go into the City
at the weekend, so it is a bit of a gamble.
Davis, a former Telegraph and Evening
Standard journalist, is the founder of the
London Restaurant Festival, which he start-
ed with critic Fay Maschler in 2009 to cele-
brate the fact Londons restaurant scene has
gone from a global laughing stock to some-
thing pretty impressive. Among the 775
participating restaurants in this years festi-
val, which runs from 3 to 17 October, are Le
Coq dArgent, 1 Lombard Street and Bonds
at the Threadneedle Hotel, which are all
offering three-course menus for 25.
Grosvenor Estates, Canary Wharf Plc and
the Savoy Hotel are also on board as sponsors
of the event, which includes a culinary pub
crawl on a Routemaster bus and Londons
biggest-ever pub quiz. Times are tough out
there, but there is still a good market for
sponsorship, said Davis. Despite what they
might say at the LibDem conference.
FOOTBALLERS LIVES
WITH GLAMOUR model Katie Price and
singer Kym Marsh of Hearsay fame on the
guest list, there was a solid case for calling
the party the Crme de la Crme Ball.
Tamara Ecclestone, the daughter of
Formula One tycoon Bernie, and Wayne and
Coleen Rooney were also spotted at the event,
hosted by ex-Wrexham FC player Ashley Ward
and his wife Dawn (bottom left) up in the
footballers spiritual home of Alderley Edge.
Sponsor for the night was Leo Caplan, the
entrepreneur who bought the kitchen-maker
Mark Wilkinson out of administration from
PwC in 2009, who donated 60,000-
worth of cabinetry to the
evenings charity auction in
aid of Destination Florida.
FREUDIAN SLIP
LUCIEN Freud immortalised
banker Nathaniel Rothschild as
the Man in a Chair, so perhaps
the late artist (right) would have
approved of Bank of America
Merrill Lynch supporting the
most ambitious exhibition of
his work for ten years.
We believe that
investing in the
arts makes
good sense,
said the
banks head of
international communi-
cations John McIvor at yester-
days press breakfast to unveil
the collaboration. Arts proj-
ects and cultural organisa-
tions such as the National Portrait Gallery
are key economic drivers and help to
strengthen communities.
McIvor was joined at the gallery by col-
leagues Rena de Sisto, global arts and cul-
ture executive, and Gwendolyn de Silva,
vice-president, global banking and market-
ing, who saw preview highlights of the 100
paintings, drawings and etchings that are
on loan to the NPG from museums and pri-
vate collections from next February.
COMMUNITY SERVICE
ANOTHER DAY, another ceremony for Lord
Mayor Michael Bear to preside over at
Mansion House this time, the annual
Dragon Awards.
Last nights awards recognised companies
social contributions that benefitted not only
community organisations but also
through increased staff morale and rep-
utational benefit, said the mayor
the businesses themselves.
So it was unfortunate that UBS,
which could do with the lift, lost
out to Bank of America Merrill
Lynch in the education catego-
ry, despite working to improve
the Bridge Academy in
Hackney for the last four years.
Representing BofA Merrill
Lynch was chief operating offi-
cer Rob Everett, who was joined by
William Maltby, vice chairman of
investment banking at Deutsche
Bank; Catherine Usher, head of UK
real estate at DLA Piper; Paul Jardine,
group chief operating officer of
Catlin Holdings; and Deloittes UK
chairman David Cruickshank.
Gordon Ramsay at the pop-up restaurant in the London Eye pods at last years London Restaurant Festival
Ashley Ward, Janine and Leo Caplan, Dawn Ward
SHARES in British Airways parent IAG
fell 2.9 per cent yesterday after rival
Lufthansa issued a profit warning.
Germanys Lufthansa, which is
looking to sell its British-based BMI
airline, said a weaker than expected
August had dented operating profits,
which are no longer expected to beat
last years figure of 876m (762m).
The firm also expects passenger
bookings to be weaker than forecast,
a downgrade it blames on economic
uncertainties.
Lufthansa has followed in the foot-
steps of several airlines that have
trimmed or missed forecasts this year.
IAG, formed out of the merger
between BA and Iberia last year, is
seen as one of the frontrunners if
Lufthansa goes ahead with the sell off
the loss-making BMI.
Lufthansa appointed Morgan
Stanley earlier this month to kick off
a review of the business.
IAG chief executive Willie Walsh
said earlier this year that he was look-
ing at 12 possible takeover candidates
as the new firm looks to expand.
The gloomy outlook for airlines
was compounded yesterday when
industry body IATA forecast a 29 per
cent fall in 2012 industry-wide profit
on the back of a weak global economy
and stubbornly high jet fuel prices.
IATA said that while 2011 profits
have been upgraded to $6.9bn, mar-
gins will fall to a paltry 0.8 per cent
in 2012.
Lufthansa
warning hits
shares at IAG
INVESTMENT bank Jefferies Group
said yesterday its quarterly revenue
dipped two per cent, hurt by a tough
trading environment, but the mid-
sized player raised its buyback pro-
gramme to 20m shares.
Revenue at Jefferies fell to $509.2m
(323.6m), hurt by a loss of $74m from
trades the bank made on its own
account.
For the quarter ended 31 August,
Jefferies posted a profit for common
shareholders of $68.2m, compared
with $44.8m a year ago.
Much of the profit came from the
firms nearly $500m purchase of
Prudential Bache.
As the first investment bank to
report results, Jefferies is often seen as
an indicator for others on Wall Street.
There are no surprises in Jefferies
numbers relative to what others are
going to produce. You dont know how
bad its going to be, all you know is
that its going to be very bad, said
Richard Bove, analyst with Rochdale
Securities.
The company is going through a
substantial expansion programme at a
period when the markets are contract-
ing dramatically...if they cant get their
revenue to go up because the markets
arent going to go up, their earnings
are going to be squeezed terribly.
SEVERAL UK small-cap companies saw
their shares boosted yesterday, a day
after new takeover rules forced poten-
tial targets to tell the market the
names of their prospective buyers.
Arena Leisure, which had a market
capitalisation of around 132m at yes-
terdays close, saw its shares rise by 17
per cent during trading after it said it
was in talks with Reuben Brothers, the
private equity and venture capital
group run by brothers David and
Simon Reuben.
A day earlier Arena had told the
market it was exempted from the new
disclosure rule, but mounting specula-
tion led the company to confirm the
approach yesterday. The Reuben
Brothers now have until 18 October to
make an offer for the company.
Travelzest also closed up almost five
per cent yesterday, after saying after
the markets shut on Monday that it
was in talks with Canadian firm Red
Label Vacations.
Revenues fall at
Jefferies after
trade backfires
UK small caps get boost
from new takeover rules
The Reuben brothers have been named as possible bidders for Arena Leisure
BY MARION DAKERS
TRANSPORT
BANKING
News
CITYA.M. 21 SEPTEMBER 2011
BY ELIZABETH FOURNIER
M&A
11
ANALYSIS l International Consolidated
Airlines
p
15Sept 14Sept 16Sept 19Sept 20Sept
157.50
152.50
147.50
150.20
20 Sept
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BRITISH oil explorer Max Petroleum
said it was encouraged by drilling
results at a well in Kazakhstan, indicat-
ing 36 metres of potential net oil pay.
Oil pay or net pay refers to the zone
of a reservoir that contains economi-
cally producible oil. The Kazakhstan-
focused company also said it recorded
significant shows of oil and gas in the
Kungurian salt near total depth of the
UTS-4 well in Uytas field.
The oil and gas show below the salt
was a pleasant surprise we plan to eval-
uate further through future wells and
the development 3D seismic data we
will acquire in October, the company
said in a statement.
KURDISTAN-FOCUSED explorer Gulf
Keystone said it raised $200m (127m)
in a placing to help accelerate the
development of the massive oil discov-
eries it has made in the semi-
autonomous region of Iraq.
The company said yesterday it
issued 91m new shares in an oversub-
scribed placing at a price of 140p, rep-
resenting a 14 per cent discount to
Mondays closing price.
Gulf Keystone, which confirmed
that it was considering its options
with regards to a fundraising earlier in
the week, said the proceeds would be
used to fund an aggressive exploration
and appraisal programme in
Kurdistan where it has found at least
12bn barrels of oil so far.
The company is planning to build a
pipeline from its Shaikan oil field to
the vital Kirkuk-Ceyhan export
pipeline, which transports some
500,000 barrels per day of crude from
northern Iraq to Turkey.
Cash will also be spent on a develop-
ment plan for the field, upgrading pro-
duction facilities at Shaikan and
drilling another well on its Sheikh Adi
oil field.
The company, which is seeking a
move to Londons main market from
the junior alternative investment mar-
ket, also plans to raise additional
funds from selling a minority interest
in one of its Kurdistan blocks.
Kurdistan has enjoyed a surge of
investment in the past year as rela-
tions between its regional government
and Iraqs national government in
Baghdad improved. BPs former boss
Tony Hayward staged a reverse
takeover of Turkish explorer Genel
Energy earlier this month to create a
Kurdistan-focused group worth $4bn.
Shares in Gulf Keystone closed
down six per cent at 152.5p yesterday,
valuing the company at 1.2bn.
Gulf Keystone
raises $200m
in rights issue
CHINAS Sany Heavy Industry has
delayed the retail portion of its
planned $3.3bn (2.09bn) Hong Kong
share offering, saying it needs more
time to meet investors before pricing.
Any delay during a share-sale
process is usually indicative of lack of
interest in the deal, but it was
unclear whether Sany Heavy, Chinas
largest construction machinery
maker, would be under pressure to
re-price the offer as global markets
struggle.
The road show is still ongoing,
but the timing of the relaunch has to
be confirmed, a company
spokesman said yesterday.
Sany Heavy to
delay retail IPO
Success for Max
at Kazakh well
BY HARRY BANKS
ENERGY
ENERGY
INDUSTRIALS
Gulf Keystone, led by chief executive Todd Kozel, said yesterday it had raised $200m
News
NEWS | IN BRIEF
Glasenberg buys more shares
Glencore chief Ivan Glasenberg has
bought another 1.5m shares in the com-
modities trader at 437.67p per share,
adding to the 13.5m he bought on
Monday and the 10m he spent last week.
Glasenberg plans to use his dividend
income to buy up shares, with yesterdays
6.56m investment topping up his total
spend to around 30m nearing the
34m total he plans to buy by today.
Rio Tinto says demand is on track
Miner Rio Tinto said demand has held up
in recent weeks despite signs of market
unease. We are seeing softer markets
than we would have, even a few months
ago. Customers are more cautious, but
demand is not unwinding as some would
fear, chief Tom Albanese said.
ANALYSIS l Gulf Keystone
p
15Sept 14Sept 16Sept 19Sept 20Sept
180
160
152.50
20 Sept
News
DEBENHAMS said yesterday it
expects profits to beat forecasts
despite flat sales in the year to 3
September.
Sales excluding the effects of
new store openings and the VAT
rise fell 0.3 per cent over the year,
the company said.
However, group like-for-like sales
rose by 0.4 per cent in the last nine
weeks of trading.
Despite underlying sales having
fallen slightly for the year as a
whole, Debenhams said its market
share grew in all product cate-
gories.
Chief executive Michael Sharp
(pictured), in his first set of results
since taking the reins from previ-
ous boss Rob Templeman, said the
company had performed strongly
against tough comparatives.
We believe our decision to max-
imise cash profit by investing in top
line growth has proven successful
and this will result in headline prof-
its before tax for the year coming in
ahead of consensus forecasts, he
said.
Markets had been expecting a
five per cent profit rise for the year,
to 158m.
Danish subsidiary, Magasin du
Nord, is seen as one of the retailers
success stories. Debenhams said
sales have risen 4.8 per cent since it
bought the business in November
2009.
Online sales helped drive up
total non-store multi-channel
sales by 72 per cent during the year.
The department store started its
summer sales five days early.
Meanwhile, British Land con-
firmed that it had pre-let space in
central London to Debenhams for
its new headquarters. The Regents
Place office is under development,
with completion expected in the
summer of 2013.
Debenhams profits
to beat forecasts
BY JOHN DUNNE
RETAIL
ANALYST VIEWS: IS DEBENHAMS STRATEGY WORKING? By John Dunne
KATE CALVERT
SEYMOUR PIERCE
The beat is down to the 53rd
week contribution, we believe, which man-
agement expects to add 5-7m in profit,
higher than previously thought.
Management expects 53-week full year
profit before tax to be ahead of consensus
of 158m, according to the company within
the range of 160-165m.
RICHARD HUNTER
HARGREAVES LANSDOWN
Gross margin remains under some
pressure, but the company has made strides
on several fronts in improving its outlook.
There has been significant growth from its
multi-channel sales, whilst its diversification
is also reaping dividend. Debenhams still
seems set on an on an improving trajectory;
the shares are a buy.
MATTHEW MCEACHRAN | SINGER CAPITAL MARKETS

The pre-close interim management statement indicates that Debenhams performance was consider-
ably better in the final period than many had feared. This means that full year profit before tax will be slightly
higher than market expectations, including on an adjusted 52-week basis. With market share gains and
strong cash generation, Debenhams should stand-out today given its valuation, on just 6x and with a
yield of over six per cent. Expect a bounce.
News
ENGINEER GKN has appointed Nigel
Stein chief executive designate
ahead of the retirement of Sir Kevin
Smith, the company announced yes-
terday.
Stein has been at the heart of the
car parts and aerospace supplier
after being put in charge of the auto-
motive division in 2007.
He is seen as a safe pair of hands
who analysts suggested had been
lined up for the job to ensure a
smooth transition.
The company has seen sales rises
in recent market updates as the for-
tunes of car manufacturers like
Toyota start to improve.
Sir Kevin Smith said: I am
pleased to announce the above
changes which will provide the exec-
utive leadership for the next stage of
the companys development.
The firm added that responsibility
for GKNs automotive business will
be assumed by Andrew Reynolds
Smith, currently responsible for
powder metallurgy and land sys-
tems.
Stein will officially take over the
reins from 1 January next year.
GKN says Stein will
be new chief exec
ENGINEERING
Burberry up
after debut
of collection
BURBERRY shares rose yesterday in a
boost fuelled by a positive reaction to
its new collection unveiled at London
Fashion Week.
The stock was up around 3.7 per
cent after images from the luxury
retailers catwalk show attended by
the likes of actresses Sienna Miller
and Gemma Arterton were
beamed across the world.
The show was held in Hyde Park
and was touted as a return to tradi-
tion by Christopher Bailey, Burberrys
creative director. The Burberry
trench coat has been among the
products helping to fuel a string of
sales rises, with Asian demand prov-
ing particularly strong.
LIFESTYLE: PAGE 29
BY JOHN DUNNE
RETAIL
NEWS | IN BRIEF
William Hill confirms Probability talks
Bookmaker William Hill yesterday confirmed
its interest in online gaming firm Probability,
saying it was in preliminary talks with the
Gibraltar-based firm but there was no certain-
ty an offer would be made. Probability, which
makes casino and slot machines games includ-
ing Lady Luck, told the market yesterday it
had received an approach from William Hill.
Under new UK rules on takeovers that came in
this week, William Hill has until 17 October to
make an offer or walk away from the deal.
Anglo Asian doubles its profits
Anglo Asian Mining, the Aim-listed emerging
market gold producer, said yesterday that its
profits had more than doubled in the first six
months of the year as demand for gold pushed
up prices. The firm unveiled a pre-tax profit up
129 per cent to 9m, on revenues 35 per cent
higher. The company also revealed plans to
increase its resource base and increase the
mine life of its flagship Gedabek mine in
Azerbaijan.
Porta moves to acquire Threadneedle
International communications and marketing
business Porta Communications has taken the
first steps towards acquiring Threadneedle
Communications, signing a contract to buy 80
per cent of the issued share capital of
Threadneedle for 3.8m. Porta, previously
known as sports advisory agency TSE, has said
that it plans to build upon the quality of the
agency, which will become Newgate
Threadneedle.
Mobile retail to replace high street
Up to 30 per cent of the UKs retail space could
become obsolete in the next decade, as more
shoppers rely on internet and mobile shopping
to make their purchases, according to Jones
Lang LaSalle. Massive out-of-town locations
for click and collect services will start to
replace high streets, the real estate firm pre-
dicted at a conference yesterday. The British
Council of Shopping Centres expects up to 14
per cent of high street shops to be empty next
year, up from six per cent before the downturn.
BRITISH filtration specialist
Porvair said it expected full-year
operating performance to be
ahead of expectations, after a
strong performance from its met-
als filtration and microfiltration
divisions.
Porvair, which makes filtration
and separation equipment for
aviation, energy and environ-
mental technology businesses,
said it continued to trade well in
the final quarter, with revenue
for the nine months to 31
August, up seven per cent from
last year.
The company also said pre-tax
profit was ahead of last year and
it reduced its net debt by 3m.
Two analysts on average were
expecting the company to post a
full-year pre-tax profit of 3.8m
on revenue of 65.4m.
At the end of June Porvair
raised its full-year forecast after
posting a 27 per cent rise in prof-
its, saying that its order book had
steadily increased over the first
half of the year and the outlook
for the second half was promis-
ing.
Investors reacted well to the
update, rising more than eight
per cent in morning trading
before closing 6.6 per cent up at
88.5p.
The group strategy is deliver-
ing, there is greater downside
protection than before and net
debt is reducing even faster than
expected, Peel Hunt analyst
Andrew Shepherd-Barron said.
Our outlook reflects Porvair
increasingly delivering on its
strategy of growing revenue in its
highly profitable microfiltration
business whilst extracting higher
margins in its steadier state met-
als filtration business.
Upbeat Porvair on
track for the year
BY HARRY BANKS
INDUSTRIALS
News
NEWS | IN BRIEF
Cyprus starts drilling off south of island
Cyprus has started drilling south of the island for
natural gas, its government said yesterday, marking
a turning point in an escalating row with Turkey over
offshore gas resources in the eastern Mediterranean.
The drilling process has been started by Noble
Energy on the basis of the agreement with the
Republic of Cyprus," said deputy government
spokesman Christos Christofides. Noble Energy
started preparatory work for the drilling prospect on
Sunday evening, officials said earlier. Turkey has
threatened to give naval escorts to Turkish explo-
ration vessels off Cyprus unless the Greek Cypriot
government halted its exploration plans.
Profits up at cruise operator Carnival
Carnivals quarterly profit has jumped, helped by
higher spending per passenger in North America
that offset weakness in other regions, and the cruise
line operator said that bookings for the rest of 2011
and first half of 2012 are at higher prices so far.
Chief executive officer Micky Arison said in a state-
ment yesterday that higher revenue yields, a meas-
ure of profitability based on revenue per passenger,
rose enough to make up for a spike in fuel costs.
Miami-based Carnival reported third-quarter net
income of $1.33bn (846m), on revenue of $5.06bn.
New chief executive for Holcim
Holcims long-serving chief executive Markus
Akermann will retire early next year and be replaced
by newcomer to the cement industry Bernard
Fontana, head of stainless steel producer Aperam.
Fontana, 50, who once worked for steel maker
ArcelorMittal and since 2010 has headed its recent-
ly spun off Aperam unit, will take up his post at the
worlds second-largest cement maker in February.
ANALYSIS l Porvair
p
15Sept 16Sept 19Sept 20Sept
90
86
82
88.50
20 Sept
CITY VIEWS: WOULD YOU BE MORE LIKELY TO CHANGE YOUR ENERGY
PROVIDER IF IT WAS EASIER? Interviews by Phoebe Torrance
If it was made easier yes, but it depends
on the deal you are changing to. You have to
be so mindful of the fact that it is possible
for the rates to change once you
join another energy provider.
CLIVE GILBERT | INCEPTA
Yes, because it would give me more
freedom of choice. There are always tie-
ins in contracts and if the deal was sim-
ple it would give me control to
make a less stressful decision.
AARON CROMBIE | NIG CORP
I already think that it is fairly easy to switch energy providers. I have previously investigated it a
few times but have never found a cheaper deal than the one I have now. So I would probably
not change even if it was easier.
PETER GODFREY | JRP UNDERWRITING
Leaders fight to convince public over recovery
A
S we drift towards a potential
economic crisis, leaders find
themselves constrained in their
policy choices by public opin-
ion. The rational leader model, which
imagines political decision-makers as
first seeking expert advice, coming to
conclusions based on analysis of evi-
dence, and then winning the argu-
ment in public, doesnt fit todays
reality, if it ever did. The continually
felt presence of public opinion creates
the conditions within which leaders
merely manoeuvre.
In Germany, a YouGov poll shows
Angela Merkel facing 3-to-1 opposition
to spending German tax revenues on
bailing out the Greeks, and approval
for keeping the euro is in the balance
at 48 per cent to 44 per cent.
She is caught between what her
advisers say and what the public says,
and hence seems unable to act.
Here in the UK, high anxiety about
the economy provides politicians an
easy pay-off for attacking high-earners.
A recent YouGov poll showed 2-to-1
support for the 50p income tax band
even though, by the same margin,
they thought it either made no differ-
ence to the economy or actually dam-
aged it.
Forty-two per cent said that even if it
brought in no extra revenue, it was
morally right that the rich should
pay more. Such an environment
makes it harder for the chancellor to
champion pro-growth policies.
However, the coalition government
retains support for their policy of cuts
from roughly half of the population
(August figures showed 40 per cent say
we should be cutting public spending
less versus 46 per cent who say its
about right or we should cut more).
But theres little sense among the
public that were making much head-
way out of the current economic
malaise. According to YouGovs
Household Economic Activity Tracker,
sentiment towards job security and
growth among working consumers in
the UK remains stagnant.
Since April, sentiment has not fallen
lower than -15.9 per cent nor risen
above -12.8 per cent, remaining within
a range of just three per cent. Positive
sentiment in April at 13.2 per cent is at
exactly the same point of 13.2 per cent
in August. Stephan Shakespeare is the
chief executive of YouGov
BRANDINDEX
STEPHAN SHAKESPEARE
ANALYSIS l UK business landscape
Business activity (UK)
Job security (UK)
April May June July August
20
10
0
-10
-20

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Introduction by City AM Editor, Allister Heath
HE MAY be an old, saggy cloth cat,
baggy, and a bit loose at the seams,
but Bagpuss owner has agreed to sell
him for 4.2m.
The announcement that media
rights owner Coolabi has agreed to a
7.75p a share deal with North
Promotions sent its stock tumbling by
almost a quarter yesterday, as the offer
failed to live up to pre-bid hype.
But sources close to one major
investor told City A.M. the offer is likely
to receive the backing of shareholders.
A round of fundraising in June val-
ued the stock at 6.75p and shares were
trading hands for between 6-7p before
speculation of a sale surfaced last
month.
However Coolabi, which also owns
the intellectual property rights to
Purple Ronnie, previously surged to as
much as 10.62p as investors salivated
over the prospect of a juicy premium.
An independent director at the com-
pany said Coolabi consulted share-
holders about the potential benefits of
a further round of fundraising or a
period of organic growth and conclud-
ed the offer represents the best option.
North Promotions, an investment
vehicle owned by Edge Performance
VCT, says it attaches great importance
to the skills and experience of the
existing management, who are expect-
ed to maintain their five per cent hold-
ing in the firm if the transaction
closes.
North Promotions will hope to cash
in on the lucrative marketing rights to
37-year-old Bagpuss and his friends.
Bagpuss to get
new owner
after 4m bid
VODAFONE has signed a partnership
agreement with some of Asias biggest
telecoms providers to expand its pres-
ence in the region and offer more
services to its international business
customers.
The deal with the Conexus Mobile
Alliance means Vodafone will partner
with firms including NTT Docomo in
Japan, Hutchison Telecom in Hong
Kong and FarEasTone in Taiwan.
Vodafone will reciprocate by offer-
ing its new partners access to its foot-
print.
The deal will allow Vodafones enter-
prise and multinational customers to
extend their managed services to the
Conexus countries, which are an
increasingly important destination for
business travellers.
The new agreement with the vari-
ous partners will come into effect
when existing contracts expire.
Vodafone chief commercial officer
Morten Lundal said: The value to
Vodafone of collaborating with
Conexus will be significant given the
growing importance of Asia to our
enterprise customers.
Conexus said the unprecedented
partnership is a realisation of its
growth strategy and will help drive its
international expansion.
Vodafone signs
deal with Asian
telecoms giants
BY STEVE DINNEEN
MEDIA
News
JEREMY Ellis is heading up the
Evolution Securities team advising
Coolabi.
The corporate finance director
joined Evolution in 1997, working
across the spectrum of corporate
finance and broking activities. He has
advised on clients on initial public
offerings, secondary fund raisings and
general M&A, including public
takeovers.
Recent transactions include the
merger of Wichford and Redefine
International and the admission of
Aureus Mining to AIM. Other high-
profile media clients include Eros
International. He has also handled
transactions on the Official List and
Nasdaq Europe, and has advised both
UK and overseas companies.
Also on the Evo team is Chris
Clarke, who joined Evolution Securities
in 2005.
The associate director in corporate
finance worked alongside Ellis on the
Wichford/Redefine merger and also
advises Eros International.
MEET THE ADVISERS: EVOLUTION SECURITIES
JEREMY ELLIS
CORPORATE
FINANCE
DIRECTOR
Bagpuss rights owner Coolabi has agreed to a takeover
ANALYSIS l Coolabi
p
15Sept 16Sept 19Sept 20Sept
9.00
8.00
7.00
7.00
20 Sept
BY STEVE DINNEEN
TELECOMS
THE ESCALATING smartphone patent

war saw another salvo yesterday, with
Samsung considering a legal bid to
block the sale of the as-yet-unseen
iPhone 5, according to sources close
to the matter.
The move follows a series of suits
brought by Apple against the Korean
firm, which culminated in sales of
Samsungs latest tablet
being blocked in
Germany, alongside
some smartphone mod-
els in the Netherlands
and an indefinite delay
in launching new
tablets in Australia.
Apple accused its
rival of slavishly copy-
ing its designs, prompt-
ing Samsung to
counter-sue.
The two technology
firms are locked in
intensifying legal bat-
tles in nine countries
over their flagship
smartphone and tablet
products.
The much-anticipat-
ed iPhone 5 is
rumoured to have an
October launch date,
with Apple hoping to continue the
momentum that saw it shift more
than 20m smartphones in the last
quarter.
Samsung, meanwhile, is becoming
an increasingly serious rival to
Apples dominance at the high end of
the smartphone market.
Sales of its flagship Galaxy S phone
rivalled iPhone sales last quarter and
it recently overtook struggling Nokia
as the worlds biggest smartphone
manufacturer.
The legal war was fur-
ther ignited last month
following Googles
shock acquisition of
phone-maker Motorola
for $12.5bn (7.8bn),
motivated by its port-
folio of more than
17,000 patents.
Analysts say the
move was an attempt
to buy insurance
against legal attacks
from rivals.
Google subsequently
provided HTC with
ammunition in its
unrelated legal battle
with Apple by selling it
a number of key
patents, which the
Taiwanese firm added
to its case.
Samsung may
try to block
new iPhone
BY STEVE DINNEEN
TELECOMS
N
e
t
w
o
r
k
B
a
n
k
e
r
.
c
o
.
u
k
N
e
t
w
o
r
k
B
a
n
k
e
r
.
c
o
.
u
k
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Banking Jobs for
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MEDICAL device maker
ClearStream Technologies said it
has agreed to be bought by New
Jersey-based CR Bard for about
43.8m in cash.
The company, whose medical
devices are used to clear blocks in
the coronary and peripheral arter-
ies, said the offer had been pitched
at 85p a share, at a premium of 84
per cent to the stocks Monday close.
Ireland-based ClearStream, which
has been advised by finnCap, consid-
ers the terms of the offer fair and
reasonable.
Bard, which manufacturers vas-
cular, urology, oncology and surgi-
cal speciality products, has made
the offer through Bard Bidco, its
Irish unit.
The acquisition of ClearStream
represents a compelling strategic
opportunity for Bard, enabling us to
strengthen our leadership in vascu-
lar medical devices, Bard chairman
and chief executive Timothy Ring
said.
ClearStream chief executive
Andrew Jones said: The Board
believes that the offer being made
by Bard represents a very attractive
opportunity for ClearStream share-
holders to realise the value created
by ClearStreams development and
growth since being admitted to Aim
in 2004.
There will be further growth
under the Bard stewardship.
London-listed shares in
ClearStream shot up 75 per cent yes-
terday to 81.25p, just short of the
premium offer price.
ClearStream to be sold to Bard in
43m move to extend heart products
BY JOHN DUNNE
HEALTHCARE
ARM bosses
net fortune
in share sale
ARM Holdings president Tudor
Brown has sold shares worth
600,000, cashing in on the technol-
ogy firms sky-high valuation.
He offloaded 100,000 shares at
600p each. The transaction marks
the second windfall in a month for
the firms former chief operating
officer, after he recently trousered
1m for cashing in 182,000 shares at
550p each.
He now owns in the region of
150,000 shares in the Cambridge-
based chip designer.
Earlier this month fellow director
Mike Inglis also sold shares, netting
him 800,000.
The management sell-offs failed to
deter investors, with ARM stock ris-
ing a further two per cent yesterday
to hit 619p, with the firm proving
resilient to the recent market tur-
moil.
It has surged more than 50 per
cent in the last 12 months, boosted
by its relationship with Apple.
An ARM spokesman said: we can-
not provide comment on any person-
al share dealings carried out by the
executive board.
BY STEVE DINNEEN
TECHNOLOGY
News
Has Labour got better or worse
since Ed Miliband became leader?
In association with
PoliticsHome.com
Apply to join today at
www.cityam.com/panel
This week, were asking members of
our reader panel whether the Labour
party has gone up in their estima-
tions since Gordon Brown resigned
and Ed Miliband took over.
We also want to know how Ed Balls
compares to Alistair Darling, his
predecessor, and whether he has
successfully used the cuts as a politi-
cal weapon against the coalition.
And is there anyone in the Labour
party who would make a better
leader? The results will be published
on Monday, when the Labour party
conference kicks off. To have your
say apply at www.cityam.com/panel
PoliticsHome.com PoliticsHome.com
In partnership with
MARC Young led the team at finnCap,
which advised ClearSteam, while
Barclays Capital advised Bard.
The deal was struck after a string
of meetings in Ireland and London
with the two companies who
already did business together com-
ing to a relatively swift amicable
agreement.
FinnCap specialises in small cap
deals and is led by chief executive
Sam Smith, while City veteran Jon
Moulton is non executive chairman.
It is understood that the price of
85p a share was identified as both
parties as a fair price given market
conditions and the performance of
the company.
Bard was keen to extend its
reach in the heart healthcare mar-
ket and saw ClearStream as the
ideal fit, particularly with the com-
panies already enjoying a business
relationship.
The ClearStream/Bard agree-
ment is just one of the deals
finnCap has brought to a successful
conclusion over the past few years.
Young last year worked on an
8.5m fundraising plan by
Redstone. The company also
brought about the Europa Oil & Gas
2.1m placing, China Foods 2.7m
placing and advised Lansdowne Oil
& Gas on its 5m placing.
Meanwhile Horizonte Minerals
sealed a 8.25m placing and SacOil
holdings was admitted to the aim,
with the advice of finnCap.
The firm also helped Ascent
Resources seal a 17m placing and
Botswana Diamonds win Aim
admission.
MEET THE ADVISERS: FINNCAP
MARC YOUNG
FINNCAP
Is Ed Miliband doing a better job than Gordon Brown as Labour leader?
ARM Holdings presi-
dent Tudor Brown
has netted 1.6m
following two share
sales this month
LENDING to housebuyers increased
strongly in August, offsetting Julys
poor figures according to statistics
released yesterday by the Council of
Mortgage Lenders (CML).
Lenders doled out 13.4bn last
month, up six per cent on July and an
increase of 10 per cent on August
2010.
July 2009 was the last time month-
ly lending was higher, when it hit
14bn.
However, analysts do not believe
this is the start of a new boom, or
even that lending is growing substan-
tially.
The underlying picture is one of
subdued but broadly stable activity,
said the CMLs chief economist Bob
Pannell. Taking July and August
together, lending has shown little
change on the same months of 2009
and 2010 as Julys figures were weak-
er than expected.
Lending traditionally increases in
the summer months, yet this year
monthly lending fell by almost five
per cent from June to July. The CML
blames the Eurozone debt crisis.
[T]here have been signs of funding
markets being disrupted by escalat-
ing sovereign debt problems,
explained Pannell, who believes prop-
erty prices are being held up by low
building volumes rather than strong
demand.
Interest rates, too, may have played
a part in boosting the figures, rather
than an increase in demand or
increase in new purchases.
It seems very possible that the
gross mortgage figure was lifted in
August by home owners remortgag-
ing to take advantage of a modest dip
in some mortgage interest rates
resulting from heightened expecta-
tions that the Bank of England will
not hike interest rates before 2013,
explained IHS Global Insights
Howard Archer.
REVENUES are growing or at least
staying put for most small and medi-
um sized enterprises (SMEs) despite
the grim economic outlook, accord-
ing to the Sage Business Index,
released yesterday.
Businesses across the world report-
ed a relatively stable outlook, as 69
per cent experienced steady or grow-
ing revenues over the past six
months. Spanish firms are in the
worst position, with 44 per cent
reported falling revenues.
Excessive bureaucracy and legisla-
tion was cited as one of the top two
concerns in every country involved in
the survey, while 38 per cent of
British firms also say the tax burden
is too high.
But despite the renewed financial
crises, just 17 per cent of firms report-
ed a lack of funding as a major chal-
lenge.
Credit is not always needed to
grow it depends on factors like cash
flow, said Sages chief executive Guy
Berruyer. And on top of that, many
SMEs have learnt to cope with the
funding environment over the last
few years they need banks less now.
That point is emphasised by David
Hathiramani, founder of A Suit That
Fits, a small clothing firm. We were
enormously concerned in mid-2008,
and had to lay off some staff, he said.
But that experience led us to
change how the business runs, and
we can continue growing despite the
wider economic problems.
SMEs performing strongly as lessons
from the credit crunch keep them safe
THE GERMAN economy is set to wors-
en, if the indicator of economic senti-
ment published yesterday by the
Centre for European Economic
Research is correct.
Sentiment dropped 5.7 per cent in
September compared with August.
That is the seventh consecutive
monthly fall in the Zew index, and
takes it to -43.3 points, a level last seen
in December 2008.
The index is composed from a sur-
vey asking whether respondents
expect the economy to improve, get
worse or remain the same. Just 8.3
per cent this month expected an
improvement, while 21.6 per cent
anticipated a deterioration in the sit-
uation.
Banks and insurance companies
reported the worst figures, posting
sentiment figures of -66 and -55.9
respectively. As 70 per cent of respon-
dents are in these industries, that
may bias results, said analysts from
Barclays Capital.
German confidence falls
as Eurozone crisis bites
GERMAN ECONOMY
Loan market
is stagnating,
warns CML
BY TIM WALLACE
HOUSING
BY TIM WALLACE
WORLD ECONOMY
News
STAY TOUGH ON DEFICITS, SAYS TRICHET
EUROPEAN Central Bank boss Jean-Claude Trichet is pushing countries to cut their
deficits to combat the crisis battering the Eurozone. All governments must apply in
their entirety the decisions we adopted in Brussels on 21 July , he told Spanish media.
He also praised Spanish banks for shoring up their balance sheets, and said their
positions had improved considerably, but said the country should remain perma-
nently alert.
NEWS | IN BRIEF
Volatility in Italian industry
Industrial orders increased in Italy in
July, but not enough to offset the
decline in June. The seasonally adjusted
figures released yesterday by Italys
official statistics body Istat show
growth of 1.8 per cent month-on-month
in July. Within that, domestic orders
increase by 0.3 per cent while non-
domestic order rose by 4.6 per cent. The
1.8 per cent increase compares with a
fall of 4.4 per cent reported in June.
More info needed on house sales
Energy efficiency ratings are studied by
housebuyers, and sustainability informa-
tion should be treated in the same way
according to the Royal Institute of
Chartered Surveyors (RICS).
Environmental factors including energy,
waste, water and flooding should be
considered, the group said. Similarly,
social issues like accessibility, health and
wellbeing impact on housebuyers
requirements but are not always
detailed in the right way, the group said.
Other factors, like proximity to public
transport, fall into both environmental
and social categories.
Canadian wholesale trade grows
Wholesale trade grew by 0.8 per cent in
July from June, helped by strong busi-
ness investment in machinery and equip-
ment, Statistics Canada announced
yesterday. After removing the effects of
the currency's appreciation against the
US dollar, which lowered prices for
imported goods sold by wholesalers,
sales rose by 1.5 per cent. However, the
agency revised its June numbers down-
wards to show flat sales, compared with
the 0.2 per cent rise initially reported.
Allen & Overy
The law firm has relocated London
banking partner Ian Powell to Hong
Kong. Since becoming a partner in
2000, Powell has worked in the firms
Frankfurt and Amsterdam office, spe-
cialising in leveraged finance and real
estate finance.
Capita
The outsourcing firms share registra-
tion division has appointed Priti Patel
to the newly created role of head of
venture capital trust operations. Patel
joins from the Allenbridge Group,
where she was a tax shelter invest-
ment consultant.
Dalton Strategic Partnership
The investment specialist has appoint-
ed Nick Horton as a partner to lead its
institutional business. Horton moves
from Lazard Asset Management,
where he was senior vice president.
PwC
Paul Cleal has been appointed as PwCs
government and public sector leader,
replacing Jon Sibson, who is leaving
PwC to become dean of the Business
School at the University of Greenwich.
Cleal has worked in PwCs corporate
finance practice since 1996 and
became partner in 2001.
JP Morgan Asset Management
Currency specialist Nima Tayebi, most
recently a portfolio manager at Polar
Capital Partners, has joined the invest-
ment companys emerging market debt
and currency team.
Pictet Asset Management
Mathias Leijon has been hired as senior
investment manager in the European
equities team, based in Zurich. Leijon
joins from Chevreaux, where he cov-
ered the Nordic region.
Troika Dialog
The CIS investment house has appoint-
ed Todd Berman as managing director,
co-head of investment banking.
Berman was most recently global co-
head of media and telecoms and EMEA
head of media, telecoms and technolo-
gy at Bank of America Merrill Lynch.
CITY MOVES | WHOS SWITCHING JOBS Edited by Harriet Dennys
+44 (0)20 7092 0053
morganmckinley.com
To appear in CITYMOVES please email your career
updates and pictures to citymoves@cityam.com SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT
in association with
Wrigley
Hamish Thomson has been appointed as gener-
al manager for the confectioners UK business,
replacing Ian Burton, who has been promoted
to run Wrigleys European operations.
Thomson, who currently leads Wrigleys Pacific
region, will relocate from Australia to London
to take up the role in October. Prior to joining
Wrigley in 2005, Thompson spent eight years
in marketing roles at Reebok and held the role
of marketing director for Mars Petcare.
ECONOMICS
PRODUCTIVITY in the UK is weak and
economic freedom is in decline,
according to figures released yesterday
by the Office for National Statistics
(ONS) and the Fraser Institute respec-
tively.
Of the G7 rich democracies, only
Japans workers produced less each
than the UKs in 2010. On an hourly
basis British workers perform slightly
better, beating Italy and Canada too,
according to the ONS initial estimates
for last year.
American workers produced 23 per
cent more each hour than those in the
UK and German output is 18 per cent
higher.
Although productivity increased
slightly up one per cent in 2009, but
still lower than it was in 2008 other
nations productivity increased more
quickly. Britain only gained ground
against Italy, where productivity was
eight per cent higher than in Britain
in 2010, compared with 10 per cent
higher in 2009.
Economic freedom also declined in
the UK in 2009, though less quickly
than in other countries. As a result
the UKs score fell to 7.71 out of a possi-
ble 10, according to yesterdays figures
from the Fraser Institute. However, its
rank actually rose from 10th to 8th
place among the 141 countries stud-
ied.
Key ingredients measured include
personal choice; voluntary exchange
coordinated by markets; freedom to
enter and compete in markets; and
protection of their persons and proper-
ty from aggression by others.
Freedom in the UK declined largely
because of higher government spend-
ing into 2009 and poorer conditions in
credit markets. Other measures
improved, however, with falls in the
average tariffs on international trade
and at the time falling inflation.
Globally, the response to the finan-
cial crisis damaged economic freedom
as governments expanded spending
and diminished property rights, the
report said.
Productivity
weak in UK as
US holds lead
British workers are producing less than many of their rivals Picture: REUTERS
BY TIM WALLACE
WORLD ECONOMY
News
ANALYSIS l Index of GDP per worker
2004=100
2010 2009 2008 2007 2006 2005 2004
108
104
100
96
92
88
Canada France France Germany Italy
Japan UK USA G7
NEWS | IN BRIEF
German PPI down last month
Falling prices have hit Germanys produc-
ers for the first time since December
2009, the Federal Statistics Office
announced yesterday. The Producer
Price Index (PPI) fell by 0.3 per cent,
month-on-month, in August. That com-
pares with a 0.7 per cent increase in the
month before. Prices are up on an annu-
al basis, rising by 5.5 per cent compared
with August 2010. That is a slowdown
in the annual rate of increase, which
grew by 5.8 per cent in the twelve
months to July.
Brazilian inflation up again
Consumer prices rose more than expect-
ed in Brazil in the month to mid-
September. The benchmark price index
rose 0.53 per cent, the national statistics
agency said yesterday, led by rising food
prices. That was faster than the 0.27 per
cent rise in August. Analysts warned
that the uptick in prices underscored the
riskiness of the central bank's cut of its
benchmark interest rate to 12 per cent
from 12.5 per cent last month despite
above-target inflation. "This naturally
hurts the central bank's credibility," said
Flavio Serrano, an economist with
Espirito Santo investment bank. "You
can't know for sure how monetary poli-
cy is being carried out."
Asian demand boosts Oz output
Australia lifted its projections
for iron ore output and exports yester-
day, defying concerns over the global
economy as Asian demand roars along.
Exports are expected to hit 449m
tonnes next financial year. That is an
increase of three per cent on earlier pre-
dictions, according to a report from the
Bureau of Resources and Energy.
Wall St awaits
Fed decision as
Greece stalls
News
BEST OF THE BROKERS
To appear in Best of the Brokers email your research to notes@cityam.com
ANALYSIS l Anglo American
3,200
2,800
2,400
Jul Aug Sep
p
2,455.00
20 Sept
ANGLO AMERICAN
Citi rates the mining group as buy/medium
risk with a target price of 35, saying that
pressure put on its shares by global eco-
nomic concerns have left it attracitvely
priced. The broker says near-term produc-
tion growth should drive cash flow over
the next two years. However, it has also
reduced its earnings forecasts by up to one
per cent to cover costs.
ANALYSIS l Dairy Crest
390
370
350
330
Jul Aug Sep
p
341.10
20 Sept
DAIRY CREST
UBS rates the UKs biggest milk producer
as neutral and lowers its target price to
355p from 400p, to reflect the tougher
economic outlook. Yesterdays half year fig-
ures were in line with expectations, and
management remained confident of deliv-
ering 2012 profits in line, despite upward
pressure on milk costs. The brokers price
target is based on a 6x EV/Ebitda multiple.
ANALYSIS l Tesco
410
390
370
350
Jul Aug Sep
p 371.15
20 Sept
TESCO
Nomura rates the supermarket as a buy
with a target price of 500p, expecting Tesco
to post first-half profits of 1.8bn, represent-
ing seven per cent growth excluding Japan.
Without the Easter and royal wedding boost,
the broker expects second quarter UK sales
to be more subdued, but still expects trading
profits to grow in line. It also expects flat
Tesco Bank profits for the full year to
February 2012.
U
S stocks ended little changed yes-
terday as investors waited to see
if the US Federal Reserve would
offer more economic stimulus
and if Greece made progress in talks to
avoid a default.
In the lowest volume session since
late August, the market gave up earlier
gains of about one per cent as
investors were wary of going home
with long positions after an overnight
downgrade of Italys credit rating.
Defensive sectors were the biggest
advancers, indicating some investor
nervousness.
The Dow Jones industrial average
gained 7.65 points, or 0.07 per cent, to
11,408.66 at the close. The Standard &
Poors 500 Index fell 2.00 points, or
0.17 per cent, to 1,202.09. The Nasdaq
Composite Index lost 22.59 points, or
0.86 per cent, to 2,590.24.
AT&T rose one per cent while
Celgene surged 7.1 per cent ahead of a
review by European regulators of the
biopharmaceutical companys multi-
ple sclerosis drug Revlimid.
Apple again hit an all-time intraday
high, up almost three per cent to reach
$422.86.
THENEW YORK
REPORT
T
HE FTSE 100 index rose two per
cent yesterday as traders said
dividend hunters tapped into
beaten-down defensives and
there was some short-covering ahead
of a Federal Reserve meeting on US
monetary policy options.
Oil stocks including BP, pharma-
ceuticals including GlaxoSmithKline
and telecoms including Vodafone
were among those adding most
points to the index.
But the total traded volume for all
FTSE 100 shares was just 72 per cent
of the 90-day daily average.
Most of the buying was selective
and driven by the momentum boys,
who see a move and pile in behind
it, a head of institutional trading at
a UK-based brokerage said, adding
conviction was low in the light of
the broader issues of weakening
global growth and the regional debt
crisis.
Among the top individual movers
was cruise firm Carnival, which
ended up 6.6 per cent after quarterly
profits got a boost.
The FTSE 100s two per cent gain
put it up 104.15 points at 5,363.71.
But it remains down 0.5 per cent in
September and nine per cent so far
this year, however.
While the blue-chip index recov-
ered all of Mondays fall, the volatili-
ty index was less bullish. It ended
down 8.2 per cent after a climb of
10.3 per cent on Monday.
Analysts said investors were wary
of going short into the Federal
Reserve meeting due to a belief that
further monetary stimulus meas-
ures could be announced.
Outside of the top index, property
firm DTZ fell 4.8 per cent. The firm
later released a statement saying it
was not aware of the reason for the
fall, and repeated that it is still eval-
uating takeover and other options.
FTSE makes gains
on lower volumes
THELONDON
REPORT
20Jun 08Jul 28Jul 7Sep 17Aug
6,200
5,400
5,000
5,800
ANALYSIS l FTSE
5,363.71
20 Sept
23
THE DNA of innovators or the
code for generating innovative
ideas is expressed in the model on
the right. The key skill for generat-
ing innovative ideas is the cognitive
skill of associational thinking.
BEHAVIOURAL SKILLS
The reason that some people gener-
ate more associations than others is
partly because their brains are just
wired that way. But a more critical
reason is that they more frequently
engage in the behavioural skills of
questioning, observing, networking
and experimenting. These are the
catalysts for associational thinking.
BE BRAVE
Of course, the next question is, why
do some people engage these four
skills more than others? The answer
is that they have the courage to
innovate. They are willing to
embrace a mission for change and
take risks to make change happen.
The bottom line is that to improve
your ability to generate innovative
ideas, you need to practise associa-
tional thinking and more frequent-
ly engage in questioning, observing,
networking, and experimenting.
That will likely only happen if you
can somehow cultivate the courage
to innovate.
As innovators actively engage in
their discovery skills over a lifetime,
they build discovery habits, and
they become defined by them. They
grow increasingly confident in their
ability to discover whats next, and
they believe deeply that generating
creative insights is their job.
It is not something to delegate to
someone else. As A. G. Laey
declared, innovation is the central
job of every leader business unit
managers, functional leaders, and
the CEO.
Innovators DNA is published by
Harvard Business Review Press. Available
now, 21.99.
SO what makes innovators different
from the rest of us? Most of us believe
this question has been answered. Its a
genetic endowment. Some people are
right brained, which allows them to
be more intuitive and divergent
thinkers. Either you have it or you
dont. But does research really sup-
port this idea?
Our research confirms others
work that creativity skills are not sim-
ply genetic traits endowed at birth,
but that they can be developed. In
fact, the most comprehensive study
confirming this was done by a group
of researchers, Merton Reznikoff,
George Domino, Carolyn Bridges, and
Merton Honeymon, who studied cre-
ative abilities in 117 pairs of identical
and fraternal twins. Testing twins
aged 15 to 22, they found that only
about 30 per cent of the performance
of identical twins on a battery of ten
creativity tests could be attributed to
genetics. In contrast, roughly 80 per
cent to 85 per cent of the twins per-
formance on general intelligence (IQ)
tests could be attributed to genetics.
So general intelligence (at least the
way scientists measure it) is basically
a genetic endowment, but creativity
is not.
Nurture trumps nature as far as
creativity goes. Six other creativity
studies of identical twins confirm the
Reznikoff et al. result: roughly 25 per
cent to 40 per cent of what we do
innovatively stems from genetics.
That means that roughly two-thirds
of our innovation skills still come
through learning from first under-
standing the skill, then practising it,
and ultimately gaining confidence in
our capacity to create.
INDIVIDUALISM
This is one reason that individuals
who grow up in societies that pro-
mote community versus individual-
ism and hierarchy over merit such
as Japan, China, Korea, and many
Arab nations are less likely to cre-
atively challenge the status quo and
turn out innovations (or win Nobel
prizes). To be sure, many innovators
in our study seemed genetically gift-
ed. But more importantly, they often
described how they acquired innova-
Replicate innovators disruptive DNA
Business Features| Insight
Two extracts from The Innovators
DNA a new work probing how the big
names in business got their big ideas
tion skills from role models who
made it safe as well as exciting to dis-
cover new ways of doing things.
MAKING INNOVATORS
If innovators can be made and not
just born, how then do they come up
with great new ideas? Our research
on roughly 500 innovators compared
to roughly 5,000 executives led us to
identify five discovery skills that dis-
tinguish innovators from typical exec-
utives.
First and foremost, innovators
count on a cognitive skill that we call
associational thinking or simply
associating. Associating happens as
the brain tries to synthesise and make
sense of novel inputs. It helps innova-
tors discover new directions by mak-
ing connections across seemingly
unrelated questions, problems, or
ideas. Innovative breakthroughs often
happen at the intersection of diverse
disciplines and fields. Author Frans
Johanssen described this phenome-
non as the Medici effect, referring to
the creative explosion in Florence
when the Medici family brought
together creators from a wide range
of disciplines sculptors, scientist,
poets, philosophers, painters, and
architects. As these individuals con-
nected, they created new ideas at the
intersection of their respective fields,
thereby spawning the renaissance,
one of the most innovative eras in his-
tory. Put simply, innovative thinkers
connect fields, problems, or ideas
that others find unrelated.
Reprinted by permission of Harvard
Business Review Press. Excerpt from The
Innovators DNA. Copyright 2011 Jeff Dyer,
Hal Gregersen and Clayton Christensen. All
rights reserved.
Jeffrey Dyer is
the Horace
Beesley profes-
sor of strategy
at the Marriott
School,
Brigham Young
University. He is
widely published in strategy and
business journals and was the
fourth most cited management
scholar in 1996-2006.
Hal Gregersen
is a professor of
leadership at
Insead. He
teaches, con-
sults, and
coaches with
executives and
social entrepreneurs around the
world, as they tackle significant
innovation and social innovation
challenges.
Legendary inno-
vation guru
Clayton M.
Christensen is
the Robert and
Jane Cizik pro-
fessor of busi-
ness
administration at the Harvard
Business School and the architect of
and the worlds foremost authority
on disruptive innovation.
THE AUTHORS | DYER, GREGERSEN AND CHRISTENSEN
Challenging
the status quo
Associational
thinking
Innovative
business
idea
Courage to
innovate
Behavioural
skills
Cognitive skill to
synthesise novel
inputs
Questioning
Observing
Networking
Experimenting
Taking
risks
ANALYSIS l The Innovators DNA model for generating innovative ideas
A model for the generation of innovation
You dont need to live in
16th-century Florence to
tap into the Medici effect
Picture: Getty Images
24
The Forum
R
ATINGS agency Fitch was
reported yesterday as predict-
ing that Greece would
default but not leave the
euro. The reality now is that the
kind of long-term solution that will
be necessary to save the euro
requires a euro of which Greece is
not a member. The longer a Greek
default and euro exit are delayed (a
scenario that will inevitably also
mean Cypriot exit from the euro),
the longer a proper solution to the
euro crisis is delayed, and the
greater the risk that the euro will
collapse altogether.
The way the euro will ultimately
be saved is by the wealthy euro
members agreeing to contribute
monies to a Brussels-administered
fund that then spends those
monies in low-growth parts of the
Eurozone such as certain Italian
and Portuguese regions. That will
raise the growth rates of Italy and
Portugal by just enough for these
economies to be able to service
their own debts over the long-term.
Portuguese and Italian GDP com-
bined are about 1.8 trillion. So
adding half a per cent to GDP
would cost the wealthier parts of
the Eurozone about 9bn per year.
Perhaps twice that might be
required in the first three years so
we can assume a total bill of
around 9-18bn per annum. The
9bn figure would probably be
required for decades, in much the
same way that wealthier parts of
the UK (such as London) have, at
times past, subsidised less wealthy
parts (such as Liverpool) for
decades at a time.
Spain and Ireland have banking
sector problems they dont really
have sovereign debt problems at all,
so as soon as they disentangle their govern-
ments from their banking sectors, there will
be no issue for either of these states. What
they need to do is simply to introduce, early,
the bail-in procedures that the European
Commission has already proposed from
2013. That will of course impose losses on
bondholders of Spanish and Irish banks
which includes French and German banks.
But why the Spanish or Irish taxpayers
should be interested in bailing out French or
German banks on any long-term basis is
beyond mortal ken.
It would be by no means unprecedented
or legally problematic for wealthier parts of
the European Union to send money via
Brussels to less wealthy parts. It has hap-
pened for decades (and is still going on)
through what are called structural funds. In
the 1990s, Ireland received around half a per
cent of GDP per year through the structural
funds, so even the sums involved in saving
the euro would be by no means unprece-
dented. Obviously, new Eurozone-only struc-
tural funds would only be funded by
Eurozone members. Initially, they would
probably be funded by direct government
contributions, but eventually there would
probably be special Eurozone taxes to fund
them, and perhaps even debt issued one day.
To increase democratic accountability for
such fiscal coordination, there would have
to be a Eurozone finance minister perhaps
even one day directly elected.
Obviously, though, no country in the
wealthier parts of the Eurozone is going to
agree to sending tens of billions every year
to Greece. Slovakia didnt even agree upon
the 2010 bailout, the Finns, Slovakians,
Slovenians, Austrians and Dutch have
demanded collateral in respect of the 2011
bailout, and the mutual animosity in the
Greek and German press is long past the
point of no return. So there cannot be any
long-term arrangement of this kind while
the Greeks remain in. Once the Greeks have
left, matters can be resolved.
Many in financial markets appear to imag-
ine that there is going to be a solution
involving debt pooling or Eurobonds. Aint.
Gonna. Happen. Debt pooling solutions
would involve the Germans and French com-
mitting to additional exposures of some 2-
3 trillion euros, as they took on
responsibility for Italian, Spanish, Belgian
and other debt. That would raise French and
German debt servicing costs by more than
30bn per year vastly more than the 6-
12bn that would be their share of a
Eurozone structural fund. It would also
either involve the Germans agreeing to send
money off to Silvio Berlusconi to spend as he
saw fit, or the Germans instructing the
Italians what they could spend money on
abandoning fiscal discipline or accepting
the total overriding of sovereignty. Neither
of these arrangements is going to be palat-
able. Furthermore, debt pooling has been
ruled in violation of the German constitu-
tion. Forget it.
The drawback of the Eurozone structural
funds scheme is that it involves committing
to parting with real, tangible money.
Current bailout schemes have allowed the
pretence that no money is actually lost.
Eurozone leaders will have some tough
explaining to do to their electorates.
However, an extension of the EU structural
funds to save the euro is an extension of
what already exists, and naturally extends
ever-closer union. But not to Greece.
Andrew Lilico is an economist with Europe
Economics and a member of the Shadow Monetary
Policy Committee.
Countries in the Eurozone
are not going to send tens of
billions every year to Greece.
Eject Greece if you want to
save the euro from sinking,
warns a leading economist
cityam.com/forum
ANDREW LILICO
25
The new head of
a key business
network wants
radical changes
We need growth,
minister: get off
your hobbyhorse
D
URING his speech to the Liberal
Democrats in Birmingham, business
secretary Vince Cable warned that we
are facing a crisis the economic equiv-
alent of war. While that might be an over-
statement, we cant argue with the facts.
Unemployment stands at 2.51m, inflation is at
4.5 per cent, and a Eurozone crisis threatens
the confidence of our businesses. The British
Chambers of Commerces latest forecast pre-
dicts that UK growth will remain positive, but
weak at 1.1 per cent in 2011, and 2.1 per cent
in 2012.
All the good things we want to see in society
depend on business and wealth creation, but
what comfort can owners of businesses across
the country take from the actions of the busi-
ness secretary and coalition government?
Firms want and need stability, and to see
the government hold fast on the plans to
reduce the deficit. Both are absolutely funda-
mental to business confidence and our
growth prospects. The UK has the potential to
recover and thrive, but that depends on creat-
ing the right conditions for businesses to
grow. That means: reducing the regulation
that businesses tell us deters them from creat-
ing new jobs; improving access to capital; forg-
ing ahead with reforms to our planning
system so businesses can expand; and more
support for existing and potential exporters.
The government has so far talked a good
game on cutting red tape and improving busi-
nesses access to finance, but the reality is dif-
ferent for businesses. Too many firms tell us
that for all the talk of change, and promises to
encourage enterprise, there is little difference
to be felt on the ground.
With this in mind, what concerns me most
about Vince Cables speech is his lambasting
of the banks, and his plans to tackle executive
pay. We support the broad aims of ring-fenc-
ing banks operations, though there are con-
cerns about how this could affect lending to
business. So too, we believe that pay should be
based on performance in every business.
But as businesses look to the government
for stability and confidence, I cant help but
feel that Vince Cable, alongside all ministers,
should be more focused on radical measures
that will create wealth, growth and jobs. For
example: following through on proposed
changes to the planning system; reforming
our employment tribunal system which is cur-
rently weighted in favour of the employee;
reforming the national insurance holiday so it
benefits employers wanting to take on staff;
and moving infrastructure projects forward.
Politicians must remember that their per-
formance is tied to that of business. For that
reason, now is the time for them to focus on
the core issues, rather than hobbyhorse proj-
ects.
We have to get the economy onto a more
sustainable long-term footing, and it is busi-
ness that will help us achieve that. Once the
huff and puff of conference season is over, we
will go back to business as usual. For govern-
ment, that has to mean ensuring promises to
encourage growth and stimulate enterprise
translate into real changes for businesses on
the ground.
John Longworth is the new director general of the
British Chambers of Commerce.
Euro exhaustion
We need long term economic
restructuring to make the euro
function by assisting struggling
countries flogging them through
zero-growth austerity is pointless.
Im not sure the degree of political
understanding or will to make the
euro work is present any more.
Chronic electoral and investor
fatigue is making us too weary. If
anyone suggests Eurobonds are
the way forward, I shall scream.
Bill Blain,
Senior Strategist, Newedge
Golden goose tax
As has been proved many times,
excessive taxes are counterpro-
ductive and by international com-
parisons our higher rate income
tax is now unquestionably uncom-
petitive. I thought that the death
of communism had finally put paid
to the ritual throttling of the gold-
en goose. Unfortunately, we have
a spineless Conservative-dominat-
ed government in hock to econom-
ically illiterate and hysterically
self-righteous Liberal Democrats.
Mark Speeks
Speak your mind
The Forum is open for you to
take part. Got a sharp comment
on one of todays columns or
rapid response topics? Do you
have another subject relating to
business and the economy you
want to share your opinion on?
We want to hear your views.
Readers are invited to comment
on the web: cityam.com/forum;
by email: theforum@cityam.com;
and on Twitter: @cityamforum.
The best responses will be
reprinted in The Forum.
RAPID RESPONSES
In association with
JOHN LONGWORTH
BY JAMIE WHYTE
The Forum
THE chancellor
George Osborne and
business secretary
Vince Cable believe
that Britains eco-
nomic problems are
partly to be blamed
on poorly designed
incentive schemes.
They believe that sen-
ior businessmen are
rewarded for failure.
If this were true, it would indeed be a prob-
lem. But the idea is preposterous. Why would
the owners of a company (or their agents)
design a pay scheme that rewards employees
for failing? Of course, executives do often
receive high pay when their company is per-
forming poorly. But this is not evidence of a
badly designed incentive scheme that encour-
ages failure. It is evidence of a well designed
incentive scheme, aimed at solving a problem
that government ministers do not seem to
recognise.
The principal challenge of corporate gover-
nance is to align the managers interests with
the owners. An obvious way to achieve this is to
make managers owners too, by paying their
bonuses in company shares. Yet this is an imper-
fect solution because it fails to give managers
the same risk appetites as other shareholders.
Few of a companys shareholders are
investors in that company alone; most hold a
diversified portfolio of stocks. Provided these
stocks are not perfectly correlated, the volatility
of the portfolios value is lower than the aver-
age of each stocks volatility. When held in such
a portfolio, the optimal volatility of each indi-
vidual stock is higher than it would be if held
on its own.
The risks of company managers, by contrast,
are concentrated in the firm they work for. Not
only are they partly paid in its shares, which
they must normally hold for a considerable
period, but, if the company fails, they lose their
incomes. A companys managers are therefore
more risk averse than its owners.
This fact helps to explain the high salaries,
bonuses in bad years, golden parachutes and
other elements of fat cat compensation that
outrage the popular press and politicians. They
are designed to relieve corporate executives of
their natural caution and bring their risk
appetites up to the same level as other share-
holders. If you want people to take risks, you
might offer to pay them pretty well even if they
fail.
The serious incentives problem in Britain lies
not with business executives but with politi-
cians. They can make absurd, anti-enterprise
speeches and pass legislation harmful to busi-
ness without incurring any costs themselves.
On the contrary, provided their rhetoric and
policies appeal to the prejudices of sufficiently
many voters, politicians can profit simply by
harming unpopular groups.
Unlike business people, who profit by apply-
ing ideas that turn out to be correct, politicians
profit from ideas that are popular, even when
they are false. They live in a world of pure opin-
ion, with little reason to concern themselves
with reality.
Powerful people whose incentives encourage
such intellectual irresponsibility are danger-
ous. The urgent task of constitutional reform in
Britain should be to create legal limits on what
these highly motivated charlatans are allowed
to meddle with.
Jamie Whyte is a management consultant and
author of Crimes Against Logic (McGraw Hill, 2004).
Politicians dont know
how incentives work
Email: theforum@cityam.com
Follow us on: @cityamforum
T
HE downgrade of Italys sovereign
debt rating by Standard and Poors
(S&P) ratings agency was another
sounding of the death knell for the
Eurozone in its current incarnation.
When it announced the revision yester-
day from A+ to A, S&P noted Italys weak-
ening economic prospects and the
difficulty of the fragile governing coali-
tion being able to respond decisively to the
debt crisis.
Moodys has also stated it would be
reviewing Italys finances, although most
expect them to follow S&Ps lead and down-
grade Europes third biggest economy. The
announcements sent Italys Credit Default
Swap spread up to 494, which would price
in a 29.9 per cent five-year cumulative prob-
ability of default. It goes to show now that
the credit ratings agencies are not just
focusing on the economic fundamentals,
but also on the ever increasing relationship
that politics plays in economics, says Chris
Towner, director of FX advisory services at
HiFX. The reasons given for the downgrade
were very similar to those given when the
US was downgraded earlier in the year: the
country lost its AAA rating as a result of
political deadlock rather than immediate
fears that it would be unable to service its
debts.
The news from Italy breaks with market
focus on Greeces woes. But while a Greek
default could feasibly be soaked up by other
Eurozone nations, Italy is a very different
beast. With the third largest bond market
in the world, there is nobody who could
prop them up if they were to fall. And the
markets know this all too well euro-Swiss
franc actually strengthened on the back of
the news that Italy was downgraded.
Many see the Italian bond market as being
too big to be allowed to fail, says Craig Drake
Wealth Management| Foreign Exchange
26
Downgrade of
Italy adds to
Eurozone woes
Y
ESTERDAY, while London was sleeping and
Tokyo traders were just starting their day,
Standard and Poors downgraded Italy, send-
ing euro-dollar into free fall, as the unit
plunged more than 100 points in a matter of min-
utes. Yet when London traders arrived at their desks,
the pair proceeded to stage a comeback recovering
all of its losses. Why does the euro remain so resilient
in the face of so much bad news? I believe the cur-
rency markets are just too complacent, convinced
that the member nations will somehow muddle on
through the growing credit crisis in the region.
Yet Italy is a much bigger problem than Greece.
The countrys bond market is the third largest in the
world. The downgrade could increase Italys bor-
rowing costs, just as the country embarks on a
large refinancing program that entails nearly
30bn of gross issuance in October and November.
These upcoming bond auctions could become the
true test of the countrys credit strength, and if
investors balk at rolling over its debt, the down-
ward pressure on the euro could quickly accelerate.
At the very best, Italy will now have to pay con-
siderably more money to refinance its debt, a
dynamic that will dampen growth going forward,
as government revenues are used for interest pay-
ments, rather than direct spending. Thats a pre-
scription for a recession that could spread to the
core of the Eurozone by the start of next year.
Today, all eyes in the currency markets will be
focused on the Fed to see if Bernanke and company
introduce the new policy of Twist a way to shift
Fed assets from short-term maturities to the long
end of the yield curve. However, I believe these
financial gymnastics will have little long-term
impact on currency trades. Rates in the US are low
enough and yet demand remains lacklustre. On the
other hand, if tomorrows Eurozone flash PMI read-
ings show that the region is teetering on the verge
of contraction, the markets complacency could
quickly evaporate and the euro-dollar could see fur-
ther weakness testing the key $1.3500 support as
the week comes to a close.
MARKET TOO
COMPLACENT
ON THE EURO
BORIS SCHLOSSBERG
DIRECTOR OF CURRENCY RESEARCH, GFT
YOUR ONE STOP FOR
MARKET COMMENTARY.
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0eta||edJechn|ca|Ana|ys|s
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Shortand|ongJerrJradeRecorrendat|ons
When trading CFDs, Forex and Spread Bets, it is possible to lose more than your
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is authorised and regulated by the Financial Services Authority. CD03UK.165.091411
According to Angus Campbell, head of sales
at Capital Spreads, Italy is likely to see fur-
ther downgrades. Should this happen,
Campbell points out that central banks see
Italy as simply too big to be allowed to fail:
It has almost got to praying time for
investors in the hope that the European
Central Bank can keep Italys government
bond yields sufficiently low for them to
avoid such an event.
TRADING EUROZONE TROUBLE
With yesterdays development, many will
be speculating as to how long the Euro-
Swiss franc floor put in place by the Swiss
National Bank (SNB) two weeks ago will
hold out. This was reinforced by big move-
ments in Swiss franc pairs yesterday follow-
ing market chatter that this morning
would see the SNB redouble its efforts at
combating a strong franc by raising the
floor under the euro-Swiss franc to SFr1.25.
This was denied by the SNB, which
knocked the euro-Swiss franc and dollar-
Swiss franc pairs off their intra day highs.
So where are the European currencies
heading? Even though the euro will trade
lower against the dollar, Im not certain
that this will have a major impact on euros-
Swiss franc in the short term, says
Alejandro Zambrano, market strategist at
FXCM. The Swiss franc is already trading
lower against the dollar and I expect the
same versus the euro. I predict the euro-
Swiss franc will reach SFr1.30 as long as
prices trade above SFr1.1.
Apr May Jun Jul Aug Sep
500
400
300
200
ANALYSIS l Italian government bond credit default swap
CDS spread
27
FOREX ANALYST PICKS
FOREX STRATEGIST
JOEL KRUGER
My pick: Short euro-dollar
Expertise: Technical analysis
Average time frame of trades: 1 day to 1 week
FOREX STRATEGIST
ILYA SPIVAK
My pick: Stay short euro-dollar
Expertise: Global macro
Average time frame of trades: 1 week to 6 months
I sold euro-dollar at $1.4328 on 29 July expecting a deepening EU
debt crisis. Prices are testing the bottom of a falling channel con-
necting major lows since mid-April and I expect directional momen-
tum to be lacklustre until the outcome of Wednesdays FOMC
announcement, at which point selling should resume. I will remain
short, aiming for a soft objective at $1.3416. The stop-loss is now at
the breakeven rate $1.4328.
Although our in-house model is showing positioning in the euro-dollar
market as fairly balanced, we continue to see plenty of downside risk
ahead and recommend looking for opportunities to sell into rallies, or
on downside breaks. As such, the key levels to watch over the coming
sessions will be $1.3780 above, and $1.3500 below. We like the idea of
selling rallies towards $1.3780, or selling on a daily close back below
$1.3500.
FOREX STRATEGIST
JOHN KICKLIGHTER
My pick: Short Aussie-Kiwi, short Aussie-yen, short loonie-yen
Expertise: Fundamental analysis with risk management
Average time frame of trades: 1 day to 1 week
There is a lot of interest this week in the Fed rate decision and constant
turmoil surrounding Greeces slow motion implosion, so Ill avoid this
risk. Instead, I am looking at pairs that can respond to meaningful risk
trends. Strong support on Australian dollar-yen (77.50) and Canadian
dollar-yen (76.50) set up good breakout opportunities. To get further
away from risk appetite trends, Im watching Australian dollar-New
Zealand dollar around a significant rising trendline at NZ$1.2320/50.
T
HE dollars strength
in recent weeks has
seen it really surge
against its neighbour
the Mexican peso, having
appreciated some 14 per
cent since mid-July. A break
above the peso13.000 level
is quite significant for the
dollar bulls, meaning a test
of peso14.000 cannot be
ruled out. Capital Spreads
quotes peso13.1270-
peso13.1470 for dollar-
Mexican peso.
We know the euro is
struggling, but who knows
how much more pain there
is to come for the single
currency? Italys down-
grade by S&P adds it to
the list of other Eurozone
casualties. With the euro
at a ten-year low against
the yen, traders should
brace themselves. Capital
Spreads quotes 104.75-
104.78 for euro-yen.
Much focus will be on
the contents of the BoE
minutes released today,
where vote breakdowns
are once again crucial. The
UK economy has deterio-
rated significantly since
last Augusts inflation
report, so the general view
is that the BoE is likely to
respond. Going into the
publication of the minutes,
expect speculative short
sterling positions to grow
in expectation of monetary
easing. On sterling-dollar
Alpari quotes $1.5713-
$1.5714.
The minutes of the latest
meeting of the Reserve
Bank of Australias interest
rate setting committee
hinted that rates wont be
cut any time soon, helping
the struggling Aussie in the
short-term. However,
spread betters are still
banking on the currency
falling back to parity with
the US dollar and possibly
falling further. The Aussie
has fallen in recent months,
not helped by similar falls
in commodity prices.
Spreadex quotes
Australian dollar-dollar at
$1.0286-$1.0289.
Given the event risk
around the Fed and BoE
this week, it may be a bet-
ter approach to take
advantage of pre-figure
flows, rather than leave
exposure over the figures
themselves. There is a
strong chance of sterling
weakness going into the
BoE minutes, but if they
stay tight-lipped, sterling
pairs could get squeezed if
the BoE appears more
hawkish than the ECB and
Fed. On euro-sterling
Alpari quotes 0.8616-
0.8618.
Philip Salter
THE TIPSTER
DOLLAR RIDES ROUGHSHOD OVER THE
BORDER AGAINST THE MEXICAN PESO
Dark days for the
Eurozone show
no sign of ending
Picture: REUTERS
EU SHARES
AIR LIQUIDE...............88.90 2.57 100.65 80.90
ALLIANZ .....................64.56 1.19 108.85 56.16
ANHEUS-BUSCH INBEV38.650.90 46.33 33.85
ARCELORMITTAL......12.83 0.11 28.55 12.06
AXA...............................9.08 -0.23 16.16 8.05
BANCOSANTANDER ..5.91 0.12 9.72 5.15
BASF SE .....................47.83 1.36 70.22 42.19
BAYER.........................39.05 0.77 59.44 35.36
BBVA.............................5.90 0.12 10.21 5.03
BMW............................57.64 1.44 73.85 47.11
BNP PARIBAS ............24.92 -1.74 59.93 23.05
CARREFOUR..............16.29 0.28 36.06 14.66
CRH PLC.....................11.74 0.34 17.40 10.28
DAIMLER ....................36.79 1.39 59.09 30.93
DANONE .....................44.80 0.85 53.16 42.08
DEU.BOERSE OFFRE42.24 1.00 55.75 37.03
DEUTSCHE BANK......24.45 0.49 48.70 20.79
DEUTSCHE TELEKOM 8.69 0.36 11.38 7.88
E.ON............................15.77 0.60 25.54 12.50
ENEL .............................3.12 0.07 4.86 2.85
ENI ...............................12.97 0.17 18.66 11.83
FRANCE TELECOM...12.02 0.22 17.45 11.26
GDF SUEZ...................21.21 0.65 30.05 18.32
GENERALIASS. .........11.20 0.38 17.05 10.34
IBERDROLA .................5.04 0.09 6.50 4.29
INDITEX.......................63.05 1.70 65.18 50.92
INGGROEP CVA..........5.12 0.20 9.50 4.32
INTESA SANPAOLO.....1.00 0.02 2.53 0.85
KON.PHILIPS ELECTR13.14 0.26 25.45 12.06
L'OREAL .....................74.91 1.93 91.24 69.86
LVMH.........................115.45 4.05 132.65 97.67
MUNICH RE ................85.26 2.32 126.00 78.10
NOKIA...........................4.35 0.08 8.49 3.33
REPSOL YPF ..............19.95 0.61 24.90 17.31
RWE.............................25.93 0.94 55.88 21.22
SAINT-GOBAIN...........30.15 0.36 47.64 27.62
SANOFI .......................49.05 1.54 56.82 42.85
SAP .............................37.35 0.85 46.15 32.88
SCHNEIDER ELECTRIC41.60 1.36 61.83 37.42
SIEMENS.....................70.22 1.61 99.39 62.13
SOCIETE GENERALE17.15 -0.55 52.70 14.32
TELECOMITALIA.........0.79 0.02 1.16 0.70
TELEFONICA..............14.02 0.25 19.69 12.50
TOTAL .........................32.60 0.44 44.55 30.34
UNIBAIL-RODAMCOSE134.800.60 162.95 124.50
UNICREDIT ...................0.71 0.00 2.03 0.67
UNILEVER CVA ..........22.87 0.40 24.08 20.82
VINCI ...........................33.14 0.38 45.48 30.31
VIVENDI ......................15.70 0.37 22.07 14.10
VOLKSWAGEN VORZ114.00 5.25 152.20 81.80
Price Chg High Low Price Chg High Low
WORLDINDICES
US SHARES
3M.................................79.21 0.00 98.19 76.00
ABBOTT LABS............52.77 0.78 54.24 45.07
ALCOA.........................11.25 -0.33 18.47 10.99
ALTRIA GROUP...........26.95 0.08 28.13 23.20
AMAZON.COM...........233.25 -8.44 244.00 146.50
AMERICAN EXPRESS 49.27 0.59 53.80 37.33
AMGEN INC.................57.37 0.84 61.53 47.66
APPLE........................413.45 1.82 422.86 273.68
AT&T.............................28.85 0.27 31.94 27.20
BANK OFAMERICA......6.90 -0.09 15.31 6.01
BERKSHIRE HATAWB69.72 0.06 87.65 66.51
BOEING CO.................63.56 -0.59 80.65 56.01
BRISTOL MYERS SQUI31.49 0.77 31.64 20.05
CATERPILLAR.............83.66 -0.94 116.55 71.09
CHEVRON....................97.79 -0.92 109.94 78.16
CISCOSYSTEMS ........16.53 0.02 24.60 13.30
CITIGROUP..................26.93 -0.78 51.50 25.40
COCA-COLA................70.65 0.16 71.77 57.41
COLGATE PALMOLIVE93.96 0.64 94.89 73.62
CONOCOPHILLIPS .....67.01 0.24 81.80 55.00
CVS/CAREMARK ........35.81 0.12 39.50 29.45
DU PONT(EI)DE NMR.45.96 -0.42 57.00 43.34
EXXON MOBIL.............74.01 0.31 88.23 60.63
GENERAL ELECTRIC .16.04 -0.14 21.65 14.72
GOOGLE A.................546.63 -0.05 642.96 473.02
HEWLETTPACKARD..22.47 -0.44 49.39 22.13
HOME DEPOT..............34.81 0.46 39.38 28.13
IBM.............................174.72 1.59 185.63 129.70
INTEL CORP................22.20 0.27 26.78 18.67
J.P.MORGAN CHASE..32.25 -0.24 48.36 31.21
JOHNSON & JOHNSON64.22 0.08 68.05 57.50
KRAFTFOODS A ........34.52 -0.35 36.30 24.30
MC DONALD'S CORP.89.31 0.50 91.22 72.14
MERCK AND CO.NEW32.50 0.25 37.68 29.47
MICROSOFT ................26.98 -0.23 29.46 23.65
OCCID.PETROLEUM..80.78 -1.68 117.89 73.86
ORACLE CORP ...........28.35 -0.67 36.50 24.72
PEPSICO......................60.39 -0.17 71.89 59.25
PFIZER.........................18.24 0.18 21.45 16.25
PHILIP MORRIS INTL..68.28 0.37 72.74 54.61
PROCTER AND GAMBLE64.080.27 67.72 56.57
QUALCOMMINC.........53.11 -0.56 59.84 41.94
SCHLUMBERGER.......69.29 -1.47 95.64 57.77
TRAVELERS CIES.......50.42 0.52 64.17 46.62
UNITED TECHNOLOGIE76.01 0.46 91.83 67.12
UNITEDHEALTH GROUP49.83-0.12 53.50 33.94
VERIZON COMMS.......36.41 0.13 38.95 31.38
WAL-MARTSTORES...52.29 -0.16 57.90 48.31
WALTDISNEY CO.......32.31 -0.20 44.34 29.60
WELLS FARGO& CO .24.67 0.34 34.25 22.58
FTSE 100 . . . . . . . . . . . . . . 5363.71 104.15 1.98
FTSE 250 INDEX . . . . . . . 10308.58 79.57 0.78
FTSE UK ALL SHARE ....2777.05 48.90 1.79
FTSE AIMALL SH . . . . . . . . 760.67 -0.45 -0.06
DOWJONES INDUS 30 ..11408.66 7.65 0.07
S&P 500 . . . . . . . . . . . . . . . 1202.09 -2.00 -0.17
NASDAQCOMPOSITE ...2590.24 -22.59 -0.86
FTSEUROFIRST 300 . . . . . . 934.16 18.09 1.97
NIKKEI225AVERAGE....8721.24 -142.92 -1.61
DAX 30PERFORMANCE..5571.68 155.77 2.88
CAC 40 . . . . . . . . . . . . . . . . 2984.05 44.05 1.50
SHANGHAISE INDEX ....2447.76 9.96 0.41
HANG SENG. . . . . . . . . . . 19014.80 96.85 0.51
S&P/ASX 20INDEX ......2423.80 -25.00 -1.02
ASX ALL ORDINARIES ...4124.80 -39.30 -0.94
BOVESPA SAOPAOLO..56560.12 -542.66 -0.95
ISEQOVERALL INDEX ...2492.91 36.37 1.48
STI . . . . . . . . . . . . . . . . . . . . 2780.84 23.61 0.86
IGBM. . . . . . . . . . . . . . . . . . . 843.40 14.06 1.70
SWISS MARKETINDEX...5471.40 110.84 2.07
Price Chg %chg Price Chg %chg Price Chg %chg
LONGDONCEFIXAM .........................................1792.00 -25.00
SILVERLDNFIXAM.................................................40.11 0.70
MAPLELEAF1OZ...................................................42.64 0.33
LONPLATINUMAM..............................................1782.00 -31.00
LONPALLADIUMAM .............................................718.00 -8.00
ALUMINIUMCASH ...............................................2309.00 -36.00
COPPERCASH ....................................................8414.50 -366.50
LEADCASH .........................................................2320.00 -105.00
NICKELCASH ....................................................21085.00 -615.00
TINCASH...........................................................22640.00 -860.00
ZINCCASH ..........................................................2092.50 -95.50
BRENTSPOTINDEX ..............................................110.61 -2.48
SOYA ...................................................................1336.00 -19.50
COCOA ................................................................2716.00 -76.00
COFFEE .................................................................262.80 -0.20
KRUG...................................................................1868.40 23.40
WHEAT...................................................................159.50 0.75
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...........................................................0.943 -0.01
LIBOR Euro - 12 months .........................................................2.035 0.00
LIBOR USD - overnight ...........................................................0.146 0.00
LIBOR USD - 12 months..........................................................0.837 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 ..................................................................3.220 0.03
European repo rate..................................................................0.779 0.01
Euro Euribor.............................................................................1.138 0.00
The vix index............................................................................31.71 -1.02
The baItic dry index.................................................................1.764 -0.05
Markit iBoxx ...........................................................................232.88 0.28
Markit iTraxx...........................................................................185.20 9.83
C/$ 1.3678 0.0002
C/ 0.8703 0.0012
C/ 104.62 0.0435
/C 1.1493 0.0006
/$ 1.5714 0.0022
/ 120.21 0.0604
FTSE100
5363.71
104.15
FTSE250
10308.58
79.57
FTSEALL SHARE
2777.05
48.90
DOW
11408.66
7.65
NASDAQ
2590.24
22.59
S&P500
1202.09
2.00
Smiths Group . . . . . .967.0 14.0 1429.0 907.5
Brown (N.) Group . . .291.0 6.8 311.2 232.3
Carpetright . . . . . . . . .486.1 -15.9 835.5 480.3
Debenhams . . . . . . . . .58.5 -0.8 77.4 51.2
Dignity . . . . . . . . . . . .846.5 16.5 850.0 633.0
Dixons RetaiI . . . . . . .11.2 -0.1 28.5 10.6
DuneImGroup. . . . . .460.0 4.7 550.0 380.0
HaIfords Group . . . . .302.1 5.3 459.7 268.6
Home RetaiI Group . .116.2 1.1 235.0 105.1
Inchcape . . . . . . . . . .310.1 5.7 425.4 268.1
JD Sports Fashion . .840.5 -19.0 1030.0 753.5
Kesa EIectricaIs . . . . .86.7 2.4 174.0 82.4
Kingfisher . . . . . . . . .259.5 6.9 287.1 217.0
Marks & Spencer G. .335.6 6.9 427.5 301.8
Mothercare . . . . . . . .338.5 2.0 627.5 334.5
Next . . . . . . . . . . . . .2649.0 32.0 2650.0 1868.0
Sports Direct Int . . . .229.9 0.4 266.2 125.5
WH Smith. . . . . . . . . .511.0 4.5 523.0 433.8
Smith & Nephew. . . .594.0 2.0 742.0 521.0
Synergy HeaIth . . . . .898.5 2.5 981.0 690.0
Barratt DeveIopme . . .82.2 4.5 119.0 67.5
BeIIway. . . . . . . . . . . .606.0 3.5 753.5 511.0
BerkeIey Group Ho.1243.0 19.0 1299.0 789.5
BaIfour Beatty . . . . . .253.7 3.1 357.3 228.6
KeIIer Group . . . . . . .360.8 8.3 698.5 307.3
Kier Group. . . . . . . .1258.0 27.0 1418.0 1097.0
Drax Group . . . . . . . .519.5 1.0 536.5 353.6
Scottish & Southe. .1326.0 39.0 1423.0 1108.0
Domino Printing S . .464.6 -5.3 705.0 456.8
HaIma . . . . . . . . . . . . .336.9 1.0 429.6 305.5
Laird . . . . . . . . . . . . . .145.1 0.6 207.0 127.9
Morgan CrucibIe C . .248.4 -2.6 357.1 205.3
Renishaw. . . . . . . . .1106.0 -41.0 1886.0 1000.0
Spectris . . . . . . . . . .1308.0 -8.0 1679.0 1005.0
Aberforth SmaIIer . . .556.5 2.5 714.0 540.0
AIIiance Trust . . . . . .341.4 3.9 392.7 325.0
Bankers Inv Trust . . .370.9 3.4 428.0 356.5
BH GIobaI Ltd. GB .1200.0 8.0 1210.0 1058.0
BH GIobaI Ltd. US. . . .11.8 -0.1 12.0 10.4
BH Macro Ltd. EUR. . .19.4 -0.1 20.1 15.8
BH Macro Ltd. GBP 1991.0 -16.0 2070.0 1630.0
BH Macro Ltd. USD. . .19.3 -0.2 20.1 15.8
BIackRock WorId M .675.5 8.5 815.5 623.0
BIueCrest AIIBIue . . .170.2 -0.6 176.2 162.4
British Assets Tr . . . .115.4 -0.1 140.5 113.0
British Empire Se . . .452.7 -2.3 533.0 450.0
CaIedonia Investm .1554.0 7.0 1928.0 1500.0
City of London In . . .272.6 5.1 306.9 257.0
Dexion AbsoIute L . .141.5 1.5 151.0 135.2
Edinburgh Dragon . .217.4 -4.1 262.1 213.0
Edinburgh Inv Tru. . .450.2 10.1 492.2 414.9
EIectra Private E . . .1311.0 13.0 1755.0 1287.0
F&C Inv Trust . . . . . .287.8 4.3 327.9 268.6
FideIity China Sp. . . . .82.2 0.2 128.7 80.0
FideIity European . . .999.0 19.0 1287.0 947.0
FideIity SpeciaI . . . . .480.0 2.5 595.0 451.5
HeraId Inv Trust. . . . .454.0 11.0 545.5 425.5
HICL Infrastructu. . . .115.7 0.9 121.3 112.7
Impax Environment . .97.0 0.0 130.5 96.1
JPMorgan American.816.0 9.0 916.0 721.5
JPMorgan Asian In . .193.0 0.0 250.8 193.0
JPMorgan Emerging.514.0 3.5 639.0 499.3
JPMorgan European.743.5 3.5 983.5 701.0
JPMorgan Indian I. . .372.1 6.4 502.0 354.8
JPMorgan Russian .497.4 -3.1 755.0 495.4
Law Debenture Cor. .332.8 -0.7 385.0 309.8
MercantiIe Inv Tr . . . .912.0 0.5 1137.0 876.5
Merchants Trust . . . .366.0 5.1 431.8 348.7
Monks Inv Trust . . . .331.3 2.7 367.9 311.3
Murray Income Tru . .613.0 4.0 673.0 577.0
Murray Internatio . . .884.0 8.0 991.5 845.5
PerpetuaI Income . . .241.4 -0.5 276.0 230.6
PoIar Cap TechnoI . .339.0 3.2 391.2 299.5
RIT CapitaI Partn. . .1257.0 7.0 1334.0 1110.0
Scottish Inv Trus. . . .449.0 5.0 524.0 423.5
Scottish Mortgage . .678.0 4.0 781.0 625.0
SVG CapitaI . . . . . . . .223.0 -0.1 279.8 163.2
TempIe Bar Inv Tr . . .825.0 14.5 952.0 782.0
TempIeton Emergin .564.5 6.5 689.5 554.0
TR Property Inv T . . .163.1 0.5 206.1 154.5
TR Property Inv T . . . .74.0 0.4 94.0 69.5
Witan Inv Trust . . . . .439.0 0.9 533.0 426.4
3i Group. . . . . . . . . . .198.4 0.1 340.0 188.4
3i Infrastructure . . . .121.1 0.6 125.2 112.9
Aberdeen Asset Ma .185.7 -2.2 240.0 148.9
Ashmore Group . . . .410.0 21.5 420.0 301.5
Brewin DoIphin Ho . .131.3 -2.4 185.4 121.3
CameIIia. . . . . . . . . .9391.5 108.510950.0 8900.0
CharIes TayIor Co. . .140.5 -0.5 198.3 122.0
City of London Gr . . . .77.8 0.0 93.6 76.3
City of London In . . .379.8 -1.5 461.5 317.5
CIose Brothers Gr. . .686.0 -4.5 888.5 656.5
CoIIins Stewart H . . . .70.0 0.0 90.8 67.0
EvoIution Group . . . . .88.3 -1.3 94.0 62.3
F&C Asset Managem .65.0 -0.2 92.9 58.7
Hargreaves Lansdo .480.2 37.6 646.5 402.5
HeIphire Group . . . . . . .2.7 0.1 39.0 2.2
Henderson Group. . .122.1 1.8 173.1 117.4
Highway CapitaI . . . . .14.5 0.0 21.0 6.0
ICAP . . . . . . . . . . . . . .472.0 8.5 570.5 391.3
IG Group HoIdings . .437.0 3.4 553.0 393.6
Intermediate Capi . . .225.7 1.5 360.3 204.8
InternationaI Per . . . .211.1 -11.8 388.8 211.1
InternationaI Pub. . . .113.0 -0.1 118.3 108.6
Investec . . . . . . . . . . .397.5 -1.6 538.0 378.7
IP Group. . . . . . . . . . . .46.0 0.5 54.5 27.9
Jupiter Fund Mana . .212.2 -2.1 337.3 184.9
Liontrust Asset M . . . .72.5 -1.0 95.0 72.0
LMS CapitaI . . . . . . . . .62.1 1.1 64.8 44.8
London Finance & . . .21.5 0.0 23.5 16.5
London Stock Exch .862.0 17.5 1076.0 675.0
Lonrho . . . . . . . . . . . . .14.5 -0.5 19.8 11.0
Man Group. . . . . . . . .234.0 4.2 311.0 178.0
Paragon Group Of . .153.3 -0.6 206.1 134.6
Provident Financi . .1053.0 -5.0 1124.0 728.5
Rathbone Brothers.1068.0 15.0 1257.0 828.0
Record . . . . . . . . . . . . .29.6 0.0 51.0 20.3
RSM Tenon Group . . .22.8 0.8 66.3 21.3
Schroders . . . . . . . .1316.0 28.0 1922.0 1276.0
Schroders (Non-Vo.1079.0 23.0 1554.0 1035.0
TuIIett Prebon . . . . . .369.4 -10.3 428.6 329.8
WaIker Crips Grou . . .49.0 0.0 51.5 45.0
BT Group . . . . . . . . . .175.1 4.2 204.1 138.9
CabIe & WireIess . . . .40.0 -0.1 61.1 31.3
CabIe & WireIess . . . .33.5 0.3 77.3 30.9
COLT Group SA . . . .104.4 -3.2 156.2 100.6
TaIkTaIk TeIecom . . .126.0 0.6 168.3 119.8
TeIecomPIus. . . . . . .690.0 -9.5 700.0 365.5
Booker Group . . . . . . .73.3 -1.3 77.9 47.9
Greggs . . . . . . . . . . . .473.2 6.4 550.5 429.1
Morrison (Wm) Sup .295.2 2.4 308.3 262.7
Ocado Group. . . . . . .115.7 -2.7 285.0 107.0
Sainsbury (J) . . . . . . .281.0 0.4 395.0 275.6
Tesco . . . . . . . . . . . . .371.2 3.4 440.7 360.1
Associated Britis. . .1122.0 23.0 1182.0 940.0
Cranswick . . . . . . . . .615.0 -3.5 896.0 606.0
Dairy Crest Group. . .341.1 4.1 424.9 325.0
Devro . . . . . . . . . . . . .238.0 1.5 296.9 218.0
Premier Foods. . . . . . .12.2 -0.1 35.1 11.3
Tate & LyIe. . . . . . . . .617.5 14.0 656.0 461.6
UniIever . . . . . . . . . .1989.0 41.0 2081.0 1777.0
Mondi . . . . . . . . . . . . .531.0 0.0 664.0 468.8
Centrica . . . . . . . . . . .300.2 7.1 345.8 286.3
InternationaI Pow . . .336.0 2.8 448.6 279.4
NationaI Grid . . . . . . .638.5 12.5 639.0 530.0
Northumbrian Wate .463.5 0.8 469.5 295.5
Pennon Group. . . . . .688.0 6.0 737.5 579.5
Severn Trent . . . . . .1509.0 34.0 1517.0 1306.0
United UtiIities . . . . .610.0 9.0 631.5 543.5
Cookson Group . . . . .444.4 5.4 724.5 421.1
DS Smith . . . . . . . . . .194.9 -0.6 266.2 145.9
Rexam . . . . . . . . . . . .327.1 4.5 400.0 301.5
RPC Group . . . . . . . .330.0 -4.0 384.8 215.4
BAE Systems . . . . . .286.7 6.7 369.9 248.1
Chemring Group. . . .544.5 5.0 736.5 485.0
Cobham . . . . . . . . . . .184.0 4.4 245.6 173.4
Meggitt . . . . . . . . . . . .331.0 -0.5 397.6 293.5
QinetiQ Group. . . . . .116.8 -0.7 136.3 96.7
RoIIs-Royce Group. .621.0 13.5 665.0 557.5
Senior. . . . . . . . . . . . .145.0 0.0 190.6 127.0
UItra EIectronics . . .1490.0 45.0 1895.0 1305.0
GKN . . . . . . . . . . . . . .191.2 1.9 245.0 163.0
BarcIays. . . . . . . . . . .154.3 1.6 333.6 141.7
HSBC HoIdings. . . . .520.9 9.7 730.9 491.4
LIoyds Banking Gr . . .34.2 0.8 77.4 27.6
RoyaI Bank of Sco . . .23.1 0.2 49.5 19.7
Standard Chartere .1365.5 28.5 1950.0 1295.0
AG Barr . . . . . . . . . .1150.0 -9.0 1395.0 1031.0
Britvic. . . . . . . . . . . . .304.4 3.0 503.5 289.9
Diageo . . . . . . . . . . .1247.0 39.0 1307.0 1092.0
SABMiIIer. . . . . . . . .2221.0 31.0 2340.0 1979.0
AZ EIectronic Mat . . .250.6 0.9 338.1 210.0
Croda Internation . .1813.0 24.0 2081.0 1367.0
EIementis. . . . . . . . . .138.9 1.3 187.4 96.9
Johnson Matthey . .1673.0 51.0 2119.0 1534.0
Victrex . . . . . . . . . . .1256.0 32.0 1590.0 1178.0
YuIe Catto & Co. . . . .172.0 -0.3 253.0 150.1
Price Chg High Low
Bovis Homes Group.405.6 4.3 464.7 326.5
Persimmon . . . . . . . .462.0 21.8 502.5 336.5
Reckitt Benckiser . .3323.0 53.0 3648.0 3015.0
Redrow. . . . . . . . . . . .107.4 0.9 139.0 98.4
TayIor Wimpey . . . . . . .33.5 0.4 43.3 22.3
Bodycote . . . . . . . . . .268.0 -2.0 397.7 247.9
Charter Internati . . . .876.0 11.0 876.5 538.5
Fenner . . . . . . . . . . . .350.7 5.2 422.5 231.0
IMI . . . . . . . . . . . . . . . .799.0 25.5 1119.0 738.0
MeIrose . . . . . . . . . . .295.9 2.8 365.4 254.0
Northgate. . . . . . . . . .266.4 -0.1 346.7 202.0
Rotork . . . . . . . . . . .1644.0 26.0 1895.0 1501.0
Spirax-Sarco Engi. .1824.0 16.0 2063.0 1649.0
Weir Group . . . . . . .1815.0 33.0 2218.0 1371.0
Ferrexpo. . . . . . . . . . .363.1 -1.9 499.0 292.4
TaIvivaara Mining . . .295.0 -1.0 622.0 283.4
BBAAviation . . . . . . .171.9 3.2 240.8 156.0
Stobart Group Ltd. . .126.0 -1.5 163.6 124.1
AdmiraI Group. . . . .1288.0 12.0 1754.0 1270.0
AmIin . . . . . . . . . . . . .289.2 -3.3 427.0 278.7
BeazIey. . . . . . . . . . . .119.8 1.8 139.2 109.6
Informa. . . . . . . . . . . .342.0 2.8 461.1 324.0
ITE Group. . . . . . . . . .172.5 -1.9 258.2 160.5
ITV. . . . . . . . . . . . . . . . .59.3 2.7 93.5 51.7
Johnston Press. . . . . . .5.0 -0.1 15.3 4.4
MecomGroup . . . . . .142.0 0.8 310.0 138.0
Moneysupermarket. .111.9 -0.8 120.4 75.7
Pearson . . . . . . . . . .1164.0 28.0 1207.0 926.0
PerformGroup . . . . .215.0 -4.8 234.5 150.0
Reed EIsevier . . . . . .502.0 12.5 590.5 461.3
Rightmove . . . . . . . .1289.0 31.0 1307.0 725.0
STV Group. . . . . . . . .109.5 -0.5 168.0 89.8
Tarsus Group . . . . . .136.5 1.5 165.0 112.5
Trinity Mirror . . . . . . . .42.0 1.0 124.0 37.5
UBM . . . . . . . . . . . . . .461.7 6.7 725.0 416.0
UTV Media . . . . . . . . .126.5 1.8 151.0 101.0
WiImington Group . . .91.3 5.8 183.0 82.5
WPP . . . . . . . . . . . . . .622.0 6.0 846.5 578.5
YeII Group . . . . . . . . . . .4.4 -0.1 16.5 4.2
African Barrick G . . .599.0 -1.0 638.0 393.5
AngIo American . . .2455.0 48.0 3437.0 2234.0
AngIo Pacific Gro . . .280.0 -4.7 369.3 257.1
Antofagasta . . . . . . .1197.0 3.0 1634.0 1136.0
Aquarius PIatinum . .226.8 6.8 419.0 215.0
BHP BiIIiton. . . . . . .1965.0 30.0 2631.5 1846.0
Centamin Egypt Lt . .108.6 2.9 197.1 89.7
CatIin Group Ltd. . . .359.5 4.6 421.4 325.0
Hiscox Ltd. . . . . . . . . .354.4 0.6 424.7 340.5
Jardine LIoyd Tho. . .659.0 3.0 709.0 564.5
Lancashire HoIdin . . .710.0 4.0 725.0 529.0
RSA Insurance Gro. .113.5 1.0 143.5 107.9
Aviva. . . . . . . . . . . . . .307.7 5.3 477.9 289.2
LegaI & GeneraI G. . . .98.0 1.1 123.8 90.9
OId MutuaI . . . . . . . . .114.3 1.6 145.2 103.2
Phoenix Group HoI . .505.0 -5.0 714.0 458.0
PrudentiaI . . . . . . . . .600.0 13.5 777.0 564.5
ResoIution Ltd. . . . . .245.5 -0.5 316.1 211.3
St James's PIace. . . .311.7 -4.8 376.0 236.2
Standard Life. . . . . . .196.9 4.4 244.7 172.0
4Imprint Group . . . . .210.0 -4.5 295.0 195.0
Aegis Group . . . . . . .130.3 4.8 163.5 121.2
BIoomsbury PubIis. .101.3 0.8 138.0 98.8
British Sky Broad . . .689.0 10.0 850.0 618.5
Centaur Media. . . . . . .38.6 0.9 73.0 37.0
Chime Communicati.190.0 9.8 298.5 173.0
Creston . . . . . . . . . . . .80.5 -0.5 121.0 78.5
DaiIy MaiI and Ge . . .367.2 -10.8 594.5 359.5
Euromoney Institu . .602.5 45.0 736.0 522.5
Future. . . . . . . . . . . . . .11.8 0.0 30.0 10.8
Haynes PubIishing . .235.0 0.0 262.5 202.5
Huntsworth . . . . . . . . .57.5 0.8 86.0 56.0
Eurasian NaturaI . . .653.0 7.5 1125.0 585.5
FresniIIo. . . . . . . . . .1943.0 76.0 2150.0 1181.0
GemDiamonds Ltd. .243.3 1.6 306.0 179.8
GIencore Internat . . .451.6 14.6 531.1 348.0
HochschiId Mining . .518.0 -3.5 680.0 423.2
Kazakhmys . . . . . . . .992.0 15.0 1671.0 918.0
Kenmare Resources. .44.7 -0.9 59.9 17.2
Lonmin. . . . . . . . . . .1186.0 20.0 1983.0 1103.0
New WorId Resourc .529.0 -6.0 1060.0 514.5
PetropavIovsk . . . . . .831.5 -2.0 1226.0 676.0
RandgoId Resource 7215.0 150.0 7230.0 4425.0
Rio Tinto . . . . . . . . .3537.5 32.5 4712.0 3387.5
Vedanta Resources 1305.0 -23.0 2559.0 1225.0
Xstrata . . . . . . . . . . . .976.0 5.5 1550.0 933.4
Inmarsat . . . . . . . . . . .503.5 2.0 719.5 389.7
Vodafone Group . . . .165.0 3.8 182.8 155.1
Genesis Emerging . .464.1 2.6 568.0 444.5
Afren. . . . . . . . . . . . . .100.1 -0.6 171.2 92.5
BG Group. . . . . . . . .1276.5 18.5 1564.5 1114.0
BP. . . . . . . . . . . . . . . .414.5 7.1 509.0 363.2
Cairn Energy . . . . . . .296.5 10.4 469.7 281.4
EnQuest . . . . . . . . . . .100.0 -0.2 158.5 95.1
Essar Energy . . . . . .262.1 3.5 589.5 235.1
ExiIIon Energy. . . . . .288.3 -6.7 469.7 190.0
Heritage OiI . . . . . . . .235.0 3.2 486.0 190.0
JKX OiI & Gas . . . . . .184.8 4.8 335.1 160.0
Premier OiI. . . . . . . . .343.0 7.6 535.0 310.0
RoyaI Dutch SheII . .2111.5 54.0 2326.5 1883.5
RoyaI Dutch SheII . .2137.0 55.5 2336.0 1831.0
SaIamander Energy .204.7 -1.0 317.6 200.4
Soco Internationa . . .349.6 3.7 454.7 279.8
TuIIow OiI . . . . . . . . .1367.0 3.0 1493.0 945.5
Amec . . . . . . . . . . . . .909.0 -1.0 1251.0 834.0
Hunting . . . . . . . . . . .650.0 17.0 817.0 592.5
LampreII . . . . . . . . . . .280.3 0.8 395.2 254.5
Petrofac Ltd. . . . . . .1399.0 38.0 1685.0 1110.0
Wood Group (John) .565.5 12.5 715.8 396.0
Burberry Group. . . .1500.0 50.0 1600.0 942.0
PZ Cussons. . . . . . . .334.8 -1.9 409.0 320.5
Supergroup . . . . . . .1094.0 0.0 1820.0 818.5
AstraZeneca . . . . . .2856.0 58.5 3359.0 2543.5
BTG . . . . . . . . . . . . . .277.3 9.8 309.7 210.1
Genus. . . . . . . . . . . .1042.0 47.0 1052.6 772.0
GIaxoSmithKIine. . .1333.5 28.5 1385.0 1127.5
Hikma Pharmaceuti .593.5 14.0 900.0 555.5
Shire PIc. . . . . . . . . .2017.0 32.0 2136.0 1405.0
CapitaI & Countie . . .180.1 1.6 203.7 131.1
Daejan HoIdings . . .2408.0 -47.0 2954.0 2282.0
F&C CommerciaI Pr . .99.3 -0.1 108.0 88.0
Grainger . . . . . . . . . . . .96.5 0.6 133.2 86.3
London & Stamford .119.6 1.5 140.0 110.3
SaviIIs. . . . . . . . . . . . .300.0 7.0 427.1 288.2
St. Modwen Proper . .134.0 2.0 196.2 123.5
UK CommerciaI Pro . .76.5 -0.8 85.5 70.4
Unite Group. . . . . . . .173.3 -0.5 229.8 152.9
Big YeIIow Group . . .256.4 2.4 353.3 234.2
British Land Co. . . . .515.0 14.5 629.5 464.0
CapitaI Shopping . . .327.2 6.4 424.8 312.5
Derwent London . . .1612.0 15.0 1880.0 1411.0
Great PortIand Es . . .378.9 5.8 445.0 329.0
Hammerson. . . . . . . .395.6 9.7 490.9 382.0
Hansteen HoIdings. . .76.5 1.7 89.5 69.8
Land Securities G. . .676.5 17.0 885.0 625.0
SEGRO. . . . . . . . . . . .238.6 8.9 331.3 227.9
Shaftesbury. . . . . . . .500.0 10.0 539.0 428.0
Autonomy Corporat 2531.0 0.0 2535.0 1271.0
Aveva Group . . . . . .1558.0 57.0 1799.0 1391.0
Computacenter . . . . .387.2 -0.8 490.0 286.4
Fidessa Group. . . . .1554.0 -11.0 2109.0 1409.0
Invensys. . . . . . . . . . .239.4 6.0 364.3 221.7
Kofax . . . . . . . . . . . . .300.0 2.3 535.0 253.0
Logica . . . . . . . . . . . . .81.7 -1.8 147.2 80.3
Micro Focus Inter . . .310.4 -3.5 426.2 239.4
Misys . . . . . . . . . . . . .257.0 4.9 420.2 234.7
Sage Group . . . . . . . .263.7 6.5 302.0 231.7
SDL. . . . . . . . . . . . . . .619.5 1.0 711.5 555.0
TeIecity Group. . . . . .583.5 16.5 587.5 430.0
Aggreko . . . . . . . . . .1787.0 4.0 2034.0 1394.5
Ashtead Group . . . . .136.0 2.3 207.9 99.4
Atkins (WS) . . . . . . . .531.5 -5.0 820.0 513.5
Babcock Internati . . .657.5 17.0 733.0 513.5
Berendsen . . . . . . . . .455.0 -2.6 568.0 391.3
BunzI . . . . . . . . . . . . .796.5 15.0 812.5 676.5
Capita Group. . . . . . .732.0 7.0 794.5 635.5
CariIIion . . . . . . . . . . .336.8 0.0 403.2 298.8
De La Rue . . . . . . . . .789.0 10.5 853.5 549.5
EIectrocomponents .200.8 1.5 294.9 190.0
Experian. . . . . . . . . . .714.0 19.0 833.5 665.0
FiItrona PLC . . . . . . . .363.5 4.3 385.5 227.5
G4S. . . . . . . . . . . . . . .264.7 7.1 291.0 237.7
Hays . . . . . . . . . . . . . . .75.4 0.8 133.6 69.4
Homeserve . . . . . . . .478.6 -1.3 532.0 408.0
Howden Joinery Gr. .107.0 0.3 127.5 73.0
Intertek Group. . . . .2018.0 38.0 2148.0 1715.0
MichaeI Page Inte . . .363.0 11.0 567.0 338.7
Mitie Group . . . . . . . .237.5 2.9 242.5 191.2
Premier FarneII . . . . .161.7 2.8 308.8 151.9
Regus. . . . . . . . . . . . . .78.5 4.6 119.0 64.0
RentokiI InitiaI . . . . . . .77.9 -0.8 104.9 72.9
RPS Group. . . . . . . . .185.6 -0.6 253.0 179.5
Serco Group . . . . . . .509.5 5.5 633.0 491.9
Shanks Group . . . . . .111.1 0.0 130.9 103.0
SIG . . . . . . . . . . . . . . . .97.6 0.3 153.5 95.5
SThree . . . . . . . . . . . .233.6 -1.0 447.6 221.6
Travis Perkins . . . . . .775.5 25.5 1127.0 722.0
WoIseIey . . . . . . . . .1520.0 13.0 2261.0 1404.0
ARM HoIdings . . . . . .619.0 22.5 651.0 338.9
CSR . . . . . . . . . . . . . .239.5 2.0 447.0 208.0
Imagination Techn . .423.0 6.9 502.0 296.9
Pace . . . . . . . . . . . . . .101.0 -1.9 231.8 91.0
Spirent Communica .126.0 1.0 160.3 116.0
British American . .2842.5 79.0 2871.0 2282.5
ImperiaI Tobacco . .2093.0 55.0 2231.0 1784.0
Avis Europe. . . . . . . .314.0 -0.6 314.7 184.0
Betfair Group. . . . . . .790.5 -4.5 1550.0 567.0
Bwin.party Digita . . .127.2 2.2 294.1 100.6
CarnivaI . . . . . . . . . .2145.0 132.0 3153.0 1742.0
Compass Group . . . .560.0 7.0 612.0 511.5
Domino's Pizza UK. .522.0 12.5 586.0 377.0
easyJet. . . . . . . . . . . .317.3 -1.9 479.0 301.0
Enterprise Inns . . . . . .40.8 1.0 122.7 32.5
FirstGroup . . . . . . . . .337.2 -1.1 412.6 311.3
Go-Ahead Group. . .1443.0 1.0 1598.0 1085.0
Greene King . . . . . . .461.7 4.6 518.0 410.0
InterContinentaI . . .1092.0 30.0 1435.0 955.0
InternationaI Con . . .150.2 -4.0 305.0 146.2
JD Wetherspoon. . . .400.1 1.4 468.3 389.9
Ladbrokes . . . . . . . . .128.5 0.5 155.3 120.0
Marston's. . . . . . . . . . .96.9 0.8 117.1 87.1
MiIIennium& Copt . .419.4 10.3 600.5 395.5
MitcheIIs & ButIe. . . .259.0 3.8 361.0 216.4
NationaI Express . . .237.1 6.9 270.2 220.7
Rank Group . . . . . . . .135.0 -0.6 153.7 109.5
Restaurant Group. . .276.1 7.0 335.0 254.9
Spirit Pub Compan . . .41.3 1.5 55.0 37.0
Stagecoach Group . .243.2 0.0 268.5 180.4
Thomas Cook Group .41.4 0.9 204.8 33.7
TUI TraveI. . . . . . . . . .153.6 3.5 271.9 137.2
Whitbread . . . . . . . .1661.0 52.0 1887.0 1409.0
WiIIiamHiII. . . . . . . . .228.2 0.4 237.3 155.5
Abcam . . . . . . . . . . . .367.0 -3.0 460.0 307.0
AIbemarIe & Bond . .369.0 -4.0 400.1 250.0
Amerisur Resource . .15.5 0.0 29.0 11.5
Andor TechnoIogy . .588.0 13.0 685.0 336.0
ArchipeIago Resou. . .75.0 -1.0 79.0 32.3
ASOS . . . . . . . . . . . .1700.0 41.0 2468.0 1067.0
AureIian OiI & Ga . . . .17.8 0.8 92.0 16.0
Avanti Communicat .302.5 -1.5 735.0 288.8
Avocet Mining . . . . . .271.8 -0.5 286.8 157.8
BIinkx . . . . . . . . . . . . .149.0 5.0 152.0 70.5
Borders & Souther . . .48.5 -0.5 93.0 44.8
BowLeven . . . . . . . . .117.5 -2.5 398.0 115.3
Brooks MacdonaId 1216.0 -17.0 1372.5 907.5
Conygar Investmen . .96.5 -1.9 120.0 92.5
Cove Energy . . . . . . . .77.5 -1.5 112.8 61.0
Daisy Group. . . . . . . .112.3 2.3 127.0 88.0
EMIS Group . . . . . . . .565.0 16.5 580.0 360.5
Encore OiI . . . . . . . . . .49.0 -1.0 151.5 40.8
Faroe PetroIeum. . . .153.3 -3.8 218.3 133.0
GuIfsands PetroIe. . .176.8 -1.8 401.5 142.5
GWPharmaceuticaI .102.0 0.0 130.0 83.0
Hamworthy . . . . . . . .528.0 -6.0 705.0 360.0
Hargreaves Servic .1063.0 -15.0 1084.0 662.0
HeaIthcare Locums . . . .6.9 -1.4 8.7 6.8
Immunodiagnostic .1042.0 5.0 1218.0 768.5
ImpeIIamGroup . . . .322.5 2.5 387.5 133.0
James HaIstead. . . . .442.5 7.5 495.0 323.5
KaIahari MineraIs . . .237.0 -3.0 301.0 142.0
London Mining . . . . .381.5 5.5 436.5 283.0
Lupus CapitaI . . . . . .106.0 6.3 150.0 86.0
M. P. Evans Group . .440.0 3.0 500.5 371.0
Majestic Wine . . . . . .416.4 4.1 510.0 323.0
May Gurney Integr . .253.0 9.5 295.0 177.0
Monitise . . . . . . . . . . . .34.3 0.3 39.0 18.5
MuIberry Group. . . .1561.0 11.0 1920.0 375.0
Nanoco Group. . . . . . .61.5 0.8 115.8 57.0
NauticaI PetroIeu . . .287.3 -7.8 547.0 222.5
NichoIs. . . . . . . . . . . .526.0 4.5 579.0 410.0
Numis Corporation. . .93.0 3.0 137.8 89.0
Pan African Resou . . .12.8 -0.3 14.5 8.2
Patagonia GoId . . . . . .64.5 -0.5 70.0 20.3
Prezzo . . . . . . . . . . . . .57.0 -1.8 71.5 53.3
Pursuit Dynamics . . .205.0 3.0 700.0 160.5
Rockhopper ExpIor .213.0 -2.5 510.0 141.0
RWS HoIdings. . . . . .434.3 -0.8 479.8 258.5
Songbird Estates . . .122.0 0.3 160.3 110.3
VaIiant PetroIeum . . .435.0 -2.0 761.5 434.3
Young & Co's Brew. .655.0 2.5 712.0 530.0
HargreavesLansdow 480.2 8.5
EuromoneyInstitut ..602.5 8.1
CarnivaI ..........2145.0 6.6
Regus..............78.5 6.2
BarrattDeveIopmen ..82.2 5.7
AshmoreGroup ....410.0 5.5
Persimmon ........462.0 5.0
Genus............1042.0 4.7
ITV ................59.3 4.7
FresniIIo..........1943.0 4.1
InternationaIPers ...211.1 -5.3
Renishaw.........1106.0 -3.6
Carpetright ........486.1 -3.2
COLTGroupSA ....104.4 -3.0
DaiIyMaiIandGen ..367.2 -2.9
TuIIettPrebon ......369.4 -2.7
InternationaICons ..150.2 -2.6
OcadoGroup.......115.7 -2.3
ExiIIonEnergy......288.3 -2.3
JDSportsFashion ..840.5 -2.2
Risers FaIIers
MAINCHANGESUK350
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Tsy 3.250 11. . . . .100.46 -0.14 103.2 100.5
Tsy 5.000 12 . . . .102.06 -0.04 106.3 102.1
Tsy 5.250 12 . . . .103.35 -0.02 107.7 103.3
Tsy 9.000 12 . . . .107.33 0.00 115.1 106.7
Tsy 4.500 13 . . . .105.77 -0.01 108.8 105.7
Tsy 2.500 13 . . . .283.73 -0.10 287.7 277.5
Tsy 8.000 13. . . . .114.86 -0.03 120.7 114.8
Tsy 5.000 14. . . . .112.48 -0.01 114.1 109.2
Tsy 4.750 15. . . . .114.65 -0.01 114.8 108.6
Tsy 8.000 15 . . . .128.77 -0.02 131.3 123.7
Tsy 7.750 15 . . . .102.48 0.00 109.2 101.7
Tsy 4.000 16. . . . .113.17 0.01 113.4 104.9
Tsy 2.500 16 . . . .340.21 -0.04 341.0 310.2
Tsy 8.750 17 . . . .140.61 -0.38 142.1 132.9
Tsy 12.000 17 . . .124.99 0.00 134.3 124.2
Tsy 1.250 17. . . . .114.80 0.04 115.1 106.7
Tsy 5.000 18 . . . .120.76 -0.03 121.1 109.7
Tsy 4.500 19. . . . .118.11 -0.03 118.5 105.4
Tsy 3.750 19. . . . .112.63 -0.01 113.0 99.4
Tsy 2.500 20 . . . .354.30 -0.05 355.8 312.4
Tsy 4.750 20 . . . .120.41 -0.02 120.9 106.6
Tsy 8.000 21 . . . .151.12 0.01 151.7 133.8
Tsy 1.875 22 . . . .123.67 0.07 124.2 111.3
Tsy 4.000 22. . . . .114.17 0.03 114.7 99.0
Tsy 2.500 24 . . . .316.56 -0.08 318.4 273.5
Tsy 5.000 25 . . . .124.71 0.00 125.4 107.4
Tsy 4.250 27. . . . .115.01 0.00 115.7 97.9
Tsy 1.250 27. . . . .118.60 -0.14 119.5 104.6
Tsy 6.000 28 . . . .139.37 -0.01 140.2 119.5
Tsy 4.750 30 . . . .121.54 0.00 122.3 103.0
Tsy 4.125 30 . . . .300.50 -0.23 302.9 261.2
Tsy 4.250 32. . . . .113.94 -0.01 114.8 96.0
Tsy 4.250 36. . . . .112.78 0.02 113.6 95.0
Tsy 4.750 38 . . . .121.68 0.04 122.6 102.8
Tsy 4.500 42. . . . .117.12 0.00 117.1 98.9
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Lifestyle
PHILIPPA
GREGORYS GREAT
NEW NOVEL
REVIEWED TOMORROW
29
Fly me to the
moon (really)
within reach. Space XC will offer people a
truly life changing experience. Nothing
will compare to seeing earth from space,
says Mol.
Mol says his proposition is very different
to Bransons. SXCs USP is that it will offer
customers an intimate space experience.
Where Virgin carriers will be for groups of
around six, only one passenger at a time
will be allowed on SXCs Lynx airship from
its space station in Hato Airport, Curacao,
allowing unparalleled views of the earth
and universe beyond.
Lynx, a ground-breaking reusable space
ship, has been equipped with new technol-
ogy whereby rocket engines can be
switched on or off at will, meaning that
there will be no disposed rocket in the
takeoff process, allowing the ship to make
several flights a day. Passengers will sit in
the craft and will be launched in to space,
viewing earth from outside the atmos-
phere sat next to their pilot, before head-
ing down to land.
Curacao has been selected by SXC for
several reasons, not least because as a lux-
urious warm Caribbean setting it will
appeal to its high net worth clientele but
also because of its proximity to the equa-
tor, meaning easier access to the atmos-
phere, clear air space and consistently
good weather conditions. New York and
US clients can get there fairly easily.
The SXC Space experience will start, says
Mol, with a horizontal take-off from
Curacao. A powerful thrust will take
the aircraft upwards (within min-
utes it can achieve an altitude
of 100 km), accelerating into
the sky for one minute with
such thrust the sound barrier
will be broken, and then with
force from four rocket engines it
will break through the atmos-
phere in to space. Here, at 192,000
feet, high above the earth, the
engines will be switched off, allowing for
several minutes of peaceful gliding
above the majestic earth, before
returning to land. The whole event
will be 60 minutes in total.
Almost anyone will be able take
T
he era in which the wealthy and
intrepid can choose travel to space is
fast approaching. Forward thinker
Richard Branson has helped com-
mercialise the idea with his Virgin
Galactic. But as the idea of leisure space
travel catches on, a rival to Branson has
emerged.
Meet Michiel Mol, the Dutch business-
man and co-owner of the Force India
Formula One team. His space company
SXC (Space Expedition Curacao) is due to
launch in the next two years, and has
already started selling tickets this summer
for its first flight in January 2014. Recently,
SXC jointly announced with rocket-mak-
ers XCOR Aerospace the completion of a
multi-million dollar transaction that
secures the wet lease of production a
Lynx aircraft (tail number two), for opera-
tion on the Caribbean island of Curaao,
pending export licensing action.
The company has teamed with Royal
Dutch Air Carriers KLM, and has long-term
plans to transform space travel in to a fully
functioning resource similar to commer-
cial flights today.
Mol has big ambitions for the company.
I really see it as a growing market. I think
in the next 100 years well see space travel
adopted for commercial flights.
Mol has a string of successful ventures
behind him, not least Lost Boys interna-
tional, one of Europes largest digital agen-
cies; Guerrilla Games, a concept so
directional in gaming Mol sold it to Sony
for exclusive rights, along with Force
India. Space travel, he says, is the next step
and a long-term childhood dream.
I grew up watching space expeditions
on television. I always told my friends and
parents that one day I would go. Now its
part in the adventure, Mol says, assuming
they are medically fit. They will embark
on a training program in preparation with
Space XC training missions. Mol is starting
with an airport adjoining Curacaos but
has long term plans to build a new Space
Centre in Curacao to accompany the ven-
ture, which will offer G-centrifuge simula-
tors, to experience the feeling of G force
when re-entering the earths atmosphere.
There will also be L-39 Albatross jets on
hand to allow people to practice flying in
performance jets with helmets, an alti-
tude chamber, and a Zero G flight simula-
tor to experience weightlessness.
Mol sees space travels potential as
being way beyond a one-off novelty. We
want to be the first. I think theres poten-
tial for an entire space aviation industry,
he says, adding that Space travel will also
offer logistical and environmental bene-
fits if adopted on a wider scale.
Space travel is 4-6 times faster
than a conventional plane, and
only requires fuel to propel it
out of the earths atmosphere
whereupon it drifts on its
own, so it is also environmen-
tally friendly. If escalated it could mean
that far-apart cities such as Frankfurt,
Sydney, and Hong Kong could be just
hours apart, he says. Indeed, this could
lead to the feeling of time travel in some
instances, as it will take only 1.5 hours to
reach Sydney by space aircraft from
London, says Mol.
For now, though, Mol is starting with
his first Space expedition flights. These
went on sale in April this year and the
2014 launch will coincide with the
anniversary of Yuri Gagarins first trip to
the moon. Prices will start at $95,000 per
person per flight including a three-day
stay and experience of the Space XC cen-
tre and five-star accommodation in a hotel
nearby. Mol hopes to build an entire
tourism proposition for Curacao and is
already in talks with hotel groups, he says,
to create space travel packages. Were pio-
neers. There are no limits to where this
could go. Were offering people the oppor-
tunity to go where few others have gone
before. Have you booked your space
odyssey?
For further details contact: +31 655 816 417.
www.spacexc.com
The ingenuity behind Burberrys magic fashion touch
D
ESPITE the possible onset of another
recession, the world cannot get
enough of Burberry. With its share
price up by four per cent after it
unveiled its new collection at London
Fashion Week yesterday, it is clear that the
brand is doing something very, very right.
So whats its secret? Everyone likes a nice
rain-resistant coat, of course. But pretty out-
erwear alone never made a brand into a
global power and its creative director into a
retail godhead, worshipped by everyone
from Kanye West and Andy Murray to
Sienna Miller and Anna Wintour (all in the
front rows at this weeks S/S 2012 show in
London).
Lauren Stevenson, PR director of
Mywardrobe.com, the online fashion shop,
says the brands success is down to relent-
less innovation both in terms of fashion and
in digital marketing: Creative Director
Christopher Bailey innovates every season
but stays true to heritage. The trench coats
are always beautiful. But where Burberry
really has the edge is in digital. Its always
the first with social media and the internet:
Facebook, twitter, viral visuals, music.
Examples include the campaign two
years ago in which Burberry grabbed the
trend for street style started by cult web-
site The Sartorialist at its pinnacle. Art of
the Trench was a forum to which people
uploaded pictures of themselves wearing a
Burberry trench. And in the last two sea-
sons, Burberry has been livestreaming gigs
of various up and coming bands this is
Burberry Acoustics. And Burberry was the
first to introduce click-to-buy so that hours
after a show you could purchase what you
saw online.
None of this would be possible without
the razor sharp eye and intuition of Bailey.
His influence is felt everywhere in the
brand, on everything from premium luxury
line Prorsum to scent and accessories, all of
which he brought in-house after a woeful
period of licensing, when everyone could
buy a bit of check.
Clare Rous, City A.M. columnist and co-
founder of fashion members boutique
Rous Iland, says of the the new collection:
Theres such wonderful heritage detail:
lots of crocheting and embroidery. Its
incredibly clever: on one hand Bailey has
brought Burberry to the fore of a very
digital age, but what the collection
evokes is the days when we didnt have
TV and we sit in front of the fire. knit-
ting.
Above all, to buy Burberry is to buy
into a luxurious world of beautiful,
artistic youth. Says Stevenson: Now
everything has a sense of luxury
whereas before because of licensing it was
more disjointed.
ZOE STRIMPEL
LIFESTYLE EDITOR
Left: Sienna Miller at the Burberry show yesterday. Above: a model
sporting a Burberry Prorsum look for Spring/Summer 2012.
Above: SXCs Lynx
shuttle. Below:
Michiel Mol.
I
DONT know of anyone that owns a
Peugeot 407. I dont even know of any-
one that ever considered owning one,
even second hand. This is possibly
because it is French and big French cars
dont sell so well in the UK. Or maybe its
because it wasnt much of a looker. French,
for sure. But more like Grard Depardieu
than Olivier Martinez. Even rarer was the
Peugeot 607, a car so rare on British roads
that I have never actually seen one.
Peugeots new 508 replaces both. Its a
rival to an Audi A4, Ford Mondeo or VW
Passat depending on how much money
you want to spend. This is one reason why
the new 508 is so surprising. Because in
terms of quality it will give the A4 a run for
its money and in terms of looks unlike its
predecessors its striking indeed. Alluring
even, thanks to its streamlined looks and
helped, as ours was, by a shimmering
Alpine Blue paint job.
An amazing thing has been happening
Audi A4s new rival: Peugeot 508
THE FACTS:
PEUGEOT 508
PRICE: 23,880
0-62MPH: 9.6 secs
TOP SPEED:140mph
CO2 G/KM: 129g/km
MPG Combined: 57.6
The French brandis
motoring with this
suave, solid number
Lifestyle | Motoring
WORDS BY
RYAN BORROFF
We Want to
Buy Your Car
At Dick Lovett Specialist Cars, we are always buying.
We are looking for quality, low-mileage models of the
following brands: Ferrari, Maserati, Audi R8, Nissan GT-R,
Bentley, Lamborghini, Aston Martin, M Power BMW models,
Ferrari Classics and anything a bit different.
If you are thinking of selling your car and would like to take
advantage of our open cheque book, please call Matthew
Beard on 01793 615000 or 07860 911959. Alternatively,
please e-mail matthew.beard@dicklovett.co.uk
Dick Lovett Specialist Cars
Ashworth Road, Bridgemead, Swindon, Wiltshire, SN5 7XR
www.dicklovett.co.uk
at Peugeot. The man that used to design
cars like basking sharks has retired. In his
place is a Frenchman called Gilles Vidal
who is doing rather a good job. The big
gaping grilles are on the way out while
Peugeot interiors like this 508 are of a far
higher quality and sophistication.
So Peugeot is flying. The 3008 and 5008
are both excellent cars, if a little funny
looking. While its desirable little CRZ
sports car has changed the way people per-
ceive Peugeots, this 508 is even classier.
At night in the cabin, the ambience is
quite lovely, thanks to the white lighting
that bathes the cockpit in a seductive glow
and chrome trim elements combined with
a lacquered piano-black finish in the cen-
tre console and doors. The head up display
feels useful and modern it raises out of
the dash but is also discreet (that is, easy
to ignore should you choose to do so).
The interior is spacious and comfortable
with plenty of headroom and legroom and
the electric leather seats and leather steer-
ing wheel add to the premium feel. Thanks
to some clever packaging in the interior
the 508 has the interior space of the 607
yet is essentially the same size as the 407
the boot is cavernous too. We could have
got four babies buggies in it, but thankful-
ly we just need the one.
This Allure trim model gets additional
tech including the parking assist system,
an electronic parking brake (am I the only
one that prefers a traditional handbrake?)
and an open and go system that allows
you to just swipe your hand inside the exte-
rior handle to get access and then press a
starter button to drive away.
Which you can do quite briskly thanks
to its 163bhp 2.0-litre diesel engine, an
engine I have raved about in other models.
The steering and handling is good and the
car is definitely enjoyable to drive
although the ride is quite firm (something
I prefer). It is also refined. There is some
engine and road noise but the interior
remains a quiet place to be.
Would I buy it? No. But only because the
SW estate version is even better looking.
CHARITY HYBRID CAR AUCTION
The UKs first Fisker Karma Sedan
the luxurious electric hybrid
sports car we waxed lyrical about
last month is being auctioned for
charity on 8 October. The event,
called ARTiculate, takes place at
The Roundhouse, Camden and is in
aid of Pratham UK, an NGO dedi-
cated to the education of Indias
poor. Worth attending either way.
www.prathamukgala.com
MASERATI GOES SUV
Maserati is moving into the SUV
market with its Kubang concept,
on show at the Frankfurt motor
show. Now that Fiat Group has
added Jeep to its stable it can call
on Jeeps experience to develop its
answer to the Porsche Cayenne.
Maserati promises that style,
engine, suspension, brakes, han-
dling and performance will all be
100% Maserati. Lets hope so.
PORSCHES SUPER-911
Porsche is showing its brand new
911 at Frankfurt. This 911 is longer,
larger, lower, lighter, more power-
ful, cleaner and more economical
than its predecessor. Tech includes
stop/start, electrical system recu-
peration, a coasting mode for
enhanced fuel efficiency and the
worlds first seven-speed manual
transmission. Entry price for the
Carrera is 71,449. Ouch.
CAR TALK BY RYAN BORROFF
THE VERDICT
DESIGN HHHHi
PERFORMANCE HHHHi
PRACTICALITY HHHHi
VALUE FOR MONEY HHHHi
This is an attractive,
practical car.
T
E
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DRAGONS DEN: HOWTO WIN IN
THE DEN BBC2, 9PM
New series. Advice on succeeding in
front of the Dragons and analysis of
why some presentations fail. Narrated
by Richard Bacon.
FRESH MEAT
CHANNEL 4, 10PM
New series. Comedy drama about six
student housemates. With Jack
Whitehall, Joe Thomas, Kimberley
Nixon and Charlotte Ritchie.
LAW& ORDER: CRIMINAL INTENT
CHANNEL 5, 9PM
Wheeler and her new partner Zach
Nichols (Jeff Goldblum) investigate
when a musician is killed and one of
his friends is found dead.
BBC1
SKY SPORTS 1
7pmSky Sports News at Seven
7.30pmSoccer Special 10.30pm
Youre on Sky Sports! 11.30pm
Footballs Greatest 12amFIFA
Futbol Mundial 12.30amCarling
Cup Football 2amTotal Rugby
2.30amFootballs Greatest 3am
FIFA Futbol Mundial 3.30am
Carling Cup Football 5am
Footballs Greatest 5.30am-6am
FIFA Futbol Mundial
SKY SPORTS 2
7pmTotal Rugby 7.30pmLive
Carling Cup Football 10pmBoots
n All 11pmTrans World Sport
12amTotal Rugby 12.30amNFL:
Total Access 1.30am-3.30am
Spanish Football
SKY SPORTS 3
6.55pmLive Spanish Football
9pmLive Spanish Football 11pm
European Tour Weekly
11.30pmAsian Tour Golf Show
12amInside the PGA Tour
12.30amEuropean Tour Weekly
1amChampions Tour Golf 2am
Asian Tour Golf Show
2.30am-3.30amShow Jumping
BRITISH EUROSPORT
6.40pmEquestrian 8.10pm
Riders Club 8.15pmPGA Tour
Golf 9.15pmEuropean Tour Golf
9.45pmLadies European Tour
Golf 9.55pmGolf Club 10pm
Sailing 10.30pmYacht Club
10.35pmCycling
12.05am-12.20amGT Academy:
Road to Dubai
ESPN
6.45pmGoal Show7.15pmSerie
A Rivals 7.45pmLive Serie A
9.45pmESPN Kicks: Extra
10pmPremier League World
10.30pmUFC 11.30pmESPN
Press Pass 12amDTM Review
Show1amVW Scirocco Cup
3am-6amNHRA Drag Racing
SKY LIVING
7pmCriminal Minds 8pmFour
Weddings US 9pmClaire
Richards: Slave to Food 10pm
Supernatural 11pmBones 12am
Criminal Minds 1amCSI: Crime
Scene Investigation 2.40am
Maury 3.30amBones 4.20am
Nothing to Declare 5.10am-6am
Jerry Springer
BBC THREE
7pmWorlds Strictest Parents
8pmJunior Doctors 9pmThe
Fades 10pmFILMWar of the
Worlds 2005. 11.50pmFamily
Guy 12.30amThe Fades 1.30am
My Forced Unwanted Wedding
2.30amJunior Doctors 3.30am
Bizarre ER 4.25am-5.25am
Cherrys Body Dilemmas
E4
7pmHollyoaks 7.30pmHow I
Met Your Mother 8pmFILM
The Devil Wears Prada 2006.
10.10pmFILMSleeping with
the Enemy 1991. 12.10amThe
Big Bang Theory 1.05amScrubs
2amHow I Met Your Mother
2.25amJason Manford: Live
3.20amReaper 4.05amGlee
4.45am-6amSwitched
HISTORY
7pmLost Cities of the Ancients
8pmAx Men 9pmSwamp
People 10pmOnly in America
11pmOil Riggers 12amSwamp
People 1amAx Men 2amOil
Riggers 3amLost Cities of the
Ancients 4amPawn Stars
4.30amStorage Wars
5am-6amAncient Discoveries
DISCOVERY
7pmMythbusters 8pmHow Do
They Do It? 9pmSecrets of Seal
Team 6 10pmKilling Bin Laden
11pmThe Truth Behind 12am
Bear Grylls: Born Survivor
1amSecrets of Seal Team 6
2amKilling Bin Laden 3am
Deadliest Catch 3.50am
Predator X 5.30am-6am
Destroyed in Seconds
DISCOVERY HOME &
HEALTH
7pmPortland Babies 8pm19
Kids and Counting 9pmUntold
Stories of the ER 10pmA&E
11pmYorkhill 12amUntold
Stories of the ER 1amA&E 2am
Yorkhill 3am19 Kids and
Counting 4amA Baby Story
5am-6amBabys Room
SKY1
7pmThe Simpsons 8pm
Emergency with Angela Griffin
9pmMount Pleasant 10pmBrit
Cops 11pmStrike Back: Project
Dawn 12amRoad Wars 1.50am
99 Most Bizarre 2.40amLaw &
Order 4.20amIts Me or the Dog
5.10am-6amTabathas Salon
Takeover
BBC2 ITV1 CHANNEL4 CHANNEL5
S
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&
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TVPICK
6pmBBC News
6.30pmBBC London News
6.55pmParty Political
Broadcast
7pmThe One Show7.30pm
Waterloo Road: BBC News:
Regional News 8.30pmPlanet
Dinosaur 9pmWho Do You Think
You Are? 10pmBBC News
10.25pmRegional News 10.35pm
The National Lottery Wednesday
Night Draws 10.45pmAsk Rhod
Gilbert 11.20pmLeague Cup Show:
National Lottery Update
12.20amSign Zone: See Hear
12.50amWatchdog 1.50amBang
Goes the Theory 2.20amJulia
Bradburys Iceland Walk
3.20am-6amBBC News
6pmEggheads
6.30pmReel History of Britain
7pmEscape to the Country: A
couple searching for a property
in the Lake District.
8pmNatural World
9pmCHOICE Dragons Den:
How to Win in the Den: New
series. Advice on succeeding in
front of the Dragons.
10pmNever Mind the
Buzzcocks
10.30pmNewsnight: Weather
11.20pmToday at Conference
11.50pmDamages
1.10amBBC News 3.20amClose
4am-6amBBC Learning Zone
6pmLondon Tonight
6.30pmITV News
6.50pmParty Political
Broadcast
7pmEmmerdale:
7.30pmCoronation Street
8pmMidsomer Murders
10pmITV News at Ten
10.30pmLondon News
10.35pmCops with Cameras
11.35pmRugby World Cup
Highlights: Tonga v Japan. 12.05am
Grimefighters 12.30amThe Zone;
ITV News Headlines 2.30amFILM
Columbo: Death Lends a Hand:
Detective drama, starring Peter
Falk. 1971. 3.55am-5.30amITV
Nightscreen
6pmThe Simpsons
6.30pmHollyoaks
7pmChannel 4 News
7.55pm4thought.tv
8pmLocation, Location,
Location: Two couples house-
hunting in north-east London.
9pmGrand Designs
10pmCHOICE Fresh Meat
10.55pmShameless
11.55pmMusic on 4: Ibiza
Rocks
12.30amThe Killing
2.15amWithout a Trace 3am
Brothers & Sisters 3.45am
Smallville 4.30amCountdown
5.15am-6.10amCookery School
6pmHome and Away
6.25pmOK! TV
7pm5 News at 7
7.30pmNew Highland
Emergency: 5 News Update
8pmEmergency Bikers: 5
News at 9
9pmCHOICE Law & Order:
Criminal Intent
10pmBig Brother
11pmBanged Up Abroad
12amPoker: The Big Game
12.55amSuperCasino
3.55amMeals in Moments 4.05am
Nicks Quest 4.55amCounty
Secrets 5.10amWildlife SOS
5.35am-6amHouse 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
19 11 7
21 10
20 21
24 7
16 22
17 3
24 32
10 15
6 21
13 23
8 15 22
12
3
12
14
35
17
45
18
9
6
10
9
11
23
20
45
33
34
5
6
4
16
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 Lashes (5)
4 The Mill on the ___,
George Eliot novel (5)
7 Money demanded
by a kidnapper (6)
9 Arrived (4)
10 Close one eye quickly
as a signal (4)
12 Plant family which
includes the maple (4)
13 Endures (5)
15 Outer space as viewed
from Earth (3)
17 Notions (5)
19 Bends the body as a
sign of reverence (4)
21 Conspire (4)
23 Rounded thickly
curled hairdo (4)
24 Law force (6)
25 Correct (5)
26 Item of bed linen (5)
DOWN
1 Interment (6)
2 Oil extracted from
the ax plant (7)
3 Display (4)
5 Passes the tongue
over (5)
6 Cook slowly and for a
long time in liquid (4)
8 Spiritless man
or youth (7)
11 Word indicating a
negative answer (3)
14 Carry on a romantic
relationship with more
than one person (3-4)
15 ___ volatile,
smelling salts (3)
16 Express agreement (6)
18 Distinctive period
of time (5)
20 Couple (4)
22 Weight units of
2240 lbs (4)
N
G
L
Y
A R
C
M
E

4

4
4
S U C R E I S L A M
O A M O Z
L A P D O G M E T E
I R E T R I E V E
C R I M E A T A C K
I I N H E
T A R T U N I S O N
H E A D L I N E N
B E D S E N G I N E
A S O Z D
U D D E R N E E D Y
4 2 1 5 8 7 9
4 8 7 6 9 2 4 1
3 9 2 5 3 1
1 6 7 8 6 9 3 5
2 5 8 6 7 9 2 1
1 4 7 1
9 8 9 7 8 3 4 6
1 3 5 2 6 4 1 9
1 7 8 9 3 8
7 2 9 5 4 1 2 3
9 4 8 8 9 7 6
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter word was
PANORAMIC
Lifestyle | TV&Games
Results
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email sport@cityam.com
SPORT | IN BRIEF
Villas-Boas contacts ref boss
FOOTBALL: Chelsea manager Andre
Villas-Boas has lodged a complaint
with referees chiefs over the officials
performance in Sundays defeat at
Manchester United. Uniteds first two
goals in the 3-1 win were allowed
despite suspicions of offside and Villas-
Boas said: Im very unhappy with a
poor display from the referees that had
a decisive role in the result. I dont take
it very lightly. You expect the linesman
to do his job.
Trainer Jarvis dies, aged 73
HORSE RACING: Former trainer
Michael Jarvis, who saddled 1989 Prix
de lArc de Triomphe winner Carroll
House, has died aged 73. Newmarket-
based Jarvis, who also won the 2005
Epsom Oaks with Eswarah, had suf-
fered from heart problems and
prostate cancer in recent years.
Pooley title defence falls short
CYCLING: Britains Emma Pooley, the
defending champion, was beaten into
bronze medal position at the World
Road Championships in Copenhagen
yesterday. Germanys Judith Arndt won
gold in the time trial and New
Zealands Linda Willumsen silver, with
Pooley third, less than 30 seconds
behind Arndt.
Trescothick in award landmark
CRICKET: Somerset captain Marcus
Trescothick has become the first man
to win the annual FTI most valuable
player award for a second time. The
former England opener hit more than
2,500 runs this year in all competitions
and held 38 slip catches. He previously
won the award in 2009.
Sport 32 CITYA.M. 21 SEPTEMBER 2011
MAMMA MIA! ITALY ROUT RUSSIA
ITALY romped to their biggest ever World Cup win with a nine-try, 53-17 thrashing of
Russia in Pool C yesterday. Giulio Toniolatt and Tommaso Benvenuti scored two tries
apiece, Sergio Parisse, Edoardo Gori, Luke McLean and Alessandro Zanni also touched
down and their ninth was a penalty try. The win leaves Italy third in the group and
vying with Australia and Ireland for a quarter-final spot. Picture: REUTERS
McGrath tells Australia to go for Flower
ENGLANDS former Ashes tormen-
tor Glenn McGrath has encouraged
Cricket Australia to pursue the pos-
sibility of poaching Andy Flower
from the ECB in the wake of Tim
Nielsens resignation yesterday.
Flower, who signed a new con-
tract in May amid rumoured inter-
est from India, has masterminded
Australias downfall in consecutive
Ashes series, led England to No1 in
the Test rankings and secured a first
ever ICC limited overs title in the
Caribbean last year.
Nielsen, who presided over 15
Test series over the course of the last
four years, stood down following
the conclusion of the drawn third
Test against Sri Lanka in Colombo,
which saw the Baggy Greens secure
a 1-0 victory.
McGrath accepts employing a for-
eign coach for the first time would
represent a bold move that might
not be greeted with universal
approval in Australia, but agrees
that Flowers credentials mark him
out as the outstanding candidate to
fill the vacant position.
If they look for a coach from
somewhere else around the world
Im not sure how that would be
received back home, McGrath told
City A.M. yesterday at an event organ-
ised by the Lords Taverners. Youd
have to see what Andy wants to do
but hes obviously had a lot of suc-
cess with England and as someone
who played against him I can cer-
tainly categorically say hed have
the instant respect of all the current
players and ex-players alike.
Hes pretty much done every-
thing he can with England so
maybe a new challenge would suit
him. He might not be an Australian,
but he certainly embodies the way
we like to play our cricket.
If youve got your family settled
somewhere its always a huge deci-
sion to move somewhere else but
its a challenge I could see him
being excited by for sure.
Waldrom shocked
to be the recipient
of Johnsons World
Cup emergency call
LEICESTER No8 Thomas Waldrom
admits he was stunned to receive
Martin Johnsons emergency World
Cup call following an injury scare to
Nick Easter.
The 28-year-old Tigers star is en
route to his native New Zealand to
provide cover for Harlequins
stalwart Easter, who is
struggling with a back
injury.
Waldrom arrived
at Leicesters Oval
Park but was instead
told by Tigers direc-
tor of rugby Richard
Cockerill to get his
things packed
because he was
heading to
Dunedin.
It was a
swell feeling
and I had to
rush home
and tell my
wife what
was happen-
ing, Waldrom,
who only discov-
ered he was
qualified to rep-
resent England
through his
grandmother in
March, said.
I am going out
as cover so its dif-
ficult to know
what might happen. We will just
have to wait and see.
The 28-year-old has played in all
three of Leicesters Premiership
games and scored a try in the open-
ing-day defeat to Exeter Chiefs.
Englands management, mean-
while, have confirmed Easter did
not injure his back performing a
134-metre bungee jump.
Easter took the daredevil plunge
over the Nevis River in Queenstown
last week and there was speculation
he may have ricked his back in the
process.
But England revealed Easter
trained through last week and it
was only on Saturday, the day
before the
lethargic win
o v e r
Ge o r g i a ,
that he
began to
feel a tight-
ness develop-
ing.
England are
also monitor-
ing prop Matt
Stevens, who
suffered a sprained ankle
against Georgia but is said
to be improving.
Alex Corbisiero (calf) and
Ben Foden (side) are not
major injury concerns and
Chris Ashton took a full
part in training after hurt-
ing his elbow in the act of
scoring his second try on
Sunday.
BY JAMES GOLDMAN
RUGBY UNION
THE BREAKDOWN | WORLD CUP BRIEFS

CONTEPOMI COY ON SCOTS
ARGENTINA captain Felipe
Contepomi is staying tight-lipped on
his hopes of facing Scotland in
Sundays crucial Pool B showdown.
The Pumas fly-half is being tipped to
recover from a rib injury for a match
that is likely to decide who joins
England in the last eight. But
Contepomi said: If Im fit to play, Ill
play. If Im not Im fully confident in
the strategy and that the players will
enter the pitch on Sunday and be
competitive. Scotland kicking coach
Duncan Hodge called Contepomi
Argentinas talisman, adding: I dont
think it will alter how Argentina play,
but individually he is quite unique.
FIT CAMP BENEFITS WELSH
WALES forward Luke Charteris
insists their brutal pre-tournament
fitness camp in Poland is paying divi-
dends as they take aim at the quar-
ter-finals. Wins over minnows
Namibia and Fiji in their last two Pool
D games would book their place in the
knockout stages, where they are likely
to meet Six Nations rivals Ireland.
Looking back to the summer, we
really didnt want to be in Poland. It
was horrible out there, and we were
cursing the coaches, said Charteris.
But we have still got something left
in the tank near the end, and that is
when games are won and lost.
IRISH BACKS ON FRONT FOOT
IRELAND centre Keith Earls has
promised their backs will throw cau-
tion to the wind when they face
Russia on Sunday. Irish forwards have
eclipsed their more attacking team-
mates in wins over USA and Australia
but that could change against a team
who shipped nine tries against Italy
yesterday. Youll see a lot more from
our backline, hopefully starting from
this weekend, said Earls.
BY JAMES GOLDMAN
EXCLUSIVE
England pass summer

exams but there are
tougher tests ahead
E
NGLAND can be rightly satisfied
with their summer exploits hav-
ing fulfilled their lofty ambi-
tion of becoming the best Test
side on the planet and hinting at a
brighter future in the shorter format
of the game.
The execution of the plans laid out
by the captain and management was
first class, but must be tempered by
the fact England dominated under-
prepared opposition.
A couple of players stand out for
their performances and none more
so than Jonathan Trott. If youd have
told me the opinionated, slow learn-
er I thought him to be when I first
came across him at Warwickshire
would one day go on to be the ICC
Cricketer of the Year, I would never
have believed you.
All credit to him though, hes
knuckled down and ironed out the
flaws in his personality. Sometimes
you get a newcomer to Test cricket
who blazes a trail before a weakness
rears its head. But Trotts success has
been uninterrupted for two years and
hes scored runs against everyone.
As much as it fills me with pride to
see England lauding it over the rest
in Test cricket, I expected them to
beat India on home soil. With that in
mind, the improvement they have
made in the one-day arena this sum-
mer is just as satisfying.
It was clear after the World Cup
that something needed to change,
but I was fearful wed be subjected to
more of the same in terms of person-
nel and our approach.
Thankfully, my concerns thus far
have been unfounded. but this posi-
tive assessment must, however, be
taken in context. Much sterner tests
lie ahead in the subcontinent this
winter where Englands lack of a sec-
ond spinning option concerns me.
Graeme Swann was almost a for-
gotten man this summer, but his
workload will intensify against India,
Sri Lanka and Pakistan and theres
nobody to share the workload.
Adil Rashid has dropped off the
radar, Danny Briggs at Hampshire
has struggled in a losing side this
year, while Lancashires County
Championship winning twirlers are
too old. Its the only black mark on
an otherwise perfect summer.
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Sport
Trott was last week named the ICC Cricketer of the Year Picture: PA
ANDREW STRAUSS
Lack of runs aside, its been another
successful summer for the skipper.
Im confident hell come good with
the bat again and in any case,
theres nobody staking a strong
enough claim for his place.
HOW THEY RATED: ENGLANDS MEN OF THE SUMMER
7
STUART BROAD
Came good in the second half of the
summer with wickets, bowling a
fuller length, and runs at vital times.
Suffered his third serious injury in
less than a year which may be a
concern to the management team.
7
ALASTAIR COOK
Its got to the stage where once hes
in hes almost guaranteed to score
big. There were doubts as to his
suitability for the role as one-day
captain but the initial evidence sug-
gests he was the right choice.
9
CHRIS TREMLETT
Probably the most hostile of
Englands pacemen who will start in
the subcontinent if fully fit. That,
however, is looking an increasingly
big if and you wonder whether hes
capable of playing a full Test series.
7
JONATHAN TROTT
The ICC cricketer of the year and
deservedly so. His style might not be
everyones cup of tea but the statis-
tics dont lie. His success has come
over an extended period of time and
hes become irreplaceable.
9
TIM BRESNAN
The opposite of Tremlett in that he
can be relied upon, whatever the
scenario, to be the workhorse of the
side. Developed into a really serious
cricketer capable of exposing the
best batsmen in the world.
8
KEVIN PIETERSEN
Answered his critics emphatically
with a double hundred at Lords and
deserves immense credit for the
amount of hard work he put in to
regain his fitness. Talk of his demise
was premature in the extreme.
8
GRAEME SWANN
Wont have enjoyed playing second
fiddle to the fast bowlers this sum-
mer one bit. With tours to India, Sri
Lanka and Dubai, where England
face Pakistan this winter, hell know
his time will come.
7
IAN BELL
Englands best and most watchable
batsman. Hes sorted out the techni-
cal problems that dogged him
through the early part of his career
and has developed into one of the
worlds best.
9
JAMES ANDERSON
The leader of the pack in both the
long and short formats of the game.
I really cant remember the last
time he bowled badly at home and
for that reason is a captains dream.
Genuine world class.
9
EOIN MORGAN
The new kid on the block remains
Englands best one-day batsman but
his place in the Test team is less
secure. Vulnerable outside off-
stump, as is the case with all left-
handers, but worth persisting with.
7
AND THE REST
I was genuinely excited by Jonny Bairstows
one-day debut in Cardiff last week and he will
certainly have a role to play this winter, as will
Jade Dernbach. The South African-born
bowler is a rough diamond but worth persist-
ing with because of the variety he has at his
disposal. Ravi Bopara must feel hes forever
set to play the bridesmaid after Eoin Morgan
snatched a Test spot from under his nose, but
his recent performances in the one-dayers
hint at a brighter future for him. Craig
Kieswetter on the other hand looks a bit of a
one trick pony, while Samit Patel is nowhere
near a second spinning option in my book.
MATT PRIOR
Provides the side with the balance it
requires in the absence of a genuine
all-rounder. Doesnt feature in the
one-day team these days, suggest-
ing England are mindful of manag-
ing his workload.
8
Sport
34
ARSENAL manager Arsene Wenger
called for his detractors to gain a
measure of perspective after watch-
ing his side avoid a major Carling Cup
upset at the hands of League Two
Shrewsbury.
For the first time during his tenure
Wenger has been forced to field ques-
tions about his ability to take the club
forwards following a calamitous run
of results since the Carling Cup final
defeat in February, capped by
Saturdays 4-3 collapse at Blackburn.
Wenger was given an emphatic
vote of confidence by chief executive
Ivan Gazidis earlier in the day, but
any comfort the Frenchman took
from that would have been forgotten
upon seeing James Collins give the
visitors a 16th minute lead.
But a first Arsenal goal for Kieran
Gibbs and maiden strikes for summer
signings Alex Oxlade-Chamberlain
and Yossi Benayoun restored a sense
of normality to proceedings in front
of a crowd of 46,539 the lowest
attendance at Emirates Stadium since
the move there in 2006.
Whether I work here for the next
10 years or the next day here, I will
give my maximum for the club. I am
not bothered at all by all this specula-
tion, said a defiant Wenger after-
wards.
I accept critics and I dont say it
doesnt matter. I prefer it if people say
I am good but I cannot complain
when we lose a game and you are crit-
icised.
When we do well, we take all the
plaudits so we have to take the blame
when it doesnt go well. But we have,
on both sides, to take a little bit of dis-
tance.
Despite the need for a convincing
win, Wenger opted to field a largely
inexperienced side. Despite the unfa-
miliar personnel, however, the same
defensive problems were evident with
Johan Djourou caught ball watching
and allowing Collins to open the scor-
ing for a Shrewsbury side who had
already hit the post.
With the unthinkable suddenly
dawning on a stunned home crowd,
Gibbs equalised with a firm header in
the 33rd minute before Oxlade-
Chamberlain, 18, the most expensive
of Wengers summer recruits, gave
Arsenal the lead with a crisp 25-yard
shot on the hour mark.
Victory was confirmed by
Benayoun 12 minutes from time
when he swept home from close
range after good work from debutant
Oguzhan Ozyakup.
Wenger added: We took a gamble
and it worked because you could see
some players, who we havent seen so
much of, like Oxlade-Chamberlain
have done extremely well and that is
positive for the future.
Taming of the
Shrews: Young
Gunners avert
a major crisis
BRITISH Olympic chief Andy Hunt
believes he has seen evidence over the
summer that Team GB is on target to
achieve its goals after formally
announcing the nations first ath-
letes for London 2012.
Three-time gold medal winner Ben
Ainslie topped a bill of 11 sailors and
windsurfers who Hunt yesterday
revealed as the inaugural members of
Team GB for next summers sporting
extravaganza.
Hopes are high for sailing, in which
Britain has the tradition and history
of success that might be expected
from an island nation, and which is
expected to provide at least four
medals.
But Hunt has been encouraged
that Team GB will meet its target of
fourth place in the medal table by
recent performances in less tradition-
al British specialities, such as
triathlon and beach volleyball.
Team GB did not achieve anything
in the triathlon at the last Games, but
Alistair Brownlee and Helen Jenkins
are both newly-crowned world cham-
pions, while Brownlees brother
Jonathan was runner-up.
There are some good examples
from the summer the standout
being the triathlon. We didnt medal
in Beijing, which was a great disap-
pointment, but going into the Games
weve got two world champions and a
No2, Hunt told City A.M.
Another great example from the
summer is Denise Johns and Lucy
Bolton in the beach volleyball. They
came into the test event in London
ranked 54th in the world but beat the
fourth-ranked Chinese pair and
reached the semi-finals. You saw the
crowd get behind those athletes and
they performed extraordinarily.
He added: I think were on target
when you look at all performances.
Britains athletes had a mixed
world championships last month but
Hunt said: They met their target.
Wed all like more, but under the
leadership of Charles van Commenee
theyre looking in good shape.
Olympic chief Hunt buoyed by
triathlon and beach volleyball
Ainslee was confirmed as part of Team GBs 2012 sailing team Picture: ACTION IMAGES
BY JAMES GOLDMAN
FOOTBALL
3
1
ARSENAL
SHREWSBURY
Oxlade-Chamberlain scored on his home debut Picture: GETTY
Wengers not
an idiot and
wont be fired,
say Arsenal
ARSENAL chief executive Ivan
Gazidis has strenuously rebuffed talk
of a crisis at the Emirates Stadium
and insisted there is no chance of
embattled manager Arsene Wenger
being sacked.
The Gunners have endured their
worst start to a top-flight season for
more than 50 years, with Saturdays
4-3 defeat to Blackburn leaving
them 17th in the Premier League.
But Gazidis unequivocally ruled
out a knee-jerk reaction and prom-
ised fans majority shareholder Stan
Kroenke would finally address them
on his next visit to north London.
Arsene is not a broken man. He
did not suddenly become a bad man-
ager or somebody who became out
of touch with the game. It is com-
plete nonsense, he said.
[Sacking him] is a route we are
not going to go down. Stan Kroenke
is very supportive of Arsenals self-
sustaining model and of Arsene
Wenger.
To see him [Wenger] portrayed
as some kind of idiot is profoundly
damaging, not to Arsenal or Arsene,
but for the game.
If we get into short-termism we
will do more damage to the club.
Hes frustrated but very, very
focused on putting things right and
is as positively engaged as ever to
drive the club forward. The club is
not in crisis. Theres no division in the
club. We work together.
Gazidis also mounted a defence of
Kroenke, who is nicknamed Silent
Stan in his native United States for
his reclusiveness and has been criti-
cised for not expanding on his vision
for Arsenal.
The truth is that Stan is not
silent. He has been very involved
throughout and for a number of
years with the club, he added.
Stan has said that he will talk to
the fans the next time he is in the UK
and he will.
BY FRANK DALLERES
EXCLUSIVE
MANCHESTER UNITED manager Sir

Alex Ferguson claimed Michael Owen
still has a vital role to play at the club
after watching the England interna-
tional roll back the years with a clini-
cal brace in last nights Carling Cup
third round win at Leeds.
Owen settled the tie with two goals
inside the first 32 minutes to mark
his first appearance of the season and
Ryan Giggs added the gloss with a
deflected strike on the stroke of half
time.
His [Owens] ratio of goals to
games is unbelievable, and his second
goal was fantastic, said Ferguson.
With Berbatov, Hernandez,
Rooney and one or two other strikers
around the place hes not getting the
games he deserves, its unfortunate
for him, but hes fantastic to have
around.
At the other end of the age scale,
there were debuts for Ezekiel Fryers,
who produced an assured display
alongside Michael Carrick at centre-
half, and fellow youngsters Paul
Pogba and Larnell Cole.
And Ferguson said: Young Fryers
did very well, he wasnt fazed by the
occasion at all.
Owen and Giggs roll back the years
BRITAINS greatest sailor Ben Ainslie
admits qualifying for London 2012
was almost as tough as winning an
Olympic medal.
Ainslie, who will go for a fourth
gold next summer, had to see off the
worlds second best Finn sailor, Giles
Scott, just to secure his place at the
Games. Team GB only has room for
one sailor from each class, meaning
24-year-old Scott will have to wait for
his shot at Olympic glory.
Its close to [being tougher to qual-
ify than win a medal], said Ainslie.
Those guys have certainly forced me
to raise my game a huge amount
and hopefully they can continue to
do that so that in 10 months Im in a
great position to go out and do well.
Ainslie was one off 11 sailors yester-
day named as the first confirmed
Team GB athletes for London 2012.
Qualifying is as tough as
winning medal, says Ainslie
BY FRANK DALLERES
OLYMPICS
35
FLOWER EMBODIES THE
WAY WE PLAY CRICKET
MCGRATH TELLS AUSSIES TO
GO FOR ENGLAND COACH: P32
TEENAGE midfielder Massimo
Luongo missed in a sudden-death
penalty shoot-out as Tottenham
crashed out of the Carling Cup at the
first hurdle.
Roman Pavlyuchenko and Stokes
Jermaine Pennant also failed to con-
vert spot-kicks as the shoot-put ended
4-4, following a goal-less 120 minutes.
Manager Harry Redknapp made
eight changes to the Spurs side that
thrashed Liverpool on Sunday for his
third match in the space of six days.
His opposite number Tony Pulis
also fielded seven fresh faces as he too
looked to manage a Europa League
campaign alongside the usual domes-
tic competitions. Fatigue and unfa-
miliarity told in a clash of few
chances. Stoke defender Robert Huth
headed over their best opportunity of
the first half, while at the other end
Spurs youngster Tommy Carroll could
not keep his volley down.
Redknapp threw on England strik-
er Jermain Defoe in search of a win-
ning goal, but it was Stoke forward
Jonathan Walters who had the best
opening when he missed when one-
on-one with Heurelho Gomes in
extra-time, sending the tie to penal-
ties.
The shootout went on for a mam-
moth 16 kicks, with both sides prov-
ing accurate from the spot. Defoe,
Andros Townsend, Vedran Corluka
and Younes Kaboul kept Spurs level,
in response to penalties from Walters,
Glenn Whelan, Marc Wilson and ex-
Spurs forward Peter Crouch.
In sudden death Jake Livermore
and Carroll succeeded in responding
to Stoke efforts from Matthew
Etherington and Matthew Upson, but
Australian Luongo, who turns 19 on
Sunday, was thwarted by Stoke goal-
keeper Thomas Sorensen.
Spurs sunk in
Stoke shoot-out
Toon heap misery on McClaren
NEWCASTLE needed an last-ditch,
extra-time winner from Fabricio
Coloccini to see off Championship
Nottingham Forest and reach the
fourth round of the Carling Cup.
Danny Simpson looked to have won
it in the 93rd minute but Marcus
Tudgay dragged Steve McClarens
Forest level for a third time only for
defender Coloccini to have the last
word in the 120th minute.
On-loan Chelsea youngster Gael
Kakuta marked his debut with a goal
as Bolton eliminated Aston Villa 2-0
in an all-Premier League encounter.
Winger Chris Eagles grabbed the
other for Bolton, who have lost four
straight league games.
League One strugglers Leyton
Orient gave Blackburn a late fright at
Ewood Park, before going down 3-2.
Goals from Jason Roberts, Ruben
Rochina and Simon Vukcevic gave
Rovers a 3-1 lead, before Dean Coxs
late strike, added to David Mooneys
earlier effort, to set up a nervy finale.
Highly-rated teenager Wilfried
Zaha and Calvin Andrew scored as
Crystal Palace beat high-flying
Championship rivals Middlesbrough 2-
1 at Selhurst Park. London neighbours
Millwall endured a night to forget,
however, losing 5-0 at Molineux
against top-flight Wolves.
Ben Ainslie, Finn
Paul Goodison, Laser
Bryony Shaw, RSX Women (windsurfing)
Nick Dempsey, RSX Men (windsurfing)
Lucy MacGregor, Elliot 6m, Match Racing
Kate MacGregor, Elliot 6m, Match Racing
Annie Lush, Elliot 6m, Match Racing
Iain Percy, Star
Andrew Simpson, Star
Hannah Mills, 470 Women
Saskia Clark, 470 Women
FIRST XI| CONFIRMED TEAM GB ATHLETES
0
3
LEEDS UNITED
MANCHESTER UTD
FOOTBALL
0
0
STOKE
TOTTENHAM
BY FRANK DALLERES
FOOTBALL
Stoke win 7-6 on penalties

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