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www.cityam.com Issue 1,420 Friday 8 July 2011 FREE
BUSINESS WITH PERSONALITY
Certified Distribution
02/05/11 till 29/05/11 is 103,467
FULL STORY: P2-4
POLICE
SET TO
ARREST
COULSON
Murdoch closes best-selling tabloid in
desperate bid to save rest of his empire
Bid for BSkyB hangs in balance as
Hunt delays decision until September
RUPERT MURDOCH abruptly ended
his 42 year ownership of the News of
the World yesterday, killing off the
iconic brand in a desperate bid to
save the rest of his media empire.
The tycoons bleakest hour saw his
son James issue a grovelling apology
for the newspapers behaviour, with
trusted ally Rebekah Brooks said to
be in tears as she told staff that the
168-year-old title would print its last
edition on Sunday.
Editor Colin Myler said the deci-
sion marked the saddest day of my
career, adding nothing should
diminish everything this great news-
paper has achieved.
Murdoch hopes the ruthless clo-
sure of the paper which still sells
2.7m copies a week will help stop
the contagion of the phone hacking
scandal affecting his multi-billion
pound bid for BSkyB.
However, the deal is by no means
guaranteed, with culture minister
Jeremy Hunt stalling its clearance
until the autumn in light of a record
number of submissions against it.
The scandal shows no sign of abat-
ing, with ex-News of the World edi-
tor Andy Coulson, a former aide to
David Cameron, widely expected to
be arrested today to face questioning
over his involvement in the phone
hacking scandal.
He is thought to be one of at least
two senior News International
employees about to be grilled by
police.
James Murdoch yesterday admit-
ted he had wrongly blamed a single
rogue reporter for the hacking scan-
dal, saying he was not fully aware of
the facts. He also said he was wrong
to have authorised out-of-court settle-
ments to phone hacking victims.
However, he stood by Brooks, say-
ing she remains the woman to lead
the organisation, despite being edi-
tor during many of the worst
instances of phone hacking.
She faced renewed calls to step
down last night from politicians on
both sides of the divide. It is under-
stood she was accompanied by secu-
rity as she broke the news to
devastated News of the World jour-
nalists, with one reporter saying
there was a lynch mob mentality
towards her. Another added there is
a universal hatred of her.
The last edition of the News of the
World will not feature any paid-for
adverts, with the space instead
turned over to charities. All sales rev-
enue will be donated to good causes.
Around 200 journalists have been
placed on three month gardening
leave pending a decision on whether
they will be redeployed within News
International. However, it is widely
expected the firm will take the
opportunity to slash a large propor-
tion of the staff. News International
last month began to restructure its
newspapers into a more integrated
operation, including the creation of
two managing editors role to oversee
all four of its newspapers.
Sources close to the firm told City
A.M. a Sunday version of the UKs best
selling daily paper the Sun could
launch as soon as this month. A
spokesman for News International
declined to comment on specula-
tion and said she was not aware of
any final decision. Speculation was
fuelled yesterday when it emerged
the domain names thesunonsun-
day.co.uk and .com were registered
on Tuesday.
News Corps US stock rallied dur-
ing trading before closing marginal-
ly down, following a 3.5 per cent
plunge a day earlier. Sky dropped
almost two per cent. MORE: P2,P3, P4
l Rupert Murdoch, pictured in the
US yesterday, is desperate to be
able to buy the UK satellite broad-
caster BSkyB Picture: GETTY
BY STEVE DINNEEN
MEDIA

News
2 CITYA.M. 8 JULY 2011
lNEWS OF THE WORLD TO CLOSE AFTER 168 YEARS
IN many ways, the disgusting scandal
that has so stunningly and abruptly
destroyed Rupert Murdochs News of
the World (NotW) could prove to be a
mini-Lehman Brothers moment for
the media industry. As the dominos
tumble, there will be more, as yet
unknown, corporate victims. Seismic,
uncontrolled changes are now afoot,
at a time when technological innova-
tion was already revolutionising the
market; some of these shifts will be
good, others will be destructive.
It is not just the media (and its con-
sumers) that will be affected: the
police is being engulfed by what could
be the biggest corruption scandal
since the 1970s; and Westminster is in
turmoil. Business, finance, politics and
the media: this is an astonishing story,
involving some of the worlds most
powerful, larger than life characters,
and one which will dominate the
agenda in Britain for years to come.
I am proud to edit City A.M., an inde-
pendently-owned newspaper which
would never even dream of breaking
the law. We have no interest in celebri-
ty tittle-tattle and are revolted by what
has been going on.
But it is a tragic day for those NotW
journalists who are losing their jobs,
through no fault of their own (the bad
eggs from the old regime had already
left). The actions of a small minority of
amoral, hypocritical and arrogant ex-
staff at the NotW (and some other
newspapers, as will eventually become
EDITORS LETTER
ALLISTER HEATH
7
th
Floor, Centurion House,
24 Monument Street, London, EC3R 8AJ
Tel: 020 7015 1200 Fax: 020 7283 5334
Email: news@cityam.com www.cityam.com
Editorial
Editor Allister Heath
Deputy Editor David Hellier
News Editor David Crow
Acting Night Editor Marion Dakers
Business Features Editor Marc Sidwell
Lifestyle Editor Zoe Strimpel
Sports Editor Frank Dalleres
Art Director Craig Gaymer
Pictures Alice Hepple
Commercial
Sales Director Jeremy Slattery
Commercial Director Harry Owen
Head of Distribution Nick Owen
Distribution helpline
If you have any comments about the distribution
of City A.M. Please ring 0207 015 1230, or email
distribution@cityam.com
clear) have helped bring the entire
journalistic profession into disrepute.
Fortunately, the public has always
made a distinction between good and
bad hacks, but all journalists like all
bankers and politicians as a result of
the credit crunch and expenses scan-
dals have been damaged. The situa-
tion will become even worse (and the
final outcome even more unpre-
dictable) if other serious scandals
emerge elsewhere in the industry.
It is also a bad time for the freedom
of the press: by despicably abusing
their privileges, a small number of
rogues have encouraged some politi-
cians and others who hate being held
to account by the media to crack down
on a free press. There is talk of a new
regulatory quango and other new laws
but what is really needed is to punish
severely anybody who breaks existing
laws, of which there are plenty. It is
pathetic to see Labour politicians
under whose watch this scandal devel-
oped now attacking those media
executives they sucked up to in return
for their support from 1997. But the
fallout is even worse for David
Cameron: his former communications
boss Andy Coulson is about to be
arrested. The NotW and the News
International titles all now back the
Tories and they have always
preached a small-c conservative view
on crime, law and order, the EU, tax
and regulation. Their decline will be
bad for the Tory party.
Paid-for newspaper readership will
fall even faster, regardless of whether
Murdoch launches a Sun on Sunday to
replace the NotW (if he moves too fast,
he will forfeit the moral advantage
gained from shutting the NotW).
While Trinity Mirror, the Daily Mail
and General Trust and Northern and
Shell will gain market share, this trend
will nevertheless be bad for estab-
lished media firms, all of which are
still losing money on their digital oper-
ations. But it will be good for free
newspapers as they are growing their
readership and will account for an
even larger share of the print market.
Murdoch is a master chess-player
who has very rarely lost a gamble. His
main aim is to rescue his bid for BSkyB
and to make sure that his lifelong
work building News Corp into the
worlds most powerful media compa-
ny doesnt end in scandal for his fami-
ly. His assessment was that the papers
brand was so tainted as to have
become not only worthless but a disas-
trous liability; and that he needed to
do something really drastic. Murdoch
also needed to convince his sharehold-
ers that he was taking radical action to
stabilise the companys share price.
His problem is that the scandal is
not over yet: only when all the execu-
tives responsible have been punished
and all those whose phones have been
hacked are compensated will a line
finally be drawn. A proper, independ-
ent inquiry is vital. Until then,
Murdochs ambition to win BSkyB,
and build an integrated, cross-plat-
form, multimedia organisation strong
enough to take on digital giants will
remain just a dream.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
Scandal will be a
Lehman Brothers
moment for media
Printed by Newsfax International,
Beam Reach 5 Business Park,
Marsh Way, Rainham, Essex, RM13 8RS
lTHE RISE AND FALL OF THE NEWS OF THE WORLD: UNDER
2 January 1969
Rupert Murdoch at the
auction to bid for the
control of the News of
the World newspaper
group. Murdoch beat off
a rival 34m bid from
Robert Maxwells
Pergamon Press, winning
a controlling stake and
becoming new managing
director of his first Fleet
Street newspaper at the
age of just 38.
June 2003
Ex-BluePeter pre-
senter and ITV
This Morning host
John Leslie was
exposed as a
cocaine user in a
damning video
that spelled the
end of his TV
career. He was
filmed during a
party at his home
in Surrey.
Murdoch bid for Sky
is still in the balance
MURDOCHS bid for BSkyB was hang-
ing in the balance last night, despite
his bombshell decision to close the
flagship News of the World.
A Sky director told City A.M. the two
sides are miles away from any deci-
sion on price because the situation is
changing so quickly.
Culture Minister Jeremy Hunt has
been forced to now delay his decision
on whether to green-light the bid after
receiving an unprecedented 100,000
submissions during a consultation
period that was widely expected to be
a formality. A decision is now not
expected until September, although it
is understood Hunt is still minded to
accept the proposals, which include
Sky News being hived off under an
independent board of directors.
News Corp rallied during trading
before closing marginally down, fol-
lowing a 3.5 per cent plunge a day ear-
lier. But investors continue to worry
about the Sky bid, with the broadcast-
ers shares falling almost two per cent
for the second day running.
S&P Equity Research analyst Alex
Wisch told City A.M. he expects the bid
to eventually go ahead. He said: The
decision to close the News of the
World will appease the political estab-
lishment. It is less likely to look at the
bid with regulatory eyes.
I now expect News
Corp to raise its offer
to 830p.
He added: Sky is
the most important
thing. It is bigger
than the News of the
World. This is the
thing that matters
most. Everything
else is secondary.
Murdochs deci-
sion to stick by News
International boss
Rebekah Brooks (pic-
tured) is also proving
very controversial.
BY STEVE DINNEEN
MEDIA

ANALYSIS l News of the World circulation figures

1962 1970 1980 1990 2000 2011
7
6
5
4
3
2
THE NEWS of the World sales stood at
6.5m in 1969, when Murdoch fought
off Robert Maxwells Pergamon group
to buy the title for a princely 34m. It
has closed with sales of just 2.6m this
year. And in a sign of the times for the
traditional newspaper industry, the
last two papers to change hands the
Independent and Evening Standard
were each sold for just 1.
Sales a sign of
changing times
MEDIA

Murdoch bought
the News of the
World in 1969
January 2002
The News of the
World revealed
that Prince
Harry, who was
16 at the time,
was sent to a
rehab clinic after
admitting he fre-
quently smoked
cannabis. He
also confessed
to underage
drinking.
Murdoch turns
News of the
World into a
tabloid in 1984
News
3 CITYA.M. 8 JULY 2011
RUPERT MURDOCH
June 2003
In an undercover inves-
tigation, a News of the
World reporter was
hired as the sole guard
to Ian Huntley, who
murdered ten-year-old
schoolgirls Holly Wells
and Jessica Chapman.
The newspapers infil-
tration into a high secu-
rity prison resulted in a
tough overhaul of
Britain's jails.
July 2001
Politician and
author Lord
Jeffrey Archer
was jailed for
four years for
perjury after a
court case
sparked by the
News of the
Worlds investi-
gation into him
paying off a
prostitute.
May 2002
The newspaper
exposed Have I
Got News For
You star Angus
Deayton alleged-
ly snorting
cocaine with a
prostitute. He
was sacked
from the show
after further
such stories
later that year.
July 2011
News International chairman James
Murdoch announces that the News
of the World is to close as a result of
the damage done by allegations that
its journalists hacked into phones of
bereaved relatives of war dead and
victoms of the 7/7 London bombings
among others. A tearful Rebekah
Brooks, chief executive of News
International, reads his statement to
a shocked newsroom. Murdoch
defends Brooks and says she will
stay in position.
After 168 years in print, the News of the World will
publish its last ever edition this Sunday. Since its
launch in 1843, the paper has specialised in titillating
tales, campaigns and undercover stings. However, in
the phone hacking case it found itself on the wrong
side of one of the biggest scandals of all.
THE News of the Worlds brutal axing
yesterday was a story the title itself
would have been proud to source.
From humble beginnings 168 years
ago, it earned itself a racy reputation
based on sex and scandal-filled stories.
Launched as a penny broadsheet on
1 October 1863, it targeted the higher
echelons of society but filled its pages
with sex and crime news that
appalled and riveted Victorians.
At three pence it was also the
cheapest of its competitors and gained
unrivalled success as a Sunday paper,
selling 12,000 copies each week.
Public appetite for it grew through-
out the 1910s and 20s, with sales top-
ping four million by 1939 and by the
1950s it was selling 8.4m copies, more
than any other paper in the world.
Its recent history has been charac-
terised by Rupert Murdoch, who
bought it for staggering 34m in 1969
when he was aged just 38. He ran the
title as a broadsheet for 15 years
before turning it into a tabloid a
twist that raised its sales substantially.
The News of the World was also at
the forefront of Murdochs war with
the print unions in the 1980s and
became synonymous with his efforts
to destroy old working practices and
labour relations by shifting his titles
from Fleet Street to Wapping.
It retained its popularity with vocif-
erous campaigns against alleged pae-
dophiles and celebrity sins and
despite its sales falling to just shy of
2.7m of late, it has stayed the UKs top-
selling Sunday title.
Gripping reading
from its salacious
start to brutal end
The News of the World scandalised and
entertained the nation for 168 years.
November 1986
News International moved its titles from
Fleet Street to Wapping, East London.
THE News of the World was
arguably the jewel in the crown of
Murdochs UK newspaper stable.
With 2.6m weekly sales generat-
ing 135m gross revenue per year,
the paper was second only to its
sister daily, the Sun, in its success
in the UK market.
Its advertisers also contributed
an estimated 35m per year,
according to Panmure Gordon
analyst Alex deGroote, who said its
demise could only benefit its com-
petitors Mail on Sunday owner
DMGT, and Sunday Mirror owner
Trinity Mirror.
Trinity Mirrors Sunday titles,
with a total circulation of 1.5m
and advertising revenue of about
25m, would gain on both counts,
he said.
On Wednesday we said these
events would give Trinity a bit of a
push; we didnt quite anticipate
this, DeGroot told City A.M.
But Patrick Yau, media analyst
at Peel Hunt warned the gains may
not last. It will depend whether
Murdoch adds a new title, he said.
By launching a Sunday version
of the Sun, Murdoch could swiftly
recoup some of these losses.
Collins Stewart analyst Tom
Eagan said News of the Worlds
loss would be minimal to parent
company News Corp, even if the
paper once made up a big chunk
of the firms $1.2bn (750m) total
revenues in the UK.
NotW rivals
set for boost
BY ALISON LOCK
MEDIA

News
4 CITYA.M. 8 JULY 2011
lNEWS OF THE WORLD TO CLOSE
News of the World editor Colin Myler, and some of his predecessors Piers Morgan, Wendy Henry and Andy Coulson
Gone but not forgotten: tabloid paper lives on
IT is fitting that Rupert Murdoch
should end the News of the World
era with such an audacious act. The
story of how he bought the newspa-
per in January 1969 is similarly
brazen, not just because he defeat-
ed Robert Maxwell in a closely
fought bidding war, but because of
all that followed. The News of the
World was Murdochs first UK
newspaper, the precursor to his
decades-long dominance of much
of the British media.
Although the News of the World
might be dead, the winning formu-
la of sex, scandal and sport will live
on for now most likely in a new
Sunday newspaper. The Sun on
Sunday (as it is being referred to by
advertising execs) is slated for a
launch later this month; the appro-
priate website addresses were regis-
tered on Tuesday.
A plan of this kind has been on
the back-burner for some time. Will
Lewis, group general manager at
News International was drafted in
last year to slash costs, a task he per-
formed with some success at
Telegraph Media Group. Last
month, staff were warned that the
Sun and the News of the World
would find ways of introducing
seven day working code for run-
ning both newspapers with a sin-
gle, much smaller staff. The
decision to scrap the News of the
World brand came later, but must
have been a no-brainer considering
the furore surrounding the paper.
Analysts are suggesting Mail on
Sunday owner DMGT and Trinity
Mirror could benefit from the
demise of their rival, and we expect
their share prices to jump today.
But history tells us that readers of
extinct newspapers rarely migrate
to different titles in a significant
way. If anyone has the chance of
capturing this audience, it is
Murdochs new title. Some will
wonder why Murdoch is bothering
to replace News of the World at all,
but they fundamentally misunder-
stand him. He is a newspaper man
first and foremost; everything
else BSkyB, 20th Century Fox is
there to keep the papers alive. With
annual profits of 2m and a cover
price of 1 ensuring it generates a
huge amount of cash the News
of the World was doing well, at
least as newspapers go. Murdoch
will be hoping he can repeat its suc-
cess. We wouldnt bet against him.
BOTTOMLINE
Analysis by David Crow
FORMER deputy prime minister
John Prescott yesterday declared:
Its Twitter Wot Won It!, in refer-
ence to the famous Sun headline.
Campaigners have used the
micro blogging site to rally support
against the Murdoch empire as the
phone hacking scandal unfolded.
Yesterday thousands of tweets a
minute spread like wildfire the
news of the closure of one of the
worlds biggest selling newspapers.
It is understood News
International was so
worried about
sacked reporters
logging onto the
site, it blocked access
before the announce-
ment was made.
Twitter plays
role in papers
sudden demise
MEDIA

lLETTER | HOW THEY BROKE THE NEWS

James Murdoch announced the closure of the News of the World in a statement to employ-
ees yesterday (see above). In it he admits that he was wrong to approve out-of-court settle-
ments to victims of phone-hacking and also that the paper made statements to the House
of Commons select committee that could have been misleading.
The European Central Bank (ECB)
threw its rulebook out the window
yesterday in a bid to protect Portugal
from spreading Eurozone contagion.
In a question-and-answer session
with journalists, ECB president Jean-
Claude Trichet abruptly announced
that the Bank will suspend its nor-
mal criteria for acceptable collater-
al in order to keep the taps
running for Portuguese banks.
The countrys banking sys-
tem is dependent on
Frankfurt for some 40bn in
funding, according to
recent estimates, but it has
to provide eligible collat-
eral for the loans.
Trichets announce-
ment yesterday means
that Portuguese govern-
ment debt can count as
collateral even if the main
three ratings agencies rate
the country as having
defaulted a suspension of the Banks
normal rules.
It follows similar decisions on Greek
and Irish debt made in May 2010 and
March this year respectively and is
based, the ECB says, on an assessment
of the countries fiscal plans as being
appropriate even if ratings agencies
think otherwise.
The decision is the EUs latest
move against the ratings agencies,
which European Commission
president Jose Manuel Barroso
accused of anti-European
bias earlier this week
after Moodys downgraded
Lisbon into junk territory
and warned a second
bailout was likely.
Global regulators are
currently in the process
of purging rating agen-
cies legal status from a
raft of financial rules,
with the aim of mak-
ing the economy less
reliant upon their
judgments.
ECB changes
rules in a bid
to save Lisbon
THE lines were drawn more starkly in
the inflation debate yesterday as the
Bank of England again refused to raise
rates while the European Central Bank
(ECB) hiked rates for a second time this
year to 1.5 per cent.
ECB president Jean-Claude Trichet
said: It is essential that the recent
price developments do not contribute
to broad-based inflation. We will con-
tinue to monitor very closely any
developments with regard to price sta-
bility.
The ECBs decision to crack down on
inflation comes with Eurozone CPI
inflation estimated at 2.7 per cent,
throwing the spotlight on the Bank of
England for its inaction despite CPI
inflation of 4.5 per cent in the UK.
The BoEs lack of concern for rising
prices has prompted some economists
to conclude that it is shifting its man-
date towards growth stimulation
rather than price stability.
Cheviot Asset Managements David
Miller said: The Monetary Policy
Committee has shifted its concerns to
looking at how best to stimulate eco-
nomic growth I also wouldnt be sur-
prised if the MPC started to subtly
change its mandate, moving it closer
to that of the Federal Open Market
Committee.
The US FOMC has a duel mandate,
unlike the BoE, with regard to both
employment and inflation.
ECONOMICS: P12
Europes rate hike to 1.5pc puts spotlight on the UK
BY JULIET SAMUEL
EUROZONE

ECONOMICS

News
5 CITYA.M. 8 JULY 2011
STANDARD LIFE COMES UNDER FIRE
FOR RAISING FUND FEES
Financial advisers have threatened to
pull millions of pounds out of
Standard Life Investments after the
provider took the unusual step of rais-
ing fees on some of its funds, bucking
the trend for fund managers to cut
headline costs for investors. SLI said
that fees on seven retail funds and
two institutional funds would rise
from November 2011.
HEDGE FUNDS HIT BY VOLATILITY
Some of the worlds largest hedge
fund managers have been left nurs-
ing significant losses after two
months of volatile markets amid
growing fears over the state of the
global economy, according to month-
ly performance numbers tracked by
Hedge Fund Research.
NUISANCE CALLERS FACE 2M FINES
Npower and Homeserve have been
accused of plaguing households with
annoying cold calls. Ofcom said that
the npower, the energy provider and
Homeserve, which provides home
emergency cover, used automatic
calling systems to dial numbers, only
to leave the line silent, hang up or
leave marketing messages.
TWENTY STORES A DAY ARE CLOSING
Struggling high street retailers are
pulling down the shutters on 20
stores a day as the squeeze on
incomes and looming austerity meas-
ures take their toll. Research commis-
sioned from the Local Data Company
by the accountancy firm PwC shows
that 4,500 high street shops were
closed or earmarked for closure in
the first five months of this year.
JPMORGAN CHASE TO PAY 142M TO
SETTLE ALLEGATIONS
JPMorgan Chase has agreed to pay
$228m (142m) to settle allegations it
rigged almost one hundred auctions
involving local government bonds.
The bank was accused of rigging bids
in auctions used to determine which
banks secured the rights to invest the
proceeds of the bond sales made by
state governments.
PROFITS RISE AT WORLD'S LARGEST
LAW FIRMS
The global economy is on its knees,
unemployment is on the up and the
standard of living on the way down.
Gloomy times, unless of course you're
a lawyer. Analysis by Legal Business
magazine has revealed the worlds
100 largest law firms saw a seven per
cent increase in profit last year.
WHAT THE OTHER PAPERS SAY THIS MORNING
Models shown AYGOGo! 1.0 3 door manual 9,195, includes 300 customer saving and 255 Centre contribution from the manufacturers list price. Yaris T Spirit 1.0 3 door manual 11,495, includes 1,000 customer saving and 200 Centre contribution from the
manufacturers list price. Auris TR 1.33 3 door manual at 13,825, includes 1,500 customer saving and 730 Centre contribution from manufacturers list price. Verso TR 1.6 7 seat MPV 19,610. All prices correct at time of going to press. Metallic paint 420 extra. 6 months
Iree Iuel amounI is equivalenI Io 503.38 Ior AYCD, 557.99 on Yaris, 645.36 on Auris, 437.86 on Auris Hvbrid and 596.61 on Verso which will be loaded on a prepaid Visa card. These amounIs are based on o cial Iuel consumpIion gures Ior an AYCD1.0 manual 61.4mpg
(Combined), Yaris 1.0 TR manual 55.4mpg (Combined), Auris 1.33 TR 47.9mpg (Combined), Auris Hybrid 1.8 T Spirit 70.6mpg, Verso 2.0 TR Diesel manual 53.3 mpg (Combined) over an average of 5,000 miles (Source: Parkers Guide - www.parkers.co.uk). Fuel cost based on UK
average Ior unleaded 95 ocIane peIrol oI 136.0p per liIre, and Diesel oI 139.9p per liIre as per www.peIrolprices.com on Thursdav 26Ih Mav 2011. Der available on newreIail sales when ordered beIween 1sI 1une and 30Ih SepIember 2011 and regisIered bv 31sI December
2011. 5 vear/100,000 mile manuIacIurer warranIv subiecI Io Ierms and condiIions. *Free servicing oer and 6.9% APR represenIaIive onlv available Ior newreIail orders oI model shown beIween 1 1une and 30 SepIember 2011 and regisIered and nanced Ihrough TovoIa
Financial Services, Great Burgh, Burgh Heath, Epsom, Surrey, KT18 5UZ, before 31 December 2011 on a 2 year AccessToyota (PCP) plan. Indemnities may be required. Finance subject to status to over 18s. Toyota Centres are independent of Toyota Financial Services. Free
servicing oer includes Ihe rsI Iwo scheduled services aI an o cial TovoIa CenIre (everv 10,000 miles or 12 monIhs whichever is rsI). Terms and condiIions applv.
AVGO Go! l.D VVT- 3 door manual O cal Fuel ConsumpLon Fgures n mpg (l/lDDkm): Urban 5l.4 (5.5), ELra Urban 7D.6 (4.D), Combned 6l.4 (4.6). CO
2
Emssons lD5g/km.
Vars T SprL l.D VVT- 3 door manual O cal Fuel ConsumpLon Fgures n mpg (l/lDDkm): Urban 45.6 (6.2), ELra Urban 6l.4 (4.6), Combned 55.4 (5.l). CO
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INFLUENTIAL shareholder adviser
Pirc has urged London Stock
Exchange investors to block the re-
election of four directors at this
months annual meeting, in the
wake of the bourse operators col-
lapsed merger with TMX Group.
The adviser questioned the inde-
pendence of two non-executive direc-
tors, Janet Cohen and Robert Webb,
who have been on the board for
more than nine years a term seen
as the maximum to be served.
LSE board faces
investor revolt
FINANCIAL MARKETS

SHAREHOLDERS in the New York

Stock Exchange (NYSE) yesterday
agreed to its planned $9.6bn (6bn)
takeover by Deutsche Boerse.
The deal now needs approval from
75 per cent of the Frankfurt exchange
operators shareholders by next
Wednesday.
The creation of the exchange titan
also needs to survive a European
Commission antitrust review.
NYSE votes for
Deutsche deal
FINANCIAL MARKETS

News
6 CITYA.M. 8 JULY 2011
MAN Groups recovery from the
financial crisis gathered place yester-
day as the worlds largest listed hedge
fund manager reported a net inflow
of $3.7bn (2.3bn) in its first quarter.
Shares in the firm rose 8.8p to
255.7p as it provided the market with
further proof it was turning itself
around after nine consecutive quar-
ters of funds flowing out. It said its
recently launched open ended
onshore fund in Japan is now manag-
ing $2.3bn of funds.
Peter Clarke, chief executive of
Man, said it had successfully integrat-
ed hedge fund group GLG Partners,
bought for $1.6bn last year, and
struck an upbeat note despite the
weak state of global markets. GLG
sales rose to $3.3bn but its Alpha
Select product was down by 5.6 per
cent in the two months to the end of
May.
Japan inflows boost Man
BY PETER DEYE
FUND MANAGEMENT

ANALYST VIEWS: IS THIS THE END OF MAN

GROUPS TROUBLES? Interviews by Richard Partington

JONATHAN JACKSON | KILLIK & CO

Theyre better placed now than they were before, although if markets
remain volatile its difficult for their AHL fund to perform in that environment and itd
be hard to say if the worst is over for them. We remain positive on their
shares.

DAVID MCCANN | NUMIS

The momentum seems to be there in their open-ended products in par-
ticular. Theyve tapped into decent amount of demand for open-ended products.
For the foreseeable future, that division seems to be doing OK. Its a confidence
game as much as anything, as these are alternative products.

KEITH BAIRD | ORIEL SECURITIES

This signals improving sales momentum that needs to be maintained.
Boosted by fund launch in Japan. Outside that still strongly improving sales
momentum Im optimistic. There is a bit of concern about performance.

ORIGIN Asset Management, a bou-

tique fund manager backed by Icaps
Michael Spencer (pictured), was
snapped up by US asset manager
Principal Financial Group for $66m
(41m) yesterday.
Iowa-based Principal has agreed to
buy a 74 per cent stake in Origin,
which manages 2bn of equity portfo-
lios out of London for institutional
clients, while Origins partners will
retain 26 per cent of the equity.
The partners have also commit-
ted to reinvest a substantial
share of the proceeds of the
sale back into the funds that
Origin manages.
The sale will mark the end
of Spencers involvement in
Origin, however. The firm was
founded by fund managers
in 2005 and support-
ed by Spencers
holding company
IPGL, but all pas-
sive investors have now sold out.
Principal has more than $327bn
assets under management and man-
ages pension funds for individuals as
well as broader business and institu-
tional-focused funds.
Its chief executive Jim McCaughan
targeted Origin due to its recently-
launched funds focused on small
companies and emerging markets,
where additional high-quality invest-
ment capacity is much sought after,
but in relatively short supply.
Origin managing partner Nigel
Dutson said the takeover would
allow us to continue the devel-
opment of our business
around the world while main-
taining our operating inde-
pendence, distinctive
investment process and
organisational culture.
The Origin deal, expected
to close in October,
is Principals
third such
takeover this
year.
Spencer sells
Origin stake
to US group
BY ALISON LOCK
FUND MANAGEMENT

CAR dealership Lookers yesterday

revealed that the bid it rejected last
week from a group of investors led by
Jack Petchey was priced at 70p per
share, below the expected 80p.
Petcheys Trefick vehicle downgrad-
ed its offer after taking a gloomy view
of Lookers pension fund and valuing
its property portfolio at a lower level
than expected. Lookers said the value
of its assets had not been affected by
these two factors.
Shares in the car dealer and parts
supplier fell 6.5 per cent to 54.25p
after the update.
Trefick, along with Moor Park
Capital Partners, a real estate private
equity investment advisory firm, and
Brett Palos, a venture capitalist and
real estate investor, took a joint cash
approach to Lookers board back in
May.
Lookers, which is in refinancing
talks with its banks in the run-up to
the expiry of its current facility next
April, sells cars from marques such as
Ford, Vauxhall, Nissan and Toyota. It
said it expected first-half results to be
similar to its record first-half trading
performance last year.
The car market has remained sub-
dued since the UKs exit from reces-
sion but Lookers said it was winning
market share.
Its new retail car sales reduced by
12.7 per cent, which it said was 5.4
per cent ahead of the industry as a
whole. Its corporate sector sales fell
slightly, it said, compared to a 3.1
per cent rise across the market.
Second bid for
Lookers was
70p per share
THE slow recovery in global con-
sumer spending was underlined yes-
terday when electronics distributor
Premier Farnell issued a shock profit
warning exactly a year after hailing
its climb out of the recession.
Shares in the Leeds-based group
plunged 20 per cent to their lowest
level in 16 months after it said growth
had tailed off in all markets in June,
particularly in Europe and North
America.
The trading update came a year
after chief executive Harriet Green
said Premier had come out of the
recession fast, early and well.
Yesterday the firm, which supplies
thousands of components ranging
from LEDs to microchips and batter-
ies, said it had seen significant
demand from industrial and technol-
ogy customers in April and early May
after the Japanese earthquake but it
went on to achieve growth of only 1.4
per cent in May and June.
As a result of the rapid change in
the global business environment
since our last statement, and recog-
nising the limited visibility in our
business model, the board now
expects that second quarter revenue
growth will be less than the targeted
range of six to eight per cent over the
prior year, it said.
Premier Farnell
slumps after
profit warning
BY PETER DEYES
M&A

TECHNOLOGY

News
8 CITYA.M. 8 JULY 2011
ANALYSIS l Lookers
p
5Jul 6Jul 7Jul 4Jul 1 Jul
59
57
55
54.25
7 Jul
Steel magnate Lakshmi Mittal is one of Ophirs financial backers
THERE was some good news yesterday
for Londons troubled IPO market as
Ophir Energy, a Lakshmi Mittal-
backed oil exploration group with 12
wells off the African coast, gained suf-
ficient investor support for its upcom-
ing flotation.
Ophir decided last night to price
the new shares in the group at 250p,
the bottom of the 250-280p price
range. Ophirs share offering was
comfortably oversubscribed, sources
told City A.M.
The exploration firm, which has
made a significant gas discovery off
the coast of Tanzania with partner BG
Group, aims to raise up to $403m
from the listing.
Its not a good market for IPOs and
the important thing is to get this
away, one analyst said.
One IPO banker, not involved in the
deal, said: Its really good to see these
things working again. Sources said
the group had attracted widespread
interest.
Ophir Energy prices stock
at bottom end of its range
CAPITAL MARKETS

TRANSPORT LINKS
SO WHAT now for the minister who will
be the longest-serving transport secretary
bar Prescott and Alistair Darling by the
end of the summer recess?
De-demonising motoring is a priority
lets stop the war on the car as are
building a high-speed rail network and
producing a new aviation strategy that
will allow growth within environmental
parameters. We are not an anti-aviation
government, said the politician who took
the hard decision to abandon
Heathrows third runway.
Top of the list, however, is returning
David Cameron to Number 10 for a sec-
ond term as Prime Minister without his
shadow although Hammond stressed
he and his Tory colleagues are all good
coalitionists. For now
ODDS-ON CHANCES
FIRST out of the blocks to offer
gambling odds following yester-
days shocking announcement
of the closure of the News of
the World was betting firm
Bodog.
The biggest beneficiary of
the tabloids demise as
judged by a percentage
increase in the August newspaper circula-
tion figures will be the Mail on Sunday
at 1/2, says the bookmaker, followed by
the Sunday Mirror at 6/4.
It is almost certain the News of the
World will relaunch by the end of the
year as the Sunday Sun at odds of 1/2,
while News International chief executive
Rebekah Brooks is expected surprisingly
to still be working at News Corp at
Christmas, as an odds-on chance of 1/3.
SMOKE-FREE ZONE
YOU WOULD think that smoking would
at least be allowed on the roof of a major
City firms office.
Not at PwCs rooftop summer drinks
last night though, as The Capitalist hears
smokers were made to take the lift
down nine floors to the buildings
entrance and then walk 50
metres down the road
before they could indulge
their vice.
Apparently, the smok-
ing ban was part of
PwCs green agenda fol-
lowing the companys
move to its smart new
eco-home at More
London, rather than a
health and safety meas-
ure to prevent fires in the buildings
famous energy-saving chip-fat-powered
electricity generators.
Its just a green thing, said a smoke-
free accountancy mole, speaking from
the London headquarters the companys
latest influx of graduates have affection-
ately christened Mo-Lo.
DOING THE DOUBLE
ABERDEEN Asset Managements long-
serving fund manager Hugh Young, who
has stuck with the group through thick
and thin for 20 years, was last night recog-
nised for his loyalty at the Investment
Week Fund Manager of the Year Awards.
But in true Oscars style, Young could-
nt be at the Royal Albert Hall in person
to receive his Outstanding Achievement
Award, so he collected the honour via
video link from his office in Singapore,
where he has apparently been busy
playing a huge part in making Asian
equities a mainstream asset class for the
UKs retail investors.
Another big winner at the black-tie
event was Schroders, which celebrated
doing the double following Schroders
Investment Management picking up the
Global Fixed Income prize at the Global
Investor/isf awards at the Grange Hotel
the previous evening.
NO PLAN B
FOR BRITAIN
SAY TORY
BELIEVERS
DONT have a business card on you? No
problem just write your name on the
back of a 50 note and drop that in the
hat for the City lunchtime raffle instead.
Yes, it could only be the annual
fundraising gathering of The Cities of
London & Westminster Conservative
Association, where the Tory bodys chair-
man Patrick Evershed (pictured below
right) pulled no punches in his assess-
ment of the British economy.
For the last six years I have been
expressing my deep anxiety about the
state of the economy, and I still fear
Gordon Brown left our economy in a
much worse state than most people
realise, opened the Hargreave Hale
investment manager at the Two Cities
lunch at the Chancery Court Hotel.
By the time Brown left office, the
British economy was in a weaker state
than that of any other developed econo-
my, and sorting it out is going to be more
painful than most people realise.
On the main issue of the day the
economy the government has got it
right and there must be no wavering, he
added. George Osborne has said we are
all in it together. He is right and Ed Balls,
the main architect of our economic
downfall, needs to be told there is no Plan
B he should shut up and go home.
The guest speaker at the lunch was
transport secretary Philip Hammond, the
former shadow chief secretary to the
Treasury, who raised the biggest laugh
but not through his jokes at the expense
of his transport benchmark John
Prescott the man who remarked, on
landing after a turbulent flight, how
pleased he was to be back on terracotta.
No Hammonds best joke was purely
unintentional, when he made a telling
slip in his thoughts on the economy. We
are one year into the coalition govern-
ment formed in our interest because we
realised our economy was in grave trou-
ble in May 2010, he began.
It is very easy to forget how close to
the brink we are sorry, we were, he
hastily corrected, to the sound of raucous
laughter from the assembled City leaders.
True blue: Guest of
honour Philip
Hammond (above)
Main Picture: Micha
Theiner/City AM
The Capitalist
10
Mo-Lo: PwCs new London eco-home
Ed Balls, the
architect of
our economic
downfall,
should shut
up and go
home, said
Patrick
Evershed
EDITED BY
HARRIET DENNYS
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @citycapitalist
CITYA.M. 8 JULY 2011
APPLE customers have downloaded
more than 15bn applications in the
past three years, the company said
yesterday, releasing figures that sug-
gest the rate of downloads is sharply
accelerating.
The latest figures from Apple show
that customers have downloaded
around 5bn apps so far this year, as
the company said in January that it
had just passed the 10bn download
mark.
It took roughly two and a half years
to reach 10bn downloads, but much
of the period was spent without the
popular iPad tablet, which has driven
the demand for apps.
Apple has paid developers more
than $2.5bn (1.57bn) to develop for
its online store, which currently con-
tains around 425,000 apps for iPads,
iPhones and iPod touches, it said.
More than 100,000 of those are
native iPad apps, available to Apple
customers across 90 countries.
We knew the iPad was going to be
a revolutionary storytelling device,
but never could have anticipated it
would become so popular, so quickly,
said Nicholas Callaway, chief execu-
tive of Callaway Digital Arts, which
develops apps and has brought some
of the worlds most popular books to
the iPad.
Shares in Apple soared on the
news, closing up 1.55 per cent on
Nasdaq at $357.20, valuing the com-
pany at more than $325bn.
Apple climbs
as App Store
sales hit 15bn
IN A rare boost for the beleaguered
US record industry, album sales
rose in the first six months of the
year in the first growth since 2004.
UK sensation Adele, who topped
charts with 2.5m sales of her
album 21, helped push the indus-
try to a four per cent gain.
In total 221.5m albums were
shifted in the period, up from
213.6m in the same period last
year.
Lady Gagas Born This Way
record was the second highest sell-
ing, with 1.5m units being shipped
or downloaded.
The news will come as a relief to
an industry that had seemed to be
stuck in a downward spiral. Last
year, a combination of collapsing
CD sales and online piracy dragged
global recorded music revenues
down by $1.5bn (940m), or 11 per
cent.
The overall loss was worth more
than the total annual revenue of
the UK music industry.
Income from recorded music
slumped 8.4 per cent to $15.9bn.
CD sales dragged the total down
with a drop of 14 per cent to
$10.4bn.
US album sales
up for first time
since 2004
BY HARRY BANKS
TECHNOLOGY

News
CITYA.M. 8 JULY 2011 11
ANALYSIS l Apple
$
Jun Jul May
360
350
340
330
320
357.20
7 Jul
I dont often buy
music online. When I
do I use iTunes. I pre-
fer to buy a whole
album but if I really
like a song
I buy it
on its
own.
MIKE MACPHAIL
RWE
I buy music from
iTunes. I cant remem-
ber the last time I
bought a physical CD.
I buy singles, unless I
like the
album as
a whole.
CHARLOTTE BERRY
BNA INTERNATIONAL
I download from a
variety of places. I
tend to get full albums
but get singles some-
times too. I prefer to
buy physi-
cal CDs.
ROBERT FROST
BNA INTERNATIONAL
CITY VIEWS: HOW DO YOU BUY YOUR MUSIC
ONLINE? Interviews by Richard Partington & Elizabeth Channing
Singer Adele has sold 2.5m copies of her second album, 21
BY STEVE DINNEEN
MEDIA

AMERICAS economic soft patch could

be coming to an end according to sur-
prisingly bullish jobs market data
released yesterday.
The US private sector created
157,000 new jobs last month, smash-
ing expectations of many economists.
Only 36,000 jobs were added in the
previous month, according to the
widely-watched ADP survey.
There is a more than 90 per cent
correlation over the last decade
between ADPs numbers and the offi-
cial US Labour Department figures,
commented Aidan Manktelow from
the Economist Intelligence Unit. The
official employment figures are
released today. This kind of rate of job
growth should see the unemployment
rate decline, he added.
Survey data for May has also shown
a pick up for US prospects, Manktelow
noted.
In a further boon for the ailing
American jobs market, the number of
new claims for unemployment benefit
fell last week, official data revealed yes-
terday.
Jobless claims were down 14,000 to a
seasonally adjusted 418,000, the Labor
Department said.
In recent weeks, figures on jobless
claims had disappointed US officials.
Combined with several more posi-
tive news releases from other corners
of the world, some economists dared
suggest that the global economy could
be speeding up again.
When combined with improving
credit conditions in many countries
and lower energy and commodity
prices there is a growing potential for
the second half of 2011 to outperform
the first half of the year, stated ING, in
a note.
Across the Pacific, an upturn in
Japanese machinery orders in May
gave hope that corporate capital
spending was rebuilding after the dev-
astating earthquake in March.
Japans core machinery orders rose
three per cent in May, following a 3.3
per cent drop in April.
Survey gives
a boost to US
jobs market
Lib Dem group backs reform
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THE LIBERAL Democrat wing of the
coalition government should
embrace reforms that bring competi-
tion and choice to public services,
Westminsters leading liberal think
tank will argue today.
There is a very strong historical
strand of thinking within the Liberal
Democrats in favour of choice and
the role of markets, the Centre
Forum will state, citing the partys
own constitution.
The call comes ahead of the govern-
ments open public services white
paper. The government should be
solely concerned with the quality of
services, and not with which kind of
organisation delivers them, Centre
Forum told City A.M.
Whilst it claims to be ownership-
blind when it comes to public servic-
es, the government seems to be
influenced too much by politics and
fad and fashion, said Centre Forum
chief executive Chris Nicholson.
The Lib Dem constitution recom-
mends that the state allows the mar-
ket to operate freely where possible
but intervenes where necessary.
Policies should follow this example by
maintaining government funding for
public services, as well as regulation,
yet involve more competition from
profit-making and voluntary organi-
sations, the think tank will state.
The groups report quotes former
Liberal leader Jo Grimond: The state
owned monopolies are among the
greatest millstones round the neck of
the economy...Liberals must stress
at all times the virtues of the market,
Grimond wrote in 1980.
BY JULIAN HARRIS
US ECONOMY

BY JULIAN HARRIS
POLITICS

MANUFACTURING output rose at its

fastest pace in over a year in May as
factories ramped up output after a
royal wedding-related drop in April,
official data showed yesterday.
Manufacturing production
jumped 1.8 per cent between April
and May, after a 1.6 per cent drop in
April.
Yet the wider measure of industri-
al production only partially pared
Aprils 1.7 per cent fall, rising by 0.9
per cent.
The rate of industrial production
which includes mining was down
0.8 per cent compared with the same
time last year.
It still looks pretty likely that
industrial production overall will be
negative over the second quarter and
a drag on second quarter GDP, said
Victoria Cadman at Investec.
Britains factories spring
back from Aprils slump
UK ECONOMY

News
12 CITYA.M. 8 JULY 2011
NEWS | IN BRIEF
Stuttering quarter for economy
The UK economy grew by a measly 0.1 per
cent in the three months to June, accord-
ing to an initial estimate by an economic
think tank. One off events in April are
partly to blame, yet underlying growth is
still likely to be weak, the National
Institute of Economic and Social Research
said. Labour pounced on the figures, with
shadow Treasury minister Angela Eagle
saying: Its time this Conservative-led
government realised that without strong
growth it will be much harder to get the
deficit down.
London rents soar to all-time high
Rents in London have surged to record
levels and are now 50 per cent more
expensive than in the rest of the country,
according to figures released yesterday
by HomeLet. The average rental cost in
London has jumped 12 per cent in the
last year to reach 1,125 a month.
Across the UK as a whole, the average
agreed rental amount stands at 750.
TOKYO TOPS LIVING COST LEAGUE TABLE
TOKYO was yesterday named the worlds
most expensive city, retaining its top spot
on a list of the most pricey places to make
a home, based on the cost of living. Of the
top ten most expensive cities in the world,
seven are in Europe, with Oslo where a
litre of local beer in a supermarket costs
the equivalent of 4.57 coming in sec-
ond. London leapt five places to fifteenth
in the Economist Intelligence Units
research, its highest position since before
the global economic downturn in 2008,
when it held seventh place. While the cost
of a loaf of bread in the capital has tripled
over the past five years, London is now
one of the cheapest major European cities
to get a two-course meal for two.
News
13 CITYA.M. 8 JULY 2011
REAL-ESTATE consultant DTZ
Holdings reported a full-year loss
yesterday, as its core markets in UK
and Ireland continued to struggle
from the effects of the economic
downturn.
DTZs pre-tax loss before excep-
tional items was 0.6m for the year
to April 2011 compared to profits of
3m a year earlier. Revenues fell 4.1
per cent to 341.3m from 356m in
2010.
The firm, led by chief executive
Paul Idzik said that while he was
disappointed with results, it
recorded a strong second-half per-
formance, with pre-tax profit before
exceptional items up 5.4m from
the first, which helped its full-year
result beat market expectations.
The former chief operating offi-
cer of Barclays was hired to rescue
the property agent in 2008 during
the financial crisis, when it suffered
losses of more than 20m across its
European operations.
We believe those of our business-
es which were most affected during
the downturn, namely the UK and
CEMEA, have been strengthened
and will now begin to benefit from
a continued market recovery, Idzik
said.
Asia Pacific revenues grew to
106.3m from 98.4m in 2010.
DTZ said discussions were still
ongoing with regards to a potential
offer for the company.
DTZ blames poor UK
sales for annual loss
BY KASMIRA JEFFORD
PROPERTY

ONTARIO Teachers Pension Plan,

Canadas largest pension investor,
sold its 12 per cent stake in
Hammerson yesterday for 396m.
Cadillac Fairview, owned by the
Ontario fund, sold its 85.6m shares
in the Anglo-French property devel-
oper at 463p, Goldman Sachs
Group said in a statement yester-
day.
Cadillac Fairview announced on
Wednesday it was selling the
shares via an accelerated offering
to institutional investors, with
Goldman Sachs hired as the sole
bookrunner.
The placement was based on
Hammersons closing price on
Wednesday of 486.8p, and offered
at a discount of five per cent.
Hammerson and Goldman
declined to comment.
Shares in London-based
Hammerson plunged 4.75 per cent
yesterday, closing at 463.70p.
Ontario fund sells Hammerson stake
PROPERTY

BUSINESS landlord Workspace

Group is to raise 63m in a deeply
discounted rights issue, as part of
plans to accelerate investment in its
portfolio of buildings.
The one-for-four rights issue is
being made at a price of 23p per new
ordinary share, representing a 21 per
cent discount to the stocks
Wednesday night close.
The firm said it plans to use the
financing to take advantage of
attractively priced property acquisi-
tion opportunities.
Workspace also said it had added
HSBC to its syndicate of lenders,
adding a further 62.5m facility.
RBS, the firms other major creditor,
had recently agreed a 125m refi-
nancing deal with the company.
Chief executive Harry Platt told
City A.M.: We couldve chosen to
raise 30m and couldve done it
tighter, with the share price, or we
couldve done it at a premium even, I
suspect. But the idea was to raise just
the amount to accelerate our invest-
ment programme.
Platt said there was good demand
from the companys small- and medi-
um-sized customers in London.
The company added that the
underlying valuation of its proper-
ties at 15 June was up one per cent at
726.8m.
For the first quarter ended 30
June, total occupancy at Workspaces
properties rose 0.4 per cent to 84 per
cent.
We are now poised for the next
exciting phase of growth as we accel-
erate our investment in the redevel-
opment potential of our London
property portfolio, added Platt.
Shares in Workspace closed down
0.85 per cent at 29p.
Workspace plans cut-price rights issue
SUPPORT SERVICES

DTZ, one of the agents finding tenants for the Cheesegrater Tower, is run by Paul Idzik (inset)
ANALYSIS l DTZ
p
5 Jul 6 Jul 7 Jul 4 Jul
48
47
46
45
44
43
44.50
7 Jul
David Anderson is working on the
Workspace rights issue in London for
Investec. The bank is acting as joint
bookrunner, broker and underwriter
alongside Espirito Santo. Rothschild is
acting as corporate adviser and sponsor.
As associate director, David aids the
development of Investec's corporate real
estate franchise having previously
advised on a number of deals in the sec-
tor, including transactions for London
and Stamford, Wichford and Solitaire
Group. He joined Investec in 2010 from
KBC Peel Hunt.
He was joined on the deal by Keith
Anderson, Investecs co-head of corpo-
rate broking. Anderson recently com-
pleted 112m in fund-raising for
Chemring. He joined Investec in 2002
having been previously at WestLB
Panmure, where he was head of corpo-
rate broking and a member of the
investment banking management com-
mittee. He is also a member of the
Institute of Chartered Accountants of
Scotland.
Research by Elizabeth Channing
MEET THE ADVISERS: INVESTEC
DAVID ANDERSON
INVESTEC
LINKLATERS will be the latest magic circle
law firm to return to growth when it
releases its 2010-11 numbers this morn-
ing, with revenues and profits both on
the rise.
Revenue was up 1.4 per cent year on
year, from 1.18bn last year to 1.2bn,
with profits climbing 1.5 per cent to hit
514.8m.
Growth in the firms profit per equity
partner measure increased to 1.225m,
up 0.9 per cent from 2009-10.
The second half of last year was very
strong compared to the first, managing
partner Simon Davies told City A.M. That
strong momentum has continued, and
were seeing good levels of activity.
Linklaters revenue and profits rise
LEGAL SERVICES

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PUNCH Taverns yesterday confirmed
that the demerger of its good man-
aged estate from its bad and highly-
indebted tenanted pubs business will
take place at the beginning of next
month.
The companys managed division
will be known as Spirit, and the ten-
anted division will retain the Punch
name.
They will be separately listed and
start trading from 1 August.
Spirit, which includes the Fayre &
Square chain and Chef & Brewer, will
comprise 803 managed pubs and 549
of the old Punch Taverns better per-
forming leased pubs.
Its chief executive will be current
Punch boss Ian Dyson, who has out-
lined a medium term plan that
includes paying a dividend from
2012. The new Punch, which will be
led by Roger Whiteside as chief execu-
tive, will have a debt of around 2bn.
Stephen Billingham will become
Punchs non executive chairman in
September.
It will pare down its operations
from 5,080 pubs to 3,000 in an
attempt to keep a lid on costs.
Dyson said: Separating Spirit from
Punch is the right way ahead. Both
businesses have different opportuni-
ties and challenges. What we are
doing is shifting the emphasis from
quantity to quality.
The split was announced in March
but was hit by controversy after
Roddy Murray, the finance director of
Spirit, left the company just two
weeks after he started the job.
Panmure analyst Simon French
said that the two companies would
have a slightly lower cash pile than
estimated.
We reiterate our hold recommen-
dation but have reduced our target
price to reflect the 15m shortfall in
liquid resources versus our previous
expectation, he said.
WH Smith said its sales are falling
but profit is on target thanks to cost
cutting and the success of its travel
outlets.
Smiths trading update yesterday
showed like-for-like sales in the 18
weeks to 2 July are down four per
cent. The company says it has been
able to increase margins, which
leaves City analysts assuming profits
will be as they were previously pre-
dicting, about 93m for the year.
Chief executive Kate Swann (pic-
tured) was paid 4m last year as the
company continued to keep prof-
it on track despite the tough cli-
mate on the high street. The
company said sales at the
expanding travel arm and
shops at airports and railway
stations, were up two per
cent. Smiths revealed a
50m share buyback in
October last year and yesterday
said it has completed 45m of this.
WH Smith sales falling but its
profits weather the storm
Tesco has opened a 30m training
centre in South Korea to train its staff
across Asia.
The group posted Asian sales last
year of 11bn from consumers in
South Korea, China, Japan, Malaysia,
Thailand and India.
Tesco is the first FTSE 100 company
to open such a training academy in
Asia.
Workers will be taught a range of
skills for the shop floor as well as
online and administration tasks.
Its water-front academy is close to
Incheon international airport, which
serves Seoul.
Some 24,000 Tesco employees will
attend training courses there each
year.
The campus also includes a Tesco
museum to give international staff
information about the history of the
company, and highlights the impor-
tance of Asian markets to internation-
al retailers. South Korea is one of
Tescos biggest international markets.
Tesco opens Asia training
centre for 100,000 staff
RETAIL

HOMEWARES retailer Dunelm has

bucked the gloom engulfing Britains
retail market, reporting yesterday an
improvement in sales as it benefits
from a low-price focus and breadth of
range.
The group, which runs more than
100 mostly out-of-town stores selling
items such as kitchenware, lighting,
bedding and rugs, said sales at shops
open at least a year rose 1.9 per cent in
the 13 weeks to 2 July, its fiscal fourth
quarter.
Sales for the full financial year fell
0.6 per cent on the same basis.
The combination of satisfactory
trading and a disciplined approach to
operating costs means the board
anticipates that profit for the year will
be in line with market expectations,
chief executive Nick Wharton said.
Britains retailers, particularly
those focused on discretionary pur-
chases, have been hit hard as shoppers
curb spending amid rising prices and
austerity measures.
Homeform, the owner of Moben
Kitchens and Dolphin Bathrooms,
appointed administrators on
Wednesday and sold its Sharps
Bedroom business.
Dunelm said it was gaining market
share and that its gross profit margins
rose around 120 basis points over the
full year.
Dunelm shares jumped 11.1 per
cent yesterday to close at 450.5p.
Dunelm lift
bucks the
retail gloom
RETAIL

JEWELLERY designer Theo Fennell

has pledged to take his company back
into the black, with China a main
driver of sales.
In the 12 weeks to the end of June,
like-for-like retail sales rose 15 per
cent, the company said in an update.
That followed a dire Christmas in
which the jeweller was hit by the
snow. In March, Fennell reported a
loss of 550,000 on flat sales of
12.5m. But yesterday the eponymous
founder said a major meeting in
China next week could help to turn
the tide.
Next week we have a very impor-
tant trip to China and things are
going on the right direction. Sales to
the Middle East and China are strong
and we are seeing that London cus-
tom is strong. People tend to want to
buy something special, a one-off
thing, rather than lots of bits. They
buy one item but are very specific.
He also said he was looking to open
another store in the capital.
Theo Fennell sets sights
on profit fuelled by China
RETAIL

Punch fires
starting gun
on demerger
BY JOHN DUNNE
LEISURE

BY JOHN DUNNE
RETAIL

News
15 CITYA.M. 8 JULY 2011
Theo Fennell is a man on a mission to roll
back the years to the days when his jew-
ellery was draped around the necks of
celebrities such as Elton John and Victoria
Beckham.
He left the company in 2008 after a
boardroom dispute and his departure ush-
ered in a bleak period of falling sales, with
only past glories to look back on.
Fennell has always put emphasis on the
quality of the design and believes the com-
pany became too sidetracked by corporate
considerations. Dubbed the King of
Bling his designs have included
jewel encrusted skulls.
In the past he has admit-
ted: Yes, I can still behave
in a stampy, queeny way,
and is reputed to fight his
corner, particularly
when protecting the
identity of the Theo
Fennell brand.
Yesterday he set out his
stall with a pledge to
bring the firm back into
profit. Fennell, 58, is back
and without a doubt
this time it is personal.
Back and on a mission
BY JOHN DUNNE
RETAIL

THEO FENNELL
ANALYSIS l Punch Taverns
p
5Jul 6Jul 7Jul 4Jul 1 Jul
74.50
74.00
73.50
73.00
72.50
72.00
73.35p
7 Jul
News
16 CITYA.M. 8 JULY 2011
PROFIT at Samsung Electronics, the
worlds largest maker of memory
chips and televisions, fell by a quarter
as weak earnings at its flat screen
unit dragged, underlying the con-
glomerates struggle to return to last
years record profit.
A bleak outlook for computers and
TVs and a wobbly global economy is
overshadowing robust sales of
Samsungs new version of its flagship
Galaxy S smartphone, which has
emerged as a major competitor to
Apple blockbuster iPhone.
Samsung, one of the first major
global technology firms to kick off
quarterly earnings, is expected to
have become the worlds top smart-
phone vendor in the second quarter,
ending Nokias more than 10-year
reign.
The forecast is slightly better than
what the market had been expecting
as many had been slashing their fore-
casts recently due to losses from the
LCD division, said Kim Young-chan, an
analyst at Shinhan Investment Corp.
Samsungs shares closed two per
cent lower, underperforming a 0.4
per cent rise in the market. The
shares, which have one hold recom-
mendation and no sell ratings among
46 analysts tracking the company,
have risen nearly nine per cent so far
this month, beating a three per cent
rise in the broader market.
Optimism for the second half is
somewhat reflected in its recent
share move and now investors are bit
concerned about falling chip prices,
said Kim Sung-in, an analyst at
Kiwoom Securities.
Samsung boasts a market capitali-
sation of $134bn (84bn), bigger than
the combined value of Sony Corp,
Nokia, Toshiba Corp, Panasonic Corp
and LG Display.
Samsung overtook Sony as the
worlds most popular consumer elec-
tronics brand in 2005.
BUILDING firm Carillion said first-half
underlying earnings grew strongly,
helped by improved margins in its
support services unit, and added it
was well placed to deliver growth in
2011.
Margins are moving forwards in
both support services and construc-
tion services. This statement puts
Carillion on track for the eighth suc-
cessive year of exceeding market
expectations, an
Investec analyst said in a
note.
Carillion, which also
operates in Canada and
the Middle East,
said its order
book was
strong and
e xpe c t e d
d o u b l e -
d i g i t
g r o wt h
for the
half year in its bid pipeline, which it
said stood at 25bn in December.
The bid pipeline has really
grown very strongly in the first half,
particularly reflecting the
increase in local authority
and central government
starting to come to mar-
ket now with these
large transformational
outsourcing deals,
said chief executive
John McDonough.
INVENSYS has been selected to over-
haul the signalling system at London
Bridge station as part of the
Thameslink expansion, the firm
announced yesterday.
Network Rail has signed a deal
with the rail division of the engineer-
ing firm to install signal and tele-
coms technology, starting in August
and running until the end of the
Thameslink project in December
2018.
Invensys is already working on a
32m resignalling contract as part of
upgrades to the Thameslink routes,
which connect the south east regions
to central London.
The first trains will start to run
through central London using the
upgraded Thameslink routes this
December.
Last week Siemens was selected to
provide trains for the project, pip-
ping Bombardier to the contract.
Invensys hares rose 1.55 per cent to
close at 333.9p yesterday.
Invensys picked to deliver
London Bridge signal job
TECHNOLOGY

RECRUITMENT group Hays reported

an 11 per cent rise in fourth quarter
net fees yesterday as growth at its
international division helped offset
weakness at its UK business, which
was hit by continued tough public
sector conditions.
Hays, which specialises in placing
office workers such as accountants
and secretaries, said second half prof-
its had been in line with its expecta-
tions, helped by 23 per cent growth in
fees from its international business in
the three months to the end of June.
The company, which generates
nearly two-thirds of its business from
outside of the UK, said Europe and
rest of the world was now its biggest
market in terms of net fees.
Hays said net fees dropped six per
cent in the UK, with growth of seven
per cent in the private sector offset by
tough public sector markets, which
were down 34 per cent.
Shares in Hays lost 2.6 per cent yes-
terday to close at 100.4p.
International growth aids
Hays as UK remains tough
RECRUITMENT

GERMAN steelmaker ThyssenKrupp

fell to a one-month low yesterday
after it sold almost 10 per cent of its
capital held as treasury stock to cut
debt, in a quick fix after the failed
sale of civilian shipbuilding assets.
ThyssenKrupp, whose shares fell
almost six per cent, had said late on
Wednesday it would sell 49.5m
shares or all of the shares it has
bought back since 2006 through an
accelerated bookbuild to reduce a
debt pile swollen by spending on
steel mills in Brazil and the US.
The offer was priced at 32.95, at
the bottom end of an earlier range
and below Wednesdays close at
34.75, raising 1.6bn.
ThyssenKrupp said the difference
against the average price at which it
bought the shares, 30.92 including
brokerage, would be recognised as
equity.
The group spent 1.57bn buying
back shares from 2006 to 2008, when
its shares fell as low as 11.7, accord-
ing to its releases.
ThyssenKrupps plan to sell the
loss-making mega-yacht and mainte-
nance businesses of Blohm + Voss to
Abu Dhabi MAR fell apart last week,
increasing the cost of insuring the
group against default and hamper-
ing a move to strengthen its balance
sheet.
ThyssenKrupp in share sale
BY HARRY BANKS
INDUSTRIALS

Profits fall at
Samsung as
TV sales drag
BY HARRY BANKS
TECHNOLOGY

BY HARRY BANKS
CONSTRUCTION

ANALYSIS l Thyssenkrup

5Jul 6Jul 7Jul 4Jul 1 Jul

36.00
33.00
33.50
34.00
34.00
35.00
35.50
32.96
7 Jul
ANALYSIS l Samsung
KRW
5Jul 6Jul 7Jul 4Jul 1 Jul
900k
890k
880k
870k
860k
850k
880,000
7 Jul
Sales of Samsungs Galaxy S smartphone are booming...
... but LCD flatscreen TVs and computer monitors are struggling
NEWS | IN BRIEF
London Capital profits are in-line
Online spread betting firm London
Capital Group said its profits for the first
half of the year will be in line with previ-
ous forecasts in the region of 3m. The
firm said in a trading update that its
institutional foreign exchange business
hit record volumes of $2.4bn in the peri-
od. The groups new CFD divisions are
gaining momentum, the firm said,
though they made a loss of 0.4m in the
half-year.
Aveva enjoying strong demand
IT firm Aveva said demand for its soft-
ware from shipbuilders, developers of
power plants and oil and gas facilities in
fast-growing countries in Asia and
South America was continuing to offset
tougher trading conditions in North
America and parts of Europe. The firm
said yesterday it had seen further
growth in revenue, order backlog and
opportunities since its year-end in April,
helped by strong demand from the oil
and gas sector.
Military cost cuts aid Babcock
Defence services group Babcock said it
had traded well in its first quarter,
helped by continued outsourcing activity
from military customers eager to cut
costs, and said it was considering selling
some of its US defence operations.
Babcock, which maintains Royal Navy
submarines, yesterday said it sees signif-
icant opportunities for growth both in
the UK and overseas.
Virgin Atlantic holds off strike
Virgin Atlantic has talked its way out of
a summer pilots strike after discussions
with union Balpa. Virgin said: We can
confirm that negotiations are now con-
cluded and Balpa will present a pay offer
to its members over the coming weeks.
The threat of strike action has now been
removed and our flying schedule
remains completely unaffected.
Earnings up at building group Carillion
on better margins and good order book
News
17 CITYA.M. 8 JULY 2011
Towers Watson
The professional services firm has
appointed Paul Morris as regional
leader for EMA, replacing Babloo
Ramamurthy who is retiring after 34
years at the company. Morris, who
joined Towers Watson in 1988, will
take up his new post on 1 September.
For the past six years Paul has been
the office leader for the Reigate office,
which is one of Towers Watson's
largest offices globally. Ramamurthy
has held his current position since
2004, and recently oversaw the EMEA
aspects of the merger with Towers
Perrin.
Rothschild
The financial advisory group has hired
Matthew Sperling as a managing
director and head of equity advisory
for North America. Sperling, who joins
from Jefferies, will contribute to inde-
pendent advice given to issuers and
their shareholders during IPOs and
other equity offerings. Sperling has
lead managed more than $25bn of
equity-linked transactions during his
career, has also worked for UBS and
Credit Suisse.
Vontobel
The asset manager has hired Sheridan
Bowers as director of its UK and
Ireland business. Bowers joins from
Hermes Fund Managers, where he
spent seven years as an associate
director, and has previously held simi-
lar roles at Fidelity and Threadneedle.
He will be based in London and have
responsibility for developing Vontobels
presence in the UK, with a particular
emphasis on developing relationships
with pension funds and consultants.
Kleinwort Benson
The investment bank has hired two
senior private bankers, Jeremy Brown
and Stephen Campbell, from rival
Schroders. Previously, Brown was head
of Schroders' core advisory manage-
ment business in London. Campbell
joined Schroders in 2005 and was
most recently a client director.
BNP Paribas
Martin Egan has been promoted as
head of fixed income, UK. Egan joined
BNP Paribas in 2001 as global head of
debt syndicate and was later promoted
as global head of primary markets and
securitisation.
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
Stocks boosted by
retail and jobs data
U
S STOCKS closely sharply higher
and the Nasdaq notched an
eighth day of gains yesterday as
improved labour market and
retail sales data raised optimism before
todays critical June payrolls report.
Equities have been on a tear recently
as improving economic data and a
potential resolution to Greeces fiscal
issues paved over fears of slowing
growth and contagion stemming from
the Eurozones debt crisis.
The Nasdaqs 8.3 per cent gain over
the past eight trading sessions is the
most for the index in two years and the
S&Ps 6.7 per cent rise is its best since
September 2010, when the market
reacted to news of the Feds second
round of stimulus. The Dow is up 6.6
per cent over the same period.
Its all about the data today, which
was great, and is causing people to
revise their outlooks up for tomorrow,
said strategist Jeffrey Friedman at Lind-
Waldock in Chicago. We passed
through a resistance level of 1,352 on
the S&P, and the next stop after that
could be new highs for the year.
All 10 S&P sectors rose, led by materi-
als, which gained 1.5 per cent, while
Freeport McMoRan Copper & Gold
climbed 3.7 per cent to $55.49.
Both the S&P retail index and the
Dow Jones Transportation Average hit
all-time highs.
Data from payrolls processor ADP
showed US private-sector employers
added 157,000 jobs last month, more
than double what was expected. The
report, coupled with a fall in new
claims for jobless benefits, raised hopes
that a recent slowdown in the econo-
my may only be temporary.
The report fueled speculation that
Fridays non-farm payrolls report from
the Labor Department would provide
more evidence of an improving labour
market, a key factor if markets are to
rally into the end of the year.
The Dow Jones industrial average
shot up 93.47 points, or 0.74 per cent, to
12,719.49. The Standard & Poors 500
Index gained 14 points, or 1.05 per cent,
to 1,353.22. The Nasdaq Composite
Index climbed 38.64 points, or 1.36 per
cent, to 2,872.66.
The markes rally has some analysts
calling for a near-term pullback.
I can't make a case from this rally
that were home clear, said James
Meyer of Tower Bridge Advisers in West
Conshohocken, Pennsylvania. Weve
gone from the bottom of the range to
the top, and I suspect trading will be
choppy around here.
Retailers were among the best per-
formers after several top companies
reported better-than-expected sales
gains for June, using bargains to lure
shoppers in an uncertain economy.
C
OMMODITY stocks led the FTSE
100 sharply higher yesterday, as
US jobs data boosted confidence
that the worlds biggest economy
was showing signs of picking up head-
ing into second-half.
Integrated oils rose along with
crude oil as reports showed US private
employers stepped up hiring in June
and the number of Americans filing
for jobless benefits fell last week.
Miners, hurt by concerns earlier in
the week that Chinas steps to cool its
overheating economy was stifling
growth, rebounded strongly following
the US jobs data, and as analysts
sounded more upbeat on China.
Michael Wen of China Asset
Management, said he was confident
that the fundamentals of the Chinese
economy are still in good shape.
Once the inflationary pressure
eases off, one can expect huge growth
potential.
Londons blue-chip index, which is
heavily weighted towards commodity-
related stocks, closed up 51.63 points,
or 0.9 per cent at 6,054.55, its highest
closing level since 5 May.
The index has risen nearly seven per
cent since touching three-month lows
11 days ago, driven mainly by hopes
that Greece will avoid defaulting on its
debts.
Banks, which hit the buffers over
the past three sessions on worries
Greeces problems could infect other
peripheral Eurozone economies, were
given a lift after European Central
Bank (ECB) president Jean Claude
Trichet said the ECB would suspend its
minimum credit rating threshold for
Portugal until further notice.
[The move] frees the hands of the
ECB to lend to Portugal more loosely,
reaffirming their support to the
nation, said Joshua Raymond, chief
market strategist at City Index.
It could also be a defensive move in
anticipation of further action by rat-
ings agencies in the near future to pro-
tect the indebted country from an
escalation in its existing financing
problems.
Elsewhere, M&A talk swirled
around London-listed stocks, with
traders citing UK auto and aerospace
parts maker GKN, up 3.2 per cent, as a
potential 350p per share bid target for
Chinese automaker SAIC Motor.
Companies listed on the London
stock exchange are viewed as cheap
compared to their historical averages,
making them ripe takeover targets.
The FTSE 100 currently trades on a
forward price-earnings multiple of
around 9.4, compared with a 10-year
average of 14.1, according to Thomson
Reuters data.
Investors toasted the worlds biggest
listed hedge fund manager Man
Group, up 3.6 per cent, after it report-
ed stronger-than-expected first-quarter
inflows.
Helping drive performance in equi-
ty markets was the expectation of
lower interest rates for longer as the
Bank of England decided to hold its
key interest rate at a record low of 0.5
per cent.
Money markets are not fully pricing
in a UK rate hike until mid-2012,
meaning equities offer better yields as
an asset class.
On the downside, Anglo-French
property investor Hammerson fell 4.8
per cent as Canadas Cadillac Fairview,
Ontario Teachers Pension Plan, com-
pleted a placing of 85.6m shares at
463p each.
Satellite broadcaster BSkyB slipped
1.8 per cent on concerns News Corps
buyout deal could be hit by new
phone-hacking allegations though
the parent firms shares rose later in
New York as the markets absorbed the
closure of the News of the World.
Commodity shares lift FTSE
on sunny US and China stats
THELONDON
REPORT
THENEW YORK
REPORT
BEST OF THE BROKERS
To appear in Best of the Brokers email your research to notes@cityam.com
ANALYSIS l Next
2,350
2,250
2,150
27Apr 17May 06Jun 24Jun
p
2,398.00
7 Jul
NEXT
Morgan Stanley rates the fashion retailer as overweight" with a new 2,930p
target price, which implies a 25 per cent upside. The broker said that Nexts
brand and customer proposition continued to resonate strongly with UK con-
sumers. It believes the retailer will continue to generate strong cash flows for
the foreseeable future and expects the group to continue to use this excess
cash to buy back more shares.
ANALYSIS l Logica
146
130
134
138
142
27Apr 17May 6Jun 24Jun
p
132.10
7 Jul
LOGICA
Investec rates the software and computer services firm as sell and recom-
mends a target price of 115p, citing concern for stocks exposed to generic IT
demand with significant second half weighted forecasts. The broker said
Logica fitted this profile and is relying on good volumes and pricing for a sec-
ond half margin snap back. The broker has trimmed its 2011 pre-tax profit
estimates by five per cent.
ANALYSIS l Capita
760
740
720
700
11 Apr 5May 25May 15Jun 5Jul
p
713.50
7 Jul
CAPITA
Nomura rates the transport group as a buy with a target price of 320p, and
calculates that its year-on-year growth in both its US schoolbus and Spanish
operations have improved sequentially in the second quarter. The broker sees
momentum at the company as positive at the moment, with a successful bid-
ding season underpinning forecasts for 2012. Nomura forecasts earnings per
share of 28p for 2011, around eight per cent ahead of consensus.
p
11 Apr 5May 25May 15Jun 5Jul
6,100
5,700
5,800
5,900
6,000
ANALYSIS l FTSE
6,054.55
7 Jul
Pensions First
PensionsFirst Group has appointed David
Norgrove, who was chairman of The Pensions
Regulator from January 2005 until December
2010, as chairman. Norgrove is currently
chairman of the Low Pay Commission and the
Family Justice Review Panel and deputy chair-
man of the British Museum. Prior to this, he
spent 16 years with Marks & Spencer. He
began his career as an economist at the
Treasury before becoming private secretary to
the then prime minister, Margaret Thatcher.
18
Wealth Management | Markets
CITYA.M. 8 JULY 2011
LON GD ONCE FIX AM...........1526.25 10.45
SILVER LDN FIX AM ..................36.33 0.24
MAPLE LEAF 1 OZ ....................54.00 3.00
LON PLATINUM AM................1724.00 -14.00
LON PALLADIUM AM...............770.00 -6.00
ALUMINIUM CASH .................2516.00 31.00
COPPER CASH ......................9431.50 26.50
LEAD CASH...........................2660.00 0.00
NICKEL CASH......................23205.00 105.00
TIN CASH.............................26450.00 375.00
ZINC CASH ............................2354.00 -8.00
BRENT SPOT INDEX................113.10 0.30
SOYA .....................................1331.00 -1.25
COCOA..................................3202.00 -26.00
COFFEE...................................266.85 2.10
KRUG.....................................1583.30 -6.10
WHEAT ....................................161.62 -2.12
AIR LIQUIDE........................................98.83 0.84 100.65 80.00
ALLIANZ..............................................96.78 0.12 108.85 79.46
ALSTOM ..............................................42.29 0.60 45.32 30.78
ANHEUS-BUSCH INBEV ....................40.97 0.62 46.33 38.68
ARCELORMITTAL...............................24.33 0.48 28.55 20.50
AXA......................................................15.65 0.15 16.16 10.88
BANCO SANTANDER...........................7.86 0.01 10.23 7.00
BASF SE..............................................68.75 0.30 70.22 40.74
BAYER.................................................57.89 0.62 59.44 43.27
BBVA......................................................7.91 -0.02 10.71 6.75
BMW ....................................................69.28 1.46 70.02 38.30
BNP PARIBAS.....................................51.82 -0.68 59.93 43.53
CARREFOUR ......................................23.72 0.48 36.06 22.67
CREDIT AGRICOLE..............................9.87 0.03 12.92 8.21
CRH PLC .............................................14.90 0.16 17.40 11.51
DAIMLER.............................................52.63 -0.34 59.09 37.03
DANONE..............................................52.60 1.07 52.94 41.00
DEUTSCHE BANK..............................40.75 0.01 51.61 35.93
DEUTSCHE BOERSE .........................54.50 1.27 62.48 46.33
DEUTSCHE TELEKOM.......................10.67 0.11 11.38 9.50
E.ON.....................................................19.79 0.18 25.54 18.25
ENEL......................................................4.42 0.07 4.86 3.44
ENI .......................................................16.33 0.05 18.66 14.79
FRANCE TELECOM............................14.45 0.12 17.45 14.10
GDF SUEZ ...........................................24.88 0.27 30.05 23.13
GENERALI ASS...................................14.28 0.02 17.05 13.31
IBERDROLA..........................................6.08 0.04 6.50 4.68
ING GROEP CVA...................................8.52 0.05 9.50 6.05
INTESA SANPAOLO.............................1.73 -0.05 2.53 1.65
KON.PHILIPS ELECTR.......................17.71 0.16 26.43 15.56
L'OREAL..............................................90.22 0.27 90.76 75.03
LVMH..................................................128.95 2.15 129.45 85.26
MUNICH RE.......................................106.00 0.65 126.00 99.62
NOKIA....................................................4.52 0.12 8.49 4.03
REPSOL YPF.......................................23.10 -0.32 24.90 16.66
RWE.....................................................38.58 0.30 56.49 36.71
SAINT-GOBAIN...................................44.91 0.38 47.64 27.81
SANOFI ................................................55.30 -0.60 56.82 44.01
SAP......................................................43.55 1.46 46.15 34.13
SCHNEIDER ELECTRIC ...................113.70 -2.20 123.65 79.94
SIEMENS .............................................95.25 0.30 99.39 70.02
SOCIETE GENERALE.........................40.09 -0.18 52.70 33.13
TELECOM ITALIA..................................0.90 -0.01 1.16 0.89
TELEFONICA ......................................16.55 0.02 19.69 15.16
TOTAL..................................................40.40 0.60 44.55 35.92
UNIBAIL-RODAMCO SE...................161.45 0.90 162.95 111.68
UNICREDIT............................................1.34 -0.06 2.24 1.31
UNILEVER CVA...................................23.45 0.27 24.11 20.68
VINCI ....................................................43.32 0.12 45.48 33.38
VIVENDI ...............................................18.70 -0.05 22.07 16.47
Price Chg High Low
EUSHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 6054.55 51.63 0.86
FTSE 250 INDEX . . . . . . . 12167.81 36.12 0.30
FTSE UK ALL SHARE . . . . 3154.10 24.29 0.78
FTSE AIMALL SH . . . . . . . . 893.02 12.31 1.40
DOWJONES INDUS 30 . . 12719.49 93.47 0.74
S&P 500 . . . . . . . . . . . . . . . 1353.22 14.00 1.05
NASDAQ COMPOSITE . . . 2872.66 38.64 1.36
FTSEUROFIRST 300 . . . . . 1123.32 4.57 0.41
NIKKEI 225 AVERAGE. . . 10071.14 -11.34 -0.11
DAX 30 PERFORMANCE. . 7471.44 40.25 0.54
CAC 40 . . . . . . . . . . . . . . . . 3979.96 18.62 0.47
SHANGHAI SE INDEX . . . . 2794.27 -16.21 -0.58
HANG SENG. . . . . . . . . . . 22530.18 12.63 0.06
S&P/ASX 20 INDEX . . . . . . 2781.60 0.70 0.03
ASX ALL ORDINARIES . . . 4666.10 2.50 0.05
BOVESPA SAO PAOLO. . 62207.33 -358.13 -0.57
ISEQ OVERALL INDEX . . . 2968.17 8.38 0.28
STI . . . . . . . . . . . . . . . . . . . . 3125.87 11.16 0.36
IGBM. . . . . . . . . . . . . . . . . . 1033.30 -0.95 -0.09
SWISS MARKET INDEX. . . 6211.11 31.76 0.51
Price Chg %chg
3M........................................................97.97 0.73 98.19 77.50
ABBOTT LABS ...................................53.54 0.26 54.24 44.59
ALCOA ................................................16.49 0.25 18.47 9.92
ALTRIA GROUP..................................27.00 0.18 28.13 20.39
AMAZON.COM..................................216.74 2.55 217.80 105.80
AMERICAN EXPRESS........................53.59 0.83 53.80 37.33
AMGEN INC.........................................57.91 0.21 61.53 50.34
APPLE...............................................357.20 5.44 364.90 236.78
AT&T....................................................31.23 0.00 31.94 23.88
BANK OF AMERICA...........................10.92 0.18 15.72 10.40
BERKSHIRE HATAW B.......................77.77 1.25 87.65 73.23
BOEING CO.........................................75.99 1.25 80.65 59.48
BRISTOL MYERS SQUI ......................29.37 0.15 29.54 20.05
CATERPILLAR ..................................111.63 1.55 116.55 59.21
CHEVRON.........................................106.59 1.51 109.94 66.86
CISCO SYSTEMS................................15.90 0.34 26.00 14.78
CITIGROUP.........................................42.63 0.62 51.50 36.30
COCA-COLA.......................................68.75 0.22 68.89 50.02
COLGATE PALMOLIVE......................88.78 0.36 89.36 73.12
CONOCOPHILLIPS.............................76.75 0.72 81.80 48.61
DU PONT(EI) DE NMR........................55.84 0.64 57.00 33.73
EMC CORP..........................................27.89 0.05 28.73 17.90
EXXON MOBIL....................................82.36 0.79 88.23 56.77
GENERAL ELECTRIC.........................19.30 0.25 21.65 13.81
GOOGLE A........................................546.60 11.24 642.96 433.63
HEWLETT PACKARD.........................36.45 0.25 49.39 33.95
HOME DEPOT.....................................37.05 0.48 39.38 26.62
IBM.....................................................176.48 -1.23 177.77 122.17
INTEL CORP .......................................23.23 0.48 26.78 17.60
J.P.MORGAN CHASE.........................41.32 0.76 48.36 35.55
JOHNSON & JOHNSON.....................67.92 0.37 68.05 56.86
KRAFT FOODS A................................35.93 0.08 36.02 24.30
MC DONALD'S CORP ........................86.06 0.20 86.29 65.63
MERCK AND CO. NEW......................35.73 0.20 37.68 31.06
MICROSOFT........................................26.77 0.44 29.46 23.32
OCCID. PETROLEUM.......................107.60 1.81 117.89 72.13
ORACLE CORP...................................34.09 0.88 36.50 21.66
PEPSICO.............................................70.52 0.35 71.89 60.95
PFIZER ................................................20.23 -0.55 21.45 14.14
PHILIP MORRIS INTL .........................69.14 0.90 71.75 46.34
PROCTER AND GAMBLE ..................64.95 0.25 67.72 56.57
QUALCOMM INC ................................59.26 0.56 59.84 32.44
SCHLUMBERGER ..............................90.40 1.29 95.64 52.91
TRAVELERS CIES..............................58.90 0.29 64.17 48.17
UNITED TECHNOLOGIE ....................91.39 0.97 91.83 63.91
UNITEDHEALTH GROUP...................52.63 -0.50 53.50 28.29
VERIZON COMMS ..............................37.42 -0.12 38.95 25.99
WAL-MART STORES..........................54.49 0.77 57.90 48.16
WALT DISNEY CO ..............................39.74 0.17 44.34 31.38
WELLS FARGO & CO.........................28.66 0.54 34.25 23.02
COMMODITIES CREDIT & RATES
BoE IR Overnight ............................0.500 0.00
BoE IR 7 days.................................0.500 0.00
BoE IR 1 month ..............................0.500 0.00
BoE IR 3 months ............................0.500 0.00
BoE IR 6 months ............................0.545 0.00
LIBOR Euro - overnight ..................0.576 -0.01
LIBOR Euro - 12 months ................2.169 0.00
LIBOR USD - overnight...................0.124 0.00
LIBOR USD - 12 months.................0.735 0.00
HaIifax mortgage rate .....................3.500 0.00
Euro Base Rate ...............................1.500 0.25
Finance house base rate................1.000 0.00
US Fed funds...................................0.250 0.00
US Iong bond yieId .........................4.020 0.03
European repo rate.........................0.578 -0.03
Euro Euribor ....................................1.252 0.11
The vix index ...................................15.79 -0.55
The baItic dry index ........................1.443 0.01
Markit iBoxx...................................220.32 -0.05
Markit iTraxx....................................95.06 0.00
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
USSHARES
C/$ 1.4351 0.0035
C/ 0.8989 0.0041
C/ 116.57 0.6480
/C 1.1126 0.0049
/$ 1.5965 0.0039
/ 129.72 0.1643
FTSE 100
6054.55
51.63
FTSE 250
12167.81
36.12
FTSE ALLSHARE
3154.10
24.29
DOW
12719.49
93.47
NASDAQ
2872.66
38.64
S&P 500
1353.22
14.00
Rexam . . . . . . . . . . . .389.3 -2.5 400.0 293.0
RPC Group . . . . . . . .376.0 1.3 384.8 202.2
Smiths Group . . . . .1208.0 23.0 1429.0 1079.0
Brown (N.) Group . . .281.5 -4.0 311.2 221.0
Carpetright . . . . . . . . .655.0 9.0 835.5 624.5
Debenhams . . . . . . . . .69.4 -0.6 77.4 56.1
Dignity . . . . . . . . . . . .806.5 7.0 810.0 633.0
Dixons RetaiI . . . . . . .16.0 -0.2 28.5 11.8
DuneImGroup . . . . . .450.5 45.0 550.0 340.6
HaIfords Group . . . . .374.4 -0.3 525.0 348.2
Home RetaiI Group . .163.7 1.2 244.5 159.1
Inchcape . . . . . . . . . .415.3 -4.7 425.4 253.2
JD Sports Fashion .1030.0 30.0 1030.0 723.5
Kesa EIectricaIs . . . .140.1 1.4 174.0 109.8
Kingfisher . . . . . . . . .266.3 0.4 287.1 198.5
Marks & Spencer G . .376.6 0.1 427.5 329.3
Mothercare . . . . . . . .427.2 -1.9 627.5 381.5
Next . . . . . . . . . . . . .2398.0 54.0 2405.0 1868.0
Sports Direct Int . . . .250.0 -0.9 252.8 101.1
WH Smith . . . . . . . . . .516.5 -5.5 528.0 398.2
Smith & Nephew . . . .685.0 1.0 742.0 537.5
Synergy HeaIth . . . . .915.0 1.5 948.0 640.0
Barratt DeveIopme . .114.5 -0.1 119.0 70.1
YuIe Catto & Co . . . . .253.0 9.8 256.1 112.7
BaIfour Beatty . . . . . .323.8 7.6 357.3 234.6
KeIIer Group . . . . . . .475.0 8.4 698.5 432.0
Kier Group . . . . . . . .1411.0 8.0 1428.0 918.0
Drax Group . . . . . . . .492.9 3.3 503.5 353.6
Scottish & Southe . .1423.0 11.0 1425.9 1108.0
Domino Printing S . .676.0 -9.5 705.0 440.0
HaIma . . . . . . . . . . . . .422.9 -6.7 429.6 270.0
Laird . . . . . . . . . . . . . .206.0 -1.0 207.8 101.0
Morgan CrucibIe C . .322.6 -1.8 333.0 187.5
Renishaw . . . . . . . . .1854.0 22.0 1877.0 757.0
Spectris . . . . . . . . . .1635.0 3.0 1656.0 762.0
Aberforth SmaIIer . . .709.5 5.5 714.0 507.0
AIIiance Trust . . . . . .392.7 3.7 392.7 304.9
Bankers Inv Trust . . .422.0 -1.0 428.9 347.4
BH GIobaI Ltd. GB . .1110.0 5.0 1174.0 1058.0
BH GIobaI Ltd. US . . . .11.0 0.0 11.6 10.4
BH Macro Ltd. EUR . . .17.1 0.0 17.2 15.8
BH Macro Ltd. GBP 1763.0 8.0 1775.0 1630.0
BH Macro Ltd. USD . . .17.1 0.0 17.2 15.8
BIackRock WorId M .781.0 15.5 815.5 533.0
BIueCrest AIIBIue . . .174.0 0.5 176.2 164.5
British Assets Tr . . . .137.6 2.7 140.5 112.2
British Empire Se . . .530.0 7.0 533.0 414.2
CaIedonia Investm .1780.0 35.0 1928.0 1543.0
City of London In . . .306.9 3.8 307.0 249.3
Dexion AbsoIute L . .145.5 0.5 151.0 131.2
Edinburgh Dragon . .252.0 5.6 262.1 210.3
Edinburgh Inv Tru . . .474.0 3.7 492.2 388.5
EIectra Private E . . .1726.0 -7.0 1755.0 1243.0
F&C Inv Trust . . . . . .327.9 3.9 327.9 263.8
FideIity China Sp . . . .102.0 -0.1 128.7 93.0
FideIity European . .1280.0 18.0 1287.0 937.5
FideIity SpeciaI . . . . .582.5 6.0 595.0 523.0
HeraId Inv Trust . . . . .545.5 6.5 547.3 358.0
HICL Infrastructu . . . .114.9 0.1 121.3 112.0
Impax Environment .121.7 2.8 130.5 106.5
JPMorgan American .916.0 18.0 916.0 673.0
JPMorgan Asian In . .243.9 5.2 250.8 190.5
JPMorgan Emerging .610.5 10.5 639.0 494.0
JPMorgan European .960.5 10.0 983.5 640.5
JPMorgan Indian I . . .437.0 11.5 502.0 394.1
JPMorgan Russian .689.0 6.0 755.0 515.0
Law Debenture Cor . .385.0 3.0 386.0 287.0
MercantiIe Inv Tr . . .1089.0 6.0 1137.0 890.0
Merchants Trust . . . .427.7 1.7 431.8 335.0
Monks Inv Trust . . . .357.4 4.1 367.9 282.0
Murray Income Tru . .673.0 8.0 675.0 553.5
Murray Internatio . . .988.0 4.0 992.0 823.5
PerpetuaI Income . . .272.0 2.6 276.0 217.8
PoIar Cap TechnoI . .375.0 6.5 391.2 275.6
RIT CapitaI Partn . . .1334.0 25.0 1340.0 1107.0
Scottish Inv Trus . . . .524.0 5.0 530.0 409.0
Scottish Mortgage . .781.0 9.0 782.2 559.0
SVG CapitaI . . . . . . . .264.9 1.0 279.8 148.9
TempIe Bar Inv Tr . . .952.0 14.5 953.0 754.0
TempIeton Emergin .678.5 9.0 689.5 531.0
TR Property Inv T . . .201.0 -0.3 206.1 135.9
TR Property Inv T . . . .92.4 0.9 94.0 60.4
Witan Inv Trust . . . . .533.0 7.0 533.5 426.1
3i Group . . . . . . . . . . .290.7 3.0 340.0 254.1
3i Infrastructure . . . .122.7 0.7 125.2 108.9
Aberdeen Asset Ma .221.3 0.1 240.0 124.5
Ashmore Group . . . .413.6 8.9 413.6 243.8
BerkeIey TechnoIo . . . .4.3 0.0 4.3 4.3
Brewin DoIphin Ho . .158.9 3.4 185.4 114.0
CameIIia . . . . . . . . .10125.0 -0.510950.0 7600.0
CharIes TayIor Co . . .149.5 1.5 234.0 122.0
City of London Gr . . . .77.5 0.0 93.6 70.7
City of London In . . .434.9 -0.6 461.5 273.5
CIose Brothers Gr . . .795.5 -0.5 888.5 664.0
CoIIins Stewart H . . . .77.0 1.3 90.8 69.0
EvoIution Group . . . . .64.5 -1.8 92.0 62.3
F&C Asset Managem .78.3 1.0 92.9 47.5
Hargreaves Lansdo .629.5 5.5 646.5 325.1
HeIphire Group . . . . . . .3.6 -0.1 44.0 3.2
Henderson Group . . .160.6 4.9 173.1 119.1
Highway CapitaI . . . . .19.5 0.0 21.0 6.0
ICAP . . . . . . . . . . . . . .490.6 10.3 570.5 380.2
IG Group HoIdings . .450.0 0.6 553.0 416.2
Intermediate Capi . . .338.4 8.5 360.3 252.7
InternationaI Per . . . .377.4 1.2 388.8 189.0
InternationaI Pub . . . .117.0 -0.3 118.3 108.6
Investec . . . . . . . . . . .522.0 6.0 538.0 444.4
IP Group . . . . . . . . . . . .52.0 -1.0 54.5 27.9
Jupiter Fund Mana . .260.2 3.5 337.3 181.0
Liontrust Asset M . . . .78.5 -1.0 95.3 70.0
LMS CapitaI . . . . . . . . .62.5 -0.3 64.8 40.0
London Finance & . . .21.8 0.0 23.5 16.5
London Stock Exch 1076.0 11.0 1078.0 574.0
Lonrho . . . . . . . . . . . . .17.3 -0.3 19.8 10.3
Man Group . . . . . . . . .255.7 8.8 311.0 206.4
Paragon Group Of . .195.6 2.1 206.1 118.7
Provident Financi . . .988.5 13.0 1033.0 728.5
Rathbone Brothers .1177.0 11.0 1257.0 803.5
Record . . . . . . . . . . . . .31.4 0.0 52.8 20.3
RSM Tenon Group . . .24.5 -0.5 66.3 21.3
Schroders . . . . . . . .1600.0 5.0 1922.0 1192.0
Schroders (Non-Vo .1350.0 2.0 1554.0 983.5
TuIIett Prebon . . . . . .374.0 0.4 428.6 331.3
WaIker Crips Grou . . .51.0 0.0 51.0 46.5
BT Group . . . . . . . . . .203.4 0.7 204.9 130.6
CabIe & WireIess . . . .41.2 0.4 61.4 37.5
CabIe & WireIess . . . .47.6 0.0 90.0 45.0
COLT Group SA . . . .140.7 -1.5 156.2 109.0
TaIkTaIk TeIecom . . .143.5 -0.3 168.3 114.3
TeIecomPIus . . . . . . .673.0 -15.5 700.0 340.0
Booker Group . . . . . . .73.6 -4.3 77.9 41.1
Greggs . . . . . . . . . . . .550.5 5.0 554.5 418.7
Morrison (Wm) Sup .300.7 1.4 308.3 262.7
Ocado Group . . . . . . .197.2 0.3 285.0 123.5
Sainsbury (J) . . . . . . .330.5 -1.2 395.0 322.2
Tesco . . . . . . . . . . . . .407.2 0.5 440.7 378.1
Associated Britis . .1074.0 -7.0 1182.0 940.0
Cranswick . . . . . . . . .729.5 0.5 907.5 724.0
Dairy Crest Group . . .385.0 -2.1 424.9 339.7
Devro . . . . . . . . . . . . .274.5 -1.8 296.9 199.8
Premier Foods . . . . . . .19.0 -0.3 35.1 16.0
Tate & LyIe . . . . . . . . .638.5 9.0 656.0 409.1
UniIever . . . . . . . . . .2065.0 26.0 2070.4 1688.0
Mondi . . . . . . . . . . . . .664.0 17.0 664.5 386.0
Centrica . . . . . . . . . . .327.5 1.4 346.1 303.4
InternationaI Pow . . .310.1 -0.1 448.6 305.2
NationaI Grid . . . . . . .617.5 2.0 632.5 487.6
Northumbrian Wate .426.5 0.4 428.6 295.5
Pennon Group . . . . . .715.0 0.0 719.5 560.0
Severn Trent . . . . . .1497.0 5.0 1517.0 1250.0
United UtiIities . . . . .606.5 3.0 632.0 538.5
Cookson Group . . . . .686.5 -11.5 724.5 406.5
DS Smith . . . . . . . . . .265.6 0.8 266.0 125.8
GIencore Internat . . .503.0 8.8 531.1 466.7
BAE Systems . . . . . .315.0 -0.6 369.9 294.7
Chemring Group . . . .632.0 4.0 736.5 519.6
Cobham . . . . . . . . . . .212.3 1.3 247.6 192.3
Meggitt . . . . . . . . . . . .386.7 4.4 388.9 261.7
QinetiQ Group . . . . . .126.8 0.7 136.3 96.7
RoIIs-Royce Group . .655.5 3.5 665.0 552.0
Senior . . . . . . . . . . . . .187.4 0.9 187.6 111.2
UItra EIectronics . . .1745.0 32.0 1895.0 1544.0
GKN . . . . . . . . . . . . . .245.0 7.6 249.0 121.3
BarcIays . . . . . . . . . . .251.3 1.5 344.0 237.3
HSBC HoIdings . . . . .624.6 -0.9 730.9 601.1
LIoyds Banking Gr . . .48.3 0.5 77.6 43.4
RoyaI Bank of Sco . . .38.2 0.4 52.1 35.1
Standard Chartere .1653.5 5.5 1950.0 1519.0
AG Barr . . . . . . . . . .1315.0 6.0 1395.0 1035.0
Britvic . . . . . . . . . . . . .389.4 4.8 518.0 364.5
Diageo . . . . . . . . . . .1307.0 1.0 1312.0 1050.0
SABMiIIer . . . . . . . . .2329.0 32.0 2335.0 1841.0
AZ EIectronic Mat . . .316.0 2.0 338.1 248.5
Croda Internation . .2073.0 41.0 2087.0 1069.0
EIementis . . . . . . . . . .187.4 6.6 189.5 66.0
Johnson Matthey . .2035.0 26.0 2119.0 1525.0
Victrex . . . . . . . . . . .1590.0 1.0 1610.0 1076.0
Price Chg High Low
BeIIway . . . . . . . . . . . .718.5 5.0 753.5 511.0
BerkeIey Group Ho .1269.0 -3.0 1299.0 789.5
Bovis Homes Group .448.5 2.8 464.7 326.6
Persimmon . . . . . . . .497.1 2.0 502.5 336.5
Reckitt Benckiser . .3485.0 -29.0 3648.0 3015.0
Redrow . . . . . . . . . . . .129.6 0.1 139.0 97.5
TayIor Wimpey . . . . . . .38.4 0.2 43.3 22.3
Bodycote . . . . . . . . . .378.7 -1.3 397.7 189.0
Charter Internati . . . .831.0 5.5 853.5 538.5
Fenner . . . . . . . . . . . .416.1 0.1 419.8 198.0
IMI . . . . . . . . . . . . . . .1115.0 10.0 1119.0 657.5
MeIrose . . . . . . . . . . .378.0 2.3 383.7 212.5
Northgate . . . . . . . . . .333.9 2.0 346.7 177.8
Rotork . . . . . . . . . . .1713.0 3.0 1895.0 1330.0
Spirax-Sarco Engi . .2039.0 6.0 2063.0 1478.0
Weir Group . . . . . . .2196.0 26.0 2203.0 1128.0
Ferrexpo . . . . . . . . . . .485.9 16.8 499.0 251.6
TaIvivaara Mining . . .445.0 6.3 622.0 378.1
BBAAviation . . . . . . .221.9 -0.5 240.8 175.0
Stobart Group Ltd . . .145.0 1.6 163.6 124.1
AdmiraI Group . . . . .1634.0 4.0 1754.0 1409.0
Haynes PubIishing . .255.0 1.5 262.5 202.5
Huntsworth . . . . . . . . .73.6 0.3 86.0 65.0
Informa . . . . . . . . . . . .437.1 -3.8 461.1 352.8
ITE Group . . . . . . . . . .212.9 3.9 258.2 137.9
ITV . . . . . . . . . . . . . . . . .72.7 1.0 93.5 49.3
Johnston Press . . . . . . .5.3 -0.4 20.0 4.4
MecomGroup . . . . . .221.0 1.5 310.0 180.3
Moneysupermarket. .108.1 -0.7 111.2 64.6
Pearson . . . . . . . . . .1202.0 12.0 1207.0 881.5
Reed EIsevier . . . . . .578.0 4.0 590.5 505.5
Rightmove . . . . . . . .1240.0 -10.0 1260.0 596.5
STV Group . . . . . . . . .128.0 -0.8 168.0 69.8
Tarsus Group . . . . . .150.5 0.0 165.0 112.5
Trinity Mirror . . . . . . . .48.0 -1.3 124.3 40.8
United Business M . .558.5 7.5 725.0 502.0
UTV Media . . . . . . . . .135.0 -1.0 151.0 106.0
WiImington Group . . .118.8 -0.3 183.0 114.0
WPP . . . . . . . . . . . . . .769.5 7.5 846.5 629.5
YeII Group . . . . . . . . . . .8.6 1.4 30.2 5.1
African Barrick G . . .419.5 1.0 638.0 393.5
AngIo American . . .3181.0 65.0 3437.0 2254.0
AngIo Pacific Gro . . .338.0 16.0 369.3 249.0
Antofagasta . . . . . . .1491.0 54.0 1634.0 823.5
Aquarius PIatinum . .322.6 5.4 419.0 227.1
BHP BiIIiton . . . . . . .2521.5 50.5 2631.5 1767.0
AmIin . . . . . . . . . . . . .414.9 -0.3 433.0 375.3
BeazIey . . . . . . . . . . . .126.0 1.0 139.2 110.4
CatIin Group Ltd. . . .416.3 7.9 421.4 325.0
Hiscox Ltd. . . . . . . . . .421.4 3.8 424.7 341.5
Jardine LIoyd Tho . . .682.0 1.5 709.0 538.0
Lancashire HoIdin . . .651.5 -4.5 669.0 515.0
RSA Insurance Gro . .137.1 0.3 143.5 120.1
Aviva . . . . . . . . . . . . . .437.0 -0.5 477.9 333.1
LegaI & GeneraI G . . .123.7 2.7 125.6 80.8
OId MutuaI . . . . . . . . .136.8 2.3 145.2 109.3
Phoenix Group HoI . .595.5 -4.5 758.0 584.5
PrudentiaI . . . . . . . . .732.5 2.0 777.0 501.5
ResoIution Ltd. . . . . .293.3 -6.7 316.1 211.3
St James's PIace . . . .368.4 -3.7 382.4 229.0
Standard Life . . . . . . .212.8 -0.3 244.7 182.4
4Imprint Group . . . . .268.5 -2.5 295.0 195.0
Aegis Group . . . . . . .160.2 -0.5 162.3 106.4
BIoomsbury PubIis . .133.0 2.0 138.0 108.5
British Sky Broad . . .812.0 -15.0 850.0 693.5
Centaur Media . . . . . . .47.5 0.4 73.0 44.8
Chime Communicati .262.3 -6.8 298.5 160.0
Creston . . . . . . . . . . . .112.0 -1.0 121.0 78.5
DaiIy MaiI and Ge . . .473.2 4.0 594.5 434.4
Euromoney Institu . .653.5 6.0 736.0 575.5
Future . . . . . . . . . . . . . .17.3 -1.5 30.0 15.8
Centamin Egypt Lt . .130.1 -2.7 197.1 114.5
Eurasian NaturaI . . .815.0 19.5 1125.0 695.5
FresniIIo . . . . . . . . . .1443.0 38.0 1682.0 990.0
GemDiamonds Ltd. .241.8 8.8 306.0 186.3
HochschiId Mining . .482.4 16.2 680.0 289.4
Kazakhmys . . . . . . .1405.0 42.0 1671.0 1017.0
Kenmare Resources . .56.4 1.4 59.9 13.0
Lonmin . . . . . . . . . . .1445.0 18.0 1983.0 1374.0
New WorId Resourc .906.5 -19.0 1060.0 861.5
PetropavIovsk . . . . . .761.5 35.5 1252.0 678.0
RandgoId Resource 5285.0 100.0 6655.0 4425.0
Rio Tinto . . . . . . . . .4595.0 101.5 4712.0 3005.0
Vedanta Resources 2061.0 38.0 2583.0 1832.0
Xstrata . . . . . . . . . . .1417.0 27.5 1550.0 908.6
Inmarsat . . . . . . . . . . .571.0 9.0 756.5 542.5
Vodafone Group . . . .166.3 1.5 181.9 141.9
Genesis Emerging . .543.5 10.5 568.0 450.1
Afren . . . . . . . . . . . . . .165.1 2.6 171.2 82.8
BG Group . . . . . . . . .1449.5 1.5 1564.5 1003.5
BP . . . . . . . . . . . . . . . .462.6 7.6 509.0 362.1
Cairn Energy . . . . . . .413.9 8.5 493.2 366.0
EnQuest . . . . . . . . . . .131.4 2.5 158.5 101.8
Essar Energy . . . . . .414.3 -2.6 589.5 385.7
ExiIIon Energy . . . . . .443.8 2.8 469.7 166.5
Heritage OiI . . . . . . . .237.5 1.4 486.0 210.0
JKX OiI & Gas . . . . . .269.4 3.3 335.1 258.7
Premier OiI . . . . . . . . .455.4 2.7 535.0 350.8
RoyaI Dutch SheII . .2290.0 40.5 2326.5 1679.0
RoyaI Dutch SheII . .2286.0 30.5 2336.0 1603.0
SaIamander Energy .290.4 7.4 317.6 210.0
Soco Internationa . . .371.5 6.3 484.2 292.0
TuIIow OiI . . . . . . . . .1330.0 17.0 1493.0 1108.0
Amec . . . . . . . . . . . .1126.0 19.0 1251.0 847.5
Hunting . . . . . . . . . . .805.5 20.5 817.0 464.0
John Wood Group . .699.0 5.0 715.8 339.5
LampreII . . . . . . . . . . .393.8 4.4 395.0 205.4
Petrofac Ltd. . . . . . .1541.0 18.0 1685.0 1209.0
Burberry Group . . . .1464.0 14.0 1484.0 758.5
PZ Cussons . . . . . . . .373.5 -2.8 409.0 320.5
Supergroup . . . . . . . .969.5 32.0 1820.0 800.0
AstraZeneca . . . . . .3160.0 15.0 3385.0 2801.5
BTG . . . . . . . . . . . . . .307.0 8.1 310.9 196.2
Genus . . . . . . . . . . . .1043.0 13.0 1050.0 704.5
GIaxoSmithKIine . . .1366.5 7.0 1374.5 1111.0
Hikma Pharmaceuti .789.0 6.0 900.0 687.5
Shire PIc . . . . . . . . . .1965.0 -6.0 1985.0 1376.0
CapitaI & Countie . . .197.4 -5.3 203.7 107.9
Daejan HoIdings . . .2800.0 0.0 2919.0 2263.0
F&C CommerciaI Pr .105.1 0.1 108.0 88.0
Grainger . . . . . . . . . . .130.2 -2.4 133.2 86.3
London & Stamford .135.0 0.0 140.0 110.3
SaviIIs . . . . . . . . . . . . .401.0 -1.0 427.1 291.0
St. Modwen Proper . .189.6 -3.4 198.7 135.4
UK CommerciaI Pro . .81.0 -0.3 85.5 74.3
Unite Group . . . . . . . .216.7 -3.7 229.8 170.5
Big YeIIow Group . . .323.0 1.5 353.3 287.1
British Land Co . . . . .605.0 -13.0 629.5 443.0
CapitaI Shopping . . .385.6 -11.8 424.8 313.6
Derwent London . . .1821.0 -49.0 1885.0 1267.0
Great PortIand Es . . .431.5 -8.4 445.0 289.0
Hammerson . . . . . . . .463.7 -23.1 490.9 347.4
Hansteen HoIdings . . .87.9 0.1 89.3 59.4
Land Securities G . . .859.5 -25.5 885.0 573.0
SEGRO . . . . . . . . . . . .310.2 -5.1 331.3 262.5
Shaftesbury . . . . . . . .522.0 -9.0 539.0 371.0
Autonomy Corporat 1780.0 34.0 1915.0 1271.0
Aveva Group . . . . . .1776.0 3.0 1780.0 1199.0
Computacenter . . . . .468.8 8.4 489.7 265.0
Fidessa Group . . . . .2066.0 35.0 2072.0 1350.0
Invensys . . . . . . . . . . .333.9 5.1 364.3 230.2
Kofax . . . . . . . . . . . . .494.5 -0.5 535.0 231.0
Logica . . . . . . . . . . . .132.3 -1.7 147.2 101.7
Micro Focus Inter . . .348.0 1.7 452.4 276.0
Misys . . . . . . . . . . . . .411.7 -1.3 420.2 242.3
Sage Group . . . . . . . .293.7 6.5 302.0 231.4
SDL . . . . . . . . . . . . . . .703.0 3.0 711.5 491.3
TeIecity Group . . . . . .545.0 0.0 557.0 377.0
Aggreko . . . . . . . . . .2010.0 20.0 2016.0 1346.0
Ashtead Group . . . . .175.9 3.0 207.9 77.0
Atkins (WS) . . . . . . . .743.0 -10.0 820.0 650.0
Babcock Internati . . .715.5 4.0 733.0 492.8
Berendsen . . . . . . . . .547.0 -4.0 557.0 361.8
BunzI . . . . . . . . . . . . .797.5 5.5 801.5 674.5
Capita Group . . . . . . .713.5 -6.5 794.5 635.5
CariIIion . . . . . . . . . . .385.4 1.5 403.2 291.2
De La Rue . . . . . . . . .752.5 6.5 939.0 549.5
EIectrocomponents .254.6 -19.9 294.9 205.7
Experian . . . . . . . . . . .833.5 10.5 834.5 589.0
FiItrona PLC . . . . . . . .379.0 -1.0 385.5 223.5
G4S . . . . . . . . . . . . . . .281.5 -0.9 291.0 237.7
Hays . . . . . . . . . . . . . .100.4 -2.7 133.6 89.0
Homeserve . . . . . . . .505.5 1.0 532.0 408.0
Howden Joinery Gr . .113.9 2.7 127.5 63.0
Intertek Group . . . . .1947.0 9.0 2148.0 1521.0
MichaeI Page Inte . . .532.0 -13.5 567.0 368.0
Mitie Group . . . . . . . .237.0 -3.5 242.6 188.7
Premier FarneII . . . . .195.0 -49.1 308.8 184.5
Regus . . . . . . . . . . . . .110.1 -0.3 119.0 66.1
RentokiI InitiaI . . . . . . .94.6 0.1 114.0 84.3
RPS Group . . . . . . . . .245.6 -1.4 253.0 169.8
Serco Group . . . . . . .563.0 -2.0 633.0 529.5
Shanks Group . . . . . .128.4 0.3 130.9 96.5
SIG . . . . . . . . . . . . . . .145.2 2.5 153.5 90.7
SThree . . . . . . . . . . . .413.2 -2.3 447.6 231.1
Travis Perkins . . . . .1008.0 -2.0 1127.0 747.0
WoIseIey . . . . . . . . .2061.0 -4.0 2261.0 1223.0
ARM HoIdings . . . . . .637.0 21.0 651.0 280.6
CSR . . . . . . . . . . . . . .317.4 1.8 447.0 280.9
Imagination Techn . .415.9 -4.0 502.0 291.9
Pace . . . . . . . . . . . . . .110.1 -1.5 231.8 93.0
Spirent Communica .150.8 -0.3 160.3 114.2
British American . .2824.5 24.0 2830.5 2166.0
ImperiaI Tobacco . .2153.0 1.0 2231.0 1784.0
Avis Europe . . . . . . . .310.5 -0.2 311.1 184.0
Betfair Group . . . . . . .721.5 2.0 1550.0 716.5
Bwin.party Digita . . .141.8 -6.8 309.5 127.0
CarnivaI . . . . . . . . . .2410.0 -10.0 3153.0 2037.0
Compass Group . . . .612.0 6.0 614.0 501.0
Domino's Pizza UK . .437.7 10.4 586.0 377.0
easyJet . . . . . . . . . . . .349.9 -8.3 479.0 322.3
Enterprise Inns . . . . . .66.0 0.5 122.7 64.1
FirstGroup . . . . . . . . .355.7 -0.6 412.6 311.3
Go-Ahead Group . . .1578.0 -7.0 1592.0 1073.0
Greene King . . . . . . .507.0 -2.5 518.0 398.0
InterContinentaI . . .1331.0 26.0 1435.0 982.0
InternationaI Con . . .250.0 -1.1 305.0 199.0
JD Wetherspoon . . . .449.9 5.3 468.3 389.9
Ladbrokes . . . . . . . . .153.5 -1.7 156.6 122.7
Marston's . . . . . . . . . .104.8 -2.0 117.1 92.0
MiIIennium& Copt . .515.5 1.5 600.5 417.7
MitcheIIs & ButIe . . . .320.0 0.9 361.0 284.4
NationaI Express . . .259.0 -1.5 270.2 220.1
Punch Taverns . . . . . .73.4 -0.7 90.4 58.1
Rank Group . . . . . . . .149.5 -0.7 153.0 98.8
Restaurant Group . . .306.5 3.2 335.0 214.2
Stagecoach Group . .261.6 0.3 268.5 160.7
Thomas Cook Group 128.7 1.7 204.8 125.7
TUI TraveI . . . . . . . . . .231.8 4.6 271.9 190.0
Whitbread . . . . . . . .1643.0 5.0 1887.0 1368.0
WiIIiamHiII . . . . . . . . .233.0 -4.3 238.7 155.5
Abcam . . . . . . . . . . . .448.8 -11.3 469.8 255.6
AIbemarIe & Bond . .397.5 9.8 397.5 218.0
Amerisur Resource . .24.3 0.0 29.0 11.5
Andor TechnoIogy . .639.0 8.0 659.0 275.5
ArchipeIago Resou . . .59.4 0.1 66.8 32.3
ASOS . . . . . . . . . . . .2393.0 11.0 2468.0 840.0
AureIian OiI & Ga . . . .59.8 -1.0 92.0 35.8
Avanti Communicat .436.5 18.5 735.0 339.0
Avocet Mining . . . . . .217.0 8.3 253.5 112.0
BIinkx . . . . . . . . . . . . .137.5 8.5 148.8 37.0
Borders & Souther . . .50.0 0.3 93.0 48.3
BowLeven . . . . . . . . .342.3 13.8 398.0 136.0
Brooks MacdonaId 1290.0 0.0 1372.5 767.5
CaIedon Resources .111.3 -0.3 111.5 26.0
Conygar Investmen .109.3 -0.5 120.0 101.3
Cove Energy . . . . . . . .98.0 0.0 112.8 48.5
Daisy Group . . . . . . .122.0 -0.6 127.0 86.0
EMIS Group . . . . . . . .507.4 -12.6 555.5 303.5
Encore OiI . . . . . . . . . .68.3 -0.8 151.5 49.0
Faroe PetroIeum . . . .173.0 4.0 218.3 118.0
GuIfsands PetroIe . . .210.0 -3.8 401.5 207.3
GWPharmaceuticaI .124.0 -1.3 130.8 83.0
Hamworthy . . . . . . . .680.0 20.0 684.5 297.5
Hargreaves Servic .1072.0 7.0 1080.9 599.0
HeaIthcare Locums . .112.5 0.0 112.5 112.5
Immunodiagnostic .1118.0 3.0 1129.0 710.0
ImpeIIamGroup . . . .375.0 7.5 387.5 84.0
James HaIstead . . . . .474.9 -3.8 485.9 306.0
KaIahari MineraIs . . .231.8 1.8 301.0 142.0
London Mining . . . . .402.5 16.5 436.5 226.0
Lupus CapitaI . . . . . .122.0 7.0 150.0 75.5
M. P. Evans Group . .468.6 -2.4 500.5 339.8
Majestic Wine . . . . . .500.0 -5.0 505.0 301.0
May Gurney Integr . .289.3 7.3 290.0 177.0
Monitise . . . . . . . . . . . .36.5 1.0 37.0 18.5
MuIberry Group . . . .1730.0 30.0 1750.0 251.5
Nanoco Group . . . . . . .84.5 0.5 115.8 68.0
NauticaI PetroIeu . . .348.8 6.3 547.0 128.0
NichoIs . . . . . . . . . . . .554.8 0.0 578.0 396.0
Numis Corporation . .115.3 2.5 146.5 94.0
Pan African Resou . . .12.8 1.3 12.8 5.9
Patagonia GoId . . . . . .53.5 0.3 59.3 12.5
Prezzo . . . . . . . . . . . . .65.5 0.0 71.5 37.8
Pursuit Dynamics . . .301.5 -1.5 700.0 212.0
Rockhopper ExpIor .262.5 7.3 510.0 202.5
RWS HoIdings . . . . . .452.4 4.0 472.0 239.0
Songbird Estates . . .150.0 -1.5 160.3 135.0
VaIiant PetroIeum . . .603.0 3.0 761.5 504.0
Young & Co's Brew . .665.0 2.5 685.0 513.0
DuneIm Group . . . . . .450.5 11.1
AngIo Pacific Grou . .338.0 5.0
PetropavIovsk . . . . . .761.5 4.9
YuIe Catto & Co . . . . .253.0 4.0
Gem Diamonds Ltd. .241.8 3.8
Antofagasta . . . . . . .1491.0 3.8
EIementis . . . . . . . . . .187.4 3.7
Ferrexpo . . . . . . . . . .485.9 3.6
Man Group . . . . . . . . .255.7 3.6
HochschiId Mining . .482.4 3.5
Premier FarneII . . . . .195.0 -20.1
EIectrocomponents .254.6 -7.3
Booker Group . . . . . . .73.6 -5.5
Hammerson . . . . . . . .463.7 -4.8
Bwin.party DigitaI . . .141.8 -4.6
CapitaI Shopping C . .385.6 -3.0
Land Securities Gr . .859.5 -2.9
Derwent London . . .1821.0 -2.6
Hays . . . . . . . . . . . . . .100.4 -2.6
CapitaI & Counties . .197.4 -2.6
Risers FaIIers
MAIN CHANGES UK 350
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
Price Chg High Low Price Chg High Low
GILTS
AEROSPACE & DEFENCE
CONSTRUCTION & MATERIALS
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ELECTRONIC & ELECTRICAL EQ.
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FORESTRY & PAPER
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GENERAL RETAILERS
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REAL ESTATE INVEST. & SERV.
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TOBACCO
TRAVEL & LEISURE
AIM 50
NON LIFE INSURANCE
REAL ESTATE INVEST. TRUSTS
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AUTOMOBILES & PARTS
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MINING
NONEQUITY INVESTM. COMM.
Tsy 2.500 11 . . . . .307.16 0.00 310.0 307.2
Tsy 3.250 11 . . . . .101.16 -0.01 103.6 101.1
Tsy 9.000 11 . . . . .100.00 -0.02 108.5 100.0
Tsy 9.000 12 . . . .108.83 -0.51 116.3 107.9
Tsy 5.000 12 . . . .102.94 -0.02 107.0 102.9
Tsy 5.250 12 . . . .104.19 -0.02 108.3 104.2
Tsy 4.500 13 . . . . .106.11 -0.03 109.2 105.8
Tsy 2.500 13 . . . .286.98 -0.01 287.7 274.9
Tsy 8.000 13 . . . . .115.57 0.02 121.3 115.5
Tsy 5.000 14 . . . . .111.23 -0.14 114.1 109.2
Tsy 7.750 15 . . . .103.87 0.95 110.5 76.0
Tsy 8.000 15 . . . .126.32 -0.14 131.6 123.7
Tsy 4.750 15 . . . . .111.99 -0.15 114.7 108.6
Tsy 4.000 16 . . . .109.19 -0.19 111.4 104.9
Tsy 2.500 16 . . . .331.56 -0.12 334.1 304.4
Tsy 12.000 17 . . .126.21 0.00 185.9 126.0
Tsy 1.250 17 . . . . .110.89 -0.16 112.1 104.9
Tsy 8.750 17 . . . .136.21 -0.26 142.2 132.9
Tsy 5.000 18 . . . . .114.78 -0.29 117.6 109.7
Tsy 4.500 19 . . . . .111.01 -0.31 113.8 105.4
Tsy 3.750 19 . . . .105.02 -0.38 107.7 99.4
Tsy 2.500 20 . . . .336.52 -0.25 341.2 303.8
Tsy 4.750 20 . . . . .112.01 -0.35 115.9 106.6
Tsy 8.000 21 . . . .140.24 -0.43 147.1 133.8
Tsy 4.000 22 . . . .103.99 -0.44 108.4 99.0
Tsy 1.875 22 . . . . .115.81 -0.36 117.8 108.5
Tsy 2.500 24 . . . .294.94 -0.33 298.9 262.1
Tsy 5.000 25 . . . . .112.16 -0.48 118.5 107.4
Tsy 4.250 27 . . . .102.34 -0.46 108.8 97.9
Tsy 1.250 27 . . . .109.42 -0.34 111.2 100.5
Tsy 6.000 28 . . . .124.40 -0.44 132.7 119.5
Tsy 4.750 30 . . . .107.80 -0.45 115.0 103.0
Tsy 4.125 30 . . . .281.62 -0.28 283.9 248.7
Tsy 4.250 32 . . . .100.84 -0.47 107.8 96.0
Tsy 4.250 36 . . . .100.08 -0.45 107.4 95.0
Tsy 4.750 38 . . . .108.49 -0.43 116.5 102.8
Tsy 4.500 42 . . . .104.65 0.00 112.8 98.9
% %
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Living| Country
TREE OF LIFE
BRAD PITT FLICK,
REVIEWED ON
PAGE 23
19
A
40-bedroom castle, supposedly
haunted as well as being a 2005 loca-
tion for Doctor Who, is on the mar-
ket for 1.5m. Sure, there may be
ghosts roaming its hallowed halls, but by
any standard, Craig y Nos Castle, in the
Upper Swansea Valley, is going for a song.
To anyone used to London prices, the list-
ing begs the question: where else in these
fair isles would a home with over three-
dozen bedrooms be on the market for the
price of a two-bedroom apartment in cen-
tral London? Craig y Nos is a fine example
of Welsh splendour at remote valley prices:
built between 1840 and 1843, it was bought
by the opera diva Adelina Patti in 1878 and
is thought to be the first house in Wales
with private electricity.
Well, electricity is the norm now in
Wales (shock, horror), but so, apparently, is
value for money. Peter Edwards, of Knight
Franks country department, says: You can
get an enormous home in Wales with lots
of land for much less than in London.
So if you dont fancy braving the stormy
seas of foreign exchange in Europe, you
should look to our Western neighbour for
refuge. Its wild, beautiful, unspoiled, rela-
tively affordable and quirky. Its surround-
ed by sea on all sides bar the eastern one.
Its crammed with castles, dotted with uni-
versities and blessed with delicious
seafood.
Edwards says its remoteness is its bless-
ing but also the reason the droves stay
away. Wales is still one of the last great
rural wildernesses in the UK, up there with
parts of Scotland. Its relatively inaccessible,
with a lack of fast communication to the
big centres. It lacks significant cities; infra-
structure is relatively bare in terms of
motorways and high speed trains and that
is why it has remained as it is.
But of course Wales is not north London.
Its large (8023 sq. m.), with many terrains,
building styles and vantage points. You can
have a blustery seaside perch or a rural
country house, so peaceful you can hear a
pin drop. You can live in a village or a uni-
versity town Cardiff has a famous univer-
sity and Aberystwyth is home to a leading
agricultural college.
If you want posh, something similar to
the Cotswolds in terms of prestige, try
Monmouthshire. Anthony Clay, of Knight
Franks Hereford department, says:
Monmouthshire is just into Wales over the
Severn bridge, its proximity to the M4 mak-
ing it highly popular. The Vale of
Glamorgan, or any of the other southern
valley towns, are probably most desirable in
Wales. Youve got everything in
Monmouthshire: the train takes one and a
half hours from London Paddington to
Newport, its castle-tastic and there are
plenty of amentities.
But the further west you go, the more
seductively wild Wales gets. The
Pembrokeshire coastline is stunning and
relatively untouched (the smart set favours
the town of Tenby). Creeping north, you get
the gobsmackingly beautiful Brecon
Beacons, and further up, Snowdonia
National Park.
So is Wales the new (old) kid on the
block? Yes, Wales is on the rise, says Clay.
But were not talking vast numbers of peo-
ple flocking there. Its got the appeal
because you get a lot more for you money,
but it can also be very remote. If you can
work from home, then living in Wales
becomes deeply attractive.
Wales boasts wild natural beauty and lovely
houses. Dont dismiss it, says Zoe Strimpel
Where country
piles come grand
...and affordable
NETHER SKYBORRY, KNIGHTON
Price: 725,000
This late Grade II-Georgian house with lovely views
over the Upper Teme Valley is located off a quiet by-
road. The four-bedroom house marries a richly ele-
gant interior with an enviable 3.8 acre estate.
Its elevated location makes the most of the
views.Contact: Knight Frank on 01432 273087.
www.knightfrank.com
HIRRHOS HALL, WELSHPOOL
Price: 625,000.
This five-bedroom house sits in glorious unspoilt
countryside, overlooking the rolling hills of the
Banwy valley. With a network of footpaths,country
lanes and bridleways nearby, the property is won-
derfully situated for hill walking and riding. Contact:
Savills on 01952 239500.
www.savills.com
VILLAGE HOUSE, BANCYFFORDD
Price: 495,000
A charming, Grade II-listed country house with four
bedrooms and four reception rooms, three stone
barns and full planning permission for A1 residential
development. Overall the house lays claim to around
3 acres. Beautiful rural location and a great exam-
ple of Welsh value for money.
Contact:Chesteron Humberts on 01584 877778.
www.chestertonhumberts.com
THE OLD VICARAGE, PRESTEIGNE
Price: 900,000
Set on a knoll with a wonderful view over the
Radnor Valley, this four-bedrrom house oozes
charm. This beautiful area is a mix of fertile farm-
land and open hills providing superb riding and
walking country. Paddocks and outbuildings
come with the property.
Contact: Knight Frank on 01432 273087.
www.knightfrank.com
WEMYSS ROAD
Price: 550,000
This spacious three bed-
roomed maisonette is
on the first and second
floor of a period build-
ing. It has high ceilings,
a kitchen, a contempo-
rary shower and bath-
room. It is close to the
Heath and Blackheath
Village.
Contact: Foxtons on
020 8432 7200 or go
to www.foxtons.co.uk
BLACKHEATH PARK
Price: 3.25m
This grade II-listed
detached Georgian villa
is located on a private
road. It has a garden and
a large driveway. There
are six double bedrooms
and three reception
rooms. Contact: Foxtons
on 020 8432 7200 or go
to www.foxtons.co.uk
DARTMOUTH HILL
Price: 1.15m
This three-bedroom
house is close to the
Heath. It is arranged
across two floors with
the bedrooms and bath-
rooms at ground level.
The property has an airy
feel due to its high vault-
ed ceilings.
Contact: Cluttons on
020 7407 3669 or go to
www.cluttons.com
Q.
I live in a mews house that
has a garage. Im considering
turning it into extra living
space. Is this a wise move?
A.
The answer to this question
entirely depends on the size of
your property. If you live in a
small mews house that would benefit
from additional living space or an extra
bedroom and you feel that it would great-
ly improve the space then I would say it
is worthwhile.
But if your property already has ample
living space or is in an area where parking
is very restricted, I would suggest that you
keep the garage as it is since it will almost
certainly give your house a broader appeal
to prospective purchasers.
There is no point in converting a garage
for the sake of it. Unless you have a pur-
pose for the new room or if it is going to
significantly enhance an existing room
there is little point in carrying out the con-
version.
Q.
Im thinking of buying a new-
build flat, but the prices seem
to be higher than most of the
second-hand homes available even if
they have been newly refurbished.
Why is this?
A.
New-build properties in general
tend to be more expensive than
similar second hand properties.
With a new-build property you are not
just buying a refurbished flat you are buy-
ing a flat in a completely new building
where everything including all the inter-
nal workings, lifts, communal areas and
roof are all completely new.
In the coming years your expenditure on
the building is likely to be minimal, meaning
that your cost of ownership through lower
services charges is likely to at least partly
offset the higher cost you are paying.
At the minute there is significant
demand for new build properties, particu-
larly from the Far Eastern market where
investors are keen to capitalise on the
weakness of the pound. This is certainly
adding to upward pressure of prime central
London new builds at the moment.
Martin Bikhit
MARTIN BIKHIT,
MANAGING DIRECTOR
OF CENTRAL LONDON ESTATE
AGENCY, KAY & CO
Q A
&
LONDONERS LOVE NORTH AND SOUTH WEST BOROUGHS
North and south west boroughs dominate Londons top
ten development hotspots, according to research from
CB Richard Ellis. Although Kensington and Chelsea has
predictably topped the table of Londons residential
favourites, the new research reveals that good develop-
ment prospects are not limited to central locations.
Jennet Siebrits of CB Richard Ellis says: While central
London has dominated the headlines, attractive develop-
ment opportunities can also be found outside of Zone
One to the north and south west of the Capital.
AVERAGE AGE OF HIGH-END LONDON BUYER IS 23
An increase in cash deposit contributions for first
homes from parents now means the average age of
first time buyers in prime areas of London is just 23,
14 years younger than the national average.
Property consultants at Sandfords say this can be
attributed to wealthy families, who, mindful of soar-
ing property prices in the capital, are seizing the
opportunity to help their offspring onto the proper-
ty ladder. The average price of these property
investments are from 300,000 to over 1m.
COMMUTER TOWNS ARE ON THE UP
Home ownership in commuter towns is up 53 per cent,
according to research from CB Richard Ellis. The com-
mercial real estate company thinks commuter towns
within one hours rail travel of central London could pro-
vide an affordable alternative for first-time buyers priced
out of the London. With average house prices reaching
460,000 in central London, monthly mortgage repay-
ments and travel costs now amount to 2,402. The
cheapest commuter towns can offer significant discounts
of as much as 53 per cent on this monthly outgoing.
LANCASTERS LAUNCH NEW DEVELOPMENT PHASE
The Lancasters, an ultra-prime residential development
overlooking Hyde Park, has just opened two new show
apartments to launch the final phase of its development.
The show apartments have had their interiors designed
by the famous designers Linley and Lawson Robb. The
building itself, however, was originally built in the 1850s
as ambassadorial residences, before being converted into
a hotel. Its convertion back into residences has created
77 appartments. The buildings grade II-listed stucco
facade is the longest in Europe.
PROPERTY NEWS
BY DONATA HUGGINS
CURRENT MORTGAGE DEALS BY DONATA HUGGINS Source: MoneySupermarket.com
SELL
BLACKHEATH, SE3 BY DONATA HUGGINS
Lender Fixed/Flexible Rate Until apr Maximum Loan to
(per cent) (per cent) Value (per cent)
First Direct Flexible 1.99 2 years 3.6 65
ING Direct Flexible 2.04 2 years 3.4 60
Chelsea BS Flexible 2.09 August 2013 5.4 60
Santander Flexible 2.19 2 years 4 60
ING Direct Fixed 2.69 September 2013 3.5 60
Santander Fixed 2.69 September 2013 4.2 60
Principality BS Fixed 2.74 July 2013 4.9 70
Yorkshire BS Fixed 3.49 September 2014 4.8 75
First Direct Fixed 3.49 3 years 3.8 65
Commuting to the City: Blackheath
or Westcombe Park overground sta-
tions provide quick access into the
City. The train from Blackheath to
London Bridge Station takes just 12
minutes.
Education: The area has a number of
good independent schools. Blackheath
High School, an independent day girls
school, consistently gets good results.
Blackheath Bluecoat also does reason-
ably well.
NEED TO KNOW | AREA INSIGHT
BLACKHEATH | PRICES
Detached Semi-Detached Terraced Flats
Blackheath 1,254,211 513,799 426,158 302,959
London average 791,353 430,258 448,423 340,317
Source: Savills
Living | Focus On
CITYA.M. 8 JULY 2011 20
Register your details now at
bermondseycentralSE1.com
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Computer generated images for illustrative purposes only
Offer available for a limited time only. Applicants will be referred
to an independent mortgage advisor and will need to meet relevant
mortgage requirements subject to status. Please contact the sales
agents for further details. Terms and conditions apply.
Please call for
further details:
67 high quality apartments
Contemporary 1, 2 and 3 bedroom apartments
Spectacular views across the City of London
Landscaped private courtyards and balconies
Walking distance to the River Thames
Central London location close to
London Bridge transport services
Prices from 280,000
London Bridge
Bermondsey
Mortgages
available
85% buy to let
90% homeowner
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Draker Lettings : HoLcn acc KcnsncLon London SW:W 8NS
L: ozo ,oz :oo : ozo ,oz :oz n: o,88< zoo <o: c: Ln.hasscCdakc.co.uk www.draker.co.uk
Specialising in property to rent
in Chelsea, Belgravia,
Kensington and Pimlico
Bear these four points in mind when choosing
your holiday beach look, says Zoe Strimpel
Lifestyle | Fashion
22 CITYA.M. 8 JULY 2011
| PROMOTION
a luxury night camping
among Londons
famous landmarks
City A.M. has teamed up with Londons newest
shopping and leisure destination, One New Change,
and The Princes Trust to offer one lucky reader and
friend a once-in-a-lifetime exclusive camping
experience under the stars in the heart of the City.
The City Sleepover will take place on Saturday 6th
August 2011. Sixty lucky campers will be treated
to an evening of live music, Champagne and food
before settling down for the night on the largest
public roof terrace in Europe, next to the iconic St
Pauls Cathedral.
VIP GUESTS WILL BE TREATED TO:
A mouth-watering BBQ from Madison, One New
Changes newest rooftop eatery
Exclusive MOET Ice Imperial Champagne
A Dermalogica pop-up refresher tent with the
option of a hand massage or face refresh
A fully-equipped tent from Ellis Brigham and a
survival goody bag to take away the following
morning
With entertainment courtesy of renowned Jazz
musician, Yolanda Brown, a bedtime reading from
the author of The Art of Camping, Matthew De
Abatiua, and an exclusive performance from The
Flying Karamazov Brothers, fresh from their West
End show, it is sure to be an unforgettable night!
Whats more, giant telescopes will be set up on the
roof terrace to allow campers to pick out the
hundreds of historic landmarks dotted across the
Citys night skyline.
On Sunday morning, One New Changes new
Champagne bar, Searcys, will treat campers to a
Champagne breakfast. After their meal guests can
either head home feeling relaxed and refreshed,
and with a goody bag filled with survival essentials,
or they can stay to make the most of the shopping,
fine wine and food on offer at One New Change, all
of which is on offer seven-days-a-week.
This unique experience has been organised by One
New Change to raise money for their official
charity partner, The Princes Trust, with tent sales
and donations on the night going directly to the
charity. All equipment will be provided for the
guests including tents, bedding and other
amenities; guest simply need to bring their
personal essentials.
For further information please visit:
www.onenewchange.com/city-sleepover
For your chance to win, simply answer the
following question:
Who designed St Pauls
Cathedral?
A. Jean Nouvel
B. Sir Christopher Wren
C. Sir Norman Foster
Please email your answer and contact number to:
lucky@cityam.com
DATE
Saturday
6th August 2011
TIME
From 7pm onwards
VENUE
One New Change
Roof Terrace
Terms & Conditions: The prize is a tent for two at The City Sleepover on Saturday 6th August 2011. Tickets are not for resale and no cash alternative is offered. The promoter is One New
Change and the promoter reserves the right to change the prize to one of equivalent or greater value without notice. Entry in to the promotion is free and no purchase is necessary. Entrants
must be aged 18 and over. Travel expenses are not included. The closing date is Midnight 16 July 2011. Winner will be drawn at random from all the correct entries and will be notified on 18
July 2011. By entering the promotion you agree to receive further information and similar promotions from City A.M. If you wish not to receive any further information please add No after
your answer. The winners, by accepting the prize, agree to publicity if required. The Editors decision is final.
1
.Accessories rule. Maya Lucia
Maini, a fashion consultant at
swimwear boutique Biondi, says:
The key is to have practical but
beautiful accessories; hats, for
instance, that are both chic but pro-
tective. Shorts jumpsuits and bug-
eye Oliver Peoples sunglasses are
also seasonal must-haves.
2
Layer up. Beachware has to
take you through from sand,
terrace to evening drinks and
layering is the key. All you
should have to do when you go out
in the evening is take your sun-hat
off, says Maini. Choose good fabrics
for your layers. Ambas does kaftans
in cotton gauze which are extremely
breathable; Bellaju is another hot
brand with lightweight embroi-
dered silk kaftans and Matthew
Williamson does a lovely line in
printed coverups.
3
Buy a one-piece. The one-piece
has made a big comeback, says
Maini. Its all about the embel-
lishment and the cut. It certain-
ly doesnt have to be playboy style
but there should be a cut-out and it
should be elegant.
4
Be on trend with swimsuits in
white, denim and prints. The
hottest brands right now are
Vix (beloved of Jennifer
Aniston), Emamo (hand-finished
bikinis) and Sestra Moja which fea-
tures angelic cover-ups in white
cheesecloth. biondicouture.com, neta-
porter.com and Liza Bruce (9 Pont Street,
SW1X 9EJ) stock-these brands.
SIZZLING HOT
beachwear
lIf you are small chested, a hal-
terneck emphasises the delicate
neckline, giving you an instant
cleavage.
lIf you are pear-shaped, halter-
neck bikinis are also good too as
they emphasise your shoulders,
creating a balance for your hips.
Pair them with drop-waisted
briefs that elongate your silhouette.
lAvoid high-waisted 1950s styles
at all costs as the extra fabric will
make your bottom half look larger
than it is.
lIf you have a long torso, be wary
of one-pieces. This will lead to
either a deathly low-cut suit, or
worse, one permanently creeping
up at the back. Create the same
look with a tankini two-piece. That
way you are still covered for the
most part but it can adapt to your
body shape.
lIf you have broad shoulders or
large bosoms, always avoid ban-
deau bikini tops. They offer zero
support and also make you look
broader on top.
HOW TO BUY SWIMSUITS | BODY TYPE TIPS
Above: Vix Batik bikini; right: Vix Ombre kaftan by Vix
(both Biondi Couture)
Film
THE TREE OF LIFE
Cert: PG-13
hhhhI
A FILM whose purpose is a slow, dream-like
pondering on the meaning of life, the uni-
verse and everything from fiery planets
and early amoebic life through to the disap-
pointments and small dramas of our mod-
ern lives, and beyond into transcendental
spirituality is never going to be Friday
night entertainment.
Even if Brad Pitt is in it.
Instead, the Tree of Life which won the
Palme DOr at Cannes is a massively ambi-
tious, ravishing work of art: a look into the
essence of nature and experience that is
like no other film you will ever have seen.
Its creator is Terence Malick, the revered
director of Badlands and the Thin Red Line
its only his fifth film in four decades.
Pitt gives a quite tremendous perform-
ance as a disciplinarian dad in 50s Texas
suburbia, as recalled in the flickering mem-
ories of his son Jack (played as an adult by
Sean Penn). The severe but disenchanted
patriarch and his graceful, radiant wife
(Jessica Chastain) are the twin poles of
Jacks childhood, and the backdrop for
Malicks mysterious, magical posing of the
Big Questions.
Sure, this is philosophizing writ large,
and many people will find it a yawn its a
140 minute film, after all, with very few
words. But its scale, beauty and sheer poet-
ry are quite overwhelming, and say far
more for the potential of cinema than
Transformers or Harry Potter.
Timothy Barber
THE PRINCESS OF
MONTPENSIER
Cert: 15
hhhII
THIS Gallic swashbuckler is a refreshing,
enjoyable re-packaging of the swords-n-
corsets clichs that are so familiar from
scores of films. Its set in the 16th century,
when France was locked in interminable
conflict between Catholics and Protestants,
and where renowned young bombshell
Marie de Mezieres (Melanie Thierry) is the
object of desire for several dashing
Frenchmen. After her aristocratic family
marries her off to a drippy Prince for per-
sonal and political gain, Marie becomes
contested territory herself between her hus-
band, a couple of heroic dukes and a
learned, but hardly less-dashing tutor.
Battles rage, castles echo with intrigue,
duels get fought and corsets pop its all
predictable, but its well-acted and beauti-
fully put together. Good, old-fashioned cin-
ematic fun. Timothy Barber
Classical music
NASH ENSEMBLE
City of London Festival
hhhhI
THE City of London festival is a rare treat
for denizens of the Square Mile: a smorgas-
bord of contemporary and classical music
Terence Malicks fifth
film in 40 years is a
ravishing visual poem
Above, Brad Pitt in
the Tree of Life
THE RAILWAY CHILDREN, WATERLOO STATION
The acclaimed adaptation of E. Nesbitts classic
childrens story has returned to the former
Eurostar platforms and track at Waterloo
Station for another deserved run. Set in the
Yorkshire dales, the story of the three
Waterbury children entranced by steam trains
and helping to prove their wrongly-impris-
oned fathers innocence, is told with great
flair and fun. Marcus Brigstocke plays
station master Mr Perks, while the
Stirling Single steam train is the
real scene-stealer. Until 4 Sept,
Waterloo Station. Tickets
from 22 from
www.railwaychildren-
waterloo.com
POP-UP FESTIVAL OF STORIES
Former childrens laureate Micheal Rosen is
amoung the authors appearing at this weekends Pop-up
Festival of Stories, which
takes place at Coram Fields
and the Brunswick Centre.
Rastamouse will also be making a
showing and Beatrix Potters the Tale
of Peter Rabbit will be brought to life,
while Gruffalo illustrator Axel Scheffler will
create drawings and tell stories, among plenty of
other activities. Saturday/Sunday, 10am-5.30pm.
For tickets and details see http://pop-up.org.uk.
TOAD AT THE SOUTHWARK PLAYHOUSE
This is a new version of Kenneth Grahames the
Wind in the Willows, staged in the dark
depths of the Vault space in the Southwark
Playhouse. Its a rather darker version, for
children over the age of eight, where the
audience becomes part of the Wild Wood
itself. www.southwarkplayhouse.co.uk
CULTURE FOR KIDS | WHAT TO DO THIS WEEKEND BY TIMOTHY BARBER
TRUST David Schwimmer (yes, Ross himself) directs this
nuanced look at a family crisis, with Clive Owen.
SUPER Rainn Wilson, Ellen Page and Kevin Bacon star in
yet another post-modern, post-Kick Ass superhero romp.
LAST YEAR IN MARIENBAD Alain Resnais classic of
French New Wave cinema from 1961, on re-release.
FILM
THE ADJUSTMENT BUREAU Taut conspiracy drama
with Matt Damon and Emily Blunt.
ANUVAHOOD Well-meaning but misfiring pastiche of
urban films like Kidulthood.
DONT LOOK NOW One of the greatest horror movies
ever made, released in a special edition for Blu-Ray.
DVD
BEVERLEY KNIGHT The latest album from the British
chanteuse is called Soul UK.
BLONDIE Debbie Harry and co return after eight years
away with new album, Panic of Girls.
SELENA GOMEZ AND THE SCENE When the Sun Goes
Down is the debut album from Justin Biebers girlfriend.
MUSIC
ALSO OUT THIS WEEK | FILM, MUSIC, GAMES
performed by top-line professionals in
exquisite spaces right on our doorstep.
At Monday nights concert at Drapers
Hall, a massive, portrait-filled livery hall on
murky Throgmorton Street, the Nash
Ensemble delighted. The festivals theme
this year is Antipodean, and so the centre-
piece of the two and a half hour recital was
Australian composer Brett Deans sextet. It
evoked nature: sizzling fields, swarming
insects, cool nights.
There was also a folk theme: Vaughan
Williams Six Studies on English Folk
Songs, for cello and piano, which was like
Debussy, only slightly more cloying. The
standout for me was the opening act: an
unfinished Grieg piano trio and Dvoraks
thrilling Piano Quartet in E Flat, Op. 87. The
skill, sweetness of tone and mastery of the
violinist (Marianne Thorsen), cellist (Paul
Watkins) and the subtlety of pianist Ian
Brown made the evening highly enjoyable.
Zoe Strimpel
BOSTON: USAS
BEAUTIFUL CITY
IN MONDAYS
TRAVEL PAGES
23 CITYA.M. 8 JULY 2011
Life, the universe, everything
HOW TO DRESS
SMARTLY FOR
WARMER DAYS
Q.
Earlier this week it got too hot
for wearing a suit. What alter-
natives to a suit and shirt do
you recommend?
A.
FOR women, with a few key
pieces, summer office dressing
can be a breeze. Elegant sepa-
rates are just as acceptable as a suit
and are perfect for day to night dress-
ing. Try silk trousers with a simple silk
tank and blazer. The silk is loose and
lightweight and the cuts can be more
floaty and comfortable than cotton.
Your blazer can be removed when
youre too warm and put back on when
a meeting calls for structure. Gallery 4
designs beautifully lightweight silk
trousers in a flattering mushroom grey
and Teatum Jones silk tank tops in
nude, bilberry and print are gorgeously
tailored. A summer dress with struc-
ture is a comfortable alternative to a
suit. Try Rous Ilands two tone dress
with loose silk top and structured but
stretchy pencil skirt. Add a Denise
Manning necklace and you are ready
for a post work glass of rose.
For the men, summer tends to be more
challenging. In some institutions, the
boys will simply not get away in anything
less than a suit, so you need to select
them carefully. Keep the jacket single
breasted and two-buttoned for a more
breathable shape. The way fabric is
woven will dictate how warm and suffo-
cating the suit feels. Fresco cloth is
breathable and thin yet wont crease. A
linen/silk mix in a lighter colour will also
prevent over-heating. If you know you
wont be removing your jacket, wear a
short sleeved shirt underneath.
For those who need to look sharp but
can bend the rules, take your lead from
the ladies and try smart separates.
Instead of a suit, match a dark blazer with
lightweight grey trousers, shirt and tie.
Chinos are a summer staple and are
both smarter and more comfortable than
a pair of jeans. Go for a slim line and
structure pictured below, Marc by
Marc Jacobs chinos, 165,
www.mrporter.com and wear them
with a shirt, tie and lightweight jacket.
The linen jacket is a great wardrobe
basic. Worn in a dark
colour keeps it more
board room than bar-
beque. Richard James
has a great range of
linen blazers with
structure try the
olive which is flatter-
ing and works with a
t-shirt and jeans too.
The shirt alterna-
tive is a neatly fitted
polo shirt. Worn with
chinos and a blazer it
will be lighter and
easier to move
around in. Keep it
modern and fitted
a nice way to show
off if youve been
putting time in at
the gym.
Clare Rous & Kara Iland
FOUNDERSOF ROUSILANDMEMBERS BOUTIQUE,
WWW.ROUSILAND.COM
Q A
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THE GOOD COOK
BBC1, 7.30PM
Food writer Simon Hopkinson
demonstrates how to create
restaurant-quality meals at home, and
reveals his favourite ingredients.
THE KENNEDYS
BBC2, 9PM
The president tries to avert a global
disaster when the Cuban missile crisis
brings America and the Soviet Union
to the brink of war.
LOVE YOUR GARDEN
ITV1, 8PM
Alan Titchmarsh shows how to create
a fantasy garden complete with
dressed archways, sculptures and
winding pathways.
BBC1
SKY SPORTS 1
7pmSky Sports News at Seven
7.30pmLive Super League
10pmTime of Our Lives 11pm
Premier League World 11.30pm
Road to London 12amSuper
League 1.30amTwenty20 Cup
Cricket 3.30amSuper League
5amPremier League World
5.30am-6amRoad to London
SKY SPORTS 2
7pmLive Twenty20 Cup Cricket
10.30pmWWE: Late Night
Smackdown 12.30amWWE:
Late Night Bottom Line
1.30amTight Lines 2.30am
NFL: Total Access 3.30am
Racemax 4.30amTight Lines
5.30am-6amKings of the Surf
SKY SPORTS 3
7pmTight Lines 8pmLive PGA
Tour Golf 11pmLive US
Womens Open Golf
2amEuropean Tour Golf
3.30amIAAF Athletix Weekly
4amFootballs Greatest 4.30am
Kings of the Surf 5am-6am
Trans World Sport
BRITISH EUROSPORT
8pmCycling: Tour de France
9pmCycling 9.30pmDavis Cup
Tennis 11.05pmCycling: Tour de
France 12.05amHorse Racing
Time 12.35am-12.45amSport
Traveller
ESPN
6.30pmAustralian Rules
Football 9pmWorld Rally
Championship 10pmESPN
MMA Live 10.45pmNHRA Drag
Racing 11.15pmLive Copa
America Football 1.15am
Premier League 1.45amLive
Copa America Football 3.45am
ESPN Kicks: Extra 4amWorld
Rally Championship 5amESPN
Game of the Week 5.30am-6am
This Week in Baseball
SKY LIVING
7pmCSI: Crime Scene
Investigation 8pmNikita 9pm
Medium10pmCSI: Miami 11pm
Criminal Minds 12amCSI: Crime
Scene Investigation 1.50am
Ghost Whisperer 2.40am
Charmed 4.20amNothing to
Declare 5.10am-6amMaury
BBC THREE
7pmApprentice 8pmReggie &
Edith @ T 9pmPlan B @ T
10pmEastEnders 10.30pmT in
the Park 2011 12.20amFamily
Guy 1.05amAngry Boys 1.35am
Craziest Fools 2.35amKill It,
Cut It, Use It 3.30amAngry
Boys 4amCraziest Fools
4.30am-5.30amApprentice
E4
7pmHollyoaks 7.30pmFriends
9pmGoks Clothes Roadshow
10pmSupersize vs Superskinny
11.05pmDirty Sexy Things
12.15amMy Name Is Earl
1.05amGoks Clothes Roadshow
2amSupersize vs Superskinny
2.55amGlee 3.40amHeartland
4.25amReaper 5am-6am
Switched
HISTORY
7pmAmerica: The Story of the
US 8pmStorage Wars 9pm
American Pickers 10pmAncient
Aliens 11pmClash of the Gods
1amHow London Was Built
2amWarriors 3amAmerica:
The Story of the US 4amHow
the Earth Was Made 5am-6am
Ice Road Truckers
DISCOVERY
7pmMythbusters 9pmWhale
Wars 10pmGold Rush 11pm
Flying Wild Alaska 12amBear
Grylls 1amWhale Wars 2am
Gold Rush 3amDeadliest Catch
3.50amWildest Africa 4.40am
Dive to the Bottom of the World
5.30am-6amDestroyed in
Seconds
DISCOVERY HOME &
HEALTH
7pmBringing Home Baby 8pm
Little People, Big World 9pm
Sister Wives 10pmLittle People,
Big World 11pmChange of Face
12amSister Wives 1amLittle
People, Big World 2amChange
of Face 3amLittle People, Big
World 4amA Baby Story
5am-6amBringing Home Baby
SKY1
8pmFuturama 8.30pm
Simpsons 9pmAn Idiot Abroad
10pmWall of Fame 10.30pm
Spartacus 11.40pmBrit Cops
12.40amDanny Dyers Deadliest
Men 1.40amStargate Atlantis
3.10amRoss Kemp on Gangs
4amBite Size Brainiac 4.20am
Airline 5.10am-6amSell Me the
Answer
BBC2 ITV1 CHANNEL4 CHANNEL5
S
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TVPICK
6pmBBC News
6.30pmBBC London News
7pmThe One Show
7.30pmCHOICE The Good
Cook: BBC News
8pmEastEnders
8.30pmA Question of Sport
9pmMy Family
9.30pmMiranda
10pmBBC News 10.25pm
Regional News 10.35pmGraham
Norton 11.20pmNational Lottery
Friday Night Draws 11.30pmFILM
Lord of War 2005. 1.20amThe One
Show; Weatherview1.55amSign
Zone: The Spice Trail 2.55amSign
Zone: Louis Theroux: Miami Mega
Jail 3.55am-6amBBC News
6pmEggheads
6.30pmGreat British Railway
Journeys
7pmHampton Court Palace
Flower Show 2011
8pmGardeners World
9pmCHOICE The Kennedys
9.45pmThe Kennedys
10.30pmNewsnight: With
Emily Maitlis.
11pmThe Review Show:
Weather
11.50pmGolf: The Scottish
Open
12.50amFILMCritical
Assignment 2004.
2.35am-6amClose
6pmLondon Tonight
6.30pmITV News
7pmEmmerdale
7.30pmCoronation Street
8pmCHOICE Love Your
Garden
8.30pmCoronation Street
9pmPaul OGrady Live
10pmITV News at Ten
10.30pmLondon News
10.35pmFILMBackdraft:
Firefighting action drama,
starring Kurt Russell. 1991.
1.05amThe Zone; ITV News
Headlines 3.05amFILMDoom:
2005. 4.45am-5.30amITV
Nightscreen
6pmThe Simpsons 6.30pm
Hollyoaks 7pmChannel 4 News
7.25pmJamies 30 Minute Meals
7.55pmChannel 4 Presents David
Smith 2012 8pmCome Dine with
Me 9pm8 Out of 10 Cats 9.30pm
King Of 10pmAlan Carr: Chatty
Man 11.05pmThe Big Bang Theory
11.35pm4thought.tv 11.40pm
Sirens 12.40amMusic on 4:
Mercury Prize Sessions 12.55am
4play: Metronomy 1.10amThe
Album Chart Introduces: LMFAO
1.25amHollyoaks Music Show
1.50amMy Name Is Earl 2.10am
The Real Housewives of New Jersey
3.05amUgly Betty 3.50amUgly
Betty 4.40amOne Tree Hill
5.25am-6.10amCountdown
6pmHome and Away
6.25pmOK! TV
7pm5 News at 7
7.30pmFifth Gear: 5 News
Update
8pmDanger: Diggers at Work:
5 News at 9
9pmCastle
10pmLaw & Order
10.55pmCSI: Miami
11.55pmInside Hollywood
12amSuperCasino: Live
interactive gaming.
4.05amMotorsport Mundial
4.30amFifth Gear 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
12 16 11
45
15 14
9 5 6
30 28
13 6
11 23
24 9 10
9 35
45
7 4 8
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7
29
34
17
8
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6
33
6
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26
14
39
3
10
12
33
16
25
17
15
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
4 Smudge, daub (5)
7 Contemplative (7)
8 Small paving slab with
curved top, once used
to make roads (11)
12 Measuring land heights
and distances for
mapping purposes (9)
15 Seizing control of
a vehicle by the
use of force (11)
20 Spanish painter,
born in Greece
(1541-1614) (2,5)
21 Foolish or senseless
behaviour (5)
DOWN
1 Producing a burning
sensation on the
taste nerves (5)
2 Handle (4)
3 Cash register (4)
4 Stitches together with
needle and thread (4)
5 EU monetary unit (4)
6 One who drives cars
at high speeds (5)
9 Delivery (5)
10 Liquid used to stimulate
evacuation (5)
11 Dense (5)
13 Husk (5)
14 Inuit dwelling (5)
16 Successful attempt
at scoring (4)
17 Australian term for a
young kangaroo (4)
18 Container for a bird (4)
19 Mountain goat (4)
C
L
E
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H
T
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4


4

4
E M E T I C A C
M A O A K L E Y
B A T H E R S B S
E I D I G E S T
D E A T H D R S
D I A L E C T
U J Z S H A R P
S A U N A S E I
U R R E S E R V E
A G E N D A R C
L D L E S S E E
7 8 9 8 1 2
5 1 2 7 8 9 4 3 6
7 3 5 1 6 9
9 2 1 7 4 8
6 2 9 4 8 5 7
6 7 9 8 2 3 1 5
2 5 1 4 7 3 9
4 9 2 1 8 9
1 3 3 9 9 1
3 6 5 1 8 9 4 7 2
8 9 6 2 1 4
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter words were
CREMATION and MANTICORE
Lifestyle | TV&Games
CITYA.M. 8 JULY 2011 24
4&&5)&45"340/5)&53"$,
"/%0/5)&45"(&
%$
%$
Epsom Live! music nights are a fantastic
way to spend a summers evening with
friends, family and colleagues. Epsom
Downs Racecourse is just 30 minutes
from the city.
Exclusive reader offer!
Get your tickets now
epsomdowns.co.uk
Quote: ELCITY241 when booking
2

f
o
r

1

t
i
c
k
e
t
s
*
* Limited offer available when booking in advance.
Scouting For Girls
14
th
July
The Wanted
21
st
July
Blondie
28
th
July
N
O Australian-trained horse
has ever won tomorrows
Group One Darley July Cup
(3.35pm), but I expect that
to change thanks to Aussie raider
STAR WITNESS. Danny OBriens
four-year-old ran two absolute
crackers at Royal Ascot and this
will be his last ever race, as he is
due to go back to stud in his home-
land.
The worry is that he had two
hard battles at Ascot, but neither
contest panned out how he would
have wanted and jockey Steven
Arnold will be biding his time
tomorrow. It is crucial that the
jockey gets the horse settled
amongst the field and his draw in
stall 10 is perfect for him to track
the leaders and pounce late on.
Delegator is a worthy favourite
and is completely unexposed at the
trip. The near two-month break
since his last run is a positive and
he was only beaten a length and a
half by Sea The Stars in the 2009
Guineas. He has a decent draw
against the far rail in stall 17 and
the ground should be perfect, but
hes a touch too short for me at 7/2
on Betdaq.
There are plenty of dangers in
the line-up, but the two who inter-
est me most are both three-year-old
outsiders. Libranno is two from two
at the track winning a Group
Three here a fortnight ago but is
badly drawn in stall one. That said,
he could well outrun his 33/1
quote. Aidan OBriens Oracle has a
similar profile to the stables
Stravinsky and Mozart that won
this race in 1999 and 2001 respec-
tively and he is certainly no
forelorn hope at 33/1 with William
Hill.
The big betting race of the day is
the John Smiths Cup at York
(3.15pm) and this has always been
the plan for the in-form Roger
Varians PEKAN STAR. He was a very
impressive winner of a hot course
and distance handicap in May and
a mark of 95 surely underestimates
him. He will appreciate any soften-
ing of the ground, so the forecast
rain holds no concerns, and he
should be backed at 4/1 with
William Hill.
Richard Hannon won last years
Superlative Stakes (2.20pm) with
King Torus and he can make it
back-to-back victories thanks to
FORT BASTION. Unlucky to run into
a decent one of Barry Hills on
debut, he pushed Aidan OBriens
Maybe all the way at Ascot last
time. Thats easily the best piece of
form on offer here and he should
be hard to beat.
I said to myself after TROPICAL
BEATS unlucky run in the
Britannia last time that I would
back him next time up wherever
he ran. He found all sorts of trouble
that day and John Gosden has now
reached for the first-time visor. He
is well-handicapped and must have
a great each-way shout in the
4.10pm. The closing handicap
(5.55pm) can go to Ed Dunlops
TANFEETH who clearly didnt han-
dle the track at Epsom last time
and should be much more at home
here.
There is some terrific action at
HQ this afternoon and Im going to
give another chance to SHUMOOS
in the Cherry Hinton (2.25pm). She
had a terrible draw in the Queen
Mary, but only lost out to Best
Terms by a short-head and compen-
sation awaits here.
The French fillies dominated the
Coronation Stakes at Ascot and I
expect the same to happen in this
afternoons Falmouth (3.00pm).
Rod Collets SAHPRESA is a proper
Group One mare and has won the
last two runnings of Newmarkets
Sun Chariot Stakes. She won
impressively on her seasonal reap-
pearance at Longchamp last month
and should be too good for this lot.
Jean-Claude Rougets Lily Of The
Valley is possibly the biggest threat,
while I wouldnt be surprised to see
Memory run well back at this track.
We were out of luck last week in
the column, but I put up one horse
on Twitter, Halicarnassus at 25/1
who won the Old Newton Cup.
Things can change dramatically in
the 48 hours leading up to a race,
so follow me on Twitter
@BillEsdaile for all my latest advice.
l City AM is proud to announce
that after an incredibly successful
first year as the Official Newspaper
of the Investec Derby Festival, we
have reached an agreement to
extend the partnership further. To
mark this occasion, City AM read-
ers can purchase two for one tick-
ets for any of the racecourses
Epsom Live! music evenings.
Upcoming events include
Scouting for Girls (14th July), The
Wanted (21st July) or Blondie on
28th July. Just go to www.epsom-
downs.co.uk, click on the "Buy
Tickets Now" button and choose
the event you want to attend. Select
"The Stand" and input ELCITY241
on the code box.
Next year will be even better as
the 2012 Investec Derby Day marks
the first official engagement for
HM the Queens Diamond Jubilee
celebrations.
SPORT TRADER BILL ESDAILE AND OLLIE DREW BRING YOU THE BEST RACING AND CRICKET BETS OF THE WEEKEND
Star Witness can
finish with a bang
England hope to swing in the rain
T
HE reliability of rainfall and
changeable weather during
the English summer does
have its plus points. Well, for
the England cricket team it does at
least. It helped them to a 10-wicket
victory over Sri Lanka on
Wednesday. The conditions at
Trent Bridge enabled the Three
Lions bowling department to
regain its collective mojo and were
particularly conducive for James
Anderson. His figures of 3/24
included the removal of Sri Lanka
skipper Tillakaratne Dilshan for a
duck in the first over and, literally,
swung the series back Englands
way.
The hosts are favourites to win
tomorrows fifth and final ODI at
Old Trafford, a result that would
clinch the series. The forecast for
Manchester is mild and scattered
showers are expected. So, with that
in mind, back the England victory
with Sportingbet at a best price of
8/11.
On home turf, Lancashires
Anderson could again hold the
key. Hes taken wickets in each of
his four ODI appearances on the
ground and 10 in total at an aver-
age of 15.60. Unless a sudden heat-
wave hits the North West, hes a
sound choice at 5/2 with William
Hill to be Englands top bowler.
Andersons captain, Alastair
Cook, is also expected to play a
major role. The ODI captain has
addressed his critics in the only
way he knows how: by ramming
run after run down their throats.
After finishing the Test series as
comfortably the leading scorer,
hes back at the top of the charts in
the fifty-over format. In four
matches, Cook has accumulated
267 runs at a career-defying strike
rate of 97.80. Sporting Index offer
his performance index for Old
Trafford at 40-45 and Sportingbet
go 3/1 that he ends the series with
a strike rate above 100.0.
Punter
25
TOMORROW 10.45 AM, SKY SPORTS
SRI LANKA
ENGLAND
POINTERS...
SHUMOOS 2.25pm Newmarket (today)
SAHPRESA 3.00pm Newmarket (today)
FORT BASTION 2.20pm Newmarket (Sat)
PEKAN STAR 3.15pm York (Sat)
STAR WITNESS e/w 3.35pm Newmarket (Sat)
TROPICAL BEAT e/w 4.10pm Newmarket (Sat)
TANFEETH e/w 5.55pm Newmarket (Sat)
POINTERS...
England at 8/11 with Sportingbet
James Anderson 5/2 to be top England
bowler with William Hill
EDVALD BOASSON HAGEN claimed
Team Skys first Tour de France stage
success in torrential rain in
Normandy.
Another punishing
day in the saddle saw
the riders take on
the 2011 Tours
longest stage, the
226.5-kilometres
from Dinan to
Lisieux.
And Norwegian
Boasson Hagen
(right) accelerated off
the wheel of team-mate
Geraint Thomas to triumph
ahead of HTC-Highroads Matt Goss
and Thor Hushovd (Garmin-
Cervelo), who retained the race
leaders yellow jersey. I felt really
good today and Im so please to win
the sprint, said a delighted Boasson
Hagen. Geraint Thomas did a great
lead out and its just fantastic its all
worked out. Its hard to
describe the emotions, Im
just so happy. To get my
first stage at the Tour de
France is so special.
Thomas, who
played a key role in
the victory, paid trib-
ute to all the mem-
bers of Team Sky after
the win.
Its been a great start
to the race for the team
and we knew we could do
something today, he said. I
tried to deliver him as best I could
and he finished it off perfectly. The
whole team played their part, it was
just a great all-round team effort.
CYCLING

Showman Lewis the

last of a dying breed
Boasson Hagen shows
the Sky really is the limit
US OPEN champion Rory McIlroy
has responded to Colin
Montgomerie and others question-
ing his decision to take three weeks
off before next weeks Open.
Montgomerie, McIlroys former
Ryder Cup captain, believes the
Northern Irishman should have
played in an event in the three-week
gap between Congressional and
Sandwich.
But McIlroy, after practising at
Royal St Georges, said: Some peo-
ple may have wondered why I chose
to go from one major straight to
another without anything in
between and the answer is simple.
Because of what happened at
Congressional and the way it
became such a big deal I wanted to
get everything out of the way and
sorted so that when I did start play-
ing again I could just concentrate on
golf.
If I had gone to France (he pulled
out of last week's French Open) I just
would not have been able to practise
or prepare properly. Every time I
play I want to go out to win.
By contrast world No2 Lee
Westwood has opted to play in this
weeks Scottish Open at its new
Castle Stuart venue near Inverness
and got off to a flying start by card-
ing a first round 65.
The Englishman, who shares the
lead with Mark Tullo of Chile on
seven under, said: The more pres-
sure Im under this week the better.
Its a nice way to start the next
two weeks. I like playing the week
before a major. I like having the pres-
sure and making putts when you
need to make them.
GOLF

McIlroy defends laid back

approach to Open campaign
FORMER world champions Ricky
Hatton has formerly announced his
retirement from boxing.
Hatton hasnt been in the ring
since his brutal defeat at the hands of
Manny Pacquiao in May 2009 and,
despite being linked with several big-
name fights since, most notably
against Pacquiao and Floyd
Mayweather Jr the Hitman has now
called time on his glittering 14-year
professional career.
The likeable Mancunian, famed for
the ferocity of his body punching,
peaked in the mid-point of the last
decade.
He beat Jon Thaxton to become the
British light-welterweight champion
in 2000 and went on to dominate the
division, with his most notable victo-
ry at that weight coming in 2005
against IBF champion Kostya Tszyu.
Hatton went on to challenge WBC
kingpin Mayweather in Las Vegas
only to be stopped in the 10th round.
Undeterred by his first loss in boxing,
Hatton returned to winning ways
with victories over Juan Lazcano and
Paulie Malignaggi before facing
pound-for-pound champion Pacquiao.
I am very upset. Its a very sad day
for me, said Hatton. I know it is the
right decision, though. Ive known it
was the right thing to do for 18
months to be honest.
Its a bit of a relief to finally do it.
Its been hovering over my head for
such a long time.
These last two years have been
really frustrating. I hit rock bottom
and it almost drove me insane.
Theres nothing more I love than
training for a fight but I have no
dreams left now.
Hatton opts
to hang up
his gloves
for good
BY JAMES GOLDMAN
BOXING

Sport
26
Results
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email sport@cityam.com
FORMER world champion
Emerson Fittipaldi believes criti-
cism of Lewis Hamiltons supposed
reckless driving is over exaggerat-
ed and that the sport would be far
less popular without its one
remaining showman.
The British star heads into his
home race at Silverstone this week-
end having to field questions relat-
ing to speculation surrounding his
future at McLaren and with con-
demnation of his performance at
last months Canadian Grand Prix
still fresh in his mind.
Hamilton was in trouble five
times in just four laps of a chaotic
rain-lashed race before crash-
ing out against McLaren
team-mate Jenson Button. A
string of drivers, past and
present, spoke out against
the 26-year-old, but Fittipaldi
(right) believes the Brit
remains the greatest
attraction in the sport.
He said: Everybody
has their own style of
driving but I know
who I would rather be
watching. Lewis is
extremely aggressive
and is the ultimate
competitor. His style is
different to most of
the guys these days but
he makes for a great show.
He is a tremendous natural tal-
ent who has incredible car control.
He can get more out of a car than
you think is possible and can really
make things happen. Some of the
races these days are so boring but
Lewis is the one who can provide
excitement.
He is a real showman and the
crowd know this. They know he is
the man who can be at the back of
the grid and then with all his skill
make up many places in a very
short space of time. This is the
thing we love to see in this sport.
Fittipaldi, 64, whose first and
last career wins came at Brands
Hatch and Silverstone, is delighted
that the British Grand Prix
remains an established part of
the Formula One calendar.
Two years ago Bernie
Ecclestone threatened to wave
the black flag after money
problems beset the oldest
race in the sport.
He said: Bernie
wants to take the
sport to new places
and thats great. But
we must respect our
tradition and her-
itage. This is a great
race, a real racing
track which every-
one, fans and driv-
ers, really love.
Formula One legend Fittipaldi says the sport
would be duller without risk taker Hamilton
BY JAMES GOLDMAN
EXCLUSIVE

MANCHESTER CITY are closing in on

a record 100m sponsorship deal
which will see Etihad Airways take
the naming rights to the City of
Manchester Stadium.
Any agreement will enhance the
ambitious Abu Dhabi owned clubs
chances of meeting Uefas soon to be
imposed financial fair play laws (FFP).
City, involved in the Champions
League for the first time this year,
could bank an estimated 10-15m a
year from the airline and possibly
even more.
The naming rights could provide
an early test, however, for Uefas FFP
panel, which requires any sponsor-
ship deal with a party related to the
clubs owners to pass a fair value
test.
City have been trying to increase
their revenue to meet new criteria
but Etihads links to the clubs own-
ers will almost certainly mean Uefa
seek to gain assurances that the air-
line has not paid significantly over
the odds.
The new rules apply from next sea-
son, although Uefa will not begin
assessing club accounts until the
2013-14 season.
At that stage the licensing unit
require clubs to break even subject to
an acceptable deviation of 40m
over that period.
Citys last financial figures showed
a loss of 121m and that figure could
be even higher when the next state-
ment is published in October. Etihad
already pay 2.3m a year as the clubs
shirt sponsor and, if everything is
approved, the deal should go a long
way to smoothing the clubs thinking
in terms of the new financial rules.
City to test Uefas new laws
with naming rights deal
FOOTBALL

CHELSEA transfer target Luka Modric

has been left confused by the specu-
lation linking him with a move from
Tottenham, according to his manager
Harry Redknapp.
Modric has been the subject of one
failed bid from Spurs west London
rivals, while both Manchester clubs
are reported to have an interest in
securing the services of the Croatia
playmaker.
The 25-year-old has been told by
Tottenham chairman Daniel Levy
that he will not be sold this summer,
while Modrics agent insists his client
will not be handing in a transfer
request in order to force through a
move he claimed he was intent on
making last month.
Redknapp said: Hes going to
remain here. Theres no good me say-
ing he walked in today and every-
things great, hes happy the kids a
bit confused at the moment, obvious-
ly.
Its not easy for him. Id just be
telling you lies if I said he was great
this morning and everythings fine.
Hes always fully committed to
Tottenham. He loves playing here
hes a great player for us. Its difficult,
its a difficult situation for him, I
understand where hes coming from.
We cant kid ourselves. If someones
going to offer to double or treble your
wages, and go and play in the
Champions League, its difficult.
Hes signed a contract here, we
love him here, we want him here. We
dont want to be selling our best play-
ers. Were looking to build a team, not
tear a team to pieces and hes a mas-
sive part of that. We need him here,
hes a special player for us.
Modric left
confused by
move saga,
says Harry
BY JAMES GOLDMAN
FOOTBALL

27
SPORT | IN BRIEF
Yardy to make Sussex return
CRICKET: Michael Yardy will captain
Sussex against Glamorgan at Hove on
Tuesday after returning from his second
break from cricket. The 30-year-old spin-
ner has not played since the FL t20
defeat to Middlesex on 10 June. Yardy
returned home early from the World Cup
earlier this year after suffering from
depression.
Sunderland sign United duo
FOOTBALL: Sunderland have continued
their summer investment drive with the
signings of former Manchester United
defenders Wes Brown and John OShea.
Both players have agreed four-year deals
and could still be joined on Wearside by a
third United player Darron Gibson.
Robinson retires for good
RUGBY UNION: World Cup winner and
former British Lion winger Jason
Robinson, 36, has officially announced his
retirement from the game. Robinson
played his last game in the Premiership
for Sale Sharks four years ago but spent
last season with National Two (North)
side Fylde.
DUTCH DISASTER: ONE DEAD AND 16 HURT AS TWENTES ROOF FALLS IN
DISASTER struck Dutch club FC Twente yesterday when a section of their stadium collapsed leaving one person dead and 16 in hos-
pital. The roof is reported to have collapsed after two support beams buckled, although the reason as to why this happened has yet
to be discovered. The work was being carried out as part of the clubs development of their stadium to a 32,000-seat arena. The
capacity was just 13,500 when the side moved to the venue in 1998. FC Twente director Jan van Halst said the club is terribly upset.
He added: Our sympathy goes to the victims. Twente are in the third qualifying round of the Champions League and the first home
match was due to be played on July 26-27 or August 2-3. Picture: REUTERS
Selling the naming rights to their stadium could net Manchester City 100m Picture: PA
FORMULA ONE | THE SHOWMEN
Eddie Irvine: Outspoken Irishman Irvine was
the Hunt of his era. He surrounded himself
with the ultimate playboy toys and was linked
to a series of glamorous women.
Ayrton Senna: Considered one of, if not the,
greatest of all-time. His rivalry with Alain
Prost was fierce and dominated the sport dur-
ing the late 1980s.
James Hunt: A hit with the ladies who loved
to party. He often turned up to black-tie
events in jeans and t-shirt one bore the
phrase Sex The Breakfast of Champions.