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FTSE 100 5,846.95 -59.48 DOW 12,477.61 -14.00 NASDAQ 2,770.20 -4.18 /$ 1.61 unc / 1.14 +0.01 /$ 1.41 -0.01
JP Morgan
cheers with
profit hike
INVESTMENT banking giant JP Morgan
Chase cheered markets with a $5.4bn
(3.4bn) quarterly profit yesterday, 13
per cent higher than a year ago, as its
investment banking arm powered up.
Its result, the latest in a run of fore-
cast-beating updates, boosted hopes
that other major banks will also show
gains as they report quarterly figures
over the coming weeks.
Revenues rose seven per cent to
$27.4bn while earnings per share were
$1.27, above expectations of $1.21.
Chief executive Jamie Dimon, who
led JP Morgan through the financial
crisis, called the result solid.
But analysts said it would be tough
to beat. For this company to put up
these kinds of numbers, given all the
pressures the industry is facing, is phe-
nomenal, said Richard Bove, a
Rochdale Securities bank analyst.
Investment banking profits soared
49 per cent as it hiked its fees by 37 per
cent. In contrast, mortgage portfolios
remained a weakness.
BY ALISON LOCK
BANKING
www.cityam.com Issue 1,425 Friday 15 July 2011 FREE

EUROZONE
ITALY PAYS
THROUGH THE
NOSE IN BOND
AUCTIONP3
BUSINESS WITH PERSONALITY
Certified Distribution
02/05/11 till 29/05/11 is 103,467
James and News International chief
executive Rebekah Brooks will be
grilled by MPs in the hearing next
week. The Murdochs had initially
declined to attend but reversed the
decision after attracting fierce criti-
cism. They will face tough questions
from MPs including Tory John
Whittingdale and outspoken Labour
MP Tom Watson on their knowledge
of the phone hacking scandal and
whether they were aware of alleged
payments to serving police officers.
Meanwhile, News Corps second-
biggest shareholder, Saudi Prince
Alwaleed bin Talal, last night joined
calls for Brooks to step down.
And earlier, police admitted Neil
Wallis, the News International exec-
utive arrested yesterday, had been
employed by Met assistant commis-
sioner John Yates at the time when
Yates decided not to reopen the
hacking inquiry. MORE: P4
THE FBI has launched an investiga-
tion into Rupert Murdochs News
Corp over allegations it hacked the
phones of victims of the 9/11 terror-
ist attacks.
The move is yet another blow to
the media empire, with Murdochs
position at the top seriously weak-
ened if the probe finds evidence of
wrongdoing. Two US senators have
already called for an investigation,
mirroring intense political pressure
in the UK.
Murdoch risked further wrath
last night by defending his compa-
nys handling of the scandal, claim-
ing in an interview it had dealt with
the crisis extremely well. He also
dismissed as pure rubbish reports
that News Corp was looking to hive
off its newspaper publishing arm.
But the tycoon did cave to
demands that he appear before the
House of Commons culture, media
and sport select committee, setting
the stage for a gruelling battle in the
public arena. Murdoch, his son
BY STEVE DINNEEN
MEDIA
l Rupert Murdoch met with his

son Lachlan yesterday as pressure
on him intensified Picture: Getty
ANALYSIS l JP Morgan Chase & Co
$
12Jul 13Jul 14Jul 11 Jul 8Jul
41.0
40.6
40.2
39.8
39.4
40.35
14 Jul
FBI PROBES
NEWS CORP
A TRULY MAGICAL FINALE
FOR POTTER AND CO
OUR THUMBS UP P20
News
2 CITYA.M. 15 JULY 2011
Gold rises yet
QE3 talk cools
GOLD prices hit a fresh record high
yesterday, in the wake of Moodys
warning that the US government
may lose its top credit rating.
This is more about fear, about the
dollar, the debt troubles in Europe, as
well as the possible downgrade of the
US credit rating by Moodys, said
Commerzbank analyst Eugen
Weinberg. For gold, this is [one of]
the best times.
Spot gold touched a record
$1,594.16 (988) an ounce, despite
Federal Reserve chairman Ben
Bernanke appearing to backtrack
over his hints that a further period of
quantitative easing (QE3) could be in
the pipeline.
Oil prices also declined, while the
US dollar trimmed its losses follow-
ing Bernankes comments.
We are not prepared at this point
to take further action, Bernanke
said. The Fed chairman has raised the
spectre of QE3 on Wednesday during
testimony to Congress in Washington
DC.
A continued period of stagnation
and embedded unemployment in the
US would prompt the Fed to embark
on fresh asset-buying, he had said.
But yesterday Bernanke admitted
that this scenario was not yet in his
reckoning, also alluding towards
inflationary pressures.
BY JULIAN HARRIS
US ECONOMY
Europes debt crisis is getting worse

EMPIRES seem to be going out of fash-
ion. It is not just News Corp, Rupert
Murdochs media colossus, which is in
trouble; the Eurozone, a very different
political conglomerate, is unravelling
in front of our eyes. The next step in
its demise will come when the results
of the stress tests for Europes 91
largest banks are announced this
evening at 5pm. They will show that
several continental institutions would
be incapable of surviving a crisis
even though, absurdly, the tests dont
even acknowledge the possibility of
any country defaulting. There is a
decent chance that the Eurozone
could be plunged into turmoil on
Monday. If so, London will be affected,
even though UK institutions are much
more robust. It wont entirely be a case
of dj vu, however.
The crisis of 2008-09 erupted when
vast amounts of loans lost much of
their value; the financial system sud-
denly faced massive losses. The weaker
banks lost too much capital, forcing
them into insolvency (and bailouts);
others faced a liquidity crisis as finan-
cial markets stopped working.
Institutions have since been increas-
ing their capital reserves and focusing
on more liquid assets. The idea is to
make sure they are more resilient to
what jargon-loving economists call
the next credit event in other
words, the next time a large amount
of debt goes bad in one go. Many peo-
ple still dont realise that such a catas-
trophe could well already be upon us:
this time, it is not mortgages and
covenant-light corporate debt that is
the problem but loans to several
Eurozone governments. Toxic govern-
ments and their junk debt are the
new systemic threat. But even though
financial institutions and regulators
are better prepared this time around,
the crisis of 2011-13, as it may end up
being called, could still inflict massive
devastation.
This is not just about banks: insur-
ance companies, pension funds and
all other kinds of institutions own gov-
ernment debt. In many cases, they
have no choice: laws stipulate that
they must. Greek banks are forced to
own Greek government debt; the
usual assumption is that the debt of
strong governments is risk-free, and
because Greece became a member of
the euro it was preposterously
assumed that it had taken on all the
prudent characteristics of Germany.
When financial institutions lent
money to countries such as Greece,
Portugal and the other weaker EU
nations, they were actually entrusting
their money to sub-prime borrowers
masquerading as high-quality sover-
eigns. Too many people believed the
propaganda spewed by supporters of
ever-closer European political integra-
tion. It is always thus: the majority of
folk invariably convince themselves
that the world has changed when in
fact the basic rules of life, economics
and human nature never do.
The numbers are big. As of this May,
Eurozone banks had made loans to
Eurozone governments of 1.156 tril-
lion and held securities issued by
them of 1.442.7 trillion, while their
capital and reserves totalled 2.118.8
trillion, says International Monetary
Research. The problem is that the sys-
tem as a whole would be in deep trou-
ble if the losses on Eurozone
government bonds end up higher
than 500bn. And of course such loss-
es would hit different institutions in
very different ways: many would not
be able to survive even a much smaller
overall loss. This is going to be a long
weekend. Lets hope it is a false alarm.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
STOCKS spiked briefly in New York
last night after the White House
briefed that Republicans and
Democrats have agreed on $1.5 tril-
lion (930bn) in deficit cuts, with fur-
ther progress to come.
Talks have spilled into this week
from last weekend, with heated
exchanges allegedly causing US
President Barack Obama to storm out
of one meeting.
Obamas treasury secretary Tim
Geithner last night put pressure on
opposition Republicans to agree to a
rise in the debt ceiling, by stating:
We are running out of time.
A further $200bn in cuts could be
agreed imminently, the White House
said, yet spin doctors warned that
there has been no hallelujah
moment in the crunch talks.
The American government has
until 2 August to raise its debt ceiling,
else it will begin defaulting on its
commitments.
BY JULIAN HARRIS
US ECONOMY
$1.4trn in US cuts agreed

Obamas treasury secretary Tim Geithner (right) said debt talks are running out of time
NEWS | IN BRIEF
UBS wins review of Madoff suits
UBS won review by a Manhattan federal
judge of $2.6bn of lawsuits brought by
the trustee liquidating Bernard Madoff's
firm, at least the fourth time a bank has
obtained access to that court. US district
judge Colleen McMahon agreed to
accept the two UBS lawsuits, which
accused the Swiss bank and various
feeder funds that steered money to
Madoff of profiting from and covering up
his Ponzi scheme. Her decision is a set-
back to the trustee, Irving Picard, who
has filed roughly 1,050 lawsuits seeking
more than $103bn for Madoff's victims,
and has been trying to pursue his cases
in bankruptcy court.
NY court revives Ambac case
A New York state appeals court yester-
day revived Ambac Financial Groups
$1bn lawsuit against JPMorgan Chase &
Co over an investment vehicle that suf-
fered heavy losses from toxic subprime
debt. The court said Ambac has suffi-
ciently alleged gross negligence by
JPMorgan, whose chief executive Jamie
Dimon was said to have concluded as
early as October 2006 that subprime
mortgages could go up in smoke.
EDITORS LETTER
ALLISTER HEATH
Editorial Statement
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self-regulation overseen by the Press Complaints
Commission. The PCC takes complaints about the
editorial content of publications under the Editors
Code of Practice, a copy of which can be found at
www.pcc.org.uk
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Federal Reserve chief
Ben Bernanke spoke to
dampen speculation
over a new round of
quantitative easing
Please note our new address
4th Floor, 33 Queen Street, London, EC4R 1BR
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
LAFARGE IN TALKS TO SELL PLASTER-
BOARD ARM
Lafarge is closing in on the sale of its
plasterboard business as the French
cement maker pushes ahead with its
debt reduction programme and
attempts to recover its investment
grade credit rating. The worlds sec-
ond-largest cement company by rev-
enue said on Thursday it had entered
exclusive negotiations with Etex, the
Belgian building materials group.
HOSPITAL FAILURE PROPOSALS CRITI-
CISED
NHS leaders have warned that a
planned new failure regime for hospi-
tals will lead to costly delays in tack-
ling struggling services and divert
funds from other parts of the health
service. Under proposals seen by the
Financial Times the original plan for
a commercial style insolvency regime
for hospitals will be replaced by one
that will assume that most services
receive a degree of protection.
BUSINESSES HIT BY REGIONAL FUND-
ING SHORTFALL
Hundreds of businesses up and down
the country will be left empty-hand-
ed in the lottery for regional funds,
the government admitted on
Thursday, as it emerged that the
remaining pot of cash set aside for
the regions had been more than
three times oversubscribed.
GLENCORE TO STOP REPORTING QUAR-
TERLY RESULTS
Glencore has decided to stop report-
ing its results every quarter, in a move
that is likely to soothe tensions with
Xstrata, the mining company in
which it owns a 34 per cent stake. The
commodities trader on Thursday
offered to pay up to $2.4m to persuade
bondholders to approve a change in
the conditions of one of its bonds,
which would allow it to drop the
requirement for quarterly reporting.
NESTLE TAKES HEALTHY OPTION WITH
KIWI FRUIT DEAL
Nestl has turned to the kiwi fruit to
try to tackle constipation in its latest
move into the medical nutrition mar-
ket. The Swiss food giants health sci-
ences division has taken an 18 per
cent stake in Vital Foods, a New
Zealand-based company that uses the
fruit to make products to prevent and
treat gastrointestinal conditions.
WILL-WRITERS TO FACE LEGAL CLAM-
PDOWN
The legal regulator has launched an
investigation into will-writers after a
mystery shopping probe found evi-
dence of sharp sales tactics, poor
quality wills containing basic errors
and companies disappearing without
a trace. There are currently no restric-
tions on who can draft wills in
exchange for money and you do not
need to be a solicitor.
VOLCKER: VICKERS HAS 'MISSED' BIG
BANK PROBLEM
Britains key proposal for banking
reform still misses the overriding
question of how to cope with finan-
cial failures, Paul Volcker has warned.
The eminent American economist,
who is advising President Barack
Obama on financial regulation, deliv-
ered a withering assessment of
Britain's plans to ring-fence retail
banking operations.
GOLD ATM MACHINE AT WESTFIELD:
MEET THE FIRST CUSTOMER
Gold vending machines are to be
placed in every major city in Britain
after the country's first machine was
switched on in a West London shop-
ping centre. The company behind the
gold bar vending machines plans to
install 50 across Britain over the next
few years, allowing ordinary shoppers
to invest in the precious metal.
FIAT READIES CHRYSLER MERGER
Chrysler Group LLC and Fiat SpA, auto
makers that bounced back from
severe financial crises a few years ago,
are preparing to rejoin the auto indus-
try's top ranks through a merger that
would have the financial and produc-
tion heft to compete globally. Sergio
Marchionne, chief executive officer of
Chrysler and Fiat, has begun selecting
a single executive team to oversee the
companies business operations.
GROUPON DEALS ATTRACT
CONNECTICUT'S SCRUTINY
Connecticut law-enforcement offi-
cials are looking into whether online
deals site Groupon Inc. is breaking
consumer-protection laws that pro-
hibit gift cards from expiring. The
state is looking into whether
Groupons deals should be considered
in the same light as gift certificates for
which expiration dates are banned.
WHAT THE OTHER PAPERS SAY THIS MORNING
ITALY had to swallow record interest
rates at an auction of 15-year bonds
yesterday as the IMF warned that
Eurozone policymakers must come
up with a quick and clear solution to
avoid dragging Ireland down with
Greece.
The sale came just ahead of a
budget vote for Rome, which saw 135
senators oppose a majority of 161
who voted through an austerity pack-
age that is crucial to convince mar-
kets of the commitment to debt
reduction.
The fiscal plan involves 9.5bn
(8.4bn) in cuts by 2014, a 10 per cent
cut in funding for political parties, a
1.7bn fuel tax hike and a promise to
scrap a range of tax breaks if revenue
targets are not met.
Investors had forced yields up to a
high of 5.9 per cent at the Italian
sale, which saw Rome raise nearly
3bn.
Markets slumped after the sale,
reflecting nerves about how close
yields have risen to the seven per
cent threshold that is seen as unaf-
fordable for Italys finances.
The FTSE 100 lost 0.92 per cent per
cent, the Eurostoxx 50 dropped 0.73
per cent and the euro lost 0.75 per
cent versus the dollar by late
evening.
Meanwhile, the IMF slammed
European ministers for exacerbating
the crisis with a lack of leadership,
calling the EUs response insuffi-
cient so far.
IMF officials were wrapping up an
otherwise optimistic assessment of
Irelands finances, calling the gov-
ernments progress on track and
well-financed and praising its
steadfast commitment to its fiscal
programme.
Euro leaders will meet again next
week after negotiations failed on
Monday, with the question of private
sector burden-sharing still a key bone
of contention in talks between the
European Central Bank (ECB) and
Europes main paymaster, Germany.
Italy forced
to pay record
rates for cash
US oil giant ConocoPhillips hived off
its refining business from its explo-
ration and production arm yesterday
in a bid to unlock shareholder value.
The split will leave it to run what
will be the biggest oil producer in the
US by oil and gas reserves, while a sep-
arate management team will run
what will be the countrys biggest
refining company by capacity.
The separation should be complete
by the first half of 2012, at which
point chief executive Jim Mulva will
retire.
ConocoPhillips
splits into two
BY JULIET SAMUEL
EUROZONE
OIL AND GAS
News
SHARES in search giant Google
surged in after-hours trading yester-
day as it posted forecast-beating rev-
enue and profit growth over the past
three months.
Revenues rose 32 per cent in the
quarter to June to pass $9bn (5.6bn)
for the first time, while pre-tax profit
jumped 36 per cent to $3.1bn, from
$2.4bn in the same period in 2010.
Earnings per share came in at
$8.74, above consensus analyst expec-
tations of $7.85, driving Googles
shares up more than 12 per cent in
after-hours trading
But its costs a bone of contention
with investors in the past continued
to grow. Both research and develop-
ment costs, and sales and marketing
expenses, jumped to over $1bn in the
quarter compared with 2010, causing
a 38 per cent rise in total costs to a
new high of $2.88bn.
Google smashes forecasts
with 32pc rise in revenue
Google, led by Eric Schmidt, has beaten analyst estimates Picture: Reuters
BY ALISON LOCK
TECHNOLOGY
CAPITAL One and Wells Fargo are

among the bidders for HSBC
Holdings US credit card portfolio,
sources said yesterday. A separate sale
of HSBCs New York state branches
has attracted bids from US regional
banks First Niagara, KeyCorp, and
M&T Bank.
The asset sales are part of HSBC
chief executive Stuart Gullivers plan
to refocus the bank on its main busi-
nesses. The bank said in May it may
sell the credit card unit, which has
more than $30bn (18.7bn) in assets.
Bidders circle
HSBC assets
BANKING
DIRECTORS at BSkyB are likely to

study James Murdochs performance
at the culture select committee care-
fully next Tuesday before deciding
whether to make any moves to
unseat him as current chairman of
the satellite broadcaster.
Legally speaking, James Murdoch
appears fairly secure in his position as
he would expect to command the
support of the controlling sharehold-
ers, News Corp.
But a source close to the board said
last night that things were changing
so quickly that he could not rule out
a challenge to the chairman at the
groups next board meeting on
Thursday week.
Its obvious that having a
Murdoch as chairman is not helpful
at the moment because of all the
news surrounding the phone hacking
scandal although there has been no
impact so far on the business.
The source also said that the board
directors would want to wait and see
what lobbying they got from large
investors on the question of James
Murdochs position.
One shareholder lobbying group
Pensions and Investment Research
Consultants (Pirc) has already called
for James Murdochs ousting, saying
that the company needed a chairman
free from connections to the embat-
tled News Corporation.
However, so far this dissent has not
spread to some of the larger share-
holders.
One shareholder, Crispin Odey of
Odey Asset Management, threw his
support behind the current chairman
yesterday.
James is the man who turned the
company from a utility into a technol-
ogy company. Now we are about to
harvest that value, he told City A.M.
Skys board includes a number of
independent directors including for-
mer Royal Mail boss Allan Leighton,
Nicholas Ferguson and Random
Houses chairman and chief executive
Dame Gail Rebuck.
Jury still out
on Murdoch
as Sky chair
Price correct as at 11 July 2011. Available to book now while stocks last. Offer valid on 450,000 selected seats across our
European network available one way, inc. taxes for 29.99 or less. For travel from 22 July to 30 September 2011 inclusive.
Variable charges for hold baggage apply and some payment methods attract a handling fee. See website for details.
All aboard
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BY DAVID HELLIER
MEDIA
News
ANALYSIS l News Corp.
$
18.0
17.5
17.0
16.5
16.0
15.99
14 Jul
ANALYSIS l BSkyB
p
820
780
740
700
696
14 Jul
lANOTHER DAY OF TURMOIL FOR MURDOCH EMPIRE
9:00am
Nick Clegg urges Rupert
Murdoch to appear
before the media select
committee. He hints
Vince Cable was badly
treated over his recorded
declaration of war on
Murdoch last year.
1:00pm
Rebekah Brooks says in a
letter to the media select
committee that she will
attend a hearing into the
phone hacking scandal.
Rupert and James
Murdoch appear to spurn
the request.
4:30pm
Police admit that Neil
Wallis, the former News of
the World executive
arrested over the phone
hacking scandal, was an
adviser to the Met. Police
say he gave "strategic com-
munication advice".
Why News Corp stock may not be toxic
NEWS Corps shares have fluctuated
wildly amid the bombshells that
have rocked Rupert Murdochs
empire. But news of the FBI investi-
gation yesterday is likely to spark a
downward trend for a while shares
have already fallen, closing down
2.26 per cent yesterday at $15.99.
As the political pressure contin-
ues to mount in the US, the possibil-
ity of Murdoch being ousted,
however slight, continues to rise.
And this presents a very interesting
prospect for the canny investor.
News Corp has always traded at a
considerable discount to its peers,
partly due to the perception large-
ly accurate that it is a firm run on
the whims of a single man. Its
known as the Murdoch discount.
Since the latest tidal wave of reve-
lations centering around News
International, this discount has
risen to around 30 per cent mak-
ing the groups value far less than if
someone decided to break it up and
sell the constituent parts.
The lions share of News Corps
operating profits come from its US
cable networks business, which is
worth at least $30bn. Its TV and
movie studios business is worth
another $12bn, which already takes
you to its current market cap.
Throw in its 39 per cent holding
in Sky, and other stakes including in
privately held Sky Italia, and you
have close to $20bn more, before
even look at the value of the UK
newspaper business that caused all
the trouble in the first place (which
is just about balanced out if you
strip away News Corps $4bn debt).
Its operations in China have been
stripped back significantly in the
last 12 months but its Indian ven-
tures have good growth prospects.
All in all, ousting Murdoch would
be difficult and painful but could
realise a lot of value.
BOTTOMLINE
by Steve Dinneen
12:00pm
The family of Jean-
Charles de Menezes,
killed by security forces in
a case of mistaken identi-
ty, confirm they were
contacted by police in
relation to the phone
hacking scandal.
4:15pm
David Cameron thinks
the Murdochs should
appear before the select
committee, according to
his spokesman. Public
outcry is building after
Rupert Murdoch said he
will not appear.
4:45pm
Rupert and James
Murdoch make a U-turn
and accept their invita-
tion to the select commit-
tee. Speculation mounts
the FBI will investigate
allegations of phone
hacking in the US.
AT LEAST two Spanish banks are set to
fail the EUs second set of stress tests
this evening, with some bankers say-
ing that their publication could spark
a market meltdown on Monday.
CatalunyaCaixa and Pastor admitted
that they will fail after Spanish finance
minister Elena Salgado warned that
the tests would show up several fail-
ures, in contrast to Italian central bank
governor Mario Draghi, who said that
his nations banks are safe after 8bn
(7bn) in capital-raisings.
Banks have to show that they can
maintain a five per cent capital ratio
in an adverse scenario in which the
EU economy shrinks 0.4 per cent this
year and does not grow at all in 2012.
Moodys warned last week that up
to a third of the 91 banks being tested
could fail tests that are more stringent
than last years exercise, in which all of
Irelands banks were deemed healthy
weeks before they had to be bailed out.
The new tests have been criticised for
not including the possibility of a sover-
eign default in the adverse scenario,
but are tougher in that they have not
allowed banks to include convertible
bonds and provisions put aside for
other matters in their capital cushions
a factor that Pastor and
CatalunyaCaixa blame for their failure.
Analysts will take charge of crunch-
ing more than 900 pages of data at
5pm today (UK time), which will for
the first time give a detailed break-
down of banks exposure to sovereign
debt and to various related derivatives.
However, critics say that the tests
should force banks to mark to market
their risk-weighted assets (RWA),
rather than estimating their value.
The European Banking Authority
(EBA) will not publish a complete
analysis to markets, in part due to
manpower constraints. Instead, ana-
lysts will spend the weekend plough-
ing through the information in order
to allow investors to deliver a dramatic
verdict on Monday morning.
EU credibility
on the line in
stress tests
Jobs crunch at Swiss banks
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SWITZERLANDS flagship lenders
are gearing up for large-scale job
cuts to clamp down on costs, with
some estimates for redundancies
running into the thousands.
UBS and Credit Suisse have both
suffered from currency fluctuations
and a drop in revenues that has hit
many investment banks due to low
trading volumes.
And both banks hired heavily over
2010 in anticipation of a bounce
back in markets this year, which
failed to materialise. UBS blamed
personnel for a costs increase in its
latest results.
The news follows City A.M.s report
at the beginning of the month that
UBS has implemented an unofficial
headcount freeze in its London fixed
income, commodities and curren-
cies team, while Credit Suisse is mid-
way through a jobs consultation to
lay off as many as 300 workers in the
UK.
Swiss newspaper Tages-Anzeiger
claimed that the cuts would amount
to a drastic 5,000 headcount chop at
UBS and 1,000 at Credit Suisse.
Kumaran Surenthirathas of invest-
ment banking recruiter Eximius
says: Many global banks are scaling
back after suffering the effects of
falling trading volumes on the finan-
cial markets.
He added: The Swiss banks face
the added burden of high cost bases
as the Swiss franc soars to new
record highs against the dollar and
the euro, as well as requirements to
hold capital in excess of internation-
al standards.
BY JULIET SAMUEL
BANKING
A CONSORTIUM of businesses has

joined forces to warn the government
against its proposed closure of part of
the district line in west London, argu-
ing that it will have dire conse-
quences for the local economy.
In a letter to Transport for
Londons managing director Mike
Brown, several members of the events
industry have said that the perma-
nent closure of the Olympia line dur-
ing the week would lead to the slow
death of the Olympia Exhibition
Centre, which hosts major trade and
consumer events such as the Brit
Awards.
Firms including Emap Connect
and Reed Exhibitions say the closure
would deter people from attending
events, as 73 per cent of its 1.1bn visi-
tors use the tube service in order to
reach the exhibition centre.
The consultation period ends today.
Businesses warn against
Olympia tube line closure
News
EU BANKS AT RISK
Bank Market Cap (bn) Core tier 1 ratio
Credito Valtellinese 0.7 6.3%
Banca Carige 2.2 6.6%
Banca Pop. DellEmilia Rom. 1.7 6.7%
Unione Di Banche Italiane 23 7.5%
UK BANKS ARE RELATIVELY SAFE
Bank Market Cap (bn) Core tier 1 ratio
RBS 38 11.2%
Barclays 27 11%
HSBC 105 10.7%
Lloyds 31 10%
ADVERSE
BASELINE
2010 TEST* 2011 TEST
GDP growth -0.4%
Unemployment 11%
GDP growth 1.7%
Unemployment 9.7%
GDP growth -0.4%
Unemployment 10%
GDP growth 1.7%
Unemployment 9.5%
BY JULIET SAMUEL
EU ECONOMY
ANALYSIS l Are this years tests tougher?

ANALYSIS l Who is at risk of failing?
pass rate of
5%
core tier one
capital
at least
50%
of national
banking sector
per country
including
65%
of EU bank
assets
91
banks being
tested
BY KASMIRA JEFFORD
TRANSPORT
*scenarios for this year 2011

ENGINEERING turnaround firm
Melrose has increased its offer for
Charter International to 840p per
share, valuing the welding equip-
ment supplier at about 1.4bn.
The improved offer comes after
Charter rebuffed a 780p per share
approach from Melrose late last
month, the board stating that the
bid undervalued the company.
The struggling firm, which saw
the exit of chief executive Michael
Foster last month, said it would con-
sider the fresh offer.
The industrial equipment suppli-
er issued a profit warning last
month, sending its shares plummet-
ing by a quarter to 538.5p per unit,
and putting pressure on Foster to
quit.
Chairman Lars Emilson has been
in executive control of the other-
wise rudderless company since.
Melrose said its renewed offer rep-
resented a 40 per cent premium
over Charters closing share price on
the day prior to its original
approach.
Shares in the firm had been 615p
per unit before the bid was con-
firmed on 28 June, although shot up
to 816p by the end of the week.
The board of Charter is consider-
ing this proposal and a further
announcement will be made in due
course, Charter said.
Melrose ups
Charter offer
BY RICHARD PARTINGTON
INDUSTRIAL SERVICES
RENTAL costs have soared past 1,000

per month in London, a survey of let-
ting agents revealed this morning.
Londons rents were up an average
of 6.9 per cent per property in June
compared to the same time the previ-
ous year, the Buy-to-Let Index from LSL
Property Services said.
While rent inflation is particularly
intense in the capital, a shortage of
supply into the market is driving up
the cost of renting throughout the UK.
Across the country as a whole rents
soared 0.7 per cent in June. The aver-
age rent now costs 701 per month in
the UK another record high.
Depressed mortgage lending has
created a backlog of frustrated buyers,
ramping up pressure on the limited
supply of rented accommodation,
commented Jonathan Moore, director
of the website easyroommate.co.uk.
However, mortgage lending in the
capital could be turning a corner,
according to a separate survey released
today by a group of chartered survey-
ors.
Mortgage approvals in London
jumped 12.3 per cent in June, making
it the best-performing region in the
UK, the group E.surv said.
The upturn in lending activity in
London included an increase in the
number of first time buyers. However,
the number of Londoners getting on
the property ladder still remains low.
Rents in London now average
more than 1,000 per month
BY JULIAN HARRIS
HOUSING
News
ARE YOU WORRIED ABOUT RISING RENTS?
Interviews by Alexander Sainty
I am willing to pay more rent, because whilst
it is expensive, it does allow me to live reason-
ably well within the city. If I was to get on the
property ladder, my wife and I wouldnt be
able to afford anything central, and I am not
ready for the commute from suburbia.
TOM SCARLETT | GFT
It hasnt really affected me. I have a good
relationship with my landlord and he hasnt
increased the rent since I have lived there. If
he were to up the rent, I would still pay it, as I
just dont have the money to pay for the
deposit needed to buy a property.
As someone who rents, Im not over the
moon about the rise in costs. However,
I cant really afford the ludicrously expen-
sive down payment for a mortgage. So,
without a huge amount of options, I just
have to deal with the expense of renting.
JAMES SOULSBY | NIIT INSURANCE TECHNOLOGIES
KEITH Anderson is acting as lead cor-
porate adviser to Melrose for Investec.
As the banks co-head of corporate
broking, he has advised a range of top
clients on their finances. He recently
worked on a 63m rights issue for
Workspace, the listed office manager.
Anderson 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
committee. He is also a member of the
Institute of Chartered Accountants of
Scotland.
Rothschild managing partner Ravi
Gupta is also financial adviser to
Melrose.
Charters corporate brokers JP
Morgan Cazenove and RBS are repre-
senting the firm.
Charter brought in the expertise of
Goldman bankers Dominic Lee and
Adrian Beidas to advise on the
Melrose bid at the end of last month.
ADVISERS: INVESTEC
KEITH ANDERSON
INVESTEC
STUART FORBES | LLOYDS BANKING GROUP
ANALYSIS l Charter International
p
June July May
850
900
950
800
750
700
650
600
550
829.00
14 Jul
IT HAS only been three months since
George Osborne spent the morning at
Nomura to declare the Japanese
banks new offices officially open.
But the chancellor was yesterday
back in the Lower Thames Street area
for the unveiling of Man Groups new
global HQ at Riverbank House, next-
door to Nomura at 2 Swan Lane.
Im making quite a habit of this,
said Osborne, taking time out from
his extremely hectic schedule to
join Man Groups chief executive
Peter Clarke and chairman Jon
Aisbitt to mark 228 years of continu-
ous commitment to the City of
London. We look forward to being
here for the next 228 years, Aisbitt
told his guests. Although we recog-
nise there will have to be some man-
agement changes.
Man Group, today the worlds
largest publicly listed
hedge fund, started life as
a barrel business under
founder James Man
back in 1783,
when London was
also in the throes
of financial cri-
sis, again under
a Tory coalition
government. A
young chancel-
lor came in and
saved the
day, noted
O s b o r n e
smugly
although he
must hope
the similarities
stop there, because
his predecessor went
on to die of alcohol
poisoning.
It was a fitting
anecdote for Man,
which historically had the contract
to supply all the Royal Navy sailors
with their daily tot of rum. Until
1970, that is, when the Navy minister
David Owen put a stop to the fine
naval tradition three years after
the introduction of nuclear sub-
marines. Apparently, the complexity
of modern military machinery out-
weighed the need for a settled stom-
ach in choppy waters.
BEES VERSUS VIEWS
BACK to the inevitable comparisons
with Nomura, after Osborne
remarked, on unveiling Man Groups
plaque: When I did this at Nomura,
the whole thing almost fell down.
Both buildings are renowned for
their panoramic roof terraces but,
says Osborne, Mans has the edge.
You have a better view than
Nomura, by the way, he told the
hedge funds staff. When they
look out to the river, all they can
see is your building.
Not to be outdone, Nomura
chose yesterday purely coinciden-
tally, obviously to tell the world
about the two new beehive
colonies installed on its roof ter-
race, part of a honey-making proj-
ect in partnership with inner-city
charity The Golden Company.
Final scores at close of play yester-
day: Man Group 1, Nomura 1.
MOSCOW MULES
DIDNT know there is a Moscow in
Scotland? You do now its a hamlet
in East Ayrshire that was this week
put on the map when Nicholas
Fairfax, an executive board
member of Russias largest
shipping company SCF Group
took to his motorbike for a leg
of the charity ride from
Moscow, Ayrshire to
Moscow, Russia and
back again.
Fairfax was joined
on the UK leg of the
ride which covered
6,500 miles in total
and 13 countries by
HRH Prince Michael of
Kent (pictured, with
Fairfax), who helped
raise 14,000 for The
Poppa Guttmann Trust
for spinal injury victims.
LEHMAN-CELLO
AS ITALY looks increas-
ingly likely to be sucked
into the European sover-
eign debt crisis, The
Capitalist hears the City
has coined a new phrase
for the contagion: Lehman-cello.
More deadly than Italys national
liqueur and with a far more bitter
aftertaste
AHEAD OF THE CURVE
THE business elite are dispropor-
tionately influential and at the fore-
front of new developments, says
Ipsos so its hard to imagine how in
1993 only 33 per cent of global influ-
encers owned a mobile phone, and
by 1996 only 37 per cent used email.
The findings were unveiled at
yesterdays Ipsos presentation,
where James Torr, director of the
Business Elite (BE) Surveys, looked
back at the evolution of the group
described as the driving force
behind most economies since the
first BE study in 1973.
Interesting how sharply the per-
centage flying on business to the
BRIC countries has shot up between
2002 and 2010 by 53 per cent to
India, by 56 per cent to China and by
79 per cent to Russia.
Average net worth is also creeping
back up from the low of 2009 to
800,000 in 2010, with average
income at more than 150,000.
CHANGE OF ADDRESS
YOUVE registered Man Group and
Nomuras changes of address; now
please note that as of Sunday 17 July,
City A.M. is also moving offices to:
Fourth floor, 33 Queen Street,
London, EC4R 1BR.
MAN GROUP ROLLS OUT
THE BARREL FOR NEW HQ
9 EDITED BY
HARRIET DENNYS
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @citycapitalist
The Capitalist
CITYA.M. 15 JULY 2011
Buzzing: Nomura installs its beehives
Left to right: Man
Group CEO Peter
Clarke and AHL
CEO Tim Wong
with George
Osborne on the
trading floor
ASSOCIATED British Foods said yester-
day said it was on track to meet its
full-year earnings targets as its budget
clothing chain Primark helped to
shore up its profit.
AB Foods, whose brands include
Silver Spoon sugar, Mazola vegetable
oil, Ovaltine drinks and Twinings tea,
cut its full-year earnings forecast to a
flat out-turn in April.
Sales growth at Primark accelerat-
ed to 15 per cent in the three months
to 25 June, taking the increase to 13
per cent for the first three quarters of
the year, the company said.
Meanwhile AB Foods said the sales
growth was driven by both space
growth and like-for-like improve-
ments, and that the UK and Ireland
achieved like-for-like growth despite
the low level of consumer demand.
The company said that operating
margins across its businesses in the
second half had fallen due to higher
input prices and Primark absorbing
the VAT rise in the UK.
Six new Primark stores have
opened since the half-year three in
the UK, two in Portugal and one in
Spain.
The company now trades from
7.1m sq ft of space in 220 stores, and
in September will open a 46,000 sq ft
shop in Westfield Stratford.
In other parts of the business rev-
enues dropped with the sugar busi-
ness down in the quarter.
Meanwhile, prices rises, particular-
ly cotton, have been taking their toll,
with Primark struggling to keep
prices down for its customers rather
than pass on the burden.
Price increases are still feeding
through the system. A lot of the soft
commodity prices have gone up,
finance director John Bason said.
After AB Foods announcement yes-
terday the companys shares climbed
to make it the top riser on the FTSE
100 in early trading as investors gave
a positive reaction.
AB Foods boosted
by sales at Primark
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BY JOHN DUNNE
CONSUMER
SPORTS Direct yesterday reported a

surge in full-year profit figures yester-
day, triggering a bonus pot for staff.
The retailer posted a 25 per cent
rise in underlying profit for the year
to 24 April making 200.4m.
The firm, controlled by Newcastle
United owner Mike Ashley, grew like-
for-like retail sales by 6.6 per cent
while revenues surged by 10.2 per
cent.
More than 2,000 staff will receive
an average bonus pot of 40,000
because of the companys
resilient performance. Sports
Direct, which owns Sports
World and Lillywhites
stores as well as brands
including Slazenger,
Lonsdale and Dunlop, has
gained market share as a
result of problems at rival
JJB Sports. Chief executive
Dave Forsey said: This has been
an excellent year of growth for
the group in what has been a
challenging retail environment.
Key to this growth has
been the success of our
employee bonus share
scheme.
He said the company is
confident of reaching
profit targets of 215m
for the current financial
year.
Sports Direct profit rises as
staff pocket a 40k bonus
BY JOHN DUNNE
RETAIL
News
ANALYST VIEWS: HOW WELL IS AB FOODS
MANAGING RISING COSTS? Interviews by John Dunne
ANDREW WOOD | BERNSTEIN

Slowing results have seen a poor stock performance. While the man-
agement update may drive a relief rally that guidance was not reduced,
we see little justification for a sustained rally in the stock.
GRAHAM JONES | PANMURE

We remain bullish about the opportunity for Primark to continue its
roll-out in Iberia, Benelux and Germany ... and we raise the shares from
Hold to Buy.
UK sales climbed
15%
during the quarter
International
sales soared
160 per cent to
59.6m
Sales increased
69 per cent to
104.2m
in the three months
to 30 June.
ASOS has
13m
unique visitors on its
websites every
month
PREMIER Foods has appointed former
Kraft boss Michael Clarke in a bid to
breathe new life into the company.
Clarke will succeed Premier chief
Robert Schofield on 1 September.
He became head of Krafts European
business in 2009, where he played a
leading role at the heart of the contro-
versial takeover of Cadbury, after
which Kraft performed a U-turn on a
pledge to keep a UK factory open,
which sparked fierce criticism. Before
Kraft he was president of Coca-Cola for
northwest Europe. Previously he
worked for Reebok in Asia.
Premier, the maker of Hovis and Mr
Kiplings cakes, has struggled with
debt problems and last month warned
of a fall in first half profit.
It sold its Quorn division as part of a
strategy to reduce debt.
Panmure analysts said Clarke had
the brand credentials that the com-
pany needed.
Premier Foods takes on former
Kraft boss to revive its fortunes
CONSUMER
News
Chairman leaves
Mitchells & Butlers
Michael Clarke will take the helm at Premier Foods.
ONLINE fashion retailer Asos saw
sales soar in the first quarter, but boss
Nick Robertson dismissed specula-
tion that the company was being seri-
ously eyed as a takeover target.
Asos, which targets young trendy
customers, said its retail sales
increased 69 per cent to 104.2m in
the three months to 30 June.
International sales soared 160 per
cent to 59.6m, driven by last years
launch of US, French and German
websites, having been up 161 per cent
in the fourth quarter. The new mar-
kets now make up 57 per cent of the
sales mix.
Trading in the UK also proved
resilient as sales climbed 15 per cent
during the quarter.
ASOS said its retail gross margin
was in line with guidance despite the
tough retail environment. Robertson
said: The results are strong and we
are doing well in the new markets we
are going into.
Asked about whether the company
had been approached by serious con-
tenders for a takeover, he said: No we
are in this business for the long haul.
Speculation has surrounded com-
panies like Tesco and Amazon who
could benefit from the companys
web-based business model.
Danish shareholder and supplier
Bestseller was also tipped as a possi-
ble suitor.
While many UK retailers have
struggled against tough macro head-
winds, ASOS has prospered, benefit-
ing from a young core customer base
and the migration of spending from
the high street to the internet.
Investec said in a note: The ASOS
share price seems to be driven by
sales momentum, almost irrespective
of the valuation metrics. However,
the broker put a sell recommenda-
tion on the stock saying that despite
the retailer being a great business
with a dynamic and evolving operat-
ing model, the current valuation
leaves no room for even the smallest
slip or disappointment.
@
@
MORE NEWS
ONLINE
www.cityam.com
MOTHERCARE posted weak quarter-
ly sales in its main British market,
taking the shine off stellar sales
growth overseas.
The firm, which has issued two
profit warnings this year and in May
detailed plans to close over a quarter
of its British stores, said yesterday
that sales at UK stores open over a
year fell 4.3 per cent in the 15 weeks
to 9 July, its fiscal first quarter.
That compares with a fourth quar-
ter fall of 2.4 per cent.
In the UK the trading environ-
ment remains difficult and compet-
itive, however our cost reduction
programme is progressing well, the
company said.
The UK outcome was partially
offset by international sales growth
of 15.2 per cent, led by Eastern
Europe, the Middle East and the
Asia-Pacific.
Mothercare
sales slump
on bleak UK
RETAIL
ANALYSIS l Mitchells & Butlers

p
325
315
305
295
295
14 Jul
TIME LINE |
July 2011 - Simon Burke steps
down after only three months in
the role. Non-executive director
Michael Balfour also follows suit.
March 2011 - Andrew Fowle steps
down as chief executive by mutual
consent - two months after
Lovering 'by mutual consent'
January 2011 - John Lovering,
who joined the pub group a year
earlier, resigns as chairman.
January 2010 Mitchells and
Butlers AGM comes after months
of warfare between M&B and its
shareholders. Simon Laffin is
unseated from the board.
November 2009 M&B board led
by Laffin purge Piedmonts represen-
tative Richard Mcguire and three
other directors from the board.
October 2008 - Joe Lewis, the
Bahamas billionaire buys 29.7 per
cent stake from Robert Tchenguiz.
through his Piedmont vehicle.
BY JOHN DUNNE
RETAIL
Asos gets boost

from overseas sales
MITCHELLS & BUTLERS has lost
its third chairman in 18 months
after the company announced
yesterday that Simon Burke will
stand down just five months into
the role.
Burkes resignation is yet
another round of musical chairs
at the pub group following
months of warfare between the
company and some of its biggest
shareholders, which include Joe
Lewis, the Bahamas-based billion-
aire.
The row came to a head at the
groups annual meeting in 2010
when former chairman Simon
Laffin was ousted from the board.
Burke will be replaced by Bob
Ivell, former Regent Inns boss,
who has been appointed on an
interim basis. Ron Robson a
representative of Lewiss
Piedmont investment vehicle
will take over as deputy chair-
man.
A spokesperson for the pub
group said Burke left for person-
al reasons and declined to com-
ment further.
Shares in the group closed 3.47
per cent down at 295p at the end
of trading yesterday.
BY KASMIRA JEFFORD
LEISURE
SHARES in Daily Mail & General

Trust fell as much as 5.5 per cent
yesterday after the newspaper pub-
lisher reported a sharp drop in
advertising revenue.
Its ad sales compared to last year
sank seven per cent in the 13 weeks
ending 3 July and nine per cent last
month.
The company blamed the frag-
ile consumer economy which has
meant continued uncertainty for
the retail sector for its woes and
added the outlook for the coming
quarter remains uncertain.
In its first half results released in
May the Daily Mail publisher said
its advertising revenue was five per
cent behind 2010 comparatives.
The firm also said the Daily Mail
will increase its cover price from
50p to 55p from next week, citing
the rising price of newsprint.
It said: The circulation of the
Daily Mail has significantly out-per-
formed the market throughout the
last year; however, the continuing
high cost of newsprint means it is
necessary to increase the cover
price. It is the first rise in price
since 2008.
Charles Stanley analysts said:
This increase is intended to miti-
gate the announcement that there
has been a continued downward
spiral in advertising revenues. We
think this will hit its full year prof-
it expectations, and expect the
share price to fall.
DMGT will be hoping to pick up
readers of the now-defunct News of
the World. Panmure analyst Alex
DeGroote said the closure will rad-
ically change the competitive land-
scape for UK newspapers, adding
on balance, we believe this would
be very positive for DMGT.
DMGT hikes cover
price as ad sales fall
BY STEVE DINNEEN
MEDIA
News
Centaur bullish
as its revenues
leap 21 per cent
BUSINESS publisher Centaur Media
said it expects full-year results to be at
the top end of its expectations as
advertising revenues grew signifi-
cantly.
Second-half digital advertising rev-
enue was 21 per cent higher than last
year, while print advertising grew
seven per cent.
Centaur, whose business maga-
zines include Marketing Week and
Money Marketing, said trading in the
last two months of the year has been
strong and underlying revenues are
10 per cent higher than last year.
Chief executive Geoff Wilmot said:
The improved trading conditions
experienced in financial year 2011
have continued into the current
financial year.
The company added that it expects
an exceptional cash charge of about
2.5m in the financial year ended 30
June, related to restructuring
announced last month. Centaur also
said it expects a significant non-cash
impairment charge, but it will have no
impact on its underlying performance.
BY STEVE DINNEEN
MEDIA
NEWS | IN BRIEF
Apple increases app prices
Apple has increased prices in its UK App
Store, upping charges by up to 25 per cent
across its product range. The lowest price
currently 59p will rise to 69p, a jump of 17
per cent. Price points at 1.19 and 3.99 will
both rise by 25 per cent, to 1.49 and 4.99
respectively. Elsewhere in the world app
prices seem to be falling, with Australian
games dropping from $1.19 to 99c.
Spotify launches in the US
Online music streaming service Spotify yes-
terday officially launched a US platform,
finally tapping the worlds biggest music
markets after a lengthy period of negotiation
with record labels. The company, launched in
Europe in October 2008 by Swede Daniel Ek,
has more than 10m members around one
in ten of whom pay for premium services
that allow them to stream ad-free music.
EROS IMPRESSES WITH BOLLYWOOD SEQUEL
SHARES in London-listed Indian film distributor Eros International climbed more
than three per cent yesterday after the company said its latest film has grossed
almost $8m (5m) worldwide. Murder 2, starring Emraan Hashmi and Jacqueline
Fernandez, was released on 8 July, and grossed $7.2m in India in its first weekend.
BETTING companies crashed yester-
day after heritage minister John
Penrose announced tough new rules
for foreign based firms with UK oper-
ations.
The proposals mean that, for the
first time, remote gambling is regu-
lated at the point of consumption not
the point of supply.
Paddy Power led the fallers with a
5.75 per cent drop, with Betfair losing
3.9 per cent, William Hill 3.7 per cent
and Ladbrokes nearly two per cent.
Betfair switched its domicile to
Gibraltar in March, following
Ladbrokes and William Hill in setting
up their gambling licences offshore.
Paddy Power is headquartered in
Dublin.
Penrose said: Our new proposals
are an important step to help address
concerns about problem gambling
and to plug a regulatory gap, ensur-
ing a much more consistent and high-
er level of protection for those people
in the UK who gamble online.
Gaming firms drop after
betting rule shake-up
GAMING
YELL crashed more than 20 per cent

yesterday after the announcement of
its digital turnaround plan and a
lack of clarification on its debt pile
left investors cold.
If successful, the four year strategy
would see Yell return to growth by
2015, with its emphasis on providing
digital services to local markets.
The drop wiped out gains made by
Yell in the wake of an announced tie-
up with Microsoft.
The Yellow Pages publisher also
said its guidance for its full year
results were unchanged and current
trading is in line with expectations.
Shares in Yell closed down 23.64
per cent at 8.4p.
Yell, which narrowly avoided insol-
vency in 2009 and had net debt of
2.83bn at 31 March, is exploring
options for its debt pile and has
already been talking to its major
lenders.
Earlier this week Yell agreed to buy
US technology start-up Znode for
$20m (12.5m), pushing its shares up
nine per cent.
The firm says Znode gives Yell e-
commerce technology that it can use
to connect small businesses with
consumers on a local level. It will be
incorporated into the group as part
of a new division, called Yell
Connect.
Yell sinks despite rescue plan
BY STEVE DINNEEN
PUBLISHING
ANALYSIS l Yell
p
12.0
11.0
10.0
9.0
8.40
14 Jul
ANALYSIS l DMGT
p
490
470
450
430
421.30
14 Jul
BARRATT Developments, one of the
UKs largest house builders, said it
would return to full-year profit
despite market conditions remaining
tough.
The firm predicted a full-year pre-
tax profit of 40m before exceptional
items, after a loss of 33m in 2010,
meeting market expectations.
In its trading statement ahead of
its annual results due September, the
developer said its London business
helped to boost profits. Tight lending
conditions outside of the capital,
however, were still slowing market
recovery.
Whilst we have seen some recov-
ery following the difficult autumn
selling season, trading conditions in
some areas outside London and the
South East remain challenging,
Mark Clare, group chief executive,
said.
Barratt completed 11,171 houses in
the year to June 2011, compared to
11,377 the previous year. For the sec-
ond half, total completions were
6,339, near the 6,324 posted in the
second half of 2010.
The firm also reduced its heavy
debt burden to around 330m down
from 367m in 2010. This was helped
by improved profit margins up to 7.8
per cent from 5.9 per cent in 2010.
Clare said the governments First
Buy scheme which helps first time
buyers enter the property market
had also provided a timely boost.
Under the scheme, buyers will be
offered a loan of up to 20 per cent of
the value of the property, jointly
funded by Barratt.
Last month, Barratt secured a
128m deal with London & Quadrant
to build 375 new homes near Arsenal
Football Clubs 60,000-seater Emirates
stadium in north London.
Improved profits gave little com-
fort to investors as shares closed
down 4.68 per cent to 105.9p.
LISTED car dealer Pendragon yesterday
said it plans to raise about 75.2m
through a rights issue to reduce its
debt.
The nine-for-eight issue is to be
priced at 10p per new ordinary share,
representing an eye-watering 54 per
cent discount to the stocks
Wednesday close.
Shares in Pendragon had closed at
21.75p per unit on Wednesday.
Britains largest motor retailer also
said it had agreed to extend the matu-
rity profile of its borrowing facilities,
conditional on the receipt of the pro-
ceeds of the rights issue, by its credi-
tors.
The group said its debts now have a
maturity date of 30 June 2014, which
will enable it to maintain investment
in the growth of the business.
The company, which in February
said it would not pay full-year dividend
as it focuses on reducing debt, now
plans to resume dividend payments
from financial year 2012.
Meanwhile, Pendragon said it had
agreed a new pension deficit reduc-
tion plan with its pension trustees,
which would help it to unlock aggre-
gate cash flow savings of 46m in the
period to December 2014.
As on 31 December 2010, the compa-
nys net debt was 325.5m.
The company, whose Stratstone
dealerships sell premium models such
as Maserati and Mercedes-Benz, added
that trading and outlook for the year is
in line with the its expectations.
Car dealer Pendragon to raise 75.2m
through deeply discounted rights issue
TORONTO bourse operator TMX
Group is said to have entered into
talks with Maple, the consortium
that derailed an agreed merger
between TMX and the London Stock
Exchange.
Ontario finance minister Dwight
Duncan told Canada's Financial Post
newspaper that discussions between
TMX and Maple Group Acquisition
Corp were underway.
Duncan had been a vocal critic of
the LSE proposal. Like other oppo-
nents, he raised concerns over
London gaining con-
trol over Canadian
capital markets
and the prospect
of Toronto losing
its status as a
financial center.
Maple Group
became the only bid-
der late last month
after the LSE, led by
Xavier Rolet (pic-
tured), pulled
out because it
a p p e a r e d
unlikely to
win support
from two
thirds of
TMX share-
holders to
tie-up the
deal.
TMX Group
in talks over
Maple deal
CAPITAL MARKETS
SWEDISH regulators have raided lead-

ing local bourse operator Nasdaq
OMX Group in a competition probe
sparked by a complaint from a small
local rival, officials said yesterday.
The raid was carried out last
month and was prompted by a com-
plaint filed by new marketplace
Burgundy about the actions of US
telecoms company Verizon.
The row is over an agreement for
Burgundy to house its servers in a
Verizon data centre, which also hous-
es Nasdaq servers. Verizon is alleged
to have later cancelled the agree-
ment.
Court documents said: [The
Swedish competition authority] wish-
es to investigate whether OMX has
applied pressure on Verizon or threat-
ened to punish Verizon if Verizon con-
cludes an agreement with a
competitor to OMX.
We are cooperating fully with the
authorities, said a Nasdaq OMX
spokesman in Stockholm.
Swedish regulators raid
Nasdaq over competition
FINANCIAL MARKETS
ASHMORE Group, the emerging mar-

kets fund manager, posted an impres-
sive $4.6bn (2.8bn) of new client
money in its fourth quarter, beating
forecasts amid strong investor
appetite for local currency and debt
products.
The London-listed funds house said
its assets under management (AUM)
had jumped to $65.8bn in the three
months to 30 June, boosted by the
acquisition of peer Emerging Markets
Management, which added $10bn of
assets.
Ashmore had held AUM of about
$50.3bn in the previous quarter.
The fund manager, which specialis-
es in investing in emerging markets,
also saw positive investment perform-
ance add a further $1bn to its AUM.
Analysts at Singer Capital Markets
had forecast $2.9bn of new money
and a $1.3bn boost from improved
investment performance.
Ashmore said it anticipated per-
formance fees for the full year to hit
85m, up from 82.9m the previous
year. It said the fees had risen primari-
ly from strong investment perform-
ance in funds with August and April
year ends.
Numis analyst David McCann said:
We see significant organic growth
opportunities from new and existing
investors.
Ashmore assets hit $65.8bn
ASSET MANAGEMENT
Barratt sees
return to full
year profit
BY KASMIRA JEFFORD
PROPERTY
AUTOMOTIVE
News
ANALYSIS l Ashmore
p
420
410
400
390
408.00
14 Jul
ANALYSIS l Barratt Developments
p
116
112
108
104
105.90
14 Jul
STEVE Douglas is leading the
Pendragon rights issue for Arden
Partners, which is acting as co-bookrun-
ner, joint underwriter and corporate
broker.
As corporate finance director, he has
a wealth of experience in the sector. He
joined Arden in 2004 and was previous-
ly at Old Mutual Securities.
Douglas trained as a chartered
accountant with Deloitte.
John Deans is leading the rights issue
for Rothschild, which is acting as finan-
cial adviser and sponsor to Pendragon.
Notable transactions on which he led
the Rothschild team include the 2bn
Wolseley refinancing, a 750m rights
issue for 3i and the 10bn sale of
Hanson to HeidelbergCement. Deans is
also a governor of Bow Boys School in
Tower Hamlets. Francis Burkitt is also
working on the deal for Rothschild.
Simon Hardy and Lee Morton are
acting for RBS Hoare Govett, with the
bank acting as joint financial adviser,
sponsor, bookrunner, underwriter and
corporate broker on the deal.
Andy Welham and David Seal are
acting for Barclays Capital, which is also
joint underwriter and bookrunner on
the rights issue.
ADVISERS: ARDEN PARTNERS
STEVE DOUGLAS
ARDEN PARTNERS
HERMES Real Estate, one of the largest
real estate managers in the UK with
over $9.3bn (5.8bn) assets under man-
agement, has entered the US property
market for the first time, in a move to
diversify its real estate investments.
Hermes has teamed up with
Hampshire Real Estate, a private US
investment company and United
Overseas, a Singaporean bank to
launch a new closed-end commercial
real estate income fund.
Chris Taylor, chief executive of
Hermes Real Estate Investment, said
the fund will focus on under the
radar areas outside of major city busi-
ness districts, primarily in the east of
the US.
The yield profile is materially high-
er than we would typically see in some
city centres today given weight of capi-
tal targeting these markets, he said.
Hermes will invest up to $150m cap-
ital on behalf of the British Telecom
Pension Scheme, with UOB and
Hampshire each committing $25m.
Taylor said the US is the first step in
a strategy to diversify into core global
markets, with France and Germany
next on the agenda.
Hermes Real Estate to make
move into US property market
PROPERTY
Hermes Chris Taylor said the fund will focus on the east of the US
US COAL firm Peabody Energy said yes-
terday it had entered into an agree-
ment with the Xinjiang government
to pursue development of a 50m
tonne-per-year surface coal mine in
Xinjiang, China.
As per the agreement, Peabody said
it would construct, manage and oper-
ate the mine.
The company will also conduct geo-
logic, engineering and environmental
reviews of the coal mine.
The Xinjiang Region is Chinas
largest administrative region with vast
reserves of coal estimated to account
for about 40 per cent of Chinas
reserves, Peabody said.
The government expects Xinjiangs
coal output will increase from about
100m tonnes in 2010 to more than 1bn
tonnes, the company said.
Meanwhile, Peabody Energy and
ArcelorMittal have agreed to slightly
increase their planned $5bn (3.1bn)
bid for Macarthur Coal, after the
Australian target company agreed to
open its books to them.
ArcelorMittal, the worlds top steel-
maker, and Peabody want Macarthur
for its reserves of cheaper, cleaner pul-
verised coal coveted by steel makers.
Strategically, it is a good deal for
Arcelor, so the fact it can now enter
into due diligence with Macarthur is
definitely a positive, said Ingo-Martin
Schachel, analyst at Commerzbank.
GLOBAL resources giant Rio Tinto
has revealed a quarter-on-quarter
production rise in its Australian
operations, bouncing back from
several cyclones, widespread flood-
ing and a train derailment which
impeded its March performance.
Rios global iron-ore production
increased by 49m tonnes during the
second quarter of this year, up 12
per cent on the previous quarter.
However, Rios first half ship-
ments of iron ore from its
Australian and Canadian operations
have suffered nonetheless at 110m
tonnes, they were 6m tonnes lower
than the comparable half of 2010.
Operations largely recovered
from the severe weather impacts
earlier this year, although some
port and rail constraints remained,
said Rio chief executive Tom
Albanese.
This quarter was also charac-
terised by continued strong prices
for most of our metals and miner-
als, but with worsening adverse
exchange rates and some input cost
pressures. Our growth programme
was boosted by the successful $4bn
acquisition of Riversdale, giving us
further options to develop our tier
one assets.
Bauxite and alumina productions
also saw improvements during the
quarter of eight per cent and six per
cent on the flood-affected first quar-
ter, and its Queensland coal mines
are steadily recovering from the
severe flood-related disruptions ear-
lier this year.
Thermal coal production grew by
18 per cent on the first quarter, and
hard coking coal production was up
nine per cent on the first quarter,
but down 26 per cent compared
with the second quarter of 2010 due
to the heavy rains.
Production up
at Rio Tintos
Oz operations
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Peabody to develop surface coal
mine in Chinas Xinjiang Region
BY ALEXANDER SAINTY
MINING
MINING
PRECIOUS metals miner Fresnillo post-

ed record silver and gold production
in the second quarter yesterday, boost-
ed by its Saucito and Soledad-Dipolos
mines in Mexico, at a time when the
gold price is at a record high.
Total silver production, including
silver sold from the Sabinas mine
under its Silverstream agreement, rose
7.2 per cent to 11.4m ounces, while its
gold output jumped 20.6 per cent to
110,070 ounces. Excluding
Silverstream, it produced 10.5m
ounces of silver.
Numis had expected production to
be flat on the first quarter at 9.1m
ounces of silver, excluding
Silverstream, and 96,000 ounces of
gold.
Shares in the worlds largest pri-
mary silver producer closed up 4.93
per cent yesterday at 1,595p.
Fresnillo says silver
output hits record
MINING
Rio Tinto chief exec-

utive Tom Albanese
said its operations
had recovered from
severe weather ear-
lier in the year
Picture: Reuters
News
ANALYSIS l Rio Tinto
p
4,650
4,550
4,450
4,350
4,387.50
14 Jul
News
UniCredit
Stuart Amor will join the bank as head
of EEMEA equity research in London on
18 July, to take responsibility for equity
research activities in central and
Eastern Europe. Amor joins from ING,
where he was managing director and
head of the equity research team.
Jones Lang LaSalle
Jake Egberts has been appointed as a
senior vice president in the UK and
northern Europe advisory team at
Jones Lang LaSalle Hotels. Egberts
joins from a London hotel advisory firm
and has been on secondment to Lloyds
Banking Group for the last 12 months.
SJ Berwin
The international law firm has strength-
ened its Finance and Energy and
Infrastructure teams by hiring Rinku
Bhadoria as a partner. Bhadoria joins
the firms Energy and Infrastructure
group from Clifford Chance, where she
was a senior associate.
Towers Watson
The professional services firm has
appointed Michael Murphy as a senior
leader in its Risk Consulting and
Software business. Murphy, former
Aviva Europe SE managing director,
will be based in Dublin.
Alvarez & Marsal
The professional services firm has
appointed Herv Gilg as a senior direc-
tor, based in the London office. Prior to
joining A&M, Gilg ran his own consult-
ing business focused on developing and
executing performance improvement
strategies, working with clients such as
Cadbury, WHSmith, BAA and EasyJet.
Chadbourne & Parke
The international law firm as hired
Danny Heathwood as international
counsel in the London office and Erin
Callahan as multinational partner.
Heathwood joins from Hunton &
Williams and Callahan moves from the
International Bar Association.
Unite Group
Nigel Hall, non-executive director of the
student accommodation developer, has
announced he will retire from the
board at the companys AGM in May
2012. Stuart Beevor has become sen-
ior independent director while the firm
hunts for Beevors successor.
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
Wall St sags on
new Bernanke talk
U
S STOCKS fell yesterday as new
comments from the Federal
Reserve chairman dashed
investors hopes for the chance
of further stimulus and tech shares
pushed the Nasdaq down one per
cent.
During a second day of testimony
about the economy, Fed Chairman
Ben Bernanke reiterated that the US
central bank would be ready to inject
more money should the economy get
worse. But he told a US Senate com-
mittee that the time had not come
yet and noted inflation had picked up
since late 2010.
Stocks had climbed on Wednesday
as investors took Bernankes remarks
before a House panel as signaling the
possibility of more stimulus for the
economy if the outlook worsens. The
central banks most recent stimula-
tive program contributed to strong
equity gains since September.
Bernanke has backed off consider-
ably from what might have been
more stimulus, and that made yester-
days rally like eating sugar for lunch:
Nothing more than a short burst of
energy, said Kent Engelke, chief eco-
nomic strategist at Capitol Securities
Management in Richmond, Virginia.
The market had started off higher
on positive JPMorgan results and a
report showing new claims for US job-
less benefits fell slightly last week,
but those gains melted away as
Bernanke spoke.
The Dow Jones industrial average
was down 64.37 points, or 0.52 per
cent, at 12,427.24. The Standard &
Poor's 500 Index was down 9.99
points, or 0.76 per cent, at 1,307.73.
The Nasdaq Composite Index was
down 37.65 points, or 1.34 per cent, at
2,759.27.
Technology stocks were yesterdays
top decliners, continuing their losing
streak for a second day. The Merrill
Lynch Semiconductor HOLDRS Trust
lost 1.1 per cent to $32.52, just below
its 200-day moving average.
Google shares slipped 1.7 per cent
to $529.24 ahead of its earnings
report after the bell.
JPMorgan Chase & Co shares rose
2.5 per cent to $40.61 after the bank
reported a higher-than-expected prof-
it as it wrote off fewer bad mortgages
and credit card loans. The Dow com-
ponent was by far the top gainer in
the S&P financial index.
News Corp shares fell 2.8 per cent
to $15.49 on heavy volume after the
US Federal Bureau of Investigation
said it would probe allegations that
the company hacked into the phone
records of victims of the 11
September, 2011, attacks on the
United States.
F
ALLS among commodity issues
sapped the strength of Britains
top share index yesterday, as wor-
ries over global growth clouded
the demand outlook for metals and
oils.
At the close, the FTSE 100 index was
down 59.48 points, or one per cent at
5,846.95, reversing all and more of the
previous sessions 0.6 per cent rally.
The FTSE is struggling to make any
headway at the moment as I think
traders are so wary of this market
whip-sawing around, said David
Morrison, market strategist at GFT
Global.
Banks were volatile as concerns over
their exposure to the Eurozone debt
crisis continued, with better-than-
expected earnings from JPMorgan
Chase, the first US bank to report sec-
ond-quarter results, shrugged aside.
Its really very nervous out there,
with the Eurozone debt concerns bub-
bling away, undermining anything
that could be considered positive,
Morrison added.
JPMorgans numbers set the bar for
Citigroup, which will continue the sec-
tor reporting season on Friday, and
helped US blue chips to gain 0.1 per
cent by Londons close, helping side-
line a threat to the USs credit status.
Moodys Investors Service said on
Wednesday that the US may lose its
top-notch credit rating if lawmakers
fail to increase the country's legal bor-
rowing limit and the government
misses debt payments. .
British banks were also cautious
ahead of the publication on Friday of
the results of the European Banking
Authority stress tests on 91 banks from
across the European Union.
We expect all of the UK banks to
pass the test, but would question its
relevance given that the risk of a
European sovereign default is not
being captured, Shore Capital analyst
Gary Greenwood said in a note.
Lloyds Banking Group, however,
bucked the dull sector trend, adding
3.2 per cent, supported by an upgrade
in rating by Goldman Sachs to buy,
with the broker bullish about part-
nationalised lenders longer-term
prospects.
Precious metals miner Fresnillowas
the biggest FTSE 100 gainer, adding 4.9
per cent after it posted record silver
and gold production in the second
quarter at a time when the gold price
is at a life-time high.
But specialty miners and metals
were weak, with copper prices slipping
back.
Rio Tinto, down 1.2 per cent, failed
to be helped by an in-line production
output, with the global miner on track
to hit its 2011 iron ore production tar-
get.
And integrated oils fell as a sector as
crude prices dropped by over 1.6 per
cent on demand doubts over the sus-
tainability of a sluggish global eco-
nomic recovery.
Oil services firm Petrofac was the
top FTSE 100 faller, losing 3.8 per cent
as Barclays Capital downgraded its rat-
ing to underweight, mainly on valu-
ation grounds, in a review of the
European sector.
Peer Amec , down 1.1 per cent, also
suffered the same cut at BarCaps
hands.
Broker comment blighted Man
Group as well, with the worlds largest
hedge fund manager losing 2.1 per
cent as HSBC cut its recommendation
to underweight from neutral.
On the upside, Associated British
Foods added 2.3 per cent after the food
producer to clothing retail group said
it is on track to meet its full-year earn-
ings targets, prompting Panmure
Gordon to raise its recommendation
to buy from hold.
Commodity falls and fears for
stress tests see FTSE decline
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 Morgan Crucible
350
300
325
May Jun Jun
p
357.10
14 July
MORGAN CRUCIBLE
Citi reiterates its buy rating on the engineering group and raises its target
price from 3.70 to 4.10, following an unscheduled trading update reflect-
ing a strong finish to first half trading. Sales for the period are now set to
be around 560m, with pre-restructuring earnings before tax at 70m.
Compared to previous forecasts, this suggest a profit level around 10 per
cent ahead of expectations.
ANALYSIS l Shire
2,100
1,900
1,700
May Jun Jun
p
2,073.00
14 July
SHIRE
Goldman Sachs rates the biopharmaceutical company as neutral with a tar-
get price of 2300p, after the company said its US market in attention deficit
hyperactivity disorder drug grew by 10 per cent in June. The year-to-date
growth is 12 per cent ahead of the brokers estimate, and implies the US mar-
ket needs only conservative growth of four per cent for the rest of 2011 to
meet full-year estimates. ADHD drugs are c35 per cent of Shires revenue.
ANALYSIS l ASML
29
27
25
May Jun Jun
24.36
14 July
ASML HOLDING
Nomura rates the semiconductors equipment maker as neutral with a tar-
get price of 26, after reducing its top-line forecast for 2012 by five per cent
to 4.4bn to reflect growing concern on orders and a lower contribution from
its EUV tools. Second quarter orders missed expectations, and the company
has guided for a 40 per cent sequential decline in third quarter numbers. The
broker sees order levels remaining subdued for the rest of the year.
p
18Apr 12May 2Jun 22Jun 12Jul
6,100
5,700
5,800
5,900
6,000
ANALYSIS l FTSE
5,846.95
14 Jul
Towry
The wealth adviser has appointed Gerald
Corbett as a non-executive director, adding to
his chairmanships of Britvic and
Moneysupermarket.com and his non-executive
directorship of Numis Securities. Corbetts previ-
ous non-exec roles include Greencore Group,
Burmah Castrol and MEPC; he is also a former
chairman of SSL International and the
Woolworth Group. During his executive career,
Corbett was CEO of Railtrack and group finance
director of Grand Metropolitan and Redland.
16
Wealth Management
CITYA.M. 15 JULY 2011
LON GD ONCE FIX AM...........1592.50 21.00
SILVER LDN FIX AM ..................38.63 0.42
MAPLE LEAF 1 OZ ....................66.00 -0.50
LON PLATINUM AM................1770.00 26.00
LON PALLADIUM AM...............785.00 13.00
ALUMINIUM CASH .................2450.00 7.00
COPPER CASH ......................9658.00 158.00
LEAD CASH...........................2744.00 86.00
NICKEL CASH......................23705.00 630.00
TIN CASH.............................26600.00 305.00
ZINC CASH ............................2345.00 44.00
BRENT SPOT INDEX................118.29 1.43
SOYA .....................................1387.00 20.50
COCOA..................................3180.00 104.00
COFFEE...................................262.80 6.10
KRUG.....................................1642.20 3.00
WHEAT ....................................165.88 -1.20
AIR LIQUIDE........................................95.49 -0.60 100.65 80.00
ALLIANZ..............................................89.99 -1.57 108.85 79.46
ALSTOM ..............................................39.96 -0.37 45.32 30.78
ANHEUS-BUSCH INBEV ....................39.03 -0.72 46.33 38.68
ARCELORMITTAL...............................23.32 -0.32 28.55 20.76
AXA......................................................14.02 -0.23 16.16 10.88
BANCO SANTANDER...........................7.34 0.02 10.23 6.98
BASF SE..............................................67.00 0.05 70.22 40.74
BAYER.................................................55.68 -0.41 59.44 43.27
BBVA......................................................7.27 0.05 10.71 6.75
BMW ....................................................67.24 0.49 70.12 38.61
BNP PARIBAS.....................................46.95 0.49 59.93 43.86
CARREFOUR ......................................21.99 -0.61 36.06 21.55
CREDIT AGRICOLE..............................8.90 0.16 12.92 8.20
CRH PLC .............................................13.73 -0.17 17.40 11.51
DAIMLER.............................................51.68 0.68 59.09 37.03
DANONE..............................................51.05 -0.51 53.16 41.00
DEUTSCHE BANK ..............................38.11 -0.39 51.61 35.93
DEUTSCHE BOERSE .........................52.41 -0.64 62.48 46.33
DEUTSCHE TELEKOM.......................10.17 -0.21 11.38 9.50
E.ON.....................................................18.63 -0.37 25.54 18.25
ENEL......................................................4.11 -0.04 4.86 3.54
ENI .......................................................15.54 0.04 18.66 14.95
FRANCE TELECOM............................13.88 -0.12 17.45 13.56
GDF SUEZ ...........................................23.33 -0.37 30.05 22.81
GENERALI ASS...................................13.21 0.19 17.05 12.18
IBERDROLA..........................................5.70 -0.04 6.50 4.86
ING GROEP CVA...................................7.58 -0.20 9.50 6.35
INTESA SANPAOLO.............................1.58 0.05 2.53 1.41
KON.PHILIPS ELECTR.......................17.06 -0.25 26.43 15.56
L'OREAL..............................................87.89 -0.65 91.24 75.03
LVMH..................................................123.45 -0.95 129.95 87.53
MUNICH RE.......................................100.10 -1.70 126.00 98.78
NOKIA....................................................4.18 -0.08 8.49 4.03
REPSOL YPF.......................................22.04 -0.09 24.90 17.21
RWE.....................................................35.50 -0.85 56.49 34.77
SAINT-GOBAIN...................................42.07 -0.50 47.64 27.81
SANOFI ................................................54.21 -0.36 56.82 44.01
SAP......................................................41.93 -0.60 46.15 34.13
SCHNEIDER ELECTRIC...................107.05 -1.10 123.65 81.40
SIEMENS .............................................92.98 -0.17 99.39 70.02
SOCIETE GENERALE.........................36.14 -0.20 52.70 34.57
TELECOM ITALIA..................................0.85 0.02 1.16 0.80
TELEFONICA ......................................15.63 -0.13 19.69 15.07
TOTAL..................................................38.83 -0.50 44.55 36.23
UNIBAIL-RODAMCO SE...................153.10 -1.90 162.95 116.42
UNICREDIT............................................1.22 0.07 2.24 1.06
UNILEVER CVA...................................23.07 -0.12 24.11 20.68
VINCI ....................................................40.76 -0.81 45.48 33.38
VIVENDI ...............................................17.29 -0.10 22.07 16.87
Price Chg High Low
EUSHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 5846.95 -59.48 -1.01
FTSE 250 INDEX. . . . . . . . 11766.56 -76.63 -0.65
FTSE UK ALL SHARE . . . . 3047.46 -29.09 -0.95
FTSE AIMALL SH . . . . . . . . 876.31 3.16 0.36
DOWJONES INDUS 30 . . 12437.12 -54.49 -0.44
S&P 500 . . . . . . . . . . . . . . . 1308.87 -8.85 -0.67
NASDAQ COMPOSITE . . . 2762.67 -34.25 -1.22
FTSEUROFIRST 300 . . . . . 1089.35 -9.74 -0.89
NIKKEI 225 AVERAGE. . . . 9936.12 -27.02 -0.27
DAX 30 PERFORMANCE. . 7214.74 -53.13 -0.73
CAC 40 . . . . . . . . . . . . . . . . 3751.23 -42.04 -1.11
SHANGHAI SE INDEX . . . . 2810.44 14.97 0.54
HANG SENG. . . . . . . . . . . 21940.20 13.32 0.06
S&P/ASX 20 INDEX . . . . . . 2697.70 -17.50 -0.64
ASX ALL ORDINARIES . . . 4561.30 -21.90 -0.48
BOVESPA SAO PAOLO. . 59679.35 -990.54 -1.63
ISEQ OVERALL INDEX . . . 2890.35 -17.84 -0.61
STI . . . . . . . . . . . . . . . . . . . . 3088.70 0.28 0.01
IGBM. . . . . . . . . . . . . . . . . . . 972.90 -6.04 -0.62
SWISS MARKET INDEX. . . 5980.97 -44.26 -0.73
Price Chg %chg
3M........................................................94.98 -1.21 98.19 78.40
ABBOTT LABS ...................................53.16 0.39 54.24 44.59
ALCOA ................................................15.46 -0.39 18.47 9.92
ALTRIA GROUP..................................26.85 -0.01 28.13 21.11
AMAZON.COM..................................210.38 -3.12 218.32 105.80
AMERICAN EXPRESS........................51.38 -0.57 53.80 37.33
AMGEN INC.........................................55.68 -0.93 61.53 50.34
APPLE...............................................357.77 -0.25 364.90 236.78
AT&T....................................................30.58 -0.24 31.94 24.50
BANK OF AMERICA...........................10.07 -0.13 15.72 10.06
BERKSHIRE HATAW B.......................76.10 -0.22 87.65 73.23
BOEING CO.........................................71.19 -0.98 80.65 59.48
BRISTOL MYERS SQUI ......................29.10 0.07 29.54 20.05
CATERPILLAR..................................107.58 -1.06 116.55 63.34
CHEVRON.........................................104.67 -0.42 109.94 70.96
CISCO SYSTEMS................................15.43 -0.14 26.00 14.78
CITIGROUP.........................................39.02 -0.45 51.50 36.30
COCA-COLA.......................................67.67 -0.39 68.89 51.92
COLGATE PALMOLIVE......................87.08 -0.82 89.36 73.12
CONOCOPHILLIPS.............................75.61 1.21 81.80 50.80
DU PONT(EI) DE NMR........................53.82 -0.78 57.00 35.61
EMC CORP..........................................26.82 -0.18 28.73 17.90
EXXON MOBIL....................................82.24 -0.24 88.23 57.60
GENERAL ELECTRIC.........................18.53 0.02 21.65 14.25
GOOGLE A........................................528.94 -9.32 642.96 448.00
HEWLETT PACKARD.........................35.13 -0.31 49.39 33.95
HOME DEPOT.....................................35.96 -0.17 39.38 26.62
IBM.....................................................174.23 -0.09 177.77 122.28
INTEL CORP .......................................22.27 -0.21 26.78 17.60
J.P.MORGAN CHASE.........................40.35 0.73 48.36 35.55
JOHNSON & JOHNSON.....................67.66 0.03 68.05 56.86
KRAFT FOODS A................................35.37 0.01 36.02 24.30
MC DONALD'S CORP ........................85.81 0.85 86.46 68.59
MERCK AND CO. NEW......................36.31 0.28 37.68 31.06
MICROSOFT........................................26.47 -0.16 29.46 23.32
OCCID. PETROLEUM.......................103.36 0.39 117.89 72.13
ORACLE CORP...................................32.05 -0.64 36.50 21.66
PEPSICO.............................................68.60 -0.29 71.89 61.71
PFIZER ................................................19.91 -0.08 21.45 14.39
PHILIP MORRIS INTL .........................66.42 -0.42 71.75 48.96
PROCTER AND GAMBLE ..................64.60 -0.04 67.72 56.57
QUALCOMM INC ................................54.92 -1.17 59.84 35.34
SCHLUMBERGER ..............................85.92 -1.08 95.64 52.91
TRAVELERS CIES..............................57.73 -0.74 64.17 48.46
UNITED TECHNOLOGIE ....................87.82 -0.35 91.83 64.57
UNITEDHEALTH GROUP...................52.27 0.54 53.50 29.78
VERIZON COMMS ..............................36.88 -0.06 38.95 26.41
WAL-MART STORES..........................53.63 -0.39 57.90 49.09
WALT DISNEY CO ..............................39.58 0.02 44.34 31.55
WELLS FARGO & CO.........................27.28 -0.25 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 ..................1.410 -0.01
LIBOR Euro - 12 months ................2.164 0.00
LIBOR USD - overnight...................0.123 0.00
LIBOR USD - 12 months.................0.743 0.00
HaIifax mortgage rate .....................3.500 0.00
Euro Base Rate ...............................1.500 0.00
Finance house base rate................1.000 0.00
US Fed funds...................................0.250 0.00
US Iong bond yieId .........................4.020 0.03
European repo rate.........................1.366 0.00
Euro Euribor ....................................1.462 0.00
The vix index ...................................20.88 0.97
The baItic dry index ........................1.383 -0.02
Markit iBoxx...................................222.22 0.10
Markit iTraxx....................................95.06 0.00
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
USSHARES
C/$ 1.4150 0.0090
C/ 0.8772 0.0032
C/ 111.83 0.0470
/C 1.1395 0.0060
/$ 1.6133 0.0041
/ 127.59 0.3036
FTSE 100
5846.95
-59.48
FTSE 250
11766.56
-76.63
FTSE ALLSHARE
3047.46
-29.09
DOW
12437.12
-54.49
NASDAQ
2762.67
-34.25
S&P 500
1308.87
-8.85
RPC Group . . . . . . . .354.9 -0.6 384.8 202.2
Smiths Group . . . . .1179.0 -16.0 1429.0 1089.0
Brown (N.) Group . . .271.2 2.2 311.2 221.0
Carpetright . . . . . . . . .580.5 -17.0 835.5 573.0
Debenhams . . . . . . . . .65.8 -1.3 77.4 56.1
Dignity . . . . . . . . . . . .788.5 -7.5 812.0 633.0
Dixons RetaiI . . . . . . .15.2 -0.1 28.5 11.8
DuneImGroup . . . . . .465.0 4.6 550.0 371.1
HaIfords Group . . . . .359.7 -5.3 525.0 348.2
Home RetaiI Group . .151.7 1.1 244.5 148.9
Inchcape . . . . . . . . . .399.0 -4.3 425.4 253.2
JD Sports Fashion . .984.5 -15.5 1030.0 723.5
Kesa EIectricaIs . . . .140.7 -1.3 174.0 109.8
Kingfisher . . . . . . . . .258.3 4.2 287.1 198.5
Marks & Spencer G . .355.0 -8.8 427.5 329.3
Mothercare . . . . . . . .405.0 -5.6 627.5 381.5
Next . . . . . . . . . . . . .2377.0 -32.0 2410.0 1868.0
Sports Direct Int . . . .256.5 -1.5 261.2 101.1
WH Smith . . . . . . . . . .503.0 -15.5 523.0 398.2
Smith & Nephew . . . .661.5 -7.5 742.0 537.5
Synergy HeaIth . . . . .932.0 13.0 948.0 640.0
Barratt DeveIopme . .105.9 -5.3 119.0 70.1
BeIIway . . . . . . . . . . . .673.0 -9.0 753.5 511.0
YuIe Catto & Co . . . . .233.0 -3.6 253.0 122.2
BaIfour Beatty . . . . . .307.6 -5.9 357.3 234.6
KeIIer Group . . . . . . .456.1 -5.6 698.5 432.0
Kier Group . . . . . . . .1349.0 -16.0 1418.0 970.0
Drax Group . . . . . . . .486.2 1.8 503.5 353.6
Scottish & Southe . .1399.0 -17.0 1423.0 1108.0
Domino Printing S . .674.5 -3.5 705.0 440.0
HaIma . . . . . . . . . . . . .415.2 -3.1 429.6 270.0
Laird . . . . . . . . . . . . . .191.9 2.1 207.0 101.0
Morgan CrucibIe C . .357.1 1.3 365.3 189.1
Renishaw . . . . . . . . .1780.0 6.0 1854.0 772.5
Spectris . . . . . . . . . .1679.0 41.0 1694.0 835.5
Aberforth SmaIIer . . .703.0 -5.5 714.0 507.0
AIIiance Trust . . . . . .380.5 -2.4 392.7 307.6
Bankers Inv Trust . . .416.9 -0.5 428.0 353.6
BH GIobaI Ltd. GB . .1113.0 1.0 1174.0 1058.0
BH GIobaI Ltd. US . . . .10.9 0.0 11.6 10.4
BH Macro Ltd. EUR . . .16.9 0.0 17.2 15.8
BH Macro Ltd. GBP 1754.0 4.0 1775.0 1630.0
BH Macro Ltd. USD . . .17.0 0.2 17.2 15.8
BIackRock WorId M .762.5 -5.0 815.5 533.0
BIueCrest AIIBIue . . .173.9 0.0 176.2 164.5
British Assets Tr . . . .135.1 -0.4 140.5 115.3
British Empire Se . . .515.5 -2.5 533.0 422.0
CaIedonia Investm .1744.0 2.0 1928.0 1543.0
City of London In . . .296.9 -2.1 306.9 249.3
Dexion AbsoIute L . .145.9 0.4 151.0 131.2
Edinburgh Dragon . .243.4 -3.1 262.1 210.3
Edinburgh Inv Tru . . .467.6 -0.7 492.2 390.9
EIectra Private E . . .1715.0 -8.0 1755.0 1254.0
F&C Inv Trust . . . . . .318.1 -2.9 327.9 263.8
FideIity China Sp . . . .100.5 -0.5 128.7 93.0
FideIity European . .1214.0 -6.0 1287.0 937.5
FideIity SpeciaI . . . . .552.0 -5.5 595.0 523.0
HeraId Inv Trust . . . . .527.0 -4.5 545.5 369.0
HICL Infrastructu . . . .115.4 0.6 121.3 112.0
Impax Environment .118.0 0.0 130.5 106.5
JPMorgan American .892.0 -8.0 916.0 673.0
JPMorgan Asian In . .236.2 -2.1 250.8 190.5
JPMorgan Emerging .591.0 -4.0 639.0 494.0
JPMorgan European .927.5 1.5 983.5 641.0
JPMorgan Indian I . . .419.5 -3.0 502.0 394.1
JPMorgan Russian .672.0 -3.0 755.0 533.0
Law Debenture Cor . .374.9 -0.3 385.0 295.1
MercantiIe Inv Tr . . .1060.0 -3.0 1137.0 904.5
Merchants Trust . . . .404.9 -6.9 431.8 342.0
Monks Inv Trust . . . .353.6 0.1 367.9 282.0
Murray Income Tru . .652.0 -2.5 673.0 553.5
Murray Internatio . . .948.0 -12.0 991.5 823.5
PerpetuaI Income . . .266.8 -2.2 276.0 217.8
PoIar Cap TechnoI . .360.4 -3.8 391.2 275.6
RIT CapitaI Partn . . .1322.0 -3.0 1334.0 1107.0
Scottish Inv Trus . . . .505.0 -5.5 524.0 409.0
Scottish Mortgage . .760.0 -2.5 781.0 566.0
SVG CapitaI . . . . . . . .268.9 5.1 279.8 148.9
TempIe Bar Inv Tr . . .915.0 -9.0 952.0 754.0
TempIeton Emergin .659.0 -1.0 689.5 531.0
TR Property Inv T . . .191.3 1.1 206.1 138.2
TR Property Inv T . . . .88.7 -0.9 94.0 62.1
Witan Inv Trust . . . . .518.0 -1.5 533.0 426.1
3i Group . . . . . . . . . . .280.4 -6.4 340.0 254.1
3i Infrastructure . . . .123.1 0.3 125.2 108.9
Aberdeen Asset Ma .223.5 3.5 240.0 124.5
Ashmore Group . . . .408.0 14.3 414.5 265.4
Brewin DoIphin Ho . .158.2 5.5 185.4 114.0
CameIIia . . . . . . . . .10603.0 253.510950.0 7788.0
CharIes TayIor Co . . .139.3 -4.8 234.0 122.0
City of London Gr . . . .78.5 0.0 93.6 70.7
City of London In . . .428.0 -3.4 461.5 273.5
CIose Brothers Gr . . .775.0 14.5 888.5 664.0
CoIIins Stewart H . . . .73.8 2.8 90.8 69.0
EvoIution Group . . . . .66.1 0.4 92.0 62.3
F&C Asset Managem .76.0 -0.3 92.9 47.5
Hargreaves Lansdo .605.0 2.0 646.5 325.1
HeIphire Group . . . . . . .3.4 0.1 43.0 3.2
Henderson Group . . .150.9 -3.1 173.1 119.1
Highway CapitaI . . . . .18.5 -1.0 21.0 6.0
ICAP . . . . . . . . . . . . . .482.2 0.1 570.5 380.2
IG Group HoIdings . .435.4 -3.0 553.0 416.2
Intermediate Capi . . .295.8 -6.7 360.3 252.7
InternationaI Per . . . .375.2 10.2 388.8 189.0
InternationaI Pub . . . .117.1 0.3 118.3 108.6
Investec . . . . . . . . . . .498.9 -6.1 538.0 444.4
IP Group . . . . . . . . . . . .49.0 -1.0 54.5 27.9
Jupiter Fund Mana . .250.8 -1.0 337.3 181.0
Liontrust Asset M . . . .75.0 0.0 95.3 70.0
LMS CapitaI . . . . . . . . .60.9 -0.4 64.8 40.0
London Finance & . . .21.8 0.0 23.5 16.5
London Stock Exch .993.0 -14.0 1076.0 617.0
Lonrho . . . . . . . . . . . . .17.0 -0.5 19.8 10.5
Man Group . . . . . . . . .240.6 -5.2 311.0 206.4
Paragon Group Of . .196.5 2.8 206.1 118.7
Provident Financi . . .989.5 6.5 1033.0 728.5
Rathbone Brothers .1149.0 9.0 1257.0 805.0
Record . . . . . . . . . . . . .31.5 0.3 52.0 20.3
RSM Tenon Group . . .27.0 3.0 66.3 21.3
Schroders . . . . . . . .1602.0 -3.0 1922.0 1193.0
Schroders (Non-Vo .1348.0 -1.0 1554.0 999.0
TuIIett Prebon . . . . . .364.4 0.0 428.6 331.3
WaIker Crips Grou . . .51.0 0.0 51.0 46.5
BT Group . . . . . . . . . .193.8 -2.9 204.1 130.6
CabIe & WireIess . . . .40.6 0.4 61.4 37.5
CabIe & WireIess . . . .46.9 -1.9 87.5 44.8
COLT Group SA . . . .135.5 -1.1 156.2 109.0
TaIkTaIk TeIecom . . .143.0 -1.6 168.3 114.3
TeIecomPIus . . . . . . .671.0 -10.5 700.0 340.0
Booker Group . . . . . . .75.2 -0.6 77.9 42.0
Greggs . . . . . . . . . . . .535.0 0.0 550.5 418.7
Morrison (Wm) Sup .293.6 -2.0 308.3 262.7
Ocado Group . . . . . . .190.0 -0.8 285.0 123.5
Sainsbury (J) . . . . . . .317.0 -5.7 395.0 316.9
Tesco . . . . . . . . . . . . .402.0 -5.9 440.7 378.1
Associated Britis . .1081.0 24.0 1182.0 940.0
Cranswick . . . . . . . . .727.5 -0.5 907.5 724.0
Dairy Crest Group . . .384.3 -0.9 424.9 339.7
Devro . . . . . . . . . . . . .271.4 0.5 296.9 205.5
Premier Foods . . . . . . .21.7 3.6 35.1 16.0
Tate & LyIe . . . . . . . . .615.0 -1.0 656.0 409.1
UniIever . . . . . . . . . .1986.0 -8.0 2065.0 1688.0
Mondi . . . . . . . . . . . . .645.5 -5.0 664.0 398.1
Centrica . . . . . . . . . . .319.7 -4.8 346.1 303.4
InternationaI Pow . . .301.9 -5.0 448.6 301.3
NationaI Grid . . . . . . .604.5 -5.5 632.5 487.6
Northumbrian Wate .455.2 3.0 457.3 295.5
Pennon Group . . . . . .697.5 -5.0 715.0 560.0
Severn Trent . . . . . .1436.0 -17.0 1517.0 1264.0
United UtiIities . . . . .584.5 -5.0 632.0 543.5
Cookson Group . . . . .630.0 -14.5 724.5 411.1
DS Smith . . . . . . . . . .246.2 -2.6 266.2 125.8
Rexam . . . . . . . . . . . .378.9 1.8 400.0 293.0
GIencore Internat . . .492.0 -8.4 531.1 466.7
BAE Systems . . . . . .303.0 -2.8 369.9 294.7
Chemring Group . . . .586.5 -9.5 736.5 519.6
Cobham . . . . . . . . . . .210.7 -2.7 247.6 192.3
Meggitt . . . . . . . . . . . .380.9 -2.1 389.1 261.7
QinetiQ Group . . . . . .124.2 -2.0 136.3 96.7
RoIIs-Royce Group . .659.0 8.0 665.0 552.0
Senior . . . . . . . . . . . . .186.7 3.7 187.6 111.2
UItra EIectronics . . .1682.0 -15.0 1895.0 1544.0
GKN . . . . . . . . . . . . . .236.4 -0.8 245.0 130.6
BarcIays . . . . . . . . . . .225.9 -2.2 344.0 221.6
HSBC HoIdings . . . . .600.0 -6.6 730.9 598.0
LIoyds Banking Gr . . .45.8 1.4 77.6 43.4
RoyaI Bank of Sco . . .35.4 -0.1 52.1 35.0
Standard Chartere .1607.0 -10.0 1950.0 1519.0
AG Barr . . . . . . . . . .1301.0 -8.0 1395.0 1035.0
Britvic . . . . . . . . . . . . .376.4 -3.0 518.0 364.5
Diageo . . . . . . . . . . .1256.0 -15.0 1307.0 1050.0
SABMiIIer . . . . . . . . .2314.5 -23.0 2342.5 1841.0
AZ EIectronic Mat . . .282.2 -6.3 338.1 248.5
Croda Internation . .1990.0 -43.0 2081.0 1116.0
EIementis . . . . . . . . . .179.8 0.7 187.4 67.0
Johnson Matthey . .2005.0 -16.0 2119.0 1550.0
Victrex . . . . . . . . . . .1526.0 -11.0 1590.0 1076.0
Price Chg High Low
BerkeIey Group Ho .1251.0 -7.0 1299.0 789.5
Bovis Homes Group .426.5 -6.6 464.7 326.6
Persimmon . . . . . . . .474.6 -3.6 502.5 336.5
Reckitt Benckiser . .3443.0 -31.0 3648.0 3015.0
Redrow . . . . . . . . . . . .128.0 -0.7 139.0 97.5
TayIor Wimpey . . . . . . .36.0 -0.8 43.3 22.3
Bodycote . . . . . . . . . .366.0 2.1 397.7 214.5
Charter Internati . . . .829.0 12.0 853.5 538.5
Fenner . . . . . . . . . . . .411.0 3.1 419.1 198.0
IMI . . . . . . . . . . . . . . .1092.0 -4.0 1119.0 657.5
MeIrose . . . . . . . . . . .359.8 -2.2 378.0 212.5
Northgate . . . . . . . . . .328.0 1.1 346.7 180.0
Rotork . . . . . . . . . . .1636.0 -26.0 1895.0 1390.0
Spirax-Sarco Engi . .1955.0 -7.0 2063.0 1499.0
Weir Group . . . . . . .2128.0 -36.0 2196.0 1130.0
Ferrexpo . . . . . . . . . . .465.0 -7.0 499.0 251.6
TaIvivaara Mining . . .406.5 -11.4 622.0 386.9
BBAAviation . . . . . . .217.9 1.9 240.8 175.0
Stobart Group Ltd . . .140.0 -1.5 163.6 124.1
AdmiraI Group . . . . .1579.0 32.0 1754.0 1409.0
AmIin . . . . . . . . . . . . .395.5 -7.8 433.0 375.3
Huntsworth . . . . . . . . .72.6 0.0 86.0 65.0
Informa . . . . . . . . . . . .423.0 -8.4 461.1 352.8
ITE Group . . . . . . . . . .228.6 12.7 258.2 139.6
ITV . . . . . . . . . . . . . . . . .67.9 -1.1 93.5 49.8
Johnston Press . . . . . . .5.3 -0.5 20.0 4.4
MecomGroup . . . . . .239.3 6.0 310.0 184.0
Moneysupermarket. .112.0 5.6 114.0 64.6
Pearson . . . . . . . . . .1156.0 -24.0 1207.0 920.0
PerformGroup . . . . .210.0 0.0 234.5 202.8
Reed EIsevier . . . . . .549.5 -4.5 590.5 505.5
Rightmove . . . . . . . .1228.0 -18.0 1250.0 596.5
STV Group . . . . . . . . .127.0 -1.5 168.0 79.8
Tarsus Group . . . . . .152.0 1.5 165.0 112.5
Trinity Mirror . . . . . . . .41.0 0.5 124.3 39.0
United Business M . .526.0 -9.0 725.0 507.0
UTV Media . . . . . . . . .120.4 -3.8 151.0 106.0
WiImington Group . . .114.5 -2.0 183.0 114.0
WPP . . . . . . . . . . . . . .717.5 -20.0 846.5 633.0
YeII Group . . . . . . . . . . .8.4 -2.6 30.2 5.1
African Barrick G . . .451.8 1.8 638.0 393.5
AngIo American . . .3006.0 -29.0 3437.0 2254.0
AngIo Pacific Gro . . .309.5 -2.5 369.3 249.0
Antofagasta . . . . . . .1416.0 -23.0 1634.0 903.0
Aquarius PIatinum . .313.1 -3.7 419.0 227.1
BHP BiIIiton . . . . . . .2386.0 -55.0 2631.5 1767.0
BeazIey . . . . . . . . . . . .126.1 -0.6 139.2 110.4
CatIin Group Ltd. . . .390.5 -6.0 421.4 325.0
Hiscox Ltd. . . . . . . . . .403.7 -1.6 424.7 341.5
Jardine LIoyd Tho . . .646.0 -13.0 709.0 561.0
Lancashire HoIdin . . .679.0 19.0 679.0 515.0
RSA Insurance Gro . .134.0 -0.7 143.5 120.1
Aviva . . . . . . . . . . . . . .409.3 -6.7 477.9 334.0
LegaI & GeneraI G . . .117.3 -1.4 123.8 84.1
OId MutuaI . . . . . . . . .129.8 -2.9 145.2 111.4
Phoenix Group HoI . .559.0 -8.0 758.0 553.0
PrudentiaI . . . . . . . . .693.5 -13.5 777.0 506.0
ResoIution Ltd. . . . . .281.5 -1.7 316.1 211.3
St James's PIace . . . .356.8 5.7 372.1 233.5
Standard Life . . . . . . .201.3 -2.7 244.7 190.7
4Imprint Group . . . . .270.5 1.5 295.0 195.0
Aegis Group . . . . . . .155.5 -1.1 162.3 107.0
BIoomsbury PubIis . .114.4 -3.6 138.0 108.5
British Sky Broad . . .696.0 -9.5 850.0 692.0
Centaur Media . . . . . . .51.0 5.0 73.0 44.8
Chime Communicati .253.0 -0.5 298.5 165.8
Creston . . . . . . . . . . .106.1 0.4 121.0 78.5
DaiIy MaiI and Ge . . .421.3 -18.1 594.5 406.9
Euromoney Institu . .595.0 -31.0 736.0 578.0
Future . . . . . . . . . . . . . .17.5 0.5 30.0 15.8
Haynes PubIishing . .255.0 0.0 262.5 202.5
Centamin Egypt Lt . .132.1 3.2 197.1 114.5
Eurasian NaturaI . . .768.5 -16.0 1125.0 695.5
FresniIIo . . . . . . . . . .1595.0 75.0 1682.0 990.0
GemDiamonds Ltd. .243.0 5.6 306.0 186.3
HochschiId Mining . .500.5 26.5 680.0 289.4
Kazakhmys . . . . . . .1350.0 -15.0 1671.0 1017.0
Kenmare Resources . .57.0 0.4 59.9 13.3
Lonmin . . . . . . . . . . .1348.0 -27.0 1983.0 1348.0
New WorId Resourc .888.0 20.0 1060.0 850.0
PetropavIovsk . . . . . .823.5 26.5 1252.0 678.0
RandgoId Resource 5465.0 25.0 6655.0 4425.0
Rio Tinto . . . . . . . . .4387.5 -53.5 4712.0 3005.0
Vedanta Resources 1881.0 -27.0 2583.0 1832.0
Xstrata . . . . . . . . . . .1358.5 -26.0 1550.0 908.6
Inmarsat . . . . . . . . . . .553.0 -8.5 756.5 542.5
Vodafone Group . . . .159.6 -2.2 181.9 143.0
Genesis Emerging . .525.5 -0.5 568.0 458.0
Afren . . . . . . . . . . . . . .155.2 -2.1 171.2 82.8
BG Group . . . . . . . . .1401.0 -26.5 1564.5 1003.5
BP . . . . . . . . . . . . . . . .458.0 1.5 509.0 375.2
Cairn Energy . . . . . . .387.3 -13.8 493.2 366.0
EnQuest . . . . . . . . . . .123.5 -1.5 158.5 102.5
Essar Energy . . . . . .375.0 -2.5 589.5 369.3
ExiIIon Energy . . . . . .430.0 -3.8 469.7 166.5
Heritage OiI . . . . . . . .236.6 3.6 486.0 210.0
JKX OiI & Gas . . . . . .258.8 -3.4 335.1 255.7
Premier OiI . . . . . . . . .410.2 -8.2 535.0 357.5
RoyaI Dutch SheII . .2212.5 -18.5 2326.5 1703.0
RoyaI Dutch SheII . .2223.5 -18.5 2336.0 1642.0
SaIamander Energy .281.1 -1.6 317.6 210.0
Soco Internationa . . .352.3 -10.0 484.2 292.0
TuIIow OiI . . . . . . . . .1269.0 -34.0 1493.0 1123.0
Amec . . . . . . . . . . . .1083.0 -12.0 1251.0 848.5
Hunting . . . . . . . . . . .797.0 6.5 817.0 483.3
John Wood Group . .674.0 -14.0 715.8 339.5
LampreII . . . . . . . . . . .377.7 -3.6 394.3 205.4
Petrofac Ltd. . . . . . .1445.0 -57.0 1685.0 1250.0
Burberry Group . . . .1514.0 -17.0 1544.0 790.5
PZ Cussons . . . . . . . .351.0 -17.3 409.0 320.5
Supergroup . . . . . . .1080.0 18.0 1820.0 800.0
AstraZeneca . . . . . .3073.0 -16.0 3385.0 2801.5
BTG . . . . . . . . . . . . . .299.9 -0.5 309.7 196.2
Genus . . . . . . . . . . . .1017.0 0.0 1046.0 704.5
GIaxoSmithKIine . . .1330.0 -29.0 1375.5 1111.0
Hikma Pharmaceuti .745.0 -19.0 900.0 687.5
Shire PIc . . . . . . . . . .2073.0 27.0 2091.0 1376.0
CapitaI & Countie . . .194.0 0.7 203.7 107.9
Daejan HoIdings . . .2836.0 -24.0 2950.0 2263.0
F&C CommerciaI Pr .103.3 0.8 108.0 88.0
Grainger . . . . . . . . . . .123.0 -0.6 133.2 86.3
London & Stamford .129.8 -0.5 140.0 110.3
SaviIIs . . . . . . . . . . . . .373.8 -7.2 427.1 291.0
St. Modwen Proper . .185.1 1.1 196.2 135.4
UK CommerciaI Pro . .80.5 0.0 85.5 74.3
Unite Group . . . . . . . .213.0 1.2 229.8 175.0
Big YeIIow Group . . .307.0 -1.8 353.3 287.1
British Land Co . . . . .600.5 -3.5 629.5 443.0
CapitaI Shopping . . .372.4 -7.4 424.8 320.9
Derwent London . . .1785.0 -15.0 1880.0 1296.0
Great PortIand Es . . .442.0 9.1 445.0 295.9
Hammerson . . . . . . . .466.7 0.6 490.9 352.2
Hansteen HoIdings . . .87.5 0.5 89.3 59.4
Land Securities G . . .870.0 1.0 885.0 573.0
SEGRO . . . . . . . . . . . .305.2 -1.0 331.3 262.5
Shaftesbury . . . . . . . .521.0 2.0 539.0 384.4
Autonomy Corporat 1720.0 -37.0 1912.0 1271.0
Aveva Group . . . . . .1762.0 -8.0 1799.0 1260.0
Computacenter . . . . .476.9 4.5 489.7 265.0
Fidessa Group . . . . .1973.0 -8.0 2109.0 1350.0
Invensys . . . . . . . . . . .313.4 -5.8 364.3 230.2
Kofax . . . . . . . . . . . . .489.0 -1.2 535.0 231.0
Logica . . . . . . . . . . . . .119.6 -3.4 147.2 101.7
Micro Focus Inter . . .312.5 -13.0 452.4 276.0
Misys . . . . . . . . . . . . .387.4 -7.6 420.2 254.1
Sage Group . . . . . . . .279.5 -6.5 302.0 235.3
SDL . . . . . . . . . . . . . . .681.0 -10.0 711.5 503.0
TeIecity Group . . . . . .526.0 -10.0 557.0 395.9
Aggreko . . . . . . . . . .2034.0 3.0 2051.0 1351.3
Ashtead Group . . . . .170.6 -1.1 207.9 77.0
Atkins (WS) . . . . . . . .730.0 0.0 820.0 650.0
Babcock Internati . . .702.0 -3.0 733.0 492.8
Berendsen . . . . . . . . .551.0 1.0 568.0 361.8
BunzI . . . . . . . . . . . . .785.0 -9.0 801.0 679.0
Capita Group . . . . . . .702.0 -8.0 794.5 635.5
CariIIion . . . . . . . . . . .378.0 -4.8 403.2 291.2
De La Rue . . . . . . . . .751.5 10.5 939.0 549.5
EIectrocomponents .244.4 -2.6 294.9 205.7
Experian . . . . . . . . . . .811.0 -9.0 833.5 606.0
FiItrona PLC . . . . . . . .363.7 -2.3 385.5 227.5
G4S . . . . . . . . . . . . . . .274.3 -0.8 291.0 237.7
Hays . . . . . . . . . . . . . . .93.9 -1.5 133.6 89.0
Homeserve . . . . . . . .498.5 4.9 532.0 408.0
Howden Joinery Gr . .109.3 0.5 127.5 63.0
Intertek Group . . . . .1912.0 1.0 2148.0 1577.0
MichaeI Page Inte . . .529.0 -8.0 567.0 368.0
Mitie Group . . . . . . . .237.0 -2.4 242.5 188.7
Premier FarneII . . . . .189.7 0.7 308.8 183.5
Regus . . . . . . . . . . . . .103.5 -1.6 119.0 66.1
RentokiI InitiaI . . . . . . .92.2 0.5 113.7 84.3
RPS Group . . . . . . . . .233.4 -4.4 253.0 169.8
Serco Group . . . . . . .554.0 -1.0 633.0 529.5
Shanks Group . . . . . .126.5 -0.6 130.9 96.5
SIG . . . . . . . . . . . . . . .135.4 0.5 153.5 90.7
SThree . . . . . . . . . . . .404.7 6.1 447.6 231.1
Travis Perkins . . . . . .944.0 -8.0 1127.0 747.0
WoIseIey . . . . . . . . .1897.0 -42.0 2261.0 1223.0
ARM HoIdings . . . . . .574.5 -17.0 651.0 300.5
CSR . . . . . . . . . . . . . .299.0 -8.1 447.0 280.9
Imagination Techn . .387.0 -12.8 502.0 303.5
Pace . . . . . . . . . . . . . .113.3 2.9 231.8 93.0
Spirent Communica .135.6 -2.0 160.3 117.3
British American . .2777.5 -13.0 2847.0 2166.0
ImperiaI Tobacco . .2141.0 0.0 2231.0 1784.0
Avis Europe . . . . . . . .310.9 -0.1 311.9 184.0
Betfair Group . . . . . . .682.0 -24.0 1550.0 660.0
Bwin.party Digita . . .140.4 -1.0 309.5 127.0
CarnivaI . . . . . . . . . .2232.0 -60.0 3153.0 2037.0
Compass Group . . . .587.5 -8.5 612.0 501.0
Domino's Pizza UK . .433.2 1.5 586.0 377.0
easyJet . . . . . . . . . . . .314.4 -6.6 479.0 314.0
Enterprise Inns . . . . . .58.3 0.5 122.7 57.8
FirstGroup . . . . . . . . .329.8 -8.1 412.6 311.3
Go-Ahead Group . . .1546.0 -2.0 1598.0 1073.0
Greene King . . . . . . .489.9 -1.7 518.0 398.0
InterContinentaI . . .1241.0 -41.0 1435.0 982.0
InternationaI Con . . .230.5 -2.1 305.0 199.4
JD Wetherspoon . . . .433.1 -4.0 468.3 389.9
Ladbrokes . . . . . . . . .144.1 -2.5 155.3 122.7
Marston's . . . . . . . . . .103.0 -0.2 117.1 92.0
MiIIennium& Copt . .507.5 -9.0 600.5 431.5
MitcheIIs & ButIe . . . .295.0 -10.6 361.0 284.4
NationaI Express . . .242.0 -8.0 270.2 220.1
Punch Taverns . . . . . .71.6 0.3 90.4 58.1
Rank Group . . . . . . . .150.0 2.2 153.0 102.6
Restaurant Group . . .298.9 1.4 335.0 214.2
Stagecoach Group . .252.4 -3.7 268.5 160.7
Thomas Cook Group .71.3 -13.2 204.8 71.0
TUI TraveI . . . . . . . . . .192.5 -9.5 271.9 190.0
Whitbread . . . . . . . .1543.0 -24.0 1887.0 1368.0
WiIIiamHiII . . . . . . . . .215.9 -8.4 237.3 155.5
Abcam . . . . . . . . . . . .420.0 0.5 460.0 274.0
AIbemarIe & Bond . .380.0 -7.9 397.5 218.0
Amerisur Resource . .22.0 1.8 29.0 11.5
Andor TechnoIogy . .639.0 0.5 659.0 282.5
ArchipeIago Resou . . .56.5 -0.5 66.8 32.3
ASOS . . . . . . . . . . . .2386.0 36.0 2468.0 840.0
AureIian OiI & Ga . . . .60.0 -0.3 92.0 36.3
Avanti Communicat .404.8 -1.5 735.0 339.0
Avocet Mining . . . . . .219.0 1.8 253.5 112.0
BIinkx . . . . . . . . . . . . .124.8 -3.8 148.8 52.8
Borders & Souther . . .52.5 -0.3 93.0 49.5
BowLeven . . . . . . . . .303.5 -7.3 398.0 136.0
Brooks MacdonaId 1230.0 12.5 1372.5 817.5
CaIedon Resources .111.3 0.3 111.5 36.0
Conygar Investmen .106.5 -0.5 120.0 101.3
Cove Energy . . . . . . . .97.8 0.3 112.8 49.5
Daisy Group . . . . . . .122.4 -2.1 127.0 86.0
EMIS Group . . . . . . . .550.0 10.3 580.0 303.5
Encore OiI . . . . . . . . . .62.0 -1.3 151.5 49.5
Faroe PetroIeum . . . .175.0 7.3 218.3 119.3
GuIfsands PetroIe . . .211.8 -0.3 401.5 207.3
GWPharmaceuticaI .123.0 -0.6 130.0 83.0
Hamworthy . . . . . . . .679.5 -6.5 705.0 307.0
Hargreaves Servic .1032.0 -28.0 1076.0 602.0
HeaIthcare Locums . .112.5 0.0 112.5 112.5
Immunodiagnostic .1085.0 39.0 1129.0 710.0
ImpeIIamGroup . . . .354.4 1.5 387.5 84.0
James HaIstead . . . . .479.4 -10.4 496.4 306.0
KaIahari MineraIs . . .230.3 0.3 301.0 142.0
London Mining . . . . .400.0 -4.0 436.5 240.3
Lupus CapitaI . . . . . .116.5 -1.5 150.0 78.0
M. P. Evans Group . .454.1 4.1 500.5 342.5
Majestic Wine . . . . . .493.3 -1.8 510.0 301.0
May Gurney Integr . .273.5 -5.9 289.3 177.0
Monitise . . . . . . . . . . . .39.0 1.5 40.0 18.5
MuIberry Group . . . .1700.0 0.0 1750.0 280.0
Nanoco Group . . . . . . .80.5 -1.5 115.8 68.0
NauticaI PetroIeu . . .335.0 -6.8 547.0 128.0
NichoIs . . . . . . . . . . . .572.5 7.3 578.0 401.0
Numis Corporation . .116.9 -1.9 146.5 94.0
Pan African Resou . . .13.3 -0.3 13.8 5.9
Patagonia GoId . . . . . .53.3 1.5 59.3 12.5
Prezzo . . . . . . . . . . . . .68.4 0.6 71.5 38.3
Pursuit Dynamics . . .327.5 -9.5 700.0 218.5
Rockhopper ExpIor .232.3 -7.5 510.0 202.5
RWS HoIdings . . . . . .450.0 4.0 472.0 239.0
Songbird Estates . . .147.5 3.5 160.3 135.0
VaIiant PetroIeum . . .580.0 -13.5 761.5 504.0
Young & Co's Brew . .712.0 19.3 712.0 513.0
Premier Foods . . . . . . .21.7 19.7
ITE Group . . . . . . . . .228.6 5.9
HochschiId Mining . .500.5 5.6
Moneysupermarket.c 112.0 5.3
FresniIIo . . . . . . . . . .1595.0 4.9
Ashmore Group . . . .408.0 3.6
Brewin DoIphin HoI . .158.2 3.6
PetropavIovsk . . . . . .823.5 3.3
LIoyds Banking Gro . .45.8 3.2
Lancashire HoIding .679.0 2.9
Thomas Cook Group .71.3 -15.6
Euromoney Institut . .595.0 -5.0
Barratt DeveIopmen .105.9 -4.8
TUI TraveI . . . . . . . . . .192.5 -4.7
PZ Cussons . . . . . . . .351.0 -4.7
DaiIy MaiI and Gen . .421.3 -4.1
Micro Focus Intern . .312.5 -4.0
CabIe & WireIess W . .46.9 -3.8
Petrofac Ltd. . . . . . .1445.0 -3.8
WiIIiam HiII . . . . . . . . .215.9 -3.7
Risers FaIIers
MAIN CHANGES UK 350
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
Price Chg High Low Price Chg High Low
GILTS
AEROSPACE & DEFENCE
CONSTRUCTION & MATERIALS
ELECTRICITY
ELECTRONIC & ELECTRICAL EQ.
EQUITY INVESTMENT INSTRUM.
FINANCIAL SERVICES
FIXED LINE TELECOMS
FOOD & DRUG RETAILERS
FOOD PRODUCERS
FORESTRY & PAPER
GAS, WATER & MULTIUTILITIES
GENERAL RETAILERS
HEALTH CARE EQUIPMENT & S.
HHOLD GDS & HOME CONSTR.
INDUSTRIAL ENGINEERING
INDUSTRIAL TRANSPORTATION
MEDIA
LIFE INSURANCE
PERSONAL GOODS
PHARMACEUTICALS & BIOTECH
REAL ESTATE INVEST. & SERV.
SOFTWARE & COMPUTER SERV.
SUPPORT SERVICES
TECHNOLOGY HARDW. & EQUIP.
TOBACCO
TRAVEL & LEISURE
AIM 50
NON LIFE INSURANCE
REAL ESTATE INVEST. TRUSTS
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AUTOMOBILES & PARTS
BANKS
ALTERNATIVE ENERGY
CHEMICALS
BEVERAGES
GENERAL INDUSTRIALS
MOBILE TELECOMS
OIL & GAS PRODUCERS
OIL EQUIPMENT & SERVICES
MINING
NONEQUITY INVESTM. COMM.
Tsy 3.250 11 . . . . .101.11 -0.02 103.6 101.1
Tsy 9.000 11 . . . . . .99.99 0.00 108.3 100.0
Tsy 2.500 11 . . . . .307.04 -0.01 310.0 307.0
Tsy 5.000 12 . . . .102.89 -0.04 106.9 102.6
Tsy 5.250 12 . . . .104.15 -0.02 108.2 104.1
Tsy 9.000 12 . . . .108.74 0.00 116.2 107.9
Tsy 4.500 13 . . . .106.20 -0.02 109.2 105.8
Tsy 2.500 13 . . . .287.30 0.00 287.7 274.9
Tsy 8.000 13 . . . . .115.67 -0.03 121.3 115.5
Tsy 5.000 14 . . . . .111.59 0.02 114.1 109.2
Tsy 7.750 15 . . . .103.76 -0.70 110.3 103.0
Tsy 8.000 15 . . . .126.91 0.01 131.6 123.7
Tsy 4.750 15 . . . . .112.56 0.01 114.7 108.6
Tsy 2.500 16 . . . .333.30 0.11 334.1 304.4
Tsy 4.000 16 . . . . .110.01 0.06 111.4 104.9
Tsy 12.000 17 . . .126.29 0.00 185.9 125.2
Tsy 1.250 17 . . . . .111.98 0.13 112.1 104.9
Tsy 8.750 17 . . . .137.37 -0.27 142.2 132.9
Tsy 5.000 18 . . . . .115.97 0.04 117.6 109.7
Tsy 4.500 19 . . . . .112.32 0.07 113.8 105.4
Tsy 3.750 19 . . . .106.45 0.11 107.7 99.4
Tsy 4.750 20 . . . . .113.53 0.11 115.9 106.6
Tsy 2.500 20 . . . .340.75 0.24 341.4 303.8
Tsy 8.000 21 . . . .142.33 0.08 147.1 133.8
Tsy 4.000 22 . . . .105.60 0.09 108.4 99.0
Tsy 1.875 22 . . . . .117.51 0.25 117.8 108.5
Tsy 2.500 24 . . . .299.24 0.34 300.0 262.1
Tsy 5.000 25 . . . . .113.98 0.12 118.5 107.4
Tsy 1.250 27 . . . . .111.25 0.46 111.5 100.5
Tsy 4.250 27 . . . .104.01 0.16 108.8 97.9
Tsy 6.000 28 . . . .126.35 0.18 132.7 119.5
Tsy 4.750 30 . . . .109.39 0.24 115.0 103.0
Tsy 4.125 30 . . . .284.92 0.48 285.6 248.7
Tsy 4.250 32 . . . .102.35 0.23 107.8 96.0
Tsy 4.250 36 . . . .101.62 0.24 107.4 95.0
Tsy 4.750 38 . . . . .110.13 0.24 116.5 102.8
Tsy 4.500 42 . . . .106.20 0.00 112.8 98.9
% %
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interest rates at the record low of
0.5 per cent, the outlook should
be good for those looking to buy
a home. But with renting in London cost-
ing 50 per cent more than the rest of the
country and banks requiring higher and
higher deposits, the picture for those keen
to get their foot on the property ladder is
mixed. What should we expect? We ask the
experts to give us their diagnosis on the
position of the first-time buyer.
LUCIAN COOK, DIRECTOR OF RESEARCH
AT SAVILLS: FUTURE LOOKS CHALLENGING
The big issue for first time buyers over the
next year will continue to be their ability
to raise a deposit for a mortgage.
For those with a small deposit, the
FirstBuy scheme in the new homes sector
will be critical. [For more info on the
FirstBuy scheme, go to direct.gov.uk. The
scheme sees government and house-
builders providing a 20 per cent loan for
the deposit on a new-build, in addition to
the prospective buyers 5 per cent].
Without it, higher interest rates for higher
loan-to-value mortgages mean that for
many it will be cheaper to rent than to buy.
By contrast, those with a decent deposit
are in a good position with less competi-
tion both from those who need a large
mortgage whether they are occupiers or
investors.
The longer-term outlook for those first
time buyers is challenging. The ability to
save for a deposit will be hindered by
increasing rents as more pressure is placed
on private rental stock. Additionally, bank-
ing regulations suggest that the availabili-
ty and cost of mortgage finance will
continue to vary by loan-to-value and loan-
to-income measures that favour existing
owner occupiers.
ED MEAD, DIRECTOR OF ESTATE AGENT
DOUGLAS & GORDON: LOOK ELSEWHERE
With average property prices in the capi-
tal at around 300,000, and seemingly ris-
ing, the outlook is not good for first time
buyers. By definition they tend to be
wealthier in London, but unless the Bank
of Mum and Dad is operating, Douglas &
Gordon is finding that buyers of cheaper
flats south of the river are being hit by the
worsening mortgage drought in conjuc-
tion with many sellers over-optimistic
expectations.
Foreign buyers and investors dominate
the market in the centre and its difficult
to see any of this changing soon. The main
issue is a lack of stock and perversely low
interest rates, and high stamp duty costs
are meaning many arent selling, squeez-
ing supply. High prices are a corollary of
short supply and thats fragile given that a
rate rise or big economic wobble could trig-
ger a rush to sell.
The best advice for first-time buyers is to
either wait for supply to ease and prices to
perhaps dip, or to look further afield
where buyers have the whip hand.
MARK ALEXANDER, DIRECTOR OF MORTGAGE
FIND.CO.UK: THERES HOPE
For first-time buyers, the biggest issue
remains loan-to-value that is, how much
money a buyer can put down as a deposit
versus how much money a lender is will-
ing to loan them. Up until the credit
crunch, first-time buyers could buy their
first home with a 5 per cent deposit or in
some cases, no deposit at all. However,
Living| Buying
Q.
I own a flat and I'm just about to
move out of London and rent it.
What are your thoughts on renting
furnished or unfurnished?
A.
Renting unfurnished tends to encour-
age tenants to stay longer in proper-
ties as they have the hassle of moving
their furniture in and out. Also your inventory
checks will be less complicated! You may not
achieve quite as much as if it was furnished
but you could well have fewer void periods. On
the other hand, renting furnished offers con-
venience for tenants and if your lease allows,
you may even be able to offer it for short lets
which should bring in a premium (although
your letting fees will be higher). Also if you
rent furnished you will be able to offset an
amount for wear and tear on the furniture
against your rental income.
Q.
What do you think will happen to
property prices in London for the
rest of the year? Surely prices
can't go up any higher?
In central London, it looks like prices will
continue to increase as the shortage of sup-
ply of property to the market continues. This
is a structural issue, as many international
buyers have bought property in London over
the past few years and have no intention of
selling regardless of market conditions. There
is therefore an ever dwindling pool of proper-
ty to buy. Rents are also starting to rise
which means that landlords are also less
likely to sell their investment property.
Therefore when a good flat or a house hits
the market there is significant competition.
The only things that will tempt/force more
stock onto the market will be greater liquidi-
ty in the mortgage market allowing vendors
to trade or a significant interest rate rise.
Camilla Dell
MANAGING PARTNER OF
BLACK BRICK PROPERTY
&
Q A
RENTING
Getting on the
property ladder is
still difficult, but
there are some
promising mortgages
and schemes around.
Picture: REX
since the financial crisis, lenders have
pulled back those deals and now expect
first-time buyers to have at least a 15 per
cent deposit, an unblemished credit histo-
ry, a secure job and a good wage.
There is light at the end of the tunnel as
lenders are beginning to look at sound
first-time buyers with 10 per cent deposits,
and there are a few 95 per cent mortgages
floating about, where buyers need a 5 per
cent deposit mortgagefind.co.uk is cur-
rently offering a 95 per cent mortgage to
people via our in-branch activity with
estate agents Robinson Jackson.
So why are lenders courting first-time
buyers again? I dont think its necessarily
because of pressure from government, the
public or the media. Its just that they have
regained their appetite for lending again.
Some banks have tranches of money now
ready for lending at a certain rate
Northern Rock for example. Once all that
money is loaned at a certain rate, they will
retract and another lender will probably
step forward with a new first-time buyer
product. I expect a flurry of 90 per cent
mortgages in the next 12 months but I
wont be surprised if a few new 95 per cent
mortgages enter the market.
Theres also been talk about the use of
guarantors for first-time buyers responsi-
ble adults, usually parents, who are
enrolled to cover any mortgage payments
should the borrower find themselves in finan-
cial difficulties. Guarantors are useful if a
first-time buyer is confident their salary will
increase at a good rate, therefore making
them confident they can afford a higher value
home.
Living | The Knowledge
Education: The independent Greenfields
School in the area performs well. It takes
pupils from pre-school to A-levels. It has
day fees of roughly 3,000 per term
boarding and the costs involved are option-
al. The local state school Imberhorne also
does reasonably well with its pupils scoring
69 per cent A*-C last year.
Commute: The commute from East
Grinstead station takes just under an hour.
The train arrives in either London Victoria
or London Bridge. Driving, however, takes
double this time. Those travelling on to
Canary Wharf need to add a further seven
minutes for travelling on the Jubilee line
journey from London Bridge.
Food & Drink: Gravetye Manor is famous:
built in 1598, it is one of the regions most
luxurious hotels and the restuarant is top-
class. There are numerous good options in
town, from pubs to gourmet modern
European.
AREA INSIGHT | EAST GRINSTEAD
FOCUS ON: EAST GRINSTEAD, SUSSEX BY DONATA HUGGINS
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Offer available for a limited time only. Applicants will be referred
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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
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ACORN HOUSE,
MILL FIELD
Price: 499,000
This four-bedroomed
family home with a gar-
den has a living, dining
and utility room down-
stairs. The upstairs hous-
es the bedrooms and a
family bathroom. The
master bedroom has its
own en-suite facilities.
Contact: Hamptons on
020 7236 8398 or go to
www.hamptons.co.uk
POETS PLACE,
HOLTYE ROAD
Price: 575,000
This five-bedroom
detached property has a
large kitchen, dining area
and well maintained gar-
dens. There are three
main bathrooms and an
en-suite attached to the
master bedroom. The
property is set within a
private cul-de-sac of four-
teen homes.
Contact: Linden Homes
on 01342 321244 or go
to www.
lindenhomes.co.uk
HIGH LEAM
SOUTH,
SWISSLAND HILL
Price: 1.25m
This Victorian house is
located in a private park.
It has four bedrooms, a
conservatory, a utility
area and four reception
rooms. There are exten-
sive private gardens, a
detached double garage
and an orangery.
Contact: Knight Frank on
01892 515035 or go to
www.knightfrank.co.uk
*
London Estate Agents | Investment & Development Consultants | Block Managers | Established 1982
MANSFIELD MEWS, MARYLEBONE, W1
3 Double Bedrooms 3 Bathrooms Decked Terrace
Fitted Wardrobes
1,395 Per Week Furnished
CONNAUGHT STREET, HYDE PARK, W2
3 Bedrooms 2 Bathrooms Wooden Flooring
Moments from Hyde Park
1,050 Per Week Unfurnished
NOTTINGHAM TERR, REGENTS PK, NW1
2 Double Bedrooms 2 Bathrooms 24 Hour Porter
Allocated Parking
1,000 Per Week Unfurnished
CONNAUGHT CLOSE, HYDE PARK, W2
3 Double Bedrooms 2 Bathrooms Private Garage
Balcony In the Heart of Connaught Village
795 Per Week Unfurnished
CHILTERN STREET, MARYLEBONE, W1
2 Double Bedrooms 2 Bathrooms Lift
On-Site Gym Decked Balcony
750 Per Week Unfurnished
QUEEN ANNE STREET, MARYLEBONE, W1
1 Bedroom Open Plan Kitchen/Reception Moments
from Marylebone High Street Furnished via Negotiation
695 Per Week Unfurnished or Furnished
MAIDA AVENUE, LITTLE VENICE, W2
2 Bedrooms 2 Bathrooms Caretaker
Views of Regents Canal
595 Per Week Furnished
020 7486 6338 kayandco.com |
PETO PLACE, REGENTS PARK, NW1
1 Bedroom Open Plan Kitchen/Reception
Close to Great Portland Street Underground Station
575 Per Week Furnished
T
HE closing episode in the decade-
long Harry Potter saga is pretty
much as epic, as entertaining and as
impressive as youd hope it could be.
After the flabby slowness of Half-Blood
Prince and Deathly Hallows Part One, this
rips us along on a tumultuous tide of
action and crucially emotion.
Not that I could tell you for sure what a
Deathly Hallow is. Even so, the plot for
once is simple, sensible and exciting.
Harry, Ron and Hermiones quest to
destroy horcruxes objects containing ele-
ments of Lord Voldemorts soul, making
him impossible to kill leads them back
to Hogwarts. As students and good wiz-
ards make a final, epic stand against
Voldemorts depraved hordes, Harry must
face a terrible reckoning and a cataclysmic
showdown.
Among the terrific set pieces, an escape
from subterranean catacombs on the back
of a huge dragon, which fights its way to
the surface before spreading its wings for
a swooping flight over London, was excep-
tional; while once-awkward, podgy Neville
Longbottom (Matthew Lewis) facing off
Voldemorts entire army, wielding a spec-
tacular sword and getting a girl in the
process, is air-punching stuff.
Not before time, the three principles,
Daniel Radcliffe, Rupert Grint and Emma
Watson, have learned to act, and are given
some good material though most
poignant is Alan Rickmans multi-layered
portrayal of Professor Snape. Theres also a
surprisingly moving epilogue.
A fitting farewell to a series that has, in
the end, been as much of a cinematic
landmark as a literary one.
Harry Potters final
cinematic outing has
Timothy Barber on
the edge of his seat
Right, Harry Potter
(Daniel Radcliffe) and
Lord Voldemort
(Ralph Fiennes) face
each other for the last
time.
Its grrrrrrreat! The Tiger Who Came to Tea at the Vaudeville Theatre.
Lifestyle
20
An absolutely
wizard send off
THE TIGER WHO CAME TO TEA
Judith Kerrs perennially loved chil-
drens book is about a tiger with a
giant appetite who turns up at a little
girls house for tea one day. Adapted for the
stage at the Vaudeville theatre, it follows
similar hits there such as the Gruffalo and
Were Going on a Bear Hunt. Expect songs,
mayhem and a big, friendly orange cat.
Until 4 Sept, Vaudeville Theatre, the Strand,
WC2R 0NH. Tickets 12.50-15.50
www.thetigerwhocametotealive.com
PERICLES RE-IMAGINED
The Open Air Theatre in Regents Park
has developed a reputation for excellent
adaptations of Shakespeare plays aimed at
younger audiences. Aimed at kids of six and
over, this tells the story of the Prince Pericles on
his adventurous odyssey. Until 23 July, 1.30pm
weekdays, 9.45am Saturdays and 10am and
1.30pm Sundays, Open Air Theatre, Regents
Park. Tickets from openairtheatre.org
JEPPE HEINS APPEARING ROOMS
Over at the Southbank Centre, Danish
artist Jeppe Heins hugely popular Appearing
Rooms water jets installation has returned, giv-
ing kids another opportunity for a total soaking.
Jets of water shoot into the air, creating
rooms that disappear as quickly as they
emerge. Until 18 September, Southbank
Centre. www.southbankcentre.co.uk
HAMPTON COURT JOLLY DAY OUT
Running all summer at Hampton Court
Palace, the Jolly Day Out festival pro-
vides an eclectic array of kids shows and per-
formers, including live versions of Horrible
Histories and Charlie & Lola. Theres also pig
racing, welly wangling and crazy golf, and plen-
ty of arts, crafts, games and food stalls. Until 26
August, Hampton Court Green. Tickets 25 for
13 years and over, kids 12 and under go free.
Each adult ticket entitles you to two free kids
tickets. www.jollydayout.com
NATIONAL ARMY MUSEUM KIDS
ZONE
The new Kids Zone has castle-themed
climbing frames, assault courses, dressing-up
costumes and more. www.nam.ac.uk
Reach for the skies: Breitlings airborn
daredevils pushing jets to the limit
T
HE engineer strapping me to the
ejector seat can tell Im nervous. His
advice is to keep my eyes outside the
cockpit at all times. Watch the
leader and our wingmen. This will help
occupy the brain and should avoid any
sensations of airsickness.
Im going up with the Breitling Jet
Team, the aerobatic display team spon-
sored by the Swiss maker of luxury avia-
tion watches, Breitling. The team of
seven aircraft are in Britain this sum-
mer, wowing crowds as they fly
meters apart at 450mph. Each of the
sleek, Czech-made L-39 aircraft costs a
staggering 2,500 an hour to fly.
The team was formed in 2003 by
Frenchman Jacques Bothelin, a man
who has clocked up 30 years in the
cockpit, and displayed his skills at more
than 2,700 events in 145 different air-
craft types. Surprisingly, among his
teammates of experienced avia-
tors, Bothelin is the only one
not to have served in the
French air force or the
Patrouille de France, the
French equivalent of the Red
Arrows.
Soon were blasting into the sky along-
side three other jets, so close I feel I could
touch the wingtip of the next plane. The
flight to the Breitling Jet Teams training
area passes by in a flash and then were
straight into the aerobatic routine.
SWOOPING LOW
Were quickly diving down towards the
ground at top speed before pulling up
abruptly, and my body is being crushed by
forces of 5G amazingly, though, the
pilots normally operate at forces of
around 8G. I can hear myself grunting as I
try to breath normally.
Suddenly Im light as a feather as the jet
carves a circle in the sky and the ground
spins upside down.
Even though Im just sitting in the back
seat, sweats pouring off me from
the exertion. The sun is dazzling
through the bubble canopy and
Im disorientated. How the team
do this hour after hour over
dozens of displays around the
world is beyond me. Soaring high
and swooping low over an aban-
doned aerodrome, I cant stop
grinning with the sheer madness
of what Im experiencing.
Next its my turn to have a go and my
pilot talks me through a few simple aero-
batic manoeuvres. I jam the control stick to
the left and we describe a corkscrew
through the air in the blink of an eye.
Diving down, we scream above the tree tops
and bump on the turbulence coming pu
from the warm earth.
All too quickly the flight is over and
were heading back to base. I ask for a
minute to sit back in the cockpit and let
my brain catch up with what my body and
senses have just been through.
The Breitling Jet Team is appearing this weekend
at the Royal International Air Tattoo at RAF
Fairford in Gloucestershire. www.airtattoo.com
www.breitling-jet-team
Five brilliant ways to keep
kids thrilled this summer
Journalist and keen
aviator Ben Griffiths
took a spin with one
of the worlds leading
air display teams
1
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HARRY POTTER AND THE DEATHLY
HALLOWS PART II
Cert:12A
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THE APPRENTICE: HOWTO GET
HIRED BBC1, 10.35PM
Dara O Briain explores how to be a
successful candidate on The
Apprentice by analysing the mistakes
contestants make.
BBC PROMS 2011
BBC2, 8PM
New series. Coverage of the 117th
season of the classical music event
from the Royal Albert Hall in London.
Presented by Katie Derham.
LIVE CELEBRITY WHO WANTS TO
BE A MILLIONAIRE? ... ITV1, 9PM
Fern Britton and daughter Grace take
part with other celebrity families,
including Joe Calzaghe and Bob
Mortimer with their respective sons.
BBC1
SKY SPORTS 1
7pmLive Twenty20 Cup Cricket
10.30pmAshes Memories 11pm
Time of Our Lives 12amAshes
Memories 12.30amTwenty20
Cup Cricket 2.30amSuper
League 4am-6amTwenty20 Cup
Cricket
SKY SPORTS 2
7pmRoad to London 7.30pm
Live Super League 10pmWWE:
Late Night Smackdown 12am
WWE: Late Night Bottom Line
1amTight Lines 2amNFL: Total
Access 3amTime of Our Lives
4amBadminton 5am-6amNFL:
Total Access
SKY SPORTS 3
7pmTight Lines 8pmBadminton
9pmLive PGA Tour Golf 12am
Super League 1.30amBadminton
2.30amRoad to London 3am
Tight Lines 4am-6amCurrie Cup
Rugby Union
BRITISH EUROSPORT
7pmCycling: Tour de France
8.30pmMotoGP 9.30pmWorld
Superbikes 10.05pmCycling:
Tour de France 11.35pm
Intercontinental Rally Challenge
12amRallying 12.15am-12.30am
Athletics
ESPN
5.45pmPremiership Rugby
Union 7.15pmLive Premiership
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MMA Live 11.45pmESPN Kicks:
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4.30amESPN Game of the Week
5am-8amLive Australian Rules
Football
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
7pmThe Apprentice 8pmJosie:
My Cancer Curse 9pmWorlds
Craziest Fools 9.30pmThe
Pranker 10pmEastEnders
10.30pmRussell Howards Good
News 11pmFamily Guy 11.45pm
Angry Boys 12.15amWorlds
Craziest Fools 12.45amMongrels
1.15amThe Pranker 1.45am
Russell Howards Good News
2.15amAngry Boys 2.45am
Mongrels 4.15am-5.15amThe
Apprentice
E4
7pmHollyoaks 7.30pmFriends
9pmGoks Clothes Roadshow
10pmSupersize vs Superskinny
11pmDirty Sexy Things 12.05am
My Name Is Earl 1.05amGoks
Clothes Roadshow2am
Supersize vs Superskinny
2.55amGlee 3.40amHeartland
4.25amThe Class 4.45am-6am
Switched
HISTORY
7pmAmerica: The Story of the
US 8pmStorage Wars 9pm
American Pickers 10pmAncient
Aliens 11pmClash of the Gods
1amHow London Was Built 2am
Warriors 3amAmerica: The
Story of the US 4amMega
Disasters 5am-6amIce Road
Truckers
DISCOVERY
7pmMythbusters 9pmWhale
Wars 10pmGold Rush 11pm
Flying Wild Alaska 12amBear
Grylls: Born Survivor 1amWhale
Wars 2amGold Rush 3am
Deadliest Catch 3.50amWildest
Africa 4.40amWeird or What?
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 9pmAn Idiot
Abroad 10pmWall of Fame.
Topical panel show, hosted by
David Walliams. 10.30pm
Spartacus: Blood and Sand
11.40pmBrit Cops: Frontline
Crime UK 12.40amDanny Dyers
Deadliest Men 2: Living
Dangerously 1.40amStargate
Atlantis 3.10amRoss Kemp on
Gangs 4amAirline 4.50amBite
Size Brainiac 5.10am-6amSell
Me the Answer
BBC2 ITV1 CHANNEL4 CHANNEL5
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TVPICK
6pmBBC News 6.30pmBBC
London News 7pmThe One Show:
Best of Britain 7.30pmThe Good
Cook: BBC News 8pmEastEnders
8.30pmA Question of Sport. With
Chris Cusiter and DJ Spoony.
9pmMy Family 9.30pmMiranda
10pmBBC News 10.25pm
Regional News 10.35pmCHOICE
The Apprentice: How to Get Hired
11.25pmThe National Lottery
Friday Night Draws 11.35pmFILM
Eurotrip: Teen comedy, with
Scott Mechlowicz 2004;
Weatherview 1.05amSign Zone:
The Spice Trail 2.05amLouis
Theroux: Miami Mega Jail 3.05am
Royal Upstairs Downstairs
3.35am-6amBBC News
9amLive Golf: The Open
Championship: Day two from
the Royal St Georges Golf Club
in Sandwich, Kent.
8pmCHOICE BBC Proms
2011: New series. Coverage of
the classical music event from
the Royal Albert Hall in London.
9.45pmThe Kennedys: Bobby
blames himself for Johns
death. Last in the series.
10.30pmNewsnight: Weather
11.05pmT in the Park 2011:
Highlights of the music festival.
1.05amFILMMy Babys Daddy:
Comedy, starring Eddie Griffin.
2004. 2.25am-6amClose
6pmLondon Tonight
6.30pmITV News
7pmEmmerdale
7.30pmCoronation Street
8pmLove Your Garden
8.30pmCoronation Street
9pmCHOICE Live Celebrity
Who Wants to Be a
Millionaire?: Schools Out
10.15pmITV News at Ten
10.40pmLondon News
10.50pmFILMThe Chronicles
of Riddick: 2004.
12.55amThe Zone; ITV News
Headlines
3amFILMEarthquake: 1974.
5am-5.30amITV Nightscreen
6pmThe Simpsons
6.30pmHollyoaks
7pmChannel 4 News
7.25pm4thought.tv
7.30pmDouble Lesson
8pmCome Dine with Me
9pm8 Out of 10 Cats 9.30pmAlan
Carr: Chatty Man 10.30pmChris
Moyles Quiz Night 11.25pmThe
Big Bang Theory 11.50pmSirens
12.55amMusic on 4: 360 Sessions
1.25amHollyoaks Music Show
1.50amAlbum Chart Show
2.05amMy Name Is Earl 2.45am
Bobs Burgers 3.10amThe Real
Housewives of New Jersey 3.55am
Ugly 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
10pmThe Mentalist
10.55pmCSI: Miami
11.55pmInside Hollywood
12.10amSuperCasino
4.05amMotorsport Mundial: High-
speed coverage. 4.30amFifth Gear
5amRough Guide to Eco Escapes
5.10amWildlife SOS 5.35am-6am
House Doctor
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33
12
11
9
8
29
10
34
18
6
26
15
16
16
4
17
32
30
7
10
Fill the grid so that each block
adds up to the total in the box
above or to the left of it.
You can only use the digits 1-9
and you must not use the
same digit twice in a block.
The same digit may occur
more than once in a row or
column, but it must be in a
separate block.
COFFEE BREAK
Copyright Puzzle Press Ltd, www.puzzlepress.co.uk
KAKURO
QUICK CROSSWORD
LAST ISSUES
SOLUTIONS
KAKURO
WORDWHEEL
Using only the letters in the Wordwheel, you have
ten minutes to nd as many words as possible,
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters
or more, all must contain the central letter and
letters can only be used once in every word. There
is at least one nine-letter word in the wheel.
SUDOKU
Place the numbers from 1 to 9 in each empty cell so that each
row, each column and each 3x3 block contains all the numbers
from 1 to 9 to solve this tricky Sudoku puzzle.
SUDOKU
QUICK CROSSWORD
ACROSS
1 Firework that burns
with a zzing noise (5)
4 Become rotten, as of
an egg, for example (5)
7 Playfully mischievous
child, rascal (9)
9 Chuck (5)
10 Single level of a
building (5)
12 Ridge of rock,
coral, etc (4)
14 British nobleman (4)
16 In addition (5)
18 Containing nothing (5)
20 Small thin sausage (9)
21 Sir Thomas ___,
English poet
(1503-1542) (5)
22 Long (for) (5)
DOWN
1 Area, zone (6)
2 Former communist
country (inits) (4)
3 Noisy altercation (5)
5 Had musings or
fantasies while
awake (9)
6 Person who inspires
others (6)
8 Tall receptacle in
which a popular drink
is brewed (6,3)
11 Known (3)
13 Number signied by
the Roman LXXX (6)
15 Non-professional
person (6)
17 Prepared for action (5)
19 Daddy (4)
T
R
T
I
G E
N
A
G

4

J E W E L I N P U T
R C M R A
T A P S E X C E S S
E T I C S T
S O F A H D I M E
T A S H A M E D L
P O N Y N S E R E
I C I N K S
L A I R D S T O G S
O E M O E
T A R D Y A P P L E
8 6 5 9 6 9
2 8 3 4 5 1 7
1 4 2 4 2 5 3 1
5 9 2 1 8 6 9
6 8 9 5 2 3
2 8 5 7 6 3 9 1 4
1 7 9 3 1 8
8 9 7 8 2 7 9
3 6 1 4 2 9 3 1
2 5 7 9 8 4 6
3 6 3 4 1 2
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter word was
VARNISHED
21
MCILROY WHO?
SPORT | IN BRIEF
Baldini to quit England role
FOOTBALL: Franco Baldini will leave his
job as Englands general manager at the
end of the Euro 2012 qualifiers to take
up a similar role with Italian side Roma.
But he would be willing to work with the
team on a short-term basis should they
qualify for next summers tournament.
Barron critical of RFU behaviour
RUGBY UNION: Former Rugby Football
Union chief Francis Baron says he is
angry at the way the organisation is
being run. Earlier this week, the RFU
chose not to publish a report by Judge
Jeff Blackett into the ousting of former
chief executive John Steele. The board
is in a state of total denial. Nobody is
accepting responsibility, said Barron.
When there is a horrendous sequence of
events on your watch, then you do the
honourable thing.
Alonso will risk all to catch Vettel
FORMULA ONE: Former world champion
Fernando Alonso is throwing caution to
the wind as he bids to overhaul runaway
leader Sebastian Vettel in the race for
the Formula One title. The Ferrari driver,
winner of last Sundays British Grand
Prix, is 92 points behind Vettel with nine
of the 19 races gone. The Spaniard said:
We have to be realistic because that is
a very big gap. This will involve taking a
few more risks, and maybe it will happen
that we pay a high price for that, but
there is no alternative. We are definitely
not giving up.
Sport
22
City golfers are faced with a familiar
problem, you cant play golf on weekend
mornings when you have the time as the
best tee times on the best courses are
completely reserved for members. Yet
you struggle to justify becoming a mem-
ber as youll be lucky to play once a
month, so traditional golf club member-
ship fails to appeal to you. You may be
bored playing dull, characterless golf
courses so why not break the mould and
take up a truly ground-breaking pay as
you go membership package that is tai-
lored to your needs at one of Surreys
best courses that give access to the
prime weekend times and its located
inside the M25. Kingsw ood, qualifying
venue for this years Senior Open
Championship, was built in 1920s and
designed by five times Open
Championship winner James Braid, his
courses include Carnoustie, Gleneagles
and Hankley Common.
If you would like to try this hidden gem,
Kingswood are offering a 15.00* dis-
count to all City AM readers. Call 01737
832334 or email sales@kingswood-
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Fourball and two buggies will be yours
for the round .
For more information about
Membership, visit kingswood-golf.co.uk
*15.00 discount available on all stan-
dard green fees. Buggies** are subject to
availability and not in conjunction with
any other offer or promotion. Valid until
31.7.11
ADVERTORIAL
Too busy for golf?
FORMER Arsenal captain Patrick
Vieira has announced his retirement
and has accepted a newly-created posi-
tion as Manchester Citys football
development executive.
The 35-year-old Frenchman hung
up his boots yesterday, 18 years after
making his debut for Cannes, follow-
ing a glittering career that has
brought him World Cup and
European Championship winners
medals as well as seven domestic titles
and five FA Cups.
Vieira joined Arsenal from AC
Milan in 1996. The combative mid-
fielder marshalled the Invincibles
team that won the Premier League
title in 2003-04, while he won two
other league crowns. His final kick for
the Gunners was the winning penalty
in the 2005 FA Cup final.
PATRICK VIEIRA | HE CAME FROM SENEGAL HE PLAYED FOR ARSENAL
1998: Vieira helps France to World Cup
victory over Brazil on home soil
2002: Arsenal win 1-0 at Old Trafford to
clinch their second Double in four years
2004: Vieira captains Arsenals
Invincibles to the Premier League title
Arsenal legend Vieira retires
BRITISH amateur Tom Lewis stole Rory
McIlroys thunder on the opening day of
The Open by grabbing a share of the lead
following a stunning first round 65.
Newly crowned US Open champion
McIlroy had been the centre of attention
heading into golfs flagship tournament,
but by the end of a thrilling first day all
the talk was of a 20-year-old from Welwyn
Garden.
Lewis made the most of benign condi-
tions late in the day and celebrated his
Open debut by shooting a five-under 65,
the lowest ever round by an amateur at
this event, that included a dazzling run of
four straight birdies from the 14th.
The Englishman ended the day tied
with Danish veteran Thomas Bjorn and
one shot ahead of former US Open cham-
pion Lucas Glover and Spains Miguel
Angel Jimenez.
Lewis grew up learning the game at the
same golf club in Welwyn Garden City as
Nick Faldo and before the tournament
proclaimed it was his ambition to win
more Majors than the former Ryder Cup
captain.
The youngster played his opening
round alongside five-time champion, and
the man he was named after Tom Watson,
and Lewis revealed the American, 41 years
his senior, was a most beneficial presence.
He said: It was excellent playing with
Tom today. I couldnt have asked for a bet-
ter draw. To play with Tom was just a great
experience and to shoot a great score in
front of Tom was a great experience as
well, so I couldnt have asked for more.
I introduced myself to Tom on Tuesday
because I think I would have been more
nervous than I already was if Id done it on
the tee.
A clearly impressed Watson added:
Hes quite a refined player at the age of
20 he could be my grandson. He hit the
ball straight, he hit the ball where he was
looking and played some fine shots. I
remember those aggressive putting
strokes when I was 20.
BY JAMES GOLDMAN
GOLF
l US Open champion
fails to get off to a flying
start and is upstaged by
English amateur Lewis
l 20-year-old shares
the first round lead with
Danish veteran Bjorn
2011: Makes his final career appearance
in Citys 1-0 FA Cup final win over Stoke
2005: Vieiras penalty decides the FA Cup
final in his final Arsenal appearance
2008: Wins the second of four consecutive
Serie A titles with Juventus and Inter
THE 2011 OPEN CHAMPIONSHIP AT ROYAL ST GEORGES
FOOTBALL
Lewis carded four

straight birdies
from the 14th
Picture: GETTY
MANCHESTER UNITED manager Sir
Alex Ferguson has denied he is inter-
ested in making Inter Milans Wesley
Sneijder his headline summer sign-
ing amid speculation that a 35m
deal is close to being agreed.
Ferguson has already spent in
excess of 50m during the close sea-
son following the arrivals of Ashley
Young, Phil Jones and David de Gea.
Reports had suggested that United
chief executive David Gill has been
in Milan thrashing out a deal
with Inter and Sneijder (right),
but United have since con-
firmed that Gill was heading to
Zurich for a European Club
Association meeting.
Ferguson added: I keep
reading about this, theres
absolutely nothing at all
to that [reports of
Uniteds interest in the
player. First of all I dont think
Inter are prepared to sell him any-
way.
You get conjecture and you get
speculation every week in news-
papers unfortunately. And we
have to answer these for
some reason why, I
dont know, but we
have to find a reason
without adding insult
to any particular
club, or embarrass-
ing any player.
DEFENDING champion Alberto
Contador lost further ground on the
first mountain stage of this years
Tour de France.
The three-time winner began yes-
terdays 12th stage across the
Pyrenees over four minutes behind
race leader Thomas Voeckler.
And although he remains a similar
distance adrift of the Europcar rider,
crucially he is now 2mins 11secs, 1:54
and 1:43 adrift of second-placed
Frank Schleck, third-placed Cadel
Evans and fourth-placed Andy
Schleck, respectively. He said: I
couldnt do anything more. Im feel-
ing a bit tired after the Giro.
Ferguson not interested in making
Sneijder his next summer purchase
FOOTBALL
CYCLING
ENGLAND batsman Jonathan Trott

has revealed that his staggering
accomplishments of the last two
years would never have happened
had he succumbed to the alcohol
problem that threatened to derail his
career.
The South African-born batsman
has been a revelation since making a
century on debut in the deciding Test
of the 2009 Ashes series. Trott has
scored a staggering 1,867 runs in the
space of just 21 matches and has
forged a reputation as one of the
most dependable and obdurate bats-
men on the Test circuit.
And the Warwickshire star, 30,
believes the success of the last two
years represent just reward for a
reformed and more mature attitude.
He said: I used to go nuts and it
affected the image people had of me.
It used to cloud my judgment, not
just that night, but for days after-
wards.
I still have the occasional beer or
glass of wine but, when it comes to
nights out, you probably wont find
me around them.
It can be quite tough but the guys
in the team understand. In the past
Id have been at the front of the
queue [for a drink)]. But I honestly
dont think Id be sitting here today if
I did still drink.
Trotts performances will go a long
way to determining the outcome of
the upcoming Test series against
world No 1 ranked side India, which
starts next week at Lords.
But for now Indias former
England coach, Duncan Fletcher,
believes exploiting captain Andrew
Strausss current run of poor form
will hand his side a psychological
edge. Strauss will turn out for
Somerset today against the tourists
and Fletcher said: If Strauss gets out
early, there is chance we will have
something over him but our bowlers
will be confident even if he does
score runs.
There are other batsmen in the
England team who we have to look
at, and its something for Straussy to
think about. If he feels he has a prob-
lem with it, its more of a concern for
him than it is for us.
BY JAMES GOLDMAN
CRICKET
Pyrenees find
out struggling
champ Contador
Results
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email sport@cityam.com
23
Trott: I had a drink problem
Trott is approach-
ing 2,000 Test
runs
Picture: ACTION
IMAGES
Rorys taking the
patient approach
after slow start
NORTHERN IRELANDS Rory McIlroy
admits he has had about four hang-
overs since his runaway US Open vic-
tory, but he will not be adding his slow
start to the Open to the list.
The 22-year-old fell to two over par
after only three holes but limited the
damage with a solid round of 71 to
leave him one over par and six shots
off the lead.
No hangover, he insisted. I strug-
gled a bit with my speed all day on the
greens, but it was a day where you just
needed to grind out a score and any-
where around even par was a good
start.
On a day like this I know better
than most people you can shoot a
high number and put yourself out of
the golf tournament, so it was nice to
go out and shoot a decent score.
Luke Donald and Lee Westwood,
numbers one and two in the world,
also shot first round totals of 71 as
they were put in the shade by Danish
veteran Thomas Bjorn who wasnt sure
of a place in the tournament until
Monday.
Bjorn has been to hell and back
since he blew the 2003 Open at
Sandwich. The 40-year-old lost his
father Ole after a long illness two
months ago.
He is still grieving and it was too
much for him when his passing was
mentioned at his post-round press con-
ference.
He meant a lot to me, said Bjorn
before tears started flowing and, after
asking for a moment to gather himself
again, he added: He would have been
very proud of what I did today. Thats
all Ive really got to say.
A lot of people have asked me what
I feel about the 2003 Open, he added.
Its in the past. I always look ahead
Im 40 years old and there might just
be a little bit more in me.

A Truly Magical Finale For Potter and Co: Our Thumbs Up

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Spread betting and CFD trading carry a high level of risk to your capital and you can lose

more than your initial deposit.

www.cityam.com Issue 1,425 Friday 15 July 2011 FREE

l Rupert Murdoch met with his

Europes debt crisis is getting worse

$1.4trn in US cuts agreed

OIL AND GAS

CAPITAL One and Wells Fargo are

DIRECTORS at BSkyB are likely to

A CONSORTIUM of businesses has

ANALYSIS l Are this years tests tougher?

*scenarios for this year 2011

RENTAL costs have soared past 1,000

SPORTS Direct yesterday reported a

ANDREW WOOD | BERNSTEIN

GRAHAM JONES | PANMURE

ANALYSIS l Mitchells & Butlers

Asos gets boost

SHARES in Daily Mail & General

YELL crashed more than 20 per cent

SWEDISH regulators have raided lead-

ASHMORE Group, the emerging mar-

PRECIOUS metals miner Fresnillo post-

Rio Tinto chief exec-

Lewis carded four

ENGLAND batsman Jonathan Trott

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