Cityam 2011-07-21

FTSE 100 5,853.82 +63.83 DOW 12,571.91 -15.51 NASDAQ 2,814.23 -12.29 /$ 1.61 unc / 1.13 unc /$ 1.
/ 1.13 unc /$ 1.42 unc

More bonus
curbs could
be on way
BRITISH firms could be subject to an
even more restrictive bonus regime
under the terms of a new EU directive
published yesterday.
The Capital Requirements Directive
4 (CRD IV), which is the EUs version of
Basel III, suggests that financial institu-
tions could have to endure yet more
interference in their remuneration
practices following a tome of regula-
tions on pay introduced in January.
PricewaterhouseCoopers partner
Tom Gosling says: The [current rules
are] unlikely to be the last word on pay
regulation Perhaps most worrying
for relevant firms is the possibility of
further prescription around the ratio
of variable to fixed pay.
Already, the rules require that no
more than 30 per cent of most bonuses
are paid in cash up-front, but the
changes under consideration could see
financial institutions forced to cap the
proportion of an employees pay that
consists of a variable bonus.
That would raise fixed costs at a
time when many brokers are already
struggling.
Governments will now enter negoti-
ations over the directive, with the UK
Treasury intending to fight CRD IVs
maximum harmonisation require-
ment, which would prevent national
regulators from beefing up EU rules.
KPMGs Giles Williams says: This
marks a significant shift in power away
from national regulators. From a UK
financial stability perspective, this flies
in the face of recent moves to empower
the new regulatory architecture.
BY JULIET SAMUEL
REGULATION
The latest public finance figures, released this morning, will reveal the chancellors progress in cutting the deficit Picture: Reuters
ECONOMISTS have slashed expecta-
tions for this years UK growth by half
a per cent in recent months, as worries
mount over sovereign debt crises on
both sides of the pond.
Forecasters now see the British econ-
omy expanding by just 1.3 per cent in
2011 down from 1.8 per cent as
recently as March, a poll of independ-
ent economists revealed last night.
Last month they still expected
growth of 1.5 per cent, according to
the poll compiled by the Treasury.
Growth for 2012 was revised lower,
from 2.1 per cent to two per cent.
The downbeat news compounds an
already miserable weak for chancellor
George Osborne, who was named by
Rebekah Brooks on Tuesday as the
force behind hiring former News of
the World editor Andy Coulson as
Number 10s spin doctor.
With the UK economy failing to
grow at any kind of meaningful pace,
Osborne plans to slash the countrys
mammoth deficit are increasingly in
danger. Economists now see public
borrowing of 125.1bn in 2011-12, up
from forecasts of 121.5bn in March.
Osbornes progress in tidying up the
UKs dire public finances will be clear-
er this morning, after official data is
released for June.
Borrowing was 1.5bn higher in
April and May than at the same point
ECONOMISTS CUT
THEIR FORECASTS
BY JULIAN HARRIS
ECONOMY
www.cityam.com Issue 1,429 Thursday 21 July 2011 FREE

EUROZONE
DEBT CRISIS
MAKE OR BREAK
TIME FOR EURO,
SAYS BARROSO P5
SUMMER READS TO KEEP
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BOOKS FOR ALL AGES P19
BUSINESS WITH PERSONALITY
last year, knocking the coalitions plan
to reduce the deficit by around 20bn.
Spending in the first two months of
this financial year was 4.1 per cent
higher than the same time in 2010.
Despite the over-spend, Labour last
night blamed the UKs anaemic
growth on Osbornes planned cuts.
The deficit reduction goes too far and
too fast, a party spokesperson said,
arguing for a reversal of the VAT hike.
The Federation of Small Businesses
this week called on the government to
temporarily slash VAT for the construc-
tion and tourism sectors, in a bid to
kick start the economy.
Yet Osbornes policy of raising VAT
while scheduling reductions in busi-
ness tax was supported by Berenberg
Bank economist Holger Schmieding.
Cutting business taxes is the
strongest signal to send to global
firms, while other supply side reforms
will help boost the economy in the
medium-term, Dr Schmieding said.
Britain is going through a diet like
Germany did seven or eight years ago.
You cannot abandon the diet just
because you dont like it at first. It may
not be nice but eventually it makes
you healthier. GDP figures for the sec-
ond quarter of the year will be pub-
lished on Tuesday of next week. We
always maintained the recovery would
be choppy, the Treasury told City A.M.
ALLISTER HEATH: P2
Certified Distribution
30/05/11 till 03/07/11 is 102,636
News
2 CITYA.M. 21 JULY 2011
Profits jump
at BlackRock
BLACKROCK, the worlds largest
money manager by assets, busted
expectations with a 43 per cent jump
in quarterly profit yesterday, thanks
to its rapidly growing list of fund
styles and asset classes.
The New York-based company has
long been known as a fixed-income
institutional manager, but chief exec-
utive Laurence Fink has pressed into
new areas such as exchange traded
funds and multi-asset products. Both
took in healthy inflows of cash from
investors in the three months to 30
June.
Net income rose to $619m (383m)
from $432m a year earlier, BlackRock
reported yesterday.
Assets under management were
$3.659 trillion at 30 June, up 16 per
cent from a year earlier and up 0.3
per cent from the end of the first
quarter.
Fink said the results showed his
emphasis on new areas is paying off.
On a conference call with analysts, he
said BlackRocks broad product mix
will lead to a deeper relationship
with clients and drive revenue and
profits.
That is our strategy. And our strat-
egy has shown in the second quarter
that it is working, Fink said. Analysts
agreed that BlackRocks gains reflect-
ed its wide range of products.
BY HARRY BANKS
BANKING
Public spending still over half of GDP

ED Miliband should be happy: Britain
officially remains a state-dominated
economy. For all the talk of swinge-
ing cuts, public spending is set to
remain at 50.1 per cent of GDP in
2011, according to the latest OECD pre-
dictions. This is an astonishing figure:
more than half the economy, which
by one definition means that the UK is
more socialist than it is capitalist.
In fact, this is the third year in a row
that state spending will be worth
more than half of national income: it
was 51 per cent last year and 51.2 per
cent in 2009. Britain is one of just
eight OECD countries out of 32 to be
saddled with public spending worth
over half the output of their economy.
Spending is set to drop to 48.8 per cent
of GDP in 2012 but even that relatively
small reduction could be derailed if
the economy continues to slow.
There are many who believe that
spending cuts (or the fear of future
cuts) is dragging down growth. My
contention is the opposite: because
the state still dominates the economy
so much, and is being reduced at such
a snails pace, the positive, expansion-
ary supply-side effects from downsiz-
ing the scale of government have yet
to manifest themselves. At this rate,
they will actually take years to kick in,
which is George Osbornes big prob-
lem. There is plenty of economic
research which shows that large,
bloated governments drag down
growth and that downsizing them
boosts growth; but nobody would
argue that this applies when trim-
ming government spending almost
imperceptibly, as the OECD stats sug-
gest is the case in the UK.
That is the biggest structural reason
why the UK economy is stuck in the
slow lane. There are of course other
shorter-term reasons which explain
why independent economists have cut
their growth forecast for this year to
1.3 per cent, according to the monthly
poll compiled by the Treasury yester-
day. One hugely important reason is
the fear of a spillover from the
Eurozone and US debt crises.
Citigroup, for one, has just downgrad-
ed forecasts for the US, Japan and the
Eurozone, as well as the UK.
Another hugely important reason is
that take-home pay has been falling as
a result of high consumer price infla-
tion, surging costs and taxes and low
wage growth. The Asda Income
Tracker produced by Evolution
Securities shows that wage growth
has lagged inflation since early 2009.
There was a 9 a week (five per cent)
fall in family spending power com-
pared with last year in July. The aver-
age UK household had 167 a week of
discretionary income in June 2011
the lowest level since January 2009,
the Evolution research suggests.
Discretionary income has fallen for
the last 18 months and looks set to
decline into next year. The problems
include soaring utility costs caused
in part by Britain and Europes strin-
gent environmental laws, which are
pushing up the price of energy as
well as high petrol costs partly due
to ultra-high taxes and also to the high
price of oil and higher food prices.
The biggest single structural change is
the 25 per cent devaluation of ster-
ling, which is pushing up import
prices.
So no wonder the picture is looking
bleaker than it did earlier this year.
The only real question now is whether
we will continue to see sluggish
growth over the next few quarters or
whether a sovereign debt crisis in the
Eurozone or even the US leads to
something much worse.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
AMERICAN Express said second quar-
ter earnings rose yesterday, as cus-
tomers spent more on their cards and
the firm trims its riskier businesses.
Average spending on the companys
cards rose 15 per cent to $3,767 and
the number of outstanding American
Express cards rose six per cent to 94m.
The firms quarterly earnings rose
to $1.32bn, a jump on 32 per cent on
the same quarter last year.
American Express has been focus-
ing its business on processing credit
and debit card transactions, which is
less risky than lending.
The company said earlier this week
it is working with merchants to offer
coupons to customers via Facebook,
which is designed to generate more
sales volume on American Express
cards.
In the years leading up to the credit
crunch, American Express boosted
profit by making more loans, only to
be burned by customer defaults.
BY HARRY BANKS
CONSUMER
AmEx sees spending rise

American Express chief Kenneth Chenault has overseen big gains Picture: REUTERS
NEWS | IN BRIEF
Wells Fargo to pay $85m fine
Wells Fargo & Co, the largest mortgage
lender in the US, has agreed to pay a
$85m (52.6m) civil penalty to the
Federal Reserve Board and will com-
pensate borrowers who were allegedly
steered into more costly subprime
loans with higher interest rates during
the housing boom. The fine is the
largest ever imposed by the Federal
Reserve in a consumer-enforcement
case, the Fed said yesterday. The bank,
which admits no wrongdoing, might
have to pay up to $20,000 in restitu-
tion to borrowers affected by the
alleged practices.
Allen & Overy launches in Africa
Allen & Overy (A&O) is set to become
the first of themagic circle law firms
to establish its presence on the African
continent with the launch an office in
Morocco. News of the move comes just
months after it emerged that rival law
firm Clifford Chance was in the early
stages of planning a launch in Morocco.
A&O is thought to be hiring two
Casablanca-based partners to staff the
new base, which is expected to open in
September this year.
EDITORS LETTER
ALLISTER HEATH
Editorial Statement
This newspaper adheres to the system of
self-regulation overseen by the Press Complaints
Commission. The PCC takes complaints about the
editorial content of publications under the Editors
Code of Practice, a copy of which can be found at
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BlackRock chief exec
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Editorial
Editor Allister Heath
Deputy Editor David Hellier
News Editor David Crow
Acting Night Editor Marion Dakers
Business Features Editor Marc Sidwell
Lifestyle Editor Zoe Strimpel
Sports Editor Frank Dalleres
Art Director Craig Gaymer
Pictures Alice Hepple
Commercial
Sales Director Jeremy Slattery
Commercial Director Harry Owen
Head of Distribution Nick Owen
BLACKSTONE STRIKES 700M DEAL
TO BUY GERMANYS JACK WOLFSKIN
Blackstone has agreed to take over
outdoor clothing company Jack
Wolfskin in a 700m ($995m) deal
that underlined the rapid transfor-
mation of the sector from local busi-
nesses to international brands. The
US buy-out group will announce on
Thursday that it will acquire the
German company from Barclays
Private Equity and Quadriga Capital,
people close to the situation said.
MINORITY INVESTORS SET TO SUE
TNK-BP
Minority shareholders of TNK-BP, the
Anglo-Russian oil major, are prepar-
ing legal action to claim billions of
dollars of damages over BPs failed bid
to form a strategic partnership with
Rosneft, the Russian state oil compa-
ny. BPs plan to partner Rosneft in an
equity swap and Arctic exploration
venture collapsed after AAR, the
Russian shareholders in TNK-BP, at a
tribunal in Stockholm.
20TH CENTURY FOX TO LAUNCH
MOVIES ON ANDROID
20th Century Fox is bringing movie
downloads to Googles Android
smartphone and tablet platform for
the first time this year, setting up the
fast-growing operating systems as a
media platform to rival Apples digi-
tal dominance.
HUDDLE TO MODERNISE WHITEHALL
COMPUTING
Huddle, a UK technology start-up, has
formed a partnership with
Whitehalls senior security chiefs to
make British civil servants among the
first in the world to use cloud com-
puting for work on classified govern-
ment documents. The deal with the
FCO services, which built the UK gov-
ernments secure private networks,
will enable civil servants across
Whitehall to share policy documents.
GIANTS JOIN THE SUGAR RUSH IN
BRAZIL
Dow Chemical and Mitsui have
become the latest investors in Brazils
burgeoning sugar cane industry.The
two companies have formed a joint
venture, reported to cost up to $2bn
(1.2bn), to manufacture plastic out
of ethanol made from sugar cane.
CREDIT RATING AGENCIES TOOK
UNFAIR BLAME OVER DEBT CRISIS
Credit rating agencies are not to
blame for exacerbating the eurozone
debt crisis and the criticism against
them has largely been unjustified,
according to a House of Lords com-
mittee.The European Unions sugges-
tion to suspend ratings for bailed-out
countries is wholly impractical and
smacks of censorship, the commit-
tee says in a report to be published
today after a four-month inquiry into
the agencies influence on the crisis.
PFIZER TO BUY PAIN DRUG MAKER
ICAGEN FOR $56M
Pfizer has agreed to buy Icagen, which
is developing drugs to treat pain and
related disorders. Pfizer already owns
about 11 per cent of Icagen. It will
acquire the remaining 8.3m shares for
$6 each, for a total transaction value
of $56m (35m). In 2007, Pfizer and
Icagen entered an agreement to devel-
op and commercialize pain and other
drugs.
MCDONALD'S OLYMPIC RESTAURANT
WILL BE BIGGEST IN THE WORLD
The busiest and biggest McDonald's is
the world will be within the Olympic
park in London, when it opens for
business next summer, seating 1,500
customers. The fast food company is a
long-standing sponsor of the
Olympics, and as a result has a
monopoly on all the catering outlets
within the Olympic park in Stratford,
east London.
ANGLO IRISH'S US PORTFOLIO DRAWS
INTEREST
Several banks, including Deutsche
Bank AG, Goldman Sachs Group Inc.,
J.P. Morgan Chase & Co. and Wells
Fargo & Co., are weighing bids for
parts of nationalized Irish lender
Anglo Irish Bank Corp.'s U.S. real-
estate portfolio, according to people
familiar with the matter. The bank's
real-estate loanshave a face value of
about $9.5bn.
ALCATEL WEIGHS FUTURE OF
ENTERPRISE UNIT
Elecommunications- equipment
maker Alcatel-Lucent SA said
Wednesday it was exploring options
for its enterprise business unit,
including a possible sale to a third
party.The announcement follows
months of speculation over the fate
of the business unit, which could be
worth at least $1.5bn.
WHAT THE OTHER PAPERS SAY THIS MORNING
DANIELLE Chiesi, a former hedge
fund trader and key defendant in the
sprawling Galleon Group insider
trading case, was sentenced last
night to two and a half years in
prison.
She is the first major defendant to
be sentenced in the US governments
probe, unveiled in October 2009 and
centered around Raj Rajaratnam,
founder of the Galleon hedge fund.
The 45-year-old Chiesi was also sen-
tenced to two years of supervised
release plus 250 hours of community
service. She had pleaded guilty in
January to three conspiracy counts.
PRIME Minister David Cameron yester-
day attempted to draw a line under
the hacking scandal that threatens to
engulf his government as well as the
entire Murdoch empire.
He said he has never had an inap-
propriate conversation with News
International executives over Rupert
Murdochs bid for the 61 per cent of
Sky the media tycoon does not already
own, but would not deny that he had
spoken to Murdoch employees on the
subject since being in Number 10.
He stressed he had no material
influence over the Sky bid, which was
handled by culture minister Jeremy
Hunt, and hinted government may
take no role in future media takeovers.
Cameron also told parliament that
with the benefit of hindsight he
regrets hiring former News of the
World editor Andy Coulson, who has
since been arrested over the scandal,
but refused opposition leader Ed
Milibands requests for an apology.
He said Coulson gave him guaran-
tees he had not been involved in ille-
gality, shouldering responsibility in an
attempt to shield George Osborne
from criticism over his role in the hire.
He also defended his chief of staff Ed
Llewellyn, who asked police not to
brief Cameron on the affair. Cameron
fielded questions from 136 MPs during
a mammoth Commons session.
News Corp yesterday continued its
firefighting efforts, saying it has final-
ly stopped paying legal fees for convict-
ed fraudster Glenn Mulcaire.
The company also lifted a confiden-
tiality clause from Harbottle & Lewis,
allowing the law firm to speak with
authorities on its work with News
International while the hackings are
said to have taken place.
The firms second-biggest sharehold-
er, Saudi Prince Alwaleed, gave News
Corp his backing last night.
PM moves to
curb News Int
hack scandal
THE WHITE House signalled yester-
day it could support a short-term
increase in the US borrowing limit
for a few days if lawmakers agreed
to a broad deficit reduction deal but
needed more time to pass it.
The move, a shift from President
Barack Obamas previous position,
reflects the growing political reality
that time is short for Congress to
pass a massive deficit-cutting deal
before the US runs out of money on
2 August.
A new proposal for long-term
deficit reduction from a group of
senators known as the Gang of Six
has revived hope that a broad agree-
ment on spending cuts can be
reached to avoid a looming default
and alleviate pressure on Americas
triple-A credit rating.
Fuel consumption gures for the Civic 1.4 i-VTEC Type S Manual in mpg (l/100km): Urban 38.7 (7.3),
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only available to persons aged 18 or over, subject to status. All gures are correct at time of publication but may be subject to change. Promoter is Honda
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HOW VERY HONDA
Obama now open
to short term deal
AMERICAN Airlines has splashed out
up to $40bn (24.7bn) on an order for
460 Boeing and Airbus aircrafts, as
the carrier works to overhaul its fleet.
The firm, which claims the deal is
the biggest-ever single aircraft pur-
chase, is set to buy the planes
between 2013 and 2022.
It marks a departure from
American Airlines loyalty to Boeing,
which it said in 1996 would supply its
planes exclusively until 2018.
The news came as AAs parent
company, AMR, reported a widened
loss of $286m and an eight per cent
revenue rise for the past quarter.
Record order
for American
Chiesi jailed for
role in Galleon
BY STEVE DINNEEN
MEDIA
ENFORCEMENT
AVIATION
Prime Minister
David Cameron,
back in the UK
after a trip to
Nigeria, answered
MPs questions over
the phone hacking
scandal yesterday
Picture: Reuters
BY HARRY BANKS
US ECONOMY
News
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SHARES of real estate and housing
data company Zillow tripled in value
on their debut, after pricing above
their expected range, as investors
buoyed by a wave of successful inter-
net IPOs shrugged off its ties to a
weak housing market.
Zillows initial pop in value over-
took internet-and-IPO darling
LinkedIns first-day share rise.
LinkedIn only doubled in value in its
first day of trade.
Seattle-based Zillow offers rent
and house price estimates as well as
real estate data on millions of US
homes through its websites and
mobile phone applications.
The shares were also boosted by a
recovering advertising market,
Zillows primary source of revenue,
its strong hold in a niche segment
and deals with companies like
Yahoo.
Their revenue has increased nice-
ly and their losses have come down
nicely. Theyre not profitable yet.
They have signed a collaborative
agreement with Yahoo that will help
their bottomline as well, Scott
Sweet, senior managing partner at
IPO Boutique, said.
Zillow -- which had 22m unique
users visiting its website and mobile
applications in May -- halved its loss-
es in 2010 and posted revenue of
$30.5m (18.9m) last year, up nearly
75 per cent from a year ago.
Though Zillows shares pared most
of their initial gains, they closed at
$35.77 more than 79 per cent above
their listing price, giving the compa-
ny a market value of about $940m.
Zillow is currently trading at more
than 30 times revenue.
Zillow shares
surge on first
day of trading
THE Citys jobs bloodbath is threaten-
ing to decimate staff levels at smaller
corporate finance firms this summer,
industry sources warned yesterday.
Finance house Matrix Group placed
most of its 93-person investment
banking team under review with a
view to retrenching them as it strug-
gles to cover its costs.
Only its investment trusts, real
estate and energy teams may stay,
sources told City A.M., while others
from financial services to consumer
goods and services will be shut.
Malcolm Le May, who heads
Matrixs investment banking arm
Matrix Corporate Capital, also ten-
dered his resignation this week.
The situation mirrors the fall of
Arbuthnot Securities and high-level
broking sources said many others
were planning to cut staff.
I think just about anybody else in
the industry is considering doing the
same, one chief executive told City
A.M., pointing to the next six weeks of
summer when few deals will happen.
It is a perfect storm in the UK,
Jonathan Keeling, chief executive of
Arden Partners, said.
But several said changes to bonus
regulation had caused hefty increases
to fixed salaries that were making it
hard for them to keep staff on.
Matrix slashes
broking arm in
jobs bloodbath
BY HARRY BANKS
TECHNOLOGY
FINANCIAL SERVICES
Zillow is the American equivalent of Britains

Rightmove online real estate service
The firm trades on more than 30 times rev-
enues and is not yet profitable
22m users visited the site in May
FAST FACTS | ZILLOW
News
STARBUCKS has appointed Kris
Engskov a former top aide to Bill
Clinton as head of its UK business.
Engskov (pictured right) is credited
as being the inspiration for the char-
acter Charlie a member of the
White house inner circle in the US TV
hit show the West Wing.
He will take over from Darcy
Willson-Rymer, who is leaving
Starbucks to pursue other business
interests.
Engskov was Bill Clintons so-called
body man between 1997 and 2000,
taking on the job of accompanying
the President on all
trips and acting as his
right hand man.
He joined
Starbucks in 2003
and spent two years
in Britain between
2005 and 2007 run-
ning the compa-
nys London shops.
He starts his new
role in September.
Starbucks appoints former
Clinton aide as its UK boss
Starbucks has appointed Kris Engskov as its UK chief Picture: GETTY
BY JOHN DUNNE
CONSUMER
News
THE Eurozone will meet for a criti-
cal meeting on a second Greek
bailout today in negotiations that
could make or break the euro.
European Commission president
Jose Manuel Barroso said that it was
time for Eurozone leaders to make
good on their promise to save the
single currency.
Most of the decisions to be
taken belong to the competence
of the member states, he said.
They have reserved the instru-
ments to themselves. And they have
said they will do what it takes to
ensure the stability of the euro
area. Well, now is the time to make
good on that promise.
Greece urgently requires a new
rescue to avoid a disorderly default
next year, with markets sensitive to
any suggestion that a deal might
again be put off.
German chancellor Angela
Merkel has tried to dampen hopes
of a deal, despite the Eurozones
final deadline for agreeing a
bailout package having passed last
week: Further steps will be neces-
sary and not just one spectacular
event which solves everything, she
said, suggesting that constructing a
bailout will be an ongoing process.
Capital Economics Jonathan
Loynes said: Todays summit could
provide the last chance for Euro-
zone policymakers to get a grip on
the regions debt crisis. Anything
other than a very decisive response
could see the situation become irre-
trievable.
Following a panicked crash at the
start of the week, markets rose on
the hope of a grand announcement
yesterday, with the euro gaining 0.5
per cent against the dollar. The
FTSE 100 closed up 1.1 per cent and
the Eurostoxx 50 gained 1.8 per
cent.
Yields on Eurozone government
debt also dipped after successive
rises over recent days. Italys two-
year yields dropped from 4.3 to four
per cent and its ten-year yields fell
from 5.7 to 5.6 per cent.
But if the day passes without a
substantial agreement, vulnerable
Eurozone economies could again
find themselves subject to the
whims of nervous investors.
Barroso: Euro relies
on leaders promises
BY JULIET SAMUEL
EUROZONE
SHARES in Bankia, the Spanish

savings bank, dived below their
already heavily discounted listing
price on their first day of trading
yesterday, after the government
forced the regional bank to shore
up capital or face nationalisation.
The initial public offering (IPO)
of Bankia, formed from a merger
between Caja Madrid and six
other regional Spanish banks, was
seen as a critical step in Spains
overhaul of its financial system
amid tough economic conditions.
Shares in the bank fell as much
6.4 per cent to 3.51 (3.08) in the
first hours of trading yesterday
before closing unchanged at its
listing price of 3.75.
Bankia, led by former
International Monetary Fund
head Rodrigo Rato, had initially
offered its shares at 4.41-5.05
apiece and aimed to raise as much
as 4.6bn.
It then cut its price at the 11th
hour in a move to woo institution-
al investors amid a spiraling
Eurozone debt crisis.
The IPO pricing valued Bankia
by assets at 0.4 times the banks
stated book value.
Shares in Spanish banks, howev-
er, responded with relief that the
IPO went ahead, with Spains
benchmark index, the IBEX-35 ris-
ing three per cent on the day and
banking giant Banco Santander
SA up five per cent.
"Weve done it in the middle of
a real storm in the market, creat-
ed by some of the toughest finan-
cial conditions of the last decade,
Rato told reporters and bankers at
Madrids stock exchange yester-
day, referring to the listing.
Bankia shares fall in market debut
despite bank discounting its listing
BANKING
NEWS | IN BRIEF
Civica raises 600m in IPO
Banca Civica, a Madrid-based bank
formed from the merger of four savings
banks, announced the pricing of its initial
public offering (IPO) at 2.70 a share,
the bottom of its price range.
The IPO was priced at a 60 per cent
discount to the banks stated book value,
the same as its larger rival Bankia who
also listed this week. Banca Civica,
around a quarter of the size of Bankia,
expects to place around 600m by
floating 45 per cent of its capital. The
bank said in a press release it had
received bids of over 1.1bn with the
institutional tranche 1.3 times sub-
scribed, with more support from the
retail tranche which was 2.3 times sub-
scribed. Trading will start tomorrow.
Eurostar sales rise four per cent
Sales and passenger numbers at
Eurostar grew by four per cent in the
first half of the year, helped by the ash
cloud disruption and a rise in US trav-
ellers. Cross-Channel train operator said
total sales revenues increased from
404m to 421m and passenger num-
bers went up by three per cent from
4.6m to 4.7m. Eurostar benefited from
increased sales during the Icleandic ash
cloud disruption, during which it ran 70
extra trains The number of international
travellers using their trains increased 21
per cent, driven in part by a "strong
increase" in passengers from the US.
I
t is not going to be a pretty sight
today in Justus Lipsius building
in Brussels. At the crisis sum-
mit, Europes leaders will do
something they previously reas-
sured their taxpayers was a legal
impossibility bail out failed states
in the Eurozone.
Or at least, they will try to do this.
Although they all agree Something
Has To Be Done to save Greece, they
cant agree on what.
Should private bondholders be
made to pay a share? Should
Eurozone banks be taxed to support
failed countries? This latest idea is
potty why pick on banks? If you
want to make the culprits of this
crisis pay, why not tax subprime
mortgage lenders, regulators,
Socialist Greek politicians or
indeed, just Greeks.
Getting Greeks to actually pay
taxes would be a good place to start.
Tempers are starting to fray as EU
voters vent their fury at having to
pay to reckless Greeks; and politi-
cians are worried they will be
caught throwing good money after
bad.
THE REAL GREEK QUESTION
European leaders will in fact dis-
cuss everything except the most
important issue. The big problem is
not that Greece needs money to
stop it going bust.
They are steadily turning the EU
into a transfer union, where the dis-
ciplined countries routinely make
payments of hundreds of billions of
euros to undisciplined ones.
But this does nothing to address
the underlying problem which is
the lack of competitiveness of the
Greek economy.
Greek industry is unable to com-
pete with German industry, and
Greece is now denied its old trick of
competitive devaluations of its cur-
rency.
The inevitable result is that
Greece, currently led by Prime
Minister George Papandreou (pic-
tured right) is never going to be able
to pay its way; instead the country
is being turned into a bailout
junkie.
WHY LONDON SHOULD WORRY
Nor should London be smug and
complacent about the widespread
troubles on the European main-
land.
Clearly international investors
might target their money at London
as a safe haven in times of trouble,
and we could see short term bene-
fits.
But if the wheels come off the
euro bandwagon, then we will suf-
fer from the economic shockwaves.
Eurozone leaders are going to be
looking for scapegoats to punish
and there will be none more deli-
cious than those Anglo Saxon
bankers.
The crisis is a
E u r o z o n e
probl em,
but the
c o n s e -
quenc es
will be
ours.
Anthony
Browne is a
board mem-
ber at
theCityUK
ANTHONY BROWNE
Why the City ought to be keeping a
close eye on EUs fight to fix Greece
FULL separation of retail and invest-
ment banks is back on the agenda for
the Independent Commission on
Banking (ICB), City A.M. understands.
In response to an avalanche of
responses to its interim report urging
the ICB to reconsider a full Glass-
Steagall-style separation of banking
operations, the commission is consid-
ering whether it should go further
than a ring-fence around retail bank-
ing and instead opt for separating the
ownership of retail and wholesale
operations.
However, given the likelihood of
strong opposition from the Treasury,
which recently endorsed the ring-
fence idea, the ICBs move to broaden
out its options just six weeks before its
final report is due could plunge UK
banking policy into confusion.
The commission had previously all
but ruled out full separation of retail
and investment banking, instead
favouring the subsidiarisation of retail
activities to protect what it views as
essential operations.
But City A.M. understands that as
part of its work to determine the
boundaries of the firewall around
retail banking, it is also reconsidering
whether it should recommend a sepa-
rated ownership structure at the top.
The commissions rethink will
please the Treasury Select Committee
(TSC), which said yesterday that full
structural separation has not received
sufficient analysis.
But the news will come as an annoy-
ance to senior banking executives,
who had thought that all the ICBs
major policy thinking would be done
by the end of the month.
But instead of concentrating only
upon the practical details of its ring-
fence proposal, the commission is
maintaining a broad focus at a late
stage in its thinking.
CRUCIAL reforms to the British bank-
ing system are being put together in
too much secrecy, an influential com-
mittee of MPs has said.
The Treasury Select Committee,
led by Andrew Tyrie MP (pic-
tured), released a report on the
Vickers Commission yesterday
warning that the reforms risk
lacking public credibility
and acceptability if they are
not discussed more openly.
The debate on the merits
or otherwise of the ICB
(Independent Commission
on Banking) proposals must
take place openly and trans-
parently in the public eye,
the TSC says. The taxpayer
deserves a full and public
debate about the future
direction and shape of our
banking system.
The report also says that
the ICB needs to per-
form more detailed
analysis of its calcu-
lation of the
implicit subsidy
that banks receive
due to an effective
government guar-
antee. It also calls
for the commission
to publish more of
the background
thinking behind its
decisions.
Tyrie: banking commission
must be more transparent
News
NEWS | IN BRIEF
Fund managers views improve
The outlook of global fund managers
became slightly sunnier over the last
month, despite dire sentiment towards
Europe. A net 19 per cent think the
economy will improve in the coming
year, up from net 10 per cent in May.
But a net 57 per cent of European
respondents hold an underweight posi-
tion in the banking sector the lowest
since February 2009, a survey by Bank
of America Merrill Lynch found.
Dell to buy Force10 Networks
Dell Inc has agreed to buy Force10
Networks, a privately-held technology
firm, in a move to expand into datacen-
tre networking and increase its enter-
prise portfolio. Force10 serves booming
social media companies like Facebook
and Zynga has nearly $200m in annual
revenues. Dell did not disclose the value
of the deal.
Windfarm deal hits turbulence
Climate Change Capital has postponed
raising money to buy a stake in a
Scottish wind farm, and said it would
consider withdrawing from other proj-
ects due to "difficult market conditions.
CCC had agreed three weeks ago to
spend 61.3m to take a 50 per cent
stake in a farm owned by Scottish and
Southern Energy.
One of the key findings in the Independent Commission on Bankings
interim report was that Lloyds should substantially enhance its sale
of 630 branches, because the existing number of branches on the
block was not enough to create an adequate competitor. Here the Treasury
select committee appears to offer some support to Lloyds by suggesting
that more branch sales wouldnt necessarily mean more competition
because such a remedy deals with the symptom and not the cause.
BEHIND THE LINES | WHAT THE TREASURY COMMITTEE REPORT MEANS

Sir John Vickers should consider whether an enhanced
divestment is really necessary and whether by calling for such a step the ICB is treating the symptom of
inadequate competition rather than the cause. It should
also confirm whether it has examined the case for
further divestments of branches from other banks.
The ICB places the [size of the implicit state

subsidy to the banking sector] at considerably in
excess of 10bn, but has not published detailed analysis
as to how it arrived at this figure. The need for con-
sensus in this area is critical because of the
ICBs goal to eliminate this subsidy.
The ICB has devoted just one page of its interim

report to measures to improve the switching process
and enhance transparency. Their proposals on switching
and transparency of charges to the customer need further
development; indeed the interim report does not
move forward the debate on this crucial issue.
We are concerned that the option of full structural

separation has not received sufficient analysis. To
this end, we call on the ICB to provide further details as
to the costs and benefits of this reform option and
why it decided early against full separation when
settling its lead option in the interim report
The Treasury select committee is calling on the commission to quan-

tify exactly how much the implicit state guarantee to the banking
sector is worth. If it fails to do so, the committee argues, then it has
no hope of coming up with a set of recommendations that will eliminate the
subsidy, something that needs to be done if the taxpayer is to avoid being
on the hook for future bailouts. It wants the banks and the commission to
agree on way of measuring the subsidy and to arrive at an agreed figure.
In its interim report, the commission came out in favour of a form of

ring-fencing rather than full scale separation of retail and investment
banks along the lines of the now defunct US Glass-Steagall act. The
Treasury committee is suggesting that the ICB did not sufficiently analyse
what further benefits a full-scale separation would have in terms of finan-
cial stability. City A.M. understands the ICB is now revisiting the prospect
of full separation, which is bad news for banks like Barclays.
The Treasury committee comes down quite hard on the commission

for its work on making bank charges more transparent and making
it easier to switch accounts. It believes that if the consumer were
better able to compare the charges of different banks and then easily
switch to a better deal then it would help promote more healthy competi-
tion. However, it points out the commission has only produced a page of
answers that are largely unoriginal.
Full Glass-Steagall
back on ICB agenda
BY JULIET SAMUEL
BANKING
BANKING
INTEL Corps quarterly revenue fore-

casts trumped Wall Streets expecta-
tions, defying investors concerns
about slowing personal computer
sales and buoying its shares.
Doubts about high US unemploy-
ment, the risk of a European finan-
cial crisis, climbing inventories and
sluggish PC sales had clouded the
second-half outlook for Intel and
other chip makers like Advanced
Micro Devices.
But the company, which domi-
nates the PC microchip industry but
is struggling in a fast-expanding
mobile market, forecast current-
quarter revenue of about $14bn, give
or take $500m.
Analysts on average had expected
Intel's revenue to rise to $13.5bn in
the current quarter, less than nor-
mal growth for this time of year.
Revenue in the June quarter was
$13.1bn, up 22 per cent over the year-
ago period and above the $12.8bn
expected by analysts.
Non-GAAP net income in the quar-
ter was $3.2bn, up 10 per cent. Non-
GAAP earnings per share were 59
cents.
Shares of Intel rose 1.65 per cent to
$23.37 in extended trade, after clos-
ing down 0.3 per cent.
The firm follows Apples block-
buster set of results on Tuesday
night, and has set the bar high for
sector peers reporting later this
week.
Intel defies
worries with
revenue jump
MELROSE, the industrial turnaround
investor pursuing Charter
International, said it was returning
373m to its investors yesterday after
completing the sale of one of its
investee companies.
Melrose used its 377m sale of
metal casting business Dynacast to
demonstrate its successful turn-
around track record and value addi-
tion credentials to reinforce its
position as a good buyer for Charter.
Under its ownership, it said
Dynacasts equity value had quadru-
pled; its enterprise value rose 98 per
cent; and the 439m it had invested
in both Dynacast and plastics group
McKehnie had generated 1bn cash.
The 75p-per-share return of capital
to shareholders about 14 per cent of
Melroses market capitalisation
would reduce total shareholder equi-
ty to 50m, it said, while the group
had grown to a 1.4bn capitalisation.
The bullish update also said its lat-
est buyout, of landmark engineering
group FKI, had seen its equity value
increase more than 2.5 times already.
The FKI acquisition is another
demonstrable example of how
Melrose has successfully restructured
and improved businesses to create
value for shareholders, it said in a
statement.
EBAY reported better-than-expected
quarterly results yesterday driven by
demand for its PayPal payment serv-
ice, and a rise the value of merchan-
dise sold through its main online
market place rose.
EBay said its second-quarter net
income fell to $283.4m (175.5m), or
22 cents per share compared with
$412m (255m), or 31 cents a share, in
the same period a year earlier.
The decline in earnings, however,
was mainly driven by costs from
eBays acquisition of GSI Commerce
earlier this year.
Excluding those costs, stock-based
compensation expenses and other
items, profit was $630.9m compared
with $530m in the previous year.
Revenue in the latest period was
$2.8bn, up 25 per cent from the sec-
ond quarter of 2010 and beating most
market expectations.
Melrose shows
credentials as it
returns capital
eBay quarterly results
top market expectations
eBay chief John Donahoe said its company growth State-side is on the up Pic: GETTY
BY HARRY BANKS
TECHNOLOGY
INDUSTRY
News
CITYA.M. 21 JULY 2011
BY KASMIRA JEFFORD
TECHNOLOGY
9
ANALYSIS l Intel Corporation
$
23.6
23.2
22.8
22.4
22.97
20 Jul
Virgin Media: TiVo
Service.
Richard thinks its the best way to watch TV, ever. What do you think?
Find out so much more at virginmedia.com/tivo
Virgin Media: TiVo
Service.
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Virgin Media: TiVo
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The Mirror thinks its the best way to watch TV, ever. What do you think?
ANALYSTS
BRIDE LIVID
AS CLIENTS
COME FIRST
SANDY Jadeja, the chief technical analyst
at CityIndex, has such a ferocious work
ethic that his colleagues place bets on
whether he will actually take time off.
So when he had to make a tough call
between presenting a fully-booked spread-
betting seminar to clients or attending his
own pre-wedding celebrations, there was
only one option: the guests partied at
Mayfairs Montcalm hotel without him.
The clients were happy, but Jadejas
wife was absolutely livid to come sec-
ond to Fibonacci ratios, risk manage-
ment and entry criteria, not to mention
having her honeymoon downgraded
from two weeks in the Maldives to one
week on Ischia off the coast of Italy
even though George Clooney was stay-
ing on the island at the same time.
Jadeja made amends by cutting off all
phone and email communications on
honeymoon the first time in eight years
and promising his wife a three-week trip
to the Maldives in December.
Obviously, Jadeja wouldnt cancel
that rescheduled break to speak at a
traders expo in Las Vegas would he?
The markets never sleep and Sandy
never sleeps, said Jadeja, who is hoping
by Niranjan Aiyagiri from JP Morgan,
who scored 30 runs in quick time to
take the Indian sides total to a
respectable 100 runs in 19.3 overs
although even if the match hadnt been
cut short due to slippery outfield condi-
tions, it was still clear the England team
had won hands down.
BUSINESS AS USUAL
CHARITY begins with spreadbetting,
after todays launch of a platform
designed to allow traders to transform
lives in South Asia just by doing their
normal job.
Twenty per cent of the top-line
revenue from every trade made on
BATrustmarkets, the financial
spreadbetting platform backed by
WorldSpreads, will be donated to the
British Asian Trust to invest in educa-
tion and health charities in South Asia.
Traders arent charged anything
extra, said BATrustmarkets co-founder
Alpesh Patel on the genuine advance in
charitable giving. Brokers pay from
their own top lines; we are just asking
traders to do what they do anyway.
his wife doesnt pick up City A.M. this
morning. The Maldives may have to
move to January.
CALLING CARD
WHEN KEN Olisa, the head of technolo-
gy merchant bank Restoration
Partners, was brutally ousted as a non-
executive director of the Eurasian
Natural Resources Company, he
famously described the boardroom
putsch as more Soviet than City.
Turning disaster into opportunity,
however, Olisa has made his angry part-
ing shot from the FTSE 100 mining
group his new calling card The
Capitalist hears he is handing out post-
cards (pictured right) designed with the
catchphrase to his contacts as he sets
about replenishing his roster of non-
exec appointments...
RAIN STOPS PLAY
THE long-anticipated India versus
England fund managers cricket
match organised by equity bro-
kers CLSA was almost a complete
walkover by the England side.
Spectators at the HAC
ground saw Oliver Bell and
John Moorhead from Pictet
and JP Morgans Alex Robins
keep taking wickets with
their mean bowling, while
F&Cs Peter Dalgliesh caught
everything behind the stumps like a
man possessed.
Complete loss of face was prevented
Get me to my desk on time: client seminars come first for CityIndex technical analyst Sandy Jadeja
CityIndex
analyst
Sandy Jadeja
missed his
own wedding
celebrations
to present a
spreadbetting
seminar
The Capitalist
10
EDITED BY
HARRIET DENNYS
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @citycapitalist
Batting above their average: the England team
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DESPITE warning of even higher
than expected inflation to come, the
Bank of England appears increasing-
ly reluctant to raise interest rates.
Minutes of the Banks July meet-
ing, released yesterday, suggest that
bearish economic news has pushed
the rate-setting committee even
further from the first step in
normalising rates.
Recent developments
had reduced the likeli-
hood that a tightening
in policy would be war-
ranted in the near
term, the minutes
state.
Following the release,
some analysts speculat-
ed that the Bank is
unlikely to raise interest
rates until the second quar-
ter of next year.
Rates have been
kept at historical
lows of 0.5 per cent since March
2009, while the Bank also launched a
programme of asset purchases
known as quantitative easing.
However, the committee alerted
economists and struggling house-
holds to the near-term inflationary
threat.
In the light of recent develop-
ments in utility and food prices, the
peak in inflation was likely to be a lit-
tle higher and come sooner than
the committee had previously
expected, the notes said.
Despite this, seven of
the nine-man commit-
tee, including governor
Mervyn King (left), voted
against a rise in rates.
Martin Weale and
Spencer Dale continued
to vote for a 0.25 per cent
hike.
Adam Posen continued
to be the only member to
vote for a further
50bn in asset
purchases.
Bank minutes
show no sign
of a rate hike
BY JULIAN HARRIS
UK ECONOMY
News
MORALE on the British high street has
slumped back down again, following a
brief spike caused by the royal wed-
ding and early summer sun.
In June the Nationwide consumer
confidence index fell four points to
51 a year on year drop of 11 points.
Sentiment had soared from 44 to
55 in the previous months index,
which included the packed bank holi-
day period at the end of April.
Confidence returned to a more
subdued level in June as the index
again failed to build any sustained
momentum to lift it from its current
low level, said Nationwides Mark
Saddleton. The index now stands 28
points below its long-run average,
Saddleton said.
Consumers are gloomy on future
prospects for the economy, weighing
down sentiment. Fewer than one
fifth (19 per cent) of respondents
expect the economic situation to be
good in six months time. Thirty
per cent said the situation would be
bad.
Consumer morale slides
after early summer boom
CONSUMER
GROSS mortgage lending picked up

strongly in June, according to figures
released yesterday.
Lending came in at 12.6bn, up 16
per cent from the 10.8bn lent in May.
Yet the figure was still nearly three
per cent lower than at the same time
last year, showing that the UKs slug-
gish housing market is not out of the
woods yet.
Junes figures remain muted com-
pared to long term norms, said
Howard Archer of IHS Global Insight.
The data are not seasonally adjusted
and activity is usually higher in June.
The Council of Mortgage Lenders
(CML), which compiled the data, cited
high consumer price inflation and
disappointing economic growth for
the ongoing housing market slump.
This backdrop weighs negatively
on purchase decisions relating to
home ownership, said CML chief
economist Bob Pannell.
By contrast, landlord activity
appears to have picked up recently.
Yet lending appears to have begun
an upward trend. Lending in the sec-
ond quarter came in at around
33.5bn, an 11 per cent increase from
the first three months of this year
(30.1bn), the figures showed.
Mortgage
lending on
the increase
HOUSING
Confidence on the high street has slumped following the early summer sun
THE London Stock Exchange reas-
sured investors of its financial clout at
its shareholder meeting yesterday but
refused to be drawn on any potential
partners following the collapse of its
merger with Canadas TMX Group.
LSE chairman Chris Gibson-Smith
blamed the breakdown of the 2.4bn
merger firmly on TMX for failing to
marshal its shareholders to support
the deal agreed.
He also used a strong set of quarter-
ly results, which showed group rev-
enues rose 14 per cent to 190.2m, to
emphasise the LSEs strength as an
independent company.
The 100 or so LSE shareholders at
the meeting expressed sympathy and
support for the board. One compared
the deal to BHP Billitons unsuccessful
bid for Canadas Potash Corp, which
authorities vetoed over concerns that
it would place critical national infra-
structure in foreign hands.
But Gibson-Smith ducked their
questions on the likelihood of it merg-
ing with US rival Nasdaq or another
regional exchange such as the Hong
Kong Exchange.
We werent successful with TMX
but there will be other deals in the
future, and we are still actually think-
ing about other deals we could do, he
said. But you will have to wait and
see what happens.
LSE chief executive Xavier Rolet
also refused to tell reporters if he had
spoken with Nasdaq head Robert
Greifeld recently, or if he planned to
meet Greifeld when he visited the UK
next week.
The LSE will be granted a C$10m
(6.5m) break fee from TMX for failing
to meet its side of the deal and if it
merges with Canadian bank consor-
tium Maple Group within a certain
period, TMX will have to pay a further
C$25m fee.
Quarterly revenues at the LSE were
boosted by a 58 per cent jump in post-
trade services as net treasury income
from its Italian central counterparty
(CCP) clearing service surged more
than four times to 25.8m.
JP Morgan Cazenove analyst Rae
Maile said CCP income had tripled
over the past year and was expected to
stay strong, raising the LSEs earnings
potential.
Primary markets income also rose
22 per cent compared with the same
quarter in 2010.
LSE bats away
deal talk with
strong results
BY ALISON LOCK
CAPITAL MARKETS
News
WHAT DID YOU THINK OF THE FAILED TMX MERGER?
Interviews by Alison Lock
I complimented the board for its strategy on
the TMX deal but I thought they could have
battened it down harder. But it is gone now, so
we have to look to the future; the Hong Kong
Exchange seems to have a lot in common with
the LSE and is no bigger than it.
AUBREY FRANKLIN | SHAREHOLDER
I think the merger probably would have
worked out, but you can never be sure
because of the potential culture clash. Two
companies have very different cultures and
often deals fall apart, so who knows how it
would have ended.
It was good that the deal did not go
through. If there was a merger, control of
the LSE could have moved away from here,
and you could have seen the headquarters
move too. In finance we have a better base
here in London than in Canada.
VINODRAY AMIN | SHAREHOLDER
VICTOR SILK | SHAREHOLDER
Italys crisis brings unexpected benefits
THE LSE seems an unlikely benefici-
ary from Italys growing debt crisis.
Yet its latest results showed one part
of its business has gained hugely
from Italys growing sovereign debt
crisis.
The revenue in question is treas-
ury income from the LSEs central
counterparty (CCP) clearing service,
part of its Italian clearing business
Cassa di Compensazione e Garanzia.
CCP treasury income soared 337
per cent in the quarter year-on-year,
its fifth consecutive quarter of rev-
enue growth. Over the past year its
revenues have tripled. It was the fire-
power behind the LSEs 58 per cent
jump in its headline post-trade serv-
ices income.
So how is Italys indebtedness
causing this? More than half of the
LSEs clearing revenue comes from
Italian banks and the business also
guarantees interbank transactions
by Italian banks.
That business is seeing surging
demand as the banks grow increas-
ingly worried their peers huge sov-
ereign debt holdings.
Thanks to their high exposure to
government debt now viewed as a
toxic commodity Italian banks no
longer trust each another to lend to,
and appetite for interbank lending
between them has dried up.
Instead, they are insisting on
using a clearing house to act as
counterparty between them, which
is fuelling a meteoric rise in CCP
treasury income the interest gen-
erated on the cash and securities
held in clearing.
The exchange has said the envi-
ronment for CCP revenues remains
positive. Assuming the Eurozones
leaders continue to hesitate, the LSE
looks sure to benefit further.
BOTTOMLINE
Analysis by Alison Lock
ANALYSIS l London Stock Exchange
p
1,040
1,020
1,000
980
960
1,030.00
20 Jul
YELL Group tanked 13.5 per cent yes-
terday after seeing its profits and rev-
enues for the first quarter slide.
Weakness in its print division con-
tinues to hurt the Yellow Pages direc-
tories publisher, with revenue falling
11 per cent to 383.3m, and Ebitda
down 20.2m to 109m.
Print and other directory revenue
fell 19 per cent, while digital services
revenue more than doubled in the
quarter ended 30 June.
A company spokesman told City
A.M. the results are in line with man-
agement forecasts.
Yell, which was relatively slow to
adapt to the shift to online advertis-
ing, is battling competition from a
host of new online services offering
local information, and from online
giants such as Google which offer
global advertising solutions.
Last Thursday, the company set out
a recovery plan that focuses on a digi-
tal strategy it says will help it return
to growth in four years time.
However, analysts remain uncon-
vinced, with its shares losing a fifth
of their value on the day the plan was
unveiled.
Yell shares have lost nearly a third
of their value since then. They closed
at just 6.48p last night, valuing the
company at about 176m.
The firm, which narrowly avoided
insolvency 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.
Last week it agreed to buy US
technology start-up Znode for
$20m, pushing its shares up nine
per cent.
Yell says Znode gives it e-commerce
technology 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 divi-
sion, called Yell Connect.
ONLINE gambling software provider
Playtech said yesterday it has signed a
long-term contract to provide a tech-
nology platform and gaming prod-
ucts to Europes biggest gambling
company Gala Coral, sending its
shares up almost nine per cent.
Estonia-based Playtech said its
products would support Gala Corals
entire product range, including
sports betting, and would take effect
with Gala Coral moving from its exist-
ing suppliers in the first half of 2012.
Chief executive Mor Weizer said:
This deal recognises our platforms
technological leadership and we are
confident it will provide Gala Coral
with the player management tools
and functionality to drive its entire
online business.
Gala Coral, which has more than
2,000 betting shops, has a substantial
online business, including a major
presence in the UK bingo market
alongside casino, poker and sports
betting products.
Playtech soars after signing bumper
contract with gaming giant Gala Coral
ARM Holdings surged almost six per
cent yesterday, riding on the coat tails
of Apples bumper results on Tuesday
night.
The UK chip designer creates chips
for Apples blockbuster iPad and
iPhone products. It is expected to fea-
ture a powerful new chip in the
upcoming iPhone 5.
Imagination Technologies, which
also designs chips for Cupertino-
based Apple, saw its shares jump 9.2
per cent. The market-beating results
led Numis to upgrade Imagination
stock, with the broker saying it esti-
mates that Apple represents around
40 per cent of the FTSE 250s technol-
ogy business revenues, meaning its
royalty volume estimates must rise to
reflect higher Apple volumes.
Apple sold 20m iPhones in the last
quarter along with 9.25m iPads and
3.95m Mac computers. It said third-
quarter revenue rose to $28.57bn
(17.7bn), trouncing the average ana-
lyst estimate of $24.99bn.
Imagination and ARM
ride on Apples coat tails
TECHNOLOGY
SAMSUNG yesterday launched a thin-

ner, lighter version of its Galaxy tablet
in a bid to claw back market share
from a rampant Apple.
The Galaxy Tab 10.1 inch is an
upgraded version of the 7-inch tablet
introduced in October. It has a bigger,
brighter screen and weighs less than
the iPad 2. However, it has access to
only about half the apps Apple that
users do, at just over 200,000, com-
pared with around 500,000 in the
Apple App store.
It launched yesterday in Samsungs
home Korean market ahead of a 4
August UK release. It has not yet been
priced in Europe.
Samsung says it wants to sell more
than five times the number of tablets
this year compared to 2010.
Samsung and Apple dominate the
market, with lesser rivals including
Research In Motions PlayBook,
Motorolas Xoom and Hewlett
Packards recently launched
TouchPad. Amazon also unveiled
plans last week to join the crowded
market.
Apple sold 14m iPads in the first
half of this year, compared with ana-
lyst sales estimates of about 7.5m units
for the Galaxy Tab over 2011.
Research firm Gartner forecasts the
tablet market will surge to 108m
devices next year from an estimated
70m in 2011.
Apples overall tablet market share
is expected to shrink to below half in
2015 from an estimated 69 per cent
this year, Gartner says.
Non-iPad tablet shipments are set to
jump 134 per cent next year, outpac-
ing the overall market growth rate of
80 per cent, according to Nomura.
Shares in Samsung closed up 3.5 per
cent, boosting the market capitalisa-
tion of Asias most valuable technolo-
gy company to about $130bn.
Samsung launches iPad 2 rival
BY STEVE DINNEEN
TECHNOLOGY
BT will have to cut the wholesale

prices it can charge Internet Service
Providers (ISPs) using its broadband
network by 12 per cent on top of infla-
tion each year, under a decision made
yesterday by the regulator Ofcom.
The price reduction, which will be
in place by mid August of this year
and continue until March 2014, will
apply to areas where BT is the sole
provider of wholesale broadband serv-
ices.
The reduction will only be imposed
on BTs maximum downstream speed
of 8 Mbit/s, which is most used in the
areas being targeted. Ofcom claims
that the new rates could benefit 3m
homes and businesses,
mainly in the rural
areas of Scotland,
Wales and
Northern Ireland.
By placing con-
trols on BTs charges
Ofcom (headed by Ed
Richards, pictured)
expects con-
sumers to see
numerous ben-
efits, includ-
ing more
competition
b e t w e e n
ISPs, and
f a s t e r
broadband
services.
BT forced into
making cuts on
broadband rate
Yell shouted
down by its
shareholders
BY STEVE DINNEEN
ADVERTISING
BY HARRY BANKS
TECHNOLOGY
News
ANALYSIS l Playtech
p
375
365
355
345
335
368.75
20 Jul
ANALYSIS l Yell
p
10.5
9.5
8.5
7.5
6.5
5.5
6.48
20 Jul
ANALYST VIEWS: IS THERE LIGHT AT THE END
OF THE TUNNEL FOR YELL? Interviews by Steve Dinneen
ALAN HOWARD | CANACCORD

This is more negative news on current trading for Yell, and another
reminder that investors have yet to see any significant light at the end of the tun-
nel: the rate of decline of business, driven by the economic downturn and online
migration, has yet to show any meaningful recovery.
JUSTIN URQUHART-STEWART | SEVEN

Yell is a company with a core problem its business is disappearing. Its
Yellow Pages business is doomed and there is a vast amount of competition in the
online sphere, where it is now staking its future. It will be difficult to grow in this
area and its plans seem ambitious.
MANOJ LADWA | ETX CAPITAL

Like HMV, Yell is a perfect example of a company that has failed to
adapt to a shift in market trends. Giving themselves four years to return to profit
and shift significantly away from printed directories may be too lengthy given
debt refinancing is due in 2013.
Yell boss Mike Pocock has laid out his plans for the firm
BY MOLLIE SHOMALI
TELECOMS
HEAD TO HEAD: THE IPAD 2 VS THE SAMSUNG GALAXY TAB 10.1

Samsung iPad
Price TBA from 399
Screen 10.1 inches 9.7 inches
Depth 10.9mm 8.8mm
Twin camera Yes Yes
Processor Dual Core 1 GHz Dual Core 1 GHz
RAM 1GB 512MB
Platform Android 3.0 Honeycomb iOS
Storage up to 64GB up to 64GB
Colour Black Silver
Number of apps 200,000 500,000
3G version Yes Yes
PHARMACEUTICAL giant
AstraZenecas shares fell as much
as 1.5 per cent yesterday after US
medical regulators rejected its new
diabetes drug because of its poten-
tial side-effects.
Federal drug authorities said
experimental diabetes medicine
dapagliflozin should not be
allowed on the market.
The advisory panel vote on
dapagliflozin, a once-daily pill
designed to eliminate blood sugar
through the urine, is a blow to the
company, which saw the drug as a
potential cash spinner.
Regulators studying the drug,
which AstraZeneca is developing
jointly with New York-based Bristol-
Myers Squibb, said it may cause
breast and bladder cancers.
But AstraZeneca hit back at the
findings.Based on a thorough
nonclinical and clinical assess-
ment, the data do not suggest that
dapagliflozin is associated with a
risk for either of these cancers,
AstraZeneca said in documents
presented to regulators.
Analysts predicted that
dapagliflozin could reach nearly
$500m (309m) in sales, if
approved. An FDA request for more
research on cancer risk could
delay the drug from reaching the
market for several years, Jeffrey
Holford of Jefferies said.
The drugs are critical for
AstraZeneca, which could lose bil-
lions in sales over the next several
years as generic drugmakers take
aim at many of its top sellers
including antipsychotic Seroquel.
The firms shares tanked 1.5 per
cent after the announcement,
before recovering to close 0.5 per
cent up on the day.
AstraZeneca hit as
diabetes drug fails
BY HARRY BANKS
PHARMACEUTICAL
SWEDISH lender Handelsbanken

said its financing position was
strong when posting second-quar-
ter profit that met forecasts yester-
day, helped by rising loan volumes
at home and improved lending
margins.
At a time of worries about bank
exposure to the Eurozone debt cri-
sis and rising funding costs,
Handelsbanken said its funding
position was sound -- a liquidity
reserve of 600bn crowns (57bn)
will cover requirements for over
two years.
From our own perspective, the
banks low tolerance for risk, focus
on credit quality combined with
our organic growth levels are the
key factors behind the stable per-
formance, finance director Ulf
Riese said.
Handelsbankens operating prof-
it rose five per cent from the previ-
ous quarter to 4.14bn crowns
compared with 4.04bn forecast in a
poll or analysts. Loan losses shrank
to 172m versus an expected 232m.
Its report came after similarly
solid earnings from top Nordic
bank Nordea on Tuesday.
On the whole, I think this looks
good, Cheuvreux analyst Mats
Anderson said, pointing to higher
net interest income in line with
forecasts.
Jan Erik Gjerland, an analyst at
DnB NOR, said in a note: Lower
loan losses in Sweden should be
positive together with higher write-
backs seen in the Baltics for SEB.
Handelsbanken is Swedens second
biggest bank.
Handelsbanken boosted by higher
loan volumes and lending margins
BANKING
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LATIN American precious metal pro-
ducer Hochschild Mining said output
fell 13 per cent in the first half, as
expected, and that it was on track to
meet its full-year target.
It produced 11.1m silver equivalent
ounces in the first half due to lower
grades at the companys two main
Peruvian operations, declining out-
put from its two ageing Ares and
Moris mines, and industrial action at
its San Jose mine.
Hochschild said the expected clo-
sure dates for Ares and Moris will be
delayed as a result of higher precious
metal prices. The average price
received for its silver more than dou-
bled in the first half to $36.46 an
ounce while its gold price jumped 26
percent to $1,466 an ounce. Prices for
both metals have continued to rise
this quarter with gold near record
highs.
Hochschild says
full year is still
on track despite
production fall
MINING
News
AFREN CUTS PRODUCTION FORECAST
Africa-focused oil and gas firm Afren has cut its 2011 production guidance by at least 25
per cent due to facilities stoppages, as it warned its output level at the year-end would be
lower than previously forecast. The company, operating mainly in Nigeria, said it expect-
ed full-year production to average between 25,000 and 30,000 barrels of oil per day.
BHP Billiton, the worlds biggest
miner, has reported a rise in coal out-
put but said that flooding continues
to hit production.
Production of coal rose 19 per cent
in the three months to 30 June com-
pared to the previous quarter, it said.
However, coal output is still down
28 per cent from the same period last
year. North eastern parts of Australia,
where most of BHPs coal is mined,
saw record floods earlier this year.
The remnant effects of the wet
weather that persisted for much of
2011 financial year continued to
restrict our Queensland Coal busi-
ness, despite an unrelenting focus on
recovery effort, the company said in
a statement.
The production report went down
well with investors and analysts, who
said BHPs coal production seems to
be recovering faster than expected.
It seems to be the case that BHP is
moving quicker than expected on the
coal front, said Colin Whitehead, a
mining analyst at Fat Prophets in
Sydney.
In sharp contrast, Australias cen-
tral bank said that a rebound in coal
exports after flooding in Queensland
state was taking significantly longer
than earlier expected.
It said the return to full output
might not come until early 2012.
But BHP fared much better in iron
ore output, its largest business.
Output was up 14 per cent in the
three months ending on 30 June as
compared to the same period a year
ago, the report said.
BHP mines its iron ore in areas
unaffected by flooding.
BHP Billiton coal
output rises but
flood still takes toll
BY HARRY BANKS
MINING
ANALYSIS l AstraZeneca
p
3,100
3,060
3,020
2,980
3032.50
20 Jul
News
Signia Wealth
Milena Ivanova has been appointed as
managing director and head of philan-
thropy at Signia Wealth. Ivanova, who
will work alongside chief executive
Nathalie Dauriac-Stoebe, joins the
wealth manager from Vestra Wealth,
where she was a partner.
Capco
The financial services consultancy has
appointed Andrew Tarver, formerly a
partner in Capcos UK capital markets
team, as its UK chief executive. He suc-
ceeds Ismail Amla, who will now lead
Capcos North American practice.
Vannin Capital
The litigation funding body has added
Nicholas Stewart QC and Michael
Riegels QC to its advisory board.
Stewart practises at Ely Place
Chambers and sits as a deputy High
Court judge, and British Virgin Islands-
based Riegels is a former senior partner
at Harney, Westwood and Riegels.
Pimco
The investment management firm
has appointed Jon Dabinett as
account manager, responsible for UK
distribution via UK life assurance
companies, wrap platforms and dis-
cretionary managers. Dabinett joins
from Lazard Asset Management,
where he was a sales manager.
Rathbones
Peter Lucas has been hired as invest-
ment director at Rathbone Investment
Management International. Lucas joins
Rathbones from RBC Wealth
Management, where he was head of
opportunistic strategy.
DC Advisory Partners
The corporate finance house has
appointed Philipp Gutzwiller as manag-
ing director, based in London, to advise
clients in the healthcare sector across
Europe. Gutzwiller joins from CFS
Advisors, the financial services firm he
founded three years ago.
Evolution Securities
The independent investment bank
has appointed Ian Gordon as head of
banks research. Gordon will join
Evolution Securities on 1 August
from Exane BNP Paribas, where he
has worked as a UK banks analyst
for the past four years.
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
US shares pause
on budget worries
U
S stocks closed near
unchanged yesterday, a day
after Wall Streets best rally
since March, as the oncoming
debt ceiling deadline overshadowed
strong earnings from Apple.
Apple hit another all-time high
one day after the maker of the
iPhone and iPad reported quarterly
revenues that far exceeded expecta-
tions.
The stock jumped 2.7 per cent to
$386.90 but, overall, investors sat on
their hands amid the unresolved
debt ceiling crisis in Washington.
The White House and Congress
were negotiating a deal to raise the
US debt ceiling before a looming
default on 2 August.
The Dow Jones industrial average
lost 15.44 points, or 0.12 per cent, to
12,571.98. The Standard & Poors
500 Index shed 0.87 points, or 0.07
per cent, to 1,325.86. The Nasdaq
Composite Index dropped 12.29
points, or 0.43 per cent, to 2,814.23.
Technology shares were lower,
with Yahoo tumbling 7.6 per cent to
$13.48 after reporting lacklustre
results and Microsoft dropping 1.7
per cent to $27.06 ahead of its quar-
terly report today.
Financials was the best perform-
ing sector, boosted by a 4.4 per cent
rise in US Bancorp to $26.14.
The Midwestern regional bank
said second-quarter net income rose
by 57 per cent. The KBW Bank index
climbed 1.5 per cent.
Sovereign debt problems in
Europe and the protracted political
battle over increasing the US debt
ceiling have weighed on stocks. On
Tuesday, there was progress toward
a $3.75bn US budget deal, prompt-
ing a late rally, but a final resolu-
tion remained elusive.
European Union leaders must
find a convincing solution to
Greeces debt crisis at a summit on
Thursday or the global economy
will pay the price, the head of the
European Commission said in an
unusually somber warning.
On the US economic front, exist-
ing home sales fell unexpectedly to
a seven-month low in June as can-
cellations of pending contracts
surged, according to the National
Association of Realtors.
Volume was light with about
6.3bn shares traded on the New
York Stock Exchange, NYSE Amex
and Nasdaq, below the daily average
of 7.48bn.
Advancing stocks outnumbered
decliners on the NYSE by 1,658 to
1,314, while losers beat winners
1,532 to 1,023 over on the Nasdaq
index.
B
ANKING stocks led Britains
top shares higher yesterday on
strong corporate earnings and
optimism over a deal in
Washington to increase the US debt
ceiling and avoid default.
The UK benchmark index closed
up 63.83 points, or 1.1 per cent, at
5,853.82, building on the previous
sessions 0.7 per cent advance.
Solid US earnings, including from
Apple, have helped ease market ten-
sions over sovereign debt issues in
Europe and the United States which
have triggered a five per cent drop
on the FTSE 100 index since 7 July.
Chip designer ARM Holdings rose
to near the top of the blue-chip
leader board, up 4.9 per cent, as
blockbuster sales of Apples iPhone
provided reassurance that demand
for smartphones remains strong.
Smaller tech firms like Wolfson
Microelectronics and Imagination
Technologies also posted big gains.
I think investors have moved
their minds on a little bit from some
of the big macro concerns that
remain in the backdrop and are
starting to focus back on equity mar-
ket fundamentals that are still very
supportive indeed, said Henk Potts,
market strategist at Barclays Wealth.
There is a potential in the short
term for investors to be spooked by
the macro issues, but investors
should be really looking to take
advantage of this weakness to be
buying into equities.
The banking sector index enjoyed
its biggest one-day percentage gain
in more than three months, as
Barclays bounced 5.2 per cent to top
the FTSE 100 leader board, while
Lloyds Banking Group added 4.1 per
cent.
Market jitters ahead of todays
emergency summit on Greeces debt
crisis were replaced by a feeling of
cautious optimism. Confidence was
also boosted by signs of progress on a
US budget deal.
There are a lot of people that
think the [recent] sell-off was just
overdone a little bit, said Angus
Campbell, head of sales at Capital
Spreads.
Obviously the determining fac-
tors were concerns over the euro
zone debt crisis, and of course the
US debt ceiling and it looks like a
deal is just about to be forged there.
BP added 2.5 per cent, with traders
citing rumours that Anadarko
Petroleum will bring forward a set-
tlement with the UK oil major over
liability for the Gulf of Mexico oil
spill.
Elsewhere, ITV rose 3.8 per cent as
UBS retained its buy recommenda-
tion on the terrestrial television
broadcaster.
J Sainsbury was among the biggest
FTSE 100 fallers, off 0.9 per cent, hit
by a downbeat note from Citigroup
that kept its bearish full-year
2011/2012 estimates for UK grocers.
Scary numbers abound,
Citigroup said in a note, pointing
out that UK gross indebtedness was
nearly 500 per cent of GDP, up from
200 per cent in 1990.
The Big Four [grocers] are not
preparing for a new normal of low
GDP growth, consumer thrift and
slower population expansion. Rather
they are all pushing for space
growth, enhancing high gross mar-
gin-reliant service and meeting
short-term profit goals by raising
prices, the broker said.
Wm Morrison Supermarkets was
down 0.3 per cent, while Tesco, up
0.1 per cent, also underperformed
the market.
ICAP and Imperial Tobacco both
fell after going ex-dividend.
Soaring tech stocks burnish
banking rally to send FTSE up
THELONDON
REPORT
WALL STREET
REPORT
BEST OF THE BROKERS
To appear in Best of the Brokers email your research to notes@cityam.com
ANALYSIS l Rolls-Royce
660
640
620
600
10May 30May 17Jun 7Jul
p
648.50
20 July
ROLLS ROYCE
Goldman Sachs rates the engine maker a buy with an 850p target price on
its conviction buy list, as it believes it is well placed compared to its peers and
has strong long-term growth prospects. The stock has more defensive charac-
teristics than many cyclicals and should outperform, GS believes. The soon-to-
close Tognum acquisition should be largely cash funded and six per cent
earnings accretive and GS believes consensus earnings forecasts are too low.
ANALYSIS l Centrica
335
325
315
305
p
328.00
20 July
CENTRICA
Evolution Securities rates Centrica a buy with a 381p target price as the
companys performance in the past year has been lacklustre while regulatory
disputes and the North Sea tax hike on producers are concerns. Evo believes
Centrica will gain from a near tripling in British Energys contribution in the
next few years, while extra energy reserves will add substantial value. It also
sees a 20 per cent earnings upside if UK gas prices move up in line with oil.
ANALYSIS l Reckitt Benckiser
3,600
3,500
3,400
3,300
p
3,420.00
20 July
RECKITT BENCKISER
Unicredit rates the household goods maker hold with a 3,500p target price
as it anticipates it spinning off or selling its pharma division next year. The
broker values the pharma arm at 330p per share but warns its revenue
stream faces threats. The rest of the business trades at a 14 per cent premi-
um to its peers, which Unicredit views as unwarranted. It also fears a large
advertising spend may be needed to raise sales growth.
p
6,100
5,700
5,800
5,900
6,000
ANALYSIS l FTSE
5,853.82
20 Jul
Hamptons International
The property consultant has appointed Giles
Maude (pictured) and Graham Jones to its devel-
opment land team, reporting to head of land
Simon Grier-Jones. Maude joins the firms
Southern Home Counties division as an associate
in the Esher office, and Jones will lead the
Cotswold and West team as an associate direc-
tor in Cheltenham. Maude most recently sourced
land across the South East for a private develop-
er, and Jones is a former land and planning direc-
tor for CALA Homes and Banner Homes.
Wealth Management | Funds
F
OR someone who runs a multi-
million euro international
investment group, Robert Tomei
is a laid-back and affable man to
sit down and talk to in the Connaught
Hotel bar. Tomeis Milan based inter-
national investment company has
over 1bn of assets under manage-
ment. As the group chairman, Tomei
is responsible for the approval of every
group investment, and for evaluation
of investments in venture capital, pri-
vate equity, and strategy and debt
strategy placements.
Tomei says that he originally set out
with the aim of becoming an academ-
ic, starting out with a degree in logic
and analytical studies from St
Bonaventure University, followed by
graduate studies at both Yale and
Columbia. After becoming disillu-
sioned by the politics of academia,
Tomei saw the world of finance as
being perfect to apply his studies in a
practical environment, starting out
with Kidder Peabodys international
department of fixed income as an
institutional adviser on structured
finance: I saw Wall Street as a place
that would present a variety of chal-
lenges, and I feel that I was able to
take a step back and analyse situations
rather than taking them at face
value.
Sitting down to talk to Tomei, it is
hard not to see why he has managed
to amass an impressive list of clients
Tomei has become the go to
man for Italys wealthy
individuals and families.
Far from being a bland
number cruncher,
Tomeis contrarian views
and insights make him
an engaging man to inter-
view. In the markets,
there is a tendency for per-
ception to become reality.
There is a lot of prop-
aganda out there.
Im not saying that
you should ignore
the popular con-
sensus, but you
should hold it up
to scrutiny.
Tomei raises an
i nt e r e s t i ng
point should
you pile into
an investment
or jump onto
a bandwagon
just because
of popular
w i s d o m?
According to
Tomei, he
constantly questions any financial
decision. And he doesnt just question
the fundamentals of a popular market
direction; he also looks at the wisdom
of areas that are being ignored. We
are committed to seeking absolute
returns in all market conditions and
in doing so go to places where other
managers arent going. For example,
Tomei explains: post-2008, there is a
reticence from investors to buy into
US debt. But I see real opportunities in
distressed debt buying into senior
real estate with AAA tenants giving
solid returns. Because many investors
have followed accepted wisdom, it is a
chance for those investors who can see
the opportunities out there.
Tomei also takes the scrutiny that
he applies to the decisions of others,
and uses it on his own investment
decisions and those of Advanced
Capital Group. We dont drink our
own Kool-Aid, says Tomei. We dont
shoot a decision to pieces just for the
sake of it, but I want all of my deci-
sions to be scrutinised. If there are
flaws in the decisions that have been
made, Im not just going to follow the
crowds into a decision. Though this
could be seen as an easy claim to
make when sat in the bar of the
Connaught Hotel, how does Tomei
respond when sat with a client bran-
dishing a newspaper article about the
inexorable rise of gold and
demanding that he joins in every gold
rush that makes the headlines? We
work on a three year plan with our
clients and take a long-term out-
look. The majority of our high
net worth clients are principally
concerned with capital preserva-
tion, and they trust us to
manage their money. And
Advanced Capitals results speak
for themselves. It was recently
ranked second globally
out of 134 finds in
Prequins recent
private equity
fund of funds
annual per-
f o r m a n c e
a n a l y s i s .
R e c e n t l y
announcing a
50m joint
seed invest-
ment into the
m C a p i t a l
European and
Asian special
situations fund,
Tomeis fund
seems set to go
from strength
to strength.
Craig Drake speaks to Robert Tomei,
head of Advanced Capital Group
The market
philosophy of
Italys go-to
fund manager
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Institutional FX
Companies
face forex
risk on euro
T
HE UK has a long history of having
an outward looking economy and
an ever-increasing number of com-
panies are looking to garner prof-
its abroad. But added to the regulatory
and logistical problems of trading over-
seas, changes to the value of currencies
can warp balance sheets. The volatility of
the ongoing Eurozone crisis could pres-
ent a risk to companies that many will
need to hedge against. Although curren-
cy fluctuations can benefit a company as
much as hinder it, most people running
firms, with the resources to take action,
would rather not gamble on the fallout
of the monetary and fiscal policies of
central bankers and politicians.
Chris Towner of HiFX explains:
The Eurozone crisis matters for
UK businesses, writes Philip Salter
Euro positions might
need hedging
Picture: GETTY
During the credit crisis of 2008, foreign
exchange risk became a risk too large to
ignore for corporates, with sterling
weakening by 25 per cent on a trade
weighted basis. Yannick Naud of
Glendevon King Asset Management
notes that ever since the 2008 crisis
started to recede, price volatility in euro-
sterling has more or less stayed around
the 10 per cent mark. He says: This level
of volatility could appear low at first, but
we have to keep in mind that it is still
double the average level before 2008.
Adrian Lee of Adrian Lee & Partners says
many UK businesses have been lulled
into a false sense of security with the rel-
atively stable exchange rate, but since
the Greek crisis volatility has been high.
There is a clear and present danger that
the sovereign debt crisis could over-
whelm the euro to the point of destruc-
tion. Chris Beauchamp of IG Index says:
Its hard to escape the conclusion that
the outlook for the euro is quite bleak at
the moment.
TO HEDGE OR NOT TO HEDGE...
Research undertaken by HiFX involving
primary financial decision makers in
companies with FX exposure revealed
that only 17 per cent of businesses hedge
their foreign exchange currency,
although currency fluctuations are
high up on the list of concerns for busi-
nesses over the next six-12 months.
Naud thinks given the current competi-
tive environment and the general
squeeze on profit margins, companies
trading with continental Europe will
need to hedge their forex exposure, in
order to have some bottom line certain-
ty. He says large companies are already
equipped with sophisticated teams with-
in their finance departments, hedging
risk via currency forwards or long term
currency swaps, but SMEs could find
this situation challenging, especially at
a time when trade financing from banks
and export credit agencies is now less
broadly available. However, Towner cau-
tions there is also the risk that busi-
nesses hedge too much and that it is
important businesses consider what
their competition is doing.
LON GD ONCE FIX AM...........1584.25 -17.75
SILVER LDN FIX AM..................39.26 -1.08
MAPLE LEAF 1 OZ ....................68.00 -2.00
LON PLATINUM AM ...............1773.00 -11.00
LON PALLADIUM AM...............793.00 -3.00
ALUMINIUM CASH .................2481.50 36.50
COPPER CASH ......................9754.50 65.50
LEAD CASH...........................2741.00 13.00
NICKEL CASH......................23950.00 185.00
TIN CASH.............................27550.00 600.00
ZINC CASH ............................2437.50 39.50
BRENT SPOT INDEX................117.27 0.88
SOYA.....................................1379.25 0.00
COCOA..................................3164.00 0.00
COFFEE...................................243.85 0.00
KRUG.....................................1650.30 -9.20
WHEAT ....................................165.62 0.26
AIR LIQUIDE........................................94.27 0.71 100.65 80.00
ALLIANZ..............................................90.79 1.41 108.85 79.46
ALSTOM..............................................38.97 0.52 45.32 30.78
ANHEUS-BUSCH INBEV ....................40.00 0.62 46.33 38.32
ARCELORMITTAL ..............................22.46 0.16 28.55 20.76
AXA......................................................13.65 0.51 16.16 10.88
BANCO SANTANDER...........................7.60 0.36 10.23 6.98
BASF SE..............................................66.20 -0.80 70.22 40.74
BAYER.................................................55.94 -0.38 59.44 43.27
BBVA.....................................................7.42 0.31 10.71 6.75
BMW ....................................................71.95 -0.05 72.74 39.96
BNP PARIBAS.....................................46.96 2.06 59.93 43.42
CARREFOUR ......................................21.69 0.10 36.06 21.33
CREDIT AGRICOLE..............................8.82 0.39 12.92 8.18
CRH PLC .............................................14.18 0.23 17.40 11.51
DAIMLER.............................................52.45 0.05 59.09 37.03
DANONE..............................................50.37 0.16 53.16 41.00
DEUTSCHE BANK..............................37.68 1.23 51.61 35.66
DEUTSCHE BOERSE .........................53.90 0.85 62.48 46.33
DEUTSCHE TELEKOM.......................10.51 0.16 11.38 9.50
E.ON.....................................................18.84 0.11 25.54 18.18
ENEL......................................................4.13 0.12 4.86 3.54
ENI .......................................................15.52 0.23 18.66 14.95
FRANCE TELECOM............................14.04 0.25 17.45 13.56
GDF SUEZ ...........................................23.19 0.56 30.05 22.46
GENERALI ASS. .................................13.40 0.60 17.05 12.18
IBERDROLA..........................................5.70 0.21 6.50 4.86
ING GROEP CVA ..................................7.80 0.37 9.50 6.35
INTESA SANPAOLO.............................1.65 0.10 2.53 1.41
KON.PHILIPS ELECTR.......................17.14 0.23 25.45 15.56
L'OREAL..............................................84.06 0.40 91.24 75.03
LVMH.................................................126.15 2.95 129.95 87.53
MUNICH RE.......................................104.10 2.40 126.00 98.43
NOKIA....................................................4.08 0.19 8.49 3.79
REPSOL YPF.......................................21.73 0.44 24.90 17.21
RWE.....................................................36.64 0.65 56.49 34.77
SAINT-GOBAIN...................................41.29 0.95 47.64 27.81
SANOFI ................................................55.15 0.71 56.82 44.01
SAP......................................................41.21 0.11 46.15 34.13
SCHNEIDER ELECTRIC...................105.85 0.75 123.65 81.40
SIEMENS .............................................92.50 -0.50 99.39 70.02
SOCIETE GENERALE.........................36.00 1.76 52.70 32.76
TELECOM ITALIA.................................0.87 0.02 1.16 0.80
TELEFONICA ......................................15.88 0.36 19.69 15.07
TOTAL .................................................38.56 0.24 44.55 36.23
UNIBAIL-RODAMCO SE...................152.10 1.35 162.95 117.34
UNICREDIT............................................1.26 0.07 2.24 1.06
UNILEVER CVA...................................22.80 0.29 24.11 20.68
VINCI ....................................................40.45 0.44 45.48 33.38
VIVENDI ...............................................17.28 0.19 22.07 16.66
Price Chg High Low
EU SHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 5853.82 63.83 1.10
FTSE 250 INDEX . . . . . . . 11701.48 109.07 0.94
FTSE UK ALL SHARE . . . . 3048.05 31.72 1.05
FTSE AIM ALL SH . . . . . . . . 872.88 2.85 0.33
DOWJONES INDUS 30 . . 12571.91 -15.51 -0.12
S&P 500 . . . . . . . . . . . . . . . 1325.84 -0.89 -0.07
NASDAQ COMPOSITE . . . 2814.23 -12.29 -0.43
FTSEUROFIRST 300 . . . . . 1091.11 14.23 1.32
NIKKEI 225 AVERAGE. . . 10005.90 116.18 1.17
DAX 30 PERFORMANCE. . 7221.36 28.69 0.40
CAC 40 . . . . . . . . . . . . . . . . 3754.60 59.65 1.61
SHANGHAI SE INDEX . . . . 2794.21 -2.78 -0.10
HANG SENG. . . . . . . . . . . 22003.69 101.29 0.46
S&P/ASX 20 INDEX . . . . . . 2728.40 47.80 1.78
ASX ALL ORDINARIES . . . 4618.40 79.00 1.74
BOVESPA SAO PAOLO . 59119.71 37.58 0.06
ISEQ OVERALL INDEX . . . 2868.83 28.41 1.00
STI . . . . . . . . . . . . . . . . . . . . 3126.53 30.41 0.98
IGBM. . . . . . . . . . . . . . . . . . . 986.94 29.72 3.10
SWISS MARKET INDEX. . . 5966.54 69.99 1.19
Price Chg %chg
3M........................................................94.25 -0.02 98.19 78.40
ABBOTT LABS ...................................52.40 -0.49 54.24 44.59
ALCOA ................................................15.51 0.07 18.47 9.92
ALTRIA GROUP..................................26.37 -0.65 28.13 21.16
AMAZON.COM..................................215.55 -2.51 220.20 105.80
AMERICAN EXPRESS........................52.09 0.28 53.80 37.33
AMGEN INC.........................................54.99 -0.28 61.53 50.34
APPLE...............................................386.90 10.05 396.27 236.78
AT&T....................................................30.23 -0.10 31.94 24.50
BANK OF AMERICA.............................9.85 0.28 15.31 9.40
BERKSHIRE HATAW B......................76.14 -0.15 87.65 73.23
BOEING CO.........................................72.07 1.54 80.65 59.48
BRISTOL MYERS SQUI......................28.89 0.08 29.54 20.05
CATERPILLAR..................................110.31 0.67 116.55 63.34
CHEVRON.........................................107.10 -0.38 109.94 70.96
CISCO SYSTEMS................................15.82 0.16 26.00 14.78
CITIGROUP.........................................38.62 0.60 51.50 36.30
COCA-COLA.......................................68.87 -0.45 69.78 51.92
COLGATE PALMOLIVE......................88.56 0.04 89.36 73.12
CONOCOPHILLIPS.............................75.11 -0.32 81.80 50.80
DU PONT(EI) DE NMR........................54.26 0.16 57.00 35.61
EMC CORP..........................................27.37 -0.01 28.73 17.90
EXXON MOBIL....................................83.30 -0.33 88.23 57.60
GENERAL ELECTRIC.........................18.79 0.21 21.65 14.25
GOOGLE A........................................595.35 -7.20 642.96 448.00
HEWLETT PACKARD.........................35.28 -0.33 49.39 33.95
HOME DEPOT.....................................36.41 0.30 39.38 26.62
IBM.....................................................183.65 -1.56 185.21 122.28
INTEL CORP .......................................22.99 -0.07 26.78 17.60
J.P.MORGAN CHASE.........................40.96 0.57 48.36 35.55
JOHNSON & JOHNSON.....................66.24 -0.48 68.05 56.86
KRAFT FOODS A................................35.26 0.01 36.02 24.30
MC DONALD'S CORP ........................86.27 0.06 86.58 68.59
MERCK AND CO. NEW......................35.59 -0.20 37.68 31.06
MICROSOFT........................................27.06 -0.48 29.46 23.32
OCCID. PETROLEUM.......................106.19 -0.78 117.89 72.13
ORACLE CORP...................................32.08 -0.57 36.50 21.66
PEPSICO.............................................68.49 -0.05 71.89 61.71
PFIZER ................................................19.90 -0.04 21.45 14.39
PHILIP MORRIS INTL.........................68.19 -0.32 71.75 49.20
PROCTER AND GAMBLE..................64.20 -0.41 67.72 56.57
QUALCOMM INC ................................57.30 0.32 59.84 35.74
SCHLUMBERGER ..............................88.41 -0.29 95.64 52.91
TRAVELERS CIES..............................57.06 0.03 64.17 48.46
UNITED TECHNOLOGIE ....................87.22 -1.60 91.83 64.57
UNITEDHEALTH GROUP...................51.51 0.06 53.50 29.94
VERIZON COMMS ..............................37.33 0.36 38.95 26.41
WAL-MART STORES..........................53.89 -0.08 57.90 49.09
WALT DISNEY CO..............................39.36 -0.18 44.34 31.55
WELLS FARGO & CO.........................28.70 0.29 34.25 23.02
COMMODITIES CREDIT & RATES
BoE IR Overnight ............................0.500 0.00
BoE IR 7 days.................................0.500 0.00
BoE IR 1 month ..............................0.500 0.00
BoE IR 3 months ............................0.500 0.00
BoE IR 6 months ............................0.500 0.00
LIBOR Euro - overnight ..................1.097 0.28
LIBOR Euro - 12 months ................2.161 0.00
LIBOR USD - overnight...................0.122 0.00
LIBOR USD - 12 months.................0.751 0.01
HaIifax mortgage rate .....................3.990 0.00
Euro Base Rate ...............................1.500 0.00
Finance house base rate................1.000 0.00
US Fed funds...................................0.250 0.00
US Iong bond yieId .........................4.380 0.00
European repo rate.........................1.144 -0.21
Euro Euribor ....................................1.369 0.10
The vix index ...................................19.09 -0.11
The baItic dry index ........................1.330 -0.01
Markit iBoxx...................................222.40 -0.23
Markit iTraxx....................................95.06 0.00
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
US SHARES
6/$ 1.4222 0.0081
6/ 0.8799 0.0031
6/ 111.98 0.0700
/6 1.1361 0.0042
/$ 1.6159 0.0035
/ 127.24 0.5100
FTSE 100
5853.82
63.83
FTSE 250
11701.48
109.07
FTSE ALL SHARE
3048.05
31.72
DOW
12571.91
-15.51
NASDAQ
2814.23
-12.29
S&P 500
1325.84
-0.89
RPC Group . . . . . . . .350.0 0.4 384.8 202.2
Smiths Group . . . . .1160.0 19.0 1429.0 1089.0
Brown (N.) Group . . .275.0 2.0 311.2 221.0
Carpetright . . . . . . . . .587.0 -6.0 835.5 580.5
Debenhams . . . . . . . . .65.2 -0.5 77.4 56.1
Dignity . . . . . . . . . . . .788.0 3.0 812.0 633.0
Dixons RetaiI . . . . . . .15.7 -0.4 28.5 11.8
DuneImGroup . . . . . .469.0 4.4 550.0 371.1
HaIfords Group . . . . .357.2 1.2 518.5 348.2
Home RetaiI Group . .136.8 -1.6 244.5 135.5
Inchcape . . . . . . . . . .377.0 1.5 425.4 253.2
JD Sports Fashion . .990.0 0.0 1030.0 723.5
Kesa EIectricaIs . . . .133.3 -0.3 174.0 109.8
Kingfisher . . . . . . . . .253.2 -0.4 287.1 198.5
Marks & Spencer G . .352.2 -1.9 427.5 329.3
Mothercare . . . . . . . .403.7 -0.4 627.5 381.5
Next . . . . . . . . . . . . .2397.0 0.0 2419.0 1868.0
Sports Direct Int . . . .249.9 2.5 261.2 101.1
WH Smith . . . . . . . . . .502.0 6.3 523.0 398.2
Smith & Nephew . . . .654.5 0.0 742.0 537.5
Synergy HeaIth . . . . .940.0 6.0 948.0 640.0
Barratt DeveIopme . .103.2 1.6 119.0 70.1
BeIIway . . . . . . . . . . . .677.0 17.0 753.5 511.0
YuIe Catto & Co . . . . .227.0 2.4 253.0 123.5
BaIfour Beatty . . . . . .301.4 2.5 357.3 234.6
KeIIer Group . . . . . . .458.8 -5.0 698.5 432.0
Kier Group . . . . . . . .1336.0 -4.0 1418.0 970.0
Drax Group . . . . . . . .510.0 13.2 511.5 353.6
Scottish & Southe . .1423.0 10.0 1423.0 1108.0
Domino Printing S . .665.0 3.0 705.0 440.0
HaIma . . . . . . . . . . . . .406.5 -3.1 429.6 270.0
Laird . . . . . . . . . . . . . .189.0 3.0 207.0 101.0
Morgan CrucibIe C . .329.5 0.5 357.1 189.1
Renishaw . . . . . . . . .1786.0 26.0 1854.0 785.0
Spectris . . . . . . . . . .1647.0 2.0 1679.0 869.5
Aberforth SmaIIer . . .690.5 1.5 714.0 507.0
AIIiance Trust . . . . . .380.0 3.0 392.7 307.6
Bankers Inv Trust . . .412.9 7.8 428.0 353.6
BH GIobaI Ltd. GB .1122.0 1.0 1174.0 1058.0
BH GIobaI Ltd. US . . . .11.1 -0.0 11.6 10.4
BH Macro Ltd. EUR . . .17.3 0.2 17.3 15.8
BH Macro Ltd. GBP 1789.0 15.0 1789.0 1630.0
BH Macro Ltd. USD . . .17.2 0.1 17.2 15.8
BIackRock WorId M .776.0 12.0 815.5 549.0
BIueCrest AIIBIue . . .173.9 0.5 176.2 164.5
British Assets Tr . . . .133.2 1.5 140.5 115.3
British Empire Se . . .523.0 4.0 533.0 422.5
CaIedonia Investm .1780.0 21.0 1928.0 1543.0
City of London In . . .296.0 2.4 306.9 249.3
Dexion AbsoIute L . .145.6 0.6 151.0 131.2
Edinburgh Dragon . .248.0 6.1 262.1 212.8
Edinburgh Inv Tru . . .462.2 2.3 492.2 391.0
EIectra Private E . . .1715.0 -16.0 1755.0 1289.0
F&C Inv Trust . . . . . .317.8 3.0 327.9 263.8
FideIity China Sp . . . . .97.2 -0.6 128.7 93.0
FideIity European . .1207.0 9.0 1287.0 937.5
FideIity SpeciaI . . . . .555.0 6.0 595.0 523.0
HeraId Inv Trust . . . .527.0 4.0 545.5 370.0
HICL Infrastructu . . .115.1 -0.1 121.3 112.0
Impax Environment .116.0 1.6 130.5 106.5
JPMorgan American .889.0 13.0 916.0 673.0
JPMorgan Asian In . .241.3 1.9 250.8 195.3
JPMorgan Emerging .591.0 3.5 639.0 507.0
JPMorgan European .914.0 0.5 983.5 641.0
JPMorgan Indian I . . .420.0 -0.4 502.0 394.1
JPMorgan Russian .665.0 1.0 755.0 549.0
Law Debenture Cor . .374.3 1.9 385.0 295.1
MercantiIe Inv Tr . . .1060.0 12.0 1137.0 904.5
Merchants Trust . . . .401.0 5.6 431.8 342.0
Monks Inv Trust . . . .355.9 3.7 367.9 282.9
Murray Income Tru . .651.5 6.5 673.0 553.5
Murray Internatio . . .957.5 11.5 991.5 824.0
PerpetuaI Income . . .265.5 1.5 276.0 217.8
PoIar Cap TechnoI . .365.4 5.0 391.2 275.6
RIT CapitaI Partn . . .1317.0 7.0 1334.0 1107.0
Scottish Inv Trus . . . .509.0 -1.0 524.0 409.0
Scottish Mortgage . .765.5 9.5 781.0 566.0
SVG CapitaI . . . . . . . .255.0 1.0 279.8 148.9
TempIe Bar Inv Tr . . .915.5 12.5 952.0 754.0
TempIeton Emergin .660.0 1.0 689.5 539.0
TR Property Inv T . . .187.1 -1.0 206.1 139.5
TR Property Inv T . . . .90.9 0.3 94.0 63.4
Witan Inv Trust . . . . .518.0 5.0 533.0 426.1
3i Group . . . . . . . . . . .275.5 3.3 340.0 254.1
3i Infrastructure . . . .123.3 -0.7 125.2 108.9
Aberdeen Asset Ma .230.0 3.6 240.0 124.5
Ashmore Group . . . .407.4 3.3 414.5 265.4
Brewin DoIphin Ho . .161.5 0.8 185.4 114.0
CameIIia . . . . . . . . . .9826.0 -65.010950.0 7900.0
CharIes TayIor Co . . .147.1 -3.9 234.0 122.0
City of London Gr . . . .78.5 0.0 93.6 70.7
City of London In . . .421.0 3.8 461.5 274.0
CIose Brothers Gr . . .755.0 11.0 888.5 664.0
CoIIins Stewart H . . . .70.8 -4.3 90.8 69.0
EvoIution Group . . . . .72.5 0.5 92.0 62.3
F&C Asset Managem .74.9 0.9 92.9 47.5
Hargreaves Lansdo .600.5 2.5 646.5 325.1
HeIphire Group . . . . . . .3.2 0.0 41.0 3.0
Henderson Group . . .160.8 5.9 173.1 119.1
Highway CapitaI . . . . .16.5 0.0 21.0 6.0
ICAP . . . . . . . . . . . . . .465.9 -5.9 570.5 380.2
IG Group HoIdings . .450.0 16.3 553.0 411.4
Intermediate Capi . . .278.0 2.0 360.3 252.7
InternationaI Per . . . .344.0 -10.0 388.8 190.7
InternationaI Pub . . .117.0 0.1 118.3 108.6
Investec . . . . . . . . . . .497.5 7.6 538.0 444.4
IP Group . . . . . . . . . . . .48.3 -1.8 54.5 27.9
Jupiter Fund Mana . .255.2 4.6 337.3 181.0
Liontrust Asset M . . . .75.5 0.0 95.3 70.0
LMS CapitaI . . . . . . . . .62.0 -0.5 64.8 40.0
London Finance & . . .22.0 0.0 23.5 16.5
London Stock Exch 1030.0 33.5 1076.0 617.0
Lonrho . . . . . . . . . . . . .17.0 -0.3 19.8 10.5
Man Group . . . . . . . . .241.2 3.7 311.0 206.4
Paragon Group Of . .196.1 1.1 206.1 120.6
Provident Financi . .1018.0 -1.0 1033.0 728.5
Rathbone Brothers .1135.0 -3.0 1257.0 815.0
Record . . . . . . . . . . . . .30.9 0.0 52.0 20.3
RSM Tenon Group . . .30.0 0.3 66.3 21.3
Schroders . . . . . . . .1622.0 26.0 1922.0 1194.0
Schroders (Non-Vo .1355.0 22.0 1554.0 1003.0
TuIIett Prebon . . . . . .357.0 0.6 428.6 337.0
WaIker Crips Grou . . .50.5 0.0 51.0 46.5
BT Group . . . . . . . . . .194.3 1.3 204.1 130.6
CabIe & WireIess . . . .37.8 -1.2 61.4 37.5
CabIe & WireIess . . . .43.0 -1.0 78.4 42.8
COLT Group SA . . . .131.8 -4.2 156.2 109.0
TaIkTaIk TeIecom . . .141.0 0.2 168.3 114.3
TeIecomPIus . . . . . . .647.5 -12.5 700.0 340.5
Booker Group . . . . . . .73.9 -0.1 77.9 42.0
Greggs . . . . . . . . . . . .529.5 -5.0 550.5 418.7
Morrison (Wm) Sup .293.7 -0.8 308.3 262.7
Ocado Group . . . . . . .190.0 0.7 285.0 123.5
Sainsbury (J) . . . . . . .313.1 -2.9 395.0 310.4
Tesco . . . . . . . . . . . . .392.4 0.3 440.7 378.1
Associated Britis . .1074.0 4.0 1182.0 940.0
Cranswick . . . . . . . . .730.0 2.0 907.5 724.0
Dairy Crest Group . . .378.3 4.0 424.9 339.7
Devro . . . . . . . . . . . . .269.3 -3.7 296.9 205.5
Premier Foods . . . . . . .20.4 -0.2 35.1 16.0
Tate & LyIe . . . . . . . . .615.0 12.0 656.0 409.1
UniIever . . . . . . . . . .1980.0 26.0 2065.0 1688.0
Mondi . . . . . . . . . . . . .618.5 4.0 664.0 398.1
Centrica . . . . . . . . . . .328.0 2.2 346.1 303.4
InternationaI Pow . . .304.8 5.8 448.6 299.0
NationaI Grid . . . . . . .600.5 6.0 632.5 490.1
Northumbrian Wate .453.9 0.4 455.5 295.5
Pennon Group . . . . . .704.5 6.0 715.0 560.0
Severn Trent . . . . . .1441.0 13.0 1517.0 1264.0
United UtiIities . . . . .584.5 5.0 632.0 543.5
Cookson Group . . . . .628.5 9.5 724.5 411.1
DS Smith . . . . . . . . . .240.4 0.3 266.2 125.8
Rexam . . . . . . . . . . . .378.1 5.7 400.0 293.0
GIencore Internat . . .482.0 -6.3 531.1 466.7
BAE Systems . . . . . .302.2 3.6 369.9 294.7
Chemring Group . . . .583.0 12.5 736.5 519.6
Cobham . . . . . . . . . . .206.8 1.7 247.6 192.3
Meggitt . . . . . . . . . . . .377.3 6.0 389.1 261.7
QinetiQ Group . . . . . .117.4 0.0 136.3 96.7
RoIIs-Royce Group . .648.5 13.0 665.0 552.0
Senior . . . . . . . . . . . . .186.8 1.8 187.6 111.2
UItra EIectronics . . .1628.0 26.0 1895.0 1546.0
GKN . . . . . . . . . . . . . .231.6 4.4 245.0 133.1
BarcIays . . . . . . . . . . .222.6 11.0 344.0 207.7
HSBC HoIdings . . . . .605.5 11.8 730.9 591.2
LIoyds Banking Gr . . .44.9 1.8 77.6 41.4
RoyaI Bank of Sco . . .34.1 1.0 52.1 33.0
Standard Chartere .1592.0 17.0 1950.0 1519.0
AG Barr . . . . . . . . . .1300.0 -9.0 1395.0 1035.0
Britvic . . . . . . . . . . . . .367.1 -3.2 518.0 363.6
Diageo . . . . . . . . . . .1246.0 18.0 1307.0 1050.0
SABMiIIer . . . . . . . . .2315.0 30.5 2337.5 1841.0
AZ EIectronic Mat . . .283.5 11.6 338.1 248.5
Croda Internation . .2010.0 -5.0 2081.0 1138.0
EIementis . . . . . . . . . .185.0 3.0 187.4 69.8
Johnson Matthey . .2040.0 24.0 2119.0 1550.0
Victrex . . . . . . . . . . .1534.0 24.0 1590.0 1076.0
Price Chg High Low
BerkeIey Group Ho .1239.0 7.0 1299.0 789.5
Bovis Homes Group .417.9 2.9 464.7 326.6
Persimmon . . . . . . . .463.8 5.8 502.5 336.5
Reckitt Benckiser . .3420.0 -2.0 3648.0 3015.0
Redrow . . . . . . . . . . . .132.0 3.0 139.0 97.5
TayIor Wimpey . . . . . .36.9 1.4 43.3 22.3
Bodycote . . . . . . . . . .361.5 9.4 397.7 214.5
Charter Internati . . . .796.0 -1.5 853.5 538.5
Fenner . . . . . . . . . . . .415.3 6.3 420.3 198.0
IMI . . . . . . . . . . . . . . .1059.0 13.0 1119.0 657.5
MeIrose . . . . . . . . . . .356.2 3.6 378.0 212.5
Northgate . . . . . . . . . .323.5 -1.5 346.7 180.0
Rotork . . . . . . . . . . .1592.0 27.0 1895.0 1396.0
Spirax-Sarco Engi . .1904.0 9.0 2063.0 1499.0
Weir Group . . . . . . .2151.0 25.0 2196.0 1130.0
Ferrexpo . . . . . . . . . . .474.5 13.5 499.0 256.9
TaIvivaara Mining . . .409.0 4.3 622.0 386.9
BBA Aviation . . . . . . .210.2 0.8 240.8 175.0
Stobart Group Ltd . . .140.0 -1.0 163.6 124.1
AdmiraI Group . . . . .1553.0 3.0 1754.0 1425.0
AmIin . . . . . . . . . . . . .395.4 6.6 433.0 375.3
Huntsworth . . . . . . . . .71.3 -0.5 86.0 65.0
Informa . . . . . . . . . . . .422.3 8.6 461.1 352.8
ITE Group . . . . . . . . . .231.1 3.6 258.2 140.1
ITV . . . . . . . . . . . . . . . . .67.2 2.5 93.5 49.8
Johnston Press . . . . . . .5.2 0.1 20.0 4.4
MecomGroup . . . . . .233.8 8.8 310.0 189.0
Moneysupermarket. .114.3 -0.8 116.9 65.1
Pearson . . . . . . . . . .1152.0 13.0 1207.0 920.0
PerformGroup . . . . .206.8 -0.6 234.5 202.8
Reed EIsevier . . . . . .552.0 10.0 590.5 505.5
Rightmove . . . . . . . .1186.0 4.0 1250.0 596.5
STV Group . . . . . . . . .127.4 -1.4 168.0 80.8
Tarsus Group . . . . . .149.8 -3.3 165.0 112.5
Trinity Mirror . . . . . . . .43.0 1.3 124.3 39.8
United Business M . .520.5 4.0 725.0 507.0
UTV Media . . . . . . . . .126.8 -2.3 151.0 106.0
WiImington Group . .112.5 -0.5 183.0 111.1
WPP . . . . . . . . . . . . . .721.0 12.0 846.5 633.0
YeII Group . . . . . . . . . . .6.5 -1.0 30.2 5.1
African Barrick G . . .475.3 7.5 638.0 393.5
AngIo American . . .2974.0 20.5 3437.0 2254.0
AngIo Pacific Gro . . .310.0 0.0 369.3 249.0
Antofagasta . . . . . . .1423.0 -1.0 1634.0 936.0
Aquarius PIatinum . .311.6 1.9 419.0 253.1
BHP BiIIiton . . . . . . .2364.5 38.5 2631.5 1767.0
BeazIey . . . . . . . . . . . .125.6 -1.0 139.2 110.4
CatIin Group Ltd. . . .392.0 7.5 421.4 325.0
Hiscox Ltd. . . . . . . . . .400.3 4.8 424.7 341.5
Jardine LIoyd Tho . . .648.5 12.0 709.0 561.0
Lancashire HoIdin . . .696.0 21.5 696.0 515.0
RSA Insurance Gro . .135.7 4.0 143.5 120.1
Aviva . . . . . . . . . . . . .403.1 9.4 477.9 334.0
LegaI & GeneraI G . . .114.4 1.9 123.8 84.7
OId MutuaI . . . . . . . . .128.4 1.8 145.2 111.6
Phoenix Group HoI . .565.0 -2.5 758.0 559.0
PrudentiaI . . . . . . . . .682.5 18.0 777.0 506.0
ResoIution Ltd. . . . . .279.0 3.8 316.1 211.3
St James's PIace . . . .361.4 6.2 372.1 236.2
Standard Life . . . . . . .201.2 4.7 244.7 190.7
4Imprint Group . . . . .272.0 -4.0 295.0 195.0
Aegis Group . . . . . . .154.7 1.8 162.3 107.0
BIoomsbury PubIis . .115.5 -1.0 138.0 108.5
British Sky Broad . . .744.0 10.0 850.0 692.0
Centaur Media . . . . . . .50.0 -0.8 73.0 44.8
Chime Communicati .256.0 1.8 298.5 165.8
Creston . . . . . . . . . . .108.5 0.5 121.0 78.5
DaiIy MaiI and Ge . . .419.3 6.0 594.5 411.2
Euromoney Institu . .659.5 9.0 736.0 578.0
Future . . . . . . . . . . . . . .12.5 0.8 30.0 11.8
Haynes PubIishing . .255.0 0.0 262.5 202.5
Centamin Egypt Lt . .139.5 -1.5 197.1 114.5
Eurasian NaturaI . . .775.5 16.0 1125.0 695.5
FresniIIo . . . . . . . . . .1652.0 -8.0 1682.0 990.0
GemDiamonds Ltd. .241.6 -3.4 306.0 186.3
HochschiId Mining . .515.0 10.5 680.0 289.4
Kazakhmys . . . . . . .1346.0 3.0 1671.0 1034.0
Kenmare Resources . .54.0 1.2 59.9 13.3
Lonmin . . . . . . . . . . .1323.0 3.0 1983.0 1310.0
New WorId Resourc .870.0 -3.0 1060.0 835.5
PetropavIovsk . . . . . .822.0 -8.0 1252.0 678.0
RandgoId Resource 5520.0 -5.0 6655.0 4425.0
Rio Tinto . . . . . . . . .4420.5 54.5 4712.0 3105.0
Vedanta Resources 1849.0 7.0 2583.0 1794.0
Xstrata . . . . . . . . . . .1364.5 20.5 1550.0 951.9
Inmarsat . . . . . . . . . . .516.0 3.0 756.5 513.0
Vodafone Group . . . .160.3 1.6 181.9 143.0
Genesis Emerging . .528.5 3.0 568.0 462.0
Afren . . . . . . . . . . . . . .152.0 2.2 171.2 82.8
BG Group . . . . . . . . .1397.0 -7.5 1564.5 1003.5
BP . . . . . . . . . . . . . . . .472.0 11.4 509.0 375.2
Cairn Energy . . . . . . .384.7 2.0 493.2 366.0
EnQuest . . . . . . . . . . .124.3 2.3 158.5 104.0
Essar Energy . . . . . .377.0 1.4 589.5 369.0
ExiIIon Energy . . . . . .427.9 -2.5 469.7 166.5
Heritage OiI . . . . . . . .239.5 6.3 486.0 210.0
JKX OiI & Gas . . . . . .252.4 0.5 335.1 245.3
Premier OiI . . . . . . . . .403.0 -3.4 535.0 357.5
RoyaI Dutch SheII . .2235.0 5.0 2326.5 1703.0
RoyaI Dutch SheII . .2244.5 5.5 2336.0 1642.0
SaIamander Energy .272.8 -0.5 317.6 210.0
Soco Internationa . . .352.4 -1.6 484.2 292.0
TuIIow OiI . . . . . . . . .1273.0 -6.0 1493.0 1126.0
Amec . . . . . . . . . . . .1119.0 21.0 1251.0 848.5
Hunting . . . . . . . . . . .792.0 2.0 817.0 483.3
John Wood Group . .705.0 8.5 715.8 339.5
LampreII . . . . . . . . . . .393.0 11.0 395.0 205.4
Petrofac Ltd. . . . . . .1489.0 35.0 1685.0 1250.0
Burberry Group . . . .1552.0 7.0 1577.0 819.5
PZ Cussons . . . . . . . .379.4 9.4 409.0 320.5
Supergroup . . . . . . .1086.0 15.0 1820.0 818.5
AstraZeneca . . . . . .3032.5 14.0 3385.0 2801.5
BTG . . . . . . . . . . . . . .297.5 -0.5 310.0 200.1
Genus . . . . . . . . . . . . .989.5 -12.5 1046.0 704.5
GIaxoSmithKIine . . .1331.0 8.0 1375.5 1111.0
Hikma Pharmaceuti .730.5 -1.5 900.0 687.5
Shire PIc . . . . . . . . . .2077.0 3.0 2085.0 1376.0
CapitaI & Countie . . .188.9 -0.6 203.7 110.0
Daejan HoIdings . . .2885.0 1.0 2954.0 2275.0
F&C CommerciaI Pr .103.6 0.8 108.0 88.0
Grainger . . . . . . . . . . .121.7 1.0 133.2 86.3
London & Stamford .131.4 1.1 140.0 110.3
SaviIIs . . . . . . . . . . . . .359.9 1.1 427.1 294.2
St. Modwen Proper . .175.7 0.6 196.2 135.4
UK CommerciaI Pro . .79.7 0.5 85.5 74.3
Unite Group . . . . . . . .211.5 1.9 229.8 175.0
Big YeIIow Group . . .300.0 -1.7 353.3 287.1
British Land Co . . . . .603.0 5.0 629.5 443.1
CapitaI Shopping . . .375.9 4.7 424.8 320.9
Derwent London . . .1795.0 -3.0 1880.0 1305.0
Great PortIand Es . . .439.6 0.1 445.0 295.9
Hammerson . . . . . . . .469.3 6.3 490.9 352.2
Hansteen HoIdings . . .89.5 1.3 89.7 59.4
Land Securities G . . .872.5 8.0 885.0 581.0
SEGRO . . . . . . . . . . . .306.1 3.1 331.3 262.5
Shaftesbury . . . . . . . .527.0 5.0 539.0 384.4
Autonomy Corporat 1698.0 -5.0 1857.0 1271.0
Aveva Group . . . . . .1735.0 -9.0 1799.0 1260.0
Computacenter . . . . .461.0 -0.9 489.7 265.0
Fidessa Group . . . . .1937.0 3.0 2109.0 1350.0
Invensys . . . . . . . . . . .304.1 0.6 364.3 230.2
Kofax . . . . . . . . . . . . .487.5 0.1 535.0 231.0
Logica . . . . . . . . . . . .120.6 2.5 147.2 101.7
Micro Focus Inter . . .301.0 4.7 435.5 276.0
Misys . . . . . . . . . . . . .411.0 29.6 420.2 254.1
Sage Group . . . . . . . .281.0 2.5 302.0 235.3
SDL . . . . . . . . . . . . . . .673.0 -5.0 711.5 510.0
TeIecity Group . . . . . .538.5 7.5 557.0 420.5
Aggreko . . . . . . . . . .1996.0 -5.0 2034.0 1351.3
Ashtead Group . . . . .158.3 3.7 207.9 77.0
Atkins (WS) . . . . . . . .717.0 11.0 820.0 650.0
Babcock Internati . . .678.5 4.0 733.0 492.8
Berendsen . . . . . . . . .549.5 12.5 568.0 361.8
BunzI . . . . . . . . . . . . .776.0 0.0 801.0 679.0
Capita Group . . . . . . .697.0 -0.5 794.5 635.5
CariIIion . . . . . . . . . . .369.7 4.3 403.2 291.2
De La Rue . . . . . . . . .762.5 4.5 853.5 549.5
EIectrocomponents .236.3 5.3 294.9 205.7
Experian . . . . . . . . . . .815.0 4.0 833.5 606.0
FiItrona PLC . . . . . . . .353.7 -1.4 385.5 227.5
G4S . . . . . . . . . . . . . . .274.9 1.3 291.0 237.7
Hays . . . . . . . . . . . . . . .92.3 1.4 133.6 89.0
Homeserve . . . . . . . .486.5 1.9 532.0 408.0
Howden Joinery Gr . .107.4 2.4 127.5 63.0
Intertek Group . . . . .1890.0 14.0 2148.0 1577.0
MichaeI Page Inte . . .520.5 14.0 567.0 368.0
Mitie Group . . . . . . . .238.2 4.3 242.5 188.7
Premier FarneII . . . . .188.1 5.7 308.8 180.8
Regus . . . . . . . . . . . . .103.9 2.2 119.0 66.1
RentokiI InitiaI . . . . . . .90.8 0.6 109.5 84.3
RPS Group . . . . . . . . .228.7 1.7 253.0 169.8
Serco Group . . . . . . .557.0 2.0 633.0 529.5
Shanks Group . . . . . .127.7 1.1 130.9 96.5
SIG . . . . . . . . . . . . . . .134.5 2.1 153.5 90.7
SThree . . . . . . . . . . . .381.9 1.2 447.6 231.1
Travis Perkins . . . . . .953.0 22.0 1127.0 747.0
WoIseIey . . . . . . . . .1878.0 47.0 2261.0 1223.0
ARM HoIdings . . . . . .611.0 28.5 651.0 300.5
CSR . . . . . . . . . . . . . .290.4 0.0 447.0 280.9
Imagination Techn . .419.0 38.6 502.0 303.5
Pace . . . . . . . . . . . . . .110.3 0.9 231.8 93.0
Spirent Communica .137.8 3.2 160.3 117.6
British American . .2762.0 17.0 2847.0 2166.0
ImperiaI Tobacco . .2113.0 -27.0 2231.0 1784.0
Avis Europe . . . . . . . .312.0 -0.5 312.9 184.0
Betfair Group . . . . . . .646.0 14.0 1550.0 615.5
Bwin.party Digita . . .142.9 2.8 309.5 127.0
CarnivaI . . . . . . . . . .2234.0 14.0 3153.0 2037.0
Compass Group . . . .584.5 1.5 612.0 501.0
Domino's Pizza UK . .459.0 13.5 586.0 377.0
easyJet . . . . . . . . . . . .310.1 3.7 479.0 301.0
Enterprise Inns . . . . . .60.4 1.4 122.7 57.8
FirstGroup . . . . . . . . .351.1 4.0 412.6 311.3
Go-Ahead Group . . .1536.0 -4.0 1598.0 1073.0
Greene King . . . . . . .487.7 6.1 518.0 398.0
InterContinentaI . . .1243.0 17.0 1435.0 982.0
InternationaI Con . . .232.1 5.2 305.0 199.4
JD Wetherspoon . . . .434.0 4.0 468.3 389.9
Ladbrokes . . . . . . . . .142.6 2.5 155.3 122.7
Marston's . . . . . . . . . .103.5 1.5 117.1 92.0
MiIIennium& Copt . .515.0 9.0 600.5 431.5
MitcheIIs & ButIe . . . .290.9 6.5 361.0 284.3
NationaI Express . . .243.4 1.4 270.2 220.1
Punch Taverns . . . . . .69.6 1.5 90.4 58.1
Rank Group . . . . . . . .150.7 1.0 153.7 103.2
Restaurant Group . . .297.8 4.6 335.0 214.2
Stagecoach Group . .251.2 1.4 268.5 160.7
Thomas Cook Group .68.5 0.1 204.8 67.0
TUI TraveI . . . . . . . . . .184.8 4.3 271.9 178.2
Whitbread . . . . . . . .1547.0 27.0 1887.0 1368.0
WiIIiamHiII . . . . . . . . .225.0 4.2 237.3 155.5
Abcam . . . . . . . . . . . .420.0 0.0 460.0 286.0
AIbemarIe & Bond . .392.0 2.3 397.5 218.0
Amerisur Resource . .21.8 -0.3 29.0 11.5
Andor TechnoIogy . .639.0 19.0 659.0 282.5
ArchipeIago Resou . . .57.5 0.8 66.8 32.3
ASOS . . . . . . . . . . . .2368.0 -2.0 2468.0 840.0
AureIian OiI & Ga . . . .66.3 -2.5 92.0 36.5
Avanti Communicat .361.8 -5.5 735.0 339.0
Avocet Mining . . . . . .220.0 -3.5 253.5 112.0
BIinkx . . . . . . . . . . . . .123.0 3.0 148.8 53.8
Borders & Souther . . .55.3 1.3 93.0 49.5
BowLeven . . . . . . . . .294.0 -3.0 398.0 148.0
Brooks MacdonaId 1272.5 30.5 1372.5 817.5
CaIedon Resources .111.5 0.3 111.5 36.5
Conygar Investmen .106.3 -1.1 120.0 101.3
Cove Energy . . . . . . . .94.3 -0.5 112.8 56.3
Daisy Group . . . . . . .123.0 2.0 127.0 86.0
EMIS Group . . . . . . . .527.8 -14.3 557.0 303.5
Encore OiI . . . . . . . . . .60.0 0.8 151.5 49.5
Faroe PetroIeum . . . .170.5 -1.5 218.3 126.0
GuIfsands PetroIe . . .212.8 -0.5 401.5 207.3
GWPharmaceuticaI .117.8 -2.3 130.0 83.0
Hamworthy . . . . . . . .662.5 7.5 705.0 328.0
Hargreaves Servic .1005.0 -24.0 1076.0 602.0
HeaIthcare Locums .112.5 0.0 112.5 112.5
Immunodiagnostic .1130.0 10.0 1143.0 710.0
ImpeIIamGroup . . . .357.0 -1.0 387.5 84.0
James HaIstead . . . . .462.6 -8.4 489.8 306.0
KaIahari MineraIs . . .225.8 -0.8 301.0 142.0
London Mining . . . . .402.8 1.8 436.5 240.3
Lupus CapitaI . . . . . .120.0 3.0 150.0 78.0
M. P. Evans Group . .439.8 9.0 500.5 343.0
Majestic Wine . . . . . .485.0 3.5 510.0 301.5
May Gurney Integr . .276.0 0.0 289.3 177.0
Monitise . . . . . . . . . . . .35.8 -0.3 39.0 18.5
MuIberry Group . . . .1900.0 60.0 1934.3 290.0
Nanoco Group . . . . . . .80.5 0.0 115.8 68.0
NauticaI PetroIeu . . .340.8 5.3 547.0 128.0
NichoIs . . . . . . . . . . . .562.0 -15.3 579.0 405.8
Numis Corporation . .116.0 -0.1 146.5 94.0
Pan African Resou . . .12.8 -0.5 13.8 5.9
Patagonia GoId . . . . . .53.0 1.0 59.3 14.8
Prezzo . . . . . . . . . . . . .66.5 -0.5 71.5 38.3
Pursuit Dynamics . . .325.0 6.3 700.0 218.5
Rockhopper ExpIor .225.8 -4.8 510.0 202.5
RWS HoIdings . . . . . .457.9 3.0 472.0 239.0
Songbird Estates . . .147.0 0.0 160.3 135.0
VaIiant PetroIeum . . .570.0 -4.5 761.5 504.0
Young & Co's Brew .694.0 -2.0 712.0 520.0
Imagination Techno .419.0 10.2
Misys . . . . . . . . . . . . .411.0 7.8
BarcIays . . . . . . . . . . .222.6 5.2
ARM HoIdings . . . . . .611.0 4.9
AZ EIectronic Mate . .283.5 4.3
LIoyds Banking Gro . .44.9 4.1
TayIor Wimpey . . . . . .36.9 4.0
Henderson Group . . .160.8 3.8
ITV . . . . . . . . . . . . . . . .67.2 3.8
IG Group HoIdings . .450.0 3.8
CabIe & WireIess C . . .37.8 -3.2
COLT Group SA . . . .131.8 -3.1
InternationaI Pers . . .344.0 -2.8
Dixons RetaiI . . . . . . .15.7 -2.7
CabIe & WireIess W . .43.0 -2.3
TeIecom PIus . . . . . . .647.5 -1.9
Gem Diamonds Ltd. .241.6 -1.4
Devro . . . . . . . . . . . . .269.3 -1.4
GIencore Internati . . .482.0 -1.3
ImperiaI Tobacco G 2113.0 -1.3
Risers FaIIers
MAIN CHANGES UK 350
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
Price Chg High Low Price Chg High Low
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Tsy 2.500 11 . . . .306.93 -0.01 310.0 306.9
Tsy 3.250 11 . . . .101.06 0.00 103.5 101.1
Tsy 9.000 11 . . . . .99.99 0.00 108.1 100.0
Tsy 9.000 12 . . . .108.59 -0.46 116.0 107.8
Tsy 5.000 12 . . . .102.81 -0.02 106.8 102.7
Tsy 5.250 12 . . . .104.07 -0.02 108.1 104.0
Tsy 4.500 13 . . . .106.12 -0.02 109.2 105.8
Tsy 2.500 13 . . . .287.06 -0.03 287.7 274.9
Tsy 8.000 13 . . . .115.54 -0.03 121.3 115.5
Tsy 5.000 14 . . . .111.52 -0.04 114.1 109.2
Tsy 7.750 15 . . . .103.63 0.13 342.1 102.8
Tsy 8.000 15 . . . .126.82 -0.05 131.6 123.7
Tsy 4.750 15 . . . .112.51 -0.04 114.7 108.6
Tsy 4.000 16 . . . .110.04 -0.07 111.4 104.9
Tsy 2.500 16 . . . .334.24 0.00 334.7 304.4
Tsy 12.000 17 . . .126.09 0.00 185.9 125.2
Tsy 1.250 17 . . . .112.20 -0.11 112.4 104.9
Tsy 8.750 17 . . . .137.42 -0.09 142.2 132.9
Tsy 5.000 18 . . . .116.07 -0.09 117.6 109.7
Tsy 4.500 19 . . . .112.50 -0.10 113.8 105.4
Tsy 3.750 19 . . . .106.65 -0.09 107.7 99.4
Tsy 2.500 20 . . . .341.89 -0.14 342.8 303.8
Tsy 4.750 20 . . . .113.73 -0.13 115.9 106.6
Tsy 8.000 21 . . . .142.48 -0.16 147.1 133.8
Tsy 4.000 22 . . . .105.78 -0.18 108.4 99.0
Tsy 1.875 22 . . . .118.05 -0.20 118.5 108.5
Tsy 2.500 24 . . . .300.92 -0.16 302.0 262.1
Tsy 5.000 25 . . . .114.19 -0.17 118.5 107.4
Tsy 4.250 27 . . . .104.46 -0.08 108.8 97.9
Tsy 1.250 27 . . . .112.40 -0.03 112.8 100.5
Tsy 6.000 28 . . . .126.90 -0.04 132.7 119.5
Tsy 4.750 30 . . . .109.92 -0.04 115.0 103.0
Tsy 4.125 30 . . . .287.39 -0.02 288.4 248.7
Tsy 4.250 32 . . . .102.87 -0.04 107.8 96.0
Tsy 4.250 36 . . . .102.16 -0.03 107.4 95.0
Tsy 4.750 38 . . . .110.73 -0.03 116.5 102.8
Tsy 4.500 42 . . . .106.83 0.00 112.8 98.9
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The apps every foodie needs
Above, you can now
pay by app at Pizza
Express. Below, the
Great British Chefs
app.
Picture: REX
Lifestyle| Food, Drink, Books
HORRIBLE BOSSES
REVIEWED IN
TOMORROWS
LIFESTYLE SECTION
19
Timothy Barber picks
the apps that make
eating out easier
P
ICTURE the scene: its quiet, the
wind is playing with your hair, the
birds are tweeting and youre on
your second margarita. This is not
you and your partner alone on holiday:
no, its the whole family sitting in peace-
ful, engrossed silence devouring your
respective books.
If this scene appeals, here are some sug-
gestions for the kids that should take their
minds off their mobiles and getting as
much sand as possible in your bag. From
seven onwards, anyone with intellectual
curiosity should enjoy Thirty Days Has
September: Cool Ways to Remember Stuff
by Chris Stevens. Its full of secret tricks
to help remember things like times tables,
weird punctuation, notoriously difficult
spellings and, better still, historical facts,
interesting statistics and more. Expect a
lot of: Dad, guess how many... and
Mum, did you know that...?
Room On the Broom, by Julia
Donaldson and Axel Scheffler is a charm-
ing, engrossing read. A good natured
witch flies about with her contented,
purring cat, picking up animal friends as
they go. Disaster strikes in the form on the
broom snapping and the witch becoming
separated from her friends oh, and the
risk that a large red dragon will take her
for his lunch (witch and chips for my
tea). The illustrations are the main draw,
however. A top choice for your tot.
Ed Veres well-reviwed Bedtime for
Monsters will also delight ages 3-5. A taster
from the publisher: What if a monster
were looking for a bedtime snack? And
what if that snack just happened to be
you? GULP! Hes getting closer and closer
and his tummy is rumbling REALLY loud-
ly. But all this monster actually wants is a
lovely monster-sized goodnight kiss.
For the same age group, This Book
Belongs to Aye-Aye by Richard Byrne is
BOOKS: CHILDRENS SUMMER READS
ZOE STRIMPEL
PIZZA EXPRESS
Lanched a month ago, the high street
chains new app could herald a no less
than a change in the way we dine out. As
well as expected functions like showing
you the menu, telling you where your
nearest Pizza Express can be found and
enabling you to book a table, the app
allows you to pay directly for your meal.
Instead of fiddling with chip and pin
cards or cash, simply enter a code on your
bill into the app and pay via a PayPal
account. The app links directly to the till
system, meaning that your bill will imme-
diately show up on the screen of the till.
Free from iTunes. www.pizzaexpress.co.uk
GREAT BRITISH CHEFS
This smart, well-designed app brings
together recipes and tips from an impres-
sive number of leading, multi-starred
chefs working around Britain. These
include Marcus Wareing, Nathan Outlaw,
Tom Aikens, Nuno Mendes of Viajante
and Pascal Aussignac of Club Gascon. The
dishes are all from the chefs menus not
things to knock up in half an hour on a
work night, but beautiful things to
impress your mates at a dinner party.
Theres also useful video hints on things
like filleting and gutting fish, removing
meat from a crab and preparing arti-
chokes. The app will also compile your
shopping list for you from each recipe.
From a practical point of view, its easier to
use on an iPad than a phone, but it works
for both. The app designers are planning
further releases and more chefs over com-
ing months. For more information see
www.greatbritishchefs.com. 4.99 from iTunes.
PROJECT OCEAN FROM SELFRIDGES
We all know fish stocks are under
threat from over-fishing, but how
many of us really know which fish
are okay to buy and which are
endangered? Well, Project Ocean,
launched by Selfridges in conjunc-
tion with a number of chefs to shine
attention on the matter and encour-
age ethical sourcing, has produced an
app with a very helpful guide. It shows
(for example) how dover and common
sole should be avoided but trawled
lemon sole is fine, skate and ray should
always be avoided but dabs and flounder
are fine. It also has a sizeable list of fish
restaurants and plenty of fish recipes
from chefs including Angela Hartnett,
Jun Tanaka, Bruno Loubet and Mark Hix.
Free from iTunes. www.selfridges.com/projecto-
cean
POCKET WINE
This is the perfect app for impressing your
friends with your knowledge as you peruse
a wine menu but its principally a useful,
easy-to-use guide to the wine world thats
relatively free of pretentious jargon. It
divides wine types easily by style (aromatic,
crisp, fruity, smooth etc) and by grape,
explaining muscadet from trebbiano, mal-
bec from montepulciano, and also suggest-
ing wine types for matching with different
foods. You can also create your own taste
profile to record your preferences, and
there are useful tools like a glossary of wine
terms and a regional listing. This app is a
probably a little basic for seasoned
oenophiles theres an excellent Wine
Society app for them but for those want-
ing a little extra help with their wine choic-
es, its spot on. 2.49 from iTunes.
SQUARE MEAL AND URBANSPOON
There are plenty of apps providing listings
for restaurants, and the well-known food
guides, including Hardens, Zagat and
Micheline, each have their own apps. These
are our two favourites. Square Meals pithy,
intelligent reviews are among the best
around, while Urban Spoon is great at find-
ing the restaurants near wherever you are.
Both free from iTunes.
also nice: it concerns a little-known
Madagascan creature, the aye-aye. Miss
Deer is holding a competition to find the
most helpful animal in her class, and
theres a prize for the winner...but some-
one isnt playing fair. Guess who saves the
day? The fluffy aye-aye.
For slightly older kids, you cant go
wrong with Bones author Kathy Reichs
first foray into teen fiction, Virals, in
which the niece of famous forensic scien-
tist Temperance Brennan stumbles on a
mystery at prep school.
The Devil Walks by Anne Fine is also a
gripping story, narrated by a boy brought
up an invalid by a mother who appears to
have Munchausens. A great Gothic
thriller that could keep you turning pages
to the end too, if you so much as open it.
Prepare for a fight, then.
Make the summer
peaceful by getting
the kids stuck in.
Picture: GETTY
R
ECENT summertime openings are
aiming to reinvigorate after-work
drinking with masterful mixology, which
is exemplified in Bishopsgates newest
installation, The Drift at Heron Tower, from
the same team behind The Folly and The
Anthologist. Set over two massive floors with
a sprawling bar on each and a secluded
cabana overlooking Europes largest
aquarium, The Drift is angling to please the
Citys palate with a variety of innovative
drinking options. Cocktails are impressive, or
you can purchase a wine flight set of 125ml
tasters to quench your curiosity. Nearby, in
Moorgate, the Chiswell Street Dining Rooms
recently opened in the c1750 Whitbread
Brewery. Theyve put together a pretty sleek
and subdued bar with clean lines and
inventive bartenders who prove their mettle
with cocktails like the New York Sour (Bulleit
and lemon/lime drizzled with Merlot). For the
ultimate flights a little further east, head to
Nuno Mendes Viajante Bar in Bethnal Green.
Requiring a reservation from at least a day
before, the 40 cocktail tasting menu
matches mind-boggling molecular mixology
with Mendes signature amuse bouches. A
hop, skip and a jump to Hoxton is Happiness
Forgets, a new basement speakeasy-style bar
with low-rent, top-shelf cocktails. The
bartender and resident mastermind cut his
teeth at New Yorks Pegu and can produce a
superlative glass at a cut-rate price. Across
town, the Brompton Bar and Grill has
recently set up an Absinthe Bar which is
serving the infamous tipple that toppled the
like of Rimbaud, Oscar Wilde and Van Gogh.
Along with the traditional slotted spoon
ritual, theyll whip you up a variety of Green
Fairy-lashed contemporary cocktails like the
Absinthe Caipirinha.
Across town in Canary Wharf, the Battery
Club has now opened its chic 3rd Floor late
night bar with stunning views across the
river . The Den features wood panelled walls
and a low tin ceiling to complete the New
York feel. Tim Badham is the founder of
Innerplace, Londons leading providers of VIP
entertainment, including film premieres,
fashion shows, launch parties and members
club access. www.innerplace.co.uk
Tim Badham
Going
Out
Top summer
openings to
keep you sated
T
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HISTORY COLD CASE
BBC2, 9PM
Sue Black and her team visit
Hertfordshire to investigate the
discovery of a female skeleton, buried
with the remains of three babies.
SINGLE-HANDED
ITV1, 9PM
Part two of two. Jack tracks down his
Uncle Sean and tries to persuade him
to get back in touch with his estranged
son Brian. With Owen McDonnell.
THE KILLING
CHANNEL4, 9PM
Linden and Holder question Rosies
ex-boyfriend Jasper and later
interview a new suspect.
Crime drama, starring Brent Sexton.
BBC1
SKY SPORTS 1
7pmLive Darts 12amTest
Cricket 2amTime of Our Lives
3amRingside 4am-6amTest
Cricket
SKY SPORTS 2
7pmRingside 8pmTest Cricket
10pmRingside 11pmWWE:
Late Night Raw1amWWE:
NXT 2amNFL: Total Access
3amPremier League World
3.30am-4.30amRacemax
SKY SPORTS 3
7pmGolf 8pmLive PGA Tour
Golf. The Canadian Open. 11pm
European Tour Golf 1amPGA
Tour Golf 4amGolf
5am-5.30amSailing
BRITISH EUROSPORT
6.30pmLive Athletics 8.50pm
Cycling: Tour de France
10.20pmTriathlon
11.15pm-12.45amCycling: Tour
de France
ESPN
6.30pmCopa America Football
8.15pmESPN Kicks: Extra
8.30pmLive Major League
Baseball 11.30pmUFC
Unleashed 12.30amESPN
Press Pass 1amNFL 4am
Asian X-Games 5amESPN
Game of the Week
5.30am-6amESPN Press Pass
SKY LIVING
7pmCSI: Crime Scene
Investigation 8pmTeen Wolf
9pmBritain & Irelands Next
Top Model 10pmChick Fix
11pmCriminal Minds 12am
CSI: Crime Scene Investigation
1.50amGhost Whisperer
2.40amCharmed 4.20am
Nothing to Declare
5.10am-6amMaury
BBC THREE
7pmTop Gear 8pmJamie: Drag
Queen at 16 9pmAlex: A Life
Fast Forward 10pmEastEnders
10.30pmThe Pranker 11pm
Family Guy 11.45pmAlex: A
Life Fast Forward 12.45am
Small Teen, Bigger World
1.45amThe Pranker 2.10am
Jamie: Drag Queen at 16
3.10amKellie: The Girl Who
Played with Fire
4.10am-5.10amSmall Teen,
Bigger World
E4
7pmHollyoaks 7.30pmHow I
Met Your Mother 8pmFriends
9pmThe Big Bang Theory
9.30pmHow I Met Your
Mother 10pmThe
Inbetweeners 11.10pmFILM
Top Gun. 1986. 1.20amMy
Name Is Earl 2amHow I Met
Your Mother 2.25amThe
Inbetweeners 3.20amGlee
4.10amHeartland 4.55amThe
Class 5.15am-6amSwitched
HISTORY
7pmAmerica: The Story of the
US 8pmIce Road Truckers 9pm
Pawn Stars 10pmStorage
Wars 11pmDeep Sea Salvage
12amPawn Stars 1amStorage
Wars 2amDeep Sea Salvage
3amAmerica: The Story of the
US 4amMega Disasters
5am-6amIce Road Truckers
DISCOVERY
7pmMythbusters 9pm
American Loggers 10pm
Catastrophe 11pmDeath
Machines 12amBear Grylls:
Born Survivor 1amAmerican
Loggers 2amCatastrophe 3am
Deadliest Catch 3.50amClash
of the Dinosaurs 4.40amWeird
or What? 5.30am-6am
Destroyed in Seconds
DISCOVERY HOME &
HEALTH
7pmBringing Home Baby 8pm
Little People, Big World 9pm
Strange Sex 10pmI Didnt
Know I Was Pregnant 11pm
A&E 12amStrange Sex 1amI
Didnt Know I Was Pregnant
2amA&E 3amLittle People,
Big World 4amA Baby Story
5am-6amBringing Home Baby
SKY1
8pmFuturama 8.30pmThe
Simpsons: Bart plays his
parents against each other.
9pmThe Chicago Code 10pm
Lie to Me 12amLaw & Order
1amDanny Dyers Deadliest
Men 2: Living Dangerously
1.50amStargate Atlantis
3.20amTop Ten Show
3.30amDream Lives for Sale
4.20amAirline 5.10am-6am
Sell Me the Answer
BBC2 ITV1 CHANNEL4 CHANNEL5
S
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&
C
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B
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TVPICK
6pmBBC News
6.30pmBBC London News
7pmThe One Show:
Best of Britain
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6 7
8 9
10 11 12 13
14 15
16 17 18 19
20
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22 23
35 6
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15 12 4
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Fill the grid so that each block
adds up to the total in the box
above or to the left of it.
You can only use the digits 1-9
and you must not use the
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 For, in favour of (3)
3 Bracelets (7)
6 One who pretends to
have special knowledge
or ability (9)
8 Flightless Australian bird (3)
10 Frozen dessert made
with fruit juice (6)
13 Cut-price event (4)
14 Love intensely (5)
16 Release after a security
has been paid (4)
17 New Testament book telling
the story of Christ (6)
20 Large monkey (3)
21 Attacker (9)
22 Person who receives
support and protection
from a patron (7)
23 Retired person (inits) (3)
DOWN
1 Tubes (5)
2 Come about (5)
3 Brought (a vehicle)
to a halt (6)
4 Spectacles (7)
5 Male ofspring (3)
7 In a slumber (6)
9 Quagmire (6)
11 Weight used to
stabilise a ship (7)
12 Duvet warmth
rating (3)
15 Go round and
round (6)
18 Terrace (5)
19 Become less
in amount or
intensity (3,2)
21 High mountain (3)
E
I
N
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D E
R
A
T

4
4

4
4
4
A R I D P A N E L
L O V E R O A
B E A U E G S
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M E T S E A I R
C A S S A N D R A
P H I U T E M S
I O N I A N S E A U
N D G R S V P
C E E M I R E
H E R O D S C A R
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4 1 6 2 7 8 9 3 5
3 1 4 6 5 7 2
7 4 1 9 8 4 9
9 7 1 4 2 5 1 3
5 3 1 6
3 4 2 1 6 4 1 2
9 8 7 5 1 9 7
3 4 1 8 2 6 5
6 5 3 2 7 4 9 8 1
4 1 3 9 8 7 5
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4
4
4
4
4
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WORDWHEEL
The nine-letter word was
TRANSFORM
Lifestyle | TV&Games
CITYA.M. 21 JULY 2011 20
AFTER two and a half years of hard work
England have the chance to officially
become the number one Test side in the
world. To do that they will need to beat
incumbent rulers India by at least two
clear Tests, with the sides about to go
head-to-head over four matches.
England can be backed at around 3/1 to
win by a margin sufficient to take them
to top spot and they are 5/4 favourites to
win the series with Star Sports. The argu-
ment for England is that they have won
seven and drawn the other of their last
eight series, have one of the best batting
line-ups in world cricket, and will benefit
greatly from home comforts. Its a com-
pelling case, but not quite enough to be a
convincing one.
India travel to these shores on the back
of an even longer stretch without a Test
series defeat. Their last loss was to Sri
Lanka in July 2008 and they can equal
England with the bat. As for the weather,
it may hinder as much as help the hosts,
with an unsettled period forecast for the
coming month.
Theres also the fact that England have
not had a positive series result against
India since winning 1-0 at home in 1996.
The following series have been divided
between two 1-1 draws and three 1-0
India wins, two of which were secured in
the two previous contests. I would rather
lay England at 2.26 on Betdaq.
From a spread betting perspective, sell-
ing Englands series supremacy with
Sporting Index at 4 would be the sensible
approach, where a team is awarded 10
points for winning the series and five
points per match won by, therefore the
maximum or minimum total is plus or
minus 30. With two such accomplished
batting units going head-to-head, the
bowlers in both teams are going to have
their work cut out. The 5/1 on offer with
Star Sports for a correct series score of 1-1
is also worth taking.
The opening match, which begins at
Lords today, is likely to set the tone. The
stalemate has been backed into 5/6 with
Star Sports and that looks the right price
with rain predicted to be on its way.
After scoring 579 Test runs in 2011, no
man on earth can match Alastair Cooks
achievements in the five day game this
year. His fine form extended to the one
dayers against the Sri Lankans, when he
hit another 298, so Cook is unsurprising-
ly at the head of the betting to be top
scorer at Lords, alongside Jonathan
Trott, whose Test average has now crept
up to 62.23. Both men can be backed in
the market at around 7/2.
Also in the running is 4/1 shot Andrew
Strauss fresh from scoring 78 and 109
not out in a warm-up match this week
against India during his temporary spell
with Somerset. Ian Bell is second only to
Cook in terms of runs gathered this year
after compiling 446 in five innings in
2011 and can be backed at 6/1.
However, Kevin Pietersen seems to
finally be recovering from the worst
slump of his career and is a very tempt-
ing option at 9/2. Pietersen was back in
fine touch towards the end of the Test
series versus Sri Lanka, coming into this
one with scores of 74 and 85 from his
most recent two innings. If he can contin-
ue from where he left off, he will reach a
heavy series total. Sporting Index are
trading his series runs at 290-310 and Id
be confident buying at that price.
For India, the spotlight will fall firmly
on one man: Sachin Tendulkar. The Little
Master began his Test career all the way
back in November 1989 and first faced
England the following summer. During
that tour Tendulkar recorded his first
Test century and two decades on, the best
batsman of the modern era stands on the
verge of recording his 100th internation-
al ton, with 51 of the 99 coming from
Tests.
He is available at 7/4 with Star Sports
to complete this marvellous achievement
at Lords, and with seven previous hun-
dreds to his name in 24 matches against
England, hell be expecting to nail that
landmark during the series. Already com-
fortably the leading scorer of all time,
Tendulkar needs just another 308 runs to
pass the 15,000-mark in Tests. Sporting
Index expect him to achieve that at some
point this summer, with his series runs
spread set at 320-340. Potential buyers at
this price will be encouraged by the fact
his average jumps from 56.94 to 61.42
against the Three Lions.
TODAY 11 AM SKY SPORTS 1
INDIA
ENGLAND
POINTERS...
Lay England to win series at 2.26 on Betdaq
Sell England series supremacy at 4 with Sporting Index
Back 1-1 series correct score at 5/1 with Star Sports
First Test at Lords to be drawn at 5/6 with Star Sports
Buy Kevin Pietersen series runs at 310 with Sporting
Index
THE King George VI and Queen
Elizabeth Stakes at Ascot on Saturday
is the UKs most prestigious open-
age horserace and this years renew-
al is absolutely mouthwatering.
Workforce has been the subject of
significant support during the week
due to the softening ground and he
undoubtedly has the best form.
However, he had a very hard race in
the Coral Eclipse last time and dis-
appointed on his only visit to
Ascot in this contest 12 months
ago. He will be very difficult to
beat but just isnt value at 6/4
with Star Sports.
St Nicholas Abbey has been a
major drifter in the past few days
and its not hard to see why as he
needs to step up on the form he
has shown so far and also isnt
certain to appreciate the condi-
tions. Rewilding, the mount of
Frankie Dettori, ran a screamer
to run down So You Think in the
Prince of Waless at the Royal
meeting and he will relish the
step up to 1m4f. He is a mas-
sive danger, but I prefer the
chances of NATHANIEL each-
way at 8/1 with Star Sports.
John Gosdens three-year-old was a
mightily impressive winner of the King
George VII over course and distance and he
absolutely loves getting his toe in. He gets a
handy 12lb weight allowance and he will
be hard to keep out of the first two.
Barry Dennis, Britains best known on-
course bookmaker, has launched his exclu-
sive telephone betting service, meaning
that his customers can bet with him away
from the racecourse and on sports other
than racing. Punters can open an account
or place a bet by calling 0800 124 4321 or
visiting www.barrydennis.com.
Punter | Sports
SPORT TRADER OLLIE DREW AND BILL ESDAILE BRING YOU THE
BEST CRICKET AND RACING BETS OF THE WEEKEND
21
Battle to be best of the
Tests to end all square
Nathaniel can strike with conditions to suit
FRANCES Thomas Voeckler main-
tained his ownership of the yellow
jersey at the Tour de France but con-
ceded 27 seconds to his closest rivals
as Edvald Boasson Hagen claimed the
17th stage for Team Sky.
The latest standings see Voecklers
general classification lead over Cadel
Evans cut to one minute and 18 sec-
onds, with Frank Schleck at 1:22,
Andy Schleck at 2:26, Samuel
Sanchez 2:59 back and Alberto
Contador at 3:15 with four stages left.
Meanwhile, Britains Mark
Cavendish extended his lead in the
points classification by crossing the
line at the head of the peloton. The
HTC-Highroad rider now holds a 35
point lead over Jose Joaquin Reyes in
the race to claim the coveted green
jersey.
The day belonged to Boasson
Hagen, however, who won his and
Team Skys second stage of the event
with a solo attack near the end of the
stage from Gap to Pinerolo.
The 24-year-old Norwegian, runner-
up to compatriot Thor Hushovd 24
hours earlier, worked himself into a
14-man escape group on the 179-kilo-
metre route as the Tour headed into
Italy.
He reached the summit of the Cote
de Pramartino with a lead of around
20 seconds and negotiated the 8km
descent to win from Bauke Mollema.
It was a really great day today, he
said. I felt a bit disappointed yester-
day to not win. I really wanted the
win today and I really tried to get into
the break. My team-mates did a great
job to help me get into it.
It was really hard to get away in
the group as risers were chasing
behind. Finally we made it away and I
was feeling great the whole day.
I really wanted to win so I got
some extra power from that and also
from all the Norwegian fans out on
the course. Its so nice to win.
We did the route in training earli-
er on this year and I was thinking
about this stage. I had a plan and
everything was perfect.
The race goes into some really
hard stages now so I will try to save
my legs for the time trial (on
Saturday).
NEW FULHAM signing John Arne
Riise is ready to make his club debut
in tonights Europa League qualifier
against Crusaders a decade on from
the collapse of a proposed transfer.
The Norway international spurned
the opportunity to join the Cottagers
back in 2001 when Liverpool regis-
tered last minute interest.
Fulham head into the tie against
the Northern Ireland part-timers
with a 3-1 lead and manager Martin
Jol has confirmed the former
Liverpool left-back will start after
joining from Roma. Clint Dempsey,
Moussa Dembele and Simon Davies
are all out injured, however.
Boassen Haggen claims stage victory
as Cavendish closes in on green jersey
CYCLING
FOOTBALL
Riise ready to
make belated
Fulham bow
SPORT | IN BRIEF
Saracens start at Treviso
RUGBY UNION: Premiership champions
Saracens will begin their Heineken Cup
campaign at home to Benetton Treviso
in November and have confirmed they
will tackle Welsh region Ospreys at
Wembley on 10 December. Last years
runners-up Northampton face a daunt-
ing trip to two-time champions Munster
on the opening weekend.
Im Britains best, claims Khan
BOXING: Amir Khan believes his world
title unification fight against Zab Judah
on Saturday will prove beyond doubt he
is Britains premier fighter. Khan, 24, will
be defending his WBA light-welter-
weight crown in Las Vegas against IBF
title-holder Judah. Pound-for pound,
Im way ahead of all the other British
fighters, and I think people know that,
said the former Olympic silver medalist.
McLaren not ruffled by Ferrari
FORMULA ONE: McLaren say they are
not intimidated by Ferraris resurgence
and plan to renew their rivalry with Red
Bull at the German Grand Prix. Fernando
Alonso took Ferraris first win of 2011 in
Britain with McLarens Lewis Hamilton
only coming fourth and Jenson Button
being forced to retire. But McLaren
managing director Jonathan Neale said:
We are not intimidated. Up until the
last week we were the only ones putting
up a credible fight against Red Bull.
GB pair fail to secure 2012 place
OLYMPICS: British open water swim-
mers Dan Fogg and Tom Allen missed
out on a chance to qualify for the
London 2012 Olympics by finishing out-
side the top 10 at the World
Championships. The pair could not
repeat the success of Keri-Anne Payne,
who won the womens event on Tuesday
to become the first British athlete to
qualify for next years Games. Fogg, 23,
finished 15th, while teenager Allen came
home in 26th at the event in Shanghai.
NBA star Ming forced to retire
BASKETBALL: Chinas biggest sporting
star Yao Ming has confirmed that he is
retiring from basketball, after suffering
a series of injuries. The 7ft 6in Houston
Rockets player, 30, broke his foot year.
NBA official David Stern said: Yao Ming
has been a transformational player for
our league and a source of enormous
pride to the people of China.
Sport
22
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email sport@cityam.com
Strauss scored a
century against
India last week
Picture: ACTION
IMAGES
Strauss calls
for repeat of
Ashes effort
ENGLAND captain Andrew Strauss
believes beating India on home soil
will require an effort on par with
winning the Ashes in Australia.
The eagerly anticipated four Test
series between the two sides vying
to be ranked the No1 Test team in
the world begins at Lords today
with Strauss confident his team are
on the verge of delivering some-
thing special.
Last winters demolition of
Australia so far represents the high-
light of Strausss tenure and the
Middlesex left-hander appreciates it
will require a series of equally disci-
plined performances to topple MS
Dhonis ultra-talented side.
Cricket-wise it is certainly as big
a challenge as the Ashes, said
Strauss, who scored a century
against the tourists for Somerset
last week.
I dont think this series needs a
lot of hype, because it is India versus
England two very good sides. The
recipe is there for it to be a very
entertaining series.
India are a very, very good crick-
et side and have been for a while
now. We have a great opportunity to
play some really good cricket and
hopefully pull off something special
over the next five weeks.
If England are to prevail they will
have to find a way of stemming the
amount of runs likely to flow from
the bat of Sachin Tendulkar.
The Little Master, 38, is set to
embark on his final tour of
England and will hope to mark it
with a 100th international century,
but Strauss has other ideas.
Were not focusing on Sachin
any more or less than any other
Indian player but clearly we don't
want that fairytale for him to come
true.
We need to deliver our plans and
hopefully by doing that well limit
his chances of getting that hun-
dred.
India skipper Dhoni, meanwhile,
paid a warm tribute to Tendulkar
and instructed his younger players
to learn from him while they still
have the opportunity to do so.
I think his love and passion for
the game is what keeps him going.
He keeps things very simple and
doesnt complicate things, he said.
Overall I think he is the ideal
cricketer to look up to for how he
has conducted himself on and off
the field of play.
BY JAMES GOLDMAN
CRICKET
TENDULKARS TONS | FIVE OF THE BEST

114 v Aus (1992): On a typically fiery
Perth wicket an 18-year-old Tendulkar
negated the threat of Craig McDermott.
136 v Pak (1999): The Little Master bat-
tles against a back injury and takes India
to the brink of victory against Pakistan.
186* v NZ (2000): The highest score by
an Indian in a one-day international.
241* v Aus (2003): A remarkable feat of
endurance against Shane Warne on a
turning Sydney wicket.
175 v Aus (2009): Fell just short of help-
ing to pull off a remarkable victory.
23
I
TS a measure of how far this
England side has progressed in
a short space of time that I
make them favourites to win a
series against the side currently
ranked the best in the world.
The depth of Indias batting
means England will spend large
periods of this series on the back
foot and theyll have to be ready to
pounce when conditions are in
their favour.
Looking at the forecast ahead of
todays first Test at Lords it looks
as though the elements will be
conducive to swing bowling and in
James Anderson England have the
finest exponent of that
art in world cricket; his
performances will go a
long way to determin-
ing the outcome of this
series.
Indias batsmen are
streetwise but it does-
nt matter who you
are, when youre fac-
ing Anderson, who
can move the ball in
or out with no discern-
able change in his action, you will
struggle at some point.
Graeme Swann will have his
part to play but his impact will be
determined by how the seamers
perform with the new ball.
Swann is at his best when hes
given a platform to attack from
and if India, whose batsmen play
spin better than anyone else, dont
lose early wickets the
Nottinghamshire twirler will be
much less of a threat.
As good as these two teams are, I
dont expect it to be an explosive
series but more of a throwback to
vintage Test cricket where
patience and discipline will be
rewarded.
If theres anybody who embod-
ies those qualities above anyone
else its Sachin Tendulkar and it
would be remiss to preview this
series without mention of a player
I regard as one of the best, if not
the best, batsman of all time.
Id encourage any aspiring crick-
eter to pay close attention to the
way he conducts himself at the
crease his technique is as close to
flawless as youll see.
This is the 100th Test between
India and England and the
2,000th Test in history with
Tendulkar (left) poised one
short of a century of inter-
national hundreds.
The stage could not be
better set for him to
achieve what would be
an iconic moment in
the history of the
sport and not even
the most patriotic
Englishman would
begrudge him
reaching a quite
staggering land-
mark at the home
of cricket.
Lukaku bid turns up heat
in Chelsea striker rivalry
CRICKET COMMENT
ANDY LLOYD
Anderson holds
the key to halting
Tendulkar and Co COMPETITION for forward places is
only likely to get fiercer at Chelsea,
but Nicolas Anelka and Daniel
Sturridge, two of the men whose
places look most under threat, insist
they are in no mood to step aside.
Anelkas place has been increasing-
ly under threat since January, when
Roman Abramovich sanctioned the
50m signing of Fernando Torres,
and the ageing Frenchman faces a
battle to convince new manager
Andre Villas-Boas he should start.
Sturridge, meanwhile, enjoyed a
revelatory spell on loan at Bolton late
last season, scoring eight goals in 11
starts, yet the indications are that the
England Under-21 star could be
farmed out once again.
Torres and long-term kingpin
Didier Drogba are both ahead of that
pair in the queue, while there could
soon be another name jostling for
position in Romelu Lukaku.
The strapping Belgian youngster,
18, has been courted by Europes top
clubs for years already and Chelsea
are believed to have made their move
by lodging a formal bid with
Anderlecht yesterday.
Yet both Anelka, 32, and Sturridge,
21, sound more determined than ever
to prove they deserve to be at the fore-
front of a 4-3-3 formation and a new
era under Villas-Boas.
I like a challenge, said Anelka. It
is all part of the game and when you
play at a club like Chelsea you have to
be ready to meet the challenge from
wherever it comes. Every single mem-
ber of this squad will have to fight to
play and I am ready to fight.
Sturridge, speaking ahead of this
afternoons match against a Malaysia
XI in Kuala Lumpur, the first of their
four-game trip to Asia, said: Im here
training in pre-season and looking
forward to the start of the new sea-
son, where I can show everybody
what I am capable of doing. The past
is the past, so everyone has got to
fight for their place.
BY FRANK DALLERES
FOOTBALL
Lukaku, 18, is already a senior Belgium international Picture: ACTION IMAGES

lKia Joorabchian, the agent of Carlos
Tevez, says his client will respect
Manchester City if he fails to seal a move
away after his proposed switch to
Corinthians failed to materialise.
lArsenals Brazil midfielder Denilson
has returned to Sao Paulo on loan for the
2011-12 campaign.
lManchester City have confirmed that
striker Jo has left the club for Brazilian
side Internacional.
lMatt Taylor has flown home Boltons
tour of America in order to seal a move to
West Ham.
lThe deal to take Udineses Alexis
Sanchez, a target of Manchester United
and Manchester City, to Barcelona is edg-
ing towards completion.
WHEELER DEALER | FOOTBALL TRANSFERS AND GOSSIP

Cityam 2011-07-21

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www.cityam.com Issue 1,429 Thursday 21 July 2011 FREE

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Lukaku, 18, is already a senior Belgium international Picture: ACTION IMAGES

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