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STRAUSS
KAHN SEX
CASE OVER
US EXPECTED TO
DROP CHARGES P6
ENGLAND COMPLETE
INDIA WHITEWASH
TRIUMPH AT THE OVAL P24
BUSINESS WITH PERSONALITY
Issue 1,452 Tuesday 23 August 2011
Certified Distribution
04/07/2011 till 31/07/2011 is 93,093
GOLD spiralled past the $1,900 mark
in after-hours trading last night, set-
ting yet another record high for the
safe-haven asset.
It reached a peak of $1,917.90 on
the futures market before falling
back slightly.
Spot gold also reached the mile-
stone, with the sputtering global
economy boosting expectations for
further monetary easing and raising
bullions appeal as a hedge against
inflation.
The precious metal had closed a
whisker short of $1,900 after gaining
two per cent during the days trad-
ing. The S&P 500 Index rose just 0.4
per cent. Its value has increased six
per cent in just three days and 15 per
cent so far this month, contributing
to a $400 (243) price hike since July.
All eyes will now turn to Fed chair-
man Ben Bernanke, who will deliver
a key speech on Friday, which will be
scrutinised for any signs of Fed policy
direction.
At the same meeting a year ago,
Bernanke announced a $600bn bond-
buying programme that sparked a
rally in gold.
Analysts say anything short of a
third round of quantitative easing
would likely provide limited support
for gold as the Fed had already vowed
to keep interest rates low into 2013.
Standard & Poors metals equity
analyst Leo Larkin said: Gold is driv-
en by the expectation that at some
point inflation will come back, and a
continuation of people looking for a
safe haven beside just the US treas-
ury bonds.
Its still susceptible to a pretty big
pullback as things are overdone
based on technical indicators.
Spot gold was up 1.6 per cent at
close of play yesterday, building on
its strongest one-week rise since
February 2009. It is one of this years
best-performing assets, now up 33
per cent.
US gold futures for December
delivery had closed up $39.70 at
$1,891.90 an ounce.
The CBOE Gold ETF Volatility
Index, which is often referred to as
the Gold Vix, spiked 13 per cent to
around 33, its highest in nearly two
and a half years.
Investors pouring into gold helped
push the total assets of the SPDR
Gold Trust to $76.7bn, making it the
largest exchange-traded fund in the
world for the first time.
The gold trust, which owns physi-
cal bars of gold kept in vaults, sur-
passed the $74.4bn SPDR S&P 500
ETF, which tracks the S&P 500 stock
index, as of the market close.
SEE: ALLISTER HEATH P2
GOLD PRICE
SURGES PAST
$1,900 MARK
BY STEVE DINNEEN
WORLD ECONOMY
Rebels fight for Tripoli

as Gaddafi disappears
REMNANTS of forces still loyal to
Muammar Gaddafi staged a desperate
stand in Tripoli last night as rebels
surged through the streets of the capi-
tal, but the whereabouts of the Libyan
leader were a mystery.
World leaders urged Gaddafi to
surrender to prevent more bloodshed
and appealed for an orderly transition
of power, as the dictators 42-year
rule over the North African oil-produc-
ing nation appeared to nearing the
end.
Confusion reigned last night after
claims that rebels had captured three
of Gaddafis sons, including his heir
apparent Saif al-Islam, proved false fol-
lowing claims that he appeared at the
Rixos hotel in Tripoli to chat with
reporters early this morning.
Al-Jazeera TV earlier reported that
one of the sons, Mohammed, had
escaped, adding that the body of
another son, military commander
Khamis, might have been found along
with that of an intelligence chief.
While Nato warplanes bombed
Gaddafis Tripoli compound again last
night, it was not clear whether the dic-
tator was still in the Libyan capital.
In his last audio broadcast on
Sunday before state TV went off the
air, Gaddafi said he would stay in
Tripoli until the end.
MORE: PAGE 2 AND 3
BY KASMIRA JEFFORD
LIBYA
Crowds took to the streets in Tripoli yesterday to celebrate Picture: REUTERS

All eyes will be on Fed
chairman Ben Bernanke,
who will make a key
speech on Friday that may
indicate policy direction
JONATHAN SORRELL TO JOIN MAN
Jonathan Sorrell, one of Goldman
Sachs top bankers and the son of Sir
Martin Sorrell, chief executive of the
advertising group WPP, is to join Man
Group as a senior executive at the
hedge fund manager. Sorrell, 33, who
is among the best-known figures in
the hedge fund industry, is to be
appointed to Mans executive com-
mittee and will become the compa-
nys head of strategy.
COSCO MARKET PROCESSES CONCERNS
The head of the worlds largest ship-
ping market has expressed concern
over the behaviour of one of the
worlds biggest shipping companies
after Chinas Cosco apparently
reneged on contracts with several
shipowners. Jeremy Penn, chief execu-
tive of Londons Baltic Exchange,
spoke after several Cosco ships were
reportedly arrested when angry
shipowners and other creditors won
court orders to have ships seized as
collateral against unpaid fees.
QUEENS COUSIN SETTLES USWITCH ROW
A cousin of the Queen who made a
fortune through the sale of a price-
comparison website five years ago has
settled a row with a group of former
investors who claimed they had been
duped into selling their shares cheap-
ly. George Mountbatten was sued by
nine former shareholders of uSwitch
who argued that they had missed out
on a substantial windfall when the
company was sold to EW Scripps.
WHAT THE OTHER PAPERS SAY THIS MORNING
News
2 CITYA.M. 23 AUGUST 2011
Pathetic markets want
Bernanke to save them
IT was heady stuff. The price of gold
smashed through the $1,900 level in
after-hours trading last night, as
investors worried about instability
and inflation piled into the precious
metal. It was not just gold: equities
also rose yesterday.
Libya helped, of course, but there
was one much more powerful reason
why stock markets gained ground:
Wall Street is hoping that Ben
Bernanke, the Fed chairman, will
unveil at least another $500bn in
quantitative easing at his Jackson
Hole speech on Friday. I cant say Im
impressed. It is pathetic to see capital-
isms finest permanently begging the
Fed to step in and create yet more liq-
uidity, pushing down bond yields to
even more-bubble like proportions.
The markets are hooked to
Bernankes lethal elixir; every time he
ramps up the printing presses, equi-
ties surge for a few months, as they
did from last November. Eventually,
the drugs effect runs out, equity mar-
kets fall back and the clamour for
more QE mounts again. Each time,
the effect of the intervention
becomes less significant and the pain
from the hangover increases; eventu-
ally, catastrophe will ensue. Given
how low US official rates, bond yields
and mortgage rates have fallen, it
ought to be clear that pushing down
the cost of borrowing further is not
the answer. Neither is printing more
money, which will only end up push-
ing commodity prices up even fur-
ther. When will anybody learn?
A BILLION CAR MILESTONE
EVERY so often, one stumbles upon a
fact that tells us more about the
world we now live in than reams of
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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
analysis or research. So here is my fact
of the week: for the first time ever,
there are now more than 1bn vehicles
on the roads worldwide. Global regis-
trations jumped 3.6 per cent to
1.015bn in 2010, up from 980m in
2009. The number, compiled by
Americas WardsAuto.com, was found
by examining official registrations
and historical trends and includes
cars, vans, trucks and buses currently
in operation across the world. The
total will of course have grown even
further since the start of 2011, despite
the increasingly sluggish state of the
European and US economies.
Last years jump was the biggest
percentage rise since 2000 and, as you
might expect, was led by emerging
economies, with traditionally car-
mad America now accounting for just
23.6 per cent of total global vehicles
on the road. More than half the
increase was attributable to China
which now operates more vehicles
than Japan with Brazil enjoying the
second largest volume jump and
India the second fastest percentage
growth rate.
As with all great factoids, this is
one has much to teach us. The first
lesson is that the West is no longer
synonymous with the global econo-
my (yes, this is obvious really, but it is
shocking how many people still for-
get this, especially when talk of a pos-
sible Western recession is conflated
with the altogether less likely
prospect of a global one). The second
is that as economies grow, consumers
get richer and inevitably spend more
on consumer durables, regardless of
what their governments might want:
slowly but surely, Chinas export and
investment-led model will turn into
something more normal, with its
consumption and imports helping to
boost global demand.
Another even more fundamental
point is that there are currently
6.94bn people in the world. If we
assume that around 5bn of these are
adults, this suggests that the number
of cars and vans on the roads could
eventually triple or quadruple as bil-
lions of people become as wealthy as
todays Americans as the century pro-
gresses. Unless electric motors eventu-
ally become truly commercially and
practically viable and I very much
hope that they do the demand for
oil will continue to explode, giving
even more power to oil producing
countries and continuously putting
upwards pressure on prices. With a
bit of luck, Muammar Gaddafis
deranged regime will soon be history
and Libya run by a government that is
less hostile to its peoples interests
(assuming, that is, that extremists
dont take over). But the worlds
unquenchable thirst for oil means
that the paradox of plenty will contin-
ue to haunt many African and Middle
Eastern countries for years to come:
countries that are amply endowed
with natural resources, such as oil or
diamonds, tend to suffer from
extreme misgovernment, poverty and
misery. Iran and Libya are cases in
point. Countries that start off with lit-
tle or no natural endowments such
as Hong Kong and are forced to
exploit their human capital have
tended to enjoy far better outcomes.
We must hope that the Arab Spring
will finally start to refute the paradox
of plenty. But unless political change
is accompanied by true liberalism
and free-market reforms, unlike what
has happened so far in Egypt and
even Tunisia, prosperity will tragical-
ly continue to elude the region.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
EDITORS LETTER
ALLISTER HEATH
THE price of Brent crude oil fell yes-
terday as Libyas civil war appeared
to near an end and investors antici-
pated the resumption of oil exports
from the country, which is part of
Opec.
If production returns to the
African nation it could ease petrol
prices and increase disposable
income, potentially boosting the
recovery.
The Libyan oil industry could be
able to produce up to 1m barrels per
day (bpd) within months, experts
said last night, but it will take far
longer for the nation to return to its
pre-conflict level of 1.6m bpd.
Brent crude was down more than
one per cent last night, falling $1.11
to $107.37 per barrel. During the
early weeks of the crisis oil prices hit
$127.02 a barrel as unrest in oil pro-
ducing nations spread across north
Africa and the Middle East. It was the
highest oil had gone since July 2008,
when it touched $147 per barrel.
OIL PROSPECTS: P17
Price of crude
falls as investors
bet on exports
ENERGY
Hopes for oil

supply boost
Libya majors
SHARES in oil companies whose supply
chains have been disrupted by the civil
war in Libya rose yesterday, as investors
bet on a swift return to production by
some of Europes biggest players.
Despite a drop in the price of oil
futures during trading, shares in Italys
ENI, French major Total and Austrias
OMV rose by up to six per cent yester-
day, though analysts said a return to
pre-crisis levels of production could be
slow.
Italian producer ENI, present in
Libya since the 1950s, is the biggest for-
eign oil company there. Its contracts
for oil production run until 2042, but
it is not yet clear whether any future
government would honour them.
Shares in ENI led the European oil
and gas sector in early trading, hitting
13.66 before settling to close 6.17 per
cent up at 13.66
The Italian foreign minister said con-
tractors from ENI had already arrived
to inspect facilities in the east of Libya,
despite heavy fighting continuing
between rebels and forces loyal to
Gaddafi further west in Tripoli.
OMV also gained more than five per
cent, despite saying it was not yet in
talks with the countrys transitional
council about continuing its contracts.
London-listed Shell, which was car-
rying out exploration work in Libya
prior to the unrest, said yesterday it
was too soon to consider returning. Its
shares closed up 2.15 per cent.
BY ELIZABETH FOURNIER
ENERGY
ANALYSIS l Eni SpA
15Aug 17Aug 19Aug 18Aug 22Aug

12.50
13.00
12.75
13.50
13.25
13.75
13.27
22 Aug
ANALYSIS l Total SA

32.00
31.50
33.00
32.50
34.00
33.50
34.50 32.71
22 Aug
ANALYSIS l Royal Dutch Shell
p
1,875
1,850
1,925
1,900
1,975
1,950
2,025
2,000
1,919.00
22 Aug
Rebel forces
gather on the
streets of
Tripoli (left) as
fighters
celebrate
seizing control
of an army
training
centre (right)
Pictures:
GETTY,
REUTERS
Above:
Demonstrators
set fire to a
photograph of
Colonel
Gaddafi and
copies of his
green book
yesterday.
AS REBEL forces moved closer to gain-
ing control of Tripoli yesterday, world
leaders united in urging ordinary
Libyans to finally push out Colonel
Gaddafi after 41 years in power.
Prime Minister David Cameron said
the tyrant had committed appalling
crimes against the people of Libya and
he must go now to avoid any further
suffering.
Nicolas Sarkozy, the French
President who is set to claim vindica-
tion after taking an early gamble on
backing the Libyan rebels, called on
Gaddafi loyalists to turn their back
on the criminal and cynical blindness
of their leader by immediately... turn-
ing themselves in to the legitimate
Libyan authorities.
And US President Barack Obama
joined calls for Gaddafi to cede con-
trol, saying: Muammar Gaddafi and
his regime need to recognise that their
rule has come to an end.
Politicians across the globe were
also focused yesterday on escalating
violence in Syria, where government
forces shot dead three people who had
gathered among crowds welcoming a
UN team to the country.
The United Nations humanitarian
team arrived as the organisations
Human Rights Council held an emer-
gency meeting in Geneva called by 24
UN member states, including the
Middle Easts Jordan, Kuwait, Saudi
Arabia and Qatar.
The UN said that the death toll had
now reached 2,200 since president
Bashar al-Assad started a crackdown
on protests that began in mid-March.
Syria is facing increasing interna-
tional pressure to end the violence,
but Assad has remained defiant
throughout, insisting at the week-
end that any action against Syria
will have greater consequences [on
those who carry it out], than they
can tolerate.
News
Sources: World Energy Atlas, U.S. EIA, Thomson Reuters
Note: Percentages may not add up to 100% due to rounding * Data from Reuters survey
LIBYA'S OIL & GAS RESOURCES
Libya, a member of OPEC, holds the largest proven oil reserves in Africa
44bn barrels of oil and slightly over 54 trillion cubic feet of natural gas
Libya
44.27
(3.3%)
Rest of
world
402.91
(29.8%)
TOTAL
1,354.18
OPEC
951.28
(70.2%)
PROVED RESERVES
Crude oil, in billion barrels, 2010
Libya
1.65
(2.3%)
Rest of
world
41.67
(57.6%)
TOTAL
72.31
OPEC
30.64
(42.4%)
WORLD CRUDE OIL OUTPUT
In million barrels per day, 2009
LIBYA'S CRUDE OIL OUTPUT
In million barrels per day
1.8
1.7
1.6
1.5
1.4
1.3
1.2
2000 '02 '04 '06 '08 '10*
1.41
1.32
1.52
1.68
1.63
1.74
1.65
1.57*
LIBYA'S OIL EXPORTS
By destination, in 2009, in per cent
Italy
Germany
France
Spain
Other Europe
China
U.S.
Other
32
10
14
10
5
7
9
14
Europe
79%
Rest of
world
22%
A
L
G
E
R
I
A
TUNISIA
NIGER CHAD
L I BYA
EGYPT
Benghazi
Medi terranean Sea
Tripoli
Sirte Basin Holds about
80% of Libya's proven oil
reserves and responsible for
most of Libya's oil output
Oil Gas Pipeline: Oil Field: Gas
200 km
FACTBOX: LIBYAN OIL OUTPUT DURING THE FIGHTING
Until the beginning of this year, OPEC
member Libya was the worlds 17th-
largest oil producer and Africas third-
largest. It sold about 85 per cent of its
exports to Europe.
Oil production was around 1.6m barrels
per day (BPD), equivalent to about two
per cent of global consumption, but fight-
ing and social disruption have cut this to
less than 100,000 bpd, and exports have
stopped altogether.
Many oilfields are dependent on foreign
workers, almost all of whom have left the
country.
Most of Libya's oilfields are around the
Sirte Basin, which contains around 80 per
cent of its proven reserves and spans the
front line between rebel and government
forces. Many other key parts of the coun-
try's oil industry are still held by forces
loyal to Gaddafi.
Libya has six major oil export terminals,
the largest of which at Es Sider produced
close to 500,000 bpd before the civil war.
The condition of these now is not clear
Damage to infrastructure was reported
to be light during the first few months of
fighting as both sides hoped to take full
control of the countrys oil industry.
But damage has increased as fighting
has continued and rebels have reported
significant damage to oil infrastructure
this month. It has not been possible to
independently confirm reports of damage
being done to oil installations, an accusa-
tion rebels have previously levelled at gov-
ernment forces.
Libyas oil industry was formerly run by
the state National Oil Co, which accounted
for around 50 per cent of the country's
output.
Since fighting began the Libyan
National Council, with the help of Qatar,
has been able to export a minimal amount
of crude oil in the form of two partially
laden tankers. The oil for these cargoes
was reported to have been in storage. One
of these cargoes went to a US refinery
and the other to Italy. No exports have
been reported for several weeks.
It is not clear how the oil industry will
be structured after the war, but it may be
placed in the hands of Libyas Arabian Gulf
Oil Company (AGOCO).
A poll of analysts and industry officials
last month forecast it would take up
to one year to restore Libyan output to at
least 1m bpd but up to two years to get
back to pre-civil war levels.
Foreign oil firms, essential for the quick
resumption of production, have spoken to
rebels at length, but the future of con-
tracts with the government is uncertain.
World leaders
urge Gaddafi
to surrender
BY ELIZABETH FOURNIER AND PETER EDWARDS
POLITICS
THE European Central Bank reduced

its bond purchases last week to
14.3bn (12.5bn) from 22bn a week
earlier, scaling back its market inter-
vention after its first bout of buying
helped Italian and Spanish debt
yields to ease.
The ECB reactivated its controver-
sial bond-buying programme earlier
this month after borrowing costs for
Italy and Spain soared to unsustain-
able highs.
The intervention has worked inso-
far as yields on Italian and Spanish
bonds have dropped to around five
per cent from levels above six per
cent before the ECB stepped in.
However, there were further jitters
in the Eurozone yesterday, after
Cyprus was forced to pay a yield of
seven per cent on the sale of 23.1m
worth of 10-year bonds, compared to
6.25 per cent at a similar auction in
June.
The government responded by
announcing it would consider fur-
ther austerity measures on top of a
two-point increase in sales tax, a
three per cent contribution from
civil servants salaries and additional
tax for high earners
Meanwhile, there were doubts
over the latest rescue for Greece,
after ratings agency Moodys said
demands for collateral from some of
the states providing rescue funds
could put its bailout at risk.
Greece agreed last week to provide
AAA-rated Finland with cash collat-
eral for its loans to Athens, in a bilat-
eral agreement that sparked
requests for similar treatment from
Austria, the Netherlands and
Slovakia.
Moodys became the first rating
agency to warn that the row over col-
lateral could scupper payouts to
Greece, saying a proliferation of such
deals would be credit-negative for a
nation it currently rates at Ca, just
one notch above default.
ECB cuts back
bond buying
as yields fall
We y from Gatwick, Luton and Stansted. We y to Majorca (Palma). Price correct as at 17 August 2011.
For travel between 2 September and 17 October 2011. Variable charges for hold baggage apply
and some payment methods attract a handling fee. See website for details.
Theres still time
to nip away
BY HARRY BANKS
EUROZONE
GERMANYS Bundesbank has sharp-

ened its criticism of the Eurozones
bond buying policy, warning yesterday
that the stability efforts were in dan-
ger of increasing states tendency to
build up debts and will weaken incen-
tives for pursuing orderly fiscal poli-
cies.
In its monthly report, the German
central bank said that agreements
made by Eurozone leaders result in a
further big step towards joint liability
and reduced disciplining via the capi-
tal markets.
The agreements reduced incentives
for countries under Eurozone aid pro-
grammes to pursue economic reforms
as quickly as possible, the bank added.
The criticism puts further pressure
on German chancellor Angela Merkel,
who is trying to drum up support for
the bond-buying scheme.
Germanys central bank warns
against Eurozone bailout plan
EUROZONE
News
ECB governor Jean-Claude Trichet restarted bond purchases earlier this month
Picture: REUTERS
CITY VIEWS: DO YOU THINK THE PRICE OF GOLD IS SET TO INCREASE
FURTHER STILL? Interviews by Phoebe Torrance and Lydia Ellis
In the current financial market I think
it will continue to rise over the coming
months. The price will probably
plateau but as the markets are still so
volatile I don't think that will be any
time soon.
RYAN TAYLOR | STEPHEN RABY ASSOCIATES
The markets are very unstable at the
moment, but it is bound to drop as it is
always fluctuating. Nobody expected the price
of oil to decrease and it is decreasing now,
so I think it is very possible for gold to
fall too.
PETER GADOMSKI | CATLIN
Yes I do, purely driven by fear in the markets. Once there is political stablility then
investors will move back into UK equities but only once the debt crisis is solved.
NICK HARRINGTON | EXIMIUS GROUP
* These views are those of the individuals above and not necessarily those of their company.
News
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FORMER IMF boss Dominique
Strauss-Kahn is almost certain to
walk free today after New York prose-
cutors lost faith in the sex charges
against him and recommended the
case be dismissed.
The one-time favourite to beat
Nicolas Sarkozy in next years French
presidential election could fly home
as soon as this evening, barring a dra-
matic eleventh-hour twist.
He was accused of attempting to
rape hotel maid Nafissatou Diallo
and forcing her to perform a sex act.
However, prosecutors decided they
had little chance of securing a con-
viction in a case that has been
fraught with difficulties.
Strauss-Kahns legal team, led by
Benjamin Brafman, had pounced on
apparent inconsistencies in Diallos
testimony, as well as a taped conver-
sation with her incarcerated drug-
dealer boyfriend in which she is
understood to have discussed how
she could profit from the case.
Strauss-Kahn spent a week in the
notorious Rikers Island prison and
more than four months under house
arrest in the US after the accusations
were made in May.
Lawyers for Diallo reacted furious-
ly, demanding that district attorney
Cyrus Vance steps down, saying he
has bungled the case and denied
their client a fair trial.
Kenneth Thompson said: Vance
has denied the right of a woman to
get justice in a rape case. He has not
only turned his back on this inno-
cent victim but all of the forensic,
medical and other physical evidence
in this case.
Strauss-Kahns lawyers welcomed
the decision. Brafman, who has also
represented rapper Jay-Z, said: We
have maintained from the beginning
of this case that our client is inno-
cent. We also maintained that there
were many reasons to believe that
Strauss-Kahns accuser was not credi-
ble.
He still faces a civil lawsuit filed by
Diallo and a complaint from French
writer Tristane Banon, who said he
tried to rape her during an interview
in 2003..
However, a judicial source said the
French complaint was likely to be
shelved as prosecutors were strug-
gling to find evidence to support a
charge of attempted rape. A statute
of limitations on a lesser crime of
sexual aggression has already
expired.
Meanwhile, Francois Hollande,
who took over Strauss-Kahns mantle
as the leading Socialist candidate for
the French elections, appeared to
hint that the former French finance
minister might once again play a role
in government should the socialists
beat Sarkozy in April.
Strauss-Kahn sex case to be dropped today
BY STEVE DINNEEN
ENFORCEMENT
China warns Eurozone to

act on Black Death crisis
CHINA has urged the Eurozone to
take drastic action to restore confi-
dence in its economy to prevent the
Black Death of its sovereign debt
crisis from damaging the world econ-
omy.
Chinese state media warned that
the blocs surging debt costs will lead
to a decline in demand for exports
that will have a far-reaching impact
on Chinas real economy and further
afield.
The sovereign debt crisis has
spread like the Black Death of the
fourteenth century across the
Eurozone countries, said authors
Zhang Zhixiang, formerly of the
Peoples Bank of China, and Zhang
Chao, an economist for the state-
owned China Development Bank.
The authors also called on the
Eurozone to show a responsible atti-
tude towards stabilising the global
economy and financial markets.
The scathing commentary comes
just days before French President
Nicolas Sarkozy is due to meet with
Chinese President Hu Jintao to dis-
cuss the global economic situation
amid intensifying investor worries
over the sustainability of the
Eurozone debt and the slowdown in
global growth.
The EU is Chinas biggest trade
partner, with bilateral trade in goods
in 2010 reaching 395bn (344bn),
according to EU statistics.
BY KASMIRA JEFFORD & MARION DAKERS
POLITICS
Former head of the IMF

Dominique Strauss-Kahn
could fly back to France
today if the US courts
agree to drop the case
EXTREME market volatility over the
past two months pushed revenues up
almost a fifth higher than last year at
spread-better and derivatives trader
IG Group, it said yesterday.
IG said its customers had spent the
summer months trading rather than
holidaying as normal, which had
pushed its client activity to record
levels since the start of June and led
to a 19 per cent jump in its revenues.
The turmoil in financial markets,
sparked by fears over Eurozone sover-
eign debt levels and the Standard &
Poors downgrade of the US credit rat-
ing, is likely to raise its quarterly rev-
enues to at least 94m, it said in an
unscheduled trading update.
That would be more than 14.9m
over the 79.1m revenues it made in
the quarter to the end of August last
year.
IG Group Holdings has benefited
from record levels of client activity in
the recent market volatility, despite it
being holiday season in the majority
of the countries in which the group
operates, it said in a statement.
Costs have remained as expected
while credit management was
robust, which would keep its bad
debt charges to less than one per cent
of its revenues, the group said.
Analysts welcomed the news, with
Evolution Securities analyst James
Hollins calling it stellar trading.
This is a strong performance, espe-
cially given that it is a low-season peri-
od, he said.
Investec analyst Paul Leyland said
IG had room to outperform further.
We believe more fundamental-led
upgrades should be achievable dur-
ing the balance of the year, especially
driven by international growth, he
said.
Market crash
a boon for IG
Group profits
BY ALISON LOCK
CAPITAL MARKETS
GOLDMAN Sachs chief executive

Lloyd Blankfein has hired Reid
Weingarten, a high-profile
Washington defence attorney whose
past clients include a former Enron
accounting officer, according to a US
government source.
The move was enough to send
Goldmans shares tumbling almost
five per cent in late trading.
Goldman chief
hires top lawyer
BANKING
News
Some traders have gained from the market turmoil Picture: Micha Theiner/City AM
The lucky few that gain from stock falls
IG Group is one of the few to emerge
pleased from the turbulence in
financial markets.
The spread-better and contracts-
for-difference trader said it saw the
same number of trades in the first
two weeks of August alone as in the
whole of August last year, as client
took time out from their holidays to
cash in on the exceptional volatility.
That could add 20m to its sec-
ond-quarter sales this year a boon
at a time when most investors have
their heads in their hands.
So volatility is clearly good for
some firms, but which others?
Trading firms often feel the bene-
fit from these market conditions.
Interdealer brokers such as Icap and
MF Global, and spread-betters such
as IG and Capital Spreads attract
clients keen to benefit from betting
on large price moves in markets.
But traders arent the only ones
that gain. Amid the flight to safety
that has seen panic selling of stocks
and buying of haven investments,
gold miners have proved a surprise
target. While most miners have been
shunned, the record price of gold
means the companies mining the
metal have also been in demand.
On the FTSE 100, Randgold
Resources and Fresnillo are two that
reflect this trend Randgold has
jumped 24 per cent since the start of
August alone.
One other set of companies likely
to gain from the market mess are
those eyeing takeovers at present.
Whether it is Melrose bidding for
Charter International or Investec
looking to buy finance group
Evolution, they may find the targets
shareholders happy to take a lower
offer upfront rather than watch
their stake lose yet more value.
BOTTOMLINE
Analysis by Alison Lock
ANALYSIS l IG Group
p
Jun Jul Aug
450
425
400
409.40
23 Aug
OSCAR-WINNING actress Kate
Winslet was among the guests who
escaped unhurt from a fire which
swept through Sir Richard Branson's
Caribbean holiday retreat overnight,
the billionaire said.
Branson said the blaze was caused
by a lightning strike on The Great
House on Necker Island, and that the
building was completely destroyed.
Bransons home
destroyed in fire
ADVERTISING
CHARLES Philipps, Amlins chief exec-

utive, defended the insurers under-
writing strategy yesterday after
unexpectedly large losses pushed the
firm 192m into the red yesterday.
Amlin paid 314m of catastrophe
claims in the first half following
earthquakes in New Zealand and
Japan, but Philipps said its underwrit-
ing discipline remained strong.
Philipps was also quizzed by ana-
lysts over the performance of its
Amlin Corporate Insurance (ACI) divi-
sion in Europe, the former Fortis busi-
ness it took over in 2009.
Despite an overhaul of its under-
writing ACI was hit by large losses
totalling 51.2m (44.7m) in the first
half and 26.5m in June alone.
Philipps said ACI had a particular-
ly unusual and exceptional number of
large claims in the first half, but said
there had been no further major
claims in either July or August.
We have reviewed the risk associated
with these large claims and we think
they are perfectly well written, he
said. We think this is a bit of bad luck
as opposed to bad underwriting.
Amlin said reinsurance and insurance
rates had risen at varying levels in
response to the high catastrophe loss-
es of the first half, but Philipps said
there were still some areas where we
still feel the pricing is not what it
should be.
BY ALISON LOCK
INSURANCE
News
CITYA.M. 23 AUGUST 2011
NEWS | IN BRIEF
Boiler room trio jailed for 19 years
A Financial Services Authority probe has
resulted in three men going to jail for a
total of 19 years for running a boiler
room scam. The FSA, working with the
City of London police and EU crime body
Eurojust, investigated Tomas Wilmot and
his sons Kevin and Christopher for
defrauding 1,700 investors out of 27.5m
through boiler rooms based mostly in
Spain. Southwark Crown Court sen-
tenced the men yesterday after finding
them guilty of conspiracy to defraud.
CCB dismisses BofA sale prospect
China Construction Bank, the world's
number two bank by market cap, yester-
day tried to play down talk that Bank of
America was planning to sell part of its
$17bn stake in the firm., saying BofA had
committed to working together for the
long term. CCB also said it plans to raise
80bn yuan (7.6bn) in a debt offering
mostly in the Hong Kong markets.
ANALYSIS l Amlin
p
Jun Jul Aug
380
400
420
360
340
310.50
23 Aug
HOW POOR WAS AMLINS ACI DIVISION PERFORMANCE? By Alison Lock
JOY FERNEYHOUGH |
BANCO ESPIRITO SANTO
In our view the reputational dam-
age to Amlin and Amlin management from
ACI has been as significant as the financial
one, if not greater. Its 119 per cent com-
bined ratio is a significant deterioration and
with a large bulk of losses coming in June,
management will need to provide reassur-
ances that July and August develop-
ment has been better.
SARAH LEWANDOWSKI |
PEEL HUNT
ACI suffered in the first half from
an abnormal and inconsistent level of
large claims; claims over 2.5m (2.2m)
amounted to 51.2m, up from 20.6m in
2010. However, it is reported that there has
been no material increase to the risk profile
of ACI. Integration of ACI remains a key
focus, yet this is detracting from the
performance of the group.
NICK JOHNSON | NUMIS

ACI remains a challenge and returned an underwriting loss of 43m in the period. Amlin stresses that
this reflects unusual loss activity, with underlying loss trends showing encouraging signs following recent
restructuring work. The go-live date for moving ACI onto new Amlin systems has also been pushed back
by around nine months to the first half of 2012.
MORE NEWS
ONLINE AT
www.cityam.com
@
@
@
@
8
Amlins 192m losses
put ACI unit in focus
THE strong Swiss franc and low
interest rates are pressuring Credit
Suisses revenue but the bank is still
confident of reaching a key prof-
itability target, its chief executive
said yesterday.
Chief executive Brady Dougan
said Switzerlands second-biggest
bank, which like many of its rivals
has seen sluggish performance in
investment banking in recent
months, was on track to achieve a
return-on-equity target of 15 per
cent in the medium to longer term
despite turbulent markets.
The low interest rates and the
strong franc are currently hitting
revenues, Dougan told Luzerner
Zeitung, a German-language Swiss
regional newspaper. Were clearly
bracing for a longer period of volatil-
ity.
He added: Because of the strong
franc the costs are higher and the
income lower. In investment bank-
ing there is also a currency
exchange problem. Most of the
income and costs are in dollars, but
we must translate the profit into
francs.
Unlike UBS, Credit Suisse did not
take state aid during the financial
crisis, and the Swiss government is
now proposing the two banks hold
more capital than their foreign
rivals.
Dougan said Credit Suisses low-
risk business, strong capitalisation
and good liquidity meant it could
weather tougher times well.
Meanwhile, Dougan said the mar-
ket was being too bearish on interest
rates, which he said would rise
before 2013.
He added: I believe that econom-
ic growth will be stronger again in
the second half of the year. I am
more optimistic than the majority.
Credit Suisse
boss laments
strong franc
INVESTMENT banks have experienced
radical declines in their fixed income
trading divisions in the past three
months, figures show.
The biggest investment banking
names in Europe and the US have wit-
nessed double-digit falls in their fixed
income, commodities and currencies
(FICC) trading arms, once the heart of
their investment banking operations.
A combination of weak client
demand, poor market performance
and regulation barring proprietary
trading has left banks nursing sharp
falls in income compared with 2010.
Credit Suisse saw FICC revenues
plunge 59 per cent year-on-year to just
595m Swiss francs (460m) in the sec-
ond quarter while Goldman Sachs,
once Wall Streets dominant player,
posted a 53 per cent slide.
The fall in revenues since the finan-
cial crisis is yet more dramatic. In the
third quarter of 2009 Goldmans FICC
revenues were $6bn (3.6bn) but these
fell to $3.97bn in the final quarter of
that year and have dropped steadily to
just $1.6bn in the second quarter.
Banks are clear that this will trans-
late into job losses. Both RBS and
Credit Suisse outlined plans to cut
2,000 jobs apiece after their first-half
results.
POINT
SPREAD
1
WALL ST.
TRADE
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bets and CFDs (excluding futures).
Spread betting and CFD trading can result in losses that exceed your initial deposit.
Trade today at
www.cityindex.co.uk/value-indices
Banks feel squeeze after fixed
income trading revenues drop
BY HARRY BANKS
BANKING
Brady Dougan said the bank would still meet its return on equity target Picture: REUTERS
BY ALISON LOCK
BANKING
News
ANALYSIS l Credit Suisse Group
CHF
Jun Jul Aug
30.00
27.50
32.50
35.00
25.00
22.50
20.64
23 Aug
ANALYSIS: HOW FIXED INCOME TRADING REVENUES HAVE FALLEN
Bank Q2 FICC Change from Year-on-year
revenues Q1 (%) change (%)
1 JPMorgan Chase $4.3bn -18 +21
2 Goldman Sachs $1.6bn -63 -53
3 Morgan Stanley $2.1bn +11 -9
4 Citigroup $2.9bn -27 -16
5 UBS CHF 1.15bn -36 -32
6 Credit Suisse CHF 595m -76 -59
7 Barclays Capital 1.7bn -23 -21
8 RBS 987m -44 -12
9 Deutsche Bank 2.3bn -37 +8
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T
H
IS

W
E
E
K

O
N
LY
BRITAINS economy grew more slow-
ly than any other country in the G7
over the past year, with the sole
exception of tsunami-stricken Japan,
according to the Office for Economic
Co-operation and Development
(OECD).
The UKs economy grew by just 0.7
per cent over last twelve months,
largely because output fell unexpect-
edly by 0.5 per cent in the fourth
quarter of 2010. Japans economy
shrank by 0.9 per cent over the same
period while Germany topped the
table with growth of 2.4 per cent.
Across the 34 countries that make
up the OECDs membership, growth
slowed for the fourth quarter in a
row, from 0.3 per cent to 0.2 per cent.
Of the G7 members, no nation record-
ed growth of more than 0.3 per cent
in the three months to the end of
June, suggesting the global recovery
has hit a soft patch.
Angela Eagle, a Labour Treasury
spokesperson, said: These figures
show that the British recovery was
choked off well before the current
global uncertainty and will add to
criticism of George Osbornes compla-
cency.
Meanwhile, Ben Broadbent, a Bank
of England policymaker, warned that
the economic outlook for Britain had
weakened considerably in the last
three to four months.
Britains growth slower
than other G7 nations
The Bank of Englands Ben Broadbent warned the economic outlook had worsened
News
BY DAVID CROW
ECONOMICS
NEWS | IN BRIEF
Costain buys up contractor
Engineering group Costain has agreed to
buy support services contractor
Promanex for 16.4m as it expands its
infrastructure division. Promanex offers
services like water treatment, mainte-
nance and industrial cleaning to blue chip
utility and energy groups. The firm
turned over 56.2m last year, generating
operatings profit of 1.8m. Costain is
funding the deal through its cash pile.
Parseq boss mulls takeover bid
A group led by online banking software
firm Parseqs own chief executive has
approached the firm about a possible
takeover. Chief exec Rami Cassis and oth-
ers are in early stage bid discussions, the
firm said in a statement. Parseqs AIM-
listed shares, which have trundled lower
since Mays contract win with O2, closed
up almost 30 per cent on the announce-
ment yesterday.
IT IS not big enough for the new
headquarters of the Bank of
Englands Prudential Regulation
Authority, which requires a capa-
cious 100,000 square feet.
But the four vacant office units at
1 Bishopsgate have attracted a
healthy level of interest from
insurance, finance, shipping, soft-
ware and law firms even a handful
of hedge funds looking to relocate
from the West End to the City.
Perhaps they have been tempted by
the thought of being based above a
top-end restaurant, as the mezzanine
and ground floor of the building are
being marketed to Michelin-starred
potential tenants. We have had 20 to
30 serious enquiries and the phone is
still ringing, said a source at agent
Shelley Sandzer.
No word yet on who those interna-
tional leisure moguls are, but the
interest in 1 Bishopsgate refur-
bished under the eye of Liverpool
Victoria Asset Management with
domed light wells and open-plan
floor places is part of a wider resur-
gence in the Citys restaurant scene,
said the source, pointing to the likes
of The Anthologist, Cinnamon
Kitchen, Rhodes 24, La Chapelle,
Pacific Oriental, LAnima, The Folly,
Sushi Samba in the Heron Tower and
Jamie Olivers planned opening at 38
Threadneedle Street.
Ever since Sushi Samba opened
and Jamies deal, the City is becoming
a really desirable place for restaura-
teurs to be, he noted.
POSTS AND RAILS
SO WHAT exactly is happening with
the much-hyped Jamies Italian
launch, after the chefs people signed
a 25-year lease to open a new out-
let of the authentic and
affordable chain at 38
Threadneedle Street
back in January?
The restaurant was
due to open in the sum-
mer as the TV person-
alitys website is still
advertising but no sign
of contented din-
ers yet.
One clue as
to the rea-
son why is
displayed
in the
wi ndow
of the
premises:
Ol i v e r s
army is
embroiled in
a battle with the City of
London to secure plan-
ning permission and
listed building consent
for the new door, handrails and rail-
ings it wants to install, which are con-
sidered to affect a building of special
architectural and historic interest.
Nostalgia for the former Royal Bank
of Scotland building who would
have thought it?
KITCHEN NIGHTMARE
TO ADD insult to injury, Olivers rival
Gordon Ramsay who last year
described his TV nemesis as a one-
pot wonder has finally revealed an
opening date for his new City restau-
rant Bread Street Kitchen, located
directly opposite Olivers meat restau-
rant Barbecoa in One New Change.
Following repeated delays to the
restaurant originally intended to
open in early 2011 before slipping to
the spring and then the summer
the relaxed venue will open for
business on Monday 26 September for
the masses following a soft launch for
VIP guests, some of whom have eaten
at pretty much every Gordon
Ramsay restaurant.
Presumably Oliver, who admitted
sadly that Gordon Ramsay does not
like me, wont be among them.
INCOME TAXED
EASY COME, easy go for the Slovakian
nursery school teacher who won 1m
in the trading competition organised
by CFD and spreadbetting company
XTB, as The Capitalist hears she had to
pay 40 per cent tax on her windfall.
If only the trader known as
Rudinka had been based in the UK,
she would have kept the entire lot tax
free something to bear in mind for
anyone entering next years contest
run by the Poland-based firm. There
could be a twist when the trading
cup launches next spring, though
UK MD Alexander Orban is con-
sidering offering the winners a
seat on Richard Bransons
Virgin Galactic space-
ships as an alternative
to hard currency.
I imagine peo-
ple would leap at
the chance to go
to outer space,
the former
S t a n d a r d
C h a r t e r e d
i n v e s t me n t
banker told The
Capitalist. The
only problem is
that some people
might want to
stay there.
Particularly the
ones that wrecked
the country.
RESTAURATEURS FLOCK
TO RENT 1 BISHOPSGATE
IN CITYS DINING BOOM
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11 EDITED BY
HARRIET DENNYS
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @citycapitalist
The Capitalist
CITYA.M. 23 AUGUST 2011
Not on the house: agents at Shelley Sandzer are quoting price on application for the 20 to 25 year lease at the 1 Bishopsgate restaurant
Relaxed: artists view of Bread Street Kitchen
Little Italy: 38 Threadneedle Street
HEWLETT Packard shares rallied yes-
terday after a respected analyst
upgraded the stock in the wake of a
brutal restructuring mooted last week.
Shares in the US computer giant,
which is to buy Autonomy in an eye-
watering $10.2bn (6.2bn) deal, gained
four per cent, recouping some of
Fridays 23 per cent drop.
As well as announcing the shock
move for Autonomy, HP said it will
undergo a massive shake-up, axing its
struggling tablet and smartphone
business and exploring a spin-off of its
PC manufacturing arm.
Autonomy also gained 1.4 per cent
yesterday, taking its share price to
2,486p, just below the 2,550p offered
by HP. Sources close to the deal, which
is offering a vast premium to
Autonomys pre-bid closing price, say
it is almost certain to close by the 12
September deadline.
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HP rallies after its share
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BY STEVE DINNEEN
TECHNOLOGY
News
80
AUTONOMY is being advised on the
mammoth takeover by the man
known as the prince of Silicon Valley,
Frank Quattrone, through his Qatalyst
Partners firm.
The tech-banking heavyweight has
shot to prominence again in recent
months after working on some of the
biggest deals of the first tech bubble.
Earlier this year he acted as adviser
to National Semiconductor on its
$6.5bn (4bn) sale to Texas
Instruments. Before the HP bid,
Qatalyst had played a role in more
than $10bn worth of technology deals
in 2011, according to Dealogic.
Working alongside Quattrone are
highly-rated San Fransisco-based
bankers Jonathan Turner, Ian
MacLeod and Brian Cayne. In the
London office is Jean Tardy-Joubert
and Nadja Gehriger.
Barclays Capital and Perella
Weinberg are acting as joint financial
adviser and corporate brokers to HP.
ADVISER: FRANK QUATTRONE
FRANK
QUATTRONE
QATALYST
ANALYSIS l HP
$
Jun Jul Aug
36
34
32
30
28
26
24
24.45
22 Aug
Autonomy chief
executive Mike
Lynch has agreed
to sell his firm to
Hewlett Packard
SHARES in IT firm Micro Focus
International slumped more than six
per cent yesterday after it ended four
months of takeover talks.
The firm, which supports main-
frame computer applications for com-
panies like Tesco, saw its stock close
down 15.82p at 247.18p.
The deadline for takeover offers
passed on Friday and Micro Focus said
bids had fallen short of expectations.
Micro Focus had been considering
approaches from a number of suitors
since April, including US private equi-
ty firms Bain Capital and Advent
International, but it has abandoned
plans for a sale and resumed its share
buyback scheme.
The board has permission to buy
back up to 12.3m shares under the
existing scheme.
Last week shares in Micro Focus
rose after Hewlett-Packards $10.2bn
(6.2bn) bid for Autonomy ignited
investor interest in the European
software industry.
Micro Focus shares drop after it ends
takeover talks with Bain and Advent
THE City of London Corporation yes-
terday welcomed government plans
for a scheme to charge contractors
doing road repairs in the City, pro-
viding a financial incentive for
works to be completed quickly.
The lane rental plans, which
Transport for London will consult on
over the next 12 weeks, would
charge firms for digging up roads
during peak times, with companies
able to avoid charges by carrying out
works during quieter periods or at
night.
The maximum fine that councils
can impose is likely to be 2,500 a
day, with the money raised being
used by local authorities to fund
measures to reduce future disrup-
tion.
According to a City of London
spokesman, there are about 80 road-
work sites in the Square Mile at any
one time in addition to bigger proj-
ects such as Crossrail station and
tunnel works and the redevelop-
ment of Cheapside.
City cheers plan to punish
slower road repair firms
BOEING has agreed to build 14 new
Chinook helicopters for the UK
Ministry of Defence, under a contract
worth 1bn.
The American aerospace firm will
also provide the RAF with support
services for the fleet for the first five
years of the deal. Construction work
on the aircrafts will take place in
Philadelphia.
The purchase will raise the RAFs
total fleet of Chinooks to 60 once the
order is completed in 2015.
The RAF will receive the first air-
craft for initial trials in 2013 and all
helicopters will be ready for deploy-
ment in 2017.
Defence secretary Liam Fox said as
he announced the purchase that the
government is committed to deliver-
ing a top-class equipment pro-
gramme that is properly funded.
The UK already has the biggest
fleet of Chinooks in Europe, and has
most recently used the helicopters in
Afghanistan, Iraq and Bosnia.
Ministry of Defence pays
Boeing 1bn for Chinooks
AEROSPACE
AFRICAN Barrick Gold, the FTSE 250

Tanzanian gold miner, has appointed
RBC Capital Markets as joint corpo-
rate broker and ended its relationship
with Morgan Stanley.
Sources said the firm made the
decision following an internal review,
which concluded the miner should
ditch Morgan Stanley, its joint corpo-
rate broker alongside JP Morgan
Cazenove since March 2010.
RBC, the investment banking and
wholesale arm of Royal Bank of
Canada, has been aggressively chasing
corporate brokerships as part of a
rapid expansion of its European capi-
tal markets team.
One source close to African Barrick
said RBC had given it a good push
and was obviously very keen on the
mining sector, although they would
not be drawn on the firms reasons for
cutting ties with Morgan Stanley,
which has advised the firm since it
was spun out of US-based parent com-
pany Barrick Gold 18 months ago.
In November last year, RBC won its
first FTSE 100 client by replacing
Citigroup as corporate broker to
Resolution, Clive Cowderys life insur-
ance funds group. It has added 12 new
corporate broking mandates so far
this year.
Corporate broking, where a bank
acts as the main point of contact
between companies in their investors,
is fiercely competitive, because the
relationship often leads to lucrative
advisory work.
African Barrick appoints RBC
BY DAVID CROW
INVESTMENT BANKING
BY PETER EDWARDS
TECHNOLOGY
RBC Capital Markets is the wholesale and

investment banking arm of Royal Bank of
Canada.
It has been aggressively chasing corporate
broking mandates and has won 12 this year
FAST FACTS | RBC CAPITAL MARKETS
News
ITV has moved to offload the risk
associated with its huge pension
fund deficit in a 1.7bn deal with
Credit Suisse.
The complex transaction will add
50m to ITVs pension-deficit, last
valued at 312m. It has been
designed so ITV can protect itself
against current and former workers
living longer than expected.
The broadcaster has agreed a
longevity swap that will see it make
fixed monthly payments to the bank
in return for funding to broadly
match the value of benefits paid
out. It means the scheme is effective-
ly locking itself into a pattern of pay-
ments that could be higher than the
value of the pension fees, but are
insured against people in the
scheme living significantly longer
than expected.
Ian Griffiths, ITV finance director,
said: Over the last couple of years,
ITV has made significant progress in
strengthening its balance sheet and
managing its pension risk. This lat-
est initiative is a further significant
step in reducing the exposure of our
business to legacy pension risk.
The fixed payments currently
have a value of about 1.7bn, mak-
ing it the third-largest risk transfer
involving a UK pension scheme,
according to Towers Watson, which
advised the ITV trustees.
It said the deal, which begins
immediately, covers benefits due to
nearly 12,000 retired members. It is
not due to have any effect on the
size of the pensions paid to mem-
bers.
Graham Parrott, chairman of the
ITV pension scheme trustees said:
By removing a significant risk from
the pension scheme, this contract
enhances the security of all mem-
bers benefits and dovetails with the
other steps we have taken to achieve
that goal.
Only a small number of longevity
only transactions have been agreed
in British business.
JP Morgan analysts said in a note:
We see this as a positive in that it
limits ITVs risk on its sizeable pen-
sion liabilities.
The broadcaster was advised by
PricewaterhouseCoopers and Hogan
Lovells, while the trustees were
advised by Towers Watson, Sacker,
Mercer and Penfida.
PENSION transfer prices have held
up despite the market volatility
linked to the sovereign debt crisis,
experts said yesterday.
Americas credit rating down-
grade and the Eurozone sovereign
debt crisis have had little impact on
corporate bond yields, which drive
the price costs of pension insurance
buyouts and buy-ins known as
bulk annuities.
Pensions consultant Mercer said
the situation today contrasted with
that of 2008, when there was a per-
ception of extra risk in the corpo-
rate bond sector. At that time, this
had made insurers nervous result-
ing in rising bulk annuity prices,it
said in a report.
Buyouts are used by companies to
pass on pension liabilities, which as
retired workers live longer can in
extreme cases threaten an employer
with insolvency. Buy-ins are general-
ly used to insure a schemes liabili-
ties but leave most of the assets
within the scheme.
In addition to ITVs 1.7bn deal
yesterday, specialist insurer
Pensions Corporation also said it
has completed an insurance buyout
for the Nova Chemicals UK pension
plan. The energy firm transferred
30m liabilities and 155 members.
The insurer said it was involved
in auction processes for buyouts
and buy-ins totaling around 9.5bn.
Crisis fails
to dampen
deal prices
PENSIONS
50m bill for

ITV as staff
live longer
BY PETER EDWARDS
PENSIONS
ITV still has a 312m pension deficit despite the success of shows like Downton Abbey
ANALYSIS l Micro Focus International
p
Jun Jul Aug
300
275
325
350
375
250
254.00
23 Aug
BY PHOEBE TORRANCE
CONSTRUCTION
The ITV pension scheme trustees were

advised by Paul Kitson, a senior consult-
ant at Towers Watson.
He has more than 10 years experi-
ence working on corporate pension
plans and has more recently advised on
transferring liability to banking and
insurance counter-parties.
Last year he led the 1.3bn synthetic
bulk annuity deal between British
Airways and Rothesay Life, the insur-
ance company owned by Goldman
Sachs.
In 2009 he led the Merchant Navy
officers pension funds 500m bulk
annuity deal with specialist insurance
company Lucida.
Yesterday he said: Typically, pen-
sion schemes expect todays pension-
ers to live two or three years longer
than they budgeted for a decade ago.
Longevity swaps allow schemes to
make one further adjustment and
then nail down what they will be pay-
ing out. Because the payments
stretch so far into the future, arrange-
ments for posting collateral are essen-
tial. A good governance structure is
needed to make this work.
MEET THE ADVISERS: TOWERS WATSON
PAUL KITSON
TOWERS WATSON
INDIA-FOCUSED refiner and power
generator Essar Energy said three
projects would be delayed as it contin-
ues to battle hold-ups from regula-
tors, hurting its shares.
The company said yesterday there
would be minor delays to three
power projects and that it is still
awaiting forest clearance from the
Indian government for its three coal
blocks which will provide fuel for the
two of its power stations.
Shares in Essar closed down 3.8 per
cent at 247.9p, paring earlier losses of
as much as six per cent, and making
the company the second-biggest loser
on the blue-chip index.
We believe that Essar Energy now
faces a trust deficit and therefore
there will be an even greater investor
focus on project delivery times, said
analysts at JP Morgan.
Essar Energy said in its statement:
Not only do these delays impact the
economic returns on projects, but
they are acting to discourage invest-
ment in the sector from project spon-
sors, debt providers and equity
investors.
For the six months ended 30 June,
the company posted earnings before
interest, tax, depreciation and amor-
tisation of $477.9m (290m), up from
$320.2m last year, boosted by higher
refinery margins.
This compared with a company-
supplied analyst consensus figure of
$467m.
JP Morgan that earnings missed
consensus when measured on a cur-
rent price basis, having been negative-
ly impacted by a foreign exchange
loss in the companys oil and gas unit.
The FTSE 100 company was positive
on the future of its refining business,
saying it expected margins to stay at
their current high levels to the end of
2011.
Strong global demand, the earth-
quake in Japan and events in the
Middle East and north Africa pushed
up refining margins in the first half
of 2011, the company said.
The firm recently agreed to buy
Royal Dutch Shells Stanlow refinery
in Cheshire for $350m.
Essar shares
hit by fears
over red tape
headline sponsor champagne reception sponsor
official venue partner
sponsors
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BY HARRY BANKS
ENERGY
INFRASTRUCTURE giant Balfour

Beatty has snapped up a firm of office
fitters for 8m, it said yesterday.
Office Projects Group, which has
worked on Balfour projects in the
past, spe cialises in fitting out British
offices. It recently completed a 4.3m
fit-out at the offices of Ignis Asset
Management at 150 Cheapside.
Other blue-chip clients include air-
port operator BAA, B&Q owner
Kingfisher and Virgin Group.
The firm, which has annual sales in
excess of 40m, was founded by Neil
Laughton, a former SAS soldier, and
his business partner Andrew Russell
in the mid-1990s.
Balfour said: The acquisition rep-
resents a strategic fit with Balfour
Beattys existing capabilities, further
extending the companys skill base
within the [office] fit-out market.
Balfour Beatty snaps up firm of
office fitters in deal worth 8m
INFRASTRUCTURE
OIL services firm Petrofac posted a

forecast-beating first-half profit, boost-
ed by its business in Malaysia, and
said it was confident demand from
national oil firms would continue to
fuel future growth.
Petrofac, which designs and builds
oil and gas infrastructure and also
invests alongside oil firms in oil fields,
yesterday posted net profit of $246.3m
(149m) for the first six months of the
year, a 6.6 per cent rise on the previ-
ous year.
This compared to a consensus fore-
cast of $238m from a company-sup-
plied poll of eight analysts.
Profits in the FTSE 100 companys
offshore engineering and operations
business soared by over 700 per cent,
reflecting strong activity levels in
Malaysia, where it has a contract to
develop oil and gas facilities for the
countrys state oil firm Petronas.
The company said it was on track to
double its 2010 earnings by 2015, a
goal it announced in June, as it
believed a recent contract win in
Mexico validated its strategy of build-
ing up the part of its business that
invests in oil fields to help national oil
companies develop their reserves.
We are increasingly seeing
resource holders who dont want to
give up the title to reserves but do
need expertise to help improve or
develop their resources, chief finan-
cial officer Keith Roberts said.
Petrofac shares closed up 3.9 per
cent yesterday.
Petrofac beats forecasts thanks to its
contract with Malaysian state oil firm
BY HARRY BANKS
ENERGY
News
Petrofac chief executive Ayman Asfari
ANALYSIS l Petrofac Ltd
p
Jun Jul Aug
1,600
1,500
1,400
1,300
1,200
1,211.00
23 Aug
ANALYSIS l Essar Energy
p
Jun Jul Aug
400
350
450
250
300
247.90
23 Aug
SUPERGROUP yesterday outlined
plans to tackle future supply chain
problems after the retailer was
caught with a summer stock shortage
that triggered a fall in its share price.
The company, whose brands
include Superdry, gave a hit list of
possible hurdles to its growth in its
annual report.
The document also highlighted the
firms expansion programme and
issued sales figures that showed a
like-for-like jump of 48 per cent in the
week to 10 July.
SuperGroup has taken the lease on
a Regent Street building, which is to
become its new flagship while its
online operation is being revamped.
But in May chief executive Julian
Dunkerton admitted: We had too
many hoods and jackets out and not
enough flip flops and espadrilles, as
he explained why sales growth had
slowed.
The admission sent the companys
shares down by 22 per cent.
In a warning about how the brakes
could be put on expansion, the annu-
al report said: Growth will depend
on the ability of the group to expand
operations and to develop its supply
base, group infrastructure and peo-
ple.
We recognise that, as Superdry
grows, we must broaden our supplier
base in order to manage risk and
meet growth expectations. The
annual report also listed directors
pay, which was frozen at 2010 levels.
Dunkerton earns 400,000 and has
26,000 shares in the company. Under
the companys remuneration policy,
top executives can earn bonuses of up
to 300 per cent of their salary.
The company made a pre-tax profit
of 47.3m in the year to May, up 110
per cent on 2010. Group revenue was
237.9m, up 71 per cent.
Meanwhile the total number of UK
stores was increased by 18 to 60.
LUXURY car dealer HR Owen doubled
its profits in the first half of 2011 but
has cut its dividend by 75 per cent.
The company said it had grown
new car sales and improved used car
margins but was going to cut its divi-
dend to help fund its new growth
strategy.
Profit before tax leapt to 1.7m in
the first half of 2011, with the firm
saying it was particularly pleased
with sales of Ferraris and Bentleys.
It sold 277 cars in the first half, up
from 240 a year ago.
But it cut its interim
dividend to 0.5p,
compared
with a 2p dividend last year.
Meanwhile HR Owens Ferrari
showroom in Knightsbridge, which
open last May, has been per-
forming well.
Chief executive Andy
Duncan said: People
who come to the
Atelier [Knightsbridge]
are upgrading more
and Ferrari, where
demand still outstrips
supply, has allocated us a lot more
cars this year.
HR Owen sees profit drive forward as
London showroom sells more Ferraris
PHARMACEUTICAL giant
GlaxoSmithKline has bought a minor-
ity stake in UK biotech firm Autifony
Therapeutics, through its subsidiary
Glaxo Group.
Glaxo said this morning it would
put 1.25m into Autifony which
develops treatments for tinnitus suf-
ferers in return for a 25.4 per cent
stake in the company.
Glaxo Group has raised a total of
around 10m through the commit-
ment from GSK and from investors
Imperial Innovations and SV Life
Sciences.
Charles Large, co-founder and chief
scientific officer of Autifony, said:
Autifony represents an important
opportunity to bring together our
drug-discovery experience with the
expertise of academic groups in this
field, in particular the Ear Institute.
Autifonys goal will be to find effec-
tive new medicines that can reduce
the burden of suffering for this poor-
ly served patient group.
GlaxoSmithKline invests
in British biotech startup
PHARMA
SPORTINGBET, the UK gaming

group that has been earmarked as a
potential target for Ladbrokes, has
been given the all clear to buy
Australian listed bookmaker
Centrebet.
The Federal Court of Australias
should close by the end of this
month. It will then operate as a
wholly-owned subsidiary of Sbet
Australia Pty.
Centrebet shares are expected to
be suspended on the Australian
Securities Exchange today before
being completely removed on com-
pletion of the takeover.
Sportingbet is also in exclusive
talks regarding the possible sale of
its Turkish business to rival GVC
Holdings.
Analysts have interpreted the pos-
sible sale as a bridge to a takeover
by Ladbrokes, which has legal con-
cerns about the unit.
Sportingbet given green
light for Centrebet deal
BETTING
WORLD number two home appliances

maker Electrolux, looking to further
boost its presence in emerging coun-
tries and offset weakness in mature
markets, has agreed to buy market-
leading Chilean appliance company
CTI.
Swedens Electrolux has been bat-
tered by fears of a return to recession
in North America and worries about
the impact of the debt crisis in Europe.
Its share price has sunk since weak
second-quarter results last month.
Electrolux said the enterprise value
for the deal, which comes after the
recent purchase of Egyptian appliance
maker Olympic Group, was 4.4bn
crowns (420m).
This acquisition builds on the
strengths of Electrolux and CTI and
provides significant growth opportu-
nities that would be difficult to
achieve by either company individual-
ly, chief executive Keith McLoughlin
said in a statement.
The company is not growing its
earnings at a dramatic pace by these
acquisitions, but price tags seem rea-
sonable and the strategic importance
should not be underestimated,
Danske Markets said in a note.
Electrolux said CTI makes fridges,
stoves, washing machines and heaters
and has 36 per cent of the Chilean
market. It also holds a leading position
in the Argentinian market.
Analysts noted that Electrolux was
putting its cash to work via acquisi-
tions rather than keeping money in
the bank.
We believe that post this acquisi-
tion, the groups room to do further
deals will be limited, said Unicredit in
a research note.
Electrolux had been in talks for
bankrupt South Korean group
Daewoo, but has stopped those negoti-
ations.
Electrolux buys Chilean rival
BY HARRY BANKS
CONSUMER
UNIQ, the food manufacturer,

revealed plans to close its struggling
everyday desserts business next year,
cutting around 350 jobs, in order to
focus on its premium desserts for
clients like Muller and Cadbury.
Uniq, which changed name from
Unigate when it sold its dairy empire
to Dairy Crest 11 years ago, was
bought by its larger Irish rival
Greencore last month for 113m.
The everyday desserts sales being
exited are worth around 36m.
Uniq set to cut
its desserts unit
RETAIL
SuperGroup
sharpens up
supply chain
BY JOHN DUNNE
RETAIL
BY JOHN DUNNE
AUTOMOTIVE
News
HILFIGER TO OPEN NEW LONDON FLAGSHIP
Tommy Hilfiger is opening its largest UK store in Knightsbridge on 24 November. I am
really excited to open our European flagship store on Londons prestigious Brompton
Road, its eponymous founder told Vogue. Picture: REUTERS
BREWER Greene Kings bid to acquire
Capital Pub Company, in a deal that
values the 34-strong London pub
operator at 70m, has been declared
wholly unconditional.
Greene King said that as of the first
closing date of the offer on 19 August,
it had received valid acceptances in
respect of 19.795m Capital Pubs
shares, representing approximately
73.4 per cent of the issued share capi-
tal of the company.
Capital is set to be delisted from the
London Stock Exchange on Thursday
as part of the deal.
Greene Kings
bid for Capital
is unconditional
LEISURE
ANALYSIS l Supergroup PLC

p
1 Jun 1 Jul 1 Aug 22Aug
1,100
1,000
900
800
945.50
22 Aug
News
Kestrel Partners
John Ricciardi has been appointed to
lead the firms investment manage-
ment division and to oversee the
launch of a global multi-asset fund.
Ricciardi was previously head of global
asset allocation for Iveagh, the
Guinness family office, and lead man-
ager of the Iveagh Wealth Fund.
PwC
Barry Misthal has been appointed as
the new global head of PwCs industrial
manufacturing group. Misthal, who is
based at PwCs Philadelphia office, is
also a partner in the firms assurance
practice. PwC has also appointed
Simon Chard, formerly head of the UK
contract risk and compliance team at
Deloitte, to lead a new financial servic-
es sector service in its commercial
assurance team.
GE Capital
The financial services division of
General Electric has appointed James
Simeons as corporate originations and
structuring director in its corporate
structured finance team. Simeons joins
GE Capital from Bank of Tokyo
Mitsubishi UFJ, where he was responsi-
ble for trade receivables securitisation.
Quilter
The wealth manager has appointed
Dean Lomas as business development
manager, covering London and the
south east. Lomas will focus on sourc-
ing high net worth clients for Quilters
head office, reporting to managing
director Stephen Vakil.
Russell Investments
The investment management company
has appointed Jim Leggate as manag-
ing director of its Middle East region.
Leggate, who has spent the last 14
years covering the Middle East, was
most recently executive director and
head of EMEA asset owners and
investment consulting at the invest-
ment support firm MSCI.
Chadbourne & Parke
Simon Schmidt has joined the law firm
as an international partner in the Dubai
office. Schmidt, whose MENA clients
have included investment banks, high
net worth individuals and governmen-
tal entities, was previously chief oper-
ating officer and general counsel for
Gulf Fund Management in Dubai.
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
Bargain hunters
return to market
U
S stocks ended slightly higher
yesterday after four weeks of
losses as investors hesitated to
take big risks without a catalyst
for buying.
The market was led by large-cap
techs and industrials until late in the
session when a rally faded.
Banks struggled, with Bank of
America, the largest US bank, falling
7.9 per cent to $6.42, the biggest drop
among the Dows components. Chief
executive Brian Moynihan sent a
memo to senior executives last week
outlining plans to cut another 3,500
jobs. JP Morgan Chase lost 2.7 per cent
to $33.41.
The ground zero of all worries is
financials, said Charlie Smith, chief
investment officer of Pittsburgh-
based Fort Pitt Capital Group.
Google, Hewlett-Packard and IBM,
were among the top gainers. Hewlett-
Packard shares came back from a 20
per cent decline on Friday in its worst
day since 1987, closing at $24.45.
The S&P 500 has dropped 12.7 per
cent so far in August on fears of
another recession and the intractable
European debt crisis. The rebound
came on lower volume than in recent
days of selling.
I dont see any major appetite for
buying stocks. We are driven higher
[today] because of selling exhaustion,
said James Dailey, portfolio manager
of TEAM Asset Strategy Fund in
Harrisburg, Pennsylvania.
One possible spark for the market
could be Federal Reserve chairman
Ben Bernankes Friday speech in
Jackson Hole, Wyoming. Some in the
market hope Bernanke will hint at
additional stimulus measures that
could buoy stocks.
Until we get some kind of a cata-
lyst from Europe regardingthe sover-
eign debt crisis or from the Fed later
this week, I expect range-bound trad-
ing with high intraday volatility, said
Dailey.
The Dow Jones industrial average
was up 36.85 points, or 0.34 per cent,
at 10,854.50. The Standard & Poors
500 Index was up 0.29 points at
1,123.82. The Nasdaq Composite Index
was up 3.54 points at 2,345.38.
Yesterday, Credit Suisse cut its year-
end target for the S&P 500 to 1,100
from its previous level of 1,275. US
equity strategist Doug Cliggott cited
expectations for lower earnings in
coming quarters and little hope for
price-to-earnings multiples to expand.
After the closing bell, shares of
Goldman Sachs fell 2.4 per cent to
$104. Goldman Chief Executive Lloyd
Blankfein has hired Reid Weingarten,
a high-profile Washington defense
attorney.
B
ritish blue-chip stocks rose to
buck a three-session slide as div-
idend-yield hunters ploughed
back into beaten-down defen-
sive stocks, albeit in low volume,
volatile trade that could have further
to run, traders said.
Vodafone, Royal Dutch Shell and
GlaxoSmithKline added most points
to the FTSE 100 index yesterday as the
recent fall, which took six per cent off
Europe's leading equity market, drew
in bargain hunters.
Buying interest is favouring the
safe havens, and specifically the high-
er-yielding stocks, Andy Ash, head of
sales at Monument Securities said, as
the dividend yield relative to that on
offer in the bond markets was "histor-
ically very attractive".
The dividend yield on the FTSE 100
is currently around 4.3 per cent,
according to Thomson Reuters data,
and income funds were among those
taking advantage, buying stock and
selling out-of-the-money calls to
enhance the yield, Ash said.
In the short-term the market had
found a trading range between 5,000
and 5,500, he added as "yield buyers
were happy to buy the market" at the
lower level, while macroeconomic
concerns provided resistance.
As a result, the market would likely
"whipsaw between these levels ... over
the next two or three weeks", Ash
said.
The UK's premier index closed the
day up 1.1 per cent at 5,095.30 points,
in the middle of its trading range,
although volumes were just 80 per
cent of the 30-day daily average, with
many traders away from their desks
for the summer break.
In spite of the session gain, the
index remains down 12 per cent so
far in August and 14 per cent year-to-
date, weighed by global growth and
euro zone sovereign debt concerns,
albeit by not as much as the French
and German blue-chip indexes.
Dmytro Bondar, technical analyst
at Royal Bank of Scotland, said the
fact the index had failed to break
above 5,202 points could suggest a
deeper correction is due, while
momentum oscillators showed mixed
signals.
The 14-day Relative Strength Index
was showing bullish divergence,
while the slow stochastic had formed
a bearish signal known as a "negative
crossover".
Looking ahead, he said there was
good support at 5,034 points, but a
close below could indicate a "high
chance of another fall before recov-
ery".
Not every stock enjoyed the
bounce, however, particularly among
the heavily sold off banking sector,
which slid further as short-sellers
continued to eye it in the face of a
ban in other parts of Europe.
Standard Chartered, Barclays,
Lloyds Banking Group were among
the biggest weighted fallers, while
Royal Bank of Scotland fell 5.3 per
cent in heavy volume, at 162 per cent
of its 90-day daily average.
"If you can't short French banks,
Italian banks, Spanish banks, you
have to short something that's as
close to, and that's why they're short-
ing UK banks," Monument Securities'
Ash said.
European shares bounced yesterday
after a steep sell-off last week, with
Italy's ENI among the main gainers on
hopes that a new political regime in
Libya will help it restore oil production
activities to former levels.
The FTSEurofirst 300 index of top
European shares rose 0.8 per cent to
close at 916.78 points, having risen as
high as 933.35, after falling six per
cent last week.
FTSE 100 ends higher after
defensives lead a relief rally
THELONDON
REPORT
THENEW YORK
REPORT
BEST OF THE BROKERS
To appear in Best of the Brokers email your research to notes@cityam.com
ANALYSIS l Dp World
850
800
750
700
650
p
660.00
22 Aug
DP WORLD
Nomura retains a buy rating for the marine ports operator, with a target
price of 1,040p. Forecasts are for first half underlying net profits to be up 13
per cent year-on-year. Gross volumes were up 11 per cent for the first half,
while consolidated volumes increased by 2.3 per cent. The broker forecasts a
one per cent increase in revenue per TEU (twenty-foot equivalent container
units), and two per cent reduction in unit cost per TEU.
ANALYSIS l Deutsche Euroshop
29
28
27
26
25
24
23
p 26.75
22 Aug
DEUTSCHE EUROSHOP
UBS upgrades the real estate investment groups rating to buy from neu-
tral, with an unchanged target price of 28. Earnings of 0.77 per share
beat the brokers estimate of 0.72 per share, thanks to a 20bps lower aver-
age interest rate following the refinancing of 10 per cent of debt in the first
half. The firm aims to refinance 160m of loans in the second half, and UBS
feels any debt cost reduction could be a positive EPS catalyst.
ANALYSIS l Coloplast
820
800
780
760
740
720
700
DKK 776.00
22 Aug
COLOPLAST
Morgan Stanley rates the medical devices developer as underweight, with a
target price of DKr710. The broker is concerned that the firm is highly
exposed to EU austerity, with an expected slowdown in European GDP and
subsequent pressure on EU government health care spending likely to hit the
firm. The broker models a significant slowdown in earnings growth from 41
per cent for the full year 2011 to 13 per cent in the full year 2012.
p
22Jun 23May 21 Jul 19Aug
6,200
5,400
5,000
4,800
5,600
5,800
6,000
ANALYSIS l FTSE
5095.30
22 Aug
Savills
The property firm has strengthened its build-
ing and project consultancy team by hiring sur-
veyors Edward Wilson and Tim Cole, who will
be based at the Finsbury Circus office in the
City of London. Wilson (pictured) joins Savills
from Drivers Jonas Deloitte, where he worked
in the building consultancy team for over three
years. Cole joins from DTZ, where he worked in
project management in the building consultan-
cy division with clients including Prudential,
Barclays and the Crown Prosecution Service.
17
W
HILE there are those who will be
watching the news in Libya and
see it as a tipping point for oil
prices, any substantial cheapness
will not come straight away. Events in
Tripoli triggered some reactionary selling
of Brent crude yesterday, but the road to a
return of Libyan oil could be a long one.
I am seeing figures of two years to get
back to normal production of 1.6m barrels
per day production, 1 year to reach 1m
barrels per day and three to four months
to up it by 3-400,000 barrels per day, says
Ian OSullivan, head of sales at SpreadCo.
The impact on oil wont be sudden and
dramatic.
This does, of course, all depend on the
state of the Libyan oil infrastructure fol-
lowing months of civil war. If everything
is still in one piece, then Libya could come
back online in two weeks, says Yusuf
Heusen at IG Markets. For this reason, he
cautions against diving straight into a posi-
tion on oil prices. Rather, traders should
wait until the dust settles, and the state of
Libyas infrastructure is more clear.
And while the events in Libya will be
grabbing the headlines in the coming
days, it is also important to bear in mind
its relatively lowly position in the oil-pro-
ducing food-chain. Libya was and is a
small cog in the world oil output machine
1.6m barrels or just 2 per cent of world
output, says Michael van Dulken, head of
research for Accendo markets. He says that
the real driver for oil price will be global
demand, and weak macro data points to a
downturn.
As major oil consuming economies such
as the US show little sign of economic up-
turn, oil production may well be reduced.
As well as decisions made by oil-producing
big beasts such as Saudi Arabia, intergov-
ernmental organisations will also have a
big say. Should oil prices drop, it is likely
that Opec will step in to lower oil supply in
Traders should wait
for the dust to settle,
writes Craig Drake
Wealth Management| Contracts for Difference
Gaddafis downfall alone
will not slash oil prices
G
LOBAL equity markets bounced yesterday offering
much-needed relief for bruised investors. After last
weeks dismal performance, the major indices were
technically oversold. Consequently, traders took the
news that hostilities in Libya could be about to end as an
excuse to pile back into stocks. But despite the rally, its
unlikely that weve seen the market bottom. Investors are
positioning themselves for a world of slower growth as ana-
lysts fall over themselves to downgrade their global GDP
estimates. In addition, the tail end of the US second quarter
earnings season brought some notable disappointments,
with Dell and Hewlett-Packard both downgrading their out-
looks for the rest of the year.
The main event this week is the Jackson Hole Economic
Symposium. Twelve months ago, Ben Bernanke used the
event to announce the Federal Reserves intention to launch
a second round of quantitative easing. This triggered a
sharp rally in dollar-denominated assets and global equities.
Now investors are wondering if the Federal Reserve
Chairman will provide another boost to financial markets.
However, it wont be as easy this time round. For a start,
we know that there are three members of the FOMC who
argued against the decision to announce that the Fed funds
rate will be kept below 0.25 per cent until the middle of
2013. Additionally, any further extension of the Feds bal-
ance sheet is likely to lead to condemnation both domesti-
cally and internationally. The Fed is coming under intense
political scrutiny ahead of next years presidential election,
while many countries blamed QE2 for currency apprecia-
tion and rising commodity prices. Meanwhile, last weeks
CPI and PPI numbers showed that inflation is also an issue
for the US. On top of all this, there is the ongoing argument
that the Feds previous asset purchase programmes have
helped Wall Street at the expense of Main Street.
Last week, European leaders Merkel and Sarkozy fol-
lowed the US debt ceiling fudge by saying no to both an
increased EFSF and eurobonds. With politicians out of the
markets for now, if the Fed refrains from another round of
stimulus, then we could see technical analysis regain its
importance. For the S&P, that means watching support
between 1,100 and 1,120. A break below here would really
mean trouble. But should this rally continue, watch for
resistance between 1,200 and 1,220.
LIBYA OFFERS
SUPPORT, BUT
RISKS REMAIN
DAVID MORRISON
CFD MARKET STRATEGIST, GFT
Visit gftuk.com/cityam to open an account and start saving today.
*Trade volumes and withdrawal restrictions apply. See gftuk.com for full terms and conditions. When
trading CFDs, forex and spread bets, it is possible to lose more than your initial deposit.
&
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ON EVERY TRADE
WHEN YOU TRANSFER
YOUR ACCOUNT TO GFT*
Get a bonus of up to
3,000
*

WHEN YOU OPEN AN
ACCOUNT WITH GFT
order to prevent a slump in oil prices.
When global demand dropped at the
height of the 2008 recession, oil prices
plummeted, and the oil cartel are likely to
be quicker at stepping in this time around
to prevent a repeat performance (see chart,
above).
PLAYING THE SPREAD
Any movements in Libya are more likely to
affect Brent prices than US light crude or
Nymex due to Libyan oil being closer in
quality to Brent. For this reason, traders
could stand to benefit from playing the
spread between the two going short one
and long the other.
With an unpredictable market ahead for
oil, you should carefully consider when
you enter the market rather than simply
getting caught up in the news headlines,
and have a quick exit strategy in case the
market turns.
LON GD ONCE FIX AM...........1877.75 15.75
SILVER LDN FIX AM ..................43.79 1.80
MAPLE LEAF 1 OZ ....................46.32 0.68
LON PLATINUM AM................1894.00 23.00
LON PALLADIUM AM...............754.00 7.00
ALUMINIUM CASH .................2308.00 -62.50
COPPER CASH ......................8781.00 -21.50
LEAD CASH...........................2315.50 -22.50
NICKEL CASH......................21550.00 5.00
TIN CASH.............................23150.00 -650.00
ZINC CASH ............................2162.00 7.00
BRENT SPOT INDEX................107.40 -1.10
SOYA .....................................1359.75 7.75
COCOA..................................2998.00 13.00
COFFEE...................................266.15 1.35
KRUG.....................................1946.60 35.60
WHEAT ....................................165.00 1.85
AIR LIQUIDE........................................83.83 -0.03 100.65 80.00
ALLIANZ..............................................69.36 0.56 108.85 67.58
ALSTOM ..............................................29.74 -0.03 45.32 28.36
ANHEUS-BUSCH INBEV ....................38.00 0.50 46.33 33.85
ARCELORMITTAL...............................13.73 -0.03 28.55 13.03
AXA......................................................10.29 0.01 16.16 9.27
BANCO SANTANDER...........................6.14 0.05 9.80 5.54
BASF SE..............................................47.84 -0.76 70.22 40.74
BAYER.................................................43.40 0.39 59.44 41.33
BBVA......................................................6.04 0.07 10.21 5.52
BMW ....................................................50.09 -2.21 73.85 40.16
BNP PARIBAS.....................................32.72 -0.03 59.93 32.10
CARREFOUR ......................................18.64 0.16 36.06 16.68
CREDIT AGRICOLE..............................6.02 -0.10 12.92 5.63
CRH PLC..............................................11.29 0.18 17.40 10.87
DAIMLER.............................................33.96 -0.78 59.09 33.27
DANONE..............................................46.67 1.37 53.16 41.00
DEU.BOERSE OFFRE ........................38.30 0.21 55.75 37.18
DEUTSCHE BANK..............................26.96 -0.25 48.70 26.20
DEUTSCHE TELEKOM.........................9.12 0.11 11.38 8.80
E.ON.....................................................14.52 0.50 25.54 13.19
ENEL......................................................3.34 0.07 4.86 3.20
ENI .......................................................13.27 0.79 18.66 11.83
FRANCE TELECOM............................12.71 0.25 17.45 11.97
GDF SUEZ ...........................................20.17 0.68 30.05 18.32
GENERALI ASS...................................12.02 0.30 17.05 10.34
IBERDROLA..........................................5.03 0.18 6.50 4.66
ING GROEP CVA...................................5.41 -0.08 9.50 5.30
INTESA SANPAOLO.............................1.10 -0.03 2.53 1.07
KON.PHILIPS ELECTR.......................13.50 0.23 25.45 12.85
L'OREAL..............................................79.13 1.10 91.24 71.00
LVMH..................................................107.50 0.00 132.65 89.12
MUNICH RE.........................................87.78 0.91 126.00 84.67
NOKIA....................................................4.04 -0.03 8.49 3.33
REPSOL YPF.......................................18.33 0.50 24.90 17.31
RWE.....................................................25.61 0.37 55.88 24.53
SAINT-GOBAIN...................................31.72 0.13 47.64 27.81
SANOFI ................................................49.13 1.62 56.82 42.85
SAP......................................................34.42 0.16 46.15 32.88
SCHNEIDER ELECTRIC.....................84.86 -0.40 123.65 81.17
SIEMENS .............................................68.61 0.35 99.39 66.50
SOCIETE GENERALE.........................21.07 0.20 52.70 20.16
TELECOM ITALIA..................................0.84 0.03 1.16 0.77
TELEFONICA ......................................14.00 0.35 19.69 13.01
TOTAL..................................................32.71 0.72 44.55 30.34
UNIBAIL-RODAMCO SE...................139.90 1.40 162.95 124.50
UNICREDIT............................................0.90 -0.00 2.05 0.86
UNILEVER CVA...................................23.35 0.47 24.08 20.68
VINCI ....................................................33.38 0.20 45.48 32.05
VIVENDI ...............................................15.45 0.16 22.07 14.10
Price Chg High Low
EUSHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 5095.30 54.54 1.08
FTSE 250 INDEX . . . . . . . . 9854.78 95.72 0.98
FTSE UK ALL SHARE . . . . 2643.61 27.27 1.04
FTSE AIMALL SH . . . . . . . . 742.17 1.26 0.17
DOWJONES INDUS 30 . . 10854.65 37.00 0.34
S&P 500. . . . . . . . . . . . . . . . 1123.82 0.29 0.03
NASDAQ COMPOSITE . . . 2345.38 3.54 0.15
FTSEUROFIRST 300 . . . . . . 916.78 6.99 0.77
NIKKEI 225 AVERAGE. . . . 8628.13 -91.11 -1.04
DAX 30 PERFORMANCE. . 5473.78 -6.22 -0.11
CAC 40 . . . . . . . . . . . . . . . . 3051.36 34.37 1.14
SHANGHAI SE INDEX . . . . 2515.86 -18.50 -0.73
HANG SENG. . . . . . . . . . . 19486.87 86.95 0.45
S&P/ASX 20 INDEX . . . . . . 2464.30 -13.10 -0.53
ASX ALL ORDINARIES . . . 4150.80 -21.10 -0.51
BOVESPA SAO PAOLO. . 52440.23 -7.40 -0.01
ISEQ OVERALL INDEX . . . 2452.07 32.30 1.33
STI . . . . . . . . . . . . . . . . . . . . 2731.81 -1.82 -0.07
IGBM. . . . . . . . . . . . . . . . . . . 840.46 14.64 1.77
SWISS MARKET INDEX. . . 5144.02 50.27 0.99
Price Chg %chg
3M........................................................76.95 0.08 98.19 76.5
ABBOTT LABS ...................................49.38 0.30 54.24 45.0
ALCOA.................................................11.23 0.02 18.47 9.9
ALTRIA GROUP..................................25.86 0.15 28.13 22.2
AMAZON.COM..................................177.54 -1.39 227.45 122.4
AMERICAN EXPRESS........................44.60 0.13 53.80 37.3
AMGEN INC.........................................52.31 0.33 61.53 47.6
APPLE...............................................356.44 0.41 404.50 236.7
AT&T....................................................28.45 0.46 31.94 26.2
BANK OF AMERICA.............................6.42 -0.55 15.31 6.3
BERKSHIRE HATAW B.......................67.80 -0.53 87.65 66.5
BOEING CO.........................................58.38 0.84 80.65 56.0
BRISTOL MYERS SQUI ......................28.05 0.17 29.73 20.0
CATERPILLAR....................................79.89 -0.08 116.55 63.3
CHEVRON...........................................93.30 0.01 109.94 72.5
CISCO SYSTEMS................................15.01 -0.07 24.60 13.3
CITIGROUP.........................................26.06 -0.71 51.50 25.9
COCA-COLA.......................................67.27 0.17 69.82 54.9
COLGATE PALMOLIVE......................85.20 0.21 89.43 73.1
CONOCOPHILLIPS.............................63.33 -0.26 81.80 52.0
DU PONT(EI) DE NMR........................43.82 0.03 57.00 38.7
EXXON MOBIL....................................70.18 0.38 88.23 58.0
GENERAL ELECTRIC.........................15.11 0.02 21.65 14.2
GOOGLE A........................................498.17 7.25 642.96 448.0
HEWLETT PACKARD.........................24.45 0.85 49.39 22.7
HOME DEPOT.....................................32.28 0.40 39.38 27.1
IBM.....................................................158.98 1.44 185.63 122.2
INTEL CORP .......................................19.38 0.19 26.78 17.6
J.P.MORGAN CHASE.........................33.41 -0.94 48.36 33.3
JOHNSON & JOHNSON.....................63.29 0.15 68.05 56.9
KRAFT FOODS A................................33.55 0.10 36.30 24.3
MC DONALD'S CORP ........................87.76 0.53 89.57 72.1
MERCK AND CO. NEW......................31.31 0.05 37.68 29.4
MICROSOFT........................................23.98 -0.07 29.46 23.3
OCCID. PETROLEUM.........................80.46 -0.45 117.89 72.1
ORACLE CORP...................................25.06 0.28 36.50 21.6
PEPSICO.............................................61.92 -0.15 71.89 60.1
PFIZER ................................................17.68 0.01 21.45 15.6
PHILIP MORRIS INTL .........................68.72 -0.11 72.74 50.5
PROCTER AND GAMBLE ..................61.71 0.75 67.72 56.5
QUALCOMM INC ................................46.40 -0.12 59.84 37.6
SCHLUMBERGER ..............................72.49 -0.63 95.64 52.9
TARGET CORP...................................50.05 0.13 60.97 45.2
TRAVELERS CIES..............................49.12 -0.34 64.17 48.4
UNITED TECHNOLOGIE ....................67.68 0.23 91.83 64.5
UNITEDHEALTH GROUP...................43.61 0.29 53.50 30.8
VERIZON COMMS ..............................34.82 0.11 38.95 29.1
WAL-MART STORES..........................52.19 -0.11 57.90 48.3
WALT DISNEY CO ..............................32.02 0.17 44.34 29.6
WELLS FARGO & CO.........................22.89 -0.47 34.25 22.5
COMMODITIES CREDIT & RATES
BoE IR Overnight ............................0.500 0.00
BoE IR 7 days.................................0.500 0.00
BoE IR 1 month ..............................0.500 0.00
BoE IR 3 months ............................0.500 0.00
BoE IR 6 months ............................0.500 0.00
LIBOR Euro - overnight ..................0.833 0.00
LIBOR Euro - 12 months ................2.043 0.00
LIBOR USD - overnight...................0.143 0.00
LIBOR USD - 12 months.................0.788 0.00
HaIifax mortgage rate .....................3.990 0.00
Euro Base Rate ...............................1.500 0.00
Finance house base rate................1.000 0.00
US Fed funds...................................0.250 0.00
US Iong bond yieId .........................3.400 0.02
European repo rate.........................0.837 0.04
Euro Euribor ....................................1.123 0.00
The vix index ...................................41.83 -1.22
The baItic dry index ........................1.462 0.04
Markit iBoxx...................................230.61 -0.62
Markit iTraxx..................................154.48 2.49
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
USSHARES
C/$ 1.4375 0.0027
C/ 0.8727 0.0019
C/ 110.34 0.2295
/C 1.1458 0.0022
/$ 1.6468 0.0008
/ 126.37 0.4291
FTSE 100
5095.30
54.54
FTSE 250
9854.78
95.72
FTSE ALLSHARE
2643.61
27.27
DOW
10854.65
37.00
NASDAQ
2345.38
3.54
S&P 500
1123.82
0.29
RPC Group . . . . . . . .302.0 -0.9 384.8 209.2
Smiths Group . . . . . .916.0 8.5 1429.0 901.0
Brown (N.) Group . . .260.0 2.8 311.2 221.0
Carpetright . . . . . . . . .518.0 0.0 835.5 506.5
Debenhams . . . . . . . . .57.5 1.0 77.4 55.7
Dignity . . . . . . . . . . . .738.0 -0.5 833.0 633.0
Dixons RetaiI . . . . . . .11.8 -0.1 28.5 11.6
DuneImGroup . . . . . .432.4 5.4 550.0 371.3
HaIfords Group . . . . .290.8 6.0 504.5 283.7
Home RetaiI Group . .123.8 1.0 235.0 118.1
Inchcape . . . . . . . . . .298.3 -2.0 425.4 253.2
JD Sports Fashion . .873.0 -1.5 1030.0 726.0
Kesa EIectricaIs . . . .102.0 -0.6 174.0 99.4
Kingfisher . . . . . . . . .225.1 3.1 287.1 198.5
Marks & Spencer G . .329.5 4.2 427.5 319.9
Mothercare . . . . . . . .368.0 4.4 627.5 363.6
Next . . . . . . . . . . . . .2214.0 61.0 2426.0 1868.0
Sports Direct Int . . . .203.3 -3.7 266.2 103.5
WH Smith . . . . . . . . . .463.4 -11.3 523.0 401.4
Smith & Nephew . . . .561.5 11.5 742.0 521.0
Synergy HeaIth . . . . .875.5 -2.5 981.0 660.0
Barratt DeveIopme . . .68.6 1.1 119.0 66.7
BeIIway . . . . . . . . . . . .559.5 19.0 753.5 511.0
YuIe Catto & Co . . . . .161.2 1.1 253.0 136.5
BaIfour Beatty . . . . . .231.1 1.0 357.3 227.2
KeIIer Group . . . . . . .352.0 2.4 698.5 336.6
Kier Group . . . . . . . .1180.0 56.0 1418.0 970.0
Drax Group . . . . . . . .473.2 3.5 535.0 353.6
Scottish & Southe . .1233.0 19.0 1423.0 1108.0
Domino Printing S . .540.0 -1.5 705.0 440.0
HaIma . . . . . . . . . . . . .331.9 0.7 429.6 270.0
Laird . . . . . . . . . . . . . .147.0 3.3 207.0 121.1
Morgan CrucibIe C . .234.0 3.2 357.1 189.1
Renishaw . . . . . . . . .1237.0 -18.0 1886.0 835.0
Spectris . . . . . . . . . .1280.0 -2.0 1679.0 869.5
Aberforth SmaIIer . . .590.0 11.5 714.0 507.0
AIIiance Trust . . . . . .327.3 2.3 392.7 307.6
Bankers Inv Trust . . .368.4 0.7 428.0 353.6
BH GIobaI Ltd. GB .1128.0 -2.0 1174.0 1058.0
BH GIobaI Ltd. US . . . .11.3 0.1 11.6 10.4
BH Macro Ltd. EUR . . .18.7 0.2 19.0 15.8
BH Macro Ltd. GBP 1935.0 13.0 1945.0 1630.0
BH Macro Ltd. USD . . .18.7 0.1 18.7 15.8
BIackRock WorId M .668.0 13.0 815.5 557.0
BIueCrest AIIBIue . . .166.9 0.7 176.2 162.4
British Assets Tr . . . .117.8 0.6 140.5 113.0
British Empire Se . . .474.2 6.1 533.0 422.5
CaIedonia Investm .1571.0 26.0 1928.0 1543.0
City of London In . . .263.4 3.4 306.9 249.3
Dexion AbsoIute L . .137.6 0.0 151.0 135.2
Edinburgh Dragon . .215.0 2.0 262.1 207.2
Edinburgh Inv Tru . . .442.2 9.1 492.2 392.4
EIectra Private E . . .1439.0 -4.0 1755.0 1289.0
F&C Inv Trust . . . . . .270.3 1.7 327.9 263.8
FideIity China Sp . . . . .83.8 1.8 128.7 80.0
FideIity European . . .985.0 -1.0 1287.0 937.5
FideIity SpeciaI . . . . .479.5 4.1 595.0 468.0
HeraId Inv Trust . . . . .452.5 4.8 545.5 383.5
HICL Infrastructu . . . .115.2 0.1 121.3 112.0
Impax Environment .102.0 3.1 130.5 97.3
JPMorgan American .737.0 3.0 916.0 673.0
JPMorgan Asian In . .200.5 -1.3 250.8 196.3
JPMorgan Emerging .499.9 -3.1 639.0 496.0
JPMorgan European .749.5 9.0 983.5 641.0
JPMorgan Indian I . . .356.0 1.2 502.0 349.2
JPMorgan Russian .511.0 0.0 755.0 493.0
Law Debenture Cor . .336.0 6.2 385.0 295.1
MercantiIe Inv Tr . . . .909.0 3.5 1137.0 895.0
Merchants Trust . . . .363.4 6.3 431.8 345.0
Monks Inv Trust . . . .320.0 4.6 367.9 292.1
Murray Income Tru . .600.0 9.5 673.0 553.5
Murray Internatio . . .855.0 8.0 991.5 824.0
PerpetuaI Income . . .246.0 5.4 276.0 218.0
PoIar Cap TechnoI . .300.5 -3.1 391.2 275.6
RIT CapitaI Partn . . .1254.0 7.0 1334.0 1110.0
Scottish Inv Trus . . . .428.0 -1.0 524.0 409.0
Scottish Mortgage . .639.0 8.5 781.0 566.0
SVG CapitaI . . . . . . . .242.7 -0.1 279.8 148.9
TempIe Bar Inv Tr . . .825.5 11.5 952.0 754.0
TempIeton Emergin .554.0 -2.5 689.5 539.0
TR Property Inv T . . .163.9 0.8 206.1 142.0
TR Property Inv T . . . .75.6 1.3 94.0 64.5
Witan Inv Trust . . . . .434.6 3.6 533.0 423.5
3i Group . . . . . . . . . . .203.4 1.4 340.0 200.1
3i Infrastructure . . . . .119.9 0.5 125.2 112.9
Aberdeen Asset Ma .187.0 -0.8 240.0 132.3
Ashmore Group . . . .350.0 2.9 414.5 282.8
Brewin DoIphin Ho . .128.7 1.7 185.4 117.0
CameIIia . . . . . . . . . .8900.0 -50.010950.0 8050.0
CharIes TayIor Co . . .142.8 2.8 198.3 122.0
City of London Gr . . . .77.3 0.0 93.6 77.0
City of London In . . .348.0 -1.5 461.5 278.5
CIose Brothers Gr . . .664.5 4.5 888.5 656.5
CoIIins Stewart H . . . .68.8 -1.3 90.8 68.8
EvoIution Group . . . . .87.3 -1.0 92.0 62.3
F&C Asset Managem .66.9 1.3 92.9 58.0
Hargreaves Lansdo .431.3 7.1 646.5 386.0
HeIphire Group . . . . . . .3.0 -0.0 39.0 2.4
Henderson Group . . .124.8 1.8 173.1 119.1
Highway CapitaI . . . . .14.5 0.0 21.0 6.0
ICAP . . . . . . . . . . . . . .425.0 15.5 570.5 391.3
IG Group HoIdings . .409.4 15.8 553.0 393.6
Intermediate Capi . . .211.6 0.0 360.3 204.8
InternationaI Per . . . .231.2 3.2 388.8 223.0
InternationaI Pub . . . .116.2 0.0 118.3 108.6
Investec . . . . . . . . . . .384.1 4.7 538.0 375.9
IP Group . . . . . . . . . . . .44.0 0.5 54.5 27.9
Jupiter Fund Mana . .188.7 -1.3 337.3 181.1
Liontrust Asset M . . . .79.0 2.0 95.3 72.0
LMS CapitaI . . . . . . . . .61.3 -2.0 64.8 41.5
London Finance & . . .21.5 0.0 23.5 16.5
London Stock Exch .790.0 1.0 1076.0 640.0
Lonrho . . . . . . . . . . . . .15.8 0.5 19.8 10.5
Man Group . . . . . . . . .192.7 3.9 311.0 178.0
Paragon Group Of . .139.7 -2.2 206.1 126.4
Provident Financi . .1048.0 9.0 1116.0 728.5
Rathbone Brothers . .999.5 14.5 1257.0 815.0
Record . . . . . . . . . . . . .29.3 0.3 52.0 20.3
RSM Tenon Group . . .27.8 1.3 66.3 21.3
Schroders . . . . . . . .1415.0 18.0 1922.0 1330.0
Schroders (Non-Vo .1150.0 19.0 1554.0 1071.0
TuIIett Prebon . . . . . .335.5 5.7 428.6 325.0
WaIker Crips Grou . . .48.0 1.5 51.5 45.0
BT Group . . . . . . . . . .162.8 0.7 204.1 130.6
CabIe & WireIess . . . .31.4 0.2 61.1 30.8
CabIe & WireIess . . . .35.1 1.1 78.4 32.8
COLT Group SA . . . . .111.5 -0.2 156.2 109.0
TaIkTaIk TeIecom . . .123.0 3.2 168.3 119.8
TeIecomPIus . . . . . . .634.0 -6.0 700.0 355.0
Booker Group . . . . . . .67.0 -1.1 77.9 43.3
Greggs . . . . . . . . . . . .475.9 3.1 550.5 429.1
Morrison (Wm) Sup .284.8 5.0 308.3 262.7
Ocado Group . . . . . . .117.3 1.2 285.0 113.8
Sainsbury (J) . . . . . . .301.7 5.3 395.0 280.4
Tesco . . . . . . . . . . . . .377.7 7.5 440.7 360.1
Associated Britis . .1041.0 21.0 1182.0 940.0
Cranswick . . . . . . . . .627.5 -4.5 896.0 606.0
Dairy Crest Group . . .346.6 2.0 424.9 334.1
Devro . . . . . . . . . . . . .246.7 -4.4 296.9 218.0
Premier Foods . . . . . . .13.4 -0.8 35.1 13.0
Tate & LyIe . . . . . . . . .569.5 -1.0 656.0 409.1
UniIever . . . . . . . . . .2038.0 31.0 2079.0 1688.0
Mondi . . . . . . . . . . . . .489.8 -2.3 664.0 447.0
Centrica . . . . . . . . . . .300.8 5.5 346.1 287.3
InternationaI Pow . . .301.9 7.8 448.6 279.4
NationaI Grid . . . . . . .600.5 10.0 632.5 529.5
Northumbrian Wate .459.0 0.2 469.5 295.5
Pennon Group . . . . . .641.0 17.5 737.5 560.0
Severn Trent . . . . . .1435.0 28.0 1517.0 1288.0
United UtiIities . . . . .580.5 9.0 632.0 543.5
Cookson Group . . . . .452.6 -6.1 724.5 412.3
DS Smith . . . . . . . . . .184.0 5.1 266.2 125.8
Rexam . . . . . . . . . . . .341.1 0.7 400.0 293.0
GIencore Internat . . .355.0 7.1 531.1 341.0
BAE Systems . . . . . .258.1 4.6 369.9 248.1
Chemring Group . . . .496.7 11.7 736.5 481.6
Cobham . . . . . . . . . . .176.1 2.7 245.6 170.3
Meggitt . . . . . . . . . . . .317.6 5.7 397.6 261.7
QinetiQ Group . . . . . .113.3 2.8 136.3 96.7
RoIIs-Royce Group . .587.0 8.0 665.0 553.0
Senior . . . . . . . . . . . . .144.8 3.3 190.6 111.2
UItra EIectronics . . .1327.0 22.0 1895.0 1289.0
GKN . . . . . . . . . . . . . .179.2 -4.3 245.0 138.5
BarcIays . . . . . . . . . . .146.3 -4.3 333.6 144.8
HSBC HoIdings . . . . .511.0 0.0 730.9 505.6
LIoyds Banking Gr . . .27.6 -0.8 77.6 27.5
RoyaI Bank of Sco . . .19.7 -1.1 50.2 19.6
Standard Chartere .1329.0 -33.5 1950.0 1316.0
AG Barr . . . . . . . . . .1178.0 8.0 1395.0 1031.0
Britvic . . . . . . . . . . . . .305.2 3.2 503.5 300.9
Diageo . . . . . . . . . . .1121.0 9.0 1307.0 1050.0
SABMiIIer . . . . . . . . .2044.5 29.5 2340.0 1841.0
AZ EIectronic Mat . . .215.0 -8.0 338.1 213.6
Croda Internation . .1620.0 -3.0 2081.0 1230.0
EIementis . . . . . . . . . .137.0 0.9 187.4 86.0
Johnson Matthey . .1643.0 31.0 2119.0 1550.0
Victrex . . . . . . . . . . .1213.0 -25.0 1590.0 1076.0
Price Chg High Low
BerkeIey Group Ho .1039.0 14.0 1299.0 789.5
Bovis Homes Group .330.0 3.5 464.7 319.6
Persimmon . . . . . . . .383.1 9.1 502.5 336.5
Reckitt Benckiser . .3253.0 48.0 3648.0 3015.0
Redrow . . . . . . . . . . . .110.1 1.2 139.0 97.6
TayIor Wimpey . . . . . . .28.9 0.2 43.3 22.3
Bodycote . . . . . . . . . .264.4 -1.2 397.7 214.5
Charter Internati . . . .622.0 -14.5 853.5 538.5
Fenner . . . . . . . . . . . .310.6 2.7 422.5 198.0
IMI . . . . . . . . . . . . . . . .750.0 12.0 1119.0 657.5
MeIrose . . . . . . . . . . .286.8 4.8 365.4 205.4
Northgate . . . . . . . . . .269.0 -0.4 346.7 180.8
Rotork . . . . . . . . . . .1530.0 29.0 1895.0 1501.0
Spirax-Sarco Engi . .1665.0 15.0 2063.0 1532.0
Weir Group . . . . . . .1713.0 -17.0 2218.0 1130.0
Ferrexpo . . . . . . . . . . .324.4 14.6 499.0 278.0
TaIvivaara Mining . . .307.9 10.7 622.0 296.3
BBAAviation . . . . . . .159.0 0.4 240.8 155.4
Stobart Group Ltd . . .131.0 3.7 163.6 124.1
AdmiraI Group . . . . .1521.0 26.0 1754.0 1397.0
AmIin . . . . . . . . . . . . .310.5 -12.3 427.0 310.0
Huntsworth . . . . . . . . .65.0 -1.3 86.0 59.8
Informa . . . . . . . . . . . .329.0 2.3 461.1 323.6
ITE Group . . . . . . . . . .160.5 -1.9 258.2 151.0
ITV . . . . . . . . . . . . . . . . .54.6 0.4 93.5 53.1
Johnston Press . . . . . . .5.0 -0.2 16.3 4.4
MecomGroup . . . . . .164.8 -1.3 310.0 163.0
Moneysupermarket. .106.5 3.4 120.4 70.3
Pearson . . . . . . . . . .1073.0 26.0 1207.0 926.0
PerformGroup . . . . .157.5 7.4 234.5 150.0
Reed EIsevier . . . . . .479.7 6.7 590.5 461.3
Rightmove . . . . . . . .1100.0 28.0 1250.0 596.5
STV Group . . . . . . . . .110.0 0.0 168.0 83.5
Tarsus Group . . . . . .146.5 -1.8 165.0 112.5
Trinity Mirror . . . . . . . .45.0 0.0 124.0 37.5
United Business M . .429.8 1.4 725.0 421.9
UTV Media . . . . . . . . .105.5 4.5 151.0 101.0
WiImington Group . . .94.8 -0.3 183.0 91.0
WPP . . . . . . . . . . . . . .578.5 -11.5 846.5 575.0
YeII Group . . . . . . . . . . .4.8 -0.3 17.8 4.5
African Barrick G . . .548.0 12.5 638.0 393.5
AngIo American . . .2249.5 11.0 3437.0 2217.5
AngIo Pacific Gro . . .300.0 8.7 369.3 249.3
Antofagasta . . . . . . .1212.0 29.0 1634.0 977.5
Aquarius PIatinum . .230.0 2.9 419.0 216.9
BHP BiIIiton . . . . . . .1878.5 18.5 2631.5 1767.0
BeazIey . . . . . . . . . . . .113.8 2.5 139.2 109.6
CatIin Group Ltd. . . .365.6 -4.9 421.4 325.0
Hiscox Ltd. . . . . . . . . .346.9 0.8 424.7 340.9
Jardine LIoyd Tho . . .606.5 7.5 709.0 561.0
Lancashire HoIdin . . .640.0 20.0 700.0 518.5
RSA Insurance Gro . .113.0 0.5 143.5 109.5
Aviva . . . . . . . . . . . . . .318.0 2.7 477.9 312.1
LegaI & GeneraI G . . . .97.1 1.3 123.8 89.4
OId MutuaI . . . . . . . . .110.1 1.4 145.2 103.2
Phoenix Group HoI . .533.5 30.5 758.0 458.0
PrudentiaI . . . . . . . . .583.5 10.0 777.0 547.0
ResoIution Ltd. . . . . .255.4 -0.4 316.1 211.3
St James's PIace . . . .316.0 1.8 376.0 236.2
Standard Life . . . . . . .194.9 3.8 244.7 172.0
4Imprint Group . . . . .230.0 -5.0 295.0 195.0
Aegis Group . . . . . . .131.1 1.9 163.5 110.7
BIoomsbury PubIis . .102.5 -0.8 138.0 98.8
British Sky Broad . . .622.5 -3.5 850.0 616.0
Centaur Media . . . . . . .39.0 0.0 73.0 37.0
Chime Communicati .212.0 1.0 298.5 174.8
Creston . . . . . . . . . . . .90.0 0.0 121.0 78.5
DaiIy MaiI and Ge . . .377.7 10.3 594.5 363.3
Euromoney Institu . .585.5 -0.5 736.0 578.0
Future . . . . . . . . . . . . . .13.0 0.3 30.0 11.8
Haynes PubIishing . .228.5 0.0 262.5 202.5
Centamin Egypt Lt . .109.8 4.2 197.1 89.7
Eurasian NaturaI . . .613.5 -1.0 1125.0 585.5
FresniIIo . . . . . . . . . .2039.0 69.0 2081.0 990.0
GemDiamonds Ltd. .194.3 -1.2 306.0 179.8
HochschiId Mining . .458.0 9.8 680.0 320.5
Kazakhmys . . . . . . . .925.5 -24.0 1671.0 918.0
Kenmare Resources . .40.4 2.4 59.9 16.3
Lonmin . . . . . . . . . . .1134.0 16.0 1983.0 1103.0
New WorId Resourc .535.5 -4.0 1060.0 514.5
PetropavIovsk . . . . . .779.0 45.5 1252.0 676.0
RandgoId Resource 6870.0 260.0 6920.0 4425.0
Rio Tinto . . . . . . . . .3421.0 -10.5 4712.0 3105.0
Vedanta Resources 1242.0 -20.0 2559.0 1238.0
Xstrata . . . . . . . . . . . .933.4 -18.3 1550.0 927.7
Inmarsat . . . . . . . . . . .436.4 9.7 724.5 389.7
Vodafone Group . . . .163.0 3.1 181.9 149.4
Genesis Emerging . .444.5 -1.3 568.0 435.4
Afren . . . . . . . . . . . . . .102.4 4.2 171.2 92.5
BG Group . . . . . . . . .1237.0 17.0 1564.5 1049.5
BP . . . . . . . . . . . . . . . .390.2 0.3 509.0 375.2
Cairn Energy . . . . . . .289.7 8.3 472.3 277.7
EnQuest . . . . . . . . . . .107.3 1.4 158.5 98.0
Essar Energy . . . . . .247.9 -9.8 589.5 239.8
ExiIIon Energy . . . . . .305.0 4.8 469.7 172.0
Heritage OiI . . . . . . . .211.2 0.4 486.0 190.0
JKX OiI & Gas . . . . . .192.8 2.8 335.1 190.0
Premier OiI . . . . . . . . .339.1 -0.7 535.0 327.3
RoyaI Dutch SheII . .1919.0 35.5 2326.5 1703.0
RoyaI Dutch SheII . .1936.0 45.5 2336.0 1642.0
SaIamander Energy .218.9 -4.5 317.6 210.0
Soco Internationa . . .292.0 9.3 484.2 274.6
TuIIow OiI . . . . . . . . . .945.5 -0.5 1493.0 936.5
Amec . . . . . . . . . . . . .927.0 -1.5 1251.0 834.0
Hunting . . . . . . . . . . .648.5 13.5 817.0 554.0
John Wood Group . .518.5 11.0 715.8 350.4
LampreII . . . . . . . . . . .286.0 10.4 395.2 223.9
Petrofac Ltd. . . . . . .1211.0 43.0 1685.0 1110.0
Burberry Group . . . .1191.0 -15.0 1600.0 820.5
PZ Cussons . . . . . . . .348.1 -0.5 409.0 320.5
Supergroup . . . . . . . .945.5 -4.5 1820.0 818.5
AstraZeneca . . . . . .2822.0 90.5 3385.0 2543.5
BTG . . . . . . . . . . . . . .249.3 -3.8 309.7 200.1
Genus . . . . . . . . . . . . .907.0 42.0 1046.0 710.5
GIaxoSmithKIine . . .1277.5 35.0 1385.0 1127.5
Hikma Pharmaceuti .613.0 3.5 900.0 561.5
Shire PIc . . . . . . . . . .1954.0 53.0 2136.0 1376.0
CapitaI & Countie . . .163.0 -0.8 203.7 115.0
Daejan HoIdings . . .2479.0 59.0 2954.0 2282.0
F&C CommerciaI Pr .101.8 -0.1 108.0 88.0
Grainger . . . . . . . . . . . .96.0 0.9 133.2 86.3
London & Stamford .118.9 0.8 140.0 110.3
SaviIIs . . . . . . . . . . . . .309.0 -2.0 427.1 296.6
St. Modwen Proper . .136.2 -2.8 196.2 133.0
UK CommerciaI Pro . .79.0 0.8 85.5 70.4
Unite Group . . . . . . . .160.1 -3.2 229.8 158.6
Big YeIIow Group . . .245.2 5.1 353.3 237.4
British Land Co . . . . .532.0 9.5 629.5 447.5
CapitaI Shopping . . .317.5 4.1 424.8 310.4
Derwent London . . .1588.0 -2.0 1880.0 1374.0
Great PortIand Es . . .365.0 8.9 445.0 310.7
Hammerson . . . . . . . .396.2 3.6 490.9 352.2
Hansteen HoIdings . . .77.0 2.3 89.5 62.4
Land Securities G . . .738.0 5.0 885.0 598.0
SEGRO . . . . . . . . . . . .238.5 6.1 331.3 231.0
Shaftesbury . . . . . . . .469.8 6.2 539.0 397.6
Autonomy Corporat 2486.0 34.0 2497.0 1271.0
Aveva Group . . . . . .1495.0 -35.0 1799.0 1385.0
Computacenter . . . . .373.1 -0.9 490.0 270.0
Fidessa Group . . . . .1575.0 -8.0 2109.0 1350.0
Invensys . . . . . . . . . . .231.2 9.5 364.3 220.0
Kofax . . . . . . . . . . . . .303.0 -3.5 535.0 231.0
Logica . . . . . . . . . . . . .80.5 -0.4 147.2 79.9
Micro Focus Inter . . .254.0 -9.0 426.2 230.2
Misys . . . . . . . . . . . . .258.5 9.5 420.2 234.7
Sage Group . . . . . . . .241.2 5.4 302.0 231.7
SDL . . . . . . . . . . . . . . .639.0 11.5 711.5 533.5
TeIecity Group . . . . . .520.0 -10.5 559.5 430.0
Aggreko . . . . . . . . . .1716.0 22.0 2034.0 1351.3
Ashtead Group . . . . .100.6 -0.4 207.9 77.0
Atkins (WS) . . . . . . . .536.5 5.0 820.0 527.5
Babcock Internati . . .581.0 10.5 733.0 492.8
Berendsen . . . . . . . . .478.7 11.8 568.0 363.1
BunzI . . . . . . . . . . . . .703.0 17.0 801.0 676.5
Capita Group . . . . . . .686.5 4.0 794.5 635.5
CariIIion . . . . . . . . . . .303.1 4.3 403.2 291.2
De La Rue . . . . . . . . .790.0 2.0 853.5 549.5
EIectrocomponents .191.2 1.2 294.9 189.8
Experian . . . . . . . . . . .668.0 3.0 833.5 606.0
FiItrona PLC . . . . . . . .311.7 -0.3 385.5 227.5
G4S . . . . . . . . . . . . . . .243.6 0.7 291.0 237.7
Hays . . . . . . . . . . . . . . .71.8 1.1 133.6 69.4
Homeserve . . . . . . . .450.3 6.4 532.0 408.0
Howden Joinery Gr . . .95.3 1.4 127.5 63.0
Intertek Group . . . . .1848.0 21.0 2148.0 1675.0
MichaeI Page Inte . . .350.7 -3.4 567.0 348.2
Mitie Group . . . . . . . .208.0 -1.0 242.5 188.7
Premier FarneII . . . . .175.1 0.9 308.8 168.4
Regus . . . . . . . . . . . . . .66.0 1.0 119.0 64.9
RentokiI InitiaI . . . . . . .76.5 -0.1 107.1 74.5
RPS Group . . . . . . . . .196.1 6.1 253.0 169.8
Serco Group . . . . . . .522.0 8.5 633.0 495.7
Shanks Group . . . . . .114.8 3.8 130.9 96.5
SIG . . . . . . . . . . . . . . .103.2 0.1 153.5 90.7
SThree . . . . . . . . . . . .239.9 -4.4 447.6 231.1
Travis Perkins . . . . . .745.5 22.0 1127.0 718.0
WoIseIey . . . . . . . . .1428.0 24.0 2261.0 1223.0
ARM HoIdings . . . . . .492.0 2.0 651.0 321.2
CSR . . . . . . . . . . . . . .219.8 -2.8 447.0 217.5
Imagination Techn . .309.8 7.7 502.0 294.7
Pace . . . . . . . . . . . . . . .93.8 0.6 231.8 91.0
Spirent Communica .117.4 1.4 160.3 115.6
British American . .2700.0 48.0 2871.0 2166.0
ImperiaI Tobacco . .2048.0 19.0 2231.0 1784.0
Avis Europe . . . . . . . .313.0 1.0 313.4 184.0
Betfair Group . . . . . . .608.0 9.0 1550.0 567.0
Bwin.party Digita . . .100.6 -2.1 297.9 98.5
CarnivaI . . . . . . . . . .1750.0 8.0 3153.0 1726.0
Compass Group . . . .537.5 20.5 612.0 504.5
Domino's Pizza UK . .465.7 10.9 586.0 377.0
easyJet . . . . . . . . . . . .320.7 -3.8 479.0 301.0
Enterprise Inns . . . . . .41.1 -1.4 122.7 38.0
FirstGroup . . . . . . . . .343.4 5.8 412.6 311.3
Go-Ahead Group . . .1416.0 13.0 1598.0 1073.0
Greene King . . . . . . .420.8 5.4 518.0 398.0
InterContinentaI . . . .960.5 2.0 1435.0 947.5
InternationaI Con . . .167.5 -0.6 305.0 166.6
JD Wetherspoon . . . .396.1 1.6 468.3 389.
Ladbrokes . . . . . . . . .122.1 1.8 155.3 119.
Marston's . . . . . . . . . . .88.1 1.0 117.1 85.
MiIIennium& Copt . .408.4 -2.3 600.5 404.
MitcheIIs & ButIe . . . .236.1 3.3 361.0 229.
NationaI Express . . .224.9 4.2 270.2 220.
Rank Group . . . . . . . .118.7 3.6 153.7 103.
Restaurant Group . . .264.4 1.4 335.0 235.
Spirit Pub Compan . . .42.0 0.5 55.0 37.
Stagecoach Group . .242.0 8.6 268.5 170.
Thomas Cook Group .45.8 0.7 204.8 43.
TUI TraveI . . . . . . . . . .148.0 0.2 271.9 146.
Whitbread . . . . . . . .1454.0 25.0 1887.0 1368.
WiIIiamHiII . . . . . . . . .221.4 0.9 237.3 155.
Abcam . . . . . . . . . . . .327.0 -1.8 460.0 307.
AIbemarIe & Bond . .397.0 2.0 400.1 236.
Amerisur Resource . .15.8 0.5 29.0 11.
Andor TechnoIogy . .545.0 5.0 685.0 311.
ArchipeIago Resou . . .72.5 0.0 79.0 32.
ASOS . . . . . . . . . . . .1753.0 47.0 2468.0 905.
AureIian OiI & Ga . . . .44.3 0.3 92.0 42.
Avanti Communicat .301.0 -0.5 735.0 288.
Avocet Mining . . . . . .257.3 15.0 272.3 112.
BIinkx . . . . . . . . . . . . .100.8 0.8 148.8 69.
Borders & Souther . . .46.5 -2.0 93.0 44.
BowLeven . . . . . . . . .115.3 -0.5 398.0 110.
Brooks MacdonaId 1020.0 27.8 1372.5 880.
CaIedon Resources .111.5 0.0 111.8 46.
Conygar Investmen . .97.0 0.0 120.0 95.
Cove Energy . . . . . . . .64.3 1.3 112.8 57.
Daisy Group . . . . . . . .110.6 0.4 127.0 88.
EMIS Group . . . . . . . .565.0 20.5 580.0 303.
Encore OiI . . . . . . . . . .44.5 -1.5 151.5 40.
Faroe PetroIeum . . . .139.5 -0.5 218.3 133.
GuIfsands PetroIe . . .142.5 -34.8 401.5 134.
GWPharmaceuticaI .103.8 9.8 130.0 83.
Hamworthy . . . . . . . .505.0 -8.0 705.0 328.
Hargreaves Servic . .875.0 20.0 1076.0 605.
HeaIthcare Locums . .84.6 0.0 84.6 84.
Immunodiagnostic .1065.0 -31.0 1218.0 720.
ImpeIIamGroup . . . .289.4 2.0 387.5 122.
James HaIstead . . . . .455.0 15.0 495.0 315.
KaIahari MineraIs . . .227.0 -3.0 301.0 142.
London Mining . . . . .287.0 4.0 436.5 248.
Lupus CapitaI . . . . . . .97.0 -2.0 150.0 80.
M. P. Evans Group . .401.3 6.3 500.5 350.
Majestic Wine . . . . . .419.0 -8.0 510.0 306.
May Gurney Integr . .250.0 10.1 295.0 177.
Monitise . . . . . . . . . . . .33.3 1.3 39.0 18.
MuIberry Group . . . .1455.0 -94.0 1920.0 333.
Nanoco Group . . . . . . .65.5 -1.3 115.8 57.
NauticaI PetroIeu . . .245.0 2.5 547.0 151.
NichoIs . . . . . . . . . . . .530.0 0.0 579.0 410.
Numis Corporation . . .91.9 -3.1 146.5 90.
Pan African Resou . . .13.0 0.8 13.8 6.
Patagonia GoId . . . . . .61.5 -0.3 68.0 15.
Prezzo . . . . . . . . . . . . .59.5 -2.0 71.5 42.
Pursuit Dynamics . . .201.0 -1.5 700.0 160.
Rockhopper ExpIor .217.5 -1.5 510.0 141.
RWS HoIdings . . . . . .460.0 -19.8 479.8 255.
Songbird Estates . . .120.0 0.0 160.3 110.
VaIiant PetroIeum . . .490.3 -15.8 761.5 490.
Young & Co's Brew . .669.0 20.0 712.0 525.
Kenmare Resources . .40.4 6.3
PetropavIovsk . . . . . .779.0 6.2
Phoenix Group HoId .533.5 6.1
Kier Group . . . . . . . .1180.0 5.0
Perform Group . . . . .157.5 4.9
Genus . . . . . . . . . . . . .907.0 4.9
Ferrexpo . . . . . . . . . .324.4 4.7
Invensys . . . . . . . . . .231.2 4.3
Afren . . . . . . . . . . . . .102.4 4.3
IG Group HoIdings . .409.4 4.0
Premier Foods . . . . . . .13.4 -5.3
RoyaI Bank of Scot . . .19.7 -5.3
AmIin . . . . . . . . . . . . .310.5 -3.8
Essar Energy . . . . . .247.9 -3.8
AZ EIectronic Mate . .215.0 -3.6
Micro Focus Intern . .254.0 -3.4
Enterprise Inns . . . . . .41.1 -3.4
LIoyds Banking Gro . .27.6 -2.9
BarcIays . . . . . . . . . . .146.3 -2.8
Kazakhmys . . . . . . . .925.5 -2.5
Risers FaIIers
MAIN CHANGES UK 350
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
Price Chg High Low Price Chg High Low
GILTS
AEROSPACE & DEFENCE
CONSTRUCTION & MATERIALS
ELECTRICITY
ELECTRONIC & ELECTRICAL EQ.
EQUITY INVESTMENT INSTRUM.
FINANCIAL SERVICES
FIXED LINE TELECOMS
FOOD & DRUG RETAILERS
FOOD PRODUCERS
FORESTRY & PAPER
GAS, WATER & MULTIUTILITIES
GENERAL RETAILERS
HEALTH CARE EQUIPMENT & S.
HHOLD GDS & HOME CONSTR.
INDUSTRIAL ENGINEERING
INDUSTRIAL TRANSPORTATION
MEDIA
LIFE INSURANCE
PERSONAL GOODS
PHARMACEUTICALS & BIOTECH
REAL ESTATE INVEST. & SERV.
SOFTWARE & COMPUTER SERV.
SUPPORT SERVICES
TECHNOLOGY HARDW. & EQUIP.
TOBACCO
TRAVEL & LEISURE
AIM 50
NON LIFE INSURANCE
REAL ESTATE INVEST. TRUSTS
http://corporate.webfg.com
mailto:
globaltechsales@webfg.com
AUTOMOBILES & PARTS
BANKS
ALTERNATIVE ENERGY
CHEMICALS
BEVERAGES
GENERAL INDUSTRIALS
MOBILE TELECOMS
OIL & GAS PRODUCERS
OIL EQUIPMENT & SERVICES
MINING
NONEQUITY INVESTM. COMM.
Tsy 3.250 11 . . . . .100.82 -0.14 103.5 100.7
Tsy 2.500 11 . . . . .306.37 0.01 310.0 306.4
Tsy 9.000 12 . . . .107.92 -1.19 115.8 106.7
Tsy 5.000 12 . . . .102.42 -0.04 106.8 102.4
Tsy 5.250 12 . . . .103.71 -0.02 108.1 103.7
Tsy 4.500 13 . . . .106.01 -0.01 109.2 105.8
Tsy 8.000 13 . . . . .115.36 -0.01 121.3 115.3
Tsy 2.500 13 . . . .285.73 0.00 287.7 277.5
Tsy 5.000 14 . . . . .112.49 -0.05 114.1 109.2
Tsy 4.750 15 . . . . .114.47 -0.04 114.8 108.6
Tsy 8.000 15 . . . .128.76 -0.05 131.6 123.7
Tsy 7.750 15 . . . .103.01 -0.50 342.1 102.5
Tsy 4.000 16 . . . . .112.81 -0.03 113.1 104.9
Tsy 2.500 16 . . . .340.56 0.06 340.9 310.2
Tsy 8.750 17 . . . .141.19 -0.35 142.2 132.9
Tsy 12.000 17 . . .125.72 0.93 185.9 125.2
Tsy 1.250 17 . . . . .114.63 0.07 115.0 106.7
Tsy 5.000 18 . . . .120.19 -0.04 120.8 109.7
Tsy 4.500 19 . . . . .117.53 -0.04 118.2 105.4
Tsy 3.750 19 . . . . .111.85 -0.04 112.5 99.4
Tsy 4.750 20 . . . . .119.45 -0.08 120.2 106.6
Tsy 2.500 20 . . . .353.73 0.09 355.6 312.4
Tsy 8.000 21 . . . .149.01 -0.16 150.2 133.8
Tsy 1.875 22 . . . .122.39 0.21 122.8 111.3
Tsy 4.000 22 . . . . .111.98 -0.12 112.8 99.0
Tsy 2.500 24 . . . .315.09 0.12 316.1 273.5
Tsy 5.000 25 . . . .122.07 0.00 122.8 107.4
Tsy 1.250 27 . . . . .118.38 0.37 118.5 104.6
Tsy 4.250 27 . . . . .112.12 0.12 112.6 97.9
Tsy 6.000 28 . . . .135.90 0.10 136.4 119.5
Tsy 4.750 30 . . . . .118.16 0.28 118.3 103.0
Tsy 4.125 30 . . . .300.05 0.44 300.1 260.7
Tsy 4.250 32 . . . . .110.71 0.27 110.9 96.0
Tsy 4.250 36 . . . .109.57 0.28 109.7 95.0
Tsy 4.750 38 . . . . .118.59 0.23 118.8 102.8
Tsy 4.500 42 . . . . .114.03 0.00 114.3 98.9
% %
Wealth Management
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EPISODE 24:
Late nights and
Handel operas
E
MMA is passionate about Handel, especial-
ly the operas. Shes sung in several
Messiahs and we make well, I make, on
her behalf an annual donation to the
Foundling Museum. The Museum commemo-
rates the Foundling Hospital, where annual per-
formances of the Messiah, sometimes conducted
by Handel himself, raised funds for the aban-
doned children in the Hospitals care.
So it seemed obvious to request four tickets
for Handels Rinaldo through Corporate
Sponsorship. Even without knowing who wed
invite to join us. Emma hadnt seen the opera in
years. Of course, I had to face the obvious What,
an opera about Ronaldo? jokes from graceless
colleagues but then Im an Arsenal fan and quite
inured to bad football jokes.
In the event, Emmas difficult pregnancy has
made her attendance impossible and so Im in
the auditorium, in black tie, with Juliette on one
side no-one else was available at short notice
and Im keeping her attendance strictly below
the radar at home and with the CEO of the
British subsidiary of our new high profile client
and his distinctly frosty Canadian wife on the
other.
The opera is eleventh century Crusaders and
Ive done my homework but the setting seems to
be High School Pantomime. Im confused, hot
and very tired. Weve had dinner yes and a drink
or two and are now into the home straight.
Love, war and redemption, with Jerusalem falling
to the Crusaders and the Saracen warlord,
Argante, embracing Christianity.
Juliette nudges me in the ribs. Im nodding off.
Cant show such weakness to new clients. Oh but
I could weep. Itll be another 2 1/2 hours before
Im home, even if chauffeur-deposited. And only
another five hours after that before Im up once
more, bright-eyed and bushy-tailed.
To be continued next Tuesday. For past City
Dad episodes, see cityam.com
CITY DAD
Lifestyle | Health & Beauty
PEUGEOT BIPPER
TEPEE
REVIEWED IN
MOTORING TOMORROW
19
I
BLAME Ronaldo. When the absurdly
sculpted, smooth-as-marble man-boy
started appearing on the sides of
buses and on billboards in his Armani
boxers last year, the game was up: body
hair was no longer part of the male ideal.
At least David Beckham, Ronaldos prede-
cessor in the Armani ads, looked like he
could grow a beard, and sometimes actu-
ally did. By comparison Ronaldo, and this
years model Rafa Nadal, look as though
theyve been moulded from wax. Hair, it
seems, is an unsightly imperfection to be
got rid of.
Of course, this is in one sense just male
body politics or body fascism, depending
on how you feel about follicles catch-
ing up with the female version. And
as women well know, keeping
those hairs at bay can be a very
painful business. Waxing is a
shrieking nightmare, and zap-
ping hair follicles to oblivion
with a laser is not a lot of
fun either. Add to that the
fact that, according to
Deborah Gayle of Mayfair
mens grooming salon
the Refinery, compared to
the opposite sex men are,
well, wusses.
Men do seem to have a dif-
ferent pain threshold to
women, she says. And of
course with men youre often
Want the waxy smoothness of a
football star but hate pain? A
new laser treatment could be the
answer, says Timothy Barber
Thanks to Ronaldo
and co, the rest of us
men feel compelled to
attain perfect pec-
toral smoothness, too.
Picture: ALAMY
Raising hair:
new mens
treatment
dealing with hair going right across the
back and shoulders there are
more areas to cover, and that can
be very painful.
Which is where something
called the Soprano comes in.
This is a laser with a difference
it doesnt hurt. Developed
with women in mind but
just as useful when used on
men, it works by deploying
a cooling system behind the
laser, eliminating the
wince-inducing pricks of
heat you get with traditional
Intense Pulse Light (IPL) laser
treatments.
Soprano machines are not
exactly thick on the ground at
the moment, and the Refinery,
which recently introduced the treat-
ment, claims to be the only male-specialist
treatment centre offering it in London at
the moment. Getting the treatment done
there involves a consultation and patch
test first, then around six one-hour
appointments with a four to six week
break between each one.
After that, youll look as smooth as Mr
Ronaldo if you want to though as Gayle
points out, it isnt always just a simple
case of vanity that brings men under the
laser. For the seriously hirsute, tufts of
hair emerging from shirt collars, furry
shoulders when stripping off at the beach,
even hairy fingers when shaking hands,
can be the source of crippling embarrass-
ment.
While the chest, abdomen, back, shoul-
ders and buttocks are the most popular
areas for zapping, you can take it further.
If youre after the back, sack and crack
treatment, its a lot less painful than other
methods, says Gayle.
So. If having a beautician clinically apply-
ing a laser to your goolies and other bits
where the light doesnt shine is your idea of
reaching macho perfection, go for it. But if
you simply want to feel less like a Wookiee
when you take off your t-shirt on holiday,
you at least dont have to suffer the agony
of a thousand pin pricks to sort it out.
Back and shoulders Soprano laser removal:
325 per session. Customers who pay for the
course up front can get six treatments for the price
of five. www.the-refinery.com
LOSING YOUR HAIR?
IT CAN BE RESTORED!
THE WIMPOLE CLINIC
Ha nna h Hous e , 1 1 - 1 6 Ma nc he s t e r S t r e e t , L ond on W1 U 4 DJ
At The Wimpole Clinic, one
of the leading hair transplant
centres in Europe, Dr. Michael
May F.R.C.S. has pioneered a
permanent solution to male
pattern baldness using
advanced follicular unit
hair transplant techniques.
For your FREE consultation
with Dr May call today on:
020 7935 1861
www. wi mpol ec l i ni c. c om
FIT IN
THE CITY
BY LAURA WILLIAMS
FITNESS & DIET EXPERT
Quick ways to get in shape
L
AST week, a study from the
Lancet revealed that exercising
for just 15 minutes a day can add
three years to your life and cut
the risk of cancer by a heartening 10
per cent. Here are my top five ways to
maximise those fifteen minutes: you
wont just achieve those health bene-
fits, either; youll also sculpt your
limbs and rev your metabolism too.
Put some power into your walk
Yep, power walking can make for a
fabulous mini-workout. Alternate
three minutes of long strides, big,
powering arms and as many hills as
you can find, with 30 seconds of easy
strolling. Recent Canadian research
found that two weeks of interval
training boosted females ability to
burn fat during exercise by 36 per-
cent.
Discover the Express Workout
Theyre all the rage nowadays, espe-
cially for swamped city folk. Visit
Gymbox, Virgin Active and LA
Fitness to find out what theyre offer-
ing in the line of quickfix lunchtime
classes.
Go military, in your living room
The very best circuit can be created
in your own front room you can be
done, dusted (and broken) in fifteen
minutes flat. Forget your bog stan-
dard press up and lunge circuit; think
meatier moves like the bear crawl,
push up with side plank, and lat-burn-
ing chair isometric rows. Ouch.
Try TV bootcamp
Do small sections of fitness DVDs on a
very regular basis (i.e. every day) and
youll still get big results. In terms of
what to pick, celebrity trainerTracey
Andersens (Gwyneths slightly mad
trainer) workout is different if nothing
else, while anything by Davina and her
team is spot on. Also check out
the 15 Minute Workouts for Dummies
series at Amazon.
Invest in some wheels
Levels of human growth hormone
which assists in building muscle and
eliminating fat rose by a staggering
530 per cent in subjects after just 30
seconds of flat-out sprint-peddling
on a stationary bike, a recent UK
study found. Investing in a small,
cheap exercise bike that sits unassum-
ingly in the corner of the bedroom
could make daily exercise something
of a reality.
Follow Laura Williams on Twitter:
@laurafitness
www.laurawilliamsonline.co.uk
Lifestyle | Restaurant Review
Chiswell Street Dining Rooms
56 Chiswell Street, EC1Y 4SA
Tel: 020 7614 0177
FOOD hhhii
SERVICE hhhhh
ATMOSPHERE hhhii
Cost per person without wine: 35
C
HISWELL Street, off Moorgate, is not
likely to be on your post-work route
unless you work there or live in the
Barbican. For its a long, dreary street,
sort of empty-feeling, as though everyone
has been evacuated under threat of an alien
attack.
But Tom and Ed Martin, the clever clogs
pubmen (theyre rather smart in the other
sense, too) behind the Gun, Sloane Ranger
favourites the Botanist and the Cadogan
Arms and iconic gastropub The Well
(among others), have made it work for
them. Rather than being dragged down by
its curiously dead environment, the Dining
Rooms serves as a beacon of warmth.
Its got the sort of low ceilings that make
a place cosy, and when you walk in, theres
a proper bar that has been designed for the
imbibing of several drinks, along with some
proper snacks. There is, in other words,
plenty of space, nice banquettes and stools
and a good cocktail list. The only problem
with the bar has to do with the otherwise
nice ceilings: noise. A week after I visited for
dinner, a friend and I had a couple of drinks
in the bar and there was a crowd of col-
leagues in, their backpacks spread around
the floor, bottles of beer and large white
wines in their hands. That they communi-
cated exclusively through shrieking, guf-
fawing and plain shouting might have been
less of a shame if the sound had not
bounced off the wood floors, shot aggres-
sively to the ceiling, then straight back into
our ears.
Assuming you have a better choice of co-
customers, you should definitely have a
cocktail (if you like them) my companions
rhubarb martini (called the Kings Robe)
was really well-made. I stuck with the house
champagne, from the vineyard of one
Joseph Perrier (no relation of Laurent, we
were told).
Oasis of life on cold Chiswell Street
Dinner was just right: not just because of
the food, which was quite good but not
wholly staggering, but because of our posi-
tion in a nook by the window, the capacious
green leather seating, the bottle of amaz-
ingly good, icy Canadian Chardonnay (who
would have thought?) and the truly delight-
ful waiter, Adel, who energetically saw to
our every whim.
The menu is elegant British with the odd
European twist: I had scallops diver
caught Isle of Man king scallops with
samphire and lemon thyme to start. They
were generous in size, served in two decora-
tive shells, but were cloaked in a puree of
something not great. My friends potted
shrimp was special: really chunky and fresh.
His lemon sole, recommended by a col-
league of mine, was alright but a bit too
fishy, if you know what I mean, while my
risotto with lobster and king prawns and
parmesan was so downright delicious, the
rice so al dente and the seafood so meaty,
that I asked to take it home in a doggy bag
and enjoyed it for lunch the next day.
Heritage tomato salad with onions was also
burstingly fresh, the quality of the tomatoes
very high.
You could easily come for a dessert feast
here as there is a whole selection devoted to
coupes. Sticky toffee pudding with peanut
ice cream was as good as it sounds, and I
wept to leave a blueberry cheesecake with
yoghurt behind. My friend thought hed
have that feast and gobbled down a choco-
late sundae too: a childs dream with brown-
ies and Chantilly cream.
A thoroughly enjoyable meal: the risotto
and the Canadian wine will stay with me a
long time, as will Adels jaunty manner.
Certainly Im willing to return to Chiswell
Street, alien invasion threats and all, for a
slap-up dinner again soon.
FOOD & BOOZE
NEWS
ZOE STRIMPEL
IN A NUTSHELL:
Nicely designed, multi-purpose dining room and bar that will satisfy the everyone from
the post-work pint-grabber to the romantic couple having dinner to the business con-
tact you want to impress. Thats if there arent too many clowns screaming in the bar.
Above: the stylish
dining room. Right:
the bar.
This dining room and
bar offers everything
youre going to want,
from good cocktails to
plenty of big smiles
WORDS BY
ZOE STRIMPEL
L
AST week Apple achieved what even a
year ago seemed all-but impossible it
became the biggest company in the
world. In shuffling, albeit briefly, past
oil giant Exxon Mobil, it joined an ultra-exclu-
sive club of just 10 companies to have held the
top spot in the history of the S&P 500.
And unlike most of its peers, its success can
be attributed almost in its entirety to one
man: its talismanic, inscrutable, often belliger-
ent leader Steve Jobs. Apple's and Jobs' for-
tunes are inextricably intertwined; from its
near collapse after he was forced off the
board in 1984 to its meteoric rise upon his
return in 1997.
It's now worth $358bn. It has a higher
operating cash balance, at $76.4bn, than the
US government, which has just $73.7bn. To
put that into perspective, Apple could have
provided well over half of last year's 85bn
bailout of Ireland without even having to take
a trip to the bank.
But Jobs isn't only Apple's greatest asset
he's also its greatest liability. Since battling
pancreatic cancer in 2004 and undergoing
a liver transplant five years later, his
health is as big an issue to investors as
the latest version of the iPad. If he is
careless enough to sneeze in public,
Apple sees billions knocked from its
value hardly the most ringing endorse-
ment for his heir-apparent and stand-in
chief executive Tim Cook. Couple this
with persistent rumours of chief
designer Jony Ive's hankering for a
return to the UK, and you have the
Apple reaches top of the world but will it stay there?
GEEK SPEAK
@steve_dinneen
beginnings of a serious problem.
Lessons from other former S&P 500 top-
pers suggest investors are right to worry.
Around the time Bill Gates stepped down as
Microsoft chief executive just over a decade
ago, it was worth up to $560bn. Six years later
its stock was worth less than half that.
IBM and Cisco suffered similar fates, rid-
ing high, only to lose their direction and
become marginalised by smaller, nimbler
rivals.
Jobs' rare genius has dragged Apple
on a roller-coaster ride. When he took it
public in 1980, it raised more capital
than any other float in history, creating
a then-record number of millionaires
in the process, a feat only bested this
year with the flotation of commodities
giant Glencore.
The company's fate after his departure
four years later is now infamous by the
early 1990s it was almost broke, its value
consisting almost exclusively of cash and
property. Without Jobs, Apple had become a
sprawling mess, licensing its software to third
parties and releasing a string of unimpressive
machines a far cry from Jobs' narrowly-
focussed, vertically integrated company.
Jobs, on the other hand, used the time to
co-found animation firm Pixar, snapped up
years later by Disney in a deal that earned
him $4bn worth of stock. He also started
software company NeXT, which built what
became the first version of Apple's OS X
operating system and was deemed so indis-
pensable that Apple eventually bought the
firm, heralding Jobs' return.
The Cupertino-based companys biggest
challenge now, if it is to avoid the fate of
Microsoft, IBM and Cisco, is to map a succes-
sion path to without destroying its value.
Jobs says the Apple spirit is infused in every
employee. The question is: will that be
enough?
BIGGEST FOOD EVENT OF THE YEAR: FRENCH
LAUNDRY TO COME TO HARRODS
Before Noma and the Fat Duck, the restaurant
that usually vied with El Bulli for the worlds
best title was Californias French Laundry. Its
still seen as one of the greatest places to eat on
the planet (by the few whove managed to get a
table) and guess what? Its coming to London.
Chef Thomas Keller will be bringing his crew
and his remarkable cooking to Harrods, of all
places, for 10 days at the start of October. Its
meant to be a replica of the Napa valley original,
even including flown-in fixtures and dinnerware,
as well as front-of-house staff. A nine-course
tasting menu, presided over by Keller, will cost
250. Stay tuned for more City A.M. coverage
of the chef and the restaurant. Oh, and good
luck grabbing a table. www.harrods.com
CAPITALS 40TH BIRTHDAY BOLLY DINNER
Bollinger served with Scottish scallops and
black pudding; fillet of Mey selection beef
Rossini with pommes souffles; and spinach,
wild mushroom and artichoke, anyone? Yes
please, particularly when accompanied with
Bollinger La Grande Anne 2002, Bollinger La
Cte aux Enfants 2002 and Bollinger Ros NV.
To celebrate its 40th, classic Mayfair dining
room the Capital will sell tickets to up to 16 din-
ers who want in on an evening of the finest
morsels and libations. 29 Sep. 135 per person.
To book, call 020 7589 5171 or go to www.cap-
italhotel.co.uk.
HAWKSMOOR TO PUBLISH COOKBOOK
Every now and then a cookbook comes out that
makes you think: I cant wait to get my hands
on that. The Hawksmoor cookbook of which
word has recently reached us is just such a
one: beautifully designed and full of recipes for
the madly popular restaurants famous burgers
(pictured below), ribs and numerous other
delights. As well as chronicling the Hawksmoor
founders travels around the world in pursuit of
the perfect piece of beef, from Japan to
America, and finally to North Yorkshire for the
Longhorn cattle used at Hawksmoor, it tells you
all you need to know about making the perfect
brunch, lobster roll, oyster feast and, of course,
puddings. Peanut shortbread with salted
caramel ice cream, anyone? An absolute must-
have for anyone who loves a brilliant burger or
a perfect rack of ribs. Pre-order yours now.
Released on 13 October, published by Preface,
25.
T
E
R
R
E
S
T
R
I
A
L
HARRYS ARCTIC HEROES
BBC1, 9.00PM
Part one of two. Prince Harry joins
four disabled Afghanistan veterans,
two of them amputees, in training for
a trek to the North Pole.
WILDLIFE PATROL
ITV1, 7.30PM
Two sets of lemurs held at the Animal
Reception Centre as part of a police
investigation are given a new home.
Last in the series. Mark Strong narrates.
RANDOM
CHANNEL 4, 10.00PM
Debbie Tucker Greens adaptation of
her play about a family whose
ordinary day is shattered by a single
event. Starring Nadine Marshall.
BBC1
SKY SPORTS 1
4.30pmLive ECB 40 League
Cricket 10pmRevista De La Liga
11pmFootball Asia 11.30pm
Footballs Greatest 12amUEFA
Champions League Goals 12.30am
Football Asia 1amFootballs
Greatest 1.30amUEFA Champions
League Goals 2amPoker 4am
UEFA Champions League Goals
4.30amFootballs Greatest 5am
Football Asia 5.30am-6amUEFA
Champions League Goals
SKY SPORTS 2
7pmLive UEFA Champions League
10pmUEFA Champions League
Goals 10.30pmPoker 12.30am
Revista De La Liga 1.30amShow
Jumping 2.30am-3.30amSports
Unlimited
SKY SPORTS 3
7pmCycle Sports World 7.30pm
Live Greyhound Racing. The
Betfred Steel City Cup. 10pm
Golfing World. Magazine show.
11pmChallenge Series Golf
11.30pmSports Unlimited
12.30amCycle Sports World
1amWild Spirits 1.30amGolfing
World 2.30am-3amChallenge
Series Golf
BRITISH EUROSPORT
7pmBoxing 10pmWorld Series
by Renault 10.30pmSport
Traveller 10.45pmMotoGP
12.15am-12.30amMotorsports
Weekend
ESPN
7pmRussian Premier League
Review7.45pmAFL Review
Show8.45pmBaseball Tonight
9.15pmPlanet Speed 9.45pm
ESPN Kicks: Scottish Premier
League 10pmPremier League
Review11pmEredivisie Review
Show12amRussian Premier
League Review12.30amESPN
Press Pass 1amLive Major League
Baseball 4amPlanet Speed
4.30amESPN Press Pass
5am-6amPremier League Review
SKY LIVING
7pmCriminal Minds 8pmBritain
& Irelands Next Top Model 9pm
Four Weddings US 10pmCriminal
Minds 11pmCSI: Crime Scene
Investigation 12amDating in the
Dark 1amCSI: Crime Scene
Investigation 1.50amMaury
3.30amNothing to Declare
4.20amCharmed 5.10am-6am
Jerry Springer
BBC THREE
7pmTotal Wipeout 8pmCherrys
Body Dilemmas 9pmJono: So
What If My Baby Is Born Like Me?
10pmEastEnders 10.30pm
Wilfred 10.55pmFamily Guy
11.40pmAmerican Dad! 12am
Russell Howards Good News
12.30amWilfred 12.55amThree
@ the Fringe 2.20amJono: So
What If My Baby Is Born Like Me?
3.20amCherrys Body Dilemmas
4.20amRussell Howards Good
News 4.50am-5.20amUnderage
and Pregnant
E4
7pmHollyoaks 7.30pmHow I Met
Your Mother 8pmFriends 9pm
Smallville 10pmThe Cleveland
Show11pmThe Big Bang Theory
11.55pmHow I Met Your Mother
12.50amMy Name Is Earl 1.40am
How I Met Your Mother 2.05am
Glee 2.50amSkins 3.45am
Heartland 4.30am-6amSwitched
HISTORY
7pmHow Britain Was Built 8pm
American Pickers 10pmOnly in
America 11pmChasing Mummies
12amTony Robinson Down Under
1amOnly in America 2amMega
Movers 3amHow Britain Was
Built 4amExtreme Trains
5am-6amThe Universe
DISCOVERY
7pmMythbusters 9pmMan,
Woman, Wild 10pmReturn to the
Bermuda Triangle 11pmAmerican
Loggers 12amBear Grylls: Born
Survivor 1amMan, Woman, Wild
2amReturn to the Bermuda
Triangle 3amDeadliest Catch
3.50amWildest Africa 4.40am
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30
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28
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3
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 Emulates (6)
6 Kitchen appliance (6)
7 Swelling from excessive
accumulation of uid (6)
9 State of being behind
in payments (7)
13 Fabric sheets used
on a yacht (5)
14 In a peculiar manner (5)
15 Biased way of presenting
something (5)
18 Token indicating
that postal fees have
been paid (5)
19 Earmark (7)
21 Coming (6)
22 Arm of the
Mediterranean between
Greece and Turkey (6)
23 Hearty and lusty,
crude (6)
DOWN
1 Horizontal rod
between two
vertical posts (8)
2 Dessert courses (8)
3 Disgurement (4)
4 Dragged (5)
5 Milky-white
gem made by
an oyster (5)
8 Artist of
consummate skill (6)
10 Stirred up,
excited (6)
11 Having a common
boundary or edge (8)
12 Fellow feeling (8)
16 Post at the top or
bottom of a ight
of stairs (5)
17 Mechanical bar (5)
20 Weathercock (4)
E
C
L
A
D N
E
N
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4

4

4
E M E R Y C O M I C
M O B O R E A
B R O O K S C A N S
A S E C S E
R I O T E R B U S H
R N L E E R I
A P E X E X C E S S
S R L A H T
S H O O T M A C A O
E U P O N F R
D U S T Y H E A V Y
8 6 9 3 9 5
5 3 7 1 4 8 2
2 1 4 9 7 6 8 5
9 7 8 7 1 9 3
3 1 2 4 1 2
2 6 9 4 5 8 7 3 1
4 9 3 1 7 4
6 8 9 8 9 1 8
1 4 6 2 3 1 2 3
8 5 6 1 2 4 7
7 1 8 7 5 9
4
4
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4
4
4
4
4
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WORDWHEEL
The nine-letter word was
HENPECKED
Lifestyle | TV&Games
MANCHESTER UNITED manager Sir
Alex Ferguson has long since obliter-
ated the notion that, to paraphrase
pundit Alan Hansen, kids dont win
trophies. However, he seems deter-
mined to prove that point all over
again, having assembled a young
team that swept Tottenham aside last
night and who should not fear any-
one in the Premier League.
Former youth striker Danny
Welbeck, 20, Anderson, 23, and
Wayne Rooney, 25, struck in the space
of 27 second-half minutes to remind
Uniteds neighbours Manchester City
that they will not give up their cham-
pions crown, or local bragging rights,
easily. Centre-back Phil Jones, 19, was
also outstanding while midfielder
Tom Cleverley impressed in a team
with an average age of 23.
Goalkeeper David de Gea even got
his first clean sheet, at the third
attempt, as Fergusons latest fledg-
lings moved to second behind pace-
setters City. However, the 20-year-old
Spaniards inexperience was once
again in evidence as he struggled
with high balls. The closest
Tottenham came to a goal was when
he flapped at a cross and Jermain
Defoe struck the post.
Spurs offered little, particularly in
the final third, where they missed
the probing of Luka Modric omitted
owing to uncertainty over his future.
This was a far cry from the side that
thumped Hearts 5-0 on Thursday
night.
Ferguson spent big on youth over
the summer but it was two home-
grown talents who combined for the
opening goal on 61 minutes,
Cleverley crossing from the right for
Welbeck to plant a powerful header
into the far corner.
United tested Spurs goalkeeper
Brad Friedel repeatedly through
Cleverley, Anderson, Rooney and an
audacious Welbeck overhead kick
before doubling the lead in the 76th
minute. Welbeck crowned a delicious
passing move by back-heeling square
for Anderson to tap in and Rooney
added emphasis with a close-range
header with three minutes left.
Results
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email sport@cityam.com
Sport 22 CITYA.M. 23 AUGUST 2011
DONT MISS
THE BEST
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SATURDAY 15TH OCTOBER 2011
QIPCO BRITISH CHAMPIONS DAY
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DISCOUNTS AVAILABLE. BOOK NOW AT
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OR CALL 0870 727 1234
SPORT | IN BRIEF
West Ham in clear over stadium
OLYMPICS: West Ham have edged a
step closer to moving into the Olympic
Stadium after an independent inquiry
found no evidence of wrongdoing by
Dionne Knight, an employee of legacy
chiefs the OPLC. Ms Knight also did paid
consultancy work for the Hammers but
auditors Moore Smith found no evidence
that she accessed confidential informa-
tion or influenced their selection ahead
of Tottenham as preferred bidder.
Mikels father found alive
FOOTBALL: Chelsea midfielder John Obi
Mikels father has been found alive in the
Nigerian city Kano. Michael Obi was kid-
napped in Jos on August 12. His abduc-
tors are now in police custody in the
northern Nigerian city. During the time
of his father's disappearance, Mikel con-
tinued playing for Chelsea, starting
against Stoke and West Brom.
Senna gets nod for Belgian GP
FORMULA ONE: German Nick Heidfeld
has been dropped by the Renault team
in favour of Brazilian Bruno Senna for
Sundays Belgian Grand Prix. Senna, 27,
is the nephew of the late Ayrton Senna.
DHL deliver 40m
training kit deal
MANCHESTER UNITED have become
the first Premier League team to sell
sponsorship rights to their training kit
by signing a 40m deal with delivery
company DHL.
The pioneering contract is worth
10m a year a figure only three of
their top flight rivals surpass with
their shirt sponsorships.
United have made great strides in
growing commercial revenue and now
earn around 100m annually from
that stream. It comes as owners the
Glazer family plan a partial share
offering in Singapore later this year.
Rooney (top) and
Anderson both
scored for United.
Picture: ACTION
IMAGES
Welbeck the
star as green
United leave
Spurs blue
3
0
MANCHESTER UTD
TOTTENHAM
BY FRANK DALLERES
FOOTBALL
FULL-BACK Chris Paterson is set to

become the first Scottish player to fea-
ture in four World Cups after being
named in Andy Robinsons squad.
Paterson, who played in 1999, 2003
and 2007, was yesterday picked in the
30-man squad to travel to New
Zealand later this month.
Alastair Kellock will captain the
side and British Lions Chris Cusiter
and Euan Murray proved their fitness
to make the squad, but Johnnie
Beattie misses out.
Conor Murray has been included in
Irelands squad at the expense of
Munster team-mate Tomas OLeary,
despite only making his Test debut
this month.
Wales have named 22-year-old Sam
Warburton as their captain.
Scotlands Paterson set to
play in fourth World Cup
RUGBY UNION
Sport
ENGLAND manager Martin Johnson
insists he wishes he could take Riki
Flutey to the World Cup but says the
make-up of the squad proved more
important than any individual.
The New Zealand-born Wasps cen-
tre was the highest-profile casualty as
Johnson confirmed his trimmed
down 30-man squad last night.
An injury to Danny Care means
uncapped Wasps scrum-half Joe
Simpson instead goes to the tourna-
ment, which is being held in Fluteys
native country.
Johnson said: The composition of
the squad is very important and we
think we have the right mix.
There were some very tough
phone calls made last week.
Would I love to have Riki on the
plane? Of course I would. It was tough
on Riki, who has done nothing
wrong. We just felt that was the best
way to go.
The absence of the versatile Flutey,
who can also play at fly-half and even
scrum-half, leaves Johnson with just
three dedicated centres.
But he added: You have to make a
call somewhere. Utility is good but it
is not the trump card. We felt we had
to go with five props and four locks
because of the attrition rate, and it
was too big a risk to take two scrum-
halves. Any solution leaves you slight-
ly thin. We can probably cover at 10 a
little bit easier than nine.
Lewis Moody has been named as
captain despite not being fully fit.
Johnsons pain
at denying Riki
homecoming
BY JAMES ANDREW
RUGBY UNION

2011 Rugby World Cup
Preview Dinner
Options available:
1. VIP table for 9 joined by a rugby legend
2. Table of 10 people 3. Table of 5 people
For more information or to book tickets please contact
Jona Beckett : info@truesouthgroup.com or call 07789551092
8th September 7pm 12am
Te Tower - St Katharines Way - Tower Bridge - London - E1W 1LD

Charities supported
2011 R

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D ondon - E1W 1L
ENGLANDS 30-MAN WORLD CUP SQUAD
Dan Cole
Leicester Tigers
Age: 24 Caps: 17
Height: 62 Weight: 18st 8lb
Alex Corbisiero
London Irish
Age: 22 Caps: 6
Tom Croft
Leicester Tigers
Age: 25 Caps: 25
Louis Deacon
Leicester Tigers
Age: 30 Caps: 24
Nick Easter
Harlequins
Age: 33 Caps: 44
Height: 64 Weight:: 18st 5lb
Dylan Hartley
Northampton Saints
Age: 25 Caps: 29
James Haskell
Ricoh Black Rams
Age: 26 Caps: 36
Courtney Lawes
Northampton Saints
Age: 22 Caps: 9
Lee Mears
Bath Rugby
Age: 32 Caps: 37
Lewis Moody (captain)
Bath Rugby
Age: 33 Caps: 67
Tom Palmer
Stade Francais
Age: 32 Caps: 27
Simon Shaw
Unattached
Age: 37 Caps: 67
Andrew Sheridan
Sale Sharks
Age: 31 Caps: 38
Matt Stevens
Saracens
Age: 28 Caps: 34
Steve Thompson
London Wasps
Age: 33 Caps: 67
David Wilson
Bath Rugby
Age: 26 Caps: 18
Tom Wood
Northampton Saints
Age: 24 Caps: 7
Delon Armitage
London Irish
Age: 27 Caps: 21
Chris Ashton
Northampton Saints
Age: 24 Caps: 12
Matt Banahan
Bath Rugby
Age: 24 Caps: 13
Mark Cueto
Sale Sharks
Age: 31 Caps: 52
Toby Flood
Leicester Tigers
Age: 26 Caps: 41
Ben Foden
Northampton Saints
Age: 26 Caps: 16
Shontayne Hape
London Irish
Age: 30 Caps: 12
Joe Simpson
London Wasps
Age: 23 Caps: 0
Mike Tindall
Gloucester Rugby
Age: 32 Caps: 71
Manu Tuilagi
Leicester Tigers
Age: 20 Caps: 1
Richard Wigglesworth
Saracens
Age: 28 Caps: 7
Jonny Wilkinson
Toulon
Age: 32 Caps: 86
Ben Youngs
Leicester Tigers
Age: 21 Caps: 12
Manager Martin Johnson trimmed his England squad down to the final 30 yesterday. Picture: GETTY
Redknapp promises to keep
Modric after United defeat
TOTTENHAM manager Harry
Redknapp insists unsettled midfield-
er Luka Modric will definitely not be
sold after Spurs lost their opening
Premier League fixture 3-0 to a youth-
ful Manchester United.
Modric was left out of the side
amid interest from Chelsea as second-
half goals from Danny Welbeck,
Anderson and Wayne Rooney downed
the north Londoners and swept
United up to second in the table.
And Redknapp said: We need him
back playing. Hell be here and get
back and work.
We need one or two more players.
We need some characters. Weve got
good footballers but we just lack a
spine to the team. I know who we
need and if the chairman can help
me bring them in well be fine.
Redknapp hopes to sign Emmanuel
Adebayor and Lassana Diarra before
the transfer window closes at the end
of the month.
United boss Sir Alex Ferguson
praised an absolutely fantastic sec-
ond half from his side, who had an
average age of just 23. He added: It
was a fast game in the first half, it was
end-to-end. Tottenham had a lot of
possession, but in the second half we
just took off.
Ferguson reserved special praise for
striker Welbeck, who scored a fine
header and set up Anderson for the
second with a cute back-heel.
The first half he didnt play as a
centre-forward, we needed more pres-
ence up front and in the second half
he was better that way, he said.
Hes always had great ability,
Danny. Hes still only 20 hes got a
great future.
MATCH REPORT: P22
EMBATTLED Arsenal manager Arsene
Wengers miserable start to the season
continued yesterday when he was hand-
ed a further two-match touchline ban by
European chiefs.
Uefa found Wenger guilty of breaking
the rules of his original suspension,
which applied to last weeks Champions
League clash with Udinese.
The Frenchman communicated with
the bench via coach Boro Primorac, who
sat next to him armed with a mobile
phone, before being warned to stop by
officials at half-time.
Arsenal, who privately are baffled by
the charge as they believed they had
been told explicitly that Wenger could
relay messages via Primorac, have also
been fined 8,750 for improper con-
duct by its officials.
The ban means Wenger will have to
watch tomorrows crucial second leg of
the Champions League play-off from the
stands. The club have appealed against
ban and fine but do not know when it
will be heard.
It is another blow for Wenger who
has lost captain Cesc Fabregas, is poised
to sell Samir Nasri and is under unprece-
dented pressure from fans over a lack of
big name signings.
Arsenal have picked up just one point
from their first two Premier League
games and had two men sent off.
FOOTBALL
Banned Wenger set to

miss Udinese showdown
Sport
JOHNSON NAMES
WORLD CUP SQUAD
FLUTEY AGONY AND
EACH MAN PROFILED: P23
BY FRANK DALLERES
FOOTBALL
INVINCIBLE
ENGLAND captain Andrew Strauss
attributed his sides rise to No1 in the
world to a collective feeling of invinci-
bility after they completed a 4-0 series
whitewash over India.
Spinner Graeme Swann led the
attack with four wickets yesterday as
England won the fourth Test at The
Oval by an innings and eight runs.
Victory secured Englands first
whitewash over India since 1974 and
completed a memorable series in
which they usurped the visitors as
the top-ranked Test side in the world.
England have now won six series in
a row and are undefeated in their last
nine and Strauss admits they feel
success is almost inevitable when
they take to the pitch.
He said: We have had a lot of victo-
ries over the last couple of years and
that means our confidence is high
and we expect to win most matches
now.
Swann took nine wickets over the
whole Test, while Ian Bell was named
man of the match for his first-innings
knock of 235, but Strauss was keen to
stress that Englands dominance of
the series had been down to every
player in the squad making key con-
tributions at different times.
He added: I think that it is a meas-
ure of the side that you are getting
really strong performances from all
11 players. If you want to win a series
4-0 then you cant just rely on one or
two players. The wickets have been
shared around, the runs have been
shared around and this is up there
with the best series we have played.
England completed the memorable
4-0 thanks to the bowling of Swann.
The off-spinner had struggled this
summer on largely seamer-friendly
wickets, but found the Oval pitch
more to his liking and ended with fig-
ures of 6-106 as India were bowled out
for 283.
England did not have it all their
own way, however. They toiled in the
field in the morning session and
Sachin Tendulkar and Amit Mishra
added 87 runs without losing a wick-
et before lunch.But Swann found the
breakthrough bowling Mishra for 84,
and the next over Tim Bresnan
trapped Tendulkar LBW for 91 leav-
ing the Little Master a tantalising
nine runs short of completing his
100th test hundred.
India then collapsed and added
just 21 runs before they were bowled
out, Swann fittingly taking the final
wicket of Sreesanth to confirm
Englands whitewash.
Indias capitulation on tour sees
them drop from No1 in the world
down to No3 with South Africa now
behind England.
Strauss added: It was an outstand-
ing effort again, we asked a lot of the
bowlers and they responded superbly.
BY JAMES ANDREW
CRICKET
We expect to win now, says Strauss, after Swann

stars in innings victory to cap series whitewash
Swann claimed
four wickets on
the final day as
England sealed a
4-0 series win.
Picture: PA

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Cityam 2011-08-23

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Rebels fight for Tripoli

Crowds took to the streets in Tripoli yesterday to celebrate Picture: REUTERS

Hopes for oil

ANALYSIS l Eni SpA

15Aug 17Aug 19Aug 18Aug 22Aug

15Aug 17Aug 19Aug 18Aug 22Aug

THE European Central Bank reduced

GERMANYS Bundesbank has sharp-

China warns Eurozone to

Former head of the IMF

GOLDMAN Sachs chief executive

CHARLES Philipps, Amlins chief exec-

NICK JOHNSON | NUMIS

smartphones, iPhone and

AFRICAN Barrick Gold, the FTSE 250

RBC Capital Markets is the wholesale and

50m bill for

The ITV pension scheme trustees were

INFRASTRUCTURE giant Balfour

OIL services firm Petrofac posted a

SPORTINGBET, the UK gaming

WORLD number two home appliances

UNIQ, the food manufacturer,

ANALYSIS l Supergroup PLC

FULL-BACK Chris Paterson is set to

Banned Wenger set to

We expect to win now, says Strauss, after Swann

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