Cityam 2011-09-30

The Federal Reserves latest attempt
to stimulate the economy -- Operation

Twist -- has caused 30 year mortgage
rates drop to an all-time low of 4.01 per
cent on average, it emerged yesterday.
The UK is roughly half as likely to be
entering a period of stagnation as the
US, however, with Goldman Sachs esti-
mating a roughly 20 per cent chance.
Dominic Wilson, lead author of the
report, painted a stark picture: If a
country grew at the mean stagnation
rate over a period of 10 years, it would
end up with a level of income more
than 20 per cent lower than it would
have been had it grown at the post-
World War Two average, he said.
Wealthy nations have a greater
chance of succumbing to a growth
slump than emerging markets, the
report said. China, Russia and India
have a virtually zero per cent chance
of stagnation, calculations showed.
Financial crises often correlate with
periods of great stagnation, the report
said, while another sign of risk comes
from stock market crashes.
FTSE 100 5,196.84 -20.79 DOW 11,153.98 +143.08 NASDAQ 2,480.76 -10.82 /$ 1.56 unc / 1.15 unc /$ 1.36 +0.01
THE EUROPEAN Parliament is pushing
ahead with plans to ban naked credit
default swaps (CDS) even though its
own research has revealed the move
would exacerbate market volatility.
European lawmakers are expected
to back a German proposal that would
ban so-called naked CDS, where a
trader buys a CDS without holding the
sovereign bonds in the expectation
that the country will default and the
insurance contract will pay out.
The European Parliament and sever-
al member states claim that naked
CDS have exacerbated the Eurozone
crisis by pushing up the bond yields of
trouble countries like Greece and Italy.
But new research commissioned
by the European Parliament reveals a
ban could backfire because it would
disrupt already volatile markets by
reducing liquidity and prompting
traders to short sovereign bonds using
options and futures contracts instead.
Prohibiting naked CDS transac-
tions, as proposed, would have detri-
mental effects on the liquidity
Valuing credit risks will become more
difficult, the German Centre for
European Economic Research said in a
report commissioned by the European
Parliament.
THE GREAT recession is in serious dan-
ger of becoming the Great
Stagnation, according to research
published by Goldman Sachs.
Both Europe and the US are
remarkably close to the typical stagna-
tion trajectory, the report said, calcu-
lating that there is as much as a 40 per
cent chance of major parts of the West
experiencing an extended period of
sluggish growth.
Unless growth picks up substantial-
ly in the next couple of years, we are
likely to have mapped out a five year
period of stagnant growth, the bear-
ish note warned.
Countries with the highest chance
of being stuck in a period of stagnation
for eight or more years include
Belgium, Italy, Japan, Austria, France
and the US. The worrying verdict for
America came as the countrys GDP in
the year to the second quarter was
revised upwards, yet remained rela-
tively sluggish at just 1.3 per cent.
BY JULIAN HARRIS
ECONOMICS
www.cityam.com Issue 1,479 Friday 30 September 2011 FREE

RUGBY UNION
ENGLAND READY
FOR SCOTS P45-47
EXCEPTIONAL TIMEPIECES
WATCH SUPPLEMENT P23-35
BUSINESS WITH PERSONALITY
Certified Distribution
01/08/11 till 28/08/11 is 92,745
Ban on naked CDS will backfire, says official Brussels report
BY DAVID CROW
EU REGULATION
The warning will send shivers

through financial markets around the
world. The FTSE is down 13.4 per cent
since early July while the Dow Jones
has lost 13.6 per cent over the same
period.
Stagnation periods tend to be
either preceded or coincident with
stock market crashes more than 50 per
cent of the time, Wilson said.
And yesterday Citigroup downgrad-
ed its forecast for global growth next
year to 2.9 per cent.
The news piles more doom onto the
economic outlook, with government
debt crises in the Eurozone continuing
to weigh on sentiment.
At an auction yesterday, Italy paid
the highest yield on its 10-year bonds
since the introduction of the euro in
the first long-term sale since Standard
& Poors cut the countrys sovereign
ratings.
The 10-year yield rose to 5.86 per
cent at the auction, up from 5.22 per
cent a month ago.
ALLISTER HEATH: P2; EUROZONE: P4;
MORE ECONOMICS: P16
World leaders are struggling with spluttering growth Picture: GETTY
LONGEST LASTING STAGNATIONS IN LAST 150 YEARS
1 India (1930-1952)
2 S. Africa (1982-2003)
3 Netherlands (1975-1988)
4 Sri Lanka (1953-1966)
5 Australia (1971-1984)
6 Russia (1975-1987)
7 S. Africa (1968-1980)
8 Sweden (1971-1983)
9 Japan (1992-2003)
10 Spain (1975-1986)
GOLDMAN PREDICTS
GREAT STAGNATION
News
2 CITYA.M. 30 SEPTEMBER 2011
US is probing
Chinese firms
CHINESE stocks listed in the US
plunged last night after an official
said the justice department is probing
accounting irregularities at such
firms.
Criminal and civil charges could be
brought as a result of the investiga-
tion, suggested Robert Khuzami, direc-
tor of enforcement at the Securities
and Exchange Commission.
There are parts of the Justice
Department that are actively engaged
in this area, he said yesterday.
The Nasdaq was dragged lowered by
a brutal sell-off of Chinese companies,
with internet search engine Baidu
falling 9.2 per cent and Sina Corp
shedding 9.7 per cent. No individual
firms have been named as part of the
investigation.
The SECs review of accounting
problems at foreign-based stock
issuers sharpened its focus earlier this
year when dozens of China-based com-
panies began disclosing auditor resig-
nations or book-keeping irregularities.
Deloitte resigned as auditor of
Chinese software company Longtop
Financial Technologies in May, saying
it had found falsified financial records
and bank balance confirmations.
But the SEC has struggled to gain
access to documents it needs because
strict Chinese laws have made auditors
reluctant to turn them over.
BY MARION DAKERS
ENFORCEMENT
EU is about to repeat errors of 2008

SOME people never learn. Back in
2007-08, when the sub-prime bubble
burst, triggering a financial crisis and
recession, many supposed experts
were stumped. They simply didnt
know what to do. Their models had
ceased to work. They hadnt previously
really thought about the possibility of
such a nightmare scenario.
There was no plan B to deal with a
major catastrophe, no historical
knowledge (everybody had forgotten
about the UKs secondary banking cri-
sis of the 1970s, for example) and very
little practical and theoretical under-
standing of the issues. It was not just
regulators, central bankers and aca-
demics who were stumped, but also
many independent commentators.
The result was a hodge-podge of solu-
tions made up as everybody went
along, each intended to prevent a
1930s-style depression and each, to a
varying degree, flawed. There were var-
ious bailouts, nationalisations, asset
guarantees and so on. We were in an
emergency with often limited trans-
parency, plenty of rumours and gen-
uine panic; the name of the game was
to survive another week, not to put
rational solutions into place.
In retrospect, many of the decisions
taken at the time were wrong. More
banks should have been allowed to fail.
The authorities should have organised
compulsory bail-ins of bondholders,
rather than constantly calling on the
taxpayer. This would have damaged
pension funds and insurance compa-
nies and would have been even more
painful in the short-term but would
have avoided more problems later. It is
now all too clear that the bailouts
might have saved the system temporar-
ily but caused immense cultural and
psychological damage to all financial
institutions and business in general.
Regulations and taxes are being pre-
pared or are already in existence that
are going to do huge damage to the
economy and cost vast number of jobs
over the next few decades increasing-
ly, it looks as if the cost of this will be
greater than any benefits derived from
the botched bailouts of 2008. What is
really galling is that the authorities in
the Eurozone have learnt nothing and
are still acting as if this were 2007 or
2008. Again, all the talk is of bailouts,
of a European Tarp and the like.
But dont these people remember
how hated all of these things were by
the electorate? Think again if 50 per
cent is the highest you believe income
tax can go. Capitalism is a great system
when it is allowed to work properly
and that means big rewards when
things go well and big losses when
things go badly. We are now in a latter
scenario and yet once again the
establishment wants to socialise losses
and prevent a natural correction.
Those in the City who support this are
making a mistake.
Does anybody think that bailed-out
Eurozone banks will still be allowed to
run vast London-based investment
banks or wealth management units
that pay large salaries? There will be
another crackdown, wealth taxes, war
on accountants, a Tobin tax and so on.
It would be better for the Eurozone
to accelerate the reforms the FSA, the
Bank of England and the G20 have
been working on and which the
Vickers report embraced as its own
and impose bail-ins onto the system,
with senior creditors being turned into
equity-holders to help institutions
cope with sovereign debt defaults. The
only way modern financial capitalism
can survive the cultural and political
backlash is if it learns to stand on its
own two feet.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
OFFICIAL figures have shown that gas
production in the North Sea has
plummeted by 25 per cent just
months after the Treasurys 10bn
tax raid on companies with facilities
in the sea.
The news is a worrying sign of an
acceleration in the decline of the UKs
indigenous energy production.
The figures show that the slump
outstripped a slowdown in demand:
overall consumption fell 17.3 per cent.
Some of the drop in gas produc-
tion was countered by a rise in renew-
able energy use. Renewables supplied
50 per cent more energy than during
the same period last year, taking
them from 6.3 per cent of Britains
total consumption to 9.6 per cent.
Nuclear energy also gained signifi-
cantly, with its share of the UKs ener-
gy mix rising from 15 per cent to a
fifth in the second quarter of this
year. That equated to a 38 per cent
increase in production.
BY JULIET SAMUEL
ENERGY
UK gas production drops

Gas production has plunged following the Treasurys tax raid Picture: REUTERS
NEWS | IN BRIEF
S&P and Dow indices may merge
McGraw-Hill Companies is in advanced
talks with CME Group to merge the
S&P Index business with CME's Dow
Jones Indexes, a source familiar with
the situation said yesterday. Under the
terms of the deal being discussed,
McGraw-Hill would own the majority
of the joint venture and manage it,
while CME would own about 25 per-
cent, the source said. The deal, howev-
er, has not been finalised and the
terms could change, the source
said.McGraw-Hill and CME declined to
comment on the news last night.
Speed limit increased to 80mph
The government said yesterday that it
is considering raising the speed limit
on English and Welsh motorways from
70mph to 80mph. In a move likely to
prove popular with motorists but
greeted with outrage by road safety
groups, the Department of Transport
said the limit could be raised in 2013,
following a consultation with the pub-
lic and interest groups. Transport sec-
retary Philip Hammond said of the
plans that the countrys roads should
be the arteries of a healthy economy.
EDITORS LETTER
ALLISTER HEATH
Editorial Statement
This newspaper adheres to the system of
self-regulation overseen by the Press Complaints
Commission. The PCC takes complaints about the
editorial content of publications under the Editors
Code of Practice, a copy of which can be found at
www.pcc.org.uk
Printed by Newsfax International,
BeamReach 5 Business Park,
Marsh Way, Rainham, Essex, RM13 8RS
Distribution helpline
If you have any comments about the distribution
of City A.M. Please ring 0207 015 1230, or email
distribution@cityam.com
Robert Khuzami, chief
of the Securities and
Exchange Commission,
revealed the Justice
Departments probe
4th Floor, 33 Queen Street, London, EC4R 1BR
Tel: 020 3201 8900 Fax: 020 7283 5334
Email: news@cityam.com www.cityam.com
Editorial
Editor Allister Heath
Deputy Editor David Hellier
News Editor David Crow
Acting Night Editor Marion Dakers
Business Features Editor Marc Sidwell
Lifestyle Editor Zoe Strimpel
Sports Editor Frank Dalleres
Art Director Jo Simpson
Pictures Alice Hepple
Commercial
Sales Director Jeremy Slattery
Commercial Director Harry Owen
Head of Distribution Nick Owen
INVESTMENT BANKING FEES FALL TO
TWO-YEAR LOW
Investment banking fees from merg-
ers and acquisitions and capital rais-
ing have slumped in the third quarter
to lows not seen since the aftermath
of the Lehman Brothers collapse.
Market volatility and worries about
European sovereign debt prompted a
third consecutive quarterly decline in
M&A activity, while debt issuance
dropped to levels not seen since the
fourth quarter of 2008.
METHODISTS TO TAKE OVER LESLAU
CARE HOMES
The Methodist Church has struck a
deal with Nick Leslau, the property
investor, to take control of a string of
care homes caught in the collapse of
Southern Cross. Methodist Homes,
the churchs care home division, is
understood to have agreed to take
over leases on 14 care homes owned
by Prestbury Investment Holdings,
the company managed by Leslau.
UK FACES DEFEAT OVER DERIVATIVES
CLEARING
Britain is bracing for defeat in
Brussels on a critical piece of finan-
cial regulation, which would force it
to cede control over the shape of key
markets in the City of London, home
to more than three-quarters of
Europes derivatives trading. George
Osborne is insisting that EU finance
ministers next week continue to
debate new requirements for clearing
derivatives.
RBS TAKES OVER JARVIS HOTELS
RBS is set to seize control of Jarvis
Hotels, the troubled hotel operator, as
the lender looks to claw back 130m
of debt. The bank, which has teamed
up with Patron Capital, is preparing
to push Jarvis through a pre-pack
administration that would allow it to
acquire 20 hotels the group owns
under freehold.
FRAUDSTERS TOOK BANKS FOR 740M,
COURT TOLD
A Greek businessman and his partner
tricked banks into lending them
740m to buy property in Britain and
a former passenger ferry, Southwark
Crown Court heard yesterday.
Achilleas Kallakis and Alexander
Williams, both 43, used forged docu-
ments to fool Allied Irish Banks and
Bank of Scotland into making loans
to their Pacific Group company over
five years, Victor Temple, QC, said.
IRISH BAD BANK TO SELL PROPERTY
LOANS
Irelands so-called bad bank has
kicked off a search for advisers to
help it to sell billions of euros of dis-
tressed property loans to reduce its
exposure to real estate.The National
Asset Management Agency said yes-
terday that it could appoint as many
as ten parties.
HYUNDAI IN LIGHTS AT PICCADILLY
CIRCUS
One of the worlds most high-profile
advertising hoardings has welcomed
its first new resident in 17 years after
Hyundai was switched on at Londons
Piccadilly Lights. In a sign of the
changing economic balance in the
world, the Korean car maker is replac-
ing Sanyo, a Japanese electronics
group.
FULL TILT POKER LICENCE REVOKED
Full Tilt Poker, the gambling company
that earlier this month was described
as a "Ponzi scheme", has had its
licence revoked. The move was insti-
gated by the Alderney Gambling
Control Commission (AGCC), which
held a hearing about the US-run site,
which is registered on the Channel
Island of Alderney. The AGCC said that
the firms owners had misled author-
ities over the amount of cash to hand.
UBS HIRES SEARCH FIRM TO HUNT FOR
PERMANENT CEO
UBS AG has hired head-hunting firm
Egon Zehnder International to help
find a permanent chief executive
officer following the surprise resig-
nation of Oswald Grbel, according
to a person familiar with the matter.
At the same time, the Swiss bank has
already contacted at least one poten-
tial external candidateformer JP
Morgan Chase executive Bill Winters.
DIAGEO'S SPIRITED PUSH INTO INDIA
Diageo is renewing a push to crack
Indias tricky spirits market by
launching a local Indian whiskey tar-
geted at the country's middle income
drinkers. Rowson's Reservea new
brand of Indian grain whiskey that is
combined with scotch and aged
locally in American oak barrelsrolls
out across four Indian states in
October.
WHAT THE OTHER PAPERS SAY THIS MORNING
MIKE Lynch, chief executive of soon-to-
be-sold Autonomy, has been drawn
into a bitter war of words with rival
technology boss Larry Ellison.
The Oracle chief accused Lynch of
having a very poor memory or lying
about a personal visit he allegedly
made to Oracles headquarters to try to
pitch Autonomy as a takeover target.
Lynch issued a swift rebuttal, saying
some bank must have been behind
the approach, and accused Ellison of a
lack of understanding of Autonomys
technology.
Ellison said he dismissed it because
of its absurdly high price. He added
it would be easy to prove because
Oracle still has the presentation used
in the pitch, which he said was also
attended by dotcom banker Frank
Quattrone.
A statement from Oracle says: The
truth is that Mr Lynch came to Oracle,
along with his investment banker,
Frank Quattrone, and met with
Oracles head of mergers and acquisi-
tions, Douglas Kehring and Oracle
President Mark Hurd at 11am on 1
April, 2011.
HP later agreed to buy Autonomy in
a deal worth more than $10bn
(6.38bn), which has been badly
received by some shareholders.
Another increasingly bitter rivalry
reached a new low yesterday, with
Google accusing Microsoft of using
extortion to try to save its stumbling
smartphone business.
The outburst was triggered by a
legal agreement between Microsoft
and Samsung forcing the Korean firm
to pay Microsoft $5 for every smart-
phone it sells running Googles sup-
posedly free software.
Autonomy
boss in spat
with US rival
TRAFIGURA, one of the worlds largest
commodities traders, has sold a 20 per
cent stake in its oil storage business
Puma Energy to Angolas state-owned
oil company, as it prepares to bring the
$3.5bn (2.2bn) subsidiary to market.
The Geneva-based company said it
may float Puma within the next 18
months, reducing its role to a minori-
ty stake, without disclosing details of
where it would list and how much cap-
ital it would aim to raise.
If we wanted to be more aggressive
and accelerate our plans, we would
like to have access to public markets.
Realistically you would look at 18
months from now at the earliest,
Puma chief executive Pierre Eladari
said yesterday.
He declined to comment on
whether Trafigura has its own plans to
go public.
Trafigura has grown into the second
largest metals traders after Glencore
and the third largest oil trader since
being set up 18 years ago by trader
Claude Dauphin.
Dauphin worked for now-defunct
trading house Marc Rich & Co, which
later transformed into Glencore after
a management buy-out.
Trafigura set up Puma Energy in
1997, which now operates in 26 coun-
tries, employing 1,800 people.
Trafigura moves
closer to IPO
for subsidiary
Autonomys Mike Lynch has come under fire Picture: Micha Thiener/City A.M.
BY STEVE DINNEEN
TECHNOLOGY
COMMODITIES
HPs bid for Autonomy will make Lynch an

overnight billionaire. It offered a 79 per cent
premium to Autonomys pre bid closing price.
Autonomy specialises in data search technol-
ogy used by businesses and governments.
FAST FACTS | AUTONOMY
News
THE YIELD on Italys long-term debt
shot to euro-era highs yesterday dur-
ing its first long-dated bond auction
since the sovereign was downgraded
by ratings agencies.
Following the revelation that Italys
deficit rose to 3.2 per cent of GDP in
the second quarter, versus 2.5 per cent
the year before, Rome paid a high of
5.86 per cent to offload the 7.86bn of
notes, perilously close to the perceived
crisis threshold of six per cent.
The yield spike fuelled speculation
that the European Central Bank (ECB)
is scaling down its support for the sov-
ereign, which market participants
have attributed to Romes haphazard
approach to its deficit reduction.
The details of a letter from ECB
president Jean-Claude Trichet to
Italian Prime Minister Silvio
Berlusconi emerged yesterday, show-
ing that the Bank offered its support
only in return for concerted action on
Italys rising debt pile.
In the letter, published in an Italian
newspaper, Trichet told Berlusconi:
The [ECB] governing council consid-
ers that pressing action by the Italian
authorities is essential to restore the
confidence of investors.
Data out last week showed that the
ECBs intervention in European sover-
eign bond markets dropped from well
over 10bn in previous weeks to just
4bn of purchases last week.
The Bank was believed to be target-
ing a ten-year yield of five per cent for
Italy and Spain, the targets of its
action, but yesterdays price move-
ment suggests that support has
diminished.
ECB support
for Italy debt
melts away
INCREASED capital buffers should
not place excessive strain on banks
profits, the monetary policy commit-
tees David Miles said yesterday.
Miles believes forcing banks to
hold 18-20 per cent of risk-weighted
assets in the form of equity more
than double the basic seven per cent
level set by the incoming Basel III
rules, and more similar to the levels
proposed by the Independent
Commission on Banking (ICB) on 12
September should not have an
enormous impact on lending costs.
If risk-weighted assets are, lets
say, half of total assets then in terms
of overall level of funding, 20 per
cent relative to risk-weighted assets
would be only 10 per cent overall in
the form of equity and 90 per cent in
the form of debt, he told the
European supervisor education ini-
tiative conference in Luxembourg.
Cutting leverage from around 30
times to 15 times could raise the cost
of funding by 20 to 40 basis points,
he said, saying this is not negligible,
but it is not enough to wreck the
economy.
Regulators should direct
credit, says Adair Turner
POLICYMAKERS may have to decide
how much and to whom banks should
lend, in the interest of financial sta-
bility, Adair Turner, chairman of
the Financial Services
Authority (FSA) said in a
speech last night.
Leaving the market to
decide how to allocate credit
can result in booms and busts,
he told a conference on banking
and the economy at
S o u t h a mp t o n
University.
We may need to
get far more
involved in the details of credit capaci-
ty within the economy and even of the
sectoral allocation of credit than we
have for several decades, Turner
said.
Turner (pictured left) ques-
tioned the extent to which pri-
vate credit creation processes
can be relied upon to be socially
optimal and declared himself
not very confident that the
market could perform well with-
out his judgements
about the economic
value of different
categories of cred-
it.
Miles: Banks could
hold 20pc buffers
BY JULIET SAMUEL
EUROZONE
DEUTSCHE Bank yesterday ended a

debt sale drought across Europe by
successfully raising 1.5bn (1.3bn) in
long-term funding.
The bank became the first
European institution to sell senior
unsecured bonds since the start of
the summer, when both investors and
issuers fled the turbulent debt mar-
kets.
Deutsches two-year bonds were
offered at 98 basis points over the
three-month Euribor rate well above
the spread it offered during its last
issue in February, suggesting the mar-
kets remain jumpy over taking on
more banking debts. Buyers were
said to be mostly from Germany.
Deutsche breaks
bond dry-spell
BANKING
BANKING
BANKING
News
MERKEL AVOIDS DISASTER OVER BAILOUT
GERMANYS parliament approved new powers for the Eurozones bailout fund yesterday.
Support from the opposition meant there had been no doubt Germany would OK the new
powers but Chancellor Angela Merkel also stemmed a potentially damaging backbench
rebellion and had a coalition majority for the vote. Picture: Reuters
THE HEAD of Chinas sovereign wealth
fund, Jin Liqun, signalled yesterday
that he is reluctant to deploy Beijings
firepower to help stem the Eurozone
crisis until the regions leaders present
a coherent rescue plan.
We in China are concerned about
the unravelling of the situation in
the... region, he said.
China cannot [buy euro debt] with-
out due diligence. China cannot be
expected to buy high risk Eurozone
[bonds] without a clear picture of debt
workout programmes.
Markets had rallied in previous
instances when China indicated that it
was prepared to deploy some of its $3.2
trillion wealth fund into propping up
the Eurozone.
Meanwhile, Greeces international
creditors found themselves barred
from entering government buildings
by striking civil servants yesterday.
Representatives of the troika the
ECB, the European Commission and
the IMF arriving back in Greece to
resume their audit of government
finances had to find another route
into the building.
China signals
reluctance to
support euro
EUROZONE
Wed like
to lend
your

business
a hand.
(
And
ideally
some
money.
)

Right now, Barclays is doing more than ever to help
businesses. Starting this month, were running a series of
free business lending clinics across the country to help guide
you through the lending process. Most of them will be
happening out of ofce hours so as not to interrupt your
working day.
Weve also increased our Barclays Business Manager numbers
by 5% and our regional teams have the power to make quick
lending decisions at a local level. So far this year weve
completed 20billion worth of new lending, 7billion of which
went to small and medium sized businesses like yours.*
If your business could do with a hand, have a look at the list
below or check online to nd your nearest Barclays Business
Lending Clinic. And if its fully booked, dont worry. We can
add more dates if demand is high enough. Find out more at
barclays.co.uk/businesslendingclinics

EAST
Bedford, Cambridge, Colchester, Eneld, Ipswich, Norwich,
Peterborough, Romford, Southend, Stevenage
LONDON
Bromley, Edgware, Fenchurch St, Fleet St, Gerrards Cross,
Hammersmith, Harrow, Holborn, Islington, Kensington,
Kingsland, Kingston, London Bridge, Moorgate,
Park Royal, Piccadilly, Richmond, Stratford, Uxbridge,
Wimbledon
MIDLANDS
Derby, Edgbaston, Leicester, Milton Keynes, Stoke-on-Trent,
Tamworth, Walsall, Witney, Wolverhampton
NORTH EAST
Doncaster, Durham, Gateshead, Harrogate, Hull, Leeds,
Lincoln, Middlesbrough, North Shields, Scarborough,
Sunderland, York
NORTHERN IRELAND
Belfast
NORTH WEST
Blackburn, Bolton, Liverpool, Northwich, Shrewsbury,
Stockport

SCOTLAND
Glasgow
SOUTH EAST
Ashford, Bexleyheath, Brighton, Croydon, Eastbourne,
Gravesend, Guildford, Peterseld, Reading, Southampton
SOUTH WEST
Bristol, Exeter, Gloucester, Poole, Swindon, Taunton, Truro
WALES
Cardiff, Colwyn Bay, Newport, Swansea

1
st
January 2011 - 30
th
June 2011. SMEs are businesses with a turnover of up to 25m. Barclays Business services businesses with a turnover of up to 5 million.
*Based on the denitions agreed under Project Merlin, 20bn of new lending includes credit made available to businesses between
ICAP chief executive Michael
Spencer slammed Eurozone politi-
cians as deluded for their red her-
ring plans to tax financial
transactions yesterday, as he said
trading had stayed strong over the
past six months.
The interdealer broker said its
electronic platforms trading foreign
exchange and interest rate swaps
continued to grow fast while its
Singapore team had been rebuilt
after a rival poached its staff.
Icap offered a buoyant trading
update for the half year to
September, saying revenues were
marginally ahead of last years
867m as its electronic platforms
saw 18 per cent growth.
Its one-year-old euro interest rate
swap trading platform i-Swap had
beaten our early expectations,
Spencer said, attracting trades worth
more than 590bn (530bn) to date.
But Icap said that as market
volatility spiked in August, its cus-
tomers deserted the new electronic
technology, reverting to the more
familiar voice broking platform.
However, it said clients were now
starting to return to the platform.
It added that i-Swap had secured
equity stakes from four of the major
investment banks Barclays Capital,
JP Morgan, Deutsche Bank and Bank
of America Merrill Lynch in a move
Barclays Capital analysts said would
incentivise the banks to put volume
through the platform.
Spencer said he had made no
plans to change or move Icap away
from the UK in light of the growing
risk that Europe may impose a tax
on all financial transactions.
He blasted the move as another
genuine piece of Eurozone delu-
sion.
If they genuinely think they can
extract 50bn out of a financial tax
they are genuinely totally mistaken,
he said, arguing that it was virtually
impossible to raise such a sum from
the financial markets.
I havent made any contingent
plans as I simply dont see it happen-
ing. It is a red herring. It is border-
line laughable, he added.
Analysts said Icaps growth into
Brazil, where it expects to make a
second 11-12m full-year loss this
year, was worse than expected, but
said it remained a small part of
Icaps overall business.
GLOBAL IPO activity fell off a cliff in
the third quarter as extreme volatility
in capital markets collided with low
summer trading volumes, Renaissance
Capital said yesterday.
The 55 global IPOs floated in the
three months to September raised just
$19bn (12bn), the lowest since the sec-
ond quarter of 2009 and almost a 60
per cent fall on the previous year.
Renaissance said investors elected to
buy stocks they knew rather than take
a chance on a new issuer.
Separate Dealogic data showed UK
companies this year so far have raised
just $13.7bn through 334 deals, the
lowest volume ever recorded.
Global IPO proceeds slump to 2009
lows as investors lose appetite for risk
SPANISH bank Santander expects it
will take three years for profits to
return to normal as higher regulatory
and funding costs bite while the cred-
it cycle gradually improves.
The Eurozones biggest bank
expects its return on equity (RoE) to
improve by between three and six per-
centage points over the next three
years and sees profits in emerging
markets growing by at least 10 per
cent in the short to medium term,
compared to single-digit growth in
profit in mature markets.
Alfredo Saenz, group chief execu-
tive, said as he met investors in
London: With our solid business
model and a great effort from all our
units, it is within our reach to return
to levels of RoE of 12-14 per cent.
The banks RoE dropped to 9.4 per
cent in the first half of this year.
Rivals including HSBC, Barclays and
BNP Paribas are also trying to lift prof-
itability that has slumped due to the
need to hold more capital.
Santander chief expects
three year chill on profits
BANKING
ICAP has emerged as a contender in

the race to buy the London Metals
Exchange (LME), after its chief execu-
tive Michael Spencer said he was
very, very interested to learn it was
up for sale.
Spencer said the LME was a very
good business and pledged to do a
bit of research and give it some con-
sideration.
Spencer was responding to news
the LME was fielding potential bid-
ders, and said Icap would contact the
exchange as it considered whether to
make an offer.
We will certainly be finding out
some more and deciding what we
may or may not do, he said.
Icaps involvement adds to an
already crowded field of potential
suitors, with at least 10 firms register-
ing an interest in the exchange.
LME chief executive Martin Abbott
said the interest is due to booming
business at the LME, with volumes
reaching record levels. The LME will
open the books for would-be buyers
by early December.
Abbott said: April at the earliest
would be the time that we would take
something to shareholders. If we
decide there is anything to take to
them.
According to analysts, the LME, the
worlds biggest market for industrial
metals, could be worth as much as
1bn.
...while Icap
eyes London
metal bourse
CAPITAL MARKETS
CITIGROUP chief executive Vikram

Pandit said he expects to return sig-
nificant amounts of capital to share-
holders over the next two years.
Pandit, speaking in Singapore on
an emerging markets push, also said
the bank will begin to see benefits of
its Asian investment, 85 per cent of
which has been in retail banking.
By the end of this year we should
start seeing operating leverage. Once
you start seeing operating leverage,
that says you have expenses but
theyre paying off.
Pandit, who has been under pres-
sure to cut costs further, said the
bank is still on track to return capital
to investors in 2012, and that he
believes Citi can return much more
in 2013, providing regulators agree.
From our perspective, this is a very
strong capital-generation story, he
said.
Investors are keen to see the bank
return capital through dividends or
share buybacks.
Citi set to return cash to
shareholders, says Pandit
BANKING
LONDON Stock Exchange chief Xavier

Rolet highlighted the groups diversi-
fication agenda yesterday as he said
equity trading volumes were up 12
per cent due to the market turmoil
over the past five months.
The LSE Group made 190.2m in
revenues in the three months to the
end of June, 14 per cent higher than a
year earlier, as it was boosted by new
IPOs and continued high growth in
treasury income from its Italian clear-
ing house CC&G.
Rolet, who is in line to add UK-
based clearing house LCH.Clearnet to
his stable, said the LSE was expanding
into new business lines and had more
developments to announce soon.
We remain focused on developing
the business, including initiatives in
derivatives, fixed income and technol-
ogy sales. Other projects are in devel-
opment and we will continue to assess
a range of options to deliver further
growth, he said in a pre-close update.
Bumper IPOs such as Glencore and
Vallares pushed primary markets rev-
enue up 22 per cent year-on-year. But
its star performance was again its
post-trade services business, where
income jumped almost 60 per cent
after treasury income, from investing
Italian clearing revenues, soared.
The LSE hung onto its 64.6 per cent
market share in UK cash equities and
said its pan-European Turquoise plat-
form had been trading well, but its UK
secondary trading revenues fell nine
per cent year-on-year.
Torrid summer boosts LSE
BY ALISON LOCK
CAPITAL MARKETS
Spencer hits
out at Tobin
tax plans...
BY ALISON LOCK
CAPITAL MARKETS
BY ALISON LOCK
CAPITAL MARKETS
Daily average equity trading volumes up 12

per cent year-on-year in five months to August
Capital raised in UK and Italy was up 35 per
cent to 22.9bn
The number of issues rose 19 per cent to 92
FAST FACTS | LONDON STOCK EXCHANGE
News
Icap chief executive Michael Spencer said trading had been solid
ANALYST VIEWS: HOW IS CURRENT MARKET
VOLATILITY AFFECTING ICAP? Interviews by Alison Lock
JAMES HAMILTON | NUMIS

We believe its earnings are protected from the ravages of declining
equity markets and weakening economic environment. Given that the volatility is
driven by structural debt and competitiveness problems, we do not see either an
easy or quick solution, so believe Icap will continue to benefit.
SARAH ING | SINGER CAPITAL

It is interesting to note there was a shift back to voice broking in July
and August due to very significant volatility in European financial markets. Icap is
not surprised at this temporary reversion given the nascent stage of the electronic
market. Voice volumes have markedly picked up since August.
NESE GUNER | CITI

Icap expects recent high levels of volatility to continue for the rest of
the year, driven by macro volume. Given the extraordinary market conditions,
volatility and lack of maturity of electronic broking, we think the temporary shift
in its interest rate swap trading from iSwap to voice is understandable.
ANALYSIS l IPO Proceeds Raised

$bn
3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11
180
160
$9
$2 $1
$10
140
120
100
80
60
40
20
0
$34
$61
$45
$39
$45
$106
$37
$56
$19
COMMODITIES, which are on course
to close on their worst quarter since
2008 amid concerns over a global
slowdown, gained some breathing
space yesterday after the German
parliament backed plans to expand
the Eurozones bailout fund.
Copper often seen as a bell-
weather for economic growth as
well as other industrial metals have
been hit hard by ongoing European
debt fears and a slowdown in
Chinese manufacturing, sending
mining stocks tumblings.
Benchmark copper on the London
Metal Exchange, closed at $7,230 a
tonne on the London Metal Exchange
yesterday, only slightly lower than
the last bid of $7,250 tonne on
Wednesday.
The metal, which is used in power
and construction, is down about 22
per cent so far this month and
remains on track to post its biggest
monthly fall since October 2008 and
its steepest quarterly drop since the
fourth quarter of 2008.
Aluminium, which is seen as more
resilient metal to equity sell-offs,
rose yesterday to $2,230 a tonne from
Wednesday's close of $2,235 a tonne.
Zinc, which has seen steep declines,
ended at $1,925 from $1,942.
But resource stocks lagged behind
their raw materials, with mining
giant BHP Billiton closing down 1.89
per cent at 1,765p and Rio Tinto
falling by three per cent 2,966.5p.
The current period of extreme
financial market dislocation has
throttled back the liquidity that was
supporting commodity prices and
these have retraced more than we
had expected, Deutsche Bank ana-
lyst Rob Clifford said in a note.
Barclays Capitals Gayle Berry said:
The most likely direction in the
short-term is probably lower given
sentiment is still incredibly negative
and lots of the question markets
remain unanswered, in particular
how the European sovereign debt sit-
uation will work out.
Commodities
on track for
dire quarter
GERMAN life insurer Allianz and
French giant AXA are among poten-
tial bidders for HSBCs non-life insur-
ance division, which could fetch more
than $1bn (640.7m) when sold,
sources said yesterday.
HSBC has sent out information
memorandums to potential bidders
for the sale of its non-life insurance
business, as its chief executive Stuart
Gulliver streamlines the bank to cut
$3.5bn from its annual costs.
Australian insurer QBE, Chinas
PICC Property & Casualty and Tokio
Marine Holdings are the other compa-
nies likely to be interested in the auc-
tion, sources added.
The first round bids for what is
expected to be a competitive auction
handled by HSBCs investment bank-
ing arm are due in mid-October.
HSBC in May announced plans to
sell non-core businesses, including its
network of 475 US bank branches and
the sale of several European retail
banking businesses.
HSBC is selling non-life insurance
operations in Hong Kong, Singapore,
some Latin American countries and
France. It has already sold its non-life
business in the UK.
HSBC yesterday agreed to sell its
Chilean retail bank to Brazilian bank
Itau. The arm had assets of $20m.
Possible bidders
eye insurance
arm of HSBC
BlackRock chief executive Larry Fink is considering a bid for Axa PE
BY KASMIRA JEFFORD
COMMODITIES
CAPITAL MARKETS
News
BlackRock mulls takeover
bid for Axa Private Equity
BLACKROCK is among a host of global
buyout funds considering a bid for
the private equity arm of Axa.
The worlds largest money manag-
er by assets could make an offer of
around 300m, but has not got as far
as opening talks, City A.M. under-
stands.
French insurer Axa confirmed on
Wednesday that it had begun a strate-
gic review of its private equity arm,
which was set up in 1996 and had
20bn (17.41bn) of assets under con-
trol at 30 June. It could be sold for
between 200m and 400m.
Axas sale of the private equity divi-
sion, which is not yet certain to hap-
pen, is seen as a response to the
tougher capital requirements under
the Solvency II rules aimed at bolster-
ing the insurance industrys financial
strength.
BlackRock, which has around $3.7
trillion (2.37 trillion) of assets under
management, declined to comment
last night, as did Carlyle Group,
although it is not thought to be inter-
ested in making an offer.
Private equity house KKR is also
likely to be a bidder but could not be
contacted.
BY PETER EDWARDS
PRIVATE EQUITY
LORD Levenes British bank venture

NBNK confirmed yesterday it had
put in a formal bid for the 632
branches that Lloyds Banking Group
is selling, with the amount on the
table believed to be around 1.5bn.
The NBNK offer is the only formal
bid for the Lloyds branches so far,
with Hugh Osmonds Sun Capital
and Co-operative Financial Services
both requesting more time to run
due diligence on the assets up for
sale.
The package of Lloyds assets on
sale was mooted to fetch 2bn in
earlier negotiations, but fears over
the banks funding gap have meant
offers are being estimated at much
lower than previously thought.
Sources told City A.M. earlier this
week that NBNK was unlikely to buy
all the assets on offer, instead focus-
ing on mortgages and narrowing a
30bn funding gap in the original
package to around 10bn. It would
also buy all of the 36bn deposit
base.
NBNK was formed for the pur-
pose of making acquisitions in order
to establish a significant UK retail
bank and confirms that it has sub-
mitted a bid for Verde, it said in a
statement.
If all the assets are bought, the
eventual winner of the auction
dubbed Project Verde will auto-
matically have the opportunity to
create the UKs seventh largest bank,
bagging 4.6 per cent of personal cur-
rent accounts and five per cent of
the mortgage market.
European regulators ordered
Lloyds to sell the branches as part of
a regulatory package agreed after
the bank was bailed out with tax-
payers money during the 2008
credit crisis.
Levenes bank
confirms bid
for Lloyds arm
BY ELIZABETH FOURNIER
BANKING
News
What a rotten time to be selling assets
IT is difficult not to feel a smidgen of
sympathy for Lloyds Banking Group,
instructed, as it has been, to sell 632
branches under state aid rules in the
middle of a major economic slow-
down.
For one thing, the one financial
alternative to a trade sale, an IPO, is
virtually out of the question given
the parlous state of the new issues
market.
For another, the Lloyds strategy of
pursuing the sale despite ever
decreasing offers for its branches
has been questioned by one of its
rivals. Executives at National
Australia Bank recently made clear
they were not prepared to offload
their UK operations, including
Clydesdale Bank, for a low-ball price.
Group finance director Mark Joiner
told Reuters it was a rotten time to
sell. For the time being Lloyds is
determined to press ahead with the
deal rather than return to Brussels,
cap in hand, and argue for an exten-
sion of the time period.
Lloyds has three interested bid-
ders, with Lord Levenes NBNK put-
ting in the first offer, at 1.5bn
against a book value of 2.4bn. The
Co-operative Bank and Hugh
Osmonds Sun Capital vehicle
remain the other two interested par-
ties.
Those close to Lloyds say the
group will press ahead. It wants clar-
ity going forward and its new man-
agement team is dead set on dealing
with legacy issues such as this one.
But if markets deteriorate and the
bidders try to chip away further at
the price or some of the other
details, then all bets are off.
BOTTOMLINE
Analysis by David Hellier
IAN Soanes, a member of Cenkos cor-
porate finance team, is leading the
team advising NBNK on its bid for the
Lloyds branches.
Soanes was part of the original
team that helped Lord Levene launch
the banking venture last July, which
saw it raise 50m.
Soanes is also busy at the moment
advising Omega Insurance on its
takeover, with three bids currently on
the table from Barbican Insurance, a
private group backed by Carlson
Capital, privately held insurer
Canopius Group and Mark Byrnes
Haverford Bermuda Ltd.
He also works with a range of fast-
growing property and tech companies.
He advised Assura on the sale of its
medical business to Virgin, and has
continued to work for the UKs biggest
healthcare property owner, helping it
with some small disposals earlier this
year. He also helped raise 23m for
real estate investor NewRiver Retail in
2009.
MEET THE ADVISERS
IAN SOANES
CENKOS
Lord Levenes buyout vehicle has bid on the 632 Lloyds branches for sale Picture: Reuters
ANALYSIS l Nbnk Investments Plc
p
4Jul 1 Aug 29Sept
100
98
96
94
90
92
90.50
29 Sept
supernatural horror film Hollow the
Citys answer to The Blair Witch Project.
Danish investment banker Michael
Axelgaard and management consultant
Matthew Holt spent six months preparing
for the shoot by working at night and week-
ends on top of their day jobs, before
filming Hollow over a 12-day shoot in
Suffolk last summer.
Its not for the faint-hearted
the film tells the story of two
young couples who uncover an
ancient evil while in holiday in
the English countryside but it
has already caused a stir
on the international cir-
cuit after its premiere
at Canadas Fantasia
Film Festival.
With six more
film projects on
their slate, it looks
like the sideline
born from
Axelgaard and
Holts desperate
need for a creative
outlet could
become a new full-
time job
AIR WARS
RYANAIR boss
Michael Leary is
known for his
strong opinions
and yesterday he let Colm Barrington,
the chairman of Aer Lingus, know exact-
ly what he thinks of the airline Ryanair
holds a 29 per cent stake in.
Dear Colm, began OLeary in his open
letter to the London Stock Exchange. Your
claim that the board and management
are fully dedicated to creating value for
Aer Lingus is unsupported by any evi-
dence... over the past five years.
He has plenty of points to prove the
opposite, though ten of them, in fact,
including the airlines 12 changes of chief
executive in 18 years and the rejection of
two takeover offers. Unless things
improve, expect OLearys Aer Lingus
shares to be offloaded fairly soon
A KNIGHTS TALE
THE NEWLY formed Women in
Listed Derivatives group represents
the best opportunity for women
to position themselves in senior
and influential roles for more than
20 years, says British Bankers
Association chief executive
Angela Knight (left).
Knight was a speaker at
the networks first annual
lunch, hosted at the
London Capital Club with
RBS Futures and Options,
where she discussed the
importance of the role of
women in finance and the
desirability of increasing
female representation on City boards.
It is widely accepted that diversity is
required, and the major public listed
companies have all been asked for the
percentage of women on the boards of
their companies and on the next level
down, said Knight. So they have to
start to rethink their policies and about
promoting women.
BEST-DRESSED BANKERS
ITS THAT time of year again the annual
Best Dressed Banker Awards, run by the
Savile Row tailors Cad & the Dandy.
Bankers may feel recession-worn, but
they certainly arent threadbare, said co-
founder James Sleater, who runs the com-
petition with Ian Meiers.
Last years winner was Greg Rellis,
the OTC Europe commodities broker
who described Cary Grant as his style
guru (left), who is on this years judg-
ing panel alongside former boxer
turned designer Chris Eubank.
Submit photos of yourself or
your colleague at your most
stylish when the competition
goes live on 10 October, when
the person with the most
votes and the person
who nominated them
will both win a hand-
made suit worth 1,500.
See www.
cadandt hedandy
.co.uk
WORLD CUP
RUGBY STAR
REVEALS AN
UNEXPECTED
WEAKNESS
THERE HAS only been one occasion when
Jason Leonard, the most-capped England
rugby player of all time, has been intimi-
dated on the pitch.
That moment came when Leonard met
Norman Hadley, a six foot nine Canadian
rugby union player with a scar down his
cheek that didnt come from rugby.
For reasons best known to himself,
Leonard punched Hadley between the
eyes so hard he broke his knuckle and his
finger, to which Hadley replied: Is that
the best you can do, princess?
Leonard told the anecdote at an
evening event hosted by specialist finance
recruiter KennedyPearce for 300 City
guests from companies including ICAP,
Munich Re, Morgan Stanley, John Lewis,
Northern Rock and Aviva Investors.
But not all Leonards anecdotes
were so colourful, said his inter-
viewer Jeff Grout, KennedyPearce
non-executive director and the
former business manager for
World Cup-winning England
manager Sir Clive Woodward.
Along the way, we covered the
topics of drugs in sport, high
performance environments,
and some of the factors that
determined Englands suc-
cess in 2003, he said.
Followed by, naturally,
the teams prospects in the
current World Cup tomor-
row when they meet
Scotland, the side known
for its frantic playing
pace. England will slow
the game down to then
play it to their strengths
and win, predicted
Leonard.
FRIGHT NIGHT
IF YOU visit this weeks
Raindance Film festival in
London, look out for the
Left: Jason Leonard (centre) with KennedyPearce co-founders Steve Pearce (left) and
Andrew Kennedy
Avove: A still from Hollow, the Citys answer to The Blair Witch Project
Join today, and get at least 100* for improving your health & ftness.
We have 20 Centres in and around London. To try us for free text CITY
followed by your full name and home or work postcode to 88122
.
* Please visit nuf eldhealth.com/terms for full details. Terms and conditions may apply. Cost of text message is at your standard network rate.
Nuf eld Health 2011.
7 out of 10 members got
healthier & ftter with
us. Fact.
*
The Capitalist
EDITED BY
HARRIET DENNYS
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @citycapitalist
Book now at KLM.com
Pack & GO
Super Deals
Boston
New York
Miami
362
378
392
from
from
from
return, incl. taxes
return, incl. taxes
return, incl. taxes
Fares quoted are for non-stop return ights in economy class from London Heathrow, operated by Delta Air Lines, including taxes and charges, and are subject to change. Fares are subject to availability and exchange rate variation. Please check for exact
fare at klm.com at time of booking. Book by 24/10/11. Travel periods may vary. Credit card surcharge will apply. Specic booking conditions and the General Conditions of Transportation of KLM and AIR FRANCE apply. Prices correct at 23/09/11.
A
f r i c
a
A
sia
A
m
e
ric
a
E
u
r o
p
e
Non-stop from London Heathrow

e p Su
ck & Pa

s al e r D e
O G ck &

ork New Y
n o st Bo
e p Su
op fr n-st No

n, i r tu e r
m ro f
m ro f
378
362
ork
s al e r D e
ath n He do n m Lo o op fr

s e . tax cl n n, i
378
362
w o r ath

ami i M

n, i r tu e r
n, i r tu e r
m ro f
392
378

s e . tax cl n n, i
s e . tax cl n n, i
392
378

a e r a f
s q e r a F

e p l e v a r . T 1 1 / 00/ 1 / 4 y 2 b k o o B . g n i k o o f b o e m i t t m a o c . m l k t a
m L o r s f s a l y c m o n o c n e s i t h g i n r u t e p r o t s - n o r n o e f r d a e t o u s q

o c b i c e p . S y l p p l a l i w e g r a h c r u s d r a c t i d e r . C y r a y v a m s d o i r e
e x a g t n i d u l c n , i s e n i r L i a A t l e y D d b e t a r e p , o w o r h t a e n H o d n o m L

a t r o p s n a r f T o s n o i t i d n o l C a r e n e e G h d t n a s n o i t i d n o c g n i k o o
t t c e j b u e s r s a e r a . F e g n a h o c t t c e j b u e s r d a n , a s e g r a h d c n s a e

9 0 / 3 t 2 t a c e r r o c s e c i r P . y l p p a E C N A R R F I d A n a M L f K o n o i t a
x r e o k f c e h e c s a e l . P n o i t a i r a e v t a e r g n a h c x d e n y a t i l i b a l i a v o a

. 1 1 / 99/
t c a x
THOMAS Cook yesterday ditched its
dividend as it tries to shore up its
finances before a series of banking
covenant tests in December.
The travel firm has been hit by the
consumer downturn in the UK and
unrest in the Middle East and north
Africa regions.
Thomas Cook has issued a series of
profit warnings this year, which trig-
gered the resignation of chief execu-
tive Manny Fontenla-Novoa in August.
Thomas Cook chief financial offi-
cer Paul Hollingworth said: The
board will not declare any further div-
idend payments as it rebuilds the bal-
ance sheet.
The group is focused on improv-
ing its financial flexibility, particular-
ly around the seasonal cash low point
at the end of December.
He said that the Thomas Cook
would pay its previously declared
interim dividend of 3.75p in October.
Thomas Cook said it would cut its
UK fleet of 41 aircraft to 35 and is con-
sidering the closure of 24 loss-making
retail stores at the end of their lease
periods.
However, its merger with Co-op
travel shops will still go ahead, mak-
ing it the UKs largest chain of travel
agents.
It also axed 500 hotels from its port-
folio and added 100 others, which it
hopes will stimulate more business.
The company also announced that
it had made Peter Marks, chief execu-
tive of the Co-operative Group, a non-
executive director.
Thomas Cook
takes axe to
its dividend
MICHAEL OLeary, the chief executive
of low-cost airline Ryanair, yesterday
stepped up his attacks on Irelands
national carrier Aer Lingus.
He called for the company to pay a
special dividend to give them value
for their investments.
In an open letter to the airlines
management, Ryanair which owns
30 per cent of Aer Lingus ridiculed a
recent statement from the firm in
which it said its objective was to
build durable value for its share-
holders. The letter said: You report-
ed cumulative losses of 154m
(133.8m) and exceptional provisions
of almost 400m.
You opened Belfast and Gatwick
bases, only to later largely close them.
You opened long-haul routes to San
Francisco, Washington, Los Angeles
and Dubai, only later to close them.
Shareholders have no confidence
in your claim that our objective is to
build durable value when almost all
of your initiatives over the past five
years have destroyed shareholder
value.
Ryanair has repeatedly tried to buy
a larger stake in the Irish airline, but
has always been rebuffed.
BA has been tipped as the most like-
ly buyer of the Irish governments 25
per cent stake in Aer Lingus.
FIRST Group yesterday said that high-
er fares had failed to dent demand for
train travel, with like-for-like passen-
ger revenue expected to increase by
nine per cent in the six months to the
end of September.
The group, which runs First Capital
Connect commuter services in
London, said it was looking forward
to expanding its number of routes
when the Department for Transport
begins its new franchising pro-
gramme next year.
Trading at its bus division which
is more heavily exposed to regions
outside of London was less strong,
with like-for-like passenger revenue
seen up by 1.2 per cent during the
first half.
First said it expected to see more
challenging conditions in the second
half of the year. The firm announces
half-year results on 9 November.
Ryanair boss
steps up attack
on Aer Lingus
First Group expects jump
in first half train revenue
Chief executive Tim OToole is cautious about the next year Picture: GETTY
BY JOHN DUNNE
LEISURE
AVIATION
News
BY HARRY BANKS
TRANSPORT
ANALYSIS l Thomas Cook Group PLC

p
23Sept 26Sept 27Sept 28Sept 29Sept
40
39
38
37
36
39.00
29 Sept
SWEETENERS and starches maker
Tate & Lyle sees a year of profitable
growth, helped by strong demand for
its sucralose zero-calorie sweetener
Splenda and higher prices for its by-
products.
The group saw strong growth in
sucralose volumes due to the prod-
ucts use in more food and drink prod-
ucts, and expects to benefit from
higher prices for its by-products,
which are largely used in animal
feeds.
In other areas, Tates corn-based spe-
ciality sweetener and starch volumes
saw good growth, while it also saw
firm demand for its bulk sweeteners
in the US and Mexico, helped by the
higher price of competing sugar.
The encouraging start to the finan-
cial year has continued during the sec-
ond quarter with solid demand
within a number of our markets in
both speciality food ingredients and
bulk ingredients, assisted by strong co-
product returns, said chief executive
Javed Ahmed.
The group was giving a trading
update towards the close of its half-
year to the end of September and
ahead of its first-half results on 3
November.
In May, the company said it will
reopen a mothballed sucralose plant
in the United States next year as
demand for healthy sweeteners picks
up and as its sole plant in Singapore
struggles to cope with demand.
The group said it will benefit from
10m of income in the first half from
by-products compared with just 5m
in the previous first half.
This, coupled with the extra
demand for sucralose, is expected to
push up consensus earnings per share
for the year to March 2012, which cur-
rently stand at 50.6p a share.
We expect consensus is forecasting
co-product returns that are below
those announced and expect two to
three per cent upgrade in financial
year 2012 numbers to reflect this and
a robust performance by sucralose in
the first half, said analyst Robert
Dickinson at Tates joint house broker
Citi.
Tate & Lyle is
on track for a
profits boost
BY JOHN DUNNE
CONSUMER
Suits from 95 Jackets from 50

Coats from 95 Trousers from 25
Knitwear 25 Shirts 20 Ties 15
Final Day of Sale
Saturday 1st October 9am-6pm
Mercer Street Studios
16 Mercer Street WC2H 9QE
Tel: 0207 434 2001
No Invitation Required
All major credit cards accepted
Terms & Conditions Apply
3ULYDWH6DOH
FASHION retailer Alexon has
become the latest casualty of the
economic downturn, going into
administration before being sold to
private equity firm, Sun Capital
Partners.
The so called pre-pack administra-
tion with KPMG, which secures con-
tinuing employment for Alexons
staff of about 2,700, was agreed yes-
terday after the firm failed to secure
additional funding, leaving it
unable to trade as a going concern.
Shares in Alexon, which trades as
Ann Harvey, Kaliko, Dash and
Eastex, were suspended earlier at
2.825p, valuing the firm at about
4.2m. The firm said last month it
had net debt of 12.9m.
Alexons demise as a listed entity
comes on quarterly rent day, when
the fourth quarters rent is due to be
paid in advance. Experts expect
more retail failures as the tough
consumer environment takes its toll
on cash-strapped consumers. In
August, Alexon said sales had fallen
a further nine per cent, forcing the
retailer to make its third profits
warning since April.
The dramatic fall in sales and lack
of shareholder appetite for capital
raisings meant that Alexons lender
Barclays could no longer extend the
size of its banking facility.
Alexons board announced the
group was exploring its options to
shore up its finances. It also appoint-
ed KPMG to look at touting it as an
acquisition target.
Sun European has made several
retail investments in previous years,
but this deal would be its first acqui-
sition of a UK high street retailer. It
owns the Dutch retail brands Scotch
& Soda and V&D, and Neckermann,
the German mail order fashion
business.
Alexon rescued after pre-pack deal
with Sun Capital gets the go-ahead
BY JOHN DUNNE
RETAIL
Compass
sales point
upwards
COMPASS Group, the worlds biggest
caterer, said full-year sales should
rise, with strong growth in emerg-
ing markets and North America like-
ly to offset a sluggish performance
in Europe.
The company, which provides
meals for office workers, members
of the armed forces and schoolchild-
ren across the world, said revenues
for the year to October would rise
nine per cent, also helped by new
business wins, acquisitions and cost
cutting.
Strong organic revenue growth
has been driven by good levels of
new business wins across the group
and an improvement in the underly-
ing rate of retention, it said.
The strong performance in the
year is despite the impact of the
tragic events in Japan [earthquake],
rising food costs and economic
weakness in some of our markets.
Compass said its underlying oper-
ating profit margin would likely
grow around 20 basis points, exclud-
ing the hit to margins from the
Japanese earthquake in March.
The group, which serves around
four billion meals each year in over
50 countries, said sales in Britain,
Ireland and elsewhere in Europe
would be flat, hit by tough econom-
ic conditions.
Organic revenue growth, exclud-
ing acquisitions, rose four per cent
in its fourth quarter, Compass
added.
BY HARRY BANKS
BANKING
H&M SET ON GROWTH DESPITE POOR SUMMER

HENNES & Mauritz pledged to push on with its aggressive expansion despite yesterday
reporting its fourth consecutive fall in quarterly profits, as the strong Swedish currency
and wet summer weather depressed sales in several key markets. Net sales for the third
quarter were flat at SKr26.9bn (2.5bn) while net profits fell 15.4 per cent to SKr3.6bn.
News
ANALYSIS l Tate and Lyle PLC
p
23Sept 26Sept 27Sept 28Sept 29Sept
630
620
610
600
590
630.50
29 Sept
The team from KPMG acting as
administrators for Alexon is led by Will
Wright.
He has been working behind the
scenes to ensure a deal that was
acceptable to Sun Capital and Alexon.
He also led the team that wound
up the Apollo chain of 2000 electri-
cal stores which crashed into
administration in 2009. More
recently he was administrator for
The Art Group, a Northamptonshire
greetings cards, prints and frames
seller which hit the buffers in 2010.
He also worked on the adminis-
tration package of Leamington
Desserts in Warwickshire.
KPMG has worked on a string of
other administration cases in recent
months.
KPMG this year sold the
Scarborough-based Secure and
Confidential Documents, in a deal
that saved jobs. They were also
administrators to Bridge Business
Recovery (BBR).
The sale of Alexon to Sun
European is in the form of a pre-
pack administration. The Jane
Norman fashion chain was sold
under similar circumstances, with
the administrator Zolfo Cooper
pushing through that deal after the
retailer hit the buffers.
MEET THE ADVISERS
WILL WRIGHT
KPMG
Over 100 fascinating destinations in
Europe are just waiting to be explored.
Start exploring Europe at surprisingly low fares full-service experience
included. Easy online and mobile check-in, generous luggage allowance
and complimentary food and drinks. Book now at lufthansa.com
Discoveries
A product of Lufthansa.
*Fare applies to one-way ights to selected destinations in Germany and Italy; seat availability is limited and subject to change. For other European destinations, please check the respective fares and conditions.
APR Energy, the temporary power
business owned by entrepreneur
Hugh Osmond, expects a surge in
new business after it signed an
emerging markets development deal
with Caterpillar.
The five-year contract will see APR
work with Caterpillar and Florida
agent Ring Power, with Caterpillar
supplying mobile generator sets to
APR Energy.
APR will gain access to a global dis-
tribution network of 188 Caterpillar
dealers and City A.M. understands the
firm expects to see a significant
increase in sales in 2013, which may
also lead to revenues topping ana-
lysts estimates next year.
Cat dealer Ring Power will provide
application, engineering, sales and
product support to APR Energy,
which yesterday declined to reveal
the value of the deal.
John Campion, chief executive of
APR, said: I have been doing business
with Caterpillar for more than 20
years, and APR has used their power
modules for its entire history. This is
an exciting win-win for all of us.
Horizon Acquisition, the vehicle
run by Osmond, the co-founder of
Pizza Express and Punch Taverns,
announced in June a $855m (547m)
deal to buy APR Energy, whose share-
holders include billionaire investor
George Soros and former US
Secretary of State Madeleine Albright.
APR saw sales rise 93 per cent in
August and is currently the largest
temporary power provider after
Glasgow-based Aggreko. It expects
both the total market and its share of
sales to grow in the coming years.
Separately, Osmond is considering
the creation of another shell compa-
ny following the early success of
Horizon. The vehicle initially raised
more than 400m through issuing
shares on the stock market before the
APR deal had been identified.
ENVIRONMENTAL investment fund
Impax has completed the 330m
(287m) fundraising for its second
private equity fund.
Impax New Energy Investors II is a
private equity and infrastructure
fund set up to invest in renewable
power projects and companies across
Europe.
Ian Simm, chief executive of
Impax, said the climate for raising
new assets is challenging.
He added, however: Against a
backdrop of high fossil fuel prices,
water shortages and concerns about
pollution, investment opportunities
in environmental markets offer excel-
lent potential over the medium to
long term.
Yesterday Impax said in a trading
statement that assets under manage-
ment rose 15 per cent to 2.096bn at
the end of August despite volatility in
global equity markets.
The Aim-listed firm, which focuses
on the alternative energy, water treat-
ment and waste management indus-
tries, said however that AUM were
down 11.2 per cent since the end of
the first half on 31 March.
Impax said market movements and
currency effects led to a reduction in
AUM of about 300m with net
inflows of 35m.
Shares in Impax Group closed
down 3.19 per cent at 45.5p.
Results for the year ending 30
September will be published on 29
November.
Impax completes 287m fundraising
for its green power private equity pot
OUTSOURCING group Capita will be
able to issue fines of up to 400 after
winning a 105m communications
contract with the Pensions Regulator.
The seven-year deal, which begins
next month, is to educate employers
about the automatic enrolment of
staff into workplace pension
schemes.
The new regulations are being
rolled out between October next year
and September 2016. The regulator
has to make contact with more than
one million employers to make sure
they follow the rules.
As well as issuing fixed penalty
notices, Capita will serve compliance
notices, run a customer contact cen-
tre and mange the process in which
employers register with the regulator.
More complex levels of enforcement
will still be controlled by the watch-
dog, it added.
Pensions minister Steve Webb said
the changes will help millions of peo-
ple to save for retirement.
Pensions watchdog gives
Capita 105m contract
SUPPORT SERVICES
THE CHIEF operating officer of Unite

Group, Britains largest listed stu-
dent landlord, will leave the compa-
ny as part of a management
shake-up designed to save 2.5m a
year.
John Tonkiss (pictured), who has
been with the firm for 10 years, will
leave on 31 December as a series of
changes are introduced. The moves,
which relate mainly to cuts in senior
management roles and central sup-
port functions, are expected to cost
Unite 1.5m this year, it said.
It is understood there has not
been a disagreement with Tonkiss
but the board wants to create a clear-
er structure with separate building
and property management arms.
Unite has 99 per cent of its avail-
able student rooms reserved for the
2011-12 academic year. In spring it
warned, however, that cuts to univer-
sity places will mean tenant growth
is likely to remain flat over the next
five years, forcing the firm to raise
rents to drive growth.
Other changes announced yester-
day include the appointments of
Unite development director Richard
Simpson to managing director of the
property division, and deputy chief
financial officer
Richard Smith
to managing
director of the
ope r at i ons
division.
U n i t e
shares closed
down 1.8 per
cent at
166.2p
yester-
day.
Unite COO heads for the door
BY PETER EDWARDS
PROPERTY
Osmonds APR
expects lift
from Cat deal
BY PETER EDWARDS
SUPPORT SERVICES
BY PETER EDWARDS
FUND MANAGEMENT
NEWS | IN BRIEF
Shanks on track for the full year
Waste management firm Shanks said yes-
terday that trading is in line with its expec-
tations for the six months ending 30
September, and remains on track to meet
company expectations for the year.
Underlying market conditions have been as
anticipated, with stable recyclate prices,
and ongoing pricing pressures in the
Netherlands have been offset by cost sav-
ings measures. The group, which also has
operations in the UK, Belgium and Canada,
said it continued to benefit from the rela-
tively strong euro during the period.
Homeserve expects profit growth
HomeServe, the international home emer-
gency business, said yesterday that it
expects its first-half profits to be ahead of
last year and in line with company expec-
tations. The company said that customer
numbers last year were more than 5m and
it expects the total to be around five per
cent higher this year. Total policies are
expected to be around eight per cent high-
er from the 11.7m last year. HomeServe
warned that as usual profits and customer
growth will be weighted towards the sec-
ond half, reflecting the seasonality of its
marketing activity and renewals profile.
Tepco faces $110bn financing hole
Tokyo Electric Power, the operator of the
stricken Fukushima nuclear power plant in
Japan, faces a funding shortfall of up to
$110bn (70bn) over 10 years, according
to sources citing a government report.
Tepco, which must submit a business plan
by the end of October, said it would not
comment on the report until it is released.
News
ANALYSIS l Apr Energy
p
23Sep 26Sep 27Sep 28Sep 29Sep
1,100
1,060
1,020
1,125
29 Sept
London 2012
IMAGE OF THE WEEK
London 2012 Olympic hopeful J.J. Jegede per-
formed a world-first long jump over three limited
edition London 2012 Minis at Potter's Field on
Wednesday morning.
Between now and the start of the 2012 Olympic
and Paralympic Games, City A.M. is publishing its
Olympic Image of the Week. We welcome photo-
graphs from all sources sponsors, athletes, local
businesses, commuters, local residents if you have
a shot you think our readers will like, please email
pictures@cityam.com with IOW2012 in the subject
line. Full details: www.cityam.com/london-2012.
LONDON 2012 | LEAPS AND BOUNDS
PRICES increased slightly in
September compared with Augusts
level but fell over the last quarter and
year, a leading poll showed yesterday.
Nationally, prices rose by 0.1 per
cent on a monthly basis, but declined
by 0.1 per cent over the past three
months, and by 0.3 per cent over the
year to September.
The average house in the UK now
costs 166,597, the Nationwide said.
Greater Londons houses remain the
most expensive in the country, at an
average of 295,024, yet were among
the fastest fallers in recent months.
Prices fell by 2.5 per cent over the quar-
ter, a rate of decline exceeded only by
the north west, at 2.5 per cent, and
Northern Ireland at 4.1 per cent.
Greater London prices increased 0.5
per cent over the year, while central
Londons increased by four per cent.
Sluggish demand for homes on the
back of weak labour market condi-
tions, combined with only a gradual
rise in the supply of available proper-
ties, has helped to keep property prices
fairly stable since the summer of
2010, said Nationwides chief econo-
mist Robert Gardner. We expect this
to continue for the rest of the year.
UNEXPECTEDLY strong hiring by
German businesses pushed unem-
ployment to record lows, figures out
yesterday from the Federal Labour
Office revealed.
A seasonally adjusted fall of 26,000
over the last month greatly exceeded
the 8,000 predicted by economists.
That takes the total unemployment
level down 231,000 over the year to
September, to 2.79m the first time
unemployment has fallen below 2.8m
since reunification in 1990.
With other economic indicators
stalling or going into decline, these
positive figures are prompting some
to hope that Germany may be less
badly hit by the economic slowdown
than was previously feared.
In face of the uncertainty on the
financial markets, the labour mar-
kets are having a stabilising effect on
the economy as whole, said economy
minister Philipp Roesler.
The hope is that the positive fig-
ures may give a lift to consumer
spending and, as Germany is the EUs
largest economy, a boost to the
Eurozone as a whole.
That in turn could impact on the
European Central Banks (ECB)
chances of cutting interest rates to
counter the downturn.
There is less reason for a swift
interest rate cut, said DekaBanks
Ulrich Kater. The economy is clearly
not about to stall there is some
weakness but nothing that would
trigger panic mode at the ECB.
German unemployment falls to lowest
level since reunification 21 years ago
FEWER businesses failed in August
than in any month since February,
Experian revealed today.
Experians insolvency index shows
the rate of insolvencies fell to 0.08 per
cent of businesses.
That compares to a rate of 0.07 per
cent in August 2010. In absolute terms
1,391 firms became insolvent in the
month, an increase of 12.37 per cent
on August 2010.
High levels of variation exist
between companies of different sizes
and across different regions.
Large firms performance improved
most strongly, with 0.09 per cent fail-
ing last month compared with 0.14 in
August 2010.
Those employing between 11 and 50
people had the highest rate, with 0.21
per cent becoming insolvent.
Londons businesses performed bet-
ter than most, with an insolvency rate
of 0.07 per cent. Firms in the north
east and west midlands fared worst,
with 0.11 per cent failing in each.
Insolvency down as large
firms perform strongly
UK ECONOMY
ITALY, France and the UK reported

the largest declines in economic con-
fidence in September, the European
Commission reported yesterday.
The economic sentiment indicator
declined by 3.4 points in the EU and
Eurozone, falling to 94.0 and 95.5
respectively.
Italy, France and the UK suffered
sentiment declines of 5.1, 3.5 and 3.4
points respectively, taking the indica-
tor below its long term average in
every country except for Germany.
Analysts believe the poor data may
not be bad enough to push the
European Central Bank (ECB) into a
rate cut just yet.
We believe these data provide a
compelling case for interest rate cuts
as soon as next Thursday, said IHS
Global Insights Howard Archer.
However, senior ECB officials are
indicating that an rate cut next week
is at best a possibility, despite the
recent stream of pretty dismal
Eurozone economic news.
Major economies leading
confidence dip across EU
EU ECONOMY
US ECONOMIC growth for the second

quarter was revised up while initial
jobless claims dropped, according to
US data out yesterday.
The Bureau of Economic Analysis
revised second quarter annualised
growth up from one per cent to 1.3 per
cent. Economists are warning that
much of the increase on the previous
quarter, which recorded growth of just
0.4 per cent, comes from federal gov-
ernment spending rather than confi-
dent consumers.
Meanwhile, the number of new
unemployment benefit claimants in
the week ending 17 September fell by
37,000 compared with the week
before, from 428,000 to 391,000.
The advanced number for insured
unemployment was 3.729m, down
20,000 on the previous week on a sea-
sonally adjusted basis. That gives a rate
of three per cent.
Analysts are warning that the job-
less statistics may be revised up, how-
ever, due to a measurement error.
The fall in initial jobless claims to
391,000 last week from 423,000 the
week before may not be as encourag-
ing as it looks, said Capital
Economics Paul Dales.
The Department of Labor stated
that at least part of the decline may be
due to a slight mis-timing in the sea-
sonal adjustment factors. Further falls
will be needed before we can conclude
a downward trend is underway.
Positive US
jobless data
gives hope
US ECONOMY
LENDING to non-financial companies

increased over August, though banks
reduced their holdings of corporate
securities by a greater amount, the
Bank of England announced yester-
day.
Businesses borrowed 800m more
in August than in July. However, over-
all lending from banks fell by 2.7bn
as banks reduced their holdings of
corporate securities.
The Bank of Englands figures do
not show whether this was because of
a fall in new securities issuance rela-
tive to the quantities maturing or
because the banks were deliberately
cutting total exposure to corporate
debt.
However, figures from Dealogic
show corporate bond issuance halved
in August compared with July down
to 1.11bn from 2.28bn which may
account for some of the fall in securi-
ties holdings.
Meanwhile, bank lending to indi-
viduals increased by 1bn over
August. Mortgages made up 0.5bn
of that, while consumer credit made
up the other half. Credit card lend-
ing remained unchanged month-on-
month, with the increases focused on
other loans and advances.
Last night Confederation of British
Industry (CBI) chief John Cridland
called for further measures to help
first time buyers.
The average age for home buyers
without parental assistance is now 37
and is expected to climb to 43 as
more people struggle to raise hefty
deposits. Now is the time to stop the
stagnation and get the housing mar-
ket flowing again, he announced at
the CBIs north east annual dinner.
The CBI wants to see a revitalised
Mortgage Indemnity Guarantee, to
reduce the risk of higher loan to
value mortgages.
Loans to businesses increase
BY TIM WALLACE
UK ECONOMY
Weak demand
keeps house
prices steady
BY TIM WALLACE
HOUSING
BY TIM WALLACE
GERMAN ECONOMY
News
RETAIL SENTIMENT SLIDES ON CONTINENT
RETAILERS in both Germany and Italy are suffering from the weakening economy,
according to yesterdays purchasing managers index from Markit. Germanys retail PMI
declined from 53.9 in August to 51.4 in September, approaching the no change level of
50. Italys increased from 42.4 to 44.9 indicating a slower rate of decline. Households
looked to rein in non-essential purchases, said a Markit economist. Picture: Reuters
ANALYSIS l Nationwide house price index
Index %House price change on previous year
04 06 08 10 04 06 08 10
380
360
340
320
300
280
260
240
220
30
20
10
0
-10
-20
OUTSOURCING group Mitie said yes-
terday it has won two new contracts
with the Ministry of Justice worth up
to 455m.
Mitie said the facilities manage-
ment work for courts in the south of
England as wells as for Brixton and
Isis prisons will run for five years,
with a possible two-year extension.
The deal follows on from Mities
MoJ contract win in July. The firm
said the deal is its most strategically
important with the government and
is also its largest in the public sector.
Mitie shares spiked four per cent on
the news, before falling back.
EMBATTLED phonemaker Nokia yes-
terday announced it will slash 3,500
more jobs, including the closure of a
major factory in Romania.
The cuts are on top of at least 4,000
job losses announced earlier this
year.
Chief executive Stephen Elop is
desperately trying to spin the wheel
of the Titanic in the face of falling
profits and a market increasingly
dominated by Apple, Google and
Samsung.
The future of three more plants
hangs in the balance, with Nokia
considering an overhaul at sites in
Finland, Mexico and Hungary.
The Romanian factory, which has a
turnover equivalent to 1.3 per cent of
the nations GDP, will shed 2,200
jobs.
The cost-cutting drive is part of a
broader plan to realign the company
to better suit the rapidly evolving
mobile landscape. Central to that is a
deal with Microsoft to use its
Windows Phone operating system on
all new Nokia handsets.
Its new range, which could be
make or break for the firms alliance
with Microsoft, is due out before
Christmas. Some analysts say Nokia
has already taken too long to develop
the new range and may never recover
the ground lost to rivals including
Taiwanese firm HTC.
Samsung recently overtook Nokia
as the worlds biggest smartphone
manufacturer, a title it had held
since the conception of the device.
Apple has also superceded its rival,
although Nokia remains the biggest
overall handset maker.
To compound its misery, credit rat-
ing agency Moodys this summer cut
Nokias rating two notches from A3
to Baa2, the second-lowest invest-
ment grade rating.
Nokia to axe
3,500 jobs as
cost cuts bite
Samsung
Galaxy S II
Sale.
Last chance. So act fast.
Get the faster, slimmer, brighter Samsung Galaxy S II for only
27 a month, with no upfront cost. So its even better value.
But youd better be quick because our sale ends today.
Text 500
500 minutes
5000 texts
1GB internet allowance
No upfront cost
More info: Sign up for 24 months to get this deal Our inclusive minutes/texts are for most UK mobiles and UK landlines 08/070 numbers cost 35p per call plus 35p per minute/1.02
per call plus 71.5p per minute respectively - check price at Three.co.uk/nts 10.2p/MB for use in excess of 1GB on Text 500 plan See Three.co.uk for more details
27
a month
Now
Was 30
0800 358 3427
Own one today, call
Visit a 3Store or Three.co.uk/store
Final
Day
THEO Fennell, the Aim-listed jeweller
worn by Naomi Campbell and Elton
John, has posted a nine per cent rise in
sales in the first half of 2011, but
remains cautious ahead of its peak
trading period.
The company has launched a num-
ber of new collections in preparation
for the peak Christmas sales period,
but said that its plans to link up with
international partners are taking
longer than hoped for because of the
current volatile economic conditions.
It has renewed its facilities with
Clydesdale Bank until July 2012 on
similar terms to existing agreements.
Sales increase
at Theo Fennell
Mitie clinches
MoJ contracts
BY STEVE DINNEEN
TELECOMS
SUPPORT SERVICES
RETAIL
VODAFONE has extended its partner-

ship with Swisscom in a bid to support
its business and international cus-
tomers and to keep down purchasing
costs.
Vodafone said the partnership with
Switzerlands dominant phone compa-
ny would enable them to jointly pro-
cure phones, network equipment,
service platforms and other necessary
infrastructure.
It would also help the two compa-
nies to better support multinational
and business clients and offer
improved roaming arrangements for
international travellers. It follows an
agreement last week with Asias
Conexus Mobile Alliance.
Vodafone chief commercial officer
Morten Lundal said: This enhances
our ability to serve our customers
headquartered in Switzerland.
Vodafone pens deal
with Swiss network
TELECOMS
Nokia boss Stephen

Elop has gambled
a lot on his pact
with Microsoft
Picture: REUTERS
News
ANALYSIS l Nokia
23Sep 26Sep 27Sep 28Sep 29Sep

4.30
4.10
3.90
4.26
29 Sept
PEPPA Pigs push into the US has
helped ensure Entertainment Ones
first-half earnings will be significantly
ahead of last year, the firm said yester-
day.
The media production and distribu-
tion company, which listed on the
London Stock Exchange last year,
jumped 20 per cent earlier this month
on speculation it has hired banks to
field interest for a possible
takeover.
The firm declined to
elaborate yesterday, say-
ing it will update the
market in due course.
It said it expects its
earnings before interest,
tax, depreciation and
amortisation to soar,
buoyed by increased
investment in
content and
improved mar-
gins thanks to
long term output
agreements with
partners including
LoveFilm.
First-half revenue
is expected to be in line with the previ-
ous year, with the firm saying this was
particularly pleasing given tough com-
parisons against a half including
blockbuster movie The Twilight Saga:
Eclipse.
Strong trading in its TV-focused
entertainment division offset lower
sales in distribution, which was
blamed on a lack of box-office smash
releases. A spokesman said sales
should pick up in the second half
thanks to movies including Tinker,
Tailor, Soldier, Spy and thriller Man on
a Ledge.
Entertainment One
increased its film releas-
es to 70 from 63 last
year and said the value
of its film library had
increased 40 per cent in
the last year to $350m
(223m).
The results could push the
firms value beyond the
$400m analysts said
was reasonable,
with media giants
including Disney,
Viacom, Sony, Alliance
Films, Lionsgate and
NewsCorp all being linked
to a possible takeover bid.
MEDIA conglomerate Thomson
Reuters has announced it will offer
$350m (223m) of 10 year notes to
refinance borrowings used to repay a
recently expired bond issue.
Barclays Capital, Deutsche Bank
Securities, JP Morgan Securities and
RBS Securities are the joint book-run-
ning managers for the offering.
The offering is expected to close on
5 October, the company said in a state-
ment.
Fitch assigned an A rating to the
10-year unsecured notes, which will
yield 3.95 per cent.
Thomson Reuters has $1bn (639m)
of notes maturing in 2013, $1.3bn in
2014 and a further $600m in 2015.
The announcement came after
James Smith, chief executive officer
of the firms professional division,
was named chief operating officer of
Thomson Reuters.
The company will disband its cur-
rent duel structure, divided into mar-
kets and professional, and move
towards a more focused model.
The firm saw its operating profit
rise 17 per cent to $669m in its last
quarterly results, on revenue four per
cent higher.
However, chief executive Thomas
Glocer said its markets performance
was below our expectations and
said he would accelerate the trans-
formation in the division, changing
several of its leadership posts.
Thomson
Reuters to
issue notes
MEDIA
JUST a month after collecting a paper

windfall of up to 40m from the sale
Moonpig, Nick Jenkins has been
named chief executive of charity Ark.
The millionaire former Glencore
commodities trader will be tasked
with developing relationships with
philanthropists to fund Arks pro-
grammes in Southern Africa, Eastern
Europe, the UK and India.
Jenkins has experience managing a
charity after establishing his own
foundation, also with a focus on chil-
drens welfare in the UK, Africa and
India.
Jenkins said: Ark is an extraordi-
nary organisation but few people see
the huge impact its programmes have
in Southern Africa, the UK, Eastern
Europe and India. Its programmes are
well researched and tightly managed
and they deliver real, lasting improve-
ments to childrens lives.
Ark deserves to be known for the
demonstrable impact that it has on
the ground and this is the message
that we intend to bring to a wider
group of philanthropists.
It is a real privilege to join such an
exciting organisation.
The entrepreneur quit his position
as a trader in Moscow after receiving a
death threat from a supplier he
helped to jail for stealing 10m worth
of sugar.
The Moonpig card business he
founded was sold to private equity-
owned photo business Photobox for
120m last month, with Jenkins part-
ing with some of his 35 per cent stake.
Earlier this year the government
agreed to match private donations of
1m to go towards the charitys vacci-
nation programme in Zambia.
Overall, the Ark has committed
$5.5m (3.5m) over three years to vacci-
nating 160,000 children in the African
country.
Moonpig founder to head Ark
BY STEVE DINNEEN
RETAIL
Peppa Pigs US
jaunt boosts
owner EntOne
BY STEVE DINNEEN
MEDIA
News
BOOMING INDIAN FILM MARKET BOOSTS EROS
BOLLYWOOD movie distributor Eros International said it expected its full-year results to
beat current market expectations, driven by strong performances from film titles like
Zindagi Na Milegi Dobara (You Won't Get Life Again) and Ready. Eros said it expected
the strong first-half performance to continue in the second half, with a line-up that is
expected to generate robust box-office returns.
* These views are those of the individuals above and not necessarily those of their company.
CITY VIEWS: WOULD YOU BUY THE KINDLE FIRE?
Interviews by Phoebe Torrance
Maybe, but technology gets out of date so quickly, that
within months there will be something new.
PETER GODFREY | JRP UNDERWRITING
The Kindle originally was a great idea, so I can't see how
adding lots of additional exciting features wouldn't work.
PAUL SMITH | INCEPTA
It looks like a very cool item, but I will always go with Apple.
The iPad is great for business.
KEVIN BUCK | BBVA
New Ark boss Nick Jenkins (left) , and Uma Thurman and Arpad Busson at an Ark event
Amazon Fire Apple iPad 2 Samsung Galaxy Tab 10.1 Blackberry Playbook
Display size 7-inch diagonal 9.7-inch diagonal 10.1-inch diagonal 7-inch diagonal
(1024 x 600 pixels) (1024 x 768 pixels) (1280 x 800 pixels) (1024 x 600 pixels)
OS Android iOS 4.3 Android 3.1 Blackberry Tablet OS
Cloud storage Unlimited* 5 GB Free 1 GB 1 GB
Price $199 $499-829 $499 $499-699
* For Amazon content Source: Thomson Reuters
ANALYSIS l THE TABLET WARS
20
The Forum
CITYA.M. 30 SEPTEMBER 2011
A
S LABOUR gathered in Liverpool for
its party conference this week, one of
their top priorities was to fashion a
message on the dominant issue in
British politics today: the economy. They
failed.
FISCAL FAILURE
On the fiscal side, the shadow chancellor Ed
Balls, unveiled an economic recovery pack-
age that seemed like it had been drawn up
by a right-wing blogger taking the mick; it
simply amounted to borrowing and spend-
ing more money. He refused to apologise for
Labours borrowing even when the econo-
my was growing to spend on its public sec-
tor client state. But considering that the
beneficiaries of that largesse are Labours
core vote and paymasters his hands are pret-
ty much tied.
This leaves Labour acknowledging the
need for spending cuts with one breath,
while opposing every single cut the coalition
makes with the next. Not surprisingly, the
electorate has no clue what Labours eco-
nomic policy is and as a result the coalition
consistently outpolls Labour on the econo-
my. Given the importance of this issue, such
a lack of clarity will be fatal to Labours elec-
toral prospects if it continues.
PREDATORY POLITICS
Ballss speech may have provided the elec-
torate with some clarification, but only at
the expense of exposing Labour as incurable
spenders of borrowed money.
The big announcement from the leader of
the opposition was Ed Milibands frankly
bizarre plan to have different tax rates for
different companies based on whether he
deems them predators or producers. This
violates two of Adam Smiths principles of
taxation: proportionality and certainty.
MONETARY MISS
If Labour hashed the fiscal side it missed an
opening on the monetary side. One of the
things disproportionately squeezing the
middle and bottom, which Miliband talks
about so often, is inflation.
Last month the consumer price index hit
4.5 per cent. But this average figure hides a
lot. Food price inflation in the UK, at 4.9 per
cent, is the highest in Europe. Household gas
and electricity prices rose by 10 to 12 per
cent over the summer.
POOREST PAY
This affects different people differently.
According to a report published by the
Institute for Fiscal Studies (IFS) in June,
households in the lowest income quintile
spent 9.4 per cent of their income on fuel,
compared to just 4.4 per cent in the highest
quintile. For food the figures were 19.6 per
cent and 10.1 per cent respectively. Rising
prices of these goods have a disproportionate
effect lower down the income scale. The IFS
found that average inflation rates in 2008 to
2010 were 2.7 per cent for the highest
income quintile, but 4.3 per cent for the low-
est.
The situation is set to get worse. The Bank
of England continues to cite the temporary
factors it has been blaming for the last two
years, though its unlikely they really believe
this. Either way, most observers expect to see
inflation break 5 per cent before the year is
out.
ALWAYS AND EVERYWHERE
So far Labour has followed Mervyn Kings
line. Anna Eagle, shadow secretary to the
Treasury, greeted the news of Augusts infla-
tion figures by blaming them on the rise in
VAT. This ignores the fact that a rise in one
price, or set of prices, in an economy will
lead, depending on relative elasticities, to
lower spending on some other items which
will offset this. Only if the money supply is
expanded can a rise in all prices take place.
The truth that inflation is a monetary phe-
nomenon is still, it seems, to be fully
absorbed.
SOUND MONEY
The coalition is probably quite glad to see
the real value of the nations debt being
eroded like this. So, no doubt, are debtors
who, after the credit boom, make up a fair
chunk of the population. There is a sizeable
constituency for inflation.
But lower down the income scale, where
Labours traditional voters are held to be,
there are a sizeable number of voters on
fixed incomes, an anti-inflationary con-
stituency, who are getting little representa-
tion at present. The printing presses on
Threadneedle Street cannot manufacture
wealth; they can only transfer it from one
person to another. If Labour really does want
to represent those at the bottom of the lad-
der, they ought to start by seeking to protect
the value of their money.
Britains persistent inflation comes from
the Monetary Policy Committee of the Bank
of England. It may or may not be deliberate.
But it is certainly regressive. While drawing
attention to the true source of current infla-
tion, cheap money, would not make up for
Labours wacky fiscal policies, it would at
least give them something to say on the
economy. Sound money is, after all, a matter
of social justice.
John Phelan is Contributing Editor at The
Commentator.
There are a sizeable number
of voters on fixed incomes, an
anti-inflationary constituency,
who are getting little
representation at present
Things will only get worse
for Labour until they discuss
voters inflation concerns
cityam.com/forum
JOHN PHELAN
21
The UK needs to
copy Germanys
Mittelstand model
Im a priest who
works in finance.
Here is my take
W
HILE being interviewed during the
Liberal Democrat Conference, the
great pious voice of our collective
conscious, also known as Vince
Cable, solemnly stated that the reduction of
the uncompetitive taxes on the rich would
have to wait. His reasoning was that a reduc-
tion in tax on the lowest paid would result in
greater overall spending. This is voodoo eco-
nomics.
The problem is that sustainable economies
are not built on grocery sales, the most likely
beneficial area of taking the poorest out of
income tax. Growing economies are built on
debt reduction and investment. While there
are very good social reasons to increase income
for the poor, it is now more important than
ever that economic policy is based on what
works, rather than what the self-proclaimed
socially enlightened would like to work. It is
politically incorrect to say so but marginally
alleviating the poorest in our society is not the
key to economic growth. Longer term, growth
is the only answer to providing a sustainable
reduction in unemployment and the means to
help the poorest as a result.
What has a far better chance of working
and indeed has been shown to work is incen-
tivising through lower taxes those who control
small and medium sized businesses. It is no
surprise that the German economy is powered
by the Mittelstand, the more than 3m mostly
family owned and managed businesses. Such
businesses have retained their flexibility and
innovation. Should we not be trying to create
the conditions to emulate the German model
in the UK?
HMRCs own figures for year 2010/11 put the
number of taxpayers with total income higher
than 150,000 at 326,000, 1.1 per cent of all tax-
payers. However, only 39,000 have total
incomes higher than 500,000. In total, the top
earners already pay a hugely disproportionate
share of total tax, estimated by HMRC at 45 per
cent for the top 5 per cent and 27 per cent for
the top 1 per cent. These figures do not include
national insurance which again, with the
adjustment to the ceiling, disproportionately
hits higher earners.
It may well be that the Warren Buffetts of
our world, the truly wealthy by any measure,
are untroubled by excessive taxes. They are in
fact a very small proportion of the rich tar-
geted by the higher income tax bracket.
The market has judged the Feds latest
action to reduce longer term interest rates as
fiddling while Rome burns. Businesses increas-
ingly mistrust the liquidity of their banks and
banks eye warily the solvency of their peers.
Rather than spending cash reserves, businesses
and individuals are worried about what tomor-
row may bring. The IMF and the World Bank
have called attention to the critical issue of sen-
timent and the need to reverse the prevalent
sense of impending catastrophe.
It is precisely here that unfair levels of taxa-
tion are most damaging. It is sentiment that
can be influenced by the swift ending of the
excessive taxes levied on those who own and
those who manage our small and middle sized
businesses. If the government truly feels the
need to tax the rich, then they should at
least amend the tax bands so that only the
truly wealthy are captured by it. If only the
Conservative party would stand up and be
counted in the coalition government.
Mark Speeks is a non-stipendiary Anglican Priest
who has worked for many years in the City in corpo-
rate finance and fund management.
Embracing EFTA
Regarding Neil Bentleys article
in yesterdays paper on the plans
for a Tobin tax, I would like to
add that Norway and
Switzerland would also not be
affected by such a tax because
they are in the European Free
Trade Association (EFTA). The
European Economic Areas
(EEA) free movement of goods,
services, capital and people does
not cover taxation.
Norway is in EFTA/EEA and the
UK is in EU/EEA. Switzerland
has a bi-lateral agreement with
the EU, which took 10 years to
negotiate. The UK has over
15,000 EU regulations, Norway
only the 5,000 EEA regulations.
The CBI should ask their mem-
bers if they would like a referen-
dum: EFTA/EEA or EU/EEA?
Less regulations would be like a
tax cut and avoid a Tobin tax.
Also, Norway and Switzerland
have around 3 per cent unem-
ployment.
Hugo van Randwyck
Speak your mind
The Forum is open for you to
take part. Got a sharp comment
on one of todays columns or
rapid response topics? Do you
have another subject relating to
business and the economy you
want to share your opinion on?
We want to hear your views.
Readers are invited to comment
on the web: cityam.com/forum;
by email: theforum@cityam.com;
and on Twitter: @cityamforum.
The best responses will be
reprinted in The Forum.
RAPID RESPONSES
In association with
MARK SPEEKS
BY MARC SIDWELL
The Forum
I
TS conference
season, and the
airwaves are full
and the newspa-
per pages thick with a
barrage of policy
ideas. Every would-be
chancellor and tyro
PM wants to make
their mark on the
nation with their energy, their zeal to do some-
thing that will make life better. Theyre all
wrong.
Half the trouble of the world, Pascal, once
wrote, comes from an inability to sit quietly in a
room by oneself. Right now that sounds like an
underestimate. Most of the trouble seems to
come from overactive politicians. They stimulate
here, nanny there, regulate the other and before
you know it theres a net of rules pressing down
on everyday life and the economy too so that
you can hardly move without having to consult a
politicians approval first. As De Tocqueville put
it in Democracy in America, Such a power does
not destroy, but it prevents existence; it does not
tyrannise, but it compresses, enervates, extin-
guishes, and stupefies a people, till each nation
is reduced to nothing better than a flock of
timid and industrious animals, of which the gov-
ernment is the shepherd.
Politicians want to make a name for them-
selves, but the truth is history doesnt favour the
shepherds and the micro-managers. Philip II of
Spain, known as the chief clerk of the Spanish
empire, spent almost every day of his kingship at
a desk in the Escorial, keeping busy but never
stopping his revenues from being double his
expenditures. As Rodney Stark writes in his won-
derful book The Victory of Reason: Ironically,
perhaps no monarchs in history were more con-
scientious, honest, or hardworking than Charles
V and his son Philip II. Between them they built
the Spanish empire and ruled it for more than
eighty years. Nearly every day they rose early and
worked diligently at administering this sprawl-
ing entity. Had they been wastrels or playboys,
they might have done much less damage to the
economies in their charge. In contrast, the
French kings were relatively lazy and far less sin-
cere, and under their regime France fared rather
better than Spain in terms of economic
progress.
Instead of toiling away to impress us like
Charles and Philip, wouldnt it be refreshing to
find a few politicians standing up for their work-
life balance and making a name for themselves
by doing less to interfere?
If they did, they would be in the very best of
company. John James Cowperthwaite, the leg-
endary architect of Hong Kongs light touch
approach to government, was a man who
became feted for what he didnt do, not for his
policies. He even turned his back on that first
love of the technocrat statistics believing that
collecting data was just the first step to institut-
ing all sorts of interfering programmes in
response. Better not to even begin down that
troublesome road.
The result was surely, to the worlds buzzing
devotees of business, a kind of miracle. An island
with no natural resources, blessed only with a
lazy politician, became and remained a
booming economic success, its per capita
growth exceeding Britains by 1992. It is a con-
stant reminder, which is good to recollect in con-
ference time, that in a healthy economy it is the
businessmen who are busy while the politicians
have the good sense to take it easy.
Lazy politicians should
be universally admired
Email: theforum@cityam.com
Twitter: @cityamforum
News
Deloitte
The business advisory firm has
appointed telecommunications and
media specialist David Blackwell as a
partner to its data analytics team.
Blackwell joins following five years at
Detica, where he advised clients in the
telecommunications and broadcast
industries and led Deticas cyber secu-
rity initiative.
Bluefin Corporate Consulting
The employee benefits consultancy has
appointed Tracey Shephard to its inter-
national benefits team. Shephard joins
from Mercer, where she was a health
and benefits specialist in the interna-
tional risk team.
Barclays Wealth
The wealth manager has hired Henry
Hall to join its expanding ultra high net
worth team as a managing director in
the MENA region. Prior to his position
at Barclays Wealth, Henry was manag-
ing director, head of EMEA emerging
markets equities at Merrill Lynch.
Jones Lang LaSalle
David Green-Morgan is to join the
firm as global capital markets
research director. Green-Morgan joins
from DTZ, where he is currently head
of Asia Pacific Research.
State Street
The financial services provider has
appointed Marietta Cisari as senior
relationship executive within its global
relationship management team, based
in Milan. Cisari joins from Bank of New
York Mellon, where she was a global
account manager for EMEA covering
investment banks, insurance companies
and corporations.
F&C Investments
The asset manager has recruited Peter
Svoboda as a product specialist in its
emerging market debt team, effective
from November. Svoboda joins F&C
from Vienna-based Erste Group, where
he has worked since 2005.
DLA Piper
The law firm has hired three new part-
ners to join its specialist litigation
team, part of the litigation and regula-
tory group. Jean-Pierre Douglas-Henry,
Jamie Curle and Jeremy Andrews all
join from commercial law firm
Lawrence Graham.
CITY MOVES | WHOS SWITCHING JOBS Edited by Harriet Dennys
+44 (0)20 7092 0053
morganmckinley.com
To appear in CITYMOVES please email your career
updates and pictures to citymoves@cityam.com SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT
in association with
Wall Street closes
up after rocky day
U
S stocks mostly rose in a volatile
session yesterday as stronger-
than-expected economic data
and German approval of a
beefed-up Eurozone crisis fund
relieved two of the worst fears hang-
ing over the market.
But the Nasdaq was knocked lower
by a brutal sell-off in US-listed
Chinese stocks on news of a probe
into accounting practices and profit
taking in Apple shares after a huge
gain during the quarter.
The US Labor Department said ini-
tial claims for unemployment bene-
fits fell to a five-month low last week.
Europe again averted disaster in its
debt crisis when German deputies ral-
lied behind Chancellor Angela Merkel
to approve a stronger Eurozone
bailout fund yesterday.
The Dow Jones industrial average
gained 143.08 points, or 1.30 per cent,
to 11,153.98. The Standard & Poors
500 Index gained 9.34 points, or 0.81
per cent, to 1,160.40. But the Nasdaq
Composite Index dropped 10.82
points, or 0.43 per cent, to 2,480.76.
Chinese Internet search engine
Baidu, down 9.2 per cent at $110.29,
and other US-listed Chinese compa-
nies were among the biggest losers
after a securities regulator said the US
Justice Department was investigating
accounting irregularities at Chinese
companies listed on US exchanges.
Kevin Kruszenski, head of listed
trading at KeyBanc Capital Markets in
Cleveland, said the news was a nega-
tive for sentiment at a time when
markets were already experiencing
high uncertainty and volatility.
Tech names pressured the Nasdaq,
with Amazon off 3.2 per cent at
$222.44 following a sharp rally in
Wednesdays session. Advanced Micro
Devices sank 13.7 per cent to $5.31
after cutting its third-quarter revenue
outlook, prompting many analysts to
downgrade their views on the stock.
Apple shares fell 1.6 per cent on
profit taking after gaining more than
16 per cent during the quarter.
Other big-cap Internet names were
also down. Netflix sank 11 per cent
while Yahoo Inc lost 5.4 per cent.
Market volatility is likely to remain
high as traders react to European
headlines and attempt to gauge the
commitment of governments and
institutions as they work to prevent a
Greek default.
About five stocks rose for every two
that fell on the New York Stock
Exchange. On the Nasdaq, more than
five stocks rose for every three that
fell. About 8.62bn shares traded on
the New York Stock Exchange, the
American Stock Exchange and
Nasdaq, above this years average.
B
RITAINS leading share index
fell back yesterday, bucking
firmer trends from both US
and European equity markets
and under pressure from big falls by
heavyweight miners on lower copper
prices amid concerns over future
demand.
Traders highlighted some anxiety
over growth from major metals con-
sumer China ahead of official
September PMI numbers, due out on
Saturday.
Luxury goods firm Burberry, also
highly leveraged to Chinese markets,
was the biggest blue chip casualty,
dropping 8.3 per cent. Burberry is
also getting a bit of a pasting on the
back of yesterdays poor UK retail
sales numbers as well as concerns
that a slowdown in China could well
impact its margins, said Michael
Hewson, market analyst at CMC
Markets
The FTSE 100 index closed down
20.79 points, or 0.4 per cent at
5,196.84, having dropped back from a
peak of 5,250.18 in a choppy session.
Theres an element of window-
dressing and rebalancing after a very
difficult and volatile third quarter,
but there are still some huge macro
issues out there that are far from
being resolved so investors are staying
nervous, said Henk Potts, markets
strategist at Barclays Wealth.
The UK blue chip index has lost
more than 12 per cent in the third
quarter, which ends today, and is
down over 11 per cent in the year-to-
date, having gained nine per cent in
2010.
Median forecasts of 22 equity
strategists from a survey taken in the
last 10 days indicated the FTSE 100
would trade at 5,275 by the end of
2011, close to current levels.
The results were lower than a poll
in June, which showed the FTSE end-
ing 2011 at 6,150 and reaching 6,300
in mid-2012.
US blue chips were 1.6 per cent
higher by Londons close, lifted by
data showing better than expected
US weekly jobless claims and an
upward revision to second-quarter
GDP.
Wolseley was the top FTSE 100
gainer, up 6.6 per cent, boosted by the
above-forecast data, with the plumb-
ing supplies firm highly exposed to
the US housing market.
However, gains were more modest
for the tech-laden Nasdaq composite
as chipmakers suffered after
Advanced Micro Devices reduced its
third-quarter outlook.
British chip designer ARM
Holdings shed 3.2 per cent.
British banks bounced back after
falls on Wednesday, with Barclays
and Royal Bank of Scotland both up
1.7 per cent, helped by a vote by
German lawmakers to give the
Eurozones crisis fund (EFSF) new
powers, easing concerns over the
regions debt situation to which the
sector is hugely exposed.
In the biggest test of German
Chancellor Angela Merkels leader-
ship since she took power six years
ago, 523 lawmakers backed more
powers for the fund, 85 voted against
and three abstained.
This is just a step in a very long
journey to an (as yet) unknown desti-
nation. Seven more countries need to
vote on this, and the Slovakia vote is
not due until the end of October,
said Louise Cooper, markets analyst
at BGC Partners.
Among other blue chip gainers,
British Airways and Iberia owner IAG
took on 3.8 per cent as JPMorgan
Cazenove started coverage on the air-
line with an overweight stance.
Tate & Lyle added 2.9 per cent on
the back of strong results.
FTSE falls on worries of China
and copper losing momentum
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 Babcock International
675
725
625
575
Jul Aug Sep
p
670.00
29 Sept
BABCOCK INTERNATIONAL
JP Morgan Cazenove rates the defence and security services group over-
weight. Its analysts are impressed by the size of the opportunity for the
groups support services division, as well as the potential to improve margins
by changing the contract mix. Babcock trades on an enterprise value to
Ebitda multiple of eight times, more than the sector average of 7.1, but JP
Morgan says the premium is well-deserved and sees further upside.
ANALYSIS l Electrocomponents
260
220
Jul Aug Sep
p
193.10
29 Sept
ELECTROCOMPONENTS
UBS has cut its forecasts for full year 2012 earnings per share from 20.9p to
20.2p, and from 23.2p to 20.7p for 2013. However, it still thinks the firm will
continue to grow in fiscal 2012-13. Analysts note the firms share price is cor-
related with Premier Farnell, although not entirely fairly. They point out that
Electrocomponents second quarter sales were up on the fourth quarter,
unlike Premier Farnell, but still think the stock will struggle to break out.
ANALYSIS l RusHydro
5.00
4.00
Jul Aug Sep
$
3.41
29 Sept
RUSHYDRO
Goldman Sachs has removed RusHydro, Russias largest hydroelectric power
producer, from its Central Eastern Europe, Middle East & Africa Focus list
because it sees no positive short-term catalysts for the stock. It still rates the
stock a buy and its target price of $6.80 is unchanged. It believes that
despite regulatory pressure on power tariffs, RusHydro will benefit from high-
er energy prices, which should increase by 15 per cent this year.
4Jul 22Jul 11 Aug 21 Sep 1 Sep
6,200
5,400
5,000
5,800
ANALYSIS l FTSE
5,196.84
29 Sept
BlackRock
Simon Beresford and Neil Purvis have been
appointed to help develop the investment
funds UK defined contribution business.
Beresford (pictured) joins as chief operating
officer of the firms Peterborough DC adminis-
tration centre, moving from the Nationwide
Building Society, where he was head of mort-
gage administration. Purvis, previously head of
HR at the firm, takes on a new role as head of
DC member communications.
23
Edited by
Timothy Barber LondonTime
page 25
CELEBRATING THE COSMOS
IWC Schaffhausens
astronomical flight of fancy
page 30
JEWELLERY IN THE CITY
Goldsmiths Fair is the place
to pick up unique bling
page 34
AFFORDABLE QUALITY
Fine mechanical watches
need not cost the Earth
WATCHES
of the
age
SPACE
W
ATCHMAKING is usually
described as a skill or a craft, and
sometimes its called an art. But
even with the most artfully pro-
duced, intricately engineered pieces, its
not often that such a functional object as
a wristwatch crosses over into the realm
of the poetic and, dare we say, the pro-
found.
That is truly the case, however, with
the Portuguese Siderale Scafusia
from IWC Schaffausen, arguably the
most impressive watch to have
appeared this year. Its a piece that
mixes some very extreme mechan-
ical engineering it happens to
be the most complex watch
IWC has ever created, and
took a full decade to design
and produce with the mys-
teries and beauty of the cos-
mos.
The latter comes in the form of a
strikingly handsome star chart pre-
sented on the reverse of the watch,
designed to specific coordinates supplied
by the buyer. Look up at the sky on a starry
night while standing at those coordinates,
and what you see in the heavens will match
the constellations on the star chart as it
revolves through the yellow horizon circle
each day.
For good measure, it marks sunset and
sunrise as well, the background of the star
chart turning magically from blue to dark
grey at dusk. Theres also a display of 24 hour
time and a perpetual calendar function.
The front of the watch may seem less
unusual, but it ties into the same themes. A
subdial at the 12 oclock position displays
sidereal time a reading of time based on
the Earths rate of rotation measured against
fixed stars. It varies slightly from solar time
(time measured against the position of the
sun), and is used by astronomers to track the
cosmos.
Add to that a mesmerising tourbillon
movement the ultra-accurate mechanism
that has in fact been the major part of IWCs
developmental work in producing the watch
and you have an exceptional timepiece. Its
got an exceptional price too youll need
access to CHF 750,000 to pop one your wrist,
and IWC will only make it to order.
Still, one can but dream
www.iwc.com
A new watch from IWC combines engineering
and astrophysics to beautiful effect, though
youll need deep pockets to own one
HEAVENS
The notion of combining clocks and watch-
es with depictions of the heavens stretch-
es back aeons even the mysterious
ancient Greek timekeeping device, the
Antikythera mechanism, marked the rising
and setting of specific stars.
Astronomical watches represent the
more whimsical, poetic end of haute hor-
logerie complications, with star charts,
moonphase depictions and, in particular,
Equation of Time dials, which display the
difference between solar time and mean
solar time, the latter being mans simula-
tion of constant time to iron out inconsis-
tencies in the Earths orbit.
Focus: watches
and the stars
| London Time
25
The back of the
watch carries a star
chart that changes
colour at sunset,
while the front shows
IWCs constant force
tourbillon and a
sidereal time dial
Moonphase watches time pieces adorned
with a display showing the waxing and waning
of the moon over a lunar month are common,
but few are as striking as this example by De
Bethune. In the centre of a starry sky, a silver
ball half of it blue in colour and half silver
revolves through the moons phases. Pick one up at
William & Son in Mayfair, De Bethunes exclusive UK
stockist. www.williamandson.com
It looks like a normal Panerai Luminor watch,
but its a whole lot more. The digital index on
the front shows the Equation of Time (explained
in the box above), one of the most poetic complica-
tions here given a utilitarian, very Panerai, interpre-
tation. On the reverse you see a customised star
chart, sunrise and sunset indicators and Panerais
in-house tourbillon movement. www.panerai.com
Panerai, LAstronomo
Patek Philippe, Celestial 6104G
A whimsically beautiful watch presented
by Patek last year, the Celestial shows a
northern hemisphere star chart which
revolves on the dial, as well as the phas-
es and orbit of the moon, and a date hand
that cups the numerals of the peripheral
date dial in the arch of a crescent moon.
www.patek.com
De Bethune,
DB25 Ciel Etoile
A trio of astronomical
masterpieces
| London Time
TIME&
A
STRONOMICAL watches are one thing (see page 25),
but watches that have actually travelled into space
quite another. This year has seen two significant land-
marks in the age of space travel. April saw the 50th
anniversary of the original man in space, Yuri Gagarin, mak-
ing his first orbit of the Earth; while a month ago, NASAs
space shuttle programme came to an end as the last shuttle,
Atlantis, returned to Houston after its final mission.
So it seems as good a moment as any to celebrate the
impact space travel has had on the watch industry. There are
plenty of tool watches associated with particular kinds of
glamorous journeys: aviation watches, diving watches,
watches inspired by fast cars.
The space watch is a sub-category all of its own.
Watches have been required by
space agencies that could with-
stand the turbulence, forces
and other extremes of space
travel, not to mention operat-
ing accurately and consistently
in a zero-gravity atmosphere.
Of course, an automatic
watch one in which the
motion of a rotor generally-
winds the spring would be
useless without gravity.
A number of watch com-
panies stepped up to the
plate over the years to sup-
ply astronauts with reli-
able timepieces. Heres a
look at a few of the most
important.
OMEGA SPEEDMASTER
PROFESSIONAL
Omegas Speedmaster chrono-
graph is the quintessential space
watch, used by Nasa since the early
Sixties, worn by Neil Armstrong and
Buzz Aldrin on the original moon-land-
ing and associated with space travel ever
since.
Back in 1961, an employee of Nasa visited
a watch shop in Texas and picked up a pile
of chronograph watches from a variety of
brands including Longines and Rolex. The
idea was to test their suitability for space travel by subjecting
them through tests including high and low temperatures,
vibration and acoustic noise.
If a watch stopped, its glass broke or any part of it failed to
function, it was out.
The Omega
Speedmaster, a
watch first
launched in 1957,
came out on top
and became the
official watch of
NASAs space mis-
sions. In 1979 it
became the first
watch worn on
the moon, and
has subsequently
been known as
the Moonwatch.
The following
year, its reliabili-
ty and accuracy
played a key
role in guiding
the Apollo 13
astronauts safe-
ly back to
Earth.
Speedmaster
Professional
Moonwatch,
2,800.
www.omega
.com
SEIKO SPRING DRIVE SPACEWALK
The Japanese superbrands remark-
able Spring Drive line became the
most recent addition to the
space watch club when
video game designer and
adventurer, Richard
Garriott, became the
sixth private space
explorer in 2008,
with a Seiko Spring
Drive Spacewalk on
his wrist. As its title
suggests, this is a
watch specifically
designed to meet
the challenges of
travelling outside the
space craft as well as
inside something bat-
tery-operated instruments
are not appropriate for for
safety reasons. Seikos revo-
lutionary Spring Drive
movement in which the
movement never stops working
as it does in a traditional escape-
ment was proved to be up to
the job.
Seiko Spring Drive Spacewalk, 17,000
www.seiko.com
BREITLING NAVITIMER
Though Omegas Speedmaster became the offi-
cial watch for NASA space missions, this did not
become certified until 1965. Breitlings
Navitimer series is arguably the classic avia-
tion chronograph, which makes it an unsur-
prising choice for taking into space and in
1962 thats what happened. Astronaut
Scott Carpenter sported his Navitimer
on the Aurora 7 mission, making it in
the process the first known watch
worn in space by an American.
Breitling subsequently developed a
Cosmonaut line of Navitimers,
notable for their big numerals
squeezed around the chronograph
dials. Unfortunately the Swiss brand
seems to be phasing the Cosmonaut
line out, but this version of the
Navitimer 01 makes a good substitute.
Breitling Navitimer 01. www.breitling.com
FORTIS B-42 COSMONAUTS
Lesser-known Swiss brand Fortis
has become heavily associated
with space thanks to its
involvement in the
European-Russian
Space mission,
dating from 1994. The
1994 crew each received
a Fortis Cosmonauts
Chronograph as part
of their official equip-
ment. Now Fortis is
the official supplier
of watches for astro-
nauts aboard the
International Space
Station, making it the
only brand thats cur-
rently worn in space
thanks to the end of
NASAs space shuttle
programme.
Fortis B-42 Cosmonauts
chronograph, 2,370
www.fortis-watches.com
Only the best watches will do the job when you wear them in space, writes Timothy Barber
to the watch company who
then adapt it (or not) to
their requirements, is
being eaten away by vari-
ous shake ups in the Swiss
watch industry. This leaves
brands like Jaeger-LeCoultre,
which has a proud tradition of
doing everything in-house,
with a significant advantage.
Not that Lambert has
much sympathy for the
brands who dont make their
own movements. We call
these manufacturers hamburg-
ers, because they only produce
the bread not the meat, salad or
even the sauce inside.
Warming to his culinary analo-
gies, Lambert leans forward. Jaeger-
LeCoultre, of course, is grand
cuisine, he whispers.
The main course it has been serving
of late has been new versions of its
famous Reverso watches, celebrating the
80th anniversary of the Reverso lines first
appearance.
But if Jaeger-LeCoultre is seen as a tradi-
tional brand, its hardly a conservative
one, as its latest high-profile release
demonstrates. The company has a long
association with Aston Martin, resulting
in its Amvox line of modernist sporting
chronographs. The newly-released Amvox
World Chronograph LMP1 is one of the
brands most dynanic contemporary
watches yet launched, packing in stop-
watch functionality with the ability to tell
the time in cities across 24 time zones.
We are about mixing inventive solu-
tions with classical designs, says Lambert
when describing the brand DNA that
links such a modern, sporty watch with
retro-chic Reversos and Grand
Complication superwatches. For sports
fans and petrolheads, the Amvox is some-
thing of a superwatch in itself.
A
CCORDING to Jaeger-LeCoultre
CEO Jerome Lambert the watch
industry is entering a new era, one
that is going to be dominated by
an increasing number of what he
describes as superwatches the horo-
logical equivalent of a superyacht. As with
th boats that clog the marina in Monte
Carlo, these are timepieces only available
to the Philip Greens and Roman
Abramoviches of this world.
The superwatch means pieces that are
over 250,000 per watch, that are truly
original and remarkable, and are pro-
duced at no more than 30 pieces per year,
says Lambert. As the watch market
changes, with new ultra-rich customers in
markets like China and Russia hungry for
watches that are unique, Lambert sees
high-end brands piling their technologi-
cal prowess into the fabrication of such
rare, stand-out pieces.
For Jaeger-LeCoultre, the category is
covered by its Hybris Mechanica series, an
incredible trio of grand complication
watches that represent some of the most
virtuosic watchmaking ever. The most
recent version contains no less than 27
complications.
Rare, grand complication watches are
hardly a new thing, but its a market
thats being redefined and taken more
seriously, Lambert reasons, in more seri-
ous economic times. Before 2008 you
could pretty much take a coffee machine
and put it on a bracelet and say thats the
watch, and it makes soup and ice cream
too, and its an amazing watch, he
laughs. Now its definitely the case that
clients are respecting more the pure
watchmaking side of things. We are enter-
ing a market with a new generation of
grand complication, where the watch will
have to answer to more demanding
requirements. I find this exciting.
One of the reasons hes excited is
because what goes on in the heady, rari-
fied upper echelons of the market is also
reflected in the more mainstream market.
Here also, Lambert says, consumers are
becoming much more informed, more
serious and more discerning. We are only
at the start of this new era, he says.
One of the demands of the more clued-
up, passionate watch collector is the
importance of watches that are developed
from head to toe, as it were, in-house. The
tradition in which suppliers provide the
movement the watchs inner workings
| London Time
HARRODS TO EXPAND WATCH SHOWROOM
Exciting changes are afoot in Knightsbridge hot
on the heels of the huge Rolex salesroom which
opened in One Hyde Park early in the summer,
Harrods is due to open a vast, entirely new fine
watch in late November. In the space formerly
occupied by the Harrods Pizzeria restaurant, it
will feature 12 walk-in boutiques for some of the
worlds most prestigious brands. Among these, of
particular excitement are the UKs first dedicated
salesrooms for Vahceron Constantin, IWC
Schaffhausen and Rafa Nadals favourite brand,
Richard Mille. In all over 35 brands will be repre-
sented, while the current watch room will subse-
quently be turned into a special space for the
sparkliest jewellery watches.
87-135 Brompton Road Knightsbridge, SW1X
7XL. www.harrods.com
WILLIAM & SON GOES DANISH
Danish brand Urban Jrgensen is over 200 years
old, gaining much fame after receiving Royal
Appointment from King Frederick VI of Denmark
to supply his courts and Admiralty. Its still
going strong, and the brands current
masterpiece, the Urban Jrgensen
Reference 11 (left), will be appear-
ing for a limited time in Mount
Street boutique William & Son.
Urban Jurgensen claims the
watchs pivoted detent
escapement that has 40 per
cent higher reliability and pre-
cision results than other
brands, just so you know.
Prices start at 8,600 for this
Danish haute horology. 10 Mount
Street, W1K 2TY 020 7493 8385.
www.williamandson.com
MARCUS GOES YACHTING WITH
HUBLOT
Charismatic modernist brand Hublot
recently opened its own dedicated shop on
New Bond Street. Its still stocked, however, in
shops including fellow Bond Street boutique
Marcus, often described as one of the worlds
finest watch shops. The latest Hublot arrival
there is the Classic Fusion Yacht Club de Monaco,
a watch which celebrates the brands long-run-
ning association with Europes most glamorous
sailing club. Its a dashing piece, and only 250 are
available worldwide.
170 New Bond Street, W1S 4RB
020 7290 6500
www.timeproducts.co.uk.
MONTBLANC AND PRINCESS
GRACE
Montblanc is releasing a collection
of fine jewellery, writing instru-
ments and time pieces to honour
and embody the elegance of Grace
Kelly, Princess of Monaco. The time
pieces (right) sparkle with 76
baguette cut diamonds on the bezel,
three-dimensional drop-cut pink sapphires
on the horns and the Princess monogram
engraved on the back of the case. The
entire collection is exclusive to the
brands Bond Street boutique, and will
be showcased there on 3 October. 13
Old Bond Street, W1S 4SX, 020
7629 5883. www.montblanc.com
U-BOAT SAILS INTO FULHAM
From early October, West Londons Watch Gallery
boutique will offer a collection of watches from U-
BOAT, the Italian brand that specialises in extro-
vert, oversize tool watches. It is one of the
best-selling brands in the Watch Gallerys Mayfair
sister shop, Jura Watches, and the star of the range
is the Classico Sterling Silver .925). Crafted from a
single solid block of silver, with a beige dial, black
carbon fibre and a calfskin strap, this is a confident
mix of luxury, classicism and modernity. 129
Fulham Road, London SW3 6RT, 020 7581 3239.
www.thewatchgallery.co.uk
NEWS FROM THE BOUTIQUES
Timothy Barber talks
to Jaeger-LeCoultre
boss Jerome Lambert
| London Time Jewellery
Find that special something
T
HE fortnight-long Goldsmiths Fair is an
annual City event, and its running
right now. Miss it and you have
let slip by the best opportu-
nity to buy jewels direct from
the creators themselves.
Running over two weeks
in Goldsmiths Hall just
behind St Pauls in the
City, the vast and grand
halls of this ancient
guild are converted into
a selling exhibition of
107 jewellers, each
standing in their little
booths showing their
wares to the public.
Prices start at 60 and go
into the thousands, but what-
ever your budget, you will be
pleasantly surprised by the prices.
Thats because payments go directly to the jew-
ellery maker rather than into global marketing
campaigns or plush boutiques.
All the pieces are handmade and so much
more exciting than anything you find on the
high street. From the cool sophistication of
minimalist design to groundbreaking
FairTrade gold rings or grand, old-school opu-
lence, the variety on offer is dizzying.
Theyre in vogue too. Quirkier, more per-
sonal jewels with a handmade look, or
that tell a story, are the order of
the day right now.
TAKE YOUR TIME
The key to making
a good buy is to
take your time.
Talk to the jew-
ellers heres an
insiders tip: you
can always tell a jew-
eller by their hands,
which are usually in tatters
from hours at the work-
bench and, in the end, fol-
low your heart.
I have my eye on one of Ben
Days opal rings (from 2,500) and
for years have been hankering for one
of Sarah Herriots outsized domed
Twist rings.
The best thing is, whatever you choose,
no one else will have a piece quite like
yours, since every item is unique there
are not many things you own that you can
say that about.
The Fair is running at Goldsmiths Hall until Sunday 9
October. Its closed this Monday for a change-over of
exhibitors. 11am to 7.00pm Monday to Friday, 10am to
6.00pm Saturday and Sunday. Last entries half an hour
prior to closing time. Entrance by catalogue pur-
chasable on the door (7 for one week, 12 for two
weeks). www.thegoldsmiths.co.uk
WHERE TO BUY THE BEST
JEWELLERY ONLINE
ASTLEY CLARKE
(www.astleyclarke.com)
One of the pioneering online
jewellery boutiques, with a
range of styles you would be
hard pressed to find in one
bricks and mortar shop.
ELIZABETH GALTON
(www.elizabethgaltonstudio.com)
The former Links of London
head of design picks cool young
talent and hidden gems.
NET-A-PORTER
(www.net-a-porter.com)
The website is increasing its
jewellery offerings with a kooky
and very fashion-conscious sta-
ble of designers.
BROWNS
(www.brownsfashion.com)
A selection thats as finely
curated as its racks of to die for
clothes.
Maria Dalton on
how to find
great jewellery
in the City now
LONDONS streets arent paved in
gold, but Bond Street is the centre of
the jewellery world and there are
more diamonds on this narrow, rather
dark little street than almost any-
where else in the world. All the big
names are here and to prove it, I have
chosen jewellers from four different
countries that call Mayfair home.
GARRARD (left)
The oldest jeweller
in the world is
known for mak-
ing jewels for
the royals and all
the best families.
New collections speak to a
younger audience with
cool designs from Jade
Jagger and Stephen
Webster, though
they would happily
still make you a tiara.
BULGARI (right)
The Roman jewellery
house is known for its
combinations of luscious
bright stones and exuberant use of
volume no surprise that it was a
favourite of Elizabeth Taylor. Modern
day Richard Burtons will find the
ultimate weapon of seduction here.
HARRY WINSTON (below)
Named after its founder, who
donated the famous Blue
Hope diamond to the
Smithsonian, Harry
Winston exudes an
American feel-good vibe
and captures the opti-
mism of the Martini days
of New York in the
1950s. Big dia-
monds and believe
it or not, even some
very affordable jew-
els, are the reason to
step into this swanky
boutique.
CARTIER (right)
It may be as French
as a croissant but
the house has
had a branch in
London since
1902. The 1936
tiara that Kate
Middleton wore
down the aisle
was made here
and the maison was a
favourite of the Duchess of
Windsor, who was
extremely fond of her dia-
mond-studded Cartier
panther bracelet.
Left, chosing
jewellery at
Goldsmiths Fair.
Jewellery
insets: left, hand
woven gold cir-
cle of shells by
Catherine
Martin; right,
handcarved
bracelet by
Jacquelin
Cullen, 2,000.
THE UNITED COLOURS OF BOND STREET
MARIA DOULTONis founder of
the leading jewellery website,
TheJewelleryEditor.com. Frustrated
with not finding a place online to keep
up to date with jewellery and watch-
es, Maria set up the website as the
destination for all that is new and
happening in this world. From report-
ing on the first ever Fairtrade gold to
covering the launches of breath-tak-
ingly beautiful new jewellery collec-
tions and straightforward advice on
how to buy an engagement ring,
TheJewelleryEditor.com is the online
home of jewellery and watches.
Jewellery
valets will
delight you
Its never easy finding that
perfect piece of jewellery, par-
ticularly if you are hard
pressed for time, which is why
Rocked London.com, founded
by Zo Hinckley and Catherine
Barr, decided to rectify mat-
ters. Representing bright
young things, the keen as
mustard duo will rock up to
your office or home, do their
jewellery guru thing and voila,
they will source your perfect
jewel whether from a design-
er on their books or a bespoke
piece. Think of them as your
jewellery valet that will hunt-
down amazing jewels for your
very personal delight.
www.rockedlondon.com
At ROCKE D we s o u r c e a n d c o mmi s s i o n e x t r a o r d i n a r y j e we l l e r y
f r o m a wa r d - wi n n i n g d e s i g n e r s , o n b e h a l f o f p r i v a t e c l i e n t s .
S i mp l y s e n d u s y o u r b r i e f , a n d we l l t a k e i t f r o m t h e r e .
h e l l o @r o c k e d l o n d o n . c o m | r o c k e d l o n d o n . c o m
SPORTURA. For more than a century, both SEIKO and FC Barcelona have, in our dif ferent arenas,
been dedicated to perfection. Now, we are partners, celebrating our shared determination to be the
best with the new Sportura Chronograph. SEIKO invented the quartz chronograph in 1983 and
has timed world class sport for 50 years. All this experience comes together in the new Sportura.
With 10 bar water resistance, a sapphire crystal and a 1/ 5 second chronograph, Sportura is the watch
chosen by perhaps the greatest team in world football. seiko.co.uk
| London Time
With retro styles in fashion, Maria Dalton
offers advice on buying the perfect gift
B
UYING a watch takes thought
and a fair amount of cash, things
that women like in a gift. Add in
the rise in the amount of
jewellery we are buying for
ourselves and watches begin
to look like a winner of a pres-
ent. And Christmas is just
round the corner...
It pays to do your research
as there is more to buying a
watch than finding one with a
pretty face with watches you
really do get what you pay
for. You can pick up a per-
fectly decent watch for a
few hundred pounds, but
the case finishes, strap and
dial will be mass-pro-
duced, so dont expect mir-
acles or to have something
to hand down to the next
generation.
You may not have a pref-
erence for quartz or
mechanical, but it is worth
knowing what you are pay-
ing for. Quartz that has a
battery doesnt need wind-
ing and is more precise
while a mechanical watch
has to be wound, is less
accurate and more expen-
sive. It sounds like a no-brain-
er for quartz, but the
mechanical movements of a
real watch a painstaking
assembly of hundreds of
miniature mechanics will
last beyond your lifetime.
Look at spending around
1,000 and you will start to see
and feel the difference. The
case should be smooth to the
touch with no sharp edges,
have a scratch-resistant or even
anti-reflective coated glass and
the bracelet fastened with something
more substantial than a buckle that
with time cracks a run of the mill
leather strap. Move the watch around
on your wrist and you
shouldnt get a magnifying
glass effect or reflections on
the crystal. Expect pleasing
details like finely tapered
hands and pin sharp dial
markings.
If you want to make your
money go far, choose an
entry level stainless steel
model from a prestigious
brand so that most of
your spend goes on the
quality of the watch and
the movement and not a
precious metal.
Choosing a leather, rub-
ber or cloth strap over a
steel bracelet is sensi-
ble thrift as often the
metal bracelet can cost
as much as the watch.
And you could always
buy the metal bracelet
later once you are feel-
ing flush again.
Dont be shy of a clas-
sic watch as it can be
jazzed-up with a
coloured strap. A Jaeger-
LeCoultre Reverso on a lime
green alligator strap looks
bang up to date and playing
around with different straps
can become obsessive and an
affordable way to person-
alise your look. And whats
more you will be bang on
trend with the retro nostal-
gic wave that looks to the
good old days of lady-like
demure and shuns the brash
outsized chronograph in gar-
ish colours and ostentatious
diamond-set dials.
For women, its all about
1
THERE ARE STORIES THAT DESERVE TO BE CAPTURED FOREVER.
Whether its a transatlantic crossing on a sailboat with friends, or the birth of
a child, there are precious, life-changing moments that deserve to be recorded
forever. What will yours be? Let our engraving, enamelling and gemsetting artists
immortalise your legend. A Reverso just for you.
GRANDE REVERSO ULTRA THIN. Jaeger-LeCoultre Calibre 822. Patent 111/398.
YOU DESERVE A REAL WATCH.
London Boutique
1A Old Bond Street
W1S 4PA Mayfair, London
(0)207 7491 6970
www.jaeger-lecoultre.com
A BLOG TO READ
(www.ablogtoread.com) Watch
journalist Ariel Adams reviews a
new watch in full detail each day.
There is a wealth of information
here for anyone considering a
purchase to get stuck into.
HODINKEE
(www.hodinkee.com)
A well-designed, beautifully writ-
ten site thats updated daily with
news of the latest watch releases,
auctions, vintage discoveries and
other fascinating ephemera the
team uncovers.
PURISTSPRO
(www.watchprosite.com)
Where the true obsessive collec-
tors gather. Heaps of ultra-
detailed information on the best
watches, with dedicated forums
for the most famous brands.
THE PRODIGAL GUIDE
(www.theprodigalguide.com)
A London-based blog on good liv-
ing thats grown into an irreverent
online mens magazine, full of
well-presented information about
cars, gadgets, films and, in partic-
ular, watches.
Watches online
4
5
3
2
1. Reflet in yellow gold by Boucheron, 7,300 One of the most
chic little gold watches that you will treasure for a lifetime and
lots of great straps that snap in and out. www.boucheron.com
2. Ladies' Carre by Frederique Constant, 860 Superb value
from the independent company. www.frederique-constant.com
3. Zeitmeister by Wempe, 1,485 The German retailer also pro-
duces its own watches, and knows how to deliver quality.
www.wempe.de
4. Cartier - Baignoire pink Gold, 15,000 One of the lesser
known stars of the Cartier firmament with all the refinement of
this maison. www.cartier.com
5. Chaumet Class One Lumiere Titanium, 2,510 modern, ele-
gant and chic. www.chaumet.com
6. Jaeger-LeCoultre Reverso Lady 2,950 Fail-proof classic that
marks you out from the crowds. www.jaeger-lecoultre.com
The darker alternative
If you like a darker sparkle on your watch, then con-
sider the sultry charms of the black diamond. This
black gem is the more interesting, complex relative
of the sunlight-bright perfect white diamond. It gets
its somber hue from numerous inclusions of
graphite, normally absent from the flawless, top-of-
the-class whites.
Black has been a recurring theme in jewellery
and Queen Victorias jet mourning jewels were all
the rage as the monarch grieved her beloved Prince
Albert. More recently, queen of the screen Angelina
Jolie wore a black spinel necklace from her very
own jewellery range called The Style of Jolie to
the premiere of her film Salt.
Perhaps because of its almost clandestine high
value, it is the low voltage black diamond that has
appealed to the a new generation of super-wealthy
for over a decade. De Grisogono, the Geneva watch
and jewellery house with a sixth sense about the
latest must-have for the rich to the core, claims to
have pioneered the use of this maverick gem and
more than a decade ago first put them on watches.
This year De Grisogono marks 15 years of black
diamonds with its Black Forever collection, which
sets this gem into watches with cases in matte
black PVD. The dusky shimmer of the watches whis-
per: Im flash, but not brash. Perfect for the closet
billionaire of a weekend.
Left, Picolina watch by de Grisogono.
www.degrisogono.com
6
| London Time
High class meets good value
Mechanical watches with Swiss
movements usually cost many
thousands of pounds, but there are
brands out there pioneering more
affordable options, says Ariel Adams
Who said that a Geneva-based Swiss watch needs to cost a few
months salary? It certainly can, but now always. Frederique
Constant is unique among Swiss watch brands for offering a
more digestible value proposition and taking chances with
design. The Frederique Constant Vintage Racing range was
released in limited numbers last year and is available at Harrods.
This one, with bold black chronograph dials on a silver face,
demonstrates, is one of Frederique Constants finest classically-
inspired timepieces, and contains an in-house automatic calibre.
2,280, www.frederique-constant.com
Aside from their persistent adherence to
the Bauhaus aesthetic in all of their
designs, Germanys Nomos also gains fame
for being one of the most affordable
European-made in-house movements any-
where. This not only gives them a lot of
street cred, but also finds them on the
wrists of many of the workers employed at
the other watch brands located in the small
town of Glashutte in Saxony. The Tagente
model is Nomoss staple piece, a super-styl-
ish example of great Tutonic craftsmanship.
970, www.nomos-glashuette.com
Hamilton was once the darling timepiece
brand of America, renowned for its mili-
tary use as well as mainstream adoption.
Today the brand is owned by the Swiss
(who still want you to think it has
American flair) and offers affordable
watches with a retro twist. The new
Thin-O-Matic collection is sincerely late
1960s in style, with alligator printed
straps and a nod to the Mad Men trend
(for those who still care). Inside, howev-
er, its an all-Swiss automatic movement.
640, www.hamilton.com
Frederique Constant
Vintage Racing
Nomos Glashutte
Tangente 33
Christopher Ward
C60 Trident
Hamilton
Thin-O-Matic
Glycine
Incursore II
MeisterSinger
N. 01
With a deluge of new models each year,
Britains own Christopher Ward wants to
answer all mechanical watch needs. The
company also has an impressive internet
fan following, and sells exclusively from its
own website. A diver watch at heart, the
new C60 Trident is one of the best value
pieces around, with a Swiss automatic
movement inside it that youll often find in
much more expensive watches. Despite its
almost vintage style appeal, this is a thor-
oughly modern timepiece.
365, www.christopherward.co.uk
Glycine offers affordable sport watches
with Italian flair but a Swiss sense of prac-
ticality. Glycine is a brand for enthusiasts to
hunt out it doesnt bother with aggres-
sive advertising campaigns. Watches in the
Incursore collection are large with the
option of automatic or manually wound
movements and what is known as a
California dial (a mixture of Roman and
Arabic numerals, as popularised by such
brands as Panerai). Sized at 44mm wide in
steel, these are nicely restrained.
740, www.glycine-watch.ch
You know that saying about how some-
times less is more? Well in this case less is
just as much. MeisterSinger is a German
watch brand pushing the idea that a one-
handed analog watch is just as good as a
two or three-hand one. MesiterSinger
makes distinctly tool style watches that
look like traditional instrument gauges.
New for this year, the model N.01 offers a
clean and bold version of the MeisterSinger
look. Youll be surprised how quickly you
become accustomed to reading them.
950, www.meistersinger.net
Novembers grand event for watch afficionados
S
ALON QP, which takes place at the Saatchi
Gallery on 10-12 November, is a chance to
get up close and personal with some of the
most exceptional timepieces.
Expect world exclusives at this glamorous
showcase, and UK firsts from brands like U-Boat,
TAG Heuer and Panerai, the grand maisons of
Vacheron Constantin, Jaeger-LeCoultre and
Lange & Shne, and the high-end wares of jew-
ellery brands like Cartier, Bulgari and Hermes.
For the first time this year there will also be a
dedicated Independents Gallery, bringing togeth-
er some of the most innovative independent
watchmakers of our generation from Peter
Speake-Marin to Glycine, MB&F and De Bethune.
The events most unmissable spectacle will be
having John C. Taylors Chronophage Clock on dis-
play. Standing at almost 3m high, the
Chronophage is a pendulum-driven clock with a
silicon brain, which lets the clock slow down, stop
and even run backwards. The top of the clock is
home to a giant fanged insect that eats time.
Another highlight will be the Fondation de la
Haute Horlogerie curated exhibition on the history
of watchmaking, which draws rare and important
pieces from both Swiss and English collections.
Tickets 15 for Friday and Saturday 12pm-6pm,
20 for Friday evening champagne and canap
reception, (plus 3.75 p&p). www.salonqp.com
READER OFFERSalonQP is offering City A.M.
readers two tickets for the price of one on Friday
and Saturday. Just call 020 7759 2916 and
quote the promotional code QP0640.
Information: Bell & Ross UK +44 207 096 08 78
.
information@bellross.com
.
e-Boutique: www.bellross.com
Pocket Watch PW1 49 mm
Wristwatch WW1 45 mm - Alligator strap
Homes that offer
jolly good sports
A shooting or shing residence can offer more
than just a leisure activity on your doorstep, it can
be a great investment too, says Donata Huggins
T
HE hype around the Glorious Twelfth
this year was enough to get even life-
long townies interested in shooting.
There is something quite exciting about
going out to the country to pad about in
wellies and a Barber jacket.
People love buying outdoor sporting
homes, Luke Morgan, a partner at The Buying
Solution, tells me, it gives City types a great
way to play host to their friends. Indeed, half
the fun is getting the invitation to spend the
weekend ambling about with friends.
But if youre buying as an investment, there
are a few things you need to bear in mind.
Morgan says: The key is to find somewhere
that is impressive. You need a long winding
driveway and a beautiful 18th century proper-
ty with separate staff quarters.
Ensuring you have established habitat is
important too. You cant create the right condi-
tions for shooting or fishing overnight. It can
take up to ten years to get bird settling in your
rafters. But fear not, you dont have to be an
expert to find out. Most estates keep records
that can tell you how many birds were shot
over the last few years.
Finding a good sporting property is certain-
ly worth your while though. Morgan estimates
that having good fishing or shooting on your
land adds up to 20 per cent to the price com-
pared to like-for-like land. In the luxury mar-
ket, this stuff is really sought-after.
But location is everything. Proximity to
London improves the price. Most potential
buyers work in the City. The shorter the com-
mute the better.
MILL HOUSE
Price: 2.45m
This mill house
lies on the River
Bourne. While it
is little more
than a stream, it
offers excellent
coarse fishing,
particularly
when the river is
in full flow.
Contact: Barton
Wyatt on 01344
843000 or go to
www.bartonwy-
att.co.uk.
A development by:
0800 883 8953 or (out-of-hours) 0800 032 0077
www.caxtonapartments.co.uk
Computer generated image of Caxton Apartments. Times are approximate and are courtesy of www.tfl.gov.uk. Price correct at time of going to press.
Selling Agents:
ZONE 1 APARTMENTS
1
5
M
I
N
s
CAXTON
APARTMENTS
High specification new apartments
offering convenient City fringe living:
an easy walk to work in the Square Mile
or 15 minutes door-to-door commute
(Shadwell DLR) to Canary Wharf.
Studio, one and two bedroom apartments, ready for occupation in March 2012 (est.)
CAXTON
APARTMENTS
exceptional LONDON E1
City or Canary Wharf? Either destination in under 15 minutes door-to-door
1
5
M
I
N
s
FROM JUST 195,000
020 7791 7000
OKEWOOD HILL
Price: 12m. With its own heated koi carp lake and sepa-
rate stocked fishing lake entirely for private fishing, this
property is perfect for keen anglers. Contact: Cluttons
on 020 7407 3669 or go to www.cluttons.com
BOUGH OAST
Price: 1.2m. This oast house comes with 141 acres of
undulating farmland, including a small reared pheasant
shoot. Contact: Chesterton Humberts on 020 7594
4746 or go to www.chestertonhumberts.com
Living| Country Homes
Your Gateway to India!
India Pavilion 2011 is a section of The Property
Investor Show dedicated to Indian property.
It has been created specically to enable NRIs based in the UK to meet,
face-to-face, with some of Indias leading real estate developers and view a broad
range of properties available in Mumbai, Delhi, Gurgaon, Pune, Bangalore, Ahmedabad,
Jalandhar, Kolkata, Noida, Himachal Pradesh, Goa and many other locations.
So take the rst step to strengthening your bond with India by visiting
India Pavilion 2011 at The Property Investor Show
(Open: 10.00 am 6.00 pm)
AT
India Pavilion 2011
Participating companies include:
Pavilion partners:
REGISTER ONLINE FOR FREE ENTRY
www.propertyinvestor.co.uk/london (register and type in promo code CAM3009)
Smartphone users... to be directed to the FREE entry reg page scan the QR barcode. (To download a QR Code reader application for your smartphone check your App Store)
Are you a Non Resident Indian?
Considered owning your own property in India?
Do not miss .

o ili v Pa a i d n I

AT
1 1 0 2 n o

m o c g in t a p i ic t r a P

: e d lu c in s e i n a p m

avilion partners: P

avilion partners:

HARDYS GATE
Price: 375,000
This four bedroom home would be ideal for a family. It has an open-plan kitchen and break-
fast room, a separate living room and a large bathroom. The master bedroom has an en-
suite and fitted wardrobes. Contact: Crest Nicholson on 0870 757 8188 or go to
www.crestnicholson.com
SHEPHERD'S LANE
Price: 700,000-800,000
This new-build house on the
edge of Dartford Heath is within
the catchment area of some of
Kents best schools. There are
two reception rooms, a study,
kitchen, utility room, bathroom
and four double bedrooms. Two
of the bedrooms have en-suite
bathrooms. Another has a ter-
race overlooking the garden.
There is potential for a fifth bed-
room in the loft alongside a
room that could be used as a
dressing room. Contact:
Winkworth on 020 8613 0775
or go to www.winkworth.co.uk
MAPLESCOMBE
OAST
Price: 995,000
This triple-roundel con-
verted oasthouse has
three reception rooms
and five bedrooms. The
garden is stocked with a
varity of trees and
shrubs and offers attrac-
tive views over the sur-
rounding farmland and
beyond. In total 0.75
acres. Contact: Savills on
01732 789 700 or go to
www.savills.co.uk
Q.
I have a small patio garden at my
house in central London but am
considering putting up a conser-
vatory in the space so that I can use it
all year round. Will this help me when
I sell?
A.
On the face of it this seems like a
sensible idea. After all, this increases
your internal square footage and
provides you with additional space you can
use all year round. I would, however, very
much advise against it. Outside space in cen-
tral London is extremely sought after and
given its rarity buyers will pay a premium
for it. We have found several examples of
houses that have made such alterations
recently and have in turn struggled to sell
alongside houses that did not. The great
majority of central London buyers favour
outside space over a conservatory.
Q.
I live in a one-bedroom flat that
only has an en-suite bathroom. Is
it worth spending the money to
create a separate guest toilet?
A.
You should certainly carry out this
alteration provided it does not have
a major negative impact on the qual-
ity of space in either the bedroom or living
room. If both of these rooms are still a good
size after the alterations then you should
definitely look to do this. Buyers tend to
favour flats where there is a guest toilet if
the only other bathroom is an ensuite.
People tend not to like visitors having to go
through their bedroom to use the toilet, so it
is definitely a good move. Just consider the
position of the waste pipes in your flat
before you start. This will probably restrict
where the second toilet can be located, you
may have to use a saniflo system, but be
warned these can be prone to breaking.
Martin Bikhit is Managing Director of
central London estate agents and block
managers, Kay & Co, which specialises in the
sale, rental and management of property
throughout Marylebone, Mayfair, Regent's
Park, Hyde Park, Bayswater, Paddington,
Fitzrovia and the West End. Bikhit has
worked in residential property since 1997
and acts for major property owners and
developers including The Howard de Walden
Estate and The British Land Company. Bikhit
is also a past secretary of the central
London branch of the National Association
of Estate Agents. Visit www.kayandco.com
for more information.
Martin Bikhit
MANAGING DIRECTOR OF
CENTRAL LONDON ESTATE
AGENCY, KAY & CO
Q A
&
BUYING NOW CHEAPER THAN RENTING
Falling house prices and increasing rental demand has
made it cheaper to buy than rent in 45 of the 50 largest
towns across Britain. The cost of renting is now 13 per
cent higher on average than the cost of owning, accord-
ing to the latest research from property website
Zoopla.co.uk. Milton Keynes topped the list of locations
where buying beats renting, with current rents more
than 39 per cent higher than the cost of owning.
HERON TOWER ALMOST SOLD OUT
Heron International has sold 200 of the 285 apart-
ments in The Heron tower in the City of London off-
plan. The remaining 30 per cent of the apartments
include a selection of two and three-bedroom apart-
ments located between the 31st and 34th floors of the
building. These homes will be the highest, largest
apartments with the best views. For further informa-
tion visit www.theheron.co.uk
LONDON PROPERTY GETS CHINESE BOOST
The new website www.luckywu.com has been
launched for property sellers hoping to tap into the
growing number of Chinese investors looking to buy a
home in London. The British-owned Chinese language
website is the worlds first website for estate agents
and developers to sell homes directly to Chinese buy-
ers. Analysts suggest that Chinese investors will out-
rank American buyers in the capital within five years.
NEW DEVELOPMENT IN CANNING TOWN
A new development called Vermilion has launched in
Canning Town. It is set to be completed next summer.
It will provide 271 high-specification apartments as
well as a new market square, shops, community facili-
ties and eco-garden for residents. Prices start at
180,000. The property is to be sold through
Hamptons International. Contact: 020 7758 8481 or
go to www.vermilionlondon.co.uk
PROPERTY NEWS
BY DONATA HUGGINS
COMMUTING: Commuting from
Dartford to London is simple. Dartford
overground station travels into Charing
Cross in 45mins. Charing Cross to Bank
takes a further 15mins by bus.
EDUCATION: Kent is blessed with dozens
of top quality schools since it retains the
grammar school system. Dartford
Grammar School and Wilmington
Grammar for Girls get excellent results.
NEED TO KNOW | AREA INSIGHT
CURRENT MORTGAGE DEALS BY DONATA HUGGINS Source: MoneySupermarket.com
Lender Fixed/Flexible Rate Until APR Maximum Loan
(per cent) (per cent) to Value (per cent)
Santander Flexible 1.95 2 years 4 60
Skipton BS Flexible 1.98 2 years 4.8 60
Chelsea BS Flexible 1.99 September 2013 4.9 60
First Direct Flexible 2.09 2 years 3.6 65
Yorkshire BS Flexible 2.29 November 2014 4.4 75
Santander Fixed 2.35 November 2013 4.1 60
Chelsea BS Fixed 2.39 November 2013 5.4 70
Leeds BS Fixed 2.45 October 2013 5.4 60
ING Direct Fixed 2.69 November 2014 3.5 60
Yorkshire BS Fixed 2.79 November 2014 4.5 75
SELL DARTFORD, KENT BY DONATA HUGGINS
Living | Focus On
DARTFORD | PRICES
Detached Semi-Detached Terraced Flats
Dartford 415,189 218,841 187,383 135,837
Kent 397,054 221,436 181,785 145,578
Source: Savills
*Travel time taken from Lewisham to London Bridge. Travel times are approximate. 5% deposit paid on selected homes only for reservations on or before 31st October. Photography taken at Crest Nicholson developments.
Image of Canary Wharf. Digital illustration is indicative only. Prices correct at time of going to press.
Contemporary 1 & 2 bedroom apartments, perfectly located
close to excellent overground and DLR travel links making
Lewisham a commuters location of choice.
1 & 2 bedroom apartments from 175,000
Marketing Suite & Show Apartment open daily 10am to 5pm
Email: riva@crestnicholson.com
0845 894 9206
www.crestnicholson.com/riva
The opulent new homes at Papermill Walk offer the nal
chance to own a brand new house within Crest Nicholsons
award-winning Ingress Park development. Enjoy a unique
location close to the Thames, Bluewater, the M25 and high
speed rail links to London in just 17 minutes.
1, 2, 3 & 4 bedroom apartments and houses priced from
174,500
Marketing Suite & Show Homes open daily from 10am to 5pm
Email: ingresspark@crestnicholson.com
0870 752 4370
www.crestnicholson.com/ingresspark
Situated in an idyllic location on Heath Lane, close to
Bluewater, bars and restaurants and local amenities, Hardys
Gate is also within easy reach for those who commute by car
as the M25, M2 and A2 are close by as is Dartford town centre
and station with links to London Bridge in just 31 minutes!
2, 3 & 4 bedroom homes from 189,500
Marketing Suite & Show Home open daily 10am to 5pm
Email: hardysgate@crestnicholson.com
0870 757 8188
www.crestnicholson.com/hardysgate
Choose the time to suit your commute
with 5% deposit paid!
*
www.crestnicholson.com
Look no further than Crest Nicholson, we have a range of developments
conveniently located close to the station and links into London from just
8 minutes
*
, plus, when you reserve at any of the developments listed
below, you will also benet from 5% deposit paid!
Riva
Lee High Road | Lewisham | SE13 5LD
Papermill Walk at Ingress Park
Greenhithe | Kent | DA9 9GZ
Hardys Gate
Heath Lane, Dartford, DA1 2QB
Are you looking for a
new home with excellent
commuter links?
London
Bridge
St
Pancras
London
Bridge
8 17 31
mins mins mins
40
Wealth Management
LON GD ONCE FIX AM...........1620.00 -35.00
SILVER LDN FIX AM ..................30.50 -0.32
MAPLE LEAF 1 OZ ....................32.77 0.67
LON PLATINUM AM................1542.00 -17.00
LON PALLADIUM AM...............626.00 -24.00
ALUMINIUM CASH .................2205.00 12.00
COPPER CASH ......................7415.00 -112.00
LEAD CASH...........................2030.00 20.00
NICKEL CASH......................18605.00 -60.00
TIN CASH.............................21200.00 -300.00
ZINC CASH ............................1918.00 13.00
BRENT SPOT INDEX................106.26 -0.04
SOYA .....................................1223.50 -39.50
COCOA..................................2664.00 -57.00
COFFEE ......................................0.00 0.00
KRUG.....................................1673.30 -23.40
WHEAT ....................................156.38 -0.75
AIR LIQUIDE........................................87.90 0.30 100.65 80.90
ALLIANZ..............................................72.50 2.80 108.85 56.16
ANHEUS-BUSCH INBEV ....................39.70 0.02 46.33 33.85
ARCELORMITTAL...............................12.38 0.31 28.55 10.47
AXA......................................................10.29 0.29 16.16 7.88
BANCO SANTANDER...........................6.19 0.10 9.67 5.15
BASF SE..............................................47.24 0.73 70.22 42.19
BAYER.................................................42.00 0.19 59.44 35.36
BBVA......................................................6.29 0.13 10.00 5.03
BMW ....................................................52.75 -0.50 73.85 47.82
BNP PARIBAS.....................................31.14 1.49 59.93 22.72
CARREFOUR ......................................17.37 0.80 35.29 14.66
CRH PLC..............................................11.73 0.20 17.40 10.28
DAIMLER.............................................34.83 0.40 59.09 30.93
DANONE..............................................46.15 0.39 53.16 41.92
DEU.BOERSE OFFRE ........................38.10 -1.14 55.75 37.03
DEUTSCHE BANK..............................28.25 1.05 48.70 20.79
DEUTSCHE TELEKOM.........................8.84 0.17 11.38 7.88
E.ON.....................................................16.71 0.45 25.54 12.50
ENEL......................................................3.34 0.08 4.86 2.81
ENI .......................................................13.26 0.19 18.66 11.83
FRANCE TELECOM............................12.32 0.23 17.45 11.12
GDF SUEZ ...........................................22.94 0.45 30.05 18.32
GENERALI ASS...................................12.08 0.14 17.05 10.34
IBERDROLA..........................................5.12 0.04 6.50 4.29
INDITEX ...............................................65.27 0.84 66.60 50.92
ING GROEP CVA...................................5.74 0.40 9.50 4.21
INTESA SANPAOLO.............................1.23 0.07 2.53 0.85
KON.PHILIPS ELECTR.......................14.13 0.60 25.45 12.01
L'OREAL..............................................73.57 -0.90 91.24 68.83
LVMH..................................................103.20 -5.60 132.65 97.67
MUNICH RE.........................................93.63 1.83 126.00 77.80
NOKIA....................................................4.26 0.08 8.49 3.33
REPSOL YPF.......................................19.92 -0.02 24.90 17.31
RWE.....................................................28.38 0.79 55.88 21.22
SAINT-GOBAIN...................................29.50 0.74 47.64 26.07
SANOFI ................................................49.86 0.64 56.82 42.85
SAP......................................................38.53 0.21 46.15 32.88
SCHNEIDER ELECTRIC.....................40.50 1.01 61.83 35.94
SIEMENS .............................................69.65 0.81 99.39 62.13
SOCIETE GENERALE.........................21.08 1.16 52.70 14.32
TELECOM ITALIA..................................0.84 0.04 1.16 0.70
TELEFONICA ......................................14.45 0.24 19.69 12.50
TOTAL..................................................32.97 0.04 44.55 29.40
UNIBAIL-RODAMCO SE...................134.60 2.30 162.95 124.05
UNICREDIT............................................0.82 0.05 2.03 0.64
UNILEVER CVA...................................23.65 0.33 24.08 20.82
VINCI ....................................................33.13 0.68 45.48 29.49
VIVENDI ...............................................15.38 0.05 22.07 14.10
VOLKSWAGEN VORZ ......................106.30 -0.85 152.20 81.80
Price Chg High Low
EUSHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 5196.84 -20.79 -0.40
FTSE 250 INDEX . . . . . . . . 9985.45 -53.22 -0.53
FTSE UK ALL SHARE . . . . 2690.44 -11.20 -0.41
FTSE AIMALL SH . . . . . . . . 709.35 -5.46 -0.76
DOWJONES INDUS 30 . . 11153.98 143.08 1.30
S&P 500. . . . . . . . . . . . . . . . 1160.40 9.34 0.81
NASDAQ COMPOSITE . . . 2480.76 -10.82 -0.43
FTSEUROFIRST 300 . . . . . . 933.26 5.98 0.64
NIKKEI 225 AVERAGE. . . . 8701.23 85.58 0.99
DAX 30 PERFORMANCE. . 5639.58 61.16 1.10
CAC 40 . . . . . . . . . . . . . . . . 3027.65 32.03 1.07
SHANGHAI SE INDEX . . . . 2365.34 -26.72 -1.12
HANG SENG. . . . . . . . . . . 18011.06 -119.49 -0.66
S&P/ASX 20 INDEX . . . . . . 2427.90 -17.90 -0.73
ASX ALL ORDINARIES . . . 4067.90 -29.80 -0.73
BOVESPA SAO PAOLO. . 53384.67 114.31 0.21
ISEQ OVERALL INDEX . . . 2511.81 10.10 0.40
STI . . . . . . . . . . . . . . . . . . . . 2708.13 6.96 0.26
IGBM. . . . . . . . . . . . . . . . . . . 866.93 11.26 1.32
SWISS MARKET INDEX. . . 5608.60 56.95 1.03
Price Chg %chg
3M........................................................74.53 0.93 98.19 72.00
ABBOTT LABS ...................................51.85 0.94 54.24 45.07
ALCOA ................................................10.06 0.10 18.47 9.80
ALTRIA GROUP..................................26.44 0.34 28.13 23.20
AMAZON.COM..................................222.44 -7.27 244.00 151.40
AMERICAN EXPRESS........................46.72 0.25 53.80 37.33
AMGEN INC.........................................55.78 0.11 61.53 47.66
APPLE...............................................390.57 -6.44 422.86 275.00
AT&T....................................................28.84 0.29 31.94 27.20
BANK OF AMERICA.............................6.35 0.19 15.31 6.00
BERKSHIRE HATAW B.......................72.71 1.93 87.65 65.35
BOEING CO.........................................62.37 0.45 80.65 56.01
BRISTOL MYERS SQUI ......................31.12 0.28 31.78 20.05
CATERPILLAR....................................75.39 0.31 116.55 72.60
CHEVRON...........................................94.39 2.65 109.94 79.58
CISCO SYSTEMS................................15.85 0.01 24.60 13.30
CITIGROUP.........................................26.90 0.98 51.50 23.19
COCA-COLA.......................................69.05 0.99 71.77 58.25
COLGATE PALMOLIVE......................89.54 0.81 94.89 73.62
CONOCOPHILLIPS.............................64.37 1.14 81.80 56.09
CVS/CAREMARK................................34.08 0.06 39.50 29.45
DU PONT(EI) DE NMR........................41.35 0.46 57.00 40.21
EXXON MOBIL....................................73.88 1.81 88.23 61.27
GENERAL ELECTRIC.........................15.86 0.41 21.65 14.72
GOOGLE A........................................527.50 -1.34 642.96 473.02
HEWLETT PACKARD.........................23.78 0.59 49.39 19.92
HOME DEPOT.....................................33.79 0.19 39.38 28.13
IBM.....................................................179.17 1.62 185.63 133.67
INTEL CORP .......................................22.21 -0.10 26.78 18.77
J.P.MORGAN CHASE.........................31.39 0.92 48.36 28.53
JOHNSON & JOHNSON.....................63.90 0.65 68.05 57.50
KRAFT FOODS A................................34.48 0.25 36.30 24.30
MC DONALD'S CORP ........................88.78 0.75 91.22 72.14
MERCK AND CO. NEW......................32.66 0.72 37.68 29.47
MICROSOFT........................................25.45 -0.13 29.46 23.65
OCCID. PETROLEUM.........................75.35 0.36 117.89 69.90
ORACLE CORP...................................29.65 0.20 36.50 24.72
PEPSICO.............................................62.58 0.61 71.89 59.25
PFIZER ................................................17.98 0.42 21.45 16.25
PHILIP MORRIS INTL .........................64.01 0.63 72.74 55.10
PROCTER AND GAMBLE ..................63.70 0.97 67.72 56.57
QUALCOMM INC ................................50.13 -0.93 59.84 42.45
SCHLUMBERGER ..............................61.33 1.00 95.64 58.77
TRAVELERS CIES..............................49.69 1.52 64.17 46.62
UNITED TECHNOLOGIE ....................72.42 0.57 91.83 67.12
UNITEDHEALTH GROUP...................46.58 -1.06 53.50 33.94
VERIZON COMMS ..............................37.15 0.31 38.95 31.60
WAL-MART STORES..........................51.93 0.62 57.90 48.31
WALT DISNEY CO ..............................30.65 0.17 44.34 29.05
WELLS FARGO & CO.........................24.99 0.54 34.25 22.58
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 ..................0.903 0.00
LIBOR Euro - 12 months ................2.041 0.00
LIBOR USD - overnight...................0.145 0.00
LIBOR USD - 12 months.................0.859 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 .........................3.010 -0.08
European repo rate.........................1.101 0.32
Euro Euribor ....................................1.220 0.00
The vix index ...................................41.45 0.37
The baItic dry index ........................1.920 0.00
Markit iBoxx...................................231.78 0.96
Markit iTraxx..................................193.00 3.32
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
USSHARES
C/$ 1.3562 0.0034
C/ 0.8690 0.0003
C/ 103.93 0.2280
/C 1.1489 0.0008
/$ 1.5606 0.0034
/ 119.62 0.4709
FTSE 100
5196.84
20.79
FTSE 250
9985.45
53.22
FTSE ALLSHARE
2690.44
11.20
DOW
11153.98
143.08
NASDAQ
2480.76
10.82
S&P 500
1160.40
9.34
RPC Group . . . . . . . .327.0 1.1 384.8 215.4
Smiths Group . . . . .1006.0 36.5 1429.0 907.5
Brown (N.) Group . . .274.0 -5.6 311.2 232.3
Carpetright . . . . . . . . .495.0 3.5 835.5 477.9
Debenhams . . . . . . . . .57.5 -1.5 77.4 51.2
Dignity . . . . . . . . . . . .844.5 1.0 854.5 633.0
Dixons RetaiI . . . . . . .11.6 -0.2 28.5 10.6
DuneImGroup . . . . . .475.0 4.5 550.0 380.0
HaIfords Group . . . . .303.2 -7.4 459.7 268.6
Home RetaiI Group . .117.3 0.6 235.0 105.1
Inchcape . . . . . . . . . .295.0 -0.1 425.4 268.1
JD Sports Fashion . .854.5 14.3 1030.0 753.5
Kesa EIectricaIs . . . . .83.0 -3.2 174.0 80.0
Kingfisher . . . . . . . . .248.8 1.7 287.1 217.0
Marks & Spencer G . .326.0 -4.0 427.5 301.8
Mothercare . . . . . . . .328.0 -0.5 627.5 317.3
Next . . . . . . . . . . . . .2611.0 6.0 2649.0 1868.0
Sports Direct Int . . . .222.8 2.8 266.2 125.5
WH Smith . . . . . . . . . .498.9 -1.1 523.0 433.8
Smith & Nephew . . . .590.0 3.0 742.0 521.0
Synergy HeaIth . . . . .872.5 -2.5 981.0 736.0
Barratt DeveIopme . . .83.0 0.7 119.0 67.5
BeIIway . . . . . . . . . . . .628.5 5.5 753.5 511.0
YuIe Catto & Co . . . . .163.0 6.7 253.0 148.0
BaIfour Beatty . . . . . .259.6 1.2 357.3 228.6
Kier Group . . . . . . . .1280.0 1.0 1418.0 1097.0
Drax Group . . . . . . . .487.1 4.1 536.5 353.6
Scottish & Southe . .1306.0 1.0 1423.0 1108.0
Domino Printing S . .462.0 -3.0 705.0 460.0
HaIma . . . . . . . . . . . . .315.2 -9.7 429.6 308.0
Laird . . . . . . . . . . . . . .139.9 3.9 207.0 127.9
Morgan CrucibIe C . .248.0 -1.6 357.1 218.0
Oxford Instrument . .815.0 -10.0 1010.0 495.0
Renishaw . . . . . . . . .1040.0 -20.0 1886.0 1016.0
Spectris . . . . . . . . . .1211.0 -22.0 1679.0 1051.0
Aberforth SmaIIer . . .544.0 -8.5 714.0 539.5
AIIiance Trust . . . . . .325.7 -2.3 392.7 321.6
Bankers Inv Trust . . .376.0 2.4 428.0 356.5
BH GIobaI Ltd. GB .1199.0 -8.0 1210.0 1058.0
BH GIobaI Ltd. US . . . .11.8 0.0 12.2 10.4
BH Macro Ltd. EUR . . .19.2 -0.0 20.1 15.8
BH Macro Ltd. GBP 1980.0 0.0 2070.0 1630.0
BH Macro Ltd. USD . . .19.0 -0.1 20.1 15.8
BIackRock WorId M .613.0 -2.0 815.5 604.0
BIueCrest AIIBIue . . .171.0 1.9 176.2 162.4
British Assets Tr . . . .115.5 -1.0 140.5 112.4
British Empire Se . . .438.0 0.5 533.0 434.0
CaIedonia Investm .1525.0 -14.0 1928.0 1480.0
City of London In . . .269.8 -0.6 306.9 257.0
Dexion AbsoIute L . .135.0 0.0 151.0 134.4
Edinburgh Dragon . .215.0 0.0 262.1 208.0
Edinburgh Inv Tru . . .454.7 -0.3 492.2 414.9
EIectra Private E . . .1354.0 -17.0 1755.0 1287.0
F&C Inv Trust . . . . . .275.7 -1.8 327.9 268.6
FideIity China Sp . . . . .76.0 -0.2 128.7 72.8
FideIity European . . .983.0 8.5 1287.0 937.5
HeraId Inv Trust . . . . .448.5 -4.5 545.5 430.0
HICL Infrastructu . . . .115.7 0.1 121.3 112.7
Impax Environment . .93.5 -1.3 130.5 92.5
JPMorgan American .799.0 -17.0 916.0 721.5
JPMorgan Asian In . .182.5 0.2 250.8 178.2
JPMorgan Emerging .501.0 3.0 639.0 483.0
JPMorgan European .745.0 -5.0 983.5 701.0
JPMorgan Indian I . . .363.0 -1.8 502.0 351.3
JPMorgan Russian .447.5 -0.3 755.0 443.0
Law Debenture Cor . .344.1 1.1 385.0 309.8
MercantiIe Inv Tr . . . .908.0 1.5 1137.0 876.5
Merchants Trust . . . .370.0 -6.0 431.8 348.7
Monks Inv Trust . . . .317.0 -4.1 367.9 311.3
Murray Income Tru . .595.0 -5.5 673.0 577.0
Murray Internatio . . .861.5 -5.0 991.5 840.0
PerpetuaI Income . . .245.0 -3.1 276.0 232.6
PoIar Cap TechnoI . .321.5 -5.6 391.2 299.5
RIT CapitaI Partn . . .1224.0 -3.0 1334.0 1110.0
Scottish Inv Trus . . . .439.0 -6.5 524.0 423.5
Scottish Mortgage . .644.0 -8.0 781.0 630.5
SVG CapitaI . . . . . . . .208.0 2.0 279.8 169.2
TempIe Bar Inv Tr . . .834.0 -8.5 952.0 784.0
TempIeton Emergin .523.0 -4.0 689.5 511.0
TR Property Inv T . . .163.2 0.7 206.1 154.5
TR Property Inv T . . . .74.5 0.5 94.0 69.5
Witan Inv Trust . . . . .427.0 -3.1 533.0 420.0
3i Group . . . . . . . . . . .193.1 -4.2 340.0 187.2
3i Infrastructure . . . .120.7 -0.4 125.2 112.9
Aberdeen Asset Ma .175.8 -0.2 240.0 160.5
Ashmore Group . . . .350.0 0.0 420.0 301.5
Brewin DoIphin Ho . .120.3 -0.7 185.4 120.2
CameIIia . . . . . . . . . .9349.5-193.510950.08900.0
CharIes TayIor Co . . .138.5 3.0 198.3 122.0
City of London Gr . . . .76.8 -1.0 93.6 76.3
City of London In . . .369.3 4.3 461.5 335.8
CIose Brothers Gr . . .683.0 -12.0 888.5 656.5
CoIIins Stewart H . . . .62.0 -2.0 90.8 61.5
EvoIution Group . . . . .80.5 -3.3 94.0 62.3
F&C Asset Managem .65.9 0.5 92.9 58.7
Hargreaves Lansdo .456.2 -1.8 646.5 402.5
HeIphire Group . . . . . . .3.1 0.6 39.0 2.2
Henderson Group . . .106.3 -3.6 173.1 105.1
Highway CapitaI . . . . .15.5 0.0 21.0 6.5
ICAP . . . . . . . . . . . . . .426.8 -2.6 570.5 391.3
IG Group HoIdings . .445.4 4.2 553.0 393.6
Intermediate Capi . . .220.0 0.3 360.3 204.8
InternationaI Per . . . .218.3 -4.2 388.8 196.5
InternationaI Pub . . . .114.7 -0.1 118.3 108.6
Investec . . . . . . . . . . .363.3 -6.3 538.0 357.5
IP Group . . . . . . . . . . . .44.5 -1.1 54.5 27.9
Jupiter Fund Mana . .202.0 -1.3 337.3 184.9
Liontrust Asset M . . . .68.0 0.0 94.3 67.0
LMS CapitaI . . . . . . . . .59.1 0.1 64.8 44.8
London Finance & . . .23.5 2.0 23.5 16.5
London Stock Exch .830.5 -9.5 1076.0 675.0
Lonrho . . . . . . . . . . . . .13.3 0.0 19.8 11.0
Man Group . . . . . . . . .176.0 -4.0 311.0 170.2
Paragon Group Of . .157.0 4.7 206.1 134.6
Provident Financi . .1026.0 5.0 1124.0 728.5
Rathbone Brothers .1059.0 -11.0 1257.0 840.5
Record . . . . . . . . . . . . .28.3 -0.8 51.0 20.3
RSM Tenon Group . . .22.5 0.0 66.3 21.3
Schroders . . . . . . . .1281.0 -5.0 1922.0 1183.0
Schroders (Non-Vo .1051.0 7.0 1554.0 970.0
TuIIett Prebon . . . . . .343.5 -8.5 428.6 329.8
WaIker Crips Grou . . .46.5 0.0 51.5 45.0
BT Group . . . . . . . . . .175.3 1.5 204.1 140.0
CabIe & WireIess . . . .37.8 0.5 58.7 31.3
CabIe & WireIess . . . .31.5 0.0 76.9 29.5
COLT Group SA . . . .101.5 -0.9 156.2 97.7
KCOM Group . . . . . . . .70.2 0.4 84.0 47.5
TaIkTaIk TeIecom . . .127.0 0.2 168.3 119.8
TeIecomPIus . . . . . . .717.5 7.0 717.5 370.0
Booker Group . . . . . . .72.0 -0.5 77.9 48.0
Greggs . . . . . . . . . . . .462.9 0.7 550.5 429.1
Morrison (Wm) Sup .287.6 2.3 308.3 262.7
Ocado Group . . . . . . . .98.4 1.4 285.0 91.0
Sainsbury (J) . . . . . . .274.3 -0.1 395.0 263.5
Tesco . . . . . . . . . . . . .380.5 -0.6 440.7 356.3
Associated Britis . . .1117.0 -1.0 1182.0 940.0
Cranswick . . . . . . . . .627.5 -10.5 896.0 588.5
Dairy Crest Group . . .347.0 -4.2 424.9 325.0
Devro . . . . . . . . . . . . .238.2 0.0 296.9 218.0
Premier Foods . . . . . . .10.1 -0.4 35.1 10.1
Tate & LyIe . . . . . . . . .630.5 18.0 656.0 466.8
UniIever . . . . . . . . . .2033.0 30.0 2081.0 1777.0
Mondi . . . . . . . . . . . . .483.0 -13.1 664.0 468.8
Centrica . . . . . . . . . . .297.0 0.8 345.8 282.6
InternationaI Pow . . .314.7 -3.3 448.6 279.4
NationaI Grid . . . . . . .640.0 11.0 647.0 530.0
Northumbrian Wate .463.5 0.0 469.5 295.5
Pennon Group . . . . . .686.5 1.5 737.5 579.5
Severn Trent . . . . . .1526.0 -4.0 1539.0 1306.0
United UtiIities . . . . .620.0 6.5 631.5 543.5
Cookson Group . . . . .440.6 4.3 724.5 410.5
DS Smith . . . . . . . . . .179.6 0.3 266.2 149.4
Rexam . . . . . . . . . . . .316.2 3.5 400.0 300.9
BAE Systems . . . . . .268.2 -2.2 369.9 248.1
Chemring Group . . . .532.0 -4.5 736.5 485.0
Cobham . . . . . . . . . . .180.0 -0.4 245.6 173.4
Meggitt . . . . . . . . . . . .334.9 5.7 397.6 296.2
QinetiQ Group . . . . . .113.7 -0.4 136.3 96.7
RoIIs-Royce Group . .610.5 -1.0 665.0 557.5
Senior . . . . . . . . . . . . .145.0 -1.4 190.6 128.9
UItra EIectronics . . .1523.0 -27.0 1895.0 1305.0
Hansen Transmissi . . .65.0 -0.3 65.9 32.5
GKN . . . . . . . . . . . . . .178.6 3.5 245.0 167.9
BarcIays . . . . . . . . . . .169.2 2.8 333.6 138.9
HSBC HoIdings . . . . .512.8 2.8 730.9 486.2
LIoyds Banking Gr . . .36.5 0.4 76.4 27.6
RoyaI Bank of Sco . . .24.5 0.4 49.5 19.7
Standard Chartere .1358.0 36.0 1950.0 1272.0
AG Barr . . . . . . . . . .1215.0 -10.0 1395.0 1031.0
Britvic . . . . . . . . . . . . .321.0 -3.3 503.5 289.9
Diageo . . . . . . . . . . .1237.5 -21.5 1307.0 1092.0
SABMiIIer . . . . . . . . .2097.0 -35.0 2340.0 1979.0
AZ EIectronic Mat . . .234.0 -5.9 338.1 210.0
Croda Internation . .1662.0 -22.0 2081.0 1367.0
EIementis . . . . . . . . . .125.9 -3.4 187.4 99.6
Johnson Matthey . .1634.0 -19.0 2119.0 1531.0
Victrex . . . . . . . . . . .1138.0 -18.0 1590.0 1132.0
Price Chg High Low
BerkeIey Group Ho .1199.0 3.0 1299.0 789.5
Bovis Homes Group .403.1 0.1 464.7 326.5
Persimmon . . . . . . . .460.2 2.5 502.5 336.5
Reckitt Benckiser . .3267.0 -5.0 3648.0 3015.0
Redrow . . . . . . . . . . . .111.3 -0.6 139.0 98.4
TayIor Wimpey . . . . . . .35.3 0.1 43.3 22.3
Bodycote . . . . . . . . . .265.3 2.0 397.7 247.9
Charter Internati . . . .876.5 9.0 876.5 538.5
Fenner . . . . . . . . . . . .319.1 -3.2 422.5 232.2
IMI . . . . . . . . . . . . . . . .735.0 -6.5 1119.0 725.5
MeIrose . . . . . . . . . . .297.3 -6.0 365.4 262.8
Northgate . . . . . . . . . .251.5 1.5 346.7 202.0
Rotork . . . . . . . . . . .1582.0 -14.0 1895.0 1501.0
Spirax-Sarco Engi . .1848.0 -6.0 2063.0 1649.0
Weir Group . . . . . . .1600.0 -16.0 2218.0 1423.0
Ferrexpo . . . . . . . . . . .274.7 -15.3 499.0 272.1
TaIvivaara Mining . . .266.8 -0.5 622.0 262.8
BBAAviation . . . . . . .170.0 2.2 240.8 156.0
Stobart Group Ltd . . .128.5 -0.2 163.6 122.0
AdmiraI Group . . . . .1305.0 -14.0 1754.0 1230.0
AmIin . . . . . . . . . . . . .290.6 -6.3 427.0 278.7
Huntsworth . . . . . . . . .68.1 6.9 86.0 56.0
Informa . . . . . . . . . . . .333.8 -1.2 461.1 324.0
ITE Group . . . . . . . . . .167.9 0.3 258.2 160.5
ITV . . . . . . . . . . . . . . . . .60.7 0.3 93.5 51.7
Johnston Press . . . . . . .4.9 -0.1 14.8 4.4
MecomGroup . . . . . .147.5 -1.8 310.0 135.3
Moneysupermarket. .107.1 -1.8 120.4 75.7
Pearson . . . . . . . . . .1144.0 -4.0 1207.0 926.0
PerformGroup . . . . .213.4 5.4 234.5 150.0
Reed EIsevier . . . . . .501.0 -0.5 590.5 461.3
Rightmove . . . . . . . .1250.0 -30.0 1307.0 733.5
STV Group . . . . . . . . .105.5 0.0 168.0 89.8
Tarsus Group . . . . . .128.8 3.8 165.0 112.5
Trinity Mirror . . . . . . . .42.0 0.8 113.0 37.5
UBM . . . . . . . . . . . . . .463.1 3.4 725.0 416.0
UTV Media . . . . . . . . .123.5 -1.1 151.0 101.0
WiImington Group . . .92.8 2.8 183.0 82.5
WPP . . . . . . . . . . . . . .629.5 1.0 846.5 578.5
YeII Group . . . . . . . . . . .4.2 0.1 16.1 4.0
African Barrick G . . .501.0 -11.5 638.0 393.5
AngIo American . . .2291.5 -49.0 3437.0 2230.0
AngIo Pacific Gro . . .262.0 -4.0 369.3 257.1
Antofagasta . . . . . . . .958.5 -31.5 1634.0 950.0
Aquarius PIatinum . .190.0 9.8 419.0 174.0
BHP BiIIiton . . . . . . .1765.0 -34.0 2631.5 1731.5
BeazIey . . . . . . . . . . . .118.7 0.0 139.2 109.6
CatIin Group Ltd. . . .378.8 -5.3 421.4 325.0
Hiscox Ltd. . . . . . . . . .369.9 -10.6 424.7 340.5
Jardine LIoyd Tho . . .641.0 -5.0 709.0 564.5
Lancashire HoIdin . . .710.0 -23.5 733.5 529.0
RSA Insurance Gro . .113.3 -0.3 143.5 107.0
Aviva . . . . . . . . . . . . . .312.5 8.9 477.9 276.1
LegaI & GeneraI G . . . .99.3 -0.9 123.8 90.9
OId MutuaI . . . . . . . . .108.4 -1.7 145.2 103.2
Phoenix Group HoI . .479.9 -10.1 699.5 458.0
PrudentiaI . . . . . . . . .574.5 1.0 777.0 546.5
ResoIution Ltd. . . . . .254.2 3.1 316.1 211.3
St James's PIace . . . .318.0 1.6 376.0 236.2
Standard Life . . . . . . .206.1 0.9 244.7 172.0
4Imprint Group . . . . .216.5 -0.5 295.0 200.0
Aegis Group . . . . . . .127.2 -0.6 163.5 121.3
BIoomsbury PubIis . . .98.0 -0.8 138.0 96.0
British Sky Broad . . .682.5 -5.5 850.0 618.5
Centaur Media . . . . . . .39.4 2.9 73.0 36.0
Chime Communicati .189.3 -1.3 298.5 173.0
Creston . . . . . . . . . . . .77.0 -1.0 121.0 75.0
DaiIy MaiI and Ge . . .367.8 6.2 594.5 343.4
Euromoney Institu . .598.0 -14.0 736.0 522.5
Future . . . . . . . . . . . . . .11.8 -0.4 30.0 10.8
Haynes PubIishing . .233.0 0.0 257.0 202.5
Centamin Egypt Lt . . .94.9 -3.5 197.1 89.7
Eurasian NaturaI . . .576.5 -3.0 1125.0 550.0
FresniIIo . . . . . . . . . .1514.0 -71.0 2150.0 1223.0
GemDiamonds Ltd. .217.0 -1.5 306.0 179.8
GIencore Internat . . .409.3 -13.8 531.1 348.0
HochschiId Mining . .429.1 -21.9 680.0 423.9
Kazakhmys . . . . . . . .834.0 -6.5 1671.0 782.0
Kenmare Resources . .35.2 -2.8 59.9 17.2
Lonmin . . . . . . . . . . .1068.0 -30.0 1983.0 1065.0
New WorId Resourc .468.1 -7.0 1060.0 461.3
PetropavIovsk . . . . . .617.0 -21.0 1170.0 614.0
RandgoId Resource 6130.0-165.0 7215.0 4425.0
Rio Tinto . . . . . . . . .2966.5 -90.5 4712.0 2945.0
Vedanta Resources .1108.0 -43.0 2559.0 1070.0
Xstrata . . . . . . . . . . . .845.1 -33.9 1550.0 820.0
Inmarsat . . . . . . . . . . .492.5 -4.1 719.5 389.7
Vodafone Group . . . .167.2 0.5 182.8 155.1
Genesis Emerging . .451.5 4.5 568.0 438.0
Afren . . . . . . . . . . . . . . .91.0 -0.2 171.2 84.7
BG Group . . . . . . . . .1237.0 -25.5 1564.5 1118.5
BP . . . . . . . . . . . . . . . .391.8 -8.1 509.0 363.2
Cairn Energy . . . . . . .281.6 5.1 469.7 275.1
EnQuest . . . . . . . . . . . .88.2 -1.0 158.5 87.5
Essar Energy . . . . . .258.2 -1.2 589.5 235.1
ExiIIon Energy . . . . . .206.3 -6.2 469.7 199.9
Heritage OiI . . . . . . . .237.8 -6.2 486.0 190.0
Ophir Energy . . . . . . .271.2 -0.4 299.0 184.5
Premier OiI . . . . . . . . .346.9 2.8 535.0 310.0
RoyaI Dutch SheII . .2009.5 10.0 2326.5 1883.5
RoyaI Dutch SheII . .2020.0 3.0 2336.0 1846.5
SaIamander Energy .201.2 1.4 317.6 182.3
Soco Internationa . . .332.2 0.6 454.7 279.8
TuIIow OiI . . . . . . . . .1312.0 -4.0 1493.0 945.5
Amec . . . . . . . . . . . . .853.0 5.5 1251.0 834.0
Hunting . . . . . . . . . . .588.5 4.5 817.0 579.0
Kentz Corporation . .458.1 -2.4 494.5 275.5
LampreII . . . . . . . . . . .262.4 2.4 395.2 247.6
Petrofac Ltd. . . . . . .1244.0 11.0 1685.0 1110.0
Wood Group (John) .546.0 7.0 715.8 430.5
Burberry Group . . . .1201.0-108.0 1600.0 959.5
PZ Cussons . . . . . . . .335.3 2.7 409.0 320.5
Supergroup . . . . . . .1068.0 -4.0 1820.0 818.5
AstraZeneca . . . . . .2874.5 13.5 3359.0 2543.5
BTG . . . . . . . . . . . . . .251.0 -7.6 309.7 210.1
Genus . . . . . . . . . . . .1073.0 -38.0 1117.0 772.5
GIaxoSmithKIine . . .1338.0 -10.0 1385.0 1127.5
Hikma Pharmaceuti .572.5 -17.5 900.0 555.5
Shire PIc . . . . . . . . . .1981.0 -8.0 2136.0 1405.0
CapitaI & Countie . . .173.1 1.1 203.7 131.2
Daejan HoIdings . . .2374.0 -71.0 2954.0 2282.0
F&C CommerciaI Pr . .98.1 -1.2 108.0 88.0
Grainger . . . . . . . . . . . .89.0 1.0 133.2 86.0
London & Stamford .117.4 0.5 140.0 112.9
SaviIIs . . . . . . . . . . . . .295.1 -0.9 427.1 288.2
UK CommerciaI Pro . .77.0 1.0 85.5 70.4
Unite Group . . . . . . . .166.2 -3.1 229.8 152.9
Big YeIIow Group . . .241.1 -2.9 353.3 234.2
British Land Co . . . . .483.5 -5.8 629.5 465.0
CapitaI Shopping . . .332.5 5.6 424.8 296.4
Derwent London . . .1482.0 -31.0 1880.0 1411.0
Great PortIand Es . . .348.0 -3.2 445.0 329.0
Hammerson . . . . . . . .385.2 4.1 490.9 366.5
Hansteen HoIdings . . .73.7 -1.6 89.5 69.8
Land Securities G . . .647.5 5.0 885.0 629.0
SEGRO . . . . . . . . . . . .219.2 1.6 331.3 215.2
Shaftesbury . . . . . . . .473.0 -4.1 539.0 431.7
Autonomy Corporat 2544.0 6.0 2544.0 1271.0
Aveva Group . . . . . .1462.0 -45.0 1799.0 1391.0
Computacenter . . . . .380.5 0.5 490.0 286.4
Fidessa Group . . . . .1588.0 13.0 2109.0 1409.0
Invensys . . . . . . . . . . .237.0 -0.9 364.3 221.1
Logica . . . . . . . . . . . . .80.5 0.9 147.2 73.9
Micro Focus Inter . . .329.7 -11.8 426.2 239.4
Misys . . . . . . . . . . . . .221.3 -14.8 420.2 214.9
Sage Group . . . . . . . .255.8 -1.2 302.0 231.7
SDL . . . . . . . . . . . . . . .651.5 0.5 711.5 555.0
TeIecity Group . . . . . .567.0 6.0 583.5 430.0
Aggreko . . . . . . . . . .1682.0 -63.0 2034.0 1394.5
Ashtead Group . . . . .139.8 -2.6 207.9 99.4
Atkins (WS) . . . . . . . .551.0 6.5 820.0 490.2
Babcock Internati . . .670.0 7.0 733.0 513.5
Berendsen . . . . . . . . .434.3 2.5 568.0 391.3
BunzI . . . . . . . . . . . . .788.0 -6.0 812.5 676.5
Cape . . . . . . . . . . . . . .472.4 -5.6 591.5 337.5
Capita Group . . . . . . .718.5 2.0 794.5 635.5
CariIIion . . . . . . . . . . .340.1 -0.3 403.2 298.8
De La Rue . . . . . . . . .829.5 18.0 853.5 549.5
EIectrocomponents .193.1 -1.4 294.9 190.0
Experian . . . . . . . . . . .733.0 -7.5 833.5 665.0
FiItrona PLC . . . . . . . .354.5 -6.2 385.5 227.5
G4S . . . . . . . . . . . . . . .267.6 0.6 291.0 237.7
Hays . . . . . . . . . . . . . . .72.8 -1.2 133.6 69.4
Homeserve . . . . . . . .472.1 -10.0 532.0 408.0
Howden Joinery Gr . .104.4 -0.5 127.5 75.4
Interserve . . . . . . . . . .301.9 0.4 341.3 183.5
Intertek Group . . . . .2050.0 11.0 2148.0 1715.0
MichaeI Page Inte . . .377.4 -2.7 567.0 338.7
Mitie Group . . . . . . . .243.3 -0.7 250.6 191.2
Premier FarneII . . . . .157.3 -1.8 308.8 148.1
Regus . . . . . . . . . . . . . .76.2 0.3 119.0 64.0
RentokiI InitiaI . . . . . . .74.0 0.3 104.9 72.4
RPS Group . . . . . . . . .164.8 -2.5 253.0 161.4
Serco Group . . . . . . .517.5 2.0 633.0 490.9
Shanks Group . . . . . .109.4 0.5 130.9 103.0
SIG . . . . . . . . . . . . . . . .96.4 -0.3 153.5 91.0
SThree . . . . . . . . . . . .233.7 8.1 447.6 213.2
Travis Perkins . . . . . .752.5 12.5 1127.0 715.0
WoIseIey . . . . . . . . .1601.0 99.0 2261.0 1404.0
ARM HoIdings . . . . . .573.0 -19.0 651.0 338.9
CSR . . . . . . . . . . . . . .216.8 -7.2 447.0 208.0
Imagination Techn . .441.4 -3.2 502.0 296.9
Pace . . . . . . . . . . . . . .102.1 1.6 231.8 91.0
Spirent Communica .120.1 -2.6 160.3 116.0
British American . .2762.0 -31.0 2871.0 2282.5
ImperiaI Tobacco . .2171.0 10.0 2231.0 1784.0
Avis Europe . . . . . . . .314.8 -0.2 315.0 184.0
Betfair Group . . . . . . .739.0 -24.0 1550.0 567.0
Bwin.party Digita . . . .119.0 -0.2 289.1 100.6
CarnivaI . . . . . . . . . .2061.0 10.0 3153.0 1742.0
Compass Group . . . .520.5 -9.0 612.0 511.5
Domino's Pizza UK . .427.4 -30.7 586.0 377.0
easyJet . . . . . . . . . . . .353.4 -1.6 479.0 301.0
FirstGroup . . . . . . . . .327.4 0.0 412.6 311.3
Go-Ahead Group . . .1361.0 -19.0 1598.0 1085.0
Greene King . . . . . . .437.1 -4.1 518.0 410.0
InterContinentaI . . .1070.0 -1.0 1435.0 955.0
InternationaI Con . . .159.7 5.9 305.0 141.6
JD Wetherspoon . . . .390.0 -2.2 468.3 386.3
Ladbrokes . . . . . . . . .122.7 0.0 155.3 120.0
Marston's . . . . . . . . . . .93.0 -0.1 117.1 87.1
MiIIennium& Copt . .415.0 -3.0 600.5 395.5
MitcheIIs & ButIe . . . .240.0 -4.0 361.0 216.4
NationaI Express . . .236.7 1.3 270.2 220.7
Rank Group . . . . . . . .117.0 -3.2 153.7 109.5
Restaurant Group . . .280.8 1.6 335.0 254.9
Stagecoach Group . .247.5 3.6 268.5 180.4
Thomas Cook Group .39.0 2.1 204.8 33.7
TUI TraveI . . . . . . . . . .152.5 -3.2 271.9 137.2
Whitbread . . . . . . . .1629.0 7.0 1887.0 1409.0
WiIIiamHiII . . . . . . . . .227.9 3.3 237.3 155.5
Abcam . . . . . . . . . . . .361.3 4.3 460.0 307.0
AIbemarIe & Bond . .344.0 1.0 400.1 272.0
Amerisur Resource . .13.0 -0.5 29.0 11.5
Andor TechnoIogy . .575.0 -2.0 685.0 340.0
ArchipeIago Resou . . .69.0 -1.0 79.0 32.3
ASOS . . . . . . . . . . . .1523.0 -36.0 2468.0 1111.0
AureIian OiI & Ga . . . .19.5 -0.5 92.0 16.0
Avanti Communicat .248.5 -6.5 735.0 241.3
Avocet Mining . . . . . .229.3 -5.3 286.8 165.8
BIinkx . . . . . . . . . . . . .153.0 1.3 160.3 70.5
Borders & Souther . . .46.8 1.8 80.5 43.5
BowLeven . . . . . . . . . .99.3 -4.0 398.0 89.8
Brooks MacdonaId 1242.0 12.0 1372.5 907.5
Cove Energy . . . . . . . .78.5 4.0 112.8 61.0
Daisy Group . . . . . . .109.5 -1.0 127.0 88.0
EMIS Group . . . . . . . .521.0 -8.5 580.0 367.5
Encore OiI . . . . . . . . . .51.0 2.5 151.5 40.8
Faroe PetroIeum . . . .142.0 -3.3 218.3 133.0
GuIfsands PetroIe . . .185.5 -1.3 401.5 142.5
GWPharmaceuticaI . .96.0 -3.5 130.0 83.0
H&T Group . . . . . . . . .332.5 -1.0 395.0 277.0
Hamworthy . . . . . . . .530.0 20.0 705.0 360.0
Hargreaves Servic .1016.0 -5.0 1078.0 675.0
HeaIthcare Locums . . . .5.9 -0.1 6.2 5.8
Immunodiagnostic .1072.0 37.0 1218.0 768.5
ImpeIIamGroup . . . .332.5 0.0 387.5 137.5
James HaIstead . . . . .430.0 -0.5 495.0 325.0
KaIahari MineraIs . . .217.8 -7.3 301.0 142.0
London Mining . . . . .311.0 -9.0 436.5 283.0
Lupus CapitaI . . . . . . .97.0 2.0 150.0 86.0
M. P. Evans Group . .418.0 -1.0 500.5 371.0
Majestic Wine . . . . . .430.0 5.0 510.0 330.0
May Gurney Integr . .280.5 0.0 295.0 181.0
Monitise . . . . . . . . . . . .35.3 -0.5 39.0 18.5
MuIberry Group . . . .1532.0 -23.0 1920.0 384.0
Nanoco Group . . . . . . .51.6 2.1 115.8 48.6
NauticaI PetroIeu . . .290.0 -8.0 547.0 223.5
NichoIs . . . . . . . . . . . .538.5 14.5 579.0 410.0
Numis Corporation . . .92.0 0.0 137.8 89.0
Pan African Resou . . .12.3 0.0 14.5 8.2
Patagonia GoId . . . . . .53.3 0.5 70.0 20.3
Prezzo . . . . . . . . . . . . .55.5 -0.8 71.5 53.3
Pursuit Dynamics . . .185.3 0.0 700.0 160.5
Rockhopper ExpIor .194.3 -0.8 489.0 141.0
RWS HoIdings . . . . . .449.9 -10.1 479.8 265.0
Songbird Estates . . .118.0 -2.0 160.3 110.3
VaIiant PetroIeum . . .468.0 5.5 761.5 435.0
Young & Co's Brew . .622.5 2.5 712.0 530.0
WoIseIey . . . . . . . . .1601.0 6.6
Thomas Cook Group .39.0 5.7
Aquarius PIatinum . .190.0 5.4
YuIe Catto & Co . . . . .163.0 4.3
InternationaI Cons . .159.7 3.8
Smiths Group . . . . .1006.0 3.8
SThree . . . . . . . . . . . .233.7 3.6
Paragon Group Of C .157.0 3.1
Tate & LyIe . . . . . . . . .630.5 2.9
Aviva . . . . . . . . . . . . .312.5 2.9
Burberry Group . . . .1201.0 -8.3
Kenmare Resources . .35.2 -7.4
Domino's Pizza UK .427.4 -6.7
Misys . . . . . . . . . . . . .221.3 -6.3
Ferrexpo . . . . . . . . . .274.7 -5.3
HochschiId Mining . .429.1 -4.9
FresniIIo . . . . . . . . . .1514.0 -4.5
Xstrata . . . . . . . . . . . .845.1 -3.9
Vedanta Resources .1108.0 -3.7
Kesa EIectricaIs . . . . .83.0 -3.7
Risers FaIIers
MAIN CHANGES UK 350
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
Price Chg High Low Price Chg High Low
GILTS
AEROSPACE & DEFENCE
CONSTRUCTION & MATERIALS
ELECTRICITY
ELECTRONIC & ELECTRICAL EQ.
EQUITY INVESTMENT INSTRUM.
FINANCIAL SERVICES
FIXED LINE TELECOMS
FOOD & DRUG RETAILERS
FOOD PRODUCERS
FORESTRY & PAPER
GAS, WATER & MULTIUTILITIES
GENERAL RETAILERS
HEALTH CARE EQUIPMENT & S.
HHOLD GDS & HOME CONSTR.
INDUSTRIAL ENGINEERING
INDUSTRIAL TRANSPORTATION
MEDIA
LIFE INSURANCE
PERSONAL GOODS
PHARMACEUTICALS & BIOTECH
REAL ESTATE INVEST. & SERV.
SOFTWARE & COMPUTER SERV.
SUPPORT SERVICES
TECHNOLOGY HARDW. & EQUIP.
TOBACCO
TRAVEL & LEISURE
AIM 50
NON LIFE INSURANCE
REAL ESTATE INVEST. TRUSTS
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 . . . . .100.37 -0.01 103.2 100.4
Tsy 5.000 12 . . . .101.92 -0.01 106.3 101.9
Tsy 5.250 12 . . . .103.19 -0.03 107.7 103.2
Tsy 9.000 12 . . . .107.05 0.54 115.0 106.5
Tsy 4.500 13 . . . .105.60 -0.03 108.8 105.6
Tsy 2.500 13 . . . .283.35 -0.01 287.7 277.6
Tsy 8.000 13 . . . . .114.57 -0.04 120.7 114.5
Tsy 5.000 14 . . . . .112.00 0.00 114.1 109.2
Tsy 7.750 15 . . . .101.60 0.00 109.1 101.6
Tsy 4.750 15 . . . . .113.97 0.02 114.8 108.6
Tsy 8.000 15 . . . .127.91 0.02 131.3 123.7
Tsy 2.500 16 . . . .338.02 0.16 341.0 310.2
Tsy 4.000 16 . . . . .112.30 0.01 113.4 104.9
Tsy 12.000 17 . . .123.86 0.00 134.2 123.9
Tsy 1.250 17 . . . . .113.96 0.11 115.0 106.7
Tsy 8.750 17 . . . .139.38 -0.05 142.1 132.9
Tsy 5.000 18 . . . . .119.61 -0.08 121.0 109.7
Tsy 4.500 19 . . . . .116.94 -0.05 118.5 105.4
Tsy 3.750 19 . . . . .111.58 -0.05 113.0 99.4
Tsy 4.750 20 . . . . .119.18 -0.10 120.8 106.6
Tsy 2.500 20 . . . .350.83 0.14 355.6 312.4
Tsy 8.000 21 . . . . .149.11 -0.19 151.8 133.8
Tsy 1.875 22 . . . .122.80 0.20 123.8 111.3
Tsy 4.000 22 . . . . .112.90 -0.11 114.7 99.0
Tsy 2.500 24 . . . . .314.11 0.25 316.9 273.5
Tsy 5.000 25 . . . .123.54 -0.02 125.4 107.4
Tsy 1.250 27 . . . . .117.67 0.41 118.9 104.6
Tsy 4.250 27 . . . . .113.96 -0.01 115.8 97.9
Tsy 6.000 28 . . . .138.07 -0.04 140.3 119.5
Tsy 4.125 30 . . . .298.09 0.30 301.4 261.2
Tsy 4.750 30 . . . .120.49 -0.02 122.3 103.0
Tsy 4.250 32 . . . . .112.75 -0.07 114.6 96.0
Tsy 4.250 36 . . . . .111.81 -0.07 113.8 95.0
Tsy 4.750 38 . . . .120.41 -0.29 123.0 102.8
Tsy 4.500 42 . . . . .116.07 -0.34 118.3 98.9
% %
T
ICKETS are selling fast for events at
this years 55th BFI London Film
Festival. With the glitzy premiere,
360, starring Rachel Weisz, Sir
Anthony Hopkins and Jude Law opening
the fortnight on 12 October, no
wonder the event is proving popular.
Last year, all eyes were on the Kings
Speech, which went on to pick up four
Oscars at the Academy Awards. This year,
theres an eclectic mix of British and
International films to choose from.
Heres our quick guide to a few of
the highlights of the fortnight of
Southbank festivities.
1 Film
MARTHA MARCY MAY
MARLENE
SEAN Durkins directorial debut, which
heralds new star, Elizabeth Olsen (aka
younger sister of fashionistas/child stars
Mary-Kate and Ashley), is a tale of
readjustment to society after a life
immersed in a cult. We follow Martha
(Olsen) from her escape and witness her
uncomfortable flashbacks back to life in
the commune. The film becomes
unsettling when we watch cult leader
Patrick (JohnHawkes) undergo a transfor-
mation from charismatic to chilling.
2 Film
SARAH PALIN YOU BETCHA!
AFTER all the mud-slinging at Sarah Palin
over the past year, the tenacious hockey
mom must be getting used to batting away
controversy. This entertaining and uncom-
fortable documentary, by Brit director
Nick Broomfield, is a telling character
assessment of the former Alaska governor,
pieced together from interviews with
those former campaign managers, rela-
tives, employees among others, and makes
risible the idea of a future Palin presidency.
3 Talk and Film
MICHAEL WINTERBOTTOM
TALK AND TRISHNA
WITH a repertoire spanning lesbian serial
killer films to last years acclaimed the
Killer Inside Me, this insight into the versa-
tile British director is unmissable.
Plan your diary
around the festivities,
writes Helena Lee
Lifestyle| Reviews
41
2
3
Above, Freida Pinto in
Winterbottoms
Trishna. Top right,
Elisabeth Olsen in cult
film Martha Marcy
May Marlene. Above
left, director Nick
Broomfield with a
Palin cardboard cut-
out
Winterbottom:
highlight at
the London
Film Festival
Winterbottom will be discussing his
varied career to date, which includes the
sexually explicit 9 Songs, the painfully
funny series, the Trip, starring
Steve Coogan, and his latest film Trishna, a
modern remake of Tess of the
dUrbervilles. Slumdog Millionaires Freida
Pinto takes the starring role as the beauti-
THE DEBT
Cert: 15
hhhii
Dame Helen Mirren has swapped comic
Russell Brands antics for serious action as
secret agent, Rachel Singer. An English
remake of an Israeli espionage thriller, the
Debt flits between the 1960s when three
Great for kicks, not for thrills
as spooks get sentimental
Mossad agents capture the Surgeon of
Birkenau, one of Hitlers henchmen, and
1997, when Singer, celebrated for the cap-
ture, finds herself plunged back into
action. Tree of Lifes Jessica Chastain stars
as the young Singer and impresses with
her Krav Maga (Israeli martial art) ability.
Mirren may put in a powerful perform-
ance as a guarded character keeping up
appearances yet haunted by secrets, but it
is Chastains intensely claustrophobic
scenes with the Surgeon (Jesper
Christensen) that truly steal the show,
especially as Christensen is a perfect bal-
ance of intriguing and creepy.
The Debt could have been a highly-
charged psychological thriller, but unfor-
tunately, sentimental inclusions, such as
the half-hearted love triangle between the
agents, and the scenes with Singers
daughter, crowd out and dull the central
plot. Yes, its entertaining enough for two
hours, but quite frankly, it could have
been better. Claire Farrell
Helen Mirren gets
serious as Mossad
secret agent Rachel
Singer
ful peasant from Rajasthan, who, when
pursued by a wealthy hoteliers son, is
undone by his charm and pursuit.
Talk: Sunday 23rd October, 4pm.
55th BFI London Film Festival (in partnership
with American Express), 12th to 27th October.
Go to www.bfi.org.uk/lff for all booking details
1
T
E
R
R
E
S
T
R
I
A
L
STRICTLY COME DANCING
BBC1, 9PM
The pro-celebrity contest returns for
its ninth season, as Bruce Forsyth and
Tess Daly host the first of this
weekends two live shows.
QI
BBC2, 10PM
Stephen Fry is joined by comedians
Phill Jupitus, Rich Hall, Jimmy Carr
and regular panellist Alan Davies on
the quiz with a difference.
THE BACHELOR
CHANNEL5, 10PM
Gavin tries to get to the bottom of
last weeks argument and enjoys a
romantic gondola ride with one of
the girls, but finds himself with some
explaining to do at the rose ceremony.
BBC1
SKY SPORTS 1
7pmSky Sports News at Seven
7.30pmLive Super League 10pm
Take It Like a Fan 10.30pmPremier
League Preview11pmFootball
League Weekend 12amVictory
Shield Football 1.30amTake It Like
a Fan 2amPremier League Preview
2.30amFootball League Weekend
3.30amVictory Shield Football
5amTake It Like a Fan
5.30am-6amPremier League
Preview
SKY SPORTS 2
7pmRoad to London 7.30pmLive
Victory Shield Football 9.30pm
WWE: Late Night Smackdown
11.30pmWWE: Late Night
Bottom Line 12.30amSuper
League 2amRoad to London
2.30amNFL: Total Access 3.30am
Tight Lines 4.30am-6amSuper
League
SKY SPORTS 3
7pmTight Lines 8pm
Powerboating 8.30pmGolf
9pmLive PGA Tour Golf 12am
European Tour Golf 2amPGA Tour
Golf 5amGolf 5.30am-6amKings
Of The Extreme
BRITISH EUROSPORT
12pmLive Snooker 9pmWTA
Tennis 10pmMotoGP 11.30pmGT
Academy: Road to Dubai
11.45pm-12.45amTen Pin Bowling
4.55am-8amLive MotoGP
ESPN
7pmLive Premiership Rugby Union
10pmFrench Top 14 Rugby Union
11.45pmWorld Rally Championship
12.15amESPN MMA Live 12.45am
ESPN Kicks: Extra 1amPremiership
Rugby Union 2.30amICC Cricket
World Magazine 3amWorld Rally
Championship 3.30amTotal Italian
Football 4amPremier League
Preview4.30am-9amLive
Australian Rules Football
SKY LIVING
7pmCriminal Minds 8pmDrop
Dead Diva 9pmCriminal Minds
10pmJerry Bruckheimers Chase
11pmBones 12amCriminal Minds
1amCSI: Crime Scene Investigation
2.40amMaury 3.30amBones
4.20amNothing to Declare
5.10am-6amJerry Springer
BBC THREE
7pmDoctor Who 7.45pmDoctor
Who Confidential 8pmThe Real
Hustle: New Recruits 8.30pmE20
9pmLittle Britain 9.30pmLee
Nelsons Well Good Show10pm
EastEnders 10.30pmHim & Her
11pmFamily Guy 11.45pm
American Dad! 12.50amLee
Nelsons Well Good Show1.20am
Little Britain 1.50amHim & Her
2.20amWorlds Craziest Fools
2.50amYoung, Dumb and Living
Off Mum3.50amThe Real Hustle:
New Recruits 4.20am-5.20am
Young Soldiers
E4
7pmHollyoaks 7.30pmHow I Met
Your Mother 8pmJo Frost:
Extreme Parental Guidance
9pmSupersize vs Superskinny
10pmEmbarrassing Bodies: Teen
Special 11.05pmWife Swap USA
12.05amThe Big Bang Theory 1am
Scrubs 1.50amHow I Met Your
Mother 2.15amEmbarrassing
Bodies: Teen Special 3.10amRules
of Engagement 3.30amReaper
4.15amGlee 4.55am-6am
Switched
HISTORY
7pmTreasure Houses of Britain
8pmStorage Wars 9pmAmerican
Pickers 10pmSwamp People 12am
The Nostradamus Effect 1amThe
True Story 2amInside the World of
Henry VIII 3amTreasure Houses of
Britain 4amPawn Stars 4.30am
Storage Wars 5am-6amAncient
Discoveries
DISCOVERY
7pmMythbusters 9pmWeird or
What? 10pmStan Lees
Superhumans 11pmGold
Rush 12amBear Grylls: Born
Survivor 1amWeird or What?
2amMan, Woman, Wild 3am
Deadliest Catch 3.50amRiver
Monsters 4.40amCatastrophe
5.30am-6amDestroyed in Seconds
DISCOVERY HOME &
HEALTH
7pmBabes in the Wood 8pm
Raising 10 Kids: The Hayes Way
9pmSupernanny 10pmSurviving
Sextuplets and Twins 11pmTrauma
Unit 12amSupernanny 1am
Surviving Sextuplets and Twins
2amTrauma Unit 3amRaising 10
Kids: The Hayes Way 4amA Baby
Story 5am-6amBabys Room
SKY1
7.30pmThe Middle 8pmModern
Family: Cam and Mitch go on diets.
8.30pmThe Simpsons 9pmAn
Idiot Abroad 2 10pmGlee 11pm
Mount Pleasant 12amBrit Cops:
Rapid Response 1amRoad Wars
1.50amNight Cops 2.40amThe
Dresden Files 4.20amIts Me or
the Dog 5.10am-6amTabathas
Salon Takeover
BBC2 ITV1 CHANNEL4 CHANNEL5
S
A
T
E
L
L
I
T
E
&
C
A
B
L
E
TVPICK
6pmBBC News
6.30pmBBC London News
7pmThe One Show
7.30pmNigel Slaters Simple
Cooking; BBC News 8pm
EastEnders 8.30pmCelebrity
MasterChef 9pmCHOICE Strictly
Come Dancing 10pmBBC News
10.25pmRegional News 10.35pm
Come Fly with Me 11.05pmMrs
Browns Boys 11.35pmThe National
Lottery Friday Night Draws
11.45pmFILMVeronica Guerin.
2003. 1.15amWeatherview
1.20amSign Zone: Question
Time 2.20amSign Zone: Monty
Halls Great Irish Escape 3.20am
Sign Zone: The Code 4.20am-6am
BBC News
6pmEggheads
6.30pmReel History of Britain
7pmThe Culture Show
8pmEscape to the Country
8.30pmGardeners World
9pmDigging for Britain
10pmCHOICE QI
10.30pmNewsnight
11pmThe Review Show
11.45pmWeather
11.50pmLater with Jools
Holland
12.50amFILMIts Alive!
Horror, with John P Ryan.
1974.
2.20amThe Culture Show3.20am
BBC News 4.20am-6amClose
6pmLondon Tonight
6.30pmITV News
7pmEmmerdale
7.30pmCoronation Street
8pmLove Your Garden
8.30pmCoronation Street
9pmDCI Banks
10pmITV News at Ten
10.30pmLondon News
10.35pmSextuplets The
Little Lambs
11.35pmRugby World Cup
Highlights
12amSmugglers
12.55amThe Zone; ITV News
Headlines 3.15am-5.30amLive
Rugby World Cup
6pmThe Simpsons
6.30pmHollyoaks
6.55pm4thought.tv
7pmChannel 4 News
7.30pmChannel 4 Presents
Nathan Stephens
7.35pmThe IT Crowd
8pmCome Dine with Me 9pmThe
Million Pound Drop Live 10.30pm8
Out of 10 Cats 11.05pmAl Murray:
My Funniest Year 1.10amMusic on
4: 4Play: The Drums 1.20amMusic
on 4: On Track 1.50amMy Name
Is Earl 2.30amWithout a Trace
3.20amThe Real Housewives of
New Jersey 4.05amAccidentally
on Purpose 4.30amCountdown
5.15am-6.10amCookery School
6pmHome and Away
6.25pmOK! TV
7pm5 News at 7
7.30pmPawn Stars; 5 News
Update
8pmUltimate Police
Interceptors; 5 News at 9
9pmBig Brother: Live Eviction
10pmCHOICE The Bachelor
11pmBig Brother: The Eviction
Interview
11.30pmBig Brothers Bit on the
Side 12.15amSuperCasino 4.05am
Motorsport Mundial 4.35amThe
Gadget Show5amCounty Secrets
5.10amWildlife SOS 5.25am
County Secrets 5.35am-6am
House Doctor
1 2 3 4 5
6 7
8 9
10 11 12 13
14 15
16 17 18 19
20
21
22 23
10 25
29 27
11 23 6
15 11
31
30 17
28
14 12
14 22 17
13 16
15 22
28
9
24
12
22
11
16
4
19
41
10
13
37
8
16
35
16
38
26
6
3
14
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 Putreed (6)
4 Prod (4)
6 Sum granted as
reimbursement for
expenses (9)
8 Large deer (3)
10 Artists crayon (6)
13 Sir ___ Bogarde, British
actor (1921-1999) (4)
14 Matching set of
furniture (5)
16 Engage, as gears (4)
17 Loophole (6)
20 Large nation (inits) (3)
21 Dark eece of
lambs, named after
a Russian city (9)
22 Becomes older (4)
23 Upward movement (6)
DOWN
1 Cleaner of
chimneys (5)
2 Crests (5)
3 As an alternative
to (2,4)
4 Spanish nobleman (7)
5 Female deer (3)
7 Dental decay (6)
9 Identication tags (6)
11 Casual tops (1-6)
12 Be prostrate (3)
15 Disease transmitted
by body lice (6)
18 Make a thrusting
forward
movement (5)
19 Contaminate (5)
21 ___ Khan (3)
U
A
R
V
C R
U
E
T

4
4
4

4
4

C A L F A L I G N
O L U L U N A
L A N E G F K
I E X C L U S I V E
C O C O A S R D
E R R A T U M
A S N U N A R Y
D I S P E N S E R A
H A G A Y A H
O R I N N S O
C L Y D E Y O Y O
9 8 4 7 3 2 1 6
4 7 3 1 8 7 5 9
9 8 9 4
3 5 1 2 5 8 2 4
9 6 2 4 8 7 5 3 1
1 2 4
1 6 4 7 9 8 2 5 3
2 4 1 3 9 6 8 7
9 7 1 3
9 8 3 6 2 4 9 8
8 7 2 1 1 3 7 2
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter word was
TRADESMAN
Lifestyle | TV&Games
CITYA.M. 30 SEPTEMBER 2011 42
Punter | Racing
43
DONT MISS
THE BEST
HORSES. JOCKEYS. RACING
ASCOT RACECOURSE
SATURDAY 15TH OCTOBER 2011
QIPCO BRITISH CHAMPIONS DAY
TICKETS FROM 26
FINE DINING PACKAGES FROM 265PP
GROUP AND ADVANCE BOOKING
DISCOUNTS AVAILABLE. BOOK NOW AT
WWW.BRITISHCHAMPIONSSERIES.COM
OR CALL 0870 727 1234
RACING TRADER BILL ESDAILE, OUR RACING EXPERT, PREVIEWS SUNDAYS PRIX DE LARC DE TRIOMPHE
Meandre can give
Fabre another Arc
S
UNDAYS Qatar Prix de lArc de
Triomphe now looks set to be run
on unusually quick ground with
Paris having been bathed in sun-
shine all week. John Gosdens Nathaniel,
a mudlark who was originally many peo-
ples idea of the possible winner, will stay
at home and his place is now taken by
stablemate Masked Marvel.
The St Leger winner, a best-priced 16/1
for the 12 furlong contest, will love the
fast ground, but may just lack the star
quality to land arguably Europes biggest
flat race of the season. That said, the one
thing he does have in his favour is that
he is part of the three-year-old generation
that is responsible for 14 of the last 17
winners.
The final declarations for the race will
be made this morning, as will the all-
important barrier draw. It is important to
remember that only two winners in the
last 10 years have been drawn out wider
than eight. The main reason for this is
that it can often be a race where making
up ground late is hard and those
switched off out the back can encounter
trouble.
Now, there is no better example of this
than big race favourite Sarafina, who
many feel may have beaten Workforce 12
months ago when an unlucky in-run-
ning third. She showed she was in good
heart with a cheeky win in the Prix Foy
last time, but makes very little appeal at
the 5/2 currently available with
Ladbrokes.
If you fancy her, you look sure to be
able to back her at a bigger price in-run-
ning on Betdaq as shell be held up and is
sure to have a wall of horses in front of
her again as they turn in. If the gaps
open, she is without doubt the one they
all have to beat, but thats a big if at
such a short price.
Aidan OBriens global superstar So
You Think is next best in most lists at
around 9/2, but looked rather laboured
in Ireland last time and Im not sure how
well the Ballydoyle non-juvenile team are
running. Workforce would almost cer-
tainly appreciate some rain, while Snow
Fairy would appeal over a mile and a
quarter against her own sex.
That leaves Galikova who seems to
improve with every run and Andre
Fabres MEANDRE who has been supple-
mented for the race at huge expense. The
former is now as short as 6/1 and she
needs to improve dramatically again to
take a hand here.
Meandres form as a two-year-old was
nothing to write home about and Im not
sure connections would have ever
dreamed of coughing up nearly 100,000
to run their horse in Europes richest
race if asked 12 months ago. Our selec-
tion beat only two home in a Conditions
race at Compiegne last November on his
final start of a winless campaign.
However, Meandre hasnt finished out
of the first two in six starts this season
and won the Group One Grand Prix de
Paris in July beating the French and Irish
Derby winners comfortably.
Its that run that Im focusing on as he
had the ability to track a lightning fast
pace and quicken-up impressively at the
business end all the necessary qualities
needed to win on Sunday. His most
recent defeat behind Reliable Man last
time can be put down to the ground,
muddling pace and the fact that his yard
had been under a cloud. In fact, his train-
er admitted after the race that he had
missed work the previous week.
Fabre has won this race a record seven
times and he wouldnt have recommend-
ed the Rothschild Family to stump up
such a huge sum to supplement Meandre
if he wasnt in sparkling form. He is ter-
rific value each-way at 12/1 with
Ladbrokes.
Looking at tomorrows action and
Roger Varian appears to have found
ELZAAM the ideal chance to get back to
winning ways in Ascots John Best
Bengough Stakes at 3.15pm. Hes been
trying his luck in Group One company on
his last three starts and will appreciate
the drop in class,
small field and
decent ground. At a
bigger price, I
wouldnt be sur-
prised to see old-
timer War Artist
chase him home on
ground he loves.
Only 18 runners
go to post for the
Challenge Cup at
3.50pm with
Smarty Socks and
Eton Forever cur-
rently battling it
out for favouritism.
The former has to
contend with
another hike in the
weights, while the
latter needs more
juice in the ground
to be seen at his best. Im taking each-way
chances on PASTORAL PLAYER at 12/1
and ATLANTIC SPORT at 25/1. Both love
Ascot and seem to have been given a
chance by the handicapper.
Over at Newmarket, SAMITAR should
win the big fillies Sales race (2.25pm), if
she doesnt feel the exertions of last
weeks cracking run in the Fillies Mile.
Were now just two weeks away from
the QIPCO British Champions Day and
the excitement is really beginning to
build. The highlight for many will be
Frankel in the Queen Elizabeth II Stakes,
as he seeks to make it four straight
Champions Series Mile wins.
You can follow me on Twitter
@BillEsdaile.
BRITISH CHAMPIONS SERIES MILE RANKINGS
Rank Horse name Official Rating BCS Wins-2nd-3rd
1 Frankel 135 3-0-0
2 Canford Cliffs 127 2-1-0
3 Excelebration 126 0-0-1
4 Goldikova 124 0-1-0
5 Worthadd 122 0-1-0
6 Cityscape 121 0-0-1
7 Rio De La Plata 120 0-0-1
= Zoffany 120 0-1-0
9 Native Khan 118 0-0-1
10 Dubawi Gold 117 0-1-0
11 Premio Loco 114 0-1-1
POINTERS...
SAMITAR 2.25pm Newmarket (tomorrow)
ELZAAM 3.15pm Ascot (tomorrow)
ATLANTIC SPORT e/w 3.50pm Ascot (tomorrow)
PASTORAL PLAYER e/w 3.50pm Ascot (tomorrow)
MEANDRE e/w 3.15pm Longchamp (Sunday)
Andre Fabre,
trainer of Meandre.
Picture: ACTION
IMAGES
Punter | Sport
Not every bookmuker
is the sume
No bookmuker cures more ubouL cusLomer servIce und rewurdIng IoyuILy LIun we do.
We work exLremeIy Iurd Lo ensure LIuL our LeIepIone servIce Is LIe very besL
uvuIIubIe. We uIso rewurd LIe IoyuILy oI our cIIenLs IIke no oLIer IIrm, reguIurIy
sendIng ouL gIILs IIke desIgner sIoes und Iuxury smoked suImon. TIuL`s jusL one oI
LIe reusons wIy we ure LIe IusLesL growIng prIvuLe bookmuker In LIe counLry. So, II
you`re InLeresLed In LryIng someLIIng dIIIerenL, open un uccounL Loduy by cuIIIng
o8ooo z1 z1 or vIsIL www.sLursporLsbeL.co.uk Lo IInd ouL more.
SPORT TRADER DAVID WILD AND BEN CLEMINSON BRING YOU THIS WEEKENDS BEST RUGBY AND FOOTBALL BETS
Red Rose will be made to work hard
in nerve-racking Auckland decider
SCOTLAND would love nothing more
than to spoil Englands party when the
adversaries renew their rivalry in
Auckland tomorrow morning.
Englands fate is in their own hands
and Martin Johnson recognises a win
would guarantee top spot in Pool B. In
contrast, the Scots chances are hanging
by a thread, which promises to make
for a nerve-racking contest at Eden
Park.
There shouldnt be a problem with
the weather, as the forecasters suggest
sunny intervals. With the conditions
likely to be dry, both sides will be able
to feed their fly-halves with clean ball
to aid kicking.
England finally clicked into gear last
weekend as they routed Romania 67-3
in Dunedin. The performance was a
marked improvement from their open-
ing two outings, but they can expect a
tough test tomorrow. The Red Rose are
aware of the importance of avoiding a
slip up here, as it would mean a likely
quarter-final with New Zealand
instead of the more attractive fixture
against France.
Scotland tend to set up similarly to
Argentina with a strong pack and they
will look to keep the ball with the for-
wards and kick the points whenever the
opportunity arises. They have never
failed to reach the last eight at a Rugby
World Cup, but are up against it now. A
narrow 13-12 defeat against the Pumas
was a crushing blow for Andy
Robinsons side, but there were posi-
tives to take from the game.
The line-out battle was won by
Scotland, who managed to steal four of
Argentinas 12 throws. Steve Thompson
will need to be at his accurate best if
England are to fend off the Scots chal-
lenge.
Of the 128 clashes between the two
nations, England lead the way with 68
wins to Scotlands 42, with 18 draws.
Martin Johnsons men have won two of
the last four meetings between the
teams, but only once by more than 11
points. In March earlier this year the
two sides clashed at Twickenham in the
Six Nations and the hosts scraped a six
point win, while the meeting before
ended in a 15-15 draw.
Further support for a tight game is
that the average winning margin in the
Scots three Pool B matches currently
stands at just seven points. Its crunch
time for Scotland tomorrow and they
are more than capable of running
England close. Backing Scotland to win
with an 11-point start with Bet365 at
evens is the way to go, while I also
wouldnt put anyone off taking the 9/2
available with Ladbrokes about England
winning by 1-5 points.
There have only been two tries scored
in the past two meetings between these
sides and they both came in the Six
Nations this year. The 15-15 game was
dominated by the boot, with nine
penalties and Dan Parks drop-goal. I
can see the kickers holding the key to
this match as well, so will be looking to
sell total points at 39 with Sporting
Index.
POINTERS...
Scotland to win (+11) at evens with Bet365
England to win by 1-5 points at 9/2 with Ladbrokes
Sell total points at 39 with Sporting Index
SATURDAY 8.30AM ITV 1
SCOTLAND
ENGLAND
TOTTENHAM fans would have
feared the worst when their team
was hammered 5-1 by Manchester
City at White Hart Lane last month,
but they have since won three
straight Premier League contests
and will be looking to add to
Arsenals woes on Sunday. Spurs
have lost just one of their last six
league clashes against their local
rivals and they have been strong at
home of late. In their last 19 league
games at the Lane they have suf-
fered just one defeat with 10 victo-
ries.
Arsenal notched their first
Champions League win of the group
stage against Olympiacos on Tuesday
night, but it wasnt an assured per-
formance and their defence looked
shaky. That was at least a third
straight victory at the Emirates, with
last weeks wins against Bolton and
Shrewsbury, but their problems have
come on the road recently.
The Gunners are winless in seven
away league matches, losing four and
conceding 20 goals. They have also
lost seven of their last nine visits to
top-six sides with six coming by the
HT/FT result and six seeing three or
more goals.
Harry Redknapps charges are play-
ing well at the moment and Im
happy to take the 6/5 with Ladbrokes
about them continuing their decent
record at home. There is added spice
to this fixture with Emmanuel
Adebayor facing his old club and he is
interesting at around 6.0 on Betdaq to
be first on the scoresheet.
There has been an average of 4.5
goals in the last eight meetings
between these two across all competi-
tions and I can see there being plenty
more on Sunday. Sporting Indexs
goals quote is high at 3-3.2, but Im
still going to be a buyer at that figure.
The Merseyside derby is always a
passionate affair and tomorrows
lunchtime kick-off promises to be no
different. Everton disappointingly
lost to QPR at home in their first
game of the season, but they have
since won three and drawn one of
their past four matches across all
competitions at Goodison Park.
Liverpool were on cloud nine when
they defeated Arsenal at the Emirates
last month, but they have fallen back
down to earth with consecutive losses
on their travels at Stoke and Spurs.
They will be bang up for this one, but
the Toffees home form eclipses the
Reds recent away record and I would
rather back the hosts at 21/10 than
Kenny Dalglishs men at 6/4.
There have been two or fewer goals
scored in seven of the last 10 meet-
ings between these sides since
2006/07 which suggests selling goals
at 2.5 with Sporting Index is the way
to go. Furthermore, seven of
Liverpools last 10 trips to top half
opponents have produced fewer than
three goals.
North London bragging rights can go to Redknapps Tottenham
POINTERS...
Tottenham at 6/5 with Ladbrokes
Emmanuel Adebayor first goalscorer at 6.0 on
Betdaq
Buy total goals at 2.8 with Sporting Index
Everton at 21/10 general
Sell total goals at 2.5 with Sporting Index
Sport
E
NGLAND are just getting into
their stride as they prepare to
face Scotland tomorrow. They
should be very satisfied with the
win and improved performance
against Romania last week, and key
players, like Chris Ashton, are coming
into form. They must be feeling confi-
dent and I certainly wouldnt like to
be facing them this weekend.
Scotland, however, are a banana
skin. They can lose like they did
against Argentina last week and yet
come back against a stronger nation,
outperform themselves and surprise
everyone or they can collapse.
England know its going to be tough.
The Scots tend to play better
against the Auld Enemy. In the
Six Nations their mentality
has been that they are not
too worried where they
come as long as they beat
England. They bat above
their average and historically
they have earned upsets.
The men in blue also
have a big advan-
tage, tactically and
psychologically.
They know exactly
what they need to
do to qualify. Its
do or die, its effec-
tively a knockout
stage, and they have
to win by eight
points or score four
tries. That helps them
prepare a little bit bet-
ter.
Its vital, therefore,
that England also treat this game like
a quarter-final. They mustnt get
caught between two approaches or
play a defensive game. They have to
put points on the board and be
absolutely clinical.
ENFORCER
I think we are now seeing manager
Martin Johnsons first XV, fitness per-
mitting. Mark Cueto will probably
come back for Delon Armitage in the
knockout stages while Tom Palmer
can perhaps feel a little hard done by,
given his success in the line-out
which I think will be a big issue
tomorrow but the return of
Courtney Lawes (below) is a big boost.
Lawes is a handful, an enforcer,
extremely aggressive in the loose and
can be Englands Richie McCaw. The
effect the All Black skipper has with-
out the ball the hits he puts in, the
carnage he creates in the breakdown
Lawes has a touch of that and its
something England really do need.
Englands problems have been a
lack of continuity with the ball in
hand and being penalised at the
breakdown. That elusive synergy
between backs and forwards is start-
ing to come they are keeping hold
of the ball, making inroads and put-
ting in the likes of Ashton. But they
must be disciplined.
I dont believe Scotland can live
with them if England dont give away
penalties and minimise
their errors. But if they get
on the wrong side of the
referee, get a few sin
bins, make a few mis-
takes or even give
away an intercept try
then it could be a
horrible day for
England.
World Cup winner
Kyran Bracken (@kyran-
bracken) was speaking cour-
tesy of GamePlan Solutions:
managing high profile and popu-
lar sport stars; speakers, leaders,
motivators and ambassadors
www.gameplansolutions.co.uk
Scotland are a big
banana skin for
improving England
Scholes offers Tevez
unlikely sympathy
RUGBY WORLD CUP COMMENT
KYRAN BRACKEN
MANCHESTER CITY outcast Carlos
Tevez, who has been told he has no
future at the club following his
apparent refusal to play, has found
an unlikely ally in Manchester
United coach Paul Scholes.
City suspended Tevez for two
weeks on Wednesday, 24 hours after
manager Roberto Mancini accused
him of ignoring his orders to warm
up and prepare to be brought off the
bench against Bayern Munich.
Mancini said the Argentina for-
ward was finished at the Etihad
Stadium, and the club were yesterday
continuing high-level talks to estab-
lish exactly what action they can
take against the 200,000-a-week star.
Condemnation for Tevez has been
virtually unanimous, with Premier
League managers voicing their sup-
port for Mancini and Jim Boyce, vice-
president of world governing body
Fifa calling for a longer ban.
Tevez, meanwhile, has denied
ignoring his managers orders, insist-
ing on Wednesday that the matter
had been a misunderstanding.
And yesterday he found support
from an improbable source in
Scholes, whom he played alongside
at United for two seasons before infu-
riating the red half of Manchester by
moving to bitter rivals City.
I did a similar thing quite a few
years ago when I refused to play at
Arsenal, which I deeply regret, said
Scholes, referring to a 2001 League
Cup clash for which he declared him-
self unavailable.
The week after I wondered what I
was doing. I think Carlos, if its true
what happened, will regret that as
well. But I can understand his state of
mind. He has not been in the team of
late. He was by far and away Citys
best player last year. Hes had his
problems through the summer, say-
ing he wants to leave and wants to go
back to Argentina. But hes the type
of player that needs to be playing.
City striker Edin Dzeko, who was
angry at being taken off at Bayern,
yesterday apologised to Mancini.
BY FRANK DALLERES
FOOTBALL
ARSENAL will today post a small pre-

tax profit when the club announces
its financial results for the year end-
ing May 2011.
The figure will be dramatically
lower than the record 56m pre-tax
profit for the previous 12 months, City
A.M. has learned. However, that 2009-
10 sum was boosted by a one-off prop-
erty windfall and significant transfer
proceeds, far lower in 2010-11. The
club is understood to be happy with
what it views as a sound off-field per-
formance. A profit will be seen as
proof the Gunners can survive solely
on income from their football-related
activities.
Next years figures are also likely to
be healthier still, as the cost of sum-
mer signings, such as Gervinho, was
far outweighed by sales.
Shareholders will discuss the
results at the AGM on 27 October.
Majority shareholder Stan Kroenke
will attend and, the club hope, speak.
GUNNERS ON TARGET FOR PROFIT
BY FRANK DALLERES
EXCLUSIVE
Gervinho was a
summer signing.
Picture: ACTION
IMAGES
Sport
46
THE BREAKDOWN |
WORLD CUP BRIEFS
ENGLAND MUST STEP UP,
SAYS HERO ROBINSON
WORLD CUP winner Jason Robinson
has called on England to find another
gear against Scotland or risk an early
exit. Former wing Robinson (inset
below), part of the 2003 squad that
lifted the trophy in Australia, believes
Martin Johnsons men have yet to
fire on all cylinders. He said: It's a
massive game. England need to make
a statement to show they are serious
contenders for this tournament. They
need to take it up a gear. A World
Cup is about performing under pres-
sure and it is time for England to do
that.
LAST EIGHT CAN WAIT,
INSIST PATIENT WELSH
WALES assistant coach Rob Howley
is refusing to jump the gun and antic-
ipate a quarter-final with Ireland.
Warren Gatlands mean will effec-
tively qualify for the last eight, where
they are likely to meet
their Six Nations
rivals, if South
Africa con-
vincingly
beat
Samoa this
morning.
But Howley
said: I think
its dangerous
to look ahead. Its
about concentrating on our game
and controlling your own destiny.
Sunday is our next game [against
Fiji]. If its a good game, then we can
look ahead to the quarter-finals.
IRISH SHRUG OFF THREAT
POSED BY ITALIAN SCRUM
IRELAND defence coach Les Kiss has
brushed off Italian suggestions that
Sundays Pool C decider will be all
about scrummaging. Azzurri boss
Nick Mallett, who needs a win to
stand a chance of overtaking the
Irish, has insisted his front row will
prove their superiority. But Kiss said:
Theres no mystery behind it, theyve
got a good scrum. But well back our
guys as well, theres no doubt there.
The scrum is one part of the game,
its very important and its going to
play its part at some stage, but weve
got other parts in our game that
well bring as well.
England face
test of nerve
over ballgate
controversy
England 3 3 0 0 2 14
Argentina 3 2 0 1 2 10
Scotland 3 2 0 1 2 10
Georgia 3 1 0 2 0 4
Romania 4 0 0 4 0 0
POOL B
TEAM PLD W D L BP PTS
ENGLAND will go into their most
important and fiercely contested
match in four years tomorrow
engulfed in controversy for the sec-
ond time in this eventful World Cup
campaign.
National team chiefs yesterday took
the unusual step of banning two of
their own staff assistant coach and
kicking supremo Dave Alred and fit-
ness coach Paul Stridgeon for the
Pool B decider against Scotland.
The move came after the pair were
investigated by World Cup organisers
for appearing to switch balls for con-
versions during last weeks resound-
ing win over Romania, and heads off
any further action.
Rules state that the same ball
touched down for a try must be used
for the subsequent kick, but Alred
and Stridgeon were accused of trying
to select specific balls for England fly-
half Jonny Wilkinson in Dunedin.
Ballgate, as it has been dubbed, is
the second storm to hit the England
camp during just four weeks in New
Zealand, after a visit to a Queenstown
bar prompted lurid headlines and
allegations about the behaviour of
vice-captain Mike Tindall. A trio of vic-
tories has calmed that tempest and
carried them to the brink of the quar-
ter-finals, but the latest fiasco will
have deepened the furrows on man-
ager Martin Johnsons brow as he pre-
pares for his biggest match in charge.
Victory would guarantee England a
last-eight place although they could
qualify in defeat with a losing bonus
point, while Scotland, never short of
motivation against their cross-border
foes, know only a comfortable win
will suffice.
Its knockout rugby we have to
win, they have to win. Were not talk-
ing about a losing bonus point. We
want to go and win, said Johnson,
who has recalled Delon Armitage,
Courtney Lawes and Matt Stevens.
Scotland would be on far firmer
footing had they not slipped to a dra-
matic defeat against Argentina last
week, and Johnson added: They are
potentially dangerous, potentially
vulnerable. It is how they handle it.
Their frustration their fury, whatever
they have talked about this week,
they have to turn that into a perform-
ance. We have to turn where we are
into a performance.
KYRAN BRACKEN COLUMN: PAGE 45
BY FRANK DALLERES
RUGBY UNION
ENGLAND
SCOTLAND
Tindall, who has
also faced controver-
sy, was in relaxed
mood ahead of
tomorrows match.
Picture: REUTERS
47
Triple salvo from big guns save
Spurs from Shamrock shocker
Scotland are not
ready to depart
World Cup yet,
says Lamont
SCOTLAND centre Sean Lamont has
already felt the despair of elimination
at this World Cup and insists he is not
ready to do so again tomorrow.
Lamont admits he mistakenly
thought his team had been knocked out
after last weekends agonising 13-12
Pool B defeat to Argentina.
He was granted a reprieve, however,
when he was reminded that the Scots
can still qualify for the last eight by
beating England.
And Lamont will be heartbroken all
over again unless they can manage the
eight-point victory necessary to
uphold their record of always reaching
the quarter-finals.
I honestly thought we were gone
after the Argentina game. I didnt
realise we still had a mathematical
chance of going through. Getting
another lifeline is a massive relief and
theres no better game in the World
Cup for a lifeline, he said.
A win without an eight-point mar-
gin is a loss as far as we are con-
cerned. We know the job we need to
do, but its still a lot of pressure. None
of the boys are ready to go home yet.
None of them.
It is 25 years since Scotland
enjoyed such a winning margin against
the Auld Enemy and 40 since they
scored four tries against them the
other way they could sneak into the
top two pool places.
But Lamont, who has been shifted
from wing to inside centre in a side
featuring six changes, is taking heart
from Scotlands strong recent record
against England away from
Twickenham.
He added: England are a great
attacking threat. We know what
theyre capable of. But away from
Twickenham I think results favour us.
Lets hope it does again this weekend.
Captain Alastair Kellock, Euan
Murray, Richie Vernon, Mike Blair,
Simon Danielli and Joe Ansbro return.
Results
=FFK98CC
L<=8<LIFG8C<8>L<>IFLG8
IlYèBXqXe%%%%%%%%%% ' ) G8FBJXcfe`bX%%%%%%%%%%%( )
Kfkk\e_Xd%%%%%%%%%%%%% ' * J_XdifZbIfm\ij%%%%% ' (
>IFLG9
JkXe[Xi[C`\^\%%%%% ' * =::fg\e_X^\e%%%%%%%%% ' '
MfijbcX%%%%%%%%%%%%%%%%%% ' ( ?Xeefm\i0-%%%%%%%%%%%%% ) )
>IFLG:
C\^`XNXijXn%%%%%%% ' * ?Xgf\cK\c$8m`m%%%%%%%%%%( )
IXg`[9lZli\jk`%%%%%( ( GJM%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%( *
>IFLG;
=:MXjcl`%%%%%%%%%%%%%%%% ' ) =:Qli`Z_%%%%%%%%%%%%%%%%%%%%( )
Jgfikè^%%%%%%%%%%%%%%%% ) ) CXq`f%%%%%%%%%%%%%%%%%%%%%%%%%%%%( (
>IFLG<
DXZZXY`K\c$8m`m%%%( ( ;peXdfB`\m%%%%%%%%%%%%%%( (
Jkfb\%%%%%%%%%%%%%%%%%%%%%%( ) 9\j`bkXj%%%%%%%%%%%%%%%%%%%%%%( (
L<=8>IFLG=
8k_c\k`Z9`cYXf%%%%%% ) ) GJ>%%%%%%%%%%%%%%%%%%%%%%%%%%%%% ' '
JMI\[9lccJXcqYli^'* JcfmXe9iXk`jcXmX%%%%% ' '
>IFLG>
=:D\kXc`jkB_Xib`m' ( 8Q%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%( (
DXcdf==%%%%%%%%%%%%%%% ' ( =B8ljki`XM`\eeX%%%% ) )
>IFLG?
9iX^X%%%%%%%%%%%%%%%%%%%%% ' ( :clY9il^^\%%%%%%%%%%%%%% ' )
DXi`Yfi%%%%%%%%%%%%%%%%%%( ( 9ìdè^_Xd%%%%%%%%%%%%%% ' )
>IFLGB
=:Kn\ek\%%%%%%%%%%%%% ) + N`jcXBiXbfn%%%%%%%%%%%%( (
F[\ej\9B%%%%%%%%%%%%% ' ' =lc_Xd%%%%%%%%%%%%%%%%%%%%%%%%( )
>IFLGA
8<B%%%%%%%%%%%%%%%%%%%%%%%% ' ( Jk\XlX9lZli\jk`%%%%%% ' (
JZ_Xcb\'+%%%%%%%%%%%%%( * DXZZXY`?X`]X%%%%%%%%%%%%( (
>IFLG@
:\ck`Z%%%%%%%%%%%%%%%%%%%%%%( ( L[è\j\%%%%%%%%%%%%%%%%%%%%%% ' (
I\ee\j%%%%%%%%%%%%%%%%%%% ' ( 8kc\k`ZfDX[i`[%%%%%%%% ' (
L<=8<LIFG8C<8>L<>IFLGC
8<B8k_\ej%%%%%%%%%%% ' ( JBJklid>iXq%%%%%%%%%% ' )
CDfjZfn%%%%%%%%%%%%%%% ' ' 8e[\ic\Z_k%%%%%%%%%%%%%%%%%( )
email sport@cityam.com
SPORT | IN BRIEF
Hatton: I considered suicide
BOXING: British former two-weight
world champion Ricky Hatton says he
considered taking his own life after a
bout of depression triggered by his
2009 defeat to Manny Pacquiao.
Hatton, who has battled drink and
drugs, said: I was so down, I was cry-
ing and contemplating suicide.
Europa wins for Stoke and Blues
FOOTBALL: Stoke came from behind to
beat Besiktas 2-1 in Europa League
Group E, Jon Walters and Peter Crouch
scoring. Wade Elliott and Chris Burke
netted as Birmingham fought back to
beat NK Maribor in Group H.
Murray into Bangkok last eight
TENNIS: British No1 Andy Murray will
face Bulgarian Grigor Dimitrov in the
quarter-finals of the Bangkok Open
today after beating Michael Berrer in
straight sets. Murray won 6-4, 6-2 on
his first tournament appearance since
losing in the US Open earlier this month.

Visit www.welbeckgroup.co.uk
Email: marketing@welbeckgroup.com
Speak to one of our expert advisers
call us on 0207 7762135
Bespoke Financial Advice
W
ERE approaching another impor-
tant game at London Scottish
against Moseley this weekend. Our
last two matches have been very
narrow defeats, and so it is vital we get back
to winning ways against a team that have
had a decent start to the season.
As its a Sunday game Ill be able to watch
the vital England Scotland clash the previ-
ous day. Scotland have to beat England to
reach the quarter-finals, something they
would have wanted to avoid at all costs
before the tournament started.
The referee in Scotlands narrow defeat to
Argentina last week came under some
scrutiny following the late drop-goal miss by
Dan Parks. Players and pundits claimed the
Argentine defence was offside, leading
directly to Parks being put under pressure
and missing the chance. This may well have
been the case but the game was not won or
lost solely with that drop-goal attempt.
Something we look to develop at London
Scottish is a winning mindset and habit dur-
ing games; effectively, winning all the small
battles with the opposition and taking the
possibility of losing the game out of the ref-
erees hands. Referees arent biased; theyre
human and therefore can make mistakes.
BUFFER
Instead, its vital you get yourselves into a
position that ensures that, no matter what
happens, the referee cant become a factor.
You need to make sure the margin of your
lead means you cant be caught by one
score ideally an eight-point margin so
you can control the game.
Scotland got six points ahead, but then
allowed Argentina back into the game
which ultimately led to defeat. Although the
critical decision went against them, there
were probably a number of other decisions
earlier on that could have affected the result
and they did not reach to reach that buffer.
Now, England v Scotland has become an
enormous match for both teams. I certainly
dont think it will be an easy game for
England; Scotland have always been at their
most dangerous when they are seen as
underdogs. England, on the other hand,
have had a stuttering start to the tourna-
ment, and will need to play very well to win
that game. I think itll be a close, tight affair
and I just hope one team can get to that
eight point margin so the referee doesnt
take centre stage again!
Simon Amor is Head Coach at London Scottish.
Their next game is against Moseley on Sunday at
2pm, Richmond Athletic Ground.
Scots a big threat when underdogs
RUGBY UNION COMMENT
SIMON AMOR
TOTTENHAM striker Jermain Defoe
insisted justice had been done after
they survived a huge scare at home to
Irish part-timers Shamrock Rovers.
Spurs looked set to suffer a humili-
ating Europa League defeat when
Stephen Rice diverted a long-range
shot to give the visitors a shock lead.
But the Premier League side
crushed Rovers dreams with three
goals in the space of five minutes
from Roman Pavlyuchenko, Defoe
and Giovani dos Santos.
Defoe said: We were the better side
throughout the game. They had one
chance and they scored but you have
to stay positive. Once Pav
[Pavlyuchenko] scored we were in full
control.
Despite wholesale changes there
was no shortage of pedigree in a
Spurs attack that included seasoned
internationals Pavlyuchenko, Defoe
and Aaron Lennon.
Tottenham dominated from the
start, visiting goalkeeper Richard
Brush tipping a Defoe shot onto the
bar and midfielder Danny Rose also
hitting the frame. Pavlyuchenkos
header was cleared off the line and
Brush thwarted attempts by the
Russian and Dos Santos, but Spurs
could not score. So White Hart Lane
was stunned on 50 minutes when
Gary McCabe shot from long range
and Rice flicked it home.
Staring down the barrel of one of
Europes biggest recent upsets, they
rediscovered their scoring touch,
Pavlyuchenko equalising within 10
minutes from a Dos Santos cross.
Moments later Defoe put them
ahead from Andros Townsends deliv-
ery and Dos Santos quickly applied
gloss to the scoreline.
BY FRANK DALLERES
FOOTBALL
3
1
TOTTENHAM
SHAMROCK ROVERS
I CAN UNDERSTAND TEVEZS
STATE OF MIND
VILIFIED CITY STRIKER FINDS ALLY
IN UNITED HERO SCHOLES: P45
Pavlyuchenko (left) and Defoe rescued Spurs from a huge upset. Picture: PA
FULHAM manager Martin Jol vowed
to keep Andy Johnson after the
striker scored twice to earn their
first win in Europa League Group K.
Johnson, who is in the final year
of his contract and can leave for free
next summer, scored in the 36th
and 88th minutes to take his sea-
sons tally to six.
He was a handful tonight, said
Jol. We have offered him another
two years so there is a lot of confi-
dence in him. He has one year left
and hopefully we can change that.
Johnson scored with a powerful
low drive and then a late curler to
hand the Cottagers a first victory in
nine games, before Kalilou Traore
was sent off for the Danish side.
0
2
ODENSE BK
FULHAM

Cityam 2011-09-30

Transféré par

Informations du document

Description originale:

Copyright

Formats disponibles

Partager ce document

Partager ou intégrer le document

Options de partage

Avez-vous trouvé ce document utile ?

Ce contenu est-il inapproprié ?

Droits d'auteur :

Formats disponibles

Cityam 2011-09-30

Transféré par

Droits d'auteur :

Formats disponibles

The Federal Reserves latest attempt

to stimulate the economy -- Operation

www.cityam.com Issue 1,479 Friday 30 September 2011 FREE

The warning will send shivers

EU is about to repeat errors of 2008

UK gas production drops

HPs bid for Autonomy will make Lynch an

DEUTSCHE Bank yesterday ended a

ICAP has emerged as a contender in

CITIGROUP chief executive Vikram

LONDON Stock Exchange chief Xavier

Daily average equity trading volumes up 12

JAMES HAMILTON | NUMIS

SARAH ING | SINGER CAPITAL

NESE GUNER | CITI

ANALYSIS l IPO Proceeds Raised

LORD Levenes British bank venture

ANALYSIS l Thomas Cook Group PLC

Suits from 95 Jackets from 50

H&M SET ON GROWTH DESPITE POOR SUMMER

THE CHIEF operating officer of Unite

ITALY, France and the UK reported

US ECONOMIC growth for the second

LENDING to non-financial companies

VODAFONE has extended its partner-

Nokia boss Stephen

23Sep 26Sep 27Sep 28Sep 29Sep

JUST a month after collecting a paper

ARSENAL will today post a small pre-

Vous aimerez peut-être aussi