BUSINESS WITH PERSONALITY

ROBUST RETAIL SALES BGC SNAPS

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Issue 1,203 Friday 20 August 2010 www.cityam.com FREE

BHP DEAL TO HAND Rowland in

U-turn over
POTASH CEO $400M Tory role

▲
POLITICS
BY DAVID CROW
DAVID ROWLAND, the property
tycoon who was set to take up the role
▲

M&A
BY VICTORIA BATES AND MARION DAKERS
POTASH chief executive Bill Doyle
stands to make more than $400m
(£257m) from the firm’s sale to min-
ing giant BHP Billiton if the contro-
versial takeover goes ahead, as BHP
ramps up its efforts to persuade its
shareholders a $40bn hostile bid is
worthwhile.
Doyle, head of the Canadian fer-
tiliser firm, could make even more if
he holds his nerve against the British-
listed miner, whose friendly offer of
$130 a share he called “a steal of the
company” earlier in the week.
Doyle owns just under half a mil-
lion common shares worth $60.8m at
the current offer price, according to
company documents, with options on
a further 3.4m that vary in value,
which can be cashed in if the firm is
taken over.
BHP will next week begin the hard
sell of its hostile bid for Potash to its
own investors at roadshows across the
globe, as the threat of a credit ratings
downgrade hangs over the offer
process.
Standard & Poor’s (S&P) yesterday
became the second ratings agency to
wade into the fray, warning that it
had placed BHP’s A+ credit rating on
watch with negative implications.
“We would likely lower the ratings
on BHP Billiton by one notch to ‘A’ if
the acquisition proceeds at the cur-
rent offer price and if BHP Billiton’s
Bill Doyle is pushing for a higher offer, calling BHP’s $130-a-share bid “a steal of the company”.
capital spending program is not mod-
erated,” S&P analyst Craig Parker said.
Moody’s has already put its own
rating for BHP on review for down-
grade.
BHP, which will release its official
offer document today, will next week
use its full-year results to try and per-
suade shareholders of the rationale
for a deal, at roadshows in London,
Sydney and New York.
Of concern to investors is the price
at which the firm can borrow to fund
the acquisition, after chief executive
Marius Kloppers warned the interest
rate would be less competitive than
BHP has enjoyed in the past.
BHP is also widely expected to up
its offer to secure the deal, given the
likely emergence of a rival bidder.
Brazil’s Vale is widely tipped to look
at a white knight offer, as are Russian
and Chinese firms. Rio Tinto, with
which BHP failed to secure a tie-up
Picture: Getty
two years ago, may also bid, though
its appetite for a large deal could be
tempered by its $38.1bn takeover of
Alcan in 2007.
“BHP has the financial muscle to
pay more,” said Ambrian analyst
Peter Davey yesterday. “Depending on
borrowing costs, it could go to
$165/$170 a share without the deal
becoming dilutive to earnings,
though then it could become tricky
to get its own shareholders on board.”
of Tory party treasurer, has decided to
sacrifice the role to concentrate on his
business interests.
Rowland, who donated millions of
pounds to the Conservative party in
the run up to the general election,
returned to the UK from the Channel
Islands last year to allow him to
become Tory treasurer in October.
But yesterday he said he would not
be able to give the role “the focus and
attention it deserves” due to “develop-
ing business interests”.
Stanley Fink, the hedge fund icon,
will now become treasurer instead.
Fink, who is currently co-treasurer
along with Icap chief Michael
Spencer, will take up the role after
the October Tory conference.
The Tories insisted Rowland’s last-
minute volte-face had nothing to do
with controversy over his status as a
former tax exile nor criticism of his
past business interests.
Rowland’s decision comes amid a
coalition split over the appointment
of Sir Philip Green as an efficiency
tsar. Last week, City A.M. revealed that
Liberal Democrat business secretary
Vince Cable, a vocal opponent of tax
avoidance, had not been consulted
over the appointment of Green.
The Topshop tycoon has been criti-
cised for saving a significant amount
of tax on a £1.14bn dividend in 2005,
which was paid by his retail empire
Arcadia to Taveta Investments, a firm
controlled by his Monaco-based wife.

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 2 News
Why the Green row won’t go away
DEPUTY EDITOR’S LETTER
DAVID HELLIER
SOMEWHAT predictably the recent
appointment of Sir Philip Green to
the post of efficiency tsar is turning
out to be one of the most ill-judged
moves of the government’s (reason-
ably successful) first 100 days.
The tycoon’s call-up has cruelly
exposed the differences in policy
between the Conservatives and
Liberal Democrats on tax avoidance.
This in itself made it a risky
appointment. But because of the cack-
handed way in which the affair has
been managed, it has a kamikaze look
about it.
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News Editor Ben Griffiths
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WHAT THE OTHER PAPERS SAY THIS MORNING
ACCOUNTING ISSUES MAR
CONNAUGHT SELL OFF PLANS
Accountancy issues at Connaught are
expected to have affected more than
just the beleaguered property service
group’s social housing maintenance
division, according to people familiar
with the matter. The development
may affect the ability of Connaught
to sell off parts of its business, which
is one of the potential options under
consideration as part of the FTSE 250
company’s talks with lenders over its
debts.
CHINESE BOSSES SPLIT ROLES AT
CNOOC AND CHINA MOBILE
Two of the most senior managers at
Chinese state-owned enterprises
resigned from their chief executive
posts yesterday, the latest in a series
of moves separating the roles of CEO
and chairman. At CNOOC, Fu
Chengyu resigned but is keeping his
In a smoothly functioning govern-
ment machine the business secretary
Vince Cable should not have heard of
Green’s appointment from the politi-
cal editor of City A.M.
Then those in the government who
were in the know, such as Danny
Alexander, should have been more
proactive in arguing why it thinks Sir
Green’s own tax arrangements are
not relevant to the task he has in
hand. Any fool could have told him
this question was going to be high on
most people’s agendas.
Next, the government’s spin
machine – sorry, but I’m sure I knew
the Prime Minister himself when he
was a spin doctor – should have
primed Green to expect the kind of
question that our political editor put
to him (“did your tax affairs come up
in discussion with government prior
to your appointment?”) and he
should have been able to respond in a
calm and measured way.
It was naive of him and the govern-
ment not to have done such prepara-
Intel in $8bn
McAfee buy
▲
TECHNOLOGY
BY STEVE DINNEEN
INTEL continued a run of big money
technology deals yesterday when it
announced it will buy security soft-
ware maker McAfee for $7.7bn
(£4.9bn) – its biggest ever acquisition.
The chip-maker will pay $48 per
share in cash, a 60 per cent premium
on McAfee’s closing price.
The purchase, which marries a
hardware and software maker, gives
Intel a direct route to cross sell its
new security products to PC retailers.
Intel chief executive Paul Otellini
said: “Everywhere we sell a micro-
processor there’s an opportunity for
a security software sale to go with it.”
However, some analysts have ques-
tioned the timing of the deal, with
McAfee’s core business focused on
the shrinking desktop PC market.
role as chairman of the offshore oil
and gas company, while Wang
Jianzhou at China Mobile followed
suit.
FACEBOOK IN NEW ADS INITIATIVE
Facebook users can already poke,
post, like and share. Now the social
networking website has added anoth-
er activity to its arsenal of social activ-
ities – users can now “check-in”. With
its Places feature, which it launched
on Wednesday, users can broadcast
their location to the web, track their
friends’ movements and see who else
has checked-in to a specific location.
MASTERCARD IN SOFTWARE MOVE
MasterCard, the world’s second-
largest payments network, yesterday
signalled its intent to fight back in
the rapidly changing industry after
agreeing to buy DataCash, a UK pay-
ment service provider. The US compa-
ny will pay 360p per share in cash, a
53 per cent premium to DataCash’s
closing price on Wednesday.
tion. Especially when the Lib Dems
prior to the election campaigned so
vociferously against British business
people avoiding tax.
Green himself has gone from
strength to strength since leaving the
public company arena in the early
1990s. But he is a businessman better
suited to the private company arena
and, by the evidence of the last few
days, will struggle to cope with the
goldfish bowl world of government.
He may well be a retail genius.
Certainly few others in the sector
appear to rival him.
But he is thin-skinned; his four let-
ter word outbursts are legendary and,
with his family based in Monaco and
his lavish parties, he is probably the
last person one thinks of when hear-
ing chancellor George Osborne’s well-
worn phrase: “We’re all in this
together.”
Many Lib Dems rightly feel they
were sidelined over the appointment
of Green. It is unlikely they will let
this one rest.
Intel said that McAfee would
become a wholly owned subsidiary,
maintaining all of its current busi-
ness lines, but that any “deep collab-
oration” between the two companies
was likely about two years away.
Intel was advised by Goldman
Sachs and Morrison & Foerster while
McAfee’s advisers were Morgan
Stanley and Wilson Sonsini Goodrich
& Rosati.
The deal follows Dell’s $1.3bn pur-
chase of storage company 3PAR earli-
er this week and IBM’s acquisition of
software rival Unica for $480m.
Intel chief executive
Paul Otellini says every
microchip his firm sells
could be sold with
security software.
TAX BREAK THREAT ALARMS DRUG
COMPANIES
A £1.3bn tax incentive designed to
foster pioneering research in Britain
could be scrapped by the govern-
ment, The Times has learnt. The so-
called patent box, which was
introduced to encourage research, is
being questioned in the Treasury
amid concerns that it is expensive
and aimed at a relatively narrow sec-
tor of the economy.
TAXMAN TO ADOPT SOFTLY SOFTLY
APPROACH TO RAISE MORE CASH
HM Revenue & Customs will adopt a
softer approach towards businesses
involved in tax disputes in an effort to
get access to money tied up in court
cases. This approach marks a move
away from Gordon Brown’s clamp-
down on tax avoidance, which started
when he was Chancellor of the
Exchequer in 2004.
HOLIDAY TIME
Those who have just come back from
their holiday will probably be wishing
they had a few more days by the pool-
side.
Well, those kind people at the City
law firm Allen & Overy have come up
with a scheme whereby partners can
get an extra 52 days a year off to help
them juggle their family commit-
ments – or sit by the poolside.
The main reason for the move is to
encourage women on the verge of
becoming partners to stay on with
the firm.
Allen & Overy says 62 per cent of its
recent graduate intake was female
but only 16 per cent of its current
partners are of the fairer sex. The
scheme will apply to men and women
equally and for those who take it up
their pay will be adjusted accordingly.
It’s a scheme that will be difficult
to put into practice but it deserves to
work. Have a great weekend.
david.hellier@cityam.com
Allister Heath is away.
Lord Brittan made his name in Margaret Thatcher’s cabinet
Brittan takes trade role
▲
POLITICS
BY DAVID CROW
LORD Brittan, who made his name as
trade and industry secretary in
Margaret Thatcher’s cabinet, is to
return to government as a trade
adviser.
David Cameron said that 71-year-
old Brittan, who is taking a six-month
sabbatical from his job as UBS vice
chairman, would help “drive forward
Britain’s ambitious trade agenda”.
However, the Prime Minister has
EU APPROVES FURTHER GREEK DEBT
The European Commission has
approved the next €9bn (£7.4bn)
tranche of loans for Greece but the
underlying economy continues to
deteriorate as Greek banks suffer a
record loss of deposits and output
contracts at a quickening pace. A
report by HSBC said banks had lost
eight per cent of their entire deposit
base in the five months to May.
BANKS ADD £1,700 A YEAR TO FIXED
RATE MORTGAGES
Home owners are paying £1,700 a year
more for fixed-rate mortgages as
banks enjoy record profit margins.
Despite receiving billions in taxpayer
support during the credit crisis, high
street lenders are refusing to pass on
the full benefit of low interest rates to
customers, figures show. Instead, they
have used the cheap cost of borrowing
to increase their profit margins.
CITYA.M. 20 AUGUST 2010
KNOC prepares
to turn hostile
on Dana bid
▲
ENERGY
SOUTH Korea’s National oil company
(KNOC) is set to turn hostile on its bid
for Dana Petroleum as early as today.
KNOC, which made a £1.7bn a
share bid for Dana last month, has
already contacted Dana’s biggest
shareholders to see if they would be
willing to sell their shares at £18
each – the price of its original bid. The
Aberdeen-based firm which focuses
on the North Sea and Egypt – led by
chief executive Tom Cross – has so far
rebuffed bids from KNOC.
Peter Hitchins, analyst at Panmure
Gordon, said: “Most people view £18-a-
share as a very credible bid.”
Cross is expected to use next week’s
interim results to promote the value
of its oil exploration price which he
believes is currently not sufficiently
accounted for in the offer price.
come under criticism for failing to
appoint a fully-fledged trade minis-
ter, especially given his oft-repeated
aim of boosting British exports.
Mervyn Davies, the former chair-
man of Standard Chartered, was
recruited as a high-profile trade min-
ister by Gordon Brown but stood
down when Labour lost the election.
Earlier this week, The British
Chambers of Commerce said the
coalition’s failure to replace Davies
marked one of the biggest errors in
its first 100 days in power.
RUSSIA’S WOES PUSH UP WHEAT
Wheat prices jumped back to $7 a
bushel on worsening prospects for
Russia’s harvest this fall and beyond.
Russia will likely boost its grain
imports amid a persistent drought
that already has forced it to ban
exports. Although the country was
one of the world’s largest wheat
exporters last year, the usual trickle
of imports could turn into a flood to
make up for the anticipated shortfall
in this year’s harvest, further squeez-
ing global supplies.
GERMANS RAISE GROWTH FORECAST
The Deutsche Bundesbank yesterday
raised its forecast for German eco-
nomic growth in 2010, becoming the
first official body to upgrade its out-
look after data last week showed the
fastest growth in 20 years. In its
monthly report , the Bundesbank lift-
ed its 2010 forecast by three pre cent.
CITYA.M. 20 AUGUST 2010
BGC Partners
adds brokers
with Mint buy
▲
M&A
BY MARION DAKERS
INTERDEALER broker BGC Partners
has added more than 100 brokers
through its purchase of Mint Partners
for an undisclosed sum, in what one
insider has labelled a large-scale hir-
ing spree.
Mint co-founders Richard Barnett
and Timothy Bullman will join BGC
as senior managing directors, but will
remain co-chief executives of their
original business and operate under
the Mint name.
“BGC’s strong balance sheet, global
presence and pre-eminent technology
platform, which were key factors in
our decision to become part of BGC,
create a tremendous opportunity to
bring new capabilities and levels of
service to our loyal clients world-
wide,” the pair said in a statement.
BGC, which currently employs
around 1,600 brokers and sales staff,
said the move was part of its strategy
of “selective acquisitions, hiring expe-
rienced brokers, and investing in our
proprietary technology”.
Sean Lynn, BGC’s president, said:
“With the addition and continuing
growth of the Mint brand… we expect
to augment our offerings to clients
and expand our customer relation-
ships.”
But a source close to the company
added: “Effectively it’s a giant recruit-
ment exercise for BGC.”
Mint was set up in 2004 by Barnett
and Bullman, and expanded rapidly
through the recession to list around
500 institutional clients and 150
members of staff in Dubai, New York
and Paris today.
Barnett fell into insurance broking
after dropping out of school at 16,
while Bullman studied town plan-
ning before they founded Mint.
Shaun Lynn: “Hiring experi-
enced brokers and invest-
ing in our proprietary
technology have been key
drivers of BGC’s growth.”
News 3
US scientist now
PAKISTAN HOPES TO EXTEND IMF LOANS
says BP oill spill
still in the Gulf
BP IN CRISIS
BY ROGER BAIRD
A TOP US government scientist said
yesterday that three-quarters of the
oil that leaked out into the Gulf of
Mexico from BP’s damaged well was
still in the ocean – contradicting his
earlier evidence that the worst of the
spill has passed.
Bill Lehr, a senior scientist at the
National Oceanographic and
Atmospheric Administration (NOAA),
appeared before Congress and said: “I
would say most of that [the oil] is still
in the environment.”
But just two weeks ago he said in
an official report the majority of the
crude that leaked out from the 20
April Macondo well disaster, that
killed 11, had been captured or been
broken down by the sea.
Lehr, appearing before the House
energy and commerce committee,
now says of the 4.1m barrels that
leaked in to the Gulf, only six per cent
has been burned off and four per cent
has been skimmed. He could not be
confident of numbers for the amount
collected from beaches, he said.
PAKISTAN is to ask the International Monetary Fund (IMF) to ease conditions on a The government scientist’s u-turn
$10bn (£6.4bn) loan it received in 2008 in light of the floods that have made 4m people will deepen a sense of outrage in the
homeless. The country’s finance minister will travel to Washington next week in a bid to scientific community that the White
delay repayments until the effects of the devastating floods have eased. The US pledged House is hiding data and spinning
an extra $60m to fund the humanitarian response yesterday. Picture: REUTERS the science of the oil spill.
4 News CITYA.M. 20 AUGUST 2010

Sarkozy holds pre-Budget

ANALYSIS l Government debt as a percentage of GDP Source: Eurostat

UK:
Ireland:
68.1%
All 27
64.0% EU countries:
73.6%
Eurozone:
78.7%
meeting to avoid downgrade
France: grade” was shorter than it had been. today’s meeting as “PR exercise”,

▲
EUROPEAN ECONOMY
77.6% BY JULIET SAMUEL The government has said it will lay Lombard Street Research’s Gabriel
out plans to cut the deficit from 8.2 Stein adds: “It’s politically fraught and
FRENCH President Nicholas Sarkozy per cent to six per cent of GDP, partly Sarkozy has not shown he’s prepared
will today attend an emergency meet- through raising the retirement age to move strongly with unpopular
ing with finance minister Christine from 60 to 62 and delaying the onset measures. He’s a wimp.”
Lagarde and Prime Minister Francois of full benefits two years to age 67. Like the rest of Europe, France has to
Fillon to discuss the state of the French In the context of what Moody’s calls choose between stimulating the econo-
Portugal: economy. “brittle market confidence”, sending a my and reducing spending. It is widely
The meeting comes ahead of the strong and credible signal on deficit expected to experience a slowdown in
76.8% Spain: Greece: September Budget and shortly after reduction will be vital. the second half of 2010 and into 2011,
53.2% 115.1% Moody’s reaffirmed France’s Aaa rat- But economists are sceptical about resulting in a consensus growth fore-
ing but said that its “distance to down- Sarkozy’s ability to deliver. Dismissing cast of 1.4 per cent for 2010.

UK tax boost
eases deficit
as sales rise
below £6.1bn this time last year.
▲

ECONOMY
BY OLIVER SHAH
BETTER-THAN-PREDICTED high street
sales and unexpectedly low govern-
ment borrowing figures gave UK mar-
kets a late summer fillip yesterday.
Shoppers defied talk of weakening
consumer confidence to send the
nation’s till receipts up 1.1 per cent
between June and July, far ahead of
the 0.4 per cent rise pencilled in by
economists. The Office for National
Statistics said clothes and non-food
purchases powered the increase,
jumping 4.1 per cent, with internet-
based revenues soaring 16.7 per cent.
An improving corporate tax haul
meant public borrowing levels also
caught analysts unawares. The
Treasury drew on £3.8bn net funds
last month, less than the £5.3bn fore-
cast by institutions and significantly
Excluding the cost of bailing out
Lloyds Banking Group and Royal
Bank of Scotland, overall debt stood
at £816.2bn or 56.1 per cent of GDP.
The FTSE 100 rose by up to 33.48
points in the morning as investors
took heart from the data. But the
large cap index fell back to close 91.58
points down at 5,211.29 as a shock
leap in US jobless claims to 500,000
sparked a sell-off of risky assets.
Markets were additionally spooked by
a warning of “daunting” challenges
from America’s fiscal agency.
Nonetheless, Simon Ward, chief
economist at Henderson Global
Investors, said the UK’s healing econ-
omy and rising tax-take from compa-
nies meant the national deficit was
likely to undershoot the Office for
Budget Responsibility’s estimate of
£149bn for the full year.

ANALYST VIEWS: IS THE UK ECONOMY

PICKING UP AGAIN? Interviews by Katie Hope

GEORGE BUCKLEY | DEUTSCHE BANK

“ Today’s news was generally stronger than expected.

Retail sales grew faster than expected, broad money was up,

”
the Budget deficit fell and the CBI’s manufacturing survey
was encouraging. This should be positive for GDP.

DAVID KERN | BRITISH CHAMBERS OF COMMERCE

“ There is no room for complacency. The economy is

still weak, businesses are struggling, and the full impact of

”
the emergency Budget’s austerity measures are yet to take
effect. Risks of an economic setback are significant.

ANDREW GOODWIN | ERNST & YOUNG ITEM CLUB

“ The combination of weak earnings growth and high

inflation is squeezing real incomes, while unemployment is

”
likely to remain high with the public sector job cuts on the
way. The outlook for consumers remains challenging.
CITYA.M. 20 AUGUST 2010
Essar finance
chief quits to
return to uni
▲
ENERGY
BY VICTORIA BATES
INDIAN FTSE 100 giant Essar Energy
yesterday confirmed it is on track
with aggressive growth plans in its
domestic market, even as it sought to
reassure investors over ongoing cor-
porate governance issues.
But the group was hit by a setback
yesterday as it emerged finance direc-
tor Gerry Bacon is to step down at the
end of August to return to university.
His role will be filled by P. Sampath,
chief financial officer of Essar Oil.
Essar, which listed on the London
main market in May, said all of its
power generation projects are on
schedule and budget, easing fears
over India’s notorious history of
bureaucratic delays. The group plans
to scale up its power operations in the
country exponentially, ramping up
capacity from 1,220 MW now to over
11,000 MW by the end of 2014.
Essar is still under pressure from
UK investors for dragging its heels on
hiring a fifth non-executive director,
a measure promised at the time of its
IPO to settle concerns over the extent
of its independence from its powerful
parent, industrial giant Essar Group.
“We are making good progress,”
the firm insisted, though it admitted
it could be the end of the year before
an appointment is made.
Essar Energy revenues leapt 66 per
cent to $4.76bn over the first half of
2010, though pre-tax profit slumped
by a third to $154.4m, mainly due to a
one-off inventory gain in 2009.
ANALYSIS l Essar Energy
p future years: 45 per cent of house-
480 406.80
19 Aug
460
440
420
400
24 May 14 Jun 2 Jul 22 Jul
Essar chief executive Naresh Nayyar is searching for a new non-executive Picture: REUTERS
An Indian growth story
AFTER a shaky start, investors are
finally seeing Essar Energy for the
company it really is: a liquid,
London-listed firm that is well-posi-
tioned to capitalise on India’s rapid-
ly growing energy demand. Energy
consumption will soar in India in
holds don’t have access to electrici-
ty, while those that do have a patchy
supply (24-hour electricity is virtual-
ly unheard of outside the major
cities). The average Indian citizen
uses around 610 kilowatts of elec-
tricity a year – around a quarter of
the per capita consumption in
China.
11 Aug
Despite its growth potential, nag-
ging concerns still weigh on the
stock, which has staged a recovery
since falling seven per cent on its
first day of trading but still changes
hands for less than the 420p listing
price (it closed at 406.8p yesterday).
It still needs to appoint a fifth inde-
pendent non-executive director to
counter suggestions that its board is
too close to Essar Group, the firm’s
biggest shareholder. Only then will
it get the respect it deserves.
BOTTOMLINE
Analysis by David Crow
News 5
Bank lending to
UK businesses
remains weak
UK ECONOMY
▲
NET lending to British businesses fell
for the fourth month in a row in June
while mortgage approvals slumped to
their lowest level in over a year last
month, figures from the Bank of
England showed yesterday.
In its Trends in Lending report, the
central bank showed that the net
monthly flow of lending to UK firms
shrank by £3.5bn in June, following a
£2.2bn drop the previous month.
The Bank of England said in its
report that net lending by the major
UK lenders remained weak in July
while the stock of lending contracted
across all the main sectors of the
economy in the second quarter of
2010. The Bank’s contacts also noted
that credit conditions for smaller
businesses remained tighter than for
larger corporates but added that
demand had weakened compared to
the first quarter.
But the main lenders hit back yes-
terday, with the British Bankers’
Association (BBA) arguing that the
net lending figures did not show busi-
nesses paying back debts. “Banks
want to lend. As fast as we are agree-
ing new lending, others are paying
back,” said Angela Knight, chief exec-
utive of the BBA. According to the
BBA, banks are lending out about
£500m of new money every month.
 6 News CITYA.M. 20 AUGUST 2010

Glazer family hit by

7 L UHG R I higher interest rate
V W D Q G LQ J The interest payments must be targets, is another sad chapter in

▲
SPORT FINANCE
BY STEVE DINNEEN made by the Glazer family rather the story of their exploitation of
than the club itself, but fans’ groups Manchester United.
MANCHESTER United’s American now fear the club’s already precari- “The increasing cost of the Piks
owners saw interest payments on a ous finances will be further affected. will inevitably be borne by

LQ
loan taken out to refinance the
club jump to 16.25 per cent this
week after they failed to keep debt
at an agreed level.
The two per cent hike will see the
club pay millions extra on a pay-
ment-in-kind (Pik) loan of more
than £200m, which is due to be
repaid by 2017.
The PIK loan will total more than
£267m at the end of June next year
due to the new rate of interest, ris-
ing to more than £310m by 2012.
Manchester United Supporters’ Manchester United. The Glazer fam-
Club (Must) chief Duncan Drasdo ily have failed to repay a single
said: “The rise in the Pik interest penny of their debts in the last four
rate this week, caused by the years... and the only source of cash
Glazers’ inability to hit their own is our football club.”
The Glazers tied around £716m
Malcolm Glazer, 82, of debt to the Premier League outfit
when they bought it in 2007.
has become a hate A group of powerful City figures,
figure at Old led by Goldman’s chief economist
Trafford since buy- Jim O’Neill, launched a bid to wrest
ing the club in 2007 control of the club but the Glazers
have been unwilling to do a deal.

Terms and Conditions apply. Subject to status. The Platinum Charge Card is offered by American Express ® Services Europe Limited. Registered Offi ce: Belgrave House, 76 Buckingham Palace Road, London SW1W 9AX, United Kingdom. Registered in England and Wales with Company Number 1833139.

Search is on for
Google prepares successor of
its rival to the iPad ousted HP boss
▲

TECHNOLOGY
Apple’s crown.
▲

TECHNOLOGY
BY STEVE DINNEEN Other perks are thought to include HEWLETT-PACKARD yesterday named
bluetooth, a widescreen HD display, headhunting firm Spencer Stuart to
GOOGLE hopes to have an iPad rival video conferencing and wi-fi. It is lead the search for a new chief execu-
on US shelves in time for Christmas, expected to be powered by Nvidia’s tive following ousting of Mark Hurd.
according to industry insiders. ARM-based Tegra 2 chip-set. Mark Hurd, above, was ousted from HP after reaching a settlement with former The former boss was forced to
Analysts are already speculating Early indications point to a 26 adult movie star Jodie Fisher, below, over sexual harassment allegations. resign for inaccurate expense claims
that the device could be free with a November launch date for the prod- brought to light in the wake of sexual
lengthy contract with network uct. harassment allegations by former
provider Verizon. Google and Apple are already at porn star Jodie Fisher.
The tablet is likely to be manufac- war in the smartphone mar- Spencer Stuart will consider both
tured by mobile phone maker ket, with both firms internal and external candidates to
HTC, the firm responsible for vying to become head up the world’s largest technolo-
the critically-acclaimed the industry stan- gy company by revenue as it seeks to
Desire smartphone. dard operating draw a line under the embarrassing
The unit, which will system in the incident.
connect to the web fastest-growing A number of names have already
wirelessly, will run sphere of consumer been floated by analysts as candidates
Google’s Chrome electronics. for the top job, though the company
web-based oper- Both US giants are work- said it will not comment on the
ating system. ing on ways to incorporate process or potential successors.
It will feature a advertising into their lucrative Hurd, 53, has been credited with
hefty 2GB of Ram and mobile offerings in a tussle that turning around HP after he took the
storage space of 32GB, mak- could shape the way we experi- post in 2005, by cutting costs and
ing it a firm contender for ence the internet. diversifying its revenue base.
 CITYA.M. 20 AUGUST 2010
ANALYSIS l UK car production last month
Car production in Britain dropped by 8.9 per cent in July
98,000 cars were produced in July
Production for the year-to-date was still 41.7 per cent
higher than in the same period in 2009
Commercial vehicle output grew by 10.7 per cent in July
and by 43.2 per cent per cent in first seven months of the year.
Authorised in the United Kingdom by the Financial Services Authority under the Payment Services Regulations 2010 (reference number 415532) for the provision of payment services.
Dell, HP and Lenovo
post mixed results
TECHNOLOGY
▲
BY MARION DAKERS
TECHNOLOGY companies delivered
mixed results on Wall Street yester-
day, as computing heavyweights
Hewlett-Packard, Dell and Lenovo
posted large profits but missed
some forecasts.
Hewlett-Packard’s quarterly prof-
it climbed 6.1 per cent on higher
global sales and growth in the com-
pany’s core consumer market.
The world’s biggest PC producer
announced $1.77bn (£1.14bn) in
pre-tax gains, up from $1.67bn a
year earlier. Revenue climbed 11
per cent to $30.73bn, though
restructuring and acquisition costs
hit overall figures.
Dell said it expected a continued
pick up in demand for PCs from
corporate customers for the next
several quarters, as revenue rose 22
per cent to $15.5bn.
It beat Wall Street’s estimate of
$15.2bn, thanks to strength in sales
of servers and networking products
as large companies upgraded equip-
ment after years of austerity.
The world’s third biggest com-
puter maker reported net income
in the quarter of $545m, up from
$472m in the same period last year.
It increased its income growth
forecasts from 18 to 23 per cent,
though shares dropped in late trad-
ing as the figures were less spectac-
ular than investors had hoped.
Meanwhile, Lenovo said it was
banking on fresh demand from cor-
porates and rapid expansion in
emerging markets to fuel growth,
as it unveiled a third consecutive
quarterly profit.
Lenovo posted a pre-tax profit of
Car sales slip for
first time this year
AUTOMOTIVE
▲
BY JOHN DUNNE
CAR production in Britain dropped
by 8.9 per cent in July as the end of
the scrappage scheme hit demand,
the Society of Motor Manufacturers
and Traders (SMMT) said yesterday.
Production for the year-to-date was
still 41.7 per cent higher than in the
same period in 2009, SMMT said.
Last month’s drop – with 98,000
cars produced – was the first since
October.
Engine production fell 3.4 per cent
while total vehicle production was
down by 7.5 per cent to 107,578.
Commercial vehicle output grew
10.7 per cent in July and by 43.2 per
cent per cent in first seven months of
$54.86m on the three months to
July, better than the $16m loss seen
a year ago, but slightly below expec-
tations for a $57.1m profit.
The firm has been trying to
return to its roots as an emerging
markets specialist after it struggled
to integrate overseas assets it
acquired when it bought IBM’s lap-
top business in 2005.
ANALYSIS l Dell
15
$ Realise
12.06
14.5
14
19 Aug
13.5
13
12.5
12
24 May 14 Jun 2 Jul 23 Jul 12 Aug
the year.
SMMT chief executive Paul Everitt
said: “UK vehicle production is more
than 40 per cent up on last year’s lev-
els and while we expect some chal-
lenging conditions, economic growth
has returned in all major markets
around the world.”
The government scrappage scheme
offered new buyers a £2,000 discount
if they scrapped a car that was more
than ten years old, which helped to
boost demand. This scheme ended in
March.
The car industry in Britain still
accounts for a large chunk of the
country’s manufacturing output
even though most car manufacturers
operating in the UK are foreign-
owned.
We’l l help you get your hand s
in to wn .
on so me of the ho tte st tic ke ts
ame r ican exp ress .co.uk /po tent ial
or se ar c h ‘p ot en t ia l’
the TM
potential
News 7
NEWS | IN BRIEF
BHP deal with Rio faces defeat
Global miners BHP Billiton and Rio Tinto
expect their $116bn iron ore joint ven-
ture will fail to gain regulatory approval.
Mining executives involved in the
process said yesterday that competition
regulators in various jurisdictions had
rejected the two miners’ arguments that
the venture would not have price-setting
power. “It's dead and the coffin’s being
lowered into the ground. It’s a matter of
finding a face-saving way out in the
coming months,” said one senior mining
executive to the Sydney Morning Herald.
Facebook to track users’ location
Facebook's 500m-plus users will soon
be able to track friends’ whereabouts
across the world, as the world’s largest
Internet social network adds technology
to increasingly tie its virtual world to
everyday life. The new “Places” feature –
which begins rolling out on Wednesday
and goes nationwide within weeks – is
being touted as a tool to help users
share where they are, figure out who is
in the vicinity, and check out happenings
and services within the same locale.
 The Capitalist
8 CITYA.M. 20 AUGUST 2010
EDITED BY
VICTORIA BATES
GOT A STORY? EMAIL
thecapitalist@cityam.com

BANKING
CHEMISTRY
GEEKS GET
CREATIVE
THANK heaven for the idle pairs of hands
which yesterday provided The Capitalist
with the throatiest chuckle of the week.
Into the inbox popped a link that’s been
doing the rounds in the City, containing a
link to a “periodic table” – though not one
that would be familiar to many from dis-
tant memories of school chemistry les-
sons.
Nah, this little beauty is a periodic table
of swearing – with a full spectrum of pro-
fanities arranged in order of vehemence
across a multi-coloured table, from the
“heavy metals” on the left (read: the C and
F words and derivative phrases) to the
“light gases” on the right.
“A JPEG built, I believe, by some techies
in the basement of a government owned
bank,” the email states, mischievously.
“I’m so glad they’re busy…”
LINE OF FIRE
Speaking of government-owned banks,
RBS might be best advised to prepare for
the worst on Monday as the climate
change protesters camped outside its
Gogarburn headquarters near Edinburgh
gear up for a full day of demonstrations.
Have some City bankers-cum-chemists got too much time on their hands?
The standoff between eco-warriors and
the bank – over its investments in oil, gas
and mining projects – is far from new, you
see. Seasoned veterans of the bank in the
City will remember last year, when hun-
dreds demonstrated inside and outside
RBS’s Bishopsgate HQ, including super-
gluing their hands to the floor of the foyer
and stripping naked to hold up protest
banners. Better start shoring up the
defences, pronto.
TICKET TOUT
Another instalment in The Capitalist’s
ongoing saga on bankers turning entre-
preneurs in the wake of the crisis. Gareth
Jenkins, who lived to tell the tale of his
“This is a
periodic table
of swearing,
with a full
spectrum of
profanities
arranged in
order of
vehemence” LEGS SEVEN
Cast your eyes over the above group of
nutters from Deloitte, who have pledged
to tackle over 1,100 miles on a seven-seater
conference bike in aid of Cancer Research
UK.
Picture: GETTY Led by consulting analyst Ed Grieg, the
cyclists are aiming to set a new Guinness
first-hand experience at Lehman Brothers World Record for the highest number of
a few years ago, left UBS to pursue his riders taking part in a John O’Groats-to-
dream just last month. Land’s End expedition on a single bike,
He’s now set up Club Journeyman – with six people pedalling and one person
a sports ticketing and corporate steering the cumbersome contraption.
entertainment business – which They should be arriving in London later
plans to offer small to mid cap com- today – good luck to them, I say.
panies the same hospitality opportuni-
ties as their larger counterparts.
“I really enjoyed UBS but had a hanker-
ing to start up my own company – and
GOSSIP’S CORNER
Rumour of the week, courtesy – as
now, I go to work every day and get to always – of troubled broker Astaire
deal with the likes of Manchester Securities. I hear the firm’s Plus
United and Chelsea,” he gushes, hav- markets team are eager to escape
ing recently struck ticketing deals the firm’s recent woes and are
with the two clubs, the Millennium looking to complete an MBO –
Stadium, Cheltenham Racecourse and the though they’re also open to the idea of a
O2 Arena. Not bad for a rookie... tie-up with a rival broker...

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CITYA.M. 20 AUGUST 2010 News 9

GM aims to
close $27bn DON’T MISS THE AWARDS SHORTLIST
BEGINNING AUGUST 31ST
pension gap
▲

AUTOMOBILES
BY OLIVER SHAH
GENERAL MOTORS hopes to secure
an investment grade credit rating by
using cash from its impending flota-
tion to make payments on its $27.4bn
(£17.6bn) pensions black hole, accord-
ing to its prospectus.
The US government-owned carmak-
er revealed a shortfall of $17.1bn in its
US pension fund and $10.3bn in its
non-US fund as of the end of last year.
The schemes have significant expo-
sure to equities and fixed income
securities, which suffered amid mar-
ket turbulence.
GM said it would use spare capital
from its imminent initial public offer-
ing (IPO), which analysts believe could
value the company at $20bn, to close
some of the gap in its US scheme.
“We plan to use excess cash to
repay debt and to make discretionary
contributions to our US pension
plan,” GM stated. “Based on this
planned reduction in leverage… we
will aim to attain an investment
grade rating over the long term.”
The car manufacturer also dis-
closed the US Treasury would keep a
large stake after the IPO and would be
able to influence decisions on execu-
tive appointments and pay deals, as
well as debt and equity raisings. But
the US and Canadian states will no
longer be able to designate nominees
for the GM board of directors.
Investment bankers, who have
been referring to the flotation as
“Project Dawn”, think it could be the
largest IPO since Visa tapped the mar-
ket for $19.7bn in 2008.

NEWS | IN BRIEF
EU objects to Unilever purchase
The EU could scupper Unilever’s pur-
chase of parts of Sara Lee’s European
business, after its anti-trust agency filed
a formal objection to the €1.3bn
(£1.07bn) acquisition yesterday. The
company said yesterday it hopes to
come to a “positive agreement” by the
end of the year, allowing the takeover of
Sara Lee’s shower-gel and detergent
businesses. The EU contends that the
move would create significant overlaps
with Unilever’s existing operations.

Temasek hires BoAML high-flyer We fly to Agadir & Marrakech

Singaporean investment group Temasek
has hired Gregory Curl a former top
executive at Bank of America Merrill
Lynch to oversee its holdings in the US.
Curl retired from the bank in March but Fantastic deals on these destinations
was respected for his work on its invest-
ments in China. He is one of several high
profile hires in recent months as the
group reshuffles staff in the wake of its
unsuccessful attempt to appoint its first
foreign boss last year. Former BHP
Billiton head Charles Goodyear left after Insurance
disagreements over strategy.
Marrakech 3+ Hotels Morocco Car Hire
from £30 per night from £30 per day. 5 Star Rated Cover
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Two Indian state-run firms have with- Book now and only pay Best price guarantee! from £5 single trip
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Commonwealth Games in October due
to allegations of mismanagement. The the difference)
country’s biggest power producer NTPC
and energy transmission firm Power
Grid Corporation have scrapped a total
of 600m rupees (£8.3m) on the back of We fly from Gatwick. Price correct as at 9 August 2010. Flights available to book now for travel between 9 August and 30 October 2010.
the negative publicity. In another blow Hotel price based on 2 adults staying (in one room) 7 nights from 27 September 2010. Car price based on a small car (picked up at the airport)
to the games, Australian swimmer with 7 days hire from 27 September 2010. easyJet is an Appointed Representative of Mondial Assistance (UK) Limited which is authorised
Dawn Fraser advised team members to and regulated by the Financial Services Authority (FSA). Variable charges for hold baggage apply and some payment methods attract a handling fee.
consider boycotting the event over secu- See website for details.
rity concerns.
 10 News CITYA.M. 20 AUGUST 2010

MasterCard buys DataCash ASHLEY HEAD

DATACASH
enjoyed a bumper pay-day. In 2007 he
sold 1.2m shares in the company at
2.40p each, netting around £2.88m.
He has been bullish about the
health of DataCash. In March he said:
"The board anticipates further growth
online payments and provides them Both Visa and MasterCard are try- in revenue, profits and dividends in
▲

FINANCIAL SERVICES
BY STEVE DINNEEN
MASTERCARD will buy British pay-
ment services provider DataCash
Group for £333m in cash to expand
its e-commerce business.
The world’s second-largest credit
and debit card payment processer,
said it will pay 360p per share, a 54
per cent premium to DataCash’s
Wednesday closing price.
MasterCard said the deal would
increase its ability to process pay-
ments online, especially in Europe
and emerging markets.
DataCash helps merchants accept
with fraud-prevention services.
MasterCard’s new chief executive,
Ajay Banga, is trying to boost the
company’s profits by developing its
online and mobile payments process-
ing business.
The company is looking for faster
growth in non-US markets, where
many consumers still use cash
instead of plastic or online payments.
Banga is also trying to catch up to
arch-rival Visa, the world’s largest
credit and debit card processing net-
work. In April, Visa signed a $2bn
(£1.3bn) deal to buy the payment
processor CyberSource Corp.
ing to stay abreast of competition
with eBay’s PayPal, which many con-
sumers think of first when they buy
something online, analysts said.
MasterCard expects the deal to
reduce its fourth-quarter earnings by
about five cents per share, break even
in 2011, and add to earnings in 2012.
DataCash posted adjusted pre-tax
profit of £16.6m on turnover of
£36.9m in 2009.
The acquisition is expected to close
by the end of October.
MasterCard shares closed at
$212.86 on Wednesday on the New
York Stock Exchange.
DATACASH executive chairman
Ashley Head, who has over 30 years
experience in the payments and bank-
ing industry, stands to make a stagger-
ing £144m from the sale of the firm.
He yesterday said of the deal: “The
proposed acquisition represents a sig-
nificant opportunity for DataCash to
drive increased adoption of our plat-
forms and programmes internationally
and become part of the exciting value
proposition of MasterCard.”
This is not the first time Head has
2010.”
Head was involved in setting up
ProcCyber, a bespoke payments and
risk solutions firm acquired by
DataCash in June 2006. He currently
owns a 43.3 per cent stake in
DataCash.
Head, who has a hands-on manage-
ment role at the firm, has worked for
MasterCard as senior vice president
for Africa.
He has also had a stint as director
of technology and electronic banking
for The National Commercial Bank in
Saudi Arabia.

A-Levels not A GRADUATE’S

VIEW

SIMON WARNER

enough, say GRADUATING with an English

Literature degree from a red-brick
university sounds prestigious. But

City bosses A-Level success for some students yesterday, but employers want more vocational study
since leaving Leeds this summer, I
get the feeling that you need more
than an undergraduate degree to
get a good job. Far from seeming
indispensable, my degree feels like a
pre-requisite, a necessity, and cer-

yesterday, introduced in September CITY VIEWS: IS IT ESSENTIAL FOR YOUNG PEOPLE tainly not enough on its own.
Yes, some companies have start-
▲

EDUCATION
BY MARION DAKERS
BUSINESS leaders have called for
more young people to study for prac-
tical qualifications as well as tradi-
tional A-Levels to stand out in the
increasingly competitive fight for
jobs.
Around 170,000 applicants are
expected to miss out on a university
place this year, despite a record 97.6
per cent of students passing their A-
Levels yesterday.
Director general at the Institute of
Directors, Miles Templeman, reas-
sured those who have missed out on
university, and called on the govern-
ment to extend its Graduate Talent
Pool internship scheme to include
school-leavers to cope with the short-
fall in university places.
“University is not the be all and end
all. Not all courses will confer the
financial rewards so frequently cited,
and employers place just as much
emphasis on wider employability
skills as they do on academic qualifi-
cations,” he said.
However, students this year have
shunned new courses intended to
teach practical skills. Fewer than 600
young people passed diploma courses
2008 as the Labour government
attempted to refocus on hands-on
TO GO TO UNIVERSITY?
training.
“The diploma seems to have lost its
way with a tiny number of entries
and gender stereotyping evidence in
the selection of courses,” said
Christine Blower, general secretary of
the National Union of Teachers.
City firms such as Fidelity and PwC
have taken on more school-leavers
this year to help bridge the gap
between school leavers and graduate-
level jobs.
The CBI also put an emphasis on
work experience for young people,
suggesting apprenticeships or part-
time study for those who have fallen
short of full-time degrees.
“Although students may not have
planned a gap year, the CBI is urging
those that have missed a place at uni-
versity this year to use the time to
increase their employability,” said CBI
director of education and skills Susan
Anderson.
Birkbeck College, which offers
evening courses, saw a 22 per cent
rise in 18 to 24 year olds applying for
part-time degrees this year, while
vocational body City & Guilds saw 20
per cent more applications.
Interviews by Simon Warner ed offering rewarding jobs for peo-
ple with only A-Levels, but this
won’t take the pressure off most of
us. The very best 18-year-olds will
ANDY WHITLOCK | HOWDEN inevitably benefit from the schemes,
leapfrogging those who go to uni-
versity, but there will still be thou-
“At the moment it’s debatable, on the basis that you’ll end sands competing for university
up coming out of university with around £25,000 in debt spots and dwindling jobs.
And at the other end of the spec-
hanging round you. If you start working earlier you get trum, a growing number of employ-
money faster.” ers demand postgraduate study or
even more. I am getting a lot of
encouragement to do further educa-
JONATHAN STOLLER | JLT tion, for example a master’s in
something practical that could help
my chosen trade (I'd like to be a
“I think so, yes, it is. It gives you a head start in a career, journalist). I couldn't do a masters
and a few years of enjoyment; you’ve got to enjoy yourself without a degree. Without a degree,
though, I could have tried to learn
while you’re young and university is the perfect way on the job and go from there. Would
to do that while getting qualifications.” that speed up my career progress?
The impression I get is no.
I had such a good time at univer-
STEVE APPS | SWISS RE sity it would be a shame to have
missed out – it was an invaluable
experience. For those who have the
“No. My view is that universities should just keep to the opportunity to go to university, and
prestigious degrees. Too many students are going to uni- are wondering whether it’s worth it,
I would say go. But on its own, it’s
versity these days. Without the elitism it doesn’t not enough to secure a good job.
sort the good from the bad.”

Cineworld hit by World Cup but given John Menzies on the up

boost from the 3D film revolution as aviation arm thrives
good growth in first half revenues office revenues were from 3D movies. Lufthansa/bmi covering more than
▲

MEDIA
▲

BY JOHN DUNNE
CINEWORLD saw a fall off in the
number of filmgoers in the first half
of the year because of the World Cup
but said the popularity of 3D films
was helping to boost the business.
Despite the drop in admissions, the
company recorded pre-tax profits of
£11.8m in the first half of the year up
from £11.6m in the first-half last year.
Chief executive Stephen Wiener
said: “We are pleased to announce
and ebitda despite the impact of the
World Cup which, as anticipated,
resulted in a quiet June.”
He added: “The second half of the
financial year has started strongly for
the Group, with an excellent range of
blockbusters and 3D films.”
The firm said the fourth quarter
looks equally strong and brings an
exciting line up of releases with titles
such as “Wall Street: Money Never
Sleeps” and “Little Fockers.”
More than 20 per cent of its box-
LOGISTICS
90 flights at Heathrow, which starts
ANALYSIS l Cineworld Group JOHN Menzies yesterday upgraded in October. Underlying group profits
p its profit forecasts after its aviation rose 46 per cent to £19.3m on rev-
215
199.00 business flourished despite the enues 12 per cent higher.
19 Aug Icelandic volcanic ash cloud. In its news distribution – which
205 Menzies Aviation more than dou- is the more traditional side of the
bled operating profits in the first company – Menzies said it was con-
195
half as cargo volumes returned fol- tinuing to gain from the exit from
lowing the end of the global reces- the industry of one of its major
185
sion. rivals Dawson last year. However,
On the ground-handling side newspapers sales fell. It received a
175
Menzies won 44 contracts, including one-off boost from the distribution
24 May 14 Jun 2 Jul 22 Jul 11 Aug a £70m five-year deal with of World Cup stickers.
CITYA.M. 20 AUGUST 2010
Plant closure hits ProStrakan
▲
PHARMACEUTICALS
BY HARRY BANKS
HIGHER distribution costs and a
potential manufacturing problem
with an anti-nausea patch overshad-
owed ProStrakan’s first core profit
yesterday, which rose on higher sales
of drugs for cancer pain and age-relat-
ed diseases.
Shares in the pharmaceutical firm
closed down 7.5 per cent at 74p, after
an inspection forced it to halt produc-
tion at the manufacturing plant for
its Sancuso anti-nausea patch.
Numis analysts also said distribu-
tion costs rose five per cent in the
Lloyds closes
Irish business
banking arm
▲
BANKING
BY OLIVER SHAH
LLOYDS BANKING GROUP has decid-
ed to wind down its Irish business
lending operation, which was badly
hit by the bursting of the Republic’s
property bubble two years ago.
Following a four-month review,
Lloyds said it would pass £21.5bn of
commercial loans in the region to its
Bank of Scotland subsidiary. Most of
the 800 Lloyds staff working in
Ireland will be transferred to a new
service company. They will look after
customer relations while gradually
running the loan book down.
Lloyds quit the Irish high street in
February, shutting its 44-branch
Halifax business and shedding
around 750 jobs. Although a
spokesman emphasised the commer-
cial banking arm would retain a pres-
ence until its assets dissolved
naturally, a statement said Lloyds was
effectively pulling out as “there was
little opportunity for scalable growth
in the future”.
The move marks the end of the
group’s flirtation with the one-time
“Celtic tiger” economy. HBOS aggres-
sively pushed into the Irish market in
2005, extending credit that con-
CITY MOVES | WHO’S SWITCHING JOBS
Permira
The European private equity company has
appointed Wulf Bernotat, the former chief
executive of energy giant E.ON, as a senior
adviser.
Bernotat is one of Germany’s most experi-
enced businessmen and retired from his posi-
tion at E.ON in April this year.
He is also a member of the supervisory
boards at Metro, Allianz, Deutsche Telekom and
Bertelsmann.
Marston’s
The brewer has scored a coup by luring
Robin Rowland, the chief executive of
To appear in CITYMOVES please email your career
updates and pictures to citymoves@cityam.com
period, and that higher operating
costs would continue.
“With today’s confirmation of the
excellent drive in sales, our down-
grade on future operating expendi-
ture is disappointing,” they said in a
note.
“The potential Sancuso manufac-
turing issue could be a bump in the
road but should be temporary.”
The company posted earnings
before interest, tax, depreciation and
amortisation (ebitda) of £1.2m for the
six months to the end of June, against
a £4.3m loss a year earlier, on 23 per
cent higher revenue of £45.4m.
Aveva Drug Delivery Systems, the
tributed to the country’s rapid house
price boom. Lloyds took on the expo-
sure when it bought HBOS in 2008.
Just under half – 43 per cent – of
Lloyds’ Irish business loan book is
judged to be at risk of turning toxic.
Much of the credit is tied up in com-
mercial real estate projects.
Ian Gordon, an analyst at European
brokerage Exane BNP Paribas, said
the 41 per cent state-owned bank had
given the market clarity on its Irish
division. He said: “All in all, a sensible
decision for Lloyds, where under
[head of group operations] Mark
Fisher’s leadership, delivery against a
cost synergy target of £2bn is already
ahead of schedule.”
Shares in Lloyds closed 0.8 per cent
lower at 70.1p.
ANALYSIS l Lloyds Banking Group
p “The partnership with Chalco
80 70.09
19 Aug
70
60
50
24 May 14 Jun 2 Jul 22 Jul 11 Aug
Yo! Sushi, to join its board as a non-
executive director.
Rowland has been at the Japanese
SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT
maker of Sancuso, which had sales of
£4.6m in the period, halted manufac-
turing for 8-12 weeks following an
inspection by America’s Food and
Drug Administration (FDA),
ProStrakan said.
“It’s a fluid situation and we don’t
quite know what the outcome will
be,” Totten said. “We are working
with the manufacturer and the FDA
towards making sure there is either
no or minimal disruption to product
supply.”
Sales of Abstral, a formulation of
fentanyl, used to treat sudden bouts
of severe pain in cancer patients, rose
to £7.4m.
BEST OF THE BROKERS
ANALYSIS l Close Brothers
p
670.00
730
19 Aug
710
690
670
3 Jun 23 Jun 13 Jul 2 Aug
CLOSE BROTHERS
UBS resumes coverage of Close Brothers
with a “neutral” rating and 680p price tar-
get. Sees potential upside from the group’s
drive to rationalise its businesses and
expects the banking division to continue to
do well but believes this is already reflect-
ed in the share price. However, says the
asset management business has potential.
Rio Tinto boss hopes to forge stronger
ties with state-owned firms in China
▲
MINING
GLOBAL miner Rio Tinto hopes to see
further cooperation with China’s
state-owned firms after its tie-up with
Chinese aluminium giant Chalco, Rio
Tinto’s boss yesterday.
Tom Albanese, chief executive, also
said the company was willing to help
China seek mineral resources at
home and abroad.
Edited by Victoria Bates
restaurant chain for 11 years, during
which time the group has grown from
just three to 63 restaurants worldwide.
Prior to that, he held senior positions
at City Centre Restaurants and Scottish
& Newcastle.
Lo-Q
Tom Burnet, the former boss of the
defence operations business at Serco,
has joined the Aim-listed theme park
virtual queuing systems provider as
chief executive.
Prior to his role at Serco, Burnet, 43,
was managing director of QinetiQ’s
capability support division, which pro-
AstraZenca signs second
deal with Indian drug firm
▲
PHARMACEUTICALS
ASTRAZENECA is set to sign a second
deal with an Indian generic drugmak-
er – this time for the supply of
injectable drugs – in a further move
to boost its emerging market sales.
The pharma giant is close to sign-
ing a licensing and supply agreement
with Ahmedabad-based Intas
Pharmaceuticals, according to peo-
ple familiar with the development.
AstraZeneca struck a similar brand-
ed generics supply deal with India’s
ANALYSIS l United Utilities
620
p 572.00
19 Aug
600
580
560
540
520
3 Jun 23 Jun 13 Jul 2 Aug
UNITED UTILITIES
JP Morgan Cazenove downgrades United
Utilities to “neutral” from “overweight”.
Expects earnings per share to be down-
graded due to a triple whammy of earnings
dilution from asset disposals, the impact of
higher property rates and higher interest
costs. Believe the shares will not rise fur-
ther without fresh M&A activity.
To appear in Best of the Brokers email your research to notes@cityam.com
opens the potential for further coop-
eration with China’s state-owned
enterprises,” Albanese said in a
speech at a mining industry event in
Shanghai.
Albanese has moved to repair ties
with key market China by forging
wider business relationships and
appointing new executives to the
country after a trial earlier this year
in association with
vides technical consultation and sup-
port to governments and industry inter-
nationally. Burnet was previously an
executive director at Microsoft technol-
ogy consultancy Cedalion.
Otkritie
The Russian financial group has
appointed two new senior Russian equi-
ty market specialists to its team.
Vladimir Tikhomirov joins from
URALSIB Financial Corporation and
becomes senior economist at the firm.
Marat Ibragimov, who moves over
from Citi Investment Research, joins as
a senior consumer analyst.
News 11
Torrent Pharmaceuticals in March
and the Anglo-Swedish company said
at the time other deals could follow.
Emerging markets are a priority
area for Western drug companies, as
sales in home markets stall and cheap
off-patent medicines that can be sold
in high volumes under a multination-
al brand name are an attractive tar-
get.
AstraZeneca expects emerging
markets to account for 25 per cent of
group sales by 2014, up from 13 per
cent, or $4.35bn, in 2009.
ANALYSIS l Adecco
42 €
38.00
19 Aug
41
40
39
38
37
2 Jun 22 Jun 12 Jul 30 Jul
ADECCO
Goldman Sachs downgrades Adecco to
“sell” saying it expects its recent top-line
growth to plateau this quarter due to
recent negative data on employment
trends in the US and France. Also expects
lower economic growth to weigh on fore-
casts for next year. Advises buying Michael
Page, Hays, or Robert Walters instead.
convicted four Rio Tinto employees of
taking bribes and stealing commer-
cial secrets, handing out sentences
ranging between seven and 14 years
in prison.
Last month, Rio Tinto signed an
agreement with Chalco on a deal to
invest $1.35bn in the Simandou iron
ore project in Guinea. China is the
largest world’s largest consumer of
aluminium.
Patni Computer Systems
The IT and business services provider
has appointed Manish Mehta as an
executive vice president and chief deliv-
ery officer for applications services.
In his previous role, he was chief
delivery officer for India and the EMEA
and APAC regions at Mahindra Satyam.
Allied Healthcare
The healthcare staffing services group
said G. Richard Green has resigned from
the board for personal reasons, having
served as a director since 1998.
Professor Raymond John Playford,
50, becomes a director in his place.
+44 (0)20 7557 7245
morganmckinley.com
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 Markets&Investment 13

LONDON’S TOP 250 Trade these shares from £1.50 with Interactive Investor - www.iii.co.uk
Company Name Closing Price Price Change 52wk High 52wk low Company Name Closing Price Price Change 52wk High 52wk low Company Name Closing Price Price Change 52wk High 52wk low Company Name Closing Price Price Change 52wk High 52wk low
(p) (p) (p) (p) (p) (p) (p) (p) (p) (p) (p) (p) (p) (p) (p) (p)
3i . . . . . . . . . . . . . . . . . . . . . . . .268.40 –0.60 314.80 246.90 Cobham . . . . . . . . . . . . . . . . . . .210.50 –5.40 278.60 196.00 Investec . . . . . . . . . . . . . . . . . . .464.40 –7.30 565.00 379.40 SABMiller . . . . . . . . . . . . . . . . .1860.50 –33.00 2090.00 1307.00
3i Infrastructure . . . . . . . . . . . . . 113.80 +0.20 115.00 89.35 COLT Group . . . . . . . . . . . . . . . . 116.20 –2.70 144.20 111.20 ITV . . . . . . . . . . . . . . . . . . . . . . . .55.95 +3.55 71.75 41.04 Sage . . . . . . . . . . . . . . . . . . . . . .240.90 –1.70 260.50 207.10
A.B. Foods . . . . . . . . . . . . . . . .1022.00 –8.00 1096.00 785.50 Compass . . . . . . . . . . . . . . . . . . 511.00 –3.00 574.50 317.10 Jardine Lloyd Thompson. . . . . . .585.50 –5.50 604.50 420.70 Sainsbury(J) . . . . . . . . . . . . . . . .356.90 +1.70 373.00 307.60
Aberdeen Asset Man . . . . . . . . . .134.50 –2.00 155.60 111.00 Cookson . . . . . . . . . . . . . . . . . . .457.30 –2.10 616.00 347.60 Johnson Matthey . . . . . . . . . . .1644.00 –37.00 1814.00 1302.00 Schroders . . . . . . . . . . . . . . . . .1376.00* –21.00 1450.00 969.50
Admiral. . . . . . . . . . . . . . . . . . .1479.00 –2.00 1520.00 1000.00 Croda Intl . . . . . . . . . . . . . . . . .1300.00 –49.00 1361.00 588.00 JPMorgan Emerg Mkts . . . . . . . .533.00 –0.50 549.00 395.10 Schroders N/V. . . . . . . . . . . . . . 1103.00* –21.00 1185.00 815.50
Aegis . . . . . . . . . . . . . . . . . . . . . 117.00 –0.20 137.30 91.35 Daily Mail ‘A’ . . . . . . . . . . . . . . . .462.90 +2.10 539.00 333.10 Kazakhmys . . . . . . . . . . . . . . . . 1188.00 –15.00 1634.00 852.00
Afren . . . . . . . . . . . . . . . . . . . . . .96.40 –1.55 111.00 53.25 Dana Petroleum . . . . . . . . . . . .1695.00 –8.00 1731.00 968.50 Kesa Electricals . . . . . . . . . . . . .132.00 –0.90 162.00 98.45 Scot. & Sthrn Energy. . . . . . . . . 1111.00* –4.00 1206.00 357.50
African Barr Gold . . . . . . . . . . . .562.00 –8.00 685.00 520.50 Davis Service . . . . . . . . . . . . . . .368.80 –2.30 442.30 356.00 .LQJÀVKHU . . . . . . . . . . . . . . . . . .206.50 –0.10 255.00 196.50 Scottish Mortgage. . . . . . . . . . . .583.00 –7.00 623.50 439.70
Aggreko . . . . . . . . . . . . . . . . . .1542.00 +6.00 1639.00 585.50 De La Rue . . . . . . . . . . . . . . . . . .705.00 –6.50 1021.00 666.50 Ladbrokes . . . . . . . . . . . . . . . . .133.20* –1.00 174.29 114.60 SEGRO . . . . . . . . . . . . . . . . . . . .278.10 –2.90 403.10 244.00
Alliance Trust . . . . . . . . . . . . . . .309.20 –7.70 352.70 281.00 Debenhams . . . . . . . . . . . . . . . . .58.20 +0.40 90.00 51.95 Lancashire Hldgs . . . . . . . . . . . .521.00 — 545.00 416.70 Serco . . . . . . . . . . . . . . . . . . . . .562.00 +14.00 656.50 426.40
AMEC . . . . . . . . . . . . . . . . . . . . .877.50 –13.00 937.00 720.50 Derwent London . . . . . . . . . . . .1399.00 –21.00 1490.00 1077.00 Land Securities . . . . . . . . . . . . . .608.00 –2.00 743.50 543.00 Severn Trent . . . . . . . . . . . . . . .1300.00 –22.00 1358.00 931.00
Amlin . . . . . . . . . . . . . . . . . . . . .432.70 +0.40 437.60 336.50 Dexion Absolute . . . . . . . . . . . . .137.80 — 148.00 121.10 Legal & General . . . . . . . . . . . . . .94.00 –1.75 97.00 66.90 Shaftesbury . . . . . . . . . . . . . . . .403.80 +0.80 426.50 341.70
Anglo American . . . . . . . . . . . .2360.00* –61.00 3015.50 1777.50 Diageo . . . . . . . . . . . . . . . . . . .1082.00 –11.00 1176.00 928.00 Lloyds Banking Gp . . . . . . . . . . . .70.09 –0.54 77.61 45.30 Shire. . . . . . . . . . . . . . . . . . . . .1432.00 –26.00 1526.00 998.00
Antofagasta . . . . . . . . . . . . . . .1023.00 –12.00 1100.00 692.00 Dimension Data . . . . . . . . . . . . .120.00 –0.30 125.50 56.50 Logica . . . . . . . . . . . . . . . . . . . . 114.10 +0.40 149.10 100.80 Smith & Nephew . . . . . . . . . . . . .573.00 –4.50 700.50 468.00
Aquarius Platinum . . . . . . . . . . .264.10 –5.40 490.00 211.50 Domino’s Pizza . . . . . . . . . . . . . .413.30* –8.80 431.30 230.00 London Stk Exchange . . . . . . . . .648.50 –9.00 949.50 540.50 Smiths . . . . . . . . . . . . . . . . . . . 1171.00 –13.00 1242.00 764.00
ARM Holdings . . . . . . . . . . . . . . .320.30 +6.10 370.00 122.50 Drax . . . . . . . . . . . . . . . . . . . . . .398.40 –6.40 496.50 321.50 Lonmin . . . . . . . . . . . . . . . . . . .1532.00 –32.00 2198.00 1336.00 SOCO Intl . . . . . . . . . . . . . . . . . .449.90 –6.20 476.60 380.60
Arriva . . . . . . . . . . . . . . . . . . . . .772.00 –0.50 782.50 428.20 DSG Intl . . . . . . . . . . . . . . . . . . . .25.14 +0.06 39.75 23.32 Man . . . . . . . . . . . . . . . . . . . . . .209.70 –3.90 373.60 199.60 Spectris . . . . . . . . . . . . . . . . . . .891.00 –1.00 949.00 577.00
Ashmore . . . . . . . . . . . . . . . . . . .285.90 +1.20 311.20 211.60 Dunelm . . . . . . . . . . . . . . . . . . . .379.00 +3.20 438.40 250.70 Marks & Spencer. . . . . . . . . . . . .337.20 –4.00 412.70 321.90
Astrazeneca . . . . . . . . . . . . . . .3250.50* –31.50 3376.00 2668.00 Easyjet . . . . . . . . . . . . . . . . . . . .362.10 –4.50 499.90 308.50 Meggitt . . . . . . . . . . . . . . . . . . . .276.20* +0.50 331.00 197.60 Spirax-Sarco Eng . . . . . . . . . . .1545.00 –13.00 1617.00 929.00
Atkins(Ws) . . . . . . . . . . . . . . . . .720.50* –5.50 801.00 532.50 Edinburgh Inv Tst . . . . . . . . . . . .396.00 –10.20 412.40 317.90 Melrose . . . . . . . . . . . . . . . . . . .228.80 +7.00 251.50 128.50 Spirent Comms . . . . . . . . . . . . . .124.10* –2.50 135.90 68.60
Autonomy Corp . . . . . . . . . . . .1608.00 –3.00 2012.00 1229.00 Electrocomponents . . . . . . . . . . .209.60 –0.70 245.00 142.90 Mercantile IT . . . . . . . . . . . . . . . .926.00 –9.00 1002.00 822.50 Sports Direct Intl . . . . . . . . . . . . .105.00 –0.20 134.00 81.80
Aveva . . . . . . . . . . . . . . . . . . . .1380.00 –22.00 1409.00 805.00 EnQuest . . . . . . . . . . . . . . . . . . . 118.00 –2.00 125.90 87.35 Michael Page Intl. . . . . . . . . . . . .403.00 +22.20 461.50 299.60 SSL Intl . . . . . . . . . . . . . . . . . . . 1158.00* –1.00 1190.00 522.50
Aviva . . . . . . . . . . . . . . . . . . . . .381.90 –6.50 474.00 290.20 Essar Energy . . . . . . . . . . . . . . .406.80 –1.80 475.90 358.50 Millen & Copthorne . . . . . . . . . . .484.50* –1.50 514.50 304.50 St James’s Place . . . . . . . . . . . . .263.60* –2.90 296.90 197.90
Babcock International . . . . . . . . .512.50 –10.50 660.50 476.40 Eurasian Nat Res . . . . . . . . . . . .886.00 –40.50 1276.00 763.00 Misys . . . . . . . . . . . . . . . . . . . . .270.70 +4.70 281.70 173.90 Stagecoach. . . . . . . . . . . . . . . . .170.00 +0.10 204.90 126.20
BAE Systems . . . . . . . . . . . . . . .303.80 –5.80 389.90 294.20 Euromoney Inst Inv . . . . . . . . . . .586.50 –15.50 630.00 252.00 Mitchells & Butlers . . . . . . . . . . .295.80 –4.10 343.90 228.30 Standard Chartered . . . . . . . . . .1713.50* –33.50 1927.00 1350.00
Balfour Beatty . . . . . . . . . . . . . . .254.70 –5.80 328.85 228.60 Experian . . . . . . . . . . . . . . . . . . .624.50 –12.50 664.50 489.00 MITIE . . . . . . . . . . . . . . . . . . . . .195.90 +1.00 281.70 192.20 Standard Life . . . . . . . . . . . . . . .205.00* –3.40 237.00 170.00
Barclays . . . . . . . . . . . . . . . . . . .319.40* –5.35 394.25 253.40 F&C Comm Prop . . . . . . . . . . . . . .89.00 –1.50 96.80 79.00 Mondi . . . . . . . . . . . . . . . . . . . . .482.20 –4.40 491.30 268.10 SuperGrp . . . . . . . . . . . . . . . . .1008.00 –56.00 1100.00 499.00
Barratt Development . . . . . . . . . . .95.25 –0.25 193.31 89.10 Ferrexpo . . . . . . . . . . . . . . . . . . .312.00* +8.00 396.20 138.00 Monks Inv Tst . . . . . . . . . . . . . . .295.00 –1.60 321.20 240.00 TalkTalk . . . . . . . . . . . . . . . . . . .129.00 +1.90 147.10 106.60
BBA Aviation . . . . . . . . . . . . . . .197.50 +5.10 220.00 136.60 FirstGroup . . . . . . . . . . . . . . . . .349.60* –2.00 448.80 331.20 Morrison Wm . . . . . . . . . . . . . . .287.00 +5.40 306.30 255.00 Talvivaara Mining . . . . . . . . . . . .413.00 –4.50 501.50 341.40
Beazley. . . . . . . . . . . . . . . . . . . . 114.90* +0.10 125.80 95.25 Foreign & Col Inv Tst. . . . . . . . . .267.60* –2.70 297.20 229.50 Murray Intl Tst . . . . . . . . . . . . . . .855.00 –1.00 893.50 632.00 Tate & Lyle . . . . . . . . . . . . . . . . .414.30 –13.60 509.00 382.00
Bellway. . . . . . . . . . . . . . . . . . . .532.00 –8.50 927.50 531.00 Fresnillo . . . . . . . . . . . . . . . . . .1002.00* –23.00 1139.00 561.00 National Express. . . . . . . . . . . . .222.40 –2.30 258.60 155.86
Berkeley . . . . . . . . . . . . . . . . . . .803.00 +1.50 984.00 735.00 G4S . . . . . . . . . . . . . . . . . . . . . .261.30 –1.90 285.70 209.40 National Grid . . . . . . . . . . . . . . .533.50* –4.50 607.65 474.80 Taylor Wimpey . . . . . . . . . . . . . . .27.50 –0.07 54.90 24.29
BG . . . . . . . . . . . . . . . . . . . . . .1030.00* –6.00 1248.00 966.90 Genesis Emerging Mkts Fd . . . . .470.00 +2.00 484.00 370.00 Next . . . . . . . . . . . . . . . . . . . . .1953.00 –23.00 2360.00 1601.00 Telecity . . . . . . . . . . . . . . . . . . . .448.00 –1.50 485.00 311.30
BHP Billiton . . . . . . . . . . . . . . .1810.00 –40.00 2346.00 1482.50 GKN . . . . . . . . . . . . . . . . . . . . . .141.10* +0.40 155.00 100.20 Northumbrian Water . . . . . . . . . .313.50* –6.40 341.30 225.20 Templeton Emrg Mkts . . . . . . . . .549.00 — 598.00 390.00
BlackRock Mining . . . . . . . . . . . .571.50 –4.50 654.50 417.30 GlaxoSmithKline . . . . . . . . . . . . 1190.50* –26.00 1347.00 1088.00 Old Mutual . . . . . . . . . . . . . . . . .122.80 –0.70 130.20 85.80 Tesco . . . . . . . . . . . . . . . . . . . . .402.65 –0.55 454.90 361.20
Bluecrest Allblue GBP . . . . . . . . .167.90 +0.20 169.00 136.20 Great Portland Estates . . . . . . . .313.90 –1.20 332.10 236.60 Pace . . . . . . . . . . . . . . . . . . . . . .209.00 +0.50 243.80 145.00 Thomas Cook . . . . . . . . . . . . . . .183.90 –1.70 277.20 172.30
Booker . . . . . . . . . . . . . . . . . . . . .44.00 –0.25 49.50 33.50 Greene King . . . . . . . . . . . . . . . .398.50* –3.20 504.00 372.50 Partygaming . . . . . . . . . . . . . . . .263.10 +3.60 339.70 205.80 Tomkins . . . . . . . . . . . . . . . . . . .321.50 +0.20 325.70 155.00
BP . . . . . . . . . . . . . . . . . . . . . . .386.70 –10.90 658.20 296.00 Halfords . . . . . . . . . . . . . . . . . . .492.60 +5.60 562.50 324.00 Pearson . . . . . . . . . . . . . . . . . . .952.00* –24.00 1069.00 695.00 Travis Perkins . . . . . . . . . . . . . . .785.00 –14.50 915.00 647.50
Brit Insurance . . . . . . . . . . . . . . .965.00 –8.50 1017.00 709.00 Halma . . . . . . . . . . . . . . . . . . . . .274.90* +0.90 298.70 187.00 Pennon . . . . . . . . . . . . . . . . . . . .566.00* –20.50 613.00 436.00 TUI Travel . . . . . . . . . . . . . . . . . .206.00 –0.50 313.90 189.20
British Airways . . . . . . . . . . . . . .226.10 +0.60 255.80 170.00 Hammerson . . . . . . . . . . . . . . . .360.20* –3.50 460.30 332.20 Persimmon . . . . . . . . . . . . . . . . .342.10 –1.90 534.50 340.20 Tullett Prebon . . . . . . . . . . . . . . .373.00 +5.50 436.20 261.20
British Amer. Tob . . . . . . . . . . .2178.50* –54.00 2335.50 1832.00 Hargreaves Lansdown . . . . . . . .394.00 –8.60 408.40 220.00 Petrofac . . . . . . . . . . . . . . . . . .1340.00 –10.00 1372.00 849.00 Tullow Oil . . . . . . . . . . . . . . . . .1284.00 –20.00 1375.00 979.50
British Empire Tst . . . . . . . . . . . .429.30 –4.50 467.90 338.50 Hays . . . . . . . . . . . . . . . . . . . . . . .91.90 +1.70 119.00 88.05 Petropavlovsk . . . . . . . . . . . . . .1030.00 –51.00 1370.00 617.00 UK Commercial Prop. . . . . . . . . . .75.25* –1.15 84.90 67.00
British Land . . . . . . . . . . . . . . . .453.30 –6.30 531.00 416.00 Henderson . . . . . . . . . . . . . . . . .127.30 –2.90 157.80 110.60 Premier Farnell . . . . . . . . . . . . . .229.40 –1.40 252.60 140.60 Ultra Electronics . . . . . . . . . . . .1650.00* –29.00 1718.00 1198.00
Britvic. . . . . . . . . . . . . . . . . . . . .473.00 –4.40 518.00 324.80 Heritage Oil. . . . . . . . . . . . . . . . .321.00* –7.40 585.00 320.40 Premier Oil . . . . . . . . . . . . . . . .1501.00 –9.00 1610.00 984.00
Brown(N.) . . . . . . . . . . . . . . . . . .222.80 –2.20 284.30 204.80 Hikma Pharma . . . . . . . . . . . . . .728.00 +4.00 746.00 440.00 Provident Financial . . . . . . . . . . .820.50 –4.00 986.00 795.00 Unilever . . . . . . . . . . . . . . . . . .1699.00* –42.00 2024.00 1608.00
BSkyB . . . . . . . . . . . . . . . . . . . .706.00 –1.00 732.00 521.00 Hiscox . . . . . . . . . . . . . . . . . . . .349.20 –0.40 369.30 299.60 Prudential . . . . . . . . . . . . . . . . . .570.00* –17.50 665.00 475.70 United Utilities . . . . . . . . . . . . . .572.50 –17.00 606.00 429.00
BT . . . . . . . . . . . . . . . . . . . . . . .135.40* –3.60 151.00 108.40 Hochschild Mining . . . . . . . . . . .324.00 –2.60 370.60 220.00 PZ Cussons . . . . . . . . . . . . . . . .338.00* –4.00 373.20 210.10 Utd Business Media . . . . . . . . . .560.50 +1.50 579.50 408.30
Bunzl . . . . . . . . . . . . . . . . . . . . .691.50 –7.50 784.50 534.00 Home Retail . . . . . . . . . . . . . . . .219.20 –0.60 336.50 208.50 Qinetiq . . . . . . . . . . . . . . . . . . . .108.30 +1.20 179.10 105.60 Vedanta Resources . . . . . . . . . .2073.00 –104.00 2967.00 1616.00
Burberry . . . . . . . . . . . . . . . . . . .836.00 –11.00 891.50 455.80 Homeserve . . . . . . . . . . . . . . . . .465.90 –3.30 488.20 435.40 Randgold Resources. . . . . . . . .5820.00 +50.00 6600.00 3351.00 Victrex . . . . . . . . . . . . . . . . . . .1085.00 –28.00 1320.00 632.50
Cable & Wire Comms . . . . . . . . . .59.90 –0.50 150.00 53.00 HSBC Hldgs . . . . . . . . . . . . . . . .635.50* –17.30 766.80 595.20 Reckitt Benckiser . . . . . . . . . . .3145.00* –51.00 3667.00 2708.00 Vodafone . . . . . . . . . . . . . . . . . .151.50 –1.75 155.50 126.50
Cable & Wire Wwide . . . . . . . . . . .60.50 –1.00 94.80 60.45 Hunting . . . . . . . . . . . . . . . . . . .578.50 +5.50 659.50 429.10 Reed Elsevier . . . . . . . . . . . . . . .530.50* –5.00 566.00 420.00 Weir . . . . . . . . . . . . . . . . . . . . .1205.00 –10.00 1275.00 599.00
Cairn Energy. . . . . . . . . . . . . . . .459.30 –20.40 497.60 306.80 ICAP . . . . . . . . . . . . . . . . . . . . . .400.00* –0.70 478.30 291.70 Regus . . . . . . . . . . . . . . . . . . . . . .71.25 +1.05 125.50 68.65 WH Smith . . . . . . . . . . . . . . . . . .399.50 +1.30 551.00 392.20
Caledonia Invs . . . . . . . . . . . . .1557.00 –16.00 1759.00 1496.00 IG . . . . . . . . . . . . . . . . . . . . . . . .502.00 +1.50 510.50 291.00 Renishaw . . . . . . . . . . . . . . . . . .875.50 –1.50 915.50 426.70 Whitbread . . . . . . . . . . . . . . . . .1400.00 +3.00 1645.00 925.00
Capita . . . . . . . . . . . . . . . . . . . . . 711.00 +2.50 829.50 652.50 Imagination Tech Gp . . . . . . . . . .348.00 –11.00 362.00 149.75 Rentokil Initial . . . . . . . . . . . . . . . .99.35 –1.25 140.20 94.10 William Hill . . . . . . . . . . . . . . . . .168.90 +1.70 217.80 160.50
Capital & Counties . . . . . . . . . . . 116.00 +0.50 125.40 99.60 IMI . . . . . . . . . . . . . . . . . . . . . . .708.50 –7.00 786.00 366.00 Resolution . . . . . . . . . . . . . . . . .245.70 –5.40 264.80 220.10 Witan Inv Tst . . . . . . . . . . . . . . . .438.90 –2.10 487.00 369.40
Capital Shopping Centres . . . . . .324.60 –3.20 580.00 300.10 Imperial Tobacco. . . . . . . . . . . .1837.00* –28.00 2159.00 1674.00 Rexam . . . . . . . . . . . . . . . . . . . .306.90 –0.10 348.80 252.80
Carillion . . . . . . . . . . . . . . . . . . .295.20 –4.30 361.90 263.90 Inchcape. . . . . . . . . . . . . . . . . . .273.20 +2.60 347.00 235.00 Rightmove . . . . . . . . . . . . . . . . .598.50 –1.00 729.00 404.50 Wolseley . . . . . . . . . . . . . . . . . .1324.00 –25.00 1742.00 1155.00
Carnival . . . . . . . . . . . . . . . . . .2145.00* –31.00 2937.00 1747.00 Informa . . . . . . . . . . . . . . . . . . . .382.90* +2.70 439.40 252.10 Rio Tinto . . . . . . . . . . . . . . . . . .3290.00* –78.00 4104.00 2228.50 Wood Group (John). . . . . . . . . . .351.70 –3.10 411.70 277.00
Catlin . . . . . . . . . . . . . . . . . . . . .341.50 –9.00 394.60 303.20 Inmarsat . . . . . . . . . . . . . . . . . . .688.00 –37.00 831.00 491.00 RIT Capital Partners . . . . . . . . . 1118.00 –5.00 1215.00 921.00 WPP . . . . . . . . . . . . . . . . . . . . . .673.50 –6.00 744.00 466.50
Centamin Egypt . . . . . . . . . . . . .172.00 +1.90 174.75 80.00 Intercontl Hotels . . . . . . . . . . . .1043.00 –15.00 1244.00 718.50 Rolls Royce . . . . . . . . . . . . . . . .571.00 +3.50 631.50 421.10 Xstrata . . . . . . . . . . . . . . . . . . .1050.00 –21.00 1344.50 740.50
Centrica . . . . . . . . . . . . . . . . . . .321.70 –6.10 333.10 217.40 Intermediate Capital . . . . . . . . . .283.30* +1.60 332.00 233.50 Rotork . . . . . . . . . . . . . . . . . . .1540.00 +12.00 1560.00 935.50 LONDON TOP 250 BY MARKET CAPITALISATION
Charter Intl . . . . . . . . . . . . . . . . .637.50* –1.50 855.50 560.50 Intertek . . . . . . . . . . . . . . . . . . .1714.00 –31.00 1770.00 1103.00 Royal Bank Of Scot . . . . . . . . . . . .46.47 –0.47 58.95 28.25
Chemring . . . . . . . . . . . . . . . . .2714.00 +16.00 3711.00 2033.00 Intl Personal Fin . . . . . . . . . . . . .234.70 –1.20 283.00 128.25 Royal Dutch Shell A . . . . . . . . .1740.00* –49.00 2068.50 1559.50 * Ex-Dividend † Suspended
Chloride Group . . . . . . . . . . . . . .373.40 — 390.50 138.60 Intl Power . . . . . . . . . . . . . . . . . .363.00 –3.90 384.10 248.20 Royal Dutch Shell B . . . . . . . . .1679.50* –46.00 1997.50 1528.00
Close Bros . . . . . . . . . . . . . . . . .670.00 –4.00 806.50 657.00 Invensys . . . . . . . . . . . . . . . . . . .248.30 –2.60 350.30 234.50 RSA Insurance . . . . . . . . . . . . . .123.60* –1.80 142.00 114.10 www.interactivedata.com

FTSE falls to lowest level in a Wall St slips on fear

month on US jobless figures growth has stalled
more than a year. expected in July, and a surge in cor- 36.75 points, or 1.66 per cent, to
THELONDON The US data helped pull crude
prices down more than 1 per cent to
porate tax receipts cut public bor-
rowing sharply. THENEW YORK 2,178.95.
A report showing factory activity in

REPORT about $74.40 a barrel, hurting ener-

gy shares.
Integrated oil companies BP and
With few major companies report-
ing, broker notes were key in moving
shares. Inmarsat was the biggest
REPORT the mid-Atlantic states contracted in
August for the first time since July
2009 blind-sided investors, who had
Royal Dutch Shell both fell 2.7 per FTSE 100 faller, closing 5.1 per cent been expecting activity to increase.

B U
RITAIN’S top share index fell to cent. lower after UBS downgraded its rat- S stocks plummeted to their Earlier, the Labour Department said
its lowest close in a month yes- Cairn Energy fell 4.3 per cent. The ing on the satellite firm to “neutral” lowest close in nearly a month first-time claims for jobless benefits
terday, as weak US labour and Edinburgh-based explorer had been from “buy” on valuation grounds. yesterday as the latest batch of rose to a nine-month high.
other data cast further doubt a strong performer earlier in the United Utilities fell 2.9 per cent as data amplified concerns the Polcari noted that volume was low
on the strength of the global recov- week, following its deal with miner JPMorgan Cazenove cut its rating to economy is stuck in neutral. and pointed to a lack of participation
ery and as oil stocks fell on lower Vedanta, which fell 4.8 per cent. “neutral” from “overweight”. The selloff was broad, with five by institutional fund managers, who
crude prices. The FTSE 100 fell 91.58 Other miners to fall, as copper and Wm Morrison Supermarkets was stocks falling for every one rising on he said were on the sidelines due to
points, or 1.7 per cent, to 5,211.29 other base metals slipped, included one of just ten blue-chip gainers, ris- the New York Stock Exchange. Sectors uncertainty about the economy.
points, the lowest close since 20 July. Anglo American, Eurasian Natural ing 1.9 per cent, as Credit Suisse most sensitive to growth were hit Volume on the NYSE Arca, Nasdaq
Meanwhile, the FTSE 250 fell 51.71 Resources Corporation and Rio raised earnings estimates for the hardest. and American Stock Exchanges was
points, or 0.5 per cent, to close at Tinto, down between 2.3 and 4.4 per company, ahead of the company's Manufacturers 3M, United 7.97 billion, compared to last year’s
9835.37. cent. first-half results on 9 September, say- Technologies, and Boeing were the daily average of 9.65 billion.
“There is a fear of a double-dip BHP Billiton fell 2.2 per cent, as ing there is margin upside biggest drags on the Dow. US Treasuries prices rose as
recession in the United States,” said sought regulatory approval for its Serco was the biggest gainer in the “I’m bearish on the economy, I’m investors moved out of riskier assets
Bob Parker, vice chairman of asset $39bn hostile bid for Potash. FTSE 100, up 2.6 per cent. bearish on the market at the into safe-haven government debt,
management at Credit Suisse. But Randgold Resources rose 0.9 moment,” said Kenneth Polcari, NYSE with the yield on the two-year
He cited other worries such as per cent, as gold prices hit seven- ANALYSIS l FTSE floor trader and managing director at Treasury note falling to a record low.
5,211.29
deflation both in the United States week highs. 5,500 19 Aug Icap Corporates. “The macro data for In the currency markets investors
and Europe, and said there was a The heavyweight banking sector the last month-and-a-half has been flocked to safe havens, such as the US
5,400
“serious risk” the FTSE could go as was also a major drag on the index. nothing but negative.” dollar, yen and Swiss franc. Gold rose
5,300
low as 4,800 by the end of Barclays, HSBC and Standard The Dow Jones industrial average for a sixth day.
September, though it might bounce Chartered fell between 1.7 and 2.7 5,200 dropped 144.33 points, or 1.39 per “Even the most optimistic people
back to 5,700 by year-end, as corpo- per cent. 5,100 cent, to 10,271.21. have to concede the economy at the
rate earnings stayed strong. Data Earlier, London shares had risen 5,000 The Standard & Poor’s 500 Index very least has paused,” said Bill
showed new US jobless claims scaled on data suggesting the UK recovery 4,900 fell 18.53 points, or 1.69 per cent, to Strazullo, partner and chief invest-
a nine-month high last week and was on track. 4,800 1,075.63 for its lowest close since 21 ment strategist at Bell Curve Trading
Mid-Atlantic factory activity con- British retail sales volumes rose 4,700 July. in Boston. The S&P 500 index fell back
tracted in August for the first time in nearly three times faster than 24 May 14 Jun 2 Jul 22 Jul 11 Aug The Nasdaq Composite Index lost well below its 50-day moving average.
 14 Investment | Personal Finance
The female art of planning
Women need to think about the
impact on their finances of living
longer and taking time out to
raise children, says Jessica Mead
B
OOKSHOP shelves are overflowing
with self-help guides, aimed almost
exclusively at women. And sitting
alongside the dating and diet man-
uals are copies of Savvy Investing for
Women, Money Matters for Women:
Getting it, Investing it and Enjoying it and
A Man Is Not a Financial Plan: Investing
for Wealth and Independence.
This might, at first, seem a little strange
– after all, women invest in the same
financial products as men and a stock
doesn’t behave any differently regardless
of whether it is owned by a man or a
woman.
But while the solutions are naturally
the same, women do tend to take a slight-
ly different approach – they are typically
known for being much more cautious and
risk averse than their male counterparts.
While it is easy to make too many gener-
alisations, women are also seen as less
aggressive and less cavalier in their atti-
tude to money, preferring steady and sta-
ble appreciation over the long-term to
A global approach to managing your wealth
Offshore banks help you protect
and grow your money wherever
you are living in the world
G
OOD wealth management requires a
holistic approach to your finances
that coordinates everything from pri-
vate banking to investments and
even planning for retirement, ill-health
and your children’s education.
For expatriates, who may be constantly
relocating, this is just as important and can
be even more difficult to achieve. You don’t
want to end up with several policies across
making a quick buck. For example, more
than a third of women surveyed by TNS
Finance expect financial providers to
launch new products which are low-risk
but have a reasonable yield.
This has also been borne out in scientif-
ic studies conducted of City traders and
their hormone levels. It has been suggest-
ed that men are more successful at quick
fire day trading while women are suppos-
Start saving that edly superior at asset management, which
money early requires them to weigh up the evidence
and come to a carefully considered deci-
Picture: GETTY sion.
But women also have slightly different
needs when it comes to their finances
compared to men. For example, between
2005 and 2008, it is estimated that 81 per
cent of mothers with children under four
were not working full-time, according to
the latest British Social Attitudes survey,
published earlier this year.
INTERRUPTED EARNINGS
“Women need to plan around it and for it.
Taking time out can interrupt earnings,
affect career progression and women
need to accept that earnings may not
grow at the rate they had hoped,” says
Adrian Lowcock, senior investment advis-
er at BestInvest. This is not just true for
new mothers; it is equally true for those
taking a sabbatical, heading off on VSO, or
planning to study full-time.
the world, which would be time-consum-
ing to keep track of and manage effectively.
Offshore wealth management can pro-
vide expats with a portable solution that
gives them access to their finances wherev-
er they happen to be living in the world.
For example, life insurance protection poli-
cies differ, but a global product will cover
you wherever you are and you have the
flexibility to pay in a range of currencies.
Growing your wealth carefully and suc-
cessfully can help you plan for your chil-
dren’s education. You may not be able to
send your children to the local schools if
they don’t speak the language and good
English schools can be expensive. Having
an offshore plan allows for efficient provi-
sion for your kids’ schooling.
“Effectively you need to create a nest
egg, whatever that might be for,” adds
Lowcock. The first step is to maximise
your ISA allowance, preferably with a mix-
ture between cash and stocks – although
the exact blend will depend on your atti-
tude to risk.
It’s not just your earning power that
will be affected either, so will your retire-
ment planning. Remember that you need
to make 40 years of National Insurance
contributions to qualify for the full state
pension. If you are taking time out of
work to raise your children or choosing to
work part-time for a number of years,
then your pension contributions will fall.
On average, women live longer, so they
will need a larger pension pot at the point
of retirement. Consequently, for those
women who think they would like to take
time out to look after their kids, they need
to put as much as possible into their pen-
sion pot before they stop work.
The earlier you start paying money in,
the longer it has to grow. Those who can
afford to keep on investing should also
consider equity income. These stocks are
looking attractive at the moment and you
will also be paid a decent yield – appealing
if you need an extra source of income.
Women might not need special self-
help books to manage their finances but
they do need to think about what they
want and plan accordingly.
Expatriates are often busy people and
filling out reams of forms is both boring
and long-winded. Through its administra-
tion services, HSBC Offshore not only
reduces the paperwork but it will also act
as administrator as well as an intermedi-
ary. This gives you a single point of contact
for your investment transactions, an easy
way to transfer and consolidate your assets
and personal internet banking allows you
to view your portfolio online.
But good wealth management is also
about having a personal relationship with
your financial adviser. If you are an HSBC
Premier customer then you have a dedicat-
ed international wealth manager, whose
location would be dependent on your coun-
try of residence. They can help you select
CITYA.M. 20 AUGUST 2010
PERSONAL
FINANCE NEWS
BY KATHLEEN BROOKS
LOYALTY DOESN’T ALWAYS PAY
Shopping around for a cheaper quote for
your car insurance really does pay off,
according to research from Which?, the
independent product-testing and consumer
campaigning champion. It surveyed nearly
2,500 consumers and found that more than
a third accepted their original car insurers’
renewal quotes because they “couldn’t be
bothered to shop around.” But if you did
shop around, this led to an average saving
of £58. The advice from Which? is to tell
your provider if you find a cheaper quote
elsewhere, as they will often match it.
BUDGET SPARKS AN ANNUITY CRISIS
Pensioners may be forced to change their
pension firm in the wake of the change in
the last Budget that extended the cut-off
point where pensioners have to convert
their pension funds into an annuity from 75
to 77. Although some pensioners may want
to take advantage of the scrapping of the
“Age 75” rules on unsecured pensions, they
may not be able to do so as large pension
firms are not prepared for the change,
according to retirement planning company
Annuity Direct. It says that it has found
some “serious problems affecting some life
companies’ ability to continue paying
income beyond the age of 75 under unse-
cured pension drawdown rules.” So far,
according to Annuity Direct, it seems that
only clients with arrangements at Aegon,
Standard Life and Prudential will be able to
continue to draw income. “This means that
a 75-year old may have to stop taking
income or transfer (at considerable cost) to
a new provider, which has updated its sys-
tems to enable income payments to contin-
ue,” said Annuity Direct’s Bob Bullivant.
MORTGAGE PAYMENTS FALL
The latest research from Halifax, the
largest first-time-buyer lender in the UK,
has revealed that monthly mortgage pay-
ments as a percentage of income for first-
time buyers are half the level they were in
2007. However, over half of first time buy-
ers are saying that affordability is the main
thing stopping them from stepping onto the
property ladder. It adds that eight out of
10 first-time buyers had mortgages
approved in the first half of this year. It
also notes that 94 per cent of all first-time
home purchases are now exempt from
stamp duty.
FINANCIAL STOCKS ARE BACK IN VOGUE
According to broker TD Waterhouse, its
customers continued to trade heavily in
financial stocks this week, accounting for
nearly half of all of its turnover. Lloyds
Banking Group topped both of its buy and
sell lists. Royal Bank of Scotland came in
second place on the buy list and third place
on the sell list. Investors also changed their
tune on Vodafone, it was last week’s tenth
most popular sell and this week it was the
third most popular buy. Other popular buys
included Barclays and BP.
the best products from the global market-
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For more details about HSBC Bank
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 City Focus THE HARD 15
MEN OF FILM
| Entrepreneurs THE EXPENDABLES,
REVIEW, PAGE 18

BRANDING

The doctor’s ticket to success Q.

I am starting a new
company and need to
think about branding. Is
Q&A
there a way I can do it while keeping costs
to a minimum?
Robin Wells can help firms find
A.
The first thing to do is decide if you
their true potential. Kathleen have the skills to do it yourself. The
main components of a brand are visu-
al: for example, the website, business cards
Brooks finds out how he does it. and logo. Obviously having basic graphic
design skills helps: for example, if you have
built a website before or if you have

F
OR a business venture to get off the
ground, it needs to fill a gap in the
market. Robin Wells’ latest venture
mytrainticket.co.uk has found more
of a gulf than a gap.
The serial entrepreneur/angel investor
came across the business opportunity – a
rail version of air travel ticket booking sites
– 18 months ago. He was immediately
charmed by its potential – the market has
high barriers to entry and few competitors:
“This is a £6bn market that is forecast to
grow at 10 per cent a year, this is the
perfect opportunity. The rising cost of
motoring and traffic congestion mean that
more people will use trains,” says Wells,
who is sitting in a lounge in the rather
imposing Institute of Directors building in
Pall Mall.
After he became “disillusioned” with a
career in the corporate IT world, he began
to search for small businesses with real
growth opportunities. Mytrainticket.co.uk,
which was started by Assertis, a web design
company, is his fourth investment. He led a
small group of private investors to help
with financing and management support
to get the project off the ground. The web-
site went live in April and expectations are
that it will turn a profit in the first quarter
of 2011.
“The rail industry has real potential to
replicate the success of online sales of air
Entrepreneur Robin
Wells
Picture:
Micha Theiner
/City A.M.
travel sector. So far the project has cost
£2.5m, mostly on development costs and
obtaining a rail retail licence. After a signif-
icant publicity drive, the site has already
received over 1.2m visitors.
Wells is difficult to categorise – he is part
growth capital partner and part entrepre-
neur. He likens himself to a “company doc-
tor”, with the skills to develop small
businesses into medium-sized ones. For
example, he worked with a software house
specialising in healthcare IT, which grew
from six staff members to more than 200
and later listed on Aim in 2005.
He is also a co-founder of Stage on Screen
(www.stageonscreen.com), a company that
produces and films live plays that feature
on academic syllabi. He founded the com-
and Volpone and the company plans to
film two to four plays a year. Stage on
Screen was another gap in the market that
Wells jumped at: “There is a constant
stream of demand since the examination
boards regularly rotate the same plays.” So
far, £1m has been invested in the venture.
Wells is in this for the long-haul, and
knows it takes time to build an overnight
success story: “People want to see results
early on, but building a successful business
is not done overnight.”
CV | ROBIN WELLS
Age: 49 Studied: Medieval archeology at
Lives: Kent, with his wife and University College London
children. He also runs Car you drive: Jaguar XKR
Photoshop experience, then you might want
to do it yourself. Alternatively, if you have
friends or family with skills in this area then
enlisting their help can also keep a lid on costs.
But, regardless if you go it alone, the
process of coming up with a brand that is
right for your company is the same whether
you use professional help or not. Firstly, your
product or service has to be the best it possi-
bly can be. “Lots of people focus on personal
branding, but people don’t buy products
because of the brand, they buy them because
of the quality of the product,” says Jag Singh,
co-founder of MessageSpace, the online
advertising company. He says that branding
need not be the be all and end all. For example,
the iconic Apple logo has only come to promi-
nence in the last 10 years. For 20 years before
that, the company just concentrated on build-
ing really good products that people would
want to buy. Likewise, Microsoft’s logo hasn’t
changed much during the life of the company.
Secondly, you have to be crystal clear about
what your brand stands for and your business
proposition. Ask yourself why people would
want to buy your product, what makes you
stand out from the competition and what are
your brand values.
If you are enlisting the help of friends and
family, then make sure that they are perfectly
clear on this so that everyone is working
toward the same goal.

tickets.” And indeed, the growth potential
does look good. Around 15 per cent of all
rail tickets are purchased online, which
compares with over 50 per cent in the air
Q.
pany two years ago with a small group of Can you give me some practical tips
investors, most of whom have children of Mytrainticket.co.uk from the Reading: The Trouble with for how to build a successful brand?
school age. The most recent Stage on county. Markets, Roger Bootle
Screen productions were Doctor Faustus

A.
Singh says the branding cycle has five
steps: first, find out what your compe-

A wave of change
tition do, second, either stand for or
against something (for example, Apple doesn’t
stand for corporate computing). Third, inter-
act – get your brand out there. Fourth, meas-
ure its effectiveness and don't be afraid to

for accounting rules

alter your brand, but don't do it too frequently.
And finally, repeat this process.
Keep things simple. Singh says making any
words you use easy to spell and using a short
domain name can make things easier for
potential clients. Engaging existing clients to
sing the praises of your company (as long as
New proposals could be costly for firms if they had a good experience) is another way to
build a brand identity.
they are implemented, says Kathleen Brooks The key thing is to make sure that you are
consistent. Singh adds that it’s not just about
your logo. It’s about the background of your
Twitter account, the front page of your web-

C
HANGE tends to be resisted, espe-
cially if it will cost people money.
This explains the frosty reception
given to news that US and interna-
tional accounting standard bodies are
proposing to change the ways that firms
account for leases.
The new rules will mean that leases
have to be recorded on a firm’s balance
sheet; currently rules allow certain leases
to stay off the balance sheet. This may
increase the amount of liabilities that a
firm records on its balance sheet, which
could affect debt-to-equity ratios.
The change could be implemented by
mid-2011 and will affect all firms that
use International Financial Reporting
Standards (IFRS), which includes all firms
listed in the UK, even those listed on Aim.
But how will it affect the average small
business? Dave Griffin from Deloitte says
companies that use IFRS rules and that
lease cars, technology equipment or
office buildings will all be affected. For
example, if you rent a building for
£50,000 a year with a 20-year lease, the
proposed changes would mean that you
have to add a £1m liability to your bal-
ance sheet. This might stretch some
small companies, especially in an envi-
ronment of fragile economic growth.
But the changes, if they get passed into
law, could have much more serious
implications: “External investors might
see companies as having bigger debts
because of these changes and creditors
might be less willing to lend,” says
Griffin. The alternative is to only sign
short-term leases, which are exempt
from the changes. But this can mean that
you don’t get the best deal.
CHANGE MEANS COSTS
Matthew Barbrook, head of finance at
Addison Lee, welcomes any changes that
increase transparency. However, he adds
that is easier for a company the size of
Addison Lee – with turnover of £100m a
year – to adapt: “Eight years ago Addison
Lee was a sixth of the size it is today. Back
then it would have been very costly to
adapt to the changes since we didn’t
have the resources.”
This is just the tip of the iceberg. The
site and even the thickness of your business
card. You need to make sure that you are uni-
form in everything you do.
Finally, once you have the perfect website
you need to make sure you use it as efficiently
as possible. John Phillips from Brand Sense
Agency says that firms should make use of
search engine optimisation (SEO) to make
sure their websites are among the top results
on search engines such as Google. “You want
to make sure that your brand is available to
the largest number of people at all times,”
says Phillips. It doesn’t have to cost
the earth to create a brand, how-
ever, be prepared to put in the
effort to make sure it’s success-
ful.
Don’t get engulfed plan is to converge to a global accounting
by proposed standard by next year and there is a set of Kathleen Brooks
accounting rules specifically for SMEs in the pipeline:
changes “These changes will tie up resources just
Picture: ALAMY when British business needs to focus on
things other than accounting,” says
Griffin.
Accountancy rules will change – so
small firms should prepare now, so they
are not caught out later on.
 Living
16 CITYA.M. 20 AUGUST 2010

| The Knowledge

CURRENT MORTGAGE DEALS BUYING

Lender Fixed/Flexible Rate
(per cent)
Until Standard Rate
(per cent)
APR
(per cent)
Source: MoneySupermarket.com

Maximum Loan
to Value (per cent)
Q&A
HSBC Flexible 2.19 Term 2.19 2.2 60 Camilla Dell
NatWest Flexible 2.19 To Nov 2012 4 4 60 MANAGING PARTNER
AT BLACK BRICK
First Direct Flexible 2.29 Term 2.3 2.3 65
Dear Camilla. I’m thinking about
ING Direct
The Co-operative Bank
Flexible
Flexible
2.29
2.49
2 years
To Nov 2013
3.5
4.24
3.5
3.9
60
75 Q. buying a property in London for
investment but I keep seeing vari-
ous contradicting indices and I am very
ING Direct Fixed 2.79 To Nov 2012 3.5 3.5 60 confused. What is happening?
Post Office Fixed 2.85 To Sep 2012 3.49 3.6 65
A.
There are so many indices and they
often conflict – for example, the
Santander Fixed 2.85 To Oct 2012 4.24 4.2 60 Halifax and Nationwide indices moved
in opposite directions in July. This can cause
Leeds BS Fixed 3.65 To Jul 2013 5.69 5.5 75 confusion and more importantly, panic which
Market Harborough BS Fixed 3.69 To Aug 2013 5.49 5.1 80 is very unhelpful for the housing market. Our
view at Black Brick is that it is impossible to
have one index that accurately represents
what is happening in the UK market. Indices
FOCUS ON: MORDEN, SURREY BY JESSICA MEAD such as Nationwide and Halifax are not a real
reflection of what is happening in the prime
central London market, which I think deserves
its own index, given its popularity.
The London market is short on supply right
MAIN HOUSE, now, particularly in the prime sought-after
THURLESTON areas and between £500,000-£3m. The lack
AVENUE of supply is partly seasonal – August is typical-
£499,950 ly quiet with few new properties coming on to
the market. September should see an influx,
A semi-detached five-bed- which makes it a better time to start looking.
room property close to While we don’t think the London market is
Morden Park, this family totally immune to price drops, we don’t see
home has an extensive prices crashing. It’s important to take a long-
rear garden and gated term view and look to hold the property for
off-street parking. the next five to 10 years.
Contact: Foxtons on 020
8605 2900,
Q.
Dear Camilla. I want to get my foot
www.foxtons.co.uk on the property ladder this year. Is
now a good time? What steps do I
need to take to be in the best position?

NEED TO KNOW | AREA INSIGHT
Commuting: Morden is about 35 minutes
RIVERSIDE HOUSE, MORDEN ROAD away from Bank on the Northern Line. The
£199,950 Croydon tramlink offers links to both
This two-bedroom apartment in a smart riverside development is Croydon and Wimbledon. The M25 is only a
ideal for the first-time buyer. It has an undercover reserved parking twenty-minute drive.
bay. Contact: Ellisons on 020 8543 1166, www.ellisons.uk.com
Schools: Hatfield and Malmesbury schools
are the top performing primaries.
Bishopsford Arts College is the largest sec-
ondary school in the area, with more than
1,000 students.
Crime: Levels are close to the national aver-
age.
Restaurants and pubs: Verona is a family
run Italian restaurant that offers great
value high quality food. The Cock and Bottle
has good food and real ales.
Leisure: Morden Hall Park is run by the
national trust and is home to Morden Hall
and its large well-tendered parkland.
A.
The rental market in prime central
London is currently very strong, with a
shortage of properties. According to
Savills, rents went up some 2.4 per cent in the
second quarter. So if you can afford to buy, it
makes more sense to buy now rather than
rent. And with rates so low, you should be able
to get a good deal on your mortgage – we
would recommend looking to fix for at least
five years.
At the moment, most lenders will lend you
around 70 per cent. Sort your financing before
you start to look – get your lender to agree to
lend you the money in principal. It also helps to
have your solicitor in place. The London mar-
ket is very competitive, so being a ready buyer,
with financing and a lawyer in place, means
you will be taken much more seriously and
have a greater chance of securing the proper-
ty. We always advise our clients to have all
these things in place before starting a search.
Camilla Dell is the managing partner at
search and acquisition consultancy Black

PROPERTY NEWS
BY ZOE STRIMPEL

LUXURY DEVELOPMENT ON FINCHLEY ROAD
A slice of leafy North-West London has just
become more accessible with the unveiling of
West Heath Place, a collection of 48 apartments,
including penthouses and a cottage on the Golders
Green end of the Finchley Road. Flats from
£795,000. For more info call Glentree Estates on
0208 201 8780 or visit ww.westheathplace.com.
CANARY WHARF RENTALS SOAR
The lettings market in Canary Wharf is booming,
according to Benham and Reeves Residential
Lettings. New figures show a sharp rise in
enquiries, with the number of new tenants regis-
tering up by 34.7 per cent in the second quarter of
2010 on the same period in 2009. Rents are rising
across the board as demand increases.
HOUSE BUILDING IN ENGLAND JUMPS
The number of houses being built in England
jumped to 28,590 in the second quarter, a 13 per
cent rise on the previous quarter and 84 per cent
above the 2009 trough, the Department for
Communities and Local Government said. But the
RICS said: “The prospect of a medium-term short-
fall of good quality homes is a very real concern.”
 I M E A PA R T M E N T S I N
PR
PR I M E L O C A T I O N S
v i n g o r L o n d o n l e t t i n g
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. Reserve now!
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Ready for move -in from Octobe
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*Prices correct at time of going to press. Photographs depict Queen Mary’s Gate and Kinetica. CGI of Greenwich Creekside.
 Lifestyle
18
GLOBE-TROTTER
Centenary suit case, £770
www.globetrotterltd.com
M/01A
TheMeganeExperiment.com
Can a car change a town?
Menton [Côte d’Azur]
a. Lingerie Shops ............ 2
b. No. of Mégane ............ 21
2 1
Data source: Knowledge & Trends Menton Survey, July 2010. Knowledge & Trends Gisburn Survey, July 2010.
0 0
a. b.
LOUIS VUITTON,
Alzer 80 suit case, £4,050
www.louisvuitton.com
Gisburn [Lancashire]
c. Lingerie Shops ............ 0
d. No. of Mégane ............. 0
2 21
0 0
c. d.
Old-fashioned
luggage for the
modern male
Go vintage when you’re packing for a
stylish weekend away, says Timothy Barber
H
ERITAGE, tradition, craftsmanship
– these are the menswear values
du jour. A perfectly constructed
brogue has never been more fash-
ionable, a tailored tweed suit is oh so
very now. Which means you need the
accessories to match – and if you’re trav-
elling, a common-or-garden trolley bag
really doesn’t cut it. Thanks to brands
like Tumi, Globe-Trotter and Hackett (the
latter two of which have teamed up) the
classic vintage look is back, with the kind
of bags that look as though your butler
should be carrying them for you.
Or go for the real thing. Bentley’s
(www.bentleyslondon.com), a specialist
shop in Kensington, is an emporium of
antique
TUMI
Tennyson attache, £2,895
(exclusive to Harrods)
www.harrods.com
It’s action all the way
with Sly, Bruce et al
Film Review
THE EXPENDABLES
Cert: 18
Rhys Griffiths hhhii
IT’S arguably the action cast to end all
action casts. In charge, Sly Stallone. Then
there’s Bruce Willis, Dolph Lundgren, Jet
Li, wrestler Randy Couture, Mickey
Rourke and our very own Jason Statham.
Oh and Arnold Schwarzenegger has a
cameo. The Expendables at least nails its
colours firmly to the post, guaranteeing,
if not substance, plenty of muscle and
nostalgia of an explosive kind.
CITYA.M. 20 AUGUST 2010
leather, with cases, trunks and bags
from bygone gentlemanly brands like
Finnegans, Drew & Sons and Vickery.
“The turn of the century was the golden
age for luggage,” says manager Julian
Hardwicke, who recently sold a pair of
crocodile skin panniers for carrying on
an elephant, made for a Maharaja by
Asprey. “The wealthy were really
wealthy, and when they travelled they
needed a lot of kit, from trunks to small
cases, all of it beautifully made.”
You wouldn’t want to chuck an
antique case into an aeroplane hold,
but for a romantic weekend away in the
country – particularly if you’ve got a
classic car to load them onto the back of
– there’s nothing finer, or more stylish.
HACKETT WITH
GLOBETROTTER
Trolley case, £750
www.hackett.com
If the cast seems overwhelming, don’t
worry – they’re not all on the same team.
The Expendables are a tough crew head-
ed by Barney Ross (Stallone), with
Statham as his right-hand man, who spe-
cialise in beating, or rather butchering,
bad guys. Hired to overthrow a corrupt
dictator and a rogue FBI agent terroriz-
ing the fictional island of Vilena, they
may have finally met their match.
The Expendables features explosions,
violence of a very gory kind, and masses
of testosterone – in a nutshell, it’s an
entirely formulaic action picture. But
with a cast like that it could hardly fail to
be fun, and it’ll tick all the right boxes for
action fans still licking their wounds
after the appalling A-Team.
CITYA.M. 20 AUGUST 2010 Lifestyle | TV& Games 19

BBC1 BBC2 ITV1 CHANNEL4 CH FIVE TV PICK

TERRESTRIAL
6pm BBC News
6.30pm BBC London News
7pm The One Show
7.30pm A Question of Sport;
BBC News; Regional News
8pm EastEnders
8.30pm QI
9pm CHOICE Celebrity
MasterChef – The Final
10pm BBC News
10.25pm Regional News
10.35pm Would I Lie to You?
11.05pm The National Lottery
Draws
11.15pm FILM Snake Eyes 1998;
Weatherview 12.50am Sign Zone:
Monty Halls’ Great Hebridean Escape
1.50am Celebrity MasterChef
3.20am-6am BBC News
6pm Eggheads
6.30pm Restoration Roadshow
7pm Who Do You Think You
Are?
8pm Mastermind
8.30pm Gardeners’ World
9pm Home Movie Roadshow
10pm CHOICE Roger and Val
Have Just Got In
10.30pm Newsnight
11pm The Review Show at the
Edinburgh Festival; Weather
11.50pm That Mitchell and
Webb Look
12.20am Shooting Stars
12.50am Russell Howard’s
Good News
1.20am FILM My Baby’s Daddy
2004. 2.35am-6am Close
6pm London Tonight
6.30pm ITV News
7pm Emmerdale: Scarlett and
Eve set about brainstorming
business ideas.
7.30pm Coronation Street
8pm Dickinson’s Real Deal
8.30pm Coronation Street
9pm Doc Martin
10pm ITV News at Ten
10.30pm London News
10.35pm FILM Daylight:
Disaster movie, starring
Sylvester Stallone. 1996.
12.40am The Zone; ITV News
Headlines
2.40am FILM Jeremiah Johnson
1972. 4.25am-5.30am ITV
Nightscreen
6pm The Simpsons 6pm The Boss Is Coming to
6.30pm Hollyoaks Dinner
7pm Channel 4 News 6.25pm Don’t Stop Believers
7.25pm 4thought.tv 6.30pm Live from Studio Five
7.30pm CHOICE Teen 7pm Five News at 7
Undertaker 7.15pm Cricket on Five
8pm A Place in the Sun: Home 8pm Police Interceptors; Five
or Away News at 9
9pm Big Brother 9pm The Mentalist
10pm Pete Versus Life 10pm Law & Order: Special
10.35pm Big Brother Victims Unit CELEBRITY MASTERCHEF – THE
11.40pm Stand Up for the Week
10.55pm Don’t Stop Believers FINAL BBC1, 9PM
Best Bits 12.30am 4Music: CTRL The three successful chefs try to
Student Tour 12.45am 4Music: 11pm CSI: NY
Boardmasters Presents Plan B 12am SuperCasino impress judges John Torode and Gregg
1.00am The Album Chart Show 4.05am The Boss Is Coming to Wallace in the grand final by preparing
Spotlight 1.15am Big Brother: Live Dinner 4.30am Motorsport Mundial their best meals. Last in the series.
3.10am This Week’s 4Music Top 20 4.55am County Secrets 5.10am
5am Beauty and the Geek The New Tomorrow 5.35am-6am
5.45am-6.10am The Hoobs Michaela’s Wild Challenge

SKY SPORTS 1 12am European Tour Golf 12am CSI: Crime Scene 9pm Supernanny 10pm 4.40am Killer Tanks 5.30am-
SATELLITE & CABLE

7pm Premier League Preview
7.30pm Live Super League
10pm Take It Like a Fan
10.30pm Premier League
Preview 11pm Football
League Weekend 12am Super
League 1.30am Test Cricket
3.30am Take It Like a Fan 4am
Premier League Preview
4.30am Football League
Weekend 5.30am-6am Take It
Like a Fan
SKY SPORTS 2
6pm Live Women’s Rugby
8.30pm Test Cricket 10.30pm
WWE: Late Night –
Smackdown 12.30am WWE:
Late Night – Bottom Line
1.30am Women’s Rugby Union
World Cup 3.30am Tight Lines
4.30am-6am Super League
SKY SPORTS 3
7pm Tight Lines 8pm Live
PGA Tour Golf 11pm
European Seniors Tour Golf
1.30am Golfing World 2.30am
PGA Tour Golf 5.30am-6am
World Sport
BRITISH EUROSPORT
6.10pm Live WTA Tennis
10pm WTA Tennis 11pm-
12.30am Cycling
ESPN
7pm Goal! 7.30pm Live
Bundesliga: Bayern Munich v
VfL Wolfsburg (Kick-off
7.30pm). 9.30pm French Top
14 Rugby Union 11.15pm UFC
Unleashed 12.15am Australian
Rules Football 2.45am Premier
League Preview 3.15am This
Week in Baseball 3.45am UFC
Unleashed 4.45am-5.15am
UFC All Access
LIVING
7pm Celebrity Four Weddings
8pm Passport Patrol 9pm
Medium 10pm CSI: Miami
11pm Criminal Minds
Investigation 1am Charmed
3am Bulging Brides 3.50am
The Jerry Springer Show
4.40am Maury 5.30am-6am
Home Shopping
BBC THREE
7pm The Real Hustle: Celebrity
Scammers 7.30pm Top Gear
8.30pm Wu-How 9pm The
Real Hustle: Celebrity
Scammers 10pm EastEnders
10.30pm Peckham Finishing
School for Girls 11.30pm
Family Guy 12.15am Young,
Dumb and Living Off Mum
1.15am The Real Hustle:
Celebrity Scammers 2.15am
Peckham Finishing School
for Girls 3.15am The Real
Hustle: Celebrity Scammers
3.45am Wu-How 4.15am-
5.15am Young, Dumb and
Living Off Mum
E4
7pm Hollyoaks 7.30pm Friends
Supersize vs Superskinny 6am How Does That Work?
11.05pm Rude Tube 11.20pm
Big Brother’s Big Mouth DISCOVERY HOME &
12.25am-6am Big Brother: Live HEALTH
7pm Portland Babies 8pm 10
HISTORY Years Younger 9pm 18 Kids ROGER AND VAL HAVE JUST GOT
7pm Earthquake Italy: The and Counting 10pm Little IN BBC2, 10PM
natural disaster in L’Aquila. People, Big World 11pm Val hopes to hang the freshly
8pm Blood Diamonds 10pm Conjoined Twins: After laundered dining room curtains, but
Combat School 11pm The Last Separation 12am 18 Kids and nostalgia and news about Roger’s
Nazis 12am Gestapo 1am Mega Counting 1am Little People,
critically ill father threaten her efforts.
Disasters 2am Earthquake Big World 2am Conjoined
Italy 3am Deep Sea Detectives Twins: After Separation 3am
4am-5am The Universe 10 Years Younger 4am From
Here to Maternity 5am-6am
DISCOVERY Bringing Home Baby
8pm How Do They Do It?
8.30pm How It’s Made 9pm SKY1
Weird or What? 10pm How the 8pm Must Be the Music 10pm
Universe Works 11pm Human Bones: A wealthy adventure-
Body: Ultimate Machine 12am seeker dies. 11pm Lie to Me
Deadliest Catch 1am Bear 12am Road Wars 1am UK TEEN UNDERTAKER
Grylls: Born Survivor 2am More Border Force 1.50am Oops TV CHANNEL 4, 7.30PM
Industrial Revelations Europe 2.40am Road Wars 3.30am Documentary following the budding
3am World War Two: The The 4400 4.20am Top Design careers of two teenage undertakers,
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Nasa’s Greatest Missions Than a 10 Year Old? with their personal lives.

COFFEE BREAK
Copyright Puzzle Press Ltd, www.puzzlepress.co.uk

QUICK CROSSWORD
    

SUDOKU KAKURO
6 9 30 32 24 4 36 22 
29 26
 
15 13
Place the numbers from 1 to 9 in each empty cell so that each 20  
row, each column and each 3x3 block contains all the numbers Fill the grid so that each block 28 4
8 43 7
from 1 to 9 to solve this tricky Sudoku puzzle. adds up to the total in the box 16 14
  
above or to the left of it. 36
You can only use the digits 1-9 3 33  
  and you must not use the
23 21
27 12  
same digit twice in a block. 17
    The same digit may occur 17 17 
29 10
   more than once in a row or
column, but it must be in a
23 34
11
  
17 20
    separate block.
7 12 16
11 25
  25 14
 

   
 
  
 
LAST ISSUE’S
ACROSS DOWN
1 Graph (5) 2 Domestic fowl (3)

 WORDWHEEL R U
4 Stiff (5)
8 Last Stuart monarch,
Queen of England (4)
3 Small, graceful
animal of the
woods (3,4)
Using only the letters in the Wordwheel, you have 5 Ring surrounding or
ten minutes to find as many words as possible,
D S 9 Organisations of employees (6)
enforcing a hole (7)
10 Singing couple (3)
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters E 12 Affirm (6) 6 Talk about (9)
7 Statement
or more, all must contain the central letter and
letters can only be used once in every word. There
R T 14 Bullets, etc (abbr) (4)
15 Remorse for conduct
indicating the likely

SOLUTIONS KAKURO is at least one nine-letter word in the wheel.

E A in the past (7)
17 Islamic ruler (4)
cost of some job (9)
8 Ballet position (9)
11 Container for
QUICK CROSSWORD 8 6 4 9 5 9 18 Laugh nervously (6)
6 2 / $ 5 7 $ 3 , 5
5 3 1 6 4 2 7 SUDOKU          19 Of a thing (3)
ashes (3)
13 Popeye’s favourite
: 2 ( 5 , $
9 8 2 3 1 5 4 2          20 Semi-public administrative vegetable! (7)
4 1 7 9 8 9 6 body financed by the
$ 3 3 ( $ 6 ( & + ,         
0 ' 6 & 6 3 2 1 4 7 4 14 Represents or
         government (6)
3 8 6 + < 6 : 2 5 ( 3 9 6 4 2 7 5 8 1 performs as if
         21 Look at with amorous
7
6 . 8 / /
/
& 5 2 6 6
1
2
3
6 8
1 7
8
8 3
9 9 3
WORDWHEEL          intentions (4)
in a play (4,3)
$ 7 8 $ 7          16 Egg of a louse (3)
7 $ 7 & 8 5 7 6 ( < 5 8 9 7 6 7 2 1 The nine-letter word 23 Medium that was once
6 3 5 1 8 4 2          22 Cut part of a
( ( . $ 7 /
was HONEYCOMB supposed to fill all space (5)
' , 5 7 < 7 + < 0 ( 2 1 7 9 8 6          tree trunk (3)
24 Platform (5)
 Punter
20
FOOTBALL TRADER BEN CLEMINSON HAS TEAMED UP WITH
BETTORLOGIC TO BRING YOU THE CITY AM FOOTBALL TRADER
Defenders hold the key
in Monday night battle
MANCHESTER CITY
LIVERPOOL
MONDAY – 8.00PM SKY SPORTS
MANCHESTER City would have counted
themselves slightly fortunate to have
escaped from White Hart Lane with a
point on Saturday. Joe Hart produced a
brilliant performance, particularly in the
first half, while the defence looked fairly
solid throughout. It will take a while for
their attacking players to get used to each
other and some of their opening encoun-
ters have the potential to be cagey.
Liverpool impressed against Arsenal
and should really have won the game even
though Joe Cole was sent off on the stroke
of half-time. Roy Hodgson has always had
well-organised sides and Jamie Carragher
was particularly impressive at the back.
Fernando Torres is yet to hit full fitness, so
their attacking options are limited to say
the least and I wouldn’t be at all surprised
to see the defenders boss Monday night’s
encounter.
The Citizens last beat Liverpool in the
league in April 2005 and have lost five and
drawn five of the past 10 meetings. They
have drawn three of the past four at
Eastlands, though, and all of those have
been goalless, while five of the past six at
the ground have produced one or no goals.
Bettorlogic.com analysis points to this
game going in level at the break – with
WIGAN
CHELSEA
TOMORROW – 5.15PM SKY SPORTS
THE fortunes of these two clubs could
hardly have been more contrasting on the
opening weekend of the season. Chelsea
demolished West Brom 6-0 at Stamford
Bridge – a harsh reminder to Wigan of
their 8-0 defeat at the same ground on
the final day of last campaign – while the
Latics were rocked by Blackpool.
Roberto Martinez’s side are a funny
bunch – they can lose badly one week and
then raise their game to beat a Chelsea or
an Arsenal the next. In fact, Man United
FULHAM
MANCHESTER UNITED
SUNDAY – 4.00PM SKY SPORTS
IT was an impressive start for Manchester
United against Newcastle on Monday
night. They won comfortably in the end
and Paul Scholes was inspirational in the
middle of the park. United are incredibly
difficult to play at Old Trafford, but they
have been beatable on their travels in
recent seasons.
Mark Hughes was pleased with his side’s
| Football
three of City’s last four at home against
the ‘Big Four’ seeing a half-time draw and
the same with six of the Reds’ last eight at
top-six sides.
Liverpool struggled on the road last sea-
son and they have only managed to win
one of their nine away league games in
2010. City were very strong at Eastlands
last campaign and eventually gave up
their unbeaten record when losing to
Everton at the end of March. They then
lost to Manchester United and Tottenham
in the final few weeks, but they are a
solid outfit at home and I reckon the Reds
would be happy to leave with a point.
Back the draw at 9/4 on Betdaq but I
wouldn’t put anyone off having a small
bet on no goalscorer at a general 8/1
either. I’ll also be selling goals at 2.3 with
were the only Big Four side they didn’t
beat on home turf last season and they
along with Chelsea are the only two
teams in the top flight to have won their
last three home matches against the Big
Four.
There is obviously a big class difference
between these sides, but Wigan seem to
raise their game when the best sides visit
the DW Stadium. That said, they were
beaten 5-0 by Man United on their second
home game of last season and I can’t see
them having enough to beat the champi-
ons, even though they could be consid-
ered value at 14/1 on Betdaq.
The Latics defended badly against
Blackpool on Saturday and Martinez will
have been working on that on the train-
ing ground. However, if they concede an
early goal against Carlo Ancelotti’s side
the game could really open up which
opening performance against Bolton
where they earned a hard fought point at
the Reebok. It will be a struggle for the
Cottagers this season but they are strong
at Craven Cottage and have beaten United
in the last two league meetings here.
Sir Alex Ferguson’s side have been
chalked up as the 8/13 favourites for this
contest, but there might be some value in
taking them on. They lost five games on
their travels last season and went down to
Burnley in their first away match. They
are traditionally slow starters and
although they played very well against
Newcastle I wouldn’t want to be backing
them at 8/13.
Fulham are 11/2 on Betdaq and for a
team that won 11 of 19 home games last
...the home of form
Joe Hart will play a key role
in Monday’s encounter
Picture: ACTION IMAGES
Sporting Index.
Also worth consideration for your punt-
ing pounds this weekend is the
relaunched Football Pools. They are mak-
ing it easier for punters to win by intro-
ducing live pools statistics, which lets you
see where other players in the pool are
betting. Aside from the Classic Pools,
there’s plenty of new games including
Punter’s favourite, ‘Challenge Hansen’,
where you can test your prediction skills
against MOTD pundit Alan Hansen. Check
it out at www.footballpools.com.
POINTERS...
Match to be drawn at 9/4 on Betdaq
No goalscorer at 8/1 general
Sell total match goals at 2.3 with Sporting Index
would be a major worry for the Spaniard.
Chelsea are a best-priced 1/4 with Paddy
Power to win this game, but we’re not
going to get rich backing them at that
price. The same firm offers 8/11 about a
HT / FT Chelsea victory and that looks a
fair price to me.
This isn’t a game to get involved with a
correct scoreline as the goals could really
flow if Wigan’s defence capitulates again.
There have been at least three goals in
five of their last six home games against
the Big Four with three of those produc-
ing five or more. On that basis, the only
other bet is to buy Sporting Index’s total
goals quote at 3.2.
POINTERS...
Chelsea HT / FT at 8/11 with Paddy Power
Buy total match goals at 3.2 with Sporting Index
season and only conceded 15 goals, I think
that’s worth a small bet. It would be a sur-
prise if the game was particularly high
scoring – there have been two or fewer
goals in six of the Cottagers’ last nine
home games against the Big Four and the
same is true in 11 of United’s last 16 away
at middle-third sides.
There is no doubt that the Red Devils
are the most likely winners, but at the
prices Fulham should be backed and
spread bettors are advised to sell goals at
2.6 with Sporting Index.
POINTERS...
Fulham to win at 11/2 on Betdaq
Sell total match goals at 2.6 with Sporting Index
CITYA.M. 20 AUGUST 2010 Punter | Racing 21

RACING TRADER BILL ESDAILE, OUR RACING EXPERT, TAKES A LOOK AT THE BEST BETS OVER THE NEXT FEW DAYS…

Kingsgate Native to bounce back to

form and land his second Nunthorpe
YORK TODAY live on Channel 4
GOING: GOOD (Good to Firm in places)
supplied by RACING POST
3.25 COOLMORE NUNTHORPE STAKES (GROUP 1) (1) 5f
£136,248
1 0-23331 BORDERLESCOTT (22)(CD) 8 9-11 N Callan
[7] R Bastiman James Edgar & William Donaldson
2 0-11212 EQUIANO (42)(D) 5 9-11 M Hills
[3] B Hills J Acheson
3 016-164 KINGSGATE NATIVE (42)(CD) 5 9-11 K Fallon
[1] Sir M Stoute Cheveley Park Stud
4 2411905 PRIME DEFENDER (12)(C)(D) 6 9-11 R Winston
[8] B Hills S Falle, M Franklin, J Sumsion
5 1-74755 SPIN CYCLE [V] (22)(D) 4 9-11 R Mullen
[6] B Smart H E Sheikh Rashid Bin Mohammed
6 413511 STARSPANGLEDBANNER (42)(D) 4 9-11 J Murtagh
[13] A O’Brien Ire M Tabor/D Smith/Mrs Magnier/Ms Massey
7 123F794 MISTER HUGHIE (22)(D) 3 9-9 A Munro
[10] M Channon Mulryan Partnership
8 4-14565 SOLE POWER (14)(D) 3 9-9 W M Lordan
[11] E Lynam Ire Mrs S Power
9 1227-45 FLEETING SPIRIT (42)(D) 5 9-8 L Dettori
[4] J Noseda The Searchers
10 1160-24 PICCADILLY FILLY (54)(D) 3 9-6 E Creighton
[2] E Creighton The Ultimate Racing Fraternity
11 4-01261 ROSE BLOSSOM [VH] (42)(CD) 3 9-6 P Hanagan
[9] R Fahey Highclere Thoroughbred Racing (Blossom)
12 116 DINKUM DIAMOND (64)(D)(BF) 2 8-1 J F McDonald
[5] H Candy Eight Star Syndicate
13 2442 STONE OF FOLCA (24) 2 8-1 J Quinn
[12] J R Best Folkestone Racecourse Owners Group
S.P. F’CAST: 9-4 Starspangledbanner, 11-4 Equiano, 6 Kingsgate Native,
8 Fleeting Spirit, 10 Borderlescott, Stone Of Folca, 14 Rose Blossom,
25 Dinkum Diamond, 33 Mister Hughie, Prime Defender, Spin Cycle,
50 Piccadilly Filly, 100 Sole Power.

T
HE Coolmore Nunthorpe Stakes is
the feature race on the final day of
York’s four day Ebor meeting and
all eyes will be on eight-year-old
Borderlescott in his bid to win the race
for the third consecutive year. However,
Robin Bastiman’s local hero injured him-
self when winning at Glorious Goodwood
last time and connections immediately
ruled him out of contention, before
changing their minds last week. I’d love
to see him land the hat-trick, but fear his
interrupted preparation may sadly cost
him.
Aidan O’Brien’s Starspangledbanner
comes here on the back of impressive vic-
tories in the Golden Jubilee and the July
Cup, but both those wins were over six
furlongs and the ex-Australian star was
beaten on his last start over the mini-
mum trip. Yet, he has been handed the
plum draw in stall 13 of 13 and showed
blistering speed at Newmarket last time
to match strides with the lightning-fast
Kingsgate Native in Equiano. He looks sure to be well backed
action at Royal Ascot and I certainly wouldn’t put anyone off
as a two-year-old taking the 9/4 available with Paddy
Power. If he gets a reasonable break and
Picture: ACTION manages to bag the stand side rail, he
IMAGES looks sure to trade much shorter in-run-
ning and that may be the time to lay him
on Betdaq.
At the prices, I’m prepared to give 2007
winner KINGSGATE NATIVE a chance to
bounce back from a couple of disappoint-
ments at 8/1 with 888sport.com. Sir
Michael Stoute’s five-year-old reportedly
had a sinus problem before Royal Ascot
and wasn’t disgraced at Newmarket.
Admittedly, he hasn’t a great draw in
stall one, but I expect Kieren Fallon to
put him in the race late and he can mow
down the likes of Starspangledbanner
and Equiano late on. Stoute has his string
in red-hot form and he looks an each-way
bet to nothing. I’m a lot less keen on the
chances of Equiano as the Barry Hills
string seems to have gone off the boil. In
fact, I’ll be looking to lay him for a place
at odds-on on Betdaq as he could easily
drop away when headed.
The other five races at York this after-
noon look trappy to say the least, but I’m
prepared to give Ralph Beckett’s OASIS
DANCER another chance dropped back to
seven furlongs in the City of York Stakes
at 2.50pm. He somewhat blotted his copy-
book at Glorious Goodwood last time
when failing to get home after not set-
tling but his shrewd handler pointed
him at a Classic earlier in the campaign,
so he clearly holds him in high regard.
Tim Easterby won the very first race of
the meeting and he can land the last
with DEAUVILLE FLYER. The consistent
four-year-old won over course and dis-
tance on similar ground two starts back
and can go very close even with the bur-
den of top weight.
Looking ahead at tomorrow’s racing at
Sandown and a couple of horses grab my
attention. Firstly, old favourite INVINCI-
BLE LAD takes his chance in the sprint at
3.45pm but has a terrible draw in stall 4.
However, Richard Hughes takes over in
the saddle and the application of first-
time blinkers could well sharpen him up.
I'm prepared to back him each-way at a
big price and can forgive him one disap-
pointing run on the all-weather last time.
Finally, Richard Hannon has had a rela-
tively quite time this week, but his
JEHANBUX can continue on the upgrade
in the Nursery at 4.15pm. He showed
admiral battling qualities when winning
his maiden at this very track last time
and even though he has top weight, he
may still be on a fair mark.
POINTERS...
OASIS DANCER e/w 2.50pm York (today)
KINGSGATE NATIVE 3.25pm York (today)
DEAUVILLE FLYER 4.40pm York (today)
INVINCIBLE LAD 3.45pm Sandown (tomorrow)
JEHANBUX 4.50pm Sandown (tomorrow)

INSIDER
the

I
hope you backed Dirar (14/1 winner
of Wednesday’s Ebor) which I
advised in this column last week...
let's hope we can keep up the good
work. Well, I’ve been to Amsterdam,
Haarlem, Zwolle, Utrecht and
Rotterdam, but I’ve never been to the
ZUIDER ZEE. John Gosden is in top
form and Richard Mullen should steer
this son of Sakhee home at York
(1.45pm) today. Moving from Holland to
the borders of Uruguay and another
watery feature RIO DE LA PLATA will
be carrying my money come 2.15pm
today. Frankie should have a good ride
here and can show Rainbow Peak a
clean set of shoes and hopefully a blue
and white flag will be flying from the
York stand. However, by 3.25pm they
will have to replace the Uruguayan flag
with the STARSPANGELEDBANNER.
Aiden O’Brien’s charge will be difficult
to beat today (York 3.25pm) and 9/4
with Paddy Power looks a magnificent
price, especially with his high draw.
 Sport
22 CITYA.M. 20 AUGUST 2010

Results Cole misses

UEFA EUROPA LEAGUE
PLAY-OFF ROUND - FIRST LEG
CSKA Sofia..................(0) 3 The New Saints FC......(0) 0
Aquaro 81
Wenger told to raise pen as Reds
Arsenal bids for pair
Nelson 82, Delev 90 Att: 2,950
Celtic................................(2) 2 FC Utrecht.........................(0) 0
Juarez 19
Samaras 34 Att: 35,755
Dundee Utd .................(0) 0 AEK Athens.......................(1) 1
Att: 12,116 Djebbour 11
FC Timisoara..............(0) 0 Man City.............................(0) 1
beat Turks
Att: 20,000 Balotelli 72
Liverpool .......................(1) 1 Trabzonspor.....................(0) 0
Babel 45 Att: 40,941
▲

FOOTBALL
Odense BK ....................(1) 2 Motherwell ......................(0) 1
Sorensen 31
Utaka 78
Hateley 90
Att: 14,911
BY FRANK DALLERES LIVERPOOL 1
Rapid Vienna ..............(1) 1 Aston Villa .........................(1) 1 ARSENAL boss Arsene Wenger has
Nuhiu 32 Bannan 11
Att: 16,891
been dealt a double blow in his efforts
to patch up a threadbare rearguard
TRABZONSPOR 0
CRICKET after failing with bids for Mark
THIRD TEST MATCH Schwarzer and Sebastien Squillaci.

▲
EUROPA LEAGUE PLAY-OFF
England v Pakistan The Gunners stepped up their
BRIT INSURANCE OVAL: England trail Pakistan by 69 runs BY JON COUCH
with nine second-innings wickets in hand attempts to prise Schwarzer away
ENGLAND: First Innings 233 (Prior 84no, Riaz 5-63) from Fulham this week by lodging a LIVERPOOL midfielder Joe Cole
PAKISTAN: First Innings
(Overnight 48-1) second offer for the Australia goal- accepted the blame after missing a
Y Hameed c Prior b Finn ..........................................................................36 keeper, but the Cottagers have reject- penalty as his nascent Anfield career
W Riaz lbw Swann ......................................................................................27 ed the proposal. stuttered again.
S Butt c Prior b Swann ..............................................................................17
M Yousuf c & b Swann ..............................................................................56 And Sevilla, who yesterday held an Forward Ryan Babel slotted the
A Ali not out ..................................................................................................92 emergency meeting to discuss only goal of the game, from a Cole
U Akmal run out ..........................................................................................38 Wenger’s bid for Squillaci, deemed through-ball, to give the Reds a slen-
K Akmal c Morgan b Broad ....................................................................10
M Amir c Prior b Broad ..............................................................................6 the offer for the experienced France der advantage ahead of next week’s
S Ajmal b Anderson ......................................................................................0 centre-back “insufficient”. second leg.
M Asif c Anderson b Swann......................................................................8 Despite the setbacks, Arsenal are But the former Chelsea player, who
Lb4 w1 nb2 ............................................................................................7 expected to persist with both deals. was sent off on his league debut
Total (100.2 overs) ......................................................................308
Fall: 48, 48, 76, 110, 179, 236, 251, 269, 270. Fulham may have resisted the sec- against Arsenal on Sunday, then blot-
Bowling: Anderson 24-6-79-2, Broad 26-4-75-2, Finn 20-4- ond bid, which is said to merely be a ted his copybook again.
74-1, Swann 27.2-9-68-4, Collingwood 3-0-8-0. resubmission of the Gunners’ initial Cole stepped up when Lucas Leiva
ENGLAND: Second Inns £2m offer, but have not publicly ruled was fouled in the box, but goalkeeper
A Strauss c Hameed b Amir......................................................................4
A Cook not out ................................................................................................0 out a transfer and Schwarzer is keen Onur Kivrak guessed right and leapt
J Anderson not out........................................................................................2 to move. to his left to palm the shot away.
....................................................................................................................0 Sevilla are reluctant to lose a player “It was a bad penalty. It was pre-
Total (1 wkt., 3 overs) ......................................................................6 so close to the 31 August transfer determined that I’d take it but you
Fall: 4.
Bowling: Amir 2-1-5-1, Asif 1-0-1-0. deadline unless their financial can’t dwell on those things,” said
Umpires: S Davis & A Hill. demands are met. They were, howev- Cole. “We won 1-0 so we’ll take the
LV COUNTY CH’SHIP - DIVISION ONE: Somerset v Essex er, sufficiently open to a deal to pull positives from that.” Asked when he
(Colchester); Somerset 215 (J C Hildreth 84, D D Masters 5- Squillaci out of Wednesday’s last took a penalty, he added: “When I
43) and 367-8 dec. (M E Trescothick 228no, J C Hildreth 59,
M Kartik 52no) v Essex 151(A C Thomas 4-44, C M Champions League tie to prevent him was about 13, and I scored that one.”
Willoughby 4-67) and 38-1 (10.0 overs). Lancashire v Kent becoming cup-tied. Wenger is searching for a goalkeeper and a central defender. Picture: REUTERS Cole then had the misfortune to be
(Canterbury); Lancashire 266 (S J Croft 65, S I Mahmood Sporting director Ramon involved in a disallowed goal, as
60) and 103-3 (32.0 overs) v Kent 249 (J L Denly 69, G
Keedy 4-49, G Chapple 4-45). Durham v Yorkshire (Emirates Rodriguez said: “The player asked not ed yesterday when promising mid- Persie and utility man Alex Song to Kivrak parried a shot against him and
Durham ICG); Durham 213 (M J Di Venuto 117no, P Mustard to play because of the offer from such fielder Emmanuel Frimpong was return against Blackpool tomorrow. debutant Christian Poulsen netted.
53, A Shahzad 5-51) and 340 (M D Stoneman 78, D M a big team. But, for the moment, we ruled out for six to nine months after Meanwhile, Tottenham look set to Milan Jovanovic also went close to
Benkenstein 74, O J Hannon-Dalby 4-73, S A Patterson 4-87)
v Yorkshire 255 (A McGrath 124no) and 299-6 (J A believe the offer is insufficient and rupturing cruciate ligaments. sign ex-Gunners captain William opening his Anfield account, but
Rudolph 100, A W Gale 70no).Yorkshire (21pts) beat Squillaci is still a Sevilla player.” But the manager does expect cap- Gallas. The Frenchman, released in Liverpool failed to capitalise on their
Durham (4pts) by 4 wickets. Wenger’s squad was further deplet- tain Cesc Fabregas, striker Robin van June, will have a medical today. dominance and face a nervy away leg.
DIVISION TWO: Derbyshire v Sussex (Horsham); Derbyshire
242 (W J Durston 69) and 27-2 (17.0 overs) v Sussex 576-3
dec. (E C Joyce 164, C D Nash 156, B C Brown 112, M W

Bannan nets first Villa goal as youngsters earn draw

Goodwin 100no). Glamorgan v Middlesex (The SWALEC
Stadium); Glamorgan 198(P T Collins 4-55) and 232 (J
Allenby 91no, T S Roland-Jones 4-54) v Middlesex 181 (S A
Newman 99) and 253-4 (D J Malan 84no, S A Newman 64).
Middlesex (19pts) beat Glamorgan (3pts) by 6 wickets.
Worcestershire v Surrey (New Road); Worcestershire 308
(J G Cameron 95, D A Wheeldon 65, C T Tremlett 4-45) and
319 (A N Kervezee 144, C T Tremlett 4-42) v Surrey 259 (T J
Lancefield 74, S M Davies 68) and 130-10 (Shakib Al Hasan ASTON VILLA boss Kevin MacDonald Scottish midfielder Barry Bannan perienced side secured the draw.
6-42).Worcs (22pts) beat Surrey (5pts) by 238 runs.
TENNIS
RAPID VIENNA 1 hailed his youngsters after his selec-
tion gamble paid off in Austria.
silenced a partisan crowd by putting
the visitors in front with his first goal
“I’m very proud indeed. It was an
education for the boys, who played in
ATP MASTERS SERIES (Cincinnati, Ohio, USA)—M Mens
Singles Rnd 3: A Murray (Gbr) bt E Gulbis (Lat) 4-6 6-3 7-6. Villa’s caretaker manager rested his for the club in the 12th minute. patches, but I was pleased with all of
ASTON VILLA 1 stars in favour of a selection of rook-
ies, and they repaid his faith by claim-
And although Rapid Vienna
equalised before half-time, when
them because it’s not an easy place to
come,” said McDonald.“There’s a very
SPORTS EDITOR JON COUCH ing an away goal and a creditable Atdhe Nuhiu glanced in Steffen strong camaraderie amongst that
▲

email sport@cityam.com EUROPA LEAGUE PLAY-OFF draw from a tricky play-off first leg. Hoffmann’s cross, MacDonald’s inex- group of players.”

Flying start for Balotelli as £24m

Mancini key to City results
for both clubs. Mancini keeps a tight
grip on him while protecting his title
chances, while Dave Jones at Cardiff
has a quality player on his books,
capable of scoring 20-plus goals in the
Championship.
But it’s the agreement between the
clubs with regards to Bellamy’s wages
new boy comes on to hit winner
scope, you can bet your bottom dollar
the matter will be resolved in double- ing up an injury that left him heavily
quick time. If they don’t then it could
lead to a furore.
FC TIMISOARA 0 strapped and limping. Not bad for a
33-minute cameo.
As for City, the signings of Mario Balotelli, 20, was making his first
Balotelli and James Milner have given
fans at Eastlands further reason for
MANCHESTER CITY 1 appearance since a move from Inter
Milan and turned home in the 72nd
optimism, but, for me, the main man minute after Emmanuel Adebayor
▲

ON THE BALL WITH which is causing the biggest debate – in determining how far City can go EUROPA LEAGUE PLAY-OFF drilled across the face of goal.
and in particular Cardiff’s ability to this season is Mancini himself. BY FRANK DALLERES It was enough to earn City the
TREVOR STEVEN pay. Like several of his new team-mates, advantage ahead of next week’s
Quite rightly, Motherwell issued a Milner has been brought into a rota- IF MARIO Balotelli’s debut is a taster return leg in Manchester, and the

R
OBERTO MANCINI may have writ against the Welsh club for the tion system which he is not particu- for the rest of his Manchester City Premier League side will be strong
kept Craig Bellamy out of the £175,000 outstanding for the sale of larly used to, and it will be interesting career, Eastlands fans are in for an favourites to eliminate the
clutches of his Premier League Paul Quinn last year. Cash-strapped to see how his form deals with that. eventful time. Romanians.
rivals, but he’s also thrown Cardiff failed to pay £100,000 in As for Mancini, he will have a dress- The £24m new boy climbed off the After a slow start Roberto Mancini’s
Cardiff City into the spotlight. January and still owe the rest, but ing room of 25 egos desperate to bench to score the winner before men gradually took control and Yaya
Bellamy’s shock loan move to his with the Bluebirds’ balance sheet prove themselves, and keeping them squaring up to the Timisoara captain, Toure almost put them ahead when
hometown club makes perfect sense now very much under the micro- happy will not be easy. earning a yellow card and then pick- his 20-yard shot thumped the bar.
CITYA.M. 20 AUGUST 2010
Swann claimed his 100th Test wicket and celebrates with captain Andrew Strauss.
Ton-up Swann leads
England fightback
▲
CRICKET
BY JON COUCH
GRAEME SWANN finally received
the recognition he deserved from
the ICC yesterday – and then cele-
brated by leading the England
charge in the third Test with
Pakistan at The Oval.
The world’s No3-ranked bowler
was a surprising omission from the
16-man nomination list for the
prestigious ICC Cricketer of the
Year, despite spinning his way to 93
international wickets in the past 12
months.
But West Indian legend Clive
Lloyd, who heads the selection
panel, yesterday apologised to the
31-year-old, describing his absence
Murray battles back to deny Gulbis
▲
TENNIS
BY JON COUCH
ANDY MURRAY admitted his relief
after stretching his winning run to
eight matches with victory over
Ernests Gulbis in the Cincinnati
Masters.
The British No1 came back from
a set down to avoid an upset against
the Latvian 4-6, 6-3, 7-6 (7-4) and
book a fourth round clash with
American wildcard Mardy Fish.
Murray declared the heat in
SPORT | IN BRIEF
Midday times it perfectly
RACING: Henry Cecil’s Midday claimed
the fourth Group One victory of her
career yesterday in the Yorkshire Oaks
at York.
Ridden by Tom Queally, she took full
advantage of old rival Sariska refusing
to race, powering to a three-length vic-
tory ahead of Snow Fairy.
Tykes remain in the hunt
CRICKET: Yorkshire kept their County
as a “genuine oversight”.
Clearly riled by his omission,
Swann took his frustration out on
the Pakistani top order, leading the
England recovery as they protected
a measly first innings total of 233.
Swann claimed three wickets
either side of lunch to finish with
figures of 4-68 from 27.2 overs as
the tourists limped to 308 in reply –
a lead of 75 – thanks largely to a
gutsy unbeaten 92 from Azhar Ali.
At the same time, Swann also
etched his name in Test folklore
after his caught-and-bowled dis-
missal of Mohammad Yousuf for 56
brought up his 100th Test wicket in
just his 23rd Test – the same num-
ber of matches as spin legends
Shane Warne and Saqlain Mushtaq.
Cincinnati, which reached 90F, con-
tributed to his struggle, but was
clearly delighted with his prepara-
tion ahead of this month’s US
Open.
“It was very warm and I was
struggling to get
control,” said
Murray, who fol-
4.8
lowed up from
his victory in
the Toronto
Masters last
week.
average chelsea
GOALS in THEIR last
Championship 5 league games
division one hopes
alive after com-
pleting a four-
wicket win over
ailing champions Durham.
The Tykes move up into second
place, six points behind leaders
Nottinghamshire, who have a game in
hand, although Somerset look set to
displace them today as they close in on
victory over Essex.
Sport 23
I’m the man to lead
Johnson’s charges,
says stand-in Moody
on a permanent basis.
▲
RUGBY UNION
BY JON COUCH Asked whether he had proven himself
during the Australian tour, Moody said:
LEWIS MOODY insists he is the man to “Yeah, I feel I can do it. I feel confident
lead England into the 2011 World Cup. that in the three games I have captained
The new Bath flanker was given the England, I have grown in experience
nod to replace the injured Steve each time and I will keep doing that if I
Borthwick for the tour of Australasia ear- am given the opportunity.
lier this summer and became only the “It was certainly an experience for me,
second captain ever to lead England to a taking on all that pressure and responsi-
Test victory over the Wallabies on home bility for the team over a few weeks. It
soil. gave me a lot of confidence that I can do
Borthwick is set to return for the it. So if I was asked to do it again I would
Picture: ACTION IMAGES daunting international series against jump at the chance.”
New Zealand, Australia, Samoa and Moody, 32, made his Bath debut
South Africa this autumn, but Johnson against Ulster at the weekend after 14
is yet to commit himself to naming a years at the Tigers and says he is enjoy-
permanent skipper with competition ing a new lease of life.
hotting up for starting places. “This is certainly the biggest challenge
Now, Moody, a former team-mate of I have had for a long time, adapting to a
Johnson at Leicester and England, has new environment and adapting to how
staked his claim for the armband by this club does things,” he said. “I’m gen-
insisting he is ready to take on the role uinely enjoying it, it’s fantastic.”
Pakistan then turned the screw
again, however, with the prized
scalp of captain Andrew Strauss for
four just before close as England
closed on 6-1 – still 69 behind.
Resuming on 48-1, Pakistan suf-
fered an early blow when Steven
Finn struck with the second ball of
the day to trap Yasir Hameed for 36,
edging to keeper Matt Prior.
Swann then accounted for cap-
tain Salman Butt (17) and night-
watchman Wahab Riaz for a
stubborn 27 before making inroads
with the prized wicket of Yousuf.
“There’s no doubt about it, we’re
behind the eight ball a little bit
because of the deficit, but it’s still a
cracking batting track,” Swann
admitted.
“He was hitting huge. He was
comfortable when he was dictating
points. I then began to make some
first serves and then made sure he
would have to play some great ten-
nis to win the tie-break.”
Six of the best for Kapur
GOLF: India’s Shiv Kapur shot six
birdies in a row to take the opening
day lead at the Czech Open in Celadna.
Kapur shot a six-under-par 66 to
lead Argentina’s Tano Goya and Swede
Peter Hanson by a single shot.