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FTSE 100 5,674.38 -98.61 DOW 12,050.00 -59.67 NASDAQ 2,686.75 +17.56 /$ 1.60 -0.01 / 1.12 unc /$ 1.43 unc
FRENZIED trading saw oil drop by
over six per cent yesterday, after the
International Energy Agency (IEA)
said it would release 60m barrels of
emergency reserves in the next
month, in response to ongoing dis-
ruption of oil supplies from Libya.
Brent crude sank to $107.14
(75.63) per barrel, close to $7 down
on the day, while US crude sank
close to $91 a barrel, down roughly
five per cent from the days high.
The news sent a chill through
markets, helping to send the FTSE
dropping 1.7 per cent to its lowest
close since 16 March, when markets
were plunging in the aftermath of
the Japanese earthquake.
The Dow fell over one per cent
immediately after the news, while
the S&P 500 Index shed 1.4 per cent
to hover dangerously near its 200-day
moving average. Positive news on the
Greek budget, however, helped the
US markets pare losses.
Weak employment data for the US
also dented stocks across the pond,
while poor services and manufactur-
ing data in the Eurozone was partly
behind the euro crashing to an all-
time low against the Swiss franc.
Goldman Sachs said Brent crude
could fall by $10-$12 a barrel by the
end of July, after the surprise
announcement from the IEA.
It marked only the third time that
the IEA has unlocked emergency
reserves since it was founded in 1974
in the wake of the Arab oil embargo.
The Gulf War (1990-1991) and
Hurricane Katrina (2005) prompted
the two previous occasions when
supply was disrupted enough to con-
vince the IEA to release millions of
barrels per day in reserves.
The release stoked political feuds,
with Republicans and the oil indus-
try accusing President Obama of vot-
ing for the measure to boost
Americas sluggish recovery.
This action threatens our ability
to respond to a genuine national
security crisis and means we must
ultimately find the resources to
replenish the reserve at significant
cost to taxpayers, said Republican
politician John Boehner.
The move also puts pressure on oil
cartel Opec, which earlier this
month failed to decide whether to
release more oil into the market.
Some analysts said the release
could temporarily ease inflationary
pressures in the West. Growing infla-
tion in Europe and the US has seen
central banks, particularly the
Federal Reserve, come under fire.
A drop in the price of oil to $95 per
barrel would wipe half a percentage
point off inflation forecasts in the
UK and Europe over the next 18
months, according to Alan Clarke of
Scotia Capital. For the Bank, this
could contribute to further delaying
the first interest rate hike, and may
add to speculation of another round
of quantitative easing, he said.
ALLISTER HEATH: P2
ECONOMICS: P17
www.cityam.com Issue 1,410 Friday 24 June 2011 FREE
BOURSES IN
BATTLE
LSE FIGHTS TO
KEEP TMX MERGER
ON COURSE P4
BUSINESS WITH PERSONALITY
Certified Distribution
02/05/11 till 29/05/11 is 103,467
Oil prices plummeted yesterday after the IEA announced it would unlock 60m barrels of emergency reserves in the coming month
International Energy
Agencys emergency
supply tapped for just
third time in 37 years
OIL PLUNGES AFTER
RESERVES RELEASE
BY JULIAN HARRIS
WORLD ECONOMY
REVEALED: OUR SHORTLIST

OF TOP DEALMAKERS
CITY A.M. AWARDS P20
BRENT CRUDE OIL FUTURE INTRADAY CHART
10:00 pm
Price:
$107.26
8:00 am
Price:
$114.21
News
2 CITYA.M. 24 JUNE 2011
IMF endorses
Greek budget
GREECE has agreed on the details of a
five-year austerity plan with EU and
IMF inspectors hoping to steer the
country away from bankruptcy.
The beleaguered countrys new
finance minister Evangelos Venizelos
met with a delegation of EU and IMF
officials in Athens yesterday to dis-
cuss measures for extra tax rises and
spending cuts to plug a 3.8bn fund-
ing gap.
In a press conference yesterday,
Venizelos announced details of some
of the measures including a new sol-
idarity levy on all Greek wage earn-
ers of between one and five per cent.
The budget would also include lower-
ing the minimum threshold for
income tax to 8,000 a year from its
current level of 12,000.
Greek lawmakers must pass the
new new round of austerity measures
through parliament next week in
exchange for second rescue package
worth 120bn that has been agreed to
in principle by Eurozone members.
The basic issue of the day is to
finalise the programme, Venizelos
told a news conference. Our basic
aim is to regain our credibility.
Prime Minister George Papandreou
was meeting with European Union
leaders in Brussels last night where
talks were dominated by talks on pre-
venting spread of Greeces debt crisis.
BY KASMIRA JEFFORD
EUROZONE
Lessons to learn from Swiss watches

IT is my favourite fact of the day:
exports of Swiss watches jumped by an
astonishing 40 per cent in May. Exports
to China were up 41 per cent in May, to
South Korea by 39 per cent and to
Singapore by 35 per cent. Even
Western demand is recovering, albeit
not by as much. Swiss watches are not
exactly a mainstream industry but
they make for a fascinating indicator
and highlight several important les-
sons we must all learn.
The first is that countries that spe-
cialise in high value added products
even manufactured goods can still
do extremely well. Being the best at
something very special and unique
almost guarantees success. This can be
goods, agricultural products or servic-
es such as foreign exchange trading or
private secondary education. The sec-
ond lesson is that it confirms the grow-
ing importance of Asia; the Merrill
Lynch Cap Gemini world wealth report
this week revealed that there are now
more people with liquid assets of $1m
or more in Asia than there are in
Europe. This is not a zero sum game:
the City has a huge opportunity to sell
its wares to Asia. At the moment, this
opportunity is partly being squan-
dered by self-inflicted regulatory and
tax attacks on our competitiveness.
The third lesson is that while overall
consumer spending is growing only
marginally in many Western
economies, there is plenty of demand
for premium products globally. The
better-off have bounced back from the
recession because their wealth and
incomes are highly leveraged to the
economic cycle. What is clear is that
the boom in the emerging world is
incredibly exciting and is doing won-
ders to cut poverty. World trade is set
to rise from $37 trillion in 2010 to $150
trillion in 2030 (in constant dollars)
and $370 trillion by 2050. The explo-
sion in wealth this entails is mind-bog-
gling. Intra-emerging markets trade is
set to overtake trade within advanced
economies by 2015 and overtake trade
between advanced economies and
emerging markets trade by 2030,
according to Citi. But the opportuni-
ties are immense for individuals, com-
panies and countries that are willing
to fight for them, as I argued last night
in my speech to the Lord Mayors excel-
lent formal dinner for the property
industry at Mansion House. We need
to be on the right side of history that
means being sufficiently competitive,
educated and savvy to cash in on the
next few decades of booming trade.
OIL POLITICS GONE MAD
IT is good news for consumers that the
International Energy Agency (IEA) has
chosen to release 60m barrels of oil
from its strategic inventories. At first
sight, the rationale looks clear: the IEA
is trying to compensate for the reduc-
tion in Libyan supply, though this is a
bit strange given that the soft patch in
the EU, UK and US economies means
that demand for oil ought to fall.
What is really happening is that the
IEA is trying to act like a modern cen-
tral bank: it is attempting a hubristic
game of aggregate demand manage-
ment, hoping to boost consumer and
corporate spending on non-energy
items by temporarily pushing down
the price of oil. It is a dangerous game
and it wont work though Barack
Obama will of course be hoping to ben-
efit politically. The price of oil wont
stay low for long, so the IEA will have
used up a chunk of its reserves for not
very much gain. Rather than going for
short-term bursts of stimulus, the IEA
would be better off holding its fire in
case of a real crisis.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
EUROPES banking regulator said that
it has updated its stress test protocol
for the regions banks to factor in a
possible Greek default.
The European Banking Authority
(EBA)has until now refused to include
the possibility of a sovereign default in
its tests.
The EBA said yesterday it was closely
monitoring the perilous financial situ-
ation in Greece and that its stress test
of 91 banks will allow an assessment
of current market conditions on sover-
eign risk and banks cost of funding.
Haircuts to be applied to trading
book assets have been adjusted in
some cases to reflect losses related to
current market values, the EBA said in
a statement.
Results of the latest round of stress
tests are expected to be revealed on 13
July, following the first tranche of tests
last year, which fell short of predicting
how Europes banks would fare under
pressure.
BY MARION DAKERS
EUROZONE
Default a factor in bank test

Greek PM George Papandreou still faces an uphill battle to avoid a default
NEWS | IN BRIEF
Williams wades into energy deal
US energy group Williams Companies
last night tried to break up a rivals
takeover deal with pipeline company
Southern Union by making an unsolicit-
ed $4.9bn cash bid. Energy Transfer
Equity had already offered Southern
Union $4.1bn in a stock deal. Southern
Union shares rose around 15 per cent in
after market trading last night. Barclays
and Citi are advising Williams on its bid.
AIB in talks over capital raising
Allied Irish Banks announced yesterday
that discussions are continuing with the
Government over the terms and struc-
ture of a capital raising in order to satis-
fy recent stress tests. Ireland, which
already owns 93 per cent of the bank,
could end up taking more control of the
bank and buying more shares, resulting
in potentially significant additional dilu-
tion for existing ordinary shareholders
other than the state. It is expected that
discussions with the Government will
finalised within a week and AIB then
expects to be in a position to announce
the final terms and structure of any cap-
ital raising transaction with the State.
AIB expects to remain as a listed firm.
EDITORS LETTER
ALLISTER HEATH
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24 Monument Street, London, EC3R 8AJ
Tel: 020 7015 1200 Fax: 020 7283 5334
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Pictures Alice Hepple
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Greeces new finance
minister Evangelos
Venizelos unveiled a
new levy on workers
to help cut debts
CHINESE PREMIER DECLARES VICTORY
OVER INFLATION
Chinese premier Wen Jiabao has
declared victory over domestic infla-
tion, saying that the government has
successfully reined in price pressures.
China has made capping price rises
the priority of macro-economic regu-
lation and introduced a host of target-
ed policies. These have worked, Mr
Wen writes in todays Financial
Times. We are confident price rises
will be firmly under control this
year. Consumer price inflation has
been rising since the middle of last
year, reaching a 34-month high of 5.5
per cent in May.
THREAT TO NAME AND SHAME PFI
COMPANIES
A Conservative MP is to identify pub-
lic finance initiative groups that
refuse to offer the taxpayer a volun-
tary rebate on their profits. The same
threat would also apply to those that
do not sign up to a proposed Treasury
code of conduct aimed at cutting the
cost of schemes built under the pri-
vate finance initiative, Jesse Norman,
the MP for Hereford said.
TWITTER RISKS USER BACKLASH
WITH PLAN FOR BOLDER ADVERTS
Twitter is looking at introducing
advertisements among the short mes-
sages that users see in the most active
part of the social networking service,
according to people with direct
knowledge of its plans. The move
comes as Twitter looks at a wider
range of options to generate revenues
from a service that has so far failed to
make money from its audience as
effectively as rivals such as Facebook.
The move to place promoted tweets
in the main stream of tweets on the
service is likely to be controversial
with users who have seen only limit-
ed and unobtrusive marketing mes-
sages so far in Twitters five-year
history.
FSA WARNS OF NEW BREED OF LIAR
LOANS
The City Watchdog has warned that
buy-to-let mortgages designed for
landlords are being misused by bro-
kers to get around the rules requiring
borrowers prove their income. Before
the credit crunch, self-certification
mortgages allowed borrowers to
obtain a home loan without proving
their income, but these became
known as liar loans because they
were fraudulently used by some
home owners to exaggerate earnings.
CHEQUE GUARANTEE CARDS TO END
The cheque guarantee system will be
withdrawn next Thursday (June 30),
despite protests from consumer
groups and charities, particularly
those representing older people, so
that it will make it impossible to pay
by cheque at many retailers, petrol
stations and restaurants.
MOBEN AND DOLPHIN SHOPS COLLAPSE
The parent company of Moben
kitchens and Dolphin bathrooms has
applied to go into administration,
becoming the latest victim of the
slowdown on the high street and the
moribund housing market.
Homeform, owned by Sun Capital
Partners, the US private equity firm,
filed an intention to appoint admin-
istrators with the courts yesterday.
IRISH DATA REVEALS TWO-SPEED
ECONOMY
Strong net exports and profits from
Irish-based multinationals saw GDP
jump 1.3% in the first quarter. The
data reverses a 1.4% drop in GDP
recorded in the previous quarter, but
economists cautioned that the turn-
around was more to do with external
demand than any recovery at home.
Consumer demand dropped 1.9% in
the quarter, the worst in two years.
GOOGLE SERVED WITH SUBPOENAS IN
BROAD ANTITRUST PROBE
The US Federal Trade Commission is
poised to serve Google Inc. with civil
subpoenas, according to people famil-
iar with the matter, signaling the
start of a wide-ranging, formal inves-
tigation into whether the Internet-
search giant has abused its
dominance on the Web. Google and
the FTC declined to comment.
GEITHNER PRAISES IMF CANDIDATE
CHRISTINE LAGARDE
US Treasury Secretary Timothy
Geithner praised French Finance
Minister Christine Lagarde yesterday,
saying through a spokeswoman that
she is an exceptionally talented can-
didate to head the International
Monetary Fund. Mr. Geithner has yet
to endorse a candidate, though the
US has historically backed a European
for the top IMF job.
WHAT THE OTHER PAPERS SAY THIS MORNING
News
Harry Potter and the
publishers of fury
THE government has confirmed it will
close its Central Office of Information
and that its advertising budget has
been cut by almost 70 per cent.
The closure of the agency, which
commissions government advertising
and publicity campaigns, will result in
the loss of up to 400 jobs.
The decision follows a review in
March by the former permanent secre-
tary for government communications,
Matt Tee, who proposed replacing COI
with a new body.
Instead, the cabinet office will take
over advertising and marketing activi-
ty, taking on 20 of COIs staff to boost
its existing communications teams.
The cabinet office, which published
its response to the COI review yester-
day said the reforms are designed to
consolidate those reductions, while
ensuring that the remaining spend
and activity on advertising and mar-
keting is better coordinated and exe-
cuted.
It also said the coalitions public sec-
tor spending cuts in June last year had
led to a near-70 per cent cut in advertis-
ing and marketing spend from 532m
in 2009-10 to an estimated 168m in
the past 12 months.
Prospect, the union for profession-
als, condemned the move to axe the
COI saying it was in complete breach
of the governments declared policy of
promoting shared services across cen-
tral and local government.
The organisation, which was found-
ed in 1946, best known for producing
public information films, also
appoints advertising agencies and han-
dles media buying on behalf of govern-
ment departments.
Coalition closes its
advertising agency
and slashes budget
BY KASMIRA JEFFORD
POLITICS
@
@
@
MORE NEWS
ONLINE
www.cityam.com
JK ROWLING yesterday delivered a
warning shot to the publishing
industry that it must adapt to the
rapidly-changing online world or
risk becoming marginalised.
The Harry Potter author revealed
she will offer her record-breaking
childrens books for download
through her own website, circum-
venting the need to visit digital book-
shops like those owned by the likes
of Amazon and Apple.
The Scottish author, who
launched the venture yesterday at
the Victoria & Albert Museum in
London, had refused to allow her
series to be released in a digital for-
mat, despite pressure from publish-
ers and retailers keen to milk the
Pottermania cash cow. Rowling has
always maintained the digital
rights to the books, although
UK publisher Bloomsbury
says it will receive a
slice of digital rev-
enues.
The website
c a l l e d
Pottermore
will give the
series a mas-
sive online pres-
ence, with features
allowing fans to play
games and interact with
digital characters from the
books. It will also coincide with
a social networking push,
including a Twitter feed.
As well as the existing books,
Rowling will publish around
18,000-words worth of
new material on the
boy-wizard.
In short, it will offer
fans an experience,
rather than just anoth-
er place to buy a book.
The venture, which
has been two years in
the making by UK digi-
tal agency Think, is a
major disappointment
for ebook retailers, who
will miss out on mil-
lions worth of down-
loads fees.
Rowling joins authors including
horror writer Stephen King in creat-
ing their own digital outlet for their
work. If the trend continues, estab-
lished authors could snatch back
power from publishers.
Further down the line,
Amazon may
be forced to
allow non-
p r o p r i -
e t a r y
formats
those not
downloaded from its own store
onto its Kindle device.
The move has been likened to
Radioheads decision to self-publish
their album In Rainbows through
their own website,
forgoing traditional
record labels. They
set up an innovative
honesty box sys-
tem after splitting
from EMI, allowing
fans to choose how
much they paid for
the record.
However, while
the scheme may
work for estab-
lished brands like
Rowling and
Radiohead, it is
unlikely to pro-
vide enough income to be
sustainable for smaller independent
content owners.
Im phenomenally lucky that I
had the resources to be able to do it
myself, Rowling admitted yesterday.
Ebooks are here, and they are
here to stay. I still love a
print and paper book,
but I think you can
enjoy both. There
was really no other
way to do that for the
fans or for me than to
just do it myself.
That the magic will
work for Potter is all
but certain. Whether
it will alter the pub-
lishing industry is
largely depend-
ent on the big
players adapting
to the digital
world and
fast.
How JK Rowling hopes to change the
face of publishing by sidelining the
likes of Amazon, by Steve Dinneen
PRIVATE equity firms in the UK could
be held liable for bribes paid by offi-
cials at companies they own, the
Serious Fraud Office has said, follow-
ing uncertainty in the sector as to
what it would mean for business.
SFO director Richard Alderman
warned private equity clients of the
law firm Debevoise & Plimpton LLP in
London this week that they could be
face prosecution for bribes even
though they know nothing about
them although they will have
received the benefit through divi-
dends or other distribution.
As owners of companies, private
equity, as well as the big institutional
shareholders, has a responsibility to
society to ensure that the companies
in which they have a shareholding
operate to the right standards,
Alderman said.
The Bribery Act, which will come
into play on 1 July, will make it a cor-
porate offence for failing to prevent
bribes paid in the UK and abroad.
Private equity
could fall foul
of Bribery Act
ENFORCEMENT
Russian port operator Global Ports

has priced its up to $572m (355m)
London initial public offering (IPO)
at the lower end of the range, in a
bid to get the float away amid tough
market conditions.
The container terminal operator
will price its shares in the lower half
of its $14.70 to $16.10 range, sources
close to the deal told City A.M. last
night.
The list price puts shares in the
company at a deep discount to a
recent valuation by analysts, in an
indication of the measures firms are
prepared to take to successfully
float.
Trading of the firms global depos-
itory receipts will begin on the
London Stock Exchange today, ahead
of full trading before the end of the
month.
Deutsche Bank, Goldman Sachs,
Morgan Stanley and Troika Dialog
acted as joint global coordinators
and joint bookrunners on the public
offering.
BY RICHARD PARTINGTON
CAPITAL MARKETS
Global Ports prices IPO

Global Ports chief Nikita Mishin is hoping to get the firms float away smoothly
THE LONDON Stock Exchanges
friendly merger with Toronto bourse
operator TMX was put under renewed
pressure yesterday, after the Maple
group of Canadian banks and pen-
sion funds increased its hostile offer.
Shareholders in TMX now face a
tough choice, to be settled in a vote
next week, over which deal to accept.
Maple has increased its bid to C$50
per share from C$48 per unit and
increased the number of shares it
wants to 80 per cent from 70 per cent,
giving its approach a total value of
C$3.8bn (2.44bn).
Just one day earlier, the LSE and
TMX announced a special dividend in
an attempt to sweeten the deal for
shareholders. They are offering an
84.1p payment for LSE shareholders
and a C$4 special dividend for TMX
shareholders, totaling 415m, should
the deal be completed.
Influential proxy advisory firm
Institutional Shareholders Services
yesterday came out in favour of the
friendly merger, despite the improved
Maple bid.
Former TMX director and founder
of Canadian research house
Forefactor, Renee Colyer, said: The
agreed merger should happen to
facilitate growth. It will put TMX in
the globalisation game, whereas the
Maple offer pretty much keeps us
where we stand.
LSE under fresh pressure
to complete TMX merger
FINANCIAL MARKETS
News
LSE chief Xavier Rolet is under pressure to sew up the TMX merger Pic: Micha Theiner
TIME LINE | THE BATTLE FOR TMX
9 February 2011: The London Stock
Exchange and TMX announce an agreed
4.3bn all-share merger; it is billed as a
friendly merger of equals. The LSEs share of
the deal is valued at C$3.2bn (2bn).
14 May 2011: Maple Acquisition Group, a
consortium of nine Canadian banks and pen-
sion funds, makes its first approach to the
board of TMX Group. Its deal is valued at
C$3.6bn. TMX says it will consider the offer,
although later turns it down.
26 May 2011: Maple goes hostile in its bid
to take control of TMX.
12 June 2011: Four more Canadian financial
institutions join the Maple bid.
12 June 2011: Maple tweaks its bid, slightly
improving its offer. It writes to TMX share-
holders calling on them to vote against the
LSE merger on 30 June.
22 June 2011: LSE and TMX offer share-
holders a special dividend to sweeten their
planned merger.
23 June 2011: Maple immediately hits
back with another improved offer of
C$3.8bn.
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APR
INVESTORS ditched British banks
yesterday after a note by influential
analysts unleashed fears that the
governments reform plans for
lenders could slash their profitabili-
ty by 15-25 per cent.
The note estimates that imple-
menting the Vickers Commissions
proposal to hive off banks retail
from their wholesale business could
cost RBS, Lloyds and Barclays up to
10bn and raise their wholesale
funding costs by 100 basis points.
In response, Lloyds saw its share
price drop 3.7 per cent, Barclays lost
3.55 per cent and RBS plunged 4.9
per cent. In total, the three banks
saw their value shrink by over 4bn.
It is also understood that the
ringfencing threat was a hot topic at
a dinner held by RBS for its top pri-
vate shareholders on Wednesday,
with investors anxious about how
execs will mitigate the impact.
The note on ringfencing, by
HSBCs Robin Down, Peter Toeman
and Ben Ashby, says that investors
have so far not given the ringfenc-
ing proposal credibility because the
government does not know how it
will work. But chancellor George
Osborne has nonetheless vowed to
implement it.
Banks plummet on
ringfence anxiety
BY JULIET SAMUEL
BANKING
NATIONWIDE chief executive

Graham Beale was paid a total of
1.88m this year, an increase of
350,000 on last years wages.
On top of a base salary of 650,000,
Beale received 441,00 in perform-
ance related pay, and a 101,000 pen-
sion contribution.
His basic pay packet next year will
increase by a further 175,000 to
825,000, as the building society
acknowledged that base salary for
out executive director roles has fallen
below a market competitive range
over time.
All of Nationwides six executive
directors received more than
850,000 in total pay each.
Nationwide boss
Beales pay rises
to over 1.88m
FINANCIAL SERVICES
A PLAN to hand shares in nationalised

lenders to taxpayers was scorned as
doomed to failure and a gimmick
yesterday by observers in the City.
BGC Partners Louise Cooper said it
sounds like a nightmare to adminis-
ter and that it was a throwback to the
privatisations of the 1980s, asking:
Should we really be repeating the
experience of a decade that brought us
shoulder pads and legwarmers?
One analyst called the plan a pop-
ulist gimmick and said he was work-
ing on the basis that it wont happen.
But Portman Capitals Michael
OConnor, who helped devise the plan,
said that criticisms are overblown.
The technology thats necessary to
produce this is now available off the
shelf, he said. Its a procurement
issue, not a development issue. He
added that if 22m applications for
Olympic tickets could be administered
for a cost of 10m, then 250m should
easily cover the fair shares plan.
City dismisses
share giveaway
as a gimmick
News
CITYA.M. 24 JUNE 2011 6
CITY VIEWS: SHOULD RBS AND LLOYDS SHARES BE
GIVEN TO TAXPAYERS? Interviews by Cora Gardiner & Phoebe Torrance
The government needs to retain control, the
crisis is still causing problems so we need to wait
until it is over. I don't think we should sell because
relinquishing control will cause an unbalance
we arent equipped to deal with.
KAMAAL HUSSAIN | LINEDATA LIMITED
The shares should be given to taxpayers because
the governments money is the taxpayers money. I
don't think we should sell the stakes to overseas
investors because it should be UK people in
control of the UK banks.
Shares in RBS and Lloyds should be given back
to the taxpayers, but because of the financial
crisis the country really needs to gain
maximum profit, which would be
generated by selling the shares.
SPENCER HALLIDAY | INSURANCE INSIDER
ROBERT UNSWORTH | MONTPELIER SYNDICATE
FAIR SHARES PLAN
Q.
WHATS THE PLAN?
A.
The idea is to privatise the gov-
ernments 83 per cent stake in
RBS and its 41 per cent stake in
Lloyds by divvying up the shares
and giving them to taxpayers.
People would not have to pay for
them up front but would pay a
floor price to the Treasury whenev-
er they sold on the shares. The
floor price would be set at a break-
even level to allow the state to
recoup the 66bn cost of bailing
out the banks. But any upside
beyond that price would be kept by
taxpayers and taxed at capital gains
rates.
Q.
WHY TAX THE GAINS?
A.
Taxing the upside would allow
the government to collect a
portion of the windfall if there
were big gains after it offloaded
the shares. It is a sweetener for the
Treasury, essentially.
Q.
ISNT THIS WILDLY
IMPRACTICAL?
A.
Not necessarily. The technology
to administer massively com-
plex and large-scale trades already
exists it is simply a matter of buy-
ing it for the right price. The
schemes creators,
Portman Capital, put
the cost at 250m.
Q.
WHAT ABOUT WHEN 40M
PEOPLE SHOW UP TO THE AGM?
A.
The shares in question could
have voting rights but not
attendance rights, and would be
held in accounts administered by a
nominee. Portman Capitals
Michael OConnor also suggests
that less sophisticated shareholders
could have their shares adminis-
tered electronically by
a nominee.
Q.
WHAT IF
WRECKERS
TRY TO DESTROY
THE BANKS BY VOT-
ING FOR FOOLISH
MEASURES?
A.
Given that they
would destroy
the value of
their own
property,
hopeful-
ly that
wouldnt
happen!
Q A
&
BY JULIET SAMUEL
POLITICS
ANALYSIS l Royal Bank of Scotland

p
8:00 10:00 12:00 14:00 16:00
38.5
37.5
36.5
36.74
23 Jun
@
@
@
MORE NEWS
ONLINE
www.cityam.com
THE FSAs report on the collapse of
RBS will show that the regulation
was woefully inadequate in the run-
up to the financial crisis, FSA chair
Lord Turner said yesterday.
If RBS had been subject to Basel III
from 2007 onwards, it would have
been a completely different situa-
tion, he said.
He added that the FSAs report
would be unvarnished because we
dont have a record of being easy on
ourselves.
Turner also criticised the
immensely frustrating process the
body has been through in order to
publish the report, saying: Weve
have to invent a process to deal with
an unsatisfactory legal situation.
However, he said that reforms to
the UKs regulatory regime would put
in place a better system for similar
cases in future.
But the governments other
reforms, which involve creating two
new bodies in a twin peaks system
of regulation, came in for criticism by
Adam Phillips, who chairs the FSAs
consumer panel.
He said that it is essential that
the policy gets a lot more work on
the detail to ensure it isnt ineffi-
cient.
Many in the City are worried that
the governments proposal to replace
the FSA with two new bodies and to
add another committee to the Bank
of England will lead to duplication. In
a white paper finalising the new
structure, the Treasury said that it
would be inappropriate to give any
more detail in primary legislation.
Louise Hodges, a partner at law
firm Kingsley Napley, said that the
government had set out to abolish
the FSA before considering what
would replace it. There is a concern
that theres a political agenda here,
she said.
How are these new agencies going
to work together and make sure
things dont fall through the cracks
or overlap and duplicate work?
FSA report on
RBS to blame
bad regulation
SHARES in Italian lender Unione di
Banche Italiane (UBI) slumped per-
ilously close to the subscription price
for its 1bn (885m) rights issue,
threatening to leave underwriters on
the deal with millions of euros of
unpurchased stock.
The regional banks share price
closed down 5.1 per cent on the Borsa
Italiana yesterday at 3.82 per unit,
marginally above the 3.81 subscrip-
tion price set for the deal.
The rights issue is due to close today,
although investors who have not yet
committed to buying stock would be
left without an incentive to purchase
shares from underwriters Morgan
Stanley, Italian lender Mediobanca
and Centrobanca, which is part of UBI.
However, many investors may
already have placed orders earlier in
the process, after the rights issue
process began about a month ago.
Meanwhile, the Italian financial
market came a step closer to its first
successful initial public offering (IPO)
of the year, after it emerged that shoe-
maker Ferragamos share offer was
oversubscribed, with 3.6 times more
demand than there were available
shares. The interest in the firm has led
bankers on the deal to increase its pro-
posed listing price to 9 per share,
with the books due to close last night.
UBI shares fall
ahead of 1bn
rights issue
FSA chair Adair Turner promised a self-critical report Picture: Micha Theiner/City A.M.
BY JULIET SAMUEL
REGULATION
FINANCIAL MARKETS
News
AVIVA is to sell its RAC roadside res-
cue business to private equity firm
The Carlyle Group for 1bn, as the
British group continues scaling back
from non-core areas to focus on its
insurance operations.
The auction process was fiercely
fought, with Carlyle battling rivals
Clayton Dubilier & Rice and BC
Partners to be the first private equi-
ty firm to get its hands on the busi-
ness.
Aviva said yesterday it expected an
accounting profit of 600m from the
sale of Britains second-largest break-
down recovery group, and would use
the proceeds to strengthen its bal-
ance sheet and invest in its main mar-
kets.
The final price tag of 1bn valued
RAC at around 17 times 2010 earn-
ings.
It was underpinned by strong
appetite from debt markets to pro-
vide financing for a deal, with lever-
age multiples of up to seven times
Ebitda, harking back to deals done at
the peak of the buyouts boom five
years ago
To finance the buyout, JP Morgan,
BNP Paribas, Credit Suisse, Morgan
Stanley and UBS have underwritten a
520m pound loan and a 100m facil-
ity, it is understood.
Carlyle sees the possibility of grow-
ing the RACs roadside rescue busi-
ness, Britains number two behind
the AA with more than 7m members,
and running it more efficiently, a
source said.
Aviva sells off
RAC to Carlyle
for 1bn cash
Aviva, now led by Andrew Moss, bought RAC back in 2005 Picture: Micha Theiner/City A.M.
BY HARRY BANKS
INSURANCE
News
ANALYSIS l Aviva
p
28Mar 15Apr 11 May 1 Jun 21 Jun
455
445
435
425
415
425.80
23 Jun
Laggard of sector deserves second look
AND so the great tidying-up exercise
continues. Fresh from selling part of
its stake in Dutch unit Delta Lloyd
for 381m, Aviva has offloaded its
roadside rescue business RAC for
1bn.
Analysts said it had done well to
sell the unit on a price to earnings
multiple of 17 times, considering its
own stock trades on seven times. It
bought RAC on a similar multiple
back in 2005, but has made around
500m worth of disposals since
then, suggesting it has got a good
price from private equity buyer
Carlyle.
This kind of deal where a big
financial services firm sells a non-
core asset to a private equity player
will become more commonplace
in the months ahead. Banks and
insurers are divesting peripheral
businesses to raise cash and adhere
to new capital requirements.
Because they are all in a scramble
for capital, they are unwilling to
purchase off of each other. That
means private equity houses, backed
by revived debt markets, are the
obvious buyers.
For Aviva, the rationale behind
the deal is simple. It wants to focus
on its general insurance business
and the extra liquidity will strength-
en its balance sheet, allowing it to
invest in priority markets such as
Spain.
Shares in the insurer the lag-
gard of sector closed virtually flat
yesterday.
While Aviva is not going to be
high growth in the short term, due
to its reliance on more mature mar-
kets, it is cheap on a price-to-earn-
ings basis, trades at a discount to
both its net asset value and its enter-
prise value and has a high dividend
yield which is well covered.
We think the stock deserves a sec-
ond look.
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TOP CHEFS
LINE UP FOR
SOLDIERS
BANQUET
DO TOO many cooks
spoil the broth? Not
in the case of the sec-
ond Square Mile
Salute City banquet in
aid of wounded sol-
diers, backed by media
partner City A.M., when
12 of the worlds most
acclaimed chefs will
join forces to cook a
gourmet menu at
Guildhall.
Following the success
of last years fundraising
banquet, where Boris Johnson and Jeremy
Clarkson were among the 420 guests, the
Square Mile Salute 2012 will be held on 22
February, organised by City restaurant
and caterers Chamberlains Events and
hosted by Brian Turner CBE, president of
the Academy of Culinary Arts.
We chefs just love to cook and what
better excuse than to do so for such a wor-
thy cause, said Turner at the Square Mile
Salute launch party at The RAC Club
before unveiling the culinary line-up,
which includes the creative forces behind
the kitchens at The Ritz London,
of soldiers and in the families of those
killed or injured on operations. This
investment includes building and run-
ning personal recovery centres and pro-
viding training and educational
programmes.
One confirmed auction lot at next
Februarys fundraiser is a four-night stay
at the Fairmont Monte Carlo, where
guests can watch the Monaco
Grand Prix from a private
viewing point on the
famous Fairmont Hairpin
bend, with an invitation
to HSH Prince Albert II of
Monacos reception at
the Princes Palace.
Tickets for the event
are on sale at 3,500
for a table of ten. See
www. squaremile
salute. com to book.
Claridges and The Savoy, as well as
Raymond Blanc OBE from Le Manoir aux
QuatSaisons and Maryan Gandon from
the Fairmont Monte Carlo.
The primary beneficiaries from the
seven-course fundraiser will be Help for
Heroes, The Royal British Legion, ABF The
Soldiers Charity and The Household
Cavalry Operational Casualties Fund,
which was represented at the launch by
Alex MacEwen, vice president at BlackRock
and chief executive of the charity.
MacEwen, a former officer in The Blues
& Royals who was almost fatally injured in
the invasion of Iraq in 2003, told The
Capitalist: While we appreciate that the
government and the other armed forces
charities do a great deal, the Square Mile
Salute is a unique event in the City
that goes beyond what is already
available it is very encouraging to
see how much goodwill there is in
the Square Mile towards our cause.
Also at the launch event was
Lieutenant General Sir William
Rollo (right), deputy chief of the
defence staff, who explained how
the funds raised by the banquet
will be reinvested in the recovery,
rehabilitation and reintegration
The Capitalist
10
EDITED BY
HARRIET DENNYS
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @citycapitalist
CITYA.M. 24 JUNE 2011
The Fairmont
Hairpin bend at
the Monaco
Grand Prix
Above, left to right: Ray Steadman of Chamberlains, Philip
Corrick, executive chef of the RAC, and Matthew Marshall and
Jeffrey Steadman of Chamberlains
Left: Scarlett and Alexander MacEwen with Judith Pleasance,
chief of staff in the office of Alderman David Wootton
News
SPORTINGBET is being
advised by Lazard and
Oriel, with Emma Griffin
heading up the Oriel
team. She has also
worked on Oriels adviso-
ry team for DTZ, the real
estate firm currently
fielding takeover interest.
Jonathan Walker joins
her on Oriels team.
Heading up the team
for Lazard is Cyrus
Kapadia. Kapadia has
served as managing
director and deputy head
of UK investment bank-
ing at the financial con-
sultancy. He has been at
the firm for 14 years
after joining in 1997.
Previously Kapadia was a
chartered accountant at
PwC for three years.
Also on the team for
Lazard is Charlie
Foreman, who joined the
firm as a managing direc-
tor of UK Capital
Markets Advisory and
M&A. He joined Lazard
from Deutsche Bank,
where he was a manag-
ing director in the UK
coverage team. He joined
Deutsche Bank in 2002
in the corporate broking
team and in 2005 was
appointed head of UK
corporate broking and
equity capital markets.
He became a senior
member of the UK cover-
age team in 2006.
ADVISERS:
SPORTINGBET
EMMA
GRIFFIN
ORIEL
Private equity buys
Securitas for 2bn
A team of private equity
firms, Bain and Hellman &
Friedman, have agreed to
buy Swedish alarms firm
Securitas Direct from
Swedish rival EQT, the firms
said yesterday. The deal val-
ues the business at about
20 billion Swedish Kronor
(1.94bn) according to peo-
ple close to the deal. The
pair beat a rival bid from
power tools maker Stanley
Black & Decker and Carlyle
Group for the business
owned by EQT.
BHP Billiton admits
rising costs
BHP Billiton said yesterday
that its Worsley bauxite
and aluminium project in
Australia will cost $135m
(84.4m) more than previ-
ously expected, and that
first production has been
put back a year to the first
quarter of 2012. BHP said
the $3bn venture is one of
the most complex brown-
field projects undertaken,
which has slowed down
construction progress. The
firm also announced an
extra $488m investment in
its Jansen potash project in
Saskatchewan, Canada.
Apple gets go-ahead
for Nortel auction bid
US antitrust regulators
gave Apple approval to buy
certain assets of bankrupt
telecom maker Nortel
Networks yesterday. Apple
joins Google and Ericsson in
the fight to snap up 6,000
technology patents and
patent applications in an
auction starting on
Monday. Google has
already made a $900m
offer.
Schuh sells out to US
retailer Genesco
Shares in footwear chain
Schuh hit a lifetime high
yesterday after US retailer
Genesco made a $162m
bid for the company.
Schuh has 58 stores in the
UK and Ireland, plus 16
concessions and an online
shop. Schuhs workers will
be eligible for pay-outs
worth a total of 37m as
part of the acquisition.
BOOKMAKER Ladbrokes yesterday
confirmed it has made an approach
for Sportingbet, sending shares in its
smaller rival up 13 per cent.
Ladbrokes has been looking for a
way to expand its presence in the
online gaming market for some
time, with talks with 888.com
falling through earlier this year.
The betting giant stressed the
talks are highly preliminary and
said there was no certainty they will
lead to an offer.
Chief executive Richard Glynn
said: The board has set out previous-
ly a clear organic strategy for
Ladbrokes. We also stated that we
would explore appropriate opportu-
nities that may help us accelerate
that process and bring benefits to
our shareholders. These talks should
be seen in that context.
The 888 bid collapsed in April but
analysts believe a deal with
Sportingbet would be easier to pull
off. The online firms shareholder
register is not dominated by
founders, who can complicate nego-
tiations, and management has previ-
ously indicated its openness to a
takeover.
Swedens Unibet pulled out of
talks to take over Sportingbet last
November, although sources close to
Sportingbet said that the company
remained in talks with several other
parties.
Ladbrokes got off to a good start to
the year, with its first-quarter rev-
enues rising by 2.3 per cent. It also
cut its net debt by 48.7m to
443.3m.
Ladbrokes bids for rival
BY STEVE DINNEEN
GAMING
Richard Glynn of Ladbrokes said talks with Sportingbet were preliminary Picture: REX
NEWS |
IN BRIEF
Coucher defends payout
Ex-Network Rail boss Ian
Coucher has defended the
1m payout he received from
the company on leaving, after
it was revealed in Network
Rails accounts that he
took a years pay in lieu of
notice and a settlement relat-
ed to the company's long-
term incentive plan. Coucher
said the payment reflected
the fact he had wanted to
work his full notice period
after resigning last June; the
company preferred that he
didnt.
NEWS |
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SHAREHOLDERS in HMV, the embat-
tled music retailer, have voted in
favour of the sale of Waterstones for
53m.
The vote was 99.5 per cent in favour
of the disposal based on proxy votes
received in advance of an extraordi-
nary general meeting yesterday.
The final count, expected today,
will confirm the sale of the book
chain to Russian billionaire Alexander
Mamut.
Mamut, who is best known in
Britain as the backer of blogging site
Livejournal.com, plans to refocus the
chain as a more traditional bookstore.
The sale will allow HMV chief
Simon Fox to focus on the groups
core music business, which has taken
a battering from online competitors
over recent years.
The ailing retailer has issued several
profit warnings so far this year and
has a debt pile of about 170m.
A sale of the book chain was first
mooted in December last year, when
Mamut increased the size of his stake
in HMV above five per cent.
His bid for the retailer was also
linked with Tim Waterstone, the
founder of the chain, although the
British entrepreneur did not ultimate-
ly return to play a role.
HMV shareholders vote
for Waterstones sell-off
Russian oligarch Alexander Mamuts bid to buy Waterstones was approved
News
RETAIL
NEWS | IN BRIEF
Ocado hit by broker downgrade
Shares in online shopping service Ocado
tumbled by more than six per cent after
JPMorgan Cazenove downgraded its rat-
ing for the shares and J Sainsbury hired
the groups head of retail Jon Rudoe to
run its online operation. JPMorgan down-
graded its rating on the online retailer to
neutral from outperform. But the
broker added: We remain bullish on the
longer term Ocado investment case.
Stonegate in merger agreement
Stonegate Pub Company has merged with
Town&City Pub Company, its private equity
backers TDR said yesterday. The new
group operates 560 pubs with revenues
near 500m and employs over 10,000
people. The merger with Yatess and Slug &
Lettuce operator Town&City creates the
largest privately held managed pub opera-
tor in the UK after Stonegate bought 333
Mitchells & Butlers pubs last year.
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DIXONS reported a 224m loss yester-
day due to tough trading, as its
finance chief jumped ship.
The electricals retailer said its turn-
around plan, which includes 50m
savings a year, was on track but that
the economic downturn was lasting
longer than expected.
It also revealed that finance direc-
tor Nicholas Cadbury would be leav-
ing the firm after 18 years to join
electrical components maker Premier
Farnell.
Dixons reported one-off costs of
300.9m, including a 251.6m invest-
ment write-off relating to impair-
ments at its European businesses.
A 53m writedown in Greece was
among the payments, while it was
also hit by costs associated with wind-
ing up its Spanish business.
The loss in the year to 30 April com-
pares with a profit of 112.7m last
year. Underlying pre-tax profits came
in at 85.3m, in line with forecasts.
Chief executive John Browett said:
Its not death and destruction ... but
the economy is taking longer than
expected to pick up.
However, he added that the reduc-
tion of the budget deficit was helping
to pave the way for an upturn.
On suggestions that Dixons was an
acquisition target for US giant Best
Buy he said: I can understand why
they might be interested, but added
that he doubted an offer would mate-
rialise.
Dixons shares dropped 3.2 per cent
to 16.01p yesterday.
Dixons hit by
224m loss as
FD jumps ship
RETAIL sales stagnated in June,
knocking hopes for growth on the
British high street.
Annualised sales failed to grow for
the first time in a year, the
Confederation of British Industry
(CBI) revealed yesterday.
While a third of retailers reported
higher sales than the same time last
year, 34 per cent said that sales were
down on a year earlier. After round-
ing, the survey measured minus two
per cent significantly down from a
positive balance of 18 per cent in May.
The underlying trend in sales,
which irons out some monthly
volatility, eased down to a balance of
12 per cent, from 18 per cent last
month still clearly in positive terri-
tory, the CBI said, yet the lowest rate
of growth since July 2010.
After a year of growth, high street
sales volumes fizzled out in June,
said Judith McKenna of Asda and the
CBI. Consumers are really feeling
the pinch as disposable incomes con-
tinue to be squeezed by rising prices
and weak earnings growth.
Retailers expect another month of
generally flat sales in July. One third
expect sales to increase on a year ear-
lier, yet nearly as many (31 per cent)
are downbeat, forecasting a lower vol-
ume of sales than in July 2010.
Survey reveals
stagnation on
the high street
BY JOHN DUNNE
RETAIL
RETAIL
News
ANALYSIS l Dixons retail
p
28Mar 18Apr 9May 31 May 21 Jun
21
19
17
15
13
11
16.47
23 Jun
HOME Retail Group, the owner of the
Argos and Homebase retail chains, is
in talks to buy Habitat.
The luxury furnishings company is
now owned by restructuring special-
ist Hilco. It has 71 stores worldwide,
including 35 in the UK, 26 in France,
five in Spain and five in Germany,
employing 2,100 staff.
It is understood that another
unnamed company is also eyeing
Habitat.
Home Retail Group has seen its
Argos stores struggle in the down-
turn as household budgets are
squeezed. However, Homebase has
been faring better.
Sir Terence Conran founded the
company in London in 1964 to mar-
ket his Summa range of furniture.
The first Habitat store was opened in
Chelsea by Conran, his then wife
Caroline and the model Pagan Taylor.
Home Retail Group looks
to bid for Habitat stores
BY JOHN DUNNE
RETAIL
Sir Terence Conran founded Habitat Picture: REX

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TROUBLED Micro Focus dived more
than seven per cent yesterday after
disappointing investors with a
weaker than expected profits forecast
for the coming year.
Revenue inched up nearly one per
cent to $436.1m (273m) but adjusted
operating profit fell almost nine per
cent, in line with forecasts.
The slow forecast comes as another
blow for the firm, which was forced
to issue a profit warning in February
and lost its chief executive two
months later.
The company said it expects the
current financial year to remain chal-
lenging, with a near-term decline in
sales.
Last month, Micro Focus, which
supports mainframe computer appli-
cations for Tesco and Boeing, said it
was exploring a number of approach-
es, including from US-based private
equity firms Bain Capital and Advent
International.
However, analysts said yesterdays
results will do nothing to help the
firm achieve a robust valuation.
Chairman Kevin Loosemore said:
We just need to fix the execution
issues in the business. If I had the
choice between a business with great
product and poor execution or great
execution and poor product, I know
which I would choose.
Loosemore added the firm will
address self-inflicted sales and mar-
keting troubles at its testing business.
Micro Focus
falls after a
weak outlook
RANK Group yesterday performed a
screeching U-turn by endorsing
Guocos hostile bid for the company.
The owner of the Mecca Bingo and
Grosvenor Casino chains released a
statement to the market saying it
grudgingly recommended sharehold-
ers accept the bid despite the board
maintaining it massively undervalues
the company.
The decision is based on the increas-
ing possibility of Guoco taking control
of 75 per cent of Rank, at which point
it is entitled to delist the company.
A source close to Rank said this
would be catastrophic to sharehold-
ers and was the basis for reversed rec-
ommendation. The source told City
A.M. any remaining shareholders
would be left with effectively worth-
less shares which they would be
unable to trade, should Guoco decide
to delist the company.
Guoco, controlled by billionaire
Quek Leng Chan, has signalled it will
maintain the listing but would not
rule out any possibilities.
The Rank board said yesterdays tar-
ing update, in which it recorded a
seven per cent gain in sales in the 10
weeks ended 19 June reinforced its
claims that the 150p a share offer does-
nt reflect the true value of the group.
U-turn for Rank
over Guocos
hostile approach
Micro Focus chairman Kevin Loosemore
BY STEVE DINNEEN
TECHNOLOGY
News
ANALYST VIEWS: WHAT DO YOU THINK OF
MICRO FOCUS RESULTS? By Steve Dinneen
JONATHAN JACKSON | KILLIK & CO

The gures were in line with previous guidance. Cash conversion was
strong, at 113 per cent, and net debt fell to $14.9m. The nal dividend was main-
tained to give a full-year increase of 7.3 per cent. Discussions are ongoing regard-
ing potential offers, but there is no certainty any offer will be forthcoming.
RAJEEV BAHL | MATRIX

No real surprises in Micro Focus full year results, with the operating result
in line, earnings per share slightly ahead and cash conversion of 102 per cent.
Guidance of a revenue decline in the coming year looks a little conservative to us. Our
estimates and consensus already factor in a small organic revenue decline.
JULIAN YATES | INVESTEC

There has been no conrmation of a bid and we feel that these results
will not help secure a robust bid price. We maintain our more cautious hold but
we feel in the absence of a bid the stock could head back towards the 250p level,
unless there is increased certainty on the strategic outlook.
ANALYSIS l Micro Focus

p
28Mar 18Apr 9May 31 May 21 Jun
400
360
320
280
328.13
23 Jun
BY STEVE DINNEEN
GAMING
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Believe in better
FACEBOOK yesterday tied up another
loose end ahead of its expected
$100bn initial public offering, with
the Winklevoss twins ending their
long-running legal dispute.
The Olympic rowers known as
the Winklevii have decided not to
appeal to the Supreme Court a ruling
upholding their $65m (40m) settle-
ment. The cash-and-stock agreement
was intended to end a claim by the
twins that Facebook founder Mark
Zuckerberg had stolen their idea for a
Harvard social network.
They agreed to settle for the sum
but then appealed it, claiming
Facebook had misrepresented its
soaring value.
Zuckerberg created Facebook in
2004 in his Harvard University dormi-
tory room, as dramatised in the 2010
film The Social Network.
The end of the dispute marks the
closure of one of the legal claims
lodged against Facebook.
The firm is still facing a legal bid
for 84 per cent of the company from
businessman Paul Ceglia. The New
York-based wood pellet salesman, a
convicted fraudster, claims
Zuckerberg promised him a stake in
the company for IT work carried out
before the launch of Facebook.
Ceglia has passed a polygraph lie-
detector case and claims to have doc-
umentary proof of the agreement,
which has been dismissed as fraudu-
lent by Facebooks legal team.
Eduardo Saverin, Zuckerbergs
Harvard roommate who co-founded
the social network has also been
involved in a now-settled legal
dispute with the firm over allegations
his stake was unfairly diluted.
Facebook last month shed users
across a number of its mature mar-
kets, sparking fears its meteoric
growth is beginning to peak.
It lost 6m users in the US to fall
below 150m and lost a further
100,000 in the UK. However, it is still
expected to smash through the 700m
users barrier this year.
Twins concede
in Facebook
legal action
BY STEVE DINNEEN
TECHNOLOGY
News
The Olympic row-
ing twins Tyler
and Cameron
Winklevoss have
ended their legal
dispute with
Facebook.
Picture: REX
2002 The social networking website
ConnectU is founded by Harvard students
Cameron Winklevoss, Tyler Winklevoss
and Divya Narendra, with Zuckerberg
later asked to help in its development.
2003 Mark Zuckerberg creates
'Facemash' at Harvard University. This
was an early version of Facebook.
2004 Mark Zuckerberg began to
write Facebook with his Harvard room-
mate Eduardo Saverin who claimed he
was diluted out of the company after
Zuckerberg quit Harvard and moved to
Palo Alto. Saverin later led a lawsuit
against Facebook and Zuckerberg, which
was settled out of court. Saverin signed a
non-disclosure contract.
2004 ConnectU led a lawsuit against
Zuckerberg and other Facebook founders.
2008 Tyler and Cameron Winklevoss
agree to a cash and stock settlement after
lengthy legal proceedings. They later say
they were misled over the value of the
company and went to the courts to up
their claim against Facebook.
2010 The Social Network, a lm
about the beginnings of Facebook direct-
ed by David Fincher is released.
2010 Paul Ceglia, who claims to have
met Zuckerberg in 2003 when he posted
a Craigslist advertisement seeking help
with his website StreetFax led a law-
suit against Facebook founder Mark
Zuckerberg, claiming 84 per cent own-
ership of Facebook. He is seeking mone-
tary damages.
2011 The Winklevii twins admit
defeat after deciding not to appeal
against a
Supreme Court
ruling upholding
the original settle-
ment over their
ConnectU ven-
ture.
TIME LINE | THE UPS AND DOWNS OF THE SOCIAL NETWORK
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PRIVATE sector activity slowed in
Europe and China this month just as
the outlook for the US has darkened,
according to data yesterday, which
suggests a global slowdown is becom-
ing more entrenched.
The Eurozones private sector grew
only modestly -- and without the sup-
port of Germany and France, it would
have shrunk -- while Chinas factory
sector barely expanded even as infla-
tion eased, purchasing managers
indexes (PMIs) showed.
Commercial sector activity fell to
53.6 in an initial flash PMI for
June a sharp drop from 55.8 the pre-
vious month.
All PMI scores above 50 indicate
economic growth, yet the pan-
Eurozone rating is slipping towards
stagnation, printing its lowest rate
since October 2009.
Factory activity in the single cur-
rency area fell to an 18-month low of
52 another sharp drop, from 54.6.
The data come a day after the US
Federal Reserve said the pace of recov-
ery in the worlds largest economy
was proceeding more slowly than it
had expected, but pledged no new
help for the economy once its bond
purchase programme expires this
month.
Economic activity is losing
momentum quite rapidly, said
Marco Valli at UniCredit. The pace of
growth deceleration in May-June
matches similar evidence in other
industrialised countries.
Chinas flash HSBC PMI, the earli-
est available indicator of the coun-
trys industrial activity, eased to 50.1
in June. Data compiler Markit said
this was consistent with second quar-
ter economic growth of around 9.1-
9.3 per cent year-on-year, down from
9.7 in the first quarter.
Euro growth
in slowdown
BY HARRY BANKS
WORLD ECONOMY
THE number of Americans filing new

claims for unemployment benefits
rose higher than expected last week,
suggesting little improvement in the
labour market this month after
employment stumbled in May.
Initial claims for state unemploy-
ment benefits climbed 9,000 to a sea-
sonally adjusted 429,000, the Labor
Department said yesterday.
Economists had expected claims to
come in at 415,000. The four-week
moving average of new jobless claims,
considered a better gauge of labor
market trends, was unchanged at
426,250.
A total of 7.54m Americans were
claiming unemployment benefits
under all programmes in the week
ending 4 June.
Meanwhile, new home sales in the
US fell 2.1 per cent in May.
Rising number of Americans file
claims for unemployment benefit
US ECONOMY
CONSUMERS are borrowing less and

repaying more on debts, data from the
British Banking Association (BBA)
revealed yesterday.
Unsecured credit contracted by 1.2
per cent in the year to May, while net
credit card borrowing measured a
modest 73m in the month the
weakest rate of borrowing on plastic
for this year.
Demand for unsecured borrowing
remains weak with repayments con-
tinuing to outweigh new lending,
commented BBA statistician David
Dooks.
Money is still tight and people con-
tinue to pay off debt rather than save
or borrow.
In the first five months of the year,
personal deposits rose by just 4.8bn,
compared with a rise of 13.9bn in the
same period of 2010, the BBA said.
Low interest rates have also prompt-
ed a decline in the level of re-mortgag-
ing, with any normalisation in Bank
rate looking increasingly unlikely for
the rest of the year.
The number of approvals for re-
mortgage rose by just 532 between
April and May. The level of re-mort-
gages in May was 12.4 per cent below
the six month average, according to
the data.
Consumers borrowing drops
and fewer seek remortgaging
BY JULIAN HARRIS
UK ECONOMY
News
PRICE PRESSURES PERSIST IN SINGAPORE
INFLATION in Singapore is proving more stubborn than expected, holding up at 4.5 per
cent in May, official data showed yesterday. Higher food, housing and transport costs
drove up the island states consumer price index. The consumer price index looks set to
overshoot forecasts of 3-4 per cent targeted by Singapores authorities for 2011. Pic: REX
BUS and train operator Go-Ahead said
yesterday that its profit had been
given a further boost as more
motorists take public transport
because of fuel price rises.
Go-Ahead, which has a fleet of
3,800 buses and is part of a joint ven-
ture responsible for Southern,
Southeastern and London Midland
rail services, said its buses represent-
ed better value than travelling by
car.
House broker Investec lifted its full-
year pre-tax profit forecast to 96m
from 90m previously.
Go-Ahead said its marketing and
improved operating standards were
helping to drive growth as it forecast
profits for the year to July will be
ahead of previous expectations the
second upgrade in four months.
Chief executive Keith Ludeman,
who is due to stand down next
month, said: Since the depth of the
recession in 2008, Go-Ahead has seen
solid growth.
Go-Ahead expects full-year passen-
ger revenues at its bus division, which
includes Metrobus in Sussex,
Plymouth Citybus and Oxford Bus
Company, to increase after growth of
around two per cent in passenger
numbers.
Revenues at its Southern and
Southeastern franchises have both
seen a nine per cent lift, with London
Midland seeing an improvement of
around eight per cent. The company
said that operating profit would be
more than 108m.
Go-Ahead ups
forecasts on
high demand
NISSAN Motor forecast a better-than-
expected 14.4 per cent fall in annual
operating profit yesterday, defying a
quake-induced setback in the past few
months and projecting another year
of record sales.
Japans number two automaker
forecast an operating profit of 460bn
yen (3.57bn) for the year to March
2012, above an average forecast of
432bn yen.
Despite the lingering disruption to
production from the 11 March earth-
quake, Nissan said it would boost
sales by 9.9 per cent to 4.6m vehicles
this year, offering a rosier outlook
than rivals Toyota and Honda, which
have both forecast a sales decline.
Were pretty confident that the
supply will be there, Nissan chief
executive Carlos Ghosn said.
He added that with fewer than 10
suppliers affected by the disasters
now, he hoped production would
fully return to normal before an
October target.
Nissan expects net profit of 270bn
yen, down 15.4 per cent from last
year, assuming an average dollar rate
of 80 yen and euro of 115 yen.
Revenue is seen rising 7.1 per cent
to 9.4 trillion yen, and Nissan plans to
double its dividend to 20 yen this
year.
Nissan predicts
a better than
expected profit
BY JOHN DUNNE
TRANSPORT
AUTOMOTIVE
News
ANALYSIS l Go-Ahead Group
p
1550
1500
1450
1400
1350
1300
1,516.00
23 Jun
LOSS-MAKING Swedish carmaker
Saab said yesterday it couldnt pay its
employees wages as it had not
obtained the short-term funding it
needs.
Unions for workers at Saab, which
has made losses for the last two
decades, said they would send a for-
mal demand for payment on Monday
if their members had not received
their wages by then.
Production at Saab, owned by
Netherlands-based Swedish
Automobile, has been halted for most
of April and May and is currently
down for at least the next week
because it doesnt have the money to
pay suppliers for parts.
Shares in Swedish Automobile,
which itself has never made a profit
since starting operations in 2000
under the name Spyker, tumbled 4.3
per cent to 3.10.
Swedish carmaker Saab
says it cant afford wages
Saab, led by Victor Muller, has been loss-making for the 20 years Picture: GETTY
BY HARRY BANKS
AUTOMOTIVE
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News
THE UKs largest racecourse opera-
tor Arena Leisure yesterday con-
firmed it is considering a sale of the
company.
Last year billionaire property
investors David and Simon Reuben
raised their stake in Arena Leisure to
a level just shy of 30 per cent, which
was expected to trigger a takeover bid
for the company.
It is thought the pair may still be
interested in taking control of the
firm. They could not be reached for
comment by City A.M. yesterday.
Arena, which owns and operates
seven racecourses in the UK, includ-
ing Doncaster, Royal Windsor,
Lingfield Park and Wolverhampton,
said a strategic review has just begun
and there is no certainty it will result
in an offer for the company.
Earlier this year Arena won a cater-
ing contract for two key venues at the
2012 London Olympics, which is
expected to boost its profits by up to
1m.
The company, which posted an
adjusted pre-tax profit of 5.4m last
year, said in May that 2011 profitabili-
ty was unlikely to see a material
uplift from last year as consumer
confidence remained fragile.
Arenas shares, which have gained
22 per cent in the last three months,
closed at 37p yesterday.
Arena says it is considering sale
NEWS | IN BRIEF
Cost cuts help revenues at Norcros
British shower and tile maker Norcros said its
full-year profit tripled helped by demand for
new products and cost cuts. Adjusted pre-tax
profit for the year ended 31 March was
10.2m, compared with 3.4m in the year-ago
period and revenue rose 15.6 per cent to
196.1m. Norcros said it would pay a final divi-
dend of 0.24p per share. Its shares have
gained 24 per cent in the last three months.
Profits up at Jet2 owner Dart
Aviation and distribution group Dart, which
owns Jet2, said yesterday that pre-tax prof-
its rose by 18 per cent to 26.2m, and
raised its dividend to 0.83p per share.
Profitability increased in aviation, primarily due
to increasing load factors, but decreased in dis-
tribution due to start-up costs at the new
North West distribution centre and the ratio-
nalisation of the container operations.
BRAZILIAN miner Vale said yesterday
it has scrapped plans to sell stock in its
fertiliser division, and now aims to
take the unit private by buying up the
share it does not already own.
Vale plans to pay up to 2.2bn reais
(870m) to buy out minority investors
of Vale Fertilizantes, whose main asset
is a stake in Fosfertil.
Vale Fertilizantes is one of Brazils
leading makers of phosphate-based
food nutrients.
The next step will be to take Vale
Fertilizantes private. Therefore, Vale is
not considering an eventual listing of
a subsidiary holding its fertilizer
assets, the company said.
In 2010, Vale said it was paying
$3.8bn to acquire US-based Bunges fer-
tilizer assets in Brazil, which included
a stake in Fosfertil. Vale has vastly
expanded its role in potassium and
phosphates as demand has soared.
Vale scraps its plan to sell
shares in its fertiliser arm
BY HARRY BANKS
TECHNOLOGY
BY STEVE DINNEEN
RACING
ANALYSIS l Arena Leisure

p
17Jun 20Jun 21 Jun 22Jun 23Jun
36
34
32
30
28
26
24
37.00
23Jun
l
NEWS FROM THE PARIS AIR SHOW
AIRASIA thundered into the Paris
Air Show with a record order for
200 revamped A320neo jets on
Thursday -- an $18.2bn (11bn)
deal that makes the Malaysian
firm Airbuss largest airline.
AirAsia chief executive Tony
Fernandes, who is also trying to
invest in West Ham, flew into
France overnight to sign off on
what one Paris brokerage termed
an amazing 200-plane deal,
which is also seen as a coup for
engine maker CFM International.
It is a culmination of a lot of
hard work, Fernandes told City
A.M. We operate in the market of
almost 2bn people so there is
plenty of opportunity for us.
The deal wraps up a frenetic
Paris Air Show which confirmed a
strong rebound in Asian demand
and sent industry records clatter-
ing like an airport departure
board.
It also marks an attempt by
Airbus to prove the case for its
decision to update the best-selling
A320 passenger plane, the back-
bone of low-cost airlines, and put
pressure on rival Boeing which is
undecided whether to match or
trump that move.
The neo is not only a better
engine, but a better aircraft in lots
of things, Fernandes said at the
signing ceremony for the deal.
The AirAsia order eclipsed a
$16bn order for 180 aircraft from
Indias Indigo, sealed on
Wednesday, as the biggest ever
civil aircraft order by the number
of planes.
The deal adds to evidence of a
multi-speed recovery that has
seen Asian economies plan for fre-
netic transport growth, especially
in the low-cost sector.
Underscoring how price-sensi-
tive travel has shifted the balance
of power in the industry, AirAsia
and IndiGo are now Airbuss first
and second largest airline cus-
tomers, lagging only the US leas-
ing giants ILFC and GECAS .
A senior source familiar with
the deal said that a clause would
allow AirAsia to extend the deal
by another 100 aircraft though
this was not formally presented as
an option, which would have cost
the airline extra.
Fernandes confirmed at the
press conference that he had not
taken any options at this point.
AirAsia also plans to take anoth-
er 86 aircraft already on order
from Airbus to feed growth in its
markets, quashing speculation of
conversions to the new plane.
Shares in Airbus parent EADS
bucked a weaker stock market yes-
terday to close up 0.78 per cent at
22.20.
Industry analysts say the rush
of orders may put pressure on
Boeing to make up its mind
whether to re-engine its compet-
ing 737 airplane in 2016 or wait a
few years longer and build an all-
new model.
AirAsia inks 11bn
deal with Airbus
BY HARRY BANKS & KASMIRA JEFFORD
AVIATION
Tony Fernandes has made AirAsia the largest customer of Airbus Picture: GETTY
News
A
lternative fund managers rep-
resent one of the fastest-grow-
ing and most in demand areas
of investment management.
Demand for hedge funds from institu-
tional investors is climbing rapidly
thanks to their above inflation
returns and low correlation to stock
and bond markets. The global indus-
try is now worth more than 1.2 tril-
lion and looks set to shape the invest-
ment landscape more and more in
future. Our list includes two activist
funds because they have risen to the
fore to keep corporates on their toes.
A star performer, BlueCrest is one
of Europes largest and most suc-
cessful hedge funds with $25bn
(15.3bn) of funds under manage-
ment. Its hedge funds are widely
regarded to have had a successful
year.
BlueCrest is valued at about
$2.5bn, according to the $633m
price tag on the 25 per cent stake it
bought back from Man Group in
March and has refused to submit to
the rule that big funds cannot
deliver top returns.
While opening a Geneva office it
has also defended London as a
hedge fund hub and still bases 240
of its 380 staff in the City.
Its management also bought
back Man Groups stake to gain
total ownership of the firm a vote
of confidence in its future success.
BLUECREST
CAPITAL
Laxey Partners has been established
13 years and earned a reputation as
a feared corporate raider through
agitating at companies such as
Wyevale Garden Centres and
British Land to raise their share
prices.
It is also known for buying into
investment trusts with hefty dis-
counts, forcing them to restruc-
ture, buy back shares or wind up.
This year it took a 1.5 per cent stake
in Alliance Trust, demanding it
bring in a mechanism to control its
20 per cent share price discount.
Five months and 50m of share
buybacks later, the discount is 15
per cent or less and the share price
has gained almost five per cent.
Its latest target for boardroom
change is Singapores UIS.
LAXEY
PARTNERS
Man Groups fortunes have really
turned in the past year. Funds
under management, which took a
tumble in the aftermath of the
credit crunch, have risen three per
cent since the start of 2011 alone to
take its mammoth total to $71bn
MAN GROUP (43.6bn).
Man has made some smart
moves to revive its performance: it
paid $1.6bn in November to buy
highly successful smaller rival GLG
Capital and become the worlds
largest listed hedge fund.
That has paid dividends by
March, it had returned to positive
fund flows with $700m net coming
in.
It also banked $633m from the
sale of its 25 per cent stake in small-
er fund BlueCrest Capital that
month and in May news that it
had raised $2bn from Japanese
investors for its Nomura Global
Trend fund caused its shares to
soar. Europes biggest hedge fund, with
$32.6bn (20bn) under manage-
ment, Brevan Howard is now the
world number four and still grow-
ing.
Its three London-listed tributary
funds BH Macro, BH Global and
BH Credit Catalysts, which listed
last November feed into a multi-
fund empire.
Its master fund holds more than
$25bn under management and
delivered returns of roughly 20 per
cent in both 2008 and 2009, giving
Brevan one of the best long-term
performances in its peer group.
Credit Catalysts reported a 13.5 per
cent jump in net asset value in the
year to December, while the others
saw smaller gains. It has offices
around the world, including
London, Geneva and Hong Kong.
BREVAN
HOWARD
Sherborne, the brainchild of serial
fund manager Edward Bramson, is
another activist to leave its mark on
the FTSE 100 in the past year. It
began buying into F&C Asset
Management last August and called
for a board shakeup to kick-start the
SHERBORNE
INVESTORS
firms performance.
Its analysis of F&Cs share price
discount, its acquisition strategy
and debt profile won over institu-
tional investors including Aviva
and M&G.
While F&Cs board criticised
Bramsons refusal to articulate a
strategy for the firm, about 70 per
cent of its shareholders voted to
add three new directors, including
Bramson as chairman, to F&Cs
board.
It moved Sherborne from a
105m IPO in 2010 to control of an
106bn asset manager. Bramsons
review of F&Cs strategy will report
soon.
R
ecessions are when reputations
are made, they say, and that has
been true in the world of fund
managers. While some have bat-
tened down the hatches, the ones on
our list have seen opportunity in cri-
sis, and pushed ahead with flotations
and expansions, or have just taken
the chance to expand. All are stars in
their own way.
Dont miss the City event of the year
get online now and book your table for
the City A.M. Awards on Thursday 28
October 2010 at Grange St Pauls Hotel,
London EC4. www.CityAMAwards.com
Barclays Capital has swept up the
ranks of corporate brokers since Jim
Renwick moved to the bank from
UBS last year to be chairman of cor-
porate broking and head of UK equi-
ty capital markets (ECM).
The bank broke into the top ten in
FTSE 100 corporate broking this year
after signing its first FTSE 100 client,
National Grid, in October, and has
since added International
Consolidated Airlines Group (the
result of British Airways merger
with Iberia), Resolution and 3i to the
fast-growing list.
Renwick has advised Resolution
on its 2bn right issue and accompa-
nying purchase of AXAs life insur-
ance arm for 2.75bn and secured a
place for BarCap advising LSE on its
attempted C$3.2bn takeover of TMX.
JIM
RENWICK
BARCLAYS
CAPITAL
Morgan Stanleys well-known UK
chief executive and co-chair of M&A,
Simon Robey has a reputation for a
canny strategic mind that anxious
management can call upon in times
of trouble.
No wonder that Morgan Stanley
has, through Robeys work, gained a
slot as lead adviser on both LSEs
C$3.2bn takeover bid for Canadian
rival TMX and BSkyBs ongoing deal-
ings with News Corp this year not
to mention Robey being in for advice
during last-ditch efforts by BP to save
its Arctic tie-up with Rosneft.
The bank narrowly missed out on
a high-profile mandate to re-priva-
tise Northern Rock due to its ongo-
ing relationship with National
Australia Bank, which could be a bid-
der, but is already seen as the front-
runner to buy Lloyds 632 branches.
SIMON
ROBEY
MORGAN
STANLEY
As chairman of Bank of
America/Merrill Lynchs flagship
global capital markets division,
Hume-Kendall has led a business
drive that has seen the bank become
the second biggest underwriter of
deals globally since the start of 2011.
RUPERT
HUME-
KENDALL
BOA
MERRILL
LYNCH
His division has won slots on
many of the capital-raising mega-
deals of the year, acting as a joint
book-runner on Glencores $60bn
float and joint lead on both the suc-
cessful $3.3bn privatisation of
Russias VTB and on the $7.1bn capi-
tal raising by Italys Intesa Sanpaolo.
Under his leadership, Merrill
Lynch has become the go-to bank for
capital raisings, a position it is likely
to cement by leading the London
float of Santander UK, expected to
raise around 4.5bn.
He has also presided over a wel-
come period of stability in the banks
capital markets team after the turbu-
lence of the financial crisis.
Formerly of Goldman Sachs, equi-
ty capital markets (ECM) and cor-
porate broking chief Josh Critchley
has led a hiring and new business
drive that has seen RBC Capital
Markets repeatedly finding itself
head to head and often also
advising alongside this years
other mover up the corporate
broking ranks, Barclays Capital.
Critchley has established a new
financial institutions group (FIG)
at the bank and led RBC to gain a
slot on LSEs bid for TMX, along-
side bulge bracket banks like
Morgan Stanley and BarCap, as
well as Resolutions 2bn rights
issue last year.
Most recently RBC has been
working on the $1bn float of
Ophir Energy, the African-focussed
exploration company.
JOSH
CRITCHLEY
RBC
Even in the fast-moving City, its
rare to have quite such ride from
rock bottom to the heights of suc-
cess as Citis UK banking chairman
David Wormsley known to those
in the business simply as The
Worm has seen in the last year.
DAVID
WORMSLEY
CITI
Cleared of misleading promi-
nent Citi client Guy Hands Terra
Firma over the purchase of EMI in
November 2010, Wormsley
returned to London from the
court rooms of New York to bag
his bank a top spot in the biggest
float in UK history, leading a con-
sortium of 23 banks that brought
commodities giant Glencore to
market.
All the more impressive because
Wormsley helped pull off the
$60bn float, which raised some
$10bn in London and Hong Kong,
against the backdrop of wildly
fluctuating commodity prices and
a shaky local IPO market that has
forced lesser rivals to turn back.
Sponsored by
OF THE YEAR
|
The Shortlist day 5
ALTERNATIVE MANAGER
OF THE YEAR
|
DEALMAKER
Headline sponsor
Sponsored by
News
PwC
Nick Atkinson has joined PwC as a
partner to lead an expanded business
unit to advise on capital structuring
options for mid-sized and large busi-
nesses. Most recently, Atkinson led the
European leveraged finance team at
Royal Bank of Canada. In addition,
PwC has appointed leveraged finance
practitioners John Williams and David
Godbee to Atkinsons team as partners,
and Nick Carmichael joins as a director.
Alliance Trust
The investment firm has appointed
Ilario Di Bon, formerly head of institu-
tional global equities at Fidelity
International, as head of global equities.
BNP Paribas
The London office of BNP Paribas
Corporate and Investment Banking has
made two promotions. Charlotte
Conlan, who joined BNP in 2000, has
been appointed as head of origination
and sales for loan syndication and trad-
ing, and Andrew Shapiro, who started
at BNP in 1996, has been appointed as
head of loan syndications and trading
and head of structured finance UK.
BDO
Mark Bomer, who has been with the
accountancy group for 25 years, has
been promoted from corporate finance
partner to the next senior partner in
the firms London office. He takes over
from Simon Bevan, who has recently
retired from the business.
Deloitte
The business advisory firm has
appointed Howard Levene, formerly of
Delphi Automotive, to lead its customs
team, which has been expanded to
comprise 11 customs specialists.
Deloitte has also strengthened its tele-
coms team with a new partner, Faizul
Ali, and two directors, David Green and
Allan Ronn, who all join from the HP
communications consulting practice.
Otkritie
The Russian financial group has hired a
team of 11 to strengthen its expanding
fixed income and strategy department.
The team will be led by Ron Solberg,
formerly co-founder and managing
director of investment manager
Armoured Wolf, who has been named
managing director, head of fixed
income research and strategy.
CITY MOVES | WHOS SWITCHING JOBS Edited by Harriet Dennys
+44 (0)20 7092 0053
morganmckinley.com
To appear in CITYMOVES please email your career
updates and pictures to citymoves@cityam.com SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT
in association with
Greeces austerity
deal lifts Wall St
U
S stocks closed way off session
lows yesterday on news Greece
agreed to a five-year austerity
plan, but lingering economic
uncertainty ultimately drove indexes
mostly lower, keeping a downward
trend in place.
The Nasdaq wiped out all its losses,
ending the session higher and back
in the black for the year.
The news out of Greece set the
stage for a resolution to Athens' cred-
it problems, which have hurt investor
sentiment around the globe.
Shorts will unwind some posi-
tions, but this isnt the whole story,
said Rich Ilczyszyn, market strategist
with Lind Waldock in Chicago.
The question now remains
whether the late-day surge is a pre-
cursor to renewed buying interest or
if it was just an interruption before
selling returns in coming days.
The Dow Jones industrial average
dropped 59.67 points, or 0.49 per
cent, to 12,050.00 at the close. The
Standard & Poors 500 Index lost 3.64
points, or 0.28 per cent, to 1,283.50.
But the Nasdaq Composite Index
gained 17.56 points, or 0.66 per cent,
to 2,686.75.
Earlier in the day, markets had sold
off as oils slide to a four-month low
triggered declines in a fragile market
after Federal Reserve chairman Ben
Bernankes comments about a slow-
ing economic recovery a day earlier.
U.S. August crude oil futures set-
tled at $91.02 a barrel, down $4.39,
after the International Energy
Agency said it will release 60m bar-
rels of oil from strategic stockpiles.
The slide in the price of oil was
exacerbated by a 0.7 per cent climb in
the US Dollar Index, which tracks the
greenbacks performance against a
basket of major currencies. In times
of stress, the flight to safety that
pushes the dollar higher makes oil
more expensive, further sapping
demand for crude and other com-
modities priced in dollars.
Giving some support to the mar-
ket, tumbling oil prices lifted an
index of airlines stocks by 2.4 per
cent.
Bets that lower prices at the pump
will open consumers wallets boosted
the S&P retail sector index by 1.4 per
cent.
About 8.2bn shares traded on the
New York Stock Exchange, NYSE
Amex and Nasdaq, above the average
so far this year of 7.57bn. Volume got
a late boost after the Greece head-
lines. Declining stocks outnumbered
advancing ones on the NYSE by a
ratio of more than four to three. On
the Nasdaq, the opposite trend pre-
vailed.
M
INERS and energy stocks
were the worst hit members
of Britains sharply lower
FTSE 100 index yesterday, hit
by heightened fears of a slowdown in
global growth.
The FTSE 100 ended down 98.61
points, or 1.7 per cent, at 5,674.38, its
lowest close since 16 March when
markets were plunging in the imme-
diate aftermath of the Japanese
earthquake.
Miners and integrated oil stocks
lopped a hefty 49 points off the
index after data showed Chinas fac-
tory-sector growth was close to
stalling in June.
Energy stocks were also ham-
mered by a steep drop in the price of
oil, with US crude off $4.34 at $91.07,
after the International Energy
Agency said it would release 60m
barrels of oil from strategic govern-
ment stockpiles in a bid to push
down oil prices.
Glencore and ENRC were among
the biggest losers, down 4.8 and 5.1
per cent respectively, while Vedanta
tumbled 6.9 per cent.
Against this backdrop of plum-
meting oil prices, British Airways-
owner International Airlines Group
and cruise ship operator Carnival
headed a short list of blue-chip ris-
ers, up 0.8 per cent and 0.7 per cent
respectively.
Shares in the independent bank
Numis were unchanged at 101p
despite market talk of there being an
offer on the table to settle a legal
claim in relation to a private placing
in 2007 in respect of Rock Well
Petroleum.
Market sources suggested that
Numis had made an offer of more
than 20m to settle a claim being
taken out against it led by the hedge
fund CQS in the High Court. Numis
declined to comment.
Investors were also forced to stom-
ach weak data on the US labour mar-
ket, with jobless claims rising more
than expected -- a day after Federal
Reserve chairman Ben Bernanke
gave a more downbeat outlook on
the economy, lowering the forecast
for US growth.
US blue chips were down 1.5 per
cent by London's close, while the
Standard & Poors 500 Index shed 1.4
per cent, hovering dangerously near
its 200-day moving average a break
below which traders said could be a
bearish signal.
Europes debt crisis pressured
banks, despite investor relief earlier
in the week that the Greek govern-
ment got the backing it needed in a
key confidence vote.
You would have thought that
after the voting in Greece a couple of
days ago you would have had more
legs to the upside, but I think traders
are still very nervy because Greece
has basically just about got over one
hurdle but has plenty more to come
across, said Manoj Ladwa, senior
trader at ETX Capital.
There seems to be very little in
the way of conviction buying and I
think that traders are using any rally
in the markets as an excuse to close
out of existing long positions or to
go short.
Among individual movers, energy
supplier Centrica dropped 2.1 per
cent after gains in the previous ses-
sion inspired by vague bid rumours,
after the firm said Britains first new
nuclear plant, scheduled for early
2018, will be delayed.
BSkyB firmed 0.5 per cent after
British regulator Ofcom delivered its
report on News Corps proposed
acquisition of the satellite broadcast-
er to the UK government, bringing
the deal nearer to completion.
FTSE tumbles to three-month
closing low on energy worries
THELONDON
REPORT
THENEW YORK
REPORT
BEST OF THE BROKERS
To appear in Best of the Brokers email your research to notes@cityam.com
ANALYSIS l Rio Tinto
4600
4500
4400
4300
4200
4100
4000
p
4156.50
23 Jun
RIO TINTO
Citi rates the mining major as a buy with a target price of 52, driven by a
recovery in earnings from its diamonds and minerals (D&M) group combined
with the leverage to iron ore prices, as the wave of supply struggles to reach
markets. D&Ms contribution to the group had fallen from 30 per cent from
1996-2000 to a low of two per cent in 2010, but the recovery now means
minor changes to the brokers earnings estimates.
ANALYSIS l Aegon NV
5.4
5.2
5
4.8
4.6
4.4
4.2
4.40
23 Jun
AEGON
Nomura says that the insurance groups capital-light strategy should facili-
tate a fall in capital requirements in spite of strong earnings growth over
the next five years. The broker thinks the strategy should allow Aegon to
release at least 2bn of capital, while allowing earnings to grow by 29 per
cent. Nomura reiterates its buy rating on the stock, and raises its target
price from 8 to 8.50 as the groups financial flexibility looks stronger.
ANALYSIS l Clariant
19.00
18.00
17.00
16.00
28Mar 15Apr 11 May 30May 21 Jun
CHF
16.00
23 Jun
CLARIANT
ING initiates its coverage of the Swiss chemicals company with a hold
recommendation and a target price of CHF17 (12.70), with analysis show-
ing that the current share price already incorporates a significant improve-
ment in earnings power going forward. The broker also sees a significant
risk in buying the stock at current share price level by assuming a contin-
ued growth in margins for the coming years.
6,100
5,900
5,700
11 May 1 Jun 21 Jun 15Apr 28Mar
ANALYSIS l FTSE 100
5,674.38
23 June
Hydrodec
The industrial oil re-refining group has appointed
former Betfair director Andrew Black to the
board as a non-executive director, in his first
public company directorship since leaving the
online gaming group he co-founded in 1998.
Black, who made a reported 300m on Betfairs
float when the business entered the FTSE 250 in
October 2010, owns a six per cent equity stake
in Hydrodec and invested in the recent debt
instrument. Blacks current directorships include
Foreteller, Golfbidder and Portway Press.
22
Wealth Management | Markets
CITYA.M. 24 JUNE 2011
LON GD ONCE FIX AM...........1541.50 -4.50
SILVER LDN FIX AM ..................35.02 -1.62
MAPLE LEAF 1 OZ ....................53.50 0.00
LON PLATINUM AM................1728.00 -19.00
LON PALLADIUM AM...............757.00 -9.00
ALUMINIUM CASH .................2507.00 -12.500
COPPER CASH ......................9006.50 -52.50
LEAD CASH...........................2455.00 14.50
NICKEL CASH......................21850.00 -100.00
TIN CASH.............................25075.00 -175.00
ZINC CASH ............................2195.00 8.50
BRENT SPOT INDEX................112.36 0.42
SOYA .....................................1330.25 -5.50
COCOA..................................3040.00 73.00
COFFEE...................................243.75 0.15
KRUG.....................................1572.10 -41.70
WHEAT ..................................164.030 -0.05
AIR LIQUIDE........................................93.70 -2.20 100.65 79.85
ALLIANZ..............................................94.01 -1.19 108.85 78.99
ALSTOM..............................................41.12 -0.93 45.32 30.78
ANHEUS-BUSCH INBEV ....................39.47 0.04 46.33 38.68
ARCELORMITTAL...............................22.35 -0.38 28.55 20.26
AXA......................................................14.88 -0.38 16.16 10.88
BANCO SANTANDER...........................7.62 -0.38 10.23 7.00
BASF SE..............................................64.44 -0.83 70.22 40.74
BAYER.................................................54.40 -3.63 59.44 43.27
BBVA......................................................7.57 -0.44 10.71 6.75
BMW....................................................65.21 -0.18 66.07 37.80
BNP PARIBAS.....................................51.28 -2.06 59.93 43.13
CARREFOUR ......................................26.59 -0.57 41.28 25.95
CREDIT AGRICOLE..............................9.87 -0.39 12.92 8.13
CRH PLC .............................................14.05 -0.48 19.46 11.51
DAIMLER.............................................48.76 -0.16 59.09 37.03
DANONE..............................................51.11 -0.92 52.84 41.00
DEUTSCHE BANK..............................40.04 -1.05 51.61 35.93
DEUTSCHE BOERSE .........................50.85 -1.17 62.48 46.33
DEUTSCHE TELEKOM.......................10.59 -0.09 11.38 9.50
E.ON.....................................................19.11 -0.38 25.54 18.25
ENEL......................................................4.29 -0.08 4.86 3.42
ENI .......................................................15.58 -0.31 18.66 14.62
FRANCE TELECOM............................14.30 -0.20 17.45 14.01
GDF SUEZ ...........................................24.03 -0.53 30.05 22.64
GENERALI ASS...................................14.01 -0.28 17.05 13.31
IBERDROLA..........................................5.96 -0.17 6.50 4.38
ING GROEP CVA...................................8.04 -0.30 9.50 5.92
INTESA SANPAOLO.............................1.78 -0.08 2.53 1.65
KON.PHILIPS ELECTR.......................16.33 -0.08 26.50 15.56
L'OREAL..............................................86.44 -1.47 90.00 75.03
LVMH..................................................114.65 -3.70 129.05 84.85
MUNICH RE.......................................102.75 -0.90 126.00 99.62
NOKIA....................................................4.14 -0.06 8.49 4.03
REPSOL YPF.......................................22.31 -0.46 24.90 16.30
RWE.....................................................37.23 -1.07 57.83 36.87
SAINT-GOBAIN...................................41.36 -1.28 47.64 27.81
SANOFI ................................................52.29 -0.53 56.50 44.01
SAP......................................................41.25 -1.09 46.15 34.13
SCHNEIDER ELECTRIC...................107.90 -2.85 123.65 79.70
SIEMENS .............................................91.60 -1.15 99.39 70.02
SOCIETE GENERALE.........................38.46 -1.42 52.70 32.50
TELECOM ITALIA..................................0.91 -0.01 1.16 0.89
TELEFONICA ......................................16.29 -0.33 19.69 14.95
TOTAL..................................................37.97 -0.61 44.55 35.66
UNIBAIL-RODAMCO SE...................153.45 -2.10 159.30 111.60
UNICREDIT............................................1.44 -0.08 2.24 1.41
UNILEVER CVA...................................22.20 -0.22 24.11 20.68
VINCI ....................................................41.72 -0.79 45.48 33.01
VIVENDI ...............................................18.39 -0.52 22.07 16.25
Price Chg High Low
EUSHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 5674.38 -98.61 -1.71
FTSE 250 INDEX. . . . . . . . 11453.72 -182.44 -1.57
FTSE UK ALL SHARE . . . . 2959.86 -50.33 -1.67
FTSE AIM ALL SH . . . . . . . . 835.26 -12.45 -1.47
DOWJONES INDUS 30 . . 12050.00 -59.67 -0.49
S&P 500 . . . . . . . . . . . . . . . 1283.50 -3.64 -0.28
NASDAQ COMPOSITE . . . 2686.75 17.56 0.66
FTSEUROFIRST 300 . . . . . 1075.66 -15.80 -1.45
NIKKEI 225 AVERAGE. . . . 9596.74 -32.69 -0.34
DAX 30 PERFORMANCE. . 7149.44 -128.75 -1.77
CAC 40 . . . . . . . . . . . . . . . . 3787.79 -83.58 -2.16
SHANGHAI SE INDEX . . . . 2688.25 38.93 1.47
HANG SENG. . . . . . . . . . . 21759.14 -100.83 -0.46
S&P/ASX 20 INDEX . . . . . . 2704.70 -24.00 -0.88
ASX ALL ORDINARIES . . . 4561.40 -29.40 -0.64
BOVESPA SAO PAOLO. . 61194.09 -229.52 -0.37
ISEQ OVERALL INDEX . . . 2874.22 -33.38 -1.15
STI . . . . . . . . . . . . . . . . . . . . 3044.72 1.89 0.06
IGBM. . . . . . . . . . . . . . . . . . 1008.12 -30.46 -2.93
SWISS MARKET INDEX. . . 5991.09 -122.35 -2.00
Price Chg %chg
3M........................................................92.34 -0.46 97.95 76.85
ABBOTT LABS ...................................51.92 -0.16 54.24 44.59
ALCOA ................................................15.28 -0.01 18.47 9.81
ALTRIA GROUP..................................26.85 -0.33 28.13 19.53
AMAZON.COM..................................194.16 2.53 206.39 105.80
AMERICAN EXPRESS........................49.21 -0.64 51.97 37.33
AMGEN INC.........................................57.93 -0.23 61.53 50.34
APPLE...............................................331.23 8.62 364.90 236.78
AT&T....................................................30.72 -0.16 31.94 23.88
BANK OF AMERICA...........................10.71 -0.08 15.91 10.40
BERKSHIRE HATAW B.......................75.61 -0.36 87.65 73.23
BOEING CO.........................................71.25 -0.87 80.65 59.48
BRISTOL MYERS SQUI ......................29.33 1.59 29.54 20.05
CATERPILLAR..................................100.55 0.40 116.55 58.06
CHEVRON...........................................99.36 -1.71 109.94 66.83
CISCO SYSTEMS................................15.47 0.11 26.00 14.78
CITIGROUP.........................................39.41 -0.10 51.50 36.20
COCA-COLA.......................................64.98 -1.42 68.77 49.47
COLGATE PALMOLIVE......................86.21 -1.32 89.36 73.12
CONOCOPHILLIPS.............................73.00 -0.29 81.80 48.06
DU PONT(EI) DE NMR........................51.32 0.00 57.00 33.73
EMC CORP..........................................26.59 0.15 28.73 17.87
EXXON MOBIL....................................78.44 -1.38 88.23 55.94
GENERAL ELECTRIC.........................18.38 -0.18 21.65 13.75
GOOGLE A........................................480.22 -6.79 642.96 433.63
HEWLETT PACKARD.........................35.23 0.11 49.39 33.95
HOME DEPOT.....................................35.65 0.72 39.38 26.62
IBM.....................................................166.12 0.44 173.54 120.61
INTEL CORP .......................................21.71 0.32 26.78 17.60
J.P.MORGAN CHASE.........................40.07 -0.62 48.36 35.16
JOHNSON & JOHNSON.....................65.67 -0.40 67.37 56.86
KRAFT FOODS A................................34.26 -0.40 35.44 24.30
MC DONALD'S CORP ........................82.29 -0.36 83.09 65.31
MERCK AND CO. NEW......................34.97 -0.50 37.68 31.06
MICROSOFT........................................24.63 -0.02 29.46 22.73
OCCID. PETROLEUM.........................99.39 -1.54 117.89 72.13
ORACLE CORP...................................32.46 0.26 36.50 21.24
PEPSICO.............................................67.98 -0.80 71.89 60.32
PFIZER ................................................20.65 0.37 21.45 14.00
PHILIP MORRIS INTL .........................66.17 -0.48 71.75 44.95
PROCTER AND GAMBLE ..................63.46 -0.60 67.72 56.57
QUALCOMM INC ................................54.96 0.97 59.84 31.63
SCHLUMBERGER ..............................83.07 -0.51 95.64 52.91
TRAVELERS CIES..............................57.16 -0.16 64.17 48.17
UNITED TECHNOLOGIE ....................85.12 -0.32 90.67 63.62
UNITEDHEALTH GROUP...................51.15 -0.63 52.64 27.13
VERIZON COMMS ..............................36.05 0.11 38.95 25.80
WAL-MART STORES..........................53.29 0.28 57.90 47.77
WALT DISNEY CO ..............................37.82 -0.49 44.34 30.72
WELLS FARGO & CO.........................27.04 -0.33 34.25 23.02
COMMODITIES CREDIT & RATES
BoE IR Overnight ............................0.500 0.00
BoE IR 7 days.................................0.500 0.00
BoE IR 1 month ..............................0.500 0.00
BoE IR 3 months ............................0.500 0.00
BoE IR 6 months ............................0.545 0.00
LIBOR Euro - overnight ..................0.925 -0.16
LIBOR Euro - 12 months.................2.118 0.00
LIBOR USD - overnight...................0.126 0.00
LIBOR USD - 12 months.................0.727 0.00
Halifax mortgage rate .....................3.500 0.00
Euro Base Rate ...............................1.250 0.00
Finance house base rate................1.000 0.00
US Fed funds...................................0.250 0.00
US long bond yield .........................4.020 0.03
European repo rate.........................0.895 -0.22
Euro Euribor ....................................1.222 -0.03
The vix index ...................................20.00 1.47
The baltic dry index ........................1.406 0.00
Markit iBoxx...................................220.84 -0.57
Markit iTraxx....................................95.06 0.00
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
USSHARES
/$ 1.4188 0.0147
/ 0.8880 0.0042
/ 114.33 1.0380
/ 1.1263 0.0070
/$ 1.5982 0.0086
/ 128.77 0.3036
FTSE 100
5674.38
-98.61
FTSE 250
11453.72
-182.44
FTSE ALLSHARE
2959.86
-50.33
DOW
12050.00
-59.67
NASDAQ
2686.75
17.56
S&P 500
1283.50
-3.64
Rexam . . . . . . . . . . . .368.8 -2.2 400.0 290.4
RPC Group . . . . . . . .351.3 -3.7 361.1 199.9
Smiths Group . . . . .1089.0 -18.0 1429.0 1043.0
Brown (N.) Group . . .263.8 -3.7 311.2 221.0
Carpetright . . . . . . . . .670.5 -26.0 835.5 631.0
Debenhams . . . . . . . . .69.7 -0.3 77.4 53.0
Dignity . . . . . . . . . . . .750.0 0.0 785.0 627.5
Dixons Retail . . . . . . .16.0 -0.5 28.5 11.8
DunelmGroup . . . . . .392.2 -1.0 550.0 325.3
Halfords Group . . . . .399.2 -0.7 550.0 348.2
Home Retail Group . .161.3 -5.6 244.5 158.5
Inchcape . . . . . . . . . .389.8 -6.2 414.0 237.1
JD Sports Fashion . .910.0 -9.5 1005.0 720.0
Kesa Electricals . . . .131.0 -3.0 174.0 109.8
Kingfisher . . . . . . . . .268.5 -2.4 287.1 198.5
Marks & Spencer G . .362.0 -4.5 427.5 327.2
Mothercare . . . . . . . .381.5 -2.8 627.5 379.9
Next . . . . . . . . . . . . .2252.0 -15.0 2326.0 1868.0
Sports Direct Int . . . .224.8 -2.3 234.1 101.1
WH Smith . . . . . . . . . .467.3 1.6 523.0 398.2
Smith & Nephew . . . .635.0 -13.0 742.0 537.5
Synergy Health . . . . .899.5 2.5 948.0 640.0
Barratt Developme . .106.0 -4.6 119.0 70.1
Yule Catto & Co . . . . .228.0 -2.4 240.5 112.7
Balfour Beatty . . . . . .300.6 -3.2 357.3 229.8
Keller Group . . . . . . .439.2 -8.0 698.5 436.9
Kier Group . . . . . . . .1313.0 -13.0 1418.0 886.5
Drax Group . . . . . . . .489.4 -2.8 494.9 353.6
Scottish & Southe . .1368.0 -17.0 1410.0 1108.0
Domino Printing S . .660.0 0.0 705.0 440.0
Halma . . . . . . . . . . . . .393.5 -6.4 399.9 265.4
Laird . . . . . . . . . . . . . .198.5 -3.4 204.0 98.8
Morgan Crucible C . .290.1 -8.4 333.0 179.5
Renishaw . . . . . . . . .1630.0 -76.0 1819.0 709.0
Spectris . . . . . . . . . .1522.0 -16.0 1581.0 740.5
Aberforth Smaller . . .675.0 -13.0 714.0 506.0
Alliance Trust . . . . . .368.6 -5.9 385.0 293.5
Bankers Inv Trust . . .403.8 -10.7 428.0 337.0
BH Global Ltd. GB .1096.0 -5.0 1174.0 1058.0
BH Global Ltd. US . . . .10.9 -0.1 11.6 10.4
BH Macro Ltd. EUR . . .17.1 -0.1 17.2 15.8
BH Macro Ltd. GBP 1769.0 -4.0 1775.0 1630.0
BH Macro Ltd. USD . . .17.0 0.0 17.1 15.8
BlackRock World M .710.0 -24.0 815.5 533.0
BlueCrest AllBlue . . .173.5 -0.7 176.2 163.8
British Assets Tr . . . .130.0 -2.9 140.5 105.0
British Empire Se . . .499.6 -8.4 533.0 404.1
Caledonia Investm .1670.0 -41.0 1928.0 1539.0
City of London In . . .289.5 -4.3 303.2 235.0
Dexion Absolute L . .144.7 -0.5 151.0 131.2
Edinburgh Dragon . .233.1 -4.4 262.1 205.3
Edinburgh Inv Tru . . .464.5 -10.4 492.2 372.2
Electra Private E . . .1695.0 -20.0 1755.0 1177.0
F&C Inv Trust . . . . . .306.3 -5.7 317.5 251.4
Fidelity China Sp . . . . .93.0 -3.5 128.7 93.0
Fidelity European . .1195.0 -35.0 1287.0 916.0
Fidelity Special . . . . .550.0 -15.0 595.0 503.0
Herald Inv Trust . . . . .513.0 -10.0 541.0 352.5
HICL Infrastructu . . . .114.8 -0.2 121.3 112.0
Impax Environment .115.1 -2.1 130.5 106.5
JPMorgan American .841.0 -13.0 909.0 673.0
JPMorgan Asian In . .223.0 -3.3 250.8 187.1
JPMorgan Emerging .569.0 -5.5 639.0 479.5
JPMorgan European .883.0 -17.0 983.5 618.0
JPMorgan Indian I . . .400.2 -2.8 502.0 394.1
JPMorgan Russian .639.0 -12.5 755.0 502.0
Law Debenture Cor . .363.0 -2.9 372.4 273.3
Mercantile Inv Tr . . .1044.0 -35.0 1137.0 840.0
Merchants Trust . . . .404.1 -10.9 431.8 320.0
Monks Inv Trust . . . .339.5 -3.1 367.9 275.5
Murray Income Tru . .636.0 -11.0 672.0 518.0
Murray Internatio . . .941.5 -10.5 966.0 805.5
Perpetual Income . . .261.5 -5.2 276.0 212.0
Polar Cap Technol . .342.5 -5.0 391.2 275.6
RIT Capital Partn . . .1290.0 -16.0 1328.0 1107.0
Scottish Inv Trus . . . .488.0 -8.0 517.0 401.5
Scottish Mortgage . .708.5 -11.0 764.0 533.0
SVG Capital . . . . . . . .258.5 -1.2 279.8 140.0
Temple Bar Inv Tr . . .896.5 -23.5 947.5 717.0
Templeton Emergin .620.0 -4.0 689.5 515.0
TR Property Inv T . . .186.5 -2.3 201.0 132.3
TR Property Inv T . . . .87.2 -2.1 91.0 59.5
Witan Inv Trust . . . . .495.6 -7.9 528.0 409.9
3i Group . . . . . . . . . . .269.2 -4.9 340.0 254.1
3i Infrastructure . . . . .119.5 0.2 125.2 108.9
Aberdeen Asset Ma . .211.8 -1.2 240.0 123.0
Ashmore Group . . . .379.0 -4.8 393.9 236.5
Berkeley Technolo . . . .4.3 0.0 9.0 2.2
Brewin Dolphin Ho . .144.4 -0.2 185.4 114.0
Camellia . . . . . . . . .10254.5-365.010950.07600.0
Charles Taylor Co . . .140.0 -4.0 234.0 122.0
City of London Gr . . . .81.5 0.0 93.6 70.7
City of London In . . .414.3 1.8 461.5 273.5
Close Brothers Gr . . .738.0 -14.5 888.5 664.0
Collins Stewart H . . . .74.0 -1.0 90.8 70.0
Evolution Group . . . . .66.8 0.5 92.0 65.0
F&C Asset Managem .73.0 -0.3 92.9 47.5
Hargreaves Lansdo .590.0 -13.0 646.5 317.4
Helphire Group . . . . . . .3.8 -0.1 44.0 3.2
Henderson Group . . .144.5 -0.6 173.1 118.1
Highway Capital . . . . .19.5 0.0 21.0 6.0
ICAP . . . . . . . . . . . . . .437.2 -10.4 570.5 380.2
IG Group Holdings . .416.2 -8.3 553.0 416.0
Intermediate Capi . . .303.1 -7.9 360.3 240.4
International Per . . . .330.7 -6.9 386.6 183.3
International Pub . . . .116.0 0.2 118.3 108.6
Investec . . . . . . . . . . .477.3 -7.5 538.0 429.2
IP Group . . . . . . . . . . . .47.8 0.1 53.8 27.9
Jupiter Fund Mana . .244.5 -5.6 337.3 180.3
Liontrust Asset M . . . .80.5 -1.5 95.3 70.0
LMS Capital . . . . . . . . .61.6 0.6 64.8 40.0
London Finance & . . .21.0 0.0 23.5 16.5
London Stock Exch .956.5 -1.0 990.0 544.0
Lonrho . . . . . . . . . . . . .17.8 -1.3 19.8 10.0
Man Group . . . . . . . . .237.0 -4.8 311.0 206.4
Paragon Group Of . .191.1 0.6 206.1 114.4
Provident Financi . . .955.0 -22.5 1033.0 728.5
Rathbone Brothers .1064.0 -20.0 1257.0 762.5
Record . . . . . . . . . . . . .34.0 0.1 52.8 20.3
RSM Tenon Group . . .25.3 0.3 66.3 21.3
Schroders . . . . . . . .1474.0 -29.0 1922.0 1154.0
Schroders (Non-Vo .1240.0 -23.0 1554.0 950.5
Tullett Prebon . . . . . .341.0 -4.0 428.6 307.5
Walker Crips Grou . . .50.0 0.5 50.0 46.5
BT Group . . . . . . . . . .198.5 -2.4 201.9 126.3
Cable & Wireless . . . .37.7 -0.8 61.4 37.4
Cable & Wireless . . . .50.4 0.6 92.0 46.6
COLT Group SA . . . .144.5 1.7 156.2 109.0
TalkTalk Telecom . . .145.0 -0.5 168.3 114.3
TelecomPlus . . . . . . .635.0 11.0 700.0 327.0
Booker Group . . . . . . .66.3 -0.5 70.3 39.5
Greggs . . . . . . . . . . . .508.0 -8.0 542.0 418.7
Morrison (Wm) Sup .289.5 -2.5 308.3 262.7
Ocado Group . . . . . . .185.0 -10.2 285.0 123.5
Sainsbury (J) . . . . . . .323.0 -2.9 395.0 317.2
Tesco . . . . . . . . . . . . .395.2 -3.6 440.7 377.5
Associated Britis . .1071.0 -2.0 1182.0 940.0
Cranswick . . . . . . . . .739.5 -21.0 907.5 735.0
Dairy Crest Group . . .362.2 -4.6 424.9 339.7
Devro . . . . . . . . . . . . .271.7 5.0 296.9 189.8
Premier Foods . . . . . . .25.2 -0.4 35.1 16.0
Tate & Lyle . . . . . . . . .633.0 -9.0 656.0 409.1
Unilever . . . . . . . . . .1941.0 -33.0 2000.0 1688.0
Mondi . . . . . . . . . . . . .592.0 -11.0 630.0 367.6
Centrica . . . . . . . . . . .320.5 -6.7 346.1 292.8
International Pow . . .309.1 -5.4 448.6 295.9
National Grid . . . . . . .586.0 -6.0 632.5 485.0
Northumbrian Wate .367.9 -5.9 387.0 295.5
Pennon Group . . . . . .639.5 -9.0 675.0 545.5
Severn Trent . . . . . .1375.0 -23.0 1517.0 1216.0
United Utilities . . . . .564.5 -10.5 632.0 520.0
Cookson Group . . . . .621.5 -25.0 724.5 367.4
DS Smith . . . . . . . . . .245.0 31.4 246.3 116.0
Glencore Internat . . .466.7 -23.4 531.1 460.1
BAE Systems . . . . . .304.9 -3.9 369.9 294.7
Chemring Group . . . .604.0 -33.0 736.5 519.6
Cobham . . . . . . . . . . .203.8 -2.8 247.6 192.3
Meggitt . . . . . . . . . . . .353.1 -7.9 380.9 261.7
QinetiQ Group . . . . . .114.0 -1.5 136.3 96.7
Rolls-Royce Group . .590.0 -11.5 665.0 535.0
Senior . . . . . . . . . . . . .160.1 -4.4 167.1 111.2
Ultra Electronics . . .1589.0 -18.0 1895.0 1522.0
GKN . . . . . . . . . . . . . .206.9 -4.1 237.1 109.3
Barclays . . . . . . . . . . .243.4 -9.0 344.0 242.2
HSBC Holdings . . . . .601.1 -4.5 730.9 596.2
Lloyds Banking Gr . . .45.3 -1.7 77.6 44.9
Royal Bank of Sco . . .36.7 -1.9 52.1 36.4
Standard Chartere .1533.5 -16.5 1950.0 1522.0
AG Barr . . . . . . . . . .1314.0 -16.0 1395.0 1035.0
Britvic . . . . . . . . . . . . .392.0 -5.0 518.0 364.5
Diageo . . . . . . . . . . .1251.0 -4.0 1301.0 1033.0
SABMiller . . . . . . . . .2082.5 -17.5 2306.0 1827.0
AZ Electronic Mat . . .305.0 1.0 338.1 248.5
Croda Internation . .1883.0 -35.0 1962.0 971.0
Elementis . . . . . . . . . .164.1 -4.1 169.8 60.0
Johnson Matthey . .1900.0 -60.0 2119.0 1460.0
Victrex . . . . . . . . . . .1418.0 -18.0 1525.0 1049.0
Price Chg High Low
Bellway . . . . . . . . . . . .680.0 -17.5 753.5 511.0
Berkeley Group Ho .1131.0 -35.0 1166.0 763.5
Bovis Homes Group .408.1 -15.0 464.7 326.6
Persimmon . . . . . . . .452.0 -15.0 502.5 336.5
Reckitt Benckiser . .3293.0 -43.0 3648.0 3015.0
Redrow . . . . . . . . . . . .116.6 -0.8 139.0 97.5
Taylor Wimpey . . . . . . .35.7 -1.3 43.3 22.3
Bodycote . . . . . . . . . .341.4 -9.6 397.7 185.0
Charter Internati . . . .555.0 -8.5 853.5 538.5
Fenner . . . . . . . . . . . .374.6 -9.2 393.8 192.2
IMI . . . . . . . . . . . . . . . .981.0 -26.0 1112.0 657.5
Melrose . . . . . . . . . . .333.3 -6.7 355.5 203.4
Northgate . . . . . . . . . .303.8 -1.2 346.7 152.3
Rotork . . . . . . . . . . .1562.0 -38.0 1895.0 1254.0
Spirax-Sarco Engi . .1905.0 5.0 2063.0 1346.0
Weir Group . . . . . . .2049.0 -29.0 2083.0 1024.0
Ferrexpo . . . . . . . . . . .428.5 -9.5 499.0 235.0
Talvivaara Mining . . .402.7 -12.9 622.0 352.3
BBAAviation . . . . . . .205.3 -3.6 240.8 175.0
Stobart Group Ltd . . .141.3 0.5 163.6 124.1
Admiral Group . . . . .1652.0 -14.0 1754.0 1390.0
Haynes Publishing . .252.5 0.0 262.5 202.5
Huntsworth . . . . . . . . .72.9 -0.6 87.5 65.0
Informa . . . . . . . . . . . .411.0 -8.9 461.1 342.1
ITE Group . . . . . . . . . .209.9 -4.7 258.2 136.2
ITV . . . . . . . . . . . . . . . . .65.8 -0.9 93.5 48.3
Johnston Press . . . . . . .5.4 -0.0 20.0 4.4
MecomGroup . . . . . .221.3 -3.8 310.0 162.0
Moneysupermarket. .102.5 -1.3 109.3 64.6
Pearson . . . . . . . . . .1133.0 -9.0 1175.0 864.0
Reed Elsevier . . . . . .529.5 -8.0 590.5 490.2
Rightmove . . . . . . . .1123.0 -6.0 1138.0 596.5
STV Group . . . . . . . . .125.0 -2.0 168.0 66.0
Tarsus Group . . . . . .150.8 -0.3 165.0 112.5
Trinity Mirror . . . . . . . .42.0 0.0 124.3 41.0
United Business M . .507.0 -13.0 725.0 483.8
UTV Media . . . . . . . . .126.9 -0.4 151.0 106.0
Wilmington Group . .120.8 1.8 183.0 114.0
WPP . . . . . . . . . . . . . .734.5 -19.0 846.5 614.5
Yell Group . . . . . . . . . . .5.4 -0.3 30.2 5.3
African Barrick G . . .403.6 -1.4 638.0 393.5
Anglo American . . .2818.0 -97.0 3437.0 2254.0
Anglo Pacific Gro . . .291.9 -8.1 369.3 249.0
Antofagasta . . . . . . .1237.0 -44.0 1634.0 761.0
Aquarius Platinum . .295.7 -5.8 419.0 227.1
BHP Billiton . . . . . . .2244.0 -73.5 2631.5 1684.5
Amlin . . . . . . . . . . . . .406.1 -0.3 433.0 375.3
Beazley . . . . . . . . . . . .121.0 -0.8 139.2 109.1
Catlin Group Ltd. . . .403.4 -8.3 421.4 325.0
Hiscox Ltd. . . . . . . . . .414.4 -4.4 424.7 336.1
Jardine Lloyd Tho . . .663.0 -12.0 709.0 521.5
Lancashire Holdin . . .639.5 -3.0 660.0 491.1
RSA Insurance Gro . .131.1 -1.1 143.5 117.9
Aviva . . . . . . . . . . . . . .425.8 -3.4 477.9 305.8
Legal & General G . . .111.3 -2.0 123.8 75.6
Old Mutual . . . . . . . . .124.7 -2.6 145.2 102.0
Phoenix Group Hol . .600.5 -12.0 758.0 584.5
Prudential . . . . . . . . .692.5 -17.5 777.0 489.2
Resolution Ltd. . . . . .294.5 -4.5 316.1 211.3
St James's Place . . . .323.4 -6.0 360.4 204.2
Standard Life . . . . . . .203.6 -2.2 244.7 173.0
4Imprint Group . . . . .259.5 -5.5 295.0 195.0
Aegis Group . . . . . . .146.8 -5.7 152.5 103.6
Bloomsbury Publis . .128.0 0.8 138.0 108.5
British Sky Broad . . .835.0 4.5 849.0 693.5
Centaur Media . . . . . . .53.4 -0.5 73.0 45.8
Chime Communicati .281.8 -0.3 298.5 158.0
Creston . . . . . . . . . . . .117.5 2.8 121.0 78.5
Daily Mail and Ge . . .437.8 -6.9 594.5 433.0
Euromoney Institu . .635.0 -1.5 736.0 575.5
Future . . . . . . . . . . . . . .17.9 0.0 30.0 15.8
Centamin Egypt Lt . .123.5 -0.6 197.1 114.5
Eurasian Natural . . .695.5 -37.0 1125.0 693.0
Fresnillo . . . . . . . . . .1341.0 -39.0 1682.0 950.0
GemDiamonds Ltd. .226.0 -8.9 306.0 186.3
Hochschild Mining . .435.7 -3.9 680.0 289.4
Kazakhmys . . . . . . .1251.0 -49.0 1671.0 965.0
Kenmare Resources . .53.8 0.3 54.0 11.5
Lonmin . . . . . . . . . . .1374.0 -49.0 1983.0 1355.0
New World Resourc .870.0 -29.0 1060.0 865.0
Petropavlovsk . . . . . .718.0 -21.5 1330.0 678.0
Randgold Resource 4880.0 -48.0 6655.0 4425.0
Rio Tinto . . . . . . . . .4156.5-105.5 4712.0 2880.5
Vedanta Resources 1832.0-135.0 2583.0 1831.0
Xstrata . . . . . . . . . . .1243.5 -46.0 1550.0 845.8
Inmarsat . . . . . . . . . . .567.0 -14.5 756.5 564.5
Vodafone Group . . . .163.0 -1.4 181.9 136.5
Genesis Emerging . .498.0 -12.0 568.0 439.1
Afren . . . . . . . . . . . . . .148.3 -10.5 171.2 79.2
BG Group . . . . . . . . .1289.0 -41.5 1564.5 1002.0
BP . . . . . . . . . . . . . . . .435.5 -9.8 509.0 302.9
Cairn Energy . . . . . . .383.1 -13.9 493.2 366.0
EnQuest . . . . . . . . . . .119.0 -5.0 158.5 96.0
Essar Energy . . . . . .394.0 -17.7 589.5 387.1
Exillon Energy . . . . . .400.0 -16.0 469.7 166.5
Heritage Oil . . . . . . . .210.0 -6.5 486.0 205.7
JKX Oil & Gas . . . . . .260.5 -3.4 335.1 228.0
Premier Oil . . . . . . . . .451.6 -18.1 535.0 292.8
Royal Dutch Shell . .2112.5 -47.5 2326.5 1624.0
Royal Dutch Shell . .2117.5 -50.5 2336.0 1554.0
Salamander Energy .253.5 -5.8 317.6 210.0
Soco Internationa . . .354.3 -10.7 484.2 292.0
Tullow Oil . . . . . . . . .1215.0 -44.0 1493.0 991.5
Amec . . . . . . . . . . . .1071.0 -28.0 1251.0 805.5
Hunting . . . . . . . . . . .709.5 -20.5 817.0 439.4
John Wood Group . .616.0 -16.0 706.0 308.4
Lamprell . . . . . . . . . . .343.0 -2.1 364.4 186.3
Petrofac Ltd. . . . . . .1505.0 -15.0 1685.0 1141.0
Burberry Group . . . .1357.0 -35.0 1392.0 739.5
PZ Cussons . . . . . . . .349.5 -4.8 409.0 320.5
Supergroup . . . . . . . .837.5 -35.5 1820.0 710.0
AstraZeneca . . . . . .3023.0 -23.0 3385.0 2801.5
BTG . . . . . . . . . . . . . .272.0 -1.6 282.5 191.0
Genus . . . . . . . . . . . .1011.0 11.0 1046.0 704.5
GlaxoSmithKline . . .1272.5 -8.5 1348.5 1095.0
Hikma Pharmaceuti .763.0 -3.0 900.0 687.5
Shire Plc . . . . . . . . . .1854.0 7.0 1961.0 1341.0
Capital & Countie . . .187.0 -0.8 187.8 104.1
Daejan Holdings . . .2700.0 -50.0 2919.0 2251.0
F&C Commercial Pr .104.7 -1.3 108.0 88.0
Grainger . . . . . . . . . . .122.0 0.4 128.2 86.3
London & Stamford .129.7 -1.5 140.0 110.3
Savills . . . . . . . . . . . . .390.0 -2.1 427.1 273.1
St. Modwen Proper . .185.4 1.4 192.0 135.4
UK Commercial Pro . .81.3 -0.2 85.5 74.3
Unite Group . . . . . . . .211.0 -2.8 229.8 170.5
Big Yellow Group . . .301.9 -9.6 353.3 287.1
British Land Co . . . . .576.5 -15.5 604.5 429.0
Capital Shopping . . .383.2 -2.5 424.8 301.3
Derwent London . . .1789.0 -10.0 1871.0 1208.0
Great Portland Es . . .422.4 -3.1 442.2 281.0
Hammerson . . . . . . . .467.7 -4.9 486.3 336.3
Hansteen Holdings . . .87.0 -0.3 89.3 59.4
Land Securities G . . .832.0 -17.0 854.0 545.0
SEGRO . . . . . . . . . . . .308.6 -3.7 331.3 250.2
Shaftesbury . . . . . . . .510.5 -8.5 539.0 349.3
Autonomy Corporat 1646.0 -52.0 1915.0 1271.0
Aveva Group . . . . . .1636.0 -26.0 1743.0 1127.0
Computacenter . . . . .449.7 -5.9 489.7 260.0
Fidessa Group . . . . .1928.0 -9.0 1971.0 1300.0
Invensys . . . . . . . . . . .311.8 -5.2 364.3 230.2
Kofax . . . . . . . . . . . . .452.9 -12.1 535.0 231.0
Logica . . . . . . . . . . . .127.1 -3.3 147.2 101.7
Micro Focus Inter . . .326.5 -27.5 527.5 276.0
Misys . . . . . . . . . . . . .415.0 4.6 421.0 232.8
Sage Group . . . . . . . .277.7 -4.3 302.0 222.7
SDL . . . . . . . . . . . . . . .693.0 -8.0 711.5 450.0
Telecity Group . . . . . .535.0 -8.5 548.5 377.0
Aggreko . . . . . . . . . .1824.0 -38.0 1935.0 1346.0
Ashtead Group . . . . .161.4 -6.0 207.9 77.0
Atkins (WS) . . . . . . . .748.5 10.0 820.0 650.0
Babcock Internati . . .677.5 -3.5 704.5 492.8
Berendsen . . . . . . . . .491.0 6.0 519.5 360.2
Bunzl . . . . . . . . . . . . .750.5 -2.5 783.0 658.0
Capita Group . . . . . . .723.5 -1.0 794.5 635.5
Carillion . . . . . . . . . . .366.5 -2.3 403.2 291.2
De La Rue . . . . . . . . .734.0 -25.5 958.5 549.5
Electrocomponents .261.3 -4.9 294.9 205.7
Experian . . . . . . . . . . .752.5 -8.5 819.0 578.0
Filtrona PLC . . . . . . . .360.4 -7.1 385.5 209.2
G4S . . . . . . . . . . . . . . .276.0 -6.4 291.0 237.7
Hays . . . . . . . . . . . . . . .99.0 -2.2 133.6 88.4
Homeserve . . . . . . . .513.5 -7.0 532.0 398.6
Howden Joinery Gr . .103.1 -2.6 127.5 56.8
Intertek Group . . . . .1924.0 -17.0 2148.0 1437.0
Michael Page Inte . . .523.0 -4.5 567.0 349.4
Mitie Group . . . . . . . .227.5 -0.9 242.5 188.7
Premier Farnell . . . . .234.2 -4.0 308.8 210.2
Regus . . . . . . . . . . . . .105.9 -2.1 119.0 66.1
Rentokil Initial . . . . . . .92.2 -1.8 117.8 84.3
RPS Group . . . . . . . . .236.4 -4.2 251.4 169.8
Serco Group . . . . . . .553.0 -9.0 633.0 529.5
Shanks Group . . . . . .122.3 -0.5 130.9 96.5
SIG . . . . . . . . . . . . . . .133.0 -4.5 153.5 90.7
SThree . . . . . . . . . . . .372.9 -4.3 447.6 231.1
Travis Perkins . . . . . .952.5 -41.5 1127.0 709.0
Wolseley . . . . . . . . .1921.0 -51.0 2261.0 1223.0
ARM Holdings . . . . . .566.5 -1.5 651.0 270.5
CSR . . . . . . . . . . . . . .304.3 -1.7 447.0 280.9
Imagination Techn . .349.6 -64.9 502.0 273.0
Pace . . . . . . . . . . . . . .107.0 -1.3 231.8 93.0
Spirent Communica .146.8 -2.2 160.3 107.6
British American . .2657.0 -33.0 2745.5 2091.0
Imperial Tobacco . .2038.0 8.0 2231.0 1784.0
Avis Europe . . . . . . . .310.4 0.1 311.5 184.0
Betfair Group . . . . . . .735.0 -39.5 1550.0 725.0
Bwin.party Digita . . .128.1 1.1 309.5 125.7
Carnival . . . . . . . . . .2334.0 16.0 3153.0 2037.0
Compass Group . . . .589.5 -6.0 599.5 501.0
Domino's Pizza UK . .377.0 -6.6 586.0 373.9
easyJet . . . . . . . . . . . .353.4 2.0 479.0 322.3
Enterprise Inns . . . . . .66.7 -1.0 122.7 66.0
FirstGroup . . . . . . . . .327.1 -1.1 412.6 311.3
Go-Ahead Group . . .1516.0 4.0 1530.0 1042.0
Greene King . . . . . . .487.5 -0.6 502.5 392.1
InterContinental . . .1196.0 -10.0 1435.0 982.0
International Con . . .244.4 1.9 305.0 186.5
JD Wetherspoon . . . .430.0 -6.6 468.3 386.5
Ladbrokes . . . . . . . . .146.2 -0.3 152.2 122.7
Marston's . . . . . . . . . . .97.5 -1.9 117.1 90.4
Millennium& Copt . .481.0 -9.1 600.5 392.0
Mitchells & Butle . . . .312.5 -3.8 361.0 274.0
National Express . . .248.7 -2.8 270.2 213.4
Punch Taverns . . . . . .70.1 -0.6 90.4 58.0
Rank Group . . . . . . . .149.8 -0.7 153.0 94.8
Restaurant Group . . .288.0 -3.2 335.0 208.2
Stagecoach Group . .244.1 -1.7 249.8 160.7
Thomas Cook Group 125.7 -3.8 204.8 125.6
TUI Travel . . . . . . . . . .222.4 -2.6 271.9 190.0
Whitbread . . . . . . . .1564.0 -8.0 1887.0 1361.0
WilliamHill . . . . . . . . .217.7 -1.3 223.5 155.5
Abcam . . . . . . . . . . . .408.0 -2.8 428.5 241.0
Albemarle & Bond . .325.3 -13.8 352.0 218.0
Amerisur Resource . .24.0 -1.0 29.0 11.5
Andor Technology . .625.0 -34.0 659.0 253.0
Archipelago Resou . . .58.0 -1.0 66.8 32.3
ASOS . . . . . . . . . . . .2380.0 -42.0 2468.0 840.0
Aurelian Oil & Ga . . . .53.5 -0.8 92.0 35.8
Avanti Communicat .350.0 11.0 735.0 338.8
Avocet Mining . . . . . .182.0 -4.3 253.5 112.0
Blinkx . . . . . . . . . . . . .116.8 -4.8 148.8 33.5
Borders & Souther . . .51.0 -2.0 93.0 48.0
BowLeven . . . . . . . . .317.0 -1.0 398.0 126.3
Brooks Macdonald 1335.0 9.0 1372.5 767.5
Caledon Resources .110.5 1.5 111.2 23.3
Conygar Investmen .109.0 -1.5 120.0 101.3
Cove Energy . . . . . . . .87.0 -2.0 112.8 47.5
Daisy Group . . . . . . . .116.0 1.0 118.3 86.0
EMIS Group . . . . . . . .524.8 -7.0 555.5 303.5
Encore Oil . . . . . . . . . .59.8 -0.8 151.5 34.5
Faroe Petroleum . . . .155.0 -2.5 218.3 115.0
Gulfsands Petrole . . .226.8 -5.3 401.5 226.3
GWPharmaceutical .117.8 -7.3 130.0 83.0
Hamworthy . . . . . . . .621.5 -1.5 684.5 297.5
Hargreaves Servic .1035.0 -5.0 1051.0 556.5
Healthcare Locums . .112.5 0.0 112.5 112.5
Immunodiagnostic . .940.0 -5.0 980.0 604.0
ImpellamGroup . . . .365.0 5.1 387.5 84.0
James Halstead . . . . .467.5 12.1 485.0 306.0
Kalahari Minerals . . .232.5 1.0 301.0 142.0
London Mining . . . . .334.8 -2.3 436.5 211.0
Lupus Capital . . . . . .112.0 1.8 150.0 72.0
M. P. Evans Group . .437.5 -2.5 500.5 334.0
Majestic Wine . . . . . .458.0 8.0 470.3 293.0
May Gurney Integr . .275.4 3.6 285.0 177.0
Monitise . . . . . . . . . . . .26.3 -0.5 29.5 17.8
Mulberry Group . . . .1500.0 -16.0 1610.0 220.0
Nanoco Group . . . . . . .79.0 -2.8 115.8 68.0
Nautical Petroleu . . .293.5 -16.8 547.0 128.0
Nichols . . . . . . . . . . . .546.0 -11.8 578.0 390.0
Numis Corporation . .100.9 -0.5 146.5 94.0
Pan African Resou . . .10.8 -0.3 12.3 5.9
Patagonia Gold . . . . . .47.8 -0.3 59.3 12.5
Prezzo . . . . . . . . . . . . .67.0 -2.0 71.5 37.8
Pursuit Dynamics . . .320.0 -1.3 700.0 196.0
Rockhopper Explor .266.8 -8.3 510.0 202.5
RWS Holdings . . . . . .440.0 -10.0 472.0 239.0
Songbird Estates . . .155.0 -1.5 160.3 135.0
Valiant Petroleum . . .580.5 -14.0 761.5 504.0
Young & Co's Brew . .662.5 -7.5 685.0 510.0
DS Smith . . . . . . . . . .245.0 14.7
Devro . . . . . . . . . . . . .271.7 1.9
Telecom Plus . . . . . . .635.0 1.8
Atkins (WS) . . . . . . . .748.5 1.4
Berendsen . . . . . . . . .491.0 1.2
COLT Group SA . . . .144.5 1.2
Misys . . . . . . . . . . . . .415.0 1.1
Cable & Wireless W . .50.4 1.1
Genus . . . . . . . . . . . .1011.0 1.1
Bwin.party Digital . . .128.1 0.9
Imagination Techno .349.6 -15.7
Micro Focus Intern . .326.5 -7.8
Vedanta Resources .1832.0 -6.9
Afren . . . . . . . . . . . . .148.3 -6.6
Ocado Group . . . . . . .185.0 -5.2
Chemring Group . . . .604.0 -5.2
Betfair Group . . . . . . .735.0 -5.1
Eurasian Natural R . .695.5 -5.1
Royal Bank of Scot . . .36.7 -4.9
Glencore Internati . . .466.7 -4.8
Risers Fallers
MAIN CHANGES UK 350
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
Price Chg High Low Price Chg High Low
GILTS
AEROSPACE & DEFENCE
CONSTRUCTION & MATERIALS
ELECTRICITY
ELECTRONIC & ELECTRICAL EQ.
EQUITY INVESTMENT INSTRUM.
FINANCIAL SERVICES
FIXED LINE TELECOMS
FOOD & DRUG RETAILERS
FOOD PRODUCERS
FORESTRY & PAPER
GAS, WATER & MULTIUTILITIES
GENERAL RETAILERS
HEALTH CARE EQUIPMENT & S.
HHOLD GDS & HOME CONSTR.
INDUSTRIAL ENGINEERING
INDUSTRIAL TRANSPORTATION
MEDIA
LIFE INSURANCE
PERSONAL GOODS
PHARMACEUTICALS & BIOTECH
REAL ESTATE INVEST. & SERV.
SOFTWARE & COMPUTER SERV.
SUPPORT SERVICES
TECHNOLOGY HARDW. & EQUIP.
TOBACCO
TRAVEL & LEISURE
AIM 50
NON LIFE INSURANCE
REAL ESTATE INVEST. TRUSTS
http://corporate.webfg.com
mailto:
globaltechsales@webfg.com
AUTOMOBILES & PARTS
BANKS
ALTERNATIVE ENERGY
CHEMICALS
BEVERAGES
GENERAL INDUSTRIALS
MOBILE TELECOMS
OIL & GAS PRODUCERS
OIL EQUIPMENT & SERVICES
MINING
NONEQUITY INVESTM. COMM.
Tsy 2.500 11 . . . . .307.39 0.00 310.0 307.4
Tsy 3.250 11 . . . . .101.27 -0.01 103.8 101.2
Tsy 9.000 11 . . . . .100.42 -0.03 108.8 100.4
Tsy 9.000 12 . . . .109.21 0.00 116.7 108.6
Tsy 5.000 12 . . . .103.15 -0.03 107.2 103.1
Tsy 5.250 12 . . . .104.42 0.00 108.5 104.4
Tsy 4.500 13 . . . .106.42 0.06 109.2 105.8
Tsy 2.500 13 . . . .287.12 0.02 287.7 274.9
Tsy 8.000 13 . . . . .116.00 0.07 121.3 115.8
Tsy 5.000 14 . . . . .111.76 0.17 114.1 109.2
Tsy 7.750 15 . . . .104.14 0.00 110.8 76.0
Tsy 8.000 15 . . . .127.05 0.21 131.6 123.7
Tsy 4.750 15 . . . . .112.54 0.23 114.7 108.6
Tsy 4.000 16 . . . .109.83 0.27 111.4 104.9
Tsy 2.500 16 . . . .332.57 0.12 334.1 304.4
Tsy 12.000 17 . . .126.82 0.00 185.9 126.0
Tsy 1.250 17 . . . . .111.64 0.17 112.1 104.9
Tsy 8.750 17 . . . .137.34 -0.01 142.2 132.9
Tsy 5.000 18 . . . . .115.66 0.36 117.6 109.7
Tsy 4.500 19 . . . . .111.89 0.38 113.8 105.4
Tsy 3.750 19 . . . .106.05 0.40 107.7 99.4
Tsy 2.500 20 . . . .340.60 0.23 341.2 303.8
Tsy 4.750 20 . . . . .113.27 0.39 115.9 106.6
Tsy 8.000 21 . . . .142.14 0.47 147.1 133.8
Tsy 4.000 22 . . . .105.43 0.40 108.4 99.0
Tsy 1.875 22 . . . . .117.19 0.24 117.8 108.5
Tsy 2.500 24 . . . .297.76 0.31 298.9 262.1
Tsy 5.000 25 . . . . .113.89 0.44 118.5 107.4
Tsy 4.250 27 . . . .103.87 0.39 108.8 97.9
Tsy 1.250 27 . . . . .110.30 0.31 111.2 100.5
Tsy 6.000 28 . . . . .126.11 0.38 132.7 119.5
Tsy 4.750 30 . . . .109.32 0.40 115.0 103.0
Tsy 4.125 30 . . . .282.86 0.24 283.9 248.7
Tsy 4.250 32 . . . .102.24 0.40 107.8 96.0
Tsy 4.250 36 . . . .101.45 0.39 107.4 95.0
Tsy 4.750 38 . . . .109.98 0.40 116.5 102.8
Tsy 4.500 42 . . . .106.07 0.00 112.8 98.9
% %
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Living| Abroad
BRIDESMAIDS
HITS THE UK
FOR MORE SEE
THE REVIEWS PAGE
23
NEW SHOW HOME NOW OPEN
THE EAGERLY AWAITED
UNVEILING OF THE COACH HOUSE
THE STABLES ~ THE COACH HOUSE ~ THE MANSION HOUSE
CALL 01992 551777 OR VISIT WWW.BALLS-PARK.CO.UK
Beautifully appointed period apartments in
The Coach House from 480.000
SHOW HOMES OPEN DAILY 10am to 5pm
Balls Park, Hertford SG13 8FP
The latest collection of homes in the
historic Grade 11
*
Listed Coach House at
Balls Park are now available to view.
A truly landmark development set amongst 63 acres of
Grade II Listed parkland which features on the English
Heritage Register of Historic Parks and Gardens.
The Coach House is a stunning collection of apartments
combining period style, original architectural features, elegant
contemporary interiors and a fully inclusive specification:
r Bespoke hand built John Ladbury & Co kitchens
with stainless steel integrated appliances
r Stylish white Villeroy & Boch sanitaryware
and Hansgrohe chrome f ittings
r Features include original f ireplaces and
beautiful restored sash windows
r High quality f looring throughout
Russias lucrative
residential offering
W
ITH luxury property developer
Yoo launching two new devel-
opments in Moscow this year,
buying a home in Russias
booming financial hub looks a more
tempting prospect. While the heady days
that saw Moscows property prices rocket
110 per cent in value are behind us, the
more mature market for homes in
Moscow is still intriguing. But as with
any post-communist market, just 20
years young, there are a few quirks that
buyers should be aware of. Heres our
guide.
1.CASH ONLY
It sounds like something straight out of a
James Bond novel, but Russians only do
things in cash. Piles and piles of cash.
Alexander Shatalov, the chief executive
of InterMark Savills in Moscow, says
theres very little chance that you can use
a mortgage to buy a Russian property: If
a British buyer needs a mortgage they
will need to re-mortgage their home in
the UK. Few Russian banks will accept
mortgages from foreigners, and even if
they found a bank that would, they
wouldnt like the rates and charges
offered to them.
2. PRO-RUSSIAN
Only 5 per cent of the property buyers in
Moscow are foreign. This means if youre
going to sell your home in and cash in on
the growth, you need to appeal to wealthy
Russians. While Shatalov says these well-
heeled folk are attracted to international
design tastes, they are unlikely to ever buy
a place without tip-top security creden-
tials. Underground parking is a must.
Also, low ceilings wont be tolerated. This
will be much higher than youre used to:
3.3m is the ideal, thats a full meter taller
than the average 2.7m in period property
in London.
Now is the time to learn about the mysterious
Moscow homes market, says Donata Huggins
Saint Basils Cathedral
in Red Square,
Moscow
3. TRACKING THE OIL PRICE
Real estate in Russia correlates with
the oil price, making it a very volatile
market. While there are other contribut-
ing factors (inflation, the price of the
ruble and interest rates to name a few),
Shatalov says the basic rule of thumb for
the sector is that a $1 increase in the
price of a barrel of oil leads to an average
increase of $200 dollars per square metre
on the price of Moscows luxury real
estate.
4. OFF-PLAN PROFIT
The best way to make a property profit in
Moscow is to buy off-plan. Shatalov says
for the right investment, this method
could score you a 35 per cent return on
completion and re-sale. Brits tend to be a
little reluctant to buy something they
cant see and touch, but in Russia this is
the norm. More frightening still for the
conservative among us, you have to part
with your cash earlier on not on com-
pletion like you do in the UK. But for 35
per cent profit, whos complaining?
EX-PAT LIVES | JOHN WARREN, MOSCOW
John Warren has lived in Russia
for the last 20 years; longer than
he lived in the UK. He was shipped
out there by the company that is
now Glencore to trade commodi-
ties. He bought a property in the
early days of Russian property
privatisation, purchasing a grand
Russian home from 18 workers
given the home during the revolu-
tion. It was a very complicated
process. It required 18 individual
transations entirely in cash, says
Warren. Thankfully things arent
as complicated as that now, but
still the market isnt without its
oddities. Warren gave up trading
ten years ago to set up a sausage-
making company on the outskirts
of Moscow.
COACH HOUSE 6, BALLS PARK
Price: 480,000
This grade II-listed first floor apartment overlooks Balls Park. It has two double bed-
rooms, two en-suite bathrooms, a bespoke kitchen and a family room. It has restored sash
windows, oak flooring, porcelain tiling, a double staircase among other period features.
Contact: Balls Park 01992 551 777 or go to www.balls-park.co.uk
QUEENS ROAD
Price: 1.2m
This five-bedroomed
Edwardian home has a
drawing room, dining
room, kitchen, entertain-
ment room, four bath-
rooms, has a landscaped
garden with an
Edwardian summer
house. There is also a
large garage and drive-
way.
Contact: Steven Oates on
01992 303300 or go to
www.stevenoates.com
ST JOHNS CHURCH,
CHAPEL LANE
Price: 2.5m
This award-winning Grade
II-listed church conversion
by Linley Developments
retains its original stained
glass windows. It is
decked out with top of the
range technology includ-
ing concealed TVs, under
floor heating, Ventaxia air
ventilation and a heat
recovery system. It has
four bedrooms, three
bathrooms and three
reception rooms.
Contact: Savills Barnet on
020 8447 4400 or go to
www.savills.co.uk
Q.
I would like to update my
kitchen. Whats trendy at the
moment and how can I make
sure it will still look good in a few
years?
A.
The choice of kitchen cabinets
should generally depend on your
future plans. If you think you will
never move from your current home you can
allow yourself to be indulgent, but if you
have an eye on your homes resale value you
should try to ensure that whatever you
choose will appeal to a broader market. A
new kitchen will generally cost over
10,000, so be mindful of the fact that the
highly-coloured units with the concrete
worktops that you love could put off a poten-
tial buyer. A better choice would be a more
neutral base with splashes of colour on items
that can easily be changed. Remember neu-
tral colours do not mean boring. You could
add colour by introducing a painted wall, or a
highly coloured splash back behind the hob.
In the last few years, white gloss units
have become popular and are now available
from all manufacturers. The look achieved
using this finish is effective and can look
stunning but remember that maintenance is
required since finger prints are fairly notice-
able on this style of cabinets. If you do want
this look without the maintenance, a new
style is available that has a glass front offer-
ing a matt finish it is more expensive but
worth the extra money.
For worktops, natural stones such as gran-
ite have fallen out of favour and have been
replaced by engineered stone such as corian
and silestone. These products are fabricated
to exactly fit into your kitchen. This allows
you to create a worktop in any shape or size
you want.
The most requested kitchen appliances
these days are steam ovens, inbuilt coffee
machines and a hot water taps.
Inbuilt coffee machines look great in a tall
kitchen cabinet units beside the oven. The
only problem is that they start at around
1,000, so you really need to be a dedicated
coffee drinker to buy one. Hot water taps are
also a recent addition to the UK market with
Quooker leading the way. They removes the
need for a kettle and provides instant hot
water for any use within the kitchen.
If you try to remember these points, and
dont get carried away with the most fash-
ionable finish, you should achieve a kitchen
that will provide you with years of good
service and, more importantly, not look out-
dated.
Andrew Dunning
CREATIVE DIRECTOR AT
DESIGN CONSULTANCY
APD INTERIORS
Q A
&
HAVE YOURSELF A CASTLE HOME
Taymouth Castle in Scotland has been grant-
ed planning permission to a private develop-
er to build a luxury hotel, golf course and a
collection of private residences on the his-
toric estate. Each residence will offer views
over the golf course and surrounding land-
scape. The development is already in negocia-
tions with leading hotel and spa chains.
THE RENTS ARE REDECORATING
Parents are stockpiling cash and investing it
in DIY once their kids have gone to university
or left home, according to a Debenhams poll.
A whooping 63 per cent of soon-to-be empty-
nesters plan to invest in their existing home.
53 per cent of these parents are expecting to
spend up to 5,000 with a further 29 per cent
spending up to 10,000.
DIP IN: A NEW SWISS SPA DEVELOPMENT
The Swiss Development Group has launched a
luxury development in Leukerbad, Swizerland,
called 51 Spa Residences. The development
includes a thermal spa hotel and 30 residences
across two buildings. Work starts in spring next
year and the first building will be completed in
2013. The second will be finalised a year later
in 2014.
TOP PRICES FOR TENNIS PROPERTIES
The tennis season is here and its pumping up
property prices. Demand for properties close to
Queens Tennis Club have risen in value by 2.7
per cent and 6 per cent respectively in the last
year alone, according to the estate agent Marsh
& Parsons. The going rate for a two-bedroom flat
in Queens Club Mansions at the moment is
660,000.
PROPERTY NEWS
BY DONATA HUGGINS
IMPROVE
HERTFORD, HERTS BY DONATA HUGGINS
Living | Focus On
CITYA.M. 24 JUNE 2011 24
CURRENT MORTGAGE DEALS BY DONATA HUGGINS
Lender Fixed/Flexible Rate Until apr Maximum Loan to
(per cent) (per cent) Value (per cent)
First Direct Flexible 1.99 2 years 3.5 65
ING Direct Flexible 2.04 2 years 3.4 60
Chelsea BS Flexible 2.09 August 2013 5.4 60
Santander Flexible 2.19 2 years 4 60
Market Harborough BS Fixed 2.75 September 2013 5.1 75
Yorkshire BS Fixed 2.79 June 2013 4.8 60
Santander Fixed 2.79 August 2013 4.2 60
Chelsea BS Fixed 2.89 August 2013 5.5 60
Yorkshire BS Fixed 3.49 September 2014 4.8 75
Source: MoneySupermarket.com
Commuting to the city: Driving from
Hertford to the City takes over an
hour. But taking the train from
Hertford North or Hertford East, can
get you into Moorgate in just under
50 minutes.
Education: Hertford benefits from hous-
ing one of Hertfordshires top grammar
schools, the Simon Balle School. It is co-
educational, but has a highly competi-
tive admissions policy. But fear not, the
local private schools get great results.
NEED TO KNOW | AREA INSIGHT
HERTFORD | PRICE ACTION
Detached Semi-Detached Terraced Flats
Hertford 522,063 324,232 255,397 198,464
Hertfordshire 578,025 312,429 241,628 180,884
Source: Savills
Left, the cast of
Bridesmaids. Below
left, Gordon Ramsay
has made an inauspi-
cious start (and hope-
fully end) to his movie
career.
Film
BRIDESMAIDS
Cert: 15
hhhII
PRODUCEDby the multi-faceted Judd
Apatow, Bridesmaids follows in the foot-
steps of a recent wave of offbeat comedies
such as Anchorman, The 40 Year Old
Virgin, Superbad and Knocked Up with
the crucial difference that instead of over-
grown frat boys, the protagonists here are
women.
Saturday Night Live regular Kristen
Wiig stars as Annie, a tragic singleton
whose life begins to disintegrate when
her best friend announces that shes get-
ting married.
What ensues is a whole lorry load of
chaos involving Annie and an eclectic
bunch of weird and wonderful brides-
maids, refreshingly played by a group of
largely unknown actresses. To say that
this is more than a tad reminiscent of
The Hangover wouldnt be a lie.
As with most Apatow films, the shocks
are responsible for the belly laughs, and a
scene depicting an outlandish incidence
of diarrhoea in a boutique reduced at
least half of the audience to tears.
Unfortunately its also the case with
Apatow comedies that a fairly high per-
centage of the jokes fall flatter than they
should. Matt Lucass turn as one half of
Annies kooky sibling flatmates barely
raises a titter. Perhaps this is because no
ones yet figured out that simply being
weird isnt always funny.
However, a romantic storyline between
Annie and a police officer played by
Blightys own Chris ODowd (IT Crowd) is
charmingly handled, and theres no deny-
ing that the films characters are fun to
spend time with. If some of the jokes
miss, this is very likeable antidote to the
likes of Sex and the City nevertheless.
Hayley Wright
LOVES KITCHEN
Cert: 15
hIIII
If someone invites you to see this film,
ask them to punch you repeatedly in
the face for 90 minutes instead. I
guarantee that this will be more
pleasurable than the alternative a
saccharine romantic comedy in
which the acting is so unbelievably
poor that Gordon Ramsay yes, the
sweary superchef has finally made
it to cinema stardom fails to con-
vince... as himself.
Dougray Scott stars as recently wid-
Kristen Wiig delivers
the female answer
to the Hangover
owed chef and father Rob Haley, who
takes over a country gastro-pub at the
behest of El Gordo, urging him in his
wooden way to sort his life out when
his 30-second period of mourning turns
his trendy London food to mush. There,
he meets food critic Kate Templeton
(Claire Forlani) with whom he embarks
on a predictably hackneyed journey to
romance. This includes almost every
clichd plot point you can think of,
from Rob seductively teaching Kate how
to use a knife, to chasing her to the air-
port.
The writing is atrocious. Its exception-
ally painful to see actors of the calibre of
Peter Bowles and Simon Callow playing
ridiculous characters lumbered with
unnatural, embarrassingly stilted dia-
logue.
And then theres the trifle. Yes, this is
Robs implausible choice of signature
dish which is tiresomely and predictably
produced at every possible opportunity -
particularly when needed to win some-
body over.
Its a shame it wasnt available at the
screening, because this film is definitely
more boil-in-the-bag than Cordon Bleu.
HW
A gross-out comedy for the ladies
COUNTDOWN TO ZERODisturbing documentary
about the nuclear weapons industry. Be afraid.
CUTTERS WAY Re-release for the lauded Seventies
thriller, starring a dashing young Jeff Bridges.
INCENDIES A gruelling drama set in Canada and the
Middle East by Quebecois director Dominic Villeneuve.
FILM
BON IVER Eponymous sophomore album from soulful,
talented singer-songwriter Justin Vernon.
THE FEELING Power pop also-rans return with third
album, Together we were Made.
PATRICK WOLF Fourth album from the prolific musi-
cal eccentric, titled Lupercalia.
DVD
BON IVER Eponymous sophomore album from soulful,
talented singer-songwriter Justin Vernon.
THE FEELING Power pop also-rans return with third
album, Together we were Made.
PATRICK WOLF Fourth album from the prolific musi-
cal eccentric, titled Lupercalia.
MUSIC
SHADOWS OF THE DAMNED (PS3, X360) Survival
thriller in the Resident Evil mould.
GODS & HEROES: ROME RISING (PC) Massive multi-
player online role-player set in Ancient Rome.
TRENCHED (XBOX LIVE ARCADE) First person shoot-
er set in a post-World War One alternate reality.
GAMES
ALSO OUT THIS WEEKEND
PREVIEWS
Masterpiece London is
a browsers paradise
Rare objects of beauty
for everyone to see
T
HE countrys leading private art gal-
leries, antique shops and jewellery
stores, stocked to the rafters as they
tend to be with objects that are beau-
tiful, rare and pricey, can be intimidating
places if you just fancy a browse. Enduring
the gaze of a sales assistant who knows you
have no intention of buying anything is
hardly the most edifying thing.
Thats one of the things that Masterpiece
London is designed to solve. The selling
exhibition, which made its debut last year
in the grounds of the Royal Hospital
Chelsea, is a celebration of beauty, rarity
and craftsmanship, and a much more
approachable way to experience fine
objects than a snooty Mayfair salon. It
returns next week, opening on Thursday.
The idea is that its the best of the best,
but its for the non-expert, the connoisseur
and the collector alike, says founder and
chairman Thomas Woodham Smith. Last
year, 118 dealers, shops and producers
exhibited their wares, a number that has
risen to 150 this year. Faberge jewellery,
antique English furniture, Bugatti cars,
plenty of fine art and even a Spitfire fighter
plane will be on show, most of it for sale.
A lot of people have felt that decorative
and fine art has a decreasing relevance to
the modern age, but I think it does have rel-
evance, says Woodham Smith. At
Masterpiece you see both antiques and new
creations, and it gives the present context
the emphasis is on the past and the future,
and they both reflect each other.
Even if you dont fancy splurging in
ultra-expensive pretty things, you can
indulge in other ways. Caprice Holdings are
providing the food, with Harrys Bar on
hand to run the cocktail bar and Ruinart
champagne doing tasting sessions.
Timothy Barber
30 June-5 July, South Grounds, Royal Hospital
Chelsea. www.masterpiecefair.com
Masterpiece London
displays myriad
objects from the
decorative arts.
Lifestyle | Reviews
T
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GLASTONBURY 2011
BBC2, 9.45PM
Coverage of this years music and arts
festival at Worthy Farm in Somerset,
Jo Whiley, Lauren Laverne, Zane Lowe
and Mark Radcliffe present.
LOVE YOUR GARDEN
ITV1, 8PM
Alan Titchmarsh demonstrates how to
create a formal garden, and Laetitia
Maklouf uses window boxes to
transform the front of a house.
CASTLE
CHANNEL 5, 9PM
The writer and Beckett investigate the
murder of a nanny, uncovering a list of
suspects from her mobile phone.
Nathan Fillion and Stana Katic star.
BBC1
SKY SPORTS 1
7pmSky Sports News at
Seven 7.30pmLive Super League
10pmThe Sky Sports Years
11pmTime of Our Lives 12am
Twenty20 Cup Cricket 2amThe
Sky Sports Years 3amPremier
League World 3.30amTwenty20
Cup Cricket 5.30am-6amPremier
League World
SKY SPORTS 2
6pmLive Twenty20 Cup Cricket
9.30pmRoad to London 10pm
WWE: Smackdown 12amWWE:
Late Night Bottom Line 1am
Super League 2.30amNFL: Total
Access 3.30amRoad to London
4amSuper League 5.30am-6am
ATP Tour Uncovered
SKY SPORTS 3
7pmTight Lines 8pmLive PGA
Tour Golf 11pmEuropean Tour
Golf 1amPGA Tour Golf 4am
Tight Lines 5amKings of the Surf
5.30am-6amAerobics Oz Style
BRITISH EUROSPORT
7pmStrongest Man 8pmTen Pin
Bowling 9pmLive Under-17s
World Cup Football 11pm
Intercontinental Rally Challenge
11.30pmVideo Gaming
12am-12.30amUnder-17s World
Cup Football
ESPN
6pmNBA Classics 8.30pmWRC:
Access All Areas 9.30pmPremier
League World 10pmESPN MMA
Live 10.45pmAustralian Rules
Football 1.15amESPN MMA Live
2amLive Friday Night Fights 4am
UFC Unleashed 5am-6amWRC:
Access All Areas
SKY LIVING
7pmCSI: Crime Scene
Investigation 8pmNikita 9pm
Medium10pmCSI: Miami 11pm
Criminal Minds 12amCSI: Crime
Scene Investigation 1.50am
Supernatural 2.40amGhost
Whisperer 3.30amCharmed
4.20amNothing to Declare
5.10am-6amMaury
BBC THREE
7pmGlastonbury with Fearne &
Reggie 8pmBiffy Clyro & the
Vaccines @ Glastonbury 9pm
Mumford & Sons @ Glastonbury
10pmEastEnders 10.30pmLee
Nelsons Well Good Show11pm
Family Guy 11.45pmWorlds
Craziest Fools 12.15amIdeal
12.45amAngry Boys 1.15am
Tourism & the Truth: Stacey
Dooley Investigates Kenya
2.15amLee Nelsons Well Good
Show2.45amWorlds Craziest
Fools 3.15amIdeal 3.45amAngry
Boys 4.15am-5.15amTourism &
the Truth: Stacey Dooley
Investigates Kenya
E4
7pmHollyoaks 7.30pm
Friends 9pmGoks Clothes
Roadshow10pmWife Swap
USA 11pmMade in Chelsea
12.05amMy Name Is Earl 1am
Goks Clothes Roadshow1.55am
Wife Swap USA 2.50amGlee
3.35amPrivileged 4.15amReaper
5am-6amSwitched
HISTORY
7pmHeir Hunters 8pmStorage
Wars 9pmAmerican Pickers
10pmAncient Aliens 11pm
Clash of the Gods 1amHow
London Was Built 2amTerror
Attack: Mumbai 3amHeir Hunters
4amHow the Earth Was Made
5am-6amAx Men
DISCOVERY
8pmBritains Toughest Cops 9pm
Whale Wars 10pmGold Rush
11pmThrough the Wormhole with
Morgan Freeman 12amBear
Grylls: Born Survivor 1amWhale
Wars 2amGold Rush 3am
Deadliest Catch 3.50amFuture
Weapons 4.40amTreasure
Quest 5.30am-6amDestroyed in
Seconds
DISCOVERY HOME &
HEALTH
7pmBringing Home Baby 8pm
Little People, Big World 9pm19
Kids and Counting 10pmLittle
People, Big World 11pmIm
Pregnant and Have OCD 11.30pm
Im Pregnant and Morbidly Obese
12am19 Kids and Counting 1am
Little People, Big World 2amIm
Pregnant and Have OCD 2.30am
Im Pregnant and Morbidly Obese
3amLittle People, Big World 4am
A Baby Story 5am-6amBringing
Home Baby
SKY1
7.30pmFuturama 8pmSimpsons
9pmRaising Hope 9.30pmThe
Simpsons 10pmWall of Fame
10.30pmAn Idiot Abroad
11.30pmSpartacus 12.40amBrit
Cops: Zero Tolerance 1.35amDog
Squad 2amNCIS: Los Angeles
3.30amFringe 4.20amAirline
5.10am-6amSell Me the Answer
BBC2 ITV1 CHANNEL4 CHANNEL5
S
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&
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TVPICK
6pmBBC News
6.30pmBBC London News
7pmThe One Show: BBC News
8pmEastEnders
8.30pmA Question of Sport
9pmMy Family
9.30pmMiranda
10pmBBC News
10.25pmRegional News
10.35pmThe Graham Norton
Show11.20pmThe National
Lottery Friday Night Draws
11.30pmFILMThe Terminator
1984. 1.10amThe One Show;
Weatherview2.15amSign Zone:
The Animals Guide to Britain
3.15amSign Zone: Two Greedy
Italians 4.15am-6amBBC News
5.50pmWimbledon 2011: Live
coverage through to the close
of play on day five.
8pmToday at Wimbledon: A
round-up of the fifth days play.
9pmThe Kennedys: The
president launches the Bay of
Pigs invasion.
9.45pmCHOICE Glastonbury
2011: Coverage of the music
and arts festival, including the
headline set by U2.
10.30pmNewsnight; Weather
11.05pmGlastonbury 2011:
Highlights from the first days
performances.
2am-6amClose
6pmLondon Tonight
6.30pmITV News
7pmEmmerdale
7.30pmCoronation Street
8pmCHOICE Love Your
Garden
8.30pmCoronation Street
9pmPaul OGrady Live
10pmITV News at Ten
10.30pmLondon News
10.35pmFILMNo
Reservations. 2007.
12.30amThe Zone; ITV News
Headlines
2.35amFILMThe Whole Ten
Yards 2004. 4.10am-5.30am
ITV Nightscreen
6pmThe Simpsons
6.30pmHollyoaks
7pmChannel 4 News
7.25pm4thought.tv
7.30pmJamies 30 Minute
Meals
8pmCome Dine with Me
9pm8 Out of 10 Cats
9.30pmKing Of
10pmAlan Carr: Chatty Man
11.05pmThat Peter Kay Thing
11.40pmPhoneShop 12.10am
Music on 4 1.25amMy Name Is
Earl 2.15amThe Real Housewives
of New Jersey 3.05amUgly Betty
3.50amUgly Betty 4.35amHill
Street Blues 5.25am-6.10am
Countdown
6pmHome and Away
6.25pmOK! TV
7pm5 News at 7
7.30pmFifth Gear: 5 News
Update
8pmEddie Stobart: Trucks and
Trailers: 5 News at 9
9pmCHOICE Castle
10pmLaw & Order
11pmCSI: Miami
11.55pmInside Hollywood
12.10amSCXTRA
12.40amSuperCasino 4.05am
Motorsport Mundial 4.30amFifth
Gear 4.55amRough Guide to Short
Breaks 5.10amWildlife SOS
5.35am-6amHouse Doctor
1 2 3 4 5
6 7
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6 9 14
12 9
3 13 7
28 25
15 4 4
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10 6 5
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34 22
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24
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35
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15
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20
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14
42
8
6
11
Fill the grid so that each block
adds up to the total in the box
above or to the left of it.
You can only use the digits 1-9
and you must not use the
same digit twice in a block.
The same digit may occur
more than once in a row or
column, but it must be in a
separate block.
COFFEE BREAK
Copyright Puzzle Press Ltd, www.puzzlepress.co.uk
KAKURO
QUICK CROSSWORD
LAST ISSUES
SOLUTIONS
KAKURO
WORDWHEEL
Using only the letters in the Wordwheel, you have
ten minutes to nd as many words as possible,
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters
or more, all must contain the central letter and
letters can only be used once in every word. There
is at least one nine-letter word in the wheel.
SUDOKU
Place the numbers from 1 to 9 in each empty cell so that each
row, each column and each 3x3 block contains all the numbers
from 1 to 9 to solve this tricky Sudoku puzzle.
SUDOKU
QUICK CROSSWORD
ACROSS
1 Buddhist leader who
once ruled Tibet (5,4)
8 Ignited again (5)
9 Residence of a
clergyman (5)
10 Liturgical vestment
worn by priests (3)
11 Peak of a cap (5)
13 Animal similar to
the girafe (5)
15 Item of dining room
furniture (5)
18 Puts a name to (5)
20 Collection of rules
imposed by authority (3)
21 Abrupt (5)
22 Coral reef (5)
23 Play traditionally
popular with children
at Christmas (9)
DOWN
2 Collection of maps (5)
3 Communion table (5)
4 West Indian dance (5)
5 Miraculous food (5)
6 Move toward (9)
7 Large mass of
land projecting
into the sea (9)
12 Lubricant (3)
14 Colourful ornamental
carp (3)
16 Mountainous republic
in southeastern
Asia (5)
17 Choose by a vote (5)
18 Group of many
insects (5)
19 Atmosphere of
depression (5)
T
F
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R
O T
U
N
A
4

4

4

4
C U R D S C O S T S
H O L O U L
O U T D O O R R O E
P P P N E
S A B L E S C A L P
R M
S H A L E B L E S S
I V X E T
L E U U N A W A R E
L R L N N R
Y E A S T S A T I N
7 2 1 5 2 1
3 9 8 7 9 7 4
2 4 1 3 8 9 6 7
1 8 3 6 2 1
6 4 5 1 2 8 3
7 2 9
5 6 9 4 8 3 7
9 3 8 1 6 3
2 1 3 6 8 5 9 7
6 9 8 3 2 5 1
2 7 4 5 4 8
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter word was
HEADSTAND
Lifestyle | TV&Games
SPORT TRADER DAVID WILD AND BILL ESDAILE BRING YOU THE BEST TENNIS AND RACING BETS OF THE WEEKEND
WIMBLEDONS large contingent of
British fans has been happy to declare
Andy Murray as its own so far, but hell
soon be dismissed as a grumpy Scot if he
bites the dust against his third round
opponent Ivan Ljubicic.
Murray has come through his opening
two matches with relative ease, save for
an early scare in the first round against
Spains Daniel Gimeno-Traver, but
Ljubicic will provide the fourth seed with
his first real test of the tournament.
Ljubicic certainly has more to fear of the
pair, and I dont disagree with the layers
that Murray will continue his SW19
progress at the expense of the Croatian.
However, with prices as short as 1/20 for a
Murray victory I will be keeping my
hands in my pockets when it comes to the
win market.
At 32 years of age, and five years after
his best ever ATP ranking of number
three, Ljubicics career is undoubtedly in
its autumn stage, but hes by no means
past it just yet. His current ranking of 33
means he just missed out on a seeding
and, by beating 27th seed Marin Cilic,
proved he can still mix it with the best on
the circuit. He has been around the block,
so to speak, which will help him keep his
cool in front of thousands of Murray-sup-
porting Brits, and weve seen before how
the more experienced players can take
advantage if Murray gets frustrated and
Murray to progress
but it wont be easy
against Ljubicic
TODAY - FROM 1PM, BBC
IVAN LJUBICIC
ANDY MURRAY
POINTERS...
Andy Murray to win 3-1 at 11/4 with William Hill
Buy total games at 37 with Sporting Index
Back Tomas Berdych at 52.0 on Betdaq and lay off
before the quarter finals
4&&5)&45"340/5)&53"$,
"/%0/5)&45"(&
%$
%$
Five Thursday nights of racing
and live music at Epsom Downs
Racecourse. Food and beverage
packages available.
Get your tickets now
0844 579 3004
epsomdowns.co.uk
1
0
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O
F
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*
* Offer valid when booking in advace
until midnight before the event
Texas
30th June
The Beach Boys
7th July
Scouting For Girls
14th July
The Wanted
21st July
Blondie
28th July
Bell has plenty on his Plate at Newcastle
M
ICHAEL Bell won tomor-
rows Northumberland
Plate (3.05pm), or Pitmens
Derby as it is known locally,
in 2007 with an unexposed four-
year-old in Juniper Girl. He has two
to go to war with this year
Tactician, owned by the Queen, and
ACTIVATE, who is seeking a four-
timer after an impressive win at
Haydock last time.
Activate has been given what
looks a terrible draw in stall 18 of
20 and William Hill have pushed
him out from 5/1 to 7/1. However,
three of the last five winners came
from double-figure stalls, including
last years winner Overturn. Donald
McCains horses are in tip-top form,
but you have to rewind 33 years for
the last back-to-back winner of this
marathon. He is much better
drawn this time around in stall
two, but will find it far more diffi-
cult off top weight.
Harlestone Times and
Investissement are both well drawn
and hold decent chances, but their
prices have collapsed and I think
the market has over-reacted to
Activates draw. Hayley Turner will
need a lot of luck, but the son of
Motivator is adaptable to both the
ground and tactics, as he can make
the running or be dropped in. He
would have been too short at
around 4/1, but is good value each-
way at 7/1 with William Hill.
The opening maiden at
Newmarket tomorrow (1.45pm) has
been a Richard Hannon benefit in
recent years, with him winning
four of the last seven renewals.
However, I think it can go to a
smaller yard this time as Julia
Fieldens ACER DIAMONDS holds
really strong claims. He was a big
market mover on debut at
Newbury a couple of weeks ago,
but was too green to do himself jus-
tice and will have learnt plenty
from that. He is very well regarded
at home and we should be able to
pick up a decent each-way price.
Sir Henry Cecil is taking MIDDAY
over to the Curragh tomorrow for
the Group One Pretty Polly Stakes
(3.35pm) and she is a knocking bet
at 4/5 with William Hill. It looks a
straight match between her and
Snow Fairy and she must have a fit-
ness edge over Ed Dunlops runner.
The Irish Derby on Sunday looks
tough to call as there was nothing
between Carlton House and
Treasure Beach at Epsom, while
Seville will be much more at home
at the Curragh. Ill leave that race
alone and will back GOLD SCEPTRE
in Salisburys opener on Sunday
instead. He has been working really
well at the Hannons and he should
be good enough to win on debut.
You can follow me on
Twitter @BillEsdaile.
Punter| Sport
his signature petulance creeps in. It did
when he swung for the net and, separate-
ly, at his shoe on Wednesday.
William Hill go 4/7 for Murray to win in
straight sets, but a 3-1 win at 11/4 with the
same firm strikes me as a better bet.
Although Murray has twice produced con-
vincing victories he is still a long way from
hitting the form that he showed when he
beat Andy Roddick in the semi-final at
Queens. Murray never looked in complete
control against second round rival Tobias
Kamke and managed to tot up 19 unforced
errors.
Ljubicics big weapon is his serve and he
is no stranger to a tie-break; at 6-6 in any
given set, the pressure of expectation will
all be on Murray. If we expect a couple of
sets to go the distance and Ljubicic to grab
a set, it follows that we should also buy
total games at 37 with Sporting Index.
In the outright market, Roger Federer is
the lone favourite at 3.05 (2/1) on Betdaq,
but theres not much to choose between
any of the top four of Rafa Nadal, Novak
Djokovic and Murray. However, look just
outside that group and there are some big
prices and, therefore, good trading oppor-
tunities. Last years defeated finalist
Tomas Berdych is currently 52.0 (50/1) but
he is blessed with the pretty easy draw of
Alex Bogomolov Jr in round three and
either Mardy Fish or Robin Hasse in the
fourth. Back the Czech now and lay off
before a likely meeting with Nadal in the
quarters.
POINTERS...
ACERDIAMONDSe/w 1.45pmNewmarket (tmrw)
ACTIVATE e/w 3.05pmNewcastle(tmrw)
MIDDAY 3.35pmCurragh(tmrw)
GOLDSCEPTRE 2.00pmSalisbury(Sun)
ENGLAND wicketkeeper Craig
Kieswetter believes his unscheduled
sabbatical from international crick-
et has helped him to come to terms
with the standard of performance
required of him.
The 23-year-old made a thrilling
start to his England career by
playing a pivotal role in
clinching the World
Twenty20 tourna-
ment last year, but
lost his place in
the limited overs
set-up following a
wretched run of
form over the
summer which
ultimately cost him a
place in the World Cup
squad.
But after working hard over the
winter with Lions batting coach
and former England great Graham
Thorpe, the South African-born star
(below) has earned a deserved recall
for the upcoming Twenty20 and
one-day matches against Sri Lanka.
Im chuffed to bits to be back in
the set-up after a bit of time out. It
was the first yesterday today and
Im really excited, he said.
It was great to win the Twenty20
final but my performances against
Australia and then Bangladesh at
home didnt warrant
me being in the side.
In international
cricket, if you dont
perform, you get
dropped. That is
what happened to
me.
It was massively disappointing. I
think once you get a taste of inter-
national cricket, to be dropped is a
hard pill to swallow.
But I think Ive bounced back
quite nicely. The winter has been
good and it is great to be back in
fold.
Kieswetter has tightened up his
game but without dispensing with
the attacking skills that will be
required in the shorter versions of
the game.
He said: I worked really hard
with Graham Thorpe and Bruce
French on the Lions trip and Im
really happy to be back.
There have been a few things, a
few technical issues and mental
things Ive worked on my batting
with Thorpey and then with
Frenchy on the wicket-keeping side.
But Im not going to change
myself too much. Im going to con-
tinue to be attacking.
Thats my role, my natural game
but Im a lot more tighter, a lot
more controlled with the way I
play.
Kieswetter relishes a
second opportunity
BY JAMES GOLDMAN
CRICKET
SKYS THE LIMIT: WIGGINS HAILS TEAM STRENGTH

OLYMPIC champion Bradley Wiggins believes the revamped Team Sky should be target-
ting a top 10 finish at next months Tour de France. Wiggins was yesterday named along-
side fellow Britons Geraint Thomas and Ben Swift in a nine-man squad. He said: We are
now in a better position than Ive ever been in. Top 10 seems more than achievable now
and actually it seems getting on the podium is achievable. Pic: ACTION IMAGES
Sport
29
THEY LIKE TO PUT ME OUT
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Sport 30 CITYA.M. 24 JUNE 2011
Spurs lose Olympic Stadium fight
TOTTENHAM and Leyton Orient
have failed in their attempts to pre-
vent West Ham from moving into
the Olympic Stadium after their bids
for judicial reviews were rejected by
a High Court judge.
The north Londoners and chair-
man Daniel Levy were understood to
have queried the process Newham
Council undertook in agreeing to
underwrite a controversial 40m
loan from the Treasury which went
towards West Hams 90m reloca-
tion costs.
Spurs, whose intention it was to
rebuild the 80,000 seater stadium
minus a running track, have six days
to appeal against the rejection of
their application and can request an
oral hearing to state their case.
Spurs said last night in a state-
ment: The club has the option of
renewing the application at an oral
hearing. We shall give consideration
to this in the next few days.
West Ham vice-chairman Karren
Brady, meanwhile, celebrated yester-
days decision, saying: We welcome
the news as a further endorsement
of our strong and viable legacy
vision.
We hope we can now focus all our
energy and passion on delivering a
fantastic multi-use Olympic Stadium
for the whole nation.
We were honoured to be unani-
mously chosen as preferred bidder
by the OPLC. Their decision, after a
robust and diligent process, was sub-
sequently backed by the Mayor of
London and government.
Our vision - in partnership with
the London Borough of Newham -
remains for a globally-recognised
destination for all, with community
at its core, capable of hosting world-
class sporting events, including top-
level football and athletics.
We are pleased with the ruling
and continue to make good progress
with the preferred bidder to agree
final terms, the Olympic Park
Legacy Company added in a state-
ment.
West Ham were unanimously cho-
sen as the preferred occupant, hav-
ing proposed to reduce the
stadiums capacity to 60,000 seats
after the Olympics for use as a multi-
purpose venue, and crucially retain-
ing the running track to maintain
an athletics legacy.
BY JAMES GOLDMAN
OLYMPICS
High Court judge rejects applications from Tottenham and Leyton Orient to take OPLCs decision to judicial review
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a r o C s oma h T e h T

tner r a P Official Media
d e r e st i g e r s i K U R d e R
r a h c ed r e t s i g re ( en r d l Chi r o f n o i t a d n u o F m a
. 2 75 9 7 0 1 . o n y t i r a ch d
C l a y o R y b ed h s li b a t s e s a w ) 8 7 2 2 1 3 . o n y t i r

. 9 73 1 n i r e t r a h C
Sport
Results
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email sport@cityam.com
SPORT | IN BRIEF
India clinch series opener
CRICKET: Englands upcoming opponents
India won the opening Test against West
Indies by 63 runs after running through
the home sides batting line-up on the
fourth day at Sabina Park. Starting the
morning on 131 for three and needing
another 195 runs to win, West Indies lost
six wickets in the first session before
they were bowled out for 262. Rahul
Dravid was named man of the match fol-
lowing his 112 in Indias second innings.
Arsenal target hints at Rovers exit
FOOTBALL: Blackburn defender Chris
Samba has cast doubt over his future at
Ewood Park by claiming he would leap at
the chance to leave if a good opportuni-
ty arose. Samba has been strongly
linked with a summer move to Arsenal.
MANCHESTER UNITEDS summer
spending is set to smash through the
50m mark after they completed the
signing of England winger Ashley
Young yesterday.
Young (inset), 25, joins
the champions from
Aston Villa for a fee of
around 16m having
agreed terms on a
five-year contract.
Manager Sir Alex
Ferguson has already
recruited England
Under-21 defender
Phil Jones from
Blackburn and is widely
understood to be on the
verge of securing the services
of Atletico Madrid goalkeeper David
de Gea.
The Spaniard is expected to com-
plete his Old Trafford switch upon
the fulfillment of his summer com-
mitments with the Spanish Under-21
side and his signing would take
Uniteds spending to 50m, represent-
ing their largest summer outlay in
four years.
Young, who will compete
with the likes of Nani,
Antonio Valencia and Ji-
Sung Park for a place in
Uniteds starting line-
up, is relishing the
challenge ahead of
him.
He said: The
opportunity to come
and play for one of the
biggest clubs in the
world is one I couldnt
turn down. Its a chance to
hopefully become part of the
history by helping to win the 20th
title.
Its a prospect I always looked at
from being a child.
Young deal part of
50m United spree
BY JAMES GOLDMAN
FOOTBALL
SIX-TIMES Wimbledon champion

Roger Federer served up a late night
masterclass under the Centre Court
roof on day when the tournament
favourites flexed their muscles at
SW19.
The former world No1 required just
over an hour-and-a-half to dispatch
Frances Adrian Mannarino, drop-
ping just seven games on the way to
booking a third round clash
against former finalist David
Nalbandian.
Second seed Novak Djokovic
conceded just nine games in his
routine victory over South
Africas Kevin Anderson,
but it was much tougher
for Swedish fifth seed
Robin Soderling, who
came from two sets down
to defeat 2002 champion
Lleyton Hewitt in a Centre
Court classic which lasted nearly four
hours.
In the womens draw, British
teenager Laura Robsons much antici-
pated clash against Maria Sharapova
was postponed due to the weather.
Serena Williams, meanwhile, over-
came the concession of the first set
for the second round in succession to
record a 3-6, 6-2, 6-1 win over Simona
Halep.
Despite another gutsy comeback
victory, the defending champion
(below) was unhappy at being relegat-
ed to Court Two. Asked at her post-
match press conference
if she took it as an
insult that youre
not automatically
put on Centre
Court, or Court One
like Djokovic or
Nadal, Williams replied:
Yeah, theyre never moved
across. Actually, Venus and I
have won more
Wimbledons together than
a lot of the players or by our-
selves in doubles
even.
British No1 Andy
Murrays third round tie
against Croatias Ivan Ljubicic
is due to be the third match
on Centre Court today.
Big guns continue to
make solid progress
BY JAMES GOLDMAN
TENNIS
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