Cityam 2011-07-19

ITALY suspended trading in govern-
ment and corporate bonds yesterday as

the release of the EUs stress tests
plunged the region deeper into a crisis
that some analysts are comparing to
the fall of Lehman Brothers.
The panic saw billions wiped off the
value of Europes banks and interest
rates on Italian ten-year debt climb
above six per cent before trading was
shut down. The euro hit a new record
low against the Swiss franc; gold
reached a new high of $1,600 (1,000)
an ounce; and the FTSE and Dax both
dropped 1.55 per cent.
The market cap of Britains biggest
banks shrank by 6.3bn, with Lloyds
plunging 7.5 per cent, Barclays 3.7 per
cent and RBS six per cent.
Overall, Europes financial stocks
sank to their lowest levels in two years.
Italian Unicredit and Intesa Sanpaulo
both dropped by over six per cent and
UBI by more than five.
BUSINESS WITH PERSONALITY
www.cityam.com Issue 1,427 Tuesday 19 July 2011 FREE
FTSE 100 t5,752.81 -90.85 DOW t12,385.16 -94.57 NASDAQ t2,765.11 -24.69 /$ 1.61 unc / 1.14 unc /$ t1.41 -0.01
Murdochs
Sky role in
the balance
JAMES Murdochs role as chairman of
BSkyB could hinge on his performance
at the crunch media select committee
hearing this afternoon.
The heir apparent to the Murdoch
empire has come under increasing
pressure to relinquish the Sky chair-
manship following News Corps han-
dling of the phone hacking scandal.
Sources close to the Sky board have
told City A.M. they will closely monitor
how Murdoch fares in the bear-pit this
afternoon before deciding his fate.
He will face tough questions from
MPs over why he authorised out of
court settlements to high profile vic-
tims of News of the World phone
hackers.
These included payments totalling
around 700,000 to former FA boss
Gordon Taylor. If Murdoch fails to con-
vince Sky board members his position
is still tenable, it is likely he will be
asked to step down, perhaps temporar-
ily, while he concentrates on the fire-
fighting operation at News Corp.
However, the main event will be the
appearance of octogenarian Rupert
Murdoch. The committee will be keen
to discover how much the tycoon was
aware of the practices of the newspa-
pers in his empire.
Rebekah Brooks, who resigned as
News International boss on Friday, will
also face a grilling. She was editor of
the News of the World when mur-
dered teenager Milly Dowlers phone
was hacked. She had resisted early
pressure to step down.
SEE MORE: P5
BY STEVE DINNEEN
MEDIA
ANALYSIS l Barclays
p
14Jul 15Jul 18Jul 13Jul 12Jul
235
225
215
207.65
18 Jul
Credit markets showed the conta-
gion spreading to core EU nations,
with Markits index of Western
European sovereign credit default
swaps (CDS) rising to an all-time high
of 306 basis points, meaning it costs
306,000 to insure 10m of debt.
French CDS widened to a new
record of 123bps, Italy CDS climbed by
20bps to 326 and Greek CDS shot up
92bps to 2,507.
Greek bailout negotiations are still
at an impasse with ECB president Jean-
Claude Trichet refusing to consider any
form of private-sector burden-sharing.
Figures out yesterday put to bed
speculation that the ECB had inter-
vened to bring down Italian yields last
week, with the data showing that the
Bank made no purchases.
Sovereign debt problems across the
pond added to the gloom: the Dow
closed 0.76 per cent down, and the
Nasdaq down 0.89 per cent. MORE: P2-3
BY JULIET SAMUEL AND JULIAN HARRIS
BANKING
ECB president Jean-

Claude Trichet believes
a sovereign default
would be Europes
Lehman Brothers
Certified Distribution
30/05/11 till 03/07/11 is 102,636
DEBT CRISIS
ESCALATES
ANALYSIS l Italian ten year bond yields
%
May Jun Jul
6
5.5
5
4.5
3.5
4
5.757
18 Jul
ANALYSIS l RBS
p
36.5
35.5
34.5
33.5
32.97
18 Jul
ANALYSIS l Lloyds
p
46.5
45.5
44.5
43.5
42.5
41.5
41.35
18 Jul
News
2 CITYA.M. 19 JULY 2011
European idiocy
at heart of crisis
Once again, regulators have failed
spectacularly. Gold hit 1,000 an
ounce today for the first time, as equi-
ties fell, Club Med government bond
yields jumped, spreads increased and
the fear and loathing in the credit
markets intensified and all of that in
response to the EUs banking stress
tests on Friday night, which were sup-
posed to reassure investors that all
was well. What a farce. The tests pre-
posterous lack of credibility they did-
nt even envisage the possibility that a
government could go bust have been
greeted with the contempt they
deserved.
The key problem is that if markets
dont know what will happen to small-
er, less well-managed financial institu-
tions in the event of a sovereign
default, then they will be less likely to
lend to them or engage in other sorts
of relationships. Perceived counterpar-
ty risk, as it is called, will intensify
and these less transparent firms will
soon start running out of cash, poten-
tially triggering a liquidity crisis. The
amount of credit available to troubled
economies will dry up, assuming that
bigger, more obviously well-capi-
talised banks are unable to step in and
fill the liquidity void.
From a UK perspective, one risk
would be a collapse in trade credit in
the Eurozone, triggering a sharp
decline in global trade. During the
previous crisis, manufacturing output
collapsed by more even than financial
services output. The reason was this
drying up of trade credit, which led to
a collapse in the supply chain and
thus in factory output, in a remark-
EDITORS LETTER
ALLISTER HEATH
EUROZONE negotiations showed no
sign of a breakthrough yesterday in
the run-up to Thursdays crunch talks
on a new Greek bailout, with markets
increasingly convinced that only a full
fiscal union with region-wide euro-
bonds will stop the crisis spreading.
Politicians, led by Germany, have
been in deadlock with the European
Central Bank (ECB) for weeks over the
issue of private-sector burden-sharing.
Berlin insists that banks take a symbol-
ic part in any deal but ECB president
Jean-Claude Trichet says that such a
proposal would be disastrous.
But investors views are hardening,
with a growing belief that only a deal
to see the regions sound nations
underwrite the debt of its bankrupt
governments will be enough.
UBS analysts wrote yesterday that
convincing markets is easy to do if
the political will is there: making any
one countrys obligations the responsi-
bility of all would do it.
They added: This would necessarily
involve a permanent reduction in the
sovereignty of each nation involved
but this would likely prove an attrac-
tive outcome compared with the alter-
natives.
But it is not clear that politicians
will align themselves with financial
markets. Barclays Capital analysts said
in a note yesterday that the stress test
data released on Friday graphically
illustrate the level of interconnected-
ness among the major banks in
Europe... [which] lies behind much of
the current sovereign crisis.
The note adds that the European
banking system is now constructed
on the assumption of permanent
monetary union through massive
cross border-exposures.
Markets see
fiscal union as
the solution
able case of contagion. A collapse in
key export markets would also hit the
UK, but the biggest danger is financial
contagion crippling global City banks,
insurers and institutional investors.
The spiraling yields on Italian and
Spanish bonds are not as weird as
some have argued. One reason is that
the probability of a euro break-up is
increasing and even if you think
there is just a 10 per cent chance of
the euro ending at some point over
the next decade, and Italy and Spain
reverting to weak, inflationary cur-
rencies and devaluing themselves out
of debt, logic dictates that you should
demand a much steeper premium to
lend to them. Before the single curren-
cy was launched, yields on the bonds
of Club Med countries were rightly
much higher than those on German
bunds; we are gradually seeing a
return to sensible, differential pricing
of risk by investors who had previous-
ly completely misunderstood the
nature of the Eurozone and confused
it for a fiscal union.
That said, the most likely outcome
is that the EU will eventually find a
way (by bending or rewriting rules) to
federalise the debt of failed, bankrupt
states: they will issue vast amounts of
EU-backed bonds (say 1 trillion, as an
order of magnitude) and tell all finan-
cial institutions, including insurers
and pension funds, that they wish to
buy every single government bond
from bankrupt countries that they are
willing to sell, probably at the dis-
count to face value being priced in at
that particular time by the markets.
The authorities would give holders an
ultimatum: sell now, or bear all future
losses. It may be that such an arrange-
ment will not be ready on time for
Greece, which could yet be left to go
bust and be thrown out of the euro.
But regardless of the details, a giant
euro-bond would transfer the default
risk from private institutions stupid
enough to trust Club Med govern-
ments (or who were forced, for regula-
tory reasons, to hold their bonds) to all
European taxpayers. This could dam-
age the credit rating of more solvent
countries but even if it doesnt, it
would be tantamount to a massive
bailout. In return, the EU would want
its pound of flesh: the weaker
Eurozone countries would be turned
into quasi-protectorates.
Such a plan would further discredit
capitalism (even though the people
who caused the crisis were over-spend-
ing politicians) and it would rob the
EU of its legitimacy in the eyes of both
Southern Europeans (who would lose
their independence) and Northern
Europeans (who would pay for the
souths greed, stupidity, mismanage-
ment and economic illiteracy). The
only thing that will restore faith in
banks, insurance companies, pension
funds and the like is if they are willing
and able to take a big hit to protect
taxpayers. There is nothing that will
make a total EU takeover acceptable to
Greeks and others, which is why they
will soon want to quit the EU and
the German public will be deeply
angry as it finally realises that every-
thing it was ever told about the euro
has turned out to be a lie. It will soon
want out too. The EU has always
worked on the basis that every crisis is
good because it invariably provides an
excuse to centralise powers. But the
present nightmare could prove to be a
bridge too far and herald the begin-
ning of the end for the entire project.
Fun and games are about to start.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
4th Floor, 33 Queen Street, London, EC4R 1BR
Tel: 020 7015 1200 Fax: 020 7283 5334
Email: news@cityam.com www.cityam.com
Editorial
Editor Allister Heath
Deputy Editor David Hellier
News Editor David Crow
Acting Night Editor Marion Dakers
Business Features Editor Marc Sidwell
Lifestyle Editor Zoe Strimpel
Sports Editor Frank Dalleres
Art Director Craig Gaymer
Pictures Alice Hepple
Commercial
Sales Director Jeremy Slattery
Commercial Director Harry Owen
Head of Distribution Nick Owen
Editorial Statement
This newspaper adheres to the system of
self-regulation overseen by the Press Complaints
Commission. The PCC takes complaints about the
editorial content of publications under the Editors
Code of Practice, a copy of which can be found at
www.pcc.org.uk
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BY JULIET SAMUEL
EUROZONE
BANKIA, the Spanish caja group, was

forced to cut its float price drastically
yesterday as Eurozone turmoil threat-
ened to derail a deal seen as vital to
keeping Spains banks out of full
nationalisation.
A source close to the situation
reported that those on the deal were
considering shrinking its size by
100m last night, after cutting the
price to 3.75, well below its initial
range of 4.41- 5.05.
Bankia could now raise 3bn at
the lower end of its target range for
new funds in what bankers have
called a bellwether float for
European financials.
The cut-price float offers shares to
investors at 0.4 times book value after
jittery international investors left
much of the book to be filled by
domestic demand. But it is under-
stood that the book was considered
covered last night at the new price.
The syndicate, which includes
Deutsche Bank, Bank of
America/Merrill Lynch, UBS and JP
Morgan, has been fighting some of
the worst conditions for EU banks
since the financial crisis, with many
falling over six per cent yesterday.
Banca Civica, a smaller Spanish sav-
ings bank group, is also hoping to
raise 700m in a float this week and
aims to close its book tomorrow after
delaying its deal by a day.
Bankia forced to offer
investors cut-price float
DEUTSCHE Banks Neil Kell and Ed
Sankey have the unenviable task of
pulling off DBs part in the Bankia
float, which is taking place in some
of the most difficult conditions
imaginable for European financials.
Kell moved to Deutsche from
Bank of America Merrill Lynch last
year to become head of the finan-
cial institutions group in equity cap-
ital markets (ECM).
Deutsche has had a bumper year
for financial equity capital raisings
so far, topping league tables in the
sector year-to-date.
It has been on deals for
Commerzbank, Danske Bank, VTB
and Nomos.
MEET THE ADVISERS
DEUTSCHE
BANK
NEIL KELL AND
ED SANKEY
BY JULIET SAMUEL
CAPITAL MARKETS
VIRGIN GROUP NAMES NEW CO-

CEOS
Richard Bransons Virgin Group
has announced a management
reshuffle. Stephen Murphy, chief
executive since 2004, will step
down at the end of the year to take
an advisory position in the group.
He will be replaced by co-chief exec-
utives: David Baxby, head of Virgin
Asia-Pacific and the aviation arm,
and Josh Bayliss, general counsel.
NYLON AND BARCLAYS SETTLE
250M DISPUTE
Barclays and Nylon Capital, a hedge
fund, have settled legal action
brought by the UK bank which is
connected to its decision to invest
250m of seed capital into
Nylons funds.
CO-COS NOT ACCEPTABLE AS
BANKS CAPITAL
Hopes that innovative securities
devised in the wake of the banking
crisis could count as top-quality
capital were dashed yesterday.
Central bankers on the Financial
Stability Board ruled that co-cos
or contingent capital would not
qualify for the capital surcharges to
be imposed on 80 of the biggest
banks.
BBC TRUSTEES CLAIM 40,00
EXPENSES IN SIX MONTHS
The BBC trustees claimed expenses
of 41,528 in the six months to the
end of March this year, the Trust
said yesterday. The outgoing chair-
man, Sir Michael Lyons, who retired
at the end of April, claimed 11,566.
WHAT THE OTHER PAPERS SAY THIS MORNING
THE Royal Bank of Scotlands
restructuring chief, Nathan Bostock
is quitting the firm to join its rival,
Lloyds Banking Group, as the new
head of wholesale banking.
Bostock, will replace Truett Tate,
the current head of wholesale bank-
ing, in early 2012.
Truett is set to move to another
role as a vice-chairman at Lloyds
and will retain a seat the banks
board.
The appointment comes as part
of Lloyds chief executive Antnio
Horta-Osrios strategy to reshuffle
the board he inherited in February
from his predecessor Eric Daniels.
Lloyds shake-up
as Bostock joins
BANKING
News
CREDIT rating agency Moodys said
yesterday that the US should scrap its
debt ceiling entirely. The legislative
cap creates periodic uncertainty,
Moodys argued, suggesting that
America could adopt a fiscal rule to
restrain deficit build-ups instead.
The statement preceded another
day of political sparring in the US.
The possibility of America default-
ing on its debts is off the table, US
treasury secretary Timothy Geithner
claimed yesterday in an optimistic
statement.
Yet the White House later rebuffed
a Republican plan to force future fed-
eral governments to balance their
books, showing that progress in the
crunch talks remains slow.
President Obama will veto the plan
on the off-chance that it gets through
both House and Senate.
The Moodys recommendation to
abolish the debt ceiling was criti-
cised by Tory MP Sajid Javid, who has
launched a bill to introduce similar
limits on government debt in the
UK.
A self-imposed limit forces govern-
ments to act before the market closes
in itself, Javid told City A.M.
However difficult the situation in
the US, it would be a lot worse if it
was allowed to get close to a market
imposed limit, said Javid, who spent
20 years working in Londons finan-
cial markets.
Compare it with whats happen-
ing in Italy and Greece, Javid added.
Moodys loses patience as
US debt talks ramble on
THE EUs second round of stress tests
precipitated a sharp fall in European
bank shares yesterday after being
slammed as frustrating and full of
widespread anomalies.
Analysts were scathing about the
European Banking Authoritys (EBA)
first ever tests, keeping price recom-
mendations unchanged and saying
that the exercise was effectively use-
less as a tool for distinguishing
between risky and sound banks.
Credit Suisse analysts called the
tests a missed opportunity, adding
the market remains correct to be
worried about funding and liquidity.
In its analysis, Barclays Capital said:
The variation by bank is enormous
This kind of variation hurts the credi-
bility of this exercise, in our view.
There was also a concern that the
tests unduly penalised investment
banking operations versus retail and
assumed that a future stress scenario
would mimic 2008.
Investec wrote that in the tests
earning assumptions RBS was partic-
ularly disadvantaged.
UBS adds: The tests proved
favourable for retail banks and failed
to adequately take into account the
different nature of the current crisis.
Credit Suisse agreed:
Securitisation holdings are dealt
with in a very penal fashion [which]
does not take account of the fact that
the major stress period (2007-2009) is
in the past, and is based on the US
experience.
Stress tests denounced by analysts
as backward-looking and inconsistent
Obama opposes a plan to force the government to balance its books
BY JULIET SAMUEL
BANKING
Intertwined fates: Clockwise

from bottom left: Spanish
prime minister Jos Luis
Rodrguez Zapatero,
Portuguese prime minister Jose
Socrates, Greek prime minister
George Papandreou and ECB
president Jean-Claude Trichet.
BY JULIAN HARRIS
US ECONOMY
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ASSISTANT police commissioner John
Yates yesterday followed the example
set by his former boss and quit over
the hacking scandal yesterday.
His resignation had been widely
expected after his judgement was
called into question over his decision
not to reopen the phone hacking
investigation in 2009 and his relation-
ship with former News of the World
deputy editor Neil Wallis, who was
later employed by the Metropolitan
police.
Fresh allegations emerged last
night that Yates helped Wallis daugh-
ter get a job in the Met, with the
Independent Police Complaints
Commission (IPCC) saying it will
investigate. Yates branded the specu-
lation downright malicious gossip
and denied any wrongdoing. He said
he expects an inquiry to show he
acted correctly when he did not
reopen the case.
His resignation follows that of for-
mer police commissioner Sir Paul
Stephenson, who quit on Sunday
night after coming under intense
political pressure.
Yates is the latest in a string of high
profile figures dragged under by the
phone hacking tidal wave. Now all
eyes will be on James and Rupert
Murdoch as they face the media
select committee later today.
The reverberations from the hack-
ing scandal also reached ratings
agency Standard & Poors, which yes-
terday put News Corp on negative
credit watch.
In a bid to limit further damage,
News Corp yesterday announced the
formation of an independent
Management and Standards
Committee (MSC), which will be
chaired by Lord Grabiner QC. The
MSC will work with ongoing investi-
gations and conduct its own inquiries
into the events that led to the closure
of the News of the World.
Meanwhile, former News of the
World showbiz reporter Sean Hoare,
who alleged his then-boss Andy
Coulson encouraged staff to hack into
peoples voicemails, was found dead
yesterday. Police said the death was
unexplained but is not being treat-
ed as suspicious.
Yates of Yard
falls on sword
over hacking
BY STEVE DINNEEN
MEDIA
LORD Anthony Grabiner QC will head

up News Corps new damage-limita-
tion vehicle, named the Management
and Standards Committee (MSC).
He will be responsible for proving
News Corp is willing to investigate
wrongdoing and work with police
over the hacking scandal.
The 66-year-old, famed for his no-
nonsense approach, became a house-
hold name in 2010
when he won two
cases against the for-
mer owners of
Liverpool
Football
C l u b
involv-
ing the
sale of
t h e
club.
Lord Grabiner to oversee new
damage limitation vehicle
MEDIA
News
lANOTHER DAY OF TURMOIL FOR MURDOCH EMPIRE
8:30am
Mayor of London Boris
Johnson says Met assis-
tant commissioner John
Yates should face difficult
questions following the
resignation of his boss Sir
Paul Stephenson. He sin-
gles out Yates relation-
ship with former News of
the World deputy editor
Neil Wallis, who was
employed by the Met.
Ministers were not
informed of the hire.
2:00pm
Assistant commissioner
John Yates steps down
amid intense political
scrutiny, including pres-
sure from Boris Johnson.
Yates says he is unable
to continue in his work
while the scandal is still
raging. He denies any
wrongdoing. Earlier
reports suggest he was
about to be suspended
while the police look at
allegations against him.
6:00pm
Police reveal that former
News of the World
reporter Sean Hoare,
who was questioned
under caution about
phone hacking, is found
dead in his flat. Police say
the circumstances are
unexplained but not
suspicious. He was the
first reporter to go on the
record with allegations
that Andy Coulson knew
about phone hacking.
10:15am
David Cameron reveals
parliament will sit for an
extra day on Wednesday,
in a rare delay to the
summer recess. He
extended the calendar
so that MPs can discuss
the issues raised by
todays media select
committee hearing into
the phone hacking scan-
dal. Ed Miliband had ear-
lier called for parliament
to sit the extra day.
ANALYSIS l News Corp.
$
17.0
16.6
16.2
15.8
15.4
15.38
18 Jul
COMMODITIES giant Glencore con-
firmed its agreement to acquire
$475m (295m) of copper assets in
Peru yesterday.
The deal was struck between its
subsidiary Glencore International
and Hong Kong-based CST Mining
and will see Glencore take a 70 per
cent stake in Marcobre, the owner of
the Mina Justa copper project in
southern Peru.
The takeover gives Glencore access
to a resource pile of more than 3m
tonnes of contained copper and
strengthens its position as a produc-
er as well as a trader in the sought-
after industrial metal.
The takeover is subject to due dili-
gence but is expected to complete in
October and follows Glencores
recent purchase of Sable, a Zambian
copper producer, for 28m last
month.
Mina Justa would ideally comple-
ment Glencores existing polymetal-
lic mining operations in Peru, and
add significant value to our world-
wide group of copper mining assets,
said Daniel Mate, co-director of
Glencores zinc, copper and lead
division.
Glencore seals agreement to buy
295m Peruvian copper assets
ANDY Hornby, the former chief exec-
utive of Alliance Boots and HBOS, has
been appointed chief executive of
Coral, the bookmaker, ending a year
long search to find a replacement for
Nick Rust, who left to join Ladbrokes
last year.
Hornby stood down from Alliance
Boots, owner of the high street
chemist, in March, after saying he
needed a few months break follow-
ing an intense five years.
Hornby had previously been chief
executive of HBOS during the finan-
cial crisis, when saw losses of 11bn
before it was bought by rival Lloyds
Banking Group.
A spokesperson for Coral con-
firmed that the firm had announced
the appointment internally on Friday
and Hornby started in his new role
yesterday, following weeks of specula-
tion surrounding his appointment.
We are delighted to confirm that
Andy Hornby has been appointed
chief executive and will be responsi-
ble for Corals retail and online opera-
tions, he said.
Andy Hornby starts as
chief executive at Coral
BY KASMIRA JEFFORD
RETAIL
News
ANALYST VIEWS: IS PHILIPS OVER THE
WORST? Interviews by Steve Dinneen
MANOJ LADWA | ETX CAPITAL

These numbers highlight the difficulties even multi-nationals are having
under tough conditions. While the company seems to be pulling out all stops to
revive its fortunes, given the tough economic backdrop, investors are likely to ask:
is this is enough to halt the decline?
JONATHAN JACKSON | KILLIK & CO

Profit at the EBITDA level was 370m, ahead of analysts' expectations
of 304m. The EBITA margin declined to 7.1 per cent of sales, from 9.5 per cent a
year ago, with the increase in margin in healthcare being offset by lower margins
in consumer lifestyle and lighting.
TOM MULLER | THEODOOR GILISSEN BANKIERS

The buyback programme and the clear mid-term goals are positive, as
earnings are going to be under pressure for a while.
THE tale probably apocryphal of

Alexanders appointment at
Orange is that, over dinner, he was
asked by a senior director what he
would do if he was in charge. The
director was so blown away by the
vision, he asked Alexander to run
the company.
Four years later, after the merger
with T-Mobile, the City has inter-
preted Alexanders shock departure
as a sign that Everything
Everywhere owners France Telecom
and Deutsche Telekom have lost
faith in that vision.
Industry sources say top brass are
unhappy with the progress
Everything Everywhere has made
towards hitting tough profit mar-
gin targets and this, coupled with
genuine personal reasons for
Alexander, led to the departure.
Now the job of hitting these tar-
gets will fall to Oranges European
head Olaf Swantee.
The charismatic Alexander,
known for his love of racing
sports cars, will remain in
the position until 31 August, when
Swantee will take control.
His departure will mark the sec-
ond time Alexander has left a top
job in the telecoms industry the
first being after the sale of Virgin
Mobile, which he was instrumental
in setting up, to NTL in 2006.
Alexander, already a rich man
before joining Orange, will remain
on the payroll as a
c o n s u l t a n t
until at least
the end of the
year and City
A.M. under-
stands he may
also be kept on
as an adviser to
the firm after
this.
Tom Alexander quits
Everything Everywhere
BY STEVE DINNEEN
TELECOMS
TOM ALEXANDER
BY ALISON LOCK
COMMODITIES
PHILIPS flagged a grim outlook after

a surprise quarterly loss that was driv-
en by writedowns on recent acquisi-
tions to reflect weak consumer
demand in Europe and the US.
The Dutch group yesterday
announced an unexpected 1.4bn
(1.2bn) writedown on healthcare
and lighting acquisitions that
dragged it to a 1.3bn second-quarter
net loss, just weeks after profit warn-
ings at two key divisions.
It also gave a bleak outlook for the
next two quarters.
Philips posts a
loss of 1.2bn
BY HARRY BANKS
PHILIPS
SHARES in embattled Bank of

America slumped up to four per cent
yesterday, leading the Dow Jones
industrial average lower for a spell,
after reports that the bank needs to
raise up to $50bn of fresh capital to
meet regulatory standards.
The US bank, which reports second-
quarter results today, was said by ana-
lysts to require a massive cash
injection to offset expenses and losses
linked to bad mortgages.
Forecasters expect the firm to
announce earnings per share of
around $0.95 when the firm posts its
figures before the US opening bell.
TECH giant IBMs quarterly profit
rose eight per cent from a year earli-
er, beating Wall Street forecasts,
buoyed by strong growth in sales of
its computers and software.
The worlds biggest maker of main-
frame computers reported second-
quarter net income of $3.66bn
(2.88bn), or $3.00 per share, com-
pared with $3.39bn, or $2.61 per
share, a year earlier.
Revenue climbed 12 per cent to
$26.7bn, helping prompt a rise in
full-year forecasts at the firm.
IBM said signings of new business
at its services division surged 16 per
cent in the second quarter, trouncing
expectations and signaling strong
spending on technology by corpora-
tions.
IBM said that signings rose to
$14.3bn during the second quarter,
beating Wall Street projections and
easing investor concerns after the
closely watched number dropped in
the first quarter.
Deutsche Bank said in a research
note that analysts on average had
expected signings of $12bn to $13bn.
Investors believe signings is a key
indicator of future profits. But IBM
says the focus should be more on
total backlog of business, which grew
by $15bn during the quarter to
$144bn.
Good service signings reflect that
they are capturing their share of the
solid IT spending that were seeing in
the market now, said Edward Jones
analyst Josh Olson.
Analysts said IBM marked a strong
start to the tech earnings season,
with other bellwethers such as
Apple, Intel and Microsoft set to
report quarterly results in coming
days.
IBM trounces
forecasts with
8pc profit rise
HALLIBURTON, the worlds second-
largest oilfield services company, beat
forecasts with a 54 per cent jump in
quarterly profit yesterday thanks to a
US drilling boom.
Halliburton is the leader in the
North American market in pressure
pumping technology that enables oil
and gas producers to tap shale fields,
and its second quarter results show
it benefited from that market posi-
tion.
Second-quarter net profit climbed
to $739m (460m), or 80 cents per
share, from $480m, or 53 cents per
share, a year earlier. Excluding one-
time items, the company earned 81
cents per share, topping the 74 cents
per share that analysts had on aver-
age forecast. Revenue rose 35 per
cent to $5.9bn.
Halliburton posts
54pc profits jump
CVC Capital is thought to be plotting
to buy ConvergEx, a US trading-soft-
ware company, which is part-owned
by Bank of New York Mellon.
A deal valued at $1.9bn (1.2bn)
may be announced as soon as this
week, it emerged yesterday.
ConvergEx, formed through a
merger in 2006, sells software prod-
ucts and technology-enabled services
for asset managers and other finan-
cial firms. The firm had also been
considering an initial public offer-
ing.
A spokesperson for ConvergEx
declined to comment last night.
CVC sizes up
ConvergEx bid
Capital worries
hammer BofA
BY HARRY BANKS
TECHNOLOGY
BANKING
PRIVATE EQUITY
BY HARRY BANKS
ENERGY
News
TRANSFORMATIONAL TOYS BOOST HASBRO
HASBRO, the toy com-
pany said strong
demand for its
Transformers action
figures helped boost its
second quarter profits
by 33 per cent. For the
three months ending
June 26, the maker of
the Monopoly board
said net income rose to
$58.1m (36m) com-
pared with $43.6m in
the same quarter a
year earlier. Its boys
line saw sales almost
double to $460.4m, off-
setting sluggish sales
across other divisions.
Picture: REX
ANALYSIS l IBM
$
176.5
175.5
174.5
174.29
18 Jul
healthy Italian food billed as an
alternative to the same old loop of
Prt Manger, Eat, Itsu and Wasabi
is venture capitalist Arjun Waney, the
serial entrepreneur behind the Roka
and Zuma empire.
Land wouldnt reveal how much
Waney has invested its not really
appropriate for us to say how much
his stake is and the man himself
couldnt shed any more light as he is
currently on a boat somewhere near
Cannes. No doubt Waney will contin-
ue his great guidance and
announce launch dates for his forth-
coming Mayfair ventures Aurelia and
Banca on his return from the
leisurely two-month family vacation.
THE SOUND OF MUSIC
SING when you are winning or
when you are an investment manager
whose company sends you on a train-
ing evening to learn control from a
master aria singer.
Such was the fate of Investecs Tom
Milnes, Michael Turner, Angus
Oakshott, Jules Porter and Luke
Kauntze, who last week found them-
selves being instructed by George
Von Bergen, the star of Opera
Holland Parks production of Le
Nozze Di Figaro. Von Bergen taught
the senior executives how to take
control of the audience.
The investment guinea pigs also
learned the importance of powerful
presentation, emotional projec-
tion and using eye contact and body
language to convey key messages
and into-
nations
all of
which are, apparently, valuable skills
in the investment business. Client
meetings at Investec will never be the
same again.
SPANISH JACKPOT
UBS pulled out all the stops to be
appointed as an adviser on the part-
privatisation of the Spanish national
lottery the biggest IPO in Spain on
record by presenting to the Loterias
executives on iPads, as reported in The
Capitalist on 23 June.
Pleasingly, the Swiss banks efforts
have paid off, after The Capitalist hears
UBS has made the final advisory cut
on the 7bn float, alongside Credit
Suisse, JP Morgan Chase and
Goldman Sachs with Spanish firms
BBVA and Santander.
Thats an estimated 11m (9.7m)
advisory payday for an outlay of in
the region of 5,000 for, say, a dozen
iPads, currently retailing at 399 on
the Apple store. As the UBS bosses will
no doubt agree, thats not a bad
return on investment.
WIZARDS OF EC4
BERWIN Leighton Paisner has run
two private Harry Potter screenings
before so, to complete the trilogy, it
put on a third film night at the
Odeon in Leicester Square for part
two of Harry Potter and the Deathly
Hallows in 3D.
BLP partners Michael Wistow,
Matthew Kellett, Jonathan Kropman,
Anthony Lennox and Chris De Pury
came along with their children, as
did 450 clients also with their fami-
lies from BNY Mellon, Tesco, RBS
and Land Securities.
BLP is proud of its strong client
retention rate, pointing out that 80
per cent of its top 20 clients in 2001
are still with the law firm today a
statistic it believes is testament to
the fact we value and include our
clients closely in the firms events.
Not that closely, though in a blow
for readers hoping for a picture of
BLPs corporate contacts dressed as
boy wizards, The Capitalist can confirm
only the kids
dressed up.
POACHERS TURNED GAMEKEEPERS
SNARE GOLDMAN WITH BEST BREW
SHARP-suited, discerning of taste and
with a generous disposable income
they can easily take elsewhere.
Yes, the Goldman crew are a tough
crowd but even the investment
banks most hard-nosed deal-makers
are being won over by the new Italian
opposite the Goldman Sachs fortress
on Fleet Street, which is gaining a rep-
utation for the best coffee in the City.
The roaring trade in top-end iced
lattes and freshly ground coffee
from Broadway Market is even lur-
ing over Merrill Lynch bankers from
their HQ off Paternoster Square
mainly because the restaurant was
set up by their former colleague
Daniel Land, 28, who left his highly
paid job in corporate broking to set
up the reckless venture.
A case of it takes one to know one,
then. Land, whose business partner
in the Coco Di Mama caf is ex-Bain &
Company consultant Jeremy
Saunders, also 28, agreed the secret
of the pairs success is that we were
our customers. We understand the
fact that our City clients are generally
having a bad day, said Land. Getting
out to buy your lunch is the high
point in the day for people who are
working unbelievably hard.
Also backing the concept of
Meet the owners of Goldman Sachs new canteen: Jeremy Saunders and Daniel Land
Von Bergen (centre) and his Investec singers
The Capitalist
EDITED BY
HARRIET DENNYS
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @citycapitalist
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HEDGE fund giant Man Group yester-
day paid $355m (220m) to take over
all residual exposure to Lehman
Brothers from funds acquired when it
bought GLG last year.
Man will take over unresolved legal
claims on the estate of the failed US
investment bank dating from when
Lehman was prime broker to a num-
ber of GLG funds including the $2.8bn
GLG Euro Long Short fund.
Chief executive Peter Clarke said
the decision would enable Man to
attract more investment to the affect-
ed funds.
These transactions will remove the
remaining uncertainty from funds
with residual claims against the
Lehman estates, to the benefit of both
existing and new investors, he said.
Man paid the cash to transfer over
the exposure to the Lehman estates at
its current net asset value. As a result,
its net cash position fell to $545m
from $900m and its regulatory capital
surplus was cut by $50m to $850m.
While it could lose value if it is
awarded nothing from Lehmans
bankruptcy proceedings, it will
receive any proceeds from successful
claims and the deal is expected to be
neutral over three years.
Analysts said the move should
improve Mans fund inflows.
This will make it easier to sell the
European long short fund going for-
ward, said Singer Capital analyst
Sarah Ing.
Man Group
buys Lehman
estate claims
AUDITORS of major UK companies are
still failing to challenge the informa-
tion given to them with sufficient
scepticism, a new report today shows.
Less than half the audits reviewed
by the Financial Reporting Council in
the past year were rated good, while
13.5 per cent required significant
improvement.
The FRCs Audit Inspection Unit
(AIU) also admitted that a rump of
auditors had not improved, while
smaller accountancy firms struggled
to audit large finance groups and
companies with big international
operations.
I am confident that firms are defi-
nitely trying to improve their audit
quality, FRC audit director Paul
George told City A.M. But there is a
rump of auditors that dont seem to
be improving and we may need more
tools to reduce that further.
The report added that some audits
failed to question statements from
company management. The AIU has
come across cases where manage-
ment representations were the main
source of audit evidence, it said.
The Financial Services Authority is
investigating whether paying for trad-
ing order flow is an inducement and
conflict of interest that may prevent
investors from getting the best deal.
Audits still fail
to challenge
firms, FRC says
BY ALISON LOCK
FINANCIAL SERVICES
FINANCIAL SERVICES
News
Man Group Chief executive Peter Clarke said the deal would remove uncertainty
ANALYSIS l Man Group
p
250
246
242
238
234
231.00
18 Jul
A cash outlay now that opens up its
funds to new flows for the long term
MAN Group is determined to up the
pace of its fund inflows and this is a
calculated move to make that hap-
pen. By quantifying the risk associat-
ed with to date unresolved claims
on the Lehman estate, the deal
makes good sense, but the conse-
quences will be still better.
While there is a chance the settle-
ment could involve a writedown on
the value of the assets, their value
could well increase and Man would
benefit from any improvement.
Over and beyond that, this allows
Man to move on from the past. It
lifts uncertainty from all affected
funds, from European to north
American, which allows Man to
market them more aggressively.
Analysts expect Man to recoup
the $355m cash and $50m regulato-
ry capital hit within three years
thanks to dramatic improvements
in its fund flows. By pricing that risk
and paying upfront, Man gains repu-
tationally as well as financially.
BOTTOMLINE
Analysis by Alison Lock
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THE owner of a third of Southern
Cross care homes is to take control
of their operations and run them
through a newly-formed manage-
ment company, it said yesterday.
NHP, a property investor, had been
expected to hire a care provider to
continue running its 249 homes fol-
lowing the decision to break up
Southern Cross estate. Instead NHP
will partner with Court Cavendish,
the healthcare turnaround firm
founded by former Priory owner
Chai Patel (pictured), to launch their
own operating company.
Court Cavendish has advised NHP
since January and will co-invest in
the new management firm, which
will retain all existing Southern
Cross staff. The company should
launch in four months time when
Southern Cross winds down.
The needs of those who currently
live in these homes, and their fami-
lies and carers, are a matter of the
greatest importance to all of us
advising those involved in this chal-
lenging situation, Patel said.
We hope that this announcement
is the start of bringing to an end the
uncertainty that residents, their
families and staff in all the homes
have had to endure over the last few
months.
NHP said it would use 28m of
interest payments kept back from its
lenders, with their consent, to
ensure the operating company was
financially robust.
Southern Cross,
which cares for
31,000 elderly and
disabled people
in the UK, ceased
trading last week
after announcing
that its landlords
had approved the
break up of its
homes.
Care landlord
NHP to run its
homes itself
ROCKHOPPER Exploration, the oil
and gas explorer, pressed ahead with
its hunt for oil in the North
Falklands, after drilling its third
appraisal well on the Sea Lion
Discovery feature last week.
The group told investors yesterday
that it had spudded the well on 15
July and expected to complete the
drilling within five weeks.
Located 4.1km west of the origi-
nal discovery well, the group will
Investigate reservoir and hydrocar-
bon in what will be the first test out-
side of the 155m barrel minimum
case area.
Rockhopper, which was founded
in 2004 to hunt for oil and gas in the
Falkland Islands, made its first dis-
covery last year followed by a signif-
icant oil and gas discovery at the
Sea Lion field earlier this year.
Shares in the company closed at
219p falling 3.68 per cent, however,
surprising analysts. Canacord
Genuity expect the share price to
move closer to their pricetarget of
593p as Rockhopper continues to
make progress in its drilling cam-
paign.
Rockhopper Exploration spuds third
Sea Lion appraisal well in Falklands
BY ALISON LOCK
SUPPORT SERVICES
BY KASMIRA JEFFORD
OIL & GAS
News
SHELL SEES SALE OF CANADIAN STAKE
Royal Dutch Shell
(led by Peter Voser,
pictured) is prepar-
ing to sell off its
C$16.2bn (10.5bn)
stake in a gas
pipeline project in
northern Canada,
as well as other
assets in the region.
The Mackenzie
pipeline project,
has been under reg-
ulatory review for
years and its fate
has long been in
doubt, despite win-
ning formal
approval last year.
Picture: REUTERS
TRAVEL operator Thomas Cook yester-
day announced that it had sealed an
improved deal for its credit facility.
The lending arrangement, compris-
ing a 200m loan and an 850m cred-
it facility that can be called upon if
required, now runs until May 2014.
Shares in Thomas Cook rose around
four per cent when the London Stock
Exchange opened after the statement.
Last week, the firm said profits
would be hit by unrest in the Middle
East and North Africa, and by weak UK
spending.
The group also warned that the
interest margins on the facilities had
been reduced with immediate effect.
The rate is now 2.25 per cent on the
loan, and between two and 2.5 per
cent on the credit facility, depending
on how much is used. The margin had
previously been 2.75 per cent for both
facilities.
The group is currently looking to
sell some hotels and other assets,
worth an estimated 200m, as it seeks
to reduce its debt. Finance director
Paul Hollingworth said Thomas Cook
had around 900m of available cash
and committed facilities.
He said: We are focussed on reduc-
ing our debt and strengthening our
balance sheet and we have a number
of initiatives underway to deliver
progress on this, including the dispos-
al of certain hotel and surplus assets.
The company has been hit by disrup-
tion to a string of its holiday destina-
tions, including Tunisia and Egypt.
Its French business had been paticu-
larly badly hit, it admitted. The compa-
ny is now estimating profit for the year
to 30 September of around 320m
while the City had pencilled in a figure
of 380m.
However, Thomas Cook said average
UK selling prices for summer holidays
were up four per cent as more cus-
tomers bought packages that included
food. Despite the difficult trading
conditions, bookings by UK cus-
tomers are up by one per cent for the
key summer season. The company said
it was resisting raising holiday prices
because customers were so cash
strapped.
Thomas Cook
seals a new
credit deal
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ENGINEERING giant GKN has
secured a 174m deal to take over
Germanys Stromag, a leading man-
ufacturer of clutches and brakes.
The business is being bought
from a private equity firm, a group
of investors and management for a
total of 164m (146m) in cash and
the transfer of 31m of Stromags
debt, GKN announced yesterday.
The business will go into GKNs
Land Systems division which builds
major parts for vehicles mainly
used in farming, mining and con-
struction.
Stromags core products include
hydraulic clutches, electro-magnet-
ic brakes and flexible couplings.
Its headquarters are in Unna,
Germany and it has operations in
Germany, France, USA, Brazil, India
and China.
Last year Stromag reported sales
of 111m (97.4m), profit before tax
of 10m and gross assets of 103m.
GKN said it expected sales for this
year to be around the same level
and that the acquisition price was
somewhere between 7.5 and eight
times earnings.
Executive director Andy Reynolds
Smith said: In combination with
our existing business this [acquisi-
tion] will provide a strong platform
to accelerate growth in existing
markets, together with access to a
number of attractive new industrial
segments including renewable
energy.
GKN snaps up Germanys Stromag
in 174m deal to boost land unit
BY JOHN DUNNE
ENGINEERING
ANALYSIS l Thomas Cook

p
95
85
75
67.00
18 Jul
Debenhams
in debt pile
refinancing
DEBENHAMS has refinanced its cred-
it facility at reduced interest rates.
Lenders for the department store
chains 650m facility, made up of a
250m long term loan and 400m in
revolving credit, have reduced the
groups cash interest rate by 0.50 per
cent to four per cent.
The lenders Barclays Capital,
Lloyds Banking Group and Royal
Bank of Scotland have extended the
terms to October 2015 with a further
option to extend to October 2016.
The refinancing costs will be
3.3m.
The ability to raise cheaper money
appears to reflect Debenhams recent
performance, which has seen like for
like sales up three per cent compared
to the first half of 2010.
Finance director Chris Woodhouse
said he was delighted at securing
Debenhams medium term funding.
However, the company saw its
share price edge down in early trad-
ing. Debenhams said last month it
would meet forecasts for yearly profit
as it defied the general doom and
gloom in the retail sector with a
jump in second-half sales.
The company said that consumers
were still buying treat items like
cosmetics while childrenswear was
also performing well.
Debenhams said sales at stores
open more than a year, excluding
VAT sales tax, were up 1.5 per cent in
the 17 weeks to 25 June. It forecast
year-end net debt of about 400m.
BY JOHN DUNNE
RETAIL
NEWS | IN BRIEF
United Carpets in profit boost
United Carpets yesterday reported an
increase in profit for fiscal 2011, but
said it remains cautious about the
remainder of the year. In preliminary
results for the year to 31 March, the
company said its profit before tax
increased 13.2 per cent to 1.24m
from 1.1m last year. Excluding excep-
tional items, pre-tax profit was
1.48m, up from 1.46m a year ago.
On a per share basis, earnings
increased 16.7 per cent to 0.97p from
0.84p in the previous year.
Fenner revenues on the rise
Engineering group Fenner said today
that third-quarter revenue will be up
on last year after seeing strong
demand from the coal sector. The
group, based in Hessle near Hull, said a
recovery in industrial markets had
helped it to grow its conveyor belting
and advanced engineered products
divisions. Earlier this month it
announced that its subsidiary Enerka
Apex Belting Pty had bought the gross
assets of privately owned Statewide,
based in Burnie, Tasmania, for 2.63m.
SThree to pay special dividend
Recruiter SThree reported a 21 per
cent rise in first-half profit yesterday
and said it would pay a special divi-
dend after seeing a recovery across its
markets. SThree, which finds jobs for
IT professionals in the finance, energy
and healthcare sectors in Britain,
Europe and Asia, posted a gross profit
of 90m for the six months to 29 May,
up from 74.3m in the same period a
year ago. The group said it would pay
a special dividend of 11p per share in
December.
News
ANALYSIS l GKN
p
240
236
232
228
224
227.90
18 Jul
DIXONS chief executive John Browett
was paid more than 1m in the last
year despite the company being hit by
tough trading in the electronics
retailing market.
His finance director Nicholas
Cadbury, who is stepping down, was
paid 564,000 including a cash bonus
of 62,000.
A chart in the report called Total
Shareholder Return provided by the
company shows that a hundred
pounds invested in Dixons five years
ago would now be worth around 15.
Defending the pay packages,
Dixons said that neither executive
had received a reward based on the
groups performance.
Instead the bonuses were for meet-
ing personal objectives. The compa-
ny has not explained what those
objectives were.
Last month the retailer reported a
224m annual loss.
The electricals retailer said its turn-
around plan, which includes 50m
savings a year, was on track. It is pin-
ning its hopes on 3D TV sales and
high levels of service.
Dixons hands Browett
1m despite big losses
John Browett has pledged to turn around the ailing company Picture: REX
BY JOHN DUNNE
RETAIL
News
A DROUGHT of available residential
property in London is propping up
prices and rents, a survey in the cap-
ital revealed yesterday.
Junes stock for sale was down 20
per cent on the previous year, while
there was a 30 per cent fall in avail-
able rental properties, according to
estate agents Douglas & Gordon.
The shortage of available proper-
ties and increasing rental prices in
London is encouraging tenants to
stay put, commented director gen-
eral Virginia Skilbeck.
The number of tenants choosing
to terminate their current tenancies
was down almost 30 per cent in June
compared to the same time last year,
she said.
Our figures show long term ten-
ancies are becoming more common-
place and we expect to see the
number of tenancies ending each
month to decline further.
June and July are typical peak
times for families to move, coming
ahead of the new school year in
September.
With many families choosing to
remain in properties in their chosen
catchment area, there is currently a
severe shortage of suitable family
homes in London, Skilbeck said.
The average price of a one bed-
room flat in the capital has reach
368,333 in the first three months of
the year, according to Douglas &
Gordon up 1.8 per cent from
361,667 at the end of last year.
Buyer demand continues to out-
strip the supply of good properties in
London, ensuring prices remain
steady, added Ed Mead, director of
Douglas & Gordon.
Most of the properties sell
because they have been priced realis-
tically.
Fall in London
house supply
BY JULIAN HARRIS
HOUSING
MID-SIZED and large businesses have

seen their fortunes turn around in
the last year, with the number of
insolvencies dropping notably.
The failure rate of firms that
employ 100 to 500 people more than
halved last month, compared to a
year earlier.
The number of insolvencies for
firms between 51 and 100 employees
was also less severe than last June,
falling by 13 per cent.
Our analysis also shows that busi-
nesses in the north seem to be faring
slightly worse than their southern
counterparts, commented Max Firth
of Experian, which compiled the
data.
The highest rates of business fail-
ure were seen in the north east, north
west and Yorkshire. The lowest rate
was in the south west and London.
Mid-sized and large firms see a
drop in insolvencies in last year
UK ECONOMY
When it makes sense for the Top Dog to pitch

F
EW need reminding how treach-
erous current conditions in
Europes equity markets are.
Russias Valinor recently became
the 25th pulled listing in Europe,
Middle East and Africa so far this year
and a 15 per cent downwards repric-
ing of the Spanish bank Bankia yester-
day underlined the fragility of
investor appetite for new issues.
So it is perhaps no surprise that
banks will fight increasingly aggres-
sively to get on the mandates of the
juiciest and more certain flotations.
The recent scramble to get aboard
the flotation of the Spanish lottery
company Loterias prompted UBS
bankers to attend the pitch meeting
with iPads in tow rather than the con-
ventional powerpoint presentation.
But theres nothing quite like
bringing out the Top Dog to bat for
the cause at pitch meetings. So
Goldman Sachs chief executive Lloyd
Blankfein attended a pitch meeting
for the imminent flotation of the
German pharmaceuticals group
Evonik in Essen, Germany.
Evonik is owned by CVC and RAG
Foundation and if a float goes ahead
to raise more than $7bn that will
make it Germanys second largest
ever equity money-raising exercise
after Deutsche Telekom. Not a bad
one to work on, as Goldman now is.
Blankfein is by no means the only
bank chief executive to play an active
role in pitching. JP Morgans Jamie
Dimon met with the travel reserva-
tions group Amadeus in London
ahead of last years flotation. The
meeting was evidently successful as
his bank ended up as one of the advis-
ers on the deal.
Deutsche Banks Josef Ackermann
is understood to have joined the pitch
for the huge Agricultural Bank of
China flotation and Bob Diamond,
the chief executive of Barclays Bank,
attended a meeting ahead of Peter
Woods esure insurance group ahead
of a possible float.
Diamonds presence is down to his
relationship with the founder Wood,
who he knows from his days when he
set up Direct Line (and they are both
Chelsea fans). But the Barclays boss is
also said to attend pitch meetings
with the governments UKFI.
It is clear that seeing a bank chief
executive at an IPO pitch is no longer
the surprise it once was. The deals
are sometimes so massive and the
relationships so key to winning the
mandate that sometimes you have to
pull out all the stops, said one
banker.
david.hellier@cityam.com
INSIDE TRACK
DAVID HELLIER
NEWS | IN BRIEF
FSB calls for VAT breaks
A temporary break from VAT should be
granted to the tourism and construction
industries to boost the economy, the
Federation of Small Businesses (FSB)
argued yesterday. VAT should be cut to
five per cent for a year in the two sec-
tors, the FSB said. Consumer demand is
a large barrier to economic growth so a
VAT cut would encourage people to
spend in these areas, a spokesperson
said. Morale among small businesses
was down in the second quarter, com-
pared to the beginning of the year, the
FSBs latest confidence survey has
found.
US home builder sentiment up
US home builder sentiment rose more
than expected in July but remained near
historic lows, the National Association of
Home Builders said yesterday. The
NAHB/Wells Fargo Housing Market
index rose by two to 15 in July.
News
FINE wine remains a good choice for
investors, who enjoyed steady gains of
over 13 per cent during the first six
months of 2011, according to
Bordeaux Index.
Gary Boom, founder and MD of the
fine wine merchant, said that 15 per
cent growth in wine sales in the first
quarter of the year reinforced the
health of the wine market in gener-
al, in contrast to the volatility seen
in global financial markets.
Asia remains a key market,
accounting for 45 per cent of total
sales, said Boom.
Although the regions share of the
global market fell slightly, the overall
numbers are solid.
While Lafite remained the wine of
choice for the Asian market, globally
its sales fell by 17 per cent. Bordeaux
Index attributed this to the fact that
highly influential critic Robert Parker
downgraded the 2008 Bordeaux,
which also led to reduced sales of
Mouton, by 15 per cent, and Latour,
by 16 per cent.
It was the first time in many years
that Lafite, described by Boom as a
power-house, occupied most of the
loss positions.
Boom explained: Taken in isola-
tion, Lafites fall is not particularly
dramatic but declines of around
five per cent for both 2003 and 1986
provided a worthwhile reminder that
prices can go down as well as up.
The Bordeaux 2010 en primeur
campaign, which was hotly anticipat-
ed by many as one of the vintages of
the century, has shown erratic
results.
A weakened pound, price rises of
between 10 and 15 per cent and plen-
ty of competitively priced 2009
options available, contributed to a
fall in sales volumes of approximate-
ly one third.
However, actual sales values fell by
less than 10 per cent, reflecting the
higher prices and a market bias
towards more expensive wines.
Where there was a combination of
critical praise and fair-ish pricing,
theres abundant demand for the
upper echelons of Bordeaux, said
Boom.
This is a marked contrast to the
likes of Cos dEstournel, Leoville Las
Cases and Palmer. Here sales volumes
dipped markedly as potential buyers
were left without a compelling rea-
son to part with their cash.
FINANCIAL services group WH
Ireland yesterday swung to a half-year
profit on a 30 per cent rise in group
turnover on last year.
The AIM-listed firm credited its
0.71m pre-tax profit for the six
months to the end of May on cost
reductions under a new management
team, and flagged up new products
that will propel further gains this
year.
Its private clients business drove
the firms improving fortunes, post-
ing profits of 1.7m.
WH Ireland also sold its Australian
WHI stock broking business in the
period, with the firm noting that
profit including this disposal was
1.5m.
The company warned that the
stock broking market remained very
difficult, with reduced trading vol-
umes and flat markets making for a
nervous six months.
But chairman Rupert Lowe was
upbeat about the rest of the year.
The Groups strategic focus is
clear, and with new revenue streams
including market making in corpo-
rate stocks, we look forward to fur-
ther expanding the team and our
presence in our market, he said in a
statement.
The group said the changes to
enterprise investment scheme (EIS)
tax relief planned for 2012 and the
launch of a new structured products
range are set to generate fresh rev-
enues.
WH Ireland swings into profit as cost
cuts and private client branch pay off
UK tech firm Seeing Machines saw its
shares rocket 25 per cent yesterday
after Toshiba said it would use its
facial recognition technology in its
new 3D laptop.
Japanese tech giant Toshiba is lead-
ing the way in glasses-free 3D laptops,
which track users eyes to calibrate its
display.
Seeing Machines will receive a roy-
alty for every laptop sold with its
FaceAPI technology as part of the deal.
The market hopes this major con-
tract win could be the first in a string
of lucrative deals in the pipeline for
Seeing Machines.
The company, which has a market
cap of 10.2m, also uses its eye and
facial feature tracking systems for the
consumer electronics, scientific and
driver safety markets.
Seeing Machines chief executive
Ken Kroeger said: We believe this
launch is the first of many and will
provide strong impetus for growth
of the FaceAPI business particularly
in the consumer electronics mar-
ket.
FaceAPI is uniquely able to provide
face tracking with the required accu-
racy and reliability, using a standard
camera, and without being overly
demanding of the computers proces-
sor. This is only the beginning of a
new era in Glasses-free 3D.
Seeing Machines jumps 25pc
BY STEVE DINNEEN
TECHNOLOGY
Investors in
fine wines
toast gains
BY CAITLIN MORRISON
INVESTMENT
BY MARION DAKERS
BANKING
NEWS | IN BRIEF
Rank Group shares soar
Shares in Rank Group jumped 6.2 per
cent after it became clear the bingo
and casino operator will retain its
London listing, ending lingering ques-
tions in the wake of a 150p a share
offer from Hong Kong-based Guoco
Group. The Rank board initially said the
deal significantly undervalued the com-
pany. Guoco could have delisted the
business if it had achieved a 75 per
cent stake in the company, but it fell
narrowly short as the offer closed. The
announcement marks the end of a tur-
bulent time for Rank, whose board flip-
flopped a staggering four times in its
recommendation to shareholders over
the offer. It also parted company with
its chief executive Ian Burke before re-
hiring him within a week.
Lavendon gains on strong outlook
Rental-equipment firm Lavendon Group
saw its shares close up almost five per
cent yesterday after it said its perform-
ance improved in the first-half and that
it sees year results above prior expec-
tations. The firm also announced that it
would exit its Spanish operations,
which have been hurt by a weak long-
term outlook in the country. Lavendon,
which rebuffed several takeover offers
earlier in the year, expects to incur a
charge of 5m during the second half
of 2011. For the January-June period,
the company's overall revenue grew
eight per cent, excluding ex-fleet equip-
ment sales, compared with 106m last
year. Year-on-year revenue growth in
the UK, which makes up half of its busi-
ness, gained 11 per cent in the quarter.
CITY VIEWS: WOULD YOU INVEST IN WINE? Interviews by Caitlin Morrison
I would consider it but I dont
know anything about it. Its a
decent long-term investment. I
know quite a few people who
invest in and do well out of it.
Yes. Its quite an interesting
thing to invest in. I got some for
my wedding, not as an invest-
ment, but it will be interesting
to see how its value changes.
Probably not as I dont know enough about the subject, but I have no
doubt it does well. I drink the stuff but I wouldnt buy it as an investment.
TERRY ADAMS | COOPER GAY
ANALYSIS l Seeing Machines Ltd
p
5.00
4.50
4.00
3.50
3.00
2.50
2.00
4.25
18 Jul
HOW DOES FACEAPI WORK?
Q.
WHAT DOES SEEING MACHINES
TECHNOLOGY DO?
A.
Seeing Machines FaceAPI allows
a computer to track the face of
the person using it. It then provides
a stream of information that can be
incorporated into other systems,
such as 3D laptops.
Q.
WHY DO 3D LAPTOPS NEED TO
TRACK YOUR FACE?
A.
In order to give the illusion of an
image being 3D, the computer
must fool the brain into seeing
something that isnt really there. In
order to do this, it transmits two sim-
ilar but distinct images to each of
your eyes, which correlate to what
you would see if you were viewing a
real object. The images must reach
the eyes in exactly the right way, oth-
erwise you will see
the blurred picture
you would see if you
watched a 3D movie without the
glasses. This has put manufacturers
off making 3D laptops because it is
difficult, and tiring for the user, to
keep the laptop in the right position
to maintain the illusion of 3D. This is
where FaceAPI comes in by track-
ing your eyes, in relation to the rest
of your facial features, it allows the
computer to constantly update
where it directs each video stream,
meaning you always experience 3D.
Q.
DOES IT ACTUALLY DO WHAT IT
IS SUPPOSED TO?
A.
Yes. City A.M. got a sneak preview
at the Consumer Electronics Show
earlier this year and it is impressive.
Q A
&
ALEX GRUNDY | HBA PERCY HALLAM | WILLIS
ANALYSIS | Fine Wine vs other asset classes in first
half of 2011
*West Texas Crude used for oil figure
News
RSM Tenon
The professional services firm has
appointed Davin McDermott as direc-
tor in its media division to focus on
business development in the music sec-
tor. McDermott, who has spent 15
years working in the music sector, is a
former financial controller of EMI
Europe and European finance director
at Warner Music.
Rowan Dartington
The private client stockbroker has
hired Oliver Cowell as an investment
executive. Cowell joins from stock-
broking firm Redmayne Bentley, where
he was a senior stockbroker advising
high net worth clients.
Nationwide Building Society
Mitchel Lenson and Lynne Peacock
have joined the board of Nationwide
Building Society as non-executive
directors. Lenson is a former group
chief information officer at Deutsche
Bank, and Peacock recently retired
from the role of chief executive UK of
National Australia Bank.
Greene King
Mike Coupe, group commercial direc-
tor of Sainsburys, will join the board of
Greene King as a non-executive direc-
tor on 26 July. Coupe will also become
a member of the audit committee.
State Street Corporation
State Street Global Advisors has
strengthened its cash management
team by appointing Kevin Thomson
and Adam Sadiq as regional sales
directors for EMEA, based in SSgAs
London office. Thompson joins from
portal provider ICD, and Sadiq joins
from Western Asset Management
Company.
Retail Trust
The retail industry charity has appoint-
ed John Lovering as its new chairman,
to replace current chair Dudley Cloake
in September. Lovering is the former
chairman of Homebase, Debenhams,
Peacocks and Somerfield.
Stephenson Harwood
The international law firm has
appointed Andrew McLean as a part-
ner in the corporate practice.
McLean joins from Weil Gotshal &
Manges, where he has been a part-
ner since 2000.
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
Debt deal impasse
sinks US market
U
S stocks dropped yesterday as
bank shares bore the brunt of
investor frustration over gov-
ernments inability to solve
debt crises in the United States and
Europe.
With five days to go before
President Barack Obamas deadline
for a debt ceiling deal and no agree-
ment in sight, Republicans and
Democrats were crafting a fallback
plan to avert a US default.
The longer the debt ceiling debate
remains unresolved, the bigger the
risk for further declines in stocks and
a spike in volatility. The CBOE
Volatility index rose 7.8 per cent yes-
terday after a gain of more than 20
per cent last week.
Adding to pressure on financials,
the Eurozones regulatory stress tests
for banks were viewed as unrealisti-
cally soft, given the scope of the crisis.
Its not a good environment for
financials, said Terry Morris, senior
equity manager for National Penn
Investors Trust Company in Reading,
Pennsylvania.
The market is really scared right
now and its a fragile economy that
we have, so when you throw some-
thing like this in the cake, then you
have investors sitting on the sidelines
or selling.
Bank of America hit a new 52-week
low and ended down 2.8 per cent to
$9.72 while Citigroup lost 1.7 per cent
to $37.74. Financials were the weakest
S&P sector yesterday, losing 1.4 per
cent.
The Dow Jones industrial average
dropped 94.57 points, or 0.76 per
cent, to 12,385.16. The Standard &
Poors 500 Index declined 10.69
points, or 0.81 per cent, to 1,305.45.
The Nasdaq Composite Index fell
24.69 points, or 0.89 per cent, to
2,765.11.
Expectations of strong earnings
could fuel optimism, but it may not
be enough to lift the market from its
recent decline. Last weeks encourag-
ing results from Google and
JPMorgan Chase & Co were overshad-
owed by global economic worries that
sparked the S&P 500s worst perform-
ance in five weeks.
In the latest earnings news,
Halliburton reported a 54 per cent
jump in quarterly profit as a US
onshore drilling boom showed no
sign of cooling off. The stock edged up
4 cents to $53.12.
Second-quarter earnings for S&P
500 companies are seen rising 6.5 per
cent, and of the 44 companies in the
S&P reporting so far, 75 per cent post-
ed higher-than-expected profits,
according to Thomson Reuters
Proprietary Research.
B
RITAINS top shares fell sharply
yesterday after the results of
stress tests on European banks
were met with disappointment
over their credibility while investors
were also fearful over the threat of a
US default on the nations debt.
The banking sector index sunk to a
two-year low as money managers and
traders cast doubts over whether the
stress test results, released on Friday,
were stringent enough.
Lloyds Banking Group, Barclays,
and Royal Bank of Scotland were at
the top of the blue-chip fallers list,
off 7.5 per cent, 7 per cent, and 6 per
cent respectively.
Eight European banks five in
Spain, two in Greece and one in
Austria failed the test of their ability
to withstand a long recession and will
have to raise just 2.5bn (2.2bn) of
capital, much less than expected.
Expectations were for five to 15
banks to fall short with a need to
raise 10 billion or more in capital.
These tests showed a relatively
healthy banking sector, something
that no reasonable person believes,
said Lex van Dam, hedge fund manag-
er at Hampstead Capital.
Thus the sector is being sold again
because the authorities are clearly
still in denial about the seriousness of
the current situation.
Martin Dobson, head of trading at
Westhouse Securities, concurred:
The banking stress tests didn't take
into account sovereign credit default
and I think the real test would come
on the banks if there was a default on
sovereign debt, so it hasn't really
proved anything.
Further discouragement in the
form of an apparent political impasse
over raising the US debt ceiling by a 2
August deadline led investors to seek
refuge in safe-haven assets, with gold
prices hitting record highs above
$1,600 an ounce in Europe yesterday.
This risk aversion favoured pre-
cious metals miners, with Fresnillo
and Randgold Resources the standout
FTSE 100 gainers, up 2.1 per cent and
1.7 per cent.
But sector peers missed out on the
rally, enduring hefty falls as the
demand outlook was clouded by the
problems in Europe and the United
States.
Man Group shed 4.2 per cent, track-
ing the steep declines by other finan-
cial sector shares, as the hedge fund
group said it would take on exposure
to the estates of defunct US invest-
ment bank Lehman Brothers from
funds managed by its subsidiary GLG
Partners.
The UK benchmark index ended
the session down 90.85 points, or 1.6
per cent, at 5,752.81, its lowest close
since June 27 and its third successive
day of falls.
The FTSE 100s 50-day moving aver-
age has broken below the 200-day
moving average, a bearish technical
signal known as dead cross.
Sandy Jadeya, chief technical ana-
lyst at City Index, said that if the
5,740 support level fails to hold, we
could see the June low (5,644.38) also
being tested.
Elsewhere among the short list of
blue-chip gainers Centrica managed a
0.4-per cent gain as Barclays Capital
raised its rating for the energy firm to
overweight from underweight.
Bullish broker sentiment also gave
Shire a fillip, up 0.5 per cent, with
RBS lifting its rating for the drugmak-
er to hold and hiking its target
price.
We now believe Shire could
achieve its aspirational targets
through organic growth, commer-
cialisation of its high-risk pipeline
and acquisitions, RBS said in a note.
FTSE drops sharply as banks
suffer in wake of stress tests
THELONDON
REPORT
THEWORLD
REPORT
BEST OF THE BROKERS
To appear in Best of the Brokers email your research to notes@cityam.com
ANALYSIS l Land Securities Group
900
860
820
780
740
18Apr 12May 2Jun 22Jun 12Jul
p
866.00
18 Jul
LAND SECURITIES
Panmure Gordon rates the commercial property group hold with an 825p tar-
get price as it believes todays trading update will confirm a trend of strong
rent growth and tenant demand, particularly in central London. Panmure
believes Land Sec has a portfolio of prime retail space that will maintain its
growth despite a tough retail sector. The shares trade close to the brokers
2011 net asset value forecast, but it sees plenty of upside potential.
ANALYSIS l Halfords
410
400
390
380
370
360
6May 26May 15Jun 5Jul
p
356.30
18 Jul
HALFORDS
Shore Capital rates Halfords a sell with a 360.8p target price ahead of
Thursdays trading update as its last such update in June was mixed. The bro-
ker believes trading conditions have worsened since then, while expectations
of performance at its cycling division and newly overhauled autocentres are
high. Shore Cap expects 0.3 per cent like for like sales growth in its retail arm
and 1.3 per cent in autocentres, but says downside risks remain high.
ANALYSIS l BHP Billiton
2,600
2,500
2,400
2,300
6May 26May 15Jun 5Jul
p
2,294.00
18 Jul
BHP BILLITON
RBS rates the mining giant a buy with a 2,770p target price following its plan
to buy shale gas firm Petrohawk Energy last week. RBS sees BHP Billiton as
inexpensive in absolute terms but sees a mixed reaction to the acquisition, as
unless US gas prices rise substantially a share buyback programme would be
better value for shareholders. As many oil majors are growing their shale gas
assets, there is also a risk of oversupply to the US market, RBS said.
p
18Apr 12May 2Jun 22Jun 12Jul
6,100
5,700
5,800
5,900
6,000
ANALYSIS l FTSE
5,752.81
18 Jul
HSBC
HSBC has promoted Krishna Patel, chief execu-
tive of HSBC Africa, to chief executive of its
Global Private Banking division, reporting to
group chief executive Stuart Gulliver. Patel will
start his new role on 1 September, initially
based in Geneva, and will focus on strengthen-
ing the banks presence in the fastest-growing
wealth markets. Patel, who has worked at
HSBC for 27 years, will continue to chair
HSBCs Values Committee and will also take up
the new role of chairman of HSBC Africa.
G
OLD is stealing all the headlines,
having broken $1,600. This is on the
back of justifiable fears of a grim
economic outlook, particularly in
the highly indebted Eurozone countries
and US. But silver is on the up too and
with the gold/silver ratio (graph right) sug-
gesting that the latter is lagging behind
the former, silver could prove to be a tasty
commodity on which traders can make a
mint.
THE RESISTANCE
As with gold, silver is defying resistance.
Kathleen Brooks of Forex.com notes that
silver is currently above the $38.83 pivot
point and has broken above its 6-week
range. She thinks even though gold has
recently outpaced silver, the latter may be
about to catch up. Similarly, Angus
Campbell of London Capital Group notes
silver has mostly traded sideways since the
correction after CME ramped up margin
requirements on the metal; however, he
says it has recently had a bit of a breakout
on the upside, noting: This is a positive
move for the bulls and if momentum is
kept up then we could possibly see a retest
of $50. Although he thinks this could be
some time away.
THE DEFAULT OPTION
Campbell thinks: So long as the US dollar
remains under pressure, the likes of gold
and silver could benefit, marking new
highs in the coming months. Ian
OSullivan of Spread Co explains:
Cautious investors fear a global crisis
should the US default on its debt along
with the Eurozone sovereign issues, which
just seem to get worse by the day. David
Debt weighs heavily
on the outlook for the
economy expect
precious metals to
rise, says Philip Salter
And the winner is... Picture: REUTERS
Wealth Management| CFDs
Gold is through the roof
and silver set to follow
L
AST week was a difficult one for equity investors,
thanks to a lack of clarity from policymakers and
central bankers. On Tuesday, the minutes of the
last Federal Open Market Committee meeting
stated that it may be appropriate to provide addition-
al monetary policy accommodation if economic
growth remained too slow to reduce unemployment.
This led to speculation that a third round of quantita-
tive easing (QE3) loomed and investors piled back into
risk assets.
But in front of the Senate Banking Committee, Fed
Chairman Ben Bernanke downplayed the idea. He
noted that there was too much uncertainty about the
current state of the economy to risk another round of
quantitative easing at this time. He also pointed out
that inflation was higher than a year ago.
Europes banking stress tests havent calmed
investors nerves. The European Banking Authority
ignored the sovereign debt crisis, failing just eight
banks out of 90 included in the test. The aggregate cap-
ital shortfall for these eight is calculated at just 2.5bn,
a figure which most analysts believe grossly underesti-
mates the fragility of Europes banking system.
Meanwhile, US policymakers squabble over meas-
ures to deal with the debt ceiling. The major ratings
agencies have warned of dire consequences should
Republicans and Democrats fail to agree. But S&P
upped the ante by saying that the US faces a downgrade
even if agreement is reached, as concrete measures
must also be taken to reduce the budget deficit substan-
tially.
Not surprisingly, investors are reducing their risk
exposure. It has been instructive to see how strong gold
and silver have been, particularly as prices typically
weaken over the summer months. Their previous
inverse correlation with the US dollar appears to have
broken down completely. With the US and Europe hob-
bled by concerns over their debt, it makes sense for
investors to diversify into the safe haven of precious
metals. Following their recent rally, both are vulnerable
to profit-taking. But if gold and silver can break and
consolidate above $1,600 and $40 respectively, there is a
good chance of further gains for the rest of the year.
THE PRECIOUS
METALS SHINE
IN POLICY FOG
DAVID MORRISON
CFD MARKET STRATEGIST, GFT
gftuk.com | FOREX
free phone 0800 358 0864
GFT Global Markets UK Ltd. is authorised and
regulated by the Financial Services Authority.
CD03UK.162.070811
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Jones of IG Index says silver broke out to
two-month highs yesterday, with the
global worries of European sovereign debt
and the inability of the two political par-
ties in the US being able to agree terms for
raising the debt ceiling. However, Jones
cautions: Silver may be more volatile
than gold, as there are plenty of traders
out there with unhappy memories of the
massive moves seen in Easter. As such, he
warns: Any weakness in silver could once
again flush out any weak holders and
cause a sell-off back into the range.
Nevertheless, he thinks the risk is for fur-
ther gains, as it doesnt look like these
debt problems are going to disappear any
time soon.
STORING VALUE
Prior to 1816 when it went onto a gold
standard the British used both gold and
silver as a store of value and medium of
exchange. The gold standard went the way
of bimetallism, but the era of fiat money
hasnt dimmed the allure of precious met-
als. Fed chairman Ben Bernanke may or
may not be right in denying Ron Pauls
assertion that gold is money, but he is
unable to dispute the fact that people and
central banks still use it to protect their
wealth particularly in troubling times.
The factors pushing up the price of gold
and silver will not go away, as much as the
authorities in the US and Eurozone wish
they would.
S
o
u
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c
e
: F
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r
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x
.c
o
m
Jan Mar May Jul Sep Nov 2011 Mar May Jul
70
60
50
40
30
ANALYSIS l Gold/silver ratio
LON GD ONCE FIX AM...........1598.25 19.75
SILVER LDN FIX AM..................40.52 1.54
MAPLE LEAF 1 OZ ....................67.00 1.50
LON PLATINUM AM ...............1765.00 11.00
LON PALLADIUM AM...............785.00 11.00
ALUMINIUM CASH .................2449.00 -27.00
COPPER CASH ......................9605.50 -49.00
LEAD CASH...........................2649.00 -37.00
NICKEL CASH......................24055.00 225.00
TIN CASH.............................27255.00 -140.00
ZINC CASH ............................2318.00 -19.50
BRENT SPOT INDEX................116.75 -1.59
SOYA.....................................1385.75 0.00
COCOA..................................3168.00 0.00
COFFEE...................................252.55 0.00
KRUG.....................................1662.50 16.20
WHEAT ....................................161.78 -3.82
AIR LIQUIDE........................................93.60 -0.95 100.65 80.00
ALLIANZ..............................................87.83 -1.56 108.85 79.46
ALSTOM..............................................38.10 -1.92 45.32 30.78
ANHEUS-BUSCH INBEV ....................39.22 -0.06 46.33 38.32
ARCELORMITTAL ..............................22.10 -0.56 28.55 20.76
AXA......................................................12.89 -0.74 16.16 10.88
BANCO SANTANDER...........................7.12 -0.13 10.23 6.98
BASF SE..............................................67.43 -0.48 70.22 40.74
BAYER.................................................55.70 0.20 59.44 43.27
BBVA.....................................................7.03 -0.17 10.71 6.75
BMW ....................................................71.11 -1.56 72.74 39.96
BNP PARIBAS.....................................43.63 -1.65 59.93 43.42
CARREFOUR ......................................21.54 -0.23 36.06 21.33
CREDIT AGRICOLE..............................8.18 -0.30 12.92 8.18
CRH PLC .............................................13.60 -0.10 17.40 11.51
DAIMLER.............................................51.50 -1.77 59.09 37.03
DANONE..............................................50.69 -0.06 53.16 41.00
DEUTSCHE BANK..............................35.87 -1.28 51.61 35.66
DEUTSCHE BOERSE .........................53.70 -0.31 62.48 46.33
DEUTSCHE TELEKOM.......................10.09 -0.17 11.38 9.50
E.ON.....................................................18.38 -0.12 25.54 18.18
ENEL......................................................3.94 -0.07 4.86 3.54
ENI .......................................................15.18 -0.27 18.66 14.95
FRANCE TELECOM............................13.61 -0.16 17.45 13.56
GDF SUEZ ...........................................22.47 -0.40 30.05 22.46
GENERALI ASS. .................................12.58 -0.49 17.05 12.18
IBERDROLA..........................................5.45 -0.03 6.50 4.86
ING GROEP CVA ..................................7.07 -0.54 9.50 6.35
INTESA SANPAOLO.............................1.48 -0.10 2.53 1.41
KON.PHILIPS ELECTR.......................17.20 -0.17 26.20 15.56
L'OREAL..............................................83.37 -1.01 91.24 75.03
LVMH.................................................122.40 -2.25 129.95 87.53
MUNICH RE.........................................98.75 -2.30 126.00 98.43
NOKIA....................................................3.80 -0.13 8.49 3.79
REPSOL YPF.......................................21.13 -0.20 24.90 17.21
RWE.....................................................35.17 -0.36 56.49 34.77
SAINT-GOBAIN...................................40.04 -1.36 47.64 27.81
SANOFI ................................................54.23 -1.17 56.82 44.01
SAP......................................................40.38 -0.42 46.15 34.13
SCHNEIDER ELECTRIC...................102.00 -2.15 123.65 81.40
SIEMENS .............................................91.69 -1.36 99.39 70.02
SOCIETE GENERALE.........................32.80 -1.90 52.70 32.76
TELECOM ITALIA.................................0.84 -0.02 1.16 0.80
TELEFONICA ......................................15.40 -0.22 19.69 15.07
TOTAL .................................................38.09 -0.29 44.55 36.23
UNIBAIL-RODAMCO SE...................149.80 -3.10 162.95 117.34
UNICREDIT............................................1.13 -0.08 2.24 1.06
UNILEVER CVA...................................22.59 -0.14 24.11 20.68
VINCI ....................................................38.94 -0.96 45.48 33.38
VIVENDI ...............................................16.75 -0.24 22.07 16.66
Price Chg High Low
EU SHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 5752.81 -90.85 -1.55
FTSE 250 INDEX . . . . . . . 11527.78 -219.00 -1.86
FTSE UK ALL SHARE . . . . 2997.21 -48.30 -1.59
FTSE AIM ALL SH . . . . . . . . 867.25 -7.71 -0.88
DOWJONES INDUS 30 . . 12385.16 -94.57 -0.76
S&P 500 . . . . . . . . . . . . . . . 1305.44 -10.70 -0.81
NASDAQ COMPOSITE . . . 2765.11 -24.69 -0.89
FTSEUROFIRST 300 . . . . . 1067.96 -18.94 -1.74
NIKKEI 225 AVERAGE. . . . 9974.47 38.35 0.39
DAX 30 PERFORMANCE. . 7107.92 -112.20 -1.55
CAC 40 . . . . . . . . . . . . . . . . 3650.71 -75.88 -2.04
SHANGHAI SE INDEX . . . . 2816.69 -3.48 -0.12
HANG SENG. . . . . . . . . . . 21804.75 -70.63 -0.32
S&P/ASX 20 INDEX . . . . . . 2684.60 -1.10 -0.04
ASX ALL ORDINARIES . . . 4539.90 -2.80 -0.06
BOVESPA SAO PAOLO . 58862.58 -615.43 -1.03
ISEQ OVERALL INDEX . . . 2825.75 -35.94 -1.26
STI . . . . . . . . . . . . . . . . . . . . 3078.95 -5.29 -0.17
IGBM. . . . . . . . . . . . . . . . . . . 946.98 -14.40 -1.50
SWISS MARKET INDEX. . . 5826.26 -111.80 -1.88
Price Chg %chg
3M........................................................94.60 -0.87 98.19 78.40
ABBOTT LABS ...................................52.56 -0.48 54.24 44.59
ALCOA ................................................15.17 -0.31 18.47 9.92
ALTRIA GROUP..................................26.60 -0.09 28.13 21.11
AMAZON.COM..................................211.53 -1.34 218.32 105.80
AMERICAN EXPRESS........................51.33 -0.48 53.80 37.33
AMGEN INC.........................................54.66 -0.39 61.53 50.34
APPLE...............................................373.80 8.88 374.65 236.78
AT&T....................................................30.12 -0.19 31.94 24.50
BANK OF AMERICA.............................9.72 -0.28 15.69 9.53
BERKSHIRE HATAW B......................75.11 -0.25 87.65 73.23
BOEING CO.........................................69.55 -1.73 80.65 59.48
BRISTOL MYERS SQUI......................28.66 -0.31 29.54 20.05
CATERPILLAR..................................107.80 -1.56 116.55 63.34
CHEVRON.........................................106.23 0.04 109.94 70.96
CISCO SYSTEMS................................15.44 -0.16 26.00 14.78
CITIGROUP.........................................37.74 -0.64 51.50 36.30
COCA-COLA.......................................67.12 -0.41 68.89 51.92
COLGATE PALMOLIVE......................87.99 -1.02 89.36 73.12
CONOCOPHILLIPS.............................75.44 -0.98 81.80 50.80
DU PONT(EI) DE NMR........................53.47 -0.62 57.00 35.61
EMC CORP..........................................26.64 -0.17 28.73 17.90
EXXON MOBIL....................................82.65 -0.35 88.23 57.60
GENERAL ELECTRIC.........................18.29 -0.12 21.65 14.25
GOOGLE A........................................594.94 -2.68 642.96 448.00
HEWLETT PACKARD.........................35.02 -0.07 49.39 33.95
HOME DEPOT.....................................35.69 -0.22 39.38 26.62
IBM.....................................................175.28 -0.26 177.77 122.28
INTEL CORP .......................................22.28 -0.09 26.78 17.60
J.P.MORGAN CHASE.........................39.84 -0.14 48.36 35.55
JOHNSON & JOHNSON.....................67.09 -0.36 68.05 56.86
KRAFT FOODS A................................35.18 -0.19 36.02 24.30
MC DONALD'S CORP ........................85.40 -0.08 86.46 68.59
MERCK AND CO. NEW......................35.49 -0.44 37.68 31.06
MICROSOFT........................................26.59 -0.19 29.46 23.32
OCCID. PETROLEUM.......................105.26 -0.08 117.89 72.13
ORACLE CORP...................................31.49 -0.60 36.50 21.66
PEPSICO.............................................68.00 -0.53 71.89 61.71
PFIZER ................................................19.64 -0.11 21.45 14.39
PHILIP MORRIS INTL.........................66.83 -0.10 71.75 49.20
PROCTER AND GAMBLE..................64.55 -0.28 67.72 56.57
QUALCOMM INC ................................55.28 0.32 59.84 35.74
SCHLUMBERGER ..............................87.22 -0.77 95.64 52.91
TRAVELERS CIES..............................56.52 -1.38 64.17 48.46
UNITED TECHNOLOGIE ....................87.62 -0.70 91.83 64.57
UNITEDHEALTH GROUP...................51.98 0.01 53.50 29.94
VERIZON COMMS ..............................36.71 -0.11 38.95 26.41
WAL-MART STORES..........................53.32 -0.31 57.90 49.09
WALT DISNEY CO..............................38.75 -0.52 44.34 31.55
WELLS FARGO & CO.........................26.88 -0.30 34.25 23.02
COMMODITIES CREDIT & RATES
BoE IR Overnight ............................0.500 0.00
BoE IR 7 days.................................0.500 0.00
BoE IR 1 month ..............................0.500 0.00
BoE IR 3 months ............................0.500 0.00
BoE IR 6 months ............................0.500 0.00
LIBOR Euro - overnight ..................1.407 -0.03
LIBOR Euro - 12 months ................2.160 -0.04
LIBOR USD - overnight...................0.122 -0.01
LIBOR USD - 12 months.................0.749 0.06
HaIifax mortgage rate .....................3.990 0.00
Euro Base Rate ...............................1.500 0.00
Finance house base rate................1.000 0.00
US Fed funds...................................0.250 0.00
US Iong bond yieId .........................4.380 0.00
European repo rate.........................1.360 0.05
Euro Euribor ....................................1.465 0.00
The vix index ...................................21.22 0.57
The baItic dry index ........................1.353 -0.01
Markit iBoxx...................................223.01 1.10
Markit iTraxx....................................95.06 0.00
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
US SHARES
6/$ 1.4114 0.0020
6/ 0.8789 0.0018
6/ 111.58 0.1600
/6 1.1371 0.0027
/$ 1.6056 0.0061
/ 126.96 0.4600
FTSE 100
5752.81
-90.85
FTSE 250
11527.78
-219.00
FTSE ALL SHARE
2997.21
-48.30
DOW
12385.16
-94.57
NASDAQ
2765.11
24.69
S&P 500
1305.44
-10.70
RPC Group . . . . . . . .344.5 -4.4 384.8 202.2
Smiths Group . . . . .1120.0 -37.0 1429.0 1089.0
Brown (N.) Group . . .270.0 -0.9 311.2 221.0
Carpetright . . . . . . . . .586.0 -4.0 835.5 571.5
Debenhams . . . . . . . . .63.8 -1.7 77.4 56.1
Dignity . . . . . . . . . . . .781.0 -18.0 812.0 633.0
Dixons RetaiI . . . . . . .15.9 0.6 28.5 11.8
DuneImGroup . . . . . .465.8 -2.2 550.0 371.1
HaIfords Group . . . . .356.3 -5.1 518.5 348.2
Home RetaiI Group . .136.9 -5.3 244.5 136.6
Inchcape . . . . . . . . . .373.8 -33.3 425.4 253.2
JD Sports Fashion . .950.0 -34.5 1030.0 723.5
Kesa EIectricaIs . . . .134.3 -4.2 174.0 109.8
Kingfisher . . . . . . . . .251.0 -6.3 287.1 198.5
Marks & Spencer G . .352.2 -4.8 427.5 329.3
Mothercare . . . . . . . .405.5 -2.4 627.5 381.5
Next . . . . . . . . . . . . .2379.0 -16.0 2410.0 1868.0
Sports Direct Int . . . .252.0 -2.5 261.2 101.1
WH Smith . . . . . . . . . .495.0 -4.3 523.0 398.2
Smith & Nephew . . . .653.5 -12.0 742.0 537.5
Synergy HeaIth . . . . .930.5 -6.5 948.0 640.0
Barratt DeveIopme . .100.8 -3.6 119.0 70.1
BeIIway . . . . . . . . . . . .655.0 -25.5 753.5 511.0
YuIe Catto & Co . . . . .223.6 -5.9 253.0 122.2
BaIfour Beatty . . . . . .297.9 -7.7 357.3 234.6
KeIIer Group . . . . . . .455.1 -3.3 698.5 432.0
Kier Group . . . . . . . .1322.0 -23.0 1418.0 970.0
Drax Group . . . . . . . .496.5 1.7 503.5 353.6
Scottish & Southe . .1410.0 -4.0 1423.0 1108.0
Domino Printing S . .660.5 -9.5 705.0 440.0
HaIma . . . . . . . . . . . . .405.5 -6.9 429.6 270.0
Laird . . . . . . . . . . . . . .185.0 -4.5 207.0 101.0
Morgan CrucibIe C . .335.9 -15.2 357.1 189.1
Renishaw . . . . . . . . .1777.0 -3.0 1854.0 778.0
Spectris . . . . . . . . . .1645.0 0.0 1679.0 869.5
Aberforth SmaIIer . . .689.0 -15.0 714.0 507.0
AIIiance Trust . . . . . .376.2 -3.2 392.7 307.6
Bankers Inv Trust . . .406.0 -12.4 428.0 353.6
BH GIobaI Ltd. GB .1105.0 3.0 1174.0 1058.0
BH GIobaI Ltd. US . . . .10.9 0.0 11.6 10.4
BH Macro Ltd. EUR . . .17.1 0.1 17.2 15.8
BH Macro Ltd. GBP 1756.0 7.0 1775.0 1630.0
BH Macro Ltd. USD . . .16.9 0.1 17.2 15.8
BIackRock WorId M .752.0 -6.5 815.5 533.0
BIueCrest AIIBIue . . .173.5 -0.5 176.2 164.5
British Assets Tr . . . .132.2 -2.0 140.5 115.3
British Empire Se . . .514.0 -3.0 533.0 422.0
CaIedonia Investm .1744.0 -2.0 1928.0 1543.0
City of London In . . .292.5 -5.1 306.9 249.3
Dexion AbsoIute L . .145.6 -0.3 151.0 131.2
Edinburgh Dragon . .242.4 -1.3 262.1 210.3
Edinburgh Inv Tru . . .459.9 -6.1 492.2 390.9
EIectra Private E . . .1722.0 -5.0 1755.0 1286.0
F&C Inv Trust . . . . . .313.9 -4.3 327.9 263.8
FideIity China Sp . . . . .97.0 -2.4 128.7 93.0
FideIity European . .1185.0 -20.0 1287.0 937.5
FideIity SpeciaI . . . . .544.0 -8.5 595.0 523.0
HeraId Inv Trust . . . .521.5 -4.0 545.5 369.0
HICL Infrastructu . . .114.6 -0.3 121.3 112.0
Impax Environment .114.5 -1.5 130.5 106.5
JPMorgan American .877.0 -6.0 916.0 673.0
JPMorgan Asian In . .235.1 0.5 250.8 190.5
JPMorgan Emerging .585.5 -1.0 639.0 497.1
JPMorgan European .911.0 -19.0 983.5 641.0
JPMorgan Indian I . . .418.0 -0.1 502.0 394.1
JPMorgan Russian .660.0 -12.0 755.0 533.0
Law Debenture Cor . .373.0 -4.0 385.0 295.1
MercantiIe Inv Tr . . .1045.0 -15.0 1137.0 904.5
Merchants Trust . . . .392.5 -8.8 431.8 342.0
Monks Inv Trust . . . .348.9 -4.9 367.9 282.0
Murray Income Tru . .638.5 -10.5 673.0 553.5
Murray Internatio . . .942.0 -10.0 991.5 823.5
PerpetuaI Income . . .261.5 -5.9 276.0 217.8
PoIar Cap TechnoI . .358.7 -0.5 391.2 275.6
RIT CapitaI Partn . . .1319.0 -9.0 1334.0 1107.0
Scottish Inv Trus . . . .501.5 -8.5 524.0 409.0
Scottish Mortgage . .749.5 -9.5 781.0 566.0
SVG CapitaI . . . . . . . .258.1 -5.9 279.8 148.9
TempIe Bar Inv Tr . . .898.0 -15.5 952.0 754.0
TempIeton Emergin .655.5 -1.0 689.5 531.0
TR Property Inv T . . .186.7 -5.0 206.1 138.2
TR Property Inv T . . . .88.3 -1.1 94.0 62.1
Witan Inv Trust . . . . .511.0 -6.5 533.0 426.1
3i Group . . . . . . . . . . .272.7 -6.6 340.0 254.1
3i Infrastructure . . . .123.2 0.2 125.2 108.9
Aberdeen Asset Ma .219.4 -7.6 240.0 124.5
Ashmore Group . . . .404.0 -4.5 414.5 265.4
Brewin DoIphin Ho . .158.5 -1.5 185.4 114.0
CameIIia . . . . . . . . . .9800.0-736.010950.07900.0
CharIes TayIor Co . . .139.3 -4.0 234.0 122.0
City of London Gr . . . .78.5 0.0 93.6 70.7
City of London In . . .420.0 -6.0 461.5 274.0
CIose Brothers Gr . . .743.0 -18.5 888.5 664.0
CoIIins Stewart H . . . .75.3 2.3 90.8 69.0
EvoIution Group . . . . .66.5 0.3 92.0 62.3
F&C Asset Managem .73.8 -2.7 92.9 47.5
Hargreaves Lansdo .593.5 -7.0 646.5 325.1
HeIphire Group . . . . . . .3.3 -0.0 43.0 3.1
Henderson Group . . .149.1 -3.1 173.1 119.1
Highway CapitaI . . . . .16.5 -2.0 21.0 6.0
ICAP . . . . . . . . . . . . . .464.9 -15.7 570.5 380.2
IG Group HoIdings . .411.4 -23.6 553.0 411.0
Intermediate Capi . . .277.7 -11.5 360.3 252.7
InternationaI Per . . . .361.3 -10.7 388.8 189.0
InternationaI Pub . . .116.4 -0.3 118.3 108.6
Investec . . . . . . . . . . .484.4 -14.7 538.0 444.4
IP Group . . . . . . . . . . . .47.3 -1.3 54.5 27.9
Jupiter Fund Mana . .251.8 -1.0 337.3 181.0
Liontrust Asset M . . . .75.0 -1.0 95.3 70.0
LMS CapitaI . . . . . . . . .61.1 -0.6 64.8 40.0
London Finance & . . .21.8 0.0 23.5 16.5
London Stock Exch .963.5 -24.5 1076.0 617.0
Lonrho . . . . . . . . . . . . .17.0 -0.5 19.8 10.5
Man Group . . . . . . . . .231.0 -10.2 311.0 206.4
Paragon Group Of . .198.0 0.0 206.1 118.7
Provident Financi . . .999.5 -18.5 1033.0 728.5
Rathbone Brothers .1144.0 -13.0 1257.0 805.0
Record . . . . . . . . . . . . .30.9 0.0 52.0 20.3
RSM Tenon Group . . .30.0 -0.8 66.3 21.3
Schroders . . . . . . . .1587.0 -18.0 1922.0 1193.0
Schroders (Non-Vo .1326.0 -16.0 1554.0 999.0
TuIIett Prebon . . . . . .353.0 -11.0 428.6 331.3
WaIker Crips Grou . . .51.0 0.0 51.0 46.5
BT Group . . . . . . . . . .187.6 -5.4 204.1 130.6
CabIe & WireIess . . . .40.1 -0.5 61.4 37.5
CabIe & WireIess . . . .45.0 -0.2 84.7 44.8
COLT Group SA . . . .136.0 -2.7 156.2 109.0
TaIkTaIk TeIecom . . .137.9 -1.3 168.3 114.3
TeIecomPIus . . . . . . .675.0 -3.0 700.0 340.0
Booker Group . . . . . . .74.9 -0.1 77.9 42.0
Greggs . . . . . . . . . . . .531.0 -3.0 550.5 418.7
Morrison (Wm) Sup .293.5 -1.9 308.3 262.7
Ocado Group . . . . . . .188.4 -1.6 285.0 123.5
Sainsbury (J) . . . . . . .314.2 -6.7 395.0 314.2
Tesco . . . . . . . . . . . . .395.0 -8.0 440.7 378.1
Associated Britis . .1079.0 -8.0 1182.0 940.0
Cranswick . . . . . . . . .728.0 -2.0 907.5 724.0
Dairy Crest Group . . .382.2 -3.2 424.9 339.7
Devro . . . . . . . . . . . . .265.0 -4.0 296.9 205.5
Premier Foods . . . . . . .20.7 -0.2 35.1 16.0
Tate & LyIe . . . . . . . . .605.5 -13.0 656.0 409.1
UniIever . . . . . . . . . .1958.0 -16.0 2065.0 1688.0
Mondi . . . . . . . . . . . . .608.0 -15.5 664.0 398.1
Centrica . . . . . . . . . . .318.5 1.1 346.1 303.4
InternationaI Pow . . .300.6 -1.4 448.6 299.2
NationaI Grid . . . . . . .598.5 -5.0 632.5 487.6
Northumbrian Wate .453.9 -1.6 456.0 295.5
Pennon Group . . . . . .696.5 -2.0 715.0 560.0
Severn Trent . . . . . .1427.0 -1.0 1517.0 1264.0
United UtiIities . . . . .581.0 -3.5 632.0 543.5
Cookson Group . . . . .605.0 -16.0 724.5 411.1
DS Smith . . . . . . . . . .240.7 -4.8 266.2 125.8
Rexam . . . . . . . . . . . .369.9 -9.5 400.0 293.0
GIencore Internat . . .488.0 -8.9 531.1 466.7
BAE Systems . . . . . .296.9 -3.5 369.9 294.5
Chemring Group . . . .555.0 -7.0 736.5 519.6
Cobham . . . . . . . . . . .205.4 -3.6 247.6 192.3
Meggitt . . . . . . . . . . . .369.2 -10.3 391.5 261.7
QinetiQ Group . . . . . .117.5 -4.9 136.3 96.7
RoIIs-Royce Group . .630.0 -12.5 665.0 552.0
Senior . . . . . . . . . . . . .183.7 -3.6 187.9 111.2
UItra EIectronics . . .1596.0 -30.0 1895.0 1544.0
GKN . . . . . . . . . . . . . .227.9 -11.1 245.0 131.5
BarcIays . . . . . . . . . . .207.7 -15.7 344.0 207.1
HSBC HoIdings . . . . .591.2 -8.7 730.9 590.4
LIoyds Banking Gr . . .41.4 -3.3 77.6 41.1
RoyaI Bank of Sco . . .33.0 -2.1 52.1 32.8
Standard Chartere .1596.5 -12.5 1950.0 1519.0
AG Barr . . . . . . . . . .1308.0 -1.0 1395.0 1035.0
Britvic . . . . . . . . . . . . .368.2 -2.9 518.0 364.5
Diageo . . . . . . . . . . .1234.0 -15.0 1307.0 1050.0
SABMiIIer . . . . . . . . .2305.5 -22.0 2337.5 1841.0
AZ EIectronic Mat . . .264.0 -8.7 338.1 248.5
Croda Internation . .1984.0 -28.0 2081.0 1130.0
EIementis . . . . . . . . . .177.0 -3.0 187.4 67.0
Johnson Matthey . .1938.0 -66.0 2119.0 1550.0
Victrex . . . . . . . . . . .1523.0 -20.0 1590.0 1076.0
Price Chg High Low
BerkeIey Group Ho .1244.0 -32.0 1299.0 789.5
Bovis Homes Group .415.7 -8.9 464.7 326.6
Persimmon . . . . . . . .459.6 -20.2 502.5 336.5
Reckitt Benckiser . .3456.0 -3.0 3648.0 3015.0
Redrow . . . . . . . . . . . .128.0 0.5 139.0 97.5
TayIor Wimpey . . . . . .35.2 -1.5 43.3 22.3
Bodycote . . . . . . . . . .348.0 -17.3 397.7 214.5
Charter Internati . . . .788.0 -31.0 853.5 538.5
Fenner . . . . . . . . . . . .398.1 -11.9 419.1 198.0
IMI . . . . . . . . . . . . . . .1037.0 -49.0 1119.0 657.5
MeIrose . . . . . . . . . . .353.2 -6.8 378.0 212.5
Northgate . . . . . . . . . .323.5 -7.5 346.7 180.0
Rotork . . . . . . . . . . .1555.0 -45.0 1895.0 1395.0
Spirax-Sarco Engi . .1887.0 -53.0 2063.0 1499.0
Weir Group . . . . . . .2066.0 -79.0 2196.0 1130.0
Ferrexpo . . . . . . . . . . .457.3 -18.5 499.0 251.6
TaIvivaara Mining . . .397.7 -4.8 622.0 386.9
BBA Aviation . . . . . . .211.6 -6.3 240.8 175.0
Stobart Group Ltd . . .137.0 -3.0 163.6 124.1
AdmiraI Group . . . . .1535.0 -51.0 1754.0 1409.0
AmIin . . . . . . . . . . . . .383.7 -11.3 433.0 375.3
Huntsworth . . . . . . . . .70.8 -1.1 86.0 65.0
Informa . . . . . . . . . . . .408.9 -12.9 461.1 352.8
ITE Group . . . . . . . . . .234.0 -1.5 258.2 139.6
ITV . . . . . . . . . . . . . . . . .63.7 -3.1 93.5 49.8
Johnston Press . . . . . . .5.5 0.3 20.0 4.4
MecomGroup . . . . . .219.5 -18.8 310.0 185.0
Moneysupermarket. .114.5 -1.2 115.8 65.1
Pearson . . . . . . . . . .1137.0 -18.0 1207.0 920.0
PerformGroup . . . . .203.0 -3.0 234.5 200.7
Reed EIsevier . . . . . .536.5 -8.5 590.5 505.5
Rightmove . . . . . . . .1200.0 -20.0 1250.0 596.5
STV Group . . . . . . . . .128.0 1.0 168.0 79.8
Tarsus Group . . . . . .150.3 0.0 165.0 112.5
Trinity Mirror . . . . . . . .39.8 -0.3 124.3 39.8
United Business M . .516.0 -11.0 725.0 507.0
UTV Media . . . . . . . . .123.8 1.1 151.0 106.0
WiImington Group . .113.5 -2.0 183.0 111.8
WPP . . . . . . . . . . . . . .690.0 -16.5 846.5 633.0
YeII Group . . . . . . . . . . .8.2 1.1 30.2 5.1
African Barrick G . . .472.3 16.9 638.0 393.5
AngIo American . . .2902.5 -69.5 3437.0 2254.0
AngIo Pacific Gro . . .308.0 -0.1 369.3 249.0
Antofagasta . . . . . . .1381.0 -17.0 1634.0 903.0
Aquarius PIatinum . .306.3 -7.0 419.0 227.1
BHP BiIIiton . . . . . . .2287.5 -52.5 2631.5 1767.0
BeazIey . . . . . . . . . . . .125.5 -1.0 139.2 110.4
CatIin Group Ltd. . . .380.6 -8.0 421.4 325.0
Hiscox Ltd. . . . . . . . . .395.0 -11.7 424.7 341.5
Jardine LIoyd Tho . . .630.5 -12.5 709.0 561.0
Lancashire HoIdin . . .669.5 -9.5 685.0 515.0
RSA Insurance Gro . .132.1 -1.4 143.5 120.1
Aviva . . . . . . . . . . . . .392.0 -15.9 477.9 334.0
LegaI & GeneraI G . . .111.9 -4.2 123.8 84.1
OId MutuaI . . . . . . . . .125.5 -5.7 145.2 111.4
Phoenix Group HoI . .560.5 -0.5 758.0 551.0
PrudentiaI . . . . . . . . .662.5 -20.5 777.0 506.0
ResoIution Ltd. . . . . .265.0 -12.3 316.1 211.3
St James's PIace . . . .355.7 -14.3 372.1 233.5
Standard Life . . . . . . .194.8 -6.1 244.7 190.7
4Imprint Group . . . . .276.0 1.0 295.0 195.0
Aegis Group . . . . . . .151.7 -3.0 162.3 107.0
BIoomsbury PubIis . .115.1 -1.9 138.0 108.5
British Sky Broad . . .713.5 4.0 850.0 692.0
Centaur Media . . . . . . .51.5 -1.0 73.0 44.8
Chime Communicati .249.3 -4.3 298.5 165.8
Creston . . . . . . . . . . .107.5 -1.5 121.0 78.5
DaiIy MaiI and Ge . . .411.2 -7.8 594.5 410.8
Euromoney Institu . .644.0 -11.0 736.0 578.0
Future . . . . . . . . . . . . . .13.1 -0.1 30.0 13.0
Haynes PubIishing . .255.0 0.0 262.5 202.5
Centamin Egypt Lt . .141.5 5.7 197.1 114.5
Eurasian NaturaI . . .743.0 -19.0 1125.0 695.5
FresniIIo . . . . . . . . . .1659.0 34.0 1682.0 990.0
GemDiamonds Ltd. .237.0 -4.1 306.0 186.3
HochschiId Mining . .509.5 13.1 680.0 289.4
Kazakhmys . . . . . . .1302.0 -27.0 1671.0 1017.0
Kenmare Resources . .53.3 -3.3 59.9 13.3
Lonmin . . . . . . . . . . .1312.0 -33.0 1983.0 1310.0
New WorId Resourc .835.5 -25.5 1060.0 835.5
PetropavIovsk . . . . . .801.5 -11.0 1252.0 678.0
RandgoId Resource 5560.0 95.0 6655.0 4425.0
Rio Tinto . . . . . . . . .4308.0 -83.0 4712.0 3005.0
Vedanta Resources 1794.0 -50.0 2583.0 1789.0
Xstrata . . . . . . . . . . .1323.5 -28.5 1550.0 908.6
Inmarsat . . . . . . . . . . .517.0 -18.0 756.5 514.5
Vodafone Group . . . .157.3 -1.8 181.9 143.0
Genesis Emerging . .521.5 -3.5 568.0 458.0
Afren . . . . . . . . . . . . . .149.1 -3.4 171.2 82.8
BG Group . . . . . . . . .1381.0 -18.0 1564.5 1003.5
BP . . . . . . . . . . . . . . . .456.0 -3.0 509.0 375.2
Cairn Energy . . . . . . .371.5 -15.9 493.2 366.0
EnQuest . . . . . . . . . . .119.6 -2.9 158.5 103.2
Essar Energy . . . . . .369.0 -7.7 589.5 367.1
ExiIIon Energy . . . . . .430.1 -13.8 469.7 166.5
Heritage OiI . . . . . . . .235.2 -5.4 486.0 210.0
JKX OiI & Gas . . . . . .251.5 -6.7 335.1 251.5
Premier OiI . . . . . . . . .403.5 -4.8 535.0 357.5
RoyaI Dutch SheII . .2215.5 -16.5 2326.5 1703.0
RoyaI Dutch SheII . .2218.5 -16.5 2336.0 1642.0
SaIamander Energy .274.2 -3.8 317.6 210.0
Soco Internationa . . .353.0 -5.7 484.2 292.0
TuIIow OiI . . . . . . . . .1260.0 -34.0 1493.0 1123.0
Amec . . . . . . . . . . . .1084.0 -6.0 1251.0 848.5
Hunting . . . . . . . . . . .792.0 1.0 817.0 483.3
John Wood Group . .680.5 -3.0 715.8 339.5
LampreII . . . . . . . . . . .380.0 -0.2 394.3 205.4
Petrofac Ltd. . . . . . .1426.0 -47.0 1685.0 1250.0
Burberry Group . . . .1538.0 -39.0 1577.0 799.5
PZ Cussons . . . . . . . .370.0 9.9 409.0 320.5
Supergroup . . . . . . .1064.0 -11.0 1820.0 818.5
AstraZeneca . . . . . .3015.0 -63.5 3385.0 2801.5
BTG . . . . . . . . . . . . . .297.2 -0.7 309.7 196.2
Genus . . . . . . . . . . . .1008.0 -11.0 1046.0 704.5
GIaxoSmithKIine . . .1335.0 -7.0 1375.5 1111.0
Hikma Pharmaceuti .730.0 -24.5 900.0 687.5
Shire PIc . . . . . . . . . .2075.0 11.0 2077.0 1376.0
CapitaI & Countie . . .190.2 -0.8 203.7 110.0
Daejan HoIdings . . .2954.0 44.0 2998.0 2263.0
F&C CommerciaI Pr .102.9 0.5 108.0 88.0
Grainger . . . . . . . . . . .120.2 -3.8 133.2 86.3
London & Stamford .130.8 0.3 140.0 110.3
SaviIIs . . . . . . . . . . . . .366.2 -10.8 427.1 291.0
St. Modwen Proper . .178.9 -6.1 196.2 135.4
UK CommerciaI Pro . .80.0 0.5 85.5 74.3
Unite Group . . . . . . . .209.7 -1.5 229.8 175.0
Big YeIIow Group . . .302.1 -4.1 353.3 287.1
British Land Co . . . . .604.5 0.0 629.5 443.0
CapitaI Shopping . . .364.5 -7.5 424.8 320.9
Derwent London . . .1796.0 -4.0 1880.0 1296.0
Great PortIand Es . . .435.6 -9.2 446.0 295.9
Hammerson . . . . . . . .460.6 -8.5 490.9 352.2
Hansteen HoIdings . . .87.6 0.5 89.3 59.4
Land Securities G . . .866.0 -12.0 885.0 573.0
SEGRO . . . . . . . . . . . .302.5 -3.2 331.3 262.5
Shaftesbury . . . . . . . .521.5 -2.5 539.0 384.4
Autonomy Corporat 1730.0 6.0 1896.0 1271.0
Aveva Group . . . . . .1738.0 -6.0 1799.0 1260.0
Computacenter . . . . .471.0 4.4 489.7 265.0
Fidessa Group . . . . .1973.0 -27.0 2109.0 1350.0
Invensys . . . . . . . . . . .298.3 -9.4 364.3 230.2
Kofax . . . . . . . . . . . . .487.1 -2.9 535.0 231.0
Logica . . . . . . . . . . . .115.1 -1.9 147.2 101.7
Micro Focus Inter . . .299.4 -14.5 439.0 276.0
Misys . . . . . . . . . . . . .385.0 1.3 420.2 254.1
Sage Group . . . . . . . .275.2 -3.1 302.0 235.3
SDL . . . . . . . . . . . . . . .690.5 -1.5 711.5 510.0
TeIecity Group . . . . . .517.0 -7.5 557.0 420.0
Aggreko . . . . . . . . . .1969.0 -53.0 2034.0 1351.3
Ashtead Group . . . . .155.7 -9.8 207.9 77.0
Atkins (WS) . . . . . . . .712.0 -18.0 820.0 650.0
Babcock Internati . . .678.0 -21.0 733.0 492.8
Berendsen . . . . . . . . .539.0 -11.0 568.0 361.8
BunzI . . . . . . . . . . . . .771.5 -15.5 801.0 679.0
Capita Group . . . . . . .689.0 -11.0 794.5 635.5
CariIIion . . . . . . . . . . .363.5 -10.3 403.2 291.2
De La Rue . . . . . . . . .758.0 -7.5 930.0 549.5
EIectrocomponents .231.1 -7.6 294.9 205.7
Experian . . . . . . . . . . .802.0 -1.5 833.5 606.0
FiItrona PLC . . . . . . . .358.5 -8.6 385.5 227.5
G4S . . . . . . . . . . . . . . .271.9 -2.5 291.0 237.7
Hays . . . . . . . . . . . . . . .89.9 -3.2 133.6 89.0
Homeserve . . . . . . . .490.7 -4.3 532.0 408.0
Howden Joinery Gr . .104.6 -5.3 127.5 63.0
Intertek Group . . . . .1853.0 -67.0 2148.0 1577.0
MichaeI Page Inte . . .506.5 -17.0 567.0 368.0
Mitie Group . . . . . . . .233.0 -4.3 242.5 188.7
Premier FarneII . . . . .182.2 -7.1 308.8 180.3
Regus . . . . . . . . . . . . .101.0 -2.3 119.0 66.1
RentokiI InitiaI . . . . . . .90.3 -1.5 111.1 84.3
RPS Group . . . . . . . . .225.9 -7.5 253.0 169.8
Serco Group . . . . . . .540.0 -10.5 633.0 529.5
Shanks Group . . . . . .126.1 -0.5 130.9 96.5
SIG . . . . . . . . . . . . . . .132.1 -4.4 153.5 90.7
SThree . . . . . . . . . . . .390.0 -17.7 447.6 231.1
Travis Perkins . . . . . .919.0 -25.5 1127.0 747.0
WoIseIey . . . . . . . . .1822.0 -64.0 2261.0 1223.0
ARM HoIdings . . . . . .569.0 5.0 651.0 300.5
CSR . . . . . . . . . . . . . .289.6 -4.8 447.0 280.9
Imagination Techn . .385.8 -6.7 502.0 303.5
Pace . . . . . . . . . . . . . .111.0 -3.1 231.8 93.0
Spirent Communica .132.5 -2.4 160.3 117.3
British American . .2775.0 -25.0 2847.0 2166.0
ImperiaI Tobacco . .2148.0 -2.0 2231.0 1784.0
Avis Europe . . . . . . . .312.0 1.0 312.5 184.0
Betfair Group . . . . . . .615.5 -30.5 1550.0 607.5
Bwin.party Digita . . .132.3 -6.7 309.5 127.0
CarnivaI . . . . . . . . . .2185.0 -21.0 3153.0 2037.0
Compass Group . . . .577.0 -11.5 612.0 501.0
Domino's Pizza UK . .435.6 -0.9 586.0 377.0
easyJet . . . . . . . . . . . .301.0 -15.3 479.0 300.9
Enterprise Inns . . . . . .58.1 -2.0 122.7 57.8
FirstGroup . . . . . . . . .342.9 -7.7 412.6 311.3
Go-Ahead Group . . .1531.0 -17.0 1598.0 1073.0
Greene King . . . . . . .480.2 -12.7 518.0 398.0
InterContinentaI . . .1202.0 -38.0 1435.0 982.0
InternationaI Con . . .222.6 -4.4 305.0 199.4
JD Wetherspoon . . . .423.4 -5.5 468.3 389.9
Ladbrokes . . . . . . . . .139.2 -4.0 155.3 122.7
Marston's . . . . . . . . . .100.4 -2.8 117.1 92.0
MiIIennium& Copt . .494.0 -14.0 600.5 431.5
MitcheIIs & ButIe . . . .284.3 -11.7 361.0 283.7
NationaI Express . . .241.7 -6.6 270.2 220.1
Punch Taverns . . . . . .66.9 -4.3 90.4 58.1
Rank Group . . . . . . . .153.7 2.7 162.5 102.6
Restaurant Group . . .290.4 -11.6 335.0 214.2
Stagecoach Group . .248.6 -8.7 268.5 160.7
Thomas Cook Group .67.0 -3.5 204.8 66.3
TUI TraveI . . . . . . . . . .178.2 -11.1 271.9 178.2
Whitbread . . . . . . . .1522.0 -25.0 1887.0 1368.0
WiIIiamHiII . . . . . . . . .217.6 -2.2 237.3 155.5
Abcam . . . . . . . . . . . .416.0 9.0 460.0 277.0
AIbemarIe & Bond . .383.0 -2.0 397.5 218.0
Amerisur Resource . .21.5 -0.8 29.0 11.5
Andor TechnoIogy . .624.0 5.0 659.0 282.5
ArchipeIago Resou . . .57.0 0.5 66.8 32.3
ASOS . . . . . . . . . . . .2406.0 21.0 2468.0 840.0
AureIian OiI & Ga . . . .60.0 -1.0 92.0 36.3
Avanti Communicat .372.0 -23.5 735.0 339.0
Avocet Mining . . . . . .227.5 5.8 253.5 112.0
BIinkx . . . . . . . . . . . . .121.0 -3.8 148.8 53.8
Borders & Souther . . .52.0 -0.8 93.0 49.5
BowLeven . . . . . . . . .292.0 -9.0 398.0 148.0
Brooks MacdonaId 1236.0 -13.0 1372.5 817.5
CaIedon Resources .111.0 0.0 111.5 36.5
Conygar Investmen .106.8 -0.6 120.0 101.3
Cove Energy . . . . . . . .94.8 -1.3 112.8 49.5
Daisy Group . . . . . . .121.9 -0.6 127.0 86.0
EMIS Group . . . . . . . .544.8 -12.3 574.3 303.5
Encore OiI . . . . . . . . . .60.8 -0.5 151.5 49.5
Faroe PetroIeum . . . .174.0 -2.0 218.3 122.5
GuIfsands PetroIe . . .210.0 -1.8 401.5 207.3
GWPharmaceuticaI .120.9 -0.4 130.0 83.0
Hamworthy . . . . . . . .666.0 -5.0 705.0 325.0
Hargreaves Servic .1028.0 -12.0 1076.0 602.0
HeaIthcare Locums .112.5 0.0 112.5 112.5
Immunodiagnostic .1075.0 3.0 1129.0 710.0
ImpeIIamGroup . . . .360.0 -2.1 387.5 84.0
James HaIstead . . . . .465.3 -17.1 489.8 306.0
KaIahari MineraIs . . .226.5 -3.5 301.0 142.0
London Mining . . . . .400.0 5.5 436.5 240.3
Lupus CapitaI . . . . . .116.5 -0.5 150.0 78.0
M. P. Evans Group . .425.0 -24.9 500.5 342.5
Majestic Wine . . . . . .488.3 -5.8 510.0 301.5
May Gurney Integr . .271.5 -8.5 289.3 177.0
Monitise . . . . . . . . . . . .36.0 -2.0 39.5 18.5
MuIberry Group . . . .1756.0 36.0 1778.0 282.5
Nanoco Group . . . . . . .81.1 -0.9 115.8 68.0
NauticaI PetroIeu . . .335.0 -2.5 547.0 128.0
NichoIs . . . . . . . . . . . .579.0 5.3 584.0 401.0
Numis Corporation . .116.8 0.1 146.5 94.0
Pan African Resou . . .13.5 -0.3 14.0 5.9
Patagonia GoId . . . . . .53.3 -2.3 59.3 13.0
Prezzo . . . . . . . . . . . . .68.5 -0.5 71.5 38.3
Pursuit Dynamics . . .311.0 -21.3 700.0 218.5
Rockhopper ExpIor .219.0 -8.8 510.0 202.5
RWS HoIdings . . . . . .458.9 -3.8 472.0 239.0
Songbird Estates . . .146.3 -3.0 160.3 135.0
VaIiant PetroIeum . . .587.0 3.0 761.5 504.0
Young & Co's Brew .692.3 -5.0 712.0 513.0
Centamin Egypt Ltd .141.5 4.2
Dixons RetaiI . . . . . . .15.9 3.9
African Barrick Go . .472.3 3.7
PZ Cussons . . . . . . . .370.0 2.8
HochschiId Mining . .509.5 2.6
FresniIIo . . . . . . . . . .1659.0 2.1
Rank Group . . . . . . . .153.7 1.8
RandgoId Resources5560.0 1.7
Daejan HoIdings . . .2954.0 1.5
Computacenter . . . . .471.0 0.9
Inchcape . . . . . . . . . .373.8 -8.2
LIoyds Banking Gro . .41.4 -7.5
BarcIays . . . . . . . . . . .207.7 -7.0
RoyaI Bank of Scot . . .33.0 -6.0
Punch Taverns . . . . . .66.9 -6.0
Ashtead Group . . . . .155.7 -5.9
TUI TraveI . . . . . . . . .178.2 -5.9
Kenmare Resources . .53.3 -5.8
IG Group HoIdings . .411.4 -5.4
Thomas Cook Group .67.0 -4.9
Risers FaIIers
MAIN CHANGES UK 350
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
Price Chg High Low Price Chg High Low
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NONEQUITY INVESTM. COMM.
Tsy 3.250 11 . . . .101.08 -0.02 103.6 101.1
Tsy 9.000 11 . . . . .99.99 0.00 108.2 100.0
Tsy 2.500 11 . . . .306.97 -0.01 310.0 307.0
Tsy 9.000 12 . . . .108.65 0.00 116.1 107.8
Tsy 5.000 12 . . . .102.84 -0.05 106.9 102.7
Tsy 5.250 12 . . . .104.11 -0.03 108.2 104.1
Tsy 2.500 13 . . . .287.21 -0.06 287.7 274.9
Tsy 8.000 13 . . . .115.64 -0.03 121.3 115.5
Tsy 4.500 13 . . . .106.19 -0.03 109.2 105.8
Tsy 5.000 14 . . . .111.68 0.04 114.1 109.2
Tsy 7.750 15 . . . .103.68 -0.68 342.1 103.0
Tsy 8.000 15 . . . .127.07 0.08 131.6 123.7
Tsy 4.750 15 . . . .112.72 0.08 114.7 108.6
Tsy 2.500 16 . . . .334.08 0.12 334.4 304.4
Tsy 4.000 16 . . . .110.29 0.17 111.4 104.9
Tsy 12.000 17 . . .126.23 0.59 185.9 125.2
Tsy 1.250 17 . . . .112.26 0.12 112.5 104.9
Tsy 8.750 17 . . . .137.76 -0.13 142.2 132.9
Tsy 5.000 18 . . . .116.37 0.22 117.6 109.7
Tsy 4.500 19 . . . .112.82 0.29 113.8 105.4
Tsy 3.750 19 . . . .106.98 0.31 107.7 99.4
Tsy 4.750 20 . . . .114.16 0.33 115.9 106.6
Tsy 2.500 20 . . . .342.48 0.28 343.2 303.8
Tsy 8.000 21 . . . .143.08 0.34 147.1 133.8
Tsy 4.000 22 . . . .106.23 0.36 108.4 99.0
Tsy 1.875 22 . . . .118.24 0.31 118.5 108.5
Tsy 2.500 24 . . . .301.27 0.36 302.0 262.1
Tsy 5.000 25 . . . .114.74 0.40 118.5 107.4
Tsy 1.250 27 . . . .112.23 0.37 112.5 100.5
Tsy 4.250 27 . . . .104.77 0.42 108.8 97.9
Tsy 6.000 28 . . . .127.25 0.40 132.7 119.5
Tsy 4.750 30 . . . .110.24 0.45 115.0 103.0
Tsy 4.125 30 . . . .287.15 0.29 288.1 248.7
Tsy 4.250 32 . . . .103.18 0.45 107.8 96.0
Tsy 4.250 36 . . . .102.49 0.44 107.4 95.0
Tsy 4.750 38 . . . .111.09 0.44 116.5 102.8
Tsy 4.500 42 . . . .107.19 0.00 112.8 98.9
% %
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CITYA.M. 18 JULY 2011 19
Wealth Management | Markets
SHEEKEYS TURNS SPEAKEASY
J Sheekey Oyster Bar, the baby brother of the
famous J Sheekey seafood restaurant that sits
next door, is running a season of monthly
Sunday performances. Lively music, theatre,
comedy and improv performances are the order
of the day, inspired by speakeasy cabarets of the
prohibition era. Tickets are 30 and include din-
ner and the show, and the season runs until
February 2012. For more information visit
www.jsheekeyoysterbar.co.uk
FLORIDITA NOW OFFERS CABARET
Sohos trusty fun-house, Floridita, has also
jumped on the live performance bandwagon,
launching a cabaret act on Wednesday
evenings. The Globe Girls, a glitzy cross-dressing
singing and dancing troupe, will be the stars,
alongside other special guests. The cabaret
menu is rather tempting: a three course dinner
for 35 that includes the likes of salmon and
tiger prawn ceviche, spit roasted suckling pig
with garlic, lime and oregano and charcoal-
gilled chicken churrasco. Performances start
every Wednesday night from 7.30pm until mid-
night, after which DJ Ady Jay takes to the
decks till 2am. For more info, see www.floridi-
ta.co.uk/london/cabaret
The Surprise
6 Christchurch Terrace, W3 4AJ
Tel: 020 7351 6954
www.geronimo-inns.co.uk/thesurprise
FOOD hhhhi
SERVICE hhhhh
ATMOSPHERE hhhhi
Cost per person without wine: 23
T
HE Surprise (named after a warship)
is a pub in Chelsea and the latest
project from Geronimo Inns, the
company with a slew of beautiful
gastropubs across London. So good is
Geronimo at turning around old boozers
that, in an environment where hard-up
breweries and landlords and in the case
of Chiswicks Devonshire Arms, super-chefs
are closing pubs by the score, Youngs saw
fit to buy the company last year for 60m.
Geronimo remains a separate entity within
the Youngs operation, and the Surprise
demonstrates how valuable it is.
A small, local place on a back street in
the poshville enclave between the Kings
Road and the river, it was closed for four
years after falling on hard times.
Now its a lovely place in which to kick
back. This being Chelsea, theres some dec-
orative razzmatazz in the form of eccentric
modern artworks a huge oil portrait of
Frankensteins monster (Karloff era), for
instance plus the odd bit of funky wallpa-
per. On a weekend visit, the stools round
the large, bare wooden bar were populated
by well-lived locals sinking choice ales
(served in handled mugs) into their beer
guts. The sun gleamed through windows
tinted with the original leaded glasswork.
Theres a cosy dining room upstairs
thats open on weekday evenings, but for
Saturday lunch we were happy to be sat
downstairs amid the hum of the bar.
For food, the pleasing Surprise formula is
to re-imagine familiar, hearty gastropub
fare in tapas form. Small-plate dining is the
fashionable thing, but doing it with dishes
like shepherds pie or pork belly is a nice
spin, provided its done well.
It is. The menu, with around 30 dishes
ranging in price from 2 to 6, is mouth-
Keeping the flag flying for boozers
watering. Cockles and whelks, shepherds
pie made with hogget shoulder, beans with
tarragon butter, ham hock hash, devilled
white bait if ever a menu demanded
return visits to work through everything,
this is it.
Smoked eel on a salad of roasted beets,
horseradish, bacon and croutons is nostal-
gic and smoky and densely flavoursome; a
ramekins worth of Stinking Bishop
macroni cheese can probably be
smelled on the Kings Road, and is
a gloopy, decadent wonder; a
Scotch egg is utter perfection,
sliced in half with the runny
yolk spilling into a sweet,
carefully made piccalilli;
while a jar filled with a
creamy avocado panna cotta,
devon crab and tomato is an
inspired, delicate blend of
textures and tastes.
For pudding, Eton tidy is a
charming idea charmingly exe-
cuted: Eton mess elements
strawberries, raspberries, vanilla
cream and meringue come in sepa-
rate portions that you can mess together
yourself. A chocolate plate of ice cream,
brownie and a shot of mousse is rich and
special, and a custardy crme brulee with
raspberries lurking inside is merry and
memorable.
Another west London salvage job, the
aforementioned Devonshire Arms, on a quiet
street just off the Chiswick roundabout, is
more of a work in progress. Once part of
the Gordon Ramsay empire, it underper-
formed and was let go earlier this year. Its
new proprietor is Nick Gibson, a congenial
former banker who has managed a much-
admired turnaround at the Drapers Arms
in Islington.
The Devonshire, which re-opened a cou-
ple of weeks ago, is now a stripped back
place with bare floors, bare tables and
khaki-green wooden wall panels.
The menu is well-considered, with
nothing too complicated but little
thats run-of-the-mill as it should
be. I nipped along this weekend,
and had unctuous, herby duck ril-
lettes that spread beautifully on
toast, and some nicely-cooked
scallops that didnt really go
with a rather tart piccalilli.
Nice to see onglet steak on the
menu a cheap cut, but flavour-
some (you can share a
chateaubriand if you want posh
steak), though chef needs to think
again about the oily, gravy-like pep-
percorn sauce accompanying it. A
huge skate wing, with parmesan, capers
and preserved lemon was fresh and
enlivening. The less said about a dried-out
chocolate fondant the better.
Things are still getting in order at the
Devonshire, and theres plenty on the
menu to suggest a keen culinary mind at
work here. Good ale selection too.
The fine little beer garden was apparent-
ly unused by the previous regime, but its
now open again. I raise my pint to that.
FOOD & BOOZE
NEWS
TIMOTHY BARBER
Simple charm, good
beers and a keen
sense for food: an
easy formula for
quality local pubs
Lifestyle | Restaurant
WORDS BY
TIMOTHY BARBER
The Surprise in
Chelsea: a lovely place
to kick back in.
Episode 19: A visit from the parents sees Dad in a less than supportive mood
MY mother hobbles into our living room, a
walking stick in each hand. Breathless, she
asks, How is she darling?
Before I can answer my father bursts into the
room, laden with bags. I hope youre pleased
with yourself David. She should be at home,
resting. Not
Lawrence, please. Were here to see Emma.
No, its important that he knows Cathy, damn
it. He slams the bags down and glares at my
mother. Id love a cup of tea, my mother says
and turning away from my father, she contin-
ues in a stage whisper, Your father might pre-
fer something stronger. Arsenic perhaps.
Sit down mum. Ill make tea.
Wheres Emma?
Upstairs. Resting.
May I go up?
Yes. Shes not sleeping. Shed like to see you.
My mother hobbles from the room.
Well? my father demands.
Dad, I didnt ask you to come. Mum want-
ed
Of course she wanted. Shes always run
around behind you. But she doesnt know
whats good for her.
Upstairs, Noel bursts from his bedroom.
Granny! Our bedroom door opens and closes.
It is quiet.
Im sorry dad. Ive been worried about
Emma. And about the twins too.
Its hard to say the twins. Makes them too
real. And their fragile, precious lives are sud-
denly at risk. One, it seems, is perilously small.
CITY DAD
And if one is at risk, they both are. Emma has
been told to rest.
You ever think my father begins. But he is
choked.
What dad?
Two little souls. Competing to survive. You
and your damned competition, he spits. Just
destructive And ironic, no? My fathers life
had been eviscerated by competition, along
with most of British engineering. He is scepti-
cal about my occupation.
These are my children. Your grandchildren.
Tears prick my eyes. We look at one another,
across a vast gulf.
City Dad will be continued next Tuesday. For
previous City Dad episodes, see
www.cityam.com
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RICHARD HAMMONDS JOURNEY ...
BBC1, 9PM
The Top Gear presenter uses hi-tech
imagery to explore beneath Earths
surface, peeling back the layers to
reveal the origins of volcanos.
THE HOUR
BBC2, 9PM
New series. Drama set in a 1950s TV
newsroom. Reporters Bel and Freddie
are asked to join a weekly news show
but only one can be the producer.
THE SEX EDUCATION SHOW
CHANNEL4, 8PM
Anna Richardson gives schoolchildren
the chance to examine living STIs, and
helps parents discuss the tricky
subject of pornography with their kids.
BBC1
SKY SPORTS 1
7pmLive Darts 11pmTime of
Our Lives 12amSoccer AM: The
Best Bits 1amDarts 5am
Football Asia 5.30am-6am
Footballs Greatest
SKY SPORTS 2
4.30pmLive ECB 40 League
Cricket 10pmAshes Memories
10.30pmPoker 12.30am
Football Asia 1amFootballs
Greatest 1.30am-3.30am
International Bowls
SKY SPORTS 3
6.30pmCycling 7.30pmLive
Greyhound Racing 10pmGolfing
World 11pmPool 12amSports
Unlimited 1amFIA GT1 World
Championship 2amCycle Sports
World 2.30am-3.30amCycling
BRITISH EUROSPORT
6.30pmDiving 7.15pmCycling:
Tour de France 8.50pmBritish
Superbikes 10pmInside WTCC
10.35pmCycling: Tour de France
12.10am-12.40amTriathlon
ESPN
7pmESPN Kicks: Extra 7.15pm
Live Pre-Season Football 9.15pm
FA WSL Review Show9.45pm
German Football 11pmAFL
Review Show12amFIM World
Enduro Championship 12.30am
ESPN Press Pass 1amFA WSL
Review Show1.30amLive Copa
America Football 3.45amESPN
Kicks: Extra 4amAsian X-Games
5amESPN Game of the Week
5.30am-6amESPN Press Pass
SKY LIVING
7pmCSI 8pmBritain & Irelands
Next Top Model 9pmChick Fix
10pmPsychic Sally: On the
Road 11pmCriminal Minds
12amCSI: Crime Scene
Investigation 1.50amGhost
Whisperer 2.40amCharmed
4.20amNothing to Declare
5.10am-6amMaury
BBC THREE
7pmTotal Wipeout 8pmSmall
Teen, Bigger World 9pmKellie:
The Girl Who Played with Fire
10pmEastEnders 10.30pm
Angry Boys 11pmFamily Guy
11.45pmKellie: The Girl Who
Played with Fire 12.45am
Mongrels 1.15amAngry Boys
1.45amUnderage and Pregnant
2.15amSmall Teen, Bigger
World 3.10amMongrels 3.40am
Total Wipeout 4.40am-5.10am
Underage and Pregnant
E4
7pmHollyoaks 7.30pmHow I
Met Your Mother 8pmFriends
9pmSmallville 10pmThe
Cleveland Show11pmThe Ricky
Gervais Show11.30pmThe Big
Bang Theory 12.30amHow I
Met Your Mother 1.25amMy
Name Is Earl 2.10amHow I Met
Your Mother 2.30amGlee
3.15amHeartland 4amThe
Class 4.25am-6amSwitched
HISTORY
7pmAmerica: The Story of the
US 8pmIts Good to Be the
President 10pmOnly in America
11pmTony Robinson Down
Under 12amIts Good to Be the
President 2amMega Movers
3amAmerica: The Story of the
US 4amMega Disasters
5am-6amIce Road Truckers
DISCOVERY
7pmMythbusters 9pmGold
Rush 10pmGold Rush: Full
Disclosure 11pmRiver Monsters
12amBear Grylls: Born Survivor
1amGold Rush 2amRiver
Monsters 3amDeadliest Catch
3.50amWildest Africa 4.40am
Weird or What? 5.30am-6am
Destroyed in Seconds
DISCOVERY HOME &
HEALTH
7pmBringing Home Baby 8pm
Little People, Big World 9pm
Paralysed and Pregnant 10pm
Im Addicted to Plastic Surgery
11pmHospital Sydney 12am
Paralysed and Pregnant 1amIm
Addicted to Plastic Surgery 2am
Hospital Sydney 3amLittle
People, Big World 4amA Baby
Story 5am-6amBringing Home
Baby
SKY1
8pmNext Door Nightmares 9pm
FILM2 Fast 2 Furious 2003.
11.05pmBrit Cops 12.05am
Road Wars 1amDanny Dyers
Deadliest Men 2: Living
Dangerously 1.50amStargate
Atlantis 3.20amTop Ten Show
3.30amDream Lives for Sale
4.20amAirline 5.10am-6am
Sell Me the Answer
BBC2 ITV1 CHANNEL4 CHANNEL5
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TVPICK
6pmBBC News
6.30pmBBC London News
7pmThe One Show: Best of
Britain
7.30pmEastEnders; BBC News
8pmHolby City
9pmCHOICE Richard
Hammonds Journey to the
Centre of the Planet
10pmBBC News
10.25pmRegional News; National
Lottery Update 10.35pmImagine
11.50pmTravellers; Weatherview
12.55amSign Zone: Coast 1.55am
Sign Zone: Country House Revealed
2.55amSign Zone: Fake Britain
3.40amSign Zone: An Island
Parish 4.10am-6amBBC News
6pmEggheads
6.30pmGreat British Railway
Journeys: Michael Portillo visits
Durham and Darlington.
7pmCoast: British connections
to the Swedish coast. Last in
the series.
8pmRestoration Home: A
project to renovate Stoke Hall
in Calver, Derbyshire.
9pmCHOICE The Hour
10pmTwenty Twelve
10.30pmNewsnight; Weather
11.20pmMade In Britain
12.20amThe Tudors
1.15amBBC News 4.10am-6am
Close
6pmLondon Tonight
6.30pmITV News
7pmEmmerdale
7.30pmWildlife Patrol
8pmCops with Cameras
9pmHomes from Hell
10pmITV News at Ten
10.30pmLondon News
10.35pmCelebrity Juice: JLS
Special
11.20pmiTunes Festival
Highlights 2011
12.15amThe Zone; ITV News
Headlines
2.20amCrossing Jordan
3.05am-5.30amITV Nightscreen:
Text-based information service.
6pmThe Simpsons
6.30pmHollyoaks
7pmChannel 4 News
7.55pm4thought.tv 8pmCHOICE
The Sex Education Show9pm
Undercover Boss 10pmRamsays
Kitchen Nightmares USA 11pm
Channel 4 Presents David Clarke
2012 11.05pmAlan Carr: Chatty
Man 12.10amEuropean Poker Tour
1.05amBeach Volleyball 1.55am
KOTV Boxing Weekly 2.25amThe
Grid 2.55amBritish GT
Championship 3.25amCanary
Wharf Triathlon 3.50amIPC
Swimming European
Championships 4.45amThat
Paralympic Show5.15am-6amOne
Tree Hill
6pmHome and Away
6.25pmOK! TV
7pm5 News at 7
7.30pmMexican Food Made
Simple; 5 News Update
8pmMonster Moves; 5 News
9pmCSI: Crime Scene
Investigation
10pmCSI: Crime Scene
Investigation 10.55pmCSI: Crime
Scene Investigation 11.50pm
Crimes That Shook the World
12.50amInside Hollywood 1.05am
SuperCasino 4amMeals in
Moments 4.10amMichaelas Wild
Challenge 4.55amRough Guide to
Islands 5.10amWildlife SOS
5.35am-6amHouse Doctor
1 2 3 4 5
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9 10 11 12
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20 21
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25 6
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30 11
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17 8
24 11
15 23
14 31
4 24 9
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3
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27
37
40
5
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15
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23
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13
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 Discrimination against
a person in the latter
part of life (6)
6 Place of religious
retreat for Hindus (6)
7 Harvested (6)
9 Childhood disease (7)
13 Defence plea of being
elsewhere (5)
14 Ms Campbell, model (5)
15 Alcoholic spirit (3)
16 Organic compound (5)
19 Airport in Chicago (5)
20 Painted structures
of a stage set (7)
22 Have a lofty goal (6)
23 Illustrious (6)
24 Part of a ower
composed of the stigma,
style and ovary (6)
DOWN
1 Medium for radio
and television
broadcasting (8)
2 Cause to grow thin
or weak (8)
3 Manufactured (4)
4 Capital of Tibet (5)
5 Capital of the US
state of Oregon (5)
8 Person who leaves
one country to settle
in another (6)
10 Vexes (6)
11 Fervent supporter of a
person or institution (8)
12 Relating to the stars
or constellations (8)
17 Scarper (5)
18 Register formally as
a participant (5)
21 Coarse le (4)
A
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S
A

4
T O P I C N E P A L
E N A P E L E
D E T E R I O R A T E
D P N T D
Y O U T H S F E E S
N T A
T I F F R E F U G E
R R I R X
A G O R A P H O B I A
I C D E A N L
N A K E D S T O A T
2 3 8 1 6 9 7
4 8 9 7 6 1 8 2
5 9 2 1 3 4 7 5
3 6 1 2 3 4 1
1 5 2 9 5 7
7 4 2 6 1 5 3
9 7 8 9 6 8
6 2 3 1 2 1 5
7 8 6 3 5 9 4 9
8 6 5 1 3 4 2 6
9 7 8 8 9 5 7
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter words were
PORTERAGE and REPORTAGE
21
ARSENALS latest recruit Gervinho
has revealed he was lured to the
club by the chance to work with
manager Arsene Wenger.
The Ivory Coast forward (right)
finally completed his long-antici-
pated 11m move from French
Double winners Lille yesterday.
And he admitted linking up with
Wenger, who helped launch the
careers of his compatriots Kolo
Toure and
E m m a n u e l
Eboue, was a
big factor.
Im very
happy to have
the chance to
work with
A r s e n e
Wenger. I came
here because I believe that he can
improve my game and help me
reach another level, he said.
Ive always dreamed to play for
this club. Its one of the most beau-
tiful days of my life.
Wenger, who faces a battle to
hold onto stars Cesc Fabregas and
Samir Nasri, hailed the ver-
satility of Gervinho, who
scored 18 and led the
assists charts last term.
He can play on the
right, left and through
the middle, said
Wenger. He has
qualities that I
find important.
Brazil mid-
f i e l d e r
Denilson, mean-
while, is moving
back to former club
Sao Paulo on loan.
BY FRANK DALLERES
FOOTBALL
FORMER Manchester City star Patrick

Vieira insists the clubs march towards
the summit of Europe will not be halted
by the impending sale of striker
Carlos Tevez.
Argentinian Tevez, who
has become a talisman for
City during their rise from
mid-table to Champions
League, is close to ending
his two-year stay at
Eastlands.
Brazilian side
Corinthians are the
favourites to sign him for
40m, although the deal hit a snag
yesterday, while he also has admirers in
Italy and Spain.
But Vieira, who retired last week to
become Citys football development
executive, believes the club will contin-
ue to improve without him.
It is never easy to lose players like
Carlos Tevez, but its not the first time a
big club has lost a big player, said Vieira.
I believe we can still achieve our tar-
gets and we will still have a really com-
petitive team. The players will take
more responsibilities on their
shoulders and that will make
them better players.
If Carlos does leave we
just have to wish him good
luck and say thank you for
everything he has done for
the football club.
Corinthians refuted sugges-
tions a deal was in place for Tevez
yesterday, adding that City had
changed their demands.
If Tevez does move City are expected to
sign Sergio Aguero from Atletico Madrid
as his replacement.
Selling Tevez wont
halt City, says Vieira
BY FRANK DALLERES
FOOTBALL
SPORT | IN BRIEF
Spurs sign Ivory Coast starlet
FOOTBALL: Tottenham have signed
Ivory Coast youth international
Souleymane Coulibaly. The 16-year-old
striker moves to White Hart Lane from
Italian club Sienas youth team.
Coulibaly scored nine goals in four
games at the Under-17 World Cup.
Given makes Villa move
FOOTBALL: Aston Villa have confirmed
the signing of goalkeeper Shay Given
from Manchester City on a five-year
deal. Given, 35, becomes the first sign-
ing of Alex McLeishs tenure.
Davis Cup will return to Glasgow
TENNIS: Braehead Arena in Glasgow
has been chosen as the venue for Great
Britains Davis Cup tie against Hungary
in September. Captain Leon Smith says
the decision was inspired by the back-
ing GB received during the win over
Luxembourg earlier this month.
Khan ready for toughest test
BOXING: Amir Khan believes he will
face the sternest test of his career
when he meets Zab Judah in Las Vegas
on Saturday night. I think he could be
the toughest one yet, said Khan. Hes
a five-time world champion and a two-
weight world champion.
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I
N 139 previous editions of The
Open there can never have been
a more popular winner than
Darren Clarke and its hard for
me to express just how happy I am
for him.
Hes been through more than
most in his career but hes remained
generous and easygoing throughout
and now hes got the prize his talent
as a sportsman deserves.
Darren might have gone 10 years
without challenging for a Major but
I never had any doubt hed see the
job through. His round of 69 on the
Saturday, which included just 34
putts, told me all I needed to know.
Hes got such a beautifully
uncomplicated swing perfect for the
demands of Royal St Georges and
with his putting stroke working
equally well it never looked like he
was liable to do something silly.
The conditions were pretty
treacherous but having grown up
playing links golf in Northern
Ireland he would have been com-
fortable with the challenge and he
coped admirably even the sight of
Phil Mickelson bearing down on
him didnt fluster him and Im
sure the feeling of having won a
tournament recently helped to take
some of the pressure off.
Darrens victory means Northern
Ireland has produced three Major
winners in little over a year and it
represents a truly staggering
achievement. Im not sure what
theyre putting in the Guinness over
there but I wouldnt mind a swig of
it.
Im sure the success of Graeme
McDowell and Rory McIlroy helped
rub off on Darren. Those guys are
really tight and I wouldnt be sur-
prised if they spurred each other on
to further success in the Majors.
It was a disappointing week for
the other big home hopes but I
dont think the likes of Luke Donald,
Lee Westwood and Ian Poulter will
be panicking too much.
Darrens victory showed them
good things do indeed come to
those who wait and hes such a pop-
ular guy on tour that Im sure
theyre celebrating his win as hard
as they wouldve done had they bro-
ken their Major duck.
Elsewhere, Thomas Bjorns per-
formance deserves a mention while
young amateur Tom Lewis looks cer-
tain to be a star of the future. I was
impressed by the way he handled
himself and if Tom Watson thought
he had something special then who
am I to argue? Ultimately, however,
it was Darrens week and his win
provides yet another fairytale story
from a tournament which never
fails to live up to its billing as the
greatest of them all.
CLARKE: OPENS BEST
Sport
22
CHELSEA boss Andre Villa-Boas is
adamant that owner Roman
Abramovich will get the Champions
League triumph he yearns for in the
next few years.
Abramovich has seen the Blues win
every other major honour since his
2003 takeover, but remains desperate
to add the biggest one of all to his tro-
phy cabinet.
And Villas-Boas said: In the next
years, for sure, the trophy will arrive
in this club. Chelsea have been in a
couple of semi-finals and also one
final in recent times. I dont see why
we cant go on to win it.
Chelsea fly out to Asia this week for
a two-week, four-match tour.
FOOTBALL
Villas-Boas sure
of Champions
League success
GOLF COMMENT
SAM TORRANCE
Gervinho cites Wenger
factor in Arsenal move
| PROMOTION
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not included, prize is not transferable entry in to the promotion is free; entrants must be aged 18 and over. The closing date is 24th July 2011 at 11:59am; the winner will be drawn at random from all the
correct entries and will be notified on 25th July 2011. The winners, by accepting the prize, agree to publicity if required. The Editors decision is final and one entry per reader.
www.cityam.com/competition
City A.M. has teamed up with the new cricket
concept, Titans of Cricket with Freddie Flintoff
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If you are not lucky enough to win your tickets or for more information go to
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Two pairs of VIP
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of Cricket at the O2
ENGLAND seamer Chris Tremlett
admits hed be nowhere near Lords
on Thursday preparing to take on
Indias batsmen were it not for a
career saving move from Hampshire
to Surrey two years ago.
Tremletts rapid emergence as
Jimmy Andersons new ball partner
has added an extra dimension to
Englands pace attack and their
performances will go a long way
to determining the outcome of
an eagerly anticipated series
against the worlds No1
ranked side.
The 6ft 7in speed-
ster made his
England debut
four years ago,
against India, but
had to wait until
the third Test of
last winters
Ashes series in
Perth to gain a sec-
ond bite of the
international cherry.
Tremlett, who was Englands most
impressive performer in the recent
Test series against Sri Lanka, insists he
always knew he had what it
took to succeed at the high-
est level but admits hed still
be languishing in the dol-
drums at Hampshire were it
not for his switch to the cap-
ital.
He said: Im one hun-
dred per cent sure if I
had stayed at
Hampshire Id never
have played for
England again.
It got to the stage
where for the first time in
my life I wasnt enjoying my
cricket. Being part of a
young vibrant Surrey side has
revitalised me.
Now Ive got the chance to
take on the best side in the
world with some of the best
batsmen. Its a huge challenge
but one we believe we are
good enough to overcome.
LOVED CHAMP
BY JAMES GOLDMAN
CRICKET
23
Results
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email sport@cityam.com
Veteran targets
more Major wins
HE MAY not have been to bed yet
since his Open victory on Sunday
afternoon, but Darren Clarke is already
dreaming of more Major titles.
The Ulsterman waited 42 years for
his first, but has relished the taste and
is eager to make up for lost time in the
twilight of his career.
I want more. I dont want to just
rest on one, said Clarke yesterday,
after spending the night toasting his
triumph at Sandwich.
I had quite a few pints and quite a
few glasses of red wine. I probably
wont get any sleep until tomorrow at
some stage. You have to enjoy it when
you can. Its been a very good night.
Clarke, who famously helped Europe
win the 2006 Ryder Cup just weeks
after his wifes death, hopes his win
will boost his captaincy chances.
Its definitely still an ambition, he
said. And if I get the opportunity, I may
have a little bit more respect from play-
ers having been a Major champion.
Surrey switch
saved Tremlett
Clarke won a
Major at the 54th
time of asking
Picture: REUTERS
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