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FTSE 100 5,899.89 +46.07 DOW 12,724.41 +152.50 NASDAQ 2,834.43 +20.20 /$ 1.63 +0.02 / 1.13 unc /$ 1.44 +0.02
Directors at
BSkyB turn
on Murdoch
A NUMBER of independent directors
at the News Corp-controlled BSkyB
are expected to push for the ousting
of James Murdoch as chairman at
the firms board meeting next
Thursday.
Their unease over his position will
be intensified by new allegations
that suggest he knew in 2008 that
phone hacking at the News of the
World was the work of more than
one reporter.
Sources close to the group say that
some directors, some of whom work
for News Corp, remain loyal to
Murdoch but that others on the 14-
strong board are adamant he steps
down until the inquiries over the
phone-hacking scandal at the News
of the World have concluded.
BSkyBs board includes former
Royal Mail chairman Allan Leighton,
the Random House chief executive
Dame Gail Rebuck and Daniel Rimer
of Index Ventures. One scenario is
that senior independent director
Nicholas Ferguson will become act-
ing chairman. BSkyB said: The com-
pany has a strong governance
framework which has worked well
over several years. There are no plans
to change existing arrangements.
Yesterday former NoTW editor
Colin Myler contradicted Murdochs
evidence that he didnt know the
phone hacking problems were not
confined to a single reporter.
Murdoch last night said he stood by
his testimony.
BY DAVID HELLIER
MEDIA
French president Nicolas Sarkozy is fronting the deal, on which he says there is unanimous agreement Picture: Getty Images
MARKETS rallied after Eurozone lead-
ers agreed to a new Greek rescue that
will cut the countrys debt by 12 per
cent of GDP from its current 140 per
cent level and see the EUs bailout fund
given sweeping new powers.
The deal, fronted by French presi-
dent Nicolas Sarkozy, will also see
most private holders of Athens debt
take a 20 per cent cut in the value of
their bonds.
As details emerged, the euro gained
one per cent against the greenback
between yesterday morning and
evening, rising to $1.44 in the after-
noon and rising 0.8 per cent against
the Swiss franc over the same period.
Relieved investors surged into equi-
ties as they concluded that the
Eurozones collapse is not imminent,
with the Eurostoxx 50 closing up 2.1
per cent and the FTSE 100 gaining 0.9
per cent.
Yields on 10-year Greek debt
dropped from 17.5 to 16.5 per cent,
interest on equivalent Spanish and
Italian debt dropped 25 basis points to
5.75 per cent and 5.34 per cent respec-
tively.
However, most observers expect the
market cheer to be short-lived as
details of the new bailout emerge and
doubts persist over both the sustain-
ability of Greeces debt burden and the
more fundamental problem of the
MARKETS CHEER
EUROZONE DEAL
BY JULIET SAMUEL
EUROZONE
www.cityam.com Issue 1,430 Friday 22 July 2011 FREE

BORROWING
HITS 14BN
UKS PUBLIC
SPENDING KEEPS
BALLOONING P5
ANISTON AND CO ARE
TRULY HORRIBLE BOSSES
READ OUR FILM REVIEW P20
BUSINESS WITH PERSONALITY
Eurozones widely diverging competi-
tiveness.
The deal aims to reduce Greeces pri-
vate-sector debt burden by 134bn by
2020, confirming that the European
Central Bank (ECB) has failed in its bid
to avoid imposing any losses on private
holders of Greek debt.
Under pressure from a Franco-
German alliance, the ECB surrendered
on Jean-Claude Trichets central tenet
that non-official creditors must not
share in the bailout costs.
Greece will be allowed to default,
but only temporarily, as its debts are
transferred over to the European
Financial Stability Facility (EFSF), the
EUs 750bn bailout fund. Private cred-
itors will then be paid by the EFSF,
whose debt will be underwritten by
Greek assets.
However, the net present value of
the debts will shrink by around 20 per
cent as their maturity is doubled from
7.5 years to 15 and the interest rate on
them cut to just 3.5 per cent.
The bailout fund itself will also be
given new powers to intervene in sov-
ereign debt markets, taking the task of
buying countrys bonds out of the
ECBs hands.
However, the EFSF will only be
allowed to buy bonds subject to analy-
sis by the ECB, the details of which
are unclear.
In addition, the bailout fund will be
allowed to make loans to nations in
order to recapitalise their banking sys-
tems. MORE: P2-3
Certified Distribution
30/05/11 till 03/07/11 is 102,636
News
2 CITYA.M. 22 JULY 2011
Dont compare this to Marshall Plan
PERHAPS the worst element of yester-
days proposals to rescue the Eurozone
was the attempt to rebrand the exer-
cise as a new Marshall Plan for Greece.
It is the kind of propagandistic non-
sense that would have made George
Orwells Ministry of Truth proud. The
Marshall Plan was intended to help
Western Europe survive the post-
Second World War era and rebuild its
destroyed, ravaged infrastructure.
While it was also offered to Soviet-con-
trolled countries (and rejected by
them), its real aim was to prevent
impoverished Europeans from turn-
ing to communism.
There are absolutely no parallels
between that and what is happening
to Greece, a country that has already
long been hooked to subsidies but
that has made no proper effort to put
its own house in order. The two situa-
tions are incomparable; what we are
seeing here is window-dressing, a
large bailout, a move towards further
fiscal unification through the back
door and a partial, much-needed but
small selective default.
In truth, it is debatable whether the
Marshall Plan really achieved much;
while most academics hold it up as
one of the few truly successful foreign
aid programmes in history, other com-
mentators (including myself) are more
sceptical. What really transformed
Germany from disaster zone to eco-
nomic miracle were the heroic actions
of Ludwig Erhard, at the time a little-
known West German official. He took
over a special economic department
in 1947; the following year, he became
the director of economics of the
Bizonal Economic Council, a position
he used to push through a radical free-
market and sound money agenda.
Over one weekend, he abolished all
price and wage controls, freeing the
economy at a stroke; and he intro-
duced the Deutsche Mark in June
1948. This halted Germanys post-war
stagnation and kick-started a dramatic
economic recovery that lasted three
decades. His policies not those of the
Marshall Plan deserve to be copied
today.
It is a tragedy that Europes (and
especially Italy and Spains) problem
wont be addressed by yesterdays plan
but it is an even greater disaster that
its growth problem wont be tackled
either. There is no latter day European
or Greek Erhard, as the latest figures
demonstrate yet again. As the
Engineering Employers Federation
points out, the latest manufacturing
purchasing managers survey num-
bers are grim for the Eurozone.
Although Germany and France saw
growth, output fell for the second suc-
cessive month for the rest of the
region. Even growth in France and
Germany was the slowest rate since
the recession ended so on top of a
two-speed Europe, which is making
the region even less of an optimal cur-
rency area than it previously was, the
overall rate of expansion is slowing.
Ultimately, the weaker EU countries
need to sort out their economies and
bring their costs back into line. They
cannot do this artificially by devalu-
ing as they are part of the single cur-
rency. So they need to undergo years
of pay restraint, cost-cutting and pain.
There is still no sign that they are pre-
pared to do this, unlike Germany,
which has spent the last couple of
decades since reunification tighten-
ing its belt and is only now reaping
the rewards.
The markets were pacified yester-
day, but it wont last. Europes sover-
eign debt crisis has merely been
postponed.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
CANADAS stock exchange group TMX
has relented and agreed to start talks
with the Canadian consortium that
ended its ambitions to merge with
the London Stock Exchange.
TMX Group, whose shareholders
vetoed the LSE merger last month,
will meet the Maple consortium to
discuss the C$3.8bn (2.5bn) hostile
takeover bid it tabled in June.
Canadas biggest banks and pen-
sion funds formed Maple to fend off
the LSE and keep TMX in local hands.
The consortium directly controls
about seven per cent of TMX equity.
The LSE was forced to walk away
from its planned C$2.4bn merger on
30 June after just over 50 per cent of
TMX investors voted for the deal,
short of the 66 per cent needed under
Canadian law.
TMX Group to
start talks with
Maple over bid
CAPITAL MARKETS
EDITORS LETTER
ALLISTER HEATH
Editorial Statement
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self-regulation overseen by the Press Complaints
Commission. The PCC takes complaints about the
editorial content of publications under the Editors
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Editor Allister Heath
Deputy Editor David Hellier
News Editor David Crow
Acting Night Editor Marion Dakers
Business Features Editor Marc Sidwell
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Greeces latest rescue: what you need to know
IN A scheme that euro leaders dubi-
ously dubbed their very own
Marshall Plan, after the USs post-
Second World War aid programme
for Europe, the parameters of a new
Greek bailout were announced in
Brussels yesterday:
In a controversial move, the
interest rate on Greeces loans will be
cut to 3.5 per cent when they are
transferred to the 750bn European
Financial Stability Facility (EFSF).
Critics argue that this constitutes
reward for failure after Greece
missed its deficit target by nearly one
per cent last year.
The maturity of Greeces debts
will also be doubled from 7.5 years to
15 years. This is considerably higher
than the maturity of its original
three-year rescue funds.
Eurozone leaders claim that the
package will cut Greeces debt by 12
per cent of GDP, from its current level
of 140 per cent.
The Institute of International
Finance (IIF) announced that the pri-
vate sector will voluntarily take
part in the deal as Greece will tem-
porarily default as its obligations are
transferred to the EFSF.
The aim is for 90 per cent of pri-
vate creditors to take part in the deal,
which, it is said, will reduce Greeces
debt burden by 54bn between now
and mid-2014 and by 135bn by 2020.
The average maturity of Greeces
private debt will be extended from
six to 11 years and the current stock
of debt reduced by 13.5bn.
The stock of private sector debt
could also be cut potentially much
more through a debt buyback pro-
gram that is to be defined by the offi-
cial sector. The EFSF is likely to be
the buyer.
For private creditors, the likeli-
hood is that the net present value of
the Greek bonds that they hold will
effectively be cut by 20 per cent
through a bond swap.
However, the aim is to offset this
cut in net present value by collateral-
ising the new bonds with triple-A
rated bonds.
The EFSF will also receive a range
of new powers from the European
Central Bank (ECB). It will be allowed
to intervene in secondary bond mar-
kets in an attempt to bring down
yields, although many argue that
this power never proved very effec-
tive when exercised by the ECB and
saddled the Bank with some 77bn in
junk bonds.
The EFSF will also have a menu
of instruments to cut down sover-
eigns debt, for example by buying
debt from private creditors and cut-
ting its interest rate.
Crucially, the EFSF will also be
allowed to give sovereigns loans in
order to recapitalise defunct banking
systems. This could prove necessary
because if Greece is deemed to have
defaulted and the voluntary nature
of private sector involvement not
accepted, its banks will no longer be
able to use its debt as collateral for
much-needed ECB liquidity funding.
Eurozone leaders are keen to
emphasise the exceptional nature
of Greece. However, it is not clear if
markets will be convinced that other
sovereigns will not require a similarly
rescue. Ireland and Portugal are both
keen for cuts in the interest rate of
t h e i r
bailouts.
But the
E F S F
remains
insuffi-
cient to
bail out
S pa i n
or Italy.
BY JULIET SAMUEL
EUROZONE
FSA FINES WILLIS ARM A RECORD

6.9M
The UK arm of Willis, the number
three global insurance broker, has
been fined a record 6.9m by the City
watchdog for anti-bribery and corrup-
tion failings related to commissions
paid overseas. The fine is the largest
meted out by the Financial Services
Authority for failings in systems and
controls aimed at preventing and
detecting financial crimes.
JOHN LEWIS TO OPEN 10 CITY CENTRE
STORES
John Lewis is delivering a rare piece of
good news for Britains beleaguered
high street, with moves to open 10
smaller stores in city centre locations
over the next five years. The staff-
owned department store chain,
beloved of better-off shoppers, plans
to open stores of between 65,000 sq ft
and 100,000 sq ft, creating 3,000 jobs.
ICAHN SPARKS MOTOROLA SURGE
WITH PATENT PROPOSAL
Motorola Mobilitys shares gained
more than 12 per cent after Carl
Icahn, Motorolas largest shareholder,
urged the US smartphone makers
management to explore options for
its extensive patent portfolio. Mr
Icahns move comes shortly after the
$4.5bn sale of a portfolio of more
than 6,000 wireless patents held by
Nortel Networks, the bankrupt
Canadian telecom equipment group.
SCIENTISTS WARN OVER APEING
HUMANS
Experiments to make animals look,
sound or even think like people could
soon be on the research agenda,
according to a UK scientific body that
has warned politicians and the
public to start considering the impli-
cations. The Academy of Medical
Sciences has spent the past 18
months investigating present and
future research into animals con-
taining human material.
NETWORK RAIL SAYS ITS REPUTATION
MEANS THAT IT JUST CANT GET THE
STAFF
Network Rail has claimed that it is
struggling to hire talented managers
because some people believe that
their careers could be damaged by
the companys reputation. David
Higgins, chief executive, said that
ensuring the company had high-qual-
ity people to manage the UKs rail sys-
tem was the single biggest issue he
faced.
CASTLESTONE RAIDED BY REGULATOR
AFTER COMPLAINT
The Financial Services Authority raid-
ed the offices of the London fund
manager Castlestone Management
after receiving a complaint about the
company. The regulator confirmed
that it visited offices near Sloane
Square and in Chichester yesterday as
part of an ongoing investigation.
IEA TO STOP SELLING EMERGENCY OIL
DESPITE HIGH PRICES
The International Energy Agency (IEA)
will stop selling oil from its emergency
reserves, following its historic release
of stocks in the past month. The global
energy watchdog put 60m barrels on
to the market in an attempt to damp-
en prices, which had soared above
$120 per barrel in the wake of lost sup-
ply from war-torn Libya.
UK CAR PRODUCTION RECOVERS AFTER
JAPAN EARTHQUAKE
Car production in the UK bounced
back last month as manufacturers
recovered from disruption caused by
the Japanese earthquake. The number
of cars made in the UK rose 1.8pc in
June compared with last year, new fig-
ures reveal. This provides new hope
that GDP figures next week will show
growth in the economy during the sec-
ond quarter of 2011.
FOUR MORE CREDIT SUISSE BANKERS
CHARGED IN TAX CASE
US prosecutors yesterday charged
Credit Suisse Groups former top off-
shore banking executive in North
America and three other senior
bankers with defrauding the US gov-
ernment, increasing pressure on the
Swiss bank over US customers secret
accounts that the officials say were
used to evade taxes.
AMD STRUGGLES TO FIND NEW CEO
Millions of Americans are unem-
ployed and looking for work, yet at
least one well-paying job has gone
unfilled this year. Advanced Micro
Devices Incs search for a new chief
executive has entered its seventh
month, a delay seen as an indicator of
the challenges facing the chip maker's
next leader. A number of prominent
executives have turned down
approaches by AMD.
WHAT THE OTHER PAPERS SAY THIS MORNING
GREECES opposition Left Coalition
party expects public anger over gov-
ernment austerity measures to rise to
new heights after the summer and
force a snap parliamentary election,
its leader said yesterday.
Often blamed by the socialist gov-
ernment for inciting violent protests
in May and June, the smallest of five
parties in parliament opposes the
European Union/International
Monetary Fund loan that was secured
by announcing austerity moves.
Those who think the squares will
not fill up again in September are
deluding themselves, Left Coalition
President Alexis Tsipras said as EU
leaders worked on a second bailout
for Greece.
People cannot accept they have no
future, no job. They feel despair and
rage.
In almost daily rallies in May and
June, thousands of people gathered
in Syntagma Square in central Athens
to chant slogans against the austerity
moves and political corruption. The
protests were sometimes violent, and
riot police used teargas against black-
clad youths.
Protests have eased this month,
and many Greeks are now on vaca-
tion, but people will return to work
in September to even deeper austerity
and smaller pay cheques after tax
increases.
When you go from 400,000 unem-
ployed to one million, what do you
expect? Tsipras said. We warned
them the medicine they are prescrib-
ing will be worse than the disease.
He said he expected a snap election
within months because heightened
public rage would force the ruling
socialists to seek a new mandate.
Opinion polls show no single party
would win outright and a coalition
government would be the likely
result.
The prime minister has an obliga-
tion to seek national elections,"
Tsipras said.
We do not support violence or
incite violence. Its the system that
turns violent when it feels the earth
shaking beneath its feet.
Summer of
riots to take
over Greece
THE WHITE House last night vehe -
mently denied that President Barack
Obama had come to a deficit reduc-
tion agreement with Republicans
that did not include tax hikes.
Anyone reporting a $3 trillion
(1.8 trillion) deal without [higher
tax] revenues is incorrect, White
House spin doctor Dan Pfeiffer said.
The White House had earlier refut-
ed reports that President Obama was
close to sealing a deal with
Republican House of Representatives
Speaker John Boehner.
Some Democrat Senators are
becoming increasingly tetchy about
the Presidents behind-closed-doors
talks with senior Republicans.
The ruling party is holding out for
higher taxes to fund entitlement pro-
grammes such as Medicare.
No debt deal yet,
says White House
BY HARRY BANKS
EUROZONE
Opposing the latest

bailout plan, the
Greek Left Coalition
party has warned
of more riots to
come from public
unrest at spending
cuts
Picture: Reuters
BY JULIAN HARRIS
US ECONOMY
News
IS THE EURO NOW SAFE?
Q.
DOES THIS PLAN BRING
GREECES DEBT BURDEN DOWN
BY ENOUGH?
A.
Not really. Even if it manages to
deliver the promised 12 per cent
cut to Greeces debt pile, which is 140
per cent of GDP, many commenta-
tors do not regard this as sustain-
able, and the programme is subject
to Greece getting its spending under
control from now on.
Q.
WHAT DOES GREECE HAVE TO
DO?
A.
It has to meet its deficit targets
in order to continue to qualify
for its latest rescue funds. Given its
failure to meet pre-
vious targets, that
looks unlikely. Moreover,
the country is hamstrung by being
locked in a deep recession that
means even if it can cut its spending,
it will be hard to boost revenues.
Q.
WHAT ABOUT THE OTHER
INDEBTED COUNTRIES?
A.
Capital Economics Jonathan
Loynes says the plan is aimed
very specifically at Greece, with lit-
tle to convince markets that Europe
could handle similar problems in
Spain or Italy. That means panic and
contagion could well continue.
Q A
&
ANALYSIS l Euro vs Dollar
$
0.00 3.00 7.00 11.00 15.00 19.00 23.00
1.44
1.43
1.42
1.4420
21 Jul
Close time: 22:00
RISING government spending saw
public borrowing hit 14bn last
month, official figures unveiled yes-
terday showed.
Public sector net borrowing (PSNB)
was up 300m from the same time
last year, and about 1.5bn above
market expectations, according to
the Office for Budget Responsibility
(OBR).
Central government spending was
51.96bn in June up from 49.54bn
in June 2010. Total debt now totals
944.3bn, up by over 140bn from a
year ago.
This is certainly not a step in the
right direction, said Nida Ali of the
Ernst & Young Item Club.
The government still has a very
long way to go in order to meet its tar-
get of reducing borrowing by 20bn
this year. With nine months to go it
needs to reduce borrowing by more
than 2bn a month compared with
last years figures.
Yet there was some relief for chan-
cellor George Osborne in positive revi-
sions to the data. PSNB
(ex-interventions) was revised down
by 0.2bn for May, 1.2bn for April
and by a cumulative 1.1bn for 2010-
11, explained Nomuras Philip Rush.
And retail sales came in above
expectations, with the value of sales
rising four per cent annualised in
June and the volume of sales up 0.4
per cent.
The last three months saw a 0.6 per
cent rise in the sales by value, and a
0.2 per cent increase by volume.
Meanwhile, mortgage lenders
expect home loan approvals to hold
steady in the coming months and
some see a risk of more people losing
their homes this year, a Bank of
England survey showed yesterday.
The major UK lenders expected
approvals for house purchase to
remain at current levels over the com-
ing months, the Trends in Lending
report said. Some major UK lenders
noted upside risks to arrears.
Public sector
borrowing at
14bn in June
BY JULIAN HARRIS
UK ECONOMY
News
Chancellor George Osborne faces an uphill battle to cut the deficit Picture: Reuters
CITY VIEWS: ARE YOU WORRIED ABOUT THE DEFICIT? Interviews: Alex Sainty, Phoebe Torrance
Yes, I am worried. But given the pre-
carious economic climate, I feel Osborne
is doing an admirable job, and I think we
should appreciate how unfair it is that
he is left cleaning up the mess caused
by our previous government.
RICHARD SMART | ARGO INSURANCE
I am not worried. The government wants
to reduce the deficit at any cost, and this
makes me confident that they will succeed.
The only problem I have with
Osbornes efforts so far is that he
is going about things too quickly.
REMCO VAN EEUWIJK | MN SERVICES
I am seriously concerned about the deficit. But I believe the steps that George Osborne is taking
are on the right track. From what I understand, when Osborne first proposed his deficit plans, they
were lauded. So, I have full confidence that he will be able to walk us through the storm.
CHARLIE HENDERSON RUSSELL | AMLIN INSURANCE
JAPANS exports rose in June and the
pace of annual declines slowed,
bringing the trade balance back into
surplus as factory output and sales
steadily recover from the 11 March
earthquake, tsunami and nuclear
meltdown.
Exports jumped 5.4 per cent from
May and were down 1.6 per cent from
June 2010, less than a median fore-
cast for a 4.1 per cent annual decline,
Ministry of Finance data showed yes-
terday.
Japans exports
bounce back up
ASIAN ECONOMY
CHINAS factory sector shrank for the

first time in a year in July, a survey
showed yesterday, feeding worries
among the countrys main trading
partners that its growth is unsustain-
able and could lead to a slump.
The HSBC flash purchasing man-
agers index (PMI) fell to 48.9 in July,
suggesting the manufacturing sector
contracted at its fastest pace since
March 2009, as monetary policy
tightening and slack global demand
weighed on the sector.
Manufacturing
in China shrinks
ASIAN ECONOMY
MORGAN Stanleys stock jumped 8.9

per cent after it unveiled better-than-
expected quarterly results yesterday.
But the bank still made a pre-tax
loss of $655m (401m) on the back of
poor performance from its joint
Japanese venture with Mitsubishi UFJ.
The results saw the banks pay-to-
revenues ratio shoot up to 57 per cent
versus 49 per cent in the same quar-
ter last year which it blamed on the
Japanese loss. Overall, the bank has
put aside $4.3bn for compensation
costs in the quarter, versus $4.4bn for
the same period last year.
Like its rivals, the bank saw rev-
enues from its trading business plum-
met due to declining client activity.
Revenues from sales and trading in
the banks fixed income and com-
modities division nearly halved, from
$2.7bn last year to $1.8bn in the sec-
ond quarter of 2011.
However, revenues from commodi-
ties products actually increased.
And Morgan Stanley managed to
shake off the general malaise in equi-
ties, posting a 21 per cent rise in rev-
enues to $1.7bn.
The investment bank also
improved upon last year, clocking an
18 per cent increase in advisory fees
to $385m and an 11 per cent rise in
underwriting revenues to $623m.
Its wealth management business
also saw a strong 11 per cent rise in
revenues to $3.4bn.
However, the bank has some work
to do on its capital reserves, which it
said were 11.8 per cent in core tier
one capital but only under Basel I
rules. The loss in its Japanese venture
means that Mitsubishi UFJ will have
to deliver a $370m capital injection
under the terms of the partnership.
US private equity firm Blackstone
also beat forecasts yesterday with
$703m second quarter net income,
adding that its funds now have $31bn
of dry powder available to invest.
US MEDICINE administrator Express
Scripts said it had bought its rival
Medco Health Solutions for $29.1bn
(18bn) yesterday.
The deal creates a US powerhouse
in managing drug prescriptions but
investors remained unsure that it
would get past regulators on antitrust
grounds.
It would give the combined group
control of at least 30 per cent of the
US drug benefits market and greater
leverage to negotiate lower drug
prices for its clients such as US
employers.
In a statement, Express Scripts
chief executive George Paz said the
takeover was the right deal at the
right time for the right reasons.
He defended the deal as helping to
drive out waste in the healthcare sys-
tem and protect people from rising
costs. The merger with Medco will
accelerate our efforts to create
greater efficiencies in the healthcare
system, he said.
Express Scripts will pay $71.36 per
Medco share, a 28 per cent premium
to Medcos closing price on
Wednesday. Medco shareholders will
receive $28.80 cash and 0.81 Express
Scripts share for each Medco share.
Medco shares rose yesterday but
remained below the offer price as
investors doubted the deal would win
the approval of regulators.
Its like a coin flip right now about
whether it gets approved or not,
Gabelli & Co analyst Jeff Jonas said.
US prescription firm Express Scripts
pens 18bn takeover of rival Medco
THE second-quarter earnings of Royal
Bank of Scotlands global banking
and markets business will reflect the
weakness in fixed-income markets
due to debt woes in the Eurozone, an
executive has said, warning that bond
markets will remain tough in the
third quarter.
The comments come a few days
before RBS, 83 per cent owned by the
UK government, announces second-
quarter earnings. Global banking and
markets account for more than half
of the banks core profit.
It wouldnt surprise you to note
that the entire fixed-income markets
are more challenged in the second
quarter than they were in the first
and we will be representing that
trend, John Hourican, chief execu-
tive of RBSs global banking and mar-
kets business, said.
We have a biased business toward
macro, fixed-income. I would have to
say for the third quarter the markets
continue to be challenging.
RBS warns that Eurozone
crisis will hit its earnings
BANKING
THE Financial Services Authority

intends to launch an inquiry into
the collapse of HBOS once its
enforcement investigation of the
firm is complete, FSA chief Hector
Sants revealed yesterday.
In a letter to Andrew Tyrie MP
published yesterday, Sants reveals
that as soon as the current investiga-
tion is closed, the FSA intends to
start work on a report providing an
account of the developments over
the years preceding the crisis which
put HBOS in an unsustainable posi-
tion in autumn 2008.
The FSA is currently tackling a legal
quagmire surrounding its inquiry
into RBS, which provoked a public
outcry last year when it concluded
that no major management failings
had taken place but failed to publish
a report to back up the findings.
That means that the FSA will be
keen to establish at the outset that
any report on HBOS can be pub-
lished without legal restrictions.
FSA will launch inquiry
into the failure of HBOS
BANKING
JAMES Vernon, one of the founders of

Europes biggest hedge fund Brevan
Howard, is to leave the firm in
September, City A.M. has learned.
Vernon, who has served as the
firms operating officer since found-
ing it with four Credit Suisse First
Boston colleagues nine years ago, told
City A.M. when called that he could
not comment on his departure.
The company has simply said he is
leaving to pursue other interests.
Vernons colleagues were told of his
departure in the monthly newsletter
of its primary fund, BH Global.
We wish to inform you that James
Vernon has decided to leave Brevan
Howard in September to pursue other
interests, it said in the newsletter.
James will continue to act as a non-
executive board member of Brevan
Howards non-UCITS funds. We thank
him for his contribution and wish
him well in his future endeavours.
Vernon is only the second of the
funds founders to leave, after Jean-
Philippe Blochet left in 2009. The
founders are notoriously secretive
and only its co-chief executive Nagi
Kawkabani regularly speaks publicly.
But the firm has been a remarkable
success story, growing to a giant
$32.5bn (20bn), and is shortlisted in
City A.M.s awards, in the alternative
manager of the year category.
This story was first reported in the
Financial Times.
Brevans
Vernon to
leave firm
FUND MANAGEMENT
CITY experts warned yesterday that

new rules governing UK takeovers
ignored the concerns of market par-
ticipants and could further damage
an already sluggish market for deals.
New changes to the Takeover Code
say bid approaches must be made
public from the outset and all inter-
ested parties named, while the put
up or shut up deadline has been cut
to just 28 days.
Deal protection incentives such as
break fees will been banned from 19
September and bidders must disclose
their financing plans and intentions
towards the targets employees, the
Takeover Panel said.
But deal advisers said the rules
would make bidders wary of explor-
ing ideas for fear of being exposed.
While the ban on break fees prob-
ably wont be a show-stopper in all
cases, theres little doubt that the
changes to rules on virtual bids will
be, said Allen and Overy partner
Richard Cranfield. Publicity shy
potential bidders will be worried and
may be less willing to start negotia-
tions or more inclined to withdraw
from negotiations rather than risk
being outed under the new rules.
Others said the Panel had ignored
valid concerns voiced by many who
responded to its consultation.
Market concerns were voiced
again on identifying bidders and the
prohibition on break fees but the
panel is going to implement the
changes it published in March with-
out material amendment, said
Norton Rose partner Paul Whitelock.
The catalyst for the changes was
the controversial takeover of iconic
chocolate maker Cadbury by US food
maker Kraft in 2009. The rules were
criticised for failing to protect targets
from hostile bids and allowing short
term investors to vote sales through.
New rules may bar takeovers
BY ALISON LOCK
REGULATION
Wall St cheers
after Morgan
Stanley jumps
BY JULIET SAMUEL
BANKING
BY ALISON LOCK
PHARMA
News
ANALYSIS l Morgan Stanley
$
15Jul 19Jul 18Jul 20Jul 21 Jul
23.50
23.00
22.50
21.50
21.00
20.50
22.00
24.20
21 Jul
MICROSOFT posted a 30 per cent rise
in its fourth-quarter profit yesterday,
smashing market forecasts, as sales of
its Office software and Xbox games
consoles continued to soar.
Revenues hit a record high of
$17.4bn (10.8bn), up eight per cent
from the same quarter in 2010, while
net profit was $5.9bn, up from
$4.52bn in 2010.
But revenues from its Windows
operating system fell one per cent in
the quarter as sales of new PCs
remained soft, and its share price fell
marginally in after hours trading on
the news.
Its full-year revenues were 12 per
cent up on the year to June 2010 at
$69.9bn, while full-year net income
jumped 23 per cent to $23.2bn.
But Windows full year revenues
were two per cent down and analysts
fretted that growing demand for
Apple products and tablet computers
could hit Microsoft hard. Its shares
fell 0.3 per cent after hours.
Microsoft profits up 30pc
but market frets over PCs
TECHNOLOGY
Microsoft chief executive Steve Ballmer delivered record revenues

News
A SQUABBLE broke out yesterday
between the Treasury Select
Committee and the FSA, after the
financial regulator brushed off rec-
ommendations from MPs.
Parliamentarians have said there
ought to be a years delay before the
implementation of the Retail
Distribution Review (RDR), scheduled
for January 2013, to give financial
advisers more time to comply.
The review will bring about a struc-
tural change for the industry, most
notably affecting the provision of
financial advice.
But the FSA swatted down the com-
mittees recommendations within
hours of them being released to the
press, angering the committee chair-
man, Andrew Tyrie MP.
The Treasury Select Committee
released its report on the RDR to jour-
nalists last Thursday, embargoed
until midnight on Friday.
Tyrie said in a letter to Hector
Sants, chief executive of the FSA: We
depreciate the Authoritys action. It
was precipitate, giving the impres-
sion that no adequate consideration
had been given to the arguments for
the delay we recommended. This is
unacceptable.
MPs fume at the FSA for
dismissing reform advice
REGULATION
BANKNOTE maker De La Rue yester-

day said business over the past three
months had been satisfactory and its
turnaround strategy was working,
but warned that some of its divisions
were still facing headwinds.
Its currency printing division saw
high volumes while its identity sys-
tems division, which produces pass-
ports, also performed strongly, De La
Rue chairman Nicholas Brookes said
in a statement.
But its paper volumes, which have
been dogged by production problems
over the past year, were lower than
print, as the company expected.
It also said market conditions for
its security products division, which
makes high security features for doc-
uments, remained challenging.
De La Rue said the improvement
plan, designed to restore the group to
more than 100m operating profit by
2014 at the latest, was making good
progress.
And in a show of its confidence in
the outlook, it also maintained its
dividend payout at 28.2p per share.
De La Rue is fighting to return to
profitability levels seen in 2009 after
paper production problems last July
caused its largest client to suspend its
order, and it is yet to reconfirm that.
The company also fought off the
attentions of French rival Oberthur
Technologies in January and June
this year. De La Rues chief executive
Tim Cobbold, who joined last
December, has pledged to lead a
recovery to strengthen the firm.
De La Rue produces more than 150
national currencies, including newly
independent South Sudan.
De La Rue says turnaround is
on track but business mixed
MANUFACTURING
US FOOD and drink maker PepsiCo

scaled back its full-year earnings fore-
casts on ongoing economic uncertain-
ty yesterday.
Pepsi said performance in its North
American drinks business was worse
than expected, due to weakened con-
sumer demand and intensifying com-
petition, which has made it difficult
to raise prices to offset soaring com-
modity costs.
Of the three factors impacting
North America beverages inflation,
consumer demand and pricing the
consumer demand picture is the
most concerning to us at this point,
chief executive Indra Nooyi told ana-
lysts on a call.
PepsiCo now expects 2011 earnings
to grow at a high single-digit rate,
from the $4.13 per share it earned in
2010, reflecting greater uncertainty
regarding macroeconomic and con-
sumer trends for 2011, cost inflation
and investment in emerging markets.
Its net income in its second quarter
rose to $1.89bn (1.2bn) or $1.17 per
share from $1.6bn or 98 cents per
share a year earlier.
Pepsi warns on
US demand and
cost inflation
CONSUMER
IS YOUR BOSS A
SLAVE-DRIVING PSYCHO?
NEARLY 40 per cent of Cable &
Wireless Worldwide (CWW) share-
holders refused to back new chief
executive John Plutheros controver-
sial incentive scheme yesterday.
A further 27 per cent withheld sup-
port for the embattled firms remu-
neration plans during a humbling
annual meeting for the telecoms
giant. While CWW was braced for a
protest vote given its precarious finan-
cial position, the final number was
even worse than sources close to the
firm were expecting.
Shareholders are furious Pluthero
and finance director Ian Gibson could
receive shares worth three times their
salaries next year. That could leave
Pluthero with more than 2m worth
of shares, despite CWW revising down
its forecasts.
Shares in the firm have slumped
since the profit warning last month
the third since its demerger from
Cable & Wireless Group. The news
was accompanied by the resignation
of former chief executive Jim Marsh,
described by one analyst as the
leader of the most loathed manage-
ment team in the FTSE.
The vote marks one of the most
severe shareholder revolts so far this
year. Afren and EasyJet both faced dis-
sent of more than 50 per cent over
their remuneration plans.
FirstGroup, Thomas Cook and
Tullow Oil all had votes in the high
40s and Dominos Pizza, Travis
Perkins, WPP and Ladbrokes have
also endured dissenting investors.
Revolt over
Pluthero pay
BY STEVE DINNEEN
TELECOMS
Cable & Wireless

Worldwide chief
executive John
Pluthero faced
the ire of share-
holders yester-
day.
ANALYSIS l Cable and Wireless Worldwide
p
47
45
43
42.99
21 Jul
SHAREHOLDER REVOLTS ON REMUNERATION-RELATED ISSUES (Source: Manifest VoteWatch)
Company Event Date Dissent
Afren plc 06 June 2011 59.82%
easyJet plc 17 February 2011 54.96%
FirstGroup plc 15 July 2011 48.95%
Thomas Cook Group plc 11 February 2011 46.79%
Tullow Oil plc 12 May 2011 46.20%
Domino's Pizza UK & Ireland plc 30 March 2011 43.15%
Travis Perkins plc 26 May 2011 42.40%
WPP plc 02 June 2011 41.76%
Ladbrokes plc 13 May 2011 40.62%
Cable & Wireless Worldwide 21 July 2011 38.8%
News
DUTCH chemicals group AkzoNobel
promised new, unspecified measures
to improve its earnings as it reported
a 10 per cent drop in second-quarter
core profit, hurt by rising costs and
weak demand.
The worlds biggest paints compa-
ny was hit by faster-than-expected
increases in prices of raw materials
such as pigments and oil-related
resins and solvents.
It has struggled to offset this
through product price rises due to
weak demand in European and US
construction markets. The group
said raw material costs have risen 20
per cent year on year, higher than its
forecast for a 15 per cent rise.
It reported quarterly earnings
before interest, tax, depreciation and
amortisation (EBITDA) before one-offs
of 551m (486m), down from 614m
a year ago having warned last month
that profits would fall.
I am not satisfied with our per-
formance in the quarter, despite posi-
tive volume and pricing
developments. Recent months have
been challenging and it does take
time for price increases to work
through, outgoing chief executive
Hans Wijers said in a statement.
AkzoNobel vows action
to boost flagging profit
INDUSTRIALS
SCOTTISH & Southern Energy (SSE)

yesterday became the third large
British energy supplier to hike its fuel
prices this summer.
Electricity bills will increase by 11
per cent and gas will go up by 18 per
cent from 14 September, affecting
8.8m households in Britain, the utili-
ty firm warned in a statement.
Customers on duel fuel options
will see their annual bill rise by 171
to 1,265.
I am sorry that we have had to
announce an increase in household
energy prices at a time when many
peoples budgets are under strain, but
the upward pressures on prices have
become too great, said SSE chief
executive Ian Marchant.
He blamed the move on rising
wholesale prices and said this was
caused in part by the earthquake and
tsunami in Japan and political
upheaval in the Middle East.
SSE follows Scottish Power and
Centrica in raising energy bills from
this summer as all energy providers
struggle to deal with surging whole-
sale prices. Analysts, however, esti-
mate that SSEs bills will be slightly
cheaper by one to two per cent.
Energy secretary Chris Huhne said
the price hike was unwelcomed
news for households and that his
plans for power market reform were
aimed at reducing the UKs reliance
on expensive fossil fuels.
The energy supplier said in its inter-
im management statement, also
released yesterday, that it expected to
deliver a larger part of its pre-tax prof-
its for 2011/12 in the second half of the
year, when tariff rises will take effect.
Scottish and Southern the
latest utility to hike fuel bills
UTLITIES
LONDON & Stamford Property (L&S)

has stepped up plans to expand its
residential portfolio, agreeing to buy
more than 100 residential properties
in north London for 49.1m.
The real estate developer
announced yesterday it had bought
107 private residential units and 31
car parking spaces in Islington from
Seward Street Developments, bring-
ing its total portfolio to around
140m.
In its interim management state-
ment, the company said it had
pledged to grow its residential portfo-
lio to 300m given the large demand
from potential first-time buyers and
positive rental metrics.
L&S, led by industry veteran
Raymond Mould, is continuing its
spending spree following the acquisi-
tion of One Carter Lane for 75m on
30 June.
L&S also announced it had secured
16 new leases since April 2011 for the
Meadowhall, shopping centre in
Sheffield, its joint venture with
British Land to develop the UKs
largest out-of-turn retail destination.
Spending spree
plans at London
& Stamford
PROPERTY
IS YOUR BOSS A
SEX CRAZED NYMPHO?
GREAT Portland Estates (GPE) said
the value of its property assets
increased by 3.8 per cent in the first
quarter this year, driven by demand
for West End offices and near-term
development schemes.
The London property developer
said its portfolio valuation increased
by 58.4m to 1.6bn in the three
months through June. Net asset
value (NAV) increased by 4.2 per cent
to 376p a share from 362p at the end
of March.
The depreciation of the pound
together with a lack of new office
space in the West End fuelled
demand from international
investors, with London assets viewed
as a safe haven. Rental value grew 2.1
per cent.
Investor demand for central
London commercial property contin-
ued unabated during the quarter
and with limited supply, we expect
much of it to remain unsatiated for
some time to come, said chief execu-
tive Toby Courtauld.
In May, the company was also
given the green light to build
Hanover Square in Mayfair into
205,400 square feet of office space,
retail units and residential apart-
ments, further boosting the value of
its overall portfolio by 25 per cent.
GPE also sold four non-core assets
for 111m -- 7.2 per cent ahead of
book value.
Shares in the company, up 48.6 per
cent over 12 months, dipped 0.8 per
cent yesterday to close at 436.1p.
Great Portland
boosts its NAV
BY KASMIRA JEFFORD
PROPERTY
ANALYSIS l Great Portland Estates

p
450
440
430
436.10
21 Jul
Great Portland Estates was given the go-ahead to develop Hanover Square in May
The current Russian president
Dmitry Medvedev backs the propos-
als, as does Nikolai Kosov, the deputy
chairman of state-owned VEB bank
and a wonderfully friendly
Anglophile who is, apparently, a
man to do business with. There is a
target, there is a budget and with a
fair wind behind it, the building proj-
ect should succeed, said a source
close to the developments.
POOLING RESOURCES
GOOD to see JP Morgans traders pool-
ing resources.
The Capitalist hears one JP Morgan
Chase boss regularly lends his num-
ber two his Porsche for the weekend
so the junior can impress at social
occasions weddings, visits from his
French girlfriend etc.
Disaster struck, however, when the
trader got so drunk one weekend that
he lost all his personal possessions:
phone, wallet and the keys to his
bosss car. Only the fact that the
reprobate is something of a
financial star at the bank stopped the
loss becoming a matter for HR
CAPTAIN AMERICA
NEWS of the merger between City
PR firm Finsbury and the US consul-
tancy Robinson, Lerer &
Montgomery was not released in
the usual, professional Finsbury
manner, so it didnt receive as many
column inches as it deserved.
Nevertheless, the merger of the
two Sir Martin Sorrell-owned com-
panies is still generating a fair
amount of chat in the City. Does
this mean Finsbury founder Roland
Rudd, promoted to chairman of the
new RLM Finsbury, will spend less
time on his London clients now he
has a bigger platform to operate
from, wondered one rival? Not so,
say friends of Rudd, who reckon he
would be unlikely to do anything
that would jeopardise Finsburys
position at the forefront of UK M&A
and IPO work.
And where now for Rudd, now
Europe has become too small and
he has added America to his remit?
Outer space, according to one
source, who predicted Rudd will
travel along Richard Bransons lines
and take a look at expanding
onto Mars...
GRADUATION DAY
CELEBRATIONS at Kentz Corporation,
the engineering and construction
firm that listed on AIM in February
2008, which today graduates to the
main market of the London Stock
Exchange following three years of
significant growth.
While the investor team is
rumoured to be splashing out on a
liquid City lunch, chief executive
Hugh ODonnell is said to be taking
a well-deserved break doing what he
loves most when he is not working:
extreme sports. It will be a survival
of the fittest
POETS CORNER
IT WAS only a matter of time before
the muse called on Felix Dennis
(below), chairman of Dennis
Publishing and poet, to write a few
verses on the phone hacking scandal.
And here they are although
sadly, for reasons of space, The
Capitalist can only bring you the first
and last verses of the epic Oh Do
Not Call Them Vultures.
Oh, do not call them vultures,
for vultures love dead meat. And
rarely don disguises or lurk across
the street. Not so the tabloid jour-
nalist, who craves his victims fresh,
to feed a willing multitude that
lusts for living flesh.
Oh, do not point the finger; who
made them what they are? Who
built the Sun and Mirror, the Screw
You and the Star? No patient in a
cancer ward excoriates their nurse
the blame lies in our appetite: for
scandal, or for worse!
FOREIGN EXCHANGE AS
MOSCOW MOVES TO
BECOME WORLD-CLASS
CAN MOSCOW ever become a world-
class financial centre?
BP may have had its fingers burned
over the ill-fated Rosneft deal, but
Anglo-Russian relations are being
improved behind the scenes follow-
ing a Moscow-London foreign
exchange to set up the Moscow
International Finance Centre (MIFC).
First, Lord Mayor Michael Bear
the co-chairman of the MIFC Liaison
Group with Russian businessman
Alexander Voloshin flew to Moscow
to meet Moscow Mayor Sergei
Sobyanin with City representatives
including Danny Corrigan, managing
director of rouble products at ICAP;
Howard Snell, chairman of Otkritie
Securities; Axel van Nederveen, treas-
urer of EBRD; and Bob Foresman,
head of BarCap Russia.
Returning the favour, Bear then
hosted lunch at Mansion House for
the Russian finance minister and
deputy prime minister Alexei
Kudrin, who landed in London with
a group of Russian bankers and
industrialists to continue the talks
about how to make Moscow more
attractive to foreign investors.
Like a grown-up foreign exchange
then although no-one tried their
first cigarette on the trips; they just
talked regulation, equities, deriva-
tives and marketing in a bid to
make Moscow a respected centre
of commerce. Much of the market
is well-developed, insisted
Corrigan, who spent two years
working in Moscow at ING.
The Capitalist also hears plans are
underway to build a Canary Wharf-
style physical base for the finance
centre, to be located on the out-
skirts of Moscow, as part of a proj-
ect that is shaping up to become a
vote-winner in the Russian presi-
dential elections on 4 March.
Clockwise from top
left: Dmitry
Medvedev, Sergei
Sobyanin, Michael
Bear, Alexei Kudrin
The proposed
Canary
Wharf-style
development
for Moscow
will be a vote-
winner in the
presidential
elections
The Capitalist
EDITED BY
HARRIET DENNYS
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @citycapitalist
News
POSITIVE first-half results and out-
look from British outsourcing group
Capita yesterday were overshadowed
by uncertainty over when the compa-
ny will return to organic growth.
Capita, which runs the Teachers
Pension Scheme, TV licensing for the
BBC and the Criminal Records
Bureau, said underlying pre-tax prof-
it rose seven per cent to 174m for the
six months to 30 June, in line with
market expectations and compared
with 163m during the same period
last year.
Capita said that after two reason-
ably subdued years, strong contract
wins and a healthy bid pipeline paint-
ed a more promising picture for 2012,
where the company expects revenue
to swing back towards organic
growth.
The fact that we have had such a
strong period of sales wins in the first
half of this year will tend to be a good
leading indicator for revenue growth
in 2012, chief executive Paul Pindar
said.
Revenue growth rose by three per
cent to 1.4bn, as cost savings and
acquisitions helped offset a UK mar-
ket recovering from a recession and
contracts delayed by government aus-
terity measures.
The company talk a good game for
second half prospects and beyond.
However, we believe Capita will ulti-
mately be judged on when organic
growth will turn, which we do not
think will materialise until the sec-
ond half of 2012,
Shares in the firm closed down 1.6
per cent at 686p, valuing Capita at
4.27bn.
Upbeat outlook from Capita
fails to address growth fears
SUPPORT SERVICES
SWISS drugmaker Roche raised its full-

year earnings target for 2011 yesterday
as cost-cutting protected its first-half
profitability from the impact of the
strong Swiss franc.
The Basel-based group is now aim-
ing to grow core earnings per share
around 10 per cent in local currencies
this year, after previously guiding for
high single-digit growth.
But it stuck to its target of low sin-
gle-digit sales growth in local curren-
cies as austerity measures on both
sides of the Atlantic continue to weigh,
while the rallying Swiss franc also ate
into its top-line in the first six months
of the year.
Roches first-half core earnings per
share slipped four per cent to SwFr6.68
(5.00), though this was still ahead of
the average estimate of SwFr6.48.
All in all, we expect investors will
be modestly relieved by these results,
which confirm management is mean-
ingfully tackling Roches cost base,
Deutsche Bank analysts said in a note,
adding that this could be at least party
offset by slowing underlying sales of
pharmaceuticals.
Roche predicts
higher earnings
due to cost cuts
PHARMA
IN CINEMAS NOW
ASTRAZENECA shares jumped two
per cent on yesterday, buoyed by US
approval for its new heart drug
Brilinta as a rival to Plavix, the
worlds second-biggest selling medi-
cine.
But industry analysts warned the
London-based drugmaker still had a
battle on its hands to sell the product
in the worlds top market, given its
interaction with aspirin and expected
launch of cheap generic copies of
Plavix next year.
Investors had been on tenterhooks
ahead of the Food and Drug
Administration (FDA) decision, and
the positive verdict more than offset
a setback just 24 hours earlier for a
diabetes pill being developed with
Bristol-Myers Squibb.
Brilinta is a new competitor to
Sanofis and Bristol-Myers $9bn-a-
year seller Plavix, which is now facing
cut-price generic competition in
many markets.
Analysts, on average, expect global
sales of Brilinta of about $1.4bn in
2015. That may rise in light of the
FDA decision.
The fate of the new medicine is
critical for AstraZeneca which, unlike
more diversified rivals, is betting
everything on its ability to bring such
new prescription drugs to market. It
badly needs new products as older
drugs lose patent protection.
However analysts said that the fact
that Brilinta interacts badly with
aspirin a common drug among
heart patients could dent sales.
Astra rises on
drug approval
BY HARRY BANKS
PHARMA
ANALYSIS l AstraZeneca
p
3,160
3,120
3,080
3,040
3,000
3,092.00
21 Jul
Trimming the fat is not enough
CAPITA yesterday said the condi-
tions for outsourcing were proving
increasingly buoyant. Such confi-
dence should have had investors pil-
ing into the stock, especially as
earnings per share were up 12 per
cent and contract wins were double
the same period last year at 1.1bn.
The companies it signed major
deals with in the first six months
MetLife, Zurich and the DVLA read
like a whos who of private sector
blue chips and big-spending govern-
ment agencies. Investors werent
impressed however; the stock closed
down 1.6 per cent at 686p, having
touched lows of 657.5p earlier in the
session.
Because the truth is things are far
from buoyant. Earnings were boost-
ed mainly because of efficiencies
which pushed the operating mar-
gin up 70 basis points to 13.8 per
cent and acquisitions. Still, it is
hardly unsurprising that an out-
sourcer has managed to trim the
fat that is, after all, Capitas stock
and trade.
What investors were desperate for
was a sign of when the firm expect-
ed to return to organic growth, of
which there was none. Collins
Stewart thinks shareholders will
have to wait until 2012. Until such
times, the stock deserves to trade at
five per cent discount to the sector.
BOTTOMLINE
Analysis by David Crow
PRINCE ANDREW QUITS TRADE ROLE
PRINCE Andrew is to step down from his role as Britains trade ambassador, just four
months after his links to a sex offender prompted calls for him to quit the unpaid
position. The prince, 51, will be leaving his job as the government's special representa-
tive for international trade and investment, which he has held since 2001 but will
continue to travel the world in a less formal role to promote UK trade.
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News
NOKIA yesterday crashed to an
expected second quarter loss, com-
pounding a miserable year for the
former smartphone market-leader.
Even factoring in a one-off pay-
ment of 430m from Apple over a
long-running patent dispute, Nokia
slumped to a loss of 368m
(324m).
It was dragged down by a 20 per
cent slide in revenues in its once-
unbeatable mobile business, with
overall revenues tumbling seven
per cent to 9.3bn
It has now been superceded by
both Samsung and Apple in smart-
phone sales, with little sign of turn-
ing the Titanic. The Finnish
manufacturer said it sold 16.7m
smartphones in the quarter, falling
behind Apples sales of 20.3m
iPhones.
Fellow industry stalwart Ericsson
also announced torrid trading yes-
terday. Investors ditched shares in
the mobile phone network suppli-
er, after it missed earnings forecasts
due to a hefty job cut charge and
forecast less profitable business in
the pipeline in Europe.
Its second quarter earnings fell
well below analyst expectations.
Meanwhile, Alcatel-Lucent con-
firmed it may sell a collection of
businesses that serve non-telecom
operator customers as part of boss
Ben Verwaayens ongoing turn-
around plan.
Torrid trading drags
Nokia to 324m loss
BY STEVE DINNEEN
TELECOMS
ONLINE gaming firm 888 yesterday

reported an 18 per cent rise in first-
half revenue, driven by a strong per-
formance in its casino and poker
businesses.
It now forecasts full-year results
will be marginally ahead of the cur-
rent market view. Analysts on aver-
age expect the company to post a
full-year pre-tax profit of $21m on a
revenue of $257m. Yesterdays fig-
ures did not include a profits figure.
The company, whose rivals
include the worlds biggest listed
online gaming company Bwin.party
digital, said strong trading has con-
tinued into July, led by poker.
January-June revenue rose to
$154m from $130m last year.
In April, British bookmaker
Ladbrokes terminated talks with
888 after four months of wrangling
over price with the companys
founding shareholders, causing 888
shares to shed 20 per cent.
888 revenues storm past forecasts
GAMING
NEWS | IN BRIEF
AT&T profit beats forecasts
AT&Ts second-quarter profit and revenue
beat Wall Street estimates as it added more
subscribers than expected, despite the loss
of exclusive rights to sell Apples iPhone. The
number two US mobile provider, which is
seeking approval to buy T-Mobile USA for
$39bn, added 331,000 net subscribers in the
quarter, compared with the average analyst
expectation for 91,000.
Colt earnings fall on voice revenue
EUROPEAN telecoms provider Colt Group
saw core earnings dip slightly in the first half
as a drop in voice revenue offset higher data
and managed services sales. The group,
which mainly serves businesses, reported
core earnings of 157.2m (139m), down 0.6
per cent, on 3.5 per cent lower revenue of
766.2 for the six months to the end of June,
but said its order pipeline was improving.
PRIVATE equity firm BC Partners is set
to buy Swedish cable company Com
Hem, in a deal that will value the
firm at about 17bn crowns (1.6bn),
one of the largest buyouts in Europe
this year, people familiar with the sit-
uation said.
BC Partners beat rival Cinven to
acquire the business, owned by
Carlyle Group and Providence, that is
Swedens market leader and provides
digital TV, broadband and telephony
to more than 800,000 customers
across the country.
The deal follows on the heels of
Bain and Hellman & Friedmans
agreement to buy Swedish alarms
firm Securitas Direct, Europe's largest
buyout this year.
It also marks the first investment
by BC Partners from its ninth buyout
fund, which earlier this week secured
about 5.5bn from investors for new
deals.
BC Partners wins fight to
buy Con Hem for 1.6bn
TELECOMS
SHRINKING margins and a warning

of a final quarter slowdown took the
shine off forecast-beating first-half
results at Publicis.
A surprise pick-up in European ad
spending pushed the French firm to
better than expected revenues.
The worlds third-biggest ad group
also reiterated its previous annual tar-
gets as revenue grew across all
regions in the first six months of the
year.
The end of a two-year hiring freeze
saw costs tick up because of higher
salaries, eroding margins by one per-
centage point to 13.5 per cent.
Analysts had estimated margins
would improve slightly or remain
flat.
Chief executive Maurice Levy said
yesterday he expects costs to be lower
in the second half of the year and said
he is concentrating on improving
margins and growing market share.
US rival Omnicom saw 7.2 per cent
organic growth in the quarter. The
strong sales performance by the two
firms bodes well for other large ad
agencies like WPP, Aegis and Havas,
which are set to publish results in
August.
Investors had been watching for
clues on how much Europes sover-
eign debt crisis has dented company
marketing budgets, as well as for the
lingering effects of the Japan earth-
quake and political unrest in the
Middle East.
With ad agency performance large-
ly linked to the macroeconomic cycle,
investors have been wary of the sector.
Publicis shares are down some four
per cent this year, WPP is down about
10 per cent and smaller rival Havas is
down 12 per cent.
Shrinking margins hit Publicis
BY STEVE DINNEEN
ADVERTISING
ANALYSIS l Nokia Oyj

4.30
4.10
3.90
4.18
21 Jul
OFCOM CROWNS T-MOBILE TOP OF THE POLLS
T-MOBILE yesterday
topped a poll of cus-
tomer satisfaction
with their network
operators, with a 72
per cent approval rat-
ing, according to
watchdog Ofcom (led
by Ed Richards, pic-
tured). O2 finished a
close second, with
Orange, Virgin
Media and Vodafone
all within three per
centage points. BSkyB
was the top major
broadband provider
with 60 per cent, fol-
lowed by BT with 58
per cent. Orange
topped the poll for
smaller broadband
providers.
Picture: PA
PLANS by Thomas Cook and the Co-
Operative Group to merge their high
street travel agent businesses have
been given preliminary approval by
the Competition Commission.
The commission said it did not
expect the deal to have a major
impact on customers buying package
holidays.
If the merger gets the final go
ahead it will create the UKs largest
travel agent group.
The Competition Commission will
release its final report on 16 August.
Thomas Cook has 780 stores while
the Co-op has 360, though the two
firms plan to maintain their separate
branding.
Thomas Cook will continue to run
its tour operator business separately
from the joint venture.
The deal also includes the
Midlands Co-operative Society, which
has a further 100 stores.
Thomas Cooks shares plunged
nearly 30 per cent last week after its
third profit warning this year.
The group announced it would
review its UK operations after its busi-
ness was hit by political unrest in the
Middle East and north Africa, and the
difficulty of passing on cost increases
to budget-conscious UK travellers.
Its French business was particular-
ly badly hit by the fallout from the
unrest in the region.
It said it would hold off making
any decisions on shop closures until
the Competition Commission
announced a decision on its Co-op
merger, which some had expected
last week.
Chief executive Manny Fontenla-
Novoa welcomed the commissions
decision as great news, adding that
this merger is just one part of the
plan to strengthen our UK business.
The commission said UK customers
would not be adversely affected by
the Co-op merger.
PUBS and restaurants group Mitchells
& Butlers said yesterday sales growth
had slowed in the last two months
and that the outlook was rocky
because of the economic climate.
M&B, whose chains include Toby
Carvery and All Bar One, said underly-
ing like-for-like sales were up 2.8 per-
cent in the nine weeks to 16 July.
Underlying sales were up only one
per cent over the period, it said.
Economic pressures continue and
consumer expenditure in our market
has weakened in the last couple of
months with the short term outlook
remaining uncertain.
The company, which also runs
Harvester and the Sizzling Pub Co, is
now a food-led business. It said
underlying sales in the first 42 weeks
of the year were up 3.1 per cent but
that margins would likely be slightly
below last year as a result of contin-
ued cost pressures.
In March the firm said previous
chief executive Adam Fowle would
leave the company by mutual con-
sent. Chairman Simon Burke stepped
down earlier in July, having only
taken up the role in February. M&B
has now gone through six chairman
in the last two years.
Joe Lewis, who is M&Bs biggest
shareholder, led a boardroom coup
last year in which then-chairman
Drummond Hall was removed.
Mitchells & Butlers suffers as its sales
growth slows in economic uncertainty
CAR parts and bicycles retailer
Halfords said the soaring cost of fuel
has forced cash-strapped motorists to
reduce mileage and scrimp on expen-
diture on their beloved cars.
Motorists average mileage was
down one to two per cent, the compa-
ny said, while petrol has risen 15 per
cent year-on-year.
When you are seeing the scale of
fuel price increases that we are, it is
inevitable that customers will look
for ways to save money, chief execu-
tive David Wild said.
Customers are pushing back
spend on car servicing. If they do not
defer a service then they will go for
an interim service rather than a full
service.
They wait until the light comes on
before they check their oil, added
Wild.
Sales at its Autocentres car servic-
ing chain in the UK fell 5.1 per cent
and it is planning to increase promo-
tional activity to stimulate trade.
Halfords sales decline as
fuel costs hit motorists
RETAIL
BREWER SABMiller reported a rise in

first-quarter beer volumes, led by con-
tinued growth in emerging markets,
but kept the market guessing
whether it will sweeten its bid for
Australias Foster.
The worlds second-largest brewer
and maker of Miller Lite, Peroni and
Pilsner Urquell said yesterday that
underlying beer and soft drink vol-
umes grew five per cent year-on-year.
Price rises also helped the group to
push up revenues in its April-June
quarter by seven per cent, it said in a
trading statement.
The company said that the jump in
volumes reflected growth in con-
sumer spending in many developing
markets, and a relatively weak com-
parative quarter in the prior year.
The firm added that its financial
performance was in line with its
expectations as it made selective
price rises to offset a moderate rise in
raw material costs.
But the firm suffered a bloody nose
in its annual shareholder meeting
yesterday afternoon, when 16 per
cent of its investors voted against the
pay packages of directors, on an 86.5
per cent turnout. All resolutions at
the meeting were passed.
Shares in SABMiller, which have
soared over the last month, closed
0.24 per cent down at 23.10.
SABMiller beer volumes up
BY HARRY BANKS
CONSUMER
KITCHEN supplier Howden Joinery is

benefiting from a growing trend for
consumers to shy away from do-it-
yourself projects, it said on reporting
a rise in first-half revenues and prof-
its yesterday.
The firm, which supplies kitchen
units and joinery to over 200,000
small builders posted a near nine per
cent rise in its first-half pre-tax profit
and reported relatively healthy
recent trading.
Howden up as
DIY dwindles
CONSUMER
BRITVIC volumes in the UK in the

last four weeks fell 8.2 per cent,
while Irish volumes were down 13.2
per cent.
Total revenue in its business across
the globe rose 12 per cent to 324.9m.
However, excluding Britvics
French business, acquired last May,
revenue declined two per cent due to
weakness in Ireland. The company
claimed that a relatively cold June
had hit sales in the UK.
Britvic blames
cold for slump
CONSUMER
Thomas Cook
given nod for
Co-op merger
BY JOHN DUNNE
LEISURE
BY JOHN DUNNE
LEISURE
Ian Cheshire admitted the UK economic climate was challenging

News
ANALYSIS l SABMiller
p
2,330
2,310
2,290
2,309.50
21 Jul
ANALYSIS l Thomas Cook
p
74
72
70
68
68.00
21 Jul
ANALYST VIEWS: CAN KINGFISHER TURN
AROUND ITS FLAGGING UK SALES? Interviews by John Dunne
RAMONA TIPNIS | SHORE CAPITAL

Whilst the UK performance is much worse than we had expected, it is
understandable given the pull through of summer ranges into quarter one and the
closure of Focus with its promotional activity. The encouraging point is that gross
margins are up for the quarter despite tough comparatives. We say Buy.
MATTHEW MCEACHRAN | SINGER

Trading over the last 10 weeks has been a smidge weaker than expect-
ed, with the UK worse but France better. This statement is therefore likely to
erode some of the padding generated after a strong quarter one, but full year
forecasts will still remain intact.
RICHARD HUNTER | HARGREAVES LANSDOWN

Kingfisher is positioning itself prudently and should benefit from any
uptick in consumer behaviour. On the downside, the outlook remains inevitably
uneven. On balance, prospects for the company remain strong, as does the market
consensus, which currently comes in as a buy.
SALES at Kingfishers B&Q have

slumped, with the company warning
of challenging trading conditions.
Like-for-like sales at B&Q, which has
330 stores, fell 6.7 per cent in the 11
weeks to 16 July.
Kingfishers UK sales overall
dropped by 5.5 per cent, with a good
performance by trade supplier
Screwfix offsetting some of the poor
performance at B&Q.
The company claimed B&Q was
hurt by rival Focus DIY going into
administration and cutting prices to
clear stocks.
Kingfisher chief executive Ian
Cheshire said: These are testing
times for retailers. The UK market
remains challenging compounded by
disruption in the second quarter
from heavy stock clearance activity by
a major competitor closing down.
Sales at Kingfishers two French
chains Castorama and Brico Depot
were much stronger, adding 3.7 per
cent on a same-store basis during the
11 weeks.
Across the Kingfisher Group,
including its outlets in eastern
Europe, sales were 0.5 per cent down.
Cheshire added: We expect to
emerge from this year in excellent
shape and well prepared to start deliv-
ering the next phase of our growth
plans.
Shares in Kingfisher jumped 5.6
per cent yesterday.
B&Q decline
takes toll on
Kingfisher
CONSUMER
Merrill Lynch
Merrill Lynch Wealth Management has
appointed David Harrison as a portfolio
manager. Harrison joins from Hermes
Fund Managers, where he was also a
portfolio manager, focusing on the
European and UK markets.
Berenberg Bank
Matthew Stemp has joined
Berenberg Bank in London to work
with both the private banking team
in London and Berenberg Asset
Management in Hamburg. Stemp
joins from UBS Global Asset
Management, where he spent 17
years, most recently as head of UK.
Threadneedle Investments
The asset management firm has
appointed Toby Nangle as head of
multi-asset. Prior to joining the com-
pany, Nangle was a director of both
the multi asset and fixed income
teams at Baring Asset Management.
Ashcourt Rowan
The wealth manager has appointed
David Archer as a director of interme-
diary sales to focus on promoting the
firms portfolio of in-house asset man-
agement services. Archer was previ-
ously intermediary sales manager at
Kleinwort Benson.
Deloitte
Deloitte has appointed two independ-
ent non-executive directors to the main
board: Gerry Grimstone, chairman of
Standard Life and economist DeAnne
Julius, a founder member of the
Monetary Policy Committee and chair-
man of Chatham House.
Rathbones
Peter Anwyl-Harris and James
Brennan have joined Rathbone
Investment Management as invest-
ment directors in its London office.
Anwyl-Harris joins from Newton
Investment Management and Brennan
joins from Baring Asset Management.
Pitmans
Alan Davies has been promoted from
director to partner in the law firms
defendant insurance department.
Davies, who joined Pitmans in 2004
as a senior solicitor, specialises in
public and employer liability and
health and safety prosecutions.
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
US debt discussion
boosts Wall Street
U
S stocks climbed yesterday as
signs of progress on the US debt
talks and concrete action from
Europe on its own debt crisis
heartened investors.
Unexpectedly robust earnings
results from Morgan Stanley, whose
shares rose 11 per cent to $24.20,
extended a relief rally in bank stocks
after Goldman Sachs dismal trading
profits stunned the market earlier in
the week.
But the biggest news was on a pos-
sible US debt deal to save the United
States from an unprecedented
default.
The KBW Capital Markets index
rose 2.9 per cent.
In Europe, following a summit,
Eurozone leaders agreed the private
sector would provide a net 37bn to a
second bailout package for Greece,
with the total official financing
around 109bn.
The Dow Jones industrial average
gained 152.50 points, or 1.21 per cent,
to 12,724.41. The Standard & Poors
500 Index rose 17.96 points, or 1.35
per cent, to 1,343.80. The Nasdaq
Composite Index advanced 20.20
points, or 0.72 per cent, to 2,834.43.
Stocks rallied to session highs after
the White House said it saw momen-
tum for a balanced deficit deal, but
denied reports that US President
Barack Obama and Republican US
House of Representatives speaker
John Boehner were close to a pact.
Transportation shares also con-
tributed to gains after Union Pacific
Corp posted higher quarterly profits.
Shares of the railroad company rose
4.6 per cent to $104.40, and the Dow
Jones transportation index was up 1.7
per cent.
Biotechnology issues also rose.
Alexion Pharmaceuticals jumped 9.1
per cent to $56.77 after the drugmak-
er posted better-than-expected quar-
terly earnings and raised its 2011
outlook. The NYSEArca biotech index
climbed 1.8 percent.
On the downside, Dow component
Intel shed 0.8 per cent to $22.81, a day
after the chipmaker trimmed its fore-
cast for 2011 personal computer unit
sales.
After the closing bell, Microsoft
Corp shed 0.8 per cent to $26.87 after
the worlds largest software company
greater-than-expected 30 per cent
increase in fiscal fourth-quarter prof-
it, but profit from its core Windows
product fell on soft personal comput-
er sales.
Volume saw an upswing with
about 8.22bn shares traded on the
New York Stock Exchange, NYSE
Amex and Nasdaq, above the daily
average of 7.49bn.
F
INANCIALS drove gains on
Britains top share index yester-
day, as hopes a solution could
be found to Europes sovereign
debt crisis boosted investor senti-
ment.
The UKs benchmark index closed
up 46.07 points or 0.8 per cent at
5,899.89, having endured a choppy
session, trading in a 137 point range
as nervous investors jostled positions
awaiting an announcement from
key debt talks in Brussels.
The bulls won the day as European
Union officials seemed close to a
deal to bail out debt-stricken Greece
with the help of the private sector
and with no new tax on banks.
Sources said the European Central
Bank was willing to let Greece slip
into temporary default as part of a
crisis response.
Potentially it's good news, but I
think there are too many economic
headwinds to make a definitive call
that the worst is now behind us,
Peter Dixon, an economist at
Commerzbank, said. Weve got to
look at todays rally as simply a cor-
rection to some of the perhaps overly
pessimistic sentiment thats crept in
over the past week.
Banks and insurers, most exposed
to European sovereign debt, rallied
hard with Barclays the top riser, up
7.8 per cent.
UK-listed banks enjoyed their
biggest one-day percentage gain
since the start of 2011, but remain
down over eight per cent in 2011.
Although the rally looked like an
exaggerated knee-jerk reaction, valu-
ations show shares in the FTSE are
ripe for the picking, should uncer-
tainty be removed over the European
and US debt situations.
Beaten-down retailers such as
Kingfisher, up 5.6 per cent, enjoyed a
strong rally after the groups update.
Drugmakers also added strength
to blue chips, led by AstraZeneca, up
two per cent after falling in the pre-
vious session after its heart drug
Brilinta gained approval from US
regulators, opening up the massive
US market to the companys biggest
drug hope.
Relief that Europe was making
progress on dealing with its debt
problems, and hopes that it would
avoid widespread contagion and
plunge the region into a deep reces-
sion, was not enough to reverse loss-
es in the mining sector.
The sector underperformed, suf-
fering in tandem with easier copper
prices after poor manufacturing
data from top metals consumer
China heightened worries over the
growth outlook for the country.
Factory output in the worlds
largest consumer of commodities
shrank in July for the first time in 12
months.
We still forecast strong global
GDP growth, at three per cent to
four per cent in both 2011 and 2012.
But we are again making more GDP
forecast downgrades than upgrades,
Willem Buiter, analyst at Citigroup,
said.
On the downside, outsourcing
group Capita shed 1.6 per cent as a
bigger than expected seven per cent
fall in organic revenue weighed on
first-half results. Analysts at
Evolution Securities downgraded
their rating to neutral.
Peer Serco Group dropped 1.1 per
cent.
Chip designer ARM Holdings fell
1.6 per cent as Nomura downgraded
its rating on US peer Intel to
reduce, a day after the top chip-
maker cut its outlook for 2011 per-
sonal computer unit sales and
elevated its capital expenditure.
Nervous FTSE ends higher as
EU solution for Greece looms
THELONDON
REPORT
THEWORLD
REPORT
BEST OF THE BROKERS
To appear in Best of the Brokers email your research to notes@cityam.com
ANALYSIS l Aberdeen Asset Management
240
230
220
210
11 May 31 May 20Jun 8Jul
p
228.30
21 July
ABERDEEN ASSET MANAGEMENT
Singer Capital rates the fund manager a buy with a 275p target price
ahead of its third-quarter results, which are expected to show a one per cent
rise in assets under management and a strong upward trend in revenue mar-
gins as its asset mix shifts towards higher margin equity pooled funds. Singer
believes current forecasts may not reflect this positive impact, while
Aberdeens earnings momentum remains positive despite tough markets.
ANALYSIS l Tui Travel
260
220
180
May Jun Jul
p
189.30
21 July
TUI TRAVEL
Deutsche Bank rates TUI a buy with a 280p target price as it is sticking to
its full-year earnings forecasts despite the tough trading conditions it has
experienced. Deutsche believes investors are nervous of consensus earnings
downgrades, which is causing share price falls and creating a buying opportu-
nity. Deutsche thinks management will use third-quarter results to state that
they remain comfortable with full year forecasts, so it recommends buying.
ANALYSIS l Home Retail
240
200
160
120
May Jun Jul
p
138.90
21 July
HOME RETAIL GROUP
Arden Partners rates the Argos owner a sell with a 120p target price on
the emerging consensus view that it would cut its dividend and its share price
would fall to 130p. Its historic dividend yield is 10.7 per cent at this level but
probably only 5.4 per cent with earnings cover gone, which, considering it is
the UKs biggest general merchandise retailer, looks low. Before its second-
quarter results in September, Arden believes the shares have further to fall.
p
9May 27May 17Jun 7Jul
6,100
5,700
5,800
5,900
6,000
ANALYSIS l FTSE 5,899.89
20 Jul
BNY Mellon
Michael Cole-Fontayn has been appointed as
the new chairman of EMEA at BNY Mellon,
retaining his existing responsibilities as chief
executive of the depositary receipts division.
Cole-Fontayn succeeds Tim Keaney, chief execu-
tive of BNY Mellon Asset Servicing, who is relo-
cating to New York. Cole-Fontayn joined BNY
Mellon in 1984 and has worked in the deposi-
tary receipts business since 1992. He also ran
BNY Mellons issuer services group in Hong
Kong between 1993 and 2000.
News
LON GD ONCE FIX AM...........1600.50 16.25
SILVER LDN FIX AM..................39.86 0.60
MAPLE LEAF 1 OZ ....................73.00 5.00
LON PLATINUM AM ...............1779.00 6.00
LON PALLADIUM AM...............795.00 2.00
ALUMINIUM CASH .................2514.00 32.50
COPPER CASH ......................9765.50 11.00
LEAD CASH...........................2718.00 -23.00
NICKEL CASH......................23900.00 -50.00
TIN CASH.............................27890.00 340.00
ZINC CASH ............................2432.00 -4.50
BRENT SPOT INDEX................118.32 1.05
SOYA.....................................1378.25 0.00
COCOA..................................3183.00 0.00
COFFEE...................................243.40 0.00
KRUG.....................................1656.40 6.10
WHEAT ....................................164.05 -1.57
AIR LIQUIDE........................................95.99 1.72 100.65 80.00
ALLIANZ..............................................92.93 2.14 108.85 79.46
ALSTOM..............................................39.09 0.12 45.32 30.78
ANHEUS-BUSCH INBEV ....................40.32 0.32 46.33 38.32
ARCELORMITTAL ..............................22.84 0.38 28.55 20.76
AXA......................................................14.41 0.77 16.16 10.88
BANCO SANTANDER...........................7.94 0.34 10.23 6.98
BASF SE..............................................66.76 0.56 70.22 40.74
BAYER.................................................56.67 0.73 59.44 43.27
BBVA.....................................................7.83 0.41 10.71 6.75
BMW ....................................................71.19 -0.76 72.74 39.96
BNP PARIBAS.....................................48.92 1.97 59.93 43.42
CARREFOUR ......................................22.18 0.49 36.06 21.33
CREDIT AGRICOLE..............................9.31 0.49 12.92 8.18
CRH PLC .............................................14.26 0.09 17.40 11.51
DAIMLER.............................................52.25 -0.20 59.09 37.03
DANONE..............................................50.57 0.20 53.16 41.00
DEUTSCHE BANK..............................38.84 1.16 51.61 35.66
DEUTSCHE TELEKOM.......................10.57 0.07 11.38 9.50
E.ON.....................................................19.33 0.49 25.54 18.18
ENEL......................................................4.20 0.07 4.86 3.54
ENI .......................................................15.81 0.29 18.66 14.95
FRANCE TELECOM............................14.27 0.23 17.45 13.56
GDF SUEZ ...........................................23.71 0.52 30.05 22.46
GENERALI ASS. .................................13.93 0.53 17.05 12.18
IBERDROLA..........................................5.86 0.17 6.50 4.87
ING GROEP CVA ..................................8.10 0.30 9.50 6.35
INTESA SANPAOLO.............................1.80 0.16 2.53 1.41
KON.PHILIPS ELECTR.......................17.78 0.64 25.45 15.56
L'OREAL..............................................84.81 0.75 91.24 75.03
LVMH.................................................128.35 2.20 129.95 87.53
MUNICH RE.......................................106.05 1.95 126.00 98.43
NOKIA....................................................4.18 0.10 8.49 3.79
REPSOL YPF.......................................22.14 0.41 24.90 17.21
RWE.....................................................37.49 0.85 56.49 34.77
SAINT-GOBAIN...................................41.96 0.67 47.64 27.81
SANOFI ................................................54.85 -0.30 56.82 44.01
SAP......................................................41.52 0.31 46.15 34.13
SCHNEIDER ELECTRIC...................105.95 0.10 123.65 81.40
SIEMENS .............................................93.42 0.92 99.39 70.02
SOCIETE GENERALE.........................38.23 2.23 52.70 32.76
TELECOM ITALIA.................................0.91 0.03 1.16 0.80
TELEFONICA ......................................16.25 0.37 19.69 15.07
TOTAL .................................................38.91 0.35 44.55 36.23
UNIBAIL-RODAMCO SE...................155.60 3.50 162.95 118.00
UNICREDIT............................................1.38 0.13 2.24 1.06
UNILEVER CVA...................................22.90 0.10 24.11 20.68
VINCI ....................................................41.17 0.72 45.48 33.38
VIVENDI ...............................................17.61 0.33 22.07 16.66
Price Chg High Low
EU SHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 5899.89 46.07 0.79
FTSE 250 INDEX . . . . . . . 11706.68 5.20 0.04
FTSE UK ALL SHARE . . . . 3068.36 20.31 0.67
FTSE AIM ALL SH . . . . . . . . 873.13 0.25 0.03
DOWJONES INDUS 30 . . 12724.41 152.50 1.21
S&P 500 . . . . . . . . . . . . . . . 1343.80 17.96 1.35
NASDAQ COMPOSITE . . . 2834.43 20.20 0.72
FTSEUROFIRST 300 . . . . . 1103.12 12.01 1.10
NIKKEI 225 AVERAGE. . . 10010.39 4.49 0.04
DAX 30 PERFORMANCE. . 7290.14 68.78 0.95
CAC 40 . . . . . . . . . . . . . . . . 3816.75 62.15 1.66
SHANGHAI SE INDEX . . . . 2765.89 -28.31 -1.01
HANG SENG. . . . . . . . . . . 21987.29 -16.40 -0.07
S&P/ASX 20 INDEX . . . . . . 2734.10 5.70 0.21
ASX ALL ORDINARIES . . . 4626.20 7.80 0.17
BOVESPA SAO PAOLO . 60315.98 1196.27 2.02
ISEQ OVERALL INDEX . . . 2886.51 17.68 0.62
STI . . . . . . . . . . . . . . . . . . . . 3138.51 11.98 0.38
IGBM. . . . . . . . . . . . . . . . . . 1016.58 29.64 3.00
SWISS MARKET INDEX. . . 6042.06 75.52 1.27
Price Chg %chg
3M........................................................95.84 1.59 98.19 78.40
ABBOTT LABS ...................................52.85 0.45 54.24 44.59
ALCOA ................................................15.77 0.26 18.47 9.92
AMAZON.COM..................................213.21 -2.34 220.20 105.80
AMERICAN EXPRESS........................52.58 0.49 53.80 37.33
AMGEN INC.........................................55.49 0.50 61.53 50.34
APPLE...............................................387.29 0.39 396.27 236.78
AT&T....................................................30.28 0.05 31.94 24.50
BANK OF AMERICA...........................10.23 0.38 15.31 9.40
BERKSHIRE HATAW B......................77.34 1.20 87.65 73.23
BOEING CO.........................................72.89 0.82 80.65 59.48
BRISTOL MYERS SQUI......................29.56 0.67 29.73 20.05
CATERPILLAR..................................111.60 1.29 116.55 63.34
CHEVRON.........................................109.43 2.33 109.94 70.96
CISCO SYSTEMS................................16.35 0.53 26.00 14.78
CITIGROUP.........................................40.32 1.70 51.50 36.30
COCA-COLA.......................................69.34 0.47 69.78 51.92
COLGATE PALMOLIVE......................89.00 0.44 89.43 73.12
CONOCOPHILLIPS.............................75.81 0.70 81.80 50.80
DU PONT(EI) DE NMR........................54.81 0.55 57.00 35.61
EMC CORP..........................................27.34 -0.03 28.73 17.90
EXXON MOBIL....................................85.02 1.72 88.23 57.60
GENERAL ELECTRIC.........................19.16 0.37 21.65 14.25
GOLDMAN SACHS GRP..................135.58 2.96 175.34 125.50
GOOGLE A........................................606.99 11.64 642.96 448.00
HEWLETT PACKARD.........................36.23 0.95 49.39 33.95
HOME DEPOT.....................................36.72 0.31 39.38 26.62
IBM.....................................................184.90 1.25 185.50 122.28
INTEL CORP .......................................22.81 -0.18 26.78 17.60
J.P.MORGAN CHASE.........................42.29 1.33 48.36 35.55
JOHNSON & JOHNSON.....................66.47 0.23 68.05 56.86
KRAFT FOODS A................................35.47 0.21 36.02 24.30
MC DONALD'S CORP ........................86.54 0.27 87.04 68.59
MERCK AND CO. NEW......................36.18 0.59 37.68 31.06
MICROSOFT........................................27.10 0.04 29.46 23.32
OCCID. PETROLEUM.......................108.08 1.89 117.89 72.13
ORACLE CORP...................................32.47 0.40 36.50 21.66
PEPSICO.............................................66.17 -2.32 71.89 61.71
PFIZER ................................................20.10 0.20 21.45 14.39
PHILIP MORRIS INTL.........................71.49 3.30 71.76 49.20
PROCTER AND GAMBLE..................64.49 0.29 67.72 56.57
QUALCOMM INC ................................56.94 -0.37 59.84 35.74
SCHLUMBERGER ..............................90.96 2.55 95.64 52.91
TRAVELERS CIES..............................57.69 0.63 64.17 48.46
UNITED TECHNOLOGIE ....................88.21 0.99 91.83 64.57
UNITEDHEALTH GROUP...................52.15 0.64 53.50 29.94
VERIZON COMMS ..............................37.57 0.24 38.95 26.41
WAL-MART STORES..........................54.47 0.58 57.90 49.26
WALT DISNEY CO..............................40.74 1.38 44.34 31.55
WELLS FARGO & CO.........................29.38 0.68 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 ..................0.991 -0.11
LIBOR Euro - 12 months ................2.167 0.00
LIBOR USD - overnight...................0.122 0.00
LIBOR USD - 12 months.................0.751 0.00
HaIifax mortgage rate .....................3.990 0.00
Euro Base Rate ...............................1.500 0.00
Finance house base rate................1.000 0.00
US Fed funds...................................0.250 0.00
US Iong bond yieId .........................4.380 0.00
European repo rate.........................0.992 -0.15
Euro Euribor ....................................1.319 -0.05
The vix index ...................................17.76 -1.33
The baItic dry index ........................1.328 -0.02
Markit iBoxx...................................221.27 1.13
Markit iTraxx....................................95.06 0.00
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
US SHARES
6/$ 1.4377 0.0155
6/ 0.8820 0.0021
6/ 112.80 0.8200
/6 1.1334 0.0027
/$ 1.6300 0.0141
/ 127.86 0.6200
FTSE 100
5899.89
46.07
FTSE 250
11706.68
5.20
FTSE ALL SHARE
3068.36
20.31
DOW
12724.41
152.50
NASDAQ
2834.43
20.20
S&P 500
1343.80
17.96
RPC Group . . . . . . . .350.0 0.0 384.8 202.2
Smiths Group . . . . .1167.0 7.0 1429.0 1089.0
Brown (N.) Group . . .279.6 4.6 311.2 221.0
Carpetright . . . . . . . . .582.0 -5.0 835.5 573.3
Debenhams . . . . . . . . .65.5 0.3 77.4 56.1
Dignity . . . . . . . . . . . .810.0 22.0 812.0 633.0
Dixons RetaiI . . . . . . .16.1 0.4 28.5 11.8
DuneImGroup . . . . . .468.0 -1.0 550.0 371.3
HaIfords Group . . . . .341.5 -15.7 518.5 331.2
Home RetaiI Group . .138.9 2.1 244.5 133.1
Inchcape . . . . . . . . . .377.6 0.6 425.4 253.2
JD Sports Fashion . .967.0 -23.0 1030.0 723.5
Kesa EIectricaIs . . . .133.4 0.1 174.0 109.8
Kingfisher . . . . . . . . .267.4 14.2 287.1 198.5
Marks & Spencer G . .353.7 1.5 427.5 329.3
Mothercare . . . . . . . .401.0 -2.7 627.5 381.5
Next . . . . . . . . . . . . .2423.0 26.0 2433.0 1868.0
Sports Direct Int . . . .248.3 -1.6 261.2 101.1
WH Smith . . . . . . . . . .507.0 5.0 523.0 398.2
Smith & Nephew . . . .658.5 4.0 742.0 537.5
Synergy HeaIth . . . . .949.0 9.0 953.5 640.0
Barratt DeveIopme . .102.9 -0.3 119.0 70.1
BeIIway . . . . . . . . . . . .677.5 0.5 753.5 511.0
YuIe Catto & Co . . . . .224.4 -2.6 253.0 123.5
BaIfour Beatty . . . . . .303.0 1.6 357.3 234.6
KeIIer Group . . . . . . .460.0 1.2 698.5 432.0
Kier Group . . . . . . . .1326.0 -10.0 1418.0 970.0
Drax Group . . . . . . . .515.0 5.0 516.0 353.6
Scottish & Southe . .1404.0 -19.0 1425.0 1108.0
Domino Printing S . .663.0 -2.0 705.0 440.0
HaIma . . . . . . . . . . . . .406.1 -0.4 429.6 270.0
Laird . . . . . . . . . . . . . .190.4 1.4 207.0 102.9
Morgan CrucibIe C . .329.2 -0.3 357.1 189.1
Renishaw . . . . . . . . .1790.0 4.0 1854.0 800.0
Spectris . . . . . . . . . .1650.0 3.0 1679.0 869.5
Aberforth SmaIIer . . .689.0 -1.5 714.0 507.0
AIIiance Trust . . . . . .382.0 2.0 392.7 307.6
Bankers Inv Trust . . .414.6 1.7 428.0 353.6
BH GIobaI Ltd. GB .1129.0 7.0 1174.0 1058.0
BH GIobaI Ltd. US . . . .11.0 -0.1 11.6 10.4
BH Macro Ltd. EUR . . .17.6 0.3 17.6 15.8
BH Macro Ltd. GBP 1792.0 3.0 1804.0 1630.0
BH Macro Ltd. USD . . .17.4 0.2 17.4 15.8
BIackRock WorId M .768.0 -8.0 815.5 554.5
BIueCrest AIIBIue . . .173.1 -0.8 176.2 164.5
British Assets Tr . . . .133.0 -0.2 140.5 115.3
British Empire Se . . .521.0 -2.0 533.0 422.5
CaIedonia Investm .1748.0 -32.0 1928.0 1543.0
City of London In . . .298.6 2.6 306.9 249.3
Dexion AbsoIute L . .145.0 -0.6 151.0 131.2
Edinburgh Dragon . .241.8 -6.2 262.1 212.8
Edinburgh Inv Tru . . .464.0 1.8 492.2 392.4
EIectra Private E . . .1713.0 -2.0 1755.0 1289.0
F&C Inv Trust . . . . . .319.0 1.2 327.9 263.8
FideIity China Sp . . . . .96.3 -0.9 128.7 93.0
FideIity European . .1209.0 2.0 1287.0 937.5
FideIity SpeciaI . . . . .556.0 1.0 595.0 523.0
HeraId Inv Trust . . . .520.0 -7.0 545.5 371.3
HICL Infrastructu . . .114.8 -0.3 121.3 112.0
Impax Environment .115.1 -0.9 130.5 106.5
JPMorgan American .882.5 -6.5 916.0 673.0
JPMorgan Asian In . .235.6 -5.7 250.8 195.3
JPMorgan Emerging .584.5 -6.5 639.0 510.0
JPMorgan European .909.0 -5.0 983.5 641.0
JPMorgan Indian I . . .416.0 -4.0 502.0 394.1
JPMorgan Russian .672.0 7.0 755.0 549.0
Law Debenture Cor . .373.8 -0.5 385.0 295.1
MercantiIe Inv Tr . . .1056.0 -4.0 1137.0 907.5
Merchants Trust . . . .404.0 3.0 431.8 342.0
Monks Inv Trust . . . .350.7 -5.2 367.9 286.2
Murray Income Tru . .651.0 -0.5 673.0 553.5
Murray Internatio . . .952.0 -5.5 991.5 824.0
PerpetuaI Income . . .265.7 0.2 276.0 217.8
PoIar Cap TechnoI . .358.3 -7.1 391.2 275.6
RIT CapitaI Partn . . .1302.0 -15.0 1334.0 1107.0
Scottish Inv Trus . . . .509.0 0.0 524.0 409.0
Scottish Mortgage . .765.0 -0.5 781.0 566.0
SVG CapitaI . . . . . . . .253.0 -2.0 279.8 148.9
TempIe Bar Inv Tr . . .909.0 -6.5 952.0 754.0
TempIeton Emergin .656.0 -4.0 689.5 539.0
TR Property Inv T . . .186.7 -0.4 206.1 140.9
TR Property Inv T . . . .89.2 -1.7 94.0 64.0
Witan Inv Trust . . . . .518.0 0.0 533.0 426.1
3i Group . . . . . . . . . . .279.7 4.2 340.0 254.1
3i Infrastructure . . . .123.1 -0.2 125.2 108.9
Aberdeen Asset Ma .227.8 -2.2 240.0 128.0
Ashmore Group . . . .408.1 0.7 414.5 271.4
Brewin DoIphin Ho . .159.6 -1.9 185.4 114.0
CameIIia . . . . . . . . . .9852.0 26.010950.0 7900.0
CharIes TayIor Co . . .147.0 -0.1 234.0 122.0
City of London Gr . . . .79.0 0.5 93.6 70.7
City of London In . . .417.0 -4.0 461.5 274.0
CIose Brothers Gr . . .771.5 16.5 888.5 664.0
CoIIins Stewart H . . . .72.0 1.3 90.8 69.0
EvoIution Group . . . . .74.0 1.5 92.0 62.3
F&C Asset Managem .72.5 -2.4 92.9 47.5
Hargreaves Lansdo .603.5 3.0 646.5 336.0
HeIphire Group . . . . . . .2.9 -0.3 41.0 2.9
Henderson Group . . .162.2 1.4 173.1 119.1
Highway CapitaI . . . . .15.5 -1.0 21.0 6.0
ICAP . . . . . . . . . . . . . .472.4 6.5 570.5 380.2
IG Group HoIdings . .449.8 -0.2 553.0 411.4
Intermediate Capi . . .278.6 0.6 360.3 257.0
InternationaI Per . . . .335.7 -8.3 388.8 203.8
InternationaI Pub . . .116.6 -0.4 118.3 108.6
Investec . . . . . . . . . . .508.0 10.5 538.0 444.4
IP Group . . . . . . . . . . . .46.3 -2.0 54.5 27.9
Jupiter Fund Mana . .250.0 -5.2 337.3 185.0
Liontrust Asset M . . . .74.5 -1.0 95.3 70.0
LMS CapitaI . . . . . . . . .61.3 -0.8 64.8 40.0
London Finance & . . .22.0 0.0 23.5 16.5
London Stock Exch 1024.0 -6.0 1076.0 617.0
Lonrho . . . . . . . . . . . . .17.8 0.8 19.8 10.5
Man Group . . . . . . . . .243.2 2.0 311.0 206.4
Paragon Group Of . .195.6 -0.5 206.1 125.2
Provident Financi . .1034.0 16.0 1040.0 728.5
Rathbone Brothers .1122.0 -13.0 1257.0 815.0
Record . . . . . . . . . . . . .30.9 0.0 52.0 20.3
RSM Tenon Group . . .29.8 -0.3 66.3 21.3
Schroders . . . . . . . .1655.0 33.0 1922.0 1231.0
Schroders (Non-Vo .1371.0 16.0 1554.0 1022.0
TuIIett Prebon . . . . . .355.1 -1.9 428.6 337.0
WaIker Crips Grou . . .50.5 0.0 51.0 46.5
BT Group . . . . . . . . . .197.0 2.7 204.1 130.6
CabIe & WireIess . . . .38.1 0.3 61.4 37.5
CabIe & WireIess . . . .43.0 -0.0 78.4 42.0
COLT Group SA . . . .114.0 -17.8 156.2 109.0
TaIkTaIk TeIecom . . .140.9 -0.1 168.3 117.9
TeIecomPIus . . . . . . .670.0 22.5 700.0 341.0
Booker Group . . . . . . .73.7 -0.2 77.9 42.0
Greggs . . . . . . . . . . . .524.5 -5.0 550.5 418.7
Morrison (Wm) Sup .289.1 -4.6 308.3 262.7
Ocado Group . . . . . . .190.9 0.9 285.0 123.5
Sainsbury (J) . . . . . . .311.7 -1.4 395.0 307.2
Tesco . . . . . . . . . . . . .391.9 -0.5 440.7 378.1
Associated Britis . .1081.0 7.0 1182.0 940.0
Cranswick . . . . . . . . .733.0 3.0 907.5 724.0
Dairy Crest Group . . .373.6 -4.7 424.9 339.7
Devro . . . . . . . . . . . . .270.0 0.7 296.9 205.5
Premier Foods . . . . . . .20.6 0.3 35.1 16.0
Tate & LyIe . . . . . . . . .615.0 0.0 656.0 409.1
UniIever . . . . . . . . . .1988.0 8.0 2065.0 1688.0
Mondi . . . . . . . . . . . . .611.5 -7.0 664.0 422.4
Centrica . . . . . . . . . . .329.9 1.9 346.1 303.5
InternationaI Pow . . .303.0 -1.8 448.6 298.5
NationaI Grid . . . . . . .602.0 1.5 632.5 490.7
Northumbrian Wate .453.0 -0.9 455.5 295.5
Pennon Group . . . . . .703.0 -1.5 715.0 560.0
Severn Trent . . . . . .1444.0 3.0 1517.0 1270.0
United UtiIities . . . . .584.0 -0.5 632.0 543.5
Cookson Group . . . . .633.0 4.5 724.5 412.3
DS Smith . . . . . . . . . .239.5 -0.9 266.2 125.8
Rexam . . . . . . . . . . . .384.2 6.1 400.0 293.0
GIencore Internat . . .480.0 -2.0 531.1 466.7
BAE Systems . . . . . .304.0 1.8 369.9 294.7
Chemring Group . . . .581.0 -2.0 736.5 519.6
Cobham . . . . . . . . . . .204.8 -2.0 247.6 192.3
Meggitt . . . . . . . . . . . .386.3 9.0 391.9 261.7
QinetiQ Group . . . . . .117.8 0.4 136.3 96.7
RoIIs-Royce Group . .652.5 4.0 665.0 552.0
Senior . . . . . . . . . . . . .190.6 3.8 190.6 111.2
UItra EIectronics . . .1622.0 -6.0 1895.0 1546.0
GKN . . . . . . . . . . . . . .231.6 0.0 245.0 135.1
BarcIays . . . . . . . . . . .239.9 17.3 344.0 207.7
HSBC HoIdings . . . . .608.6 3.1 730.9 591.2
LIoyds Banking Gr . . .47.6 2.7 77.6 41.4
RoyaI Bank of Sco . . .36.1 1.9 52.1 33.0
Standard Chartere .1629.5 37.5 1950.0 1519.0
AG Barr . . . . . . . . . .1290.0 -10.0 1395.0 1035.0
Britvic . . . . . . . . . . . . .363.0 -4.1 518.0 352.5
Diageo . . . . . . . . . . .1261.0 15.0 1307.0 1050.0
SABMiIIer . . . . . . . . .2309.5 -5.5 2337.5 1841.0
AZ EIectronic Mat . . .280.0 -3.5 338.1 248.5
Croda Internation . .2013.0 3.0 2081.0 1153.0
EIementis . . . . . . . . . .182.3 -2.7 187.4 69.8
Johnson Matthey . .2080.0 40.0 2119.0 1550.0
Victrex . . . . . . . . . . .1533.0 -1.0 1590.0 1076.0
Price Chg High Low
BerkeIey Group Ho .1249.0 10.0 1299.0 789.5
Bovis Homes Group .416.5 -1.4 464.7 326.6
Persimmon . . . . . . . .472.5 8.7 502.5 336.5
Reckitt Benckiser . .3406.0 -14.0 3648.0 3015.0
Redrow . . . . . . . . . . . .129.0 -3.0 139.0 97.6
TayIor Wimpey . . . . . .37.7 0.8 43.3 22.3
Bodycote . . . . . . . . . .354.6 -6.9 397.7 214.5
Charter Internati . . . .779.5 -16.5 853.5 538.5
Fenner . . . . . . . . . . . .413.4 -1.9 419.1 198.0
IMI . . . . . . . . . . . . . . .1062.0 3.0 1119.0 657.5
MeIrose . . . . . . . . . . .362.9 6.7 378.0 212.5
Northgate . . . . . . . . . .329.0 5.5 346.7 180.0
Rotork . . . . . . . . . . .1594.0 2.0 1895.0 1396.0
Spirax-Sarco Engi . .1897.0 -7.0 2063.0 1499.0
Weir Group . . . . . . .2122.0 -29.0 2196.0 1130.0
Ferrexpo . . . . . . . . . . .485.3 10.8 499.0 276.8
TaIvivaara Mining . . .410.0 1.0 622.0 386.9
BBA Aviation . . . . . . .214.0 3.8 240.8 175.0
Stobart Group Ltd . . .140.0 0.0 163.6 124.1
AdmiraI Group . . . . .1588.0 35.0 1754.0 1448.0
AmIin . . . . . . . . . . . . .404.2 8.8 433.0 375.3
Huntsworth . . . . . . . . .71.3 0.0 86.0 65.0
Informa . . . . . . . . . . . .423.0 0.7 461.1 372.0
ITE Group . . . . . . . . . .225.7 -5.4 258.2 142.4
ITV . . . . . . . . . . . . . . . . .68.2 1.0 93.5 49.8
Johnston Press . . . . . . .5.3 0.1 20.0 4.4
MecomGroup . . . . . .227.0 -6.8 310.0 189.0
Moneysupermarket. .115.6 1.3 116.2 65.1
Pearson . . . . . . . . . .1155.0 3.0 1207.0 926.0
PerformGroup . . . . .203.1 -3.7 234.5 202.6
Reed EIsevier . . . . . .557.5 5.5 590.5 505.5
Rightmove . . . . . . . .1179.0 -7.0 1250.0 596.5
STV Group . . . . . . . . .127.1 -0.3 168.0 80.8
Tarsus Group . . . . . .146.5 -3.3 165.0 112.5
Trinity Mirror . . . . . . . .44.0 1.0 124.3 39.8
United Business M . .525.5 5.0 725.0 507.0
UTV Media . . . . . . . . .128.0 1.3 151.0 106.0
WiImington Group . .112.0 -0.5 183.0 112.0
WPP . . . . . . . . . . . . . .722.5 1.5 846.5 633.0
YeII Group . . . . . . . . . . .7.4 0.9 30.2 5.1
African Barrick G . . .476.3 1.0 638.0 393.5
AngIo American . . .2989.5 15.5 3437.0 2254.0
AngIo Pacific Gro . . .307.5 -2.5 369.3 249.0
Antofagasta . . . . . . .1432.0 9.0 1634.0 977.5
Aquarius PIatinum . .308.9 -2.7 419.0 253.1
BHP BiIIiton . . . . . . .2359.5 -5.0 2631.5 1767.0
BeazIey . . . . . . . . . . . .126.9 1.3 139.2 110.4
CatIin Group Ltd. . . .409.6 17.6 421.4 325.0
Hiscox Ltd. . . . . . . . . .407.0 6.7 424.7 341.5
Jardine LIoyd Tho . . .658.5 10.0 709.0 561.0
Lancashire HoIdin . . .699.0 3.0 704.5 515.0
RSA Insurance Gro . .137.6 1.9 143.5 120.1
Aviva . . . . . . . . . . . . .420.0 16.9 477.9 340.0
LegaI & GeneraI G . . .117.2 2.8 123.8 87.1
OId MutuaI . . . . . . . . .131.4 3.0 145.2 115.1
Phoenix Group HoI . .563.5 -1.5 758.0 559.0
PrudentiaI . . . . . . . . .698.5 16.0 777.0 520.5
ResoIution Ltd. . . . . .285.8 6.8 316.1 211.3
St James's PIace . . . .374.0 12.6 377.2 236.2
Standard Life . . . . . . .205.4 4.2 244.7 191.2
4Imprint Group . . . . .265.0 -7.0 295.0 195.0
Aegis Group . . . . . . .154.5 -0.2 162.3 110.0
BIoomsbury PubIis . .114.3 -1.3 138.0 108.5
British Sky Broad . . .741.0 -3.0 850.0 692.0
Centaur Media . . . . . . .49.5 -0.5 73.0 44.8
Chime Communicati .257.0 1.0 298.5 165.8
Creston . . . . . . . . . . .106.5 -2.0 121.0 78.5
DaiIy MaiI and Ge . . .424.7 5.4 594.5 411.2
Euromoney Institu . .645.0 -14.5 736.0 578.0
Future . . . . . . . . . . . . . .12.5 0.0 30.0 11.8
Haynes PubIishing . .255.0 0.0 262.5 202.5
Centamin Egypt Lt . .138.5 -1.0 197.1 114.5
Eurasian NaturaI . . .779.5 4.0 1125.0 695.5
FresniIIo . . . . . . . . . .1644.0 -8.0 1682.0 990.0
GemDiamonds Ltd. .240.0 -1.6 306.0 186.3
HochschiId Mining . .511.5 -3.5 680.0 289.4
Kazakhmys . . . . . . .1351.0 5.0 1671.0 1073.0
Kenmare Resources . .56.4 2.4 59.9 13.3
Lonmin . . . . . . . . . . .1309.0 -14.0 1983.0 1283.0
New WorId Resourc .876.5 6.5 1060.0 821.0
PetropavIovsk . . . . . .842.0 20.0 1252.0 678.0
RandgoId Resource 5550.0 30.0 6655.0 4425.0
Rio Tinto . . . . . . . . .4376.5 -44.0 4712.0 3105.0
Vedanta Resources 1848.0 -1.0 2583.0 1794.0
Xstrata . . . . . . . . . . .1350.0 -14.5 1550.0 976.1
Inmarsat . . . . . . . . . . .529.5 13.5 756.5 511.0
Vodafone Group . . . .161.3 1.0 181.9 146.6
Genesis Emerging . .523.0 -5.5 568.0 462.0
Afren . . . . . . . . . . . . . .148.5 -3.5 171.2 82.8
BG Group . . . . . . . . .1401.0 4.0 1564.5 1003.5
BP . . . . . . . . . . . . . . . .470.0 -2.0 509.0 375.2
Cairn Energy . . . . . . .386.9 2.2 493.2 366.0
EnQuest . . . . . . . . . . .126.4 2.1 158.5 104.0
Essar Energy . . . . . .384.0 7.0 589.5 369.0
ExiIIon Energy . . . . . .423.4 -4.5 469.7 166.5
Heritage OiI . . . . . . . .252.2 12.7 486.0 210.0
JKX OiI & Gas . . . . . .253.3 0.9 335.1 245.5
Premier OiI . . . . . . . . .406.7 3.7 535.0 364.5
RoyaI Dutch SheII . .2270.0 35.0 2326.5 1703.0
RoyaI Dutch SheII . .2282.5 38.0 2336.0 1642.0
SaIamander Energy .273.5 0.7 317.6 210.0
Soco Internationa . . .352.6 0.2 484.2 292.0
TuIIow OiI . . . . . . . . .1287.0 14.0 1493.0 1130.0
Amec . . . . . . . . . . . .1125.0 6.0 1251.0 848.5
Hunting . . . . . . . . . . .797.5 5.5 817.0 486.0
John Wood Group . .706.5 1.5 715.8 346.0
LampreII . . . . . . . . . . .386.6 -6.4 395.0 214.1
Petrofac Ltd. . . . . . .1488.0 -1.0 1685.0 1250.0
Burberry Group . . . .1576.0 24.0 1580.0 820.5
PZ Cussons . . . . . . . .380.0 0.6 409.0 320.5
Supergroup . . . . . . .1090.0 4.0 1820.0 818.5
AstraZeneca . . . . . .3092.0 59.5 3385.0 2801.5
BTG . . . . . . . . . . . . . .290.5 -7.0 309.7 200.1
Genus . . . . . . . . . . . .1005.0 15.5 1046.0 704.5
GIaxoSmithKIine . . .1340.5 9.5 1375.5 1111.0
Hikma Pharmaceuti .716.0 -14.5 900.0 687.5
Shire PIc . . . . . . . . . .2071.0 -6.0 2084.0 1376.0
CapitaI & Countie . . .190.0 1.1 203.7 110.0
Daejan HoIdings . . .2820.0 -65.0 2954.0 2280.0
F&C CommerciaI Pr .103.4 -0.2 108.0 88.0
Grainger . . . . . . . . . . .120.1 -1.6 133.2 86.3
London & Stamford .130.4 -1.0 140.0 110.3
SaviIIs . . . . . . . . . . . . .353.0 -6.9 427.1 295.7
St. Modwen Proper . .170.0 -5.7 196.2 135.4
UK CommerciaI Pro . .78.9 -0.8 85.5 74.3
Unite Group . . . . . . . .211.7 0.2 229.8 175.3
Big YeIIow Group . . .292.3 -7.7 353.3 287.1
British Land Co . . . . .596.5 -6.5 629.5 446.8
CapitaI Shopping . . .378.0 2.1 424.8 320.9
Derwent London . . .1796.0 1.0 1880.0 1321.0
Great PortIand Es . . .436.1 -3.5 445.0 301.3
Hammerson . . . . . . . .469.9 0.6 490.9 352.2
Hansteen HoIdings . . .88.1 -1.5 90.0 59.4
Land Securities G . . .865.0 -7.5 885.0 589.5
SEGRO . . . . . . . . . . . .308.2 2.1 331.3 262.5
Shaftesbury . . . . . . . .525.5 -1.5 539.0 387.1
Autonomy Corporat 1688.0 -10.0 1857.0 1271.0
Aveva Group . . . . . .1723.0 -12.0 1799.0 1276.0
Computacenter . . . . .456.5 -4.5 489.7 265.0
Fidessa Group . . . . .1900.0 -37.0 2109.0 1350.0
Invensys . . . . . . . . . . .298.1 -6.0 364.3 230.2
Kofax . . . . . . . . . . . . .481.0 -6.5 535.0 231.0
Logica . . . . . . . . . . . .121.7 1.1 147.2 102.0
Micro Focus Inter . . .304.2 3.2 427.5 276.0
Misys . . . . . . . . . . . . .411.6 0.6 420.2 254.1
Sage Group . . . . . . . .283.5 2.5 302.0 236.8
SDL . . . . . . . . . . . . . . .671.5 -1.5 711.5 510.0
TeIecity Group . . . . . .539.0 0.5 557.0 420.5
Aggreko . . . . . . . . . .1982.0 -14.0 2034.0 1351.3
Ashtead Group . . . . .160.9 2.6 207.9 77.0
Atkins (WS) . . . . . . . .710.0 -7.0 820.0 650.0
Babcock Internati . . .678.5 0.0 733.0 492.8
Berendsen . . . . . . . . .545.0 -4.5 568.0 363.1
BunzI . . . . . . . . . . . . .774.0 -2.0 801.0 679.0
Capita Group . . . . . . .686.0 -11.0 794.5 635.5
CariIIion . . . . . . . . . . .369.9 0.2 403.2 291.2
De La Rue . . . . . . . . .746.0 -16.5 853.5 549.5
EIectrocomponents .235.6 -0.7 294.9 205.7
Experian . . . . . . . . . . .816.0 1.0 833.5 606.0
FiItrona PLC . . . . . . . .350.8 -2.9 385.5 227.5
G4S . . . . . . . . . . . . . . .275.8 0.9 291.0 237.7
Hays . . . . . . . . . . . . . . .92.4 0.1 133.6 89.0
Homeserve . . . . . . . .481.9 -4.6 532.0 408.0
Howden Joinery Gr . .114.4 7.0 127.5 63.0
Intertek Group . . . . .1886.0 -4.0 2148.0 1577.0
MichaeI Page Inte . . .524.0 3.5 567.0 368.0
Mitie Group . . . . . . . .237.2 -1.0 242.5 188.7
Premier FarneII . . . . .191.6 3.5 308.8 182.2
Regus . . . . . . . . . . . . .106.2 2.3 119.0 66.1
RentokiI InitiaI . . . . . . .90.7 -0.1 109.5 84.3
RPS Group . . . . . . . . .229.0 0.3 253.0 169.8
Serco Group . . . . . . .551.0 -6.0 633.0 529.5
Shanks Group . . . . . .128.1 0.4 130.9 96.5
SIG . . . . . . . . . . . . . . .134.6 0.1 153.5 90.7
SThree . . . . . . . . . . . .377.3 -4.6 447.6 231.1
Travis Perkins . . . . . .960.5 7.5 1127.0 747.0
WoIseIey . . . . . . . . .1894.0 16.0 2261.0 1223.0
ARM HoIdings . . . . . .601.0 -10.0 651.0 305.8
CSR . . . . . . . . . . . . . .297.3 6.9 447.0 280.9
Imagination Techn . .413.3 -5.7 502.0 303.5
Pace . . . . . . . . . . . . . .108.1 -2.2 231.8 93.0
Spirent Communica .136.8 -1.0 160.3 120.8
British American . .2797.0 35.0 2847.0 2166.0
ImperiaI Tobacco . .2133.0 20.0 2231.0 1784.0
Avis Europe . . . . . . . .312.0 0.0 312.5 184.0
Betfair Group . . . . . . .653.5 7.5 1550.0 615.5
Bwin.party Digita . . .145.7 2.8 309.5 127.0
CarnivaI . . . . . . . . . .2252.0 18.0 3153.0 2037.0
Compass Group . . . .583.5 -1.0 612.0 501.0
Domino's Pizza UK . .462.0 3.0 586.0 377.0
easyJet . . . . . . . . . . . .312.7 2.6 479.0 301.0
Enterprise Inns . . . . . .59.6 -0.9 122.7 57.6
FirstGroup . . . . . . . . .355.7 4.6 412.6 311.3
Go-Ahead Group . . .1551.0 15.0 1598.0 1073.0
Greene King . . . . . . .488.3 0.6 518.0 398.0
InterContinentaI . . .1245.0 2.0 1435.0 982.0
InternationaI Con . . .237.8 5.7 305.0 208.7
JD Wetherspoon . . . .430.0 -4.0 468.3 389.9
Ladbrokes . . . . . . . . .142.8 0.2 155.3 122.7
Marston's . . . . . . . . . .102.9 -0.6 117.1 92.0
MiIIennium& Copt . .509.0 -6.0 600.5 448.7
MitcheIIs & ButIe . . . .282.4 -8.5 361.0 274.0
NationaI Express . . .245.9 2.5 270.2 220.1
Punch Taverns . . . . . .70.0 0.4 90.4 58.1
Rank Group . . . . . . . .145.0 -5.7 153.7 103.3
Restaurant Group . . .298.3 0.5 335.0 214.7
Stagecoach Group . .250.0 -1.2 268.5 160.7
Thomas Cook Group .68.0 -0.5 204.8 67.0
TUI TraveI . . . . . . . . . .189.3 4.5 271.9 178.2
Whitbread . . . . . . . .1566.0 19.0 1887.0 1368.0
WiIIiamHiII . . . . . . . . .225.2 0.2 237.3 155.5
Abcam . . . . . . . . . . . .415.0 -5.0 460.0 298.0
AIbemarIe & Bond . .391.5 -0.5 397.5 218.0
Amerisur Resource . .21.5 -0.3 29.0 11.5
Andor TechnoIogy . .660.0 21.0 660.0 284.0
ArchipeIago Resou . . .60.0 2.5 66.8 32.3
ASOS . . . . . . . . . . . .2348.0 -20.0 2468.0 840.0
AureIian OiI & Ga . . . .66.8 0.5 92.0 36.5
Avanti Communicat .361.3 -0.5 735.0 339.0
Avocet Mining . . . . . .218.0 -2.0 253.5 112.0
BIinkx . . . . . . . . . . . . .121.0 -2.0 148.8 53.8
Borders & Souther . . .54.5 -0.8 93.0 49.5
BowLeven . . . . . . . . .286.0 -8.0 398.0 154.0
Brooks MacdonaId 1270.0 -2.5 1372.5 817.5
CaIedon Resources .111.5 0.0 111.5 36.5
Conygar Investmen .106.9 0.6 120.0 101.3
Cove Energy . . . . . . . .93.8 -0.5 112.8 57.0
Daisy Group . . . . . . .121.6 -1.4 127.0 86.0
EMIS Group . . . . . . . .537.8 10.0 557.0 303.5
Encore OiI . . . . . . . . . .58.3 -1.8 151.5 52.0
Faroe PetroIeum . . . .172.5 2.0 218.3 129.0
GuIfsands PetroIe . . .226.0 13.3 401.5 207.3
GWPharmaceuticaI .117.8 0.0 130.0 83.0
Hamworthy . . . . . . . .670.0 7.5 705.0 328.0
Hargreaves Servic .1040.0 35.0 1076.0 605.0
HeaIthcare Locums .112.5 0.0 112.5 112.5
Immunodiagnostic .1151.0 21.0 1164.0 710.0
ImpeIIamGroup . . . .360.0 3.0 387.5 86.5
James HaIstead . . . . .490.0 27.4 504.9 306.0
KaIahari MineraIs . . .228.3 2.5 301.0 142.0
London Mining . . . . .405.0 2.3 436.5 240.3
Lupus CapitaI . . . . . .117.0 -3.0 150.0 78.0
M. P. Evans Group . .431.5 -8.3 500.5 343.0
Majestic Wine . . . . . .484.0 -1.0 510.0 301.5
May Gurney Integr . .282.8 6.8 289.3 177.0
Monitise . . . . . . . . . . . .35.5 -0.3 39.0 18.5
MuIberry Group . . . .1920.0 20.0 1950.0 290.0
Nanoco Group . . . . . . .80.5 0.0 115.8 68.0
NauticaI PetroIeu . . .340.0 -0.8 547.0 128.0
NichoIs . . . . . . . . . . . .573.3 11.3 579.0 405.8
Numis Corporation . .116.0 0.0 146.5 94.0
Pan African Resou . . .12.9 0.1 13.8 5.9
Patagonia GoId . . . . . .52.3 -0.8 59.3 14.8
Prezzo . . . . . . . . . . . . .67.5 1.0 71.5 38.3
Pursuit Dynamics . . .318.0 -7.0 700.0 218.5
Rockhopper ExpIor .230.0 4.3 510.0 202.5
RWS HoIdings . . . . . .444.9 -13.0 472.0 239.0
Songbird Estates . . .148.5 1.5 160.3 135.0
VaIiant PetroIeum . . .587.5 17.5 761.5 504.0
Young & Co's Brew .697.5 3.5 712.0 520.0
BarcIays . . . . . . . . . . .239.9 7.8
Howden Joinery Gro .114.4 6.5
LIoyds Banking Gro . .47.6 5.9
RoyaI Bank of Scot . . .36.1 5.7
Kingfisher . . . . . . . . .267.4 5.6
Heritage OiI . . . . . . . .252.2 5.3
CatIin Group Ltd. . . .409.6 4.5
Kenmare Resources . .56.4 4.4
Aviva . . . . . . . . . . . . .420.0 4.2
St James's PIace . . . .374.0 3.5
COLT Group SA . . . .114.0 -13.5
HaIfords Group . . . . .341.5 -4.4
Rank Group . . . . . . . .145.0 -3.8
St. Modwen Propert .170.0 -3.2
F&C Asset Manageme 72.5 -3.2
MitcheIIs & ButIer . . .282.4 -2.9
Big YeIIow Group . . .292.3 -2.6
Edinburgh Dragon T .241.8 -2.5
InternationaI Pers . . .335.7 -2.4
JPMorgan Asian Inv .235.6 -2.4
Risers FaIIers
MAIN CHANGES UK 350
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
Price Chg High Low Price Chg High Low
GILTS
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AUTOMOBILES & PARTS
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MINING
NONEQUITY INVESTM. COMM.
Tsy 3.250 11 . . . .101.05 -0.02 103.5 101.0
Tsy 9.000 11 . . . . .99.99 0.00 108.1 100.0
Tsy 2.500 11 . . . .306.91 -0.01 310.0 306.9
Tsy 5.250 12 . . . .104.04 -0.03 108.1 104.0
Tsy 9.000 12 . . . .108.55 0.00 116.0 107.8
Tsy 5.000 12 . . . .102.79 -0.05 106.8 102.7
Tsy 4.500 13 . . . .106.06 -0.07 109.2 105.8
Tsy 2.500 13 . . . .286.84 -0.10 287.7 274.9
Tsy 8.000 13 . . . .115.45 -0.09 121.3 115.4
Tsy 5.000 14 . . . .111.29 -0.20 114.1 109.2
Tsy 7.750 15 . . . .103.61 -0.69 342.1 102.8
Tsy 8.000 15 . . . .126.42 -0.31 131.6 123.7
Tsy 4.750 15 . . . .112.17 -0.28 114.7 108.6
Tsy 2.500 16 . . . .333.14 -0.31 334.7 304.4
Tsy 4.000 16 . . . .109.61 -0.37 111.4 104.9
Tsy 1.250 17 . . . .111.56 -0.57 112.3 104.9
Tsy 8.750 17 . . . .136.76 -0.76 142.2 132.9
Tsy 12.000 17 . . .125.97 -0.75 185.9 125.2
Tsy 5.000 18 . . . .115.43 -0.53 117.6 109.7
Tsy 4.500 19 . . . .111.79 -0.60 113.8 105.4
Tsy 3.750 19 . . . .105.95 -0.62 107.7 99.4
Tsy 4.750 20 . . . .112.93 -0.67 115.9 106.6
Tsy 2.500 20 . . . .339.23 -0.75 342.6 303.8
Tsy 8.000 21 . . . .141.31 -0.78 147.1 133.8
Tsy 1.875 22 . . . .116.95 -0.91 118.3 108.5
Tsy 4.000 22 . . . .104.95 -0.76 108.4 99.0
Tsy 2.500 24 . . . .298.56 -0.73 301.8 262.1
Tsy 5.000 25 . . . .113.34 -0.72 118.5 107.4
Tsy 1.250 27 . . . .111.38 -0.89 112.9 100.5
Tsy 4.250 27 . . . .103.61 -0.77 108.8 97.9
Tsy 6.000 28 . . . .125.90 -0.74 132.7 119.5
Tsy 4.125 30 . . . .285.16 -0.83 288.5 248.7
Tsy 4.750 30 . . . .109.02 -0.75 115.0 103.0
Tsy 4.250 32 . . . .101.98 -0.79 107.8 96.0
Tsy 4.250 36 . . . .101.20 -0.86 107.4 95.0
Tsy 4.750 38 . . . .109.67 -0.89 116.5 102.8
Tsy 4.500 42 . . . .105.72 0.00 112.8 98.9
% %
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Markets &Investment
W
E have style-savvy chaps from
Naples to thank for the exis-
tence of the man bag. Back in
the day, the Neapolitan sharp-
dressers took to using handbags to avoid
spoiling the line of their suits by carry-
ing anything in their pockets, and thus a
new accessory genre came into being.
The foppish okay, effeminate
leather bag was always something of an
object of mockery over here, where
blokes preferred the hard-edged, built-
for-business briefcase. The laptop age
brought the big, casual messenger bag,
surely the least suave thing a man can
swing from his shoulder. Now, with
fewer papers to carry, tablets replacing
laptops and fashion pursuing a preppy,
less blokey and more elegant trajectory,
the smaller, much more stylish bag is
back. Fine leather, interesting details,
economic proportions and old-fashioned
craftsmanship mean youll be cutting a
tasteful dash when youre on the move
in the city this summer.
Lifestyle| Fashion
MARBELLAS
CLASSY SIDE
IN TRAVEL ON
MONDAY
19
HOW TO GET
DRESSED
Q.
One minute it's sunshine, the
next it's pouring down. I'm so
confused about what to wear I
don't know whether to salvage my
summer wardrobe or opt for an early
winter?
A.
Summer in England is unpre-
dictable at the best of times. It
would be a real shame to com-
pletely give up on summer this early
we've hopefully got six weeks left and
it's definitely not time for a winter coat.
Instead utilise your summer wardrobe
with some key pieces and look to the pre-
fall collections for some inspiration.
The longer skirt length for the coming
season is super practical. Not only are the
longer midi lengths and maxis nicely
demure for those of us not so keen to
expose our upper thigh, they are also so
much warmer than a short skirt. Rebecca
Taylor has some gorgeous midi-length
dresses this summer which would work
equally as well in autumn with boots and
a leather jacket. Try a strapless but longer
length dress which can be layered up with
cardigans and jackets or stripped down to
bare minimums if you find yourself sud-
denly in a suntrap. The pre-fall collection
has some gorgeous ankle-skimming maxis
in soft jerseys which are gorgeously com-
fortable and equally easy to layer up or
wear on their own when the sun rears its
head again.
The key item for fending off the weath-
er is a trench. To keep it in line with the
new longer lengths, go for a midi or maxi
length with a full skirt. This will work with
all your knee length and longer dresses, as
well as with trousers. Look for light-heart-
ed details to keep the trench less serious
and more summer friendly. Rebecca
Taylors Runway trench has ruffle details
giving it a feminine and frivolous edge.
Another trick for battling the elements
is a good cropped straight-cut trouser.
Not capri length or calf-skimming which
can be unflattering on some, but cropped
right down at the ankle. The trouser will
keep you warm but the shorter length
means you can wear it with flats, sandals
or a pair of heels. Try a dark olive trouser
by Tiger of Sweden which will work in
both winter and summer. Wear it with a
silk tank and layer up with a colourful silk
cape or scarf to protect against a sudden
gust of wind whilst keeping it July-appro-
priate: playful and pretty!
Q A
Man bags that
cut a stylish dash
&
Clare Rous &
Kara Iland
FOUNDERS OF ROUS
ILAND MEMBERS
BOUTIQUE
Replace that clumpy messenger bag with
something more elegant, says Timothy Barber
OLYMPIC FASHION, ARMANI STYLE
One thing you can rely on with the Italians is
that theyll always look stylish. Georgio Armani
himself is to kit out the Italian Olympic team in
2012 with a range of sporting and formal wear.
Giorgio will create the official outfit for the open-
ing ceremony at the Olympic Stadium as well as
their post-event gear. Stella McCartney is design-
ing the British teams get-up.
PRADA SHARES RALLY
Prada shares have risen 17 per cent since the
companys IPO a month ago, outperforming the
Hang Seng index. Prada chose to float in Hong
Kong as it plans to create a bigger presence in
China, doubling its stores in the country to near
50 by early 2014. Some analysts are cautious,
though, noting that Europe the brands home
is in economic turmoil.
NEW CHALAYAN SCENT
Hussein Chalayan yesterday launched his new
scent, Airborne, at the Dover Street Market in
Mayfair. Top notes of neroli, Syracusan lemon,
bergamot and juniper berry are countered by
musky cedarwood and incense. Its nothing if
not sexy and could work on men and women
both, we reckon. Available from end of July. 60 for
50ml. www.husseinchalayan.com
AUTUMN/WINTER AT CH MOUNT STREET
Mother-daughter duo, Carolina Herrera Sr and
Carolina Jr, have a gem of a shop in Mayfair, a
more affordable spin-off of their New York-
based haute couture business. Hurry for first
dibs on autumn-winter: think swathes of green
and camel leather and cloth; coats, capes, over-
sized jackets and pencil skirts. All lovely stuff. 20
Mount Street, W1K 3NN. 020 3441 0965
4
7
6
5
3
1
FASHION NEWS IN BRIEF
BY ZOE STRIMPEL
1 Bottega Veneta, 1,155, www.mrporter.com
2 Tumi, 295, www.tumi.com
3 Gucci, 525, www.mrporter.com
4 Louis Vuitton, 780, www.louisvuitton.com
5 Maison Martin Margiela, 620,
www.mrporter.com
6 Berluti, 1,470, www.berluti.com
7 Thomas Lyte, 350, www.thomaslyte.com
2
CARS 2 A second helping of the animated motoring
adventures for kids.
THE LAVENDER HILL MOB One of the best Ealing
comedies, starring Alec Guinness as a bungling crook.
ONE LIFE Captivating nature documentary from the
BBC, with Daniel Craig on voice-over duties.
FILM
UNKNOWN Liam Neeson gets his action chops
going in this stolen identity thriller.
THE KENNEDYS In case you missed it on the Beeb, the
saga of the Kennedy family. Its not that good though.
COUNTRY STRONG Drama with Gwyneth Paltrow
as a country singer. I mean really.
DVD
KYLIE MINOGUE Compliation celebrating the last
decade in the recording career of the Aussie popster.
3 DOORS DOWN Fifth album from the strangely-
named US rock group, titled Time of My Life.
RUFUS WAINWRIGHT The singer releases a 19-disc
box-set spanning his career.
MUSIC
CALL OF JUAREZ: THE CARTEL (PC, PS3, X360)
Latest in the Westerned-themed action series.
SUPREME RULER: COLD WAR (PC) Global strategy
game in which you run a side in the Cold War.
EARTH DEFENSE FORCE: INSECT ARMAGEDDON
(PS3, X360) Bug-fighting first person shooter.
GAMES
ALSO OUT THIS WEEKEND
ENTERTAINMENT
Film
HORRIBLE BOSSES
Cert: 15
hhhii
HORRIBLE Bosses is a hybrid: part bro-
mance, part adventure, part moral explo-
ration. Ok, its mostly bromance. After all,
despite a vague attempt to divide the pro-
motional posters between the films three
evil bosses, its Jennifer Anistons strip-
ping, nympho dentist thats the films
true draw.
Three decent guys: Dale (Charlie Day),
Kurt (Jason Sudeikis), and Nick (Jason
Bateman) hate their bosses. Rightly so:
Nicks is an evil egomaniac, played with
the same twisted murderousness by
Kevin Spacey as he demonstrates this
summer in Richard III at the Old Vic. He
dangles the VP of Sales job before Nicks
hard-working eyes, then laughingly takes
it away, deciding to steal the role himself.
Kurts boss, played by Colin Farrell, is a
coke-snorting playboy who wants to
dump chemical waste dangerously into
the city to cut costs, and Dales boss is the
man-thirsty Jennifer Aniston, whose sex-
ual rapacity is so great that Dale con-
cludes theres nothing for it but to
actually murder her an idea taken from
Kurt who suggests murdering his boss
while theyre at drinks. Only Nick has
reservations about the plan.
The unfolding of the plan has unexpect-
ed, often amusing, and almost always
completely ridiculous consequences (they
enlist the services of one Motherf***r Jones
as a hitman consultant). Suffice it to say,
the moral fibre of the boys just about
shines through in the end, but thats not
to say the baddies arent punished.
Spacey and Aniston give performances
as good as their two-dimensional roles
allow, and the boys are all pretty good to
watch. Its funny, but youll probably leave
wondering what the point of it all was.
Zoe Strimpel
BEGINNERS
Cert: 15
hhhhi
ON the face of it, Beginners sounds like a
helping or ten too much of quirky, indie
whimsy. Oliver (Ewan Macgregor), a cool
but sad L.A. graphic designer, reflects back
on the last few years of his father Hals life
Bromantic comedy for the office
Jennifer Aniston,
Colin Farrell and
Kevin Spacey inspire
murder most foul
upon being widowed at 75, the old
man (Christopher Plummer)
announced he was gay, had always
been gay, and started living an out-
and-proud lifestyle, even picking up
a good-looking younger boyfriend. In
the present, following Hals death
(which is where the film opens), Oliver
falls for a groovy, free-spirited, gorgeous
French chick (Melanie Laurent)
who brings him out of his emo-
tional torpor by dint of her
groovy, free-spirited French
gorgeousness. Theres also a
Jack Russell terrier which
talks through subtitles.
What prevents the film
being a sugary mess of right-
on, leftfield clichs is the
understated sincerity and
naturalism that runs
through it. Writer and
director Mike Mills, an L.A.
graphic designer whose own
dad came out aged 75, has
created a film of heartfelt
hopefulness, a piece whose
easy charm belies the subtlety of its
nuances and the complexity of its struc-
ture (hopping about between three differ-
ent time frames).
Generally I can take or leave Ewan
Macgregor as an actor, but hes on good
form here despite a dodgy US accent.
Christopher Plummer, meanwhile, is mag-
nificent full of grace and joie de vivre.
A film that charms because of its
truth, rather than its quirks.
Timothy Barber
THE BIG PICTURE
Cert: 15
hhhhi
ROMAIN Duris, one of Frances
most engaging actors, stars in
this strange drama about a
Parisian lawyer named Paul
Exben, whose blissfully comfort-
able lifestyle comes to a cata-
clysmic end. Hes got the fabulous
job, the beautiful wife and kids, an
amazing house until his wife tells
him she wants a divorce and he acciden-
tally kills the photographer shes been
having an affair with.
At which point, Paul makes the only
sensible decision: nick the dead mans
identity, fake his own death and move to a
remote part of Montenegro to start again
as a photographer.
Its here that tragedy turns to some-
thing altogether more interesting, as
Pauls new life brings him a kind of
release and redemption. No longer the
hardworking metropolitan high-flyer, he
finds grace in isolation and freedom
through creativity as he embraces his new
profession as a photographer. But of
course, the fear of being exposed under-
pins his every move, even as he falls into a
new relationship with a photo editor.
Based on a book by American author
Douglas Kennedy, this is a rather unlikely
story, and a sometimes uneven film, but
its seductive and absorbing also. Duris,
craggy-faced and scruffy, gives a scintillat-
ing performance, and Catherine Deneuve
pops up in a classy cameo as his law firm
boss.
Colin Farrell and
Jason Sudeikis in
Horrible Bosses.
Below,
Christopher
Plummer in
Beginners.
Lifestyle | Reviews
T
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MY FAVOURITE JOKE
BBC1, 11.05PM
New series. Comedians and TV stars
recall famous gags, routines, sketches
or sitcom moments to reveal what
makes them laugh and why.
THE ROB BRYDON SHOW
BBC2, 10PM
New series. The actor returns with
the entertainment show, welcoming
Little Britain star Matt Lucas and
performing with the Script.
LOVE YOUR GARDEN
ITV1, 8PM
Alan Titchmarsh shows how to
create a garden for a party, complete
with suitable lighting and hay
fever-friendly plants.
BBC1
SKY SPORTS 1
7pmLive Darts 11pmTime of Our
Lives 12amTest Cricket 2am
Premier League Years 4am-6am
Test Cricket
SKY SPORTS 2
7pmTight Lines 8pmTest Cricket
10pmWWE: Late Night
Smackdown 12amWWE: Late
Night Bottom Line 1amDarts
5am-6amNFL: Total Access
SKY SPORTS 3
7pmKings of the Surf 7.30pm
Road to London 8pmLive PGA
Tour Golf 11pmEuropean Tour
Golf 1amPGA Tour Golf 4am
Road to London 4.30amKings of
the Surf 5amAerobics Oz Style
5.30am-6amIAAF Athletix
Weekly
BRITISH EUROSPORT
6.30pmTriathlon 7.05pm
Cycling: Tour de France 8.35pm
MotoGP 10.05pmLive MotoGP
11.20pm-12.50amCycling: Tour
de France
ESPN
7pmESPN Kicks: Extra: A round-
up of the latest sporting
highlights. 7.15pmLive
Premiership Rugby Sevens Series:
This evenings Group B matches at
Franklins Gardens, Northampton.
10.15pmESPN MMA Live 11pm
WRC Rally World 12amDTM
Review Show1amFIA GT1 World
Championship 2amESPN Kicks:
Extra 2.15amESPN MMA Live
3amLive Friday Night Fights
5am-6amAsian X-Games
SKY LIVING
7pmCSI: Crime Scene
Investigation 8pmNikita 9pm
Medium10pmCSI: Miami 11pm
Criminal Minds 12amCSI: Crime
Scene Investigation 1.50am
Ghost Whisperer 2.40am
Charmed 4.20amNothing to
Declare 5.10am-6amMaury
BBC THREE
7pmDoctor Who 7.50pmDoctor
Who Confidential 8pmDont Tell
the Bride 9pmWorlds Craziest
Fools 9.30pmThe Pranker 10pm
EastEnders 10.30pmRussell
Howards Good News 11pm
Family Guy 11.45pmAngry Boys
12.15amWorlds Craziest Fools
12.45amThe Pranker 1.15am
Mongrels 1.45amRussell
Howards Good News 2.15am
Angry Boys 2.45amDont Tell the
Bride 3.40amMongrels 4.10am
Doctor Who Confidential
4.25am-5.25amAlex: A Life Fast
Forward
E4
7pmHollyoaks 7.30pmHow I
Met Your Mother 8pmFriends
9pmGoks Clothes Roadshow
10pmSupersize vs Superskinny
11.05pmDirty Sexy Things
12.10amMy Name Is Earl
1.10amHow I Met Your Mother
1.30amGoks Clothes Roadshow
2.25amSupersize vs Superskinny
3.20amGlee 4.05amHeartland
4.50amThe Class 5am-6am
Switched
HISTORY
7pmAmerica: The Story of the
US: How pioneers set out to
conquer the west of the country.
8pmStorage Wars 9pm
American Pickers 10pmAncient
Aliens 11pmClash of the Gods
1amHow London Was Built 2am
Warriors 3amAmerica: The Story
of the US 4amMega Disasters
5am-6amIce Road Truckers
DISCOVERY
7pmMythbusters 9pmSurviving
Death 10pmGold Rush 11pm
Flying Wild Alaska 12amBear
Grylls: Born Survivor 1am
Surviving Death 2amGold Rush
3amDeadliest Catch 3.50am
Clash of the Dinosaurs 4.40am
Weird or What? 5.30am-6am
Destroyed in Seconds
DISCOVERY HOME &
HEALTH
7pmBringing Home Baby 8pm
Little People, Big World 9pm
Sister Wives 10pmLittle People,
Big World 11pmFacing Trauma
12amSister Wives 1amLittle
People, Big World 2amFacing
Trauma 3amLittle People, Big
World 4amA Baby Story
5am-6amBringing Home Baby
SKY1
8pmFuturama 9pmAn Idiot
Abroad: Karl Pilkington stops off
in Israel on his way to Petra,
Jordan. 10pmWall of Fame
10.30pmSpartacus: Blood and
Sand 11.45pmBrit Cops:
Frontline Crime UK 12.45am
Danny Dyers Deadliest Men 2:
Living Dangerously 1.45am
Stargate Atlantis 3.15amDream
Lives for Sale 4.05amFamily
Show4.20amAirline
5.10am-6amSell Me the Answer
BBC2 ITV1 CHANNEL4 CHANNEL5
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TVPICK
6pmBBC News
6.30pmBBC London News
7pmThe One Show: Best of Britain
7.25pmThe Good Cook: BBC News
8pmEastEnders 8.30pmA
Question of Sport 9pmMy Family
9.30pmMiranda 10pmBBC News
10.25pmRegional News 10.35pm
Would I Lie to You? 11.05pm
CHOICE My Favourite Joke
11.35pmThe National Lottery
Friday Night Draws 11.45pmFILM
Two for the Money. 2005;
Weatherview1.45amSign Zone:
Rick Steins Spain 2.45amSign
Zone: Restoration Home 3.45am
Sign Zone: Royal Upstairs
Downstairs 4.15am-6amBBC
News
6pmEggheads
6.30pmGreat British Railway
Journeys
7pmMadagascar
8pmRHS Flower Show Tatton
Park 2011
8.30pmGardeners World
9pmThe Golden Age of Canals
10pmCHOICE The Rob Brydon
Show
10.30pmNewsnight: Weather
11.05pmFILMBlade Runner:
The Final Cut: Sci-fi thriller,
starring Harrison Ford. 1982.
12.55amDangerous Days: On
the Edge of Blade Runner
2.35am-6amClose
6pmLondon Tonight
6.30pmITV News
7pmEmmerdale
7.30pmCoronation Street
8pmCHOICE Love Your
Garden
8.30pmCoronation Street
9pmPhil Collins: One Night
Only
10pmITV News at Ten
10.30pmLondon News
10.35pmFILMThe Last Boy
Scout: 1991.
12.30amThe Zone; ITV News
Headlines
2.35amFILMFlash Gordon: 1980.
4.25am-5.30amITV Nightscreen
6pmThe Simpsons
6.30pmHollyoaks
7pmChannel 4 News
7.25pm4thought.tv
7.30pmThe Only Gay on the
Estate?
8pmCome Dine with Me
9pm8 Out of 10 Cats 9.30pmAlan
Carr: Chatty Man 10.35pmChris
Moyles Quiz Night 11.25pmThe
Big Bang Theory 11.50pmSirens
12.50amMusic on 4: Abbey Road
Debuts 1.05amMy Name Is Earl
1.50amThe Real Housewives of
New Jersey 2.40amUgly Betty
3.30amUgly Betty 4.15amOne
Tree Hill 5amCountdown
5.45am-6.10amYo Gabba Gabba!
6pmHome and Away
6.25pmOK! TV
6.55pm5 News at 7
7pmCricket: England v India;
5 News Update
8pmDanger: Diggers at Work:
5 News at 9
9pmCastle
10pmThe Mentalist
10.55pmCSI: Miami
11.50pmInside Hollywood
12.05amSuperCasino
4.05amMotorsport Mundial
4.30amGreat Scientists 4.55am
Rough Guide to Short Breaks
5.10amWildlife SOS 5.35am-6am
House Doctor
1 2 3 4 5
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8 9
10 11 12
13 14
15 16 17
18 19
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10 6
29 30
45
7 8 12
13 37
10 6
22 15
17 13 12
45
11 10
24 22
27
14
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20
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28
10
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42
8
16
4
20
16
34
28
12
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 Spine-bearing,
succulent plant (6)
6 Making an attempt (6)
7 Wide street or
thoroughfare (6)
8 Get by (6)
10 Agitates (5)
13 Marsh gas (7)
16 Tore down, levelled (5)
18 Heart condition marked
by chest pain (6)
20 Hang about (6)
21 American gangster ___
Parker, who teamed up
with Clyde Barrow (6)
22 Fabric for a painting (6)
DOWN
1 Packs to
capacity (5)
2 Incumbency (6)
3 Stalk (4)
4 Buccaneers (7)
5 Correspond (5)
9 A long way of (4)
11 Form a mental
picture (7)
12 Knock senseless (4)
14 Country, state (6)
15 Perhaps (5)
17 Acts
presumptuously (5)
19 Actor, ___ Guinness
(1914-2000) (4)
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P R O B A N G L E S
I C R L O
P C H A R L A T A N
E M U K S S
S O R B E T S A L E
R A D O R E E
B A I L G O S P E L
S L T A P E
A S S A I L A N T T
L S T I U
P R O T E G E O A P
8 7 9 5 6 1 2 3
7 5 6 2 1 9 3 8 4
2 1 1 4 7 2
9 4 2 3 7 8 9
9 6 4 8 1 3
9 6 1 8 2 5 3 4 7
8 3 7 1 8 9
5 2 1 7 9 2 1
4 2 1 5 3 2
9 6 7 4 2 8 1 5 3
6 8 9 7 9 8 6 4
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter word was
DENIGRATE
Lifestyle | TV&Games
Living| Countryside
M
OST of us have days when the
fresh air and slower pace of coun-
try life appeals. Days when we
would rather watch wheat sway
in the breeze than its future price move on
a Bloomberg terminal. This need not be a
pipe dream though. Its not just the wheat
products price that is rising at the
moment, the fields themselves are grow-
ing in value. The value of farmland rose by
almost 3 per cent in the second quarter of
2011 and is now just under 7 per higher
than it was 12 months ago. Better still,
farmland, like forests, is free from inheri-
tance tax and excluded from your capital
gains allowance after two years of owner-
ship, making it a thoroughly worthwhile
long-term investment.
The lifestyle benefits need not to be
preached. Sarah Southern, who grew up
on a farm near Northumberland, says that
she doesnt think theres a downside:
Some people say it can be quite lonely, but
my family live just three miles from the
local town, so its hardly a problem.
Life on the farm is now seducing more
bankers than ever before. Andrew Pearce, a
rural expert at Chesterton Humberts, says:
Around bonus season every year we see
hundreds of City workers looking for their
slice of the country life. Some are after a
straightforward lucrative investment; oth-
ers are simply hankering after a beautiful
home and the good life.
Hobby farming doesnt have to be too
difficult to get into. Charlie
Dewhirst grew up on a work-
ing farm in East Yorkshire. He
now lives in London, says: If
youre not worried about
making a profit, farming
really isnt too difficult. The
internet can teach you a
good deal of what you
need to know. But if
you want to take it more
seriously, he explains,
there are plenty of cours-
es and many people learn
from their neighbours.
If youre only interested
in the lifestyle, but not necessarily in farm-
ing, dont rule yourself out, says Davina
Bell, Savills head of rural. Often City types
will buy a farm and then appoint a profes-
sional site manager. Bell assures me that
hiring professionals doesnt mean losing
money: Obviously it depends on your land
and your circumstances, but these arrange-
ments do break a profit people wouldnt
do it otherwise.
Choosing a great farm investment isnt
too tricky. There are essentially two mar-
kets to play for: the seriously lucrative land
investment market where your best bet is
to look for a site with as much good quality
land as possible. The other is the market
aimed at the lifestyle buyer where the qual-
ity of the farmhouse is the most important
consideration.
Farmland is doing really well as a finan-
cial asset at the moment. Knight Franks
research team is saying that it is more
rewarding than some of the classic safe
havens such as gold and core prime central
London property. Pearce says that the gen-
eral shortage of good quality farms and the
introduction of large numbers of Danish
and Irish buyers into the market means
the price is set to keep steadily climbing.
With these sorts of incentives, buying a
farm looks more tempting. But beware you
could end up like the Dewhirst and
Southern families, passing the house on
from generation to generation. Both have
now owned their farm
for almost a hundred
years.
With farmland rocketing in value, buying
a house with land is now looking more
attractive than ever, writes Donata Huggins
Down on the farm for the (lucrative) good life
The fields as well as their produce are rocketing in value. Picture: REX
Wembworthy Down Lane, Devon. Price: 1,375m
This seven-bedroom stone and slate farmhouse sits along-
side two period cottages and a barn conversion on 53
acres of pasture and woodland. Contact: Chesterton
Humberts on 01823 331234
Houghton Hall, Suffolk. Price 2.25m as a whole. This
historic hall and outbuildings sit on 50 acres of farm-
land and woodland. The second lot includes facilities
for a luxury spa business. Contact: Strutt & Parker on
01473 214 841
Register your details now at
bermondseycentralSE1.com
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67 high quality apartments
Contemporary 1, 2 and 3 bedroom apartments
Spectacular views across the City of London
Landscaped private courtyards and balconies
Walking distance to the River Thames
Central London location close to
London Bridge transport services
Prices from 280,000
London Bridge
Bermondsey
Mortgages
available
85% buy to let
90% homeowner
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Please call for

Computer generated image of Caxton Apartments external and photograph of typical Telford Homes interior.
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0800 883 8953
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www.caxtongaramond.co.uk
020 7791 7000
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CAXTON
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CAXTON
APARTMENTS
LONDON E1
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EITHER DESTINATION IN
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High specification new apartments offering convenient City fringe living:
an easy walk to work in the Square Mile or 15 minutes
door-to-door commute (Shadwell DLR) to Canary Wharf.
STUDIO, ONE & TWO BEDROOM APARTMENTS.
Ready for occupation March 2012 (est.) PRICES FROM: 195,000
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Selling Agents:
Living | The Knowledge
FOCUS ON: BARBICAN, EC1Y BY DONATA HUGGINS
For more information, please call:
020 7078 7981
THE ULTI MATE COLLECTI ON
The Landmark E14 is proud to launch The Ultimate
Collection the most rened and stunning apartments within
the highest point of The Landmark. The collection comprises
high level premier Apartments and eight Penthouses on the 43rd
and 44th oors, boasting unbeatable and rare views across the
river to the City of London and Canary Wharf.
Prices from 975,000 - 1,650,000 Now available for viewing
WWW. THELANDMARK- E14. COM
*
BALTIC STREET EAST
Price: 1.75m
This three bedroomed house has ample living space with an open
plan kitchen-dining area and an upstairs reception room. There is a
bathroom, shower room and wet room all with under-floor heating.
The master bedroom has a walk-in wardrobe and there are two
terraces, a balcony, patio and a flat roof area all offering great
views over the City.
Contact: Foxtons on 020 7871 9800 or go to www.foxtons.co.uk
ANDREWES HOUSE
Price: 525,000
This one-bedroom apartment is set in Andrewes House within the
iconic and Grade II listed Barbican complex. It has a large recep-
tion room and study space. There are two balconies extending from
the property: a private one attached to the master bedroom and a
south-facing one accessible from the living area.
Contact: Hamptons International City on 0207 236 839 or go to
www.hamptons.co.uk
FROBISHER CRESCENT
Price: 495,000
This one-bedroom property is also located within the Barbican. A
private balcony runs along the entire length of this apartment.
Tview toohe bathroom and kitchen are bespoke design with
chrome light fittings. There is oak wood flooring and large high-
quality tiling running throughout the apartment.
Contact: Chesterton Humberts on 020 7288 033 or go to
www.chestertonhumberts.com
Living | The Knowledge
Q.
Dear Andrew, I am planning to
redecorate my bathroom and
want to try to make it look big-
ger. Are there any tips you can give
me?
A.
We would all like a larger bath-
room but the reality is especially
if you live in London that the
space provided for is adequate but nothing
more. There are, however, some clever
tricks you can use to make the space
appear larger. The first stage is to plan
exactly what you need in your bathroom
because keeping the fittings to a minimum
will help achieve the appearance of space.
If the room is not the main bathroom, you
may be able to remove an existing bath
and install a large shower cubicle, using an
almost frameless shower surrounded by
glass will help to make the room appear
larger. You could even waterproof the
room to create a wet room without a
shower surround. But this is not recom-
mended if you are redesigning the only
bathroom of your home since the resale
can be affected if you dont retain a bath in
one of your bathrooms.
Another key element to get right is stor-
age and your requirements should be care-
fully considered before you start any work,
since nothing makes a bathroom appear
smaller than masses of bathroom products
on all the surfaces. Using wall hung bath-
Andrew Dunning
ANDREW DUNNING, CREATIVE
DIRECTOR OF APD INTERIORS
INTERIORS
room furniture will help to
create an impression of spa-
ciousness. as the sight lines of the floor are
not broken up with furniture. You could con-
sider hanging your basin from the wall,
maybe with integrated furniture under-
neath. You could also use a wall-hung toilet if
the space allows. Unfortunately, well-made
furniture can be very expensive to buy so it
needs to be carefully sourced. You must try
to resist the temptation to buy cheap stuff
at the local DIY store chances are that it
wont survive long. Tavistock Bathrooms is a
good cost effective supplier. Schneider is
also a good high-end bathroom supplier,
their cabinets include integrated lighting,
shaver sockets and a heated mirror on the
front. This is fantastic for men who want to
shave after having a shower. Remember
that planning is very important here since
you need to route the electricity supply
before the tiling is done.
The correct choice of tiles is another
important thing to consider. If you use
smaller tiles, you will have more grout lines,
leaving you with a very busy-looking bath-
room. It is often much better to choose a
larger format tile. This will also allow you to
choose the same tile for the floor as well.
This will give a clean, uncluttered look but
remember to ensure your chosen tile is suit-
able for both places.
The colour of the tile can also have a
huge impact on the spaciousness. If you
choose a lightly coloured gloss tile, the nat-
ural light will bounce around the room.
Darker-coloured elements can be added in
the form of towels or accessories.
If you remember to consider these ele-
ments you should be able to achieve a bath-
room that maximises the space you have
without compromising on any of your
requirements.
Q A
&
WEST AND SOUTH WALES
An influx of foreign investment has led to a competitive
property market emerging along the West and South
Wales coast, says County Homesearch. Wealthy buyers
from Russia, China and the Middle East are showing inter-
est in traditional coastal towns. The sea views and value
for money make the area ideal for retirement homes.
ROYAL HOTEL IN LLANGOLLEN FOR SALE
The Royal Hotel in Llangollen is on the market again. It
has been in private ownership since 2001. The property
has 29 en-suite bedrooms, a restaurant and a lounge bar.
The Manchester office of Colliers International are selling
the property on the owners behalf. Contact Neil Thomson on
0161 831 3333 for more information.
PROPERTY NEWS
BY DONATA HUGGINS
CURRENT MORTGAGE DEALS BY DONATA HUGGINS
Lender Fixed/Flexible Rate Until apr Maximum Loan
(per cent) (per cent) to Value (per cent)
First Direct Flexible 1.99 2 years 3.6 65
Chelsea BS Flexible 1.99 August 2013 5.4 60
ING Direct Flexible 2.04 2 years 3.4 60
HSBC Flexible 2.29 Term 2.3 60
Woolwich Fixed 2.54 August 2013 3.5 70
NatWest Fixed 2.55 August 2013 4 60
ING Direct Fixed 2.69 September 2013 3.5 60
ING Direct Fixed 3.15 September 2014 3.6 60
Source: MoneySupermarket.com
*Prices correct at time of going to press
Sport
26
Khan injury
hands Trott
the initiative
ENGLAND batsman Jonathan Trott
believes India may rue passing up a
golden opportunity to take the ini-
tiative on the opening day of the
first Test at Lords, on which the
tourists saw Zaheer Khan suffer a
potentially series-defining injury.
With overhead conditions favour-
ing swing bowling Indias captain
MS Dhoni needed no second invita-
tion to insert England and his
decision was vindicated early on
when Khan accounted for both
openers, Alastair Cook and Andrew
Strauss, with the score on 62.
But several missed run-out
opportunities and two dropped
catches from Rahul Dravid
meant India would have
been disappointed not to
have made further
inroads, while their
frustration was com-
pounded by Khans
hamstring pull (right).
Trott, dropped on
eight by Dravid and
reprieved again on 32
when the same fielder
ignored an edge
induced by a Khan
snorter, contributed an
unbeaten 58 to Englands
127-2, before rain stopped
play for the day shortly
before the tea interval.
Yeah [maybe they were a bit
sloppy] and I had one that went
through the slips off what was a
very good delivery, said Trott.
But that happens in cricket. It
works in roundabouts and I was just
happy to get through the day with
Kevin Pietersen.
It is all about the first half hour
[on Friday] and cementing our posi-
tion in the Test. The key is not to
look too far ahead.
[Playing India] is a good measure
of yourself and as a team, it is just
the first day of 20 days of cricket
and it is really exciting.
Khan, the spearhead of the tour-
ing attack, bowled magnificently
and caused problems for each of
Englands batsmen before he
pulled up midway through
his 14th over.
India assessed his injury last
night and will do so again today
before making a decision on his
imminent involvement.
But the initial prognosis sug-
gests he will play no further part
in this Test at the very least. Trott,
however, will prepare as if the
left-armer is fit to play.
He said: With Zaheer being
injured its not for us to take
that for granted and
expect him to be fit
and raring to go.
Whoever has
the ball in their hand
will be threatening in
the Indian side and we are
going to have to combat that.
BY JAMES GOLDMAN
CRICKET
CHELSEA manager Andre Villas-Boas blamed

stifling heat after a scrappy 1-0 victory over a
Malaysia XI in Kuala Lumpur which was
marred by racial abuse of Yossi Benayoun.
An own goal from opposition substitute
goalkeeper Mohd Izham Tarmizi handed the
Blues a late win in the first match of their
pre-season tour of Asia.
However it was another turgid display
under new boss Villas-Boas, who started his
reign with a 1-0 win at Portsmouth on
Saturday.
We cannot forget the heat and the condi-
tions, but it is clear that result in the end
seems short because we had some good
opportunities, said the Portuguese.
We are trying to build a new way of play-
ing and things dont happen in three weeks.
That is our target and that is our challenge
and hopefully they will happen in the
future.
The occasion was soured by the repeated
jeering of Israel midfielder Benayoun by the
85,000-strong crowd. Villas-Boas changed his
entire team at half-time and the winner
came in the 78th minute, when a free-kick
from Didier Drogba (below) hit the post and
ricocheted in via Tarmizi.
Villas-Boas added: Gaining confidence to
find the back of the net comes with training
and that comes with patience.
At Chelsea we are pre-
pared to give our for-
wards this kind of
patience because the
most important
thing for us is to win
collectively.
I will just
let things
happen
n a t u -
rally.
Benayoun abused as Chelsea
fail to shine under Villas-Boas
BY FRANK DALLERES
FOOTBALL
lArsenal manager Arsene Wenger is

mulling whether to make an improved bid
for Phil Jagielka after having a 10m
offer for the Everton defender rejected.
l Tottenham boss Harry Redknapp has
urged unsettled star Luka Modric to be
patient and trust Spurs to challenge.
Defender Kyle Naughton, meanwhile, has
joined Premier League newcomers
Norwich City on a season-long loan.
l QPR star Adel Taarabt admits he
could stay at Loftus Road next season, if
his proposed transfer to Paris Saint
Germain does not go through.
lManchester City striker Carlos Tevez
still wants to leave the club despite the
collapse of his move to Corinthians, says
his agent Kia Joorabchian.
l England winger Ashley Young says his
choice to join Manchester United rather
than Liverpool was a no brainer.
lBarcelona have agreed a 23m fee
with Udinese for forward Alexis Sanchez.
The Chilean will undergo a medical and
sign a contract in Catalonia on Monday.
27
THE ALL-ROUNDER | WEATHER,
GOSSIP AND STATISTICS
DAY TWO FORECAST
Sunny intervals
HIGH
LOW
19
0
11
0
NON-SHOCK OF THE DAY
So, after all the fuss, the West
Indies will get the chance to play a
Test at Lords next summer. The
match, which had originally been
awarded to Glamorgan, was put
back out to tender last month after
the club advised the ECB that it
would be late in making its pay-
ment of the staging fee for hosting
the recent Sri Lanka Test in Cardiff.
SHOCK OF THE DAY
Not known for his appreciation of
the modern music scene, Geoffrey
Boycott gave the following revela-
tory admission: I like Katy Perry
singing Firework. My daughter was
impressed I knew about Katy
Perry.
STAT OF THE DAY
With Zaheer Khans hamstring
injury drastically reducing Indias
chances of winning this Test their
hopes will rest on Ishant Sharma,
who has taken more Test wickets
than any other bowler this year
(25) at a little over 20.
REASON FOR SMUGNESS
A real cut-out-and-keep quote from
Steve Waugh this one. The former
Australia skipper was quizzed dur-
ing the tea break as to how his
nation were looking to lift them-
selves out of their post-Ashes blues.
We've been looking a lot at the
English system at the moment, I
think you are really leading the way
over here and theres a lot of things
you are doing that we are looking to
implement, he said. Yes, thats an
Aussie saying they need to learn
from the English system. A moral
victory if ever there was one.
I
KNOW more than anyone how
tough swimming can be, let alone
swimming in open water and
then following it up with a cycle
and a run, so big respect to anyone
doing a triathlon.
Hopefully I can pass on some train-
ing tips which make at least the water
part a little easier and maybe even
turn a weakness into a strength.
This may sound obvious, but the
difference between swimming and
the other two disciplines is that your
upper body is pretty important. These
days most swimming coaches worth
their salt know there is a pretty
strong relationship between pulling
strength and swimming speed.
You need to be careful because you
dont want to carry a huge upper
body around a triathlon so its
Mark Spitz reveals how to
swim like an Olympic great
GUEST COLUMNIST
MARK SPITZ
Results
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email sport@cityam.com
SPORT | IN BRIEF
Fulham march on past Crusaders
FOOTBALL: Bobby Zamora and Andy
Johnson scored as Fulham beat Crusaders
4-0 at Craven Cottage last night. The win,
which also featured strikes from Damien
Duff and Steve Sidwell, sealed a 7-1
aggregate victory to reach the third round
of the Europa League qualifiers.
Hamilton wary of German jinx
FORMULA ONE: Britains Lewis Hamilton
fears his world title could be dashed at
this weekends German Grand Prix. The
McLaren driver, who has finished ninth
and 18th on his last two visits, said: This
circuit can bite you.
Khan to prove doubters wrong
BOXING: Amir Khan says sparring with
Manny Pacquiao has prepared him for
anything Zab Judah throws at him in
Saturdays world title fight. When I get
hit by 154-pound guys, I get straight
back at them, he said. Thats my style.
LAST years runner-up Andy Schleck
ignited his bid for a maiden Tour de
France title with a gutsy breakaway
victory in yesterdays gru-
elling 18th stage.
On a day when the pre-
race favourites were
expected to make their
move, the Leopard
Trek rider surged
clear to win by more
than two minutes.
The margin was not
enough to snatch the
yellow jersey from
Thomas Voeckler, but
slashed the Frenchmans lead
over Schleck (inset) from two and half
minutes to 15 seconds.
Defending champion Alberto
Contadors hopes look over, however,
after he lost more ground on Voeckler
to trail him by almost five minutes
with just three stages left.
Yet Schlecks elder brother and
team-mate Frank, who crossed the
line second, and Australian Cadel
Evans are still in contention, just over
a minute off the lead.
Schleck junior might have taken
the overall lead with his dogged
climb to the highest finish in Tour
history, but the 26-year-old
was denied by a late burst
from Voeckler, of
Europcar.
The Luxemburger
attacked two thirds of
the way through the
200km stage from
Pinerolo to Galibier
Serre-Chevalier, quick-
ly catching an early
breakaway group.
He opened up a lead of
more than four minutes as
Evans and Voeckler struggled to rein
him in, although they did shave his
winning margin to little more than
two minutes.
An anticipated challenge from
Contador, winner of the last two
Tours, never materialised, the
Spaniard finishing 15th, almost four
minutes behind Schleck.
Schleck launches challenge but
Voeckler clings to yellow jersey
CADDIE Steve Williams has fired a
parting shot at Tiger Woods, who
sacked him this week after 12 years,
accusing the former world No1 of
abusing his loyalty.
Williams, who was by Woodss side
for 13 of his 14 Major wins, said he
had lost a tremendous amount of
respect for the American over his
infidelity.
Im a very big stickler for loyalty
and I stuck with Tiger through his dif-
ficult period, said the New
Zealander.
That was the most difficult period
Ive ever been through. My name
should have been cleared immediate-
ly. I never really got pardoned from
that scandal so the timing of it is
extraordinary. You could say Ive wast-
ed two years of my life.
Caddie hits
out at Tiger
over axeing
GOLF
Trott reached his

seventh Test half
century
Picture: GETTY
As a few City A.M.
readers prepare for
London Triathlon,
the gold medal hero
explains how to
make a splash
BY FRANK DALLERES
CYCLING
Some 25 athletic City A.M. readers are

preparing for the London leg of the
Dextro Energy Triathlon ITU World
Championship in Hyde Park on 6 and 7
August, where they will help to raise
money for sports charity Laureus, global
partners of the ITU. British Olympic great
Daley Thompson, one of 47 Laureus
Academy members, has helped to train
the team. They have also benefited from
exclusive tips from fellow Academy mem-
bers Mark Spitz, Lord Coe and Miguel
Indurain. For more information please
visit: www.laureus.com
LONDON TRIATHLON | CITY A.M. JOINS FORCES WITH LAUREUS
important to get stronger without
getting bigger. Try incorporating
some of the following exercises into
your training and youll soon find
your swim times coming down.
PULL-UPS ANS CHIN-UPS
These are the exercises for improving
your pulling strength. They are pretty
tough though, particularly for
females, so I have taken it easy and
given some progressions from an
anyone can do version to seriously
tough!
LEVEL ONE: ASSISTED CHIN-UPS
You can either use gym machines
which reduce your body weight or
even use resistance bands to help you
out (ask your local gym instructor).
Try working on four sets of five reps
and build yourself up until you can
do five reps with little or no assis-
tance.
LEVEL TWO: VARIED GRIP
CHIN-UPS AND PULL-UPS
Using your own bodyweight, mix
these up so sometimes you have
palms facing you (chin-up) and some-
times facing away (pull-up). You can
also vary how wide you have your
hands. Try this as a session:
I. Five to eight reps with hands wide,
palms facing away, followed by two
minutes rest;
II. Five to eight reps with hands wide,
palms facing in; two mins rest;
III. Five to eight reps with hands nar-
row, palms facing away; two mins
rest;
IV. Five to eight reps with hands nar-
row, palms facing in; two mins rest.
LEVEL THREE: MUSCLE-UPS
This is only for the seriously hardcore
you need to very strong to even
think about trying these. A muscle-up
is basically a very aggressive pull-up
where your chest comes way up over
the bar and you finish the movement
by pressing with your arms so that
they are locked and the bar is by your
hips! As I say, only for the very hard-
core.
OPEN WATER PRACTICE
My final tip would be to practice
swimming in open water with anoth-
er person lots of white water can
make even the strongest swimmer
look weak. Ive done plenty of this
and the difference is huge. Not only
will this physically prepare you better
for competition, but mentally you
will be far stronger. Practice in all
kinds of environment warm, cold,
choppy, calm. This way you leave
nothing to chance and will be ready
for anything.

Cityam 2011-07-22

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