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www.cityam.com Issue 1,473 Thursday 22 September 2011 FREE
BUSINESS WITH PERSONALITY
Certified Distribution
01/08/11 till 28/08/11 is 92,745
THE FEDERAL Reserve announced two
new twists to its efforts to stimulate
the ailing US economy last night, yet
stopped short of declaring another
phase of quantitative easing.
There are significant downside
risks to the economic outlook, includ-
ing strains in global financial mar-
kets, the Fed said in a bid to justify its
latest intervention. The Fed will buy
$400bn (253.bn) long-term Treasury
securities by the end of June next year,
funded by selling the same amount in
short-term paper.
It hopes the move will weigh down
interest rates, boosting borrowing and
demand in the economy.
The struggling US housing market
will also be targeted by the Fed, which
announced a second twist -- recy-
cling money from its maturing mort-
gage and housing agency bonds back
into the mortgage market. Prices in
the market for mortgage-backed secu-
rities (MBS) spiked on the news.
The stock market in New York took
a hit following the Feds gloomy out-
look, and its refusal to kick off a third
round of quantitative easing (QE3).
The Dow Jones closed down 2.5 per
cent while the Nasdaq lost two per
cent mainly in afternoon trading.
The downbeat verdict also hit oil
prices; Brent crude for November
delivery fell 18 cents a barrel to settle
at $110.36, after topping $112 earlier.
Yet some analysts see the Fed gear-
ing up to QE3. The doves still seem to
have a working majority for further
action. As long as that remains the
case then QE stands a chance of being
introduced as early as the November
meeting, said INGs Rob Carnell.
The Feds three hawkish dissenters
continued to oppose the new acco-
modative measures; Richard Fisher,
Narayana Kocherlakota and Charles
Plosser all voted against the twist.
Yet six of the Feds senior officials
rallied behind chairman Ben
Bernanke in support of the policy.
Despite the scheme being widely
expected, yields on government
bonds sank on the news perhaps
due to expectations that the size of
the twist would be smaller than the
announced $400bn.
Yields on 10-year notes dropped to
1.856 per cent, the lowest in more
than 60 years -- a dip of 3.8 per cent
during the day. Yields on 30-year notes
also fell off a cliff, falling from over 3.2
per cent to below three per cent, in
the aftermath of the statement.
Nearly a third (29 per cent) of the
Feds intended purchases will be in
the 20- to 30-year area, while the
remaining Treasury securities will
have six to 10 years left to mature.
We doubt this latest action will
accomplish anything, said Paul
Ashworth of Capital Economics. The
cost of borrowing simply isnt the
problem. Businesses dont have the
confidence to invest and half of all
mortgage borrowers dont have the
home equity needed to refinance at
lower rates.
NEW US DEBT CEILING CRISIS: P3
FED ADDS AN EXTRA
TWIST TO STIMULUS
BY JULIAN HARRIS
US ECONOMY
Ben Bernanke and six

colleagues voted for
Operation Twist a
method made famous by
the Fed in 1961
LAST NIGHTS
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GERALD RONSON:
PERSONALITY OF
THE YEAR
News
2 CITYA.M. 22 SEPTEMBER 2011
SEC CHARGES EX-GOLDMAN TRADER
A former Goldman Sachs trader and
his father have been charged by secu-
rities regulators with insider trading
for allegedly profiting after learning
confidential information about the
banks trading strategy around an
exchange traded fund. The SEC, in a
civil action, alleged the former
Goldman trader, Spencer Mindlin,
tipped off his father, Alfred Mindlin,
an accountant, about Goldmans
hedging trades pegged to an ETF,
which mirrors a basket of securities.
LACK OF AVIATION TIES TO EMERGING
WORLD EXPECTED TO COST 14BN
The UK is at serious risk of missing
out on trade with emerging markets
worth 14bn during the next decade
because of inadequate aviation links,
according to a report by consultants
Frontier Economics. The inability of
Londons overstretched Heathrow air-
port to support more flights to devel-
oping countries may already be cost-
ing the UK 1.2bn each year as trade
goes to better connected European
competitors.
SSE POISED TO QUIT NUCLEAR PLANT
BUILD
Scottish and Southern Energy is in
talks to pull out of a consortium plan-
ning to build a nuclear power plant
in the UK, as the company seeks to
concentrate on renewable energy.
REGULATORS TAKE THEIR TIME OVER
TMX BID
Canadian regulators are unlikely to
rule for at least another three months
on a C$3.8bn bid by a consortium of
banks and pension funds for TMX
Group, operator of the Toronto and
Montreal exchanges. The
Competition Bureau will make its
views known only after hearings by
the Ontario and Quebec securities
commissions, according to a person
familiar with the process.
BRITISH GAMBLERS CAUGHT OUT BY
CRACKDOWN DEMAND MONEY BACK
British gamblers who were left out of
pocket by the demise of Full Tilt
Poker are considering taking legal
action to get their money back.
The gamblers have been unable to
gain access to funds that they had
used on the poker website since Full
Tilt became caught up in an unprece-
dented crackdown by US authorities
against online gaming in April.
APACHE PICKS UP ANOTHER PIECE OF
THE NORTH SEA
ExxonMobil has become the latest oil
major to sell off its ageing fields in
the North Sea after agreeing a $1.75
billion deal with Apache. The deal
will boost the American buyers
North Sea production by 19,000 bar-
rels per day, or 54 per cent. The assets
sold belong to Exxon-Mobil sub-
sidiary Mobil North Sea.
BRITAIN LOST 35BN IN UNCOLLECTED
TAXES LAST YEAR
Britain lost 35bn in uncollected taxes
last year the equivalent of 7.9 per
cent of the annual revenue, the
Treasury has admitted. The so-called
tax gap, which is the difference
between the amount of tax due and
the total collected, was reduced from
8.1 per cent of revenues from the year
before but critics argue that the figure
is still too high.
NEW TAR BALLS ON GULF OF MEXICO
BEACHES COME FROM BP OIL SPILL
Tar balls that turned up on the US
Gulf coast this month are linked to
BP's oil spill last year, signalling that
the area is still not fully cleaned up, a
study has found. Researchers from
Auburn University found the environ-
mental impact of the spill is continu-
ing 17 months since oil leaked into
the ocean.
SCHMIDT DEFENDS GOOGLE IN
HEARING
Google executive chairman Eric
Schmidt defended the companys
search practices at a congressional
hearing yesterday, as lawmakers
came close to saying that the
Internet-search service is a monopoly
that could use its dominance of
online searches to steer users to its
own sites. His appearance, before a US
Senate Judiciary subcommittee, pits
the search company against review
sites such as Yelp and Nextag.
VERIZON CEO CAUTIONS GOVERNMENT
ON BLOCKING AT&T DEAL
Lowell McAdam, who as chief execu-
tive of Verizon Communications Inc
oversees the countrys largest wireless
carrier, has waded into the debate over
whether AT&T Inc should be allowed
to buy competitor T-Mobile USA for
$39bn.
WHAT THE OTHER PAPERS SAY THIS MORNING
Why we are not (quite) a new Japan
SLOWLY but surely, the Bank of
England is preparing for another bout
of quantitative easing (QE). It hinted as
much in yesterdays minutes, which
followed the release of a research
paper earlier in the week explaining
how it thought QE had boosted the
economy last time round. No real sur-
prise there; regardless of what they
and their forecasts may claim, the
authorities are clearly no longer pri-
oritising the fight against inflation.
But whenever central banks start to
roll out QE, a question is always asked:
are we another Japan?
I have always found that compari-
son to be flawed. It is true that the UK
and Japan both suffered massive bub-
bles caused by loose monetary policy
(in Japans case, this was due to the
disastrous Plazza Accords of 1985,
which devalued the dollar against the
yen by 51 per cent, triggering a bubble-
creating response by the Japanese
monetary authorities).
So of course there are parallels, not
least declining property prices and
excessive debt. But then these are true
of all countries that undergo a credit
bubble. There is more to the Japanese
disaster than merely years of weak
growth and declining asset prices.
Standard Chartereds chief econo-
mist Gerard Lyons has a useful way of
looking at Japans crisis. He calls it the
five Ds: debt, deflation, deindustriali-
sation, the need for deregulation and
demographics. There are similarities
with what we see in the UK and the
West, but also major differences.
In some ways, our crisis is worse
than Japans. It ran current account
surpluses and was able to fund its
massive debt bubble by tapping into
its domestic resources. This is not the
case in the US, UK or Eurozone periph-
ery, which rely on external funding.
Japans population always saved a lot
and was able to dip into its cash pile
when the bubble imploded.
Unfortunately, people in the UK have
huge personal debts and low savings,
which will make the crisis far tougher
to endure and get out of.
One area of similarity is that the
West faces deindustrialisation, as
Japan did. Japan was very much a
cartelised, corporatist economy post-
second world war; it took years to
realise that it needed to reform and
even now that process isnt complete.
The West is less bad but also needs rad-
ical structural reforms.
In other ways, the Wests problems
are much less pronounced. Deflation
was Japans biggest problem. Its stock
market is still at a fraction of the 1989
peak. Land prices peaked in 1991 and
took until 2006 to stop falling, trigger-
ing horrendous collateral and bad
loan problems for banks (which them-
selves were badly managed and which
took years to fully acknowledge and
cleanse themselves of their losses).
While residential property prices have
further to fall in the UK, the trough
will hopefully be reached in the next
couple of years, after which the situa-
tion could stabilise. The big difference
in Japan is that consumer prices also
fell year after year, increasing the real
value of debt. The problem in the UK
at the moment is the very opposite:
consumer price inflation that
remains cripplingly high, depressing
demand. This is the biggest difference
and why it is incorrect to say that the
UK is another Japan. Demography was
also a more urgent problem in Japan
than it is in the UK and US, which are
seeing large inflows of migrants. But
both countries will face large age-
related liabilities unless they reform
their public sectors. Tough times.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
NEWS | IN BRIEF
Gruebel says UBS backs him
The embattled chief executive of UBS
yesterday scotched suggestions he
would quit, as directors met for the first
time since the rogue trading scandal
emerged. As Oswald Gruebel arrived in
Singapore yesterday he was asked if he
had the boards backing and responded:
Yes. Always. UBS last night refused to
comment on reports in a Swiss maga-
zine that Gruebel was asked to leave.
Qatar may buy BNP Paribas stake
Qatar is in talks with BNP Paribas on
taking a possible stake in Frances
biggest listed bank, a source close to the
deal based in Qatar said yesterday.
Qatar has also been talking to other
French banks over a possible investment,
the source said, while investors in Abu
Dhabi are also said to be involved.
Massive gas find in NW England
Private equity-backed energy explorer
Cuardrilla has discovered a shale gas
deposit near Blackpool that it thinks
could hold 200 trillion cubic feet of fuel
a much larger deposit than first esti-
mates had shown. The firm said the find
could create more than 5,000 jobs.
EDITORS LETTER
ALLISTER HEATH
Editorial Statement
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self-regulation overseen by the Press Complaints
Commission. The PCC takes complaints about the
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Editorial
Editor Allister Heath
Deputy Editor David Hellier
News Editor David Crow
Acting Night Editor Marion Dakers
Business Features Editor Marc Sidwell
Lifestyle Editor Zoe Strimpel
Sports Editor Frank Dalleres
Art Director Jo Simpson
Pictures Alice Hepple
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Sales Director Jeremy Slattery
Commercial Director Harry Owen
Head of Distribution Nick Owen
Clegg attacks
Labour legacy
DEPUTY Prime Minister Nick Clegg
launched a scathing attack on the
Labour Party yesterday, accusing the
previous government of leaving
Britain teetering on the edge of an
economic precipice .
Closing the Liberal Democrats con-
ference, party leader Clegg defiantly
defended the coalitions plans to elim-
inate the annual deficit by 2015.
Saddling our children with the
nations debt: thats not fair, he said.
Handing control of the economy to
the bond traders is not progressive.
Labours shadow chancellor Ed Balls
accuses the government of reducing
the deficit too far and too fast, lead-
ing Clegg to jibe: Labour would have
offered too little, too late.
Labours economy was based on
bad debt and false hope, they got us
into this mess, he added. Never, ever
trust Labour with our economy again.
Nonetheless, the Deputy Prime
Minister admitted that the outlook for
global growth has got worse.
Thats why were already investing
in infrastructure, reducing red tape,
promoting skills, getting the banks
lending. But we need to do more, we
can do more, and we will do more for
growth and for jobs.
The speech was welcomed by Tim
Montgomerie, editor of Conservative
Home and former adviser to Iain
Duncan Smith. Clegg made attack
after attack on Labour. He feels like a
real coalition partner in a way that
Vince Cable, Chris Huhne and Tim
Farron do not, Montgomerie said.
ECONOMICS: P6
Clegg said Labour should never be trusted with the economy again Pic: REUTERS
BY JULIAN HARRIS
LIB DEM
CONFERENCE
After their government stipend, 95 per cent
of Labour's money comes from unions, Clegg
said, arguing that the Lib Dems are in nobodys
pocket neither unions nor media moguls.
When we come to sell those [bailed-out]
bank shares, I want to see a payback to every
citizen, the Deputy Prime Minister said.
Clegg promised a new economy safe from
casino speculation, adding that Vince Cable
was putting a firewall into the banking sys-
tem an endorsement of ring-fencing.
Bankers were not the only people to be
accused of greed by Clegg, who blasted the
riots as outbursts of nihilism and greed.
Clegg threatened to make firms work hard-
er to get women on their boards.
The Human Rights Act is here to stay, the
Liberal Democrat leader pledged to activists.
DEPUTY PM NICK CLEGGS SPEECH: THE HIGHLIGHTS
SOVEREIGN debt crises are straining
banks to the tune of hundreds of bil-
lions of euros, and greater measures
urgently need to be taken to counter
the problems that creates, the
International Monetary Funds (IMF)
global stability report said yesterday.
The Eurozone debt crisis has had a
direct impact of 200bn on EU
banks in terms of sovereign credit
risk, it said.
Links between financial institu-
tions compound these risks and
have led to some entire countries los-
ing access to private capital markets,
according to the report.
Two solutions are needed, says the
IMF. Credible fiscal consolidation,
to deal with the sovereign debt prob-
lems, and enhancing the robust-
ness of banks, to limit the systemic
risks to the financial industry and
wider economy.
That means banks need to shore
up their balance sheets and beef up
their capital buffers, which the IMF
said should help to break the link
between banks and risky govern-
ment debt.
Fiscal consolidation will clearly
impact on the banks: If a countrys
fiscal measures are successful in
restoring the long-term sustainabili-
ty of its public finances, its sovereign
risk premium will come down, and
this will reduce pressures on banks.
However, banks must help them-
selves with prudent behaviour and
not just hope sovereigns positions
improve.
In particular, the report singles
out banks that rely heavily on the
wholesale markets for funding.
Heightened uncertainties and
the need to convince markets of
their stability means there banks
need larger capital buffers if they are
to retain or regain access to the fund-
ing they rely on.
The IMF is concerned that
Europes politicians lack the ability
to deal with the crisis, which it says
is very much in a political phase.
EU banks face
200bn extra
risk on crises
RATINGS agency Moodys yesterday
cut the debt ratings of three of
Americas biggest banks on worries
the US government would be less like-
ly to support a large lender if it got
into trouble.
Bank of Americas long-term senior
debt rating has been cut from A2 to
Baa1, Wells Fargo long-term debt has
dropped from A1 to A2, and Citigroup
has seen its short-term debt cut from
Prime-1 to Prime-2.
The government is more likely
now than during the financial crisis
to allow a large bank to fail should it
become financially troubled, as the
risks of contagion become less acute,
the ratings agency said.
The action concludes a three-
month review that began in June
when the ratings agency said the
banks faced a potential downgrade.
Moodys said the long-term outlook
on the banks senior ratings remains
negative.
Bank of America shares slumped
7.5 per cent after the announcement.
Citigroup fell more than 5.2 per cent,
while Wells Fargo dropped 3.9 per
cent.
Meanwhile Standard & Poors cut
its ratings on seven Italian banks fol-
lowing its downgrade of the troubled
Eurozone country on Tuesday.
Moodys cuts
ratings for Citi,
BofA and Wells
BY TIMWALLACE
EUROZONE ECONOMY
BANKING
News
AMERICA could be plunged into yet
another debt ceiling crisis, after
Republican rebels and Democrats
unexpectedly voted down a bill to
keep the government funded.
The bill would fund the US gov-
ernment past 30 September.
Democrats objected to cuts to a
subsidisation programme for elec-
tric vehicles. The partys opposition
to the cut was partly expected, yet
some Republicans shocked onlook-
ers by voting against the total fiscal
cost of the bill.
Republicans said that further cuts
were necessary to fund disaster
emergency relief linked to
Hurricane Irene.
The measure failed by a vote of
195 to 230.
The crisis over Americas self-
imposed debt ceiling went right to
the wire at the beginning of last
month, with politicians agreeing a
last minute deal to avoid a default.
President Barack Obama faces another debt-induced headache Picture: REUTERS
BY JULIAN HARRIS
US ECONOMY
Fresh fears over US debt

ceiling as bill is rejected
GREECES biggest public sector unions
voted for two days of strikes next
month as its cabinet unveiled a new
round of austerity measures.
The government is expected to lay
off thousands of civil servants and
will put another 30,000 into a reserve
army on permanent holiday with
60 per cent pay.
It will also cut the state pension by
20 per cent for those earning over
1,200 (1,054) a month and reduce
the income tax-free threshold from
8,000 to 5,000.
Greek finance minister Evangelos
Venizelos told parliament that the
country will do anything to get hold
of its next 8bn instalment of bailout
money.
He said: The country will not cross
into existential danger for [missing its
target by] 0.5 or 1.0 per cent of out-
put We will do anything, we will not
place at risk the fate of the country
and its place in the Eurozone.
However, he was unable to say how
Athens will deliver on its promise to
cut its deficit to 7.6 per cent of GDP
this year. It is forecast to be around 8.5
per cent of GDP.
Venizelos needs to have a convinc-
ing plan to present to the troika
Greeces international lenders, the
ECB, European Commission and IMF
when he flies to New York next week
if they are to release the 8bn in aid
that will stave off bankruptcy for the
sovereign next week.
Portuguese prime minister Passos
Coelho warned yesterday that a Greek
default would hit Lisbon hard.
This could have disastrous conse-
quences for Portugal, above all in
terms of financing for banks and the
economy, he said.
But Yiannis Panagopoulos, head of
Greek public sector union GSEE is not
in a mood for compromise.
If the troika threatens Greek socie-
ty with an [austerity] marathon, it
should know that our answer will be a
marathon of struggle, Panagopoulos
said. THE FORUM: PAGE 25
Greece cuts
prompt union
strike threat
ITALIAN lender Mediobanca was
pushed into the red for its fourth
quarter due to write-downs, it
revealed in its full-year results yester-
day.
Over the year to June, the bank took
a 109m (94.5m) hit on its Greek
bond holdings, accounting for nearly
half of its total impairments of 238m
for the year. Despite a fourth-quarter
loss, however, the bank made a pre-tax
profit of 792m for the year. Most of
the earnings came from its corporate
and investment banking division.
The write-down of its Greek gov-
ernment holdings was calculated
using the market price on the report-
ing date, but could worsen if the sov-
ereigns bond prices fall further.
Mediobancas deposits were large-
ly steady, with the bank reporting a
loan-to-deposit ratio of 70 per cent
well below the highly leveraged
ratios of some of its rivals. It report-
ed a core tier one capital ratio of 11.2
per cent, up just 10 basis points on
the previous year.
Despite the write-downs, the bank
cut down on its loan loss provisions by
18 per cent, boosted by improving
asset quality in both its wholesale and
retail businesses. Revenues grew seven
per cent overall, though they were
roughly flat in its wholesale divisions.
THE EUROPEAN Central Bank (ECB) has
announced that it is prepared to accept
a wider range of collateral in return for
dishing out emergency funds to the
Eurozones floundering banks.
It said that it will now accept assets
that are not listed on regulated public
markets as collateral, potentially open-
ing the way for billions in asset-backed
securities that are sitting on bank bal-
ance sheets to be used as security for
funding.
At the same time, the Bank said that
it is cutting down on its limit for
accepting unsecured collateral from
10 per cent of the total collateral value
to five per cent.
Meanwhile, European Commission
president Jos Manuel Barroso has
again raised the spectre of euro-bonds
as a solution to the debt crisis, telling
Bloomberg yesterday: We should not
exclude that option.
Mediobanca hit
by Greek bond
write-downs
ECB loosens its collateral
requirements for lending
ECB president Jean-Claude Trichet is trying to contain the crisis Picture: Reuters
BY JULIET SAMUEL
EUROZONE
News
BY JULIET SAMUEL
EUROZONE
BY JULIET SAMUEL
BANKING
ESPRESSO IS AT THE HEART OF ALL OUR FULL BEAN COFFEES.

MCDONALDS FULL BEAN
TM
. FOR PEOPLE WHO LOVE GOOD COFFEE.
2011 McDonalds.
MORE QUANTITATIVE easing (QE) is
likely to be implemented at some
point because of falling economic
growth expectations, minutes of last
weeks monetary policy committee
(MPC) meeting, out yesterday, show.
However, the US policy of selling
short-maturity assets and replacing
them with longer ones, cutting long-
term interest rates, was ruled out.
Only one of the nine members,
Adam Posen, voted for 50bn more
QE in an effort to boost the economy.
High inflation currently 4.5 per
cent on the consumer price index,
well above the two per cent target
stopped others voting for QE as it is
inflationary. Bank studies suggest QE
increased inflation by between 0.75
and 1.5 per cent in 2009.
However, the MPC expects inflation
to fall back sharply next year as
demand declines and the VAT rise
drops out of the figures.
The hawkish Spencer Dale thinks
that might not happen. Private sector
employment has increased, suggest-
ing relatively little spare capacity
exists, he said in a speech yesterday.
Other members are waiting to see
developments in the coming weeks,
including the action of overseas
authorities, the minutes explain.
That includes action by the Fed,
whose policy decision was
announced yesterday, a week after
the MPCs.
Changes in the economy also mat-
ter: For some, a continuation of the
conditions seen over the past month
would probably be sufficient to justi-
fy an expansion of the asset purchase
programme, the minutes concluded.
MPC moves
closer to new
round of QE
BY TIM WALLACE
UK ECONOMY
THE GOVERNMENT borrowed more

last month than in any other in this
financial year, the Office for National
Statistics (ONS) revealed yesterday.
Almost 16bn was added to the
national debt in August, excluding
financial interventions, reversing
Julys surprise surplus.
Augusts deficit of 15.9bn is up
from 14bn in August last year, with
spending up by 3.5bn compared with
the same month last year. The largest
component of that is a 1bn increase
in benefit payments.
Revenues did increase with a 4bn
fall in the tax gap the difference
between expected and received rev-
enues, as a result of evasion and inac-
curate form filling. The gap still stands
at around 35bn a year, however.
The national debt now stands at
944.5bn, or 61.4 per cent of GDP. That
means the government has borrowed
an extra 134bn in the last 12 months.
When the bank bailouts are includ-
ed, the national debt stands at
2,258.8bn, or 146.9 per cent of GDP.
The Treasurys compilation of inde-
pendent economic forecasts, out yes-
terday, suggested growth is slowing.
That will hit tax revenues as fewer jobs
are created.
Average predictions for 2011s total
GDP growth have slowed from 1.3 per
cent in August to 1.1 per cent over the
last month.
UK government borrowed
a record 16bn last month
BY TIM WALLACE
UK ECONOMY
News
SHOULD THE BANK OF ENGLAND DO MORE QE?
Interviews by Phoebe Torrance
Yes, it should, because Europe is in a
critical condition at the moment. If
the economy gets any worse
there will be big repercussions.
TOBY BRYMER | ALLIANZ
At some stage I think it is inevitable,
because of the state of the economy.
Whether now is the right time for
QE is very hard to gauge.
KEITH JULIAN | JRP UNDERWRITING
Mervyn Kings MPC is unsure about more QE as inflation remains high
* These views are those of the individuals above and not necessarily those of their company.
THE Lloyds of London group of insur-
ers was hit by unprecedented losses in
the first half of 2011, after a string of
disasters meant customer claims were
up by 24 per cent.
Lloyds reported a pre-tax loss of
697m in the six months to June, com-
pared to a profit of 628m in the
same period last year.
Outgoing chairman Lord
Levene (pictured) said that
2011 had so far been one of
the most challenging years on
record, after the market
suffered heavy losses
related to the earth-
quakes in Japan and
New Zealand, and
flooding in Australia.
Between January
and June customers
of Lloyds 80-odd
insurance syndicates
made claims worth a total
of 6.7bn, including 1.2bn
solely on the earthquake
and subsequent tsunami
that hit Japans north coast in March.
Levene told City A.M. that despite the
dramatic increase in claims, it was
business as usual among the Lloyds
market.
We dont hike prices and were not
looking for more capital weve got
57bn in assets. Its the normal course
of business for us, he said.
Lloyds also joined Siemens yester-
day in being the latest company to
reduce its exposure to the Eurozone,
pulling deposits from some peripheral
European banks.
Twenty-eight per cent of its invest-
ment portfolio is in government
debt, with the majority in
the perceived safe havens
of UK and US government
securities.
The knock-on effect
[of global financial tur-
moil] is delayed and
somewhat muted, said
Levene. But clearly the
way in which the world
economy develops, if
business levels fall,
eventually it will run
through to us.
Record claims
plague Lloyds
of London
BY ELIZABETH FOURNIER AND JULIET SAMUEL
INSURANCE
News
NEWS | IN BRIEF
Lehman drops Barclays litigation
Lehman Brothers Holdings said it will drop
its appeal of a bankruptcy courts ruling
upholding Barclays purchase of its North
American business in 2008. In a state-
ment, Lehman said yesterday it will drop its
challenge of Judge James Pecks February
ruling denying its attempt to overturn the
sale, which was completed in the hectic
days following Lehman's $639bn bankrupt-
cy filing. The company said pursuing the
appeal would put an unnecessary strain on
its estate. Lehman had accused Barclays of
securing a windfall by withholding informa-
tion from the court. Lehman also said it will
not pursue an appeal of Pecks follow-up
decision earlier in September that Barclays
had not improperly withheld $500m it was
supposed to pay to employees it inherited
in the takeover.
Fingers will be crossed for a calmer
winter as catastrophe losses mount
DESPITE the record hit to revenue,
the Lloyds performance was still
better than some analysts had
expected. Audit firm Mazars pre-
dicted losses of 1.5bn last week,
but yesterday the results compared
favourably to the rest of the sector.
Last year the average combined
loss ratios of UK-listed insurers were
slightly better than Lloyds, said
insurance partner Andrew
Goldsworthy. This year they were
significantly worse.
But look behind the figures and
Lloyds is having to do more and
more to shore up its own numbers.
The top line combined loss ratio of
113.3 per cent was only below some
of its syndicate because it used
reserves to bolster earnings by
474m otherwise it would have
been closer to 119 per cent.
At the same time, low interest
rates and volatile markets mean its
getting harder to up premiums,
and Lloyds investments arent reap-
ing the same rewards that they
used to paying out just 1.1 per
cent in the first half of the year
compared to an average of 3.9 per
cent over the past five years.
Its diverse business book will
help, but with claims this year
already higher than for the whole
of 2010, losses can only be absorbed
for so long.
BOTTOMLINE
Analysis by Elizabeth Fournier
HEWLETT PACKARD MULLS NEW CHIEF EXECUTIVE
Shares in US tech firm
Hewlett Packard
jumped 7.5 per cent
last night, as Wall
Street gave its
approval to news that
its board had met to
consider ousting chief
executive Leo
Apotheker (pictured).
After less than a year
in the role, Apotheker
could be replaced by
former eBay boss Meg
Whitman, a source
familiar with the mat-
ter said. HP last
month bought British
tech firm Autonomy
for more than $10bn.
The Capitalist
A great night celebrating success in the City
LAST night was an occasion to
remember: City A.M.s annual awards
celebrating the best and brightest of
Londons business, financial and
investment communities. Over 500
guests from dozens of the Citys lead-
ing firms attended the celebration,
held at the Grange Hotel in St Pauls.
There was great food, music and com-
pany, as well as a superb speech by
Lord Digby Jones. I wish to extend my
thanks to Saxo Bank, our headline
sponsor, and also to British Airways,
who sponsored the reception.
Our winners, profiled in these
pages, were chosen in unique fashion.
Each was initially selected after feed-
back and responses from profession-
als working across the City. We then
held a meeting of our expert panel of
judges, which as you can see from
their profiles include many of the
most influential people in Britains
business community. The winners
were announced last night to a
packed room, chaired superbly as
ever by the BBCs Katie Derham.
Like last year, we examined a broad
range of sectors spanning the finan-
cial world in all of its forms, includ-
ing banking, law, accounting, fund
management and trading, among
others, with the aim of singling out
the highest achieving businesses,
teams and individuals as well as the
most promising new kids on the
block. Selecting the best was far from
easy but our winners are all out-
standing. They are at the forefront of
developing new and better business
models that will help Britain return
to prosperity.
We are going down a dangerous
road in todays Britain. Success in
business is increasingly reviled, even
when it is arrived at fairly and with-
out bailouts. This is completely
wrong. We need a thriving capitalist
sector to help create jobs and finance
Britains massive public sector. We
need successful firms and people.
It was a wonderful evening and
proof that despite the Eurozone cri-
sis, there is more to economic life
than just doom and gloom.
allister.heath@cityam.com
EDITORS LETTER
ALLISTER HEATH
PERSONALITY | OF THE YEAR
There was a strong case for each of the
business titans on the shortlist for City
A.M.s prestigious personality of the
year award.
Ivan Glasenberg, chief executive of
Glencore, pulled off the largest-ever
float in London earlier this year, while
Burberry chief Angela Ahrendts has
done an outstanding job since taking
the helm of the luxury brand in 2006,
overseeing record sales and expanding
into China, Brazil and India.
The judges commended Peter
Clarkes achievement in turning around
Man Group, returning the worlds
largest hedge fund to positive inflows
and launching a savings product in
Japan that raised 2bn. And financier
Nat Rothschild won praise for raising
more than 2bn in a year when no-one
else has raised anything close on the
London Stock Exchange. To have a
Rothschild name but to be valued in his
own right is quite an achievement, said
Centricas chairman Sir Roger Carr.
But while Rothschild has 50 years of
hard work ahead of him, the award
went to the business leader with 50
years hard graft behind him: Gerald
Ronson, CEO of Heron International, in a
year that saw the completion of the
landmark Heron Tower. Ronson has
spent a lifetime building his credibility,
said one admirer on the property devel-
oper whose fortunes dipped in the
1980s Guinness scandal. But, like
Kiplings If, he has built it all again and
never breathed a word about his loss.
WINNER
GERALD RONSON,
HERON INTERNATIONAL
SHORTLISTED:
ANGELA
AHRENDTS,
CHIEF EXECUTIVE
OF BURBERRY
SHORTLISTED:
IVAN GLASENBERG,
CHIEF EXECUTIVE
OF GLENCORE
SHORTLISTED:
NAT ROTHSCHILD,
FOUNDER OF
VALLAR AND
VALLARES
SHORTLISTED:
PETER CLARKE,
CHIEF EXECUTIVE
OF MAN GROUP
Sponsored by
COMPANY | OF THE YEAR
IT WAS fantastic to see four British
companies on the shortlist for busi-
ness of the year, said the judges.
The Cambridge-based microchip
company Arm Holdings, hedge fund
Man Group, which started life in the
eighteenth century as the rum suppli-
er to the Royal Navy; engineering busi-
ness Weir Group; and the media giant
BSkyB are all doing terrific things
around the world from their bases in
Britain, noted the panel.
Throw in the Dutch-founded global
generator rental company Aggreko,
which enjoyed strong growth over the
last financial year, and this category
was tough to call.
After much deliberation, however,
the very well-run Arm Holdings
emerged as this years winner
deemed to be a good example of a
British company becoming an interna-
tional player.
Arm, which began life in a convert-
ed turkey shed 20 years ago and has
expanded to employing 1,700 people
around the world, is still under the
radar, said the judges but that is all
set to change following the Las Vegas
technology show in January, when
Microsoft announced it is designing its
new operating system with Arm
microchips in mind.
Microchips developed by Arm
already feature in 95 per cent of the
worlds mobile phones, including the
brains of the iPhone, the original
iPad and the iPad 2.
COMMENDED:
AGGREKO
CHIEF
EXECUTIVE
RUPERT SOAMES
SHORTLISTED:
MAN GROUP
CHIEF
EXECUTIVE
PETER CLARKE
SHORTLISTED:
BSKYB
CHIEF
EXECUTIVE
JEREMY DARROCH
SHORTLISTED:
WEIR GROUP
CHIEF
EXECUTIVE
KEITH COCHRANE
WINNER
ARM HOLDINGS
WARREN EAST
Sponsored by
Sponsored by
FUND MANAGER |
OF THE YEAR
Aberdeen edged ahead thanks to a
jump of 54 per cent in pre-tax profits
in the six months to March. The firm
has had to limit the rapid growth of
emerging markets funds to prevent
them becoming unmanageable.
MARTIN
GILBERT
ABERDEEN
ASSET
MANAGEMENT
SHORTLIST
l M&G Investments
l Aviva Investors
l Schroders
l Jupiter Fund Management
INSURANCE COMPANY |
OF THE YEAR
Car insurer Admiral motored ahead
to achieve a seventh straight year of
profit growth in 2010, with a 50 per
cent revenue increase in 2011.
Analysts expect the firm will have a
13 per cent market share by 2013.
SHORTLIST
l Beazley
l Catlin
l Resolution
l Hiscox
Sponsored by
RETAIL BANK |
OF THE YEAR
The programme of change under
new leader Antonio Horta-Osorio
won the day for Lloyds, as it acceler-
ates the sale of 632 bank branches.
It also won praise for its bold stance
on Payment Protection Insurance.
SHORTLIST
l Santander UK
l Virgin Money
l Tesco Bank
l Co-op Bank
PROFESSIONAL SERVICES |
OF THE YEAR
L.E.K. is a wonderful British success
story, said the judges it now com-
petes with McKinsey, Bain and BCG
from a standing start in 1983, over-
delivering for its growing roster of
private equity clients.
SHORTLIST
l KPMG
l Ernst & Young
l Deloitte
l PwC
Sponsored by
ALTERNATIVE MANAGER|
OF THE YEAR
Man Group has returned to positive
fund flows after buying GLG Capital
for $1.6bn last November. Funds
under management have bounced
back from the crunch to rise three per
cent since the start of 2011 to $71bn.
SHORTLIST
l Bluecrest Capital
l Laxey Partners
l Brevan Howard
l Sherborne Investors
Sponsored by
HENRY
ENGELHARDT
ADMIRAL
LLOYDS
BANKING
GROUP
IAIN EVANS
L.E.K.
CONSULTING
PETER CLARKE
MAN GROUP
11 EDITED BY
HARRIET DENNYS
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @citycapitalist
CITYA.M. 22 SEPTEMBER 2011
DEALMAKER |
OF THE YEAR
Simon Robey, the CEO and M&A co-
chair with a canny strategic mind,
helped the bank win slots as lead
adviser on LSEs C$3.bn takeover bid
for Canadian rival TMX and BPs
efforts to tie up with Rosneft.
SIMON ROBEY
MORGAN
STANLEY
SHORTLIST
l Jim Renwick, Barclays Capital
l Josh Critchley, RBC
l Rupert Hume-Kendall, BoA Merrill Lynch
l David Wormsley, Citi
Sponsored by
LAWYER |
OF THE YEAR
Linklaters David Cheyne, one of the
last of the Citys true corporate leg-
ends, is this years top legal brain.
Cheyne stepped down as senior part-
ner on 11 September, marking the
end of an era at the magic circle firm.
SHORTLIST
l Stephen Griffin, Linklaters
l Maria Da Cunha, British Airways
l Sir Nigel Knowles, DLA Piper
l Edward Bibko, Baker & McKenzie
LAW FIRM |
OF THE YEAR
Freshfields has broken Linklaters and
Slaughter & Mays stranglehold on
the FTSE 100 over the last year, tak-
ing second spot in the adviser rank-
ings with 23 of the UKs top listed
firms, compared to Linklaters 22.
SHORTLIST
l Baker & McKenzie
l DLA Piper
l Linklaters
l Slaughter & May
Sponsored by
PROPERTY FIRM |
OF THE YEAR
As Land Securities chairman Alison
Carnwath left the room, the judges
voted her company property firm of
the year, swayed by its 1.23bn
annual profits a rise of 15 per cent
at a time of nationwide uncertainty.
SHORTLIST
l British Land
l Capital Shopping Centres
l Hines
l Heron International
ENTREPRENEUR |
OF THE YEAR
The stand-out in an impressive field
was Daniel Ek, the co-founder of
online music business Spotify, which
is redefining a business model. The
company has been valued at $1bn
and launched in the US in July.
SHORTLIST
l Simon Calver, LoveFilm
l Nick Robertson, Asos
l Iain Dodsworth, Tweetdeck
l Michael Acton Smith, Mind Candy
Sponsored by
DAVID CHEYNE
LINKLATERS
FRESHFIELDS
BRUCKHAUS
DERINGER
FRANCIS
SALWAY
LAND
SECURITIES
DANIEL EK
SPOTIFY
RISING STAR |
OF THE YEAR
Numis star Alex Ham, 28, is quick
on the phone and suppies a lot of
background information. He ran the
brokers involvement in the Horizon
and Betfair IPOs and advised
Investcorp on its bid for Opsec.
ALEX HAM
NUMIS
SHORTLIST
l Sam Smith, Finncap
l Billy Clegg, Financial Dynamics
l Oliver Holbourne, Bank of America Merrill Lynch
l Leanne Hoare, Linklaters
Sponsored by
INVESTMENT BANK |
OF THE YEAR
JP Morgan Cazenove has performed
the most consistently of the short-
listed banks, said the judges, pointing
to its strong year for M&A, pulling
off deals such as AT&Ts $39bn
acquisition of T-Mobile USA.
SHORTLIST
l Evercore
l Bank of America Merrill Lynch
l Barclays Capital
l Goldman Sachs
Sponsored by
TRADER |
OF THE YEAR
CQS founder Michael Hintze
emerged as the star trader this year.
Not only did his hedge fund make
strong returns, but in January Hintze
donated 2m of his personal wealth
to the National Gallery.
COMMENDED
l Stephen Roth, Man Group
SHORTLIST
l Alex Beard, Glencore
l Richard Evans, Morgan Stanley
l David Hitchens, Unicredit
Sponsored by
MARKETING CAMPAIGN |
OF THE YEAR
NatWest had the most visible cam-
paign: a marketing drive that
repaired its own and the banking
sectors image with its Helpful
Banking ads by M&C Saatchi prom-
ising to serve its customers better.
SHORTLIST
l American Express
l Barclays Stockbrokers
l LOCOG
l Microsoft
ANALYST |
OF THE YEAR
Goldmans global head of commodi-
ties research was a near-unanimous
choice from the judges, because his
calls on oil have the power to move
markets. He has also advised govern-
ments in the US, Europe and Russia.
SHORTLIST
l Peter Davey, Standard Bank
l Simon Ward, Henderson Global Investors
l Kevin Cammack, Cenkos Securities
l Jenny Barker, Nomura
Sponsored by
JP MORGAN
CAZENOVE
MICHAEL
HINTZE
CQS
NATWEST JEFF CURRIE
GOLDMAN
SACHS
Sponsored by
Investment Writing s Investor Relations s Equity Research Editing & Translation
Thought Leadership s KIIDs for UCITS IV s Annual Reports s Website Copy
Performance Commentaries s Litigation Support
CLS Communication would like to congratulate all the winners
at the City AM awards on their achievement.
CLS Communication is a leading provider of fnanc ial
writing, editing and translation services. We have a long
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The Capitalist | Awards
CITYA.M. 22 SEPTEMBER 2011 12
Left: Fund manag-
er of the year
Martin Gilbert of
Aberdeen Asset
Management with
Lawson Muncaster,
City A.M. manag-
ing director, and
host Katie Derham
Below left: Michelle
Mone, founder of
Ultimo
Below: Saxo Banks
Torben Kaaber
with a team mem-
ber
Above: Guests
enjoy themselves
during dinner
Right: Katie
Derham presents
Martin Gilbert,
dressed in tartan
trousers, with his
award
Right: Allister
Heath, City A.M.
editor, gives his
speech
*All fares are one way, inclusive of all taxes and fuel surcharges, subject to availability and exchange rates. Longhaul ights are
operated by AirAsia X. Booking period from 5pm 20th September to 5pm 30th September 2011. Travel period from 4th May to
27th October 2012. Processing fees apply for payments via credit, debit and charge cards. To book, log on to www.airasia.com
A NIGHT TO CELEBRATE
THE BEST OF THE CITY
THE GRANGE Hotel in St Pauls
was the venue for last nights sec-
ond City A.M. awards ceremony,
introduced by editor Allister Heath
as an evening of celebrating all
that is good about the City.
Opening the event to the 500
City guests, Heath said: It is vitally
important that in a gloomy world
where the headlines are all about
the great economic problems fac-
ing our generation, we can all take
some time out to actually cele-
brate the good news and those
companies and individuals who
are succeeding in such a tough
environment.
Back by popular demand to pres-
ent the awards was the BBCs Katie
Derham. Actually I demanded to
be back, Derham clarified,
explaining that at last years party
she enjoyed the best dancing with
drunken Scotsmen ever in the
club in the hotels basement.
And so to the awards, where
Gerald Ronsons daughter Lisa and
his brother Laurence came along
to watch the Heron International
chief executive win the headline
Personality of the Year award, in
recognition of a 50-year career
where he has developed 156 build-
ings in nine countries around the
world and 15,000 residential units
in the UK.
And I invented self-service
petrol stations, Ronson told The
Capitalist on his trajectory that
has weathered three recessions
and major ups and downs. So
what are the property tycoons
secrets for anyone hoping to emu-
late his success in business?
Focus, commitment, dedication
and having passion for the indus-
try you are in. To me, my business
is my hobby.
Also at last nights awards were
ex-England footballer Trevor
Steven; Michelle Mone, the
founder of Ultimo; Better Capital
founder Jon Moulton; and
Moultons former business associ-
ate Sir Digby Jones, the former
director general of the CBI, who
delivered a spirited defence of
wealth creation. Without you we
wouldnt be able to get out of this
parlous state, he told the audi-
ence. If it wasnt for the wealth
business creates, there wouldnt be
a penny of taxation and that is
why tonight is important.
Thanks also go to Saxo Bank, the
headline sponsor of this years
awards a true celebration of the
entrepreneurial spirit and profes-
sionalism that exists throughout
the City of London, said chief
executive Torben Kaaber. The win-
ners are a credit to the City, and
Saxo Bank is proud to sponsor this
years awards and celebrate the
drive and focus that it has taken to
win each category.
Left: Simon
Borrows, 3is new
chief investment
officer
Right: Jon Moulton
of Better Capital
Right: Centricas
chair Sir Roger
Carr presents
David Cheyne of
Linklaters with the
Lawyer of the Year
Award
Left: Guests from
DLA Piper; FD; and
Blackstone
Above: Digby, Lord
Jones of
Birmingham gives
his speech
Left: High on Heels
drummer provides
the entertainment
MEET THE JUDGES
ALLISTER HEATH | CITY A.M.
Allister joined City A.M. as editor in early 2008. He chaired our panel of judges.
CITYA.M. 22 SEPTEMBER 2011 14
DAVID HELLIER
CITY A.M.
David joined City A.M.
in 2006 and has been
a financial journalist
for over three decades,
reporting on sports,
M&A and media.
NIGEL BOARDMAN
SLAUGHTER & MAY
Nigel is one of the Citys
most respected lawyers
and has been a partner
at Slaughters since
1982, advising on the
sale of Liverpool FC.
JOHN
GRIFFITH-JONES
KPMG
John joined KPMG in
1975 and became the
chairman and senior
partner of the UK
practice five years ago.
TRUETT TATE
LLOYDS BANKING GROUP
Truett joined Lloyds in
2003 as a managing
director, and was this
month appointed as
vice chairman of client
coverage.
SIMON BORROWS
3I
Simon is moving to 3i
to become its chief
investment officer. He
used to co-chief execu-
tive of Greenhill invest-
ment bank.
ALISON
CARNWATH
LAND SECURITIES
Alison currently chairs
Land Securities and is
a non-executive direc-
tor at Barclays and
Man Group.
ROLAND RUDD
FINSBURY
Ex-financial journalist
Roland founded
Finsbury in 1994 and
in August became
chairman of the newly
merged RLM Finsbury.
SIR MARTIN
SORRELL
WPP
Sir Martin is the co-
founder and chief
executive of WPP, the
worlds largest com-
munications company.
SIMON
MACKENZIE-SMITH
BANK OF AMERICA
MERRILL LYNCH
Simon is chairman of
UK & Ireland corpo-
rate and investment
banking at Merrills.
PHIL RAPER
GOLDMAN SACHS
Dealmaker Phil is head
of corporate broking at
Goldman Sachs, advis-
ing on major M&A
transactions such as
AstraZeneca.
SIR ROGER CARR
CENTRICA
Sir Roger was appoint-
ed chairman of British
Gas owner Centrica in
2004 and became
president of the CBI
this June.
IMPERIAL Tobacco said yesterday it
expects sales to rise two per cent in the
current year, with a damaging price
war in Spain set to ease.
Imperial is market leader in Spain
with a near 30 per cent share from
brands like Fortuna, Ducados and
Nobel, but suffered from a market
depressed by economic woes and a
2011 ban on smoking in public places,
which sparked a price war this year.
Analysts say the outlook for 2012
has improved in the Iberian region,
Imperials third most profitable mar-
ket after Britain and Germany, as all
major tobacco players there have
recently increased cigarette prices.
Imperials annual sales rise was in
line with expectations and was unlike-
ly to lead to any major changes to
earnings forecasts, analysts said. The
group said its performance in the year
to 30 September remained in line with
its expectations.
In July Imperial, which also makes
Gauloises Blondes and JPS cigarettes,
said the continued challenging eco-
nomic environment in Spain is likely
to hit full-year operating profit from
the country by up to 70m, revised
from previous forecasts of 110m.
The FTSE 100-listed companys
shares closed slightly up, outperform-
ing the rest of the market.
Imperial in lift
as price pain
eases in Spain
Chief executive Alison Cooper hopes to see better conditions in Europe
CONSUMER
SABMiller yesterday finally had a

A$9.9bn (6.5bn) bid for Fosters
agreed by the Australian companys
board after months of wrangling.
Fosters had rejected SABs previous
bid worth A$9.5bn, saying it under-
valued the company.
That triggered a hostile bid from
SAB, which approached the compa-
nys shareholders directly in an effort
to close a deal.
However, the Fosters board said it
would be recommending the latest
offer to its shareholders, who will
now vote on the offer.
SAB said the deal would give it
access to Australias strong
economic growth prospects, as well
as the countrys stable and prof-
itable beer industry.
We look forward to working with
Fosters employees and other stake-
holders to ensure the success of
Fosters in the future as the largest
brewer in Australia with an outstand-
ing portfolio of brands, said SABs
chief executive Graham Mackay.
The offer values Fosters shares at
A$5.10, compared with the original
offer of A$4.90 a share made in June.
There have been talks of a takeover
of Fosters since it announced plans
to break itself in two last year.
The brewer span off its troubled
wine business as the company feared
it was putting off would-be suitors.
Any purchase of Fosters by SAB will
not include the Fosters lager brand
in the UK and Europe, where it is
owned by Heineken.
Fosters gives
in to improved
SABMiller bid
BY JOHN DUNNE
CONSUMER
News
ANALYSIS l SABMiller
p
15Sep 16Sep 19Sep 20Sep 21 Sep
2,240
2,200
2,160
2,185.00
21 Sept
ANALYST VIEWS: ARE IMPERIAL TOBACCO
SHARES GOOD VALUE? Interviews by John Dunne
TINA COOK | CHARLES STANLEY

The rm benets from cost savings, supportive 500m share buyback
and a commitment to progressively raise the dividend payout ratio from 50 per
cent in 2011. Volumes have stabilised and pricing momentum remains intact.
We remain comfortable with our accumulate recommendation.
MARTIN DEBOO | INVESTEC

Imperial needed to post a reassuring quarter and they look to have
done so. Top line performance accelerated but more convincing around the organ-
ic growth outlook needs to be done, but Imperial is that rare beast a defensive
stock that is relatively cheap.
RICHARD CURR | PRIME MARKETS

The statement shows sales have been driven by emerging markets
growth, with recent price increases partly offsetting the fall in Spanish volumes.
Given the solid fundamental outlook and exceptionally strong charting picture, the
shares present an attractive opportunity.
Contact us on: 0800 279 4772

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TESCO has unveiled plans to float a
property fund of 15 malls in Thailand
with a value of over 300m.
The float, which is likely to be the
biggest in Thailand this year, will see
the Tesco Lotus Property Fund estab-
lished as a standalone public listed
company, with Tesco Lotus the
groups supermarket business leasing
its hypermarket space from the firm.
It is not known what share of the
fund will be up for grabs, but Tesco
chief financial officer Laurie McIlwee
has said that by releasing value from
our Thai property we will be able to
invest in further innovation and
growth for our customers and share-
holders.
The retail giant could decide to
invest the proceeds in growing its busi-
ness in Thailand, where it missed out
on buying rival Carrefours Thai assets
last year.
But as City A.M. revealed recently, it
has also been scoping out expansion
opportunities in new markets in the
region and has examined a full entry
strategy for Indonesia. It could also opt
to establish a buying office in Jakarta
to expand its supply chain.
In combination with the sale of its
assets in Japan, which Tesco is exiting
this year, it will have a considerable
war chest at its disposal.
BY JULIET SAMUEL
RETAIL
A FORMER executive at the US con-

sumer goods group Sara Lee
Corporation has been confirmed as
the next chairman of troubled travel
group Thomas Cook.
Belgian Frank Meysman, 59, will join
the board on 1 October and takes over
as chairman from Michael Beckett.
He has worked for major compa-
nies including Procter & Gamble
before joining Sara Lee, where he was
executive vice president and a mem-
ber of the board.
Meysman said: We will be well
positioned to build shareholder value
on the back of premium brands and a
fine heritage in the UK as well as
internationally. The company is also
looking for a chief executive after
Manny Fontenla-Novoa resigned.
Thomas Cook appoints former
Sara Lee executive as chairman
LESIURE
TESCO is tipped to launch a price war

next week, which one analyst says
could put the squeeze on online deliv-
er service Ocado under its pledge to
match prices.
The retailer was said by industry
sources to be trying to dent Asdas
sales, but Ocado could be hit in the
crossfire.
Panmure Gordons Philip Dorgan is
predicting that Ocados pledge to
match prices on 7,400 Tesco products
will put further pressure on the serv-
ice, which has a contract with
Waitrose.
In Mondays trading statement,
Ocado said that it had seen sales rise
in the third quarter and that it was
on track with its business plan, but
urged caution.
Commenting on the impact of a
prospective price war triggered by
Tesco, Dorgan said: Ocado is playing
with the big boys now.
Unfortunately, scale is a big advan-
tage in food retailing, so we expect
Tescos planned price initiative to
hurt Ocado disproportionately. We
therefore reiterate our sell recom-
mendation and 50p price target.
Ocados shares closed down more
than 11 per cent yesterday on the
back of the news.
Supermarkets pricing war
could put squeeze on Ocado
BY JOHN DUNNE
RETAIL
News
Tesco chief Phil Clarke is set to float a property fund in Thailand
Tesco to float
Thailand real
estate fund
ANALYSIS l Tesco
p
375.00
370.00
365.00
364.00
21 Sept
THE co-founders of RAB Capital sig-
nalled the latest stage in the long
restructuring of their flagship
Special Situations fund by commit-
ting to invest $30m (19.21m) of
their own money in less than two
weeks time.
Executive director Philip Richards
and executive chairman Michael
Alen-Buckley (pictured) will put the
money in on 3 October, RAB said
yesterday.
The fund, which became notori-
ous for its investment in Northern
Rock, did not respond to calls for
comment but said in a statement:
The board believes that this agree-
ment is a positive outcome for the
company as it seeks to
reduce exposure to
potential liquidity
issues in respect of the
funds unlisted invest-
ments for other share-
holders.
The super-rich
Mittal family
are among
those to
have invest-
ed in RAB
but the
fund has
seen a
wave of
exits of
c l i e n t s
and left
the stock
exchange.
Once the darling of the hedge
fund industry after returns of more
than 1,000 per cent in 2003, RAB hit
problems in the credit crisis when
Special Situations invested heavily
in illiquid securities and bought
into Northern Rock before the for-
mer mutual collapsed.
Earlier this summer
RAB, which managed
around $7bn at the
end of 2007, said third-
party assets under
m a n a g e -
ment were
set to be
less than
$ 2 0 0 m
b y
October.
RAB Capital bosses
pledge $30m to fund
BY PETER EDWARDS
FUND MANAGEMENT
ASIA-focused hedge funds attract-

ed a net inflow of about $500m
(319.2m) in August, increasing
their total inflows for 2011 to
$7bn, as investors shrugged off
volatile markets and raised bets
on the regions fast growth, new
data shows.
Flows this year have exceeded
last years when these funds got
net inflows of $4bn, data released
yesterday by Singapore-based
hedge fund tracker Eurekahedge
showed.
European hedge funds saw net
outflows worth $2.8bn in August,
while North American funds
attracted net inflows of $4.8bn,
the data showed.
Total assets under manage-
ment of the Asian hedge funds
tracked by Eurekahedge rose to
$136.1bn at the end of August,
the highest since December 2008.
While cumulative hedge fund
assets in Asia remain about
$40bn below their peak hit in
December 2007, the industry is
seeing a revival from the global
financial crisis, with some funds
attracting hundreds of millions
of dollars.
High-profile funds such as
Azentus, launched by former
Goldman Sachs trader Morgan
Sze, and the ones planned by Carl
Huttenlocher, the former Asia
head of JPMorgan Chase & Cos
Highbridge Capital and Oasis
Managements Seth Fischer are
expected to boost industry assets
further this year.
Asian hedge funds, including
those betting on Japan, received a
net inflow for the 16th consecu-
tive month in August.
FUND MANAGEMENT
JJB Sports shareholders yesterday

voted in favour of a 73.4m share
bonus scheme for top managers.
The share incentive scheme is for
four directors and a small group of
senior managers and 94 per cent of
shareholders voted in favour.
Managers including chairman
Mike McTighe and chief executive
Keith Jones could end up with as
much as 15 per cent of the companys
equity if they hit targets under the
five-year turnaround plan.
McTighe and Jones will each
receive 25 per cent of any shares
awarded, with the remaining 50 per
cent handed to senior managers
including Dave Williams, chief finan-
cial officer, and David Adams, senior
independent non-executive director.
The group said the scheme would
allow staff to share in the value of
JJBs recovery.
JJBs plan for
top manager
share bonuses
gets green light
RETAIL
News
INDITEX BOOSTED BY OVERSEAS GROWTH
SALES in emerging markets helped Zara owner Inditex achieve a 14 per cent rise in prof-
its in the first half. The Spanish owned company, which started selling all its brands
online in Europe in the period, reported net profits of 717m (626m).
SPORTSWEAR retailer JD Sports
Fashion, whose shops were widely tar-
geted by looters during last months
riots in several cities, yesterday posted
a 21 per cent rise in first-half profit
and said it was well positioned for
future growth.
The firm, which trades as JD Sports,
Size, Bank, Scotts and Chausport, said
stock totalling 700,000 was looted
from a total of 16 stores during the
riots.
We are currently working with our
insurers on the subsequent claim, cov-
ering theft of stock, repair costs and
business interruption. We do not
believe that the riots will have a mate-
rial adverse impact on the outturn for
the current year, it said.
The group made a pre-tax profit of
20.1m in the 26 weeks to 30 July, up
from 16.6m in the same period last
year. Sales increased by 14.6 per cent to
439.8m, driven by strong demand for
external brands such as Adidas and
Nike and the firms own brands such
as Mckenzie and Carbrini.
JD said trading since the period end
has continued to improve with like-for-
like sales for the core UK and Ireland
retail fascias in the seven week period
to 17 September up by 3.3 per cent.
JD Sports, which ended the first-half
with net cash of 19.1m, is paying an
interim dividend of 4.1p, up 7.9 per
cent.
Shares in the firm, 57 per cent of
which are owned by the Pentland
sportswear group, have lost 10 per cent
of their value over the last six months.
The group said it had continued its
international expansion with deals in
Spain and Ireland.
JD Sports earnings
up despite 700k
hit from UK looters
BY JOHN DUNNE
RETAIL
Asian hedge funds attract inflows of

$500m in August to near 2007 peak
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Introduction by City AM Editor, Allister Heath
ADVERTISING icon M&C Saatchi yes-
terday hit a 17 month share price
high after announcing a surge in
first-half profits.
The firm saw its pre-tax profit
jump almost a quarter to hit
7.7m, with revenues ris-
ing 23 per cent to
71.9m.
A strong performance
in its core UK business,
which accounts for 43
per cent of its rev-
enues, was partly off-
set by a challenging
environment in its Chinese
and Australian operations.
Its US business posted a
pre-tax loss for the sec-
ond year running.
The agency, found-
ed in 1995 by broth-
ers Maurice
(pictured) and
Charles Saatchi after they were oust-
ed from Saatchi & Saatchi, was boost-
ed by big contract wins from
multinational clients including
Google, Pernod Ricard and Chinese
computer giant Lenovo.
Chief executive David Kershaw
said: The results for the period show
significant progress. Trading has
been strong in a tough market.
We are confident about our
progress but conscious of any
macro effects beyond our control
in 2012. We remain vigilant about
costs and maintaining our strong
balance sheet.
Numis analyst Lorna
Tilbian upgraded her
full-year forecast,
praising the
strong set of
results, driven
by the the suc-
cessful pitching
for and win-
ning of interna-
tional work.
M&C Saatchi
profits surge
by a quarter
FACEBOOKS full year revenues are set
to double this year, reaching a stag-
gering $4.3bn (2.75bn), according to
research by eMarketer.
The firm, which last week decided
to delay its long-mooted IPO until late
2012, will take the majority of its rev-
enues $3.8bn from advertising,
with more than half of this in the US.
The news comes ahead of the F8
developers conference, in which the
company is expected to launch a raft
of new products. GEEK SPEAK: P30
NEWS Corp bought back more than
$1bn (637m) of its shares in the last
month as it seeks to improve relations
with its shareholders.
The transactions are part of a wider
$5bn buyback scheme announced in
the wake of News Corps failed bid for
the 61 per cent of BSkyB it does not own.
Meanwhile, the firms phone hack-
ing headache got even worse yesterday
after investigators in the US requested
information from the firm over
whether it paid bribes to UK police for
information.
It is already facing a probe in the US
over whether newspapers owned by
the company attempted to access the
voicemails of 9/11 victims.
The investigations come on top of
police scrutiny in the UK over whether
bribes were paid to serving police offi-
cers and the ongoing probe into phone
hacking.
Facebook set to
double revenue
News Corp share buyback
hits $1bn in first month
Rupert Murdoch has forged ahead with his share buyback scheme
BY STEVE DINNEEN
ADVERTISING
News
BY STEVE DINNEEN
MEDIA
19
BY STEVE DINNEEN
TECHNOLOGY
PLAY.COM has been bought by

Japanese online retail giant Rakuten
in a deal worth 25m plus debt.
The acquisition of the music and
film specialist is part of a an interna-
tional push to compete with US
giants Amazon and eBay.
Play.com, based in Jersey, had a
meteoric rise, taking advantage of
European VAT rules to pioneer a free
postage model that attracted 14m reg-
istered users and annual sales of
around 500m.
Play.com sold
in 25m deal
BY STEVE DINNEEN
TECHNOLOGY
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STATE Bank of India is entering the
British buy-to-let mortgage market
as part of a push to increase the
size of its retail division.
The lender, which is majority
owned by the Indian government,
has just begun offering sums of
between 50,000 and 1.5m to pro-
fessional landlords and people
who own second homes.
It plans a full-scale public launch
over the winter after giving its new
products a dry run this autumn.
Deepak Ahuja, head of con-
sumer banking and wealth, told
City A.M. that SBI would have a con-
servative lending policy amid the
weak housing market.
It has been stagnant and prop-
erty prices have fallen. We think
over time there will be an uplift.
We see housing as a bellwether of
the UK economy and it is going to
come back.
The bank is offering loans for a
period of five to 25 years with a
loan-to-value ratio of 60 per cent.
Mr Ahuja said he expects buy-to-
let mortgage customers to be
roughly evenly split between prop-
erty investors and people who sim-
ply want to rent out a second
home.
SBI, which is listed in Mumbai, is
59 per cent owned by the Indian
government. The rest is owned by
ordinary shareholders.
SBI launches buy to
let mortgages in UK
News
NEWS | IN BRIEF
DP World owner refinances
Port & Free Zone World, the direct
owner of London-listed ports operator
DP World, has signed an $850m
(544m) loan refinancing, the latter
said in a statement yesterday. The
loans are secured in part against some
shares in DP World, the firm said.
Sources said that the five-year loan
had been signed by 15 banks and was
almost evenly split between conven-
tional and sharia-compliant tranches.
Pinnacle to rise on new deal
Construction work on London's sus-
pended Pinnacle skyscraper, which is
set to be the tallest in the City, will be
renewed after agreement on a funding
package that may be announced in
coming weeks, a source said. The deal
to rejuvenate the Pinnacle project
includes a 500m debt facility from a
group of lenders including HSBC and
HSH Nordbank.
MORE NEWS
ONLINE AT
@
@
www.cityam.com
SIR John Rose, the former chief
executive of Rolls-Royce, has been
appointed as deputy chairman of
banking group Rothschild as it
seeks to grow in emerging mar-
kets.
The veteran industrialist will
work two-and-a-half days a week
for Rothschilds Continuation
Holdings, which pulls together
the groups various interests,
from 1 October.
The group said he would work
closely with David de Rothschild, the
executive chairman and great-great-
great grandson of legendary founder
Mayer Amschel Rothschild.
Sir John ran Rolls-Royce for 15
years until March. He is expected to
use the newly created role at
Rothschild to help it to grow in
emerging markets.
He said: After spending most of
my career in the quoted sector I am
looking forward to working in a pri-
vate company, which like Rolls-
Royce takes a long-term view.
SIR JOHN ROSE
ANALYSIS l State Bank of India
INR
2,000
1,950
1,900
1,850
2,009.60
21 Sept
BY PETER EDWARDS
PROFILE
Rose set to help Rothschild

foster emerging market ties
BY PETER EDWARDS
EXCLUSIVE
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Capital thinking #17
If a lesson was expensive,
dont pay for it again.
Been burnt again by playing a game
of double up to catch up? Or have
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MICROSOFT founder Bill Gates has
retained his title as the richest man in
America for an eighteenth year, the
new Forbes 400 list out yesterday
revealed.
Warren Buffett trails in second
place, with his $39bn (24.5bn) for-
tune overshadowed by Gates enor-
mous $59bn cash pile. The Sage of
Omaha was the only member of the
top 20 to lose money this year.
Hedge fund manager George Soros,
on the other hand, has gained $7.8m
to bring his fortune to $22bn and take
him into the top ten richest
Americans.
Larry Ellison, the chief executive of
tech giant Oracle that reported quar-
terly operating income of $2.7bn on
Tuesday, stays in third place with a
$33bn fortune.
But further down the list, newer
faces are climbing fast. The youngest
member of the rich list this year is
Dustin Moskovitz, aged 27, who was
one of the co-founders of Facebook.
Facebook founder Mark Zuckerberg
was the biggest dollar gainer, adding
$10.6bn to his wealth in the last year.
The 18 new entrants include Sean
Parker, the founder of music service
Napster and one of Facebooks most
prominent investors.
Also new to the rich list is John W
Henry, the asset manager who owns
Liverpool Football Club and the Boston
Red Sox, at number 375, and fashion
chain Forever 21 founders Jin Sook and
Do Won Chang at 88.
Forbes said 70 per cent of the list is
made up of entrepreneurs this year
an all-time high. Cost of entry was
$1.05bn, up from $1bn last year.
There are 42 women in the Forbes
400 the same as last year. Wal-Mart
scion Christy Walton is the wealthiest,
with her family fortune of $24bn mak-
ing her the sixth-richest American. Six
other members of her family are on
the list in their own right.
Of the 400 members of the famous
list, 262, almost two-thirds, saw their
wealth increase over the last twelve
months, compared with 217 in the
year to August 2010.
Forbes listed Groupon founder
Andrew Mason, Twitters Jack Dorsey
and musician P Diddy as names to
watch next year.
The full list is available at
www.forbes.com/forbes400.
Gates is still
richest man
in America
BY MARION DAKERS
MEDIA
News
NEWS | IN BRIEF
BHP Billiton pays chief $11m
Mining giant BHP Billiton paid chief exec-
utive Marius Kloppers close to $11m
(7.04m) during 2011, a year that saw
the firm post a record profit of $31bn. His
base salary, along with those of other
directors, was raised four per cent to
$2.1m, with the rest of his eye-watering
payout made up of benefits and share
awards. In its annual report yesterday,
the firm listed its main risks as a drop in
commodity price linked to the Eurozone
financial crisis, a fall in Chinese demand
and regulatory clampdowns. BHP said it
had two fatalities at its plants in the last
year. The metals-to-energy giant said it
has 583.1m barrels of oil equivalent in
reserves as of the end of June a figure
that is set to rise thanks to its $12bn
acquisition of Petrohawk in August.
Saab wins bankruptcy reprieve
Struggling car maker Saab gained fresh
breathing room in its fight for survival
yesterday when it won a court appeal to
be granted protection from creditors
while it awaits Chinese investment. The
60-year-old company has been fighting
to stay afloat for most of this year after
it ran out of cash.
BP investors raise Russian claim
Minority shareholders in TNK-BP, the
Russian oil firm half-owned by BP, have
more than doubled their claim for dam-
ages over the firm's attempt to ally with
Rosneft to 154.3bn roubles (3.16bn).
The litigation led to BPs Moscow office
being searched by bailiffs last month. BP
said the amount of alleged damages is
unproven and baseless.
Microsofts Bill Gates is the richest man in America Christy Waltons Wal-Mart fortune puts her in sixth Mark Zuckerberg has made more than $10bn this year George Soros has entered the top ten this year
Niche Group
The Aim-listed company that invests in
gas exploration in Turkey has appoint-
ed investment banker Nigel Little as
executive chairman. Little is the former
president of Canaccord Adams Europe
and vice chairman of Canaccord
Capital Corporation.
Cogence Search
The specialist legal recruitment consul-
tancy has hired Christian Kelly as an
insurance litigation partner. Kelly joins
from Davies Arnold Cooper, where he
worked in the Insurance Litigation
Practice Group.
F&C Investments
The asset manager has hired Sara Stacey
to lead its institutional marketing activi-
ties. Stacey moves from BlueBay Asset
Management, where she was marketing
& communications manager.
Aldrich & Company
The recruitment consultancy and exec-
utive search firm has appointed
Charlotte Bygraves as head of events,
marketing, communications and road-
show recruitment. Bygraves joins from
UBS, where she was regional head of
event marketing.
BNY Mellon
The investment manager has appointed
Dean Fletcher as regional head of BNY
Mellon Corporate Trust, EMEA.
Previously, Fletcher was co-head of
EMEA for Corporate Trust with Joe
Duffy, who remains chief executive of
The Bank of New York Mellon (Ireland).
Fischer Francis Trees & Watts
The global fixed income partner of BNP
Paribas Investment Partners has hired
Rena Walsh as head of money markets.
Walsh previously worked for State
Street Global Advisors, where she most
recently led the banking relationships
for State Streets cash sweep business.
UIB
Bassem Kabban, CEO of the reinsurance
broker, has been appointed as chairman
of United Insurance Brokers Limited
(UIBL) and CEO of United Insurance
Brokers Holdings. Philip Tuite Dalton has
been appointed as the new CEO for UIBL,
following ten years at UIB as COO, and
David Trezies has been appointed as non-
executive chairman for UIB Holdings,
after six-years as executive chairman.
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 grim forecast
spooks investors
T
HE Federal Reserves warning
that the US faces a grim econom-
ic outlook jolted investors yester-
day, driving down US stocks
more than two per cent, while bench-
mark Treasury yields hit a more than
60-year low on the Feds announce-
ment of a $400bn bond-buying pro-
gramme.
The dollar rallied against the euro
and the yen, buoyed by the prospect of
higher short-term rates as a result of
the Feds aim to push down longer-
term interest rates by selling shorter-
term notes and using the funds to buy
longer-dated Treasuries.
The Feds bond-buying programme,
dubbed Operation Twist, had been
highly anticipated, but investors were
spooked by the US central banks com-
ment on the economy. The Fed, in its
policy statement issued after the close
of its two-day meeting, said, There are
significant downside risks to the eco-
nomic outlook.
That headline of economic out-
look I dont know why people are sur-
prised to read that but it seems to be
what people are fixated on and that is
what is driving the market lower, said
Stephen Massocca, managing director
at Wedbush Morgan in San Francisco.
On Wall Street, the three major
indexes ended more than two per cent
lower. The Dow Jones industrial aver-
age was down 283.82 points, or 2.49
per cent, at 11,124.84. The Standard &
Poors 500 Index was down 35.33
points, or 2.94 per cent, at 1,166.76. The
Nasdaq Composite Index was down
52.05 points, or 2.01 per cent, at
2,538.19.
The MSCI world equity index
slipped 2.3 per cent. The FTSEurofirst
300 index of pan-European stocks
ended down 1.7 per cent, ahead of the
Fed statement, while an index of
emerging stocks lost 1.6 per cent.
Prices of long-dated US Treasuries
rallied. Benchmark 10-year note yields
fell to a 60-year low of 1.87 per cent,
down from 1.95 per cent before the
statement.
Thirty-year bonds, the longest US
debt maturity, soared over three points
in price with yields plunging to 3.01
per cent, the lowest since January
2009.
This is good for Treasuries, said
Gennadiy Goldberg, interest rate
strategist at 4Cast Inc in New York.
Whether this will create economic
stimulus remains to be seen.
The euro last traded down 1 per cent
at $1.3569, while the dollar rose 0.4 per
cent to 76.70 yen.
The Fed did the minimum of what
investors expected, and they have been
punished for it, said Kathy Lien, direc-
tor of research at GFT in New York.
B
RITAINS top shares dropped
back yesterday, led by weakness
in commodity issues as
investors nervously awaited the
outcome of a US Federal Reserve
meeting with expectations for fur-
ther economic stimulus seen as
already discounted.
The FTSE 100 closed down 75.30
points, or 1.4 per cent at 5,288.41,
retreating after a two per cent bounce
on Tuesday to end near session lows
back below the 5,300 level.
Technical analysis of the FTSE 100
showed it is currently in a comfort
zone, said Bill McNamara of Charles
Stanley in a note, with the UK index
firmly within a flag pattern that has
defined its price action for the last six
weeks.
Ironically, it is when a trading
range becomes a comfort zone that
a break-out starts to become more
likely. Critical support is in the region
of 5,130 while resistance is at 5,450 or
so, McNamara added.
Specialty miners were the biggest
FTSE 100 fallers, with Chilean copper
miner Antofagasta the worst off,
down 6.7 per cent, while Rio Tinto
shed 4.2 per cent as the copper price
dropped to its lowest level since
November 2010.
Integrated oils also suffered, led by
BP down 2.5 per cent, on worries that
the Feds expected stimulus measures
will not be enough to prevent global
economic growth dipping back once
again.
Investors expected the US central
bank, which concluded a two-day pol-
icy meeting yesterday, to push down
already low long-term interest rates
by tilting its portfolio towards longer
maturities in a move known as
Operation Twist, rather than
announce more quantitative easing.
US blue chips were 0.3 per cent
lower by Londons close as investors
awaited the Fed statement.
If anything you would have
thought that (equity markets) would
be quite receptive to some more stim-
ulus from the Fed in a very controlled
way, and this is exactly what
Operation Twist is, said Mike
Lenhoff, chief strategist at Brewin
Dolphin Securities.
Because it doesnt require the Fed
to increase the size of its balance
sheet it just involves a restructuring
of the balance sheet so I would have
thought that thats to be welcomed,
particularly if it helps the housing
market, and if it helps bring back
some confidence in some way shape
or form.
Banks were lower as a sector,
reflecting falls by global lender HSBC,
off 1.7 per cent, and emerging mar-
kets-focused Standard Chartered,
down 1.5 per cent.
But the two part state-owned
British lenders bucked the sector
trend, squeezed higher by their low
liquidity and short-selling bias, with
Lloyds Banking Group, the top blue
chip riser up 5.6 per cent, and Royal
Bank of Scotland ahead 1.3 per cent.
Among individual blue chips, Land
Securities firmed 0.9 per cent after
BoA Merrill Lynchupgraded its rating
for the real estate firm to buy from
neutral, highlighting a value gap
with its peer British Land, down 1.2
per cent.
Inmarsat fell 2.6 per cent, with
traders citing the impact of two bro-
ker downgrades for the satellites
operator, partly on valuation
grounds, and partly due to concerns
over progress at its US partner
LightSquared.
Ex-dividend factors took 1.5 points
off the FTSE 100, with Aggreko, Aviva,
International Power and Petrofac all
losing their payout attractions.
FTSE commodities drop on
fear over Fed announcement
THELONDON
REPORT
THENEW YORK
REPORT
BEST OF THE BROKERS
To appear in Best of the Brokers email your research to notes@cityam.com
ANALYSIS l Legal and General
120
100
Jul Aug Sep
p
95.65
21 Sept
LEGAL AND GENERAL
UBS rates the investment and insurance group as neutral and reduces its
target price to 95p from 114p, due to a nine per cent decline in the sector
since June. The broker reduces its 2012 shareholder equity forecast by five
per cent, and sets the new price target at 68 per cent of the European
embedded value shareholders equity, in line with the sector. UBS says L&G
risks eroding returns by hoarding capital in difficult trading conditions.
ANALYSIS l Taylor Wimpey
37.50
32.50
Jul Aug Sep
p
34.62
21 Sept
TAYLOR WIMPEY
JP Morgan rates the housebuilder as overweight with a target price of 58p,
after an analyst day where it set out the groups vision for its long-term strat-
egy. The broker says medium-term guidance is within its expectations and
there will be no change in forecast, and that the group is right to believe that
growing volumes aggressively risks leading to declining quality of land and
geographical markets.
ANALYSIS l PZ Cussons
380
360
340
Jul Aug Sep
p
330.90
21 Sept
PZ CUSSONS
Goldman Sachs rates the consumer goods and healthcare group as neutral
and reduces its target price from 365p to 356p to reflect changes to its earn-
ings estimates. Risks to the brokers view and price target include further
material movements of input costs, acceleration of growth in Nigeria or
Indonesia, or a sequential slowdown in the UK and Greece. Goldman predicts
earnings per share of 17.4p for 2012, and 19.77p in 2013.
27Jun 15Jul 4Aug 14Sep 24Aug
6,200
5,400
5,000
5,800
ANALYSIS l FTSE
5288.41
21 Sept
BlackRock
David Snowdon has joined the investment
managers Defined Contribution business to
focus on business development by taking the
BlackRock proposition to market and building
relationships with DC clients. Snowdon joins
from Barclays, where he spent six years as an
employee benefit consultant, responsible for
providing advice to and developing relation-
ships with corporate clients. Prior to Barclays,
Snowdon gained employee benefits experience
at Sedgwick IFC and Towers Watson.
News
E
MPLOYEES are currently faced
with a barrage of contradicto-
ry news and opinions about
economic and business fore-
casts and the potential impact of
these on their own career prospects.
While some companies within the
financial services sector may be
maintaining a tight hold of their
purse strings, others have seen some
buoyant remuneration activity in
the past twelve months, particularly
for those with niche specialist prod-
uct experience. While recent news
has some employers cautious, a tal-
ent shortage in some areas persists
and highly skilled candidates will
continue to be in demand.
In recent months, it has become
clear that although many firms
have reduced bonuses, there has
been an increased focus on salaries,
which have increased over the past
12 months. So what should you be
doing to ensure your salary is fair
and competitive?
...FROM YOUR CURRENT EMPLOYER
Over recent months you may have
taken on additional responsibilities,
been under pressure to work longer
hours and not seen any increase to
your remuneration. If so, it may be
time to negotiate a salary increase.
Even if your company says it still has
a salary freeze in place it may be
possible to negotiate a pay rise if you
can demonstrate your value to the
company. To improve your chances
of success, consider these simple
steps:
STEP ONE: Do your homework.
Review salary surveys, talk with
recruiters and check comparable
roles on online job boards.
STEP TWO: Track your successes.
Make a solid list of your contribu-
tions and have it to hand during
the salary negotiation. Consider
where youve provided return on
investment and why you deserve
a raise.
STEP THREE: Be flexible. Before you
ask your manager about a raise,
know specifically what you want
and be open to other forms of remu-
neration. If you ask for a 10 per cent
pay increase and youre told theres
no money in the budget, maybe you
can negotiate an extra week of
annual leave or more flexitime.
Step four: Time it right. Hows your
companys business doing? If your
organisation has undergone
recent budget cuts or
redundancies, its not the
best time to ask.
...FROM A DIFFER-
ENT EMPLOYER
If you have not
secured the
pay rise you
were looking
for or if you
believe your
career would
flourish else-
where, it may be
worth moving to
another organisa-
tion.
Moving company
may help you secure a
pay rise, with new
salaries potentially 10-
15 per cent higher than
those at the previous job.
Below are some steps for
securing a fair and compet-
itive salary with a new
employer:
STEP ONE: Demonstrate that you are
the best person for the job and
maintain a positive and committed
view towards the new company and
the role.
STEP TWO: From day one, be trans-
parent about your long-term career
ambitions and remuneration expec-
tations. Establishing an open dia-
logue with a specialist recruitment
consultant will help you land a
career, not just a job.
STEP THREE: Dont just look at
salary. The overall career opportuni-
ty, including the work environment
and your rapport with your manag-
er will highly influence your overall
job satisfaction.
STEP FOUR: Read the contract thor-
oughly. A good recruitment consult-
ant will be able to explain any
confusing terminology, and sup-
port, you or act on your behalf
throughout the negotiation process.
But remember, whether you are
seeking a pay rise from your existing
employer or moving to another
firm, negotiating on remuneration
has to be a win-win scenario for
both parties. If you are excited and
motivated about the role, your
employer will receive genuine value
from their investment in you.
W
EVE been told that the
boom years are over. The
fast-growth sectors of
City employment have
ground to a halt. New job opportu-
nities will be fewer and far
between. Well, that is unless you
work in risk and compliance: the
fallout from the credit crunch has
given a new lease of life to these
sticklers for detail.
Ian Clark, Hayss resident risk
and compliance expert, says there is
huge demand for these workers:
The last 18 months has seen an
acute shortage of talent in this sec-
tor. But what do these jobs involve,
where are they going and how can
you get in? We asked Clark for the
inside scoop.
Q.
WHAT SKILLS DO
YOU NEED?
A.
For compliance, you need a
legal or technical background.
A strong, sound knowledge of risk
and controls, audit and business
review practices. The good jobs, of
course, go to those with direct
compliance experience. For risk,
you need a mathematical back-
ground a degree in maths, eco-
nomics, engineering or science a
strong understanding of financial
products and middle and back
office practices within banks.
Q.
WHAT ARE
THE PERKS?
A.
Lots of people dont realise the
high-level business exposure
you get in these jobs. Risk and com-
pliance employees usually deal
directly with the chief operating
officers and the board. Theres a lot
of international travel too.
Q.
WHAT DOES IT
TYPICALLY PAY?
A.
The remuneration packages in
these sectors are much like
they are in other banking jobs: you
get all the healthcare packages,
pension deals and bonus structures
that you get elsewhere in the bank.
Depending on the bank, gradu-
ates earn between 25-35,000. The
middle ranks are harder to define,
but usually earn somewhere
between 45-70,000. The higher ech-
elons are rewarded with salaries
over 80,000, with the head of com-
pliance and chief risk officers some-
times earning 200,000.
Q.
HOW DO YOU
GET IN?
A.
I think the big banks have grad-
uate schemes. JP Morgan, Bank
of America and Barclays certainly
do. Otherwise, those with comple-
mentary backgrounds might get in.
For compliance, this might be a
legal background. For risk, this
might be strong experience in
accountancy or mid-office product
control.
Q.
WHAT MAKES YOU STAND OUT
AGAINST THE CROWD?
A.
Businesses are always looking
for leaders for these roles: peo-
ple who are able to bring together
stakeholders, by influencing and
building rapport with everyone
from the front right through to
the back office. I dont deal with
graduates, but those who play team
sports might stand out to
recruiters.
This years hot
sectors: risk
and compliance
Take note: this is a
growth sector
Picture: ALAMY
NEIL OWEN
HEADHUNTER, ROBERT HALF
Donata Huggins asks Ian Clark, Hayss
expert, for the career ladder low down
Business Features| Careers
23
How to go about asking for that raise
24
The Forum
G
LORY be, we are to be saved!
As the TUC, President Nicolas
Sarkozy, Chancellor Angela
Merkel and the European
Parliament agree, impose a
Financial Transactions Tax (FTT)
upon the banks and Europe, or at
least the euro, will be saved. The
banks shall pay for their errors and
kittens will gambol in sunshine
once again.
The FTT is a Tobin Tax, the Robin
Hood Tax. Levy just a teensie 0.05
per cent tax on every financial
transaction and raise hundreds of
billions to do lovely things. Support
the euro perhaps, or pay off the
Greek debts. Oxfam wants to allevi-
ate poverty, the eurocrats think they
should just spend it.
There are, however, a few prob-
lems with the idea. We had a global
economic crisis due to mortgages
and securitised bonds, and today
were on the lip of another thanks
to an excess of government bonds.
None of these things are heavily
traded, so a transactions tax has lit-
tle to no effect on them. In fact,
none of the things likely to be taxed
caused problems: the foreign
exchange markets, options, futures,
money markets, interbank loans...
Not taxing the problem and taxing
what was not a problem is about par
for the political course.
Another justification offered is
that speculation causes price volatil-
ity. Volatility is bad, so why not tax
speculation in order to reduce it.
Unfortunately, only outside the eco-
nomic literature do we find the
assertion that speculation increases
volatility: inside it, the insistence is
that speculation reduces such
volatility. As Adam Smith told us it
did 235 years ago in book four, chapter five of
The Wealth of Nations. So the FTT aims to tax
away the activity that reduces volatility:
entirely counterproductive.
Whats worse than these childish misun-
derstandings, though, is an entire gawping
ignorance of tax incidence. Who hands over
the cheque for a tax is not necessarily the per-
son who is carrying the economic burden of
that tax. Weve known for over a century,
since Edwin Seligmans On the Shifting and
Incidence of Taxation, published in 1899,
that companies do not pay taxes. A tax leads
to a lighter wallet for some live human being:
companies are not live human beings so it
cannot be them that are paying. So while the
desire to make the banks pay might be sin-
cere, imposing a tax upon the banks isnt
going to achieve that. Banks, being compa-
nies, cannot and do not pay taxes.
Who pays a transactions tax? We, the con-
sumers do. Start with Sir James Mirrlees
(Nobel Laureate, knows his economic onions)
who has pointed out that transactions taxes
are a bad idea where alternatives are avail-
able, for they cascade through the economy,
multiplying. We could add Joe Stiglitz (beard,
Nobel, onions known, etc.) who in 1980 point-
ed out that the incidence of a corporate tax
could be greater than 100 per cent. That is,
the revenue gained is less than the amount
lightened from the wallets of those human
beings bearing the burden.
Imagine a 0.005 per cent, 0.5 basis points
(bps) tax on foreign exchange. A well-traded
pair these days might have a 0.5 bps spread.
As intended, this reduces liquidity, drives the
excessive speculation out of the market.
Excellent, less liquidity, spreads will widen.
They only have to widen to 1 bps for the bur-
den of the tax to be 200 per cent of the rev-
enue raised. The consumer in the end, of
course, coughs up. And it cascades: much
Italian pasta eaten in Britain is made from
Canadian wheat, so before it hits the plate
there will be transactions in the wheat
futures market, currency transactions from
loonie to euro to sterling, a bit of hedging
here and there. These real transactions, not
speculation, all leading to a plate of spag bog,
will have paid the tax five, 10 times and each
time potentially the cost on the final meal is
higher than the revenue raised.
This isnt taxing the banks, this is taxing
us, in a grossly inefficient manner.
Another part of the FTT proposal is that
overnight interbank loans should be taxed at
0.05 per cent (5 bps). With 250 banking days a
year this makes overnight Libor 12.5 per cent
or 25 per cent depending upon whether the
tax is once or both in and out. Does anyone
really think that high short-term interest
rates are a good idea just now?
Thus the major problem with the FTT: its
based upon ignorance. It wont be banks that
pay it. It will be us, the average consumer,
stung on every minor and major transaction
in the economy. Further, the amount were
stung will be higher than the amount raised
in tax. Whether those who are proposing it
are ignorant of all this is unknown: it could
be that they are sufficiently cynical to know
but think that we are ignorant enough to
not.
As to calling it the Robin Hood Tax, per-
haps we should remind them of the original
Robin of Loxley. He made his bones resisting
those collecting unjustly levied taxes, not
imposing them.
Tim Worstall knows more about the metal scandi-
um than is perhaps wise. He is the author of Chasing
Rainbows: Economic Myths, Environmental Facts.
While the desire to make the
banks pay might be sincere,
imposing FTT wont do that.
Companies dont pay taxes:
we do. A Tobin Tax will cost
us far more than it collects
cityam.com/forum
TIM WORSTALL
25
The man behind
Strada tells City
workers to strike
out on their own
It is always the
perfect time to
start a business
W
HY would now be a good time to
start your own business, when the
economy is weak and all around is
pessimism?
Well the truth is that plenty of great com-
panies were started in downturns. In the
depths of the Great Depression in the 1930s,
Walt Disney launched his eponymous anima-
tion company, now almost the largest enter-
tainment organisation in the world. Texas
Instruments marketed the worlds first tran-
sistor radio in 1953, during a recession. And
Bill Gates started Microsoft in 1975 in a motel
room in Albuquerque, while the US battled
stagflation and the after-effects of the oil cri-
sis.
And on a rather more modest scale, with
partners I actually launched Strada, a wood-
fired pizzeria, in the months immediately
after 9/11, when the mood was very down-
beat. Our first branch was a flop, and it was
only with the second and third openings that
we realised we had a winner on our hands.
Today that business has over 75 branches.
And around the same time, Steve Jobs of
Apple launched the iPod perhaps the most
successful consumer product of recent times,
and a major part of the amazing revival of
Apple.
For those who seek independence and free-
dom in their work, there is never a perfect
time to go it alone. Of course, becoming your
own boss is not without risks. I took the
plunge in 1989, after having been an analyst
at an investment bank. It was a struggle, as
Britain was about to enter a recession, and for
several years I felt as if I was making no
progress. But in early 1992, partners and I
managed to seize control of PizzaExpress,
and our lives were transformed. No doubt we
were lucky but I think persistent also paid a
part: I had been pursuing that opportunity
for almost three years.
If you really want to control your own des-
tiny, and create something in your life, then I
believe there is no better route than through
running your own company. You can leave all
the bureaucracy and office politics of large
organisations behind success will largely be
down to your efforts, rather than simply
being a cog in a giant machine.
I recommend that those who fancy their
chances prepare for the big leap from employ-
ment by moonlighting. You should use your
evenings, weekends and holidays wisely
writing a plan, recruiting a partner, studying
markets, analysing customers and perhaps
raising finance. And possibly you should start
part-time: nowadays the web permits many
businesses to be run from home, even while
holding down a job to pay the overheads.
No entrepreneur ever said building your
own business is easy. It requires hard work
and sacrifices, especially if you enjoy a well-
paid job in the City. Yet there are plenty out
there willing to give it a go. Just this week I
heard from a banker who left to found a yoga
and pilates offering, a financial journalist
starting a digital publisher, and a lawyer
retraining to become a chocolatier. So what
are you waiting for?
Luke Johnsons new book Start It Up: Why
Running Your Own Business is Easier Than You
Think is published by Portfolio Penguin.
Boris backs us
With the crisis in the Eurozone
deepening and world markets
shakier than ever, headlines of
financial Armageddon are today
vying for space with stories of
celebrity gossip. It can be tempt-
ing for commentators to shoot
from the hip during times like
these, but we must resist populist,
reactionary instincts when trying
to explain what is going on. City
A.M. is standing against the politi-
cal lynch-mob and providing a vital
platform from which the chal-
lenges we face can be understood
and tackled. The City is home to a
world class financial centre and
this newspaper deserves credit for
championing it and providing a
forum of free speech that enlight-
ens, as well as entertains.
Boris Johnson,
Mayor of London
Political currency
Andrew Lilicos call for a Eurozone
without Greece assumes the euro
is an economic project. The euro is
a political project and a building
block towards European integra-
tion. The markets are rightly scep-
tical of Greeces ability to stay in
the Eurozone, but underestimate
the political will to keep the
European project on course. It is a
battle of wills between federalist
politicians and the markets.
Syed Kamall, MEP for London
and member ECON committee
Speak your mind
Readers are invited to comment:
www.cityam.com/forum. The
best will be reprinted here.
RAPID RESPONSES
In association with
LUKE JOHNSON
BY ANTHONY BROWNE
The Forum
I
N a moment of
truth after los-
ing referendums
in France, the
Netherlands and
Ireland, Jose Manuel
Barroso, the
E u r o p e a n
Commission presi-
dent, admitted to me
that the EU could seem like a conspiracy by
political elites against their citizens. Never has
that been truer than of the euro crisis, which
really is crunch time for Europe. Angela
Merkel and other solvent European leaders
have an agonising choice of either sparking
the certain fury of their voters by using their
money to bail out the Greeks, or letting Greece
go to the wall, and watch the euro implode.
There really is no middle way; the rigour of the
bond markets will not let the EU pursue the
usual political fudge. Either good German tax-
payers money props up Greek bonds enough
to avoid default, or it doesnt. It pitches politi-
cians directly against their voters, and forces
them to break their earlier solemn promises
that they would never do this. It is every
leaders nightmare. The way out is not fudge
but leadership, which has been disappointing-
ly absent.
Eurosceptics who have long predicted the
demise of the euro of which I am one
should resist the temptation to indulge in
schadenfreude. The Eurozone must either
lurch forward to full fiscal union, or fracture;
the euro has clearly failed in its half-baked
form, leading to political and economic tur-
moil across the continent. But that was always
going to be part of the process. The euros cre-
ators saw monetary union as a doable step that
would inevitably lead to the far more political-
ly difficult fiscal and political union. If the
Eurozone now moves to fiscal union, it wont
be a failure of the euro, but its ultimate suc-
cess: it has done what it was designed to do. It
would be like saying a chrysalis had failed
because it turned into a butterfly. Fiscal union
will then lead inexorably to political union.
Germany can only underwrite Greeces debts if
it has some control over Greeces tax and
spending policy sovereignty over fiscal policy
will become pooled in the Eurozone. And if
European leaders are deciding what citizens in
other countries pay in taxes, then clearly those
citizens must have a say in who those leaders
are: it would be unsustainable over the long
term for Greeks to have their taxes decided by
German leaders they have no chance to vote
for. Remember the Boston tea party? Monetary
union leads to fiscal union leads to political
union, with each difficult step provoked by a
crisis. Todays events in Europe will be the sub-
ject of history books for decades to come.
Our chancellor is right that it is clearly in
the UKs immediate economic interest to avoid
the turmoil of a Greek default, and for the
Eurozone to take the fiscal union plunge. The
UK would not suffer the political problems of
fiscal union, but we would get some stability.
The criticism that monetary union without fis-
cal union doesnt work would be answered,
and the Eurozone would get a new lease of life.
But that all depends on Europes leaders being
able to show enough leadership. And that is far
from certain.
Anthony Browne is former Europe correspondent
for the Times, and author of The Case for European
Localism, published last week by Open Europe.
A lack of leadership is
tearing Europe apart
Email: theforum@cityam.com
Twitter: @cityamforum
UBSs rogue trader and the variability between retail exchange
traded funds shouldnt deter investors, writes Philip Salter
ETF criticisms dont
stand up to scrutiny
E
VEN prior to Kweku Adobolis
UBS fraud, there was plenty of
mud being slung at exchange-
traded funds (ETF) almost all
unjustifiable. UBSs rogue trader is
irrelevant to the concerns of retail
investors, for whom ETFs offer a cheap
and liquid way to track many indexes.
UBS IN CONTEXT
In the case of the UBS fraud, the prob-
lem was essentially a failure of inter-
nal controls. Adoboli was positioned
unhedged in index futures, booking
dummy ETF trades into the system
with settlement dates far into the
future. Considering some of the out-
cries against ETFs, it is ironic that
Adobolis fraud rested on not using
ETFs to hedge his positions.
As Ben Johnson, director of
European ETF research with
Morningstar, says the responsibility
lies with the person not the instru-
ment. In response, banks are busy
implementing new controls to vali-
date trades. But while banks try to
learn the right lessons from the latest
rogue trader, investors and regulators
should make sure they dont learn the
wrong ones.
ONGOING DEBATE
An ETF can be physically-backed
actively holding the asset, or assets, of
the index it is tracking or synthetic,
mimicking the index through deriva-
tives. There has been a debate rum-
bling, which regulators are entering,
pitching physical against synthetic
ETFs, with defenders of the former
often critical of the complexity and
counterparty risks of synthetics, while
the defenders of synthetics complain
that physically-backed ETFs underper-
form their index to a greater extent.
The criticisms are red herrings.
Especially complex ETFs are reserved
for institutional investors, while the
most complex in the retail space come
with adequate health warnings.
Investors are faced with the same
choices they have in every other pur-
chase they make: take a risk, trust a
professional or learn for themselves.
Counterparty risk of ETFs and the
broader issue of the property rights of
who owns what should a bank go bust
should indeed concern investors
especially given the parlous state of
Europes banks. But once again, this
isnt a problem particular to ETFs. It is
time investors started thinking about
how exposed all their wealth is to the
collapse of any bank.
INSTRUMENTAL BENEFITS
The main advantage of ETFs is simply
that they are nearly always cheaper
than funds. Caroline Shaw of
Courtiers also points out ETFs offer
advantages in their ability to trade at
any time during the day. She thinks
that given the increasing range of ETF
products available, it is becoming
more viable for investors to use them
in place of funds. She says there is
certainly an argument that a low cost
ETF is a good idea in a heavily
analysed market, such as the S&P
500. However, because not all asset
classes and sectors are available
through tracking an index, she says
there are certain areas where manag-
er expertise is essential such as,
small cap investments, bricks and
mortar property and private equity.
ETFs are a broad church some are
very conservative, tracking their
index closely, while others, particular-
ly commodity ETFs, dont. The former
isnt necessarily better than the latter
the point is to understand what it is
the ETF is supposed to do, how it plans
to do it and whether it is actually
managing this in practice.
ETFs dont offer alpha, but then
most fund managers dont deliver it.
ETF providers already offer all the
information necessary for investors to
make informed decisions. As such, the
recent and ongoing haranguing of
ETFs should be tempered, while con-
cerns about their complexity and
counterparty risk should be expressed
with reference to the facts and situat-
ed within broader investment debates
on risks versus rewards.
Dont be put off by lazy headlines
decrying ETFs they should form a
crucial pillar of everyones investment
strategy.
Wealth Management| ETFs
Selftrade is a trading name of Talos Securities Limited and registered trade mark of Boursorama. Talos Securities Limited is incorporated in
England and Wales (Registration No. 4196325, Registered Address: Boatmans House, 2 Selsdon Way, London E14 9LA), is authorised and
regulated by the Financial Services Authority (FSA Register No. 208271) and is a member of the London Stock Exchange and PLUS Markets plc.
The best person to run your pension is
You have the greatest vested interest in
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A Self Invested Personal Pension (SIPP)
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and skilfully manage your stock market
investments. Youre also free to choose
your own Trustee/Administrator, giving
you the exibility to choose the one that
best suits your needs.
Please remember that investments, and
any income from them, can fall in value
as well as rise and you may get back less
than you invested. We do not provide
investment advice. If youre unsure whether
a SIPP is right for you, we recommend you
seek independent nancial advice.
Take control of your future and put your
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Download your comprehensive FREE guide
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Visit www.selftrade.co.uk/you
or call 0845 0700 720
Lines are open Monday to Friday 7.45am 7pm.
Calls may be recorded.
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Red herrings abound Picture: ALAMY
Wealth Management | Debt
Tens of thousands of people spend
more than they earn every month and
are struggling to make their credit card
repayments, Stephanie Broll explains
how she stopped being one of them
D
ONT look so frightened, Tracy
Finn tells me. We are sat in the
big Queen Street branch of
HSBC in the City. Its 10am on
Wednesday morning, and Im only
about a year late for this meeting. I
help dozens of people with their per-
sonal debt every month, she assures
me. Most of them earning an awful
lot more than you after all, we are in
the City. Im certainly not alone, the
average household debt in the UK
excluding mortgages is 8,055.
Cheap credit flowed in the boom
years. Not just for businesses and
mortgages, but also in the form of
personal credit. I was a student and
every time I skirted close to my credit
limit, it would be increased automati-
cally. This is dangerous when youre a
fresher and your loan is paid in lump
sums every quarter. Somehow money
didnt seem real. I now have more
debts than I can cope with and end up
skint every month 15 days before pay
day.
But graduation and the working
world are sobering in more ways than
one. Lots of people spend more than
they earn, says Finn, Ive seen people
who earn 80k, but have expensive
tastes. Im just glad youre here to see
me. I sigh a breath of relief. This
might not be as bad as I imagined.
It sounds like a clich after all
those adverts, but you need to consol-
idate all your debts into one afford-
able monthly payment. I laugh. Little
did I know that Id turn into Ocean
Finances dream customer.
POOR CREDIT RATING
A good APR is out of the question if
youve missed payments in the past.
Tim Moss of MoneySupermarket tells
me that even missed phone bills will
count against your credit rating nowa-
days: It never used to be the case, but
its really tightened up. The best APR
someone with a poor rating is going
to get on a personal loan these days is
around 18 per cent. Still, this is cheap-
er than the 19.9 per cent that is typi-
cally charged on an overdraft and
credit card for a person like me.
Finn riffles through my statements
to put together a realistic budget. Its
extremely uncomfortable. Finn jokes
that I dont seem to have eaten much
since the end of August. Austerity
budget, I joke back. Andrew Haggar
of MoneyNet tells me my discomfort
looking at my statement is a very bad
sign: Youve got a problem as soon as
you stop opening your statements.
You need to know precisely how much
you spend on everything to get things
under control.
LOAN CONDITION
Finn tots up the totals and sends my
loan application to underwriters. Im
offered it on the condition that all my
credit limits are cut. We have to do
this, Finn explains, we wouldnt be a
responsible lender if we didnt. Moss
warns me, however, that I should be
wary of even the reduced credit limits
Ive been given: Cut up the cards, cut
off the overdraft. Do not allow your-
self any temptations. A debt consoli-
dation loan needs to be a one-off.
Theres a scarily large group of people
that consolidate their debt only to tot
up more that needs consolidating the
next year at even less favourable
rates.
Im given a choice of repayment
options. Moss warns me that I must
pick something realistic: Its
extremely important that you can
stick to the payment schedule. You
dont want to damage your credit rat-
ing anymore. I go for a low payment
stretched across four years. Finn
assures me that I can repay early and
have the interest reimbursed if I want
to.
I leave feeling several stone lighter
than I did before. But what next, how
do I make sure I never end up in a
mess again?
Moss suggests I do everything in
cash. Take out a set amount of
money each day then leave your card
at home. Your spending will plum-
met. I think people register physical
money in a way that they dont when
they buy everything on their card.
Haggers reminds me to budget.
You need to do this regularly. Making
a note of everything you spend
throughout the year. Dont let your-
self get stung by bills that come up
once a year.
Putting small amounts of money
into an emergency Isa fund every
month is a good idea too, says Moss.
Not only is saving good therapy for
perpetual spendthrifts, but you are
then also able to loan to yourself
money for shock bills.
Dont pull your hair
out over money
troubles. There are
solutions
Only facing up
to your debt
problems will
stop the stress
Lowland Investment Company has a long-term record
of delivering income and capital growth by offering investors
a broad choice of listed UK corporate and well-run family
companies.
Lowland Investment Company doesn't restrict its selection
of companies to the FTSE 100 Index. This means it's an
option for investors who want to access the full spectrum of
UK companies, and are prepared to accept some short term
volatility for the prospect of above average growth over the
medium to long term.
No more than 50% of capital is invested in the large and
established companies in the FTSE 100 Index, with the
balance invested in the growth potential of selected smaller
and medium sized companies.
Please remember that past performance is not a guide to
future performance. The value of an investment and the
income from it can fall as well as rise as a result of market and
currency fluctuations and you may not get back the amount
originally invested.
Some of the investments in this portfolio are in smaller
companies shares. They may be more difficult to buy and
sell and their share price may fluctuate more than that of
larger companies. Being invested in a single country or
region means changes to local political and economic
conditions can have an impact on the portfolio's value.
Henderson Global Investors is the name under which Henderson Global Investors Limited (reg. no. 906355), Henderson Fund Management Limited (reg. no. 2607112), Henderson
Investment Funds Limited (reg. no. 2678531), Henderson Investment Management Limited (reg. no. 1795354), Henderson Alternative Investment Advisor Limited (reg. no. 962757),
Henderson Equity Partners Limited (reg. no.2606646), (each incorporated and registered in England and Wales with registered office at 201 Bishopsgate, London EC2M 3AE),
Gartmore Investment Limited (reg. no. 1508030), Gartmore Fund Managers Limited (reg. no. 1137353), (each incorporated and registered in England and Wales with registered
office 201 Bishopsgate, London, EC2M 3AE) are authorised and regulated by the Financial Services Authority to provide investment products and services.
Investment trusts, managed by Henderson
www.lowalandinvestment.com
0800 138 9134
Lowland Investment Company
2010/11 2009/10 2008/09 2007/08 2006/07
Share Price (Total Return) 38.3% 11.3% -14.1% -31.2% 31.4%
Net Asset Value (Total Return) 27.1% 15.4% -14.1% -24.5% 21.3%
Source: All data sourced from Morningstar as at 31 August 2011,
unless otherwise stated. The latest data is available on our website.
Annual Growth to 31 August 2011
Ref: LWICA-01
The facts youll want to know
Aims to grow capital and income but not one
at the expense of the other.
The Trust has an outstanding long term track
record of income growth, with 38 consecutive
years of increasing dividends until 2009, when
the dividend was held. It has a current dividend
yield of 3.25% (as at 31 August 2011).
The portfolio blends the largest UK corporations
with well run family-owned companies.
Not more than 50% of the portfolio is
comprised of FTSE 100 companies.
UK companies
I want to invest in
and I want a broad choice...
...its all about
getting the
right mix

27
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Wealth Management | Institutional FX
Growing role of automatic FX trading
O
VER the last two years, we have
witnessed a significant increase in
demand to trade automatically in
the FX market. Even if it is to fol-
low the same trend as the equity and
futures markets after Mifid its high lev-
els of liquidity and huge volumes of
trade per day makes it a very attractive
market for automated trading this is a
complex and very specific market to
enter.
In the FX market, the need for speed is
measured in milliseconds rather than
microseconds. And although we are in
the automated trading (HFT) space, the
FX market is still far from entering the
high frequency space because of its cur-
rent structure and lack of best execution
practices. Speed will be critical because
the FX matching engine locations are
very distant; the three main venues are
New York, London and Tokyo.
BRIDGING THE GAP
In order to enter the HFT space, partici-
pants will need to optimise the follow-
ing elements of their trading
infrastructure: their network, connectiv-
The need for speed in
the electronic FX mar-
ket is still measured in
milliseconds
Picture: ALAMY
ity and execution engine location. There
are simple solutions to respond to those
challenges, such as having a fibre optic
network with a large bandwidth capaci-
ty, adopting low latency connectivity
and using co-location and proximity
hosting facilities. This kind of trading
infrastructure was already in place for
the other asset classes.
FURTHER CHALLENGES
Where FX has to face other challenges is
with the highly fragmented bank and
electronic communication network
(ECN) execution venues, the lack of com-
munication standards and the dispersed
price discovery. Traders will have to cap-
ture market data from various and dis-
tant venues, all using different
standards; therefore their trading sys-
tems need to be very open and adaptable.
They also need to possess key features
such as integrating real time data but
also be capable of storing information to
back test trading models. A platform
needs to be scalable in order to back test
multi-strategy models on different time
scales. Ideally firms need to be able to test
their models in different environments.
For instance, statistical packages and
engines need to be able to send orders to
multiple venues in multiple protocols.
Developing and maintaining this kind
of platform is very high in terms of cost
but also resources. A lot of companies are
still developing their platform in-house
but now third parties can provide robust
solutions and more firms will select this
solution, allowing their internal valuable
resources, quants and researchers to
focus on their core value: building and
developing alpha models.
CO-FOUNDER & CEO, QUANTHOUSE
PIERRE-FRANOIS FILET
2003 04 05 06 07 08 09 10 e11 e12
45
35
25
15
5
ANALYSIS l Estimated Automated Trading in FX
%of all
fx trades
LON GD ONCE FIX AM...........1810.25 18.25
SILVER LDN FIX AM ..................40.24 0.13
MAPLE LEAF 1 OZ ....................43.24 0.79
LON PLATINUM AM................1784.00 2.00
LON PALLADIUM AM...............716.00 -2.00
ALUMINIUM CASH .................2303.50 -5.50
COPPER CASH ......................8397.00 -17.50
LEAD CASH...........................2328.00 8.00
NICKEL CASH......................21095.00 10.00
TIN CASH.............................23120.00 480.00
ZINC CASH ............................2088.00 -4.50
BRENT SPOT INDEX................110.65 0.04
SOYA .....................................1338.00 2.00
COCOA..................................2730.00 14.00
COFFEE ......................................0.00 0.00
KRUG.....................................1857.20 -11.20
WHEAT ....................................160.75 1.25
AIR LIQUIDE........................................88.15 -0.75 100.65 80.90
ALLIANZ..............................................62.20 -2.36 108.85 56.16
ANHEUS-BUSCH INBEV ....................38.35 -0.31 46.33 33.85
ARCELORMITTAL...............................12.31 -0.52 28.55 12.06
AXA........................................................8.79 -0.28 16.16 8.05
BANCO SANTANDER...........................5.76 -0.15 9.67 5.15
BASF SE..............................................46.42 -1.41 70.22 42.19
BAYER.................................................38.39 -0.66 59.44 35.36
BBVA......................................................5.70 -0.20 10.21 5.03
BMW ....................................................56.09 -1.55 73.85 47.22
BNP PARIBAS.....................................24.46 -0.46 59.93 23.00
CARREFOUR ......................................16.01 -0.29 36.06 14.66
CRH PLC..............................................11.17 -0.57 17.40 10.28
DAIMLER.............................................35.40 -1.39 59.09 30.93
DANONE..............................................43.90 -0.91 53.16 42.08
DEU.BOERSE OFFRE ........................40.44 -1.81 55.75 37.03
DEUTSCHE BANK..............................23.90 -0.55 48.70 20.79
DEUTSCHE TELEKOM.........................8.52 -0.17 11.38 7.88
E.ON.....................................................15.28 -0.50 25.54 12.50
ENEL......................................................3.06 -0.07 4.86 2.85
ENI .......................................................12.88 -0.09 18.66 11.83
FRANCE TELECOM............................11.84 -0.19 17.45 11.26
GDF SUEZ ...........................................20.97 -0.24 30.05 18.32
GENERALI ASS...................................11.00 -0.20 17.05 10.34
IBERDROLA..........................................4.94 -0.10 6.50 4.29
INDITEX ...............................................63.65 0.60 65.18 50.92
ING GROEP CVA...................................4.97 -0.15 9.50 4.32
INTESA SANPAOLO.............................0.97 -0.03 2.53 0.85
KON.PHILIPS ELECTR.......................13.03 -0.11 25.45 12.06
L'OREAL..............................................74.31 -0.60 91.24 69.86
LVMH..................................................113.85 -1.60 132.65 97.67
MUNICH RE.........................................83.85 -1.41 126.00 78.10
NOKIA....................................................4.19 -0.16 8.49 3.33
REPSOL YPF.......................................19.53 -0.43 24.90 17.31
RWE.....................................................24.63 -1.31 55.88 21.22
SAINT-GOBAIN...................................29.55 -0.60 47.64 27.62
SANOFI ................................................48.02 -1.04 56.82 42.85
SAP......................................................37.32 -0.04 46.15 32.88
SCHNEIDER ELECTRIC.....................41.06 -0.55 61.83 37.42
SIEMENS .............................................69.15 -1.07 99.39 62.13
SOCIETE GENERALE.........................16.93 -0.22 52.70 14.32
TELECOM ITALIA..................................0.79 -0.00 1.16 0.70
TELEFONICA ......................................13.77 -0.25 19.69 12.50
TOTAL..................................................32.21 -0.39 44.55 30.34
UNIBAIL-RODAMCO SE...................133.60 -1.20 162.95 124.50
UNICREDIT............................................0.69 -0.02 2.03 0.67
UNILEVER CVA...................................22.74 -0.13 24.08 20.82
VINCI ....................................................32.79 -0.35 45.48 30.31
VIVENDI ...............................................15.23 -0.47 22.07 14.10
VOLKSWAGEN VORZ.......................111.00 -3.00 152.20 81.80
Price Chg High Low
EUSHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 5288.41 -75.30 -1.40
FTSE 250 INDEX . . . . . . . 10266.00 -42.58 -0.41
FTSE UK ALL SHARE . . . . 2742.17 -34.88 -1.26
FTSE AIMALL SH . . . . . . . . 757.63 -3.04 -0.40
DOWJONES INDUS 30 . . 11124.84 -283.82 -2.49
S&P 500. . . . . . . . . . . . . . . . 1166.76 -35.33 -2.94
NASDAQ COMPOSITE . . . 2538.19 -52.05 -2.01
FTSEUROFIRST 300 . . . . . . 918.06 -16.10 -1.72
NIKKEI 225 AVERAGE. . . . 8741.16 19.92 0.23
DAX 30 PERFORMANCE. . 5433.80 -137.88 -2.47
CAC 40 . . . . . . . . . . . . . . . . 2935.82 -48.23 -1.62
SHANGHAI SE INDEX . . . . 2512.96 65.21 2.66
HANG SENG. . . . . . . . . . . 18824.17 -190.63 -1.00
S&P/ASX 20 INDEX . . . . . . 2444.20 20.40 0.84
ASX ALL ORDINARIES . . . 4153.60 28.80 0.70
BOVESPA SAO PAOLO. . 56885.66 507.03 0.90
ISEQ OVERALL INDEX . . . 2444.52 -48.39 -1.94
STI . . . . . . . . . . . . . . . . . . . . 2791.79 10.95 0.39
IGBM. . . . . . . . . . . . . . . . . . . 827.98 -15.42 -1.83
SWISS MARKET INDEX. . . 5475.34 3.94 0.07
Price Chg %chg
3M........................................................76.34 -2.87 98.19 76.00
ABBOTT LABS ...................................51.74 -1.03 54.24 45.07
ALCOA ................................................10.84 -0.41 18.47 10.84
ALTRIA GROUP..................................26.12 -0.83 28.13 23.20
AMAZON.COM..................................231.87 -1.38 244.00 147.35
AMERICAN EXPRESS........................48.23 -1.04 53.80 37.33
AMGEN INC.........................................56.04 -1.33 61.53 47.66
APPLE...............................................412.14 -1.31 422.86 275.00
AT&T....................................................28.30 -0.55 31.94 27.20
BANK OF AMERICA.............................6.38 -0.52 15.31 6.01
BERKSHIRE HATAW B.......................67.22 -2.50 87.65 66.51
BOEING CO.........................................61.02 -2.54 80.65 56.01
BRISTOL MYERS SQUI ......................30.95 -0.54 31.78 20.05
CATERPILLAR....................................79.36 -4.30 116.55 72.88
CHEVRON...........................................94.27 -3.52 109.94 78.16
CISCO SYSTEMS................................15.84 -0.69 24.60 13.30
CITIGROUP.........................................25.52 -1.41 51.50 25.40
COCA-COLA.......................................69.28 -1.37 71.77 57.55
COLGATE PALMOLIVE......................89.99 -3.97 94.89 73.62
CONOCOPHILLIPS.............................64.95 -2.06 81.80 55.00
CVS/CAREMARK................................35.33 -0.48 39.50 29.45
DU PONT(EI) DE NMR........................44.61 -1.35 57.00 43.60
EXXON MOBIL....................................71.97 -2.04 88.23 60.90
GENERAL ELECTRIC.........................15.38 -0.66 21.65 14.72
GOOGLE A........................................539.20 -7.43 642.96 473.02
HEWLETT PACKARD.........................23.98 1.51 49.39 22.13
HOME DEPOT.....................................33.84 -0.97 39.38 28.13
IBM.....................................................173.02 -1.70 185.63 130.11
INTEL CORP .......................................21.94 -0.26 26.78 18.69
J.P.MORGAN CHASE.........................30.34 -1.91 48.36 30.26
JOHNSON & JOHNSON.....................63.13 -1.09 68.05 57.50
KRAFT FOODS A................................34.13 -0.39 36.30 24.30
MC DONALD'S CORP ........................87.52 -1.79 91.22 72.14
MERCK AND CO. NEW......................31.85 -0.65 37.68 29.47
MICROSOFT........................................25.99 -0.99 29.46 23.65
OCCID. PETROLEUM.........................76.32 -4.46 117.89 73.86
ORACLE CORP...................................29.54 1.19 36.50 24.72
PEPSICO.............................................60.79 0.40 71.89 59.25
PFIZER ................................................17.84 -0.40 21.45 16.25
PHILIP MORRIS INTL .........................66.80 -1.48 72.74 54.61
PROCTER AND GAMBLE ..................63.02 -1.06 67.72 56.57
QUALCOMM INC ................................51.66 -1.45 59.84 42.45
SCHLUMBERGER ..............................65.15 -4.14 95.64 57.77
TRAVELERS CIES..............................48.19 -2.23 64.17 46.62
UNITED TECHNOLOGIE ....................74.87 -1.14 91.83 67.12
UNITEDHEALTH GROUP...................48.01 -1.82 53.50 33.94
VERIZON COMMS ..............................35.84 -0.57 38.95 31.58
WAL-MART STORES..........................51.32 -0.97 57.90 48.31
WALT DISNEY CO ..............................31.28 -1.03 44.34 29.60
WELLS FARGO & CO.........................23.71 -0.96 34.25 22.58
COMMODITIES CREDIT & RATES
BoE IR Overnight ............................0.500 0.00
BoE IR 7 days.................................0.500 0.00
BoE IR 1 month ..............................0.500 0.00
BoE IR 3 months ............................0.500 0.00
BoE IR 6 months ............................0.500 0.00
LIBOR Euro - overnight ..................0.918 -0.02
LIBOR Euro - 12 months ................2.035 0.00
LIBOR USD - overnight...................0.146 0.00
LIBOR USD - 12 months.................0.838 0.00
HaIifax mortgage rate .....................3.990 0.00
Euro Base Rate ...............................1.500 0.00
Finance house base rate................1.000 0.00
US Fed funds...................................0.250 0.00
US Iong bond yieId .........................3.170 -0.05
European repo rate.........................0.659 -0.12
Euro Euribor ....................................1.140 0.00
The vix index ...................................34.98 2.12
The baItic dry index ........................1.795 0.03
Markit iBoxx...................................232.02 -0.86
Markit iTraxx..................................186.69 1.49
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
USSHARES
C/$ 1.3737 0.0034
C/ 0.8785 0.0078
C/ 104.86 0.2760
/C 1.1373 0.0116
/$ 1.5638 0.0101
/ 119.40 0.9500
FTSE 100
5288.41
75.30
FTSE 250
10266.00
42.58
FTSE ALLSHARE
2742.17
34.88
DOW
11124.84
283.82
NASDAQ
2538.19
52.05
S&P 500
1166.76
35.33
Smiths Group . . . . . .965.0 -2.0 1429.0 907.5
Brown (N.) Group . . .284.6 -6.4 311.2 232.3
Carpetright . . . . . . . . .484.0 -2.1 835.5 475.0
Debenhams . . . . . . . . .56.0 -2.5 77.4 51.2
Dignity . . . . . . . . . . . .854.5 8.0 856.5 633.0
Dixons RetaiI . . . . . . .11.2 -0.0 28.5 10.6
DuneImGroup . . . . . .466.0 6.0 550.0 380.0
HaIfords Group . . . . .299.2 -2.9 459.7 268.6
Home RetaiI Group . .117.2 1.0 235.0 105.1
Inchcape . . . . . . . . . .304.4 -5.7 425.4 268.1
JD Sports Fashion . .830.5 -10.0 1030.0 753.5
Kesa EIectricaIs . . . . .83.5 -3.2 174.0 83.3
Kingfisher . . . . . . . . .256.0 -3.5 287.1 217.0
Marks & Spencer G . .336.7 1.1 427.5 301.8
Mothercare . . . . . . . .332.4 -6.1 627.5 332.0
Next . . . . . . . . . . . . .2643.0 -6.0 2660.0 1868.0
Sports Direct Int . . . .228.9 -1.0 266.2 125.5
WH Smith . . . . . . . . . .509.0 -2.0 523.0 433.8
Smith & Nephew . . . .590.5 -3.5 742.0 521.0
Synergy HeaIth . . . . .899.0 0.5 981.0 690.0
Barratt DeveIopme . . .84.3 2.1 119.0 67.5
BeIIway . . . . . . . . . . . .627.5 21.5 753.5 511.0
BerkeIey Group Ho .1245.0 2.0 1299.0 789.5
BaIfour Beatty . . . . . .254.2 0.5 357.3 228.6
KeIIer Group . . . . . . .350.0 -10.8 698.5 307.3
Kier Group . . . . . . . .1240.0 -18.0 1418.0 1097.0
Drax Group . . . . . . . .506.0 -13.5 536.5 353.6
Scottish & Southe . .1316.0 -10.0 1423.0 1108.0
Domino Printing S . .461.5 -3.1 705.0 452.2
HaIma . . . . . . . . . . . . .335.6 -1.3 429.6 305.5
Laird . . . . . . . . . . . . . .141.4 -3.7 207.0 127.9
Morgan CrucibIe C . .256.2 7.8 357.1 205.3
Renishaw . . . . . . . . .1121.0 15.0 1886.0 1000.0
Spectris . . . . . . . . . .1314.0 6.0 1679.0 1005.0
Aberforth SmaIIer . . .553.0 -3.5 714.0 540.0
AIIiance Trust . . . . . .336.5 -4.9 392.7 325.0
Bankers Inv Trust . . .369.0 -1.9 428.0 356.5
BH GIobaI Ltd. GB .1182.0 -18.0 1206.0 1058.0
BH GIobaI Ltd. US . . . .11.7 -0.1 12.0 10.4
BH Macro Ltd. EUR . . .19.2 -0.2 20.1 15.8
BH Macro Ltd. GBP 1976.0 -15.0 2070.0 1630.0
BH Macro Ltd. USD . . .19.4 0.1 20.1 15.8
BIackRock WorId M .664.0 -11.5 815.5 623.0
BIueCrest AIIBIue . . .170.2 0.0 176.2 162.4
British Assets Tr . . . .114.8 -0.6 140.5 113.0
British Empire Se . . .451.5 -1.2 533.0 451.1
CaIedonia Investm .1521.0 -33.0 1928.0 1500.0
City of London In . . .270.0 -2.6 306.9 257.0
Dexion AbsoIute L . .139.2 -2.3 151.0 135.2
Edinburgh Dragon . .219.0 1.6 262.1 213.0
Edinburgh Inv Tru . . .441.6 -8.6 492.2 414.9
EIectra Private E . . .1321.0 10.0 1755.0 1287.0
F&C Inv Trust . . . . . .283.5 -4.3 327.9 268.6
FideIity China Sp . . . . .80.1 -2.1 128.7 80.0
FideIity European . . .992.0 -7.0 1287.0 947.0
FideIity SpeciaI . . . . .475.0 -5.0 595.0 451.5
HeraId Inv Trust . . . . .445.7 -8.3 545.5 427.0
HICL Infrastructu . . . .115.7 0.0 121.3 112.7
Impax Environment . .96.0 -1.0 130.5 96.0
JPMorgan American .812.0 -4.0 916.0 721.5
JPMorgan Asian In . .189.0 -4.0 250.8 189.0
JPMorgan Emerging .511.5 -2.5 639.0 499.3
JPMorgan European .741.0 -2.5 983.5 701.0
JPMorgan Indian I . . .373.0 0.9 502.0 354.8
JPMorgan Russian .495.0 -2.4 755.0 495.0
Law Debenture Cor . .330.9 -1.9 385.0 309.8
MercantiIe Inv Tr . . . .905.5 -6.5 1137.0 876.5
Merchants Trust . . . .362.0 -4.0 431.8 348.7
Monks Inv Trust . . . .328.0 -3.3 367.9 311.3
Murray Income Tru . .590.0 -23.0 673.0 577.0
Murray Internatio . . .870.0 -14.0 991.5 845.5
PerpetuaI Income . . .240.4 -1.0 276.0 230.6
PoIar Cap TechnoI . .336.0 -3.0 391.2 299.5
RIT CapitaI Partn . . .1232.0 -25.0 1334.0 1110.0
Scottish Inv Trus . . . .446.0 -3.0 524.0 423.5
Scottish Mortgage . .663.0 -15.0 781.0 626.5
SVG CapitaI . . . . . . . .214.7 -8.3 279.8 163.2
TempIe Bar Inv Tr . . .826.0 1.0 952.0 782.0
TempIeton Emergin .555.0 -9.5 689.5 553.5
TR Property Inv T . . .162.6 -0.5 206.1 154.5
TR Property Inv T . . . .73.3 -0.7 94.0 69.5
Witan Inv Trust . . . . .433.0 -6.0 533.0 426.4
3i Group . . . . . . . . . . .195.0 -3.4 340.0 188.4
3i Infrastructure . . . .121.4 0.3 125.2 112.9
Aberdeen Asset Ma .181.5 -4.2 240.0 148.9
Ashmore Group . . . .391.6 -18.4 420.0 301.5
Brewin DoIphin Ho . .130.0 -1.3 185.4 121.3
CameIIia . . . . . . . . . .9375.5 -16.010950.0 8900.0
CharIes TayIor Co . . .140.0 -0.5 198.3 122.0
City of London Gr . . . .77.8 0.0 93.6 76.3
City of London In . . .375.0 -4.8 461.5 317.5
CIose Brothers Gr . . .677.5 -8.5 888.5 656.5
CoIIins Stewart H . . . .68.0 -2.0 90.8 67.0
EvoIution Group . . . . .88.0 -0.3 94.0 62.3
F&C Asset Managem .64.5 -0.5 92.9 58.7
Hargreaves Lansdo .478.6 -1.6 646.5 402.5
HeIphire Group . . . . . . .2.6 -0.1 39.0 2.2
Henderson Group . . .117.8 -4.3 173.1 117.4
Highway CapitaI . . . . .14.5 0.0 21.0 6.0
ICAP . . . . . . . . . . . . . .466.1 -5.9 570.5 391.3
IG Group HoIdings . .438.9 1.9 553.0 393.6
Intermediate Capi . . .224.5 -1.2 360.3 204.8
InternationaI Per . . . .212.4 1.3 388.8 210.0
InternationaI Pub . . . .113.2 0.2 118.3 108.6
Investec . . . . . . . . . . .389.2 -8.3 538.0 378.7
IP Group . . . . . . . . . . . .50.3 4.3 54.5 27.9
Jupiter Fund Mana . .210.7 -1.5 337.3 184.9
Liontrust Asset M . . . .72.5 0.0 95.0 72.0
LMS CapitaI . . . . . . . . .62.0 -0.1 64.8 44.8
London Finance & . . .21.5 0.0 23.5 16.5
London Stock Exch .851.5 -10.5 1076.0 675.0
Lonrho . . . . . . . . . . . . .14.8 0.3 19.8 11.0
Man Group . . . . . . . . .231.2 -2.8 311.0 178.0
Paragon Group Of . .150.4 -2.9 206.1 134.6
Provident Financi . .1061.0 8.0 1124.0 728.5
Rathbone Brothers .1070.0 2.0 1257.0 828.0
Record . . . . . . . . . . . . .29.6 0.0 51.0 20.3
RSM Tenon Group . . .23.0 0.3 66.3 21.3
Schroders . . . . . . . .1284.0 -32.0 1922.0 1284.0
Schroders (Non-Vo .1053.0 -26.0 1554.0 1053.0
TuIIett Prebon . . . . . .363.7 -5.7 428.6 329.8
WaIker Crips Grou . . .49.0 0.0 51.5 45.0
BT Group . . . . . . . . . .175.7 0.6 204.1 138.9
CabIe & WireIess . . . .40.0 0.0 60.8 31.3
CabIe & WireIess . . . .32.7 -0.8 77.2 30.9
COLT Group SA . . . .103.1 -1.3 156.2 100.6
TaIkTaIk TeIecom . . .128.5 2.5 168.3 119.8
TeIecomPIus . . . . . . .686.0 -4.0 700.0 365.5
Booker Group . . . . . . .72.2 -1.1 77.9 47.9
Greggs . . . . . . . . . . . .469.4 -3.8 550.5 429.1
Morrison (Wm) Sup .290.7 -4.5 308.3 262.7
Ocado Group . . . . . . .102.5 -13.2 285.0 99.6
Sainsbury (J) . . . . . . .274.5 -6.5 395.0 274.5
Tesco . . . . . . . . . . . . .364.0 -7.2 440.7 360.1
Associated Britis . . .1104.0 -18.0 1182.0 940.0
Cranswick . . . . . . . . .611.5 -3.5 896.0 605.5
Dairy Crest Group . . .350.0 8.9 424.9 325.0
Devro . . . . . . . . . . . . .235.0 -3.0 296.9 218.0
Premier Foods . . . . . . .12.7 0.5 35.1 11.3
Tate & LyIe . . . . . . . . .622.5 5.0 656.0 461.6
UniIever . . . . . . . . . .1987.0 -2.0 2081.0 1777.0
Mondi . . . . . . . . . . . . .517.0 -14.0 664.0 468.8
Centrica . . . . . . . . . . .293.4 -6.8 345.8 286.3
InternationaI Pow . . .327.0 -9.0 448.6 279.4
NationaI Grid . . . . . . .647.0 8.5 650.6 530.0
Northumbrian Wate .462.0 -1.5 469.5 295.5
Pennon Group . . . . . .687.5 -0.5 737.5 579.5
Severn Trent . . . . . .1502.0 -7.0 1517.0 1306.0
United UtiIities . . . . .610.0 0.0 631.5 543.5
Cookson Group . . . . .465.3 20.9 724.5 421.1
DS Smith . . . . . . . . . .193.2 -1.7 266.2 145.9
Rexam . . . . . . . . . . . .321.3 -5.8 400.0 301.5
RPC Group . . . . . . . .324.3 -5.7 384.8 215.4
BAE Systems . . . . . .286.2 -0.5 369.9 248.1
Chemring Group . . . .552.5 8.0 736.5 485.0
Cobham . . . . . . . . . . .185.6 1.6 245.6 173.4
Meggitt . . . . . . . . . . . .334.6 3.6 397.6 293.5
QinetiQ Group . . . . . .117.0 0.2 136.3 96.7
RoIIs-Royce Group . .625.0 4.0 665.0 557.5
Senior . . . . . . . . . . . . .144.1 -0.9 190.6 127.0
UItra EIectronics . . .1502.0 12.0 1895.0 1305.0
GKN . . . . . . . . . . . . . .188.7 -2.5 245.0 163.0
BarcIays . . . . . . . . . . .153.3 -1.0 333.6 141.7
HSBC HoIdings . . . . .511.9 -9.0 730.9 491.4
LIoyds Banking Gr . . .36.2 1.9 76.9 27.6
RoyaI Bank of Sco . . .23.4 0.3 49.5 19.7
Standard Chartere .1344.5 -21.0 1950.0 1295.0
AG Barr . . . . . . . . . .1140.0 -10.0 1395.0 1031.0
Britvic . . . . . . . . . . . . .307.7 3.3 503.5 289.9
Diageo . . . . . . . . . . .1239.0 -8.0 1307.0 1092.0
SABMiIIer . . . . . . . . .2185.0 -36.0 2340.0 1979.0
AZ EIectronic Mat . . .246.3 -4.3 338.1 210.0
Croda Internation . .1800.0 -13.0 2081.0 1367.0
EIementis . . . . . . . . . .136.5 -2.4 187.4 97.1
Johnson Matthey . .1667.0 -6.0 2119.0 1534.0
Victrex . . . . . . . . . . .1246.0 -10.0 1590.0 1178.0
YuIe Catto & Co . . . . .171.0 -1.0 253.0 150.1
Price Chg High Low
Bovis Homes Group .418.6 13.0 464.7 326.5
Persimmon . . . . . . . .470.0 8.0 502.5 336.5
Reckitt Benckiser . .3301.0 -22.0 3648.0 3015.0
Redrow . . . . . . . . . . . .110.1 2.7 139.0 98.4
TayIor Wimpey . . . . . . .34.6 1.1 43.3 22.3
Bodycote . . . . . . . . . .267.0 -1.0 397.7 247.9
Charter Internati . . . .876.0 0.0 884.5 538.5
Fenner . . . . . . . . . . . .348.5 -2.2 422.5 231.0
IMI . . . . . . . . . . . . . . . .798.5 -0.5 1119.0 738.0
MeIrose . . . . . . . . . . .288.9 -7.0 365.4 254.0
Northgate . . . . . . . . . .268.8 2.4 346.7 202.0
Rotork . . . . . . . . . . .1659.0 15.0 1895.0 1501.0
Spirax-Sarco Engi . .1837.0 13.0 2063.0 1649.0
Weir Group . . . . . . .1768.0 -47.0 2218.0 1371.0
Ferrexpo . . . . . . . . . . .356.5 -6.6 499.0 292.4
TaIvivaara Mining . . .295.0 0.0 622.0 283.4
BBAAviation . . . . . . .175.5 3.6 240.8 156.0
Stobart Group Ltd . . .125.4 -0.6 163.6 124.1
AdmiraI Group . . . . .1258.0 -30.0 1754.0 1250.0
AmIin . . . . . . . . . . . . .289.0 -0.2 427.0 278.7
BeazIey . . . . . . . . . . . .118.2 -1.6 139.2 109.6
Informa . . . . . . . . . . . .348.1 6.1 461.1 324.0
ITE Group . . . . . . . . . .174.0 1.5 258.2 160.5
ITV . . . . . . . . . . . . . . . . .59.2 -0.1 93.5 51.7
Johnston Press . . . . . . .5.3 0.3 15.3 4.4
MecomGroup . . . . . .143.0 1.0 310.0 140.3
Moneysupermarket. .116.6 4.7 120.4 75.7
Pearson . . . . . . . . . .1151.0 -13.0 1207.0 926.0
PerformGroup . . . . .210.0 -5.0 234.5 150.0
Reed EIsevier . . . . . .499.6 -2.4 590.5 461.3
Rightmove . . . . . . . .1278.0 -11.0 1308.0 725.0
STV Group . . . . . . . . .109.5 0.0 168.0 89.8
Tarsus Group . . . . . .134.5 -2.0 165.0 112.5
Trinity Mirror . . . . . . . .41.3 -0.8 124.0 37.5
UBM . . . . . . . . . . . . . .464.3 2.6 725.0 416.0
UTV Media . . . . . . . . .126.5 0.0 151.0 101.0
WiImington Group . . .90.8 -0.5 183.0 82.5
WPP . . . . . . . . . . . . . .619.5 -2.5 846.5 578.5
YeII Group . . . . . . . . . . .4.4 -0.0 16.5 4.2
African Barrick G . . .605.0 6.0 638.0 393.5
AngIo American . . .2406.5 -48.5 3437.0 2234.0
AngIo Pacific Gro . . .283.0 3.0 369.3 257.1
Antofagasta . . . . . . .1114.0 -83.0 1634.0 1114.0
Aquarius PIatinum . .223.0 -3.8 419.0 215.2
BHP BiIIiton . . . . . . .1888.5 -76.5 2631.5 1846.0
Centamin Egypt Lt . .108.5 -0.1 197.1 89.7
CatIin Group Ltd. . . .359.8 0.3 421.4 325.0
Hiscox Ltd. . . . . . . . . .361.5 7.1 424.7 340.5
Jardine LIoyd Tho . . .665.5 6.5 709.0 564.5
Lancashire HoIdin . . .716.5 6.5 725.0 529.0
RSA Insurance Gro . .111.8 -1.7 143.5 107.9
Aviva . . . . . . . . . . . . . .295.0 -12.7 477.9 289.2
LegaI & GeneraI G . . . .95.7 -2.4 123.8 90.9
OId MutuaI . . . . . . . . .111.6 -2.7 145.2 103.2
Phoenix Group HoI . .511.5 6.5 710.0 458.0
PrudentiaI . . . . . . . . .597.0 -3.0 777.0 564.5
ResoIution Ltd. . . . . .243.5 -2.0 316.1 211.3
St James's PIace . . . .313.1 1.4 376.0 236.2
Standard Life . . . . . . .197.2 0.3 244.7 172.0
4Imprint Group . . . . .215.0 5.0 295.0 200.0
Aegis Group . . . . . . .129.9 -0.4 163.5 121.2
BIoomsbury PubIis . .102.0 0.8 138.0 98.8
British Sky Broad . . .683.0 -6.0 850.0 618.5
Centaur Media . . . . . . .37.0 -1.6 73.0 36.5
Chime Communicati .190.3 0.3 298.5 173.0
Creston . . . . . . . . . . . .80.0 -0.5 121.0 78.5
DaiIy MaiI and Ge . . .366.0 -1.2 594.5 359.5
Euromoney Institu . .590.0 -12.5 736.0 522.5
Future . . . . . . . . . . . . . .12.0 0.3 30.0 10.8
Haynes PubIishing . .235.0 0.0 262.5 202.5
Huntsworth . . . . . . . . .56.5 -1.0 86.0 56.0
Eurasian NaturaI . . .631.0 -22.0 1125.0 585.5
FresniIIo . . . . . . . . . .1935.0 -8.0 2150.0 1196.0
GemDiamonds Ltd. .243.5 0.2 306.0 179.8
GIencore Internat . . .436.3 -15.3 531.1 348.0
HochschiId Mining . .515.0 -3.0 680.0 423.2
Kazakhmys . . . . . . . .966.0 -26.0 1671.0 918.0
Kenmare Resources . .43.9 -0.8 59.9 17.2
Lonmin . . . . . . . . . . .1160.0 -26.0 1983.0 1103.0
New WorId Resourc .531.5 2.5 1060.0 514.5
PetropavIovsk . . . . . .797.5 -34.0 1226.0 676.0
RandgoId Resource 7180.0 -35.0 7315.0 4425.0
Rio Tinto . . . . . . . . .3389.0-148.5 4712.0 3360.6
Vedanta Resources 1288.0 -17.0 2559.0 1225.0
Xstrata . . . . . . . . . . . .939.8 -36.2 1550.0 933.1
Inmarsat . . . . . . . . . . .490.2 -13.3 719.5 389.7
Vodafone Group . . . .163.3 -1.7 182.8 155.1
Genesis Emerging . .458.0 -6.1 568.0 444.5
Afren . . . . . . . . . . . . . . .94.0 -6.1 171.2 92.5
BG Group . . . . . . . . .1252.0 -24.5 1564.5 1116.5
BP . . . . . . . . . . . . . . . .404.1 -10.5 509.0 363.2
Cairn Energy . . . . . . .289.0 -7.5 469.7 281.4
EnQuest . . . . . . . . . . . .99.5 -0.6 158.5 95.1
Essar Energy . . . . . .269.2 7.1 589.5 235.1
ExiIIon Energy . . . . . .274.0 -14.3 469.7 195.0
Heritage OiI . . . . . . . .243.3 8.3 486.0 190.0
JKX OiI & Gas . . . . . .180.0 -4.8 335.1 160.0
Premier OiI . . . . . . . . .347.3 4.3 535.0 310.0
RoyaI Dutch SheII . .2069.0 -42.5 2326.5 1883.5
RoyaI Dutch SheII . .2092.5 -44.5 2336.0 1831.0
SaIamander Energy .203.0 -1.7 317.6 200.4
Soco Internationa . . .341.6 -8.0 454.7 279.8
TuIIow OiI . . . . . . . . .1333.0 -34.0 1493.0 945.5
Amec . . . . . . . . . . . . .896.5 -12.5 1251.0 834.0
Hunting . . . . . . . . . . .626.0 -24.0 817.0 592.5
LampreII . . . . . . . . . . .274.0 -6.3 395.2 254.5
Petrofac Ltd. . . . . . .1365.0 -34.0 1685.0 1110.0
Wood Group (John) .560.5 -5.0 715.8 417.4
Burberry Group . . . .1509.0 9.0 1600.0 945.5
PZ Cussons . . . . . . . .330.9 -3.9 409.0 320.5
Supergroup . . . . . . .1095.0 1.0 1820.0 818.5
AstraZeneca . . . . . .2855.5 -0.5 3359.0 2543.5
BTG . . . . . . . . . . . . . .277.5 0.2 309.7 210.1
Genus . . . . . . . . . . . .1036.0 -6.0 1055.0 772.0
GIaxoSmithKIine . . .1330.0 -3.5 1385.0 1127.5
Hikma Pharmaceuti .602.0 8.5 900.0 555.5
Shire PIc . . . . . . . . . .2013.0 -4.0 2136.0 1405.0
CapitaI & Countie . . .180.1 0.0 203.7 131.1
Daejan HoIdings . . .2400.0 -8.0 2954.0 2282.0
F&C CommerciaI Pr .100.5 1.3 108.0 88.0
Grainger . . . . . . . . . . . .96.0 -0.5 133.2 86.3
London & Stamford .120.0 0.4 140.0 110.3
SaviIIs . . . . . . . . . . . . .300.5 0.5 427.1 288.2
St. Modwen Proper . .133.5 -0.5 196.2 123.5
UK CommerciaI Pro . .77.6 1.1 85.5 70.4
Unite Group . . . . . . . .173.0 -0.3 229.8 152.9
Big YeIIow Group . . .255.4 -1.0 353.3 234.2
British Land Co . . . . .509.0 -6.0 629.5 464.0
CapitaI Shopping . . .319.7 -7.5 424.8 312.5
Derwent London . . .1606.0 -6.0 1880.0 1411.0
Great PortIand Es . . .374.9 -4.0 445.0 329.0
Hammerson . . . . . . . .389.2 -6.4 490.9 382.0
Hansteen HoIdings . . .74.0 -2.5 89.5 69.8
Land Securities G . . .682.5 6.0 885.0 625.0
SEGRO . . . . . . . . . . . .233.9 -4.7 331.3 229.7
Shaftesbury . . . . . . . .503.0 3.0 539.0 429.3
Autonomy Corporat 2526.0 -5.0 2536.0 1271.0
Aveva Group . . . . . .1556.0 -2.0 1799.0 1391.0
Computacenter . . . . .382.5 -4.7 490.0 286.4
Fidessa Group . . . . .1581.0 27.0 2109.0 1409.0
Invensys . . . . . . . . . . .237.4 -2.0 364.3 221.7
Kofax . . . . . . . . . . . . .299.0 -1.0 535.0 253.0
Logica . . . . . . . . . . . . .80.8 -0.9 147.2 80.3
Micro Focus Inter . . .318.1 7.7 426.2 239.4
Misys . . . . . . . . . . . . .246.0 -11.0 420.2 234.7
Sage Group . . . . . . . .265.1 1.4 302.0 231.7
SDL . . . . . . . . . . . . . . .615.5 -4.0 711.5 555.0
TeIecity Group . . . . . .566.0 -17.5 589.5 430.0
Aggreko . . . . . . . . . .1786.0 -1.0 2034.0 1394.5
Ashtead Group . . . . .137.5 1.5 207.9 99.4
Atkins (WS) . . . . . . . .533.5 2.0 820.0 513.5
Babcock Internati . . .658.0 0.5 733.0 513.5
Berendsen . . . . . . . . .445.1 -9.9 568.0 391.3
BunzI . . . . . . . . . . . . .789.0 -7.5 812.5 676.5
Capita Group . . . . . . .737.0 5.0 794.5 635.5
CariIIion . . . . . . . . . . .341.1 4.3 403.2 298.8
De La Rue . . . . . . . . .790.0 1.0 853.5 549.5
EIectrocomponents .200.1 -0.7 294.9 190.0
Experian . . . . . . . . . . .720.0 6.0 833.5 665.0
FiItrona PLC . . . . . . . .361.7 -1.8 385.5 227.5
G4S . . . . . . . . . . . . . . .266.0 1.3 291.0 237.7
Hays . . . . . . . . . . . . . . .74.6 -0.8 133.6 69.4
Homeserve . . . . . . . .490.3 11.7 532.0 408.0
Howden Joinery Gr . .106.7 -0.3 127.5 73.0
Intertek Group . . . . .2043.0 25.0 2148.0 1715.0
MichaeI Page Inte . . .368.9 5.9 567.0 338.7
Mitie Group . . . . . . . .236.8 -0.7 242.5 191.2
Premier FarneII . . . . .162.6 0.9 308.8 151.9
Regus . . . . . . . . . . . . . .77.1 -1.4 119.0 64.0
RentokiI InitiaI . . . . . . .78.7 0.8 104.9 72.9
RPS Group . . . . . . . . .181.5 -4.1 253.0 179.5
Serco Group . . . . . . .512.5 3.0 633.0 491.9
Shanks Group . . . . . .112.1 1.0 130.9 103.5
SIG . . . . . . . . . . . . . . . .97.5 -0.1 153.5 95.6
SThree . . . . . . . . . . . .228.9 -4.7 447.6 221.6
Travis Perkins . . . . . .763.0 -12.5 1127.0 722.0
WoIseIey . . . . . . . . .1500.0 -20.0 2261.0 1404.0
ARM HoIdings . . . . . .610.0 -9.0 651.0 338.9
CSR . . . . . . . . . . . . . .237.6 -1.9 447.0 208.0
Imagination Techn . .445.9 22.9 502.0 296.9
Pace . . . . . . . . . . . . . .101.7 0.7 231.8 91.0
Spirent Communica .125.1 -0.9 160.3 116.0
British American . .2796.0 -46.5 2871.0 2282.5
ImperiaI Tobacco . .2103.0 10.0 2231.0 1784.0
Avis Europe . . . . . . . .314.7 0.7 314.7 184.0
Betfair Group . . . . . . .783.0 -7.5 1550.0 567.0
Bwin.party Digita . . .130.4 3.2 292.7 100.6
CarnivaI . . . . . . . . . .2106.0 -39.0 3153.0 1742.0
Compass Group . . . .541.5 -18.5 612.0 511.5
Domino's Pizza UK . .526.0 4.0 586.0 377.0
easyJet . . . . . . . . . . . .312.0 -5.3 479.0 301.0
Enterprise Inns . . . . . .39.3 -1.5 122.7 32.5
FirstGroup . . . . . . . . .337.4 0.2 412.6 311.3
Go-Ahead Group . . .1442.0 -1.0 1598.0 1085.0
Greene King . . . . . . .457.8 -3.9 518.0 410.0
InterContinentaI . . .1068.0 -24.0 1435.0 955.0
InternationaI Con . . .149.6 -0.6 305.0 146.2
JD Wetherspoon . . . .399.4 -0.7 468.3 389.9
Ladbrokes . . . . . . . . .127.8 -0.7 155.3 120.0
Marston's . . . . . . . . . . .95.8 -1.1 117.1 87.1
MiIIennium& Copt . .411.7 -7.7 600.5 395.5
MitcheIIs & ButIe . . . .259.3 0.3 361.0 216.4
NationaI Express . . .236.2 -0.9 270.2 220.7
Rank Group . . . . . . . .129.0 -6.0 153.7 109.5
Restaurant Group . . .279.5 3.4 335.0 254.9
Spirit Pub Compan . . .39.0 -2.3 55.0 37.0
Stagecoach Group . .246.0 2.8 268.5 180.4
Thomas Cook Group .41.6 0.3 204.8 33.7
TUI TraveI . . . . . . . . . .154.9 1.3 271.9 137.2
Whitbread . . . . . . . .1646.0 -15.0 1887.0 1409.0
WiIIiamHiII . . . . . . . . .229.3 1.1 237.3 155.5
Abcam . . . . . . . . . . . .350.5 -16.5 460.0 307.0
AIbemarIe & Bond . .368.0 -1.0 400.1 250.0
Amerisur Resource . .16.0 0.5 29.0 11.5
Andor TechnoIogy . .590.0 2.0 685.0 340.0
ArchipeIago Resou . . .74.5 -0.5 79.0 32.3
ASOS . . . . . . . . . . . .1685.0 -15.0 2468.0 1067.0
AureIian OiI & Ga . . . .18.0 0.3 92.0 16.0
Avanti Communicat .293.3 -9.3 735.0 288.8
Avocet Mining . . . . . .270.0 -1.8 286.8 157.8
BIinkx . . . . . . . . . . . . .151.0 2.0 153.9 70.5
Borders & Souther . . .46.5 -2.0 93.0 44.8
BowLeven . . . . . . . . .108.5 -9.0 398.0 108.3
Brooks MacdonaId 1229.5 13.5 1372.5 907.5
Conygar Investmen . .97.3 0.8 120.0 92.5
Cove Energy . . . . . . . .77.3 -0.3 112.8 61.0
Daisy Group . . . . . . . .110.8 -1.5 127.0 88.0
EMIS Group . . . . . . . .570.0 5.0 580.0 360.5
Encore OiI . . . . . . . . . .46.8 -2.3 151.5 40.8
Faroe PetroIeum . . . .150.5 -2.8 218.3 133.0
GuIfsands PetroIe . . .180.0 3.3 401.5 142.5
GWPharmaceuticaI . .99.9 -2.1 130.0 83.0
Hamworthy . . . . . . . .518.0 -10.0 705.0 360.0
Hargreaves Servic .1075.0 12.0 1085.0 662.0
HeaIthcare Locums . . . .6.9 0.0 7.4 6.8
Immunodiagnostic .1045.0 3.0 1218.0 768.5
ImpeIIamGroup . . . .324.0 1.5 387.5 133.0
James HaIstead . . . . .437.4 -5.1 495.0 323.5
KaIahari MineraIs . . .243.5 6.5 301.0 142.0
London Mining . . . . .365.3 -16.3 436.5 283.0
Lupus CapitaI . . . . . .102.0 -4.0 150.0 86.0
M. P. Evans Group . .444.5 4.5 500.5 371.0
Majestic Wine . . . . . .415.5 -0.9 510.0 323.0
May Gurney Integr . .270.0 17.0 295.0 177.0
Monitise . . . . . . . . . . . .34.0 -0.3 39.0 18.5
MuIberry Group . . . .1580.0 19.0 1920.0 375.0
Nanoco Group . . . . . . .58.5 -3.0 115.8 57.0
NauticaI PetroIeu . . .296.0 8.8 547.0 223.5
NichoIs . . . . . . . . . . . .527.5 1.5 579.0 410.0
Numis Corporation . . .92.0 -1.0 137.8 89.0
Pan African Resou . . .12.5 -0.3 14.5 8.2
Patagonia GoId . . . . . .64.0 -0.5 70.0 20.3
Prezzo . . . . . . . . . . . . .57.8 0.8 71.5 53.3
Pursuit Dynamics . . .200.0 -5.0 700.0 160.5
Rockhopper ExpIor .209.5 -3.5 510.0 141.0
RWS HoIdings . . . . . .455.0 20.8 479.8 258.5
Songbird Estates . . .120.0 -2.0 160.3 110.3
VaIiant PetroIeum . . .443.0 8.0 761.5 435.0
Young & Co's Brew . .645.0 -10.0 712.0 530.0
LIoyds Banking Gro . .36.2 5.6
Imagination Techno .445.9 5.4
Cookson Group . . . . .465.3 4.7
Moneysupermarket.c 116.6 4.2
Premier Foods . . . . . . .12.7 3.8
BeIIway . . . . . . . . . . .627.5 3.6
Heritage OiI . . . . . . . .243.3 3.5
TayIor Wimpey . . . . . . .34.6 3.3
Bovis Homes Group .418.6 3.2
Morgan CrucibIe Co .256.2 3.1
Ocado Group . . . . . . .102.5 -11.4
Antofagasta . . . . . . .1114.0 -6.9
Afren . . . . . . . . . . . . . .94.0 -6.1
Spirit Pub Company . .39.0 -5.5
ExiIIon Energy . . . . . .274.0 -5.0
Ashmore Group . . . .391.6 -4.5
Rank Group . . . . . . . .129.0 -4.4
Misys . . . . . . . . . . . . .246.0 -4.3
Debenhams . . . . . . . . .56.0 -4.3
Rio Tinto . . . . . . . . .3389.0 -4.2
Risers FaIIers
MAIN CHANGES UK 350
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
Price Chg High Low Price Chg High Low
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Tsy 3.250 11 . . . . .100.45 -0.14 103.2 100.5
Tsy 9.000 12 . . . .107.90 0.57 115.1 106.6
Tsy 5.000 12 . . . .102.04 -0.04 106.3 102.0
Tsy 5.250 12 . . . .103.34 -0.02 107.7 103.3
Tsy 4.500 13 . . . .105.76 -0.01 108.8 105.7
Tsy 2.500 13 . . . .283.69 -0.03 287.7 277.5
Tsy 8.000 13 . . . . .114.85 -0.01 120.7 114.8
Tsy 5.000 14 . . . . .112.42 -0.04 114.1 109.2
Tsy 4.750 15 . . . . .114.57 -0.04 114.8 108.6
Tsy 8.000 15 . . . .128.66 -0.06 131.3 123.7
Tsy 7.750 15 . . . .102.00 -0.44 109.2 101.7
Tsy 4.000 16 . . . . .113.01 -0.11 113.4 104.9
Tsy 2.500 16 . . . .339.70 -0.12 341.0 310.2
Tsy 8.750 17 . . . .140.45 -0.39 142.1 132.9
Tsy 12.000 17 . . .124.95 0.00 134.3 124.2
Tsy 1.250 17 . . . . .114.65 -0.09 115.0 106.7
Tsy 5.000 18 . . . .120.59 -0.10 121.0 109.7
Tsy 4.500 19 . . . . .117.93 -0.11 118.5 105.4
Tsy 3.750 19 . . . . .112.50 -0.06 112.9 99.4
Tsy 2.500 20 . . . .353.24 -0.22 355.6 312.4
Tsy 4.750 20 . . . .120.16 -0.14 120.7 106.6
Tsy 8.000 21 . . . .150.87 -0.10 151.6 133.8
Tsy 1.875 22 . . . .123.27 -0.21 123.8 111.3
Tsy 4.000 22 . . . . .113.93 -0.15 114.4 99.0
Tsy 2.500 24 . . . .315.28 -0.34 316.9 273.5
Tsy 5.000 25 . . . .124.34 -0.22 125.0 107.4
Tsy 4.250 27 . . . . .114.39 -0.44 115.2 97.9
Tsy 1.250 27 . . . . .117.63 -0.73 118.9 104.6
Tsy 6.000 28 . . . .138.62 -0.45 139.6 119.5
Tsy 4.750 30 . . . .120.53 -0.72 121.7 103.0
Tsy 4.125 30 . . . .297.30 -0.97 301.4 261.2
Tsy 4.250 32 . . . . .112.91 -0.78 114.1 96.0
Tsy 4.250 36 . . . . .111.61 -0.91 112.9 95.0
Tsy 4.750 38 . . . .120.39 -0.95 121.9 102.8
Tsy 4.500 42 . . . . .117.06 0.00 117.1 98.9
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3
D technology is having a
moment. No longer just the
add-on special effect confined
to the realm of cinemas and
the odd Derren Brown show on tele-
vision, it is now the hero embracing
its mainstream appeal.
With companies such as Sony, LG
and Samsung leading the charge
with gadgets that let you recreate
the 3D experience for yourself, you
can now do any-
thing from shoot-
ing in 3D right up to
projecting your very
own 3D video on the liv-
ing room wall in HD. Arm
yourself with some designer
specs (we recommend Oakleys
3D Gascans, 95, uk.oakley.com),
and get creative with our top picks
of the best 3D technology out there.
Bring the cinema into your
living room with our pick of
the best, writes Helena Lee
Lifestyle | Gadgets
30
a fuzzy black and white television to watch
the Queens coronation.
While I understand Facebooks progress on
the construction of the Death Star will
remain under wraps for the time being, what
we can expect is a big announcement on its
long-rumoured music service. It is likely to
allow users to recommend and share tracks
(a bit like Apples Ping) by linking to stream-
ing services such as Spotify, whose chief
executive Daniel Ek is speaking at the event
today.
The other key announcement is likely to be
a news service, with Facebook partnering
with companies including CNN and the
Washington Post to produce editions that can
be read from within the site.
The question is, will either be enough to
tempt you to stay inside Facebook rather than
simply click out into the rest of the web? Its
a tall order, especially in light of Facebooks
recent launches (ever received an email from
an @facebook.com address? Me neither).
Mike Elgan from Datamation argues that
Facebook is at risk of becoming the
new Yahoo a sprawling, direc-
tionless, many-headed beast,
constantly playing catch-up
with newer, nimbler rivals;
maintaining a hulking
user base but unsure
what to do with them.
Yahoo, he argues,
was a giant born in an
age when portals,
rather than search,
were the core of the
internet. When the rug
was pulled from under it
(by Google, with its clean,
simple search box), it spent
the next decade chasing
trends, never quite catching
the wave before it had broken.
Rather than changing its direction to suit
the market, Yahoo desperately added more
bells and whistles.
Like Twitter, Facebooks initial success
was down to its simplicity: doing one
thing very, very well. Conversely,
MySpaces downfall was partly
down to its cluttered, unfo-
cused interface.
Facebook isnt there yet.
Its user base continues to
climb ever closer to the 1bn
mark, despite waning inter-
est in its mature markets.
Now it just needs to stay on
top.
Today will give a clearer
picture of whether
Zuckerberg knows which
direction to turn, or if hes just
loading on more bells and whis-
tles. Either way, Ill be squatting in
front of my laptop, wearing my
Zuckerberg mask, cheering along with the
rest of you.
Hurray! Put on your Zuckerberg masks its Facebook day!
TS Facebook day! Put on your cut-out
Mark Zuckerberg masks. Celebrate by pok-
ing your colleagues; remember you cant
be taken to a tribunal on Facebook day.
Today, of course, being the F8 (fate, see)
conference in San Fransisco where the social
network will layout the next stage in its plans
for world domination. Later this afternoon we
can congregate around a computer screen to
watch Zuckerberg address the globe, in much
the same way our grandparents hunched over
GEEK
SPEAK
@steve_dinneen
The latest gadgets that will help
turn your home into a 3D palace
THE 3D PROJECTOR
SHARP XV-Z17000
If only every boardroom had one of these projectors, meetings would
take on a whole other dimension. Invest in your full HD 1,080p 3D
ticket to the 2012 Olympic Games, Wimbledon, or a screening of
Harry Potter from the comfort of your sofa. Sharp has developed a
clever colour management system that adjusts the picture to the
darkness or light in your living room perfect for when you want to
shut those blinds for the whole cinematic experience. It can link to
anything from your television to your Blu-ray player. And dont worry
if you want a break from 3D, as it can beam just as well in normal 2D.
3,100, www.sharp.co.uk
THE 3D SMARTPHONE
LG OPTIMUS 3D P920
Do we really need phones with 3D? Perhaps not, but when you expe-
rience the 3D Zone without glasses complete with games that
pop out at you, the ability to take 3D pictures, watch HD video in 3D
and upload videos onto Youtubes 3D channel, youll realise that LG
has developed the smartest of smartphones. Anyone from the entry-
level enthusiast to the die-hard 3D-lover will be entertained.
434.99, www.expansys.com
THE 3D RECORDING BINOCULARS
SONY DEV-5
The strange combination of binoculars and video camera makes so
much sense when you realise that this device records in 3D. Sonys
DEV-5 ultra-premium digital recorder not only works like binoculars
(think 20x magnification), it can record in wide-screen for those
with cinematic aspirations (all full HD (1920 x 1080p) videos with
stereo sound) and can shoot still images. The auto focusing capabili-
ty makes the recorder easy to use and the superb picture quality
cannot be faulted. Available from the beginning of November 2011.
1,999, www.sony.co.uk
THE 3D TV
SAMSUNG UE60D8000
The Samsung UE60D8000 is an LCD television of many tal-
ents. Not only does its streamlined beauty make it the centre-
piece of any room, it can deliver impeccable 3D. Samsungs
Smart hub means this television is one of the most connected
as it comes with access to Facebook, Skype, LoveFilm and
Twitter apps, and is Wi-Fi enabled, with Freeview HD and
Freesat HD tuners. Oh, and did we mention that it delivers
impeccable 3D? A perfect partner for a quality, and possibly
action-packed night in.
2,499, www.johnlewis.co.uk
a rape and a couple of conspiracies all with
a kind of opiate calm. Throughout this she
manages to have babies like its going out
of fashion (without apparently having sex)
as well as finding time to fit in a couple of
otherworldly visions. One would think
such a lady would have some pretty inter-
esting takes on the factional world of the
court around her Gregorys Anne and
Mary Boleyn certainly did- but instead
most of her time is spent missing her hus-
band.
The Lady Of The Rivers is undoubtedly
an ambitious attempt to document an
entire reign the eyes of one courtier of
whom little historical fact is known.
However there is a sense that this could
have been a lot more fun. Fans of Gregory
will like the consistent plot momentum
and the sheer amount of events that occur
chapter on chapter but one cannot help
feel that while most novels are criticised
for being sensationalist, this one just isnt
sensationalist enough. Alasdair Byers
THE IMPORTANCE OF
BEING MYRTLE
BY ULRIKA JONSSON
Penguin, 6.99
hhhii
WITH her dramatic life story lived
through turbulent relationships
with, err, less than straightforward
men, one might have expected Ulrika
Jonsson to have launched her novel-writ-
ing career with a book containing more
smut, more glamour,
moresex. But her
debut which, by the
way, isnt that bad
is about a middle-
aged woman
called Myrtle
whose quiet life
and that of her
family is dis-
rupted when
her husband
and the fami-
lys patriarch
Austin sud-
denly dies.
As the
story con-
tinues, it
turns out
that poor
old Myrtle was trapped in a loveless mar-
riage and that noble Austin was perhaps
not the saint he first appears to be indeed
that he is something of a controlling night-
mare. Dont expect punch-ups, rather this
is (something of) a study in emotional
abuse.
Written with the odd shred of wit, Ms
Jonsson has created a convincingly non-
autobiographical novel that while it
wont set the world alight should make
for a fine diversion. If you happen to have a
deeper interest in Jonsson herself, however,
this book wont provide you with too many
clues into her inner life. ZS
A DENIABLE DEATH
BY GERLAD SEYMOUR
Hodder, 12.99
hhhii
GERALD Seymour is considered the
dabbest hand in the industry a little more
mainstream than John Le Carre, perhaps,
but still a master who executes his spy tales
of murderous and political intrigue with
rigour and flair. Having already tackled
war criminals in Yugoslavia and British sui-
cide bombers, Seymour is now onto a
bomb-maker in Iraq, a man on whom MI6
have their eyes most studiously trained
his assassination being top priority. Of
course, he dwells in one of the least accessi-
ble, surveillance friendly parts of souther
Iraq..
But what are called Covert Rural
Observation Posts (CROPs) are crucial to
MI6, and those who use them face the hell-
ish conditions of swamps swarming with
mosquitos and worse. One officer, called
Gribbons, must select two men for this gris-
ly mission. From their dire outpost, they
are expected to gather information on the
bomb specialist before they escape to the
border. This is the deniable mission in ques-
tion since it can have no official sanc-
tion and its made even more challenging
by the intense enmity between the two
men.
Seymour is a master at evoking the seem-
ingly unchartable terrain of foreign land-
scapes as a former reporter covering wars
in Vietnam, Northern Ireland and Borneo,
he brings to bear some very pertinent expe-
rience. His research into the espionage
world is meticulous. Splendid stuff.
ZS
The mistress of Tudor fiction
does an admirable job here, but
its not sexy enough
Lifestyle | Books
VEXED IN THE CITY
SOLVING YOUR
LOVE & LIFE
PROBLEMS
My girlfriend is
too ambitious at
work and it
troubles me
DEAR VEXED: My girlfriend is powering
ahead in her career at a global accountan-
cy firm and is working 24/7. The more suc-
cessful and ambitious she is, the worse I
feel. It sounds bad but Im not sure Im
comfortable in a relationship with a
woman this ambitious. Should I stick with
it and try to support her, or should I break
up with her and look for another, less pro-
fessionally committed woman? Joe, 31, IT
Y
ES, a thousand times yes. Break up with
her. Not for you but for her. The last
thing a woman of her ilk and ambition
needs is a man at home beaming nega-
tivity towards her, secretly begrudging her
success because hes still stuck in a different
age. If your gut instinct is that you have a vis-
ceral problem with successful women on your
home turf, then its unlikely that this will
change.
If, however, you just think you have a prob-
lem with them because youve been swayed by
the stereotype of the man who is challenged by
female success (a stereotype founded on reali-
ty, unfortunately), then there may be a way for-
ward. Perhaps, when you really think about it,
its not her success that rankles, its something
else that has gone awry in the relationship.
Maybe she is emotionally unavailable or seem-
ingly uninterested in you and your needs.
If so, these issues may be possible to work-
through.
She may be unavailable because shes work-
ing hard. But have you broached
the topic with her? Have you
said something along the lines
of: I am supportive of your
career and its a wonderful
part of who you are. But we
need to discuss ways to
honour our relation-
ship by spending
more time togeth-
er and then pro-
pose weekend date
nights or what
have you.
If you have
tried this tack
to no avail, I
am willing to
venture a
guess that
shes not
too both-
ered either
way about
you. If shes
being insensi-
tive to your reason-
able request
because all falls
away before work,
then chances are she can
either do without a rela-
tionship right now or she
needs a relationship with
someone who is more
relaxed about hard work
and ambition, enjoys its
promise, and is also work-
ing non-stop.
However the cookie
crumbles unless youre
both interested in making
an effort and compromising
you better get out now.
vexed@cityam.com
THE LADY OF THE RIVERS
BY PHILLIPPA GREGORY
Simon & Schuster, 7.99
hhhii
PHILIPPA Gregorys success has been built
upon portraying women that have
remained on historys periphery notably
Mary, sister of Anne Boleyn in 2002s The
Other Boleyn Girl and Margaret Beaufort,
mother of Henry Tudor, in 2009s The Red
Queen. Both have enjoyed roaring success
and have afforded Gregory the ability to
stick to a recognisable plot while allowing
for creativity in filling in the gaps.
The Lady of The Rivers is a continuation
of this following Jacquetta of
Luxembourg the lead lady-in-waiting to
King Henry the VI and his queen during
the turbulent early 15th Century. Unlike
Gregorys other novels which focus on a
set time period or particular court event,
The Lady of The Rivers covers almost the
entire life of Jacquetta.
The Other Boleyn Girls success was born
of blushing ladies, hopelessly horny men
and plenty of Medieval sex happening in
Renaissance drawing rooms, all told by a
charmingly innocent courtier who spends
half her time rolling around in bed with
Henry VIII and half the time watch-
ing her sister doing the same.
The Lady Of The Rivers struggles
with this. One cannot help think-
ing that Gregory has tried to fit
too much life into one novel, at
the expense of detail. There are
three marriages and 18 births in
the book, and barely a single sex
scene. The frustration of the
Queen in having a husband disin-
terested in procreation quickly
becomes keenly felt by the reader.
The lead character Jacquetta has
two husbands, witnesses affairs,
paternity debates, murders, impo-
tence, casual witchcraft, three battles,
Gregorys
new one is
ambitious but
under-juiced
Above: historical
novelist extraordinaire
Gregory.
Picture: Rex
Below: Ulrika Jonsson,
now an author.
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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.
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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 Fish with a hook (5)
4 Goes into a huf (5)
7 Search
unsystematically (7)
8 Chaps (3)
9 Trap made by an
arachnid (3)
11 Male bee (5)
14 Plain dough cake,
often griddled (5)
16 Massage (5)
19 Army unit of two or
more divisions (5)
21 Greek letter (3)
22 Not in good
health (3)
23 State of lawlessness
and disorder (7)
25 Item in a list (5)
26 Air cavity in
the skull (5)
DOWN
1 Harsh or corrosive
in tone (5)
2 Tissue that surrounds
a tooth (3)
3 Circumvent (5)
4 Turns or places at
an angle (5)
5 State of being disregarded
or forgotten (5)
6 Feel (5)
10 Reverberation (4)
12 Manage (3)
13 Biblical ark-builder (4)
15 Small drink (3)
16 Cutting instrument (5)
17 Ceremonial elegance
and splendour (5)
18 Daily written record
of events (5)
19 Uncouth (5)
20 Painful eyelid swellings (5)
24 Metal container (3)
E
B
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4
4

4

B E L T S F L O S S
U I H I T
R A N S O M C A M E
I S W I N K W
A C E R L A S T S
L E S K Y W A
I D E A S B O W S
P P L O T T S
A F R O P O L I C E
I C N M N
R I G H T S H E E T
9 8 2 2 9 5 2
3 5 1 2 4 6 7 3
9 7 4 8 4 9
2 7 6 1 8 2 4 1
1 6 4 3 2 9 8 5
9 8 2 1
9 7 8 7 5 8 9 3
3 2 5 2 3 5 4 1
1 3 2 6 7 8
9 4 1 2 4 3 6 7
5 3 6 9 6 7 9
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter word was
CLERGYMAN
Lifestyle | TV&Games
Sport
34
TEN-MAN Chelsea won only their sec-
ond penalty shoot-out in nine
attempts at the expense of west
London rivals Fulham in an incident
packed Carling Cup third round tie at
Stamford Bridge last night.
Fulhams 11m deadline day sign-
ing Bryan Ruiz, who has endured a
nightmare start to life at his new
club, missed the decisive spot-kick in
agonising circumstances the ball
crashing against the underside of the
crossbar and landing flush on the
goal-line, before rising skywards to
graze the woodwork again.
Victory, despite attempts to rest the
majority of his key men, may come at
a cost to Chelsea manager Andre
Villas-Boas, who lost Petr Cech and
Daniel Sturridge to injury.
Defender Alex, meanwhile, will
serve a one-match suspension for the
professional foul on Kerim Frei,
which presented the Pajtim Kasami
with the chance to win the game
from the penalty spot in normal
time, which he squandered by strik-
ing the crossbar.
Despite those repercussions, Villas-
Boas would have been encouraged by
his trio of full debutants Oriol
Romeu, Romelu Lukaku and Ryan
Bertrand, whose performances hint-
ed at a strength in depth hitherto
unappreciated.
But it was youngster Josh
McEachran who created the best
chance of the first half with a low
centre, converted from an off-side
position by Sturridge, who was
injured in the act of scoring the disal-
lowed goal.
Cech, meanwhile, suffering from
mild concussion, was replaced at half-
time by Ross Turnbull. And after Sa
had missed from the spot, the former
Middlesbrough stopper produced a
miracle save to prevent John Terry
putting through his own net.
Extra-time was a largely uneventful
affair, but the same could not be said
of the subsequent shoot-out. First up,
Frank Lampard saw his effort saved at
full-length by Mark Schwarzer, but
Moussa Dembeles miss allowed
Chelsea off the hook.
Florent Maloudas successful con-
version heaped the pressure on Ruiz,
who failed to keep his side in the tie
by the narrowest of margins.
Strife of Bryan:
Ruiz miss gives
Chelsea rare
shoot-out joy
Chelsea had lost seven of their previous nine penalty shoot-outs Picture: ACTION IMAGES
The following 16 teams will go into
Saturdays fourth round draw: Aldershot,
Arsenal, Bolton, Blackburn Rovers,
Burnley, Man Utd, Newcastle, Stoke,
Wolves, Crystal Palace, Man City,
Chelsea, Liverpool, Cardiff, Southampton,
Everton.
CARLING CUP | WHOS IN THE HAT?
WORLD governing body Fifa were last
night forced into an embarrassing
climb down amid criticism over the
appointment of Issa Hayatou to over-
see the London 2012 football tourna-
ment
Hayatou, the erstwhile president of
the Confederation of African Football,
appeared yesterday to have been con-
firmed by Fifa as head of the organis-
ing committee for Olympic football
competitions starting with London
at a time when he is under investiga-
tion by the International Olympic
Committee for alleged corruption.
The Cameroonian, who could yet be
banned form the IOC, if found guilty
over BBC allegations made last year
that he received irregular payments,
has denied any wrongdoing but in a
fresh twist Fifa performed a staggering
a U-turn last night with the issuing of
a fresh statement.
Due to a technical error, appoint-
ments for Fifa standing committees
have appeared on the Fifa website. The
appointments for the chairman and
deputy chairman of the Fifa standing
committees will be communicated in
due course, it said.
Therefore, Issa Hayatou has not
been appointed as chairman of the
organising committee for the Olympic
football tournaments.
Hayatou, 65, was also accused, dur-
ing a Commons select committee
inquiry, of being paid to favour even-
tual winners Qatar in last years con-
tentious 2022 World Cup vote.
Fifa U-turn over Hayatou
London 2012 appointment
BY FRANK DALLERES
OLYMPICS
BRITAINS Bradley Wiggins claimed to

be satisfied with a silver medal after
German rival Tony Martin proved a
class above the field to lift his first
time trial world title in Copenhagen
yesterday.
Pre-race favourite Martin lived up to
his billing, covering the 46.3km
course in 53 minutes 43.85 seconds.
Wiggins finished one minute 15.83
secs back then saw defending champi-
on Fabian Cancellara slip on a corner.
This is what it was all about: come
here, get a medal and finish off a
great year, Wiggins said. It was a real
honour to be out there with those two
guys [Martin and Cancellara], who are
probably the best two time-trialists in
the world.
I feel sorry for Fabian in a way
hes dominated this event the last few
years and Tonys worked hard to get
up there close to him. Hes finally
cracked it and won by a significant
margin.
Ive been there or thereabouts in
time trials all year and weve probably
been the most consistent three time
trialists. Its good to finish off with a
medal, up there with those two.
Cancellara was 4.76 secs off
Wiggins while GB team-mate David
Millar, last years silver medallist,
trailed Martin by two minutes and 45
seconds to place seventh.
Millar never threatened the podi-
um and found swept up by the
Martin, twice a bronze medallist in
the previous two years.
Wiggins happy to settle
for end of season silver
BY JAMES GOLDMAN
CYCLING
SPORT | IN BRIEF
Whitmarsh eyes Button deal
FORMULA ONE: Team principal Martin
Whitmarsh hopes Jenson Button will
sign a new long-term contract that will
keep him at McLaren for the rest of his
career, amid growing interest from
Ferrari. Button admitted ahead of this
weekends Singapore Grand Prix that it
was his childhood dream to drive for the
Italians. But Whitmarsh said: Jenson
will be here next year. Were looking to
do a deal that will see him race for
McLaren for the rest of his career.
Barton was close to Arsenal move
FOOTBALL: Queens Park Rangers cap-
tain Joey Barton has revealed he was
close to signing for Arsenal. The mid-
fielder claimed an incident that saw
Arsenals Gervinho sent off scuppered a
deal. Barton was criticised for going to
ground too easily as the Ivory Coast for-
ward was red-carded in the Premier
League opening day 0-0 draw with
Newcastle. If I hadnt played against
Arsenal on the first day, I may have
signed for them, Barton said.
England draw India at World T20
CRICKET: Defending champions
England have been drawn with India
and a qualifying nation in the group
stages of the 2012 World Twenty20 in
Sri Lanka. If the competition then fol-
lows the pre-tournament seedings,
England can expect to come up against
West Indies, Sri Lanka and New Zealand
in the Super Eight stage.
Ranieri favourite for Inter job
FOOTBALL: Former Chelsea manager
Claudio Ranieri is favourite to succeed
sacked Inter Milan coach Gian Piero
Gasperini, who was dismissed yesterday
after just five games in charge of the
Serie A giants.
Results
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email sport@cityam.com
0
0
CHELSEA
FULHAM
BY JAMES GOLDMAN
FOOTBALL
Chelsea win 4-3 on penalties

VETERAN England lock Simon Shaw
fears rugby players will lose their
unique and long-held rapport with
supporters if their social lives are sub-
jected to increasing media scrutiny.
The England World Cup camp, in
particular newly-wed Mike Tindall,
was engulfed in controversy last week
after members of the public passed
accounts and CCTV footage of
the squad indulging in a
night out to newspapers.
It thrust players off-
field escapades firm-
ly into the spotlight
and has prompted
Shaw (inset), the
oldest member of
the squad at 38, to
voice his concerns
that rugby is being
dragged into the
same territory as foot-
ball.
What Ive always loved
about rugby and what the spectators
love is that they can gain access to
players. The more issues there are,
the less access supporters will have
because players will hide away.
Without a doubt that will be detri-
mental to the game, Shaw said yes-
terday, ahead of Saturdays third Pool
B match against Romania.
I truly hope that doesnt happen
but I fear it probably will. Individuals
have become a lot more high-profile
and have taken the game to a differ-
ent plane. Theres almost no stopping
that. There are more mobile phone
cameras and the attention is bigger
than ever. It increases the element of
people trying to make a buck and
making a story of it. It very much sad-
dens me. Attention returns to mat-
ters on the field this weekend, and
Shaw believes Romania represent
ideal opponents as England look to
deliver the efficiency and ruthless-
ness that manager Martin Johnson
feels has been missing.
Its a perfect game to have. Theyll
be tough up front like the Georgians
but I think there will be opportuni-
ties to score tries. Last week we
werent patient enough, the Wasps
front-row added.
Were obviously striving to
reproduce what we were in
the early part of the Six
Nations but its not all
about winning the
World Cup today.
Were making
steps, albeit were a lit-
tle bit behind where
we want to be. Weve
been able to tough
games out in the past
and Im sure we'll be able
to do it again.
35
READ KYRAN BRACKENS
WORLD CUP COLUMN
WORLD CUP WINNER WRITES
FOR CITY A.M. TOMORROW
Dream return
for Hargreaves
capped by his
first City goal
INJURY-JINXED Manchester City
midfielder Owen Hargreaves scored
on his club debut to help dump hold-
ers Birmingham out of the Carling
Cup in a convincing 2-0 win.
The 30-year-old (below), a sur-
prise summer signing from
Manchester United, opened the scor-
ing with his first goal since April
2008, locating the top corner from
25 yards just 17 minutes into his
Etihad Stadium bow.
Mario Balotelli secured the win
seven minutes before the break with
his first goal of the season in front of
just over 25,000 fans.
Meanwhile, Craig Bellamy struck
his first goal for Liverpool since
returning to the club last month in a
2-1 win over Brighton, which fea-
tured Steven Gerrards own come-
back from a six-month injury lay-off.
Merseyside rivals Everton required
extra-time to beat fellow Premier
League side West Brom 2-1 at
Goodison Park Phil Neville getting
the winner in the 103rd minute.
Championship high-flyers
Southampton won 2-1 at home to
Preston, while Cardiff beat Leicester
7-6 on penalties after a 2-2 draw.
THIRD TIME LUCKY | TONGA BREAK DUCK
TONGA claimed their first 2011 World Cup win at the third attempt with a hard-fought
31-18 victory over Japan yesterday in Whangarei. Viliami Maafu, Tukulua Lokotui and
Fetuu Vainikolo scored the tries to maintain the Pacific Islanders slim hope of progress-
ing from Pool A. Although they stayed in touch with Tonga throughout, Japans defeat
confirmed their elimination. Picture: GETTY
Tindall and Wilko
back for Romania
CENTRE Mike Tindall is set to return
to the England starting line-up for
Saturdays Pool B match against
Romania. Veteran fly-half Jonny
Wilkinson and fit-again wing Mark
Cueto are also in line for a recall, as are
forwards Steve Thompson, Louis
Deacon and Tom Croft, while David
Wilson is set for his start of the tour-
nament, as Johnson continues to
rotate his squad.
THE BREAKDOWN | WORLD CUP BRIEFS
ALL BLACKS COOL ON ROW
New Zealands coaching staff have
attempted to defuse the simmering
row over Frances selection for their
clash with the hosts on Saturday.
Critics believe Les Bleus have named
a second string team as part of a
fiendish ploy to lose and therefore
enjoy an easier draw in the knockout
stage. But All Blacks assistant Steve
Hansen said: I think its a really good
team. Who are we to suggest what is
their best combination at half-back
and first five for this Test match?
WALES SWEAT ON LYDIATE
Wales back-row Dan Lydiate is in a
race to be fit for a potential quarter-
final with Ireland. The flanker is not
expected to play again in the pool
stage owing to an ankle injury.
HABANA BACK FOR BOKS
South Africa wing Bryan Habana has
been recalled for todays clash with
Namibia. The Springboks are tipped
to win easily but Namibia captain
Jacques Burger is excited. Its like
playing your brother, he says.
Shaw: Rugby in
danger if players
not given privacy
FOOTBALL
BY FRANK DALLERES
RUGBY UNION
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