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BUSINESS WITH PERSONALITY
www.cityam.com Issue 1,432 Tuesday 26 July 2011 FREE
FTSE 100 t5,925.26 -9.76 DOW t12,592.80 -88.36 NASDAQ t2,842.80 -16.03 /$ 1.63 unc / 1.13 t-0.01 /$ 1.44 unc
Cable: end
universal
banking
VINCE Cable, the business secretary,
will today call on the Independent
Commission on Banking (ICB) to
sound the death-knell for universal
banking by backing a form of ring-
fencing that is just as tough as a full-
scale break up of Britains banks.
His intervention will put pressure
on the ICB to explain why it has decid-
ed to recommend a ring-fence, where a
bank insulates its retail operations
from activities like investment bank-
ing, instead of forcing banks such as
Barclays to spin off and sell their retail
businesses.
Cable will set out a series of key
tests for the ring-fence, including:
Will the division between what is
inside and outside the ring-fence
ensure that nothing resembling a uni-
versal bank remains?
The comments are sure to provoke
alarm in the banking industry, which
fears any ring-fence could be designed
in such a way that it is essentially as
debilitating as the now-defunct Glass-
Steagall Act, which stipulated that
investment and retail banks could not
be owned by the same company.
Cable will also make it clear that he
disagrees with the chancellor, who
used his Mansion House speech last
month to back a form of ring-fencing.
As you will know, my own instincts lie
with full separation, Cable will say.
And the business secretary will
accuse banks of having an ingrained
rip-off culture that extracts excess
profits from personal and business
customers, which must be tackled
through greater competition.
BY DAVID CROW
POLITICS
ANALYSIS l Barclays
p
250
230
210
19Jul 20Jul 21 Jul 22Jul 25Jul
228.95
25 Jul
8.2 per cent and Italian lenders Intesa
Sanpaolo and Unicredit dropped 8.3 per
cent and seven per cent respectively.
Observers put the loss of faith down
to growing signs of an economic slow-
down amid emerging details of the
new Greek bailout deal struck on
Thursday. Many were stunned that
despite a 109bn bailout, Athens debt
burden is still forecast to rise next year.
And in the US, there were few signs
of a consensus emerging as the IMF
urged the nation to get past its debt
impasse. Republicans and Democrats
announced separate plans to raise the
legal debt ceiling before Washington
runs out of cash next Tuesday.
Republicans in the House, led by
speaker John Boehner, will push legis-
lation to cut $1.2 trillion in spending
over 10 years in exchange for a short-
term $1 trillion increase in the bor-
rowing limit, with no tax hikes.
Democrats hope to trim $2.7 trillion
from the deficit over 10 years but allow
the US to keep up debt payments until
after next years election. EUROPE: P5
BY JULIET SAMUEL AND JULIAN HARRIS
WORLD ECONOMY
Certified Distribution
30/05/11 till 03/07/11 is 102,636
ANALYSIS l Lloyds Banking Group
p
50
48
46
44
42
45.10
25 Jul
ANALYSIS l Italy 10-year spread
bps
300
280
290
270
260
2:00 4:00 6:00 8:00 10:00 12:00
289.747
25 Jul
ANALYSIS l Spot Gold (one week)
$
$1,616
25 Jul 1,622
1,616
1,610
1,604
1,598
1,592
1,586
CONFIDENCE in politicians ability to
solve the debt crises of the developed
world collapsed yesterday, sending
bank shares into a tailspin and ramp-
ing up the cost of sovereign borrowing.
As US politicians bickered over the
debt ceiling and investors fled EU
financial stocks, Italy was forced to
cancel a bond auction set for August
on fears that investors are demanding
an unaffordable premium for cash.
Yields on Italys 10-year debt rose
nearly 20 basis points to 5.6 per cent,
with spreads against German gilts also
widening, and equivalent Spanish
yields jumping by a similar amount to
six per cent viewed as a dangerous
threshold for sovereign debt interest.
The Swiss franc notched up record
highs against the dollar, and nervy
investors also sent gold prices surging.
And banks saw billions wiped off
their market cap: the value of the UKs
main four banks alone dropped by
4.5bn, with Barclays falling 4.4 per
cent and Lloyds losing five per cent.
On the Continent, the losses were
worse still: Belgian bank Dexia plunged
Republican John
Boehner is pushing for
laws to cut US public
spending in return for
raising the debt ceiling
FEAR RETURNS
TO MARKETS
News
2 CITYA.M. 26 JULY 2011
Cameron: No
new stimulus
PRIME Minister David Cameron
warned yesterday that Britains path
back to growth will be a difficult
one ahead of growth figures today
that will reveal Britains economy
flatlined for most of the year.
Gross domestic product (GDP) fig-
ures from the Office for National
Statistics are expected to show this
morning how the economy grew just
0.2 per cent between April and June,
less than half the level of the previous
three months.
Cameron and chancellor George
Osborne refused to join calls by Vince
Cable, the business secretary, for the
Bank to print more money to lift the
economy.
After being briefed on the growth
figures, the Prime Minister said the
country could not afford to boost the
economy through more quantitative
easing.
There is no country really that can
afford another fiscal stimulus, David
Cameron told reporters. Theyve all
run out of money. There isnt some
great monetary stimulus you can give
when interest rates are as low as they
are.
Osborne also spoke ahead of
todays figures claiming he had
turned Britain into a safe harbour in
a storm by focusing so rigidly on
deficit reduction.
BY KASMIRA JEFFORD
POLITICS
Its as if the coalition wanted to fail

IMAGINE you were trying to cripple
private sector growth and throttle the
recovery. Yes, I know only a fool would
want to do that. But seriously what
would you do? Here are a few ideas.
For a start, you would try and tie up
businesses with as much red tape as
possible. You would promise a one in,
one out regulatory regime and
immediately ignore your own pledge,
adding far more rules than you take
away. Then you would tax jobs with
increased national insurance. You
would target key decision makers and
executives with some of the highest
taxes in the world, taking the top rate
to 52 per cent (and an extra 13.8 per
cent employers national insurance).
You would drag millions into a 42 per
cent rate. You would increase capital
gains tax to 28 per cent and fail to
index for inflation, better to reduce
the incentives to invest.
You would create an educational
system that fails to educate millions
and trap a large chunk of the popula-
tion in poverty. You would promote an
entitlement culture that denigrates
hard work. You would make sure the
government spent as much of GDP as
possible, in the knowledge that public
sector productivity is negative and
that billions are wasted. You would
cheer when you found out the public
sector is spending more than half of
GDP for the third year in a row,
according to the OECD.
You would relentlessly criticise the
City firms that employ hundreds of
thousands. You would try and regu-
late their salaries, slap new taxes on
their balance sheets, make them
objects of public scorn and do you best
to make their lives less pleasant and
less predictable. You would plot to
make large institutions uncompetitive
and hopefully relocate their activities
and headquarters abroad.
You would turn a blind eye to
almost all European regulations, and
gold plate everything that comes to
you. You would pass ever more strin-
gent green regulations and taxes on
carbon to make sure that it ceases to
be viable to make things in the UK.
You would prevent the expansion of
airport capacity. To guarantee that
peoples purchasing power be cut, you
would give your blessing to out of con-
trol inflation. You would force banks
to hold more capital, reducing the
supply of credit.
Oh, wait. My anti-growth night-
mare is actually a fairly accurate
description of reality. Many of these
policies are the relic of governments
bygone, of course. Sure, the coalition
has introduced a few good pro-growth
measures yesterdays planning
reform was an improvement, corpora-
tion tax is being trimmed, tax is being
reformed to retain HQs in Britain and
to incentivise entrepreneurs, ander,
thats about it. The education reforms
are fantastic but will take years to
have an effect on the economy. The
deficit plans have helped confidence
and kept borrowing costs in check,
but they are a necessary and not suffi-
cient condition for growth. The weak
pound isnt enough.
Very few of the many business lead-
ers I have spoken to in recent months
believe there has been a serious
improvement in the UKs competitive
climate over the past year. Almost all
are disappointed by the coalitions
supply-side and tax measures; there
has been a significant worsening of
the mood on that front. No wonder,
therefore, that the recovery is disap-
pointing. Judging from many of its
actions, it is almost as if the govern-
ment didnt want to succeed.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
BETFAIR awarded its two senior exec-
utives huge pay rises last year despite
overseeing a disastrous entry to the
London stock exchange last year.
David Yu, the groups chief execu-
tive who announced last month he
would be stepping down, received a
pay package worth 824,676 in the
year to April, up 125 per cent on the
previous year, its annual report
revealed yesterday.
Meanwhile Stephen Morana, its
chief financial officer, saw his pay
package more than quadruple to
1.6m last year compared with
300,000 the year before.
Yu and Moranas package included
a senior executive incentive plan
(SEIP) entitling them to 300,000 and
1.2m respectively following the
firms listing on the stock exchange.
Shares in the betting firm have
slumped by 50 per cent since it floated
last October at 13, closing yesterday
at 653.5p.
BY KASMIRA JEFFORD
LEISURE
Betfair boss doubles pay

David Yu, Betfairs chief executive, saw his pay package increase 125 per cent last year
NEWS | IN BRIEF
Auditors told to stand up to banks
Britain's company auditors should ques-
tion management more closely about
how their revenue forecasts stand up
against a backdrop of poor economic
conditions and weak markets, the indus-
try's watchdog said today. Auditors are
facing pressure to be more assertive
with banks in particular after many gave
lenders a clean bill of health in the run
up to the financial crisis just months
before some of them had to be rescued
by taxpayers. In its annual survey of
audits, the Professional Oversight Board
(POB) found that the "Big Four"
KPMG, PwC, Deloitte and Ernst &
Young all failed to be sceptical enough.
UK forex turnover has jumped
Global foreign exchange turnover rose in
April 2011 from October 2010, driven
by increasing volume across spot, for-
wards, swaps and options activities,
according to a survey released by major
central banks. Average daily turnover in
UK foreign exchange markets rose to a
record $2.191 trillion (1.34 trillion) in
April, keeping intact London's status as
the world's largest FX market, according
to the Bank of England.
EDITORS LETTER
ALLISTER HEATH
Editorial Statement
This newspaper adheres to the system of
self-regulation overseen by the Press Complaints
Commission. The PCC takes complaints about the
editorial content of publications under the Editors
Code of Practice, a copy of which can be found at
www.pcc.org.uk
Printed by Newsfax International,
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Chancellor George
Osborne has defended
his economic plans
ahead of GDP figures
due out today
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Email: news@cityam.com www.cityam.com
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Editor Allister Heath
Deputy Editor David Hellier
News Editor David Crow
Acting Night Editor Marion Dakers
Business Features Editor Marc Sidwell
Lifestyle Editor Zoe Strimpel
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HACKING FEARS SPARK TRINITY
REVIEW
Trinity Mirror, the publisher of the
Daily Mirror, has launched a review
of its editorial controls and proce-
dures amid investor anxiety that
phone-hacking claims could spread
beyond the defunct News of the
World. Trinity saw its shares fall 9.8
per cent yesterday over concern
among investors that the phone-hack-
ing scandal that has ripped through
Rupert Murdochs News
International was not isolated to one
newspaper group.
MEPC EXPLORES OPTIONS AFTER DEBT
REVAMP
Property company MEPC has been
lined up for a partial sale or return to
the public market among options to
help develop the business following a
long-term refinancing of 470m of
securitised debt this month.
The 65-year-old company owns 8.5m
sq ft of business parks across the UK
with a value of more than 900m.
WARNING SOUNDED OVER OFFSHORE
AUDITING
Regulators are scrutinising the off-
shoring of audit work from richer
economies to cheaper locations such
as India for fear it could make the vet-
ting of accounts less rigorous. The
International Forum of Independent
Audit Regulators (IFIAR) is question-
ing leading auditors including PwC
and Deloitte about the extent to
which they plan to parcel out tasks to
staff in other countries.
APPLE APP STORE RULES HIT CONTENT
DEVELOPERS
Amazon.com, Google, Rhapsody and
Spotify are among a raft of media
companies whose iPhone and iPad
applications have become caught up
in new rules being enforced by Apple
on how content is sold through its
App Store.
BIG SIX SHOULD PAY FOR THE
DOORSTEP DEL BOYS, SAY MPS
People who have been pressured into
needlessly signing up to new utility
suppliers should be paid compensa-
tion by their energy provider, accord-
ing to MPs. The Energy and Climate
Change Select Committee has called
on suppliers to ditch doorstep selling,
which, according to Ofgem, results in
a quarter of all people switching ener-
gy supplier. The practice came under
scrutiny after a court case in May.
BANKS STEP INTO THE BREACH FOR
AGEING NORTH SEA FIELDS
Banks including Lloyds are preparing
to underwrite the future cost of
decommissioning a North Sea field
for the first time because the oil
industry does not trust the govern-
ment to pay its share. Bankers say it
has become a test case over estimated
20bn dismantling costs.
JOB HUNTERS TO SUBMIT LINKEDIN
PROFILES INSTEAD OF CVS FOR ROLES
Thousands of employers have begun
allowing job hunters to apply for a
role at their company by submitting
their LinkedIn profile, rather than a
CV or application form. From today,
employers using the free service have
an apply with LinkedIn button on
their corporate website which
enables people to put themselves for-
ward for a role using their existing
online profile with the social net-
working site.
BOMBARDIER CHAIRMAN COLIN
WALTON: THAMESLINK DECISION
NEEDS TO BE REVIEWED
The chairman of Bombardier UK has
demanded an official review of the
Governments decision to reject its
bid for a 1.4bn Thameslink contract
in favour of Siemens, the German
manufacturer.
BP AWARDED NEW TRINIDAD
DEEPWATER BLOCKS
BPs plan to increase its global deep-
water portfolio has been boosted by
the award of two more exploration
and production blocks offshore
Trinidad and Tobago, the UK oil
major said yesterday. The new blocks
mean BP will double its acreage in
the Caribbean island nation, which
already accounts for 12 per cent of
the companys global oil and gas pro-
duction.
BRIDGEPOINT INVESTOR FILES FOR
STAKE SALE
Shares of Bridgepoint Education Inc.
fell sharply yesterday following news
that Warburg Pincus LLC, which
holds about two-thirds of the for-prof-
it college operators common stock,
has registered to sell its entire stake.
Bridgepoint reported the registration
late Friday.
WHAT THE OTHER PAPERS SAY THIS MORNING
News
ANADARKO Petroleum Corporation
swung to a second-quarter profit yes-
terday, as the US exploration compa-
ny produced and sold more oil than
expected following higher crude
prices.
Anadarkos profit was $544m
($334m), or $1.08 per share.
The company owns a 25 per cent
stake in Macondo well, which explod-
ed in the Gulf of Mexico in April 2010,
but has so far disputed BPs claim that
it should foot the bill for damages.
Anadarko was tight-lipped on the
spat, throwing focus onto BP, which
reports quarterly figures today.
SMARTPHONE maker Research In
Motion (RIM) plunged more that 4.4
per cent yesterday after it announced
it would axe a tenth of its global
workforce.
The firm, best known for its
BlackBerry range, has struggled in
the face of soaring demand for
Apples iPhone and handsets running
Googles Android, especially those
made by Samsung.
Its market share in the US smart-
phone market is on the decline, slip-
ping from first place earlier this year
to fall behind Android, with 28.7 per
cent compared to Googles 34.7 per
cent. The high-margin iPhone has a
25.5 per cent share.
RIMs first foray into the nascent
tablet market earlier this year with
the PlayBook met with critical dis-
dain and customer apathy.
The share slump means RIM has
now shed 45 per cent of its value in
the last 12 months.
In a bid to stop the rot, the
Canadian firm announced a shake-up
among its top executives. It said one
of its three chief operating officers,
Don Morrison, would retire and the
other two, Thorsten Heins and Jim
Rowan, would take on additional
responsibilities.
However, analysts were sceptical,
and highlighted the shared chief
executive and chairman roles, cur-
rently split between Mike Lazaridis
and Jim Balsillie, as a more pertinent
problem.
Altogether 2,000 staff will be cut,
leaving a workforce of 17,000.
The firm, which described the cost
reduction as a prudent and neces-
sary step for its long-term success,
said it would inform employees who
will lose their jobs this week.
RIM plunges
after it axes
2,000 staff
A SIMPLIFICATION of the UKs plan-
ning regulations was proposed by the
coalition government yesterday, earn-
ing widespread applause from busi-
ness groups.
Greg Clark MP, minister of state for
decentralisation, published a 52-page
consultation document designed to
clarify Britains thousands of pages of
planning red tape.
The National Planning Policy
Framework is the first step towards a
planning system which enables devel-
opment rather than holding it back,
said Edwin Morgan of the Institute for
Directors.
Chancellor George Osborne had
identified planning system reform in
his March budget for growth,
describing existing regulations as an
obstacle to economic growth.
Land Securities chief executive
Francis Salway said: Its refreshing to
have a concise national planning
framework which supports and
encourages growth, and at same time
protects our heritage.
Yet the British Chambers of
Commerce warned the government
that words need to be translated into
more pro-growth decisions. Businesses
need to see more than just a new pol-
icy document, it said.
Clark proposes streamlining
of UKs planning regulations
US Dow Chemical has agreed a $20bn
(12.3bn) joint venture with Aramco
to build one of the worlds largest
chemical facilities in Saudi Arabia.
Aramco chief Khalid Al-Falih said
the agreement will play a key role in
the Kingdoms industrial and eco-
nomic diversification
The Sadara project is expected to
generate sales of around $10bn with-
in a few years of operation and gener-
ate thousands of jobs, Aramco added.
The joint venture will give Dow
access to cheap Saudi gas feedstock
and a production facility close to cus-
tomers in booming markets.
Dow inks $20bn
Saudi venture
Anadarko posts
$544m profits
BY STEVE DINNEEN
TELECOMS
OIL AND GAS
INDUSTRIAL
Greg Clark published the 52-page consultation document on planning laws Picture: PA
BY JULIAN HARRIS
REGULATION
ANALYSIS l Research In Motion Ltd

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Available to book now at
INVESTORS turned against Greeces
latest bailout package yesterday,
with Moodys one of many observers
to conclude that despite a new
109bn (96bn) public bailout and
50bn write-off in private debts,
Athens is still insolvent.
Greeces debt is forecast to rise
next year, despite the latest rescue,
which brings the sovereigns total
official rescue funds to an eye-water-
ing 219bn.
Moodys downgraded Greece and
its banks further into junk territory,
saying that despite encouraging
signs on the bailout front, the sover-
eign will still face very significant
implementation risks to fiscal and
economic reform.
RBSs Jacques Cailloux sum-
marised the outcome as rolling cri-
sis still likely, saying that: The
Greek debt load will be at best
reduced by 10 to 20 percentage
points of GDP to what will still be
seen as an unsustainably high level.
Capital Economics Ben May
agreed: Greeces debt will remain
at worryingly high levels: we still
expect it to be at around 150 per
cent of GDP two to three years down
the line.
He said that it would have to be
brought down to a maximum of 70
to 100 per cent of GDP to have any
chance of convincing markets.
And Socit Gnrales Michael
Marcussan said that the real test
will be Greeces ability to deliver on
its deficit-cutting programme.
Meanwhile, German chancellor
Angela Merkel faces growing anger
at home, where she has been
accused of concocting a deal that
will collectivise European sover-
eign debt risk. The German parlia-
ment will not vote on changes to
the EUs bailout fund until
September.
Economists
lose faith in
Greek rescue
BY JULIET SAMUEL
EUROZONE
SOVEREIGN default in the Eurozone

could hammer pension deficits,
research from the Pension Insurance
Corporation warned yesterday.
Should gilt yield fall back 30 basis
points and equity markets drop 20
per cent following a sovereign
default, deficits could grow by 45 per
cent, costing an estimated 190bn,
the calculations showed.
Yet despite the possibility of a sec-
ond financial crisis, pension insur-
ance is at its most affordable since
the summer of 2008 just prior to
the collapse of Lehman Brothers, the
report said.
The clear divergence in market
outlook between the fixed income
markets and the equity markets
should be of concern to trustees,
warned David Collinson of the
Pension Insurance Corporation.
Crisis in the Eurozone could add
45 per cent to pension deficits
PENSIONS
CHANCELLOR George Osborne yester-

day said he regrets the appointment
of Andy Coulson as the Number 10
communications chief.
Former News of the World editor
Coulsons role in the government has
come under intense scrutiny since his
arrest as part of the phone hacking
scandal. Osborne was singled out by
former News International
boss Rebekah Brooks as the
man behind the appoint-
ment.
Osborne said yesterday: I
repeat the words of the Prime
Minister, knowing what
we know now we regret
the decision and I sus-
pect that Andy
Coulson would not
have taken the job.
Meanwhile, Prince Alwaleed bin
Talal, who owns seven per cent of
News Corp, has backed the firms
controversial share structure,
which gives the Murdoch family
preferential voting rights.
Murdoch (pictured) also
sold his stake in Russian
advertising company
News Outdoor to a con-
sortium of buyers for a
reported 166m.
Chancellor regrets taking on
Andy Coulson as spin doctor
BY STEVE DINNEEN
MEDIA
News
Merkel has a fine line to tread between foreign and domestic pressures Picture: REUTERS
DEUTSCHE Bank yesterday appointed
two of its top executives as successors
to Josef Ackerman, who will be step-
ping aside next May after 10 years at
the helm.
Anshu Jain, the head of the UK
investment bank, and Germany head
Juergen Fitschen have been appointed
co-chief executives, ending a lengthy
search for the position.
The German bank also revealed
that the board is working towards Dr
Ackermann being elected as chair-
man to the supervisory board to
replace Dr Clemens Boersig, who will
be stepping down next year.
DUTCH insurance and bank group
ING sold virtually all its Latin
American insurance operations to a
Columbian firm for a better-than-
expected 2.68bn (2.4bn) yesterday.
The sale of the businesses to Grupo
de Inversiones Suramericana, known
as GrupoSura, values the insurance
assets at six times its forecast 2011
earnings and 1.8 times its estimated
1.5bn book value.
Alongside that, ING said it would
sell its 36 per cent stake in Brazilian
non-life insurer Sul America, estimat-
ed to be worth another 800m.
RBS analyst Thomas Nagtegaal said
the total 3.6bn price for both the
LatAm business and Sul America was
above the top end of his expectations.
But he said all proceeds from the
sale would be used to repay debt in
the ING Insurance business, cutting
its leverage to 25 per cent, so INGs
investors would see little benefit.
ING expects to make 1bn profit
from the sale of the pensions, savings,
investment management and life
insurance businesses in Chile,
Colombia, Mexico and Uruguay as
well as two stakes in Peruvian insur-
ers. It has to divest its entire insur-
ance division, becoming a pure
banking business, to meet the condi-
tions of its bailout by the Dutch state
in the financial crisis.
Its commercial, mortgage and leas-
ing businesses in the region are not
affected by the deal, while GrupoSura
also takes on the 65m debt held
within the insurance operations.
INGs chief executive Jan Hommen
said the group would now prepare its
other investment management and
insurance businesses for initial public
offerings. It plans one for its US arm
and another for Europe and Asia.
ING sells Latin
American arm
to repay debt
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US reinsurer Validus Holdings took its
$3.2bn (1.9bn) offer to buy
Transatlantic Holdings directly to
shareholders yesterday after rejecting
its rivals conditions for merger talks.
Validus said it was unable to start
discussions with Transatlantic
because of a standstill provision
that would have prevented it from
pursuing its bid without the approval
of Transatlantics board.
It was the second time in two years
that Validus launched a hostile bid
for a reinsurer that had already
agreed a deal with someone else,
after an unsuccessful bid to buy IPC.
Validus takes its
$3bn bid hostile
Deutsche Bank
names its CEOs
BY ALISON LOCK
INSURANCE
BANKING
M&A
BRITISH mortgage lender Yorkshire

Building Society is to buy the mort-
gage and savings business of Egg
Banking from US bank Citigroup, as
Citi continues to sell non-core assets
after its bailout during the credit cri-
sis.
Yorkshire, owned by its customers,
said the Egg businesses it was acquir-
ing comprised of a 2.5bn savings
book and a 430m mortgage book. It
added it would also acquire the Egg
brand.
The sale of the Egg divisions to
Yorkshire Building Society comes just
a few months after Citi sold off Eggs
credit card assets to Barclays.
Yorkshire Building Society, which
has more than 30bn worth of assets,
said buying the Egg businesses would
widen its products and range of serv-
ices, and improve the companys
funding position.
Yorkshire did not disclose how
much it paid for the Egg businesses.
Yorkshire Building Society is also
looking at Northern Rock, the fully
nationalised British bank that the
government aims to sell off in due
course.
Citi acquired Egg from insurer
Prudential in 2007 for 575m and the
bank has been looking to sell it for
some time.
Yorkshire Building Society
buys Egg assets from Citi
BANKING
Yorkshire Building Society, led by Iain Cornish, has bought Egg assets from Citigroup
News
ANALYSIS l ING Groep N.V.

7.88
25 Jul
8.40
8.20
8.00
7.80
7.60
7.40
7.20
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THE Bank of Ireland will become
Irelands only lender to avoid major-
ity state control after the govern-
ment announced yesterday that
private investors have agreed to buy
a stake worth 1.1bn (971m) in the
beleagured bank.
The news saw investors make a
grab for shares in the countrys
biggest lender, whose stock closed
up three per cent, having reached a
high of 11 cents, or 7.8 per cent
above its previous days price, at one
point.
The deal will eventually see the
public stake in BoI brought down
from its current 36 per cent level to
around 15 per cent, through an ini-
tial sale of 241m in shares, to be
followed by a further 882m divest-
ment. The buyers are a group of
around ten institutional investors.
The deal comes a day before a
rights issue was due to hand a
majority stake to the government in
order to fulfil a 5.2bn capital-rais -
ing requirement. Irelands central
bank had mandated the additional
capital following its own stress tests
in March.
Irish finance minister Michael
Noonan said that by the conclusion
of a 1.9bn rights issue this evening,
private investors will own at least
68 per cent of the bank.
BoI called the deal a major
endorsement of the banks strategy
and the confidence which these
investors share with the bank in the
future for the Irish economy.
Noonan claimed: This invest-
ment is tangible proof of growing
international confidence in the
future prospects of both Bank of
Ireland and the Irish economy.
The Irish government currently
owns majority stakes in Anglo Irish,
EBS and Irish Nationwide Building
Society, and Irish Life & Permanent
will have to accept state control if it
cannot find another source of capi-
tal soon.
BoI to avoid
state control
BY JULIET SAMUEL
BANKING
ROYAL Bank of Scotland has excluded

the former boss of its aircraft leasing
business from the $8bn (5bn) auc-
tion of the unit, raising concerns the
part-nationalised bank is barring a
credible bidder and could short-
change the UK taxpayer.
Source said Dublin-based aircraft
leasing firm Avalon, which is run by
Domhnal Slattery, the founder and
former chief of RBS Aviation, has
been barred from the process.
Slattery hired away key executives
from the RBS business last year, when
a previous sale process was underway,
though it was subsequently aban-
doned after failing to find a buyer.
RBS Aviation, one of the worlds top
five commercial airline leasing firms,
could fetch between $6bn and $8bn,
analysts have said.
The state-owned bank, which is
attempting to return to profit said the
sale was underway following signifi-
cant expressions of interest from
potential bidders in recent months.
RBS Aviation blocks its former
boss from 5bn auction process
AVIATION
ALLIED Irish Banks jumped out of the

red yesterday, reporting a pre-tax prof-
it of 260m (229.6m) for the half-year
ended June versus a 2.44bn loss for
the same period last year.
The bank still posted an underlying
loss of 2.6bn due to continuing ele-
vated bad debts. Impairments rose
from 12.1bn to 15.2bn.
And the bank revealed that it has
seen a worrying flight of customer
deposits worth 5bn over the first half
of 2011, excluding the purchase of
7bn in deposits from Anglo Irish.
It put the capital flight down to
weak economic conditions, sovereign
concerns about Ireland and more gen-
eral uncertainty about Europes solu-
tion to the debt crisis.
Even so, its overall loan-to-deposit
ratio fell from 165 per cent to 143 per
cent as the bank successfully ditched
chunks of its non-core book, shrinking
its loans from 96bn to 87bn.
The bank posted a core tier one cap-
ital ratio of 9.9 per cent at the end of
June, versus just four per cent in
December, in part due to its sale of a
70 per cent stake in Polish lender Bank
Zachodni WBK to Banco Santander.
Its shares closed up 4.8 per cent
after the results yesterday, though the
bank is currently 93 per cent owned by
the Irish government.
Allied Irish back in black
despite 5bn fall in deposits
BY JULIET SAMUEL
BANKING
News
Richie Boucher, Bank of Ireland chief, has mostly kept the firm out of state hands
ANALYSIS l Bank of Ireland
0.11
0.10
0.10
25 Jul
Dixons wins deal with Harrods
News
DOMINOS Pizza yesterday forecast
stronger sales growth in the second
half of the year after reporting a 15
per cent rise in first-half profit.
The company, which runs the
British and Irish franchises of the
global delivery brand, is planning to
treble marketing spend in the second
half compared with the same period
last year, to back up the launch of a
gourmet pizza range.
It is also sponsoring a new Simon
Cowell-backed TV show, Red or Black,
that will offer contestants a 1m jack-
pot. This follows its expired sponsor-
ship of Britains Got Talent.
The company said sales at its 607
shops open more than a year rose by
2.4 per cent in the 26 weeks to June
26, against 4.2 per cent rise in the
first quarter.
It made pre-tax profit of 20.1m,
compared with 17.5m the year
before.
Finance director Lee Ginsberg said
he was confident sales growth would
improve in the second half.
While we dont give the market
numbers for July, its quite pleasing to
see how well weve started this half,
he said.
Weve got some great product
launches coming. Were going to
sponsor Red or Black in September.
Weve got a lot in the bag and that
gives us confidence.
He said he was very comfortable
with analyst forecasts for comparable
sales growth of three to four per cent
in the second half.
Netflix disappoints investors
NETFLIX, the top US video rental com-
pany, reported second-quarter rev-
enue that fell short of expectations
and saw shares drop with a caution
that subscriber growth would slow in
the third quarter.
The company said quarterly earn-
ings rose to $68m (41.8m), or $1.26 a
share, from $38m, or 70 cents a share,
in the same period a year ago.
Revenue rose 52 per cent to
$788.6m, but fell short of the average
analyst estimate of $791.5m,
according to analysts.
It warned that it would add
fewer US subscribers in the
third quarter than it did
in the period in 2010,
worrying investors
about slowing growth.
Shares dropped
around nine per cent
in late trade.
Netflix, which
recently secured the
rights to stream hit
US show Mad Men
(pictured), defended its decision to
raise prices on DVD and streaming
movie bundles.
It is expected and unfortunate
that our DVD subscribers who
also use streaming dont like
our price change, which can
be as much as a 60 per cent
increase, Netflix said in its
earnings release.
The company acknowl-
edged some subscribers
would cancel or down-
grade plans, but expect
most will keep its services.
BY JOHN DUNNE
CONSUMER
BY JENNY FORSYTH
MEDIA
STRUGGLING electricals retailer

Dixons which has been trying to
find a way to offset falling sales has
signed up to run the consumer elec-
tronics section at Harrods.
The unlikely partnership comes
after a spat in which Dixons directly
tried to steal customers from Harrods
by encouraging people to browse at
the upmarket store before buying
from Dixons.co.uk at lower prices.
Harrods yesterday laughed off the
advertising campaign saying: In fact
we were pleased they recognised our
service levels. Its all a bit amusing.
Dixons, which operates on the
High Street as Currys and PC World,
will replace a string of smaller elec-
tronics concessions in a new 11,000
square foot department on the third
floor of the Knightsbridge store.
Harrods said the department
would be high end and not the kind
of range you see in the average high
street store. Dixons said the depart-
ment would sell leading-edge com-
puting and audio visual equipment.
Dixons has issued a string of profit
warnings this year but is pinning its
hopes on iPad sales as well as design-
er headphones and 3D televisions.
David Lloyd-Seed at Dixons Retail
said: This gets the message across we
have changed as a business and have
a different level of customers service
and product than youd associate
with the old Currys.
Dixons shares lost 6.1 per cent yes-
terday to close at 15.2p.
BY JOHN DUNNE
RETAIL
TEXAS Instruments has forecast only

modest third quarter growth in the
face of economic uncertainty.
The company, whose chips are
found in products ranging from
mobile phones to cars, said it expects
third-quarter revenue of $3.4bn
(2.1bn) to $3.7bn, compared with
the average analyst forecast of $3.6bn.
For the second quarter Texas
Instruments earned $672m, or 56
cents per share, compared with
$769m, or 62 cents per share, in the
year-ago quarter.
Revenue fell to $3.46bn from
almost $3.5bn and was slightly ahead
of analysts consensus forecast.
Production at some computing
and consumer manufacturers
appears lukewarm, chief executive
officer Rich Templeton said in the
statement.
Texas Instruments expects
economy to stunt growth
TECHNOLOGY
Dominos to
treble spend
on marketing
Hamad bin Jassim
bin Jabor Al Thani
John Browett
3.8bn
Chief executive
UK Sales (to 30 April 2011)
Founded
1937
1bn
Owner
Sales (to 31 January 2011)
Founded
1834
ANALYSIS l Domino's Pizza UK & IRL
p
500
480
460
440
482.40
25 Jul
9 EDITED BY
ELIZABETH FOURNIER
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @citycapitalist
The Capitalist
CITYA.M. 26 JULY 2011
MAGIC circle law firm Freshfields
Bruckhaus Deringers Fleet Street
offices played host last night to a City
crowd debating one of the most perti-
nent questions currently facing the
UKs politicians, regulators and
bankers whether the countrys
biggest banks should be forcibly bro-
ken up, or whether other kinds of
reforms are the best way forward.
The discussion, organised by busi-
ness group London First, brought
together some of the Citys most influ-
ential figures, with Sainsburys chair-
man David Tyler, KPMG co-chair John
Griffith-Jones, Tory grandee Steven
Norris, Green Investment Bank boss Sir
Adrian Montague, Freshfields London
managing partner Tim Jones, City of
London Police commissioner Adrian
Leppard and many others finding time
to join the audience tackling the con-
tentious topic.
In the corner fighting for a break-up
were Michael Mainelli, chairman of
City commercial think tank Z/Yen and
Simon English of the Evening
Standard, with GE Capital chief exec
John Jenkins as their witness for the
prosecution. Large banks howling
about downsizing is exactly what we
want, argued Jenkins, adding his sup-
port to the argument that
the UKs biggest banks
should be broken into
eight pieces each.
Opposing a com-
pulsory break-up
were British Land
boss Chris Griggs and
City A.M. editor
Allister Heath,
with witness
Sir Win
B i s c h o f f
(right) of
L l oy ds
i ns i s t -
ing: UK
b a n k s
have some of the best capital in
Europe. It is not the structure that is
broken. The steering may need direct-
ing and the engine needs to lower
speed, but the structure isnt broken.
And in the end Sir Wins team was
the winner, with a show-of-hands vote
among the 75 attendees coming down
firmly on the side of those who
opposed Glass-Steagall-style break-ups.
To paraphrase the events title,
when it comes to banking it looks like
London remains firmly in favour of big
and brave, as opposed to boring.
WAKE UP CALL
WHEN Intercontinental Hotels Group
chief executive Andy Cosslett
announced his surprise departure
from the company earlier this year, he
admitted that non-stop globetrotting
for work had taken its toll over the
years.
So its nice to hear that even the
most weary of business travellers can
still be left with their mouths gaping
at some of the weird and wonderful
sights around the world even if it is
at the expense of their employees
beauty sleep.
One IHG staffer tells of the time that
Cosslett called him one morning from
Hong Kong seven hours ahead of
British Summer Time to rave about
the view from the penthouse suite of
the groups new hotel in the city.
Andy phoned me at an unearthly
hour and was saying: You just have to
see this place. We walked around the
suite and it took about 20 minutes!
he was in awe.
Soon after the overwhelming visit,
Cosslett left the company, saying that
he had no immediate plans for work
and would take a few months to
assess his options. Though hes kept
a low profile ever since, The Capitalist
can think of much less pleasant places
from which to plot your next move
than an infinity pool overlooking the
Pearl of the Orient.
GET GRIPES NOTICED
BOARDS, beware: ShareSoc, the private
shareholder society, has published a
kit to help aspiring activist investors to
get their gripes noticed.
Top of the list is to be clear what you
are complaining about and avoid
landing yourself in hot water while
doing so.
You may feel that the directors are
dishonest crooks who are only lining
their own pockets at your expense, but
putting that into writing on a bulletin
board or elsewhere is a recipe for large
legal costs, it sagely suggests.
ShareSoc may do well to heed its
own advice when it comes to the sec-
tion on lawyers, though it tells read-
ers: Past experience shows that
lawyers are notorious for not tracking
costs, not billing clients promptly,
going over-budget without warning,
and other poor practices.
THE PLACE TO BE SEEN
NOT content with building the UKs
tallest tower, developer
Sellar Property has started
work on a smaller sister
block in order to lure
more City firms to the
South Bank.
Imaginatively named
The Place, the 17-storey
glass building (pictured
below) will be ready in
2013, less than a year after next door
neighbour The Shard opens its gigan-
tic doors to tenants. Chairman Irvine
Sellar has hired no less than four sets
of estate agents to market the two
buildings, fostering what he calls
healthy competition as Knight Frank
and Jones Lang LaSalle race to sell
floorplates in The Shard before rivals
Colliers and CB Richard Ellis can find a
company to take space in The Place.
There will be trouble if the Shard
guys cant beat us to sign the first ten-
ant, joked once CBRE agent yesterday
at the launch.
Perhaps a fresh sighting of The
Shards most famous tenant so far
the fox that was found living on the
72nd floor in February could spark
renewed interest in the skyscraper?
Harriet Dennys is away.
CITY GRANDEES DEBATE
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KPMGs co-chair-
man John Griffith-
Jones (left) was a
guest at the
debate, as was
Sainsburys chair-
man David Tyler.
Lloyds Banking Group chairman Sir Win
Bischoff made the case for universal banks
EMERGING market growth offset
weaker European sales to allow con-
sumer goods giant Reckitt Benckiser
to hike its interim dividend by ten per
cent yesterday.
Total like-for-like sales at the group,
which makes Cillit Bang cleaners,
Airwick air fresheners and Dettol dis-
infectant, rose by five per cent in the
first half.
However, European sales dropped
one per cent, with Vanish fabric
cleaners among the products per-
forming badly.
In the six months to 30 June the
Anglo-Dutch group reported a 14 per
cent jump in net revenues to 4.6bn.
Pre-tax profit rose from 971m to
1.04bn. The interim dividend was
increased by 10 per cent to 55p per
share.
Presenting his final set of interim
results before standing down as chief
executive in September, Bart Becht
said: Growth in the base business
was driven in particular by an excel-
lent result in developing markets,
and was boosted by innovations.
Reckitt lifted
by emerging
market boost
RYANAIR, Europes largest low-cost
airline, posted quarterly profits below
market expectations due to higher
fuel and operating costs yesterday.
The Irish airline, which operates
more than 1,500 flights a day, said it
expects average income yields to rise
by 12 to 15 per cent in its second quar-
ter ending in September, but warned
that traffic would fall four per cent in
the next winter season as high fuel
costs force the airline to ground
flights.
Revenues in the three months to
June grew 29 per cent to 1.16bn
(1.2bn), meeting market expecta-
tions. But net profit was 139m, well
short of the 151m forecast by a panel
of analysts. Ryanair maintained its
profit forecast for the year of 400m.
Ryanair chief executive Michael
OLeary said: Fuel prices remain
stubbornly high. Ryanair also has
confirmed yesterday it will launch
legal action against BAA as it seeks to
recover the substantial overcharges
the airline believes it suffered due to
monopolistic position of the air-
port operator. The move comes after
regulators won a legal fight ordering
BAA to sell Stansted.
Ryanair sees profit dented
by the soaring price of fuel
BY JOHN DUNNE
CONSUMER
AVIATION
News
ANALYSIS l Reckitt Benckiser
p
3,540
3,500
3,460
3,420
3,526.00
25 Jul
ANALYSIS l Ryanair
3.55
3.45
3.35
3.25
3.40
25 Jul
Outgoing chief
Bart Becht says
the European
market is
tough.
Picture: REX
Pharma arm too reliant on heroin addict drug
RECKITT Benckisers pharmaceuti-
cals (RBP) arm has always been an
odd fit for the rest of the company,
which specialises in big bright clean-
ing brands like Harpic and Finish
dishwasher tablets. The drugs divi-
sion is interested in something alto-
gether darker: heroin addiction.
Things arent looking good for
Suboxone, RBPs drug for opiate
addicts. It lost US patent protection
in October 2009 and a raft of cheap-
er generics are around the corner.
Reckitt has had some success mov-
ing users of Suboxone off tablets and
on to a film version, which is still
under patent, that is placed under
the tongue. If a patient has a pre-
scription for the film variant, the
pharmacy cant dispense cheaper
generic tablets. Forty-one per cent of
users now take the drug this way,
although analysts had hoped for a
faster pace of conversion.
US insurance companies are
unlikely to agitate for policyholders
to take cheaper tablets either. The
cost of failure rehab, trips to the
emergency room etc is far greater.
Management is hopeful that a
range of other dependency drugs it
has in development which treat
addiction to alcohol, cannabis, and
cocaine could replace the profits
lost from Suboxone, although none
of these will hit the market until
2018 at the earliest.
Were still uneasy about RBPs
reliance on one drug, however. The
medicine accounts for virtually all
of the divisions revenues, which
stood at 320m in the first half and
represents almost a quarter (22 per
cent) of group operating profits. It is
about as dependent on Suboxone as
its customers were on heroin.
BOTTOMLINE
Analysis by David Crow
Ryanair in numbers, three
months to June 2011
1.16BN
+29%
Revenue
248M +22%
Ancillary sales (baggage, food &
drink, premium seats)
21.3M +18%
Passenger numbers
139.3
+1%
Profit
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News
THE London Stock Exchange claimed
yesterday that the planned tie up
between its rivals, Deutsche Boerse
and NYSE Euronext, would create a
derivatives giant that would stifle
competition in Europe.
The LSE, which had to abandon its
own merger with Canadas TMX
Group last month, stepped up its
opposition to its competitors plan.
The merger would entrench the
position both exchanges enjoy in
derivatives by removing each others
closest competitor and making new
entry even harder, it said in a brief-
ing note.
Combining Deutsche Boerses
derivatives house Eurex and NYSE
Euronexts Liffe would remove the
important competition that exists
today and the potential for competi-
tion in the future, it said.
The LSE wants to see indices
licensed freely on competitive com-
mercial terms and more real choice
in post-trade services.
Separation of the parties deriva-
tives clearing pools will not suffice,
it warned.
It is likely to call for EU regulators
to demand concessions such as sell-
ing one or both of the derivatives
houses from the two exchanges
before they merge.
ABERDEEN Asset Management
pleased the market yesterday with a
better-than-expected jump in funds
under management and higher fee
earnings over the past quarter.
The fund managers assets hit
185.8bn at the end of June, up 2.5
per cent in the past three months as
it added 10.9bn gross new funds.
Analysts also welcomed the news
that the biggest beneficiaries of new
capital flows were equity and fixed
income funds that generated the
highest margins, giving Aberdeen a
healthy revenue stream.
Aberdeens chief executive Martin
Gilbert said flows into higher margin
products had more than offset
redemptions in revenue terms.
Its high-margin pooled funds saw a
1.6bn net inflow in the quarter,
while 0.9bn of net outflows from
segregated mandates meant the rev-
enue mix shifted strongly towards its
high-margin products, adding 15m
in annualised fee income.
Outflows also included a 0.7bn
withdrawal from a fixed income fund
Aberdeen said it chose to close
because of the very low fee margin.
Overall net fund inflows rose to
0.7bn from 0.3bn a year earlier.
Fixed income performance has
continued to exceed the relevant
benchmarks and several of our strate-
gies are now ahead of benchmark
over the key three-year period; others
remain on track to do so later in
2011, Aberdeen said.
Its equity and property products
saw healthy inflows, it added, while
the companys overall income, mar-
gins and cashflow were all strong and
it remained bullish on the outlook.
Markets are likely to remain some-
what volatile in the near term but we
remain confident that we can deliver
further organic growth, it said.
Aberdeen in
fees boost as
funds grow
London Stock Exchange warns
on NYSE-Deutsche Boerse tie up
BY ALISON LOCK
FUND MANAGEMENT
CAPITAL MARKETS
WHAT DOES THIS SAY ABOUT ABERDEENS BUSINESS MODEL? By Alison Lock
STUART DUNCAN | PEEL HUNT

Aberdeen continues to tick many of the
boxes we look for in an asset manager. The group
has a diverse business mix, improving revenue and
operating margins, and a focus on cash that is
delivering a strengthening balance sheet and giv-
ing rise to the possibility of our dividend
forecasts looking overly conservative.
DAVID MCCANN | NUMIS

Outperformance appears to have been
strongest in equities and fixed income. We believe
there is still plenty of scope in forecasts for the
company to exceed expectations again in the
future, in particular from continued strong flows,
further management fee margin accretion
due to mix and performance fees.
SARAH ING | SINGER CAPITAL

Aberdeen is generating above average growth in management fees and the ability to demonstrate increasing
financial strength improves the companys competitive position and supports further dividend growth. Despite turbulent
markets, forecasts are likely to rise, if anything, in due course given this positive mix shift.
ANALYSIS l Aberdeen Asset Management

p
235.00
230.00
225.00
220.00
228.90
25 Jul
Chief exec Martin
Gilbert unveiled
results that beat
market forecasts
Pic: PHOTOSHOOT
News
BUILDERS merchant Wolseley said it
had agreed to sell two of its underper-
forming businesses to French rival
Saint-Gobain for a total 310m yester-
day.
The worlds biggest plumbers and
building merchant said Saint-Gobain
would buy its UK building materials
distribution business Build Center for
145m and was in exclusive talks to
buy its French plumbing and heating
firm Brossette for 165m.
The disposals are the latest in an
asset sale that has seen Wolseley
offload underperforming parts of its
business to raise cash and repay debt.
It flagged both firms several months
ago as units it wished to divest.
The two businesses each made very
little profit despite generating close to
1bn in combined revenues. Wolseley
said Build Center generated just 4m
trading profit on revenues of 294m
in the 11 months to the end of June,
while Brossette made a 5m profit on
revenues of 590m in the same time.
Wolseleys chief executive Ian
Meakins said they were the last two
major businesses it needed to sell to
refocus on its core businesses, which
include building materials, plumbing
and heating in the UK and France.
Analysts welcomed the sale, saying
it left Wolseley with just 100m net
debt and positioned it well to ramp up
its investment for growth in future.
Evolution Securities analyst Adrian
Kearsey said Wolseley negotiated a
good price for the two disposals,
though regulatory approvals needed
meant they could take months to
complete.
Shore Capital analyst Gavin Jago
also said the sales put an end to specu-
lation that Travis Perkins had hopes of
buying the businesses.
Travis Perkins has been linked to
bids for Wolseleys assets for the past
year, in a period of industry consolida-
tion that included Travis Perkins
558m purchase of BSS in December.
But Wolseley will still have to man-
age a restructuring process to cut
unrecovered overheads of 1m per
month. It also expects to pay 15m
restructuring costs.
Wolseley sells
two more low
earning firms
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INDUSTRIAL turnaround firm
Melrose hit back at the board of its
takeover target Charter
International yesterday, claiming it
could raise its offer further if shown
evidence the engineering group was
worth it.
Charter has so far rejected two
offers from Melrose, the most
recent of which valued it at 1.4bn,
as it believes Melrose undervalues
its two businesses, welding firm
ESAB and air and gas handling arm
Howden.
But Melrose, led by chairman
Christopher Miller (pic-
tured) said it would
need Charter to
open its books for
due diligence
before it would
increase its offer
price further.
Melrose does
not consider that it
would be appropri-
ate to proceed with-
out access to
satisfactory diligence
and will not do so, it
said in a statement.
Melrose is will-
ing to consider
increasing its proposal to reflect any
information that demonstrates that
it has materially undervalued
Charter and justifies such an
increase.
It added that it would consider
raising its offer without diligence
only if rivals sparked a bidding war.
Charter has issued three profit
warnings since November as its
businesses have struggled with
fluctuating demand and a tough
economic climate. It is due to
announce its own turn-
around strategy
shortly and is fight-
ing to stay inde-
pendent.
Melrose wants access to Charters
books before it raises its offer price
BY ALISON LOCK
INDUSTRY
ENGINEERING consultancy WSP

Group has reported a lower first-half
adjusted pre-tax profit, hurt by a
squeeze in the UK public sector
spending, and said it had cut its
workforce by four per cent.
Last month, the company had
warned of posting lower 2011
results as the UKs government cuts
spending. The company said it
expects to undertake further
restructuring action, in addition to
2m incurred during the period, as
the outlook for UK public sector
works in roads and education
remains uncertain.
WSP, which is involved in build-
ing bridges and motorways apart
from property and infrastructure,
said it also slashed its workforce by
four per cent to 8,500 from 8,900.
January-June adjusted pre-tax
profit was 14m, compared with
17m last year. Revenue was margin-
ally down to 362.2m.
WSP shares, which have shed 11
per cent of their value after the com-
panys 2011 outlook, closed at
281.1p yesterday, valuing the compa-
ny at 178.75m.
BY HARRY BANKS
INDUSTRY
AssetCo to
issue 10m
new equity
CASH-STRAPPED fire engine opera-
tor AssetCo said it had turned to its
investors for money yesterday as it
could not reach agreement with its
potential buyer.
AssetCos board has been in exclu-
sive talks with Bahraini bank
Arcapita for months to try and
secure a last-ditch sale that would see
it saved from bankruptcy.
But it admitted yesterday that its
sorry finances and reliance on its
creditor banks had stalled the talks
and it would source 10m of fresh
working capital from its institutional
investors to keep it afloat.
Discussions with a potential offer-
or have reached a very advanced
stage but we have not been able to
reach agreement, and as the poten-
tial offeror also needs to reach agree-
ment with the banks, there can be no
certainty that there will be an offer
for the company, it said.
The investors include Bermuda-
based Utilico Investments; Gartmore
owner Henderson; and North
Atlantic Value, part of J O Hambro,
though Assetco said other institu-
tional investors may also be invited
to take part. It added that some cred-
itors would also accept compromises
on their repayment.
However, the move would dramati-
cally dilute all other shareholdings as
AssetCos share price is just 2.5p.
AssetCo also said it had again post-
poned a court hearing over a credi-
tors petition until 25 August.
BY ALISON LOCK
SERVICES
ANALYSIS l Wolseley
p
1,925
1,875
1,825
1,915.00
25 Jul
WSP cuts workforce as profits drop
SHARES in Holidaybreak, the specialist
holiday provider, rose 15 per cent yes-
terday after the company revealed it
was in takeover talks.
Holidaybreak, which provides out-
door education and adventure trips
for school children, confirmed yester-
day that it is in discussions with a
third party, sending shares up to 367p
last night to give a market cap of
223m.
Cox & Kings, a tour operator listed
in Mumbai has been named as a
potential bidder, while analysts believe
a number of private equity firms may
be interested in buying the company.
In May, Holidaybreak reported an
increased first-half pre-tax loss after
harsh winter conditions and a diffi-
cult economy hurt consumer spend-
ing, but analysts believe the group has
been undervalued by the market.
Last month the group sold its
London-based theatre tickets agency
West End Theatre Bookings for 10.9m
to reduce its debt and focus on
expanding its growing educational
holidays division.
Holidaybreak, which is being
advised by Citi, was unavailable for
comment.
Shares in Holidaybreak
soar over takeover talks
Holidaybreak provides adventure trips for children Picture: Getty Images
BY KASMIRA JEFFORD
LEISURE
EDINBURGH-BASED chipmaker
Wolfson Microelectronics slashed
its sales forecast again yesterday in
the face of a tough market for elec-
tronics goods that lack an Apple
logo.
The downgrade, its second in a
month, sent shares in the maker of
audio processing chips down 10.7
per cent to a 15-month closing low.
The company reported second-
quarter revenue of 23.6m, up
seven per cent on last year but
missing analyst forecasts of 25m.
Operating losses widened to 1.8m
from 800,000 a year ago.
It said its third-quarter revenue
would be in the range of 23m to
27m, sharply below consensus of
31m.
The group will cut spending by
about 3.7m a year, at a one-off cost
of 2.15m, by reducing research on
replacements for some older prod-
ucts not related to its main audio
range, Hickey said.
Chief executive Mike Hickey said:
The company is increasingly cau-
tious about the challenging near-
term consumer electronics
environment.
There has been a sharp reduc-
tion across a wide base of cus-
tomers in their near-term
forecasts.
Wolfson said its full-year revenue
will grow by less than 10 per cent,
missing analyst expectations
which had already been downgrad-
ed to about 13 per cent.
The firm, which supplies
Blackberry-maker Research in
Motion, Samsung and LG, said it
was being hit by slower-than-
expected launches of products
such as tablet computers, derailing
its long-term recovery plan after
being ousted from Apple products
in recent years.
Its chips have been designed into
many of the smartphones and
tablet PCs launched to challenge
Apple, but Hickey said production
numbers were low due to muted
demand from consumers.
Analysts at Espirito Santo
Investment Bank said that while
the groups second-quarter results
were in line, the outlook was disap-
pointing. They said that the results
show Wolfson is struggling to
translate design wins into revenue.
Apple loss bites into
Wolfson forecasts
BY HARRY BANKS
TECHNOLOGY
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News
NEWS | IN BRIEF
National Grid reaffirms outlook
Electricity and gas provider National
Grid has confirmed its positive financial
and operational performance at the
start of the financial year, and said it
plans to invest 3.6bn in its businesses
before March 2012. Sixty-five per cent
of the firms investment will be domes-
tically invested in its UK construction
programme. The company said its
financial position remains strong, and
that its US restructure plan is on track
to deliver savings of $200m by the end
of the year. As part of the restructur-
ing, National Grid will cut 1,150 jobs.
Amplats sticks to 2011 targets
The worlds largest platinum producer,
Anglo American Platinum, has main-
tained its 2011 output target and pre-
dicted a stronger second half. Costs
remain a concern for Amplats, as the
threat of industrial action over wages
on output means that the company is
likely to up wages to prevent a strike.
Despite the impact of various external
events, the company expects the mar-
ket to remain in balance and believe
its full-year target, of 2.6m ounces, is
achievable. Headline earnings rose 20
per cent to 1,236 cents in the six
months to the end of June, compared
with 1,028 cents a year earlier.
Premier completes Princes deal
Premier Foods has completed the
sale of its canned grocery opera-
tions to Princes. Last month the
Office of Fair Trading raised compe-
tition concerns about the deal, and
made the sale of the Fray Bentos pie
brand and some manufacturing
assets a condition of the deal. The
cash sale is worth 182m, and will
boost Princes annual revenues to
1.5bn.
ANALYSIS l Wolfson Microelectronics
p
185
175
165
155
155.00
25 Jul
Advising Photobox on its merger
with Moonpig is RBS. Heading up the
team is Nick Evans, director in the
banks financial sponsors division.
Evans has been at RBS for nearly
five years, joining the mid-market
leveraged finance team in September
2006, where he specialised in provid-
ing debt for UK private equity backed
transactions. Before joining RBS he
spent a year in Australia, where he
worked as an intermediate analyst
for PKF Chartered Accountants &
Business Advisers. He was educated
at the University of Bath.
Also on the advisory team for RBS
was Ben Williams from the banks
consumer industries division, Phil
Brown from business development
and Dan Kirtley from structured
finance transactions.
RBS yesterday described the deal
as groundbreaking, saying it high-
lights the potential of the online
market and the strength of both
Photobox and Moonpig.
MEET THE ADVISERS
NICK EVANS
RBS
JUST over a decade ago, Nick
Jenkins was working as a trader in
the Moscow office of commodities
giant Glencore.
His departure, both from the
firm and the coun-
try, was hastened
when he found a
death threat pinned
to his front door, the
work of a rogue sup-
plier he had helped
send to jail for stealing
10m worth of sugar.
It was a helpful
reminder that it was
probably time for a
change of scenery.
He returned to the UK
in 1998 and began working on a
plan for a new business.
Yesterday, Jenkins was sitting on
a paper fortune of up to 40m after
selling the personalised greetings
card business he launched in 2000.
Moonpig.com known for its
catchy jingle and logo featuring a
pig in a helmet was sold for
120m to private equity-owned
photo business Photobox, with
Jenkins parting with some of his 35
per cent stake.
The 44-year-old says he came up
with the idea while sending a greet-
ing card of his own, which
he resorted to Tipp-Ex in a
bid to customise it. He
spotted a gap in the mar-
ket for personalised
cards, which coincided
with the ascendancy of
digital publishing.
He ploughed in
750,000 of his own
money, saved from his
trading days. He also
secured enough fund-
ing to lease office space
and sign contracts with printers.
His service eventually allowed users
to send in photos of their loved
ones as well as customise themes
and text.
Despite launching just in time
for the dot.com crash, Moonpig sur-
vived, breaking even after five years.
After 11 years with Jenkins at
the helm, Moonpig was turning
over more than 40m a year and
was the most recognisable name
in the sector.
Key to its success was market-
ing; like it or not, the Moonpig
brand is memorable. But it wasnt
the result of a brainstorming ses-
sion with highly-paid marketing
executives Moonpig was the
rather derisory nickname Jenkins
earned while at school.
Regardless of its provenance,
Moonpig was a hit. Last year 2.7m
customers bought cards from the
site at least three times, amount-
ing to unit sales in excess of
12m.
It is understood Jenkins
will reinvest some of his
fortune into the newly
formed company and
remain as an adviser.
However, he is not set-
ting out to recreate
his success in the
same industry.
Instead the entre-
preneur says he is
keen to take some
time out and
concentrate on
his charity work.
Moonpig founder hits the jackpot
BY STEVE DINNEEN
TECHNOLOGY
NICK JENKINS
News
LENDING to companies, consumers
and house-buyers remained muted
in June despite a pick-up in the num-
ber of mortgage approvals, the
British Bankers Association (BBA)
announced yesterday.
Net unsecured lending to con-
sumers continued its steady decline,
down by 100m in the month
matching the six month average and
the fall recorded in May.
Lending to non-financial compa-
nies was also down at the same rate
as the previous month, slipping by
2.5bn significantly higher than
the six month average of the 1.4bn
drop.
The BBAs statistics director David
Dooks said: Businesses, as has been
seen elsewhere, are concerned about
the economic outlook and, in weath-
ering difficult trading conditions,
they are putting off expansion or
investment plans and limiting bor-
rowing.
The number of mortgage
approvals for house purchase
jumped three per cent to 31,747 in
the month an 11 month high. Yet
net mortgage lending actually
dipped to 500m, from 1.1bn in
May. Mortgage approvals were still
very low by long-term norms, added
Howard Archer of IHS Global Insight.
Approvals were still down 6.2 per
cent year-on-year from 33,846 in
June 2010. Indeed, Junes number of
mortgage approvals was only 55 per
cent of the average monthly level of
57,333 seen since 1997.
Capped mortgages have surged in
the last two years, according to sepa-
rate research from the website
Moneyfacts. Capped deals which
work like variables rate mortgages
but with a ceiling on how high inter-
est levels can go reflect borrowers
becoming twitchy about when rates
will start to rise, Moneyfacts com-
mented.
While there was only one capped
mortgage on the market two years
ago, there are now 39 being offered
to house buyers and owners.
The Bank of England releases offi-
cial lending figures for June on
Friday. We expect the number of
mortgage approvals to have
increased to 47,300 (from 45,900 in
May), net secured lending of 0.8bn
(1.1bn in May) and net consumer
lending of 0.1bn (0.2bn in May),
said Barclays Capital in a note.
LEADING industry group the British
Chambers of Commerce (BCC) yester-
day unveiled John Longworth (pic-
tured) as its new director general,
taking over from David Frost.
Longworth joins the BCC after an
extensive series of high profile roles
in the British retail sector. Formerly
a senior executive at both Asda and
Tesco, he is currently a non-exec of
the Co-operative Group Food Ltd and
Nichols Plc.
I am delighted to
be joining the BCC
team at this crucial
time in the econom-
ic cycle, Longworth
said yesterday.
There is no doubt
that the BCC repre-
sents the business
backbone of the British
economy and will
make a unique
contribution to
recovery.
Under Frosts leadership, the BCC
has campaigned for the government
to reduce to the burden of regula-
tion in the UK, while also throwing
its weight behind the plans to
reduce Britains large public deficit.
Davids hard work over the last
eight years has made the BCC a peer-
less voice for businesses of every size
and in every part of the UK, said
BCC president Neville Reyner.
Longworths role will
begin in September.
British Chambers of Commerce names
John Longworth new director general
MULTIPLES paid by trade buyers for
private companies rose sharply in the
second quarter of the year, BDOs pri-
vate companies price index revealed
today.
Price to earnings (p/e) multiples
spiked to 10.8 in the three months to
June, from 9.0 in the first quarter of
the year.
With stabilising deal volumes and
lower volatility in pricing, the scene is
set for the continued reduction in the
price expectation gap between buyers
and sellers, said Christopher Clark,
M&A partner at BDO.
Yet the number of trade deals fell
11.5 per cent in the second quarter.
The index recorded 371 deals, down
from 419 in the opening three
months of the year.
The number of private equity
acquisitions came in at 68, down
from 98 in the first quarter of 2011.
The first half of the year saw 166 PE
deals, slightly more than in the sec-
ond half of last year (161 deals).
Multiples on private trade
rise in the second quarter
M&A
WEAK domestic demand is holding

back economic recovery in the capi-
tal, figures from the London
Chambers of Commerce and
Industry (LCCI) reveal this morning.
While the proportion of compa-
nies reporting a rise in domestic
activity increased in the second quar-
ter of the year, they remain extreme-
ly low by historical standards.
Londons businesses saw condi-
tions improve during quarter two but
at a frankly disappointing and slug-
gish rate, with growth still way below
pre-recession levels, said LCCI
deputy chief executive Peter Bishop.
Labour yesterday continued its
attack on chancellor George
Osborne, ahead of this mornings
GDP figures that many economists
expect to be downbeat.
George Osborne is trying to get
his excuses in early, but they will not
wash with the British public, said
Labour MP Angela Eagle.
Eagle was speaking after Osborne
insisted that the coalition has
brought stability the UK in a world
of great uncertainty. Osborne
pledged: we are sticking to the eco-
nomic plan [of deficit reduction].
Sluggish growth in domestic demand
takes its toll on Londons businesses
ECONOMY
Banks report
small appetite
for borrowing
BY JULIAN HARRIS
UK ECONOMY
BY JULIAN HARRIS
BUSINESS
NEWS | IN BRIEF
Aussie producer prices rise again
Australia's producer price index rose 0.8
per cent at the final stage of production
in the second quarter of the year, making
for an annual rise of 3.4 per cent. The
quarterly based index beat economists
expectations of 0.6 per cent inflation. In
the first three months of the year, pro-
ducer prices were up 1.2 per cent, the
data revealed. In a separate boon for the
Australian economy, a top central banker
said its banks have little exposure to sov-
ereign debt in countries with the biggest
debt problems, while a strengthened
funding base makes them more resilient
to any global credit shocks. Speaking to a
property conference, Reserve Bank of
Australia assistant governor Malcolm
Edey said the more cautious attitude to
borrowing shown by Australian house-
holds and businesses would ultimately be
good for financial stability.
Business morale dips in Belgium
Business confidence in Belgium dropped
for the fourth month in a row in July. The
Belgian national bank index fell to minus
2.5 in July from minus 1.1 in June.
Economists had expected the index to
decline to around minus 2.1. The central
bank pinned the blame for the drop on
weaknesses in the building and industrial
sectors, with manufacturing in particular
suffering a two-year low in production
according to some measurements. The
services sector sub index actually rose
from 10.4 to 13.9, while all other compo-
nents fell, noted Barclays Capitals
Francois Cabau. Today's release paints a
less negative picture than the PMIs.
No, I am not worried. I wouldnt say
things are improving strongly, but I
think we are safe from going back into
recession. There is always such nega-
tive press which
causes us to believe
we are going
backwards into a
double dip, which I
don't
think
we
are.
JOHN SATCHWELL |
CITYNET
Yes, I am worried; we definitely
haven't turned a corner out of the
recession as we are still in a soft
patch. The south of
England is recover-
ing from the
recession but this
doesn't reflect the
economic climate
faced by the gen-
eral popula-
tion of
the UK.
GEORGE MACLEAN |
LINEDATA
I am not overly concerned. I think
that the government has everything
under control. We all know that it will
take a long time to get back on track,
but we should not be
alarmed at this stage.
If there is no impro-
vement in a year or
two, there will be
something to worry
about.
PETER GODFREY |
JRP UNDERWRITING
CITY VIEWS: ARE YOU CONCERNED ABOUT THE STATE OF THE BRITISH
ECONOMY? Interviews by Helen Thompson and Phoebe Torrance
SMALL FIRMS AT RISK FROM SPIRALLING COSTS
RISING costs are crippling
UK businesses, a study by
the Centre for Economic
and Business Research
(CEBR) shows today. Cost
inflation is stifling the
growth of three quarters (74
per cent) of small firms,
with over half the countrys
small companies fearing for
their survival if costs contin-
ue to soar. There has been a
23 per cent rise in small
business overheads since
2005, the CEBR has calcu-
lated. Rapid cost increases
are dampening the entre-
preneurial spirit so crucial
to economic recovery, the
report said. Picture: Reuters
Perella Weinberg Partners
The investment banking boutique has
appointed private equity veteran
Christopher O'Connor to cover the
healthcare sector and named him as a
partner in its corporate advisory
group. Previously, he was a managing
director at JPMorgan Chase & Co.
Business Growth Fund
The fund has appointed John
Eggleston as IT strategy director and
Jenny Chandler as human resources
director. Both will sit on the BGFs
management committee and divide
their time between London and
Birmingham. Eggleston has held a
number of senior IT jobs and Chandler
has over 20 years HR experience.
+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
Lloyds TSB Commercial Finance
The asset-based finance providers has
appointed Ian Larkin as managing director, to
replace the departing Simon Featherstone.
Larkin will head up the business that provides
a range of asset based finance facilities and
complementary products. He joins from the
commercial banking division of Lloyds
Banking Group, and was previously managing
director of Lloyds TSBs consumer banking
and lending arms.
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News
BEST OF THE BROKERS
To appear in Best of the Brokers email your research to notes@cityam.com
ANALYSIS l Diageo
1,300
1,260
1,220
2011 23May 20Jun 18Jul
p
1,266.00
25 July
DIAGEO
Nomura rates the drinks giant as a buy
with a target price of 1261p, and expects the
companys full year results to confirm the
revenue increases seen in its third quarter.
The broker sees further M&A prospects for
the brand in global spirits, following acquisi-
tions earlier this year in Turkey and Vietnam.
A more aggressive focus on growth and
costs could offer further upside to estimates.
ANALYSIS l Hays
120
110
100
90
p
94.55
25 July
HAYS
Credit Suisse rates the recruitment group
as outperform and cuts its target price
to 135p from 140p after its fourth quarter
trading update. The broker reduces its full
year earnings per share estimates by four
per cent to reflect the increasingly chal-
lenging UK market, which it thinks will
remain difficult for the next couple of
years.
ANALYSIS l ArcelorMittal
25.50
24.50
23.50
22.50
22.78
25 July
ARCELOR MITTAL
ING rates the steel miner as a buy with a a
target price of 32, ahead of its second quar-
ter results tomorrow. The broker expects
earnings before tax of $3.2bn (1.96bn), and
sees comfort in the company meeting con-
sensus expectations due to a rise in steel pro-
duction and flat raw material prices, plus
management guidance that selling prices will
more than offset cost increases.
B
RITAINS leading share index
slipped back yesterday,
weighed by weakness in finan-
cial issues on fears of a possi-
ble debt default by the United States,
with investors attention switching
to precious metal miners and defen-
sively-perceived sectors.
At the close, the FTSE 100 index
was down 9.76 points, or 0.2 per cent
at 5,925.26, snapping a four-session
rally of over 3 per cent, but hanging
on to the 5,900 level.
Even though there are concerns
about a US default on its debt repay-
ments the markets seem convinced
that a resolution will be agreed
before the August deadline, said
Angus Campbell, Head of Sales at
Capital Spreads.
Banks, which led last weeks rally,
were the biggest blue chip casual-
ties, with Barclays and Lloyds
Banking Group the worst off, down
4.4 per cent and 4.2 per cent respec-
tively.
FTSE knocked by
US default worry
THELONDON
REPORT
CITY MOVES | WHOS SWITCHING JOBS
Edited by Harriet Dennys
Fears dent Wall Street
U
S stocks dipped in trading yes-
terday as lawmakers remained
in a standoff over raising the
debt ceiling to avoid default,
but investors were convinced a com-
promise will be reached before next
weeks critical deadline.
Trading volume, however, was light
even for a seasonally quiet period,
suggesting investors were holding to
the sidelines.
The Dow Jones industrial average
was down 88.36 points, or 0.70 per
cent, at 12,592.80. The Standard &
Poors 500 Index was down 7.59
points, or 0.56 per cent, at 1,337.43.
The Nasdaq Composite Index was
down 16.03 points, or 0.56 per cent, at
2,842.80.
THENEW YORK
REPORT
p
9May 27May 17Jun 7Jul
6,100
5,700
5,800
5,900
6,000
ANALYSIS l FTSE
5,925.26
25 Jul
C
ONTRACTS for difference (CFD)
lend themselves to trading on
indices. Where investors would usu-
ally be restricted to taking a posi-
tion on one particular asset, index
trading through CFDs enables you to
invest in segments of the market, or even
the health of the broader national mar-
ket.
And with the current volatility in the
markets, traders will be looking to take a
view on the outcome of the current eco-
nomic instability. According to David
Jones, chief market strategist for IG
Markets: We are seeing some scrappy
trading day to day because of the uncer-
tainty surrounding European debt and
the US debt ceiling in recent weeks. But
there are still opportunities with clients
focusing on the major indices: FTSE, Dow,
S&P 500 and the Dax.
EQUITY BULLS
Last week, all was doom and gloom at the
US federal level as Democrats and
Republicans bickered over the raising of
the US debt ceiling and over the US
approach to addressing its enormous
deficit. But as the bond market police
threatened to kick the door down and hit
the US with a downgrade, things on Wall
Street were considerably more upbeat.
Investors were more willing to dip their
toes into equity markets though per-
haps through fear of being bitten if they
dipped them anywhere else.
COMMODITY POSITIONS
Taking a position on a commodities index
also enables you to take a view on com-
modities without the inherent currency
risk. As Yoni Assia, chief executive of
eToro, points out: The price ratio of gold
to silver is currently 40 times greater than
An index lets you
take a view on a
sector as a whole,
writes Craig Drake
The FTSE 100 has made some gains in the last week Picture: REX
Why CFD traders should
take positions on indices
E
QUITIES staged a strong rally for most of last week, as
European leaders and the European Central Bank
(ECB) managed to reach agreement on a second Greek
bailout package. At first glance, the proposed measures
appeared far bolder than many analysts expected. Previously,
policymakers were accused of being too tentative in their
response to the European sovereign debt crisis, exacerbating
the fear that contagion to the larger Eurozone countries was
becoming unavoidable. Yet this time round, the feeling was
that the Eurocrats had finally caught up with the markets.
This latest agreement provides an additional 109bn aid
programme for Greece, and reduces the interest rate on res-
cue loans to Greece, Ireland and Portugal to 3.5 per cent,
while extending their respective maturities. The European
Financial Stability Facility has been made more flexible but
hasnt been beefed up. Private sector bondholders are being
asked to take a haircut on their Greek bond holdings (but not
on Irish or Portuguese) of around 20 per cent. This is
thought to be far smaller than the losses they should realisti-
cally be accepting, given Greek 10-years are still around 14.7
per cent. A selective/restricted/transitory Greek default is
inevitable, and the ECB has backed down from its previous,
strongly held position and will allow defaulted debt to be
offered up as collateral.
The main aim was to ring-fence Greece from the rest of
Europe. But yesterday, Moodys warned that this second
bailout has increased the risk of downgrades to creditor
countries, including Germany and France. This is becoming a
worry. The growing burden on Germanys taxpayers is not
only politically problematic, but also economically damaging.
Last week saw disappointing economic data from the core of
Europe. French and German manufacturing and services
PMIs both fell sharply in July from the previous month, and
were much lower than expected. Then on Friday, Germanys
Ifo business climate survey showed that business confidence
fell sharply.
On top of this, while the second quarter US earnings sea-
son has proved to be broadly positive so far, a grimmer pic-
ture is emerging from Europe. Bank of America reported last
week that of the 49 companies who have reported to date,
earnings for 53 per cent have come in below expectations.
This doesnt bode well for the stronger growth necessary for
a full European recovery.
THE EUROZONE
SUFFERS FROM
GREECES DEBT
DAVID MORRISON
CFD MARKET STRATEGIST, GFT
it was back in the 1980s. This means that
silver is extremely overvalued against
gold, and so we need to be aware of the
narrowing gap between the buying of
gold and the shorting of silver. He adds:
By monitoring this movement it allows
us to determine when gold outperforms
silver and therefore begin to close the
gap.
Traders taking this approach are left
with no exposure to the turmoil in the
forex markets and instead are able to
focus directly on the movements
between gold and silver.
PLAYING THE RANGES
Given the current volatility in the indices,
rather than looking for a definite medi-
um term trend another strategy could be
to play the ranges selling into strength
and buying weakness. According to
Jones: We are seeing some quite extreme
moves. For example on Sunday night
when markets opened, indices were heav-
ily down because of the lack of resolution
to the US debt crisis, but for the FTSE 100
much of these losses were clawed back in
the Monday morning session, a rally of
around 40 points or so. Due to the rela-
tively tight ranges, you have to be on your
toes as you jump in and out of your
trades, but given the jitteriness of the
markets, this could be the most sensible
approach at the moment.
17
Wealth Management| Contracts for Difference
6,000
5,900
5,800
ANALYSIS l FTSE 100
LON GD ONCE FIX AM...........1618.50 30.50
SILVER LDN FIX AM..................40.33 0.35
MAPLE LEAF 1 OZ ....................70.44 2.06
LON PLATINUM AM ...............1787.00 2.00
LON PALLADIUM AM...............806.00 1.00
ALUMINIUM CASH .................2547.50 74.50
COPPER CASH ......................9697.50 91.50
LEAD CASH...........................2707.00 41.00
NICKEL CASH......................24050.00 335.00
TIN CASH.............................28300.00 375.00
ZINC CASH ............................2436.00 27.00
BRENT SPOT INDEX................118.35 0.46
SOYA.....................................1380.25 0.00
COCOA..................................3065.00 0.00
COFFEE...................................241.50 0.00
KRUG.....................................1672.70 12.20
WHEAT ....................................160.10 -1.15
AIR LIQUIDE........................................97.76 1.30 100.65 80.00
ALLIANZ..............................................92.40 -0.88 108.85 79.46
ALSTOM..............................................39.43 -0.07 45.32 30.78
ANHEUS-BUSCH INBEV ....................41.32 0.02 46.33 38.32
ARCELORMITTAL ..............................22.83 -0.10 28.55 20.76
AXA......................................................13.71 -0.63 16.16 10.88
BANCO SANTANDER...........................7.59 -0.25 10.23 6.98
BASF SE..............................................67.34 0.77 70.22 40.74
BAYER.................................................57.35 0.72 59.44 43.27
BBVA.....................................................7.48 -0.27 10.71 6.75
BMW ....................................................73.52 1.94 73.68 39.96
BNP PARIBAS.....................................46.70 -2.12 59.93 43.42
CARREFOUR ......................................22.17 0.05 36.06 21.33
CREDIT AGRICOLE..............................8.91 -0.52 12.92 8.18
CRH PLC .............................................14.31 -0.15 17.40 11.51
DAIMLER.............................................53.04 0.57 59.09 37.03
DANONE..............................................50.94 -0.30 53.16 41.00
DEUTSCHE BANK..............................38.22 -0.48 51.61 35.66
DEUTSCHE TELEKOM.......................10.62 -0.09 11.38 9.50
E.ON.....................................................19.38 -0.12 25.54 18.18
ENEL......................................................4.17 -0.04 4.86 3.59
ENI .......................................................15.82 -0.13 18.66 14.96
FRANCE TELECOM............................14.28 -0.13 17.45 13.56
GDF SUEZ ...........................................23.74 -0.21 30.05 22.46
GENERALI ASS. .................................13.74 -0.48 17.05 12.18
IBERDROLA..........................................5.84 -0.08 6.50 4.96
ING GROEP CVA ..................................7.88 -0.20 9.50 6.57
INTESA SANPAOLO.............................1.61 -0.15 2.53 1.41
KON.PHILIPS ELECTR.......................17.67 -0.17 25.45 15.56
L'OREAL..............................................84.87 0.25 91.24 75.03
LVMH.................................................130.55 1.30 130.90 89.12
MUNICH RE.......................................106.30 -0.35 126.00 98.43
NOKIA....................................................4.00 -0.13 8.49 3.79
REPSOL YPF.......................................22.29 -0.29 24.90 17.31
RWE.....................................................37.53 -0.17 56.49 34.77
SAINT-GOBAIN...................................41.94 -0.54 47.64 27.81
SANOFI ................................................55.40 0.19 56.82 44.01
SAP......................................................42.00 -0.16 46.15 34.13
SCHNEIDER ELECTRIC...................107.40 0.85 123.65 81.40
SIEMENS .............................................93.61 0.41 99.39 70.02
SOCIETE GENERALE.........................36.27 -1.81 52.70 32.76
TELECOM ITALIA.................................0.89 -0.03 1.16 0.80
TELEFONICA ......................................15.96 -0.35 19.69 15.07
TOTAL .................................................39.27 -0.19 44.55 36.23
UNIBAIL-RODAMCO SE...................159.30 1.65 162.95 125.02
UNICREDIT............................................1.23 -0.09 2.24 1.06
UNILEVER CVA...................................23.02 -0.11 24.11 20.68
VINCI ....................................................41.10 -0.32 45.48 33.38
VIVENDI ...............................................17.34 -0.43 22.07 16.66
Price Chg High Low
EU SHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 5925.26 -9.76 -0.16
FTSE 250 INDEX . . . . . . . 11786.19 -34.14 -0.29
FTSE UK ALL SHARE . . . . 3082.80 -5.56 -0.18
FTSE AIM ALL SH . . . . . . . . 878.69 -0.51 -0.06
DOWJONES INDUS 30 . . 12592.80 -88.36 -0.70
S&P 500 . . . . . . . . . . . . . . . 1337.43 -7.59 -0.56
NASDAQ COMPOSITE . . . 2842.80 -16.03 -0.56
FTSEUROFIRST 300 . . . . . 1104.74 -4.16 -0.38
NIKKEI 225 AVERAGE. . . 10050.01 -82.10 -0.81
DAX 30 PERFORMANCE. . 7344.54 18.15 0.25
CAC 40 . . . . . . . . . . . . . . . . 3812.97 -29.73 -0.77
SHANGHAI SE INDEX . . . . 2688.75 -82.04 -2.96
HANG SENG. . . . . . . . . . . 22293.29 -151.51 -0.68
S&P/ASX 20 INDEX . . . . . . 2715.60 -42.80 -1.55
ASX ALL ORDINARIES . . . 4603.80 -70.30 -1.50
BOVESPA SAO PAOLO . 59980.72 -289.75 -0.48
ISEQ OVERALL INDEX . . . 2914.96 -12.42 -0.42
STI . . . . . . . . . . . . . . . . . . . . 3171.55 -11.40 -0.36
IGBM. . . . . . . . . . . . . . . . . . . 998.79 -20.72 -2.03
SWISS MARKET INDEX. . . 6017.49 -14.44 -0.24
Price Chg %chg
3M........................................................95.07 -0.31 98.19 78.40
ABBOTT LABS ...................................52.58 -0.37 54.24 45.07
ALCOA ................................................15.65 -0.18 18.47 9.92
AMAZON.COM..................................213.49 -3.03 220.20 105.80
AMERICAN EXPRESS........................51.81 -0.43 53.80 37.33
AMGEN INC.........................................54.90 -0.32 61.53 50.34
APPLE...............................................398.50 5.20 400.00 236.78
AT&T....................................................29.91 -0.41 31.94 25.36
BANK OF AMERICA...........................10.01 -0.12 15.31 9.40
BERKSHIRE HATAW B......................75.91 -1.14 87.65 73.23
BOEING CO.........................................71.31 -1.36 80.65 59.48
BRISTOL MYERS SQUI......................29.21 -0.28 29.73 20.05
CATERPILLAR..................................105.66 0.51 116.55 63.34
CHEVRON.........................................108.10 -0.87 109.94 72.57
CISCO SYSTEMS................................16.28 -0.18 26.00 14.78
CITIGROUP.........................................39.91 -0.35 51.50 36.30
COCA-COLA.......................................69.26 -0.47 69.82 53.96
COLGATE PALMOLIVE......................86.78 -0.84 89.43 73.12
CONOCOPHILLIPS.............................74.55 -0.71 81.80 52.00
DU PONT(EI) DE NMR........................54.10 -0.75 57.00 37.09
EMC CORP..........................................27.45 -0.31 28.73 17.90
EXXON MOBIL....................................84.57 -0.65 88.23 58.05
GENERAL ELECTRIC.........................18.96 -0.08 21.65 14.25
GOLDMAN SACHS GRP..................136.85 1.39 175.34 125.50
GOOGLE A........................................618.98 0.75 642.96 448.00
HEWLETT PACKARD.........................37.09 0.39 49.39 33.95
HOME DEPOT.....................................36.65 0.13 39.38 27.10
IBM.....................................................183.70 -1.48 185.63 122.28
INTEL CORP .......................................23.03 -0.10 26.78 17.60
J.P.MORGAN CHASE.........................41.69 -0.50 48.36 35.55
JOHNSON & JOHNSON.....................66.25 -0.47 68.05 56.86
KRAFT FOODS A................................35.03 -0.40 36.02 24.30
MC DONALD'S CORP ........................88.12 -0.44 89.57 68.59
MERCK AND CO. NEW......................35.89 -0.20 37.68 31.06
MICROSOFT........................................27.91 0.38 29.46 23.32
OCCID. PETROLEUM.......................107.37 -0.51 117.89 72.13
ORACLE CORP...................................32.21 -0.34 36.50 21.66
PEPSICO.............................................64.37 -1.39 71.89 62.05
PFIZER ................................................19.81 -0.26 21.45 14.39
PHILIP MORRIS INTL.........................72.13 0.02 72.32 49.90
PROCTER AND GAMBLE..................63.32 -0.93 67.72 56.57
QUALCOMM INC ................................56.81 -0.65 59.84 37.54
SCHLUMBERGER ..............................94.70 0.89 95.64 52.91
TRAVELERS CIES..............................56.65 -0.93 64.17 48.46
UNITED TECHNOLOGIE ....................87.32 -0.38 91.83 64.57
UNITEDHEALTH GROUP...................51.63 -1.12 53.50 29.94
VERIZON COMMS ..............................36.22 -0.52 38.95 26.69
WAL-MART STORES..........................53.97 -0.55 57.90 50.00
WALT DISNEY CO..............................40.56 -0.09 44.34 31.55
WELLS FARGO & CO.........................28.95 -0.19 34.25 23.02
COMMODITIES CREDIT & RATES
BoE IR Overnight ............................0.500 0.00
BoE IR 7 days.................................0.500 0.00
BoE IR 1 month ..............................0.500 0.00
BoE IR 3 months ............................0.500 0.00
BoE IR 6 months ............................0.500 0.00
LIBOR Euro - overnight ..................0.921 -0.02
LIBOR Euro - 12 months ................2.178 0.00
LIBOR USD - overnight...................0.122 0.00
LIBOR USD - 12 months.................0.754 0.00
HaIifax mortgage rate .....................3.990 0.00
Euro Base Rate ...............................1.500 0.00
Finance house base rate................1.000 0.00
US Fed funds...................................0.250 0.00
US Iong bond yieId .........................4.380 0.00
European repo rate.........................0.927 0.01
Euro Euribor ....................................1.298 -0.02
The vix index ...................................19.23 1.74
The baItic dry index ........................1.323 0.00
Markit iBoxx...................................223.72 1.13
Markit iTraxx....................................95.06 0.00
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
US SHARES
6/$ 1.4375 0.0010
6/ 0.8823 0.0011
6/ 112.56 0.1200
/6 1.1330 0.0020
/$ 1.6294 0.0012
/ 127.54 0.3500
FTSE 100
5925.26
-9.76
FTSE 250
11786.19
-34.14
FTSE ALL SHARE
3082.80
-5.56
DOW
12592.80
-88.36
NASDAQ
2842.80
-16.03
S&P 500
1337.43
-7.59
RPC Group . . . . . . . .354.6 -5.3 384.8 202.2
Smiths Group . . . . .1181.0 8.0 1429.0 1089.0
Brown (N.) Group . . .277.2 -2.8 311.2 221.0
Carpetright . . . . . . . . .584.0 1.5 835.5 570.0
Debenhams . . . . . . . . .66.3 -0.8 77.4 56.1
Dignity . . . . . . . . . . . .796.0 0.0 812.0 633.0
Dixons RetaiI . . . . . . .15.2 -1.0 28.5 11.8
DuneImGroup . . . . . .463.5 11.1 550.0 371.3
HaIfords Group . . . . .337.0 -13.5 518.5 328.7
Home RetaiI Group . .135.3 -5.7 244.5 134.2
Inchcape . . . . . . . . . .370.0 -8.0 425.4 253.2
JD Sports Fashion . .993.0 -3.0 1030.0 723.5
Kesa EIectricaIs . . . .131.8 -2.0 174.0 109.8
Kingfisher . . . . . . . . .264.5 -2.6 287.1 198.5
Marks & Spencer G . .356.1 -5.0 427.5 329.3
Mothercare . . . . . . . .399.0 1.5 627.5 381.5
Next . . . . . . . . . . . . .2426.0 5.0 2437.0 1868.0
Sports Direct Int . . . .266.2 5.8 266.8 101.1
WH Smith . . . . . . . . . .508.5 0.0 523.0 398.2
Smith & Nephew . . . .657.0 -1.5 742.0 537.5
Synergy HeaIth . . . . .967.5 15.5 972.0 640.0
Barratt DeveIopme . .101.2 -1.0 119.0 70.1
BeIIway . . . . . . . . . . . .677.5 0.0 753.5 511.0
YuIe Catto & Co . . . . .226.8 -0.1 253.0 124.3
BaIfour Beatty . . . . . .305.0 -1.0 357.3 234.6
KeIIer Group . . . . . . .459.9 0.8 698.5 432.0
Kier Group . . . . . . . .1340.0 -6.0 1418.0 970.0
Drax Group . . . . . . . .519.5 2.0 520.0 353.6
Scottish & Southe . .1410.0 -3.0 1423.0 1108.0
Domino Printing S . .661.0 -4.0 705.0 440.0
HaIma . . . . . . . . . . . . .409.4 0.5 429.6 270.0
Laird . . . . . . . . . . . . . .193.9 2.1 207.0 109.5
Morgan CrucibIe C . .331.0 -1.0 357.1 189.1
Renishaw . . . . . . . . .1805.0 15.0 1854.0 810.5
Spectris . . . . . . . . . .1664.0 1.0 1679.0 869.5
Aberforth SmaIIer . . .690.0 -4.0 714.0 507.0
AIIiance Trust . . . . . .382.5 -1.0 392.7 307.6
Bankers Inv Trust . . .415.5 -1.1 428.0 353.6
BH GIobaI Ltd. GB .1118.0 -10.0 1174.0 1058.0
BH GIobaI Ltd. US . . . .11.0 -0.1 11.6 10.4
BH Macro Ltd. EUR . . .17.5 -0.2 17.7 15.8
BH Macro Ltd. GBP 1809.0 9.0 1809.0 1630.0
BH Macro Ltd. USD . . .17.4 -0.1 17.5 15.8
BIackRock WorId M .778.0 -4.0 815.5 554.5
BIueCrest AIIBIue . . .173.0 -0.5 176.2 164.5
British Assets Tr . . . .133.0 -0.6 140.5 115.3
British Empire Se . . .516.0 -8.5 533.0 422.5
CaIedonia Investm .1739.0 -13.0 1928.0 1543.0
City of London In . . .298.2 -1.6 306.9 249.3
Dexion AbsoIute L . .144.7 -0.2 151.0 131.2
Edinburgh Dragon . .241.9 -4.0 262.1 212.8
Edinburgh Inv Tru . . .465.0 -2.1 492.2 392.4
EIectra Private E . . .1716.0 0.0 1755.0 1289.0
F&C Inv Trust . . . . . .317.1 -2.3 327.9 263.8
FideIity China Sp . . . . .95.2 -1.7 128.7 93.0
FideIity European . .1208.0 -7.0 1287.0 937.5
FideIity SpeciaI . . . . .556.0 -8.0 595.0 523.0
HeraId Inv Trust . . . .521.0 -1.0 545.5 382.0
HICL Infrastructu . . .115.0 0.1 121.3 112.0
Impax Environment .115.6 -1.4 130.5 106.5
JPMorgan American .880.0 -1.0 916.0 673.0
JPMorgan Asian In . .236.0 -4.9 250.8 195.3
JPMorgan Emerging .583.0 -0.5 639.0 510.0
JPMorgan European .912.0 0.5 983.5 641.0
JPMorgan Indian I . . .421.0 0.0 502.0 394.1
JPMorgan Russian .655.0 -16.5 755.0 549.0
Law Debenture Cor . .377.2 -2.8 385.0 295.1
MercantiIe Inv Tr . . .1059.0 -3.0 1137.0 907.5
Merchants Trust . . . .404.3 -1.3 431.8 345.0
Monks Inv Trust . . . .349.5 -4.0 367.9 290.0
Murray Income Tru . .655.5 -1.5 673.0 553.5
Murray Internatio . . .958.0 4.0 991.5 824.0
PerpetuaI Income . . .265.3 -0.6 276.0 217.8
PoIar Cap TechnoI . .357.0 -3.2 391.2 275.6
RIT CapitaI Partn . . .1300.0 -2.0 1334.0 1107.0
Scottish Inv Trus . . . .507.5 -5.5 524.0 409.0
Scottish Mortgage . .758.5 -9.5 781.0 566.0
SVG CapitaI . . . . . . . .255.0 0.4 279.8 148.9
TempIe Bar Inv Tr . . .913.0 -7.5 952.0 754.0
TempIeton Emergin .656.5 -5.0 689.5 539.0
TR Property Inv T . . .185.6 -4.0 206.1 142.0
TR Property Inv T . . . .89.5 -0.5 94.0 64.5
Witan Inv Trust . . . . .517.5 -3.0 533.0 426.1
3i Group . . . . . . . . . . .280.8 -2.6 340.0 254.1
3i Infrastructure . . . .122.5 -0.5 125.2 111.2
Aberdeen Asset Ma .228.9 -1.2 240.0 132.3
Ashmore Group . . . .411.4 -0.6 414.5 280.5
Brewin DoIphin Ho . .159.8 0.1 185.4 117.0
CameIIia . . . . . . . . .10101.0 244.010950.0 7900.0
CharIes TayIor Co . . .141.5 0.0 234.0 122.0
City of London Gr . . . .78.5 0.0 93.6 70.7
City of London In . . .420.0 -0.4 461.5 274.0
CIose Brothers Gr . . .788.5 3.5 888.5 664.0
CoIIins Stewart H . . . .72.3 -0.3 90.8 69.0
EvoIution Group . . . . .75.0 1.0 92.0 62.3
F&C Asset Managem .73.6 -1.5 92.9 47.5
Hargreaves Lansdo .596.0 -12.5 646.5 355.4
HeIphire Group . . . . . . .3.3 -0.1 41.0 2.9
Henderson Group . . .162.0 -0.9 173.1 119.1
Highway CapitaI . . . . .16.5 1.0 21.0 6.0
ICAP . . . . . . . . . . . . . .469.8 -3.8 570.5 380.2
IG Group HoIdings . .443.9 -6.3 553.0 411.4
Intermediate Capi . . .277.0 -5.9 360.3 257.0
InternationaI Per . . . .331.3 -3.3 388.8 221.5
InternationaI Pub . . .116.6 -0.4 118.3 108.6
Investec . . . . . . . . . . .504.5 -2.0 538.0 444.4
IP Group . . . . . . . . . . . .48.5 1.0 54.5 27.9
Jupiter Fund Mana . .247.0 -3.3 337.3 185.0
Liontrust Asset M . . . .73.5 -1.0 95.3 70.0
LMS CapitaI . . . . . . . . .62.8 -1.0 64.8 40.0
London Finance & . . .22.0 0.0 23.5 16.5
London Stock Exch 1044.0 -13.0 1076.0 625.5
Lonrho . . . . . . . . . . . . .17.8 0.0 19.8 10.5
Man Group . . . . . . . . .240.1 -3.0 311.0 206.4
Paragon Group Of . .198.0 -0.1 206.1 126.4
Provident Financi . .1039.0 -1.0 1047.0 728.5
Rathbone Brothers .1142.0 7.0 1257.0 815.0
Record . . . . . . . . . . . . .31.1 0.4 52.0 20.3
RSM Tenon Group . . .31.5 1.5 66.3 21.3
Schroders . . . . . . . .1642.0 -23.0 1922.0 1243.0
Schroders (Non-Vo .1375.0 -18.0 1554.0 1034.0
TuIIett Prebon . . . . . .355.4 -3.7 428.6 337.0
WaIker Crips Grou . . .51.5 0.5 52.9 46.5
BT Group . . . . . . . . . .196.8 -1.2 204.1 130.6
CabIe & WireIess . . . .35.9 -1.0 61.4 35.9
CabIe & WireIess . . . .41.5 -1.9 78.4 41.3
COLT Group SA . . . .118.9 0.9 156.2 109.0
TaIkTaIk TeIecom . . .139.6 -1.5 168.3 120.0
TeIecomPIus . . . . . . .660.0 -11.0 700.0 344.8
Booker Group . . . . . . .73.2 -0.2 77.9 42.3
Greggs . . . . . . . . . . . .525.0 0.0 550.5 418.7
Morrison (Wm) Sup .293.6 0.5 308.3 262.7
Ocado Group . . . . . . .187.0 -2.1 285.0 123.5
Sainsbury (J) . . . . . . .311.9 -4.5 395.0 311.0
Tesco . . . . . . . . . . . . .396.5 -1.0 440.7 378.1
Associated Britis . .1092.0 7.0 1182.0 940.0
Cranswick . . . . . . . . .739.5 2.0 907.5 724.0
Dairy Crest Group . . .380.4 1.3 424.9 339.7
Devro . . . . . . . . . . . . .269.3 1.3 296.9 205.5
Premier Foods . . . . . . .20.6 -0.3 35.1 16.0
Tate & LyIe . . . . . . . . .623.5 3.0 656.0 409.1
UniIever . . . . . . . . . .1999.0 -5.0 2065.0 1688.0
Mondi . . . . . . . . . . . . .620.0 2.5 664.0 446.2
Centrica . . . . . . . . . . .328.4 -1.9 346.1 303.5
InternationaI Pow . . .308.5 -0.6 448.6 299.0
NationaI Grid . . . . . . .608.5 -1.5 632.5 502.5
Northumbrian Wate .456.1 2.1 458.2 295.5
Pennon Group . . . . . .711.0 2.0 715.0 560.0
Severn Trent . . . . . .1461.0 10.0 1517.0 1280.0
United UtiIities . . . . .598.0 10.0 632.0 543.5
Cookson Group . . . . .644.5 2.5 724.5 412.3
DS Smith . . . . . . . . . .241.5 0.6 266.2 125.8
Rexam . . . . . . . . . . . .382.0 -1.9 400.0 293.0
GIencore Internat . . .484.4 4.0 531.1 466.7
BAE Systems . . . . . .303.9 -1.1 369.9 294.7
Chemring Group . . . .575.5 -4.0 736.5 519.6
Cobham . . . . . . . . . . .206.9 0.4 247.6 192.3
Meggitt . . . . . . . . . . . .397.6 1.1 398.5 261.7
QinetiQ Group . . . . . .115.6 -2.6 136.3 96.7
RoIIs-Royce Group . .652.5 1.0 665.0 552.0
Senior . . . . . . . . . . . . .190.0 2.0 191.2 111.2
UItra EIectronics . . .1631.0 9.0 1895.0 1546.0
GKN . . . . . . . . . . . . . .238.2 2.7 245.0 135.1
BarcIays . . . . . . . . . . .229.0 -10.7 344.0 207.7
HSBC HoIdings . . . . .607.6 -4.6 730.9 591.2
LIoyds Banking Gr . . .45.1 -2.0 77.6 41.4
RoyaI Bank of Sco . . .36.3 -0.6 52.1 33.0
Standard Chartere .1617.0 3.0 1950.0 1519.0
AG Barr . . . . . . . . . .1302.0 4.0 1395.0 1035.0
Britvic . . . . . . . . . . . . .366.3 -4.4 505.0 363.0
Diageo . . . . . . . . . . .1266.0 -5.0 1307.0 1050.0
SABMiIIer . . . . . . . . .2340.0 23.5 2347.0 1841.0
AZ EIectronic Mat . . .286.9 -1.4 338.1 248.5
Croda Internation . .2034.0 20.0 2081.0 1171.0
EIementis . . . . . . . . . .187.0 5.0 187.4 69.8
Johnson Matthey . .2096.0 2.0 2119.0 1550.0
Victrex . . . . . . . . . . .1563.0 24.0 1590.0 1076.0
Price Chg High Low
BerkeIey Group Ho .1243.0 -3.0 1299.0 789.5
Bovis Homes Group .416.0 -4.9 464.7 326.6
Persimmon . . . . . . . .462.0 -4.7 502.5 336.5
Reckitt Benckiser . .3526.0 48.0 3648.0 3015.0
Redrow . . . . . . . . . . . .128.5 0.5 139.0 97.6
TayIor Wimpey . . . . . .36.7 -0.4 43.3 22.3
Bodycote . . . . . . . . . .366.8 4.7 397.7 214.5
Charter Internati . . . .797.0 11.0 853.5 538.5
Fenner . . . . . . . . . . . .422.5 4.5 425.8 198.0
IMI . . . . . . . . . . . . . . .1086.0 2.0 1119.0 657.5
MeIrose . . . . . . . . . . .370.0 2.0 378.0 212.5
Northgate . . . . . . . . . .325.0 -4.0 346.7 180.0
Rotork . . . . . . . . . . .1621.0 10.0 1895.0 1396.0
Spirax-Sarco Engi . .1908.0 6.0 2063.0 1499.0
Weir Group . . . . . . .2210.0 55.0 2221.0 1130.0
Ferrexpo . . . . . . . . . . .486.5 -2.0 499.0 276.8
TaIvivaara Mining . . .422.0 -4.4 622.0 386.9
BBA Aviation . . . . . . .214.8 -2.8 240.8 175.0
Stobart Group Ltd . . .138.0 -2.0 163.6 124.1
AdmiraI Group . . . . .1562.0 -32.0 1754.0 1448.0
AmIin . . . . . . . . . . . . .404.3 -3.7 433.0 375.3
Huntsworth . . . . . . . . .71.6 0.1 86.0 65.0
Informa . . . . . . . . . . . .420.0 -3.0 461.1 372.0
ITE Group . . . . . . . . . .228.0 -0.8 258.2 147.6
ITV . . . . . . . . . . . . . . . . .68.4 -0.9 93.5 49.8
Johnston Press . . . . . . .5.2 0.1 20.0 4.4
MecomGroup . . . . . .218.0 -7.5 310.0 189.0
Moneysupermarket. .114.7 0.1 118.6 65.3
Pearson . . . . . . . . . .1150.0 -17.0 1207.0 926.0
PerformGroup . . . . .190.0 -7.0 234.5 184.1
Reed EIsevier . . . . . .561.0 -0.5 590.5 505.5
Rightmove . . . . . . . .1202.0 3.0 1250.0 596.5
STV Group . . . . . . . . .126.9 -0.6 168.0 81.0
Tarsus Group . . . . . .150.5 -1.3 165.0 112.5
Trinity Mirror . . . . . . . .43.5 -4.8 124.3 39.8
United Business M . .526.5 -6.0 725.0 507.0
UTV Media . . . . . . . . .127.0 -4.0 151.0 106.0
WiImington Group . .117.5 0.0 183.0 112.0
WPP . . . . . . . . . . . . . .727.0 -2.0 846.5 633.0
YeII Group . . . . . . . . . . .6.7 -0.3 30.2 5.1
African Barrick G . . .489.1 6.2 638.0 393.5
AngIo American . . .3026.5 1.5 3437.0 2254.0
AngIo Pacific Gro . . .316.0 -4.2 369.3 249.0
Antofagasta . . . . . . .1419.0 -3.0 1634.0 977.5
Aquarius PIatinum . .307.8 -5.8 419.0 253.1
BHP BiIIiton . . . . . . .2359.0 -14.0 2631.5 1767.0
BeazIey . . . . . . . . . . . .129.8 -0.8 139.2 110.4
CatIin Group Ltd. . . .410.0 -4.9 421.4 325.0
Hiscox Ltd. . . . . . . . . .407.5 -0.7 424.7 341.5
Jardine LIoyd Tho . . .659.0 0.0 709.0 561.0
Lancashire HoIdin . . .683.5 -3.0 699.0 515.0
RSA Insurance Gro . .135.6 -2.0 143.5 120.1
Aviva . . . . . . . . . . . . .412.6 -12.8 477.9 350.0
LegaI & GeneraI G . . .115.4 -1.2 123.8 87.1
OId MutuaI . . . . . . . . .129.8 -0.6 145.2 118.5
Phoenix Group HoI . .575.0 0.0 758.0 559.0
PrudentiaI . . . . . . . . .690.0 -4.0 777.0 527.0
ResoIution Ltd. . . . . .281.9 -6.7 316.1 211.3
St James's PIace . . . .368.0 -3.6 374.3 236.2
Standard Life . . . . . . .202.8 -3.2 244.7 194.8
4Imprint Group . . . . .265.0 -3.5 295.0 195.0
Aegis Group . . . . . . .160.0 3.2 162.3 110.7
BIoomsbury PubIis . .115.5 -0.5 138.0 108.5
British Sky Broad . . .739.0 -2.0 850.0 692.0
Centaur Media . . . . . . .49.9 0.1 73.0 44.8
Chime Communicati .258.5 0.5 298.5 165.8
Creston . . . . . . . . . . .110.0 2.0 121.0 78.5
DaiIy MaiI and Ge . . .425.9 -4.9 594.5 411.2
Euromoney Institu . .649.0 0.0 736.0 578.0
Future . . . . . . . . . . . . . .12.6 0.0 30.0 11.8
Haynes PubIishing . .255.0 0.0 262.5 202.5
Centamin Egypt Lt . .136.4 -1.4 197.1 114.5
Eurasian NaturaI . . .781.0 -5.0 1125.0 695.5
FresniIIo . . . . . . . . . .1729.0 48.0 1747.0 990.0
GemDiamonds Ltd. .240.0 2.5 306.0 186.3
HochschiId Mining . .517.5 2.5 680.0 289.4
Kazakhmys . . . . . . .1349.0 -7.0 1671.0 1073.0
Kenmare Resources . .58.2 -0.4 59.9 13.3
Lonmin . . . . . . . . . . .1322.0 -9.0 1983.0 1309.0
New WorId Resourc .842.5 -16.5 1060.0 830.5
PetropavIovsk . . . . . .846.0 10.0 1252.0 678.0
RandgoId Resource 5625.0 30.0 6655.0 4425.0
Rio Tinto . . . . . . . . .4420.0 -1.5 4712.0 3105.0
Vedanta Resources 1852.0 -22.0 2583.0 1794.0
Xstrata . . . . . . . . . . .1358.5 1.0 1550.0 976.1
Inmarsat . . . . . . . . . . .524.5 -4.5 756.5 513.0
Vodafone Group . . . .162.0 -2.6 181.9 148.1
Genesis Emerging . .520.5 -8.5 568.0 462.0
Afren . . . . . . . . . . . . . .147.0 -2.7 171.2 87.5
BG Group . . . . . . . . .1425.0 15.5 1564.5 1003.5
BP . . . . . . . . . . . . . . . .475.4 5.1 509.0 375.2
Cairn Energy . . . . . . .386.8 -6.2 493.2 366.0
EnQuest . . . . . . . . . . .126.2 -1.0 158.5 105.5
Essar Energy . . . . . .378.7 -1.3 589.5 369.0
ExiIIon Energy . . . . . .444.0 -4.0 469.7 166.5
Heritage OiI . . . . . . . .262.1 6.8 486.0 210.0
JKX OiI & Gas . . . . . .258.0 -0.1 335.1 251.5
Premier OiI . . . . . . . . .415.2 1.6 535.0 364.5
RoyaI Dutch SheII . .2282.0 7.0 2326.5 1703.0
RoyaI Dutch SheII . .2292.5 2.0 2336.0 1642.0
SaIamander Energy .278.2 0.6 317.6 210.0
Soco Internationa . . .362.0 7.9 484.2 292.0
TuIIow OiI . . . . . . . . .1299.0 -3.0 1493.0 1144.0
Amec . . . . . . . . . . . .1119.0 1.0 1251.0 848.5
Hunting . . . . . . . . . . .799.5 0.0 817.0 519.0
John Wood Group . .703.5 -2.5 715.8 346.0
LampreII . . . . . . . . . . .395.2 8.2 395.2 223.7
Petrofac Ltd. . . . . . .1478.0 -8.0 1685.0 1250.0
Burberry Group . . . .1600.0 22.0 1610.0 820.5
PZ Cussons . . . . . . . .377.0 -3.0 409.0 320.5
Supergroup . . . . . . .1149.0 -16.0 1820.0 818.5
AstraZeneca . . . . . .3055.0 1.0 3385.0 2801.5
BTG . . . . . . . . . . . . . .293.7 -1.9 309.7 200.1
Genus . . . . . . . . . . . .1000.0 -3.0 1046.0 704.5
GIaxoSmithKIine . . .1363.5 22.5 1375.5 1111.0
Hikma Pharmaceuti .725.0 -8.0 900.0 687.5
Shire PIc . . . . . . . . . .2074.0 10.0 2083.0 1376.0
CapitaI & Countie . . .192.5 2.5 203.7 110.0
Daejan HoIdings . . .2898.0 2.0 2954.0 2300.0
F&C CommerciaI Pr .105.2 0.0 108.0 88.0
Grainger . . . . . . . . . . .121.6 0.3 133.2 86.3
London & Stamford .129.3 -0.7 140.0 110.3
SaviIIs . . . . . . . . . . . . .355.7 5.9 427.1 296.6
St. Modwen Proper . .177.4 4.3 196.2 135.4
UK CommerciaI Pro . .80.0 1.2 85.5 74.3
Unite Group . . . . . . . .216.9 4.5 229.8 176.8
Big YeIIow Group . . .290.5 0.3 353.3 286.7
British Land Co . . . . .604.0 4.0 629.5 446.8
CapitaI Shopping . . .386.1 5.3 424.8 320.9
Derwent London . . .1810.0 2.0 1880.0 1341.0
Great PortIand Es . . .430.0 -2.0 445.0 301.3
Hammerson . . . . . . . .477.1 5.2 490.9 352.2
Hansteen HoIdings . . .88.0 -0.9 89.5 61.4
Land Securities G . . .874.5 7.5 885.0 598.0
SEGRO . . . . . . . . . . . .312.4 1.4 331.3 262.5
Shaftesbury . . . . . . . .529.0 2.5 539.0 396.0
Autonomy Corporat 1662.0 -29.0 1857.0 1271.0
Aveva Group . . . . . .1746.0 0.0 1799.0 1330.0
Computacenter . . . . .475.6 2.5 489.7 265.0
Fidessa Group . . . . .1949.0 2.0 2109.0 1350.0
Invensys . . . . . . . . . . .314.0 11.3 364.3 230.2
Kofax . . . . . . . . . . . . .475.8 -4.2 535.0 231.0
Logica . . . . . . . . . . . .121.0 -2.0 147.2 102.0
Micro Focus Inter . . .300.2 -3.2 426.2 276.0
Misys . . . . . . . . . . . . .401.7 -11.5 420.2 254.1
Sage Group . . . . . . . .279.5 -1.3 302.0 236.8
SDL . . . . . . . . . . . . . . .680.0 -1.5 711.5 510.0
TeIecity Group . . . . . .540.0 0.0 557.0 420.5
Aggreko . . . . . . . . . .1996.0 2.0 2034.0 1351.3
Ashtead Group . . . . .169.4 0.6 207.9 77.0
Atkins (WS) . . . . . . . .721.0 2.5 820.0 650.0
Babcock Internati . . .689.0 3.0 733.0 492.8
Berendsen . . . . . . . . .544.0 -5.0 568.0 363.1
BunzI . . . . . . . . . . . . .789.5 6.0 801.0 679.0
Capita Group . . . . . . .703.5 3.5 794.5 635.5
CariIIion . . . . . . . . . . .372.7 0.4 403.2 291.2
De La Rue . . . . . . . . .785.5 6.0 853.5 549.5
EIectrocomponents .239.3 -1.3 294.9 205.7
Experian . . . . . . . . . . .826.0 6.5 833.5 606.0
FiItrona PLC . . . . . . . .359.6 7.9 385.5 227.5
G4S . . . . . . . . . . . . . . .278.5 0.0 291.0 237.7
Hays . . . . . . . . . . . . . . .94.6 -0.4 133.6 89.0
Homeserve . . . . . . . .494.2 -0.8 532.0 408.0
Howden Joinery Gr . .120.9 3.8 127.5 63.0
Intertek Group . . . . .1929.0 10.0 2148.0 1577.0
MichaeI Page Inte . . .523.0 -4.0 567.0 368.0
Mitie Group . . . . . . . .239.3 1.6 242.5 188.7
Premier FarneII . . . . .193.2 -2.3 308.8 182.2
Regus . . . . . . . . . . . . .106.1 -0.1 119.0 66.1
RentokiI InitiaI . . . . . . .91.7 -0.5 109.5 84.3
RPS Group . . . . . . . . .231.8 -0.2 253.0 169.8
Serco Group . . . . . . .550.5 -3.5 633.0 529.5
Shanks Group . . . . . .129.0 0.3 130.9 96.5
SIG . . . . . . . . . . . . . . .132.9 -3.2 153.5 90.7
SThree . . . . . . . . . . . .379.3 1.3 447.6 231.1
Travis Perkins . . . . . .970.5 -1.0 1127.0 747.0
WoIseIey . . . . . . . . .1915.0 9.0 2261.0 1223.0
ARM HoIdings . . . . . .616.0 6.0 651.0 305.8
CSR . . . . . . . . . . . . . .297.2 -7.7 447.0 280.9
Imagination Techn . .425.8 5.8 502.0 303.5
Pace . . . . . . . . . . . . . .105.0 -2.1 231.8 93.0
Spirent Communica .134.0 -2.6 160.3 124.1
British American . .2848.5 1.0 2868.5 2166.0
ImperiaI Tobacco . .2152.0 1.0 2231.0 1784.0
Avis Europe . . . . . . . .311.8 0.0 312.5 184.0
Betfair Group . . . . . . .653.5 -4.5 1550.0 615.5
Bwin.party Digita . . .137.5 -3.3 309.5 127.0
CarnivaI . . . . . . . . . .2265.0 -23.0 3153.0 2037.0
Compass Group . . . .584.5 -4.0 612.0 501.0
Domino's Pizza UK . .482.4 23.3 586.0 377.0
easyJet . . . . . . . . . . . .369.1 1.1 479.0 301.0
Enterprise Inns . . . . . .62.4 0.0 122.7 57.8
FirstGroup . . . . . . . . .362.2 -2.1 412.6 311.3
Go-Ahead Group . . .1565.0 -4.0 1598.0 1073.0
Greene King . . . . . . .490.3 -3.8 518.0 398.0
InterContinentaI . . .1266.0 3.0 1435.0 982.0
InternationaI Con . . .241.0 -2.0 305.0 208.7
JD Wetherspoon . . . .430.0 -4.5 468.3 389.9
Ladbrokes . . . . . . . . .146.5 -1.4 155.3 122.7
Marston's . . . . . . . . . .105.8 1.1 117.1 92.0
MiIIennium& Copt . .506.0 -10.0 600.5 469.1
MitcheIIs & ButIe . . . .282.6 -6.4 361.0 280.5
NationaI Express . . .254.8 4.4 270.2 220.1
Punch Taverns . . . . . .68.0 -3.2 90.4 58.1
Rank Group . . . . . . . .143.0 -3.5 153.7 103.3
Restaurant Group . . .297.5 -4.0 335.0 221.5
Stagecoach Group . .254.4 -0.4 268.5 160.7
Thomas Cook Group .70.0 -2.0 204.8 67.0
TUI TraveI . . . . . . . . . .193.8 -2.2 271.9 178.2
Whitbread . . . . . . . .1570.0 -11.0 1887.0 1368.0
WiIIiamHiII . . . . . . . . .228.4 -1.1 237.3 155.5
Abcam . . . . . . . . . . . .411.5 -2.0 460.0 299.8
AIbemarIe & Bond . .395.0 2.4 397.5 218.0
Amerisur Resource . .20.8 -0.8 29.0 11.5
Andor TechnoIogy . .685.0 5.0 685.0 284.0
ArchipeIago Resou . . .67.0 4.8 67.5 32.3
ASOS . . . . . . . . . . . .2325.0 15.0 2468.0 840.0
AureIian OiI & Ga . . . .66.5 -1.8 92.0 37.0
Avanti Communicat .358.3 -12.8 735.0 339.0
Avocet Mining . . . . . .230.0 4.0 253.5 112.0
BIinkx . . . . . . . . . . . . .117.5 -3.5 148.8 53.8
Borders & Souther . . .58.0 1.0 93.0 49.5
BowLeven . . . . . . . . .296.0 10.3 398.0 154.0
Brooks MacdonaId 1263.5 -9.0 1372.5 817.5
CaIedon Resources .111.8 0.5 111.8 43.3
Conygar Investmen .106.4 -0.9 120.0 101.3
Cove Energy . . . . . . . .94.5 0.0 112.8 57.0
Daisy Group . . . . . . .120.0 -3.0 127.0 86.0
EMIS Group . . . . . . . .538.0 0.5 557.0 303.5
Encore OiI . . . . . . . . . .59.8 -1.3 151.5 54.0
Faroe PetroIeum . . . .173.3 1.0 218.3 138.5
GuIfsands PetroIe . . .226.5 0.0 401.5 207.3
GWPharmaceuticaI .114.0 -2.8 130.0 83.0
Hamworthy . . . . . . . .676.0 3.5 705.0 328.0
Hargreaves Servic .1046.0 -10.0 1076.0 605.0
HeaIthcare Locums .112.5 0.0 112.5 112.5
Immunodiagnostic .1218.0 18.0 1218.0 710.0
ImpeIIamGroup . . . .363.5 -9.0 387.5 90.0
James HaIstead . . . . .493.3 -1.8 503.0 306.0
KaIahari MineraIs . . .229.3 -0.8 301.0 142.0
London Mining . . . . .399.8 -2.5 436.5 240.3
Lupus CapitaI . . . . . .118.8 1.8 150.0 78.0
M. P. Evans Group . .429.8 -4.3 500.5 343.0
Majestic Wine . . . . . .457.0 -6.3 510.0 301.5
May Gurney Integr . .283.0 0.3 289.3 177.0
Monitise . . . . . . . . . . . .35.5 -0.5 39.0 18.5
MuIberry Group . . . .1876.0 -39.0 1924.0 290.0
Nanoco Group . . . . . . .79.0 -1.5 115.8 68.0
NauticaI PetroIeu . . .338.0 -7.3 547.0 128.0
NichoIs . . . . . . . . . . . .565.8 -4.3 579.0 406.0
Numis Corporation . .118.0 0.1 146.5 94.0
Pan African Resou . . .13.3 0.5 13.8 5.9
Patagonia GoId . . . . . .55.0 2.5 59.3 15.0
Prezzo . . . . . . . . . . . . .67.1 0.0 71.5 38.8
Pursuit Dynamics . . .323.5 7.0 700.0 218.5
Rockhopper ExpIor .238.5 2.5 510.0 202.5
RWS HoIdings . . . . . .450.0 2.8 472.0 239.0
Songbird Estates . . .146.0 -2.0 160.3 135.0
VaIiant PetroIeum . . .580.0 -15.0 761.5 504.0
Young & Co's Brew .702.3 -7.8 712.0 520.0
Domino's Pizza UK .482.4 5.1
Invensys . . . . . . . . . .314.0 3.7
Howden Joinery Gro .120.9 3.3
FresniIIo . . . . . . . . . .1729.0 2.9
EIementis . . . . . . . . . .187.0 2.8
Heritage OiI . . . . . . . .262.1 2.7
Weir Group . . . . . . .2210.0 2.6
St. Modwen Propert .177.4 2.5
DuneIm Group . . . . . .463.5 2.5
FiItrona PLC . . . . . . .359.6 2.3
Dixons RetaiI . . . . . . .15.2 -6.1
BarcIays . . . . . . . . . . .229.0 -4.4
Punch Taverns . . . . . .68.0 -4.4
CabIe & WireIess W . .41.5 -4.3
LIoyds Banking Gro . .45.1 -4.3
Home RetaiI Group . .135.3 -4.0
HaIfords Group . . . . .337.0 -3.9
Perform Group . . . . .190.0 -3.6
Aviva . . . . . . . . . . . . .412.6 -3.0
Thomas Cook Group .70.0 -2.8
Risers FaIIers
MAIN CHANGES UK 350
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
Price Chg High Low Price Chg High Low
GILTS
AEROSPACE & DEFENCE
CONSTRUCTION & MATERIALS
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MINING
NONEQUITY INVESTM. COMM.
Tsy 3.250 11 . . . .101.03 -0.01 103.5 101.0
Tsy 9.000 11 . . . . .99.99 0.00 107.9 100.0
Tsy 2.500 11 . . . .306.85 0.00 310.0 306.8
Tsy 5.250 12 . . . .104.03 -0.02 108.1 104.0
Tsy 9.000 12 . . . .108.51 -0.37 115.8 107.8
Tsy 5.000 12 . . . .102.77 -0.02 106.8 102.7
Tsy 4.500 13 . . . .106.11 0.00 109.2 105.8
Tsy 2.500 13 . . . .287.02 -0.01 287.7 274.9
Tsy 8.000 13 . . . .115.51 0.01 121.3 115.3
Tsy 5.000 14 . . . .111.65 0.16 114.1 109.2
Tsy 7.750 15 . . . .103.55 0.11 342.1 102.8
Tsy 8.000 15 . . . .126.97 0.19 131.6 123.7
Tsy 4.750 15 . . . .112.68 0.21 114.7 108.6
Tsy 4.000 16 . . . .110.24 0.25 111.4 104.9
Tsy 2.500 16 . . . .335.00 0.20 335.5 304.4
Tsy 8.750 17 . . . .137.75 0.33 142.2 132.9
Tsy 12.000 17 . . .126.03 0.00 185.9 125.2
Tsy 1.250 17 . . . .112.34 0.26 112.6 104.9
Tsy 5.000 18 . . . .116.45 0.42 117.6 109.7
Tsy 4.500 19 . . . .112.95 0.47 113.8 105.4
Tsy 3.750 19 . . . .107.14 0.51 107.7 99.4
Tsy 4.750 20 . . . .114.13 0.48 115.9 106.6
Tsy 2.500 20 . . . .342.04 0.34 342.9 303.8
Tsy 8.000 21 . . . .142.69 0.44 147.1 133.8
Tsy 1.875 22 . . . .118.04 0.31 118.5 108.5
Tsy 4.000 22 . . . .106.23 0.53 108.4 99.0
Tsy 2.500 24 . . . .301.61 0.28 302.6 262.1
Tsy 5.000 25 . . . .114.96 0.60 118.5 107.4
Tsy 1.250 27 . . . .112.34 0.21 113.0 100.5
Tsy 4.250 27 . . . .105.19 0.72 108.8 97.9
Tsy 6.000 28 . . . .127.76 0.69 132.7 119.5
Tsy 4.750 30 . . . .110.68 0.65 115.0 103.0
Tsy 4.125 30 . . . .287.39 0.11 288.6 248.7
Tsy 4.250 32 . . . .103.63 0.69 107.8 96.0
Tsy 4.250 36 . . . .102.97 0.74 107.4 95.0
Tsy 4.750 38 . . . .111.63 0.75 116.5 102.8
Tsy 4.500 42 . . . .107.78 0.00 112.8 98.9
% %
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I
N the event, lazy man yoga doesnt
have an awful lot to do with yoga. It
turns out to be more like a post-work-
out stretch session. There are no floor-
mats, no mantras and no dogs,
downward-facing or otherwise.
Theres a lot of stretching, but its more
or less done for you by your therapist who
bends and pulls your muscles while you lie
prone, as well as massaging you with a hot
poultice (a steamed bag of aromatic herbs)
and oil. As full-body muscular workouts
go, its about as lazy as they come I fell
asleep twice. But the well-worked, satisfy-
ing aches I felt the next day were similar to
those after a vigorous exercise session,
which reflects how much deeper and fur-
ther than a normal massage treatment
this one goes.
As the name suggests, this treatment is
for men. It can be adjusted for women, but
as spa manager and my therapist Amy
Taylor points out, women are generally
lighter and more flexible than men, so
these stretches tend to have less impact.
Taylor says that things like prolonged
office work, long-haul flights and profes-
sional stresses have their own effects on
the muscles, and this is about de-stiffening
them.
A spa treatment of
deep stretches and
poultice-work made
Timothy Barber feel
like a new man
You dont have to be
lazy to have the treat-
ment, but it works
best on men.
Picture: REX
Lazy man yoga is great for
you without the sweat
Episode 20: Dad and I do the school pick-up
MY parents have stayed on for an extra
couple of days, ostensibly to help with
Noel although hes at school all day but
actually, to allow the dust to settle
after my run in with my father.
I get out of the chauffeur-driven car
and walk towards my parents. My
father wears an ancient trenchcoat but
looks less like Peter Falk as Columbo
than like a patrician Bertrand Russell
on the CND marches of the late 1950s.
Then I realise that, whilst Ive seen
many episodes of Columbo, I dont
think Ive ever seen a picture of Russell.
My father likes to quote him. The trou-
ble with the world is that the stupid are
cocksure and the intelligent are full of
doubt. But somehow, whilst Ive invari-
ably been full of doubt, Ive always felt
my father placed me amongst the stu-
pid and cocksure.
Hello mum. Dad.
Ridiculous car, my father growls.
Not that its for an old man to preach
green politics to a younger man with
three children.
Before I can respond, the bell rings.
Children flood from classrooms. We
press through the gate. Noel and Billy
erupt into the playground, twirling
book bags above their heads. Suddenly,
Noel spots us. The smile falls from his
face. He stops and waves, dutifully.
Perhaps hes frightened of us, or thinks
this subdued version is how wed rather
see him. Or perhaps hes thinking tacti-
cally and is in hope of chocolate for
good behaviour.
Then Noel smiles, dashes across the
playground and throws himself at his
grandfather. Hello granddad. Thanks
for coming to meet me.
City Dad will continue next Tuesday. For
previous episodes, see cityam.com
FIT IN
THE CITY
BY LAURA WILLIAMS
FITNESS & DIET EXPERT
Big City Climb
a good excuse
to get super fit
N
EED a new fitness goal? Whether
youre trying to banish your summer
barbecue belly, or getting in early for
your Christmas LBD, we might have
just the fitness event for you... The Lord
Mayors Appeal is after daredevil con-
tenders to take part in a unique climbing
event this autumn when participants can run
or walk their way up the stairwells of iconic
City buildings to scale 3,407 metres, a height
equivalent to the Three Peaks.
The event, called the Big City Climb, is tak-
ing place at Guildhall on Sunday 9 October,
and will enable lucky participants to climb
the stairs of some of the tallest buildings in
the City (but if the thought of the full chal-
lenge leaves you reeling, you can also opt for
half the distance at 1703.5 metres).
Either rope a few colleagues in and enter
a team, or go it alone. To sign up and for
more info visit,
thelordmayorsappeal.org.uk/climb or call
0207 520 0324.
If raising money for charity or whipping
your competitors a*** isnt enough to reel
you in, what about the health benefits of
climbing?
l Climbing burns up around a whopping 550
calories an hour!
l With both legs and arms working over-
time, any kind of climbing is good for muscle
toning.
l A recent study from the University of
Geneva found that after three months of
regular stair climbing, volunteers had better
lung capacity, blood pressure and cholesterol
measurements.
lTheres a strong link between improved
bone density and stair climbing (so anyone
with iffy knees should definitely sign on the
dotted line).
laurawilliamsonline.co.uk
C
ROUCH End is not the most convenient of
London locations. But when your motiva-
tion for going there is a facial with Su-
Man, the vagaries of north London
transport fade into irrelevance.
Originally from Taiwan, Su-Man Hsu (pic-
tured) was a professional dancer before retir-
ing and focusing on massage. Her house is a
haven of impeccable feng shui. You pad through
it in slippers to her garden where a holistic shed
awaits.
Su-Man runs a camera over your face, show-
ing in grisly detail follicles, dryness and sun
damage on a laptop screen.
Then, off comes your top, and down you lie
on her table. Heres where the best facial of my
life begins, with a violent but sensational chest
massage (I look at the whole body, you cant
just do the face), and a powerful pummelling
of my faces pressure points (and then some), in
conjunction with the application of serums and
fianlly, a sea plant mask. While it dries, she has
at my feet. This is holistic work in action.
My favourite bit was the robust eye
socket massage: you see streaks of light
in your shut eyes as your brow bone is
pressed and worked. Wonderful.
An hour flies by: but a week later, my
skin is glowing and alive in a wholly new
way. Crounch End: here I come again
soon.
90 mins facial massage is 120. To book,
email su-man@blueyonder.co.uk
The hour-long treatment begins with a
cleansing ritual for hands and feet using
lemongrass oil. Then, when Im lying on
my front on the bed, Amy begins pushing
and stretching my legs, one at a time. She
hooks one of my legs in behind the knee of
the other, which she then bends back until
my foot is up by my backside. (Chaps, youll
be wearing your undies for this so bear-
ing in mind the relatively undignified
positions youll find yourself in, its best to
leave those flappy boxers behind and wear
your smartest tighty whities, for Amys
sake and yours).
Then its on with the poultice a tight
muslin ball containing indigo (a natural
anti-inflammatory) and cinnamon (a
restorative, vitalising spice). Its heated in a
steamer like an incredibly aromatic steam
pudding, and Amy works this hot ball of
goodness into the muscles and joints,
before using her hands to massage in a no-
less-intoxicating, muscle-easing oil incor-
porating rainforest cloves, rosemary and
cedar wood.
Gradually this process is repeated across
the body. The back and shoulders are
pulled, stretched, poulticed and massaged.
I sit up on the table as Amy pulls my arms
forwards until Im all but doubled over,
then she climbs on the massage table
behind me to work on my shoulders and
bend my arms behind my head. Chest and
arms, ankles and feet, and even my scalp
are kneaded and manipulated, massaged
and warmed.
Despite all the bending and stretching,
my principal feeling after this treatment is
one of incredible relaxation and tranquilli-
ty. Its a detoxifying process and one that,
as I said, I could still feel the next day.
95 for one hour. www.lanesborough.com
LOSING YOUR HAIR?
IT CAN BE RESTORED!
THE WIMPOLE CLINIC
Ha nna h Hous e , 1 1 - 1 6 Ma nc he s t e r S t r e e t , L ond on W1 U 4 DJ
At The Wimpole Clinic, one
of the leading hair transplant
centres in Europe, Dr. Michael
May F.R.C.S. has pioneered a
permanent solution to male
pattern baldness using
advanced follicular unit
hair transplant techniques.
For your FREE consultation
with Dr May call today on:
020 7935 1861
www. wi mpol ec l i ni c. c om
CITY DAD
Zoe Strimpel has a Su-Man facial and her skin is still thanking her
Lifestyle| Health & Beauty
CLOUDY BAY SHACK POPS UP
As al fresco drinking goes, it doesnt get much
more civilised. The Cloudy Bay Shack, Cloudy
Bays annual pop up vino lounge in Parsons
Green, returns next weekend (July 30-31). This
year the company has also stepped it up a
notch, collaborating with Petersham Nurseries
chef Skye Gyngell to offer an accompanying
wine-paired menu. Gyngell has created five
dishes for the event, each matched to a differ-
ent Cloudy Bay variety. A salad of Heritage
tomatoes and goats curd cheese is offered
with Cloudy Bay Riesling, a delicious salad of
spinach, mozzarella, and fennel paired with the
vineyards flagship Sauvignon Blanc. Theres
also heartier fare in the shape of slow cooked
veal with black olives, paired with Cloudy Bays
Pinot Noir.
The Cloudy Bay Shack is being held all
weekend and will see Parsons Green trans-
formed in to an outdoor lounge with deck
chairs and a live jazz trio to entertain. This year
more enthusiastic revellers can also take turns
to forage in a specially designed herb garden,
created by Petersham Nurseries. (Dont worry.
You can always unwind afterwards, parsley in
pocket, with a glass of Chardonnay.) Prices
start at 8.50 for a glass
of wine and food dish.
Cloudy Bay wines will also
be available by the bottle.
www.cloudybay.co.nz
ROSE TUTORIAL WITH
CHATEAU BOUNDARY
Whats left of the summer
should be celebrated with
a sound dose of rose wine.
Theres no better way to
deepen your knowledge of
the pink stuff than through
the swanky Boundary
Restaurants series of wine
tutorials. Join Ray OConnor on
8 August
on the Rooftop to explore roses
from around the world in their
many different forms; from
Champagnes to classic proven-
cale pinots. Apertifs from
6.45pm on Boundary
Rooftop. 40 per ticket.
www.chateau
boundary.com
Roganic
19 Blandford Street, W1U 3DH
Tel: 0207 4860380 www.roganic.co.uk
FOOD hhhhh
SERVICE hhhhh
ATMOSPHERE hhhhi
Cost per person without wine: 55 or 80
W
HERE to start with Roganic? It
could be with the bad pun of a
name, or the temporary nature
of the place, or the exalted Lake
District restaurant which begat this tiny
London outpost, or the remarkable food on
offer via two fixed tasting menus.
But instead, lets start with Jon, Sandia
and Jack, the remarkably young, affable
and knowledgeable front of house staff,
plus sommelier Zsolt Kismodi. In a place
where course after course of profoundly
complex, imaginative, ambitious and rigor-
ous food is brought before you, they deliver
the human warmth. Where you might
expect monkish reverence and severity, the
smiling enthusiasm and professionalism of
the team and you really do sense a team
that functions as smoothly as a Bugatti
engine is a welcome counterweight.
Theyll explain each dish in the finest
detail, slice cheese with the loving care of
master craftspeople, guide you through
unusual wines, and do it all with easy
humour and calm attentiveness.
Sure, often in restaurants you want to be
left alone to have your meal and your con-
versations in peace. This is a place where
descriptions and enlightenment from the
staff are needed to fully appreciate the cui-
sine, and its to the teams credit that
theyve made this process part of the
charm of the place.
On to that bad pun of a name. Roganic is
the first London venture of Simon Rogan, a
chef whose Lake District restaurant
LEnclume is internationally famous for its
intricately-composed dishes centred
around foraged and pun landmine ahead!
organic ingredients.
Rogan has taken over the miniscule
premises vacated by Michael Moore restau-
rant, just off Marylebone High Street. It
seats just 25 people, and will only be open
for two years (thats how long Rogan has
the lease for).
All of which adds up to a lot of buzz, and
Fresh, organic and utterly perfect
PETERSHAM NURSERIES CAFE
The only garden centre cafe with a Michelin star,
Petersham uses ingredients from the nurseries them-
selves to draw on. Dishes such as red and golden beetroot
with heirloom tomatoes, marjoram and purple basil, and
sardines with spinach, shaved fennel, rocket and sauce
vierge are among chef Skye Gyngells creations. Church
Lane, TW10 7AG, www.petershamnurseries.com
THE CAPABILITY AT SYON PARK
The Capability is the restaurant at the newly-opened
Waldorf Astoria hotel in the grounds of Syon Park, the
stately home and estate in west London. The garden
where the chef grows a great variety of the herbs is a
focal point of the hotels exterior space, while the large
vegetable greenhouse also houses the chefs table. Syon
Park, Middlesex, TW8 8JF, www.londonsyonpark.com
NORTH ROAD
This is one of Londons premier destinations for the kind
of Nordic cuisine you find at Copenhagens world-leading
Noma. Expect food rolled in burnt hay, plenty of smoking,
and ingredients all sourced from the UK, including plenty
thats foraged. Venison in burnt hay with wild sorrel and
smoked bone marrow is the star dish. 69-73 St John St,
EC1M 4AN, northroadrestaurant.co.uk
Ben Spalding, the man Rogan has installed
in the kitchen (though the boss is currently
making the London trip two or three times
a week to oversee things) is meeting it head
on. On offer for dinner are two tasting
menus, one six courses long (55) and one
10 courses (80). At lunch theres also a 29
three-course menu. Thats it theres no
la carte. It certainly makes ordering easy.
And so to the food. Oh, the food. A flurry
of dishes in which the tiny amount of tuck-
er in front of you seems in direct inverse
proportion to the intricacy of the cooking,
the artfulness of the construction and the
mesmeric vibrancy of the flavours. Not to
mention the size of the crockery its served
on.
Strange foraged herbs like chenopodium,
orache, hyssop and wood sorrel are not just
used to compliment other ingredients but
are themselves at the heart of each tiny
construction. There are edible flowers and
seaweeds, unsexy things like turnip and
mackerel that are made sensual and excit-
ing, tiny slithers of meat cooked sous-vide
for hours, and every dish assembled with
aching care. Its whimsical for sure, beauti-
fully so, with flavours full of nostalgia.
We went for the full 10 course marathon,
which is actually 12 courses when you add
in a scrummy extra opener of rosemary-
infused crispbread blessed with wild herbs,
petals and tiny dollops of creamed cheese,
and an optional cheese board at the end.
Its decadent and fun and something of an
odyssey, but its far from overwhelming.
Balance is everything, and at Roganic every-
thing is balanced.
Ill not go through all 10 dishes, but a few
highlights. Tiny, soft discs of salt-baked
turnip, the size of pound coins, nudging
against an egg yolk that had been cooked
sous vide and smoked to glorious perfec-
tion; ox tongue shredded, softened and
transformed into the sweetest meat imagi-
nable, squeezed between shards of sour-
dough paper and surrounded by tiny
spirals of pickled vegetable slithers; monk-
fish topped with the crumbly salt of
reduced chicken stock, accompanied by
surf clams and a mustard puree of won-
drous depth. And the mackerel, caught in
Kent that morning, served with its crisp,
caramelised skin facing upwards, sur-
rounded by shoots, broccoli florets and
herby trickles of elderflower honey, was
unforgettably marvellous. Youve got two
years. Now go.
FOOD & BOOZE
NEWS
ZOE STRIMPEL
THREE OTHER RESTAURANTS WITH FORAGED AND ORGANIC PRODUCE
TIMOTHY BARBER
Above: the Roganics
team. Rght: shredded
ox tongue in
sourdough paper.
Simon Rogans
short-lease London
restaurant is a feat of
gastro-engineering
and true culinary love
Lifestyle | Restaurant Review
WORDS BY
TIMOTHY BARBER
T
E
R
R
E
S
T
R
I
A
L
RESTORATION HOME
BBC2, 8PM
Caroline Quentin visits Stanwick Hall
in Northamptonshire, where years of
neglect have caused fungus to grow
on damp walls.
UNDERCOVER BOSS
CHANNEL4, 9PM
Nikki King, the managing director of
Isuzu Truck UK goes back to the shop
floor to find out if she can steer the
company in a better direction.
OK! TV
CHANNEL5, 6.25PM
Weekday magazine show hosted
by Kate Walsh and Matt Johnson,
featuring a mixture of big-name
interviews and showbiz gossip.
BBC1
SKY SPORTS 1
4.30pmLive ECB 40 League
Cricket 10pmDarts 11pmThe Sky
Sports Years 12amFootball Asia
12.30amFootballs Greatest 1am
Soccer AM: The Best Bits 2am
Time of Our Lives 3amFootball
Asia 3.30amFootballs Greatest
4amSoccer AM: The Best Bits
5am-6amThe Sky Sports Years
SKY SPORTS 2
7pmFootball Asia 7.30pmLive
Greyhound Racing 10pmPoker
12amCycle Sports World
12.30amKings of the Surf
1amAerobics Oz Style 1.30am
Football Asia 2am-2.30amKings
of the Surf
SKY SPORTS 3
7pmEuropean Challenge Tour
Golf: The English Challenge.
8pmGolf 10pmGolfing World
11pmEuropean Challenge Tour
Golf 12amGolf 2am-4am
International Bowls
BRITISH EUROSPORT
7pmLive Under-19s European
Championship Football 9pm
Boxing 12am-12.30am
Intercontinental Rally Challenge
2amLondon 2012: One Year To
Go 2.15am-4.30amLive
Swimming
ESPN
7pmRussian Premier League
Review7.30pmESPN Press Pass
8pmESPN Kicks: Scottish
Premier League 8.15pmFIFA
World Cup Classic Matches
10.45pmFA WSL Review Show
11.15pmRussian Premier League
Review11.45pmESPN Kicks:
Scottish Premier League 12am
Planet Speed 12.30amESPN
Press Pass 1amLive Pre-Season
Football 3amFA WSL Review
Show3.30amESPN Press Pass
4amAFL Review Show5am
ESPN Game of the Week
5.30am-6amRussian Premier
League Review
SKY LIVING
7pmCSI 8pmBritain & Irelands
Next Top Model 9pmChick Fix
10pmPsychic Sally 11pmCriminal
Minds 12.50amCSI 2.40am
Ghost Whisperer 3.30am
Charmed 5.10am-6amMaury
BBC THREE
7pmTotal Wipeout 8pmSmall
Teen, Bigger World 9pmGeordie
Finishing School for Girls 10pm
EastEnders 10.30pmAngry Boys
11pmFamily Guy 11.45pm
Geordie Finishing School for Girls
12.45amMongrels 1.15amAngry
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7pmAmerica: The Story of the US
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TVPICK
6pmBBC News
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Close
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6
Fill the grid so that each block
adds up to the total in the box
above or to the left of it.
You can only use the digits 1-9
and you must not use the
same digit twice in a block.
The same digit may occur
more than once in a row or
column, but it must be in a
separate block.
COFFEE BREAK
Copyright Puzzle Press Ltd, www.puzzlepress.co.uk
KAKURO
QUICK CROSSWORD
LAST ISSUES
SOLUTIONS
KAKURO
WORDWHEEL
Using only the letters in the Wordwheel, you have
ten minutes to nd as many words as possible,
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters
or more, all must contain the central letter and
letters can only be used once in every word. There
is at least one nine-letter word in the wheel.
SUDOKU
Place the numbers from 1 to 9 in each empty cell so that each
row, each column and each 3x3 block contains all the numbers
from 1 to 9 to solve this tricky Sudoku puzzle.
SUDOKU
QUICK CROSSWORD
ACROSS
3 Location of a series
of pages on the
internet (7)
6 Retch (5)
7 Irritable as if sufering
from indigestion (7)
8 Extended area
of land (5)
10 Cause to become
widely known (9)
14 Side sheltered from
the wind (3)
15 Armed struggle (3)
16 Unwavering (9)
18 Harnesses (5)
19 Sir Peter ___, British
actor and playwright
(1921-2004) (7)
20 Sing the praises of (5)
21 Winged two-legged
dragons with
barbed tails (7)
DOWN
1 Slum areas (7)
2 Short moral story,
allegory (7)
3 Having the foot digits
connected by a thin
fold of skin (3-4)
4 Portable travelling
bag for carrying
clothes (8)
5 Violent young
criminals (5)
9 Having the ability
or power to
construct (8)
11 Legendary creatures
resembling tiny
old men (7)
12 Professional
entertainer (7)
13 Lymph glands located
in the pharynx (7)
17 Nettlesome (5)
A
R
N
U
M D
C
I
E
4

4

G L A S S G E N U S
U F C O O O N
A D I E U U L T R A
R R L E G E K
D W E L L E N D U E
O O E S
T O U G H B E G A N
I N A L E A E
L O T U S G I V E R
T I T W O E V
H O L L Y T U L L E
8 7 3 9 1 3 6
9 3 1 2 2 1 5 3
6 2 5 7 4 9 8
1 5 9 4 2 8 1
8 9 7 4 2 1
6 8 9 2 2 1 4 6
5 1 6 8 7 9
2 6 1 7 5 2 8
9 8 6 7 5 9 5
8 7 2 1 6 8 3 9
9 3 2 9 4 1 3
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter word was
PANDERING
Lifestyle | TV&Games
BRITAINS Tour de France hero Mark
Cavendish admits he wont recover
from his green jersey-winning exer-
tions until the end of the year.
The Isle of Man rider has only the
briefest of rests before climbing back
into the saddle the 26-year-old is set
to race again this evening.
His first competition on home soil
will be next months Olympic test
event, the London-Surrey Cycle
Classic, before his thoughts turn to
the Tour of Spain and World
Championships in Denmark in
September.
And only when the season ends
will Cavendish get the chance to put
his feet up and reflect on achieve-
ments that have prompted some
experts to call him the greatest
sprinter of all time.
I wont recover until the off-season
at the end of the year Ill recover but
I wont recover fully, Cavendish said
yesterday, the morning after his tri-
umph on the Champs-Elysees.
Its a weird feeling, the breaking
of the cycle. I woke up this morning
with no schedule to adhere to nor-
mally youre up, have breakfast and
then youre racing. But Im racing
already tomorrow night, theres no
time off the bike, well keep racing for
the rest of the year.
Cavendish, who has won a total of
20 stages in four years at the Tour de
France, is a star elsewhere in Europe,
where cycling has a higher profile.
And fellow rider David Millar, one
of only four Britons to have worn the
Tour leaders yellow jersey, believes it
is high time he was better appreciat-
ed at home.
The UK needs to understand we
have one of the greatest of all time,
Millar said. At the moment hes the
UKs greatest athlete. He is probably
the greatest sprinter in the history of
cycling.
Ex-rider Sean Kelly, who won the
green jersey four times in the 1980s,
believes Cavendish can surpass Eddy
Merckxs record of 34 stage wins.
Its incredible in such a short
number of starts to have 20 stage
wins, Kelly said. He should be able
to match Merckxs record. He has
time on his side and hes still very
young. Theres no reason he cant win
three or four stages every year.
No respite for hero Cavendish
MANCHESTER UNITED boss Sir Alex
Ferguson has appeared to rule out a
move for Inter Milans Wesley
Sneijder by declaring his summer
transfer business all but over.
Holland playmaker Sneijder has
been touted as the missing piece in
Fergusons jigsaw, with former Old
Trafford star David Beckham among
those backing a move for him. United
are also thought to be interested in
Arsenal midfielder Samir Nasri and
Tottenham schemer Luka Modric.
But Ferguson, speaking on his
clubs American tour, said he was
unlikely to sign anyone else before
facing Manchester City in the
Community Shield on 7 August.
At this moment, I cant see anoth-
er addition, he said. The type of
player we might have been looking
for is not available. I am happy with
the players I have got at this moment
in time.
United have already spent around
50m on three players: defender Phil
Jones from Blackburn, Aston Villa
winger Ashley Young and goalkeeper
David de Gea from Atletico Madrid.
Ferguson also fanned the flames
ahead of the curtain-raiser against
City, saying: It is addressing our
noisy neighbours again. It will be an
interesting match.
Ferguson:
Im finished
spending
FOOTBALL
United boss Sir Alex has already spent

50m this summer. Picture: PA
BY FRANK DALLERES
CYCLING
Sport
22
Cavendish has been called the greatest
sprinter ever. Picture: REUTERS
ENGLAND captain Andrew Strauss
momentarily abandoned his charac-
teristic restraint after seeing his
team eclipse India, the worlds
finest, at Lords yesterday, hailing
what he termed an almost perfect
bowling display.
Paceman James Anderson starred
on the final day of the first Test, tak-
ing five wickets including the prize
scalp of Sachin Tendulkar, as the
hosts dismissed the tourists for 261
to wrap up an enthralling 196-run
victory.
But there was special praise too
for the resurgent Stuart Broad (3-57),
who took the final wicket of Ishant
Sharma to cap a match in which the
all-rounder emphatically answered
those critics who had questioned his
selection.
I think over the two innings that
was as close to the perfect bowling
performance as weve had in the
last two years and that is saying a lot
because we have had a lot of excep-
tional performances, Strauss said.
It was an outstanding effort by
the whole attack over five days. You
do have to work hard for your wick-
ets here and I think it showed the
value of persistent lines and
lengths. Thats the only way of tak-
ing wickets here and I think we did
that brilliantly.
Strauss called Twenty20 captain
Broad, whose batting on Sunday res-
cued England from a second-
innings collapse, outstanding. He
added: Stuart showed immense
character over five days. He bowled
very well and his second innings 70
was crucial to the outcome of the
game. He showed his class and it
was a timely reminder to everyone
of what a great talent he is.
Lords swelled to capacity to see
whether England could finish off
India, the team they can replace as
world No1 if they win this four-Test
series by two matches and the
game soon sparked into life.
England, needing nine wickets,
took three before lunch Anderson
accounting for Rahul Dravid and
VVS Laxman; Graeme Swann dis-
missing Gautam Gambhir and,
after Broads strong lbw appeal and
Strausss dropped catch, Tendulkar
finally departed, still seeking that
100th century, to Anderson.
Tea came with five wickets still
required, but once Chris Tremlett
despatched India captain Mahendra
Singh Dhoni soon afterwards the
tail offered little resistance as
Anderson (5-65) completed his five-
wicket haul.
FIVE-STAR ANDERSON
Anderson (centre)
took five wickets
in a 196-run win.
Picture: ACTION
IMAGES
BY FRANK DALLERES
CRICKET
Paceman blitzes India to earn 196-run

victory and take series lead against the
No1 ranked Test team in the world
Qatar bid to host
Tour de France
QATAR has launched an audacious bid
to host the opening stage of the Tour
de France in 2016.
The Grand Depart is often held in a
neighbouring country, with London
kicking off the 2007 Tour, but moving
to the Middle East would be a major
change in policy.
The Gulf kingdom is becoming an
increasingly powerful force in world
sport and announced its arrival as a
key player last year when it won the
right to host footballs World Cup in
2022.
State-owned Qatar Airways was
the official airline of the Tour this year,
while the countrys investment arm
has dipped its toes into France by tak-
ing over football club Paris Saint
Germain.
Dhoni: If it could
go wrong, it did
INDIA captain Mahendra Singh Dhoni
blamed injuries and illness for their
defeat to England in the first Test.
Key bowler Zaheer Khan missed
most of the match with a hamstring
strain while star batsman Sachin
Tendulkar was hindered by a virus.
Most of the things that could have
gone wrong in the game went wrong,
he said. It was tough for both the
bowlers and the batsmen.
Dhoni said Tendulkar would play in
Fridays second Test at Trent Bridge,
but that Khan remained a doubt.
REPORTS of the death of Test
cricket are greatly exaggerated
if the sell-out crowd who flocked
to pack out Lords yesterday are
anything to go by.
Discounted tickets for the
final day of a nail-biting first
match between England and
India drew swarms of cricket
lovers to north-west London,
where queues snaked all the way
back to St Johns Wood under-
ground station.
With a record attendance of
more than 25,000 for the fith
day of a Test, Lords staff started
turning people away before they
even got into line. Tickets were
quickly limited to one per person
in an attempt to ward off touts.
The clamour to witness the
clash between the current two
best Test sides in the world creat-
ed an unusually lively atmos-
phere and prompted
comparisons with famous Ashes
matches against Australia.
It reminded me of 2005, I
think it was at Old Trafford,
said Kevin Pietersen, whose dou-
ble century in the first innings
set England on course for victory.
You clocked in as a player at
8:30am and already there were
people standing outside.
England captain Andrew
Strauss added: I think it was a
great atmosphere. We all appre-
ciate playing Test cricket in front
of full houses.
Under-16s were allowed in for
free, attracting children starting
their school summer holidays.
SPORT | IN BRIEF
Wasps hire Turner as coach
RUGBY UNION: Wasps boss Dai Young
has recruited former Newport-Gwent
Dragons head coach Paul Turner as an
attack and skills coach. Turner, 51, left
Dragons in February after criticising
the Welsh Rugby Unions treatment of
the clubs players.
Albert ball for London 2012
OLYMPICS: The football used in the
London 2012 Games will be called The
Albert, the Cockney rhyming slang for
ball, manufacturers Adidas said yester-
day. The name a shortened version of
Albert Hall was chosen following a
nationwide competition.
Mixed pool fortunes for Brits
SWIMMING: Britains Gemma
Spofforth has failed to defend her
100m backstroke title at the Fina
World Championships. Spofforth, ham-
pered by illness, did not even make the
semi-finals, but Lizzie Simmonds quali-
fied for the final in Shanghai.
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BLONDIE
23
BARCELONA chiefs insist they are closing
in on a deal for Arsenal captain Cesc
Fabregas despite committing 33m to
signing Chile forward Alexis Sanchez.
The Spanish clubs sporting vice-presi-
dent, Josep Maria Bartomeu, said long-
running and tense negotiations with the
Gunners were now progressing well.
They are going in the right direction,
he said. We will try and do what we can
with the money we have. We have until
30 August and I am sure we will.
Fabregas is not with the rest of
Arsenals squad on a pre-season trip to
Germany amid speculation his long-
anticipated switch is imminent.
Sanchez has signed a five-year deal,
completing a move from Udinese that
will cost Barca an initial 23m plus a
potential performance-related 10m.
Barca chief: Fabregas talks
going in the right direction
Results
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email sport@cityam.com
FIRES ENGLAND
Cricketmania as
Lords inundated
BY FRANK DALLERES
CRICKET
Queues lined the streets as fans clamoured to get into Lords. Picture: GETTY
lAston Villa have agreed a fee of 9.5m
for Wigan winger Charles NZogbia, who
has also interested Everton and Sunderland.
The 24-year-old is expected to sign a five-
year contract at Villa Park.
l Fulham have signed Switzerland Under-
21 midfielder Pajtim Kasami from Palermo
on a four-year contract. The Macedonia-
born 19-year-old can operate in a number of
roles and made 24 appearances last season.
l Tottenham defender Bongani Khumalo
has joined Championship outfit Reading on a
season-long loan. The South African, 24,
joined Spurs in January and enjoyed a spell
on loan at Preston late last term.
BY FRANK DALLERES
FOOTBALL

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