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FTSE 100 5,205.85 +76.43 DOW 11,320.71 +143.95 NASDAQ 2,467.69 +21.63 /$ 1.64 -0.01 / 1.14 unc /$ 1.44 unc
Gold drops by more than five per cent as equities spring back
GOLD plummeted by over five per
cent yesterday -- its sharpest decline in
nearly three years -- as some investors
cashed in on its recent surge and
switched to equities ahead of Federal
Reserve chief Ben Bernankes hotly-
anticipated speech at Jackson Hole.
The precious metal which soared
to over $1,900 an ounce earlier in the
week sank as low as $1,756. The
CME Group exchange hiked gold mar-
gins by 27 per cent last night, effec-
tive from the close of play this
evening.
European stocks closed at a one-
week high, with the Dow Jones up
1.29 per cent -- boosted by surprisingly
positive US durable goods data, as
well as hopes that Bernanke will sig-
nal more quantitative easing on
Friday.
Last year Bernanke used the event
to lay the path for the second phase
of asset-purchases, dubbed QE2.
The Fed could instead go for
Operation Twist -- seeking to flatten
the US yield-curve by purchasing
long-term Treasuries while issuing
short-term bills, analysts have specu-
lated.
But hedge funds opened the
biggest short positions on the US S&P
500 index since 2008, data showed, in
anticipation of more stock price falls
to come if QE3 isnt implemented.
Meanwhile the Congressional
Budget Office (CBO) said that the US
will rack up $3.487 trillion in cumula-
tive deficits over 10 years, some $3.3
trillion below its last projection,
although unemployment and growth
could turn out worse than expected.
BY JULIAN HARRIS AND ALISON LOCK
WORLD ECONOMY
www.cityam.com
Issue 1,454 Thursday 25 August 2011 FREE
BUSINESS WITH PERSONALITY
Certified Distribution
04/07/2011 till 31/07/2011 is 93,093
STEVE JOBS QUITS
AS APPLES CHIEF
Apple stock was briefly suspend-
ed following the post-bell announce-
ment, after which it slid as much as
seven per cent knocking $25bn
(15.3bn) from its value.
In an emotional letter, Jobs told
the Apple board: I have always said
if there ever came a day when I
could no longer meet my duties and
expectations as chief executive, I
would be the first to let you know.
Unfortunately, that day has come. I
hereby resign as chief executive of
Apple.
He went on to say that he believes
Apples brightest and most innova-
tive days are ahead of it, adding he
looks forward to contributing to its
success in a new role.
His departure is the second time
he has left the top job, the first com-
ing in 1984, when he was forced out
after a boardroom struggle. In his
absence the company almost went
bankrupt, its value consisting
almost entirely of cash and proper-
ty. His return in 1997 was wildly
transformative, leading to an
unprecedented string of iconic prod-
ucts including the iPod, iPhone and
iPad.
The unparalleled success guided
Apple to the summit of the S&P 500
a feat that only a year ago seemed
all-but impossible.
Apple briefly passed Exxon Mobil
to join an exclusive club of just 10
firms to top the index, alongside the
likes of Ford, General Electric and
Microsoft.
STEVE JOBS last night resigned as
chief executive of Apple, telling the
board he is no longer able to meet
his duties.
His shock departure heralds the
end of an era for one of the worlds
biggest firms and most colourful
chief executives.
The decision follows a seven
month medical leave of absence,
during which his public appear-
ances have been limited. His health
has been a persistent source of spec-
ulation since he battled pancreatic
cancer in 2004 and underwent a
liver transplant five years later.
The talismanic figure will stay on
as chairman of the Cupertino-based
firm. Tim Cook, the former IBM
director who is currently standing-
in as chief executive, has been hand-
ed the top job on a permanent basis.
BY STEVE DINNEEN
TECHNOLOGY
Steve Jobs will stay on at
Apple as chairman. Tim
Cook (right) will take over
as chief executive.
Picture: REX
News
2 CITYA.M. 25 AUGUST 2011
Libyan rebels
start with oil
LIBYAN rebel leaders have already
called workers back into the nations
oil refineries and say pre-conflict lev-
els of production could be reached
within a year.
The countrys Transitional
National Council (TNC) said damage
to its oil infrastructure is not as bad
as previously feared, adding resump-
tion of its 1.6m barrels a day output
is an achievable goal.
Meanwhile, Libyas new masters
offered a million-dollar bounty for
the fugitive Muammar Gaddafi, after
he urged his men to fight on in bat-
tles across parts of the capital.
Mustafa Abdel Jalil, head of the
TNC, said: Gaddafis forces and his
accomplices will not stop resisting
until Gaddafi is caught or killed. The
end will only come when hes cap-
tured, dead or alive.
In a poor-quality audio tape broad-
cast by satellite, Gaddafi urged Libyas
tribes to exterminate traitors, infi-
dels and rats. Defectors say Gaddafi
plans to drop out of sight and then
launch a guerrilla war.
There is no clear indication of
where Gaddafi is, though his oppo-
nents believe he is still in or around
Tripoli after what Gaddafi himself
described as a tactical withdrawal
from his Bab al-Aziziya compound
before it was captured on Tuesday.
BY STEVE DINNEEN
LIBYA
It cant be wrong to work for a living

HOLD the front page or rather,
please dont. Page 2 will do just fine.
What Im about to reveal is only
news to a small, close-minded elite of
out of touch politicians, left-wing aca-
demics and social engineers. Believe it
or not, but given the choice, people
will pick a well-paid job with a less
happy lifestyle (long hours, stress,
uninteresting tasks) over a less well-
paid job with a happier lifestyle. That
is the main finding from an experi-
ment involving thousands of adults
and students conducted by a team of
economists. Obvious, really, to any-
body who knows anything yet
bizarrely, the news will have come as a
shock to many of those in and around
the government, especially those who
have inherited large sums of money. It
is easy for people who have the luxury
of pursuing a career that satisfies
them to look down on those for whom
work is primarily a means to an end
providing for themselves and their
families yet those who sneer at such
motives are being shockingly patronis-
ing in an age of austerity, declining liv-
ing standards, wealth-destruction and
elevated unemployment.
The study refutes the view that the
goal of government policy should be
to directly pursue happiness rather
than to create the conditions for pros-
perity. Happiness as measured in
surveys is not a goal for many people
and is intentionally traded-off with
other aspects of life. As Alex Rees-Jones
of Cornell University, one of the
authors, points out, if governments
design policies to maximise happi-
ness, they will end up imposing
lifestyle choices and policies that peo-
ple dont actually want. The research
doesnt mention this, but we saw that
in France a few years ago when absurd
limits were imposed on peoples work-
ing hours, partly in the name of boost-
ing happiness: millions were angry,
and ultimately undoubtedly less
happy, as they genuinely wanted to
work more and earn more to provide
for their families. The best policy, as
ever, is freedom and individual liberty.
The researchers asked people to
choose between a number of scenar-
ios. Choices included picking either a
job paying 49,000 per year which lets
you get 7.5 hours of sleep a night or a
job that pays 73,000 but which
allows just 6 hours sleep. Many gave
one answer for what would make
them happiest (usually more sleep,
less money) and another answer for
what option they would choose (more
money, less sleep). They would often
choose an unhappy option if they
thought it would give them greater
purpose, social status, control or help
their family.
The lesson for the government is
simple: ditch all the nonsense about
trying to promote happiness, which in
fact merely reduces opportunities. At
a time when the proportion of young
people not in work, education or
training is at a record high, we need
more jobs and more economic
growth, not mumbo-jumbo and com-
pulsory reeducation. We need to boost
Gross Domestic Product (GDP), not
worry about Gross National Happiness
(GNH). The previous governments
obsession with our work-life balance
was always based on a meaningless
artificial dichotomy. It some cases its
sole purpose was to justify laziness
and a culture of entitlement. It cer-
tainly feels very 2007 to speak in those
terms these days. If we want to afford
to consume more in the years ahead
including more healthcare and other
services we will need to work harder,
longer and smarter to pay for it.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
GOOGLE has agreed to pay a $500m
to settle a probe into adverts it dis-
played for Canadian online pharma-
cies illegally selling prescription
drugs into the US.
The settlement, one of the largest
ever in the US, represents Googles
revenue from Canadian pharmacy
advertisements to US customers
through its AdWords programme
and Canadian pharmacies revenue
from US sales.
Google announced in February last
year that it would no longer allow
Canadian pharmacies to advertise to
US customers. It had already set the
$500m aside for a possible settle-
ment. A Google spokesman said: Its
obvious with hindsight that we
shouldnt have allowed these ads on
Google in the first place.
The agreement with the
Department of Justice sets compli-
ance and reporting measures which
Google must take.
BY STEVE DINNEEN
TECHNOLOGY
Google in $500m payout

Google, led by Larry Page, say the adverts should never have appeared on their site
NEWS | IN BRIEF
Hulu draws lots of bid attention
The deadline for initial bids in the auc-
tion for US television service Hulu was
extended from yesterday until the end of
the week to allow interested parties
more time to examine the online video
site's financial information, according to
people familiar with the situation.
Yahoo, Google, DirecTV and Amazon
were among the parties preparing to
submit an offer for the company, the
people said. Hulus joint owners News
Corp, Disney, NBC and Providence
Equity Partners hope to net at least
$2bn for the company.
Oil price trading case nears end
High-frequency trading firm Optiver
Holding has set aside $19.3m to deal
with one of the biggest oil-manipulation
cases ever brought by the US futures
regulator, according to a copy of the pri-
vate firm's annual report. The three-
year-long case, brought by the US
Commodity Futures Trading Commission
(CFTC) against the Amsterdam-based
firm, may now be heading for settle-
ment. The second of two August media-
tion sessions took place in New York this
week.
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
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Colonel Gaddafis
whereabouts were still
unknown last night as
the rebels moved to
get Libya on its feet
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Email: news@cityam.com www.cityam.com
Editorial
Editor Allister Heath
Deputy Editor David Hellier
News Editor David Crow
Acting Night Editor Marion Dakers
Business Features Editor Marc Sidwell
Lifestyle Editor Zoe Strimpel
Sports Editor Frank Dalleres
Art Director Craig Gaymer
Pictures Alice Hepple
Commercial
Sales Director Jeremy Slattery
Commercial Director Harry Owen
Head of Distribution Nick Owen
COULSON LEGAL PAYMENTS COULD BE
STOPPED
News Internationals senior manage-
ment has met to consider stopping
payments to Andy Coulsons legal
team. Mr Coulson, the former editor
of the News of the World who was
arrested in July as part of an investiga-
tion into phone hacking, is taking
legal advice on the testimony he gives
to parliament, and on the evidence
he gives to police in their two investi-
gations into phone interception and
into corrupt payments to police.
WIND TURBINE PROJECT IS SHELVED
A project to build the worlds largest
wind turbine blade in Newcastle has
been shelved. Clipper Windpower, a
Californian company, was to have
developed and built the blade for the
Crown Estates Britannia Project.
United Technologies Corporation ter-
minated the project.
PHOENIX EQUITY POISED TO SELL ASCO
Phoenix Equity Partners is preparing
to sell Asco Group, the fast-growing
oil and gas logistics business based in
Aberdeen. The UK mid-market private
equity group has appointed advisory
boutique Lexicon Partners to sound
out a possibble full disposal or partial
sale of the company, two people close
to the situation said. The move comes
as the oil and gas logistics business
seeks fresh capital to enter the next
phase of its international expansion.
Lexicon started talks this week.
HEWLETT-PACKARD CHIEF SEEKS TO
CALM IMPACT OF PC UNIT SPIN-OFF
Lo Apotheker is confident that
Hewlett-Packards personal computer
business will continue operating as
well as it has been, if not better, in
spite of plans to spin off the $40bn-
revenue unit from the parent compa-
ny. The chief executive of HP is keen
to reassure investors, suppliers and
customers, who have been alarmed
about the effect of the move.
POUND FOR POUND, IRELAND IS THE
WAY FORWARD
With unemployment and austerity
rising, now would not appear the
most opportune moment for a grow-
ing business to enter the Irish mar-
ket. Unless you are a pound shop. 99p
Stores Group, one of several discount
retailers to have taken advantage of
empty shops to expand during the
recession, is opening its first store in
the Republic of Ireland this month.
BIDDER TOLD TO DIG DEEPER AS AXIS-
SHIELD WINS OVER CITY
The embattled healthcare company
Axis-Shield shored up City support in
fending off a 230m American
takeover by revealing a surge in sales
of its machines to diagnose diabetes,
flu and heart disease. Seven City ana-
lysts published research yesterday
arguing that a 460p-a-share bid from
the Boston-based Alere was too low.
US EAST COAST RECOVERS AFTER RARE
EARTHQUAKE
Two nuclear reactors that were shut
down after a 5.8 magnitude earth-
quake struck Virginia, sending
tremors across Americas east coast on
Tuesday, have been restarted. The
reactors at the North Anna power
plant, just seven miles from the epi-
centre in the town of Mineral,
Virginia, shut down automatically
when the earthquake took place.
SILVIO BERLUSCONI HINTS HE WILL
WRITE TELL ALL BIOGRAPHY
Silvio Berlusconi has said he may
write a memoir in which he will docu-
ment all his sexual conquests. The 74-
year-old prime minister dropped the
hint at a recent dinner when the con-
versation turned to claims made by an
Italian footballer in an autobiography
that he had slept with around 600
women.
APPLIED MATERIALS GLOOMY ON
OUTLOOK
Applied Materials Inc. provided a dis-
mal fourth-quarter outlook amid
slowing personal-computer sales and
a weakening economy, overshadow-
ing a leap in quarterly profits for the
big Silicon Valley maker of machine
tools. The company, which makes
equipment used to manufacture
semiconductors, yesterday predicted
that net sales in the fourth fiscal
quarter will decline 15 per cent to 30
per cent from third-quarter levels.
GUESS PROFIT FALLS 9.1 PER CENT ON
SETTLEMENT CHARGE
Guess Incs fiscal second-quarter prof-
it fell 9.1 per cent on a settlement
charge, though the apparel maker
posted better-than-expected revenue
on double-digit sales growth in
Europe and Asia. Shares fell 3.1 per
cent to $32.25 in after hours trading.
WHAT THE OTHER PAPERS SAY THIS MORNING
GERMAN president Christian Wulff
blasted the European Central Banks
mass acquisition of government debt
as legally questionable yesterday.
Wulff cited an article in the
European Unions fundamental treaty,
which prohibits the ECB from buying
bonds directly from governments.
This ban only makes sense if those
responsible dont circumvent it with
comprehensive purchases on the sec-
ondary market, he added.
On a fiery day in the Eurozones
biggest economy, German chancellor
Angela Merkel fresh from being
named the worlds most powerful
woman reasserted her objection to
euro bonds. It is politically irresponsi-
ble to succumb to the longings for a
quick fix, Merkel said.
If the euro were to fail, the entire
European project would be at risk,
she warned, yet described euro bonds
which would spread the burden of
troubled states debts across all mem-
ber countries as not at a solution.
Yields on Greek two-year bonds rose
to their highest levels since the launch
of the euro in 1999, to reach 44 per
cent; five-year Greek credit default
swaps jumped 106 bps to 2,200 bps.
Furthermore, the ECB revealed yes-
terday that lending to banks shot up to
2.8bn on Tuesday, a two week high.
Germanys economy had been dealt
another knock earlier, with the Ifo
business confidence index showing its
steepest drop this month since soon
after the Lehman Brothers collapse.
The index fell to 108.7 in August
from 112.9 in July. Business confidence
also plummeted in neighbouring
Belgium, falling at its quickest rate
rate since December 2008.
The downbeat surveys are mirrored
closer to home today, with
Nationwides consumer confidence
index sinking again. The index slipped
from 51 in June to 49 in July, it said.
Official data from the Eurozone was
also bearish, with industrial orders
across the 17-nation single currency
area dropping by 0.7 per cent in June.
Legal doubts
over Europes
bond buying
NICOLAS Sarkozy yesterday said he
will tighten Frances belt to the tune
of 11bn (9bn) next year to ensure it
stays on track with deficit targets.
The budget savings announce-
ment came after France was forced
to scale back its economic growth
forecasts for 2012 from 2.25 per cent
to just 1.75 per cent. It has also
trimmed its 2011 growth forecast
from two per cent to 1.75 per cent.
Prime Minister Francois Fillon said
the rich will be asked to put their
hands in their pockets, with a new
three per cent tax on annual rev-
enues above 500,000 and changes to
taxes on real estate capital gains.
He said: This is a rigorous policy
that will allow France to remain
relaxed. Our country must stick to
its commitments. Its in the interest
of all French people.
Meanwhile, a small group of
super-rich French businessmen,
backed by Publicis boss Maurice Lvy
and LOral heiress Liliane
Bettencourt, have formed a lobby
group calling for the countrys
wealthiest to make an exceptional
contribution to the governments
revenues.
Sarkozy aims for 11bn
in extra savings by 2012
France's President Sarkozy has been wary of imposing austerity measures Picture: REUTERS
BY JULIAN HARRIS
EUROPEAN ECONOMY
News
THE UK and Switzerland last night
unveiled a landmark deal that will see
over 15,000 British holders of Swiss
bank accounts pay up to 5bn in tax.
Under the historic agreement,
funds held by UK taxpayers in
Switzerland will be subject to a one-
off levy of between 19 per cent and 34
per cent, depending on the amount
kept in the account, to settle all past
tax liabilities.
The Treasury estimates that there
is some 20bn in UK funds stashed in
Swiss accounts and that the total
haul from the one-off levy could net
the exchequer up to 5bn, making a
significant one-off contribution to
repairing the public finances.
Swiss banks will initially make a
one-off payment of SwFr500m
(384m) to Britain, with the remain-
der likely to be paid in the 2013-14 tax
year once legislation has been passed
in the Commons.
In a concession to Switzerlands
much-cherished principle of banking
secrecy, the taxes will be collected at
source and paid directly to the
exchequer by the banks. All account
holders will remain anonymous.
Chancellor George Osborne said of
the deal: The days when it was easy
to stash the profits of tax evasion in
Switzerland are over.
Treasury looks
to net 5bn in
Swiss tax grab
BY STEVE DINNEEN
EUROPEAN ECONOMY
BY DAVID CROW
POLITICS
THE number of young people with-

out either work or training has
soared to nearly a million, according
to new figures which came as the low
pay of many graduates was revealed.
One in six people aged 16 to 24 are
not in education, employment or
training, an analysis of government
figures found. The number of Neets
hit 979,000 between April and June,
up more than 100,000 on the same
period last year, the Institute for
Employment Studies said yesterday.
A separate study revealed that the
bottom fifth of university-educated
workers earned less than the average
pay of 18-year-old school-leavers.
The data comes only a week after a
shock rise in youth unemployment to
20.2 per cent, up 0.2 percentage
points from the first quarter.
Yesterday Jim Hillage, director of
research at the IES, said the figures
were likely to worsen.
Young adults who cant find an
apprenticeship or a college place are
finding it particularly hard to com-
pete for jobs against older, more expe-
rienced, job-seekers not just from this
country but also from the rest of
Europe.
The major rise in the number of
Neets was among those aged 19 to 24,
which reached 794,000, up 120,000
over the past year and the highest
since 2006. The numbers of Neets
aged 16 to 18 fell by more than 10,000
to 186,000.
Separate figures from the Office for
National Statistics showed the bot-
tom 20 per cent of workers with
degrees earned less than the average
of people educated up to A-level stan-
dard between October and December.
The lowest 15 per cent with a
degree earned less than those with
just GCSE level qualifications.
Sharp rise in
young Neets
BY PETER EDWARDS
EMPLOYMENT
UNIONS were responsible for 82 per

cent of donations to the Labour Partys
coffers in the second quarter of this
year, with the Unite union alone
donating more than 750,000.
Between April and June, Labour
received a total of 3.2m in dona-
tions excluding public funds of
which 2.7m came from trade unions,
according to the latest figures from
the Electoral Commission.
The figures also revealed that the
Labour Party is still almost 10m in
the red, with its 9.9m of loans
accounting for more than two-thirds
of the combined total owed by the
seven parties covered.
More than 8.6m of donations were
received in total, with the Tories rais-
ing 4.2m to Labours 3.22m. The
Liberal Democrats were given
972,344.
Labour relies on unions for party
donations as debt nears 10m
POLITICS
HER MAJESTYS Revenue and

Customs has missed out on collecting
27.4bn in tax revenues thanks to
reductions and write-offs over the last
five years, according to research out
today.
Lost income tax alone accounts for
a massive 4.4bn over five years, and
the amount of this tax failing to
make its way into the government
coffers last year was 52 per cent high-
er than in 2006-07, a paper commis-
sioned by the Taxpayers Alliance and
the Institute of Directors claims.
However, the total amount of rev-
enue lost in 2010-11 was 7.9 per cent
lower than the previous year, at
5.8bn.
The complex tax credits system is
where the bulk of remissions are
made, with 600m being lost this
way, while VAT write-offs have wiped
out 1.9bn of public revenue in the
last year alone, the research shows.
HMRC was last month slammed by
the Treasury select committee for its
disturbing and unacceptable
behaviour towards those who fail to
pay their tax bills, as well as its
increasingly complicated rules and
regulations that risk wasting money.
Matthew Elliott, chief executive of
the Taxpayers Alliance, said: Some
of this uncollected tax will be down
to the recession but there is clearly a
long term problem as well.
Government has lost 27.4bn
in tax payments since 2006
BY HARRY BANKS
TAXATION
News
STELIOS CLAIMS EASYJET SCALP
Former EasyJet owner and current 38 per cent stakeholder Stelios Haji-Ioannou yester-
day claimed a scalp on the company board in part of his ongoing feud with the airline.
The Greek entrepreneur had called for an emergency board meeting to discuss the
removal of Sir David Michels, with the deadline for EasyJets response looming this
Friday. However, sources told City A.M. the airline will announce Sir Davids departure
this week, four months before he was originally due to stand down. Picture: PA
SIR MARTIN Sorrells WPP yesterday
reported a 37 per cent surge in pre-tax
profits but said it expects to feel the
impact of the economic slowdown
next year.
Investors were not deterred
though, with its stock soaring 7.4 per
cent, recouping some of the losses
suffered this year.
Its first half results, which
saw sales jump more than six
per cent year-on-year, were
buoyed by strong performanc-
es in emerging markets and
digital.
It added that any slow-
down in the US is
likely to be balanced
by faster growth in
the UK, western
continental Europe,
Asia Pacific, Latin
America, Africa,
the Middle East,
and central and
eastern Europe.
Sir Martin (pic-
tured) said: People
are investing in
their brand. Most of our clients work
on a calendar year basis, so we have to
watch what happens in 2012. And
2013 will be the acid test.
He also suggested the sell-off that
has seen WPP drop 25 per cent in the
last seven weeks has been overdone,
adding: Were trading at five times
Ebitda, that cant be right.
Richard Hunter, head of equities at
Hargreaves Lansdown, said: WPP
continues to tick the boxes
through a combination of gen-
erally strong growth and con-
servative planning.
Whilst the company is
preparing for a challenging
2012, events such as the
Olympics and the US
Presidential elections
may provide further
opportunities for
growth.
WPP, whose ad
agencies include
JWT and Ogilvy &
Mather, upgraded
its 2011 outlook
in April after it
outperformed
peers in the first
quarter.
WPP surges
but warns of
a tough 2012
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News
BOOM-TIME FOR BRITISH FILM INDUSTRY
MARGARET Thatcher biopic The Iron Lady,
starring Meryl Streep (pictured) as the lead,
helped push film studios owner Pinewood
Shepperton to a 68 per cent rise in film rev-
enue. The firm, in which Peel Holdings
acquired a majority stake earlier this year, has
seen such a surge in demand for movie studio
space it has been forced to turn down less
lucrative TV contracts. Pinewood, which will be
75-years-old next month, also played host to
Tim Burtons Dark Shadows, starring Johnny
Depp, and Ridley Scotts Alien prequel
Prometheus, pushing film revenues to 18.2m
for the last six months, with TV revenues dip-
ping slightly to 4.7m. Profits were flat at
1.5m. Pinewoods Media Park arm saw its rev-
enues rise 6.7 per cent to 3.2m.
CHANNEL 4-backed comedy The Inbetweeners
Movie has notched up one of the highest debut
weekends of the year, taking 13.21m at the
box office, according to Screen International.
The mammoth box-office receipts make it the
highest ever grossing opening for a UK comedy,
knocking Bridget Jones: The Edge of Reason off
its perch. The film, which follows the four main
characters (pictured) from the eponymous
Channel 4 TV show on a post-exams holiday to
Crete, knocked science-fiction film Rise Of The
Planet of The Apes off the top spot. Producer
Chris Young said: We are thrilled that The
Inbetweeners Movie is the biggest opening of all
time for a UK comedy. We really want to thank
all the cinema goers out there who have made
the film such a huge success.
The recovery is progressing at different speeds in different parts of the
world. After a very steep recession, Western Europe has stagnated and
will continue to bump along the bottom for the foreseeable future, says
Sir Martin.
When Sir Martin first predicted the shape of the recovery in 2009, he
said that North America would stagnate for a short while before recov-
ering strongly. But the US economy surpassed his expectations and he
upgraded it to a V shaped recession.
Sir Martin always predicted that the BRIC economies Brazil, Russia,
India and China and the so-called next eleven countries would
bounce back from the global recession more quickly that the West.
*y doesnt stand for anything. It is included only to
make the LuVVy mnemonic work.
Sir Martin Sorrell, the chief executive of WPP, yesterday said that the LuVVy-shaped recovery was
still on track, but warned that it had been battered by recent turmoil, writes David Crow. Sir
Martins recovery analogies have been closely-watched ever since he predicted a bath-shaped
advertising downturn in 2002. So what does he mean by a LuVVy recovery?
THE LUVVY RECOVERY
L
UV
V
BHP BILLITON unveiled record-break-
ing profits yesterday on the back of
high commodity prices and strong
demand from emerging markets, but
the worlds largest mining company
also struck a gloomy note on the state
of the world economy.
BHP reported an eye-watering 74 per
cent jump in annual profits to
$21.7bn (13.2bn) the seventh biggest
ever recorded.
The Anglo-Australian group said
another strong year of growth from
its Chinese steel production and soar-
ing iron ore and coal prices helped
drive revenues up 36 per cent to
$71.7bn for the year ending June.
Like many of its peers, however,
chief executive Marius Kloppers cau-
tioned against rising materials and
operating costs, making it more diffi-
cult to open up new supply and delay-
ing new projects.
What we have said for three years is
that global imbalances and high-levels
of sovereign debt create ongoing
uncertainty in the global economy
and we expect earlier protracted and
muted recovery in the developed
world, Kloppers added in a news con-
ference.
The company raised its dividend by
22 per cent, reflecting confidence in
its long-term outlook for commodi-
ties, which have seen a sharp sell-off
over the past months on demand con-
cerns.
BHPs shares, which have fallen 16
per cent so far this year, rose 2.3 per
cent last night to 19.33.
BHP Billiton
profits surge
to record high
AUSTRALIAN miner and reluctant
takeover target Macarthur Coal
played up its growth prospects yester-
day and said it was continuing talks
on potential counter offers, nudging
its shares higher.
Peabody Energy and ArcelorMittal
have made a A$5bn (3.2bn) takeover
offer. Macarthur considers the bid too
low and is due to respond to it by 1
September.
But Macarthur said it remains in
continuing discussions with a num-
ber of interested parties in relation to
possible alternative proposals.
The groups profit before one-offs
rose to A$142.4m for the year to June,
up 2.3 per cent from a year earlier but
around A$2m short of forecasts.
Its second-half profit was hit by a
five-month disruption to coal produc-
tion after heavy rains and flooding in
Queensland, saved only by record
prices for coal used in steel-making.
Chief executive Nicole Hollows
declined to comment on the bid talks
or its major shareholders views
ahead of the formal response to
Peabody and ArcelorMittals offer,
except to note that 24.5 per cent
shareholder, Chinas Citic Group, said
last week it was weighing all options.
Anglo American is understood to
be mulling a counter-bid.
Macarthur says
talks with rival
suitors continue
Chief exec Marius Kloppers has overseen the seventh-largest profit ever Picture: GETTY
BY KASMIRA JEFFORD
MINING
MINING
News
ANALYSIS l BHP Billiton
p
Jun Jul Aug
2,400
2,200
2,000
1,800
1,932.50
24 Aug
ANALYST VIEWS: WERE BHPS RESULTS IN
LINE WITH EXPECTATIONS? Interviews by Kasmira Jefford
CHRIS HEYHOE | INVESTEC

BHP was marginally ahead of consensus figures due to strong iron ore and
petroleum results, with attributable profit seven per cent above consensus, partly
down to positive change in tax provisions and liabilities. Although we expect prices
and earnings will be volatile, BHP looks strongly positioned for 2012.
DOMINIC OKANE | LIBERUM CAPITAL

Operating cash flow was a staggering $30.1bn and also well ahead of our
$26bn estimate, underscoring BHPs ability to comfortably finance the $15.1bn acqui-
sition of Petrohawk. Given the mammoth scale of potential project approvals to
come, there seems to be plenty of opportunities for BHP to employ capital.
CHRIS ALEXANDER | BNP PARIBAS

Impressive as the figures are they are slightly below consensus estimates
of $32.1bn underlying EBIT and earnings of $22bnThe outlook statement notes the
slowing economic growth year-to-date with uncertainty created by sovereign debt
issues. That said [BHP] is positive on the outlook for the global economy.
SWISS mining giant Glencore has

launched a A$268m (171.5m) bid to
gain outright control of one of
Australias largest nickel miners,
Minara Resources, in a move that
marks its second acquisition since its
flotation in May.
The global commodities trader said
yesterday it is offering A$0.87 in cash
for Minara shares, of which it already
owns 73.44 per cent, valuing the com-
pany at $1.02bn.
In a bullish letter to Minaras board,
Glencore said the bid, pitched at a 35.9
per cent premium to Minaras last clos-
ing price of A$0.64, offered an attrac-
tive exit opportunity for shareholders
and given its majority holding it con-
siders it unlikely that an alternative
takeover offer will emerge.
Minara is Australias second largest
nickel producer, after BHP Billitons
Nickel West division. It controls 60 per
cent of the Murrin Murrin nickel mine
in Western Australia, slated to yield
more than 40,000 tonnes of the steel-
making component a year.
Dominic OKane at Liberum Capital
said: This is typical of the type of
merger and acquisition we expect
Glencore to undertake in difficult
markets, playing to its strengths of
transacting mid-tier acquisitions
where it already has relationships,
eschewing jumbo deals.
The offer will open next week and
close on 10 October according to state-
ments by both companies. Minara has
advised shareholders not to take any
action until it has had time to review
the offer.
All eyes will be on Glencore today as
it publishes its first half of year results.
Like others in the sector, the company
has struggled with the depressed
demand for commodities as the global
economic slowdown.
In the three months since the
groups over-subscribed listing in
London and Hong Kong, its share price
has been steadily declining. Last
Friday, shares closed down 35 per cent
below its flotation price of 530p in
May.
Investors were cheered by the news
of the offer last night, with shares clos-
ing up six per cent to 389.60p.
Glencore bids
for Australian
nickel miner
BY KASMIRA JEFFORD
MINING
Chief executive Ivan Glasenberg is on the acquisition trail Picture: GETTY

News
ANALYSIS l Glencore
p
Jun Jul Aug
500
450
400
350
389.60
24 Aug
Commodities giant still hungry for buyouts
GLENCORE has hit the acquisition
trail for the third time since going
public in May. This time it is offering
A$268m for the 27 per cent of shares
it doesnt already own in Minara, the
Australian nickel miner.
By paying a 36 per cent premium
on Minaras pre-bid price, Glencore is
making it clear that it still thinks
there is money to be made from
nickel, and commodities in general.
It is also obvious that Glencore
hasnt lost its appetite for dealmak-
ing. This offer comes less than two
months after it splashed out $475m
on a majority holding in a Peruvian
copper mine and $10m increasing its
stake in PolyMet Mining.
Glencore has always been an
acquisitive beast. Originally a trading
firm, its industrial investments
including 35 per cent of Xstrata
now account for the majority of its
$6bn annual profits.
Its early M&A strategy was notable
for its daring. It would make invest-
ments in early-stage projects, often
doing deals with countries that its
rivals steered clear of. The risk was
much higher; the cost of the deal
much lower; but the scale of the
opportunity always much greater.
Australia, home to Minara, isnt
exactly a war-torn African country;
Glencore will have to steer clear of
such controversial acquisitions now
that it is a public company.
But this deal bears at least one of
the Glencore hallmarks. A 36 per
cent premium might look chunky
but only when you ignore the recent
collapse in the price of commodities.
Glencores offer values Minara at
just over A$1bn, but at the start of
2011 it was worth almost A$130m
more. So a less risky deal than the
ones Glencore used to do before
going public but no less oppor-
tunistic.
david.crow@cityam.com
BOTTOMLINE
Analysis by David Crow
BANK of America shares rebounded
yesterday with their second-largest
price increase this month after ana-
lysts said its capital needs are not as
dire as some had feared.
It closed up 11 per cent, or 69 cents,
at $6.99 after finishing at $6.30 on
Tuesday, the stocks lowest closing
price in two and a half years.
The banks shares posted their
largest one-day gain since 9 August,
the day after Bank of America shares
plummeted 20 per cent.
Marshall Front, chairman of Front
Barnett Associates said: The stock is
not out of the woods but the selling
has been grossly overdone.
BofA said in a memo to staff that
rumours it may be sold to rival JP
Morgan were baseless and that they
dont even make practical sense,
adding that it has enough capital to
operate its business.
BY STEVE DINNEEN
BANKING
Bank of America stock surges

after it reassures over capital
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GLOBAL regulators will require banks to
report certain data on derivatives trades
from the end of next year, in an effort to
monitor stability and get a clearer pic-
ture of the off-exchange market.
From the end of 2012, banks will have
to post minimum information on deriv-
atives trades to a repository, according
to a consultation from the Bank of
International Settlements yesterday.
Trades are currently reported on a vol-
untary basis, but regulators are keen to
standardise the process to keep track of
the estimated $600 trillion market.
Public dissemination of data... pro-
motes the understanding of OTC deriva-
tives markets by all stakeholders,
underpins investor protection, and facil-
itates the exercise of market discipline,
the report said.
Regulators unite to call for more
reporting on derivatives trading
BANKING
News
10
Tax French wine
and German cars
I
T is a truth universally acknowl-
edged that Europeans drink too
much, and also drive too much.
There is a simple way to combat
these social evils at the source, which
the British government should push
new pan-EU taxes on wine production
and on car production.
France and Germany cant complain
that these taxes are targeted at their key
industries it follows their proposal for
a financial transactions tax, or Tobin
tax, which is overwhelmingly targeted
at London.
An analysis by the think tank Open
Europe suggests that of the 81bn
(71bn) it could raise, 58bn would
come from the UK.
The wine and car taxes are also less
likely to be instantly fatally flawed
unlike financial transactions, which can
move at the press of a button, it is diffi-
cult to relocate vineyards and car plants.
The Tobin tax was rightly met with a
barrage of criticism last week: Angela
Merkel and Nicolas Sarkozy are pushing
a tax to win support among their voters,
safe in the knowledge that the British
government must veto it.
But the episode tells us a lot about
why we mustnt give in to the EUs crav-
ing to have its own taxes. The European
Commission already keeps trade levies,
and gets a proportion of national VAT
receipts, but it is desperate for its own
tax-raising powers.
EU institutions are not sufficiently
democratically accountable to be trust-
ed to impose taxes on Europeans. The
permanent obsession in Brussels is
building Europe, divorced from the con-
cerns of ordinary Europeans.
That is why EU institutions can pro-
pose massive budget increases when all
member states are struggling to cut
their own budgets: Brussels doesnt have
to face the wrath of squeezed voters.
Unlike all national governments, the
EC is not controlled by democratically
elected ministers that angry voters can
and do throw out.
European elections are held, but they
do not change the European executive
government, just the mix of the
European parliament: it is as if
Americans were allowed to vote for
Congress but not the President.
The Americans once taught British
politicians a lesson about tax and
democracy, and it is a lesson that
Brussels needs to learn: there should be
no taxation without representation.
Anthony Browne is a board member of
theCityUK
anthony@anthonybrowne.org
ANTHONY BROWNE
CLEAN-UP
BORIS PUTS
HIS HAND IN
HIS POCKET
CONFIDENCE is returning to the streets of
London, says Mayor of London Boris
Johnson, who yesterday launched the
High Street Fund to help small businesses
affected by the riots with immediate
cash flow assistance.
In August, we have been reminded of
some truths about London, said the
mayor as he launched the fund at City Hall
yesterday. That there is a small minority
who, given the chance, will take part in
acts of mindless violence and theft.
The funding pot so far contains 3m
in cash grants plus support services
from private sector benefactors includ-
ing Barclays, Deloitte, Lloyds Banking
Group and BP perhaps a shoo-in to
make the list, given the oil giants past
form in cleaning up after a crisis.
In addition, there is a 5,000 commit-
ment from the Mayor of London. Boris
has put money in the scheme, declared
Sir William Castell, the chairman of the
High Street Fund. I wish I had put
money in the scheme, replied Boris,
flushing a becoming shade of pink,
before clarifying: The GLA has put
money into the High Street Fund.
So will Johnson dig deep to make a
mer Morgan Stanley trader and actor
recently auditioned for a part in the
upcoming ITV3 drama Lipstick.
But I dont have time for that right
now, he told The Capitalist, as all his cre-
ative energies are currently being poured
into The Visual Media Hub, a platform
that puts high net worth investors in
touch with media producers seeking
finance for new films and TV shows.
The financial markets are a disaster, so
what is there to buy instead of gold and
the Swiss franc? said Rohatgi. Content
has become a legitimate asset class the
media and finance worlds wanted to go on
a date, they just didnt know how to do it.
Rohatgi, who claims an average annual
eight to 10 per cent yield through his trad-
ing platform, is now in talks with private
investors and most of the large
investment banks.
So if you start to see the quali-
ty of the drama on the cash-
strapped free-to-air
broadcasters start to
improve, you may know the
reason why
personal contribution? When you put
it like that, of course I will, said the
mayor although he moved swiftly on
to the next question when The Capitalist
pressed him on exactly how large that
generous donation would be.
UNDER THE BRIDGE
SO THERE are clearly no hard feelings
between Johnson and Castell, after the
Mayors office rejected the compelling
1bn bid by Castells charitable founda-
tion the Wellcome Trust to redevelop the
Olympic Park after the Games.
The Wellcome Trust, which is chaired
by Castell (right), earlier this month
declared it is disappointed the govern-
ment and the Mayor of London didnt
want to take its vision for the Olympic
Park further. But there they were, side
by side at the press conference, unit-
ed in putting the past behind them.
We have no further interest in the
Olympic site, said Castell conclusive-
ly although he did ruminate on what
could have been. We would have had
500 acres of freehold in that part of
London, including health and education
services, to be a long-term asset to boost
that part of London, he mused.
BEST IN SHOW
ROSHAN Rohatgi has many
strings to his bow the for-
Riot act: Boris Johnson, pictured in Clapham, is giving extra cash to small businesses Picture: GETTY
Boris Johnson
will put his
money where
his mouth is
through a
new clean-up
fund to help
businesses hit
by the riots
11
The Capitalist
CITYA.M. 25 AUGUST 2011 EDITED BY
HARRIET DENNYS
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @citycapitalist
Visual Media Hub founder Roshan Rohatgi
TULLOW OIL said it was near to seal-
ing a long-awaited $2.9bn (1.77bn)
deal in Uganda by September as it
posted soaring first half profits and
doubled its dividend.
The Africa-focused oil-explorer has
been waiting since last year to finalise
a deal to bring in new partners French
oil major Total and CNOOC of China
to start developing Ugandas oil
reserves in the Lake Albert basin.
Pre-tax profits almost quadrupled
to $540m in the six months to 30 June
compared to the previous year thanks
to a ramp up in production at its
Jubilee field in Ghana and higher oil
prices.
Jubilee, which is Ghanas biggest oil
field, is expected to pump 105,000 bar-
rels a day in October, up from about
85,000 barrels a day now, boosting
cashflows, the company said in a state-
ment.
Tullow has been very successful in
finding oil over the last three to four
years and now started to bring that oil
on production. It really is the first
stage in bringing these major fields on
stream, chief executive Aidan Heavey
said in a news conference yesterday.
The oil explorer announced plans
to invest at least $4bn with partners
Anadarko Petroleum and Kosmos
Energy to develop new oil fields off
Ghanas Atlantic coast.
Tullow lowered its guidance for full-
year oil production to between 82,000
barrels per day (bpd) to 84,000 bpd
from a forecast of 90,000 bpd to
94,000 given in July, due to rig delays
at Jubilee but expects to exit the year
at around 100,000 bpd.
Tullow shares closed up 8.4 per cent
yesterday.
BY KASMIRA JEFFORD
ENERGY
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News
@
@
@
w
w
w
.
c
i
t
y
a
m
.
c
o
m
NEWS | IN BRIEF
Japan looks to control the yen
Japanese authorities are to make
$100bn available for investment by
firms overseas, it was revealed yester-
day. Attempting to curb the yens contin-
ued rise against the dollar, the ministry
of finance hopes the credit facility, in
place for a year, will prompt conversion
of yen to foreign currencies on a mass-
scale. It also announced that financial
institutions will be obliged to make daily
reports on currency positions held by
dealers until October to strengthen the
monitoring of markets, with the aim of
ensuring their stability.
Fiat boss confirms targets
Fiat chief executive Sergio Marchionne
has confirmed the carmakers 2011 tar-
gets for now. Speaking at a conference
in Italy yesterday, Marchionne said that
Fiats domestic market was at its lowest
since 1996, and that the stock's
underperformance had nothing to do
with the costs of refinancing the
carmakers big debt. The shares have
lost 43 per cent so far this month but
rebounded more than six per cent yes-
terday in line with those of other
European carmakers, helped by better-
than-expected US economic data.
Faroe cheers first Shetland find
Shares in Faroe Petroleum surged more
than 15 per cent yesterday after the
firm announced an oil discovery off the
coast of the Shetland Islands at its first
operated well. Faroe said the reservoir
7,000 feet below the sea bed contained
better quality oil than expected. The
Fulla prospect is just 31km from BP-
operated Clair field platform, where
large deposits have previously been dis-
covered. The company will now test the
fuel in preparation for full drilling, along-
side its Norwegian exploration efforts.
Tullow profits
up as it nears
Uganda deal
SOCO International, the oil explorer,
posted a rise in half year profits yes-
terday and said it might buy back
shares to boost its flagging price.
The cash-rich company said it is
exploring options, some of which
include returning cash to sharehold-
ers, after a 21 per cent drop in its
share price this year.
The explorer, focused in Africa and
Asia, posted a pre-tax profit of $14.5m
(8.9m) for the period, up from
$11.5m the previous year, on revenues
that rose to $26.4m from $19.4m.
Soco confirmed earlier in the week
that its Te Giac Trang field off the
coast of Vietnam produced its first
oil, adding yesterday that its output
should rise to more than 50,000 bar-
rels of oil a day by the end of the year,
bolstering cash flow.
Shares in Soco gained 3.2 per cent
yesterday to close at 293.9p.
Soco aims to boost share
price with buyback plan
Soco International said it is launching three new wells off the coast of Congo
BY KASMIRA JEFFORD
ENERGY
ANALYSIS l Tullow Oil PLC

p
19Aug 22Aug 23Aug 24Aug
1,060
1,040
1,020
1,000
980
960
940
1,026.00
24 Aug
GULFSANDS Petroleum, the UK
oil explorer with assets in Syria,
said it had suspended pay-
ments to a cousin of the Syrian
president yesterday as it sought
to appease criticism about its
activities in the conflict-torn
country.
The explorer, which first
entered Syria in 2000, said it
was fully compliant with
sanctions against the country
and insisted it had kept its rela-
tions with Assads cousin Remi
Makhlouf, who owns a 5.7 per
cent stake in Gulfsands via his
investment company Al
Mashrek, at arms-length.
In May, the European Union
followed the US in imposing
sanctions on Syrias president
Bashar al-Assad and members
of his inner circle, including
Makhlouf, aimed at stopping
the Syrian governments con-
tinued crackdown on dissident
protesters.
Yesterday Europe and the US
circulated a United Nations
draft resolution seeking an
arms embargo and other sanc-
tions.
For Gulfsands, the sanction
could be disastrous, given that
its Syrian arm generates 100 per
cent of its profits. The company
has assets in America but they
are loss-making.
In its statement yesterday,
Gulfsands revealed its close ties
with Makhlouf, who owns
Syrias largest mobile phone
company, Syriatel, and several
large construction and oil
firms.
The explorer paid $1m in fees
and milestone payments to
Ramak, the Makhlouf familys
holding company, for services
connected with its operations
in the country.
All such relationships have
been conducted on arms-length
commercial terms, have been
properly documented and have
been disclosed as required by
pertinent laws and regula-
tions, Gulfsands said.
Gulfsands, which listed on
Londons junior stock market
last year, paid $45m (27m) in
royalties to the Syrian govern-
ment, representing its cut of
revenues from the companys
oil production. Royal Dutch
Shell and Total have smaller
operations in Syria, which
amount to a small fraction of
their global businesses.
Gulfsands stops
funds to Syrian
heads cousin
BY KASMIRA JEFFORD
ENERGY
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3.1 and Adobe
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thats changing the tablet. Welcome to more
possibilities on the go.
IT S TIME FOR THE SAMSUNG GALAXY TAB
ITS TIME FOR
A BETTER
Android Market, YouTube, Google Maps, Google Talk are
trademarks of Google, Inc. Adobe and Flash are either
registered trademarks or trademarks of Adobe Systems.
MANUFACTURING investor Melrose
hit back at critics of its bid for engi-
neering group Charter International
yesterday as it reported strong per-
formances from its portfolio of com-
panies in the first half.
Melrose, which has had its 840p
per share offer for Charter rejected by
the companys board, called for an
extension to the current put up or
shut up Takeover Panel deadline of 6
September to allow it to present a
more attractive offer.
But chief operating officer Simon
Peckham defended its price and said
he believed Charters biggest share-
holders would prefer its part-share
offer to a higher cash-only deal from
another bidder.
We want them to extend the put
up or shut up deadline, we think they
should, he told City A.M. We are say-
ing to the board they should respect
their shareholders views.
The bid talk overshadowed
Melroses results, which showed its
portfolios order book up 18 per cent
compared with June 2010, while pre-
tax profit rose 32 per cent to 74.9m.
Revenues were up nine per cent to
555.9m.
Melrose pushes
Charter offer as
earnings please
BY ALISON LOCK
INDUSTRY
News
ANALYSIS l Melrose PLC
p
Jun Jul Aug
350
325
300
294.00
24 Aug
CITY VIEWS: WAS THE UK RIGHT TO INTERVENE IN LIBYA AND IS THE REGION SAFER NOW
GADDAFI IS ON THE WAY OUT? Interviews by Lydia Ellis
It is too early to say, as whether it is safer
depends on the next incumbent. I think what
was going on was wrong but whether we
were right to intervene is another matter; it
could be that there are ulterior motives or
hidden agendas.
CLIVE GILBERT | INCEPTA INSURANCE
I think it will be less stable with his
departure because people in the Middle
East have more loyalty to individual tribes
rather than the region as a whole. It was-
nt right for the UK to intervene as Gaddafi
kept everyone in check.
ADRIAN BEW | LLOYDS
There will always be a problem in the Middle East due to the tribal nature of the
area. The west only intervenes when it is in its interest to do so: there were atrocities happening in
the Libya but there are also atrocities all around the world where we don't intervene.
PETER GODFREY | JRP
* These views are those of the individuals above and not necessarily those of their company.
INSURERS prepared to face a fresh
round of catastrophe losses yesterday
as hurricane Irene gained strength
and moved up the eastern seaboard
of the US towards densely-populated
New York.
Irene, rated a major Category 3
storm with winds of 115 miles per
hour (185 km/h), roared through the
Bahamas on a path set to hit the coast
as early as this evening.
As forecasts of more than four days
can have a margin of error of up to
200 miles, US emergency officials
have warned the entire east coast
region to be on the alert for what
they describe as a large and potential-
ly dangerous storm.
Irene is the first large hurricane of
the Atlantic season this year and any
losses to property or businesses are
likely to affect specialty insurers such
as those in the Lloyds market.
If the forecasts are verified by the
actual event, thisll just be another
multibillion-dollar event on top of an
incredibly busy year already, said
Jose Miranda, a senior executive at
catastrophe modelling firm Eqecat.
A large claims bill from Irene could
raise insurance rates globally, aiding
insurers recovery from a year of
record industry losses placed at an
estimated $90bn (54.5bn).
BARRY Smith, chief executive of
insurer Ageas UK, celebrated a turn-
around in the business yesterday
after its profit rose more than four
times to 35.4m in the first half.
Shares in Ageas SA, which provides
Tescos insurance, leapt almost 20 per
cent yesterday after the UK branch
said it had made record first-half
income of 882m, a rise of 84.5 per
cent compared with the first half of
2010, and the Belgian parent compa-
ny announced a share buyback.
Almost all the surge in profit was
gained in the second quarter, as
Ageas booked just 3.8m profit in the
three months to April.
Smith said the upswing was driven
by higher quality earnings and
stronger pricing, but also a step
change in business volumes since it
bought Kwik Fit Financial Services
and over-50s brand Castle Cover.
It is a combination of quality, and
that we now are a bigger business, he
told City A.M. What we can see is sig-
nificant improvement in all four
parts of our business. That helps
build some evidence on what we are
starting to deliver.
Ageas motor insurance combined
ratio, a measure of its profitability,
moved back into the black at 96.9 per
cent compared with 109 per cent in
the first half of 2010. Smith said the
market was still highly competitive.
Ageas UK on a
high as profit
rises four-fold
Insurers brace for fresh claims
as hurricane season hits the US
BY ALISON LOCK
INSURANCE
INSURANCE
Ageas UK chief executive Barry Smith celebrated the success of its turnaround strategy
News
14
ANALYSIS l Ageas SA

1.30
1.25
1.20
1.15
1.10
1.33
24 Aug
RUSSIAN brokerage Otkritie
Securities raised its operating profit
by 120 per cent in the year to
December after more than doubling
its total wage bill by hiring new staff,
accounts showed yesterday.
Otkritie, the City-based subsidiary
of Russian investment bank Otkritie
Financial Corporation, said operating
profit hit 1.4m in 2010, up from
652,000 in 2009, while its turnover
grew 122 per cent to 20.1m.
The accounts said the turnover
increase was primarily due to an
increase in trading activity from insti-
tutional clients.
But its remarkable growth was mir-
rored in the rapid growth of its salary
bill, to 3.4m in 2010 from 1.6m the
previous year, the accounts filed at
Companies House showed.
Its employee numbers rose 40 per
cent in the year, to 70 people from 50
at the end of 2009.
The bank has publicly said its aim
has been to hire aggressively in
Moscow, Frankfurt and New York as
well as London over the past two
years, poaching staff from rivals such
as Renaissance Capital for corporate
finance, research and sales roles.
Otkritie is chaired by Howard Snell,
the former chief executive of Troika
Dialogs UK business.
CAR insurance group Admiral
shrugged off fears over the UK econo-
my to post further double-digit profit
and turnover gains in the first half of
the year, but saw its share price slide
due to fears over its business model.
Admiral, which owns the price
comparison site confused.com, said
its pre-tax profit jumped 27 per cent,
ahead of market expectations, to
160.6m, while turnover leapt 53 per
cent to 1.1bn.
But its shares fell more then 12 per
cent as investors focused on
Admirals potential loss of revenue
from a likely move to ban referral
fees paid by legal firms to insurers
for customer data.
Chief financial officer Kevin
Chidwick played down concerns that
its potential had peaked.
We are very pleased with the
growth and the fact that we have
taken our market share up to 11 per
cent and we are still improving
our underwriting margin, he told
City A.M.
Admiral also moved to dispel fears
over the contribution of referral fees
to its burgeoning ancillary sales.
Sales of insurance-related services
jumped 38 per cent to 107.1m in the
compared with the first half of 2011,
but Admiral said its income from
referral fees was just 9.4m, or about
six per cent of pre-tax profit.
Admiral hit by
growth fears
despite gains
Russian broker Otkritie in 120pc
earnings hike after hiring drive
BY ALISON LOCK
INSURANCE
FINANCIAL SERVICES
Henry Engelhardt, Admirals chief executive, remains bullish on growth

News
15
ANALYSIS l Admiral Group PLC
p
1,550
1,500
1,450
1,400
1,350
1,353.00
24 Aug
SPENDING cuts are not hitting the cap-
itals commercial rental market,
according to the chief executive of
developer Derwent London.
John Burns also said that global eco-
nomic uncertainty had failed to hurt
deals for offices in the firms West End
heartland.
He was speaking as Derwent report-
ed a strong first-half rise in asset values
and a 1.14 per cent increase in pre-tax
profit to 26.6m, when measured
under European Public Real Estate
Association (EPRA) standards.
He said the capitals commercial
property market had escaped another
slump since the 2008 crisis, despite the
recent wave of job cuts in the City.
The London economy has not been
affected at all so far since the peak of
the last downturn. It is very robust,
Burns told City A.M.
Two-thirds of Derwent Londons
portfolio is based in the West End with
the rest on the borders of the City, he
said.
Last summer Derwent London
made its long-awaited return to invest-
ment with the 146m purchase of the
West Ends Central Cross building.
Over the next 15 months it will be on-
site for 450,000 sq ft of office develop-
ments and is interested in making
further acquisitions.
We will make some acquisitions
where [there are] opportunities.
Central London is very much in
demand We are not really a seller
but if people want to bid at strong lev-
els we will look at them.
The firm said estimated rental val-
ues rose four per cent in the first half
of the year and the value of its proper-
ty portfolio increased 5.1 per cent to
2.6bn. It posted a 10 per cent rise in
adjusted net asset value per share
under EPRA standards to 16.21 in the
first six months of the year.
Derwent shares rose one per cent to
15.70 yesterday.
QANTAS Airways sought to play
down talk of a takeover bid yester-
day as it focuses on expanding in
Asia and taming labour unrest over
its plans to slash jobs in Australia.
The Australian government said it
was determined that majority own-
ership of the countrys flagship air-
line should not fall into foreign
hands after rumours resurfaced
that private equity groups may be
circling the
company.
The takeover specula-
tion came as Qantas report-
ed its full-year net profit
more than
d o u b l e d ,
but warned
market conditions were volatile
and challenging.
Pre-tax profit was A$552m
(351m) for the year ended 30 June,
in line with the airlines forecast in
June of between A$500m and
A$550m. The bottom line
jumped to A$250m from
A$112m a year earlier.
Qantas, whose full-
year earnings
were in line
with analyst
forecasts,
warned it
faced chal-
lenging conditions in 2012 as it bat-
tles labour unrest, higher fuel prices
and losses at its international opera-
tions.
SUPPORT services and construction
group Carillion posted a 10 per cent
rise in first-half profit yesterday, driv-
en by a surge in demand for public
sector outsourcing as cash-strapped
local authorities looked to cut costs.
The group, which maintains
motorways, railways, military bases
and telephone lines, said pre-tax prof-
it increased to 72.5m on revenues
two per cent lower at 2.45bn. Broker
Collins Stewart had forecast 71.1m.
Carillion, which also operates in
Canada and the Middle East, said its
current order book in addition to
probable orders stood at 19.4bn.
With strong market positions and
a record pipeline of contract opportu-
nities, the group continues to target
strong international growth and sub-
stantial growth in UK support servic-
es over the medium term, chairman
Philip Rogerson said .
The group said its chief executive
John McDonough will be retiring at
the end of 2011, and will be succeed-
ed by current chief operating officer
Richard Howson.
Government outsourcing
gives boost to Carillion
SUPPORT SERVICES
APPLE has won an injunction in a

Dutch court to stop Samsung
Electronics from marketing three
smartphone models in some
European countries after alleging a
breach of patents.
Apple argued that Samsung had
infringed on three of its patents. The
court ruled that Samsung smart-
phones Galaxy S, S II and Ace breached
just one of Apples patents.
The Apple patent allows for a cer-
tain method of scrolling or browsing
through photos in some Samsung
smartphones, the court added.
Apple wins
patent case
TECHNOLOGY
BRITISH outsourcing firm Serco yes-

terday warned of continued austerity
headwinds in its core UK and US mar-
kets, sending shares down despite
posting a 12 per cent first-half profit
rise that was ahead of expectations.
Serco, whose UK and US business
account for around 80 per cent of
group revenue, said that austerity
measures in the UK continued to slow
down government work, while in the
US the federal governments protract-
ed budget negotiations had signifi-
cantly disrupted the industry.
Shares in the FTSE 100 listed firm,
which raised its total dividend to
2.5p, closed down four per cent.
A growth rise of 44 per cent in its
Africa, Middle East, Asia and
Australasia region provided a more
positive note for Serco, helping boost
adjusted pre-tax profit for the six
months to 30 June by 12 per cent to
123.6m on revenue five per cent
higher at 2.2bn.
The US market saw revenue growth
of around three per cent, with the UK
market broadly flat.
Serco, which runs Londons Boris
Bike hire scheme and the Dubai
metro, has won several big contracts
in Australia in recent months, includ-
ing an 850m deal to provide non-
clinical services to a new hospital
near Perth.
Austerity measures hit Serco
BY HARRY BANKS
SUPPORT SERVICES
Derwent boss
bullish about
London rents
BY PETER EDWARDS
PROPERTY
BY HARRY BANKS
AVIATION
News
ANALYSIS l Derwent London PLC
p
1,675
1,650
1,625
1,600
1,575
1,550
1,570.00
24 Aug
ANALYSIS l Serco Group PLC
p
530
520
510
500
511.00
24 Aug
UNITE, the student halls specialist,
yesterday said it was in exclusive
talks to acquire new London sites
that would add another 1,200 beds to
its portfolio, helping it to hit a target
of 4,000 by 2014.
Britains largest listed student
landlord said it is on track to hit its
full-year targets and its profit could
beat market expectations, as it post-
ed a five per cent rise in first-half net
asset value (NAV) to 310p and rein-
stated its dividend.
Were seeing particularly strong
demand for our rooms for the 2011-
12 academic year, that means rental
growth will be firmly in the three-to-
four per cent range, possibly towards
the top of the range, chief executive
Mark Allan said.
We are firmly on track, on the
profit side arguably theres some
potential to outperform, he said.
Unite on hunt for more
student sites in London
Student landlord Unite posted a rise in its first-half net asset value to 310p
BY HARRY BANKS
PROPERTY
NEWS | IN BRIEF
Filtrona seeks acquisitions
British plastic and fibre products suppli-
er Filtrona will scout for acquisitions as
it plans to widen its business into new
geographies, its chief executive said.
Filtrona, which supplies plastic products
to hydraulics industry and filters to
tobacco companies, posted a 17 per cent
rise in first-half pre-tax profit before
items at 39.5m after it passed the hike
in raw material prices to its customers.
TT Electronics boosts profits
Electronic components supplier TT
Electronicss first-half adjusted pre-tax
profit rose by more than half, boosted by
strong growth at its core divisions, and
said it was confident of meeting its full-
year expectations. The company, whose
core components and sensors divisions
account for about 71 per cent of total
revenue, said it saw potential to improve
margins and achieve its target of eight
per cent by the end of 2013. January-
June pre-tax profit rose to 14.1m from
8.9m last year. Revenue rose 12 per
cent on last year to 294.6m.
Kazakhmys appoints Shell man
Copper miner Kazakhmys has appointed
Shells outgoing executive vice president
of Russia, Charles Watson, as an inde-
pendent non-executive director.
Watsons addition to the board will bring
the number of independent non-execs on
the nine-strong team to five, fulfilling UK
corporate governance rules. Watson has
spent 29 years at Shell, including over-
seeing the companys operations in
Kazakhstan.
Qantas plays down takeover talk as it
doubles profits but warns on outlook
ITV building
nears a sale
GREAT Portland Estates is in the final
stages of talks to buy the London head-
quarters of ITN News for about 140m,
sources familiar with the deal said.
The property would represent the
London-based office developers
largest-ever purchase. It was not clear
whether Great Portland is acting alone
or is bidding with a partner.
A Great Portland spokesman
declined to comment.
The 293,000 sq ft at 200 and 214
Grays Inn Road, Farringdon, generates
annual rent of 8.9m said Jones Lang
LaSalle, which is selling the site. It rep-
resents a yield of about 6.4 per cent.
PROPERTY
HEINEKEN shares dived yesterday

after its issued a warning that weak
consumer sentiment and a damp
summer would wipe out profit
growth this year.
Its stock was driven down by as
much as 16 per cent to a 21-month
low at one stage and the bleak state-
ment sent shockwaves across the
drinks industry.
The firm revealed weaker-than-
expected net profits of 605m (529m)
for the first half of the year.
Underlying operating profits were
11 per cent higher than a year ago,
short of market expectations of a 17
per cent rise.
Heinekens trading conditions
remained favourable in Latin
America, sub-Saharan Africa and Asia-
Pacific, but not in developed markets.
We have seen a very bad summer,
chief executive Jean-Francois Boxmeer
said. At the same time, we also see in
a number of markets, more in Europe
and the USA, weak consumer confi-
dence. You see uncertainty reflected
in lower on-premise sales.
The Dutch group has been rolling
out its main Heineken-brand globally,
helping demand for the beer outper-
form its other products.
Heineken beer was launched in
Mexico in March, where the company
controls 40 per cent of the market
after buying the brewing business of
local firm Femsa last year.
Its an implicit profit warning of
13 per cent, said Trevor Stirling, bev-
erage analyst at Bernstein Research.
If you were an optimist you could
say that tourists will go back to Egypt
and summer in Europe would not be
as bad next year, but Greece is unlike-
ly to be better, Russia maybe not and
barley prices will be a lot higher.
Heineken is Europes largest beer
maker. It holds the number two spots
in debt-ridden Ireland, Portugal and
Spain.
ELECTRICALS retailer Kesa yesterday
pledged to turn its struggling Comet
business around in its annual report.
Chairman David Newlands gave a
scathing account of the business,
which is living in the shadow of Kesas
better performing French chain Darty.
Newlands said: Comets recent
results have been neither satisfactory
nor acceptable.
As a result, changes to manage-
ment have been made and a strong
turnaround plan to restore profitabili-
ty in the medium term is being prose-
cuted vigorously.
We believe that Comet, with its
strong brand awareness, is well placed
to carve a leading position.
Among the options that could be
considered is the sale of the chain,
with feelers already put out into the
market.
The report also revealed that the
total remuneration package for chief
executive Thierry Falque-Pierrotin
dropped from 2.3m in 2010 to 1.4m
this year. The fall came because Falque-
Pierrotin received a far smaller bonus
payment for the year, due to Comets
poor performance.
Kesa saw group retail profit fall by
2.7 per cent to 107m (94.2m) this
year, while group revenue rose 2.2 per
cent to 5.9bn.
Falque-Pierrotin said in the report:
We have made progress against our
strategic agenda despite the challeng-
ing market conditions. Overall we
remained ahead of our markets.
Kesa repeats its pledge to get Comet
back on track as chief execs pay drops
SIMON Marinker, managing director
of WH Smiths travel business divi-
sion, is to retire after 34 years, the
company said yesterday.
The travel arm generates roughly
half of the groups profits through
outlets in airports and stations
across the globe.
WH Smith praised Marinker for
providing years of outstanding serv-
ice and said he would remain
involved with the business as a con-
sultant.
WH Smith opened seven new over-
seas branches in the 18 weeks to 2
July. It now has 47 of these sites,
including stores in Australia and
Kuwait, and is expected to open
more.
Meanwhile the company said the
high street retail business continued
to deliver a solid performance due
to a focus on gross margin gains and
keeping a lid on costs.
WH Smith will present its full-year
preliminary results on 13 October.
WH Smith travel boss to
retire after 34-year stint
RETAIL
ACCOR, Europes largest hotel group,

said it remained watchful but reas-
sured investors it had not seen any
impact of global recession fears on
September bookings, lifting its
shares as much as four per cent.
Accor, the worlds fourth-largest
hotel group, also posted a 27.5 per
cent rise in first-half earnings before
interest and taxes to 199m (121.4m)
yesterday, in line with expectations.
Higher occupancy rates, a gradual
recovery in average room rates and
cost control lifted first-half earnings.
Accor gave no detailed guidance
for the full year but chief financial
officer Sophie Stabile told a confer-
ence call that second-half trends
remained supported by the summer
seasons good performance and that
Accor noted no measurable sign of
slowdown in the economy.
We had a good trend in July and
August. September bookings are
rather good but we remain watch-
ful, she said.
Accor usually provides guidance
on its full-year performance when it
unveils its interim results, and
Stabile said it will do so at an investor
day on 13 September.
Management says there is no
slowdown at this stage, which should
reassure in the short-term...This
should be good news for Accor and
for the sector after a violent derat-
ing, one sector analyst said.
LEISURE
TESCO director Andrew Higginson is

quitting the company in a years
time leaving a hole in its plans to
expand its banking services.
Higginson led the retailers move
into banking and was at the heart of
the companys strategy under former
chief executive Sir Terry Leahy.
He was also seen as contender to
succeed him at one stage.
Higginson was group finance and
strategy director for 11 years but
moved to lead the retailing services
division, which includes Tesco Bank,
at the start of 2009.
Tesco said Higginson had informed
the company of his intention to retire
from the board and executive com-
mittee on 1 September 2012.
In a statement he said: I have had
a wonderful career with Tesco, and
am very proud of the part I have
played in the companys success. Next
year, I will be 55 and will have com-
pleted 15 years on the board.
Shore Capital analyst Darren
Shirley said Higginsons leaving was a
surprise and a loss for the busi-
ness:
Chairman David Reid is also retir-
ing and is being replaced by Sir
Richard Broadbent, Barclays deputy
chairman, in November. The moves
are seen as a changing of the guard at
the retailer following the end of
Leahys reign.
Tesco Banks director quits
BY JOHN DUNNE
RETAIL
Heineken in
warning over
tough market
BY JOHN DUNNE
CONSUMER
BY JOHN DUNNE
RETAIL
AMERICAN EAGLE EARNINGS FLY LOWER

TEEN clothing retailer American Eagle Outfitters has seen its earnings drop in the sec-
ond quarter, with higher costs also squeezing margins. Income from continuing opera-
tions fell to $19.67m (11.9m) or $0.10 per share from $25.84m or $0.13 per share in the
year-ago period.
News
Accord is
upbeat on
bookings
ANALYSIS l TESCO Plc
p
380
375
370
365
360
377.30
24 Aug
ANALYSIS l Heineken

38
36
34
32
33.44
24 Aug
DIAGEO yesterday announced that it
has received regulatory clearance for
the 1.3bn acquisition of Mey Iki,
the leading spirits company in
Turkey.
The Turkish Competition
Authority clearance is conditional
upon the disposal of the Mey Iki
brands Hare liqueur and Maestro
deals that Diageo is confident will be
completed within the current finan-
cial year.
Diageo, whose brands include
Guinness, originally announced its
intention to acquire Mey Iki in
February this year as it sought to
strengthen its position in the fast-
growing Turkish spirits market.
Mey Iki is the leading spirits pro-
ducer and distributor in Turkey with
brands including Yeni Raki.
Meanwhile Diageo said that it has
successfully closed a public offer for
the acquisition and is committed to
purchase Halico shares at 6.21 per
share.
Diageo gets green light
for Mey Iki and Halico
CONSUMER
News
Otkritie Capital
The investment banking arm of
Otkritie Financial Corporation, has
hired Mikhail Terentyev as a consumer
sector analyst. Terentyev most recent-
ly worked as an analyst at Nomura;
prior to that, he was a consultant in
the research team at Troika Dialog
and a senior financial analyst at
Renaissance Capital.
Bluefin Corporate Consulting
The employee benefits and technology
consultancy has appointed John Hunt to
the international benefits team. Hunt
joins from Aetna Global Benefits, where
he was sales director. Prior to that, he
was international business manager at
AXA PPP Healthcare and a senior prod-
uct executive at Saga services.
McKinney Capital
The business execution firm has hired
Steve Jee, recently retired from a 20-
year career in military intelligence, to
lead its competitive intelligence team
from the London office. Jee is the
author of a series of technical papers
on human intelligence collection and
has presented at the Royal United
Services Institute on working with
Afghan forces on intelligence reform
programmes.
Capco
The business and technology consul-
tancy has appointed Rob Deakin as a
partner in its UK capital markets lead-
ership team, where he will be working
with Tier One investment banks to
improve the performance of their tech-
nology organisations. Deakin joins after
spending 11 years at Accenture, where
he specialised in target operating mod-
els, low-latency trading technologies
and off-shoring.
Bluefin Corporate Consulting
John Grant has been appointed to the
board of Wolfson Microelectronics as
an independent non-executive direc-
tor and a member of the firms Audit
Committee, effective from 1
September 2011. During his executive
career, Grants roles included deputy
chairman of Jaguar Cars and head of
corporate strategy at Ford in the
USA. Grant is also non-executive
chairman of Gas Turbine Efficiency, a
non-executive director of both Pace
and MHP SA, and a non-executive
director of Melrose.
CITY MOVES | WHOS SWITCHING JOBS Edited by Harriet Dennys
+44 (0)20 7092 0053
morganmckinley.com
To appear in CITYMOVES please email your career
updates and pictures to citymoves@cityam.com SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT
in association with
US markets make
strong comeback
U
S stocks posted strong gains for
a second day yesterday as
investors jumped back into
beaten-down financial shares
and backed away from safer assets
like gold in volatile trading.
The stock market swung back and
forth as investors anticipated a key
speech from Federal Reserve chair-
man Ben Bernanke on Friday. There
had been hope the Fed chief would
hint of stimulus to aid the struggling
economy, but a more likely outcome
is for gradual measures.
Some investors have been buying
because it feels, looks like perhaps
weve seen the lows of the correction,
said Hugh Johnson, chief investment
officer of Hugh Johnson Advisors in
Albany, New York. [But] savvy
investors dont expect QE3. They do
not expect the Federal Reserve to
unveil anything significant.
The Dow Jones industrial average
was up 142.51 points, or 1.28 per cent,
at 11,319.27. The Standard & Poors
500 Index was up 15.19 points, or 1.31
per cent, at 1,177.54. The Nasdaq
Composite Index was up 21.63 points,
or 0.88 per cent, at 2,467.69.
The S&P has risen for three
straight sessions. Bank of America
rose 11 per cent to $6.99, reversing
losses on Tuesday when the Dow com-
ponent hit a two and a half year low
on fears it may have to raise large
amounts of capital. BofA shares are
still down more than 30 per cent so
far this month.
The S&P financials index advanced
2.8 per cent, with JPMorgan Chase
shares up three per cent at $35.83.
Traditional value stocks such as
CVS Caremark and Time Warner were
among the days top gainers. CVS
shares rose 3.1 per cent to $34.44 and
Time Warner gained 3.3 per cent to
$29.84.
Bernanke is due to address central
bankers at an annual symposium in
Jackson Hole, Wyoming on Friday. His
speech last year laid the groundwork
for the Feds unprecedented $600bn
bond buying program, known as
quantitative easing, or QE2, to revive
a sputtering US economy.
Exchange-traded funds tracking
gold stocks and gold-mining stocks
fell after bullion futures dropped
more than five per cent in the metals
worst one-day loss since 2008. The
SPDR Gold Trust Index declined 3.3
per cent, while the Market Vectors
Gold Miners Index fell 2.5 per cent.
The CBOE Volatility index, Wall
Streets fear gauge, fell but remained
at high levels, and investors preferred
buying traditional value stocks, sug-
gesting there was caution in the mar-
ket.
S
trong miners and energy stocks
helped drive Britains top share
index to its highest close in a
week yesterday in choppy trade
as investors jostled for position ahead
of a speech by Federal Reserve
Chairman Ben Bernanke on Friday.
Traders pointed to continued spec-
ulation that the Fed could unveil a
further round of US quantitative eas-
ing at this weeks meeting of central
bankers in Jackson Hole, Wyoming,
but warned that there was a high
risk of disappointment.
Were seeing a little bit of
strength in stock markets this week,
but it does feel like everyone is pin-
ning their hopes on some sort of QE3
announcement, and I think the risk
is definitely that it ends up being
something of a damp squib, David
Jones, chief market strategist at IG
Index, said.
The UK benchmark index ended
up 76.43 points, or 1.5 per cent, at
5,205.85, its highest close since 17
August, having traded as low as
5,098.14 earlier in the session.
Miners added the most points to
the index, recovering after a dip in
the previous session, as copper prices
ticked higher on the hopes for more
stimulus to support the US economy,
which would in turn help the
demand picture.
Near-term sentiment was also
aided by data showing a strong read-
ing on US durable goods orders.
BHP Billiton climbed 2.3 per cent
after the miner posted record second-
half profit driven largely by soaring
prices for iron ore, and awarded
investors with a big hike in dividends
on top of its hefty expansion plans.
Integrated oils recovered their
poise in tandem with the crude price
after weakness earlier in the day,
with Royal Dutch Shell and BP up
one per cent and 0.8 per cent respec-
tively, shrugging off target price cuts
across the sector by Citigroup.
Tullow Oil jumped 8.4 per cent to
near the top of the blue-chip leader
board after the oil explorer posted
soaring first-half profit, doubled its
dividend and said it expected to con-
clude a long-awaited deal in Uganda
in September.
Hedge fund manager Man Group
grabbed the top spot on the FTSE 100
leader board, up 10.2 per cent after
weekly net asset value data for the
firms flagship AHL fund, published
after the close on Tuesday, showed a
4.3 per cent weekly rise, and as HSBC
upgraded its rating for the group to
overweight from underweight.
Set-top box maker Pace also gained
10.2 per cent after the launch of a
new HD-capable range.
WPP also notched up solid gains,
up 7.4 per cent, after the advertising
group reported strong first-half
results, helped by growth in emerg-
ing markets, prompting Investec
Securities to repeat its buy rating
on the stock.
Motor insurer Admirals first-half
results meanwhile disappointed,
with its shares sliding 11.9 per cent to
top the blue-chip fallers list.
Analysts cited a rise in the compa-
nys combined ratio a measure of
how profitable an insurer is as a
reason for the stocks decline.
And outsourcing firm Serco shed
four percent after it said it saw chal-
lenges in the US and UK lasting up to
24 months following first-half
results.
I think that companies them-
selves are in a much healthier posi-
tion than they probably would have
been going into the last recession but
there is going to be I think some sort
of downturn, said Martin Dobson of
Westhouse Securities.
Miners and energy firms push
FTSE to weeks highest close
THELONDON
REPORT
THENEW YORK
REPORT
BEST OF THE BROKERS
To appear in Best of the Brokers email your research to notes@cityam.com
ANALYSIS l Centamin Egypt Ltd
Jun Jul Aug
p
140
130
120
110
100
90
105.60
24 Aug
CENTAMIN EGYPT
Canaccord rates the Egypt-focused mineral explorer as a buy and lowers its
target price to 150p. The broker has updated its estimates for Centamin fol-
lowing second quarter results, reducing production estimates by 22, 19 and
seven per cent in 2011, 2012 and 2013, but still expects around 39 per cent
average annual production growth to 2014. Forecasts for earnings per share
at the company are reduced by 21 per cent to 18 cents for 2011.
ANALYSIS l Close Brothers Group PLC
Jun Jul Aug
p
800
775
750
725
700
675
650
680.50
24 Aug
p
CLOSE BROTHERS
Peel Hunt initiates coverage of the banking group with a buy rating and a
target price of 961p, deeming the stock attractive despite Eurozone debt and
bank solvency concerns. The broker says the bank is performing strongly ver-
sus muted competition, and says action has been taken internally to improve
asset management performance. The target price represents a 45 per cent
potential upside, and a yield of around 5.9 per cent adds to the attraction.
ANALYSIS l Spectris PLC
Jun Jul Aug
p
1,700
1,600
1,500
1,400
1,300
1,200
1,390.00
24 Aug
SPECTRIS
JP Morgan rates the electrical engineering firm as overweight with a
1,280p target, and sees its pace of growth as moderate for the rest of the
year. The broker says recent first half results were ahead of expectations,
leading it to raise its 2011 earnings-per-share estimate by two per cent. JP
Morgan says its growth forecast for 2012 which predicts revenue growth
of 3.9 per cent is well below the firms likely organic growth of six per cent.
22Jun 23May 21 Jul 19Aug
6,200
5,400
5,000
4,800
5,600
5,800
6,000
ANALYSIS l FTSE
5205.85
24 Aug
Neuberger Berman
The independent asset management firm has
appointed Joseph Mukungu to the newly creat-
ed role of senior vice president, head of client
services for Europe and Middle East. Mukungu
will manage the team based in Europe responsi-
ble for advising Neuberger Bermans expanding
client base outside the US. Mukungu joins from
JO Hambro Capital Management, where he was
head of client services and relationship manage-
ment. Prior to JO Hambro, he worked at Invesco
and Morgan Stanley Dean Witter.
19
Wealth Management| Funds
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the Financial Services Authority (FSA Register No. 208271) and is a member of the London Stock Exchange and PLUS Markets plc.
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Where savers
should turn
to protect
their wealth
Democratic India trumps authoritarian
China as the best emerging market to
protect your wealth, writes Philip Salter
M
ANY in the UK look upon the
peripheral economies of
Europe living on borrowed
money and reliant on the
kindness of tourists to keep them
from falling back into the dark ages
with disdain. However, the UKs
facade of economic power is also
crumbling the East is in the ascen-
dancy, with India best placed to put its
former colonial overlord into the
shadow.
Unfailing gold bull and senior fund
manager at t1ps Tom Winnifrith is
currently setting up an Indian fund.
There are few as forthright as him in
their analysis of Western decline he
blames Western governments and the
voting public, using the analogy of big
government as a fluke living in the
belly of a herring as the fluke even-
tually kills the fish, governments are
destroying Western economies.
BETTER THE MARKET YOU KNOW
Despite the best efforts of investors,
China remains a riddle, wrapped in a
mystery, inside an enigma. Although
Winnifrith thinks Mumbai is in the
midst of a property bubble, he thinks
it is nothing compared to bubbles in
China. The key difference for
Winnifrith is that in India the proper-
ty bubble is driven by capitalism, by
the profit motive. Capital tends to be
allocated in the right places, albeit
sometimes at the wrong times. In
China, capital is allocated by central
dictate, but also by the artificial
returns you get from suppressing the
value of you curren-
cy. For this reason
he expects far
greater bubbles in
China causing
greater volatil-
ity and
swings.
DOMESTIC DEMAND
Sukumar Rajah of Franklin
Templeton Investments says that since
the liberalisation of the 1990s, Indian
companies have been able to leverage
their deep knowledge of the local
market, including in consumer
insight and the regulatory environ-
ment. They have also been able to
expand into overseas markets. Guido
Stiel, co-fund manager of the Allianz
RCM BRIC Stars fund cites companies
such as Opto Circuits and Glenmark
Pharmaceuticals, which have both
broken into the US. As well as health-
care, Stiel likes Indian companies in
the energy and infrastructure sectors.
But even if demand from abroad
slows, India has huge domestic
demand. Rajah explains: Indias high
forex reserves, low external debt and
low export-to-GDP ratio provide a
cushion to deal with the global crisis
and slowdown, like it did in 2008.
India is not a bed of roses.
Corruption is endemic, with many
large transactions requiring the
receiver to accept black market
money. And the accounting standards
of smaller companies leave a lot to be
desired. Also, the first half of 2011 has-
nt been great, but like all emerging
markets India is a place to put your
money over the long term provided
this long term story remains convinc-
ing you should ride the volatility.
Yet India is a thriving liberal democ-
racy with attractive demographics.
Also, the Reserve Bank of India
appears to now be ahead of the curve
on inflation. Anjalika Bardalai of the
Economist Intelligence Unit expects
7.9 per cent GDP growth in 2011 and
8.2 per cent in 2012. Although
nobody should put all their savings
in one country particularly one
that you dont live in it looks to be
the emerging market of choice.
Winnifrith sums it up well: A
young aggressive capitalist popu-
lation is better than Chinas
slightly older aggressive quasi-
capitalist population. But
that in turn is better than a
passive geriatric popula-
tion that expects the state
to do everything for
them and that is
what we have in
Europe. We
might now
thrash them at
cricket, but this
looks be to be
Indias century.
IN FOCUS | TOP 10 INDIAN FUNDS SOURCE:MORNINGSTAR
UK REGISTERED 19/8/2008 LATEST DOMICILE PORTFOLIO MANAGEMENT
INVESTMENT FUNDS 19/8/2011 PORTFOLIO MANAGER(S) GROUP
PERFORM. SIZE
CHANGE (%) (M)
First StateIndianSubcontinent A 74.53 293.46 United Kingdom David Gait First State Investment Management
PineBridge India Equity Y 63.13 311.37 Ireland Elizabeth Soon PineBridge Investments Ireland
Aberdeen Global Indian Equity D2 53.85 2881.38 Luxembourg Management Team Aberdeen Asset Managers
Comgest Growth India 51.43 154.92 Ireland Wojciech Stanislawski Comgest Asset Management
Jupiter India 50.6 325.07 United Kingdom Avinash Vazirani Jupiter Unit Trust Managers
FranklinIndiaAYDis 45.87 1093.13 Luxembourg Stephen Dover Franklin Templeton Investment
Henderson Indian Equity A GBP 40.84 N/A Luxembourg N/A New Star Asset Management
GSIndia Equity I Inc 38.07 42.06 Luxembourg Management Team Goldman Sachs Asset Management
Neptune India A 27.93 1.18 United Kingdom Ewan Thompson Neptune Investment Management
Jyske Invest Indian Equities 26.04 18.74 Denmark Management Team Jyske Invest International
Wealth Management | Institutional FX
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WHEN ONE ASSET
ISNT ENOUGH
Three ways to get the trading edge
I
N the high-frequency forex-trading
sphere, it is latency of executions that
grabs the headlines that is the delay
between an order being sent to a
venue, and the venue executing that order.
But as Dan Habscher, industry marketing
manager for Progress Software points out,
investing in low latency trading execution
systems is simply your stake to buy a place
at the high-frequency trading (HFT) table:
Ultra low latency is not enough in itself to
make you a contender. You need to look
beyond that to get the edge in the market.
So where should institutions look to eke
out the most from their trading systems?
1
During the design stage, people often
get bogged down thinking about the
latency of each individual component
and neglect to optimise the interdepend-
ence of those components. You can
choose the best router, the best lines, and
the best software, but if those components
havent been designed to work as a whole
you will run into issues, says Pierre
Francois Filet, chief executive of
QuantHouse. The last thing you want to
deal with is 17 different network providers,
20 different data-centres and 3 different
software vendors.
2
Obtaining best execution on forex
transactions is a very different
approach to that taken with equities
Low latency of execution is only
the start, writes Craig Drake
Big gains can be made
through low-latency
networks
LONDON
DUBAI
TOKYO
HONG-KONG
SYDNEY
SAO PAULO
CHICAGO
NEW YORK
SINGAPORE
LOS ANGELES
SAN JOSE
MOSCOW
PARIS
ANALYSIS l Forex trade execution venues
matter how fast your trade is executed.
According to Scott Richie, managing direc-
tor at BSO Network Solutions, while
improvements in latency of trade execu-
tion can be measured in thousandths of a
second, much greater improvements can
be made in terms of network infrastruc-
ture: The average London to Hong Kong
round trip is 240-250 milliseconds, we have
got our network latency down to 184 mil-
liseconds. This can give traders real advan-
tages.
trading. As Steve Grob, director of strategy
at Fidessa, points out, there is no industry
mandated standard for best execution of
forex. There is no obligation on the part of
up-stream brokers. In the forex market it is
up to the trader to find the best execution
venues. According to Dan Habscher, this
provides forex traders with an opportunity.
Algorithms work by finding advantages
that others cant: To get this information,
traders need to take a birds-eye view of the
markets and look for shifts in liquidity,
before feeding this data into other parts of
the algo system.
3
500 years ago, the man who had the
fastest horse could get from the cliff to
the market place before his competi-
tors to profit when he saw how laden down
the trading ships were as they appeared on
the horizon. And speed and accuracy of
information is just as crucial in the mod-
ern trading world. If youre working with
old or inaccurate information, it doesnt
LON GD ONCE FIX AM...........1850.00 -36.50
SILVER LDN FIX AM ..................40.44 -2.85
MAPLE LEAF 1 OZ ....................42.65 2.26
LON PLATINUM AM................1870.00 -29.00
LON PALLADIUM AM...............762.00 -2.00
ALUMINIUM CASH .................2321.50 -3.00
COPPER CASH ......................8858.00 47.00
LEAD CASH...........................2324.00 29.00
NICKEL CASH......................20960.00 -110.00
TIN CASH.............................23595.00 500.00
ZINC CASH ............................2168.00 28.00
BRENT SPOT INDEX................108.90 1.45
SOYA .....................................1389.50 13.00
COCOA..................................3137.00 94.00
COFFEE...................................268.85 4.15
KRUG.....................................1840.90 -100.60
WHEAT ....................................169.00 -0.25
AIR LIQUIDE........................................88.27 2.05 100.65 80.00
ALLIANZ..............................................69.97 1.10 108.85 67.58
ALSTOM ..............................................30.77 0.81 45.32 28.36
ANHEUS-BUSCH INBEV ....................37.34 -0.74 46.33 33.85
ARCELORMITTAL...............................14.14 0.66 28.55 13.03
AXA......................................................10.65 0.40 16.16 9.27
BANCO SANTANDER...........................6.14 0.00 9.80 5.54
BASF SE..............................................49.90 1.62 70.22 40.74
BAYER.................................................45.10 0.92 59.44 41.33
BBVA......................................................6.04 0.06 10.21 5.52
BMW ....................................................53.57 2.20 73.85 40.16
BNP PARIBAS.....................................33.45 0.47 59.93 32.10
CARREFOUR ......................................19.03 0.28 36.06 16.68
CREDIT AGRICOLE..............................6.21 0.15 12.92 5.63
CRH PLC..............................................11.51 0.36 17.40 10.87
DAIMLER.............................................36.05 1.79 59.09 33.27
DANONE..............................................46.99 0.16 53.16 41.00
DEU.BOERSE OFFRE ........................39.40 2.10 55.75 37.03
DEUTSCHE BANK..............................27.04 0.36 48.70 26.17
DEUTSCHE TELEKOM.........................9.72 0.16 11.38 8.80
E.ON.....................................................15.15 0.56 25.54 13.19
ENEL......................................................3.38 0.07 4.86 3.20
ENI .......................................................13.46 0.07 18.66 11.83
FRANCE TELECOM............................13.14 0.23 17.45 11.97
GDF SUEZ ...........................................21.32 0.74 30.05 18.32
GENERALI ASS...................................12.10 0.31 17.05 10.34
IBERDROLA..........................................5.05 0.02 6.50 4.66
ING GROEP CVA...................................5.57 0.20 9.50 5.30
INTESA SANPAOLO.............................1.12 0.03 2.53 1.07
KON.PHILIPS ELECTR.......................13.80 0.25 25.45 12.85
L'OREAL..............................................78.49 -1.36 91.24 71.00
LVMH..................................................110.60 1.40 132.65 89.12
MUNICH RE.........................................90.34 1.42 126.00 84.67
NOKIA....................................................4.15 0.03 8.49 3.33
REPSOL YPF.......................................18.66 0.44 24.90 17.31
RWE.....................................................26.39 0.87 55.88 24.53
SAINT-GOBAIN...................................32.95 0.81 47.64 27.81
SANOFI ................................................50.62 0.67 56.82 42.85
SAP......................................................36.37 1.12 46.15 32.88
SCHNEIDER ELECTRIC.....................89.30 2.67 123.65 81.17
SIEMENS .............................................70.95 1.72 99.39 66.50
SOCIETE GENERALE.........................21.40 0.40 52.70 20.16
TELECOM ITALIA..................................0.82 -0.01 1.16 0.77
TELEFONICA ......................................14.20 0.12 19.69 13.01
TOTAL..................................................33.19 0.11 44.55 30.34
UNIBAIL-RODAMCO SE...................143.95 2.70 162.95 124.50
UNICREDIT............................................0.89 0.02 2.05 0.86
UNILEVER CVA...................................23.47 -0.05 24.08 20.68
VINCI ....................................................34.72 0.54 45.48 32.05
VIVENDI ...............................................16.15 0.40 22.07 14.10
Price Chg High Low
EUSHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 5205.85 76.43 1.49
FTSE 250 INDEX . . . . . . . 10041.59 119.49 1.20
FTSE UK ALL SHARE . . . . 2699.06 37.96 1.43
FTSE AIMALL SH . . . . . . . . 747.64 1.98 0.27
DOWJONES INDUS 30 . . 11320.71 143.95 1.29
S&P 500. . . . . . . . . . . . . . . . 1177.60 15.25 1.31
NASDAQ COMPOSITE . . . 2467.69 21.63 0.88
FTSEUROFIRST 300 . . . . . . 936.79 12.92 1.40
NIKKEI 225 AVERAGE. . . . 8639.61 -93.40 -1.07
DAX 30 PERFORMANCE. . 5681.08 148.70 2.69
CAC 40 . . . . . . . . . . . . . . . . 3139.55 55.18 1.79
SHANGHAI SE INDEX . . . . 2541.09 -12.93 -0.51
HANG SENG. . . . . . . . . . . 19466.79 -408.74 -2.06
S&P/ASX 20 INDEX . . . . . . 2508.70 -7.90 -0.31
ASX ALL ORDINARIES . . . 4235.70 -4.10 -0.10
BOVESPA SAO PAOLO. . 53795.70 9.07 0.02
ISEQ OVERALL INDEX . . . 2470.30 32.24 1.32
STI . . . . . . . . . . . . . . . . . . . . 2719.90 -45.25 -1.64
IGBM. . . . . . . . . . . . . . . . . . . 847.83 8.17 0.97
SWISS MARKET INDEX. . . 5328.49 97.91 1.87
Price Chg %chg
3M........................................................80.29 0.62 98.19 76.50
ABBOTT LABS....................................51.11 0.60 54.24 45.07
ALCOA.................................................11.87 0.19 18.47 9.92
ALTRIA GROUP..................................26.47 0.04 28.13 22.26
AMAZON.COM..................................193.73 0.18 227.45 122.46
AMERICAN EXPRESS........................48.08 1.66 53.80 37.33
AMGEN INC.........................................54.25 0.63 61.53 47.66
APPLE...............................................376.18 2.58 404.50 236.78
AT&T....................................................29.43 0.45 31.94 26.20
BANK OF AMERICA.............................6.99 0.69 15.31 6.01
BERKSHIRE HATAW B.......................70.75 1.16 87.65 66.51
BOEING CO.........................................61.69 0.92 80.65 56.01
BRISTOL MYERS SQUI ......................28.91 0.15 29.73 20.05
CATERPILLAR....................................85.40 2.42 116.55 63.34
CHEVRON...........................................97.59 0.26 109.94 72.57
CISCO SYSTEMS................................15.46 0.02 24.60 13.30
CITIGROUP.........................................28.45 1.13 51.50 25.40
COCA-COLA.......................................69.68 0.62 69.82 54.97
COLGATE PALMOLIVE......................87.30 0.29 89.43 73.12
CONOCOPHILLIPS.............................66.12 0.41 81.80 52.00
CVS/CAREMARK................................34.44 1.05 39.50 26.84
DU PONT(EI) DE NMR........................46.11 0.69 57.00 38.71
EXXON MOBIL....................................73.54 -0.12 88.23 58.05
GENERAL ELECTRIC.........................15.72 0.18 21.65 14.25
GOOGLE A........................................523.29 4.47 642.96 448.00
HEWLETT PACKARD.........................25.21 0.67 49.39 22.75
HOME DEPOT.....................................34.37 1.26 39.38 27.10
IBM.....................................................166.76 2.44 185.63 122.28
INTEL CORP .......................................19.80 0.09 26.78 17.60
J.P.MORGAN CHASE.........................35.83 1.05 48.36 32.31
JOHNSON & JOHNSON.....................65.53 0.56 68.05 56.99
KRAFT FOODS A................................34.22 0.13 36.30 24.30
MC DONALD'S CORP ........................90.13 0.60 90.15 72.14
MERCK AND CO. NEW......................32.23 0.29 37.68 29.47
MICROSOFT........................................24.90 0.18 29.46 23.32
OCCID. PETROLEUM.........................83.08 0.39 117.89 72.13
ORACLE CORP...................................26.68 0.48 36.50 21.66
PEPSICO.............................................63.70 0.22 71.89 60.10
PFIZER ................................................18.39 0.15 21.45 15.66
PHILIP MORRIS INTL .........................70.14 -0.13 72.74 50.54
PROCTER AND GAMBLE ..................63.31 0.29 67.72 56.57
QUALCOMM INC ................................47.93 -0.13 59.84 37.65
SCHLUMBERGER ..............................76.23 0.10 95.64 52.91
TRAVELERS CIES..............................49.51 0.16 64.17 48.46
UNITED TECHNOLOGIE ....................71.41 1.48 91.83 64.57
UNITEDHEALTH GROUP...................45.91 1.04 53.50 30.82
VERIZON COMMS ..............................36.47 0.51 38.95 29.10
WAL-MART STORES..........................53.37 0.16 57.90 48.31
WALT DISNEY CO ..............................32.51 0.40 44.34 29.60
WELLS FARGO & CO.........................24.43 0.49 34.25 22.58
COMMODITIES CREDIT & RATES
BoE IR Overnight ............................0.500 0.00
BoE IR 7 days.................................0.500 0.00
BoE IR 1 month ..............................0.500 0.00
BoE IR 3 months ............................0.500 0.00
BoE IR 6 months ............................0.500 0.00
LIBOR Euro - overnight ..................0.840 -0.09
LIBOR Euro - 12 months ................2.046 0.00
LIBOR USD - overnight...................0.144 0.00
LIBOR USD - 12 months.................0.794 0.00
HaIifax mortgage rate .....................3.990 0.00
Euro Base Rate ...............................1.500 0.00
Finance house base rate................1.000 0.00
US Fed funds...................................0.250 0.00
US Iong bond yieId .........................3.580 0.13
European repo rate.........................0.816 -0.02
Euro Euribor ....................................1.116 0.00
The vix index ...................................37.32 -3.91
The baItic dry index ........................1.515 -1.21
Markit iBoxx...................................230.05 -0.50
Markit iTraxx..................................166.86 3.64
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
USSHARES
C/$ 1.4414 0.0021
C/ 0.8799 0.0047
C/ 110.65 0.0110
/C 1.1370 0.0035
/$ 1.6385 0.0109
/ 125.78 0.7095
FTSE 100
5205.85
76.43
FTSE 250
10041.59
119.49
FTSE ALLSHARE
2699.06
37.96
DOW
11320.71
143.95
NASDAQ
2467.69
21.63
S&P 500
1177.60
15.25
RPC Group . . . . . . . .305.2 4.7 384.8 209.2
Smiths Group . . . . . .935.5 18.0 1429.0 907.5
Brown (N.) Group . . .263.0 1.7 311.2 221.0
Carpetright . . . . . . . . .519.0 5.5 835.5 513.5
Debenhams . . . . . . . . .57.0 0.3 77.4 56.1
Dignity . . . . . . . . . . . .749.5 22.5 833.0 633.0
Dixons RetaiI . . . . . . .11.9 0.5 28.5 11.3
DuneImGroup . . . . . .440.0 7.8 550.0 371.3
HaIfords Group . . . . .300.9 12.5 504.5 284.8
Home RetaiI Group . .126.6 1.4 235.0 118.1
Inchcape . . . . . . . . . .305.7 9.2 425.4 253.2
JD Sports Fashion . .874.0 9.5 1030.0 726.0
Kesa EIectricaIs . . . .102.1 1.2 174.0 99.7
Kingfisher . . . . . . . . .231.2 4.6 287.1 198.5
Marks & Spencer G . .330.8 2.9 427.5 323.5
Mothercare . . . . . . . .372.7 5.4 627.5 363.6
Next . . . . . . . . . . . . .2280.0 42.0 2426.0 1868.0
Sports Direct Int . . . .208.5 2.3 266.2 103.5
WH Smith . . . . . . . . . .482.4 7.4 523.0 403.6
Smith & Nephew . . . .569.0 6.0 742.0 521.0
Synergy HeaIth . . . . .887.5 10.0 981.0 670.0
Barratt DeveIopme . . .71.1 -0.2 119.0 67.5
BeIIway . . . . . . . . . . . .572.0 4.0 753.5 511.0
YuIe Catto & Co . . . . .168.5 -1.3 253.0 136.8
BaIfour Beatty . . . . . .235.3 4.6 357.3 230.1
KeIIer Group . . . . . . .354.5 8.1 698.5 345.2
Kier Group . . . . . . . .1193.0 29.0 1418.0 970.0
Drax Group . . . . . . . .496.1 14.9 535.0 353.6
Scottish & Southe . .1265.0 21.0 1423.0 1108.0
Domino Printing S . .540.5 0.0 705.0 440.0
HaIma . . . . . . . . . . . . .337.5 1.6 429.6 270.0
Laird . . . . . . . . . . . . . .153.9 -1.0 207.0 121.1
Morgan CrucibIe C . .238.7 2.4 357.1 189.1
Renishaw . . . . . . . . .1240.0 2.0 1886.0 839.5
Spectris . . . . . . . . . .1390.0 17.0 1679.0 869.5
Aberforth SmaIIer . . .600.0 12.5 714.0 507.0
AIIiance Trust . . . . . .332.5 5.5 392.7 307.6
Bankers Inv Trust . . .370.1 5.6 428.0 353.6
BH GIobaI Ltd. GB .1145.0 13.0 1174.0 1058.0
BH GIobaI Ltd. US . . . .11.4 0.0 11.6 10.4
BH Macro Ltd. EUR . . .19.2 0.2 19.2 15.8
BH Macro Ltd. GBP 1969.0 5.0 1978.0 1630.0
BH Macro Ltd. USD . . .19.2 0.3 19.2 15.8
BIackRock WorId M .690.0 21.0 815.5 557.0
BIueCrest AIIBIue . . .168.3 2.2 176.2 162.4
British Assets Tr . . . .117.5 0.5 140.5 113.0
British Empire Se . . .476.4 5.3 533.0 422.5
CaIedonia Investm .1593.0 13.0 1928.0 1543.0
City of London In . . .269.1 4.6 306.9 249.3
Dexion AbsoIute L . .138.3 0.6 151.0 135.2
Edinburgh Dragon . .221.0 3.9 262.1 213.0
Edinburgh Inv Tru . . .450.5 5.5 492.2 392.4
EIectra Private E . . .1431.0 -9.0 1755.0 1289.0
F&C Inv Trust . . . . . .275.8 4.7 327.9 263.8
FideIity China Sp . . . . .86.0 1.5 128.7 80.0
FideIity European . .1042.0 33.0 1287.0 937.5
FideIity SpeciaI . . . . .485.7 13.6 595.0 469.0
HeraId Inv Trust . . . . .457.0 5.0 545.5 383.5
HICL Infrastructu . . . .115.8 0.5 121.3 112.0
Impax Environment . .99.9 0.9 130.5 98.0
JPMorgan American .754.0 32.5 916.0 673.0
JPMorgan Asian In . .202.0 1.0 250.8 196.3
JPMorgan Emerging .512.5 7.5 639.0 499.3
JPMorgan European .765.0 19.0 983.5 641.0
JPMorgan Indian I . . .362.9 0.4 502.0 354.8
JPMorgan Russian .523.0 13.0 755.0 508.0
Law Debenture Cor . .337.8 1.9 385.0 295.1
MercantiIe Inv Tr . . . .947.5 14.0 1137.0 895.0
Merchants Trust . . . .371.0 5.5 431.8 345.0
Monks Inv Trust . . . .329.6 4.4 367.9 292.1
Murray Income Tru . .608.0 10.0 673.0 553.5
Murray Internatio . . .877.5 2.5 991.5 824.0
PerpetuaI Income . . .251.5 2.9 276.0 218.0
PoIar Cap TechnoI . .305.5 6.0 391.2 275.6
RIT CapitaI Partn . . .1270.0 20.0 1334.0 1110.0
Scottish Inv Trus . . . .438.9 11.8 524.0 409.0
Scottish Mortgage . .645.0 9.0 781.0 566.0
SVG CapitaI . . . . . . . .244.3 -0.7 279.8 148.9
TempIe Bar Inv Tr . . .834.0 15.5 952.0 754.0
TempIeton Emergin .564.0 9.0 689.5 539.0
TR Property Inv T . . .170.0 4.9 206.1 142.0
TR Property Inv T . . . .77.2 1.4 94.0 64.5
Witan Inv Trust . . . . .441.0 3.0 533.0 426.1
3i Group . . . . . . . . . . .207.6 6.9 340.0 200.7
3i Infrastructure . . . .120.6 0.5 125.2 112.9
Aberdeen Asset Ma .190.4 0.9 240.0 132.9
Ashmore Group . . . .360.9 7.1 414.5 283.1
Brewin DoIphin Ho . .130.0 0.7 185.4 117.0
CameIIia . . . . . . . . . .8987.5 12.510950.0 8050.0
CharIes TayIor Co . . .145.0 5.0 198.3 122.0
City of London Gr . . . .76.3 -1.0 93.6 74.5
City of London In . . .370.0 10.8 461.5 278.5
CIose Brothers Gr . . .680.5 12.5 888.5 656.5
CoIIins Stewart H . . . .68.0 0.3 90.8 67.3
EvoIution Group . . . . .89.0 2.5 92.0 62.3
F&C Asset Managem .68.0 1.1 92.9 58.0
Hargreaves Lansdo .425.4 -4.2 646.5 386.0
HeIphire Group . . . . . . .2.8 0.0 39.0 2.4
Henderson Group . . .125.5 -0.3 173.1 119.1
Highway CapitaI . . . . .14.5 0.0 21.0 6.0
ICAP . . . . . . . . . . . . . .442.1 14.8 570.5 391.3
IG Group HoIdings . .433.1 14.7 553.0 393.6
Intermediate Capi . . .225.3 10.9 360.3 204.8
InternationaI Per . . . .231.8 1.8 388.8 227.0
InternationaI Pub . . . .115.8 0.2 118.3 108.6
Investec . . . . . . . . . . .402.3 13.3 538.0 378.7
IP Group . . . . . . . . . . . .44.3 -0.5 54.5 27.9
Jupiter Fund Mana . .186.8 -1.2 337.3 184.5
Liontrust Asset M . . . .76.0 -4.0 95.3 72.0
LMS CapitaI . . . . . . . . .60.9 -1.3 64.8 41.5
London Finance & . . .21.5 0.0 23.5 16.5
London Stock Exch .832.0 27.0 1076.0 640.0
Lonrho . . . . . . . . . . . . .15.8 0.0 19.8 10.5
Man Group . . . . . . . . .216.1 20.0 311.0 178.0
Paragon Group Of . .137.8 -2.7 206.1 126.4
Provident Financi . .1066.0 17.0 1116.0 728.5
Rathbone Brothers .1030.0 29.0 1257.0 826.5
Record . . . . . . . . . . . . .29.3 0.0 52.0 20.3
RSM Tenon Group . . .27.0 -1.0 66.3 21.3
Schroders . . . . . . . .1459.0 30.0 1922.0 1330.0
Schroders (Non-Vo .1182.0 22.0 1554.0 1071.0
TuIIett Prebon . . . . . .347.4 8.6 428.6 329.8
WaIker Crips Grou . . .49.0 0.0 51.5 45.0
BT Group . . . . . . . . . .168.9 6.1 204.1 130.6
CabIe & WireIess . . . .32.2 0.6 61.1 31.3
CabIe & WireIess . . . .34.8 -0.3 78.4 34.0
COLT Group SA . . . . .111.5 -0.5 156.2 109.0
TaIkTaIk TeIecom . . .125.7 2.7 168.3 119.8
TeIecomPIus . . . . . . .660.0 25.0 700.0 355.0
Booker Group . . . . . . .68.0 0.8 77.9 43.3
Greggs . . . . . . . . . . . .484.6 2.6 550.5 429.1
Morrison (Wm) Sup .287.4 1.7 308.3 262.7
Ocado Group . . . . . . .119.0 4.5 285.0 113.8
Sainsbury (J) . . . . . . .305.5 2.6 395.0 280.4
Tesco . . . . . . . . . . . . .377.3 0.1 440.7 360.1
Associated Britis . .1049.0 0.0 1182.0 940.0
Cranswick . . . . . . . . .628.0 9.0 896.0 606.0
Dairy Crest Group . . .356.0 7.0 424.9 334.1
Devro . . . . . . . . . . . . .243.0 -1.0 296.9 218.0
Premier Foods . . . . . . .13.0 -0.8 35.1 12.9
Tate & LyIe . . . . . . . . .580.0 10.0 656.0 409.1
UniIever . . . . . . . . . .2043.0 1.0 2072.0 1688.0
Mondi . . . . . . . . . . . . .500.5 6.0 664.0 447.0
Centrica . . . . . . . . . . .308.0 4.6 346.1 287.3
InternationaI Pow . . .307.3 5.6 448.6 279.4
NationaI Grid . . . . . . .611.0 14.5 632.5 530.0
Northumbrian Wate .459.1 0.1 469.5 295.5
Pennon Group . . . . . .641.0 1.5 737.5 560.0
Severn Trent . . . . . .1457.0 23.0 1517.0 1288.0
United UtiIities . . . . .586.5 7.0 632.0 543.5
Cookson Group . . . . .479.9 16.9 724.5 412.3
DS Smith . . . . . . . . . .187.4 2.7 266.2 125.8
Rexam . . . . . . . . . . . .348.9 3.8 400.0 293.0
GIencore Internat . . .389.6 22.2 531.1 348.0
BAE Systems . . . . . .266.9 8.1 369.9 248.1
Chemring Group . . . .509.5 10.9 736.5 485.0
Cobham . . . . . . . . . . .181.5 3.7 245.6 173.4
Meggitt . . . . . . . . . . . .323.8 9.3 397.6 261.7
QinetiQ Group . . . . . .116.6 2.7 136.3 96.7
RoIIs-Royce Group . .602.0 15.5 665.0 553.0
Senior . . . . . . . . . . . . .148.6 5.7 190.6 111.2
UItra EIectronics . . .1399.0 50.0 1895.0 1305.0
GKN . . . . . . . . . . . . . .183.5 6.5 245.0 138.5
BarcIays . . . . . . . . . . .149.6 4.2 333.6 142.1
HSBC HoIdings . . . . .514.9 2.8 730.9 507.3
LIoyds Banking Gr . . .30.1 1.8 77.6 27.6
RoyaI Bank of Sco . . .21.9 1.9 50.2 19.7
Standard Chartere .1335.0 13.5 1950.0 1317.0
AG Barr . . . . . . . . . .1165.0 -13.0 1395.0 1031.0
Britvic . . . . . . . . . . . . .309.3 0.1 503.5 302.0
Diageo . . . . . . . . . . .1118.0 -4.0 1307.0 1050.0
SABMiIIer . . . . . . . . .2124.0 37.0 2340.0 1841.0
AZ EIectronic Mat . . .211.0 1.0 338.1 208.0
Croda Internation . .1738.0 80.0 2081.0 1230.0
EIementis . . . . . . . . . .141.1 5.2 187.4 86.0
Johnson Matthey . .1711.0 44.0 2119.0 1550.0
Victrex . . . . . . . . . . .1248.0 32.0 1590.0 1076.0
Price Chg High Low
BerkeIey Group Ho .1062.0 14.0 1299.0 789.5
Bovis Homes Group .339.8 3.7 464.7 326.5
Persimmon . . . . . . . .408.7 12.7 502.5 336.5
Reckitt Benckiser . .3269.0 -17.0 3648.0 3015.0
Redrow . . . . . . . . . . . .114.0 3.9 139.0 97.6
TayIor Wimpey . . . . . . .29.5 0.4 43.3 22.3
Bodycote . . . . . . . . . .271.0 6.3 397.7 214.5
Charter Internati . . . .728.0 -19.0 853.5 538.5
Fenner . . . . . . . . . . . .320.1 7.5 422.5 198.0
IMI . . . . . . . . . . . . . . . .785.5 24.0 1119.0 657.5
MeIrose . . . . . . . . . . .294.0 -1.0 365.4 205.4
Northgate . . . . . . . . . .267.0 -0.3 346.7 180.8
Rotork . . . . . . . . . . .1565.0 8.0 1895.0 1501.0
Spirax-Sarco Engi . .1702.0 11.0 2063.0 1562.0
Weir Group . . . . . . .1748.0 28.0 2218.0 1130.0
Ferrexpo . . . . . . . . . . .339.0 7.3 499.0 278.0
TaIvivaara Mining . . .309.0 2.0 622.0 297.2
BBAAviation . . . . . . .157.9 1.9 240.8 152.8
Stobart Group Ltd . . .130.0 -0.4 163.6 124.1
AdmiraI Group . . . . .1353.0-182.0 1754.0 1331.0
AmIin . . . . . . . . . . . . .295.0 -13.4 427.0 295.0
Huntsworth . . . . . . . . .64.5 -1.5 86.0 59.8
Informa . . . . . . . . . . . .332.1 -0.9 461.1 326.7
ITE Group . . . . . . . . . .165.6 -0.2 258.2 151.0
ITV . . . . . . . . . . . . . . . . .56.9 1.2 93.5 54.2
Johnston Press . . . . . . .5.2 0.2 16.3 4.4
MecomGroup . . . . . .165.0 0.0 310.0 163.0
Moneysupermarket. .106.8 -0.2 120.4 70.3
Pearson . . . . . . . . . .1081.0 15.0 1207.0 926.0
PerformGroup . . . . .160.0 0.0 234.5 150.0
Reed EIsevier . . . . . .490.2 7.9 590.5 461.3
Rightmove . . . . . . . .1140.0 29.0 1250.0 596.5
STV Group . . . . . . . . .107.0 -2.0 168.0 89.3
Tarsus Group . . . . . .149.0 3.0 165.0 112.5
Trinity Mirror . . . . . . . .45.5 -0.3 124.0 37.5
United Business M . .433.8 -1.5 725.0 425.5
UTV Media . . . . . . . . .115.0 5.0 151.0 101.0
WiImington Group . . .91.5 -1.5 183.0 91.5
WPP . . . . . . . . . . . . . .623.0 43.0 846.5 578.5
YeII Group . . . . . . . . . . .5.0 0.1 17.8 4.7
African Barrick G . . .534.5 -14.5 638.0 393.5
AngIo American . . .2287.0 53.0 3437.0 2212.5
AngIo Pacific Gro . . .293.4 -2.4 369.3 253.5
Antofagasta . . . . . . .1203.0 -3.0 1634.0 977.5
Aquarius PIatinum . .239.3 10.1 419.0 216.9
BHP BiIIiton . . . . . . .1932.5 42.5 2631.5 1767.0
BeazIey . . . . . . . . . . . .113.0 -1.1 139.2 109.6
CatIin Group Ltd. . . .364.9 -2.3 421.4 325.0
Hiscox Ltd. . . . . . . . . .348.4 1.4 424.7 341.5
Jardine LIoyd Tho . . .628.0 12.0 709.0 561.0
Lancashire HoIdin . . .649.0 -3.0 700.0 522.0
RSA Insurance Gro . .115.7 2.0 143.5 109.5
Aviva . . . . . . . . . . . . . .327.4 8.6 477.9 315.3
LegaI & GeneraI G . . .100.3 4.9 123.8 89.4
OId MutuaI . . . . . . . . .114.3 3.2 145.2 103.2
Phoenix Group HoI . .521.5 -7.0 758.0 458.0
PrudentiaI . . . . . . . . .605.0 15.0 777.0 547.0
ResoIution Ltd. . . . . .259.0 3.4 316.1 211.3
St James's PIace . . . .319.0 2.5 376.0 236.2
Standard Life . . . . . . .199.8 5.6 244.7 172.0
4Imprint Group . . . . .225.0 -2.5 295.0 195.0
Aegis Group . . . . . . .135.8 2.3 163.5 110.7
BIoomsbury PubIis . . .99.3 -3.0 138.0 98.8
British Sky Broad . . .633.5 15.0 850.0 616.0
Centaur Media . . . . . . .39.0 0.0 73.0 37.0
Chime Communicati .182.0 -19.0 298.5 180.5
Creston . . . . . . . . . . . .91.5 0.5 121.0 78.5
DaiIy MaiI and Ge . . .380.9 -5.8 594.5 363.3
Euromoney Institu . .570.0 -5.5 736.0 563.0
Future . . . . . . . . . . . . . .12.0 -1.5 30.0 11.0
Haynes PubIishing . .231.0 1.0 262.5 202.5
Centamin Egypt Lt . .105.6 -0.7 197.1 89.7
Eurasian NaturaI . . .619.0 7.0 1125.0 585.5
FresniIIo . . . . . . . . . .1872.0 -20.0 2039.0 997.5
GemDiamonds Ltd. .198.0 4.0 306.0 179.8
HochschiId Mining . .460.8 -1.1 680.0 320.5
Kazakhmys . . . . . . . .948.0 16.5 1671.0 917.5
Kenmare Resources . .42.0 1.7 59.9 16.3
Lonmin . . . . . . . . . . .1167.0 22.0 1983.0 1103.0
New WorId Resourc .570.0 20.0 1060.0 514.5
PetropavIovsk . . . . . .786.0 -3.5 1252.0 676.0
RandgoId Resource 6410.0-230.0 6870.0 4425.0
Rio Tinto . . . . . . . . .3505.5 79.5 4712.0 3105.0
Vedanta Resources 1262.0 37.0 2559.0 1213.0
Xstrata . . . . . . . . . . . .986.5 48.3 1550.0 917.2
Inmarsat . . . . . . . . . . .456.7 13.8 724.5 389.7
Vodafone Group . . . .168.0 3.4 181.9 149.4
Genesis Emerging . .455.1 8.9 568.0 444.5
Afren . . . . . . . . . . . . . . .99.3 2.0 171.2 92.5
BG Group . . . . . . . . .1267.5 17.0 1564.5 1049.5
BP . . . . . . . . . . . . . . . .399.3 3.2 509.0 375.2
Cairn Energy . . . . . . .301.0 7.1 472.3 281.4
EnQuest . . . . . . . . . . .110.3 3.9 158.5 98.0
Essar Energy . . . . . .251.6 -3.9 589.5 243.7
ExiIIon Energy . . . . . .297.1 -0.9 469.7 172.0
Heritage OiI . . . . . . . .218.3 4.1 486.0 190.0
JKX OiI & Gas . . . . . .192.0 -2.7 335.1 190.0
Premier OiI . . . . . . . . .350.0 10.7 535.0 327.3
RoyaI Dutch SheII . .1972.0 18.5 2326.5 1703.0
RoyaI Dutch SheII . .1987.0 23.0 2336.0 1642.0
SaIamander Energy .228.8 5.3 317.6 210.0
Soco Internationa . . .293.9 9.0 484.2 279.8
TuIIow OiI . . . . . . . . .1026.0 79.5 1493.0 945.5
Amec . . . . . . . . . . . . .915.5 -5.0 1251.0 834.0
Hunting . . . . . . . . . . .656.5 7.0 817.0 554.0
John Wood Group . .554.5 12.0 715.8 350.4
LampreII . . . . . . . . . . .272.4 -1.1 395.2 223.9
Petrofac Ltd. . . . . . .1234.0 35.0 1685.0 1110.0
Burberry Group . . . .1210.0 11.0 1600.0 820.5
PZ Cussons . . . . . . . .346.0 -4.0 409.0 320.5
Supergroup . . . . . . . .885.0 -13.5 1820.0 818.5
AstraZeneca . . . . . .2873.5 41.0 3385.0 2543.5
BTG . . . . . . . . . . . . . .252.0 -0.3 309.7 200.1
Genus . . . . . . . . . . . . .900.0 -5.0 1046.0 711.0
GIaxoSmithKIine . . .1319.0 21.5 1385.0 1127.5
Hikma Pharmaceuti .615.0 -7.0 900.0 561.5
Shire PIc . . . . . . . . . .2012.0 33.0 2136.0 1376.0
CapitaI & Countie . . .161.0 -1.0 203.7 115.5
Daejan HoIdings . . .2574.0 45.0 2954.0 2282.0
F&C CommerciaI Pr .103.6 0.9 108.0 88.0
Grainger . . . . . . . . . . . .98.5 1.1 133.2 86.3
London & Stamford .120.0 -0.2 140.0 110.3
SaviIIs . . . . . . . . . . . . .311.0 2.7 427.1 296.6
St. Modwen Proper . .133.9 0.5 196.2 133.0
UK CommerciaI Pro . .80.7 0.5 85.5 70.4
Unite Group . . . . . . . .163.4 10.5 229.8 152.9
Big YeIIow Group . . .237.2 -0.7 353.3 236.9
British Land Co . . . . .538.5 7.0 629.5 447.5
CapitaI Shopping . . .320.5 5.5 424.8 312.5
Derwent London . . .1570.0 15.0 1880.0 1374.0
Great PortIand Es . . .357.0 1.7 445.0 310.7
Hammerson . . . . . . . .399.0 5.7 490.9 352.2
Hansteen HoIdings . . .75.2 -0.8 89.5 62.4
Land Securities G . . .736.0 -5.0 885.0 598.0
SEGRO . . . . . . . . . . . .247.2 2.3 331.3 232.4
Shaftesbury . . . . . . . .469.0 1.6 539.0 404.0
Autonomy Corporat 2494.0 4.0 2508.0 1271.0
Aveva Group . . . . . .1497.0 33.0 1799.0 1385.0
Computacenter . . . . .379.0 16.2 490.0 276.2
Fidessa Group . . . . .1545.0 -5.0 2109.0 1350.0
Invensys . . . . . . . . . . .243.1 7.2 364.3 221.7
Kofax . . . . . . . . . . . . .317.6 5.6 535.0 231.0
Logica . . . . . . . . . . . . .80.3 -1.1 147.2 80.1
Micro Focus Inter . . .279.0 6.1 426.2 239.4
Misys . . . . . . . . . . . . .264.0 4.0 420.2 234.7
Sage Group . . . . . . . .245.7 0.5 302.0 231.7
SDL . . . . . . . . . . . . . . .642.0 11.5 711.5 534.0
TeIecity Group . . . . . .531.0 6.5 559.5 430.0
Aggreko . . . . . . . . . .1763.0 8.0 2034.0 1351.3
Ashtead Group . . . . .101.0 1.6 207.9 77.0
Atkins (WS) . . . . . . . .523.5 -16.0 820.0 518.0
Babcock Internati . . .601.5 -1.0 733.0 492.8
Berendsen . . . . . . . . .503.0 10.8 568.0 363.1
BunzI . . . . . . . . . . . . .731.5 4.0 801.0 676.5
Capita Group . . . . . . .694.5 4.5 794.5 635.5
CariIIion . . . . . . . . . . .323.0 11.7 403.2 291.2
De La Rue . . . . . . . . .785.5 -4.0 853.5 549.5
EIectrocomponents .199.5 6.8 294.9 190.0
Experian . . . . . . . . . . .672.0 1.5 833.5 606.0
FiItrona PLC . . . . . . . .337.3 22.4 385.5 227.5
G4S . . . . . . . . . . . . . . .271.6 7.2 291.0 237.7
Hays . . . . . . . . . . . . . . .74.0 2.1 133.6 69.4
Homeserve . . . . . . . .457.3 5.9 532.0 408.0
Howden Joinery Gr . . .95.4 0.6 127.5 63.0
Intertek Group . . . . .1937.0 63.0 2148.0 1675.0
MichaeI Page Inte . . .378.1 15.6 567.0 350.7
Mitie Group . . . . . . . .214.1 1.2 242.5 188.7
Premier FarneII . . . . .174.0 -1.8 308.8 168.4
Regus . . . . . . . . . . . . . .67.3 0.3 119.0 65.0
RentokiI InitiaI . . . . . . .77.0 0.3 107.1 74.5
RPS Group . . . . . . . . .194.3 1.0 253.0 169.9
Serco Group . . . . . . .511.0 -21.0 633.0 491.4
Shanks Group . . . . . .114.9 -0.2 130.9 96.5
SIG . . . . . . . . . . . . . . .106.5 4.6 153.5 90.7
SThree . . . . . . . . . . . .240.0 0.6 447.6 231.1
Travis Perkins . . . . . .771.0 21.0 1127.0 723.5
WoIseIey . . . . . . . . .1459.0 24.0 2261.0 1223.0
ARM HoIdings . . . . . .530.0 16.0 651.0 330.0
CSR . . . . . . . . . . . . . .227.2 6.2 447.0 219.0
Imagination Techn . .328.0 14.0 502.0 296.9
Pace . . . . . . . . . . . . . .104.1 9.7 231.8 91.0
Spirent Communica .120.1 1.3 160.3 116.0
British American . .2725.0 -3.0 2871.0 2181.0
ImperiaI Tobacco . .2045.0 -23.0 2231.0 1784.0
Avis Europe . . . . . . . .312.6 0.4 313.0 184.0
Betfair Group . . . . . . .600.0 4.0 1550.0 567.0
Bwin.party Digita . . .102.9 1.8 297.9 100.6
CarnivaI . . . . . . . . . .1816.0 66.0 3153.0 1742.0
Compass Group . . . .540.0 6.5 612.0 511.5
Domino's Pizza UK . .481.5 -3.9 586.0 377.0
easyJet . . . . . . . . . . . .320.9 3.1 479.0 301.0
Enterprise Inns . . . . . .38.3 -0.9 122.7 37.8
FirstGroup . . . . . . . . .347.9 0.6 412.6 311.3
Go-Ahead Group . . .1472.0 46.0 1598.0 1073.0
Greene King . . . . . . .432.8 4.5 518.0 403.8
InterContinentaI . . . .969.0 14.0 1435.0 949.5
InternationaI Con . . .166.0 2.0 305.0 162.4
JD Wetherspoon . . . .402.0 -0.1 468.3 389.9
Ladbrokes . . . . . . . . .122.3 -1.9 155.3 120.3
Marston's . . . . . . . . . . .92.0 3.1 117.1 87.1
MiIIennium& Copt . .412.6 2.6 600.5 403.0
MitcheIIs & ButIe . . . .235.9 0.4 361.0 229.1
NationaI Express . . .227.7 2.2 270.2 220.7
Rank Group . . . . . . . .123.1 1.5 153.7 103.3
Restaurant Group . . .269.9 0.2 335.0 238.3
Spirit Pub Compan . . .42.0 0.4 55.0 37.0
Stagecoach Group . .241.9 -2.8 268.5 170.0
Thomas Cook Group .44.4 0.6 204.8 43.4
TUI TraveI . . . . . . . . . .151.1 2.3 271.9 147.0
Whitbread . . . . . . . .1441.0 -4.0 1887.0 1368.0
WiIIiamHiII . . . . . . . . .209.9 -9.2 237.3 155.5
Abcam . . . . . . . . . . . .339.0 9.5 460.0 307.0
AIbemarIe & Bond . .385.5 -4.5 400.1 237.0
Amerisur Resource . .17.0 0.5 29.0 11.5
Andor TechnoIogy . .540.0 0.0 685.0 311.0
ArchipeIago Resou . . .71.5 0.0 79.0 32.3
ASOS . . . . . . . . . . . .1805.0 50.0 2468.0 908.0
AureIian OiI & Ga . . . .46.0 1.8 92.0 42.5
Avanti Communicat .304.5 8.8 735.0 288.8
Avocet Mining . . . . . .257.8 -3.0 263.8 112.0
BIinkx . . . . . . . . . . . . .102.3 2.0 148.8 69.0
Borders & Souther . . .48.5 1.3 93.0 44.8
BowLeven . . . . . . . . .120.0 3.0 398.0 115.3
Brooks MacdonaId 1017.5 0.0 1372.5 907.5
CaIedon Resources .111.3 -0.3 112.0 46.0
Conygar Investmen . .95.5 -1.8 120.0 95.4
Cove Energy . . . . . . . .68.8 -2.0 112.8 57.0
Daisy Group . . . . . . .109.1 0.6 127.0 88.0
EMIS Group . . . . . . . .555.0 0.0 580.0 303.5
Encore OiI . . . . . . . . . .43.5 -0.8 151.5 40.8
Faroe PetroIeum . . . .159.0 21.0 218.3 133.0
GuIfsands PetroIe . . .144.0 -2.0 401.5 140.9
GWPharmaceuticaI .100.8 -1.0 130.0 83.0
Hamworthy . . . . . . . .510.5 15.5 705.0 330.0
Hargreaves Servic . .883.0 8.0 1076.0 605.0
HeaIthcare Locums . .84.6 0.0 84.6 84.6
Immunodiagnostic .1070.0 11.0 1218.0 725.0
ImpeIIamGroup . . . .310.0 9.3 387.5 122.0
James HaIstead . . . . .460.0 0.0 495.0 315.0
KaIahari MineraIs . . .233.0 4.5 301.0 142.0
London Mining . . . . .298.0 3.0 436.5 248.0
Lupus CapitaI . . . . . . .92.0 -3.0 150.0 80.0
M. P. Evans Group . .409.5 -0.5 500.5 356.0
Majestic Wine . . . . . .420.0 3.5 510.0 306.0
May Gurney Integr . .250.3 -2.3 295.0 177.0
Monitise . . . . . . . . . . . .33.0 -1.0 39.0 18.5
MuIberry Group . . . .1475.0 46.0 1920.0 335.0
Nanoco Group . . . . . . .61.0 -1.0 115.8 57.5
NauticaI PetroIeu . . .250.0 3.0 547.0 151.0
NichoIs . . . . . . . . . . . .526.3 6.3 579.0 410.0
Numis Corporation . . .93.0 -1.0 146.5 91.9
Pan African Resou . . .13.0 -0.3 13.8 6.2
Patagonia GoId . . . . . .60.3 -1.5 68.0 15.3
Prezzo . . . . . . . . . . . . .59.4 0.4 71.5 42.8
Pursuit Dynamics . . .199.5 1.5 700.0 160.5
Rockhopper ExpIor .221.0 6.8 510.0 141.0
RWS HoIdings . . . . . .440.0 2.0 479.8 255.0
Songbird Estates . . .117.0 0.0 160.3 110.3
VaIiant PetroIeum . . .510.0 10.0 761.5 490.3
Young & Co's Brew . .630.0 -20.0 712.0 525.0
Pace . . . . . . . . . . . . . .104.1 10.2
Man Group . . . . . . . . .216.1 10.2
RoyaI Bank of Scot . . .21.9 9.4
TuIIow OiI . . . . . . . . .1026.0 8.4
WPP . . . . . . . . . . . . . .623.0 7.4
FiItrona PLC . . . . . . .337.3 7.1
Unite Group . . . . . . . .163.4 6.9
LIoyds Banking Gro . .30.1 6.4
GIencore Internati . . .389.6 6.0
Xstrata . . . . . . . . . . . .986.5 5.2
AdmiraI Group . . . . .1353.0 -11.9
Premier Foods . . . . . . .13.0 -5.9
AmIin . . . . . . . . . . . . .295.0 -4.4
WiIIiam HiII . . . . . . . . .209.9 -4.2
Serco Group . . . . . . .511.0 -4.0
RandgoId Resources6410.0 -3.5
Atkins (WS) . . . . . . . .523.5 -3.0
African Barrick Go . .534.5 -2.6
Charter Internatio . . .728.0 -2.5
Enterprise Inns . . . . . .38.3 -2.4
Risers FaIIers
MAIN CHANGES UK 350
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
Price Chg High Low Price Chg High Low
GILTS
AEROSPACE & DEFENCE
CONSTRUCTION & MATERIALS
ELECTRICITY
ELECTRONIC & ELECTRICAL EQ.
EQUITY INVESTMENT INSTRUM.
FINANCIAL SERVICES
FIXED LINE TELECOMS
FOOD & DRUG RETAILERS
FOOD PRODUCERS
FORESTRY & PAPER
GAS, WATER & MULTIUTILITIES
GENERAL RETAILERS
HEALTH CARE EQUIPMENT & S.
HHOLD GDS & HOME CONSTR.
INDUSTRIAL ENGINEERING
INDUSTRIAL TRANSPORTATION
MEDIA
LIFE INSURANCE
PERSONAL GOODS
PHARMACEUTICALS & BIOTECH
REAL ESTATE INVEST. & SERV.
SOFTWARE & COMPUTER SERV.
SUPPORT SERVICES
TECHNOLOGY HARDW. & EQUIP.
TOBACCO
TRAVEL & LEISURE
AIM 50
NON LIFE INSURANCE
REAL ESTATE INVEST. TRUSTS
http://corporate.webfg.com
mailto:
globaltechsales@webfg.com
AUTOMOBILES & PARTS
BANKS
ALTERNATIVE ENERGY
CHEMICALS
BEVERAGES
GENERAL INDUSTRIALS
MOBILE TELECOMS
OIL & GAS PRODUCERS
OIL EQUIPMENT & SERVICES
MINING
NONEQUITY INVESTM. COMM.
Tsy 3.250 11 . . . . .100.66 -0.01 103.5 100.7
Tsy 9.000 12 . . . .107.92 0.00 115.8 106.7
Tsy 5.000 12 . . . .102.35 -0.02 106.8 102.3
Tsy 5.250 12 . . . .103.66 -0.02 108.1 103.6
Tsy 4.500 13 . . . .105.95 -0.03 109.2 105.8
Tsy 2.500 13 . . . .285.37 -0.06 287.7 277.5
Tsy 8.000 13 . . . . .115.27 -0.04 121.3 115.2
Tsy 5.000 14 . . . . .112.22 -0.20 114.1 109.2
Tsy 4.750 15 . . . . .114.11 -0.28 114.8 108.6
Tsy 8.000 15 . . . .128.34 -0.29 131.6 123.7
Tsy 7.750 15 . . . .102.65 0.39 342.1 102.3
Tsy 4.000 16 . . . . .112.35 -0.38 113.1 104.9
Tsy 2.500 16 . . . .338.62 -0.39 340.9 310.2
Tsy 8.750 17 . . . .140.03 -0.48 142.2 132.9
Tsy 12.000 17 . . .124.75 -0.60 185.9 124.8
Tsy 1.250 17 . . . . .113.71 -0.52 115.0 106.7
Tsy 5.000 18 . . . . .119.48 -0.52 120.8 109.7
Tsy 4.500 19 . . . . .116.75 -0.69 118.2 105.4
Tsy 3.750 19 . . . . .111.06 -0.72 112.5 99.4
Tsy 2.500 20 . . . .349.95 -0.80 355.6 312.4
Tsy 4.750 20 . . . . .118.63 -0.74 120.2 106.6
Tsy 8.000 21 . . . .148.12 -0.64 150.2 133.8
Tsy 1.875 22 . . . .120.78 -0.95 122.8 111.3
Tsy 4.000 22 . . . . .111.08 -0.82 112.8 99.0
Tsy 2.500 24 . . . .310.33 -1.06 316.1 273.5
Tsy 5.000 25 . . . .120.96 -0.96 122.8 107.4
Tsy 4.250 27 . . . . .111.02 -0.81 112.7 97.9
Tsy 1.250 27 . . . . .116.20 -0.92 118.6 104.6
Tsy 6.000 28 . . . .134.61 -0.80 136.6 119.5
Tsy 4.750 30 . . . . .117.23 -0.64 118.9 103.0
Tsy 4.125 30 . . . .295.55 -0.62 300.8 261.2
Tsy 4.250 32 . . . .109.77 -0.67 111.4 96.0
Tsy 4.250 36 . . . .108.59 -0.64 110.3 95.0
Tsy 4.750 38 . . . . .117.35 -0.69 119.4 102.8
Tsy 4.500 42 . . . . .114.03 0.00 114.3 98.9
% %
Wealth Management | Markets
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T
HE best CV Ive ever received
came from a well-respected
FTSE non-executive director
who managed to squeeze his
already successful career onto a sin-
gle page. I love to receive CVs, but
paragraphs of superlatives and
hyperbole are not very useful.
Recruiters work to find candidates
who fulfil their clients concrete
requirements. We look for evidence
that you could be sold as a certain
type of person: two years experience
of doing this, a degree in that, for
example. Basic information. Dont
risk losing those facts under a med-
ley of words.
OVERSELLING YOURSELF
LinkedIn can be criminal in this
respect. Candidates do not need to
say everything about themselves on
their profile. Contrary to what many
believe, you might be in danger of
overplaying your achievements if
you do this. You dont want a
recruiter to feel disappointed when
they meet you.
Many recruiters conduct their
assessments by phone and email. I
prefer to meet face-to-face. I do this
because it is surprising how often
people who seem impressive on
paper dont measure up in person.
INTERVIEW READY
This means that you must be inter-
view-ready if you approach a
recruiter. While these meetings
might be sold to you as a chat (I
dont, but some do), they are a pre-
liminary interview. Many people
dont realise this. For example, I
recently interviewed someone who
spoke non-stop for 20 minutes before
stopping to suggest that I might like
to ask some questions. I did but by
then I had already lost interest
interviews are a two way process.
Many people look to recruiters to
help them move into a new sector.
Occasionally this happens, but look-
ing for what a client has asked for
comes first.
UNDERSTANDING THE RECRUITER
You need to try to understand the
employers motivation for enlisting
the help of a headhunter. They are
hoping to minimise the number of
left field candidates that end up on
their desk. They want a safe pair of
hands that they can feel confident
about why else would they pay
someone to look for them?
Most importantly, try not to be
put off if you dont get something
you feel qualified for straightaway.
The job of a recruiter is to put excel-
lent candidates in front of an
employer. This can often mean com-
petitions with more than 200 appli-
cants. You need to accept these are
tough odds no matter how good you
are. Think of it as good interview
practice.
UNFAIR TREATMENT
And one final thought: if you feel
like you are not being treated fairly
by the headhunter or recruitment
firm, I would suggest that you gently
remind them that you could one day
become a client.
Edward Wild is the founder of Wild
Search, a headhunter that specialises in
leadership and non-executive appoint-
ments. Former clients include Odey Asset
Management, Conde Nast, the Law Society
and the Country Land and Business
Association. www.wildsearch.org
W
HETHER its striking a deal
with a client or discussing
your bonus with your boss,
negotiation is a fact of life
for those in the City. Indeed,
its a skill that you need
to master if you want
to do well at work.
Since every career
coach and manage-
ment guru seems
to have a differ-
ent view on how
best to master
this art, we
decided to
track down
someone
who defi-
n i t e l y
knows.
Alex Deane is a barrister, world debat-
ing champion and a director at the
public affairs company Bell Pottinger.
Here are his top five tips.
1. KNOW YOUR MATERIAL
Being the master of your material
may seem dull, but its absolutely
necessary, says Deane, Scrabbling
about in your folder or even worse
ad-libbing, will undermine your argu-
ment. A good negotiator does their
homework in advance. But to some
extent this comes down to how good
you are at your job and isnt really
about negotiation.
2. PREPARE YOUR REBUTTAL
You should aim to minimise the
amount of time you spend talking
about the things youre less comfort-
Learn the art
of persuasion
from a master
Business Features| Careers
Understanding the headhunting game
There are better
ways to get your
way at work
Picture: ALAMY
Make sure you stand out in the recruiters sights Picture: GETTY
EDWARD WILD
HEADHUNTER
Donata Huggins asks world debating
champion, barrister and PR expert
Alex Deane for his top negotiation tips
22
able with, says Deane. But if youre
caught short, you must not bluff, espe-
cially if you are being recorded in any
way.
There are ways to reduce the dam-
age caused by conceding ignorance,
though. Deane says specific questions
can be avoided by copying rhetorical
techniques used by the Prime Minister
at Question Time: If an opponent
asks the Prime Minister a question
like how many hospital beds are there
are in Crewe?, for instance, Cameron
can simple turn around and say of
course, I dont know the specifics in
this case, but if you care so much
about it, I will find out. A reasonable
person will accept this type of
answer.
3. KEEP IT BRIEF
Short points are good points. They
give less time for your opponent to sit
and contemplate what you are saying
while youre waffling on, says Deane.
Sometimes this can sound abrupt in a
friendly discussion, but simply talk-
ing to fill the silence will muddle
your argument.
4. REHEARSE
This can feel artificial, but believe
me, you never want to go into a nego-
tiation and be making an argument
for the first time. Ask your colleagues
or friends to help you rehearse your
argument with you. Do your best to
anticipate what their responses
might be and how to best rebut to
them. The best way to prepare is to
think about the end goal that you
want to achieve and work back-
wards, says Deane. This will make
you sound calmer and more persua-
sive when it comes around to the real
thing.
5. KNOW WHEN TO WALK AWAY
Never enter a negotiation without
knowing precisely where you will
walk away. You must be firm and
clear about your bottom line. Of,
course, there are likely to be things
youre willing to concede if the dis-
cussion gets difficult, but you need to
decide what these are in advance and
plan how and when youre going to
compromise on them.
Do you have a career conundrum? Or
just need a little more direction?
We would love to hear from you and
help you solve it and are happy to
preserve your anonymity.
Email: donata.huggins@cityam.com
or tweet @donatahuggins to let us
know.
GET IN TOUCH | CAREERS
BACK AND BEYOND
BY C. J. BOX
Corvus 7.99
hhhii
D
OES the name C.J. Box sound familiar
to you? Perhaps not, as the Wyoming-
dwelling, cowboy hat sporting best-
selling writer has been a US hit for
some time, but is only now being pushed
on this side of the pond.
If you do know of Box, youll know of him
for his Joe Pickett series, from which Back
of Beyond is a notable break. Fans of Joe
wont be disappointed, though, with this
typically heavy-breathing thriller involving
murder and the Wild West. Box is more
than qualified to write about skullduggery
in the American wilds: hes been a ranch
hand, surveyor, fishing guide and small
town newspaper reporter (and now, funnily
enough, runs a tourism business with his
wife).
In Back of Beyond, we find a classic hero
(troubled, drinking problem) faced with
murder. Said hero is one Detective Cody
Hoyt (he would be called that), who leads
the way through a dangerous, murky cover-
up with courage, intuition and a nifty way
with juicy moral dilemmas.
As for the murder and Hoyts motive for
solving it: the murderee is Hoyts own AA
sponsor (see? Told you we have a troubled
hero) burnt to a cinder in his own wilder-
ness shack.
At first it appears to be an accident, but a
a computer hard-drive recovered from the
scene of the death suggests that something
more sinister is going on, and leads Cody
on a trip to Yellowstone National Park
where his own son happens to be heading.
Could Hoyt Jr be next?
A surprisingly complex but rewarding
plot answers this and thousands of other
questions: we dare you to try to figure out
the mystery before the end. Grab this book
for any late-summer holidays or for a bit of
escapism if your summer break has been
and gone.
INVISIBLE ONES
BY STEF PENNEY
Quercus, 18.99
hhiii
T
HERES nothing appealing about the
cover of The Invisible Ones: a watery
infinity with dead trees and a lone,
abandoned rowboat in the fore-
ground. All is grey. Unfortunately, its a
rather fitting cover for a book that just
doesnt seem to have the verve and imagi-
nation required of literary thrillers.
Why bother mentioning it then?
Because Stef Penneys previous outing,
The Tenderness of Wolves, won awards
and topped bestseller lists. But despite bor-
rowing more than a few of that books
ideas and flourishes, the setting has
switched for the worse: goodbye Canada,
hello British caravan park.
But its well-written and the plot isnt
without interest. Rose Janko, who married
into a traveling gypsy family, has been
missing for seven years. Enter Ray Lovell, a
small-time PI whose insiders card is that
he is of gypsy descent himself. Yet even
that wont melt the Jankos, who seem
curiously resistant to finding out the
truth about Rose.
If youre new to Penney, you may enjoy
this. If you read and liked The Tenderness
of Wolves, youre likely to be
disappointed.
Barnes thrills with English
storytelling at its terse best
Julian Barnes at home
in London.
A novella about
memory is moving
but understated, says
Zoe Strimpel
THE SENSE OF AN ENDING
BY JULIAN BARNES
Jonathan Cape, 12.99
hhhhi
I
N the past, I have found Julian Barnes
most famously author of Flauberts
Parrot less tractable than his con-
temporaries. If given the choice
between Ian McEwan of whose even-
shorter novella On Chesil Beach this book
reminds me or Martin Amis, Id have
always gone for the latter two.
But with The Sense of An Ending, this
has changed. Maybe its because Im get-
ting older and the book deals with time
and memory and the ways in which the
two meet and clash over history.
Barness narrator is a sixty something
man who has lived a quiet life. Theres
nothing extraordinary about Tony
Webster not his schooldays, his universi-
ty career, job, wife, divorce or daughter.
But he does cast an eye to the past in a
more ruminative way than most and we
know he has been interested in history
and its recording since he was a teenager.
The story begins in Tonys schooldays in
the 1960s (which were more like the 1950s
for most people, as he points out). It recalls
his small group of friends, elevated by the
arrival of the particularly deep-thinking,
Cambridge scholarship-winning Adrian
Finn. The friends have intellectual argu-
ments and say things like: Thats philo-
sophically self-evident to each other its
a different world from today, of course,
where school friends would be more like-
ly to compare vomiting stories from big
nights out.
Adrian is the one they all want to
impress: unlike them, his seriousness is
rarely of a mock variety.
Anyway, the friends drift apart at uni-
versity, where Tony divides his time
between work and a waiflike girlfriend
who withholds sex, perhaps meanly,
throughout the year they are together.
Time passes and a shocking event
shakes the group of school friends. But
they forget, and Tony gets on with his life,
his wife, his work, his interests.
Years later, out of nowhere, a letter
arrives bearing a very strange bequest.
And so, half way through a story that
appears almost as elegiacally humdrum as
could be, Tony realises, as do we, that per-
haps events at school and university were
slightly different than he remembers
them, or perceived them at the time. Or
in a formulation typical of the book
remembers to have perceived them.
Only an author of Barness calibre could
pull of that most tricky of beasts: the micro-
tale of an English middle class man, mea-
suredly telling his own story in the least
exotic setting imaginable: the Home
Counties. But under Barness pen, the
banality of the surroundings become the
perfect backdrop for the poignancy of the
thoughts and events being described. This
is a gem of a book: tight and dense and
chilling.
Post-work drinks: how much is too much?
Picture: REX FEATURES
Lifestyle | Books
ONE DAY: THE FILM
ADAPTATION
REVIEWED IN TOMORROWS
LIFESTYLE SECTION
23
VEXED IN THE CITY
SOLVING YOUR
WORK-LIFE
PROBLEMS
My boyfriend
gets drunk so
often. Does he
have a problem?
My boyfriend works as a broker and booze is
a big part of his (and our) lives. We all love a
drink or two with mates after work, but he
drinks at lunch and gets smashed at least
three times a week. He comes home at 4AM
and wakes me up, then when I get furious he
swears hell cut down. Hes only doing what
his mates are, its a boozy culture, but it
seems like a lot. What should I do walk
out? Molly, solicitor, 29
W
HEN does a person who likes a drink
have a real problem and when is it
just having fun? You are far from
alone in worrying about this ques-
tion especially among women who, according
to experts, are usually the first to spot drinking
problems both in themselves and in others.
Whether or not your boyfriend is a real
alcoholic, in the AA sense of the term, or a
functioning alcoholic, might be first question
to ask before you evaluate whether you want
to stay with him. Out of 10.5m regularly drink-
ing adults in the UK, only 1.1m are considered
alcoholics. The rest are known as invisible
drinkers the functional ones like you, me
and your boyfriend, who dont miss work or
drive drunk or let drinking get in the way of
familial duties. Yet such people may still be
drinking a bottle a night or more, which is
many times over the government guidelines of
21 weekly units for men (14 for women). On
weekends, such good time drinkers might
reach 50 units in a single day.
My guess is that your boyfriend fits into
this category. On this guess, he has a problem,
but its not easily defined as alcoholism. Still,
I wouldnt rule out the possibility that he may
also have a more serious problem, and this
comes down to how much he depends on
booze. It might be that he just drinks because
its on offer and his friends do, and it gets out
of hand because he doesnt have much self-
control. But maybe he cant face getting
through a night without getting drunk, or
doing business without it. This, say therapists,
is drinking for emotional reasons and is the
most dangerous type. It can be addressed,
though, with various forms of therapy.
As his girlfriend, you might suggest he go
and look properly at the problem. He is free
not to do so, but then hell lose you. Its his
choice and I suggest you put it to him clearly,
though supportively, asap.
Got a problem? Email vexed@cityam.com
I
T would be easy to assume that hav-
ing a spectacular in-car sound system
would mean having a spectacularly
loud sound system the kind of
pimped-up, bass-heavy bulldozer of a sys-
tem that occupies the entire boot and can
shake a whole neighbourhood. But that
would be wrong. Instead of volume and
bass thump, consider a sound system with
beautiful clarity and crispness at any vol-
ume, one that recognises when the ambi-
ent noise in the car is getting louder and
adjusts its volume up accordingly, but
recognises not to do that over human voic-
es. And one, by the way, thats entirely
made in England.
Its only in British cars that youll find
such a system too. The Range Rover
Evoque, the newest iteration of the leg-
endary 4x4 which is arriving this autumn,
is kitted out with an in-car media and
audio system by Meridian, the
Cambridgeshire company which has been
quietly if ever so clearly breaking all
kinds of technological barriers over the
past few decades. And if that wasnt
enough, Meridian has also applied its tech-
nology to the McLaren MP4-12C, the seri-
ously groovy new supercar from the
company behind the McLaren F1 stable.
These sound systems are very different
beasts from the kind of thing youd nor-
mally find in a car. Heres where it gets a
bit technical. Conventional audio systems
use power amplifiers to supply a full-range
audio signal to the loudspeakers, where a
passive crossover divides the signal into
frequency bands to be supplied to the
woofer and tweeter. Got that?
What Meridian is famous for is its digital
active loudspeakers using digital signal
processing to create crossovers that would
be otherwise impossible. Its the tech that
makes Meridians household speakers
world-beating, and its now in a car too.
Not only will it play your music via an
iPod dock, USB drive, or ripped to its own
hard-drive but itll be deployed for
hands free phone conversations too. No
need for that grim, in-ear Bluetooth set,
therefore.
Sounds good? Oh, it really really does.
www.meridian-audio.com
A Cambridgeshire
company is making
soundwaves in cars,
writes Timothy Barber
NICK
BOOTH
TECH TALK
Watch out for
the mobile
apps that
hide malware
I
T would be crass to describe smartphones
as the new rock and roll but they do make
beautiful music. But like many top, none-too-
reliable performers, your mobile cant handle
money, everybody wants a piece of it and its
incredibly insecure.
Which is dangerous enough in a musician but
fatal for a computer thats more powerful than
the original NASA space mission mainframes.
Mobile apps, in this respect, are often like the
parasitic hangers on that attach themselves to
rock stars. They might seem fun at first, but
theyre likely to loot your bank account, infect
all your friends and ruin your life. Dont trust
them.
Now that mobile is where I.T.s at, every
metaphorical creep, pervert and criminal is get-
ting in on the act. And quite a few non-
metaphorical ones too.
Beware, for instance, the love app which
infects your smartphone and uploads your
International Mobile Subscriber Identity to a
website controlled by hackers.
Another version manages to persuade your
phone to make premium-rate text-messaging
services. Theres another app that sits on your
phone and connects it to a remote server, onto
which it records all your phone conversations.
Yes, its the app that can make you feel as
though youve been hacked by the News of the
World. Except the people doing this dont just
want to steal your privacy, theyll empty your
bank account too.
One of the big trends in education just now is
gamification, where games are used as les-
sons. Its a big trend in crime too. Hackers get
access to your mobile by enticing you to down-
load malware, disguised as a game.
Though the smartphone makers now use
technology called Sandboxing to keep apps
separate from critical processes, the attackers
are finding ways around this.
Malvertising copies the way legitimate devel-
opers use in-app adverts to trick users into
downloading malware from bogus websites
imitating the Android Market.
Sometimes the criminal develops a legiti-
mate app and builds up a big user base. When
they have enough followers, they update the
app with software that will either rob you or
ruin your life.
You can counter these threats by download-
ing apps like G Data Mobile Security. Im pretty
sure its legit.
l Nick Booth edits www.mobileb2b.co.uk
Below, the McLaren
MP4-12C.
Lifestyle | Technology
OUT OF OFFICE
TIMOTHY BARBER
TOULOUSE LAUTREC AT THE COURTAULD
A contemporary of the Impressionists and a
troubled, dissolute patron of the Moulin
Rouge, the stories of Henri de Toulouse-
Lautrecs life can sometimes overshadow his
achievements as an artist. The current exhibi-
tion at the Courtauld Institute tackles this by
shedding interesting light on both. It looks at
his relationship with Jane Avril, one of the
Moulin Rouges leading dancers, as seen
through his mesmerising artworks.
Until Sep 18. www.courtauld.ac.uk
GOD OF SOHO AT THE GLOBE
It may be best known for faithful pro-
ductions of the Bards works, but the
Globe theatre has also been brining
new plays about the tougher sides of
life to the stage. Award-winning
writer Chris Hannans latest play
brings a world of misfits, drugs,
tabloids and sleazy glamour to life,
with Phil Daniels starring. 27 Aug-
30 Sept. www.shakespeares-
globe.com
GET GROOMED AT TED BAKER
Following in the footsteps of
Gieves & Hawkes, the Mayfair
branch of mens outfitters
Ted Baker is now a centre of
grooming excellence as well
as sartorial smarts. The
shop on Avery Row now has
its own grooming room
offering Turkish shaves, hair
cuts, beard trims and more.
www.tedbaker.com
Left, Jane Avril by
Toulouse Lautrec.
Right, Phil Daniels,
star of God of Soho.
I
T looks like the looming black
monolith from 2001, A Space
Odyssey, but the speaker system on
the left is a deft spatial stereo
gizmo constructed by another plucky
British company, the sci fi-sounding
Orbitsound.
Announced this week and coming
into shops next month, the soundbar
(which has the not-exactly-charismatic
title of T12v3) is able to disperse sound
into a room for a surround-sound effect
that emanates from the same spot.
Whack it in front of your flatscreen
telly, and the high-gloss, minimalist
unit fills the room with sound from all
directions, without the need for group-
ing multiple speakers round the room
and running messy wires along the
floor (youll just have to find some-
where to slot that big bass woofer). The
T12v3 also works as a standalone dock
for an MP3 player.
This is technology with which
Orbitsound, founded by former musi-
cian and renowned audio designer Ted
Fletcher, has forged a strong reputation.
He launched the company in 2005
with the specific aim of creating spatial
stereo technology, which it first
unveiled in 2008 where it wowed the
Consumer Electronics Show in Las
Vegas.
The T12v2 soundbar was launched
last year, and this new version promises
improved bass response, a greater vol-
ume range, and greater sound clarity
in other words, its pretty awesome.
Its distinctly affordable, too, at 299.
Expect to find it in John Lewis and
Harrods from September.
www.orbitsound.com
Left, the T12v3 by
Orbitsound.
Taking soundbars into orbit
For the best in-car sound
system around, go British
The interior of
the Range Rover
Evoque, with
sound system by
Meridian.
T
E
R
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S
T
R
I
A
L
TORCHWOOD: MIRACLE DAY
BBC1, 9PM
Gwen must fight to protect her family
and takes a terrifying journey covering
both miles and decades as the long
history of the Miracle is revealed.
THE CULTURE SHOWAT THE
EDINBURGH FESTIVAL BBC2, 7PM
Sue Perkins presents more highlights
from this years event, including an
exhibition of portraits of the Queen.
Last in the series.
UNDERCOVER BOSS USA
CHANNEL 4, 10PM
The CEO of Belfor, one of the worlds
largest property disaster restoration
companies, goes undercover to ensure
his employees are being treated well.
BBC1
SKY SPORTS 1
7pmLive Carling Cup Football
10pmTime of Our Lives 11pm
International One-Day Cricket
1amCarling Cup Football
2.30amPremier League 3am
5amWhats Your Goal?
5.30am-6amPremier League
SKY SPORTS 2
6.30pmBadminton 7.30pm
Whats Your Goal? 8pm
10pmWWE: Late Night Raw
12amWWE: NXT 1amNFL:
Total Access 2amWhats Your
Goal? 2.30am-3.30amTime of
Our Lives
SKY SPORTS 3
7pmRacemax 8pmLive PGA
Tour Golf 11pmEuropean Tour
Golf 1amPGA Tour Golf
4am-4.30amAmericas Cup
Uncovered
BRITISH EUROSPORT
6pmLive WTA Tennis 9.45pm
WTA Tennis 10.45pmUS Open
Tennis 11.15pmTennis: Mats
Point 11.45pm-12.15amMotoGP
ESPN
7pmLive UEFA Europa League
Football 10pmUFC Unleashed.
Mixed martial arts. 11pmUFC
12amLive NFL Countdown 1am
Live NFL 4.15amESPN Kicks:
Extra 4.30amGoal! 5amESPN
Press Pass 5.30am-6amPlanet
Speed
SKY LIVING
7pmCriminal Minds 8pmTeen
Wolf 9pmBritain & Irelands
Next Top Model 10pmCriminal
Minds 11pmChick Fix 12am
Psychic Sally: On the Road 1am
CSI: Crime Scene Investigation
2.40amMaury 3.30amNothing
to Declare 4.20amCharmed
5.10am-6amJerry Springer
BBC THREE
7pmTop Gear 8pmThe Worlds
Strictest Parents 9pmEdinburgh
Comedy Fest Live 2011 10pm
EastEnders 10.30pmLee
Nelsons Well Good Show11pm
Family Guy 11.45pmWilfred
12.05amEdinburgh Comedy
Fest Live 2011 1.05amLee
Nelsons Well Good Show
1.35amThree @ the Fringe
2.05amThe Worlds Strictest
Parents 3amCherrys Cash
Dilemmas 4amThree @ the
Fringe 4.30am-5.30amCherrys
Body Dilemmas
E4
7pmHollyoaks 7.30pmHow I
Met Your Mother 8pmFriends
9pmBig Bang Theory 9.30pm
How I Met Your Mother 10pm
Little Box of Horrors 10.30pm
PhoneShop 11pmBeaver Falls
12.10amMy Name Is Earl
1.05amHow I Met Your Mother
1.30amLittle Box of Horrors
2amPhoneShop 2.25amSkins
3.20amSmallville 4.05am
Accidentally on Purpose
4.45am-6amSwitched
HISTORY
7pmHow Britain Was Built. The
industrial heritage of Newcastle.
8pmWitness: Katrina 10pm
Storage Wars 11pmDeep Sea
Salvage 12amPawn Stars 1am
Storage Wars 2amDeep Sea
Salvage 3amHow Britain Was
Built 4amExtreme Trains
5am-6amThe Universe
DISCOVERY
7pmMythbusters 8pmMan,
Woman, Wild 9pmAmerican
Loggers 10pmReturn to the
Bermuda Triangle 11pm
Surviving the Cut 12amBear
Grylls 1amAmerican Loggers
2amReturn to the Bermuda
Triangle 3amDeadliest Catch
3.50amWildest Africa 4.40am
Treasure Quest 5.30am-6am
Destroyed in Seconds
DISCOVERY HOME &
HEALTH
7pmA Baby Story 8pmKate
Plus 8 9pmTransgendered &
Pregnant 10pmEmbarrassing
Bodies 11pmHospital Emergency
12amTransgendered & Pregnant
1amEmbarrassing Bodies 2am
Hospital Emergency 3amKate
Plus 8 4amA Baby Story
5am-6amBringing Home Baby
SKY1
7.30pmFuturama 8.30pmThe
Simpsons 9pmTrollied 9.30pm
Wall of Fame 10pmAn Idiot
Abroad 11pmLaw & Order
12amUltimate Road Wars 1am
Danny Dyers Deadliest Men 2am
Sun, Sea and A&E 2.50am
Stargate Universe 4.20amThe
Filth Files 5.10am-6amOops TV
BBC2 ITV1 CHANNEL4 CHANNEL5
S
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&
C
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TVPICK
6pmBBC News
6.30pmBBC London News
7pmThe One Show
7.30pmEastEnders: BBC News
8pmMotorway Cops
9pmCHOICE Torchwood:
Miracle Day
10pmBBC News
10.25pmRegional News
10.35pmOur War
11.35pmFILMA Beautiful
Mind 2001; Holiday
Weatherview
1.50amSign Zone: Countryfile
2.45amTravellers 3.45am
Saints and Scroungers
4.15am-6amBBC News
6pmEggheads
6.30pmEggheads Celebrity
Special
7pmCHOICE The Culture
Show at the Edinburgh Festival
8pmMonty Halls Great Irish
Escape
9pmFILMThe Duchess:
Premiere. Fact-based period
drama, starring Keira
Knightley. 2008.
10.40pmNewsnight: Weather
11.30pmThe Hour
12.30amThe Culture Show at
the Edinburgh Festival
1.30amBBC News 4.15am-6am
Close
6pmLondon Tonight
6.30pmITV News
7pmEmmerdale
7.30pmUniversity or Bust:
Tonight
8pmEmmerdale
8.30pmCoronation Street
9pmShow Me the Funny Live
Final
10.15pmITV News
10.45pmLondon News
10.50pmHelp! I Caught It Abroad
11.50pmGrimefighters
12.20amThe Zone; ITV News
Headlines 2.20amUniversity or
Bust: Tonight 2.50amITV
Nightscreen 4.35am-5.30amThe
Jeremy Kyle Show
6pmThe Simpsons 6.30pm
Hollyoaks 7pmChannel 4 News
7.55pm4thought.tv 8pmCountry
House Rescue 9pmThe Killing
10pmCHOICE Undercover
Boss USA
11.05pmSeven Dwarves 12.05am
Channel 4 Presents Will Bayley
2012 12.10amMusic on 4: The
Album Chart Show: Spotlight
12.30amHollyoaks Music Show
1amAbbey Road Debuts 1.10am
Sounds from the Cities 1.40amThe
Sex Education Show2.35amMesh:
Tourist Trap 2.40amBrothers &
Sisters 3.25amWogans Perfect
Recall 3.50amCountdown 4.35am
Cookery School 5.30am-5.55am
Yo Gabba Gabba!
6pmMeerkat Manor
6.25pmOK! TV
7pm5 News at 7
7.30pmHow Do They Do It? 5
News Update
8pmCroc Man: Shaun Foggett
builds up to his grand opening;
5 News at 9
9pmNew Cowboy Builders
10pmCelebrity Big Brother
11pmCelebrity Big Brothers
Bit on the Side
12amSuperCasino
4amMeals in Moments 4.10am
Cowboy Builders 4.55amCounty
Secrets 5.10amWildlife SOS
5.35am-6amHouse Doctor
1 2 3 4 5
6 7
8 9
10 11 12 13
14 15
16 17 18 19
20
21
22 23
8 8 3
12 35
28 15
15 23
24 8
45
11 12
20 35
19 24
29 4
7 17 9
10
7
12
29
38
27
12
39
13
5
16
16
22
28
9
30
28
27
6
24
13
Fill the grid so that each block
adds up to the total in the box
above or to the left of it.
You can only use the digits 1-9
and you must not use the
same digit twice in a block.
The same digit may occur
more than once in a row or
column, but it must be in a
separate block.
COFFEE BREAK
Copyright Puzzle Press Ltd, www.puzzlepress.co.uk
KAKURO
QUICK CROSSWORD
LAST ISSUES
SOLUTIONS
KAKURO
WORDWHEEL
Using only the letters in the Wordwheel, you have
ten minutes to nd as many words as possible,
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters
or more, all must contain the central letter and
letters can only be used once in every word. There
is at least one nine-letter word in the wheel.
SUDOKU
Place the numbers from 1 to 9 in each empty cell so that each
row, each column and each 3x3 block contains all the numbers
from 1 to 9 to solve this tricky Sudoku puzzle.
SUDOKU
QUICK CROSSWORD
ACROSS
1 Decient in amount
or quality (6)
4 Semi-aquatic
creature (4)
6 Relate (9)
8 Liturgical vestment
worn by priests (3)
10 Pay close attention to
what is being said (6)
13 Agile (4)
14 Perpendicular (5)
16 Impulse (4)
17 Ambush (6)
20 Coat a cake with
sugar (3)
21 Crucial (9)
22 Direction of the
rising sun (4)
23 Brilliantly coloured
arboreal fruit-
eating bird (6)
DOWN
1 Commemorative
award (5)
2 Natives of Kuwait or
Qatar, for example (5)
3 Slice of bacon (6)
4 Desirous of a drink (7)
5 Directly or exactly,
straight (3)
7 Material used for
surfacing roads or other
outdoor areas (6)
9 Sources of
illumination (6)
11 The ___, tragi-comic
play by Shakespeare (7)
12 Novel, fresh (3)
15 Gambling
establishment (6)
18 Bush with fragrant
owers (5)
19 Desire strongly or
persistently (5)
21 Biblical rst woman (3)
M
A
S
F
T E
N
O
I
4

4
4

4

S T A G G I F T S
E H A I R R I
R I P E A E X
V R E C O N N E C T
E G O O U W Y
S Q U E L C H
O T N E E B B
F O R E T A S T E A
T A E A L A S
E T S E W S I
N E E D S K E E N
7 2 6 1 1 3 2 6
9 4 8 7 3 9 1 7
5 9 7 6 8 4 9
1 3 4 1 2 3 8
2 1 4 6 8 5 3
5 7 8 9 7 9 8 3
9 3 2 4 7 5 1
3 9 8 1 9 9 2
5 8 9 7 6 1 6
2 3 7 1 2 8 7 9
1 4 8 5 1 2 3 8
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter word was
MINIATURE
Lifestyle | TV&Games
ENGLANDS stand-in captain Eoin
Morgan insists he cannot wait to lead
the side against Ireland today.
After the 4-0 whitewash of India in
the Test series, attention now shifts to
the shorter form of the game with
Irish-born Morgan leading the team
in the absence of Alistair Cook, who is
being rested.
Following todays game England
return to face India in five one-day
internationals before then travelling
to the subcontinent to play India in
five further one-day games in
October.
Morgan said: A couple of guys have
been given a rest and Ive stepped in.
It is a great opportunity to experience
another leadership role in the side
that Im very excited about.
Weve played Ireland three times
in recent times and they have all been
very competitive games, the side
knows what Ireland are capable of
and we know that we will have to go
out and play very good cricket to go
and beat them.
Team director Andy Flower is also
rested for the trip to Dublin with
assistant coach Richard Halsall taking
his place.
Morgan will lead an inexperienced
group of players featuring the likes of
Yorkshires Jonathan Bairstow, Scott
Borthwick and Ben Stokes of
Durham, Surreys Jade Dernbach and
Leicestershires James Taylor.
Craig Kieswetter, Samit Patel and
Chris Woakes are also in the squad.
RUGBY UNION
Juan Mata Picture: REUTERS

Morgan happy to step in and lead
inexperienced England in Dublin
QPRS new owner Tony Fernandes
handed fans a double boost yesterday
by slashing ticket prices and closing
in on the signing of Newcastle mid-
fielder Joey Barton.
Barton looks set to join the Loftus
Road club after undergoing a medical
last night. The 28-year-old is available
on a free transfer after falling out
with the Newcastle hierarchy earlier
this summer.
Going for a medical now, still no
contract offer from NUFC.......think
that just about makes my mind up,
Barton wrote on his Twitter account.
The news of the possible Barton
deal followed the announcement
that Fernandes had cut ticket prices.
Previous majority shareholders
Bernie Ecclestone and Flavio Briatore
made the unpopular move to raise
season ticket prices by almost 40 per
cent for this season.
Season tickets prices were hiked to
between 549 and 999, compared to
the 666 for the most expensive sea-
son ticket last season.
But Fernandes cuts will see fans
refunded between 99 and 149,
depending on the price of their tick-
et. The cheapest match ticket at
Loftus Road is now 25 compared to
35 before the cuts.
QPR failed to sell out their first
Premier League home game in 15
years against Bolton, with more than
3,000 seats left empty. Just 4,755 fans
turned up for Tuesdays Carling Cup
defeat to Rochdale.
QPR close to Barton deal as
Fernandes cuts ticket prices
CHELSEAS newest recruit Juan Mata
has cited Spain team-mate Fernando
Torres as a major influence on his
decision to move to England.
The 23-year-old has signed a five-
year deal at Stamford Bridge after
joining from Valencia for 23.5m to
become Andre Villas-Boas fourth
summer signing, following the
arrivals of Oriol Romeu, Romelu
Lukaku and Thibaut Courtois.
And Mata revealed it was a conver-
sation with Torres that persuaded
him to swap La Liga for the Premier
League.
Fernando got me excited about
the thought of coming here, he said.
He said it would be good for me here
and that me and him together could
be good.
And Mata, who was also pursued by
Tottenham and Arsenal, wants to get
down to business straight away and
challenge for silverware.
He added: I want to adapt as quick-
ly as possible to my new surround-
ings, my colleagues and this league,
and I would love to win a trophy in my
first season. If it can be the Premier
League then great.
Mata: Torres
sold Chelsea
move to me
BY JAMES ANDREW
FOOTBALL
Sport
26
RELIEVED Arsenal manager Arsene
Wenger hailed his teams courage
after they survived a nerve-shredding
evening in Italy to reach the prom-
ised land of the Champions League
group stage.
The Gunners came into the match
in disarray, following a poor start to
the season, the departures of stars
Cesc Fabregas and Samir Nasri and a
litany of injuries and matters got
worse when Antonio di Natale put
Udinese ahead and level in the tie.
But captain Robin van Persie
restored their aggregate advantage
after the break and goalkeeper
Wojciech Szczesny produced a heroic
penalty save from Di Natale before
Theo Walcott scored to bank Arsenal
a 40m payday.
Relief of course, we dont want to
go out, replied Wenger, when asked
how he felt. And pride as well,
because we had our backs to the wall
and responded very well. There was
only one team in the second half.
Wojciech saved the penalty,
which was very generous, but we
played a great game tonight. It
showed that under pressure this
team can respond with football,
remain calm and composed and try
to play like we can. There are many
questions around our club if we
had gone out tonight it would have
been much worse.
A run to the knockout stages of the
Champions League, which Arsenal
managed last season, is worth more
than 40m to the north Londoners in
prize money, TV revenue and match-
day income.
Wenger arrived in sultry Udine
with criticism ringing in his ears
and facing the possibility of a defeat
that would deal Arsenals fragile sta-
tus as a big club a monumental blow.
His nerves must have been fraying
in the 39th minute when Di Natale
steered a magnificent header past
Szczesny via the woodwork.
Arsenal were staring at the abyss
and looked petrified, but re-emerged
after half-time a new side and
equalised on the night 10 minutes
later, Gervinho slaloming to the goal-
line before cutting back for Van
Persie to finish.
Relief turned to despair just three
minutes later, however, when
Thomas Vermaelen was penalised for
handball and Di Natale placed the
ball on the spot. His shot could not
beat Szczesny, who flung himself
right and tipped it over, and Walcott
capitalised by exchanging passes
with Bacary Sagna, darting clear and
beating Samir Handanovic.
Arsenal clear
Euro hurdle
to keep place
among elite
1
2
UDINESE
ARSENAL
BY FRANK DALLERES
FOOTBALL
1-3 on aggregate
Walcott scored the second
to ensure Arsenals place
in the group stages.
Pictures: ACTION IMAGES
ENGLAND manager Martin Johnson
has been boosted by the news that
flanker James Haskell has been
passed fit to face Ireland on Saturday.
Haskell was sent for a precaution-
ary scan on his foot, which revealed
only mild inflammation to a tendon.
Johnson played mix-and-match
teams in the two warm-up games
with Wales, but will use the trip to
Dublin to field his strongest XV.
Captain Lewis Moody is still recov-
ering from a knee injury, meaning
Haskell could start at openside
flanker. Manu Tuilagi is pushing for a
starting place after his try-scoring
debut, while Wasps scrum-half Joe
Simpson is set to make his first Test
appearance at the Aviva Stadium.
Haskell boost
for Johnson
BY JAMES ANDREW
CRICKET
BY JAMES ANDREW
FOOTBALL
27
Spurs stadium appeal
goes into extra time
Nasri: Gunners
fans dont have
passion like City
DEPARTING Samir Nasri took a swipe
at Arsenal fans for a lack of passion
after completing his 24m move to
Manchester City.
The Frenchman yesterday signed a
four-year contract worth an estimated
185,000-a-week to follow Gael
Clichy from the Gunners to ambitious
City. And Nasri wasted no time in stir-
ring up bad feeling by declaring the
Emirates faithful to be less inspiring
than that at the Etihad Stadium.
He said: [City] fans remind me of
Marseille. Arsenal have good fans but
they are not that passionate since
they moved from Highbury to the
Emirates. I remember when we lost
3-0 to City the crowd was amazing
and thats what I want. Im here to
play football, enjoy it and win titles.
Nasri also revealed that Arsenal leg-
end and current City director Patrick
Vieira convinced him to quit the
Gunners and move to City.
He added: I spoke with Gael Clichy
and Kolo Toure a lot and with Patrick
[Vieira]. It was important to get
advice from players at the club and
they know the difference between
Arsenal and Manchester City.
Patrick said City is the place to be
because they are the club of the future
and they want to win everything.
The draw takes place today at 4.45pm.
The 32 teams will be divided into eight
groups, with one from each pot.
Pot one Manchester United, Barcelona,
Chelsea, Bayern Munich, Arsenal, Real
Madrid, Porto, Inter Milan
Pot two Shakhtar Donetsk, Lyon,
Villarreal, AC Milan, Valencia, Marseille,
CSKA Moscow, Benfica
Pot three Zenit St Petersburg, Man City,
Olympiakos, Ajax, Bayer Leverkusen,
Basle, Lille, BATE Borisov
Pot four Borussia Dortmund, Dinamo
Zagreb, Napoli, APOEL, Genk, Otelul
Galati, Viktoria Plzen, Trabzonspor
GROUP STAGE DRAW | THE POTS
SPORT | IN BRIEF
Hammers fall to Shots in Cup
FOOTBALL: West Ham crashed out of
the Carling Cup at the first hurdle at the
hands of League Two Aldershot as Sam
Allardyce saw his side throw away a
lead for the second home game in a row.
Callum McNaughton put West Ham in
front on 16 minutes but Luke Guttridge
and a last minute goal from Danny
Hylton won the game for Dean
Holdsworths men. There were no
repeats of Tuesdays Premier League
casualties, as Liverpool won 3-1 at
Exeter, Everton beat Sheffield United by
the same scoreline, Bolton beat League
Two Macclesfield 2-1 and Blackburn
eased past Sheffield Wednesday 3-1.
Murray seeded fourth for US
TENNIS: Britains Andy Murray has been
named fourth seed for the US Open,
which starts on Monday. Organisers
have stuck to the ATP world rankings
for their seeding, meaning world No1
Novak Djokovic tops the list with
defending champion Rafael Nadal sec-
ond. Roger Federer is at No3. The draw
takes place today at 5pm.
Results
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email sport@cityam.com
THE BATTLE for the Olympic Stadium
has been thrown open again after
Tottenham succeeded with an appeal
for a judicial review of the decision to
award the venue to West Ham.
A High Court judge yesterday ruled
Tottenham and Leyton Orient, who
are co-applicants, had an arguable
case for a review, which could annul
the original decision and is set to be
heard in October.
Spurs succeeded at the second
time of asking, having had a request
for a review rejected earlier this year.
The north Londoners could yet
drop their legal challenge altogether
and return to their original aim of
building a new stadium next to their
existing ground, White Hart Lane.
But they would need assurances of
public sector funding to help meet
the costs of significant local infra-
structure improvements that
chairman Daniel Levy
says has
a d d e d
200m to
the bill.
Tottenham are understood to be in
advanced negotiations with Mayor of
London Boris Johnson over a cash
injection from his office. However
Johnson is only likely to offer around
8m, which in itself would not come
close to off-setting the cost of remain-
ing in the Tottenham area.
The club has also made an applica-
tion for a Regional Growth Fund to
help with building a new 56,000-
seater stadium in nearby
Northumberland Park.
In a further twist, West Ham claim
Tottenham offered to back down if
the Hammers withdrew a complaint
to police about Spurs allegedly using
a private investigator to probe their
bid and staff. West Ham added that
they rejected the offer.
West Ham were unanimously
voted the preferred bidder ahead of
Tottenham by the Olympic Park
Legacy Company in February.
ON THE face of it, Tottenhams success in
the High Court flies in the face of sug-
gestions they are about to drop their
legal battle for the Olympic Stadium.
However, what it also does is markedly
strengthen their hand in negotiations
with the Mayors office and local and
central government over funding for a
new stadium in Haringey. The longer
they pursue the case, the more it threat-
ens to embarrass politicians, councillors
and the OPLC, who must all be desperate
for this saga to go away. Dont be sur-
prised if Spurs do drop the case but
only when they are happier with the
level of help from the public sector.
West Ham won the
bidding war in
February.
Picture: REX
BY FRANK DALLERES
FOOTBALL
COMMENT
Contact us on: 0800 279 4772
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