FTSE 100 5,131.10 -74.75 DOW 11,149.82 -170.89 NASDAQ 2,419.63 -48.06 /$ 1.63 -0.01 / 1.13 -0.01 /$ 1.

13 -0.01 /$ 1.44 unc

EU states
extend ban
on shorting
FOUR European Union states yesterday
extended their short-selling bans until
at least the end of next month.
Spain and Italy will persist with the
measure until 30 September, while
French and Belgian bans will continue
until further notice.
The German DAX fell as much as
five per cent at one stage, on rumours
of both a short selling ban in the
Eurozones prime economy and a
downgrade for its governments debt.
Yet the DAX pared losses to close
down 1.7 per cent as both rumours
were dismissed as without substance.
Meanwhile, US stocks slipped ahead
of Federal Reserve chief Ben
Bernankes Jackson Hole speech today.
The Dow Jones industrial average
closed down 1.51 per cent last night,
also hindered by weak employment
data. Initial claims for state unemploy-
ment benefits rose 5,000 to a seasonal-
ly adjusted 417,000, the US Labor
Department said.
Investors remain uncertain as to
whether or not Bernanke will use
todays speech to pave the way for yet
another wave of quantitative easing.
The Fed could also opt for
Operation Twist, an effort to flatten
the yield-curve by buying long-term
Treasuries while issuing short-term
bills, analysts have speculated.
Bernankes speech is not an official
Fed policy statement, yet last year it
included strong hints towards the
impending programme of QE2.
Gold bounced back yesterday from
its sharp dip earlier in the week, gain-
ing over 0.6 per cent to reach $1,774 an
ounce.
Despite the market jitters, senior
Federal Reserve official Thomas
Hoenig yesterday said that the US is
not on course for another recession.
BY JULIAN HARRIS
WORLD ECONOMY

Warren Buffett is the white knight for Bank of Americas Brian Moynihan, pumping $5bn into the beleagured banks coffers
BILLIONAIRE investor Warren Buffett
rode to the rescue of Americas
biggest lender yesterday with a $5bn
(3bn) investment in the beleaguered
Bank of America Merrill Lynch (BofA).
Buffetts investment provides a
much-needed vote of confidence in
BofA, which has seen its share price
halve this year as it has fought to con-
vince investors it had enough capital
to handle a series of legal battles and
tough new capital requirements.
BofAs share price surged as much
as 25 per cent in heavy trading as
markets saw the deal as a huge vote of
confidence in the bank, before paring
gains to close up 9.4 per cent at $7.65.
I remain confident that we have
the capital and liquidity we need to
run our business. At the same time, I
also recognise that a large investment
by Warren Buffett is a strong endorse-
ment in our vision and our strategy,
said BofA chief executive Brian
Moynihan.
Buffett said he called Moynihan to
offer him the investment early yester-
day morning after coming up with
the idea while taking a bath.
The deal was sealed less than 24
hours later.
This proves to the market that if
the bank needs additional capital,
which we dont believe they do, but if
they needed to calm the market by
raising capital, they could do it with-
in 30 minutes with a quick call to
Uncle Warren, said Sean Egan, man-
aging principal of Egan-Jones Ratings.
The surprise move by the octoge-
narian Sage of Omaha echoes two
previous rescue deals he struck with
Goldman Sachs and General Electric
in 2008 and 2009, providing capital
and restoring market faith in them
when they struggled during the
financial crisis.
Buffetts investment vehicle
Berkshire Hathaway bought 50,000
HALO EFFECT
SAGE OF OMAHA INVESTS $5BN
IN BUFFETED BANK OF AMERICA
BY ALISON LOCK
BANKING

www.cityam.com Issue 1,455 Friday 26 August 2011 FREE

GET SMART
FOR AUTUMN
NEW SEASON OF
MENS FASHION
TURN TO PAGE 22
WHAT MADE STEVE JOBS
THE WORLDS BEST CEO
APPLE SPECIAL P18-19
BUSINESS WITH PERSONALITY
preferred shares with a liquidation
value of $100,000 per share paying a
six per cent annual dividend. It also
purchased warrants to buy 700m fur-
ther BofA common shares at just over
$7.14 per share, with an unusually
long 10-year exercise period.
The deal virtually mirrors the
terms of Berkshires Goldman Sachs
investment, which paid as much as
$15 per second in dividends until
Goldman bought it out this year.
One Berkshire shareholder said the
warrants were by far the best part of
the deal. He could well make a 100
per cent return on his investment in
a few years, said Berkshire sharehold-
er James Armstrong, president of
Henry H Armstrong Associates.
The capital will give BofA fresh fire-
power as it fights a mass of lawsuits
over the sale of mortgages and securi-
tised sub-prime bonds by mortgage
lender Countrywide Financial, which
it acquired in the financial crisis.
The bank fell to a record $8.8bn
loss in the second quarter of the year
after settling one large claim and
may face up to $50bn more according
to some estimates.
But some critics warned that the
dividend on the equity was a high
price for BofA to pay at a time when it
already faced large losses.
ALLISTER HEATH: P2
BOTTOM LINE: P6
Certified Distribution
04/07/2011 till 31/07/2011 is 93,093
ANALYSIS l DAX Stock Index
8am 9 10 11 12noon 1pm 2 3
5780
5700
5600
5500
5584.14
25 Aug
ANALYSIS l Bank of America
$
Aug22 Aug19 Aug24
9.00
8.50
8.00
7.50
7.00
6.50
Aug23 Aug25
7.65
25 Aug
News
2 CITYA.M. 26 AUGUST 2011
Gaddafi still
free in Libya
HEAVY fighting continued between
Libyan rebels and regime loyalists
across Tripoli last night as the hunt
for Muammar Gaddafi went on with-
out success.
Two days after his compound was
overrun, rebels focused their atten-
tion on a tower block believed to be
holding the still-defiant Libyan leader
while others moved house to house to
try to find him or his sons.
Gaddafi continued to broadcast
messages through a sympathetic tele-
vision channel, while well-armed loy-
alist troops kept rebels at bay across
the capital.
Elsewhere in Libya, the National
Transitional Council announced that
it was to move its base to Tripoli from
Benghazi.
The councils official for oil and
finances, Ali Tarhouni, said it hoped
to restart exports of oil from the
country within two or three months,
reaching full volumes of about 1.6m
barrels per day in about a year.
United Nations diplomats also
announced that the US and South
Africa had struck a deal to allow the
release of $1.5bn (911m) in frozen
funds for humanitarian aid and civil-
ian needs. South Africa had blocked
the UN sending the aid as the African
Union, heavily funded by Gaddafi, is
yet to formally recognise the NTC.
BY ALISON LOCK
LIBYA

Tensions rising again in the markets

WHEREVER one looks, there is danger
in the air. Global equities are down
10.2 per cent in August and 11.3 per
cent in the year to date. European and
UK shares are down 13 and 10.4 per
cent respectively in August, and 16.8
per cent and 11.5 per cent so far this
year, Evolution Securities has said.
Investors have lost faith in the cycle, in
the authorities, in governments and
in many firms, especially in the finan-
cial sector. Tensions are building in
the credit markets, with spreads grow-
ing, risk aversion mounting and the
cost of insuring debt rising. The Greek
bailout is faltering, with countries
demanding collateral; the European
Central Bank is buying Club Med gov-
ernment bonds but there is no viable
plan to resolve the crisis. It even seems
to be becoming harder for at least one
or two European banks to raise funds
from the private sector and via the
interbank lending market. US money
market funds are significantly reduc-
ing their exposure to some European
banks. Central banks are nervous and
standing ready to provide more liquid-
ity to the markets. The share prices of
UK banks have plummeted.
Meanwhile, in New York, the price-
to-book ratio of many large banks has
fallen significantly. Instead of trading
above book value, these banks are
being priced at a huge discount. There
may be nothing in this, and they may
eventually bounce back; Bank of
Americas shares closed up substan-
tially last night following Warren
Buffetts stunning $5bn capital injec-
tion. But stock prices are being
weighed down by investors worries
about balance sheets, banks exposure
to mortgages of the non-securitised
variety, and by the possibility that sev-
eral will have to raise further capital.
Banks have also been hit by lower trad-
ing profits and litigation threats.
Further recent declines in house
prices and economic deterioration
jobless claims climbed by 5,000 to
417,000 yesterday; US GDP growth may
be revised are driving the concerns.
The real story is not whether the
Feds boss Ben Bernanke hints in his
Jackson Hole speech this afternoon
that he wants to buy another $600bn
worth of US government bonds, or
decides to create the money to buy
other sorts of assets in a blast of QE3.
It is not even whether he will engage
in an Operation Twist to manipulate
the structure of interest rates, buying
long term bonds to flatten the yield
curve. Such policies would boost equi-
ties, hit the greenback, boost gold and
affect credit markets but will not
address the underlying performance
of the economy, which is suffering
from too much debt and the need to
continue to flush out the excesses of a
crazy 15-year liquidity bubble, not
from high interest rates.
The real story is whether the
mounting tensions will eventually
erupt uncontrollably, probably as a
result of the incompetence, profligacy
and idiocy of a European government,
and trigger another major bloodbath,
taking down countries, supranational
bodies as well as financial institutions.
Nobody knows whether we are a few
weeks away from a severe crisis, or
whether we will muddle through. It
will partly depend on whether the
authorities react sensibly, and
whether they have the guts not to try
and buck the market. While the glob-
al system is in some ways much weak-
er than it was in 2007-08, largely as a
result of an explosion in sovereign bor-
rowing, it is also much stronger in
other ways. Only one thing is sure: it
will be touch and go either way.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
FURTHER quantitative easing would
boost economic output, one of the
Bank of Englands monetary policy
committee erstwhile hawks said yes-
terday. Yet Martin Weale -- who voted
for higher rates for most of this year,
before reversing his decision in August
-- also said the time had not yet come
for more easing, dubbed QE2.
I do not think our August forecast
or the more recent market move-
ments since then as yet make a case
for such a policy, Weale told the
Doncaster Chamber of Commerce.
Despite economic worries, business
surveys do not suggest the picture is,
at present, like the summer of 2008.
Weale also said that Britons need to
increase their saving for retirement.
Otherwise, Weale said, eventually
people and particularly old people will
be disappointed with their living stan-
dards... [and] this will create pressures
to transfer resources from young peo-
ple to old people.
BY JULIAN HARRIS
UK ECONOMY

Weale talks down QE2

Bank of England official Martin Weale said more easing was not yet necessary
NEWS | IN BRIEF
CBS Outdoor in Tube dispute
Billboard provider CBS Outdoor threat-
ened to walk away from a 1bn contract
with London Underground yesterday
over the spiralling costs of installing dig-
ital screens across the Tube network.
CBS gave notice that it would terminate
its contract, which covers 33,000 poster
sites and 88,000 panels in Tube car-
riages, unless it could agree new terms
with London Underground. It is suing LU
over the costs of the investment in new
screens and could stop running adverts
in March 2012 if it ends the contract. LU
said it had met all its obligations to CBS.
Pandora Media sees profit rise
Online music company Pandora Media
posted better-than-expected quarterly
revenues and profits yesterday in its
maiden results as a public company. Just
two months after joining the public mar-
ket, Pandora said sales more than dou-
bled to $67m (41m) and its underlying
profit was $0.20 per share. Shares in
Pandora, which sells advertising for
mobile phones and music players, have
fallen by more than a fifth since it float-
ed on the New York Stock Exchange but
closed up 3.3 per cent on the news.
EDITORS LETTER
ALLISTER HEATH
Editorial Statement
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self-regulation overseen by the Press Complaints
Commission. The PCC takes complaints about the
editorial content of publications under the Editors
Code of Practice, a copy of which can be found at
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Mahmoud Jibril, the
leader of Libya's rebel
cabinet, saw $1.5bn
funds unfrozen for the
country
4th Floor, 33 Queen Street, London, EC4R 1BR
Tel: 020 3201 8900 Fax: 020 7283 5334
Email: news@cityam.com www.cityam.com
Editorial
Editor Allister Heath
Deputy Editor David Hellier
News Editor David Crow
Acting Night Editor Marion Dakers
Business Features Editor Marc Sidwell
Lifestyle Editor Zoe Strimpel
Sports Editor Frank Dalleres
Art Director Craig Gaymer
Pictures Alice Hepple
Commercial
Sales Director Jeremy Slattery
Commercial Director Harry Owen
Head of Distribution Nick Owen
BREVAN HOWARD CAPITALISES ON
TURMOIL
Brevan Howard, the worlds largest
macro hedge fund, has made close to
$1.5bn over the past three weeks on
the back of turmoil in the global mar-
kets. In a month in which equity mar-
kets worldwide have seen declines of
more than 10 per cent, the gain
comes as a vindication for the $32bn
London-based fund manager, which
for more than a year like many of its
peers has struggled to make head-
way in volatile conditions.
DELTA ORDERS $8.5BN-WORTH OF
BOEING JETS
Delta Air Lines, the second-largest US
carrier by revenues, on Thursday
ordered 100 Boeing narrow-body jets
worth more than $8.5bn at list prices,
giving the US aerospace company a
welcome boost after a series of set-
backs.
PAULSON FUND EXTENDS AUGUST
LOSSES
John Paulson, one of the worlds most
successful hedge fund managers, has
extended losses throughout August
to leave his flagship fund down
almost two-fifths for the year.
His Advantage Plus fund was down
38.7 per cent for the year as of Friday,
according to a person familiar with
the funds performance, having lost
22 per cent in the first 19 days of the
month.
BLOOMBERG MAKES AGREED $990M
BID FOR BNA
Bloomberg is planning the largest
deal in the private companys 30-year
history, with a $990m agreed bid for
BNA, an employee-owned legal, tax
and regulatory information company
founded in 1929 as the Bureau of
National Affairs. The financial data
group is paying a steep three times
BNAs $331m revenue for 2010, after a
sale process that drew interest from
other potential bidders.
ALL AT SEA? BILLIONAIRE PAYPAL
FOUNDER PUTS HIS MONEY ON DREAM
OF A FLOATING UTOPIA
Peter Thiel, 43, co-founded PayPal,
was one of Facebooks earliest backers
and made a killing predicting the US
housing crash. Now he believes that
artificial countries built in interna-
tional waters on oilrig-type platforms
could hold the key to humanitys
future.
JOBS ARE SAFE, STAFF TOLD AS CLYDE
UNION IS SOLD TO US
The businessman and entrepreneur
Jim McColl yesterday moved to reas-
sure workers at Clyde Union Pumps
that their jobs were safe after unex-
pectedly announcing that he was sell-
ing the business where he began
work at the age of 16. The Glasgow-
based company is being bought by a
major American manufacturer, SPX,
for 750m.
NOBEL GURUS WARN BRITAIN ON FIS-
CAL OVERKILL AND FED ON MONETARY
OVERKILL
A leading Nobel economist has backed
Labour's warnings that the UK is slash-
ing spending too fast and risks tipping
a fragile economy into another down-
ward leg. "Britain has jumped on the
band-wagon of fiscal tightening in a
big way," said Professor Edmund
Phelps from New York's Columbia
University.
MILLIONS MISS OUT ON SAVINGS DUE
TO MOBILE PHONE PROVIDER LOYALTY
Consumers pay over the odds for their
mobile phone bills due to misplaced
provider loyalty. Britons are stuck in a
rut when it comes to their mobile
phone provider, with almost 20 mil-
lion having never switched their serv-
ice provider. Which? Mobile is
warning that millions of people could
be missing out on crucial savings.
GROUPON EYES SWISS BASE FOR NON-
U.S. OPERATIONS
Groupon Inc. is considering opening
an international headquarters in
Switzerland, people familiar with the
matter said, in a move that could ben-
efit the daily-deal company because
of the countrys business-friendly tax
policies. The potential Swiss head-
quarters would handle finances for
Groupons non-American operations,
one person familiar with the situa-
tion said.
NEWPAGE IN DISCUSSIONS ON
FINANCING
NewPage, the struggling Ohio-based
papermaker owned by Cerberus
Capital Management LP, is in discus-
sions for financing that would keep
the company afloat during possible
bankruptcy proceedings, said people
familiar with the matter. NewPage is
more than $3bn in debt.
WHAT THE OTHER PAPERS SAY THIS MORNING
GOLDMAN Sachs cut the salaries of a
large number of its London-based
bankers yesterday, ending a two-year
period of higher pay begun in 2009 in
response to tough new bonus rules.
Goldman invoked a clause in the
bankers contracts to cut their base
salaries after two years at a higher rate
that was seen as a way to compensate
them for cuts to their year-end bonus-
es in the wake of the financial crisis.
The salary changes follow a 39 per
cent fall in Goldmans revenues in the
second quarter of this year, after
which it announced 1,000 job cuts
and said its first-half compensation
pool would be nine per cent lower
than a year ago.
Banks came under huge pressure to
cut bonuses in 2009 and a revised ver-
sion of the remuneration code in 2010
put an end to all-cash bonuses.
Many banks, including Barclays,
Citigroup and Goldman Sachs,
responded by raising base salaries by
20-50 per cent and in some cases dou-
bling pay in lieu of upfront bonuses.
But the strategy has come under
strain this year as profits and trading
revenues have slumped, leaving many
looking for ways to reduce what has
become a high fixed cost base.
Jon Terry, remuneration partner at
PwC, said the changes to UK bonus
rules had undoubtedly skewed pay
scales at banks. The remuneration
code no doubt was a major factor in
the increases in salaries, there is no
question of that, he told City A.M.
That, as banks go through difficult
times, has resulted in less flexibility in
managing fixed staff costs.
Goldman cuts
salaries for
some bankers
GREECES central bank has activated
an emergency liquidity assistance
scheme so that it is available if banks
need to draw from it, although no
banks are believed to have requested
funds yet.
The Emergency Liquidity
Assistance (ELA) is one of the options
the Eurozone has at its disposal to
keep Greek banks afloat if the coun-
trys sovereign debt is pushed into
default by a new bailout deal that was
put together by EU leaders last
month, and the ECB stops accepting
it as collateral.
Greek yields have edged up
throughout this week, hitting fresh
highs yesterday. Yields on two-year
bonds topped 46 per cent, although
traders said flows were extremely
thin and markets remain largely illiq-
uid and inactive.
The risk premium on Greek govern-
ment bonds relative to benchmark
German debt hit a euro-era high of
1,650 basis points, having erased all
signs of relief seen after the bailout
deal was announced in July.
As the peripheral Eurozone coun-
trys woes continue, the International
Monetary Fund (IMF) said yesterday
that another tranche of aid may be
delivered to Greece by the end of next
month.
FORMER Lehman Brothers executives
including ex-chairman and chief exec-
utive Dick Fuld are to settle a lawsuit
brought by investors in the bank with
a $90m (54.7m) insurance payout,
court records show.
Investors alleged that Lehmans
executives were to blame for losses
incurred on the banks shares and
bonds, claiming they materially mis-
led shareholders about the banks
financial health before its bankruptcy.
The executives have asked Judge
Peck, the judge on the case, to change
bankruptcy law to allow them to call
on their directors and officers insur-
ance to cover the costs of the case.
Lehman last year said the insurance
policy would cover up to $90m of costs
as well as pay $10m to Fuld.
Peck has changed the law nine
times already to allow insurance
funds to be used, the filings showed.
Emergency aid
fund is set up
for Greek banks
Lehman executives in bid
to settle a $90m lawsuit
Former Lehman Brothers chairman Dick Fuld is to settle the case from insurance
BY ALISON LOCK
BANKING

EUROZONE ECONOMY

Employs about 6,000 staff in its UK and

European business and 35,700 globally
Will cut 1,000 jobs by the end of the financial
year after sharp falls in its trading revenues
Set aside $8.4bn for compensation in first half
FAST FACTS | GOLDMAN SACHS
News
CITYA.M. 26 AUGUST 2011
BY ALISON LOCK
ENFORCEMENT

3
RIO TINTO is raising its stake in
Ivanhoe Mines by a further two per
cent by exercising its right to acquire
shares in the exploration company
led by mining financier Robert
Friedland.
The Anglo-Australian mining giant
said it now owns 48.5 per cent of
Ivanhoe common shares and said it
may buy additional shares, depend-
ing on economic conditions.
Rio has a right to boost its stake to
up to 49 per cent, under an existing
deal between the two companies that
are jointly developing the Oyu Tolgoi
copper-gold project in Mongolia.
SOUTH AFRICAN miner Optimum
Coal has become the latest acquisi-
tion target for Glencore as the com-
pany looks to benefit from recent
economic turmoil that has prompted
a sell-off in the markets.
Sources close to City A.M said that
the commodities trader has set its
sights on buying South Africas sixth-
largest coal producer and is prepar-
ing to place a formal offer.
Optimums shareholders have con-
firmed that they received a formal
offer from Glencore with the support
of South African partner Cyril
Ramaphosa, whose unlisted
Shanduka Resources owns 30 per
cent of Shanduka Coal, a venture
with Glencore.
Glencore on Wednesday launched
a A$268m (171.5m) bid for the 27
per cent of shares it doesnt already
own in Australian nickel miner
Minara.
Speaking at the companys half
year results yesterday, chief executive
Ivan Glasenberg said, given the tur-
moil in the markets, it was an
opportunistic time to look at buying
resource companies.
Is this the bottom? I dont know,
but it is definitely a better time to
look at acquisitions, he added.
The company met forecasts with a
50 per cent surge in first-half adjust-
ed profit to $3.3bn thanks to rising
commodity prices and rosy oil trad-
ing conditions and said it remained
optimistic on global growth.
Glencores five top executives will
share a further $130m (80m) wind-
fall as the company will make its
maiden dividend since its float in
May of five cents a share.
Shares in the company, which rose
sharply in the early morning trading
fell back to 388.50p last night.
Glencore eyes
South African
Optimum Coal
KAZAKH miner Kazakhmys posted a
20 per cent rise in first-half underlying
profit, boosted by stronger copper
prices, and announced a surprise
share buyback in London worth up to
$250m (150m).
Its board has also approved a $1.8bn
development of a major copper
growth project, equivalent to a third of
the miners current output, at
Bozshakol in northern Kazakhstan.
Earnings before interest, tax, depre-
ciation and amortisation (EBITDA) rose
to $1.61bn, from $1.34bn, with its 26
per cent stake in fellow FTSE 100
miner ENRC contributing $543m.
Kazakhmys to
buy back shares
RioTinto boosts
Ivanhoe stake
BY KASMIRA JEFFORD
COMMODITIES

MINING

MINING

Ivan Glasenberg looks to make further acquisitions Picture: GETTY

News
4 CITYA.M. 26 AUGUST 2011
ANALYSIS l Glencore
p
Jun Jul Aug
500
450
400
350
388.50
25 Aug
ANALYST VIEWS: WERE GLENCORES RESULTS ON TRACK? By Kasmira Jefford

In our assessment, Glencore's share

price, along with many of its peers, is factoring in
a cautious view on commodities. Although mar-
ket expectations, including our own, are fairly
modest for the H1'11 period, a solid result for the
marketing division will begin to build investor
confidence in the sustainability.

DOMINIC OKANE | LIBERUM CAPITAL

Post IPO Glencore has more closely tracked the Investment Banks and traders than its mining peers We believe
the reason is fear of declining commodity trading profitability and access to liquidity. Marketings first half EBIT is up
45 per cent year on year, indicating Glencore can thrive in difficult trading marketsWe advise investors to re-visit
2H11 accelerated earnings and its differentiated M&A model rather than linger on bearish marketing concerns.

Following disappointing Q1 results and con-

cerns over Q2 given heavy commodity related losses
from investment banks, we believe these results
should bring some comfort to the market and refocus
attention away from quarterly trends and on to what
we see as key investment drivers high quality mar-
keting business and strong volume growth.

GRANT SPORRE |DEUTSCHE BANK MICHAEL SHILLAKER | CREDIT SUISSE

FRENCH bank Credit Agricole struck
a confident tone on its financial fire-
power in the face of market irra-
tionality about funding fears,
lifting its battered stock by 4.8 per
cent.
Bank stocks across Europe were
buoyed by the comments from
Frances number three bank by mar-
ket value, which said dollar funding
from the Middle East and Asia and
its own available resources meant it
could withstand a complete disap-
pearance of funding from US money
markets.
[There is] a lot of volatility, a lot of
nervousness...A lot of irrationality
linked to perceptions of catastrophic
situations, chief executive Jean-Paul
Chifflet said.
Quarterly earnings fell 10.6 per
cent, weighed by well-flagged one-off
charges and losses at Greek unit
Emporiki.
Credit Agricole said second-quar-
ter net profit fell to 339m (299m),
beating expectations of 193.3m
according to a poll of nine analysts.
The bank warned last month it
would take a hit of up to 850m
linked to losses and one-off charges
at Greek unit Emporiki as well as a
charge linked to Greeces European
rescue package.
Upbeat Credit
Agricole says
funding good
We y from Gatwick, Luton and Stansted. We y to Majorca (Palma). Price correct as at 17 August 2011.
For travel between 2 September and 17 October 2011. Variable charges for hold baggage apply
and some payment methods attract a handling fee. See website for details.
Theres still time
to nip away
BY HARRY BANKS
BANKING

RBC Capital Markets has won its sec-

ond new mandate this week after
being appointed as joint broker to
gold producer Centamin Egypt.
The appointment, announced yes-
terday by the FTSE-listed company,
brings the total new mandates that
RBC has won since start of 2011 to 13.
It has replaced Morgan Stanley as
joint broker to African Barrick Gold.
Centamin Egypt
appoints RBC
INVESTMENT BANKING

News
6 CITYA.M. 26 AUGUST 2011
Credit Agricole boss Jean-Paul Chifflet said markets were irrational Picture: REUTERS
ANALYSIS l Credit Agricole SA

Jul Jun Aug

10
8
9
7
6
6.51
25 Aug
Sage of Omaha rescues Bank of America
WARREN Buffett thinks he should
pay more tax, but failing that hell
find other ways of using his money to
help the US government. Yesterday,
he was doing his bit by investing
$5bn in Bank of America, whose
share price has been battered by fears
the company lacks the sufficient cap-
ital to fight or settle lawsuits associat-
ed with mortgage-backed securities it
sold prior to the crisis.
The deal is almost identical in
structure to the $5bn investment he
made in Goldman Sachs in
September 2008, although the six per
cent annual dividend on BofAs pre-
ferred stock is less eye-watering than
the 10 per cent Goldman was paying
before it bought him out in March.
Buffett is likely to make a huge
amount of cash from the dividend; at
one point, the Goldman shares were
paying out something like $15-a-sec-
ond.
Along with the $5bn investment in
preferred BofA stock, Buffett is receiv-
ing warrants to purchase $500m
worth of common stock at an exer-
cise price of $7.14. Again, this mirrors
the Goldman deal, where Buffett
bought warrants worth $5bn at a
strike price of $115. Effectively, he is
setting a floor-price for the shares; if
they are trading any lower when he
has to exercise the warrants (within
five years) he will be out of pocket.
At yesterdays close price of $7.65,
those Bank of America warrants were
in the money to the tune of $357m.
A similar thing happened at first
with the Goldman warrants, which
generated a paper profit of 782m
within just two days. In October 2009,
he could have made $3.3bn by exer-
cising the options (he didnt).
Yesterday, however, Buffett was
actually sitting on a paper loss of
around $224m on the Goldman war-
rants, after the banks stock closed at
$109.84 below the $115 floor-price.
So while the Sage of Omaha has spo-
ken, and the market listened, there is
no guarantee that the boost will last.
BOTTOMLINE
Analysis by David Crow
US bank JP Morgan has paid $88.3m
(53.6m) to settle a case with the US
Treasury department for making
financial transactions in violation of
US international sanctions.
JP Morgan allowed transactions
such as wire transfers to countries
such as Cuba and Iran through its
affiliate banks over five years from
2005 to 2011, the Treasury said.
Treasury settles
JP Morgan case
ENFORCEMENT

News
7 CITYA.M. 26 AUGUST 2011
Model shown Aygo Go! 1.0 3dr 9,195 including 300 customer saving and 255 dealer contribution.
*
139 rental shown is for Personal Lease over
42 months on new retail orders of model shown between 27 July and 30 September 2011 and registered and leased through Toyota Financial Services
by 31 December 2011. niIial renIal oI 1,482.78 Iollowed by 41 monIhly renIals oI 139 and nal renIal oI 3,515 all gures inclusive oI VAT. I you
choose personal lease Ihen you will noI own Ihe car. When you have paid Ihe nal renIal you can conIinue Io use Ihe car by paying an annual renIal
oI 110.34 including VAT unIil disposal. Same monIhly paymenIs available wiIh ownership on AccessToyoIa (PCP) sub|ecI Io sIaIus Io over 18s only.
ndemniIies may be required. Terms and CondiIions apply.

6 monIhs Iree Iuel equivalenI Io 503 which will be loaded onIo a pre paid Visa card. Based on
61.4mpg (o cial combined Iuel consumpIion gure Ior AYCC1.0l ) over an average oI 5000miles (Source: Parkers Cuide - www.parkers.co.uk). Fuel cosI
based on UK average unleaded 95 CcIane PeIrol oI 136p per liIre as per www.peIrolprices.com on Thursday 26Ih May 2011. 5 year/100,000 mile
manuIacIurer warranIy sub|ecI Io Ierms and condiIions. AI parIicipaIing ToyoIa CenIres.
C cial Fuel ConsumpIion Figures in mpg (l/100km): AYCC Co! 1.0 VVT-i 3 door manual:
Urban 51.4 (5.5), ExIra Urban 70.6 (4.0), Combined 61.4 (4.6). CC
2
Emissions 105g/km.
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OUT GOINGS
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GOING OUTS
AYGO Go! with Sat Nav, Bluetooth and Alloy Wheels
139
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a month
6 months

free fuel
ONE of the founders of Saxo Bank
pledged to continue its push for growth
after a private equity house bought a 30
per cent stake in the group from
American and Portuguese investors.
Lars Seier Christensen told City A.M.
there had been several private equity
approaches over the last year for
Copenhagen-based Saxo, a global player
in online retail FX trading.
TPG Capital has bought its stake from
General Atlantic and Banco Espirito
Santo in a deal valuing Saxo at 9.6bn
DKK (1.14bn).
Christensen and fellow co-founder
Kim Fournais retain majority ownership
but did not have the right to veto the
deal. Christensen insisted, however, that
it would be business as usual.
It was both built on the economics
and also the ability to work together, he
said.
Danish media had valued the online
trading and investment specialist at
20bn DKK after record results last year
but Christensen said some suggestions
had been optimistic.
General Atlantic invested in Saxo in
2005 and its parent Espirito Santo
Financial Group came in three years
later.
They may retain a residual stake,
Christensen said, while TPG has the
option of increasing its holding to 40
per cent.
I would expect Saxo to grow signifi-
cantly. I dont think this will make it
more difficult in any way, he said.
TPGs other UK interests include soft-
ware specialist SunGard. Three years
ago it walked away from a deal to buy 23
per cent of Bradford & Bingley.
TPG snaps up
stake in Saxo
Saxo and the City: Lars Seier Christensen said London remained a strong place to hire staff
BY PETER EDWARDS
BANKING

ANALYSIS l Banco Espirito Santo SA

p
Jul Jun Aug
2.80
2.40
2.60
2.20
2.21
25 Aug
DRINKS giant Diageo yesterday attrib-
uted a rise in earnings to the growing
number of middle class drinkers in
emerging markets.
The company said Scotch whisky
sales were soaring in Africa and Asia
helping to offset overall weakness in
Europe.
Operating profit in the full year
jumped by five per cent to 2.8bn
while earnings per share was up 16 per
cent to 83.6p.
Diageo, whose brands include
Guinness and Johnnie Walker, said
there was huge growth momentum
in emerging markets that it would
continue to bankroll with an increase
in marketing spending. Chief execu-
tive Paul Walsh said the company was
not complacent and would be eagle-
eyed on costs with unspecified cuts
coming at some plants.
He added: We will be look at merg-
ers and acquisitions over the next
three or four years if they are good
value for our shareholders. He con-
firmed that it would be interested in
the Jose Cuervo tequila brand.
In the UK, where sales dipped slight-
ly, the company said customers were
spalshing out 30-40 on a bottle of
premium spirts as a treat.
Diageo lifted
by emerging
market boost
BY JOHN DUNNE
CONSUMER

A QUIET August on the high street

has seen retailers slump to the
gloomiest they have been since
February 2009, a leading survey
revealed yesterday.
Retail sales volumes this month
were even lower than in August
2010, having fallen at the fastest
pace for over a year.
While 31 per cent of respondents
reported a rise in sales in the open-
ing two weeks of the month, nearly
half said that volumes fell. The
rounded balance of minus 14 per
cent was a big fall from minus five
per cent in July, and minus two per
cent in June.
In the first five months of the year,
more retailers reported rising sales
than falling sales.
As expected, August was a tough
month on the high street, said
Judith McKenna, chair of the CBIs
distributive trades panel, which con-
ducted the survey.
Consumers have continued to see
their real incomes squeezed by a
combination of inflation and weak
wage growth.
Around 65 per cent of retailers
said their average prices were higher
than at the same time last year.
While price pressures are still being
felt, the positive balance of 55 per
cent was less severe than in May (63
per cent) and February (73 per cent).
Gloomiest high street since
February 2009, claims CBI
BY JULIAN HARRIS
RETAIL

News
8 CITYA.M. 26 AUGUST 2011
Chief executive Paul Walsh said the firm is still interested in buying Jose Cuervo
ANALYSIS l Diageo PLC
p
Jul Jun Aug
1,250
1,300
1,150
1,200
1,100
1,170.00
25 Aug
NET migration to the UK has risen by
21 per cent since last year, according
to the Office for National Statistics.
Around 239,000 more people
arrived in the country than left it dur-
ing 2010.
The number of people leaving the
country or being removed in the three
months to August fell to the lowest
level since data became available in
2001, while long-term emigration in
2010 was at a six-year low.
Meanwhile the number of people
migrating here for a definite job fell to
the lowest since 2004, compounding a
slide that has accelerated since the
financial crisis of 2008.
Education remains the most com-
mon reason for people to move to the
UK.
The Labour party complained that
the figures prove the coalition is fail-
ing to deliver on its pledge to manage
immigration.
The government has said it will
bring net migration down to tens of
thousands by the end of the
Parliament in 2015.
But think-tank CentreForum said:
Rather than showing anything about
whether immigration controls are too
light or too lax, the figures simply
show that a net migration target is
silly. We cannot control the number
of people leaving the country, and
that is what is driving these figures.
Coalition on course to miss own
targets as net migration surges
POLITICS

THE chief executive of the Co-opera-

tive Group yesterday warned current
trading conditions are the worst for
40 years as the companys half year
profits took a hit.
The group reported a 12 per cent
drop in underlying profits to
230.8m for the six months to 2
July. Food sales were down to
3.7bn from 3.9bn last year.
The Co-ops financial servic-
es arm saw underlying profits
rise 20 per cent to 131.3m,
with income up 16.7 per cent.
However, the group has
swallowed a one-off
charge of 90m to
cover claims for
potential mis-selling
of payment protec-
tion insurance (PPI).
Group chief execu-
tive Peter Marks (pic-
tured) said
competition, a lack of
consumer confidence
and government aus-
terity measures were
all factors behind the fall.
At the full year we warned that
the downturn was biting deeper than
anyone had expected and predicted
that challenging trading conditions
would continue into 2012, Marks
said.
This has clearly proved to be the
case. Indeed it is the worst I have seen
in 40 years of retailing.
The retailer said that it would
continue with a 2bn invest-
ment programme over three
years. Co-op said it had already
spent 280m on a revamp, has
refitted 244 food stores and
opened eight new outlets over
the results period.
Marks added: Looking
ahead, we do not see signs
of any real improvement
in the economy and we
are planning accord-
ingly to help our
customers as
much as possible.
We will find it
difficult to match
the record profits we
made in 2010 with our
investments, he warned.
Co-op hit by
dire trading
environment
VALUE retailer Wilkinson admitted
its profit figures were disappoint-
ing as shoppers saw their disposable
income cut over the last year.
However, the chain, one of Britains
largest family-run firms, said yester-
day it had experienced the best
Christmas week in its history.
Turnover hit 1.559bn for the 12
months to January this year, up
slightly from 1.556bn, according to
the annual review. Pre-tax profit fell
to 60.82m from 64.95m.
The operating surplus was
57.77m, leading chief executive
Stuart Mitchell to write: Although
disappointing when compared with
our record profits of 62.9m in 2010,
this represents a strong performance
given the trading conditions during
the year and the pressures arising
from commodity prices, the increase
in VAT and the dollar exchange rate.
The origins of the firm go back to
1930 when James Kemsey Wilkinson
opened a store in Leicester. Today it
has more than 335 stores and hopes
to reach 500 by 2014.
The Worksop-based firm, which
did not return calls for comment,
now has a team in Hong Kong as it
tries to source cheaper and better
products from the Far East.
Wilkinson earnings drop as
shoppers rein in spending
BY JOHN DUNNE
RETAIL

Wilkinson chairwomen Lisa Wilkinson (left) and Karin Swann (right)

BY PETER EDWARDS
RETAIL

News
9 CITYA.M. 26 AUGUST 2011
RECKITT Benckiser and AstraZeneca
said they are investigating the cause of
a mix-up that led to powerful anti-psy-
chotic drugs ending up on pharmacy
shelves in Nurofen Plus packaging.
Reckitt, which makes Nurofen, said
consumers in south London should
check drugs for gold and black packag-
ing, which could mean the pills inside
are actually Seroquel XL, which is used
to treat schizophrenia.
Drugs watchdog MHRA said manu-
facturing errors by Reckitt and
AstraZeneca, which makes Seroquel at
a separate plant, are not thought to be
the cause.
SHARES in Topps Tiles plunged by a
quarter at one stage yesterday as the
flooring specialist issued a profit
warning.
The countrys biggest tile and wood-
en flooring retailer warned profits
will be smaller than expected after a
collapse in consumer confidence
meant DIY spending was put on hold.
Weve seen a step down in con-
sumer confidence since the beginning
of July, chief exec Matt Williams said.
Footfall is down. Some commenta-
tors are saying we never really came
out of recession. Were now at similar
[trading] levels as 2008 and 2009.
Topps Tile falls
on profit alert
Reckitt probing
Nurofen mix-up
CONSUMER

RETAIL

CITY FIXERS
TURN DOWN
GADDAFIS
SAFARI TRIP
MONEY CANT buy you everything. Just
ask Hannibal Gaddafi, the wayward play-
boy son of the reviled Libyan dictator, who
was shown the door when he made
enquiries with one of the Citys most pres-
tigious luxury travel firms about a get-
away for himself, his former model wife
Aline Skaf and their entourage for a
100,000 safari in Tanzania.
Perhaps sensitive about his links to a
murderous regime that has flouted
human rights for decades, the erratic
demands from Gaddafi Jnr were anony-
mous the phone number was always
changing, and the travel agents never
spoke to the same person twice.
Despite going to elaborate lengths to
conceal his identity, however, Gaddafis
giraffe-spotting hopes were dashed when
his infamous name finally came to light.
As soon as we were made aware of who
the booking was for we dropped it imme-
diately, said Sally Kirby, who co-founded
the Sally & Alice Travel Co a specialist in
top-end Indian Ocean and African holi-
days with ex-Morgan Stanley analyst
Alice Agar in August 2010. Morally it is
against everything we stand for.
unique night of comedy and rock and
roll at The Savoy, where auction lots
include a Lotus Evora S class cus-
tomised in the colours of the singers
1986 Wembley stage costume and the
chance to appear as a bohemian in the
musical We Will Rock You.
Unmissable. Final donations in aid of
AIDS charity The Mercury Phoenix Trust
will be taken on the night of the party,
but the City can get in early by placing
bids online. For all sale items see
www.freddieforaday.com/auction
MILLION-DOLLAR DEAL
MEANWHILE, registration for CNBCs
annual fantasy stock and currency trad-
ing contest is now open, ahead of the offi-
cial start of trading on 12 September.
So how to win the $1m prize? Take the
Warren Buffet approach and invest in
what you know said past winner Mary
Sue Williams, a former welder who had a
gut feeling lubricant manufacturer
WD-40 would oil her path to victory. See
www.milliondollar.cnbc.com
On the upside, the rest of the compa-
nys City clients have been a delight by
comparison like the Deutsche Bank
stag-party to Iceland and the Dow Jones
executive who was too busy to organise
his own honeymoon. I am still looking
at the bunch of flowers he sent in as a
thank you, said Kirby. No doubt
Hannibal would have done the same.
NUMBER CRUNCHING
BRITAIN cant count, said Carol
Vorderman only this month as she
launched a campaign to tackle the
nations numerical illiteracy.
Indeed just ask those maths wizards
at Nature Valley, who this week embar-
rassed their Fortune 500 owners General
Mills with some number crunching that
rammed home the point beyond dispute.
We wanted to increase deliciousness [sic]
by 200 per cent, said the cereal maker in
its cover-wrap on free newspaper Metro.
So we put two bars in every pack.
Sigh. The cereal bars may be twice as
delicious, but The Capitalist is pretty sure
adding one bar to one is an increase of 100
per cent. Perhaps General Mills could redi-
rect some of its annual profits into reme-
dial maths seminars for its staff
BOHEMIAN RHAPSODY
AS THE Citys many Queen fans will
already know, Monday 5 September
would have been the late Freddie
Mercurys 65th birthday.
To mark the occasion, bandmates
Roger Taylor and Brian May are hosting a
No elephants for Hannibal: Sally Kirby and Alice Agar (inset) turned down Gaddafis 100k booking
As soon as
we were
aware who
the booking
was for we
dropped it
immediately
The Capitalist
10
EDITED BY
HARRIET DENNYS
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @citycapitalist
CITYA.M. 26 AUGUST 2011
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SPECIALIST insurer and reinsurer
Hardy said yesterday that catastrophe
losses had hit its first half figures
hard, as it posted a loss after tax of
17.1m, compared to profits of 2m
last year.
Losses related to the earthquakes in
Japan and New Zealand and flooding
in Australia meant Hardys combined
operating ratio rose by 17 per cent to
119 per cent.
The insurance group also
announced the appointment of Ian
Parker as its new operations chief yes-
terday. Parker joins from Zurich
Financial Services.
AGGREKO, the worlds biggest
provider of temporary power sup-
plies, said its full year profits will be
better than expected after winning
contracts in countries such as Japan,
Russia and Iraq.
Trading profits for the first half of
this year slipped five per cent to
120.7m after a lack of major sport-
ing contracts that boosted results last
year. However, it expects a full-year
trading profit of about 315m - a rise
of three per cent.
We have had a very strong start to
the first half of the year. The
upgrade is really coming from inter-
national power projects business
where we have had 25 new contracts
signed and order for 730 Mega Watts,
including 200MW from Japan, said
chief executive Rupert Soames.
Aggrekos generators helped power
the World Cup, the Vancouver
Winter Olympics and the Asian
Games in 2010, with the events
adding about 50m to revenue in the
first half.
While it does not have any block-
buster sporting contracts this year, it
will provide temporary power for the
London Olympics next year and the
World Athletics Championships in
South Korea later this year.
Shares remained almost
unchanged at 1765p as the results fell
in line with analyst expectations.
Aggreko ups
forecast after
contract wins
CLOSED life fund operator Phoenix
saw its profits plunge by more than
100m in the first half of 2011, as a
poor performance in its asset man-
agement arm Ignis dragged down
numbers.
Pre-tax profits at the group fell to
94m from 196m in the same period
last year, but it maintained it was con-
fident of hitting full year targets.
Phoenix attributed the fall in prof-
its at Ignis from 22m last year to
18m to spending on business devel-
opment.
Its assets under management were
67.bn at the end of June.
100m drop in
Phoenix takings
Lloyds insurer
Hardy sees loss
BY KASMIRA JEFFORD
SUPPORT SERVICES

INSURANCE

INSURANCE

Aggreko rents out generators for events such as Glastonbury festival Picture: REUTERS
News
12
ANALYSIS l Aggreko PLC
p
Jul Jun Aug
1,900
2,000
1,700
1,800
1,600
1,765.00
25 Aug
AEGIS says it is increasingly confident
about its future as a smaller, more
focused media buyer, as it posted
strong first-half organic revenue
growth and confirmed what now
appears to be a conservative outlook.
The firm, which agreed in July to
sell its Synovate market research divi-
sion to Ipsos for 525m, posted organ-
ic revenue growth of 7.3 per cent,
driven by a strong performance in the
US and across faster growing regions.
It expects to grow at a similar rate
in the third quarter, although for the
full-year it simply reiterated its full-
year forecast.
NEWSPAPER publisher Johnston Press
only needs to focus on repaying
around a third of its 370m debt pile,
according to outgoing chief executive
John Fry.
The group, which announced a
slump in first-half pre-tax profits, said
it would continue to cut costs by sim-
plifying processes and consolidating
back-office functions as the economic
outlook remained grim and the gov-
ernment slashed advertising.
Fry told City A.M: I think the compa-
ny will always have a certain level of
debt maybe 200m or 250m debt
could be manageable.
Yesterday the firm launched a part-
nership with property website Zoopla
and an online vouchers scheme with
technology company Nimble.
Fry brushed aside staff criticism of
content management systems intro-
duced at the Edinburgh-groups titles,
which include The Scotsman and the
Yorkshire Post, saying the cost-cutting
changes were essential.
Most of the negative feedback was
in the transition [period]. It has been
very well received.
The firms total first-half revenue
fell 7.5 per cent to 191.8m while oper-
ating profit before non-recurring
items fell 17.6 per cent to 33.3m.
Pre-tax profit fell to 13.8m, com-
pared to 26.1m last year, while net
debt was cut 16m to 370.7m.
Grim reading
at Johnston
as profits fall
GAMBLING firm Sportech has posted
a 28 per cent rise in first-half adjusted
pre-tax profit as sales doubled, led by
a strong performance of the horserac-
ing business it bought last year, and
said it was confident of its prospects.
The company, which acquired
Scientific Games Racing last year and
renamed it as Sportech Racing, said
trading for the second half of the year
continued to be in line with its expec-
tations.
Pre-tax profit before exceptional
items for the half year ended 30 June
came in at 7.4m, compared with
5.8m last year.
Sportech sees
its sales double
Aegis confident
as revenue rises
BY PETER EDWARDS
MEDIA

MEDIA

GAMING

BROADCASTER STV, which makes programmes including Taggart, will reinstate dividend
payments for the first time in six years after it made an pre-tax profit of 6.5m in the first
half of 2011. Revenues dipped to 47.2m, compared to 49.7m in the same period last year.
News
13
ANALYSIS l Johnston Press PLC
p
Jun Jul Aug 25Aug
6.0
5.5
5.0
4.5
4.75
25 Aug
STV TO PAY FIRST DIVIDEND IN SIX YEARS
COSTAIN, the engineering and con-
struction firm, reported a 23 per cent
jump in its first-half pre-tax profit as
its environment division offset the
decline in other units, and said it had
raised its interim dividend.
Pre-tax profits for the year to June
rose to 10.1m from 8.2m last year,
while operating profit at its environ-
ment division rose more than five
times.
Costain said its order book stood
down eight per cent at 2.3bn due to
its withdrawal from lower margin
activity.
We are targeting major clients who
have to spend money despite econom-
ic uncertainty, said Andrew Wylie,
Costains chief executive.
In May, the group won a waste water
treatment contract for upgrade work
as part of a joint venture with
Galliford Try and Atkins.
The London-listed company, which
on Monday announced the acquisition
of support services firm Promanex,
said its plans to double profit over the
medium term.
Costains shares, which have
dropped in value since Mouchel reject-
ed its takeover offer in March, rose
four per cent to 8.5p yesterday after
the group said it raised its dividend by
eight per cent to 3.25p.
AMEC, the engineering and support
services group, said a surge of activity
in the North Sea oil fields and growth
in the mining and renewables sectors
helped it post higher first-half core
earnings and bolstered its order book.
Samir Brikho, Amecs chief execu-
tive said the UK governments North
Sea tax raid announced in the March
budget forced companies in the oil sec-
tor to go back to the drawing board in
terms of what it means for business
and investments.
Amec, nevertheless, said the North
Sea remained active and the company
had hired as many as 2,000 employees
this year in London and Aberdeen to
meet new contract wins from compa-
nies including BP and BG.
The FTSE 100 company, which serves
the oil, gas and power generation
industries, reported earnings for the
six months to June of 122m on rev-
enue four per cent higher at 1.48bn.
The UK, its largest market, account-
ed for 31 per cent of revenues, driven
by oil and gas, nuclear, power and
environmental services.
Its order book was 3.4bn, up from
3.25bn in April, although slightly
down on a year ago because of an
expected reduction in a US contract.
In May, the company announced
the $280m (172m) acquisition of US
project management company
Mactec, its largest takeover since
Brikho took hold of the reigns in 2006.
Amec, which has made 261m of
acquisitions in the year, said it will
continue to look for more opportuni-
ties.
Chief financial officer Ian McHoull
said despite economic uncertainties,
Amec was confident in the outlook
for the business and raised its divi-
dend by 40 per cent to 10.2p a share.
Amec fell 4.31 per cent to close at
876p yesterday.
Amec enjoys
boost despite
North Sea tax
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Costain reports a jump in profits
as it targets big ticket contracts
BY KASMIRA JEFFORD
ENGINEERING

ENGINEERING

Amec provides con-

sultancy services to
Zadco, which man-
ages oil fields in
the Arabian Gulf.
News
15 CITYA.M. 26 AUGUST 2011
NEWS | IN BRIEF
German landesbanks hit by Greece
German landesbanks WestLB and LBBW
said their first-half earnings were weighed
down by Greece exposure and restructur-
ing, factors that made it difficult for either
public sector lender to give a clear forecast
for 2011. WestLB said ongoing restructur-
ing expenses weighed down first-half earn-
ings as the troubled German bank prepares
to break itself up. The lender posted a net
profit of 36m (31.7m) in the January to
June period, down by half from 67m in
the year-earlier period as it transferred
portfolios to the German government's bad
bank. Restructuring expenses rose to
158m from 30m in the year-earlier peri-
od, as the transfer of portfolios to a state-
controlled bad bank and impairment
charges of 29m on Greek government
bonds offset a recovery in trading income.
Separately, Stuttgart-based LBBW swung
to a 601m pre-tax profit in the first half
of 2011, up from the 321m loss in the
year-earlier period but weighed down by a
450m charge on Greece exposure.
Earnings fall at discounter Big Lots
Big Lots, the US discount store chain, said
yesterday its second-quarter earnings fell
8.2 per cent. Revenue increased slightly,
beating Wall Street expectations on
strong demand for the company's dis-
counted products, which encouraged the
retailer to raised the low-end of its full-
year earnings guidance. Net income fell to
21.8m from 23.8m at the same time
the previous year. Big Lots decided in May
not to sell itself after bids from private
equity firms came in below the company's
expectations.
ANALYSIS l AMEC PLC
p
Jul Jun Aug
1,100
900
1,000
800
876.00
25 Aug
BARCLAYS is cutting 140 jobs in its
corporate business arm as part of the
banks plan to slash costs and bring
its five divisions closer together.
Around 40 voluntary and 100 com-
pulsory redundancies will be in the
UK infrastructure operations for
Barclays Corporate, which is being
brought closer together with the
Barclays Capital arm.
The cuts come just two months
after Barclays Corporate cut about
500 infrastructure jobs. It employs
just over 11,000 staff.
Barclays cut 1,400 staff in the first
half of the year and chief executive
Bob Diamond has said it is likely to
shed about 3,000 this year, or about
two per cent of its 146,100 workforce.
Barclays plans mirrors those of
most big banks including Credit
Suisse and UBS, who have unveiled
swingeing job cuts this year.
Barclays cuts a further
140 jobs in savings drive
BY MARION DAKERS
BANKING

News
16 CITYA.M. 26 AUGUST 2011
London 2012
IMAGE OF THE WEEK
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ANALYSIS l Barclays PLC
p
Jun Jul Aug 25Aug
250
240
220
210
180
160
140
157.90
25 Aug
DP WORLDS first-half profit grew
four-fold as it booked a $436m
(267m) gain from the sale of its
Australian operations last year, and
the port operator said its emerging
market focus would help it deliver on
full-year goals.
The company, one of the more prof-
itable assets of debt-laden Dubai
World, said it was difficult to forecast
global trade for the remaining part of
the year despite being a historically
stronger second-half performer.
There is uncertainty around the
outlook for the global economy mak-
ing it more challenging to forecast
how global trade will develop in the
second half of the year, chief execu-
tive Mohammed Sharaf said yesterday
after the firm reported its first-half
earnings.
DP World, which is currently build-
ing a new container port on the River
Thames, is also open to other asset
sales if good opportunities were avail-
able, the company said, adding that
there was nothing in the pipeline for
the time being.
As and when similar opportuni-
ties present themselves we will look
at them in the same way that we
looked at Australia, said Yuvraj
Narayan, chief financial officer.
The port operator sold 75 per cent
of its Australian port operations for
$1.5bn last year to private equity firm
Citi Infrastructure Investors (CII).
DP Worlds first half profit, includ-
ing the sale, was $705m compared
with $177m in the same period in
2010, it said in a statement.
Excluding the gain from sale, prof-
it stood at $246m, a 50 per cent
increase compared with $164m for
the same period last year. Gross vol-
umes in the first half of the year
climbed to 26.2m TEU, or twenty-foot
equivalent container units.
First-half revenues increased three
per cent to $1.5bn.
AZ ELECTRONICS reported strong
growth in revenues for the first half
yesterday on the back of healthy
smartphone and iPad sales.
The electronic materials firm,
which counts Apple and Samsung
among its clients, saw underlying
earnings before tax rise 18 per cent
from last year to $129.5m (79.5m).
AZ reported total revenues up 22
per cent at $391.8m.
The firms integrated cir-
cuits division performed
particularly well, posting
revenue growth of 31 per
cent to $269.2m.
Strong cash flows
reduced the companys net
debt by half to $402.2m.
Chief executive
Geoff Wild (pic-
tured) said the
success was
down to
continued
demand for faster, smaller,
more powerful electronic
devices.
The firm is expanding its
Korean facility from 2013
in a bid to localise the sup-
ply of major products.
The firms shares, which
have gyrated since its float
in November, soared 7.5
per cent to 226.9p yes-
terday though the
shares still lie below
AZs 255p float price.
AZ Electronics boosted by demand for
its smartphone components in first half
EUROPEAN property investment firm
Hansteen posted a first-half pre-tax
profit of 16.83m yesterday, up from
7.85m last year. Net asset value per
share also rose 3.6 per cent over the
first half of the year.
The company said it was taking a
cautious view of further purchases,
saying it will focusing on improving
occupancy and rents ahead of mak-
ing acquisitions because of market
turmoil and the continuing uncer-
tain economic outlook across Europe.
But in a separate statement, it said it
was buying two properties in
Germany, for a total price of 13.2m.
Hansteen, which spent about
460m on ten acquisitions last year,
said in May it planned to buy proper-
ty businesses in the UK and Europe.
The company raised its dividend by
14 per cent to 1.6p, and said it intend-
ed to operate a prudently progres-
sive dividend policy for the
foreseeable future reflecting the
growing profitability of the business.
Hansteen buys properties
as its net asset value rises
PROPERTY

Profits surge
at DP World
on Aussie sale
BY HARRY BANKS
INDUSTRIAL

BY LYDIA ELLIS
TECHNOLOGY

News
17 CITYA.M. 26 AUGUST 2011
ANALYSIS l DP World LLC
p
Jun Jul Aug 25Aug
850
800
750
700
650
645
25 Aug
NEWS | IN BRIEF
IMI revenues reach 1bn mark
Global engineering group IMI posted
higher than expected half-year revenue
results, topping the 1bn mark. The
FTSE 100 company said revenue for the
six months ended 30 June rose from
925m to 1.032bn, reflecting contin-
ued improvement in trading conditions
in their end markets. Pre-tax profit
increased by eight per cent from
133.5m last year to 144.3m, helped by
an improvement in the operating margin,
which rose to 17 per cent from 15.7 per
cent in the first half of 2010. IMIs larg-
er divisions, fluid power and severe serv-
ice, saw the largest sales growth.
Hikma sales in line with forecast
Jordanian group Hikma
Pharmaceuticals reported a 10.4 per
cent rise in first-half sales to 241.3m,
in line with forecasts. First-half sales
and profit were hit by political upheaval
in the Middle East and north Africa. The
Amman-based company expects to
resume normal business in Libya by the
end of the year as the country becomes
the latest in the region to recover from
political turmoil. Operating profit fell 34
per cent to 29.9m, reflecting lower
margins due to loss of high-profit lines.
Hunting raises dividend by 8pc
International energy services group
Huntings basic earnings per share
rose 95 per cent to 10.7p, it announced
yesterday, as the company said it would
hike its interim dividend by eight per
cent to 4p. First half revenues rose by
30 per cent to 251.3m in the six
months to the end of June, helped by the
booming oil market. In the year so far,
Hunting reported that oil prices have
averaged from 48 to 69 a barrel,
causing nearly double pre-tax profits.
Pre-tax profits were up to 22.1m from
11.6m over the same period the previ-
ous year, while revenues increased from
193.3m to 251.3m.
RESOURCES ROUND-UP
ANALYSIS l Petropavlovsk PLC
p
Jun Jul Aug 25Aug
850
800
750
700
650
808.50
25 Aug
Kenmare eyes 2012 price hike
Kenmare Resources expects a dramatic
boost to earnings next year when it will
be able to capitalise on higher prices for
its key products, the Irish mining firm
said yesterday. Kenmare, which mines
ilmenite and zircon from its Moma mine
in Mozambique, has not been able to take
full advantage of price leaps due to exist-
ing contracts, which run out at the end of
this year. Unless there is a dramatic
change in prices back down again... there
will be a dramatic change in our revenue
per tonne gained and therefore a huge
difference in our EBITDA, managing
director Michael Carvill (pictured) said.
Premier Oil pushes back targets
Premier Oil expects a delay in meeting its
daily average production target for 2012
due to financial difficulties faced by its
partner in the Huntington project in the
North Sea. Premier said it planned to drill
up to 20 exploration and appraisal wells
over the next 12 months, targeting about
300m barrels of oil equivalent. The com-
pany also reiterated its full-year produc-
tion outlook of 40,000-45,000 barrels of
oil equivalent per day (boepd). The com-
pany expects a year-end production run
rate of 60,000 boepd. Premier also
reported a huge drop in its first-half pre-
tax profit at $32.5m (20m), compared
with $111.6m a year ago, hurt by explo-
ration write-off costs of $80.6m.
Heritage Oil narrows losses
Heritage Oil has posted net losses of
$11.4m for the six months to the end of
June down from $14.2m last year.
Operating losses at the company rose to
$12.5m from $9.9m, but losses from con-
tinuing operations narrowed to $9.7m.
Salamander swings to gains
Salamander Energy posted first-half pre-
tax profit of $62.42m versus a pre-tax
loss of $90.3m last year. The explorer
said revenues rose by 41 per cent on last
year to $187.7m, thanks to a 23 per cent
increase in average production with
another jump expected in the second half.
Petropavlovsk is back in black
Russian gold miner Petropavlovsk
returned to a net profit in the first half of
the year, beating analyst expectations,
while maintaining its production target
for 2011 at 600,000 ounces. The compa-
ny said that net profit came in at
$108.2m for the six months to the end of
June. It produced 219,100 ounces of gold
in the first half, in line with expectations,
and 506,810 ounces in 2010, compared
to a target of 510-530,000 ounces.
LEIGHTON Holdings dumped its chief
executive a day after the chairman
quit, leaving investors aghast at man-
agement turmoil and sending its stock
sliding yesterday.
Shares in Australias top contractor
closed 3.3 per cent lower, adding to a
3.1 per cent fall a day earlier after
chairman David Mortimer resigned,
with investors stunned that chief exec-
utive David Stewart was let go just
eight months into the job. Leightons
board, which includes representatives
from German parent Hochtief, said
Stewart had stabilised the company,
but fresh blood was needed.
The move to replace Stewart came
after Leighton suffered a big loss in fis-
cal 2011, hit by problems at its two
biggest projects and writedowns on its
Middle Eastern joint venture, largely
incurred under its former boss Wal
King.
Leighton dumps Stewart
a day after chairman goes
David Stewart is leaving Leighton after just eight months
BY HARRY BANKS
INDUSTRIAL

News
18 CITYA.M. 26 AUGUST 2011
ANALYSIS l Apple inc
1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 19
340
360
380
320
300
280
260
240
220
200
180
160
140
120
100
80
60
40
20
0
THE NEW POWERS AT APPLES CORE
TIM COOK CHIEF EXECUTIVE
Tim Cook is now one of the worlds most influ-
ential executives. He is no stranger to the
chief executive role, having covered for Jobs
in 2004. The former IBM worker is known for
his adept handling of Apples supply chain.
Now Steve Jobs has stepped down as chief executive he will be forced to take a back seat at the
company he founded in a garage in 1972. The day-to-day pressures of running the worlds most
valuable technology company will now fall to its top executives. Their every move will be scruti-
nised for signs that Jobs departure is the start of a slow decline. These are four of the most impor-
tant board members who have Apples future in their hands.
JONY IVE HEAD OF DESIGN
The Essex-born designer is widely seen as one
of the most talented product engineers of his
generation. He joined Apple upon Jobs return
in 1997 and is behind hit products including
the iMac, iPod and iPad.
PHILIP SCHILLER HEAD OF MARKETING
As Apple adjusts to life after Jobs, Schillers
role as head of global product marketing will
become even more vital. He joined Jobs in the
1997 revolution and has been one of the most
recognisable faces at Apple.
JEFF WILLIAMS VP OPERATIONS
Jeff Williams, a senior vice president, is most
likely to take over from Tim Cook as chief
operating officer. He has worked with Cook on
some major supply chain deals and is seen as
an Apple man through and through.
APPLE GOES PUBLIC
Jobs takes the firm he co-
founded public. Its shares
rise by a third during their
first day trading
FIRST APPLE
MACINTOSH LAUNCHES
The launch is heralded by
an advert directed by
Ridley Scott during the
1984 Super Bowl
JOBS FORCED OUT
After a tussle Jobs is turfed
out of the company, with
John Sculley now in charge.
Jobs founds software firm
NeXT
JOBS FOUNDS PIXAR
He was eventually hand-
ed $4bn worth of stock
after it was taken over
by Walt Disney
MAC PORTABLE
LAUNCHES
Apple becomes the first
company to sell a portable
off-the-shelf computer
NEWTON LAUNCHES
The technically accom-
plished but much-unloved
Newton was the first
advanced PDA, under the
watch of chief executive
Michael Spindler (below)
S
TEVEJobs shock resignation was
followed by the inevitable panic.
Jumpy investors piled out of
Apple stock, knocking $25bn
from its market cap, most of which
was soon recouped. But it will be
months and years, not days and weeks,
until the effects of his loss become
clear.
A man of his talent and vision will
be missed, that much is beyond doubt.
But Apple is in a stronger position
today than it ever has been. Its rivals,
rather than encroaching on Apple ter-
ritory, are backing off in key battle-
grounds HP axing its smartphone
and tablet operations being the
latest example.
Right now, Apple is king of
the jungle, the second most
valuable company in the world
and one of only 10 to top the
S&P 500. And its all because of
one man. Yesterday, amongst the
tributes that read almost like obitu-
aries, Jobs was being hailed as one of
the all-time greats of the business
world, worthy of standing shoulder to
shoulder with the likes of Andrew
Carnegie, Henry Ford and Bill Gates.
But Jobs has never revolutionised
the business world, despite the envi-
ous looks from rivals.
Apple is famous for its vertically
integrated model; the supply chain is
tightly monitored, it controls both the
platform and software, the distribu-
tion and retail. Every aspect of every
product is centrally controlled from
Cupertino. The model facilitates
Apples sumptuous design rival
tablets dont compete with the iPad2,
they still compete with its predecessor
and allowed Jobs to command
unbeatable margins.
But Carnegie had mastered the art
of vertical integration almost 100 years
before Jobs applied the same princi-
ples. His steel empire spanned coal-
fields, furnaces and railroads,
elevating Carnegie from a bob-
bin boy in a cotton mill to the
owner of one of the biggest
industrial infrastructures
in the world.
Production techniques
mastered by Ford are still
used across the world
Apple has just streamlined
them. Indeed, the apocryphal
Ford quote could just as easily apply to
Apple: Any colour you like as long as
its brushed aluminium.
Jobs is renowned for his fierce busi-
ness acumen, playing hard-ball with
suppliers and developers. But he pales
in comparison to Gates, who struck a
famously golden deal to supply an
operating system for IBM and merci-
lessly exploited the competitive advan-
tage for more than two decades, crush-
ing any competition, often to the cha-
grin of regulators.
So why is Jobs so special? Apples
chief designer Jony Ive once quipped:
New is easy. Doing something better
is very hard.
And this is Jobs true genius taking
what exists and making it better; cher-
ry-picking the best of Ford, a touch of
Carnegie, a sprinkle of Gates and
adding to it an unparalleled, unflinch-
ing confidence in his products. Where
most of his S&P 500 peers follow the
money, Jobs followed the product, con-
fident the money would find him.
When he unveiled the latest Apple
product at Macworld, he really meant
it when he said I think this is the
coolest thing weve ever made. And
hes usually right.
In many respects Jobs was the per-
fect chief executive: visionary, astute,
in command of both the big picture
and the smallest detail.
He has an uncanny ability to sur-
round himself by the most talented
people; Apple co-founder Steve
Wozniak, a computer wizard of a far
higher order than Jobs, who once
upon a time used to finish Jobs Atari
homework for him; Essex-boy Ive, one
of the most talented consumer prod-
uct designers of his generation; his
successor Tim Cook, a ruthless whip
and supreme negotiator on the sup-
ply-side of the business.
Cooks unenviable task as chief exec-
utive will be not to take the company
in a new direction that would be
easy. The difficult part will be making
it better.
The trials of Jobs
The outgoing Apple boss is no Ford,
writes Steve Dinneen but he stands
shoulder to shoulder with the best
News
19 CITYA.M. 26 AUGUST 2011
994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
APPLE
BUYS
NeXT
Jobs returns
to the
Cupertino
fold after his
firm, which
designed a
version of its
OS, is bought
iMAC LAUNCHES
Credited as the product
that made computing
cool, the iMac became the
device of choice for artists
and designers
GIL AMELIO
The former National
Semiconductor chief execu-
tive begins his brief and
painful stint at Apples helm
AMELIO IS
OUSTED BY JOBS
Jobs becomes the
boss again after
Amelio presides
over a period of
bad results
iTUNES
LAUNCHES
The online music
store goes live. It
will become one
of the most suc-
cessful digital
media hubs ever
created
FIRST iPOD
LAUNCHES
The device that rev-
olutionised music is
released, convincing
people for the first
time that they want-
ed digitised music
JOBS CANCER BATTLE
Jobs is forced to take time
off to battle pancreatic can-
cer, sparking a years of spec-
ulation over his health
JOBS MADE
PERMANENT
BOSS
Jobs officially
back in charge
FIRST iPAD
LAUNCHES
Apple revolutionises
the tablet market
with the iPad
HEALTH
SCARE HITS
SHARES
Cancer
rumours
spook
investors
iPOD NANO LAUNCHES
The smaller version of the
Mp3 player hits the shelves
iPHONE LAUNCHES
It instantly becomes
one of the most suc-
cessful phones ever
created
JOBS
QUITS
Jobs
steps
down as
chief
executive
after
admitting
he can no
longer
meet my
duties
Without founder Apple will lose edge
O
NE of the rooms in my fathers
house is full of old Apple prod-
ucts, a kind of museum of Macs
gone by. Those made between
1985 and 1997 the period of Steve
Jobs exile are rubbish. The worst,
such as the Newton, an early tablet
computer, are so bad that they are
pristine, having barely been touched;
one day I plan to sell them to a collec-
tor to fund my retirement.
My dad, like other Apple aficiona-
dos, only bought them out of mis-
placed loyalty and a loathing of all
things Microsoft. It wasnt much fun
being an Apple fan in those long bar-
ren years, and all but the most fervent
gave up and bought a PC.
This is the reason that Jobs is so
closely identified with the success of
Apple. Without its founder at the
helm, the firm lost its mojo, and
many fear it will do so again. Sadly, I
fear so too. Its decline wont be imme-
diate Jobs has built an impressive
empire and his successor Tim Cook is
a formidable operator but in time
its lead over rivals will narrow, and
eventually disappear.
To say that Jobs led from the top is
such an understatement that it
almost misses the point entirely.
Every product had to be built to his
specification alone, down to the very
last detail. One story has him firing
an entire team because they designed
a prototype that had a single screw on
display, when he had expressly
ordered that none should be visible. It
is probably an apocryphal tale, but
like all apocryphal tales it speaks the
truth.
What defines Jobs is his paternalis-
tic approach to the consumer. He pas-
sionately wants the best for them, but
he fervently believes they dont know
what they want. Hence his hatred of
focus groups or market research of
any kind.
Such confidence is rare, especially
when it so often flies in the face of
received wisdom. Jobs bet the house
on the iPod, for example, when the
music industry was moving the
entirely opposite way. Sound quality
had reached a zenith, thanks to the
CD, combined with bigger and better
hi-fi equipment but the iPod was
smaller and the compressed MP3s it
played impaired that hard-won sound
quality.
When phones were getting smaller,
Jobs brought out a bigger one. When
every other technology firm was
opening up, he was closing down,
building a wall around everything
Apple. When others had all but given
up on the tablet market, Jobs entered
it and made a fortune.
Such confidence is probably
ingrained at Apple, but it counts for
nothing if it is misplaced. Unless
there is someone who can call it right
on every occasion even when all the
evidence suggests theyre wrong
Apple will lose its edge. Unfortunately
for Apples investors, and its fans, Jobs
is one of a kind.
david.crow@cityam.com
@TonyParsonsUK: Steve
Jobs was the Leonardo
da Vinci of our age. So
thank you - without you,
it would have all been
ugly, difficult and dull.
@StephenFry: Terribly
upset at the thought of
Steve Jobs not feeling
well enough to be CEO.
Wishing him all the very
very best
@Lord_Sugar: Steve
Jobs... Great visionary.
Stay well Steve
#industrylegend
@JeffWeiner: It isnt just
Job's genius for innova-
tion that will be missed --
it's his insight. He speaks
the way he designs: not a
single wasted word.
@Schwarzenegger: Steve
Jobs is one of Californias
greatest innovators. Very
few achieved his impact
over the last 50 years and
probably the next 100
NEW Apple boss Tim Cook last night
promised his tenure will continue the
legacy of Steve Jobs.
In his first action as chief executive
he told employees: I want you to be
confident that Apple is not going to
change.
I cherish and celebrate Apples
unique principles and values. Steve
built a company and culture that is
unlike any other in the world and we
are going to stay true to that it is in
our DNA. We are going to continue to
make the best products in the world.
He heaped praise on Jobs, who was
forced to step aside for health rea-
sons, saying Steve has been an
incredible leader and mentor to me,
as well as to the entire executive team
and our amazing employees. We are
really looking forward to Steves ongo-
ing guidance and inspiration as our
chairman.
Its been the privilege of a lifetime
to work for Apple and Steve for over
13 years. I share Steves optimism for
Apples bright future.
Meanwhile, analysts were yesterday
speculating that if Apple falters
under Cooks leadership, Korean
giant Samsung is the most likely to
benefit. Samsung has already pun-
ished Sony in its core TV markey and
has made significant in-roads into the
smartphone and tablet markets.
Samsung jumped 2.4 per cent after
Jobs announcement.
New boss Cook
says he will not
change the firm
BY STEVE DINNEEN
TECHNOLOGY

Twitter reaction
DAVID CROW
CITY VIEWS: DO YOU THINK APPLE WILL SURVIVE AFTER STEVE JOBS? Interviews by Phoebe Torrance and Lydia Ellis
The company
was accomplished
before Steve Jobs,
so why can't they
survive now?
MARK PEARCE | SEVEN BANK
I think so. Apple is
so well established,
even with the depar-
ture of Jobs they
have made history.
Yes, it is such a
large company that
is so successful. One
man is not going to
change that, they
still have a team.
PAUL HARROWER | BNP PARIBAS
* These views are those of the individuals above and not necessarily those of their company.
RICHARD WATKINS | ADAMSON & PARTNERS
Unless there is someone who can
call it right on every occasion even
when all the evidence says they
are wrong Apple will lose its edge
News
20 CITYA.M. 26 AUGUST 2011
Troika Dialog
The private investment bank has
appointed Anton Malkov as a director
in its investment banking department.
Malkov, who will be responsible for
arranging deals in equity capital mar-
kets, advising on M&A deals, deal
structuring and investment consulta-
tion, was previously chief executive of
JP Morgans investment banking
department in Moscow.
Anglo American
Tracey Kerr will succeed Graham
Brown as group head of exploration
at the mining group. Kerr joins from
Vale, where she was director of explo-
ration for the Americas with responsi-
bility for all exploration activities.
Prior to that, Kerr worked at BHP,
where she held exploration roles in
Australia, Canada and the UK.
SWIP
Scottish Widows Investment
Partnership has strengthened its fixed
income team by appointing Sarah
Wall, formerly of M&G Investments,
as senior asset backed security invest-
ment analyst.
Kii Hub
The key investor information docu-
ments (KIIDs) producer today has
appointed Martin Jones as head of
operations and Christine Sorrell as
head of client service and administra-
tion. Jones joins from Aviva Investors
and Sorrell was previously head of
product services at Gartmore.
Hikma Pharmaceuticals
The FTSE 250 pharmaceuticals com-
pany has appointed Robert Pickering
as an independent non-executive
director, effective from 1 September.
Pickering will join the boards audit
and remuneration committees, as well
as the compliance, responsibility and
ethics committee. Until his retirement
in 2008, Pickering was chief execu-
tive of Cazenove and JP Morgan
Cazenove.
LV=
The insurer has promoted Lisa Byrne,
a senior member of the underwriting
team, to acting head of underwriting
in the Exeter office. Byrne will stand
in for head of underwriting Anna
Rogers, who goes on maternity leave
at the end of August.
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
Market falls ahead
of Bernanke speech
U
S stocks fell yesterday as
investors raised cash ahead of a
critical speech from Fed chair-
man Ben Bernanke, hoping he
will give them a clearer picture of the
Feds plans for the struggling econo-
my.
Several negatives contributed to
the markets weakness after three
days of gains. Jitters over a sharp drop
in German stocks and a report show-
ing continued US job market weak-
ness helped fuel the selling.
Stocks rose earlier this week, partly
on expectation the soft US economy
could trigger another round of mone-
tary stimulus from the Federal
Reserve, much like the one suggested
by Bernanke at the same conference
in Jackson Hole, Wyoming, a year ago.
There is an assumption there is
not going to be an announcement on
monetary policy, but the market set
up this week like that was the case,
said Art Hogan, managing director of
Lazard Capital Markets in New York.
There seems to be a bit of a
dichotomy from what people are say-
ing to what they are doing.
Bernanke, who is scheduled to
speak on Friday at 10am New York
time (1400 GMT), is most likely to out-
line gradualist measures, which
would disappoint those looking for
dramatic action, such as a fresh
round of asset purchases.
Stocks opened higher after Bank of
America said Warren Buffetts
Berkshire Hathaway would be taking
a $5bn (3bn) stake in the bank,
whose shares had fallen to two-year
lows earlier this week.
We had some upbeat emotion at
the open with Warren Buffetts
investment in Bank of America but
that fizzled very quickly when we
looked across the pond and saw what
was going on with German markets,
said Hogan.
The S&P 500 is still up 3.2 per cent
so far this week, which could be the
first positive one for the benchmark
index in the past five.
The Dow Jones industrial average
dropped 170.89 points, or 1.51 per
cent, to 11,149.82. The Standard &
Poors 500 Index fell 18.33 points, or
1.56 per cent, to 1,159.27. The Nasdaq
Composite Index lost 48.06 points, or
1.95 per cent, to 2,419.63.
Volume has decreased from the
frenzied first three weeks of August.
Major averages have stabilised,
with 1,120 on the S&P 500 now
viewed as a key support level, but it
remains to be seen whether stocks
can gather enough steam for an
extended rally.
Bank of America gained 9.4 per
cent to close at $7.65.
B
RITAINS FTSE 100 fell yester-
day, snapping three days of
gains as investor hopes dwin-
dled that Federal Reserve chair-
man Ben Bernanke would signal
more stimulus measures and a
rumour about a German short-selling
ban triggered profit taking.
The blue chip index fell deep into
the red on talk a short selling ban
may be enacted in Germany after the
market close, though a German
finance ministry spokesman said
there were no plans for a general
short-selling ban.
Italy, France, Spain and Belgium,
however, extended their bans in a bid
to cushion bank stocks from the euro
debt crisis, but hinted the curbs could
be lifted by October.
Traders said investors were selling
as they took a more cautious view of
speech by Bernanke at Jackson Hole
on Friday, reckoning he will not
unveil stimulus measures to support
the struggling US economy.
FTSE has been tracking the
German DAX on rumours about a
short-selling ban, said Joshua
Raymond, chief market strategist at
City Index. The rumour is an excuse
to take profits off the table, even
though nothing is confirmed.
Insurer Admiral Group lost 5.5 per
cent to become the bottom performer
on the FTSE 100, continuing its slide
from the previous day after Oriel
Securities cut the motor insurer to
sell from hold.
Volume for the stock, down 16.5
per cent in the past two days follow-
ing disappointing results, was heavy
at five times its 90-day average.
Other financial stocks were on the
worst performers list, with hedge
fund manager Man Group down 4.6
per cent and insurer Standard Life
down 3.7 per cent.
The UK benchmark index FTSE 100
index closed down 74.75 points, or 1.4
per cent to 5,131.10 in a choppy ses-
sion, having been up as much as
5,254.17 and down as low as 5,102.06,
with volume more than its 90-day
daily average.
The blue-chip index had gained 3.2
per cent in the previous three-ses-
sions on the Bernanke speech hopes
and had been higher for most of the
morning.
Should nothing be announced
from the US, then we can expect a
pullback next week, and much of this
push is on expectations and not fact,
Atif Latif, director of Trading Equities
& Derivatives at Guardian
Stockbrokers, said.
QE3 may pose an issue as defla-
tion is not a concern at the moment
and until we enter a deflationary
cycle then there may have to be an
alternative to QE3, he said.
Concerns about a slowdown in the
global economic environment and
the debt situation in the United
States and the Eurozone have seen
the FTSE 100 fall 15.7 per cent since
the July-August sell-off began.
The index had started to dip in
afternoon trade when US jobless
claims rose more than expected.
Banking stocks Barclays and Royal
Bank of Scotland, however, bucked
the trend and both rose 5.5 per cent
on technical reasons as traders said
fund managers squared over-sold
positions before the start of a UK
bank holiday.
Barclays had fallen 33.3 per cent
and Royal Bank of Scotland 37.3 per
cent from late July, when the sector
was hit by news of a political gridlock
on the US debt ceiling talks.
Traders also said a Berkshire
Hathaways investment in Bank of
America also helped lift sentiment in
banking stocks.
FTSE ends in the red as hopes
of intervention from Fed wane
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 John Wood group PLC
Jun Jul Aug
p 540.00
25 Aug 800
700
600
500
JOHN WOOD GROUP
Investec rates the oil and gas group as hold with a target price of 689p, and
has revisited its forecasts for the company following its recent results. The
broker anticipates a stronger performance by the engineering division, in
addition to lower costs and a lower tax rate, and so raises both 2012 and
2013 earnings forecasts. Despite a positive industry outlook, the broker strug-
gles to see any near term price catalysts on the stock.
ANALYSIS l Nokia Oyj
Jun Jul Aug
EUR 4.11
25 Aug
5.50
5.00
4.50
4.00
3.50
NOKIA
Nomura rates the mobile phone company as reduce and keeps its target
price at 3.60, having had a first look at new smartphones released yester-
day. The broker says new software makes the Symbian system more similar
to Android in look and feel, and sees the new products as positive for the
stock. Long-term though, it sees a continued decline in Nokias smartphone
market share in coming quarters.
ANALYSIS l Senior PLC
Jun Jul Aug
p 149.70
25 Aug 190
180
170
160
150
140
SENIOR
Citi initiates coverage of the international manufacturing group at buy/medi-
um risk with a target price of 183p, and says its focus on high quality
designed and engineered components has given it a good niche market posi-
tion. The broker thinks recent share price weakness is overdone, despite valid
concerns over military spending, which makes up 18 per cent of sales and
automotive, which accounts for around 20 per cent.
22Jun 23May 21 Jul 19Aug
6,200
5,400
5,000
4,800
5,600
5,800
6,000
ANALYSIS l FTSE
5131.10
25 Aug
Berenberg Bank
The private bank has strengthened its new
London private banking operation, launched in
January, by appointing Max White as a director
to focus on clients in the Channel Islands, the Isle
of Man and the North West. White (pictured)
joins from Morgan Stanley, where he spent eight
years in the private wealth management division.
Berenberg has also appointed Charlotte Baird as
an associate director. Baird joins from Deloitte,
where she specialised in dealing with ultra high
net worth individuals.
LON GD ONCE FIX AM...........1716.50 -133.50
SILVER LDN FIX AM ..................40.02 -0.42
MAPLE LEAF 1 OZ ....................43.72 1.22
LON PLATINUM AM................1805.00 -65.00
LON PALLADIUM AM...............748.00 -14.00
ALUMINIUM CASH .................2321.00 -0.50
COPPER CASH ......................8831.00 -27.00
LEAD CASH...........................2342.00 18.00
NICKEL CASH......................20810.00 -150.00
TIN CASH.............................23220.00 -375.00
ZINC CASH ............................2148.50 -19.50
BRENT SPOT INDEX................109.88 0.98
SOYA .....................................1386.50 -3.00
COCOA..................................3080.00 -57.00
COFFEE...................................272.50 3.65
KRUG.....................................1800.30 -40.60
WHEAT ....................................169.75 0.75
AIR LIQUIDE........................................86.87 -1.40 100.65 80.00
ALLIANZ..............................................67.75 -2.22 108.85 66.46
ALSTOM ..............................................30.49 -0.28 45.32 28.36
ANHEUS-BUSCH INBEV ....................37.34 0.01 46.33 33.85
ARCELORMITTAL...............................14.00 -0.14 28.55 13.03
AXA......................................................10.60 -0.05 16.16 9.27
BANCO SANTANDER...........................6.10 -0.04 9.80 5.54
BASF SE..............................................48.25 -1.65 70.22 40.74
BAYER.................................................43.88 -1.22 59.44 41.33
BBVA......................................................6.00 -0.04 10.21 5.52
BMW ....................................................53.82 0.25 73.85 40.16
BNP PARIBAS.....................................34.36 0.92 59.93 32.10
CARREFOUR ......................................18.76 -0.28 36.06 16.68
CREDIT AGRICOLE..............................6.51 0.30 12.92 5.63
CRH PLC..............................................11.50 -0.01 17.40 10.87
DAIMLER.............................................35.75 -0.30 59.09 33.27
DANONE..............................................46.13 -0.86 53.16 41.00
DEU.BOERSE OFFRE ........................39.70 0.30 55.75 37.03
DEUTSCHE BANK..............................27.42 0.38 48.70 26.17
DEUTSCHE TELEKOM.........................9.46 -0.26 11.38 8.80
E.ON.....................................................14.68 -0.47 25.54 13.19
ENEL......................................................3.33 -0.06 4.86 3.20
ENI .......................................................13.30 -0.16 18.66 11.83
FRANCE TELECOM............................12.92 -0.23 17.45 11.97
GDF SUEZ ...........................................20.90 -0.42 30.05 18.32
GENERALI ASS...................................12.14 0.04 17.05 10.34
IBERDROLA..........................................4.99 -0.07 6.50 4.66
ING GROEP CVA...................................5.66 0.09 9.50 5.30
INTESA SANPAOLO.............................1.14 0.02 2.53 1.07
KON.PHILIPS ELECTR.......................13.79 -0.02 25.45 12.85
L'OREAL..............................................77.49 -1.00 91.24 71.00
LVMH..................................................111.95 1.35 132.65 89.12
MUNICH RE .........................................88.11 -2.23 126.00 84.67
NOKIA....................................................4.12 -0.04 8.49 3.33
REPSOL YPF.......................................18.36 -0.30 24.90 17.31
RWE.....................................................25.37 -1.02 55.88 24.53
SAINT-GOBAIN...................................32.72 -0.23 47.64 27.81
SANOFI ................................................49.97 -0.66 56.82 42.85
SAP......................................................35.98 -0.39 46.15 32.88
SCHNEIDER ELECTRIC.....................89.14 -0.16 123.65 81.17
SIEMENS .............................................70.50 -0.45 99.39 66.50
SOCIETE GENERALE.........................21.95 0.56 52.70 20.16
TELECOM ITALIA..................................0.80 -0.01 1.16 0.77
TELEFONICA ......................................13.98 -0.23 19.69 13.01
TOTAL..................................................32.74 -0.45 44.55 30.34
UNIBAIL-RODAMCO SE...................144.55 0.60 162.95 124.50
UNICREDIT............................................0.91 0.02 2.05 0.86
UNILEVER CVA...................................23.16 -0.31 24.08 20.68
VINCI ....................................................34.43 -0.29 45.48 32.05
VIVENDI ...............................................15.61 -0.54 22.07 14.10
Price Chg High Low
EUSHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 5131.10 -74.75 -1.44
FTSE 250 INDEX . . . . . . . 10021.39 -20.20 -0.20
FTSE UK ALL SHARE . . . . 2665.24 -33.82 -1.25
FTSE AIMALL SH . . . . . . . . 744.71 -2.93 -0.39
DOWJONES INDUS 30 . . 11149.82 -170.89 -1.51
S&P 500. . . . . . . . . . . . . . . . 1159.27 -18.33 -1.56
NASDAQ COMPOSITE . . . 2419.63 -48.06 -1.95
FTSEUROFIRST 300 . . . . . . 925.06 -11.73 -1.25
NIKKEI 225 AVERAGE. . . . 8772.36 132.75 1.54
DAX 30 PERFORMANCE. . 5584.14 -96.94 -1.71
CAC 40 . . . . . . . . . . . . . . . . 3119.00 -20.55 -0.65
SHANGHAI SE INDEX . . . . 2615.26 74.17 2.92
HANG SENG. . . . . . . . . . . 19752.48 285.69 1.47
S&P/ASX 20 INDEX . . . . . . 2533.20 24.50 0.98
ASX ALL ORDINARIES . . . 4280.50 44.80 1.06
BOVESPA SAO PAOLO. . 52953.30 -842.40 -1.57
ISEQ OVERALL INDEX . . . 2450.00 -20.30 -0.82
STI . . . . . . . . . . . . . . . . . . . . 2765.74 45.84 1.69
IGBM. . . . . . . . . . . . . . . . . . . 840.33 -7.50 -0.88
SWISS MARKET INDEX. . . 5298.18 -30.31 -0.57
Price Chg %chg
3M........................................................78.19 -2.10 98.19 76.50
ABBOTT LABS ...................................49.94 -1.17 54.24 45.07
ALCOA.................................................11.59 -0.28 18.47 9.92
ALTRIA GROUP..................................26.01 -0.46 28.13 22.26
AMAZON.COM..................................192.03 -1.70 227.45 122.46
AMERICAN EXPRESS........................48.09 0.01 53.80 37.33
AMGEN INC.........................................53.46 -0.80 61.53 47.66
APPLE...............................................373.72 -2.46 404.50 236.78
AT&T....................................................29.06 -0.37 31.94 26.20
BANK OF AMERICA.............................7.65 0.66 15.31 6.01
BERKSHIRE HATAW B.......................68.99 -1.76 87.65 66.51
BOEING CO.........................................61.10 -0.59 80.65 56.01
BRISTOL MYERS SQUI ......................28.48 -0.43 29.73 20.05
CATERPILLAR....................................83.25 -2.15 116.55 63.34
CHEVRON...........................................95.96 -1.63 109.94 72.57
CISCO SYSTEMS................................15.08 -0.38 24.60 13.30
CITIGROUP.........................................29.83 1.38 51.50 25.40
COCA-COLA.......................................67.97 -1.71 69.82 54.97
COLGATE PALMOLIVE......................86.85 -0.45 89.43 73.12
CONOCOPHILLIPS.............................64.78 -1.34 81.80 52.00
CVS/CAREMARK................................33.97 -0.47 39.50 26.84
DU PONT(EI) DE NMR........................45.46 -0.65 57.00 38.71
EXXON MOBIL....................................71.77 -1.77 88.23 58.05
GENERAL ELECTRIC.........................15.45 -0.27 21.65 14.25
GOOGLE A........................................520.04 -3.25 642.96 448.00
HEWLETT PACKARD.........................25.03 -0.18 49.39 22.75
HOME DEPOT.....................................33.84 -0.53 39.38 27.10
IBM.....................................................165.58 -1.18 185.63 122.28
INTEL CORP .......................................19.42 -0.38 26.78 17.60
J.P.MORGAN CHASE.........................35.72 -0.11 48.36 32.31
JOHNSON & JOHNSON.....................64.55 -0.98 68.05 56.99
KRAFT FOODS A................................33.61 -0.61 36.30 24.30
MC DONALD'S CORP ........................88.71 -1.42 90.46 72.14
MERCK AND CO. NEW......................31.86 -0.37 37.68 29.47
MICROSOFT........................................24.57 -0.33 29.46 23.32
OCCID. PETROLEUM.........................81.28 -1.80 117.89 72.13
ORACLE CORP...................................25.90 -0.78 36.50 21.66
PEPSICO.............................................63.02 -0.68 71.89 60.10
PFIZER ................................................17.96 -0.43 21.45 15.66
PHILIP MORRIS INTL .........................68.87 -1.27 72.74 50.54
PROCTER AND GAMBLE ..................62.53 -0.78 67.72 56.57
QUALCOMM INC ................................46.95 -0.98 59.84 37.65
SCHLUMBERGER...............................73.11 -3.12 95.64 52.91
TRAVELERS CIES..............................47.99 -1.52 64.17 47.71
UNITED TECHNOLOGIE ....................70.75 -0.66 91.83 64.57
UNITEDHEALTH GROUP...................45.09 -0.82 53.50 30.82
VERIZON COMMS ..............................35.77 -0.70 38.95 29.10
WAL-MART STORES..........................52.70 -0.67 57.90 48.31
WALT DISNEY CO ..............................32.01 -0.50 44.34 29.60
WELLS FARGO & CO.........................24.76 0.33 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 ..................0.841 0.00
LIBOR Euro - 12 months ................2.052 0.00
LIBOR USD - overnight...................0.144 0.00
LIBOR USD - 12 months.................0.797 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 .........................3.610 0.03
European repo rate.........................0.726 -0.09
Euro Euribor ....................................1.110 0.00
The vix index ...................................39.92 3.89
The baItic dry index ........................1.602 0.08
Markit iBoxx...................................229.84 -0.21
Markit iTraxx..................................165.80 -1.06
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
USSHARES
C/$ 1.4381 0.0027
C/ 0.8829 0.0021
C/ 111.43 0.5000
/C 1.1326 0.0011
/$ 1.6289 0.0071
/ 126.24 0.2982
FTSE 100
5131.10
74.75
FTSE 250
10021.39
20.20
FTSE ALLSHARE
2665.24
33.82
DOW
11149.82
170.89
NASDAQ
2419.63
48.06
S&P 500
1159.27
18.33
RPC Group . . . . . . . .309.7 4.5 384.8 215.0
Smiths Group . . . . . .932.0 -3.5 1429.0 907.5
Brown (N.) Group . . .266.0 3.0 311.2 221.0
Carpetright . . . . . . . . .513.0 -6.0 835.5 503.0
Debenhams . . . . . . . . .55.6 -1.4 77.4 55.4
Dignity . . . . . . . . . . . .756.0 6.5 833.0 633.0
Dixons RetaiI . . . . . . .11.7 -0.1 28.5 11.3
DuneImGroup . . . . . .436.0 -4.0 550.0 371.3
HaIfords Group . . . . .295.5 -5.4 504.5 284.8
Home RetaiI Group . .125.8 -0.8 235.0 118.1
Inchcape . . . . . . . . . .305.0 -0.7 425.4 253.2
JD Sports Fashion . .867.0 -7.0 1030.0 726.0
Kesa EIectricaIs . . . .102.3 0.2 174.0 100.1
Kingfisher . . . . . . . . .223.3 -7.9 287.1 198.5
Marks & Spencer G . .316.1 -14.7 427.5 314.1
Mothercare . . . . . . . .372.7 0.0 627.5 363.6
Next . . . . . . . . . . . . .2243.0 -37.0 2426.0 1868.0
Sports Direct Int . . . .208.5 0.0 266.2 103.5
WH Smith . . . . . . . . . .483.4 1.0 523.0 405.9
Smith & Nephew . . . .570.5 1.5 742.0 521.0
Synergy HeaIth . . . . .896.0 8.5 981.0 670.0
Barratt DeveIopme . . .73.7 2.6 119.0 67.5
BeIIway . . . . . . . . . . . .577.0 5.0 753.5 511.0
YuIe Catto & Co . . . . .170.0 1.5 253.0 136.8
BaIfour Beatty . . . . . .231.4 -3.9 357.3 230.1
KeIIer Group . . . . . . .346.0 -8.5 698.5 341.9
Kier Group . . . . . . . .1202.0 9.0 1418.0 970.0
Drax Group . . . . . . . .486.7 -9.4 535.0 353.6
Scottish & Southe . .1236.0 -29.0 1423.0 1108.0
Domino Printing S . .531.5 -9.0 705.0 440.0
HaIma . . . . . . . . . . . . .335.0 -2.5 429.6 270.0
Laird . . . . . . . . . . . . . .157.4 3.5 207.0 121.1
Morgan CrucibIe C . .245.3 6.6 357.1 189.1
Renishaw . . . . . . . . .1231.0 -9.0 1886.0 850.0
Spectris . . . . . . . . . .1376.0 -14.0 1679.0 873.5
Aberforth SmaIIer . . .588.0 -12.0 714.0 507.0
AIIiance Trust . . . . . .330.2 -2.3 392.7 307.6
Bankers Inv Trust . . .371.9 1.8 428.0 353.6
BH GIobaI Ltd. GB .1139.0 -6.0 1174.0 1058.0
BH GIobaI Ltd. US . . . .11.4 -0.0 11.6 10.4
BH Macro Ltd. EUR . . .19.2 0.0 19.3 15.8
BH Macro Ltd. GBP 1959.0 -10.0 1989.0 1630.0
BH Macro Ltd. USD . . .19.0 -0.2 19.3 15.8
BIackRock WorId M .683.5 -6.5 815.5 557.0
BIueCrest AIIBIue . . .169.2 0.9 176.2 162.4
British Assets Tr . . . .116.2 -1.3 140.5 113.0
British Empire Se . . .459.6 -16.8 533.0 422.5
CaIedonia Investm .1584.0 -9.0 1928.0 1543.0
City of London In . . .265.2 -3.9 306.9 249.3
Dexion AbsoIute L . .138.5 0.2 151.0 135.2
Edinburgh Dragon . .218.3 -2.7 262.1 213.0
Edinburgh Inv Tru . . .445.1 -5.4 492.2 392.4
EIectra Private E . . .1429.0 -2.0 1755.0 1289.0
F&C Inv Trust . . . . . .274.7 -1.1 327.9 263.8
FideIity China Sp . . . . .85.1 -0.9 128.7 80.0
FideIity European . .1028.0 -14.0 1287.0 937.5
FideIity SpeciaI . . . . .480.0 -5.7 595.0 469.0
HeraId Inv Trust . . . . .455.0 -2.0 545.5 383.5
HICL Infrastructu . . . .115.5 -0.3 121.3 112.0
Impax Environment .101.0 1.1 130.5 98.0
JPMorgan American .757.0 3.0 916.0 673.0
JPMorgan Asian In . .198.5 -3.5 250.8 196.3
JPMorgan Emerging .509.5 -3.0 639.0 499.3
JPMorgan European .767.0 2.0 983.5 641.0
JPMorgan Indian I . . .360.0 -2.9 502.0 354.8
JPMorgan Russian .523.0 0.0 755.0 510.0
Law Debenture Cor . .336.5 -1.3 385.0 295.1
MercantiIe Inv Tr . . . .933.5 -14.0 1137.0 895.0
Merchants Trust . . . .366.6 -4.4 431.8 345.0
Monks Inv Trust . . . .326.3 -3.3 367.9 292.1
Murray Income Tru . .602.0 -6.0 673.0 553.5
Murray Internatio . . .877.5 0.0 991.5 824.0
PerpetuaI Income . . .246.7 -4.8 276.0 218.0
PoIar Cap TechnoI . .307.0 1.5 391.2 275.6
RIT CapitaI Partn . . .1212.0 -58.0 1334.0 1110.0
Scottish Inv Trus . . . .438.8 -0.1 524.0 409.0
Scottish Mortgage . .644.5 -0.5 781.0 566.0
SVG CapitaI . . . . . . . .243.1 -1.2 279.8 148.9
TempIe Bar Inv Tr . . .827.5 -6.5 952.0 754.0
TempIeton Emergin .563.0 -1.0 689.5 539.0
TR Property Inv T . . .166.5 -3.5 206.1 142.0
TR Property Inv T . . . .77.0 -0.2 94.0 64.5
Witan Inv Trust . . . . .439.5 -1.5 533.0 426.1
3i Group . . . . . . . . . . .208.3 0.7 340.0 200.7
3i Infrastructure . . . .121.1 0.5 125.2 112.9
Aberdeen Asset Ma .190.0 -0.4 240.0 133.0
Ashmore Group . . . .361.8 0.9 414.5 283.1
Brewin DoIphin Ho . .131.5 1.5 185.4 117.0
CameIIia . . . . . . . . . .9012.5 25.010950.0 8050.0
CharIes TayIor Co . . .141.5 -3.5 198.3 122.0
City of London Gr . . . .76.3 0.0 93.6 74.5
City of London In . . .376.0 6.0 461.5 278.5
CIose Brothers Gr . . .675.0 -5.5 888.5 656.5
CoIIins Stewart H . . . .67.5 -0.5 90.8 67.5
EvoIution Group . . . . .88.3 -0.8 92.0 62.3
F&C Asset Managem .67.6 -0.5 92.9 58.0
Hargreaves Lansdo .404.4 -21.0 646.5 386.0
HeIphire Group . . . . . . .2.8 0.0 39.0 2.4
Henderson Group . . .127.4 1.9 173.1 119.1
Highway CapitaI . . . . .14.5 0.0 21.0 6.0
ICAP . . . . . . . . . . . . . .446.4 4.3 570.5 391.3
IG Group HoIdings . .427.6 -5.5 553.0 393.6
Intermediate Capi . . .226.6 1.3 360.3 204.8
InternationaI Per . . . .238.2 6.4 388.8 228.0
InternationaI Pub . . . .115.5 -0.3 118.3 108.6
Investec . . . . . . . . . . .394.9 -7.4 538.0 378.7
IP Group . . . . . . . . . . . .44.5 0.3 54.5 27.9
Jupiter Fund Mana . .188.5 1.7 337.3 186.8
Liontrust Asset M . . . .76.3 0.3 95.3 72.0
LMS CapitaI . . . . . . . . .60.8 -0.1 64.8 41.5
London Finance & . . .21.5 0.0 23.5 16.5
London Stock Exch .839.5 7.5 1076.0 640.0
Lonrho . . . . . . . . . . . . .15.8 0.0 19.8 10.5
Man Group . . . . . . . . .206.1 -10.0 311.0 178.0
Paragon Group Of . .137.6 -0.2 206.1 126.4
Provident Financi . .1084.0 18.0 1116.0 728.5
Rathbone Brothers .1023.0 -7.0 1257.0 826.5
Record . . . . . . . . . . . . .29.0 -0.3 52.0 20.3
RSM Tenon Group . . .28.0 1.0 66.3 21.3
Schroders . . . . . . . .1421.0 -38.0 1922.0 1330.0
Schroders (Non-Vo .1152.0 -30.0 1554.0 1071.0
TuIIett Prebon . . . . . .351.4 4.0 428.6 329.8
WaIker Crips Grou . . .49.0 0.0 51.5 45.0
BT Group . . . . . . . . . .163.5 -5.4 204.1 130.6
CabIe & WireIess . . . .32.1 -0.1 61.1 31.3
CabIe & WireIess . . . .34.4 -0.4 78.4 34.0
COLT Group SA . . . . .111.2 -0.3 156.2 110.4
TaIkTaIk TeIecom . . .124.9 -0.8 168.3 119.8
TeIecomPIus . . . . . . .662.0 2.0 700.0 364.0
Booker Group . . . . . . .67.5 -0.5 77.9 43.3
Greggs . . . . . . . . . . . .481.7 -2.9 550.5 429.1
Morrison (Wm) Sup .280.0 -7.4 308.3 262.7
Ocado Group . . . . . . .118.4 -0.6 285.0 113.8
Sainsbury (J) . . . . . . .296.0 -9.5 395.0 280.4
Tesco . . . . . . . . . . . . .367.8 -9.5 440.7 360.1
Associated Britis . .1044.0 -5.0 1182.0 940.0
Cranswick . . . . . . . . .627.5 -0.5 896.0 606.0
Dairy Crest Group . . .355.5 -0.5 424.9 334.1
Devro . . . . . . . . . . . . .245.0 2.0 296.9 218.0
Premier Foods . . . . . . .13.2 0.2 35.1 13.0
Tate & LyIe . . . . . . . . .574.0 -6.0 656.0 409.1
UniIever . . . . . . . . . .2014.0 -29.0 2072.0 1688.0
Mondi . . . . . . . . . . . . .507.0 6.5 664.0 447.0
Centrica . . . . . . . . . . .297.9 -10.1 346.1 287.3
InternationaI Pow . . .314.9 7.6 448.6 279.4
NationaI Grid . . . . . . .589.5 -21.5 632.5 530.0
Northumbrian Wate .459.1 0.0 469.5 295.5
Pennon Group . . . . . .640.5 -0.5 737.5 565.0
Severn Trent . . . . . .1432.0 -25.0 1517.0 1291.0
United UtiIities . . . . .580.0 -6.5 632.0 543.5
Cookson Group . . . . .476.6 -3.3 724.5 412.3
DS Smith . . . . . . . . . .184.5 -2.9 266.2 125.8
Rexam . . . . . . . . . . . .344.0 -4.9 400.0 293.0
GIencore Internat . . .388.5 -1.1 531.1 348.0
BAE Systems . . . . . .260.6 -6.3 369.9 248.1
Chemring Group . . . .508.0 -1.5 736.5 485.0
Cobham . . . . . . . . . . .180.1 -1.4 245.6 173.4
Meggitt . . . . . . . . . . . .328.2 4.4 397.6 261.7
QinetiQ Group . . . . . .116.0 -0.6 136.3 96.7
RoIIs-Royce Group . .589.5 -12.5 665.0 553.0
Senior . . . . . . . . . . . . .150.6 2.0 190.6 111.2
UItra EIectronics . . .1380.0 -19.0 1895.0 1305.0
GKN . . . . . . . . . . . . . .187.8 4.3 245.0 138.5
BarcIays . . . . . . . . . . .157.9 8.3 333.6 145.5
HSBC HoIdings . . . . .513.1 -1.8 730.9 509.6
LIoyds Banking Gr . . .31.0 0.9 77.6 27.6
RoyaI Bank of Sco . . .23.1 1.2 50.2 19.7
Standard Chartere .1321.5 -13.5 1950.0 1312.0
AG Barr . . . . . . . . . .1163.0 -2.0 1395.0 1031.0
Britvic . . . . . . . . . . . . .289.9 -19.4 503.5 289.9
Diageo . . . . . . . . . . .1170.0 52.0 1307.0 1050.0
SABMiIIer . . . . . . . . .2108.5 -15.5 2340.0 1841.0
AZ EIectronic Mat . . .226.9 15.9 338.1 210.0
Croda Internation . .1740.0 2.0 2081.0 1230.0
EIementis . . . . . . . . . .142.9 1.8 187.4 86.5
Johnson Matthey . .1666.0 -45.0 2119.0 1550.0
Victrex . . . . . . . . . . .1220.0 -28.0 1590.0 1076.0
Price Chg High Low
BerkeIey Group Ho .1086.0 24.0 1299.0 789.5
Bovis Homes Group .345.9 6.1 464.7 326.5
Persimmon . . . . . . . .430.5 21.8 502.5 336.5
Reckitt Benckiser . .3204.0 -65.0 3648.0 3015.0
Redrow . . . . . . . . . . . .113.0 -1.0 139.0 97.6
TayIor Wimpey . . . . . . .30.5 1.0 43.3 22.3
Bodycote . . . . . . . . . .272.8 1.8 397.7 214.5
Charter Internati . . . .719.0 -9.0 853.5 538.5
Fenner . . . . . . . . . . . .317.6 -2.5 422.5 198.0
IMI . . . . . . . . . . . . . . . .807.5 22.0 1119.0 657.5
MeIrose . . . . . . . . . . .294.5 0.5 365.4 205.4
Northgate . . . . . . . . . .271.2 4.2 346.7 180.8
Rotork . . . . . . . . . . .1563.0 -2.0 1895.0 1501.0
Spirax-Sarco Engi . .1702.0 0.0 2063.0 1562.0
Weir Group . . . . . . .1719.0 -29.0 2218.0 1130.0
Ferrexpo . . . . . . . . . . .351.9 12.9 499.0 278.0
TaIvivaara Mining . . .320.8 11.8 622.0 297.2
BBAAviation . . . . . . .159.1 1.2 240.8 156.0
Stobart Group Ltd . . .132.4 2.4 163.6 124.1
AdmiraI Group . . . . .1279.0 -74.0 1754.0 1249.0
AmIin . . . . . . . . . . . . .298.0 3.0 427.0 294.8
Huntsworth . . . . . . . . .61.0 -3.5 86.0 58.0
Informa . . . . . . . . . . . .328.4 -3.7 461.1 326.4
ITE Group . . . . . . . . . .165.7 0.1 258.2 151.0
ITV . . . . . . . . . . . . . . . . .55.9 -1.1 93.5 54.2
Johnston Press . . . . . . .4.8 -0.5 16.3 4.4
MecomGroup . . . . . .159.8 -5.3 310.0 152.3
Moneysupermarket. .107.7 0.9 120.4 71.1
Pearson . . . . . . . . . .1063.0 -18.0 1207.0 926.0
PerformGroup . . . . .161.3 1.3 234.5 150.0
Reed EIsevier . . . . . .484.0 -6.2 590.5 461.3
Rightmove . . . . . . . .1205.0 65.0 1250.0 596.5
STV Group . . . . . . . . .110.5 3.5 168.0 89.3
Tarsus Group . . . . . .145.5 -3.5 165.0 112.5
Trinity Mirror . . . . . . . .45.0 -0.5 124.0 37.5
United Business M . .435.9 2.1 725.0 428.4
UTV Media . . . . . . . . .109.0 -6.0 151.0 101.0
WiImington Group . . .91.3 -0.3 183.0 90.0
WPP . . . . . . . . . . . . . .611.0 -12.0 846.5 578.5
YeII Group . . . . . . . . . . .4.8 -0.2 17.8 4.7
African Barrick G . . .530.0 -4.5 638.0 393.5
AngIo American . . .2301.5 14.5 3437.0 2234.0
AngIo Pacific Gro . . .290.0 -3.4 369.3 253.5
Antofagasta . . . . . . .1206.0 3.0 1634.0 977.5
Aquarius PIatinum . .241.3 2.0 419.0 216.9
BHP BiIIiton . . . . . . .1944.0 11.5 2631.5 1767.0
BeazIey . . . . . . . . . . . .112.5 -0.5 139.2 109.6
CatIin Group Ltd. . . .351.4 -13.5 421.4 325.0
Hiscox Ltd. . . . . . . . . .347.6 -0.8 424.7 341.5
Jardine LIoyd Tho . . .636.5 8.5 709.0 561.0
Lancashire HoIdin . . .649.0 0.0 700.0 523.0
RSA Insurance Gro . .112.6 -3.1 143.5 109.5
Aviva . . . . . . . . . . . . . .318.8 -8.6 477.9 315.3
LegaI & GeneraI G . . . .99.1 -1.2 123.8 89.4
OId MutuaI . . . . . . . . .112.1 -2.2 145.2 103.2
Phoenix Group HoI . .541.0 19.5 758.0 458.0
PrudentiaI . . . . . . . . .588.5 -16.5 777.0 547.0
ResoIution Ltd. . . . . .256.5 -2.5 316.1 211.3
St James's PIace . . . .322.5 3.5 376.0 236.2
Standard Life . . . . . . .192.5 -7.3 244.7 172.0
4Imprint Group . . . . .232.5 7.5 295.0 195.0
Aegis Group . . . . . . .133.8 -2.0 163.5 110.7
BIoomsbury PubIis . .100.0 0.8 138.0 98.8
British Sky Broad . . .622.0 -11.5 850.0 618.5
Centaur Media . . . . . . .38.8 -0.3 73.0 37.0
Chime Communicati .177.0 -5.0 298.5 177.0
Creston . . . . . . . . . . . .89.8 -1.8 121.0 78.5
DaiIy MaiI and Ge . . .379.1 -1.8 594.5 363.3
Euromoney Institu . .570.0 0.0 736.0 569.5
Future . . . . . . . . . . . . . .12.0 0.0 30.0 11.5
Haynes PubIishing . .235.0 4.0 262.5 202.5
Centamin Egypt Lt . .103.6 -2.0 197.1 89.7
Eurasian NaturaI . . .615.0 -4.0 1125.0 585.5
FresniIIo . . . . . . . . . .1817.0 -55.0 2039.0 997.5
GemDiamonds Ltd. .195.0 -3.0 306.0 179.8
HochschiId Mining . .459.8 -1.0 680.0 326.0
Kazakhmys . . . . . . . .997.0 49.0 1671.0 918.0
Kenmare Resources . .43.5 1.5 59.9 16.3
Lonmin . . . . . . . . . . .1165.0 -2.0 1983.0 1103.0
New WorId Resourc .573.0 3.0 1060.0 514.5
PetropavIovsk . . . . . .808.5 22.5 1252.0 676.0
RandgoId Resource 6270.0-140.0 6870.0 4425.0
Rio Tinto . . . . . . . . .3500.0 -5.5 4712.0 3105.0
Vedanta Resources 1254.0 -8.0 2559.0 1225.0
Xstrata . . . . . . . . . . . .977.8 -8.7 1550.0 933.4
Inmarsat . . . . . . . . . . .447.0 -9.7 724.5 389.7
Vodafone Group . . . .162.9 -5.2 181.9 149.4
Genesis Emerging . .457.1 2.0 568.0 444.5
Afren . . . . . . . . . . . . . . .95.2 -4.1 171.2 92.5
BG Group . . . . . . . . .1218.5 -49.0 1564.5 1049.5
BP . . . . . . . . . . . . . . . .386.1 -13.2 509.0 375.2
Cairn Energy . . . . . . .294.2 -6.8 472.3 281.4
EnQuest . . . . . . . . . . .107.5 -2.8 158.5 98.0
Essar Energy . . . . . .248.4 -3.2 589.5 247.8
ExiIIon Energy . . . . . .285.0 -12.1 469.7 172.0
Heritage OiI . . . . . . . .211.0 -7.3 486.0 190.0
JKX OiI & Gas . . . . . .187.4 -4.6 335.1 185.0
Premier OiI . . . . . . . . .316.0 -34.0 535.0 314.6
RoyaI Dutch SheII . .1943.5 -28.5 2326.5 1703.0
RoyaI Dutch SheII . .1946.0 -41.0 2336.0 1642.0
SaIamander Energy .228.0 -0.8 317.6 210.0
Soco Internationa . . .298.5 4.6 484.2 279.8
TuIIow OiI . . . . . . . . . .999.0 -27.0 1493.0 945.5
Amec . . . . . . . . . . . . .876.0 -39.5 1251.0 834.0
Hunting . . . . . . . . . . .639.5 -17.0 817.0 554.0
John Wood Group . .540.0 -14.5 715.8 350.4
LampreII . . . . . . . . . . .274.8 2.4 395.2 223.9
Petrofac Ltd. . . . . . .1201.0 -33.0 1685.0 1110.0
Burberry Group . . . .1218.0 8.0 1600.0 820.5
PZ Cussons . . . . . . . .346.7 0.7 409.0 320.5
Supergroup . . . . . . . .880.0 -5.0 1820.0 818.5
AstraZeneca . . . . . .2818.0 -55.5 3385.0 2543.5
BTG . . . . . . . . . . . . . .250.0 -2.0 309.7 200.1
Genus . . . . . . . . . . . . .888.0 -12.0 1046.0 711.0
GIaxoSmithKIine . . .1294.5 -24.5 1385.0 1127.5
Hikma Pharmaceuti .624.5 9.5 900.0 561.5
Shire PIc . . . . . . . . . .1955.0 -57.0 2136.0 1376.0
CapitaI & Countie . . .159.9 -1.1 203.7 115.5
Daejan HoIdings . . .2510.0 -64.0 2954.0 2282.0
F&C CommerciaI Pr .102.5 -1.1 108.0 88.0
Grainger . . . . . . . . . . .100.2 1.7 133.2 86.3
London & Stamford .117.6 -2.4 140.0 110.3
SaviIIs . . . . . . . . . . . . .310.0 -1.0 427.1 296.6
St. Modwen Proper . .132.0 -1.9 196.2 131.2
UK CommerciaI Pro . .78.2 -2.5 85.5 70.4
Unite Group . . . . . . . .168.0 4.6 229.8 152.9
Big YeIIow Group . . .239.9 2.7 353.3 237.2
British Land Co . . . . .526.5 -12.0 629.5 447.5
CapitaI Shopping . . .314.6 -5.9 424.8 312.5
Derwent London . . .1550.0 -20.0 1880.0 1377.0
Great PortIand Es . . .352.1 -4.9 445.0 310.7
Hammerson . . . . . . . .391.2 -7.8 490.9 352.2
Hansteen HoIdings . . .75.0 -0.2 89.5 62.4
Land Securities G . . .716.5 -19.5 885.0 598.5
SEGRO . . . . . . . . . . . .247.6 0.4 331.3 232.4
Shaftesbury . . . . . . . .461.5 -7.5 539.0 405.9
Autonomy Corporat 2503.0 9.0 2509.0 1271.0
Aveva Group . . . . . .1493.0 -4.0 1799.0 1385.0
Computacenter . . . . .354.8 -24.2 490.0 276.2
Fidessa Group . . . . .1545.0 0.0 2109.0 1350.0
Invensys . . . . . . . . . . .248.0 4.9 364.3 221.7
Kofax . . . . . . . . . . . . .319.5 1.9 535.0 231.0
Logica . . . . . . . . . . . . .80.6 0.3 147.2 80.3
Micro Focus Inter . . .287.4 8.4 426.2 239.4
Misys . . . . . . . . . . . . .268.5 4.5 420.2 234.7
Sage Group . . . . . . . .240.3 -5.4 302.0 231.7
SDL . . . . . . . . . . . . . . .642.0 0.0 711.5 534.0
TeIecity Group . . . . . .528.0 -3.0 559.5 430.0
Aggreko . . . . . . . . . .1765.0 2.0 2034.0 1351.3
Ashtead Group . . . . .101.9 0.9 207.9 77.0
Atkins (WS) . . . . . . . .513.5 -10.0 820.0 512.5
Babcock Internati . . .600.0 -1.5 733.0 492.8
Berendsen . . . . . . . . .508.0 5.0 568.0 364.0
BunzI . . . . . . . . . . . . .723.0 -8.5 801.0 676.5
Capita Group . . . . . . .687.0 -7.5 794.5 635.5
CariIIion . . . . . . . . . . .324.0 1.0 403.2 296.0
De La Rue . . . . . . . . .777.5 -8.0 853.5 549.5
EIectrocomponents .199.0 -0.5 294.9 190.0
Experian . . . . . . . . . . .672.5 0.5 833.5 606.0
FiItrona PLC . . . . . . . .339.8 2.5 385.5 227.5
G4S . . . . . . . . . . . . . . .262.4 -9.2 291.0 237.7
Hays . . . . . . . . . . . . . . .74.3 0.3 133.6 69.4
Homeserve . . . . . . . .448.0 -9.3 532.0 408.0
Howden Joinery Gr . . .94.7 -0.7 127.5 63.0
Intertek Group . . . . .1910.0 -27.0 2148.0 1675.0
MichaeI Page Inte . . .366.6 -11.5 567.0 350.7
Mitie Group . . . . . . . .212.7 -1.4 242.5 188.7
Premier FarneII . . . . .174.8 0.8 308.8 168.4
Regus . . . . . . . . . . . . . .67.0 -0.3 119.0 65.0
RentokiI InitiaI . . . . . . .77.3 0.3 107.1 74.5
RPS Group . . . . . . . . .194.7 0.4 253.0 169.9
Serco Group . . . . . . .500.0 -11.0 633.0 495.7
Shanks Group . . . . . .114.0 -0.9 130.9 96.5
SIG . . . . . . . . . . . . . . .100.0 -6.5 153.5 92.8
SThree . . . . . . . . . . . .245.1 5.1 447.6 231.1
Travis Perkins . . . . . .762.5 -8.5 1127.0 723.5
WoIseIey . . . . . . . . .1455.0 -4.0 2261.0 1223.0
ARM HoIdings . . . . . .528.5 -1.5 651.0 331.8
CSR . . . . . . . . . . . . . .224.8 -2.4 447.0 219.8
Imagination Techn . .328.8 0.8 502.0 296.9
Pace . . . . . . . . . . . . . . .99.6 -4.5 231.8 91.0
Spirent Communica .119.1 -1.0 160.3 116.0
British American . .2666.5 -58.5 2871.0 2181.0
ImperiaI Tobacco . .2001.0 -44.0 2231.0 1784.0
Avis Europe . . . . . . . .312.5 -0.1 313.9 184.0
Betfair Group . . . . . . .600.0 0.0 1550.0 567.0
Bwin.party Digita . . .105.6 2.7 297.9 100.6
CarnivaI . . . . . . . . . .1826.0 10.0 3153.0 1742.0
Compass Group . . . .532.5 -7.5 612.0 511.5
Domino's Pizza UK . .492.7 11.2 586.0 377.0
easyJet . . . . . . . . . . . .327.3 6.4 479.0 301.0
Enterprise Inns . . . . . .38.8 0.5 122.7 38.0
FirstGroup . . . . . . . . .352.9 5.0 412.6 311.3
Go-Ahead Group . . .1489.0 17.0 1598.0 1085.0
Greene King . . . . . . .425.6 -7.2 518.0 403.8
InterContinentaI . . . .964.5 -4.5 1435.0 955.0
InternationaI Con . . .166.7 0.7 305.0 164.0
JD Wetherspoon . . . .397.8 -4.2 468.3 389.9
Ladbrokes . . . . . . . . .121.8 -0.5 155.3 120.3
Marston's . . . . . . . . . . .91.5 -0.6 117.1 87.1
MiIIennium& Copt . .409.1 -3.5 600.5 407.1
MitcheIIs & ButIe . . . .226.6 -9.3 361.0 226.5
NationaI Express . . .229.9 2.2 270.2 220.7
Rank Group . . . . . . . .126.5 3.4 153.7 103.3
Restaurant Group . . .270.7 0.8 335.0 238.3
Spirit Pub Compan . . .43.0 0.9 55.0 37.0
Stagecoach Group . .250.1 8.2 268.5 170.0
Thomas Cook Group .43.6 -0.9 204.8 43.0
TUI TraveI . . . . . . . . . .151.0 -0.1 271.9 147.8
Whitbread . . . . . . . .1432.0 -9.0 1887.0 1368.0
WiIIiamHiII . . . . . . . . .213.7 3.8 237.3 155.5
Abcam . . . . . . . . . . . .335.3 -3.8 460.0 307.0
AIbemarIe & Bond . .372.0 -13.5 400.1 237.0
Amerisur Resource . .16.5 -0.5 29.0 11.5
Andor TechnoIogy . .540.0 0.0 685.0 311.0
ArchipeIago Resou . . .75.0 3.5 79.0 32.3
ASOS . . . . . . . . . . . .1864.0 59.0 2468.0 910.0
AureIian OiI & Ga . . . .47.5 1.5 92.0 42.5
Avanti Communicat .303.0 -1.5 735.0 288.8
Avocet Mining . . . . . .248.0 -9.8 261.5 113.0
BIinkx . . . . . . . . . . . . .105.0 2.8 148.8 69.3
Borders & Souther . . .47.3 -1.3 93.0 44.8
BowLeven . . . . . . . . .117.0 -3.0 398.0 115.3
Brooks MacdonaId 1007.5 -10.0 1372.5 907.5
CaIedon Resources .111.3 0.0 112.0 47.8
Conygar Investmen . .95.0 -0.5 120.0 95.0
Cove Energy . . . . . . . .64.0 -4.8 112.8 57.0
Daisy Group . . . . . . .109.5 0.4 127.0 88.0
EMIS Group . . . . . . . .547.5 -7.5 580.0 303.5
Encore OiI . . . . . . . . . .45.3 1.8 151.5 40.8
Faroe PetroIeum . . . .158.5 -0.5 218.3 133.0
GuIfsands PetroIe . . .150.8 6.8 401.5 142.5
GWPharmaceuticaI .102.6 1.9 130.0 83.0
Hamworthy . . . . . . . .512.5 2.0 705.0 330.0
Hargreaves Servic . .879.5 -3.5 1076.0 605.0
HeaIthcare Locums . .84.6 0.0 84.6 84.6
Immunodiagnostic .1042.0 -28.0 1218.0 730.0
ImpeIIamGroup . . . .310.0 0.0 387.5 125.0
James HaIstead . . . . .450.0 -10.0 495.0 315.0
KaIahari MineraIs . . .237.8 4.8 301.0 142.0
London Mining . . . . .300.0 2.0 436.5 248.0
Lupus CapitaI . . . . . . .92.0 0.0 150.0 80.0
M. P. Evans Group . .407.5 -2.0 500.5 365.0
Majestic Wine . . . . . .420.5 0.5 510.0 309.0
May Gurney Integr . .247.0 -3.3 295.0 177.0
Monitise . . . . . . . . . . . .32.8 -0.3 39.0 18.5
MuIberry Group . . . .1463.0 -12.0 1920.0 335.0
Nanoco Group . . . . . . .60.0 -1.0 115.8 57.5
NauticaI PetroIeu . . .237.0 -13.0 547.0 151.0
NichoIs . . . . . . . . . . . .528.8 2.5 579.0 410.0
Numis Corporation . . .92.5 -0.5 146.5 90.0
Pan African Resou . . .12.3 -0.8 13.8 6.3
Patagonia GoId . . . . . .59.0 -1.3 68.0 15.3
Prezzo . . . . . . . . . . . . .56.6 -2.8 71.5 42.8
Pursuit Dynamics . . .197.5 -2.0 700.0 160.5
Rockhopper ExpIor .212.3 -8.8 510.0 141.0
RWS HoIdings . . . . . .432.5 -7.5 479.8 255.0
Songbird Estates . . .116.0 -1.0 160.3 110.3
VaIiant PetroIeum . . .513.0 3.0 761.5 490.3
Young & Co's Brew . .646.0 16.0 712.0 525.0
AZ EIectronic Mate . .226.9 7.5
Rightmove . . . . . . . .1205.0 5.7
BarcIays . . . . . . . . . . .157.9 5.6
RoyaI Bank of Scot . . .23.1 5.5
Persimmon . . . . . . . .430.5 5.3
Kazakhmys . . . . . . . .997.0 5.2
Diageo . . . . . . . . . . .1170.0 4.7
TaIvivaara Mining . . .320.8 3.8
Ferrexpo . . . . . . . . . .351.9 3.8
Phoenix Group HoId .541.0 3.7
Premier OiI . . . . . . . . .316.0 -9.7
Computacenter . . . . .354.8 -6.4
Britvic . . . . . . . . . . . . .289.9 -6.3
SIG . . . . . . . . . . . . . . .100.0 -6.1
AdmiraI Group . . . . .1279.0 -5.5
Hargreaves Lansdow 404.4 -4.9
Man Group . . . . . . . . .206.1 -4.6
RIT CapitaI Partne . .1212.0 -4.6
Marks & Spencer Gr .316.1 -4.4
Pace . . . . . . . . . . . . . . .99.6 -4.3
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 0.00 103.4 100.7
Tsy 9.000 12 . . . .108.50 0.54 115.7 106.7
Tsy 5.000 12 . . . .102.36 0.01 106.7 102.3
Tsy 5.250 12 . . . .103.66 0.00 108.1 103.6
Tsy 4.500 13 . . . .105.97 0.02 109.2 105.8
Tsy 2.500 13 . . . .285.37 0.00 287.7 277.5
Tsy 8.000 13 . . . . .115.32 0.04 121.3 115.2
Tsy 5.000 14 . . . . .112.22 0.00 114.1 109.2
Tsy 4.750 15 . . . . .114.14 0.03 114.8 108.6
Tsy 8.000 15 . . . .128.37 0.02 131.6 123.7
Tsy 7.750 15 . . . .102.65 0.00 342.1 102.3
Tsy 4.000 16 . . . . .112.36 0.01 113.1 104.9
Tsy 2.500 16 . . . .337.96 -0.19 340.9 310.2
Tsy 8.750 17 . . . .140.02 -0.01 142.2 132.9
Tsy 12.000 17 . . .124.75 0.00 185.9 124.8
Tsy 1.250 17 . . . . .113.21 -0.44 115.0 106.7
Tsy 5.000 18 . . . . .119.52 0.03 120.8 109.7
Tsy 4.500 19 . . . . .116.77 0.02 118.2 105.4
Tsy 3.750 19 . . . . .111.08 0.02 112.5 99.4
Tsy 2.500 20 . . . .348.86 -0.31 355.6 312.4
Tsy 4.750 20 . . . . .118.69 0.05 120.2 106.6
Tsy 8.000 21 . . . .148.41 0.20 150.2 133.8
Tsy 1.875 22 . . . .120.16 -0.51 122.8 111.3
Tsy 4.000 22 . . . . .111.07 -0.01 112.8 99.0
Tsy 2.500 24 . . . .308.53 -0.58 316.1 273.5
Tsy 5.000 25 . . . .120.87 -0.07 122.8 107.4
Tsy 4.250 27 . . . . .111.18 0.14 112.7 97.9
Tsy 1.250 27 . . . . .115.64 -0.48 118.6 104.6
Tsy 6.000 28 . . . .134.82 0.16 136.6 119.5
Tsy 4.750 30 . . . . .117.67 0.38 118.9 103.0
Tsy 4.125 30 . . . . .295.11 -0.15 300.8 261.2
Tsy 4.250 32 . . . . .110.21 0.40 111.4 96.0
Tsy 4.250 36 . . . .109.14 0.51 110.3 95.0
Tsy 4.750 38 . . . . .117.97 0.53 119.4 102.8
Tsy 4.500 42 . . . . .114.03 0.00 114.3 98.9
% %
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21
Wealth Management | Markets
DIORS STYLISH SMARTPHONE
Dior calls itself a pioneer
in Haute Couture
mobile phones
which
may not
be as ludi-
crous as it
sounds, as this
is neither the first
Dior has produced, nor
the only brand to do so (for instance, Jill
Sander is launching a smart phone). So,
what does your 3,300 buy you? Ninety-
nine pieces assembled by hand in a French
workshop including sapphire crystal, steel,
gold, diamond and mother-of-pearl. Oh,
and its a 3.2 inch multi-touch LCD, with16
million colours, 854 x 480 pixels, video
recorder, auto focus 5MP camera with sta-
biliser and plenty more. Available at 3,900
incl VAT.
OYSTERS FOR FASHION WEEK
London Fashion Week is on its way (17-22
Sep) and to celebrate, Londons starriest oys-
ter bar will be offering a special deal to
entice fashionistas. Between shows at
Somerset House, the hub of the action, they
can sup on low-fat oysters and sip Pol Roger
in its cosy bar, watching out for the celebri-
ties that frequent Sheekeys. 18.75 for half a
dozen West Mersea native oysters and a glass of
fizz, between 12 and 25 Sep. 28-32 St. Martins
Court,www.j-sheekey.co.uk
J CREW LAUNCHES UK WEBSITE
In the US, J Crew is the discerning, slightly
primmer beachcombers Abercrombie and
Fitch, in that you wont see any ripped
miniskirts or micro-tops. Yes, its a bit more
expensive than the high street, but its still
affordable and it transcends class and snob
barriers. A Prada wearer might well own
the odd bit from J Crew (a favourite of
Michele Obama). Well, the time has come,
Brits can now get in on a slice of preppie
chic all of their own.
www.Jcrew.com
DONT MISS
THE BEST
HORSES. JOCKEYS. RACING
ASCOT RACECOURSE
SATURDAY 15TH OCTOBER 2011
QIPCO BRITISH CHAMPIONS DAY
TICKETS FROM 26
FINE DINING PACKAGES FROM 265PP
GROUP AND ADVANCE BOOKING
DISCOUNTS AVAILABLE. BOOK NOW AT
WWW.BRITISHCHAMPIONSSERIES.COM
OR CALL 0870 727 1234
For men, look to the soberer side of 1970s
fashion this season, says Timothy Barber
Get smart for Autumn
Lifestyle | Fashion
22 CITYA.M. 26 AUGUST 2011
1. Strait-leg corduroy trousers by J Crew,
75, www.mrporter.com
2. Harris Tweed jacket, 400,
www.mrporter.com
3. Button down shirt by Brooks Brothers,
85, www.mrporter.com
4. Camel overcoat by Dunhill, 1,995,
www.dunhill.com
5. Padded down-filled jacket by Gucci,
1,430, www.mrporter.com
6. Brown Capeland watch by Baume et
Mercier, 2,940, www.time2.co.uk
7. Cashmere plaid tie by Gucci, 130,
www.mrporter.com
8. Pedule curried calf leather boots by
Brunello Cucinelli, 608,
www.brunellocucinelli.it
1
I
T hasnt been much of a summer,
but with the cold and rain this week
it definitely seems to be time to start
thinking about that autumn
wardrobe. This years autumn/winter
trends are subtly inspired by the mascu-
line side of 1970s fashion (as opposed to
the pimped-up, checks n flares side).
The trick is to pay homage to the
decades style icons without being too
derivative of the trend, says Toby
Bateman, buying director of menswear
website Mr Porter, which launches its
new seasonal essentials section today.
Look out for sharp, double-breasted, tai-
lored overcoats but also chunky flight
jackets and cosy down-filled puffas, while
corduroy and tweed are key fabrications.
For colours, rich browns, greys and deep
reds make for a masculine palet in seri-
ous, but seriously stylish, times.
2
3
5
6
7
4
FASHION NEWS
BY ZOE STRIMPEL
8
Film
ONE DAY
Cert: 12A
hhhII
ILL be honest. Despite its candy-like accessi-
bility, I cried when reading One Day, partic-
ularly the bit near the end that you fear all
along but that your conscious brain never
allows itself to imagine.
And Im not alone. Youve probably seen
people, from hoodies to bankers, snivel-
ling on the Tube, clutching that now-icon-
ic orange and white cover. In a publishing
phenomenon, David Nicholls, author of
Starter for Ten, managed to get millions
reading his book, making them forget
about their mobile games and even City
A.M.s (fancy!) for those riveting 300-odd
pages.
The books simple-but-genius idea is this:
each chapter is a snapshot of its central
duo, the star-crossed lovers Emma and
films a noisy, gory ride, but one that stub-
bornly refuses to be memorable in any way.
Timothy Barber
THE SKIN I LIVE IN
Cert: 18
hhhhI
AUTEUR Spanish director Pedro Almodovar
and his star Antoino Banderas both put in
their best work in years in this riveting,
dizzyingly peculiar film about skin, beauty,
identity, fear and an awful lot more. To go
into too much detail with the plot would
be to detract from its twisty, turny, absur-
dist brilliance, but the set-up is this:
Banderas is Dr Robert Ledgard, a rather
creepy plastic surgeon living in a very cool
house, where he has a mysterious beauty is
a flesh-coloured body-stocking held captive.
Hes performing experiments with a syn-
thetic, indestructible skin; shes his guinea
pig, and possibly his lover. But how did she
get there? Who is she really? And whats
the weirdo son of his housekeeper got to do
with it?
The plot leaps back-and-forth in time,
gradually unlocking the mysteries of the
past that have lead to the madness of the
present. Almodovar manipulates it all
like the true master he is, bringing the
pieces to bare bit by bit, shining his
light into ever darker corners.
Enthralling, exciting stuff, and
beautifully stylish too.
TB
Dexter, on the same July day for 20 years.
Well, the film was inevitable. And with
all books that people care passionately
about, the film had to be great. Which is to
say, we needed to love Dexter and Emma.
The makers of the film its directed by
An Educations Lone Scherfig made that
already-difficult job even harder by casting
Brooklyn-born Anne Hathaway in the role
of Leeds lass Emma Mayhew.
Surprise, surprise, Hathaways way off.
Id be surprised if any American actress bar
Meryl Streep would be. But if you can get
over her laughably roving accent (Dales one
minute, Chelsea the next), you might enjoy
Jim Sturgesss solid performance as the
sexy, self-damaging Dexter.
The other issue with this film is that its
not sure when and how it wants to be
funny. The result is a flattish romance that
is a bit funny, and a bit sad, but that lacks
the intensity that created such waterworks
in readers.
Zoe Strimpel
CONAN THE BARBARIAN
Cert: 15
hhIII
THE original Conan the Barbarian film,
made in 1982, was the flick that made
Arnold Schwarzenegger a superstar.
The same will not be the case for Jason
Momoa, the Hawaian dude who has inher-
ited Conans loin-cloth in this glum, blus-
tering, CGI-heavy remake. No matter how
wooden Arnie was, he always had a mag-
netism. Momoa has all the charisma of a
wet flannel, and no amount of black eyelin-
er can change that.
Conan, a character first created in the
pulp swords-n-sorcery novels of Thomas E
Howard in 1932, is quite a miffed young
chap. His wise warrior dad, played by Ron
Perlman, gets murdered by villainous war-
lock Khalar Zim when Conans but a lad, so
he grows up with revenge on his mind. Its
not long before limbs and heads start get-
ting lopped off by the barrel-load as he goes
after Khalar Zim, whos now bent on brin-
ing the realm of Hyboria under his evil
dominion.
This film is impressively boring. As in
every blockbuster of recent times, it seems
the filmmakers have spent
about five minutes on the
script and two years on
the 3D special effects,
which smother the life
out of everything. Even
the best action sequences
could easily have been cut
and pasted from similar
recent films like Prince of
Persia or Clash of the Titans
and youd hardly notice.
The only thing to divert
the attention is Rose
McGowan, having
fiendish fun as Khalar
Zims witch of a
daughter with some
distinctly nefarious
plans of her own. The
The film version of
David Nichollss hit
novel isnt helped by
Anne Hathaways
wayward accent
Below, Antonio
Banderas and Elena
Anaya in The Skin I
Live In
A love story thats lost in translation
AS BLOOD RUNS DEEP Intriguing crime drama star-
ring Nick Stahl as a cop investigating a murder.
FINAL DESTINATION 5 The sci-fi series enters the
3D sphere in this special effects fest.
HIT FIRST, HIT HARDEST Gritty, if hardly original,
prison caper from Denmark.
FILM
LITTLE WHITE LIES French drama starring Marion
Cottilard and Francois Cluzet.
RED RIDING HOOD Ambitious, but unsatisfactory,
attempt to update the famous fairytale.
SCREAM 4 A return to the post-modern slasher
flick series, with Neve Campbell.
DVD
WILL YOUNG The talent show winner its okay to
like returns with new album, Echoes.
HARD-FI Long-awaited third album from the for-
mer indie darlings, titled Killer Sounds.
STEPHEN MALKMUS & THE JICKS The one-time
Pavement frontmans new offering, Mirror Traffic.
MUSIC
DEUS EX: HUMAN REVOLUTION (PC, PS3, X360)
The third game in the popular Deus Ex series.
RUGBY WORLD CUP 2011 (X360, PS3) See if New
Zealand choke in the semis in virtual form.
PAC-MAN & GALAGA DIMENSIONS (NINTENDO
3DS) Collection of Pac-Man and Galaga games.
GAMES
ALSO OUT THIS WEEK
FILMS, MUSIC, GAMES
Anne Hathaway and
Jim Sturgess in One
Day; right, Jason
Momoa in Conana the
Barbarian
THE BEST OF
PUERTO RICO
IN NEXT TUESDAYS
TRAVEL SECTION
23 CITYA.M. 26 AUGUST 2011
Lifestyle| Reviews
T
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S
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R
I
A
L
THE ROB BRYDON SHOW
BBC2, 10PM
The actor interviews comedian Frank
Skinner and introduces comedy by Joe
Wilkinson. Electropop duo Hurts also
perform their single Wonderful Life.
FRAUD SQUAD
ITV1, 9PM
Part one of two. The investigation into
one of Britains biggest share frauds,
following detectives hoping to recover
20million stolen from victims.
THE MERITS OF FERRETS
CHANNEL4, 7.35PM
Three friends who run a rescue centre
for traumatised ferrets. The film joins
them during one of their busiest
periods show season.
BBC1
SKY SPORTS 1
7pmSky Sports News at Seven
7.30pmLive Super Cup 10pm
Take It Like a Fan 10.30pm
Premier League Preview11pm
Football League Weekend 12am
Super Cup 1.30amTake It Like a
Fan 2amPremier League Preview
2.30amFootball League
Weekend 3.30amSuper Cup 5am
Take It Like a Fan 5.30am-6am
Premier League Preview
SKY SPORTS 2
7pmTight Lines 8pmTrans
World Sport 9pmWWE: Late
Night Smackdown 11pmWWE:
Late Night Bottom Line 12am
Currie Cup Rugby Union 2am
NFL: Total Access 3amTrans
World Sport 4amWhats Your
Goal? 4.30amPremier League
World 5am-6amTight Lines
SKY SPORTS 3
7pmRoad to London 7.30pmATP
Tour Uncovered 8pmLive PGA
Tour Golf 11pmEuropean Tour
Golf 1amPGA Tour Golf 4am
Racemax 5amRoad to London
5.30am-6amIAAF Athletix
BRITISH EUROSPORT
7pmLive WTA Tennis 9pmLive
Snooker 10pmMotoGP 12am
Field Hockey 12.30amWorld
Championship Athletics 1am-5am
Live World Championship
Athletics
ESPN
5.45pmLive French Top 14 Rugby
Union 7.30pmLive Bundesliga
9.30pmPremier League Preview
10pmItalian Football 10.30pm
ESPN MMA Live 11.15pm
Eredivisie 1amESPN Press Pass
Special 1.30amWRC: Access All
Areas 2.30amESPN Kicks: Extra
2.45amESPN MMA Live 3.30am
UFC 4.30amUFC Unleashed
5.30am-6amThis Week in
Baseball
SKY LIVING
7pmCriminal Minds 8pmNikita
9pmMedium10pmJerry
Bruckheimers Chase 11pm
Criminal Minds 12amBritain &
Irelands Next Top Model 1am
CSI: Crime Scene Investigation
2.40amMaury 3.30amNothing
to Declare 4.20amCharmed
5.10am-6amJerry Springer
BBC THREE
7pmFearne & Reggie @ Reading
8pmNoah and the Whale & The
Vaccines @ Reading 9pm
Wilfred; 9.30pmLee Nelsons
Well Good Show10pm
EastEnders 10.30pmMy
Chemical Romance & Beady Eye
@ Reading 12.30amFamily Guy
1.15amWilfred 1.35amLee
Nelsons Well Good Show2.05am
Edinburgh Comedy Fest Live 2011
3.05amWorlds Craziest Fools
3.35am-5.25amYoung, Dumb
and Living Off Mum
E4
7pmHollyoaks 7.30pmHow I
Met Your Mother 8pmFriends
9pmSupersize vs Superskinny
10pmLily Allen: From Riches to
Rags 11.05pmEmbarrassing
Teenage Bodies 12.10amDirty
Sexy Things 1.15amMy Name Is
Earl 2amHow I Met Your Mother
2.25amSupersize vs Superskinny
3.20amGlee 4.05am
Accidentally on Purpose
4.45am-6amSwitched
HISTORY
7pmThe Kennedys 9pm
American Pickers 10pmAncient
Aliens 11pmMysteryQuest 1am
The True Story 2am
MysteryQuest 3amKing Arthurs
Round Table Revealed 4am
Ancient Discoveries 5am-6am
The Universe
DISCOVERY
7pmMythbusters 9pmSurviving
the Cut 10pmMan, Woman, Wild
11pmFlying Wild Alaska 12am
Bear Grylls: Born Survivor 1am
Surviving the Cut 2amPowering
the Future 3amDeadliest Catch
3.50amWildest Africa 4.40am
Treasure Quest 5.30am-6am
Destroyed in Seconds
DISCOVERY HOME &
HEALTH
7pmA Baby Story 8pmKate Plus
8 9pmLittle Parents, Big Charlie
10pmLittle People, Big World
11pmKids Hospital 12amLittle
Parents, Big Charlie 1amLittle
People, Big World 2amKids
Hospital 3am-4amKate Plus 8
SKY1
8pmFuturama 9pmAn Idiot
Abroad 10pmTrollied 10.30pm
Mount Pleasant 11.30pmBrit
Cops 12.30amDanny Dyers
Deadliest Men 2.20amSun, Sea
and A&E 3.10am-4.40am
Stargate Universe
BBC2 ITV1 CHANNEL4 CHANNEL5
S
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L
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T
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&
C
A
B
L
E
TVPICK
6pmBBC News
6.30pmBBC London News
7pmThe One Show
7.30pmFake Britain; BBC
News
8pmEastEnders
8.30pmA Question of Sport
9pmMy Family
9.30pmMiranda
10pmNews 10.25pmRegional
News 10.35pmJohn Bishops
Britain 11.05pmMy Favourite Joke
11.35pmNational Lottery Friday
Night Draws 11.45pmFILMCursed
2005; Weatherview1.20amSign
Zone: Restoration Home 2.20am
Travellers 3.20amWonderstuff
3.50am-6amBBC News
6pmEggheads
6.30pmEggheads Celebrity
Special
7pmSouth Africa Walks
7.30pmThe Bear Family and
Me
8.30pmGardeners World
9pmIndia on Four Wheels
10pmCHOICE The Rob Brydon
Show
10.30pmNewsnight
11pmThe Review Show at the
Edinburgh Festival; Weather
12amFILMBad Education
2004.
1.40amFILMNirvana 1997.
3.10am-6amClose
6pmLondon Tonight
6.30pmITV News
7pmEmmerdale
7.30pmCoronation Street
8pmDickinsons Real Deal
8.30pmCoronation Street
9pmCHOICE Fraud Squad
10pmITV News at Ten
10.30pmLondon News
10.35pmUEFA Super Cup
Highlights
11.35pmFILMTango & Cash
1989.
1.15amThe Zone; ITV News
Headlines 3.40amFILMColumbo:
Prescription Murder 1968.
5.20am-5.30amITV Nightscreen
6pmThe Simpsons
6.30pmHollyoaks
7pmChannel 4 News
7.30pm4thought.tv
7.35pmCHOICE The Merits of
Ferrets
8pmCome Dine with Me:
Costa del Sol Special
9pm8 Out of 10 Cats
9.35pmChris Moyles Quiz Night
10.25pmSean Lock: Lockipedia
Live 11.25pmThe Big Bang Theory
12.25amMusic on 4: The Album
Chart Show Introduces Wretch
32 12.45amAbbey Road Debuts
1amLive Athletics: IAAF World
Championships 2011
5.30am-6.25amCookery School
6pmMeerkat Manor
6.25pmOK! TV
7pm5 News at 7
7.30pmHow Do They Do It?; 5
News Update
8pmThe Gadget Show; 5
News at 9
9pmCelebrity Big Brother:
Live Eviction
10pmThe Bachelor
11.05pmCelebrity Big
Brothers Bit on the Side
12.05amSuperCasino 4.05am
Motorsport Mundial 4.30amNicks
Quest 4.55amFamily Recipe 5am
County Secrets 5.10amWildlife
SOS 5.35am-6amHouse Doctor
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Fill the grid so that each block
adds up to the total in the box
above or to the left of it.
You can only use the digits 1-9
and you must not use the
same digit twice in a block.
The same digit may occur
more than once in a row or
column, but it must be in a
separate block.
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 Brings up (6)
6 Number denoting
a score (6)
8 Drink given to people
who are ill (4,3)
9 Aluminium silicate
mineral (4)
10 Dark reddish-
brown (5)
13 Delivery vehicle (3)
14 Pass from the body (7)
16 Cacophony (3)
17 Historical object (5)
19 Swinging or sliding
barrier (4)
21 Fall to a lower level (7)
22 Point in the sky
directly above the
observer (6)
23 Spherical in shape (6)
DOWN
1 Picture puzzle (5)
2 Linguistic element added
at the end of the word (6)
3 Tube of a tobacco pipe (4)
4 Disentangle (7)
5 English romantic poet
(1788-1824) (5)
7 Person who serves
at table (6)
11 Awaiting conclusion
or conrmation (7)
12 Confront, solicit (6)
15 Service of china or
silverware, used
at table (3,3)
16 Giddy (5)
18 Religious doctrine (5)
20 Major industrial and
coal mining region in
north-west Germany (4)
P
E
E
D
H P
N
A
R


4


4


4
M E A G R E T O A D
E R A H U
D A S S O C I A T E
A L B H R A
L I S T E N S P R Y
G E R E C T M
W H I M W A Y L A Y
T P S I C E
E S S E N T I A L A
V S N A R
E A S T T O U C A N
1 7 2 1 5 2 1
3 9 8 4 9 2 7 5
4 8 9 7 8 1 6
2 5 3 4 1 6 8 9
8 9 4 3 1 7
1 5 7 6 3 2 9 4 8
2 9 3 2 1 6
4 7 9 6 5 8 9 7
8 2 9 6 7 8 3
8 6 1 3 7 4 3 1
4 3 1 9 7 7 2
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter word was
MANIFESTO
Lifestyle | TV&Games
CITYA.M. 26 AUGUST 2011 24
Call: 0800 883 8321
www.bowtrinity.co.uk
Register now for details
BOWTRINITYE3
GREAT APARTMENTS
ON SALE FROM THURSDAY 1
ST
SEPTEMBER
Sales Centre at 193 Bow Common Lane
Selling Agent:
020 8981 3666
A development by:
Computer generated image of The Reid Building at Bow Trinity,
E3. Photograph of typical Telford Homes kitchen interior.
In the heart of Bow, centrally located to take full advantage of terrific
transport links
Spacious one, two & three bedroom apartments in a selection of private
sale apartment buildings
Exceptional interiors, fixtures & fittings; ready for occupation from (est.)
March 2012
Prices from 205,000
CGI of The Reid Building, Bow Common Lane.
Living | Home Improvements
25
ANNE HATHAWAY
IN ONE DAY:
REVIEWED ON PAGE 23
Getting the most
from your home
Here are ve ways to freshen up your
propertys interiors, writes Donata Huggins
W
HETHER youre keen to sell your
home, attract lucrative renters
or simply want to make your
rooms look good before the
winter sets in, sprucing up your home
with a little DIY is a good idea. Dont panic
if you dont have stacks of cash available
or begrudge the idea of spending money
on a home that you wont be living in
soon. Here are five low cost ideas.
1. FRESHENING
A fresh lick of paint can do wonders for a
home. It might sound silly but it can dra-
matically brighten up a room. Rex
Chalmers of Chesterton Humberts says:
Nobody likes to feel like they are using a
lived-in, second-hand room, particularly
when its the bathroom. Repainting the
walls and ceiling and putting in new
sealant around the bath will make a huge
difference. You should think about repaint-
ing your front door too, says Andrew Ellinas
of Stanfords estate agents. You see it every-
day, so it will give you that instant feel good
factor. Not to mention that it makes the
house look well kept.
2. REPLACING
New door handles, taps, toilet seats and
shower screens may be small, but the
quality of these can make your interiors
look much higher quality. Ellinas says
that choosing these in a new style can
give your home a new look and feel.
And if youre in the swing of replacing
things, Savillss Lindsay Cuthill says
replacing old TVs for flat screens can
make whole rooms look more up-to-date.
If youre trying to sell your home, the
best thing about this improvement is that
you can take it with you.
3. INTRODUCING
And there are other improvements you
can take with you too. Chalmers says:
Have a little fun buying brightly coloured
new throws and some extra large pillows.
But be warned, if youre trying to sell,
Cuthill says expensive white linen is best:
You need to create the impression of a
lifestyle that your buyer aspires to. Molton
Brown products in the bathroom and
great bed linen are exactly the type of lux-
uries that people would like to use every-
day.
4. LIGHTING
Sometimes simply changing the lighting
in the room can make more of an impact
than changing the furniture. Having a
variety of lighting options is a great idea
especially seductive low lights. They are
very atmospheric, says Cuthill.
5. GREENING
People underestimate the impact fresh
cut flowers and plants the home, Cuthill
adds. It makes a home look properly pre-
pared. Be sure to throw away dead ones
though. All too often people cling onto
orchids foolishly thinking they will re-
flower.
Time to brush up your
home.
Picture: REX
Living | Focus On
26 CITYA.M. 26 AUGUST 2011
STOURMOUTH
Price: 1.1m
On 2.2 acres of land, this
country home has recently
been restored. A long gravel
driveway leads you up to this
seven bedroomed house. This
huge property has a farm-
house kitchen, cellar and
wine vault.
Contact: Strutt & Parker on
Canterbury 01227 451 123
or go to www.struttandpark-
er.com
OLD RECTORY
Price: 795,000
The Old Rectory lies within
Canterburys historic city
walls. The property is a
charming and fully refur-
bished Grade II listed
Georgian town house.
There are three reception
rooms, four bedrooms and
a spacious cellar.
Contact: Cluttons New
Homes on 01622 607 406
or go to www.cluttons.com
Commuting: Canterbury benefits from a high
speed rail connection running from Canterbury
West Station to London St. Pancras Station in
just 57 minutes.
Education: One of the last few counties still
operating a grammar system, Canterbury is
famed for its excellent state schools. Its girls
and boys grammar schools are ranked among
the best in the country.
NEED TO KNOW | AREA INSIGHT
CANTERBURY, KENT BY DONATA HUGGINS
CANTERBURY | PRICES
Detached Semi-Detached Terraced Flats
Canterbury 309,662 210,828 208,046 152,597
Kent 397,054 221,436 181,785 145,578
Source: Savills
CANTERBURY ROAD SOUTH
Price: 645,000
Recently refurbished with large south facing garden, this semi-detached, four-bed-
room Edwardian family home is half a mile from the city centre. The house retains
some of its original Edwardian features.
Contact: Jackson-Stops & Staff Canterbury on 01227 781600 or go to www.jack-
son-stops.co.uk
PARK CRESCENT
Price: 699,000
This five-bedroom, four-
storey town house has high
ceilings and large timber
framed sash windows. The
house enjoys views if
Englands most famous
cathedral and the River
Stour. The property is
being sold with its original
coach house and a twin
garage.
Contact: Berkeley on
01227 477100 or go to
www.kingsbrookpark.co.uk
Living
27 CITYA.M. 26 AUGUST 2011
Q.
I have several rental
properties in central
London and want to see if I
can maximise my return next
year by letting some or all of
them for the Olympics. What
should I charge and should I look
for shorter tenancies now to
ensure that they are available
over the Olympics?
A.
There is no doubt that there
will be lots of visitors over
the Olympics. This will result
in some properties achieving a
healthy premium for this three to four
week period. At Draker, we are one of
a handful of letting agencies able to
accommodate short term rentals like
this and are in the process of launch-
ing an Olympic section for our web-
site that allows visitors to book
premium accommodation quickly and
easily. However, we have discovered
that there are a few pitfalls to be
aware of. Firstly, I would be very
cautious about limiting a long-term
rental now for the sake of a few
weeks. Historically, there have been
significant declines of up to 30 per
cent in visitor numbers to a city that
holds a Commonwealth or Olympic
Games compared to the number of
people who visited that same city the
year before. This could result in many
landlords having an empty property
over this period. Secondly, there are
only a few companies who under-
stand the structure and risk attached
to short-term
rentals. Be very cau-
tious about advertis-
ing on pop-up
websites that have just
been created for this peri-
od. Ensure that you are affiliated with
an accredited estate agency wherever
possible. Thirdly, in other cities that
have hosted the Olympics, the short
term lets have traditionally between
four and six times the standard rate.
Nonetheless, we recommend a fluid
and flexible approach to pricing. This
will ensure you actually get a tenant
at this time.
Q.
I am about to let my flat
for the first time and I am
nervous about how well a
new tenant will look after my
roof terrace. It is a passion of
mine and has taken me years to
cultivate. What is the best way
to ensure that my tenant does
not kill all my plants?
A.
Firstly, there is a rule of
thumb that I live by with this
issue all tenants kill plants.
Once you have accepted this, you can
start to manage this situation. Quite
simply, I would recommend the fol-
lowing steps. Firstly, ensure that you
are covered in the tenancy agree-
ment. A good agreement will have
clauses to ensure that you are at least
financially protected should a tenant
kill your beloved plants. Secondly, you
can request that a tenant take the
property with a gardener once or
twice a month, but be aware that this
is a point of negotiation and not
something that a tenant has to agree
to. Finally, I would be prepared to
include a gardener in the rent. This
will ultimately ensure that all will be
as it should be at the end of the ten-
ancy.
Tim Hassell, director of central
London lettings firm Draker, specialis-
ing in Belgravia, Chelsea, Kensington
and Pimlico. www.drakes.co.uk
CURRENT MORTGAGE DEALS BY DONATA HUGGINS Source: MoneySupermarket.com
Lender Fixed/Flexible Rate Until apr Maximum Loan to
(per cent) (per cent) Value (per cent)
Skipton BS Flexible 1.98 2 years 4.8 60
Chelsea BS Flexible 1.99 August 2013 5.4 70
ING Direct Flexible 2.04 2 years 3.4 60
First Direct Flexible 2.09 2 years 3.6 65
Chelsea BS Fixed 2.39 August 2013 5.4 70
Skipton BS Fixed 2.48 November 2013 4.9 60
Santander Fixed 2.49 October 2013 4.2 60
Nationwide BS Fixed 2.89 3 years 3.8 70
Yorkshire BS Fixed 2.94 September 2014 4.6 75
NEW HOMES COMING
TO CLAPHAM
A new residential devel-
opment on St. Johns Hill,
Clapham, opens its show-
rooms on 3 September.
Developed by Loncor
Homes, the Lismore com-
prises 14 two and three
bedroom apartments and
a high-specification
three-bedroom town-
house. Contact:
Hamptons International
on 020 7758 8488 or go
to www.hamptons.co.uk
PROPERTY NEWS
BY LYDIA ELLIS
RENT TO RISE AGAIN
BY CHRISTMAS
Average rents in central
London will reach 1,052
per week by December.
Cluttons predicts this will
mean a 15 rise on week-
ly rents, an extra 780 a
year in rent for tenants.
Lynn Hilton, partner for
residential lettings at
Cluttons, says: "With
rents expected to rise,
tenants are having to be
flexible on the location,
standard of property and
sharing arrangements.
Tim Hassell
DIRECTOROF CENTRAL LONDON
LETTINGSFIRMDRAKERLETTINGS
Q A
&
RENT
Homes still pay on
the Cote dAzur
There are no bargains here. But the French
Med wont let you down, says Zoe Strimpel
W
HAT with European economic
chaos, earthquakes and hurri-
canes pummelling the US and
the most valuable company in
the world losing its CEO, one rather cant
help but recall Benjamin Franklins saying:
In this world nothing can be said to be cer-
tain, except death and taxes.
Well, perhaps Franklin missed one thing
in his list of certainties: high values on the
Mediterranean coast of the south of France.
Nice-based Stuart Baldock, director of buy-
ing agents Property Vision, has been work-
ing here for 30 years. Everyone is
concerned with making sure their wealth is
preserved, he says, if you happen to own a
property in the south of France that is well
placed, it will never lose money.
As for well-placed, the pecking order is as
follows: the three caps (Cap Martin, Cap
Ferrat and Cap dAntibes), followed by St
Tropez. So if youre looking for ways to sink
a wad of cash in an asset as likely to go out
of fashion as the little black dress and
want a slice of the high life with it then
you want to head straight for the best.
There are no secrets, says Baldock,
Theres no little fishing village on the
Mediterranean south coast of France thats
been overlooked. Yes, if you want slightly
lower prices, you should look at the coast-
line between Marseille and Toulon. But it
aint so sexy. And people pay for sexiness.
Joanna Leveret, of Savills International,
agrees that there are other options. There
is a bit of a trend for looking at the
Languedoc, where you can get four times as
much for your money. But the coastline
isnt quite as pretty and lets face it, it does-
nt have the same cache.
If youre not hell bent on splashing cham-
pagne back in full view of P. Diddys yacht,
you can find beautiful properties away from
the coast. Just an hour away from St Tropez
and youre in Provence which is vineyard
central or closer to St Tropez, set in the
hills, there are beautiful rural properties to
snap up.
So if you have the money, you can be cer-
tain (or almost certain) of one extra thing:
you wont regret an investment on or near
the Cote dAzur.
www.apdinteriors.com
*Nationwide Building Society.
No need to move, improve
Tel. 020 7687 6288
Email. info@apdinteriors.com
Twitter. @andrewdunning
Web. www.apdinteriors.com
Then make the most of our special offer and have the home you
want this year without breaking the bank.
We can deliver a complete home renovation, extensions or loft/
basement conversions, interior design or the redesign of a single
room, without disrupting your busy life.
Increase the value of your home by up to 22%* by investing in any
one of our services. For a free consultation and to make the most of
our offer, quote APDCAM
Is your home looking tired?
In need of a makeover?
Need to entertain in a beautiful
new kitchen or lounge?
Living | Dream Homes
CITYA.M. 26 AUGUST 2011 28
FORTUNE CAREE, LES
PARCS DE ST TROPEZ
Price: 6.2m
A four-bedroom villa in
arguably the regions most
luxurious domaine, or gated
community. Three minutes
from the beach.
Contact Savills, 020
7016 3740
EZE, CAP FERRAT
Price: 9.5m
Five bedrooms, all with en suite and two with
direct access to the swimming pool. Newly
refurbished, outstanding sea views, among
the quiet hills.
Contact: Knight Frank on 020 7629 8171
PAMPELONNE, RAMATUELLE
Price: 17.5m
A beautifully finished six-bedroom villa with pool and
wine cellar in the bay of St Tropez.
Contact: Chesterton Humberts, 020 3040 8210
LA LONDE, VAR COASTLINE
Price: 2.65m
A five-bedroom hillside property elegantly finished with five bed-
rooms, with heated infinity pool, snooker room, cellar and wine
vault. Contact: Chesterton Humberts, 020 3040 8210123
I
TS been an excellent start to the sea-
son for Manchester United and it
could be about to get even better as I
just cant see them failing to beat
Arsenal on Sunday at Old Trafford. The
champions have an unbelievable record
on home soil, winning 19 of their last 20
with 15 coming by the HT/FT double
result. They were very professional against
Tottenham on Monday night and its
already looking like a straight battle
between them and Manchester City for
the title.
Arsene Wenger will be delighted that
his side have made it through to the
Champions League, but he hasnt had
much else to smile about in recent weeks.
Injury problems and suspensions are
mounting up and their squad is looking
decidedly thin. They have lost three of the
last four meetings with United, are win-
less in five on the road and have suffered
five HT/FT defeats in their last seven visits
to top-six opponents.
The Red Devils never feel sorry for their
opponents and you can be certain that Sir
Alex Ferguson will be treating this game
very seriously. They have recorded HT/FT
victories in their last six home games
against top-six sides, so that outcome
should be backed at around 2.5 on Betdaq.
Roberto Mancini will be pleased with
his teams perfect start to the Premier
League season, but he was disappointed
with their defending against Bolton last
weekend. In fairness, City looked very
good and they really should have won by a
greater margin, but a trip to White Hart
Lane on Sunday will not be easy for them.
Spurs did really well to contain United
for an hour, but they got tired in the clos-
ing stages and the 3-0 scoreline probably
flattered the champions slightly. Harry
Redknapps side are unbeaten in 17 home
games with nine victories and they have
also lost just one of 15 contests hosting
top-six finishers under Redknapp.
City havent won at White Hart Lane
since 2003 and have lost six of their last
seven visits here. Obviously they are a
much better side now, though, and I think
the draw is worth backing in this game at
23/10 with William Hill. It was goalless in
this fixture last season and there have
only been two goals in the last three meet-
ings between the sides, so spread bettors
should sell goals at 2.7 with Sporting
Index.
Mick McCarthys Wolves survived by the
skin of their teeth last season, but they
have made a fine start to the current cam-
paign and are one of only three sides to
have a 100 per cent record after two
games. However, they have picked up just
one point from their last nine trips to top-
POINTERS...
Man United HT/FT at 2.5 on Betdaq
Draw Tottenham v Man City at 23/10 with William Hill
Sell goals at 2.7 with Sporting Index in Tottenham v
Man City game
Aston Villa at 2.11 on Betdaq
Champions to
continue their
perfect start
Manchester United
beat Tottenham 3-0
on Monday night.
Picture:
ACTION IMAGES
Punter | Sport
29
half teams and I expect Aston Villa to beat
them tomorrow. Alex McLeish will also be
pleased with his teams start and Villa are
now unbeaten in five home games. They
are 2.11 on Betdaq and that is just too big
they should be odds-on in my book.
Poets Voice to give Godolphin double Celebration
F
RANKIE Dettori had a tremendous
final two days at York and I expect his
good run to continue as POETS VOICE
is going to be extremely hard to beat
in tomorrows Celebration Mile at
Goodwood (3.20pm).
He won this race easily last year on his
favoured soft ground before going on to
take the Group One Queen Elizabeth II
Stakes at Ascot. The four-year-old was dis-
appointing in the Dubai World Cup last
time, but a mile on rain-softened ground
is right up his street and tomorrows race
should suit him perfectly.
Richard Hannon and Richard Hughes
are always to be feared at this track and
CASUAL GLIMPSE can land the second leg
of the Betfair Summer Double (3.50pm).
He is two from two at Goodwood, winning
impressively here last month in a compet-
itive handicap, and has the perfect draw
in stall one.
I was at Newbury a couple of weeks ago
and had a bit of a word for Hughie
Morrisons CHIL THE KITE in the maiden.
He was 40/1 but ran a really eye-catching
race to finish sixth on his debut and he
should have a good chance to claim his
first victory tomorrow at 4.25pm. The yard
is in great form and it doesnt look the
strongest race.
For those of you that cant wait until
tomorrow, theres a decent card at
Newmarket this afternoon and Brian
Meehans MOST IMPROVED has to be
backed in the 2.55pm. He was mightily
unlucky not to beat Kinglet over course
and distance on his debut earlier in the
month and compensation awaits this
afternoon. Runners from Manton nearly
always improve for their first run and that
should be the case with this well regarded
son of Lawman.
We are now less than two months away
from the QIPCO British Champions Day
and the fillies and mares element of the
QIPCO British Champions Series is now
complete. Midday tops the list after her
impressive win in the Markel Insurance
Nassau Stakes at Glorious Goodwood.
The tables that are featured for each of
the five QIPCO British Champions Series
race categories (sprint, mile, middle dis-
tance, long distance and fillies & mares)
utilise the horses official international
ratings as compiled by the British
Horseracing Authority handicappers.
The top six in the fillies and mares table
are all entered to run on Champions Day
on Saturday 15 October, while joint-sev-
enth Principal Role could also appear.
Follow me on Twitter @BillEsdaile.
POINTERS...
MOST IMPROVED 2.55pm Newmarket (today)
POETS VOICE 3.20pm Goodwood (tomorrow)
CASUAL GLIMPSE e/w 3.50pm Goodwood (tomorrow)
CHIL THE KITE e/w 4.25pm Goodwood (tomorrow)
FILLIES & MARES LEAGUE TABLE
Rank Horse name Official Rating BCS Wins-2nd-3rd
1 Midday 120 1-0-0
2 Sahpresa 118 0-1-0
= Blue Bunting 118 2-0-0
4 Snow Fairy 117 0-1-0
5 Dancing Rain 116 1-0-0
6 Immortal Verse 115 1-0-0
7 Timepiece 114 1-0-0
= Principal Role 114 0-0-1
9 Together 112 0-1-0
10 First City 110 0-0-1
= Wonder Of Wonders 110 0-1-1
12 Nova Hawk 109 0-1-0
13 Vita Nova 108 0-1-0
= Maqaasid 108 0-0-1
= Barefoot Lady 108 0-0-1
16 Izzi Top 107 0-0-1
RACING TRADER BILL ESDAILE, OUR RACING EXPERT, WITH HIS BEST BETS OF THE WEEKEND
P
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c
t
u
r
e
:

G
E
T
T
Y
FOOTBALL TRADER BEN CLEMINSON HAS TEAMED UP WITH FOOTBALL
FORM LABS TO BRING YOU THE FOOTBALL TRADER
ENGLAND captain Eoin Morgan
praised an experimental one-day side
after they beat Ireland on the
Duckworth-Lewis method.
Irish-born Morgan stood in for
Alastair Cook and picked up the man-
of-the-match award after guiding
England home in Dublin.
Fit-again Jonathan Trott top scored
with 69 as England racked up 201-8,
which was enough to see Morgans
men to an 11-run win after the hosts
fell short of their rain-revised target of
129.
And Morgan, who scored 59, was
happy with all the players who stepped
in and dealt with the changing condi-
tions, and singled out Trott and Jade
Dernbach, who took 3-30.
He said: I enjoyed it, it was a good
day for us, a challenging one with the
weather, coming on and off, but the
boys held their nerve at the end.
It was hard to say what was a good
score on that wicket, so were very
happy with the result.
Trotty is invaluable to our team
and has been for a couple of years.
The guys that came in held their
nerve and are certainly ones to look
out for in the future.
Jade (Dernbach) bowled extremely
well, the wicket was difficult and it
was really hard to read the slower ball
and he mixed it up well.
Morgan leads
from front in
England trial
BY JAMES ANDREW
CRICKET

Sport 30 CITYA.M. 26 AUGUST 2011

ENGLAND manager Martin Johnson
has declared Jonny Wilkinson his first
choice fly-half after selecting the vet-
eran No10 for tomorrows final World
Cup warm-up against Ireland.
Johnson has opted for Wilkinson
over Toby Flood, who disappointed in
the defeat to Wales last time out, in a
move that puts the 2003 World Cup
winner in pole position to start the
tournament.
Five other changes see a new-look
midfield pairing of Manu Tuilagi and
Mike Tindall, who captains the side,
and recalls for winger Chris Ashton,
prop Andrew Sheridan and flanker
James Haskell.
Johnson said: He [Wilkinson] has
played very well. He deserves this
game to start. We think it is the right
call for them [him and Flood] to swap
round and we dont miss a beat.
It marks a return to favour for
Wilkinson, 32, who last started in a
full-strength England team during
the 2010 Six Nations.
It is a massive pleasure and it is
ultimately what you are after, he
said. The experience of being on the
bench and having to react to that has
been a massive learning one for me. I
have benefited hugely from it.
Tuilagi, who impressed on debut
earlier this month, and Tindall are
the 13th centre pairing in Johnsons
35-match reign.
But the manager said: I dont see it
as something new. It is going to be
exciting. This is a good chance to get
Manu on the field. We think he
deserves a chance to start another
Test match.
England team to face Ireland: B
Foden; C Ashton, M Tuilagi, M Tindall
(capt), M Cueto; J Wilkinson, R
Wigglesworth; A Sheridan, S
Thompson, D Cole, L Deacon, C Lawes,
T Croft, J Haskell, N Easter.
Replacements: D Hartley, M Stevens, S
Shaw, T Wood, J Simpson, T Flood, D
Armitage.
Wilkinsons World Cup boost
BY FRANK DALLERES
RUGBY UNION

SPORT | IN BRIEF
Murray on course for Nadal semi
TENNIS: Britains Andy Murray has been
drawn in the same half of the draw as
Rafael Nadal at the US Open, meaning
they are on course to meet for the fourth
grand slam in succession. First, however,
Murray will have to see off Indian No64
Somdev Devvarman, his opponent in
round one. Robin Soderling is Murrays
scheduled quarter-final opponent in New
York. On the other side of the draw, top
seed Novak Djokovic is on course for a
last-four meeting with Roger Federer.
World No1 Djokovic plays a qualifier first
while Federer meets Santiago Giraldo.
Europa joy for Stoke and Blues
FOOTBALL: Stoke and Birmingham both
progressed to the Europa League group
stages after winning their play-off ties in
emphatic fashion. FA Cup runners-up
Stoke defeated FC Thun 4-1 on the night
and 5-1 on aggreagate with a brace from
Kenwyne Jones and goals from Matthew
Upson and Glenn Whelan. Carling Cup
winners Birmingham, now in the
Championship, won 3-0 at St Andrews
against Portugals Nacional. Rangers,
Celtic and Hearts went out, meaning there
are no Scottish side in the group stages of
either European competition this season.
MANCHESTER CITY believe they have nothing to
fear from their Champions League debut, despite
being drawn in the hardest group of all English
sides.
City must negotiate Bundesliga titans Bayern
Munich, Spanish dark horses Villarreal and Napoli,
who finished third in the Italian top flight last
year, as they bid for a place in the last 16.
But football administrator Brian Marwood said:
We really believe we can go into this competition
and do well. I genuinely believe theres four teams
who can compete for the two places.
Chelsea summer signing Juan Mata will make a
quick return to his former club Valencia after they
were both drawn in Group E, along with Bayer
Leverkusen and Belgian side RSC Genk.
Arsenal drew French runners-up Marseille, man-
aged by former Chelsea star Didier Deschamps,
Greek champions Olympiacos and the team no-one
wanted from pot four, German title holders
Borussia Dortmund.
Manchester United look to have the easiest route
to the knockout rounds after being drawn with
Benfica, Swiss outfit Basle and Romanian
Champions League debutants Otelul Galati.
City confident despite
rude awakening to
European big time
BY FRANK DALLERES
CHAMPIONS
LEAGUE 2011-12
Fixtures:
14 Sep: Napoli (H)
27 Sep: Bayern Munich (A)
18 Oct: Villarreal (H)
2 Nov: Villarreal (A)
22 Nov: Napoli (A)
7 Dec: Bayern Munich (H)
MAN CITY
Best: First round (1968)
Last year: Did not qualify
The four-time champions
have struggled domestically
in recent seasons but still
pose a serious threat in
European competition, as
they showed by getting to
the final in 2010.
Bayern Munich
Stadium: Allianz Arena
Capacity: 69,901
The comeback kids of Serie
A enjoyed a remarkable rise
last season, thanks largely
to their never-say-die atti-
tude and often won games
late on. Lost to Villarreal in
the Europa League last year.
Napoli
Stadium: San Paolo
Capacity: 60,240
The Yellow Submarines
success or failure in this
competition could depend
on whether they can hang
onto Giuseppe Rossi. The
prolific striker is admired
by a number of top sides.
Villarreal
Stadium: El Madrigal
Capacity: 25,000
GROUP A
Results
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email sport@cityam.com
FULHAM manager Martin Jol admit-
ted John Arne Riises leg injury is
serious after his team booked their
place in the Europa League group
stage last night.
The Cottagers lost on the night in
Ukraine but last weeks 3-0 success in
the first leg enabled their European
adventure to continue.
However, left-back Riise left the
action in the 22nd minute with a leg
injury and the summer signing
could be absent for some time.
Jol said: Riise has a serious prob-
lem with the leg, thats why I substi-
tuted him with Matthew Briggs.
On last nights performance, the
Dutchman added: We didnt want to
lose, we wanted to defend our lead, to
do our best.
We are a great team and we were
very good in defence. It was great that
we won at home.
We could be better in attack and I
wanted to see more from Andy
Johnson. We wanted to punish Dnipro
for the goal when we went behind
and I wanted us to take our chances to
make it 1-1 at the end.
Dnipro won thanks to Evgeniy
Shakhovs header, which came shortly
after Riise hobbled off in the first half.
And coach Juande Ramos, the man
who replaced Jol as Spurs manager in
2007, said: Im satisfied with my
teams game. We fought and we dom-
inated during the whole game. We
tried so very hard but what happened,
happened.
Fulham last played in the Europa
League in 2009-10 when they reached
the final, losing to Atletico Madrid.
Riise injury sours Jols night
Sport
31 CITYA.M. 26 AUGUST 2011
Fixtures:
14 Sep: Benfica (A)
27 Sep: Basel (H)
18 Oct: Otelul Galati (A)
2 Nov: Otelul Galati (H)
22 Nov: Benfica (H)
7 Dec: Basel (A)
MAN UNITED
Best: Winners (08, 99, 68)
Last year: Runners-up
Not many teams will be
able to call on divine inter-
vention to help them this
season, but Benfica coach
Jorge Jesus may come
close. The United clash will
bring back memories of 68.
Benfica
Stadium: Estadio da Luz
Capacity: 65,647
The Romanians make their
Champions League bow
after winning their domes-
tic title for the first time.
Home games moved to the
national stadium because
their ground is unfit.
Otelul Galati
Stadium: Arena Nationala
Capacity: 55,600
The Swiss champions regu-
lary qualify for the group
stages of the Champions
League and normally find
themselves knocked out by
Christmas. Alexander Frei
will still pose a threat.
Basel
Stadium: St Jakob-Park
Capacity: 38,500
Fixtures:
Sep 13: Bayer Leverkusen (H)
Sept 28: Valencia (A)
Oct 19: Genk (H)
Nov 1: Genk (A)
Nov 23: Bayer Leverkusen (A)
Dec 6: Valencia (H)
CHELSEA
Best: Runners-up (2008)
Last year: Quarter-finals
The class of 2011 is weaker
than previous years due to
their debt problems. The
two Davids, Villa and Silva,
left last summer, and Juan
Mata swapped Spain for
west London this week.
Valencia
Stadium: Estadio Mestalla
Capacity: 55,000
The Belgian club had goal-
keeper Laszlo Koteleserder
to thank for saving two
penalties in their play-off
win over Maccabi Haifa.
Made the group stages
once before in 2004.
RSC Genk
Stadium: Cristal Arena
Capacity: 24,956
The 2002 finalists will be
able to turn to former Blues
midfielder Michael Ballack
for the inside track on his
old team-mates. Finished
second behind Dortmund
last season.
Bayer Leverkusen
Stadium: BayArena
Capacity: 30,210
Fixtures:
13 Sep: Borussia Dortmund (A)
28 Sep: Olympiacos (H)
19 Oct: Marseille (A)
3 Nov: Marseille (H)
23 Nov: Borussia Dortmund (H)
6 Dec: Olympiacos (A)
ARSENAL
Best: Runners-up (2006)
Last year: Last 16
Yet to win a game in France
this season, boss Didier
Deschamps is also facing
mutiny in the ranks with
highly rated Ghana interna-
tional Andre Ayew unhappy
at his playing position.
Marseille
Stadium: Stade Velodrome
Capacity: 60,031
Beat more fancied sides to
the Bundesliga title last
season and boast one of the
Continents hottest and
most coveted young talents
in Germany playmaker
Mario Gotze.
Borussia Dortmund
Stadium: Signal Iduna Park
Capacity: 80,720
The Greek champions will
call on the Premier League
experience of Olof Mellberg
and Albert Riera to help
them against Arsenal, and
will no doubt be strong at
home.
Olympiacos
Stadium: Karaiskakis Stadium
Capacity: 33,334
GROUP C GROUP E GROUP F
1
0
DNIPRO
FULHAM
BY JAMES ANDREW
FOOTBALL

Fulham win 3-1 on aggregate

CAPTAINCY debutant Eoin Morgan
led by example with a half-century as
England beat Ireland by the
Duckworth-Lewis Method in a rain-
affected one-day international.
Opener Jonathan Trott top scored
with 69 as England amassed 201-8 in
Dublin and Ireland fell 11 runs short
of their adjusted target of 129.
Irish-born Morgan led an unfamil-
iar England line-up shorn of rested
stars, including regular one-day skip-
per Alastair Cook, and even coach
Andy Flower.
Morgan said: I enjoyed it it was a
good day for us, a challenging one with
the weather, coming on and off, but
the boys held their nerve at the end.
Were very happy with the result.
FULL REPORT: P30
TOTTENHAM manager Harry
Redknapp is thought to be targeting
West Ham midfielder Scott Parker
next after tying up a loan deal for
Manchester City striker Emmanuel
Adebayor.
Former Arsenal star Adebayor com-
pleted a season-long move from the
Etihad Stadium after he underwent a
medical yesterday and the two clubs
finally reached a compromise over
who would pay the bulk of his wages.
He was joined by Spain Under-21
international Yago Falque, who has
also agreed a season-long loan from
Juventus and will offer Redknapp
more options in midfield, where he
has been hit by injuries.
And Redknapp, who last night saw
his side reach the Europa League
group stage with a 0-0 draw against
Hearts, is targeting further reinforce-
ments, with playmaker Luka Modric
still thought to want to leave White
Hart Lane for Chelsea.
However Redknapp insisted last
night that Modric would stay and
face Manchester City on Sunday. Its
been difficult for him but we want
him to stay and he will stay. Hell
train tomorrow and Saturday and
should be fit for Sunday, he said.
Redknapp has long admired
England international Parker, who
still finds himself at West Ham
despite their relegation to the
Championship and the Hammers
admission he is available for transfer.
He is likely to be a more affordable
option than Lassana Diarra, who said
yesterday he did not intend to join on
loan from Real Madrid despite the
clubs agreeing a fee.
Yet Redknapp has not given up on a
deal for Diarra, saying: Things
havent broken down. There is still a
good chance. The chairman is work-
ing on it.
The north Londoners will go into
todays draw for the Europa League
group stage after completing a 5-0
aggregate win over Hearts with a
stalemate at White Hart Lane.
Redknapp named six academy
graduates in a much-changed side
which had the chance to increase
their lead in the tie when Harry Kane
was awarded a penalty, only for the
youngster to miss from the spot.
Parker next
as Spurs grab
Adebayor
Sport
32 CITYA.M. 26 AUGUST 2011

West Ham star in

Tottenhams sights
after Diarra snub
Morgan leads
England to win
CRICKET
MANCHESTER CITY have been hand-
ed the toughest draw of all English
sides on their Champions League
debut, but Chelsea and Arsenal also
face tricky groups.
European giants Bayern Munich
and the less glamorous but no less
dangerous Villarreal and Napoli stand
between City and a place in the
knockout stage.
Chelsea face Valencia, meaning
new Blues signing Juan Mata will face
his old club, Bayer Leverkusen and
RSC Genk. Arsenal take on Marseille,
Olympiacos and German champions
Borussia Dortmund.
Manchester United look to have a
simple route after being drawn with
Benfica, Basle and Otelul Galati.
DRAW ANALYSIS: P30-31

City get tough

group draw
FOOTBALL
ENGLAND BACKS
SHAKE-UP
TUILAGI AND WILKO
TO FACE IRELAND: P30
0
0
TOTTENHAM
HEARTS
BY FRANK DALLERES
FOOTBALL

Tottenham win 5-0 on aggregate

PLUCK OF THE IRISH
IRISH minnows Shamrock Rovers created history by becoming the first part-time team
to reach the Europa League group stages after they knocked out Partizan Belgrade.
Stephen ODonnells extra-time penalty earned a 2-1 win in Belgrade to take them
through 3-2 on aggregate after last weeks draw in Dublin. The achievement was put
into perspective by the failure of any Scottish teams to get through. Pictures: GETTY